Edición impresa Revista Judicial del 1 de junio de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

ĹŠ Ä–ĹŠ : ĹŠ ĹŠ ĹŠ ĹŠ ÂĄ

;b C_d_ij[h_e Z[ H[bWY_ed[i BWXehWb[i Z[iZ[ ^WY[ lWh_Wi i[cW# dWi i[ [dYk[djhW Z[iWhhebbWdZe [b fhe]hWcW Z[dec_dWZe ÆJhWXW`e :_]deÇ$ ;d ik fh_c[hW \Wi[ [b fhe# ]hWcW Yedi_ij_ÂŒ [d bW Z_\ki_ÂŒd Z[ bei Z[h[Y^ei Z[ bei jhWXW`WZeh[i" c_[djhWi gk[ Z[iZ[ [b ( Z[ cWoe fWiWZe i[ ^W YedY[djhWZe [d bW _di# f[YY_ÂŒd W bWi f[gk[‹Wi" c[Z_WdWi o ]hWdZ[i [cfh[iWi Z[b fW‡i$ BWi eXb_]WY_ed[i Z[b [cfb[W# Zeh ied Z_l[hiWi1 feh [bbe [d [ij[ 8eb[j‡d i_dj[j_pWcei bWi fh_dY_# fWb[i eXb_]WY_ed[i gk[ dk[ijhei W\_b_WZei Z[X[d j[d[h [d Yk[djW fWhW bei Yedjheb[i gk[ i[ [dYk[d# jhWd h[Wb_pWdZe bei _dif[Yjeh[i Z[ jhWXW`e$ E8B?=79?ED;I :;B ;CFB;7:EH E8B?=79?ED;I :; J?FE ;9EDâC?9E š FW]Wh bW h[ckd[hWY_ÂŒd fWYjWZW gk[ [d d_d]‘d YWie feZh| i[h _d\[h_eh Wb iWbWh_e X|i_Ye kd_\_# YWZe b[]Wbc[dj[ [ijWXb[Y_Ze$ š FW]Wh Zei h[ckd[hWY_ed[i WZ_Y_edWb[i0 bW Z[Y_cej[hY[hW e Xede dWl_Z[‹e o bW Z[Y_ceYkWh# jW e Xede [iYebWh" [d bWi ƒfeYWi o Yed bWi b_c_jWY_ed[i o YWhWYj[# h‡ij_YWi gk[ bW b[o [ijWXb[Y[ [d \ehcW [nfh[iW$ š :[ i[h [b YWie" fW]Wh bei \edZei Z[ h[i[hlW Z[ cWd[hW c[dikWb Z_h[YjWc[dj[ Wb jhWXW`WZeh" Yehh[ifedZ_[dj[ Wb .$)) Z[ bW h[ckd[hWY_ÂŒd Z[ WfehjWY_ÂŒd Z[ifkƒi Z[b fh_c[h W‹e Z[ jhW# XW`e$ š FW]Wh Wb jhWXW`WZeh bW h[ckd[# hWY_ÂŒd Yehh[ifedZ_[dj[ Wb j_[c# fe f[hZ_Ze YkWdZe bW _cfei_X_# b_ZWZ Z[ jhWXW`Wh i[W feh YkbfW Z[b [cfb[WZeh$ š FW]Wh Wb jhWXW`WZeh" YkWdZe de j[d]W Z[h[Y^e W bW fh[ijWY_ÂŒd feh fWhj[ Z[b ?;II" [b +& Z[ ik h[ckd[hWY_ÂŒd [d YWie Z[ [d\[h# c[ZWZ de fhe\[i_edWb" ^WijW feh Zei c[i[i [d YWZW W‹e" fh[l_e

"(3.1 ĹŠ ÂĄ ĹŠ

g Ĺ?Ĺ?Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ÄŠÄ‡Ä Ä‰

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

-2/#!!(.-#2ĹŠ + .1 +#2 Y[hj_\_YWZe cƒZ_Ye gk[ WYh[Z_j[ bW _cfei_X_b_ZWZ fWhW [b jhWXW`e e bW d[Y[i_ZWZ Z[ Z[iYWdie$ š FW]Wh Wb jhWXW`WZeh bei ]Wijei Z[ _ZW o lk[bjW" Wbe`Wc_[dje o Wb_c[djWY_ÂŒd YkWdZe" feh hWpe# d[i Z[b i[hl_Y_e" j[d]W gk[ jhWi# bWZWhi[ W kd bk]Wh Z_ij_dje Z[b Z[ ik h[i_Z[dY_W$ š FW]Wh W iki jhWXW`WZeh[i [b '+ Z[ bWi kj_b_ZWZ[i b‡gk_ZWi eXj[# d_ZWi [d ik d[]eY_e" WYj_l_ZWZ e [cfh[iW ZkhWdj[ [b W‹e Wdj[# h_eh$ ;ij[ fehY[djW`[ i[ Z_ijh_Xk# o[ Z[ bW i_]k_[dj[ cWd[hW0 W ;b '& i[ Z_l_Z_h| [djh[ bei jhWXW`WZeh[i [d fWhj[i _]kWb[i1 i_ Wb]‘d jhWXW`WZeh de ^kX_[h[ bWXehWZe [b W‹e Yecfb[je h[Y_X_h| bW fWhj[ fhefehY_edWb Wb j_[cfe Z[ i[hl_Y_ei$ I_d [cXWh]e" i_ kd jhWXW`WZeh ^kX_[h[ h[Y_X_Ze ieXh[ik[bZei e ]hWj_\_YWY_ed[i Ykoe cedje \k[h[ _]kWb e [nY[Z_[h[ W [ijW ikcW" de j[dZh| Z[h[Y^e W fWhj_Y_fWh [d [ij[ h[fWhje$ F[he i_ \k[h[d c[de# h[i" j[dZh| Z[h[Y^e W bW Z_\[h[d# Y_W" X ;b + feh YWh]Wi \Wc_b_Wh[i0 W bei ^_`ei c[deh[i Z[ '. W‹ei" ^_`ei Z_iYWfWY_jWZei Z[ YkWbgk_[h [ZWZ" bW e [b YÂŒdok][ o [b e bW Yedl_l_[d# j[$ ;b fehY[djW`[ Z[ kj_b_ZWZ[i gk[ Yehh[ifedZ[ W bei jhWXW`WZeh[i Z[X[ fW]Whi[ ^WijW [b '+ Z[ WXh_b1 i_d [cXWh]e" bWi [cfh[iWi fk[Z[d YedY[Z[h Wdj_Y_fei feh Yk[djW Z[ bWi kj_b_ZWZ[i$ Bei jhWXW`WZeh[i Z[b i[Yjeh ^_ZheYWhXkh‡\[he o c_d[he h[Y_X_# h|d ‘d_YWc[dj[ [b ) Z[ kj_b_ZWZ[i o [b '( i[h| fW]WZe Wb ;ijWZe$ 7 bei jhWXW`WZeh[i Z[ bW f[gk[‹W c_d[h‡W i[ b[i fW]Wh| [b '& Z[b fehY[djW`[ Z[ kj_b_ZWZ[i o [b + h[ijWdj[ i[h| fW]WZe Wb ;ijWZe$ š FW]Wh bei h[YWh]ei Yehh[ifed# Z_[dj[i feh ^ehWi ikfb[c[djW#

h_Wi o [njhWehZ_dWh_Wi0 ;djh[ bWi ,^&& o (*^&&" +& Z[ h[YWh]e feh YWZW ^ehW ikfb[c[djWh_W$ ;djh[ bW (*^&& o bWi ,^&&" '&& Z[ h[YWh]e feh YWZW ^ehW ikfb[c[djWh_W$ I|XWZei o Zec_d]ei" '&& Z[ h[YWh]e ^ehWi [njhWehZ_dWh_Wi $ š FW]Wh [b h[YWh]e Yehh[ifedZ_[d# j[ feh `ehdWZW deYjkhdW$ I_ bW `ehdWZW i[ Z[X[ Ykcfb_h [djh[ bWi '/0&& ^ehWi o bWi ,0&& ^ehWi Z[b Z‡W i_]k_[dj[" i[ YWb_\_YWh| Yece deYjkhdW$ ;d [ij[ YWie" bW ZkhWY_Œd fk[Z[ i[h _]kWb W bW Z[ bW `ehdWZW Z_khdW" f[he bW h[ck# d[hWY_Œd Z[X[h| i[h Wkc[djWZW [d kd (+ $ š FW]Wh Wb jhWXW`WZeh [b lWbeh Yehh[ifedZ_[dj[ W lWYWY_e# d[i bk[]e Z[ kd W‹e Yecfb[je Z[ jhWXW`e$ BW h[ckd[hWY_Œd Yehh[ifedZ_[dj[ Wb f[h‡eZe Z[

š FW]Wh jeZei bei X[d[\_Y_ei [Ye# dŒc_Yei gk[ h[ikbj[d Z[ bW Yed# jhWjWY_Œd Yeb[Yj_lW$ š ;\[YjkWh" [d \ehcW c[dikWb" bW h[j[dY_Œd [d bW \k[dj[ Z[b _cfk[ije W bW h[djW Z[ iki jhWXW`WZeh[i feh bei _d]h[iei gk[ h[Y_XWd feh ik jhWXW`e [d h[bWY_Œd Z[ Z[f[dZ[dY_W$ ;d [ij[ YWie bW XWi[ _cfed_Xb[ Z[b _cfk[ije i[ Yedij_jko[ Yed bW jejWb_ZWZ Z[ bei _d]h[iei ehZ_# dWh_ei o [njhWehZ_dWh_ei gk[ f[hY_XW [b jhWXW`WZeh1 i_ [ijei _d]h[iei ikf[hWd bW XWi[ _cfe# d_Xb[ [i YkWdZe [b [cfb[WZeh [\[Yj‘W bW h[j[dY_Œd c[dikWb [d bW \k[dj[$ š ?dZ[cd_pWh W bei jhWXW`WZeh[i feh bei WYY_Z[dj[i gk[ ik\h_[h[d [d [b jhWXW`e o feh bWi [d\[hc[# ZWZ[i fhe\[i_edWb[i" i_[cfh[ gk[ jWb X[d[\_Y_e de b[ i[W Yed# Y[Z_Ze feh [b ?;II$ š ;djh[]Wh W bW WieY_WY_Œd W bW YkWb f[hj[d[pYW [b jhWXW`WZeh ckb# jWZe [b Y_dYk[djW feh Y_[dje Z[ bWi ckbjWi gk[ b[ _cfed]W feh _dYkcfb_c_[dje Z[b YedjhWje Z[ jhWXW`e$

lWYWY_ed[i '+ Z‡Wi Z[X[ i[h fW]WZW feh WZ[bWdjWZe$ FWhW ik Y|bYkbe i[ YecfkjWh| bW l[_dj_# YkWjheWlW fWhj[ Z[ be f[hY_X_# Ze feh [b jhWXW`WZeh feh ^ehWi ehZ_dWh_Wi" ikfb[c[djWh_Wi o [njhWehZ_dWh_Wi o jeZW ejhW h[jh_XkY_Œd WYY[ieh_W gk[ ^WoW j[d_Ze [b YWh|Yj[h Z[ dehcWb [d bW c_icW [cfh[iW [d [b c_ice f[h‡eZe$ š I_ [b jhWXW`WZeh ^W bWXehWZe fWhW [b c_ice [cfb[WZeh feh c|i Z[ + W‹ei" W fWhj_h Z[b i[nje j[dZh| Z[h[Y^e W kd Z‡W WZ_Y_e# dWb Z[ lWYWY_ed[i feh YWZW W‹e [nY[Z[dj[" ^WijW kd c|n_ce Z[ )& Z‡Wi$ š FW]Wh bWi f[di_ed[i `kX_bWh[i fWjhedWb[i Wb jhWXW`WZeh gk[ b[ ^kX_[h[ fh[ijWZe iki i[hl_Y_ei feh (+ W‹ei e c|i" Yedj_dkW e _dj[hhkcf_ZWc[dj[$

E8B?=79?ED;I :; I;=KH?:7: ; >?=?;D; ;D ;B JH787@E$ š Ik`[jWhi[ W bWi c[Z_ZWi Z[ fh[# l[dY_ÂŒd" i[]kh_ZWZ [ ^_]_[d[ Z[b jhWXW`e o Z[c|i Z_ifei_Y_e# d[i b[]Wb[i o h[]bWc[djWh_Wi$ š ;d jeZe c[Z_e f[hcWd[dj[ Z[ jhWXW`e gk[ j[d]W '& jhWXW`W# Zeh[i" bei [cfb[WZeh[i [ij|d eXb_]WZei W [bWXehWh o iec[j[h W bW WfheXWY_ÂŒd Z[b C_d_ij[h_e Z[ H[bWY_ed[i BWXehWb[i feh c[Z_e Z[ bW :_h[YY_ÂŒd H[]_edWb Z[b JhWXW`e" kd H[]bWc[dje Z[ >_]_[d[ o I[]kh_ZWZ" [b c_ice gk[ i[h| h[delWZe YWZW Zei W‹ei$ š ;d jeZe Y[djhe Z[ jhWXW`e [d gk[ bWXeh[d c|i Z[ '+ jhWXW`W# Zeh[i Z[X[h| eh]Wd_pWhi[ kd 9ec_jƒ Z[ I[]kh_ZWZ [ >_]_[d[ Z[b JhWXW`e _dj[]hWZe feh jh[i h[fh[i[djWdj[i Z[ bei jhWXW`W# Zeh[i o jh[i h[fh[i[djWdj[i Z[ bei [cfb[WZeh[i$ š ;d bWi [cfh[iWi f[hcWd[dj[i gk[ Yk[dj[d Yed '&& e c|i jhWXW`WZeh[i [ijWXb[i" i[ Z[X[# h| YedjWh Yed kdW Kd_ZWZ Z[ :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä‚

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

I[]kh_ZWZ [ >_]_[d[" Z_h_]_ZW feh kd jƒYd_Ye [d bW cWj[h_W gk[ h[fehjWh| W bW c|i WbjW Wkjeh_# ZWZ Z[ bW [cfh[iW e [dj_ZWZ$ 9edi[hlWh [d [b bk]Wh Z[ jhWXW`e kd Xej_gk‡d Yed bei c[Z_YWc[djei _dZ_if[diWXb[i fWhW bW Wj[dY_ÂŒd Z[ iki jhWXW`WZeh[i$ I_ jkl_[h[ (+ e c|i jhWXW`WZeh[i" Z[X[h| YedjWh WZ[c|i Yed kd beYWb Z[ij_dWZe W [d\[hc[h‡W1 o i_ jkl_[h[ c|i Z[ Y_[d jhWXW`WZeh[i [ijWXb[Y[h| kd i[hl_Y_e cƒZ_Ye f[hcWd[dj[" Yed [b f[hiedWb cƒZ_Ye o fWhWcƒZ_Ye d[Y[iWh_e o [d kd beYWb WZ[YkWZe fWhW [b [\[Yje$ Fk[Z[d ikiYh_X_h kd Yedl[d_e Yed [b ?;II fWhW [ijWXb[Y[h kd Æ:_if[diWh_e cƒZ_# Ye Wd[neÇ$ I_[cfh[ [b [cfb[WZeh Z[X[ [ijWh [d YWfWY_ZWZ Z[ Z[ceijhWh" Yed bWi fhk[XWi ZeYkc[djWb[i d[Y[# iWh_Wi" bWi YedZ_Y_ed[i [d gk[ i[ ^W Ykcfb_Ze [b YedjhWje0 j_[cfe Z[ i[hl_Y_ei" ^ehWh_ei Z[ jhWXW`e" fW]e Z[ h[ckd[hWY_ed[i" ^ehWi ikfb[c[djWh_Wi" [njhWehZ_dWh_Wi" kj_b_ZWZ[i" lWYWY_ed[i" Z[iYk[djei h[Wb_pWZei" \ehcW [d gk[ [b jhWXW`W# Zeh Z[i[cf[‹Œ iki \kdY_ed[i" [jY$ FWhW [ije [i d[Y[iWh_e gk[ i[ bb[# l[d bei Yehh[ifedZ_[dj[i h[]_ijhei WYjkWb_pWZei$ E8B?=79?ED;I 9ED ;B I;=KHE IE9?7B GF;<I ;I% A8@D< 8E;IyJ 8:FJK8 ?FC>LĂ E EFK8I@F M@>yJ@DF F:K8MF I<MF:8KFI@8 ;< GF;<I<J FKFI>8;F GFI1 I<GJFC PG= <:L8;FI J%8% 8 =8MFI ;<1 :8ICFJ ALC@F 8IE8F I8DĂ I<Q# AF8HLĂ E 9F:<K8 CFG<Q# 8EKFE@F CL@J ?<IEĂ?E;<Q CäG<Q# CL@J <;@JFE E8IMĂ?<Q M@CC8>äD<Q P =<IE8E;F I8èC ;8JJF% :L8EKĂ 81 @E;<K<ID@E8;8 ;@1 * :FG@8J <e cX Z`l[X[ [\ JXe =iXeZ`jZf [\ Hl`kf# ;`jki`kf D\kifgfc`kXef# :Xg`kXc [\ cX I\gÂ’Yc`ZX [\c <ZlX[fi# \c [ˆX [\ _fp al\m\j hl`eZ\ (, [\ dXiqf [\c XÂŒf [fj d`c j`\k\ )''. # Xek\ d` ;fZkfi AX`d\ 8e[i„j 8ZfjkX ?fc^lˆe# EfkXi`f M`^„j`df FZkXmf [\c :XekÂ?e Hl`kf# ZfdgXi\Z\1 \c j\ÂŒfi [fe <mXe[if :fii\X EXZlc# [\ \jkX[f Z`m`c ZXjX[f# [\ eXZ`feXc`[X[ YiXj`c\iX# gfikX[fi [\ cX Z„[lcX [\ `[\ek`[X[ eÂ’d\if lef j`\k\ [fj ki\j el\m\ ki\j lef lef el\m\ Z\if (.)*0*((0' # [fd`Z`c`X[f \e \jkX Z`l[X[ [\ JXe =iXeZ`jZf [\ Hl`kf# \e jl ZXc`[X[ [\ 8gf[\iX[f >\e\iXc p Zfdf kXc I\gi\j\ekXek\ C\^Xc [\ cX ZfdgXŒˆX I<GJFC PG= <:L8;FI JF:@<;8; 8EäE@D8# Zfe]fid\ j\ [\jgi\e[\ [\ cX Zfg`X Z\ik`]`ZX[X [\c Gf[\i hl\ j\ `eZfigfiX Zfdf _XY`$ c`kXek\ X cX gi\j\ek\ \jZi`kliX gÂ’Yc`$ ZX%$ <c ZfdgXi\Z`\ek\ \j dXpfi [\ \[X[# _}Y`c gXiX ZfekiXkXi p fYc`^Xi$ j\# X hl`\e [\ ZfefZ\i [fp ]\ p d\ g`[\ hl\ \c\m\ X \jZi`kliX gÂ’Yc`ZX cX d`elkX hl\ d\ \eki\^X p hl\ k\o$ klXcd\ek\ [`Z\1 J<zFI EFK8I@F1 <e \c i\^`jkif [\ \jZi`kliXj gÂ’Yc`ZXj X jl ZXi^f# jˆimXj\ `ej\ikXi leX [\ I\mfZXZ`Â?e [\ Gf[\i\j# Xc k\efi [\ cXj j`^l`\ek\j Zc}ljlcXj1 GI@D<I81 :FDG8I<:@<EK<J%$ :fdgXi\Z\ X cX Z\c\YiXZ`Â?e [\ cX gi\j\ek\ \jZi`$ kliX [\ I\mfZXkfi`X [\ Gf[\i\j cX ZfdgXŒˆX I<GJFC PG= <:L8;FI JF:@<;8; 8EäE@D8# ZfdgXŒˆX Zfejk`kl`[X [\ Zfe]fid`[X[ Zfe cXj

Ĺ?

š ?diYh_X_h W bei jhWXW`WZeh[i [d [b ?dij_jkje ;YkWjeh_Wde Z[ I[]kh_ZWZ IeY_Wb ?;II " Z[iZ[ [b fh_c[h Z‡W Z[ bWXeh[i" ZWdZe Wl_ie Z[ [djhWZW Z[djhe Z[ bei fh_c[hei '+ Z‡Wi$ š EXj[d[h [d bW Yehh[ifedZ_[dj[ Z[f[dZ[dY_W Z[b ?;II bW h[i# f[Yj_lW YbWl[ fWjhedWb" gk[ be _Z[dj_\_YWh| [d jeZWi bWi h[bW# Y_ed[i gk[ Z[XW cWdj[d[h Yed [iW [dj_ZWZ$ š :Wh Wl_ie Z[ iWb_ZW Z[b jhWXW`W# Zeh" Wf[dWi j[hc_d[ bW h[bWY_Œd bWXehWb feh YkWbgk_[h YWkiW$ š ;ijWh Wb Z‡W [d [b fW]e Z[ bWi WfehjWY_ed[i Wb ?;II$ š H[j[d[h Z[ bW h[ckd[hWY_Œd Z[b jhWXW`WZeh [b lWbeh Z[ bei Wfehj[i f[hiedWb[i Z[b c_ice o bei Yehh[ifedZ_[dj[i W bei Z_l_Z[dZei Z[ bei fhƒijWcei gk_he]hW\Wh_ei [ ^_fej[YWh_ei gk[ [b jhWXW`WZeh Z[XW fW]Wh Wb ?;II$ š I_ [b jhWXW`WZeh cWd_\_[ijW ik lebkdjWZ Z[ gk[ bei \edZei Z[ h[i[hlW i[ Z[fei_j[d [d [b ?;II" [b [cfb[WZeh be ^Wh|" c[dikWb# c[dj[" feh [b cedje Z[b .")) Z[ bW h[ckd[hWY_Œd Z[ WfehjWY_Œd" Yed`kdjWc[dj[ Yed bW fbWd_bbW c[dikWb Z[ Wfehj[i$ š :Wh Wl_ie Wb ?;II Z[ bW ceZ_\_# YWY_Œd Z[b ik[bZe e iWbWh_e" Z[ bW [d\[hc[ZWZ" Z[ bW i[fWhWY_Œd Z[b jhWXW`WZeh" k ejhW del[ZWZ h[b[lWdj[ fWhW bW ^_ijeh_W bWXe# hWb Z[b Wi[]khWZe" Z[djhe Z[b jƒhc_de Z[ ) Z‡Wi feij[h_eh[i W bW eYkhh[dY_W Z[b ^[Y^e$ EJH7I E8B?=79?ED;I

c\p\j [\c I\`ef [\ <jgXÂŒX p [fd`Z`$ c`X[X \e \jkX Z`l[X[ [\ JXe =iXeZ`jZf [\ Hl`kf ;`jki`kf D\kifgfc`kXef [\Y`[Xd\ek\ i\gi\j\ekX[X gfi jl 8gf[\iX[f >\e\iXc# \c j\ÂŒfi [fe <M8E;IF :FII<8 E8:LC# j\^Â’e ZfejkX [\c gf[\i hl\ Zfdf _XY`c`$ kXek\ j\ `eZfigfiX# gXik\ X cX ZlXc \e cf jlZ\j`mf j\ [\efd`eXi} ĂˆC8 : F D G8 z Ă 8É % $ J < > L E ; 8 1 8EK<:<;<EK<J%$ LEF%$ I<GJFC PG= <:L8;FI JF:@<;8; 8EäE@D8 \j leX ZfdgXŒˆX Zfejk`$ kl`[X [\ Zfe]fid`[X[ Zfe cX c\^`jcX$ Z`Â?e [\c I\`ef [\ <jgXÂŒX% CX Jlg\i`ek\e[\eZ`X [\ :fdgXŒˆXj XgifYÂ? \c \jkXYc\Z`d`\ekf [\ cX jlZlijXc [\ cX ZfdgXŒˆX I<GJFC PG= <:L8;FI JF:@<;8; 8EäE@D8 d\[`Xek\ I\jfclZ`Â?e EÂ’d\if Z\if Z\if glekf H glekf @A glekf [fj Z\if j`\k\ ki\j ''% H%@A%)'.* [\ ]\Z_X m\`ek\ p [fj )) [\ j\gk`\dYi\ [\c XÂŒf [fj d`c )''' % CX iXqÂ?e [\ XgifYXZ`Â?e [\c \jkXYc\Z`d`\ekf [\ cX jlZlijXc ]l\ [\Y`[Xd\ek\ `ejZi`kf \e \c I\^`jkif D\iZXek`c X cf j\`j - [ˆXj [\c d\j [\ fZklYi\ [\c XÂŒf [fj d`c )''' % CX jlZlijXc j\ \eZl\ekiX [\Y`[X$ d\ek\ [fd`Z`c`X[X \e <ZlX[fi j\^Â’e ZfejkX [\ cX \jZi`kliX [\ gif$ kfZfc`qXZ`Â?e [\ cfj \jkXklkfj [\ cX jfZ`\[X[ fkfi^X[X Xek\ cX EfkXiˆX M`^„j`dX FZkXmX [\ \jkX Z`l[X[ [\ JXe =iXeZ`jZf [\ Hl`kf ;`jki`kf D\kifgfc`kXef X cfj [`\Z`fZ_f (/ [ˆXj [\c d\j [\ fZklYi\ [\c XÂŒf [fj d`c )''' %$ ;FJ%$ I<GJFC PG= <:L8;FI JF:@<;8; 8EäE@D8 Zfe]`i`Â? Gf[\i >\e\iXc Xc j\ÂŒfi [fe <M8E;IF :FII<8 E8:LC d\[`Xek\ \jZi`kliX gÂ’Yc`ZX fkfi^X[X \e cX Z`l[X[ [\ DX[i`[# ZXg`kXc [\c I\`ef <jgXÂŒX# Xek\ \c j\ÂŒfi EfkXi`f [fe :Xicfj I`m\j >iXZ`X# X cfj [fZ\ () [ˆXj [\c d\j [\ ale`f [\c XÂŒf [fj d`c [fj )'') # [fZld\ekf hl\ j\ X[alekX Zfdf _XY`c`kXek\% GXiX jl gc\eX m`^\eZ`X \e <ZlX[fi# [`Z_f `ejkild\ekf ]l\1 ` Xgfjk`ccX[f \e <jgXÂŒX X cfj feZ\ (( [ˆXj [\c d\j [\ fZklYi\ [\c XÂŒf [fj d`c j\`j )''- 2 `` gifkfZfc`qX[f Xek\ cX EfkXiˆX M`^„j`dX FZkXmX [\ \jkX Z`l[X[ [\ JXe =iXeZ`jZf [\ Hl`kf

;`jki`kf D\kifgfc`kXef2 ``` ZXc`]`ZX$ [f p XgifYX[f gfi gXik\ [\ cX Jlg\i`ek\e[\eZ`X [\ :fdgXŒˆXj d\[`Xek\ I\jfclZ`Â?e eÂ’d\if Z\if j\`j glekf H glekf @A glekf ZlXkif [fj ZlXkif ZlXkif '-%H%@A%+)++ [\ ]\Z_X gi`d\if ( [\ efm`\dYi\ [\c XÂŒf [fj d`c j\`j )''- 2 `m `ejZi`$ kf \e \c I\^`jkif D\iZXek`c X cfj [`\Z`j„`j (- [ˆXj [\c d\j [\ efm`\dYi\ [\c XÂŒf [fj d`c j\`j )''- 2 m XgifYX[f d\[`Xek\ ]Xccf [`ZkX[f gfi \c Alq^X[f M`^„j`df Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X X cfj m\`ek\ p ZlXkif )+ [ˆXj [\c d\j [\ efm`\dYi\ [\c XÂŒf [fj d`c j\`j )''- 2 m` i\^`jkiX[f Xek\ \c D`e`jk\i`f [\ <e\i^ˆX p D`eXj X cfj m\`ek\ p el\m\ )0 [ˆXj [\c d\j [\ efm`\dYi\ [\c XÂŒf [fj d`c [fj )''- 2 p# m`` dXi^`eX[f Xek\ \c I\^`jkif D\iZXek`c X cfj [`\Z`el\m\ (0 [ˆXj [\c d\j [\ [`Z`\dYi\ [\c XÂŒf [fj d`c j\`j )''- # j\^Â’e i\qX [\ cX Zfg`X Z\ik`]`ZX[X hl\ j\ X^i\^X X cX gi\j\ek\%$ KI<J%$ CX ]XZlckX[ [„Z`dX gi`d\iX ((Âą Zfek\e`[X \e \c Gf[\i >\e\iXc \jkXYc\Z\ cX j`^l`\ek\ gi\iif^Xk`mX1 ĂˆI\mfZXi cfj gf[\i\j ZfeZ\[`[fj gfi „c d`jdf \e \a\iZ`Z`f [\c gi\j\ek\# Xjˆ Zfdf cfj fkfi^X[fj gfi \c äi^Xef [\ 8[d`e`jkiXZ`Â?e f gfi fkifj 8gf[\iX[fj [\ cX JfZ`\[X[%É% K<I:<I81 I<MF:8KFI@8 ;< GF;<I<J%$ :fe cfj Xek\Z\[\ek\j \ogl\jkfj# I<GJFC PG= <:L8;FI JF:@<;8; 8EäE@D8# gfi cX `ek\i$ gl\jkX g\ijfeX [\ jl 8gf[\iX[f >\e\iXc# \c j\ÂŒfi [fe <M8E;IF :FII<8 E8:LC# [\ Zfe]fid`[X[ Zfe cf hl\ \jkXYc\Z`[f \e cX ]XZlckX[ [„Z`dX gi`d\iX ((Âą Zfek\e`[X \e \c Gf[\i >\e\iXc# i\mfZX cfj gf[\i\j hl\ j\ [\kXccXe [\ cXj j`^l`\ek\j g\ijfeXj1 ` gf[\i ^\e\iXc [\ [fe :Xicfj Alc`f 8ieXf IXdˆi\q# [\ eXZ`feXc`[X[ \ZlXkfi`XeX# gfikX[fi [\ cX Z„[lcX [\ Z`l[X[XeˆX eÂ’d\if Z\if el\m\ Z\if ki\j [fj Z`eZf ki\j j\`j Z\if fZ_f '0'*),*-'/ # Zfe$ ]\i`[f d\[`Xek\ \jZi`kliX fkfi^X[X Xek\ \c EfkXi`f [\ DX[i`[ [fe :Xicfj I`m\j >iXZ`X \c m\`ek\ )' [\ X^fj$ kf [\ [fj d`c [fj )'') p Xdgc`X[f \e jlj ]XZlckX[\j d\[`Xek\ \jZi`kl$

š ;ijWXb[Y[h Yec[Zeh[i fWhW bei jhWXW`WZeh[i YkWdZe ƒijei bWXe# h[d [d d‘c[he Z[ Y_dYk[djW e c|i [d bW \|Xh_YW e [cfh[iW" o bei beYWb[i Z[ jhWXW`e [ijkl_[h[d i_jkWZei W c|i Z[ Zei a_bŒc[# jhei Z[ bW feXbWY_Œd c|i Y[hYW# dW$ š ;ijWXb[Y[h [iYk[bWi [b[c[d# jWb[i [d X[d[\_Y_e Z[ bei ^_`ei Z[ bei jhWXW`WZeh[i" YkWdZe i[ jhWj[ Z[ Y[djhei f[hcWd[dj[i Z[ jhWXW`e kX_YWZei W c|i Z[ Zei a_bŒc[jhei Z[ Z_ijWdY_W Z[ bWi feXbWY_ed[i o i_[cfh[ gk[ bW feXbWY_Œd [iYebWh i[W feh be c[dei Z[ l[_dj[ d_‹ei" i_d f[h`k_Y_e Z[ bWi eXb_]WY_ed[i [cfh[iWh_Wb[i Yed h[bWY_Œd W bei jhWXW`WZeh[i WdWb\WX[jei$ š BWi [cfh[iWi [d gk[ bWXeh[d +& e c|i jhWXW`WZeh[i Z[X[d [ijWXb[Y[h Wd[ne e fhŒn_ce W [bbWi kd i[hl_Y_e Z[ ]kWhZ[h‡W _d\Wdj_b fWhW bW Wj[dY_Œd Z[ iki ^_`ei$ ;b [cfb[WZeh feZh| Ykc# fb_h [ijW eXb_]WY_Œd YedjhWjWd# Ze [ij[ i[hl_Y_e Yed ]kWhZ[h‡Wi [ijWjWb[i e fh_lWZWi" e feZh| WieY_Whi[ Yed ejhei [cfb[WZe# h[i fWhW [djh[ jeZei eh]Wd_pWh o cWdj[d[h [ij[ i[hl_Y_e$ š I_ kdW [cfh[iW jkl_[h[ Z_[p e c|i jhWXW`WZeh[i [ijWXb[# Y[h WbcWY[d[i Z[ Whj‡Ykbei Z[ fh_c[hW d[Y[i_ZWZ" fWhW l[d# Z[hbei W fh[Y_ei Z[ Yeije$ BWi [cfh[iWi Ykcfb_h|d [ijW eXb_# ]WY_Œd Z_h[YjWc[dj[ c[Z_Wdj[ [b [ijWXb[Y_c_[dje Z[ ik fhef_e Yec_iWh_Wje e c[Z_Wdj[ bW Yed# jhWjWY_Œd Z[ [ij[ i[hl_Y_e Yed# `kdjWc[dj[ Yed ejhWi [cfh[iWi

e Yed j[hY[hei$ š Ikc_d_ijhWh YWZW W‹e Z[ \ehcW ]hWjk_jW W bei jhWXW`WZeh[i hefW WZ[YkWZW fWhW bWi bWXeh[i gk[ [ij|d eXb_]WZei W Z[i[cf[‹Wh$ š 9edY[Z[h bWi b_Y[dY_Wi Yed Z[h[# Y^e W h[ckd[hWY_Œd Yed\ehc[ i[ [ijWXb[Y[ [d bW b[o feh bWi i_]k_[dj[i YWkiWi0 [d\[hc[ZWZ" cWj[hd_ZWZ" fWj[hd_ZWZ" i[hl_# Y_e c_b_jWh" X[YWi o [ijkZ_ei" [djh[ ejhWi$ š 9ed\[h_h Wb jhWXW`WZeh Y[hj_\_YW# Zei h[bWj_lei W ik jhWXW`e YkWd# jWi l[Y[i be ieb_Y_jWh[$ š ;d jeZei bei YWiei [d gk[ [b Yed# jhWje _dZ_l_ZkWb Z[ jhWXW`e Z[XW Y[b[XhWhi[ feh [iYh_je" jWcX_ƒd Z[X[h| h[]_ijhWhi[ Z[djhe Z[ bei )& Z‡Wi i_]k_[dj[i W ik Y[b[XhW# Y_Œd" [d bW _dif[YY_Œd Z[b jhWXW`e Z[b bk]Wh [d gk[ [b jhWXW`WZeh fh[ij[ iki i[hl_Y_ei$ š FhefehY_edWh efehjkdWc[dj[ W bei jhWXW`WZeh[i bei ‘j_b[i" _di# jhkc[djei o cWj[h_Wb[i d[Y[iW# h_ei fWhW bW [`[YkY_Œd Z[b jhWXW# `e$ š H[if[jWh bWi WieY_WY_ed[i Z[ jhWXW`WZeh[i$ š Ik`[jWhi[ Wb h[]bWc[dje _dj[hde b[]Wbc[dj[ WfheXWZe$ š 9edjhWjWh W f[hiedWi Yed Z_i# YWfWY_ZWZ * Z[b jejWb Z[ jhW# XW`WZeh[i [ _cfb[c[djWh bWi c[Z_ZWi WZ[YkWZWi fWhW [b Z[i# [cf[‹e Z[ bWi bWXeh[i Z[ [ijWi f[hiedWi$ DEL;:7:;I0 ;n_ij[ kd dk[le i_ij[cW Z[ h[]_i# jhe Z[ kj_b_ZWZ[i [d b‡d[W" Ykoe fheY[Z_c_[dje [i [b i_]k_[dj[0

I_ [b ^ecXh[ fheYkhWi[ i[h jWd Xk[de Yece fheYkhW fWh[Y[hbe" Yedi[]k_h‡W ik eX`[j_le$ 9H?IJ?D7 :; IK;9?7

iX fkfi^X[X Xek\ \c EfkXi`f [\ DX[i`[ [fe :Xicfj I`m\j >iXZ`X \c m\`ek\ p el\m\ )0 [\ [`Z`\dYi\ [\ [fj d`c ki\j )''* cX d`jdX hl\ ]l\ gifkfZfc`qX[X Xek\ \c j\ÂŒfi EfkXi`f M`^„j`df FZkXmf [\c :XekÂ?e Hl`kf# [fZkfi AX`d\ 8e[i„j 8ZfjkX ?fc^lˆe# Zfe ]\Z_X m\`ek\ p lef )( [\ \e\if [\ [fj d`c ZlXkif )''+ 2 `` gf[\i ^\e\iXc \e ZXc`[X[ [\ jlgc\ek\ [\c ^ilgf Ăˆ8É [\ [fe AfXhlˆe 9fZ\kX CÂ?g\q# [\ eXZ`feX$ c`[X[ \jgXÂŒfcX# gfikX[fi [\ cX Z„[l$ cX [\ `[\ek`[X[ \ZlXkfi`XeX eÂ’d\if lef j`\k\ lef j`\k\ [fj ki\j fZ_f ki\j el\m\ j\`j (.(.)*/*0- p [\c ;fZld\ekf EXZ`feXc [\ @[\ek`[X[ \jgXÂŒfc eÂ’d\if Z`eZf Z\if glekf el\m\ ki\j j\`j glekf lef ki\j Z\if ^l`Â?e g ,'%0*-%(*'$G # Zfe]\i`[f d\[`Xek\ \jZi`kliX fkfi^X[X Xek\ \c EfkXi`f [\ DX[i`[ [fe :Xicfj I`m\j >iXZ`X \c m\`ek\ p el\m\ )0 [\ [`Z`\dYi\ [\ [fj d`c ki\j )''* cX d`jdX hl\ ]l\ gifkfZfc`qX[X Xek\ \c j\ÂŒfi EfkXi`f M`^„j`df FZkXmf [\c :XekÂ?e Hl`kf# [fZkfi AX`d\ 8e[i„j 8ZfjkX ?fc^lˆe# Zfe ]\Z_X m\`ek\ p lef )( [\ \e\if [\ [fj d`c ZlXkif )''+ 2 ``` gf[\i ^\e\iXc \e ZXc`$ [X[ [\ jlgc\ek\ [\c ^ilgf Ăˆ9É [\c j\ÂŒfi [fe 8ekfe`f Cl`j ?\ie}e[\q CÂ?g\q# [\ eXZ`feXc`[X[ \jgXÂŒfcX# ZXjX[f# hlˆd`Zf `e[ljki`Xc# Zfe gXjXgfik\ \jgXÂŒfc eÂ’d\if Z\if Z`eZf [fj ZlXkif Z\if lef Z`eZf Z`eZf ^l`Â?e C ',)+'(,,$C # Zfe]\$ i`[f d\[`Xek\ \jZi`kliX fkfi^X[X Xek\ \c EfkXi`f [\ DX[i`[ [fe :Xicfj I`m\j >iXZ`X \c m\`ek\ p el\m\ )0 [\ [`Z`\dYi\ [\ [fj d`c ki\j )''*

cX d`jdX hl\ ]l\ gifkfZfc`qX[X Xek\ \c j\ÂŒfi EfkXi`f M`^„j`df FZkXmf [\c :XekÂ?e Hl`kf# [fZkfi AX`d\ 8e[i„j 8ZfjkX ?fc^lˆe Zfe ]\Z_X m\`ek\ p lef )( [\ \e\if [\ [fj d`c ZlXkif )''+ 2 `m gf[\i ^\e\iXc \e ZXc`[X[ [\ jlgc\ek\ [\c ^ilgf Ăˆ8É [\ [fe Cl`j <[`jfe EXim}\q M`ccX^Â?d\q# [\ eXZ`feXc`[X[ \ZlX$ kfi`XeX# gfikX[fi [\ cX Z„[lcX [\ Z`l[X[XeˆX \ZlXkfi`XeX eÂ’d\if Z\if ZlXkif Z\if Z\if ZlXkif j\`j ZlXkif el\m\ fZ_f el\m\ '+''+-+0/0 # Zfe]\i`[f d\[`Xek\ \jZi`kliX fkfi^X[X Xek\ \c EfkXi`f [\ DX[i`[ [fe :Xicfj i`m\j >iXZ`X \c m\`ek\ )' [\ X^fjkf [\ [fj d`c [fj )'') cX d`jdX hl\ ]l\ gifkf$ Zfc`qX[X Xek\ \c j\ÂŒfi EfkXi`f Gi`d\if [\c :XekÂ?e Hl`kf# [fZkfi Afi^\ DXZ_X[f :\mXccfj Zfe ]\Z_X m\`ek\ p j`\k\ ). [\ j\gk`\dYi\ [\ [fj d`c [fj )'') 2 p# m gf[\i ^\e\iXc \e ZXc`[X[ [\ jlgc\ek\ [\c ^ilgf Ăˆ9É [\ [fe =\ieXe[f IXÂ’c ;Xjjf# [\ eXZ`feXc`[X[ Xi^\ek`eX# gfikX[fi [\ cX Z„[lcX [\ `[\ek`[X[ \ZlXkfi`XeX lef j`\k\ lef fZ_f j`\k\ Z\if Z`eZf Z\if lef ki\j (.(/.','(* # Zfe]\i`[f d\[`Xek\ \jZi`kliX fkfi^X[X Xek\ \c EfkXi`f [\ DX[i`[ [fe :Xicfj I`m\j >iXZ`X \c m\`ek\ )' [\ X^fjkf [\ [fj d`c [fj )'') cX d`jdX hl\ ]l\ gifkf$ Zfc`qX[X Xek\ \c j\ÂŒfi EfkXi`f Gi`d\if [\c :XekÂ?e Hl`kf# [fZkfi Afi^\ DXZ_X[f :\mXccfj Zfe ]\Z_X m\`ek\ p j`\k\ ). [\ j\gk`\dYi\ [\ [fj d`c [fj )'') %$ :L8IK81 ;LI8:@äE%$ CX gi\j\ek\ I\mfZXkfi`X [\ Gf[\i\j k\e[i}

m`^\eZ`X p jlik`i} \]\Zkfj X gXik`i [\ cX ]\Z_X [\ jl jljZi`gZ`Â?e%$ Ljk\[# j\ÂŒfi EfkXi`f# j\ j\im`i} X^i\^Xi p Xek\gfe\i cXj [\d}j Zc}ljlcXj [\ \jk`cf i\hl\i`[Xj gXiX cX gc\eX mXc`$ [\q [\c gi\j\ek\ `ejkild\ekf%$ ?XjkX Xhlˆ cX d`elkX ]`idX[X gfi \c [fZkfi 8[i`}e IfY\ikf CfmXkf >lk`„ii\q Zfe dXkiˆZlcX gif]\j`feXc eÂ’d\if el\m\ 0 el\m\ 0 j`\k\ . Z`eZf , [\c :fc\^`f [\ 8Yf^X[fj [\ G`Z_`eZ_X%$ GXiX jl fkfi^Xd`\ekf j\ fYj\imXife cfj gi\$ Z\gkfj c\^Xc\j [\c ZXjf# p c\ˆ[X hl\ c\j ]l\ X cfj ZfdgXi\Z`\ek\j gfi dˆ \c EfkXi`f# j\ X]`idXe p iXk`]`ZXe \e \c Zfek\e`[f [\ cX d`jdX p ]`idXe Zfed`^f# \e le`[X[ [\ XZkf# [\ kf[f cf ZlXc [fp ]\%$ <M8E;IF :FII<8 E8:LC :%@% (.)*0*((0' 8gf[\iX[f >\e\iXc I\gjfc PG= <ZlX[fi J%8% =@ID8;F ;I% A8@D< 8E;I<J 8:FJK8 ?FC>L@E EFK8I@F M@>yJ@DF F:K8MF ;<C :8EKäE HL@KF Kfi^Â? Xek\ d` p \e ]\ [\ \ccf Zfe$ ]`\if \jkX k\iZ\iX Zfg`X Z\ik`]`ZX[X [\ cX \jZi`kliX [\ i\mfZXkfi`X [\ gf[\i\j# fkfi^X[f gfi I<GJFC PG= <:L8;FI J%8%# X ]Xmfi [\ Ji% :Xicfj 8ieXf IXdˆi\q p fkifj# ]`id}e[fcX p j\cc}e[fcX \e Hl`kf# X )* [\ DXiqf [\ )''.% ;fZkfi AX`d\ 8e[i„j 8ZfjkX ?fc^lˆe EfkXi`f M`^„j`df FZkXmf [\c :XekÂ?e QFE1 :fe \jkX ]\Z_X j\ kfdÂ? efkX Xc dXi^\e [\ cX dXki`q [\ cX gifkfZfc`$ qXZ`Â?e [\1 I\mfZXZ`Â?e# ZfeZ\j`Â?e [\ gf[\i\j p Xdgc`XZ`Â?e [\ ]XZlckX[\j% Fkfi^X[f gfi1 CX \ek`[X[ ĂˆI<GJFC PG= <:L8;FI J%8%É gifkfZfc`qX[f Xek\ d`# [\ ]\Z_X )( [\ \e\if [\c )''+# jfYi\ cX i\mfZXkfi`X hl\ Xek\$ Z\[\% Hl`kf# X (( [\ XYi`c [\c )''.% ;fZkfi AX`d\ 8e[i„j 8ZfjkX ?fc^lˆe EfkXi`f M`^„j`df FZkXmf [\c :XekÂ?e Hl`kf I<Gè9C@:8 ;<C <:L8;FI JLG<I@EK<E;<E:@8 ; < :FDG8zĂ 8J I<JFCL:@äE Ef% '/%H%@A% )'0+

