&hEK'dh>/KsZ'^
^K>/E/^^K//^Ͳ&'sWK
EdZKW^Yh/^KhDEdK,/^dMZ/KEdDWKZEKZ^/>
/d>WZK^^K^>d/sK
WZK'ZDWM^Ͳ'ZhKD,/^dMZ/͕WK>1d/E^h>dhZ/^;WWW,WͿ
D^dZKWZK&/^^/KE>DE^h>dhZ/^WZK:dK^^K//^
ϮϬϮϰ




^hDZ/K

/dD  W'/E
ϭ KhZ^K Ϯ
Ϯ ^KE/O^ Ϯ
ϯ ^s'^ Ϯ
ϰ /E^Z/K Ϯ
ϱ K^Z/dZ/K^^>K ϰ
ϲ EdZs/^d ϰ
ϳ K^Z/dZ/K^WZWZKsKK^E/dK^ ϰ
ϴ WZͲDdZ1h>DdZ1h> ϱ
ϵ K/Es^d/DEdK ϳ
ϭϬ K/E&Z/DEdKWZͲDdZ1h> ϳ
ϭϭ KE>DEdKdZEDEdKDdZ1h> ϳ
ϭϮ ^/^WK^/O^'Z/^ ϳ

EyK^ W'/E
EyK/ͲZKEK'ZD ϵ
EyK//ͲDK>KWZK:dKW^Yh/^WZKhdK ϭϬ
EyK///Ͳ/Ed/'EZKW^^KKD&//E/ ϭϭ
EyK/sͲWZKdKK^W^^K/^ ϭϮ



 

FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

&hEK'dh>/KsZ'^
^K>/E/^^K//^Ͳ&'sWK
EdZKW^Yh/^KhDEdK,/^dMZ/KEdDWKZEKZ^/>
/d>WZK^^K^>d/sK
WZK'ZDWM^Ͳ'ZhKD,/^dMZ/͕WK>1d/E^h>dhZ/^;WWW,WͿ
D^dZKWZK&/^^/KE>DE^h>dhZ/^WZK:dK^^K//^
ϮϬϮϰ

&ƵŶĚĂĕĆŽ'ĞƚƵůŝŽsĂƌŐĂƐƚŽƌŶĂƉƷďůŝĐŽĂĂďĞƌƚƵƌĂĚĂƐŝŶƐĐƌŝĕƁĞƐƉĂƌĂŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĚŽƵƌƐŽĚĞDĞƐƚƌĂĚŽ
WƌŽĨŝƐƐŝŽŶĂůĞŵĞŶƐƵůƚƵƌĂŝƐĞWƌŽũĞƚŽƐ^ŽĐŝĂŝƐ͕ƉĂƌĂŽĂŶŽĚĞϮϬϮϰĚĂƐĐŽůĂĚĞŝġŶĐŝĂƐ^ŽĐŝĂŝƐͲ&'sWK͘

ϭ͘KhZ^K
ϭ͘ϭKĐƵƌƐŽŽďƚĞǀĞZĞĐŽŶŚĞĐŝŵĞŶƚŽƉĞůĂWŽƌƚĂƌŝĂŶǑϲϬϵ͕ĚĞϭϰͬϬϯͬϮϬϭϵ͕ƉƵďůŝĐĂĚĂŶŽKhŶǑϱϮ͕ĚĞϭϴͬϬϯͬϮϬϭϵ͘

ϭ͘ϮĚƵƌĂĕĆŽĚŽĐƵƌƐŽĠĚĞϮ;ĚŽŝƐͿĂŶŽƐĚŝǀŝĚŝĚŽĞŵƐĞŵĞƐƚƌĞƐůĞƚŝǀŽƐ͘

Ϯ͘^KE/O^
Ϯ͘ϭWŽĚĞŵŝŶƐĐƌĞǀĞƌͲƐĞĐĂŶĚŝĚĂƚŽƐďƌĂƐŝůĞŝƌŽƐĞĞƐƚƌĂŶŐĞŝƌŽƐ͕ƌĞƐŝĚĞŶƚĞƐŽƵŶĆŽŶŽƌĂƐŝů͕ƉŽƌƚĂĚŽƌĞƐĚĞŝƉůŽŵĂĚĞ
'ƌĂĚƵĂĕĆŽĞŵĐƵƌƐŽƌĞĐŽŶŚĞĐŝĚŽƉĞůŽDŽƵĚĞŝƉůŽŵĂĞƐƚƌĂŶŐĞŝƌŽǀĂůŝĚĂĚŽƉĞůŽŐŽǀĞƌŶŽďƌĂƐŝůĞŝƌŽ͘

Ϯ͘ϮŵĐĂƐŽĚĞŝƉůŽŵĂĚĞ'ƌĂĚƵĂĕĆŽŽďƚŝĚŽĞŵ/ŶƐƚŝƚƵŝĕĆŽĚĞŶƐŝŶŽŶŽĞdžƚĞƌŝŽƌ͕ŽĚŽĐƵŵĞŶƚŽĚĞǀĞƌĄƐĞƌĐŽŶƐƵůĂƌŝnjĂĚŽ
ƉĞůĂ ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƌĂƐŝů ;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿ ŶŽ ƉĂşƐ ĚĞ ŽƌŝŐĞŵ ĚŽ ŝƉůŽŵĂ ŽƵ ĂƉŽƐƚŝůĂĚŽ͕ ĐŽŶĨŽƌŵĞ Ă
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͘

Ϯ͘ϯ ^ĞƌĆŽ ƉĞƌŵŝƚŝĚĂƐ ŝŶƐĐƌŝĕĆŽ ĚĞ ĐĂŶĚŝĚĂƚŽƐ Ğŵ ĨĂƐĞ ĚĞ ĐŽŶĐůƵƐĆŽ ĚŽ ĐƵƌƐŽ ĚĞ ŐƌĂĚƵĂĕĆŽ͘ WĂƌĂ Ă ŵĂƚƌşĐƵůĂ͕ Ă
ĐŽŵƉƌŽǀĂĕĆŽĚĂĐŽŶĐůƵƐĆŽĚŽĐƵƌƐŽĠŽďƌŝŐĂƚſƌŝĂ͘

Ϯ͘ϰKƌŽŶŽŐƌĂŵĂĐŽŵĂƐƚĂƉĂƐĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĞĂĚĂƚĂĚŽŝŶşĐŝŽĚŽĐƵƌƐŽĞƐƚĆŽĚŝƐƉŽŶşǀĞŝƐŶŽĂŶĞdžŽ/ĚĞƐƚĞĚŝƚĂů͘

ϯ͘^s'^
ϯ͘ϭ^ĞƌĆŽŽĨĞƌƚĂĚĂƐϮϱ;ǀŝŶƚĞĞĐŝŶĐŽͿǀĂŐĂƐĞŽƐĞƵƉƌĞĞŶĐŚŝŵĞŶƚŽŽďĞĚĞĐĞƌĄĂŽƐĐƌŝƚĠƌŝŽƐĚĞĐůĂƐƐŝĨŝĐĂĕĆŽĚŝƐƉŽƐƚŽƐĚĞƐƚĞ
ĚŝƚĂů͘

ϯ͘ϮKWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĠǀĄůŝĚŽƉĂƌĂŝŶŐƌĞƐƐŽŶŽĂŶŽĚĞϮϬϮϰ͕ŶĆŽŚĂǀĞŶĚŽƌĞƐĞƌǀĂĚĞǀĂŐĂƉĂƌĂƉĞƌşŽĚŽƐƉŽƐƚĞƌŝŽƌĞƐ͘

ϯ͘ϯKŝŶŐƌĞƐƐŽĞƐƚĂƌĄĐŽŶĚŝĐŝŽŶĂĚŽăĂƉƌŽǀĂĕĆŽĞĐůĂƐƐŝĨŝĐĂĕĆŽĚĞŶƚƌŽĚŽůŝŵŝƚĞĚĞǀĂŐĂƐĞƐƚĂďĞůĞĐŝĚĂƐŶĞƐƐĞĚŝƚĂů͘

ϯ͘ϰ&'sWK͕ŐĂƌĂŶƚŝŶĚŽĂƋƵĂůŝĚĂĚĞĚŽƉƌŽĐĞƐƐŽĂĐĂĚġŵŝĐŽƉƌŽƉŽƐƚŽƉĂƌĂŽƐĐƵƌƐŽƐ͕ƐĞƌĞƐĞƌǀĂŽĚŝƌĞŝƚŽĚĞŶĆŽ
ƉƌĞĞŶĐŚĞƌŽƚŽƚĂůĚĞǀĂŐĂƐŽĨĞƌƚĂĚĂƐ͘

ϰ͘/E^Z/K
ϰ͘ϭĂƐŝŶĨŽƌŵĂĕƁĞƐŐĞƌĂŝƐ͗
Ă͘ ƐŝŶƐĐƌŝĕƁĞƐƐĞƌĆŽƌĞĂůŝnjĂĚĂƐƐŽŵĞŶƚĞƉĞůĂŝŶƚĞƌŶĞƚ;ĂŶĞdžŽ/Ϳ͖
ď͘ ĚĞƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽĐĂŶĚŝĚĂƚŽĂĞdžĂƚŝĚĆŽĚĂƐŝŶĨŽƌŵĂĕƁĞƐƉƌĞƐƚĂĚĂƐŶĂĨŝĐŚĂĚĞŝŶƐĐƌŝĕĆŽ͖
Đ͘ ƉſƐ ĐŽŶĐůƵŝƌ ĂƐ ĞƚĂƉĂƐ ĚĞ ŝŶƐĐƌŝĕĆŽ͕ Ž ĐĂŶĚŝĚĂƚŽ ƌĞĐĞďĞƌĄ͕ ŶŽ ĞŶĚĞƌĞĕŽ ĚĞ ĞͲŵĂŝů ŝŶĨŽƌŵĂĚŽ ŶŽ ĂƚŽ ĚŽ
ƉƌĞĞŶĐŚŝŵĞŶƚŽĚŽƐĚĂĚŽƐĐĂĚĂƐƚƌĂŝƐ͕ƐĞƵŶƷŵĞƌŽĚĞŝŶƐĐƌŝĕĆŽĞƐƵĂƐĞŶŚĂĚĞĂĐĞƐƐŽ͘
Ě͘ &'sƉŽĚĞƌĄƵƚŝůŝnjĂƌŽĞͲŵĂŝůĞƚĞůĞĨŽŶĞĐĞůƵůĂƌŝŶĨŽƌŵĂĚŽƐŶĂŝŶƐĐƌŝĕĆŽƉĂƌĂĞŶǀŝŽĚĞŝŶĨŽƌŵĂĕƁĞƐƌĞůĂƚŝǀĂƐĂŽ
WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͖
Ğ͘ dĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͗
x ZΨϰϬ͕ϬϬ;ƋƵĂƌĞŶƚĂƌĞĂŝƐͿƉĂƌĂŽƐďŽůĞƚŽƐĞŵŝƚŝĚŽƐĚĞϬϭͬϬϴĂϮϮͬϬϵͬϮϬϮϯĂƚĠϭϴŚ͘
x ZΨϲϬ͕ϬϬ;ƐĞƐƐĞŶƚĂƌĞĂŝƐͿƉĂƌĂŽƐďŽůĞƚŽƐĞŵŝƚŝĚŽƐĂƉſƐĂƐϭϴŚĚŽĚŝĂϮϮͬϬϵͬϮϬϮϯĂϯϭͬϭϬͬϮϬϮϯĂƚĠϭϴŚ͘

Ϯ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

Ĩ͘ KƉĂŐĂŵĞŶƚŽƉŽĚĞƌĄƐĞƌƌĞĂůŝnjĂĚŽĐŽŵĐĂƌƚĆŽĚĞĐƌĠĚŝƚŽ͕ĞŵĂŐġŶĐŝĂƐďĂŶĐĄƌŝĂƐŽƵǀŝĂŝŶƚĞƌŶĞƚ͕ĂƚĠŽŚŽƌĄƌŝŽ
ůŝŵŝƚĞĚĞƉĂŐĂŵĞŶƚŽĞƐƚĂďĞůĞĐŝĚŽƉĞůŽďĂŶĐŽ͖
Ő͘ ŝŶƐĐƌŝĕĆŽƐŽŵĞŶƚĞƐĞƌĄĐŽŶĨŝƌŵĂĚĂĂƉſƐƉĂŐĂŵĞŶƚŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͖
Ś͘ ^ŽŵĞŶƚĞĞƐƚĂƌĆŽĂƉƚŽƐĂƉĂƌƚŝĐŝƉĂƌĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕ŽƐĐĂŶĚŝĚĂƚŽƐƋƵĞĞĨĞƚƵĂƌĞŵŽƉĂŐĂŵĞŶƚŽĚĂƚĂdžĂ
ĚĞŝŶƐĐƌŝĕĆŽ͕ĚĞŶƚƌŽĚŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽ͖
ŝ͘ WĂŐĂŵĞŶƚŽƐĨŽƌĂĚŽƉƌĂnjŽĚĞŝŶƐĐƌŝĕĆŽŽƵĂŶĆŽƌĞĂůŝnjĂĕĆŽĚĂŝŶƐĐƌŝĕĆŽĚĞŵĂŶĞŝƌĂĚĞǀŝĚĂĞdžĐůƵĞŵŽĐĂŶĚŝĚĂƚŽ
ĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕ŝŶĚĞƉĞŶĚĞŶƚĞĚĂĐĞƌƚŝĨŝĐĂĕĆŽŽďƚŝĚĂŶŽƐŝƚĞ͕ƋƵĞĂƚĞƐƚĂƐŽŵĞŶƚĞŽĐƌĠĚŝƚŽƌĞĐĞďŝĚŽƉĞůĂ
&'s͕ŶĆŽĐŽŶĨŝƌŵĂŶĚŽĂŝŶƐĐƌŝĕĆŽƌĞĂůŝnjĂĚĂĨŽƌĂĚĂƐƌĞŐƌĂƐĞƐƚŝƉƵůĂĚĂƐŶĞƐƚĞĚŝƚĂů͖
ũ͘ KĐĂŶĚŝĚĂƚŽƉŽĚĞƌĄƐŽůŝĐŝƚĂƌŽĐĂŶĐĞůĂŵĞŶƚŽĚĂƐƵĂƉĂƌƚŝĐŝƉĂĕĆŽŶŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĞĂĚĞǀŽůƵĕĆŽĚĂƚĂdžĂ
ĚĞŝŶƐĐƌŝĕĆŽ͕ĞŵĂƚĠϬϳ;ƐĞƚĞͿĚŝĂƐĐŽƌƌŝĚŽƐĂĐŽŶƚĂƌĚĂĚĂƚĂĚĞƉĂŐĂŵĞŶƚŽ͘ƉſƐŽƌĞĨĞƌŝĚŽƉƌĂnjŽ͕ŶĆŽƐĞƌĆŽ
ĞĨĞƚƵĂĚŽƐƌĞƐƐĂƌĐŝŵĞŶƚŽĚŽƐǀĂůŽƌĞƐƉĂŐŽƐ͘

