Edición impresa Revista Judicial del 4 de julio de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

"(3.1 ĹŠ ÂĄ ĹŠ

Ĺ?Ä…Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊćĆÄ

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

+Ŋ/1(-!(/(.Ŋ"#Ŋ1#2#15 Ŋ #-Ŋ+ Ŋ(-" % !(¢-Ŋ/1#5(

Z[ Wi[]khWh Zei eX`[j_lei" gk[ ied0 '$ ;b fh_c[h eX`[j_le Z[ bW h[i[h# lW [i gk[ de i[ [djehf[pYWd bWi _dl[ij_]WY_ed[i h[Wb_pW# ZWi feh bW <_iYWb‡W e feh bW Feb_Y‡W @kZ_Y_Wb ($ ;b i[]kdZe eX`[j_le Z[ bW h[i[hlW [i Z[ fh[i[hlWh bW eX`[j_l_ZWZ Z[b <_iYWb Yece Z_h[Yjeh Z[ bWi [jWfWi _dl[ij_]Wj_lWi Wdj[ fei_Xb[i _d\bk[dY_Wi c[Z_|j_YWi$

Ä–ĹŠ Ä“ĹŠ ^ĹŠ } ĹŠ }

BW h[i[hlW0 ;b 7hj$ ('+ _dY_ie YkWhje Z[b 9ÂŒZ_]e Z[ FheY[Z_c_[dje F[dWb h[\ehcWZe" i[‹WbW [d ik fWhj[ f[hj_d[dj[ ÆI_d f[h`k_Y_e Z[ bWi ]WhWdj‡Wi Z[b Z[X_Ze fheY[ie o Z[b Z[h[Y^e W bW Z[\[diW1 bWi WYjkWY_ed[i Z[ bW <_iYWb‡W" Z[ bW <kdY_ÂŒd @kZ_Y_Wb" Z[ bW Feb_Y‡W @kZ_Y_Wb o Z[ ejhWi _dij_jkY_ed[i o \kdY_edWh_ei gk[ _dj[hl[d]Wd [d bW _dZW]WY_ÂŒd fh[l_W" i[ cWd# j[dZh|d [d h[i[hlW Z[ j[hY[hei W`[dei W ƒijW o Z[b f‘Xb_Ye [d ][d[hWb" i_d f[h`k_Y_e Z[b Z[h[# Y^e Z[b e\[dZ_Ze" o Z[ bWi f[h# iedWi W bWi YkWb[i i[ _dl[ij_]W o Z[ iki WXe]WZei" Z[ j[d[h WYY[ie _dc[Z_Wje" [\[Yj_le o ik\_Y_[d# j[ Z[ bWi _dl[ij_]WY_ed[i$ ;b f[hiedWb Z[ bWi _dij_jkY_ed[i c[dY_edWZWi gk[ ^WX_[dZe _dj[hl[d_Ze [d [ijWi WYjkWY_e# d[i" bWi Z_lkb]k[d e fed]Wd Z[ YkWbgk_[h ceZe [d f[b_]he [b ƒn_je Z[ bW _dl[ij_]WY_ÂŒd e bWi Z_\kdZWd Wj[djWdZe YedjhW [b ^edeh o Wb Xk[d decXh[ Z[ bWi f[hiedWi [d ][d[hWb" i[h|d iWd# Y_edWZei Yed\ehc[ W be fh[l_ije [d [b 9ÂŒZ_]e F[dWbÇ$ KdW Z[ bWi YWhWYj[h‡ij_YWi Z[ bW _dZW]WY_ÂŒd fh[l_W Yece _dij_jkY_ÂŒd WZ`[j_lW" [i i[h h[i[hlWZW1 o [ije Yece Z_Y[ bW ZeYjh_dW" gk[ h[Ye][ bW j[i_i Z[ WXe]WY‡W fh[i[djWZW [d bW <WYkbjWZ Z[ @kh_ifhkZ[dY_W Z[ bW Kd_l[hi_ZWZ 9[djhWb Z[b ;YkWZeh" feh bW 7Xe]WZW 8[bƒd ?iWX[b :k[‹Wi =Wbbe Æ7 [\[Yjei Z[ Wi[]khWh bei h[ikbjWZei Z[ kdW _dl[ij_]WY_ÂŒd jƒYd_YWc[d# j[ Z[iWhhebbWZW o [d X[d[\_Y_e Z[ kd fheY[ie [l[djkWb o ]WhWdj_# pWh Wi‡ jWdje bW h[Wb_pWY_ÂŒd Z[

bW `kij_Y_W YkWdje h[if[je W bei Z[h[Y^ei \kdZWc[djWb[i Z[ bWi f[hiedWi" bWi WYjkWY_ed[i _dl[ij_]Wj_lWi" ZkhWdj[ [ijW \Wi[ i[ Z[iWhhebbWhWd Z[ cWd[# hW h[i[hlWZW Z[ j[hY[hei W`[dei W ƒijW o Z[b f‘Xb_Ye [d ][d[hWb" i_d f[h`k_Y_e Z[ bei Z[h[Y^ei Z[b e\[dZ_Ze o Z[ bWi f[hiedWi W bWi YkWb[i i[ _dl[ij_]W Z[ j[d[h WYY[ie _dc[Z_Wje " [\[Yj_le o ik\_Y_[dj[ Z[ bWi _dl[ij_]WY_ed[i $$$ BW fei_Y_Œd gk[ ^W ]WdWZe \k[hpW [i bW Z[ bW [\_Y_[dY_W Z[ bW _dl[ij_]WY_Œd [d \kdY_Œd Z[ bW eX`[j_l_ZWZ Yed bW gk[ WYj‘[ bW <_iYWb‡W Yece WYjeh fh_dY_fWb Z[

bW c_icW" o [b h[if[je Wb Z[h[Y^e Z[ bWi f[hiedWi" c|i W‘d YkWd# Ze fWhW bW WZefY_ÂŒd Z[ c[Z_ZWi h[ijh_Yj_lWi Z[ bei Z[h[Y^ei Z[ bWi f[hiedWi" bW <_iYWb‡W fh[l_W# c[dj[ ^W Z[ eXj[d[h bW Wkjeh_pW# Y_ÂŒd Yehh[ifedZ_[dj[ feh fWhj[ Z[b @k[p Z[ =WhWdj‡Wi F[dWb[i" i_d Z[`Wh Z[ Yedi_Z[hWh gk[ bW h[i[hlW i[ Yedij_jko[ _dYbkie [d kdW ]WhWdj‡W fWhW bW f[hiedW YedjhW gk_[d i[ Z_h_][ bW _dl[ij_# ]WY_ÂŒd" ZWZW bW [ij_]cWj_pWY_ÂŒd ieY_Wb gk[ ƒijW fheleYWÇ1 BW h[i[hlW [d bW _dZW]WY_ÂŒd fh[l_W" Z[ WYk[hZe W dk[ijhe ehZ[dWc_[dje `kh‡Z_Ye" fh[j[d#

BW fkXb_Y_ZWZ fheY[iWb0 9ece [i Z[ YedeY_c_[dje ][d[hWb bW fkXb_Y_ZWZ [i kde Z[ bei fh_dY_fWb[i fh_dY_f_ei Z[b Z[h[Y^e fheY[iWb" gk[ Yed\ehc[ i[‹WbW [b cW[ijhe @eh][ PWlWbW 8Wgk[h_pe [d ik eXhW JhWjWZe Z[ :[h[Y^e FheY[iWb F[dWb ÆBW fkXb_Y_ZWZ [i kd fh_dY_f_e gk[" Yece i[ iWX[ de iÂŒbe fhej[][ W bW WYj_l_ZWZ fheXWjeh_W" i_ de jeZe [b Z[iWhhebbe Z[b fheY[ie$ BW fkXb_Y_ZWZ fheY[iWb jkle ik Yh_i_i YkWdZe [d [b 9ÂŒZ_]e Z[ FheY[Z_c_[dje F[dWb" [d ik l[h# i_ÂŒd eh_]_dWb Wdj[i Z[ bW h[\eh# cW" i[ cWdj[d‡W kd i[Yh[j_ice WXiebkje [d bW _dZW]WY_ÂŒd fh[# l_W" [d Z[ic[Zhe Z[b Z[h[Y^e Z[ Z[\[diWÇ$ ;b c_ice Wkjeh Y_jWZe i[‹W# bW [d bW eXhW Wdj[i c[dY_edWZW ÆJWdje [b i[Yh[je WXiebkje Yece bW fkXb_Y_ZWZ _b_c_jWZW Z_ijeh# i_edW [b dehcWb Z[i[dlebl_# c_[dje Z[ bW _dl[ij_]WY_ÂŒd fh[# fheY[iWb o fheY[iWb$ ;b i[Yh[je WXiebkje Z[`W [d _dZ[\[di_ÂŒd W bei _dl[ij_]WZei1 bW fkXb_Y_ZWZ i_d b‡c_j[i Z_ijehi_edW bW l[h# ZWZ ^_ijÂŒh_YW o Wj[djW YedjhW bW _cfWhY_Wb Z[ bW WZc_d_ijhWY_ÂŒd Z[ `kij_Y_WÇ$ 7b h[\[h_hi[ W bW h[i[hlW" gk[ i[‹WbW [b _dY_ie gk_dje Z[b Whj‡Ykbe ('+ Z[b 9ÂŒZ_]e Z[ :FEK@EL8 <E C8 GĂ? >@ E8 $ :)

JĂžJKBE0 Bei dk[lei fWhWZ_]cWi [d cWj[h_W Yedij_jkY_edWb [d [b ehZ[dW# c_[dje `kh‡Z_Ye [YkWjeh_Wde$ 7KJEH0 :h$ @eiƒ 9$ =WhY‡W <WbYed‡ ;ijW eXhW Yedj_[d[ bei dk[lei fWhWZ_]cWi [d cWj[h_W Yedij_jk# Y_edWb" fk[i ^Wo gk[ i[‹WbWh " gk[ ƒijei" i_d ZkZW Wb]kdW j_[d[d feh eX`[je [b [ijWXb[Y_c_[dje Z[ kd dk[le ;ijWZe" feh jWb Z[ kd dk[le Z[h[Y^e" o feh [ijW hWpÂŒd i[ \_`Wd b‡c_j[i Wb [cfb[e Z[ bW fej[ijWZ fkd_j_lW Z[b ;ijWZe" \h[dj[ Wb Y_k# ZWZWde1 Z[ jWb ceZe gk[ ^eo [i \kdZWc[djWb Yedi_Z[hWh lWh_ei fh_dY_f_ei" Yece [b Z[ b[]Wb_ZWZ" [b Z[ efehjkd_ZWZ" [b Z[ c‡d_cW _dj[hl[dY_ÂŒd f[dWb" [b Z[ YkbfWX_# b_ZWZ" [b Z[ _]kWbZWZ" [b Z[ fhefeh# Y_edWb_ZWZ" [b Z[ e\[di_l_ZWZ" [b Z[ _d ZkX_e fhe h[e" [b Z[ hWY_edWb_ZWZ" fedZ[hWY_ÂŒd" [jY$ 7YjkWbc[dj[ Z[ Yed\ehc_ZWZ Yed [b dk[le ehZ[dWc_[dje `kh‡Z_Ye Z[b fW‡i" i[ ^W ieY_Wb_pWZe dk[ijhe fhe# Y[ie" fk[i [b fk[Xbe [YkWjeh_Wde Wb WfheXWh bW dk[lW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW" ^W YediW]hWZe Yece eX`[j_le Z[ bW dk[lW `kij_Y_W" bW X‘i# gk[ZW Z[ bW fWp ieY_Wb o bW ƒj_YW bW_YW o ieY_Wb" Yece ikij[dje Z[b gk[^W# Y[h f‘Xb_Ye o Z[b ehZ[dWc_[dje `kh‡Z_Ye" fWhW be]hWh bW fb[dW [\_# YWY_W o WYWjWc_[dje Z[b ehZ[dW# c_[dje `kh‡Z_Ye l_][dj[" Z[djhe Z[ bW Yehh_[dj[ Z[b IeY_Wb_ice Z[b I_]be NN?" gk[ [ij| l_][dj[ [d dk[ijhe ehZ[dWc_[dje `kh‡Z_Ye" feb‡j_Ye o ieY_Wb" W hW‡p Z[b (& Z[ eYjkXh[ Z[ (&&." \[Y^W [d bW gk[ i[ Wfhk[XW bW dk[lW 9edij_jkY_ÂŒd" gk[ ^eo [ij| l_][dj[ [d [b fW‡i$

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä‚

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

FheY[Z_c_[dje F[dWb cWd_\_[i# jW be i_]k_[dj[ ÆBW h[i[hlW gk[ feb_Y‡Wi o \_iYWb[i Z[X[d cWdj[# d[h ZkhWdj[ [b Z[iWhhebbe Z[ bW _dZW]WY_ÂŒd fh[l_W i[ h[\_[h[ Wb f‘Xb_Ye [d ][d[hWb" Yed be gk[ bW b[o fh[j[dZ[ [d \ehcW YbWhW gk[ i[ [dj_[dZW gk[ [b i[Yh[je de Yecfh[dZ[ W bWi f[hiedWi Yece [b e\[dZ_Ze e [b ieif[Y^e# ie j_[d[d [b Z[h[Y^e Z[ YedeY[h bWi WYjkWY_ed[i h[bWY_edWZWi Yed bW c[dY_edWZW _dZW]WY_ÂŒd" i_d gk[ bW Feb_Y‡W e bei <_iYWb[i fk[# ZWd _cf[Z_hb[i [b WYY[ie Z_h[Yje" _dc[Z_Wje" [\[Yj_le o ik\_Y_[d# j[ W bW _d\ehcWY_ÂŒd h[bWY_edWZW Yed bWi _dl[ij_]WY_ed[iÇ$ ;b c_ice Wkjeh WYbWhW ÆF[he [dj_ƒdZWi[ X_[d gk[ bW fkXb_Y_# ZWZ h[bWY_edWZW Yed bei e\[d# Z_Zei o bei ieif[Y^eiei de [i Yedi[Yk[dY_W Z[b fh_dY_f_e Z[ fkXb_Y_ZWZ gk[ ]WhWdj_pW W jeZe fheY[ie `kZ_Y_Wb" jWb Yece be [ijW# Xb[Y[ [b Whj‡Ykbe '/+ 9edij_jkY_ÂŒd Feb‡j_YW Z[ bW H[f‘Xb_YW WYjkWb ',. dkc[hWb + Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW YkWdZe Z_ifed[ gk[ bei `k_Y_ei i[h|d f‘Xb_Yei" i_de gk[ i[ h[\_[h[ W kd Z[h[Y^e [d fWhj_YkbWh" YkWb [i [b Z[h[Y^e Z[ Z[\[diW $$$ i_d [cXWh]e [b Z[h[Y^e Z[ Z[\[diW [i jWcX_ƒd kdW ]WhWdj‡W Yedij_jkY_edWb [if[Y_Wb Z[ fh_c[hW YWj[]eh‡W h[\[h_ZW jWdje W bWi WYjkWY_e# d[i fheY[iWb[i Yece [njhWfhe# Y[iWb[i o gk[ feh jWdje fh_cW ieXh[ YkWbgk_[h ejhe YkWdZe bW 9edij_jkY_ÂŒd Feb‡j_YW Z[ bW H[f‘Xb_YW de f[hc_j[ gk[ f[h# iedW Wb]kdW gk[Z[ [d _dZ[\[d# i_ÂŒd WYjkWb -+ 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW " [d YkWbgk_[h [ijWZe e ]hWZe Z[b h[if[Yj_le fheY[Z_# c_[dje$ :[ Wbb‡ [i gk[ bW de fkXb_# Y_ZWZ ][d[hWb Z[ bW _dZW]WY_ÂŒd fh[l_W [i Yedij_jkY_edWb" Yece jWcX_ƒd be [i bW fkXb_Y_ZWZ b_c_# jWZW Z[ Z_Y^W _dZW]WY_ÂŒdÇ$ 9edYbko[ Z_Y^e jhWjWZ_ijW cWd_\[ijWdZe Æ;b i[Yh[je Z[ bW fh_c[hW" Z_h_]_ZW W bei j[hY[hei" j_[dZ[ W gk[ de i[ [djehf[pYW bW bWXeh eh_[djWZW W bW YedijW# jWY_ÂŒd Z[ bW [n_ij[dY_W eX`[j_lW Z[b Z[b_je o Wb Z[iYkXh_c_[dje Z[ iki W][dj[i1 bW fkXb_Y_ZWZ b_c_jWZW" Z_h_]_ZW W bei _dj[h[# iWZei Z_h[Yjei" j_[dZ[ W gk[ de i[ lkbd[h[ bei Z[h[Y^ei \kdZW# c[djWb[i Z[ bei ik`[jei WYj_le o fWi_le Z[b Z[b_je gk[ i[ _dZW]W$ F[he" WZ[c|i" i[]‘d dk[ijhW ef_d_ÂŒd" [b i[Yh[je b_c_jWZe Z[

Ĺ?

bW _dZW]WY_ÂŒd j_[dZ[ W gk[ de i[ W\[Yj[ [b ^edeh" bW _dj_c_ZWZ" o bW Xk[dW \WcW Z[ bWi f[hiedWi ieif[Y^eiWi" gk[ ied X_[d[i gk[ i[ [dYk[djhWd ]WhWdj_pWZei feh bW 9edij_jkY_ÂŒd Feb‡j_YW Z[ bW H[f‘Xb_YW [d [b Whj‡Ykbe () De$ .$ 7YjkWb Whj‡Ykbe ,, dkc[hWb '. 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW $ :[ be [nfk[ije i[ Z[ifh[dZ[ bW Yedi[Yk[dY_W Z[ gk[ bW fkXb_# Y_ZWZ b_c_jWZW [nYbki_lW Z[ bWi fWhj[i _dj[h[iWZWi e\[dZ_Ze o ieif[Y^eie Yecfh[dZ[" i[]‘d dk[ijhe Yh_j[h_e" Zei Wif[Yjei" W iWX[h0 W [b Z[ bW _d\ehcWY_ÂŒd1 o" X [b Z[ bW _dj[hl[dY_ÂŒd$ Feh [b fh_c[he" bei [dYWh]WZei Z[ bW _dZW]WY_ÂŒd gk[ZWd eXb_]WZei W _d\ehcWh W bei _dj[h[iWZei ieXh[ be gk[ \WbjW feh WYjkWh o ieXh[ be WYjkWZe W \_d gk[ fk[ZWd [`[h# Y[h ik Z[h[Y^e W bW Z[\[diW [d YkWbgk_[h YWie gk[ Yedi_Z[h[d W\[YjWd bei X_[d[i Yedij_jkY_e# dWbc[dj[ ]WhWdj_pWZei$ Feh [b i[]kdZe" bei _dj[h[iWZei j_[d[d Z[h[Y^e W _dj[hl[d_h [d bW fh|Y# j_YW Z[ bei WYjei Z[ _dl[ij_]WY_ÂŒd ^WijW [b b‡c_j[ gk[ Yecfh[dZ[ bW Z[\[diW Z[ iki Z[h[Y^ei$ ÆBW fei_Y_ÂŒd ZeYjh_dWh_W Wdj[i [nfk[ijW [i ef_dWXb[ o Wb]kdei Wkjeh[i Yedi_Z[hWd gk[ jWdje [b e\[dZ_Ze Yece [b ieif[Y^e# ie iÂŒbe j_[d[d [b Z[h[Y^e W i[h _d\ehcWZei f[he de [b Z[ _dj[h# l[d_h [d bW fh|Yj_YW Z[ bei WYjei Z[ _dl[ij_]WY_ÂŒd$ O dk[ijhe 9ÂŒZ_]e Z[ FheY[Z_c_[dje F[dWb" [d [b Whj‡Ykbe ,/" De$ (" fWh[Y[ ZWhb[i bW hWpÂŒd YkWdZe [nfh[iW gk[ [b e\[dZ_Ze j_[d[ Z[h[Y^e W i[h Æ_d\ehcWZeÇ Z[b h[ikbjWZe \_dWb ÆZ[ bW _dZW]WY_ÂŒd fh[fhe# Y[iWb o Z[ bW _dijhkYY_ÂŒdÇ$ F[he Z[X[cei Yedi_Z[hWh gk[ i_ X_[d [d [b YWie Z[b e\[dZ_Ze" ƒij[ iÂŒbe j_[d[ Z[h[Y^e W bW _d\ehcWY_ÂŒd f[he de W bW _dj[hl[dY_ÂŒd" de [i be c_ice Yed h[bWY_ÂŒd Wb ieif[Y^e# ie" gk_[d" WZ[c|i Z[b Z[h[Y^e W i[h _d\ehcWZe j_[d[ [b Z[h[Y^e W Z[\[dZ[hi[ [d ÆYkWbgk_[h [ijW# Ze e ]hWZe Z[b fheY[Z_c_[djeÇ" Yece be Z_Y[ [b jWdjWi l[Y[i Y_jW# Ze Whj$ (*" De$ '&" 9edij_jkY_ÂŒd Feb‡j_YW Z[ bW H[f‘Xb_YW WYjkWb -, 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW " o dWZ_[ fk[Z[ ZkZWh gk[ bW Z[\[diW Yecfh[dZ[ de feYWi l[Y[i bW d[Y[i_ZWZ Z[ _dj[hl[# d_h [d bW fh|Yj_YW Z[ WYjei Z[ bW feb_Y‡W e Z[ bW \_iYWb‡W Z[ YWh|Yj[h _dl[ij_]Wj_le" Yece feh [`[cfbe [d bW fh|Yj_YW Z[ kd h[YedeY_# c_[dje kh][dj[ [b YkWb de Z[X[ i[h fhWYj_YWZe i_d bW fh[i[dY_W" feh be c[dei Z[b Z[\[dieh f‘Xb_# Ye" W \WbjW Z[b Z[\[dieh fWhj_YkbWh Z[b ieif[Y^eieÇ$ >Wo gk[ Z[ijWYWh gk[ bW eXhW Z[b :eYjeh @eh][ PWlWbW 8Wgk[h_pe

[i Z[b W‹e (&&," [ije [i Wdj[i Z[ bW l_][dj[ 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW" fkXb_YWZW [d [b H[]_ijhe E\_Y_Wb De$ **/ Z[b (& Z[ eYjkXh[ Z[ (&&. o Z[b 9ÂŒZ_]e Eh]|d_Ye Z[ bW <kdY_ÂŒd @kZ_Y_Wb fkXb_YWZe [d [b Ikfb[c[dje Z[b H[]_ijhe E\_Y_Wb De$ +** Z[b / Z[ cWhpe Z[ (&&/$ DehcWi Yedij_jkY_edWb[i ieXh[ [b WYY[ie W bW _d\ehcW# Y_ÂŒd f‘Xb_YW0 ;b Whj‡Ykbe '. Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW i[‹WbW ÆJeZWi bWi f[hiedWi" [d \ehcW _dZ_l_ZkWb o Yeb[Yj_lW" j_[d[d Z[h[Y^e W0 Æ($ 7YY[Z[h b_Xh[c[dj[ W bW _d\eh# cWY_ÂŒd ][d[hWZW [d [dj_ZW# Z[i f‘Xb_YWi e [d bWi fh_lWZWi gk[ cWd[`[d \edZei Z[b [ijW# Ze e h[Wb_Y[d \kdY_ed[i f‘Xb_# YWi$ De [n_ij_h| h[i[hlW Z[ _d\ehcWY_ÂŒd bWi d [ ] h _ b b W i ied c‡Wi [nY[f#

je [d bei YWiei [nfh[iWc[dj[ [ijWXb[Y_Zei [d bW b[o$ ;d YWie Z[ l_ebWY_ÂŒd W bei Z[h[Y^ei ^kcWdei" d_d]kdW [dj_ZWZ f‘Xb_YW d[]Wh| bW _d\ehcW# Y_ÂŒdÇ$ H[YehZ[cei gk[ [b Whj‡Ykbe /' Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW i[‹WbW ÆBW WYY_ÂŒd Z[ WYY[ie W bW _d\ehcWY_ÂŒd f‘Xb_YW j[dZh| feh eX`[je ]WhWdj_pWh [b WYY[ie W [bbW YkWdZe ^W i_Ze Z[d[]WZW [nfh[# iW e j|Y_jWc[dj[" e YkWdZe bW gk[ i[ ^W fhefehY_edWZe de i[W Yecfb[jW e \_Z[Z_]dW$ FeZh| i[h _dj[hfk[ijW _dYbkie i_ bW d[]Wj_lW i[ ikij[djW [d [b YWh|Yj[h i[Yh[# je" h[i[hlWZe bWi d[]h_bbWi ied c‡Wi " Yed\_Z[dY_Wb e YkWbgk_[h ejhW YbWi_\_YWY_ÂŒd Z[ bW _d\ehcW# Y_ÂŒd$ ;b YWh|Yj[h h[i[hlWZe Z[ bW

_d\ehcWY_ÂŒd Z[X[h| i[h Z[YbWhW# Ze Yed Wdj[h_eh_ZWZ W bW f[j_Y_ÂŒd feh Wkjeh_ZWZ Yecf[j[dj[ o Z[ WYk[hZe Yed bW b[oÇ$ ;b Whj‡Ykbe ') Z[b 9ÂŒZ_]e Eh]|d_Ye Z[ bW <kdY_ÂŒd @kZ_Y_Wb" gk[ [i b[o eh]|d_YW o feh jWdje ikf[h_eh Wb 9ÂŒZ_]e Z[ FheY[Z_c_[dje F[dWb gk[ [i b[o ehZ_dWh_W" Z_ifed[ ÆFH?D9?F?E :; FK8B?9?:7:$# BWi WYjkW# Y_ed[i e Z_b_][dY_Wi `kZ_Y_Wb[i i[h|d f‘Xb_YWi" iWble bei YWiei [d gk[ bW b[o fh[iYh_XW gk[ i[Wd h[i[hlWZWi$ :[ WYk[hZe W bWi Y_hYkdijWdY_Wi Z[ YWZW YWkiW" bei c_[cXhei Z[ bei jh_XkdW# b[i Yeb[]_WZei feZh|d Z[Y_Z_h gk[ bWi Z[b_X[hWY_ed[i fWhW bW WZefY_ÂŒd Z[ h[iebkY_ed[i i[ bb[l[d W YWXe fh_lWZWc[dj[$ De feZh|d h[Wb_pWhi[ ]hWXW# Y_ed[i [d l_Z[e Z[ bWi WYjkWY_e# d[i `kZ_Y_Wb[i$ I[ fhe^‡X[ W bWi `k[# pWi o W bei `k[Y[i ZWh jh|c_j[ W _d\eh# c W Y _ e d [ i ikcWh_Wi e

Z_b_][dY_Wi fh[l_Wi gk[ Wj[d# j[d W bW ^edhW o Z_]d_ZWZ Z[ bWi f[hiedWi e W ik _dj_c_ZWZÇ$ 9edYehZWdY_Wi0 7hj$ ',-" ',. + o , 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW$ ;ij[ fh_dY_f_e Z[ fkXb_Y_ZWZ" Yed\ehc[ ^[ i[‹WbWZe f‘Xb_YW# c[dj[" _cf_Z[ gk[ [n_ijWd [d [b fheY[ie WYjkWY_ed[i eYkbjWi fWhW bWi fWhj[i e fWhW gk_[d[i _dj[hl_[d[d [d ƒb feh [b c_d_ij[# h_e Z[ bW b[o Yece ik`[jei fheY[# iWb[i1 Wi‡ bW fkXb_Y_ZWZ h[ikbjW _dZ_if[diWXb[ fWhW bW lWb_Z[p Z[b fheY[ie" fk[i iÂŒbe Z[ [ijW cWd[hW [n_ij[ YedjhWZ_YY_ÂŒd [d [b c_ice1 o" [ije fehgk[ [b `k_Y_e [i kdW Yedj_[dZW [djh[ Zei fWh# j[i" gk_[d[i ^WY[d W\_hcWY_ed[i" Wh]kc[djWY_ed[i" Yh‡j_YWi" h[Y#

j_\_YWY_ed[i o WkjeYh‡j_YWi ieXh[ bWi fh[j[di_ed[i" bWi eX`[Y_ed[i o bWi fhk[XWi1 feh jWb jeZe [ije Z[X[ i[h f‘Xb_Ye" oW gk[ [b fheY[# ie de [i i[Yh[je" o feh ikfk[ije" i_ be \k[hW i[ fh[ijWh‡W W bW cWd_# fkbWY_ÂŒd o W bW _d[gk_ZWZ$ :[ [ijW cWd[hW" bei `k_Y_ei ied f‘Xb_Yei" W [nY[fY_ÂŒd Z[ bei `k_Y_ei feh l_ebWY_ÂŒd i[nkWb" h[i# f[Yje W bei c[deh[i Z[ [ZWZ" o W bei gk[ _dj[h[iWd W bW Z[\[diW dWY_edWb1 c|i W‘d [b Whj‡Ykbe (/( Z[b 9ÂŒZ_]e Z[ FheY[Z_c_[dje F[dWb Z_ifed[ ÆBW 7kZ_[dY_W Z[b Jh_XkdWb F[dWb i[h| f‘Xb_YW1 f[he i[h| h[i[hlWZW YkWdZe [b fheY[ie j[d]W feh eX`[je [b `kp]Wc_[dje Z[ bei Z[b_jei Yecfh[dZ_Zei [d bei J‡jkbei ? o L??? Z[b B_Xhe ?? Z[b 9ÂŒZ_]e F[dWb o i[ h[Wb_pWh| Yed bW iebW Wi_ij[dY_W Z[b fheY[# iWZe" Z[b WYkiWZeh fWhj_YkbWh" i_ be ^kX_[h[" Z[ bei Z[\[dieh[i" Z[b <_iYWb o Z[b I[Yh[jWh_e" o i[ \k[h[ Z[b YWie" Z[ bei f[h_jei o Z[ bei j[ij_]eiÇ$ ;d h[ikc[d" de ied f‘Xb_Yei bei `k_Yei feh bei Z[b_jei YedjhW bW i[]kh_ZWZ Z[b ;ijWZe" [ije [i Wgk[bbei gk[ Yecfhec[j[d bW i[]kh_ZWZ [nj[h_eh" bW fWp o Z_]# d_ZWZ o bW i[]kh_ZWZ _dj[h_eh Z[b ;ijWZe" WZ[c|i Z[ bei Z[b_jei Z[ iWXejW`[ o j[hheh_ice1 jWcX_ƒd bei Z[b_jei i[nkWb[i" [ije [i [b Wj[djWZe YedjhW [b fkZeh" bW l_e# bWY_ÂŒd" [b [ijkfhe" bW YehhkfY_ÂŒd Z[ c[deh[i" Z[ bei hk\_Wd[i o Z[ bei kbjhW`[i f‘Xb_Yei W bWi Xk[dWi YeijkcXh[i o Z[b hWfje1 WZ[c|i Z[ bei Z[b_jei j_f_\_YWZei o iWd# Y_edWZei [d [b 9ÂŒZ_]e Z[ bW D_‹[p o 7Zeb[iY[dY_W gk[ i[ h[\_[h[d W c[deh[i Z[ [ZWZ$ >Wo gk[ h[YWbYWh gk[ [d [b fheY[ie" de fk[Z[ ^WX[h WYjkW# Y_ed[i i[Yh[jWi fWhW Wb]kdWi Z[ bWi fWhj[i" Wi‡ bW fkXb_Y_ZWZ Yed# i_ij[ [d [b Z[h[Y^e Z[ bWi fWhj[i W YedeY[h jeZWi bWi WYjkWY_ed[i gk[ i[ ikiY_j[d [d [b fheY[ie" W YedeY[h bWi fhk[XWi WYjkWZWi e ieb_Y_jWZWi feh bW YedjhWfWhj[" o W iWX[h bWi hWped[i gk[ jkle [b `k[p fWhW Z_YjWh i[dj[dY_W$ ;b ZeYjeh 7b[`WdZhe FedY[ CWhj‡d[p" i[‹WbW gk[ ÆBW fkXb_# Y_ZWZ Z[ bei fheY[iei _cfb_YW Zei Wif[Yjei0 W bWi fWhj[i Z[X[d cWdj[d[hi[ _d\ehcWZWi Z[ jeZe be gk[ eYkhh[ [d [bbei$$$1 X 9kWbgk_[h f[hiedW j_[d[ b_Xh[ WYY[ie W be gk[ eYkhh[ [d [b `k_# Y_e$$$[n_ij[d" i_d [cXWh]e Y_[hjei fWiei fheY[iWb[i gk[ de Z[X[d ^WY[hi[ YedeY[h W bW fWhj[ W\[Y# jWZW" Yece ied bWi fhel_Z[dY_Wi fh[l[dj_lWi o bWi Z[ Wfh[c_e$ ;ije fh[Y_iWc[dj[ fWhW [l_jWh [b \hWkZ[ Z[ bW B[oÇ$ :FEK@EL8 <E C8 GĂ?>@E8 $ :*

DejWi \_dWb[i ieXh[ bW h[i[hlW [d bW _dZW]WY_ÂŒd fh[l_W0 ;d YkWdje W bW h[]kbWY_ÂŒd Z[ bW h[i[hlW Z[ [ijWi WYjkWY_ed[i" [i c[d[ij[h h[YWbYWh" gk[ i_ X_[d [i Y_[hje gk[ ƒijWi ied fh_lWZWi fWhW bei [njhW‹ei" [d YWcX_e ied f‘Xb_YWi fWhW jeZei Wgk[bbei W bei gk[ Z[djhe Z[b [nf[Z_[dj[ fk[ZWd i[h c[dY_edWZei Yece ieif[Y^eiei" Wi‡ be i[‹WbW bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW o [b 7hj$ ('+ _dY_ie gk_dje Z[b 9ÂŒZ_]e Z[ FheY[Z_c_[dje F[dWb" gk[ Z_ifed[ ÆI_d f[h`k_Y_e Z[ bWi ]WhWdj‡Wi Z[b Z[X_Ze fheY[ie o Z[b Z[h[Y^e W bW Z[\[diW1 bWi" WYjkWY_ed[i Z[ bW <_iYWb‡W" Z[ bW <kdY_ÂŒd @kZ_Y_Wb" Z[ bW Feb_Y‡W @kZ_Y_Wb o Z[ ejhWi _dij_jkY_ed[i o \kdY_edWh_ei gk[ _dj[hl[d]Wd [d bW _dZW]WY_ÂŒd fh[l_W" i[ cWd# j[dZh|d [d h[i[hlW Z[ j[hY[hei W`[dei W ƒij[ o Z[b f‘Xb_Ye [d ][d[hWb" i_d f[h`k_Y_e Z[b Z[h[Y^e