š 9ecfhW Z[ [if[Y_[ lWbehWZW [d bWi Z[f[dZ[dY_Wi Z[b C_d_ij[h_e Z[ H[bWY_ed[i BWXehWb[i$ š ?d]h[iWh [d bW f|]_dW m[X mmm$chb$]eX$[Y [d [b l‡dYkbe Æ=[d[hWh H[]_ijhe Z[ IWbWh_ei [d B‡d[WÇ [b d‘c[he Z[ H$K$9$ e YƒZkbW Z[ Y_kZWZWd‡W Wi‡ Yece [b d‘c[he Z[ \ehckbWh_e Z[ bW [if[Y_[ lWbehWZW$ š ?d]h[ie Z[ _d\ehcWY_ÂŒd ieXh[ bei jhWXW`WZeh[i$ š ?cfh[i_ÂŒd Z[b h[fehj[ ][d[hW# Ze$ š B[]Wb_pWY_ÂŒd Z[ bei _d\ehc[i [cfh[iWh_Wb[i fWhW be YkWb i[ Z[X[h| bb[lWh Wb C_d_ij[h_e0 š ;if[Y_[ LWbehWZW bb[dW š ?cfh[i_ÂŒd Z[b h[fehj[ š :eYkc[djei ^WX_b_jWdj[i0 H$K$9" YƒZkbW o decXhWc_[dje Z[b H[fh[i[djWdj[ B[]Wb$ f[h# iedW `kh‡Z_YW š FWhW b[]Wb_pWY_ÂŒd Z[ kj_b_ZWZ[i i[ h[gk_[h[ jWcX_ƒd Yef_W i_c# fb[ Z[b \ehckbWh_e Z[ fW]e Z[ _cfk[ije W bW h[djW h[]_ijhWZe [d [b IH?" Wi‡ Yece Yef_Wi i_c# fb[i Z[ bei YedjhWjei b[]Wb_pWZei Z[b f[hiedWb W j_[cfe fWhY_Wb f[hcWd[dj[$ 1Ä“ĹŠ +.ĹŠ ;5(+ ĹŠ 1 ,(++. 1#2("#-3#ĹŠ )#!43(5. !Ä“ĹŠ #1- 1".ĹŠ !.23 ÂĄ ĹŠ } 1Ä“ĹŠ +.ĹŠ , 1 -.ĹŠ Ä“ (1#!3.1ĹŠ 41~"(!. 1 Ä“ĹŠ (5( - ĹŠ -"1 "#ĹŠ Ä“ Ä“ĹŠ (1.ĹŠ 9,( .ĹŠ Ä“

(!Ä“ĹŠ 31(!(.ĹŠ 4#5#".ĹŠ Ä“ 2#2.1#2ĹŠ 41~"(!.2 666Ä“!(/Ä“.1%Ä“#!

I8èC 8I@8J :8JJFC8 @EK<E;<EK< ;< :FDG8zĂ 8J ;< HL@KF# <E:8I>8;F :FEJ@;<I8E;F1 HL< alekf Zfe cX jfc`Z`kl[ Zfii\j$ gfe[`\ek\# j\ _Xe gi\j\ekX[f X \jk\ ;\jgXZ_f ki\j k\jk`dfe`fj [\ cX \jZi`kliX fkfi^X[X Xek\ \c EfkXi`f M`^„j`df FZkXmf [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf \c (, [\ dXiqf [\c )''.# hl\ Zfek`\$ e\ cXj I\mfZXkfi`Xj [\ Gf[\i hl\ cX ZfdgXŒˆX \okiXea\iX I<GJFC Æ PG= <:L8;FI J%8%# Zfe]`i`Â? X cfj j\ÂŒfi\j :Xicfj Alc`f 8ieXf IXdˆi\q# AfXhlˆe 9fZ\kX CÂ?g\q p 8ekfe`f Cl`j ?\ie}e[\q CÂ?g\q% HL< \c ;\gXikXd\ekf Aliˆ[`Zf [\ :feZlijf Gi\m\ek`mf p Ki}d`k\j <jg\Z`Xc\j# d\[`Xek\ D\dfiXe[f Ef% J:%@A%;A:GK<%'/%'0. [\ 0 [\ ale`f [\c )''/# _X \d`k`[f `e]fi$ d\ ]XmfiXYc\ jfYi\ cX dXi^`eXZ`Â?e p glYc`ZXZ`Â?e [\ cX I\mfZXkfi`X [\ Gf[\i2 <E \a\iZ`Z`f [\ cXj Xki`YlZ`fe\j Xj`^eX[Xj d\[`Xek\ I\jfclZ`fe\j Efj% 8;D$'.))0 [\ (- [\ X^fjkf [\c )''.2 J:%@:H%'.''( [\ )0 [\ efm`\dYi\ [\c )''.2 p# 8;D$'/(+' [\ * [\ ale`f [\c )''/2 I<JL<CM<1 8IKĂ :LCF GI@D<IF%$ ;@JGFE<I hl\ \c I\^`jkiX[fi D\iZXek`c [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# kfd\ efkX [\ cXj I\mfZXkfi`Xj# Xc dXi^\e [\ cX `ejZi`gZ`Â?e [\ cfj gf[\i\j Zfe]\i`[fj X cfj j\ÂŒfi\j :Xicfj Alc`f 8ieXf IXdˆi\q [\ (0 [\ j\gk`\dYi\ [\c )'')2 AfXhlˆe 9fZ\kX CÂ?g\q p 8ekfe`f Cl`j ?\ie}e[\q CÂ?g\q# cfj [fj [\ , [\ alc`f [\c )''+ p j`\ek\ cXj iXqfe\j i\jg\Zk`mXj% 8IKĂ :LCF J<>LE;F%$ ;@JGFE<I hl\ cX ZfdgXŒˆX jfc`Z`k\ Xc I\^`jkiX[fi D\iZXek`c [\c ZXekÂ?e Hl`kf# kfd\ efkX [\ \jkfj [fZld\e$ kfj Xc dXi^\e [\ cX `ejZi`gZ`Â?e [\c g\id`jf gXiX fg\iXi \e \c <ZlX[fi [\ I<GJFC$PG= <:L8;FI J%8%# [\ - [\ fZklYi\ [\c )'''% 8IKĂ :LCF K<I:<IF%$ ;@JGFE<I hl\ \e \c I\^`jkif X ZXi^f [\ cX ;`i\ZZ`Â?e EXZ`feXc [\ ?`[ifZXiYlifj [\c D`e`jk\i`f [\ D`eXj p G\kiÂ?c\fj#

j\ kfd\ efkX [\ cXj I\mfZXkfi`Xj [\ Gf[\i Xc dXi^\e [\ cX `ejZi`gZ`Â?e [\ [`Z_fj gf[\i\j% J\ j\ekXi} iXqÂ?e [\ \jkX `ejZi`gZ`Â?e% 8IKĂ :LCF :L8IKF%$ ;@JGFE<I hl\ \c k\okf ˆek\^if [\ cXj I\mfZXkfi`Xj [\ Gf[\i# Zfe cX iXqf$ e\j i\jg\Zk`mXj j\ glYc`hl\e# gfi leX m\q# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e \e \c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% :LDGC@;F cf Xek\i`fi# i\dˆkXj\ X \jk\ ;\jgXZ_f Zfg`X Z\ik`]`ZX[X [\ cX \jZi`kliX i\jg\Zk`mX% :FDLEĂ HL<J<%$ ;8;8 p ]`idX$ [X \e \c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% (* ALE% )''/ IXÂ’c 8i`Xj :XjjfcX :fe \jkX ]\Z_X hl\[X @EJ:I@K8 cX gi\j\ek\ I\jfclZ`Â?e# YXaf \c Ef% ),-- [\c I<>@JKIF D<I:8EK@C# Kfdf (*0 j\ [X Xjˆ Zldgc`d`\ekf X cf [`jgl\jkf \e cX d`jdX# [\ Zfe]fi$ d`[X[ X cf \jkXYc\Z`[f \e \c ;\Zi\kf .** [\c )) [\ 8^fjkf [\ (0.,# glYc`$ ZX[f \e \c I\^`jkif F]`Z`Xc /./ [\c )0 [\ 8^fjkf [\c d`jdf XÂŒf% Hl`kf# X )0 ALC% )''/ ;i% IXÂ’c >XpYfi J\ZX`iX I<>@JKI8;FI D<I:8EK@C ;<C :8EKäE HL@KF I<>@JKIF D<I:8EK@C ;<C :8EKäE HL@KF QäE1 :fe \jkX ]\Z_X hl\[X `ejZi`kf \c gi\j\ek\ [fZld\ekf p cX I\jfclZ`Â?e eÂ’d\if '/%H%@A% ;FJ D@C EFM<EK8 P :L8KIF [\c JI% @EK<E;<EK< ;< :FDG8zĂ 8J ;< HL@KF# <E:% [\ (* [\ ale`f [\c )''/# YXaf \c eÂ’d\if ),-- [\c I\^`jkif D\iZXek`c# Kfdf (*0%$ J\ kfdÂ? efkX Xc dXi^\e [\ cXj `ejZi`gZ`fe\j eÂ’d\ifj1 0- [\c I\^`jkif @e[ljki`Xc [\ j\`j [\ fZkl$ Yi\ [\c XÂŒf [fj d`c# X ]j% ()-# Kfdf *)2 Ef%$ 00 [\c I\^`jkif @e[ljki`Xc [\ [`\q p el\m\ [\ j\gk`\dYi\ [\c XÂŒf [fj d`c [fj# X ]j '0' mkX%# Kfdf *+2 p# Ef% ,* [\c I\^`jkif @e[ljki`Xc [\ Z`eZf [\ alc`f [\c XÂŒf [fj d`c ZlXkif# X ]j '+- mkX%# Kfdf *-%$ Hl\[X XiZ_`mX[X cX J<>LE;8 :fg`X :\ik`]`ZX[X [\ cX <jZi`kliX GÂ’Yc`ZX [\ (, [\ dXiqf [\c )''.# fkfi^X[X Xek\ \c EfkXi`f M@>yJ@DF F:K8MF [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# ;I% A8@D< 8E;IyJ


8:FJK8 ?FC>LĂ E# i\]\i\ek\ X cX I<MF:8KFI@8 ;< GF;<I hl\ cX :fdgXŒˆX <okiXea\iX ĂˆI<GJFC Æ PG= <:L8;FI J%8%É# Zfe]`i`Â? X ]Xmfi [\ cfj J<zFI<J1 :8ICFJ ALC@F 8IE8F I8DĂ I<Q2 AF8HLĂ E 9F:<K8 CäG<Q P 8EKFE@F CL@J ?<IEĂ?E;<Q CäG<Q%$ J\ [X Xjˆ Zldgc`d`\ekf X cf [`jgl\jkf \e \c 8IKĂ :LCF J<>LE;F [\ cX Z`kX[X I\jfclZ`Â?e%$ J\ ]`aÂ? le \okiXZkf gXiX Zfej\imXicf gfi j\`j d\j\j# j\^Â’e cf fi[\eX cX C\p# j`^eX[f Zfe \c eÂ’d\if (,-0%$ J\ XefkÂ? \e \c I\g\ikfi`f YXaf \c eÂ’d\if *'-(-%$ Hl`kf# X m\`ek\ p el\m\ [\ alc`f [\c XÂŒf [fj d`c fZ_f%$ <C I<>@JKI8;FI% ;I% I8èC >8P9FI J<:8@I8 I<>@JKI8;FI D<I:8EK@C ;<C :8EKäE HL@KF D@E@JK<I@F ;< D@E8J P G<KIäC<FJ I\gÂ’Yc`ZX [\c <ZlX[fi I8QFE%$ J`\ekf gfi kXc# cX <jZi`kliX GÂ’Yc`ZX hl\ Zfek`\e\ cfj [fZld\ekfj `e_\i\ek\j X cXj I<MF:8KFI@8J ;< GF;<I HL< C8 :FDG8zĂ 8 <OKI8EA<I8 I<GJFC PG= <:L8;FI J%8%# Zfe$ ]`i`Â? X cfj j\ÂŒfi\j :8ICFJ ALC@F 8IE8F I8DĂ I<Q# AF8HLĂ E 9F:<K8 CäG<Q p 8EKFE@F CL@J ?<IEĂ?E;<Q CäG<Q# fkfi^X[X Xek\ cX EfkXi`X M`^„j`dX FZkXmX [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf \c (, [\ dXiqf [\c )''.# p cX I\jfclZ`Â?e Ef% '/%H%@A%)'0+# \d`k`$ [X gfi \c @ek\e[\ek\ [\ :fdgXŒˆXj [\ Hl`kf <eZXi^X[f# \c (* [\ ale`f [\ )''/# \ `ejZi`YX YXaf eÂ’d\if ),-- [\c I\^`jkif D\iZXek`c# Kfdf (*0# \e ]\Z_X )0 [\ alc`f [\c )''/# hl\[X `ejZi`kX \e \c I\^`jkif [\ ?`[ifZXiYlifj \e ]\Z_X m\`ek\ p el\m\ [\ j\gk`\dYi\ [\c XÂŒf )''/# X ]fc`fj '''*)/+ Xc '''**(/%$ :\ik`]`Zf% Hl`kf# )0 [\ j\gk`\dYi\ [\ )''/% ;i% AlXe :Xicfj G„i\q DXikˆe\q :FFI;@E8;FI ; < KIĂ?D@K< ;< @E=I8::@FE<J ?@;IF:8I9LIĂ =<I8J 8I&/*'00&ZZ

;@MFI:@FJ I% [\c <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 cX j\ŒfiX D8I@8 ;<C :8ID<E 8IIF98 K@G8EK8# Zfe \c al`Z`f [\ ;`mfiZ`f gifgl\jkf gfi \c j\Œfi Afi^\ <[lXi[f 8cZfZ\i M`cXklŒX \e cfj j`^l`\ek\j k„id`efj1 8:KFI1 j\Œfi Afi^\ <[lXi[f 8cZfZ\i M`cXklŒX ;<D8E;8;81 DXi`X [\c :Xid\e

8iifYX K`gXekX AL@:@F1 ;`mfiZ`f Eif% **)$)'(($J$ =LE;8D<EKFJ ;< ;<I<:?F1 @eZ`jf Gi`d\if [\ cX ZXljXc feZ\ [\c 8ik% ((' [\c :�[`^f :`m`c M`^\ek\% :L8EK@81 @e[\k\id`eX[X KI8D@K<1 M\iYXc JldXi`f 89F>8;F ;<=<EJFI1 ;i% ;Xin`e C\dX ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X ( [\ 8Yi`c [\c )'((%$ 8 cXj '0?('% M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX Zfdgc\kX p i\’e\ cfj i\hl`$ j`kfj [\ C\p# j\ XZ\gkX Xc ki}d`k\ i\jg\Zk`mf# \e Zfej\Zl\eZ`X j\ c\ XZ\gkX Xc ki}d`k\ \e Al`Z`f M\iYXc JldXi`f%$ :ˆk\j\ X1 D8I@8 ;<C :8ID<E 8IIF98 K@G8EK8# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ Hl`kf%$ <e fi[\e Xc efdYiX$ d`\ekf [\ :liX[fi 8[$ c`k\d \e cX gi\j\ek\ ZXljX �`^Xj\ X lef [\ cfj j\Œfi\j X^\ek\j =`jZXc\j%$ Efk`]ˆhl\j\ Xc XZkfi \e \c ZXj`cc\if al[`Z`Xc Ef% '(') j\ŒXcX[f# gfi \c ;fZkfi ;Xin`e C\dX%$ 8^i„^l\j\ cfj [fZld\ekfj gi\j\ekX[fj%$ 8jˆ Zfdf k�d\j\ [\Y`[X efkX [\ cX 8lkfi`qXZ`�e Zfe]\i`[X X cX d\eZ`f$ eX[X gif]\j`feXc%$ EFK@=@HL<J< P :@K<J<%$ =[f ;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F %$ 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 lef [\ cfj [\ \jkX Z`l[X[ gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% :\ik`]`Zf%$ 8Y% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%.00',&

I% [\c <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc X cX j\ÂŒfiX ;@8E8 M8C<I@8 9I8Q8C<J N@CC@8DJ# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f cX j`^l`\ek\ XZZ`Â?e1 8:KFI1 ;i% <[`jfe 8cd\`[X# GifZliX[fi Al[`Z`Xc [\ A\jÂ’j C\fgfc[f GifZ\c :\mXccfj ;<D8E;8;81 ;`XeX MXc\i`X 9iXqXc\j N`cc`Xdj 8JLEKF1 ;`mfiZ`f KI8D@K<1 M\iYXc JldXi`f :8LJ81 (.'($ )'(' <DK :L8EK@81 @e[\k\id`eX[X AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc` J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A PROVEEDORA DE SERVICIOS MERCANTILES PROVEAGIL S.A. La compaùía PROVEEDORA DE SERVICIOS MERCANTILES PROVEAGIL S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo Octavo del Distrito Metropolitano de Quito, el 13 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002320 de 30 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 20.000,00 NĂşmero de Acciones 20.000 Valor US$ 1,00; Capital Autorizado: US$ 40.000,00 3.- OBJETO: El objeto de la compaùía es: UNO.- IMPULSAR, FACILITAR Y PROMOVER LA REALIZACIĂ“N DE OPERACIONES MERCANTILES Y COMERCIALES DE GRANDES Y MEDIANAS EMPRESAS EN EL ECUADOR, MEDIANTE LA ASESORĂ?A Y DIRECCIĂ“N EN NUEVOS MODELOS DE NEGOCIOS QUE LES PERMITA EFECTUAR SUS COMPRAS Y/O VENTAS DE UNA MANERA SEGURA Y EFICIENTE. ... EN TODO CASO, NINGUNA DE LAS ACTIVIDADES DE LA COMPAĂ‘Ă?A TENDRĂ N RELACIĂ“N A LAS ACTIVIDADES PROPIAS Y PRIVATIVAS DE LAS INSTITUCIONES DEL SISTEMA FINANCIERO ESTABLECIDAS EN LA LEY GENERAL DE INSTITUCIONES DEL SISTEMA FINANCIERO Quito, 30 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83114/cc

JXc^X[f KI8D@K81 8Y% <]iXˆe DXikˆe\q KXg`X GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?81 HL@KF# ), [\ DXiqf [\c )''0# cXj ((_*+%$ M@JKFJ1 Gfi Zldgc`[X cX gifm`[\e$ Z`X [\ (' [\ \e\if [\c )'((# cXj ((_+,# j\ [`jgfe\ cf j`^l`\ek\1 <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\ j\ c\ [X \c ki}d`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 :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ŒfiX ;`XeX MXc\i`X 9iXqXc\j N`cc`Xdj# d\[`Xek\ glYc`ZXZ`�e gfi cX gi\e$ jX \e lef [\ cfj ;`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ Hl`kf%$ <e fi[\e Xc efdYiXd`\ekf [\ :liX[fi 8[$c`k\d# Zl„ek\j\ Zfe \c j\Œfi =`jZXc ;`jki`kXc [\ G`Z_`eZ_X%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ŒXcX[X gfi \c XZkfi%$8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e XZfdgX$ ŒX[X%$ Efk`]ˆhl\j\%$ ] %$ ;i% 8idXe[f 8Z\c[f >lXcc`% AL<Q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc Zfe]fid\ X c\p# gXiX ]lkliXj efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%.00)+&

I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C G8I81 D8IĂ 8 G8KI@:@8 C@J@EKLz8 8QF>L< AL@:@F1 ;@MFI:@F EF% (+)/$)'(' DQ 8:KFI1 ALC@F :<J8I 8L:8KFD8 GF8HL@Q8 ;<D8E;8;81 D8IĂ 8 G8KI@:@8 C@J@EKLz8 8QF>L< F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% ((' eld\iXc ((# `eZ`jf gi`d\if :Â?[`^f :`m`c# j\ [\dXe[X \c [`mfi$ Z`f X cX j\ÂŒfiX D8IĂ 8 G8KI@:@8 C@EJ@KLz8 8QF>L<# X ]`e hl\ \e j\ek\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆe$ Zlcf dXki`dfe`Xc% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F G8KIF:@E8;FI1 ;i% <[lXi[f MXZX 9lie\f DXk% .))* :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j (, [\ dXiqf [\c )'((# cXj ((_),%$ M@JKFJ%$<e m`ikl[ [\ cX iXqÂ?e [\ jfik\f hl\ Xek\Z\[\ p \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ „jkX Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef%'()$;;G$A8I$ [\ )+$'($)'', # 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX%$<e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# ZfeZi\kX# p i\Â’e\ cfj i\hl`$ j`kfj [\ c\p# \e Zfej\Zl\eZ`X# [Xj\c\ \c ki}d`k\ M\iYXc JldXi`f%$:ˆk\j\ X cX [\dXe[X[X j\ÂŒfiX D8I@8 G8KI@:@8 CL:@EKLz8 8QF>L<# d\[`Xek\ ki\j glYc`ZXZ`fe\j# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf [\

IÂŒbe [d c[Z_e Z[ bW WYj_l_ZWZ Z[i[Wh|i l_l_h Y_[d W‹ei$ CĂ›N?C7 @7FED;I7$

cX Gifm`eZ`X [\ G`Z_`eZ_X# Xjˆ Zfdf kXdY`„e \e \c cl^Xi [\ Z\c\YiXZ`Â?e [\c dXki`dfe`f [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$8^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX%$KÂ?d\j\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi2 Xjˆ Zfdf cX Xlkfi`qXZ`Â?e [\ jl XYf^X[f [\]\e$ jfi%$ä`^Xj\ X lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X%$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`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$:\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 8:&.00+,&k]

G8I<;<J gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% ,00) [\ cX 8Y% <cjX J`dYXŒX j\ŒXcX[X gfi \c XZkfi gXiX hl\ c\ i\gi\j\ek\ \e cX gi\j\ek\ ZXljX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e XZfdgX$ ŒX[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`Že hl\ k`\e\ [\ j\ŒXcXi 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:&.00++&k]

ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C :@K8J< Zfe \c j`^l`\ek\ <OKI8:KF ;< C8 ;<D8E;8 ;< ;@MFI:@F X1 DFE@:8 G8KI@:@8 C@D8 :FI;FM8 8:KFI1 :8ICFJ ?L>F J<>8II8 :8E ;<D8E;8;F1 DFE@:8 G8KI@:@8 C@D8 :FI;FM8 AL@:@F1 ;@MFI:@F Ef% )'(($'*'/$ }e\k[ KX`g\ I% :L8EK@81 @E;<K<ID@E8;8 KI8D@K<1 M<I98C JLD8I@F F9A<KF ;< C8 ;<D8E;81 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C GIFM@;<E:@81 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# dXik\j )0 [\ dXiqf [\c )'((# cXj '/_'0% M@JKFJ1 CX [\dXe[X [\ ;@MFI:@F hl\ gi\$ j\ekX :8ICFJ ?L>F J<>8II8 B8E# \e ZfekiX [\ DFE@:8 G8KI@:@8 C@D8 :FI;FM8# i\’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\e$ Z`X j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe$ [`\ek\ gfi cX mˆX M<I98C JLD8I@8# gi\m`jkX \e \c 8ik% /)/ p j`^l`\ek\j [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \e XZXkXd`\ekf X cf [`jgl\jkf \e \c 8ik% ((/ [\c :�[`^f :`m`c%$ JfYi\ cX YXj\ [\ cX Xj\m\iXZ`fe aliXd\ekX[X [\c XZkfi \e \c j\ek`[f [\ hl\ c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX i\j`$ [\eZ`X f [fd`Z`c`f [\ cX [\dXe[X[X# g\j\ X cXj Xm\i`^lXZ`fe\j hl\ _X i\Xc`qX[f# p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ :@K8I X kiXm„j [\ cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ Zfe le \okiXZkf [\ cX [\dXe[X p \jkX gifm`[\eZ`X X cX [\dXe[X[X DFE@:8 G8KI@:@8 C@D8 :FI;FM8# \e cX ]fidX [`jgl\jkX \e \c 8ik% ((0 [\c :�[`^f :`m`c%$ Gfi J\Zi\kXiˆX \cX$ Y�i\j\ \c \okiXZkf Zfii\jgfe[`\ek\%$

:@K8:@äE AL;@:@8C 8 cX j\ÂŒfiX% ALC@8 <K<CM@E8 J@CM8 G8I<;<J 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 <;L8I;F =8LJK@EF :LI@D@CD8 8K8I@?L8E8 ;\dXe[X[f 1 ALC@8 <K<CM@E8 J@CM8 G8I<;<J 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`$ e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcX$ iXi \c [`mfiZ`f p [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ d\ le\ Xc [\dXe$ [X[f \e dXki`dfe`f Z\c\YiX[f \e Hl`kf# )* [\ [`Z`\dYi\ [\c )''*% :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 ), [\ XYi`c [\c )'(( :XljX [\ ;`mfiZ`f Ef% ,*-$)'((%$ ;I8% B8C@EB8 A8I8D@CCF%$ GIFM@;<E:@81 ALQ>8;F M@>Ă&#x;J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j (0 [\ dXpf [\c )'((# cXj ((_)0%$ 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# gfi cf kXekf XmfZf Zfef$ Z`d`\ekf [\ cX d`jdX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`ÂŽe [\ g\ijfeXc Ef% )-/) ;G$;GG [\ . [\ [`Z`\dYi\ [\c )'('%$ <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 ALC@8 <K<CM@E8 J@CM8

ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8

K„e^Xj\ \e Zl\ekX cX `ej`elXZ`�e [\c :liX[fi 8[$c`k\d hl\ i\Xc`qX \c XZkfi%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e gi\j\ekX[X p efk`]ˆ$ hl\j\ Xc XZkfi \e cX ZXj`ccX cal[`Z`Xc Ef% */,(%$ :@K<J< P EFK@=@HL<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`\e$ k\j%$ GXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# jˆimXj\ j\ŒXcXi cX ZXj`ccX al[`Z`Xc [\ le 8Yf^X[f Zfdf [`jgfe\ cX C\p% 8k\ekXd\ek\# ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00*'&k]

< O K I 8 : K F :@K8:@FE AL;@:@8C 8C J<zFI D@>L<C 8C9<IKF FI;Fz<Q J<>FM@8 AL@:@F 1 ;< ;@MFI:@F Ef% +'+&)%'((%<:J% 8:KFI 1 D8I@8 >L8;8CLG< >8C<8EF HL@J?G< ;<D8E;8;F 1 D@>L<C 8C9<IKF FI;Fz<Q J<>FM@8 ;FD@:@C@F AL;@:@8C 1 89% AFI>< >8CC8I;F HL@E>8@Q8 :L8EK@8 1 @E;<K<ID@E8;8 F9A<KF 1 ;< :FE=FID@;8; :FE CF ;@JGL<JKF GFI <C 8IK% (('# @E:@JF GI@D<IF ;<C ELD<I8C (( # ;<C :F;@>F :@M@C # ;<D8E;8 8 JL :FEPL>< D@>L<C 8C9<IKF FI;Fz<Q J<>FM@8 <C ;@MFI:@F # 8 =@E ;< HL< <E J<EK<E:@8 J< ;<:C8I< ;@JL<CKF <C M@E:LCF D8KI@DFE@8C HL< C<J LE< # FI;<E8;F JL @E:JI@G:@äE <E <C I<>@JKIF :@M@C % ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % Hl`kf #cle\j ) [\ DXpf [\c )%'((# cXj (,_*) %$ M@JKFJ%$<e m`ikl[ [\c jfik\f hl\ Xek\Z\[\ XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ 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\ m\iYXc jldXi`f%$ :Â?iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`$ [\eZ`X Xc [\dXe[X[f j\ÂŒfi D@>L<C 8C9<IKF FI;Fz<Q J<>FM@8# X hl`\e j\ c\ Z`kXi} gfi cX gi\ejX # \e cX ]fidX gi\m`jkX gfi cfj 8ikj% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p ((0 [\c :Â?[`^f :`m`c%$ :l„ek\j\ Zfe lef [\ cfj j\ÂŒfi\j =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X%$ 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[fc\ [\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:&.0/00&k]

ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 E<JKFI <;DLE;F >8I:<J 8C98E% <OKI8:KF

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A IMPORXPRESS CIA. LTDA.

CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A INMOCAROLA S.A.

La compaùía IMPORXPRESS CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario VigÊsimo SÊptimo del Distrito Metropolitano de Quito, el 12 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ. DJC.Q.11.002229 de 20 de Mayo de 2011.

La compaùía INMOCAROLA S.A. se constituyó por escritura pública otorgada ante el Notario CuadragÊsimo del Distrito Metropolitano de Quito, el 11 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC.Q.11.002287 de 26 de Mayo de 2011.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

2.- CAPITAL: Suscrito US$ 500,00 NĂşmero de Participaciones 500 Valor US$ 1,00

2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00; Capital Autorizado: US$ 1.600,00

3.- OBJETO: El objeto de la compaùía es: A) LA IMPORTACIĂ“N O EXPORTACIĂ“N DE EQUIPOS ELECTRĂ“NICOS Y DE TELECOMUNICACIONES; B) LA IMPORTACIĂ“N O EXPORTACIĂ“N DE EQUIPOS DE TELEFONĂ?A CELULAR Y FIJA;...

3.- OBJETO: El objeto de la compaùía es: CUATRO PUNTO UNO.- REALIZAR ACTIVIDADES DE TURISMO; INSTALAR Y ADMINISTRAR INFRAESTRUCTURA TUR�STICA Y HOTELERA; INSTALAR Y ADMINISTRAR OPERADORAS DE TURISMO, AGENCIAS DE VIAJES, MAYORISTAS......

Quito, 20 de Mayo de 2011.

Quito, 26 de Mayo de 2011.

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83109/cc

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83119/cc

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? 8:KFI% ;I% I8=8<C 8L>LJKF :8IG@F J8E:?<Q% ;<D8E;8;F1 E<JKFI <;DLE;F >8I:<J 8C98E% AL@:@F1 M<I98C JLD8I@F ?FEFI8I@FJ % :8LJ8 Ef% .*+$)''/ ;:% :L8EK@81 LJ; +%,''#ff% GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )) [\ Alc`f [\c )''/# cXj ((_('%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ))0+$;G$;;G# [\ )( [\ alc`f [\c XÂŒf )''/%$ <e cf gi`eZ`$ gXc cX [\dXe[X ]fidlcX[X# \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p \e Zfej\Zl\eZ`X [\j\ \c ki}$ d`k\ M<I98C JLD8I@F% :ˆk\j\ X cX [\dXe[X[f E<JKFI <;DLE;F >8I:<J 8C98E# gXiX cfj ]`e\j c\^X$ c\j g\ik`e\ek\j \e \c cl^Xi `e[`ZX[f \e \c c`Y\cf [\ cX [\dXe[X%%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ] ;i% =XYi`Z`f J\^fm`X 9\kXeZflik# Al\q Jlgc\ek\% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# cle\j (- [\ dXpf [\c )'((# cXj ((_(*%$ 8k\ekf \c aliXd\ekf hl\ k`\e\ i\e[`[f \c XZkfi# [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf \e \c 8ik% /) [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf :`m`c# Z‰k\j\ Xc [\dXe[X[f EÂ…jkfi <[dle[f >XiZÂ…j 8cY~e# gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`ÂŽ[`Zfj [\ dXpfi Z`iZlcXZ`ÂŽe hl\ j\ \[`kX \e \jkX Z`l$ [X[ [\ Hl`kf%$ Efk`]‰hl\j\%$ ] ;i% 8c]i\[f >i`aXcmX DlÂŒfq% 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 \jkX ZXljX% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.00+'&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8C J<zFI1 J8EK@8>F =89I@:@F 8CK8D@I8EF CFG<Q <OKI8:KF AL;@:@8C AL@:@F1 ;@MFI:@F Ef% )'('$(.*.$ M>D 8:KFI1 B8I@E8 JFC<;8; G8II8C<J Q8D9I8EF ;<D8E;8;F1 E<JKFI 8C=I<;F IFEHL@CCF >FD<Q KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 F9K<E<I C8 ;@JFCL:@äE ;<C M@E:LCF D8KI@DFE@8C HL< C<J LE<# :FE=FID< CF ;@JGFE<% <C @E:@JF J<>LE;F ;< C8 :8LJ8C ;<:@DF GI@D<I8# 8IK% ((' ;<C :F;@>F :@M@C M@><EK<%$ ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# cle\j )/ [\ ]\Yi\if [\c )'((# cXj ('?+/%$ M@JKFJ1%$ Gfi Zldgc`[f Zfe \c i\hl\i`d`\ekf hl\ Xek\Z\[\% $ CX [\dXe[X gifgl\jkX gfi B8I@E8 JFC<;8; G8II8C<J Q8D9I8EF# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`$ j`kfj \o`^`[fj gfi cX C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ Xc ki}d`k\ M\iYXc JldXi`f%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi cX XZkfiX p Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< Xc j\ÂŒfi E<JKFI 8C=I<;F IFEHL@CCF >FD<Q# gfi cX gi\jX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# gXiX cf ZlXc j\ \eki\^Xi} \c i\jg\Zk`mf \okiXZkf%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f p cX ]XZlckX[ ZfeZ\[`[X X jl [\]\ejfiX%$ EFK@=Ă HL<J<%$ ] % ;i% IlY„e :\mXccfj =XYXiX%$ Al\q Jlgc\ek\%$ ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# d`„iZfc\j ) [\ dXiqf [\c )'((# cXj ('_+(%$ ;\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf \e \c 8ik% )0' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ Xdgc`X \c Xlkf hl\ Xek\Z\[\%$ Gfi Zldgc`[f Zfe \c i\hl\i`d`\ekf hl\ Xek\Z\[\# \e d„i`kf [\c aliXd\ekf i\e[`[f gfi cX XZkfiX p Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< Xc j\ÂŒfi E<JKFI 8C=I<;F IFEHL@CCF >FD<Q# gfi cX gi\jX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p Gfikfm`\af# Zfe]fid\ cf [`jgfe\ \c `eZ`jf j\^le[f [\c 8ik% ((0 [\c :Â?[`^f :`m`c# gXiX cf ZlXc j\ \eki\^Xi} cfj i\jg\Zk`mfj \okiXZ$ kfj%$ EFK@=Ă HL<J<%$ ]%$ ;i% IlY„e :\mXccfj =XYXiX%$ Al\q Jlgc\ek\%$ Cf hl\ Zfdle`Zf 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%$ :\ik`]`Zf%$ ;I% E@CF >FEQ8CF 8CD8:?@ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

ă

?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 C<@;8 AL;@K? :8:8P :8:8P 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 8Zkfi1 :<J8I >L@CC<IDF A@D<E<Q :?LHL@ ;\dXe[X[X1 C<@;8 AL;@K? :8:8P :8:8P 8jlekf1 ;`jfclZ`Â?e [\c m`eZlcf dXki`dfe`Xc DXki`dfe`f Z\c\YiX[f \e Hl`kf# , [\ j\gk`\dYi\ )''/# [liXek\ \c dXki`dfe`f ef j\ gifZi\f _`af Xc^lef :lXekˆX% @E;<K<ID@E8;8 Ki}d`k\%$ M<I98C JLD8I@F Al`Z`f ;@MFI:@F E%$ */,$)'(( ;I% <;@JFE 98IIFJ GIFM@;<E:@8 4 4 4 4 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j 0 [\ dXpf [\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# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ 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 :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X C<@;8 AL;@K? :8:8P :8:8P gfi cX gi\e$ jX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\ekX cX ZXj`$ ccX al[`Z`Xc j\ÂŒXcX[X% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfd$ gXÂŒX[X%$ EFK@=@HL<J<%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Cf hl\ Zfdle`Zf X ljk\[ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [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# () [\ dXpf [\c )'((% ;i% =iXeZ`jZf Aljk`Z`X 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@J8 >FI;FE :L8:<J% 8:KFI1 AFJ< C<FE >FI;FE GFQF ;<D8E;8;F1 D8I@8 <C@J8 >FI;FE :L8:<J AL@:@F ;< ;@MFI:@F Ef% '*0- Æ )'((Æ <>% KI8D@K<1 M<I98C JLD8I@F :L8EKĂ 81 `e[\k\id`eX[X% =LE;8D<EKF C<>8C1 8ik% ((' :8LJ8C (( [\c :Â?[`^f :`m`c% 89F>8;F ;<=<EJFI1 ;i% GFC@M@F 8E;I8;< :8J@CC8 AL;@:@8C1 )'++ ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (, [\ XYi`c [\c )'((# cXj '/?,,%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f [\ c\p Zfii\j$ gfe[`\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\ [\ZcX$ i}e[fj\cX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f%$ <e d„i`kf Xc aliXd\ekf hl\ k`\e\ i\e[`[f \c j\ÂŒfi Afj„ C\Â?e >fi[Â?e Gfqf 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`jX >fi[Â?e :lXZ\j# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ 8c \]\Zkf i\dˆkXj\ \c \okiXZkf Zfii\jgfe[`\ek\% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfd$ gXÂŒX 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\%$ AL<Q% = ;I% AFJy D8IKĂ 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 le j\ccf 8%:%&.0-+0

I<GL9C@:8 ;<C <:L8;FI

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä…

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 =<IE8E;F <E<IA@KF ?<II8<Q 8ID@AFJ# ;< C8 ;<D8E;8 M<I98C JLD8I@8# HL< J@>L< <E JL :FEKI8 D8I@8 8E><C@:8 >L@CC<E 8:KFI81 D8I@8 8E><C@:8 >L@CC<E ; < D 8 E ;8 ; F 1 = < I E 8 E ; F <E<IA@KF ?<II8<Q 8ID@AFJ KI8D@K<1 M<I98C JLD8I@F 8JLEKF1 ;@MFI:@F AL@:@F Ef% ''.)$)'(( DJ :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% *0) ;i% ;`\^f 8cd\`[X Dfek\if G IFM @ ; < E : @ 8 J A L Q>8 ; F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j (+ [\ ]\Yi\if [\c )'((# ('_+0%$ M@JKFJ1 ;i% :i`jk�YXc Fa\[X DXikˆe\q# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\ cX XZZ`�e [\ g\ijfeXc Ef% *(+$;G$;GG [\ (' [\ ]\Yi\if [\c )'((% <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% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\Zl\eZ`X [\ 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\ Xc [\dXe[X[f j\Œfi =<IE8E;F <E<IA@KF ?<II8<Q 8ID@AFJ# 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# Gifm`eZ`X [\ G`Z_`eZ_X# cl^Xi [fe[\ j\ i\Xc`q� \c dXki`dfe`f2 d\[`Xe[f fZ_f [ˆXj Xc d\efj \eki\ leX p fkiX glYc`ZXZ`�e Zfe]fid\ cf gi\m„ \c 8ik% ((0 [\c :�[`^f :`m`c%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f% :ˆk\j\ p 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 [\ j\ŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf$<ZlX[fi# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 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 le j\ccf 8%:%&.0++.

ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 JFE@8 9<8KI@Q D8K8DFIFJ 8IK<8>8 :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 1 8:KFI1 NXj_`e^kfe 9fcˆmXi Fik`q Fik\^X ;<D8E;8;F1 Jfe`X 9\Xki`q DXkXdfifj 8ik\X^X F9A<KF% 8dgXiX[f \e \c 8ik% ((' [\c :Â?[`^f :`m`c eld\iXc k\iZ\if# [\dXe[X \c [`mfiZ`f X ]`e [\ hl\ \e j\ek\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 )+ [\ [`Z`\dYi\ [\c )'('% ELD<IF ;< :8LJ81 (.*'$)'(' 99 ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc E%$(,(/ ;iX% EXeZp 8cY}e Gifm`[\eZ`X % ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )* [\ dXiqf [\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# gfi cf kXekf 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q <eZXi^X[f [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% -'+ $;G$;GG$ [\ )) dXiqf [\c )'((% <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\iYXc JldXi`f% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\$ j\ X cX [\dXe[X[X JFE@8 9<8KI@Q D8K8DFIFJ 8IK<8>8# gfi d\[`f [\ cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ EFK@=@HL<J<%$ ;I% N@CD<I 8D9IFJJ@ IF9C<J% AL<Q <E:8I>8;F ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j - [\ XYi`c [\c )'((# cXj (+_,-%$ ;\ f]`Z`f j\ i\]fidX cX gifm`[\eZ`X `ed\[`XkX Xek\i`fi# [`ZkX[X \c )* [\ dXiqf [\c )'((# X cXj (+_(+%P j\ fi[\eX [\ Zfe$ ]fid`[X[ Zfe \c 8ik%((0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c hl\ cX Z`kX$ Z`Â?e j\ cc\m\ XZXYf d\[`Xek\ j\e[Xj glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf Zfdf [\ DXZ_XcX ZXg`kXc [\ cX Gifm`eZ`X [\c Fif cl^Xi [\c dXki`dfe`f%$ EFK@=@HL<J<% ;I% N@CD<I 8D9IFJJ@ IF9C<J 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-'0&k]

ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 DäE@:8 <C@Q89<K? J 8 E ; F M8 C J8EK8:ILQ <OKI8:KF AL@:@F% M<I98C JLD8I@F Æ;@MFI:@F$ 8:KFI% G89CF I<PDLE;F :FK8:8:?@ CäG<Q ;<D8E;8;F% DäE@:8 <C@Q89<K? J8E;FM8C J8EK8:ILQ KI8D@K<% M<I98C JLD8I@F :8LJ8 Ef% (*./$)'('$I:F :L8EK@8% @E;<K<ID@E8;8 ĂˆALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j (/ [\ dXiqf [\c )'((# cXj ((_)(%$ M@JKFJ1 <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\$ Z\[\# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p%$ <e Zfej\$ Zl\eZ`X j\ cX XZ\gkX X kiXd`k\ M\iYXc JldXi`f [\ ;`mfiZ`f%$ 8k\ekf Xc aliX$ d\ekf i\e[`[f gfi GXYcf I\pdle[f :fkXZXZ_` CÂ?g\q2 p# [\ Zfe]fid`$ [X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X DÂ?e`ZX <c`qXY\k_ JXe[fmXc JXekXZilq gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf%$ :Â’dgcXj\ Zfe cf [`jgl\j$ kf \e \c 8ik% ((0 [\c :Â?[`^f :`m`c %$ 8^i„^l\j\ Xc gifZ\jf cfj [fZl$ d\ekfj gi\j\ekX[fj%$ I\^ˆjki\j\ \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p cX Xlkfi`qXZ`Â?e ZfeZ\[`[X Xc 8Yf^X[f [\]\ejfi%$ Efk`]ˆhl\j\% ;i% <[n`e 8i^fk` I\p\j% Al\q \eZXi^X[f% Cf hl\ Zfdle`Zf 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 gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8k\ekXd\ek\# ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00(+&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 >\ijfe N`cd\i >f[fp 8hl`\kX 8:KFI1 8[i`XeX G`cXi DfpX 9fiaX ;<D8E;8;F1 >\ijfe N`cd\i >f[fp 8hl`\kX AL@:@F1 ;`mfiZ`f Ef% ),-$)'(($ :MD F9A<KF1 ;`jfclZ`Â?e [\c m`eZlcf dXki`dfe`Xc [\ Zfe]fid`[X[ Xc 8ik% (('# ZXljXc ((—# `eZ`jf (f [\c :Â?[`^f :`m`c% KI8D@K<1 M\iYXc JldXi`f =<:?8 ;< @E@:@F ;<C AL@:@F1 *' [\ dXiqf [\c )'(( GIFM@;<E:@81 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j *' [\ dXiqf [\c )'((# cXj '/_),% M@JKFJ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ cX Al[`ZXkliX p \e m`ikl[ [\c jfik\f i\Xc`qX[f% <e cf gi`eZ`gXc# gfi ZlXekf cX XZkfiX# _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X [\ (. [\

Ĺ?

dXiqf [\c )'((# j\ ZXc`]`ZX cX gi\$ j\ek\ [\dXe[X gi\j\ekX[X [\ ZcXiX p gi\Z`jX gfi i\le`i cfj i\hl`j`kfj [\ C\p# X[d`k`„e[fj\cX Xc ki}d`k\ m\iYXc jldXi`f%$ <e Zfej\Zl\eZ`X# Xk\ekf \c aliXd\ekf i\e[`[f gfi cX XZkfiX p cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe le \okiXZkf [\ cX [\dXe[X gifgl\jkX p \jk\ Xlkf# Zˆk\j\ Xc [\dXe[X[f JI% ><IJFE N@CD<I >F;FP 8HL@<K8# d\[`Xek\ ki\j glYc`ZXZ`fe\j i\Xc`qX[Xj \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e cXj Z`l[X[\j [\ Hl`kf# d\[`Xe[f k„id`ef [\ fZ_f [ˆXj gfi cf d\efj \eki\ ZX[X glYc`ZXZ`Â?e% ?\Z_f hl\ j\X# Zfe cX `ej`elXZ`Â?e _\Z_X gXiX \c ZXi^f [\c ZliX[fi X[$c`k\d [\ cfj d\ef$ i\j C@Q<K? <JK<=8EĂ 8 P B<M@E 8;I@8E >F;FP DFP8# Â?`^Xj\ Xc j\ÂŒfi 8^\ek\ =`jZXc [\ G`Z_`eZ_X% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX# p cX [\j`^eXZ`Â?e [\ jl XYf^X[f gXkif$ Z`eX[fi%$ Efk`]ˆhl\j\% = ;i% :Xicfj =\ie}e[\q @[ifmf# 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`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`$ ]`ZXZ`fe\j%$ Hl`kf# (/ [\ 8Yi`c [\c )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 8%G%&.0//-&b%d%

I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI A8D@C ?8JJ8E P<?@8 AL@:@F Ef )0+$)'((AG% KIĂ?D@K< M<I98C JLD8I@F ;@MFI:@F :L8EK@8 @E;<K<ID@E8;8 8:KFI :PEK@8 CFI<E8 J8C8Q8I :<;<zF ;<D8E;8;81 A8D@C ?8JJ8E P<?@8 GIFM@;<E:@8%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# (0 [\ dXpf [\c )'((# cXj (-_'*%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi# c\^Xcd\ek\ gfj\j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X# \j ZcXiX p gi\$ Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ M\iYXc JldXi`f%$ <e Zfej\Zl\eZ`X ZÂ?iiXj\ kiXjcX[f Zfe cX [\dXe[X p \jkX gifm`[\eZ`X Xc [\dXe[X[f j\ÂŒfi A8D@C ?8JJ8E P<?@8# X hl`\e j\ c\ Z`kXi} gfi d\[`f [\ glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e „jkX [\ Hl`kf Zfe]fid\ \c XikˆZlcf ((0 [\c :Â?[`^f :`m`c%$ :fe cX `ej`elX$ Z`Â?e [\ :liX[fiX 8[$c`k\d gXiX \c d\efi IF9<IKF :8ICFJ A8D@C P<?@8 J8C8Q8I# Â?`^Xj\ cX fg`e`Â?e [\c i\gi\j\ekXek\ [\c D`e`jk\i`f GÂ’Yc`Zf%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[fj%$ EFK@=@HL<J<% ] ;I% A8@D< :8EJ<:F >L<II<IF AL<Q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% ;i% Alc`f :„jXi DlÂŒfq J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*'0*&ZZ

?Xp ]`idX p j\ccf 8:&.00'.&k]

I_ [d [b ckdZe [n_ij[ kd ^eb]Wp|d" Z[X[ ^WX[h ejhe ^ecXh[ gk[ i[ ck[h[ Z[ ^WcXh[$ B;ED JEBIJE?$ KI8D@K<%$ M<I98C JLD8I@F :L8EK@8%$ @E;<K<ID@E8;8 8JLEKF%$ ;`mfiZ`f1 8ik% (('# ZXljXc (( `eZ% )f [\c :Â?[`^f :`m`c% J` _Xe gifZi\X[f leX _`aX hl\ i\j$ gfe[\ X cfj efdYi\j [\ ;Xe`\cX <e[XiX IfjXc\j% Ef \o`jk\e Y`\e\j `edl\Yc\j @e`Z`X[f \c (, [\ 8Yi`c [\c )'(( ;\]\ejfi [\c XZkfi1 ;i% Cl`j ;lhl\% :XljX Ef% )'(($'+0($ C% J% GIFM@;<E:@8% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (' [\ dXpf [\c )'((# cXj ()_*+%$ M@JKFJ% ÆGfi Zldgc`[f cf [`jgl\jkf \e gifm`[\eZ`X `e`Z`Xc p \e cf gi`eZ`$ gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% KiXdˆk\j\ \e al`Z`f m\iYXc jldX$ i`f% :fe cX [\dXe[X p gifm`[\eZ`X i\ZXˆ[X# Zˆk\j\ X cX [\dXe[X[X JI8% CFI<E8 >89I@<C8 IFJ8C<J =CFI<J# \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf p [\ cX Z`l$ [X[ [\ @YXiiX# d\[`Xe[f fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX glYc`ZXZ`Â?e \e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ ZliX[fi X[$c`k\d p cX ZXc`[X[ \e hl\ ZfdgXi\Z\ \c ;i% Cl`j ;lhl\ Zfe]fid\ cf XZi\[`kX \c [fZld\ekf X[alekf% KÂ?d\j\ ef [\c :Xj`cc\if Al[`Z`Xc j\ÂŒXcX[f% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj XZfd$ gXÂŒX[fj% $ Efk`]ˆhl\j\% ] %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8# AL<Q HL@EKF ;< CF :@M@C ;< G@:?@E:?8% 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 [\ j\ÂŒXcXi :Xj`cc\if \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`f$ e\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < <o`jk\ ]`idX p j\ccf% 8%G%&+0*)*&b%d%

D<EFI<J ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :8LJ81 ) ' ( ( $ ' + ' ) $ =% D % 8C@D<EKFJ 8:KFI81 :I@JK@E8 8I8:<CP >I8E;8 8C9LA8 ;<D8E;8;F1 J<>LE;F 8>LJK@E ;@8J :?8L:8 :L8EK@81 (%/'' AL<Q1 ;I% 9FC@M8I >8I:@8 G@EFJ AL<Q <E:8I>8;F ;<C ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# dXik\j (0 [\ XYi`c [\c )'((# cXj ((_')%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f [\ \jkX al[`ZXkliX # d\[`Xek\ XZZ`Že [\ g\ijfeXc Ef% /*'$;G$;GG# [\ (0 [\ XYi`c [\c )'((%$ Gfi ZlXekf cX XZZ`f$ eXek\ _X [X[f Zldgc`d`\ekf Zfe cf [`jgl\jkf \e gifm`[\eZ`X `ed\[`XkX Xek\i`fi# cX d`jdX hl\ gfi j\i ZcXiX p i\le`i cfj i\hl`j`kfj [\c XikˆZlcf -. [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \j XZ\gkX[X X ki}d`k\ gi\m`jkf \e cX C\p I\]fidXkfi`X Xc :�[`^f [\ cX E`Œ\q p cX 8[fc\jZ\eZ`X# glYc`ZX[X

\e \c I\^`jkif F]`Z`Xc Ef% -+* [\ )/ [\ Alc`f [\c )%''0%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e p \c \jZi`kf hl\ Xek\Z\[\%$ Gfi cf hl\ [`jgfe^f1 ( LeX m\q hl\ cX XZZ`f$ eXek\ j\ÂŒfiX :I@JK@E8 8I8:<CP >I8E;8 8C9LA8# _X [\ZcXiX[f YXaf aliXd\ekf [\c [\jZfefZ`d`\e$ kf [\c [fd`Z`c`f [\c j\ÂŒfi J<>LE;F 8>LJK@E ;@8J :?8L:8# Zfe]fi$ d\ X cf fi[\eX[f \e \c Xik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< d\[`Xek\ ki\j glYc`ZXZ`f$ e\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\c ZXekÂ?e Hl`kf Xc j\ÂŒfi J<>LE;F 8>LJK@E ;@8J :?8L:8# j` ZfekX[fj m\`ek\ [ˆXj X gXik`i [\ cX Â’ck`dX glYc`ZXZ`Â?e \c [\dXe[X[f ef j\ÂŒXcX [fd`Z`c`f al[`Z`Xc# j\ jljkXeZ`Xi} cX ZXljX \e i\Y\c[ˆX# Xjˆ Zfdf [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ XeleZ`Xi cX gil\YX# hl\ gi\j\ekXi} \e cX 8l[`\eZ`X LE@:8 hl\ k\e[i} cl^Xi \e \jk\ ;\jgXZ_f leX m\q hl\ ]l\i\ Z`kX[f c\^Xcd\ek\# Xl[`\eZ`X hl\ [\Y\i} ZfdgXi\Z\i g\ijfeXcd\ek\ f gfi d\[`f [\ GifZliX[fi Al[`Z`Xc Xlkfi`qX[f gXiX kiXej`^`i%$) <e cf hl\ \e [\i\Z_f gifZ\[X# X^i„^l\ej\ Xc \og\[`\ek\ p kÂ?d\j\ \e Zl\ekX cX [fZld\ekXZ`Â?e X[alekX[X Xc ]fidlcXi`f$[\dXe[X gfi cX XZZ`feXek\%$* :fe]fid\ X cfj XikˆZlcf 0 (*+ # *, (+.%(* [\ cX Z`kX[X C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`ÂŒ\q p cX 8[fc\jZ\eZ`X p X cX KXYcX [\ G\ej`fe\j 8c`d\ek`Z`Xj dˆe`dXj \jkXYc\Z`[X gfi \c :fej\af [\ cX E`ÂŒ\q d\[`Xek\ I\jfclZ`Â?e Ef% '() :EE8$ )'(' # [\ ). [\ (- [\ ale`f [\c )'('# j\ ]`aX \e cX jldX [\ J<K<EK8 P :@E:F ;FC8I<J :FE KI<@EK8 P LE :<EK8MFJ .,#*( # cX g\ej`Â?e Xc`d\ek`Z`X gifm`$ j`feXc hl\ gfi d\jX[Xj X[\cXekX[Xj p X gXik`i [\ cX gi\j\ekXZ`Â?e [\ cX [\dXe[X# \c XZZ`feX[f Xc`d\ekXek\ gi`eZ`gXc j\ÂŒfi J<>LE;F 8>LJK@E ;@8J :?8L:8# [\Y\i} ZXeZ\cXi X ]Xmfi [\ cX d\efi :8D@C8 8I8:<CP ;@8J >I8E;8# ZlpXj gXik`[Xj [\ eXZ`d`\ekf _Xe j`[f X[alekX[Xj%$ + ?}^Xj\ ZfefZ\i \jk\ 8LKF X cX f]`Z`eX [\ GX^X[liˆX [\ cfj Alq^X[fj# X ]`e [\ hl\ j\ gifZ\[X X XYi`i cX kXia\kX Zfii\jgfe[`\ek\# j`e g\ial`Z`f [\ hl\ klm`\i\ cX XZkfiX [\ XYi`i leX Zl\ekX [\ X_fiifj \e [fe[\ [\Y\i}e j\i [\gfj`kX[Xj cXj g\ej`fe\j Xc`d\ek`Z`Xj d\ejlXc\j%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc Ef% +''. j\ÂŒXcX[f gfi cX XZkfiX gXiX jlj efk`]`ZXZ`fe\j%$ :@K<J<# GL9C@HL<J< P :èDGC8J<%$ ] ;I% 9FC@M8I >8I:@8 G@EFJ% AL<Q <E:8I>8;F% Cf hl\ Zfdle`Zf X l[% gXiX cfj ]`e\j [\ C\p%$ :\ik`]`Zf% ;I% I<E< 98I98 J<:I<K8I@F

ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% :@K8:@äE AL;@:@8C 8C J<zFI <;L8I;F M@E@:@F 98CC8;8IJ< :8E@E <OKI8:KF :8LJ81 8lkfi`qXZ`Â?e [\ JXc`[X [\c GXˆj EF% ;< AL@:@F1 '+..$)'(( ;<D8E;8;F1 <;L8I;F M@E@:@F 98CC8;8I<J :8E@E 8:KFI81 IFJ8 D8K@C;< :?<:8 :FIF DXe[XkXi`X [\ cX j\ÂŒfiX IfjX M\iÂ?e`ZX 8j_hl` :_\ZX :L8EK@81 @e[\k\id`eX[X AL<Q81 ;iX% >peX Jfcˆj AL<Q 8;ALEK8 F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j + [\ dXpf [\c )'((# cXj (-_(0%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f hl\ Xek\Z\[\# \e d` ZXc`[X[ [\ Al\q 8[alekX# [\ \jkX al[`ZXkliX# XZfi[\ Zfe cX i\jfclZ`Â?e glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef )-+ [\c ), [\ X^fjkf [\c )'('%$ <e cf gi`eZ`gXc# leX m\q hl\ cX gXik\ XZZ`f$ eXek\ _X [X[f Zldgc`d`\ekf Zfe cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# j\ gifZ\[\ X ZXc`]`ZXi cX [\dXe[X [\ 8LKFI@Q8:@FE ;< J8C@;8 ;<C G8@J Zfdf ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p2 \e Zfej\Zl\eZ`X j\ c\ XZ\gkX Xc ki}d`k\ \jkXYc\Z`[f \e cfj XikˆZlcfj ).(# ('0 p ((' [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X%$ Gfi _XY\i [\ZcXiX[f cX XZZ`feXek\ IfjX DXk`c[\ :_\ZX :fif# Zfdf dXe[XkXi`X [\ cX IfjX M\iÂ?e`ZX 8j_hl` :_\ZX# YXaf aliXd\ekf jfYi\ \c [\jZfefZ`d`\ekf [\ cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X [\c j\ÂŒfi <[lXi[f M`e`Z`f 9XccX[Xi\j :Xe`e# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ Z`kXi gfi cX gi\ejX# Xc j\ÂŒfi <;L8I;F M@E@:@F 98CC8;8I<J :8E@E d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e# ZX[X leX [\ \ccXj \e ]\Z_Xj [`jk`ekXj \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e X e`m\c eXZ`f$ eXc2 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 gfjk\i`fi\j efk`]`ZXZ`fe\j% J` ZfekX[fj m\`ek\ [ˆXj X gXik`i [\ cX Â’ck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\# j\ Zfek`elXi} cX ZXljX \e i\Y\c[ˆX% K„e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f \e cX [\dXe[X%$ EFK@=@HL<J< ] %$ ;I8% >PE8 JFC@J M@J:8II8# AL<Q8 8;ALEK8% 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 [fd`Z`c`f f ZXj`ccX al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iˆd\kif [\ C\p% 8k\ekXd\ek\1 89% A8M@<I D8IK@E<Q J<:I<K8I@F 8;ALEKF ;<C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0/*,&k]

I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< C8 E@E<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF : @ K8: @ ä E AL;@:@8C 8 C ;<D8E;8;F1 CL@J <EI@HL< FIK@Q =@<IIF <OKI8:KF :8LJ81 @E:@;<EK< ;< 8LD<EKF ;< G<EJ@äE 8C@D<EK@:@8 Eif% ;< AL@:@F1 (00/$+*+.($D> 8:KFI81 CFLI;<J JLJ8E8 ;<C IF:@F C8>L8G@CCF M<I>8I8 ;<D8E;8;F1 CL@J <EI@HL< FIK@Q =@<IIF AL<Q1 ;I% :I@JK?@8E I<:8C;< ;< C8 IFJ8 GIFM@;<E:@8 ALQ>8;F K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF%$ Hl`kf# dXik\j )+ [\ dXpf [\c )'((# cXj '0_(.%$ M@JKFJ1 <e m`ikl[ [\ _XY\ij\ jljkXeZ`X[f \e \jkX al[`ZXkliX cX [\dXe[X `e`Z`Xc [\ Xc`d\ekfj# p gfi \e[\ _XY\ij\ iX[`ZX[f cX Zfdg\k\eZ`X \e \jk\ Alq^X[f# \e d` ZXc`[X[ [\ Al\q 8[alekf XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ @E:@;<EK< ;< 8LD<EKF ;< G<EJ@äE 8C@D<EK@:@8 p j\ ZXc`$ ]`ZX cX [\dXe[X Zfdf ZcXiX p gi\$ Z`jX p i\Â’e\ cfj i\hl`j`kfj c\^Xc\j# XZ\gk}e[fc\ X ki}d`k\ \jg\Z`Xc%$ <e m`jkX [\ hl\ cX XZkfiX _X [\ZcXiX[f YXaf aliXd\ekf hl\ g\j\ X kf[Xj cXj Xm\i`^lXZ`fe\j# c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX [`i\ZZ`Â?e p&f i\j`[\e$ Z`X [\c [\dXe[X[f# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< gfi cX gi\ejX# Xc j\ÂŒfi CL@J <EI@HL< FIK@Q =@<IIF# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX gifm`eZ`X [\ G`Z_`eZ_X%$ J` ZfekX[fj m\`ek\ [ˆXj X gXik`i [\ cX ]\Z_X [\ cX Â’ck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\ j\ÂŒXcXe[f ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[# j\ Zfek`elXi} Zfe \c ki}d`$ k\ i\jg\Zk`mf p j\ c\ Zfej`[\iXi} Xc [\dXe[X[f \e i\Y\c[ˆX2 Xc \]\Zkf i\dˆkXj\ \c \okiXZkf Zfii\jgfe[`\e$ k\%$ KÂ?d\j\ \e Zl\ekX \c XeleZ`f [\ gil\YX \]\ZklX[f gfi cX XZkfiX p gifm\p\e[f cX d`jdX j\ [`jgf$ e\1 I\Z„gk\j\ cX Zfe]\j`Â?e al[`Z`Xc jfc`Z`kX[X2 F]ˆZ`\j\ Zfdf jfc`Z`$ kX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e XgXi\aX[X X cX [\dXe$ [X%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% *,.)# j\ÂŒXcX[X gfi cX XZkfiX CFLI;<J JLJ8E8 ;<C IF:@F C8>L8G@CCF M<I>8I8%$ EFK@=@HL<J< P :@K<J<%$ ] %$ ;I% :I@JK?@8E I<:8C;< ;< C8 IFJ8# AL<Q 8;ALEKF% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% ;I8% 8C<O8E;I8 G8I<;<J J<:I<K8I@8 8;ALEK8 ?Xp le j\ccf 8G&+0*+(&ZZ

I% [\c <% ALQ>8;F J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< 8D98KF <OKI8:KF 8Zkfi1 ;<C@8 D8I>8I@K8 >L<M8I8 FIK@Q ;\dXe[X[f1 X D8LI@:@F O8M@<I >FD<Q FIK@Q

Al`Z`f1 8C@D<EKFJ :8LJ81 )'(($',+/ AL<Q K<DGFI8C1 89% G8KI@:@F >FP<J J\Zi\kXi`f1 ;i% DXi`f CX`ZX J% Al[`ZXkliX1 ALQ>8;F J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< 8D98KF ALQ>8;F J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< 8D98KF ;< KLE>LI8?L8% 8dYXkf# al\m\j (0 [\ dXpf [\c )'((# cXj '/_,0% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ [\dXe[X [\ =`aXZ`�e [\ G\ej`fe\j 8c`d\ek`Z`Xj# gfi \c jfik\f c\^Xc i\Xc`qX[f p gfi Zld$ gc`[f hl\ j\ _XccX \c i\hl\i`d`\e$ kf% Gfi Zfej`[\iXi hl\ cX [\dXe$ [X[X gi\j\ekX[X gfi cX j\ŒfiX ;<C@8 D8I>8I@K8 >L<M8I8 FIK@Q# \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p2 j\ cX XZ\gkX Xc ki}d`k\ <jg\Z`Xc [\ gi\jkXZ`�e Xc`d\ek`Z`X# [\ Zfe]fid`[X[ Zfe cf gi\jZi`kf \e cfj 8ik% @eeld\iX[fj *+ p j`^l`\ek\j [\c :Xgˆklcf @@# [\ cX C\p I\]fidXkfi`X Xc Kˆklcf M# C`Yif @@ [\c :�[`^f Fi^}e`Zf [\ cX E`Œ\q p 8[fc\jZ\eZ`X# \e ZfekiX [\ D8LI@:@F O8M@<I >FD<Q FIK@Q \e ZXc`[X[ [\ FYc`^X[f gi`eZ`gXc# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% @eeld\iX[f , [\ cX `e[`ZX[X c\p% <e Zfej\Zl\eZ`X Xek\ cX [\ZcX$ iXZ`�e aliXd\ekX[X i\Xc`qX[X gfi cX XZZ`feXek\ [\ [\jZfefZ\i \c XZklXc gXiX[\if# [fd`Z`c`f f i\j`[\eZ`X [\c [\dXe[X[f D8LI@:@F O8M@<I >FD<Q FIK@Q# j\ [`jgfe\ Z`kXicf gfi d\[`f [\ cX gi\ejX [\ Zfe]fi$ d`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# efidX jlgc\kfi`X \e cX dXk\i`X2 X ]`e [\ hl\ j\ŒXc\ ZXj`ccX al[`Z`Xc f [`i\ZZ`�e \c\Zki�e`ZX \e \jkX Z`l$ [X[ [\ 8dYXkf# [\ekif [\c k„id`ef c\^Xc# ZXjf ZfekiXi`f j\ j\^l`i} \c gifZ\jf \e jl i\Y\c[ˆX% LeX m\q hl\ \c [\dXe[X[f j\X Z`kX[f c\^Xc$ d\ek\# j\ ZfemfZXi} X cXj gXik\j gifZ„jXc\j X cX Xl[`\eZ`X ’e`ZX p \e ZXjf [\ ef ZfdgXi\Z\i j\ gifZ\[\i} `^lXcd\ek\ \e i\Y\c[ˆX2 Xjˆ Zfdf j\ \mXZlXi}e cfj XeleZ`fj [\ gil\YX hl\ ’e`ZXd\ek\ gi\j\ekXi\ cX gXik\ [\dXe[X[X# _XjkX Zfe ZlXi\ekX p fZ_f _fiXj Xek\j [\ cX ]\Z_X hl\ j\ ]`a\ gXiX cX `e[`ZX[X Xl[`\eZ`X ’e`ZX# Xc k\efi [\ cf hl\ [`jgfe\ \c 8ik% @eeld\iX[f *, @Yˆ[\d% J\ ]`aX cfj Xc`d\ekfj gifm`j`feXc\j \e cX ZXe$ k`[X[ [\ :@<EKF :L8KIF .*&('' ;FC8I<J 8D<I@:8EFJ d\ejlX$ c\j# d}j cfj Y\e\]`Z`fj c\^Xc\j# [\ Zfe]fid`[X[ Zfe cX KXYcX [\ g\e$ j`fe\j 8c`d\ek`Z`Xj 9}j`ZXj m`^\e$ k\# gXiX cfj d\efi\j =I8E:@J:F I8LC p 8;I@8E <JK<98E >FD<Q >L<M8I8 p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% `eeld\iX[f / @Yˆ[\d% Gfi i\Xc`qX[f cfj Xele$ Z`fj [\ gil\YX gfi cX gXik\ XZkfiX \e \c ]fidlcXi`f [\ jl [\dXe[X1 8^i„^l\j\ cfj [fZld\ekfj hl\ j\ X[alekX Xc ]fidlcXi`f [\ [\dXe[X2 i\ZˆYXj\ cXj [\ZcXiXZ`fe\j [\ cfj k\jk`^fj hl\ j\ `e[`ZXe \e \c ]fi$ dlcXi`f [\ [\dXe[X2 \c [\dXe$ [X[f D8LI@:@F O8M@<I >FD<Q FIK@Q# i`e[X Zfe]\j`�e al[`Z`Xc \e ]fidX g\ijfeXc p \e ZfdgXŒˆX [\ jl 8Yf^X[f [\]\ejfi# [\ Zfe]fi$ d`[X[ Zfe \c `ek\iif^Xkfi`f hl\ \e ]fidX m\iYXc j\ cf _Xi} Xc dfd\ekf

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A ESBAEN CIA. LTDA.

CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A CORPORACIĂ“N FJTX EXPLORATION S.A.

La compaùía ESBAEN CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario DÊcimo SÊptimo del Distrito Metropolitano de Quito, el 18 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC. Q.11.002338 de 31 de Mayo de 2011.

La compaùía CORPORACIĂ“N FJTX EXPLORATION S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario Primero del Distrito Metropolitano de Quito, el 24 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ. DJC.Q.11.002339 de 31 de Mayo de 2011.

En atención a lo resuelto por la Junta General Extraordinaria de Socios de la compaùía ALIMENTOS FORTIFICADOS FORTESAN CIA. LTDA., celebrada el 19 de Mayo del 2011, y a lo dispuesto en los artículos 110 y 114 de la Ley de Compaùías, se comunica a los socios, que la compaùía ALIMENTOS FORTIFICADOS FORTESAN CIA. LTDA., ha resuelto el aumento de capital suscrito y pagado por lo que otorga el plazo de 30 días contados a partir de la presente publicación, para que de ser el caso, los socios ausentes hagan uso del derecho de preferencia en el aumento en proporción a su participación social actual. Si en el plazo de 30 días no hacen uso de este derecho, el monto del aumento de capital suscrito y pagado serå de de seiscientos cuarenta y dos mil setenta y dos dólares de los Estados Unidos de AmÊrica (USD 642.072,00).

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

2.- CAPITAL: Suscrito US$ 600,00 NĂşmero de Participaciones 600 Valor US$ 1,00

2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00; Capital Autorizado: US$ 1.600,00

3.- OBJETO: El objeto de la compaùía es: A) PRODUCCIĂ“N, DISTRIBUCIĂ“N, IMPORTACIĂ“N, EXPORTACIĂ“N, COMPRAVENTA Y EL COMERCIO EN GENERAL DE ARTĂ?CULOS Y MERCADERĂ?AS NACIONALES Y/O EXTRANJERAS RELACIONADAS CON LA INDUSTRIA ALIMENTARIA.....

3.- OBJETO: El objeto de la compaùía es: ...LA ACTIVIDAD MINERA, ESTO ES, LA PROSPECCIĂ“N, EXPLORACIĂ“N, EXPLOTACIĂ“N, BENEFICIO O C O N C E N T R A C IĂ“ N , F U N D I C I Ă“N , REFINACIĂ“N...

Quito, 01 de Junio de 2011

Quito, 31 de Mayo de 2011.

Quito, 31 de Mayo de 2011.

<OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 JI8% CFI<E8 >89I@<C8 IFJ8C<J =CFI<J 8:KFI%$ JI% :8C@OKF 8GFC@E8I <E;8I8 CFG<Q GIF% CL@J N8J?@E>KFE ;LHL< 8P8C8

AVISO SOCIOS A LOS SOCIOS DE LA COMPAĂ‘Ă?A ALIMENTOS FORTIFICADOS FORTESAN CIA. LTDA.

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

JOSE VICENTE CHAUVIN HIDALGO PRESIDENTE EJECUTIVO� AR/83116/cc

AR/83120/cc

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83115/cc


d`jdf [\ cX [`c`^\eZ`X# hl\ k\e[i} cl^Xi \e cX Xl[`\eZ`X Zfii\jgfe$ [`\ek\2 F]ˆZ`\j\ X cfj I\^`jkifj [\ cX Gifg`\[X[ [\ cfj ZXekfe\j Hl`kf p I`fYXdYX p X cX :fd`j`fe\j Gifm`eZ`Xc\j [\c KiXejgfik\ K\ii\jki\# Ki}ej`kf p J\^li`[X[ M`Xc [\ Hl`kf p I`fYXdYX2 f]ˆZ`\j\ X cfj YXeZfj G`Z_`eZ_X# 8ljkif p Le`YXeZf% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% +*/ hl\ j\ŒXcX cX XZZ`feXek\ p cX Xlkfi`qXZ`�e hl\ Zfe]`\i\ X cX gif]\j`feXc hl\ jljZi`$ Y\% :fe ]le[Xd\ekf \e cf [`jgl\jkf \e \c 8ik% @eeld\iX[f ), [\ cX C\p I\]fidXkfi`X Xc :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X# j\ [`jgfe\ cX gif_`$ Y`Z`�e [\ jXc`[X [\c gXˆj [\c [\dXe$ [X[f D8LI@:@F O8M@<I >FD<Q FIK@Q# Zfe Z„[lcX [\ Z`l[X[XeˆX Ef (.(0,0+((0# gXiX cf ZlXc f]ˆZ`\j\ \e ]fidX c\^Xc X cX A\]XkliX Gifm`eZ`Xc [\ D`^iXZ`�e [\ Kle^liX_lX% Cf hl\ [`jgfe^f Xc XmfZXi ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e d` ZXc`$ [X[ [\ Al\q K\dgfiXc# [\j`^eX[f d\[`Xek\ 8ZZ`�e [\ G\ijfeXc Ef% ',.$:A;GKK$)'('% [\ )' [\ =\Yi\if [\ )'('% Gfi i\eleZ`X [\c k`klcXi% :ˆk\j\ p Efk`]ˆhl\j\%$ Cf hl\ Zfdle`Zf X ljk\[# gXiX jl ZfefZ`d`\ekf p ]`e\j c\^Xc\j g\i$ k`e\ek\j% ;I% D8I@F C8@:8 J% =`idX @c\^`Yc\ J<:I<K8I@F J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< 8D98KF% ?Xp le j\ccf (0/(0&0//),

<OKI8:KF AL;@:@8C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 CFJ G8;I<J F =8D@C@8I<J ;< C8 D<EFI A<EE@=<I IFJ<IF J?@>L8EF# \e \c Al`Z`f hl\ c\ j`^l\ \e jl Zfe$ kiX cX j\ÂŒfiX IFJ<IF J?@>L8EF D8I>8I@K8 :I@JK@E8% :8L J8 1 8 GK @ K L ; G8 I8 8;FGK89@C@;8; Eif% ;< AL@:@F )'(($'(,- 8:KFI1 ;I% D8I:<CF <;DLE;F

G8C8:@FJ ;Ă?M@C8 ;<D8E;8;F1 IFJ<IF J?@>L8EF D8I>8I@K8 :I@JK@E8% :L8EKĂ 81 @E;<K<ID@E8;8 AL<Q81 ;I8% <C<E8 FIK<>8 IFA8J GIFM@;<E:@81 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# dXik\j () [\ XYi`c [\c )'((# cXj '0_(.% M@JKFJ1 8MF:F ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\qX K`klcXi [\ \jkX al[`$ ZXkliX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\le`i cfj i\hl`$ j`kfj [\ C\p# j\ XZ\gkX Xc kiXd`k\ p j\ [`jgfe\%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X%$ :fdf d\[`[X [\ gifk\Z$ Z`Â?e p [\ Zfe]fid`[X[ Zfe cf gi\Z\g$ klX[f \e cfj 8ikˆZlcfj )(, p )** [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X M`^\ek\# cX d\efi A<EE@=<I IFJ<IF J?@>L8E>F# g\idXe\qZX \e 8:F>@D@<EKF @EJK@KL:@FE8C _XjkX hl\ „jkX 8lkfi`[X[ [`jgfe^X cf ZfekiXi`f# \e cX :ffigfiXZ`Â?e ĂˆGXiX jlj E`ÂŒfjÉ# Zfe \c ]`e [\ fYk\e\i i\`ej\iZ`Â?e ]Xd`c`Xi [\ cX d\efi \e ZXjf [\ Xjˆ Xd\i`kXicf f cX [\ZcXiXkfi`X [\ X[XgkXY`c`[X[ i\j$ g\Zk`mX%$ * 8Zfi[\ Zfe cf gi\jZi`kf \e \c 8ikˆZlcf )-/ p j`^l`\ek\j [\c Zl\igf C\^Xc `emfZX[f# `ek\im\e^X cX F]`Z`eX K„Ze`ZX Xj`^eX[X X „jkX Al[`ZXkliX# <c D`e`jk\i`f GÂ’Yc`Zf p cX ;@E8G<E# X ]`e [\ hl\ i\Xc`Z\e cX `em\jk`^XZ`Â?e Zfii\jgfe[`\ek\# X \]\Zkf [\ lY`ZXi X cfj GX[i\j [\ cX d\efi p gi\j\ek\e \c `e]fid\ i\j$ g\Zk`mf X „jkX Al[`ZXkliX%$ + Gfi ZlXekf \c [fZkfi DXiZ\cf <[dle[f GXcXZ`fj ;}m`cX \e ZXc`[X[ [\ gifZl$ iX[fi Al[`Z`Xc [\ cX j\ÂŒfiX D\c`e[X DXon\cc MXl^_e _X [\ZcXiX[f YXaf aliXd\ekf jfYi\ \c [\jZfefZ`d`\ekf [\c XZklXc [fd`Z`c`f [\ cfj GX[i\j p ]Xd`c`Xi\j [\ cX d\efi A<EE@=<I IFJ<IF J?@>L8E>F# [\ Zfe]fi$ d`[X[ Zfe \c 8ikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# j\ [`jgfe\ Z`kXi gfi cX gi\ejX X cfj GX[i\j f =Xd`c`Xi\j [\ cX d\efi A<EE@=<I IFJ<IF J?@>L8E>F# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj# [\ dXpfi Z`iZlcX$ Z`Â?e [\ cX gifm`eZ`X%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[X gXiX i\Z`Y`i cXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[X [\ekif [\c gifZ\$ jf# F=Ă :@<J<%$ EFK@=Ă HL<J<%$ :èDGC8J<% Cf hl\ Zfdle`Zf X ljk\[ IFJ<IF J?@>L8EF D8I>8I@K8 :I@JK@E8% gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\e$ k\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z` Zfii\f \c\ZkiÂ?e`Zf gXiX jlj gfj$ k\i`fi\j efk`]`ZXZ`fe\j [\ekif [\c

g\iˆd\kif [\ c\p% Xc \e \jkX Z`l[X[ [\ Hl`kf p&f ;I% ;@<>F 8E><C :8D8:?F :?Ă?M<Q J<:I<K8I@F ;<C ALQ>8;F F:K8MF <o`jk\ ]`idX p j\ccf% 8%G%&+0*''&b%d%

IÂŒbe ^Wo Zei feZ[h[i [d [b ckdZe0 bW fbkcW o bW [ifWZW$ D7FEB;âD 8ED7F7HJ;

ALQ>8;F ;<:@DF GI@D<IF 8;ALEKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF :@K8:@FE A L;@:@8C1 AFJ< D8EL<C KF8G8EK8 J@D8CL@J8 <OKI8:KF AL;@:@8C 8:KFI81 D8I@8 :8ID<E >L8D8E DLQF ;<D8E;8;F1 AFJ< D8EL<C KF8G8EK8 J@D8CL@J8 D<EFI<J1 B<M@E I<E< p 8C<O G8KI@:@F KF8G8EK8 >L8D8E KIĂ?D@K<1 8C@D<EKFJ Ef% (,)0$ )'('$8K :L8EK@81 +%/'' LJ; GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# al\m\j , [\ dXpf )'((# cXj (-_)(% M@JKFJ1 Gfi Zldgc`[fj cfj i\hl`j`kfj \jkX$ Yc\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%$ :@K<J< Xc j\ÂŒfi AFJ< D8EL<C KF8G8EK8 J@D8CL@J8 gfi cX gi\ejX# Zfe]fi$ d\ cf gi\m„ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `eZ`jf gi`$ d\if2 \eki„^l\j\ \okiXZkf gXiX cXj Zfii\jgfe[`\ek\j glYc`ZXZ`fe\j2 gi\m`e`„e[fc\ Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e [\ ZfdgXi\Z\i X al`Z`f YXaf gi\m\eZ`fe\j [\ Zfek`elXi cX ZXljX \e i\Y\c[ˆX# j\ÂŒXcXe[f [fd`$ Z`c`f al[`Z`Xc gXiX i\Z`Y`i jlj efk`]`$ ZXZ`fe\j%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e gi\j\ekX[X gfi cX XZZ`feXek\ j\^Â’e ZfejkX [\ cX iXqÂ?e j\ekX[X gfi cX J\Zi\kXi`X [\ \jkX Al[`ZXkliX%$ :fe]fid\ X cfj XikˆZlcfj @eeld\iX[fj 0 p *, [\ cX Z`kX[X C\p I\]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 E— '() :EE8$)'(' glYc`ZX[X \e \c I\^`jkif F]`Z`Xc E— )*+ [\ (* [\ Alc`f [\ )%'('# j\ ]`aX gifm`j`feXc$ d\ek\ cX jldX [\ :@<EKF KI<@EK8 ;FC8I<J 8D<I@:8EFJ (*'#'' d\ejlXc\j \e ]Xmfi [\ cfj d\ef$ i\j B<M@E I<E< p 8C<O G8KI@:@F KF8G8EK8 >L8D8E# d}j cfj Y\e\$

