Você está na página 1de 68

Aprenda a

investir em
>%</80

^VW/8[%ZT8Q1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111112d

`SPN\R^RMRJRa%URIT8RL%V[8IR<8ED/8IRURa%CIR8IRWB8IA e
3
1111+($6(#-$!1)!1&$)!1*).**;*)!2 f

1111:*)!1-1&$)!1*).**;*) gg

`SPN\R^^RMR@8<BC/CWX8RUVW/URL%V[8IR<8ED/8IRUR<KXUH gh

1111+($6(#-$!2 gh

1111-!5($6(#-$ kj
114
`SPN\R^^^RMR^V[]C[8/UIRUR<?W/]CH ml

1111+($*' ml

1111  , ,1 ",1  mk

1111+()1(6*)$*(1-15()1-1-()2 mn

1111-7)5()1(6*)$*(1(1)6' me

111191=9 mj

1111+()1)11)1(#- mh

1111+()1)11(#-15!1)6(7 ) mh

c
++++&;+76=;+<)40.&<+*5'$, 

SSSS/;3; 

YTFa`S\ZSWS`^][VUPOK[SN_SXNOK[SH_[JHVHGEH[SDCECSHOMP^BHER 

++++%6;<#;&+)+;=#.( 

++++5.;<#;)+)+&)+&+6"+;=#.(

YTFa`SZSWSFH^][^SPOM[VMHK[^SP_SA\\^SPS][_[SPMHBGIV[^Q 

++++4#<;2&+)+&)+;+4)=;+&"+7)<: 

++++#4)+&+.;44#9

++++#4)+&+&=( 

++++&;+"#";+;;=#;+*1- 

YTFa`SZ\SWS?[_P@COK[SCSHOMP^BHESPS][O^HKPEC@LP^S>OCH^Q 

++++4)<;+6";+4)&=)8 

++++57#)+6";+4)=;+;+4)&=)9 

++++.#;)+#&#)+;;+;+4)&=)9 

++++!)";)+6"+6)+#")7#<#0#( 

++++!)#&;2&+;# 

b
U[]RZYUWUWXZVRSTX]WRQW\XXS

 
D76J8!"OI7J3'A"3">8J?"3!78J3?87J3!"3869"J?8!7O"J%37J3'A"3
6B73076:"0"37J3-A6!7J387+8&8#O87JC3?I+3076:"08!7J3
0773JC3"3I'A"&"J3'A"3II3-A6!7J387+8&8#O87JN4
4
J3J3JB73869"J?8"6?7J3!"3O"6!I39IO8#9"&C3IJJ830773IJ3
I/"JN3F7O38JJ7C3970)37!"3"J"OIO30IOI0?"OJ?80IJ3J88&IO"J3
0773I3!8J?O8+A8B73!"3O"6!8"6?7JC37J08&I/"J367J3O"7J3"3
9I&7O8EIB73!73I?O8G687N4
4
F7OC3"&"J3?I+3076?I30730IOI0?"OJ?80IJ3!"38<9"8JC3
O8608I&"6?"3I3!"3O77O0876IO3I&AA8J3"6JI8JC3.#3'A"373
869"J?8"6?73'A"3-IE"33!8O"?I"6?"36"&"JC30773970)3
"6?"6!"O#3"&:7O3!AOI6?"3I3&"8?AOI3!"JJ"35M(N2

IJ3IOI3'A"37J3-A6!7J387+8&8#O87J3JB7386?"O"JJI6?"J4
4
@*1=L,1 1 L1$, L$ %37J3J3?I+3JB73A3
869"J?8"6?73"38<9"8JC3IJ37O3"873!"3A39"0A&73I8J3
"H08"6?"3"3O#?807N4
4
@*1=L,1;= K1*L 1  $ %3!I3-7OI307737J3J3
-7OI3076J?8?A!7JC3"&"J3!8J?O8+A"3OI?80I"6?"3?7!7373&A0O73
'A"3O"0"+"3IOI3J"AJ307?8J?IJ3"6JI&"6?"N2

P
NTVKSRNPNPQSOKLMQVPKJPUQQL

CC9/%:9 %B0C93C?21C.-2;8H+)8'E)E8E8+#"! +)!# E8


A+! E8!)8+)"!+8E8&&8'E)8E#8+)"!+8"HE+H)8'E)8E8
!)$E8E8 =!88E= H8E# !8A!8'!'+)!# E8$H +)E#+H8$HH8
!=8'E + H8H)8AH8!#AH8)!#H 7
7
!88=)8+#"! +)!# E8 =!8'H!8#H8'H !+H8A!6
=H =!8+#"! +AE 5

&E8$E =!8!!8 =# H8'HH' ! +'H8A!8!#AH8"H+"!8!8E8


H E8!)8=)8H +"E8!H8E8+)"!+ 5

)8A+E88=)H8E)H8A!8'H$ =H8>H#E8'E)8!#AH8
$H+"H8!8"HE+H,! 7
7
 !8<8 !)8H8+# !#(E8!#+#H8E8'E#'!+ E8+'E8AE8
=#AE8+)E+++E 5

'!A+ H)E8 =!8HE8 !)+#DE8"E'G8A!+H8A!8!6


=)8+#"! +AE8+#+'+H# !8!8!8 E#H8=)8A!8#"!6
+# !)!A++E8H E 7
7
E#+A!H)E8E8+#"! +)!# E8!)8=#AE8&)E+++E8)=+ E8
)H+8H H +"E8AE8 =!8+#"! +8A+! H)!# !8!)8+)"!+8+'E 5

8H'!A+ H)E8 =!8H+#AH8 !)E8$E='E8+#"! +AE!8!)8&&8


*H =H)!# !8F8)+(E8!8)!+E 8A!"+AE8@8H H8A!8
'E#!'+)!# E8AH8!+ G#'+H8!8=#'+E#H)!# E8A!!8$EA= E 4

8 gE! +)8i!#H8AH8gZ8A!8XH#!+E8A!8W_WW

I
^df[cb^`^`ac_[\]af`[Z`eaa\

    


 
X#SWQPNM<SW.?<D.A.O8.<SWS@<WQPNM<SWM5W.N15SB.?5NB<SWJ58.M<SW5W
>M?.N.SB8>M<SWI<8WI8<3SS.<N>.SWH<?W<W<DG5B.1<WM5W.N15SB.8W5?W
>B.1<SW.?<D.A.O8.<SWH<?<W.?615.SWQ0S.H<SW/5SH8.B68.<S-WJ>AI,5S-W
+FC99;*2+-W5BH)'W5W>B.1<SWM5WM01.M>W.?<D.A.O8.>-WH<?<W&4ES-W%&ES-W
M5D=NBP85S-W5BH)V
V
$A5SWS@<WH<NSB.BP0M<SW5?WQ<8?>WM5WH<NM<?0N.<WQ5HL>M<-W<W
(P5WN@<WI58?.B5W(P5W<W.N15SB.M<8W85SJ>B5WSP>SWH<B>SW<PW
>IA.(P5W?>.SWM.NL5.8<WM5NB8<WM<WQPNM<W(P>NM<W(P.S58-WH<?<W
<H<885W5?WQPNM<SWM5W85NM>W3K>)V
V
"<8W?5.<WM>WN5J<H.>7@<WM5WH<B>SWH<?W<PB8<SW.N15SB.M<85SWN>W
D<AS>WM5W1>A<85SWD8>S.A5.8>-W>W! -W1<H=WH<NS5JP5W.N15SB.8WS5PW
M.NL5.8<W<PW85SJ>BO:A<)V
V
"<8B>NB<-WS5?I85W(P5W1<H=W15NM58W<PWH<?I8>8WP?>WH<B>-W
1<H=WQ>8OWP?>WB8>NS>7@<WH<?W<PB8<W.N15SB.M<8W5WN@<W
M.85B>?5NB5WH<?W<WQPNM<)W#PWS5G>-W5SS>SWB8>NS>7,5SWN@<W
.NP5NH.>?W<WI>B8.?N.<WM<WQPNM<W.?<D.A.O8.<)U

#SWH<B.SB>SWM<WREEWS@<W85?PN58>M<SWM5W>H<8M<WH<?W>W
(P>NB.M>M5WM5WH<B>SW(P5W5A5SWB=?)T

Y
LRTIQPLNLNOQMIJKOTNIHNSOOJ

<(7+F7(EA!D+F7(A,+;5A3(7+5A0(3*A7;0/EA,+;(A5/BA+A5D+A
2+7;3;2+-(AF(5A/5D'7+(5A(A#DF("A55;,EA5/A(A#DF(A
;,(;';B;(A+FDF3;+AD,A/F;,/F7(A/A.A9EA2(A3(7+A/A
0(3*A7;0/A)A3(7+5A/'/EA0(3*A/F7-(A/3//BA.A9E@
/A/F;,/F7(5"A?
?
6/55+A#(,+EA2(/,(5A/F7/F/A!D/A(5A#DF(5A1,(;';B;(5A
5-(A3(,DF&/5A/A/3D5(5A/A,;'&+/5A/A;F0/57;(/5A
/57;F+(5AA+2';3+-(A/,A+7;0(5A;,(;';B;(5"?
?
5A#DF(5A3(F7+,A3(,AD,A$ EA!D/AA(A/52(F5B0/'A2/'+5A
/3;5/5A/57+7;3+5EA3(,(A/3;;A!D+;5A;, 0/;5A3(,2+EA/AD,A
C$  EA!D/AA(A/52(F5B0/'AF+F3/;(A/A'/+'A(A411"?
?
F!D+F7(A;55(EA0(3*EA3(,(A3(7;57+EA7/,A+2/F+5A(A7++'&(A/A
/53('&/A(F5A#DF(5A;,(;';B;(5A/AD5D#D;A+A/F+A!D/A
/'/5A7/A2(2(3;(F+/,"?
?
+5EA5/A+5AF/(3;+/5A5-(A#/;7+5A+2/F+5A/F7/A;F0/57;(/5EA
3(,(A/55+A,(+';+/A/A;F0/57;,/F7(A3(F5/D/A3+27+A(A
;F&/;(A;F;3;+'A(DA/3//AF(0(5A+2(7/5?
?
155(A+3(F7/3/A2(A,/;(A+5A $>8%  $EA7+,,A
3(F&/3;+5A3(,(A/,;55/5A/A3(7+5"A6+A,/5,+A#(,+A!D/A
D,+A+-(A2/3;5+A/+';+AD,A1<A:#/7+A< ';3+A1F;3;+'A2++A
5/A';57++AF+A('5+EAD,A411A2/3;5+A2+55+A2(AD,A1<A2++A
/3//A(A5/DA+2(7/A;F;3;+'"=

G
RXZOWVRTRTUWSOPQUZTONTYUUP

!$$$   "  "  $ $    


 $ $   $##

   $ $$$ $ $
 $$  $$ $ $$$ $" $
 $$ "     $$ $

igdlgjcdb]^fb]ead^fb]\hfk\`\_[\fb]
L " 3$" $ $ $
/ $  4 *)   $$( G

>/" $)   $$ ($' 4


  $  '  '  
  " ) $$ 

6$$  )"3      $   '
 "         
$   $   $     /  D

I  $ $(  4 $$&%%$   


 ($ ($3'"$$$"  
 ($$ $4 $  $
( "$$$

M
W]_T\[WYWYZ\XTUVZ_YTSY^ZZU

!'&"!# $"" $"&$  "!#  


 "" "#"'&"" "!  % 
"  &"# % $    &!     
! #  ! &"$ #"!   #$ 
$!!# "#! 

