You are on page 1of 13

 

ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ




$8/$ H[WUD &3&±0HQVXUDomRDR9DORU-XVWR 




 6XPiULR
 

0HQVXUDomRDR9DORU-XVWR
        

4XHVW}HVFRPHQWDGDV         

5HVXPR            

/LVWDGDV4XHVW}HV$SUHVHQWDGDV
       

*DEDULWR           




3HVVRDOKRMHYDPRVHVWXGDU PDLVXP3URQXQFLDPHQWR&RQWiELO7UDWDVH
GR&3&±0HQVXUDomRDR9DORU-XVWR

9DOH GHVWDFDU TXH YDPRV JUDYDU YtGHRV SDUD WRGDV DV DXODV DOJXQV Mi
IRUDP JUDYDGRV H Mi HVWmR GLVSRQtYHLV  $ SULQFtSLR WRGDV DV JUDYDo}HV
VHUmR UHDOL]DGDV DR YLYR SHOR FDQDO GR <RX7XEH GR (VWUDWpJLD FRQIRUPH
56842783534

YHPVHQGRFRPDVDXODVMiGLVSRQtYHLV

%RQVHVWXGRV
Aula 17 *LOPDU3RVVDWL
SURISRVVDWL#JPDLOFRP
Contabilidade Geral - Pronunciamentos Contábeis p/ CFC 2017.2 (Bacharel em Ciências 
&XUWDDQRVVDSiJLQDHILTXHOLJDGR D HPWRGDVDVQRVVDVDWLYLGDGHV
Contábeis)
ZZZIDFHERRNFRPEUSURIJLOPDUSRVVDWL
Professor: Gilmar Possati 

,QVFUHYDVHQRQRVVRFDQDOQR<RX7XEH&RQWDELOL]DQGR

6LJDPHQR,QVWDJUDP#SURIJLOPDUSRVVDWL 

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ
 F RPHUFDGRSULQFLSDO RXPDLVYDQWDMRVR SDUDRDWLYRRXSDVVLYR
 &3&±0HQVXUDomRGR9DORU-XVWR G DVWpFQLFDVGHDYDOLDomRDSURSULDGDVSDUDDPHQVXUDomRFRQVLGHUDQGR
 VH D GLVSRQLELOLGDGH GH GDGRV FRP RV TXDLV VH SRVVDP GHVHQYROYHU
 LQIRUPDo}HV TXH UHSUHVHQWHP DV SUHPLVVDV TXH VHULDP XWLOL]DGDV SRU
'HILQLomRGH9DORU-XVWR SDUWLFLSDQWHV GR PHUFDGR DR SUHFLILFDU R DWLYR RX R SDVVLYR H R QtYHO GD
 KLHUDUTXLDGHYDORUMXVWRQRTXDOVHFODVVLILFDPRVGDGRV
6HJXQGRR&3&YDORUMXVWRpRSUHoRTXHVHULDUHFHELGRSHODYHQGD 
GHXPDWLYRRXTXHVHULDSDJRSHODWUDQVIHUrQFLDGHXPSDVVLYRHP $WLYRRX3DVVLYR
XPD WUDQVDomR QmR IRUoDGD HQWUH SDUWLFLSDQWHV GR PHUFDGR 
SULQFLSDO RX PDLV YDQWDMRVR  QD GDWD GH PHQVXUDomR QDV FRQGLo}HV 6HJXQGRR&3&DPHQVXUDomRGRYDORUMXVWRGHVWLQDVHDXPDWLYRRX
DWXDLV GH PHUFDGR LQGHSHQGHQWHPHQWH GH HVVH SUHoR VHU GLUHWDPHQWH SDVVLYRHPSDUWLFXODU3RUWDQWRDRPHQVXUDURYDORUMXVWRDHQWLGDGHGHYH
REVHUYiYHORXHVWLPDGRXWLOL]DQGRVHRXWUDWpFQLFDGHDYDOLDomR  OHYDU HP FRQVLGHUDomR DV FDUDFWHUtVWLFDV GR DWLYR RX SDVVLYR VH RV
 SDUWLFLSDQWHV GR PHUFDGR DR SUHFLILFDU R DWLYR RX R SDVVLYR QD GDWD GH
7UDWDVHGHXPSUHoRGHVDtGDQDGDWDGHPHQVXUDomRGRSRQWRGHYLVWD PHQVXUDomR OHYDUHP HVVDV FDUDFWHUtVWLFDV HP FRQVLGHUDomR (VVDV
GHSDUWLFLSDQWHGRPHUFDGRTXHGHWHQKDRDWLYRRXRSDVVLYR FDUDFWHUtVWLFDVLQFOXHPSRUH[HPSOR
 
2EVHUYHTXHRYDORUMXVWRpXPDPHQVXUDomREDVHDGDHPPHUFDGRHQmR D DFRQGLomRHDORFDOL]DomRGRDWLYRH
XPDPHQVXUDomRHVSHFtILFDGDHQWLGDGH E UHVWULo}HVVHKRXYHUSDUDDYHQGDRXRXVRGRDWLYR
 
3RUVHUXPDPHQVXUDomREDVHDGDHPPHUFDGRRYDORUMXVWRpPHQVXUDGR 2&3&GHVWDFDTXHRDWLYRRXRSDVVLYRPHQVXUDGRDRYDORUMXVWRSRGH
XWLOL]DQGRVHDVSUHPLVVDVTXHRVSDUWLFLSDQWHVGRPHUFDGRXWLOL]DULDPDR VHUTXDOTXHUXPGRVVHJXLQWHV
SUHFLILFDU R DWLYR RX R SDVVLYR LQFOXLQGR SUHPLVVDV VREUH ULVFR &RPR 
UHVXOWDGRDLQWHQomRGDHQWLGDGHGHPDQWHUXPDWLYRRXGHOLTXLGDURXGH D  XP DWLYR RX SDVVLYR LQGLYLGXDO SRU H[HPSOR XP LQVWUXPHQWR
RXWUR PRGR VDWLVID]HU XP SDVVLYR QmR p UHOHYDQWH DR PHQVXUDU R YDORU ILQDQFHLURRXXPDWLYRQmR
MXVWR ILQDQFHLUR RX
 E  XP JUXSR GH DWLYRV JUXSR GH SDVVLYRV RX JUXSR GH DWLYRV H
1HVVHVHQWLGRR&3&GHVWDFDTXHDPHQVXUDomRGRYDORUMXVWRUHTXHU SDVVLYRV SRUH[HPSORXPDXQLGDGHJHUDGRUDGHFDL[DRXXPQHJyFLR 
TXHDHQWLGDGHGHWHUPLQHWRGRVRVLWHQVDVHJXLU 
 (VVHSRQWRMiIRLDOYRGHH[LJrQFLDVHQmRYHMDPRV
D  R DWLYR RX SDVVLYR HVSHFtILFR REMHWR GD PHQVXUDomR GH IRUPD
56842783534

 56842783534

FRQVLVWHQWHFRPDVXDXQLGDGHGHFRQWDELOL]DomR 
E SDUDXPDWLYRQmRILQDQFHLURDSUHPLVVDGHDYDOLDomRDSURSULDGDSDUD
DPHQVXUDomR GHIRUPDFRQVLVWHQWHFRPRVHXPHOKRUXVRSRVVtYHO  
  )&&$QDOLVWD &RQWDGRU&RSHUJiV3(  (P FRQIRUPLGDGH FRP DV
QRUPDVFRQWiEHLVYLJHQWHVDPHQVXUDomRDYDORUMXVWRSRGHVHUIHLWD
ϭ
^ĞŐƵŶĚŽŽWϰϲ͕ĠƵŵĂƚƌĂŶƐĂĕĆŽƋƵĞƉƌĞƐƵŵĞĞdžƉŽƐŝĕĆŽĂŽŵĞƌĐĂĚŽƉŽƌƵŵƉĞƌşŽĚŽĂŶƚĞƐĚĂĚĂƚĂĚĞ
ŵĞŶƐƵƌĂĕĆŽƉĂƌĂƉĞƌŵŝƚŝƌĂƚŝǀŝĚĂĚĞƐĚĞŵĂƌŬĞƚŝŶŐƋƵĞƐĆŽƵƐƵĂŝƐĞŚĂďŝƚƵĂŝƐƉĂƌĂƚƌĂŶƐĂĕƁĞƐĞŶǀŽůǀĞŶĚŽĞƐƐĞƐ
ĂƚŝǀŽƐ ŽƵ ƉĂƐƐŝǀŽƐ͖ ŶĆŽ ƐĞ ƚƌĂƚĂ ĚĞ ƵŵĂ ƚƌĂŶƐĂĕĆŽ ĨŽƌĕĂĚĂ ;ƉŽƌ ĞdžĞŵƉůŽ͕ ůŝƋƵŝĚĂĕĆŽ ĨŽƌĕĂĚĂ ŽƵ ǀĞŶĚĂ Ğŵ D H[FOXVLYDPHQWHVREUHDWLYRVGHIRUPDLQGLYLGXDO
ƐŝƚƵĂĕĆŽĂĚǀĞƌƐĂͿ͘ E DSHQDVVREUHSDVVLYRVGHIRUPDLQGLYLGXDOHHPJUXSRV
Ϯ
ŽŵƉƌĂĚŽƌĞƐĞǀĞŶĚĞĚŽƌĞƐĚŽŵĞƌĐĂĚŽƉƌŝŶĐŝƉĂů;ŽƵŵĂŝƐǀĂŶƚĂũŽƐŽͿƉĂƌĂŽĂƚŝǀŽŽƵƉĂƐƐŝǀŽ͕ŽƐƋƵĂŝƐƚġŵ F VREUHDWLYRVHSDVVLYRVGHIRUPDLQGLYLGXDOHHPJUXSRV
ƚŽĚĂƐĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐĂƐĞŐƵŝƌ͗;ĂͿƐĆŽŝŶĚĞƉĞŶĚĞŶƚĞƐĞŶƚƌĞƐŝ͕ŽƵƐĞũĂ͕ŶĆŽƐĆŽƉĂƌƚĞƐƌĞůĂĐŝŽŶĂĚĂƐ;WϬϱͿ͖
;ďͿƐĆŽĐŽŶŚĞĐĞĚŽƌĞƐ͕ƚĞŶĚŽĞŶƚĞŶĚŝŵĞŶƚŽƌĂnjŽĄǀĞůĚŽĂƚŝǀŽŽƵƉĂƐƐŝǀŽĞĚĂƚƌĂŶƐĂĕĆŽĐŽŵĂƵƚŝůŝnjĂĕĆŽĚĞƚŽĚĂƐ G VRPHQWHVREUHSDVVLYRVGHIRUPDLQGLYLGXDO
ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ĚŝƐƉŽŶşǀĞŝƐ͕ ŝŶĐůƵŝŶĚŽ ŝŶĨŽƌŵĂĕƁĞƐ ƋƵĞ ƉŽƐƐĂŵ ƐĞƌ ŽďƚŝĚĂƐ ƉŽƌ ŵĞŝŽ ĚĞ ĞƐĨŽƌĕŽƐ ƵƐƵĂŝƐ Ğ H GHPRGRUHVWULWRDRVDWLYRVGHIRUPDLQGLYLGXDOHHPJUXSRV
ŚĂďŝƚƵĂŝƐ ĐŽŵ Ă ĚĞǀŝĚĂ ĚŝůŝŐġŶĐŝĂ͖ ;ĐͿ ƐĆŽ ĐĂƉĂnjĞƐ ĚĞ ƌĞĂůŝnjĂƌ ƚƌĂŶƐĂĕĆŽ ĐŽŵ Ž ĂƚŝǀŽ ŽƵ ƉĂƐƐŝǀŽ͖ ;ĚͿ ĞƐƚĆŽ
ŝŶƚĞƌĞƐƐĂĚŽƐĞŵƌĞĂůŝnjĂƌƚƌĂŶƐĂĕĆŽĐŽŵŽĂƚŝǀŽŽƵƉĂƐƐŝǀŽ͕ŽƵƐĞũĂ͕ĞƐƚĆŽŵŽƚŝǀĂĚŽƐ͕ŵĂƐŶĆŽĨŽƌĕĂĚŽƐŽƵ͕ĚĞ