CONVOCATORIA A JUNTA GENERAL ORDINARIA DE SOCIOS DEL INSTITUTO DE INVESTIGACIONES SOCIO ECONĂ“MICAS Y TECNOLĂ“GICAS INSOTEC Dr. JosĂŠ Antonio Lanusse, Presidente Ejecutivo del Instituto de Investigaciones Socio EconĂłmicas y TecnolĂłgicas INSOTEC, convoca a los Socios de esta InstituciĂłn a la Junta General Ordinaria a efectuarse el dĂ­a 9 de junio del 2011 a las 17H00, en sus oficinas ubicadas en el sexto piso del edificio Condominios Wilson, situado en el No. N24-12 de la Juan LeĂłn Mera y Wilson de la ciudad de Quito. Los puntos a tratar en la Junta General Ordinaria son los siguientes: Punto Uno: Conocimiento y aprobaciĂłn del informe de actividades del aĂąo 2010. Punto Dos: Conocimiento y aprobaciĂłn de los Estados Financieros del ejercicio econĂłmico 2010, asĂ­ como el informe de auditorĂ­a externa del aĂąo 2010. Punto Tres: Conocer el Informe de CalificaciĂłn de Riesgo Financiero y la CalificaciĂłn de DesempeĂąo Social Punto Cuatro: Conocer el Informe de DesempeĂąo Financiero y de Mercado a marzo 2011 de la RFR. Punto Cinco: Informe de Avance del Programa de Microfinanzas en el periodo enero - mayo del 2011. Punto Seis: Varios. En caso de no existir el quĂłrum reglamentario dentro de la hora seĂąalada, se entenderĂĄ realizada la segunda convocatoria para una hora despuĂŠs de la indicada en esta convocatoria y dicha junta se instalarĂĄ en el mismo lugar con los socios que se encontraren presentes. Quito, 1 de junio del 2011 Dr. JosĂŠ A. Lanusse PRESIDENTE EJECUTIVO

]`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`�e [\ cX [\dXe[X# X kiXm„j [\c YXeZf [\ >lXpXhl`c# gXiX cf ZlXc cX XZkfiX gifZ\[X X Xg\ikl$ iXi cX kXia\kX B}i[\o \e cX F]`Z`eX [\ C`hl`[XZ`fe\j [\c Alq^X[f [\ cX E`Œ\q p 8[fc\jZ\eZ`X Zfii\jgfe$ [`\ek\%$ I\Z„gk\j\ cX :fe]\j`�e Al[`Z`Xc [\c [\dXe[X[f \e cX Xl[`\eZ`X ’e`ZX%$ F]ˆZ`\j\ Zfe]fid\ jfc`Z`kX \e \c ]fidlcXi`f [\ [\dXe$ [X# eld\iXc (*# c`k\iXc Z %$ <e m`ikl[ [\c XikˆZlcf @eeld\iX[f ), [\c :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X# j\ fi[\eX cX gif_`Y`Z`�e [\ jXc`$ [X [\c gXˆj [\c [\dXe[X[f AFJ< D8EL<C KF8G8EK8 J@D8CL@J8# gfikX[fi [\ cX Z„[lcX [\ `[\ek`[X[ Ef% ',')'(-,0$,# gXiX [`Z_f \]\Zkf f]ˆZ`\j\ X cX ;`i\ZZ`�e EXZ`feXc [\ D`^iXZ`�e p <okiXea\iˆX%$ @eZfig�i\j\ Xc gifZ\jf cfj [fZld\ekfj X^i\$ ^X[fj X cX [\dXe[X%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX gXiX gfjk\i`fi\j efk`$ ]`ZXZ`fe\j%$ EFK@=@HL<J<%$ = ;I% IF9<IKF FK8M8CF :8JKIF# 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 :8J@CC<IF 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 <o`jk\ ]`idX p j\ccf% 8%G%&+0*).&b%d%

:@K8:@äE AL;@:@8C J<:I<K8I@8 ;<C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E::@8 ;<C :8EKäE HL@KF 8C J<zFI :8ICFJ N@CJFE :FEK<EKF A8I8D@CCF% C< ?8>F J89<I C8 J@>L@<EK< ;<D8E;81 <OKI8:KF :8LJ8 ;<D8E;8 ;< 8C@D<EKFJ (.0,/$ )'('%'0*, 8:KFI81 EFID8 :<:@C@8 G@EK8;F FIK<>8

;<D8E;8;F1 :8ICFJ N@CJFE :FEK<EKF A8I8D@CCF D<EFI<J1 :8ICFJ 8E;I<J P N@CJFE 8;I@8E :FEK<EKF G@EK8;F :L8EK@81 :L8KIF D@C F:?<EK8 ;äC8I<J AL<Q1 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF% GIFM@;<E:@8 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )0 [\ j\gk`\dYi\ [\c )'('# cXj ((_).%$ M@JKFJ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX ;I8% >PE8 D8I>8I@K8 JFC@J M@J:8II8# \e d` ZXc`[X[ [\ Al\q 8[alekX [\ \jkX Al[`ZXkliX# XZfi[\ Zfe cX i\jfclZ`Â?e glYc`ZX[X \e \c I\^`jkif f]`Z`Xc Ef )-+ [\c ), [\ X^fjkf [\c )'('# Xik`Zlcf * c`k\iXc Z# d\[`Xek\ ZfekiXkf jljZi`kf \c (. [\ X^fjkf [\c )'('% CX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p Zfe$ k`\e\ cfj i\hl`j`kfj c\^Xc\j gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ gi\m`jkf \e cX C\p I\]fidXkfi`X Xc Kˆklcf M# C`Yif J\^le[f [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X# glYc`ZX[f \e \c I\^`jkif F]`Z`Xc Ef -+* [\c )/ [\ Alc`f [\c )''0 % ;Xe[f Zldgc`$ d`\ekf Xc XikˆZlcf `eld\iX[f Xik *, [\ cX i\]\i`[X c\p# p cfj XikˆZlcfj *# +# , p - [\ cX kXYcX [\ g\ej`fe\j 8c`d\ek`Z`Xj Dˆe`dXj# \cXYfiX[X gfi \c :fej\af EXZ`feXc [\ cX e`ÂŒ\q p 8[fc\jZ\eZ`X# j\ ]`aX \e ZfeZ\gkf [\ g\ej`Â?e gifm`j`feXc Xc`d\ek`Z`X cX ZXek`[X[ [\ EFM<EK8 P :@E:F ;FC8I<J D<EJL8C<J 0,#ff # dXj cfj Y\e\]`Z`fj [\ c\p2 g\ej`Â?e hl\ [\Y\i} jld`e`jkiXicX \c [\dXe$ [X[f :8ICFJ N@CJFE :FEK<EKF A8I8D@CCF gXiX cXj d\efi\j :8ICFJ 8E;I<J p N@CJFE 8;I@8E :FEK<EKF G@EK8;F# [\j[\ cX ]\Z_X [\ gi\j\ekXZ`Â?e [\ cX [\dXe[X% ?}^Xj\ ZfefZ\i [\ \jk\ Xlkf X cX F]`Z`eX [\ I\ZXl[XZ`Â?e gXiX hl\ j\ Xg\ikli\ cX kXia\kX Zfii\jgfe[`\ek\# X efdYi\ [\ cX j\ÂŒfiX EFID8 :<:@C@8 G@EK8;F FIK<>8# Zfe \c gifgÂ?j`kf [\ hl\ \c [\dXe[X[f [\gfj`k\ cX g\ej`Â?e Xc`d\ek`Z`X ]`aX[X cfj Z`eZf gi`d\ifj

[ˆXj [\ ZX[X d\j%%$ <e m`jkX hl\ cX g\k`Z`feXi`X [\ZcXiX YXaf aliX$ d\ekf [\jZfefZ\i \c [fd`Z`c`f [\c [\dXe[X[f p g`[\ j\ c\ Z`k\ gfi cX gi\ejX# \jk\ Alq^X[f Zfe ]le[Xd\e$ kf \e \c 8ikˆZlcf /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# [`jgfe\ Z`kXi Zfe \c Zfek\e`[f [\ cX [\dXe[X p \jk\ [\Zi\kf Xc j\Œfi :@K<J< Xc [\dXe[X[f j\Œfi :8ICFJ N@CJFE :FEK<EKF A8I8D@CCF# gfi lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\c gXˆj# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j hl\ j\ _Xi}e ZX[X leX \e [ˆXj [`]\i\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ hl\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j# \e ZXjf [\ ef _XZ\icf j\ jljkXeZ`Xi} \c ki}d`k\ \e i\Y\c$ [ˆX% <c [\dXe[X[f Xc ZfdgXi\Z\i X al`Z`f \e \c dfd\ekf [\ Zfek\jkXi cX [\dXe[X [\Y\i} Zldgc`i} cf gi\Z\gklX[f \e \c XikˆZlcf (') [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%%$ CXj gXik\j ZfdgXi\Z\i}e g\ijfeXcd\e$ k\ f d\[`Xek\ gifZliXZ`�e Xdgc`X p jl]`Z`\ek\ Zfe ZcXljlcX \jg\Z`Xc gXiX kiXej`^`i% K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc j\ŒXcX[f gfi cX g\k`Z`f$ eXi`X p X^i„^l\j\ cX [fZld\ekXZ`�e gi\j\ekX[X :@K<J< P EFK@=@HL<J<% ] %$ ;I8% >PE8 JFC@J M@J:8II8# AL<Q8 8;ALEKF% Hl`kf# (, [\ FZklYi\ [\c )'(' 89% A8M@<I D8IK@E<Q 8>L@II< J<:I<K8I@F$8;ALEKF <o`jk\ ]`idX p j\ccf% 8%G%&+0**+&b%d%

<A<:LK@MFJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 D8IC<EP IFO8EE8 <EIĂ HL<Q 8D8P8 P 8E;IyJ ;8M@; DFC@E8 <EIĂ HL<Q <OKI8:KF 8:KFI1 ;I% CL@J =<IE8E;F D8IKĂ E<Q 9 8 I I < E F # GIF:LI8;FI AL;@:@8C ;< C8 :FFG<I8K@M8 ;< 8?FIIF P :Iy;@KF GIF>I<JF CK;8% ; < D 8 E ;8 ; F J 1 D 8 I C < E P IFO8EE8 <EIĂ HL<Q 8D8P8 P 8E;IyJ ;8M@; DFC@E8 <EIĂ HL<Q AL@:@F <A<:LK@MF Ef% )*)$)'('$ D% >fi[Â?e :% :L8EK@81 LJ;% 0%'''#ff :8J@CC8 AL;@:@8C Ef *)'0 ;<=<EJFI1 ;I% IF9<IK M@CC8IIL<C =<:?8 ;< @E@:@F1 )+ ;< =<9I<IF ;<C )'(' GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;<

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO DE LA ESCRITURA PĂšBLICA DE DISOLUCIĂ“N VOLUNTARIA Y ANTICIPADA DE LA COMPAĂ‘Ă?A CABEZAS & WRAY ABOGADOS CIA. LTDA.

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? G@:?@E:?8%$ Hl`kf# m`\ie\j )- [\ ]\Yi\if [\c )'('# cXj '0_(-% M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX X[d`k\ X ki}d`k\ \a\Zlk`mf%$ J\ fi[\eX hl\ D8IC<EP IFO8EE8 <EI@HL<Q 8D8P8 p 8E;I<J ;8M@; DFC@E8 <EI@HL<Q gX^l\e cX fYc`^XZ`Â?e f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj%$ CX d\[`[X ZXlk\cXi jfc`Z`kX[X j\ cX [\j\jk`dX gfi ]XckX [\ gil\YX%$ :Ă K<J< X cfj gi\efdYiX[fj ;\dXe[X[fj \e \c cl^Xi `e[`ZX[f# d\[`Xek\ :fd`j`Â?e [`i`^`[X Xc Ji% K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X [\ JXe 8ekfe`f [\ G`Z_`eZ_X%$ Gi\m`X ZfejkXeZ`X \e Xlkfj [\j^cfj\j\ cX [fZld\ekXZ`Â?e jfc`Z`kX[X%$ EFK@=@HL<J<% ]% ;i% 8c]i\[f >i`aXcmX DlÂŒfq% AL<Q% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )* [\ dXiqf [\c )'((# cXj '/_*,%$ 8k\ekf \c aliXd\ekf \]\ZklX[f gfi \c 8Zkfi# :Ă K<J< X D8IC<EP IFO8EE8 <EIĂ HL<Q 8D8P8 p 8E;IyJ ;8M@; DFC@E8 <EIĂ HL<Q gfi cX gi\ejX Zfdf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xek\ glYc`ZXZ`fe\j \]\ZklX[Xj \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcX$ Z`Â?e eXZ`feXc%$ EFK@=Ă HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ AL<Q Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% ;i% GXYcf Kfif >Xii`[f J\Zi\kXi`f ?Xp le j\ccf 8%:%&.00)/

I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 $<OKI8:KF$ :@K8:@äE AL;@:@8C G8I81 <C@8E8 B8K?<I@E< 98CC<JK<IFJ 8IKLIF AL@:@F1 -0+$)''/ C:?% <D98I>F P I<D8K< 8:KFI1 98E:F :8G@K8C J%8% ;<D8E;8;F1 <C@8E8 B8K?<I@E< 98CC<JK<IFJ 8IKLIF F9A<KF1 :fe ]le[Xd\ekf \e cX j\Z$ Z`Â?e M# kˆklcf @@ [\c C`Yif J\^le[f [\c :Â?[`^f [\ :fd\iZ`f \e jlj XikˆZl$ cfj (' [\ cfj `eeld\iX[fj# j\^Â’e cX i\]fidX Ef% ,+/% :_%# 8ik$ ,0- @Y`[\d p [`jgfj`Z`fe\j g\ik`e\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [\dXe[X \c \dYXi^f p i\dXk\ [\c m\_ˆZlcf m\e[`[f Zfe i\j\imX [\ [fd`e`f [\kXccX[f \e \c ZfekiXkf X[alekf% KI8D@K<1 <A<:LK@MF :L8EK@81 ;@<Q P J@<K< D@C ;FC8I<J 8D<I@:8EFJ

Ć

89F>8;F G8KIF:@E8;FI1 AFI>< 9<A8I8EF D8K% -., :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (/ [\ X^fjkf [\c )''/# X cXj ((?(-%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% )(/, [\ '/ [\ Alc`f [\c )''/ p \e m`ikl[ [\c jfik\f [\ C\p \e cX f]`$ Z`eX Zfii\jgfe[`\ek\%$CX [\dXe[X hl\ Xek\Z\[\ gifgl\jkX gfi cX @e^% O`d\eX [\c :Xid\e :fife\c >feq}c\q# \e cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ Zfdf j\ [\jgi\e[\ [\c [fZld\ekf X[alekf# \j ZcXiX# Zfdgc\kX# p i\Â’e\ cfj i\hl`j`kfj [\k\id`eX[fj gfi cX C\p%$ Gfi cf hl\ [\ZcXi}e[fcX gifZ\[\ek\ j\ cX X[d`k\ X kiXd`k\ \jg\Z`Xc \jkXYc\$ Z`[f%$<e Zfej\Zl\eZ`X# gifZ„[Xj\ Xc <dYXi^f p gfjk\i`fi I\dXk\# gi\m`f XmXcÂ’f# [\c Y`\e dXk\i`X [\c :fekiXkf [\ :fdgiXm\ekX Zfe I\j\imX [\ ;fd`e`f# Zfej`jk\ek\ \e \c m\_ˆZlcf DXiZX1 ?PLE;8@# ZcXj\1 8LKFDäM@C# GcXZX EL<MF# Df[\cf1 D8KI@Q (%/# Zfcfi1 9C8E:F# 8ÂŒf [\ =XYi`ZXZ`Â?e )''-# :_Xj`j Ef% BD?GE/(;G-L)-.((-# Dfkfi Ef% >+>9-,)((-+# K`gf 8LKFDäM@C p [\d}j ZXiXZk\iˆjk`ZXj p \jg\Z`]`$ ZXZ`fe\j ZfejkXek\j \e \c ZfekiXkf [\ ZfdgiXm\ekX Zfe i\j\imX [\ [fd`e`f X[alekf%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X# j\ ZfekXi} Zfe lef [\ cfj j\ÂŒfi\j 8c^lXZ`c DXpfi p ;\gfj`kXi`f Al[`Z`Xc [\c ZXekÂ?e Hl`kf%$ ?XY`cˆk\j\ \c k`\dgf [\]`Z`\e$ k\%$GiXZk`ZX[f \c \dYXi^f# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X X cX [\dXe$ [X[X <c`XeX BXk\i`e\ 9Xcc\jk\ifj 8iklif# \e cX [`i\ZZ`Â?e j\ÂŒXcX[X gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf%$ @eZfigÂ?i\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e X[alekX%$KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\$ if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ gi\j\ek\ ZlXekf \jZi`kf j\X e\Z\jXi`f \e [\]\ejX [\ jlj `ek\i\j\j%$ 8k\ekf cX g\k`Z`Â?e p X cf [`jgl\jkf gfi \c 8ik% 00) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# [\aXe[f Zfg`Xj Z\ik`]`ZX[Xj# iXqÂ?e p i\Z`Yf \e Xlkfj# [\j^cÂ?j\j\ cfj [fZld\ekfj XZfdgXÂŒX[fj X cX [\dXe[X p \eki„^l\j\ X jl XYf$ ^X[f [\]\ejfi%$ Efk`]ˆhl\j\% ] ;i% I\peXc[f =cfi 8cmXiX[f%$ Al\q%$ GIFM@;<E:@8 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j (/ [\ fZklYi\ [\c )'('# X cXj ((?'/%$<e cf gi`eZ`gXc# \e d„i`kf [\c aliXd\ekf i\e[`[f gfi cX XZkfiX# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`$

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

ANTECEDENTES. - CABEZAS & WRAY ABOGADOS CIA. LTDA. se constituyĂł mediante escritura pĂşblica otorgada ante el Notario Primero del Distrito Metropolitano de Quito, el 29 de enero de 1998, inscrita en el Registro Mercantil del mismo Distrito bajo el No. 682, Tomo 129, el 25 de marzo de 1998.

EXTRACTO

1. CELEBRACIĂ“N Y APROBACIĂ“N.- La escritura pĂşblica de disoluciĂłn voluntaria y anticipada de la compaùía CABEZAS & WRAY ABOGADOS CIA. LTDA., otorgada el 18 de marzo de 2011 ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, ha sido aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJDL.Q.11.2019 de 11 MAY 2011

CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A ZABYCA ASOCIADOS CIA. LTDA. La compaùía ZABYCA ASOCIADOS CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo Quinto del Distrito Metropolitano de Quito, el 12 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002325 de 31 de Mayo de 2011.

2. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada el seĂąor Ernesto Javier AlbĂĄn Ricaurte, en su calidad de Gerente General de la compaùía, de nacionalidad ecuatoriana, de estado civil casado y domiciliado en el Distrito Metropolitano de Quito. 3. PUBLICACIĂ“N.- La Superintendencia de Compaùías ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica pertinente, por tres dĂ­as consecutivos, para efectos de oposiciĂłn de terceros seĂąalada en el Art. 33 de la Ley de Compaùías y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico la disoluciĂłn voluntaria y anticipada de la compaùía CABEZAS & WRAY ABOGADOS CIA. LTDA., a fin que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaùía, dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y, ademĂĄs, pongan el particular en conocimiento de la Superintendencia de Compaùías. El Juez que reciba la oposiciĂłn notificarĂĄ a esta Superintendencia, dentro del tĂŠrmino de dos dĂ­as siguientes, juntamente con el escrito de oposiciĂłn y providencia recaĂ­da sobre ella. En caso de no existir oposiciĂłn o de no ser notificada en la forma antes indicada se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la indicada compaùía y al cumplimiento de los demĂĄs requisitos legales.

2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: PRESTACIĂ“N DE SERVICIOS EN EL Ă MBITO DE INFORMĂ TICA Y SISTEMAS,... Quito, 31 de Mayo de 2011.

Distrito Metropolitano de Quito, a 11 MAY 2011

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

AB. PATRICIA CHIRIBOGA SĂ NCHEZ DIRECTORA JURIDICA DE DISOLUCIĂ“N Y LIQUIDACIĂ“N DE COMPAĂ‘Ă?AS AR/83121/cc

A.C./79912

AR/83122/cc

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ć

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cX [\dXe[X[X# j\ [`jgfe\ Z`kXi Zfe le \okiXZkf [\c Zfek\e`[f [\ cX [\dXe[X# Xlkf `e`Z`Xc# \jZi`kf gi\Z\[\ek\ p gi\j\ek\ gifm`[\eZ`X X cX [\dXe[X[X <c`XeX BXk\i`e\ 9Xcc\jk\ifj 8iklif# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j# \e lef [\ cfj g\i`�[`Zfj [\ Xdgc`X Z`iZl$ cXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\%$ ] ;i% I\peXc[f =cfi 8cmXiX[f%$ Al\q%$ Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXi cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp le j\ccf 8%:%&.00(/

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 FC>8 ;FCFI<J M<C<Q D<E;<Q P AF?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 <OKI8:KF 8:KFI1 ;I% CL@J =<IE8E;F D8IKĂ E<Q 9 8 I I < E F # GIF:LI8;FI AL;@:@8C ;< C8 :FFG<I8K@M8 ;< 8?FIIF P :Iy;@KF GIF>I<JF CK;8% ;<D8E;8;FJ1 FC>8 ;FCFI<J M<C<Q D<E;<Q P AF?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 AL@:@F <A<:LK@MF Ef% (*,.$)'('$ D% >fi[Â?e :% :L8EK@81 LJ;% ,%'''#ff :8J@CC8 AL;@:@8C Ef *)'0 ;<=<EJFI1 ;I% IF9<IK M@CC8IIL<C =<:?8 ;< @E@:@F1 *' ;< J < GK @ < D 9 I < ;<C ) ' ( ' GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8#$ Hl`kf# cle\j (/ [\ fZklYi\ [\c )'('# cXj '0_*.%$ M@JKFJ1 CX [\dXe[X hl\ Xek\$ Z\[\# \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX X[d`k\ X ki}d`k\ \a\Zlk`mf%$ J\ fi[\eX hl\ FC>8 ;FCFI<J M<C<Q D<E;<Q p A@?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 gX^l\e cX fYc`$ ^XZ`Â?e f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj%$ :Ă K<J< X cXj gi\efdYiX[Xj ;\dXe[X[Xj \e cfj cl^Xi\j `e[`ZX[fj%$ GifZ\[Xj\ X [\j^cfjXi cX [fZld\ekXZ`Â?e jfc`Z`$ kX[X%$ EFK@=@HL<J<% = ;i% 8c]i\[f >i`aXcmX DlÂŒfq% AL<Q% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8#$ Hl`kf# d`„iZfc\j )* [\ dXiqf [\c )'((# cXj '/_*'%$ 8k\ekf \c aliXd\ekf \]\ZklX[f gfi \c 8Zkfi# :Ă K<J< X FC>8 ;FCFI<J M<C<Q D<E;<Q p AF?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 gfi cX gi\ejX Zfdf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xek\ glYc`ZXZ`fe\j \]\ZklX[Xj \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcX$ Z`Â?e eXZ`feXc%$ EFK@=Ă HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’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:&.00)0&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 E8I;8 GI@:@C8 DFEK<M<I;< D8:@8J p D@>L<C 8E><C ;8M@C8 =FEJ<:8# ;< C8 ;<D8E;8 <A<:LK@M8# HL< J@>L< <E JL :FEKI8 <C 98E:F ;< >L8P8HL@C 8:KFI1 98E:F ;< >L8P8HL@C J%8%# i\gi\j\ekX[X gfi cX j\Œf$ iX ;iX% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I ;<D8E;8;FJ1 E8I;8 GI@:@C8 DFEK<M<I;< D8:@8J p D@>L<C 8E><C ;8M@C8 =FEJ<:8 KI8D@K<1 <A<:LK@MF AL@:@F Ef% '+.-$)''/$DJ% :L8EK@81 LJ;% .%/''#ff ;FD@:@C@F AL;@:@8C Ef% (./+ [\c ;i% 8cmXi\q G}\q 9\eXcZ}qXi GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )) [\ DXpf [\c )''/# (-_'/%$ 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# 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 DFEK<M<I;< D8:@8J E8I;8 GI@:@C8 P ;8M@C8 =FEJ<:8 D@>L<C 8E><C# gX^l\e X cX XZkfiX cX ZXek`[X[ [\dXe[X[X \e \c k„id`$ ef [\ ki\j [ˆXj f gifgfe^Xe \oZ\g$ Z`fe\j [\ekif [\c d`jdf k„id`ef% :ˆk\j\ X cfj [\dXe[X[fj j\Œfi\j

DFEK<M<I;< D8:@8J E8I;8 GI@:@C8 P ;8M@C8 =FEJ<:8 D@>L<C 8E><C# \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# gXiX cf ZlXc \emˆ\j\ jl]`Z`\ek\ [\jgXZ_f X cX JXcX [\ :`kXZ`fe\j%$ KÂ?d\j\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X gfi cX gXik\ XZkfiX% 8^i„^l\j\ cX [fZld\ekX$ Z`Â?e X[alekX%$ 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 (/ [\ dXpf [\c )'((# (,_+/%$ 8k\ekX X cf jfc`Z`kX[f \e \c \jZi`kf gi\j\ekX[f Zfe ]\Z_X () [\ XYi`c [\c )'(( p [\ Zfe]fid`[X[ Zfe \c aliXd\ekf i\e[`[f p cf gi\$ m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j DFEK<M<I;< D8:@8J E8I;8 GI@:@C8 p ;8M@C8 =FEJ<:8 D@>L<C 8E><C# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`i$ ZlcXZ`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[fc\ [\ 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`f$ i\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:&.00))&k] 444444 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8C J<zFI AFJ< =<IE8E;F :?@:8@Q8 9FD9FE# ;<C AL@:@F <A<:LK@MF GIFGL<JKF <E JL :FEKI8 GFI <C J<zFI K<CDF 8EKFE@F =I8>8 9<E8M@;<J % 8:KFI1 K<CDF 8EKFE@F =I8>8 9<E8M@;<J ;<D8E;8;F1 AFJ< =<IE8E;F :?@:8@Q8 9FD9FE AL@:@F1 Ef% -,-$)'('$DD KI8D@K<1 <A<:LK@MF :L8EKĂ 8 1 -'%'''#'' G I FM @ ; < E : @ 8 1 A L Q> 8 ; F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j / [\ ale`f [\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# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% <e Zfej\Zl\eZ`X j\ cX XZ\gkX X kiXd`k\ \a\Zlk`mf# \c [\dXe[X$ [f AFJ< =<IE8E;F :?@:8@Q8 9FD9FE# gX^l\ Xc XZkfi cX ZXek`[X[ [\dXe[X[X f gifgfe^X \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj% :ˆk\j\ Xc [\dXe[X[f \e \c cl^Xi hl\ j\ `e[`$ ZX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e XZfdgXÂŒX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX$ [f %$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf%$ FKI8 GIFM@;<E:@8%$ ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j - [\ XYi`c [\c )'((# X cXj (+_+) 8^i„^l\j\ Xc gifZ\jf \c \jZi`$ kf gi\j\ekX[f%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f%$ <e d„i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ Xc [\dXe[X[f Afj„ =\ieXe[f :_`ZX`qX 9fdYÂ?e# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`f$ e\j hl\ j\ i\Xc`qXi}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ 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[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf 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 ]`idX p j\ccf 8:&.00*0&k]

I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8 :8ICFJ 8E;IyJ :8JK@CCF IF;IĂ >L<Q P =IĂ?EBC@E :C<D<EK< 9FE<J ILD9<8 8:KFI81 Qfe`X 8c`Z`X ClZ\if C`dX [\ I`fj% ;<D8E;8;FJ1 :Xicfj 8e[i„j :Xjk`ccf If[iˆ^l\q p =i}ebc`e :c\d\ek\ 9fe\j IldY\X AL@:@F1 <a\Zlk`mf Eif% *).$)'(($ n%q% 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 J`\k\ d`c [Â?cXi\j Xd\$ i`ZXefj% 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf#

Ĺ?

d`„iZfc\j (/ [\ dXpf [\c )'((# cXj ((_,'% M`jkfj1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf 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\’e\ cfj i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X kiXdˆk\j\ cX d`jdX \e cX mˆX \a\Zlk`mX%$ Cfj [\dXe[X[fj :Xicfj 8e[i„j :Xjk`ccf If[iˆ^l\q p =iXebc`e :c\d\ek\ 9fe\j IldY\X# ZldgcXe Zfe cX fYc`^XZ`�e f gifgfe$ ^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj [\ Z`kX[fj%$ :ˆk\j\ X :Xicfj 8e[i„j :Xjk`ccf If[iˆ^l\q p =iXebc`e :c\d\ek\ 9fe\j IldY\X# 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 aliXd\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jlj `e[`m`[lX$ c`[X[\j f i\j`[\eZ`Xj%$ 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 cX XZkfiX p cX Xlkfi`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[j%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`�e hl\ k`\e\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:&.00*+&k]

ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 ;FE8C;F 8z8G8 C8I>F J\ c\ _XZ\ Zfef$ Z\i \c <OKI8:KF# [\ cX [\dXe[X <A<:LK@M8 p GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\e1 <okiXZkf 1 8:KFI1 98E:F G@:?@E:?8 :%8% ;<D8E;8;F1 ;FE8C;F 8z8G8 C8I>F Al`Z`f1 <a\Zlk`mf% J\ [\dXe$ [X \c ZfYif [\c GX^Xi\ gfi _XY\ij\ m\eZ`[f \c gcXqf \jkXYc\Z`[f p hl\ ZfejkXe \e Xlkfj p hl\ XjZ`\e[\ X cX ZXek`[X[ [\ LJ;% )%'''#ff ;Â?cXi\j 8d\i`ZXefj d}j cfj `ek\i\j\j i\j$ g\Zk`mfj% ;fd`Z`c`f C\^Xc% :Xj`ccX *.)/ [\c ;i% :Xc`okf I\^XcX[f CÂ?g\q :XljX Ef% .0/$)''0% KiXd`kX1 9%9 GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# *' [\ ale`f [\c )''0# cXj (._(*% M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`$ ZXkliX d\[`Xek\ \c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX \e m`ikl[ [\c f]`Z`f E% 0(+$ ;G$;;G$A8I$'. [\ '* [\ ;`Z`\dYi\ [\c )''. \e d` ZXc`[X[ [\ Al\q Jlgc\ek\% <e cf gi`eZ`gXc cX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf

IÂŒbe [b l_hjkeie [i Yecf[j[dj[ fWhW WcWh k eZ_Wh W bei ^ecXh[i$ 9ED<K9?E

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 [\ekif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp le j\ccf 8%:%.0/*-&

ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 hl\ j\ c\ X[d`k\ X ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X \c [\dXe[X[f ;FE8C;F 8z8G8 C8I>F# [\ekif [\c k„id`ef [\ ki\j [ˆXj gX^l\ Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e \c gX^Xi„ X cX fi[\e X[alekf# d}j cfj `ek\i\j\j i\jg\Zk`mfj f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\gZ`f$ e\j YXaf gi\m\eZ`fe\j [\ C\p% :ˆk\j\ Xc [\dXe[X[f \e \c cl^Xi `e[`ZX[f%% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`$ Z`Xc j\ŒXcX[X% 8^i„^l\j\ Xc gifZ\$ jf Xc [fZld\ekXZ`�e XZfdgXŒX[X% 8Zk’\e \c j\Œfi J\Zi\kXi`f p F]`Z`Xc DXpfi \eZXi^X[fj% Efk`]ˆhl\j\% ;I% <;N@E 8I>FK@ I<P<J% AL<Q JLGC<EK<% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j ), [\ XYi`c [\c )'((# cXj (+_(,%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi \c ;I% >FD<I :8C@OKF I<>8C8;F CFG<Q p [\ Zfe]fid`[X[ X cf [`j$ gl\jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc j\Œfi ;FE8C;F 8z8G8 C8I>F# gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf% ;I% N@CD<I 8D9IFJJ@ IF9C<J% 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 \ 8%:%&.0/,*

<OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 A8:@EKF <;L8I;F 8E;I8;< G8JGL<C P D8IK?8 A8E<K? FKLE8 =FCC<:F 8:KFI81 ;I8% ;8M@C8 GFIKL>8C C@C@8E <C@Q89<K?# GIF:LI8;FI8 AL;@:@8C ;<C :FEJFI:@F ;<C G@:?@E:?8 J%8% :FE;<CG@% ;<D8E;8;FJ1 A8:@EKF <;L8I;F 8E;I8;< G8JGL<C P D8IK?8

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

A8E<K? FKLE8 =FCC<:F AL@:@F1 <A<:LK@MF Ef (/) Æ )'(' $ :D% KI8D@K<1 <A<:LK@MF :L8EK@81 ('%'''#'' GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )* [\ =\Yi\if [\c )'('# cXj '/_(*%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\qX <eZXi^X[X [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% )-*$;G$;GG# [\ ]\Z_X (' [\ ]\Yi\if [\ )'('% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <c kˆklcf XZfdgXÂŒX[f X cX [\dXe[X gi\jkX d„i`kf \a\Zlk`mf# \e Zfej\$ Zl\eZ`X# cfj [\dXe[X[fj j\ÂŒfi\j A8:@EKF <;L8I;F 8E;I8;< G8JGL<C P D8IK?8 A8E<K? FKLE8 =FCC<:F# \e \c k„id`ef [\ ki\j [ˆXj [\ j\i Z`kX[fj c\^Xcd\ek\# gX^l\e cX fYc`^XZ`Â?e i\hl\i`[X f gifgfe^Xe \oZ\gZ`fe\j% :ˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`$ ZX# gXiX cf ZlXc j\ Zfd`j`feX Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X [\ KldYXZf% 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 cX ZfdgXi\Z`\ek\% Gi\m`Xd\ek\ [\a}e[fj\ Zfg`X Z\ik`$ ]`ZX[X p i\Z`Yf \e Xlkfj [\j^cÂ?j\j\ p \eki„^l\j\ cX [fZld\ekXZ`Â?e jfc`Z`kX[X%$ EFK@=@HL<J<% = %$ ;I8% D8I:@8 =CFI<J 9<E8C:8Q8I# Al\qX <eZXi^X[X% ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (- [\ dXiqf [\c )'((# cXj '/_'.%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f% 8k\ekX cX g\k`Z`Â?e hl\ Xek\Z\[\# [\ 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 cX XZZ`feXek\ [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# j\ [`j$ gfe\ Z`kXi X cfj [\dXe[X[fj j\ÂŒf$ i\j A8:@EKF <;L8I;F 8E;I8;< G8JGL<C P D8IK?8 A8E<K? FKLE8 =FCC<:F# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ EFK@=@HL<J<% = %$ ;I% I8LC

<OKI8:KF :`kXZ`�e Al[`Z`Xc X cX j\ŒfiX 8c\aXe[iX :XiklcXi DfekXcmf# Zfe cX [\dXe[X hl\ \e Al`Z`f <a\Zlk`mf j`^l\ \e jl ZfekiX \c j\Œfi ;i% >fd\i :Xc`okf I\^XcX[f C�g\q## \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Œfi 8li\c`f =\ieXe[f Gfqf :i\jgf >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\c 9XeZf [\c G`Z_`eZ_X :%8% 8:KFI% ;i% >fd\i :Xc`okf I\^XcX[f C�g\q# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Œfi 8li\c`f =\ieXe[f Gfqf :i\jgf# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc p I\gi\j\ekXek\ c\^Xc [\c G`Z_`eZ_X :% 8% ;<D8E;8;8%$ 8c\aXe[iX :XiklcXi DfekXcmf% AL@:@F1 <a\Zlk`mf KI8D@K<%$ <a\Zlk`mf :L8EK@8% .%'''#ff F9A<KF ;< C8 ;<D8E;8%$ GX^Xi„ X cX fi[\e% :8LJ8 Ef% )'('$ '+*+ <% GIF8zF G IFM @ ; < E : @ 8 % $ A L Q>8 ; F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )' [\ XYi`c [\ )'('# cXj '/_++%$ M@JKFJ%$ 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\’e\ cfj [\d}j i\hl`j`kfj [\ c\p%$ <c kˆklcf XZfdgXŒX[f# gi\jkX d„i`kf \a\Zlk`mf% <e Zfej\Zl\eZ`X# cfj [\dXe[X[fj j\Œfi\j 8C<A8E;I8 :8IKLC8I DFEK8CMF# \e jl ZXc`$ [X[ [\ [\l[fi gi`eZ`gXc# p IF;I@>F M@:<EK< DFEK8CMF 8M@C<J# Zfdf ^XiXek\ jfc`[Xi`X# \e \c k„id`ef [\ ki\j [ˆXj [\ j\i c\^Xcd\ek\ Z`kX[fj gX^l\e cX fYc`^XZ`�e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j% <e d„i`$ kf [\c Z\ik`]`ZX[f Zfe]\i`[f gfi \c j\Œfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ ZXek�e# p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% +)( [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX cX gif_`Y`Z`�e [\ \eXa\eXi [\c Y`\e `edl\Yc\ hl\ j\ \eZl\e$ kiX X efdYi\ [\c ^XiXek\ jfc`[Xi`f# p hl\ j\ _XccX [\k\id`eX[f \e \c Xek\j `e[`ZX[f Z\ik`]`ZX[f% GXiX cX ZlXc efk`]ˆhl\j\ Xc j\Œfi I\^`jkiX[fi [\ \jkX Z`l[X[ [\ Hl`kf# Zˆk\j\ X cfj [\dXe[X[fj \e cfj cl^Xi\j hl\ j\ `e[`ZX%$ 8^i„^l\j\ cX [fZld\e$ kXZ`�e XZfdgXŒX[X%$ K„e^Xj\ \e

CONVOCATORIA A SESIĂ“N DE JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A NATIONAL RENT A CAR S.A. NATIONALCAR

La compaùía FLOROILAB CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo Octavo del Distrito Metropolitano de Quito, el 26 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002263 de 25 de Mayo de 2011. 1. DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2. CAPITAL: Suscrito US$ 5.000,00 NĂşmero de Participaciones 500 Valor US$ 10,00 3.- OBJETO: El objeto de la compaùía es: ...LA PRESTACIĂ“N DE SERVICIOS DE TÉCNICAS APLICADAS AL MANTENIMIENTO PREDICTIVO MEDIANTE EL MONITOREO DE LOS FLUIDOS DE LAS MĂ QUINAS CON EL FIN DE PREVENIR DAĂ‘OS FUTUROS..... Quito, 25 de Mayo de 2011.

De conformidad con el articulo ciento diez y nueve y siguientes del la Ley de Compaùías, y el Estatuto Social de la Compaùía, se convoca a los Accionistas de la Compaùía a la sesión de Junta General Extraordinaria de Accionistas, con llamamiento especial al Comisario, a llevarse a efecto el día MiÊrcoles 10 de Junio del 2011, a las 18H00 en las Oficinas de la Compaùía, ubicadas en la Av. De la Prensa N48-234 y Nicolås López, Edificio Våsconez, Primer Piso, de esta Ciudad de Quito Distrito Metropolitano, para tratar los siguientes puntos del orden del día: 1. Conocimiento y resolución de los informes de Gerente de los aùos 2008, 2009 y 2010. 2. Conocimiento y resolución de los Informes de Comisario de los aùos 2008, 2009 y 2010. 3. Conocimiento y resolución sobre el Cambio de Denominación Social de la Compaùía. 4. Conocimiento y resolución sobre los Estados Financieros de los aùos 2008, 2009 y 2010. 5. Conocimiento y resolución sobre la convalidación del Libro Actas de Juntas Generales de los aùos 2008, 2009 y 2010; Libro de Acciones y Accionistas y Libro de Expedientes, documentos que fueron sustraídos de las Instalaciones de la Compaùía 6. Nombramiento de Administradores. 7. Nombramiento de Comisario. Se convoca de manera especial al Comisario, Santiago Rafael Arcos Burbano.