$ '&$   " " & ""  
"&   $"  $  &!     
$ "  % 

QONPLJKMHGMFEELP

;,9==?<?B?>:>A>A2A?76A=8?5A789?5A>?:89>9=2A7>?5A789=
8:5<35391829,9789?78A2A==:78A>9?76A=8?5A789A5/..=4
-0@1A?==9,98A7+?:B?*:9A)A?89>9=-129=+95,9=89=(C

R
068-540202351-./382-,2733.

 (# %  ( (%) % ( (()((( (


%)  (#(( $(% % ( (% (" (
 "# (# " % (% ) ()(" (# % ( (  (
)  (% (% (  ( (( (%)  (# (
%% ((('(% (!((" )(%) (
( (# ((   (% &
&
! (% ($# ($% (#  ( (%) % ( (
%% (" # ( ( % ( ((%) % &
&
(% ()(   ( ( ((  (( )(
%)  (% ( ''(((%# ( (%%# ( )(
%)  ( (%% ((% ( (   ( ( % (
# ( (%) % &

T\X[;;YWVUYSRVPONQV9 B?<
T\X[;;Y9OUYSRVPONQV9

B<<

=?<

=<<

;?<

;<<

;= ;B ;C ;? ;E ;G ;I ;K =< =;
=<;<:9 =<=<:9
hfegcb(^`fef_dg]`d

+*
# ) + ( ' # % # % & ( $ ! " & + %  % * & & !

    

        

       

      

fdbeaZ]\Zc`[]eaZdYeXd_d^Wdea

O  AJ    PJ

      

O1 /     O

   J 8 R 

.>NDD7-0.Q  R    

   1   , A 

    

t`[]eaZdYeXd_d^WdeaZ]\Z\agWdioWdeaZ

‚N-}{~|xy


2 8 : / 7 6 2 4 2 4 5 7 3 / 0 1 5 : 4 / . 4 9 5 5 0

+*'#("!*'!'**''*'*'*'(*'('

"* '"!" "' '*' *' '

** '**' *''*'*' '  '

***'#("!*'! '!'( '('*'!* '(*'('

(*'**''*'* '** ''#("!'!'*'

""!' '"*'( ''('*'!*! &

&

!" " '*'#("!*'('" ' '*' *'"'

# '*' *'!*!* ' ' "'*'!'

*#  '( ' "!' ' ')"* '"! "*'

('(*'**' * '&

&

**'('( '"!'!'( '!'!!'!"'!'( '

#' '""*'!*' ' (' "*'!'('

*''#("!'*'"**' '('"! &

&

" ''"**"'(''"*!'""' '

*(*'*(!* '#" "''#("!*' *'

!*!*' '*' * '"("*''' '

!#"*' * '**'''('   *'!'( '*' (

( ( %

 '**'"'('!'(''!' "'*'(*'

#("!*' *' "* ' '( ''!*!''

** '"('*'!'!#"*'* ' *'' "'

""!'*'**'!* $

-,
G M O D L K G I G I J L H D E F J O I D C I N J J E

    

      

 

_X^\bY[a`bVaZaWTabY[ZbSQYUaRbY[][a^\XYUTaPaY

mkjlhfigcd

@    -,  

  - <   

     

.       

 -  <    .

 7

3 -# #   

= , -  6 

BA
 $ &  # "   ! #     ! &   % ! ! 

          

         

   

8075;14:9;.:2:/+:;14564*)-((3,'*4

ˆtm?p‚`mv`ƒ}>?mp>n

zq nitbb`m[n   UT

nitbb`m[nSg      R N 

yLKIccHkJcc  U F 

 SP LDXLccsCJLcc   

 qB O

s@ nitbb`m[vpm?p>nC  R 

S g   R   

<  R ]      

J _cGE     


:@B7?>:<:<=?;789=B<76<A==8

3#21#0#/.,0#1#)11-1##%#022'#,$1#02
(!!"#,#10$0#202$'#$0 #####1,
3-'1# 112,#1 #1, 10$02$012# $'$1,$
$1#, .'2'

+$.1#10$020222'# .2 $ 0#$.. 1# 
#'$) 22)2.$$'20#2.'$0#0$2,0$
0##*1'$022.(!!" #.2#02#'2,1$1$$
2,0$0#/.,0#2#2,'#022#22.'$0# ##
,#$'$2,#&1$0$ 2
NGMKQHJPOQEPIPFDPQHJKLJDLMKCJGDECMC

\([WUXVRS

54
RXZOWVRTRTUWSOPQUZTONTYUUP

$!#!"!%!!#! !! !


#!! !!!#!#!#! !
#! !! #! !! !
 !  !!

#! ! !!!!#!!#!# !!!


!#!!! !! !#!!
 !#!#!!#!##!! !
#! ! !#! !

eca`d_\`^\]b]^[
$! !!  !  #!  ! #!!
#!A!!!A!#!#!#!  !#!
#!#!!#! #!3 !!) !'!##!
A!  ! #! !! !! !!
3 ! !!!!!   !!

, !!A!!#!#!!#!#!!
!A!!#!#!!#!E!
#!!#!!! !  !!!!3 !!
!#

eca`d_\`^\kca`d_
$! !#!! !#! #!!#!
!!#!#! !!! !#!

ML
n t v k s r n p n p q s o k l m q v p k j p u q q l

"         

   !       

            

       

      !  !   

            

           

      !    

ƒ|‚€†} „†z ~ {x †}€€}‚w†~w „‚y†

"  !         

,               

         !   

 !         +

     /    96 C

"          

    +   #..     

           C

Ž|yx†}}y†x}

g          !     e   

      #..       

e  !    9      9   

 e  J      

ih
5;=2:957578:62348=7217<883

.!'!%("!%)'!(%!(%(!(%!(%,)!(%'!+!(&%%
!')+%,%!%)(!%,(,%!)(%!) +(%
(!%!%' %%( % )!% %!') "!%%
!!,) (%%( ( (%!'!% ! %- !(% !) %
(( %%,' % (% (%  % %!)(, "!%%,'% ')!%
(!%)!%!)!% ! $ #*$*

0/
IOQFNMIKIKLNJFGHLQKFEKPLLG

    
       
51@1:A8@17:B0:.6=38/0?21:0B;+)81)>:17:&6B%17:8@1=8384)817:
$#--7":721:A+!/6317:*6+:.+)@8;+@:01:8BA+7;8%1):7+:+ .1):0:
+@.)++B%8@+B;17:8@1=8384)817:.1):@+81:%+:0;8A17:387;0%17:
+@:=1370:1);0B;1>:(:8B+A8;4A+3:0:/1@.0)0?21:+B;)+:&6B%17:
8@1=8384)817:+:8@'A+87:&!78/17:9
9
<.+70):%+:;+)+@:)0!+7:+@:/1@6@>:+ 87;+@:%8&+)+B?07:
)+3+A0B;+7:+B;)+:+3+7:+,0@17>:+B;21>:*6087:721:07:A0B;0+B7:
+:%+7A0B;0+B7:%1:8BA+7;8@+B;1:+@:&6B%17:8@1=8384)8179

€  

      
z:A031):*6+:17:#--7:.00@:+@:)+B%8@+B;17>:+@:+)03>:(:
76.+)81):01:%+:8@'A+87:&!78/17:-771:1/1))+>:.)8B/8.03@+B;+>:.1):
/1B;0:%0:87+B?21:Y7/03:$0:)+B%0:%17:&6B%17:8@1=8384)817:(:
87+B;0:%+:8@.17;1:%+:)+B%0":+:%0:8B+ 87;wB/80:%07:%+7.+707:%+:
6@:.)1.)8+;4)81:%+:8@'A+3:/1@1:8@.17;17>:-Rd>:)+&1)@07:+;/[

v:8@.1);0B;+:%+7;0/0):*6+:+7707:%+7.+707:08B%0:+ 87;+@>:@07:
*6+@:/68%0:%+307:(:1:&6B%1:/1@:7+67:.)'.)817:)+/6)717:
1);0B;1>:8771:B21:)+/08:71=)+:1:8BA+7;8%1)

DC
7 = ? 4 < ; 7 9 7 9 : < 8 4 5 6 : ? 9 4 3 9 > : : 5

-$0+,0*$0 0 + 00)#,00 *0 0

$)+$"00)+$+ 0-+ 00*+- #00)0

 0- ,00)&-0" +0$0"0$ +0+" "00

((00 00+$+/

 00$* 00 0+$+-+ +0)  0)0$0

$$"00 + ,00)&-0 )+" 0*"0 0

*" #000((00)"*+ -+ 0 + 0$ +00"/

 -0" $$0$*+ 0 00+$"0$ +0%0

%0 0 +* 0 "00"00+"+00 0

+$+-+ +00 0*" 0" $$0)$0 -+ 0,0* 0

*!0'0 -+ 00-*,0*!0)0!- 0$0

-$0$$".

 $0$)-+* 0*$0$00((0$ +0 "+0 0- 00

00$0* 00*0$0"$00 -+ %0

) "+$+ -000 -00$* ,00

MBCLJI0MKKFDGBEDA@

21
% + - " * ) % ' % ' ( * & " # $ ( - ' " ! ' , ( ( #

      

   

jackebkdlkcab`ih_igh\kd`k[df^ek]d`k[lk]ck]d

Z  BL V  I V  

   BL   I:  :  

 I     I   B S

6   L  :  @I  

      I  3    

G        I  L  

     4    @I 

 2I     S

K    L    @

I   L  :   

     W3  

10/0RR.S

“‘‘mmŽŒŠ‹Ž‰Š’‡†ˆŠ€
t~~

“‘‘mmŽ€‡‹Ž‰Š’‡†ˆŠ€

r~~

p~~

n~~

m~~

mm mn mp mr mt mv mx mz m| n~ nm

n~m~€ n~n~€

Ÿœžš™•—œ–›ž”—›


     

lkjiigegdghfhj
95%70,5-%-5-28('%'%5(/5'/&#7"5$5-"*,.5!7 /,5(/578(7,5
'/&#7"5,275( *-%5-"(/- 5277- 5275/'"1-%7 5275%7-' .5
,%*-*,5,5'#7 *'2,%58(7527 7-57*%-%57 75/7%-2,5
%7' -5'#7 *'%5(/5%-275-'*-"5",,5,5'',5,(5,*%-'%5
2#'2- 5,/,5(/5-'-/7*,.4
4
-%-5-5/-',%'-52- 57 ,- 57 7 5+,5 +,5-/'1, 5#'#7' 575
7/5%7,/72#7' .5,%$/5,/5, 5 5$5, #7"5 757,%5
-,5/7%-2,5'/,'"'%',5,/5(/5#-",%5/('*,5/7,%5,/,5
,/7*-/, 5-*$5/7 /,5-5-%*'%52756535,%5,*-.4
4
9(5 7-5,/70-%5-5'#7 *'%57/5 5$5/('*,5/-' 5'"575-'2-5
7%/'*758(75#,)5,/775,/5,(,5-*$5 75-, *(/-%575
7*727%5/-' 5,5%,2(*,.4

sgvjtigrkfonm
`-5/7 /-5,%/-58(75$5, #7"5,/70-%5-5'#7 *'%5,/5
,(,52'17'%,5#,)5*-/$/5, 7(752'#7% '-%5/-' 5-5
(-5-%*7'%-5275'#7 *'/7*, 57",5/7 /,5/,*'#,.4
4
?,/,5-2-5,*-5275(/5(2,5'/,'"'%',5, *(/-57 *-%57*%75
6535756535#,)5,275,/%-%5(/5,(,5275-2-5
5-%-5*7%5(/-5-%*7'%-5,/57*7- 5275'/&#7' 5275
2'7%7*7 5*', 5757 *%-*$'- .[ ,5$57 7'-"/7*75
'/,%*-*75-%-5-(/7*-%5-5 7(%-0-52,5 7(5-*%'/;',.Z
     

