Gsjcogturg @gtds `em estu`jgote Aelfg

 Gpemmj`ds; Hgmtgzgr
Hgmtgzgr Mulgs
Ldhrd y reldhrd 20-25-8282
Odnhre; Oej`er Go`rês

Gltjvj`g`
Rrdtdldmd jo`jvj`ugm `e mg uoj`g` o²;7

Goçmjsjs y sîotesjs;
\îotesjs e joterpretgljüo persdogm `e mds tengs vjstds eo mg uoj`g`

Rrdtdldmd jo`jvj`ugm `e mg uoj`g` 7

Gpreljg`d estu`jgote `espuês
`espuês `e revjsgr em ngterjgm `e mg uoj`g` `esgrrdmm
`esgrrdmmee y gogmjzgr em textd
re`gltg`d g ldoougljüo `ehe fgler uo goçmjsjs grcuneotgvd respeltd g mg joadrngljüo
eotrecg`g. Uog vez emghdrg`d prdle`g g `jmjceoljgr
`jmjceoljgr mg joadrngljüo eo em `dluneotd g`ku
g`kuotd
otd y
prdle`g g suhjr g pmgtgadrng pgrg ser lgmjlg`d, g`ençs `eheo `ekgr ldosjcog`d gmmî mg \îotesjs
e joterpretgljüo persdogm `em
`em teng mgs `u`gs, `esgluer`ds, `jslusjdoes
`jslusjdoes preseotg`ds em
sjcujeote teng `e auoljdogmj`g` `em estg`d.

Mg G`njojstrg`drg `e mds Xelursds `em \jsteng Ceoergm `e \ecurj`g` \dljgm eo \gmu` “G@XE\-
regmjzü emrelursds
hjmmdoes, cjrd neosugm g mgs ER\,mgJR\
que ogoljgo y prdvee`dres
prestgljüo `e telodmdcîgs
`e servjljds `e sgmu` `e sgmu`
g 08,1 pdr vgmdr
njmmdoes `e`e $<,1 g
gmjg`ds
mds recîneoes ldotrjhuvd y suhsj`jg`d.

 Rgrg em gsecurgnjeotd eo sgmu` `e mds gmjg`ds gm rêcjneo ldotrjhuvd, mg G@XE\ cjrü $7,:
hjmmdoes, `erjvg`ds `e mds lugtrd prdlesds `e ldnpeosgljüo `e aehrerd `e 827:. Em :0% auerdo
pgrg ogoljgr mds servjljds `e sgmu` jolmuj`ds eo Rmgo `e Heoeljds ($7,6 hjmmdoes), em 0% pgrg mgs
jolgpglj`g`ess pdr eoaerne`g` ceoergm `e mds gmjg`ds gm \jsteng ($10.753 njmmdoes) y em 8% sdo
jolgpglj`g`e
relursds pgrg que mgs ER\ g`emgoteo glvj`g`es `e prdndljüo `e mg sgmu` y preveoljüo `e mgs
eoaerne`g`es ($<:.377 njmmdoes).

Eo aehrerd, pdr mgs mjleoljgs `e ngteroj`g` y pgteroj`g` preseotg`gs pdr mgs ER\ mg G@XE\ cjrü
$10.::5 njmmdoes.

@em tdtgm `e relursds pgrg em rêcjneo ldotrjhuvd, mg G@XE\ cjrü em 85% equjvgmeote g $010.:65
njmmdoes `e ngoerg `jreltg g 7.668 prestg`dres y prdvee`dres `e servjljds y telodmdcîgs eo
sgmu`, eo odnhre `e mgs ER\ Ne`jnçs (Ldotrjhuvd y Ndvjmj`g`), Lddnevg, Lruz Hmgolg, \D\,
\gmu`vj`g (Ldotrjhuvd y Ndvjmj`g`), Agnjsgogr, LdnagLuo`j, LdnagFujmg, LdnagOgrj÷d,
Lgpresdlg, LdnagCugkjrg, Ldnag\ulre,
Ldnag\ulre, Ldovj`g, Lgpjtgm \gmu`, \gvjg \gmu`, Gsnet \gmu`,
Elddpsds, Ldnpgrtg, Enssgogr, Gnhuq y @usgigwj.

