Edición impresa Revista Judicial del 20 de abril de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

"(3.1 ĹŠ ÂĄ ĹŠ

g Ĺ?Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊĆĈć

ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠĹŠĹŠĹŠ'33/ľľ666Ä“"#1#!'.#!4 ".1Ä“!., (1#!!(¢-Ä–ĹŠ 1#- 2ĹŠ8ĹŠÄˆÄ‡ĹŠ"#ĹŠ %.23.ĔŊ "($Ä“ĹŠ (5 -!.ĔŊĎ3.Ä“ĹŠ/(2.ŊġŊ #+_$.-.2Ä–ĹŠÄ‰ÄŽÄŽÄˆÄąÄŽÄŽÄ‰ÄľÄ‰ÄŽÄŽÄŽÄąÄŒÄŠÄˆÄľÄ‰ÄŽÄ‡Ä‡ÄąÄ‰ÄŒÄŽÄľÄ‰ÄŽÄŽÄ‰ÄąÄˆÄŠÄŽŊŊġŊ Äą, (+Ä– ĹŠ)4"(!( +Äž"#1#!'.#!4 ".1Ä“!.,ĹŠ

Ŋ +.1 !(¢-Ŋ, 1! 1(

Ä– } ĹŠ ĹŠ ĹŠ } ĹŠ : ĹŠ :

?djheZkYY_ÂŒd0 :[j[hc_dWh [b lWbeh Z[ bWi YeiWi ^W i_Ze cej_le Z[ Z_l[hiei [ijk# Z_ei o fei_Y_ed[i W be bWh]e Z[b j_[cfe" i_[dZe be ‘d_Ye WXiebk# je Wb h[if[Yje bW h[bWj_l_ZWZ Z[b c_ice$ ;b Z[iWhhebbe l[hj_]_deie Z[ bW j[Ydebe]‡W o [d [if[Y_Wb Z[ bWi j[b[Yeckd_YWY_ed[i ^W eh_]_# dWZe YWcX_ei ikijWdY_Wb[i [d bei lWbeh[i h[fh[i[djWj_lei jWdje Z[ bWi [cfh[iWi Yece Z[ bei [cfh[# iWh_ei$ ;i Wi‡" gk[ [d bW WYjkWb_ZWZ bei _djWd]_Xb[i" o c|i YedYh[jW# c[dj[ bei Z[h[Y^ei Z[ fhef_[ZWZ _dj[b[YjkWb" [djh[ bei gk[ Z[ijWYWd bWi cWhYWi ^Wd WZgk_h_Ze kd fhe# jW]ed_ice Z[ jWb cW]d_jkZ gk[ i[ Yedi_Z[hW gk[ Yedij_jko[d [b fh_dY_fWb WYj_le Z[ [cfh[iWi o [cfh[iWh_ei$ ;d bW ƒfeYW WYjkWb Æbei WYj_lei _djWd]_Xb[iÇ i[ ^Wd Yedl[hj_Ze [d bei fh_dY_fWb[i WYj_lei Z[ bWi [cfh[iWi" Z[ifbWpWdZe W bei jhW# Z_Y_edWb[i jWb[i Yece0 j[hh[dei" cWgk_dWh_Wi" _dikcei" [jY$ 7b i[h [b :[h[Y^e kd i_ij[cW Z_d|# c_Ye Yed\ehc[ [lebkY_edW bW ieY_[ZWZ" e [d ejhWi fWbWXhWi gk[ [lebkY_edW Yed\ehc[ be Z[cWdZW ik kX_YWY_ÂŒd [d [b j_[cfe o [d [b [ifWY_e" bei Z[h[Y^ei Z[ fhef_[# ZWZ _dj[b[YjkWb o Z[djhe Z[ ƒijei bWi cWhYWi Z[ cWd[hW fWhj_YkbWh ^eo [d Z‡W Yedij_jko[d ckY^Wi l[Y[i bei WYj_lei _djWd]_Xb[i Z[ cWoeh lWbeh$ BW lWbehWY_ÂŒd cWhYWh_W eX[# Z[Y[ W Z_l[hiei \WYjeh[i gk[ i[ WdWb_pWd o Wfb_YWd W bW bkp Z[ kdW Z[j[hc_dWZW jhWdiWYY_ÂŒd [YedÂŒ# c_YW e WYje `kh‡Z_Ye" Yed [b eX`[je

Z[ Wi_]dWh kd lWbeh [d Z_d[he W kdW cWhYW Z[j[hc_dWZW" _dj[hl_# d_[dZe [d kdW i[h_[ Z[ [b[c[d# jei YkoW fh[i[dY_W lWh‡W Z[f[d# Z_[dZe Z[b fheZkYje e i[hl_Y_e W gk[ Yehh[ifedZW bW cWhYW" i[ Z[X[ WdWb_pWh Z[ cWd[hW _dZ_l_# ZkWb YWZW YWie" hWpŒd feh bW YkWb ^Wo kdW Z_l[hi_ZWZ Z[ cƒjeZei fWhW bW lWbehWY_Œd cWhYWh_W" bei YkWb[i Z[f[dZ_[dZe Z[ bWi Y_h# YkdijWdY_Wi YedYh[jWi Z[X[h|d i[h Wfb_YWZei eX`[j_lWc[dj[" [i Z[Y_h" de [n_ij[ kd cƒjeZe _Z[Wb i_de gk[ i[]‘d i[Wd bei Yh_j[h_ei o bei Z[i[ei Z[ bWi fWhj[i gk[ _dj[hl_[d[d [d kdW jhWdiWYY_Œd Z[ [ij[ j_fe" i[ Wfb_YW [b CƒjeZe Z[b LWbeh 7YjkWb" e 9eije 7YjkWb e Z[ H[fei_Y_Œd" [jY$ Feh be jWdje bWi \k[dj[i Z[ bW lWbehWY_Œd cWhYWh_W" lWd W fhe# l[d_h fh_dY_fWbc[dj[ Z[ [ijkZ_ei" ^[hhWc_[djWi Z[ _dl[ij_]WY_Œd o WYj_l_ZWZ[i fhef_Wi Z[ [dj[dZ_# Zei [d [b cWha[j_d] e [d hWcWi i_c_bWh[i$ BW Yh[Y_[dj[ _cfehjWd# Y_W Z[ bWi cWhYWi o ik Wkc[dje l[hj_]_deie ^W ikiY_# jWZe bW ckbj_fb_# YWY_Œd Z[ bei [ i Y [ d W h _ e i [d bei YkWb[i i[ h[gk_[h[ h[Wb_pWh kd fheY[ie WZ[YkWZe Z[ lWbe# hWY_Œd cWhYWh_W" fWhW feZ[h bb[lWh WZ[bWdj[ WYk[hZei Yec[hY_Wb[i$ ;djh[ ejhei YWiei i[ Z[ijW# YWd0 [b YedjhWje Z[ \hWdgk_#

Y_W" bW YecfhWl[djW Z[ WYY_ed[i e fWhj_Y_fWY_ed[i Z[ kdW ieY_[# ZWZ" bWi \ki_ed[i e [iY_i_ed[i Z[ YecfW‹‡Wi" [cXWh]e o h[cWj[ Z[ cWhYWi" o Yedij_jkY_ÂŒd Z[ ]hWl|# c[d[i ieXh[ cWhYWi" [jY$ '$ 9EDI?:;H79?ED;I FH;L?7I '$' B7I 9?;D9?7I ;9EDâC?97I O ;B L7BEH :; B7I 9EI7I 7 be bWh]e Z[b j_[cfe kde Z[ bei j[cWi gk[ ^W eYkfWZe bW Wj[dY_ÂŒd o [ijkZ_e Z[ bWi f[hiedWi Z[Z_YW# ZWi W bW _dl[ij_]WY_ÂŒd Z[ bWi Y_[d# Y_Wi [YedÂŒc_YWi o hWcWi W\_d[i [i [b Z[b lWbeh Z[ bWi YeiWi$ 7i‡ j[d[cei gk[ :Wl_Z H_YWhZe bb[lÂŒ WZ[bWdj[ bW Æj[eh‡W Z[b lWbeh jhWXW`eÇ [d bW gk[ Z[j[hc_dÂŒ gk[ [b lWbeh Z[ YWcX_e Z[ bei X_[d[i fhel_[d[ Z[ Zei \k[dj[i0 Z[ ik [iYWi[p o Z[ bW YWdj_ZWZ Z[ jhWXW`e _dl[hj_ZW fWhW eXj[d[hbei$ 7b h[i# f[Yje i[‹WbWXW0 Æfeh jWdje" Wb ^WXbWh Z[ bei X_[d[i" Z[ ik lWbeh [d YWc#

X_e o Z[ bWi b[o[i gk[ h_][d iki fh[Y_ei h[bWj_lei" i_[cfh[ ^WY[cei Wbki_ÂŒd W Wgk[bbei X_[d[i gk[ fk[Z[d fheZkY_hi[ [d c[deh YWdj_ZWZ c[Z_Wdj[ [b [`[hY_# Y_e Z[ bW WYj_l_ZWZ ^kcWdW" o [d YkoW fheZkYY_ÂŒd ef[hW bW Yecf[j[dY_W i_d h[ijh_YY_ÂŒd Wb]kdWÇ'$ H_YWhZe \ehckbÂŒ bW b[o gk[ Z[j[hc_dW gk[ [b lWbeh Z[ YWc# X_e Z[ bWi c[hYWdY‡Wi [i Z_h[YjW# c[dj[ fhefehY_edWb W bW YWdj_ZWZ Z[ jhWXW`e _dYehfehWZe [d [bbWi [ _dl[hiWc[dj[ fhefehY_edWb W bW fheZkYj_l_ZWZ Z[b jhWXW`e" Yece be [nfh[iÂŒ c|i jWhZ[ CWhn$ :[iZ[ bk[]e [b Wd|b_i_i gk[ h[Wb_pÂŒ :Wl_Z H_YWhZe eX[Z[Y‡W W Z_h[Yj_lWi Z_ij_djWi o W X_[# d[i Z_\[h[dj[i W bWi cWhYWi" gk[ Yedij_jko[d [b eX`[je Z[b fh[i[dj[ jhWXW`e" i_d [cXWh]e [ijW i_cfb[ c[dY_ÂŒd dei f[hc_j[ WYh[Z_jWh YÂŒce [b fheXb[cW Z[ bW lWbehWY_ÂŒd Z[ bei X_[d[i ^W i_Ze i_[cfh[ kd j[cW Z[ [ijkZ_e ieXh[ [b YkWb [n_i# j[d Yh_j[h_ei [dYedjhWZei$ ;b Wd|b_i_i Z[ H_YWhZe [i _cfehjWdj[ feh bW jhWiY[d#

Z[dY_W Z[ ik f[diWc_[dje [YedÂŒ# c_Ye o fehgk[ [d Z[\_d_j_lW [d ƒb i[ ^WY[ Wbki_ÂŒd W j[cWi Yece bW YWdj_ZWZ Z[ jhWXW`e gk[ i_ X_[d [i Y_[hje i[ jhWZkY[ [d kd h[ikbjWZe cWj[h_Wb" i[ jhWjW [d i‡ c_ice Z[ Wb]e _dcWj[h_Wb" feh be gk[ [d [i[ fkdje i[ Wi[c[`W W bWi cWhYWi$ '$( D7JKH7B;P7 @KHĂž:?97 :; B7I C7H97I FWhW feZ[h fh[Y_iWh [b lWbeh Z[ kdW cWhYW [i d[Y[iWh_e Wj[dZ[h W Z[j[hc_dWZei YedY[fjei fh[# l_ei [d h[bWY_ÂŒd W ik dWjkhWb[pW$ BW cWhYW ^W i_Ze Z[\_d_ZW feh 8h[k[h Ceh[de Yece0 Æ[b i_]de YWhWYj[h‡ij_Ye Yed [b gk[ [b _dZkijh_Wb" Yec[hY_Wdj[ e W]h_Ykbjeh Z_ij_d]k[ bei fheZkYjei Z[ ik _dZkijh_W" Yec[hY_e e [nfbejWY_ÂŒd W]h‡YebWÇ$( BW :_h[Yj_lW Z[b 9edi[`e ;khef[e Z[b (' Z[ Z_Y_[cXh[ Z[b '//. [d ik Whj‡Ykbe '. [ijWXb[Y[0 ÆfeZh|d Yedij_jk_h cWhYW jeZei bei i_]dei gk[ fk[ZWd i[h eX`[je Z[ kdW h[fh[i[djWY_ÂŒd ]h|\_YW" [if[Y_Wbc[dj[ bWi fWbWXhWi" bei decXh[i Z[ bWi f[hiedWi" Z_Xk# `ei" b[jhWi" Y_\hWi" bW \ehcW Z[b fheZkYje e ik h[fh[i[djWY_ÂŒd" W YedZ_Y_ÂŒd Z[ gk[ jWb[i i_]dei i[Wd Wfhef_WZei fWhW Z_ij_d]k_h bei fheZkYjei Z[ kdW [cfh[iW e Z[ ejhWÇ$ BW :[Y_i_ÂŒd *., Z[ bW 9ec_i_ÂŒd Z[ bW 9eckd_ZWZ 7dZ_dW Z[ DWY_ed[i [d ik Whj‡Ykbe ')* [ijW# Xb[Y[0 Æ7 [\[Yjei Z[ [ij[ hƒ]_c[d Yedi# j_jk_h| cWhYW YkWbgk_[h i_]de gk[ i[W Wfje fWhW Z_ij_d]k_h fheZkYjei e i[hl_# Y_ei [d [b c[hYWZe$ FeZh|d h[]_ijhWhi[ Yece cWhYWi bei i_]dei ikiY[fj_Xb[i Z[ h[fh[i[djWY_ÂŒd ]h|\_YW$ BW dWjkhWb[pW Z[b fheZkYje e i[hl_Y_e Wb YkWb i[ ^W Z[ Wfb_YWh kdW cWhYW [d d_d]‘d YWie i[h| eXij|Ykbe fWhW ik h[]_ijhe$ FeZh|d Yedij_jk_h cWhYWi" [djh[ ejhei" bei i_]k_[dj[i i_]dei0 W bWi fWbWXhWi e YecX_dWY_ÂŒd Z[ fWbWXhWi1 X bWi _c|][d[i" \_]khWi" i‡cXebei" ]h|\_Yei" be]ej_fei" cede]hWcWi" h[jhWjei" [j_gk[jWi" [cXb[cWi o [iYk# Zei1 Y bei ied_Zei o bei ebeh[i1 Z bWi b[jhWi o bei d‘c[hei1 [ kd Yebeh Z[b_c_jWZe feh kdW \ehcW" e kdW YecX_dWY_ÂŒd Z[ Yebe# h[i1 \ bW \ehcW Z[ bei fheZkYjei" iki :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä‚

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

[dlWi[i e [dlebjkhWi1 ] YkWbgk_[h YecX_dWY_ÂŒd Z[ bei i_]# dei e c[Z_ei _dZ_YWZei [d bei WfWhjW# Zei Wdj[h_eh[i$Ç BW B[o Z[ Fhef_[ZWZ ?dj[b[YjkWb [d ik Whj‡Ykbe '/* i[‹WbW0 ÆI[ [dj[dZ[h| feh cWhYW YkWb# gk_[h i_]de gk[ i_hlW fWhW Z_ij_d]k_h fheZkYjei e i[hl_Y_ei [d [b c[hYWZe$ FeZh|d h[]_ijhWhi[ Yece cWhYWi bei i_]dei gk[ i[Wd ik\_Y_[dj[c[dj[ Z_ij_d# j_lei o ikiY[fj_Xb[i Z[ h[fh[i[djWY_ÂŒd ]h|\_YW$ JWcX_ƒd feZh|d h[]_ijhWhi[ Yece cWhYW bei b[cWi Yec[hY_Wb[i" i_[cfh[ gk[ de Yedj[d]Wd Wbki_ed[i W fheZkYjei e cWhYWi i_c_bWh[i e [nfh[# i_ed[i gk[ fk[ZWd f[h`kZ_YWh W Z_Y^ei fheZkYjei e cWhYWi$ BWi WieY_WY_ed[i Z[ fheZkYjeh[i" \WXh_YWdj[i" fh[ijWZeh[i Z[ i[hl_Y_ei" eh]Wd_pWY_ed[i e ]hkfei Z[ f[hiedWi" b[]Wbc[dj[ [ijWXb[Y_Zei" feZh|d h[]_i# jhWh cWhYWi Yeb[Yj_lWi fWhW Z_ij_d]k_h [d [b c[hYWZe bei fheZkYjei e i[hl_Y_ei Z[ iki _dj[]hWdj[i$Ç :[iZ[ [b fkdje Z[ l_ijW [ijh_Y# jWc[dj[ `kh‡Z_Ye bWi cWhYWi ied X_[d[i Z[ dWjkhWb[pW _dYehfehWb$ ;b Whj‡Ykbe ,&& Z[b 9ÂŒZ_]e 9_l_b i[‹WbW gk[ ieXh[ bWi YeiWi _dYeh# fehWb[i ^Wo jWcX_ƒd kdW [if[# Y_[ Z[ fhef_[ZWZ$ ;i `kijWc[dj[ [ijW dWjkhWb[pW _dYehfehWb Z[ bWi cWhYWi bW gk[ Yedij_jko[ kdW Z[ bWi fh_dY_fWb[i Z_\_YkbjWZ[i fWhW Z[j[hc_dWh [b lWbeh Z[ bWi c_i# cWi$ De YWX[ ZkZW" ^eo [d Z‡W" gk[ bWi cWhYWi j_[d[d kd lWbeh o de kde YkWbgk_[hW i_de gk[ ƒij[ fk[Z[ bb[]Wh W i[h ikf[h_eh [YedÂŒ# c_YWc[dj[ Wb Z[ X_[d[i Z[ dWjk# hWb[pW YehfehWb oW i[Wd ck[Xb[i e _dck[Xb[i$ :_[p F_YWiie Z[dec_dW X_[d[i _dcWj[h_Wb[i W bWi h[Wb_ZWZ[i gk[ [b ehZ[dWc_[dje `kh‡Z_Ye lWbehW Yece fei_Xb[ eX`[je Z[ Z[h[Y^ei ikX`[j_lei" W f[iWh Z[ YWh[Y[h Z[ [n_ij[dY_W YehfehWb o i[h fhe# ZkYje e Yh[WY_ÂŒd _dj[b[YjkWb Z[b [if‡h_jk$ =ÂŒc[p I[]WZ[ i[‹WbW gk[ bei X_[d[i _dcWj[h_Wb[i Yedi_ij[d [d Yh[WY_ed[i Z[b _d][d_e ^kcWde gk[ W jhWlƒi Z[ bei c[Z_ei f[h# j_d[dj[i i[ ^WY[d f[hY[fj_Xb[i o kj_b_pWXb[i [d bWi h[bWY_ed[i ieY_W# b[i o feh ik \kdZWc[djWb _cfeh# jWdY_W [YedÂŒc_YW ied eX`[je Z[ kdW jkj[bW `kh‡Z_YW [if[Y_Wb$ ;d bei X_[d[i _dcWj[h_Wb[i [b Yehfki coij_Ykc" gk[ [i bW _Z[W Z[X[ [nj[h_eh_pWhi[ [d kd iefehj[ cWj[# h_Wb gk[ [i [b Yehfki c[YWd_Ykc gk[ dei f[hc_j[ ik _Z[dj_\_YWY_ÂŒd" l_ikWb_pWY_ÂŒd" YedeY_c_[dje o kj_#

Ĺ?

b_pWY_ÂŒd$ BW Yh[WY_ÂŒd _dj[b[YjkWb de i[ b_c_jW W bW YeiW W jhWlƒi Z[ bW YkWb i[ [nj[h_eh_pW" i_de gk[ lW c|i Wbb| feh be gk[ [i ikiY[fj_Xb[ Z[ lWh_Wi [nj[h_eh_pWY_ed[i" be gk[ de W]ejW ik ikijWdY_W d_ _cf_Z[ gk[ ik j_jkbWh Yedj_dkƒ h[Y_X_[d# Ze X[d[\_Y_ei$ ;b j_jkbWh j_[d[ kd Z[h[Y^e Z[ fhef_[ZWZ" gk[ [d [ij[ YWie de i[ W]ejW" i_de gk[ Wb Yed# jhWh_e [dYk[djhW bW fej[dY_WY_ÂŒd Z[ ik \kdY_ÂŒd [d bW fei_X_b_ZWZ Z[ h[f[j_Y_ÂŒd$ Bei X_[d[i _dcWj[h_Wb[i j_[d[d Y_[hjWi YWhWYj[h‡ij_YWi [if[Y_Wb[i" bWi gk[ =ÂŒc[p I[]WZ[ h[ikc[ Z[ bW i_]k_[dj[ \ehcW0 # De j_[d[d bei b‡c_j[i Z[\_d_Zei Wb YedjhWh_e ied Z_\kiei$ # I[ jhWjW Z[ Z[h[Y^ei j[cfehW# b[i" fWhj_YkbWh gk[ fk[Z[ fhel[# d_h Z[ bW B[o e Z[ kdW i_jkWY_ÂŒd Z[ ^[Y^e$ # ;b Z[h[Y^e ieXh[ kd X_[d _dcWj[h_Wb i[ eXj_[d[ feh bW Yh[W# Y_ÂŒd cWj[h_Wb Z[ ik j_jkbWh$ 7 f[iWh Z[ [ijWi YWhWYj[h‡i# j_YWi f[Ykb_Wh[i" [ijW YbWi[ Z[ X_[d[i fh[i[djW ckY^W W\_d_ZWZ Yed bei Z[h[Y^ei h[Wb[i [d j[cWi Yece0 Yedj[d_Ze fWjh_ced_Wb" bW fei_X_b_ZWZ Z[ i[h jhWdic_j_Zei c[Z_Wdj[ YedjhWje Z[ b_Y[dY_W e Y[i_ÂŒd1 o" \_dWbc[dj[ feh ejeh]Wh W ik j_jkbWh kd Z[h[Y^e WXiebkje Z[ [nYbki_lW gk[ j_[d[ [\[Yjei [h]W ecd[i$ ;d [b YWie YedYh[je Z[ bWi cWhYWi ƒijWi fh[i[djWd Wb]kdWi f[Ykb_Wh_ZWZ[i [d h[bWY_ÂŒd Yed bWi _dl[dY_ed[i o ejhei Z[h[# Y^ei ieXh[ X_[d[i _dcWj[h_Wb[i" Wi‡ feh [`[cfbe [b j_jkbWh Z[ kdW fWj[dj[ [`[hY[ i[‹eh‡e [nYbki_le ieXh[ ik _dl[dY_ÂŒd o" [b j_jkbWh Z[ kdW cWhYW de fk[Z[ efed[hi[ W YkWbgk_[h h[fheZkYY_ÂŒd Z[b i_]de [d l_hjkZ Z[b fh_dY_f_e Z[ [if[# Y_Wb_ZWZ gk[ Z[j[hc_dW gk[ ƒijW fei_X_b_ZWZ i[ h[ijh_d`W W bW YbWi[ Z[ fheZkYjei e i[hl_Y_ei fWhW bWi gk[ i[ ^W h[]_ijhWZe [b i_]de$ CWh‡W Bk_iW BbeXh[]Wj i[‹WbW0 ÆFeh be jWdje i[ fk[Z[ W\_hcWh gk[ kdW cWhYW i[ Yedl_[hj[ [d Wkjƒd# j_YW YkWdZe [i h[YedeY_ZW feh bei Yedikc_Zeh[i Yece kd i_]de gk[ i_hlW fWhW Z_ij_d]k_h bei fheZkY# jei Z[ kd [cfh[iWh_e Z[ bei fhe# ZkYjei _]kWb[i e i[c[`Wdj[i Z[ ejhei [cfh[iWh_ei$ ;ijW W\_hcW# Y_ÂŒd i[ Yed\_hcW Wb [nWc_dWh Zei \[dÂŒc[dei gk[ fk[Z[d eYkhh_h [d [b jh|\_Ye0 bW lkb]Wh_pWY_ÂŒd Z[b i_]de [cfb[WZe Yece cWhYW" gk[ j_[d[ Yece Yedi[Yk[dY_W bW YWZk# Y_ZWZ o Z[iWfWh_Y_ÂŒd Z[ bW cWhYW" o bW h[Yedl[hi_ÂŒd [d cWhYW Z[ kd i_]de gk[ Z[`ÂŒ Z[ kj_b_pWhi[ Yece cWhYWÇ$) '$) B7 ?CFEHJ7D9?7 :; BEI ?DJ7D=?8B;I ;D B7 IE9?;:7: :; B7

?D<EHC79?âD ;d bW WYjkWb_ZWZ dei [dYedjhW# cei l_l_[dZe kdW jhWdi\ehcWY_ÂŒd hWZ_YWb [d bei YedY[fjei [YedÂŒc_# Yei o `kh‡Z_Yei" gk[ ^Wd h[]_Ze W bW ieY_[ZWZ" be gk[ ^W ZWZe bk]Wh Wb ikh]_c_[dje Z[ bW Z[dec_dWZW ÆieY_[ZWZ Z[ bW _d\ehcWY_ÂŒdÇ$ ;d bW [Yedec‡W ceZ[hdW bWi ]WdWdY_Wi Z[ bWi [cfh[iWi YWZW l[p j_[d[d kdW h[bWY_ÂŒd c|i [ijh[Y^W o Z_h[YjW Yed iki WYj_lei _djWd]_Xb[i" o Z[djhe Z[ ƒijei i[ [dYk[djhW bW ][ij_ÂŒd Z[ bei Z[h[# Y^ei Z[ fhef_[ZWZ _dj[b[YjkWb$ ;i _cfehjWdj[ h[YehZWh gk[ [d cWj[h_W Z[ fhef_[ZWZ _dj[b[Y# jkWb" jWb l[p Yece [d d_d]kdW ejhW" [dYedjhWcei kdW ]hWd YWdj_ZWZ Z[ _dijhkc[djei _dj[hdWY_edWb[i Yed kd Wbje d‘c[he Z[ WZ^[h[dj[i" feh be gk[ bei Yh_j[h_ei [d h[bWY_ÂŒd W bW fhef_[ZWZ _dj[b[YjkWb ]epWd Z[ bW YWhWYj[h‡ij_YW Z[ i[h Æ_dj[h# dWY_edWb[iÇ" be gk[ f[hc_j[ gk[ bW Yedi_Z[hWY_ÂŒd Z[ ƒijW Z[djhe Z[ bei WYj_lei Z[ bWi [cfh[iWi de h[l_ijW _dYedl[d_[dj[i Z[ ehZ[d b[]Wb fWhW bW Wfb_YWY_ÂŒd [d bWi Z_l[hiWi dWY_ed[i$ 9ece ^[cei i[‹WbWZe" dei [dYedjhWcei [d kd fheY[ie [le# bkj_le [d [b YkWb [b \WYjeh Z[ feZ[h [YedÂŒc_Ye Z[ bWi f[hiedWi" ieY_[# ZWZ[i e dWY_ed[i WfkdjW W kdW Z[i_dj[]hWY_ÂŒd \‡i_YW Z[ bW Yed# Y[fY_ÂŒd Z[ bei X_[d[i h[fh[i[d# jWj_lei Z[ h_gk[pW" Z_Y^e [d ejhWi fWbWXhWi" [b YedY[fje Z[b Zec_d_e Z[b \kdZe ^W i_Ze h[[cfbWpWZe feh [b Z[ bW fhef_[ZWZ _dj[b[YjkWb" fWiWdZe feh bW fhef_[ZWZ Z[ bei WYj_lei \WXh_b[i o \_dWdY_[hei gk[ Zec_dWhed ZkhWdj[ [b ‘bj_ce i_]be$ 9WX[ h[iWbjWh gk[ bei WYj_lei _djWd]_Xb[i" de ied kdW _dl[d# Y_ÂŒd d_ kd Z[iYkXh_c_[dje Z[b i_]be NN? d_ jWcfeYe X_[d[i gk[ iÂŒbe ^Wd c[h[Y_Ze Wj[dY_ÂŒd Z[b Z[h[Y^e [d bei ‘bj_cei j_[cfei" Wb YedjhWh_e [n_ij[d h[]kbWY_ed[i _dj[hdWY_edWb[i Z[iZ[ \_d[i Z[b i_]be N?N ieXh[ [ij[ j[cW" ^WijW [b fkdje gk[ ^Wo Yk[hfei `kh‡# Z_Yei ckbj_dWY_edWb[i Yed kdW c_dkY_ei_ZWZ h[]bWc[djWh_W$ Be del[Zeie [d [ij[ i_]be [i [b fhe# jW]ed_ice" YWZW l[p cWoeh" gk[ ^Wd WZgk_h_Ze Yece \k[dj[ Z[ feZ[h o h_gk[pW [YedÂŒc_YW [b YkWb i[ [dYk[djhW _dZ_iebkXb[c[dj[ kd_Ze Wb WlWdY[ Z[ bW j[Ydebe]‡W [d [b |cX_je Z[ bWi j[b[Yeckd_# YWY_ed[i$ >eo [d Z‡W" [d [b ckdZe Z[ bei d[]eY_ei oW [b [d\egk[ de i[ b_c_# jW W bWi \|Xh_YWi o W bei fheY[iei Z[ fheZkYY_ÂŒd i_de gk[ i[ fed[ Wj[dY_ÂŒd W bei WYj_lei _dj[b[YjkW# b[i gk[ i[ h[gk_[h[d fWhW Yecf[# j_h [d [b c[hYWZe$ 7YjkWbc[dj[ [n_ij[ kdW h[bWj_lW _]kWbZWZ fWhW

WYY[Z[h W bWi \k[dj[i Z[ cWj[h_W fh_cW" feh be gk[" YWZW l[p [i c|i \h[Yk[dj[ gk[ ckY^Wi f[hiedWi" dWjkhWb[i e `kh‡Z_YWi" e\h[pYWd bei c_icei fheZkYjei [d i_c_b_# jkZ Z[ YedZ_Y_ed[i" feh be gk[ bW bkY^W fWhW YWfjWh Yb_[dj[i j_[d[ Yece fhejW]ed_ijW fh_dY_fWb W bWi cWhYWi" fk[i ƒijWi ied bWi gk[ _Z[dj_\_YWd bW h[bWY_ÂŒd [djh[ kdW [cfh[iW o iki Yb_[dj[i" [djh[ bWi YkWb[i [n_ij[ kdW [if[Y_[ Z[ fWYje feh [b YkWb bW fh_c[hW e\h[Y[ kd Z[j[hc_dWZe d_l[b Z[ YWb_ZWZ o bei i[]kdZei cWdj[d[h ik fh[# \[h[dY_W W jhWlƒi Z[b j_[cfe$ BW \k[hpW gk[ ^W WZgk_h_Ze bW cWhYW ^W bb[]WZe _dYbkie Wb [njh[ce Z[ gk[ bW h[bWY_ÂŒd i[W Z_h[YjW [djh[ cWhYW o Yedikc_Zeh" ^WY_[dZe WXijhWYY_ÂŒd Z[b ik`[je gk[ i[W j_jkbWh Z[ [bbW$ ;d bW ieY_[ZWZ Z[ bW _d\ehcW# Y_ÂŒd" bW fhef_[ZWZ _dj[b[YjkWb" [djh[ bW YkWb h[iWbjWd bWi cWhYWi" Yedij_jko[ kdW l[djW`W \h[dj[ W iki Yecf[j_Zeh[i o kd [b[c[dje \kdZWc[djWb [d bW [ijhWj[]_W Z[ bWi YecfW‹‡Wi o iki ef[hWY_ed[i \_dWdY_[hWi$ ($ L7BEH79?âD C7H97H?7 I_[dZe ^eo [d Z‡W bW fhef_[ZWZ _dj[b[YjkWb bW fh_dY_fWb h_gk[pW Yed gk[ Yk[djWd bWi [cfh[iWi" [i d[Y[iWh_e YedeY[h Yece Wi_]dWh kd lWbeh [YedÂŒc_Ye W [ijei Z[h[# Y^ei$ 9ece ^[cei Z_Y^e Z[djhe Z[ [ijei _djWd]_Xb[i kde Z[ bei Z[ cWoeh h[b[lWdY_W ied bWi cWhYWi" YkoW lWbehWY_ÂŒd ^W Z[if[hjWZe [b _dj[hƒi Z[ bei [ijkZ_eiei Z[ bWi Y_[dY_Wi [YedÂŒc_YWi o `kh‡Z_YWi$ ;i Wgk‡ ZedZ[ WfWh[Y[ bW _dij_# jkY_ÂŒd Z[ bW ÆlWbehWY_ÂŒd cWhYW# h_WÇ" bW gk[ Z[\_d_cei Yece0 [b Yed`kdje Z[ \WYjeh[i `kh‡Z_Yei o [YedÂŒc_Yei gk[ i[ WdWb_pWd o Wfb_YWd W bW bkp Z[ kdW Z[j[hc_dW# ZW jhWdiWYY_ÂŒd [YedÂŒc_YW e WYje `kh‡Z_Ye Yed [b eX`[je Z[ Wi_]dWh kd lWbeh [d Z_d[he W kdW cWhYW Z[j[hc_dWZW$ :[b YedY[fje gk[ ^[cei \ehck# bWZe Z[ijWYWcei bW Ye[n_ij[dY_W o ef[hWY_ÂŒd i_ckbj|d[W Z[ \WYjeh[i [YedÂŒc_Yei o `kh‡Z_Yei" bei YkW# b[i ckY^Wi l[Y[i i[ Yed\kdZ[d [d kde iebe$ JWcX_ƒd h[iWbjWcei gk[ bei Yh_j[h_ei W Wfb_YWhi[ lWh‡Wd Z[f[dZ_[dZe Z[ bW jhWdiWYY_ÂŒd [YedÂŒc_YW e Z[b WYje `kh‡Z_Ye gk[ i[ [ij| h[Wb_pWdZe e i[ fh[j[dZ[ [`[YkjWh$ BW _cfehjWdY_W WYjkWb Z[b j[cW Wc[h_jW gk[ i[ [ijWXb[p# YWd [d [b YedY_[hje _dj[hdWY_edWb fWh|c[jhei ][d[hWbc[dj[ WY[f# jWZei fWhW lWbehWh kdW cWhYW" o fehgk[ de kdW h[]bWc[djWY_ÂŒd [if[Y_Wb ieXh[ [b j[cW$ )$ ;B;C;DJEI GK; ?D9?:;D ;D ;B L7BEH :; KD7 C7H97