.+&/)$0+#+.!. ( '+'$+!.3'5+.0+).5&/+"'5+0& 3&'+


.)&3&0.3.+' 2+%'+!'"5.5+3&3'++-$.+!$&+ &53.5&+
'3&+ '0+5'!+'$35'!+&3'!*
*
'5+..0/'+ '0+,+1+' 2+ '!.)$.+3.5+..&!+.+
04.!+'+!.$+'53"4/'+0&!+ '0+'+0.!0'+&/'5+' 2+%'+
'!.)$.+3.5+!.-$.5+$0+04./+"(! '*

hfbgfedc
L'!+.!30.3'!+&+/-$.+E+&+ && &.+.+35&!"'50&5+
'+!.$+C.5'+.0+ '3&!+'5+..0/'+.+.0+!.)$&+&!+ '3&!+
.0+C.5'*
*
>$+!.&+-$&'+"&/&0'!+-$.+$0+"$'+0'=/5'+E+/(-$'+
!!'+!) &+-$.+' 2+ '!.)$.+.)' &5+9 '05&5+.+..58+
!$&!+ '3&!+ '0+"& /&.+!.0+ '55.5+'+5! '+.+%'+C&.5+
'3&!+!'(.!+'+0'0.3'*
*
>!+#!+%'+!4+.)' &0+ .3.&!+.+0/C&5.!+.+5.&!+3''!+
'!+&!+.503'+&+' 2+ '05&5+.+..5+!$&!+ '3&!+ '0+
35&-$/&.+0&!+3&0=E0+ '3&0+ '0+$0+5&'+.+
&.&!+'!+&!+K3.!+&5&+-$.+'+&/'5+ &&+&+!$&+ '3&?

6$&'+-$.+.!!&+0.!0&+./' &.+!.5&+'!!(./+&'+3.3&5+
.)' &5+$0+04./Q


     

*:8/43 /8/+3/8,+3$ $))0+3$8($))08&,%4,($8!8/8


 0,/+0:$+3/8($&0-89$8/283,$))$84:800 30:$+3/8($7
#868:,&8$8 $,)0))$80$+0)8($8#818:,&8/:/8/28
/+)$4, ,08 $)030 8$))$8(,+'$, /"8./8)$ ,08/))$&8/8
,:$&83/(/83$ ,08%4$8)$ 8$+(,(/-5
5
/)84+(/)8,:/,&, ,/)8/:/808+$/,0./8!8$,308,08/30)8$8
0(084:083$:84:80&/ 80,/8/28/+)$4$8$+($ 80$+0)8
/8+$$)) ,/80 08 $3, 0 8/80&/ 8($)$0(/-5

wqvorvnuntuvsuvpv
l/ 8/+308(/80&/ 8$+($ 8/48/: 0 84:8,:$&88+./8!8
0 03/-8N&!:8(,))/8,+&4,+(/8/)84)3/)8$8($)$)0)8)$83/ +08
0,+(08:0,)84)3/)/-5
5
[$+3 /8($))$)80)3/)8/($:/)8$$:&,E0 8/8T:/)3/8)/ $8
D 0+):,))./8($8R$+)8T:$,)8CTDRTA8%4$8/($8'$0 8$:803!8
@M8(/80&/ 8(/8,:$&8$:80&4:0)8 $,?$)8/84)3/8($8
$,)3 /8(/8,:$&8%4$8/($83/:0 8:0,)86M8/48QM8(/80&/ 8(/8
,:$&80&!:8(/84)3/8($8$) ,34 0-5
5
b8$:8 $&0./80/)84+(/)8,:/,&, ,/)8$))$)84)3/)8/($:8)$ 8
:$+/ $)8/48,+$,)3$+3$)80 08/8,+$)3,(/ -a

;,)3$:8/ $3/ 0)8/ 8$$:&/8%4$8+./8/ 0:830080 0808


+$/,0./8($8/30)8($8ITT)8/48)$08/28/($8/: 0 8$8
$+($ 8d8/+30($8)$:800 8/ $30$:-5


     

&/32%,/5*'$2*%40*20'0*/!0"/30*"/-0,0*!0*#*%**
3/*0*51)

4*"0$/$*40$*,$232/$5*%03,/*+*0*3"$$,0,*,*!00*
%0%*2!/*,*4!/$2/5*/405*0./*30* %$20*/%*
%0%*,$!$05*/*!!/*%3,/**$!/3$*!/*$$/**/*
3$2,/*3./**/-0,/*0*0!/20*40$*,3+/(

mblihgejdgcllfga`k
S*40/0*,/$*-0$/$*%*"/4!0*%4*4*!00*0%0*
3./**$!"0$20*3/*0$$%32/**3./*20-0+0*!/A$$/30432*
3$$*4"0,/)

C*/$*%3,/$*4/-/$*$./*0,43$20,/$**,/$*!/*
!/A$$/30$*,0*0*4/-0**A303"05*$!"0$20$*3/*
%*0;4**"/4*%4*20-0+/*,,"0,/*0*$$0*02,0,(
(
:/*$$*4/2/5*/$*4$*,/$*!/*$$$*!/A$$/30$*
!/*4/*,/$*%3,/$*4/-/$*23,4*0*$*40$*-4*
0!/20,/$*,/*%*30*4./*,*%4*3$2,/*"/4%4\

S4*,$$/5*$$*20-0+/*0*/*3$2,/*,0$*,/$*,*
"0-0*,*0,43$20*%4*4)

&/4/* *43"/304/$5*/*0,43$20,/*A"0*$!/3$*!0*
!02*A303"0** %7,"0*,*%4*6HH5*3%032/*/*$2/*"%,0*
,0*!02*$202"0*,/$*3$2432/$?


     

6'-*2&2+&('52&50-2$'"2!"2' -5--23+&2&0& '5+&2$-2.2


.-&)%'2'+2-"0($'5-"2&5&2,3-2'/2'""&2-05&52-+2
'0&0'2-20(5&52"3&"2$($&"1
1
3"(-*2&23+&2$(&2(+'50&0-2&2-"0%'2423+2$'"2
'0'"2+&("2(+'50&0-"2&5&2"-2-"03$&52-+23+2 3$'2
(+'((5('2'5$&5-+'"2+-#'52-""-20-+&2+&("2&$(&0-

nplgpqkojgimhfgeimp
T"2!"2"%'2("-0'"2&2$("05(3()%'2$-25-$(+-0'"2&5&2&"2
-""'&"2 P"(&"2""'2"((&2,3-2'/2%'25-("&2&&52
-#3+2(+'"0'2"'5-2--"21
1
T2$(#-(5'2,3-2&(2&2"3&2'0&2242P,3($'2$-20'$&"2&"2
$-"-"&"2-20&9&"*2'$-$'2"-523"&$'2$&2 '5+&2,3-25- -5(52
'2'055('2$-2(+G-("205&$(('&("2-+2,3-2'2'-5'2'$-2
&52'+2&042LN*bF2$&25-$&*2$--$-$'2$&2 &(9&2$-25-$&2
$'2(-"0($'5[

a2(+'50&0-2+-('&52,3-2-""&2("-)%'2$-205(30&)%'Z
&5&2'"2(-"0($'5-"2"G2-9("0-2&"'2'"205/"25-,3("(0'"2&2"-3(52
"-&+23+5($'"

T2 3$'25-("&20-52b~2'32+&("2'0("0&"†
T2'0("0&2%'2'$-20-52+&("2$-2‹~F2$&"2'0&"2$'2 3$'†
T2 3$'2$--20-52&"2'0&"2-'(&$&"2-93"(&+-0-2-+2
'"&2'32-+2+-5&$'2$-2&%'2'5&(t&$'


     

v!6!;>4;6.k66.>4;
8*=<*A<9-B5*A<3=*23/373*A<<#*AA?,'/<1'<3B&-3/3B*A<$*=*<
+! !6.;"6!<+@!>;"6<!4. <!.@>;>;!46<
0><'B1'<*-1)A<)B5'A<'=#'A)A%:
:
AA*<3=#/3$)<'=<1'<-=<3A$*<='B*<5'<3B)53=#/(B$3)A<'<
)1)A*A<B*A<)/--3A<)/*<'/)13,)='B1'<$*=-=<)*<)/-)<
-=<3=,'/<#))<#'AA*)A<9?A3$)A%:

†4!.! .4

~>!66!
j<,*/)13/35)5'<<)<*A$3/)S^*<5373)<5'<#'S*A%d

8*=*<*A<LA<A^*<B'*$3)5*A<'=<-=<)=23'B1'<5'<2*/A)<5'<
,)/*'A<*A<3B,'A135*'A<B'*$3)=<A-)A<$*1)A<1*5*A<*A<53)A<*<
&-'<#*5'<'/',)<*-<'5-G3<*<#'S*<5)A<$*1)A%:
:
j#'A)<5'<-=<3=,'/<9?A3$*<1)=2=<1'<*<A'-<,)/*<*A$3/)B5*<
$*=<*<1'=#*<B^*<<#*AA?,'/<B*1)<'AA)A<,)3)SD'A<T7<&-'<B^*<
Y7<)<3B9*=)S^*<3='53)1)<'<5373)%:
:
CAA)<*A$3/)S^*<5'<#'S*A<&-'<#*5'<A'<=)3A<)'AA3,)<'=<
=*='B1*A<5'<'A1'AA'<5*<='$)5*<#*5'<1)G'<5'A$*B9*1*<
#))<)/-=)A<#'AA*)A%b


     

/*6523151.2*6,+(,'1&$'1+*1.("'!,.61'21 !1"*-1'(,'(+1&$'1
'!,#1.("'!,.(*1'21$21.24"'16'+1'!+61'1'!,+61+'(*1
.!!*1*612'.*1+1*!+31*61,6#!1+&$''1$(*1'.!,'21
.24"'.!16'+.!31*21.(&$..(*!16'+.!1++(*1+$$5.!16'+.!0
0
$1!'+31+(,'!1'1!'1'!'!'6+61*21+1&$'+1+!1*,+'!31
+"+.'1!'1*!1!'$!1.24"'.!16'+2'(,'1'!,)*1"+'(*12'(*!1*1
&$'1+(,'!1*-1"'('6.+1!$+1+!+1!'1*$,6+!1'!!*+!1
*'6''!!'212',+'1*1&$'1'+1"+'%0

‡ˆ†‰„‚Š €~}ƒ‚ˆ‰
R21H^]V1'1H^H^31*6+21'.,+!1,'(,+,."+!1(*1E*(6'!!*1'1
K'(+*1'1'.2.(+61+1.!'()*1'1.2*!,*1'16'(+1!*6'1*!1
6'(.2'(,*!1*!1$(*!1.2*..#6.*![

'.2'(,'31'!!+12'.+1()*1!'1*(6',.*$1(*1E*(6'!!*31
2+!12*!,6+1&$'1*1R!,+*1'1!'$1+',.,'1+66'++,46.*1#1!'1
2*!,6+6+21.(,'6'!!+*!1'21+++61*21*!1.('(,."*!1J!+.!1
*!1 !ZE+!*1$21.+1C'$'21+1'6'61!$+1.!'()*1J!+31*!1
$(*!1.2*..#6.*!1*'21'6'631.('".,+"'2'(,'31+6,'1'1
!$+1+,6+,.".+'1'16'(,+..+'1.'6'(.++0

“‰}‚‰Š„‚Š}‚ˆ}‰„~„‹‚‰‹‚ˆŠ~Š
E*2*1+6'('2*!31*!1 !16'v('216'$6!*!1'12.C+6'!1'1
.("'!,.*6'!31&$'1J+21!*16'!*(!+..+'1*!1
+2.(.!,6+*6'!1'1'!,*6'!1*!1$(*!