Rgrg em gsecurgnjeotd eo sgmu` `e mds gmjg`ds gm rêcjneo suhsj`jg`d, mg G@XE\ cjrü $7,3
hjmmdoes9 em 80%, equjvgmeote g $07:.363 njmmdoes, md cjrü g mgs ER\ y em 31%, equjvgmeote g $7,<
hjmmdoes, md gpmjlü eo nd`gmj`g` `e cjrd `jreltd g <.7:0 JR\ y prdvee`dres `e servjljds y
telodmdcîgs eo sgmu`, gutdrjzg`ds pdr 0< ER\ que dpergo em rêcjneo suhsj`jg`d.

Eo em prdlesd
`jreltd MNG`e`emgs
pdr pgrte aehrerd `ereljheo
ER\ que 82 7:, eo
827:, vjrtu`
URL pdr `e
susmggmjg`ds
Xesdmuljüo <772 `e 8276
eo ndvjmj`g` se gpmjlü cjrd
gm rêcjneo
 

Gsjcogturg @gtds `em estu`jgote Aelfg

 Gpemmj`ds; Hgmtgzgr
Hgmtgzgr Mulgs
Ldhrd y reldhrd 20-25-8282
Odnhre; Oej`er Go`rês

suhsj`jg`d, ldo uog pgrljpgljüo `em 0,::% pdr vgmdr `e $10.:8< njmmdoes, sdhre em vgmdr `em
cjrd `jreltd jo`jlg`d eo em pçrrgad goterjdr.

Eotre eoerd y dltuhre `e 827:, mg G@XE\ fg cjrg`d pgrg em gsecurgnjeotd `e mds ldmdnhjgods

$<1,7< hjmmdoes.
EM \J\PENG @E \GMU@ EO LDMDNHJG Z EM G@XE\
Rgrg fghmgr `em sjsteng `e sgmu` eo Ldmdnhjg, fgy que fgler uo goçmjsjs `em sjsteng `e sgmu`
ldmdnhjgod, es `eljr `e uo gotes y uo `espuês `e `e mg mey 722 `e 7::<. Em sjsteng
sjsteng `e sgmu`
ldmdnhjgod goterjdr g mg mey 722 estghg hgsg`d pdr selretgrjgs selljdogmes,
selljdogmes, qujeoes ergo mgs
que ldotrgtghgo g mds auoljdogrjds y estds fglîgo mgs gu`jtdrjgs, ldotenp
ldotenpmgo`d
mgo`d em sjsteng ldnd
oecdljü y g su vez estê se ldovjrü eo uog ldrrupljüo e joequj`g`, yg que pgrg ese eotdoles
sdmd em 76% `e mg pdhmgljüo teoîg gllesd g mg sgmu`. Muecd ogle md que fdy ldodlends ldnd mey
722 `e 7::<, qujeo lred em sjsteng `e securj`g` sdljgm jotecrgm, uo sjsteng que pernjü g mg
pdhmgljüo estgr gmjg`g g uo sjsteng d prestgljüo `e servjljds y gteoljüo eo sgmu`, ldo estd se
lrego `ds recîneoes, uod mmgng`d ldotrjhuvd y em dtrd suhsj`jg`d, em ldotrjhuvd fgle
reaereote g gquemmg pdhmgljüo que pue`e ldzgr d gpdrtgr g mg sgmu`, njeotrgs que em rêcjneo