ϰ͘ϮĂĨŽƌŵĂůŝnjĂĕĆŽĚĂŝŶƐĐƌŝĕĆŽ
 ŝŶƐĐƌŝĕĆŽ ƐĞƌĄ ĨŽƌŵĂůŝnjĂĚĂ ŵĞĚŝĂŶƚĞ Ž ƵƉůŽĂĚ ĚĂ ĚŽĐƵŵĞŶƚĂĕĆŽ ĂďĂŝdžŽ͕ ŶĂ ƉĄŐŝŶĂ ĚĞ ŝŶƐĐƌŝĕĆŽ ĚŽ WƌŽĐĞƐƐŽ
^ĞůĞƚŝǀŽ;ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵƉͬƉƌŽĐĞƐƐŽͲƐĞůĞƚŝǀŽͿ͘
Ă͘ ŽĐƵŵĞŶƚŽĚĞ/ĚĞŶƚŝĚĂĚĞ͖
ď͘ WĂƐƐĂƉŽƌƚĞ;ĐĂŶĚŝĚĂƚŽƐĞƐƚƌĂŶŐĞŝƌŽƐͿ͖
Đ͘ ƵƌƌşĐƵůŽ>ĂƚƚĞƐͬEWƋ;ŚƚƚƉ͗ͬͬůĂƚƚĞƐ͘ĐŶƉƋ͘ďƌͿ͖
Ě͘ &ŽƌŵƵůĄƌŝŽĚĞŝŶĐůƵƐĆŽĚĞEŽŵĞ^ŽĐŝĂůͲĂŶĞdžŽ///;ŽƉĐŝŽŶĂůͿ͖
Ğ͘ >ĂƵĚŽDĠĚŝĐŽ;WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂͿͲŝƚĞŵϴ͘Ϯ͘ϱĞĂŶĞdžŽ///͖
ŝƉůŽŵĂĚĞ'ƌĂĚƵĂĕĆŽ͘ŵĐĂƐŽĚĞĐƵƌƐŽƌĞĂůŝnjĂĚŽŶŽĞdžƚĞƌŝŽƌ͕ŽĚŽĐƵŵĞŶƚŽĚĞǀĞƌĄƐĞƌĐŽŶƐƵůĂƌŝnjĂĚŽƉĞůĂ
ƌĞƉƌĞƐĞŶƚĂĕĆŽĚŽƌĂƐŝů;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿŶŽƉĂşƐĚĞŽƌŝŐĞŵĚŽŝƉůŽŵĂŽƵĂƉŽƐƚŝůĂĚŽ͕ĐŽŶĨŽƌŵĞĂ
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͖
ĂŶĚŝĚĂƚŽƐĞŵĨĂƐĞĚĞĐŽŶĐůƵƐĆŽĚĞĐƵƌƐŽĚĞ'ƌĂĚƵĂĕĆŽƉŽĚĞƌĆŽĂƉƌĞƐĞŶƚĂƌ͕ƉĂƌĂŝŶƐĐƌŝĕĆŽĂŽWƌŽĐĞƐƐŽ
^ĞůĞƚŝǀŽ͕ĚĞĐůĂƌĂĕĆŽĐŽŵƉƌĞǀŝƐĆŽĚĞĐŽŶĐůƵƐĆŽĚĞĐƵƌƐŽ;ĞŵŝƚŝĚĂŚĄŵĞŶŽƐĚĞϲϬĚŝĂƐͿ͘WĂƌĂĂĞĨĞƚŝǀĂĕĆŽĚĂ
ŵĂƚƌşĐƵůĂƐĞƌĄŽďƌŝŐĂƚſƌŝĂĂĂƉƌĞƐĞŶƚĂĕĆŽĚŽŝƉůŽŵĂŽƵĞĐůĂƌĂĕĆŽĐŽŶƚĞŶĚŽĂĚĂƚĂĚĞĐŽůĂĕĆŽĚĞŐƌĂƵ͖
Ĩ͘ WƌŽũĞƚŽ ĚĞ WĞƐƋƵŝƐĂ Ğ WƌŽĚƵƚŽ ;ŵĄdžŝŵŽ ĚĞ ϭϬ ƉĄŐŝŶĂƐ ŝŶĐůƵŝŶĚŽ ĐĂƉĂ͕ ƌĞƐƵŵŽ͕ ƉƌŽďůĞŵĂ ĚĞ ƉĞƐƋƵŝƐĂ͕
ŵĞƚŽĚŽůŽŐŝĂĚĞƉĞƐƋƵŝƐĂĞĚĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽƉƌŽĚƵƚŽ͕ŝŵƉĂĐƚŽƐĞƌĞƐƵůƚĂĚŽƐĞƐƉĞƌĂĚŽƐ͕ƌĞĨĞƌġŶĐŝĂƐ
ďŝďůŝŽŐƌĄĨŝĐĂƐ͕ŶŽƐŵŽůĚĞƐĚŽĂŶĞdžŽ//Ϳ͕ĐŽŵĂƐĞŐƵŝŶƚĞĨŽƌŵĂƚĂĕĆŽ͗
x ƐƉĂĕŽĞŶƚƌĞůŝŶŚĂƐ͗ϭ͕ϱ͖&ŽŶƚĞ͗dŝŵĞƐEĞǁZŽŵĂŶ͖dĂŵĂŶŚŽĚĂĨŽŶƚĞ͗ϭϮ͖
x DĂƌŐĞŶƐ͗Ϯ͕ϱ͕WĂƉĞů͗ϰ͘
Ő͘ ĂƌƚĂ:ƵƐƚŝĨŝĐĂƚŝǀĂĚĞĂŶĚŝĚĂƚƵƌĂ;ŵĄdžŝŵŽĚĞϯƉĄŐŝŶĂƐ͕ŝŶĐůƵŝŶĚŽĐĂƉĂͿ͕ĚĞƚĂůŚĂŶĚŽĂƐƌĂnjƁĞƐƉĞůĂƐƋƵĂŝƐ
ŽƉƚŽƵ ƉĞůŽ ĐƵƌƐŽ͕ ƌĞůĂĐŝŽŶĂŶĚŽͲĂƐ ĂŽ ĐƵƌƌşĐƵůŽ Ğ ăƐ ĞdžƉĞĐƚĂƚŝǀĂƐ ĨƵƚƵƌĂƐ ĚŽ ĐĂŶĚŝĚĂƚŽ͕ ĐŽŵ Ă ƐĞŐƵŝŶƚĞ
ĨŽƌŵĂƚĂĕĆŽ͗
x ƐƉĂĕŽĞŶƚƌĞůŝŶŚĂƐ͗ϭ͕ϱ͖&ŽŶƚĞ͗dŝŵĞƐEĞǁZŽŵĂŶ͖dĂŵĂŶŚŽĚĂĨŽŶƚĞ͗ϭϮ͖
x DĂƌŐĞŶƐ͗Ϯ͕ϱ͖WĂƉĞů͗ϰ͘
 
ϰ͘Ϯ͘ϭKWƌŽũĞƚŽĚĞWĞƐƋƵŝƐĂĞWƌŽĚƵƚŽĞĂĂƌƚĂ:ƵƐƚŝĨŝĐĂƚŝǀĂĚĞĂŶĚŝĚĂƚƵƌĂƋƵĞŶĆŽĐƵŵƉƌŝƌĞŵĂƐƌĞŐƌĂƐĂĐŝŵĂ
ĞƐƚĂďĞůĞĐŝĚĂƐŶĆŽƐĞƌĆŽĂŶĂůŝƐĂĚĂƐ͘

/ŶĨŽƌŵĂĕƁĞƐŽŵƉůĞŵĞŶƚĂƌĞƐ͗
ϭ͘ dŽĚŽƐŽƐĚŽĐƵŵĞŶƚŽƐĚĞǀĞƌĆŽƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐ͕ŐĞƌĂĚŽƐŶŽĨŽƌŵĂƚŽ͞W&͟ĞĂŶĞdžĂĚŽƐă&ŝĐŚĂĚĞ/ŶƐĐƌŝĕĆŽ͘
Ϯ͘ EĆŽƐĞƌĆŽĂĐĞŝƚĂƐĨŽƚŽƐĚĞĚŽĐƵŵĞŶƚŽƐ͘
ϯ͘ KƚĂŵĂŶŚŽŵĄdžŝŵŽƉĞƌŵŝƚŝĚŽƉĂƌĂƵƉůŽĂĚĚĞĐĂĚĂĚŽĐƵŵĞŶƚŽĠĚĞϭ͕ϱDď͘
ϰ͘ KƐĚŽĐƵŵĞŶƚŽƐƋƵĞƉŽƐƐƵĞŵĨƌĞŶƚĞĞǀĞƌƐŽŽƵŵĂŝƐĚĞϭ;ƵŵĂͿƉĄŐŝŶĂĚĞǀĞŵƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐĞŵƵŵƷŶŝĐŽĂƌƋƵŝǀŽ
;Ğdž͗͘ŝĚĞŶƚŝĚĂĚĞ͕ƉĂƐƐĂƉŽƌƚĞ͕ĚŝƉůŽŵĂ͕ĞƚĐ͘Ϳ͘
ϱ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ĚĞǀĞƌĆŽ ĐŽŶƐƵůƚĂƌ Ž ƐƚĂƚƵƐ ĚĂ ĚŽĐƵŵĞŶƚĂĕĆŽ ĞŶǀŝĂĚĂ ĂƚƌĂǀĠƐ ĚŽ ůŝŶŬ
ŚƚƚƉ͗ͬͬƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͘ĨŐǀ͘ďƌͬKDWE,DEdKͬDW͘KƐĚŽĐƵŵĞŶƚŽƐƐĞƌĆŽǀĞƌŝĨŝĐĂĚŽƐŶŽƉƌĂnjŽĚĞϯ;ƚƌġƐͿ
ĚŝĂƐƷƚĞŝƐĂƉſƐĂĐŽŶĨŝƌŵĂĕĆŽĚŽƉĂŐĂŵĞŶƚŽĚĂƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽ͘


ϯ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

ϰ͘Ϯ͘Ϯ^ŽŵĞŶƚĞĞƐƚĂƌĆŽĂƉƚŽƐĂƉĂƌƚŝĐŝƉĂƌĞŵĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŽƐĐĂŶĚŝĚĂƚŽƐƋƵĞĞĨĞƚƵĂƌĞŵŽƉĂŐĂŵĞŶƚŽĚĂ
ƚĂdžĂĚĞŝŶƐĐƌŝĕĆŽĞŽƵƉůŽĂĚĚĞƚŽĚĂĂĚŽĐƵŵĞŶƚĂĕĆŽĚĞƐĐƌŝƚĂŶŽŝƚĞŵϰ͘Ϯ͘

ϱ͘K^Z/dZ/K^^>K
ϱ͘ϭKƐĐĂŶĚŝĚĂƚŽƐĂŽDĞƐƚƌĂĚŽƐĞƌĆŽƐĞůĞĐŝŽŶĂĚŽƐƉŽƌƵŵĂŽŵŝƐƐĆŽĐŽŶƐƚŝƚƵşĚĂƉŽƌĚŽĐĞŶƚĞƐĚŽWƌŽŐƌĂŵĂ͕ĚĞ
ĂĐŽƌĚŽĐŽŵŽƐĐƌŝƚĠƌŝŽƐĂďĂŝdžŽĞƐƉĞĐŝĨŝĐĂĚŽƐ͗
Ă͘ ŶĄůŝƐĞ ĚŽ WƌŽũĞƚŽ ĚĞ WĞƐƋƵŝƐĂ Ğ WƌŽĚƵƚŽ ;ŶĞdžŽ //Ϳ͕ ĚĂ ĂƌƚĂ :ƵƐƚŝĨŝĐĂƚŝǀĂ ĚĂ ĂŶĚŝĚĂƚƵƌĂ Ğ ĚŽ ƵƌƌşĐƵůŽ
>ĂƚƚĞƐ͖
ď͘ ŶƚƌĞǀŝƐƚĂ͘

ϱ͘ϮdŽĚŽƐŽƐĐƌŝƚĠƌŝŽƐĚĞƐĐƌŝƚŽƐŶŽŝƚĞŵϱ͘ϭƐĆŽĚĞĐĂƌĄƚĞƌĞůŝŵŝŶĂƚſƌŝŽ͘

ϲ͘EdZs/^d
ϲ͘ϭĞŶƚƌĞǀŝƐƚĂƐĞƌĄƌĞĂůŝnjĂĚĂĚĞĨŽƌŵĂƌĞŵŽƚĂ;ŽŶůŝŶĞͿ͕ŶĂƐĚĂƚĂƐĞŚŽƌĄƌŝŽƐĞƐƚŝƉƵůĂĚŽƐŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ
/Ϳ͘