ŽƵƚƌŽŵŽĚŽ͕ŽďƌŝŐĂĚŽƐĂĨĂnjġͲůŽ͘ 6HJXQGRR&3&

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϮĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϯĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

 
2DWLYRRXRSDVVLYRPHQVXUDGRDRYDORUMXVWRSRGHVHUTXDOTXHUXP D QRPHUFDGRSULQFLSDOSDUDRDWLYRRXSDVVLYRRX
GRVVHJXLQWHV E QDDXVrQFLDGHPHUFDGRSULQFLSDOQRPHUFDGRPDLVYDQWDMRVRSDUDR
D  XP DWLYR RX SDVVLYR LQGLYLGXDO SRU H[HPSOR XP LQVWUXPHQWR DWLYRRXSDVVLYR
ILQDQFHLURRXXPDWLYRQmRILQDQFHLUR RX 
E  XP JUXSR GH DWLYRV JUXSR GH SDVVLYRV RX JUXSR GH DWLYRV H 2EVHUYHTXHVRPHQWHYDPRVFRQVLGHUDURYDORUQRPHUFDGRPDLVYDQWDMRVR
SDVVLYRV SRUH[HPSORXPDXQLGDGHJHUDGRUDGHFDL[DRXXPQHJyFLR  QDDXVrQFLDGHPHUFDGRSULQFLSDO/RJRQRFDVRDSUHVHQWDGRQDTXHVWmR
 FRPR H[LVWH PHUFDGR SULQFLSDO XVDPRV R YDORU QHVWH PHUFDGR QR FDVR
*DEDULWR&  
 
7UDQVDomR $OLiVYHMDRTXHHVWDEHOHFHRLWHPGR&3&
 
6HJXQGRR&3&DPHQVXUDomRGRYDORUMXVWRSUHVXPHTXHRDWLYRRXR 6H KRXYHU PHUFDGR SULQFLSDO SDUD R DWLYR RX SDVVLYR D PHQVXUDomR GR
SDVVLYR p WURFDGR HP XPD WUDQVDomR QmR IRUoDGD HQWUH SDUWLFLSDQWHV GR YDORU MXVWR GHYH UHSUHVHQWDU R SUHoR QHVVH PHUFDGR VHMD HVVH SUHoR
PHUFDGRSDUDDYHQGDGRDWLYRRXDWUDQVIHUrQFLDGRSDVVLYRQDGDWDGH GLUHWDPHQWH REVHUYiYHO RX HVWLPDGR XWLOL]DQGRVH RXWUD WpFQLFD GH
PHQVXUDomRQDVFRQGLo}HVDWXDLVGHPHUFDGR DYDOLDomR DLQGDTXHRSUHoRHPPHUFDGRGLIHUHQWHVHMDSRWHQFLDOPHQWH
 PDLVYDQWDMRVRQDGDWDGHPHQVXUDomR
1HVVHVHQWLGRDPHQVXUDomRGRYDORUMXVWRSUHVXPHTXHDWUDQVDomRSDUD 
DYHQGDGRDWLYRRXWUDQVIHUrQFLDGRSDVVLYRRFRUUH *DEDULWR&
 
D QRPHUFDGRSULQFLSDOSDUDRDWLYRRXSDVVLYRRX 2 &3&  GHVWDFD TXH HPERUD D HQWLGDGH GHYD VHU FDSD] GH DFHVVDU R
E QDDXVrQFLDGHPHUFDGRSULQFLSDOQRPHUFDGRPDLVYDQWDMRVRSDUDR PHUFDGR HOD QmR SUHFLVD VHU FDSD] GH YHQGHU R DWLYR HVSHFtILFR RX
DWLYRRXSDVVLYR WUDQVIHULU R SDVVLYR HVSHFtILFR QD GDWD GH PHQVXUDomR SDUD TXH SRVVD
 PHQVXUDURYDORUMXVWRFRPEDVHQRSUHoRGHVVHPHUFDGR
0HUFDGR 3ULQFLSDO Æ 0HUFDGR FRP R PDLRU YROXPH H QtYHO GH DWLYLGDGH SDUD R DWLYR RX 
SDVVLYR 3UHoR


0HUFDGRPDLVYDQWDMRVRÆ0HUFDGRTXHPD[LPL]DRYDORUTXHVHULDUHFHELGRSDUDYHQGHU
RDWLYRRXTXHPLQLPL]DRYDORUTXHVHULDSDJRSDUDWUDQVIHULURSDVVLYRDSyVOHYDUHP &RQIRUPHHVWXGDPRVYDORUMXVWRpRSUHoRTXHVHULDUHFHELGRSHODYHQGD
FRQVLGHUDomRRVFXVWRVGHWUDQVDomRHRVFXVWRVGHWUDQVSRUWH GHXPDWLYRRXSDJRSHODWUDQVIHUrQFLDGHXPSDVVLYRHPXPDWUDQVDomR
 56842783534

QmR IRUoDGD QR PHUFDGR SULQFLSDO RX PDLV YDQWDMRVR  QD GDWD GH
56842783534

9HMDFRPRHVVHGHWDOKHMiIRLH[SORUDGRHPSURYD PHQVXUDomRQDVFRQGLo}HVDWXDLVGHPHUFDGR RXVHMDXPSUHoRGHVDtGD 


 LQGHSHQGHQWHPHQWHGHHVVHSUHoRVHUGLUHWDPHQWHREVHUYiYHORXHVWLPDGR
XWLOL]DQGRVHRXWUDWpFQLFDGHDYDOLDomR

 1HVVHVHQWLGRR&3&LQIRUPDTXHRSUHoRQRPHUFDGRSULQFLSDO RX
 &(63(&RQWDGRU)8%  8PD HPSUHVD FRPHUFLDOL]D GHWHUPLQDGR PDLVYDQWDMRVR XWLOL]DGRSDUDPHQVXUDURYDORUMXVWRGRDWLYRRXSDVVLYR
SURGXWR DJUtFROD FXMD FRWDomR QR PHUFDGR SULQFLSDO p GH 5  H QR QmRGHYHVHU DMXVWDGRSDUDUHIOHWLUFXVWRVGHWUDQVDomR2VFXVWRV
PHUFDGR PDLV YDQWDMRVR p GH 5  1HVVH FDVR R YDORU MXVWR GR GH WUDQVDomR GHYHP VHU FRQWDELOL]DGRV GH DFRUGR FRP RXWURV
SURGXWRDJUtFRODQRPRPHQWRGDFROKHLWDVHUiGH5 3URQXQFLDPHQWRV 2V FXVWRV GH WUDQVDomR QmR VmR XPD FDUDFWHUtVWLFD GH
 XP DWLYR RX SDVVLYR HP YH] GLVVR VmR HVSHFtILFRV GH XPD WUDQVDomR H
3DUDIL[DU$PHQVXUDomRGRYDORUMXVWRSUHVXPHTXHDWUDQVDomRSDUDD
YHQGDGRDWLYRRXWUDQVIHUrQFLDGRSDVVLYRRFRUUH

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϰĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϱĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

SRGHPGLIHULUGHSHQGHQGRGHFRPRDHQWLGDGHUHDOL]DUDWUDQVDomRSDUDR SUHPLVVDVTXHSDUWLFLSDQWHVGRPHUFDGRXWLOL]DULDPDRSUHFLILFDURDWLYRRX
DWLYRRXSDVVLYR RSDVVLYR
 
2VFXVWRVGHWUDQVDomRQmRLQFOXHPFXVWRVGHWUDQVSRUWH6HDORFDOL]DomR 8PH[HPSORGHGDGRREVHUYiYHOVHULDRSUHoRGHXPDDomRFRWDGDQDEROVD
IRUXPDFDUDFWHUtVWLFDGRDWLYR FRPRSRGHVHURFDVRSDUDSRUH[HPSOR GHYDORUHVHPGHWHUPLQDGRPRPHQWRSHUtRGR
XPDFRPPRGLW\ RSUHoRQRPHUFDGRSULQFLSDO RXPDLVYDQWDMRVR GHYH 
VHUDMXVWDGRSDUDUHIOHWLURVFXVWRVVHKRXYHUTXHVHULDPLQFRUULGRVSDUD 'DGRV1mRREVHUYiYHLVÆ,QIRUPDo}HV LQSXWV HPUHODomRjVTXDLVQmR
WUDQVSRUWDURDWLYRGHVHXORFDODWXDOSDUDHVVHPHUFDGR KiGDGRVGHPHUFDGRGLVSRQtYHLVHDVTXDLVVmRGHVHQYROYLGDVXWLOL]DQGR
 VH DV PHOKRUHV LQIRUPDo}HV GLVSRQtYHLV VREUH DV SUHPLVVDV TXH VHULDP
9DORUMXVWRQRUHFRQKHFLPHQWRLQLFLDO XWLOL]DGDVSHORVSDUWLFLSDQWHVGRPHUFDGRDRSUHFLILFDURDWLYRRXRSDVVLYR
 
