&hEK'dh>/KsZ'^
(6&2/$'(&,Ç1&,$662&,$,6)*9&3'2&
EdZKW^Yh/^KhDEdK,/^dMZ/KEdDWKZEKZ^/>
/d>WZK^^K^>d/sK
WZK'ZDWM^Ͳ'ZhKD,/^dMZ/͕WK>1d/E^h>dhZ/^;WWW,WͿ
KhdKZKD/KD,/^dMZ/͕WK>1d/E^h>dhZ/^
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 WZKsEdZs/^d ϰ
ϳ K^Z/dZ/K^WZWZKsKK^E/dK^ ϱ
ϴ WZͲDdZ1h>DdZ1h> ϱ
ϵ ^K>^^^dhK ϳ
ϭϬ KE>DEdKdZEDEdKDdZ1h> ϴ
ϭϭ ^/^WK^/O^'Z/^ ϴ

EyK^ W'/E
EyK/ͲZKEK'ZD ϵ
EyK//Ͳ/Ed/'EZKW^^KKD&//E/ ϭϬ
EyK///ͲWZKdKK^ ϭϭ


FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - 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'^
(6&2/$'(&,Ç1&,$662&,$,6±)*9&3'2&
EdZKW^Yh/^KhDEdK,/^dMZ/KEdDWKZEKZ^/>;WKͿ
/d>WZK^^K^>d/sK
WZK'ZDWM^Ͳ'ZhKD,/^dMZ/͕WK>1d/E^h>dhZ/^;WWW,WͿ
KhdKZKD,/^dMZ/͕WK>1d/E^h>dhZ/^
ϮϬϮϰ

&ƵŶĚĂĕĆŽ'ĞƚƵůŝŽsĂƌŐĂƐ ƚŽƌŶĂƉƷďůŝĐŽĂĂďĞƌƚƵƌĂĚĂƐŝŶƐĐƌŝĕƁĞƐƉĂƌĂŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĚŽƵƌƐŽĚĞŽƵƚŽƌĂĚŽ
Ğŵ,ŝƐƚſƌŝĂ͕WŽůşƚŝĐĂĞĞŶƐƵůƚƵƌĂŝƐ͕ƉĂƌĂŽĂŶŽĚĞϮϬϮϰĚĂƐĐŽůĂĚĞŝġŶĐŝĂƐ^ŽĐŝĂŝƐͲ&'sWK͘

ϭ͘KhZ^K
ϭ͘ϭKĐƵƌƐŽŽďƚĞǀĞƌĞĐŽŶŚĞĐŝŵĞŶƚŽƉĞůĂWŽƌƚĂƌŝĂŶǑϲϬϵ͕ĚĞϭϰͬϬϯͬϮϬϭϵ͕ƉƵďůŝĐĂĚĂŶŽKhŶǑϱϮ͕ĚĞϭϴͬϬϯͬϮϬϭϵ͘

ϭ͘ϮKĐƵƌƐŽƚĞŵĚƵƌĂĕĆŽŵĄdžŝŵĂĚĞϰ;ƋƵĂƚƌŽͿĂŶŽƐĚŝǀŝĚŝĚŽƐĞŵƐĞŵĞƐƚƌĞƐůĞƚŝǀŽƐ͘

Ϯ͘^KE/O^
Ϯ͘ϭ͘WŽĚĞŵŝŶƐĐƌĞǀĞƌͲƐĞĐĂŶĚŝĚĂƚŽƐďƌĂƐŝůĞŝƌŽƐĞĞƐƚƌĂŶŐĞŝƌŽƐ͕ƌĞƐŝĚĞŶƚĞƐŽƵŶĆŽŶŽƌĂƐŝů͕ƉŽƌƚĂĚŽƌĞƐĚĞŝƉůŽŵĂƐĚĞ
'ƌĂĚƵĂĕĆŽ͕ĞŵĐƵƌƐŽƐƌĞĐŽŶŚĞĐŝĚŽƐƉĞůŽD͕ŽƵĚĞŝƉůŽŵĂƐĞƐƚƌĂŶŐĞŝƌŽƐǀĂůŝĚĂĚŽƐƉĞůŽŐŽǀĞƌŶŽďƌĂƐŝůĞŝƌŽ͘

Ϯ͘Ϯ͘ ŵ ĐĂƐŽ ĚĞ ŝƉůŽŵĂ ŽďƚŝĚŽ Ğŵ /ŶƐƚŝƚƵŝĕƁĞƐ ĞƐƚƌĂŶŐĞŝƌĂƐ͕ Ž ĚŽĐƵŵĞŶƚŽ ĚĞǀĞƌĄ ƐĞƌ ĐŽŶƐƵůĂƌŝnjĂĚŽ ƉĞůĂ
ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƌĂƐŝů ;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿ ŶŽ ƉĂşƐ ĚĞ ŽƌŝŐĞŵ ĚŽ ŝƉůŽŵĂ ŽƵ ĂƉŽƐƚŝůĂĚŽ͕ ĐŽŶĨŽƌŵĞ Ă
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͘

Ϯ͘ϯ ^ĞƌĆŽ ƉĞƌŵŝƚŝĚĂƐ ŝŶƐĐƌŝĕƁĞƐ ĚĞ ĐĂŶĚŝĚĂƚŽƐ Ğŵ ĨĂƐĞ ĚĞ ĐŽŶĐůƵƐĆŽ ĚĞ ĐƵƌƐŽ ĚĞ 'ƌĂĚƵĂĕĆŽ͘ WĂƌĂ Ă ŵĂƚƌşĐƵůĂ͕ Ă
ĐŽŵƉƌŽǀĂĕĆŽĚĂĐŽŶĐůƵƐĆŽĚŽĐƵƌƐŽĠŽďƌŝŐĂƚſƌŝĂ͘

Ϯ͘ϰKƌŽŶŽŐƌĂŵĂĐŽŵĂƐƚĂƉĂƐĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĞĂĚĂƚĂĚŽŝŶşĐŝŽĚŽĐƵƌƐŽĞƐƚĆŽĚŝƐƉŽŶşǀĞŝƐŶŽĂŶĞdžŽ/ĚĞƐƚĞĚŝƚĂů͘

ϯ͘^s'^
ϯ͘ϭ^ĞƌĆŽŽĨĞƌƚĂĚĂƐϭϬ;ĚĞnjͿǀĂŐĂƐĞŽƐĞƵƉƌĞĞŶĐŚŝŵĞŶƚŽŽďĞĚĞĐĞƌĄĂŽƐĐƌŝƚĠƌŝŽƐĚĞĐůĂƐƐŝĨŝĐĂĕĆŽĚŝƐƉŽƐƚŽƐĚĞƐƚĞĚŝƚĂů͘

ϯ͘ϮKWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĠǀĄůŝĚŽƉĂƌĂŝŶŐƌĞƐƐŽŶŽĂŶŽĚĞϮϬϮϰŶĆŽŚĂǀĞŶĚŽƌĞƐĞƌǀĂĚĞǀĂŐĂƉĂƌĂƉĞƌşŽĚŽƐƉŽƐƚĞƌŝŽƌĞƐ͘

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 ZΨϲϬ͕ϬϬ;ƐĞƐƐĞŶƚĂƌĞĂŝƐͿƉĂƌĂŽƐďŽůĞƚŽƐĞŵŝƚŝĚŽƐĚĞϬϭͬϬϴĂϯϭͬϭϬͬϮϬϮϯĂƚĠϭϴŚ͘

Ϯ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - 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^ĞůĞƚŝǀŽ͕ŽƐĐĂŶĚŝĚĂƚŽƐƋƵĞĞĨĞƚƵĂƌĞŵŽƉĂŐĂŵĞŶƚŽĚĂƚĂdžĂĚĞ
ŝŶƐĐƌŝĕĆŽ͕ĚĞŶƚƌŽĚŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽ͖
ŝ͘ WĂŐĂŵĞŶƚŽƐĨŽƌĂĚŽƉƌĂnjŽĚĞŝŶƐĐƌŝĕĆŽŽƵĂŶĆŽƌĞĂůŝnjĂĕĆŽĚĂŝŶƐĐƌŝĕĆŽĚĞŵĂŶĞŝƌĂĚĞǀŝĚĂĞdžĐůƵĞŵŽĐĂŶĚŝĚĂƚŽ
ĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕ŝŶĚĞƉĞŶĚĞŶƚĞĚĂĐĞƌƚŝĨŝĐĂĕĆŽŽďƚŝĚĂŶŽƐŝƚĞ͕ƋƵĞĂƚĞƐƚĂƐŽŵĞŶƚĞŽĐƌĠĚŝƚŽƌĞĐĞďŝĚŽƉĞůĂ
&'s͕ŶĆŽĐŽŶĨŝƌŵĂŶĚŽĂŝŶƐĐƌŝĕĆŽƌĞĂůŝnjĂĚĂĨŽƌĂĚĂƐƌĞŐƌĂƐĞƐƚŝƉƵůĂĚĂƐŶĞƐƚĞĚŝƚĂů͖
ũ͘ KĐĂŶĚŝĚĂƚŽƉŽĚĞƌĄƐŽůŝĐŝƚĂƌŽĐĂŶĐĞůĂŵĞŶƚŽĚĂƐƵĂƉĂƌƚŝĐŝƉĂĕĆŽŶŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽĞĂĚĞǀŽůƵĕĆŽĚĂƚĂdžĂ
ĚĞŝŶƐĐƌŝĕĆŽ͕ĞŵĂƚĠϬϳ;ƐĞƚĞͿĚŝĂƐĐŽƌƌŝĚŽƐĂĐŽŶƚĂƌĚĂĚĂƚĂĚĞƉĂŐĂŵĞŶƚŽ͘ƉſƐŽƌĞĨĞƌŝĚŽƉƌĂnjŽ͕ŶĆŽƐĞƌĆŽ
ĞĨĞƚƵĂĚŽƐƌĞƐƐĂƌĐŝŵĞŶƚŽĚŽƐǀĂůŽƌĞƐƉĂŐŽƐ͘