ϲ͘ϮĐŽŵƵŶŝĐĂĕĆŽƉĂƌĂŽĂŐĞŶĚĂŵĞŶƚŽĚĂƐŶƚƌĞǀŝƐƚĂƐƐĞƌĄƌĞĂůŝnjĂĚĂƉŽƌĞͲŵĂŝů͕ƉĞůĂ^ĞĐƌĞƚĂƌŝĂĐĂĚġŵŝĐĂĚŽ
WW,W͘

ϲ͘ϯKƌŝĞŶƚĂĕƁĞƐƉĂƌĂĂŶƚƌĞǀŝƐƚĂ
Ă͘ K ĐĂŶĚŝĚĂƚŽ ĂƉƚŽ Ă ƉĂƌƚŝĐŝƉĂƌ ĚŽ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ ƌĞĐĞďĞƌĄ͕ ƉŽƌ ĞͲŵĂŝů͕ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƚĠĐŶŝĐĂƐ͕
ƌĞĐŽŵĞŶĚĂĕƁĞƐĞŽƌŝĞŶƚĂĕƁĞƐŶĞĐĞƐƐĄƌŝĂƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂĞŶƚƌĞǀŝƐƚĂŽŶůŝŶĞ͘
ď͘ KůŝŶŬƉĂƌĂĂĐĞƐƐŽĂŽĂƉůŝĐĂƚŝǀŽĚĞƌĞĂůŝnjĂĕĆŽĚĂĞŶƚƌĞǀŝƐƚĂŽŶůŝŶĞƐĞƌĄĚŝǀƵůŐĂĚŽƉŽƌĞͲŵĂŝů͘EĆŽƐĞƌĄƉŽƐƐşǀĞů
ĂĐĞƐƐĂƌŽůŝŶŬĂƉſƐŽƐĚŝĂƐĞŚŽƌĄƌŝŽƐƉƌĞǀŝĂŵĞŶƚĞĂŐĞŶĚĂĚŽƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂĞŶƚƌĞǀŝƐƚĂ͘
Đ͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ŝŶƐƚĂůĂƌ Ž ĂƉůŝĐĂƚŝǀŽ ƉĂƌĂ Ă ƌĞĂůŝnjĂĕĆŽ ĚĂ ĞŶƚƌĞǀŝƐƚĂ ĐŽŵ Ϯϰ ;ǀŝŶƚĞ Ğ ƋƵĂƚƌŽͿ ŚŽƌĂƐ ĚĞ
ĂŶƚĞĐĞĚġŶĐŝĂ͘
Ě͘ hƚŝůŝnjĂŶĚŽĂ/ŶƚĞƌŶĞƚ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄŝŶŝĐŝĂƌŽĂƉůŝĐĂƚŝǀŽƌĞĐŽŵĞŶĚĂĚŽ͕ƉĞůŽŵĞŶŽƐ͕ϯϬ;ƚƌŝŶƚĂͿŵŝŶƵƚŽƐ
ĂŶƚĞƐĚŽŚŽƌĄƌŝŽĚĞŝŶşĐŝŽĚĂĞŶƚƌĞǀŝƐƚĂ͘
Ğ͘ WĂƌĂ Ă ƌĞĂůŝnjĂĕĆŽ ĚĂ ĞŶƚƌĞǀŝƐƚĂ͕ Ž ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ƉŽƌƚĂƌ ĠĚƵůĂ ĚĞ /ĚĞŶƚŝĚĂĚĞ ;Z'Ϳ ŽƌŝŐŝŶĂů͕ ĐŽŵ ĨŽƚŽ
ƌĞĐĞŶƚĞ͘ EĆŽ ƐĞƌĆŽ ĂĐĞŝƚĂƐ ĐſƉŝĂƐ džĞƌŽŐƌĄĨŝĐĂƐ ŽƵ ĚŽĐƵŵĞŶƚŽƐ ƋƵĞ ŝŵƉĞĕĂŵ Ă ĞĨĞƚŝǀĂ ŝĚĞŶƚŝĨŝĐĂĕĆŽ ĚŽƐ
ƉĂƌƚŝĐŝƉĂŶƚĞƐ͘
Ĩ͘ ŵŚŝƉſƚĞƐĞĂůŐƵŵĂŚĂǀĞƌĄƌĞĂŐĞŶĚĂŵĞŶƚŽĚĂĞŶƚƌĞǀŝƐƚĂĞŵĚĞĐŽƌƌġŶĐŝĂĚŽŶĆŽĐƵŵƉƌŝŵĞŶƚŽĚĞƋƵĂůƋƵĞƌ
ŝƚĞŵĚĞƐƚĞĚŝƚĂů͘
Ő͘ K ĐĂŶĚŝĚĂƚŽ ŶĆŽ ƉŽĚĞƌĄ ƌĞĂůŝnjĂƌ Ă ĞŶƚƌĞǀŝƐƚĂ ŽŶůŝŶĞ ƚƌĂũĂŶĚŽ ďŽŶĠ͕ ĐŚĂƉĠƵ͕ ſĐƵůŽƐ ĞƐĐƵƌŽƐ ŽƵ ƋƵĂůƋƵĞƌ
ĂĐĞƐƐſƌŝŽƋƵĞĚŝĨŝĐƵůƚĞŽƵŶĆŽƉĞƌŵŝƚĂƐƵĂŝĚĞŶƚŝĨŝĐĂĕĆŽ͘

ϲ͘ϰ^ĞƌĄĞdžĐůƵşĚŽĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĞƚĞƌĄƐƵĂƉƌŽǀĂĂŶƵůĂĚĂ͕ŽĐĂŶĚŝĚĂƚŽƋƵĞ͗
Ă͘ ƐƚŝǀĞƌĞŵĐŽŵƵŶŝĐĂĕĆŽĐŽŵŽƵƚƌĂƐƉĞƐƐŽĂƐĚƵƌĂŶƚĞĂƌĞĂůŝnjĂĕĆŽĚĂĞŶƚƌĞǀŝƐƚĂ͖
ď͘ >ĂŶĕĂƌŵĆŽĚĞŵĞŝŽƐŝůşĐŝƚŽƐĞŝůĞŐşƚŝŵŽƐĚƵƌĂŶƚĞĂƐĂƚŝǀŝĚĂĚĞƐĚŽƉƌŽĐĞƐƐŽĚĞƐĞůĞĕĆŽ͖
Đ͘ WƌĂƚŝĐĂƌĂƚŽƐƋƵĞĐŽŶƚƌĂƌŝĞŵĂƐŶŽƌŵĂƐĚŽƉƌĞƐĞŶƚĞĚŝƚĂů͖
Ě͘ EĆŽĐŽŵƉĂƌĞĐĞƌăĞŶƚƌĞǀŝƐƚĂŶĂĚĂƚĂ͕ŚŽƌĄƌŝŽĞůŽĐĂůĚĞƚĞƌŵŝŶĂĚŽƐ͘

ϳ͘K^Z/dZ/K^WZWZKsKK^E/dK^
ϳ͘ϭ  ĂƉƌŽǀĂĕĆŽ ĚĞƉĞŶĚĞƌĄ ĚŽ ĚĞƐĞŵƉĞŶŚŽ ĚŽƐ ĐĂŶĚŝĚĂƚŽƐ ŵĞĚŝĂŶƚĞ ĂŶĄůŝƐĞ ĚŽ ĞƐƚĂďĞůĞĐŝĚŽ ŶŽ ŝƚĞŵ ϱ Ͳ ŽƐ
ĐƌŝƚĠƌŝŽƐĚĞ^ĞůĞĕĆŽ͘

ϳ͘ϮůŝƐƚĂĨŝŶĂůĐŽŵŽƐĂƉƌŽǀĂĚŽƐŶŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽƐĞƌĄĚŝǀƵůŐĂĚĂĞŵŽƌĚĞŵĂůĨĂďĠƚŝĐĂ͘

ϳ͘ϯǀĞŶƚƵĂůŵĞŶƚĞ͕ƵŵĂůŝƐƚĂĚĞĞƐƉĞƌĂƉŽĚĞƌĄƐĞƌĚĞƚĞƌŵŝŶĂĚĂƉĞůĂŽŵŝƐƐĆŽĚĞ^ĞůĞĕĆŽ͕ƐĞŶĚŽƵƚŝůŝnjĂĚĂĞŵĐĂƐŽ
ĚĞĚĞƐŝƐƚġŶĐŝĂŽƵĚĞƐĐůĂƐƐŝĨŝĐĂĕĆŽĚĞĐĂŶĚŝĚĂƚŽƐƐĞůĞĐŝŽŶĂĚŽƐ͘



ϰ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

ϳ͘ϰŵĐĂƐŽĚĞĞŵƉĂƚĞ͕ĂĐůĂƐƐŝĨŝĐĂĕĆŽƐĞƌĄĚĞĨŝŶŝĚĂĐŽŵďĂƐĞŶŽƐƐĞŐƵŝŶƚĞƐĐƌŝƚĠƌŝŽƐ͗
Ă͘ WƌŽũĞƚŽĚĞWĞƐƋƵŝƐĂĞWƌŽĚƵƚŽ͕ĂƌƚĂ:ƵƐƚŝĨŝĐĂƚŝǀĂĚĂĂŶĚŝĚĂƚƵƌĂĞƵƌƌşĐƵůŽ>ĂƚƚĞƐŵĞůŚŽƌĐůĂƐƐŝĨŝĐĂĚŽƐ͖
ď͘ DĞůŚŽƌĚĞƐĞŵƉĞŶŚŽŶĂŶƚƌĞǀŝƐƚĂ͖
Đ͘ DĂŝŽƌŝĚĂĚĞ͕ŶŽĐĂƐŽĚĞƉĞƌƐŝƐƚŝƌĞŵƉĂƚĞĞŵƚŽĚŽƐŽƐĐƌŝƚĠƌŝŽƐĂĐŝŵĂƌĞůĂĐŝŽŶĂĚŽƐ͘

ϳ͘ϱƌĞůĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐĞĂůŝƐƚĂĚĞĞƐƉĞƌĂƐĞƌĆŽĚŝǀƵůŐĂĚĂƐ͕ĐŽŶĨŽƌŵĞĐƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͕ŶŽ
ƉŽƌƚĂů ĚĂ &'s WK ;ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵƉͬƉƌŽĐĞƐƐŽͲƐĞůĞƚŝǀŽͿ Ğ ƚĂŵďĠŵ ƉĞůŽ ƐŝƚĞ ŚƚƚƉƐ͗ͬͬŵĞƐƚƌĂĚŽͲ
ĚŽƵƚŽƌĂĚŽ͘ĨŐǀ͘ďƌͬĐƵƌƐŽͬŵĞƐƚƌĂĚŽͲƉƌŽĨŝƐƐŝŽŶĂůͬƌŝŽͲĚĞͲũĂŶĞŝƌŽͬďĞŶƐͲĐƵůƚƵƌĂŝƐͲĞͲƉƌŽũĞƚŽƐͲƐŽĐŝĂŝƐ͕ĂƉſƐĨŝŶĂůŝnjĂĚĂƐĂƐ
ĞƚĂƉĂƐĚĞƐĐƌŝƚĂƐŶŽŝƚĞŵϱ͘

ϳ͘ϲ^ŽŵĞŶƚĞƉŽĚĞƌĄĞĨĞƚŝǀĂƌĂŵĂƚƌşĐƵůĂŽĐĂŶĚŝĚĂƚŽĂƉƌŽǀĂĚŽĞŵƚŽĚĂƐĂƐĞƚĂƉĂƐĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͘

ϴ͘WZͲDdZ1h>DdZ1h>
ϴ͘ϭƚĂƉĂϭ͗hƉůŽĂĚĚĞŽĐƵŵĞŶƚŽƐĞWƌĠͲDĂƚƌşĐƵůĂ
KƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐĚĞǀĞƌĆŽƌĞĂůŝnjĂƌŽƵƉůŽĂĚĚŽƐĚŽĐƵŵĞŶƚŽƐ͕ĐŽŶĨŽƌŵĞŽƌŝĞŶƚĂĕƁĞƐĂďĂŝdžŽŝŶĚŝĐĂĚĂƐ͗