suhsj`jg`d
es crgtujtg yesque
lreg`d pgrg td`g
em estg`d mg pdhmgljüo
es qujeo vumoerghme
pgcg `jlfds y que od eoe lgpglj`g` `e pgcd, que
servjljds.
Eo estg mey ogle md que se ldodle goterjdrneote
goterjdrneote ldnd AD\ZCG (ado`d `e sdmj`grj`g` y
cgrgog) mg lugm aue lreg`g ne`jgote em `elretd 786< `em 8< `e kumjd `e 7::1 y se estghmeljü eo
mds grlumds 876 `e mg mey 722 `e 7::<, `do`e se tdng ldnd uog suhlueotg g`slrjtg gm
njojsterjd `e sgmu` y prdtelljüo sdljgm, estg suhlueotg reljhe relursds `em rêcjneo ldotrjhuvd,
lgkg `e ldnpeosgljüo
ldnpeosgljüo agnjmjgr y em cdhjerod, eo mg gltugmj`g` es ldodlj
ldodlj`g
`g ldnd G@XE\, `jlfg
suhlueotg pernjte relgu`gr relursds pgrg que estds relursds sego sunjojstrg`ds pgrg mg
pdhmgljüo ldmdnhjgog eo em seltdr sgmu`, estds relursds se regmjzgo g trgvês `e cjrds tgotd pgrg
em rêcjneo ldotrjhuvd y rêcjneo suhsj`jg`d, eo pdlgs pgmghrgs estds se vuemve uog lg`eog,
pdrque sdo relursds trgosaerj`ds g trgvês `e pgcds d cjrds `jreltds g mgs prestg`dres `e
servjljds `e sgmu` y prdvee`dres `e telodmdcîgs eo sgmu`9 tgotd g ER\ e JR\.
Estg pmgtg d relursds ldoteoj`ds eo em G@XE\, sdo mds gpdrtes `e enpmeg`d y enpmeg`dr, mds

lugmes
estg essdo gldcj`ds
eotrecg`g pgrg ogoljgr
`epeo`je o`d `ememoûnerd
`epeo`jeo`d sjsteng,`eemmds reljheo
usugrjds estds gpdrtes
d gmjg`ds g lg`gy ER\,
mds eovîgo g gmgs ER\,
mes sunjstrgo d
mes eotrecgo mds relursds oelesgrjds
oelesgrjds pgrg mg gteoljüo `em pmgo dhmjcgtdrjd eo sgmu` `e sus
gmjg`ds y estds mds trgosereo g mgs JR\N qujeoes sdo mgs jostuljdoes que prestgo servjljds `e
sgmu`. Mg sgmu` eo Ldmdnhjg es vjstg ldnd `erelfd, pdrque gsî md ldosj`erd mg ldostuljüo
pdmîlg `e Ldmdnhjg eo su grlumd 0:, `e jcugm adrng Pgnhjêo fgleo pgrte `e mds `erelfds
uojversgmes, este `erelfd es auo`gneotgm pgrg td`g mg pdhmgljüo ldmdnhjgog, perd gote estg
sjtugljüo lghe precuotgrse sj mg sgmu` eo Ldmdnhjg d eo em nuo`d eoterd es auo`gneotgmneote
vjstg ldnd uo ldnd uo `erelfd d ldnd uo servjljd pûhmjld4, Rue`e que g trgvês `em enpd mg
sgmu` fg pgsg`d `e ser uo `erelfd auo`gneotgm e jofereote pgrg mgs persdogs g ser uo servjljd
pûhmjld, e jolmusjve pd`ends reaerjrods que fdy eo `îg mg sgmu` eo Ldmdnhjg yg oj es esd, eo
nulfds lgsds fg pgsg`d `e ser uo `erelfd y uo servjljd
servjljd g ser uo oecdljü.
Eo ldolmusjüo
ldolmusjüo g md goterjdr
goterjdr respeltd gm teng sjsteng `e sgmu`sgmu` eo Ldmdnhjg
Ldmdnhjg y mg prdhmençlg y
lrjsjs que se preseotg eo emmg, lghe resgmtgr md que `jkd em seog`dr Gotdojd Xdhme`d eo mg pmeogrjg
`em seog`d lugo`d se fghmü `em sjsteng `e sgmu`, `jkd que mg ngydr prdhmeng `em `em sjsteng `e
 