AC/79937/cc

<OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 CFJ J<zFI<J AFJ< 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF AL@:@F1 <A<:LK@MF Ef% (-/,$'0 <%8% 8:KFI% ;I%CL@J =<IE8E;F

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A TRACTOECUADOR CIA. LTDA. La compaùía TRACTOECUADOR CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito, el 19 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002280 de 26 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 2.000,00 NĂşmero de Participaciones 2.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: A) FABRICACIĂ“N DE TODO TIPO DE PIEZAS PARA EQUIPO PESADO, AGRĂ?COLA Y DE AUTOMOTORES... Quito, 26 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS

Quito, 31 de mayo del 2011

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

ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 D8I@8 <L><E@8 GFIK@CC8 :L8J8K8I# I@:8I;F D8LI@:@F IL8C<J :<IFE P M8CM<I;< :L<E:8 :ILQ @E<J% <OKI8:KF 8:KFI1 ;i% Cl`j =\ieXe[f DXikˆe\q 9Xii\ef GifZliX[fi Al[`Z`Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :FFGIF>I<JF% ;<D8E;8;FJ1 D8I@8 <L><E@8 GFIK@CC8 :L8J8K8I# I@:8I;F D8LI@:@F IL8C<J :<IFE P M8CM<I;< :L<E:8 :ILQ @E<J AL@:@F1 <A<:LK@MF Ef% (,-,$ )''0$@>D$ KI8D@K<1 <a\Zlk`mf :L8EK@8 LJ; *%/''#'' ;FD@:@C@F1 :Xj`cc\if Al[`Z`Xc Ef% ,'(( [\c ;i% IfY\ik M`ccXiil\c IXdˆi\q% F9A<KF1 :fYif [\ [`e\if GIFM@;<E:@8J ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '. [\ ;`Z`\dYi\ [\c )''0# cXj '/_)/%$ M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\$ Z`jX p i\Â’e\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X # XZ\gk}e[fj\ Xc ki}d`k\ <a\Zlk`mf j\ [`jgfe\ hl\ cfj

[\dXe[X[fj DXi‰X <l^\e`X Gfik`ccX :lXjXkXi# I`ZXi[f DXli`Z`f IlXc\j :\iÂŽe p MXcm\i[\ :l\eZX :ilq @eÂ…j# \e \c k„id`ef [\ ki\j [ˆXj gX^l\e cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j % GXiX \c \]\Zkf Zˆk\j\c\ Xc gi`d\if \e \jkX Z`l[X[ [\ Hl`kf \e cX [`i\ZZ`Â?e j\ÂŒXcX[X % P X cfj j\^le[fj d\[`Xek\ Zfd`j`ÂŽe Xc j\ÂŒfi K\e`\ek\ Gfc‰k`Zf [\ cX gXiif$ hl`X [\ :Xc[\iÂŽe [\ \jk\ ZXekÂŽe% KÂ?d\j\ efkX [\c ZXj`cc\if Al[`Z`Xc j\ÂŒXcX[X gfi \c XZkfi# ZXc`[X[ Zfe cX hl\ ZfdgXi\Z\ p ZlXekˆX [\ cX XZZ`Â?e % 8^i„^l\ej\ cfj [fZld\e$ kfj gi\j\ekX[fj# cfj d`jdfj hl\ j\ [\j^cfjXi~e \e cX ]fidX p df[f g\k`Z`feX[f% :ˆk\j\ p Efk`]ˆhl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (/ [\ \e\if [\c )'((# cXj ((_'0%$ 8k\ekX cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi K\e`\ek\ Gfcˆk`Zf p J\Zi\kXi`f [\ cX K\e\eZ`X Gfcˆk`ZX [\ cX GXiifhl`X :Xc[\iÂ?e# p aliXd\ekf i\e[`[f gfi \c XZkfi# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj I`ZXi[f DXli`Z`f IlXc\j :\iÂ?e p :ilq @e„j MXcm\i[\ :l\eZX# X kiXm„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% J\ XZfkX hl\ kXdgfZf j\ _X Z`kX[f X DXiˆX <l^\e`X Gfik`ccX :lXjXkXi# j\^le cX iXqfe j\ekX[X gfi \c Z`kX[fi% Efk`]ˆhl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf%$ cle\j (+ [\ dXiqf [\c )'((# cXj ((_++%$ 8k\ekX cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi Z`kX[fi p aliXd\ekf i\e[`[f gfi \c XZkfi# j\ [`jgfe\ Z`kXi X cX [\dXe[X[X DXiˆX <l^\e`X Gfik`ccX :lXjXkXi# X kiXm„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< : F D L E @ : F G I <M @ E @ < E ; F C < ;< C 8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I ;FD@:@C@F AL;@:@8C ;<EKIF ;<C G<IĂ D<KIF C<>8C ;< <JK8 :@L;8; ;< HL@KF G8I8 GFJK<I@FI<J EFK@=@:8:@FE<J% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.*&k]

EXTRACTO

CONVOCATORIA

CONSTITUCION DE LA COMPAĂ‘Ă?A FLOROILAB CIA. LTDA.

Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c g\k`Z`feXi`f# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[X%$ EFK@=@HL<J<%$] ;i% IX’c DXi`Œf ?\ie}e[\q GIFM@;<E:@8% %$ ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j(* [\ [`Z`\dYi\ [\ )'('# cXj '/_()%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f% <e d„i`kf [\c aliXd\ekf hl\ i\Xc`qX \c XZkfi \e \c hl\ [\ZcX$ iX 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 [\dXe[X[X j\ŒfiX 8C<A8E;I8 :8IKLC8I DFEK8CMF# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% EFK@=@HL<J<%$ ] ;i% IX’c DXi`Œf ?\ie}e[\q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`i$ k`„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`]`ZXZ`fe\j hl\ c\j Zfii\jgfe[X%$ CZ[f% :Xicfj Dli`ccf J<:I<K8I@F <E:8I>8;F ;<C ALQ>8;F JyGK@DF ;< CF ;< :@M@C ;< G@:?@E:?8 8%:%&.0/,)

MARIO FERNANDO AMAYA FLOR GERENTE GENERAL AC/79936/tf

AC/79933/cc


D8IK@E<Q 98II<EF GIF:% AL;% ;< C8 :FFG% 8?FIIF P :I<;@KF :FFGIF>I<JF CK;8% ;<D8E;8;F1 AFJ< 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G8IL>8:?@ G@CC8AF ;FD@:@C@F% ;IJ% IF9<K? p G8KI@:@F M@CC8IIL<C KI8D@K<% <A<:LK@MF :L8EK@8% )%'''#ff LJ; :8J@CC<IF% ,'(( ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?81%$ Hl`kf# ') [\ ]\Yi\$ if [\c )'((%$ CXj (,_'/%$ M@JKFJ1 <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`klcXi c\^Xcd\e$ k\ gfj\j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <A<:LK@MF# [\ XZl\i[f X cf gi\m`jkf \e cfj 8ikj% +(* p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e Zfej\Zl\eZ`X# ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef c\^Xc [\ ki\j [ˆXj cfj [\dXe[X[fj :Ă?ID<E ALC@8E8 :8@J8>L8EF G<I;FDF j\ cX Z`kXi} gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# [\ XZl\i[f X cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 p# X AFJy 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF j\ cfj Z`kXi} d\[`Xek\ :fd`j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfc‰k`Zf [\ cX gXiifhl`X [\ EXpÂ?e X hl`\e j\ c\ \em`Xi} \c jl]`Z`\ek\ [\jgX$ Z_f%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi \c XZkfi p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\%$ Gfi Â’ck`df# gi\m`X Zfg`X p i\Z`Yf \e Xlkfj [\j^cÂ?Z\j\ p \eki„^l\j\ Xc [fZld\ekXZ`Â?e hl\ j\ X[alekXiX X cX [\dXe[X p \eki„^l\j\ X cX g\i$ jfeX Xlkfi`qX[X%$ Efk`]ˆhl\j\%$ ] ;i% >\id}e >feq}c\q [\c Gfqf Al\q % ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j ( [\ alc`f [\c )'('%$ CXj (-_,*%$ Gfi jfc`$ Z`kXicf \c XZkfi# \e d„i`kf Xc Z\ik`]`ZX$ [f [\c I\^`jkif [\ cX Gifg`\[X[ p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c XikˆZlcf +)+# @eZ`jf )[f% ;\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# fi[\eXj\ cX gif_`Y`Z`Â?e [\ \eXa\eXi [\c Y`\e `edl\Yc\ [\k\id`eX[fj \e \c c`Y\cf `e`Z`Xc# Zlpf Z\ik`]`ZX[f [\c I\^`jkif [\ ^iXm}d\e\j j\ XZfdgXÂŒX p hl\ \j [\ gifg`\[X[ [\ cfj [\dXe[X[fj AFJ< 8>LJK@E AL@z8 CL>D8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X j\ efk`]`ZXi} Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ :XekÂ?e%$ ?\Z_f hl\ j\X Zˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX Zfe]fi$

d\ j\ _XccX fi[\eX[f \e Xlkf `e`$ Z`Xc%$ Efk`]ˆhl\j\%$ ] ;I% >\id}e >feq}c\q [\c Gfqf% AL<Q 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 [fd`Z`c`f p ZXj`cc\if al[`Z`Xc \e cX ]fidX p [\ekif [\c g\iˆd\kif c\^Xc%$ :\ik`]`Zf%$% ;I% >8CF 98<Q A8@D<% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.)&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 G8KI@:@F I<E< 8I8LQ CFG<Q < O K I8:KF 8:KF I 1 ; I% AL8E =I8E:@J:F MĂ QHL<Q GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< G@:?@E:?8 :%8 ;<D8E;8;FJ1 G8KI@:@F I<E< 8I8LQ CFG<Q AL@:@F <A<:LK@MF Ef% '0'*$)''/ :L8EK@81 LJ;% )%,''#'' :8J@CC8 AL;@:@8C Ef )''- ;<=<EJFI1 ;I% AL8E =I8E:@J:F MĂ QHL<Q =<:?8 ;< @E@:@F1 '+ ;< J<GK@<D9I< ;<C )''/ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '0 [\ J\gk`\dYi\ [\c )''/# cXj ('_,+%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ))0+$;G$;;G# [\ )( [\ alc`f [\c XÂŒf )''/%CX [\dXe[X ]fidlcX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ <a\Zlk`mf2 \e Zfej\Zl\eZ`X \c [\dXe[X[f 8I8LQ CFG<Q G8KI@:@F I<E<# [\ekif [\c k„id`ef [\ ki\j [ˆXj ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j# YXaf gi\m\eZ`fe\j [\ C\p% :ˆk\j\ p Efk`]ˆhl\j\ \e cfj [fd`Z`c`fj j\ÂŒXcX[fj gXiX \c \]\Zkf% 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfd$ gXÂŒX[X%$ Efk`]ˆhl\j\%$ ] 89% =XYi`Z`f J\^fm`X% AL<Q JLGC<EK<% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# DXik\j (, [\ dXiqf [\c )'((# cXj ((_',%$ 8^iÂ…^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\%$ <e cf gi`eZ`gXc# Xk\ekf \c aliXd\ekf hl\ k`\e\ i\e[`[f \c XZkfi# [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf \e \c 8ik% /) [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf :`m`c# Z‰k\j\ Xc [\dXe[X[f G8KI@:@F I<E< 8I8LQ CFG<Q# gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`ÂŽ[`Zfj [\ dXpfi Z`iZlcX$ Z`ÂŽe hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]‰hl\j\%$ Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’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_ gk_[h[i ]WdWh kd WZ[fje fWhW jk YWkiW" YedlƒdY[be fh_c[he Z[ gk[ [h[i ik Wc_]e i_dY[he$

ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;# j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;<C AL@:@F <A<:LK@MF p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi X 1 ;I% CL@J =<IE8E;F D8IK@E<Q 98II<EF# GifZliX[fi Al[`Z`Xc [\ 8_fiif p :i„[`kf :FFGIF>I<JF C`d`kX[X% ;\dXe[X[f1 DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;% :lXekˆX1,%.)'#ff% Ki}d`k\1 <A<:LK@MF% =\Z_X [\ @e`Z`XZ`Â?e1 (/ [\ [`Z`\dYi\ [\ )''0% :XljX <A<:LK@M8 Ef% )''0$(-/(%$ AF?E 8P8C8 D8IK@E<Q %$ GIFM@;<E:@8 ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )) [\ <e\if [\c )'('# cXj (-_'/%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`$ qX[f XmfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi# c\^Xcd\ek\ gfj\j`feX[X%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <A<:LK@MF%$ <e Zfej\Zl\eZ`X# DFI8C<J <EI@HL<Q C<E@E <;L8I;F# \e ZXc`[X[ [\ [\l[fi gi`eZ`gXc2 P8LK@9L: G@C:F <JK<I D8EL<C8 p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;# \e ZXc`[X[ [\ ^XiXek\j jfc`[Xi`fj# [\ Zfe]fid`[X[ Zfe `eZ`jf (if% [\c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^X \oZ\g$ Z`fe\j \e \c k„id`ef c\^Xc [\ ki\j [ˆXj%$ :ˆk\j\ X cfj XZZ`feX[fj \e cfj cl^Xi\j hl\ j\ `e[`ZX gXiX \c \]\Zkf%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ ;\aXe[f Zfg`X Z\ik`]`ZX[X# iXqÂ?e p i\Z`Yf \e Xlkfj gifZ„[Xj\ Xc [\j^cfj„ [\ cfj [fZld\ekfj jfc`Z`kX[fj# \eki„^l\j\ X cX g\ijfeX Xlkfi`qX[X%$ 8c XZkfi j\ c\ gi\m`\e\ [\c Zfek\e`[f [\c Xik`Zl$ cf 00) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi \c XZZ`feXek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`$ qXZ`Â?e hl\ Zfe]`\i\ X jl XYf^X[f [\]\ejfi%$ EFK@=@HL<J<%$

78H7>7C B?D9EBD ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# d`„iZfc\j 0 [\ dXiqf [\c )''(# X cXj ((_+(% <c \jZi`kf hl\ Xek\Z\[\ X^i„^l\j\ Xc gifZ\jf%$ <e m`ikl[ [\c aliXd\ekf hl\ Xek\Z\[\ Zˆk\j\ X cfj j\Œfi\j DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;# gfi cX gi\ejX [\ XZl\i[f X cf gi\m`j$ kf \e \c XikˆZlcf /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ efk`]ˆhl\j\%$ Cf hl\ Zfdle`Zf 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 \e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l[X[% :\ik`]`Zf% Hl`kf# (/ [\ dXiqf [\ )'((% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.+&k]

I%<% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 JI<J% >8M@C8E<Q :8IM8A8C ALC@F :<J8I P J8I89@8 ;LI8E <;@E N@CD<I AL@:@F1 <A<:LK@MF EIF% 0--$ )''0$ JG 8:KFI :FFG% ; 8?FIIF P :I<;@KF GIF>I<JF CK;8% :FFGIF>I<JF G% A% ;I% CL@J =<IE8E;F D8IK@E<Q 98II<EF ;<D8E;8;FJ1 JI<J% >8M@C8E<Q :8IM8A8C ALC@F :<J8I P J8I89@8 ;LI8E <;@E N@CD<I :L8EK@8 +%.''#ff KI8D@K< <A<:LK@MF @E@:@8;F '* ;< J<GK@<D9I< ;<C )''0 F9A<KF% :F9IF ;< G8>8Iy G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# '* [\ J\gk`\dYi\ [\c )''0# cXj c+_+)%$ M@JKFJ%$ M@JKFJ%$ <e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% CX [\dXe[X gi\j\ekX[X gfi ;i% Cl`j =\ieXe[f DXikˆe\q 9Xii\ef# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\ cX :ffg% [\ 8_fiif p :i„[`kf Gif^i\jf

Ck[X# [\ Zfe]fid`[X[ X cX \jZi`kl$ iX [\ GifZliXZ`�e Al[`Z`Xc hl\ j\ [`jgfe\ X^i\^Xi X cX ZXljX# j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p Zfd$ gc\kX# gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ <a\Zlk`mf% <e cf gi`eZ`gXc# cfj [\dXe[X[fj j\Œfi\j >Xm`cXe\q :XimXaXc Alc`f :„jXi p JXiXY`X ;li}e <[`e N`cd\i# gX^l\e X jl XZi\\[fi cX fYc`^XZ`�e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j [\ekif [\c k„id`ef [\ ki\j [ˆXj# YXaf Xg\iZ`Y`d`\ekf [\ J\ek\eZ`X% :ˆk\j\ X cfj [\dXe[X$ [fj Xii`YX d\eZ`feX[fj j\Œfi\j >Xm`cXe\q :XimXaXc Alc`f :„jXi p JXiXY`X ;li}e <[`e N`cd\i \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X gXiX \c \]\Zkf# \emˆ\j\ jl]`Z`\ek\ [\jgXZ_f X cX Zfii\jgfe[`\ek\ f]`$ Z`eX [\ Z`kXZ`fe\j% 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj# d`jdfj hl\ gi\m`f X ]fkfZfg`Xj Z\i$ k`]`ZX[Xj# iXq�e p i\Z`Yf \e Xlkfj [\j^c�j\j\ p \eki„^l\j\ Xc ;i% GXki`Z`f M`ccXiil\c IXdˆi\q% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ŒX$ cX[f gfi \c XZkfi p cX Xlkfi`qXZ`�e hl\ Zfe]`\i\ X jl XYf^X[f [\]\e$ jfi%$ 8Zk’\ cX CZ[X%% JljXeX <jk_\cX GXqd`Œf# \e ZXc`[X[ [\ J\Zi\kXi`X <eZXi^X[X [\ cX Al[`ZXkliX# Zfe$ ]fid\ X cX XZZ`�e [\ g\ijfeXc Ef% (.+/$;G$;;G [\ )- [\ 8^fjkf [\c [\c )''0 $ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF% AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j (* [\ \e\if [\c )'((# cXj c,_,.%$ LeX m\q hl\ \c XZkfi _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gif$ m`[\eZ`X Xek\i`fi# j\ [`jgfe\ hl\ gfi d\[`f [\ cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZlcXZ`�e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj j\Œfi\j >Xm`c}e\q :XimXaXc Alc`f :„jXi p JXiXY`X ;li}e <[`e N`cd\i# gXiX \jk\ \]\Zkf Zfe]`„iXj\ \c \okiXZ$ kf g\ik`e\ek\%$ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF% AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%

Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`�e hl\ k`\e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\$ i`fi\j efk`]`ZXZ`fe\j%$ Hl`kf# * [\ ]\Yi\if [\c )'(($ :\ik`]`Zf%$ ;I% =<IE8E;F E8I8EAF =8:KFJ% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0/.,

ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8c CL@J >FEQ8CF J8E;FM8C J8EK@CC8E# j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;<C AL@:@F <A<:LK@MF p cX GIFM@;<E:@8# hl\ X Zfek`elX$ Z`Â?e j`^l\1 <OKI8:KF 8Zkfi X 1 CL@J 8ID8E;F HL@J@E>F J@CM8% ;\dXe[X[f 1 CL@J >FEQ8CF J8E;FM8C J8EK@CC8E% :lXekˆX1 *'%'''#''% Ki}d`k\1 <A<:LK@MF% =\Z_X [\ @e`Z`XZ`Â?e1 '. [\ [`Z`\dYi\ [\ )''0% :XljX <A<:LK@M8 Ef% (-)'$)''0%$ AF?E 8P8C8 D8IK@E<Q GIFM@;<E:@81 ĂŠ ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# *' [\ ;`Z`\dYi\ [\c )''0# cXj (-_*-%$M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX# ;I% I8=8<C 8L>LJKF :8IG@F JĂ?E:?<Q \e d` ZXc`[X[ [\ Al\q K\dgfiXc [\ \jkX Al[`ZXkliX# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% )-+0$;G$;;G# [\ '. [\ [`Z`\dYi\ [\ )''0%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <A<:LK@MF%$ <e Zfej\Zl\eZ`X# CL@J >FEQ8CF J8E;FM8C J8EK@CC8E # [\ Zfe$ ]fid`[X[ Zfe `eZ`jf (if% [\c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe$ [X[X f gifgfe^X \oZ\gZ`fe\j \e \c k„id`ef c\^Xc [\ ki\j [ˆXj%$ :ˆk\j\ Xc XZZ`feX[f \e \c cl^Xi hl\ j\ `e[`$ ZX%$J\ e`\^X \c j\Zl\jkif jfc`Z`kX[f# gfi ZlXekf [\c Z\ik`]`ZX[f hl\ j\ X[alekX ef gi\jkX d\i`kf jl]`Z`\e$ k\ gXiX fi[\eXicf %$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX$ [fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi \c XZZ`feXek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`$ qXZ`Â?e hl\ Zfe]`\i\ X jl XYf^X[f [\]\ejfi%$ EFK@=@HL<J<%$ ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf#

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

EXTRACTO

CONSTITUCION DE LA COMPAĂ‘Ă?A ESCOLLANOS MEDICAMENTOS BIOLOGICOS CIA. LTDA.

CONSTITUCION DE LA COMPAĂ‘Ă?A CELLPHARM MEDICINA COMPLEMENTARIA CIA. LTDA.

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

La compaùía ESCOLLANOS MEDICAMENTOS BIOLOGICOS CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 12 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ. DJC.Q.11.002276 de 26 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 5.000,00 NĂşmero de Participaciones 5.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: FABRICACIĂ“N, VENTA, COMERCIALIZACIĂ“N, IMPORTACION, EXPORTACION, DISTRIBUCION DE PRODUCTOS FARMACEUTICOS,..

La compaùía CELLPHARM MEDICINA COMPLEMENTARIA CIA. LTDA., se constituyĂł por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 12 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC. Q.11.002275 de 26 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 4.000,00 NĂşmero de Participaciones 4.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: ....LA FABRICACIĂ“N, VENTA, COMERCIALIZACIĂ“N, IMPORTACION, EXPORTACION, DISTRIBUCION DE PRODUCTOS FARMACEUTICOS..... Quito, 26 de Mayo de 2011.

Quito, 26 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79947/tf

La compaùía INTERTELNET S.A. se constituyó por escritura pública otorgada ante el Notario Noveno del Distrito Metropolitano de Quito, el 29 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC.Q.11.002285 de 26 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de. PICHINCHA. 2.- CAPITAL: Suscrito US$ 800,00 Número de Acciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: A) PRESTACION DE SERVICIOS EN ASESORIAS Y ESTUDIOS ESPECIALIZADOS A INSTITUCIONES PUBLICAS Y PRIVADAS EN LA ELABORACION DE PLANES COMERCIALES Y ESTRATEGICOS DE INVERSION, LIQUIDACION DE VALORES POR TRAFICO TELEFONICO O DE DATOS NACIONAL O INTERNACIONAL... Quito, 26 de Mayo de 2011.

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘Ă?AS AC/79948/tf

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? cle\j (+ [\ dXiqf [\c )'((# cXj ((_''%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f j\^Â’e XZZ`Â?e [\ g\ijfeXc Ef% )-/)$;G$;GG%# [\ '. [\ [`Z`\dYi\ [\ )'('%$ <c \jZi`kf hl\ Xek\Z\[\ X^i„^l\j\ Xc gifZ\jf%$ <e m`ikl[ [\c aliXd\ekf hl\ Xek\Z\[\ Zˆk\j\ Xc j\ÂŒfi CL@J >FEQ8CF J8E;FM8C J8EK@CC8E # gfi cX gi\ejX [\ XZl\i$ [f X cf gi\m`jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ efk`]ˆhl\j\% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# X[m`ik`\e[f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l$ [X[%$ :\ik`]`Zf%$ Hl`kf# (, [\ XYi`c [\ )'((%$ 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0...&k]

FI;@E8I@FJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 D8I@8 D8K@C;< I8DĂ I<Q# <Q<HL@<C CäG<Q I8DĂ I<Q# CL@J <EI@HL< CäG<Q I8DĂ I<Q# CL@J <EI@HL< IL@Q I8DĂ I<Q# D8IĂ 8 @E<J I8DĂ I<Q# C8LI8 D8I@E8 I8DĂ I<Q# ALC@F 8C=FEJF 8E;I8;< I8DĂ I<Q# I@>F9<IKF IL@Q I8DĂ I<Q p D8IĂ 8 <JG<I8EQ8 8E;I8;< I8DĂ I<Q <OKI8:KF 8:KFI81 D8I@8 ALC@8 @J89<C I8D@I<Q ;<D8E;8;FJ1 D8I@8 D8K@C;< I8DĂ I<Q# <Q<HL@<C CäG<Q I8DĂ I<Q# CL@J <EI@HL< CäG<Q I8DĂ I<Q# CL@J <EI@HL< IL@Q I8DĂ I<Q# D8IĂ 8 @E<J I8DĂ I<Q# C8LI8 D8I@E8 I8DĂ I<Q# ALC@F 8C=FEJF 8E;I8;< I8DĂ I<Q# I@>F9<IKF IL@Q I8DĂ I<Q p D8IĂ 8 <JG<I8EQ8 8E;I8;< I8DĂ I<Q :L8EK@81 LJ;% (*%+)(#ff KI8D@K<1 FI;@E8I@F Ef ())($ )''/$ D% >fi[Â?e :% :8J@CC8 AL;@:@8C Ef +')/ ;I% :8ICFJ :89<Q8J =<:?8 ;< @E@:@F1 (* ;< EFM@<D9I< ;<C )''/ F 9 A < KF 1 G I < J : I @ G : @ F E <OKI8FI;@E8I@8 8;HL@J@K@M8 ;< ;FD@E@F ;<C CFK< ;< K<II<EF Ef% -# ;<JD<D9I8;F ;<C GI<;@F ;<EFD@E8;F 8C8D9I8E# L9@:8;F <E C8 :8CC< E8K8C@8 M8:8 J&E# J<:KFI A<JèJ ;<C >I8E GF;<I# G8IIFHL@8 C8 D8>;8C<E8 ;< <JK< :8EKFE HL@KF GIFM@E:@8 ;< G@:?@E:?8# :FE CFJ J@>L@<EK<J C@E;<IFJ1 EFIK<2 <E <OK<EJ@äE ;< (.D) +':D :FE HL<9I8;82 JLI# CFE>@KL; ;< (-D -':D :FE CFK< ,2 <JK<2 <OK<EJ@äE ;< (*D *':D :FE K<II<EF :8J8 98II@8C2 F<JK<2 CFE>@KL; ;< ('D /':D# :FE CFK< Ef# .# JLG<I=@:@< KFK8C ;< K<II<EF )'+#(/D) GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# ') [\ ;`Z`\dYi\ [\c )''/# cXj ('_*(%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`$ j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX X[d`k\ Xc ki}d`k\ fi[`eXi`f%$ :fe jl Zfek\e`[f p gi\j\ek\ gifm`[\eZ`X j\ Zfii\ kiXjcX[f X1 D8IĂ 8 D8K@C;< I8DĂ I<Q# <Q<HL@<C CäG<Q I8DĂ I<Q# CL@J <EI@HL< CäG<Q I8DĂ I<Q# CL@J <EI@HL< IL@Q I8DĂ I<Q# D8IĂ 8 @EyJ I8DĂ I<Q# C8LI8 D8I@E8 I8DĂ I<Q# ALC@F 8C=FEJF 8E;I8;< I8DĂ I<Q# I@>F9<IKF IL@Q I8DĂ I<Q p D8IĂ 8 <JG<I8EQ8 8E;I8;< I8DĂ I<Q gfi \c k„id`ef [\ hl`e$ Z\ [ˆXj YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ @ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :Ă K<J< X cfj gi\$ efdYiX[fj ;\dXe[X[fj gfi cX gi\ejX [\ Zfe]fid`[X[ Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj g\ijfe\ifj [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ EFK@=@HL<J<% 8Y% =XYi`Z`f J\^fm`X 9\kXeZflik% AL<Q JLGC<EK<% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’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% ;<C <%

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79949/tf

EFK@=@:8:@äE AL;@:@8C1 8 cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ IfjX IXdfeX G`ccXaf DXikˆe\q# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e [\ ZfdgXi\Z\i p j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jk\ gifZ\jf gXiX cfj

Ĉ

]`e\j [\ c\p% <OKI8:KF1 AL@:@F fi[`eXi`f Ef% ).+$'-$ag# 8:KFI1 8e^\cX G`ccXaf DXikˆe\q ;<D8E;8;F1 DXiˆX G`ccXaf DXikˆe\q# IfjX G`ccXaf DXikˆe\q p fkifj 8JLEKF1 Al`Z`f Fi[`eXi`f# Gi\jZi`gZ`Â?e \okiXfi[`eXi`X X[hl`$ j`k`mX [\ [fd`e`f KIĂ D@K< 1 Fi[`eXi`f ;FD@:@C@F AL;@:@8C ;< C8 8:KFI8 ZXj`cc\if al[`Z`Xc (,,/ [\c ;i% <[^Xi >lk`„ii\q GIFM@;<E:@81 :F IK < G IFM @ E : @ 8 C ; < G@:?@E:?8# J<>LE;8 J8C8 ;< CF :@M@C# D<I:8EK@C# @EHL@C@E8KF P D8K<I@8J I<J@;L8C<J% Hl`kf# cle\j . [\ ]\Yi\if [\c )'((# cXj (,_'0% % % efk`]ˆhl\j\ X cfj gi\jlekfj p [\jZfefZ`[fj _\i\[\ifj [\ IfjX IXdfeX G`ccXaf DXikˆe\q# d\[`Xek\ leX jfcX glYc`ZXZ`Â?e gfi cX gi\ejX \e cX ]fidX p Zfe cfj \]\Zkfj [\k\i$ d`eX[fj \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\% =[f% ;i% >l`[f DXek`ccX :Xi[fjf# Al\q [\ JljkXeZ`XZ`Â?e% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^X$ Z`Â?e hl\ k`\e\e [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j [\e$ kif [\ \jk\ gifZ\jf% ;iX% I`kX Fi[Â?ÂŒ\q G`qXiif J<:I<K8I@8 I<C8KFI8 ;< C8 J<>LE;8 J8C8 :@M@C# D<I:8EK@C :FIK< GIFM@E:@8C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0//,&k]

I%<% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@ä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l`kf# dXik\j )) [\ dXiqf [\c )'((# cXj c+_+,%$ M@JKFJ1 <e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX p \e iXqÂ?e [\ cX efkX [\ jfik\f hl\ Xek\Z\[\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% LeX m\q hl\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# cX [\dXe$ [X [\ Gi\jZi`gZ`Â?e 8[hl`j`k`mX <okiXfi[`eXi`X [\ ;fd`e`f# gi\j\e$ kX[X gfi cX j\ÂŒfiX IfjX DXi^Xi`kX >l\iiX D\eX# \j ZcXiX# gi\Z`jX p Zfdgc\kX# gfi i\le`i cfj i\hl`$ j`kfj [\ c\p# iXqÂ?e gfi cX ZlXc j\ cX X[d`k\ Xc ki}d`k\ Fi[`eXi`f% <e cf gi`eZ`gXc# ZÂ?iiXj\ kiXjcX[f Zfe Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX X cX [\dXe[X[X j\ÂŒfiX M<IFE@:8 ;< C8J D<I:<;<J IL@Q 9FCCF# \e ZXc`[X[ [\ _\i\[\iX p e`\kX [\c j\ÂŒfi ?\ie}e Il`q GXi\[\j# gXiX hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj# gifgfe^X ZfealekXd\ek\ cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ hl\ j\ Zi\X Xj`jk`[X# Xjˆ Zfdf X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`$ [fj [\c j\ÂŒfi ?\ie}e Il`q GXi\[\j# gXiX \c \]\Zkf Zˆk\j\c\j gfi d\[`f [\ cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# p Zfe]fi$ d\ cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi J\Zi\kXiˆX Zfe]`„iXj\ \c g\ik`e\ek\ \okiXZkf% ;\ Zfe]fid`[X[ Zfe \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :l„ek\j\ Zfe cfj g\ijf$ e\ifj [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj XZfdgX$ ÂŒX[fj% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX p cX Xlkfi`qXZ`Â?e hl\ [X X jl XYf^X[f [\]\ejfi%$ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF%$ AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`$ cc\if al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ Hl`kf# (+ [\ DXpf [\c )'((%$ :\ik`]`Zf%$ ;I% =<IE8E;F E8I8EAF =8:KFJ% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ĉ

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

;< G@:?@E:?8% ?Xp le j\ccf 8%:%.0/+)&k]

<OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 JI% :?I@JK@8E >LJK8MF QLI@K8 IFE 8:KFI% <:% I8=8<C M@:<EK< :FII<8 ;<C>8;F ;<D8E;8;F1 JI% :?I@JK@8E >LJK8MF QLI@K8 IFE :8LJ8 Ef% )'(($')-,$ C%J% KI8D@K<%$ FI;@E8I@F :L8EKĂ 8% ('Ă‹'''%'''#ff ;\]\ejfi [\c XZkfi1 ;I% >LK<D9<I> M<I8 P FKIF @e`Z`X[f \c )/ ;< =<9I<IF GIFM@;<E:@8% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )/ [\ =\Yi\if [\c )'((# cXj (,_*)%$ M@JKFJ%$ <e m`ikl[ [\ cX iXqÂ?e [\ jfik\f# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% :fe cX [\dXe[X p gifm`[\eZ`X i\ZXˆ[X# ZÂ?iiXj\ kiXj$ cX[f X cfj [\dXe[X[fj JIJ%1 AL8E :8ICFJ :8C;<IFE M@M8E:F p :?I@JK@8E >LJK8MF QLI@K8 IFE# gfi \c k„id`ef [\ hl`eZ\ [ˆXj Zfe Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX% :ˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi `e[`ZX[f gXiX \c \]\Zkf% 8^i„^l\j\ Xc gifZ\$ jf cfj [fZld\ekfj XZfdgXÂŒX[fj% 8ZkÂ’\e \c ;i% Cl`j Ife M`ccXm`Z\eZ`f p ;i% AX`d\ Kfii\j Zfdf J\Zi\kXi`f p F]`Z`Xc DXpfi \eZXi^X[fj i\jg\Z$ k`mXd\ek\# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c :fej\af EXZ`feXc [\ cX Al[`ZXkliX d\[`Xek\ F]% Ef% ))-$'.$:I?$:EA$<J [\ , [\ DXiqf [\c )''.% Efk`]ˆhl\j\% %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8# AL<Q HL@EKF ;< CF :@M@C ;< G@:?@E:?8% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )* [\ DXpf [\c )'((# cXj ((_''%$ 8mfZf ZfefZ`$ d`\ekf d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% (()-$;;$;GG ;< DXpf )* [\c )'(( \e ZXc`[X[ [\ Al\q <eZXi^X[f% K„e^Xj\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc j\ÂŒXcX[f gfi \c JI% AL8E :8ICFJ :8C;<IFE M@M8E:F% <e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcX$ Z`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf Xc JI% :?I@JK@8E >LJK8MF QLI@K8 IFE% Efk`]ˆhl\j\% ] %$ ;I% I8=8<C :8IG@F JĂ?E:?<Q% AL<Q HL@EKF ;< CF :@M@C ;< G@:?@E:?8 <E:8I>8;F% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`$ Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;I% CL@J IFE M@CC8M@:<E:@F J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.00*(&k]

I% ;<C <% <OKI8:KF AL;@:@8C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c ZXl$ jXek\ j\Œfi AFJ< ALC@F K8:LE>8 P8E<Q AL@:@F1 Ef% *(($)'(($ C%8% KI8D@K<1 FI;@E8I@F 8:KFI1 D8I@8 D8K@C;< K8:LE>8 P8E<Q ;<D8E;8;81 ALC@8 8;FI8:@FE P8EQ8 :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF Ef% (',' ;I% K@KF P<G<Q GIFM@;<E:@8 ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ) [\ dXpf [\c )'((# cXj ((_()%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f Zfii\jgfe$ [`\ek\# XmfZf ZfefZ`d`\ekf [\ \jkX ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX# p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ \e Al`Z`f FI;@E8I@F%$ <e Zfej\Zl\eZ`X# Z�iiXj\ kiXjcX[f gfi \c k„id`ef c\^Xc [\ hl`eZ\ [ˆXj# hl\ Zfd\eqXi} X [\Zlii`i X gXik`i [\ cX ]\Z_X [\ Z`kXZ`�e# Zfe \c \jZi`$ kf [\ [\dXe[X p \jkX gifm`[\eZ`X :ˆk\j\ X cX [\dXe[X[X j\ŒfiX ALC@8 8;FI8:@FE P8EQ8# \e \c cl^Xi j\ŒXcX[f# p2 X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c ZXl$ jXek\ j\Œfi AFJ< ALC@F K8:LE>8 P8E<Q# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX :`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# X ]`e [\ hl\ gifgfe^Xe cXj \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe

Xj`jk`[fj# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% *0. [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# YXaf Xg\i$ Z`Y`d`\ekf \e i\Y\c[ˆX%$ @ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[# gXiX Zlpf \]\Zkf j\ efk`]`ZXi}# d\[`Xek\ f]`Z`f%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekX$ Z`�e hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`ccX al[`Z`Xc j\ŒXcX[f gfi \c ZfdgXi\Z`\ek\# Xjˆ Zfdf kXdY`„e cX Xlkfi`qXZ`�e X jl 8Yf^X[f ;\]\ejfi%$ Efk`]ˆhl\j\%$ ] ;i% >\id}e >feq}c\q [\c Gfqf% Al\q% Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p p c\ :@KF# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0//'

I% ;<C <% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 CFJ J<zFI<J 8E><C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I Æ <OKI8:KF$ AL@:@F1 FI;@E8I@F E — (,+* $ )'(' $ ;I%$G= 8:KFI1 D8I@8 JLJ8E8 HL@J?G< JĂ?E:?<Q ;<D8E;8;F1 8E><C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I KI8D@K< 1 FI;@E8I@F F9A<KF1 J\ [\ZcXi\ Zfe cl^Xi cX Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ [fd`e`f [\c k\ii\ef j`^eX[f Zfe \c eld\if [`\Z`j`\$ k\# j`klX[f \e cX ZXcc\ =\ie}e[\q [\ M\cXjZf E,$)) p =iXeZ`jZf [\ 8i\ccXef [\ \jk\ ;`jki`kf D\kifgfc`kXef [\ Hl`kf# GXiifhl`X <c JXcmX[fi# Zfe leX \ok\ej`Â?e [\ [fjZ`\ekfj d\kifj ZlX[iX[fj [\ jlg\i]`Z`\ :L8EK@81 @e[\k\id`eX[X GIFM@;<E:@8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j )( [\ \e\if [\c )'((# cXj ((_)0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ Zfe]fid\ Xc F]`Z`f Ef% 0).$;G$;;G$ A8I$'. [\ , [\ [`Z`\dYi\ [\ )''.%$ Gfi Zldgc`[f Zfe \c i\hl\i`d`\ekf Xek\i`fi% CX [\dXe[X# gifgl\jkX gfi cX j\ÂŒfiX D8I@8 JLJ8E8 HL@J?G< J8E:?<Q# \j Zfdgc\kX# ZcXiX# gi\$ Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f Fi[`eXi`f%$<e Zfej\Zl\eZ`X# Zfe cX [\dXe[X p gi\j\ek\ gifm`$ [\eZ`X ZÂ?iiXj\ kiXjcX[f X cfj j\ÂŒf$ i\j 8E><C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I Â’e`Zfj efdYi\j p Xg\cc`[fj hl\ ZfefqZf # hl`\e\j ]l\ife gifg`\kXi`fj [\ [`Z_f Y`\e `edl\Yc\2 p# X kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[Xife \ok`e^l`[fj gfi cX gi\jZi`gZ`Â?e hl\ \a\iqf \e \jkX XZZ`Â?e gfi \c k„id`ef [\ hl`eZ\ [ˆXj# X ]`e [\ hl\ cX Zfek\jk\e f gifgfe^Xe kf[Xj p ZX[X leX [\ cXj \oZ\gZ`fe\j kXekf [`cXkfi`Xj Zfdf g\i\ekfi`Xj [\ cXj hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ <e d„i`kf [\ cX X]`idXZ`Â?e hl\ YXaf aliXd\ekf _X i\Xc`qX[f \c 8Zkfi# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j Ă?e^\c <jZfYXi <jZfYXi p DXiˆX DfiX ;\ <jZfYXi Â’e`Zfj efdYi\j p Xg\$ cc`[fj hl\ ZfefqZf # hl`\e\j ]l\ife gifg`\kXi`fj [\ [`Z_f Y`\e `edl\Yc\2 p# X kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[X$ ife \ok`e^l`[fj gfi cX gi\jZi`gZ`Â?e hl\ \a\iqf \e \jkX XZZ`Â?e # gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# d\[`Xek\ ki\j glYc`ZXZ`f$ e\j hl\ j\ _Xi}e ZX[X leX [\ \ccXj \e ]\Z_Xj [`]\i\ek\j# gXiX cf ZlXc j\ \eki\^Xi} \c \okiXZkf i\jg\Zk`$ mf%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX# Zfe cfj g\ijfe\ifj [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# \e cX g\i$ jfeX [\c j\ÂŒfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf%$ Gi\m`Xd\ek\ `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# Zfe$ ]fid\ cf [`jgfe\ \c 8ik%$ (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX cf ZlXc j\ efk`]`ZXi} Xc =leZ`feXi`f i\jg\Zk`mf%$ @eZfigÂ?i\ej\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p cX Xlkfi`$ qXZ`Â?e dXe`]\jkX[X \e ]Xmfi [\ jl ;\]\ejfi%$ EFK@=@HL<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`$

Ĺ?