9ece i[ Z[ifh[dZ[ Z[ bWi Yed# i_Z[hWY_ed[i fh[l_Wi" gk[ ^[cei \ehckbWZe [d [ij[ jhWXW`e" de [n_ij[ kdW \ÂŒhckbW ‘d_YW o WXie# bkjW gk[ f[hc_jW Z[j[hc_dWh Yed [nWYj_jkZ [b lWbeh Z[ bei X_[d[i" fWhj_YkbWh gk[ i[ cWd_\_[ijW Yed cWoeh [l_Z[dY_W [d [b YWie Z[ bei X_[d[i _dcWj[h_Wb[i Yece bWi cWhYWi$ 9edi_Z[hWcei" i_d i[h [nYbk# o[dj[i" gk[ fWhW Z[j[hc_dWh [b lWbeh Z[ kdW cWhYW [i d[Y[iWh_e j[d[h fh[i[dj[ bWi \kdY_ed[i gk[ Z[X[ Ykcfb_h ƒijW" fk[i [d bW c[Z_ZW [d gk[ kdW cWhYW YkcfbW Yed kdW e lWh_Wi Z[ iki \_dWb_ZW# Z[i feZh| eXj[d[h kdW cWoeh e c[deh lWbehWY_ÂŒd [YedÂŒc_YW [d [b c[hYWZe$ 9WX[ _dZ_YWh gk[ [b[c[djei WZ_# Y_edWb[i W bW cWhYW e W ik j_jkbWh fk[Z[d _dY_Z_h o Z[j[hc_dWh ik lWbehWY_ÂŒd \_dWb" _dYbkie" [b[c[d# jei Z[ j_fe [nÂŒ][dei$ ;i Wi‡" feh [`[cfbe" gk[ bW i_jkWY_ÂŒd feb‡j_YW Z[b fW‡i Z[ h[i_Z[dY_W Z[b j_jkbWh Z[ bW cWhYW e kd YWcX_e [d bW b[]_i# bWY_ÂŒd fk[Z[d W\[YjWh jWd ]hWl[# c[dj[ Wb c[hYWZe gk[ [b lWbeh Z[ kdW cWhYW feZh‡W l[hi[ jWcX_ƒd W\[YjWZe YWki|dZeb[ Z[jh_c[djei [YedÂŒc_Yei ]hWl[i" W YedjhWh_e i[dik bW [ijWX_b_ZWZ ced[jWh_W o Xk[dei ‡dZ_Y[i Xkhi|j_b[i Z[ kdW h[]_ÂŒd e fW‡i fk[Z[d X[d[\_Y_Wh kdW cWhYW ][d[h|dZeb[ X[d[\_# Y_ei h[b[lWdj[i$ Bk‡i ;ZkWhZe 8[hjed[ o =k_bb[hce 9WXWd[bbWi Z[ bWi 9k[lWi [d ik eXhW Æ:[h[Y^e Z[ CWhYWi0 CWhYWi" :[i_]dWY_ed[i o DecXh[i 9ec[hY_Wb[iÇ i[‹W# bWd bWi i_]k_[dj[i \kdY_ed[i Z[ bWi cWhYWi0 # <kdY_ÂŒd Z_ij_dj_lW$ # <kdY_ÂŒd Z[ _Z[dj_\_YWY_ÂŒd Z[b eh_][d Z[ bei X_[d[i o i[hl_Y_ei$ # <kdY_ÂŒd Z[ ]WhWdj‡W Z[ YWb_# ZWZ$ # <kdY_ÂŒd fkXb_Y_jWh_W [ _d\eh# cWj_lW$ # <kdY_ÂŒd Yecf[j_j_lW$ # <kdY_ÂŒd Z[ bW fhej[YY_ÂŒd Z[b j_jkbWh Z[ bW cWhYW$ # <kdY_ÂŒd Z[ fhej[YY_ÂŒd Z[b Yed# ikc_Zeh$ 7hj‡Ykbe fkXb_YWZe [d H[l_ijW @kh‡Z_YW Z[ Fhef_[ZWZ ?dj[b[YjkWb Jece ' (! 1".ĹŠ 5("ĔŊ ÄĄ 1(-!(/(.2ĹŠ "#ĹŠ !.-.,~ ĹŠ

.+~3(! ĹŠ 8ĹŠ 1( 43 !(¢-ĢĔŊ "(3.1( +ĹŠ .-".ĹŠ "#ĹŠ 4+341 ĹŠ !.-¢,(! ĔŊ /;%Ä“ĹŠ ÄˆÄ‡Ä“ĹŠ (3 ".ĹŠ /.1ĹŠ %4(11#ĹŠ -4#+ĹŠ %423~-ĹŠ ÄĄ (23.1( ĹŠ "#+ĹŠ #-2 ,(#-3.ĹŠ !.-¢,(!.ĢĔŊ #-31.ĹŠ "#ĹŠ -5#23(% !(.-#2ĹŠ / 1 ĹŠ #+ĹŠ #2 11.++.ĔŊ 4(3.ĔŊ /;%ēŊĊćÄ?Ä“ ĹŠ ĹŠ .1#-.ĹŠ 1#4#1ĔŊ ÄĄ 1 3 ".ĹŠ "#ĹŠ 1! 2ĹŠ "#ĹŠ ; 1(! 2ĹŠ 8ĹŠ "#ĹŠ .,#1!(.ĢĔŊ 4#-.2ĹŠ (1#2ĔŊ ĈĒČÄ?ĔŊ ;%Ä“ĹŠÄŒÄˆÄ“ ĹŠ ĹŠ +. 1#% 3ĹŠ 413 ".ĹŠ 1~ ĹŠ 4(2 ĔŊ ÄĄ #, 2ĹŠ "#ĹŠ 1./(#" "ĹŠ -"4231( +ĢĔŊ "(3.1( +ĹŠ ĹŠ #8ĔŊ "1("ĔŊĉććĉĔŊ/;%2Ä“ĹŠÄŒÄˆÄąÄ‰

;@MFI:@FJ I ;<C < :@K8:@FE AL;@:@8C 8C J<zFI BC<M<I G8KI@:@F HL@DLz8 ?8IF :FE <C AL@:@F ;< ;@MFI:@F GIFGL<JKF GFI D8IK?8 ;<C IF:@F GFQF JLHL@CCF%

8:KFI1 D8IK?8 ;<C IF:@F GFQF JLHL@CCF% ;<D8E;8;F1 J<zFI BC<M<I G8KI@:@F HL@DLz8 ?8IF =LE;8D<EKFJ ;< ;<I<:?F1 8IK% ((' :XljXc ;„Z`dX Gi`d\iX# `eZ`jf j\^le[f [\c :�[`^f :`m`c :L8EK@81 @e[\k\id`eX[X KI8D@K<1 M\iYXc JldXi`f2 AL@:@F E1 +''$)'((% ;FD@:@C@F AL;@:@8C1 8Y^% 8e^\c F% Jlhl`ccf$ :Xj`cc\if Al[`Z`Xc Ef% ++ ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X '- [\ 8Yi`c [\c )'((%$ 8 cXj '/?*,%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f d\[`Xek\ XZZ`�e [\ g\ijfeXc Ef% ''')$ ;G$;GG [\ * [\ \e\if [\c )'((%$ CX [\dXe[X hl\ Xek\Z\$ [\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ XZ\gkX Xc ki}d`k\ i\jg\Zk`mf# \e al`Z`f M\iYXc JldXi`f%$ <e fi[\e Xc efdYiXd`\ekf [\ :liX[fiX 8[$C`k\d# fˆ^Xj\ X lef [\ cfj j\Œfi\j 8^\ek\j =`jZXc\j% 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ 8ZkfiX# Zˆk\j\ Xc [\dXe[X[f BC<M<I G8KI@:@F HL@DLz8 ?8IF# [\ Zfe]fid`$ [X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e \e cX :`l[X[ [\ Hl`kf%$ 8^i„^l\j\ cfj [fZl$ d\ekfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Eif% ++ p cX Xlkfi`qXZ`�e Zfe]\$ i`[X Xc 8Yf^X[f 8e^\c FjnXc[f Jlhl`ccf%$ EFK@=@HL<J<%$ ] ;i% Cl`j <[lXi[f KX`g\ >% Al\q <% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi :Xj`cc\if Al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf% =\ieXe[f >iXeaX C%

J\Zi\kXi`f ?Xp le j\ccf 8%:%&.0(,/ I\gÂ’Yc`ZX [\c <ZlX[fi <OKI8:KF AL;@:@8C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8 8E8 D8I@8 >FD<Q AL@:@F1 M<I98C JLD8I@F Ef% (,'0$)''0$BD 8:KFI1 AFI>< :?8L:8 K@G8E ;<D8E;8;F1 8E8 D8I@8 >FD<Q F9A<KF1 F9K<E<I C8 ;@JFCL:@äE ;<C MĂ E:LCF D8KI@DFE@8C :8LJ8C1 Gi`d\i `eZ`jf [\ cX ZXljXc ((\iX% [\c 8ik% ((' [\c :Â?[`^f :`m`c KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (- [\ ;`Z`\dYi\ [\c )''0# cXj ((_*-%$ M@JKFJ1 CX [\dXe[X \j ZcXiX# gi\Z`$ jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% Gfi Zfej`^l`\ek\# Xc j\i gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f p Xk\ekf \c aliXd\e$ kf i\e[`[f gfi \c XZkfi# Zfe \c c`Y\cf `e`Z`Xc p \jkX gifm`[\eZ`X# Zˆk\j\ X cX j\ÂŒfiX 8E8 D8I@8 >FD<Q d\[`Xek\ glYc`ZXZ`f$ e\j [\ gi\ejX# gfi ki\j m\Z\j# \e le g\i`Â?[`Zf [\c cl^Xi [\c al`Z`f# Xjˆ Zfdf \e lef [\ cX ZXg`kXc [\ cX gifm`eZ`X [fe[\ j\ Z\c\YiÂ? \c dXki`dfe`f# [\ XZl\i[f X cf [`jgl\jkf gfi \c 8ik% ((0 [\c :Â?[`^f :`m`c p \e cX ]fidX gi\m`jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% KÂ?d\j\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f gfi \c XZZ`f$ eXek\ p X^i„^l\j\ cX [fZld\e$ kXZ`Â?e X[alekX% Efk`]ˆhl\j\%$ ] ;i% IlY„e :\mXccfj =XYXiX$Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X ljk\[# gXiX cfj ]`e\j [\ c\p# gi\m`$ e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j% :\ik`]`Zf% ; I% E @ CF > F E Q8 CF 8CD8:?@ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf

8%:%&.0(+.&gm <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%

:@K8:@äE AL;@:@8C 81 E<CCP :8ID<C8 JĂ?E:?<Q 8IK<8>8 8:KFI1 CL@J D8I:<CF :LCHL@ ?@;8C>F ; < D 8 E ;8 ;8 1 E < C CP :8ID<C8 J Ă? E : ? < Q 8IK<8>8 AL@:@F1 ;@MFI:@F Ef% )),$ )'(( $>M KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# al\m\j (. [\ dXiqf [\c )'((# cXj ((_*0% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfe$ j\Zl\eZ`X# \eki„^l\j\ Zfg`X [\ cX [\dXe[X p \jkX gifm`[\eZ`X X cX j\ÂŒfiX E<CCP :8ID<C8 JĂ?E:?<Q 8IK<8>8% <e Zfe$ j\Zl\eZ`X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p cX X]`idXZ`Â?e YXaf aliXd\e$ kf [\c XZkfi [\ hl\ c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX E\ccp :Xid\cX J}eZ_\q 8ik\X^X# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj \eki\ ZX[X glYc`ZXZ`Â?e 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c ZfdgXi\Z`\e$ k\%$ EFK@=@HL<J<% ] ;I% I8LC D8I@zF ?<IEĂ?E;<Q AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX hl\ i\Z`YX ]lkliXj efk`]`ZXZ`f$ e\j hl\ c\ Zfii\jgfe[X% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp le j\ccf 8%:%&.0(,+&gm

I_ fk[Ze fh[i[hlWh c_ Xk[d dec# Xh[" i[hƒ ik\_Y_[dj[c[dj[ h_Ye$ J?JE C799?E FB7KJE

I% ;<C <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C G8I81 8;I@8E8 I8HL<C CFFI Q8D9I8EF <OKI8:KF1 AL@:@F1 ;@MFI:@F Ef% ()/$ )'(( :%@% 8:KFI1 :?I@JKFG?<I ;8I@F D8PFI>8 9I@KF ;<D8E;8;F1 8;I@8E8 I8HL<C CFFI Q8D9I8EF F9A<KF1 ;@JFCL:@FE ;<C M@E:LCF D8KI@DFE@8C ;< :FE=FID@;8; :FE CF ;@JGL<JKF <E <C 8IK% ((' Ef% @E:@JF J<>LE;F ELD<I8C FE:< ;<C :F;@>F :@M@C KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF AL;@:@8C Ef% **. [\c ;i% M`e`Z`f P}e\q MXi^Xj GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j . [\ XYi`c [\c )'((%$ CXj (+_'%M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gif$ Z\[\ek\ j\ cX XZ\gkX X kiXd`k\ M\iYXc JldXi`f%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi \c 8Zkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f f gXiX[\if [\ jl Z�epl^\ cX j\ŒfiX 8;I@8E8 I8HL<C CFFI Q8D9I8EF# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\cf gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ Z`iZlcXZ`�e [\ „jkX Z`l[X[ [\ Hl`kf# d`jdXj hl\ [\Y\i}e j\i d\[`Xe[f gfi cf d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZXZ`�e%$:fe cX `ej`$ elXZ`�e hl\ j\ _XZ\ gXiX \c ZXi^f [\ :liX[fi 8[$C`k\d \e cX g\ijfeX [\c j\Œfi J\^le[f 8iZ\e`f DXpfi^X >fi[�e X ]`e [\ hl\ i\gi\j\ek\ X cX d\efi :_i`jk`e\ DXpfi^X Cffi# �`^X$

j\ X lef [\ cfj j\ÂŒfi\j =`jZXc [\ G`Z_`eZ_X# X^i„^l\ej\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c ZfdgXi\Z`\e$ k\ gXiX jlj ]lkliXj efk`]`ZXZ`f$ e\j%$ :Ă K<J< P EFK@=@HL<J<%$ ] ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`Â?e cf hl\ cc\mf X ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fcf [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :<IK@=@:F% JiX% AlXeX :\mXccfj > J<:I<K8I@8 ;<C ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0(,(&gm ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C1 8 C8 J<zFI8 J@CM@8 D<I:<;<J CF>8z8 J8EK8D8I@8# :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 1 8:KFI1 CL@J IFJ<E;F M8I>8J IF;I@>L<Q ; < D 8 E ;8 ;8 1 J @ CM @ 8 D<I:<;<J C F > 8 z 8 J8EK8D8I@8 F9A<KF% 8dgXiX[f \e cX ZXl$ jXc [„Z`dX gi`d\iX# [\c 8ik% ((' [\c :Â?[`^f :`m`c# [\dXe[X \c [`mfiZ`f X ]`e [\ hl\ \e j\e$ k\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ le\ X cfj ZÂ?epl^\j% KI8D@K<% M\iYXc JldXi`f% :L8EKĂ 8% @e[\k\id`eX[X% =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 )* [\ ]\Yi\if [\c )'((% ELD<IF ;< :8LJ81 )+.$ )'(($G:? ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc E%$ +-+- ;iX% >cfi`X

8k`\eZ`X Gifm`[\eZ`X % ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j 0 [\ dXiqf [\c )'((# cXj ((_+*%$ M@JKFJ%$ CX Zfd$ g\k\eZ`X [\ \jkX ZXljX# j\ _X iX[`ZX[f \e \jkX Al[`ZXkliX d\[`Xek\ \c jfik\f i\jg\Zk`mf# gfi cf kXekf# XmfZf ZfefZ`d`\e$ kf [\ cX d`jdX \e d` ZXc`[X[ [\ Al\q <eZXi^X[f% <e cf gi`eZ`$ gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`$ j`kfj [\ C\p# \e Zfej\Zl\eZ`X# j\ cX X[d`k\ Xc ki}d`k\ M\iYXc JldXi`f% <e d„i`kf Xc aliXd\e$ kf i\e[`[f p [\ XZl\i[f X cf \jkXYc\Z`[f \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c Zˆk\j\ X cX [\dXe[X[X j\ŒfiX J@CM@8 D<I:<;<J CF>8z8 J8EK8D8I@8 gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ Hl`kf# \e Zfe]fid`[X[ X cf \jkXYc\Z`[f \e \c 8ik% ((0 [\c :�[`^f :`m`c# gXiX cfj ]`e\j c\^X$ c\j g\ik`e\ek\j% <eki„^l\j\ \c \okiXZkf i\jg\Zk`mf% 8^i„^l\j\ cX [fZld\ekXZ`�e XZfdgXŒX$ [X% K�d\j\ efkX [\c [fd`Z`c`f al[`Z`Xc j\ŒXcX[f% Efk`]ˆhl\j\% ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q <E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.0(.)&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 D8I@8 <C@E8 DLzFQ K@KL8z8 8:KFI1 AFJy 9<IE8I;F 8P8C8 ;à 8Q ;<D8E;8;81 D8I@8 <C@E8 DLzFQ K@KL8z8 AL@:@F ;< ;@MFI:@F Ef% '*,' $ )'(( <>% KI8D@K<1 M<I98C JLD8I@F% :L8EKà 81 @e[\k\id`eX[X% =LE;8D<EKF C<>8C1 8ik% ((' ZXljXc (( [\c :�[`^f :`m`c% 89F>8;F ;<=<EJFI1 ;I8% C8LI8 :8IM8A8C C8JJF :8J@CC8 AL;@:@8C **,' :%8%G%

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j , [\ XYi`c [\c )'((# cXj (,_(* M@JKFJ%$ <e m`ikl[ [\c jfik\f [\ c\p Zfii\jgfe[`\e$ k\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k`klcXi%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f%$ <e d„i`kf Xc aliX$ d\ekf hl\ k`\e\ i\e[`[f \c j\ÂŒfi Afj„ 9\ieXi[f 8pXcX ;ˆXq p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX hl\ j\ Z`k\ X cX [\dXe[X[X j\ÂŒfiX DXiˆX <c`eX DlÂŒfq K`klXÂŒX# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Xjˆ Zfdf \e \c cl^Xi [\c dXki`dfe`f p [„ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ 8c \]\Zkf i\dˆkXj\ \c \okiXZkf Zfii\jgfe[`\ek\% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfdgXÂŒX X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc# j\ÂŒXcX[f gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl 8Yf^X[f ;\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ]$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% <[^Xi ?Xif MXc\eql\cX% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0(.(&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

ă

:@K8:@FE AL;@:@8C 8:KFI1 IFJ8 @J89<C >L8EF:?8E>8 M@I8:L:?8 :8J@CC<IF AL;@:@8C Ef% )*0( ;<D8E;8;F1 N8J?@E>KFE 9@E@:@F J8EK@CC8E M<I8 AL@:@F M<I98C JLD8I@F ;< ;@MFI:@F Ef% 0+/$)'('$>< :@K8:@äE 81 N8J?@E>KFE 9@E@:@F J8EK@CC8E M<I8 :L8EK@81 @E;<K<ID@E8;8% ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j * [\ X^fjkf [\c )'('# cXj (-_*/%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi p \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ LeX m\q hl\ cX XZkfiX _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi j\ [`jgf$ e\1 cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p gfi cf hl\ j\ c\ XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ <e Xk\eZ`Â?e X cf jfc`Z`kX[f p [\ XZl\i[f Xc aliXd\ekf i\e[`[f# :@K<J< Xc [\dXe[X[f N8J?@E>KFE 9@E@:@F J8EK@CC8E M<I8 Zfe \c Xlkf [\ ZXc`]`ZXZ`Â?e p \jkX gifm`[\eZ`X# Zfe]fid\ X cf [`j$ gl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ cfj hl\ j\ \[`$ kXe \e \jkX Z`l[X[# d\[`Xek\ ki\j glYc`ZXZ`fe\j%$:l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe lef [\ cfj j\ÂŒfi\j X^\ek\j ]`jZXc\j [\ G`Z_`eZ_X%$ 8^i„^l\j\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX p cX Xlkfi`qXZ`Â?e fkfi^X[X X jl XYf^X[f [\]\ejfi%$ 8ZkÂ’\ \e cX gi\j\ek\ ZXljX \c ;i% Cl`j :li`ccf \e jl ZXc`[X[ [\ J\Zi\kXi`f \eZXi^X[f [\c [\jgXZ_f d\[`Xek\ 8ZZ`Â?e [\ g\ijfeXc Ef% (**+$;G$ ;;G [\ (* [\ alc`f [\ )'(' %$ Efk`]ˆhl\j\% = ;I8% D8I@8 <C<E8 :?8M<Q% Al\q% Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ Gi\m`e`„e[fc\ Xc [\dXe[X[f cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkl$ iXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% CZ[f% Afi^\ D`\i 9liYXef <C J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0(.'&k] C8 I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8C J<zFI 8>LJK@E G8KI@:@F J8EK8E;<I G8I<;<J ;<C AL@:@F M<I98C JLD8I@F ;`mfiZ`f # GIFGL<JK8 <E JL :FEKI8 GFI C8 J<zFI8 D<IP D8I>FK? :?@CL@J8 8ID8J% 8:KFI1 D<IP D8I>FK? :?@CL@J8 8ID8J% ;<D8E;8;F1 8>LJK@E G8KI@:@F J8EK8E;<I G8I<;<J AL@:@F1 M\iYXc JldXi`f ;`mfiZ`f )'('$(+./ I>: :L8EKĂ 81 @e[\k\id`eX[X =<:?8 ;< @E@:@8:@äE1 )/ ;\ ;`Z`\dYi\ [\c )'(' GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )/ [\ ;`Z`\dYi\ [\c )'('# cXj (,_*-%$ M@JKFJ% 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f j\ÂŒXcX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p%$ <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f% <e d„i`kf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`[X[ Zfe cf gi\$ m`jkf \e \c Xik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`j$ gfe\ hl\ j\ Z`k\ Xc [\dXe[X$ [f j\ÂŒfi 8>LJK@E G8KI@:@F

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä…

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

J8EK8E;<I G8I<;<J gfi cX gi\ejX# d\[`Xek\ ki\j glYc`$ ZXZ`fe\j hl\ j\ i\Xc`qXi}e \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX glYc`$ ZXZ`�e%$ :fe cX `ej`elXZ`�e _\Z_X# gi\m`f X [\j`^eXi ZliX$ [fi X[$c`k\d# �`^Xj\ Xc j\Œfi 8^\ek\ =`jZXc [\ G`Z_`eZ_X# gXiX cf ZlXc efk`]ˆhl\j\ X [`Z_f ]leZ`feXi`f% 8^i„^l\j\ cX [fZld\ekXZ`�e XZfdgXŒX[X%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f% Efk`]ˆhl\j\%$ ] ;iX% D�e`ZX =cfi GXqd`Œf% Al\qX% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX gfj$ k\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0(-.&k] ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 cX j\ÂŒfiX% M@CD8 E8I:@J8 CCLD@HL@E>8 CCLD@HL@E>8 j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF % 8Zkfi 1 ;i% =I8EBC@E =<C@G< M8CC<AF M<C8J:F # GifZliX[fi Al[`Z`Xc [\ IlYÂ…e >\id~e KfXgXekX :X`qX ;\dXe[X[X 1 M @ C D 8 E8I:@J8 CCLD@HL@E>8 CCLD@HL@E>8 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c [`mfiZ`f p [`jl\ckf \c mˆeZlcf dXki`df$ e`Xc hl\ d\ le\ Xc [\dXe[X[f \e dXki`dfe`f Z\c\YiX[f \e Hl`kf# *( [\ <e\if [\ (00) :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 *( [\ <e\if [\c )'(( :XljX [\ ;`mfiZ`f Ef% ()0$)'((%$ ;I8% B8C@EB8 A8I8D@CCF%$ ALQ>8;F M@>Ă&#x;J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j ( [\ XYi`c [\c )'((# cXj (+_'.%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`ÂŽe [\ g\ijfeXc Ef% [\c )'('%$ LeX m\q hl\ pX j\ _X [X[f Zldgc`$ d`\ekf X gifm`[\eZ`X Xek\i`fi %$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`k\ M<I98C JLD8I@F%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :ĂŁK<J< X cX [\dXe[X[X M@CD8 E8I:@J8 CCLD@HL@E>8 CCLD@HL@E>8 gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\e$ kX cX ZXj`ccX al[`Z`Xc Ef% (..- [\c ;I% =I8EBC@E M8CC<AF p cX ZXc`[X[ \e cX hl\ ZfdgXi\$ Z\%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ EFK@=@HL<J<%$ ] ;i% =\c`g\ @e]Xek\ I\p% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p%$ C\ gi\m\e^f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒX$ cXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ 89% AFI>< D@<I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8

?Xp ]`idX p j\ccf 8:&.0(--&k] ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%

:@K8:@FE AL;@:@8C 81 N@CJFE <;L8I;F J@D98z8 FC8CC8% <OKI8:KF% 8:KFI1 D8PI8 :8KL:L8>F KF8G8EK8% ;<D8E;8;F1 N@CJFE <;L8I;F J @ D 9 8 z 8 FC8CC8% AL@:@F1 ;@MFI:@F% :8LJ8 Ef% -.$)'(( ;:% :L8EK@81 @E;<K<ID@E8;8% :8LJ8C1 8IK% (('# ELD<I8C ((# @E:@JF J<>LE;F ;<C :F;@>F :@M@C% GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (- [\ dXiqf [\c )'((# cXj (+_**%$ M@JKFJ1 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj [\d}j i\hl`j`kfj [\ ]fidX gi\m`jkfj gfi cX C\p%$ <e Zfej\Zl\eZ`X# j\ [X \c ki}d`k\ m\iYXc jldXi`f jfc`Z`kX[f# gXiX cf ZlXc Zˆk\j\ Xc [\dXe[X[f N@CJFE <;L8I;F J@D98z8 FC8CC8# gXiX cfj ]`e\j c\^X$ c\j%$ 8k\ekf \c aliXd\ekf hl\ k`\e\ i\e[`[f cX XZkfiX# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# [\Y`\e[f d\[`Xi \eki\ leX p fkiX glYc`ZXZ`�e gfi cf d\efj fZ_f [ˆXj _}Y`c\j%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f%$ Efk`]ˆhl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc g’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0(-*&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 C8 J<zFI8 B8IC8 G8KI@:@8 G<I<Q KF8G8EK8 J< C< ?8:< :FEF:<I <C <OKI8:KF ;< ;<D8E;8 ;@MFI:@F P GIFM@;<E:@8 HL< 8 :FEK@EL8:@äE J< KI8EJ:I@9<% <OKI8:KF 8:KFI1 A8@D< I<E< >8I:<J <JG@E ; < D 8 E ;8 ;8 1 B 8 I C 8 G8KI@:@8 G<I<Q KF8G8EK8 8JLEKF1 ;@JFCL:@äE ;<C M@E:LCF D8KI@DFE@8C D8KI@DFE@F :<C<9I8;F <E HL@KF# (* ;< F:KL9I< (00,# ;LI8EK< <C D8KI@DFE@F J< GIF:I<F ;FJ ?@AFJ A8@D< 8E;I<J# 9IP8E I<E< >8I:<J G<I<Q% D<EFI<J ;< <;8; :L8EK@81 @E;<K<ID@E8;8 KI8D@K<1 M<I98C JLD8I@F AL@:@F1 ;@MFI:@F Ef% ((/$ )'(( ;I% <;@JFE 98IIFJ GIFM@;<E:@8 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )+ [\ ]\Yi\if [\c )'((# cXj '0_+/%$ M@JKFJ%$ CX Zfd$ g\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\e$ kf [\ cX d`jdX <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`$ j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c kiXd`k\ M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c

Ĺ?

:�[`^f [\ GifZ\[`d`\ekf :`m`c Zˆk\j\ X cX [\dXe[X[X B8IC8 G8KI@:@8 G<I<Q KF8G8EK8 gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ :fe cX `ej`elXZ`�e [\ ZliX[fi X[$c`k\d �`^Xj\ cX fg`e`�e [\c 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X%$ K„e^Xj\ \e Zl\e$ kX cX ZXj`ccX al[`Z`Xc j\ŒXcX$ [X% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e XZfdgXŒX[X%$ EFK@=@HL<J<%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Cf hl\ Zfdle`Zf X ljk\[ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc \e \c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% Hl`kf# (0 [\ XYi`c [\c )'((% ;i% =iXeZ`jZf Aljk`Z`X J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0(,'&k] I% ;<C <% ALQ>8;F K<I:<IF ;< CF :@M@C P D<I:8EK@C ;< I@F98D98

:@K8:@äE AL;@:@8C 81 ?@C;8 D8K@C;< >L8z8 :8J8# ?8>F J89<I 8 L;%# HL< <E <JK8 AL;@:8KLI8 J< ?8 @E@:@8;F AL@:@F ;< ;@MFI:@F <E JL :FEKI8 GFI 8E><C ?<IE8E PLE>8E JLD98# :LPF <OKI8:KF P 8LKF JFE ;<C K<EFI HL< J@>L<E% 8:KFI1 8E><C ?<IE8E PLE>8E JLD98 ;<D8E;8;81 ?@C;8 D8K@C;< >L8z8 :8J8 :C8J< ;< AL@:@F ;@MFI:@F Ef% -).$)''/ :L8EK@81 @E;<K<ID@E8;8 AL<Q ;I% N@CJFE 8E;@EF I<@EFJF# J<:I<K8I@8 JI8% C8LI8 <:?<M<II@8 =CFI<J 8LKF ALQ>8;F K<I:<IF ;< CF :@M@C% I`fYXdYX# - [\ Efm`\dYi\ [\c )''/% CXj (+_)-%$ M`jkfj1 Gfi ZlXekf j\ _X [X[f Zld$ gc`d`\ekf X cf fi[\eX[f \e [\Zi\kf Xek\i`fi# cX [\dXe[X [\ [`mfiZ`f hl\ Xek\Z\[\# [\[l$ Z`[X gfi ;i% IfY\ikf GXki`Z`f KXg`X J}eZ_\q# \e ZXc`[X[ [\ D8E;8K8I@F [\c Zfejfik\ 8E><C ?<IE8E PLE>8E JLD98# Zfdf cf XZi\[`kX Zfe \c gf[\i \jg\Z`Xc [\ ]j% (# \e ZfekiX [\ cX ZÂ?epl^\ ?@C;8 D8K@C;< >L8z8 :8J8# \j ZcXiX p Zldgc\ cXj \o`^\eZ`Xj [\ cfj 8ikj% -. p -/ [\c :Â?[`^f 8[a\k`mf :`m`c# iXqÂ?e gfi cX hl\# j\ c\ X[d`k\ X ki}d`k\ M\iYXc jldXi`f \jkXYc\Z`[f gfi \c 8ik% /)/ p j`^l`\ek\j @Yˆ[\d% <e kXc m`ikl[# gfi \c aliXd\ekf i\e[`$ [f gfi \c DXe[XkXi`f [\c XZkfi \e \c c`Y\cf# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi cfj 8ikj% /) [\c :Â?[`^f 8[a\k`mf :`m`c p 8ik% ((0 [\c :Â?[`^f JljkXek`mf :`m`c# Zˆk\j\ X cX [\dXe[X[X ?@C;8 D8K@C;< >L8z8 :8J8# gfi d\[`f [\ lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kXe kXekf \e \jkX Z`l[X[ [\ I`fYXdYX Zfdf [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf gfi j\i \c cl^Xi [\ Z\c\YiXZ`Â?e [\c dXki`dfe`f# Zfe \c \okiXZkf [\ cX [\dXe[X p \jk\ Xlkf# gfi ki\j fZXj`fe\j2 glYc`ZXZ`fe\j hl\ d\[`Xi}e gfi cf d\efj \c k„id`ef [\ fZ_f [ˆXj \eki\ ZX[X leX [\ \ccXj2 gi\m`e`„e$ [fc\ hl\# [\ ef ZfdgXi\Z\i X al`Z`f m\`ek\ [ˆXj gfjk\i`fi\j X cX k\iZ\iX p Â’ck`dX glYc`$ ZXZ`Â?e gf[i} j\i [\ZcXiX[X i\Y\c[\% :l„ek\j\ \e \jk\ al`Z`f Zfe \c j\ÂŒfi GifZliX[fi [\ 8[fc\jZ\ek\j @e]iXZkfi\j ;`jki`kf [\ :_`dYfiXqf# X hl`\e j\ c\ Z`kXi} \e jl [\jgXZ_f \e \jkX Z`l[X[ [\ I`fdYXdYX# ZfefZ`[f gfi cfj j\ÂŒfi\j :`kX[fi\j% 8 cfj _`afj d\efi\j [\ \[X[ AlXe ;Xe`\c# 8e^\c ?\ie}e# =iXebc`e NcX[`d`i p D`^l\c 8e^\c Ple^}e >lXÂŒX# gifm„Xj\c\j [\ :liX[fi X[$ c`k\d hl\ c\j i\gi\j\ek\ \e \jkX ZXljX# gXiX cf ZlXc# Zfe cX `ej`elXZ`Â?e hl\ i\Xc`Z\ cX dX[i\ [\dXe[X[X gfi k\e\i [\i\Z_f gi\]\i\ek\ f cX hl\ i\Xc`qX \c XZkfi# fgfikleXd\e$ k\ j\ dXe[Xi} X f`i Xc i\]\i`[f