ϰ͘ϮĂĨŽƌŵĂůŝnjĂĕĆŽĚĂŝŶƐĐƌŝĕĆŽ
ϰ͘Ϯ͘ϭŝŶƐĐƌŝĕĆŽƐĞƌĄĨŽƌŵĂůŝnjĂĚĂŵĞĚŝĂŶƚĞŽƵƉůŽĂĚĚĂĚŽĐƵŵĞŶƚĂĕĆŽĂďĂŝdžŽ͕ŶĂƉĄŐŝŶĂĚĞŝŶƐĐƌŝĕĆŽĚŽWƌŽĐĞƐƐŽ
^ĞůĞƚŝǀŽ;ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲƐĞůĞƚŝǀŽͿ͘
Ă͘ ŽĐƵŵĞŶƚŽĚĞ/ĚĞŶƚŝĚĂĚĞ͖
ď͘ WĂƐƐĂƉŽƌƚĞ;ĐĂŶĚŝĚĂƚŽƐĞƐƚƌĂŶŐĞŝƌŽƐͿ͖
Đ͘ ƵƌƌşĐƵůŽ>ĂƚƚĞƐͬEWƋ;ŚƚƚƉ͗ͬͬůĂƚƚĞƐ͘ĐŶƉƋ͘ďƌͿ͖
Ě͘ &ŽƌŵƵůĄƌŝŽĚĞŝŶĐůƵƐĆŽĚĞEŽŵĞ^ŽĐŝĂůͲĂŶĞdžŽ//;ŽƉĐŝŽŶĂůͿ͖
Ğ͘ >ĂƵĚŽDĠĚŝĐŽ;WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂͿͲŝƚĞŵϴ͘Ϯ͘ϱĞĂŶĞdžŽ//͖
Ĩ͘ ŝƉůŽŵĂ ĚĞ 'ƌĂĚƵĂĕĆŽ͘ ŵĐĂƐŽĚĞĐƵƌƐŽ ƌĞĂůŝnjĂĚŽ ŶŽĞdžƚĞƌŝŽƌ͕Ž ĚŽĐƵŵĞŶƚŽ ĚĞǀĞƌĄƐĞƌ ĐŽŶƐƵůĂƌŝnjĂĚŽƉĞůĂ
ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƌĂƐŝů ;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿ ŶŽ ƉĂşƐ ĚĞ ŽƌŝŐĞŵ ĚŽ ŝƉůŽŵĂ ŽƵ ĂƉŽƐƚŝůĂĚŽ͕ ĐŽŶĨŽƌŵĞ Ă
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͖
Ő͘ ĂŶĚŝĚĂƚŽƐ Ğŵ ĨĂƐĞ ĚĞ ĐŽŶĐůƵƐĆŽ ĚŽ ĐƵƌƐŽ ĚĞ ŐƌĂĚƵĂĕĆŽ ƉŽĚĞƌĆŽ ĂƉƌĞƐĞŶƚĂƌ͕ ƉĂƌĂ ŝŶƐĐƌŝĕĆŽ ĂŽ WƌŽĐĞƐƐŽ
^ĞůĞƚŝǀŽ͕ĚĞĐůĂƌĂĕĆŽĐŽŵƉƌĞǀŝƐĆŽĚĞĐŽŶĐůƵƐĆŽĚĞĐƵƌƐŽ;ĞŵŝƚŝĚĂŚĄŵĞŶŽƐĚĞϲϬĚŝĂƐͿ͘WĂƌĂĂĞĨĞƚŝǀĂĕĆŽĚĂ
ŵĂƚƌşĐƵůĂƐĞƌĄŽďƌŝŐĂƚſƌŝĂĂĂƉƌĞƐĞŶƚĂĕĆŽĚŽŝƉůŽŵĂŽƵĞĐůĂƌĂĕĆŽĐŽŶƚĞŶĚŽĂĚĂƚĂĚĞĚĞĨĞƐĂĚŽƚƌĂďĂůŚŽĚĞ
ĐŽŶĐůƵƐĆŽĚĞĐƵƌƐŽ͖
Ś͘ WƌŽũĞƚŽ ĚĞ WĞƐƋƵŝƐĂ ;ŵĄdžŝŵŽ ĚĞ ϭϱ ƉĄŐŝŶĂƐ͕ ŝŶĐůƵŝŶĚŽ ĐĂƉĂ Ğ ďŝďůŝŽŐƌĂĨŝĂ͖ ŽďũĞƚŽ ĚĞ ƉĞƐƋƵŝƐĂ͖ ŽďũĞƚŝǀŽƐ͖
ũƵƐƚŝĨŝĐĂƚŝǀĂĂƉŽŶƚĂŶĚŽŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ͕ŝŶĐůƵƐŝǀĞ͕ĂĐŽŶĞdžĆŽĚĂƐƵĂƉƌŽƉŽƐƚĂĚĞƉĞƐƋƵŝƐĂĐŽŵƵŵĂĚĂƐůŝŶŚĂƐ
ĚŽ WW,W ƋƵĞ ƉŽĚĞŵ ƐĞƌ ĐŽŶƐƵůƚĂĚĂƐ Ğŵ͗ ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬůŝŶŚĂƐͲĚĞͲƉĞƐƋƵŝƐĂηůŝŶŚĂϭ͖
ŵĞƚŽĚŽůŽŐŝĂ͖ƋƵĂĚƌŽƚĞſƌŝĐŽ͖ďŝďůŝŽŐƌĂĨŝĂͿ͕ĐŽŵĂƐĞŐƵŝŶƚĞĨŽƌŵĂƚĂĕĆŽ͗
xƐƉĂĕŽĞŶƚƌĞůŝŶŚĂƐ͗ϭ͕ϱ͖&ŽŶƚĞ͗dŝŵĞƐEĞǁZŽŵĂŶ͖dĂŵĂŶŚŽĚĂĨŽŶƚĞ͗ϭϮ͖
xDĂƌŐĞŶƐ͗Ϯ͕ϱ͕WĂƉĞů͗ϰ͖
ŝ͘ DĞŵŽƌŝĂů ƐŽďƌĞ Ă ƚƌĂũĞƚſƌŝĂ ĂĐĂĚġŵŝĐĂ ĚŽ ĐĂŶĚŝĚĂƚŽ ;ŵĄdžŝŵŽ ĚĞ ϱ ƉĄŐŝŶĂƐ͕ ĐŽŶƚĂŶĚŽ ĐŽŵ Ă ĐĂƉĂͿ͕
ĂƉƌĞƐĞŶƚĂŶĚŽ ũƵƐƚŝĨŝĐĂƚŝǀĂ ĐŽŶĐƌĞƚĂ ƐŽďƌĞ Ă ĂĨŝŶŝĚĂĚĞ ĚŽ ĐĂŶĚŝĚĂƚŽ ĐŽŵ Ž ĐƵƌƐŽ ĚĞ ŽƵƚŽƌĂĚŽ͕ ĚĞŶƚƌŽ ĚĂ
ƐĞŐƵŝŶƚĞĨŽƌŵĂƚĂĕĆŽ͗
xƐƉĂĕŽĞŶƚƌĞůŝŶŚĂƐ͗ϭ͕ϱ͖&ŽŶƚĞ͗dŝŵĞƐEĞǁZŽŵĂŶ͖dĂŵĂŶŚŽĚĂĨŽŶƚĞ͗ϭϮ͖
xDĂƌŐĞŶƐ͗Ϯ͕ϱ͖WĂƉĞů͗ϰ͘

ϰ͘Ϯ͘ϮKWƌŽũĞƚŽĚĞWĞƐƋƵŝƐĂĞŽDĞŵŽƌŝĂůƋƵĞŶĆŽĐƵŵƉƌŝƌĞŵĂƐƌĞŐƌĂƐĂĐŝŵĂĞƐƚĂďĞůĞĐŝĚĂƐ͕ŶĆŽƐĞƌĆŽĂŶĂůŝƐĂĚŽƐ͘

/ŶĨŽƌŵĂĕƁĞƐŽŵƉůĞŵĞŶƚĂƌĞƐ͗
ϭ͘ dŽĚŽƐŽƐĚŽĐƵŵĞŶƚŽƐĚĞǀĞƌĆŽƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐ͕ƐĂůǀŽƐŶŽĨŽƌŵĂƚŽ͞W&͟ƚĂŵĂŶŚŽŵĄdžŝŵŽƉĞƌŵŝƚŝĚŽƉĂƌĂƵƉůŽĂĚĚĞ
ĐĂĚĂĚŽĐƵŵĞŶƚŽĠĚĞϭ͕ϱDď͘
Ϯ͘ EĆŽƐĞƌĆŽĂĐĞŝƚĂƐĨŽƚŽƐĚĞĚŽĐƵŵĞŶƚŽƐ͘
ϯ͘ KƐĚŽĐƵŵĞŶƚŽƐƋƵĞƉŽƐƐƵĞŵĨƌĞŶƚĞĞǀĞƌƐŽŽƵŵĂŝƐĚĞϭ;ƵŵĂͿƉĄŐŝŶĂĚĞǀĞŵƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐĞŵƵŵƷŶŝĐŽĂƌƋƵŝǀŽ;Ğdž͗͘
ŝĚĞŶƚŝĚĂĚĞ͕ƉĂƐƐĂƉŽƌƚĞ͕ŝƉůŽŵĂĞƚĐ͘Ϳ͘
ϰ͘ ŽĐƵŵĞŶƚŽƐŝůĞŐşǀĞŝƐ͕ŝŶĐŽŵƉůĞƚŽƐŽƵĨŽƌĂĚŽƐƉĂĚƌƁĞƐĂĐŝŵĂĞƐƚĂďĞůĞĐŝĚŽƐŝŶǀĂůŝĚĂƌĆŽĂŝŶƐĐƌŝĕĆŽĚŽĐĂŶĚŝĚĂƚŽ͘
ϱ͘ KƐ ĐĂŶĚŝĚĂƚŽƐ ĚĞǀĞƌĆŽ ĐŽŶƐƵůƚĂƌ Ž ƐƚĂƚƵƐ ĚĂ ĚŽĐƵŵĞŶƚĂĕĆŽ ĞŶǀŝĂĚĂ ĂƚƌĂǀĠƐ ĚŽ ůŝŶŬ
ŚƚƚƉ͗ͬͬƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͘ĨŐǀ͘ďƌͬKDWE,DEdKͬ,͘KƐĚŽĐƵŵĞŶƚŽƐƐĞƌĆŽǀĞƌŝĨŝĐĂĚŽƐŶŽƉƌĂnjŽĚĞϯ;ƚƌġƐͿĚŝĂƐ
ƷƚĞŝƐ͘

ϯ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - 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
ϱ͘ϭKƐĐĂŶĚŝĚĂƚŽƐĂŽŽƵƚŽƌĂĚŽƐĞƌĆŽƐĞůĞĐŝŽŶĂĚŽƐƉŽƌƵŵĂŽŵŝƐƐĆŽĐŽŶƐƚŝƚƵşĚĂƉŽƌŽĐĞŶƚĞƐĚŽWƌŽŐƌĂŵĂ͕ĚĞ
ĂĐŽƌĚŽĐŽŵŽƐĐƌŝƚĠƌŝŽƐĂďĂŝdžŽĞƐƉĞĐŝĨŝĐĂĚŽƐ͗
Ă͘ ŶĄůŝƐĞĚŽWƌŽũĞƚŽĚĞWĞƐƋƵŝƐĂ͕ĚŽDĞŵŽƌŝĂůĞĚŽƵƌƌşĐƵůŽ>ĂƚƚĞƐ͖
ď͘ WƌŽǀĂĚĞ/ĚŝŽŵĂ͖
Đ͘ ŶƚƌĞǀŝƐƚĂ͘

ϱ͘ϮKƐĐƌŝƚĠƌŝŽƐĚĞƐĐƌŝƚŽƐŶŽŝƚĞŵϱ͘ϭƐĆŽĚĞĐĂƌĄƚĞƌĞůŝŵŝŶĂƚſƌŝŽ͘

ϲ͘WZKsEdZs/^d

ϲ͘ϭWƌŽǀĂĚĞ/ĚŝŽŵĂ

ϲ͘ϭ͘ϭ͘WƌŽǀĂĚĞ/ĚŝŽŵĂƐĞƌĄƌĞĂůŝnjĂĚĂƉƌĞƐĞŶĐŝĂůŵĞŶƚĞŶĂĚĂƚĂĞƐƚŝƉƵůĂĚĂŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͘

ϲ͘ϭ͘Ϯ͘  ƉƌŽǀĂ ƐĞƌĄ ĚĞ ĐŽŵƉƌĞĞŶƐĆŽ ĚĞ Ϯ ;ĚƵĂƐͿ ůşŶŐƵĂƐ ĞƐƚƌĂŶŐĞŝƌĂƐ͕ ƐĞŶĚŽ Ă ϭǐ ;ƉƌŝŵĞŝƌĂͿ͕ŽďƌŝŐĂƚŽƌŝĂŵĞŶƚĞ͕Ă
>şŶŐƵĂ/ŶŐůĞƐĂĞĂϮǐ;ƐĞŐƵŶĚĂͿĞƐĐŽůŚŝĚĂƉĞůŽĐĂŶĚŝĚĂƚŽĚĞŶƚƌĞĂƐŽƉĕƁĞƐ͗ĞƐƉĂŶŚŽůŽƵĨƌĂŶĐġƐ͘

ϲ͘ϭ͘ϯ͘ĚƵƌĂĕĆŽĚĂWƌŽǀĂĚĞ/ĚŝŽŵĂƐĞƌĄĚĞϬϮ;ĚƵĂƐͿŚŽƌĂƐ͕ƐĞŶĚŽƉĞƌŵŝƚŝĚĂĂƵƚŝůŝnjĂĕĆŽĚĞĚŝĐŝŽŶĄƌŝŽ͘ŵŚŝƉſƚĞƐĞ
ĂůŐƵŵĂŚĂǀĞƌĄƉƌŽƌƌŽŐĂĕĆŽĚŽƚĞŵƉŽĚĞƉƌŽǀĂ͘

