Edición impresa Revista Judicial del 5 de julio de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

"(3.1 ĹŠ ÂĄ ĹŠ

Ĺ?ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊćĆĂ

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

+ĹŠ3#11.1(2,. Ä“ĹŠ Ä“ĹŠ ĹŠ Ä“

;b j[hheh_ice i_]k[ i_[dZe kdW Z[ bWi fh_dY_fWb[i Wc[dWpWi W bWi gk[ i[ [d\h[djWd bei h[]‡# c[d[i Z[ceYh|j_Yei Z[b ckdZe$ BWc[djWXb[c[dj[" ckY^ei fW‡# i[i YedeY[d X_[d [b i_]d_\_YWZe Z[ [ij[ \bW][be gk[ ^W cWhYWZe jh_ij[c[dj[ bW W][dZW _dj[hdW# Y_edWb Z[ bei ‘bj_cei j_[cfei" Wdj[i o Z[ifkƒi Z[ bei WjWgk[i j[hheh_ijWi Z[b '' Z[ i[fj_[cXh[ Z[ (&&' [d ;ijWZei Kd_Zei$ I_d ZkZW Wb]kdW" bei WYjei j[hheh_ijWi ied WYY_ed[i Yh_c_dWb[i gk[ de fk[Z[d j[d[h `kij_\_YWY_ÂŒd Wb]k# dW o [ije ;khefW be YedeY[ cko X_[d" fk[i Z[iZ[ ^WY[ ZƒYWZWi" ^W i_Ze l‡Yj_cW Z[ WjWgk[i j[hhe# h_ijWi Z[ Z_l[hiW dWjkhWb[pW0 ;jW [d ;ifW‹W" [b ?hW [d ?hbWdZW" e bei j[hh_Xb[i WjWgk[i Z[ CWZh_Z [d (&&* o BedZh[i [d [b (&&+$ 9ece ;khefW" 9ebecX_W ik\h[ bWi Yedi[Yk[dY_Wi Z[b j[hheh_i# ce$ Bei ]hkfei fWhWc_b_jWh[i" bWi ]k[hh_bbWi o bei YWhj[b[i Z[ bW Zhe]W ^Wd ^[Y^e Z[b fW‡i kd bk]Wh Z[ Ykbje fWhW [ijWi eh]Wd_# pWY_ed[i Yh_c_dWb[i$ BWi <7H9" ;BD O 7K9" bWi fh_dY_fWb[i eh]Wd_pWY_ed[i j[hheh_ijWi Z[b fW‡i" ^Wd i_Ze h[ifediWXb[i Z[ kdW bWh]W o jh_ij[ i[h_[ Z[ WYjei Yh_c_dWb[i jWb[i Yece Wi[i_dW# jei" i[Yk[ijhei o [b kie Z[ bW l_e# b[dY_W" gk[ ^W Z[`WZe i_d l_ZW W ckY^Wi f[hiedWi$ H[YehZ[cei jWcX_ƒd W I[dZ[he Bkc_deie [d F[h‘" Yed [l_Z[dj[ kie Z[ WhcWi" o YWkiWdZe Z[ijhkYY_ÂŒd W X_[d[i f‘Xb_Yei$ ;d [b YWie Z[ ;YkWZeh" bWi YWk# iWb[i [i]h_c_ZWi fWhW _cfkjWh W bei _dZW]WZei feh W]h[i_ÂŒd j[hheh_ijW [ij|d b_]WZWi Wb b[]‡# j_ce Z[h[Y^e W bW h[i_ij[dY_W Wb [nfh[iWh ik f[diWc_[dje b_Xh[ o lebkdjWh_Wc[dj[$ 7dj[Y[Z[dj[i >_ijÂŒh_Yei o CWhYe 9edY[fjkWb$ BW fWbWXhW Âźj[hheh_ice½ Wi‡

Yece Âźj[hheh_ijW½ o ÂźWj[hheh_# pWh½ WfWh[Y_ÂŒ feh fh_c[hW l[p [d <hWdY_W ZkhWdj[ bW H[lebkY_ÂŒd \hWdY[iW [djh[ '-./#'-// " YkWd# Ze [b ]eX_[hde `WYeX_de [`[YkjWXW e [dYWhY[bWXW W bei efei_jeh[i" i_d h[if[jWh bWi ]WhWdj‡Wi Z[b Z[X_Ze fheY[ie$ ;b jƒhc_de Yec[dpÂŒ W i[h kj_b_pWZe feh bei ced|hgk_# Yei" Yece fhefW]WdZW d[]Wj_lW Wfb_YWZW Wb ]eX_[hde h[lebkY_e# dWh_e$ 7b _]kWb gk[ bei Yedi[`ei Z[ CWgk_Wl[be [d ;b Fh‡dY_f[" [b H[_dWZe Z[b J[hheh '-/)#'-/* " [i kdW cWd_\[ijWY_ÂŒd Z[b j[hhe# h_ice Z[ ;ijWZe" Wdj[i gk[ Z[b j[hheh_ice Z[ bei Y_kZWZWdei$ ;b j[hheh" Z[b bWj‡d j[hheh e j[hheh_i" i_dÂŒd_ce Z[ :[_cei Yece WhcW feb‡j_YW Z[ bei Y_k# ZWZWdei" WfWh[Y_ÂŒ [d Hki_W [d bW i[]kdZW c_jWZ Z[b i_]be N?N" [djh[ Wb]kdei ]hkfei efei_je# h[i Wb hƒ]_c[d pWh_ijW" jecWdZe Yece _dif_hWY_ÂŒd [b j[hheh_i# ce Z[ ;ijWZe Z[ bW H[lebkY_ÂŒd <hWdY[iW$ CWgk_Wl[be h[Ye# c[dZWXW [d ik Yb|i_Ye b_Xhe ;b Fh‡dY_f[ '+)( gk[ Æ[i c|i i[]k# he i[h j[c_Ze gk[ WcWZeÇ$ ;ijWi h[Yec[dZWY_ed[i feb‡j_YWi Z[ CWgk_Wl[be" i[ h[bWY_edWd Yed [b YedY[fje ceZ[hde Z[ Æj[hhe# h_ice Z[ ;ijWZeÇ" Wfb_YWZe W bWi Wkjeh_ZWZ[i f‘Xb_YWi YkWdZe XkiYWd Wj[hheh_pWh W bW feXbW# Y_ÂŒd$ BW fWbWXhW j[hheh_ice i[ [dYk[djhW feb‡j_YW o [ceY_edWb# c[dj[ YWh]WZW" o [ije Z_\_YkbjW Yedi[dikWh kdW Z[\_d_Y_ÂŒd fh[# Y_iW" [d jeZe YWie i[ fk[Z[ Z[Y_h gk[ [b j[hheh_ice [i [b kie i_i# j[c|j_Ye Z[b j[hheh" fWhW YeWY# Y_edWh W ieY_[ZWZ[i e ]eX_[hdei" kj_b_pWZe feh kdW Wcfb_W ]WcW Z[ eh]Wd_pWY_ed[i feb‡j_YWi [d bW fheceY_ÂŒd Z[ iki eX`[j_lei" Wi‡ Yece jWcX_ƒd feh ]hkfei h[b_# ]_eiei" hWY_ijWi" Yebed_Wb_ijWi" _dZ[f[dZ[dj_ijWi" h[lebkY_edW# h_ei" Yedi[hlWZeh[i" [Yebe]_ijWi o ]eX_[hdei [d [b feZ[h$ J[hheh_ice [i kd jƒhc_de gk[ ^W ik\h_Ze kd WXkie Z[ b[d]kW# `[ feh fWhj[ Z[ bei [ijWZei gk[

_dj[dY_edWZWc[dj[ fh[j[dZ[d Z[iWYh[Z_jWh W iki [d[c_]ei$ 7i‡ bei dWp_i bbWcWXWd j[hheh_i# jWi W bei `kZ‡ei gk[ i[ h[X[bWhed [d LWhiel_W1 [d bW IkZ|\h_YW Z[b WfWhj^[_Z i[ Z[Y‡W gk[ ckY^ei d[]hei ^WY‡Wd WYj_l_ZWZ[i j[hhe# h_ijWi1 bei \hWdY[i[i Z_`[hed be c_ice Z[ bei Wh][b_dei gk[ i[ efki_[hed W bW Zec_dWY_Œd Z[ <hWdY_W o gk[ [d Wb]kdei YWiei kj_b_pWhed cƒjeZei j[hheh_ijWi $ ?dijhkc[djei Z[b j[hheh_ice I[ _dYbko[d Z_l[hiWi \ehcWi Z[ l_eb[dY_W \‡i_YW YedjhW bWi f[hiedWi Yece0 [b i[Yk[ijhe" bW jehjkhW e bW [`[YkY_Œd [njhW`k# Z_Y_Wb1 l_eb[dY_W cehWb Yece0 bW Wc[dWpW Z[ bWi Wdj[h_eh[i e bW fh[i_Œd ieY_Wb1 l_eb[dY_W YedjhW bei X_[d[i fh_lWZei o f‘Xb_Yei Yece0 bW Z[ijhkYY_Œd Z[ bei c_i#

be]hWh iki eX`[j_lei Yed bW cWoeh h[iedWdY_W c[Z_|j_YW fei_Xb[" oW i[Wd [iei [b[c[djei WhcWi fhe# Y[Z[dj[i Z[ bei [`ƒhY_jei h[]kbW# h[i e WZgk_h_ZWi [d [b c[hYWZe _dj[hdWY_edWb Z[ jh|\_Ye Z[ WhcWi e i[ jhWj[ Z[ c[Z_ei _cfhel_iW# Zei$

cei Yed cWj[h_Wb[i [nfbei_lei e _dY[dZ_Wh_ei" i_[dZe ƒij[ ‘bj_ce [b _dijhkc[dje c|i kj_b_pWZe feh bei ]hkfei j[hheh_ijWi" i_[dZe iki XbWdYei fh[\[h_Zei bei c_b_jWh[i e Y_l_b[i fWhW fheleYWh ck[h# j[i _dZ_iYh_c_dWZWi e fheleYWh ]hWdZ[i ZW‹ei$ CƒjeZei Z[ bei ]hkfei j[hhe# h_ijWi 7YjkWbc[dj[" YkWbgk_[h YeiW fk[Z[ i[h Yedi_Z[hWZW kd WhcW Z[iZ[ kdW Y[h_bbW o kd fWbe Z[ [iYeXW ^WijW kdW XecXW WjŒc_# YW $ JWcX_ƒd i[ bb[]W W kiWh [b fhef_e Yk[hfe Z[ bei j[hheh_ijWi Yece l[Yjeh Z[ Wfhen_cWY_Œd Z[ bW XecXW$ ;d ][d[hWb" bei ]hkfei j[hhe# h_ijWi j_[dZ[d W kj_b_pWh YkWb# gk_[h [b[c[dje gk[ b[i f[hc_jW