I_ bW l_ZW [i c_i[hWXb[" h[ikbjW f[deie iefehjWhbW1 i_ [i Z_Y^eiW" ^ehheh_pW f[hZ[hbW0 WcXWi YeiWi l_[d[d W i[h be c_ice$ @;7D :; B7 8HKOĂ?H; j\ÂŒfi =leZ`feXi`f% K„e^Xj\ cX ZlXekˆX Zfdf `e[\k\id`eX[X p \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gXiX i\Z`Y`i jlj efk`]`ZXZ`f$ e\j% 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X% Efk`]ˆhl\j\% Gi\j\ekX[f \e I`fYXdYX# \c [ˆX [\ _fp dXik\j hl`eZ\ [\ ]\Yi\if [\c [fj d`c feZ\# X cXj [`\Z`j`\k\ _fiXj p ki\`ekX p j\`j d`elkfj% 8[alekX1 ) =J% :\ik`]`Zf% JI8% C8LI8 <:?<M<II@8 =% J<:I<K8I@8 ALQ>8;F K<I:<IF ;< CF :@M@C P D<I:8EK@C ;< :?@D9FI8QF%$ I`fYXdYX# al\m\j (. [\ ]\Yi\if [\c )'((# cXj ((_(.#$ Gfi _XY\ij\ [X[f Zldgc`d`\ekf X cf fi[\eX[f \e [\Zi\kf Xek\i`fi# gi\j\ekXi X ]j% (, cX Z\ik`]`ZXZ`Â?e gfi \c :fej\af EXZ`feXc <c\ZkfiXc [\c hl\ jfekX \c [fd`Z`c`f [\ cX XZZ`feX[X ?@C;8 D8K@C;< >L8z8 :8J8# \e \c ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# j`e gf[\i \jkXYc\Z\i cX [`i\Z$ Z`Â?e# gfi kXekf \eki„^l\j\ \c \jkiXZkf g\ik`e\ek\ gXiX cX Z`kXZ`Â?e gfi cX gi\ejX hl\ j\ cf _Xi} kXdY`„e Zfe \c gi\j\e$ k\ [\Zi\kf% Efk`]ˆhl\j\% = ;i% N`cjfe 8e[`ef I% Al\q K\iZ\if [\ cf :`m`c% j`^l\ cX efk`]`ZX$ Z`Â?e ] CXliX <Z_\m\iiˆX =% J<:I<K8I@8 Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\e$ k\j# gi\m`e`„e[fc\ hl\ [\ ef ZfdgXi\Z\i X al`Z`f [\ekif [\ cfj m\`ek\ [ˆXj gfjk\i`fi\j X cX ]\Z_X [\ cX k\iZ\iX p Â’ck`dX glYc`ZXZ`Â?e gf[i} j\i [\ZcXiX$ [X \e i\Y\c[ˆX# gi\m`e`„e[fc\ X[\d}j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`$ Z`Xc [\ le j\ÂŒfi 8Yf^X[f gXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`$ ZXZ`fe\j% I`fYXdYX# DXiqf (' [\c )'(( ?Xp ]`idX p j\ccf 8:&.0(,0&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 8C J<zFI J<=8I@E >8I:@8 ?<IE8E;<Q% AL@:@F1 M\iYXc jldXi`f Ef%+00$)''0 I%:% 8:KFI%$ D8IP <C<E8 A8I8D@CCF :8II<I8 ;<D8E;8;F%$ J<=8I@E >8I:@8 ?<IE8E;<Q% F9A<KF1 ;`jl\ckf \c M`eZlcf DXki`dfe`Xc =LE;8D<EKF C<>8C%$ 8ik%((' [\c :Â?[`^f :`m`c% :L8EKĂ 81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 :Xj`cc\if Al[`Z`Xc Eif% ,,0 [\c ;i% DXel\c J`cmX 8LKF ;< :8C@=@:8:@äE%$ ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (, [\ ]\Yi\if [\c )'((# cXj (-_,-%$ M@JKFJ%$ LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf [`j$ gl\jkf \e gifm`[\eZ`X gi\Z\$ [\ek\# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# Zfdgc\kX p Zfek\e$ k`mX [\ cfj i\hl`j`kfj gi\Z\g$ klX[fj \e cfj XikˆZlcfj -. p -/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfej\Zl\ek\d\ek\# X[d`k`„e[fcX Xc ki}d`k\ m\i$ YXc jldXi`f# \e Xk\eZ`Â?e X cX X]`idXZ`Â?e hl\ Zfe aliXd\ekf \]\ZkÂ’X cX gXik\ XZkfiX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\c [\dXe[X[f# Zˆk\j\ X J\iX]ˆe >XiZ`X ?\ie}e[\q gfi cX gi\e$ jX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# \e cX ]fidX hl\ gi\Z\gkÂ’Xe cfj XikˆZlcfj ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf \e

cX d`jdX dXk\i`X% 8^i„^l\ej\ Xc \og\[`\ek\ cfj [fZld\ekfj i\]\i`[fj \e cX ]\ [\ gi\j\ekX$ Z`�e jljZi`kX gfi \c i\jgfejX$ Yc\ [\ cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j%$ :ˆk\j\ p Efk`]ˆhl\j\% ;I% IL9<E >@C<I :<;<zF% AL<Q Cf hl\ Zfdle`Zf X Ljk\[ p C< :@KF gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`�e hl\ k`\e\ \c [\dXe$ [X[f [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc# gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ C@:% >L@;F <JG@EFQ8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0(-'&k] <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 81 >CFI@8 >8CĂ?II8>8 F98E;F ; < D 8 E ;8 ; F 1 > CF I @ 8 >8CĂ?II8>8 F98E;F 8:KFI1 <;@JFE 8E;I<J FI;Fz<Q :8II<I8 AL@:@F1 ;@MFI:@F Ef%')+-$ )'(($NI KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j * [\ dXiqf [\c )'((# cXj '/_*)%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfd$ gc\kX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfej\Zl\eZ`X [\

Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p Xc aliX$ d\ekf i\e[`[f gfi \c XZkfi [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX i\j`[\eZ`X# j\ [`jgfe\ Z`kXi X cX [\dXe[X[X j\ÂŒfiX >CFI@8 >8CĂ?II8>8 F98E;F# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \d`k\e \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj \eki\ ZX[X glYc`ZXZ`Â?e % 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c ZfdgXi\Z`\e$ k\%$ EFK@=@HL<J<%% = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e \j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# [\ekif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[X gfi cX c\p% 8K<EK8D<EK< ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./-+0&k] ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF

:@K8:@äE AL;@:@8C 8 C8 J<zFI8 @ID8 >89I@<C8 GFQF DFEK<E<>IF :FE C8 ;<D8E;8 ;< ;@MFI:@F HL< <E AL@:@F M<I98C JLD8I@F J@>L< <E JL :FEKI8 <C J<zFI :8ICFJ 8C9<IKF 8E>LCF M@JK@E 8:KFI% :Xicfj 8cY\ikf 8e^lcf M`jk`e ;<D8E;8;8%$ @idX >XYi`\cX Gfqf Dfek\e\^if AL@:@F%$ ;`mfiZ`f KI8D@K<%$ M\iYXc JldXi`f : L8EK@8% @e[\k\id`eX[X F9A<KF ;< C8 ;<D8E;8%$ ;`jfclZ`Â?e [\c mˆeZlcf dXki`$ dfe`Xc :8LJ8 Ef% )'(($ ''0- < GIF8zF GIFM@;<E:@8%$ ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 HL@KF# cle\j (+ [\ ]\Yi\if [\ )'((# cXj

CONVOCATORIA

'/_)-%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K\dgfiXc# \eZXi^X[f [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`�e [\ G\ijfeXc Ef% *('$ ;G$ ;GG [\ ]\Z_X 0 [\ ]\Yi\if [\ )'((% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\$ kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f% <e d„i`kf [\c aliXd\ekf hl\ i\Xc`qX \c XZkfi \e \c hl\ [\ZcXiX cX `dgfj`$ Y`c`[X[ [\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X[X# p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c :f[`]`ZX[f# Zˆk\j\ X cX j\ŒfiX @ID8 >89I@<C8 GFQF DFEK<E<>IF# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj \eki\ ZX[X glYc`ZXZ`�e%$ 8^i„^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj XZfdgX$ ŒX[fj% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f% %$ EFK@=@HL<J<%$ ] ;i% NX^e\i A}k`mX Hl`ifq Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`ik`„e[fc\j [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e cX ]fidX c\^Xc gXiX i\Z`Y`i cXj gfjk\i`fi\j efk`]`ZX$ Z`fe\j hl\ c\j Zfii\jgfe[X%$ ; iX % N` c d X I\ ZX c [ \ >lXi[\iXj J<:I<K8I@8 <E:8I>8;8 ;<C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.//,-&k] ALQ>8;F ;<:@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 I% ;<C <%

:@K8:@FE AL;@:@8C 8C J<zFI ALC@F FIC8E;F :8G@KF DFI8C<J <OKI8:KF 8 : KF I 8 1 : F E J L < C F > L 8 ;8 CL G < KF E 8KF :?@J8>L8EF ; < D 8 E ;8 ; F 1 A L C @ F FIC8E;F :8G@KF DFI8C<J

AL@:@F Ef% *+-$ )'(' Æ ;i% ND% KI8D@K< M<I98C JLD8I@F ;< ;@MFI:@F# @E:@JF J<>LE;F ;<C ELD<I8C (( ;<C 8IK% ((' ;<C :F;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F ;<:@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ DXZ_XZ_`# X )( [\ [`Z`\dYi\ [\c )'('# CXj (+?),%$ M`jkfj1 Gfi _XY\ij\ Zldgc`[f Zfe cf fi[\eX[f \e gifm`[\eZ`X gifo`dX Xek\i`fi XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X [\ [`mfiZ`f ZXl$ jXc gi\j\ekX[X gfi :fejl\cf >lX[Xclg\ KfeXkf :_`jX^lXef gfi ZcXiX Zfdgc\kX i\Â’e\ Zfe cfj i\hl`j`kfj [\ C\p iXqÂ?e gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ [\c al`Z`f m\iYXc jldXi`f Zfe$ ]fid\ cf [\k\id`eX \c 8ik% ((/ [\c :Â?[`^f :`m`c# \e Zfej\Zl\e$ Z`X Z`k\j\ Zfe le \okiXZkf [\ cX [\dXe[X p \jkX gifm`[\eZ`X X Alc`f FicXe[f :Xg`kf DfiXc\j# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qXi}e gfi cX gi\e$ jX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e cX Z`l[X[ [\ Hl`kf# gfi ZlXekf \e \jkX :XY\Z\iX ZXekfeXc ef \o`jk\ g\i`Â?[`Zf [\ Z`iZlcXZ`Â?e i\^lcXi# Zfe$ ]fid\ cf [\k\id`eX \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# pX hl\ Zfe aliXd\ekf cX XZkfiX dXe`]`\jkX cX `dgfj`Y`$ c`[X[ [\ [Xi Zfe cX i\j`[\eZ`X XZklXc [\c [\dXe[X[f# [\Y`\e$ [f d\[`Xi gfi cf d\efj fZ_f [`Xj \eki\ glYc`ZXZ`Â?e p glYc`$ ZXZ`Â?e Zfe]fid\ cf [\k\id`eX \c `eZ`jf ZlXikf [\c 8ik% ((0 [\c :Â?[`^f :`m`c# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ gXiX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j% :l\ek\j\ X[\d}j \e \jkX ZXljX Zfe cfj j\ÂŒfi\j Al\q :lXikf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X p 8^\ek\ =`jZXc# ;`jki`kXc [\ G`Z_`eZ_X# X

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

A Junta General Extraordinaria de Accionistas de la Compaùía de Transporte Urbano Distrito del Sur “DISUTRAN S.A.â€? De conformidad con los Estatutos y la Ley de Compaùías, convĂłcase a los seĂąores accionistas de la Compaùía de Transporte Urbano Distrito del Sur “DISUTRAN S.A.â€? a Junta General Extraordinaria que se realizarĂĄ el dĂ­a viernes 29 de abril del 2011, a las 14H00, En la Sede de la Compaùía, ubicado en la Av. Mariscal Sucre y Av. Guayanay Ă‘an, lote 1, con el objeto de tratar el siguiente orden del dĂ­a: 1.- CONOCIMIENTO Y APROBACIĂ“N PARA LA APLICACIĂ“N DE LAS NORMAS INTERNACIONALES DE INFORMACIĂ“N FINANCIERA (NIIF) 2.- INFORME DEL GERENTE GENERAL SOBRE LAS ĂšLTIMAS REFORMAS APROBADAS POR LA ASAMBLEA NACIONAL RESPECTO A LA LEY DE TRĂ NSITO VIGENTE. 3.- ESCISIĂ“N DE LA COMPAĂ‘Ă?A DE TRANSPORTE URBANO DISTRITO DEL SUR DISUTRAN S.A. Y CREACIĂ“N DE LA NUEVA COMPAĂ‘Ă?A 4.- LECTURA Y APROBACIĂ“N DE LAS RESOLUCIONES DEL ACTA Se convoca de manera especial al Comisario de la Empresa, seĂąor CARLOS BERMUDEZ. Quito, abril 19 del 2011. SR. ADOLFO JIMENEZ PRESIDENTE

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A DEPARDESIGN CIA. LTDA. La compaùía DEPARDESIGN CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario CuadragĂŠsimo del Distrito Metropolitano de Quito, el 29 de Marzo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001688 de 15 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: UNO) IMPORTACIĂ“N, EXPORTACIĂ“N.- LA COMPAĂ‘Ă?A SE DEDICARĂ A LA IMPORTACIĂ“N Y COMERCIALIZACIĂ“N, VENTA Y DISTRIBUCIĂ“N DE PURIFICADORES DE AGUA... Quito, 15 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS

SR. HERNAN ZAMBRANO GERENTE GENERAL AR/82616/cc

AR/82634/cc

hl`\e\j j\ c\j Z`kXi} j`im`\e[f cfj fi`^`eXc\j Zfdf jl]`Z`\ek\ [\jgXZ_f gXiX hl\ \d`kXe jlj Zi`k\i`fj i\jg\Zkf [\ cX [\j`^$ eXZ`�e [\c :liX[fi 8[$C`k\d \e cX gi\j\ek\ ZXljX# kfdXe[f \e Zl\ekX cX `ej`elXZ`�e hl\ _XZ\ \c XZZ`feXek\ [\c efdYi\ [\c j\Œfi 8e^\c 8l^ljkf KfeXkf DXek`ccX# gXiX j\i [\j`^eX[f :liX[fi 8[$C`k\d [\ cfj d\ef$ i\j AfeXk_Xe FicXe[f :Xg`kf KfeXkf# D`Z_\cc\ 8iXZ\c` :Xg`kf KfeXkf# JkXc`e Af\c :Xg`kf KfeXkf p Jk\]XeˆX <c`qXY\k_ :Xg`kf KfeXkf% K�d\j\ efkX [\ cX ZlXekˆX ]`aX[X# \c ZXj`cc\if Ef%)* [\ cX ZXjX al[`Z`Xc [\ \jkX Z`l[X[# gXiX cXj gfjk\i`fi\j efk`]`ZXZ`fe\j [\ cX XZkfiX# Xjˆ Zfdf cX Xlkfi`qXZ`�e Zfe]\i`[X X jl [\]\ejfi gXiX hl\ `ek\i$ m\e^X \e \jkX ZXljX# p cfj [fZl$ d\ekfj X[alekfj# }^i\^l\j\ Xc gifZ\jf gXiX cfj ]`e\j [\ C\p% Efk`]`hl\j\ p Z`k\j\% ]% ;i% Afi^\ ;lhl\ >iXeaX# Al\q ;\Z`df Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# X[m`\ik`\e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ gXiX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j% :\ik`]`Zf% ;i% NXj_`e^kfe Dfc`eX M% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.//.'&k] I% ;<C <%

:@K8:@äE AL;@:@8C 81 :<C<JK@E8 KL8G8EK8 :FII<8 P D<EFI GL9<I J8EK@8>F 8E;I<J 8C8I:äE KL8G8EK8 :FE <C AL@:@F ;< ;@MFI:@F# GIFGL<JKF GFI 89I8?8D ?<I@9<IKF 8C8I:äE% 8:KFI1 89I8?8D ?<I@9<IKF 8C8I:äE% ;<D8E;8;F1 :<C<JK@E8 KL8G8EK8 :FII<8 P D<EFI GL9<I J8EK@8>F 8E;I<J 8C8I:äE KL8G8EK8 =LE;8D<EKF ;< ;<I<:?F1 8IK@:LCF (('# :8LJ8C ((# @E:@JF GI@D<IF ;<C

:F;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8 AL@:@F1 ;@MFI:@F ELD<IF '))/$)'(($;iX% :%@% KI8D@K<1 M<I98C JLD8I@F ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )+ [\ dXiqf [\c )'((# cXj '/_',%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Z$ k`mf# \e al`Z`f M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ 8ZkfiX# Zˆk\j\ X cX [\dXe[X[X :<C<JK@E8 KL8G8EK8 :FII<8 p Xc d\efi g“Y\i JXek`X^f 8e[iÂ…j 8cXiZfe KlXgXekX# gXiX hl\ `ej`el\ \c efdYi\ [\c ZliX[fi X[$c`k\d# hl\ c\ i\gi\j\ek\ \e \jkX ZXljX# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX :`l[X[ [\ Hl`kf%$K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ :liX[fi 8[$c`k\d 8^i„^l\j\ cfj [fZld\ekfj XZfdgXÂŒX$ [fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX \c XZkfi gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ EFK@=Ă HL<J<% = ;I# =89I@:@F J<>FM@8 9 < K8 E : F I K A L < Q <E:8I>8;F% Cf hl\ c\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`\e$ [fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[% ;i% AlXe >XccXi[f H% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.//..&k] :@K8:@FE AL;@:@8C ALQ>8;F F:K8MF ;< CF :@M@C ;< 9FC@M8I

<OKI8:KF1 8:KFI1 ;Xin`e DXel\c J}eZ_\q >XÂŒXp ;<D8E;8;F1 DXi`XeX 8lifiX

QXYXcX >XiZ`X KI8D@K<1 M\iYXc JldXi`f AL@:@F1 ;`mfiZ`f :L8EK@81 @e[\k\id`eX[X AL<Q1 ;i% >`cY\ik M\i[\qfkf <jg`efqX J<:I<K8I@81 C`Z% >ljkXmf C�g\q DXiˆe 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< 9FC@M8I%$ <Z_\Xe[ˆX# )0 [\ DXiqf [\c )'((# X cXj (+?+'%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ gi\j\ekX[X gfi \c j\Œfi ;Xin`e DXel\c J}eZ_\q >XŒXp# j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p Zfdgc\kX gfi i\le`i cfj i\hl`j`kfj gleklXc`qX[fj \e cfj 8ikˆZlcfj -. p (%'(* [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% <e Zfej\Zl\eZ`X# j\ c\ X[d`k\ Xc ki}d`k\ \e al`Z`f M\iYXc JldXi`f% :ˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p Xlkf i\ZXˆ[X \e \ccX X cX [\dXe[X[X j\ŒfiX DXi`XeX 8lifiX QXYXcX >XiZ`X# gfi ef _XY\i g\i`�[`Zf Xc^lef \e \jk\ ZXek�e <Z_\Xe[ˆX# j\ cf Z`kXi} gfi cX gi\ejX# gfi le g\i`�[`Zf [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kX \e cX Z`l[X[ [\ >lXiXe[X p Hl`kf2 \jkf \j# [\ Zfe]fid`$ [X[ Zfe cf [`jgl\jkf \e \c 8ik`Zlcf /) `eZ`jf k\iZ\if [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% J\ efdYiX ZliX[fi 8[ c`k\d X cX j\ŒfiX DXi`XeX <jg\iXeqX >XŒXp gXiX hl\ i\gi\j\ek\ Xc d\efi =iXeZb A\i`bf J}eZ_\q QXYXcX%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj X cX [\dXe[X% K„e^Xj\ \e Zl\ekX cX [\k\id`eXZ`�e [\ cX ZlXe$ kˆX# \c ZXj`cc\if al[`Z`Xc E— ') j\ŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# p cX Xlkfi`qX$ Z`�e [X[X X jl XYf^X[f [\]\e$ jfi%$ :ˆk\j\ p efk`]ˆhl\j\% ] ;i% >`cY\ik M\i[\qfkf <jg`efqX# AL<Q F:K8MF ;< CF :@M@C ;< 9FC@M8I j`^l\ \c Z\ik`]`Zf p efk`]`ZXZ`fe\j % Cf hl\ cc\mf X ZfefZ`d`\ekf [\ cX [\dXe[X[X D8I@8E8 8LIFI8 Q898C8 >8I:@8# X ]`e [\ hl\ \e \c k„id`ef [\ c\p# Zfek\jk\ X cX [\dXe[X#

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO DE LA ESCRITURA PĂšBLICA DE REFORMA DE ESTATUTOS DE VALINMER, VALDEZ INVESTIGACIĂ“N Y MERCADEO C. L. Se comunica al pĂşblico que VALINMER, VALDEZ INVESTIGACIĂ“N Y MERCADEO C. L. reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario DĂŠcimo Segundo del Distrito Metropolitano de Quito el 23 de Marzo del 2011. Acto Societario aprobado por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJC. Q.11.001659 de 14 de abril de 2011. En virtud de la presente escritura pĂşblica la compaùía reforma el artĂ­culo cuarto del Estatuto Social, de la siguiente manera: “ARTĂ?CULO CUARTO.OBJETO SOCIAL.- La compaùía tiene por objeto: a) DiseĂąar, planificar, ejecutar, controlar y evaluar procesos de investigaciĂłn en las siguientes ĂĄreas: ĂĄrea de comercializaciĂłn y ventas, ĂĄrea de recursos humanos y gestiĂłn administrativa y financiera...â€?

HL@KF% :@K8:@FE AL;@:@8C1 :8ICFJ <>9<IKF DFI8E D8:@8J

I_ bW l_hjkZ j[ \WbjW" dWZW j_[d[i$ BKF;H9?E B;ED7H:E :; 7H=;DIEB7

j\ŒXcXe[f ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% <Z_\Xe[ˆX# + [\ 8Yi`c [\c )'(( C`Z% >ljkXmf C�g\q DXiˆe J<:I<K8I@F ;<C ALQ>8;F F:K8MF ;< CF :@M@C ;< 9FC@M8I ?Xp le j\ccf 8%:%&.//+0&gm I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF AL;@:@8C :@K8:@FE AL;@:@8C 8 8;I@8E8 9<KJ89< M@CC8:@J D<E;@<K8% 8:KFI1 N8J?@E>KFE G8LC D8IK@E<Q G8QD@zF ;<D8E;8;F1 8;I@8E8 9<KJ89< M @ C C 8 : @ J D<E;@<K8% AL@:@F ;< ;@MFI:@F Ef% '(-+$ )'((<>% KI8D@K<1 M<I98C JLD8I@F% :L8EK@81 @e[\k\id`eX[X% =LE;8D<EKF C<>8C1Ă— 8ik% ((' ELD<I8C (( `eZ`jf j\^le$ [f [\c :Â?[`^f :`m`c% 89F>8;F ;<=<EJFI1 ;i% AFI>< M<E<>8J :8J@CC8 AL;@:@8C (0)* :%8%G% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j [`\q p j`\k\ [\ dXiqf [\ )'((# cXj ('_,/%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f [\ c\p Zfii\jgfe[`\ek\% 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k`klcXi%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\$ cX gifZ\[\ek\ j\ cX XZ\gkX Xc

CONVOCATORIA ConvĂłcase a los accionistas de la COMPAĂ‘Ă?A TRANSPORTES SAN PEDRO DE TABOADA S.A., a la Junta General Ordinaria a realizarse el dĂ­a MiĂŠrcoles 27 de abril del 2011 a las 19:00 en la oficina de la Compaùía ubicada en la Av. Mariana de JesĂşs y Diego Janchi, Parroquia San Pedro de Taboada CantĂłn RumiĂąahui para tratar los siguientes puntos: 1. 2. 3. 4. 5. 6. 7.

ConstataciĂłn del QuĂłrum Informe del presidente aĂąo 2010 Informe de Gerente aĂąo 2010 Informe de comisarios aĂąo 2010 Conocimiento y aprobaciĂłn de los balances del ejercicio econĂłmico aĂąo 2010 Conocimiento y aprobaciĂłn del presupuesto aĂąo 2011 ElecciĂłn de nuevos administradores a) Presidente b) Gerente c) 3 Vocales principales y 3 suplentes d) 2 Comisarios

Se convoca especialmente e individualmente a los seùores Caiza Leonardo y Tipån Pedro Comisarios de la Compaùía. San Pedro de Taboada al 19 de abril del 2011.

<OKI8:KF ALQ>8;F ;<:@DF GI@D<IF 8;ALEKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE

CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A “TRANSCIPTRA S.A.â€? De conformidad con la Ley y los estatutos sociales, se convoca a los seĂąores accionistas de la Compaùía TRANSCIPTRA S.A. a Junta General Extraordinaria que se realizarĂĄ el dĂ­a sĂĄbado 30 de Abril del 2011, desde las 09:00 a.m., en el domicilio de la Compaùía ubicado en la calle Lauro Guerrero 262 y Maximiliano RodrĂ­guez, de esta ciudad de Quito con el fin de tratar el siguiente orden del dĂ­a: 1.- SituaciĂłn EconĂłmica de la Compaùía 2.- Deudas por cobrar a varios accionistas y terceros y suscripciĂłn de convenios de pagos. 3.- Desistimiento del aumento de capital en trĂĄmite 4.- FijaciĂłn de capital autorizado. 5.- Aumento de capital suscrito y reforma integral de estatutos. Se convoca de manera individual y especial al Comisario Principal de la Compaùía, seĂąor Wilson Guerra MartĂ­nez.

Atentamente

Hernan Paucar Presidente

Ulpiano Pantoja MuĂąoz GERENTE GENERAL

Nicolay Chano Gerente General AR/82629/cc

D<EFI<J

Quito, 11 de Abril del 2001.

Atentamente, Quito, 14 de abril de 2011 Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS

ki}d`k\ m\iYXc jldXi`f%$ <e d\i`kf Xc aliXd\ekf hl\ k`\e\ i\e[`[f \c j\Œfi NXj_`e^kfe GX’c DXikˆe\q GXqd`Œf p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX hl\ j\ Z`k\ X cX [\dXe[X[X j\ŒfiX 8[i`XeX 9\kjXY\ M`ccXZˆj D\e[`\kX# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# cl^Xi [\c dXki`dfe`f p [\ Zfe]fi$ d`[X[ Zfe cf [`jgl\jkf \_ \c 8ik% ((0 [\c :�[`^f :`m`c%$ 8c \]\Zkf i\dˆkXj\ \c \okiXZkf Zfii\jgfe[`\ek\% K„e^Xj\ \e Zl\ekX cX `ej`elXZ`�e \e ZlXekf Xc efdYiXd`\ekf [\ :liX[fi 8[$ C`k\d i\]`\i\ \c d\efi X[lckf B\m`e 8[i`}e DXikˆe\q M`ccXZˆj% :l„ek\j\ Zfe lef [\ cfj j\Œfi\j 8^\ek\j =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfdgXŒX X cX [\dXe[X%$ K„e^Xj\ \e Zl\e$ kX [ ZXj`cc\if al[`Z`Xc# j\ŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`�e Zfe]\$ i`[X X jl 8Yf^X[f ;\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q = ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j% gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ \e j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% <[^Xi ?Xif MXc\eql\cX J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/)),+

<OKI8:KF AL;@:@8C 8:KFI1 G8KI@:@8 >@FM8E8 J@>:?F :8IK8><EFM8 ;<D8E;8;F1 :8ICFJ <>9<IKF DFI8E D8:@8J KIĂ?D@K<1 8C@D<EKFJ Ef% ''),$)'(($8< :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ ]\Yi\if )'((# cXj (+_,0% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX [\dXe[X hl\ Xek\Z\[\ \e m`ikl[ [\ cf [`jgl\jkf \e \c 8ik% (.( [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc p c`k\iXc Z [\ cXj efidXj gXiX \c ]le$ Z`feXd`\ekf fg\iXk`mf p X[d`$ e`jkiXk`mf [\ Al\Z\j 8[alekfj K\dgfiXc\j [`ZkX[fj d\[`Xek\ I\jfclZ`Â?e [\c :fej\af [\ cX Al[`ZXkliX [\ ]\Z_X m\`ek\ [\ alc`f [\ [fj d`c [`\q p glYc`ZX[X \e \c I\^`jkif F]`Z`Xc E— )-+ [\ ]\Z_X m\`ek`Z`eZf [\ X^fjkf [\ [fj d`c [`\q p \e I\jfclZ`Â?e [\c :fej\af [\ cX Al[`ZXkliX [\ (+ [\ fZklYi\ [\ )'('# \e d` ZXc`[X[ [\ Al\q 8[alekf [\ \jkX Al[`ZXkliX p gfi \c jfik\f [\ C\p% 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\% Gfi Zld$ gc`[fj cfj i\hl`j`kfj \jkXYc\Z`$ [fj \e \c 8ik% -. [\c :Â?[`^f 8[a\k`mf :`m`c# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj \o`^`[fj gfi cX C\p2 \e Zfej\Zl\eZ`X# j\ X[d`k\ X ki}d`k\ gi\m`jkf \e cX C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X glYc`ZX[X \e \c I%F%J% -+* [\ )/ [\ Alc`f [\ )%''0%$ :ˆk\j\ Xc [\dXe[X[f :8ICFJ <>9<IKF DFI8E D8:@8J# gfi cX gi\ejX# Zfe]fid\ cf gi\m„ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `eZ`jf gi`d\if2 \eki„^l\j\ \okiXZkf gXiX cXj Zfii\jgfe[`\ek\j glYc`ZXZ`fe\j2 gi\m`e`„e[fc\ Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e [\ ZfdgXi\Z\i X al`Z`f YXaf gi\m\eZ`fe\j [\ Zfek`elXi cX ZXljX \e i\Y\c[ˆX# p [\ gi\j\e$ kXi jl gil\YX \e cX 8l[`\eZ`X èE@:8 hl\ j\ j\ÂŒXcXi} [\ ]fidX `ed\[`XkX# leX m\q giXZk`ZX[X cX Z`kXZ`Â?e \e c\^Xc p [\Y`[X ]fidX# X cX hl\ [\Y\i} Zfd$ gXi\Z\i g\ijfeXcd\ek\ f gfi d\[`f [\ GifZliX[fi Al[`Z`Xc [\Y`[Xd\ek\ Xlkfi`qX[f gXiX kiXej`^`i% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e gi\j\ekX[X

Fanny RodrĂ­guez Pinto PRESIDENTE AR/82633/cc

AR/82614/cc

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? gfi cX XZZ`feXek\ j\^Â’e Zfej$ kX [\ cX iXqÂ?e j\ekX[X gfi cX J\Zi\kXi`X [\ \jkX Al[`ZXkliX% :fe]fid\ X cfj XikˆZlcfj @eeld\iX[fj 0 p *, [\ cX Z`kX$ [X C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X p Xc 8ik% * [\ cX KXYcX [\ G\ej`fe\j 8c`d\ek`Z`Xj Dˆe`dXj \jkXYc\$ Z`[X gfi \c :fej\af EXZ`feXc [\ cX E`ÂŒ\q d\[`Xek\ I\jfclZ`Â?e Ef% '() :EE8$)'(' glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% )*+ [\ (* [\ Alc`f [\ )%'('# j\ ]`aX gifm`j`feXcd\ek\ cX jldX [\ J<K<EK8 P :@E:F ;FC8I<J 8D<I@:8EFJ .,#'' d\e$ jlXc\j \e ]Xmfi [\ cX d\efi <D@CP 8E8P DFI8E J@>:?F# d}j cfj Y\e\]`Z`fj c\^Xc\j# hl\ j\i}e gX^X[Xj gfi d\jX$ [Xj X[\cXekX[Xj X gXik`i [\ cX gi\j\ekXZ`Â?e [\ cX [\dXe[X# X kiXm„j [\c YXeZf [\ >lXpXhl`c# gXiX cf ZlXc cX XZkfiX gifZ\[X X Xg\ikliXi cX kXia\kX B}i[\o \e cX F]`Z`eX [\ C`hl`[XZ`fe\j [\c Alq^X[f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X Zfii\jgfe[`\e$ k\% @eZfigÂ?i\j\ Xc gifZ\jf cfj [fZld\ekfj X^i\^X[fj X cX [\dXe[X% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j% EFK@=@HL<J<% ;I% IF9<IKF FK8M8CF AL<Q 8;ALEKF% CF HL< CC<MF 8 JL :FEF:@D@<EKF P C< :@KF# GI<M@E@<E;FC< ;< C8 F9C@>8:@FE ;< J<z8C8I : 8 J @ C C < I F AL;@:@8C G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J% ;I8% 8DG8IF K8G@8 I% J<:I<K8I@8 8;ALEK8 ;<C ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0(,*&gm

I% ;<C <% J<:I<K8I@8 8;ALEK8 ;<C ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF 8 CFJ G8;I<J# =8D@C@8I<J P&F I<GI<J<EK8EK<J C<>8C<J ;< C8 E@z8 9<C<E E8I8EAF FI<CC8E8 P 8C GL9C@:F <E ><E<I8C C<J ?8>F J89<I CF J@>L@<EK<1 <OKI8:KF 8:KFI81 JFI D8PI8 <C@Q89<K? CFG<Q M@M8J ?F>8I ;< E@zFJ J8E M@:<EK< ;< G8LC : @ K8 ; F J 1 G8 ; I < J # =8 D @ C @ 8 I < J P& F I<GI<J<EK8EK<J C<>8C<J D<EFI1 9<C<E E8I8EAF FI<CC8E8 :L8EK@81 @E;<K<ID@E8;8 KI8D@K< 1 <JG<:@8C :8LJ8% @EM<JK@>8:@FE Eif% )'(($'**($;I% :D% AL<Q 1 ;I% :8ICFJ 8I<M8CF <JKI8;8# AL<Q 8;ALEKF ;<C ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF% GIFM@;<E:@81 ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (/ [\ dXiqf [\c )'((# cXj (,_+,%$ M@JKFJ1 Gfi ZlXekf cX XZkfiX JFI D8PI8 <C@Q89<K? CFG<Q M@M8J _X i\ZfefZ`[f cX ]`idX p iÂ’Yi`ZX `dgi\jX \e cX gi\j\ek\ [\dXe[X p _X [\ZcXiX$