ϲ͘ϮŶƚƌĞǀŝƐƚĂ
ϲ͘Ϯ͘ϭĞŶƚƌĞǀŝƐƚĂŽĐŽƌƌĞƌĄĚĞĨŽƌŵĂƌĞŵŽƚĂ;ŽŶůŝŶĞͿ͕ŶĂƐĚĂƚĂƐĞƐƚŝƉƵůĂĚĂƐŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͘
ϲ͘Ϯ͘ϮĐŽŵƵŶŝĐĂĕĆŽƉĂƌĂŽĂŐĞŶĚĂŵĞŶƚŽĚĂĞŶƚƌĞǀŝƐƚĂƐĞƌĄƌĞĂůŝnjĂĚĂƉŽƌĞͲŵĂŝů͕ƉĞůĂ^ĞĐƌĞƚĂƌŝĂĐĂĚġŵŝĐĂĚŽ
WW,W͘

ϲ͘ϯKƌŝĞŶƚĂĕƁĞƐƉĂƌĂĂWƌŽǀĂĚĞ/ĚŝŽŵĂ
Ă͘ K ĐĂŶĚŝĚĂƚŽ ĚĞǀĞƌĄ ĐŚĞŐĂƌ ĂŽ ůŽĐĂů ĚĂ ƉƌŽǀĂ ĐŽŵ͕ ƉĞůŽ ŵĞŶŽƐ͕ ϯϬ ;ƚƌŝŶƚĂͿ ŵŝŶƵƚŽƐ ĚĞ ĂŶƚĞĐĞĚġŶĐŝĂ͕
ƉŽƌƚĂŶĚŽĠĚƵůĂĚĞ/ĚĞŶƚŝĚĂĚĞ;Z'ͿŽƌŝŐŝŶĂů͕ĐŽŵĨŽƚŽƌĞĐĞŶƚĞ͘EĆŽƐĞƌĆŽĂĐĞŝƚĂƐĐſƉŝĂƐdžĞƌŽŐƌĄĨŝĐĂƐŽƵ
ĚŽĐƵŵĞŶƚŽƐƋƵĞŝŵƉĞĕĂŵĂĞĨĞƚŝǀĂŝĚĞŶƚŝĨŝĐĂĕĆŽĚŽƐƉĂƌƚŝĐŝƉĂŶƚĞƐ͖
ď͘ ŵŚŝƉſƚĞƐĞĂůŐƵŵĂŚĂǀĞƌĄƌĞĂŐĞŶĚĂŵĞŶƚŽĚĂƉƌŽǀĂĞŵĚĞĐŽƌƌġŶĐŝĂĚŽŶĆŽĐƵŵƉƌŝŵĞŶƚŽĚĞƋƵĂůƋƵĞƌ
ŝƚĞŵĚĞƐƚĞĚŝƚĂů͖
Đ͘ K ĐĂŶĚŝĚĂƚŽ ĞƐƚĄ ĂƵƚŽƌŝnjĂĚŽ Ă ƵƚŝůŝnjĂƌ ƌĂƐĐƵŶŚŽ͕ ůĄƉŝƐ͕ ĐĂŶĞƚĂ ĞƐĨĞƌŽŐƌĄĨŝĐĂ ;ĂnjƵů ŽƵ ƉƌĞƚĂͿ Ğ ďŽƌƌĂĐŚĂ
ĚƵƌĂŶƚĞĂƉƌŽǀĂ͘YƵĂŝƐƋƵĞƌŽƵƚƌŽƐŽďũĞƚŽƐ͕ĐŽŵŽďŽůƐĂƐ͕ŵŽĐŚŝůĂƐ͕ƐĂĐŽůĂƐ͕ůŝǀƌŽƐ͕ĐĂĚĞƌŶŽƐ͕ĐĂůĐƵůĂĚŽƌĂƐ͕
ĐĞůƵůĂƌĞƐ͕ƌĞůſŐŝŽƐ͕ƚĂďůĞƚĞĂƉĂƌĞůŚŽƐĞůĞƚƌƀŶŝĐŽƐŶĆŽƉŽĚĞƌĆŽƐĞƌƵƚŝůŝnjĂĚŽƐĚƵƌĂŶƚĞĂƉƌŽǀĂ͖
Ě͘ KĐĂŶĚŝĚĂƚŽŶĆŽƉŽĚĞƌĄƌĞĂůŝnjĂƌĂƉƌŽǀĂƚƌĂũĂŶĚŽďŽŶĠ͕ĐŚĂƉĠƵ͕ſĐƵůŽƐĞƐĐƵƌŽƐŽƵƋƵĂůƋƵĞƌĂĐĞƐƐſƌŝŽƋƵĞ
ĚŝĨŝĐƵůƚĞŽƵŶĆŽƉĞƌŵŝƚĂƐƵĂŝĚĞŶƚŝĨŝĐĂĕĆŽ͖
Ğ͘ &'sŶĆŽĠƌĞƐƉŽŶƐĄǀĞůƉĞůĂŐƵĂƌĚĂĚĞƋƵĂŝƐƋƵĞƌĚŽƐŽďũĞƚŽƐŵĞŶĐŝŽŶĂĚŽƐĞŶĆŽƐĞƌĞƐƉŽŶƐĂďŝůŝnjĂƌĄƉŽƌ
ƉĞƌĚĂƐŽƵĞdžƚƌĂǀŝŽƐĚĞĚŽĐƵŵĞŶƚŽƐĚĞŝĚĞŶƚŝĨŝĐĂĕĆŽĞĚĞŵĂŝƐŽďũĞƚŽƐ͕ŽĐŽƌƌŝĚŽƐĚƵƌĂŶƚĞĂƌĞĂůŝnjĂĕĆŽĚĂ
ƉƌŽǀĂ͕ŶĞŵƉŽƌĚĂŶŽƐĂĞůĞƐĐĂƵƐĂĚŽƐ͖
Ĩ͘ ŽŝŶŐƌĞƐƐĂƌŶŽƌĞĐŝŶƚŽĚĞƉƌŽǀĂ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄĚĞƐůŝŐĂƌĞŐƵĂƌĚĂƌŽƚĞůĞĨŽŶĞĐĞůƵůĂƌĞĞƋƵŝƉĂŵĞŶƚŽƐ
ĞůĞƚƌƀŶŝĐŽƐ͕ĂůĠŵĚĞŽƵƚƌŽƐŽďũĞƚŽƐ͕ƐŽďƉĞŶĂĚĞĞůŝŵŝŶĂĕĆŽĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͖
Ő͘ EĆŽ ƐĞƌĄ ƉĞƌŵŝƚŝĚŽ ĂĐĞƐƐĂƌ ĂƐ ĚĞƉĞŶĚġŶĐŝĂƐ ĚĂ &'s ƚƌĂũĂŶĚŽ ďĞƌŵƵĚĂ͕ ĐŚŝŶĞůŽƐ͕ ĐĂŵŝƐĞƚĂƐ ƌĞŐĂƚĂƐ͕
ŵŝŶŝƐƐĂŝĂ͕ďůƵƐĂŵŽĚĞůŽƚŽƉŽƵĐƌŽƉƉĞĚ͘

ϲ͘ϰKƌŝĞŶƚĂĕƁĞƐƉĂƌĂĂŶƚƌĞǀŝƐƚĂ
Ă͘ K ĐĂŶĚŝĚĂƚŽ ĂƉƚŽ Ă ƉĂƌƚŝĐŝƉĂƌ ĚŽ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ ƌĞĐĞďĞƌĄ͕ ƉŽƌ ĞͲŵĂŝů͕ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ƚĠĐŶŝĐĂƐ͕
ƌĞĐŽŵĞŶĚĂĕƁĞƐĞŽƌŝĞŶƚĂĕƁĞƐŶĞĐĞƐƐĄƌŝĂƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂĞŶƚƌĞǀŝƐƚĂŽŶůŝŶĞ͖
ď͘ KůŝŶŬƉĂƌĂĂĐĞƐƐŽĂŽĂƉůŝĐĂƚŝǀŽĚĞƌĞĂůŝnjĂĕĆŽĚĂĞŶƚƌĞǀŝƐƚĂŽŶůŝŶĞƐĞƌĄĚŝǀƵůŐĂĚŽƉŽƌĞͲŵĂŝů͘EĆŽƐĞƌĄƉŽƐƐşǀĞů

ϰ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

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

ĂĐĞƐƐĂƌŽůŝŶŬĂƉſƐŽƐĚŝĂƐĞŚŽƌĄƌŝŽƐƉƌĞǀŝĂŵĞŶƚĞĂŐĞŶĚĂĚŽƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƐĂǀĂůŝĂĕƁĞƐ͖
Đ͘ KĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄŝŶƐƚĂůĂƌŽĂƉůŝĐĂƚŝǀŽƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƐĂǀĂůŝĂĕƁĞƐĐŽŵϮϰŚŽƌĂƐĚĞĂŶƚĞĐĞĚġŶĐŝĂ͖
Ě͘ hƚŝůŝnjĂŶĚŽĂ/ŶƚĞƌŶĞƚ͕ŽĐĂŶĚŝĚĂƚŽĚĞǀĞƌĄŝŶŝĐŝĂƌŽĂƉůŝĐĂƚŝǀŽƌĞĐŽŵĞŶĚĂĚŽ͕ƉĞůŽŵĞŶŽƐ͕ϯϬ;ƚƌŝŶƚĂͿŵŝŶƵƚŽƐ
ĂŶƚĞƐĚŽŚŽƌĄƌŝŽĚĞŝŶşĐŝŽĚĂƉƌŽǀĂĞĞŶƚƌĞǀŝƐƚĂ͖
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
ƉĂƌƚŝĐŝƉĂŶƚĞƐ͖
Ĩ͘ ŵŚŝƉſƚĞƐĞĂůŐƵŵĂŚĂǀĞƌĄƌĞĂŐĞŶĚĂŵĞŶƚŽĚĂĞŶƚƌĞǀŝƐƚĂĞŵĚĞĐŽƌƌġŶĐŝĂĚŽŶĆŽĐƵŵƉƌŝŵĞŶƚŽĚĞƋƵĂůƋƵĞƌ
ŝƚĞŵĚĞƐƚĞĚŝƚĂů͖
Ő͘ K ĐĂŶĚŝĚĂƚŽ ŶĆŽ ƉŽĚĞƌĄ ƌĞĂůŝnjĂƌ Ă ĞŶƚƌĞǀŝƐƚĂ ŽŶůŝŶĞ ƚƌĂũĂŶĚŽ ďŽŶĠ͕ ĐŚĂƉĠƵ͕ ſĐƵůŽƐ ĞƐĐƵƌŽƐ ŽƵ ƋƵĂůƋƵĞƌ
ĂĐĞƐƐſƌŝŽƋƵĞĚŝĨŝĐƵůƚĞŽƵŶĆŽƉĞƌŵŝƚĂƐƵĂŝĚĞŶƚŝĨŝĐĂĕĆŽ͘