7if[Yjei fi_YebÂŒ]_Yei Z[b j[hheh_ice ;n_ij[ kd [nY[ie Z[ j[eh‡Wi \h[dj[ Wb d‘c[he Z[ [ijkZ_ei [cf‡h_Yei h[Wb_pWZei" [d fWhj[ Z[X_Ze W bW Z_\_YkbjWZ Z[ WYY[# Z[h W bW fi_gk[ Z[ bei j[hheh_ijWi fWhW WdWb_pWhbW1 [djh[ '/-/ o '/.' i[ h[Wb_pÂŒ kdW _dl[ij_]WY_ÂŒd [dYWh]WZW feh [b C_d_ij[h_e Z[b ?dj[h_eh Z[ 7b[cWd_W [d bW YkWb i[ ^_Y_[hed c‘bj_fb[i [djh[l_ijWi Yed j[hheh_ijWi [dYWhY[bWZei$ :[ bW _dl[ij_]WY_ÂŒd i[ Z[Zk`e [b f[h# \_b Z[ kd fhe\[i_edWb Z[b j[hheh_i# ce ieXh[ bW XWi[ Z[ kdW YedYh[jW [lebkY_ÂŒd fi_YebÂŒ]_YW0 i_jkWY_ÂŒd _d_Y_Wb Z[ efh[i_ÂŒd ieY_Wb o%e \Wc_b_Wh 1 l_ZW [d bW YbWdZ[ij_# d_ZWZ ZedZ[ i[ Z[iWhhebbWXW kd YedjhW ceZ[be Z[ ik l_ZW Wdj[# h_eh1 Z[iWhhebbe Z[ kdW Z_Yejec‡W Wc_]e#[d[c_]e gk[ Z[i[cXeYW# XW [d kdW fƒhZ_ZW Z[b i[dj_Ze Z[ bW h[Wb_ZWZ$ BWi \ehcWi o ^[hhWc_[djWi fWhW YecXWj_h W bWi f[hiedWi o eh]Wd_pWY_ed[i W bWi gk[ kd ;ijWZe YWb_\_YW Z[ j[hheh_ijWi e fej[dY_Wbc[dj[ j[hheh_ijWi" ^Wd i_Ze o ied eX`[je Z[ Z_iYki_ÂŒd$ ;d Wb]kdei YWiei i[ ^W ieij[d_Ze gk[ bW h[fh[i_ÂŒd Z[b j[hheh_ice Z[X[ h[Wb_pWhi[ i_]k_[dZe bei fheY[Z_c_[djei b[]Wb[i" h[if[# jWdZe bei Z[h[Y^ei ^kcWdei Z[ bWi f[hiedWi o fh[i[hlWdZe [b i_ij[cW Z[ceYh|j_Ye" f[he [d ejhei YWiei [b ;ijWZe ^W h[Yk# hh_Ze W fheY[Z_c_[djei _b[]Wb[i" \k[hpWi fWhWfeb_Y_Wb[i o fWhWc_# b_jWh[i" Wkjeh_pWY_ÂŒd Z[ bW jehjk# hW" ikif[di_ÂŒd Z[ bei Z[h[Y^ei ^kcWdei [ _dYbkie _dijWbWY_ÂŒd Z[ Z_YjWZkhWi$ B[]_ibWY_ÂŒd ;YkWjeh_WdW ;b 9ÂŒZ_]e F[dWb ;YkWjeh_Wde [d ik 7hj$ ',& Z[\_d[ Yece J[hheh_ice W0 Æ;b gk[ Yed [b \_d Z[ Yec[j[h Z[b_jei YedjhW bW i[]kh_ZWZ Yec‘d Z[ bWi f[hie# dWi e Z[ bei X_[d[i" \WXh_YWh[" :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä‚

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

ikc_d_ijhWh[" WZgk_h_[h[" iki# jhW`[h[" Whhe`Wh[" kiWh[" e _djhe# Zk`[h[ Wb fW‡i WhcWi" ckd_Y_ed[i e XecXWi [nfbei_lWi" cWj[h_Wi [nfbei_lWi" Wi\_n_Wdj[i e jÂŒn_YWi" e ikijWdY_Wi e cWj[h_Wb[i Z[i# j_dWZei W ik fh[fWhWY_ÂŒd" i[h| h[fh_c_Ze Yed h[Ybki_ÂŒd cWoeh ehZ_dWh_W Z[ * W . W‹ei o ckbjW Z[ YkWjheY_[djei YkWh[djW o Zei W eY^eY_[djei eY^[djW o YkWjhe ZÂŒbWh[i Z[ bei ;ijWZei Kd_Zei Z[ Dehj[ 7cƒh_YW$ I_" feh [\[Yjei Z[ bei ^[Y^ei _dZ_YWZei" i[ fheZk`[h[d b[i_ed[i W f[hiedWi" i[ _cfedZh| [b c|n_# ce Z[ bW f[dW i[‹WbWZW [d [b _dY_# ie Wdj[h_eh1 o" i_ h[ikbjWh[ ck[hjW kdW e c|i f[hiedWi" bW iWdY_ÂŒd i[h| Z[ h[Ybki_ÂŒd cWoeh [if[Y_Wb Z[ Z_[Y_iƒ_i W l[_dj_Y_dYe W‹ei o ckbjW Z[ eY^eY_[djei eY^[djW o YkWjhe W c_b i[j[Y_[djei i[i[djW o i_[j[ ZÂŒbWh[i Z[ bei ;ijWZei Kd_Zei Z[ Dehj[ 7cƒh_YW$ I_ bei ^[Y^ei Z[b_Yj_lei W\[Y# jWh[d [nYbki_lWc[dj[ W X_[d[i" WZ[c|i Z[ bW f[dW i[‹WbWZW [d [b fh_c[h _dY_ie" [b Wkjeh i[h| Yed# Z[dWZe W bW _dZ[cd_pWY_ÂŒd Z[ bei ZW‹ei o f[h`k_Y_ei YWkiWZei$Ç ;b 7hj$ ',&#7" Z[b j[hheh_ice eh]Wd_pWZe Z_Y[0 ÆBei gk[" _dZ_# l_ZkWbc[dj[ e \ehcWdZe WieY_W# Y_ed[i" Yece ]k[hh_bbWi" eh]Wd_# pWY_ed[i" fWdZ_bbWi" YecWdZei" ]hkfei j[hheh_ijWi" cedjed[hWi e Wb]kdW ejhW \ehcW i_c_bWh" WhcWZei e de" fh[j[njWdZe \_d[i fWjh_ÂŒj_Yei" ieY_Wb[i" [YedÂŒc_# Yei" feb‡j_Yei" h[b_]_eiei" h[le# bkY_edWh_ei" h[_l_dZ_YWjeh_ei" fhei[b_j_ijWi" hWY_Wb[i" beYWb_ijWi" h[]_edWb[i" [jY$" Yec[j_[h[d Z[b_# jei YedjhW bW i[]kh_ZWZ Yec‘d Z[ bWi f[hiedWi e Z[ ]hkfei ^kcW# dei Z[ YkWbgk_[hW YbWi[ e Z[ iki X_[d[i0 ehW WiWbjWdZe" l_eb[d# jWdZe e Z[ijhko[dZe [Z_\_Y_ei" XWdYei" WbcWY[d[i" XeZ[]Wi" c[hYWZei" e\_Y_dWi" [jY$" ehW WbbW# dWdZe e _dlWZ_[dZe Zec_Y_b_ei" ^WX_jWY_ed[i" Yeb[]_ei" [iYk[bWi" _dij_jkjei" ^eif_jWb[i" Yb‡d_YWi" Yedl[djei" _dijWbWY_ed[i Z[ bW \k[hpW f‘Xb_YW" c_b_jWh[i" feb_# Y_Wb[i e fWhWc_b_jWh[i" [jY$" ehW ikijhWo[dZe e WfeZ[h|dZei[ Z[ X_[d[i e lWbeh[i Z[ YkWbgk_[h dWjkhWb[pW o YkWdj‡W1 ehW i[Yk[i# jhWdZe f[hiedWi" l[^‡Ykbei" XWhYei e Wl_ed[i fWhW h[YbWcWh h[iYWj[" fh[i_edWh o Z[cWdZWh [b YWcX_e Z[ b[o[i e Z[ ÂŒhZ[d[i o Z_ifei_Y_ed[i b[]Wbc[dj[ [nf[# Z_ZWi e [n_]_h W bWi Wkjeh_ZWZ[i

Ĺ?

Yecf[j[dj[i fed[h [d b_X[hjWZ W fheY[iWZei e i[dj[dY_WZei feh Z[b_jei Yeckd[i e feb‡j_Yei" [jY$1 ehW eYkfWdZe feh bW \k[hpW c[Z_Wdj[ Wc[dWpW e _dj_c_ZW# Y_ÂŒd" bk]Wh[i e i[hl_Y_ei f‘Xb_Yei e fh_lWZei Z[ YkWbgk_[hW dWjkhW# b[pW o j_fe1 ehW b[lWdjWdZe XWhh_# YWZWi" fWhWf[jei" jh_dY^[hWi" eXij|Ykbei" [jY$ Yed [b fhefÂŒi_je Z[ ^WY[h \h[dj[ W bW \k[hpW f‘Xb_YW [d h[ifWbZe Z[ iki _dj[dY_ed[i" fbWd[i" j[i_i e fheYbWcWi1 ehW Wj[djWdZe" [d YkWbgk_[h \ehcW" [d YedjhW Z[ bW Yeckd_ZWZ" Z[ iki X_[d[i o i[hl_Y_ei" i[h|d h[fh_c_Zei Yed h[Ybki_ÂŒd cWoeh ehZ_dWh_W Z[ YkWjhe W eY^e W‹ei o ckbjW Z[ c_b i[j[Y_[djei i[i[djW o i_[j[ W YkWjhe c_b YkWjheY_[djei Z_[Y_eY^e ZÂŒbWh[i Z[ bei ;ijWZei Kd_Zei Z[ Dehj[ 7cƒh_YW$ I_ bei ^[Y^ei W bei gk[ i[ h[\_[h[ [b _dY_ie fh_c[he Z[ [ij[ Whj‡Ykbe" W\[YjWh[d ‘d_YWc[dj[ X_[d[i" WZ[c|i Z[ bW iWdY_ÂŒd _cfk[i# jW [d [b c_ice" [b Wkjeh e Wkje# h[i i[h|d YedZ[dWZei Wb h[iWhY_# c_[dje Z[ ZW‹ei o f[h`k_Y_ei gk[ ^kX_[# h[d YWkiWZe$Ç F e i j [ h _ e h c [ d j [ " [dYedjhWcei [d [b c_ice Yk[hfe b[]Wb gk[ ^WXbW ieXh[ bW W]h[# i_ÂŒd j[hheh_ijW o i[‹WbW [d [b _dY_ie fh_c[he Z[b 7hj$ ',*" $# Æ$$$f[hf[jhW# ZW YedjhW \kdY_edWh_ei e [cfb[WZei Z[ _dij_jk# Y_ed[i f‘Xb_YWi e Yed# jhW fhef_[ZWZ[i Z[ bei c_icei" i[h|d iWdY_e# dWZei Yed ) W , W‹ei Z[ h[Ybki_ÂŒd c[deh ehZ_# dWh_W o ckbjW Z[ eY^[djW o i_[j[ ZÂŒbWh[i W Y_[dje i[j[djW o Y_dYe ZÂŒbWh[iÇ$ EjhWi B[]_ibWY_ed[i$ ;b 9ÂŒZ_]e F[dWb 7h][dj_de [ijWXb[Y[ [d ik Whj‡Ykbe (') gk[ iebe feZh| Yedi_Z[hWhi[ Wkjeh Z[b Z[b_je Z[ j[hheh_ice Wb gk[0 Æ$$$jecWh[ fWhj[ Z[ kdW WieY_W# Y_ÂŒd _b‡Y_jW Ykoe fhefÂŒi_je i[W" c[Z_Wdj[ Yec_i_ÂŒd Z[ Z[b_jei" Wj[hheh_pWh W bW feXbWY_ÂŒd k eXb_# ]Wh W kd ]eX_[hde e kdW eh]Wd_# pWY_ÂŒd _dj[hdWY_edWb" W h[Wb_pWh kd WYje e WXij[d[hi[ Z[ ^WY[h# be" i_[cfh[ gk[ [bbW h[‘d[ bWi i_]k_[dj[i YWhWYj[h‡ij_YWi0 W J[d[h kd fbWd Z[ WYY_ÂŒd Z[i# j_dWZe W bW fhefW]WY_ÂŒd Z[b eZ_e ƒjd_Ye" h[b_]_eie e feb‡j_Ye1 X ;ijWh eh]Wd_pWZe [d h[Z[i ef[hWj_lWi _dj[hdWY_edWb[i1 Y :_ifed[h Z[ WhcWi Z[ ]k[# hhW" [nfbei_lei" W][dj[i gk‡c_#