ϴ͘ϭ͘ϭKƵƉůŽĂĚĚŽƐĚŽĐƵŵĞŶƚŽƐƌĞĨĞƌĞŶƚĞƐăWƌĠͲDĂƚƌşĐƵůĂ;ŝƚĞŶƐϴ͘Ϯ͘ϭŽƵϴ͘Ϯ͘Ϯ͕ĐŽŶĨŽƌŵĞŽĐĂƐŽͿ͕ĚĞǀĞƌĄƐĞƌ
ƌĞĂůŝnjĂĚŽŶĂƉĄŐŝŶĂĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽͲǁǁǁ͘ĨŐǀ͘ďƌͬƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽхDĞŶƵZĞƐƵůƚĂĚŽхůŝŶŬƉƌĠͲŵĂƚƌşĐƵůĂ͕
ĐŽŶĨŽƌŵĞĞƐƉĞĐŝĨŝĐĂĕƁĞƐĂďĂŝdžŽĞŶŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͗
Ă͘ KƐĚŽĐƵŵĞŶƚŽƐĚĞǀĞƌĆŽƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐ;ĞƐĐĂŶĞĂĚŽƐͿĞŐĞƌĂĚŽƐŶŽĨŽƌŵĂƚŽ͞W&͖͟
ď͘ ƐĨŽƚŽƐĚĞǀĞŵƐĞƌĚŝŐŝƚĂůŝnjĂĚĂƐŶŽĨŽƌŵĂƚŽ͞:W'͟ĞĐŽŵƚĂŵĂŶŚŽĚĞĂƚĠϴϬϬ<ď
Đ͘ KƚĂŵĂŶŚŽŵĄdžŝŵŽƉĞƌŵŝƚŝĚŽƉĂƌĂƵƉůŽĂĚĚĞĐĂĚĂĚŽĐƵŵĞŶƚŽĠĚĞϭ͕ϱDď͖
Ě͘ EĆŽƐĞƌĆŽĂĐĞŝƚĂƐĨŽƚŽƐĚĞĚŽĐƵŵĞŶƚŽƐ͖
Ğ͘ KƐĚŽĐƵŵĞŶƚŽƐƋƵĞƉŽƐƐƵĞŵĨƌĞŶƚĞĞǀĞƌƐŽ͕ŽƵŵĂŝƐĚĞϭ;ƵŵĂͿƉĄŐŝŶĂ͕ĚĞǀĞŵƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐĞŵƵŵƷŶŝĐŽ
ĂƌƋƵŝǀŽ;Ğdž͗͘ŝĚĞŶƚŝĚĂĚĞ͕ƉĂƐƐĂƉŽƌƚĞ͕ĚŝƉůŽŵĂ͕ĞƚĐ͘Ϳ͘
Ĩ͘ ŽĐƵŵĞŶƚŽƐ ŝůĞŐşǀĞŝƐ͕ ŝŶĐŽŵƉůĞƚŽƐ ŽƵ ĨŽƌĂ ĚŽƐ ƉĂĚƌƁĞƐ ĂĐŝŵĂ ĞƐƚĂďĞůĞĐŝĚŽƐ ŝŶǀĂůŝĚĂƌĆŽ Ă ĞƚĂƉĂ ĚĞ ƉƌĠͲ
ŵĂƚƌşĐƵůĂĞ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĂŵĂƚƌşĐƵůĂĚŽĐĂŶĚŝĚĂƚŽ͘

ϴ͘ϭ͘ϮKŶĆŽĐƵŵƉƌŝŵĞŶƚŽĚŽŝƚĞŵϴ͘ϭ͕ŶŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/ͿŝŶǀĂůŝĚĂŽƉƌŽĐĞƐƐŽĚĞ
ŵĂƚƌşĐƵůĂĚŽĐĂŶĚŝĚĂƚŽ͘


ϴ͘ϮƚĂƉĂϮ͗DĂƚƌşĐƵůĂ
ŵĂƚƌşĐƵůĂƐĞƌĄĨŽƌŵĂůŝnjĂĚĂŵĞĚŝĂŶƚĞŽĞŶǀŝŽĚŽƐĚŽĐƵŵĞŶƚŽƐĂďĂŝdžŽ͕ǀŝĂ^ĞĚĞdžͬ&ĞĚdž͕ă&'s^ZͲ^ĞĐƌĞƚĂƌŝĂĚĞ
ZĞŐŝƐƚƌŽƐĐĂĚġŵŝĐŽƐ͕ŶŽƐƉƌĂnjŽƐĞƐƚĂďĞůĞĐŝĚŽƐŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͕ƉĂƌĂĨŝŶƐĚĞǀĂůŝĚĂĕĆŽĚŽƐĂŶĞdžĂĚŽƐ͕ƉŽƌ
ƵƉůŽĂĚ͕ŶĂƉĄŐŝŶĂĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽͲŝƚĞŵϴ͘ϭ͗

ϴ͘Ϯ͘ϭĂŶĚŝĚĂƚŽƌĂƐŝůĞŝƌŽ
Ă͘ ϭ;ƵŵĂͿĨŽƚŽϯdžϰĐŽůŽƌŝĚĂ;ƌĞĐĞŶƚĞͿ͕ƉĂƌĂĂƌƚĞŝƌĂŝŐŝƚĂůĚĞƐƚƵĚĂŶƚĞͲŝƚĞŵϴ͘ϭ͘ϭ͞ď͖͟
ď͘ ŽĐƵŵĞŶƚŽKĨŝĐŝĂůĚĞ/ĚĞŶƚŝĚĂĚĞ;ŶĆŽƐĞƌĄĂĐĞŝƚŽƉĂƐƐĂƉŽƌƚĞͿ͖
Đ͘ W&͖
Ě͘ ĞƌƚŝĚĆŽĚĞEĂƐĐŝŵĞŶƚŽŽƵĂƐĂŵĞŶƚŽ͕ĐŽŶĨŽƌŵĞĞƐƚĂĚŽĐŝǀŝů͖
Ğ͘ >ĂƵĚŽDĠĚŝĐŽ;WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂͿͲŝƚĞŵϴ͘Ϯ͘ϱĞĂŶĞdžŽ///͖
Ĩ͘ ŝƉůŽŵĂĚĞ'ƌĂĚƵĂĕĆŽ͘ŵĐĂƐŽĚĞĐƵƌƐŽƌĞĂůŝnjĂĚŽŶŽĞdžƚĞƌŝŽƌ͕ŽĚŽĐƵŵĞŶƚŽĚĞǀĞƌĄƐĞƌĐŽŶƐƵůĂƌŝnjĂĚŽƉĞůĂ
ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƌĂƐŝů ;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿ ŶŽ ƉĂşƐ ĚĞ ŽƌŝŐĞŵ ĚŽ ŝƉůŽŵĂ ŽƵ ĂƉŽƐƚŝůĂĚŽ͕ ĐŽŶĨŽƌŵĞ Ă
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͖
Ő͘ ŽŵƉƌŽǀĂŶƚĞĚĞƉĂŐĂŵĞŶƚŽĚĂϭǐƉĂƌĐĞůĂĚŽĐƵƌƐŽ͘

ϴ͘Ϯ͘ϮĂŶĚŝĚĂƚŽƐƚƌĂŶŐĞŝƌŽ
Ă͘ ϭ;ƵŵĂͿĨŽƚŽϯdžϰĐŽůŽƌŝĚĂ;ƌĞĐĞŶƚĞͿ͕ƉĂƌĂĂƌƚĞŝƌĂŝŐŝƚĂůĚĞƐƚƵĚĂŶƚĞͲŝƚĞŵϴ͘ϭ͘ϭ͞ď͖͟

ϱ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

ď͘ WĂƐƐĂƉŽƌƚĞ͖
Đ͘ sŝƐƚŽdĞŵƉŽƌĄƌŝŽĚĞƐƚƵĚĂŶƚĞ͖
Ě͘ W&͖
Ğ͘ ZĞŐŝƐƚƌŽEĂĐŝŽŶĂůDŝŐƌĂƚſƌŝŽͲZED͖
Ĩ͘ ĞƌƚŝĚĆŽĚĞEĂƐĐŝŵĞŶƚŽŽƵĂƐĂŵĞŶƚŽ͕ĐŽŶĨŽƌŵĞĞƐƚĂĚŽĐŝǀŝů͖
Ő͘ >ĂƵĚŽDĠĚŝĐŽ;WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂͿͲŝƚĞŵϴ͘Ϯ͘ϱĞĂŶĞdžŽ///͖
Ś͘ ŝƉůŽŵĂĚĞ'ƌĂĚƵĂĕĆŽ͘ŵĐĂƐŽĚĞĐƵƌƐŽƌĞĂůŝnjĂĚŽŶŽĞdžƚĞƌŝŽƌ͕ŽĚŽĐƵŵĞŶƚŽĚĞǀĞƌĄƐĞƌĐŽŶƐƵůĂƌŝnjĂĚŽƉĞůĂ
ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƌĂƐŝů ;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿ ŶŽ ƉĂşƐ ĚĞ ŽƌŝŐĞŵ ĚŽ ŝƉůŽŵĂ ŽƵ ĂƉŽƐƚŝůĂĚŽ͕ ĐŽŶĨŽƌŵĞ Ă
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͖
ŝ͘ ƉſůŝĐĞ ĚĞ ƐĞŐƵƌŽ ŶŽ ŝŵƉŽƌƚĞ ŵşŶŝŵŽ ĚĞ Φ ϯϬ͘ϬϬϬ ;ƚƌŝŶƚĂ ŵŝů ĞƵƌŽƐͿ ŽƵ h^ΨϰϮ͘ϬϬϬ ;ƋƵĂƌĞŶƚĂ Ğ ĚŽŝƐ ŵŝů
ĚſůĂƌĞƐĂŵĞƌŝĐĂŶŽƐͿĞĐŽŶƚĞŵƉůĂŶĚŽƚƌĂƐůĂĚŽƉĂƌĂƉĂşƐĚĞŽƌŝŐĞŵ͘
ũ͘ ŽŵƉƌŽǀĂŶƚĞĚĞƉĂŐĂŵĞŶƚŽĚĂϭǐƉĂƌĐĞůĂĚŽĐƵƌƐŽ͘

ϴ͘Ϯ͘ϯ KƐ ĚŽĐƵŵĞŶƚŽƐ ĂďĂŝdžŽ ƌĞůĂĐŝŽŶĂĚŽƐ ƐĞƌĆŽ ĞŶĐĂŵŝŶŚĂĚŽƐ͕ ǀŝĂ ĞͲŵĂŝů͕ ƉĂƌĂ ĂƐƐŝŶĂƚƵƌĂ ĚŝŐŝƚĂů ĚŽ;ĂͿ
ĐĂŶĚŝĚĂƚŽ;ĂͿ͕ĂƉſƐĂĐŽŶĐůƵƐĆŽĚĞĨŽƌŵĂĐŽŵƉůĞƚĂĞĐŽƌƌĞƚĂĚŽŝƚĞŵϴ͘Ϯ͘ϭŽƵϴ͘Ϯ͘Ϯ͕ĐŽŶĨŽƌŵĞŽĐĂƐŽ͘
Ă͘ &ŝĐŚĂĚĞDĂƚƌşĐƵůĂƉƌĞĞŶĐŚŝĚĂ͖
ď͘ dĞƌŵŽĚĞZĞƐƉŽŶƐĂďŝůŝĚĂĚĞ͖
Đ͘ ZĞƋƵĞƌŝŵĞŶƚŽĚĞ/ŶĐůƵƐĆŽĚĞEŽŵĞ^ŽĐŝĂůͲ/ĚĞŶƚŝĚĂĚĞĚĞ'ġŶĞƌŽ;ƋƵĂŶĚŽĂƉůŝĐĄǀĞůͿ͘


/ŵƉŽƌƚĂŶƚĞ͗
x K;ͿĐĂŶĚŝĚĂƚŽ;ĂͿĚĞǀĞƌĄĂƐƐŝŶĂƌ͕ĚŝŐŝƚĂůŵĞŶƚĞ͕ŽƐĚŽĐƵŵĞŶƚŽƐĚĞƐĐƌŝƚŽƐŶŽŝƚĞŵϴ͘Ϯ͘ϯŶŽƉƌĂnjŽƉƌĞǀŝƐƚŽ
ŶŽƌŽŶŽŐƌĂŵĂͲĂŶĞdžŽ/͘KŶĆŽĐƵŵƉƌŝŵĞŶƚŽĚŽƉƌĂnjŽ͕ĐĂƌĂĐƚĞƌŝnjĂƌĄĂĚĞƐŝƐƚġŶĐŝĂĚŽĐĂŶĚŝĚĂƚŽĞƉŽĚĞƌĄ
ƐĞƌĐŽŶǀŽĐĂĚŽŽĐĂŶĚŝĚĂƚŽƐƵďƐĞƋƵĞŶƚĞĚĂůŝƐƚĂĚĞĞƐƉĞƌĂ͘
x ĞǀŝĚŽĂĐŽŶĨŝŐƵƌĂĕĆŽĚĞĂůŐƵŶƐƉƌŽǀĞĚŽƌĞƐ͕ŽĞͲŵĂŝůƉĂƌĂĂĂƐƐŝŶĂƚƵƌĂĚŝŐŝƚĂůĚŽƐĚŽĐƵŵĞŶƚŽƐ͕ƉŽĚĞƌĄ
ƐĞƌ ĚŝƌĞĐŝŽŶĂĚŽ ƉĂƌĂ Ă ĂŝdžĂ ĚĞ ^WD ŽƵ ůŝdžĞŝƌĂ͘  ĚĞ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ ĚŽ;ĂͿ ĐĂŶĚŝĚĂƚŽ;ĂͿ Ž
ĂĐŽŵƉĂŶŚĂŵĞŶƚŽĞǀĞƌŝĨŝĐĂĕĆŽĚŽĐŽƌƌĞŝŽĞůĞƚƌƀŶŝĐŽ͘

ϴ͘Ϯ͘ϰŵĐĂƐŽĚĞĂůƚĞƌĂĕĆŽĚŽŶŽŵĞĐŝǀŝů͕ŽƐĚŽĐƵŵĞŶƚŽƐĚĞǀĞƌĆŽĞƐƚĂƌĂƚƵĂůŝnjĂĚŽƐĚĞĂĐŽƌĚŽĐŽŵĂĞƌƚŝĚĆŽ
ŝǀŝůǀŝŐĞŶƚĞ͘