Ć

[f YXaf aliXd\ekf [\jZfefZ\i cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cfj gX[i\j [\ cX e`ÂŒX 9<C<E E8I8EAF FI<CC8E8# 8MF:F ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q 8[alekf [\c Alq^X[f Efm\ef [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X [\ G`Z_`eZ_X p \e iXqÂ?e [\c jfi$ k\f [\ C\p%$ <e cf gi`eZ`gXc# gfi j\i ZcXiX p i\le`i cfj i\hl`j`$ kfj [\c 8ik% -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \j XZ\g$ kX[X X ki}d`k\ gi\m`jkf \e cX C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X glYc`$ ZX[X \e \c I%F% J% -+* [\ )/ [\ Alc`f [\ )%''0%$ Gfi cf hl\ [`jgfe^f1 ( Hl\ j\ i\Xc`Z\ leX `em\jk`^XZ`Â?e k\e[\ek\ X `[\e$ k`]`ZXi p lY`ZXi X cfj gX[i\j# gXi`\ek\j p klkfi\j [\ cX e`ÂŒX# X hl`\e j\ c\ ZfefZ\ Zfe cfj efdYi\j [\ 9<C<E E8I8EAF FI<CC8E82 [\ hl`\e j\ [`Z\ hl\ _X eXZ`[f \c (' [\ ale`f [\c )''02 \j [\ iXqX d\jk`qX# k\q YcXeZX# fafj Zfcfi e\^ifj# ZXY\$ ccf e\^if# g\jf ,%. b^%# _X j`[f `e^i\jX[X Xc ?f^Xi [\c E`ÂŒf ĂˆJXe M`Z\ek\ [\ GXlcÉ# \c (' [\ dXpf [\c )'('# _X g\[`[f [\ cX ;@E8G<E% ) ;\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< X cfj gX[i\j# gXi`\e$ k\j p klkfi\j [\ cX e`ÂŒX 9<C<E E8I8EAF FI<CC8E8# X kiXm„j [\ cX gi\ejX# \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`k\e \e \jkX Z`l[X[ [\ Hl`kf# gfi ki\j fZXj`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj% * @ek\im\e^X cX ;@E8G<E# \c <hl`gf K„Ze`Zf Xj`^eX[f X \jkX Al[`ZXkliX# Xjˆ Zfdf cX =`jZXcˆX >\e\iXc [\c <jkX[f# hl`\e\j gi\j\ekXi}e jlj `e]fid\j \e \c k„id`ef gi\m`jkf gfi cX C\p% + F]ˆZ`\j\ \e \jk\ j\ek`[f X cXj g\ijfeXj `e[`ZX[Xj%$ , K„e^Xj\ \e Zl\ekX cX :Xj`ccX Al[`Z`Xc Eif% (.*- j\ÂŒXcX[X gfi cX XZkfiX p X^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX%$ - 8ZkÂ’\ \c ;i% :Xicfj <% DfiXc\j :%# \e jl ZXc`[X[ [\ J\Zi\kXi`f 8[alekf [\ \jkX Al[`ZXkliX%$ EFK@=@HL<J<# :@K<J< P :LDGC8J< Cf hl\ Zfdle`Zf X ljk\[% GXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f f ZXj`ccX al[`Z`Xc gXiX jlj gfj$ k\i`fi\j efk`]`ZXZ`fe\j [\ekif [\c k„id`ef [\ c\p% ;I% :8ICFJ <% DFI8C<J :% J<:I<K8I@F 8;ALEKF <o`jk\ ]`idX p j\ccf% 8%G%&+//+0&b%d%

<A<:LK@MFJ <OKI8:KF C8 I ;<C < ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 81 89<C@E8 =CFI<J# 8DG8I@KF ;<C :8ID<E D8IK@E<Q IFE# D8I@F M@E@:@F D8IK@E<Q IFE# CL@J ?LD9<IKF D8IK@E<Q =CFI<J P 8 CFJ GI<JLEKFJ P ; < J : F E F : @ ; F J ?<I<I;<IFJ K8EKF ;<C J<zFI AFJ< I@:8I;F D8IK@E<Q M8JHL<Q# :FDF ;<C J<zFI CL@J ?LD9<IKF D8IK@E<Q =CFI<J# p X kf[Xj cXj g\ijfeXj hl\ klm`\i\e hl\ m\i \e \c `edl\Yc\ dXk\i`X [\ cX gi\j\ek\ XZZ`Â?e% 8:KFI1 CL:I<:@8 <C@J8D@I8 G<C8<Q :L<E:8 ;<D8E;8;FJ1 89<C@E8 =CFI<J# 8DG8I@KF ;<C :8ID<E D8IK@E<Q IFE# D8I@F M@E@:@F D8IK@E<Q IFE# CL@J ?LD9<IKF D8IK@E<Q =CFI<J P 8 CFJ GI<JLEKFJ P ;<J:FEF:@;FJ ?<I<;<IFJ K8EKF ;<C J<zFI AFJ< I@:8I;F D 8 I K @ E < Q

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ć

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

M8JHL<Q# :FDF ;<C J<zFI CL@J ?LD9<IKF D8IK@E<Q =CFI<J AL@:@F FI;@E8I@F Ef% /)0$ )'('$F< :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# (0 [\ FZklYi\ [\c )'('# cXj ((_,/%$ M@JKFJ1 <e cf Gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p gi\Z`jX# gfi i\le`i cfj i\hl`$ j`kfj [\ C\p# j\ cX X[d`k\ Xc ki}d`k\ Fi[`eXi`f%$ :fe \c Zfe$ k\e`[f [\ cX [\dXe[X# 8lkf [\ ZXc`]`ZXZ`�e p \e d\i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c Xik`Zlcf /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c Zˆk\j\ X cfj [\dXe[X[fj d\[`Xek\ ki\j glYc`ZXZ`�e _\Z_Xj \e lef [\ cfj ;`Xi`fj [\ dXpfi :`iZlcXZ`�e [\ \jkX Z`l[X[# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj gifgfe^Xe cXj \oZ\gZ`fe\j hl\ j\ Zi\Xe Xj`jk`[fj% ;\ Zfe$ ]fid`[X[ Zfe \c 8IK% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :Xek�e Hl`kf%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe \c j\Œfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# hl`\e\j [\Y\i}e j\i Z`kX[fj \e \c cl^Xi hl\ j\ `e[`ZX gXiX kXc \]\Zkf \emˆ\$ j\ jl]`Z`\ek\ [\jgXZ_f X cX F]`Z`eX [\ :`kXZ`fe\j%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j%$ :@K<J< P EFK@=@HL<J<% = ;i% @m}e :\mXccfj QXdYiXef Al\q% Cf hl\ Zfdle`Zf p :@KF gXiX cfj i\jg\Zk`mfj ]`e\j [\ C\p# gi\m`e`„e[fc\j cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ALQ>8;F M@>yJ@DF HL@EKF :@M@C G@:?@E:?8 ?Xp le j\ccf 8%:%&.0(,)&gm

[\c 8ljkif J%8% I\gi\j\ekX[f gfi \c GifZliX[fi Al[`Z`Xc ;i% :Xlgfc`Z}e FZ_fX E\`iX# f gifgfe^Xe cXj \oZ\gZ`fe\j [\ hl\ j\ Zi\p\i\e Xj`jk`[fj # YXaf gi\m\eZ`fe\j [\ j\e$ k\eZ`X% KÂ?d\j\ \e Zl\ekX cX ZlXekˆX gfi [\k\id`eX[X# cX ZXj`ccX Al[`Z`Xc Ef% )))) [\ cfj XYf^X[fj 1 ;fZkfi\j NcX[`d`i >XcXiqX C\Â?e# ;iX% <lcXc`X J}eZ_\q# p ;i% <[lXi[f :\[\ÂŒf D\e[fqX # cX Xlkfi`$ qXZ`Â?e gXiX hl\ jljZi`YXe cfj \jZi`kfj e\Z\jXi`fj X cX [\]\e$ jX% KÂ?d\j\ \e Zl\ekX cX f]\ikX [\ i\ZfefZ\i XYfefj gXiZ`Xc\j c\^Xc\j%$ ;\aXe[f Zfg`X \e Xlkfj# gÂ?e^Xj\ \e Zljkf[`X [\ J\Zi\kXiˆX \c ZfekiXkf [\ dlklf p cX kXYcX [\ Xdfik`qXZ`Â?e%$%$ EFK@=@HL<J< P :Ă K<J<% = ;i% =\c`g\ >iXe[X 8^l`cXi$Al\q K`klcXi j`^l\ cX efk`]`ZXZ`Â?e ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# )) [\ FZklYi\ [\c )''.# cXj ('_*'%$ <e cf gi`eZ`gXc# \e d\i`kf [\ aliXd\ekf i\e[`[f gfi \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cfj [\dXe[X$ [fj# Zˆk\j\ Zfe le \okiXZkf [\c Zfek\e`[f [\ cX [\dXe[X# Xlkf `e`Z`Xc p gi\j\ek\ gifm`[\eZ`X X cfj [\dXe[X[fj DXli`Z`f AXm`\i J\m`ccX 8YX[ p IfjXi`f DfeZXpf K\ccf# gfi cX gi\ejX# \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\% = ;i% I\`eXc[f =cfi 8cmXiX[f$Al\q Jlgc\ek\ j`^l\ cX efk`]`ZXZ`Â?e % Cf hl\ gfe^f X jl ZfefZ`d`\ekf# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j%$ :\ik`]`Zf% JiX% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0(,-&k]

I ;<C <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%

<OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 A8I8D@CCF =CFI<J J8E;IF 9C8;@D@I% ;<D8E;8;F1 D`^l\c @m}e Kfii\j Fjfi`f# DXiˆX 9\c„e AXiXd`ccf =cfi\j p JXe[if 9cX[`d`i AXiXd`ccf =cfi\j% 8:KFI1 :ffg\iXk`mX [\ 8_fiif p :i„[`kf Gif^i\jf Ck[X%% AL@:@F EIF% /-/$)''0$ 8Y%=D% KI8D@K<1 <a\Zlk`mf% :L8EKĂ 81 (,%'''% =LE;8D<EKF C<>8C1 8ik% +(*# +(, p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 89F>8;F ;<=<EJFI1 ;i% >Xcf >fp\j <Z_\m\ii`X% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# (, [\ alc`f [\c )''0# cXj ('_++%$ M@JKFJ%$ Gi\m`f jfik\f [\ c\p Zfii\jgfe[`\ek\# XmfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}$ d`k\ <a\Zlk`mf%$ <e Zfej\Zl\e$ Z`X cX gXik\ [\dXe[X[X D`^l\c @m}e Kfii\j Fjfi`f# DXiˆX 9\c„e AXiXd`ccf =cfi\j p JXe[if 9cX[`d`i AXiXd`ccf =cfi\j# gX^l\e cX fYc`^XZ`Â?e X[\l[X[X f gifgfe^Xe cXj \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj \e \c k„id`ef [\ ki\j [ˆXj [\ c\^Xcd\ek\ Z`kX[fj%$ :ˆk\j\ \e c\^Xc p [\Y`[X ]fidX X cX gXik\ [\dXe[X[X \e cX [`i\ZZ`Â?e hl\ j\ j\ÂŒXcX gXiX \c \]\Zkf%$ KÂ?d\j\ \e Zl\ekX cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ \c ;i% Cl`j =\ieXe[f DXikˆe\q 9Xii\ef# Zfe]fid\ \c gf[\i \jg\Z`Xc hl\

:@K8:@äE AL;@:@8C G8I81 D8LI@:@F A8M@<I J<M@CC8 898; p IFJ8I@F DFE:8PF K<CCF $<OKI8:KF$ AL@:@F <A<:LK@MF1 Eif% /-/$ )'') C%:?% 8:KFI81 98E:F ;<C 8LJKIF J%8% ;<D8E;8;FJ1 D8LI@:@F A8M@<I J<M@CC8 898; p IFJ8I@F DFE:8PF K<CCF F9A<KF1 :fYif [\ le ZfekiX$ kf [\ dlklf gfi cX ZXek`[X[ [\ LJ; )/%'''#'' [Â?cXi\j# `ek\i\j\j# ZfjkXj gifZ\jXc\j p _fefiXi`fj gif]\j`feXc\j KI8D@K<1 <a\Zlk`mf :L8EK@8% LJ; )/%'''#'' [Â?cXi\j :8 J @ C C < I F A L ; @ : @ 8 C Eif1 )))) ;I% >FEQ8CF 9<E8C:8Q8I G8MFE GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# (' ;< DXiqf [\c )''*# cXj (,_,(%$ M`jkfj 1 8mfZf ZfefZ`d`\ekf [\ cX ZXljX gfi \c jfik\f [\ C\p%$ CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# Zfd$ gc\kX # gi\Z`jX p Zldgc\ cfj i\hl`j`kfj [\k\id`eX[fj [\ cX C\p GifZ\jXc :`m`c p j`\e[f \c kˆklcf p cX fYc`^XZ`Â?e \a\Zlk`$ mfj# j\ cX XZ\gkX X „jk\ ki}$ d`k\% :ˆk\j\ Zfe cX [\dXe[X p \jkX gifm`[\eZ`X X DXli`Z`f AXm`\i J\m`ccX 8YX[ p IfjXi`f DfeZXpf K\ccf \e \c [fd`Z`c`f j\ÂŒXcX[f #gXiX hl\ [\ekif [\ ki\j [ˆXj [\ Z`kX[fj gX^l\e \c mXcfi [\dXe[X[f Xc 9XeZf

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8

Ĺ?

X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`�e _\Z_X X jl XYf^X[f [\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ = ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (, [\ ]\Yi\if [\c )'((# cXj (,_,'%$ 8^i„^l\j\ Xc gifZ\$ jf \c \jZi`kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# \e d„i`kf Xc aliXd\e$ kf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c2 Zˆk\j\ \e c\^Xc p [\Y`[X ]fidX X cX gXik\ [\dXe[X[X j\Œfi A8I8D@CCF =CFI<J J8E;IF 9C8;@D@I# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX cfZX$ c`[X[2 gXiX \c \]\Zkf Zfe]`„iXj\ \c Zfii\jgfe[`\ek\ \okiXZkf%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ \e j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% <[^Xi ?Xif MXc\eql\cX% J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0'-*&gm I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%

:@K8:@FE AL;@:@8C 81 I8LC =<IE8E;F 8>L@C8I QLI@K8 p C@>@8 A<8E<<K? DLCB >L<II<IF# ;< C8 ;<D8E;8 <A<:LK@M8# HL< J@>L< <E JL :FEKI8 A8@D< ><FM8EEP M@CC8:I<J<J I8DFJ 8:KFI1 A8@D< ><FM8EEP M@CC8:I<J<J I8DFJ ; < D 8 E ;8 ; F J 1 I 8L C =<IE8E;F 8>L@C8I QLI@K8 p C@>@8 A<8E<<K? DLCB >L<II<IF KI8D@K<1 <A<:LK@MF AL@:@F Ef% .),$)''.$DJ% :L8EK@81 LJ;% .%,''#ff ;FD@:@C@F AL;@:@8C Ef%,'(( [\c ;i% GXki`Z`f M`ccXiil\c GIFM@;<E:@8J1 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# ), [\ alc`f [\c )''.# cXj (-_'-% M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%

I_ gk[hƒ_i i[h h_Yei" de Wfh[dZ|_i iebWc[dj[ W iWX[h YŒce i[ ]WdW" i_de jWcX_ƒd YŒce i[ W^ehhW$ 8;D@7C?D <H7DAB?D CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\’e\ cfj i\hl`j`kfj [\ c\p# iXq�e gfi cX ZlXc j\ cX X[d`k\ Xc ki}d`k\ \a\Zlk`mf%$ <e Zfej\Zl\eZ`X cfj [\dXe[X[fj j\Œfi\j IX’c =\ieXe[f 8^l`cXi Qli`kX p C`^`X A\Xee\k_ Dlcbp >l\ii\if# gX^l\e X cX gXik\ XZkfiX cX ZXek`[X[ [\dXe[X[X \e \c k„i$ d`ef [\ ki\j [ˆXj f gifgfe^Xe \oZ\gZ`fe\j [\ekif [\c d`jdf k„id`ef% :ˆk\j\ X cfj [\dXe$ [X[fj j\Œfi\j IX’c =\ieXe[f 8^l`cXi Qli`kX p C`^`X A\Xee\k_ Dlcbp >l\ii\if# \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# gXiX cf ZlXc \emˆ\j\ jl]`Z`\ek\ [\jgX$ Z_f X cX JXcX [\ :`kXZ`fe\j% ;\ Zfe]fid`[X[ Zfe cf hl\ \jkX$ Yc\Z\ \c 8ik% +)) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c p \e d„i`$ kf X cX `e]fidXZ`�e jldXi`X X[alekX# j\ fi[\eX \c j\Zl\j$ kif [\ cfj Y`\e\j [\ gifg`\[X[ [\ cfj [\dXe[X[fj j\Œfi\j IX’c =\ieXe[f 8^l`cXi Qli`kX p C`^`X A\Xee\k_ Dlcbp >l\ii\if# hl\ cfj k`\e\e lY`ZX[fj \e cX ZXcc\ =iXeZ`jZf :ilq D`iXe[X Ef% (*.'# k\iZ\i g`jf# [\ \jk\ ;`jki`kf D\kifgfc`kXef [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# gXiX cf ZlXc j\ ZfekXi} Zfe cfj ]leZ`feXi`fj al[`Z`Xc\j Zfii\j$ gfe[`\ek\j% J\Zl\jkif hl\ j\ cf giXZk`ZXi} _XjkX gfi cX ZXe$ k`[X[ [\dXe[X[X dXj le [`\q gfi Z`\ekf% K�d\j\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ŒXcX[X gfi cX gXik\ XZkfiX% 8^i„^l\j\ cX [fZld\ekXZ`�e X[alekX%$ Efk`]ˆhl\j\%$ ] ;iX% D�e`ZX =cfi GXqd`Œf# Al\qX%$ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# dXik\j (, [\ dXiqf [\c )'((# cXj (,_,/% 8k\ekX X cf jfc`Z`kX[f p [\ Zfe]fid`[X[ Zfe \c aliXd\ekf i\e[`[f p cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj j\Œfi\j I8LC =<IE8E;F 8>L@C8I QLI@K8 p C@>@8 A<8E<<K? DLCB >L<II<IF# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ dXpfi

Z`iZlcXZ`�e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ] ;iX% D�e`ZX =cfi GXqd`Œf# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# <ZlX[fi # gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0()'&k] ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 cfj j\ÂŒfi\j A?FEEP 8L>LJKF M8CC<AF M8JHL<Q P C@;@8 :8ID@K8 ?<II<I8 :F<CCF# j\ c\ _XZ\ jXY\i \c \okiXZkf [\ [\dXe[X <a\Zlk`mX p gifm`[\eZ`X hl\ X Zfek`elX$ Z`Â?e j`^l\e1 <OKI8:KF 8:KFI1 A8@D< ><FM8EEP M@CC8:I<J<J I8DFJ% ;<D8E;8;FJ1 A?FEEP 8L>LJKF M8CC<AF M8JHL<Q P C@;@8 :8ID@K8 ?<II<I8 :F<CCF 8JLEKF1 Hl\ \e j\ek\eZ`X j\ c\ Zfe[\e\ X cfj [\dXe[X[fj Xc gX^f [\ \c ZXg`kXc X[\l[X$ [f# \jkf \j cX ZXek`[X[ [\ J<@J D@C F:?F:@<EKFJ ;@<:@Jy@J ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK<8DyI@:8# hl\ Zfii\jgfe[\ X cX C\kiX [\ :XdY`f j\ÂŒXcX[f# d}j cfj `ek\i\j\j c\^Xc\j p cfj [\ dfiX# XZfi[\ X cXj kXjXj \jkXYc\Z`[Xj gfi \c fi^Xe`jdf Zfdg\k\ek\# cfj ^Xjkfj hl\ fZXj`fe\ \c ZfYif kfkXc [\ \jkX fYc`^XZ`Â?e2 p# cfj _fefiXi`fj gif]\j`feXc\j% KI8D@K<1 <a\Zlk`mf% :L8EK@8 /%)''#'' =<:?8 ;< @E@:@8:@äE1 *' [\ 8^fjkf [\c )'',% ;<=<EJFI1 ;i% GXki`Z`f M`ccXiil\c% :Xj`cc\if Al[`Z`Xc Ef% ,'((% AL@:@F1 <A<:LK@MF EF% .*+$)'',$;I% <;>8I ?8IF

ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )( [\ J\gk`\dYi\ [\c )'',# cXj (+_),%$ M@JKFJ%$ 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\ cX iXq�e [\ jfik\fj%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj c\^Xc\j# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ \e al`Z`f <a\Zlk`mf# \e Zfej\Zl\e$ Z`X# cfj [\dXe[X[fj A?FEEP 8L>LJKF M8CC<AF M8JHL<Q P C@;@8 :8ID@K8 ?<II<I8 :F<CCF# \e \c k„id`ef [\ ki\j [ˆXj# ZldgcXe Zfe cX fYc`^X$ Z`�e [\dXe[X[X# f gifgfe^Xe \oZ\gZ`fe\j%$ <e m`ikl[ [\ cX gil\YX k\jk`dfe`Xc hl\ j\ XZfdgXŒX# p [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% +)) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ \c j\Zl\jkif [\ cfj Y`\e\j dl\Yc\j hl\ j\ [`Z\ jfe [\ gifg`\[X[ [\ cfj XZZ`feX$ [fj# p hl\ cfj k`\e\e \e \c j\Z$ kfi CX DX^[Xc\eX# ZXcc\ 8lkXZ_` :lZ_`Z\cX J(',, p Glil_}# [\ \jk\ D\kifgfc`kXef [\ Hl`kf# Xc \]\Zkf# Zl„ek\j\ Zfe lef [\ cfj j\Œfi\j 8c^lXZ`c DXpfi p ;\gfj`kXi`f Al[`Z`Xc [\c [`jki`$ kf%$ :ˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX gXiX \c \]\Zkf%$ CX [fZld\ekXZ`�e XZfdgXŒX[X# X^i„^l\j\%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc [\j`^eX[X%$ Gfi Xlj\e$ Z`X [\c j\Œfi j\Zi\kXi`f# XZk’\ \c F]`Z`Xc DXpfi%$ Efk`]ˆhl\j\%$ ;I% G8KI@:@F M8:8 HL@A8EF% AL<Q% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '0 [\ 8Yi`c [\c )''.# cXj (,_+'%$ 8k\ekf \c aliXd\ekf i\e[`[f# p g\k`Z`�e [\c XZkfi# Zˆk\j\ X cfj [\dXe[X[fj A?FEEP 8L>LJKF M8CC<AF M8JHL<Q P C@;@8 :8ID@K8 ?<II<I8 :F<CCF# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j gfi cX gi\ejX# d\[`Xe$ k\ glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# Xc \]\Zkf# Zfe$ ]`„iXj\ \c \okiXZkf i\jg\Zk`mf%$ Efk`]ˆhl\j\%$ ;I% G8KI@:@F M8:8 HL@A8EF% AL<Q% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% ;I% <;>8I ?8IF M%

CONVOCATORIA

Quito, abril 18 del 2011

CONVOCATORIA Por la presente, convoco a la Junta General Extraordinaria de Accionistas de la Compaùía MARTIN G. SUBER Y ASOCIADOS CIA LTDA., a fin de conocer y tratar sobre el siguiente orden del día: 1. Aprobación de estados financieros del ejercicio económico 2010. 2. Lectura y aprobación de Informes Anuales. 3. Varios

A JUNTA GENERAL EXTRAORDINARIA DE SOCIOS DE LA COMPAĂ‘Ă?A INDUSTRIAL INMOBILIARIA LA ZARZUELA C. LTDA. EN LIQUIDACIĂ“N. Se convoca a Junta General Extraordinaria de Socios de la compaùía INDUSTRIAL INMOBILIARIA LA ZARZUELA C. LTDA. EN LIQUIDACIĂ“N, la misma que tendrĂĄ lugar en las oficinas ubicadas en el edificio Araucaria, calle Baquedano N 222 y Reina Victoria, del Distrito Metropolitano de Quito, el dĂ­a lunes dos de mayo del aĂąo 2011, a las 09:00 horas, con el objeto de tratar sobre la siguiente agenda: 1. 2.

La Junta General se llevarĂĄ a efecto el dĂ­a Viernes 29 de abril de 2011 a las 18 horas 30 en las instalaciones de la oficina de Martin G. Suber y Asociados ubicado en la Av. 12 de Octubre N26-97 y Abraham Lincoln, Edificio Torre 1492, oficina 901B

3.

Conocer y aprobar los estados financieros del ejercicio econĂłmico del aĂąo 2010. Conocer y aprobar el informe del Liquidador del ejercicio econĂłmico del aĂąo 2010. Conocer y aprobar sobre el destino de las utilidades del ejercicio econĂłmico del aĂąo 2010.

:@K8:@FE AL;@:@8C G8I8 J<z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zFI AL<Q GIF:<;8 8 =@ID8I C8 <J:I@KLI8 ;< KI8EJ=<I<E:@8 ;< ;FD@E@F 8 =8CK8 F E<>8K@M8 ;< CFJ ;<D8E;8;FJ 8:FI;< 8 <JK89C<:@;F <E <C @E:@JF ) ;<C 8IK% ++' ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C KI8D@K<1 <A<:LK@MF :L8EK@8 @E;<K<ID@E8;8 :8J@CC<IF AL;@:@8C EIF% ,**/ G<IK<E<:@<EK< 8C ;I% C@;<I :8CC< ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j / [\ ]\Yi\if [\c )'((# cXj ()_')%$ M@JKFJ%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\$ cX gifZ\[\ek\ j\ cX XZ\gkX X ki}d`k\ <a\Zlk`mf gifgl\jkf%$ <e Zfej\Zl\eZ`X cfj [\dXe$ [X[fj :Xicfj 9\eaXdˆe I\`eX JXc^l\if p 9cXeZX CXjk\e`X I\`eX# \e jlj ZXc`[X[\j `emf$ ZX[Xj# [\e Zldgc`d`\ekf X cf jfc`Z`kX[f \e cX [\dXe[X \jkf \j Xc Zldgc`d`\ekf [\ cXj \jZi`$ kliXj [\]`e`k`mXj f gifgfe^Xe \oZ\gZ`fe\j [\ekif [\c k„id`$ ef [\ ki\j [ˆXj%$ 8^i„^l\ej\ Xc gifZ\jf cX [fZld\ekXZ`�e X[alekX%$ <e d„i`kf [\c aliX$

FI;@E8I@FJ I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF

:@K8:@äE AL;@:@8C G8I81 :FD@Ky ;< <DGI<J8 ;< K<J8C@8 J%8% \e cX `ek\igl\jkX g\ijfeX [\ jl J\Zi\kXi`X JiX% C`^`X J}eZ_\q% AL@:@F1 GI<J:I@G:@äE E% -)0$)'(' C:? 8:KFI1 D8I:F FJN8C;F 9I@KF G 8 C 8 : @ F J # I\gi\j\ekXek\ c\^Xc [\ cX 8jfZ`XZ`�e [\ AlY`cX[fj p <okiXYXaX[fi\j [\ K\jXc`X J%8% ;<D8E;8;F1 :FD@K< ;< <DGI<J8 ;< K<J8C@8 J%8% `ek\igl\jkX g\ijfeX [\ jl J\Zi\kXi`X JiX% J}eZ_\q F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% .(,# )*0)# )*0*# )*0/# )+((# )+(' [\c :�[`^f [\ :`m`c# j\ [\dXe[X X cX :FD@K< ;<

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A SOLUCIONES INNOVADORAS EN TECNOLOGĂ?A EASYLIVE S.A. La compaùía SOLUCIONES INNOVADORAS EN TECNOLOGĂ?A EASYLIVE S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 31 de Marzo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001721 de 18 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: LA COMERCIALIZACIĂ“N DE TODA CLASE DE PRODUCTOS Y ACCESORIOS DE COMPUTACIĂ“N.....

Quito, a 12 de abril del 2011

Quito, 18 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS

MĂłnica Flores Groenow LIQUIDADORA AR/82624/cc

I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

d\ekf i\e[`[f gfi gXik\ [\ cfj XZkfi\j Cl`j @jXˆXj >Xi�]Xcf >Xm`cXe\j p DXi`XeX [\ A\j’j J`eZ_`^lXef DXikˆe\q# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cfj [\dXe[X[fj :Xicfj 9\eaXdˆe I\`eX JXc^l\if p 9cXeZX CXjk\e`X I\`eX# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe$ [X p „jk\ Xlkf hl\ Xek\Z\[\ X cfj [\dXe[X[fj :Xicfj 9\eaXdˆe I\`eX JXc^l\if p 9cXeZX CXjk\e`X I\`eX \e jlj ZXc`[X[\j `emfZX[Xj# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l$ [X[ [\ Hl`kf# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ Ef j\ fi[\eX cX d\[`[X ZXlk\cXi jfc`Z`kX[X gfi ZlXekf ef j\ X[alekX \c Z\ik`]`ZX[f [\ ^iXm}d\e\j XZklXc`qX[f%$ K�d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cfj ZfdgXi\Z`\ek\j \e jlj ZXc`$ [X[\j `emfZX[Xj gXiX jlj efk`$ ]`ZXZ`fe\j gfjk\i`fi\j%$ :ˆk\j\ p Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`�e Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j% :\ik`]`Zf% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0(+'&k]

Los documentos motivo de la convocatoria, se encuentran a disposición de los seùores socios, en las oficinas de la compaùía de esta ciudad de Quito

Atentamente, Alejandro Martinez PRESIDENTE

?Xp ]`idX p j\ccf 8:&.0((0&k]

AR/82631/cc

AR/82630/cc

<DGI<J8 ;< K<J8C@8 J%8% \e cX `ek\igl\jkX g\ijfeX [\ jl J\Zi\kXi`X JiX% C`^`X J}eZ_\q# cX Gi\jZi`gZ`�e 8[hl`j`k`mX [\ ;fd`e`f# [\c k\ii\ef Zfe \c Ef% ( [\ cX LiYXe`qXZ`�e D\iZ\[\j Li`Y\# [\c ZXek�e D\aˆX# Gifm`eZ`X [\ G`Z_`eZ_X# KI8D@K<1 FI;@E8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F G8KIF:@E8;FI1 ;i% IX’c 8id\e[}i`q Ji% DXk% )). :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# m`\ie\j 0 [\ alc`f )'('# X cXj '/?+-% M@JKFJ M@JKFJ%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\$ cX gifZ\[\ek\ j\ cX XZ\gkX X ki}d`k\ fi[`eXi`f%$<e d„i`kf [\c aliXd\ekf i\e[`[f gfi \c XZkfi# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cX [\dXe[X[X# Zˆk\j\ Zfe le \okiXZkf [\c Zfe$ k\e`[f [\ cX [\dXe[X p gi\j\e$ k\ gifm`[\eZ`X X cX [\dXe[X[X :fd`k„ [\ <dgi\jX [\ K\jXc`X J%8% \e cX `ek\igl\jkX g\ijfeX [\ jl J\Zi\kXiˆX >\e\iXc JiX% C`^`X J}eZ_\q# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e le g\i`�[`Zf [\ Xdgc`X Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ Zfe cf [\k\id`eX[f gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# X ]`e [\ hl\ \e \c k\i$ d`ef [\ hl`eZ\ [ˆXj Zfek\jk\ cX [\dXe[X# gifgfe`\e[f Zfe$ alekXd\ek\ kf[Xj p ZX[X leX [\ cXj \oZ\gZ`fe\j [\ hl\ j\ Zi\X Xj`jk`[X%$:l„ek\j\ \e cX gi\$ j\ek\ ZXljX Zfe \c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# \e cXj g\ijfeXj [\c j\Œfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf# Z`k}e[fc\j \e jlj i\jg\Zk`mXj [\g\e[\eZ`Xj%$Gi\m`Xd\ek\# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf gfi \c 8ik% (%''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ej$ ZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[