6HJXQGRR&3&TXDQGRRDWLYRpDGTXLULGRRXRSDVVLYRDVVXPLGRHP 2&3&DERUGDWUrVWLSRVGHWpFQLFDVGHDYDOLDomRTXDLVVHMDP
WUDQVDomRGHWURFD SDUDHVVHDWLYRRX SDVVLYRR SUHoRGDWUDQVDomRpR 
SUHoRSDJRSDUDDGTXLULURDWLYRRXUHFHELGRSDUDDVVXPLURSDVVLYR XP $ERUGDJHPGHPHUFDGRÆXWLOL]DSUHoRVHRXWUDVLQIRUPDo}HVUHOHYDQWHV
SUHoRGHHQWUDGD 3RURXWURODGRRYDORUMXVWRGRDWLYRRXSDVVLYRpR JHUDGDVSRUWUDQVDo}HVGHPHUFDGRHQYROYHQGRDWLYRVSDVVLYRVRXJUXSR
SUHoRTXHVHULDUHFHELGRSDUDYHQGHURDWLYRRXSDJRSDUDWUDQVIHULU GH DWLYRV H SDVVLYRV ± FRPR SRU H[HPSOR XP QHJyFLR ± LGrQWLFR RX
R SDVVLYR XP SUHoR GH VDtGD  $V HQWLGDGHV QmR QHFHVVDULDPHQWH FRPSDUiYHO RXVHMDVLPLODU 
YHQGHP DWLYRV SHORV SUHoRV SDJRV SDUD DGTXLULORV 6LPLODUPHQWH DV 
HQWLGDGHVQmRQHFHVVDULDPHQWHWUDQVIHUHPSDVVLYRVSHORVSUHoRVUHFHELGRV 7pFQLFDV GH DYDOLDomR FRQVLVWHQWHV FRP D DERUGDJHP GH PHUFDGR
SDUDDVVXPLORV IUHTXHQWHPHQWH XWLOL]DP P~OWLSORV GH PHUFDGR REWLGRV D SDUWLU GH XP
 FRQMXQWR GH HOHPHQWRV GH FRPSDUDomR 2V P~OWLSORV GHYHP HVWDU HP
1HVVHVHQWLGRHPPXLWRVFDVRVRSUHoRGDWUDQVDomRpLJXDODRYDORUMXVWR IDL[DVFRPXPP~OWLSORGLIHUHQWHSDUDFDGDHOHPHQWRGHFRPSDUDomR$
HVVH SRGH VHU R FDVR SRU H[HPSOR TXDQGR QD GDWD GD WUDQVDomR D HVFROKD GR P~OWLSOR DSURSULDGR GHQWUR GD IDL[D H[LJH MXOJDPHQWR
WUDQVDomRSDUDDFRPSUDGHXPDWLYRRFRUUHQRPHUFDGRHPTXHRDWLYR FRQVLGHUDQGRVH IDWRUHV TXDOLWDWLYRV H TXDQWLWDWLYRV HVSHFtILFRV GD
VHULDYHQGLGR  PHQVXUDomR
 
7pFQLFDVGHDYDOLDomR 7pFQLFDVGHDYDOLDomRFRQVLVWHQWHVFRPDDERUGDJHPGHPHUFDGRLQFOXHP
 DSUHFLILFDomRSRUPDWUL]3UHFLILFDomRSRUPDWUL]pXPDWpFQLFDPDWHPiWLFD
2 REMHWLYR GDV WpFQLFDV GH DYDOLDomR GHVFULWDV QR &3&  p EDVLFDPHQWH XWLOL]DGD SULQFLSDOPHQWH SDUD DYDOLDU DOJXQV WLSRV GH LQVWUXPHQWRV
HVWLPDURYDORUMXVWR 56842783534
ILQDQFHLURVWDLVFRPRWtWXORVGHGtYLGDVHPVHEDVHDUH[FOXVLYDPHQWHHP
56842783534

 SUHoRV FRWDGRV SDUD RV WtWXORV HVSHFtILFRV PDV VLP EDVHDQGRVH QD
1RVWHUPRVGR&3&DHQWLGDGHGHYHXWLOL]DUWpFQLFDVGHDYDOLDomRTXH UHODomRGRVWtWXORVFRPRXWURVWtWXORVFRWDGRVGHUHIHUrQFLD
VHMDPDSURSULDGDVQDVFLUFXQVWkQFLDVHSDUDDVTXDLVKDMDGDGRVVXILFLHQWHV 
GLVSRQtYHLVSDUDPHQVXUDURYDORUMXVWRPD[LPL]DQGRRXVRGHGDGRV $ERUGDJHPGHFXVWRÆUHIOHWHRYDORUTXHVHULDQHFHVViULRDWXDOPHQWH
REVHUYiYHLV UHOHYDQWHV H PLQLPL]DQGR R XVR GH GDGRV QmR SDUD VXEVWLWXLU D FDSDFLGDGH GH VHUYLoR GH DWLYR QRUPDOPHQWH UHIHULGR
REVHUYiYHLV FRPRFXVWRGHVXEVWLWXLomRUHSRVLomRDWXDO 
 
'DGRV 2EVHUYiYHLV Æ ,QIRUPDo}HV LQSXWV  TXH VmR GHVHQYROYLGDV $ERUGDJHPGHUHFHLWDÆFRQYHUWHYDORUHVIXWXURV SRUH[HPSORIOX[RV
XWLOL]DQGRVH GDGRV GH PHUFDGR WDLV FRPR LQIRUPDo}HV GLVSRQtYHLV GH FDL[D RX UHFHLWDV H GHVSHVDV  HP XP YDORU ~QLFR DWXDO RX VHMD
SXEOLFDPHQWH VREUH HYHQWRV RX WUDQVDo}HV UHDLV H TXH UHIOHWHP DV GHVFRQWDGR 4XDQGRDDERUGDJHPGHUHFHLWDpXWLOL]DGDDPHQVXUDomRGR
YDORUMXVWRUHIOHWHDVH[SHFWDWLYDVGHPHUFDGRDWXDLVHPUHODomRDHVVHV
YDORUHVIXWXURV

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϲĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϳĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

 
(VVDWpFQLFDGHDYDOLDomR DERUGDJHPGDUHFHLWD LQFOXLSRUH[HPSOR 1HVVHVHQWLGRREVHUYDVHTXHDKLHUDUTXLDGHYDORUMXVWRGiDPDLVDOWD
 SULRULGDGH D SUHoRV FRWDGRV QmR DMXVWDGRV  HP PHUFDGRV DWLYRV SDUD
D WpFQLFDVGHYDORUSUHVHQWH DWLYRV RX SDVVLYRV LGrQWLFRV LQIRUPDo}HV GH 1tYHO   H D PDLV EDL[D
E PRGHORVGHSUHFLILFDomRGHRSo}HVFRPRDIyUPXODGH%ODFN6FKROHV SULRULGDGHDGDGRVQmRREVHUYiYHLV LQIRUPDo}HVGH1tYHO 
0HUWRQRXPRGHORELQRPLDO RXVHMDPRGHORGHiUYRUH TXHLQFRUSRUHP 
WpFQLFDVGHYDORUSUHVHQWHHUHIOLWDPWDQWRRYDORUWHPSRUDOTXDQWRRYDORU (VTXHPDWLFDPHQWHWHPRV
LQWUtQVHFRGDRSomRH 
F RPpWRGRGHJDQKRVH[FHGHQWHVHPP~OWLSORVSHUtRGRVTXHpXWLOL]DGR 
SDUDPHQVXUDURYDORUMXVWRGHDOJXQVDWLYRVLQWDQJtYHLV 
 
EşǀĞůϭ
+LHUDUTXLDGR9DORU-XVWR  WƌĞĕŽƐ
  ŽƚĂĚŽƐ
$ILPGHDXPHQWDUDFRQVLVWrQFLDHDFRPSDUDELOLGDGHQDVPHQVXUDo}HVGR 
YDORUMXVWRHQDVGLYXOJDo}HVFRUUHVSRQGHQWHVR&3&HVWDEHOHFHXPD 
KLHUDUTXLD GH YDORU MXVWR TXH FODVVLILFD HP WUrV QtYHLV DV LQIRUPDo}HV 
LQSXWV DSOLFDGDVQDVWpFQLFDVGHDYDOLDomRXWLOL]DGDVQDPHQVXUDomRGR  EşǀĞůϮ
YDORUMXVWR  ĂĚŽƐKďƐĞƌǀĄǀĞŝƐ
 
(VVD GHILQLomR GRV QtYHLV KLHUiUTXLFRV SDUD PHQVXUDomR GR YDORU MXVWR p 
LPSRUWDQWH SDUD TXH R FRQFHLWR GH YDORU MXVWR QmR VH FRQIXQGD 
H[FOXVLYDPHQWHFRPRFRQFHLWRGHSUHoRGHPHUFDGR6HJXQGRDGRXWULQD 
R FRQFHLWR GH YDORU MXVWR p PDLV DPSOR GR TXH R FRQFHLWR GH YDORU GH  EşǀĞůϯ

PHUFDGR SRU LVVR RV WHUPRV QmR GHYHP VHU WUDWDGRV FRPR VLQ{QLPRV
 ĂĚŽƐEĆŽKďƐĞƌǀĄǀĞŝƐ
SULQFLSDOPHQWH SDUD QmR JHUDU XPD IDOVD LGHLD GH TXH R YDORU MXVWR QmR 
SRGHVHUDSOLFDGRTXDQGRQmRH[LVWHYDORUGHPHUFDGRSDUDRDWLYR 
 
1tYHLVKLHUiUTXLFRVSDUDPHQVXUDomRGRYDORUMXVWR 'DGRV2EVHUYiYHLVÆ,QIRUPDo}HV LQSXWV TXHVmRGHVHQYROYLGDVXWLOL]DQGRVHGDGRV
GHPHUFDGRWDLVFRPRLQIRUPDo}HVGLVSRQtYHLVSXEOLFDPHQWHVREUHHYHQWRVRXWUDQVDo}HV

UHDLVHTXHUHIOHWHPDVSUHPLVVDVTXHSDUWLFLSDQWHVGRPHUFDGRXWLOL]DULDPDRSUHFLILFDU
,QIRUPDo}HV GH 1tYHO  Æ VmR SUHoRV FRWDGRV QmR DMXVWDGRV  HP
56842783534