ϲ͘ϱ^ĞƌĄĞdžĐůƵşĚŽĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŽĐĂŶĚŝĚĂƚŽƋƵĞ͗
Ă͘ ƐƚŝǀĞƌĞŵĐŽŵƵŶŝĐĂĕĆŽĐŽŵŽƵƚƌĂƐƉĞƐƐŽĂƐĚƵƌĂŶƚĞĂƌĞĂůŝnjĂĕĆŽĚĂƉƌŽǀĂ͖
ď͘ >ĂŶĕĂƌŵĆŽĚĞŵĞŝŽƐŝůşĐŝƚŽƐĞŝůĞŐşƚŝŵŽƐĚƵƌĂŶƚĞĂƐĂƚŝǀŝĚĂĚĞƐĚŽƉƌŽĐĞƐƐŽĚĞƐĞůĞĕĆŽ͖
Đ͘ WƌĂƚŝĐĂƌĂƚŽƐƋƵĞĐŽŶƚƌĂƌŝĞŵĂƐŶŽƌŵĂƐĚŽƉƌĞƐĞŶƚĞĚŝƚĂů͖
Ě͘ EĆŽĐŽŵƉĂƌĞĐĞƌăƉƌŽǀĂĞͬŽƵĞŶƚƌĞǀŝƐƚĂŶĂƐĚĂƚĂƐ͕ŚŽƌĄƌŝŽƐĞůŽĐĂŝƐĚĞƚĞƌŵŝŶĂĚŽƐ͘

ϳ͘K^Z/dZ/K^WZWZKsKK^E/dK^
ϳ͘ϭĂƉƌŽǀĂĕĆŽĚĞƉĞŶĚĞƌĄĚŽĚĞƐĞŵƉĞŶŚŽĚŽƐĐĂŶĚŝĚĂƚŽƐŵĞĚŝĂŶƚĞĂŶĄůŝƐĞĚŽĞƐƚĂďĞůĞĐŝĚŽŶŽŝƚĞŵϱͲƌŝƚĠƌŝŽƐ
ĚĞ^ĞůĞĕĆŽ͕WƌŽǀĂĚĞ/ĚŝŽŵĂĞŶƚƌĞǀŝƐƚĂ͘

ϳ͘ϮŵĐĂƐŽĚĞĞŵƉĂƚĞ͕ĂĐůĂƐƐŝĨŝĐĂĕĆŽƐĞƌĄĚĞĨŝŶŝĚĂĐŽŵďĂƐĞŶŽƐƐĞŐƵŝŶƚĞƐĐƌŝƚĠƌŝŽƐ͗
Ă͘ WƌŽũĞƚŽĚĞWĞƐƋƵŝƐĂ͕DĞŵŽƌŝĂůĞƵƌƌşĐƵůŽ>ĂƚƚĞƐŵĞůŚŽƌĐůĂƐƐŝĨŝĐĂĚŽƐ͖
ď͘ DĞůŚŽƌĚĞƐĞŵƉĞŶŚŽŶĂWƌŽǀĂĚĞ/ĚŝŽŵĂ͖
Đ͘ DĞůŚŽƌĚĞƐĞŵƉĞŶŚŽŶĂŶƚƌĞǀŝƐƚĂ͖
Ě͘ DĂŝŽƌŝĚĂĚĞ͕ŶŽĐĂƐŽĚĞƉĞƌƐŝƐƚŝƌĞŵƉĂƚĞĞŵƚŽĚŽƐŽƐĐƌŝƚĠƌŝŽƐĂĐŝŵĂƌĞůĂĐŝŽŶĂĚŽƐ͘

ϳ͘ϯĐůĂƐƐŝĨŝĐĂĕĆŽĨŝŶĂůĚŽƐĐĂŶĚŝĚĂƚŽƐƐĞƌĄĚŝǀƵůŐĂĚĂƉŽƌŽƌĚĞŵĚĞĐƌĞƐĐĞŶƚĞĚŽĚĞƐĞŵƉĞŶŚŽĨŝŶĂůŽďƚŝĚŽ͘

ϳ͘ϰKƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐ͕ŵĂƐŶĆŽĐůĂƐƐŝĨŝĐĂĚŽƐ͕ƐĞƌĆŽĚŝƐƉŽƐƚŽƐĞŵŽƌĚĞŵĚĞĐƌĞƐĐĞŶƚĞĞĐŽŶƐƚŝƚƵŝƌĆŽƵŵĂůŝƐƚĂ
ĚĞĞƐƉĞƌĂƋƵĞƉŽĚĞƌĄůĞǀĂƌăŵĂƚƌşĐƵůĂĞŵĐĂƐŽĚĞĚĞƐŝƐƚġŶĐŝĂŽƵĚĞƐĐůĂƐƐŝĨŝĐĂĕĆŽĚĞĐĂŶĚŝĚĂƚŽƐĐůĂƐƐŝĨŝĐĂĚŽƐ͘

ϳ͘ϱƌĞůĂĕĆŽĚŽƐĐĂŶĚŝĚĂƚŽƐĐůĂƐƐŝĨŝĐĂĚŽƐĞĂůŝƐƚĂĚĞĞƐƉĞƌĂƐĞƌĆŽĚŝǀƵůŐĂĚĂƐ͕ĐŽŶĨŽƌŵĞƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͕ŶŽ
ƉŽƌƚĂů ĚĂ &'s WK ;ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲƐĞůĞƚŝǀŽͿ Ğ ƚĂŵďĠŵ ƉĞůŽ ƐŝƚĞ ŚƚƚƉƐ͗ͬͬŵĞƐƚƌĂĚŽͲ
ĚŽƵƚŽƌĂĚŽ͘ĨŐǀ͘ďƌͬĐƵƌƐŽͬĚŽƵƚŽƌĂĚŽͲĂĐĂĚĞŵŝĐŽͬƌŝŽͲĚĞͲũĂŶĞŝƌŽͬŚŝƐƚŽƌŝĂͲƉŽůŝƚŝĐĂͲĞͲďĞŶƐͲĐƵůƚƵƌĂŝƐ͕ ĂƉſƐ ĨŝŶĂůŝnjĂĚĂƐ ĂƐ
ĞƚĂƉĂƐĚĞƐĐƌŝƚĂƐŶŽŝƚĞŵϱ͘

ϳ͘ϲ^ŽŵĞŶƚĞƉŽĚĞƌĄĞĨĞƚŝǀĂƌĂŵĂƚƌşĐƵůĂŽĐĂŶĚŝĚĂƚŽĂƉƌŽǀĂĚŽĞŵƚŽĚĂƐĂƐĞƚĂƉĂƐĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͘

ϴ͘WZͲDdZ1h>DdZ1h>
ϴ͘ϭƚĂƉĂϭ͗hƉůŽĂĚĚĞŽĐƵŵĞŶƚŽƐĞWƌĠͲDĂƚƌşĐƵůĂ
KƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐĚĞǀĞƌĆŽƌĞĂůŝnjĂƌŽƵƉůŽĂĚĚŽƐĚŽĐƵŵĞŶƚŽƐ͕ĐŽŶĨŽƌŵĞŽƌŝĞŶƚĂĕƁĞƐĂďĂŝdžŽŝŶĚŝĐĂĚĂƐ͗

ϴ͘ϭ͘ϭ K ƵƉůŽĂĚ ĚŽƐ ĚŽĐƵŵĞŶƚŽƐ ƌĞĨĞƌĞŶƚĞƐ ă WƌĠͲDĂƚƌşĐƵůĂ ;ŝƚĞŶƐ ϴ͘Ϯ͘ϭ ŽƵ ϴ͘Ϯ͘Ϯ͕ ĐŽŶĨŽƌŵĞ Ž ĐĂƐŽͿ͕ ĚĞǀĞƌĄ ƐĞƌ
ƌĞĂůŝnjĂĚŽ ŶĂ ƉĄŐŝŶĂ ĚŽ ƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ Ͳǁǁǁ͘ĨŐǀ͘ďƌͬƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽх DĞŶƵ ZĞƐƵůƚĂĚŽ хůŝŶŬƉƌĠͲŵĂƚƌşĐƵůĂ͕
ĐŽŶĨŽƌŵĞĞƐƉĞĐŝĨŝĐĂĕƁĞƐĂďĂŝdžŽĞŶŽƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͗
Ă͘ KƐĚŽĐƵŵĞŶƚŽƐĚĞǀĞƌĆŽƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐ;ĞƐĐĂŶĞĂĚŽƐͿĞŐĞƌĂĚŽƐŶŽĨŽƌŵĂƚŽ͞W&͖͟
ď͘ ƐĨŽƚŽƐĚĞǀĞŵƐĞƌĚŝŐŝƚĂůŝnjĂĚĂƐŶŽĨŽƌŵĂƚŽ͞:W'͟ĞĐŽŵƚĂŵĂŶŚŽĚĞĂƚĠϴϬϬ<ď͖
Đ͘ KƚĂŵĂŶŚŽŵĄdžŝŵŽƉĞƌŵŝƚŝĚŽƉĂƌĂƵƉůŽĂĚĚĞĐĂĚĂĚŽĐƵŵĞŶƚŽĠĚĞϭ͕ϱDď͖
Ě͘ EĆŽƐĞƌĆŽĂĐĞŝƚĂƐĨŽƚŽƐĚĞĚŽĐƵŵĞŶƚŽƐ͖

ϱ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

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

Ğ͘ KƐĚŽĐƵŵĞŶƚŽƐƋƵĞƉŽƐƐƵĞŵĨƌĞŶƚĞĞǀĞƌƐŽ͕ŽƵŵĂŝƐĚĞϭ;ƵŵĂͿƉĄŐŝŶĂ͕ĚĞǀĞŵƐĞƌĚŝŐŝƚĂůŝnjĂĚŽƐĞŵƵŵƷŶŝĐŽ
ĂƌƋƵŝǀŽ;Ğdž͗͘ŝĚĞŶƚŝĚĂĚĞ͕ƉĂƐƐĂƉŽƌƚĞ͕ĚŝƉůŽŵĂ͕ĞƚĐ͘Ϳ͘
Ĩ͘ ŽĐƵŵĞŶƚŽƐ ŝůĞŐşǀĞŝƐ͕ ŝŶĐŽŵƉůĞƚŽƐ ŽƵ ĨŽƌĂ ĚŽƐ ƉĂĚƌƁĞƐ ĂĐŝŵĂ ĞƐƚĂďĞůĞĐŝĚŽƐ ŝŶǀĂůŝĚĂƌĆŽ Ă ĞƚĂƉĂ ĚĞ ƉƌĠͲ
ŵĂƚƌşĐƵůĂĞ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĂŵĂƚƌşĐƵůĂĚŽĐĂŶĚŝĚĂƚŽ͘

ϴ͘ϭ͘Ϯ K ŶĆŽ ĐƵŵƉƌŝŵĞŶƚŽ ĚŽ ŝƚĞŵ ϴ͘ϭ͕ ŶŽ ƉƌĂnjŽ ĞƐƚĂďĞůĞĐŝĚŽ ŶŽ ƌŽŶŽŐƌĂŵĂ ;ĂŶĞdžŽ /Ϳ ŝŶǀĂůŝĚĂ Ž ƉƌŽĐĞƐƐŽ ĚĞ
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 ŝƉůŽŵĂ ĚĞ 'ƌĂĚƵĂĕĆŽ͘ ŵ ĐĂƐŽ ĚĞ ĐƵƌƐŽ ƌĞĂůŝnjĂĚŽ ŶŽ ĞdžƚĞƌŝŽƌ͕ŽĚŽĐƵŵĞŶƚŽĚĞǀĞƌĄƐĞƌĐŽŶƐƵůĂƌŝnjĂĚŽƉĞůĂ
ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƌĂƐŝů ;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿ ŶŽ ƉĂşƐ ĚĞ ŽƌŝŐĞŵ ĚŽ ŝƉůŽŵĂ ŽƵ ĂƉŽƐƚŝůĂĚŽ͕ ĐŽŶĨŽƌŵĞ Ă
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͘