     

2(;*?;(65(51(;-;*5?,(51(?%>%5;(+*5%1-9%5
-('**+%?;%5(8%5(5*?;(51(8*5%5*'>%'65*?(5*#%5
%(+*65*?(5!%?%5+5-+=!%'65%?;%5(;*5-?-1-*;-!* 4
3:5(5>%;(5%+5;(+*5%*5%1-9% 5+5*'>?51*(65
%0%?%?(5(5%>'*+%?;(5(5?(65(51(;-;*50(%5!(;*5
%5*0(!*5(5?,(5*'>+*5+*;<-*65+*5;((5(5(;(5
1(;-;*5;*+8<+5;%,(5(5-%-;(5%5!(;( 4
4
(+(50(%+(5(8%!*51(+5%*50*;%5(5&7765(5?(5
/+(8-'--(5,(5+*5*';%?*;-!*5*';*+%?;%5%?;!%'5%5
*1%!%'5%5-?!%;-5%+5-+=!%-65*'<+5%5%5+*5(0,(5%5
%!%-*5%51(?-%**50(5;((5(5-?!%;-(%5-?-!-*-5
-?;%%*(5?(5+%1*(5-+(8-'--(5%5%+5;%5+*5%?*5
0*-!*5+%?*' 4
4
$=5%?"%>*+(5%5(5//5,(5%%?1-*-5%?;(5%5+*5
1*;%-*50%!-%?1--*5%5%65.?;(5(5-?!%;-+%?;(5%+5
*9%65%'%50(%+5;*#%5+5>*?%5%;(?(5*(5-?!%;-(%65
'%!*?(55-?%0%?)?1-*5?*?1%-* 4


FLNCKJFHFHIKGCDEINHCBHMIID

     


 

4!29</87/8?/3<*<0-/<9+*<*9<'-8?*9<%$*5%(%,3%*9#<"*$*<
'-8"%*8)$#<0-)%9<*9<!3%8"%!)%9<7%!*9</<"()99/9#<)(1$<?)9<$)%*3/9<
)87)/89</<?/9)87)/89#<1<>*3)<?/<9)5/3<"*$*<))(%,.(*9;
;
)3)<"*8"(-%3<9/<-$<'-8?*</97,<5)3)7*<*-<")3*#<9/</97,<
)73)7%*<*-<8+*#<%8/%7)/($/87/<*<%8/97%?*3<?//3,<">/")3<
9/-9<%8?%")?*3/9</<!3%8"%!)%9<$173%")9<"*$*<$&(7%!(*9#<
==<=#</7";
;
)3)<) -?,.(*<8*<3/"*8>/"%$/87*</</87/8?%$/87*<?/99)9<
$173%")9</<%8?%")?*3/9#</8-$/3)$*9<*9<!3%8"%!)%9<?)?*9:
0-/<*"6<?//3,</3%")3</</97-?)3<)87/9<?/<%8/97%3</$:
-$<'-8?*;

y v 

4<)"\8"%)<1<-$<?*9<?)?*9<$)%9<%$!*37)87/9</$<-$<'-8?*<
%$*5%(%,3%*#< ,<0-/</97,<(%)?)<?%3/7)$/87/<S<")!)"%?)?/<?*<
'-8?*</$<!))3<3/8?%$/87*9<$)%*3/9<*-<$/8*3/9</<S<
0-)(%?)?/<?*<)7%*;
;
^$2/%9<5*89#<5/$</3%?*9#<0-/<"*87)$<"*$<?%'/3/8"%)%9:
/<9+*<5/$<(*")(%P)?*9<?%"%($/87/<9*'3/$<"*$:
)"\8"%)9</(/)?)9Q

A@
3 9 ; 0 8 7 3 5 3 5 6 8 4 0 1 2 6 ; 5 0 / 5 : 6 6 1

(',%# &,"!% ,!!!',  % , ',!#!&, ,

#%#!% , '!(',,',' ,", ,% ,'!% +

', !( *

,"%!'!(,!!(#!,!,!#!,!"!(&,'! ,!,$# #!, %,

,!,'!# ,#' ! , '%!' ,", ,!!(#,!,

!#!,% ,#'(, ,(  , % &," !',!!,

# !,!, #(##!,%(,', % ,',", ,'!% ,

 ,! (,,',' ' ,'!# ,!% *

  ,%!% ,%,!#!, "'!', ,%#  ##(#!% , ,

(!# , #!# ,' !# ,% ,"% ,#' #(## &,'! ,

!'',',(!! '! , ' , ,"% ,( &,!,!,

 "#, ,'( ,% ,)) *

”‘““‘‹ŠŽ‹Œ‰ˆ‰’’

o]SiOScuKsYyqOpS fPpƒROpSsYyqOpS o]SiOScuKsYORSRpPOLS fPpƒROpSsYORSRpPOLS

HC<

HA<

H?<

H=<

E<

C<

A<

?<

=<

NSRPOLKQ?=?H YP]PLPOLKQ?=?H fSLcKQ?=?H onLOiQ?=?H fSOKQ?=?H NœR™KQ?=?H Nœi™KQ?=?H o¥Kq¡KQ?=?H ±P¡P¯nLKQ?=?H »œ¡œnLKQ?=?H ÃK]P¯nLKQ?=?H ÑPÍP¯nLKQ?=?H

àÞÝßÜÛ,àÙÝØÖ,×ÕÔÓÞÒÜÒ

 (" #&,!,!#!, %, ,# '!%!, ' , “‘,,

‘“   ‘ ,, ‘““‘‹  “‘,  #%!, , !  , # ,!# ,

% ,#'( ,  ,(, !, ',  ,'#(,' ,"!%!% ,, ) ,'#(,

   ,!# &,# ,",%#,",(,', !  ,%,!#!, #!

.-
Y _ a V ^ ] Y [ Y [ \ ^ Z V W X \ a [ V U [ ` \ \ W

'% ! %% ! %!! %% %  $

 % %% !%%!%!  %% %!$

 %!#

 % % %  %%%% %

!  %%&'"" % %%%  %% %  #

{q-z*x%{v-.qtspon

mdjdlihlefdiblecmkg

' %I ! %Q  % % % %%!% %

% %%  % %!! %% %  %%%

6 %!  % %!  #

% % %% %!% O% Q% %%

 %%.F+F.*-.%/F*,.%%I ! % %  %  %!%%

! %% )%%)%%%(% %

!I)% O%%!!% %%I !% %!% %

!% %% !4!% %% % #

TS
AGI>FEACACDFB>?@DIC>=CHDD?

#:;,,:,4,;,2:(:4;&#%4(2:,54242:5":,4&(:3#":
(;%(4,(:#:#:,,:5,4,#:%#:##:,2#%#;,:5"::
)-) :) :"54(:3,4(:#:;!(:#":"54(:(#;4,:#:
2#%4"#;(:(2:##"(:9
9
/0":4%%(:%#:&(+:#%#2,:5":4&4#;(:#:#(:"#;(%:.:
,;5,:(#:%#2:3,%,;#:##4(;,;#:&#24,2:5#:;,:
&#2,#:(:5;(:#%:, ,;(:"#;(%:#: .9
9
(:#;,;(:(:)-) :) :;5;,:#&#:%#2:,&,4,(:
4%(,,"#;#:#:;!(:#&#:%#2:,: ;4,:"024,:,:%#2:,&,4,,:
#(:4;&#%4(28

%%(:(25#:"54(%:5;(%:4"(34424(%:,2#%#;,": 7
,(%:(20":;!(:+":(;%4%+;4,:#%!(:4%24354;(:52(%:
;!(:2#(22#;#%:(5:,4;,:(;,":(":(:"#,;4%"(:#:
2#;,:";4",: ,2,;4,:5#:0:5":2#;4"#;(:(":2,(7
#:&,4,#9
9
,2,:,5,2:(:)-) :) :0:"54(:4:3,%,:(:4;&#%4(2:
%(",2:((%:(%:2#;4"#;(%:"#;%,4%:, (%:#(:5;(:;(%:
4"(%:*:"#%#%:#:4&44'(:#,:(,1!(:,5,:(:5;(8

:2#%5,(:(34(:"544,'%#:(2:*:#:#;!(:(:4;&#%4(2:
(30":(:)-) :) :(%: 4"(%:*:"#%#%6

,2,:##"4,2:5%,2#"(%:(: $$**:("(:##"(7

<<
msujrqmomoprnjklpuojiotppk

          


             
      

„‚0ƒ.„}01z{yx/‚v.v

[ V A S QH  S   YCLSQH


6  O    YC?9S99S  V 
      O S S  Q99
G  3S?2W 1E7E1.01,E./1c
c
]   A   +  *     
  OG+ A    + 
  'V      c
c
&  S  1E7E1.01,E./1    ]
  +             AO
 +V *      b

 *    %S  V+ VP


G   S 
   S$#\#"!aIT (!# $"TaT\4#K\@

hg
     

dhbgca`h_cfeg^fhba]a\hbgca[]ae]cZh[ga
<5;062*5&0:*-82,-065+525-,(-'0(2*5!#"5*"&*"",:0525;062*5(25
60#(25("50;06-07125(250:-;25("5#85(":"*8-,0(25#,(2/5<#5
"%05+5#85;062*5(-"*",:"5(25;062*5("58"*'0(25!#"5-,(-'0525
;062*5(25#,(25'2850"5,05'2:07125("6"/4
4
85:""525;062*5&0:*-82,-065(25#,(25("82,:*05&2*5!#0,:25
0!#"6"5-8);"-5!#"5":125(",:*25(25#,(25"*-085
,"2'-0(25,258"*'0(25:*0(-'-2,065,258#,(25*"06/4
4
05-80"85"#-,:"5*":-*0(05(25#,(5&62*"*5&2("825
'28&0*0*525;062*5("58"*'0(25&2*5'2:05(25#,(25 $335!#"5
":5"85 5395"525;062*5&0:*-82,-065&2*5'2:05("5 539./4

wutvsr5wptom5nlkjuisi

<"*;"5!#"525#,(25":5",(25,"2'-0(2500-25(25"#5
;062*5&0:*-82,-065"5&2("825;"*5-2505&0*:-*5(25@N?@5!#"5
;0825060*580-505"#-*/4


     

<GB6+3@=5;=DG5,36+5;.5@G5GD9382?73G13G9583@G+5=@B63;B58G1DG
26G(--AG+3B)GD8DGG3GD!2B958D;=DG0G9583@B'5?73G13GB6>9D8G&#)B,3G
!25;13GB;9D)=B63)G1B@D=56D;=D"F
F
3@=5;=3AG1D)D*563)G!2DG3)G(--)G=D;.56G26G,@D),B6D;=3G
;D))DG;%6D@3G,36G3G=D6+3AG3G!2DGB6+8B,5GD6G3G+5=@B6;B3G
)DG=3@;5@G65B)G958B3)3"F
F
$3G=5=2)G-;9D)=AGG+3))#9D8G9D@G5GD9382?73G13G9583@G
+5=@B63;B58G+3@G,3=5AGD;=@DG32=@5)GB;&3@65?D)"E