RDWLYRRXRSDVVLYR 56842783534

PHUFDGRVDWLYRV WUDQVDo}HVRFRUUHPFRPIUHTXrQFLDHYROXPHVXILFLHQWH 
SDUDIRUQHFHULQIRUPDo}HVGHSUHFLILFDomRGHIRUPDFRQWtQXD SDUDDWLYRV 'DGRV1mRREVHUYiYHLVÆ,QIRUPDo}HV LQSXWV HPUHODomRjVTXDLVQmRKiGDGRVGH
RX SDVVLYRV LGrQWLFRV D TXH D HQWLGDGH SRVVD WHU DFHVVR QD GDWD GH PHUFDGRGLVSRQtYHLVHDVTXDLVVmRGHVHQYROYLGDVXWLOL]DQGRVHDVPHOKRUHVLQIRUPDo}HV
GLVSRQtYHLVVREUHDVSUHPLVVDVTXHVHULDPXWLOL]DGDVSHORVSDUWLFLSDQWHVGRPHUFDGRDR
PHQVXUDomR
SUHFLILFDURDWLYRRXRSDVVLYR
 
,QIRUPDo}HVGH1tYHOÆVmRLQIRUPDo}HVTXHVmRREVHUYiYHLVSDUD 'LYXOJDomR
R DWLYR RX SDVVLYR VHMD GLUHWD RX LQGLUHWDPHQWH H[FHWR SUHoRV FRWDGRV 
LQFOXtGRVQR1tYHO 6HJXQGRR&3&DHQWLGDGHGHYHGLYXOJDUEDVLFDPHQWH
 
,QIRUPDo}HVGH1tYHOÆVmRGDGRVQmRREVHUYiYHLVSDUDRDWLYRRX D $KLHUDUTXLDGRYDORUMXVWR QtYHLVH 
SDVVLYREDVHDGRVHPSUHPLVVDVSUySULDVGDHQWLGDGHVREUHRPHUFDGR E 2YDORUGDVWUDQVIHUrQFLDVHQWUHRVQtYHLV SDUDSDUDHWF 

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϴĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϵĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

F 3DUDPHQVXUDo}HVFODVVLILFDGDVQRVQtYHLVHR1tYHODGHVFULomRGDV
WpFQLFDV GH DYDOLDomR H DV LQIRUPDo}HV LQSXWV  XWLOL]DGDV QD
PHQVXUDomRGRYDORUMXVWR
G 3DUDDVPHQVXUDo}HVGRVQtYHLVXPDFRQFLOLDomRGRVVDOGRVLQLFLDLV 
FRPRVVDOGRVILQDLVGHVFULomRQDUUDWLYDGDVHQVLELOLGDGH 3HVVRDOHPWHUPRVWHyULFRVpLVVR $JRUDpDKRUDGH³PDQGDUPRVYHU´
H 6HRPHOKRUXVRGRDWLYRQmRpDTXHOHUHDOL]DGRSHODHQWLGDGH QDVTXHVW}HV$RILQDODSUHVHQWDPRVDOLVWDGDVTXHVW}HVFDVRYRFrSUHILUD
I 2XWUDVGLYXOJDo}HV  UHVROYHUDQWHVGHYHURVFRPHQWiULRV

 4XHVW}HV&RPHQWDGDV


 48$'5,;&RQWDGRU7HUUDFDS 2FRQFHLWRGHYDORUMXVWRDSOLFDVH
D
D VLWXDo}HVHPTXHQmRKDMDSUHVV}HVjOLTXLGDomRGDWUDQVDomR
E VLWXDo}HVHPTXHSUHVXPLYHOPHQWHDVSDUWHVQmRFRQKHoDPRQHJyFLR
RXRDVVXQWR
F SDUWHVGHSHQGHQWHVHQWUHVL
G FRQYHUV}HVGHIOX[RVGHFDL[DIXWXURVDRYDORUSUHVHQWH
H GHVSHVDVHUHFHLWDV

$ TXHVWmR H[LJH FRQKHFLPHQWRV GR FRQFHLWR GH YDORU MXVWR &RQIRUPH
HVWXGDPRVYDORUMXVWRpRSUHoRTXHVHULDUHFHELGRSHODYHQGDGHXP
DWLYRRXTXHVHULDSDJRSHODWUDQVIHUrQFLDGHXPSDVVLYRHPXPD
WUDQVDomRQmRIRUoDGDHQWUHSDUWLFLSDQWHVGRPHUFDGR SULQFLSDORX
PDLV YDQWDMRVR  QD GDWD GH PHQVXUDomR QDV FRQGLo}HV DWXDLV GH
PHUFDGRLQGHSHQGHQWHPHQWHGHHVVHSUHoRVHUGLUHWDPHQWHREVHUYiYHORX
HVWLPDGRXWLOL]DQGRVHRXWUDWpFQLFDGHDYDOLDomR 

6HJXQGRR&3&WUDQVDomRQmRIRUoDGDpXPDWUDQVDomRTXHSUHVXPH
56842783534

H[SRVLomRDRPHUFDGRSRUXPSHUtRGRDQWHVGDGDWDGHPHQVXUDomRSDUD
56842783534

SHUPLWLU DWLYLGDGHV GH PDUNHWLQJ TXH VmR XVXDLV H KDELWXDLV SDUD


WUDQVDo}HV HQYROYHQGR HVVHV DWLYRV RX SDVVLYRV QmR VH WUDWD GH XPD
WUDQVDomR IRUoDGD SRU H[HPSOR OLTXLGDomR IRUoDGD RX YHQGD HP
VLWXDomRDGYHUVD 

/RJR SHUFHEHVH TXH R FRQFHLWR GH YDORU MXVWR VH DSOLFD D VLWXDo}HV HP
TXHQmRKDMDSUHVV}HVjOLTXLGDomRGDWUDQVDomR

*DEDULWR$


WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϬĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϭĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

 &(63($QDOLVWD -XGLFLiULR&RQWDELOLGDGH75(07  &RP UHODomR D 2SUHoRFRWDGRHPPHUFDGRDWLYRRIHUHFHDHYLGrQFLDPDLVFRQILiYHO


YDORUMXVWRDVVLQDOHDRSomRFRUUHWD GRYDORUMXVWRHGHYHVHUXWLOL]DGRVHPDMXVWHSDUDPHQVXUDURYDORUMXVWR
D 2FULWpULRSDUDGHILQLomRGRYDORUMXVWRGHXPWHUUHQRpRPHQRU YDORU VHPSUHTXHGLVSRQtYHOVDOYRFRQIRUPHHVSHFLILFDGRQRLWHP
HQWUHRVPHOKRUHVXVRVSRVVtYHLVSDUDHVVHWHUUHQR 
E 2YDORUMXVWRpXPYDORUREMHWLYDPHQWHFRQVWUXtGRDSDUWLUGDREVHUYDomR *DEDULWR(
GRVSUHoRVGHPHUFDGRRXGRVFXVWRVGDHPSUHVD 
F  2 YDORU MXVWR GH XP DWLYR FRP FXVWR FRQWiELO GH 5  H VXMHLWR D  &(63(&RQWDGRU)8% &RPUHODomRDDYDOLDomRHPHQVXUDomRGH
JDVWRVGHFRPHUFLDOL]DomRGH5pHPIXQomRGLVVR5 LWHQVSDWULPRQLDLVMXOJXHRLWHPTXHVHVHJXH
G  2 PRGHOR GH SUHFLILFDomR GH RSo}HV GH %ODFN6FKROHV0HUWRQ EXVFD 
GHWHUPLQDU R YDORU MXVWR GH XPD RSomR SRU PHLR GH XPD DERUGDJHP GH 1DWUDQVDomRHQWUHGXDVHPSUHVDVFROLJDGDVDPHQVXUDomRGRYDORUMXVWR
FXVWR ILFDSUHMXGLFDGD
H  3HOD DERUGDJHP GH PHUFDGR R SUHoR GH FRWDomR GH XP DWLYR p R VHX 
YDORUMXVWR 6HJXQGRR&3&YDORUMXVWRpRSUHoRTXHVHULDUHFHELGRSHODYHQGDGH
 XP DWLYR RX TXH VHULD SDJR SHOD WUDQVIHUrQFLD GH XP SDVVLYR HP XPD
9DPRVDQDOLVDUDVDVVHUWLYDV WUDQVDomR QmR IRUoDGD HQWUH SDUWLFLSDQWHV GR PHUFDGR QD GDWD GH
 PHQVXUDomR
D(UUDGR2FULWpULRSDUDGHILQLomRGRYDORUMXVWRGHXPWHUUHQRpRPDLRU 
YDORUHQWUHRVPHOKRUHVXVRVSRVVtYHLVSDUDHVVHWHUUHQR 2VSDUWLFLSDQWHVQRPHUFDGRVmR FRPSUDGRUHVHYHQGHGRUHVGRPHUFDGR
 SULQFLSDO RXPDLVYDQWDMRVR SDUDRDWLYRRXSDVVLYRRVTXDLVWrPWRGDV
E(UUDGR&RQIRUPHHVWXGDPRVRYDORUMXVWRpXPDPHQVXUDomREDVHDGD DVFDUDFWHUtVWLFDVDVHJXLU
HPPHUFDGRHQmRXPDPHQVXUDomRHVSHFtILFDGDHQWLGDGH 
 D  VmR LQGHSHQGHQWHV HQWUH VL RX VHMD QmR VmR SDUWHV UHODFLRQDGDV
3RUVHUXPDPHQVXUDomREDVHDGDHPPHUFDGRRYDORUMXVWRpPHQVXUDGR &3& 
XWLOL]DQGRVHDVSUHPLVVDVTXHRVSDUWLFLSDQWHVGRPHUFDGRXWLOL]DULDPDR E VmRFRQKHFHGRUHVWHQGRHQWHQGLPHQWRUD]RiYHOGRDWLYRRXSDVVLYRH
SUHFLILFDU R DWLYR RX R SDVVLYR LQFOXLQGR SUHPLVVDV VREUH ULVFR &RPR GD WUDQVDomR FRP D XWLOL]DomR GH WRGDV DV LQIRUPDo}HV GLVSRQtYHLV
UHVXOWDGRDLQWHQomRGDHQWLGDGHGHPDQWHUXPDWLYRRXGHOLTXLGDURXGH LQFOXLQGRLQIRUPDo}HVTXHSRVVDPVHUREWLGDVSRUPHLRGHHVIRUoRVXVXDLV
RXWUR PRGR VDWLVID]HU XP SDVVLYR QmR p UHOHYDQWH DR PHQVXUDU R YDORU HKDELWXDLVFRPDGHYLGDGLOLJrQFLD
MXVWR F VmRFDSD]HVGHUHDOL]DUWUDQVDomRFRPRDWLYRRXSDVVLYR
 G  HVWmR LQWHUHVVDGRV HP UHDOL]DU WUDQVDomR FRP R DWLYR RX SDVVLYR RX
F(UUDGR2&3&LQIRUPDTXHRSUHoRQRPHUFDGRSULQFLSDO RXPDLV
56842783534