ϴ͘Ϯ͘Ϯ ĂŶĚŝĚĂƚŽƐƚƌĂŶŐĞŝƌŽ
Ă͘ ϭ;ƵŵĂͿĨŽƚŽϯdžϰĐŽůŽƌŝĚĂ;ƌĞĐĞŶƚĞͿ͕ƉĂƌĂĂƌƚĞŝƌĂŝŐŝƚĂůĚĞƐƚƵĚĂŶƚĞͲŝƚĞŵϴ͘ϭ͘ϭ͞ď͖͟
ď͘ WĂƐƐĂƉŽƌƚĞ͖
Đ͘ sŝƐƚŽdĞŵƉŽƌĄƌŝŽĚĞƐƚƵĚĂŶƚĞ͖
Ě͘ W&͖
Ğ͘ ZĞŐŝƐƚƌŽEĂĐŝŽŶĂůDŝŐƌĂƚſƌŝŽͲZED͖
Ĩ͘ ĞƌƚŝĚĆŽĚĞEĂƐĐŝŵĞŶƚŽŽƵĂƐĂŵĞŶƚŽ͕ĐŽŶĨŽƌŵĞĞƐƚĂĚŽĐŝǀŝů͖
Ő͘ >ĂƵĚŽDĠĚŝĐŽ;WĞƐƐŽĂĐŽŵĞĨŝĐŝġŶĐŝĂͿͲŝƚĞŵϴ͘Ϯ͘ϱĞĂŶĞdžŽ//͖
Ś͘ ŝƉůŽŵĂ ĚĞ 'ƌĂĚƵĂĕĆŽ͘ ŵ ĐĂƐŽ ĚĞ ĐƵƌƐŽ ƌĞĂůŝnjĂĚŽ ŶŽ ĞdžƚĞƌŝŽƌ͕ŽĚŽĐƵŵĞŶƚŽĚĞǀĞƌĄƐĞƌĐŽŶƐƵůĂƌŝnjĂĚŽƉĞůĂ
ƌĞƉƌĞƐĞŶƚĂĕĆŽ ĚŽ ƌĂƐŝů ;ŵďĂŝdžĂĚĂƐͬŽŶƐƵůĂĚŽƐͿ ŶŽ ƉĂşƐ ĚĞ ŽƌŝŐĞŵ ĚŽ ŝƉůŽŵĂ ŽƵ ĂƉŽƐƚŝůĂĚŽ͕ ĐŽŶĨŽƌŵĞ Ă
ŽŶǀĞŶĕĆŽĚĞ,ĂŝĂ͕ĞĂƉƌĞƐĞŶƚĂĚŽĐŽŵĂƚƌĂĚƵĕĆŽũƵƌĂŵĞŶƚĂĚĂ͖
ŝ͘ ƉſůŝĐĞĚĞƐĞŐƵƌŽŶŽŝŵƉŽƌƚĞŵşŶŝŵŽĚĞΦϯϬ͘ϬϬϬ;ƚƌŝŶƚĂŵŝůĞƵƌŽƐͿŽƵh^ΨϰϮ͘ϬϬϬ;ƋƵĂƌĞŶƚĂĞĚŽŝƐŵŝůĚſůĂƌĞƐ
ĂŵĞƌŝĐĂŶŽƐͿĞĐŽŶƚĞŵƉůĂŶĚŽƚƌĂƐůĂĚŽƉĂƌĂƉĂşƐĚĞŽƌŝŐĞŵ͘

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


ϲ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

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

/ŵƉŽƌƚĂŶƚĞ͗
x K;ͿĐĂŶĚŝĚĂƚŽ;ĂͿĚĞǀĞƌĄĂƐƐŝŶĂƌ͕ĚŝŐŝƚĂůŵĞŶƚĞ͕ŽƐĚŽĐƵŵĞŶƚŽƐĚĞƐĐƌŝƚŽƐŶŽŝƚĞŵϴ͘Ϯ͘ϯŶŽƉƌĂnjŽƉƌĞǀŝƐƚŽ
ŶŽƌŽŶŽŐƌĂŵĂͲĂŶĞdžŽ/͘KŶĆŽĐƵŵƉƌŝŵĞŶƚŽĚŽƉƌĂnjŽ͕ĐĂƌĂĐƚĞƌŝnjĂƌĄĂĚĞƐŝƐƚġŶĐŝĂĚŽĐĂŶĚŝĚĂƚŽĞƉŽĚĞƌĄ
ƐĞƌĐŽŶǀŽĐĂĚŽŽĐĂŶĚŝĚĂƚŽƐƵďƐĞƋƵĞŶƚĞĚĂůŝƐƚĂĚĞĞƐƉĞƌĂ͘
x ĞǀŝĚŽĂĐŽŶĨŝŐƵƌĂĕĆŽĚĞĂůŐƵŶƐƉƌŽǀĞĚŽƌĞƐ͕ŽĞͲŵĂŝůƉĂƌĂĂĂƐƐŝŶĂƚƵƌĂĚŝŐŝƚĂůĚŽƐĚŽĐƵŵĞŶƚŽƐ͕ƉŽĚĞƌĄƐĞƌ
ĚŝƌĞĐŝŽŶĂĚŽƉĂƌĂĂĂŝdžĂĚĞ^WDŽƵůŝdžĞŝƌĂ͘ĚĞƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽ;ĂͿĐĂŶĚŝĚĂƚŽ;ĂͿŽĂĐŽŵƉĂŶŚĂŵĞŶƚŽ
ĞǀĞƌŝĨŝĐĂĕĆŽĚŽĐŽƌƌĞŝŽĞůĞƚƌƀŶŝĐŽ͘

ϴ͘Ϯ͘ϰŵĐĂƐŽĚĞĂůƚĞƌĂĕĆŽĚŽŶŽŵĞĐŝǀŝů͕ŽƐĚŽĐƵŵĞŶƚŽƐĚĞǀĞƌĆŽĞƐƚĂƌĂƚƵĂůŝnjĂĚŽƐĚĞĂĐŽƌĚŽĐŽŵĂĞƌƚŝĚĆŽŝǀŝů
ǀŝŐĞŶƚĞ͘

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

ϴ͘Ϯ͘ϲ KƐ ĐĂŶĚŝĚĂƚŽƐ ĚĞǀĞƌĆŽ ĐƵŵƉƌŝƌ Ă ĞƚĂƉĂ ĚĞƐĐƌŝƚĂ ŶŽ ŝƚĞŵ ϴ͘Ϯ͘ϭ ŽƵ ϴ͘Ϯ͘Ϯ͕ ĐŽŶĨŽƌŵĞ Ž ĐĂƐŽ͕ Ğ ĞŶǀŝĂƌ ĐſƉŝĂ
ĂƵƚĞŶƚŝĐĂĚĂ;ĞŵĐĂƌƚſƌŝŽͿĚŽƐĚŽĐƵŵĞŶƚŽƐ͕ǀŝĂ^yͬ&ĞĚdž͕ă&'s^ZͲ^ĞĐƌĞƚĂƌŝĂĚĞZĞŐŝƐƚƌŽƐĐĂĚġŵŝĐŽƐƐĞŶĚŽ
ǀĄůŝĚŽ͕ƉĂƌĂƚŽĚŽƐŽƐĞĨĞŝƚŽƐ͕ĂĚĂƚĂĚĞƉŽƐƚĂŐĞŵĐŽŶĨŽƌŵĞͲǀŝĚĞƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͘KƐĚŽĐƵŵĞŶƚŽƐĚĞƐĐƌŝƚŽƐ
ŶŽŝƚĞŵϴ͘Ϯ͘ϯŶĆŽŶĞĐĞƐƐŝƚĂŵĚĞĂƵƚĞŶƚŝĐĂĕĆŽ͘

ϴ͘Ϯ͘ϳŵĨƵŶĕĆŽĚŽƐƉƌĂnjŽƐĚĂWŽůşĐŝĂ&ĞĚĞƌĂůƉĂƌĂĂĞŵŝƐƐĆŽĚŽZEDͲZĞŐŝƐƚƌŽEĂĐŝŽŶĂůDŝŐƌĂƚſƌŝŽ͕ƐĞƌĄĂĐĞŝƚŽ͕
ƉƌŽǀŝƐŽƌŝĂŵĞŶƚĞ͕ƉĂƌĂĂŵĂƚƌşĐƵůĂ͕ŽƉƌŽƚŽĐŽůŽĚĂƐŽůŝĐŝƚĂĕĆŽĚŽĚŽĐƵŵĞŶƚŽ͕ŵĞŶĐŝŽŶĂĚĂĂĚĂƚĂĚĞǀĂůŝĚĂĚĞĚŽ
ƌĞĨĞƌŝĚŽĚŽĐƵŵĞŶƚŽ͘

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

ϴ͘Ϯ͘ϵKĐĂŶĚŝĚĂƚŽƋƵĞŶĆŽĞŶƚƌĞŐĂƌŽƐĚŽĐƵŵĞŶƚŽƐĂďĂŝdžŽƌĞůĂĐŝŽŶĂĚŽƐĂŶƚĞƐĚŽƚĠƌŵŝŶŽĚŽϭǑ;ƉƌŝŵĞŝƌŽͿƉĞƌşŽĚŽ
ůĞƚŝǀŽĚŽĐƵƌƐŽ͕ĨŝĐĂƌĄŝŵƉŽƐƐŝďŝůŝƚĂĚŽĚĞƌĞŶŽǀĂƌĂŵĂƚƌşĐƵůĂƉĂƌĂŽƉĞƌşŽĚŽůĞƚŝǀŽƐƵďƐĞƋƵĞŶƚĞ͗
Ă͘ſƉŝĂĂƵƚĞŶƚŝĐĂĚĂĚŽŝƉůŽŵĂĚĞ'ƌĂĚƵĂĕĆŽ͖
ď͘ſƉŝĂĂƵƚĞŶƚŝĐĂĚĂĚŽZED͘

ϴ͘Ϯ͘ϭϬEŽ ĐĂƐŽ ĚĞĞŶǀŝŽĚĞ ĚŽĐƵŵĞŶƚŽƐĨŽƌĂĚŽ ƉƌĂnjŽĞƐƚĂďĞůĞĐŝĚŽŽƵ ĚĞ ĚĞƐŝƐƚġŶĐŝĂ͕ƉŽĚĞƌĄ ƐĞƌĐŽŶǀŽĐĂĚŽŽ
ĐĂŶĚŝĚĂƚŽŝŵĞĚŝĂƚĂŵĞŶƚĞƐĞŐƵŝŶƚĞŶĂůŝƐƚĂĚĞĞƐƉĞƌĂ͘

ϴ͘Ϯ͘ϭϭ&'sŶĆŽƐĞƌĞƐƉŽŶƐĂďŝůŝnjĂƌĄƉŽƌĞǀĞŶƚƵĂŝƐĞdžƚƌĂǀŝŽƐĚĞĚŽĐƵŵĞŶƚŽƐĞŶǀŝĂĚŽƐƉŽƌŵĞŝŽĚŽƐŽƌƌĞŝŽƐ͕ƐĞŶĚŽ
ĚĞŝŶƚĞŝƌĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚŽĐĂŶĚŝĚĂƚŽŵĂŶƚĞƌƐŽďƐƵĂŐƵĂƌĚĂŽƐĚŽĐƵŵĞŶƚŽƐĐŝƚĂĚŽƐŶĞƐƚĞĚŝƚĂů͘



ϵ͘^K>^^^dhK/^EKDE^>/
ϵ͘ϭ͘ĐŽŶĐĞƐƐĆŽĚĞďŽůƐĂƐĚĞĞƐƚƵĚŽƐƐƵũĞŝƚĂͲƐĞăĚŝƐƉŽŶŝďŝůŝĚĂĚĞĞăƐŶŽƌŵĂƐĞƐƚĂďĞůĞĐŝĚĂƐƉĞůĂƐĂŐġŶĐŝĂƐƉƷďůŝĐĂƐ
ĚĞĨŽŵĞŶƚŽŽƵƉĞůĂ&ƵŶĚĂĕĆŽ'ĞƚƵůŝŽsĂƌŐĂƐ͘