ϴ͘Ϯ͘ϱWĂƌĂŽƐĐĂŶĚŝĚĂƚŽƐƐĞůĞĐŝŽŶĂĚŽƐƋƵĞĚĞĐůĂƌĂƌĞŵĂůŐƵŵƚŝƉŽĚĞĨŝĐŝġŶĐŝĂ͕ĠŽďƌŝŐĂƚſƌŝĂĂƌĞĂůŝnjĂĕĆŽĚŽƵƉůŽĂĚ
ĚŽůĂƵĚŽŵĠĚŝĐŽ͕ĐŽŶƚĞŶĚŽŽĚĞƐĐƌŝƚŝǀŽĚĞƐƚĂ͕ŽĐſĚŝŐŽĚŽ/;ůĂƐƐŝĨŝĐĂĕĆŽ/ŶƚĞƌŶĂĐŝŽŶĂůĚĞŽĞŶĕĂƐͿ͕ďĞŵĐŽŵŽ
ŝŶĨŽƌŵĂĕƁĞƐƋƵĂŶƚŽĂŽƐƌĞĐƵƌƐŽƐĚĞĂĐĞƐƐŝďŝůŝĚĂĚĞĂĐĂĚġŵŝĐĂŶĞĐĞƐƐĄƌŝĂƐĚƵƌĂŶƚĞŽƉĞƌşŽĚŽĚĞǀşŶĐƵůŽŶŽĐƵƌƐŽ͘
K ŶĆŽ ĐƵŵƉƌŝŵĞŶƚŽ ĚĂƐ ŽƌŝĞŶƚĂĕƁĞƐ ĚĞƐĐƌŝƚĂƐ͕ ĐŽŶƐŝĚĞƌĂƌĄ ĐŽŵŽ ŶĆŽͲŶĞĐĞƐƐĄƌŝŽ ƋƵĂŝƐƋƵĞƌ ĂĚĂƉƚĂĕƁĞƐ ĚĂ
/ŶƐƚŝƚƵŝĕĆŽĚĞŶƐŝŶŽƉĂƌĂĂƚĞŶĚŝŵĞŶƚŽĚŽĚŝƐĐĞŶƚĞ͘

ϴ͘Ϯ͘ϲKƐĐĂŶĚŝĚĂƚŽƐĚĞǀĞƌĆŽĐƵŵƉƌŝƌĂĞƚĂƉĂĚĞƐĐƌŝƚĂŶŽŝƚĞŵϴ͘Ϯ͘ϭŽƵϴ͘Ϯ͘Ϯ͕ĐŽŶĨŽƌŵĞŽĐĂƐŽ͕ĞĞŶǀŝĂƌĐſƉŝĂ
ĂƵƚĞŶƚŝĐĂĚĂ;ĞŵĐĂƌƚſƌŝŽͿĚŽƐĚŽĐƵŵĞŶƚŽƐ͕ǀŝĂ^yͬ&ĞĚdž͕ ă&'s ^Z Ͳ ^ĞĐƌĞƚĂƌŝĂ ĚĞ ZĞŐŝƐƚƌŽƐ ĐĂĚġŵŝĐŽƐ
ƐĞŶĚŽǀĄůŝĚŽ͕ƉĂƌĂƚŽĚŽƐŽƐĞĨĞŝƚŽƐ͕ĂĚĂƚĂĚĞƉŽƐƚĂŐĞŵĐŽŶĨŽƌŵĞͲǀŝĚĞƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͘EĆŽĠŶĞĐĞƐƐĄƌŝŽ
ŽĞŶǀŝŽĚŽĐŽŵƉƌŽǀĂŶƚĞĚĞƉĂŐĂŵĞŶƚŽĚĂϭǑƉĂƌĐĞůĂĚŽĐƵƌƐŽ͘

ϴ͘Ϯ͘ϳŵĨƵŶĕĆŽĚŽƐƉƌĂnjŽƐĚĂWŽůşĐŝĂ&ĞĚĞƌĂůƉĂƌĂĂĞŵŝƐƐĆŽĚŽZEDͲZĞŐŝƐƚƌŽEĂĐŝŽŶĂůDŝŐƌĂƚſƌŝŽ͕ƐĞƌĄĂĐĞŝƚŽ͕
ƉƌŽǀŝƐŽƌŝĂŵĞŶƚĞ͕ƉĂƌĂĂŵĂƚƌşĐƵůĂ͕ŽƉƌŽƚŽĐŽůŽĚĂƐŽůŝĐŝƚĂĕĆŽĚŽĚŽĐƵŵĞŶƚŽ͕ŵĞŶĐŝŽŶĂĚĂĂĚĂƚĂĚĞǀĂůŝĚĂĚĞĚŽ
ƌĞĨĞƌŝĚŽĚŽĐƵŵĞŶƚŽ͘

ϴ͘Ϯ͘ϴ ŵ ĐĂƐŽ ĚĂ ŝŵƉŽƐƐŝďŝůŝĚĂĚĞ ĚĞ ĂƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ŝƉůŽŵĂ ĚĞ 'ƌĂĚƵĂĕĆŽ͕ Ž ĐĂŶĚŝĚĂƚŽ ƚĞƌĄ ƋƵĞ͕
ŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ͕ĂƉƌĞƐĞŶƚĂƌĐſƉŝĂĂƵƚĞŶƚŝĐĂĚĂĚĂĚĞĐůĂƌĂĕĆŽĚĞĐŽŶĐůƵƐĆŽĚŽĐƵƌƐŽĞĚĂƚĂĚĂĐŽůĂĕĆŽĚĞŐƌĂƵ͕
ĞŵŝƚŝĚĂŚĄŵĞŶŽƐĚĞϲϬ;ƐĞƐƐĞŶƚĂͿĚŝĂƐ͕ĚĞǀŝĚĂŵĞŶƚĞĂƐƐŝŶĂĚĂ͕ĐĂƌŝŵďĂĚĂƉĞůĂ/ŶƐƚŝƚƵŝĕĆŽĚĞŶƐŝŶŽ^ƵƉĞƌŝŽƌ͘

ϲ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

ϴ͘Ϯ͘ϵ K ĐĂŶĚŝĚĂƚŽ ƋƵĞ ŶĆŽ ĞŶƚƌĞŐĂƌ ŽƐ ĚŽĐƵŵĞŶƚŽƐ ĂďĂŝdžŽ ƌĞůĂĐŝŽŶĂĚŽƐ ĂŶƚĞƐ ĚŽ ƚĠƌŵŝŶŽ ĚŽ ϭǑ ;ƉƌŝŵĞŝƌŽͿ
ƉĞƌşŽĚŽůĞƚŝǀŽĚŽĐƵƌƐŽ͕ĨŝĐĂƌĄŝŵƉŽƐƐŝďŝůŝƚĂĚŽĚĞƌĞŶŽǀĂƌĂŵĂƚƌşĐƵůĂƉĂƌĂŽƉĞƌşŽĚŽůĞƚŝǀŽƐƵďƐĞƋƵĞŶƚĞ͗
Ă͘ſƉŝĂĂƵƚĞŶƚŝĐĂĚĂĚŽŝƉůŽŵĂĚĞ'ƌĂĚƵĂĕĆŽ͖
ď͘ſƉŝĂĂƵƚĞŶƚŝĐĂĚĂĚŽZED͘

ϴ͘Ϯ͘ϭϬEŽĐĂƐŽĚĞĞŶǀŝŽĚĞĚŽĐƵŵĞŶƚŽƐĨŽƌĂĚŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŽƵĚĞĚĞƐŝƐƚġŶĐŝĂ͕ƉŽĚĞƌĄƐĞƌĐŽŶǀŽĐĂĚŽŽ
ĐĂŶĚŝĚĂƚŽŝŵĞĚŝĂƚĂŵĞŶƚĞƐĞŐƵŝŶƚĞŶĂůŝƐƚĂĚĞĞƐƉĞƌĂ͘

ϴ͘Ϯ͘ϭϭ&'sŶĆŽƐĞƌĞƐƉŽŶƐĂďŝůŝnjĂƌĄƉŽƌĞǀĞŶƚƵĂŝƐĞdžƚƌĂǀŝŽƐĚĞĚŽĐƵŵĞŶƚŽƐĞŶǀŝĂĚŽƐƉŽƌŵĞŝŽĚŽƐŽƌƌĞŝŽƐ͕
ƐĞŶĚŽĚĞŝŶƚĞŝƌĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽĐĂŶĚŝĚĂƚŽŵĂŶƚĞƌƐŽďƐƵĂŐƵĂƌĚĂŽƐĚŽĐƵŵĞŶƚŽƐĐŝƚĂĚŽƐŶĞƐƚĞĚŝƚĂů͘

ϵ͘K/Es^d/DEdK

 WĂƌĐĞůĂƐŵĞŶƐĂŝƐ sĂůŽƌdŽƚĂů
ǀŝƐƚĂ  ZΨϮϰ͘ϰϳϮ͕ϴϬ
ϮϰƉĂƌĐĞůĂƐ ZΨϭ͘ϭϯϯ͕ϬϬ ZΨϮϳ͘ϭϵϮ͕ϬϬ

ϵ͘ϭϭǐ;ƉƌŝŵĞŝƌĂͿƉĂƌĐĞůĂĚĂŵĞŶƐĂůŝĚĂĚĞĚĞǀĞƐĞƌƉĂŐĂŶŽĂƚŽĚĂŵĂƚƌşĐƵůĂĞĂƐĚĞŵĂŝƐĚĞǀĞŵƐĞƌƉĂŐĂƐĂƚĠŽ
ĚŝĂϭϬ;ĚĞnjͿĚĞĐĂĚĂŵġƐ͘

ϭϬ͘K/E&Z/DEdKWZͲDdZ1h>
ϭϬ͘ϭŵĐĂƐŽĚĞŝŶĚĞĨĞƌŝŵĞŶƚŽĚĂWƌĠͲDĂƚƌşĐƵůĂĞŵĨƵŶĕĆŽĚŽŶĆŽĐƵŵƉƌŝŵĞŶƚŽĚŽŝƚĞŵϴ͕ŽĐĂŶĚŝĚĂƚŽƚĞƌĄĚŝƌĞŝƚŽ
ĂƌĞƐƚŝƚƵŝĕĆŽĚĞϭϬϬй;ĐĞŵƉŽƌĐĞŶƚŽͿĚŽǀĂůŽƌĚĂϭǐ;ƉƌŝŵĞŝƌĂͿƉĂƌĐĞůĂƉĂŐĂ͕ŵĞĚŝĂŶƚĞĂŽĞŶǀŝŽĚĞĞͲŵĂŝůƉĂƌĂŽ
ĞŶĚĞƌĞĕŽĚĞƐĐƌŝƚŽŶŽŝƚĞŵϭϭ͘Ϯ͘

ϭϭ͘KE>DEdKWZͲDdZ1h>KhDdZ1h>
ϭϭ͘ϭ dĞƌĄ ŵĂƚƌşĐƵůĂ ĐĂŶĐĞůĂĚĂ͕ Ă ƋƵĂůƋƵĞƌ ĠƉŽĐĂ͕ Ž ĐĂŶĚŝĚĂƚŽ ƋƵĞ ĞƐƚŝǀĞƌ ƐĞ ƵƚŝůŝnjĂŶĚŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ ĞͬŽƵ
ŝŶĨŽƌŵĂĕƁĞƐĨĂůƐĂƐ͕ĨƌĂƵĚƵůĞŶƚĂƐ͕ĞŝǀĂĚĂƐĚĞŝƌƌĞŐƵůĂƌŝĚĂĚĞƐŽƵŽƵƚƌŽƐŝůşĐŝƚŽƐ͕ƐĞŶĚŽƋƵĞĞŵŚŝƉſƚĞƐĞĂůŐƵŵĂŽƐ
ǀĂůŽƌĞƐƉĂŐŽƐƐĞƌĆŽƌĞƐƚŝƚƵşĚŽƐ͘

ϭϭ͘ϮKƉĞĚŝĚŽĚĞĐĂŶĐĞůĂŵĞŶƚŽĚĞWƌĠͲŵĂƚƌşĐƵůĂĚĞǀĞƌĄƐĞƌĨŽƌŵĂůŝnjĂĚŽƉŽƌŵĞŝŽĚŽĞͲŵĂŝůĨŐǀƐƌĂĨŝŶĂŶĐĞŝƌŽΛĨŐǀ͘ďƌ
ŶŽƉƌĂnjŽĞƐƉĞĐŝĨŝĐĂĚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/ͿĚĞƐƚĞĚŝƚĂů͕ŶĆŽŚĂǀĞŶĚŽƌĞƐƚŝƚƵŝĕĆŽĚŽƐǀĂůŽƌĞƐƉĂŐŽƐ͘

ϭϭ͘ϯƉſƐŽŝŶşĐŝŽĚŽƉĞƌşŽĚŽůĞƚŝǀŽ͕ŽĐĂŶĐĞůĂŵĞŶƚŽĚĞŵĂƚƌşĐƵůĂĚĞǀĞƌĄƐĞƌĨŽƌŵĂůŝnjĂĚŽƉŽƌŵĞŝŽĚĂĨĞƌƌĂŵĞŶƚĂ
ůƵŶŽKŶůŝŶĞ;ĂŽů͘ĨŐǀ͘ďƌͿ͖

ϭϭ͘ϰEĆŽĠƉĞƌŵŝƚŝĚĂĂƐŽůŝĐŝƚĂĕĆŽĚĞdƌĂŶĐĂŵĞŶƚŽĚŽĐƵƌƐŽ͕ƉĞƌşŽĚŽŽƵĚŝƐĐŝƉůŝŶĂƐŶŽϭǑ;ƉƌŝŵĞŝƌŽͿƉĞƌşŽĚŽůĞƚŝǀŽ

ϭϮ͘^/^WK^/O^'Z/^
ϭϮ͘ϭKƐĐĂƐŽƐŽŵŝƐƐŽƐĞƐŝƚƵĂĕƁĞƐŶĆŽƉƌĞǀŝƐƚĂƐŶĞƐƚĂĐŚĂŵĂĚĂƐĞƌĆŽƌĞƐŽůǀŝĚŽƐƉĞůĂŽŽƌĚĞŶĂĕĆŽĚŽƵƌƐŽ͘

ϭϮ͘ϮKƐĐĂŶĚŝĚĂƚŽƐŝŶƐĐƌŝƚŽƐŶĞƐƚĞWƌŽĐĞƐƐŽĞƐƚĆŽƐƵũĞŝƚŽƐăƐŶŽƌŵĂƐĐŽŶƐƚĂŶƚĞƐĚĞƐƚĞĚŝƚĂů͕ďĞŵĐŽŵŽăƐEŽƌŵĂƐ
ŽŵƉůĞŵĞŶƚĂƌĞƐ͕ǀŝƐŽƐKĨŝĐŝĂŝƐĞĞŵĚĞŵĂŝƐĚŽĐƵŵĞŶƚŽƐŽĨŝĐŝĂůŵĞŶƚĞĚŝǀƵůŐĂĚŽƐ͘