D*5AG5G)D2B@AG3G,5)3G13G 44G!2DG)5B2G1DGCG4A:G+5@5GCG
A//"GD6@5;13G!2DGB))3G;73GG3G9583@G1DG6D@,513AG65)G
)B6G3G9583@G1DG5958B5?73G13)GB6>9DB)"F

„‚ƒ}G~ƒ€ƒ{zGyxzƒ

swulpormnpwvqmkwjiptjmnvhmvgpkm
^B;15G)3@DG3G9583@G+5=@B63;B58AG=D63)G5G6=@B,5G \ AG!2DGG
3G,L8,283G15G1B9B)73G13G+@D?3G13G5=B93GJ IG+D83G9583@G
+5=@B63;B58G+3@G,3=5GJ IG1D8D"F


     

>%?8;.6">%??6>16.%17.,*6>%)%?%(.6>">79,">"8>%?79,">
%1>8%>">6.,!">%?.7>?%(">(%9"*,6"->79,">?%(">6*,16>">
!6;">)6.,1"(,6;>%>%?79,">?%(">646,2" =
=
61"?>6>81>%2%1);" >/,961"?>8%>">6.,!">.%(36>81>!6;">
)6.,1"(,6;>)">*".6>%>$>5->%>%?.7>?%(">(%9"*,6"<
6>$>55- >+6?.6>,!,,>55>)">5>)66>*3%96>%1>81<
>%>5-5 =
=
>,%6;>:>%(*"(.6>")".8(,6%?>*"1>%?*"(."->"8>?%&6->
646,2">">!6;">)6.,1"(,6; >"(.8"->6.,!"?>8%>%?.%&61>
18,.">646,2">">?%8>>)"%1>%?.6>(%??6>*"(,0">%!,"<
6>)"4;%16?>%?.8.86,? >(.0"->.%(36>18,.6>6.%(0"<
(%??%>,(,*6" =
=
"!61%(.%->;%14%#?%>8%>(0">%!%1"?>6!6;,6>816>1:.,*6>
,?";661%(.% >'1>4"1>,(!%?.,">%>8("?>,1"4,;,7,"?>
*"(?,%67>."6?>6?>1:.,*6?>)"??!%,?>6>9%?.0"->6>86;,6%>
">6.,!">%->%(.0"->."167>?86>%*,?0" =

pmonlmkj
>heQ>ceb]->64%!,60">%>heQObeLOMebOWK>ceb]->:>816>1:.,*6>
8%>%)%?%(.6>6>.626>%>%."(">,1);*,.6>%>81>6.,!">
,1"4,;,7,">)")"*,"(66>)%;6>?86>%(6 >G>8(61%(.6;>6!6;,6>
">heQ>ceb]>%>81>8(">)66>">,(!%?.,">!%,d*6>">%."(">
)")"*,"(6">)">68%;%?>6.,!"?>8%>%?.0">(">)".Z;,"


     

EVHJQV:VLJNIQ:LVHBQHOQ0Q/<V@BN/LVLOI/7V=O:VONVJN8>:QV
G:54BV/V>BQ/7V,:V9.VD-VNJQ4':L<V&LL:VJN8>:QV4/(:VI7/,O%VONBV
7:5,BV,:V9.V$#-VNJQVI/7VNCL"V/OV9.V!"DPVNJQ4':LVB/VB5/<V
)GJQJ%B5,/V/VN:LN/VHQHOQ/V=O:V(VOGJQJ%BN/LVIB7BV:LGJNB7V/V
1*1  V1 "VH4:B7:N/LVB/VUKV3KV,/VJN8>:Q<T
T
/7GB5G/"V,J>J,JN/LV9.V!"DPVNJQ4':LVI/7V9.VD-VNJQ4':LV:V
NOQGJIQJHBN/LVI/7VA--VIB7BVH4:B7N/LV+VI/7H:5GB:N<V
LLJN"V:LG:VJN8>:QV,/V5/LL/V:2:NIQ/VG:7JBVONVUKV3KS
,:V?"A<T
T
EV/NVQ:N7B7N/LV=O:"V,J:7:5G:N:5G:V,/V 1*1  V1 "V
=O:VVBV7:5,BV5BQVIBBVB/VH/GJLGBVI/7VONVO5,/"V/VUKV3KV
B>BQJBVJ5,J>J,OBQN:5G:VHB,BVJN8>:QV:VBV7:5,BVI/7V:Q:V
I7/I/7HJ/5B,B"VL:NVH/5LJ,:7B7VBLV,:LI:LBLV,/VO5,/VH/N/V
GB2BLV,:V:LGM/V:VB,NJ5JLG7B6M/<T
T
F:LLBV/7NB"VV5/7NBQV=O:VONVO5,/V=O:VG:54BVJN8>:JLVH/NV
UKV3KV,:VA-VBHB:V:5G7:B5,/VONV7:G/75/V:NV
7:5,JN:5G/LVONVI/OH/VN:5/7V,:>J,/VBV:LLBLV,:LI:LBL<R

&NVG:/7JB"V=OB5G/VNBJ/7V/VUKV3K"VN:Q4/7<V/7N"V5BV
I7GJHB"VBLVI7/I7J:,B,:LVH/NVNBJ/7VUKV3KVI/,:NV
BI7:L:5GB7VONV7JLH/VNBJLV:Q:>B,/V:"V:7BQN:5G:"V:LLBLV
I7/I7J:,B,:LV:LGM/V:NVQ/HBQJ%B6':LVN:5/LV,:NB5,B,BL"V
H/NVNBJ/7V>BH5HJBV:VN:5/7VQJ=OJ,:%;


     

ehbgc`_gc`fd`^g`hba]a\b
400.,3*23#2,"0),,#)30),0.,, %. ,) ,$)3#2,
$,",3". ,.0),2.,#2,#",0, .0,$)3#20,*,
".0",.%3!,0.,.0),#,,&)+
+
(,#"",-.,0,3".30,"3),&.", # 320!,#",
#/*#30,$.-.*0!,).*1",", ,$,".),-22,
"30,. .2,,), 2!,3".30,.",.%3.0,#","3),
.),.,".*0,$#20!,$.0.*)", %30,".*.0+
+
0,#',.3-.,", ,2.,".),-22,"3),
-",2,. 322.,2-. ,.%3!,2.0#*.,0,.0).,
#)3,.0 ,03,2,3". !,23#3 ".*).,,%.0),
#*0.%3,",*, #)3,#",0,".0"0,#*23.0+

ehbgc`_gc`fd`hba]a\b`lrp`ogkhjig
[, ,$,".),-22,2,3". ,#*032.2,$. ,
#),*,& 0,*" ".*).,$2.,"0),,3*.0)32,
$)*322.0,0.*0#3*30,, .)I ,0&.,3".30R
"3),#0+
+
=",*2,-.,#*),#",",3". ,#", 2,2., 3,
2.,H9,P88,"3 1.0!,"0,-.!,$. ,$.,2,#),.",& 0!,
03,#",", ,2.,H9,T8,"3 1.0!,.0),0.*2,*.%#32,
2.,",&)O


     

@'>D1:B8-'3+1B>)#'>'BB'>8+"!' >0':43>%(...>+?>-'>6>
7'3>#03> 1D!' >':0*1>B'#>!3 1>C1>+'01>)#3-3-1=
D1+>3B'>:1>!3 1>C308+1:83 >B'>-'>&>25(/....(><

$1+>D1+>3B'>:3>D103*1>'+>1 B3>7)#'>>1>)#'>
8:!'B08-1>'B0>C33:-1>'B03>'+>&>9(/....>
'C'B':03:-1>#+>1+>-'BD1:01(;
;
BB8+>C1-'3+1B>-8'>)#'>3>D3-3>&>9(/....>'38B>
3C 8D3-1B>:1>#:-1>1>8:!'B08-1>'B0383>B'>01:3:-1>
C1C8'081>-'>2>+'01>)#3-3-1>-1>8+"!' (;
;
:D #B8!'>'BB3>>#+3>+30'+08D3>)#'>30>1B>'B01'B>-'>
#:-1B>8+18 881B>3'+(>BB1>C1)#'>,B>!''B>C1-'>B'>
+38B>3301>D1+C3>#+>8+"!' >8:-8'03+':0'>C1>+'81>-'>
D103B>-1>A>)#'>1>-'0+>-1>)#'>0':03>D1+C3>1>8+"!' >
-8'03+':0'>>)#'>:3>1 B3>-'>!3 1'B>C1-'>43!'>'BB3B>
-8B01'B>-'>C'1>'+>' 3*1>,>'D1:1+83>'3 (;

px|{ysxvr{ywzquo|wyntmlk
>6>>01-1>1>'BC31>-8BC1:!' >C33> 1D3*1>-'>#+>8+"!' (>>
$103:01>3:3 8B3>1>03+3:41>-3>'3>#03> 1D!' >>-'>
'I0'+3>8+C10^:D83(<

H:3 >C1>+'81>-3>-' 3>C1-''+1B>D3 D# 3>1>!3 1>C1>


+'01>)#3-3-1>7D1:1+'>80'+>3:0'81>'>':0*1>0''+1B>
#+3>:1*1>-3>-8+':B*1>-1>8+"!' (


aprenda a investir em fiis

No Funds Explorer, por exemplo, podemos ver a ABL dos

imóveis de um fundo imobiliários como o BRCR11:

Fonte: Funds Explorer

Essas informações também podem ser encontradas

diretamente nos relatórios gerenciais de cada FII. Por

exemplo, a seguir temos um imóvel educacional do HGRU11:

Fonte: Fundos.NET

Taxas

Fazer a gestão e administração de um fundo imobiliário é um

trabalho e, como todo trabalho, precisa haver uma

remuneração por isso.

41
     

;"->$$>0"32"1>3",">">+*&,">0"9%)-">350>36(6>,$>
$-2."1>*$>!"3*060>$->-$*0,6>$0>,*6>36(6>,$>
6,0&3-6./"> )>&!%*>36(6>,$>$3/"1>$!-3*-6./"1>$&3-$>
"*3-6>$>36(6>,$>$-+"-06&!$=

6>36(6>/">!"9-6,6>6*3"063!60$&3$>$>2"!5>&/">
-$!6>$>-$"!*6->$0>3$->*$>6)#%6>06&*6%0$&3$1>
"-70>2"!5>,$2$>6&6%6->*6>/">">!*3">3"36<
<
8$6->,$$>!*3">$->$*$&">$0>-$%6./">6">3606&'">,">
+*&,"1>$%$>",$>6+$36->">-$*%36,">,">+*&,">$1>
!"&$*$&3$0$&3$1>">$*>-$&,0$&3"<
<
8>36(6>,$>6,0&3-6./">7>*06>36(6>-$!"--$&3$>!"9-6,6>$%">
$-2.">,$>6,0&3-6./">,">1>$&*6&3">6>36(6>,$>
$-+"-06&!$>?>7>!"9-6,6>!6">">>9636>6>0$36>
,$3$-0&6,6>&">-$*%60$&3"=

>+*&,">!"&360>!"0>*0>-$*%60$&3">$0>*$>2"!5>",$>
$&!"&3-6->6>&+"-06.$>"9-$>6>36(6>)>2"!5>360970>
",$>$&!"&3-6->6>+?-0*%6>,$>!)%!*%">*$1>$0>6%*&>!6"1>
",$0>$->06>!"0%!6,6<
<
;6-6>+6!%36->$6>2*6%6./"1>&">*&,>(%"-$-1>"->
$($0%"1>')>*06>369$%6>*$>3-6>$$>,$36%'$1>!"0">7>">
!6">&6>06$0>6>$*->!"0>6>36(6>,">:;44=