ϵ͘ϮKĐƌŝƚĠƌŝŽƉĂƌĂĐŽŶĐĞƐƐĆŽĚĞƐƚĂƐďŽůƐĂƐůĞǀĂƌĄĞŵĐŽŶƐŝĚĞƌĂĕĆŽŽďŽŵĚĞƐĞŵƉĞŶŚŽĚŽĐĂŶĚŝĚĂƚŽŶŽƉƌŽĐĞƐƐŽ
ƐĞůĞƚŝǀŽ͘



ϳ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

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

ϵ͘ϯ͘ƐďŽůƐĂƐĚĞŽƵƚŽƌĂĚŽƐĆŽƌĞŶŽǀĂĚĂƐ͕ĂŶƵĂůŵĞŶƚĞ͕ĐŽŵďĂƐĞŶŽƉƌŽŐƌĞƐƐŽĚŽƐĂůƵŶŽƐ͕ĚĞƐĞŵƉĞŶŚŽ͕ĚĞĚŝĐĂĕĆŽ
ŝŶƚĞŐƌĂůĂŽWƌŽŐƌĂŵĂĞŶĂƉŽůşƚŝĐĂĚĞďŽůƐĂƐĚŽWW,W͘

ϵ͘ϰ͘KĐƵƌƐŽĚĞĚŽƵƚŽƌĂĚŽĂĐĂĚġŵŝĐŽĠƚŽƚĂůŵĞŶƚĞŐƌĂƚƵŝƚŽ͕ŝƐĞŶƚĂŶĚŽƚŽĚŽƐŽƐĐĂŶĚŝĚĂƚŽƐĂƉƌŽǀĂĚŽƐĚŽƉĂŐĂŵĞŶƚŽ
ĚĞŵĞŶƐĂůŝĚĂĚĞƐ͘



ϭϬ͘KE>DEdKdZEDEdKDdZ1h>
ϭϬ͘ϭ dĞƌĄ ŵĂƚƌşĐƵůĂ ĐĂŶĐĞůĂĚĂ͕ Ă ƋƵĂůƋƵĞƌ ĠƉŽĐĂ͕ Ž ĐĂŶĚŝĚĂƚŽ ƋƵĞ ĞƐƚŝǀĞƌ ƐĞ ƵƚŝůŝnjĂŶĚŽ ĚĞ ĚŽĐƵŵĞŶƚŽƐ ĞͬŽƵ
ŝŶĨŽƌŵĂĕƁĞƐĨĂůƐĂƐ͕ĨƌĂƵĚƵůĞŶƚĂƐ͕ĞŝǀĂĚĂƐĚĞŝƌƌĞŐƵůĂƌŝĚĂĚĞƐŽƵŽƵƚƌŽƐŝůşĐŝƚŽƐ͘

ϭϬ͘Ϯ K ƉĞĚŝĚŽ ĚĞ ĐĂŶĐĞůĂŵĞŶƚŽ ĚĞǀĞƌĄ ƐĞƌ ĨŽƌŵĂůŝnjĂĚŽ ƉŽƌ ŵĞŝŽ ĚŽ ĞͲŵĂŝů ĨŐǀƐƌĂĨŝŶĂŶĐĞŝƌŽΛĨŐǀ͘ďƌ ŶŽ ƉƌĂnjŽ
ĞƐƉĞĐŝĨŝĐĂĚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/ͿĚĞƐƚĞĚŝƚĂůͿ͘


ϭϬ͘ϯƉſƐŽŝŶşĐŝŽĚŽƉĞƌşŽĚŽůĞƚŝǀŽ͕ŽĐĂŶĐĞůĂŵĞŶƚŽĚĞŵĂƚƌşĐƵůĂĚĞǀĞƌĄƐĞƌĨŽƌŵĂůŝnjĂĚŽƉŽƌŵĞŝŽĚĂĨĞƌƌĂŵĞŶƚĂ
ůƵŶŽKŶůŝŶĞ;ĂŽů͘ĨŐǀ͘ďƌͿ

ϭϬ͘ϰEĆŽĠƉĞƌŵŝƚŝĚĂĂƐŽůŝĐŝƚĂĕĆŽĚĞdƌĂŶĐĂŵĞŶƚŽĚŽĐƵƌƐŽ͕ƉĞƌşŽĚŽŽƵĚŝƐĐŝƉůŝŶĂƐŶŽϭǑ;ƉƌŝŵĞŝƌŽͿƉĞƌşŽĚŽůĞƚŝǀŽ

ϭϭ͘^/^WK^/O^'Z/^
ϭϭ͘ϭKƐĐĂƐŽƐŽŵŝƐƐŽƐĞƐŝƚƵĂĕƁĞƐŶĆŽƉƌĞǀŝƐƚĂƐŶĞƐƚĂĐŚĂŵĂĚĂƐĞƌĆŽƌĞƐŽůǀŝĚŽƐƉĞůĂŽŽƌĚĞŶĂĕĆŽĚŽƵƌƐŽ͘

ϭϭ͘ϮKƐĐĂŶĚŝĚĂƚŽƐŝŶƐĐƌŝƚŽƐŶĞƐƚĞWƌŽĐĞƐƐŽĞƐƚĆŽƐƵũĞŝƚŽƐăƐŶŽƌŵĂƐĐŽŶƐƚĂŶƚĞƐĚĞƐƚĞĚŝƚĂů͕ďĞŵĐŽŵŽăƐEŽƌŵĂƐ
ŽŵƉůĞŵĞŶƚĂƌĞƐ͕ǀŝƐŽƐKĨŝĐŝĂŝƐĞĞŵĚĞŵĂŝƐĚŽĐƵŵĞŶƚŽƐŽĨŝĐŝĂůŵĞŶƚĞĚŝǀƵůŐĂĚŽƐ͘

ϭϭ͘ϯŽƉƌŽĐĞĚĞƌĐŽŵĂƐƵĂŝŶƐĐƌŝĕĆŽ͕ ŽĐĂŶĚŝĚĂƚŽĞƐƚĂƌĄĂĐĞŝƚĂŶĚŽŝŶƚĞŐƌĂůŵĞŶƚĞ ĂƐƌĞŐƌĂƐĞƐƚĂďĞůĞĐŝĚĂƐŶĞƐƚĞ
ĚŝƚĂůĞŶŽZĞŐƵůĂŵĞŶƚŽĚŽWƌŽŐƌĂŵĂĚŝƐƉŽŶşǀĞŝƐƉĂƌĂĐŽŶƐƵůƚĂŶŽƉŽƌƚĂůĚĂ&'sWK͕ŶĆŽĐĂďĞŶĚŽƋƵĂůƋƵĞƌ
ƌĞĐůĂŵĂĕĆŽŽƵƌĞĐƵƌƐŽƉŽƐƚĞƌŝŽƌ͘

ϭϭ͘ϰĚĞĂďƐŽůƵƚĂŽďƌŝŐĂĕĆŽĚŽĐĂŶĚŝĚĂƚŽŵĂŶƚĞƌͲƐĞŝŶĨŽƌŵĂĚŽƐŽďƌĞĚĂƚĂƐ͕ůŽĐĂŝƐĞƉƌĂnjŽƐĨŝdžĂĚŽƐŶŽĐƌŽŶŽŐƌĂŵĂ
ĚĞƐƚĞĚŝƚĂů͕ƐĞŶĚŽĚĞƐƵĂƚŽƚĂůƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞŽƉƌĞũƵşnjŽĚĞĐŽƌƌĞŶƚĞĚĂŝŶŽďƐĞƌǀąŶĐŝĂĚĞƐƐĞƐĚĂĚŽƐ͘

ϭϭ͘ϱ&'s͕ƐƵĂƐƐĐŽůĂƐ͕/ŶƐƚŝƚƵƚŽƐ͕ĚŽĐĞŶƚĞƐĞĐŽůĂďŽƌĂĚŽƌĞƐŽďĞĚĞĐĞŵă>Ğŝ'ĞƌĂůĚĞWƌŽƚĞĕĆŽĚĞĂĚŽƐWĞƐƐŽĂŝƐ
Ͳ>'WͲ>ĞŝŶǑϭϯ͘ϳϬϵͬϭϴ;ĂŶĞdžŽ///Ϳ͘



ZŝŽĚĞ:ĂŶĞŝƌŽ͕ϮϯĚĞũƵŶŚŽĚĞϮϬϮϯ



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











ϴ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

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

EyK/ͲZKEK'ZD

dW d 
ĞϬϭͬϬϴĂƚĠϯϭͬϭϬͬϮϯăƐ ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲ
/ŶƐĐƌŝĕƁĞƐ
ϭϴŚ ƐĞůĞƚŝǀŽ
&ŽƌŵĂůŝnjĂĕĆŽĚĞ/ŶƐĐƌŝĕĆŽ ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲ
;ƵƉůŽĂĚĚĞĚŽĐƵŵĞŶƚŽƐͿ ƐĞůĞƚŝǀŽ
ŶǀŝŽĚĞůĂƵĚŽŵĠĚŝĐŽ;ĐĂŶĚŝĚĂƚŽƐĐŽŵ ĂƚĠϯϭͬϭϬͬϮϯ
ĚĞĨŝĐŝġŶĐŝĂͿĞ&ŽƌŵƵůĄƌŝŽĚĞŝŶĐůƵƐĆŽĚĞEŽŵĞ ĚĂŶŝĞůĂ͘ĂŝƌĞƐΛĨŐǀ͘ďƌ
^ŽĐŝĂů;/ĚĞŶƚŝĚĂĚĞĚĞ'ġŶĞƌŽͿ
ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲ
ŝǀƵůŐĂĕĆŽĚĂůŝƐƚĂĚĞŝŶƐĐƌŝĕƁĞƐŚŽŵŽůŽŐĂĚĂƐ ϭϳͬϭϭͬϮϯ
ƐĞůĞƚŝǀŽ
ŝǀƵůŐĂĕĆŽĚŽƐƉƌŽǀĂĚŽƐŶŽdžĂŵĞĚŽWƌŽũĞƚŽ
ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲ
ĚĞWĞƐƋƵŝƐĂĞĚŽDĞŵŽƌŝĂůĞůĂƐƐŝĨŝĐĂĚŽƐƉĂƌĂĂ ϮϭͬϭϭͬϮϯ
ƐĞůĞƚŝǀŽ
WƌŽǀĂĚĞ/ĚŝŽŵĂ
WƌŽǀĂĚĞ/ĚŝŽŵĂ;ƉƌĞƐĞŶĐŝĂůͿ ϬϭͬϭϮͬϮϯ WƌĞƐĞŶĐŝĂů
ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲ
ŝǀƵůŐĂĕĆŽĚŽƐƉƌŽǀĂĚŽƐŶĂWƌŽǀĂĚĞ/ĚŝŽŵĂ ϬϴͬϭϮͬϮϯ
ƐĞůĞƚŝǀŽ
ŶƚƌĞǀŝƐƚĂ;ŽŶůŝŶĞͿ ϭϮĂϭϰͬϭϮͬϮϯ KŶůŝŶĞ
ŚƚƚƉƐ͗ͬͬĐƉĚŽĐ͘ĨŐǀ͘ďƌͬƉŽƐͬŵĂĚͬƉƌŽĐĞƐƐŽͲ
ŝǀƵůŐĂĕĆŽĚŽZĞƐƵůƚĂĚŽ&ŝŶĂů ϭϱͬϭϮͬϮϯĂƉſƐăƐϭϴŚ
ƐĞůĞƚŝǀŽ
WƌĠͲDĂƚƌşĐƵůĂ;ƵƉůŽĂĚĚĞĚŽĐƵŵĞŶƚŽƐͿ ϭϴͬϭϮͬϮϯĂϬϳͬϬϭͬϮϰ ǁǁǁ͘ĨŐǀ͘ďƌͬƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ
ƐƐŝŶĂƚƵƌĂŝŐŝƚĂůĚĞŽĐƵŵĞŶƚŽƐƉĂƌĂĂ
ƚĠϭϮͬϬϭͬϮϰ ͲŵĂŝůĚŽĐĂŶĚŝĚĂƚŽ
ĐŽŶĐůƵƐĆŽWƌĠͲDĂƚƌşĐƵůĂ;ŝƚĞŵϴ͘Ϯ͘ϯͿ
DĂƚƌşĐƵůĂ
ϭϮĂϯϭͬϬϭͬϮϰ &'s^ZΎ
;ĞŶǀŝŽĚĞĚŽĐƵŵĞŶƚŽƐĂƵƚĞŶƚŝĐĂĚŽƐƉŽƌƐĞĚĞdžͿ
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^ĞůĞƚŝǀŽĂŽŽƵƚŽƌĂĚŽĐĂĚġŵŝĐŽĞŵ,ŝƐƚſƌŝĂ͕WŽůşƚŝĐĂĞĞŶƐƵůƚƵƌĂŝƐ
WƌĂŝĂĚĞŽƚĂĨŽŐŽ͕ŶǑϭϵϬͬƐĂůĂϯϭϰͲϯǑĂŶĚĂƌ
WϮϮϮϱϬͲϵϬϬ͕ZŝŽĚĞ:ĂŶĞŝƌŽ͕Z:
dĞůĞĨŽŶĞ͗;ϮϭͿϯϳϵϵͲϱϳϱϳ
ƚĞŶĚŝŵĞŶƚŽ͗ĚĞϮǐĂϲǐĨĞŝƌĂĚĂƐϵŚăƐϭϴŚ;ĚŝĂƐƷƚĞŝƐͿ
ĞͲŵĂŝů͗ƉƌĞŵĂƚƌŝĐƵůĂƌũΛĨŐǀ͘ďƌ