Yei e XWYj[h_ebÂŒ]_Yei" e YkWbgk_[h ejhe c[Z_e _ZÂŒd[e fWhW fed[h [d f[b_]he bW l_ZW e bW _dj[]h_ZWZ Z[ kd d‘c[he _dZ[j[hc_dWZe Z[ f[hiedWi$Ç BW 9edij_jkY_ÂŒd Z[ 9>?B; [d ik Whj‡Ykbe De / [ijWXb[Y[ iWdY_e# d[i fWhj_YkbWh[i YedjhW [b j[hhe# h_ice Z_YjWZW ZkhWdj[ [b ]eX_[h# de Z[ \WYje Z_YjWZkhW c_b_jWh Z[ 7k]kije F_deY^[j0 Æ 7hj$ /$ ;b j[hheh_ice" [d YkWbgk_[hW Z[ iki \ehcWi" [i feh [i[dY_W YedjhWh_e W bei Z[h[Y^ei ^kcWdei$ KdW b[o Z[ gkÂŒhkc YWb_\_YWZe Z[j[hc_dW# h| bWi YedZkYjWi j[hheh_ijWi o ik f[dWb_ZWZ$ Bei h[ifediWXb[i Z[ [ijei Z[b_jei gk[ZWh|d _d^WX_b_# jWZei feh [b fbWpe Z[ gk_dY[ W‹ei fWhW [`[hY[h \kdY_ed[i e YWh]ei f‘Xb_Yei" i[Wd e de Z[ [b[YY_ÂŒd fefkbWh" e Z[ h[Yjeh e Z_h[Yjeh Z[ [ijWXb[Y_c_[dje Z[ [ZkYWY_ÂŒd" e fWhW [`[hY[h [d [bbei \kdY_ed[i Z[ [di[‹WdpW1 fWhW [nfbejWh kd c[Z_e Z[ Yeckd_YWY_ÂŒd ieY_Wb

Yece0 Æ Bei gk[ f[hj[d[Y_[dZe" WYjkWdZe Wb i[hl_Y_e e YebWXehWd# Ze Yed XWdZWi WhcWZWi" eh]Wd_# pWY_ed[i e ]hkfei YkoW \_dWb_ZWZ i[W bW Z[ ikXl[hj_h [b ehZ[d Yedi# j_jkY_edWb e Wbj[hWh ]hWl[c[dj[ bW fWp f‘Xb_YW" Yec[jWd bei Z[b_# jei Z[ [ijhW]ei e Z[ _dY[dZ_ei j_f_\_YWZei [d bei 7hj‡Ykbei )*, o )+'" h[if[Yj_lWc[dj[" i[h|d YWi# j_]WZei Yed bW f[dW Z[ fh_i_ÂŒd Z[ gk_dY[ W l[_dj[ W‹ei" i_d f[h`k_# Y_e Z[ bW f[dW gk[ b[i Yehh[ifed# ZW i_ i[ fheZk`[hW b[i_ÂŒd fWhW bW l_ZW" _dj[]h_ZWZ \‡i_YW e iWbkZ Z[ bWi f[hiedWi$Ç C_[djhWi gk[ [b Whj‡Ykbe +-( cWd_\_[ijW0 Æ$$$'$# ;d bW f[dW Z[ fh_i_ÂŒd Z[ gk_dY[ W l[_dj[ W‹ei i_ YWkiWhWd bW ck[hj[ Z[ kdW f[hiedW$Ç 7hj$ +-*$# Æ Bei gk[ f[hj[d[# Y_[dZe" WYjkWdZe Wb i[hl_Y_e e YebWXehWdZe Yed XWdZWi WhcW# ZWi" eh]Wd_pWY_ed[i e ]hkfei j[hheh_ijWi" Yec[jWd YkWbgk_[h ejhW _d\hWYY_ÂŒd Yed Wb]kdWi Z[ bWi

\ _ d W# b_ZWZ[i [nfh[iWZWi [d [b Whj‡Ykbe +-'" i[h|d YWij_]WZei Yed bW f[dW i[‹WbWZW Wb Z[b_je e \WbjW [`[YkjWZei [d ik c_jWZ ikf[h_ehÇ$

e i[h Z_h[Yjeh e WZc_d_ijhWZeh Z[b c_ice" e fWhW Z[i[cf[‹Wh [d ƒb \kdY_ed[i h[bWY_edWZWi Yed bW [c_i_ÂŒd e Z_\ki_ÂŒd Z[ ef_d_e# d[i e _d\ehcWY_ed[i1 d_ feZh|d i[h Z_h_][dj[i Z[ eh]Wd_pWY_ed[i feb‡j_YWi e h[bWY_edWZWi Yed bW [ZkYWY_ÂŒd e Z[ YWh|Yj[h l[Y_dWb" fhe\[i_edWb" [cfh[iWh_Wb" i_d# Z_YWb" [ijkZ_Wdj_b e ]h[c_Wb [d ][d[hWb" ZkhWdj[ Z_Y^e fbWpe$ Be Wdj[h_eh i[ [dj_[dZ[ i_d f[h`k_Y_e Z[ ejhWi _d^WX_b_ZWZ[i e Z[ bWi gk[ feh cWoeh j_[cfe [ijWXb[pYW bW b[o$ Bei Z[b_jei W gk[ i[ h[\_[h[ [b _dY_ie Wdj[h_eh i[h|d Yedi_Z[hW# Zei i_[cfh[ Yeckd[i o de feb‡j_# Yei fWhW jeZei bei [\[Yjei b[]Wb[i o de fheY[Z[h| h[if[Yje Z[ [bbei [b _dZkbje fWhj_YkbWh" iWble fWhW YedckjWh bW f[dW Z[ ck[hj[ feh bW Z[ fh[i_Z_e f[hf[jke$Ç ;b 9ÂŒZ_]e F[dWb ;ifW‹eb [d [b Whj‡Ykbe +-'" Z[\_d[ Wb j[hheh_ijW

B[o FWjh_ÂŒj_YW Z[ bei ;ijWZei Kd_Zei KI7 F7JH?EJ 79J ;ijW B[o [i bW c|i [ijh_YjW o YedjkdZ[dj[ WhcW [d Yed# jhW Z[b j[hheh_ice o [b Yh_c[d _dj[hdWY_edWb eh]Wd_pWZe" \k[ bW h[ifk[ijW Z[b 9ed]h[ie Dehj[Wc[h_YWde" W bei Wj[djWZei Z[b '' Z[ I[fj_[cXh[ Z[b (&&'" i[ XWiW \kdZWc[djWbc[dj[ [d bW h[iebkY_ed[i Z[ bW gk_dYkW# ]ƒi_cW WiWcXb[W ][d[hWb o Z[ bWi h[iebkY_ed[i ')-) o ')/& Z[ bWi DWY_ed[i Kd_ZWi [d Dk[lW Oeha" Z[b WYjW Z[ dWY_edWb_ZWZ o Z[ _dc_]hWY_ÂŒd Z[ bei ;ijWZei Kd_Zei o bW Z[ bW B[o Z[ I[]kh_ZWZ DWY_edWb Dehj[Wc[h_YWdW1 ^W i_Ze h[l_iWZW o WYjkWb_pWZW [d Z_\[h[dj[i eYWi_ed[i" Wkdgk[ ^W i_Ze _cfk]dWZW feh ]hkfei Z[ bei Z[h[Y^ei Y_l_b[i [d bei ;ijWZei Kd_Zei feh lkbd[hWh bei Z[h[Y^ei Z[ fh_lWY_ZWZ o Yed\_# Z[dY_Wb_ZWZ Z[ bW _d\ehcWY_ÂŒd" i_]k[ l_][dj[ o Yed c|i \k[hpW$ ;i kdW b[o [njhWj[hh_jeh_Wb" WXWhYW `kh_iZ_YY_ÂŒd _dj[hdWY_e# dWb o i[ WfeoW [d bei jhWjWZei _dj[hdWY_edWb[i o Yedl[d_ei X_bWj[hWb[i$ ;djh[ be c|i _cfeh# jWdj[ Z[b j[nje" Z[ijWYWcei be i_]k_[dj[0 Æ$$$Bei WjWgk[i j[hheh_ijWi

Z[b '' Z[ i[fj_[cXh[ Z[ (&&' [d MWi^_d]jed" :$9$" bW Y_kZWZ Z[ Dk[lW Oeha o F[ddioblWd_W \k[hed WYjei Z[ ]k[hhW YedjhW ;ijWZei Kd_Zei o iki Wb_WZei" o YedjhW [b YedY[fje c_ice Z[ bW ieY_[ZWZ Y_l_b_pWZW$ D_d]kdW YWkiW `kij_\_YW [b j[hheh_ice$ ;b ckdZe Z[X[ h[ifedZ[h o bkY^Wh YedjhW [ij[ cWb gk[ fh[j[dZ[ Wc[dWpWh o Z[ijhk_h bWi b_X[hjW# Z[i \kdZWc[djWb[i Z[ dk[ijhe ceZe Z[ l_ZW$ BW b_X[hjWZ o [b c_[Ze [ij|d [d ]k[hhW$$Ç Æ$$$;b [d[c_]e de [i kdW iebW f[hiedW$ De [i kd hƒ]_c[d feb‡# j_Ye ‘d_Ye$ Feh Y_[hje gk[ de [i kdW h[b_]_ÂŒd$ ;b [d[c_]e [i [b j[hheh_ice Ă„bW l_eb[dY_W fh[c[# Z_jWZW" feb‡j_YWc[dj[ cej_lWZW f[hf[jhWZW YedjhW eX`[j_lei de YecXWj_[dj[i feh ]hkfei ikX# dWY_edWb[i e W][dj[i YbWdZ[i# j_dei$ 7gk[bbei gk[ [cfb[Wd [b j[hheh_ice" YkWb[igk_[hW gk[ i[Wd iki eX`[j_lei [if[Y‡\_Yei" i[YkbWh[i e h[b_]_eiei" i[ [i\k[h# pWd feh Z[hheYWh [b _cf[h_e Z[b Z[h[Y^e o bb[lWh W YWXe YWc# X_ei c[Z_Wdj[ bW l_eb[dY_W o [b j[ceh$ ;ijei j[hheh_ijWi YecfWhj[d jWcX_ƒd bW Yh[[d# Y_W [hhWZW Z[ gk[ cWjWh" i[Yk[i# jhWh" [njehi_edWh" heXWh o ^WY[h [ijhW]ei fWhW Wj[hheh_pWh W bW ][dj[ ied \ehcWi b[]‡j_cWi Z[ bW WYY_ÂŒd feb‡j_YW$ H;IEBK9?âD ')-) :;B 9EDI;@E :; I;=KH?:7: :; B7 EDK ;ij| H[iebkY_ÂŒd \k[ [nf[Z_ZW [b (. Z[ i[fj_[cXh[ Z[b (&&'" \k[ bW fh_c[hW h[ifk[ijW Z[ bW Yeck# d_ZWZ _dj[hdWY_edWb \h[dj[ W bei WjWgk[i j[hheh_ijWi Z[b '' Z[ i[f# j_[cXh[ [d MWi^_d]jed o Dk[lW Oeha$ ;d [bbW bWi DWY_ed[i Kd_ZWi [nfh[iWhed ik Yecfhec_ie Z[ bkY^Wh \hedjWbc[dj[ YedjhW jeZWi bWi \ehcWi Z[ j[hheh_ice$ E 8 @ ; J ? LE :; B 7 H;IEBK9?âD ')-)$# 7 jhWlƒi Z[ [ijW H[iebkY_ÂŒd" bei ;ijWZei i[ Yecfhec[j[d W fh[l[d_h o h[fh_c_h bW \_dWdY_WY_ÂŒd Z[ WYjei j[hheh_ijWi" Wb j_[cfe gk[ Z[X[d j_f_\_YWh Z[djhe Z[ ik b[]_ibWY_ÂŒd _dj[hdW Yece Z[b_je bei cel_# c_[djei Z[ Z_d[he o X_[d[i Yed bei YkWb[i i[ Yec[jWd Wj[djWZei j[hheh_ijWi1 Z[ jWb cWd[hW gk[ bei ;ijWZei Z[X[d Yed][bWh Z[ cWd[hW _dc[Z_WjW bei \edZei e WYj_lei \_dWdY_[hei Z[ bWi f[h# iedWi gk[ Yec[jWd e _dj[dj[d Yec[j[h WYjei Z[ j[hheh_ice e gk[ fWhj_Y_f[d [d [bbei$ ;d YkWdje W bei j[hheh_i# jWi gk[ YhkpWd bWi \hedj[hWi" bW H[iebkY_ÂŒd Z[b 9edi[`e Z[ I[]kh_ZWZ Z[ DWY_ed[i Kd_ZWi [ijWXb[Y[ gk[ bei ;ijWZei Z[X[d :FEK@EL8 <E C8 GĂ?>@E8 $ :*