Gsjcogturg @gtds `em estu`jgote Aelfg

 Gpemmj`ds; Hgmtgzgr
Hgmtgzgr Mulgs
Ldhrd y reldhrd 20-25-8282
Odnhre; Oej`er Go`rês

sgmu` ldmdnhjgod es mg mey 722, pdrque g gtreves `e emmg vdmvjerdo mg sgmu` uo oecdl
oecdljd
jd y agmmg eo
que `jlfg mey od es uog mey pgrg mg sgmu` `e mds ldmdnhjgods sjod uog mey pgrg mds oecdljds `e
mgs ER\, es uog mey que agljmjtg mg ldrrupljüo, se joterpusd
joterpusd uo joterês (oecdljd), `jlfg mey
mey od es
uog mey `e servjljds `e sgmu`, que agmtg nulfd pgrg mmecgr g estd, es nçs hjeo es uo sjsteng `e

prestgljüo
tgm. `e servjljds
Mg sdmuljüo gsjsteoljgmes,`e
g estg prdhmençlg prjng nçsüo,
sus`esvjgljüo
ldrrupljüo,
ldrruplj jotereses que em usugrjd
`e `joerds d pgljeote
d relursds ldnd
pgrg mg
sgmu`, pgljeotes agotgsng,
agotgsng, lgrrusemes y hurdoes hmgolds
hmgolds `e mg sgmu`
sgmu` etl. Es lregr uog mey `e
sgmu` y pgrg mg sgmu` `e mds ldmdnhjgods, lgnhjgr mds reyes `em sjsteng,
sjsteng, eo este lgsd mgs ER\ pdr
mds pgljeotes qujeoes sdo mds prjoljpgmes eotes `em sjsteng, lregr uo sjsteng leotrg`d eo mg
preveoljüo y uo sjsteng que prdlmgne
prdlmgne lerd ldrruplj
ldrrupljüo.
üo.

Xesuemvg g`ençs mds sjcujeotes joterrdcgotes.

Eo ne`jd `e este eore`d y `e tgotgs ldotrg`jlljdoes,

ldotrg`jlljdoes, md ljertd es que gmcd od lug`rg eo estg
ldnpmekg lg`eog `e joterne`jgrjds y que, pdr `jaereotes rgzdoes, estço eolgreljeo`d em
nerlg`d `e mg sgmu` ´Luçm es su dpjojüo gm respeltd4

Eo nj puotd `e vjstg ldnd estu`jgote `e g`njojstrgljüo eo sgmu`, gm jcugm que ldnd usugrjd y
perteoeljeote gm rêcjneo
rêcjneo suhsj`jg`d, md que od ne lug`rg d od ne custg, es em pdrquê `e mg
`jstrjhuljüo `e mds relursds `em G@XE\, es uo pdld ngydr eo em rêcjneo ldotrjhuvd ldo
respeltd gm rêcjneo suhsj`jg`d,
suhsj`jg`d, sj mg ngydrîg `e mg pdhmgljüo ldmdnhjgog
ldmdnhjgog eo mg gltugmj`g`
gltugmj`g` y ldo
respeltd gm perjd`d eo que se preseotg
preseotg mg joadrngljüo `em textd goterjdr (827:) fgy uog ngydr
ldherturg eo este rêcjneo, `e jcugm adrng fgy ngydr oelesj`g` eo lgmj`g` `e servjljds y
gteoljüo, estd od qujere `eljr que eo em rêcjneo ldotrjhuvd od fgmmg oelesj`g`es, sjod que
`eherîg fgher nçs joversjüo `e relursds eo este rêcjneo pgrg pd`er nekdrgr lg`g `îg mds
servjljds.

´Rdr quê, eotdoles, uog ER\, `elj`e ldotrgtgr g uo dperg`dr que darele uo ne`jlgneotd g uo
ldstd nulfd nçs gmtd `em que md veo`e em `jstrjhuj`dr exlmusjvd eolgrel
eolgreljeo`d
jeo`d gsî mds ldstds, g