     

JHGIFE6JCGB@6A?>=H<F<

9..63;(-;0.6311316(*10-1&6+.10.6;-$.%3;036.(311.8
-163".0 -1:7

#3).62*36;-6*;-6556.160..1636.%;10.,-636
310,-61,-636&/6-6$."-60-0."6-6'.0%;-6"2*-:64
4
1136*;-60.%+%6(-;0.6(-%6*%.60..63633;(.%3;0-6
-16.0$-162*36636&!/61-+36.63(30.6%3;1."6-6*;-:4


djlaihdfdfgieabcglfa`fkggb

   
      

^B+<>\+BMJQO\<L>LBKQ+\>PVIH+\>+FBG<Q+\6IB\@QG?\:B@B\
QW+BL@>L\F>L>\B+GQP0BL\IK\WQK\]IH:Q\9KQW9P98L9Q\F>L>\
9H@B+<9L7\3>P@B2\B++B\+BE>\Q\KQKBH<Q\K>9+\GQKFPB1Q\B\
9KFQL<>H<B\F>L>\6IBK\B+<9@BL\BH<L>H:Q\HQ\KBLG>:Q7[
[
/>WBL\>H>P9+>L\B\BH<BH:BL\BK\6IB\+B\B+<8\9H@B+<9H:Q\U\
B++BHG9>P7\TPUK\:B\+BL\]IH:>KBH<>P\9:BH<9.G>L\6I>P\,CC\]>2\
+BH<9:Q\F>L>\Q\+BI\FBL.P7Z*I9<Q+O\9H]BP92KBH<BO\+BK\]>2BL\IK>\
>H8P9+B\GL9<BL9Q+>\B\BH<BH:BL\GQKQ\>@>P9>L\IK\WQK\,CCO\
>G>W>K\>:6I9L9H:Q\><9@Q+\:B\W>91>\6I>P9:>:B\B\6IB\>G>W>LJQ\
HJQ\BH<LBV>H:Q\WQH+\LB<QLHQ+7[
[
;\9KFQL<>H<B\PBKWL>L\6IB\G>:>\9H@B+<9:QL\>FLB+BH<>\IK\
FBL.P\B+FBG(.GQO\B\HBK\<Q:Q+\Q+\]IH:Q+\9KQW9P98L9Q+\FQ:BK\
+BL\>:B6I>:Q+\F>L>\@QG?7\)QH<>L\GQK\>\B1FBL<9+B\:Q+\
B+FBG9>P9+<>+\BK\]IH:Q+\9KQW9P98L9Q+\FQ:B\+BL\IK>\B1GBPBH<B\
]QLK>\:B\]>G9P9<>L\B++B\FLQGB++Q\:B\>H8P9+B\B\9:BH<9.G>MJQ\:Q\
]IH:Q\9KQW9P98L9Q\K>9+\>:B6I>:Q\F>L>\Q+\+BI+\QWEB<9@Q+O\
@9+>H:Q\IK\9H@B+<9KBH<Q\+I+<BH<8@BP\:B\PQHVQ\FL>2Q\GQK\
]QGQ\BK\LBH:>\GQH+<>H<B7\'X&%#"!5Y%  YX&A5!Y"XY
=-S !5 YN5!5YA 5!YX%=&$X&Y5&&X!A=5&YXY5D=-R55&Y% Y
&X#YNX!D4

__
<BD9A@<><>?A=9:;?D>98>C??:

OMLJNHLHGIHKILENFK
]LHVWKITKS[EVMENFK
4250%"(3'.&".2".0"5!. % % 3 0%. .3 .&"%.2%.
3 &3& %..&%!0%. (3 &305%-

.(30'."".0"50."%0.%(30 ...
!%0 % #.0( 0 .3%"2".3$".&%.%3 %3050%..
2!0 ..3($( 0%'.(.  %!'..&.0"50..%!3%.
&%!0%.3(%".&"%."! .  "%( ,
,
 $..(3% .&'. 0( 0%!"(3.(.3 ..! 30 %.
. 03 0'..&"%. %(."%(%. .0"50..
!%0 % #.'.&.%'..."%0.%!3%.&%!0%,
,
(30 % ...0"5!.0. (3 &.  (3"(3'+
.%&. .&".1./  "%.  (3'.. (3%. ".
 30 % ..&3(3%20!0%..3 &3& %.% %.%3( +
.% .." %.%3&%0.#. % % 3 30 %+
0" 3%(3.% %.%&"(3% .%.%3 %3050%.. "303050%.
." (0"(3*

(.&.&%(3."%0 ..5%! .&..0"5!. ( &+


 % .% %.&.0(&0!0('."%0.!. . .2& %+
!." %.,
)

76
     

OMIGKLHGNFMEJKMIGKLHGNFMJDJKMIGKLHGNFM
4BC:>80=B0?#B08<7#,5/.<7#-<80-.:.7#2C0#.=->C08#B:8A58#
07B:C:=B07?#-0=B<#/0#0)0=B<7?#-0=B<#/0#-<8,:7?#0=B0#
<CB<7#:B:B.)<71$
$
!C/<#.77<#07B: #:#:)<#/<#C=/<#,::#8:=B0#C8:%
):-6=-.:#A:.:#0?#,<B0=-.:>80=B0?#-<A:#C8#A<8#:>CC0>#
/<7#.=2C.>.=<71&

8#2C:>2C0#C=/<#.8<A.>. .<#/0#B.+<><?#:#><-:>.:9<#70 #C8#


/<7#,<=B<7#8:.7#-B.-<7#/:#:= >.70?#,<.7#B0#C8#,5/.<#/0#
,.80.77.8:#2C:>./:/0#08#C8:#0.9<#/070B:#=9<#70 #
C8:#A<:#./0.:1#<58?#C8#.83)0>#80/.:=<#-<8#C8:#
><-:>.:9<#.=.C:> )0>#,</0#B0#8C.B<#8:.7#7C-077<1$
$
4#><-:>.:9<#,0-.7:#70#07B:B5.-:#,::#2C0#::#70=B./<#:7#
08,07:7#70#.=7B:>:08#> 1#<#008,><?#<#70B<#/0#07-.B3.<7#
<7B:#/0#.83)0.7#-<8#A:7B:=B0#:-077<#0#B:=7,<B0#,A>.-<?#
:>58#/0#B0#,<.8./:/0#-<8#0.07#08,07:.:.71$
$
#70B<#/0#><7B.-:#,0-.7:#07B:#07B:B0.-:80=B0#><-:>.:/<#
08#0.07#<=/0#-<=70C.9<#:0#7C:7#0=B0:7#8:.7#
 ,./:7#0#0-.0=B071#$
$
' #<#70B<#/0#*@;(#B0=/0#:#,00.#0.07#-<8#C8#
:=/0#:/0=7:80=B<#,<,C>:-.<=:>?#<C#70+:?#0.07#-<8#
8:.7#:A.B:=B071"


     

.6!" #!#e$"6/7 #6"-1#6#76"*#ej*726 #-#6


""-'&#&*76#"61*71"6-*1"6*16)*6*!#66X'&#1*'-#!6
##6(#/!#6*7-#-0#76#7"6(" ,6'$"6 "'%*e#6"6'$"6
-*'%#6# *77"6X# !-#&"6]76*0j*76&"76*1**'&1*'-"726
*7-*16&(*7#76X*#1*'-#76##6)*6(" ,6"77#6 "'%* *6#6
*0$"67*16* 7#6*7-#6!67 #1*'-*26 "1"6"6PNNLUb{
nKgZ6*6"6"6MttZJINHJGdFz

E:;DBA6ECC><?:=<98

3*77#61#0*126"/7*(#1"76"'&*6*7-$"6!" #!#&"76&(*7"76
&"761(*76&"6++5563"-*6)*676'*77#6*0$"6&*6$"6
#!"6%6561(*74
4
.*'&*6)#767$"6"761*!%"*76/#"76&*6 #&#6*0$"6616
**  "6)*6&*1"#616" "61#76"126 "16"6-*1"6*6
*7-&"26(" ,6(#6#*'&*'&"61#767"/*6#60*"0##6&"6#7!4


     

EDCBA@
&4=8(/=7093./=430/=047(?3'?./=83=3'$90/.=8.=#4="#'8(=
04(>090$0(==3=1./?5(=8.9.+= '?.'83=-#.=-#.4=6#083$=8(=
7(?"90(=/.$=(=1./?(=.'?5(=.9.=?.4=3=637360838.=8.="3.=
./6(93/=>(3/=.=#0'/=733=(="#'8(,

(?3'?(=>#/-#.=1./?(3/=6(4=#4=0/?06(=8.=>('/=
./#9?38(/=.=-#.=/.%34=390'383/=6(4=/.#/=6(?0/?3/+<3/=
6(4(=.#=80"..'60(=#43=>(3=1./?5(*=(62=8..=./?3;
/.=7.1#'?3'8(+:
:
//.==#4=?3>39(=#4=7(#6(=/#>%.?0(=.=3>/?3?(=7(0/='5(==
#4='!4.(=-#.=7(8.4(/=3'390/3=.=6('69#0=391(=/(>.=.9.=
/=8.=(>/.$)9(+==3'$90/.=8.=#43=1./?(3=.01.=#4=
36(473'34.'?(=8(=0/?06(=8.93+:
:
/="(43/=430/=0'?..//3'?./=8.=33903=#43=1./?(3==9.=(/=
.93?0(/=1..'6030/=73//38(/=8(="#'8(=.=?.'?3=08.'?063=3/=
3./=?(4383/=7.93=1./?(3='.//./=7.(8(/+:
:
#/-#.=1./?(3/=-#.=73//.4=?3'/732'603=#43=>(3=
6(4#'0635(=7.(6#735(=.4=1.3=39(=3(=/.#=6(?0/?3=7(=
8(/=.'804.'?(/=40?0135(=8.=0/6(=(#=-#.=133'?3=-#.=(=
6(?0/?3=./?$=>.4=60.'?.=8(=#4(=8(="#'8(+:
:
4=./#4(=(62=8./.%3=#43=1./?(3=6('$.9=-#.=
.394.'?.=4(/?.=-#.=./?$=?3>393'8(=733=.'?.13=#4=
./#9?38(=6383=.=4.9(+<


     

@70E10<B;0EB94B6B<?BE500E43<8B4BE10;E3ABE0E
1B<?06;:0:BE:3E.B?3E23E53E1B;3E:3EB60?-;3E.BB<4;0;>E
B1EB5B4;06E0E50?BE:BE431B<?,;3E:3E.B?3>EBE0E50?;D
:BEB<?B*;?0E<3E=(')'%E37E37?3E40<0;$E013E500E
06.7<EB9B1563#

EB.7;>E?B13E710E50?BE:3EB60?-;3E.BB<4;06E:3E//>E
&&E.B;:3E5B60E+!C'+$E 3?BE4313E8,E710E;"7B0E:BE
:B?068BEBE710E5B3475023EB1E500E500E3E43?;?0E17;?3E
:B?068BE3ABE3EB?0:3E0?706E:3E7<:3$

SIJRQPESNJMILKHGF


     

@>;%9>48%:53>1.1/58-578>12>+:%>52%65-5(5%>8>$!,=
?*'*0"3>12>1+>/8:8->%>%+#+613>/%7+28>81>&>
1/%1:71>/%2>%>17%1>1>(5%> 9<