ϭϮ͘ϯŽƉƌŽĐĞĚĞƌĐŽŵĂƐƵĂŝŶƐĐƌŝĕĆŽ͕ ŽĐĂŶĚŝĚĂƚŽĞƐƚĂƌĄĂĐĞŝƚĂŶĚŽŝŶƚĞŐƌĂůŵĞŶƚĞ ĂƐƌĞŐƌĂƐĞƐƚĂďĞůĞĐŝĚĂƐŶĞƐƚĞ
ĚŝƚĂůĞŶŽZĞŐƵůĂŵĞŶƚŽĚŽWƌŽŐƌĂŵĂĚŝƐƉŽŶşǀĞŝƐƉĂƌĂĐŽŶƐƵůƚĂŶŽƉŽƌƚĂůĚĂ&'sWK͕ŶĆŽĐĂďĞŶĚŽƋƵĂůƋƵĞƌ
ƌĞĐůĂŵĂĕĆŽŽƵƌĞĐƵƌƐŽƉŽƐƚĞƌŝŽƌ͘

ϭϮ͘ϰ  ĚĞ ĂďƐŽůƵƚĂ ŽďƌŝŐĂĕĆŽ ĚŽ ĐĂŶĚŝĚĂƚŽ ŵĂŶƚĞƌͲƐĞ ŝŶĨŽƌŵĂĚŽ ƐŽďƌĞ ĚĂƚĂƐ͕ ůŽĐĂŝƐ Ğ ƉƌĂnjŽƐ ĨŝdžĂĚŽƐ ŶŽ
ĐƌŽŶŽŐƌĂŵĂ ĚĞƐƚĞ ĚŝƚĂů͕ ƐĞŶĚŽ ĚĞ ƐƵĂ ƚŽƚĂů ƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞ Ž ƉƌĞũƵşnjŽ ĚĞĐŽƌƌĞŶƚĞĚĂ ŝŶŽďƐĞƌǀąŶĐŝĂ ĚĞƐƐĞƐ
ĚĂĚŽƐ͘

ϳ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 


ϭϮ͘ϱ&'s͕ƐƵĂƐƐĐŽůĂƐ͕/ŶƐƚŝƚƵƚŽƐ͕ĚŽĐĞŶƚĞƐĞĐŽůĂďŽƌĂĚŽƌĞƐŽďĞĚĞĐĞŵă>Ğŝ'ĞƌĂůĚĞWƌŽƚĞĕĆŽĚĞĂĚŽƐWĞƐƐŽĂŝƐ
Ͳ>'WͲ>ĞŝŶǑϭϯ͘ϳϬϵͬϭϴ;ĂŶĞdžŽ/sͿ͘


ZŝŽĚĞ:ĂŶĞŝƌŽ͕ϭϲĚĞũƵŶŚŽĚĞϮϬϮϯ͘


ŶƚŽŶŝŽĚĞƌĂƵũŽ&ƌĞŝƚĂƐ:ƵŶŝŽƌ
WƌſͲZĞŝƚŽƌĚĞŶƐŝŶŽ͕WĞƐƋƵŝƐĂĞWſƐͲ'ƌĂĚƵĂĕĆŽ
&ƵŶĚĂĕĆŽ'ĞƚƵůŝŽsĂƌŐĂƐ


ϴ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

ZKEK'ZDͲEyK/

dW d >K>

/ŶƐĐƌŝĕƁĞƐKD^KEdKĞƵƉůŽĂĚĚĞ ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵƉͬƉƌŽĐĞƐƐŽͲ
ĞϬϭͬϬϴĂƚĠϮϮͬϬϵͬϮϯĂƚĠϭϴŚ
ĚŽĐƵŵĞŶƚŽƐ ƐĞůĞƚŝǀŽ
/ŶƐĐƌŝĕƁĞƐ^D^KEdKĞƵƉůŽĂĚĚĞ ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵƉͬƉƌŽĐĞƐƐŽͲ
ĂƚĠϯϭͬϭϬͬϮϯ
ĚŽĐƵŵĞŶƚŽƐ ƐĞůĞƚŝǀŽ
ŶǀŝŽĚĞůĂƵĚŽŵĠĚŝĐŽ;ĐĂŶĚŝĚĂƚŽƐĐŽŵ
ĚĞĨŝĐŝġŶĐŝĂͿĞ&ŽƌŵƵůĄƌŝŽĚĞŝŶĐůƵƐĆŽĚĞ ĂƚĠϯϭͬϭϬͬϮϯ ĚĂŶŝĞůĂ͘ĂŝƌĞƐΛĨŐǀ͘ďƌ
EŽŵĞ^ŽĐŝĂů;/ĚĞŶƚŝĚĂĚĞĚĞ'ġŶĞƌŽͿ
ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵƉͬƉƌŽĐĞƐƐŽͲ
ŝǀƵůŐĂĕĆŽĚĂůŝƐƚĂĚĞŝŶƐĐƌŝĕƁĞƐŚŽŵŽůŽŐĂĚĂƐ ϭϳͬϭϭͬϮϯ
ƐĞůĞƚŝǀŽ
ŝǀƵůŐĂĕĆŽĚŽƐƉƌŽǀĂĚŽƐŶĂŶĄůŝƐĞĚŽ
WƌŽũĞƚŽĚĞWĞƐƋƵŝƐĂĞWƌŽĚƵƚŽ͕ĚĂĂƌƚĂ ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵƉͬƉƌŽĐĞƐƐŽͲ
:ƵƐƚŝĨŝĐĂƚŝǀĂĚĞĂŶĚŝĚĂƚƵƌĂĞĚŽƵƌƌşĐƵůŽ ϯϬͬϭϭͬϮϯ ƐĞůĞƚŝǀŽ
>ĂƚƚĞƐ͕ŝŶĚŝĐĂŶĚŽŽƐůĂƐƐŝĨŝĐĂĚŽƐƉĂƌĂ 
ŶƚƌĞǀŝƐƚĂ
ŶƚƌĞǀŝƐƚĂ ϭϮĂϭϰͬϭϮͬϮϯ KŶůŝŶĞ
ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵƉͬƉƌŽĐĞƐƐŽͲ
ŝǀƵůŐĂĕĆŽĚŽZĞƐƵůƚĂĚŽ&ŝŶĂů ϭϴͬϭϮͬϮϯĂƉſƐăƐϭϴŚ
ƐĞůĞƚŝǀŽ
WƌĠͲDĂƚƌşĐƵůĂ;ƵƉůŽĂĚĚĞĚŽĐƵŵĞŶƚŽƐͿ ϭϴͬϭϮͬϮϯĂϬϳͬϬϭͬϮϰ ǁǁǁ͘ĨŐǀ͘ďƌͬƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ
ƐƐŝŶĂƚƵƌĂŝŐŝƚĂůĚĞŽĐƵŵĞŶƚŽƐƉĂƌĂĂ
ƚĠϭϮͬϬϭͬϮϰ ͲŵĂŝůĚŽĐĂŶĚŝĚĂƚŽ
ĐŽŶĐůƵƐĆŽWƌĠͲDĂƚƌşĐƵůĂ;ŝƚĞŵϴ͘Ϯ͘ϯͿ
DĂƚƌşĐƵůĂ;ĞŶǀŝŽĚĞĚŽĐƵŵĞŶƚŽƐĂƵƚĞŶƚŝĐĂĚŽƐ
ϭϮĂϯϭͬϬϭͬϮϰ &'s^ZΎ
ƉŽƌƐĞĚĞdžͿ
ĂŶĐĞůĂŵĞŶƚŽĚĞDĂƚƌşĐƵůĂ ϬϭͬϬϯͬϮϰ &'s^Z

/ŶşĐŝŽĚĂƐƵůĂƐ ϭϭͬϬϯͬϮϰ &'sWK


/E&KZDO^//KE/^


^ZdZ/D/WM^Ͳ'ZhKKWK
WƌĂŝĂĚĞŽƚĂĨŽŐŽŶǑϭϵϬ͕ϭϰŽĂŶĚĂƌͲWϮϮϮϱϬͲϵϬϬ͕ZŝŽĚĞ:ĂŶĞŝƌŽ͕Z:
dĞůĞĨŽŶĞ͗;ϮϭͿϯϳϵϵͲϱϱϰϱ
,ŽƌĄƌŝŽĚĞƚĞŶĚŝŵĞŶƚŽ͗ĚŝĂƐƷƚĞŝƐ͕ĚĂƐϬϵŚăƐϭϳŚ
ĞͲŵĂŝů͗ĚĂŶŝĞůĂ͘ĂŝƌĞƐΛĨŐǀ͘ďƌ

^ZdZ/Z'/^dZK^D/K^Ͳ&'s^ZΎ
ͬ͗WƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĂŽDĞƐƚƌĂĚŽWƌŽĨŝƐƐŝŽŶĂůĞŵĞŶƐƵůƚƵƌĂŝƐĞWƌŽũĞƚŽƐ^ŽĐŝĂŝƐ
WƌĂŝĂĚĞŽƚĂĨŽŐŽ͕ŶǑϭϵϬͬƐĂůĂϯϭϰͲϯǑĂŶĚĂƌͲWϮϮϮϱϬͲϵϬϬ͕ZŝŽĚĞ:ĂŶĞŝƌŽ͕Z:
dĞůĞĨŽŶĞ͗;ϮϭͿϯϳϵϵͲϱϳϱϳ
ƚĞŶĚŝŵĞŶƚŽ͗ĚĞϮǐĂϲǐĨĞŝƌĂĚĂƐϵŚăƐϭϴŚ;ĚŝĂƐƷƚĞŝƐ
ĞͲŵĂŝů͗ƉƌĞŵĂƚƌŝĐƵůĂƌũΛĨŐǀ͘ďƌ

WZK^^K^>d/sK&'s
ZƵĂ/ƚĂƉĞǀĂ͕ϰϯϮ͕WϬϭϯϯϮͲϬϬϬ͕^ĆŽWĂƵůŽ͕^W
dĞůĞĨŽŶĞƐ͗;ϭϭͿϯϳϵϵͲϳϳϭϭŽƉĕĆŽϮŽƵϬϴϬϬϳϳϬϬϰϮϯ
ƚĞŶĚŝŵĞŶƚŽ͗ĚĞϮǐĂϲǐĨĞŝƌĂĚĂƐϵŚăƐϭϴŚ;ĚŝĂƐƷƚĞŝƐͿ
ĞͲŵĂŝů͗ƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽΛĨŐǀ͘ďƌ


ϵ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

EyK//ͲDK>KWZK:dKW^Yh/^WZKhdK

ĂƉĂ;EŽŵĞĚŽĐĂŶĚŝĚĂƚŽĞƚşƚƵůŽĚĂƉƌŽƉŽƐƚĂͿ

K WƌŽũĞƚŽ ĚĞ WĞƐƋƵŝƐĂ Ğ WƌŽĚƵƚŽ ĚĞǀĞ ĐŽŶƚĞƌ ĂƐ ƐĞĕƁĞƐ ŝŶĚŝĐĂĚĂƐ ĂďĂŝdžŽ͕ ŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ͕ ƐŽď ƌŝƐĐŽ ĚĞ
ĚĞƐƋƵĂůŝĨŝĐĂĕĆŽ ĚŽ ĐĂŶĚŝĚĂƚŽ ĚŽ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ͘ K ƉƌŽũĞƚŽ ĚĞǀĞ ƐĞƌ ƌĞĚŝŐŝĚŽ Ğŵ ĨŽŶƚĞ dŝŵĞƐ EĞǁ ZŽŵĂŶ ϭϮ͕
ĞƐƉĂĕŽϭ͘ϱĞĚĞǀĞĐŽŶƚĞƌĞŶƚƌĞϳĞϭϬƉĄŐŝŶĂƐ͕ŝŶĐůƵŝŶĚŽƚŽĚĂƐĂƐƐĞĕƁĞƐĚĞƐĐƌŝƚĂƐ͘

ZĞƐƵŵŽ

KƌĞƐƵŵŽĚĞǀĞƚĞƌŶŽŵĄdžŝŵŽϮϱϬƉĂůĂǀƌĂƐ͕ĞŵĞƐƉĂĕŽƐŝŵƉůĞƐĐŽƌƉŽϭϮ͘

WƌŽďůĞŵĂĚĞƉĞƐƋƵŝƐĂ

EĞƐƚĂƐĞĕĆŽŽĐĂŶĚŝĚĂƚŽĚĞǀĞĂƉƌĞƐĞŶƚĂƌŽƋƵĞƉƌĞƚĞŶĚĞƉĞƐƋƵŝƐĂƌ͕ĚĞƐƚĂĐĂŶĚŽŽƉƌŽďůĞŵĂƋƵĞĚĞƐĞũĂƌĞƐŽůǀĞƌĞ
ŽƉƌŽĚƵƚŽƋƵĞĞƐƉĞƌĂƐĞƌŽƌĞƐƵůƚĂĚŽĚĂƉĞƐƋƵŝƐĂ͘

DĞƚŽĚŽůŽŐŝĂĚĞƉĞƐƋƵŝƐĂĞĚĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽƉƌŽĚƵƚŽ

EĞƐƚĂƐĞĕĆŽŽĐĂŶĚŝĚĂƚŽĚĞǀĞĞdžƉůŝĐĂƌƋƵĞƉƌŽĐĞƐƐŽƐĞƚĠĐŶŝĐĂƐĚĞƉĞƐƋƵŝƐĂƵƚŝůŝnjĂƌĄƉĂƌĂƌĞĂůŝnjĂƌƐƵĂŝŶǀĞƐƚŝŐĂĕĆŽ͘
dĂŵďĠŵĚĞǀĞƌĄŝŶĨŽƌŵĂƌĐŽŵŽŝƌĄĞůĂďŽƌĂƌŽƐĞƵƉƌŽĚƵƚŽĨŝŶĂů͘