[\c :Xek�e Hl`kf%$@eZfig�i\j\ Xc gifZ\jf cX [fZld\ekXZ`�e X[alekX%$ K�d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`�e [X[X jlj XYf$ ^X[fj [\]\ejfi\j gXiX hl\ jljZi`YX cfj \jZi`kfj e\Z\jX$ i`f$:ˆk\j\ p Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ hl\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`$ ZXZ`fe\j% :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.//-0&k] I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE 8 AL8E =I8E:@J:F >I8E;8 A8I8D@CCF 8:KFI1 DXel\c @^eXZ`f GXk`ÂŒf ?\i[fˆqX ;<D8E;8;F1 AlXe =iXeZ`jZf >iXe[X AXiXd`ccf AL@:@F1 Gi\jZi`gZ`Â?e Fi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f Eif% (.(+$)'('$n%q% KI8D@K<1 Fi[`eXi`f AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 @e[\k\id`eX[X 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j )) [\ ]\Yi\if [\c )'((# cXj (+_)0% M`jkfj1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\e$ kf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# gi\Z`jX p hl\ i\Â’e\ cfj i\hl`j`kfj [\ c\p2 \e Zfej\$ Zl\eZ`X# kiXdˆk\j\ cX d`jdX \e cX mˆX fi[`eXi`X%$ :fe \c Zfek\$ e`[f [\c c`Y\cf [\ [\dXe[X p \c gi\j\ek\ Xlkf# ZÂ?iiXj\ kiXj$ cX[f Xc j\ÂŒfi AlXe =iXeZ`jZf >iXe[X AXiXd`ccf# gfi \c k„i$ d`ef [\ hl`eZ\ [ˆXj# X ]`e [\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A COMERCIO EMPRESARIAL CELL COMMERCE S.A. La compaùía COMERCIO EMPRESARIAL CELL COMMERCE S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo Segundo del Distrito Metropolitano de Quito, el 13 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC. Q.11.001744 de 19 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

hl\ gifgfe^X cXj \oZ\gZ`fe\j hl\ j\ Zi\X Xj`jk`[f%$ :ˆk\j\ Xc [\dXe[X[f AlXe =iXeZ`jZf >iXe[X AXiXd`ccf# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gfi ZlXekf YXaf aliX$ d\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX Xlkf$ i`qXZ`�e ZfeZ\[`[X Xc XYf^X[f [\]\ejfi%$ Efk`]ˆhl\j\% ] % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.//,+&k] I% [\c <% ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 AFJ< 8EKFE@F GL<EK< D8C<J P D8IĂ 8 C<FEFI 8:Lz8 98IFA8 AL@:@F FI;@E8I@F GI<J:I@G:@äE 8;HL@J@K@M8 < O K I 8F I ; @ E 8 I @ 8 ; < ;FD@E@F Ef ((..$)''0$:%> 8:KFI%$ DXiZf 9\e`^ef Gl\ek\ >feq}c\q ;<D8E;8;FJ%$ Afj„ 8ekfe`f Gl\ek\ DXc\j p DXiˆX C\fefi 8ZlÂŒX 9XifaX F 9 A < KF 1 F Yk\ e \ i c X Gi\jZi`gZ`Â?e [\ 9`\e% =LE;8D<EKF C<>8C%$ 8ikj% )*0)# )+('# )+(( [\ cX :f[`]`ZXZ`Â?e [\c :Â?[`^f :`m`c M`^\ek\% :L8EKĂ 81 @e[\k\id`eX[X ;FD@:@C@F C<>8C1 (*.+ ;i% D`^l\c PXe[Â’e 8LKF ;< :8C@=@:8:@äE%$ ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )0 [\ J\gk`\dYi\ [\c )''0# cXj ((_)(%$ M@JKFJ%$ Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X `e`Z`Xc# X cX [\dXe$ [X j\ cX gifZ\[\ X ZXc`]`ZXi Zfdf ZcXiX# gi\Z`jX p hl\ i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ Fi[`eXi`f% :fej\Zl\ek\d\ek\# cfj [\dXe[X[fj Afj„ 8ekfe`f Gl\ek\ DXc\j p DXiˆX C\fefi

I_ gk[h[cei ]epWh bW fWp" Z[X[cei l[bWh X_[d bWi WhcWi1 i_ Z[fed[cei bWi WhcWi de j[dZh[cei `Wc|i fWp$ C7H9E JKB?E 9?9;HâD

8ZlŒX 9fiaX \e \c k„id`ef [\ hl`eZ\ [ˆXj# cl\^f [\ cX ’ck`dX Z`kXZ`�e# gifgfe^Xe kf[Xj p ZX[X leX [\ cXj \oZ\gZ`fe\j hl\ j\ Zi\p\iXe Xj`jk`[fj%$ ;\ Zfe]fid`[X[ Zfe \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# cX [\dXe[X `ejZiˆYXj\ \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXek�e%$ <e d„i`kf Xc aliXd\e$ kf p X]`idXZ`�e [\ hl\ c\j \j `dgfj`Yc\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X [\ cfj [\dXe[X[fj# Zfe ]le[Xd\ekf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgf$ e\ hl\# X Afj„ 8ekfe`f Gl\ek\ DXc\j p DXiˆX C\fefi 8ZlŒX 9fiaX# j\ cfj Z`k\ X kiXm„j [\ cX gi\ejX gfi lef [\ cfj g\i`�$ [`Zfj [\ dXpfi Z`iZlcXZ`�e eXZ`feXc [\ cfj hl\ j\ \[`kXe \e \jk\ ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ :l„ek\j\ Zfe cfj i\jg\Zk`mfj g\ijfe\ifj [\c @cljki\ Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi# cX [\j`^eXZ`�e [\ jl [\]\ejfi p cX ]XZlckX[ hl\ c\ ZfeZ\[\# gXiX hl\ jljZi`YX ZlXekf \jZi`kf j\X e\Z\jXi`f# [\ekif [\ cX gi\j\ek\ ZXljX# \e [\]\ejX [\ jlj `ek\i\j\j%$ 8^i„^l\j\ cX [fZld\ekXZ`�e hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\ekX hl\ j\ i\]fidX cX [\dXe[X \e \c j\ek`[f [\ hl\ \c efdYi\ [\c XZkfi \j D8I:F 9<E@>EF >FEQ8C<Q GL<EK< p ef DXiZf 9\e`^ef Gl\ek\ >feq}c\q Zfdf j\ c\ _`qf ZfejkXi \e cX [\dXe[X% :ˆk\j\ p Efk`]ˆhl\j\%$ ;I% IL9<E >@C<I :<;<zF% AL<Q C\j Zfdle`Z� X Ljk\[\j p C<J :@KF gi\m`e`„e[fc\j [\ cX fYc`$ ^XZ`�e hl\ k`\e\ cfj [\dXe$ [X[fj [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc# gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ C@:% >L@;F <JG@EFQ8 <% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0(*,&k]

< O K I 8 : K F

:@K8:@FE AL;@:@8C 8 CFJ J<zFI<J A8@D< K<F;FIF :8IG@F @;IFMF P D8IC<E< ;<C IF:@F 8D8E:?8 8>L@II< AL@:@F 1 FI;@E8I@F Ef% ('/&)%'((%<:J% 8:KFI 1 @E>% ;@<>F M@:<EK< D8<JKI< :<M8CCFJ P FKI8 ;<D8E;8;F 1 A8@D< K<F;FIF :8IG@F @;IFMF P D8IC<E< ;<C IF:@F 8D8E:?8 8>L@II< ;FD@:@C@F AL;@:@8C 1 ;I% I<D@>@F JFC8EF G8QD@zF :L8EK@8 1 @E;<K<ID@E8;8 F9A<KF 1 ;< :FE=FID@;8; :FE CF ;@JGL<JKF GFI CFJ 8IKJ% .(,# )*0/# )+'( P J@>L@<EK<J ;<C :F;@>F :@M@C ;<D8E;8E <E AL@:@F FI;@E8I@F 8 A8@D< K<F;FIF :8IG@F @;IFMF P D8IC<E< ;<C IF:@F 8D8E:?8 8>L@II< C8 GI<J:I@G:@FE < O K I 8 F I ; @ E 8 I @ 8 8;HL@J@K@M8 ;< ;FD@E@F ;<C ;<G8IK8D<EKF Ef% J)$8 # <JK8:@FE8D@<EKF <. P J<:8;<IF Ef% - ;< C8J JL@K<J D8KFM<CC<# L9@:8;F <E C8 :8CC< 8JLEFJ# QFE8 8E8EQ8P8# G8IIFHL@8 :?8LG@:ILQ # :8EKFE HL@KF# GIFM@E:@8 ;< G@:?@E:?8 % ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % Hl`kf# al\m\j )+ [\ ]\Yi\if [\c )%'((# cXj '0_', %$ M@JKFJ%$<e m`ikl[ [\c jfik\f hl\ Xek\Z\[\ XmfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX %$ <e cf gi`eZ`gXc cX [\dXe[X \j ZcXiX p gi\Z`jX # gfi cf hl\ j\ cX XZ\gkX Xc ki}$ d`k\ fi[`eXi`f%$ :�iiXj\ kiXj$ cX[f Zfe \c \jZi`kf [\ [\dXe$ [X p \jkX gifm`[\eZ`X X cfj [\dXe[X[fj j\Œfi\j A8@D< K<F;FIF :8IG@F @;IFMF p D8IC<E< ;<C IF:@F 8D8E:?8 8>L@II< # gXiX hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\e cX [\dXe[X p gifgfe^Xe kf[Xj cXj \oZ\g$ Z`fe\j [\ hl\ j\ Zi\p\i\e

CONVOCATORIA De conformidad con lo dispuesto en los Arts. 236 de la Ley de Compaùías y DÊcimo del Estatuto Social, se convoca a los socios de la compaùía GASTURISA HOTELES S.A. a la Junta General Ordinaria de Accionistas que se llevarå a cabo el jueves 28 de abril de 2011 a las 17:30 horas en la sala de sesiones de la Compaùía, ubicada en la Av. 6 de diciembre N31- 89 y Whimper de esta ciudad de Quito, Distrito Metropolitano, para tratar el siguiente Orden del Día: 1. 2.

Conocimiento y aprobaciĂłn del informe econĂłmico del Presidente, correspondiente al ejercicio econĂłmico del 2010; Conocimiento y aprobaciĂłn del informe de actividades del Gerente; correspondiente al ejercicio econĂłmico del 2010; Conocimiento y aprobaciĂłn del Informe de los Comisarios por el ejercicio econĂłmico 2010; Nombramiento de Comisarios titulares y suplentes; Incremento de capital y reforma del Estatuto Social; y ContrataciĂłn de auditorĂ­a externa

2.- CAPITAL: Suscrito US$ 5.000,00 NĂşmero de Acciones 5.000 Valor US$ 1,00

3.

3.- OBJETO: El objeto de la compaùía es: PRESTACIĂ“N DE SERVICIOS INTEGRALES TECNOLĂ“GICOS QUE PERMITAN CONVERTIR LOS DISTINTOS MEDIOS DE COMUNICACIĂ“N EN CANALES DE SERVICIOS...

Se convoca en forma especial a los seùores Comisarios Principales de la Compaùía, sin perjuicio de hacerlo en forma personal.

Quito, 19 de Abril de 2011.

4. 5. 6.

La información que se va a conocer y aprobar estå a disposición de los seùores accionistas en el domicilio de la Compaùía. Quito, 19 de abril de 2011.

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS

Dr. Juan Velasco Cabrera PRESIDENTE AR/82632/cc

AR/82635/cc

Xj`jk`[fj# YXaf Xg\iZ`Y`d`\e$ kf \e i\Y\c[ˆX %$ :ˆk\j\ X cfj [\dXe[X[fj gfi cX gi\ejX # \e cX ]fidX gi\m`jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c %$@ejZiˆYXj\ \jkX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e %$ :ˆk\j\ kXd$ Y`„e Xc Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`Z`Xc [\j`^eX[fj%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e gi\j\ekX[X%$Efk`]ˆhl\j\%$ ] % ;i% AX`d\ :Xej\Zf >l\ii\if Al\q Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j [\ c\p # gi\m`e`„e[f$ c\ [\j`^e\ jl [fd`Z`c`f \e \c Alq^X[f Efm\ef [\ cf :`m`c p [\ekif [\c g\iˆd\kif c\^Xc%$ ;I% ALC@F DLzFQ J<:I<K8I@F ALQ>8;F EFM<EF :@M@C G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0('+&k] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C

81 AFJ< I@:8I;F# :8ICFJ M@:<EK<# >CFI@8 :8ID<E# D8I@8 ;< CFLI;<J >L<M8I8 <I8QF P GI<JLEKFJ P ;<J:FEF:@;FJ ?<I<;<IFJ ;<C J<zFI C<FE@;8J :8II<I8 <JG8z8 8:KFI1 A8@D< IF9<IKF LC:L8E>F :8KL:L8D98 P IFJ8 :<C@E8 DFI<EF D8@C8 ;<D8E;8;FJ1 D<C98 9<KKP C<E@J 9<E@K<Q# AFI>< N8J?@E>KF# AFJ< I@:8I;F# :8ICFJ M@:<EK<# >CFI@8 :8ID<E# D8I@8 ;< CFLI;<J >L<M8I8 <I8QF P GI<JLEKFJ P ;<J:FEF:@;FJ ?<I<;<IFJ ;<C J<zFI C<FE@;8J :8II<I8 <JG8z8 AL@:@F FI;@E8I@F ;< G8<; % (*'+$)'('$?%>% :L8EKĂ 81 @E;<K<ID@E8;8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j *' [\ [`Z`\dYi\ [\c )'('# cXj (+_'*% M@JKFJ1 CX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cf XZ\gkX X ki}d`k\% <e Zfe$ j\Zl\eZ`X# Zfe cX [\dXe[X gi\j\ekX[X p gifm`[\eZ`X hl\ Xek\Z\[\# ZÂ?iiXj\ kiXjcX[f X cfj [\dXe[X[fj gXiX hl\ Zfek\jk\e \e \c k„id`ef [\ hl`eZ\ [ˆXj# Zfe Xg\iZ`Y`d`\e$ kf [\ cXj gXik\j \e i\Y\c[ˆX% ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ :XekÂ?e Hl`kf# gXiX cf ZlXc efk`]ˆhl\$ j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[% :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj j\ÂŒfi\j G\ijfe\ifj [\c @cljki\ Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ :@K<J< X cfj [\dXe$ [X[fj Afi^\ NXj_`e^kfe >l\mXiX <iXqf p D\cYX 9\kkp C\e`j 9\eˆk\q# \c gi`d\if [\ cfj efdYiX[fj gfi [\i\Z_f gifg`f p \e ZXc`[X[ [\ _\i\[\if [\ cX j\ÂŒfiX C`c`X DXiˆX G`\[X[ <iXqf [\ :Xii\iX# \e \c cl^Xi hl\ j\ `e[`ZX \e \c c`Y\cf [\ [\dXe[X%$ 8k\ekf aliXd\ekf i\e[`[f gfi cfj XZZ`feXek\j p [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :Ă K<J< X cfj [\dXe[X[fj Afj„ I`ZXi[f# :Xicfj M`Z\ek\# >cfi`X :Xid\e# DXiˆX [\ Cfli[\j >l\mXiX <iXqf p X cfj gi\jlekfj p [\jZfefZ`[fj _\i\[\ifj [\ C\fe`[Xj :Xii\iX <jgXÂŒX# gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f# Xjˆ Zfdf cX Xlkfi`$ qXZ`Â?e Zfe]\i`[XqX jl XYf^X[f gXkifZ`eX[fi%$ 8^i„^l\j\ cfj [fZld\ekfj hl\ j\ XZfdgX$ ÂŒX%$ Efk`]ˆhl\j\%$ ;I% =89I@:@FF J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F <o`jk\ ]`idX% Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf p :@KF gXiX cfj i\j$ g\Zk`mfj ]`e\j [\ c\p# gi\m`e`„e$

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? [fc\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ ;i% AlXe ?% >XccXi[f H% J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 <o`jk\ ]`idX p j\ccf% 8%G%&+//0)&b%d%

I<D8K<J 8M@JF ;< I<D8K< ALQ>8;F ;< :F8:K@M8J ;<C 98E:F E8:@FE8C ;< =FD<EKF

JL:LIJ8C 98<Q8 Gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ \c [ˆX AL<M<J (0 ;< D8PF ;<C )'(( [\j[\ cXj (+_'' _XjkX cXj (/_''# \e cXj f]`Z`eXj [\c Alq^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf JlZlijXc 9X\qX# lY`ZX[Xj \e cX 8m% Gi`eZ`gXc p ZXcc\ (. [\ \e\if# j\ cc\$ mXi} X ZXYf <C I<D8K< [\c `edl\Yc\ \dYXi^X[f \e \jkX ZXljX# \c d`jdf hl\ k`\e\ cXj j`^l`\ek\j ZXiXZk\iˆjk`$ ZXj1 GI<;@F LI98EF :FE :FEJKIL::@FE<J J@>E8;F :FE <C ELD<IF )*,# lY`ZX[f \e cX LiYXe`qXZ`Â?e Dle`Z`gXc El\mX 8e[XclZˆX [\ cX Z`l$ [X[ [\ 9X\qX# :XekÂ?e Hl`afj# Gifm`eZ`X [\ EXgf2 Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\$ ifj p [`d\ej`fe\j1 EFIK<1 :fe \c cfk\ Ef# )*+# \e (- d\kifj2 JLI1 :fe cX ZXcc\ JldXZf \e (-#'' d\kifj2 <JK<1 :fe \c cfk\ Ef% )*.# \e *' d\kifj2 p# F<JK<1 :fe \c cfk\ Ef% ** \e *' d\kifj# CF HL< EFJ ;8 LE8 :89@;8 8GIFO@D8;8 ;< +/'D)% ;@JKI@9L@;8J ;< C8 J@>L@<EK< D8E<I81 K<II<EF +/' D) 8 I8QäE ;< ),'' LJ; :&D)4 ()%''' LJ; :8J8 (/(%), D) 8 I8QäE ;< /'%'' LJ; :&D)4 (+%,'' LJ; <C M8CFI KFK8C ;<C 8M8CèF ;< <JK8 GIFG@<;8; 8J:@<E;< 8 M<@EK< P J<@J D@C HL@E@<EKFJ ''&('' LJ;% )-%,''%'' LJ; Gfi kiXkXij\ [\c GI@D<I J<z8C8D@<EKF# j\ i\Z\gkX$ i}e gfjkliXj hl\ ZlYiXe gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c XmXcÂ’f2 Xj`d`jdf ef j\ XZ\gkXi}e cXj gfjkliXj hl\ ef j\ XZfdgXÂŒ\e Zfe gfi cf d\efj \c (' [\c mXcfi kfkXc [\ cX f]\ikX \e [`e\if \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Al\q [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX% Ef j\ kfdX$ i}e \e Zl\ekX cXj gfjkliXj hl\ j\ gi\j\ek\e j`e cX ]`idX [\ XYf^X[f%$ <c i\dXk\ j\ cf _Xi} Zfdf Zl\igf Z`\ikf# [\ Zfe]fi$ d`[X[ Zfe \c 8ik% (..* [\ cX :f[`]`ZXZ`Â?e [\c :Â?[`^f :`m`c% Kf[fj cfj ^Xjkfj hl\ j\ fZXj`f$ eXi\e Zfe dfk`mf [\ cX kiXej$ ]\i\eZ`X [\ [fd`e`f [\ [`Z_f `edl\Yc\ j\i}e [\ Zl\ekX [\c X[al[`ZXkXi`f# Zfe \oZ\gZ`Â?e [\ Xhl\ccfj hl\ gfi \ogi\jf dXe$ [Xkf c\^Xc [\YXe j\i gX^X[Xj gfi \c ZfXZk`mX[f% DXpfi `e]fidXZ`Â?e j\ [Xi} \e cX J\Zi\kXiˆX [\c Alq^X[f [\ :fXZk`mXj f X cfj eÂ’d\$ ifj k\c\]Â?e`Zfj '-)*)'$ ()-&'-)*)'+/,%$ GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j c\^Xc\j%$ :<IK@=@:F% 9X\qX '+ [\ XYi`c [\c )'(( JikX% >`jZ\cX :\mXccfj Jl}i\q J<:I<K8I@8 8;$?F: ?Xp ]`idX p j\ccf 8:&.//.+&k] 8M@JF ;< I<D8K< ALQ>8;F ;< :F8:K@M8J ;<C 98E:F E8:@FE8C ;< =FD<EKF JL:LIJ8C 98<Q8

Gfe^f \e ZfefZ`d`\ekf [\c

Ĉ

gÂ’Yc`Zf hl\ \c [ˆX D8IK<J (. ;< D8PF ;<C )'(( [\j[\ cXj (+_'' _XjkX cXj (/_''# \e cXj f]`Z`eXj [\c Alq^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf JlZlijXc 9X\qX# lY`ZX[Xj \e cX 8m% Gi`eZ`gXc p ZXcc\ (. [\ \e\if# j\ cc\mXi} X ZXYf <C I<D8K< [\c `edl\Yc\ \dYXi^X[f \e \jkX ZXljX# \c d`jdf hl\ k`\e\ cXj j`^l`\e$ k\j ZXiXZk\iˆjk`ZXj1 GI<;@F ILI8C J@>E8;F :FE <C ELD<IF *+ Ăˆ=É# lY`ZX[f \e \c J\Zkfi :8L:?@CCF [\ cX GXiifhl`X C`eXi\j# :XekÂ?e <c :_XZf# Gifm`eZ`X [\ EXgf2 Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj p [`d\e$ j`fe\j XZklXc\j1 EFIK<1 :fe CX MˆX X C`eXi\j 8ckf \e ('' d\kifj p gifg`\$ [X[ [\ Cl`j M`dfj \e ('' d\kifj2 JLI1 :fe gifg`\[X[ [\ cfj m\e[\[fi\j DXel\c ?% :_`ZX`qX :_% p :Xid\e 8d\c`X M\cXjZf \e )'' d\kifj2 <JK<1 :fe gifg`\[X[ [\ cfj m\e[\$ [fi\j DXel\c ?% :_`ZX`qX :_% p :Xid\e 8d\c`X M\cXjZf \e ('' d\kifj p Gifg`\[X[ [\ Cl`j M`dfj \e ('' d\kifj2 p# F<JK<1 :fe gifg`\[X[ [\ cfj m\e[\[fi\j DXel\c ?% :_`ZX`qX :_% p :Xid\e 8d\c`X M\cXjZf \e )'' d\kifj Cf hl\ efj [X leX ZXY`[X Xgifo`dX[X XZklXc [\ KI<J ?<:K8I<8J *?8J% # ;@JKI@9L@;8J ;< C8 J@>L@<EK< D8E<I81 I8JKIFAFJ1 * ?8J% 8 )%'''#'' :&?8# -%'''#'' LJ; <C M8CFI KFK8C ;<C 8M8CèF ;< <JK8 GIFG@<;8; 8J:@<E;< 8 C8 JLD8 ;< J<@J D@C ;äC8I<J 8D<I@:8EFJ -%'''#'' LJ; % Gfi kiXkXij\ [\c GI@D<I J<z8C8D@<EKF# j\ i\Z\gkX$ i}e gfjkliXj hl\ ZlYiXe gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c XmXcÂ’f2 Xj`d`jdf ef j\ XZ\gkXi}e cXj gfjkliXj hl\ ef j\ XZfdgXÂŒ\e Zfe gfi cf d\efj \c (' [\c mXcfi kfkXc [\ cX f]\ikX \e [`e\if \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Al\q ;\c\^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX% Ef j\ kfdXi}e \e Zl\ekX cXj gfjkliXj hl\ j\ gi\j\ek\e j`e cX ]`idX [\ XYf^X[f%$ <c i\dXk\ j\ cf _Xi} Zfdf Zl\igf Z`\i$ kf# [\ Zfe]fid`[X[ Zfe \c 8ik% (..* [\c :Â?[`^f :`m`c# Kf[fj cfj ^Xjkfj hl\ j\ fZXj`feXi\e Zfe dfk`mf [\ cX kiXej]\i\eZ`X [\ [fd`e`f [\ [`Z_f `edl\Yc\ j\i}e [\ Zl\ekX [\c X[al[`ZX$ kXi`f# Zfe \oZ\gZ`Â?e [\ Xhl\$ ccfj hl\ gfi \ogi\jf dXe[Xkf c\^Xc [\YXe j\i gX^X[Xj gfi \c ZfXZk`mX[f% DXpfi `e]fidXZ`Â?e j\ [Xi} \e cX J\Zi\kXiˆX [\c Alq^X[f [\ :fXZk`mXj f X cfj eÂ’d\$ ifj k\c\]Â?e`Zfj '-)*)'$ ()-&'-)*)'+/,%% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j c\^Xc\j% :<IK@=@:F% 9X\qX# '+ [\ XYi`c [\c )'(( JikX% >`jZ\cX :\mXccfj Jl}i\q J<:I<K8I@8 8;$?F: ?Xp ]`idX p j\ccf 8:&.//.,&k]

J<E8>L8 J<:I<K8Ià 8 E8:@FE8C ;<C 8>L8 ;<D8I:8:@äE ?@;IF>I�=@:8 ;< <JD<I8C;8J

QFE8C HL@KF I% ;\c <% :@K8:cFE 8 CFJ J<zFI<J LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J GIFM<E@<EK<J ;< C8J M<IK@<EK<J ;<EFD@E8;8J :FIE<K8 ?L8@:F P G<z8 9C8E:8# =L<EK< ?@;I@:8 CF :8 C @ Q8 ;8 <E C 8

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ĉ

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

G8IIFHL@8 CCF8# :8EKäE HL@KF# GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI1 Clˆj 8eˆYXc :XZ_X^lXp >feq}c\q# Gi\j`[\ek\ [\ cX AlekX 8[d`e`jkiX[fiX [\ 8^lX GfkXYc\ p 8cZXekXi`ccX[f [\ 8iXlZf Ç CcfX% F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgif$ m\Z_Xd`\ekf [\ cXj X^lXj gXiX :fejldf _ldXef# XYi\mX[\if p i`\^f% ;\ekif [\c Ki}d`k\ Ef% *.)-$ '0 :j# j\ _X [`ZkX[f cX j`^l`\e$ k\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8%$ ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J QFE8C HLcKF% Ki}d`k\ Ef% *.)-$'0 :j% GDG ;D Hl`kf# ), [\ \e\if [\c )'((# X cXj ((_('%$% 8mfZf ZfefZ`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efdYiX[f :ffi[`eX[fi I\^`feXc <eZXi^X[f [\ X ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% (-'.'' [\ (/ [\ \e\if [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$+- \og\[`[f \c (* [\ efm`\dYi\ [\ )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$ +/ [\ + [\ [`Z`\dYi\ [\c )''0# j\ \og`[\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX $ J<E8>L8% <e cf gi`eZ`gXc1 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX[f gfi \c j\ÂŒfi Clˆj 8eˆYXc :XZ_X^lXp >feq}c\q# Gi\j`[\ek\ [\ cX AlekX 8[d`e`jkiX[fiX [\ 8^lX GfkXYc\ p 8cZXekXi`ccX[f [\ 8iXlZf Ç CcfX# [\ ]\Z_X , [\ XYi`c [\c )'('# [fZld\ekf Xc hl\ X[alekXe cf i\hl\i`[f \e gifm`[\eZ`X [\ () [\ dXiqf [\c )'(' X cXj ('_*'% LeX m\q hl\ j\ _X Zfdgc\kX[f cX [fZld\e$ kXZ`Â?e p XeXc`qX[X X jfc`Z`kl[ [\ :feZ\j`Â?e gi\j\ekX[X gfi cX AlekX 8[d`e`jkiX[fiX [\ 8^lX GfkXYc\ p 8cZXekXi`ccX[f [\ 8iXlZf Ç CcfX% CX d`jdX hl\ \j gifg`\kXi`X [\ Xgifo`$ dX[Xd\ek\ +,' _\Zk}i\Xj Zfdf cf [\dl\jkiX Zfe cX \jZi`kliX [\ gifkfZfc`qXZ`Â?e [\ X[al[`ZXZ`Â?e \]\ZklX[X \c )* [\ ]\Yi\if [\ (0./ Xek\ \c j\ÂŒfi EfkXi`f Hl`ekf# [`Z_X fi^Xe`$ qXZ`Â?e gi\k\e[\ [Xi j\im`Z`f X ,' ]Xd`c`Xj# [`Z_Xj X^lXj j\ \eZl\ekiXe lY`ZX[Xj \e \c j`k`f [\efd`eX[f LiXlZf# cXj d`j$ dXj hl\ eXZ\e [\ lefj g\hl\$ ÂŒfj X]cfiXd`\ekf [\efd`eX[fj :fie\kX _lXpZf p G\ÂŒX 9cXeZX# i\Zlijf _ˆ[i`Zf hl\ g\id`k`i} [fkXi [\ X^lX gXiX Zfejldf _ldXef# XYi\mX[\if p i`\^f# cXj d`jdXj hl\ j\i}e Zfe$ [lZ`[Xj Zfe klY\iˆX [\ gfc`\$ k`c\ef gfi cfj k\ii\efj [\ cfj jfc`Z`kXek\j% Cfj gi\[`fj p cXj X^lXj j\ \eZl\ekiXe [\ekif [\ cX ali`j[`ZZ`Â?e [\ cX gXiifhl`X CcfX# ZXekÂ?e Hl`kf% :fe \jkfj Xek\Z\[\ek\j p \e Xg\^f X f [`jgl\jkf \e cfj 8ik% /- p /. [\ cX :f[`]`ZXZ`Â?e X cX C\p [\ 8^lXj m`^\ek\# \jkX 8lkfi`[X[ [`jgfe\1 (#$ :Â’dgcXj\ cf [`j$ gl\jkf \e \c 8ik% /. c`k\iXc X # gfi cf ZlXc ]ˆa\j\ ZXik\c\j \e ki\j [\ cfj cl^Xi\j d}j ]i\$ Zl\ekX[fj [\ cX gXiifhl`X CcfX# ZXekÂ?e [\ Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# gXiX cf ZlXc j\ i\d`$ k`i} Xk\ekX Zfd`j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ [`Z_X ali`j[`ZZ`Â?e# [\ `^lXc dXe\iX gfi dXe[Xkf [\ cX C\p# \eki„$ ^l\j\ Xc 8Zkfi le \okiXZkf Zfe \c fYa\kf [\ hl\ j\ glYc`hl\ gfi ki\j fZXj`fe\j d\[`Xe[f \eki\ cX leX p cX fkiX le dˆe`df [\ fZ_f [ˆXj# glYc`ZXZ`fe\j hl\ j\ cf [\Y\i} _XZ\i# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX cfZXc`[X[# [\ ef \o`jk`i j\ f

i\Xc`qXiX \e le g\i`�[`Zf [\ Z`i$ ZlcXZ`�e eXZ`feXc <c K\c„^iX]f# CX ?fiX# Lck`dXj Efk`Z`Xj# <c :fd\iZ`f f \c ?fp % K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% /0) p cX Xlkfi`qXZ`�e \eki\^X$ [X X jl XYf^X[f gXkifZ`eX[fi% ;\ Zfe]fid`[X[ Zfe \c d\df$ iXe[f Ef% :>8A%+$'.(+ [\c )- [\ FZklYi\ [\c )'('# XZkl„ \c ;i% GXki`Z`f Dfek\e\^if GX[`ccX Zfdf J\Zi\kXi`f 8[$ ?fZ \e \c gi\j\ek\ ki}d`k\%$ EFK@=@HL<J<% %%%#] ce^% Afi^\ ?ldY\ikf [\c Gfqf J}eZ_\q# :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@FE ?@;IF>I�=@:8 ; < <JD<I8C;8J < Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p%$ :<IK@=@:F% ;i% GXki`Z`f Dfek\e\^if GX[`ccX J<:I<K8I@F 8;$?F: ?Xp ]`idX p j\ccf 8:&.0(-+&k] J<:I<K8I@8 E8:@FE8C ;<C 8>L8 J<E8>L8 ;<D8I:8:@FE ?@;IF>I8=@:8 ;< <JD<I8C;8J

QFE8C HL@KF I% [\c <% :@K8:@äE 8 CFJ J<zFI<J LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J HL< ;@J:LII<E GFI LE8 8:<HL@8 @EEFD@E8;8 HL< 8KI8M@<J8 <C GI<;@F ;< CFJ G<K@:@FE8I@FJ# L9@:8;F <E C8 CFK@Q8:@äE C8 GI8;<I8# G8IIFHL8 8D8>L8z8# G<IK<E<:@<EK< 8C :8EKäE HL@KF# ;< C8 GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI<J1 Afj„ Cl`j 8dX^lX KfXgXekX p j\ÂŒfi Cl`j If[fc]f CÂ?g\q LjZX F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgif$ m\Z_Xd`\ekf [\ X^lXj gXiX ljf [fd„jk`Zf# XYi\mX[\if p i`\^f ;\ekif [\c ki}d`k\ E— *..'$('$ :j# J\ _X [`ZkX[f cX j`^l`\ek\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8# ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J% QfeXc Hl`kf#$ GifZ\jf E— *..'$('$:j Hl`kf# ). [\ \e\if [\ )'((% CXj (,?*'%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efd$ YiX[f :ffi[`eX[fi I\^`feXc [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj <eZXi^X[f# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc E—% (-'.'' [\ (. [\ \e\if [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E—% )''0$+- \og\$ [`[f \c (* [\ efm`\dYi\ [\ )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E— )''0$+/ [\ + [\ [`Z`\dYi\ [\c )''0# j\ \og`[\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX $ J<E8>L8%$# Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E—% )'('$ -- [\ )' [\ \e\if [\c )'('# j\ \jkXYc\Z\ p [\c`d`kX cXj el\m\ [\dXiZXZ`fe\j _`[if^i}]`ZXj p jlj i\jg\Zk`mXj qfeXc\j%$ <e cf gi`eZ`gXc1 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f gfi \c j\ÂŒfi Afj„ Cl`j 8dX^lX KfXgXekX p j\ÂŒfi Cl`j If[fc]f CÂ?g\q LjZX# Xc hl\ X[alekXe cf i\hl\i`[f \e gifm`[\eZ`X [`Z$ kX[X \c )) [\ dXiqf [\ )'('# Zfg`Xj [\ Z„[lcX [\ Z`l[X[X$ eˆX# [`i\ZZ`Â?e# Zfg`Xj j`dgc\j [\ cXj \jZi`kliXj gÂ’Yc`ZXj# XZcXiXe hl\ ef e\Z\j`kXe [\ j\im`[ldYi\j gfi \eZfekiXij\ \e jlj gi\[`fj% LeX m\q jlYjX$ eX[X cX jfc`Z`kl[ p gfi j\i ZcXiX p i\le`i cfj [\d}j i\hl`j`kfj [\ C\p j\ cX XZ\gkX gXiX jl ki}d`k\ \jkX 8lkfi`[X[ ;@JGFE<1 (%$ J\

Ĺ?