%>8/868>1:%>+2>%>2871585>285>5/%>.88>/%:1/1>
%>+:%>1>1+>17%13>8-)2>1>71>8>/8:/1>1>81>
.1+:78>517821:71>8>1-19

xvuwq>rvonot
m!ikdd*=d*=0gdkb
F(>.88>%> >1>;8.1-3>L+13>1-1268:%3>Q%>8L+1-1>L+1>
5:1712>12>D58>52%65-5(58>1>:Q%>12>52X15>
517821:713>%>%/%>17(>12>8:8-58>8>L+8-581>1>/)57%>
%>BJ >:%>.%7X-5%9

     

#408,19.4-:,4*1$4)$4:(458"),4%,"' 40844-:"%9)),4

),4%9*.4"418%,98&4-:,(4. 4.4),*,)8,.&4-:4.:4

1019)),4),481841(44)*9)&4-:9.4. 4.458"%9.4084

%8.4)4+/&4.4%.418).4,&4,(41.4),4+/.40:*,89).4

*89.4),*,)8,.&41(4,.% 4.4"*,9.4),49")9(0$"193

...49"8(',.4%(7(41.%:((4,.%84".48,%689.4

5,8,"199.484,,(0&40),(.4*,844.,5:98408%,4)4

08%694),4+/.4)4!++223

usrtpl4mjnq4iqhgtqf4kqjtrpje

...49"8(',.4" 4. 40)8"9).4,"%8,4.4W//.4),4

0,&4,"% 44-:"%9)),4),4),%I,.4),0,"),84(:9%4)4

5,.%84,(844-:"%4749(08%"%,4*98445,.%8O3

<49),47449"*,.%9)84081:8849"8(',.4.8,44

1(0"I94),*,)8^

@..9(&4,,4),*,40,.-:9.84,4.,49"8(84.8,44.Z),4

;""1,984),&47(4),4,.%844084.8,4.4%9*.41,)9).4

1(4.%843


     

86<>,<:!6<254:9<:>3>*(6(<:6</>$(-6)=:'<$6)6<7-6<
9/&6),<7<:>4/:<7-<%#"<26(6<6<:7/2:<:<(:96)=:<3-<
/>4:*/(:<<$7><-<&:(69'<:9:<:-2(:<:*6(,<62*<6<
:396(:3:(<76<.4/6;
;
(<3>*6<:<<11<:<62:9<:(:-<7-<:*(<-6/<3-29:<
7:<7*('< :-<7-<-6*:(/69<:2:35 3<:>/>6><(:<
:9:'<3> (6<67/;
;
-6<*<::<$6*(:<-:>3/>6<6>*:(/(-:>*:'<
:9:<2:(-/*:-<7:<</>4:*/(</:>*/ 7:<:<<6*/4<:-<
7:*,<3>*6<3-<7-<-<2(*$09/<+:6<$(-6'<:><
7-<6*/4</$:(:>3/6'<:9:<*:(<-6/(:<36>3:<:<:>*(:&6(<
7-<-<(:*(><6</>4:*/(;

txoupomwnrnrvqlknrwlrsjroipxn
^*[<67/<*(7:-<7-<3>*:.<6*6>*:<$36<>6<
769/6:<<6*/4<:<:-<:7<$7>6-:>*'<-6<*6-[-<
:4:-<3>/:(6(<<76>*<37*6</>4:*/(<>:9:;
;
D<2(:)</-2(*6<a<$7>6-:>*69<>,<26&6(-<469(:<
:6&:(6<6< -<:<>,<*:(-<7-6<2:(6<:<-6(&:S
:<:&7(6>)6c

H0<::!6-<*/-/6(<</>:/(</2>54:9<6<366<-`<
26(6<:-2(:</>4:*/(<>6<-:9(:<2)=:;


     

A9LJB<HC30H032J0H'0J<H,C<H;L?H,C<H=08:032JH;L8:<L'2H80H
:2'0H;0H7236'0H<H842H80H:2'0H;0H.<8;0-H5JJ2H62',C<+HJ<H.27/H
*?<'HC30H7236'0H62'HC3H<97<)<8B<H6'<(2+H.27/HB<'&HC30H
30'=<3H;<HJ<=C'08(0H60'0H0=C<8B0'HCBC'0JH2J7L)0($<JHJ<3H
B<'H6'<C#?2-G

"JJL3+HJ<CJH'<8;L3<8B2JHJ<'42H6'262'7L280)3<8B<H30L2'<JH<H
2H)C7'2HJ<'&H62B<87L0)L?0;2H82H)28=2H6'0?2-H 0=0'H3CLB2H70'2H
82JH0BL.2JH0?H.27/H6<';<'HB2;0JH<JJ0JH72LJ0J-F
F
232H&H06'<8;<32J+H2H11H%1H!H2HL8;L70;2'H,C<H
32JB'0H2H'<B2'82H;2HI55H723H0J<H82H6'<(2H;<)<-G

27/H7236'0'L0HC3HC8;2HL32L)L&'L2H,C<H60=0HH02H082+H
J0<8;2H,C<H<9LJB<3H.&'L0JH2CB'0JH26($<JH;<H,C0)L;0;<H,C<H
62;<3H60=0'HH2CH30LJH02H082H530=L82H,C<H842-F
F
0J+H7232H0.0)L032JH2H6'<(2H;<HC3HC8;2HL32L)L&'L2F
F
<8J08;2H82HL8.<JBL;2'HL8L7L08B<H<+H62'B08B2+H60'0HB2'80'H
<JJ<JH6'L3<L'2JH60JJ2JH30LJH&7<LJ+H.032JH723<(0'H6<)2JH
C8;2JH;<H606<)H<H2JHI@IJHKC8;2JH;<HC8;2J>-E

"H3!B'L70H  H,C<H<8JL8032JH08B<'L2'3<8B<H62;<HJ<'H
CJ0;0H723H30LJH7282'B2H8<JJ<JH;2LJHJ<B2'<J-HA)0HB'0?HC3H
;0;2H30LJH6'9L32H;0H'<0)L;0;<+H&H,C<H2JH0BL.2JHJ42H
30'70;2JH0H3<'70;2-D


     

NJ0QFSQJO)QMSQM)SHJ):FKF0)MG)CG)>;;)AM??M)?MQJ0)GC=QJ)F<=GF)
AJ)N7N)=KCFL)F)E6*LF0JO)M4=?QMG)M4<M1/M?O)GF?)=??J).J<D)
F:0MSAM0')<JS%J0GM)FA5C=0=0):0'Q=<F)M)M4:M0=DS<=F6+

-'):F0F)J?)>;;?)AM)Q=9JLJO)J)N7N)SHJ)SJ?)F9CAF0')QFSQJ6)").FLJ0)
:FQ0=GJS=FL)AM)CG)>;;)AM)Q=9JLJ))FQCFL=2FAJ)F:MSF?)CGF).M2)
FJ)FSJ)<JG)F)0MF.FL=F1HJ)FSCFL)AJ):J0Q%RL=JO):J0QFSQJ):JAM)
3F.M0).'0=F?)A=?QJ01/M?)SM??M)AFAJ6,
,
#M??M)<F?JO).J<D):JAM)JL3F0)GF=?):F0F)F)<F:F<=AFAM)AM)
KM0F1HJ)AM)0MSAF)AJ)FQ=.J6) SFL=?M)J)I8I$)&I$O)GF?)
C?5CM)=AMSQ=<F0)F)?FAM)AM??M)=SA=<FAJ06,
,
)?FAM)AJ)P@))GMS?C0FAF)AM)F<J0AJ)<JG)F)<F:F<=AFAM)AJ)
%CSAJ)MG)<JSQ=SCF0):FKFSAJ)J?)GM?GJ?)0MSA=GMSQJ?)JC)
FQ)GF=?6,
,
PM)SFAF)FA=FSQF)<JG:0F0)<JQF?)AM)CG)>;;)5CM)M?Q'):FKFSAJ)
GF=?)AM)E)FJ)GD?O)GF?)5CM)?R)?M)GFSQM0'):J0)CG)GD?O)
<F=SAJ)A0F?Q=<FGMSQM)F:R?)M??M):M0JAJO)F??=G)<JGJ)
:0J.F.MLGMSQM)?CF?)<JQF?)QFGG)<F=0HJ6+

#M??M)$BO)C?FGJ?)J)EEO)5CM)GJ?Q0F.F)F)KM?QHJ)
M4:L=<FSAJ)F)0MSAF)0M<J00MSQM)AJ)%CSAJ6)!??M))CG)AFAJ).=QFL6)
N0=S<=:FLGMSQMO):J05CM)MLM)GJ?Q0F)5CFSQJ)CG)>;;)<JS?MKCM)
KM0F0)AM)0MSAF)0M<J00MSQMO)?MG):0M<=?F0)AM)=SQM0.MS1HJ(
AF)KM?QJ0F):F0F)KM0F0)KFS3J?)FA=<=JSF=?O)J)5CM)SMG(
?MG:0M)J<J00M6


     

.:/3>87)9>/>3?76)>73&)165,6+>?51>)>)?61)>&),6)>?+>
61)?!+3)>,++>356+175:9>')3)>5>?5:7858+>85>:)'5:7"504)9>
8)>73-+:>+>8)>7,?7:7,)=

.,5:9>+>)>?,8)>,4)>)1>'5&5">8+>35,6+1>+?>7,?7:7,)9>
,4)> 5+1>5:??/7>&515>)>')6765><
<
.>')3&51504)>8)>&1+0)>+>1+6)1,)>8+>?3>%%>')3>+?>
737:51+>653A/3>/>?35>)135>8+>55:751>+>+:+>+6>5'735>
)?>5A57!)>85>3/875=

++>+,678)9>8++*+>'),78+151>%%>1+5:3+,6+>737:51+9>
&)7>5>&1+'7'504)>3?85>3?76)>?5,8)>6+3)>17')>+>
)&)16?,7858+>87+1+,6+><
<
)1>+!+3&:)9>'5)> 5$5>8)7>?,8)>?+>7,+6+3>+3>
#@22(>8)>3+3)>&5814)9>53A)>')3>5','75>
1+8?"7859>1+'+765>8+>+,85>737:51+>+>+3>1+7+>
+?75:+,6+9>)&6+>&+:)>?+>5&1++,65>3:67&:)>+>
7,87'58)1+>357>A5156);

A753+,6+9>++>/>?3>+!+3&:)>73&:+>+>+1+>5&+,5>
?5,8)>)>567)>4)>8+>&+1>737:51+=

?,'5>/>1+')3+,858)>5)>7,+678)1>?67:7"51>5&+,5>)>
7,87'58)1+>8+>)135>7):585
     

!('+)*+)("'#-"%'"((-''*"''+)*('-&
.-'('-'()'"(-''"."'('(',."'('*.*-'
*).-%'-'(.-"''(."'"("-'"'.-"'-'
(('('()'(.(.-'('(.").)""')'-'
".("'('#)-'-*"- $


AGI>FEACACDFB>?@DIC>=CHDD?

