Bacen 2013
Bacen 2013
5
5
+,-./0123.4/5/0.-67./5/3,+-./89/9+97:1./94;-713.//////<=/>1.
3,?@.+A1./89/949-71318.89/ -=Z[\=/2UT[=W/]V/9^VZ_[=/9ẀaZ[T=/J/4V[/HFCGEID/]V/<NOFGOF</
8,/92-.8,/8./B.A1./ 3,94B./FIFF/FRH/FIFF/
.>C98:.78/2.+-,2D/EFFD/ .aV^][YV^aU/=U/]V\[T[V^aV/=b][a[cU/Ub/]V/\=W=d/FIFF/<IH/FHG</
3.B64./>1D/2.4>.8,7D/B.A1./ ,bc[]UZ[=d/FIFF/FRH/RNRN/O/2?2/0=Wa=/]V/9^VZ_[=d/<NMNF/
39@/GHHIHJKFF/ ._e^T[=/+=T[U^=W/]V/9^VZ_[=/9ẀaZ[T=/J/.+994/
3+@L/HMCHEKCN<KOFFFHJKG/ / HNR/J/4[_=fgU/:Z=ab[a=/]V/aVWV\U^Vh/\[iUh/V/YjcV[h/
1+2371PQ,/92-.86.4/FFGRINKN+,/ SSSCTUVWX=CTUYCXZ
8.8,2/8,/3419+-9//
<IOFHO<FHK
8.-./89/>9+31?9+-,/ 8.-./9?122Q,/8./+,-./0123.4/ 3,+-./3,+-7.-,/
/
3,?.+8,/8./.97,+.6-13./ /
<ROH<O/<FHI/ FFFFFHR/MGHKF/
/ / 8.-./8./.@7929+-.PQ,/ +t/8,/3419+-9/
3+@Ld/FFCEKGCG<KOFFHGJ<M///// FMOFHO/<FHK/
G<DNN
-,-.4/./@.:.7/n7ro/ HFF<<HRNGR/
+s?97,/8./+,-./0123.4/ /
EGFRMF<<K/ +t/8./1+2-.4.PQ,/
9+8979P,/
8./6+18.89/3,+26?18,7./ FFFM<RRRNN/
/ 34.221013.PQ,/
76./38/4,-/>14./8,2/2.7:9+-,2/k8./B/HF/ BE//@,897/@6B413,/J/09897.4/
76./26B/,0131.4/:148,/l.+1+/@12-,4.-,/
/
[email protected]>.8,7/
?U^U\uh[TU
GFFFFJFFF/2.4>.8,7/B. 79297>.8,/.,/0123,/
.h/TU^][fmVh/_VZ=[h/]V/\UZ^VT[YV^aU/n7VhUWbfgU/.+994/GHGO<FHFoD / MIKBC03NBCF898C.9RMCGF8ICIN09CMM<KC3FBR
a=Z[\=hD/pZU]baUhD/hVZc[fUh/pZVha=]Uh/V/aZ[XbaUh/hV/V^TU^aZ=Y/q
][hpUh[fgUD/p=Z=/TU^hbWa=/VY/^Uhh=h/b^[]=]Vh/]V/=aV^][YV^aU/V/^U
h[aV/SSSCTUVWX=CTUYCXZ
892371PQ,/8./+,-./0123.4
892371PQ, k6.+-18.89 @79P, >.4,7/n7ro /
/
3U^hbYU/.a[cUnvwxo MMDFF FDNR<IGN<< ERDFF /
/
.TZ`hT[YU/B=^]V[Z=/.?.794. / / FDGG /
/
3U^aZ[XC/1WbYC/@yXW[T=/?b^[T[p=W / / RDEK /
/
/
-Z[XbaU/0V]VZ=W / / <DHRJ /
/
/
-=Z[\=h/.pW[T=]=h A12-}713,/8,/3,+26?,/
/ vwx
3U^hbYU/.a[cUnvwxo FDMHKERFFF 89l HI 55555555555555 MM
+,> HI 5555555555555 M<
,6- HI 5555555 EF
29- HI 5555555 EF
.:, HI 5555555 EF
-,-.4/8./0.-67. G<DNN 3,?@,21PQ,/8,/3,+26?,/ L64 HI 5555555 EF
7r | L6+ HI 5555555 EF
1+0,7?.Pz92/89/-71B6-,2 :VZ=fgU/]V/9^VZ_[= HFDKH <KDHG ?.1 HI 5555555 EF
-Z=^hY[hhgU HDKI MD<K .B7 HI 5555555 EF
13?2 @12 3,01+2 8[haZ[Xb[fgU/n3UVWX=o HHDFM <KDMH
B.29/89/ | >.4,7/8,/ B.29/89/ | >.4,7/8,/ B.29/89/ | >.4,7/8,/ 9^T=Z_Uh/2VaUZ[=[h <D<K NDH< ?.7 HI 5555555 EF
3{4364, 1?@,2-, 3{4364, 1?@,2-, 3{4364, 1?@,2-, -Z[XbaUh IDME <<DRI 09> HI 5555555 EF