^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[X%$ :\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 8%:%&.0/.-

I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@FE AL;@:@8C G8I81 <;L8I;F F:K8M@F CFG<Q M<C8JHL<Q P >I8:< <C@Q89<K? :<C@ G8QFJ P C@K8 8;I@8E8 DFJHL<I8 M<>8 AL@:@F1 FI;@E8I@F EF% (+,( Æ )'(' C:? 8:KFI1 M@:<EK< I8LC KF98I A8II@E ;<D8E;8;F1 8IH% D8>8CP J8D8E@<>F G8QFJ# <;L8I;F F:K8M@F CFG<Q M<C8JHL<Q P >I8:< <C@Q89<K? :<C@ G8QFJ P C@K8 8;I@8E8 DFJHL<I8 M<>8 F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% (,.'# (.+'# `Yˆ[\d p 8ik%(+,*# ))(+# ))*) p j`^l`\ek\j [\c Kˆklcf OOO@@@# C`Yif :lXikf [\c :Â?[`^f :`m`c j\ [\dXe[X cX elc`[X[ [\c ZfekiXkf [\ GIFD<J8 ;< :FDGI8$M<EK8% KI8D@K<1 FI;@E8I@F :L8EK@81 )/'%''' ;FC8I<J 89F>8;F G8KIF:@E8;FI1 ;i% DXi`f FZ_fX :Â?i[fmX DXk% (.-+ :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )' [\ [`Z`\dYi\ [\c )'('# X cXj '/?,*%$ M@JKFJ%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# Zldgc`[f \c i\hl\i`d`\ekf [\ cX Xek\i`fi gifm`[\eZ`X# j\ [\k\i$ d`eX hl\ cX [\dXe[X hl\ Xek\Z\[\ gifgl\jkX gfi M`Z\ek\ IXÂ’c KfYXi AXiiˆe \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fcX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}d`k\ fi[`eXi`f%$<e Zfej\Zl\eZ`X# [}e[fj\ \c kiXjcX[f [\ C\p# j\ [`jgfe\ Z`kXi Zfe \c Zfe$ k\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X X cX [\dXe[X[X JikX% Xihl`k\ZkX ;`XeX DX^Xcp JXdXe`\^f GXqfj# \e \c cl^Xi j\ÂŒXcX[f gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\ gifgfe`\e[f Zfeale$ kXd\ek\ cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ cXj hl\ j\ Zi\p\$ i\ Xj`jk`[X%$KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ jljZi`$ YX cfj \jZi`kfj e\Z\jXi`fj%$ :ˆk\j\ p Efk`]ˆhl\j\% Cf hl\ cc\mf X jl Zfef$ Z`d`\ekf gXiX cfj ]`e\j [\ C\p%$ ;i% I\peXc[f =cfi 8cmXiX[f%$ Al\q% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j ) [\ dXiqf [\c )'((# X cXj '0?'-%$ M@JKFJ%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# Zldgc`[f \c i\hl\i`$ d`\ekf [\ cX Xek\i`fi gifm`[\eZ`X# [\ Zfe]fid`[X[ X cf [\k\id`eX[f gfi \c 8ik% .' [\c :Â?[`^f [\ gif$ Z\[`d`\ekf :`m`c# j\ XZ\gkX cX i\]fidX X cX [\dXe[X \e \c j\ek`$ [f [\ hl\ X dXj [\ cX [\dXe[X[X ZfejkXek\ \e \c c`Y\cf `e`Z`Xc 8ih% ;`XeX DX^Xc` JXdXe`\^f GXqfj# cX gi\j\ek\ [\dXe[X kXdY`„e mX [`i`^`[X \e ZfekiX [\ cfj j\ÂŒfi\j <[lXi[f FZkXm`f CÂ?g\q M\c}jhl\q# >iXZ\ <c`qXY\k_ :\c` GXqfj# D`^l\c 9X[p 8e^cfep :ilq p C`kX 8[i`XeX Dfjhl\iX M\^X%$ <e Zfej\Zl\eZ`X# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe$ [X# Xlkf `e`Z`Xc# \jZi`kf [\ i\]fidX X cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X X cfj [\dXe[X[fj JikX% Xihl`k\ZkX ;`XeX DX^Xcp JXdXe`\^f GXqfj p j\ÂŒfi D`^l\c 9X[p 8e^cfep :ilq \e cfj cl^Xi\j j\ÂŒXcX[fj gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf2 p# X cfj j\ÂŒfi\j <[lXi[f FZkXm`f CÂ?g\q M\c}jhl\q# >iXZ\ <c`qXY\k_ :\c` GXqfj p C`kX 8[i`XeX Dfjhl\iX M\^X# \e d\i`kf [\c aliXd\ekf i\e[`[f gfi \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi jl `e[`m`[lXc`[X[ p i\j`$ [\eZ`X# Zˆk\j\ gfi cX gi\ejX# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ X cf [\k\id`eX[f gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\e gifgfe`\e[f cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ cXj hl\ j\ Zi\p\i\e Xj`jk`[fj%$KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`$ qXZ`Â?e [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ jljZi`YX cfj \jZi`kfj e\Z\$ jXi`fj%$ :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`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi 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 le j\ccf 8%:%&.0/.0

I% ;<C <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc Xc j\ÂŒfi I8@DLE;F K@G8E 8D8HL@z8 P I8DFE K@G8E 8D8HL@z8# j\ c\ _XZ\ jXY\i hl\

I_ [b fh[j[dZ[ bb[]Wh W i[h eh_]_dWb de i_[cfh[ iWb[ W_heie" feh be c[dei [i i[]khe gk[ WbYWdpWh| [b h_Z‡Ykbe$ @ E I ; F > I 7 D ? 7 B #: K 8 7 O

\e \jkX Al[`ZXkliX j\ _X gi\j\e$ kX[f cX j`^l`\ek\ XZZ`Â?e1 8:KFI1 Afj„ K`g}e 8dXhl`ÂŒX p JXcfd„ >lXcfklÂŒX J`eX`cˆe% ;<D8E;8;F1 IX`dle[f K`g}e 8dXhl`ÂŒX p IXdÂ?e K`g}e 8dXhl`ÂŒX% 8JLEKF1 Gi\jZi`gZ`Â?e 8[hl`j`k`mX <okiXfi[`eXi`X [\ ;fd`e`f [\ @edl\Yc\% 9Xii`f CX =cfi`[X [\ cX GXiifhl`X [\ 8dX^lXÂŒX% KI8D@K<1 Fi[`eXi`f% :8LJ81 (.(0$)'(' <DK% :L8EK@81 @E;<K<ID@E8;8% AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc`% J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f% KI8D@K<1 89% <]iXˆe DXikˆe\q KXg`X% GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )* [\ ]\Yi\if [\c )'((# cXj ((_'(%$ M@JKFJ1 $ Gfi Zldgc`$ [X cX fi[\e [\ cX gifm`[\eZ`X [\ (' [\ <e\if [\c )'((# cXj ((_+.# j\ [`jgfe\ cf j`^l`\ek\1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# \e Zfej\$ Zl\eZ`X# [\j\ X cX d`jdX \c ki}d`k\ Fi[`eXi`f%$ :Â?iiXj\ kiXjcX[f Zfe \c c`Y\cf [\ [\dXe[X p \jkX gifm`$ [\eZ`X X cfj j\ÂŒfi\j1 I8@DLE;F K@GĂ?E 8D8HL@z8 p I8DäE K@GĂ?E 8D8HL@z8 Â’e`Zfj efdYi\j p Xg\cc`[fj hl\ ZfefZ\e X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj gifgfe^Xe cXj \oZ\gZ`fe\j X cXj hl\ j\ Zi\Xe Xj`jk`[fj%$ ;\ Zfe]fi$ d`[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[%$ <e m`jkX [\c aliXd\ekf \ogi\jf [\c XZkfi gfi \c hl\ X]`idX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X XZklXc [\ cfj j\ÂŒfi\j1 I8@DLE;F K@GĂ?E 8D8HL@z8 p I8DäE K@GĂ?E 8D8HL@z8# Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :l„ek\j\ Zfe cfj j\ÂŒfi\j 8cZXc[\ p GifZliX[fi D\kifgfc`kXef [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ 8[aÂ’ek\j\ cX [fZld\ekXZ`Â?e gi\$ j\ekX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc j\ÂŒXcX[f%$ Efk`]ˆhl\j\ p :ˆk\j\%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi [fd`Z`c`f Zfe]fid\ X C\p# gXiX ]lkliXj efk`$ ]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@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 :ˆk\j\ Zfe \c j`^l`\ek\ \okiXZkf [\ cX [\dXe[X X1 AL8E Q8D9I8EF A@DyE<Q P D8I@8 9<8L:?8DG# Zlpf k\efi \j \c j`^l`\ek\1 8:KFI1 N@CD<I =89@8E D8PK8 M8CM<I;< ;<D8E;8;FJ1 AL8E Q8D9I8EF A@DyE<Q P D8I@8 9<8L:?8DG :C8J< ;< AL@:@F1 FI;@E8I@F Ef% (*-/$)'('$DC8 KIĂ?D@K<1 FI;@E8I@F :L8EKĂ 81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j )( [\ fZklYi\ [\c )'('# cXj '0_,,% M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\jg\Zk`mf p \e d` ZXc`[X[ [\ Al\q <eZXi^X[f# d\[`Xek\ f]`Z`f Ef% (*'/$;G$;GG# [\ ]\Z_X . [\ alc`f [\c )'('%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfd$ gc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ ]fidX \o`^`[fj \e cX c\p%$ ;„j\ \c ki}d`k\ Fi[`eXi`f# \e Zfej\Zl\eZ`X# Zfe cX [\dXe[X p \jkX gifm`[\eZ`X ZÂ?iiXj\ kiXjcX[f X cfj [\dXe[X[fj gfi \c k„id`ef [\ hl`eZ\ [ˆXj X ]`e [\ hl\ cf Zfek\jk\e YXaf Xg\iZ`Y`$ d`\ekf \e i\Y\c[ˆX%$ 8k\ekf \c aliX$ d\ekf i\e[`[f gfi \c XZZ`feXek\ p cf gi\m`jkf \e \c `eZ`jf *if% [\c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ Z`kXi gfi cX gi\ejX X cfj j\ÂŒfi\j AL8E Q8D9I8EF A@D<E<Q P D8IĂ 8 9<8L:?8DG# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l$ [X[%$ :l\ek\ \e cX gi\j\ek\ ZXljX Zfe \c j\ÂŒfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf D\kifgfc`kXefj [\ Hl`kf# hl`\e\j j\i}e Z`kX[fj \e \c cl^Xi ZfefZ`[f gfi \c j\ÂŒfi XZklXi`f%$ ;\ Zfe]fid`[X[ Zfe \c 8ik (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ `ejZi`Y`i cX [\dXe[X gXiX cf ZlXc f]ˆZ`\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# _XZ`„e[fc\ ZfefZ\i [\ \jk\ gXik`$ ZlcXi# X ]`e [\ hl\ kfd\ efkX \e jlj c`Yifj%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc [\j`^eX[f%$ :Ă K<J< P EFK@=Ă HL<J<%$ ; I% =8 9 I @ : @ F J <> FM @ 8 9<K8E:FLIK AL<Q <E:8I>8;F 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 [fd`Z`c`f al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j \e \jkX al[`ZXkliX%$ :<IK@=@:F% ;I% AL8E >8CC8I;F

J<:I<K8I@F ?Xp le j\ccf 8I&/*'(-&ZZ

I [\c < ALQ>8;F ;y:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc X cfj ?\i\[\ifj Gi\jlekfj p ;\jZfefZ`[fj [\c j\ÂŒfi Ifj\e[f >lXq^lX ;ˆXq# j\ c\j _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gifgl\jkf le Al`Z`f Fi[`eXi`f [\ Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f# \e cfj j`^l`\ek\j k„id`efj1 8:KFI1 NXj_`e^kfe GXki`Z`f Klg`qX :f[\eX p EXeZp JljXeX zXZXkf 9Xlk`jkX ;<D8E;8;F1 ?\i\[\ifj Gi\jlekfj p ;\jZfefZ`[fj [\c j\ÂŒfi Ifj\e[f >lXq^lX ;ˆXq AL@:@F1 Fi[`eXi`f [\ Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f Eif% +.($)'(($ A%A% 8ik% -'*# .(,# )*0)# )*0*# )+('# )+((# )+(* p dXj g\ik`e\ek\j [\c :Â?[`^f :`m`c% :L8EKĂ 81 @e[\k\id`eX[X KIĂ?D@K<1 Fi[`eXi`f 89F>8;F ;<=<EJFI1 ;i% DXel\c ?% :Xii\iX I% GIFM@;<E:@81 ALQ>8;F ;y:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X '- [\ DXpf [\c )'((%$ 8 cXj '0?''%$ M@JKFJ1 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\Zk`mf# \e al`Z`f Fi[`eXi`f# \e Zfej\Zl\eZ`X ZÂ?iiXj\ kiXjcX[f Zfe cX gi\j\ek\ [\dXe[X p \jkX gifm`$ [\eZ`X X cfj ?\i\[\ifj Gi\jlekfj p ;\jZfefZ`[fj [\c j\ÂŒfi Ifj\e[f >lXq^lX ;ˆXq# gfi \c k„id`ef [\ hl`eZ\ [ˆXj X ]`e [\ hl\ gi\j\ek\e cXj \oZ\gZ`fe\j X hl\ j\ Zi\Xe Xj`j$ k`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c$ [ˆX%$ Gi\m`f Xc aliXd\ekf i\e[`[f# Zˆk\j\ X cfj [\dXe[X[fj ?\i\[\ifj Gi\jlekfj p ;\jZfefZ`[fj [\c j\ÂŒfi Ifj\e[f >lXq^lX ;ˆXq# [\ Zfe]fi$ d`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf%$ @ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Ild`ÂŒX_l`# Zfe]fid\ cf [`jgfe\ \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX \c \]\Zkf efk`]ˆhl\j\ \e c\^Xc ]fidX%$ :l„ek\j\ Zfe \c j\ÂŒfi 8cZXc[\ p GifZliX[fiX J`e[`ZX [\c @cljki\ Dle`Z`g`f [\c :XekÂ?e Ild`ÂŒX_l`%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc Eif% '+- j\ÂŒXcX[f gfi \c ;fZkfi DXel\c :Xii\iX# p cX Xlkfi`qXZ`Â?e Zfe]\i`[X Xc d\eZ`feX[f gif]\j`f$ eXc%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e gi\j\ekX[X%$ EFK@=Ă HL<J<%$ =[f ;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F 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 \e \jkX Z`l[X[ [\ J8E>FCHLĂ # gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.df% ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*((*&ZZ

ALQ>8;F J<>LE;F ;< CF :@M@C ;< @D989LI8% :@K8:@FE AL;@:@8C 8C J<zFI E<CJFE 8EĂ 98C 8I@8J ;<D8E;8EK<1 ;Xm`[ 8e[i„j 8i`Xj 9}\q ;<D8E;8;F1 E\cjfe 8eˆYXc 8i`Xj F9A<KF ;< C8 ;<D8E;81 @dgl^eXZ`Â?e [\ cX gXk\ie`[X[ KI8D@K<1 Fi[`eXi`f E f (-.$)'(( :L8EK@81 @e[\k\id`eX[X% ;FD@:@C@F ;<C 8:KFI1 :Xj`cc\if E f )** ;iX% EXeZp G`e\[X% AL<Q1 ;i% G\[if C\`mX >Xcc\^fj 8LKF ;< :8C@=@:8:@FE1 ĂˆALQ>8;F J<>LE;F ;< CF :@M@C ;< @D989LI8%$ @98II8# (( ;< 89I@C ;<C )'((# cXj '0_,(%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jk\ Alq^X[f# [\j`^eX$ [f j\^Â’e F]`Z`f E— )(+$G:JA@ [\ )' [\ ale`f [\ )''/ p \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO DE LA ESCRITURA PĂšBLICA DE CAMBIO DE NOMBRE DE INMOBILIARIA DEHOF S.A. POR EL DE DEHOF S.A. Y LA REFORMA DE ESTATUTOS 1. ANTECEDENTES.- INMOBILIARIA DEHOF S.A., se constituyĂł mediante escritura pĂşblica otorgada ante el Notario VigĂŠsimo Noveno del Distrito Metropolitano de Quito, el 25/9/2001, aprobada mediante ResoluciĂłn No. 4777 de 5/10/2001, e inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 23/11/2001. 2. CELEBRACIĂ“N Y APROBACIĂ“N.- La escritura pĂşblica de cambio de nombre de INMOBILIARIA DEHOF S.A. por el de DEHOF S.A. y la reforma de estatutos otorgada el 26 de Abril del 2011 ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ. DJC.Q.11.002258 3. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el SeĂąor DEGETAU HOF MICHAEL FRANCO en su calidad de Gerente de la compaùía, de estado civil casado, de nacionalidad alemana y domiciliado en el Distrito Metropolitano de Quito.

A Junta General Extraordinaria de Socios de la compaùía “GEOCARTEG CEMâ€?

4. CAMBIO DE NOMBRE, REFORMA DE ESTATUTOS Y PUBLICACIĂ“N.- La Superintendencia de Compaùías mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.002258 de 24 de Mayo de 2011 aprobĂł el cambio de nombre de INMOBILIARIA DEHOF S.A. por el de DEHOF S.A. y la reforma de estatutos y ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂ­as consecutivos, para efectos de oposiciĂłn de terceros respecto al cambio de nombre referido, seĂąalado en el Art. 33 de la Ley de Compaùías y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn.

Se convoca a los seĂąores socios de la compaùía “GEOCARTEG SOLUCIONES INTEGRALES EN GEOGRAFIA, CARTOGRAFIA Y ARTES GRAFICAS CEMâ€? y a la Licenciada Janeth Hurtado Yerovi, Comisario de la compaùía, a la Junta General Extraordinaria de Socios que tendrĂĄ lugar el dĂ­a lunes 13 de junio de 2011, a las 09H00, en la sala de sesiones de la compaùía ubicada en el cuarto piso del edificio principal del Instituto GeogrĂĄfico Militar, situado en Seniergues E4-676 y Gral. Telmo Paz y MiĂąo del Distrito Metropolitano de Quito, con el fin de tratar el siguiente Orden del DĂ­a:

5. AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico el cambio de nombre de INMOBILIARIA DEHOF S.A. por el de DEHOF S.A. a fin de que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaùía, dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de Compaùías. El Juez que reciba la oposiciĂłn o el accionante, notificarĂĄ o comunicarĂĄ segĂşn el caso, a esta Superintendencia dentro del tĂŠrmino de dos dĂ­as siguientes a partir de dicha recepciĂłn juntamente con el escrito de oposiciĂłn y providencia recaĂ­da sobre ella. Si no hubiere oposiciĂłn o no fuere notificada esta InstituciĂłn en la forma antes indicada, se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la mencionada compaùía y al cumplimiento de los demĂĄs requisitos legales.

1. Designación del Gerente General de la compaùía;

En virtud de la escritura pública mencionada, la compaùía reforma los artículos primero y segundo del estatuto social, los mismos que en adelante dirån:

2. Acordar la remuneraciĂłn del Gerente General;

"ART�CULO PRIMERO.- NOMBRE Y DOMICILIO.- La compaùía de nacionalidad ecuatoriana se llama DEHOF S.A. ..."

CONVOCATORIA

3. DesignaciĂłn de Liquidador Principal y Liquidador Suplente FabiĂĄn Danilo CĂĄrdenas F. CRNL. DE C.SM. PRESIDENTE Y GERENTE GENERAL SUBROGANTE Quito, 31 de mayo de 2011. AC/79902/tf

"ART�CULO SEGUNDO.- OBJETO SOCIAL.- El objeto social de la compaùía es: a) La prestación de servicios de asesoría y consultoría profesional en la elaboración y evaluación de proyectos de inversión, elaboración de estudios de factibilidad y proyecciones financieras, anålisis de inversiones..." Quito, 24 de Mayo de 2011 Ab. Hugo Arias Salgado INTENDENTE JUR�DICO AR/83111/cc


i\Â’e\ cfj i\hl`j`kfj c\^Xc\j# gfi cf hl\ j\ c\ XZ\gkX Xc ki}d`k\ fi[`eXi`f Zfii\jgfe[`\ek\% :fe cX [\ZcXiXZ`Â?e i\Xc`qX[X gfi cX gXik\ XZkfiX# Zˆk\j\ Xc [\dXe[X[f E<CJFE 8EĂ 98C 8I@8J# \e \c cl^Xi hl\ j\ `e[`ZX# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj [\[lqZX \oZ\gZ`fe\j c\^Xc\j# d\[`Xek\ glYc`ZXZ`fe\j i\Xc`qX[Xj \e cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e i\^`feXc hl\ j\ \[`k\e \e \jkX Z`l[X[ [\ @YXiiX# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c Xik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :l„ek\j\ Zfe \c j\ÂŒfi A\]\ Gifm`eZ`Xc [\c I\^`jkif :`m`c [\ @dYXYliX% 8^i„^l\j\ cX [fZl$ d\ekXZ`Â?e XZfdgXÂŒX[X% K„e^Xj\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\$ if al[`Z`Xc j\ÂŒXcX[f% :@K<J< P EFK@=@HL<J<%$ ] ;i% G\[if C\`mX >Xcc\^fj# Al\q 8LKF 8DGC@8KFI@F1 ALQ>8;F J<>LE;F ;< CF :@M@C ;< @D989LI8%$ @YXiiX# (* [\ dXpf [\c )'((# cXj '0_)'%$ M@JKFJ1 8^i„^l\j\ \c \jZi`kf hl\ Xek\Z\[\# kfd}e[fj\ \e Zl\ekX jl Zfek\e`[f%$ <e cf gi`eZ`gXc# j\ XdgcˆX \c Xlkf [\ ZXc`]`ZXZ`Â?e [\ (( [\ XYi`c [\ )'((# cXj '0_,(# \e \c j\ek`[f [\ hl\ cX Z`kXZ`Â?e Xc [\dXe[X[f [\Y\ _XZ„i$ j\cX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e i\^`feXc hl\ j\ \[`k\e \e cX Z`l[X[ [\ @YXiiX gifm`eZ`X [\ @dYXYliX# p [\ Hl`kf gifm`eZ`X [\ G`Z_`eZ_X2 j\ i\Zk`]`ZX \c i\]\i`[f Xlkf \e \c j\ek`[f hl\ [\Y\ Zfe$

kXij\ Zfe \c j\ÂŒfi A\]\ [\c I\^`jkif :`m`c [\c ZXekÂ?e Hl`kf gifm`eZ`X [\ G`Z_`eZ_X# gXiX cf ZlXc j\ [\gi\ZXi} X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cf :`m`c [\ \jX Ali`j[`ZZ`Â?e2 p ef Zfe \c j\ÂŒfi A\]\ [\c I\^`jkif :`m`c [\ @dYXYliX Zfdf j\ _XYˆX j\ÂŒXcX[f% <e cf [\d}j \jk\j\ X cf [`jgl\jkf \e \c i\]\i`[f Xlkf%$ 8ZkÂ’\ cX ;iX% 9\ik_X E`ZfcXc[\ Zfdf J\Zi\kXi`X \eZXi^X[X gfi c`Z\eZ`X [\ cX k`klcXi%$ EFK@=Ă HL<J<%$ ] ;i% G\[if C\`mX >Xcc\^fj# Al\q% Cf hl\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ ]`aXi ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j% @YXiiX# (0 [\ dXpf [\c )'((% ;iX% E\ccp IlXef <iXqf J\Zi\kXi`X% <o`jk\ ]`idX% 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 J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf hl\ \c [ˆX CLE<J (/ ;< ALC@F ;<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# j\ gif$

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘Ă?AS

EXTRACTO DE LA ESCRITURA PĂšBLICA DE CAMBIO DE DOMICILIO DE IMPORTAGRIFLOR CIA. LTDA. DEL DISTRITO METROPOLITANO DE QUITO A LA CIUDAD DE TABACUNDO, CANTON PEDRO MONCAYO Y LA REFORMA DE SUS ESTATUTOS 1. ANTECEDENTES.- IMPORTAGRIFLOR CIA. LTDA., con domicilio principal en la ciudad de Quito, se constituyĂł mediante escritura pĂşblica otorgada ante el Notario VigĂŠsimo Quinto del Distrito Metropolitano de Quito, el 3 de octubre de 1997, inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 4 de febrero de 1998. 2. CELEBRACIĂ“N Y APROBACIĂ“N.- La escritura pĂşblica de cambio de domicilio de IMPORTAGRIFLOR CIA. LTDA. del Distrito Metropolitano de Quito a la ciudad de Tabacundo, cantĂłn Pedro Moncayo; y, la reforma de sus estatutos, otorgada ante el Notario VigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito el 2 de febrero del 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE. Q.11.001988 de 9 de Mayo de 2011. 3. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el seĂąor VICENTE HERNANDO CARRERA BRACHO en su calidad de GERENTE GENERAL de la compaùía. 4. CAMBIO DE DOMICILIO Y REFORMA DE ESTATUTOS. PUBLICACIĂ“N.- La Superintendencia de Compaùías mediante ResoluciĂłn No.SC.IJ.DJCPTE. Q.11.001988 de 9 de Mayo de 2011 aprobĂł el cambio de domicilio de IMPORTAGRIFLOR CIA. LTDA. del Distrito Metropolitano de Quito a la ciudad de Tabacundo, cantĂłn Pedro Moncayo. OrdenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂ­as consecutivos, para efectos de oposiciĂłn de terceros respecto al cambio de domicilio referido, seĂąalado en el artĂ­culo 33 de la Ley de Compaùías y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico el cambio de domicilio de IMPORTAGRIFLOR CIA. LTDA. del Distrito Metropolitano de Quito a la ciudad de Tabacundo, cantĂłn Pedro Moncayo; y, la reforma de sus estatutos, a fin de que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaùía, dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y, ademĂĄs, pongan el particular en conocimiento de la Superintendencia de Compaùías. El Juez que reciba la oposiciĂłn o el accionante, notificarĂĄ o comunicarĂĄ segĂşn el caso, a esta Superintendencia, dentro del tĂŠrmino de dos dĂ­as siguientes a partir de dicha recepciĂłn, juntamente con el escrito de oposiciĂłn y providencia recaĂ­da sobre ella. Si no hubiere oposiciĂłn o no fuere notificada esta InstituciĂłn en la forma antes indicada, se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la mencionada compaùía y al cumplimiento de los demĂĄs requisitos legales. En virtud de la referida escritura pĂşblica, la compaùía reforma el artĂ­culo tercero del Estatuto Social, referente a la nacionalidad y domicilio, de la siguiente manera: “ARTĂ?CULO TERCERO.- NACIONALIDAD Y DOMICILIO.- La compaùía es de nacionalidad ecuatoriana y su domicilio principal es en la ciudad de Tabacundo, cantĂłn Pedro Moncayo, Provincia de Pichincha, pudiendo establecer sucursales, agencias u oficinas en uno o varios lugares dentro o fuera del paĂ­sâ€?. Distrito Metropolitano de Quito, DR. CAMILO VALDIVIESO CUEVA INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO. A.P./49335/k.m.

Z\[\i} X cX [`c`^\eZ`X [\ I\dXk\ [\c Y`\e iXˆq \dYXi^X[f [\ekif [\ cX gi\j\ek\ ZXljX# d`jdf hl\ \jk} `e[`m`[lXc`qX[f [\ cX j`^l`\ek\ dXe\iX1 Cfk\ [\ k\ii\ef iliXc J@E# lY`ZX[f \e \c J\Zkfi [\ D8JG8# GXiifhl`X :lplaX# :XekÂ?e Hl`afj# Gifm`eZ`X [\ EXgf# Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj p [`d\ej`fe\j1 EFIK<1 :fe cX I\j\imX <ZfcÂ?^`ZX :XpXdY\$% :fZX# \e ,('#ff d ildYf mXi`X[f2 JLI1 M„ik`Z\ [\ cˆe\X [\c c`e[\if <jk\ Zfe \c Iˆf >lXid`pXgXZ2 <JK<1 :fe cfk\ E— /, [\ C\feXi[f Hl`jX_lXef \e (%*('#'' d2 p# F<JK<1 :fe cfk\ E— /- [\ Qf`cX DXe`k`f p Hl\YiX[X >lXid`pXgXZ \e (%(*'#ff d% :fe \c j\ÂŒfi >`cY\ikf Iˆfj \e (,'#ff d p Qf`cX DXe`k`f \e )'#ff d% CF HL< EFJ ;8 LE8 :89@;8 8GIFO@D8;8 8:KL8C ;< *(#'/ ?<:KĂ?I<8J# ;`jki`Yl`[Xj [\ cX j`^l`\ek\ dXe\iX1 <e \c `edl\$ Yc\ j\ \eZl\ekiXe )' _\Zk}i\Xj [\ gXjkfj p [`jgfe\ [\ ((#'+ _\Zk}$ i\Xj [\ dfekXÂŒX% 9`\e iXˆq _`gfk\$ ZX[f X ]Xmfi [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX% <C 8M8CèF KFK8C <J ;< M<@EK< P KI<J D@C KI<J:@<EKFJ ;F:< ;äC8I<J 8D<I@:8EFJ )*#*()#ff Gfi kiXkXij\ [\ J<>LE;F J<z8C8D@<EKF j\ XZ\gkXi}e gfjkliXj Xc ZfekX[f f X gcXqfj# gfi \jZi`kf P HL< :L9I8E GFI CF D<EFJ C8 D@K8; ,' [\c gi\$ Z`f [\c XmXcÂ’f2 gi\]`i`\e[f Xhl\ccXj hl\ f]i\qZXe \c gX^f [\ ZfekX[f% J\ [\Y\i} XZfdgXÂŒXi \c (' [\c mXcfi kfkXc [\ cX f]\ikX# \e \]\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% <c i\dXk\ j\ cf _Xi} Zfdf Zl\igf Z`\ikf# [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf gfi \c 8ik% (%..* [\c :Â?[`^f :`m`c% Cfj ^Xjkfj [\ kiXej]\i\eZ`X [\ [fd`e`f j\i}e [\ Zl\ekX [\c X[al[`$ ZXkXi`f# Zfe \oZ\gZ`Â?e [\ Xhl\ccfj hl\ gfi dXe[Xkf [\ cX C\p [\Y\e j\i ZlY`\ikfj gfi \c gifg`\kXi`f [\c `edl\Yc\% DXpfi `e]fidXZ`Â?e \e cfj k\c„]f$ efj1 '-) *)' ()- & '-) *)' +/, & '//0,**0-#$ GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j c\^Xc\j%$ :<IK@=@:F% 9X\qX# *' [\ DXpf [\c )'((% JikX% >`jZ\ccX :\mXccfj Jl}i\q J<:I<K8I@8 8; ?F: ?Xp ]`idX p j\ccf 8:&.00+(&k]

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

IÂŒbe ^Wo kdW l[hZWZ WXiebkjW0 Gk[ bW l[hZWZ [i h[bWj_lW$ 7D:Hx C7KHE?I

J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00(*&k]

JF:@<;8; :FEPL>8C I% [\c <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8

=FD<EKF JL:LIJ8C 98<Q8 J\ gfe\ \e ZfefZ`d`\ekf [\ gÂ’Yc`$ Zf hl\ \c [ˆX CLE<J (/ ;< ALC@F ;<C )'((# [\j[\ Xj (+_'' _XjkX cXj (/_''# \e cXj f]`Z`eXj [\c Alq^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX# j\ gif$ Z\[\i} X cX [`c`^\eZ`X [\ I\dXk\ [\c Y`\e iXˆq \dYXi^X[f [\ekif [\ cX gi\j\ek\ ZXljX# d`jdf hl\ \jk} `e[`m`[lXc`qX[f [\ cX j`^l`\ek\ dXe\iX1 <c `edl\Yc\ j\ \eZl\ekiX lY`ZX[f \e \c J\Zkfi [\efd`eX[f C8J G8CD8J# g\ik\e\Z`\ek\ X cX GXiifhl`X J8EK8 IFJ8# :XekÂ?e <c :_XZf# Gifm`eZ`X [\ EXgf# ZlpX jlg\i]`Z`\ \j [\ :L8I<EK8 P J@<K< ?<:K8I<8J :FE :@E:L<EK8 P F:?F Ă?I<8J +.#,/ ? # [\ekif [\ cfj j`^l`\ek\j c`e[\ifj p [`d\ej`fe\j1 EFIK<1 :fe \c fc\f[lZkf \e (/( d%2 JLI1 :fe \c GXekXef \e *'' d2 <JK<1 :fe cX gifg`\[X[ [\ <o`c[X M\^X ;ˆXq \e *%+(' d2 p# F<JK<1 :fe gifg`\[X[ gXik`ZlcXi \e )%)(' d# 9`\e iXˆq _`gf$ k\ZX[f X ]Xmfi [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX%$ <e \c `edl\Yc\ \o`jk\e (' _\Zk}i\Xj [\ gXjkfj# *)#,/ _\Zk}i\Xj [\ dfekX$ ÂŒX2 p# , _\Zk}i\Xj [\ iXjkifafj% <C 8M8CLF KFK8C <J ;< ;F:< D@C J<K<:@<EKFJ :@E:L<EK8 P F:?F ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8 ()%.,/ % Gfi kiXkXij\ [\ GI@D<I J<z8C8D@<EKF j\ XZ\gkXi}e gfjkliXj Xc ZfekX[f f X gcXqfj# gfi \jZi`kf P HL< :L9I8E GFI CF D<EFJ C8J ;FJ K<I:<I8J G8IK<J ;<C M8CFI @E;@:8;F <E <C 8M8CLF2 gi\]`i`\e[f Xhl\ccXj hl\ f]i\qZXe \c gX^f [\ ZfekX[f% J\ [\Y\i} XZfdgXÂŒXi \c (' [\c mXcfi kfkXc [\ cX f]\ikX# \e \]\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% <c i\dXk\ j\ cf _Xi} Zfdf Zl\igf Z`\ikf# [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf gfi \c 8ik% (%..* [\c :Â?[`^f :`m`c%$ Cfj ^Xjkfj [\ kiXej]\i\eZ`X [\ [fd`e`f j\i}e [\ Zl\ekX [\c X[al[`$

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO DE LA ESCRITURA PUBLICA DE AUMENTO DE CAPITAL Y REFORMA DE ESTATUTOS DE DISTRIBUIDORA MUSICAL PENTAGRAM CIA. LTDA. Se comunica al pĂşblico que DISTRIBUIDORA MUSICAL PENTAGRAM CIA. LTDA. con domicilio principal en la ciudad de Quito, aumentĂł su capital social en USD $ 4.000,00 y reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Quinto del Distrito Metropolitano de Quito el 2 de Mayo de 2011. Actos societarios aprobados por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.002254 de 26 de mayo de 2011. En virtud mencionada escritura pĂşblica, la compaùía reforma el artĂ­culo cinco del Estatuto Social, referente al capital social, de la siguiente manera: “ARTICULO CINCO. CAPITAL SOCIAL. El capital social de la compaùía es de DIEZ MIL DOLARES DE LOS ESTADOS UNIDOS DE AMERICA ($10.000,00), dividido en DIEZ MIL (10.000) participaciones de UN DOLAR DE LOS ESTADOS UNIDOS DE AMERICA ($1,00) cada una, iguales, acumulativas e indivisibles. Distrito Metropolitano de Quito, 26 de mayo de 2011. Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ‘IAS DE QUITO A.C./79926

ZXkXi`f# Zfe \oZ\gZ`�e [\ Xhl\ccfj hl\ gfi dXe[Xkf [\ cX C\p [\Y\e j\i ZlY`\ikfj gfi \c gifg`\kXi`f [\c `edl\Yc\% DXpfi `e]fidXZ`�e \e cfj k\c„]f$ efj1 '-) *)' ()- & '-) *)'$+/, & '//0,**0-%$ GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c g’Yc`Zf gXiX cfj ]`e\j c\^Xc\j :<IK@=@:F% 9X\qX# *' [\ DXpf [\c )'((% JikX% >`jZ\ccX :\mXccfj Jl}i\q J<:I<K8I@8 8; $ ?F: ?Xp ]`idX p j\ccf 8:&.00+)&k]

I% [\c <% 8M@JF ;< I<D8K< ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX )' [\ alc`f [\c [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj# \e cX j\Zi\kXi`X [\c Alq^X[f M`^„j`df [\ cf :`m`c [\ G`Z_`eZ_X# j\ gifZ\[\$ i} Xc i\dXk\ [\c Y`\e `edl\Yc\ hl\ X Zfek`elXZ`Â?e j\ [\kXccX L9@:8:@äE1 Gifm`eZ`X1 G`Z_`eZ_X :XekÂ?e1 Hl`kf GXiifhl`X1 :Xc[\iÂ?e J\Zkfi1 JXe AlXe [\ :Xc[\iÂ?e C@E;<IFJ1 EFIK<1 :fe 9Xii`f AXi[`e\j [\ 9XY`cfe`X# \e leX \ok\ej`Â?e [\ (*' d\kifj% JLI1 :fe gifg`\[X[ [\ cX j\ÂŒfiX IfjX <c\eX P}e\q [\ cX :ilq 9Xii`f ;`m`ef E`ÂŒf # \e leX \ok\ej`Â?e [\ ((. d\kifj% <JK<1 :fe LiYXe`qXZ`Â?e 9\ccXm`jkX <[„e Ef% ( # \e leX \ok\ej`Â?e [\ ().#,' d\kifj# F<JK<1 :fe ZXcc\ A\jÂ’j [\c >iXe Gf[\i# \e leX \ok\ej`Â?e [\ (*)#,/ d\kifj% JLG<I=@:@<1 (,%../#+. d\kifj ZlX[iX[fj% :8I8:K<IĂ JK@:8J%$ <c `edl\Yc\ ZfejkX [\ k\ii\ef p ZfejkilZZ`f$ e\j% <c k\ii\ef [\ ]fidX i\ZkXe^lcXi# kfgf^i}]`ZXd\ek\ Zfe leX `eZc`eX$ Z`Â?e \e j\ek`[f Efik\ Jli jfYi\ \c e`m\c [\ cX ZXcc\ A\jÂ’j [\c >iXe Gf[\i# [`jgfe\ [\ clq \c„Zki`ZX2 \c X^lX kiX\e gfi d\[`f [\ dXe^l\iXj [\j[\ d\[`[fi\j Zfdle`kXi`fj lY`$ ZX[fj \e \c YXii`f ;`m`ef E`ÂŒf# ef [`jgfe\e [\ i\[ [\ XcZXekXi`ccX[f# lk`c`qXe \c j`jk\dX [\ c\ki`eXj# ef k`\$ e\e j\im`Z`f k\c\]Â?e`Zf2 jlj c`e[\ifj j\ \eZl\ekiXe [\]`e`[fj gfi \c Efik\ p Jli Zfe Z\iiXd`\ekfj [\ Ycfhl\# XcXdYi\ [\ gÂ’Xj# kXYcXj# cXkXj# lY`$ ZX[fj `e[`jk`ekXd\ek\ X cf cXi^f [\ cfj c`e[\ifj2 Xc <jk\# Zfe ccXekXj [\ Xlkfdfkfi\j \ek\iiX[Xj# XcXdYi\j [\ gÂ’Xj# Z\iiXd`\ekf [\ Ycfhl\ [\ cfj Zfc`e[Xek\j2 p Xc F\jk\ j\ \eZl\ekiX cX Xg\ikliX [\ ki\j ZXd`$ efj [\ / d\kifj [\ XeZ_f ZX[X lef hl\ j`im\e [\ `e^i\jf Xc cfk\ [\j[\ cX ZXcc\ A\jÂ’j [\c >iXe Gf[\i% <c `edl\Yc\ \jk} jlY[`m`[`[f \e ,- cfk\j [\ Xgifo`dX[Xd\ek\ )'' d\kifj ZX[X lef# lY`ZX[fj p Xc`$ e\X[fj Xc Yfi[\ [\ cfj ZXd`efj hl\ [`m`[\e \c cfk\ \e j\ek`[f F\jk\$<jk\ [\j[\ cX ZXcc\ A\jÂ’j [\c >iXe Gf[\i2 cfj ZXd`efj jfe [\ k`\iiX# j`e Yfi[`$ ccfj e` m\i\[Xj2 \e \c \oki\df <jk\# j\ \eZl\ekiX leX g\hl\ÂŒX ZXeZ_X [\ `e[fi]Â’kYfc# cX d`jdX hl\ fZlgX ^iXe gXik\ [\ \jk\ c`e[\if% <e cX dXpfiˆX [\ cfj cfk\j \o`jk\e ZfejkilZZ`fe\j `dgifm`jX[Xj# k`gf d\[`X^lX# Xc^leXj j\ \eZl\ekiXe Zfdf fYiX dl\ikX# \e fkiXj Zfe gi\j\eZ`X Â’e`ZXd\ek\ [\ Zfcld$ eXj [\ mXi`ccX [\ _`\iif j`e ]le[`i2 ZfejkilZZ`fe\j [\ Ycfhl\# gl\ikXj [\ dX[\iX# m\ekXeXj [\ _`\iif# g`jf [\ k`\iiX# gXk`fj [\ k`\iiX# `ejkXcX$ Z`fe\j `dgifm`jX[Xj kXekf [\ X^lX# clq2 \e fkifj# Zfe j\dYiˆfj kˆg`Zfj [\ cX qfeX% 8M8CèF GXiX i\Xc`qXi \c gi\j\ek\ XmXcÂ’f \ kfdX[f \e Zfej`[\iXZ`Â?e mXi`fj gXi}d\kifj k„Ze`Zfj Zfej$ kilZk`mfj# X d}j [\ fkifj \jg\Zˆ]`$ Zfj gXiX \jk\ ZXjf# \jg\Z`Xcd\ek\ cX f]\ikX p [\dXe[X [\ cfj k\ii\efj \e jl \ekfief% ;<K8CC<2 JLG<I=@:@< D)2 M8CFI D)2 KFK8C K\ii\ef2 (,%../#+.2 *#0'2 -(%,*-%'* :fejkilZZ`fe\j2 *-%'''#'' KFK8C 0.%,*-#'* JFE1 EFM<EK8 P J@<K< D@C HL@E@<EKFJ KI<@EK8 P J<@J ;äC8I<J 8D<I@:8EFJ :FE KI<J :<EK8MFJ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^X$ c\j# gfi kiXkXij\ [\ gi`d\i j\ÂŒXcX$ d`\ekf j\ XZ\gkXiXe gfjkliXj hl\ ZlYiXe Xc d\efj cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f XgifYX[f [\c Y`\e `edl\Yc\ fYa\kf [\c i\dXk\# cXj ZlXc\j [\Y\i}e j\i [\gfj`kX[Xj \e cX ]fidX p dfekf \jkXYc\Z`[f \e cX C\p# d\[`Xek\ Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Alq^X[f f [`e\if \e \]\Zk`mf% Hl`kf# )+ [\ dXpf [\c )'(( ;i% >Xcf 9X\q AX`d\

:@K8:@FE AL;@:@8C 8 cX j\ŒfiX D8I@8 <C<E8 J8E;FM8C 8E;I8;<# Zfe \c al`$ Z`f [\ ;`jfclZ`�e [\ cX JfZ`\[X[ :fepl^Xc gifgl\jkf gfi \c j\Œfi GXYcf >l`cc\idf =cfi\j DfeZXpf \e cfj j`^l`\ek\j k„id`efj1 8:KFI1 GXYcf >l`cc\idf =cfi\j DfeZXpf ;<D8E;8;81 DXi`X <c\eX JXe[fmXc 8e[iX[\ AL@:@F1 ;`jfclZ`�e [\ cX JfZ`\[X[ :fepl^Xc Eif% -,'$)'(($<K%$ =LE;8D<EKFJ ;< ;<I<:?F1 eld\iXc k\iZ\if [\c 8ikˆZlcf (/0 p )(. [\c :�[`^f :`m`c M`^\ek\ p \e ZfeZfi[XeZ`X Zfe cfj 8ik% /(* Xc /)' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ :L8EK@81 @e[\k\id`eX[X KI8D@K<1 M\iYXc JldXi`f 89F>8;F ;<=<EJFI1 ;i% ;`\^f :_l^X ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X (/ [\ DXpf [\c )'((%$ 8 cXj '/?*'% M@JKFJ%$ 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\ cX XZ\gkX Xc ki}d`k\ i\jg\Z$ k`mf# \e Zfej\Zl\eZ`X Z�iiXj\ kiXj$ cX[f Zfe cX gi\j\ek\ [\dXe[X p \jkX gifm`[\eZ`X X cX [\dXe[X[X D8I@8 <C<E8 J8E;FM8C 8E;I8;<# gfi \c k„id`ef [\ ki\j [ˆXj X ]`e [\ hl\ gi\j\ek\ cXj \oZ\gZ`fe\j X hl\ j\ Zi\X Xj`jk`[X%$ 8k\ekf Xc aliXd\ekf i\e[`[f Zˆk\j\ X cX [\dXe[X[X \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`�e [\ cX Z`l[X[ [\ Hl`kf# Zfdf cf [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Eif% ))- j\ŒXcX[f gfi \c ;fZkfi ;`\^f :_l^X p cX ]XZlckX[ Zfe]\i`[X Xc d\eZ`f$ eX[f gif]\j`feXc%$ EFK@=@HL<J<%$ =[f ;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F %$ 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 lef [\ cfj [\ \jkX Z`l[X[ gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% :\ik`]`Zf%$ 8Y% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.00).