;@MFI:@FJ ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C1 8C J<zFI CL@J 8C=I<;F ;<=8Q 8CD8:?<# :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 8:KFI1 DXi`X GXki`Z`X M`ccX ;<D8E;8;81 Cl`j 8c]i\[f ;\]Xq 8cdXZ_\ F9A<KF1 8dgXiX[f \e cX ZXljXc [„Z`dX gi`d\iX# `eZ`$ jf j\^le[f# [\c 8ik% ((' [\c :Â?[`^f :`m`c# [\dXe[X \c [`mfi$ Z`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% KIĂ?D@K<1 M\iYXc JldXi`f :L8EKĂ 81 @e[\k\id`eX[X =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 )- [\ XYi`c [\c )'(( EèD<IF ;< :8LJ81 ,*($ )'(($99 ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc Ef% ('+- ;i% I`ZXi[f :ilq :_`ZX`qX Gifm`[\eZ`X % ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j (/ [\ dXpf [\c )'((# cXj ((_(/% M@JKFJ%$ CX Zfd$ g\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\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 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\ Xc [\dXe[X[f CL@J 8C=I<;F ;<=8Q 8CD8:?<# 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 p [\ :fkfgXo`# ZXg`kXc [\ cX gifm`eZ`X [\c cl^Xi [\c dXki`dfe`f% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒX$ cX[X%$ 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`Â?e hl\ k`\e\ [\ j\ÂŒXcXi 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

Z[b e\[dZ_Ze o Z[ bWi f[hiedWi W bWi YkWb[i i[ _dl[ij_]W o Z[ iki WXe]WZei" Z[ j[d[h WYY[ie _dc[# Z_Wje" [\[Yj_le o ik\_Y_[dj[ Z[ bWi _dl[ij_]WY_ed[i$ ;b f[hiedWb Z[ bWi _dij_jkY_ed[i c[dY_edWZWi gk[ ^WX_[dZe _dj[hl[d_Ze [d [ijWi WYjkWY_ed[i" bWi Z_lkb]k[d e fed]Wd Z[ YkWbgk_[h ceZe [d f[b_]he [b ƒn_je Z[ bW _dl[ij_]W# Y_ÂŒd e bWi Z_\kdZWd Wj[djWdZe YedjhW [b ^edeh o Wb Xk[d dec# Xh[ Z[ bWi f[hiedWi [d ][d[hWb" i[h|d iWdY_edWZei Yed\ehc[ W be fh[l_ije [d [b 9ÂŒZ_]e F[dWbÇ1 Z[ jWb cWd[hW gk[ bW h[i[hlW Z[X[ [dj[dZ[hi[ i_d f[h`k_Y_e Z[ bWi ]WhWdj‡Wi Z[b Z[X_Ze fhe# Y[ie i[‹WbWZei [d bei 7hji$ -+" -, o -- Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW1 jWcX_ƒd ^Wo gk[ Wde# jWh" gk[ bW Z_iYh[Y_ÂŒd e h[i[hlW [d [b jhWXW`e gk[ [\[Yj‘[ [b <_iYWb [i kd \WYjeh _cfehjWdj‡i_ce Z[djhe Z[b |cX_je Z[ iki bWXeh[i" [ije [i"

DFI<EF J<:I<K8I@F \ ?Xp le j\ccf 8I&/*,-)&ZZ I%<% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 81 JI% FC><I <=I8@E IL8C<J HL@C8 AL@:@F1 ;@MFI:@F EIF% -+'$ )'(($ JG 8:KFI8 JI8 D8I@8 :8ID<C8 I<M<CF GFQF ;<D8E;8;F1 JI% FC><I <=I8Ă E IL8C<J HL@C8 :L8EK@8 @E;<K<ID@E8;8 KI8D@K< M<I98C JLD8I@F @E@:@8;F '. ;< ALE@F ;<C )'(( F9A<KF% ;@JFCL:@FE ;<C M@E:LCF :FEPL>8C C@K<I8C ((# @E:@JF );F# 8IK% ((' ;<C :F;@>F :@M@C G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j . [\ Ale`f [\c )'((# cXj '/_)/%$ M@JKFJ%$ LeX m\q hl\ cX XZkfiX _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# cX [\dXe[X gi\j\ekX[X gfi cX j\ÂŒfiX D8I@8 :8ID<C8 I<M<CF GFQF# \j ZcXiX# gi\$ Z`jX p Zfdgc\kX# gfi i\le`i cfj i\hl`j`kfj [\ c\p# iXqÂŽe gfi cX ZlXc j\ cX X[d`k\ Xc ki}d`k\ m\iYXc jldXi`f% <e cf gi`eZ`$ gXc# gfi d\[`f [\ cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZl$ cXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi FC><I <=I8@E IL8C<J HL@C8# Zfe cX Zfg`X [\ \jk\ Xlkf# gXiX \c \]\Zkf gfi J\Zi\kXiˆX \eki„$ ^l\j\ \c g\ik`e\ek\ \okiXZkf% 8^iÂ…^l\ej\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ KÂŽd\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX cX gXik\ XZkfiX p cX Xlkfi`qXZ`ÂŽe hl\ [X X jl XYf^X[f [\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\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`]`ZX$ Z`fe\j%$ Hl`kf# *' ;< ALE@F ;<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 ]`idX p j\ccf 8:&/'+-*&k] <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 81 :8ID<E ALC@8 HL@J?G< J8E>F 8:KFI1 AFI>< 8>LJK@E C8D@z8 :?@:?8IIäE ;<D8E;8;FJ1 :8ID<E ALC@8 HL@J?G< J8E>F% AL@:@F1 ;@MFI:@F Ef ,0( Æ )'(( Æ :D% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j )+ [\ dXpf [\c )'((# cXj ('_(.%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}$ d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliX$ d\ekf i\e[`[f gfi \c XZkfi [\ cX `dgfj`Y`c`[X[ [\ [\k\id`$ eXi cX `e[`m`[lXc`[X[ f i\j`$ [\eZ`X# j\ [`jgfe\ Z`kXi X cX [\dXe[X[X j\ÂŒfiX :8ID<E ALC@8 HL@J?G< J8E>F# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj \eki\ ZX[X glYc`ZXZ`Â?e% 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c ZfdgXi\Z`\e$ k\%$ EFK@=@HL<J<% = ;I% I8LC D8I@zF ?<IEĂ?E;<Q AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc [\e$ kif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p% C:;F% :8ICFJ DLI@CCF 98II@FEL<MF 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:@äE AL;@:@8C 81 <OKI8:KF 8:KFI81 8@J8C@8 >L<II8

i_d ZkZW Wb]kdW jeZW _dl[ij_]W# Y_ÂŒd Z[X[ YWhWYj[h_pWhi[ feh ik Z_iYh[Y_ÂŒd" i_d [cXWh]e [ije de i_]d_\_YW gk[ i_ [b ieif[Y^eie e feh YkWbgk_[h c[Z_e i[ _d\ehcW Z[ [ij[ fheY[Z_c_[dje" [b \_iYWb Z[X[h| eYkbj|hi[be" fk[i i_ [ije eYkhh_[hW" j_[d[ [b Z[h[Y^e Z[ [dj[hWhi[ Z[ bW c_icW" oW gk[ [i bWi ‘d_YW cWd[hW Z[ fh[fWhWh ik Z[\[diW$ 9edYbki_ed[i0 :[Xe i[‹WbWh gk[ bei jhWjWZ_i# jWi CWh_e 7hXeb[ZW LWbb[`e o @eiƒ 7hcWdZe Hk_p IWbWpWh cWd_# \_[ijWd Æ$$$Gk[ bW _cfei_X_b_ZWZ Z[ gk[ bW l‡Yj_cW YedepYW bWi WYjkWY_ed[i h[Wb_pWZWi ZkhWdj[ bW _dl[ij_]WY_ÂŒd fh[l_W f[hc_j[ Wb _cfkjWZe Z[iWfWh[Y[h fhk[# XWi" XehhWh ^k[bbWi" cWd_fkbWh j[ij_]ei" [jY$ $$$ " [i YbWhe gk[ bWi WYjkWY_ed[i Z[ bei fWhj_YkbWh[i Wdj[ bW WZc_d_ijhWY_ÂŒd Z[ `kij_# Y_W i[ Z[X[d [`[hY[h Z[ Xk[dW \[ o

Z[ Yed\ehc_ZWZ Yed be Z_ifk[ije feh [b ehZ[dWc_[dje `kh‡Z_YeÇ$ ;d YedYbki_ÂŒd" bW h[i[hlW \h[dj[ W j[hY[hei [i jejWb" fk[i i[ fk[Z[ l_ebWh [b Z[h[Y^e Wb Xk[d decXh[ e i[ fk[Z[ [djehf[Y[h [b Z[iWhhebbe Z[ bW \kjkhW _dl[i# j_]WY_ÂŒd f[dWb1 f[he Z[djhe Z[b i_ij[cW WYkiWjeh_e l_][dj[ [d [b fW‡i" [b `k_Y_e [i f‘Xb_Ye" Z[ jWb cWd[hW gk[ jeZW f[hiedW Z[X[ YedeY[h bWi Z[Y_i_ed[i gk[ [d [b c_ice i[ WZefj[d1 eXl_Wc[dj[ gk[ [b \_iYWb Z[X[ h[Wb_pWh kdW bWXeh Z[ [lWbkWY_ÂŒd Z[ bei [b[# c[djei Z[ Yedl_YY_ÂŒd bb[]WZei W ik feZ[h fWhW fh[i[djWh e de bW _dijhkYY_ÂŒd \_iYWb" f[he [d jeZe YWie" ^Wo gk[ j[d[h [d Yk[djW" gk[ [b fheY[iWZe ]epW Z[ jeZWi bWi ]WhWdj‡Wi Yedij_jkY_edWb[i o b[]Wb[i fWhW bW eXi[hlWdY_W Z[ kd Z[X_Ze fheY[ie$ FWhW j[hc_dWh" Z[Xe i[‹WbWh gk[ [b fh_dY_f_e Z[ h[i[hlW [i

I_d h_gk[pW [YedÂŒc_YW YedY[djhWZW [d feYWi cWdei [i _cfei_Xb[ [b [ifb[dZeh Z[ bWi Whj[i fb|ij_YWi" Z[b [if‡h_jk" Z[ bei ^|X_jei Z_ij_d]k_Zei o Z[b bk`e$ EIM7B: IF;D=B;H <;N@E C<FE8I;F ; < D 8 E ;8 ; F 1 @ 98 I I8 > L < I I8 A8:H L < C @ E < D8I@JFC AL@:@F ;< ;@MFI:@F Ef% ,-,$ )'((%D> :FE =LE;8D<EKF <E <C 8IK% (('# :8LJ8C FE:<8M8 J<>LE;F @E:@JF ;<C :F;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8% ;<=<EJFI1 ;I8% QLC8P IFEHL@CCF :8J@CC8 AL;@:@8C Ef (('* =<:?8 ;< @E@:@F1 '+ ;< D8PF ;<C )'(( ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )+ [\ dXpf [\c )'((# cXj '0_'0%$ M@JKFJ1 CX [\dXe[X [\ [`mfiZ`f hl\ Xek\$ Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj c\^Xc\j# \e Zfe$ j\Zl\eZ`X j\ cX X[d`k\ X ki}$ d`k\ m\iYXc jldXi`f%$ 8k\ekf \c aliXd\ekf \]\ZklX[f gfi cX 8ZkfiX# :Ă K<J< X A8:HL<C@E< D@I8JFC @98II8 >L<II8 gfi cX gi\ejX Zfdf [`jgf$ e\ \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`iZlcXZ`Â?e eXZ`feXc%$ EFK@=Ă HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf 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:&/'))-&k] ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C% 8 C8 J<zFI8 ;@>E8 9<8KI@Q G8LC8 8CD8:?@ ;< C8 ;<D8E;8 ;< ;@MFI:@F GIFGL<JK8 <E JL :FEKI8 GFI <C J<zFI :8ICFJ =89@8E DL<E8C8 D8@>L8% 8:KFI1 J<zFI :8ICFJ =89@8E DL<E8C8 D8@>L8% ;<D8E;8;81 J<zFI8 ;@>E8 9<8KI@Q G8LC8 8CD8:?@%

AL@:@F1 Ef% '**+$)'(($<;% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8% =<:?8 ;< @E@:@8:@äE1 dXi$ k\j# () [\ XYi`c [\c )'((% GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j () [\ XYi`c [\c )'((# cXj ('_((%$ M@JKFJ1 :ldgc`[f hl\ _X j`[f \c i\hl\i`d`\ekf jfc`Z`kX[f \e gifm`[\eZ`X `e`$ Z`Xc# cX [\dXe[X hl\ Xek\Z\[\ j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`$ jX# Zfdgc\kX p hl\ i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p2 gfi cf kXekf# j\ cX XZ\gkX X ki}d`k\ \e cX mˆX [\c al`Z`f m\iYXc jldX$ i`f%$ <e cf gi`eZ`gXc# Xk\ekX Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX j\ÂŒfiX ;@>E8 9<8KI@Q G8LC8 8CD8:?@# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e le g\i`Â?[`$ Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X2 p# kXc Zfdf cf [`jgf$ e\ \c 8ik% ((0 [\c :Â?[`^f :`m`c# \j [\Z`i# j\ cXj _Xi} d\[`Xe[f k„id`ef [\ fZ_f [ˆXj# gfi cf d\efj# \eki\ cX leX p cX fkiX%$ KÂ?d\j\ efkX [\ cX ZlXekˆX p [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[fj gfi \c j\ÂŒfi :8ICFJ =89@8E DL<E8C8 D8@>L8 p cX Xlkf$ i`qXZ`Â?e hl\ [X X jl XYf^X[X [\]\ejfiX%$ 8^i„^l\j\ Xc gif$ Z\jf cX [fZld\ekXZ`Â?e XZfd$ gXÂŒX[X%$ :ˆk\j\ p efk`]ˆhl\j\% ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf% AL<Q8% GXik`ZlcXi hl\ cc\mf X jl Zfef$ Z`d`\ekf gXi cfj ]`e\j c\^Xc\j g\ik`e\ek\j# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X% J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'++0

I% ;<C <% ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C :@K8:@äE AL;@:@8C 81 <I@B8 J@CM8E8 DFIF:?F DFIF:?F 8:KFI1 <;>8I >@C9<IKF F:?F8 C<D8# D8E;8K8I@F ;< CL@J <;L8I;F 8QF>L< :?@J8> AL@:@F1 ;@MFI:@F Ef% ((+$ )'(($DC8 KI8D@K<1 M<I98C JLD8I@F ;<D8E;8;81 <I@B8 J@CM8E8 DFIF:?F DFIF:?F :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j ( [\ XYi`c [\c )'((# cXj ('_*.%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c f]`Z`f Ef% (*'/$;G$;GG# [\ ]\Z_X . [\ alc`f [\c )'('%$ 8^i„^l\j\ \c \jZi`kf gi\j\ekX[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 [\ ]fidX \o`^`[fj \e cX c\p%$ ;\j\ \c ki}d`k\ m\iYXc jldXi`f [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e cfj 8ikj% /)/ p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ˆk\j\ X cX [\dXe[X[X <I@B8 J@CM8E8 DFIF:?F DFIF:?F# [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p aliXd\ekf i\e[`[f# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[# d\[`Xe[f \c k„id`ef [\ ZlXe$ [f d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZXZ`Â?e%$ K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\c j\ÂŒfi AFI>< 8QF>L<# Zfdf ZliX[fi X[$c`k\d%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f%$ 8^i„^l\j\ \c \jZi`kf p cX [fZl$ d\ekXZ`Â?e X[alekX%$ :Ă K<J< P EFK@=Ă HL<J<%$ ;I% =89I@:@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 ]`idX p j\ccf 8:&/'),+&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF ;< CF

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

ă

bW YWhWYj[h‡ij_YW fh_dY_fWb Z[b i_ij[cW _dgk_i_j_le" c_[djhWi gk[ [b fh_dY_f_e Z[ fkXb_Y_ZWZ [i bW YWhWYj[h‡ij_YW fh_dY_fWb Z[b i_ij[cW WYkiWjeh_e" i_d ebl_ZWh gk[ bW WYjkWb 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW ]WhWdj_pW [ij[ ‘bj_# ce" Z[ jWb cWd[hW gk[ ^Wo gk[ WdWb_pWh YWie feh YWie" fWhW de l_eb[djWh [b Z[h[Y^e W bW Z[\[diW Z[ bWi f[hiedWi gk[ [ij|d i_[d# Ze _dl[ij_]WZWi [d Z_Y^W _dZW# ]WY_ÂŒd fh[l_W$ 1Ä“ĹŠ .2_ĹŠ 1!~ ĹŠ +!.-~ ĔŊ ĹŠ ĹŠ

ĹŠ ĹŠ ĹŠ ĹŠ

:@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 C8 J<zFI8 9<8KI@Q @J89<C 8JHL@ CFG<Q 8:KF I 1 A < F M8 E E P =I8E:@J:F >8CC8I;F 8CM8I<Q ;<D8E;8;81 9<8KI@Q @J89<C 8J?HL@ CFG<Q AL@:@F1 ;@MFI:@F :8LJ8C :8LJ8 EF% )*0$)'(($G: KI8D@K<% M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F1 89>% >8CF Q8G8K8 DFI8 :8J@CC<IF1 +0*0 ALQ>8;F M@>yJ@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# j}YX[f (0 [\ dXiqf [\c )'((# cXj (+_*,%$ M@JKFJ%$ <e m`i$ kl[ [\ hl\ cX XZkfiX _X [X[f Zldgc`d`\ekf X cX gifm`[\eZ`X hl\ Xek\Z\[\# j\ ZXc`]`ZX cX [\dXe[X [\ ZcXiX# Zfdgc\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\e$ kf i\e[`[f gfi \c XZkfi j\ÂŒfi A\fmXeep =iXeZ`jZf >XccXi[f 8cmXi\q2 p# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X$ [X j\ÂŒfiX 9<8KI@Q @J89<C 8J?HL@ CFG<Q# 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%$ :l„ek\j\ Zfe cX fg`e`Â?e [\ lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j [\ cf G\eXc [\ G`Z_`eZ_X# \e ZlXekf X cX `ej`$ elXZ`Â?e [\c ZliX[fi 8[$c`k\d%$ 8^i„^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef +0*0 gXiX jlj efk`]`ZXZ`f$ e\j%$ :@K<J< P EFK@=@HL<J<% = %$ ;I% ><ID8E >FEQ8C<Q ;<C GFQF# AL<Q M@>yJ@DF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL@:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ :<IK@=@:F ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(((00&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 CL@J <;L8I;F D8:8J G8I<;<J 8:KFI81 >L8;8CLG< ;<C :8ID<E K8P8E I@M<I8% ;<D8E;8;F1 CL@J <;L8I;F D8:8J G8I<;<J% AL@:@F ;< ;@MFI:@F Ef% '(*-Æ )'(( <>% KI8D@K<1 M < I 9 8 C JLD8I@F% :L8EKĂ 81 @e[\k\id`eX[X% =LE;8D<EKF C<>8C1 8ik% ((' :8LJ8C (( `eZ`jf j\^le[f [\c :Â?[`^f :`m`c% 89F>8;F ;<=<EJFI1 ;i% 8C<A8E;IF CFQ8 :8J@CC8 AL;@:@8C -(/+ :%8%G% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (+ [\ dXiqf [\c )'((# cXj ((_).% M@JKFJ%$ M@JKFJ%$ <e cf gi`eZ`gXc# leX m\q hl\ cX [\dXe[X _X j`[f XZ\gkX[X Xc ki}d`k\ m\iYXc jldXi`f# \e d„i`kf Xc aliXd\ekf hl\ k`\e\ i\e[`[f cX j\ÂŒfiX >lX[Xclg\ [\c :Xid\e KXpXe I`m\iX p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi Cl`j <[lXi[f DXZXj gXiX cfj ]`e\j g\ik`e\ek\j# d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% ((0 [\c :Â?[`^f :`m`c m`^\ek\% 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf Zfii\jgfe[`\ek\% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc# j\ÂŒXcX[f gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl 8Yf^X[f ;\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%% ] ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% <[^Xi ?Xif MXc\eql\cX% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'++/&k] <OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8C J<zFI CL@J 8C9<IKF :<;<zF C@EF AL@:@F1 M<I98C JLD8I@F

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä…

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

;@MFI:@F Ef% *+'$(( <%8% 8:KFI% KLCC<K G<Q >8I:@8 ;<D8E;8;F1 CL@J 8C9<IKF :<;<zF C@EF ;FD@:@C@F% ;I8% J8E;I8 D<C<E;<Q G% KI8D@K<% M<I98C JLD8I@F :L8EK@8% @E;<K<ID@E8;8 :8J@CC<IF% -(,0 ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?81%$ Hl`kf# dXik\j * [\ dXpf [\c )'((%$ CXj ((_+(%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi c\^Xcd\ek\ 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\ M<I98C JLD8I@F%$ <e Zfe$ j\Zl\eZ`X# [\ Zfe]fid`[X[ X cf gi\m`jkf \e \c 8ik% ((' ZXljXc ((# `eZ`jf )[f# [\c :�[`^f :`m`c# \eki„^l\j\ Zfg`X [\ cX [\dXe$ [X p gifm`[\eZ`X i\ZXˆ[X \e \ccX Xc [\dXe[X[f CL@J 8C9<IKF :<;<zF C@EF# Xc d`jdf hl\ Xk\ekf \c aliXd\ekf [\ cX XZkfiX \e cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\# j\ cf Z`kXi} gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# [\ XZl\i$ [f X cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ 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 cX XZkfiX p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\%$ EFK@=@HL<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 [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C G8I8 1 ><C@E ;<C IF:Ă F DFC@E8 D8C;FE8;F <OKI8:KF% AL@:@F Ef *(/$)'(( :%@% 8:KFI % ?L>F 8C9<IKF D<E8 :?8HL@E>8 ; < D 8 E ;8 ;8 % > < C @ E ;<C IF : Ă F D F C @ E 8 D8C;FE8;F F9A<KF ;@JFCL:@FE ;<C M@E:LCF D8KI@DFE@8C ;< :FE=FID@;8; :FE CF ;@JGL<JKF <E <C 8IK%((' :8LJ8C ;<:@D8 GI@D<I8 @E:@JF J<>LE;F ;<C :F;@>F :@M@C KI8D@K< M<I98C JLD8I@F :L8EKĂ 8 @E;<K<ID@E8;8 :8J@CC<IF AL;@:@8C Ef(,*- ;<C ;I% 8C9<IKF 8CD<@;8 M% GIFM@;<E:@8 1 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# Cle\j (/ [\ XYi`c [\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# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ c\ X[d`k\ X kiXd`k\ M\iYXc JldXi`f%$ <e d\i`kf [\c aliX$ d\ekf i\e[`[f gfi \c 8Zkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f [\ jl ZÂ?epl^\ cX j\ÂŒfiX ><C@E ;<C IF:Ă F DFC@E8 D8C;FE8;F# j\ [`jgfe\ Z`kXicX gfi cX gi\e$ jX Zfe]fid\ cf \jk`glcX[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef

[\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# d`jdXj hl\ [\Y\i}e j\i d\[`Xe[f gfi cf d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`$ ZXZ`Â?e%$ :fe cX `ej`elXZ`Â?e hl\ j\ _XZ\ gXiX \c ZXi^f [\ :liX[fi 8[$c`k\d [\c d\efi AfeXk_Xe Jd`k_ D\eX Dfc`eX# \e cX g\ijfeX [\ cX j\ÂŒfiX DXi‰X Ki`e`[X[ :_Xhl`e^X KXplgXekX# Â?`^Xj\ X lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j [\ cf G\eXc [\ G`Z_`eZ_X2 kÂ?d\$ j\ \e Zl\ekX \c XccXeXd`\ekf ]fidlcX[f gfi \c d\efi gÂ’Y\i i\jg\Zkf X cX g\ijfeX `ej`elX$ [X gXiX \c ZXi^f [\ :liX[fi 8[$c`k\d%$ 8^i„^l\ej\ X cfj Xlkfj cfj [fZld\ekfj X[ale$ kfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :@K<J< P EFK@=@HL<J<% ] ;I% I<PE8C;F =CFI 8CM8I8;F%AL<Q J@>L< C8 EFK@=@:8:@äE CF HL< C C <MF 8 :F E F : @ D @ < E KF G8 I8 CFJ =@E<J ;< C<P% GI<M@E@<E;FCF ;< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C G8I8 JLJ EFK@=@:8:@FE<J <E <C CL>8I ;<C AL@:@F%$ :\ik`]`Zf%$ JI8% AL8E8 :<M8CCFJ >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&(()(.&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 C8 J<zFI8 D8I@8 :<EFM@8 I@FJ 8C9@zF 8:KFI1 :8ICFJ >FEQ8CF 98zF 8I@8J ; < D 8 E ;8 ;8 1 D 8 I @ 8 :<EFM@8 I@FJ 8C9@zF AL@:@F1 ;@MFI:@F :8LJ8C :8LJ8 EF% )0/$)'(($G: KI8D@K<% M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F1 ;I% CL@J 8E;I8;< :8J@CC<IF1 +*)' ALQ>8;F M@>yJ@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j ( [\ XYi`c [\c )'((# cXj ('_'(%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf \e d` ZXc`[X[ [\ Al\q <eZXi^X[f [\ \jkX Al[`ZXkliX# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef -,' ;G$;GG [\ *( [\ dXiqf [\c )'((%$ <e cf gi`eZ`$ gXc# \e m`ikl[ [\ hl\ cX gXik\ XZkfiX _X [X[f Zldgc`d`\ekf X cX gifm`[\eZ`X hl\ Xek\Z\[\# j\ ZXc`]`ZX cX [\dXe[X [\ ZcXiX# Zfdgc\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 \c XZkfi j\ÂŒfi :Xicfj >feqXcf 9XÂŒf 8i`Xj2 p# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX D8I@8 :<EFM@8 I@FJ 8C9@zF# 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%$ 8^i„^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef +*)' gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j%$ :@K<J< P EFK@=@HL<J<% = %$ ;i% NX^e\i A}k`mX Hl`ifq# AL<Q M@>yJ@DF ;< CF :@M@C ;< G@:?@E:?8 \ % CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8

Ĺ?

F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL@:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ :<IK@=@:F ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(())-&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 =8EEP M@M@8E8 >L8D8E DLQF# ;< C8 ;<D8E;8 M<I98C JLD8I@8# HL< J@>L< <E JL :FEKI8 E<JKFI N@CD8E K<E<J8:8 A@DyE<Q 8:KFI1 E<JKFI N@CD8E K<E<J8:8 A@D<E<Q ; < D 8 E ;8 ;8 1 =8 E E P M@M@8E8 >L8D8E DLQF KI8D@K<1 M<I98C JLD8I@F 8JLEKF1 ;@MFI:@F AL@:@F Ef% '-'+$)'(( DJ :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% (0-+ 8Y% PfmXeX GXZ_\Zf GIFM@;<E:@8J ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j (* [\ ale`f [\c )'((# cXj (+_*.%$ M@JKFJ% 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX# \e m`ikl[ [\c jfi$ k\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% <j gifZ\[\e$ k\ \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 :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X j\ÂŒfiX =8EEP M@M@8E8 >L8D8E DLQF# d\[`Xek\ ki\j glYc`$ ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf# ZXg`kXc [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# ZXY\$ Z\iX gifm`eZ`Xc [\ :ldYXpX# cl^Xi [fe[\ j\ i\Xc`qÂ? \c dXki`dfe`f2 d\[`Xe[f fZ_f [ˆXj Xc d\efj \eki\ leX p fkiX glYc`ZXZ`Â?e Zfe]fid\ cf gi\m„ \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ Gi\m`f X efdYiXi ZliX[fi X[$c`k\d# Â?`^Xj\ X lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j [\ G`Z_`eZ_X%$ KÂ?d\j\ \e Zl\e$ kX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X% :ˆk\j\ p 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$<ZlX[fi# gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/')(/&k] <OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8 C8 J<zFI8 C@J<K? AF?8EE8 I<;IFM8E D8C;FE8;F AL@:@F1 M<I98C JLD8I@F ;@MFI:@F Ef% )0($(( <%8% 8:KFI% JK8C@E =@;<C G8II8 8I<M8CF ; < D 8 E ;8 ; F 1 C @ J < K ? AF?8EE8 I < ; IFM8 E D8C;FE8;F ;FD@:@C@F% 89% =I8E:@J:F I@M8;<E<@I8 KI8D@K<% M<I98C JLD8I@F :L8EK@8% @E;<K<ID@E8;8 :8J@CC<IF% ,*+/ ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?81%$ Hl`kf# m`\ie\j (* [\ 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 ZXc`[X[ [\ Al\q K`klcXi c\^Xcd\ek\ 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\ M<I98C

I_ kdW [if_dW c[ ^_[h[" c[ WfWhje Z[ bW [if_dW f[he de bW WXehh[pYe$ 7C7:E D;HLE

JLD8I@F%$ <e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ X cf gi\m`jkf \e \c 8ik% ((' ZXljXc ((# `eZ`jf (if# [\c :�[`^f :`m`c# \eki„$ ^l\j\ Zfg`X [\ cX [\dXe[X p gifm`[\eZ`X i\ZXˆ[X \e \ccX X cX [\dXe[X[X C@J<K? AF?8EE8 I<;IF98E D8C;FE8;F# X cX d`jdX hl\ Xk\ekf \c aliX$ d\ekf [\c XZkfi# j\ cX Z`kXi} gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# [\ XZl\i$ [f X cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ :fe cX `ej`elXZ`�e [\ :liX[fi 8[$c`k\d# �`^Xj\ X lef [\ cfj j\Œfi\j I\gi\j\ekXek\j [\c D`e`jk\i`f G’Yc`Zf%$ 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[f gfi \c XZkfi%$ EFK@=@HL<J<%$ ] ;I% :i`jk�YXc Fa\[X DXikˆe\q% 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:&/''*)&k]

[`c`^\eZ`X gXiX cf ZlXc j\ f`i} \e Xl[`\eZ`X [\ gXi`\ek\j f g\ijfeXj _fefiXYc\j [\c cl^Xi \e [ˆXj p _fiXj _}Y`c\j# _\Z_f hl\ ]l\i\ p Zfe \c fYa\kf [\ hl\ fg`e\e i\jg\Zkf [\c ZliX[fi# Zl„ek\j\ Zfe \c j\Œfi Al\q [\ cX E`Œ\q p 8[fc\jZ\eZ`X [\ GXjkXqX# X hl`\e j\ c\ efk`]`ZX$ i} \e jl i\jg\Zk`mf [\jgXZ_f% K�d\j\ \e Zl\ekX cX ZlXekˆX# \c ZXj`cc\if al[`Z`Xc p cX Xlkfi`$ qXZ`�e Zfe]\i`[X X jl 8Yf^X[X ;\]\ejfiX%$ 8^i„^l\j\ cfj [fZld\ekfj% @ek\im\e^X \c j\Œfi 8Y^% >`fmXeep =fej\ZX Cl^f \e ZXc`[X[ [\ j\Zi\kXi`f [\ \jkX al[`ZXkliX# c\^Xcd\ek\ \eZXi^X[f gfi i\jfclZ`�e [\ cX ?% :fik\% EFK@=@HL<J<% ]% ;i% FjnXc[f <jg`efjX GiX[f Al\q J\^le[f [\ cf :`m`c [\ GXjkXqX% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZX$ Z`fe\j% =`idX @c\^`Yc\ 8Y^% >`fmXeep =fej\ZX Cl^f% J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G8JK8Q8 < ?Xp le j\ccf (0/'0&0/0+,

:@K8:@FE AL;@:@8C <OKI8:KF ALQ>8;F J<>LE;F ;< CF :@M@C ;< G8JK8Q8

ALQ>8;F GI@D<IF ;< CF :@M@C ;< J8EKF ;FD@E>F ;< CFJ KJ8:?@C8J

81 <M8E><C@E8 M8E<Q8 DFEK8zF IF;I@>L<Q GFI ; < J : F E F : < I JL I<J@;<E:@8 < @E;@M@;L8C@;8; 8:KL8C# J< C< ?8:< J89<I% AL<Q1 ;I% FJN8C;F <JG@EFJ8 GI8;F% 8:KFI I@:8I;F 9<E@KF 8>L@C8I CLQLI@8>8% ;<D8E;8;81 <M8E><C@E8 M8 E < Q 8 D F E K8 z F IF;I@>L<Q KI8D@K<1 ;@MFI:@F% D 8K < I @ 8 1 M < I 9 8 C JLD8I@F% :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F1 89% D8PI8 LCCF8 <J:F98I ALQ>8;F J<>LE;F ;< CF :@M@C ;< G8JK8Q8% Glpf# cle\j (- [\ dXpf [\c )'((# cXj '0_,/% M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\# gi\j\ekX[X gfi I@:8I;F 9<E@KF 8>L@C8I CLQLI@8>8# \j ZcXiX# Zfd$ gc\kX# gi\Z`jX p gfi i\le`i cfj i\hl`j`kfj \o`^`[fj \e \c 8ik% -. p ('(* [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ cX X[d`k\ X ki}d`k\ M\iYXc JldXi`f% <e kXc m`ikl[# gfi ZlXekf \c XZkfi dXe`]`\jkX YXaf aliXd\ekf [\jZfefZ\i \c [fd`Z`c`f \ `e[`m`[lXc`$ [X[ XZklXc [\ cX [\dXe[X[X j\ŒfiX <M8E><C@E8 M8E<Q8 DFEK8zF IF;I@>L<Q# Zˆk\j\c\ gfi d\[`f [\ ki\j glYc`ZXZ`fe\j \[`kX[Xj \e \c [`Xi`f CX ?fiX [\ cX Z`l[X[ [\ Hl`kf# gXiX Zlpf \]\Zkf p gi\m`f X Zfe]\i`ij\ \c \okiXZkf i\jg\Zk`mf# fi[\eXj\ hl\ \c XZkfi ZfdgXi\qZX X i\ZfefZ\i jl ]`idX p i’Yi`ZX [fe[\ Xjˆ cf \ogi\jX YXaf aliXd\ekf# \e ZlXchl`\i [ˆX p _fiX _}Y`c\j% 8 cX [\dXe[X[X j\ c\ Xg\iZ`Y\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ Zfek\jkXi X cX [\dXe[X \e cX 8l[`\eZ`X [\ :feZ`c`XZ`�e hl\ j\ ZfemfZXiX fgfikleXd\ek\% Gfi \o`jk`i d\efi\j [\ekif [\c dXki`dfe`f# gifm„Xj\c\j [\ ZliX[fi 8[$c`k\d X cfj d\efi\j I`Z_Xi[ 8ek_fep p <i`Zb Afjl„ 8^l`cXi DfekXŒf#