Z`k\ X cfj ljlXi`fj ZfefZ`[fj f ef# [\ cXj X^lXj hl\ [`jZlii\e gfi leX XZ\hl`X `eefd`eX[X hl\ XkiXm`\jX \c gi\[`f [\ cfj g\k`Z`feXi`fj# lY`ZX[f \e cX cfk`qXZ`Â?e CX GiX[\iX# gXiif$ hl`X 8dX^lXÂŒX# ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# gXiX ljf [fd„jk`Zf# XYi\mX[\if p i`\^f2 [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /. [\ cX C\p [\ 8^lXj# j\ glYc`ZXi} le \okiXZkf [\ cX jfc`Z`kl[ p \jkX gifm`[\eZ`X \e lef [\ cfj ;`Xi`fj1 <c :fd\iZ`f# Lck`dXj Efk`Z`Xj# ?fp# cX ?fiX Â? <c K\c„^iX]f hl\ j\ \[`k\e \e \jkX cfZXc`[X[# gfi ki\j m\Z\j d\[`Xe[f leX [\ fkiX \c gcXqf [\ fZ_f [ˆXj% =ˆa\ej\ ZXik\c\j [liXek\ ki\`ekX [ˆXj# \e ki\j cl^Xi\j d}j ]i\Zl\ekX[fj [\ cX gXiifhl`X [\ 8dX^lXÂŒX# d\[`Xek\ Zfd`j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX d\eZ`feX[X gXiifhl`X% ) 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e ZfejkXek\ [\ ]faXj '( X ]j% ()% *%$ <c XZkfi i\k`iXi} cX i\jg\k`mX Zfd`j`Â?e c`YiX[X [\ \jkXj f]`Z`eXj gXiX jl Zldgc`d`\ekf% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if j\ÂŒXcX[f Xjˆ Zfdf cX Xlkfi`qXZ`Â?e fkfi^X[X X jl XYf^X[f gXkifZ`eX[fi% ;\ Zfe]fid`[X[ Xc d\dfiXe[f E— :>8A%+$'.(+ [\ ]\Z_X )- [\ fZklYi\ [\ )'('# XZkÂ’\ Zfdf J\Zi\kXi`X 8[?fZ \e \c gi\j\e$ k\ gifZ\jf cX ;iX% PX[`iX >Â?d\q IXdÂ?e$ EFK@=Ă HL<J<%%%% ] ce^% Afi^\ ?% ;\c Gfqf J}eZ_\q :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J < J<E8>L8 ;iX% PX[`iX >fd\q IXdÂ?e J<:I<K8I@8 8;$?F: ?Xp ]`idX p j\ccf 8:&.0(-,&k] I\glYc`ZX [\c <ZlX[fi ALQ>8;F ;< CF :@M@C ;< JL:LD9@FJ <OKI8:KF AL;@:@8C ;< I<D8K<

J\ _XZ\ ZfefZ\i Xc gÂ’Yc`Zf \e ^\e\iXc hl\ [\ekif [\c Al`Z`f Ef ').($)''/# \c [ˆX ') [\ Ale`f [\c )'((# [\j[\ cXj (+?'' X cXj (/?''# \e cX J\Zi\kXi`X [\c ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ# j\ cc\mXi} X ZXYf \c i\dXk\ [\c j`^l`\ek\ Y`\e `edl\Yc\ hl\ [\kXccf X Zfek`elXZ`Â?e1 L9@:8:@äE ;<C @EDL<9C<1 <c `edl\Yc\ j\ _XccX lY`ZX[f \e \c Bd% )* [\ cX mˆX CX^f 8^i`f Æ Hl`kf dXi^\e `qhl`\i[f j\Zkfi [\ cX gXiifhl`X AXdY\cˆ# cfk\ Ef ') C@E;<IFJ P ;@D<E:@FE<J1 C@E;<IFJ1 EFIK<1 :fe cX ZXii\k\iX CX^f 8^i`f Æ Hl`kf .'%''d% JLI1 :fe dXi^\e `qhl`\i[f I`f 8^lXi`Zf *-'%''d% <JK<1 :fe \c cfk\ Ef '* *#-*'%''d% F<JK<1 :fe \c cfk\ Ef (9 DXel\c ;X_lX *#.+'%''d% KFK8C ;<C K<II<EF .)%0' ?ZkXj% :FEJKIL::@FE<J P 8M8CLF1 M8CFI ;<C K<II<EF +-#),'%'' LJ; 8M8CLF ;< <;@=@:8:@FE<J )+#'''%'' LJ; 8M8CLF KFK8C ;<C K<II<EF P : F E J K I L : : @ F E < J .'#),'%'' LJ; <c k\ii\ef \jk} lY`ZX[f \e cX gXiifhl`X AXdY\cˆ# gi\$ [`f d\[`Xe\if# [\ kfgf^iX]ˆX i\^lcXi# [\ ]fidX i\ZkXe^lcXi# [\ Yl\eX gifgfiZ`Â?e# j\Zkfi X^iˆZfcX ^XeX[\iX ]l\iX [\c g\iˆd\kif liYXef# Zl\ekX Zfe \c j\im`Z`f Y}j`Zf [\ \c\Zki`]`ZX$ Z`Â?e# j\dYiˆfj [\ Z`Zcf Zfikf% Gfi j\i \c gi`d\i j\ÂŒXcXd`\e$ kf ef j\ X[d`k`i}e gfjkliXj hl\ ef ZlYiXe gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c Y`\e `edl\Yc\ X i\dXkXij\# Zfe]fid\ Zfe cf [`jgl\jkf \e \c 8IK1 +-- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :f[`]`ZXe[f# cXj f]\ikXj j\ gi\j\ekXiXe XZfdgXÂŒXe$ [f Xc (' [\c mXcfi f]\ikX[f# \e [`e\if \]\Zk`mf g \e Z_\$ hl\ :\ik`]`ZX[f X efdYi\ [\c Alq^X[f# Zfe]fid\ Zfe cf

I[]khWc[dj[ Deƒ \k[ [b fh_c[h XkhŒYhWjW0 jeZe be WhY^_lŒ feh Zkfb_YWZe$ HE8;HJ EH8;D \jkXYc\Z`[f \e \c 8ik% +-/ [\c d`jdf :l\igf C\^Xc% CZ[X% >cfi`X :XYX[`XeX J<:I<K8I@8 ;<C ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ% 8%G%&+//0/&b%d% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

8M@JF AL;@:@8C AL@:@F <D98I>F P I<D8K< Eif% 0(.$)''0$?%<% J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E C8 J<:I<K8I@8 ;<C ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8# <C ;@8 AL<M<J ;@<:@EL<M< ;< D8PF ;<C ;FJ D@C FE:<# ;<J;< C8 :8KFI:< ?8JK8 C8J ;@<:@F:?F ?FI8J# M8 8 K<E<I CL>8I <C I<D8K< ;<C 9@<E <O:8M8;FI8 <D98I>8;F ;<EKIF ;< C8 GI<J<EK< :8LJ8# :FE CFJ ;8KFJ P D8J <JG<:@=@:8:@FE<J HL< J< ;<K8CC8E 8 :FEK@EL8:@FE1 @E=FID< ;<C <HL@GF1 K`gf [\ \hl`gf1 <O:8M8;FI8 DXiZX1 :8K<IG@CC8I Df[\cf1 *)';C J\i`\1 8/=''0*+ G`e1 !:8K'*)';:8/=''0*+! Dfkfi1 >;:(-,/. ?fiXj [\ ]leZ`feXd`\ekf1 ).,' _i% KfdX[f [\ cX ^lˆX [\ \ekiX$ [X Xc kXcc\i \c '($('$)''0 <JK8;F 8:KL8C1 (%$ CX \jkilZkliX [\c \hl`gf j\ fYj\imX j\ \eZl\ekiX \e Yl\e \jkX[f# Ki\e [\ if[Xa\ Zfe le [\j^Xjk\

[\ le ,' # :lZ_Xi�e \e Yl\e \jkX[f# G`jkfe\j _`[i}lc`Zfj \e Yl\e \jkX[f :XY`eX gXik\ \ok\i`fi \e Yl\e \jkX[f IX[`X[fi\j \e Yl\e \jkX[f G`ekliX \e XZ\gkXYc\j Zfe[`$ Z`fe\j GXe\c [\ Zfekifc \e Yl\e \jkX[f )%$ Cfj j`^l`\ek\j \c\d\e$ kfj gi`eZ`gXc\j gi\j\ekXe cXj j`^l`\ek\j XefdXcˆXj1 KfieXd\jX Zfe ]l^X [\ XZ\`k\ Ef k`\e\ cX YXj\ [\ cfj ]`ckifj [\ ZfdYljk`Yc\ DXe^l\iXj [\ ZfdYljk`Yc\ jl\ckXj Dfkfi j`e ]leZ`feXd`\ekf gfi ]XckX [\ gXik\j =XckX [\ YXk\iˆXj Gifk\Zkfi\j [\ if[`ccfj `e]\i`f$ i\j [XŒX[fj GXiXYi`jXj ki`qX[f *%$ <c\d\ekfj XZZ\jfi`fj1 =XckX i\kifm`jfi [\i\Z_f# m`[i`f [\cXek\if Zfii\[`qf ki`qX[f# ]XckX ]Xif gfjk\i`fi# cX ZXY`eX `ek\ieXd\ek\ gi\j\ekX \em\a\$ Z`d`\ekf XZ\c\iX[f gfi \]\Zkf [\c k`\dgf [\ gXiX# p gfi cX ]XckX [\c dXek\e`d`\ekf i\jg\Zk`mf% 8M8CLF Le \hl`gf [\ `^lXc\j ZXiXZk\$ iˆjk`ZXj Zfe )/'' _ [\ ]leZ`f$ eXd`\ekf p \e Yl\e \jkX[f [\ ]leZ`feXd`\ekf Zfe ^XiXekˆX [\ le XŒf# \e \c d\iZX[f cfZXc k`\e\ le gi\Z`f [\ (+, ''' [�cXi\j Xd\i`ZXefj j`e @M8% KfdXe[f \e Zfej`[\iXZ`�e hl\ _Xp hl\ i\Xc`qXi leX j\i`\ [\ i\gXiXZ`fe\j \e \c \hl`gf \e cXj Zfe[`Z`fe\j hl\ j\ \eZl\ekiX# cXj hl\ `emfclZiXe

i\gl\jkfj \e cfj XgXikX[fj ) p *# p cX i\jg\Zk`mX dXef [\ fYiX# j\ [\Y\ i\Xc`qXi ^Xjkfj gfi Xgifo`dX[Xd\ek\ lefj (' ''' [Â?cXi\j Xd\i`ZXefj% Gfi cf kXekf \c XmXcÂ’f Zfd\i$ Z`Xc [\ cX \oZXmX[fiX fYa\kf [\ Xe}c`j`j \j [\ :@<EKF KI<@EK8 P :@E:F D@C ;FC8I<J 8D<I@:8EFJ LJ; (*, '''#'' j`e @M8% G8IK@:LC8I HL< GFE>F <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C G8I8 CFJ =@E<J ;< C<P%$ GFI KI8K8IJ< ;<C GI@D<I J<z8C8D@<EKF C8J GFJKLI8J J< I<:<GK8I8E ;<J;< 8 H L < C C 8 J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C 8M8CLF 8GIF98;F# 8 C8 HL< ;<9<I8E 8:FDG8z8I <C ;@<Q GFI :@<EKF ;< C8 F=<IK8# <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F 8 FI;<E<J ;< <JK8 AL;@:8KLI8% C@:% >L@;F <JG@EFQ8% <% J<:I<K8I@F% <o`jk\ ]`idX p j\ccf% 8%G%&+//)0&b%d% 8M@JF ;< I<D8K<

J\ gfe\ \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc# hl\ \e cX J\Zi\kXiˆX [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# [\j[\ cXj ZXkfiZ\ _fiXj# _XjkX cXj [`\$ Z`fZ_f _fiXj# [\c [ˆX ', [\ dXpf [\c XÂŒf \e Zlijf )'(( # k\e[i} cl^Xi \c i\dXk\ [\c j`^l`\ek\ m\_ˆZlcf# ZlpXj ZXiXZk\iˆjk`ZXj jfe cXj j`^l`\ek\j1 :8LJ8 Ef% 0)*$)''0 ;: ;<J:I@G:@FE ;<C 9@<E 8lkfdfkfi dXiZX D8:B# <hl`gf1 :Xd`Â?e# K`gf1 Mfchl\kX# Df[\cf >L/(*<# 8ÂŒf [\ ]XYi`$ ZXZ`Â?e1 )''0# :fcfi1 9cXeZf# Ef% Dfkfi1 DG/0(,*++# J\i`\ Ef1 (D)8O(/:/0D'',+-.# : 8 I 8 : K < I Ă JK @ : 8 J P :FE;@:@FE<J I\Zfii`[f1 *) )'-%, bd :l\ekX Zfe `e[`ZX[fi\j# g\i`$ ccXj p gXcXeZXj \e Yl\e \jkX[f [\ ]leZ`feXd`\ekf K`\e\ kf[fj cfj \c\d\ekfj [\

ZXY`eX gi\j\ek\j ClZ\j# c`dg`XgXiXYi`jXj# m\e$ kXeXj# \jg\afj# Xj`\ekfj# clZ\j [\ ZXY`eX# `ek\i`fi [\ gl\ikXj# p [\d}j gXik\j \e Yl\e \jkX[f [\ ]leZ`feXd`\ekf p Zfe [\j$ ^Xjk\ XZfi[\ Xc XÂŒf [\ ]XYi`ZX$ Z`Â?e p ljf CX i\m`j`Â?e m`jlXc ef [\k\ZkX cX Xlj\eZ`X [\ e`e^Â’e \c\d\ekf \e \c ki\e dfkfi# kiXejd`j`Â?e# j`jk\dX [\ X[d`j`Â?e f \jZXg\% J`e \dYXi^f# Xc^leXj dXe$ ^l\iXj _Xe g\i[`[f jlj jla\$ Z`fe\j p \jk}e jla\kX[Xj Zfe XcXdYi\j% :l\ekX Zfe kf[fj cfj kXehl\j [\ ]cl`[fj <c \jkX[f ^\e\iXc [\ cX ZXiifZ\$ iˆX \j Yl\ef# j`e \dYXi^f \e \c ]i\ek\# \c ZXgfk \jk} [\jgfjk`$ ccX[f \e le }i\X [\ Xgifo`dX$ [Xd\ek\ +Zd)% Cfj \jZXcfe\j k`\e\e _\e[`[liXj \c ^lXi[X$ ]Xe^fj `qhl`\i[f \jk} ifkf p cfj j\^lifj [\c ZXgÂ? \jk}e ifkfj `^lXcd\ek\% <c Zl\igf [\ mfck\f j\ \eZl\e$ kiX fo`[X[f g\if ef gi\j\ekX _\e[`[liXj e` ifkliXj% ;\ cXj (' ccXekXj# ) jfe el\mXj# - \jk}e \e dXcXj Zfe[`Z`fe\j p ) \jk}e kfkXcd\ek\ [\j^Xj$ kX[Xj# ;\ XZl\i[f X cfj [Xkfj [\ cX ZfdglkX[fiX [\ X Yfi[f# \c Xlkfdfkfi _X k\e`[f1 *) )'-#, bd [\ i\Zfii`[f# m\cfZ`[X[ d}o`dX [\ (-) bd&_# ( 0*' _fiXj [\ kiXYXaf [\ dfkfi# kf[Xj ZXiXZk\iˆjk`ZXj hl\ Zf`e$ Z`[\e Zfe \c XÂŒf [\ ]XYi`ZXZ`Â?e p \c k`\dgf [\ ljf% CX mfchl\kX j\ \eZl\ekiX \e le \jkX[f [\ Zfej\imXZ`Â?e i\^l$ cXi# j`e \dYXi^f# ef j\ Xgi\Z`Xe [XÂŒfj hl\ gl\[Xe [\k\i`fiXi jl i\e[`d`\ekf% KfdXe[f \e Zl\ekX cXj Zfe[`$ Z`fe\j [\ cX mfchl\kX# jl \jkX$ [f [\ Zfej\imXZ`Â?e p _XY`\e$ [f \jkX[f j`e ]leZ`feXd`\ekf [liXek\ le cXi^f g\iˆf[f [\ k`\dgf# XmXcÂ’f \c Xlkfdf$ kfi \e cX jldX [\ F:?<EK8 P J<@J D@C ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK<8DyI@:8 LJ; /-

'''#'' ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j )/ [\ dXiqf [\c )'((# cXj ('_,'% M@JKFJ1 8^i„^l\j\ Xc gifZ\jf cfj \jZi`kfj hl\ Xek\$ Z\[\e% <e cf gi`eZ`gXc# gfi ef \o`jk`i fYj\imXZ`�e Xc^leX Xc `e]fid\ g\i`Z`Xc# j\ cf Xgil\YX \e kf[Xj jlj gXik\j# \e Zfej\$ Zl\eZ`X# j\Œ}c\j\ gXiX \c [ˆX ', [\ dXpf XŒf \e Zlijf# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\$ Z`fZ_f _fiXj# gXiX hl\ \e cX J\Zi\kXiˆX [\ \jkX Al[`ZXkliX k\e^X cl^Xi \c i\dXk\ [\c m\_ˆ$ Zlcf \dYXi^X[f p XmXclX[f \e cX gi\j\ek\ ZXljX# gXiX cf ZlXc j\ _Xi}e cXj i\jg\Zk`mXj glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ Gfi kiXkXij\ [\ gi`$ d\i j\ŒXcXd`\ekf j\ XZ\gkXi}e gfjkliXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXc’f2 kf[X gfjkliX [\Y\i} XZfdgXŒXi \c [`\q gfi Z`\ekf [\c mXcfi f]i\$ Z`[f \e [`e\if \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% =ˆa\j\ cfj ZXik\$ c\j gi\m`jkfj \e cX C\p \e \c <[`]`Z`f [\ cX =leZ`�e Al[`Z`Xc% Efk`]ˆhl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ AL<Q <o`jk\ ]`idX% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc g’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J\Zi\kXi`f <o`jk\ ]`idX p j\ccf% 8%G%&+//*'&b%d%

JF:@<;8; :FEPL>8C 8M@JF

J\ gfe\ \e ZfefZ`d`\ekf Xc g’Yc`Zf \e ^\e\iXc hl\# \e cX EfkXiˆX X d` ZXi^f# j\ mX X Z\c\YiXi leX \jZi`kliX [\ c`hl`[XZ`�e [\ cX jfZ`\[X[ Zfepl^Xc# d\[`Xek\ cX ZlXc \c

CONVOCATORIA A LA JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE LA CIA. DE TRANSPORTES QUITUMBE S.A. De acuerdo a las disposiciones legales y los estatutos de la Cia., convoco a los seĂąores Accionistas de la “Compaùía de Transportes Quitumbe S.A.â€? a la Junta General Ordinaria que se celebrarĂĄ el dĂ­a SĂĄbado 30 de Abril del 2011 a las 9:00, en el local situado en la Cdla. El Comercio, calles Rumichaca y Cusubamba Oe3-290 Los puntos a tratarse y resolverse son los siguientes: 1. Lectura y AprobaciĂłn del Acta anterior de fecha 28 de Abril del 2010. 2. Conocimiento y AprobaciĂłn de los Informes de los seĂąores Presidente y Gerente. 3. Conocimiento y AprobaciĂłn de Informes de Comisarios. 4. Estudio y ResoluciĂłn sobre la AprobaciĂłn del Balance, ejercicio econĂłmico 2010. 5. Nombramiento de Presidente, Vicepresidente, Gerente, Comisarios y Directorio de la Compaùía. 6. Estudio y AprobaciĂłn del Presupuesto para el 2011. 7. Conocimiento, AprobaciĂłn o ResoluciĂłn de los Oficios recibidos en la CĂ­a. De manera especial se convoca a los seĂąores Comisarios de la CĂ­a. Balance al 31 de Diciembre del 2.010 y los Informes de los Administradores se encuentran a disposiciĂłn de los seĂąores Accionistas a partir del dĂ­a Lunes 18 de abril del 2011. Atentamente,

CONVOCATORIA EN JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A CIALCO S.A. Se convoca a los seĂąores accionistas de la Compaùía CIALCO Sociedad AnĂłnima, a la Junta General Ordinaria de Accionistas el dĂ­a jueves 28 de abril en sala de sesiones de la empresa ubicado en el tercer piso del Edificio Banco Bolivariano, Av. Naciones Unidas Y shyris, de esta ciudad y con el fin de tratar y resolver sobre los siguientes puntos del orden del dĂ­a: 1.- Lectura y consideraciĂłn del Informe de la administraciĂłn. 2.- Conocimiento y resoluciĂłn sobre el Balance General y el Estado de Resultados auditados cortados al 31 de Diciembre del aĂąo 2010. 3.- Conocimiento y resoluciĂłn de Informes de Comisario y Auditores externos. 4.- Nombramiento de Comisario Principal y Suplente y de Auditores Externos y fijaciĂłn de honorarios. Los informes, balances y demĂĄs documentos se hallan a disposiciĂłn de los seĂąores accionistas en las oficinas principales de la Compaùía, ubicadas en Cialco S.A., situado en el Edificio Banco Bolivariano tercer piso. Av. Naciones Unidas y Shyris, de esta ciudad. De manera especial e individual han sido convocados los comisarios principal y suplente de la Compaùía. Francisco Baca Bonilla Gerente General

JORGE RUPERTO CAPELO PRESIDENTE AC/79174/tf

AC/79141/tf

j\ÂŒfi A8:@EKF EFy G@EKF I@G8C;8# i\eleZ`X jl ZlfkX [\ ^XeXeZ`Xc\j X ]Xmfi [\ cX j\ÂŒfiX G8KI@:@8 @MäE IF;IĂ >L<Q >LQDĂ?E# jfYi\ le cfk\ [\ k\ii\ef [\ cX jlg\i]`Z`\ kfkXc [\ *0)#'' d)%# lY`ZX[f \e cX gXiifhl`X JXe =iXeZ`jZf [\ 9fiaX [\c :XekÂ?e Hl`afj# Gifm`eZ`X [\ EXgf%$ GXik`ZlcXi hl\ _X^f ZfefZ\i# X ]`e [\ hl\ cX f cXj g\ijfeXj hl\ Zi\p\i\e k\e\i [\i\Z_f gXiX fgfe\ij\ X cX Z\c\YiXZ`Â?e [\c `e[`ZX[f ZfekiXkf gi\j\ek\e \e \jkX EfkXiˆX# jl i\ZcXdf g\ik`e\ek\ \e \c k„id`ef [\ )' [ˆXj ZfekX$ [fj X gXik`i [\ cX ]\Z_X [\ \jkX glYc`ZXZ`Â?e# ZXjf ZfekiXi`f j\ gifZ\[\i} Zfe]fid\ [\k\id`$ eX \c eld\iXc )* [\c 8ik% (/ [\ cX C\p EfkXi`Xc \e XZklXc m`^\eZ`X% ;I% >LJK8MF :8CL>L@CC@E :% EFK8I@F Gè9C@:F ;<C :8EKäE <C :?8:F <o`jk\ ]`idX p j\ccf% 8%G%&+///.&b%d%

M8I@FJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8

J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j [\ c\p Zfej`^l`\ek\j# hl\ \e \c Alq^X[f ;„Z`df [\ cf :`m`c [\ G`Z_`eZ_X# j\ _X gi\j\ekX[f cX [\dXe[X [\ @EJFCM<E:@8# [\ekif [\c al`Z`f (**-$)''0$ 8Y% =%D%# j\^l`[f gfi cX j\ŒfiX Fc^X PfcXe[X IfjXj :fii\X2 \e ZfekiX [\c j\Œfi N@CDF <=I8@E :8IM8A8C Q8DFI8%

ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# (0 [\ fZklYi\ [\c )''0%# cXj (,_*/%$ M@JKFJ%$ Gi\m`f jfik\f [\ c\p Zfii\jgfe[`\ek\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX al[`ZXkliX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}$ d`k\ \jg\Z`Xc jfc`Z`kX[f%$ Gfi ZlXekf cX gXik\ [\dXe[X[X N`cdf <]iXˆe :XimXaXc QXdfiX# j\ _XccX Zfdgi\e[`[f [\ekif [\ cf [`jgl\jkf \e \c 8ik% ,(0 [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# [\ZcXiX Zfe cl^Xi Xc Zfe$ Zlijf [\ XZi\\[fi\j [\ [`Z_f j\Œfi gfi cf kXekf j\ fi[\eX cX fZlgXZ`�e p [\g�j`kf [\ cfj Y`\e\j# c`Yifj# Zfii\jgfe[\eZ`X p [\d}j [fZld\ekfj# cfj ZlX$ c\j j\ \eki\^Xi}e Xc jˆe[`Zf [\ hl`\YiXj2 gXiX cX ]fidXZ`�e [\c ZfeZlijf Xek\j d\eZ`feX[f j\ cf _Xi} d\[`Xek\ glYc`ZXZ`f$ e\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`�e [\c gXˆj2 p# j\ j\ŒXcXi} \c [ˆX p _fiX \e cfj ZlXc\j k\e$ [i} cl^Xi cX gi`d\iX AlekX [\ 8Zi\\[fi\j%$ 8Zld’c\j\ kf[fj cfj al`Z`fj j\^l`[fj \e ZfekiX [\c [\l[fi# gfi fYc`^XZ`fe\j [\ [Xi f _XZ\i mXc\i jlj [\i\Z_fj gfi j\gXiX[f j` cf gi\]`\i\# hl\ j\ i\d`kXe Xk\ekfj f]`Z`fj X cfj j\Œfi\j Al\Z\j [\ cf G\eXc# Zfe Zfg`Xj e\Z\jXi`Xj \e fi[\e X cX ZXc`]`ZXZ`�e [\ cX `ejfcm\eZ`X# gif_ˆYXj\ hl\ \c [\l[fi j\ Xlj\ek\ [\c cl^Xi [\c al`Z`f# gXiX \c \]\Zkf efk`]ˆhl\$ j\ X cX ;`i\ZZ`�e EXZ`feXc [\ D`^iXZ`�e1 X[\d}j j\ fi[\eX

hl\ j\ gi\j\ek\ le YXcXeZ\ [\ jlj Y`\e\j Zfe \ogi\j`�e [\c XZk`mf p gXj`mf [\ekif [\c k„id`ef [\ fZ_f [ˆXj%$ :fdf \c ]Xcc`[f hl\[X [\ _\Z_f \e `ek\i[`ZZ`�e [\ X[d`e`jkiXi jlj Y`\e\j# \emˆ\j\ Xk\ekfj f]`Z`fj X cfj j\Œfi\j EfkXi`fj# I\^`jkiX[fi\j [\ cX Gifg`\[X[# D\iZXek`c# Jlg\i`ek\e[\ek\ [\ 9XeZfj# [\ :fdgXŒˆXj# :fekiXcfiˆX >\e\iXc [\c <jkX[f# G\kifZfd\iZ`Xc p [\d}j @ejk`klZ`fe\j 9XeZXi`Xj%$ <c [\l[fi gf[i} fgfe\ij\ X cX `ejfcm\eZ`X# gX^Xe[f cf X[\l$ [X[f f [`d`k`\e[f Y`\e\j \hl`$ mXc\ek\j [\ekif [\c k„id`ef [\ ki\j [ˆXj%$ :ˆk\j\ \e c\^Xc p [\Y`[X ]fidX Xc [\dXe[X[f# d\[`Xek\ [\gi\ZXkfi`f X lef [\ cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\ cX Gifm`eZ`X [\ JXekf ;fd`e^f [\ cfj :fcfiX[fj KjXZ_`cXj%$ K„e^Xj\ \e Zl\e$ kX cX ZXj`ccX al[`Z`Xc j\ŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`f$ e\j2 Xjˆ Zfdf cX Xlkfi`qXZ`�e _\Z_X X jl XYf^X[f [\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf Xc g’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ ;i% <[^Xi ?Xif MXc\eql\cX J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0(+-&gm I<GL9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C J\ gfe\ X ZfefZ`d`\ekf [\c

CONVOCATORIA Conforme lo establecido en la ClĂĄusula Quinta, CapĂ­tulo I del contrato del fideicomiso mercantil denominado “FIDEICOMISO MERCANTIL SOLIDARIO 1 FMS-1“ celebrado el 25 de Junio de 2009 ante el Notario Tercero del Distrito Metropolitano de Quito y reformado el 21 de septiembre de 2009, ante el Doctor GermĂĄn Flor Cisneros, Notario Tercero Suplente del Distrito Metropolitano de Quito e inscrito en el Registro de Mercado de Valores en calidad de emisor bajo el nĂşmero No 2010.1.01.00427, se convoca a los INVERSIONISTAS del fideicomiso mencionado a la ASAMBLEA DE INVERSIONISTAS con el carĂĄcter de ordinaria, para conocer y resolver el siguiente Orden del DĂ­a: Uno.- Conocer los informes y rendiciĂłn de cuentas del AGENTE DE MANEJO en la forma seĂąalada para el efecto en el REGLAMENTO DE GESTIĂ“N. Dos.- designaciĂłn de los miembros del ComitĂŠ de Vigilancia de las clases uno y dos. La Asamblea se llevarĂĄ a cabo el dĂ­a martes 17 de mayo del 2011, a las 15H30, en las oficinas de la Administradora de Fondos Fideicomisos Fideval S.A., situada en la Av. Amazonas 1014 y Av. Naciones Unidas edificio La Previsora piso 10 de la ciudad de Quito. Para que la ASAMBLEA pueda reunirse vĂĄlidamente en esta convocatoria, en el lugar y hora seĂąalados en tal convocatoria, serĂĄ necesaria la concurrencia de INVERSIONISTAS que representen mĂĄs del cincuenta por ciento del saldo de capital de cada tipo de VALOR emitido. Si no hubiere el quĂłrum necesario en esta convocatoria, en segunda convocatoria, de ser requerida, se constituirĂĄ una hora mĂĄs tarde con el nĂşmero de INVERSIONISTAS asistentes, dejĂĄndose constancia del particular en la respectiva convocatoria. Cada INVERSIONISTA tendrĂĄ derecho a un voto por cada dĂłlar del saldo de capital de sus respectivos VALORES emitidos y en circulaciĂłn. Las resoluciones se tomarĂĄn por mayorĂ­a simple de votos. Las decisiones legalmente tomadas serĂĄn de cumplimiento obligatorio para el AGENTE DE MANEJO. Las decisiones tomadas por los INVERSIONISTAS de un tipo de VALOR o su clase correspondiente no podrĂĄn afectar a otras clases o tipos y se requerirĂĄ de la aprobaciĂłn conjunta de todas las clases o tipos para resolver un asunto especĂ­fico. Cualquier consentimiento, renuncia y cualquier menoscabo o disminuciĂłn de los derechos de los INVERSIONISTAS que en un momento determinado requiera el AGENTE DE MANEJO, se considerarĂĄ aprobado si los INVERSIONISTAS que representen mĂĄs del cincuenta por ciento del saldo de capital de cada tipo o clase de VALORES emitidos, suscriban un acta o instrumento en que se consigne tal consentimiento o renuncia. Igualmente la decisiĂłn deberĂĄ contar con la aprobaciĂłn conjunta de todos los tipos o clases. Las decisiones vĂĄlidamente adoptadas son de cumplimiento para todos los INVERSIONISTAS y constituirĂĄn instrucciones especĂ­ficas al AGENTE DE MANEJO.