VHMDHVWmRPRWLYDGRVPDVQmRIRUoDGRVRXGHRXWURPRGRREULJDGRVD
56842783534

YDQWDMRVR XWLOL]DGRSDUDPHQVXUDURYDORUMXVWRGRDWLYRRXSDVVLYRQmR ID]rOR


GHYHVHUDMXVWDGRSDUDUHIOHWLUFXVWRVGHWUDQVDomR 1HVVH VHQWLGR SRGHPRV DILUPDU TXH QD WUDQVDomR HQWUH GXDV HPSUHVDV
 FROLJDGDV D PHQVXUDomR GR YDORU MXVWR ILFD SUHMXGLFDGD SRLV RV
G (UUDGR 2 PRGHOR GH SUHFLILFDomR GH RSo}HV GH %ODFN6FKROHV0HUWRQ SDUWLFLSDQWHVQRPHUFDGRGHYHPVHULQGHSHQGHQWHVHQWUHVLRXVHMDQmR
EXVFDGHWHUPLQDURYDORUMXVWRGHXPDRSomRSRUPHLRGHXPDDERUGDJHP SRGHPVHUSDUWHVUHODFLRQDGDVFRQIRUPHSUHYLVWRQR&3&
GHUHFHLWD 
 *DEDULWR&HUWR
H&HUWR6HJXQGRR&3& 
  &(63($QDOLVWD /HJLVODWLYR&kPDUD GRV 'HSXWDGRV  2 YDORU GH
XPDWLYRQmRILQDQFHLURSRGHYDULDUFRQIRUPHDXWLOL]DomRTXHDHPSUHVD
ID]GHOHRTXHLPSRVVLELOLWDDPHQVXUDomRFRPEDVHQRYDORUMXVWRXPD

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϮĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϯĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

YH]TXHXPGRVSUHFHLWRVGHVVHWLSRGHPHQVXUDomRpTXHRPHUFDGRGR $V FRQGLo}HV ItVLFDV H DV UHVWULo}HV GH YHQGD RX GH XVR GR DWLYR VmR
LWHPVXMHLWRjDYDOLDomRVHMDHVWUXWXUDGR H[HPSORVGHIDWRUHVFRQVLGHUDGRVQDSUHFLILFDomRSHORYDORUMXVWRSRUSDUWH
 WDQWRGDHQWLGDGHTXDQWRGRVSDUWLFLSDQWHVGRPHUFDGR
2&3&VHDSOLFDWDQWRDDWLYRVILQDQFHLURVFRPRDDWLYRVQmRILQDQFHLURV 
23URQXQFLDPHQWRLQFOXVLYHGHGLFDDOJXQVLWHQVHVSHFtILFRVSDUDWUDWDUGH 1RVWHUPRVGR&3&DPHQVXUDomRGRYDORUMXVWRGHVWLQDVHDXPDWLYR
VXDDSOLFDomRDDWLYRVQmRILQDQFHLURVFRQIRUPHSRGHPRVREVHUYDUQRLWHP RX SDVVLYR HP SDUWLFXODU 3RUWDQWR DR PHQVXUDU R YDORU MXVWRD
DEDL[RGHVFULWR HQWLGDGHGHYHOHYDUHPFRQVLGHUDomRDVFDUDFWHUtVWLFDVGRDWLYRRXSDVVLYR
 VHRVSDUWLFLSDQWHVGRPHUFDGRDRSUHFLILFDURDWLYRRXRSDVVLYRQDGDWD
$PHQVXUDomRGRYDORUMXVWRGHXPDWLYRQmRILQDQFHLUROHYDHP GH PHQVXUDomR OHYDUHP HVVDV FDUDFWHUtVWLFDV HP FRQVLGHUDomR (VVDV
FRQVLGHUDomRDFDSDFLGDGHGRSDUWLFLSDQWHGRPHUFDGRGHJHUDUEHQHItFLRV FDUDFWHUtVWLFDVLQFOXHPSRUH[HPSOR
HFRQ{PLFRVXWLOL]DQGRRDWLYRHPVHXPHOKRUXVRSRVVtYHO KLJKHVWDQGEHVW D DFRQGLomRHDORFDOL]DomRGRDWLYRH
XVH RXYHQGHQGRRDRXWURSDUWLFLSDQWHGRPHUFDGRTXHXWLOL]DULDRDWLYR E UHVWULo}HVVHKRXYHUSDUDDYHQGDRXRXVRGRDWLYR
HPVHXPHOKRUXVR 
 *DEDULWR&
*DEDULWR(UUDGR 
  &(63($QDOLVWD&RQWDELOLGDGH H )LQDQoDV%$&(1  $FHUFD GR
 &(63(&RQWDGRU&$'(  1R TXH GL] UHVSHLWR D YDORU MXVWR SURFHVVRFRQWiELOGHUHFRQKHFLPHQWRPHQVXUDomRHHYLGHQFLDomRMXOJXH
GHILQLomR WpFQLFDV GH DYDOLDomR H HYLGHQFLDomR GH DWLYRV H GH SDVVLYRV RLWHPDVHJXLU
MXOJXHRLWHPTXHVHVHJXH 
 2 YDORU MXVWR FRQVLVWH HP XPD PHQVXUDomR D YDORU GH VDtGD
3DUDPDLRUDFXUiFLDQDGHWHUPLQDomRGRYDORUMXVWRDHPSUHVDGHYHRSWDU FRQWUDULDPHQWHDRFXVWRKLVWyULFRTXHVHHQTXDGUDFRPRXPDPHQVXUDomR
SRU WpFQLFD GH DYDOLDomR TXH VHMD DSURSULDGD H TXH SURSRUFLRQH GDGRV DYDORUGHHQWUDGD
VXILFLHQWHV SDUD PHQVXUDU R YDORU MXVWR FRP PD[LPL]DomR GH GDGRV 
REVHUYiYHLVUHOHYDQWHVHPLQLPL]DomRGHGDGRVQmRREVHUYiYHLV 'HIDWRFRQIRUPHHVWXGDPRVRYDORUMXVWRUHSUHVHQWDXPSUHoRGHVDtGD
 RXYDORUGHVDtGD QDGDWDGHPHQVXUDomRGRSRQWRGHYLVWDGHSDUWLFLSDQWH
3HUIHLWR 2 LWHP HVWi GH DFRUGR FRP R TXH HVWDEHOHFH R &3&  VHQmR GRPHUFDGRTXHGHWHQKDRDWLYRRXRSDVVLYR3RURXWURODGRDEDVHGH
YHMDPRV PHQVXUDomRGRFXVWRKLVWyULFRVHHQTXDGUDFRPRXPDPHQVXUDomRDYDORU
 GHHQWUDGD
$HQWLGDGHGHYHXWLOL]DUWpFQLFDVGHDYDOLDomRTXHVHMDPDSURSULDGDV 
QDVFLUFXQVWkQFLDVHSDUDDVTXDLVKDMDGDGRVVXILFLHQWHVGLVSRQtYHLVSDUD
56842783534

*DEDULWR&HUWR 56842783534

PHQVXUDU R YDORU MXVWR PD[LPL]DQGR RXVR GH GDGRV REVHUYiYHLV 


UHOHYDQWHVHPLQLPL]DQGRRXVRGHGDGRVQmRREVHUYiYHLV  ,1$=GR3DUi&RQWDGRU%$13$5È 'HDFRUGRFRPR&3& ±
 0HQVXUDomRD9DORU-XVWRQmRpFRUUHWRDILUPDUTXH
*DEDULWR& D  e QHFHVViULR GHWHUPLQDU TXDO DWLYR RX SDVVLYR VHUi REMHWR GD
 PHQVXUDomR
 &(63(&RQWDGRU&$'(  1R TXH GL] UHVSHLWR D YDORU MXVWR E 'HILQLUFRPRPHUFDGRSULQFLSDODTXHOHHPTXHRDWLYRRXSDVVLYRSRVVXL
GHILQLomR WpFQLFDV GH DYDOLDomR H HYLGHQFLDomR GH DWLYRV H GH SDVVLYRV RPDLRUYROXPHGHWUDQVDomR
MXOJXHRLWHPTXHVHVHJXH F &RQVLGHUDUFRPRPHUFDGRPDLVYDQWDMRVRDTXHOHHPTXHDVWUDQVDo}HV
 HQYROYHQGR R DWLYR RX SDVVLYR RFRUUHP GH IRUPD LQHVSHUDGD LQGLFDQGR
XPDOLTXLGDomRLPHGLDWD

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϰĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϱĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