<OKI8:KF :@K8:@FE AL;@:@8C 8C J<zFI CL@J <EI@HL<

9LI>FJ :?FE> AL@:@F1 M<I98C JLD8I@F ;< ;@MFI:@F Eif% ('-)$)'(' 8:KFI81 J8E;I8 CFI<E8 JL8I<Q G8II8>8 ;<D8E;8;F1 CL@J <EI@HL< 9LI>FJ :?FE> :L8EK@81 @E;<K<ID@E8;8 AL<Q1 ;I% <;>8I;F C8I8 8M<IFJ J<:I<K8I@81 8C@:@8 =8I<Q ;< :FIE<AF KI8D@K81 89% IFC8E;F JFC@Q J8E:?<Q GIFM@;<E:@8J1 ALQ>;F GI@D<IF ;< CF :@M@C ;< J8EKF ;FD@E>F ;< CFJ KJ8:?@C8J%$ JXekf ;fd`e^f# X (( [\ FZklYi\ [\c )'('2 X cXj '/_)'%$ 8mfZf ZfefZ`d`\ekf \e cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc gi\m`f X gifm\\i cf hl\ \e [\i\Z_f Zfii\jgfe[X cX j\Œf$ iX J8E;I8 CFI<E8 JL8I<Q G8II8>8 ZfdgXi\qZX X \jkX Al[`ZXkliX \e [ˆX p _fiX _}Y`c X ]`e [\ hl\ i`e[X \c aliXd\e$ kf gi\m`jkf \e \c `eZ`jf *f [\c 8ik% /) [\ cX :f[`]`ZXZ`�e [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c Xgc`ZXYc\ X \jk\ ki}d`k\%$ ?}^Xj\ jXY\i%$ = ;i% <[^Xi[f CXiX 8m\ifj# Al\q% ALQ>8;F GI@D<IF ;< CF :@M@C ;< J8EKF ;FD@E>F ;< CFJ KJ8:?@C8J% JXekf ;fd`e^f# dXik\j )* [\ efm`\dYi\ [\c )'('# cXj (,_'*% M@JKFJ%$ <c \jZi`kf Xek\i`fi X^i„^l\j\ X cfj Xlkfj p leX m\q hl\ cX XZkfiX _X [X[f Zldgc`d`\ekf X cf [`jgl\j$ kf \e [\Zi\kf [\ ]\Z_X (( [\ FZklYi\ [\ )'('2 cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj i\hl`j`kfj [\ C\p%$ <e Zfe$ j\Zl\eZ`X \j gifZ\[\ek\ \c ki}$ d`k\ \e al`Z`f M\iYXc JldXi`f [\ ;`mfiZ`f# gfi kXekf Zˆk\j\ Zfe \c Zfek\e`[f [\c \jZi`kf [\ [\dXe[X p \jkX gifm`[\e$ Z`X Xc [\dXe[X[f j\Œfi CL@J

<EI@HL< 9LI>FJ :?FE># gfi cX gi\ejX \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ p \e \c :Xek�e Hl`kf# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \e ZfeZfi[XeZ`X Zfe cf \jkXYc\Z`[f \e \c 8ik% ((0 [\c :�[`^f :`m`c# d\[`Xe[f \eki\ leX p fkiX glYc`ZXZ`�e fZ_f [ˆXj gfi cf d\efj%$ 8^i„^l\j\ cX [fZld\ekXZ`�e hl\ X[alekX%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f p cX Xlkfi`qXZ`�e [X[X X jl [\]\ejfi%$ Gfi c`Z\e$ Z`X [\ cX JiX% 8ZklXi`X [\ cX Al[`ZXkliX p _XjkX hl\ [li\ cX d`jdX# XZk’\ \c F]`Z`Xc DXpfi# \eZXi^X[f d\[`Xek\ XZZ`�e [\ g\ijfeXc Eif% )+.$;G$;GJ;K$ )'('# [\ ]\Z_X (, [\ efm`\d$ Yi\ [\ )'('%$ ?}^Xj\ jXY\i%$ = <[^Xi[f CXiX 8m\ifj# Al\q% Cf hl\ Zfdle`Zf X ljk\[# gXiX cfj ]`e\j c\^Xc\j% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj gfj$ k\i`fi\j efk`]`ZXZ`fe\j% JiX% DXiˆX 8c`Z`X =}i\q [\ :fie\af J<:I<K8I@8 ;<C ALQ>8;F GI@D<IF ;< CF :@M@C ;< J8EKF ;FD@E>F ;< CFJ KJ8:?@C8J (,)'/+&^]&jk[^f%

D<EFI<J I ;<C < :@K8:@äE AL;@:@8C J<:I<K8Ià 8 ;<C ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 :8EKäE HL@KF

8C J<zFI =8LJKF 8C9<IKF 8IK<8>8 =F<?E P 8C Gè9C@:F <E ><E<I8C C<J ?8>F J89<I C8 J@>L@<EK< ;<D8E;8 <OKI8:KF 8:KFI DPI@8E 8C<O8E;I8 :8;<E8 8CD<@;8 ; < D 8 E ;8 ; F =8L JKF 8C9<IKF 8IK<8>8 =F<?E

D<EFI<J1 ?LD9<IKF J < 98JK @ 8 E 8 IK < 8>8 :8;<E8 :8LJ81 8C@D<EKFJ EIF '-')$((>D KIĂ?D@K< :FEK<E:@FJF ><E<I8C :L8EKĂ 8 @E;<K<ID@E8;8 AL<Q J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 HL@KF GIFM@;<E:@81 ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF# Hl`kf# d`„iZfc\j / [\ ale`f [\ )'((# cXj ((_+-%$M@JKFJ11 8ZkÂ’X \e cX gi\j\ek\ ZXljX \c ;i% AlXe :Xicfj ?l`cZX \e ZXc`[X[ [\ Al\q Jlgc\ek\# \eZXi^f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc ---$;;G [\ (' [\ XYi`c [\ )''/% Gfi _XY\i [X[f Zld$ gc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X `ed\[`XkX Xek\$ i`fi# j\ ZXc`]`ZX cX [\dXe[X hl\ Xek\Z\[\ Zfdf ZcXiX# Zfdgc\kX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ XZ\gkX X ki}d`k\% <e cf gi`eZ`$ gXc p gfi _XY\i [\ZcXiX[f cX j\ÂŒfiX DPI@8E 8C<O8E;I8 :8;<E8 8CD<@;8 YXaf aliX$ d\ekf jfYi\ \c [\jZfefZ`$ d`\ekf [\ cX XZklXc i\j`[\eZ`X f [fd`Z`c`f [\ gX[i\ [\c d\efi ?LD9<IKF J<98JK@8E 8IK<8>8 :8;<E8 j\ [`jgfe\ :@K8I Xc [\dXe[X[f =8LJKF 8C9<IKF 8IK<8>8 =F<?E gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e \jkX Gifm`eZ`X# gXiX cf ZlXc i\dˆkXj\ le \okiXZ$ kf [\ cX [\dXe[X p \c Zfek\$ e`[f [\ \jkX gifm`[\eZ`X% J` ZfekX[fj m\`ek\ [ˆXj [\jgl„j [\ cX Â’ck`dX glYc`ZXZ`Â?e# \c [\dXe[X[f ef _X Zfek\jkX[f cX [\dXe[X e` _X j\ÂŒXcXe[f [fd`Z`c`f al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j# j\ [\ZcXiXi} jl i\Y\c[ˆX p \jk\ Alq^X[f XZklXi} Zfe]fid\ X cX C\p% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO Quito, 20 de Junio del 2011 CONSTITUCION DE LA COMPAĂ‘Ă?A COMBUSTIBLES TECNOLOGICOS COMBUSTEC S.A. La compaùía COMBUSTIBLES TECNOLOGICOS COMBUSTEC S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolsitano de Quito, el 21 de Junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002896 de 30 de Junio de 2011.

III CONVOCATORIA La ClĂ­nica de Especialidades Hermano Miguel, convoca a todos los Socios Accionista de la lnstituciĂłn a la Asamblea Ordinaria a realizarse el dĂ­a sĂĄbado 09 de Julio del 2011 a las 15H00, en el auditorio de la ClĂ­nica ubicado en la calle TipantuĂąa 511-12 y Michelena.

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

Orden del dĂ­a:

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

1 ConstataciĂłn del QuĂłrum

3.- OBJETO: El objeto de la compaùía es: A) DEDICARSE A EJERCER EL COMERCIO, ELABORAR, TRANSFORMAR, COMPRAR, VENDER, DISTRIBUIR, IMPORTAR Y EXPORTAR TODA CLASE DE MERCADERIAS Y PRODUCTOS INDUSTRIALES, ELABORADOS O SEMIELABORADOS, TALES COMO BIOCOMBUSTIBLES PROVENIENTES DE BIOMASA RESIDUAL, ACEITES INDUSTRIALES USADOS, BUNKER C, PLASTICOS Y OTRAS MATERIAS PRIMAS CON CARBONO E HIDRĂ“GENO.... Quito, 30 de Junio de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/80467/tf

2. Lectura del acta anterior. 3. Informe de Presidencia y Gerencia. 4. Informe y Aprobación del Balance aùo 2010. 5. Anålisis para aplicación de NIIF´S Atentamente DR. CESAR VILLACRES PRESIDENTE CLINICA DE ESPECIALIDADES HERMANO MIGUEL AC/80464/tf

al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX p X^i„^l\j\ cX [fZld\ekXZ`�e X[alekX%$% EFK@=@HL<J< ] ;i AlXe :Xicfj ?l`cZX :fYfj# Al\q% Cf hl\ Z`kf gXiX cfj ]`e\j [\ C\p 8k\ekXd\ek\ ;i <[n`e CXcXdX MXpXj J<:I<K8I@F AL;@:@8C ?Xp le j\ccf 8I&/*,-,&ZZ ALQ>8;F M@>yJ@DF J<>LE;F ;< CF :@M@C P D<I:8EK@C ;< G@:?@E:?8

<OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 AXm`\i M`cc\^Xj :XimXaXc 8:KFI81 M`cdX DXip 8^lXcfe^f M\i[\qfkf ;<D8E;8;F1 AXm`\i M`cc\^Xj :XimXaXc :8LJ8 Ef% )0($)'(( F9A<KF1 ;\dXe[X cX ]`aXZ`Â?e [\ leX g\ej`Â?e Xc`d\ek`Z`X p cX [\ZcXiXkfi`X [\ gXk\ie`$ [X[ gXiX jl _`af d\efi AX`if AXm`\i 8^lXcfe^f M\i[\qfkf# XdgXiX[X \e cf hl\ [`jgf$ e\ cfj 8ikj% @eeld\iX[fj )#+#,# 0#(,#(- p *. [\ cX c\p I\]fidXkfi`X Xc Kˆklcf M# C`Yif J\^le[f :Â?[`^f Fi^}e`Zf [\ E`ÂŒ\q p 8[fc\jZ\eZ`X I%F% Eif% -+* [\c )/ [\ alc`f [\c )%''0 \e ZfeZfi[XeZ`X Zfe cfj 8ikˆZlcfj g\ik`e\ek\j [\ cX Zfejk`klZ`Â?e [\c <ZlX[fi# :fem\eZ`Â?e ;\i\Z_fj [\c E`ÂŒf p :Â?[`^f Fi^}e`Zf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X% :L8EKĂ 81 D`c [fjZ`\ekfj [Â?cXi\j%

;<=<EJFI1 ;i% DXiZfj CXiX% GIFM@;<E:@8 ALQ>8;F M @ > < J @ D F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% J8E D@>L<C ;< CFJ 98E:FJ% *' [\ dXpf [\c )'((2 X cXj ((_),%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\d$ gfiXc# j\^’e XZZ`�e [\ g\ijf$ eXc eif% ),-)$;G$;;G ;< )+ ;< Efm`\dYi\ [\c )''0%$ CX [\dXe[X [\ Xc`d\ekfj hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\’e\ cfj i\hl`j`kfj [\ c\p gfi cf hl\ j\ X[d`k\ X ki}d`$ k\ fiXc [\ Zfe]fid`[X[ Zfe cf hl\ gi\m`jkf \e \c 8ik% ).)% <e d\i`kf Xc aliXd\ekf _\Z_f gfi cX gXik\ XZkfiX \e [\jZfefZ\i \c [fd`Z`c`f [\c [\dXe[X[f p [\ Zfe]fid`[X[ Zfe cf gi\$ m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% :ˆk\j\ Xc [\dXe[X[f j\Œfi A8M@<I M@CC<>8J :8IM8A8C# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ Hl`kf# X ]`e [\ hl\ ZfdgX$ i\qZX YXaf gi\m\eZ`fe\j [\ c\p2 \mXZlX[fj j\ j\ŒXcXiX [ˆX p _fiX gXiX hl\ j\ giXZk`hl\ \c \oXd\e [\ 8;E% @eZfig�i\j\ Xc gifZ\jf cfj [fZld\ekfj XZfdgXŒX[fj2 YXaf gi\m\e$ Z`fe\j cX XZkfiX ]`a\ [fd`Z`c`f al[`Z`Xc [\ekif [\c g\iˆd\kif liYXef [\ \jkX Z`l[X[ p ]l\iX [\c [\jgXZ_f% @ek\im\e^X Zfdf j\Zi\kXi`f \eZXi^X[f \c ;fZkfi DXi`f <ei`hl\ P}e\q LiYXef# j\^’e XZZ`�e [\ g\ijfeXc eif% )'.$;G$;;G [\ '+ [\ ]\Yi\if [\c gi\j\ek\ XŒf% Efk`]ˆhl\j\%$

SOCIEDAD CIVIL CĂ“RDOVA “SOCICORâ€? S.C.

CONVOCATORIA LA SOCIEDAD CIVIL CORDOVA “SOCICORâ€? S.C., CONVOCA A LOS SOCIOS DE LA EMPRESA A LA ASAMBLEA GENERAL EXTRAORDINARIA A REALIZARSE EL DIA VIERNES 15 DE JULIO DEL 2011, A LAS 16:00 HORAS EN LAS INSTALACIONES DE LA EMPRESA (AV. CINCO DE JUNIO S9-24 Y AV. RODRIGO DE CHAVEZ; ESQUINA, CLUB DE OFICIALES INGENIEROS DEL EJERCITO, SALON SUCRE); A FIN DE TRATAR EL SIGUIENTE ORDEN DEL DIA: 1.- Lectura y aprobaciĂłn del Acta de la Asamblea anterior realizada el dĂ­a jueves 03 de marzo del 2011. 2.- Informe de la comisiĂłn nombrada por la asamblea para la revisiĂłn del Balance del aĂąo 2010. AprobaciĂłn del Balance. 3.- DistribuciĂłn de los activos existentes entre los “Adjudicatarios de terrenosâ€? y “SOCICORâ€? y exposiciĂłn sobre el procedimiento de cĂĄlculo y distribuciĂłn al 30 de Junio de las participaciones o acciones a los socios de SOCICOR. AprobaciĂłn del accionario. 4.- Reformas al Estatuto de la Empresa; a. AclaraciĂłn legal sobre el quĂłrum requerido para una asamblea. b. Insertar el proceso legal para la exclusiĂłn (salida) de SOCICOR de los socios que no cumplan con sus obligaciones financieras. 5. PresentaciĂłn del Proyecto del Complejo Vacacional de SOCICOR. El proyecto, costo, construcciĂłn y financiamiento. AprobaciĂłn del Proyecto. En caso de no existir el quĂłrum a la hora citada, de acuerdo al ArtĂ­culo Noveno del Estatuto de la Empresa, Se deberĂĄ esperar una hora y proceder con los socios presentes. Todos los socios presentes participarĂĄn con voz y voto. De acuerdo al ArtĂ­culo SĂŠptimo del Estatuto, los socios pueden concurrir por si mismos o por medio de un mandatario a la Asamblea. El mandato para una Asamblea se otorgarĂĄ por documento privado, dirigido al Representante Legal de la Sociedad, excepto cuando se haya otorgado poder general.

] ;i% =i\[[p @cc\jZXj :\i[X# AL<Q# _Xp le j\ccf%$ Cf hl\ d\ g\id`kf Zfdle`ZXic\ X Ljk\[ gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi [fd`$ Z`c`f al[`Z`Xc \e \jkX ZXljX [\ekif [\c g\iˆd\kif liYXef [\ \jkX ZXY\Z\iX ZXekfeXc [\ JXe D`^l\c [\ cfj 9XeZfj p ]l\iX [\c [\jgXZ_f gXiX i\Z`Y`i efk`]`ZXZ`fe\j ]lkliXj%$ ;i% DXi`f <ei`hl\ P }e\q LiYXef J\Zi\kXi`f < % )) :@M@C ;< G@:?@E:?8% (,)/// <OKI8:KF ;< :@K8:@äE 81 AF==I< C<FE<C I@<I8 M<>8%$

J\ c\ _XZ\ jXY\i% Hl\ \e \jk\ Alq^X[f J\^le[f 8alekf K\dgfiXc [\ cX =Xd`c`X# Dla\i# E`ÂŒ\q p 8[fc\jZ\eZ`X [\ Hl\m\[f# cX JiX% ;<@:P 8C<O8E;I8 >FEQ8C<J M<>8# _X [\[lZ`[f al`$ Z`f [\ ;<:C8I8KFI@8 ;< G8K<IE@;8; P GI<JK8:@äE ;< 8C@D<EKFJ \e jl ZfekiX% Jfc`Z`kXe[f X \jk\ Alq^X[f d\[`Xek\ i\jfclZ`Â?e j\ i\Zf$ efqZX X jl _`aX d\efi [\ EXp\c` Alc`\k >feqXc\j M\^X# [\ (' XÂŒfj [\ \[X[ p j\ c\ ]`a\ leX g\ej`Â?e Xc`d\ek`Z`X cX ZXek`[X[ [\ ;FJ:@<EKFJ ;FC8I<J E F I K < 8 D < I @ : 8 E F J D<EJL8C<J% 9Xaf cX ^iXm\[X[ [\c aliXd\ekf \ogi\jX [\jZf$ efZ\i \c [fd`Z`c`f f i\j`[\eZ`X [\c [\dXe[X[f% 8:KFI81 ;<@:P 8C<O8E;I8 >FEQ8C<J M<>8 ; < D 8 E ;8 ; F 1 A F = = I < C<FE<C I@<I8 M<>8 KI8D@K<1 :FEK<E:@FJF ><E<I8C : L8 E K Ă 8 1 ; FJ D @ C :L8KIF:@<EKFJ ;FC8I<J EFIK<8D<I@:8EFJ% AL<Q ;< C8 :8LJ8% ;I% I<EQF M@QL<K8 GI8;F#

I_ jWd iŒbe jkl_[hW kd fegk_je Z[ ^kc_bZWZ i[h‡W f[h\[Yje$ J;: JKHD;H

Al\q J\^le[f 8[alekf K\dgfiXc [\ =Xd`c`X# Dla\i# E`ÂŒ\q p 8[fc\jZ\eZ`X [\ Cfj Iˆfj d\[`Xek\ gifm`[\eZ`X [\ ]\Z_X Hl\m\[f# ). [\ ale`f [\c )'((# X cXj (+?,/# p pX _XY`„e[fj\ XmfZX[f ZfefZ`d`\ekf [\ cX [\dXe$ [X [\ ;<:C8I8KFI@8 ;< G8K<IE@;8; P GI<JK8:@äE ;< 8C@D<EKFJ fi[\eX Z`kXi Xc [\dXe[X[f gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e [ˆXj [`jk`ekfj \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e cfZXc# gXiX hl\ \e \c k„id`ef [\ C\p ZfdgXi\qZX X Al`Z`f [\ :fe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% GXik`ZlcXi hl\ cc\mf X jl Zfef$ Z`d`\ekf gXiX cfj ]`e\j [\ c\p# X[m`ik`„e[fc\ Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e ZfdgXi\Z\i X al`Z`f [\ekif [\ cfj m\`ek\ [ˆXj gfjk\i`fi\j X cX k\iZ\iX p Â’ck`dX Z`kXZ`Â?e# ZXjf ZfekiXi`f gf[i}e j\i Zfej`[\$ iX[fj i\Y\c[\j% 8k\ekXd\ek\% Hl\m\[f# Ale`f )/ [\c )'(( 89% G<;IF M<I8 ?@;8C>F# J<:I<K8I@F ;<C ALQ>8;F J<>LE;F 8ALEKF K<DGFI8C ;< =8D@C@8# DLA<I# E@z<Q P 8;FC<J:<E:@8 ;< CFJ IĂ FJ <E HL<M<;F% ,/+)/$:%>

CONVOCATORIA A LA JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A UNITRANSA S.A.

Unión de Transportadores de Carga S.A. Se comunica a los Seùores Accionistas de la Compaùía UNITRANSA S.A. Unión de Transportadores de Carga S.A. a la Junta General Extraordinaria a celebrarse el día Jueves 14 de Julio del 2011 en el domicilio principal de la Compaùía ubicado en la calle Vicente Solano E12142 y la Condamine (sector la Vicentina) del Distrito Metropolitano de Quito a las 10:00 horas, para conocer y resolver los siguientes puntos: 1.- Lectura y Aprobación de los Estados Financieros del aùo 2010 (Anexos) 2.- Informe de Gerente 3.- Informe de Comisario 4.- Renta Galpón / Sucursal Daule 5.- Deudas aùo 2009 6.- Varios Se convoca de manera especial al Sr. JosÊ Estrada Comisario de UNITRANSA S.A.

Quito, 01 de Julio del 2011.

Mauricio Gallardo GERENTE GENERAL

Grae. (S.P) Ing. CĂŠsar DurĂĄn Abad PRESIDENTE DE “SOCICORâ€? S.C. A.C./80451

AR/83576/cc

<A<:LK@MFJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8C J<zFI MĂ :KFI ?L>F A8IIĂ E KF8HL@Q8 8:KFI1 ;F:KFI CL@J =<IE8E;F D8IKĂ E<Q 98II<EF# <E JL :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;< C8 :FFG<I8K@M8 ;< 8?FIIFJ P :Iy;@KF :FFGIF>I<JF CK;8 ;<D8E;8;F1 MĂ :KFI ?L>F A8IIĂ E KF8HL@Q8 AL@:@F <A<:LK@MF EF%(,-+$ )''0$MJ :L8EK@81 *%'''#ff 89F>8;F1 ;I% IF9<IK M@CC8IIL<C ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# (+ [\ ;`Z`\dYi\ [\c )''0# cXj ('_'0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f p \e d` ZXc`$ [X[ [\ Al\q k`klcXi [\ „jkX Al[`ZXkliX%$ <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\p2 gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j MˆZkfi ?l^f AXiiˆe KfXhl`qX p Cl`j C\Xe[if =`Xccfj KfXhl`qX# \e \c cl^Xi j\ÂŒXcX[f X ]`e [\ hl\ gX^l\e cf X[\l[X[f f gifgfe^Xe \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj [\ekif [\c k„id`ef [\ ki\j [ˆXj% ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% +)) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p \e d„i`kf X cX @e]fidXZ`Â?e JldXi`X hl\ j\ XZfdgXÂŒX# j\ fi[\eX \c j\Zl\jkif [\ cfj Y`\e\j dl\Yc\j [\ gifg`\[X[ [\ cfj [\dXe[X[fj MˆZkfi ?l^f AXiiˆe KfXhl`qX p Cl`j C\Xe[if =`Xccfj KfXhl`qX# hl\ j\ [`Z\ cfj k`\e\e lY`ZX[fj \e \c `ek\i`fi [\ jl [fd`Z`c`f lY`$ ZX[f \e cX ZXcc\ :Xicfj =i\`i\ Ef% *+$/+ \ @j`[if 9Xii`^X# GXiifhl`X :_`ccf^Xccf# ;`jki`kf D\kifgfc`kXef [\ Hl`kf2 _XjkX ZlYi`i cX ZXek`[X[ [\dXe[X$ [X d}j le [`\q gfi Z`\ekf [\ C\p2 gXiX cX giXZk`ZX [\ „jkX [`c`^\eZ`X j\ [`jgfe\ Zfe ]le[Xd\ekf \e \c 8ik% *(+ [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc# j\ Zl\ek\ Zfe le ;\gfj`kXi`f Al[`Z`Xc [\ „jk\ ZXekÂ?e Hl`kf# gXiX cf ZlXc i\dˆkXj\ \c jl]`Z`\ek\ [\jgX$ Z_f X cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j gXiX cfj ]`e\j [\ c\p%$ ;\ j\i e\Z\jX$ i`f j\ ZfekXi} Zfe cX Gfc`ZˆX EXZ`feXc% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX i\Z`Y`i jlj efk`]`$ ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe# Xjˆ Zfdf cX [\j`^eXZ`Â?e [\ jl XYf^X[f [\]\ejfi%$ :Ă K<J< P EFK@=@HL<J<% = %$ ;I% @M8E :<M8CCFJ Q8D9I8EF AL<Q ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j * [\ dXpf [\c )'((# cXj '/_*'%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi [fZkfi Cl`j =\ieXe[f DXikˆe\q 9Xii\ef# \e jl ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\ cX :ffg\iXk`mX [\ 8_fiifj p :i„[`kf :FFGIF>I<JF CK;82 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 MˆZkfi ?l^f AXiiˆe KfXhl`qX# X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi

Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf2 gXiX cf ZlXc Zfe]`„iXj\ \c Zfii\jgfe$ [`\ek\ \okiXZkf%$ :@K<J< P EFK@=@HL<J<% = %$ ;I% @M8E :<M8CCFJ Q8D9I8EF# AL<Q M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ HL@KF '( ;< ALE@F ;<C )'((%$ :<IK@=@:F ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp le j\ccf 8%:%&/'+,' I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8C J<zFI <;@JFE M@E@:@F <JKI<CC8 G8<Q 8:KFI1 ?<IE8E IF;I@>F 8LQ M8:8 ; < D 8 E ;8 ; F 1 < ; @ JF E M@E@:@F <JKI<CC8 G8<Q AL@:@F1 <A<:LK@MF :8LJ8 Ef% +(/$)'(($G: 89F>8;F1 ;I% >L@CC<IDF E8IM8<Q ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j - [\ XYi`c [\c )'((# cXj '0?'+%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\X$ c`qX[f p \e d` ZXc`[X[ [\ Al\q <eZXi^X[f [\ „jkX Al[`ZXkliX# d\[`Xek\ XZZ`Â?e [\ g\ijf$ eXc Ef -/0$;G$;GG [\ + [\ XYi`c [\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\p2 gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ <a\Zlk`mf%$ <e Zfej\Zl\eZ`X Zˆk\j\ Zfe Zfg`X [\ cX [\dXe[X p „jk\ 8lkf Xc [\dXe[X[f j\ÂŒfi <;@JFE M@E@:@F <JKI<CC8 G8<Q# \e \c cl^Xi j\ÂŒXcX[f# d\[`Xek\ Zfd`j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ :fefZfkf# \em`}e[fc\ \c jl]`Z`\ek\ [\j$ gXZ_f \e ]fidX# X ]`e [\ hl\ gX^l\ cf X[\l[X[f f gifgfe^X \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\X Xj`jk`[f [\ekif [\c k„id`ef [\ ki\j [ˆXj%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf j\ fi[\eX cX gif_`Y`Z`Â?e [\ \eXa\eXi [\c Z`eZl\ekX gfi Z`\ekf [\ cX ZXjX Ef ;`\q p El\m\# gcXekX XckX# gcXekX YXaX# gXihl\Xd`\ekf# [\c :fealekf _XY`kXZ`feXc Ăˆ:\i\qfj @É# [\ cX GXiifhl`X [\ :fefZfkf# [\c ZXekÂ?e Hl`kf2 hl\ c\ g\ik\$ e\Z\ Xc [\dXe[X[f# gXiX kXc \]\Zkf efk`]ˆhl\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ „jk\ ZXekÂ?e% 8^i„^l\j\ Xc gif$ Z\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX%$ KÂ?d\j\ \e Zl\e$ kX \c ZXj`cc\if Ef *',) gXiX jlj efk`]`ZXZ`fe\j% :@K<J< P EFK@=@HL<J<% ] NX^e\i A}k`mX Hl`ifq% ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (* [\ ale`f [\c )'((# cXj '/_,0%$ Gfi ZlXekf \c XZkfi _X Zldgc`[f Zfe cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi p \e m`jkX Xc aliXd\ekf i\e[`[f gfi \c XZkfi j\ÂŒfi ?\ie}e If[i`^f 8lq MXZX2 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 <;@JFE M@E@:@F <JKI<CC8 G8<Q# X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf2 X ]`e [\ hl\ \e \c k„id`ef [\ ki\j [ˆXj ZldgcX Zfe cX fYc`^X$ Z`Â?e [\dXe[X[X f gifgfe^X \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\X

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Xj`jk`[f p YXaf gi\m\eZ`fe\j c\^Xc\j%$ EFK@=@HL<J<%$ = %$ ;I% ><ID8E >FEQ8C<Q ;<C GFQF# AL<Q M@>yJ@DF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;8E;FC< ;< C8F9C@>8:@FE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL@:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ :<IK@=@:F% ;I% >8CF 98<Q A8@D< J<:I<K8I@F ?Xp le j\ccf 8%:%&/'++* < O K I 8 : K F :@K8:@FE AL;@:@8C 8C J<zFI =<IE8E;F IL9<E 8ID8J ?<IDFQ8

AL@:@F 1 <A<:LK@MF Ef% .+&)%'('%<:J% 8:KFI 1 :FFG<I8K@M8 ;< 8?FIIF P :I<;@KF Ăˆ :FFGIF>I<JF CK;8%É ;<D8E;8;F 1 =<IE8E;F IL9<E 8ID8J ?<IDFQ8 P FKIFJ ;FD@:@C@F AL;@:@8C 1 ;I% IF9<IK M@CC8IIL<C I8D@I<Q :L8EK@8 1 LJ (*%'''#ff F9A<KF 1:FE =LE;8D<EKF <E CF GI<M@JKF <E CFJ 8IKJ% +(*# +(, P +(0 ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C <E :FE:FI;8E:@8 :FE <C 8IK% +/- P J@>L@<EK<J ;<C :F;@>F ;< :FD<I:@F# ;<D8E;8 <E AL@:@F <A<:LK@MF 8 CFJ J<zFI<J =<IE8E;F IL9<E 8ID8J ?<IDFQ8# FJN8C;F ><ID8E 8ID8J >L8I;<I8J p D8I@8 <JG<I8EQ8 ?<IDFQ8# <C G8>F ;<C :8G@K8C 8;<L;8;F# CFJ @EK<I<J<J C<>8C<J# :FD@J@FE<J P :FJK8J GIF:<J8C<J % ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % HL@KF # '+ [\ =\Yi\if [\c )%'('# cXj ('_+/%$M@JKFJ%$ <e m`ikl[ [\c jfik\f hl\ Xek\Z\[\ XmfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX %$ <e cf gi`eZ`gXc cX [\dXe[X \j ZcXiX p gi\Z`jX # gfi cf hl\ j\ cX XZ\gkX Xc ki}d`$ k\ \a\Zlk`mf%$ :Â’dgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gif$ gfe^Xe \oZ\gZ`fe\j \e \c k„i$ d`ef [\ ki\j [ˆXj cfj [\dXe$ [X[fj j\ÂŒfi\j =<IE8E;F IL9<E 8ID8J ?<IDFQ8# FJN8C;F ><ID8E 8ID8J >L8I;<I8J p D8I@8 <JG<I8EQ8 ?<IDFQ8 %$ :ˆk\j\ X cfj [\dXe[X[fj \e cfj cl^Xi\j hl\ j\ `e[`ZX%$ 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 ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % Hl`kf# cle\j )* [\ dXpf [\c )%'((# cXj ('_(*%$8k\ekf \c aliXd\ekf [\c XZkfi # Zˆk\j\ Xc [\dXe[X$ [f j\ÂŒfi =<IE8E;F IL9<E 8ID8J ?<IDFQ8 gfi cX gi\ejX # \e cX ]fidX gi\m`j$ kX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c %$ Efk`]ˆhl\j\%$] % ;i% AX`d\ :Xej\Zf >l\ii\if Al\q % Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j [\ c\p # gi\m`e`„e[f$ c\ [\j`^e\ jl [fd`Z`c`f \e \c Alq^X[f Efm\ef [\ cf :`m`c p [\ekif [\c g\iˆd\kif c\^Xc%$ ;I% ALC@F DLzFQ J<:I<K8I@F ALQ>8;F EFM<EF :@M@C G@:?@E:?8

Ć

?Xp ]`idX p j\ccf 8:&/'+-)&k] I<GL9C@: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 <a\Zlk`mX X1 D8I@KQ8 <C@Q89<K? :F IF E < C E8IM8<Q# N@CD<I AFJ< 98CC8;8I<J >L<II<IF p G<;IF J<98JK@8E M<I;<QFKF JL8I<Q## Zlpf k\efi \j \c j`^l`\ek\1 <OKI8:KF ;< C8 ;<D8E;8 8:KFI1 ;I% :?I@JK@8E ?LIK8;F I@:?8I;J \e ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\ cX Zffg\iXk`mX [\ 8_fiif p Zi„[`kf Ăˆ )* ;< ALC@F CK;8É ;<D8E;8;F1 D8I@KQ8 <C@Q89<K? :F IF E < C E8IM8<Q# N@CD<I AFJ< 98CC8;8I<J >L<II<IF p G<;IF J<98JK@8E M<I;<QFKF JL8I<Q :C8J< ;< AL@:@F1 <A<:LK@MF (+.' $ )'(' =M KI8D@K<1 < A <: L K @ MF : L8 E K @ 8 1 LJ;% .'''#ff F9A<KF ;< C8 ;<D8E;81 :F9IF ;< ;@E<IF% GIFM@;<E:@8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF (' [\ efm`\dYi\ [\c )'('# cXj ('_),%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q \eZXi^X[f [\c Alq^X[f J\^le[f [\ cf :`m`c [\ G`Z_`eZ_X \e m`ikl[ [\c f]`Z`f Ef% (*'/$;G$;GG# [\ ]\Z_X . [\ Alc`f [\c )'('%$ CX [\dXe[X gi\j\ekX[X gfi ;I% :?I@JK@8E ?LIK8;F I@:?8I;J \e ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\ cX Zff$ g\iXk`mX [\ 8_fiif p Zi„[`kf Ăˆ )* ;< ALC@F CK;8É Zfdf aljk`]`ZX \e cX [fZld\ekXZ`Â?e X[alekX# \e ZfekiX [\ D8I@KQ8 <C@Q89<K? :F IF E < C E8IM8<Q# N@CD<I AFJ< 98CC8;8I<J >L<II<IF p G<;IF J<98JK@8E M<I;<QFKF JL8I<Q% <j ZcXiX gi\Z`jX p I\Â’e\ cfj i\hl`j`kfj c\^Xc\j \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc kiXd`k\ Zfii\jgfe$ [`\ek\ gfi cX mˆX \a\Zlk`mX gi\$ m`jkX \e cX j\ZZ`Â?e )[X gXi}$ ^iX]f )[f 8ikj% +(0 p j`^l`\ek\j [\c ZÂ?[`^f [\ GifZ\[`d`\ekf :`m`c% Gfi cf hl\ cfj [\dXe$ [X[fj [\ekif [\c k„id`ef [\ ki\j [ˆXj gX^l\e cX fYc`^XZ`Â?e [\dXe[X[X f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\g$ Z`fe\j# YXaf gi\m\eZ`fe\j [\ C\p%$ :ˆk\j\ X cfj [\dXe[X[fj \e cXj [`i\ZZ`fe\j `e[`ZX[Xj gfi \c [\dXe[Xek\# gXiX Zlpf \]\Zkf j\ \em`XiX Xk\ekX Zfd`$ j`Â?e Xc K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ :fefZfkf% Ef gifZ\[\ p j\ e`\^X cX d\[`X$ [X ZXlk\cXi gfi ZlXekf ef j\ X[alekX[f cX i\jg\Zk`mf @e]fidXZ`Â?e jldXi`X% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc p cX Xlkfi`qXZ`Â?e fkfi^X[X X jl 8Yf^X[f gXkifZ`eX[fi% 8^i„^l\ej\ cfj [fZld\e$ kfj gi\j\ekX[fj% :Ă K<J< p EFK@=Ă HL<J< ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF (0 [\ dXpf [\c )'((# cXj (,_)*%$ 8k\ekX cX iXqÂ?e j\ekX$ [X gfi \c :`kX[fi p Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# j\ fi[\eX Z`kXi X cfj [\dXe[X$ [fj1 D8I@KQ8 <C@Q89<K? :FIFE<C E 8 I M8 < Q # N@CD<I AFJ< 98CC8;8I<J >L<II<IF p G<;IF J<98JK@8E M<I;<QFKF JL8I<Q# X kiXm„j [\ cX gi\ejX