d[]Wh h[\k]_e W gk_[d[i \_dWdY_Wd e fbWd_\_YWd WYjei Z[ j[hheh_ice$ 7i‡ c_ice Z[X[d [l_jWh gk[ ik j[hh_jeh_e i[W kiWZe fWhW fbWd_# \_YWh e \WY_b_jWh bW h[Wb_pWY_ÂŒd Z[ [ijWi WYY_ed[i$ I[]‘d bW H[iebkY_ÂŒd" bei ;ijWZei Z[X[d [dYedjhWh bei c[Z_ei fWhW W]_b_pWh [ _dj[di_\_# YWh bW Yeef[hWY_ÂŒd _dj[hdWY_edWb [d be gk[ j_[d[ gk[ l[h Yed bei cel_c_[djei Z[ j[hheh_ijWi _dZ_# l_ZkWb[i e Z[ h[Z[i Z[ j[hheh_i# jWi$ JWcX_ƒd i[ d[Y[i_jW YhkpWh _d\ehcWY_ÂŒd ieXh[ ZeYkc[djei Z[ l_W`[ Wbj[hWZei Z[ cWd[hW _b[]Wb e \Wbi_\_YWZei" Wi‡ Yece [b jh|\_Ye Z[ WhcWi" [nfbei_lei o ejhei cWj[h_Wb[i f[b_]heiei$ BW kj_b_pWY_ÂŒd Z[ j[Ydebe]‡Wi Z[ bWi Yeckd_YWY_ed[i feh ]hkfei j[hheh_ijWi o bW Wc[dWpW h[fh[# i[djWZW feh bW fei[i_ÂŒd Z[ WhcWi Z[ Z[ijhkYY_ÂŒd cWi_lW feh fWhj[ ;@MFI:@FJ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 81 I@K8 ;@FE@:@8 A@D<E<Q :L<M8 8:KFI1 8;I@8EF :<J8I P8>L8E8 >8II@;F :8J@CC<IF AL;@:@8C Ef% *(+;<D8E;8;81 I@K8 ;@FE@:@8 A@D<E<Q :L<M8 AL@:@F Ef% *,*$)'(($8Y^% :$F% AL@:@F1 M<I98C JLD8I@F ;@MFI:@F :L8EKĂ 81 @E;<K<ID@E8;8 8LKF ;< :8C@=@:8:@äE% A L Q> 8 ; F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j )* [\ dXpf [\c )'((# cXj '/_*0%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f# 8mfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% )-/)$;G$;GG# [\ . [\ [`Z`\dYi\ [\c )'('%$ CX [\dXe[X p \jZi`kf hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# p gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e \c `eZ`jf k\iZ\if [\c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ c\ XZ\gkX X ki}d`k\ m\iYXc jldXi`f%$ :Ă K<J< X cX [\dXe[X[X I@K8 ;@FE@:@8 A@D<E<Q :L<M8# gfi cX gi\ejX [\ XZl\i[f X cf gi\$ m`jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e le [`Xi`f [\ Xdgc`X Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX$ [fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X cX gif]\j`feXc Zfe cX hl\ jljZi`$ Y\%$ EFK@=Ă HL<J<%$ ] %$ ;I% =<C@G< @E=8EK< I<P# AL<Q < Cf hl\ Zfdle`Zf X L[# gXiX cfj ]`e\j [\ c\p%$ Gi\m`e`„e[fc\ X cX [\dXe[X[X cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F

Z[ [ijei _dZ_l_Zkei" jWcX_ƒd Z[X[ i[h eX`[je Z[ Yeef[hWY_ÂŒd _dj[hdWY_edWb$ 9edl[dY_ÂŒd ?dj[hWc[h_YWdW YedjhW [b J[hheh_ice ;b ) Z[ `kd_e Z[ (&&( bW E;7 WfheXÂŒ bW 9edl[dY_ÂŒd ?dj[hWc[h_YWdW YedjhW [b J[hheh_ice$ BW c_icW j_[d[ Yece eX`[j_le eXb_]Wh W jeZei bei [ijWZei Wc[h_YWdei W iWd# Y_edWh b[o[i Wdj_j[hheh_ijWi o [ijWXb[Y[h kd i_ij[cW Yedj_d[d# jWb Z[ h[fh[i_ÂŒd Z[b j[hheh_ice" gk[ de [dYk[djh[ b_c_jWY_ed[i fWhW WYjkWh Z[h_lWZWi Z[ Y_[hjWi ]WhWdj‡Wi b[]Wb[i" Yece [b i[Yh[je XWdYWh_e" jhWibWZe Z[ f[hiedWi Z[j[d_ZWi [djh[ fW‡i[i" bW _dle# YWY_ÂŒd Z[b ÆZ[b_je feb‡j_YeÇ e Yed# Z_Y_ÂŒd Z[ h[\k]_WZe" [b Z[h[Y^e Z[ Wi_be$ Bk[]e Z[b fheY[ie Z[ hWj_\_# YWY_ed[i" bW c_icW [djhÂŒ [d l_]eh

?Xp le j\ccf 8I&/*)*(&ZZ ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 \c j\ÂŒfi% :8ICFJ <;L8I;F :F<CCF DFI<@I8# j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`$ elXZ`Â?e j`^l\1 <OKI8:KF 8ZkfiX1 P8;@I8 J@CM8E8 K8G@8 M<C8 ;\dXe[X[f : 8 I CF J <;L8I;F : F < C C F DFI<@I8 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c [`mfiZ`f p [`jl\ckf \c mˆeZlcf dXki`df$ e`Xc hl\ d\ le\ Xc [\dXe[X[f \e dXki`dfe`f Z\c\YiX[f \e Hl`kf# (( [\ ]\Yi\if [\c (000% :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 (0 [\ XYi`c [\c )'(( :XljX [\ ;`mfiZ`f Ef% ,(-$)'((%$ ;I8% B8C@EB8 A8I8D@CCF%$ GIFM@;<E:@81 ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j (0 [\ dXpf [\c )'((# cXj ((_+*%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`$ ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`Â?e [\ g\ijf$ eXc Ef% )-/) ;G$;GG [\ . [\ [`Z`\dYi\ [\c )'('%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`k\ M<I98C JLD8I@F%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ĂŁK<J< Xc [\dXe[X[f :8ICFJ <;L8I;F :F<CCF DFI<@I8 gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ :fe cX `ej`$ elXZ`Â?e [\ ZliX[fi X[$c`k\d f`^Xj\ cXj fg`e`fe\j [\c j\ÂŒfi

8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X# K„e^Xj\ \e Zl\e$ kX cX ZXj`ccX al[`Z`Xc Ef% *(+- [\c ;I% GC8:@;F =CFI<J%$ 8^i„^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e XZfdgXÂŒX[X%$ EFK@=@HL<J<%$ ] ;i% =\c`g\ @e]Xek\ I\p% Al\q <% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p%$ C\ gi\m\e$ ^f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZX$ Z`fe\j%$ 89>% A F I> < D @ < I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*)*)&ZZ ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 CL@J >LJK8MF :?LHL@E HL@EK<IFJ :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 1 8:KFI1 9cXeZX <jk_\cX Dfc`eX GX[`ccX% ;<D8E;8;F1 CL@J >LJK8MF :?LHL@E HL@EK<IFJ F9A<KF% 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 [`mfiZ`f X ]`e [\ hl\ \e j\e$ k\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ le\ X cfj ZÂ?epl^\j% KI8D@K<% M\iYXc JldXi`f% :L8EKĂ 8% @e[\k\id`eX[X% =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 (0 [\ efm`\dYi\ [\c )'('% ELD<IF ;< :8LJ81 (,0* Æ )'(' $CI ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc E%$),0* ;i% =iXeZ`jZf IfYXc`ef Gifm`[\eZ`X % ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )- [\ efm`\dYi\ [\c )'('# cXj ('_'(%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf 8mfZf ZfefZ`d`\e$ kf [\ cX d`jdX \e ZXc`[X[ [\ Al\q <eZXi^X[f Zfdf ZfejkX [\c f]`Z`f eÂ’d\if )-('$;G$

[b - Z[ eYjkXh[ Z[ (&&)$ BW Yedl[dY_ÂŒd fkdjkWb_pW gk[ bW h[fh[i_ÂŒd Z[b j[hheh_ice de fk[Z[ W\[YjWh [d ceZe Wb]kde bei Z[h[Y^ei ^kcWdei Z[ bWi f[hiedWi0 ÆDWZW Z[ be Z_ifk[i# je [d bW fh[i[dj[ 9edl[dY_ÂŒd i[ _dj[hfh[jWh| [d [b i[dj_Ze Z[ gk[ c[deiYWXW ejhei Z[h[Y^ei o eXb_# ]WY_ed[i Z[ bei ;ijWZei o Z[ bWi f[hiedWi Yed\ehc[ Wb Z[h[Y^e _dj[hdWY_edWb" [d fWhj_YkbWh bW 9WhjW Z[ bWi DWY_ed[i Kd_ZWi" bW 9WhjW Z[ bW Eh]Wd_pWY_ÂŒd Z[ bei ;ijWZei 7c[h_YWdei" [b Z[h[# Y^e _dj[hdWY_edWb ^kcWd_jWh_e" [b Z[h[Y^e _dj[hdWY_edWb Z[ bei Z[h[Y^ei ^kcWdei o [b Z[h[Y^e _dj[hdWY_edWb Z[ bei h[\k]_WZei$ 7 jeZW f[hiedW gk[ i[ [dYk[d# jh[ Z[j[d_ZW e h[if[Yje Z[ bW YkWb i[ WZefj[ YkWbgk_[h c[Z_ZW e i[W [dYWkiWZW Yed Whh[]be W bW fh[# i[dj[ 9edl[dY_ÂŒd i[ b[ ]WhWd#

j_pWh| kd jhWje `kije" _dYbk_Ze [b ]eY[ Z[ jeZei bei Z[h[Y^ei o ]WhWdj‡Wi Z[ Yed\ehc_ZWZ Yed bW b[]_ibWY_ÂŒd Z[b ;ijWZe [d Ykoe j[hh_jeh_e i[ [dYk[djh[ o bWi Z_i# fei_Y_ed[i f[hj_d[dj[i Z[b Z[h[# Y^e _dj[hdWY_edWb$Ç ;djh[ bei [b[c[djei dejWXb[i Z[ bW iWdY_ÂŒd Z[ bW Yedl[dY_ÂŒd i[ Z[ijWYW bW _cfei_X_b_ZWZ \_dWb Z[ j_f_\_YWh [b Z[b_je Z[ j[hheh_ice" Wi‡ Yece bW \WbjW Z[ Yedi[die fWhW YWb_\_YWhbe Yece Z[b_je Z[ b[iW ^kcWd_ZWZ$ JWcX_ƒd i[ ^W Yk[i# j_edWZe bW W\[YjWY_ÂŒd Z[b Z[h[Y^e Z[ Wi_be gk[ [ijWXb[Y[ bW Yedl[d# Y_ÂŒd" Wb fkdje gk[ 9^_b[" 9eijW H_YW o Cƒn_Ye ^_Y_[hed h[i[hlW Z[ de WYWjWhbW [d [ij[ Wif[Yje$ 9ece i[ fk[Z[ eXi[hlWh dk[i# jhe fW‡i" [ij| WcfWhWZe [d jeZei [ijei Yedl[d_ei fWhW [hhWZ_YWh [b j[hheh_ice" f[he ][d[hWbc[dj[ bei YWiei Z[ j[hheh_icei gk[ i[

I_ jeZei bei W‹ei WhhWdY|hWcei kd l_Y_e" fhedje i[h‡Wcei f[h\[Yjei$ J > E C 7 I 7$ A ; C F ? I