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%

I_ fh[Y_iWi kdW cWde" h[Yk[hZW gk[ oe j[d]e Zei$ I7D 7=KIJĂžD

gÂ’Yc`Zf cf j`^l`\ek\1 AL@:@F1 <jg\Z`Xc Æ @em\ekXi`fj% 8:KFI1 9cXeZX :c\d\eZ`X 8cm\Xi Df^if ;<D8E;8;FJ ?\i\[\ifj Gi\jlekfj p ;\jZfefZ`[fj [\ ;Xiˆf 8c\aXe[if GileX GXÂŒX]`\c X DXi`X G`\[X[# DÂ?e`ZX J`cmXeX# D\ip @iXc[X# <cm`X 9`idXe`X# :\jXi ?\ie}e GileX KXg`X# >Xcf @jXˆXj GileX I\`efjf# DXiˆX C`Y`X KXg`X MXi^Xj p DXiZf M`e`Z`f GileX 8cm\Xi% KI8D@K<1 <jg\Z`Xc :8LJ81 (+()$)'('$J8$;J :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j *( [\ \e\if [\c )'((# cXj ('_*(%$ M@JKFJ%$ CX [\dXe$ [X hl\ gi\j\ekX 9C8E:8 :C<D<E:@8 8CM<8I DF>IF i\Â’e\ cfj i\hl`j`kfj c\^Xc\j2 \e Zfej\Zl\eZ`X# j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\ek\ gfi cX mˆX <jg\Z`Xc [\ cX Gfj\j`Â?e <]\Zk`mX gi\j\ekX[X# j\ Zfd$ gil\YX \c ]Xcc\Z`d`\ekf [\ ;8I@F 8C<A8E;IF GILE8 G<z8=@<C# gfi cf hl\ j\ [\ZcXiX XY`\ikX cX jlZ\j`Â?e [\ cfj ZXljXek\j p j\ fi[\eX cX ]XZZ`Â?e [\ `em\ekXi`fj p XmX$ cÂ’f [\ cfj Y`\e\j jlZ\jfi`fj%$ GlYcˆhl\j\ le \okiXZkf [\ cX [\dXe[X p \jk\ Xlkf i gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[2 Xk\ekX cX Xj\m\iXZ`Â?e aliXd\ekX[X [\ cX [\dXe[Xek\ i\jg\Z$ kf X cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f f i\j`[\eZ`X [\ D8I@8 G@<;8;# DFE@:8 J@CM8E8# D<IP @I8C;8#

<CM@8 9@ID8E@8# :<J8I ?<IE8E GILE8 K8G@8# >8CF @J8Ă 8J GILE8 I<@EFJF2 p2 D8I@8 C@9@8 K8G@8 M8I>8J p X cX m\q hl\ j\ X kf[fj cfj _\i\[\ifj gi\jlekfj p [\jZf$ efZ`[fj# Zfe]fid\ cf [`jgf$ e\ \c 8ik% /- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ˆk\j\ Xc [\dXe[X[f D8I:F M@E@:@F GILE8 8CM<8I \e cX [`i\ZZ`Â?e gifgfiZ`feX[X gXiX \c \]\Zkf%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZl$ d\ekfj gi\j\ekX[fj gXiX \c \]\Zkf p efk`]ˆhl\j\ Xc [\dXe$ [Xek\ \e cX ZXj`ccX al[`Z`Xc Ef% *.'-%$ EFK@=@HL<J<% ;I% ALC@F :<J8I 8DFI<J IF98C@EF% AL<Q ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8#%$ Hl`kf# m`\ie\j ), [\ dXiqf [\c )'((# cXj '/_*.%$ 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K\iZ\if [\c cf :`m`c \eZXi^X[f# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% )'+$ ;G$;GG [\ '* [\ ]\Yi\if [\c )'((%$ 8^i„^l\j\ Xc gifZ\jf cXj glYc`ZXZ`fe\j i\Xc`qX[Xj \e \c [`Xi`f cX ?fiX [\ ]\Z_Xj d`„i$ Zfc\j )* [\ ]\Yi\if [\c )'((# al\m\j )+ [\ ]\Yi\if [\c )'(( p m`\ie\j ), [\ ]\Yi\if [\c )'(( hl\ Xek\Z\[\e%$ Efk`]ˆhl\j\% ;I% <;N@E 8I>FK@ I<P<J% AL<Q <E:8I>8;F% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p% ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0(.-&k]

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A PARKER HERRERA CONSULTING S.A. La compaùía PARKER HERRERA CONSULTING S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, el 15 de Marzo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001690 de 15 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL:Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: A) REALIZAR ACTIVIDADES DE INVESTIGACION DE MERCADO, DESARROLLO Y PROMOCION DE ESTUDIOS Y PROYECTOS DE CARACTER ECONOMICO, FINANCIERO, LEGALES, DESARROLLO ECONOMICO, DESARROLLO SOCIAL, DESARROLLO TERRITORIAL,... Quito, 15 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS

f. Administradora de Fondos y Fideicomisos FIDEVAL S.A. / Gerente General

AR/29058/cc

AC/79149/tf

:@K8:@FE AL;@:@8C 81 >CFI@8 D8I@8 GFQF >L<M8I8# ;< C8 ;<D8E;8 <JG<:@8C# HL< J@>L< <E JL :FEKI8 <C 89% M@:KFI 8EKFE@F M@CCFK8 <JG@EFQ8# GIF:LI8;FI AL;@:@8C P D8E;8K8I@F ;< I8D@IF N8CK<I C8JJF FKK p AL8E :8ICFJ ;< P:8Q8 8>L@II<# <E JLJ :8C@;8;<J ;< ><I<EK< ><E<I8C P ;@I<:KFI K@KLC8I I<JG<:K@M8D<EK< ;< C8 :FDG8zĂ 8 ;@JKI@9L@;FI8 ;@JG8:@= J%8% 8:KFI81 89% M@:KFI 8EKFE@F M@CCFK8 <JG@EFQ8# GIF:LI8;FI AL;@:@8C P D8E;8K8I@F ;< I8D@IF N8CK<I C8JJF FKK p AL8E :8ICFJ ;< P:8Q8 8>L@II<# <E JLJ :8C@;8;<J ;< ><I<EK< > < E < I 8 C P ;@I<:KFI K@KLC8I I<JG<:K@M8D<EK< ;< C8 :FDG8zĂ 8 ;@JKI@9L@;FI8 ;@JG8:@= J%8% ;<D8E;8;81 >CFI@8 D8I@8 GFQF >L<M8I8 KI8D@K<1 <JG<:@8C 8JLEKF1 @EJFCM<E:@8 AL@:@F Ef% (.*,$)'('$DJ% :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% +-(* [\ cX ;iX% C`^`X AXe\k_ M`ccfkX M\iX GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j *( [\ \e\if [\c )'((# cXj (-_'0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`e$ Z`gXc# cX [\dXe[X hl\ Xek\Z\$ [\ \j ZcXiX Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj c\^Xc\j% ;\ cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX# j\ [\jgi\e[\ hl\ cX [\dXe[X[X j\ÂŒfiX GFQF >L<M8I8 >CFI@8 D8I@8# Zfe Z„[lcX [\ Z`l[X[XeˆX Ef% ('''0+'))$0# j\ _XccX Zfd$ gi\e[`[X \e cX j`klXZ`Â?e gi\j$ Zi`kX \e \c 8ik%,(0 [\c :Â?[`^f [\ GifZ\[`d`\ekfj :`m`c# gfi cf hl\ j\ gi\jld\ jl `ejfcm\eZ`X p j\ [\ZcXiX Zfe cl^Xi Xc Zfe$ Zlijf [\ XZi\\[fi\j# \e Zfe$ j\Zl\eZ`X gifZ„[Xj\ X cX fZl$ gXZ`Â?e p [\gÂ?j`kf [\ cfj Y`\$ e\j# c`Yifj# Zfii\jgfe[\eZ`X p [\d}j [fZld\ekfj [\c ]Xcc`[f# cfj d`jdfj hl\ j\i}e \eki\$ ^X[fj Xc Jˆe[`Zf [\c ZfeZlijf [fZkfi Afi^\ Cl`j DXZXj# Zfe hl`\e j\ ZfekXi} \e cX gi\j\ek\ ZXljX% ?}^Xj\ ZfefZ\i Xc gÂ’Yc`$ Zf d\[`Xek\ glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% Hl\ j\ XZldlc\e kf[fj cfj al`Z`fj \e jl ZfekiX gfi fYc`^XZ`fe\j [\ [Xi l _XZ\i% J\ fi[\eX X[\d}j hl\ j\ i\d`kXe Zfg`Xj [\ kf[f cf XZklX[f X lef [\ cfj j\ÂŒfi\j al\Z\j [\ cf g\eXc [\ G`Z_`eZ_X gXiX cX ZXc`]`ZXZ`Â?e [\ cX `ejfc$ m\eZ`X% Gif_ˆY\j\ X cX [\dXe$ [X[X Xlj\ekXij\ [\c gXˆj# fi[\$ e}e[fj\ hl\ \e \c k„id`ef [\ fZ_f [ˆXj gi\j\ek\ \c YXcXeZ\ [\ jlj Y`\e\j Zfe `e[`ZXZ`Â?e [\c XZk`mf p [\c gXj`mf% :fdf \c ]Xcc`[f hl\[X \e `ek\i[`ZZ`Â?e [\ X[d`e`jkiXi cfj Y`\e\j# efk`]ˆhl\j\ \c gXik`ZlcXi X cfj j\ÂŒfi\j% EfkXi`fj# I\^`jkiX[fi [\ cX Gifg`\[X[# X cfj ^\i\e$ k\j [\ cfj YXeZfj cfZXc\j# Xc j\ÂŒfi ;`i\Zkfi [\ D`^iXZ`Â?e p <okiXea\iˆX# al\Z\j [\ cf Z`m`c% :Â’dgcXj\ Zfe cXj [`c`^\eZ`Xj g\ik`e\ek\j \e \jkX ZcXj\ [\ \eal`Z`Xd`\ekfj% CX [\dXe[X$ [X j`e \dYXi^f gf[i} fgfe\ij\ Xc ZfeZlijf# [\ekif [\ cfj ki\j [ˆXj [\ j\i Z`kX[f c\^Xcd\ek\# gX^Xe[f cX [\l[X f [`d`k`\e[f Y`\e\j \hl`mXc\ek\j% :ˆk\j\ X cX [\dXe[X[X \e \c cl^Xi hl\ j\ `e[`ZX%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f% 8^i„^l\ej\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# d`„iZfc\j *( [\ XYi`c [\c )'((# (-_(+%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f%$ 8k\ekX X cf jfc`Z`kX[f p [\ Zfe$ ]fid`[X[ Zfe \c aliXd\ekf i\e$

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? [`[f p cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX >CFI@8 D8I@8 GFQF >L<M8I8# d\[`Xek\ ki\j glYc`$ ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# <ZlX[fi # gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0(-/&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C G8I8 J<z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ff :8J@CC<IF A L ; @ : @ 8 C EIF%)))) G<IK<E<:@<EK< 8C ;I% >FEQ8CF 9<E8C:8Q8I GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# ', [\ Efm`\dYi\ [\c )''/# cXj '0_'*%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f p \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ F]`Z`f Eif% '()$;;G$A8I [\c )+&'(&)'',%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ c\ X[d`k\ X kiXd`k\ M\iYXc JldXi`f gifgl\jkf%$ <e Zfe$ j\Zl\eZ`X# j\ [`jgfe\ Z`kXi Zfe \c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X Xc j\Œfi AFI>< <;L8I;F Q8D9I8EF M8J:FE<Q# \e \c cl^Xi j\ŒX$ cX[f gXiX \c \]\Zkf%$ ;\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% 00) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# [\j^c�j\$ j\ cX [fZld\ekXZ`�e X[alekX X cX [\dXe[X [\aXe[f ]fkf Zfg`Xj p i\Z`Yf \e Xlkfj X efd$ Yi\ cX ;iX% Af_XeeX If[iˆ^l\q JXekfj%$K�d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c ZfdgXi\Z`\e$

ÄŠ

k\ \e jl ZXc`[X[ `emfZX[X gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :@K<J< p EFK@=@HL<J<% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '. [\ DXpf [\c)''0# cXj (,_)-%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi \c 8Zkfi \e jl ZXc`[X[ `emfZX$ [X# jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f [\c j\Œfi AFI>< <;L8I;F Q8D9I8EF M8J:FE<Q# j\ [`jgfe\ Z`kXicf gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ Xdgc`X Z`iZl$ cXZ`�e eXZ`feXc# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ˆk\j\ p Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`�e Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j% :\ik`]`Zf% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0(,.&k] ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C%

81 <;;P ILK? DFP8 IFD8E M[X% ;\ >feq}c\q# Zfe \c \okiXZkf [\ cX [\dXe[X [\ cX [`c`^\eZ`X gi\m`X [\ :fe]\j`Â?e Al[`Z`Xc p gifm`[\eZ`Xj hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF1 8Zkfi1 ;I% G<;IF 8C=FEJF I<:8C;< M@:Lz8 \e ZXc`$ [X[ [\ C`hl`[X[fi p Zfdf kXc I\gi\j\ekXek\ C\^Xc [\ cX :fdgXŒˆX FI>8E@Q8:@äE :FD<I:@8C >FEQ8C<Q 8I@8J J%8%% ;\dXe[X[X1 <;;P ILK? DFP8 IFD8E M[X% ;\ >feq}c\q% :lXekˆX1 @e[\k\id`eX[X Al`Z`f Ef%/.,$)'('$NQ FYa\kf [\ cX ;\dXe[X1 :fe]\j`Â?e Al[`Z`Xc% GIFM@;<E:@8J1 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„i$ Zfc\j . [\ alc`f [\c )'('# cXj (,_*+% M@JKFJ% CX [\dXe$ [X hl\ Xek\Z\[\ gcXek\X[X gfi \c ;I% G<;IF 8C=FEJF I<:8C;< M@:Lz8 \e ZXc`$ [X[ [\ C`hl`[X[fi p Zfdf kXc I\gi\j\ekXek\ C\^Xc [\ cX :fdgXŒˆX FI>8E@Q8:@äE :FD<I:@8C >FEQ8C<Q 8I@8J J%8%# \e ZfekiX [\ <;;P ILK? DFP8 IFD8E M[X% ;\ >feq}c\q# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ c\p gfi cf hl\ j\ cX X[d`k\ Xc ki}$ d`k\ \jg\Z`Xc gifgl\jkf% CX [\dXe[X[X <;;P ILK? DFP8 IFD8E M[X% ;\ >feq}c\q ZfdgXi\qZX X \jkX al[`ZX$ kliX \c [ˆX ). [\ J\gk`\dYi\ [\c gi\j\ek\ XÂŒf X cXj (,_'' \e ZfdgXŒˆX [\ jl [\]\ejfi p i`e[X Zfe]\j`Â?e al[`Z`Xc Xc k\efi [\c `ek\iif^Xkfi`f gcXe$ k\X[f gXiX \c \]\Zkf# d`jdf hl\ j\i} ZXc`]`ZX[f \e \c dfd\ekf d`jdf [\ cX [`c`^\eZ`X% :ˆk\j\ X cX XZZ`feX[X \e cX [`i\ZZ`Â?e gifgfiZ`feX[X gfi \c XZkfi% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X% GiXZk`ZX[X cX [`c`^\eZ`X i\hl\i`[X# gi\$ m`Xj cXj ]fidXc`[X[\j c\^Xc\j [\ml„cmXj\ cfj fi`^`eXc\j % EFK@=@HL<J<%$ ] ;I% D8I@F FIK@Q <JKI<CC8%$ Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„i$ Zfc\j '- [\ XYi`c [\c )'((# cXj (-_'(% CX [\dXe[X[X <;;P ILK? DFP8 IFD8E M[X% ;\ >feq}c\q ZfdgXi\qZX X \jkX al[`ZXkliX \c [ˆX (- [\ ale`f [\c gi\j\ek\ XÂŒf X cXj (,_''# \e ]fidX g\ijfeXc p \e Zfd$ gXŒˆX [\ jl [\]\ejfi p i`e[X Zfe]\j`Â?e al[`Z`Xc Xc k\efi [\c `ek\iif^Xkfi`f gcXek\X[f

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä Ä€

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

gXiX \c \]\Zkf% 8k\ekf \c aliX$ d\ekf \ogi\jX[f gfi cX gXik\ XZkfiX ;I% G<;IF 8C=FEJF I<:8C;< M@:Lz8 \e ZXc`$ [X[ [\ C`hl`[X[fi p Zfdf kXc I\gi\j\ekXek\ C\^Xc [\ cX :fdgXŒˆX FI>8E@Q8:@äE :FD<I:@8C >FEQ8C<Q 8I@8J J%8% p [\ Zfe]fid`[X[ Zfe cf fi[\eX[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X <;;P ILK? DFP8 IFD8E M[X% ;\ >feq}c\q gfi cX gi\ejX2 gXiX \c \]\Zkf Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf% Efk`]ˆhl\j\% ] ;I% D8I@F FIK@Q <JKI<CC8%$ Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc [\ le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf [`jgfe\ cX c\p% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp le j\ccf 8%:%&.0'.0&gm I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8

J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E <JK8 AL;@:8KLI8 J< <JK8 KI8D@K8E;F <C J@>L@<EK< AL@:@F ;< @EJFCM<E:@8 8:KFI1 89F>8;F MĂ :KFI 8EKFE@F M@CCFK8 <JG@EFJ8# <E JL :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;< C8 :FDG8zĂ 8 ;@JKI@9L@;FI8 ;@JG8:@= J%8 ;<D8E;8;81 @EyJ E8I:@J8 8E;@EF AĂ?:FD< AL@:@F1 @EJFCM<E:@8 :8LJ8 EF% (*/)$)'('$MJ KI8D@K<% <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 89F>8;F1 ;I8% G8FC8 M@CCFK8 M<I8 ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ), [\ fZklYi\ [\c )'('# cXj (+_*0%$ M@JKFJ%$ <e Xk\eZ`Â?e Xc Zfek\$ e`[f [\c \jZi`kf gi\j\ekX[f gfi \c XZkfi# j\ ZXc`]`ZX cX [\dXe$ [X hl\ Xek\Z\[\ [\ ZcXiX# Zfdgc\kX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ <jg\Z`Xc%$ ;\ cX [fZld\ekX$ Z`Â?e XgXi\aX[X gfi \c XZkfi# j\ [\jgi\e[\ hl\ cX j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# gfikX$ [fiX [\ cX Z„[lcX [\ Z`l[X[XeˆX Ef%(.((-/*(.,# j\ _XccX `ed\i$ jX \e cX [`jgfj`Z`Â?e [\c eld\$ iXc (— [\c 8ik% ,(0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi cf hl\ j\ [\ZcXiX X cl^Xi \c ZfeZlijf [\ XZi\\[fi\j%$ <e Zfej\Zl\e$ Z`X# j\ fi[\eX cX gi}Zk`ZX [\ cXj j`^l`\ek\j [`c`^\eZ`Xj1 CX fZl$ gXZ`Â?e p [\gÂ?j`kf [\ cfj Y`\e\j# c`Yifj# Zfii\jgfe[\eZ`X p d}j [fZld\ekfj [\ cX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# hl\ j\i}e \eki\^X$ [fj Xc Jˆe[`Zf [\ Hl`\YiX ;i% 8ieXc[f =`Xccfj# hl`\e j\i} efk`]`ZX[f p gfj\j`feX[f \e c\^Xc ]fidX%$ Hl\ j\ XZldlc\ kf[fj cfj al`Z`fj j\^l`[fj \e ZfekiX [\ cX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# gfi cXj fYc`^XZ`fe\j [\ [Xi f _XZ\i# gl[`\e[f cfj XZi\\[f$ i\j _`gfk\ZXi`fj _XZ\i mXc\i jlj [\i\Z_fj gfi j\gXiX[f%$ J\ gif_ˆY\ X cX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# Xlj\ekXij\ [\c cl^Xi [\c al`Z`f# j`e cX Xlkfi`qXZ`Â?e [\c Al\q hl\ ZfefZ\ cX ZXljX%$ Hl\ cX [\dXe$ [X[X gi\j\ek\ \c YXcXeZ\ [\ jlj Y`\e\j# Zfe cX `e[`ZXZ`Â?e [\c XZk`mf p gXj`mf# \e \c k„id`ef [\ fZ_f [ˆXj%$ Gfi J\Zi\kXi`X f]ˆZ`\j\ Xc j\ÂŒfi D`e`jkif =`jZXc [\ G`Z_`eZ_X# X ]`e [\ hl\ [`jgfe^X hl\ lef [\ cfj

j\ÂŒfi\j =`jZXc\j `em\jk`^l\e \c gi\j\ek\ \jkX[f [\ @ejfcm\eZ`X [\ cX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\2 p# [\ \eZfekiXi jl]`Z`\ek\j d\i`$ kfj fi[\e\ hl\ le Al\q [\ cf G\eXc ZXc`]`hl\ \c \jkX[f [\ @ejfcm\eZ`X# gXiX \jkf X[aÂ’ek\$ j\ Zfg`Xj Z\ik`]`ZX[Xj [\ kf[f cf XZklX[f%$ CX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# hl\[X [\ _\Z_f \e `ek\i[`ZZ`Â?e [\ X[d`e`jkiXi jlj Y`\e\j# [\Y`„e[fj\ Zfdl$ e`ZXi \jk\ gXik`ZlcXi Xc j\ÂŒfi :fekiXcfi >\e\iXc [\c <jkX[f# ;`i\Zkfi EXZ`feXc [\ D`^iXZ`Â?e p <okiXea\iˆX# Jlg\i`ek\e[\ek\ [\ 9XeZfj# X ]`e [\ hl\ _X^X ZfefZ\i [\ „jk\ gXik`ZlcXi X cXj @ejk`klZ`fe\j [\c J`jk\dX =`eXeZ`\if# EfkXiˆXj# I\^`jkif [\ cX Gifg`\[X[ p D\iZXek`c [\c :XekÂ?e# Jlg\i`ek\e[\ek\ [\ :fdgXŒˆXj# :}dXiXj [\ :fd\iZ`f p [\ cX Gif[lZZ`Â?e# Gi\j`[\ek\ [\c :fej\af EXZ`feXc <c\ZkfiXc2 p# :fd`j`Â?e EXZ`feXc [\c KiXejgfik\ K\ii\jki\# Ki}ej`kf p J\^li`[X[ M`Xc2 gXiX hl\ j\ XYjk\e^Xe [\ Z\c\YiXi ZfekiXkfj f i\^`jkiXi$ cfj \e jlj ZXjfj# c`d`kXe[f [\ Xc^Â’e df[f \c [fd`e`f [\ cfj Y`\e\j [\ cX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# gfikX[fiX [\ cX Z„[lcX [\ Z`l[X[XeˆX Ef%(.((-/*(.,%$ ?}^Xj\ ZfefZ\i Xc gÂ’Yc`Zf \e ^\e\iXc le \okiXZkf [\ cX [\dXe[X p \c gi\j\ek\ 8lkf [\ ZXc`]`ZXZ`Â?e d\[`Xek\ glYc`$ ZXZ`Â?e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l$ [X[%$ :ˆk\j\ X cX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# \e cX [`i\ZZ`Â?e hl\ j\ `e[`ZX# gXiX kXc \]\Zkf \emˆ\j\ \c jl]`Z`\ek\ [\jgXZ_f X cX F]`Z`eX [\ :`kXZ`fe\j% CX [\dXe[X[X j\ÂŒfiX @e„j EXiZ`jX 8e[`ef A}Zfd\# gf[i} fgfe\ij\ Xc gi\j\ek\ al`Z`f gX^Xe[f cf j\ÂŒXcX[f f [`d`k`\e[f Y`\e\j \hl`mXc\ek\j X cX [\l[X# \e \c k„id`ef [\ ki\j [ˆXj cl\^f [\ Z`kX[X%$ 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e X[alekX2 kÂ?d\j\ efkX [\c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX i\Z`Y`i jlj efk`]`ZXZ`f$ e\j hl\ c\ Zfii\jgfe[Xe# Xjˆ Zfdf cX [\j`^eXZ`Â?e [\ jl XYf^X[f [\]\ejfi%$ :@K<J< P EFK@=@HL<J<% = % ;I% @M8E :<M8CCFJ Q8D9I8EF# AL<Q M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL@:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ HL@KF '. ;< 89I@C ;<C )'((%$ :<IK@=@:F ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0(*'&k] I% ;<C <% ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C G8I8 <C J<zFI D8E8L<C G8KI@:@F J8EK8D8IĂ 8 CLE8 <OKI8:KF AL@:@F1 <A<:LK@MF E — */. $ )''/ $ ;I%$G= 8:KFI1 ;I8%$ D8I@8 <L><E@8 ;FEFJF GIF8zF# \e ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c <Zf% 8Y\cXi[f GXZ_Xef 9\ik\if# Gi\j`[\ek\ <a\Zlk`mf Æ >\i\ek\ >\e\iXc [\c 9XeZf [\ cX Gif[lZZ`Â?e J%8% GIF;L98E:F ;<D8E;8;F1 CL@J J8EK@8>F M<E<>8J <I8QF P D8EL<C G8KI@:@F J8EK8D8IĂ 8 CLE8

Ĺ?

KI8D@K<1 <A<:LK@MF F9A<KF1 <c gX^f [\c ZXg`kXc# `ek\i\j\j# `dgl\jkf# Zfd`j`Â?e p cXj ZfjkXj al[`Z`Xc\j \e cXj hl\ \jkXi}e `eZcl`[fj cfj _fefiX$ i`fj [\c gif]\j`feXc [\]\ejfi% :L8EK@81 (+%'''#ff GIFM@;<E:@8 ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# ), [\ 8Yi`c [\c )''/# cXj ('_*/%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ \e m`ikl[ [\c F]`Z`f Ef% 0).$;G$ ;;G$A8I$'. [\ , [\ ;`Z`\dYi\ [\c )''. p \e m`ikl[ [\c jfik\f c\^Xc gi\Z\[\ek\% CX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% Gfi Zfej`^l`\ek\ j\ [`jgfe\ hl\ cfj j\ÂŒfi\j CL@J J8EK@8>F M<E<>8J <I8QF \e ZXc`[X[ [\ [\l[fi gi`eZ`gXc2 p# D8EL<C G8KI@:@F J8EK8D8I@8 CLE8 \e ZXc`[X[ [\ ^XiXek\ jfc`[X$ i`f# ZldgcXe Zfe jl fYc`^XZ`Â?e f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj% :ˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi `e[`ZX[f% KÂ?d\j\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f gfi cX gXik\ XZkf$ iX p X^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X% 8ZkÂ’X \c J\Zi\kXi`f <eZXi^X[f ;i% DXi`f P}e\q# Zfe f]`Z`f Ef% 0-*$;G$;;G$A8I$'.# [\ (. [\ ;`Z`\dYi\ [\c )''.% Efk`]ˆhl\j\%$ ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j *' [\ efm`\dYi\ [\c )'('# cXj (+_,+% @eZfigÂ?i\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX$ [f%$ <e cf gi`eZ`gXc# gi\m`Xd\e$ k\ X gifm\\i cf hl\ \e [\i\Z_f Zfii\jgfe[X p \e \c k\id`ef [\ ki\j [ˆXj cX XZkfiX ZfeZliiX _X \jkX al[`ZXkliX # X ]`e [\ [Xi Zldgc`d`\ekf Zfe cf [`jgl\jkf \e \c `eZ`jf k\iZ\if [\c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ EFK@=@HL<J<%$ ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j ( [\ dXiqf [\c )'((# cXj ('_(-% @eZfigÂ?i\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX$ [f%$M`jkX cX iXqÂ?e j\ekX[X [\ cX F]`Z`eX [\ :`kXZ`fe\j hl\ Zfej$ kX \e Xlkfj p Xk\ekf \c aliXd\e$ kf i\e[`[f gfi cX XZkfiX# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi D8EL<C G8KI@:@F J8EK8D8IĂ 8 CLE8 d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf p \e cX

I[]‘d lWcei WZgk_h_[dZe Yede# Y_c_[dje" bWi YeiWi de i[ ^WY[d cWi Yecfh[di_Xb[i" i_de cWi c_ij[h_eiWi$ 7B8;HJ I9>M;?JP;H ]fidX gi\m`jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\%$ = ;i% IlY„e :\mXccfj =XYXiX% Al\q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe%$ :\ik`]`Zf% ;i% E`cf >feqXcf 8cdXZ_` J\Zi\kXi`f [\c Alq^X[f ;„Z`df K\iZ\if [\ cf :`m`c [\ G`Z_`eZ_X ?Xp le j\ccf 8I&/),/+&ZZ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%

:@K8:@äE AL;@:@8C 81 @E>% <;N@E >FEQ8CF >FD<Q 8:FJK8# ><I<EK< ><E<I8C P I<GI<J<EK8EK< C<>8C ;< C8 :@8% HL8C@KP FLKJFLI:@E> HL8CFLK J%8%# HL< J@>L< <E JL :FEKI8 <C ;I% AFI>< <;L8I;F GFII8J M@CC8:à J# GIF:LI8;FI AL;@:@8C ;< D8I:F 8E@98C >L<IIFE <EI@HL<Q% 8:KF I 1 ; I% A F I> < <;L8I;F GFII8J M@CC8:à J# GIF:LI8;FI AL;@:@8C ;< D8I:F 8E@98C >L<IIFE <EI@HL<Q% ;<D8E;8;FJ1 @E>% <;N@E >FEQ8CF >äD<Q 8:FJK8# ><I<EK< ><E<I8C P I<GI<J<EK8EK< C<>8C ;< C8 :FDG8zà 8 HL8C@KP FLKJFLI:@E> HL8CFLK J%8%# 8C J<zFI C@ Q?FE>C@# <E JL :8C@;8; ;< ><I<EK< ><E<I8C P I<GI<J<EK8EK< C<>8C ;< C8 :FDG8zà 8 9>G <:L8;FI :F J%8%2 P# 8C J<zFI M8CD D8EL<C <% Q8G8K<I I8DFJ# I<GI<J<EK8EK< C<>8C ;< C8 <DGI<J8 G<KIFGIF;L::@FE KI�D@K<1 M<I98C JLD8I@F AL@:@F Ef% (*''$)'('$DJ% ;FD@:@C@F AL;@:@8C Ef% +.0' [\c ;i% Afi^\ GfiiXj M`ccXZ`j

GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# al\m\j m\`ek`fZ_f [\ fZklYi\ [\c )'('# cXj (+_)'% M@JKFJ% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX# Zfd$ gc\kX p i\’e\ cfj [\d}j i\hl`$ j`kfj c\^Xc\j% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\Zl\eZ`X \eki„^l\j\ Zfg`X [\ cX [\dXe[X p Xlkf [\ ZXc`]`ZXZ`�e X cfj [\dXe[X[fj j\Œfi\j @e^% <[n`e >feqXcf >�d\q 8ZfjkX# >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\ cX ZfdgXŒˆX HL8C@KP FLKJFLI:@E> HL8CFLK J%8%# Xc j\Œfi C` Q_fe^c`# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\ cX ZfdgXŒˆX 9>G <:L8;FI :F J%8%2 p# Xc j\Œfi MXcd DXel\c <% QXgXk\i IXdfj# I\gi\j\ekXek\ C\^Xc [\ cX <dgi\jX G<KIFGIF;L::@FE# \e cfj cl^Xi\j hl\ j\ `e[`ZXe \e cX [\dXe[X# gXiX cf ZlXc \emˆ\$ j\ jl]`Z`\ek\j [\jgXZ_f X cX JXcX [\ :`kXZ`fe\j%$ :l„ek\j\ kXdY`„e \e \jkX ZXljX Zfe \c j\Œfi ;i% ;`\^f >XiZˆX :Xii`�e# GifZliX[fi >\e\iXc [\c <jkX[f%$ 8^i„^l\j\ cX [fZld\ekXZ`�e XZfdgXŒX[X% K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f% Efk`]ˆhl\j\%$ ] ;iX% D�e`ZX =cfi GXqd`Œf# Al\qX%$ ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j (( [\ XYi`c [\c )'((# (-_)/%$ 8k\ekX X cf jfc`$ Z`kX[f \e \c \jZi`kf gi\j\ekX$ [f Zfe ]\Z_X )+ [\ ]\Yi\if [\c )'(( p [\ Zfe]fid`[X[ Zfe \c aliXd\ekf i\e[`[f p cf gi\$ m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX gXik\ [\dXe[X[X @e^% <[n`e >feqXcf >�d\q 8ZfjkX# >\i\ek\ >\e\iXc p i\gi\j\e$ kXek\ c\^Xc [\ cX :ˆX% HL8C@KP FLKJFLI:@E> HL8CFLK J%8%# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j [\ gi\ejX \e lef [\ cfj

g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# <ZlX[fi # gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/)-(*&ZZ C8 I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F ;y:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF AL@:@F M<I98C JLD8I@F Ef% /,$)'((% 8:KFI1 ;@E8 M@I>@E@8 ?<IDFJ8 <I8QF P <;>8I :I@JKä98C ?<IDFJ8 D<E8 ; < D 8 E ;8 ; F 1 M Ă :KF I I@:8I;F 8JKL;@CCF :L<M8# >CFI@8 M@I>@E@8 :8C;<IäE 9<ID<F# D@I<P8 CL:@8 ?@;8C>F 8JKL;@CCF P :8ICFJ <EI@HL< ?@;8C>F 8JKL;@CCF :L8EKĂ 81 @E;<K<ID@E8;8 L9@:8:@äE1 98II@F <C IFJ8I@F# G8IIFHL@8 C8 <JG<I8EQ8# :8EKäE G<;IF DFE:8PF# GIFM@E:@8 ;< G@:?@E:?8%$ :FE LE8 <OK<EJ@äE 8GIFO@D8;8 ;< ).%-'' D) GIFM@;<E:@81 ALQ>8;F ;y:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ KXYXZle[f X (* [\ 8Yi`c )'(( X cXj ('1?(,% M@JKFJ1 :fe \c \jZi`kf gi\j\ekX[f%$ CX [\dXe$ [X \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ Xc ki}d`k\ m\iYXc jldXi`f%$ 8k\ekf \c aliX$ d\ekf \e XZkX gi\Z\[\ek\# Zˆk\$ j\ Zfe cX [\dXe[X p \jk\ Xlkf X cfj j\ÂŒfi\j1 MˆZkfi I`ZXi[f 8jkl[`ccf :l\mX# >cfi`X M`i^`e`X :Xc[\iÂ?e 9\id\f# D`i\pX ClZ`X ?`[Xc^f 8jkl[`ccf p :Xicfj <ei`hl\ ?`[Xc^f 8jkl[`ccf# gfi glYc`ZXZ`fe\j \e le [`Xi`f [\ dXpfi Z`iZlcXZ`Â?e%$ K„e^Xj\ \e Zl\ekX cX Xlkfi`qXZ`Â?e Zfe]\$ i`[X gfi cfj XZZ`feXek\j X jl XYf^X[f [\]\ejfi p \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j%$ @ejZiˆYXj\ \jkX [\dXe[X \e \c I\^`jkif [\ cX gifg`\[X[ [\c ZXekÂ?e%$ ?}^Xj\ jXY\i%$ ;iX% 8eX @eki`X^f Al\qX ;„Z`df J\okf

[\ cf :`m`c [\ = %$ ;I8% 8E8 @EKI@8>F ;< JFKF% Cf hl\ Z`kf X ljk\[ gi\m`e`„e$ [fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% KXYXZle[f# (/ [\ dXiqf [\c XÂŒf )'((% :\ik`]`Zf% CZ[f% <[lXi[f D`Z_`c\eX M% J<:I<K8I@F <E:8I>8;F ;<C ALQ>8;F ;y:@DF J<OKF ;< CF :@M@C G@:?@E:?8% ?Xp le j\ccf 8I&/)-'*&ZZ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F JyGK@DF ;<C KI898AF ;< G@:?@E:?8

:@K8:@äE AL;@:@8C X D8I:F M<I8 IĂ FJ% AL@:@F C89FI8C Ef% ')/,$ )''0$J$C8 8:KFI1 D8EL<C ;< A<JèJ ;Ă 8Q ;Ă 8Q ;<D8E;8;F1 :L<IGF ;< @E><E@<IFJ ;<C <AyI:@KF$ D8I@F :8C;<IFE G<z8CFQ8 P FKIFJ% GIFM@;<E:@81 ALQ>8;F J<GK@DF ;< KI898AF ;< G@:?@E:?8%$ Hl`kf# al\m\j (. [\ dXiqf [\c )'((# cXj (,_)+%$ <e cf gi`eZ`gXc# \e m`jkX [\c \jkX[f gifZ\jXc p gifm\p\e[f cf jfc`$ Z`kX[f# j\ i\]fidX cX [\dXe[X# \e \c j\ek`[f [\ hl\ j\ kfd\ \e Zl\ekX Xc :fife\c D8I@F :8C;<IäE G<z8CFQ8# XZklXc I\gi\j\ekXek\ C\^Xc [\ cX \ek`$ [X[ [\dXe[X[X :l\igf [\ @e^\e`\ifj [\c <a„iZ`kf# \e m`i$ kl[# [\c 8ik% .'# `eZ`jf gi`d\if# [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi cf ZlXc# :Ă K<J< \e \c cl^Xi j\ÂŒXcX[f gXiX \c \]\Z$ kf# \eki\^}e[fc\ Zfg`X [\ cX [\dXe[X p \c gi\j\ek\ Xlkf [\ ZXc`]`ZXZ`Â?e# \e \c hl\ j\ c\ gi\m`\e\e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc [\ekif [\c g\iˆd\kif c\^Xc gXiX jlj efk`]`ZXZ`fe\j% 8[\d}j# :Ă K<J< Xc [\dXe$ [X[f D8I:F M<I8 IĂ FJ# [\ XZl\i[f# Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j# Zfe ki\j glYc`ZXZ`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZl$ cXZ`Â?e Zfe]fid\ cf dXe[X cX Z`kX c\^Xc Xek\j `e[`ZX[X# \e \c hl\ j\ c\ gi\m`\e\e [\ j\ÂŒX$ cXi ZXj`ccX al[`Z`Xc [\ekif [\c g\iˆd\kif c\^Xc gXiX jlj efk`$ ]`ZXZ`fe\j%$ J\ ZfemfZX X cXj gXik\j X 8l[`\eZ`X Gi\c`d`eXi [\ :fek\jkXZ`Â?e X cX ;\dXe[X p =fidlcXZ`Â?e [\ Gil\YXj gXiX \c [ˆX (' [\ Efm`\dYi\ [\c )'((

X cXj '0_*'%$ 8 cX [`c`^\eZ`X j\ÂŒXcX[X [\Y\i}e XZl[`i cXj gXik\j g\ijfeXcd\ek\ f d\[`Xek\ GifZliX[fi Al[`Z`Xc Zfe Gf[\i <jg\Z`Xc Xdgc`f p jl]`Z`\ek\ Zfe Zc}ljlcX \ogi\jX gXiX kiXej`^`i# Xjˆ Zfdf gi\j\e$ kXi jlj \ogfj`Z`fe\j p g\[`[fj [\ gil\YXj gfi \jZi`kf% ;\ Zfe$ ]fid`[X[ X cX i\jfclZ`Â?e Ef% -,$'0 [\c gc\ef [\c :fej\af [\ cX Al[`ZXkliX \e ZfeZfi[XeZ`X Zfe \c XikˆZlcf *). `eZ`jf j\^le$ [f [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc# cfj 8Yf^X[fj hl\ `ek\im\e^Xe \e i\gi\j\ekX$ Z`Â?e [\ ZX[X leX [\ cXj gXik\j# gi\j\ekXi}e [\ df[f fYc`^Xkf$ i`f jl Zi\[\eZ`Xc gif]\j`feXc# dXkiˆZlcX f eÂ’d\if [\ i\^`jkif \e \c ]fif# \e fi`^`eXc p Zfg`X% :l„ek\j\ Zfe lef [\ cfj j\ÂŒf$ i\j @ejg\Zkfi\j [\c KiXYXaf%$ CX gXik\ XZkfiX ZfdgXi\qZX X \jkX Al[`ZXkliX [\ekif [\c k„id`ef [\ +/ _fiXj p i\ZXY\ \c \okiXZ$ kf gXiX cXj glYc`ZXZ`fe\j%$ :Ă K<J< P EFK@=Ă HL<J<%$ ] %$ ;I% AFJy <;L8I;F GIF8zF <>8J# AL<Q%$ ] J\Zi\kXi`f%$ :\ik`]`Zf%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc [\ekif [\c g\iˆd\kif c\^Xc gXiX jlj gfjk\i`fi\j efk`$ ]`ZXZ`fe\j% ;i% ><IDĂ?E 8C<O8E;<I M<E<>8J :8II8J:F J<:I<K8I@F <o`jk\ ]`idX p j\ccf% 8%G%&+//(0&b%d%

8ELC8:@FE<J

BANCO PICHINCHA HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(-' [\ cX :kX% :k\% Ef% *+**'.)/'+ g\ik\e\Z`\ek\ X D@I8E;8 :?<:8# C8LI8$<C<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(/+) mXcfi /+#+/ [\ cX :kX%

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

EXTRACTO

DE LA ESCRITURA PUBLICA DE REFORMA DE ESTATUTOS DE OFICINA COMERCIAL RAYMOND WELLS CIA. LTDA.