/ŵƉĂĐƚŽƐĞƌĞƐƵůƚĂĚŽƐĞƐƉĞƌĂĚŽƐ

EĞƐƚĂƐĞĕĆŽŽĐĂŶĚŝĚĂƚŽĚĞǀĞĞdžƉůŝĐĂƌƋƵĞŝŵƉĂĐƚŽƐĞƌĞƐƵůƚĂĚŽƐĞůĞƉƌĞǀġĂƉĂƌƚŝƌĚŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĞĂƉůŝĐĂĕĆŽ
ĚŽƉƌŽĚƵƚŽ͘



 

ϭϬ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

EyK///

/Ed/'EZK

ϭ͘ ŵĂƚĞŶĚŝŵĞŶƚŽĂŽƐƚĞƌŵŽƐĚĂůĞŐŝƐůĂĕĆŽĞŵǀŝŐŽƌ͕ZĞƐŽůƵĕĆŽEͬWŶǑϬϭĚĞϭϵͬϬϭͬϮϬϭϴ͕ƋƵĞĚŝƐƉƁĞƐŽďƌĞ
ŽĚŝƌĞŝƚŽĂŽƵƐŽĚŽŶŽŵĞƐŽĐŝĂů͕Ž;ĂͿĐĂŶĚŝĚĂƚŽ;ĂͿƉŽĚĞƌĄƌĞĂůŝnjĂƌƐƵĂƐŽůŝĐŝƚĂĕĆŽ͕ŵĞĚŝĂŶƚĞƌĞƋƵĞƌŝŵĞŶƚŽĂƐƐŝŶĂĚŽ͕
ĚŝŐŝƚĂůŵĞŶƚĞ͕ƉĞůŽĐĂŶĚŝĚĂƚŽŶĂĞƚĂƉĂĚĞWƌĠͲDĂƚƌŝĐƵůĂ;ŝƚĞŵϴͿĞŶŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͘

Ϯ͘&'sƌĞƐĞƌǀĂͲƐĞŽĚŝƌĞŝƚŽĚĞĞdžŝŐŝƌ͕ĂƋƵĂůƋƵĞƌƚĞŵƉŽ͕ŽƵƚƌŽƐĚŽĐƵŵĞŶƚŽƐĐŽŵƉƌŽďĂƚſƌŝŽƐƋƵĂŶƚŽăƐŽůŝĐŝƚĂĕĆŽ
ĚĞŝŶĐůƵƐĆŽĚĞEŽŵĞ^ŽĐŝĂů͘


W^^KKD&//E/

ϭ͘ KĐĂŶĚŝĚĂƚŽĐŽŵĚĞĨŝĐŝġŶĐŝĂ͕ƋƵĞŶĞĐĞƐƐŝƚĞĚĞĐŽŶĚŝĕƁĞƐĞƐƉĞĐşĨŝĐĂƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐĞĞŶƚƌĞǀŝƐƚĂ͕
ĚĞǀĞƌĄƌĞĂůŝnjĂƌ͕ŶŽĂƚŽĚĂŝŶƐĐƌŝĕĆŽ͕ŽƵƉůŽĂĚĚŽůĂƵĚŽŵĠĚŝĐŽ͕ŝŶĨŽƌŵĂŶĚŽƐƵĂŶĞĐĞƐƐŝĚĂĚĞĞƐƉĞĐşĨŝĐĂ͕ŶŽƉƌĂnjŽ
ĚĞƐĐƌŝƚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͘

Ϯ͘ K ůĂƵĚŽŵĠĚŝĐŽ ĂŶĞdžĂĚŽĚĞǀĞƌĄĐŽŶƚĞƌŝŶĨŽƌŵĂĕƁĞƐ ĞdžĂƚĂƐĞĨŝĚĞĚŝŐŶĂƐ͕ƐŽďƉĞŶĂĚŽĐĂŶĚŝĚĂƚŽƌĞƐƉŽŶĚĞƌ
ĐŽŶƚƌĂĂĨĠƉƷďůŝĐĂĞĚĞƐĞƌĞůŝŵŝŶĂĚŽĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŽƵ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĚŽĐƵƌƐŽ͘

ϯ͘ ĂďĞĂŽĐĂŶĚŝĚĂƚŽƉƌĞƐƚĂƌƚŽĚĂƐĂƐŝŶĨŽƌŵĂĕƁĞƐŶĞĐĞƐƐĄƌŝĂƐĂƐĞƵĂƚĞŶĚŝŵĞŶƚŽ͘ĂƵƐġŶĐŝĂĚĂĚŽĐƵŵĞŶƚĂĕĆŽ
ƐŽůŝĐŝƚĂĚĂŶĞƐƚĞĚŝƚĂůŝŵƉůŝĐĂƌĄŶĂƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐŶĂƐŵĞƐŵĂƐĐŽŶĚŝĕƁĞƐĚŽƐĚĞŵĂŝƐĐĂŶĚŝĚĂƚŽƐ͘

ϰ͘ ^ĞĂƉƌŽǀĂĚŽŶŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĞ͕ĐĂƐŽŶĞĐĞƐƐŝƚĞĚĞƌĞĐƵƌƐŽƐĞƐƉĞĐşĨŝĐŽƐƉĂƌĂŵŽďŝůŝĚĂĚĞ͕ĂĐŽŵƉĂŶŚĂŵĞŶƚŽ
ĚĂƐ ĂƵůĂƐ Ğ ĂƚŝǀŝĚĂĚĞƐ ĂĐĂĚġŵŝĐĂƐ͕ Ž ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ĨŽƌŵĂůŝnjĄͲůŽ ĂƚƌĂǀĠƐ ĚĞ ĨŽƌŵƵůĄƌŝŽ ĞƐƉĞĐşĨŝĐŽ ŶŽ ĂƚŽ ĚĂ
ŵĂƚƌşĐƵůĂ͕ĂŶĞdžĂŶĚŽůĂƵĚŽŵĠĚŝĐŽĞĚĞƐĐƌĞǀĞŶĚŽŽ;ƐͿƌĞĐƵƌƐŽ;ƐͿŶĞĐĞƐƐĄƌŝŽ;ƐͿ͘

ϱ͘ K ĂƚĞŶĚŝŵĞŶƚŽ ăƐ ĐŽŶĚŝĕƁĞƐ ĞƐƉĞĐŝĂŝƐ͕ ĨŝĐĂƌĄ ƐƵũĞŝƚŽ ă ĂŶĄůŝƐĞ ĚĂ ůĞŐĂůŝĚĂĚĞ͕ ǀŝĂďŝůŝĚĂĚĞ Ğ ƌĂnjŽĂďŝůŝĚĂĚĞ ĚŽ
ƉĞĚŝĚŽ͘KƉĂƌĞĐĞƌƐĞƌĄĐŽŵƵŶŝĐĂĚŽĂŽŝŶƐĐƌŝƚŽĞŵƵŵƉƌĂnjŽĚĞĂƚĠϬϳ;ƐĞƚĞͿĚŝĂƐƷƚĞŝƐĂƉſƐƐƵĂƐŽůŝĐŝƚĂĕĆŽ͘




















ϭϭ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

EyK/sͲWZKdKK^Ͳ/HL*HUDOGH3URWHomRGH'DGRV3HVVRDLV /*3'B/HLQž
ϭ͘ƐŽƉĞƌĂĕƁĞƐĚĞƚƌĂƚĂŵĞŶƚŽĚĞĚĂĚŽƐƉĞƐƐŽĂŝƐƐŽůŝĐŝƚĂĚŽƐĚƵƌĂŶƚĞĂĐŽŶĚƵĕĆŽĚĞƐƚĞWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŽĐŽƌƌĞƌĆŽ
ĚĞ ĂĐŽƌĚŽ ĐŽŵ Ă ůĞŐŝƐůĂĕĆŽ ďƌĂƐŝůĞŝƌĂ ƐŽďƌĞ ƉƌŽƚĞĕĆŽ ĚĞ ĚĂĚŽƐ ƉĞƐƐŽĂŝƐ ǀŝŐĞŶƚĞ Ğ ĂƉůŝĐĄǀĞů͕ ĂŽ ĐĂƐŽ͕ Ă >Ğŝ ŶǑ
ϭϯ͘ϳϬϵͬϮϬϭϴ;ĚŽƌĂǀĂŶƚĞ͞>'W͟Ϳ͕ďĞŵĐŽŵŽĚĞĂĐŽƌĚŽĐŽŵŽƵƚƌĂƐůĞŐŝƐůĂĕƁĞƐĐŽƌƌĞůĂƚĂƐĞĐŽŵŽĚŝƐƉŽƐƚŽŶĞƐƚĞ
ĚŝƚĂů͘


Ϯ͘ŵƌĞůĂĕĆŽĂŽƐƚƌĂƚĂŵĞŶƚŽƐĚĞĚĂĚŽƐƉĞƐƐŽĂŝƐƌĞĂůŝnjĂĚŽƐĞŵĚĞĐŽƌƌġŶĐŝĂĚĞƐƚĞWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕Ă&'sĂƚƵĂƌĄ
ĐŽŵŽŽŶƚƌŽůĂĚŽƌĂ͕ƐĞŶĚŽŽďƐĞƌǀĂĚŽŽƐĞŐƵŝŶƚĞ͗
Ϯ͘ϭ^ĞŵƉƌĞũƵşnjŽĚĞŽƵƚƌĂƐŵĂŝƐĐĂďşǀĞŝƐ͕ĂƐƉƌŝŶĐŝƉĂŝƐďĂƐĞƐůĞŐĂŝƐƵƚŝůŝnjĂĚĂƐŶĞƐƚĞWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽƐĞƌĆŽĂƐ
ĚĞ͗;ŝͿdžĞĐƵĕĆŽĚĞŽŶƚƌĂƚŽ͕ŝŶĐůƵƐŝǀĞƉƌŽĐĞĚŝŵĞŶƚŽƐƉƌĞůŝŵŝŶĂƌĞƐĂƌƚŝŐŽϳǑ͕s͕>'W;ŚĂũĂǀŝƐƚĂƋƵĞĂƐĞůĞĕĆŽ
ĠƉƌŽĐĞĚŝŵĞŶƚŽƉƌĞůŝŵŝŶĂƌƉĂƌĂĂĨŽƌŵĂĕĆŽĚĂƌĞůĂĕĆŽĚĞƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐĂĐĂĚġŵŝĐŽƐͿ͕;ŝŝͿƵŵƉƌŝŵĞŶƚŽ
ĚĞ KďƌŝŐĂĕĆŽ >ĞŐĂů͕ ĂƌƚŝŐŽƐ ϳǑ͕ // Ğ ϭϭ͕ //͕ ͞Ă͕͟ >'W ;ŚĂũĂ ǀŝƐƚĂ ƋƵĞ͕ ƐĞŵ ƉƌĞũƵşnjŽ ĚĞ ŽƵƚƌĂƐ ůĞŐŝƐůĂĕƁĞƐ ŽƵ
ƌĞŐƵůĂŵĞŶƚŽƐĚŽDŝŶŝƐƚĠƌŝŽĚĂĚƵĐĂĕĆŽƋƵĞƚƌĂƚĂŵĚŽƚĞŵĂĚĞƉƌŽĐĞƐƐŽƐƐĞůĞƚŝǀŽƐ͕ĂŽŶƐƚŝƚƵŝĕĆŽ͕ĞŵƐĞƵ
ĂƌƚŝŐŽϮϬϳ͕ĐĂƉƵƚ͕ĞƐƚĂďĞůĞĐĞĂĂƵƚŽŶŽŵŝĂĚŝĚĄƚŝĐŽͲĐŝĞŶƚşĨŝĐĂĞĂĚŵŝŶŝƐƚƌĂƚŝǀĂăƐ/ŶƐƚŝƚƵŝĕƁĞƐĚĞŶƐŝŶŽ^ƵƉĞƌŝŽƌ͕
ŝŶĐůƵƐŝǀĞƉĂƌĂĂĚĞĨŝŶŝĕĆŽĚĞĂƐƉĞĐƚŽƐĚĞŝŶŐƌĞƐƐŽĞƐĞůĞĕĆŽ͕ďĞŵĐŽŵŽĂ>Ğŝϵ͘ϯϵϰͬϵϲĨŝdžĂ͕ĂŽĂƌƚŝŐŽϰϰ͕ŝŶĐŝƐŽƐ
/͕//Ğ///͕ĂŽďƌŝŐĂĕĆŽĚĞƌĞĂůŝnjĂĕĆŽĚĞƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽŽƵƉƌŽĐĞĚŝŵĞŶƚŽĚĞĂǀĂůŝĂĕĆŽƉĂƌĂŝŶŐƌĞƐƐŽĞŵĐƵƌƐŽƐ
ƌĞŐƵůĂƌĞƐĚĞ'ƌĂĚƵĂĕĆŽĞWſƐͲŐƌĂĚƵĂĕĆŽͿ͕;ŝŝŝͿ'ĂƌĂŶƚŝĂĚĞƉƌĞǀĞŶĕĆŽĂĨƌĂƵĚĞƐ͕ĂƌƚŝŐŽϭϭ͕//͕͞Ő͕͟>'W;ŚĂũĂ
ǀŝƐƚĂƋƵĞĂůŝƐƵƌĂĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽƉƌĞĐŝƐĂƐĞƌŐĂƌĂŶƚŝĚĂͿĞ;ŝǀͿŽŶƐĞŶƚŝŵĞŶƚŽ͕ĂƌƚŝŐŽƐϳǑ͕/Ğϭϭ͕/͕>'W
;ƋƵĂŶĚŽĞƐƚĞĨŽƌĞdžŝŐşǀĞůŵĞĚŝĂŶƚĞdĞƌŵŽĚĞŽŶƐĞŶƚŝŵĞŶƚŽŽƵŝŶƐƚƌƵŵĞŶƚŽƐŝŵŝůĂƌͿ͘