;GG$ A8I$ ), [\ efm`\dYi\ [\c )'('% <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X# j\ cX X[d`k\ Xc ki}d`k\ M\iYXc JldXi`f% :ˆk\j\ Xc [\dXe$ [X[f# j\ÂŒfi CL@J >LJK8MF :?LHL@E HL@EK<IFJ# \e \c cl^Xi `e[`ZX[f gXiX \c \]\Zkf%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ KÂ?d\j\ efkX [\c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX$ [f%$ Efk`]ˆhl\j\% ;I% D8I@F FIK@Q <JKI<CC8% AL<Q <E:8I>8;F ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (( [\ dXpf [\c )'((# cXj ()_'/%$ 8^i„^l\j\ Xc gif$ Z\jf \c \jZi`kf gi\j\ekX[f% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p Zfe]fid\ cf [`j$ gfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f CL@J >LJK8MF :?LHL@E HL@EK<IFJ# gfi d\[`f [\ cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ EFK@=@HL<J< ;I% N@CD<I 8D9IFJJ@ IF9C<J% AL<Q <E:8I>8;F% 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 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&/'''/&k] I% ;<C <% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C G8I8 C8 J<zFI8 D8I@8 K<I<J8

:L:8J :<IFE <OKI8:KF AL@:@F1 ;@MFI:@F Ef% )-$ )'(($JI 8:KFI1 AL8E :8ICFJ J@CM8 FJFI@F ; < D 8 E ;8 ; F 1 D 8 I @ 8 K<I<J8 :L:8J :<IFE KI8D@K<1 M < I 9 8 C JLD8I@F F9A<KF1 ;\ZcXiXi [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ c\j le\# Zfe]fid\ cf [`jgfe\ \c `eZ`jf j\^le[f [\ cX ZXljXc (( [\c 8ik% ((' [\c :�[`^f :`m`c m`^\ek\% :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ dXiqf [\c )'((# cXj (,_))%$ M@JKFJ1$Gfi Zldgc`[f Zfe \c i\hl\i`d`\ekf hl\ Xek\$ Z\[\%$CX [\dXe[X gifgl\jkX gfi AlXe :Xicfj J`cmX Fjfi`f \j Zfdgc\kX# ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\$ cX gifZ\[\ek\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f M\iYXc JldXi`f%$<e Zfej\Zl\eZ`X# Xk\ekX cX X]`idXZ`Že YXaf aliX$ d\ekf# i\Xc`qX[f gfi \c 8Zkfi# Zfe]fid\ cf [`jgfe\ \c 8ik%$/) [\c :Ž[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX j\ŒfiX DXi‰X K\i\jX :lZXj :\iŽe# gfi cX gi\ejX# \e lef [\ cfj g\i`f$ [`Zfj [\ dXpfi Z`iZlcXZ`Že [\ \jkX Z`l[X[ [\ Hl`kf%$ @eZfig�i\ej\ X cfj Xlkfj cX [fZld\ekXZ`�e XZfdgXŒX[X%$ K�d\j\ efkX [\ cX ZlXekˆX# [\c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c 8Zkfi# gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p Xlkfi`qXZ`�e dXe`]\jkX[fj \e ]Xmfi [\ jl ;\]\ejfi%$EFK@=@HL<J< = ;i% IlY„e :\mXccfj =XYXiX% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�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] I% ;<C <% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 JFE@8 PFC8E;8 J8C:<;F HL@EK<IF AL@:@F1 ;@MFI:@F Eif% )'/$ )'(($?%<% 8:KF I 1 F J ; < @ M @ J IF;IĂ >L<Q G<I<Q ; < D 8 E ;8 ;8 1 J F E @ 8 PF C 8 E ; 8 J 8 C : < ; F HL@EK<IF =LE;8D<EKF C<>8C1 8ik% (('# eld\iXc *\if% ;\c :Â?[`^f :`m`c% KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 Eif% (+)+$ ;I% =89@8E K<I8E% 8LKF ;< :8C@=@:8:@FE A L Q> 8 ; F M @ > < J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ) [\ dXpf [\c )'((# cXj ('_(0%$ 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 gi\Z\[\ek\ j\ cX ZXc`]`ZX Zfdf ZcXiX# Zfd$ gc\kX# gi\Z`jX p i\le`i cfj i\hl`j`kfj \jkXYc\Z`[fj \e cfj 8ikj% -. p -/ [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfe$ j\Zl\ek\d\ek\# X[d`k`Â…e[fcX Xc ki~d`k\ m\iYXc jldXi`f# \e Xk\eZ`ÂŽe X cX X]`idXZ`ÂŽe hl\ Zfe aliXd\ekf \]\Zk“X cX XZkf$ iX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X$ [X j\ÂŒfiX1 JFE@8 PFC8E;8 J8C:<;F HL@EK<IF# Z‰k\j\ X cX d`jdX 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# cl^Xi [fe[\ j\ Z\c\$ YiÂŽ \c dXki`dfe`f# \e cX ]fidX hl\ gi\Z\gk“Xe cfj 8ikj% ((0 [\c :ÂŽ[`^f :`m`c p /) [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf \e

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

ă

j_[d[ [d [b fW‡i" i[ lk[bl[d feb‡# j_Yei o i[ _dYb_dW bW XWbWdpW Wb c[dei fhej[]_Ze" Z[`WdZe [d bW _cfkd_ZWZ [b Z[b_je e YWie Yed# jhWh_e i[dj[dY_WdZe Yed [b c|n_# ce Z[ bWi f[dWi$ ;d [b YWie Z[ ;YkWZeh" bWi YWk# iWb[i [i]h_c_ZWi fWhW _cfkjWh W bei _dZW]WZei feh W]h[i_ÂŒd j[hheh_ijW [ij|d b_]WZWi Wb b[]‡# j_ce Z[h[Y^e W bW h[i_ij[dY_W Wb [nfh[iWh ik f[diWc_[dje b_Xh[ o lebkdjWh_Wc[dj[$ 1 Ä“ĹŠ 2!Ä“ĹŠ #--8ĹŠ .1 +#2Ä“ 1( 4- +ĹŠ 1(,#1.ĹŠ"#ĹŠ 1 -3~ 2ĹŠ #- +#2Ä“ĹŠ

cX d`jdX dXk\i`X%$ 8^i…^l\j\ cX [fZld\ekXZ`Že XZfdgX$ ŒX[X%$ K…e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c ZfdgXi\Z`\ek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# p# cX Xlkfi`qXZ`Že Zfe]\i`[X X jl 8Yf^X[f [\]\ejfi X ]‰e [\ hl\ `ek\im\e^X [\ekif [\c gi\j\ek\ al`Z`f%$Efk`]‰hl\j\%$ ;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`�e hl\ k`\e\ cX [\dXe[X[X [\ j\ŒXcXi ZXj`$ cc\if al[`Z`Xc# gXiX jlj gfjk\$ i`fi\j efk`]`ZXZ`fe\j% C@:% >L@;F <JG@EFQ8 <% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'')+&k] I% [\c <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`�e Al[`Z`Xc X cX j\ŒfiX ;8D8I@J AFJ<=@E8 ;LI8E ;<C>8;F# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f cX j`^l`\ek\ XZZ`�e1 8:KFI1 Afi^\ 8c]i\[f Dfek\e\^if :XYi\iX ;<D8E;8;81 ;XdXi`j Afj\]`eX ;li}e ;\c^X[f 8JLEKF1 ;`mfiZ`f KI8D@K<1 M\iYXc JldXi`f :8LJ81 *'/$)'(( :L8EK@81 @e[\k\id`eX[X AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc` J<:I<K8I@F1 ;i% AlXe =iXeZ`jZf Aljk`Z`X JXc^X[f KI8D@K81 8Y% <]iXˆe DXikˆe\q KXg`X GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?81 Hl`kf# cle\j (- [\ dXpf [\c )'((# cXj ('_*)%$ M@JKFJ1$ Gfi Zldgc`[X cX gifm`[\eZ`X [\ )/ [\ dXiqf [\c )'((# cXj ((_,/# j\ [`jgfe\1 CX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# [\j\ X cX d`jdX \c ki}d`k\ M\iYXc JldXi`f# \eki„^l\j\ leX Zfg`X [\ cX [\dXe[X p \jkX gifm`[\eZ`X X cX j\ŒfiX ;8D8I@J AFJ<=@E8 ;LI8E ;<C>8;F# gXiX cfj ]`e\j [\ c\p%$ <e m`jkX [\c aliXd\ekf

\ogi\jf [\ cX gXik\ XZkfiX# gfi \c hl\ X]`idX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X XZklXc [\ cX j\ÂŒfiX ;8D8I@J AFJ<=@E8 ;LI8E ;<C>8;F# Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8[aÂ’ek\j\ cX [fZld\e$ kXZ`Â?e gi\j\ekX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f%$ Efk`]ˆhl\j\ p :ˆk\j\%$ ] %$ ;i% 8idXe[f 8Z\c[f >lXcc`% AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc Zfe]fid\ X c\p# gXiX ]lkliXj efk`]`ZX$ Z`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'+0.&k] I% ;<C <% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 JFE@8 PFC8E;8 J8C:<;F HL@EK<IF AL@:@F1 ;@MFI:@F Eif% )'/$ )'(($?%<% 8:KF I 1 F J ; < @ M @ J IF;IĂ >L<Q G<I<Q ; < D 8 E ;8 ;8 1 J F E @ 8 PF C 8 E ; 8 J 8 C : < ; F HL@EK<IF =LE;8D<EKF C<>8C1 8ik% (('# eld\iXc *\if% ;\c :Â?[`^f :`m`c% KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 Eif% (+)+$ ;I% =89@8E K<I8E% 8LKF ;< :8C@=@:8:@FE A L Q> 8 ; F M @ > < J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ) [\ dXpf [\c )'((# cXj ('_(0%$ 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 gi\Z\[\ek\ j\ cX ZXc`]`ZX Zfdf ZcXiX# Zfd$ gc\kX# gi\Z`jX p i\le`i cfj

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä…

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

i\hl`j`kfj \jkXYc\Z`[fj \e cfj 8ikj% -. p -/ [\c :Ž[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfe$ j\Zl\ek\d\ek\# X[d`k`…e[fcX Xc ki~d`k\ m\iYXc jldXi`f# \e Xk\eZ`Že X cX X]`idXZ`Že hl\ Zfe aliXd\ekf \]\Zk“X cX XZkf$ iX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X$ [X j\ŒfiX1 JFE@8 PFC8E;8 J8C:<;F HL@EK<IF# Z‰k\j\ X cX d`jdX gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Že eXZ`feXc [\ cfj hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# cl^Xi [fe[\ j\ Z\c\$ YiŽ \c dXki`dfe`f# \e cX ]fidX hl\ gi\Z\gk“Xe cfj 8ikj% ((0 [\c :Ž[`^f :`m`c p /) [\c :Ž[`^f [\ GifZ\[`d`\ekf \e cX d`jdX dXk\i`X%$ 8^i…^l\j\ cX [fZld\ekXZ`Že XZfdgX$ ŒX[X%$ K…e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c ZfdgXi\Z`\ek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# p# cX Xlkfi`qXZ`Že Zfe]\i`[X X jl 8Yf^X[f [\]\ejfi X ]‰e [\ hl\ `ek\im\e^X [\ekif [\c gi\j\ek\ al`Z`f%$Efk`]‰hl\j\%$ ;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`�e hl\ k`\e\ cX [\dXe[X[X [\ j\ŒXcXi ZXj`$ cc\if al[`Z`Xc# gXiX jlj gfjk\$ i`fi\j efk`]`ZXZ`fe\j% C@:% >L@;F <JG@EFQ8 <% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'')+&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 C8 J<zFI8 J8I8 D8IC<E< 8>L@C8I HL@EK8E@CC8 AL@:@F1 M<I98C JLD8I@F Ef% *+/$)'(( I%:% 8:KFI%$ <=I<E I<@DLE;F <JG@EFQ8 J8C@E8J ; < D 8 E ;8 ; F% $ J8 I 8 D8IC<E< 8 > L @ C 8 I HL@EK8E@CC8 F9A<KF1 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C =LE;8D<EKF C<>8C%$ 8IK% ((' [\c :�[`^f :`m`c :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 :Xj`cc\if Al[`Z`Xc Eif% +()/ [\c ;iX% Al[`k_ M`ccXm`Z\eZ`f 8LKF ;< :8C@=@:8:@FE%$ A L Q> 8 ; F M @ > < J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j *( [\ dXpf [\c )'((# cXj ((_(0% LeX m\q hl\ j\ _X [X[f Zld$ gc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X gi\Z\[\ek\# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# Zfdgc\kX p Zfek\ek`mX [\ cfj i\hl`j`kfj gi\Z\gklX$ [fj \e cfj XikˆZlcfj -. p -/ [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfej\Zl\ek\d\ek\# X[d`k`„e[fcX Xc ki}d`k\ m\i$ YXc jldXi`f# \e Xk\eZ`�e X cX X]`idXZ`�e hl\ Zfe aliXd\e$ kf \]\Zk’X \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\e$ Z`X [\ cX [\dXe[X[X# Zˆk\j\ X J8I8 D8IC<E< 8>L@C8I HL@EK8E@CC8 gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X