@VZ]=h/]V/9^VZ_[= <DNI RDHN L.+ HI 5555555 EF
<MDGM <RDFF NDIR ERDGG FDRK FD<K ERDGG EDNN HDER -,-.4 ERDGG HFF 89l HR 5555555555555555555555555555555555555555 HMM
867.PQ,/9/079k6+31./8.2/1+-9776@Pz92
89?,+2-7.-1>,/89/3,+26?,/892-./+,-./0123.4 892371PQ, 3,+L6+-, >.4,7/ ?9-./ ?9-./ ?9-./
[email protected], ?9+2.4 -71?C .+6.4
+s?97,/8,/ -1@,/8./ .+-971,7 .-6.4 +t/ 3,+26?,/ UbaO<FHI
?9818,7 06+PQ, 8.-. 491-67. 8.-. 491-67. 81.2 3,+2-.+-9 .L62-9 vwx
FFFFFFFFHHRHFFNM<N 3.- FKOHHO<FHI <REDFF H<OH<O<FHI E<IDFF EE HDFFFFF FDFF MMDFF 813J+UC]V/xUZ=h/hVY/9^VZ_[= @.-.?.792 FDFF GDRH KDGE HIDIN
/ / / / / / / / / /
013J+UC]V/cVVh/hVY/9^VZ_[= FDFF EDFM NDHF H<D<F
8?13J8bZ=fgU/Yui[Y=/]V/ FDFF <DNF FDFF FDFF
/ / / / / / / / / / [^aVZZbpfgU/TU^a[^b=
/ / / / / / / / / / 81371J8bZ=fgU/]V/ 4[Y[aV/81371d/H<D<<
/ / / / / / / / / / [^aVZZbpfgU/VY/][=/TZa[TU
8.-./@79>12-./@.7././@7}~1?./491-67.d/FKOFHO<FHK 9628J>=WUZ/]U/9^T=Z_U/]V/6hU//7r//HNDGH
-U]U/3U^hbY[]UZ/pU]V/hUW[T[a=Z/=/=pbZ=fgU/]Uh/[^][T=]UZVh/813D/013D/8?13/V/81371/=/b=WbVZ/aVYpUC
1+0,7?.Pz92/1?@,7-.+-92/ +>912/89/-9+2Q,
/
+=/]=a=/]=/WV[abZ=/=/X=^]V[Z=/VY/c[_UZ/̀/=/>VZ]VC/?=[h/[^\UZY=fmVh/VY/SSSC=^VVWC_UcCXZC/ -9+2Q,/+,?1+.4n>o 41?1-9/89/>.71.PQ,n>o
,/TW[V^aV/̀/TUYpV^h=]U/b=^]U/xu/c[UW=fgU/^=/TU^a[^b[]=]V/[^][c[]b=W/Ub/]U/^cVW/]V/aV^hgU/]V/\UZ^VT[YV^aUC/
@=_aUC/VY/=aZ=hU/_VZ=/YbWa=/<|n7VhGHGO.+994oD/LbZUh/H|=CYn4V[/HFCGEIOF<o/V/=ab=W[=fgU/YU^VauZ[=/^U/pZjiC/Yeh/ ?+1?, ?{~1?,
7V]bfgU/]=/B=hV/]V/3uWTbWU/]U/13?2/VY/E<|/TU^\UZYV/.ZaC/IFD11D/=/]U/713?2JB=C/
,/3W[V^aV/̀/TUYpV^h=]U/b=^]U/xu/]VhTbYpZ[YV^aU/]U/pZ=U/]V\[^[]U/p=Z=/Uh/p=]ZmVh/]V/=aV^][YV^aU/TUYVZT[=WC/ H<R HHR HEE
.TZ`hT[YUh/WV_=[h/hVZgU/=pW[T=]Uh/hUXZV/=/3,21@/p=_=/VY/=aZ=hUD/TU^\UZYV/4V_[hW=fgU/?b^[T[p=WC/
9ha=/+Ua=/0[hT=W/\=/p=ZaV/]U/8UTC/@_aUC/^t/NHFFGRHN<IHM/]=/3U^a=/3U^aZ=aU/3UWVa[c=/^t/NHFHFFFFNKC/ .6-9+-13.PQ,/?93
+13./
/
892-.k69/.k61
3,+-./3,+-7.-,/ ?2O.+,/ -,-.4/./@.:.7n7ro/ >9+31?9+-,/ -.4Q,/89/@.:.?9+-,/
/ / / / /
FFFFFHRMGHKF H<O<FHI G<DNN <IOFHO<FHK 9c[aV/]UXZ=ZD/pVZ\bZ=Z/Ub/Z=hbZ=ZC/
9haV/T=^xUaU/hVZu/bh=]U/VY/WV[aUZ=/ja[T=C
//IEINFFFFFFFF//G<NNFFEFFFFG//FFHRMGHKFHFF//FIMRHFMEI<EG/// .6-9+-13.PQ,/?93
+13.
225
5
98
52 !"
"
8#
$"#528
85785%8#5&
'5(
)#
(
95*85$
3 121