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ć

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

\e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% GXiX Zlpf \]\Zkf Zfe]`„$ iXj\ \c i\jg\Zk`mf \okiXZkf%$ Efk`]ˆhl\j\%$%$;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F Cf hl\ Zfdle`Zf p c\j Z`kf X ljk\[\j 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 [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 H% J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'+,.&k]

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 < ?Xp ]`idX p j\ccf 8:&/'+(*&k]

I% ;<C% < ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C

:@K8:@äE AL;@:@8C 81 IF9<IKF :8ICFJ 8CM8I<Q I8D@I<Q :FE C8 J@>L@<EK< ;<D8E;8 <A<:LK@M8 HL< J@>L< <E JL :FEKI8 FJ:8I FD8I 8C98E M@CC<E8# 8C K<EFI J@>L@<EK<1 <okiXZkf 8Zkfi1 FJ:8I FD8I 8C98E M@CC<E8 ;\dXe[X[fj1 IF9<IKF :8ICFJ 8CM8I<Q I8D@I<Q Al`Z`f1 <a\Zlk`mf% J\ [\dXe[X \c ZfYif [\ cX C\kiX [\ ZXdY`f gfi _XY\ij\ m\eZ`[f \c gcXqf \jkXYc\Z`[f p hl\ ZfejkXe \e Xlkfj p hl\ XjZ`\e[\ X cX ZXe$ k`[X[ [\ +,%'''#ff ;Â?cXi\j 8d\i`ZXefj dXj cfj `ek\i\j\j i\jg\Zk`mfj# Zfd`j`Â?e [\c j\okf gfi Z`\ekf p cXj ZfjkXj gifZ\jX$ c\j p \c mXcfi Zfii\jgfe[`\ek\ X _fefiXi`fj gif]\j`feXc\j% ;fd`Z`c`f C\^Xc % :Xj`ccX +)(+ [\c ;i% 9cX[`d`i =\ieXe[\q :XljX Ef%.+$)'((% KiXd`kX1 99%% Gifm`[\eZ`X1 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j ( [\ ]\Yi\if [\c )'((# cXj ('_+0%$ M@JKFJ%$ CX Zfd$ g\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% )(.'$;EG$ )' [\ ;`Z`\dYi\ [\c )'('%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X \c [\dXe[X[f j\ÂŒfi1 IF9<IKF :8ICFJ 8CM8I<Q I8D@I<Q [\ekif [\c k„id`ef [\ ki\j [ˆXj gX^l\ Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e \c kˆklcf \a\Zlk`mf X[alekf# d}j cfj `ek\i\j\j i\j$ g\Zk`mfj f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\g$ Z`fe\j YXaf gi\m\eZ`fe\j [\ C\p%$ :ˆk\j\ Xc [\dXe[X[f \e \c cl^Xi [\j`^eX[f gXiX \c \]\Z$ kf%$K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ cX gXik\ XZkfiX% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX$ [X%$ EFK@=@HL<J<%$ ;I% G8KI@:@F M8:8 HL@A8EF% AL<Q% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j ), [\ dXpf [\c )'((# cXj (._')%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi cX j\ÂŒfiX FJ:8I FD8I 8C98E M@CC<E8 p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc j\ÂŒfi IF9<IKF :8ICFJ 8CM8I<Q I8D@I<Q# gfi cX

8 cfj j\ÂŒfi\j% ;`\^f DXiZ\cf Ă?cmXi\q A`aÂ?e p DXiˆX ;Xe`\cX G`efj J}eZ_\q j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< AL@:@F <A<:LK@MF p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi 1 89>% >C<E;8 ?@G8K@8 CL:<IF 8CM8I<Q GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ><E<I8C ILD@z8?L@ ;\dXe[X[fj 1 ;`\^f DXiZ\cf Ă?cmXi\q A`aÂ?e p DXiˆX ;Xe`\cX G`efj J}eZ_\q 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c gX^f :lXekˆX1 )-%'''#'' Ki}d`k\1 <a\Zlk`mf %$ =\Z_X [\ @e`Z`XZ`Â?e1 (- [\ ale`f [\c )''0 :XljX <a\Zlk`mf Ef% .0-$)''0%$ ;I8% B8C@EB8 A8I8D@CCF%$ GIFM@;<E:@81 ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF%$(. [\ alc`f [\c )''0# cXj (+_(.%$ 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%$ 8^iÂ…^l\j\ X cfj Xlkfj \c \jZi`kf p [fZld\ekf gi\j\ekX[f%$ <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 ;„j\ \c ki}d`k\ <A<:LK@MF%$ <e Zfej\Zl\e$ Z`X cfj [\dXe[X[fj ;@<>F D8I:<CF 8CM8I<Q A@AFE p D8I@8 ;8E@<C8 G@EFJ J8E:?<Q # [\ekif [\c k„id`$ ef [\ ki\j [ˆXj gX^l\ Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e cX [fZld\ekf 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`fe\j YXaf gi\m\eZ`f$ e\j [\ C\p% ;\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% +)* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ fi[\eX \c \dYXi^f [\c Y`\e `edl\Yc\ hl\ ZfejkX \e \c Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂŽe Hl`kf p X cX _`gfk\ZX XY`\ikX p hl\ \j [\ gifg`\[X[ [\ cfj [\dXe$ [X[fj j\ÂŒfi\j ZÂŽepl^\j ;`\^f DXiZ\cf 8cmXi\q A`aÂŽe p DXi`X ;Xe`\cX G`efj JXeZ_\q %$ :fej\Zl\ek\d\ek\ efk`$ ]ˆhl\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ X ]`e [\ hl\ kfd\ efkX [\ \jk\ gXik`ZlcXi \e cfj c`Yifj i\jg\Zk`mfj%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`$ ^\eZ`X Zl„ek\j\ Zfe cX Gfc`ZˆX EXZ`feXc p le ;\gfj`kXi`f Al[`Z`Xc %$ I\d`kXj\ X cXj Zfg`Xj i\jg\Zk`ZXj X cX jXcX [\ Jfik\fj p F]`Z`\j\ \e \jk\ j\ek`[f X cX `ejk`klZ`ÂŽe d\e$ Z`feX[X%$ :ĂŁK<J< X cfj [\dXe$ [X[fj ;@<>F D8I:<CF 8CM8I<Q A@AçE p D8I@8

Ĺ?

;8E@<C8 G@EFJ J8E:?<Q \e \c cl^Xi j\ÂŒXcX[f gXiX \c \]\Zkf%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgX$ ÂŒX[X% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X%$Gfi J\Zi\kXi`X [\aXe[f Zfg`Xj p gi\m`X iXqÂ?e p i\Z`Yf \e Xlkfj \eki„^l\j\ [\Y`[Xd\ek\ [\j$ ^cfjX[fj# Xc ;I% ><IDĂ E MĂ QHL<Q >8C8IQ8 f ;I% AL8E MĂ JHL<Q <JG@EFJ8 cfj [fZld\ekfj hl\ Xek\Z\$ [\e [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% 00) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ EFK@=@HL<J<%$ ] ;iX% DXi‰X <c\eX :_~m\q% Al\q% GIFM@;<E:@81 ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# cle\j )/ [\ ]\Yi\if [\c )'((# cXj ('_'( 8k\ekf Xc aliXd\e$ kf 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 cfj [\dXe[X[fj ;`\^f DXiZ\cf Ă?cmXi\q A`aÂ?e p DXiˆX ;Xe`\cX G`efj J}eZ_\q gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[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`ÂŽe hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ Cf :\ik`]`Zf%$ 89>% AFI>< D@<I 9LI98EF J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'+()&k] I% ;<C <% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 81 ;@<>F NC8;@D@I 8>L@II< GFQF p ;FCFI<J ;8M<@I8 G8C8:@FJ G<I<Q 8:KFI1 AFJ< =<IE8E;F 8> L ; < CF A8 I8 D @ C CF ><I<EK< ><E<I8C P I<GI<J<EK8EK< C<>8C ;< C8 :FDG8zĂ 8 HL8C8 <:L8;FI J%8% ; < D 8 E ;8 ; FJ 1 ; @ <> F NC8;@D@I 8>L@II< GFQF p ;FCFI<J ;8M<@I8 G8C8:@FJ G<I<Q AL@:@F Ef% )00$'0$I< :L8EK@81 ,,%''' KI8D@K<1 <a\Zlk`mf F9A<KF1 :fYif [\c mXcfi [\c gX^Xi„ X cX fi[\e dXk\i`X [\ cX [\dXe[X =LE;8D<EKF C<>8C1 8ikj% +(* p +(, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# +/- p +/. [\c :Â?[`^f [\ :fd\iZ`f% G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )' [\ DXiqf [\c )''0# cXj (-_')%$M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ \eZXi^X[X [\ \jkX al[`ZXkliX d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% ),+'$;G$;;G# [\ ). [\ X^fjkf [\c )''/%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p gfi i\le`i cfj [\d}j i\hl`j`$ kfj [\ C\p# j\ XZ\gkX X ki}d`k\ \a\Zlk`mf%$ Cfj [\dXe[X[fj ;@<>F NC8;@D@I 8>L@II< GFQF p ;FCFI<J ;8M<@I8 G8C8:@FJ G<I<Q \e \c k„id`$ ef [\ ki\j [ˆXj ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gif$ gfe^Xe cXj \oZ\gZ`fe\j hl\ Zfej`[\i\e g\ik`e\ek\j# gXiX \c \]\Zkf# Zˆk\j\cfj \e \c cl^Xi j\ÂŒXcX[f d\[`Xek\ [\gi\$ ZXkfi`f X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cf :`m`c [\c :XekÂ?e @YXiiX# Gifm`eZ`X [\ @dYXYliX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if j\ÂŒXcX[f p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl [\]\ejfi%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZl$ d\ekfj Xe\ofj X cX [\dXe[X%$ EFK@=@HL<J<% ] % ;iX% DXiZ`X =cfi\j 9\eXcZ}qXi%$ Al\q% GIFM@;<E:@8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%

Iecei jeZei jWd b_c_jWZei" gk[ Yh[[cei i_[cfh[ j[d[h hWpÂŒd$ @E>7DD MEB<=7D= LED =E;J>;

HL@KF# )0 [\ FZklYi\ [\c )''0# cXj (-_*)%$8k\ekf cf jfc`Z`kX[f p \e m`ikl[ [\c aliXd\ekf [\c XZkfi# [\ XZl\i[f Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj ;@<>F NC8;@D@I 8>L@II< GFQF p ;FCFI<J ;8M<@I8 G8C8:@FJ G<I<Q d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[%$ Efk`]ˆhl\j\% ] %$ ;i% :Xicfj =\ie}e[\q @[ifmf%$ Al\q% Cf hl\ cc\mf X jl ZfefZ`d`\e$ kf gXiX cfj ]`e\j [\ C\p# gi\$ m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j%$Hl`kf# ;`Z`\dYi\ )* [\c )''0%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F () ;< CF :@M@C ;< G@:?E:?8 ?Xp le j\ccf 8%:%&/'+')

FI;@E8I@FJ ALQ>8;F ;<:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8

F9A<KF1 <OKI8:KF AL@:@F FI;@E8I@F :8LJ81 Ef% ).0$)'(( 8:KFI<J1 G8:F :L8J:FK8 GLAFK8 P IFJ8 8EKFE@8 :L8J:FK8 =<IE8E;<Q ;<=<EJFI1 89% IF;I@>F G@E8E>F ;<D8E;8;FJ1 =I8E:@J:8 :L8J:FK8 :8KL:L8>F# p [\d}j `ek\i\jX[fj% ALQ>8;F ;<:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ KXYXZle[f# X )' [\ ale`f [\c )'((# cXj /?*,%$ M@JKFJ%$ Gfi ZlXekf cfj XZkfi\j _Xe [\ZcXiX[f YXaf aliXd\ekf cX `dgfj`Y`c`[X[ [\ [\k\id`eXi \c [fd`Z`c`f p i\j`[\eZ`X [\ cfj gi\jlekfj p [\jZfefZ`[fj _\i\[\ifj [\ cX [\dXe[X[X%$ CX [\dXe[X j\ ZXc`]`ZX [\ ZcXiX p Zfdgc\kX# \e Zfej\Zl\eZ`X j\ X[d`k\ Xc ki}d`k\ fi[`eXi`f% :ˆk\j\ Zfe cX [\dXe[X p \jk\ Xlkf X cX j\ŒfiX1 =iXeZ`jZX :lXjZfkX :XklZlX^f p [\d}j `ek\i\jX[fj%$ 8 hl`\e\j j\ cf Z`kXi}e gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e X e`m\c eXZ`feXc [\ cX Z`l[X[ [\ Hl`kf [\ Zfe]fi$ d`[X[ Xc Xik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c2 gXiX hl\ gifgfe^X cXj \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ J\ ZfekXi} \e \jkX ZXljX Zfe \c j\Œfi 8cZXc[\ p GifZliX[fi jˆe[`Zf [\c @cljki\ Dle`Z`g`f [\c ZXek�e G\[if DfeZXpf%$ ;\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c Xik% (''' [\ :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYX$ j\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXek�e# gXiX cf hl\ j\ efk`]`ZXi} Zfe cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ :Xek�e% Gfi kiXkXij\ [\ le `edl\Yc\ hl\ \jk} lY`ZX[f \e cX qfeX iliXc Zl„ek\j\ Zfe \c @ejk`klkf [\ ;\jXiifccf 8^iXi`f @E;8 # f X cX JlYj\Zi\kXiˆX [\ K`\iiXj p I\]fidX 8^iXi`X%$ GXiX cf ZlXc j\ \em`Xi} Xk\ekf [\gi\ZXkfi`f X lef [\ cfj j\Œfi\j Al\Z\j [\ cf Z`m`c [\c ZXek�e Hl`kf p j\ c\ f]i\Z\ i\Z`gifZ`[X[ \e ZXjfj Xe}cf^fj%$ 8[a’ek\j\ Xc gifZ\jf cfj [fZld\ekfj gi\$ j\ekX[fj%$ K„e^Xj\ \e Zl\e$ kX# cX [\j`^eXZ`�e [\c XYf^X[f [\]\ejfi [\ cfj XZZ`feXek\j p \c ZXj`cc\if al[`Z`Xc gXiX jlj

efk`]`ZXZ`fe\j%$ 8Zk’\ \c CZ[f% <[lXi[f D`Z_`c\eX Zfdf j\Zi\kXi`f <eZXi^X[f% :ˆk\j\ p Efk`]ˆhl\j\% ] Al\qX%$ ;iX% 8eX @eki`X^f [\ Jfkf% Cf hl\ Z`kf X ljk\[ gi\m`$ e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j [\ekif [\c g\iˆd\kif c\^Xc [\ \jkX ali`j[`ZZ`�e% KXYXZle[f# )/ [\ ale`f [\ )'('% :\ik`]`Zf%$ CZ[f% <[lXi[f D`Z_`c\eX# J\Zi\kXi`f <eZXi^X[f% 8%G%&+0--0&b%d% ALQ>8;F ;<:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8

F9A<KF1 <OKI8:KF AL@:@F FI;@E8I@F :8LJ81 Ef% )0,$)'(( 8:KFI<J1 AL8E =I8E:@J:F :8JKIF @D98 P IFJ8 <I:@C@8 J8E:?<Q D8IIFHL@E ;<=<EJFI1 89% IF;I@>F G@E8E>F ; < D 8 E ;8 ; F J 1 A L8 E D8EL<C >L8PK8I@CC8 P IFJ8C@8 QLI@K8# p X kf[Xj cXj g\ijfeXj hl\ gl[`\iXe _XY\i k\e`[f [\i\Z_fj% ALQ>8;F ;<:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ KXYXZle[f# X )' [\ ale`f [\c )'((# cXj 0_''%$ M@JKFJ%$ Gfi ZlXekf cfj XZkfi\j _Xe [\ZcX$ iX[f YXaf aliXd\ekf cX `dgf$ j`Y`c`[X[ [\ [\k\id`eXi \c [fd`Z`c`f p i\j`[\eZ`X [\ cfj [\dXe[X[fj%$ CX [\dXe[X j\ ZXc`]`ZX [\ ZcXiX p Zfdgc\kX# \e Zfej\Zl\eZ`X j\ X[d`k\ Xc ki}d`k\ fi[`eXi`f% :ˆk\j\ Zfe cX [\dXe[X p \jk\ Xlkf X cfj j\Œf$ i\j1 AlXe DXel\c >lXpkXi`ccX p jl \jgfjX IfjXcˆX Qli`kX p [\d}j `ek\i\jX[fj%$ 8 hl`\e\j j\ cf Z`kXi}e gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e X e`m\c eXZ`feXc [\ cX Z`l[X[ [\ Hl`kf [\ Zfe]fid`[X[ Xc Xik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c2

gXiX hl\ gifgfe^X cXj \oZ\g$ Z`fe\j [\ cXj hl\ j\ Zi\Xe Xj`j$ k`[fj YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ J\ ZfekXi} \e \jkX ZXljX Zfe \c j\Œfi 8cZXc[\ p GifZliX[fi jˆe[`Zf [\c @cljki\ Dle`Z`g`f [\c ZXek�e G\[if DfeZXpf%$ ;\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c Xik% (''' [\ :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXek�e# gXiX cf hl\ j\ efk`]`ZXi} Zfe cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ :Xek�e% 8[a’ek\j\ Xc gifZ\jf cfj [fZld\ekfj gi\$ j\ekX[fj%$ K„e^Xj\ \e Zl\e$ kX# cX [\j`^eXZ`�e [\c XYf^X[f [\]\ejfi [\ cfj XZZ`feXek\j p \c ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j%$ 8Zk’\ \c CZ[f% <[lXi[f D`Z_`c\eX Zfdf j\Zi\kXi`f <eZXi^X[f% :ˆk\j\ p Efk`]ˆhl\j\% ] Al\qX%$ ;iX% 8eX @eki`X^f [\ Jfkf% Cf hl\ Z`kf X ljk\[ gi\m`$ e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j [\ekif [\c g\iˆd\kif c\^Xc [\ \jkX ali`j[`ZZ`�e% KXYXZle[f# )/ [\ ale`f [\ )'('% :\ik`]`Zf%$ CZ[f% <[lXi[f D`Z_`c\eX# J\Zi\kXi`f <eZXi^X[f% 8%G%&+0-.'&b%d% I% ;<C <% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8 <;>8I ?LD9<IKF K<I8E J8C>8;F 8:KFI81 9<IK?8 CLQD@C8 :ILQ PĂ?E<Q ;<D8E;8;F 1 <;>8I ?LD9<IKF K<I8E J8C>8;F AL@:@F ;< I<J:@J@äE ;< :FEKI8KF ;< :FDGI8M<EK8 Ef%+0* $)'(($I< :L8EK@81 -%,'' KI8D@K<1 Fi[`eXi`f F9A<KF1 I\jZ`j`Â?e [\ ZfekiX$ kf [\ ZfdgiXm\ekX Z\c\YiX[f \c + [\ fZklYi\ [\c )''.# \e cX EfkXiˆX Ki`^„j`dX Gi`d\iX [\ cX ;iX% DXi`X Gfqf 8ZfjkX \eki\ 9<IK?8 CLQD@C8 :ILQ P8E<Q p <>8I ?LD9<IKF K<I8E % =LE;8D<EKF C<>8C1 8ikj% (/)/# (/)0 G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF J<>LE;F

MIGRATAXI S.A. COMUNICACIĂ“N A SUS ACCIONISTAS SE CONVOCA DE CARĂ CTER URGENTE A TODAS AQUELLAS PERSONAS QUE SE CONSIDEREN SER ACCIONISTAS O MIEMBROS DE LA COMPAĂ‘Ă?A DE TAXIS MIGRATAXI S.A. A PRESENTARSE EN LAS OFICINAS UBICADAS EN LAS CALLES GUIEPI E6-105 E ISLA SEYMUR EN EL HORARIO DE 9:00 AM HASTA LAS 16:00 PM, CON TODA LA DOCUMENTACIĂ“N QUE LO ACREDITE SER PARTE DE LA MISMA.

;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (- [\ dXpf [\c )'((# cXj ('_+,% M@JKFJ%$ Gfi _XY\i Zldgc`[f Zfe cf fi[\eX[f \e cX gifm`[\eZ`X hl\ Xek\Z\[\# cX [\dXe[X \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\$ Zl\eZ`X# j\ X[d`k\ Xc ki}d`k\ FI;@E8I@F%$ :fe \c Zfek\e`$ [f [\ cX [\dXe[X p \jk\ 8lkf Z�iiXj\ kiXjcX[f Xc [\dXe[X[f <;>8I ?LD9<IKF K<I8E J8C>8;F Zfe Xg\iZ`Y`d`\e$ kf \e i\Y\c[ˆX# gXiX hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfe$ k\jk\ cX [\dXe[X p ]fidlc\ cXj \oZ\gZ`fe\j hl\ Zfej`[\i\ g\ik`e\ek\j# gXiX \c \]\Zkf# \e m`ikl[ [\c aliXd\ekf [\ cX XZkf$ iX# [\ XZl\i[f Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc XZZ`feX[f <;>8I ?LD9<IKF K<I8E J8C>8;F d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[%$8^i„^l\j\ Xc gifZ\$ jf \c [fZld\ekf Xe\of X cX [\dXe[X%$K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f %$ EFK@=@HL<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`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j%$Hl`kf# Ale`f ). [\c )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F () ;< CF :@M@C ;< G@:?E:?8 <o`jk\ ]`idX p j\ccf% 8%G%&+0-0,&b%d% C8 I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF AL@:@F ;< GI<J:I@G:@FE < O K I 8 F I ; @ E 8 I @ 8

8;HL@J@K@M8 ;< ;FD@E@F ;<C CFK< ;< K<II<EF L9@:8;F <E <C 98II@F C8 98E;8# :8CC< @J@;IF 8PFI8 :8EKFE G<;IF DFE:8PF# GIFM@E:@8 ;< G@:?@E:?8 :FE LE8 JLG<I=@:@< KFK8C ;< ;FJ:@<EKFJ J<@J D<KIFJ :L8;I8;FJ# E%(*,$ )'(( KI8D@K<1 FI;@E8I@F E% (*,$)'(( 8:KFI1 D8I@8 :C<D<E:@8 ?<IDFJ8 FIK<>8 P FKIFJ% ;<D8E;8;F1 8 CFJ ;<D8E;8;FJ :8ICFJ 8C=I<;F D8EK@CC8 P IFJ8 ?<ID@E@8 :8JK@CCF# ?<I<;<I8J :FEF:@;8J# J<zFI8J D8I@8 :<C@E;8 ?<IDFJ8 FIK<>8 P :8ID<E ?<IDFJ8 8>L@C8I P D@>L<C 8E><C ?<IDFJ8 8IIFPF P D8J GI<JLEKFJ P ;<J:FEF:@;FJ ?<I<;<IFJ ;< AFJ< I8=8<C ?<IDFJ8 8IIFPF% :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F ;<:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ KXYXZle[f# X (. [\ DXpf [\c )'((# cXj '/_*,%$ M@JKFJ1 Gfi ZlXekf cfj XZkfi\j _Xe [\ZcXiX$ [f YXaf aliXd\ekf# cX `dgfj`Y`$ c`[X[ [\ [\k\id`eXi \c [fd`Z`c`f p i\j`[\eZ`X [\ cfj gi\jlekfj p [\jZfefZ`[fj _\i\[\ifj [\ cfj [\dXe[X[fj%$ CX [\dXe[X j\ ZXc`]`ZX [\ ZcXiX p Zfdgc\kX# \e Zfej\Zl\eZ`X j\ X[d`k\ Xc ki}d`k\ fi[`eXi`f% :ˆk\j\ Zfe cX [\dXe[X p \jk\ Xlkf X cfj j\Œfi\j1 :8ICFJ 8C=I<;F D8EK@CC8# IFJ8 ?<ID@E@8 :8JK@CCF# ?<I<;<I8J :FEF:@;8J ;< AFJ< I8=8<C ?<IDFJ8 8IIFPF# D8I@E8 :<C@E;8 ?<IDFJ8 FIK<>8# :8ID<E ?<IDFJ8 8>L@C8I P D@>L<C 8E><C ?<IDFJ8 8IIFPF P ;<D8J @EK<I<J8;FJ%$ 8 hl`\e\j

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS

EXTRACTO DE LA ESCRITURA PUBLICA DE CAMBIO DE DENOMINACIĂ“N. OBJETO SOCIAL Y REFORMA DE ESTATUTOS DE LA COMPAĂ‘Ă?A KOLOSOS SEGUKOL CIA. LTDA. AGENCIA ASESORA PRODUCTORA DE SEGUROS.

Se comunica al público en general que KOLOSOS SEGUKOL CIA. LTDA. AGENCIA ASESORA PRODUCTORA DE SEGUROS, mediante escritura pública otorgada ante el Notario Primero del cantón Quito, el 22 de febrero de 2011, cambió su denominación por la de DOWP ADVISORY ASESORES CIA. LTDA., modificó el objeto social y reformó el estatuto social de la compaùía.

ATENTAMENTE

Quienes se creyeren perjudicados en sus intereses y con derecho, pueden presentar su oposición ante uno de los jueces de lo Civil del domicilio principal de la compaùía, que lo tiene ubicado en el Distrito Metropolitano de Quito, dentro del tÊrmino de seis días contados desde la fecha de la última publicación de este extracto. El juez que reciba la oposición y/o el accionante notificarå a esta Superintendencia, hasta dentro de dos días håbiles posteriores al último seùalado para presentar la oposición, conjuntamente con la copia de la petición y la providencia a ella recaída.

GERARDO LOPEZ PRESIDENTE

Quito, Distrito Metropolitano, veinticuatro de junio de dos mil once.

RICARDO ENCALADA GERENTE GENERAL

Ab. Luis Cabezas – Klaere SECRETARIO GENERAL

ESTA INFORMACIĂ“N ES DE CARĂ CTER PRIMORDIAL PARA REGULARIZAR LA CONDICIĂ“N Y DOCUMENTACIĂ“N DE CADA UNA DE LAS PERSONAS EN LA COMPAĂ‘Ă?A.

A.P./49696/k.m.

A.P./49691/k.m.

j\ cf Z`kXi}e gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e X e`m\c eXZ`feXc [\ cX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`[X[ Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% GXiX hl\ gifgfe^Xe cXj \oZ\g$ Z`fe\j [\ cXj hl\ j\ Zi\Xe Xj`j$ k`[fj YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ J\ ZfekXi} \e \jkX ZXljX Zfe \c j\ÂŒfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf [\c @cljki\ Dle`Z`g`f [\c ZXekÂ?e G\[if DfeZXpf% ;\ Zfe]fid`[X[ Zfe cf gi\m`jkf \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e# gXiX cf hl\ j\ efk`]`ZXi} Zfe cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e% K„e^Xj\ \e Zl\e$ kX cX [\j`^eXZ`Â?e [\c [\]\ejfi [\c XZZ`feXek\ p \c ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j% 8ZkÂ’\ \c CZ[f% <[lXi[f D`Z_\c\eX Zfdf j\Zi\kXi`f <eZXi^X[f% :ˆk\j\ p efk`]ˆhl\j\% = ;I8% 8E8 @EKI@8>F ;< JFKF% CF HL< :@KF 8 LJK<; GI<M@E@<E;FC< ;< C8 F9C@>8:@äE ;< J<z8C8I :8 J @ C C < I F A L ; @ : @ 8 C G8I8 I<:@9@I =LKLI8J EFK@=@:8:@FE<J% K898:LE;F# * ;< ALE@F ;<C 8zF )'((% :<IK@=@:F% CZ[f% CL@J <;L8I;F D@:?@C<E8 J<:I<K8I@F <E:8I>8;F ;<C ALQ>8;F ;<:@DF J<OKF ;< CF :@M@C ;< G@:?@E:?8

?Xp ]`idX p j\ccf 8G&+0.(,&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%

:@K8:@FE AL;@:@8C 8 CFJ J<zFI<J AFI>< <EI@HL< ;LI8E CL:@F P :8ICFK8 @I<E< DFE:8PF D<I@EF# ;< C8 ;<D8E;8 ;< G I < J : I @ G : @ F E < O K I 8 F I ; @ E 8 I @ 8 8;HL@J@K@M8 ;< ;FD@E@F GIFGL<JKF <E JL :FEKI8 GFI C8 J<zFI8 J@CM@8 8D8;8 E8IM8<Q G8EKFA8% 8:KFI81 J@CM@8 8D8;8 E8IM8<Q G8EKFA8 ;<D8E;8;FJ1 AFI>< <EI@HL< ;LI8E CL:@F P :8ICFK8 @I<E< DFE:8PF D<I@EF AL@:@F Ef% (,+,$ )'('$ G I <J : I @ G : @ F E < O K I 8 F I ; @ E 8 I @ 8 8;HL@J@K@M8 ;< ;FD@E@F $DD% KI8D@K<1 FI;@E8I@F :L8EK@81 @E;<K<ID@E8;F% ;FD@:@C@F AL;@:@8C Ef% *() ;\c ;i% E\imf :\mXccfj %% GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# m`\ie\j (' [\ [`Z`\dYi\ [\c )'('# cXj ((_(.% M@JKFJ$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX Zfdgc\$ kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <e Zfej\Zl\eZ`X ZÂ?iiX$ j\ kiXjcX[f Zfe cX d`jdX Xc [\dXe[X[f AFI>< <EI@HL<

;LI8E CL:@F# gfi \c k„id`ef [\ hl`eZ\ [ˆXj YXaf Xg\iZ`Y`$ d`\ekf \e i\Y\c[ˆX%$ @ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXek�e% :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe \c @cljki\ Dle`Z`g`f [\ Hl`kf% <e d\i`kf Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f Afi^\ <ei`hl\ ;li}e ClZ`f# gfi cX gi\ejX \e le g\i`�[`Zf [\ dXpfi Z`iZlcX$ Z`�e [\ \jkX Z`l[X[ [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f% 8^i„^l\j\ cX [fZld\ekXZ`�e XZfdgXŒX$ [X$ Efk`]ˆhl\j\% ] ;iX% D�e`ZX =cfi GXqd`Œf# Al\qX%$ FKI8 GIFM@;<E:@8%$ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# m`\ie\j (. [\ ale`f [\c )'((# cXj '0_*/% M@JKFJ%$ <e cf gi`e$ Z`gXc# cX i\]fidX X cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\$ kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p% <e Zfej\Zl\eZ`X Zˆk\j\ Zfe cX d`jdX X cfj [\dXe[X$ [fj j\Œfi\j AFI>< <EI@HL< ;LI8E CL:@F p :8ICFK8 @I<E< DFE:8PF D<I@EF# gfi \c k„id`ef [\ hl`eZ\ [ˆXj YXaf Xg\iZ`Y`d`\ekf \e i\Y\c$ [ˆX% @ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXek�e% :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe \c @cljki\ Dle`Z`g`f [\ Hl`kf% <e d\i`kf Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf

SUPERINTENDENCIA DE COMPAĂ‘Ă?AS

RESOLUCIĂ“N No. SC.IJ.DJCPTE.Q.11. 2902 DR. CAMILO VALDIVIESO CUEVA INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO CONSIDERANDO: QUE junto con la solicitud correspondiente, se han presentado a este Despacho tres testimonios de las dos protocolizaciones efectuadas el 15 de junio de 2011, ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, que contienen los documentos exigidos por el artĂ­culo 415 de la ley de Compaùías, previo al establecimiento de la sucursal en el Ecuador, de la compaùía extranjera LANTOURS DIVISION SERVICIOS TERRESTRES S.A., de nacionalidad chilena; QUE mediante Memorando No. SC.lJ.DJCPTE.Q.11.087 de 27 de junio de 2011, la DirecciĂłn JurĂ­dica de Concurso Preventivo y TrĂĄmites Especiales ha emitido informe favorable sobre la suficiencia de los documentos presentados: y, EN ejercicio de las atribuciones asignadas mediante Resoluciones Nos. ADMQ-2011-002 de 17 de enero de 2011 y SC-IAF-DRH-G-2011-186 de 15 de marzo de 2011, RESUELVE: ARTĂ?CULO PRIMERO.- CALIFICAR de suficientes los documentos otorgados en el exterior; y, autorizar el establecimiento de la sucursal en el Ecuador a la compaùía extranjera LANTOURS DIVISION SERVICIOS TERRESTRES S.A., de nacionalidad chilena; conceder el permiso para operar en el paĂ­s, con arreglo a sus propios estatutos, en cuanto no se opongan a las leyes ecuatorianas; y, calificar de suficiente el Poder otorgado a travĂŠs de la Directiva, a favor del seĂąor Manuel Maximiliano Naranjo Iturralde, de nacionalidad ecuatoriana. ARTĂ?CULO SEGUNDO.- DISPONER: a) Que el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, tome nota del contenido de esta ResoluciĂłn al margen de las dos protocolizaciones efectuadas el 15 de junio de 2011; b) Que el Registrador Mercantil del Distrito Metropolitano de Quito en cuyo cantĂłn fija la compaùía el domicilio de su sucursal, inscriba los documentos constantes en las protocolizaciones y esta ResoluciĂłn; y, c) Que dichos funcionarios sienten las razones respectivas. ARTĂ?CULO TERCERO.- DISPONER que se publique, por una vez, en uno de los periĂłdicos de mayor circulaciĂłn en el Distrito Metropolitano de Quito, el texto Ă­ntegro del Poder con las razones correspondientes y un extracto de los documentos constantes en las protocolizaciones seĂąaladas. CUMPLIDO lo anterior, remĂ­tase a este Despacho copia certificada de las protocolizaciones antes referidas. COMUNĂ?QUESE.- DADA y firmada en el Distrito Metropolitano de Quito, 30 JUN. 2011 DR. CAMILO VALDIVIESO CUEVA INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO

Iecei bei ikf[hl_l_[dj[i" f[he j[d[cei gk[ l_l_h [d _]kWbZWZ W bei e`ei Z[b JeZefeZ[heie$ 8E8 C7HB;O :`m`c# Zˆk\j\ X cfj [\dXe[X[fj j\Œfi\j Afi^\ <ei`hl\ ;li}e ClZ`f p :XicfkX @i\e\ DfeZXpf D\i`ef gfi cX gi\ejX \e le g\i`�[`Zf [\ dXpfi Z`iZlcX$ Z`�e [\ \jkX Z`l[X[ [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX% 8^i„^l\j\ cX [fZld\ekXZ`�e XZfdgXŒX[X%$ 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 \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@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf (',)/ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8C J<zFI <IE<JKF I8D@IF IF;Ià >L<Q M8C;@M@<JF 8:KFI81 89% >C<E;8 ?@G8K@8 CL:<IF �CM8I<Q# <E JL :8C@;8; ;< GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ><E<I8C ILD@z8?L@ J%8% ;<D8E;8;F1 <IE<JKF I8D@IF I F ; I à > L < Q M8C;@M@<JF AL@:@F FI;@E8I@F EF% ('+$ )'('$MJ :L8EK@81 ),%,''# ff 89F>8;F1 < J K < 9 8 E IF;I@>L<Q

ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '- [\ 8Yi`c [\c )'('# cXj (,_(-%$ M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ p jl Zfdgc\d\ekf \j ZcXiX# Zfd$ gc\kX p gi\Z`jX# gfi i\le`i cfj i\hl`j`kfj [\ C\p# j\ cX X[d`k\ Xc ki}d`k\ Fi[`eXi`f%$ <e cf gi`eZ`gXc# Zfe \c Zfek\e`[f [\ cX [\dXe[X p „jk\ 8lkf [\ ZXc`]`ZXZ`Â?e# Zˆk\j\ \e \c cl^Xi hl\ j\ `e[`ZX X cfj [\dXe[X$ [fj <ie\jkf IXd`if If[iˆ^l\q MXc[`m`\jf p IXhl\c 8c`Z`X If[iˆ^l\q MXc[`m`\jf# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj gifgfe^Xe \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj# gXiX cf ZlXc \emˆ\j\ \c jl]`$ Z`\ek\ [\jgXZ_f X cX F]`Z`eX [\ :`kXZ`fe\j%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX gXik\ XZkfiX gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe# Xjˆ Zfdf cX [\j`^eXZ`Â?e [\ jl XYf^X$ [f gXkifZ`eX[fi%$ :@K<J< P EFK@=@HL<J<% ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (* [\ ale`f [\c )'((# cXj ('_,0%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX XYf^X[X >c\e[X ?`gXk`X ClZ\if Ă?cmXi\q# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf >\e\iXc Ild`ÂŒX_l` J%82 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 <ie\jkf IXd`if If[iˆ^l\q MXc[`m`\jf#

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A BIOGENESISBAGO S.A. La compaùía BIOGENESISBAGO S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito, el 21/junio/2011 , fue aprobada por la Superintendencia de compaùías, mediante ResoluciĂłn SC.IJ. DJC.Q.11.002882 de 29/junio/2011. 1. DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2. CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800, Valor US$ 1,00 3. OBJETO: El objeto de la compaùía es: A) COMPRA, VENTA, IMPORTACIĂ“N, EXPORTACIĂ“N, ALMACENAJE, DISTRIBUCIĂ“N, DESARROLLO Y PRODUCCIĂ“N, INCLUYENDO FUNCIONES DE INTERMEDIACIĂ“N ENTRE PARTES CON RESIDENCIA EN EL PAĂ?S O EN EL EXTERIOR, DE PRODUCTOS Y MATERIAS PRIMAS DE USO EN MEDICINA ANIMAL, HUMANA... Quito, 29 de junio de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS

AR/83569/cc

AC/80455/tf

X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf2 gXiX cf ZlXc Zfe]`„iXj\ \c Zfii\jgfe[`\ek\ \okiXZkf%$ :@K<J< P EFK@=@HL<J<% = %$ ;I% @M8E :<M8CCFJ Q8D9I8EF# AL<Q M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL@:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ HL@KF )( ;< ALE@F ;< )'((%$ :<IK@=@:F ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'+--&k] <OKI8:KF

:@K8:@äE AL;@:@8C 8C @E>% =I8E:@J:F K<F;FIF ?<I<;@8 8I>L<CCF# :FE C8 ;<D8E;8 HL< <E AL@:@F FI;@E8I@F J@>L< <E JL :FEKI8 CFJ JIJ% D8I@8 ;<C@8 D<E;FQ8 K@98EK8# AFJ< =I8E:@J:F J8C8Q8I D<E;FQ8# E<CCP <JKI<CC8 J8C8Q8I D<E;FQ8 P FKIFJ% 8:KFI<J1 JIJ% D8I@8 ;<C@8 D<E;FQ8 K@98EK8# AFJ< =I8E:@J:F J8C8Q8I D<E;FQ8# E<CCP <JKI<CC8 J8C8Q8I D<E;FQ8 P FKIFJ% ;<D8E;8;F1 @ E > % = I8 E : @ J:F K <F ; F IF ?<I<;@8 8I>L<CCF AL@:@F1 ELC@;8; ;< :FEKI8KF ;< ?@GFK<:8 89@<IK8% KI8D@K<1 FI;@E8I@F :L8EK@81 @E;<K<ID@E8;8 :8LJ8 Ef% )'(($'*+-$D%:% ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '( [\ alc`f [\c )'((% ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j ), [\ dXiqf [\c )'((# cXj ('_+*%$ M@JKFJ%$ <e m`i$ kl[ [\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\ fi[`eXi`f%$ :Â?iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X Xc [\dXe[X[f j\ÂŒfi =I8E:@J:F K<F;FIF ?<I<;@8 8I>L<CCF# gXiX hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\ cX [\dXe[X p gif$ gfe^X kf[Xj cXj \oZ\gZ`fe\j [\ hl\ j\ Zi\p\i\ Xj`jk`[f#YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ :ˆk\j\ Xc [\dXe[X[f \e \c cl^Xi hl\ j\ `e[`ZX%$ @ejZiˆYXj\ \jkX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e%$ 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\%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )+ [\ ale`f [\c )'((# cXj (-_'0%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX$ [f%$ <e m`ikl[ [\c aliXd\ekf i\e[`[f p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi =I8E:@J:F K<F;FIF ?<I<;@8 8I>L<CCF# d\[`Xe$ k\ glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`ilZcXZ`fe hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf2 gXiX \c \]\Zkf# Zfe]`Â…iX$ j\ \c \okiXZkf Zfii\jgfe[`\e$ k\%$ Efk`]ˆhl\j\%$ ] ;i% NX^e\i AXk`mX Hl`ifq AL<Q Cf hl\ Zfdle`Zf X L[%# 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 p ZXj`cc\if al[`Z`Xc \e cX ]fidX p [\ekif [\c g\iˆd\kif c\^Xc% :\ik`]`Zf% ;I% ALC@F :<J8I DLzFQ%

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'+-,&k] I ;<C <% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 81 <dgi\jX @edfY`c`Xi`X :_Xc\cX :ˆX Ck[X%# \e cX g\ijf$ eX [\ jl I\gi\j\ekXek\ C\^Xc Ji% IlY„e :_Xc\cX 8:KFI1 EfiY\ikf >\eXif Jfi`X GXi\[\j p McX[`d`i @cpX A_XppX :`je\ifj# \e jlj ZXc`[X[\j [\ Gi\j`[\ek\ p Jˆe[`Zf p Zfdf kXc i\gi\j\ekXek\j c\^Xc\j [\c :fd`k„ Gifd\afiXj JXekX DÂ?e`ZX ;<D8E;8;F1 <dgi\jX @edfY`c`Xi`X :_Xc\cX :ˆX Ck[X%# \e cX g\ijfeX [\ jl I\gi\j\ekXek\ C\^Xc Ji% IlY„e :_Xc\cX AL@:@F1 Fi[`eXi`f Ef% (-.$ )'('$:MD F 9 A < KF 1 Gi\ j Z i ` g Z ` Â? e <okiXfi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f KI8D@K<1 Fi[`eXi`f =<:?8 ;< @E@:@F1 '/ [\ 8Yi`c [\c )'(' :L8EK@81 @e[\k\id`eX[X GIFM@;<E:@81 ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# '/ [\ XYi`c [\c )'('# cXj '/_)*%$ M@JKFJ1 Gfi ZlXekf cfj XZkfi\j _Xe [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X [\ )0 [\ DXiqf [\c )'('# j\ k`\e\ hl\ 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\ Xc ki}d`k\ fi[`eXi`f% <e Zfe$ j\Zl\eZ`X# Zfe cX [\dXe[X gi\j\ekX[X p „jk\ Xlkf# ZÂ?iiX$ j\ kiXjcX[f X cX [\dXe[X[X <DGI<J8 @EDF9@C@8I@8 :?Ă?C<C8 :Ă 8% CK;8% \e cX g\ijfeX [\ jl i\gi\j\ekXek\ c\^Xc JI% IL9<E :?8C<C8# X ]`e [\ hl\ Zfek\jk\ \e \c k„id`ef [\ hl`eZ\ [ˆXj# Zfe Xg\iZ`Y`d`\ekf [\ cXj gXik\j \e i\Y\c[ˆX%$ ;\ Zfe]fid`[X[ Zfe \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ej$ ZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf% ?\Z_f hl\ j\X# \e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f gfi cfj [\dXe[Xek\j p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X <DGI<J8 @EDF9@C@8I@8 :?Ă?C<C8 :Ă 8% CK;8% \e cX g\ijfeX [\ jl i\gi\j\ekXek\ c\^Xc JI% IL9<E :?8C<C8# d\[`Xek\ ki\j glYc`ZXZ`fe\j [`jk`ekXj# hl\ [\Y\i}e i\X$ c`qXij\ \e lef [\ cfj g\i`Â?$ [`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ Gfi cX eXkliXc\qX [\ cX ZXljX# Zl„ek\j\ Zfe \c j\ÂŒfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e X[alekX X cX [\dXe[X%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c [\dXe[Xek\ Xjˆ Zfdf cX [\j`^eXZ`Â?e [\ jl XYf^X[f gXkifZ`eX[fi% Efk`]ˆhl\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[f$ c\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc iXiX i\Z`Y`i jlj efk`]`ZXZ`f$ e\j%$ Hl`kf# ', [\ FZklYi\ [\c )'('% :\ik`]`Zf% Cf \ed\e[X$ [f# mXc\%

Ĉ

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

:@K8:@äE AL;@:@8C 81 8E><C8 D8I@8 IFD<IF :8KFI AL@:@F1 GI<J:I@G:@FE FI;@E8I@8 ;< ;FD@E@F Eif% +)($)'(($?%<% 8:KFI1 ;@<>F D8I:<CF 8I@8J :FIFE<C ;<D8E;8;81 8E><C8 D8I@8 IFD<IF :8KFI =LE;8D<EKF C<>8C1 8ikj% -))# .++# )+(-# )+*) p )+*+ [\c :f[`^f :`m`c% KI8D@K<1 FI;@E8I@F :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 Eif% +),+$ 89% A8@D< 8I@8J :FIFE<C 8LKF ;< :8C@=@:8:@FE ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (, [\ XYi`c [\c )'((# cXj ('_(/%$ M@JKFJ1 LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf [`j$ gl\jkf \e gifm`[\eZ`X `e`Z`Xc# cX [\dXe[X gifgl\jkX \j ZcXiX# Zfdgc\kX# p Zfek\ek`mX [\ cfj i\hl`j`kfj gi\Z\gklX[fj \e cfj 8ikj% -. p -/ [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfe$ j\Zl\ek\d\ek\# X[d`k`Â…e[fcX X ki~d`k\ fi[`eXi`f# j\ [`jgf$ e\ hl\ cX [\dXe[X[X j\ÂŒfiX 8e^\cX DXi‰X Ifd\if :Xkfi# \e \c kÂ…id`ef [\ hl`eZ\ [‰Xj cl\^f [\ cX “ck`dX Z`kXZ`ÂŽe# gifgfe^X cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekfi`Xj hl\ c\ Xj`jkXe \e [\i\Z_f# YXaf gi\m\eZ`fe\j [\ C\p%$ <e Xk\eZ`ÂŽe X cX X]`idXZ`ÂŽe hl\ Zfe aliXd\ekf \]\Zk“X \c XZkfi# Z‰k\j\ X cX [\dXe[X[X gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`ÂŽe eXZ`feXc [\ cfj hl\ j\ \[`kXe \e \jkX Z`l$ [X[ [\ Hl`kf# \e cX ]fidX hl\ gi\Z\gk“X \c 8ik% /) @Y`[\d%$ @ejZi‰YXj\ cX gi\j\ek\ [\dXe$ [X \e cX ;`i\ZZ`ÂŽe EXZ`feXc [\ KiXejgfik\ K\ii\jki\# Ki~ej`kf p J\^li`[X[ M`Xc%$8^i‡^l\j\ cX [fZld\ekXZ`fe XZfdgXÂŒX[X%$ KÂ…e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c Zfd$ gXi\Z`\ek\ gXiX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j# p# cX Xlkfi`$ qXZ`ÂŽe Zfe]\i`[X X jl 8Yf^X[f [\]\ejfi%$%Efk`]‰hl\j\%$ ;I% IL9<E >@C<I :<;<zF% AL<Q Cf hl\ c\ Zfdle`Zf X Ljk\[ p C< :@KF# gi\m`e`\e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ cX [\dXe$ [X[X [\ j\ÂŒXcXi ZXj`cc\if al[`$ Z`Xc# gXiX jlj gfjk\i`fi\j efk`$ ]`ZXZ`fe\j% C@:% >L@;F <JG@EFQ8 <% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'+,+&k] <OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 81 CL:@C8 G@EKF CF98KF P >L@CC<IDF HL@E>8 z8:8J?8 8:KFI<J1 9<IK?8 D8I@E8 :8D9@J8:8 9<C@K8D8 P D8EL<C 9<E@>EF 98Q8I8E <I8J ;<D8E;8;FJ1 CL:@C8 G@EKF CF98KF P >L@CC<IDF HL@E>8 z8:8J?8 AL@:@F1 FI;@E8I@F Ef +,* $ )'(( $ :D% KI8D@K<1 FI;@E8I@F

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ĉ

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

:L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# d`„iZfc\j )' [\ XYi`c [\c )'((# cXj '/_))% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ fi[`$ eXi`f hl\ j\ jfc`Z`kX# \e Zfe$ j\Zl\eZ`X# Z�iiXj\ kiXjcX[f Zfe cX [\dXe[X p \jkX gifm`$ [\eZ`X X cfj j\Œfi\j CL:@C8 G@EKF CF98KF P >L@CC<IDF HL@E>8 z8:8J?8# X ]`e [\ hl\ Zfek\jk\e \e \c k„id`ef [\ hl`eZ\ [ˆXj# [\ j\i Z`kX[fj c\^Xcd\ek\ YXaf Xg\iZ`Y`d`\e$ kf \e i\Y\c[ˆX% ;\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXek�e% ;\ XZl\i[f Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :�[`^f 8[a\k`mf :`m`c p Xc aliXd\ekf i\e[`[f gfi cfj XZkfi\j [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf% :ˆk\j\ p Zl„e$ k\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% 8^i„^l\j\ Xc gifZ\jf \c [fZld\ekf hl\ j\ XZfdgXŒX% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cfj Zfd$ gXi\Z`\ek\%$ EFK@=@HL<J<% = ;I% I8LC D8I@zF ?<IE8E;<Q AL<Q 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$ kif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p% C:;F% :8ICFJ DLI@CCF 98II@FEL<MF J<:I<K8I@F < ?Xp le j\ccf 8%:%&(((0+ I% [\c <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8

8 cfj j\Œfi\j I\e\ =\ieXe[f 9fe`ccX :Xc[\i�e# DXi`X 8c\oXe[iX 9fe`ccX :Xc[\i�e# M`m`XeX DXi`Y\c 9fe`ccX :Xc[\i�e# p 8Y[�e GXki`Z`f 9fe`ccX :Xc[\i�e2 Xjˆ Zfdf [\ cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c j\Œfi AlXe M`Z\ek\ 9fe`ccX M\^X1 p [\ cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ <jgˆi`kl Hl`e^X Hl`cX^f p :Xid\e =\c`eX >lXqldYX Hl`e^X2 [\ jlj _\i\[\ifj ZfefZ`[fj j\Œfi\j1 Afj„ Alc`f Hl`e^X >lXqldYX# DXi`X 9\Xkiˆq Hl`e^X >lXqldYX# IfjX DXi`X Hl`e^X >lXqldYX# DXiˆX <l]\d`X Hl`e^X >lXqldYX# DXiˆX PfcXe[X Hl`e^X >lXqldYX p Afj„ If[i`^f Hl`e^X >lXqldYX# j\ c\j _XZ\ jXY\i hl\ \e \jkX al[`ZXkliX j\ _X gifgl\jkf al`Z`f Fi[`eXi`f \e cfj j`^l`\ek\j k„id`efj1 8:KFI1 Afj„ Alc`f :XkX^ŒX M`el\qX ;<D8E;8;FJ1 j\Œfi\j I\e\ =\ieXe[f 9fe`ccX :Xc[\i�e# DXiˆX 8c\oXe[iX 9fe`ccX :Xc[\i�e# M`m`XeX DXi`Y\c 9fe`ccX :Xc[\i�e# p 8Y[�e GXki`Z`f 9fe`ccX :Xc[\i�e1 Xjˆ Zfdf [\ cfj _\i\[\ifj gi\jle$ kfj p [\jZfefZ`[fj [\c j\Œfi AlXe M`Z\ek\ 9fe`ccX M\^X2 p [\ cfj _\i\[\ifj gi\jlekfj

p [\jZfefZ`[fj [\ <jgˆi`kl Hl`e^X Hl`cX^f p :Xid\e =\c`eX >lXqldYX Hl`e^X2 [\ jlj _\i\[\ifj ZfefZ`[fj j\Œfi\j1 Afj„ Alc`f Hl`e^X >lXqldYX# DXi`X 9\Xkiˆq Hl`e^X >lXqldYX# IfjX DXi`X Hl`e^X >lXqldYX# DXiˆX <l]\d`X Hl`e^X >lXqldYX# DXiˆX PfcXe[X Hl`e^X >lXqldYX p Afj„ If[i`^f Hl`e^X >lXqldYX AL@:@F1 Fi[`eXi`f Ef% *-0$ )'((%$FD% 8ikj% -'*# .(,# )*0)# )*0*# )*0/# )+('# )+((# )+(* p d}j g\ik`e\ek\j [\c :�[`^f :`m`c% :L8EK@81 @e[\k\id`eX[X KI8D@K<1 Fi[`eXi`f 89F>8;F ;<=<EJFI1 ;i% DXel\c 8lZXeZ\cX GIFM@;<E:@81 ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X (- [\ dXpf [\c )'((# X cXj (,?*'% M@JKFJ1 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\Zk`mf# \e al`Z`f fi[`eXi`f# \e Zfej\$ Zl\eZ`X Z�iiXj\ kiXjcX[f Zfe cX gi\j\ek\ [\dXe[X p \jkX gifm`[\eZ`X X cfj [\dXe[X[fj j\Œfi\j I\e\ =\ieXe[f 9fe`ccX :Xc[\i�e# DXiˆX 8c\oXe[iX 9fe`ccX :Xc[\i�e# M`m`XeX DXi`Y\c 9fe`ccX :Xc[\i�e# p 8Y[�e GXki`Z`f 9fe`ccX :Xc[\i�e1 Xjˆ Zfdf [\ cfj _\i\[\ifj gi\jlekfj p [\jZf$ efZ`[fj [\c j\Œfi AlXe M`Z\ek\ 9fe`ccX M\^X2 p [\ cfj _\i\[\$ ifj gi\jlekfj p [\jZfefZ`[fj [\ <jgˆi`kl Hl`e^X Hl`cX^f p :Xid\e =\c`eX >lXqldYX Hl`e^X2 [\ jlj _\i\[\ifj ZfefZ`[fj j\Œfi\j1 Afj„ Alc`f Hl`e^X >lXqldYX# DXi`X 9\Xkiˆq Hl`e^X >lXqldYX# IfjX DXi`X Hl`e^X >lXqldYX# DXiˆX <l]\d`X Hl`e^X >lXqldYX# DXiˆX PfcXe[X Hl`e^X >lXqldYX p Afj„ If[i`^f Hl`e^X >lXqldYX# gfi \c k„id`ef [\ hl`eZ\ [ˆXj X ]`e [\ hl\ gi\j\ek\ cXj \oZ\gZ`fe\j X hl\ j\ Zi\X Xj`jk`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ <e Xk\eZ`�e Xc aliXd\ekf \ogi\jf hl\ _XZ\ \c XZkfi [\ [\jZfefZ\i \c [fd`$ Z`c`f p i\j`[\eZ`X XZklXc [\ cfj [\dXe[X[fj j\Œfi\j I\e\ =\ieXe[f 9fe`ccX :Xc[\i�e# DXiˆX 8c\oXe[iX 9fe`ccX :Xc[\i�e# M`m`XeX DXi`Y\c 9fe`ccX :Xc[\i�e# p 8Y[�e GXki`Z`f 9fe`ccX :Xc[\i�e1 Xjˆ Zfdf [\ cfj _\i\[\ifj gi\jle$ kfj p [\jZfefZ`[fj [\c j\Œfi AlXe M`Z\ek\ 9fe`ccX M\^X2 p [\ cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ <jgˆi`kl Hl`e^X Hl`cX^f p :Xid\e =\c`eX >lXqldYX Hl`e^X2 [\ jlj _\i\[\ifj ZfefZ`[fj j\Œfi\j1 Afj„ Alc`f Hl`e^X >lXqldYX# DXi`X 9\Xkiˆq Hl`e^X >lXqldYX# IfjX DXi`X Hl`e^X >lXqldYX# DXiˆX <l]\d`X Hl`e^X >lXqldYX# DXiˆX PfcXe[X Hl`e^X >lXqldYX p Afj„ If[i`^f Hl`e^X >lXqldYX# Zˆk\j\c\j gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kX \e cX gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf \e cfj 8ik% /) [\ cX :f[`]`ZXZ`�e [\ GifZ\[`d`\ekf :`m`c% :l„ek\j\ Zfe cfj j\Œfi\j 8cZXc[\ p GifZliX[fi Jˆe[`Zf [\c @% Dle`Z`g`f [\ Ild`ŒX_l`# X hl`\e\j j\ c\j Z`kXi} \e \c [fd`Z`c`f j\ŒXcX[f gXiX \c \]\Zkf%$ @ejZiˆYXj\ cX gi\j\e$ k\ [\dXe[X \e \c I\^`jkif

Ĺ?

[\ cX Gifg`\[X[ [\c :Xek�e Ild`ŒX_l`%$ :l„ek\j\ Zfe \c j\Œfi JlYj\Zi\kXi`f [\ cX JlYj\Zi\kXiˆX [\ K`\iiXj p I\]fidX 8^iXi`X Xek\j @E;8 # X hl`\e j\ c\ Z`kXi} \e \c [fd`$ Z`c`f j\ŒXcX[f gXiX \c \]\Zkf# d\[`Xek\ [\gi\ZXkfi`f [`i`^`$ [f X lef [\ cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\ G`Z_`eZ_X# Zfe Xj`\ekf \e cX Z`l[X[ [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\$ if al[`Z`Xc Ef% ',' j\ŒXcX[f gfi \c g\k`Z`feXi`f gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8^i„^l\j\ cX [fZld\ekXZ`�e hl\ j\ X[alekX%$ EFK@=@HL<J< P :@K<J<%$ =[f %$ ;i% Cl`j <[lXi[f KX`g\ >% AL<Q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ J8E>FCHL@# gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j%$ :\ik`]`Zf% ;i% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'*.*

I<D8K<J :8IK<C ;< I<D8K< ALQ>8;F ;y:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8

J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \e cX J\Zi\kXi`X [\ \jkX Al[`ZXkliX \c [ˆX d`„iZfc\j (. [\ X^fj$ kf [\c )'(( [\j[\ cXj ZXkfi$ Z\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj j\ \]\ZklXi} \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f \e cX gi\j\ek\ ZXljX Al`Z`f <a\Zlk`mf Ef% *($)'(' :%@%1 hl\ X Zfek`elXZ`Â?e j\ [\kXccX F9A<KF1 XmXcÂ’f [\ le Y`\e `edl\Yc\# \c d`jdf hl\ j\ \eZl\ekiX \dYXi^X[f# YXaf cX Zljkf[`X [\c ;\gfj`kXi`f Al[`Z`Xc ;i% J\i^`f I% ;`ccÂ?e :% ;<J:I@G:@äE ;<C @EDL<9C<1 j\ kiXkX [\ le cfk\ [\ k\ii\ef jfYi\ \c hl\ j\ _Xe c\mXekX[f leX ZfejkilZZ`Â?e [\ [fj gcXe$ kXj p le jlYjl\cf% ;<C KĂ KLCF <O@JK<EK<1 \jZi`kliX [\ ZfdgiXm\ekX fkfi^X[X gfi cfj ZÂ?epl^\j E\cjfe A`d„e\q :Â?i[fmX p 9\Xki`q KXg`X# X ]Xmfi [\ Cl`j 8c]fejf <Z_\m\iiˆX >l\ii\if# Z\c\YiX[X \c * [\ ale`f [\ (00/# Xek\ \c EfkXi`f GÂ’Yc`Zf ;i% <ei`hl\ ;ˆXq# \ `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[ \c / [\ ale`f [\ (00/% L9@:8:@äE1 \c Y`\e fYa\kf [\ cX g\i`Z`X j\ \eZl\ekiX j`klX[f \e cX ZXcc\ Ăˆ;\ Cfj Dfk`cfe\jÉ# efd\eZcXkliX XZklXc E+'$/') p ZXcc\ Ăˆ:É# cfk\ E² *+ [\ cX LiYXe`qXZ`Â?e >XYi`\cX DXi`eX# gXiifhl`X [\ :_Xlg`Zilqˆ# ;`jki`kf D\kifgfc`kXef [\ Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X% ;<C CFK< E² *+1 j\ kiXkX [\ le k\ii\ef [\ ]fidX kiXg\qf`[Xc# [\ kfgf^iX]ˆX `ii\^lcXi# \e \c hl\ \o`jk\e ki\j gcXkX]fidXj X [`jk`ekfj e`m\c\j# jfYi\ cfj hl\ j\ _Xe c\mXekX[f cXj Zfej$ kilZZ`fe\j \o`jk\ek\j jfYi\ \c d`jdf# Zfe leX g\e[`\ek\ gfj`k`mX# m`jkf [\j[\ cX ZXcc\ ;\ Cfj Dfk`cfe\j2 Zl\ekX Zfe Z\iiXd`\ekfj gifg`fj [\ dXd$ gfjk\iˆXj [\ _fid`^Â?e XidX[f p ZfcldeXj [\c d`jdf dXk\$ i`Xc# \eclZ`[Xj p g`ekX[Xj# _XZ`X \c ]i\ek\ Zfe i\ZlYi`d`\ekf [\ g`\[iX cXaX m`jkX p Zfe [fj gl\ikXj [\ XZZ\jf d\k}c`ZXj p \c„Zki`ZX gXiX XZZ\jf g\Xkf$ eXc p m\_`ZlcXi# _XZ`X cX ZXcc\ Ăˆ:É kXdY`„e Zl\ekX Zfe leX gl\ikX d\k}c`ZX [\ XZZ\jf g\XkfeXc2 \jk\ `edl\Yc\ k`\e\ kf[fj cfj j\im`Z`fj Y}j`Zfj [\ `e]iX\jkilZkliX1 X^lX gfkXYc\# XcZXekXi`ccX[f# i\[\j [\ \e\i$ ^ˆX \c„Zki`ZX# k\c\]Â?e`ZX# XZ\$ iXj# Yfi[`ccfj# cX mˆX [\ XZZ\jf \j gXm`d\ekX[X# \jk\ Y`\e j\ \eZl\ekiX \e le j\Zkfi liYXef

SUPERINTENDENCIA DE COMPAĂ‘IAS

I_ kde WY[fjW bWi [nf[YjWj_lWi Z[ bei Z[c|i" [if[Y_Wbc[dj[ bWi d[]Wj_lWi" dkdYW feZh| YWcX_Wh [b h[ikbjWZe$

RESOLUCIĂ“N No.SC.SIJ.DJDL.Q.11. 2797 PATRICIA CHIRIBOGA SĂ NCHEZ DIRECTORA JURĂ?DICA DE DISOLUCIĂ“N Y LIQUIDACIĂ“N DE COMPAĂ‘Ă?AS

C?9>7;B @EH:7D$

CONSIDERANDO: Zfejfc`[X[f% C@E;<IFJ P JLG<I=@:@< ;<C CFK< E² *+1 EFIK<1 Zfe CX ZXcc\ ;\ Cfj Dfk`cfe\j# \e leX cfe^`kl[ [\ (,#'' d% JLI1 Zfe cX ZXcc\ Ăˆ:É# \e leX cfe^`kl[ [\ (/#'' d% <JK<1 Zfe \c cfk\ E² *,# \e leX cfe^`kl[ [\ )0#'' d2 p X Zfe$ k`elXZ`Â?e Zfe \c cfk\ E² +(# \e leX cfe^`kl[ [\ )/#'' d2 p# F<JK<1 Zfe \c cfk\ E² **# \e leX cfe^`kl[ [\ )/#'' d% JLG<I=@:@< KFK8C1 +/.#'' d) 8M8CèF ;<C K<II<EF KFK8C1 gfi jlj ZXiXZk\iˆjk`$ ZXj ]ˆj`ZXj# jl \oZ\c\ek\ lY`$ ZXZ`Â?e Zfe i\cXZ`Â?e X cX Z`l[X[# cX `e]iX\jkilZkliX Zfe cX hl\ Zl\ekX# cX Z\iZXeˆX Xc \hl`gX$ d`\ekf liYXef# cX [\dXe[X p f]\ikX gXiX \jk\ k`gf [\ Y`\e \e \c d\iZX[f# j\ `eZclp\ \e \jk\ Zfjkf cXj fYiXj \ok\i`fi\j# Z\iiXd`\ekfj# aXi[`e\j 9%9%H%# \jk`d}e[fj\ jl Zfjkf X iXqÂ?e [\ ,''#'' [Â?cXi\j ZX[X d\kif ZlX[iX[f# cf hl\ dlck`gc`ZX$ [f gfi jl }i\X kfkXc efj [X )+*%,''#''% ;< C8J :FEJKIL::@FE<J <O@JK<EK<J <E <C CFK< E² *+1 jfYi\ \jk\ k\ii\ef j\ _Xe \[`]`ZX[f1 leX ZfejkilZZ`Â?e [\ [fj gcXekXj p le jlYjl\cf [\j$ k`eX[X X m`m`\e[X# \e cX gXik\ ]ifekXc gXk`f Zfe leX g`c\kX [\ g`\[iX# g`jf [\ Z\i}d`ZX2 XZZ\jf Zfe i\ZlYi`d`\ekf [\ g`\[iX dXik`c`eX[X p aXi[ˆe2 p \e cX gXik\ gfjk\i`fi gXk`f Zfe i\ZlYi`d`\ekf [\ YXc[fjX [\ g`\[iX [\ iˆf# \jgXZ`f m\i[\ p leX g\hl\ÂŒX }i\X [\ 9%9%H% ;< C8 :FEJKIL::@äE ;<JK@E8;8 8 M@M@<E;81 j\ \eZl\ekiX \e cX gXik\ ]ifekXc [\c cfk\# Zfe m`jkX gi`eZ`gXc _XZ`X cX ZXcc\ ;\ Cfj Dfk`cfe\j2 cX d`jdX hl\ j\ \eZl\ekiX Zfejk`kl`[X gfi cfj j`^l`\ek\j XdY`\ek\j1

<e \c jlYjl\cf }i\X [\ \jkXZ`f$ eXd`\ekf gXiX ki\j m\_ˆZlcfj# Z`jk\ieX p ^iX[Xj2 jlg\i]`Z`\ [\ ZfejkilZZ`Â?e -*#.) d)% <e cX gcXekX YXaX1 le _Xcc [\ i\Z\gZ`Â?e# leX jXcX Zfe Z_`d\$ e\X# le Zfd\[fi# leX ZfZ`eX Zfe Zfd\[fi [\ [`Xi`f p XcXZ\$ eX# le YXÂŒf jfZ`Xc# le \jkl[`f# leX Yf[\^X YXaf ^iX[Xj# le ZlXikf [\ d}hl`eXj p le ZlXi$ kf [\ j\im`Z`f Zfe YXÂŒf% <e cX j\^le[X gcXekX j\ \eZl\ekiXe ki\j [fid`kfi`fj p [fj YXÂŒfj% Jlg\i]`Z`\ [\ ZfejkilZZ`Â?e (,+#'' d)% <e cX gi`d\iX gcXekX XckX1 le \jkXi ˆek`df Zfe Z_`d\e\X# le [fid`kfi`f Zfe YXÂŒf p m\jk`$ [fi# fkif [fid`kfi`f Zfe YXÂŒf# p [fj [fid`kfi`fj Zfe le YXÂŒf ZfdgXik`[f2 p# le \jkl[`f% Jlg\i]`Z`\ [\ ZfejkilZZ`Â?e ()+#'' d)% : 8 I 8 : K < I Ă J K @ : 8 J : F E J K I L : K @ M 8 J GI@E:@G8C<J1 Z`d\ekXZ`Â?e p \jkilZkliX [\ _fid`^Â?e XidX$ [f# cfjX [\ \eki\g`jf p [\ ZlY`\ikX [\ _fid`^Â?e XidX[f# \jkX Â’ck`dX Zfe i\ZlYi`d`\e$ kf [\ k\aX e\^iX [\ Z\d\ekf2 dXdgfjk\iˆXj [\ cX[i`ccf \ecl$ Z`[Xj p Z_X]X[Xj# Zfe i\ZlYi`$ d`\ekf [\ Z\i}d`ZX \e YXÂŒfj p \e ZfZ`eX [\ g`jf X gXi\[2 Z`\cf iXjf Z_X]X[f YXaf cfjX2 g`jfj [\ kXYcfeZ`ccf cXhl\X$ [f# \e ^iX[Xj Zfe kXYcfeZ`ccf cXhl\X[f# \e i\Z`Y`[fi d}i$ dfc# \e YXÂŒfj p ZfZ`eX Zfe Z\i}d`ZX# le [fid`kfi`f [\ cX gcXekX XckX Zfe g`jf ]cfkXek\# \e jlYjl\cf \eZ\d\ekX[f2 gl\ikXj [\ dX[\iX gXe\cX$ [Xj p cXhl\X[Xj# p [\ _`\iif p m`[i`f ZXk\[iXc2 m\ekXeXj [\ Xcld`e`f p m`[i`f YifeZ\ Zfe gifk\ZZ`fe\j [\ _`\iif2 d\jÂ?e [\ ZfZ`eX \ `jcX [\jXpleX[fi Zfe i\ZlYi`d`\ekf [\ d}i$ dfc2 dl\Yc\j Xckfj p YXafj [\ dX[\iX cXhl\X[X \e ZfZ`eX p \e YXÂŒfj# Zfe i\ZlYi`d`\ekf

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A HERBALEMPORIO CIA. LTDA. La compaùía HERBALEMPORIO CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario Primero del Distrito Metropolitano de Quito, el 08 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002776 de 22 de Junio de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: 1) IMPORTACIĂ“N, EXPORTACIĂ“N, COMPRA, VENTA, PRODUCCIĂ“N, MANUFACTURA, INCLUYENDO LA COMERCIALIZACIĂ“N Y DISTRIBUCIĂ“N DE MATERIA PRIMA DEFINIDA COMO INGREDIENTES PARA MANUFACTURA DE PRODUCTOS NATURALES O ARTIFICIALES PARA CONSUMO HUMANO Y ANIMAL.... Quito, 22 de Junio de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83568/cc

QUE de conformidad con el Memorando No. SC.SG.DRS.Q.11.289 de 30 de mayo de 2011, la Directora de Registro de Sociedades de esta Superintendencia, certifica que la compaùía mencionada a continuaciĂłn, con domicilio en el Distrito Metropolitano de Quito, tiene su plazo de duraciĂłn vencido, consecuentemente estĂĄ disuelta de pleno derecho, de acuerdo con lo dispuesto en el numeral 1Âş, del Art. 361 de la Ley de Compaùías, por lo que se debe ordenar la publicaciĂłn, marginaciĂłn e inscripciĂłn de conformidad con el inciso 2Âş, del Art. 367 del mismo cuerpo legal. CONSTITUCIĂ“N Exp

50577

NOMBRE COMPAĂ‘Ă?A PATRICIO CRAUSAZ PROAĂ‘O CIA. LTDA.