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

ϵ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - 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 K ĐĂŶĚŝĚĂƚŽĐŽŵ ĚĞĨŝĐŝġŶĐŝĂ͕ƋƵĞ ŶĞĐĞƐƐŝƚĞ ĚĞĐŽŶĚŝĕƁĞƐĞƐƉĞĐşĨŝĐĂƐƉĂƌĂĂƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐĞĞŶƚƌĞǀŝƐƚĂ͕
ĚĞǀĞƌĄƌĞĂůŝnjĂƌ͕ŶŽĂƚŽĚĂŝŶƐĐƌŝĕĆŽ͕ŽƵƉůŽĂĚĚŽůĂƵĚŽŵĠĚŝĐŽ͕ŝŶĨŽƌŵĂŶĚŽƐƵĂŶĞĐĞƐƐŝĚĂĚĞĞƐƉĞĐşĨŝĐĂ͕ŶŽƉƌĂnjŽ
ĚĞƐĐƌŝƚŽŶŽƌŽŶŽŐƌĂŵĂ;ĂŶĞdžŽ/Ϳ͘

Ϯ͘ K ůĂƵĚŽ ŵĠĚŝĐŽ ĂŶĞdžĂĚŽ ĚĞǀĞƌĄ ĐŽŶƚĞƌ ŝŶĨŽƌŵĂĕƁĞƐ ĞdžĂƚĂƐĞĨŝĚĞĚŝŐŶĂƐ͕ƐŽďƉĞŶĂĚŽĐĂŶĚŝĚĂƚŽƌĞƐƉŽŶĚĞƌ
ĐŽŶƚƌĂĂĨĠƉƷďůŝĐĂĞĚĞƐĞƌĞůŝŵŝŶĂĚŽĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽŽƵ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĚŽĐƵƌƐŽ͘

ϯ͘ ĂďĞ ĂŽ ĐĂŶĚŝĚĂƚŽ ƉƌĞƐƚĂƌƚŽĚĂƐ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ŶĞĐĞƐƐĄƌŝĂƐ Ă ƐĞƵĂƚĞŶĚŝŵĞŶƚŽ͘ĂƵƐġŶĐŝĂĚĂĚŽĐƵŵĞŶƚĂĕĆŽ
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 KĂƚĞŶĚŝŵĞŶƚŽăƐĐŽŶĚŝĕƁĞƐĞƐƉĞĐŝĂŝƐ͕ĨŝĐĂƌĄƐƵũĞŝƚŽăĂŶĄůŝƐĞĚĂůĞŐĂůŝĚĂĚĞ͕ǀŝĂďŝůŝĚĂĚĞĞƌĂnjŽĂďŝůŝĚĂĚĞĚŽƉĞĚŝĚŽ͘
KƉĂƌĞĐĞƌƐĞƌĄĐŽŵƵŶŝĐĂĚŽĂŽŝŶƐĐƌŝƚŽĞŵƵŵƉƌĂnjŽĚĞĂƚĠϬϳ;ƐĞƚĞͿĚŝĂƐƷƚĞŝƐĂƉſƐƐƵĂƐŽůŝĐŝƚĂĕĆŽ͘





ϭϬ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

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

EyK///ͲWZKdKK^Ͳ/HL*HUDOGH3URWHomRGH'DGRV3HVVRDLV /*3'/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^ĞůĞƚŝǀŽƐĞƌĆŽĂƐĚĞ͗
;ŝͿ džĞĐƵĕĆŽ ĚĞ ŽŶƚƌĂƚŽ͕ ŝŶĐůƵƐŝǀĞ ƉƌŽĐĞĚŝŵĞŶƚŽƐ ƉƌĞůŝŵŝŶĂƌĞƐ ĂƌƚŝŐŽ ϳǑ͕ s͕>'W ;ŚĂũĂǀŝƐƚĂ ƋƵĞ Ă ƐĞůĞĕĆŽ Ġ
ƉƌŽĐĞĚŝŵĞŶƚŽƉƌĞůŝŵŝŶĂƌƉĂƌĂĂĨŽƌŵĂĕĆŽĚĂƌĞůĂĕĆŽĚĞƉƌĞƐƚĂĕĆŽĚĞƐĞƌǀŝĕŽƐĂĐĂĚġŵŝĐŽƐͿ͕;ŝŝͿƵŵƉƌŝŵĞŶƚŽĚĞ
KďƌŝŐĂĕĆŽ >ĞŐĂů͕ ĂƌƚŝŐŽƐ ϳǑ͕ // Ğ ϭϭ͕ //͕ ͞Ă͕͟ >'W ;ŚĂũĂ ǀŝƐƚĂ ƋƵĞ͕ ƐĞŵ ƉƌĞũƵşnjŽ ĚĞ ŽƵƚƌĂƐ ůĞŐŝƐůĂĕƁĞƐ ŽƵ
ƌĞŐƵůĂŵĞŶƚŽƐĚŽDŝŶŝƐƚĠƌŝŽĚĂĚƵĐĂĕĆŽƋƵĞƚƌĂƚĂŵĚŽƚĞŵĂĚĞƉƌŽĐĞƐƐŽƐƐĞůĞƚŝǀŽƐ͕ĂŽŶƐƚŝƚƵŝĕĆŽ͕ĞŵƐĞƵĂƌƚŝŐŽ
ϮϬϳ͕ ĐĂƉƵƚ͕ ĞƐƚĂďĞůĞĐĞ Ă ĂƵƚŽŶŽŵŝĂ ĚŝĚĄƚŝĐŽͲĐŝĞŶƚşĨŝĐĂ Ğ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂ ăƐ /ŶƐƚŝƚƵŝĕƁĞƐ ĚĞ ŶƐŝŶŽ ^ƵƉĞƌŝŽƌ͕
ŝŶĐůƵƐŝǀĞƉĂƌĂĂĚĞĨŝŶŝĕĆŽĚĞĂƐƉĞĐƚŽƐĚĞŝŶŐƌĞƐƐŽĞƐĞůĞĕĆŽ͕ďĞŵĐŽŵŽĂ>Ğŝϵ͘ϯϵϰͬϵϲĨŝdžĂ͕ĂŽĂƌƚŝŐŽϰϰ͕ŝŶĐŝƐŽƐ/͕
//Ğ ///͕ Ă ŽďƌŝŐĂĕĆŽ ĚĞ ƌĞĂůŝnjĂĕĆŽ ĚĞ ƉƌŽĐĞƐƐŽ ƐĞůĞƚŝǀŽ ŽƵ ƉƌŽĐĞĚŝŵĞŶƚŽĚĞ ĂǀĂůŝĂĕĆŽ ƉĂƌĂ ŝŶŐƌĞƐƐŽ Ğŵ ĐƵƌƐŽƐ
ƌĞŐƵůĂƌĞƐĚĞ'ƌĂĚƵĂĕĆŽĞWſƐͲŐƌĂĚƵĂĕĆŽͿ͕;ŝŝŝͿ'ĂƌĂŶƚŝĂĚĞƉƌĞǀĞŶĕĆŽĂĨƌĂƵĚĞƐ͕ĂƌƚŝŐŽϭϭ͕//͕͞Ő͕͟>'W;ŚĂũĂǀŝƐƚĂ
ƋƵĞĂůŝƐƵƌĂĚŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽƉƌĞĐŝƐĂƐĞƌŐĂƌĂŶƚŝĚĂͿĞ;ŝǀͿŽŶƐĞŶƚŝŵĞŶƚŽ͕ĂƌƚŝŐŽƐϳǑ͕/Ğϭϭ͕/͕>'W;ƋƵĂŶĚŽ
ĞƐƚĞĨŽƌĞdžŝŐşǀĞůŵĞĚŝĂŶƚĞdĞƌŵŽĚĞŽŶƐĞŶƚŝŵĞŶƚŽŽƵŝŶƐƚƌƵŵĞŶƚŽƐŝŵŝůĂƌͿ͘


Ϯ͘Ϯ͘  ĨĂĐƵůƚĂĚŽ ă &'s Ă ĐŽŶƚƌĂƚĂĕĆŽ ĚĞ KƉĞƌĂĚŽƌĞƐ ĚĞ ĚĂĚŽƐ ƉĞƐƐŽĂŝƐ͕ ĐŽŵŽ ƉƌĞƐƚĂĚŽƌĞƐ ĚĞ ƐĞƌǀŝĕŽƐ ŽƵ
ĨŽƌŶĞĐĞĚŽƌĞƐĚĞĨĞƌƌĂŵĞŶƚĂƐĚĞƐŽĨƚǁĂƌĞ͕ƉĂƌĂŽƐĨŝŶƐĚĞŽƌŐĂŶŝnjĂƌ͕ĞdžĞĐƵƚĂƌĞĚŽĐƵŵĞŶƚĂƌŽƉƌŽĐĞƐƐŽƐĞůĞƚŝǀŽ͕
ĚĞǀĞŶĚŽ ƚĂůŽƉĞƌĂĕĆŽ ƐĞŵƉƌĞ ƐĞƌ ĂŵƉĂƌĂĚĂ ƉŽƌ ďĂƐĞ ůĞŐĂůǀĄůŝĚĂƉĂƌĂ ĞĨĞƚƵĂƌŽĐŽŵƉĂƌƚŝůŚĂŵĞŶƚŽ ĚĞ ĚĂĚŽƐ
ƉĞƐƐŽĂŝƐƚĞŶĚŽĞŵǀŝƐƚĂĂĨŝŶĂůŝĚĂĚĞĚĞĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘


Ϯ͘ϯWĂƌĂŽƐĨŝŶƐĚĞƐƚĞWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͕ĂƐĐĂƌƚĂƐŵŽƚŝǀĂĐŝŽŶĂŝƐƐĞƌĆŽĞŶƚĞŶĚŝĚĂƐĐŽŵŽĚŽĐƵŵĞŶƚŽƐƋƵĞƉŽĚĞŵ
ƌĞǀĞůĂƌŝŶĨŽƌŵĂĕƁĞƐƐŽďƌĞŽƚŝƚƵůĂƌ͕ĞƐĞƌĆŽƐĞŵƉƌĞƚƌĂƚĂĚĂƐĐŽŵŽƐĞĐŽŶƚŝǀĞƐƐĞŵĚĂĚŽƐƉĞƐƐŽĂŝƐ͘