Ϯ͘Ϯ͘  ĨĂĐƵůƚĂĚŽ ă &'s Ă ĐŽŶƚƌĂƚĂĕĆŽ ĚĞ KƉĞƌĂĚŽƌĞƐ ĚĞ ĚĂĚŽƐ ƉĞƐƐŽĂŝƐ͕ ĐŽŵŽ ƉƌĞƐƚĂĚŽƌĞƐ ĚĞ ƐĞƌǀŝĕŽƐ ŽƵ
ĨŽƌŶĞĐĞĚŽƌĞƐĚĞĨĞƌƌĂŵĞŶƚĂƐĚĞƐŽĨƚǁĂƌĞ͕ƉĂƌĂŽƐĨŝŶƐĚĞŽƌŐĂŶŝnjĂƌ͕ĞdžĞĐƵƚĂƌĞĚŽĐƵŵĞŶƚĂƌŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͕
ĚĞǀĞŶĚŽƚĂůŽƉĞƌĂĕĆŽƐĞŵƉƌĞƐĞƌĂŵƉĂƌĂĚĂƉŽƌďĂƐĞůĞŐĂůǀĄůŝĚĂƉĂƌĂĞĨĞƚƵĂƌŽĐŽŵƉĂƌƚŝůŚĂŵĞŶƚŽĚĞĚĂĚŽƐ
ƉĞƐƐŽĂŝƐƚĞŶĚŽĞŵǀŝƐƚĂĂĨŝŶĂůŝĚĂĚĞĚĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘


Ϯ͘ϯWĂƌĂŽƐĨŝŶƐĚĞƐƚĞWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕ĂƐĐĂƌƚĂƐŵŽƚŝǀĂĐŝŽŶĂŝƐƐĞƌĆŽĞŶƚĞŶĚŝĚĂƐĐŽŵŽĚŽĐƵŵĞŶƚŽƐƋƵĞƉŽĚĞŵ
ƌĞǀĞůĂƌŝŶĨŽƌŵĂĕƁĞƐƐŽďƌĞŽƚŝƚƵůĂƌ͕ĞƐĞƌĆŽƐĞŵƉƌĞƚƌĂƚĂĚĂƐĐŽŵŽƐĞĐŽŶƚŝǀĞƐƐĞŵĚĂĚŽƐƉĞƐƐŽĂŝƐ͘

Ϯ͘ϰ͘ K ƚƌĂƚĂŵĞŶƚŽ ĚĞ ŝŵĂŐĞŶƐ ĚĞ ǀşĚĞŽ Ğ ĚĞ ĨŽƚŽ͕ ďĞŵ ĐŽŵŽ Ž ƚƌĂƚĂŵĞŶƚŽ ĚĞ ŐƌĂǀĂĕƁĞƐ ĚĞ ĄƵĚŝŽ͕ ƐĞ
ĞǀĞŶƚƵĂůŵĞŶƚĞĐŽůŚŝĚĂƐĚƵƌĂŶƚĞĂƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐĚĞƐĞůĞĕĆŽ͕ƐĞƌĄƌĞĂůŝnjĂĚŽƉŽƌƉůĂƚĂĨŽƌŵĂƐĞƐƉĞĐşĨŝĐĂƐ
ĚĂ&'sŽƵĚĞƚĞƌĐĞŝƌŽƐ͕ĐŽŵĂƐƋƵĂŝƐĞdžŝƐƚŝƌĄŽĐŽŵƉĂƌƚŝůŚĂŵĞŶƚŽĚŽƐĚĂĚŽƐƐŽůŝĐŝƚĂĚŽƐĂŽĂŶĚŝĚĂƚŽ;ĂͿƉĂƌĂ
ǀŝĂďŝůŝnjĂƌ Ă ƌĞĂůŝnjĂĕĆŽ ĚŽ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ͕ ŽďƐĞƌǀĂĚĂƐ ĂƐ ďĂƐĞƐ ůĞŐĂŝƐ ƐƵƉƌĂĐŝƚĂĚĂƐ ƉĂƌĂ ĞƐƚĂ ŽƉĞƌĂĕĆŽ͘ Ɛ
ƌĞƐƉĞĐƚŝǀĂƐĨĞƌƌĂŵĞŶƚĂƐƐĞƌĆŽŽƉŽƌƚƵŶĂŵĞŶƚĞĂƉƌĞƐĞŶƚĂĚĂƐĂŽ;ăͿĂŶĚŝĚĂƚŽ;ĂͿŶŽŵŽŵĞŶƚŽĚĂƌĞĂůŝnjĂĕĆŽ
ĚĂƐ ƉƌŽǀĂƐ Ğ ƉŽĚĞƌĆŽ ĐŽŶƚĞƌ ŽƐ ƐĞƵƐ ƉƌſƉƌŝŽƐ dĞƌŵŽƐ ĚĞ hƐŽ ŽƵ WŽůşƚŝĐĂƐ ĚĞ WƌŝǀĂĐŝĚĂĚĞ͕ ĐĂďĞŶĚŽ ĂŽ;ăͿ
ĂŶĚŝĚĂƚŽ;ĂͿĂĚĞƌŝƌăƐŵĞƐŵĂƐĐŽŵŽĐŽŶĚŝĕĆŽƉĂƌĂƐĞŐƵŝƌŶŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘


Ϯ͘ϱZĞƐŐƵĂƌĚĂĚŽƐŽƐĚŝƌĞŝƚŽƐĚŽƐƚŝƚƵůĂƌĞƐĚĞĚĂĚŽƐƉĞƐƐŽĂŝƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞŽĚĞŽƉŽƐŝĕĆŽĂŽƌĞĐĞďŝŵĞŶƚŽĚĞ
ŵĞŶƐĂŐĞŶƐƉƌŽŵŽĐŝŽŶĂŝƐ͕Ă&'sƐĞƌĞƐĞƌǀĂĂƚƌĂƚĂƌŽƐƐĞƵƐĚĂĚŽƐƉĞƐƐŽĂŝƐĚĞŶŽŵĞĞĐŽŶƚĂƚŽƉĂƌĂŽƐĨŝŶƐĚĞ
ŝŶƚĞƌĞƐƐĞůĞŐşƚŝŵŽĞĚŝǀƵůŐĂĕĆŽĚĞŶŽǀĂƐŽƉŽƌƚƵŶŝĚĂĚĞƐĂĐĂĚġŵŝĐĂƐ͘


Ϯ͘ϲ͘  WĂƌĂ ƚŽĚŽƐ ŽƐ ĨŝŶƐ͕ ƚŽĚĂƐ ŽƐ ĚĂĚŽƐ ƉĞƐƐŽĂŝƐ ƉƵďůŝĐĂĚŽƐ Ğŵ ƉůĂƚĂĨŽƌŵĂ Ğŵ ƋƵĞ ƐĞ ĞůĂďŽƌĂŵ ƉĞƌĨŝƐ
ĂĐĂĚġŵŝĐŽƐ͕ ;ŝ͘Ğ͘ WůĂƚĂĨŽƌŵĂ >ĂƚƚĞƐͿ͕ ƐĞƌĆŽ ĐŽŶƐŝĚĞƌĂĚĂƐ ĐŽŵŽ ƚŽƌŶĂĚĂƐ ƉƷďůŝĐĂƐ ƉĞůŽ;ĂͿ ƚŝƚƵůĂƌ ĚĞ ĚĂĚŽƐ Ğ
ƉŽĚĞŵƐĞƌĐŽŶƐƵůƚĂĚĂƐŶŽĚĞĐŽƌƌĞƌĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘


ϯ͘&'sŐĂƌĂŶƚŝƌĄŽĞdžĞƌĐşĐŝŽĚŽƐĚŝƌĞŝƚŽƐĂƐƐĞŐƵƌĂĚŽƐƉĞůĂ>Ğŝϭϯ͘ϳϬϵͬϮϬϭϴ͕>'W͕ĞdžĐůƵƐŝǀĂŵĞŶƚĞƉĞůŽĐĂŶĂů
ĚŝƐƉŽŶşǀĞů ŶŽ ůŝŶŬ ŚƚƚƉƐ͗ͬͬƉŽƌƚĂů͘ĨŐǀ͘ďƌͬƉƌŽƚĞĐĂŽͲĚĂĚŽƐͲƉĞƐƐŽĂŝƐ͕ ŵĞĚŝĂŶƚĞ ĐůŝƋƵĞ͕ ĐĂĚĂƐƚƌŽ Ğ ƌĞŐŝƐƚƌŽ ĚĞ
ƐŽůŝĐŝƚĂĕĆŽ ŶĂ ŽƉĕĆŽ ͞ŽŶŚĞĕĂ Ž WŽƌƚĂů ĚŽƐ ŝƌĞŝƚŽƐ ĚŽƐ dŝƚƵůĂƌĞƐ &'s͘͟ KƐ ĚĞŵĂŝƐ ĚŽĐƵŵĞŶƚŽƐ͕ ĂĕƁĞƐ ĚĞ
ĐŽŶĨŽƌŵŝĚĂĚĞĞWŽůşƚŝĐĂƐĚĂ&'sƐŽďƌĞƉƌŽƚĞĕĆŽĚĞĚĂĚŽƐƉĞƐƐŽĂŝƐƋƵĞĞƐƚĞũĂŵƉƷďůŝĐŽƐƉŽĚĞƌĆŽƐĞƌĂĐĞƐƐĂĚŽƐ

ϭϮ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 

ƉĞůŽ;ĂͿĂŶĚŝĚĂƚŽ;ĂͿŶŽůŝŶŬƐƵƉƌĂĐŝƚĂĚŽ͘
ϰ͘&'sƚŽŵĂƌĄĂƐŵĞĚŝĚĂƐĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐĞƐŝƐƚġŵŝĐĂƐƌĂnjŽĄǀĞŝƐĞĐŽŵƉĂƚşǀĞŝƐĐŽŵŽƐƌŝƐĐŽƐƉĂƌĂŐĂƌĂŶƚŝƌĂ
ƐĞŐƵƌĂŶĕĂĚĂƐŝŶĨŽƌŵĂĕƁĞƐƉĞƐƐŽĂŝƐĐŽŶƚƌĂƉĞƌĚĂ͕ŝŶƚĞƌĨĞƌġŶĐŝĂ͕ƵƐŽŝŶĚĞǀŝĚŽ͕ĂĐĞƐƐŽŶĆŽĂƵƚŽƌŝnjĂĚŽ͕ĚŝǀƵůŐĂĕĆŽ
ŽƵĚĞƐƚƌƵŝĕĆŽ͘


ϱ͘KƐĚĂĚŽƐƉĞƐƐŽĂŝƐĚŽ;ĂͿĂŶĚŝĚĂƚŽ;ĂͿƐĞƌĆŽĞůŝŵŝŶĂĚŽƐĚŽƐƐŝƐƚĞŵĂƐ&'sŵĞĚŝĂŶƚĞƌĞƋƵŝƐŝĕĆŽƉƌŽĐĞĚĞŶƚĞĚŽ;ĂͿ
ŵĞƐŵŽ;ĂͿŽƵ͕ĞƐƉĞĐŝĂůŵĞŶƚĞ͕ƋƵĂŶĚŽĞƐƚĞƐŶĆŽĨŽƌĞŵŵĂŝƐŶĞĐĞƐƐĄƌŝŽƐƉĂƌĂĂƐĨŝŶĂůŝĚĂĚĞƐĚŽƉƌĞƐĞŶƚĞĚŝƚĂů͕
ƐĂůǀŽƐĞŚŽƵǀĞƌƋƵĂůƋƵĞƌďĂƐĞůĞŐĂůƉĂƌĂĂƐƵĂŵĂŶƵƚĞŶĕĆŽ͕ĐŽŶĨŽƌŵĞĞƐƚŝƉƵůĂĂ>'WŶĂ^ĞĕĆŽ/sĚĞƐĞƵĂƉşƚƵůŽ
//͘

ϭϯ
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 14 página(s) - Data e horário baseado em Brasília, Brasil
Sincronizado com a www.digicert.com
Certificado gerado em 16 de junho de 2023, 16:45:01

CPDOC MESTR PROF BENS CULT PROF SOC 2024 (CPDOC MESTR PROF BENS CULT
PROF SOC 2024.pdf)
FGV Assinatura Digital ID 335a96dd-e03f-45c4-8da6-08db3f568e44
Código do documento 4c8beab3-0731-46d6-f424-08db3f55ea3f

Assinaturas

Caroline Rejane de Oliveira

Caroline Rejane de Oliveira Figueiredo
caroline.figueiredo@fgv.br
Assinou Figueiredo

Antonio de Araujo Freitas Junior Antonio de Araujo Freitas

pgcapes@fgv.br
Assinou Junior

Eventos do documento

16/06/2023, 16:21:21
ELZINARA ALMEIDA - E-mail: elzinara.almeida@fgv.br solicitou assinaturas.

16/06/2023, 16:28:49
CAROLINE REJANE DE OLIVEIRA FIGUEIREDO assinou (Autenticidade 0f97c187f1a0473f8287ca0271516133) - E-mail:
caroline.figueiredo@fgv.br - CPF: 141.509.627-90 - IP: 10.20.12.29 - Geolocalização: -22.9310464, -43.1816704

16/06/2023, 16:44:20
ANTONIO DE ARAUJO FREITAS JUNIOR assinou (Autenticidade 0f73069369bf4822ac4faa38d5a79fa7) - E-mail:
pgcapes@fgv.br - CPF: 004.189.514-20 - IP: 187.127.33.192 - Geolocalização: -19.98198198198198, -43.98098274763141

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