Z`iZlcXZ`Â?e \e \jkX Z`l[X[ [\ Hl`kf cl^Xi [fe[\ j\ Z\c\YiÂ? \c dXki`dfe`f# \e cX ]fidX hl\ gi\Z\gkÂ’Xe cfj XikˆZlcfj ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf \e cX d`jdX dXk\i`X% 8^i„^l\ej\ Xc \og\[`\ek\ cfj [fZld\ekfj i\]\i`[fj \e cX ]\ [\ gi\j\ekX$ Z`Â?e jljZi`kX gfi \c i\jgfejX$ Yc\ [\ cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j%$:@K<J< p EFK@=@HL<J<% ;I% IL9<E >@C<I :<;<zF <C AL<Q Cf hl\ Zfdle`Zf X Ljk\[ p C< :@KF gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ \c [\dXe$ [X[f [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc# gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% C:;F% >L@;F <JG@EFQ8 <C J<:I<K8I@F ?Xp le j\ccf 8%:&/'''* ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 D8I@8 AFJ<=@E8 C8QF >FI;@CCF :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 1 8:KFI1 D`^l\c Ă?e^\c :Xaf G\i\`iX ;<D8E;8;81 DXiˆX Afj\]`eX CXqf >fi[`ccf F9A<KF% 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 [`mfiZ`f X ]`e [\ hl\ \e j\e$ k\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ le\ X cfj ZÂ?epl^\j% KI8D@K<% M\iYXc JldXi`f% :L8EKĂ 8% `e[\k\id`eX[X% =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 (' [\ X^fjkf [\c )'('% ELD<IF ;< :8LJ81 ('0.$ )'('$ CI ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc E%$*+0+ ;i% :Xicfj D\a‰X Ki`m`ef Gifm`[\eZ`X ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j ( [\ j\gk`\dYi\ [\c )'('# cXj ((_,-%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`$ ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX \e ZXc`[X[ [\ Al\q Jlgc\ek\ Zfdf ZfejkX [\c f]`Z`f eÂ’d\$ if 0(+$;G$;;G$ A8I$ '. [\ * [\ [`Z`\dYi\ [\c )''. % <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`$ k\ M\iYXc JldXi`f% :fe cX [\dXe[X p \jkX gifm`[\e$ Z`X# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX D8I@8 AFJ<=@E8 C8QF >FI;@CCF# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j2 \e d„i`kf Xc aliXd\ekf i\e[`[f# gfi d\[`f [\ cX `dgi\ekX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf p [\ I`fYXdYX ZXg`kXc [\ cX Gifm`eZ`X [\c cl^Xi [\c dXki`$ dfe`f# Xc \]\Zkf \eki„^l\j\ \c \okiXZkf i\jg\Zk`mf$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc

Ĺ?

j\ŒXcX[X% 8^i„^l\j\ Xc gifZ\$ jf cX [fZld\ekXZ`�e XZfdgX$ ŒX[X% EFK@=@HL<J<%$ ;I% <;N@E 8I>FK@ I<P<J% AL<Q% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j *( [\ dXpf [\c )'((# cXj (-_,/%$ ;\ f]`Z`f# p [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% )0' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ Xdgc‰X cX gifm`[\eZ`X `ed\$ [`XkX Xek\i`fi# [`ZkX[X \c ), [\ dXpf [\c )'((# X cXj (+_''% <e \c j\ek`[f [\ hl\ kXdY`…e j\ [\Y\ [\ i\Xc`qXi cXj glYc`ZX$ Z`fe\j [\ gi\ejX \e lef [\ cfj g\i`Ž[`Zfj [\ dXpfi Z`iZlcX$ Z`Že [\ cX Z`l[X[ [\ I`fYXdYX cl^Xi [fe[\ j\ \]\ZklŽ \c dXki`dfe`f %$ <e cf [\d}j cXj gXik\j gifZ\jXc\j ZldgcXe Zfe cf fi[\eX[f \e [`Z_f Xlkf `e`Z`Xc%$ EFK@=@HL<J<% ;I% N@CD<I 8D9IFJJ@ IF9C<J AL<Q <E:8I>8;F Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&/')+)&k]

D<EFI<J I ;<C < :@K8:@äE AL;@:@8C J<:I<K8IĂ 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@8E 8IK<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\ [`j$ gfe\ :@K8I Xc [\dXe[X[f =8LJKF 8C9<IKF 8IK<8>8 =F<?E gfi cX gi\ejX# d\[`Xe$

Iecei cedei WlWdpWZei o dWZ_[ f[diWh‡W [d kd c|i Wbb| fWhW cedei$

;I% :I@JK?@8E I<:8C;< ;< C8 IFJ8 AL<Q 8;ALEKF ;I% :I@JK?@8E I<:8C;< ;< C8 IFJ8 AL<Q 8;ALEKF ?Xp le j\ccf 8I&/*,..&ZZ

IJ;F>;D >7MA?D=

k\ 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\dˆkX$ j\ le \okiXZkf [\ cX [\dXe[X p \c Zfek\e`[f [\ \jkX gif$ m`[\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 al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX p X^i„^l\j\ cX [fZld\ekXZ`Â?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 I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF 8;ALEKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF :@K8:@äE AL;@:@8C 8C J<zFI DXiZf M`e`Z`f :XjkXÂŒ\[X D\a`X <OKI8:KF :8LJ81 8LKFI@Q8:@äE ;< J8C@;8 ;<C G8Ă J Eif% ;< AL@:@F1 )'('$'-*,$ D9 8:KFI81 D8IĂ 8 <JK?<I DFEK8K@O< HL@z8 ;<D8E;8;F1 DXiZf M`e`Z`f :XjkXÂŒ\[X D\a`X D<EFI1 P<JJ<E@8 89@>8@C p D@:?<CC< 8C<A8E;I8 :8JK8z<;8 DFEK8K@O< :L8EK@81 @E;<K<ID@E8;8 AL<Q1 ;I% :I@JK?@8E I<:8C;< ;< C8 IFJ8 GIFM@;<E:@8 ALQ>8;F K<I:<IF ;< C8 E@z<Q P C8 8;FC<J:<E:@8 ;<C :8EKäE HL@KF%$ Hl`kf X m`\ie\j (/ [\ ale`f [\c XÂŒf )'('# X cXj ('?,0%$ LeX m\q hl\ cX gXik\ XZZ`feXik\ DXi`X <jk_\i DfekXk`o\ Hl`ÂŒX cX d`jdX hl\ _X [\ZcXiX[f YXaf aliXd\ekf [\ c\p hl\ [\jZfef$ Z\ \c [fd`Z`c`f [\c j\ÂŒfi DXiZf M`e`Z`f :XjkXÂŒ\[X D\a`X% <e cf gi`eZ`gXc p [\ Zfe]fid`[X[ Zfe \c Xik% -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX [\ 8lkfi`qXZ`Â?e [\ jXc`$ [X [\c GXˆj# cX d`jdX hl\ j\ cX ZXc`]`ZX [\ ZcXiX# Zfdgc\kX p [\ i\le`i cfj dXj i\hl`j`kfj [\ c\p gfi cf hl\ j\ c\ XZ\gkX X jl ki}d`k\ c\^Xc Zfii\jgfe[`\ek\# [\ Zfe]fid`[X[ Zfe \c XikˆZlcf ).( [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X% GXiX cX Z`kXZ`Â?e [\c [\dXe[X[f j\ÂŒfi DXiZf M`e`Z`f :XjkXÂŒ\[X D\a`X# j\ cf Z`kXiX [\ Zfe]fid`[X[ Xc Xik`Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j hl\ j\ cXj _Xi} \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX cfZXc`[X[# X ]`e [\ hl\ j\ÂŒXc\ ZXj`cc\if al[`Z`Xc \e cX gi\j\e$ k\ ZXljX gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j2 ZXjf ZfekiXi`f

j\ gifZ\[\i} Zfe \c kiXd`k\ i\jg\Zk`mf p j\ cf [\ZcXiXiX \e i\Y\c[ˆX%$ 8^i„^l\j\ Xc gifZ\$ jf cX [fZld\ekXZ`Â?e hl\ j\ `e[`hl\2 p kÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX i\Zlii\ek\ EFK@=@HL<J< P :@K<J<%$ ] %$ ;I% ?L>F :<C@ Ă?CM8I<Q# AL<Q% ALQ>8;F K<I:<IF ;< C8 E@z<Q P C8 8;FC<J:<E:@8 ;<C :8EKäE HL@KF%$ Hl`kf X m`\ie\j * [\ ale`f [\c XÂŒf )'((# X cXj (.?()%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf hl\ Xek\Z\[\%$ Gfi \c gi`eZ`g`f [\ Z\c\i`[X[ p \ZfefdˆX gifZ\$ jXc# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX ;i% :i`jk_`Xe I\ZXc[\ [\ cX IfjX# \e ZXc`[X[ [\ Al\q 8[alekf X \jkX Le`[X[ Al[`Z`Xc# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e cfj c`k\iXc\j X# Y p Z [\c 8ik% * [\ cXj EfidXj gXiX \c =leZ`feXd`\ekf Fg\iXk`mf p 8[d`e`jkiXk`mf [\ Al\Z\j 8[alekfj# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% )-+ [\c ), [\ 8^fjkf [\c )'('%$ <e cf gi`eZ`gXc p X ]`e [\ XZklXc`qXi cX Z`kXZ`Â?e j\ fi[\eX i\Xc`qXi leX jfcX fZXj`Â?e# leX glYc`ZX$ Z`Â?e gfi cX gi\ejX \e i\cXZ`Â?e X cX 8lkfi`qXZ`Â?e [\ JXc`[X [\c gXˆj [\ cX gifm`[\eZ`X [\ ZXc`]`ZXZ`Â?e [\ cX gi\j\ek\ ZXljX%$ EFK@=Ă HL<J<%$ ] %$ ;I% :I@JK?@8E I<:8C;< ;< C8 IFJ8# AL<Q 8;ALEKF

ALQ>8;F ;<:@DF 8;ALEKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI D8I:FJ M@E@:@F M@CC<>8J >L<M8I8 <OKI8:KF :8LJ81 8C@D<EKFJ AL@:@F Ef% (.0-'$)''+$ '(*($<%I% 8:KFI1 D8I@8 =<IE8E;8 <JG@EFJ8 A@AFE ;<D8E;8;F1 D8I:FJ M@E@:@F M @ C C < > 8 J >L<M8I8 : L8 E K @ 8 1 ; FJ D @ C :L8KIF:@<EKFJ ;FC8I<J% AL<Q1 ;I% ><ID8E >I8E;<J 8E8CL@J8 ALQ>8;F GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# X '* [\ ]\Yi\if [\c )''+# X cXj ('_''% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`$ jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# iXqfe gfi cf hl\ j \c\ XZ\gkX Xc kiXd`k\# gi\m`jkf \e \c C`Yif K\iZ\if# K`klcf ;\Z`df :Xg`klcf :lXikf# j\Z$ Z`fe J\^le[X [\c :f[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X# \e Zfej\Zl\eZ`X Zˆk\j\ Xc j\ÂŒfi D8I:FJ M@E@:@F M@CC<>8J >L<M8I8# `e[`Z}e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX hl\ i\Z`YX jlj efk`]`ZXZ`fe\j#