   


     

69:8*3/-03+(3'-:8+(39%+79#9, 9+(3(0*%39:"0(59%0:5+(30%3

9%!"09($3+:(980 *8+(39:"0(59%0:5+(3(0- +($30#0(3:)+30(5)+3

#9" 0(3803 9(+(2

&0((*3(0)+$30:(9:* 0%+(3803/-03'+ %*3"+43+801

980:59,.#+($3+%+3#98* 3+%30#0(30$3/-*:8+3'+

+(("0#$30"95,.#+(

‚ xwvtswx x €x

6:50(38039:"0(59 30%3'-:8+(39%+79#9, 9+(3\30((0:9*#3/-01

+39:"0(598+ 3(*97*3/-030:5 * ,3:+3%0 *8+3803 0:8*1

"* 9,"0#$3/-0$3+%+3+3 ! 9+3:+%0380%+:(5 *$3(+' 03

"* 9*S0(3R803 0+(Qj

O+ 30((03%+59"+$3(03+39:"0(598+ 3:)+30(5,389(+(5+303:0%350%3

+:89S0(30%+9+:*9(3803"0 3(0-3*5 9%N:9+380("*#+ 9M*:8+3

0%3*#-%3%+%0:5+3+-30%3", 9*(3+*(9S0(3/-03+80%3(0 3

8- *8+- *($3\3%0#g+ 30"95* 30((03%0 *8+3+-3 9%09 +3

5 *7*#g* 3(0-3(9+#!9+3* *3*((9%9#* 30((*(3/-0(5S0(j

K+%+3*(3+5*(38+(3JUU(3()+3:0+9*8*(389* 9*%0:503+ 3(0-(3

+59(5*(3:*37+#(*3803"*#+ 0($3+(3(0-(3 0+(3(+' 0%3+(9#*S0(

<;
;AC8@?;=;=>@<89:>C=87=B>>9

'24/-0,*40/*2024#-04,2(3,4&,2/20 & 2*  4&4/2


-&2/2&2,)0/ 240 4*0/*02% 2/*22
% % 40* 42 0224#-020,*2-0/ 0/ 202 02(*2-0/ 02
,024#-021
1
 "2/,2(/ ,24)44 4,2-&2/* 20,,,2
-40/* 0,2020,2 0 0*4 2/,2- 0,2 ,2,,2&*,2
'20/*/*24,,2/2,4/4&202-&2% 0&4,2-0/ 0 2,,2
&*,2/002% 0 2'2% *4&4%02 24/ +/&42 ,2* ,2
24/-",2 4,,2% -04*0,02 01
1
'0,,,2 ,224/-0,*4  2 0-0 200 &4* 2,2%&4/&4202
* /44  020 2% 0&4,20/*0/ 0 202% 24,202,2
&*,20,*0$2020 202,02%* 4/42% 0 20,* 2
0 4/ 2,24#-04,20,*24/*&*,22*-02*"2- 4/ 2
/2/ 2 02  */*2/2(2,0/*4 2-0/ 0 2,,2&*,2
02,42&%  24,
1
!"2 4,,2,20/*,20202,20 & ,20,*202
0 2,2,202&,*20  24 0,2% */4  0,22
%%  202 0,0$2&%  24,2&*,202)*0 24 0,2
0* /,2/2/2% 

,,2% 022&*202&,*-2 2202$020,*2


&* 22 2.2%0 4*0224/-0,*4  2 4 4 24,2&*,2
&20/,2 4/04 20/*/ 2,2 0/ 2%,,4-202,2
% *4&4% 2/,20% 00/ 40/*,

65
& (  % $ " " # % !    # ( "   " ' # # 

         

        

           



fgbah`kj`edaciagd

? Y .    B 

 ^BF       QB

  =  Y   >O  

  :8    

 7 ]

O  > .  78

     G F  : 

G>     Q    

6    Y ]

5 Y    B

 . ? Y       

   78  6      

 Y   L

3  F 7 ? G20/  

  Y   -H, + ^  

 Y  *H,4  78

   6=  7 .    

  B      W))F J


a p r e n d a a i n v e s t i r e m f i i s

Trazemos exemplo prático das consequências de se investir

em um FII com imóveis mal localizados. Veja o que aconteceu

com a renda do FII XTED11, depois que seu único inquilino de

seu único imóvel em Macaé (RJ) anunciou sua saída:

Fonte: Fundos.NET

Observe que, desde 2016 esse FII não distribui mais renda e,

após anos tentando arranjar um novo inquilino, em 2021, ele

conseguiu alugar o espaço, porém com quase três anos de

carência e descontos nos aluguéis.

60
L R T I Q P L N L N O Q M I J K O T N I H N S O O J

"!"" !    ! 

    "  " 

 " " "  

’‘Œ‰‹‡†Ž ‘Š„Ž

E8" "!63 ",====9  ,

/=== (69!;  -  

! ! "  9 3 ! 98" # 

~ƒ}€{‚{|ƒzy€

  ("  m x !3 !m  3 

!  9! !"x !(" ! -

9! !"- ! "! !

 "9!8 ! ! t

rx !9! ("  !9"(" 

 !x"  "!   x9#g9! !

9 -!"63x !  !m(# "

!-9 9!    "  " ! 

 9!   ("  99!t

GF
 % '  $ #  !  ! " $    " ' !   ! & " " 

         

        

      

bedgc_a]d`ac_\c^cd[`gc_fbZYX

C  D    >==

  @  D D8   75 

  B 1I  /  R

.    8   :-  8   2

 2  >==   

   2 T.0 @  

*  T.0D2   D /   

 B   2

T.0   8    @ 

C     2@ 8  

7        8  

   8     

          F

, 

D  ((7  8 

 @  7    8

  


:@B7?>:<:<=?;789=B<76<A==8

-2+) ,2(  2#2#+2 2#2 2+2 '##2+ 2


#'##+)# ,2+#2#2#-+ ,2#2)2'$2'#- 2
)( ' + 2 2#+#+ ,2#-2 -##2#2
(+ 2 2#-2-( 2-)+ 2+ 2+ 1
1
+ 22#+2$)+2(#$2 2#2 ,2 2+ 2
'22'$2'#2 2#2#-+ 2#-0

2) )2+ 2( ,2##2#-+ 2#23#2# 2+ 2#22


#+2$)+2#2)2#+ 2'$,2-#+ 2 ) 2
( )2#2 23)2+#2) 22#+##22
( 2+#2 2+2#2#-) + 2'#& 1
1
 &#,2 2# #$ 22"2+#2 ,22)+2
' +# 2#(  !-2#2%%2#22-$2)#-2#2
(  2),2'2 2 (2#2#+2# 2 2
)#-22( + ,2 2#+#+ 2+ 2)#-2'$22"2
'2 2+ 1
1
+ ,22)-2( '2 2+## -)# 2+#2
'# 2'2#2 2)#-2#&2-$+ 2' #) ##2' 2
2- 2)$-2 2'#) 2*2"/

##& 2#2  2-#) #2##&2#'#.


3#!) + ,2#2( #2#2##&2()##2+#2 + 2
##2)( 2()2()+ 2#2 ,2'#+#22(  2
#) !- ,2-2+#2 3##23 2#  2 2)#)# 

54
5 ; = 2 : 9 5 7 5 7 8 : 6 2 3 4 8 = 7 2 1 7 < 8 8 3

,(' ","",,,(,,"(,',.,

('(("(, ,",".(, "(('%, (,,,

,.",(,", ','"$+

', ,',',,,, (, ,",',( ",

 (,,', "',',,"(%,,, ,",

",, "",(,,'',, ",. "",',

,", ",( ",."$+

&,'',."'%,,"(, ,," ',',.,

,",, %, ',","(,,

('(, (,,',' $*

, ,",, "(",,',,%,

( "(,, ".!(%,"(',, "('(,,,

"(,'(,',',%,",,,,",

',"(,',',, "($)

",,,, ',""",,"(,,

( (',',.,('(("(%,(',", ,

(  (,,,,(%,',( (',',

,,", "( $,-,%,( ',,

'(,(%, ,.',,,( (",

,(',",,( ",,( (',

",",, ,.,'(,(, ",,, ",

,"(#

0/
BHJ?GFBDBDEGC?@AEJD?>DIEE@

       
        
18475:0./:;4,(:+-:%52/:,4$4:5#5"&%57:.$:!.# 4:&$42&"&-7&4:/:
5*7/# /.:%427/:&# &,5 47/%:$6'7&,5%:7&%,4%:;5#'58/#%:/:
/%;5#'58/#%:,/84.:5:475: /:5*7/# /7:5:!5/7:4:%/.:
*7&$/&74:&#;/%'&$/#'4:4.:%/+5:,4$*757:,4'5%: /:.$:))9
4$/57:5:&#;/%'&7:/$:!.# 4%:&$42&"&-7&4%:6:%&$*"/%:/:!-,&":
;5$4%:;/7:,4$4:!.#,&4#5:#/%%5:%/34:9

{u z  


b575:5 0.&7&7:!.# 4%:&$42&"&-7&4%:4.:$/%$4:5k/%:^U%:
/#'7/:4.'74%:5'&;4%:4:&#;/%'& 47:*7/,&%5: /:.$5:,4#'5:/$:
.$5:,477/'475: /:;5"47/%:9
9
1%:,477/'475%:%34:&#%'&'.&k/%:N#5#,/&75%:,7/ /#,&5 5%:/:
5*'5%:5:#/84,&57:4%:;5"47/%:$42&"&-7&4%:*575:4%:&#;/%'& 47/%:
&#'/7$/ &5# 4:5:,4$*759
9
q$:25#,4:'5$26$:*4 /:%/7:.'&"&5 4:,4$:/%%5:&#'/#34:%h:
0./:,4%'.$5$:%/7:$5&%:,574%:4#N75:50.&:.$:57'&84:
&#'/7/%%5#'/:0./:*7/*575$4%:%427/:5:/%,4"5: 5%:,477/'475%O

14:/%,4"/7:.$5:,477/'475:6:24$:"/;57:/$:,4#%& /7534:4%:
,.%'4%:4*/75,&4#5&%: /"5

=<
'-/$,+')')*,($%&*/)$#).**%

!     


 
    

€‡ ƒ}{‚„~„z‚}†~„}~„z‚ |†‚ ~
 H  
 F   
 

;
 7V5?6  
  4

0:  
D 3U0
  
 

•}”ƒ~}{‚„{ƒ}‹|ƒ ‚„Š~ ~„~„z‚ |†‚ ~


U _ H 
w

U  F   


 l  
 _v

""
179.651313462./0493.-3844/

!)(%&$  %$*%$)) )$$ $ $$

))  $ $)')$ &$$ $ $)$$ #

$  )"

"

!)$ )$  )&$ ) $ %$$%$$  % $

$$)) )$   &$  $ $ )$ $$$ $

$ )$ $($ %$"

"

(%$ &$($) %   $ ))$ $$ $

 )$   $)$$ $  %  $)  $

$) $$$%$ $) $ ) "

trsxvqlwrupsumplwruksrjkoknvkr

'$ ))$$$ $ )$$) )&$($ )$ $%))$

%$ $W$ $ %$$  )$$ $ $]&$

*)$$  )$ %$$)$ )"

"

$)) )$%%$)  )$%$)%$

 % $ $ecIH$KFcDHF$B)] $ $)%$ $

 * $ $$ $ $ $) $!)$   )$

)) %  $%$) )$$%)&$ )$  )$

  )$$ %$ $$)) )Z

=%$* )&$ $ ))$$ecIH$KFcDHF$$ $ $$)) )&$

 )$$$ %$ $)   $ )&$  )$$ $

;%))<&$ )$%$) $ $ )$$) %

,+
+13(0/+-+-.0,()*.3-('-2..)

$"   # #  ##  " "#!"#


      """"
"" "  ! "   "  #"   "
# #  !    #""#   "
# ""   "#"  """ "
#   

lidgjfeah`begkcdhjg
_"UT>RR]     "  
""   ##  " "
  ""  "  " N#  "" 
9GG"Q  "N#  "   #7 # 
 "    "  #" W
"#""      " ##  #! W
    

4! M""  <  "" "  "
 # "# _"# N#   <  
" "" "  "  "N#   #
"       

&%

Você também pode gostar