G  8WLOL]DU WpFQLFDV GH DYDOLDomR DGHTXDGDV DR WLSR GH GDGR LQSXW  E RYDORUDVHUUHFHELGRSRUXPDGDVSDUWHVSHODYHQGDGHXPDWLYRVHQGR
GLVSRQtYHO TXH UHIOLWDP DSUR[LPDGDPHQWH RV PHVPRV FULWpULRV XWLOL]DGRV VHX SUHoR GHILQLGR SRU XP FRQWUDWR YLJHQWH DQWHV GD UHDOL]DomR GD
SHORVSDUWLFLSDQWHVGRPHUFDGRSDUDSUHFLILFDURDWLYRRXSDVVLYR RSHUDomRWHQGRFRPRSUHoRRTXHVHULDUHFHELGRQDGDWDGHDTXLVLomRGR
H  'HWHUPLQDU SUHPLVVDV DSURSULDGDV SDUD PHQVXUDomR FRQVLGHUDQGR R DWLYRSHODSDUWHDGTXLUHQWH
PDLRUHRPHOKRUXVRGRDWLYRQmRILQDQFHLUR F  R SUHoR TXH VHULD UHFHELGR SHOD YHQGD GH XP DWLYR RX SDJR SHOD
 WUDQVIHUrQFLD GH XP SDVVLYR HP XPD WUDQVDomR QmR IRUoDGDQR PHUFDGR
9DPRVDQDOLVDUDVRSo}HV SULQFLSDO RXPDLVYDQWDMRVR QDGDWDGHPHQVXUDomRQDVFRQGLo}HVDWXDLV
 GH PHUFDGR RX VHMD XP SUHoR GH VDtGD  LQGHSHQGHQWHPHQWH GH HVVH
D&HUWR$PHQVXUDomRGRYDORUMXVWRGHVWLQDVH DXPDWLYRRXSDVVLYR SUHoRVHUGLUHWDPHQWHREVHUYiYHORXHVWLPDGRXWLOL]DQGRVHRXWUDWpFQLFD
HPSDUWLFXODU3RUWDQWRDRPHQVXUDURYDORUMXVWRDHQWLGDGHGHYHOHYDU GHDYDOLDomR
HPFRQVLGHUDomRDVFDUDFWHUtVWLFDVGRDWLYRRXSDVVLYR G  R YDORU PRQHWiULR QRPLQDO GHIODFLRQDGR VH KRXYHU LQIODomR  RX
 LQIODFLRQDGR VHKRXYHUGHIODomR 
E&HUWR7UDWDVHGDGHILQLomRGHPHUFDGRSULQFLSDOSUHYLVWDQR&3& H  R YDORU IDFLDO R YDORU H[SUHVVR QR WtWXOR (VWH YDORU QmR p
 QHFHVVDULDPHQWHRYDORUSDJRRXUHFHELGRSHORWtWXOR
F (UUDGR 6HJXQGR R &3&  PHUFDGR PDLV YDQWDMRVR p DTXHOH TXH 
PD[LPL]DRYDORUTXHVHULDUHFHELGRSDUDYHQGHURDWLYRRXTXHPLQLPL]D 1RVWHUPRVGR&3&
RYDORUTXHVHULDSDJRSDUDWUDQVIHULURSDVVLYRDSyVOHYDUHPFRQVLGHUDomR 
RVFXVWRVGHWUDQVDomRHRVFXVWRVGHWUDQVSRUWH  9DORU MXVWR p R SUHoR TXH VHULD UHFHELGR SHOD YHQGD GH XP DWLYR RX
 SDJRSHODWUDQVIHUrQFLDGHXPSDVVLYRHPXPDWUDQVDomRQmRIRUoDGDQR
G&HUWR'HIDWRDHQWLGDGHGHYHXVDUXPDGDVWpFQLFDVGHDYDOLDomR PHUFDGR SULQFLSDO RX PDLV YDQWDMRVR  QD GDWD GH PHQVXUDomR QDV
XWLOL]DGDVSDUDPHQVXUDURYDORUMXVWRGHVFULWDVQR&3&9DOHGHVWDFDU FRQGLo}HVDWXDLVGHPHUFDGR RXVHMDSUHoRGHVDtGD LQGHSHQGHQWHPHQWH
TXHDVWpFQLFDVGHDYDOLDomRGHYHPPD[LPL]DURXVRGHGDGRVREVHUYiYHLV GHHVVHSUHoRVHUGLUHWDPHQWHREVHUYiYHORXHVWLPDGRXWLOL]DQGRVHRXWUD
UHOHYDQWHVHPLQLPL]DURXVRGHGDGRVQmRREVHUYiYHLV WpFQLFDGHDYDOLDomR
 
H&HUWR6HJXQGRR&3&DPHQVXUDomRGRYDORUMXVWRGHXPDWLYRQmR *DEDULWR&
ILQDQFHLUROHYDHPFRQVLGHUDomRDFDSDFLGDGHGRSDUWLFLSDQWHGRPHUFDGR 
GH JHUDU EHQHItFLRV HFRQ{PLFRV XWLOL]DQGR R DWLYR HP VHX PHOKRU XVR  )*9&RQWDGRU'3(07  'H DFRUGR FRP R 3URQXQFLDPHQWR
SRVVtYHO /RJR D HQWLGDGH GHYH GHWHUPLQDU SUHPLVVDV DSURSULDGDV SDUD 7pFQLFR&3&0HQVXUDomRGR9DORU-XVWRDPHQVXUDomRGRYDORUMXVWR
PHQVXUDomRFRQVLGHUDQGRRPHOKRUXVRGRDWLYRQmRILQDQFHLUR$QRUPD SUHVXPHTXHDWUDQVDomRSDUDDYHQGDGRDWLYRRXWUDQVIHUrQFLDGRSDVVLYR
QmR IDOD HP ³PDLRU´ XVR PDV HVVH SHTXHQR GHWDOKH QmR LQYDOLGD D
56842783534

RFRUUHQRPHUFDGRSULQFLSDOSDUDRDWLYRRXSDUDRSDVVLYR
56842783534

DVVHUWLYD 
 1DDXVrQFLDGRPHUFDGRSULQFLSDOGHYHVHSUHVXPLUDWUDQVIHUrQFLD
*DEDULWR& D QRPHUFDGRPDLVYDQWDMRVRSDUDRDWLYRRXSDVVLYR
 E QRPHUFDGRTXHRIHUHFHRVPDLRUHVSUHoRVGHFRPSUDSDUDRDWLYR
 &26($&&RQWDGRU3UHI 1LWHUyL5-  'H DFRUGR FRP R &3&  F QRPHUFDGRTXHRIHUHFHRVPHOKRUHVSUD]RVSDUDRSDVVLYR
0HQVXUDomRGR9DORU-XVWR DGHILQLomRGRSUHoRGRYDORUMXVWRp G  QR PHUFDGR JHRJUDILFDPHQWH PDLV SHUWR GH RQGH DFRQWHFHP DV
D RYDORUGHILQLGRSHODSDUWHTXHLUiDGTXLULURDWLYRRXVHGHVID]HUGHXP WUDQVDo}HV
SDVVLYRQDGDWDHQDVFRQGLo}HVDWXDLVGRQHJyFLR PDLVYDQWDMRVRSDUDD H FRPEDVHHPIDWRVGHH[HUFtFLRVSDVVDGRV
SDUWHDOLHQDQWH GHSHQGHQWHPHQWHGDVYRQWDGHVGHILQLGDVSRUDPEDVDV 
SDUWHVGHPHQVXUDomRGHYDORUUHDO 6HJXQGRR&3&


WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϲĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϳĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

$PHQVXUDomRGRYDORUMXVWRSUHVXPHTXHDWUDQVDomRSDUDDYHQGDGR 
DWLYRRXWUDQVIHUrQFLDGRSDVVLYRRFRUUH  5HVXPRGD$XOD
D QRPHUFDGRSULQFLSDOSDUDRDWLYRRXSDVVLYRRX 
E QDDXVrQFLDGHPHUFDGRSULQFLSDOQRPHUFDGRPDLVYDQWDMRVR 
SDUDRDWLYRRXSDVVLYR ĞĨŝŶŝĕĆŽÆsĂůŽƌ:ƵƐƚŽĠŽƉƌĞĕŽƋƵĞƐĞƌŝĂƌĞĐĞďŝĚŽƉĞůĂǀĞŶĚĂĚĞƵŵĂƚŝǀŽŽƵƋƵĞƐĞƌŝĂƉĂŐŽ
 ƉĞůĂƚƌĂŶƐĨĞƌġŶĐŝĂĚĞƵŵƉĂƐƐŝǀŽĞŵƵŵĂƚƌĂŶƐĂĕĆŽŶĆŽĨŽƌĕĂĚĂĞŶƚƌĞƉĂƌƚŝĐŝƉĂŶƚĞƐĚŽŵĞƌĐĂĚŽ
*DEDULWR$  ;ƉƌŝŶĐŝƉĂů ŽƵ ŵĂŝƐ ǀĂŶƚĂũŽƐŽͿ ŶĂ ĚĂƚĂ ĚĞ ŵĞŶƐƵƌĂĕĆŽ ;ŶĂƐ ĐŽŶĚŝĕƁĞƐ ĂƚƵĂŝƐ ĚĞ ŵĞƌĐĂĚŽ͕
ŝŶĚĞƉĞŶĚĞŶƚĞŵĞŶƚĞ ĚĞ ĞƐƐĞ ƉƌĞĕŽ ƐĞƌ ĚŝƌĞƚĂŵĞŶƚĞ ŽďƐĞƌǀĄǀĞů ŽƵ ĞƐƚŝŵĂĚŽ ƵƚŝůŝnjĂŶĚŽͲƐĞ
ŽƵƚƌĂƚĠĐŶŝĐĂĚĞĂǀĂůŝĂĕĆŽͿ͘dƌĂƚĂͲƐĞĚĞƵŵƉƌĞĕŽĚĞƐĂşĚĂ͘

ƒ KĂƚŝǀŽŽƵŽƉĂƐƐŝǀŽŵĞŶƐƵƌĂĚŽĂŽǀĂůŽƌũƵƐƚŽƉŽĚĞƐĞƌƋƵĂůƋƵĞƌƵŵĚŽƐƐĞŐƵŝŶƚĞƐ͗
ĂͿƵŵĂƚŝǀŽŽƵƉĂƐƐŝǀŽŝŶĚŝǀŝĚƵĂů;ƉŽƌĞdžĞŵƉůŽ͕ƵŵŝŶƐƚƌƵŵĞŶƚŽĨŝŶĂŶĐĞŝƌŽŽƵƵŵĂƚŝǀŽŶĆŽ
ĨŝŶĂŶĐĞŝƌŽͿ͖ŽƵ
ďͿ Ƶŵ ŐƌƵƉŽ ĚĞ ĂƚŝǀŽƐ͕ ŐƌƵƉŽ ĚĞ ƉĂƐƐŝǀŽƐ ŽƵ ŐƌƵƉŽ ĚĞ ĂƚŝǀŽƐ Ğ ƉĂƐƐŝǀŽƐ ;ƉŽƌ ĞdžĞŵƉůŽ͕ ƵŵĂ
ƵŶŝĚĂĚĞŐĞƌĂĚŽƌĂĚĞĐĂŝdžĂŽƵƵŵŶĞŐſĐŝŽͿ͘