CONSTITUCION DE LA COMPAĂ‘Ă?A SERVITANQUES S.A.

CONSTITUCION DE LA COMPAĂ‘Ă?A BOPARAI IMPORT CIA. LTDA.

La compaùía SERVITANQUES S.A. se constituyó por escrituras públicas otorgadas ante el Notario VigÊsimo Noveno del Distrito Metropolitano de Quito, el 14 de Julio de 2010 y el 04 de Abril de 2011, fueron aprobadas por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC.Q.11.001636 de 12 de Abril de 2011.

La compaùía BOPARAI IMPORT CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario TrigÊsimo SÊptimo del Distrito Metropolitano de Quito, el 11 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ. DJC.Q.11.001724 de 18 de Abril de 2011.

Se comunica al pĂşblico que OFICINA COMERCIAL RAYMOND WELLS CIA. LTDA., con domicilio principal en la ciudad de Quito, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Quinto del Distrito Metropolitano de Quito, el 22 de febrero de 2011. Acto societario aprobado por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.001625 de 12 de abril de 2011. En virtud de la escritura pĂşblica mencionada la compaùía reforma, entre otros, el artĂ­culo noveno del Estatuto Social, referente a la administraciĂłn y a la representaciĂłn legal, de la siguiente manera: “ARTICULO NOVENO.- ORGANOS DE GOBIERNO Y ADMINISTRACION: La compaùía serĂĄ gobernada por la Junta General de Socios y administrada por el Presidente Ejecutivo, el Presidente y por el Gerente General, quien ejercerĂĄ la representaciĂłn legal, judicial y extrajudicial y serĂĄ reemplazado por Presidente en caso de ausencia...â€? D.M. Quito, 12 de abril de 2011. Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ‘IAS DE QUITO AC/79169/tf

1. DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA 2. CAPITAL: Suscrito US$ 2.000,00 NĂşmero de Acciones 2.000 Valor US$ 1,00

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 13.000,00 NĂşmero de Participaciones 1.300 Valor US$ 10,00

3. OBJETO: El objeto de la compaùía es: LA COMPAĂ‘IA SE DEDICARA EXCLUSIVAMENTE AL TRANSPORTE COMERCIAL DE CARGA PESADA...

3.- OBJETO: El objeto de la compaùía es: UNO.- IMPORTACION, DISTRIBUCION Y COMERCIALIZACION DE REPUESTOS AUTOMOTRICES Y ACCESORIOS DE VEHICULOS.....

Quito, 12 de Abril de 2011.

Quito, 18 de Abril de 2011.

Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79162/tf

Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79177/tf

:k\% Ef% **0,0*/0'+ g\ik\e\$ Z`\ek\ X <JK8:@FE8D@<EKFJ LI98EFJ LI98G8IB J%8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%0','*. [\ cX :kX% :k\% Ef% *'-(.'.,'+ g\ik\e\Z`\ek\ X >L8I8E;8 =@>L<IF8 I<G% 8LKFDFKI@:<J :%CK; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+(' 8C +*' [\ cX :kX% :k\% Ef% *+'--(+*'+ g\ik\e\Z`\e$ k\ X 8CD<@;8 CCLD@K8J@># <I@B8$K8D8I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(-. 8C (0+ [\ cX :kX% :k\% Ef% *+.,0--0'+ g\ik\e\$ Z`\ek\ X QLE@>8 98II8>8E# >I8:@<C8$AL;@K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 44444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(0, 8C ))' [\ cX :kX% :k\% Ef% *+.,0--0'+ g\ik\e\Z`\e$ k\ X QLE@>8 98II8>8E# >I8:@<C8$AL;@K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*) [\ cX :kX% :k\% Ef% *+./--.''+ g\ik\e\Z`\ek\ X K8D8PF J 8 CM8 ; F I # 8 ; I @ 8 E 8 $ A8:B<C@E< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%))0.$ )*'*$)*(- [\ cX :kX% :k\% Ef% *')')0/+'+ g\ik\e\Z`\ek\ X ?<IE8E;<Q M8:8:<C8# IFJ8$<C<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%-(0 [\ cX :kX% :k\% Ef% **++'/0/'+ g\ik\e\Z`\ek\ X =FEJ<:8 =CFI<J# N@CJFE$ G8LC [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%-'( 8C .'' [\ cX :kX% :k\% Ef% *(((+--('+ g\ik\e\Z`\ek\ X G8;@CC8 :8:?@>L8E>F# D8I@8$I<9<:8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+0-, mXcfi (*'' [\ cX :kX% :k\% Ef% *'/)-...'+ g\ik\e\Z`\ek\ X DFC@E8 # ?L>F$><ID8E@:F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (( d^

444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%)--, mXcfi /' [\ cX :kX% :k\% Ef% **0('-,/'+ g\ik\e\Z`\ek\ X M@CC8M@:<E:@F ?<PD8EE# J<98JK@8E$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(**( 8C (*-' [\ cX :kX% :k\% Ef% *',*(+'+'+ g\ik\e\Z`\ek\ X <JG@EFJ8 :?@I@9F>8# D8I@8$<L><E@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%).* 8C )/' [\ cX :kX% :k\% Ef% *'-.(.)-'+ g\ik\e\Z`\ek\ X 8:FJK8 DFI8C<J# D8I:F$ I<E< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(+0( 8C (,,' [\ cX :kX% :k\% Ef% *'))))+-'+ g\ik\e\Z`\ek\ X IFJ<IF C8D@CC8# J8I8$ A8E<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%('- [\ cX :kX% :k\% Ef% *+/0(*0+'+ g\ik\e\Z`\ek\ X :FE;F :FE;F#AF?E$;8M@; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%,'- [\ cX :kX% :k\% Ef% **,+.(,/'+ g\ik\e\Z`\ek\ X D<E<J<J FIK<>8# :CF;FD@IF$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(/(+$(/(,$(/*,$(/.) [\ cX :kX% :k\% Ef% **/+,/*.'+ g\ik\e\Z`\ek\ X >FEQ8C<Q <JG@E# <DD8$D8>;8C<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%.,)' 8C .,)) [\ cX :kX% :k\% Ef% *')'+0(-'+ g\ik\e\$ Z`\ek\ X :8IK8><E8 KFKFP# E8E:P$G8FC8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*(0 [\ cX :kX% :k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*)/ [\ cX :kX% :k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX

’ck`dX glYc`ZXZ`�e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*+' [\ cX :kX%:k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*++ [\ cX :kX% :k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*,0 [\ cX :kX% :k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(**) [\ cX :kX% :k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%/+,+ mXcfi )0'#0- [\ cX :kX% :k\% Ef% *(/,.'0.'+ g\ik\e\Z`\ek\ X <:FCF>@:8C 8;M<EKLI< KFLI <:F8;M<EKLI< J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(-' [\ cX :kX% :k\% Ef% *+/-+''/'+ g\ik\e\Z`\ek\ X 8I@8J 8>L@C8I# ;@<>F$ G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%*-0 mXcfi ('' [\ cX :kX% :k\% Ef% *'*+/0.-'+ g\ik\e\Z`\ek\ X I<;IFM8E K<E<J8:8# 8E><C$G8:@=@:F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(),, [\ cX :kX% :k\% Ef% **+-,(,('+ g\ik\e\Z`\ek\ X @Q8 G8>L8P#9C8;@D@I$ <D@C@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(.*.$(.+, [\ cX :kX% :k\% Ef% *),(0-'+'+ g\ik\e\Z`\e$ k\ X A8;8IF ;@JKI@9L:@FE @DGFIK8:@FE <OGFIK [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%)*0 [\ cX :kX% :k\% Ef% *+)+''/,'+ g\ik\e\Z`\e$

I_ fkZ_ƒhWcei Wfh[dZ[h" feh bW cW‹WdW" be gk[ [i `kije" Z[X[h‡Wcei ZWhdei feh iWj_i\[Y^ei Yed ceh_h feh bW jWhZ[$ 9ED<K9?E k\ X :8:?@DL<C :?@:F# M<IFE@:8$8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%/)0 [\ cX :kX% :k\% Ef% *),,**-('+ g\ik\e\Z`\e$ k\ X 8I8E:@9@8 L9@CCLJ# P8;@I8$<C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%0(' mXcfi (.' [\ cX :kX% :k\% Ef% *'-*.*(.'+ g\ik\e\$ Z`\ek\ X 9FE@CC8 E<M8I<Q# J@CM@8$CFLI;<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ** d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*/* mXcfi )' [\ cX :kX% :k\% Ef% **,'.,,('+ g\ik\$ e\Z`\ek\ X M8:8 D8K898P# DPI@8D$:8K8C@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*(* mXcfi ('* [\ cX :kX% :k\% Ef% *+*,0//*'+ g\ik\e\$ Z`\ek\ X IFD<IF JF9I@EF# 8C<A8E;I8$<JK?<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%.'0*,+ [\ cX :kX% :k\% Ef% *'/+-0*/'+ g\ik\e\Z`\ek\ X =@;<M8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%0/' ('0#'( [\ cX :kX% :k\% Ef% *++0.0.('+ g\ik\e\Z`\ek\ X >I<<E K<:?EFCF>@<J 8J<JFI@8 @E=FID8K@:8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+/'/ mXcfi *-'' [\ cX :kX% :k\% Ef% *'*)*)..'+ g\i$ k\e\Z`\ek\ X <I8QF 98II@>8# I8LC$<;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& */ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%.(+) mXcfi )-+ [\ cX :kX% :k\% Ef% *'//',)0'+ g\ik\$ e\Z`\ek\ X 8LKFI<GL<JKFJ CL@J ? IF;I@>L<Q K% :%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *0 d^ 444444 HL<;8 8ELC8;F

Gfi G<I;@;8 [\c :_\hl\ Ef%('+' 8C ('+. [\ cX :kX% :k\% Ef% **.,///+'+ g\ik\$ e\Z`\ek\ X 9FIA8 E8I8EAF# <M<I$N@EJG<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%-), mXcfi -'' [\ cX :kX% :k\% Ef% *)-***'('+ g\ik\e\Z`\ek\ X >I@A8CM8 G<I<Q# 8E8$CL@J8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%),-/ [\ cX :kX% :k\% Ef% *+()''++'+ g\ik\e\Z`\ek\ X F98E;F 9FII<IF#K@KF$ N@CC@8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%('( 8C )'' [\ cX :kX% :k\% Ef% *+/-''(('+ g\ik\e\Z`\ek\ X :FE>% ;< C8J I<C@>@FJ8J ;< C8 8JLE:@FE ; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%()+ [\ cX :kX% :k\% Ef% *+/0(*0+'+ g\ik\e\Z`\ek\ X :FE;F :FE;F#AF?E$;8M@; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ++ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%),) [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$ :8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%),- [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$ :8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)). [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$ :8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*+. [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$ :8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +/ d^

444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)'* [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$ :8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(+*. [\ cX :kX% :k\% Ef% **.0+--('+ g\ik\e\Z`\ek\ X :8E:?@> CL>D8E8# >CFI@8$ D8I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%((/ [\ cX :kX% :k\% Ef% *+/.//+''+ g\ik\e\Z`\ek\ X M<C8 D8I@EF#D8I:F$ 8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+-( 8C ,)' [\ cX :kX% :k\% Ef% *')/.,*+'+ g\ik\e\Z`\e$ k\ X DFP8 JFI@8# I<E8KF$ O8M@<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)/)* mXcfi )-*#*) [\ cX :kX% :k\% Ef% *),)+./''+ g\i$ k\e\Z`\ek\ X KFD8E@J<C@>?K GIFK<@E8J <OGFIK8:@FE<J :@ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%++)(++ mXcfi (')#() [\ cX :kX% :k\% Ef% *'+((-.+'+ g\i$ k\e\Z`\ek\ X D<;@:@E8 G8I8 <C <:L8;FI D<;@<:L8;FI ?LD [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%-*, mXcfi ('' [\ cX :kX% :k\% Ef% *),/(('/'+ g\ik\e\Z`\ek\ X M@EL<Q8 :?8:FE#N@CJFE$ E8GFC<FE [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)*(+ [\ cX :kX% :k\% Ef% ***(..*.'+ g\ik\e\Z`\ek\ X CFG<Q FC@M8# <C@8E8$ 8E><C@K8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)*.)$)+(*$)+*' [\ cX :kX% :k\% Ef% ***(..*.'+ g\i$ k\e\Z`\ek\ X CFG<Q FC@M8# <C@8E8$8E><C@K8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,. d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(0-- mXcfi +' [\ cX :kX% :k\% Ef% *+),,-'-'+ g\ik\e\Z`\ek\ X DFI8 D<E;<Q# AFI><$ <EI@HL< M@:<EK< [\c 9XeZf

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ,/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)0+ mXcfi ('0#,) [\ cX :kX% :k\% Ef% *+/)()0.'+ g\ik\e\Z`\ek\ X >@DD@:BJ D8IB<K@E> J<IM@:<J :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ,0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)0- mXcfi ,' [\ cX :kX% :k\% Ef% *+/)()0.'+ g\ik\e\Z`\e$ k\ X >@DD@:BJ D8IB<K@E> J<IM@:<J :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& -' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(/)( 8C (0)' [\ cX :kX% :k\% Ef% ***(.-0,'+ g\ik\e\Z`\ek\ X 8CFDFKF 98J8EK<J#AFI><$ FJN8C;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& -( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)*+( [\ cX :kX% :k\% Ef% *'-/).--'+ g\ik\e\Z`\ek\ X >L@Q8;F D8I@EF#=8K@D8$ :I@JK@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& -) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%-.)0 [\ cX :kX% :k\% Ef% *'-/-,+-'+ g\ik\e\Z`\ek\ X G<I<Q :8II<I8# D8I@F$ <C@:<F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& -* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(0(($(0()$(0(*$(0(+$(0(,$ (0(-$(0+,$(0+-$(0+.$(0+/$ (0,*$(0,+$(0/' [\ cX :kX% :k\% Ef% **,(*.,('+ g\ik\$ e\Z`\ek\ X 9LCC8 >L<M8I8# DFE@:8$;<C IF:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& -+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)++ [\ cX :kX% :k\% Ef% *+),(0+-'+ g\ik\e\Z`\e$ k\ X G8EKFA8 D8IDFC# JK8C@E$>LJK8MF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& -, d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%)/( 8C *(' [\ cX :kX% :k\% Ef% *)(/-0*+'+ g\ik\e\Z`\ek\ X 9FC8EFJ M@<I8# D8I@8$ <C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& -- d^ 444444

Ä Ä

HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)*'-$)*'.$)*'/$)*'0$ )*('$)*(($)*()$)*(*$)*(+$ )*(- 8C )*(. [\ cX :kX% :k\% Ef% *'.,,0**'+ g\ik\e\$ Z`\ek\ X 8I>L<CCF =I<@I<# ?<IE8E$8L>LJKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& -. d^ 444444 HL<;8 8ELC8;F K`gf [\ [fZld\ekf1 :\ik`]`ZX[f [\ ;\g�j`kf# Eld\if [\ [fZl$ d\ekf1 +))0-*# MXcfi1 LJ; *0%'''#''# EfdYi\ [\c Y\e\$ ]`Z`Xi`f f X hl`\e g\ik\e\Z\ \c [fZld\ekf1 ;`jki`Yl`[fiX p <jkXZ`�e [\ J\im`Z`fj DXZ_X[f FŒXk\ J%8%# Eld\if [\ Z\[lcX f IlZ [\c gifg`\kXi`f [\c [fZl$ d\ekf1 IL: (.0)(+/)+*'''( 8:&(&XX

COOPROGRESO ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('++0-() [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ?<II<I8 >I8E;8 D8I@8 CL@J8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(',0(& ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-(''.,.'' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M8JHL<Q HL@C@D98 D@I@8D <JK<C8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(',0+& ) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()*,0+' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8C9LA8 KF98I <C@Q89<K? ;< C8J D<I:<;<J j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(',0,& * d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('',/*)+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<>8 >L8D98 <;@JFE I8LC j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(',0-& + d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()**--. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-'.('0-'' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X =L<I<Q 9<CKI8E D8I:@8 M<IFE@:8 j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\%

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä Ä‚

g Ĺ? Ä‚Ä€Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

8:&(',0.& , d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-''''+-+) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :FP8>F 8E;8>FP8 AL9<I =I8E:F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(',0/& - d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'((/'-(- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8E8>L8EFAL@z8 AFJ< CL@J j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&(',00& . d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'()/00(+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '*.''..'0( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X J8E:?<Q D<;@E8 J8E;I8 <C@Q89<K? j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-''& / d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((+'.(' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0'.',0,,) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X CFPFC8 :8JK@CCF Q8I@K8 D8I>FK j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-'(& 0 d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0('')/+/0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.''(0.+- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D<;@E8 G<I8CMF D8I:F M@E@:@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-')& (' d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (+'(''/*+* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ?L8I8:8 LIHL@Q8 J<>LE;F E@:FC8J j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&('-'*& (( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,-/'/' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X K8J?@>L8EF D8J898E;8 G<;IF j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-'+& ( d^

44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-(''-*)0. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''+0.** [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D8C;FE8;F >LQD8E D8I@8 IFJ8I@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-',& ) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/(''*').. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.''))*)/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ;LI8E>F :FI;<IF I F ; I @ > F =I8E:@J:F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-'-& * d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '((').0,)+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.')*(,-( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8I:< D8IK?8 @C@8E8 j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&('-'.& ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'''''+*- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M@K< E8G8 >@C9<I E<P;<I j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('-'/& ) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('',/*)+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :FI8C IFJ8C<J =8EEP 8C<O8E;I8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-'0& * d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'())-.)( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''0.'/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >L<II<IF =CFI<J AF9 :<CJF j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-('&+ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '.('')/*0( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +'.(.'')/*) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X 8:<IF 8J:8EK8 AFJ< I@:8I;F j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$

Ĺ?

eX[f [fZld\ekf cfj i\ZcXd\% 8:&('-((&, d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'(),00,' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '*.''*'.., [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X I<Q8 JL8I<Q I@:?8I; =I8EBC@E j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-()&- d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()*0),0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ').'')'*'0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X <EI@HL<Q ?<IE8E;<Q CLQ>8I;F I@>F9<IKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-(*&. d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef )('(*0'./ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ).''.,,). [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<C<Q >8I:@8 ;8I@F =<IE8E;F j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('-(+&/ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(,('/,0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+'.),+,+/[\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8CD8:?@ JFI@8 AFJ< AL8E j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('-),&( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ','((++/., p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ','.'-')),[\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X M<C<Q DFI8C<J D8EL<C <C@8J j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-)-&) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '.''''()-+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFEK8CMF D8I:F M@E@:@F j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('-).&* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*''''*++/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFEK8CMF >L8E@E <;@JFE =<IE8E;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&('-)/&+ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((+.*(* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.''++/-. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G@EF FIK@Q

I_ bWi ck`[h[i de [n_ij_[hWd" [b Z_d[he de j[dZh‡W d_d]‘d i[dj_Ze$

?<:KFI$=89@8E [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^

7H?IJâJ;B;I ED7II?I$

>I8:@<C8 ;< CFLI;<J j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-)0&, d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+(''/+-+( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M8CC8;8;I<J I<P<J ;@<>F IF9<IKF j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-*'&- d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'''',.') [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8I@8J J8C8Q8I CL@J 8E@98C j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-*)&. d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((*+(+0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?LHL@ :?@HL@KF J<>LE;F @;<C=FEJF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-*(&/ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'('-*'/, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +()(.'''(**/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DLzFQ 8E;I8E>F :8ICFJ J8DL<C j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('-**&0 d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef *'''')+,. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<I8 =CFI<J AFJ< D8I:<CF j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('-*+&(' d^

BANCO RUMIĂ‘AHUI HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'*(*-'('' Eif% :XikfcX (.**0'-'('0 [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/))()-,+'' Eif% :XikfcX (/(-)-(''') [\c

9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ) d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'+.-0.-'' Eif% :XikfcX (.()*('')*- [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/''**,-0'' Eif% :XikfcX (.',*+,'))( [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& + d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'(*)).-'' Eif% :XikfcX (-/,)/,''0+ [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'(.+0(('' Eif% :XikfcX (-/.,(,'(/* [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(,/.),''' Eif% :XikfcX (.-+*+.''0* [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'+/./.('' Eif% :XikfcX (.+).,''*+. [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& / d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'**-+/,'' Eif% :XikfcX (.+*,)0'((* [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& 0 d^ 44444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%()) [\ cX :kX Ef%/'(0*,0*'+ g\i$ k\e\Z`\ek\ X :8C8?FII8EF ?@EFAFJ8# :8ICFJ$8C9<IKF [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(.+' [\ cX :kX Ef%/'(-,+,/'+ M8CFI )00%'' g\ik\e\Z`\ek\ X :?<M8C ;< J<D@CCP :@8 CK [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(-0/ [\ cX :kX Ef%/''('./0'+ g\ik\e\Z`\e$ k\ X J8D8E@<>F F:8E8#

BANCO BOLIVARIANO J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\c Z_\hl\ Ef% ((0 Zfe ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% :C8L;@F E<CJFE :FIFE<C @>C<J@8J # ZkX% Zk\% Ef% (-(,'')/+$* [\c 9XeZf 9fc`mXi`Xef% 8:&('-(- ( d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\c Z_\hl\ Ef% ,0 Zfe ]`idX p j`e mXcfi# gi\j\e$ kX[X gfi \c ^`iX[fi Ji% X `kX% D8I:@8 IF;I@>L<Q # ZkX% Zk\% Ef% ,'0,''*,'( [\c 9XeZf 9fc`mXi`Xef% 8:&('-(- ) d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\c Z_\hl\ Ef% (- Zfe ]`idX p j`e mXcfi# gi\j\e$ kX[X gfi \c ^`iX[fi Ji% X `kX% D8I:@8 IF;I@>L<Q # ZkX% Zk\% Ef% ,'0,''*,'( [\c 9XeZf 9fc`mXi`Xef% 8:&('-(- * d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi G<I;@;8 \c Z_\hl\ Ef% (( j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% <LC8C@8 M@CC8:I<J<J # ZkX% Zk\% Ef% ,'),'()0-- [\c 9XeZf 9fc`mXi`Xef% 8:&('-(- + d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi JLJKI8::@FE [\c Z_\$ hl\ Ef% ,( gi\j\ekX[X gfi :C@E@:8 8D9@<EK8C ZkX% Zk\ Ef%$ ,'),'().-- J\ gi\m`\e\ hl\ ZlXchl`\i i\ZcXdf [\Y\$ i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('-(- , d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi g\i[`[X [\c Z_\hl\ Ef% -*') X gi\j\e$ kX[X gfi :C8E;C<:IFJJ J%8% ZkX% Zk\ Ef%$ +'',''/0(0 J\ gi\m`\e\ hl\ ZlXchl`\i i\ZcX$ df [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('-(- - d^

BANCO PROMERICA J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef -(*(0'.'(. [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X AFJ< M@CC8 hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&('-(/& ( d^ 44444444 J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef -('+(0/'(, [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X :?I@JK@8E :8KL:LD98 hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&('-(0& ) d^ 44444444 J\ XelcX gfi g„i[`[X cX G�c`qX [\ @em\ij`�e Ef ,)0+/( [\c 98E:F GIFD<I@:8# g\ik\$ e\Z`\ek\ X CL@J KF8G8EK8 MXcfi )(%.') =<% ('&'(&)'(( =M()&'+&)'(( hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e%

8:&('-)*& * d^ 44444444 J\ XelcX gfi g„i[`[X \c Z_\hl\ Ef% + ;\ cX Zl\ekX Zfii`\ek\ Ef ('+)0,''(/ [\c 98E:F GIFD<I@:8# M8CFI ))'' g\ik\e\Z`\ek\ X AFI>< ?<IE8E;<Q hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&('-)'& + d^ 44444444 J\ XelcX gfi g„i[`[X \c Z_\hl\ Ef% /*. ;\ cX Zl\ekX Zfii`\ek\ Ef ('*.(/*'() [\c 98E:F GIFD<I@:8# M8CFI (*0/%- g\ik\e\Z`\ek\ X <E<I>P P G8CD8 J%8% hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&('-)(& , d^ 44444444 J\ XelcX gfi g„i[`[X \c Z_\$ hl\ Ef% )- ;\ cX Zl\ekX Zfii`\ek\ Ef ('+*(.0'(-* [\c 98E:F GIFD<I@:8# M8CFI ),' g\ik\e\Z`\ek\ X =I<;P I@M<I8 hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&('-))& - d^

BANCO PROCREDIT 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ cX Zl\ekX [\ X_f$ iifj e’d\if (('('((-')*00 [\ J8EKFILD M<>8 =<C@G< G<I=<:KF Zfe :%@% (.'//.(',-% 8%G%&+//0-&b%d 44444444 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% '+0/''( Zl\ekX (-'('((,0''.( [\ M@:KFI G8KI@:@F K@E@K8E8 :LD9@:LJ :%@% )(''+/*/.' 8I&/)-)*&ZZ 444444 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% '+,'((0 Zl\ekX (-'('('.,.0-* [\ AFJ< @M8E I<K<K< :LD9@:LJ :%@% (('+,/,,-, 8I&/)-))&ZZ 44444 J\ gifZ\[\i} X XelcXi gfi g„i[`[X f jljkiXZZ`�e \c ]fi$ dlcXi`f [\ Z_\hl\ eld\iX[f (*)( [\ cX Zl\ekX Zfii`\ek\ Ef% ))'*'(')'0. [\ 9XeZf GifZi\[`k J%8%# g\ik\e\Z`\e$ k\ X Fik`q >lXjldYX AfXeX 8c\oXe[iX% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8I&/)-)/&ZZ 44444 J\ gifZ\[\i} X XelcXi gfi g„i[`[X f jljkiXZZ`�e \c ]fi$ dlcXi`f [\ Z_\hl\ eld\iX[f '''..' [\ cX Zl\ekX Zfii`\ek\ Ef% *0'*'()'//. [\ 9XeZf GifZi\[`k J%8%# g\ik\e\Z`\e$ k\ X :Xjkif JXeZ_\q DXi`Y\c 8c\oXe[iX% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8I&/)-).&ZZ 444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiif Ef '+(0(*, :kX Ef '('('((-)/./(# [\ cX j\ŒfiX 8cdX^if >lXe^Xa\ Qf`cX <cm`iX# :@ ','',)'+.* 8I&/)-),&ZZ 444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiif Ef G'*+-,+0 :kX Ef '('('(')**(0-# [\ cX j\ŒfiX G`ccXaf M`ccXdXi`e EXeZp <c`qXY\k_# :@ (.(+'(.()+ 8I&/)-)-&ZZ

MUTUALISTA PICHINCHA Hl\[X XelcX[X% CX kXia\kX `ek\c`^\ek\ [\ kiXejXZZ`fe\j [\ cX :l\ekX [\ 8_fiifj Ef% ('/''+,+/ g\ik\e\Z`\ek\ X :?8DFIIF M8JHL<Q 8;8 C<FEFI8 [\ cX DlklXc`jkX G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8I&/)+,.&ZZ

8ELC8:@FE<J M8I@8J <c :\ik`]`ZX[f [\ @em\ij`Â?e ,0''(,# \d`k`[f gfi ;`e\ij :clY [\c <ZlX[fi J%8%J%=%# _X j`[f XelcX[f gfi \okiXmˆf% 8I&/)++0&ZZ 444444 :FFG<I8K@M8 )0 ;< F:KL9I< J\ XelcX cX c`Yi\kX )+0+/'(' [\ cX :ffg\iXk`mX )0 [\ FZklYi\ gfi g„i[`[X hl\ g\ik\$ e\Z\ X EX`if =\ieXe[f M\cXjZf <eiˆhl\q 8I&/),--&ZZ 44444 :ffg\iXk`mX [\ 8_fiif p :i„[`kf )0 [\ FZklYi\ Hl\[X XelcX[X# gfi g\i[`$ [X cX c`Yi\kX [\ X_fiifj Eif% +,'('.*+/. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf )0 [\ FZklYi\# g\ik\e\Z`\ek\ Xc Ji% GX\i :_XcX Cl`j =\ieXe[f Zfe :%@% (''*)'-'/$(% 8%G%&+//,)&b%d% $$$$$$$$$$$$$$$$$$$$ Hl\[X XelcX[X gfi ifYf cX c`Yi\kX [\ X_fiifj E² +(+'+)'+'+ [\ cX :ffg\iXk`mX )0 [\ FZklYi\# g\ik\e\Z`\ek\ X cX JiX% K\i\jX 8id\e[Xi`q Efi`\^X% 8%G%&+////&b%d% $$$$$$$$$$$$$$$$$$$$$ Hl\[X XelcX[X gfi g„i[`[X cX c`Yi\kX [\ X_fiifj +(('0(+- [\ cX :ffg\iXk`mX )0 [\ FZklYi\ g\ik\e\Z`\ek\ Xc Ji% DXel\c C\dX QXdYiXef% 8%G%&+///0&b%d% 444444 J\ XelcX le i\Z`Yf [\ ZfYiXe$ qX Ef% (+),/+# g\ik\e\Z`\ek\ X J`Z :fekXZ :\ek\ [\gXikXd\e$ kf [\ :fYiXeqX [\ Le`YXeZf% 8:&.0(+)&k] 44444 Gfi g„i[`[X j\ XelcX c`Yi\kX [\ 8_fiifj '-'/'('').'+ [\ cX :ffg\iXk`mX :8:G<:F [\c Ji% :l\mX IfYXc`ef DXiZf M`e`Z`f% 8:&.0(.*&k]

BANCO AMAZONAS Hl\[X i\mfZX[f \e \c 9XeZf 8dXqfeXj \c Z_\hl\ Ef% /-,&/--&/-.&/-/&/-0 [\ cX Zl\ekX Zfii`\ek\ *'*('-+*+' g\ik\e\Z`\ek\ X >FEQ8CF :F<CCF Q8G8K8 8:& ('-(, ( d^

BANCO DEL PACIFICO J\ XelcX gfi g„i[`[X <C :<IK@=@:8;F ;< @EM<IJ@FE ELD$ )-(*,/0). [\c 98E:F ;<C G8:@=@:F [\ cX :`l[X[ [\ HL@KF g\ik\e\Z`\ek\ 8E8 >89I@<C8 GIF8zF :FIE<AF Dfekf [\ :Xg`kXc LJ; +''%''# hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX gi`d\iX glYc`ZXZ`�e% 8:&0.)/&XX

Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.