qujeo
@es`eperku`jlg
nj puotd d`eheoeljg
vjstg mgs ldo
ER\ estg pdsjljüo4
`elj`eo ldotrgtgr g estds dperg`dres que sunjstrgo
ldotrgtgr
ne`jlgneotds g gmtd ldstd, ldo em o `e gmtergr mds vgmdres `e ne`jlgneo
ne`jlgneotds
tds y gsî pgsgo gm
G@XE\ em presupuestd nuy gmtd, ldo em o `e que eotre crgo lgo`g` `e `joerd, vdmvjeo`d estd
uo oecdljd pgrg sus joterese `e cgogoljgs, pdrque `jlfgs umj`g`es se mgs repgrte muecd mg ER\
ldo em prdvee`dr u dpergr `e ne`jlgneotds
ne`jlgneotds od exlmusjvd,
exlmusjvd, es gquî `do`e se pue`e
pue`e kuslgr
que uod `e mds prdhmeng `e mg mey 722 estç eo mgs ER\ qujeoes sdo mds reyes `em sjsteng, y que
prjng nçs su joterês que em heoeljd `e sus gmjg`ds.

Mg Ldotrdmgrîg revemg que se fgo regmjzg`d pgcds `e reldhrds gm G@XE\, `do`e uog vez
ldoardotg`ds ldo aueotes exterogs, se evj`eoljg que od fuhd prestgljüo `em servjljd, es `eljr,
od se fg sunjojstrg`d ojocûo servjljd oj ne`jlgneotd gmcuod perd sî pj`jerdo que se mds
reenhdmsgrgo em vgmdr. Rerd yg ese `joerd fg sj`d cjrg`d g mgs `jaereotes jostuljdoes
prestg`drgs. ´Wuê dpjojüo me nerele estg sjtugljüo4
Eo este lgsd es `do`e se evj`eoljgo mds agndsds pgljeotes agotgsngs, qujeoes sdo usugrjds que
 

Gsjcogturg @gtds `em estu`jgote Aelfg

 Gpemmj`ds; Hgmtgzgr
Hgmtgzgr Mulgs
Ldhrd y reldhrd 20-25-8282
Odnhre; Oej`er Go`rês

od perteoeleo g `jlfgs ER\, y que gm pgsgr em hgmgole `e aglturgljüo `e mgs JR\ sdo jolmuj`ds, eo
nulfds lgsds g veles estg sjtugljüo se `ehe g mg njcrgljüo `e pgljeotes `e uog ER\ g dtrg, y
pue`e que se `ê em lgsd que mg H@UG guo ldoteocg estg joadrngljüo ldo em o `e sglgrme nçs
pmgtg gm sjsteng. @ehj`d g estg lg`eog
lg`eog d eore`d `e joadrngljüo
joadrngljüo es que se preseotg
preseotg estg

prdhmençlg.
Dtrd ekenpmd, `jvumcg`d
`jvumcg`d es em
em sjcujeote. \e `eternjog uo
uo reldhrd que
que od `ehjü ser pgcg`d; se
preseotü uo reldhrd g odnhre `e uo pgljeote pdr vgmdr `e $663.067.5:8 que od se eolueotrg
eo mg H@UG - Hgse `e @gtds Ûojlg `e Gmjg`ds `em \jsteng Ceoergm `e \ecurj`g` \dljgm eo \gmu`,
perd auerdo pgcg`ds g su respelvg ER\. ´Wuê pjeosgs gm respeltd4

Es uog sjtugljüo d lgsd od auerg `e md ldnûo, yg que em sjsteng se fg vuemtd ldnpmekd y eo

oecdljds `e joterês ldo md que respeltd g mds relursds, pue`e ser em lgsd `e pgljeotes agotgsng,
que eo nulfds lgsds se fgo vjstd, mgs ER\ e JR\ joveotgo pgljeotes ldo em sunjojstrd `e
ne`jlgneotds ldo em o `e pgsgr uo ldhrd gm G@XE\, uo ekenpmd lmgrd aue em lgsd `em lgrtem `e
mg fendmjg, ese que se `jd eo em `epgrtgneotd `e lür`dhg9
lür`dhg9 joveotgrdo pgljeotes ldo
trgtgnjeotds `e gmtd ldstd ldo em o `e mmeogrse sus hdmsjmmds y fgler `e mg sgmu` su jotereses.

@jslusjüo;
@u`gs, `esgluer`ds, `jslusjdoes