REGISTRO MERCANTIL

Not

FECHA

CANT

No

TOM FECHA

3

31/10/1990

QUITO

307

122

FECHA

CANTĂ“ VENCIMI.

20/02/1991 QUITO 20/02/2011

EN uso de las facultades conferidas mediante ResoluciĂłn No. ADM-Q-2011-006 de 17 de enero de 2011; RESUELVE: ARTICULO PRIMERO.- ORDENAR la liquidaciĂłn de PATRICIO CRAUSAZ PROAĂ‘O CĂ?A. LTDA. ARTICULO SEGUNDO.- NOTIFICAR con esta ResoluciĂłn al Representante Legal de la compaùía mencionada en el artĂ­culo anterior, en la forma prevista en la Ley, en la direcciĂłn domiciliaria de la misma y disponer que ĂŠste cumpla lo ordenado en la presente. ARTICULO TERCERO.- DISPONER que, por estar disuelta de pleno derecho, de conformidad con el artĂ­culo 367 de la Ley de Compaùías, el Representante Legal de esta sociedad, en el tĂŠrmino de ocho dĂ­as, contado desde la notificaciĂłn con la presente ResoluciĂłn, publique por una sola vez, en un diario de amplia circulaciĂłn en el domicilio principal de la compaùía, el texto Ă­ntegro de esta ResoluciĂłn. ARTICULO CUARTO.- DISPONER que, el Notario Tercero del Distrito Metropolitano de Quito, en el tĂŠrmino de treinta dĂ­as tome nota del contenido de la presente, al margen de la matriz de la escritura pĂşblica de constituciĂłn, de la compaùía citada anteriormente. Cumplido, sentarĂĄn razĂłn de lo actuado. ARTICULO QUINTO.- DISPONER que, en el tĂŠrmino de treinta dĂ­as, el Registrador Mercantil del Distrito Metropolitano de Quito: a) Inscriba esta ResoluciĂłn en el Registro a su cargo; y, b) Pongan las notas de referencia previstas en el inciso primero del artĂ­culo 51 de la Ley de Registro. Cumplido, sentarĂĄn razĂłn y copia de lo actuado remitirĂĄn a la Superintendencia de Compaùías. ARTICULO SEXTO.- DISPONER que, en todos los actos y contratos en los que intervengan la compaùía, se agreguen despĂşes de sus nombres las palabras EN LIQUIDACIĂ“N, previniendo al Liquidador de las responsabilidades legales en caso de omisiĂłn. ARTICULO SEPTIMO.- NOMBRAR Liquidador de la compaùía al licenciado Luis Patricio Crausaz y conferirle todas las facultades determinadas en la Ley de Compaùías y en el estatuto de la sociedad, a fin de que efectĂşe las operaciones de liquidaciĂłn. ARTICULO OCTAVO.- DISPONER que, el Liquidador inscriba su nombramiento en el tĂŠrmino de diez dĂ­as, contados desde su aceptaciĂłn, en el Registro Mercantil del domicilio principal de la compaùía. ARTICULO NOVENO.- PREVENIR al Representante Legal, sobre el cumplimiento de lo ordenado por los artĂ­culos 3°., 4°. y 5°., de la presente ResoluciĂłn, cuya omisiĂłn darĂĄ lugar a las sanciones contempladas en la Ley, sin perjuicio de que esta Superintendencia ejecute las citadas diligencias y de que el monto de los gastos incurridos con los recargos de Ley, sean agregados al pasivo de la compaùía, debiendo este valor ingresar a la cuenta denominada “Cuenta Rotativa de Ingresos No. 625275-3 del Banco de Guayaquilâ€? ARTICULO DECIMO.- DISPONER que, se remita copia de esta ResoluciĂłn al Director General del Servicio de Rentas Internas, al Director Ejecutivo del Instituto Nacional de ContrataciĂłn PĂşblica y a la Directora Financiera de Rentas del Municipio del Distrito Metropolitano de Quito. CUMPLIDO lo anterior, el representante legal de la compaùía remitirĂĄ a este Despacho la constancia de la ejecuciĂłn de las disposiciones contenidas en esta ResoluciĂłn. NOTIFĂ?QUESE.- DADA y firmada en la Superintendencia de Compaùías, en el Distrito Metropolitano de Quito, a 23 JUN. 2011 Ab. Patricia Chiriboga SĂĄnchez

AR/83567/cc

[\ d}idfc2 Zcfj\kj \e [fid`$ kfi`fj [\ dX[\iX cXhl\X[X p fkifj dl\Yc\j \dgfkiX[fj2 `ejkXcXZ`fe\j \c„Zki`ZXj \ _`[ifjXe`kXi`Xj \dgfkiX[Xj# Zfe gcXZXj cld`e\o# cld`eXi`Xj k`gf gcX]Â?e2 XgXiXkfj jXe`kXi`fj `dgfikX[fj [\ Zfcfi p YcXeZfj Zfe ^i`]\iˆX [\ Yl\eX ZXc`[X[# \e Yl\e \jkX[f [\ ]leZ`feX$ d`\ekf% JLG<I=@:@< ; < :FEJKIL::@äE KFK8C1 *+(#.) d)% <JK8;F 8:KL8C1 Yl\ef# Xle$ hl\ j\ Xgi\Z`X Z`\ikfj j`^efj [\ _ld\[X[ p leX ]XckX [\ dXek\e`d`\ekf Zfekˆelf% <;8; ;< C8 :FEJKIL::@äE1 gfi jl \jkX[f XZklXc# cXj k„Ze`$ ZXj ZfejkilZk`mXj \dgc\X[Xj# cfj dXk\i`Xc\j lk`c`qX[fj# j\ \jk`dX jl k`\dgf [\ ZfejkilZ$ Z`Â?e _XZ\ Xgifo`dX[Xd\ek\ (, XÂŒfj% 8M8 C è F ;< C 8 :FEJKIL::@äE ;< ;FJ GC8EK8J1 gfi jlj ZXiXZk\iˆj$ k`ZXj ZfejkilZk`mXj# cX Yl\eX ZXc`[X[ [\ dXk\i`Xc\j \dgc\X$ [fj# jl \jkX[f XZklXc# jl [\Zi\g`kl[# cX ]XckX [\ dXek\$ e`d`\ekf p [\ i\gfj`Z`fe\j hl\ j\ fYj\imX# cX fYjfc\jZ\eZ`X ]leZ`feXc# cX f]\ikX p [\dXe[X gXiX le Y`\e [\ \jk\ k`gf \e \c d\iZX[f# j\ \jk`dX jl Zfjkf X iXqÂ?e [\ +),#'' [Â?cXi\j L%J%8% ZX[X d)# cf hl\ dlck`gc`ZX[f gfi jl }i\X efj [X le kfkXc [\ (+,%)*(#''% I<JLD<E ;<C 8M8CèF1 K<II<EF1 )+*%,''#'' :FEJKIL::@äE1 (+,%)*(#'' KFK8C 8M8CèF1 *//%.*(#'' JFE1 K I < J : @ < E K F J F:?<EK8 P F:?F D@C J<K<:@<EKFJ KI<@EK8 P LEF ''&('' ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8DyI@:8 J%<%l%F% ;\ \jkX dXe\iX [\af i\Xc`qX[f \c kiXYXaf X d` \eZfd\e[X[f# jXcmf \c d\afi Zi`k\i`f [\ jl J\ÂŒfiˆX# ]`idXe[f \e Zfeale$ kf Zfe \c j\ÂŒfi ;\gfj`kXi`f Al[`Z`Xc% = ;i% Cl`j <[lXi[f KX`g\ > AL<Q <E:8I>8;F Gfi kiXkXij\ [\c gi`d\i j\ÂŒX$ cXd`\ekf j\ XZ\gkXi}e cXj gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c XmXcÂ’f gX^f hl\ j\ cf _Xi} \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% Cf gfe^f \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j [\ c\p% 8K<EK8D<EK<# ;i% =\ieXe[f >iXeaX CXeXj% J<:I<K8I@F (. ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 89&)0+**&ZZ 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 gÂ’Yc`Zf hl\ \c [ˆX D@yI:FC<J (( ;< 8>FJKF ;<C )'((# [\j[\ cXj (+_'' _XjkX cXj (/_''# \e cXj f]`Z`eXj [\c Alq^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX# lY`ZX[Xj \e cX ZXcc\ (. [\ <e\if p cX DX[il^X[X \jh # j\ gifZ\$ [\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 :8DGF C@9I<# g\ik\e\Z`\ek\ X cX GXiifhl`X J8E =I8E:@J:F ;< 9FIA8# :XekÂ?e Hl`afj# Gifm`eZ`X [\ EXgf# ZlpX jlg\i$ ]`Z`\ \j [\ EL<M< ?<:KĂ?I<8J :FE :@E:L<EK8 8I<8J '0#,' ? # [\ekif [\ cfj j`^l`\ek\j c`e[\ifj p [`d\e$ j`fe\j1 EFIK<1 :fe k\ii\efj [\ DXi^Xi`kX :_XZÂ?e \e ,-/ d2 p# 8ekfe`f M}jhl\q \e /* d2

JLI1 :fe Hl\YiX[X >lXpljX \e -(( d2 p# DXiZfj KifpX \e /0 d2 <JK<1 :fe ZXd`ef [\ _\iiX[liX \e */ d2 p# F<JK<1 :fe cX MˆX Hl`kf$CX^f 8^i`f \e )'' d 9`\e iXˆq _`gfk\ZX[f X ]Xmfi [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX%$ <e \c `edl\Yc\ \o`jk\e 0%,' _\Zk}$ i\Xj [\ gXjkfj# leX ZXjX [\ 0- d)# ( Gi`d\i >XcgÂ?e [\ +) d)2 Le j\^le[f >XcgÂ?e [\ )( d)2 p# le k\iZ\i ^XcgÂ?e [\ (+ d)#$ CF HL< EFJ ;8 LE8 :89@;8 8GIFO@D8;8 8:KL8C ;< '0#,' ?<:K8I<8J# <C 8M8CèF KFK8C <J ;< :L8I<EK8 P :@E:F D@C KI<@EK8 ;äC8I<J 8D<I@:8EFJ :FE ''&''# +,%'*' Gfi kiXkXij\ [\ GI@D<I J<z8C8D@<EKF j\ XZ\g$ kXi}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 [\ Zfe$ kX[f% J\ [\Y\i} XZfdgXÂŒXi \c (' [\c mXcfi kfkXc [\ cX f]\ikX# \e \]\Zk`mf f \e Z_\hl\ Z\i$ k`]`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\i$ gf Z`\ikf# [\ Zfe]fid`[X[ Zfe cf [`jgl\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„$ ]fefj1 '-) *)'$()- & '-) *)'$ +/, & '//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# '- [\ Efm`\dYi\ [\c )''.% JikX% >`jZ\ccX :\mXccfj Jl}i\q J<:I<K8I@8 8; $ ?F: ?Xp ]`idX p j\ccf 8:&/'+,/&k]

J<E8>L8 J<:I<K8IĂ 8 E8:@FE8C ;<C 8>L8 I% [\c < %

:@K8:@FE 8 CFJ J<zFI<J LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J GIFM<E@<EK<J ;< C8J M<IK@<EK<J @EEFD@E8;8J <E LE :8L;8C ;< )#, C& J# G8I8 J<I LK@C@Q8;8J <E <C 98II@F ĂˆG8I8Ă JF GIF;L:K@MFÉ# =L<EK<J ?@;I@:8J CF:8C@Q8;8J# <E C8 G8IIFHL@8 G8:KF# :8EKFE HL@KF# GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI1 E`^jfe I\eXkf MXjZf KXo`c\dX# Gi\j`[\ek\ [\c :fd`k„ Gif d\afiXj [\c 9Xii`f ĂˆGXiXˆjf Gif[lZk`mfÉ% F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgifm\Z_Xd`\ekf [\ cXj X^lXj p J\im`[ldYi\j gXiX Zfejldf _ldXef f ljf [fd\jk`Zf% ;\ekif [\c Ki}d`k\ Ef% +'(($(( :j j\ _X [`ZkX[f cX j`^l`\ek\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8$ ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J QFE8C HL@KF% Ki}d`k\ Ef% +'(($(( :j GDG ;D% Hl`kf# ). [\ ale`f [\c )'((# X cXj 0_''%$ 8mfZf ZfefZ`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efdYiX[f :ffi[`eX[fiX I\^`feXc [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ')+/)0( [\ )+ [\ dXpf [\c )'((# <e cf gi`eZ`gXc1 (%$ CX jfc`Z`kl[ [\ :FE:<JäE ;< 8>L8J P J<IM@;LD9I<J# gi\j\ekX[f gfi gXik\ \c j\ÂŒfi

E`^jfe I\eXkf MXjZf KXo`c\dX# Gi\j`[\ek\ [\c :fd`k„ Gif d\afiXj [\c 9Xii`f Ăˆ GXiXˆjf Gif[lZk`mfÉ# YXii`f hl\ \jk} Zfe]fidX[f [\ *,' ]Xd`ccXj# ZX[X ]Xd`c`X \jk} Zfdgl\jkX gfi le gifd\[`f [\ - g\i$ jfeXj% <e \c `ek\i`fi [\ cX :fdleX <c GXiXˆjf# \o`jk\ leX m\ik`\ek\ `eefd`eX[X hl\ j\ \eZl\ekiX \e \c j`k`f ZfefZ`$ [f Zfdf ĂˆGlekXj LiZfÉ hl\ k`\e\ le ZXl[Xc Xgifo`dX[f [\ )#, c&j# cX d`jdX hl\ ef \jk} gi\jkXe[f j\im`Z`f Xc^lef p jlj X^lXj j\ \jk}e [\jg\i$ [`Z`Xe[f gfi cf hl\ j\ jfc`Z`kX \c c`hl`[f m`kXc gXiX Zfejldf _ldXef p ljf [fd\jk`Zf gXiX jXk`j]XZ\i X cXj *,' ]Xd`c`Xj [\ [`Z_f YXii`f# X^lXj hl\ j\i}e Zfe[lZ`[Xj Zfe klY\iˆX [\ gfc`\k`c\ef \e leX [`jkXeZ`X [\ - b`cÂ?d\kifj gfi cfj gi\[`fj [\ cfj j\ÂŒfi\j >`cY\ikf p 8cY\ikf JX`c\dX# ClZ`Xef 8cd\`[X# GXYcf <iXqf# Il]`ef GifXÂŒf# J\i^`f Ifj\if# >feqXcf CÂ?g\q# 8cZ`[\j FÂŒX# DXel\c 9Xjk`[Xj# AlXe >lXZ_Xd`e# D`^l\c >lXZ_Xdˆe# :Xid\cX 8^l`c\iX# ;Xe`\c :_Xe^f \ ?`gÂ?c`kf DfiX [\ `^lXc dXe\iX \c j\ÂŒfi Afi^\ >lXcY\ikf DXZ_X[f >lXd}e gi\j`[\ek\ [\ cX :fdleX <c GXiXˆjf# gfi cf hl\ j\ i\hl`\i\e cXj i\jg\Zk`mXj j\im`[ldYi\j [\ ZXgkXZ`Â?e# Zfe[lZZ`Â?e p Zfe\oXj% Gfi cf hl\ \e Xg\^f X cf [`jgl\jkf \e cfj 8ikj% .#()#(+#)(#*,#*-# *0#-+#-,# /,# 0-# /. p d}j g\ik`e\ek\ [\ cX Zf[`]`ZXZ`Â?e [\ cX C\p [\ 8^lXj# jfc`Z`kX cX ZfeZ\j`Â?e [\ X^lXj p jlj i\jg\Zk`mXj j\im`[ldYi\j% CX Zfdle`[X[ [\c YXii`f gXiXˆjf gif[lZk`mf Xjˆ Zfdf \c i\Zli$ jf _ˆ[i`Zf j\ \eZl\ekiX \e cX ali`j[`ZZ`Â?e [\ cX gXiifhl`X GXZkf# ZXekÂ?e Hl`kf# gifm`e$ Z`X [\ G`Z_`eZ_X% 8k\e[`\e[f cf jfc`Z`kX[f \jkX 8lkfi`[X[ [`jgfe\1 (%$ J\ XZ\gkX X ki}$ d`k\ cX gi\j\ek\ jfc`Z`kl[ [\ ZfeZ\j`Â?e [\ le [\i\Z_f [\ Xgifm\Z_Xd`\ekf [\ X^lX# gfi j\i ZcXiX p i\le`i cfj i\hl`j`kfj \jkXYc\Z`[fj \e \c 8ik% /- [\ cX :f[`]`ZXZ`Â?e [\ cX C\p [\ 8^lXj% )% ;\ Zfe]fid`[X[ X cf \jkXYc\Z`[f \e \c c`k\iXc X [\c 8ik% /. [\ cX :f[`]`ZXZ`Â?e [\ cX C\p [\ 8^lXj# Zˆk\j\ X cfj ljlXi`fj ZfefZ`[fj f ef# [\ cXj X^lXj [\ ZlpX ZfeZ\j`Â?e j\ jfc`Z`kX# Zfe cX glYc`ZXZ`Â?e gfi cX gi\ejX <c K\c„^iX]f# CX ?fiX# <c :fd\iZ`f# <c ?fp f Lck`dXj Efk`Z`Xj [\c \okiXZkf [\ cX jfc`Z`kl[ p \jkX gifm`[\e$ Z`X# gfi ki\j m\Z\j# d\[`Xe[f [\ cX leX X cX fkiX \c gcXqf [\ fZ_f [ˆXj% *%$ :ˆk\j\ Zfe cX jfc`$ Z`kl[ p cX gi\j\ek\ gifm`[\eZ`X X cfj j\ÂŒfi\j >`cY\ikf p 8cY\ikf JX`c\dX# ClZ`Xef 8cd\`[X# GXYcf <iXqf# Il]`ef GifXÂŒf# J\i^`f Ifj\if# >feqXcf CÂ?g\q# 8cZ`[\j FÂŒX# DXel\c 9Xjk`[Xj# AlXe >lXZ_Xd`e# D`^l\c >lXZ_Xdˆe# :Xid\cX 8^l`c\iX# ;Xe`\c :_Xe^f \ ?`gÂ?c`kf DfiX [\ `^lXc dXe\iX \c j\ÂŒfi Afi^\ >lXcY\ikf DXZ_X[f >lXd}e gi\j`[\ek\ [\ cX :fdleX <c GXiXˆjf# Xjˆ Zfdf ]ˆa\j\ ZXik\$ c\j [liXek\ ki\`ekX [ˆXj# \e ki\j [\ cfj cl^Xi\j d}j ]i\Zl\ekX$ [fj [\ cX ali`j[`ZZ`Â?e [\ cX gXiifhl`X GXZkf# ZXekÂ?e Hl`kf# Gifm`eZ`X [\ G@:?@E:?8# gXiX \c Zldgc`d`\ekf [\ [`Z_X [`c`$ ^\eZ`X j\ i\d`k\ Xk\ekX Zfd`$ j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ [`Z_X cfZXc`[X[% +# Cfj X[d`e`jkiX[fj i\k`iXi}e [\ \jkX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj# QfeXc Hl`kf# \c \okiXZkf p cX Zfd`j`Â?e c`YiX[X gXiX cX Z`kXZ`Â?e p ]`aXZ`Â?e [\ ZXik\c\j% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef%% )+++# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e \eki\^X$ [X X jl XYf^X[f gXkifZ`eX[fi# X^i„^l\j\ Xc \og\[`\ek\ cX [fZld\ekXZ`Â?e ZfejkXek\ \e (( ]faXj% ;\ Zfe]fid`[X[ Zfe \c d\dfiXe[f Ef% :>8A%+$'.(+ [\c )- [\ FZklYi\ [\c )'('#

I_ kdW _Z[W de [dZkbpW o Wb_][hW bW l_ZW" bW l_ZW [i _d‘j_b o f[b_]heiW$ ;:CKD: @7BEKN$ XZkl„ \c ;i% GXki`Z`f Dfek\e\^if GX[`ccX Zfdf J\Zi\kXi`f 8[$ ?fZ \e \c gi\j\ek\ ki}d`k\% EFK@=@HL<J<%#%] N`cdXe FicXe[f M`ccXZˆj >l\ii\if# :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J% Cf hl\ Zfdl$ e`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p% :<IKc=c:F ;i% GXki`Z`f Dfek\e\^if GX[`ccX J<:I<K8I@F 8;$?F: ?Xp ]`idX p j\ccf 8:&/'')(&k]

M8I@FJ 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;@ <OKI8KF AL;@:@8C :@K8:@FE AL;@:@8C 81 >FEQ8CF I8=8<C 8JKL;@CCF C@KLD8 8::@FE8EK<1 :8ID<E JLJ8E8 IFJ8;F >8I:@8 ;<D8E;8;FJ1 ?<I<;<IFJ :FEF:@;FJ# GI<JLEKFJ P ;<J:FEF:@;FJ ;<C Ji% >FEQ8CF I8=8<C 8JKL;@CCF C@KLD8 :8LJ81 @EM<EK8I@F KI8D@K<J1 <JG<:L8C :L8EK@81 @E;<K<ID@E8;8 AL<Q1 8Y% <ie\jkf J\iiXef 9fe`ccX GIF:<JF1 Eif%$ )/' Æ )'(' 8LKF ;< :8C@=@:8:@FE1 ALQ>8;F J<>LE;F ;< CF :@M@C%$ J_lj_l]`e[`# X )+ [\ DXiqf [\c )'((% CXj ((?1,'%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ \jkX ZXljX# \e ZXc`[X[ [\ Al\q K\dgfiXc [\c Alq^X[f J\^le[f [\ cf :`m`c [\ JlZldYˆfj% <e cf gi`eZ`gXc cX [\dXe[X [\ @EM<EK8I@F# Eif%$ )/' [\c )'('# gi\j\e$ kX[X gfi :8ID<E JLJ8E8 IFJ8;F >8I:@8# j\ cX ZXc`$ ]`ZX [\ ZcXiX p Zfdgc\kX# gfi cf hl\ j\ cX X[d`k\ \e cX mˆX [\c Al`Z`f <jg\Z`Xc% <e Zfej\$ Zl\eZ`X# p gfi ZlXekf \c XZkfi YXaf aliXd\ekf dXe`]`\jkX [\jZfefZ\i \c [fd`Z`c`f f i\j`[\eZ`X [\ cfj ?<I<;<IFJ# :FEF:@;FJ# GI<JLEKFJ P ;<J:FEF:@;FJ [\ \e m`[X j\ ccXdf >FEQ8CF I8=8<C 8JKL;@CCF C@KLD8# \c j\ÂŒfi Al\q [`jgfe\ Z`kXicfj gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e le ;`Xi`f [\ Xdgc`X Z`iZlcXZ`Â?e eXZ`feXc p \e fkif [\ cX Gifm`eZ`X [\ JlZldYˆfj# \e ki\j [ˆXj [`jk`ekfj Zfe]fi$ d\ cf \jkXYc\Z\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Eif%$ (+ j\ÂŒXcX[X gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl [\]\ejfi ;i% >FEQ8CF D8EL<C KF8C8% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj% 8 cfj [\dXe[X[fj j\ c\j gi\m`\e\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc [\e$ kif [\ \jkX al[`ZXkliX gXiX hl\ i\Z`YXe jlj efk`]`ZXZ`fe\j [\ dXe\iX c\^Xc% EFK@=@HL<J<%$ ;i% Afi^\ >lqd}e MXcc\af J<:I<K8I@F ?Xp =`idX p j\ccf% 8%G%&+0+)*&b%d% I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C :ˆkXj\ Zfe \c j`^l`\ek\ \okiXZkf [\ cX [\dXe[X [\c Al`Z`f M\iYXc JldXi`f Ef% ((.-$)''/$J%8% X

M@M@8E8 D8I@:<C8 M@E:<J G@E8I>FK<# Zlpf \okiXZkf \j \c j`^l`\ek\1 8:KFI1 9XeZf [\ cX Gif[lZZ`�e ;i% 8ekfe`f If[iˆ^l\q GifZliX[fi Al[`Z`Xc ; < D 8 E ;8 ; F 1 M` m ` X e X DXi`Z\cX M`eZ\j G`eXi^fk\ :C8J< ;< AL@:@F1 <a\Zlk`mf Ef%((.-$)''/$J%8% F9A<KF ;< C8 ;<D8E;81 GX^f [\ [`e\if GIFM@;<E:@81 CX hl\ j`^l\1 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (. [\ Efm`\dYi\ [\c )''/# cXj ('_*(%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\qX J\^le[f [\ cf :`m`c jlgc\ek\# d\[`Xek\ f]`Z`f Ef% (,-/$)''.$;;G$A8I [\ (. [\ j\gk`\dYi\ [\c )''.%$ 8Zk’\ \c ;i% I`ZXi[f C�g\q \e ZXc`[X[ [\ F]`Z`Xc DXpfi \eZXi^X[f%$ CX [\dXe[X hl\ gi\j\ek\ \c ;i% 8ekfe`f IXd�e If[iˆ^l\q M`Z\ej# \e ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c 98E:F ;< C8 GIF;L::@FE J%8% GIF;L98E:F# \e Zfe$ kiX [\ M@M@8E8 D8I@:<C8 M@E:<J G@E8I>FK<# i\’e\ cfj i\hl`j`kfj c\^Xc\j2 \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\ek\ gfi cX mˆX M\iYXc JldXi`X gi\m`j$ kX \e cX J\ZZ`�e )* 8ikj% /)/ p j`^l`\ek\j [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ˆk\j\ Zfe \c Zfek\e`[f [\ cX d`jdX p Zfe \c [\ \jkX gifm`[\eZ`X X cX [\dXe[X[X \e cX [`i\ZZ`�e gifgfiZ`feX[X gfi \c [\dXe$ [Xek\%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj gi\j\ekX[fj p efk`]ˆhl\j\ X cX [\dXe[Xek\ \e cX ZXj`ccX al[`Z`Xc Ef% .0.%$ EFK@=@HL<J<# cf \ed\e[X[f & M8C< ;I8% M@:KFI@8 :?8E>$ ?L8E> ;< IF;I@>L<Q AL<Q8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# ') [\ DXiqf [\c )''0# cXj ((_)(%$ 8k\ekX cX Xj\m\iXZ`�e aliXd\ekX[X [\c [\dXe[Xek\ i\jg\Zkf X cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f f i\j`[\e$ Z`X [\c [\dXe[X[f# Zˆk\j\ X M@M@8E8 D8I@:<C8 M@E:<J G@E8I>FK<# Zˆk\j\cX gfi cX gi\ejX Zfe le \okiXZkf [\ cX [\dXe[X# Xlkf `e`Z`Xc p \jkX gifm`[\eZ`X \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZl$ cXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[%$ EFK@=@HL<J< ;I8% M@:KFI@8 :?8E>$ ?L8E> ;< IF;I@>L<Q AL<Q8 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 \e \jkX Al[`ZXkliX gXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% AlXe >XccXi[f H% J<:I<K8I@F ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*,,'&ZZ <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 81 :<:@C@8 D8I@8 M<I8 :8I9F 8:KFI1 ;I% 8EKFE@F I8DFE IF;Ià >L<Q M@:<EJ# GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< C8 GIF;L::@äE J%8%# GIF;L98E:F ;<D8E;8;81 :<:@C@8 D8I@8 M<I8 :8I9F AL@:@F1 M<I98C JLD8I@F

EF% (-+$)''/$<G% KIĂ?D@K<1 M<I98C JLD8I@F :L8EK@81 )%/'' LJ; ;FJ D@C F:?F:@<EKFJ ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK<8D<I@:8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (0 [\ =\Yi\if [\c )''/# cXj ((_,*%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\$ kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p%$ <j gifZ\[\ek\ \c ki}d`$ k\ M\iYXc JldXi`f% <e d„i`kf [\c aliXd\ekf i\Xc`qX[f gfi \c XZkfi \e \c hl\ dXe`]`\jkX cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\c [\dXe[X[f# p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c :f[`]`ZX[f# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX :<:@C@8 D8I@8 M<I8 :8I9F# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj XZfdgXÂŒX$ [fj% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f%$ EFK@=@HL<J<%$%$ = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# [\ekif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[X gfi cX c\p% 8K<EK8D<EK< ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp le j\ccf 8I&/*,,(&ZZ I ;<C <% ALQ>8;F ;y:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%

: @ K8 : @ ä E A L ; @ : @ 8 C G8I81 AFJ< CL@J K@O< :?LHL@K8I:F <OKI8:KF AL@:@F1 M<I98C JLD8I@F Eif% (*+$)''/ :%@% 8:KFI1 ;I% 8EKFE@F I8DFE IF;IĂ >L<Q M @ : < E J # GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< C8 GIF;L::@äE J%8%# GIF;L98E:F ;<D8E;8;F1 AFJ< CL@J K@O< :?LHL@K8I:F KIĂ?D@K<1 M<I98C JLD8I@F F9A<KF1 :fYif [\ le \jkX[f [\ Zl\ekX [\ cX kXia\kX [\ Zi„[`$ kf Gif[lYXeZf$D8JK<I:8I; Eif% ,()($')*,$'+')$-'(0# gfi cX jldX [\ LJ; (%*.+%)* [Â?cXi\j# `ek\i\j\j# ZfjkXj gif$ Z\jXc\j p _fefiXi`fj gif]\j`f$ eXc\j% :L8EK@8% @e[\k\id`eX[X% :8J@CC<IF AL;@:@8C Eif1 .0. 1 ;I% 8EKFE@F IF;IĂ >L<Q M@:<EJ GIFM@;<E:@81 ALQ>8;F ;y:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# ), [\ =\Yi\if [\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# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ c\ X[d`k\ X kiX$ d`k\ M\iYXc JldXi`f%$ <e d„i`$ kf [\c aliXd\ekf i\e[`[f gfi \c ;i% 8ekfe`f If[iˆ^l\q M`Z„ej# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\ 9XeZf CX Gif[lZZ`Â?e J%8% Gif[lYXeZf# jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f [\c j\ÂŒfi AFJ< CL@J K@O< :?LHL@K8I:F# j\ [`jgfe\ Z`kXicf gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e eXZ`feXc# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^i„^l\ej\ X cfj Xlkfj 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 ZfdgXi\Z`\ek\ gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :@K<J< p EFK@=@HL<J<% = ;i% I\`eXc[f =cfi 8cmXiX[f$Al\q% Cf hl\ gfe^f X jl ZfefZ`$

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? d`\ekf# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc# gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j%$ :\ik`]`Zf% JiX% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp le j\ccf 8I&/*,,*&ZZ I% [\c <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 cX [\dXe[X[X 8D<C@8 KFII<J IF;I@>L<Q j\ c\ _XZ\ jXY\i hl\ [\ekif [\c al`$ Z`f M\iYXc JldXi`f hl\ j`^l\ \c XZkfi ;fZkfi 8EKFE@F I8DFE I F ; I @ > L < Q M@:<EJ# GifZliX[fi Al[`Z`Xc [\c 9XeZf [\ cX Gif[lZZ`Â?e J% 8% GIF;L98E:F# _Xp cf hl\ j`^l\1 AL@:@F1 Ef% /',$)''/$M\iYXc JldXi`f 8:KF I 1 ; i% 8 e kf e ` f IXdÂ?e If[iˆ^l\q M`Z„ej# GifZliX[fi Al[`Z`Xc [\c 9XeZf [\ cX Gif[lZZ`ÂŽe J% 8% GIF;L98E:F ;<D8E;8;81 8d\c`X Kfii\j If[iˆ^l\q :8LJ8C1 8ik% /)/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c KI8D@K81 ;iX% DXiˆX <c\eX >l\ii\if ĂˆALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )) [\ 8^fjkf [\c )''/# cXj (+_++%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf \e cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\# d\[`Xek\ F]`Z`f Ef% ;;G$A8I$ ((++ [\ (( [\ Alc`f [\c )''.# p \e m`jkX [\c jfik\f Zfii\j$ gfe[`\ek\%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ c\p2 \e Zfej\Zl\e$ Z`X# j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ :ˆk\j\ X cX [\dXe[X[X 8D<C@8 KFII<J IF;I@>L<Q# \e cX [`i\ZZ`Â?e `e[`ZX[X gfi \c XZkfi# X hl`„e j\ c\ \eki\^Xi} Zfg`X [\ cX [\dXe[X p gifm`[\eZ`X i\j$ g\Zk`mX%$ 8^i„^l\j\ Xc gifZ\jf 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%$ Gfi i\eleZ`X [\ cX J\Zi\kXi`X k`klcXi# XZkÂ’\ \c F]`Z`Xc DXpfi d\[`Xek\ F]`Z`f Ef% 0,, ;G$;;G$A8I%'. [\ ]\Z_X (+ [\ ;`Z`\dYi\ [\c )''.É%$ Efk`]ˆhl\j\%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`# Al\q Jlgc\ek\% ĂˆALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# X () [\ Efm`\dYi\ [\c )''/# cXj (,_',%$ <e Xk\eZ`Â?e Xc \jZi`kf hl\ Xek\Z\[\1 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi ;fZkfi 8ekfe`f IXdÂ?e If[iˆ^l\q M`Z„ej# \e ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c 9XeZf [\ cX Gif[lZZ`Â?e J% 8% GIF;L98E:F p [\ Zfe$ ]fid`[X[ Zfe cf hl\ [`jgf$ e\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X 8D<C@8 KFII<J IF;I@>L<Q# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`k\e \e \jkX Z`l[X[ [\ Hl`kfÉ%$ Efk`]ˆhl\j\%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`# Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j p j\ c\ gi\m`\e\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e cX Z`l[X[ [\ Hl`kf gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% :\ik`]`Zf% ;i% AlXe =iXeZ`jZf Aljk`Z`X J<:I<K8I@F \ ?Xp le j\ccf 8I&/*,,+&ZZ