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘Ă?AS

EXTRACTO

gi\m`e`„e[fc\ Xc [\dXe[X[f `ej`el\ cXj gil\YXj hl\ _XiX mXc\i \e \c gifZ\jf# k\e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\ŒXcX[f gfi cX XZkfiX# cX XZkfiX gifgfiZ`fe\ cXj Zfg`Xj e\Z\jXi`Xj gXiX \em`Xi Xc gifZ\jf X Z`kXZ`fe\j% = ;i% Afj\ DXi`X ;liXe GfeZ\% Al\q Gi`d\if [\ cX E`Œ\q p 8[fc\jZ\eZ`X [\c :Xekfe Hl`kf% :\ik`]`ZX% ;i% ;`\^f :XdXZ_f :_Xm\q% ALQ>8;F GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# X )- [\ dXpf [\c )'',# X cXj ((_,'d% 8k\ekf \c \jZi`kf gi\$ j\ekX[f gfi cX j\ŒfiX D8I@8 <JG@EFJ8# \c )0 [\ fZklYi\ [\c )''+# X cXj (+_*'d% X^i\^l\j\ X cfj Xlkfj# \e cf gi`eZ`gXc# \jk\ Alq^X[f Zfe ]le[Xd\ekf \e \c Zfek\e`[f [\c 8ik% /- [\c :f[`^f [\ GifZ\[`d`\ekf :`m`c# [`jgf$ e\ Z`kXi Zfe \c Zfek\e`[f [\ cX [\dXe[X p \jk\ [\Zi\kf Xc j\Œfi D8I:FJ M@E@:@F M@CC<>8J >L<M8I8# gfi lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`�e [\c gX`j# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e [`Xj [`]\i\e$ k\j# j\ c\ `e[`ZXiX [\ cX fYc`^X$ Z`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`$ cc\if al[`Z`Xc gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j# \e ZXjf [\ ef _XZ\icf j\ gifZ\[\iX \c kiXd`$ k\ \e i\Y\c[`X% EFK@=@HL<J<% = ;i% Afj\ DXi`X ;liXe GfeZ\% Al\q Gi`d\if [\ cX E`Œ\q p 8[fc\jZ\eZ`X [\c :Xekfe Hl`kf% :\ik`]`ZX% ;i% ;`\^f :XdXZ_f :_Xm\q% ALQ>8;F GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# (+ [\ Ale`f [\c )'((# cXj ((_('d% M@JKFJ1 8^i\^l\j\ Xc gifZ\jf

\c \jZi`kf p Xe\ofj hl\ Xek\Z\$ [\e# gifm\p\e[f \c d`jdf j\ [`jgfe\1 ) :@K<J< Xc [\dXe$ [X[f D8I:FJ M@E@:@F M@CC<>8J >L<M8I8# kXc Zfdf j\ \eZl\ekiX fi[\eX[f \e gifm`[\eZ`X [\ ]\Z_X )- [\ dXpf [\c )'',# cXj ((_,'%$ ] ;i% >\idXe >iXe[\j 8eXcl`jX% Al\q 8[alekf% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`\e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j [\c al`Z`f% ;I8% D@I@8E IF;IĂ >L<Q EF>8C<J% J<:I<K8I@F 8;ALEKF ?Xp ]`idX p j\ccf 8:&/'+0,&k] <OKI8:KF AL;@:@8C ALQ>8;F J<OKF 8;ALEKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 D 8: CFM @ 8 8 D 8 I @ C @ J :8JK8z<;8 >LQD8E# \e \c Al`Z`f [\ I<>LC8:@äE ;< M@J@K8J hl\ j`^l\1 N@CJFE I@:?<C@<L :@C@F D<;@E8# \e ZfekiX [\ p D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E% :8LJ81 M@J@K8J Eif% ;< AL@:@F1 )'(($'**($ 8: 8:KFI1 N@CJFE I@:?<C@<L :@C@F D<;@E8 ;<D8E;8;81 D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E :L8EK@81 @E;<K<ID@E8;8 AL<Q81 ;I8% :<:@C@8 ;L8IK< <JK<M<Q F9A<KF1 M@J@K8J ALQ>8;F J<OKF ;< C8

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS

DE LA ESCRITURA PĂšBLICA DE REFORMA DE ESTATUTOS DE SERBYCONSULT S.A.

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS

Se comunica al público que la compaùía SERBYPCONSULT S.A., reformó sus estatutos por escritura pública otorgada ante el Notario TrigÊsimo Quinto del Distrito Metropolitano de Quito el 19 de Mayo de 2011. Acto societario aprobado por la Superintendencia de Compaùías, mediante Resolución No. SC.IJ. DJC.Q.11.002876 de 29 de junio de 2011.

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.

En virtud de la presente escritura pĂşblica la compaùía reforma el artĂ­culo tres del Estatuto Social, de la siguiente manera: “ARTICULO TRES.- El objeto social exclusivo de la compaùía es la realizaciĂłn de actividades complementarias en: mensajerĂ­a y limpieza en general, y podrĂĄ dedicarse a: la prestaciĂłn de servicios de mensajerĂ­a y limpieza en general a favor de personas naturales y jurĂ­dicas,...â€?. Distrito Metropolitano de Quito, 29 de junio de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS

A.P./49721/k.m.

EXTRACTO

Se comunica al pĂşblico en general que KOLOSOS SEGUKOL CIA. LTDA. AGENCIA ASESORA PRODUCTORA DE SEGUROS, mediante escritura pĂşblica otorgada ante el Notario Primero del cantĂłn Quito, el 22 de febrero de 2011, cambiĂł su denominaciĂłn por la de DOWP ADVISORY ASESORES CIA. LTDA., modificĂł el objeto social y reformĂł el estatuto social de la compaùía. Quienes se creyeren perjudicados en sus intereses y con derecho, pueden presentar su oposiciĂłn 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 tĂŠrmino de seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto. El juez que reciba la oposiciĂłn y/o el accionante notificarĂĄ a esta Superintendencia, hasta dentro de dos dĂ­as hĂĄbiles posteriores al Ăşltimo seĂąalado para presentar la oposiciĂłn, conjuntamente con la copia de la peticiĂłn y la providencia a ella recaĂ­da. Quito, Distrito Metropolitano, veinticuatro de junio de dos mil once. Ab. Luis Cabezas – Klaere SECRETARIO GENERAL A.P./49691/k.m.


E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# cle\j (+ [\ dXiqf [\c )'((# cXj (-_+)%$ M@JKFJ1 ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c XikˆZlcf (.( [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc p i\jfclZ`Â?e [\c :fej\af [\ cX Al[`ZXkliX Ef ',*$)'(' glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef )-+ [\c ), [\ X^fjkf [\ )'(' p \e iXqÂ?e [\ jfik\fj# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q 8[alekf K\dgfiXc [\c Alq^X[f J\okf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X [\ G`Z_`eZ_X%$ <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 8ik% -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ Zfek\eZ`fjf ^\e\$ iXc%$ :Ă K<J< Zfe cX [\dXe[X p „jk\ Xlkf X cX [\dXe[X[X j\ÂŒfiX D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E# \e \c [fd`Z`c`f j\ÂŒXcX[f# Xc \]\Zkf :FD@J@FE8J< Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X [\ JXe 8ekfe`f [\ G`Z_`eZ_X2 gi\m`e`„e[fc\ X cX [\dXe[X[X [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\$ if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ KÂ?d\j\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% /.# j\ÂŒXcX[f gfi cX gXik\ XZkfiX%$ CX [fZld\ekXZ`Â?e gi\j\ekX[X# X^i„^l\ej\ Xc gifZ\jf%$ 8Zkl„ \c ;i% @m}e JXek`cc}e DXikˆe\q J\Zi\kXi`f 8[alekf [\ „jkX Al[`ZXkliX%$ :Ă K<J< p EFK@=Ă HL<J<%$ ] ;i% Bc„m\i :Xc[\iÂ?e ;ˆXj# Al\q 8[alekf% ALQ>8;F J<OKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# dXik\j *(

[\ dXpf [\c )'((# cXj '/_)0%$ Gfi ZlXekf \c XZZ`feXek\# j\ÂŒfi N@CJFE I@:?<C@<L :@C@F D<;@E8# _X [X[f Zld$ gc`d`\ekf Zfe cf [`jgl\jkf gfi „jkX Xlkfi`[X[ \e gifm`[\eZ`X [\ ]\Z_X (' [\ dXpf [\c )'(( X cXj (,_(( p _XY\i [\ZcXiX$ [f YXaf aliXd\ekf jfYi\ \c [\jZfefZ`d`\ekf [\c XZklXc [fd`Z`c`f [\ cX dX[i\ [\ cfj d\efi\j JK<M< 8C<O8E;<I p <I@:B J<98JK@Ă?E :@C@F :8JK8z<;8# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c ZÂ?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ Z`kXi gfi cX gi\ejX# X cX j\ÂŒfiX D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQDĂ?E# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc%$ J` ZfekX[fj m\`e$ k\ [ˆXj X gXik`i [\ cX lck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\# j\ j\^l`i} Zfe cX ZXljX \e jl i\Y\c[ˆX%$ J\ [`jgfe\ hl\ \c XZZ`feXek\# gi\jk\ cXj ]XZ`c`$ [X[\j e\Z\jXi`Xj p ZfcXYfiX$ Z`Â?e gXiX hl\ j\ ZldgcX \e ]fidX \]\Zk`mX cX gi}Zk`ZX [\ cX Z`kXZ`Â?e \e \c d\efi k`\d$ gf gfj`Yc\%$8ZkÂ’\ \c ;i% @m}e JXek`cc}e DXikˆe\q# J\Zi\kXi`f 8[alekf [\ „jkX Al[`ZXkliX%$ Efk`]ˆhl\j\%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\e$ k\j# gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f f ZXj`ccX al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j [\ekif [\c g\iˆd\kif [\ C\p% ;I% @MĂ?E J8EK@CCĂ?E D8IKĂ E<Q% J<:I<K8I@F 8;ALEKF ?Xp ]`idX p j\ccf

8:&/''()&k] <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\ZfefqZX 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 [\jZfefZ\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 ;<D8E;8;F1 AF==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# 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

I_ jk _dj[dY_Œd [i Z[iYh_X_h bW l[hZWZ" ^Wpbe Yed i[dY_bb[p o bW [b[]WdY_W Zƒ`Wi[bW Wb iWijh[$ 7B8;HJ ;?DIJ;?D

;< 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% ,/+)/$:%>

<A<:LK@MFJ ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 1 8 C8 J<zFI8 P<G<Q C@D8 8E8 :<:@C@8 p D<E8 G8C8:@FJ C@E;8 8I><EK@E8

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘Ă?AS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘Ă?AS

EXTRACTO

EXTRACTO

CONSTITUCION DE LA COMPAĂ‘Ă?A MUĂ‘OZ BELTRAN SERVICIOS HOTELEROS Y AFINES CIA. LTDA..

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

La compaùía MUĂ‘OZ BELTRAN SERVICIOS HOTELEROS Y AFINES CIA. LTDA.., se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo Octavo del Distrito Metropolitano de Quito, el 11 de Febrero de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC. Q.11.001652 de 13 de Abril de 2011.

La compaùía KATOMATRAVELERS CIA. LTDA.., se constituyó por escritura pública otorgada ante el Notario Tercero del Cantón IBARRA, el 24 de Junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC. Q.11.002911 de 30 de Junio de 2011.

1.- DOMICILIO: Cantón SANTO DOMINGO, provincia de SANTO DOMINGO DE LOS TSACHILAS. 2.- CAPITAL: Suscrito US$ 400,00 Número de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es:... CUMPLIR LAS FUNCIONES DE HOTEL Y SERVICIOS AFINES, PODRà DESARROLLAR ACTIVIDADES TUR�STICAS COMO OPERADORA EN TURISMO RECEPTIVO O EMISIVO...

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 400,00 Número de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: AGENCIAS DE VIAJE DUALES (AGENCIA DE VIAJE OPERADORA E INTERNACIONAL)... Quito, 30 de Junio de 2011.