Ϯ͘ϰ͘ K ƚƌĂƚĂŵĞŶƚŽ ĚĞ ŝŵĂŐĞŶƐ ĚĞ ǀşĚĞŽ Ğ ĚĞ ĨŽƚŽ͕ ďĞŵ ĐŽŵŽ Ž ƚƌĂƚĂŵĞŶƚŽ ĚĞ ŐƌĂǀĂĕƁĞƐ ĚĞ ĄƵĚŝŽ͕ ƐĞ
ĞǀĞŶƚƵĂůŵĞŶƚĞĐŽůŚŝĚĂƐĚƵƌĂŶƚĞĂƌĞĂůŝnjĂĕĆŽĚĂƐƉƌŽǀĂƐĚĞƐĞůĞĕĆŽ͕ƐĞƌĄƌĞĂůŝnjĂĚŽƉŽƌƉůĂƚĂĨŽƌŵĂƐĞƐƉĞĐşĨŝĐĂƐĚĂ
&'s ŽƵ ĚĞ ƚĞƌĐĞŝƌŽƐ͕ ĐŽŵ ĂƐ ƋƵĂŝƐ ĞdžŝƐƚŝƌĄ Ž ĐŽŵƉĂƌƚŝůŚĂŵĞŶƚŽ ĚŽƐ ĚĂĚŽƐ ƐŽůŝĐŝƚĂĚŽƐ ĂŽ ĂŶĚŝĚĂƚŽ;ĂͿ ƉĂƌĂ
ǀŝĂďŝůŝnjĂƌ Ă ƌĞĂůŝnjĂĕĆŽ ĚŽ WƌŽĐĞƐƐŽ ^ĞůĞƚŝǀŽ͕ ŽďƐĞƌǀĂĚĂƐ ĂƐ ďĂƐĞƐ ůĞŐĂŝƐ ƐƵƉƌĂĐŝƚĂĚĂƐ ƉĂƌĂ ĞƐƚĂ ŽƉĞƌĂĕĆŽ͘ Ɛ
ƌĞƐƉĞĐƚŝǀĂƐĨĞƌƌĂŵĞŶƚĂƐƐĞƌĆŽŽƉŽƌƚƵŶĂŵĞŶƚĞĂƉƌĞƐĞŶƚĂĚĂƐĂŽ;ăͿĂŶĚŝĚĂƚŽ;ĂͿŶŽŵŽŵĞŶƚŽĚĂƌĞĂůŝnjĂĕĆŽĚĂƐ
ƉƌŽǀĂƐ Ğ ƉŽĚĞƌĆŽ ĐŽŶƚĞƌ ŽƐ ƐĞƵƐ ƉƌſƉƌŝŽƐ dĞƌŵŽƐ ĚĞ hƐŽ ŽƵ WŽůşƚŝĐĂƐ ĚĞ WƌŝǀĂĐŝĚĂĚĞ͕ ĐĂďĞŶĚŽ ĂŽ;ăͿ
ĂŶĚŝĚĂƚŽ;ĂͿĂĚĞƌŝƌăƐŵĞƐŵĂƐĐŽŵŽĐŽŶĚŝĕĆŽƉĂƌĂƐĞŐƵŝƌŶŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘


Ϯ͘ϱZĞƐŐƵĂƌĚĂĚŽƐŽƐĚŝƌĞŝƚŽƐĚŽƐƚŝƚƵůĂƌĞƐĚĞĚĂĚŽƐƉĞƐƐŽĂŝƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞŽĚĞŽƉŽƐŝĕĆŽĂŽƌĞĐĞďŝŵĞŶƚŽĚĞ
ŵĞŶƐĂŐĞŶƐƉƌŽŵŽĐŝŽŶĂŝƐ͕Ă&'sƐĞƌĞƐĞƌǀĂĂƚƌĂƚĂƌŽƐƐĞƵƐĚĂĚŽƐƉĞƐƐŽĂŝƐĚĞŶŽŵĞĞĐŽŶƚĂƚŽƉĂƌĂŽƐĨŝŶƐĚĞ
ŝŶƚĞƌĞƐƐĞůĞŐşƚŝŵŽĞĚŝǀƵůŐĂĕĆŽĚĞŶŽǀĂƐŽƉŽƌƚƵŶŝĚĂĚĞƐĂĐĂĚġŵŝĐĂƐ͘


Ϯ͘ϲ͘WĂƌĂƚŽĚŽƐŽƐĨŝŶƐ͕ƚŽĚĂƐŽƐĚĂĚŽƐƉĞƐƐŽĂŝƐƉƵďůŝĐĂĚŽƐĞŵƉůĂƚĂĨŽƌŵĂĞŵƋƵĞƐĞĞůĂďŽƌĂŵƉĞƌĨŝƐĂĐĂĚġŵŝĐŽƐ͕
;ŝ͘Ğ͘ WůĂƚĂĨŽƌŵĂ >ĂƚƚĞƐͿ͕ ƐĞƌĆŽ ĐŽŶƐŝĚĞƌĂĚĂƐ ĐŽŵŽ ƚŽƌŶĂĚĂƐ ƉƷďůŝĐĂƐ ƉĞůŽ;ĂͿ ƚŝƚƵůĂƌ ĚĞ ĚĂĚŽƐ Ğ ƉŽĚĞŵ ƐĞƌ
ĐŽŶƐƵůƚĂĚĂƐŶŽĚĞĐŽƌƌĞƌĚŽWƌŽĐĞƐƐŽ^ĞůĞƚŝǀŽ͘


ϯ͘  &'s ŐĂƌĂŶƚŝƌĄ Ž ĞdžĞƌĐşĐŝŽ ĚŽƐ ĚŝƌĞŝƚŽƐ ĂƐƐĞŐƵƌĂĚŽƐ ƉĞůĂ >Ğŝ ϭϯ͘ϳϬϵͬϮϬϭϴ͕>'W͕ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ƉĞůŽ ĐĂŶĂů
ĚŝƐƉŽŶşǀĞůŶŽůŝŶŬŚƚƚƉƐ͗ͬͬƉŽƌƚĂů͘ĨŐǀ͘ďƌͬƉƌŽƚĞĐĂŽͲĚĂĚŽƐͲƉĞƐƐŽĂŝƐ͕ŵĞĚŝĂŶƚĞĐůŝƋƵĞ͕ĐĂĚĂƐƚƌŽĞƌĞŐŝƐƚƌŽĚĞƐŽůŝĐŝƚĂĕĆŽ
ŶĂ ŽƉĕĆŽ͞ŽŶŚĞĕĂŽ WŽƌƚĂů ĚŽƐŝƌĞŝƚŽƐ ĚŽƐdŝƚƵůĂƌĞƐ &'s͘͟KƐ ĚĞŵĂŝƐ ĚŽĐƵŵĞŶƚŽƐ͕ĂĕƁĞƐĚĞ ĐŽŶĨŽƌŵŝĚĂĚĞ Ğ

ϭϭ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

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

WŽůşƚŝĐĂƐ ĚĂ &'s ƐŽďƌĞ ƉƌŽƚĞĕĆŽ ĚĞ ĚĂĚŽƐ ƉĞƐƐŽĂŝƐ ƋƵĞ ĞƐƚĞũĂŵ ƉƷďůŝĐŽƐ ƉŽĚĞƌĆŽ ƐĞƌ ĂĐĞƐƐĂĚŽƐ ƉĞůŽ;ĂͿ
ĂŶĚŝĚĂƚŽ;ĂͿŶŽůŝŶŬƐƵƉƌĂĐŝƚĂĚŽ͘
ϰ͘  &'s ƚŽŵĂƌĄ ĂƐŵĞĚŝĚĂƐ ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ Ğ ƐŝƐƚġŵŝĐĂƐƌĂnjŽĄǀĞŝƐĞĐŽŵƉĂƚşǀĞŝƐ ĐŽŵŽƐƌŝƐĐŽƐƉĂƌĂŐĂƌĂŶƚŝƌ Ă
ƐĞŐƵƌĂŶĕĂĚĂƐŝŶĨŽƌŵĂĕƁĞƐƉĞƐƐŽĂŝƐĐŽŶƚƌĂƉĞƌĚĂ͕ŝŶƚĞƌĨĞƌġŶĐŝĂ͕ƵƐŽŝŶĚĞǀŝĚŽ͕ĂĐĞƐƐŽŶĆŽĂƵƚŽƌŝnjĂĚŽ͕ĚŝǀƵůŐĂĕĆŽ
ŽƵĚĞƐƚƌƵŝĕĆŽ͘


ϱ͘KƐĚĂĚŽƐƉĞƐƐŽĂŝƐĚŽ;ĂͿĂŶĚŝĚĂƚŽ;ĂͿƐĞƌĆŽĞůŝŵŝŶĂĚŽƐĚŽƐƐŝƐƚĞŵĂƐ&'sŵĞĚŝĂŶƚĞƌĞƋƵŝƐŝĕĆŽƉƌŽĐĞĚĞŶƚĞĚŽ;ĂͿ
ŵĞƐŵŽ;ĂͿ ŽƵ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ͕ ƋƵĂŶĚŽ ĞƐƚĞƐ ŶĆŽ ĨŽƌĞŵŵĂŝƐ ŶĞĐĞƐƐĄƌŝŽƐ ƉĂƌĂ ĂƐ ĨŝŶĂůŝĚĂĚĞƐ ĚŽ ƉƌĞƐĞŶƚĞĚŝƚĂů͕
ƐĂůǀŽƐĞŚŽƵǀĞƌƋƵĂůƋƵĞƌďĂƐĞůĞŐĂůƉĂƌĂĂƐƵĂŵĂŶƵƚĞŶĕĆŽ͕ĐŽŶĨŽƌŵĞĞƐƚŝƉƵůĂĂ>'WŶĂ^ĞĕĆŽ/sĚĞƐĞƵĂƉşƚƵůŽ
//͘

ϭϮ
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6 - Para confirmar as assinaturas acesse https://assinaturadigital.fgv.br/validar

Documento assinado eletronicamente, conforme MP 2.200-2/01, Art. 10o, §2.
 13 página(s) - Data e horário baseado em Brasília, Brasil
Sincronizado com a www.digicert.com
Certificado gerado em 23 de junho de 2023, 11:41:48

CPDOC - DOUT HIST, POL E BENS CULT 2024 (CPDOC - DOUT HIST, POL E BENS CULT
2024.pdf)
FGV Assinatura Digital ID d780e767-7cfa-4173-2375-08db579b6be6
Código do documento f04fa781-fcb1-4f64-6c8b-08db579b6c0d

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

23/06/2023, 10:17:01
ELZINARA ALMEIDA - E-mail: elzinara.almeida@fgv.br solicitou assinaturas.

23/06/2023, 10:36:50
CAROLINE REJANE DE OLIVEIRA FIGUEIREDO assinou (Autenticidade d39a480f62c841a29922c5d95ceb7cbe) - E-mail:
caroline.figueiredo@fgv.br - CPF: 141.509.627-90 - IP: 10.20.12.29 - Geolocalização: -22.9174786, -43.1978588

23/06/2023, 11:01:43
ANTONIO DE ARAUJO FREITAS JUNIOR assinou (Autenticidade 4e6cb1f4becf44818bbdef4b22f77df9) - E-mail:
pgcapes@fgv.br - CPF: 004.189.514-20 - IP: 191.57.23.149 - Geolocalização: -22.954954954954953, -43.165986429012136

Hash do documento original

[SHA256]: da54329bd85aeafa2287c55e9a31d27d3cc86f9dd86a8f90c994a0407add5cf3
[SHA512]: b24903d3207c5a80a2f326d02f6d440650fd859526b35041b0238c1c67ede56b7a921ffa3bf83d8c75936a9e45
09733490ffb77f6c47fbd5c7ece15502a57a9f

Esse log pertence única e exclusivamente ao documento do HASH acima

A Fundação Getulio Vargas através do seu certificado digital, valida e certifica que as assinaturas foram executadas de
acordo com os dados acima declarados.