ÄŠ

C8 I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 C8 J<zFI8 B8K?<I@E< 8C<O8E;I8 K8G@8 8I<M8CF# ;<C AL@:@F M<I98C JLD8I@F GFI :F9IF ;< ;@E<IF GIFGL<JKF <E JL :FEKI8 GFI <C ;F:KFI 8 E KF E @ F IF ; I Ă > L < Q M@:<EJ GifZliX[fi Al[`Z`Xc [\c 9XeZf [\ cX Gif[lZZ`Â?e J%8% % 8:KFI1 ;i% 8EKFE@F IF;I@>L<Q GifZliX[fi Al[`Z`Xc [\c 9XeZf [\ cX Gif[lZZ`Â?e J%8% % ;<D8E;81 B8K?<I@E< 8C<O8E;I8 K8 G @ 8 8I<M8CF% AL@:@F1 Ef% ',,+$'/$<; KIĂ?D@K<1 M<I98C JLD8I@F gfi ZfYif [\ [`e\if :L8EKĂ 8 1 ++%''' d`c [Â?cX$ i\j% =<:?8 ;< @E@:@8:@äE1 \c (0 [\ 8^fjkf [\c )''/% GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (0 [\ 8^fjkf )''/# cXj (._)'%$ M@JKFJ1 :ldgc`[f hl\ _X j`[f \c i\hl\i`d`\ekf jfc`Z`kX[f \e gifm`[\eZ`X `e`Z`Xc# cX [\dXe[X hl\ Xek\Z\[\ j\ cX ZXc`]`ZX [\ 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\ m\iYXc jldXi`f%$ <e cf gi`eZ`gXc# Xk\ekX Xc aliXd\e$ kf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj BXk_\i`e\ 8c\oXe[iX KXg`X 8i„mXcf# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e le g\i`Â?$ [`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\ cX Z`l[X[ p ZXekÂ?e Hl`kf# gifm`e$ Z`X [\ G`Z_`eZ_X%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ efkX [\ cX ZlXekˆX p [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[fj gfi \c [fZkfi 8ekfe`f IXdÂ?e If[iˆ^l\q M`Z\ej \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c 9XeZf [\ cX Gif[lZZ`Â?e J%8 GIF;L98E:F kXc Zfdf cf XZi\[`kX Zfe \c `ejkild\ekf gÂ’Yc`Zf hl\ Xek\Z\[\%$ :ˆk\j\ p 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[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\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 le j\ccf 8I&/*,,,&ZZ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

8:KFI1 8EKFE@F I8DFE IF;I@>L<Q M @ : < E J # GIF:LI8;FI AL;@:@8C P I<GI<J<EK8EK< C<>8C ;<C 98E:F ;< C8 GIF;L::@äE J%8% GIF;L98E:F% ;FD@:@C@F C<>8C1 ;I% 8EKFE@F IF;I@>L<Q%# :8J@CC<IF E— .0. ;<D8E;8;F1 M<IäE@:8 AFM8EE8 J8C8Q8I 8C;8Q AL@:@F E— ,,($''/ N%I% M%J% GFI :8G@K8C 8;<L;8;F ;< C8 K8IA<K8 ;< :I<;@KF D8JK<I:8I; GIF;L98E:F# DĂ?J @EK<I<J<J :@K8:@äE 81 M<IäE@:8 AFM8EE8 J8C8Q8I 8C;8Q

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä Ä€

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

:L8EKĂ 81 D @ C :L8KIF:@<EKFJ ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8% GIFM@;<E:@81 ALQ>8;F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (' [\ Alc`f [\c )''/# cXj ('_,,%$ M@JKFJ2 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi p \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ LeX m\q hl\ \c XZkfi _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p gfi cf hl\ j\ c\ XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ <e Xk\eZ`Â?e X cf jfc`Z`kX[f p [\ XZl\i[f Xc aliXd\ekf i\e[`[f# :@K<J< X cX [\dXe[X[X M<IäE@:8 AFM8EE8 J8C8Q8I 8C;8Q Zfe \c Xlkf [\ ZXc`]`ZXZ`Â?e p \jkX gifm`[\eZ`X# Zfe]fid\ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ cfj hl\ j\ \[`kXe \e \jkX Z`l[X[# d\[`Xek\ ki\j glYc`ZXZ`fe\j%$ 8^i„^l\j\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\%$ Efk`]ˆhl\j\% ]% ;iX% DXiˆX <c\eX :_}m\q# Al\q% Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ Gi\m`e`„e[fc\ Xc [\dXe[X[f cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkl$ iXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% CZ[f% Afi^\ D`\i 9liYXef <C J<:I<K8I@F ?Xp le j\ccf 8I&/*,,-&ZZ ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C

8 C8 J<zFI8 D8I@8 >CFI@8 FIK@Q :8;<E8# ;<C AL@:@F M<I98C JLD8I@F GFI K8IA<K8 GIFGL<JKF <E JL :FEKI8 GFI <C J<zFI ;F:KFI 8EKFE@F I8DFE IF;I@>L<Q M@:<EJ GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< C8 GIF;L::@FE J%8% GIF;L98E:F% 8:KFI1 ;F:KFI 8EKFE@F I8DFE IF;I@>L<Q M@:<EJ GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< C8 GIF;L::@FE J%8% GIF;L98E:F% ;<D8E;8;81 D8I@8 >CFI@8 FIK@Q :8;<E8% AL@:@F1 Ef% ('*,$'/$I>: KIĂ?D@K<1 M\iYXc JldXi`f KXia\kX :L8EKĂ 81 +,''#''% =<:?8 ;< @E@:@8:@äE1 (* [\ FZklYi\ [\c )''/ GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (* [\ FZklYi\ [\c )''/# cXj (._')%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\$ Zl\eZ`X \eki„^l\j\ Zfg`X [\ cX [\dXe[X X cX [\dXe[X[X j\ÂŒfiX D8I@8 >CFI@8 FIK@Q :8;<E8%$ :ˆk\j\c\ \e \c cl^Xi hl\ j\ `e[`ZX# d\[`Xek\ Zfd`$ j`Â?e [`i`^`[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ :ldYXp}%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgX$ ÂŒX[X% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f%$

Efk`]ˆhl\j\%$ ] ;iX% D�e`ZX =cfi GXqd`Œf% Al\qX GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# ') [\ DXiqf [\c )''0# cXj '/_,-% 8^i„^l\j\ Xc gifZ\$ jf \c \jZi`kf gi\j\ekX[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 :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\Œf$ iX DXiˆX >cfi`X Fik`q :X[\eX gfi cX gi\ejX# \e le g\i`�[`Zf [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ] ;iX% D�e`ZX =cfi GXqd`Œf% Al\qX Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi 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 le j\ccf 8I&/*,,.&ZZ ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 C8 J<zFI8 B8I@E8 AF8EE8 Q8D9I8EF J8E:?<Q AL@:@F M<I98C JLD8I@F Ef% (,/$)''/$I%C% 8:KFI1 8EKFE@F I8DFE IF;I@>L<Q M @ : < E J GifZliX[fi Al[`Z`Xc [\c GIF;L98E:F J%8% ; < D 8 E ;8 ;8 1 B 8 I @ E 8 AF8EE8 Q 8 D 9 I 8 E F J8E:?<Q :L8EK@81 JfYi\^`if \e kXia\kX [\ Zi„[`kf gfi D@C EFM<:@<EKFJ ;äC8I<J ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )( [\ =\Yi\if [\c )''/# cXj '/_,,%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f p \e d` ZXc`[X[ [\ Al\q jlgc\ek\# d\[`Xek\ f]`Z`f Ef% ;;G$A8I$ (,-/$'.# [\ ]\Z_X (. [\ j\g$ k`\dYi\ [\ )''.%$ 8ZkÂ’\ \c 8Y% I`ZXi[f CÂ?g\q \e jl ZXc`[X[ [\ F]`Z`Xc DXpfi \eZXi^X[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\p2 \e Zfej\Zl\eZ`X# XZ\gk}e[fj\ Xc ki}d`k\ m\iYXc jldXi`f# j\ [`jgfe\ Z`kXi X cX [\dXe[X[X JiX% BXi`eX AfXeeX QXdYiXef J}eZ_\q# \e \c cl^Xi hl\ j\ `e[`ZX%$ 8^i„^l\j\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ K„e^Xj\ \e Zl\ekX cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ p \c ZXj`cc\if al[`Z`Xc [\j`^eX[f%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;I8% M@:KFI@8 :?8E>$ ?L8E> ;< IF;I@>L<Q AL<Q8 j ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )' [\ Ale`f [\c )''/# cXj '0_()%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\%$ <e cf gi`eZ`gXc# Zˆk\j\ X cX [\dXe[X[X JiX% BXi`eX AfXeeX QXdYiXef J}eZ_\q# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c :f[`]`ZX[f p aliXd\ekf i\e[`$ [f# gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\c :XekÂ?e%$ Efk`]ˆhl\j\%$ ;I8% M@:KFI@8 :?8E>$ ?L8E> ;< IF;I@>L<Q AL<Q8 j Cf hl\ Zfdle`Zf X ljk\[ p CF :@KF# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf%

Ĺ?

_Xp efdYi\ `c\^`Yc\ J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*,,/&ZZ

Iecei feble o iecXhW$ GK?DJE >EH79?E <B79E

EFK8Ià 8 JyGK@D8 ;<C :8EKäE HL@KF

8M@JF 8C Gè9C@:F ;\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf \e \c Ef% )* [\c 8ik% (/ [\ cX C\p EfkXi`Xc# Zfdle`Zf Xc gÂ’Yc`Zf hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX fkfi^X[X \c m\`ek\ [\ ale`f [\c XÂŒf [fj d`c feZ\# Xek\ dˆ# ;fZkfi Cl`j MXi^Xj# EfkXi`f J„gk`df [\c :XekÂ?e Hl`kf# cfj j\ÂŒfi\j ;I% 8E;IyJ =<C@G< :äI;FM8 G@Q8IIF p ;I8% G8D<C8 =<IE8E;8 :?<:8 >I8E;8# gifZ\[`\ife X c`hl`$ [Xi \c gXki`dfe`f [\ cX jfZ`\$ [X[ Zfepl^Xc# cX d`jdX hl\ ]l\ [`jl\ckX d\[`Xek\ \c ki}$ d`k\ efkXi`Xc Zfii\jgfe[`\ek\ p Zfej\Zl\ek\ XZkX efkXi`Xc Z\c\YiX[X Xek\ \c EfkXi`f M`^„j`df Efm\ef [\c :XekÂ?e Hl`kf# \c ZlXkif [\ ale`f [\c XÂŒf [fj d`c el\m\# jlY $`ejZi`$ kX f dXi^`eX[X \e \c I\^`jkif :`m`c# \c m\`ek`ZlXkif [\ ale`f [\c XÂŒf [fj d`c el\m\# XiZ_`$ mXe[f \j\ i\^`jkif leX Zfg`X [\ [`Z_f [fZld\ekf Zfe \c eÂ’d\if [fj d`c el\m\ ^l`Â?e hl`e`\ekfj feZ\2 p# gfjk\i`fi$ d\ek\ \c ;`mfiZ`f# Z\c\YiX[f \e cX EfkXi`X :lX[iX^„j`dX [\c :XekÂ?e Hl`kf# Zfe ]\Z_X [`\Z`j`\k\ [\ dXpf [\c XÂŒf [fj d`c [`\q# jlY $`ejZi`kX f dXi^`eX[X \e \c I\^`jkif :`m`c# \c m\`ek`j„`j [\ dXpf [\c XÂŒf [fj d`c [`\q# XiZ_`mXe[f \j\ i\^`jkif leX Zfg`X [\ [`Z_f [fZld\ekf Zfe \c eÂ’d\if [fj d`c [`\q ^l`Â?e hl`eZ\ fZ_\ekX p j`\k\% CXj X[al[`ZXZ`fe\j hl\ _Xe i\Xc`qX[f cfj ZÂ?epl^\j# [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc [`jl\ckX j\ \eZl\e$ kiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kliX gÂ’Yc`ZX [\ C`hl`[XZ`Â?e [\ cX JfZ`\[X[ :fepl^Xc# [\ ]\Z_X m\`ek\ [\ ale`f [\c XÂŒf [fj d`c feZ\# gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`j$ gl\jkf \e \c Ef% )* [\c 8ik% (/ [\ cX C\p EfkXi`X# hl\ ]XZlckX Xc EfkXi`f [`jgfe\i cX `ejZi`gZ`Â?e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c# [\ cX \jZi`kliX [\ c`hl`[XZ`Â?e [\ cX jfZ`\[X[ Zfepl^Xc# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc# GFE>F <E :FEF:@D@<EKF ;<C Gè9C@:F# GFI LE8 JFC8 M<Q# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\j$ gfe[`\ek\ X cfj j\ÂŒfi\j ;I% 8E;IyJ =<C@G< :äI;FM8 G@Q8IIF P ;I8% G8D<C8 =<IE8E;8 :?<:8 >I8E;8# fkfi^X[X Xek\ dˆ# d\[`Xek\ \jZi`kliX gÂ’Yc`ZX [\ m\`ek\ [\ ale`f [\c XÂŒf [fj d`c feZ\# gfi \c k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj gXik\j hl\ Zfe$ j`[\i\e k\e\i [\i\Z_f X fgf$ e\ij\ X \jkX c`hl`[XZ`Â?e# [\YXe dXe`]\jkXicf gfi \jZi`kf Xc jlj$ Zi`kf EfkXi`f# \e le k„id`ef ef dXpfi [\ )' [ˆXj ZfekX[fj [\j[\ \jX ]\Z_X# \e cXj f]`Z`eXj [\ cX EfkXiˆX# lY`ZX[X \e cX 8m% J\`j [\ ;`Z`\dYi\ p Jf[`if# <[`]`Z`f :Xg`kfc`f# GcXekX 9XaX# [\ \jkX Z`l[X[%$ Hl`kf# *' [\ ale`f [\ )'((%$ ;I% CL @ J M8 I > 8 J ?@EFJKIFQ8 EFK8I@F JyGK@DF ;<C :8EKäE HL@KF ?Xp le j\ccf 8I&/*,--&ZZ ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8

J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f [\dXe[X [\ gi\jleZ`Â?e [\ `ejfcm\eZ`X Ef% )',$)'(($

NQ j\^l`[X gfi \c ;i% >fd\i :Xc`okf I\^XcX[f C�g\q# \e 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 G`Z_`eZ_X :%8%# \e ZfekiX [\ N8J?@E>KFE FJN8C;F :FEJK8EK< :8CMFG@z8# Zlpf \okiXZkf [\ cX [\dXe[X p gifm`[\eZ`X i\ZXˆ[X \j Zfdf j`^l\1 <OKI8:KF%$ 8:KFI1 ;i% >fd\i :Xc`okf I\^XcX[f C�g\q# \e 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 G`Z_`eZ_X :%8% ;<D8E;8;F1 N8J?@E>KFE FJN8C;F :FEJK8EK< :8CMFG@z8 :L8EK@81 @E;<K<ID@E8;8 AL@:@F1 @EJFCM<E:@8 EF% )',$)'(($NQ KI8D@K<1 <JG<:@8C F9A<KF ;< C8 ;<D8E;81 ;\ZcXiXi cX `ejfc$ m\eZ`X [\ N8J?@E>KFE FJN8C;F :FEJK8EK< :8CMFG@z8 GIFM@;<E:@8%$ ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„i$ Zfc\j )* [\ ]\Yi\if [\c )'((# cXj '0_)0% M@JKFJ1 CX [\dXe$ [X [\ gi\jleZ`�e [\ `ejfcm\e$ Z`X hl\ gi\j\ekX \c ;i% >fd\i :Xc`okf I\^XcX[f C�g\q# \e 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 YXeZf G`Z_`eZ_X :%8%# \e ZfekiX [\ N8J?@E>KFE FJN8C;F :FEJK8EK< :8CMFG@z8 gfikX[fi [\ cX Z„[lcX Ef% ','()+'0+0 i\’e\ cfj i\hl`$ j`kfj c\^Xc\j2 \e Zfej\Zl\eZ`X# j\ cX XZ\gkX Xc ki}d`k\ gfi cX mˆX \jg\Z`Xc# gi\m`jkX \e \c gXi}$ ^iX]f *if# J\ZZ`�e *iX# 8ikj% ,(0 p j`^l`\ek\j [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% :fdf [\ cXj Zfg`Xj Z\ik`]`ZX[Xj X[alekXj i\]\i\ek\j Xc al`Z`f <a\Zlk`mf Ef% (+'*$)''/$;iX% GfdYfqX j\^l`[f \e \c Alq^X[f Efm\ef [\ cf :`m`c [\ G`Z_`eZ_X j\ \jkXYc\Z\ hl\ i\hl\i`[f hl\ _X j`[f \c [\dXe[X[f Zfe \c dXe[Xd`\ekf [\ \a\ZlZ`�e [\ '( [\ XYi`c [\c )'('# cXj '0_'+# ef _X [X[f Zldgc`d`\ekf Xc d`jdf j\^’e cX iXq�e j\ekX[X gfi \c J\Zi\kXi`f [\ cX al[`ZXkl$ iX \c '. [\ alc`f [\c )'('# gfi cf hl\ j\ gi\jld\ c\^Xcd\ek\ jl \jkX[f [\ gi\jlekX `ejfc$ m\eZ`X p Zfdf Zfej\Zl\eZ`X j\ fi[\eX hl\ _Xp cl^Xi Xc ZfeZlijf [\ XZi\\[fi\j# gfi kXekf1 Fi[\eXj\ ( %$ :ˆk\j\ Xc [\dXe[X[f N8J?@E>KFE FJN8C;F :FEJK8EK< :8CMFG@z8 gfikX[fi [\ cX Z„[lcX Ef% ','()+'0+0 \e \c cl^Xi `e[`ZX[f \e \c c`Y\cf [\ cX [\dXe[X# gXiX hl\ \c k„id`ef [\ * [ˆXj j\ fgfe^X gX^Xe[f cX [\l[X f [`d`k`\e[f Y`\e\j \hl`mXc\ek\j2 ) %$ hl\ j\ gif$ Z\[X X cX fZlgXZ`�e p [\gfj`$ kf [\ kf[fj cfj Y`\e\j# c`Yifj# Zfii\jgfe[\eZ`X p [\d}j [fZld\ekfj [\c [\dXe[X[f# gXiX \jk\ ]`e Zl„ek\j\ Zfe cX `ek\im\eZ`�e [\c j`e[`Zf [\c ZfeZlijf ;i% Afi^\ DXZXj Ifd\if# X hl`\e j\ cf efdYiX \e \jk\ ZXjf# ZlpX gfj\j`�e j\ fi[\eXiX gfjk\i`fid\ek\2 * %$ hl\ j\ _X^X jXY\i Xc g’Yc`Zf \e ^\e\iXc [\ \jkX gi\jleZ`�e [\ \jkX[f [\ `ejfcm\eZ`X [\c efdYiX[f [\dXe[X[f X ]`e [\ hl\ kf[fj jlj XZi\\[fi\j Zfd$ gXi\qZXe X \jk\ al`Z`f gfikXe$

[f jlj [fZld\ekfj [\ Zi„[`kf p _X^Xe mXc\i jlj [\i\Z_fj2 + %$ J\ fi[\eX cX XZldlcXZ`�e [\ kf[fj cfj al`Z`fj j\^l`[fj \e ZfekiX [\ N8J?@E>KFE FJN8C;F :FEJK8EK< :8CMFG@z8 gfikX[fi [\ cX Z„[lcX Ef% ','()+'0+0 gfi fYc`^XZ`�e [\ [Xi f _XZ\i gXiX \jk\ ]`e f]ˆZ`\j\ X kf[fj p ZX[X lef [\ cfj alq^X[fj [\ cf :`m`c# [\ KiXYXaf# [\ @ehl`c`eXkf# [\ kiXej`kf p Alq^X[f =`jZXc [\ \jk\ :Xek�e2 , %$ Gfi j\Zi\$ kXi`X f]ˆZ`\j\ Xc =`jZXc ;`jki`kXc [\ G`Z_`eZ_X X ]`e [\ hl\ lefj [\ jlj X^\ek\j `em\jk`^l\ \c \jkX[f [\ gi\jlekX `ejfc$ m\eZ`X [\c [\dXe[X[f p [\ \eZfekiXi d„i`kfj i\d`kX Xc Al\q G\eXc p \jk\ ZXc`]`hl\ j` cX gi\jleZ`�e [\ `ejfcm\eZ`X \j ]fikl`kX# ZlcgXYc\ f ]iXl[l$ c\ekX2 - %$ J\ fi[\eX hl\ \c XZZ`feX[f ef j\ Xlj\ek\ [\c cl^Xi [\c al`Z`f# \j [\Z`i# [\c :Xek�e Hl`kf# j`e g\id`jf [\c jljZi`kf Al\q2 . %$ :fdf \c [\dXe[X[f hl\[X [\ _\Z_f \e `ek\i[`ZZ`�e [\ X[d`e`jkiXi jlj Y`\e\j _}^Xj\ ZfefZ\i [\ \jk\ gXik`ZlcXi X kf[fj cfj efkXi`fj [\ \jk\ :Xek�e# I\^`jkiX[fi\j [\ cX Gifg`\[X[ p D\iZXek`c [\ \jk\ :Xek�e2 X cfj a\]\j [\ cX :\ekiXc [\ I`\^fj kXekf [\ cX Jlg\i`ek\e[\eZ`X [\ 9XeZfj p [\ :fdgXŒˆXj2 :fekiXcfiˆX >\e\iXc [\c <jkX[f# GifZliX[fi >\e\iXc [\c <jkX[`f# ;`i\Zkfi EXZ`feXc [\c I\^`jkif :`m`c# :fd`j`�e EXZ`feXc [\c KiXejgfik\ K\ii\jki\# KiXej`kf p J\^li`[X[ M`Xc# ;`i\ZZ`�e EXZ`feXc [\ D`^iXZ`�e# @ejk`klkf <ZlXkfi`Xef [\ J\^li`[X[ JfZ`Xc# J\im`Z`f [\ I\ekXj @ek\ieXj p Gi\j`[\ek\ [\c :fej\af EXZ`feXc <c\ZkfiXc2 p# / %$ ]`eXcd\ek\ j\ fi[\eX hl\ cX [\dXe[X[X \e \c k„i$ d`ef [\ / [ˆXj cl\^f [\ jl Z`kXZ`�e gi\j\ek\ \c YXcXeZ\ [\ jlj Y`\e\j Zfe \ogi\j`�e [\c XZk`mf p [\c gXj`mf% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj p efk`]ˆhl\j\ Xc [\dXe[Xek\ \e cX ZXj`ccX al[`$ Z`Xc Ef% *+,(% EFK@=@HL<J<% ] ;I% D8I@F FIK@Q <JKI<CC8 %$ Al\q Cf hl\ Zfdle`Zf Xc g’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'+,-&k] I% ;<C <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C1 8 CFJ J<zFI<J ;@E8 8C@:@8 G8JH L < C Q8 D 9 I8 E F# J<>LE;F I8èC G8JHL<C Q8D9I8EF# N8J?@E>KFE N@CC@8D G8JHL<C K@O<C<D8# D8IK?8 :<:@C@8 G8JHL<C K@>J<C<D8# FIC8E;F G8K I @ : @ F G8 J H L < C K@>J@C<D8 P 8C<O8E;I8 ;<C :8ID<E G8JHL<C E8IM�<Q% AL@:@F1 M<I98C JLD8I@F 8DG8IF GFJ<JFI@F Ef (-/,$)'('$;>=% 8:KFI81 J<zFI8 D8Ià 8 D8>;8C<E8 :L@:?8E JLHL@CCF ;<D8E;8;FJ1 J<zFI<J ;@E8 8C@:@8 G8JHL<C Q8D9I8EF# J<>LE;F I8èC G8JHL<C Q8D9I8EF# N8J?@E>KFE N@CC@8D G8 J H L < C K @ O < C < D 8 #

D8IK?8 :<:@C@8 G8JHL<C K@>J<C<D8# FIC8E;F G8K I @ : @ F G8 J H L < C K@>J@C<D8 P 8C<O8E;I8 ;<C :8ID<E G8JHL<C E8IMĂ?<Q :8J@CC<IF AL;@:@8C Ef% +00) ;<C ;I% C<FE8I;F D<E8 GIFM@;<E:@8 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j + [\ \e\if [\c )'((# cXj ('_,-% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`jkX [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# Xc XZkfiX ZfdgXi\q$ ZX X \jkX Al[`ZXkliX p ZldgcX Zfe cf [`jgl\jkf \e 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e \c k„id`ef [\ ki\j [ˆXj p YXaf gi\m\eZ`fe\j [\ C\p%$ Efk`]ˆhl\j\%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (. [\ \e\if [\c )'((# cXj ((_+-% M@JKFJ1 <c \jZi`kf gi\$ j\ekX[f X^i„^l\j\ Xc gifZ\jf% <e cf gi`eZ`gXc2 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 XZ\gkX X ki}d`k\ M\iYXc JldXi`f <e Zfe$ j\Zl\eZ`X# ZÂ?iiXj\ kiXjcX[f X cfj [\dXe[X[fj j\ÂŒfi\j ;@E8 8C@:@8 G8JHL<C Q8D9I8EF# J<>LE;F I8èC G8JHL<C Q8D9I8EF# N8J?@E>KFE N@CC@8D G8JHL<C K@O<C<D8# D8IK?8 :<:@C@8 G8JHL<C K@>J<C<D8# FIC8E;F G8K I @ : @ F G8 J H L < C K@>J@C<D8 P 8C<O8E;I8 ;<C :8ID<E G8JHL<C E8IMĂ?<Q%% ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ :XekÂ?e Hl`kf# gXiX cf ZlXc efk`]ˆhl\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[# d\[`Xek\ Xk\ekf f]`Z`f% :l„ek\j\ \e cX gi\j\ek\ ZXljX# Zfe cfj j\ÂŒfi\j G\ijfe\ifj [\c @cljki\ Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% :fe \c aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p X^i„^l\ej\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ Efk`]ˆhl\j\%$ ] ;i% 8c]i\[f >i`aXcmX DlÂŒfq# Al\q%$] ;i% 8c]i\[f >i`aXcmX DlÂŒfj AL<Q% Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc# [\ekif [\c g\iˆd\kif LiYXef [\ \jkX :`l[X[ [\ Hl`kf%#$ :\ik`]`Zf%$ ;I% AL8E G89CF KFIF :8II@CCF J<:I<K8I@F ?Xp le j\ccf 8%:%/'+'0& ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C%

81 =89I@Q@F :8ICFJ 8C9<IKF :8G<CF I<:8C;< p A8:B<C@E< :<:@C@8 M8I>8J :?8IIP# Zfe \c \okiXZkf [\ cX [\dXe[X Fi[`eXi`X p gif$ m`[\eZ`Xj hl\ X Zfek`elXZ`�e j`^l\e1 <OKI8:KF1 8Zkfi1 AlXe 8ekfe`f :_}m\q G\j}ek\q# K\fYXc[f <]iXˆe# Afj„ 9\eaXdˆe# DXel\c A\j’j JXcfd�e p IfjX DXi^Xi`kX :_}m\q G\j}ek\q% ;\dXe[X[fj1 =89I@Q@F :8ICFJ 8C9<IKF :8G<CF I<:8C;< p A8:B<C@E< :<:@C@8 M8I>8J :?8IIP :lXekˆX1 LJ;% *'%'''#ff Al`Z`f Ef% *-0$)'(($NQ FYa\kf [\ cX ;\dXe[X1 I\jfclZ`�e [\ :fekiXkf% GIFM@;<E:@8J1 ALQ>8;F J<OKF ;< CF :@M@C

;< G@:?@E:?8%$ Hl`kf# Cle\j '+ [\ XYi`c [\c )'((# cXj ('_)-% M@JKFJ%$ CX [\dXe[X gifgl\j$ kX gfi \c AlXe 8ekfe`f :_}m\q G\j}ek\q# K\fYXc[f <]iXˆe# Afj„ 9\eaXdˆe# DXel\c A\j’j JXcfd�e p IfjX DXi^Xi`kX :_}m\q G\j}ek\q \e ZfekiX [\ :8ICFJ 8C9<IKF I<:8C;< p A8:HL<C@E< :<:@C@8 M8I>8J :?8IIP# \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ Fi[`eXi`f gi\m`jkf \e \c g}iiX]f (X# j\ZZ`�e )X# Kˆklcf @@# 8ki% *0, p j`^l`\ek\j [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% <e Zfej\Zl\eZ`X# j\ [`jgfe\ Zfii\i kiXjcX[f Zfe cX [\dXe[X p gi\j\ek\ gifm`$ [\eZ`X X :8ICFJ 8C9<IKF I<:8C;< p A8:HL<C@E< :<:@C@8 M8I>8J :?8IIP# gfi \c k„id`ef [\ hl`eZ\ [ˆXj# X ]`e [\ hl\ gifgfe^Xe cXj \oZ\g$ Z`fe\j [`cXkfi`Xj f g\i\ekfi`Xj X cXj hl\ j\ Zi\p\i\e Xj`jk`$ [fj# YXaf gi\m\eZ`fe\j [\ c\p% :fe]fid\ cf jfc`Z`kXe cfj XZZ`feXek\j Zˆk\j\ X cfj XZZ`f$ eXe[fj :8ICFJ 8C9<IKF I<:8C;< p A8:HL<C@E< :<:@C@8 M8I>8J :?8IIP \e cX ZXj`ccX al[`Z`Xc Ef% *+(- [\ jl 8Yf^X[f [\]\ejfi \c J\Œfi ;fZkfi 8c\o =\ieXe[f CXi\eXj JZ_\kk`e`2 j`e g\ial`Z`f [\ hl\ j\Xe Z`kX[fj \e c\^Xc p [\Y`[X ]fidX Zfe]fid\ cf fi[\eX cX c\p% K�d\j\ efkX [\c ZXj`cc\if al[`Z`Xc Ef% (.*) j\ŒXcX[f gfi cfj XZkfi\j% K„e^Xj\ Zfdf gif$ ZliX[fi Zfd’e [\ cfj XZkfi\j Xc ;i% AlXe 8ekfe`f :_}m\q G\j}ek\q% 8^i„^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj XgXi\aX$ [fj X cX [\dXe[X% :@K<J< P 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# dXik\j , [\ XYi`c [\c )'((# cXj (,_)+% ;\ f]`Z`f p Zfe ]le[Xd\ekf \e \c 8ik% )0' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ XZcXiX cX gifm`[\eZ`X hl\ Xek\Z\[\# \e \c j\ek`[f [\ hl\ cX gi\$ j\ek\ [\dXe[X \j gifgl\jkX gfi AlXe 8ekfe`f :_}m\q G\j}ek\q# K\fYXc[f <]iXˆe# Afj„ 9\eaXdˆe# DXel\c A\j’j JXcfd�e p IfjX DXi^Xi`kX :_}m\q G\j}ek\q \e Zfe$ kiX [\ =89I@Q@F :8ICFJ 8C9<IKF :8G<CF I<:8C;< p A8:B<C@E< :<:@C@8 M8I>8J :?8IIP% <e Zfej\Zl\eZ`X# j\ [`jgfe\ Zfii\i kiXjcX[f Zfe cX [\dXe[X p gi\j\ek\ gif$ m`[\eZ`X X =89I@Q@F :8ICFJ 8C9<IKF :8G<CF I<:8C;< p A8:B<C@E< :<:@C@8 M8I>8J :?8IIP# gfi \c k„id`ef [\ hl`eZ\ [ˆXj# X ]`e [\ hl\ gif$ gfe^Xe cXj \oZ\gZ`fe\j [`cX$ kfi`Xj f g\i\ekfi`Xj X cXj hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf gi\$ m\eZ`fe\j [\ c\p% :fe]fid\ cf jfc`Z`kXe cfj XZZ`feXek\j Zˆk\j\ X cfj XZZ`feXe[fj =89I@Q@F :8ICFJ 8C9<IKF :8G<CF I<:8C;< p A8:B<C@E< :<:@C@8 M8I>8J :?8IIP \e cX ZXj`ccX al[`Z`Xc Ef% *+(- [\ jl 8Yf^X[f [\]\ejfi \c J\Œfi ;fZkfi 8c\o =\ieXe[f CXi\eXj JZ_\kk`e`2 j`e g\ial`Z`f [\ hl\ j\Xe Z`kX[fj \e c\^Xc p [\Y`$ [X ]fidX Zfe]fid\ cf fi[\eX cX c\p% 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# cle\j (* [\ ale`f [\c )'((# cXj ('_'.% 8k\ekf \c aliXd\ekf \ogi\jX[f gfi cX gXik\ XZkfiX ;i% AlXe 8ekfe`f :_}m\q G\j}ek\q# gfi jlj gifg`fj [\i\Z_fj p \e ZXc`$ [X[ [\ gifZliX[fi Zfd’e [\ cfj j\Œfi\j K\fYXc[f <]iXˆe# Afj„ 9\eaXdˆe# DXel\c A\j’j JXcfd�e p IfjX DXi^Xi`kX :_}m\q G\j}ek\q p cf [\k\id`$ eX[f \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj j\Œfi\j =89I@Q@F :8ICFJ 8C9<IKF :8G<CF I<:8C;< p A8:B<C@E< :<:@C@8 M8I>8J :?8IIP gfi cX gi\ejX2 gXiX