M8I@FJ I<GL9C@:8 ;<C <:L8;FI

ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 J< ?8:< :FEF:<I 8C GL9C@:F <E ><E<I8C HL< J< M8 8 GIF:<;<I 8 C8 I<:K@=@:8:@FE ;<C EFD9I< ;< C8 J<zFI8 D<I:<;<J <CM@I8 ?<IE8E;<Q Q8DFI8 D8;I< ;< C8 8:KFI8 J<zFI8 :<:@C@8 ;< CFLI;<J 9I9FI@:? ?<IE8E;<Q D<I:<;<J GFI D<:?< 8:KFI81 :<:@C@8 ;< CFLI;<J 9I9FI@:? ?<IE8E;<Q AL@:@F <J G <: @ 8 C ; < I<:K@=@:8:@FE ;< G8IK@;8 Ef% )/)$)'(($G%K% :8J@CC<IF AL;@:@8C Ef% 0+, 89F>8;F ;<=<EJFI ;I% <;L8I;F ;FD@E>L<Q ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )/ [\ DXiqf [\c )'((# cXj (-?')%$ M@JKFJ1 CX [\dXe[X [\ i\Zk`]`ZX$ Z`�e [\ gXik`[X hl\ gi\j\ekX :\Z`c`X [\ Cfli[\j 9iYfi`Z_ ?\ie}e[\q p jl Zfdgc\d\ekf i\’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\ek\ gfi cX mˆX <JG<:@8C%$ Gfi \o`jk`i _\Z_fj hl\ [\Y\e aljk`]`ZXij\# j\ i\Z`Y\ cX ZXljX X gil\YX gfi \c k„id`ef [\ ZlXkif [ˆXj# k„id`ef hl\ Zfii\i} X g\k`Z`�e [\ gXik\ p d\[`Xek\ [\Zi\kf [\ \jkX al[`ZXkliX%$ ?}^Xj\ ZfefZ\i Xc g’Yc`Zf \e ^\e\iXc X kiXm„j [\ cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[# Zfe le \okiXZkf [\ cX [\dXe[X p \jkX gifm`[\eZ`X# :ldgc`[X cX gil\YX# �`^Xj\ Zfe kf[f cf XZklX[f Xc D`e`jk\i`f G’Yc`Zf X kiXm„j [\ lef [\ jlj =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X# X hl`\e j\ c\ efk`]`ZXi} d\[`Xek\ f]`Z`f%$ :l„ek\j\ Zfe \c ;`i\Zkfi >\e\iXc [\ I\^`jkif :`m`c# @[\ek`]`ZXZ`�e p :\[lcXZ`�e \e cX [`i\ZZ`�e j\ŒXcX[X%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e gi\j\e$ kX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\$ if al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX%$ :@K<J< P EFK@=@HL<J<%$] ;i% @m}e :\mXccfj QXdYiXef%$ AL<Q% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^X$ c\j Zfej`^l`\ek\j ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp le j\ccf 8%:%&.00)'

<OKI8:KF EFK8IĂ 8 KI@>yJ@DF JyGK@D8 ;< HL@KF1 :Â’dgc\d\ gfe\i \e Zfef$

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Z`d`\ekf [\c gÂ’Yc`Zf hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX# fkfi^X[X Xek\ \c ;i% IfY\ikf ;l\ÂŒXj D\iX# EfkXi`f Ki`^„j`df J„gk`df [\c :XekÂ?e Hl`kf# \c ), [\ 8^fjkf [\c )'('# cfj j\ÂŒfi\j AFI>< <;L8I;F M@M8J E8M8J P ALC@8 @E<J M@CC8:@J# gifZ\[`\ife X c`hl`[Xi cX jfZ`\[X[ Zfepl^Xc2 <c d`jdf hl\ ]l\iX [`jl\c$ kf gfi j\ek\eZ`X [\ ;`mfiZ`f Xek\ \c Al\q ;„Z`df Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X# \c m\`ek`fZ_f [\ <e\if [\ (000% CXj X[al[`ZXZ`fe\j [\c gXki`dfe`f j\ \eZl\ekiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X <jZi`kliX GÂ’Yc`ZX [\ C`hl`[XZ`Â?e f GXik`Z`Â?e [\ GXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc# gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`jgl\j$ kf \e \c 8ik% - [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ Efm`\dYi\ [\c )''-# hl\ X jl m\q i\]fidX \c 8ik% (/ [\ cX C\p EfkXi`Xc X^i\^Xe[f mXi`fj eld\iXc\j# \eki\ cfj ZlXc\j \c eld\iXc )* ]XZlckX Xc EfkXi`f [`jgfe\i cX `ejZi`gZ`Â?e \e \c I\^`jkif [\ cX Gifg`\[X[# cX <jZi`kliX GÂ’Yc`ZX <jZi`kliX GÂ’Yc`ZX [\ C`hl`[XZ`Â?e f GXik`Z`Â?e# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# d\[`Xek\ leX glYc`ZX$ Z`Â?e# \c <okiXZkf [\c GXki`dfe`f [\ cX JfZ`\[X[ :fepl^Xc# Zfii\j$ gfe[`\ek\ X cfj J<zFI<J AFI>< <;L8I;F M@M8J E8M8J P ALC@8 @E<J M@CC8:@J# fkfi^X[X d\[`Xek\ \jZi`kliX gÂ’Yc`ZX \c m\`ek`Z`eZf [\ 8^fjkf [\c )'(' Xek\ \c jljZi`kf ;i% IfY\ikf ;l\ÂŒXj D\iX# EfkXi`f Ki`^„j`df J„gk`df [\c :XekÂ?e Hl`kf# gfi \c k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ \okiXZ$ kf# X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\eklXcd\ek\ klm`\i\e `ek\i„j \e \jkX c`hl`[XZ`Â?e gl\[Xe gi\j\ekXi jl fgfj`Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e ZfefZ`$ d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfii\j$ gfe[`\ek\j% Hl`kf# *' [\ DXpf [\c )'((% ;I% IF9<IKF ;L<z8J D<I8 EFK8I@F KI@>yJ@DF JyGK@DF ;<C :8EKäE HL@KF 8:&.00),&ZZ

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C G8I8 <C J<zFI AFI>< <;L8I;F 98II@FJ :?8IIP 8:KFI1 I@M<I8 IL@Q FC>8 D8I@8 ;<D8E;8;81 AFI>< <;L8I;F 98II@FJ :?8IIP AL@:@F M<I98C JLD8I@F Ef% *'-$ )'(($D%J% =LE;8D<EKF1 8IK@:LCF ((' ;<C :F;@>F :@M@C :8LJ8C ;<:@DF GI@D<I8 @E:@JF J<>LE;F :L8EK@81 @E;<K<ID@E8;8 89F>8;F ;<=<EJFI1 ;I% AL8E :8ICFJ C<FE :8J@CC<IF AL;@:@8C Ef% )-(, ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# (- [\ DXpf [\c )'((# cXj ('_,(%$ M@JKFJ%$ <e cf gi`eZ`gXc# \e m`ikl[ [\ hl\ \c XZkfi _X [X[f Zldgc`d`\ekf X cX gifm`[\eZ`X hl\ Xek\Z\[\# j\ ZXc`]`ZX cX [\dXe[X [\ ZcXiX# Zfd$ gc\kX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX j\ÂŒfiX Fc^X DXi`X I`m\iX Il`q2 p# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi Afi^\ <[lXi[f 9Xii`fj :_Xiip# X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f \eki\ leX p fkiX glYc`ZXZ`Â?e fZ_f [ˆXj%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if j\ÂŒXcX[f gfi \c XZkfi gXiX jlj efk`$ ]`ZXZ`fe\j# Xjˆ Zfdf cX [\j`^eXZ`Â?e [\ jl 8Yf^X[f [\]\ejfi%$K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\c ZliX[fi X[$c`k\e p Zfe cX d`jdX Â?`^Xj\ X lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j [\ cf G\eXc [\ G`Z_`eZ_X%$ :@K<J< P EFK@=@HL<J<% = ;I% @M8E :<M8CCFJ Q8D9I8EF% 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 [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00*/&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 ;<@JP CFI<E8 M8JHL<Q >8II@;F 8:KFI81 ><8E D8>8CP 8>L@II< 9<E8C:8Q8I <E :8C@;8; ;<

ÄŠ

GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ;< >L8P8HL@C J%8% ;<D8E;8;81 ;<@JP CFI<E8 M8JHL<Q >8II@;F AL@:@F1 <JG<:@8C 8GI<?<EJ@FE Ef('*/$)''/ DIM KI8D@K<1 <JG<:@8C F9A<KF1 C8 8GI<?<EJ@FE ;<C 8LKF DFKFI ;<K<ID@E8;F <E <C :FEKI8KF ;< M<EK8 :FE I<J<IM8 ;< ;FD@E@F :L8EK@81 LJ; 0%,''#ff =<:?8 ;< @E@:@F ;<C AL@:@F1 )( ;< F:KL9I< ;<C )''/ 8LKF ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf )( [\ fZklYi\ [\c )''/# cXj ('_(/%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ [\ cX Al[`ZXkliX# efdYiX$ [X d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ),+'$;G$;;G [\ ). [\ 8^fjkf [\c )''/ p \e m`ikl[ [\c jfik\f i\Xc`$ qX[f% <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ \jg\$ Z`Xc%$ <e Zfej\Zl\eZ`X# \e d„i`kf [\ cX [fZld\ekXZ`Â?e X[alekX[X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e cX j\ZZ`Â?e ,X% ;\c kˆklcf @@ [\c c`Yif @@ [\c :Â?[`^f [\ :fd\iZ`f j\ fi[\eX cX Xgi\_\ej`Â?e [\c m\_ˆZlcf dXiZX :_\mifc\k2 ZcXj\1 8LKFDäM@C2 dfkfi1 9('J(+**.-/B8)2 Zfcfi1 GFCP J@CM<I2 df[\cf1 JG8IB ,G JK; (%'C 8:K@MF2 Z_Xj`j1 BC(DD-(')-:(++(+'# XÂŒf )''-2 p gfjk\i`fi \eki\^X [\c i\]\i`[f Xlkfdfkfi X lef [\ cfj [\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e% GXiX cX gi}Zk`$ ZX [\ \jkX [`c`^\eZ`X# Zl„ek\j\ Zfe \c j\ÂŒfi 8c^lXZ`c DXpfi p ;\gfj`kXi`f [\ „jk\ :XekÂ?e%$ ?\Z_f hl\ j\X Zˆk\$ j\ X cX [\dXe[X[X ;<@JP CFI<E8 M8JHL<Q >8II@;F \e cX [`i\ZZ`Â?e `e[`ZX[X [\Y`\e[f gXiX \c \]\Zkf i\d`k`i cXj Yfc\kXj i\jg\Zk`mXj X cX f]`Z`eX [\ Z`kXZ`fe\j2%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi Xjˆ Zfdf cX Xlkfi`qX$ Z`Â?e hl\ Zfe]`\i\ X jl [\]\ejfi%$ EFK@=@HL<J<%$ ] ;iX% DXiZ`X =cfi\j 9\eXcZ}qXi%$ AL<Q j % GIFM@;<E:@8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (- [\ DXpf [\c )'((# cXj ((_*'%$ <e m`ikl[ [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# p# [\ Zfe]fi$ d`[X[ Zfe \c 8ik% /) [\c :Â?[`^f GifZ\[`d`\ekf :`m`c# Zˆk\j\ Zfe le \okiXZkf [\ cX [\dXe[X# Xlkf [\ ZXc`]`ZXZ`Â?e p \jkX gifm`[\eZ`X X cX [\dXe[X[X j\ÂŒfiX ;<@JP CFI<E8 M8JHL<Q >8II@;F d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ [\Y\i}e i\Xc`qXi$ j\ \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l$ [X[ [\ Hl`kf%$ EFK@=@HL<J<%$ ] ;i% :Xicfj =\ie}e[\q ?`[ifmf% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`$ ]`ZXZ`fe\j%$ Hl`kf# ), [\ dXpf [\ )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.00)(

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 >L@CC<IDF N@C=I@;F ;8IHL<8 8DGL;@8 8:KFI1 ;I% >L@CC<IDF IF9<CCP FIK<>8 <E :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;< Q8@;8 >L@CC<ID@E8 IFD<IF I<P<J ; < D 8 E ;8 ; F 1 > L @ C C < I D F N@C=I@;F ;8IHL<8 8DGL;@8 AL@:@F1 G8IK@:@äE ;< 9@<E<J ;< C8 JF:@<;8; :FEPL>8C E— (.+*$ )'(' DIM KI8D@K<1 <JG<:@8C :L8EKĂ 81 LJ; )0%-)(#ff F9A<KF2 gXik`Z`Â?e [\ Y`\e\j =<:?8 ;< @E@:@F ;<C AL@:@F1 *' ;< D8IQF ;<C )'(( GIFM@;<E:@8 ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (, [\ dXiqf [\c )'((# cXj (+_+-%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ cX Al[`ZXkliX p [\c jfik\f i\Xc`qX$ [f% <e cf gi`eZ`gXc# 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\ Xc X[d`k\ Xc ki}d`k\ <jg\Z`Xc% <e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ X cf hl\ [`jgfe\ \c 8ik% -+) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ ZfeZ\[\ X cXj gXik\j \c k„id`ef [\ hl`eZ\ [ˆXj gXiX hl\ gi\j\ek\e kf[Xj cXj Zl\jk`fe\j [\ i\jfclZ`Â?e gi\m`X# X ]`e [\ cc\mXi X \]\Zkf cX gXik`Z`Â?e hl\ j\ jfc`Z`kX% :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj g\ijfe\ifj [\c ;`jki`kf

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä Ä€

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

D\kifgfc`kXef [\ Hl`kf# Zfe]fid\ jfc`Z`kXe \c XZkfi% ;\ Zfe]fid`[X[ Zfe \c 8ik% (''' [\c d`jdf Zl\igf c\^Xc `emfZX[f# `ejZiˆYXj\ cX gi\$ j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ „jk\ :XekÂ?e% ?\Z_f hl\ j\X# p \e m`ikl[ [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# Zˆk\j\ Xc [\dXe[X[f >L@CC<IDF N@C=I@;F ;8IHL<8 8DGL;@8 d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Al[`ZXkliX%$ 8^i„^l\j\ X cfj Xlkfj cX [fZld\e$ kXZ`Â?e XZfdgXÂŒX[X% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cfj XZkfi\j# Xjˆ Zfdf cX [\j`^$ eXZ`Â?e [\ jl XYf^X[f gXkifZ`eX[fi% EFK@=@HL<J<%$ = ;I% :8ICFJ =<IEĂ?E;<Q @;IFMF%$ 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`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`$ ]`ZXZ`fe\j%$ Hl`kf# (0 [\ XYi`c [\ )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0+,'

ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 8E><C8 D<I:<;<J IFE;8C @z8:8J8# :FE C8 ;<D8E;8 HL< <E AL@:@F ;< @EM<EK8I@FJ J@>L< <C J<zFI CL@J 8C=I<;F :?@:8@Q8 IFE;8C <E :FEKI8 ;< 8E8 D8I@8 P M@:<EK< :?@:8@Q8 IFE;8C% 8:KFI1 CL@J 8C=I<;F :?@:8@Q8 IFE;8C ;<D8E;8;FJ1 8E8 D8I@8 P M@:<EK< :?@:8@Q8 IFE;8C# P CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 8E><C8 D<I:<;<J IFE;8C @z8:8J8 AL@:@F1 @EM<EK8I@FJ KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 F9A<KF ;< C8 ;<D8E;81 @EM<EK8I@FJ JFC<DE<J :8LJ8 Ef% )'('$(+/+ <% GIF8zF GIFM@;<E:@8 ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# cle\j (' [\ \e\if [\ )'((# cXj '/_'-%$ M@JKFJ1 M@JKFJ%$ 8mfZf ZfefZ`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 hl\ Xek\$ Z\[\# \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% Gfi _XY\ij\ aljk`]`ZX[f Zfe cX [fZl$ d\ekXZ`Â?e X[alekX # \c ]Xcc\Z`d`\ekf [\ cX j\ÂŒfiX 8E><C8 D<I:<;<J IFE;8C @z8:8J8# j\ [\ZcXiX Zfe cl^Xi cX ]XZZ`Â?e [\ `em\ekXi`fj p j\ fi[\eX \c XmXcÂ’f \ `em\ekXi`f [\ cfj d`jdfj# gXiX cf ZlXc cXj gXik\j efdYiXi}e jl g\i`kf [\ Zfe]fid`$ [X[ Zfe cf gi\m`jkf \e \c 8ik% ),) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% <c Alq^X[f j\ i\j\imX \c [\i\Z_f [\ efdYiXi jl g\i`kf%$:ˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j 8E8 D8I@8 p M@:<EK< :?@:8@Q8 IFE;8C# \e cfj cl^Xi\j hl\ j\ `e[`ZX%$ :ˆk\j\ X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cX j\ÂŒfiX 8E><C8 D<I:<;<J IFE;8C @z8:8J8 # gfi cX gi\e$ jX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# \e d\i`kf Xc aliX$ d\ekf i\Xc`qX[f gfi cX XZkfiX p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :l„ek\j\ \e cX gi\j\ek\ ZXljX# Zfe \c j\ÂŒfi ;`i\Zkfi [\c J\im`Z`fj [\ I\ekXj @ek\ieXj [\ G`Z_`eZ_X%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\e$ kfj hl\ j\ XZfdgXÂŒXe%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒX$ cX[f%$ EFK@=@HL<J<%$% = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q% Al\q Cf hl\ Zfdle`Zf X l[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`i$ k`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e cX ]fidX c\^Xc gXiX i\Z`Y`i cXj gfjk\i`fi\j efk`]`ZXZ`fe\j hl\ c\j Zfii\jgfe[X% CZ[f% :Xicfj Dli`ccf J<:I<K8I@F <E:8I>8;F ;<C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0/0)&k]

ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C% 81 <;@K? :C<D<E:@8 CFG<Q :FI;FM8# Zfe \c \okiXZkf [\ cX [\dXe[X M\iYXc JldXi`X p gifm`$ [\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF1 8Zkfi1 ;I8% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc

[\c 9XeZf [\ >lXpXhl`c J%8% ;\dXe[X[X1 <;@K? :C<D<E:@8 CFG<Q :FI;FM8% :lXekˆX1 LJ;% 0%'''#ff Al`Z`f Ef% (**,$)''0$NQ FYa\kf [\ cX ;\dXe[X1 :fYif [\ [`e\if GIFM@;<E:@8J1 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# () [\ fZklYi\ [\c )''0# cXj ('_*)% M@JKFJ1 CX [\dXe[X hl\ Xek\Z\$ [\ gifgl\jkX gfi cX ;I8% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf [\ >lXpXhl`c J%8%# \e Zfe$ kiX [\ <;@K? :C<D<E:@8 CFG<Q :FI;FM8# \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX X[d`k\ Xc kiXd`k\ m\iYXc jldXi`f gi\m`jkf \e cX J\ZZ`�e )*mX# 8ikj% /)/ p jlYj`^l`\ek\j [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% :ˆk\j\ X cX [\dXe[X[X \e \c cl^Xi `e[`ZX[f \e \c c`Y\cf [\ cX [\dXe[X% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj XgXi\$ aX[fj X cX [\dXe[X% K�d\j\ efkX [\c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZZ`feXek\% 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# '+ [\ dXpf [\c )'((# cXj '0_(+% 8k\ekf \c aliXd\e$ kf \ogi\jX[f gfi cX gXik\ XZkfiX ;I8% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf [\ >lXpXhl`c J%8%# p cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X <;@K? :C<D<E:@8 CFG<Q :FI;FM8 gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`�e p hl\ j\ \[`kXe \e \jkX Z`l[X[2 gXiX \c \]\Zkf Zfe]`„iXj\ \c \okiXZ$ kf 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`�e hl\ k`\e\ [\ j\ŒXcXi 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 8%:%&.0/**

I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< I8=8<C K8C89<I8 :8I?L8 P FC@DG@8 DFI8C<J 8:KFI1 J\^le[f IX]X\c KXcXm\iX DfiXc\j% ;<D8E;8;FJ1 Cl`j 8c]fejf KXcXY\iX DfiXc\j# DXiˆX IfjX KXcXY\iX DfiXc\j# DXiˆX Fc`dg`X KXcXY\iX DfiXc\j# Cl`j 8eˆYXc 8e^f KXcXY\iX# J\^le[f =Xljk`ef MXi^Xj 8i`Xj p :Xid\e DfiX`dX =cfi\j [\ MXi^Xj% AL@:@F1 @em\ekXi`fj Eif% (,*.$ )'('$n%q% KI8D@K<1 <jg\Z`Xc AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 @e[\k\id`eX[X 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\i$ e\j )( [\ \e\if [\c )'((# cXj (,_*)% M`jkfj1 Gfi ZlXekf j\ _X [X[f Zld$ gc`d`\ekf X cf fi[\eX[f \e gifm`[\e$ Z`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 c\^Xc Zfii\jgfe[`\ek\ [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e cX J\ZZ`Â?e J„gk`dX [\c Kˆklcf @@# C`Yif J\^le[f [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :fe ]le[Xd\ekf \e \c 8ik% ),) `Y`[\d# efdYiXj\ Zfdf g\i`kf Xc @e^% DXel\c J`cmX M}jZfe\q# X ]`e [\ hl\ gifZ\[X Xc `em\ekXi`f [\ cfj Y`\e\j [\ cfj ZXljXek\j IX]X\c KXcXY\iX :Xi_lX p Fc`dg`X DfiXc\j# Zfe]fid\ cf [`jgfe\ \c 8ik% -*, [\c :Â?[`^f 8[a\k`mf :`m`c%$ :fe ]le[X$ d\ekf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :ˆk\j\ X Cl`j 8c]fejf KXcXY\iX DfiXc\j# DXiˆX IfjX KXcXY\iX DfiXc\j# DXiˆX Fc`dg`X KXcXY\iX DfiXc\j# Cl`j 8eˆYXc 8e^f KXcXY\iX# gfi [\i\Z_f [\ i\gi\j\ekXZ`Â?e [\ cX ZXljXek\ DXiˆX IfjXi`f KXcXY\iX DfiXc\j# J\^le[f =Xljk`ef MXi^Xj 8i`Xj p :Xid\e DfiX`dX =cfi\j [\ MXi^Xj# \e \c cl^Xi hl\ j\ `e[`ZX%$ 8 cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`$ [fj [\ cfj ZXljXek\j IX]X\c KXcXY\iX :Xi_lX p Fc`dg`X DfiXc\j# Zˆk\j\ gfi d\[`f [\ cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gfi ZlXekf YXaf aliXd\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X%$ :l„ek\j\ Zfe \c ;`i\Zkfi [\c J\im`Z`f [\ I\ekXj @ek\ieXj%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX%$ K„e^Xj\ \e Zl\ekX \c

Ĺ?

ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX Xlkfi`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[j%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`�e hl\ k`\e\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:&.0//0&k]

ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 I<D@>@F >LJK8MF ;< C8 KFII< KLC:8E8Q8 < O K I 8 : K F 8:KFI8% 8ˆ[X :Xii\iX Qli`kX ;<D8E;8;F% I\d`^`f >ljkXmf [\ cX Kfii\ KlcZXeXqX AL@:@F% :FE=<J@äE AL;@:@8C Ef%(''-$)'('$@>D$ KI8D@K<% <jg\Z`Xc% :L8EK@8% @e[\k\id`eX[X ;FD@:@C@F% :Xj`cc\if Al[`Z`Xc ('( [\c ;i% >ljkXmf M\cfq :% F9A<KF% :fe]\j`Â?e Al[`Z`Xc GIFM@;<E:@8J% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )0 [\ alc`f [\c )'('# cXj ((_'.%$ M@JKFJ%$ CX g\k`Z`Â?e hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj c\^X$ c\j# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ gfi cX mˆX \jg\Z`Xc% J\ÂŒXcXj\ gXiX \c (/ [\ FZklYi\ [\c )'(' X cXj '0_'' X ]`e [\ hl\ I<D@>@F >LJK8MF ;< C8 KFII< KLC:8E8Q8# ZfdgXi\qZX X \jkX al[`ZXkliX \e ]fidX g\ijfeXc p ef gfi `ek\igl\jkX g\ijfeX# Zfe \c fYa\kf [\ i\e[`i cX Zfe]\j`Â?e al[`Z`Xc jfc`Z`kX[X Xc k\efi [\c `ek\iif^Xkfi`f hl\ \e jfYi\ Z\iiX[f hl\ XZfdgXÂŒX \c ZlXc j\i} ZXc`]`ZX[f Xc dfd\ekf d`jdf [\ cX [`c`^\eZ`X# Zfe]fid\ cf [`jgfe\ \c 8ik% (). [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :ˆk\j\ Xc [\dXe[X[f \e \c cl^Xi `e[`ZX[f# K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`$ Z`Xc j\ÂŒXcX[f p cX Xlkfi`qXZ`Â?e fkfi$ ^X[X 8 jl XYf^X[f gXkifZ`eX[fi% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekX$ Z`Â?e XZfdgXÂŒX[X# EFK@=@HL<J<%$ ] ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j ) [\ [`Z`\dYi\ [\c )'('# cXj '/_)-%$ J\ ml\cm\ X j\ÂŒXcXi gXiX \c (/ [\ ]\Yi\if [\c )'(( X cXj (,_'' # X ]`e [\ hl\ \c [\dXe[X[f I\d`^`f >ljkXmf [\ cX Kfii\ KlcZXeXqX ZfeZliiX X i\e[`i jl Zfe]\j`Â?e2 Xk\ekX cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi :`kX[fi p aliXd\ekf i\e[`[f gfi cX XZZ`feXek\# j\ [`j$ gfe\ hl\ j\ c\ Z`k\ X kiXm„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\% ] ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )0 [\ dXiqf [\ )'((# cXj '/_))%$ Gfi \ok\dgfi}e\Xj# j\ e`\^X cXj \ed`\e[Xj jfc`Z`kX[Xj gfi cX XZZ`f$ eXek\% J\ ml\cm\ X j\ÂŒXcXi gXiX \c . [\ ale`f [\c )'(( X cXj (,_'' # X ]`e [\ hl\ \c [\dXe[X[f I\d`^`f >ljkXmf [\ cX Kfii\ KlcZXeXqX \e ZXc`[X[ [\ C`hl`[X[fi [\ cX :fdgXÂŒ`X CX Hl`d`ZX J%8% ZfeZliiX X i\e[`i jl Zfe]\j`Â?e2 gXiX \c \]\Zkf j\ c\ Z`kXi} \e cX ]fidX fi[\eX[X \e gifm`[\e$ Z`X [\ al\m\j ) [\ [`Z`\dYi\ [\c )'('%Efk`]ˆhl\j\% ] ;i% DXi`f Fik`q <jki\ccX% Al\q% ] ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< : F D L E @ : F G I <M @ E @ < E ; F C < ;< C 8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I ;FD@:@C@F AL;@:@8C ;<EKIF ;<C G<IĂ D<KIF C<>8C ;< <JK8 :@L;8; ;< HL@KF# G8I8 GFJK<I@FI<J EFK@=@:8:@FE<J% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00'/&k]

D`e`jk\i`f [\ I\cXZ`fe\j CXYfiXc\j I<Gè9C@:8 ;<C <:L8;FI <OKI8:KF M@JKF 9L<EF Ef% (/*.+-''++)$ )'(($8%E% 8:KFI1 @E>% AFJ< M@:<EK< :?8LM@E ?@;8C>F 8::@FE8;F1 JI% I@:?8I; @M8E C<J:8EF DFC@E8 :8LJ8C1 ( P ) ;<C 8IK% (.) :ä;@>F ;<C KI898AF @EJG<::@äE ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# )+ [\ DXpf [\c )'((# X cXj '/?'0%$ <e d„i`kf Xc jfik\f [\ ]\Z_X '- [\ DXpf [\c )'((# j`\e[f cXj '0?,,# 8MF:F ZfefZ`d`\ekf [\ cX g\k`Z`Â?e [\ M`jkf 9l\ef Ef% (/*.+-''++)$ )'(($8%E%$ gifgl\jkX gfi @E>% AFJ< M@:<EK< :?8LM@E ?@;8C>F# \e jl ZXc`[X[ [\ Gi\j`[\ek\ <a\Zlk`mf [\ cX :fdgXŒˆX 8C@D<EKFJ =FIK@=@:8;FJ =FIK<J8E :@8% CK;8%# \e ZfekiX [\c JI% I@:?8I; @M8E C<J:8EF DFC@E8# cX d`jdX hl\ gfi i\le`i cfj i\hl`j`kfj [\ C\p j\ XZ\gkX X ki}d`k\%$ <e cf gi`eZ`$ gXc j\ [`jgfe\1 ( <e Xgc`ZXZ`Â?e Xc 8ik% (/*# ,+, Xki`YlZ`Â?e ,kX% p -)( [\c :Â?[`^f [\c KiXYXaf# Zfe cX Zfg`X [\ cX jfc`Z`kl[ [\ M`jkf 9l\ef hl\ Xek\Z\[\ p \jkX gifm`[\eZ`X efk`]ˆhl\j\ Xc kiXYXaX[fi \e \ccX d\eZ`feX[f# d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e eXZ`feXc# [\

I_ [b b[d]kW`[ fk[Z[ [d eYWi_ed[i Yh[Wh kdW h[Wb_ZWZ gk[ Wdj[i de [n_ij‡W" Âľfeh gkƒ de ^WXh‡W Z[ feZ[h YWdY[bWh ejhW gk[ i‡ [n_ij‡W5 ?=D79?E IĂ›D9>;P 9Ă›C7H7$ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi ZlXekf \c \dgc\X[fi YXaf aliXd\ekf [\ZcXiX [\jZfefZ\i \c [fd`Z`c`f [\c XZZ`feX[f# Zfe]fid\ j\ [\jgi\e[\ [\ cX [\ZcXiXZ`Â?e aliXd\ekX[X hl\ j\ X[alekX% 8c XZZ`feX[f j\ c\ ZfeZ\[\ \c k„id`ef [\ m\`ek\ [ˆXj gXiX hl\ Zfek\jk\ p j\ÂŒXc\ ZXj`cc\if al[`Z`Xc gXiX ]lkl$ iXj efk`]`ZXZ`fe\j%$ ) KÂ?d\j\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc Ef% *)(+# p cX Xlkfi`qXZ`Â?e fkfi^X[X Xc gif]\$ j`feXc hl\ jljZi`Y\ \e cX gi\j\ek\ ZXljX%$ * %$ <eki„^l\j\ \c \okiXZkf i\jg\Zk`mf gXiX jl glYc`ZXZ`Â?e%$ EFK@=Ă HL<J<%$ ] 8Y^% 8e[i\X EfYfX :XdXZ_f GXik`ZlcXi hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 8Y^% 8e[i\X EfYfX :XdXZ_f @EJG<:KFI8 ;< KI898AF ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*('*&ZZ

I ;<C < ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :FEJK@KL:@äE ;< C8 JF:@<;8; :@M@C P :FD<I:@8C ĂˆDLJ:LO J%:%:%É E%$ *('$)'(($G= J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc cX Zfejk`klZ`Â?e [\ cX JfZ`\[X[ :`m`c p :fd\iZ`Xc ĂˆDLJ:LO J%:%:%É# ZlpXj ZXiXZk\$ iˆjk`ZXj jfe cXj j`^l`\ek\j1 JF:@FJ1 9<E@KF D8EL<C A8I8D@CCF DFJ:FJF P D8IĂ 8 AFJ< J8DG<I :8DGLQ8EF% ;<EFD@E8:@äE1 JfZ`\[X[ :`m`c :fd\iZ`Xc ĂˆDLJ:LO J%:%:%É F9A<KF JF:@8C %$ <c fYa\kf [\ cX JfZ`\[X[ Zfej`jk\ \e1 X CX gi\j$ kXZ`Â?e [\ j\im`Z`fj \e ZXc`[X[ [\ `ek\id\[`Xi`f# Zfii\[fi f X^\ek\ dXe[XkXi`f \e cX ZfdgiXm\ekX# Xii\e[Xd`\ekf# X[d`e`jkiXZ`Â?e [\ Y`\e\j `edl\Yc\j% Y ;\jXiifccXi gifp\Zkfj `edfY`c`Xi`fj `edl\$ Yc\j% Z 9i`e[Xi Xj\jfiˆX \e kf[f cf i\cXZ`feX[f Zfe X[d`e`jkiXZ`Â?e [\ \dgi\jXj% [ Gif[lZZ`Â?e# `dgfi$ kXZ`Â?e# \ogfikXZ`Â?e# Zfd\iZ`Xc`qX$ Z`Â?e# `e[ljki`Xc`qXZ`Â?e [\ gif[lZkfj 8^iˆZfcXj# =cfiˆZfcXj# >XeX[\ifj p =fi\jkXc\j% \ 8j\jfiˆX \e \c }i\X X^iˆZfcX# ]cfiˆZfcX# ^XeX[\iX p ]fi\j$ kXc% ] :iˆX# i\gif[lZZ`Â?e# ZfdgiX# m\ekX [\ ^XeX[f p Xe`dXc\j \e ^\e\$ iXc2 X[hl`j`Z`Â?e# Zfd\iZ`Xc`qXZ`Â?e# gif[lZZ`Â?e [\ `ejldfj gXiX cfj d`j$ dfj p [\ kf[f k`gf [\ dXk\i`Xc Y`f$ cÂ?^`Zf f Y`fk\ZefcÂ?^`Zf% ^ J\im`Z`fj [\ \eki\eXd`\ekf p gifm`j`Â?e [\ g\ijfeXc ZXc`]`ZX[f \e cXj }i\Xj \e cXj hl\ fg\iXi} cX \dgi\jX% _ CX ZfdgXŒˆX gf[i} XZ\gkXi p kfdXi X jl ZXi^f Zfej`^eXZ`fe\j# i\gi\$ j\ekXZ`fe\j# ZfekiXkfj [\ Zfd`j`Â?e f [\gÂ?j`kfj [\ ]`idXj eXZ`feXc\j f \okiXea\iXj# Xjˆ Zfdf XZ\gkXi p \a\iZ\i Zfd`j`fe\j# X^\eZ`Xj# \eki\$ eXd`\ekf [\ g\ijfeXc# \mXclXZ`Â?e p ]XZk`Y`c`[X[ [\ gifp\Zkfj hl\ j\ i\cXZ`fe\e Zfe jl fYa\kf jfZ`Xc% ` :fdgc\d\ekXi`Xd\ek\# gf[i} [\[`$ ZXij\ X cX e\^fZ`XZ`Â?e \e ^\e\iXc j\X [\ Zfd\iZ`f `ek\ief# `dgfikX$ Z`Â?e p&f \ogfikXZ`Â?e [\ cfj Y`\e\j# `ejldfj# gXik\j# g`\qXj [\ \hl`gfj e\Z\jXi`fj gXiX cXj XZk`m`[X[\j [\jZi`kXj Xek\i`fid\ek\% a Gf[i} jfc`Z`kXi# ZfdgiXi# m\e[\i# fkfi^Xi f i\Z`Y`i kf[f k`gf [\ df[Xc`[X[ [\ gifg`\[X[ `ek\c\ZklXc f `e[ljki`Xc# gf[i} kfdXi f ZfeZ\[\i c`Z\eZ`Xj# ]iXehl`Z`Xj p ZfekiXkfj X]`e\j1 gf[i} kfdXi f [Xi ZfeZ\j`fe\j# X^\eZ`Xj# i\gi\j\ekXZ`fe\j p [`jki`YlZ`fe\j# X[\d}j gf[i} i\Xc`qXi kf[f k`gf [\ XZk`m`[X[\j [\ Zfd\iZ`Xc`qXZ`Â?e [\ Y`\e\j p j\im`Z`fj i\cXZ`feX[Xj Zfe cX X^i`ZlckliX <e Zldgc`d`\ekf [\ jl fYa\kf# cX ZfdgXŒˆX gf[i} Z\c\YiXi kf[fj cfj XZkfj p ZfekiXkfj g\id`k`[fj gfi cX c\p% GC8QF%$ <c gcXqf [\ [liXZ`Â?e [\ cX JfZ`\[X[ \j [\ :@E:L<EK8 XÂŒfj# ZfekX[fj [\j[\ cX ]\Z_X [\ `ejZi`gZ`Â?e [\ \jkX \jZi`kliX% CX JfZ`\[X[ gf[i} [`jfcm\ij\ Xek\j [\c m\eZ`d`\ekf [\c gcXqf `e[`ZX[f# f gf[i} gif$ iif^Xicf# jla\k}e[fj\# \e ZlXchl`\i ZXjf X cXj [`jgfj`Z`fe\j c\^Xc\j Xgc`ZXYc\j% :8G@K8C P 8GFIK<%$ <c :Xg`kXc JfZ`Xc [\ cX JfZ`\[X[ \j [\ ;FJ D@C ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8DyI@:8% :Xg`kXc jljZi`kf p gX^X[f gfi ZX[X lef [\ cfj jfZ`fj ]le[X[fi\j [\ cX j`^l`\ek\ dXe\iX1 ;FD@:@C@F%$ <c [fd`Z`c`f gi`eZ`gXc [\ cX JfZ`\[X[ :`m`c p :fd\iZ`Xc \j \c :XekÂ?e Hl`kf# GXiifhl`X G`]f# Gifm`eZ`X [\ G`Z_`eZ_X# I\gÂ’Yc`ZX [\c <ZlX[fi2 g\if gf[i} \jkXYc\Z\i X^\eZ`Xj# jlZlijXc\j f \jkXYc\Z`$ d`\ekfj \e lef f d}j cl^Xi\j [\ekif [\c k\ii`kfi`f eXZ`feXc f \e \c \ok\$ i`fi# jla\k}e[fj\ X cXj [`jgfj`Z`fe\j c\^Xc\j Zfii\jgfe[`\ek\j GIFM@;<E:@81 ALQ>8;F ;y:@DF K<I:<IF ;< CF

:@M@C ;< G@:?@E:?81 Hl`kf X (/ [\ XYi`c [\c )'((# cXj (,_'(%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\# Zfe]fid\ j\ [\jgi\e[\ [\c f]`Z`f E— 0).$;G$;;G$A8I$ '.# [\ ', [\ ;`Z`\dYi\ [\c )''. p \e m`ikl[ [\c XZkX [\ jfik\f hl\ Xek\Z\[\%$ CX g\k`Z`Â?e ]fidlcX[X gfi cfj j\ÂŒfi\j 9<E@KF D8EL<C A8I8D@CCF DFJ:FJF P D8IĂ 8 AFJ< J8DG<I :8DGLQ8EF# \j Zfdgc\kX# ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ Xc ki}d`k\ \jg\Z`Xc jfc`Z`kX[f%$ <e Zfej\Zl\eZ`X# le \okiXZkf [\ cX \jZi`kliX gÂ’Yc`ZX [\ :fejk`klZ`Â?e [\ JfZ`\[X[ :`m`c p :fd\iZ`Xc ĂˆDLJ:LO J%:%:%É# glYcˆ$ hl\j\ gfi cX gi\ejX# gfi leX jfcX m\q# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e \jkX Z`l[X[ [\ Hl`kf%$ 8^i„^l\ej\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e X[alekX%$ KÂ?d\j\ efkX [\ cX ZlXekˆX p [\c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[fj gfi cfj g\k`Z`feXi`fj [\ cX [`c`^\eZ`X \e jl ZXc`[X[ `emfZX[X gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p Xlkf$ i`qXZ`Â?e dXe`]\jkX[X \e ]Xmfi [\ jl ;\]\ejfi%$ EFK@=@HL<J<%$ ] ;I% IL9yE :<M8CCFJ =898I8%$ AL<Q JLGC<EK<%$ Cf hl\ Zfdle`Zf X cfj `ek\i\jX[fj p gi\jlekfj fgfj`kfi\j gXiX cfj ]`e\j c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :<IK@=@:F%$ ;I% E@CF >FEQ8CF 8CD8:?@ J < : I < K8 I @ F A L Q > 8 ; F ;y:@DF K<I:<IF ;< CF :@M@C G@:?@E:?8 ?Xp le j\ccf 8I&/*(()&ZZ

ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8c j\ÂŒfi ;8E@<C J8EK@8>F J@CM8 9LI98EF# j\ c\ _XZ\ jXY\i \c \okiXZkf [\ cX [`c`^\eZ`X gi\m`X [\ Zfe]\j`Â?e p cX gifm`[\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF%$ G<K@:@FE8I@F1 DXi`f <ei`hl\ JXcXqXi MXZXj%$ :FE=<J8EK<1 ;8E@<C J8EK@8>F J@CM8 9LI98EF%$ 8JLEKF1 Hl\% gi\m`f \c ki}d`k\ g\ik`e\ek\# j\ j\ÂŒXc\ [ˆX p _fiX X ]`e [\ hl\ \c j\ÂŒfi ;Xe`\c JXek`X^f J`cmX 9liYXef# XYjl\cmX Xc k\efi [\c `ek\iif^Xkfi`f ]fidlcX[f \e jfYi\ Z\iiX[f% KIĂ?D@K<1 <jg\Z`Xc%$ :L8EKĂ 8%$ @e[\k\id`eX[X%$ =<:?8 ;< @E@:@8:@äE1 ), [\ \e\if [\c )''(%$ ;<=<EJFI1 ;iX% Al[`k_ M`ccXm`Z\eZ`f%$ ;@C@><E:@8 GI<M@8 ;< :FE=<J@äE%$ Ef% ('($)''( A%K%9%I% GIFM@;<E:@8%$ ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j (, [\ ]\Yi\if [\c )'((# cXj ('_,.% M`jkfj1 CX g\k`Z`Â?e hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X# j\ [`jgfe\ hl\ \e ZXc`[X[ [\ [`c`^\eZ`X gi\gXiXkfi`X# \c j\ÂŒfi ;8E@<C J8EK@8>F J@CM8 9LI98EF# XYjl\cmX Xc k\efi [\c `ek\iif^Xkfi`f ]fidlcX[f \e jfYi\ Z\iiX[f# ZlpXj gi\^lekXj j\i}e ZXc`]`ZX[Xj Xc dfd\ekf d`jdf [\ cX [`c`^\eZ`X# gXiX cX ZlXc j\ j\ÂŒX$ cX \c [ˆX al\m\j )( [\ XYi`c [\c XÂŒf \e Zlijf# X cXj (,_''2 p X cX hl\ \c Zfe]\jXek\# ZfeZlii`i} %XZfd$ gXÂŒX[f [\ jl XYf^X[f [\]\ejfi# \e cX ]fidX gi\m`jkX gfi \c `eZ`jf k\iZ\if [\c 8ik% (). [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% GiXZk`ZX[X hl\ j\X \jkX [`c`^\eZ`X# X ZfjkX [\c g\k`Z`feXi`f [\ml„cmXj\ \c fi`^`eXc# [\aXe[f Zfg`Xj# gi\m`X iXqÂ?e p i\Z`$ Yf \e Xlkfj%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi \c g\k`Z`feXi`f p [\ Zfe$ ]fid`[X[ X cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc Zfe]\jXek\ gfi cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% 8c \]\Zkf# Zfe]`„iX$ j\ \c \okiXZkf i\jg\Zk`mf% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX$ [f%$ Efk`]ˆhl\j\% ;I% G8KI@:@F M8:8 HL@A8EF AL<Q ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j , [\ dXpf [\c )'((# cXj ((_')% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q \eZXi^X[f [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Ef% -'+$;G$ ;GG [\ )) [\ dXiqf [\c )'((%$ <e cf gi`eZ`gXc# Xk\ekX cX g\k`Z`Â?e hl\ Xek\Z\[\# j\ ml\cm\ X j\ÂŒXcXi gXiX \c [ˆX dXik\j )( [\ ale`f [\c XÂŒf \e Zlijf# X cXj '0_''# X ]`e [\ hl\ \c j\ÂŒfi ;8E@<C J8EK@8>F J@CM8 9LI98EF# i`e[X cX Zfe]\j`Â?e al[`$ Z`Xc jfc`Z`kX[X% :ˆk\j\ Xc Zfe]\jXek\ \e cX ]fidX fi[\eX[X \e gifm`[\eZ`X gi\Z\[\ek\% 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf% Efk`]ˆhl\j\%

;I% N@CD<I 8D9IFJJ@ IF9C<J 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 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 >C8;PJ I8HL<C G8QD@zF J@CM8 \e ZXc`[X[ [\ _\i\[\iX ZfefZ`[X# [\d}j _\i\$ [\ifj gi\jlekfj p [\jZfefZ`[fj [\c ZXljXek\ j\ÂŒfi E<CJFE FJN8C;F G8QD@zF =CFI<J AL@:@F C89FI8C Ef% )0)$)''/$ H$8: 8:KFI1 K<CDF 8L>LJKF D8C;FE8;F G8QD@zF ;<D8E;8;F1 E<CJFE FJN8C;F G8QD@zF =CFI<J jlj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< KI898AF ;< G@:?@E:?8%$ Hl`kf# cle\j (/ [\ \e\if [\c )'((# cXj (-_*)%$ M@JKFJ%$ <e cf gi`eZ`gXc# _XY`„e[fj\ [\ZcXiX$ [f YXaf aliXd\ekf hl\ \c XZkfi [\j$ ZfefZ\ \c [fd`Z`c`f \e \c ZlXc [\YX j\i Z`kX[X cX gXik\ [\dXe[X[X \e cX gi\j\ek\ ZXljX# :Ă K<J< X >C8;PJ I8HL<C G8QD@zF J@CM8 \e ZXc`[X[ [\ _\i\[\iX ZfefZ`[X# [\d}j _\i\$ [\ifj gi\jlekfj p [\jZfefZ`[fj [\c ZXljXek\ j\ÂŒfi E<CJFE FJN8C;F G8QD@zF =CFI<J# [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e Zfe]fid\ cf dXe[X cX Z`kX c\^Xc Xek\j `e[`ZX[X%%%J\ j\ÂŒXcX gXiX \c [ˆX )) [\ 8^fjkf [\c gi\$ j\ek\ XÂŒf# X cXj (+_*'# X ]`e [\ hl\ k\e^X cl^Xi cX 8l[`\eZ`X Gi\c`d`eXi [\ :fek\jkXZ`Â?e X cX ;\dXe[X p =fidlcXZ`Â?e [\ Gil\YXj%$%$ <eki„^l\j\ Xc XZkfi \c \okiXZkf gXiX cX glYc`ZXZ`Â?e i\jg\Zk`mX%$ %% :ˆk\j\ \e c\^Xc p [\Y`[X ]fidX X cfj _\i\[\ifj ZfefZ`[fj [\c ZXljXek\ E\cjfe FjnXc[f GXqd`ÂŒf =cfi\j# \e \c cl^Xi j\ÂŒXcX[f gXiX \c \]\Zkf%$ :ˆk\j\ p Efk`]ˆhl\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\iˆ$ d\kif c\^Xc gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% ; i% ><IDĂ?E M < E <> 8 J :8II8J:F J<:I<K8I@F <o`jk\ ]`idX p j\ccf% 8%G%&+0)-/&b%d%

Xlkfi`qXZ`�e Zfe]\i`[X X jl [\]\ejfi 8Y% <[^Xi IfYXpf% 8^i„^l\j\ X cfj 8lkfj cX [fZld\ekXZ`�e X[alekX% 8 cfj [\dXe[X[fj j\ c\j gi\m`\e\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`ccX al[`Z`Xc [\ekif [\ \jkX al[`ZXkliX gXiX hl\ i\Z`YXe jlj efk`]`ZXZ`fe\j [\ Zfe]fid`[X[ Zfe cX c\p% EFK@=@HL<J< P :@K<J<% ;i% Afi^\ >lqd}e M% J<:I<K8I@F <o`jk\ ]`idX p j\ccf% 8%G%&+0*)+&b%d%

<OKI8:KF AL;@:@8C :@K8:@FE 8:KFI1 DLIF E8GFC<FE D F E K 8 CM F ? @ ; 8 C > F # I<GI<J<EK8EK< C<>8C ;< C8 :FDG8zĂ 8 ĂˆD8A<JK@: :FIGFI8K@FEÉ ;<D8E;8;F1 A8M@<I IF;I@>L<Q G8CFD@EF =LE;8D<EKF C<>8C1 8ik% *' c`k\$ iXc X p [ C\p [\ @ehl`c`eXkf% AL@:@F M<I98C JLD8I@F Eif%)'(($'*'( :%:% :L8EK@81 LJ;% 0%''' A L Q>8 ; F J <> L E ; F ; < @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J%$ <e Hl`kf# _fp [ˆX m\`e$ k\ p Z`eZf [\ dXpf [\c XÂŒf [fj d`c feZ\# X cXj el\m\ _fiXj Zfe el\m\ d`elkfj# Xek\ cX [fZkfiX Jfe`X >l[`ÂŒf :`je\ifj# Al\qX K`klcXi J\^le[X [\ @ehl`c`eXkf p I\cXZ`fe\j M\Z`eXc\j [\ G`Z_`eZ_X# \ `e]iXjZi`$ kf j\Zi\kXi`f ZfdgXi\Z\ \c j\ÂŒfi1 D8LIF E8GFC<FE DFEK8CMF ?@;8C>F Zfe Z%Z% (.'/),('-$0 [\ \jkX[f Z`m`c ZXjX[f# [\ eXZ`f$ eXc`[X[ \ZlXkfi`XeX# [\ gif]\j`Â?e \dgi\jXi`f p i\j`[\ek\ \e \c ZXekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# Zfe cX ]`eXc`[X[ [\ i\e[`i cX gi\j\ek\ [\ZcXiXZ`Â?e aliXd\ekX[X [\ Zfe]fi$ d`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8c \]\Zkf aliX$ d\ekX[f hl\ ]l\i\ \e c\^Xc p [\Y`[X ]fidX# X[m\ik`[f [\ cX ^iXm\[X[ [\c aliXd\ekf [\ cXj g\eXj [\ g\iali`f p [\ fYc`^XZ`Â?e hl\ k`\e\ [\ [\Z`i cX m\i[X[# dXe`]`\jkX1 j\ÂŒfi Al\q g\j\ X d`j dÂ’ck`gc\j XZZ`fe\j gXiX Ylj$ ZXi cX cfZXc`qXZ`Â?e [\c j\ÂŒfi AXm`\i If[iˆ^l\q GXcfd`ef j\ d\ _X j`[f `dgfj`Yc\ [\k\id`eXi jl lY`ZXZ`Â?e# gfi cf hl\ [\jZfefqZf [fe[\ \jkX %$ :fe cf hl\ ZfeZclp\ cX gi\j\ek\ [`c`^\eZ`X# gXiX ZfejkXeZ`X [\ cf XZklX[f ]`idXe \c ZfdgXi\Z`\ek\ \e le`[X[ [\ XZkf Zfe cX j\ÂŒfi`kX Al\qX p J\Zi\kXi`f hl\ Z\ik`]`ZX%$ Cf hl\ Zfdle`Zf X l[# gXiX cfj ]`e\j [\ C\p%$ Z\ik`]`Zf% ;I% 8C<O8E;<I M<E<>8J G%% J<:I<K8I@F% <o`jk\ ]`idX p j\ccf% 8%G%&+0**(&b%d%

8ELC8:@FE<J

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< JL:LD9@FJ JL:LD9@FJ Æ <:L8;FI Æ J?LJ?L=@E;@ <OKI8:KF AL;@:@8C :@K8:@FE AL;@:@8C 81 ?<I<;<IFJ ;<C :8LJ8EK< ?<IDFJ8 Q8D9I8EF 8C9<IKF ><ID8E 8::@FE8EK<J1 B<KKP P<EEP :<;<zF JFCFIQ8EF P =LCKFE <L:C@;<J :8II8EQ8 CFFI ;<D8E;8;FJ1 D8I@8 =<IE8E;8 ;< C8 GL<EK<# AFJ< D@>L<C ?<IDFJ8 ;< C8 GL<EK< P D8I@8# AFJ< D@>L<C P D8I@8 ?<IDFJ8 ;< C8 GL<EK<# 8E@98C 8CM8IQ P 8 CFJ ;<D8J ?<I<;<IFJ# GI<JLEKFJ F ;<J:FEF:@;FJ :8LJ81 8DG8IF GFJ<JFI@F KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIF:<JF Eif%$ (+-$)'(( AL<Q1 8Y% <ie\jkf J\iiXef 9fe`ccX% GIFM@;<E:@81 ALQ>8;F J<>LE;F ;< CF :@M@C ;< JL:LD9@FJ%$ J_lj_l]`e[`# X (* [\ DXpf [\c )'((%$ CXj ('?1+'%$ M@JKFJ1 CX [\dXe[X [\ 8DG8IF GFJ<JFI@F Eif% (+- [\c )'((# gi\j\ekX[X gfi B<KKP P<EEP JFCFIQ8EF# \e ZfekiX [\ ?\i\[\ifj ;\c :XljXek\ ?<IDFJ8 Q8D9I8EF 8C9<IKF ><ID8E# j\ ZXc`]`ZX [\ ZcXiX p Zfdgc\kX# gfi cX hl\ j\ cX X[d`k\ X kiXd`k\ \e cX mˆX [\ al`Z`f M\iYXc JldXi`f% <e Zfej`[\iXZ`Â?e [\ hl\ cfj XZZ`f$ eXek\j dXe`]`\jkXe YXaf aliXd\ekf [\jZfefZ\i \c [fd`Z`c`f _XY`klXc f i\j`[\eZ`X [\ cfj _\i\[\ifj D8I@8 =<IE8E;8 ;< C8 GL<EK<# AFJ< D@>L<C P D8I@8 ?<IDFJ8 ;< C8 GL<EK< P GI<JLEKFJ F ;<J:FEF:@;FJ ;< 8C9<IKF ><ID8E ?<IDFJ8 Q8D9I8EF# j\ [`jgfe\ Z`kXi gfi cX gi\ejX X cfj Z`kX[fj _\i\[\ifj p gi\jlekfj \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e eXZ`feXc# \e \c cl^Xi [\c ]Xcc\Z`$ d`\ekf [\c ZXljXek\# p \e fkif [\ cX gifm`eZ`X [\ JlZldYˆfj% D\[`Xek\ g\k`Z`Â?e p gifm`[\eZ`X [`ZkX[X \c )' [\ DXpf [\c )'((# j\ XdgcˆX cX [\dXe[X# [`jgfe`\e[f \c j\ÂŒfi Al\q# Z`kXi Zfe Zfg`X [\ cX [\dXe[X# Xlkf [\ ZXc`]`ZXZ`Â?e p gifm`[\eZ`X [\ Xdgc`XZ`Â?e Xc j\ÂŒfi 8E@98C 8CM8I<Q \e \c cl^Xi j\ÂŒXcX[f \e cX [\dXe[X% @ejZiˆYXj\ cX [\dXe$ [X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e% K„e^Xj\ \e Zl\ekX cX ZlXekˆX ]`aX[X# cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X# \c [fd`Z`c`f aliˆ[`Zf# cX

BANCO PICHINCHA HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ('0 mXcfi ), [\ cX :kX% :k\% Ef% *+0)./()'+ g\ik\e\Z`\ek\ X :8C;<IFE E8IM8<Q#=89@8E$I8D@IF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,.'''- mXcfi )'' [\ cX :kX% :k\% Ef% *'*+/-(-'+ g\ik\e\Z`\ek\ X 8CD<@;8 K8G@8#N@CJFE$=89@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 .*( Xc .-' [\ cX :kX% :k\% Ef% *).*'-'('+ g\ik\e\Z`\ek\ X 8I8LAF :8II@CCF# DFE@:8$G8KI@:@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +*' [\ cX :kX% :k\% Ef% *',-.--''+ g\i$ k\e\Z`\ek\ X KFII<J J8C8Q8I# IF;I@>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 IF9F [\c :_\hl\ Ef .'.*)* mXcfi ((,) [\ cX :kX% :k\% Ef% *'/++.).'+ g\ik\e\Z`\ek\ X DFEK<IF 898I:8# AFI><$ 8C9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 *(( Xc

*+' [\ cX :kX% :k\% Ef% **0.+((+'+ g\ik\e\Z`\ek\ X :?LHL@D8I:8 # IFJ8$C<K@:@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 (*( Xc (-' [\ cX :kX% :k\% Ef% *+./+*.('+ g\i$ k\e\Z`\ek\ X CLA< >8CCF#D8I:F$ G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 (-- mXcfi /'' [\ cX :kX% :k\% Ef% *++//*'/'+ g\ik\e\Z`\ek\ X Q?@E@E 8II<;FE;F# B8I@E8$ I8HL<C [\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 +00 Xc ,)' [\ cX :kX% :k\% Ef% *'')*-)+'+ g\ik\e\Z`\ek\ X 9LJK8D8EK< D<E<J<J# =<IE8E;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 IF9F [\c :_\hl\ Ef .0( Xc /0' [\ cX :kX% :k\% Ef% *+*0.++/'+ g\ik\e\Z`\ek\ X G8CCF E8:@D98# ><ID8E$<;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (/), mXcfi )'' [\ cX :kX% :k\% Ef% *'/(0-,('+ g\ik\e\Z`\ek\ X 98IIFJ M<C8JHL<Q# <;L8I;F$ >FEQ8CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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%/*0$ /,'$ /,( [\ cX :kX% :k\% Ef% *+.*('.*'+ g\ik\e\Z`\ek\ X ;@8Q KLQ#8C<O8E;I8$:I@JK@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (/0( [\ cX :kX% :k\% Ef% **/+,/*.'+ g\ik\e\Z`\ek\ X >FEQ8C<Q <JG@E# <DD8$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`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 >FEQ8C<Q <JG@E# <DD8$D8>;8C<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ 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 <HL@E<?<8CK? J%8 :<EKIF ;< I<GIF;L::@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 IF9F [\c :_\hl\ Ef ))-( Xc )*)' [\ cX :kX% :k\% Ef% *''/()).'+ g\ik\e\Z`\ek\ X :@JE<IFJ :8J8EFM8# 8C@:@8$;<C :8ID<E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (,.( Xc (-'' [\ cX :kX% :k\% Ef% *'+/'0++'+ g\ik\e\Z`\ek\ X 98JK@;8J <EI@HL<Q# IF:@F$;<C :8ID<E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 .,,0 [\ 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:& (/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef .-,. [\ 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 IF9F [\c :_\hl\ Ef .0- [\ cX :kX% :k\% Ef% *'(,).*.'+ g\i$ k\e\Z`\ek\ X M@EK@D@CC8 >8I:@8# D8I@8$:8K8C@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -+. [\ cX :kX% :k\% Ef% *+)0(**+'+ g\ik\e\Z`\ek\ X M@CC8:@J M@E:<J# AF?E$IF9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ 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 >8M@C8E<J D8IHL<Q# A8M@<I$ <;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 *,0 [\ cX :kX% :k\% Ef% *+(*)00.'+ g\ik\e\$ Z`\ek\ X <JK<M<Q <JK<M<Q# ;FI@J$ CFI<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 (')- [\ cX :kX% :k\% Ef% **-0**')'+ g\ik\e\Z`\ek\ X :?@C@HL@E>8 CC@M<# <;N@E$><I8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef /,' [\ cX :kX% :k\% Ef% *'0./.0('+ g\ik\$ e\Z`\ek\ X :FD@K< GIFD<AFI8J :8LG@:?L [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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% *)-.0-*-'+ g\ik\$ e\Z`\ek\ X J@CC8>8E8 # J<>LE;F$ M@:KFI [\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% *)-.0-*-'+ g\ik\e\Z`\ek\ X J@CC8>8E8 # J<>LE;F$M@:KFI [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ 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`\e$ k\ X :FD<I:@8C@Q8;FI8 @DG<I@F;<CJFC :@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 ’ck`dX glYc`ZXZ`�e% 8:& )/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef .-( Xc /)' [\ cX :kX% :k\% Ef% *+(+0(+-'+ g\ik\e\Z`\ek\ X FIK@Q :I<JGF# B8I@E8$;<C IF:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef /+( mXcfi )'' [\ cX :kX% :k\% Ef% *+,+)-*)'+ g\ik\e\Z`\ek\ X >LE:8P 9<ID<F# D8I@8$;<C :8ID<E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 )/( Xc *+' [\ cX :kX% :k\% Ef% *')'.'0+'+ g\ik\e\Z`\ek\ X >L8DLJ?@> >L@C:8D8@>L8# E<CJFE$ [\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 )'.+ Xc )('* [\ cX :kX% :k\% Ef% *'/*-'0/'+ g\ik\e\Z`\ek\ X

G@EKF 98<Q#G8LC$J8EK@8>F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )('+ Xc )()' [\ cX :kX% :k\% Ef% *'/*-'0/'+ g\ik\e\Z`\ek\ X G@EKF 98<Q#G8LC$J8EK@8>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 :8CM8 :8JK@CCF# =@CFD<E8$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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% *'(+//)0'+ g\ik\e\Z`\ek\ X G8ALz8 >L8PK8# D8I@8$CLQD@C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -.0 [\ cX :kX% :k\% Ef% *+,/0'(/'+ g\ik\e\$ Z`\ek\ X 98EF :8II8J:F#<;N8I$ 8C<O8E;<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 9I@KF 8I@8J# M@:<EK<$ A8M@<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 -0' [\ cX :kX% :k\% Ef% *+,/0'(/'+ g\ik\e\$ Z`\ek\ X 98EF :8II8J:F#<;N8I$ 8C<O8E;<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 (*-( Xc (+)' [\ cX :kX% :k\% Ef% *')*+(-)'+ g\ik\e\Z`\ek\ X :<M8CCFJ ?<II<I8# D8I:FJ$ ?L>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 ’ck`dX glYc`ZXZ`�e% 8:& *0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,/(. [\ cX :kX% :k\% Ef% *'-('/00'+ g\ik\e\Z`\ek\ X ;@JKI@CLAFJ 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 G<I;@;8 [\c :_\hl\ Ef% (+)$ (+,$(+/(+0$(,'$(,-$(,.$(,0 Xc (-' [\ cX :kX% :k\% Ef% *+,/.*.,'+ g\ik\e\Z`\ek\ X G8I<;<J :ILQ# K8PIFE$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 (-( Xc (0' [\ cX :kX% :k\% Ef% *+'(,.-('+ g\i$ k\e\Z`\ek\ X M@M<IFJ M@M<IFJ# E8K8C@8$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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% ()'$())$ ()*$()+$(),$()-$().$()0 Xc (*' [\ cX :kX% :k\% Ef% *+'(,.-('+ g\i$ k\e\Z`\ek\ X M@M<IFJ M@M<IFJ# E8K8C@8$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 (,(( Xc (-(' [\ cX :kX% :k\% Ef% *)-++.+*'+ g\ik\e\Z`\ek\ X @EK<I>8J :@8% CK;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 */) Xc +(( [\ cX :kX% :k\% Ef% *(*'+-0+'+ g \ i k\ e \ Z ` \ ek\ X D L E FQ D<I@Q8C;<# D8EL<C$8C9<IKF [\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 +() Xc ++' [\ cX :kX% :k\% Ef% *(*'+-0+'+ g \ i k\ e \ Z ` \ ek\ X D L E FQ D<I@Q8C;<# D8EL<C$8C9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,*( Xc ,0' [\ cX :kX% :k\% Ef% *(,,'--,'+ g\i$ k\e\Z`\ek\ X :8I;<E8J >L@CC<E# =CFI$D8I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 >8CCF # AFI><$ 8I:<E@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 *+'.. mXcfi ++#(- [\ cX :kX% :k\% Ef% *'))/(0,'+ g\ik\e\Z`\ek\ X LE@M<IJ@;8; ;< C8J 8D<I@:8J [\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 >FEQ8C<Q J8E>Lz8# M@:KFI$<CFP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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% *+-+-'0('+ g\ik\$ e\Z`\ek\ X IL<;8 J8EKFJ#A?FE$ ?<EIIP [\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% *+)0---+'+ g\ik\e\Z`\ek\ X I<P<J P<G<Q# J<>LE;F$8C:@M8I [\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---+'+ g\ik\e\Z`\ek\ X I<P<J P<G<Q# J<>LE;F$8C:@M8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (0' [\ cX :kX% :k\% Ef% *+)+*+))'+ g\i$ k\e\Z`\ek\ X 8E;I8;< :8;<E8# ;@<>F$I8=8<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +'.-/. mXcfi ('#0. [\ cX :kX% :k\% Ef% *'+((-.+'+ g\ik\e\Z`\e$ k\ 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 +*( [\ 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%

IÂŒbe [b gk[ l_l[ [d bW efkb[dY_W h[d_[]W Z[ [bbW$ >;H8;HJ C7H9KI;

8:& ,/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +0' Xc ' mXcfi ' [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$:8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ,0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +0- [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :8D@EF K@>J@#J<>LE;F$: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 ,0+, [\ cX :kX% :k\% Ef% *'./-))/'+ g\i$ k\e\Z`\ek\ X D@K< ELA<Q# AL8E$ A<JLJ [\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% (,''$ (,(.$(,*+$(,*,$(,+)$(,-+$(,-/$ (,.* Xc (,0' [\ cX :kX% :k\% Ef% *'+/./+*'+ g\ik\e\Z`\ek\ X M@CC8:@J CFG<Q#D8I@8$<C<E8 ;<C IFJ8I@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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\ik\e\Z`\ek\ X DFP8EF :8II8J:F# M@:KFI$ 8;I@8EF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 )0-( mXcfi (() [\ cX :kX% :k\% Ef% *'*-,)-''+ g\ik\e\Z`\ek\ X C<FIF M@CC8:@J# CL@J8$:<:@C@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& -+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )-. [\ cX :kX% :k\% Ef% *+.,0*+/'+ g\ik\e\Z`\ek\ X M<C8J:F I8DFJ#:8ICFJ$>@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 0+( Xc (''' [\ cX :kX% :k\% Ef% *'../-*,'+ g\ik\e\Z`\ek\ X :8KFK8 8:FJK8#:CFK@C;<$ I8HL<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 ()0 [\ cX :kX% :k\% Ef% *+/.'+-)'+ g\i$ k\e\Z`\ek\ X J@<II8 IF;I@>L<Q# =8LJKF$O8M@<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& -. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (/)- [\ cX :kX% :k\% Ef% **/+,/*.'+ g\ik\e\Z`\ek\ X >FEQ8C<Q <JG@E# <DD8$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`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& -/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef **, Xc *+' [\ cX :kX% :k\% Ef% *+*/,,)('+ g\ik\e\Z`\ek\ X A8:FD< ?LIK8;F# D8I@8$9<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:& -0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (0/-

[\ cX :kX% :k\% Ef% **/+,/*.'+ g\ik\e\Z`\ek\ X >FEQ8C<Q <JG@E# <DD8$D8>;8C<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& .' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (*) [\ cX :kX% :k\% Ef% *+0('.'''+ g\i$ k\e\Z`\ek\ X QLI@K8 C<FE# CL@J$ <;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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\i$ k\e\Z`\ek\ X 8M@C8 J8ID@<EKF# ;8E@CF$8C=I<;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& .) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef **.. Xc *+'- [\ cX :kX% :k\% Ef% **,,/,+*'+ g\ik\e\Z`\ek\ X @QHL@<I;F @;IFMF# D8I:<C8$ 8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 *+'. Xc *+*- [\ cX :kX% :k\% Ef% **,,/,+*'+ g\ik\e\Z`\ek\ X @QHL@<I;F @;IFMF# D8I:<C8$ 8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\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 *+*. Xc *+,' [\ cX :kX% :k\% Ef% **,,/,+*'+ g\ik\e\Z`\ek\ X @QHL@<I;F @;IFMF# D8I:<C8$ 8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ., d^ 444444 K`gf [\ [fZld\ekf 1 G8G<C :FD<I:@8C Eld\if [\ [fZld\ekf 1 ,),*,+ Ef ;< K@KLCF ()$).* MXcfi 1 ((''''%'' #EfdYi\ [\c Y\e\]`Z`Xi`f f X hl`\e g\ik\e\Z\ \c [fZld\ekf1 D8I@8 =<IE8E;8 :?8M<Q 8C9FIEFQ Eld\if [\ Z\[lcX f IlZ [\c gifg`\$ kXi`f [\c [fZld\ekf1 (.().'+'-( 8:& ( D>

BANCO INTERNACIONAL Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '+-'.((,(' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('00( ( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ' + + '.' 0 ' 0) [\c 9 X e Zf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&('00( ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '*0'..+.+* [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('00( * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-)'.)**(. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl

i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('00( + d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% )''.+/*)- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('00( , d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-('/(''() [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('00( - d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0))00- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *''.++,'* [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% .''..-0.. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *,'.()+-, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '*,'.*(,*) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% (0,'.(()0+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-)'.)/0'+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ,''...,(- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ')''.)0,,' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '*0'.-*.** [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +''.,,--- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *''.*.+*+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl Xel$ cXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ))(/'+) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -'''.'.,-, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZX$ Z`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0''..+/0) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '+)'.)).*. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +''.+**,/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ,''.,/+'- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -('/('+.' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl Xel$ cXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-('/)'-*/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZX$ Z`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +,'.(*/-, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl Xel$ cXZ`Â?e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '/''.0*++) [\c 9XeZf

Ä Ä

@ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% )),-//) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ',''./0)0/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-)'.*)0,) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *0'..).,0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl Xel$ cXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '+''..0,.* [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0./'*. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +)'.('+') [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ,''./((,. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +''.0)'-, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ),'.*('.+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ),'.*('.+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e%

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä Ä‚

g Ĺ?Ĺ? Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% %%%%%%'*0'. -'.+)%%%%%%%%% [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl Xel$ cXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0-,-,) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ),'.*'.-' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ')''.(-.0* [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% )),-/0' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ),'.*,)/. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ),'..'.0. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0+').. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +''.)0'0- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% /''./-0+) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ('(+-,0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\

8_fiifj [\ cX Zl\ekX Ef% ))()'-' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -*'.)+(-( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +,'.(+''+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% */'.-((*, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *0'.+++') [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+) ( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '*.'.(*-*, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+) ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '.''.),,0' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+) * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *0'..*+0- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+) + d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +''.+0--- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+) , d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0.+.-. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+) - d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-)'.,+,*' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&(('+) . d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ))+'/*/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# Zfe$ kX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf%

Ĺ?

8:&(('+) / d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '+'''.--0) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`$ ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if ((,' Xc eÂ’d\if ((,' 8:&(('+( ( d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '+*'-'(),/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`$ ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if )*'- Xc eÂ’d\if ))** 8:&(('+( ) d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '+*'-'(),/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`$ ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if )(*/ Xc eÂ’d\if ))(8:&(('+( * d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% +*'-')(+0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if )'- Xc eÂ’d\if )'. 8:&(('+( + d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% )''-')/// [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if .+* Xc eÂ’d\if .+/ 8:&(('+( , d^ 4444444 Gfi _XY\ij\ G<I;@;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\e$ kX Zfii`\ek\ Ef% -,''-'.,-+ [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ ).+* MXcfi1 *',%(* =\Z_X [\ >`if1 '*&',&)'((% 8 cX fi[\e [\1 J@HL@?LF G8GF F:K8M@F 8:&(('+( - d^ 4444444 Gfi _XY\ij\ JLJKI8@;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% -,''',.,,( [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ ('-+ MXcfi1 )(,'%'' 8:&(('+( . d^ 4444444 Gfi _XY\ij\ JLJKI8@;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% *'('., [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ ('+ MXcfi1 )()(%)+ =\Z_X [\ >`if1 (/$',$ )'((% 8 cX fi[\e [\1 @E>% IF;FC=F CFG<Q 8:&(('+( / d^ 4444444 Gfi _XY\ij\ JLJKI8@;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% -*...( [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ ),. MXcfi1 (.+%(* 8:&(('+( 0 d^ 4444444 Gfi _XY\ij\ G<I;@;F j\ mX e X Xel$ cXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% +,'''+-' [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ ))-( MXcfi1 *, =\Z_X [\ >`if1 D8IQF ),% 8:&(('+( (' d^

COOPROGRESO ;\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 G8E8D8 >L@K8II8 CL@J 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\e$ Z`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\i$ k\e\Z`\ek\ X M<C<J8:8 8K@<E:@8 M8E<JJ8 =<IE8E;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`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\i$ k\e\Z`\ek\ X :FEC8>F >L8C8M@J@ K8E@8 :8IFC@E8 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^

I_ [b jhWXW`e Zkhe \k[hW Wb]e jWd cWhWl_bbeie" i[]khe gk[ bei h_Yei i[ be ^WXh‡Wd gk[ZWZe jeZe fWhW [bbei$ B7D; A?HAB7D:

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 :?LI8:F HL@J?G< AFJ< ;8E@<C 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\e$ Z`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 ?@;8C>F I@M<I8 D8I@F ;8E@<C 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\e$ Z`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 @E>8 K@G8EK@Q8 D8I@KQ8 CL:@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`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 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X :F<CCF M<C8J:F FJ:8I A8M@<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\e$ Z`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-(' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X J@CM8 =L<I<Q G8:@=@:F I8=8<C 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\e$ Z`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\i$ k\e\Z`\ek\ X :L<E:8 J8I8E>F D8I@8E8 ;< A<JLJ 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 GFE:< :?8:FE :8ID<E <ID@E;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\e$ Z`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 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X J8E:?<Q KL=@zF <;>8I ;8M@; 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 >8C8IQ8 ALC@F :<J@C 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 :8JK@CCF <>8J J<I>@F <EI@HL< 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., [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X M<C@E Q898C8 AFI>< <JKL8I;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:&(('(/&. 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'.'--*)*# C`Yi\kX Gif^i\jXi Fif '0'/'')+.) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?@:8@Q8 DLCCF 9C8E:8 :<:@C@8 D8>;8C<E8 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 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X DFE:8PF KFC<;F IF:@F ;< C8 8LIFI8 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 Q8G8K8 J8E:?<Q <CJ8 @ID8 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\e$ Z`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'+. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X Q8D9I8EF G8@;8 G<;IF =<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 [fZld\ekf cfj i\ZcXd\% 8:&(('))&(( 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 A8:FD< :<J8I 8>LJKF 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 Fz8 G8CCF CL@J ?<I@9<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 :FE;FI :?@:8@Q8 CL@J >FEQ8CF 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\e$ Z`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' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X ;FD@E>L<Q M@CC8 CL@J ?<ID@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\e$ Z`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''''(/)' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ;@8Q DFEK8CMF AFJ<=@E8 >L8;8CLG< 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:&((''.&* 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 898I:8 A@D<E<Q D8I@8 =8LJK@E8 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' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X :?@J8>L8EF KF8J8 AFJ< D8EL<C 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 8E:?LE;@8 G@CC@>L8 D8I@8 D8>;8C<E8 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^

CITIBANK :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\$ hl\ Zfe cXj j`^l`\ek\j ZXiXZk\$ iˆjk`ZXj1 >`iX[fi1 9D@ @>L8C8J D<;@:8J ;<C <:L8;FI J%8% 2 :l\ekX1 ''/(0*+')0 :_\hl\ Ef% *(+''*, =\Z_X [\ \d`j`�e (- ;< D8PF ;< )'(( :Xek`[X[ 0+)%/) 9\e\]`Z`Xi`f1 J8EKFJ G8::L?@FE@ E<CJFE Hl`\e k\e^X [\i\Z_f [\Y\$ i} i\ZcXdXi [\ekif [\ cfj j`^l`\e$ k\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:&((')0 &( d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 9D@ @>L8C8J D<;@:8J ;<C <:L8;FI J%8% 2 :l\ekX1 ''/(0*+')0 :_\hl\ Ef% ,(,,*) =\Z_X [\ \d`j`�e (- ;< D8PF ;< )'(( :Xek`[X[ (-0%*' 9\e\]`Z`Xi`f1 DFI8 M8E<>8J >89I@<C8 Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:&((')0 &) d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 G8E 8D<I@:8E C@=< 2 :l\ekX1 ''*(*(''(- :_\hl\ Ef% *'(/,.) =\Z_X [\ \d`j`�e ', ;< 8>FJKF )'(' :Xek`[X[ )0.%'+ 9\e\]`Z`Xi`f1 >8CF 9FC@M8I :FI;FM8 >FD<Q Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`f$ i\j X \jkX glYc`ZXZ`�e% 8:&((')0 &* d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 ;<CK8 8@IC@E<J @E: 2 :l\ekX1 ''/)(()((( :_\hl\ Ef% *''))(- =\Z_X [\ \d`j`�e )/ D8PF )'(( :Xek`[X[ .,%,- 9\e\]`Z`Xi`f1 =@;<@:FD@JF C8E;LE@ Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:&((')0 &+ d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 9D@ @>L8C8J D<;@:8J ;<C <:L8;FI J%8% 2 :l\ekX1 ''/(0*+')0 :_\hl\ Ef% *(*00/' =\Z_X [\ \d`j`�e (- ;< D8PF ;< )'(( :Xek`[X[ ,-%'* 9\e\]`Z`Xi`f1 C<FE :@JE<IFJ ;8E@<C8 Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:&((')0 &, d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 G8E 8D<I@:8E C@=< 2 :l\ekX1 ''*(*(''(- :_\hl\ Ef% *'*/-/. =\Z_X [\ \d`j`�e )- ;< D8PF ;< )'(( :Xek`[X[ -/%,, 9\e\]`Z`Xi`f1 =I<@I< 8I@8J D<IP

Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:&((')0 &- d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 D::8EE <I@:BJFE <:L8;FI GL9C@:@;8; 2 :l\ekX1 '(+*.,)'(( :_\hl\ Ef% ,,0/)( =\Z_X [\ \d`j`�e )0 ;< 89I@C )'(( :Xek`[X[ ,*,#+0 9\e\]`Z`Xi`f1 M@CC8M@:<E:@F HL@E>8 A<JJ@:8 Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:&((')0 &. d^

)#*-/%-. =<% )/&'.&)'(' & =M& )/&'.&)'(( 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 IF9F cX C`Yi\kX Ef +),/)- [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X 8E;8 D8I@8 >L8;8CLG< 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 DE GUAYAQUIL BANCO RUMIĂ‘AHUI HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_f$ iifj Ef%/')./..)'' Eif% :XikfcX (-0*-0-''-. [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`f$ i\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_f$ iifj Ef%/')-0)..'' Eif% :XikfcX (.,*)/0''+. [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`f$ i\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_f$ iifj Ef%/(..0+*''' Eif% :XikfcX (./++))''(- [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& * d^ 44444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef%(0,0 MXcfi -' [\ cX :kX Ef%/'''-./)'+ g\ik\e\Z`\ek\ X 98IIFJ A8:FD<# AFJ<$<EI@HL< [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`$ ZXZ`Â?e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef%(++ [\ cX :kX Ef%/'(0./'('+ g\ik\$ e\Z`\ek\ X 8M@K<:?EFCF>P J%8% [\c 9XeZf Ild`ÂŒX_l`% 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^

9XeZf [\ >lXpXhl`c J%8%# Zfdl$ e`ZX Xc g’Yc`Zf hl\ \c j\Œfi j Q8D9I8EF : < IM8 E K < J C<FE8I;F ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j *+- [\ jl Zl\ekX Zfii`\ek\ (-('0/,( c\ ]l\ife jlj$ kiXˆ[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfejXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:&(('*/ ( d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc g’Yc`Zf hl\ \c j\Œfi j :8JKIF IL@Q J8EK@8>F ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j ,.-$-), [\ jl Zl\ekX Zfii`\ek\ 0+)./,- c\ ]l\ife jljkiXˆ[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfejXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:&(('*/ ) d^

BANCO DEL AUSTRO J\ gfe\ \e ZfefZ`d`\ekf cX g„i[`$ [X [\c :\ik`]`ZX[f [\ @em\ij`�e X GcXqf ]`af Ef% :;G( (('+)))+.'* [\ cX JiX% D8EQ8EF :?8C8E8 :C<F=< :<:@C@8 8:&(('*'&(d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% /+($0+' % :l\ekX :fii`\ek\ (,'(0/*) Dfk`mf G<I;@;8 8:& ) d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gifZ\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% *'+$*', % :l\ekX :fii`\ek\ (,'))+*+ Dfk`mf G<I;@;8 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_fiifj e’d\if (( +)') )*')'( [\ EF9F8 =@8CCF DPI@8D >L8;8CLG<# Zfe :%@% (.'..*0,.$.% 8%G%&+0**.&b%d% $$$$$$$$$$$$$$$$$$$$ 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ cX Zl\ekX [\ X_fiifj e’d\if '- '('( (-'-+0 + [\ HL@J@C<D8 J@D98z8 :8ICFJ =<IE8E;F# Zfe :%@% (.(''+((-$0% 8%G%&+0**/&b%d% $$$$$$$$$$$$$$$$$$$ 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_fiifj e’d\if '- '('( (-'+/( + [\ GIF8zF :8EKLz8 D8I@8 8C=FEJ@E8# Zfe :%@% (.'-,*((/$(% 8%G%&+0**0&b%d%

B.N.F. J\ XelcX gfi g\i[`[X cX c`Yi\kX [\ X_fiifj ',*''++,()# g\ik\e\$ Z`\ek\ Xc Ji% C\fe\c I`\iX Gfm\[X [\c 9XeZf EXZ`feXc [\ =fd\ekf% 8%G%&+0*(-&b%d% $$$$$$$$$$$$$$$$$$$ J\ XelcX gfi g\i[`[X cX c`Yi\kX [\ X_fiifj ',*''+,-(*# g\ik\e\$ Z`\ek\ X cX JiX% DXiˆX I`\iX Gfm\[X [\c 9XeZf EXZ`feXc [\ =fd\ekf% 8%G%&+0*(.&b%d%

COOPERATIVA COTOCOLLAO

BANCO PROMERICA J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef *,-,+, [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X >C8;PJ M<C8JK<>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:&('0/-&( d^ 44444444 J\ XelcX gfi g„i[`[X cX G�c`qX [\ @em\ij`�e Ef (',)-,(/ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\e$ k\ X D8I@8 CL@J8 FIK@Q MXcfi

:FFG<I8K@M8 ;< 8?FIIF P :Iy;@KF :FKF:FCC8F CK;8%% G„i[`[X [\ c`Yi\kX% J\ \okiXm`� \e cX Z`l[X[ [\ Hl`kf leX c`Yi\kX [\ X_fiifj [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :fkfZfccXf Ck[X%% Zfe e’d\if +'('(''*/+'' g\i$ k\e\Z`\ek\ Xc Ji% DXiZf 8ekfe`f DXikˆe\q =i\`i\% :\ik`]`ZX[f 8gfikXZ`�e +'('*''*/+''% 8%G%&+0*))&b%d%

8ELC8:@FE<J M8I@8J J\ XelcX cX :kX% [\ 8_fiifj [\c 9XeZf [\ =fd\ekf ''(',(0',0 g\ik\e\Z`\ek\ X Hl`dY`X M\iX DXiˆX @jXY\c% 8:&.0/0,&k]


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