ƒ ŵĞŶƐƵƌĂĕĆŽĚŽǀĂůŽƌũƵƐƚŽƉƌĞƐƵŵĞƋƵĞĂƚƌĂŶƐĂĕĆŽƉĂƌĂĂǀĞŶĚĂĚŽĂƚŝǀŽŽƵƚƌĂŶƐĨĞƌġŶĐŝĂ

DE^hZKKs>KZ:h^dK;WϰϲͿ
ĚŽƉĂƐƐŝǀŽŽĐŽƌƌĞ͗
ĂͿŶŽŵĞƌĐĂĚŽƉƌŝŶĐŝƉĂůƉĂƌĂŽĂƚŝǀŽŽƵƉĂƐƐŝǀŽ͖ŽƵ
ďͿŶĂĂƵƐġŶĐŝĂĚĞŵĞƌĐĂĚŽƉƌŝŶĐŝƉĂů͕ŶŽŵĞƌĐĂĚŽŵĂŝƐǀĂŶƚĂũŽƐŽƉĂƌĂŽĂƚŝǀŽŽƵƉĂƐƐŝǀŽ͘

ƒ ƉƌĞĕŽŶŽŵĞƌĐĂĚŽƉƌŝŶĐŝƉĂů;ŽƵŵĂŝƐǀĂŶƚĂũŽƐŽͿƵƚŝůŝnjĂĚŽƉĂƌĂŵĞŶƐƵƌĂƌŽǀĂůŽƌũƵƐƚŽĚŽ
ĂƚŝǀŽŽƵƉĂƐƐŝǀŽŶĆŽĚĞǀĞƐĞƌĂũƵƐƚĂĚŽƉĂƌĂƌĞĨůĞƚŝƌĐƵƐƚŽƐĚĞƚƌĂŶƐĂĕĆŽ͘

ƒ ĞŶƚŝĚĂĚĞĚĞǀĞƵƚŝůŝnjĂƌ ƚĠĐŶŝĐĂƐĚĞĂǀĂůŝĂĕĆŽƋƵĞƐĞũĂŵĂƉƌŽƉƌŝĂĚĂƐŶĂƐĐŝƌĐƵŶƐƚąŶĐŝĂƐĞ
ƉĂƌĂĂƐƋƵĂŝƐŚĂũĂĚĂĚŽƐƐƵĨŝĐŝĞŶƚĞƐĚŝƐƉŽŶşǀĞŝƐƉĂƌĂŵĞŶƐƵƌĂƌŽǀĂůŽƌũƵƐƚŽ͕ŵĂdžŝŵŝnjĂŶĚŽŽ
ƵƐŽĚĞĚĂĚŽƐŽďƐĞƌǀĄǀĞŝƐƌĞůĞǀĂŶƚĞƐĞŵŝŶŝŵŝnjĂŶĚŽŽƵƐŽĚĞĚĂĚŽƐŶĆŽŽďƐĞƌǀĄǀĞŝƐ͘

ƒ KWϰϲĂďŽƌĚĂƚƌġƐƚŝƉŽƐĚĞƚĠĐŶŝĐĂƐĚĞĂǀĂůŝĂĕĆŽ͕ƋƵĂŝƐƐĞũĂŵ͗


56842783534
ďŽƌĚĂŐĞŵ ĚĞ ŵĞƌĐĂĚŽ Æ ƵƚŝůŝnjĂ ƉƌĞĕŽƐ Ğ ŽƵƚƌĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƌĞůĞǀĂŶƚĞƐ ŐĞƌĂĚĂƐ ƉŽƌ
56842783534

ƚƌĂŶƐĂĕƁĞƐĚĞŵĞƌĐĂĚŽĞŶǀŽůǀĞŶĚŽĂƚŝǀŽƐ͕ƉĂƐƐŝǀŽƐŽƵŐƌƵƉŽĚĞĂƚŝǀŽƐĞƉĂƐƐŝǀŽƐʹĐŽŵŽ͕ƉŽƌ
ĞdžĞŵƉůŽ͕ƵŵŶĞŐſĐŝŽʹŝĚġŶƚŝĐŽŽƵĐŽŵƉĂƌĄǀĞů;ŽƵƐĞũĂ͕ƐŝŵŝůĂƌͿ͘


ďŽƌĚĂŐĞŵ ĚĞ ĐƵƐƚŽ Æ ƌĞĨůĞƚĞ Ž ǀĂůŽƌ ƋƵĞ ƐĞƌŝĂ ŶĞĐĞƐƐĄƌŝŽ ĂƚƵĂůŵĞŶƚĞ ƉĂƌĂ ƐƵďƐƚŝƚƵŝƌ Ă
ĐĂƉĂĐŝĚĂĚĞĚĞƐĞƌǀŝĕŽĚĞĂƚŝǀŽ;ŶŽƌŵĂůŵĞŶƚĞƌĞĨĞƌŝĚŽĐŽŵŽĐƵƐƚŽĚĞƐƵďƐƚŝƚƵŝĕĆŽͬƌĞƉŽƐŝĕĆŽ
ĂƚƵĂůͿ͘


ďŽƌĚĂŐĞŵĚĞƌĞĐĞŝƚĂÆĐŽŶǀĞƌƚĞǀĂůŽƌĞƐĨƵƚƵƌŽƐ;ƉŽƌĞdžĞŵƉůŽ͕ĨůƵdžŽƐĚĞĐĂŝdžĂŽƵƌĞĐĞŝƚĂƐĞ
ĚĞƐƉĞƐĂƐͿĞŵƵŵǀĂůŽƌƷŶŝĐŽĂƚƵĂů;ŽƵƐĞũĂ͕ĚĞƐĐŽŶƚĂĚŽͿ͘YƵĂŶĚŽĂĂďŽƌĚĂŐĞŵĚĞƌĞĐĞŝƚĂĠ
ƵƚŝůŝnjĂĚĂ͕ĂŵĞŶƐƵƌĂĕĆŽĚŽǀĂůŽƌũƵƐƚŽƌĞĨůĞƚĞĂƐĞdžƉĞĐƚĂƚŝǀĂƐĚĞŵĞƌĐĂĚŽĂƚƵĂŝƐĞŵƌĞůĂĕĆŽĂ
ĞƐƐĞƐǀĂůŽƌĞƐĨƵƚƵƌŽƐ͘



WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϴĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϭϵĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ
 
 

/LVWDGDV4XHVW}HV

EşǀĞŝƐŚŝĞƌĄƌƋƵŝĐŽƐƉĂƌĂŵĞŶƐƵƌĂĕĆŽĚŽǀĂůŽƌũƵƐƚŽ


 )&&$QDOLVWD &RQWDGRU&RSHUJiV3(  (P FRQIRUPLGDGH FRP DV

QRUPDVFRQWiEHLVYLJHQWHVDPHQVXUDomRDYDORUMXVWRSRGHVHUIHLWD

D H[FOXVLYDPHQWHVREUHDWLYRVGHIRUPDLQGLYLGXDO

DE^hZKKs>KZ:h^dK;WϰϲͿ

E DSHQDVVREUHSDVVLYRVGHIRUPDLQGLYLGXDOHHPJUXSRV

F VREUHDWLYRVHSDVVLYRVGHIRUPDLQGLYLGXDOHHPJUXSRV

G VRPHQWHVREUHSDVVLYRVGHIRUPDLQGLYLGXDO

H GHPRGRUHVWULWRDRVDWLYRVGHIRUPDLQGLYLGXDOHHPJUXSRV



 &(63(&RQWDGRU)8%  8PD HPSUHVD FRPHUFLDOL]D GHWHUPLQDGR

SURGXWR DJUtFROD FXMD FRWDomR QR PHUFDGR SULQFLSDO p GH 5  H QR
/ŶĨŽƌŵĂĕƁĞƐĚĞEşǀĞůϭÆƐĆŽƉƌĞĕŽƐĐŽƚĂĚŽƐ;ŶĆŽĂũƵƐƚĂĚŽƐͿĞŵŵĞƌĐĂĚŽƐĂƚŝǀŽƐ;ƚƌĂŶƐĂĕƁĞƐ
PHUFDGR PDLV YDQWDMRVR p GH 5  1HVVH FDVR R YDORU MXVWR GR
ŽĐŽƌƌĞŵ ĐŽŵ ĨƌĞƋƵġŶĐŝĂ Ğ ǀŽůƵŵĞ ƐƵĨŝĐŝĞŶƚĞƉĂƌĂ ĨŽƌŶĞĐĞƌ ŝŶĨŽƌŵĂĕƁĞƐ ĚĞ ƉƌĞĐŝĨŝĐĂĕĆŽ ĚĞ
SURGXWRDJUtFRODQRPRPHQWRGDFROKHLWDVHUiGH5
ĨŽƌŵĂĐŽŶƚşŶƵĂͿƉĂƌĂĂƚŝǀŽƐŽƵƉĂƐƐŝǀŽƐŝĚġŶƚŝĐŽƐĂƋƵĞĂĞŶƚŝĚĂĚĞƉŽƐƐĂƚĞƌĂĐĞƐƐŽŶĂĚĂƚĂĚĞ

ŵĞŶƐƵƌĂĕĆŽ͘
 48$'5,;&RQWDGRU7HUUDFDS 2FRQFHLWRGHYDORUMXVWRDSOLFDVH

D
/ŶĨŽƌŵĂĕƁĞƐĚĞEşǀĞůϮÆƐĆŽŝŶĨŽƌŵĂĕƁĞƐƋƵĞƐĆŽŽďƐĞƌǀĄǀĞŝƐƉĂƌĂŽĂƚŝǀŽŽƵƉĂƐƐŝǀŽ͕ƐĞũĂ
D VLWXDo}HVHPTXHQmRKDMDSUHVV}HVjOLTXLGDomRGDWUDQVDomR
ĚŝƌĞƚĂŽƵŝŶĚŝƌĞƚĂŵĞŶƚĞ͕ĞdžĐĞƚŽƉƌĞĕŽƐĐŽƚĂĚŽƐŝŶĐůƵşĚŽƐŶŽEşǀĞůϭ͘
E VLWXDo}HVHPTXHSUHVXPLYHOPHQWHDVSDUWHVQmRFRQKHoDPRQHJyFLR

RXRDVVXQWR
/ŶĨŽƌŵĂĕƁĞƐĚĞEşǀĞůϯÆƐĆŽĚĂĚŽƐŶĆŽŽďƐĞƌǀĄǀĞŝƐƉĂƌĂŽĂƚŝǀŽŽƵƉĂƐƐŝǀŽ͖ďĂƐĞĂĚŽƐĞŵ
F SDUWHVGHSHQGHQWHVHQWUHVL
ƉƌĞŵŝƐƐĂƐƉƌſƉƌŝĂƐĚĂĞŶƚŝĚĂĚĞƐŽďƌĞŽŵĞƌĐĂĚŽ͘ G FRQYHUV}HVGHIOX[RVGHFDL[DIXWXURVDRYDORUSUHVHQWH
 H GHVSHVDVHUHFHLWDV
  