\c \]\Zkf Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf% Efk`]ˆhl\j\% ] ;I% D8I@F FIK@Q <JKI<CC8%$ Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc [\ le 8Yf^X[f \e \jkX al[`ZX$ kliX Zfdf [`jgfe\ cX c\p% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'+-'&k] I<Gè9C@:8 ;<C <:L8;FI <OKI8:KF M@JKF 9L<EF Ef ()'*+$ )'(($8%E%

8:KF I 1 J I8 % IL K ? D8>;8C<E8 8E;I8;< 8::@FE8;81 JI8% >C8;PJ DFEJ<II8K< D<;I8E;8 Q8D9I8EF :8LJ8C1 ( P * ;<C 8IK% (.) :ä;@>F ;<C KI898AF @EJG<::@FE ;<C KI898AF ;< G@:?@E:?8 Hl`kf# '/ [\ Ale`f [\c )'((# X cXj '/?'0% <e d„i`kf Xc jfik\f [\ ]\Z_X )0 [\ 8Yi`c [\c )'((# j`\e[f cXj (*?,/# 8MF:F ZfefZ`$ d`\ekf [\ cX g\k`Z`Â?e [\ M`jkf 9l\ef Ef ()'*+$)'(($8%E% gifgl\jkX gfi cX j\ÂŒfiX ILK? D8>;8C<E8 8E;I8;<# \e ZXc`[X[ [\ Gifg`\kXi`X [\ cX G<CLHL<I@8 =I8E:<C M@8E:8# \e ZfekiX [\ cX j\ÂŒf$ iX >C8;PJ DFEJ<II8K< D<;I8E;8 Q8D9I8EF# 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\ X cX kiXYXaX[fiX \e \ccX d\eZ`f$ eX[X# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e eXZ`feXc# [\ Zfe]fid`[X[ X cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\c GifZ\[`d`\ekf :`m`c# gfi ZlXekf \c \dgc\X[fi YXaf aliXd\ekf [\ZcXiX [\jZfefZ\i \c [fd`Z`c`f [\ cX XZZ`feX[X# Zfe]fid\ j\ [\jgi\e[\ [\ cX [\ZcXiXZ`Â?e aliXd\ekX 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 ]lkliXj efk`]`ZXZ`fe\j%%$ ) KÂ?d\j\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc E— ))(/# 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`ZX$ Z`Â?e%%$ EFK@=@HL<J<%%$ ] 8Y^% 8e[i\X EfYfX :XdXZ_f% GXik`ZlcXi hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 8Y^% 8 e [ i\ X E f Y f X :XdXZ_f% @EJG<:KFI8 ;< KI898AF ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&,'+)(&k] I\gÂ’Yc`ZX [\c <ZlX[fi <OKI8:KF AL;@:@8C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8 @EyJ :<:@C@8 =8C:FEĂ 9FIA8 AL@:@F1 :FCLJFI@F Ef% (*/+$ )''0$BD 8:KFI1 =8LJKF IF;I@>F 8ID8J C8I:FJ p M@:KFI D8EL<C :<;<zF @EKI@8>F ;<D8E;8;FJ1 @EyJ :<:@C@8 =8C:FEĂ 9FIA8 p ?<:KFI ><FM8EEP :8JG@ I<8 F9A<KF1 F9K<E<I C8 ELC@;8; ;<C AL@:@F <A<:LK@MF Ef% -/)$ )''0$DJ ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< ;< G@:?@E:?8# G8I8 HL< C8J :FJ8J ML<CM8E 8C <JK8;F 8EK<I@FI < @E<J =8C:FE@ 9FIA8 I<JG<K< HL< <C :8G@K8C 8;<L;8;F <J ;< *%'''#''2 :FEJ<>L@I C8 <EKI<>8 ;<C M<?@:LCF ;<

GC8:8 Ef% K;8'+./# D8I:8 B@82 CF>I8I <C G8>F ;< CFJ ;8zFJ P G<IAL@:@FJ# :FJK8J GIF:<J8C<J P ?FEFI8I@FJ GIF=<J@FE8C<J ; < C ;<=<EJFI ;< CFJ 8:KFI<J KI8D@K<1 <JG<:@8C :L8EK@81 J<J<EK8 P :@E:F D@C ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8 G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j ( [\ j\g$ k`\dYi\ [\c )'('# cXj (,_+.%$ M@JKFJ1 CX [\dXe[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% Gfi Zfej`^l`\ek\# Zfe$ ]fid\ X cf gi\m`jkf \e \c 8ik% ) [\ cX C\p gXiX \c Alq^Xd`\ekf [\ cX :fclj`Â?e# Zfe \c \jZi`$ kf [\ [\dXe[X p \jkX gifm`$ [\eZ`X# Zˆk\j\ \e cfj cl^Xi\j `e[`ZX[fj X cfj j\ÂŒfi\j @EyJ :<:@C@8 =8C:FEĂ 9FIA8 p ?y:KFI ><FM8EEP :8JG@ I<8# gXiX hl\ Zfek\jk\e \e \c k„id`ef [\ j\`j [ˆXj% KÂ?d\j\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f gfi cfj XZkfi\j p X^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX% Efk`]ˆhl\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# cle\j *' [\ dXpf [\c )'((# cXj '/_',%$M`jkX cX iXqÂ?e j\ekX[X \e cX F]`Z`eX [\ :`kXZ`fe\j p Xk\ekf \c aliX$ d\ekf i\e[`[f gfi cfj XZkfi\j# Zˆk\j\ X cX [\dXe[X[X @EyJ :<:@C@8 =8C:FEĂ 9FIA8 d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf p \e cX ]fidX gi\m`jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\%$ ] ;i% IlY„e :\mXccfj =XYXiX% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe% :\ik`]`Zf% ;i% E`cf >feqXcf 8cdXZ_`% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'+-(&k] ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8c j\ÂŒfi AFJ< CL@J KFJ:8EF >8D<:?F 8IK<8>8 j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 M<I98C JLD8I@8 p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi1 98E:F ;<C 8LJKIF ;\dXe[X[f% AFJ< CL@J KF J : 8 E F > 8 D < : ? F 8IK<8>8 8jlekf1 :fYif [\ [`e\if gfi d\[`f [\ kXia\kX [\ Zi„[`kf :lXekˆX1 LJ;% +%,''#''$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 )) [\ fZklYi\ [\c )''/ :XljX Ef% ('0/$)''/%$ ;I% <;@JFE 98IIFJ%$ GIFM@;<E:@81 4 4 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )/ [\ FZklYi\ [\c )''/# cXj '0_('1 M@JKFJ1 8mfZf Zfef$ Z`d`\ekf \e cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\# d\[`Xek\ F]`Z`f Ef% ;;G$A8I$ ((++ [\ (( [\ Alc`f [\c )''. p \e m`jkX [\c jfik\f Zfii\j$ gfe[`\ek\%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ :ˆk\j\ Xc [\dXe$ [X[f AFJ< CL@J KFJ:8EF >8D<:?F$8IK<8>8# \e cX [`i\ZZ`Â?e `e[`ZX[X gfi \c XZkfi# X hl`„e j\ c\ \eki\^Xi}

Zfg`X [\ cX [\dXe[X p gifm`$ [\eZ`X i\jg\Zk`mX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e gi\j\ekX[X%$ ;\ Zfe]fid`[X[ Zfe \c 8ik% 00) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# [\j^c�j\$ j\ cfj [fZld\ekfj jfc`Z`kX[fj gfi \c XZkfi# [\aXe[f Zfg`Xj Z\ik`]`ZX[Xj p i\Z`Yf \e Xlkfj p \eki„^l\j\ Xc ;fZkfi NcX[`d`i >XcXiqX C\�e# Zfe]fid\ j\ \eZl\ekiX jfc`Z`kX[f%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f p cX ]XZlckX[ ZfeZ\$ [`[X X jl 8Yf^X[f ;\]\ejfi%$ Gfi i\eleZ`X [\ cX J\Zi\kXi`X k`klcXi# XZk’\ \c F]`Z`Xc DXpfi d\[`Xek\ F]`Z`f Ef% 0,, ;G$;;G$A8I$'. [\ ]\Z_X (+ [\ ;`Z`\dYi\ [\c )''.%$ Efk`]ˆhl\j\% = ;i% 8idXe[f 8Z\c[f >lXcc`% AL<Q% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# dXik\j )( [\ ale`f [\c )'((# cXj ('_)0%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[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\ Xc [\dXe[X[f AFJ< CL@J KFJ:8EF >8D<:?F 8IK<8>8# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ EFK@=@HL<J<%$ ] ;i% 8idXe[f 8Z\c[f >lXcc` AL<Q% Cf hl\ Zfdle`Zf X ljk\[ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc \e \c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ Hl`kf# *' [\ ale`f [\c )'((% ;i% =iXeZ`jZf Aljk`Z`X J<:I<K8I@F ?Xp le j\ccf 8%:%&/'++. I% [\c <% KI@9LE8C :L8IKF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8

EFK@=@:8:@FE AL;@:@8C 81 ?\i\[\ifj gi\jlekfj p [\j$ ZfefZ`[fj [\ hl`\e \e m`[X ]l\ E<CJFE D@>L<C 8E><C ;8M@C8 G8<Q <OKI8:KF 8Zkfi1 E\cjfe D`^l\c 8e^\c ;}m`cX G}\q ;\dXe[X[fj1 9\eaXdˆe :fYX >�d\q p 9\Xki`q DXic\e\ A`d„e\q ?\ie}e[\q ELD<IF ;< AL@:@F1 '+$')$ >8 KI8D@K<1 M<I98C JLD8I@F :L8EK@81 ('%'''#ff ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ F9A<KF1 @e[\de`qXZ`�e [\ [XŒfj p g\ial`Z`fj 89F>8;F ;<=<EJFI1 ;i% AlXe A}Zfd\ GXjhl\c :8J@CC81 (*.0 KI@9LE8C :L8IKF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8% Hl`kf# )/ [\ ale`f [\c )'((# cXj '0?*'% 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f \c )' [\ ale`f [\c )'(( gfi Jfe`X :Xifc`eX ;}m`cX :lchl` p jl Xe\of p \c gi\j\ekX$ [f gfi 9\eaXdˆe I`ZXi[f :fYX p 9\Xki`q DXic\e\ A`d„e\q ?\ie}e[\q \c )' [\ ale`f [\c )'((% 8k\ekf Xc gi`d\i \jZi`kf p [\ Zfe]fid`[X[ Xc Z\ik`]`ZX$ [f [\ `ejZi`gZ`�e [\ [\]leZ`�e [\c ]Xcc\Z`[f E\cjfe D`^l\c 8e^\c ;}m`cX G}\q p XZkX [\ gfj\j`�e \]\Zk`mX X[alekf# [\ cf hl\ [\m`\e\ hl\ jfe mXi`fj cfj _\i\[\ifj [\c XZkfi ]Xcc\Z`$ [f# gfi cf hl\ \c 8Yf^X[f ;i% AlXe A}Zfd\ GXjhl\c c\^`k`d\ jl `ek\im\eZ`�e X efdYi\ [\ \ccfj% ;\ Zfe]fid`[X[ Zfe cf [\k\id`eX[f \e \c 8ik% /* [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \e ZfeZfi[XeZ`X Zfe \c 8ik% /) `Y`[\d# efk`]ˆhl\j\ d\[`Xek\ leX glYc`ZXZ`�e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ Hl`kf X cfj _\i\[\ifj gi\jlekfj p [\jZf$ efZ`[fj [\c ZXljXek\%%% Efk`]ˆhl\j\% = ;i% >feqXcf DfiXc\j Dfc`eX% GI<J@;<EK< Cf hl\ Zfdle`Zf X ljk\[ 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 \e \jkX Z`l[X[ [\ Hl`kf gXiX ]lkliXj efk`]`ZXZ`fe\j% ;iX% DXi^Xi`kX A`d„e\q D% J<:I<K8I@8 ?Xp le j\ccf 8%:%&/'+,)

Iecei feb‡j_YWc[dj[ _dYehh[Yjei fehgk[ de iWX[cei be gk[ [i i[h Yehh[Yjei$ :7L?: CKyEP

I% [\c <%

:@K8:@FE AL;@:@8C 8C J<zFI :?I@JK@8E D<;8I;F M@CC8M@:<E:@F :FE;F# :FE <C AL@:@F @EJFCM<E:@8# GIFGL<JKF GFI ?<IE8E M@E@:@F : 8 I ; < E 8 J J8E:?<Q% 8:KFI1 ?\ie}e M`e`Z`f :}i[\eXj J}eZ_\q ;<D8E;8;F1 :_i`jk`Xe D\[Xi[f M`ccXm`Z\eZ`f :fe[f =LE;8D<EKFJ ;< ;<I<:?F1 8ik% ,'0# ,('# ,(. P ,(0 [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c M`^\ek\% :L8EK@81 @e[\k\id`eX[X KI8D@K<1 <JG<:@8C AL@:@F1 /)($)''0$J 89F>8;F ;<=<EJFI1 ;i% K\cdf E’Œ\q ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X (( [\ =\Yi\if )'('%$ 8 cXj '/?+'%$ M@JKFJ1 CX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj c\^Xc\j gfi cf hl\ XZ\gkX Xc ki}d`k\ i\j$ g\Zk`mf% ;\ cX [fZld\ekXZ`�e hl\ j\ X[alekX \jkX j\ _XccX Zfdgi\e[`[X \e \c 8ik% ,(0 eld\iXc gi`d\if [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \e kXc m`ikl[ j\ gi\jld\ cX `ejfc$ m\eZ`X [\c j\Œfi :?I@JK@8E D<;8I;F M@CC8M@:<E:@F :FE;F# p j\ [\ZcXiX Zfe cl^Xi cX ]fidXZ`�e [\c ZfeZlijf [\ XZi\\[fi\j1 Hl\ j\ fZlg\e cfj Y`\e\j# Zfii\jgfe[\eZ`X# p [\d}j [fZld\ekfj [\c ]Xcc`[f hl\ j\ c\ \eki\^Xi}e Xc Jˆe[`Zf [\c ZfeZlijf# gXiX kXc \]\Zkf j\ efdYiX Xc ;i% DXi`f FŒX# hl`\e j\ gfj\j`feXi} [\ jl ZXi^f fgfikleXd\ek\% Hl\ j\ XZldlc\e kf[fj cfj al`Z`fj j\^l`[fj \e ZfekiX [\c [\dXe[X[f gfi fYc`^XZ`fe\j [\ [Xi f _XZ\i# gl[`\e[f cfj XZi\\[fi\j _`gfk\ZXi`fj _XZ\i mXc\i jlj [\i\Z_fj gfi j\gXiX$ [f% Gif_ˆYXj\ Xc [\dXe[X[f Xlj\ekXij\ [\c GXˆj p [\c cl^Xi [\c al`Z`f p j\ fi[\eX gi\j\ek\ \c YXcXeZ\ [\ cfj Y`\e\j Zfe \ogi\j`�e [\c XZk`mf p [\c gXj`$ mf \e \c k„id`ef [\ fZ_f [ˆXj% I\dˆkXj\ Zfg`Xj [\ kf[f cf XZklX[f# X lef [\ cfj j\Œfi\j Al\Z\j [\ cf G\eXc gXiX hl\ ZXc`]`hl\ cX `ejfcm\eZ`X% :fdf \c ]Xcc`[f hl\[X \e `ek\i[`ZZ`�e [\ X[d`e`jkiXi jlj Y`\e\j# efk`]ˆhl\j\ jfYi\ \c gXik`Zl$ cXi X cfj j\Œfi\j EfkXi`fj p I\^`jkiX[fi\j [\ cX Gifg`\[X[ [\c :Xek�e Ild`ŒX_l` p :Xek�e Hl`kf# j\Œfi I\^`jkiX[fi D\iZXek`c [\c ZXek�e Hl`kf% F]ˆZ`\j\ _XZ`„e[fc\j ZfefZ\i [\ \jk\ gXik`ZlcXi X cfj j\Œfi\j Jlg\i`ek\e[\ek\ [\ 9XeZfj# Xjˆ Zfdf Xc j\Œfi Jlg\i`ek\e[\ek\ [\ :fdgXŒˆXj2 j\Œfi :fekiXcfi >\e\iXc [\c <jkX[f# j\Œfi GifZliX[fi >\e\iXc [\c \jkX[f2 ;`i\Zkfi >\e\iXc [\ I\^`jkif :`m`c @[\ek`]`ZXZ`�e p Z\[lcXZ`�e2 :fej\af EXZ`feXc <c\ZkfiXc2 ;`i\Zkfi EXZ`feXc [\ :fej\af EXZ`feXc [\ ki}ej`kf2 F]`Z`eX [\ J\im`Z`fj :`m`c p ;\jXiifccf @ejk`klZ`feXc FJ:;@2 ;`i\ZZ`�e EXZ`feXc [\ cX J<E;I<J2 ;`i\ZZ`�e EXZ`feXc [\ G\ijfeXc2 ;`i\ZZ`�e [\ D`^iXZ`�e p <okiXea\iˆX2 D`e`jk\i`f [\ I\cXZ`fe\j <ok\i`fi\j2 ;`i\Zkfi EXZ`feXc [\c J\^lif JfZ`Xc @%<%J%J% j\im`Z`f [\ I\ekXj @ek\ieXj J%I%@% @ejk`klkf [\ J\^li`[X[ JfZ`Xc [\ cXj =l\iqXj 8idX[Xj @%J%J%=%8% :fdXe[XeZ`X >\e\iXc [\ Gfc`ZˆX2 :fdXe[f :fealekf [\ cXj =l\iqXj2 :fd`j`�e :ˆm`ZX [\ :fekifc

ZfekiX cX ZfiilgZ`Â?e2 ;`i\ZZ`Â?e EXZ`feXc [\ :ffg\iXk`mXj2 D`e`jk\i`f [\ @eZclj`Â?e <ZfeÂ?d`ZX p JfZ`Xc2 D`e`jkif =`jZXc >\e\iXc [\ <jkX[f# :fej\af [\ GXik`Z`gXZ`Â?e :`l[X[XeX p :fekifc JfZ`Xc :G::J%$ @ejZiˆYXj\ cX gi\j\e$ k\ `ejfcm\eZ`X \e \c I\^`jkif [\ cX Gifg`\[X[ p I\^`jkif D\iZXek`c [\c :XekÂ?e Hl`kf p Ild`ÂŒX_l`%¸ :Â’dgcXj\ \e ]`e Zfe kf[Xj cXj [`c`^\eZ`Xj g\ik`e\ek\j gXiX \jkX ZcXj\ [\ al`Z`fj% Gf[i} j`e \dYXi^f \c [\l[fi fgfe\ij\ Xc gi\j\ek\ al`Z`f gX^Xe[f \c mXcfi [\ cXj [\l[Xj Â? [`d`k`\e[f Y`\e\j jl]`Z`\ek\j p ef Zfdgi\e[`$ [fj \e cfj fi[`eXc\j ) p * [\c 8ik% ,*' [\c :l\igf [\ C\p\j `emfZX[f# \e \c k„id`ef [\ ki\j [ˆXj% :ˆk\j\ Xc j\ÂŒfi :_i`jk`Xe D\[Xi[f M`ccXm`Z\eZ`f :fe[f# [\ Zfe]fid`[X[ Zfe cf hl\ [`j$ gfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e hl\ j\ X[alekX% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc E— '++ j\ÂŒXcX[f gfi \c ZfdgXi\$ Z`\ek\# gXiX jlj efk`]`ZXZ`fe\j i\jg\Zk`mXj%$ Efk`]ˆhl\j\%$ = ;i% 8c]fejf @ÂŒ`^l\q >XiZˆX 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 \e lef [\ cfj [\ \jkX Z`l[X[ gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'+*/

8ELC8:@FE<J

BANCO PICHINCHA HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef )0' mXcfi *''#'' [\ cX :kX% :k\% Ef% *+'('.0('+ g\ik\$ e\Z`\ek\ X :FD@K< :<EKI8C ;< G8;I<J ;< =8D@C@8 D8EL [\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 :FD@K< :<EKI8C ;< G8;I<J ;< =8D@C@8 D8EL [\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% *+0+/+0+'+ g\ik\e\Z`\ek\ X >L<II8 M8:8#E8K8C@8$;<C IF:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^

444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +).. [\ cX :kX% :k\% Ef% *''-,,++'+ g\ik\e\Z`\ek\ X M@K<I@ 8I8>LE;@# ;@<>F$ =I8E:@J: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 ,0( [\ cX :kX% :k\% Ef% *'',.+0*'+ g\ik\e\Z`\ek\ X 8E;I8;< # FIC8E;F$ <;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (/' [\ cX :kX% :k\% Ef% *+.*,-+('+ g\ik\e\Z`\ek\ X K8:F F9<C<E:@F# JPCM@8$ 8DG8IF [\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.( Xc (''' [\ cX :kX% :k\% Ef% *'.+*,.*'+ g\ik\e\Z`\e$ k\ X >FEQ8C<Q IFD<IF# :8ICFJ$8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef )+)/) mXcfi -,/#.' [\ cX :kX% :k\% Ef% *'/*(-)/'+ g\ik\$ e\Z`\ek\ X D8PFGL9C@:@;8; <:L8;FI J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +/' mXcfi (%'''#'' [\ cX :kX% :k\% Ef% *+*(/-,-'+ g\ik\e\Z`\e$ k\ X GFCCF =8MFI@KF J%8 GF=8J8 [\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 )*-. mXcfi )(#'' [\ cX :kX% :k\% Ef% *'/+'(0('+ g\ik\e\Z`\ek\ X :FI;<IF >8I:@8# G@<;8;$ :<:@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 DFEK<IF M@K<I@# G<;IF$ G89CF [\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 DFEK<IF M@K<I@# G<;IF$ G89CF [\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 =CFI<J E8IM8<Q# <DD8$D8I@JFC [\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 I8D@I<Q D<;@E8# CL@J$8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *() Xc *+' [\ cX :kX% :k\% Ef% *+*+./))'+ g\ik\e\$ Z`\ek\ X I8D@I<Q D<;@E8# CL@J$8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,). [\ cX :kX% :k\% Ef% **.(/-*0'+ g\ik\e\Z`\ek\ X D8IIFHL@E ?<II<I8# D8I@8$;<C :8ID<E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ('0 mXcfi ))'#'' [\ cX :kX% :k\% Ef% *+0,-,-('+ g\ik\e\$ Z`\ek\ X HL@EFE<Q >8I:<J# =@;<C$8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +-)0(0 mXcfi **#-' [\ cX :kX% :k\% Ef% *'+((-.+'+ g\ik\$ e\Z`\ek\ X D<;@:@E8 G8I8 <C <:L8;FI D<;@<:L8;FI ?LD [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +*(+-' mXcfi *)#(+ [\ cX :kX% :k\% Ef% *'+((-.+'+ g\ik\$ e\Z`\ek\ X D<;@:@E8 G8I8 <C <:L8;FI D<;@<:L8;FI ?LD [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,/( Xc -(' [\ cX :kX% :k\% Ef% *)+0-+0*'+ g\ik\e\Z`\ek\ X :8CC< ><EFM<Q# IL9<E$ 8C:@;<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -'

Ĺ? Ä… Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (0' [\ cX :kX% :k\% Ef% **-()*//'+ g\ik\e\Z`\ek\ X >FP<J IL8EF# AFE8K?8E$ 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 Â’ck`dX glYc`ZXZ`Â?e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +*( Xc +0' [\ cX :kX% :k\% Ef% *''+'-'('+ g\ik\e\Z`\ek\ X 8ID8J >I@A8CM8# IFED<C$ 8>LJK@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 Â’ck`dX glYc`ZXZ`Â?e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ))'. [\ cX :kX% :k\% Ef% *'.+-0.+'+ g\ik\e\Z`\e$ k\ X ;@8Q M8J:F#I8=8<C$ 8ID8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,*)( [\ cX :kX% :k\% Ef% *',0((','+ g\ik\e\Z`\ek\ X M@CC8=L<IK< :8@:<;F# M@E@:@F$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ('( Xc (*' [\ cX :kX% :k\% Ef% *+*)/0(/'+ g\ik\e\Z`\ek\ X 8>L@C8I >FD<Q# P8A8@I8$ J?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 Â’ck`dX glYc`ZXZ`Â?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 =I<@I< CFG<Q#G<;IF$8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% ('+$ ((($ ((*$ ((+$ ((,$ ((-$ ((/ Xc (*' [\ cX :kX% :k\% Ef% *+./0')''+ g\ik\e\Z`\ek\ X :8IM8A8C :?8:?8#A<JLJ$ ><FM8EP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +(0 [\ cX :kX% :k\% Ef% *+/(.+,)'+ g\ik\e\Z`\ek\ X :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 Â’ck`dX

Ä Ä

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 8><E:@8 ;< M@8A<J J8D9@KFLIJ :FDG8E@8 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`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% *'00*(.('+ g\ik\$ e\Z`\ek\ X EFM8G@<C :@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 M@CC8D8I CFFI#?<EIP$ =<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:& *( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (.'- [\ cX :kX% :k\% Ef% *).0)-**'+ g\ik\e\Z`\e$ k\ X =L<IK<J A@D<E<Q# ;@<>F$IFC8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% ('-/$ ('// [\ cX :kX% :k\% Ef% *++(---*'+ g\i$ k\e\Z`\ek\ X >L8CG8Q > L < I I F E # > L J K8M F $ >89I@<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 0** [\ cX :kX% :k\% Ef% *++(---*'+ g\ik\e\Z`\ek\ X >L8CG8Q > L < I I F E # > L J K8M F $ >89I@<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 )*0( Xc )+0' [\ cX :kX% :k\% Ef% *(+(0*/('+ g\ik\e\Z`\ek\ X E<>I<K< K<I8E# D8I@8$ J<I<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef /(/* mXcfi (-(#'' [\ cX :kX% :k\% Ef% *'-)*'+)'+ g\ik\$ e\Z`\ek\ X 8M8EK@ D8IDFC<J >I8E@KF P G@<;I8 :@8% CK [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä Ä‚

Ĺ? Ä…Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +*'0 mXcfi *,#,. [\ cX :kX% :k\% Ef% *'-)',)-'+ g\ik\e\Z`\ek\ X D8IK@E<Q =<IE8E;<Q# <IE<JKF$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *. d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ).+0 [\ cX :kX% :k\% Ef% ***''++0'+ g\ik\e\Z`\ek\ X PLE;8 :?8:?8# IFJ8$ 8D<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 IF9F [\c :_\hl\ Ef ).,' [\ cX :kX% :k\% Ef% ***''++0'+ g\ik\e\Z`\ek\ X PLE;8 :?8:?8# IFJ8$ 8D<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:& *0 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 IF;I@>L<Q =CFI<J# M@:<EK<$DF@J<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0-, Xc 0-- [\ cX :kX% :k\% Ef% *),,.,)0'+ g\ik\e\$ Z`\ek\ X 8E8CL@J8 J8E>F# ?FC><I$I@:8I;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 /', [\ cX :kX% :k\% Ef% ***.+-+.'+ g\ik\e\Z`\ek\ X G8EKFA8 :ILQ#K8K@8E8$ D8I@9<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 IF9F [\c :_\hl\ Ef /'- Xc /)' [\ cX :kX% :k\% Ef% ***.+-+.'+ g\ik\e\Z`\ek\ X G8EKFA8 :ILQ#K8K@8E8$ D8I@9<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 IF9F [\c :_\hl\ Ef ()* Xc (*' [\ cX :kX% :k\% Ef% *+/-,0'*'+ g\ik\e\Z`\ek\ X G8EKFA8 :ILQ#K8K@8E8$ D8I@9<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^

Ĺ?

[\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&((+-0 . 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:&((+-0 / 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:&((+-0 ( 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:&((+-0 ) 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:&((+-0 * 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:&((+-0 + 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:&((+-0 , 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:&((+-0 - 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

COOPROGRESO ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.''('0+0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X G8I<;<J ;@>L8P I8DFE 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 '+('*+-,-. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.')(''(0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8I<;<J G L : 8: ? 8H L @ ? < E IP IF9<IKF j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+/0&)d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')(''*+./. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ').''*((*- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8I@8J =CFI<J A8@D< M@E@:@F j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+0'&*d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'(*'-+0- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M@CC8 :8ICFJ 89<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 '+'(,(,+'0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.''())-* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ?8IF G@C:F =8LJKF I8LC j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+0)&,d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'((/*',/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.'',*))* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X#

Iecei dk[ijhW c[ceh_W" iecei [i[ gk_cƒh_Ye cki[e Z[ \ehcWi _dYedi# jWdj[i" [i[ cedjŒd Z[ [if[`ei hejei$ @EH=; BK?I 8EH=;I

g\ik\e\Z`\ek\ X ;< C8 KFII< 8:FJK8 AL8E :8ICFJ j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+0*&-d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/('(-0/.0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.''0,0** [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X HL@J?G< J8E:?<Q CFLI;<J ;<C G@C8I j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+0+&.d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +(((('')(*'* cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8E;FM8C FIK<>8 CLQ <D<I@K8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+0,&/d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+')*/. 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 D8EK@CC8 G8I<;<J 8CM8IF ><ID8E 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-&0d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.'(.,-(- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X I<P<J QLD8II8>8 N@CD8E @M8E j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&((+.+ &(d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()+,/)- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8CD<@;8 I8DFJ 9C8E:8 <JK?<C8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+., &)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 :89I<I8 CFQ8 9<8KI@Q 89@>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\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 HL@EKF =I<@I< E<P ?LD9<IKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+.. &+d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0(''.(-/( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.'')+(0+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D@I8E;8 LE8L:?F <DD8 ;<C IF:@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'((**.+) $ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X C8>C8 PL:8Q8 CLQ D8I@8 9<8KI@Q j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+.0 &-d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +('(('',*/+' 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 :<G<;8 :?8=C8 8>LJK@E j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+/' &.d^ 44444 ;\Y`[f X cX g„i[`[X [\ 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 M8C<E:@8 FI<AL<C8 C@E8 G@C8I j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+/( &/d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,,(/)+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M8C<EQL<C8 M8C<EQL<C8 C@C@8 ;8E@<C8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+,- &( 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 GL<EK< IF;I@>L<Q 9C8E:8 D8I@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 [\ 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 CF>IFzF J<M@CC8 FIC8E;F 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\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&((+,/ &* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ',''''*-*' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8J8 J<>LE;F :8C@OKF j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+,0 &+ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'(*+()(' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFI@CCF IL@Q FJN8C;F 9<E<;@:KF j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+-' &, d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'()/0+(/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.'(+)0,* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X A<IM<J M@EK@D@CC8 D8I@8 <L><E@8 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 8I8LAF =FCC<:F 8E;I<J ?<IE8E 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 @98II8 DLzFQ AFJL< 8C9<IKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+-* &/ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('.(./, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% (*.''*('0, [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X GFE:< GLG@8C<J ;FL>C8J FIC8E;F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf#

gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+-+ &0 d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (,'''''./0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >L8CC@ M@z8E 98CK8Q8I8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+-, &(' d^

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

BANCO PROCREDIT 9XeZf Gif:i\[`k J%8% J\ gifZ\[\i} XelcXi gfi g\i[`[X f jljkiXZZ`�e [\c ]fidlcXi`f [\ cfj Z_\hl\j eld\iX[fj Ef% '''-.* p Ef% '''-/( [\ cX Zl\ekX Zfii`\ek\ Ef% '- '*'( )((.)# [\c 9XeZf Gif:i\[`k J%8% g\ik\e\Z`\ek\ X :lpf :lpf <ie\jkf# Zfe :%@% (.(-,),,$0% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e%

8%G%&+0.'*&b%d% $$$$$$$$$$$$$$$$$$$$$ 9XeZf Gif:i\[`k J%8% gfe\ X ZfefZ`d`\ekf [\c gÂ’Yc`$ Zf# cX XelcXZ`Â?e gfi g\i[`[X [\ cX C`Yi\kX [\ 8_fiifj E² )('('((+',*/0 [\c j\ÂŒfi 8CD8:?@ :FE;FI AFJ< CL@J# Zfe :%@% E² (.)*//*(/, 8%G%&+0.',&b%d% 44444 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`$ Zf# cX XelcXZ`Â?e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiif Ef% '((../-)'('( [\ cX JiX% :8II@CCF ;< C8 KFII< 8C@:@8 ;< C8J D<I:<;<J Zfe :%@% (.',/-*-). 8I&/*,.(&ZZ 44444 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`$ Zf# cX XelcXZ`Â?e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiif Ef% '('('(',+*,*, [\ cX JiX% M<>8 @E>8 CL@J D8I@8E8 Zfe :%@% (.',+-)0+( 8I&/*,.'&ZZ

MUTUALISTA PICHINCHA J\ XelcX gfi g\i[`[X cX c`Yi\kX [\ X_fiifj *)'')0-'$, [\ cX DlklXc`jkX G`Z_`eZ_X g\i$ k\e\Z`\ek\ X EXeZp =\ieXe[X Kfii\j GXiiX% 8%G%&+0-0*&b%d% 444444 Hl\[X XelcX[X cX c`Yi\kX [\ X_fiifj Ef% *)''().)$/ [\ cX DlklXc`jkX G`Z_`eZ_X g\i$ k\e\Z`\ek\ X EXiZ`jX [\ cXj D\iZ\[\j D\[`eX :_Xj`c`hlˆe Zfe Z„[lcX ',$'(*()/0$8I&/*+.+&ZZ

BANCO DE GUAYAQUIL J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf hl\ _\dfj j`[f efk`]`$ ZX[fj [\ cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef% )(+)/(// fkfi$ ^X[X gfi efjfkifj X1 IFJ8I@F CFG<Q C<FE 8:&((+.* ( d^ 444444 Gfi g„i[`[X j\ XelcX cX g�c`$ qX ''-$..,'', [\c 9XeZf [\ >lXpXhl`c hl\ g\ik\e\ZˆX X <cYX P% C\�e C% 8%G%&+0-/*&b%d%

B.N.F. J\ XelcX gfi g\i[`[X cX c`Yi\kX [\ X_fiifj ('0''(.((+ [\c 9XeZf EXZ`feXc [\ =fd\ekf# g\ik\e\Z`\ek\ X cX JiX% :ilq D\e[fqX DlÂŒfq% 8%G%&+0-//&b%d%

8ELC8:@FE<J M8I@8J Gfi g\i[`[X j\ XelcX C`Yi\kX [\ 8_fiifj *0/''0.+ [\ cX DlklXc`jkX G`Z_`eZ_X [\ cX JiX% C\jcp Pf_XeeX :\[`ccf DXeqXef% 8:&/'*0)&k] 44444 Gfi g\i[`[X j\ [\ZcXiX XelcX[X cX c`Yi\kX [\ X_fiifj eld\if1 (($'(.++.- [\ cX DlklXc`jkX G`Z_`eZ_X [\ \jkX Z`l[X[% Hl`kf# Ale`f )0 [\c )'((% 8:&/'+(+&k] 44444

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