 &(63($QDOLVWD -XGLFLiULR&RQWDELOLGDGH75(07  &RP UHODomR D
YDORUMXVWRDVVLQDOHDRSomRFRUUHWD
D 2FULWpULRSDUDGHILQLomRGRYDORUMXVWRGHXPWHUUHQRpRPHQRUYDORU
56842783534

HQWUHRVPHOKRUHVXVRVSRVVtYHLVSDUDHVVHWHUUHQR
56842783534

E 2YDORUMXVWRpXPYDORUREMHWLYDPHQWHFRQVWUXtGRDSDUWLUGDREVHUYDomR
GRVSUHoRVGHPHUFDGRRXGRVFXVWRVGDHPSUHVD
F  2 YDORU MXVWR GH XP DWLYR FRP FXVWR FRQWiELO GH 5  H VXMHLWR D
JDVWRVGHFRPHUFLDOL]DomRGH5pHPIXQomRGLVVR5
G  2 PRGHOR GH SUHFLILFDomR GH RSo}HV GH %ODFN6FKROHV0HUWRQ EXVFD
GHWHUPLQDU R YDORU MXVWR GH XPD RSomR SRU PHLR GH XPD DERUGDJHP GH
FXVWR
H  3HOD DERUGDJHP GH PHUFDGR R SUHoR GH FRWDomR GH XP DWLYR p R VHX
YDORUMXVWR


WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϮϬĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϮϭĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

 &(63(&RQWDGRU)8% &RPUHODomRDDYDOLDomRHPHQVXUDomRGH E 'HILQLUFRPRPHUFDGRSULQFLSDODTXHOHHPTXHRDWLYRRXSDVVLYRSRVVXL


LWHQVSDWULPRQLDLVMXOJXHRLWHPTXHVHVHJXH RPDLRUYROXPHGHWUDQVDomR
 F &RQVLGHUDUFRPRPHUFDGRPDLVYDQWDMRVRDTXHOHHPTXHDVWUDQVDo}HV
1DWUDQVDomRHQWUHGXDVHPSUHVDVFROLJDGDVDPHQVXUDomRGRYDORUMXVWR HQYROYHQGR R DWLYR RX SDVVLYR RFRUUHP GH IRUPD LQHVSHUDGD LQGLFDQGR
ILFDSUHMXGLFDGD XPDOLTXLGDomRLPHGLDWD
 G  8WLOL]DU WpFQLFDV GH DYDOLDomR DGHTXDGDV DR WLSR GH GDGR LQSXW 
 &(63($QDOLVWD /HJLVODWLYR&kPDUD GRV 'HSXWDGRV  2 YDORU GH GLVSRQtYHO TXH UHIOLWDP DSUR[LPDGDPHQWH RV PHVPRV FULWpULRV XWLOL]DGRV
XPDWLYRQmRILQDQFHLURSRGHYDULDUFRQIRUPHDXWLOL]DomRTXHDHPSUHVD SHORVSDUWLFLSDQWHVGRPHUFDGRSDUDSUHFLILFDURDWLYRRXSDVVLYR
ID]GHOHRTXHLPSRVVLELOLWDDPHQVXUDomRFRPEDVHQRYDORUMXVWRXPD H  'HWHUPLQDU SUHPLVVDV DSURSULDGDV SDUD PHQVXUDomR FRQVLGHUDQGR R
YH]TXHXPGRVSUHFHLWRVGHVVHWLSRGHPHQVXUDomRpTXHRPHUFDGRGR PDLRUHRPHOKRUXVRGRDWLYRQmRILQDQFHLUR
LWHPVXMHLWRjDYDOLDomRVHMDHVWUXWXUDGR 
  &26($&&RQWDGRU3UHI 1LWHUyL5-  'H DFRUGR FRP R &3& 
 &(63(&RQWDGRU&$'(  1R TXH GL] UHVSHLWR D YDORU MXVWR 0HQVXUDomRGR9DORU-XVWR DGHILQLomRGRSUHoRGRYDORUMXVWRp
GHILQLomR WpFQLFDV GH DYDOLDomR H HYLGHQFLDomR GH DWLYRV H GH SDVVLYRV D RYDORUGHILQLGRSHODSDUWHTXHLUiDGTXLULURDWLYRRXVHGHVID]HUGHXP
MXOJXHRLWHPTXHVHVHJXH SDVVLYRQDGDWDHQDVFRQGLo}HVDWXDLVGRQHJyFLR PDLVYDQWDMRVRSDUDD
 SDUWHDOLHQDQWH GHSHQGHQWHPHQWHGDVYRQWDGHVGHILQLGDVSRUDPEDVDV
3DUDPDLRUDFXUiFLDQDGHWHUPLQDomRGRYDORUMXVWRDHPSUHVDGHYHRSWDU SDUWHVGHPHQVXUDomRGHYDORUUHDO
SRU WpFQLFD GH DYDOLDomR TXH VHMD DSURSULDGD H TXH SURSRUFLRQH GDGRV E RYDORUDVHUUHFHELGRSRUXPDGDVSDUWHVSHODYHQGDGHXPDWLYRVHQGR
VXILFLHQWHV SDUD PHQVXUDU R YDORU MXVWR FRP PD[LPL]DomR GH GDGRV VHX SUHoR GHILQLGR SRU XP FRQWUDWR YLJHQWH DQWHV GD UHDOL]DomR GD
REVHUYiYHLVUHOHYDQWHVHPLQLPL]DomRGHGDGRVQmRREVHUYiYHLV RSHUDomRWHQGRFRPRSUHoRRTXHVHULDUHFHELGRQDGDWDGHDTXLVLomRGR
 DWLYRSHODSDUWHDGTXLUHQWH
 &(63(&RQWDGRU&$'(  1R TXH GL] UHVSHLWR D YDORU MXVWR F  R SUHoR TXH VHULD UHFHELGR SHOD YHQGD GH XP DWLYR RX SDJR SHOD
GHILQLomR WpFQLFDV GH DYDOLDomR H HYLGHQFLDomR GH DWLYRV H GH SDVVLYRV WUDQVIHUrQFLD GH XP SDVVLYR HP XPD WUDQVDomR QmR IRUoDGD QR PHUFDGR
MXOJXHRLWHPTXHVHVHJXH SULQFLSDO RXPDLVYDQWDMRVR QDGDWDGHPHQVXUDomRQDVFRQGLo}HVDWXDLV
 GH PHUFDGR RX VHMD XP SUHoR GH VDtGD  LQGHSHQGHQWHPHQWH GH HVVH
$V FRQGLo}HV ItVLFDV H DV UHVWULo}HV GH YHQGD RX GH XVR GR DWLYR VmR SUHoRVHUGLUHWDPHQWHREVHUYiYHORXHVWLPDGRXWLOL]DQGRVHRXWUDWpFQLFD
H[HPSORVGHIDWRUHVFRQVLGHUDGRVQDSUHFLILFDomRSHORYDORUMXVWRSRUSDUWH GHDYDOLDomR
WDQWRGDHQWLGDGHTXDQWRGRVSDUWLFLSDQWHVGRPHUFDGR G  R YDORU PRQHWiULR QRPLQDO GHIODFLRQDGR VH KRXYHU LQIODomR  RX
 LQIODFLRQDGR VHKRXYHUGHIODomR 
 &(63($QDOLVWD&RQWDELOLGDGH H )LQDQoDV%$&(1  $FHUFD GR
56842783534

H  R YDORU IDFLDO R YDORU H[SUHVVR QR WtWXOR (VWH YDORU QmR p


56842783534

SURFHVVRFRQWiELOGHUHFRQKHFLPHQWRPHQVXUDomRHHYLGHQFLDomRMXOJXH QHFHVVDULDPHQWHRYDORUSDJRRXUHFHELGRSHORWtWXOR
RLWHPDVHJXLU 
  )*9&RQWDGRU'3(07  'H DFRUGR FRP R 3URQXQFLDPHQWR
2 YDORU MXVWR FRQVLVWH HP XPD PHQVXUDomR D YDORU GH VDtGD 7pFQLFR&3&0HQVXUDomRGR9DORU-XVWRDPHQVXUDomRGRYDORUMXVWR
FRQWUDULDPHQWHDRFXVWRKLVWyULFRTXHVHHQTXDGUDFRPRXPDPHQVXUDomR SUHVXPHTXHDWUDQVDomRSDUDDYHQGDGRDWLYRRXWUDQVIHUrQFLDGRSDVVLYR
DYDORUGHHQWUDGD RFRUUHQRPHUFDGRSULQFLSDOSDUDRDWLYRRXSDUDRSDVVLYR
 
 ,1$=GR3DUi&RQWDGRU%$13$5È 'HDFRUGRFRPR&3& ± 1DDXVrQFLDGRPHUFDGRSULQFLSDOGHYHVHSUHVXPLUDWUDQVIHUrQFLD
0HQVXUDomRD9DORU-XVWRQmRpFRUUHWRDILUPDUTXH D QRPHUFDGRPDLVYDQWDMRVRSDUDRDWLYRRXSDVVLYR
D  e QHFHVViULR GHWHUPLQDU TXDO DWLYR RX SDVVLYR VHUi REMHWR GD E QRPHUFDGRTXHRIHUHFHRVPDLRUHVSUHoRVGHFRPSUDSDUDRDWLYR
PHQVXUDomR F QRPHUFDGRTXHRIHUHFHRVPHOKRUHVSUD]RVSDUDRSDVVLYR

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϮϮĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϮϯĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna


 
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη  
ηŽŶƚĂďŝůŝĚĂĚĞ'ĞƌĂů͗WƌŽŶƵŶĐŝĂŵĞŶƚŽƐŽŶƚĄďĞŝƐƉͬ&ϮϬϭϳ͘Ϯη
ƵůĂϭϳ;džƚƌĂͿ ƵůĂϭϳ;džƚƌĂͿ

G  QR PHUFDGR JHRJUDILFDPHQWH PDLV SHUWR GH RQGH DFRQWHFHP DV 


WUDQVDo}HV
H FRPEDVHHPIDWRVGHH[HUFtFLRVSDVVDGRV
 
 
                        

& & $ ( & ( & & & & & $

 
 


56842783534 56842783534

WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϮϰĚĞϮϱ WƌŽĨ͘'ŝůŵĂƌWŽƐƐĂƚŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌϮϱĚĞϮϱ

56842783534 - Bruna 56842783534 - Bruna

You might also like