Quito, 13 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS A.P./49724/k.m.

[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < ?Xp ]`idX p j\ccf 8:&/'+/- ( k]

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS A.P./49726/k.m.

8:KFI1 ;I% ALE8 MĂ?QHL<Q <JG@EFJ8# <E C8 :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;<C 98E:F G@:?@E:?8 :%8% ; < D 8 E ;8 ; F 1 P < G < Q C@D8 8E8 :<:@C@8 p D<E8 G8C8:@FJ C@E;8 8I><EK@E8 AL@:@F1 )''/$'0',$:J KI8D@K<1 <A<:LK@MF :L8EK@81 F:?F D@C ;FC8I<J ;< CF J <JK8;FJ LE@;FJ ;< EFIK<8D<I@:8 =LE;8D<EKFJ ;< ;<I<:?F 1 <E CF ;@JGL<JKF <E <C 8IK@:LCF +(* p +(,;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C P ++(# +/-# +// ;<C :F;@>F ;< :FD<I:@F 8JLEKF1 :F9IF ;< ;@E<IF ;<=<EJFI ;<C 8:KFI1 ;I% ><ID8E M8QHL<Q @E@:@8;F1'+ ;< J<GK@<D9I< ;<C )''/ ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# J\gk`\dYi\ '0 [\c )''/2 cXj (,_'/%$ M@JKFJ%$<e m`ikl[ [\ cX F]`Z`eX [\ Jfik\fj hl\ Xek\Z\[\# XmfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\qX K`klcXi% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX# Zfdgc\kX p hl\ i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p2 \e kXc m`ikl[# j\ cX XZ\gkX X ki}d`k\ \e cX mˆX [\c al`Z`f \a\Zlk`mf%$ <e Zfej\Zl\eZ`X# Zfe cX [\dXe[X p Xlkf i\ZXˆ$ [f# Zˆk\j\ X cfj [\dXe[X[Xj P<G<J C@D8 8E8 :<:@C@8 # \e jlj ZXc`[X[ [\ jljZi`gkfiX 2 p# \e jl ZXc`[X[ [\ XmXc X cX j\ÂŒfiX P D<E8 G8C8:@FJ C@E;8 8I><EK@E8 \e cfj [fd`Z`c`fj j\ÂŒXcX[fj gXiX \c \]\Zkf# gXiX hl\ \e \c k„id`ef [\ ki\j [ˆXj# gX^l\e cX fYc`^X$ Z`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j# YXaf gi\m\eZ`Â?e [\ j\ek\eZ`X%$ KÂ?d\j\ efkX [\ cX ZlXekˆX p [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[fj gfi \c ;i% >\id}e MXqhl\q# GifZliX[fi [\c 9XeZf G`Z_`eZ_X %$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X% 8ZkÂ’\ \c j\ÂŒfi ;i% Cl`j Ife M`ccXm`Z\eZ`f p ;i% AX`d\ Kfii\j :Xii\iX# \e ZXc`[X[ [\ J\Zi\kXi`f p F]`Z`Xc DXpfi \e ZXi^X[f i\jg\Zk`mX$ d\ek\ # [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c :feZ\af EXZ`feXc [\ cX Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef% ))-$'.$ :I?$:EA$<J% :ˆk\j\ p efk`$ ]ˆhl\j\% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '0 [\ Ale`f # cXj (-_(,%$ <e Xk\eZ`Â?e [\c aliX$ d\ekf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c % :ˆk\j\ X cXj j\ÂŒfiXj P<G<Q C@D8 8E8 :<:@C@8 p D<E8 G8C8:@FJ C@E;8 8I><EK@E82 gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Zl`[X[ [\ Hl`kf% Efk`]ˆhl\j\%$= ;iX% DXiˆX D\iZ\[\j Gfik`ccX Cf hl\ c\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l$

ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8# DXiZ\cf AXm`\i ?fc^lˆe JXcZ\[f j\ c\j _XZ\ ZfefZ\i \c <OKI8:KF% ;\ [\dXe[X \a\Zlk`mX p cX gifm`[\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e% <OKI8:KF1 8:KFI1 ;i% Cl`j >\idXe M}jhl\q >XcXiqX GifZliX[fi Al[`Z`Xc [\c 9XeZf [\c G`Z_`eZ_X :%8# 8jlekf Gi\m`f \c ki}d`k\ g\ik`e\ek\ hl\ \e j\ek\eZ`X j\ Zfe[\e\ Xc gX^f [\c `dgfik\ [\c jfYi\^`if p c`hl`[XZ`Â?e `ek\i\j\j [\ dfiX p ZfjkXj gifZ\jXc\j `dgl\j$ kf [\ JFC:8 hl\ `eZcl`i}e _fefiXi`fj [\c XYf^X[f [\]\ejfi% Ki}d`k\1 <a\Zlk`mf% :L8EK@81 /'%'''% =<:?8 ;< @E@:@8:@äE1 (' [\ XYi`c [\c )''.% ;\]\ejfi% ;i% AlXe M}qhl\q <jg`efjX% AL@:@F1 <A<:LK@MF Ef% )''.$'*,.$ ;C% GIFM@;<E:@8J1 ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# (. [\ 8Yi`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# p gi\m`f jfik\f [\ C\p%$ 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\ cX XZ\gkX Xc ki}d`k\ <a\Zlk`mf%$ <e Zfej\Zl\eZ`X \c [\dXe[X[f j\ÂŒfi DXiZ\cf AXm`\i ?fc^l`e JXcZ\[f# gX^l\ cX fYc`^XZ`Â?e X[\l[X[X f gif$ gfe^X \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\X Xj`jk`[f \e \c k„id`ef [\ ki\j [ˆXj [\ c\^Xcd\ek\ Z`kX[f% :ˆk\j\ \e c\^Xc p [\Y`$ [X ]fidX Xc [\dXe[X[f \e cX [`i\ZZ`Â?e hl\ j\ÂŒXcX gXiX \c \]\Zkf# d\[`Xek\ Zfd`j`Â?e [`i`^`[X Xc K\e`\ek\ Gfcˆk`Zf [\ :ldYXpX% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfdgXÂŒX%$ K„e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX$ [f gXiX gfjk\i`fi\j efk`]`ZX$ Z`fe\j# Xjˆ Zfdf cX Xlkfi`qX$ Z`Â?e Zfe]\i`[X X jl XYf^X[f [\]\ejfi%$ K„e^Xj\ \e Zl\ekX cX ZXc`[X[ \e hl\ ZfdgXi\Z\ \c ;i% Cl`j >\idXe >XcXiqX# Zfdf GifZliX[fi Al[`Z`Xc [\c 9XeZf [c G`Z_`eZ_X# Zfe]fi$ d\ cf XZi\[`kX Zfe cX [fZl$ d\ekXZ`Â?e X[alekX% :@K<J< P EFK@=@HL<J< = ;i% Afj„ DXikˆe\q EXiXeaf% Al\q ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )/ [\ ]\Yi\if [\c )'((# cXj ()_'/% M@JKFJ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f %$ <e d„i`kf Xc aliXd\ekf hl\ k`\e\ i\e[`[f \c j\ÂŒfi ;i% AlXe =iXeZ`jZf M}qhl\q <jg`efjX \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c 9XeZf [\c G`Z_`eZ_X :%8 p [\ Zfe]fid`$ [X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX hl\ j\ Z`k\ X cX gXik\ [\dXe[X[X DXiZ\cf AXm`\i ?fc^l`e JXcZ\[f # d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\e$ jX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l$ [X[ [\ Hl`kf [\ Zfe]fid`[X[ Zfe \c 8ik% ((0 [\c :Â?[`^f :`m`c %$ :ˆk\j\ p Efk`]ˆhl\j\ = ;i% Afj„ DXikˆe\q EXiXeaf% Al\q

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? CF HL< CC<MF 8 JL :FEF:@D@<EKF P C< :@KF GI<M@E@yE;FC< ;< C8 F9C@>8:@äE ;< J<z8C8I :8J @ C C < IF A L ; @ : @ 8 C G8 I 8 G F JK < I @ F I < J EFK@=@:8:@FE<J% ;I% <;>8I ? 8 I F M8C<EQL<C8 J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'+/- ) k] < 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\%$] % ;i% AX`d\ :Xej\Zf >l\ii\if Al\q % Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j [\ c\p # gi\m`e`„e[f$

Ć

c\ [\j`^e\ jl [fd`Z`c`f \e \c Alq^X[f Efm\ef [\ cf :`m`c p [\ekif [\c g\iˆd\kif c\^Xc%$ ;I% ALC@F DLzFQ J<:I<K8I@F ALQ>8;F EFM<EF :@M@C G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&/'+-)&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? :FIFE<C E 8 IM8 < 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 @ Q8 9 < 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 <:LK @MF :L8EK @81 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 Zffg\iXk`mX [\ 8_fiif p Zi„$ [`kf Ăˆ )* ;< ALC@F CK;8É Zfdf aljk`]`ZX \e cX [fZl$ d\ekXZ`Â?e X[alekX# \e ZfekiX [\ D8I@KQ8 <C@Q89<K? :FIFE<C E 8 IM8 < 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\[`d`\ekf :`m`c% Gfi cf hl\ cfj [\dXe[X[fj [\e$ kif [\c k„id`ef [\ ki\j [ˆXj gX^l\e cX fYc`^XZ`Â?e [\dXe$ [X[X f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\g$ Z`fe\j# YXaf gi\m\eZ`fe\j [\ C\p%$ :ˆk\j\ X cfj [\dXe[X[fj \e cXj [`i\ZZ`fe\j `e[`ZX[Xj gfi \c [\dXe[Xek\# gXiX Zlpf \]\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%

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ć

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

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 @ Q8 9 < 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# X kiXm„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^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`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 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] I% ;<C% < ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@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 ZXek`[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\jXc\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\Œfi1 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\jg\Zk`mfj f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\gZ`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 \]\Zkf%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ŒXcX[X p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ cX gXik\ XZkfiX% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e XZfdgXŒX$ [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\ŒfiX FJ:8I FD8I 8C98E M@CC<E8 p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc j\Œfi IF9<IKF :8ICFJ 8CM8I<Q I8D@I<Q# gfi cX gi\ejX# \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcX$ Z`�e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf i\j$ g\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<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 ;<D8E;8;F1 <;@JFE 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`�e [\ g\ijfeXc 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\’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\Œfi <;@JFE M@E@:@F <JKI<CC8 G8<Q# \e \c cl^Xi j\ŒXcX[f# d\[`Xek\ Zfd`j`�e c`YiX[X Xc j\Œfi K\e`\ek\

Ĺ?

Gfcˆk`Zf [\ cX GXiifhl`X [\ :fefZfkf# \em`}e[fc\ \c jl]`$ Z`\ek\ [\jgXZ_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`\[X[ [\c :XekÂ?e Hl`kf j\ fi[\eX cX gif_`Y`Z`Â?e [\ \eX$ a\eXi [\c Z`eZl\ekX gfi Z`\ekf [\ cX ZXjX Ef ;`\q p El\m\# gcXekX XckX# gcXekX YXaX# gXi$ hl\Xd`\ekf# [\c :fealekf _XY`kXZ`feXc Ăˆ:\i\qfj @É# [\ cX GXiifhl`X [\ :fefZfkf# [\c ZXekÂ?e Hl`kf2 hl\ c\ g\ik\$ e\Z\ Xc [\dXe[X[f# gXiX kXc \]\Zkf efk`]ˆhl\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ „jk\ ZXekÂ?e% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX%$ KÂ?d\j\ \e Zl\ekX \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 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%:%&/'++*

FI;@E8I@FJ 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

I_[cfh[ gk[ [di[‹[i" [di[‹W W bW l[p W ZkZWh Z[ be gk[ [di[‹Wi$ @EIx EHJ;=7 O =7II;J

ALQ>8;F ;<:@DF J<>LE;F ;< 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\[\# cX [\dXe[X \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\$ Zl\eZ`X# j\ X[d`k\ Xc ki}d`k\ FI;@E8I@F%$ :fe \c Zfek\e`$ [f [\ cX [\dXe[X p \jk\ 8lkf Z�iiXj\ kiXjcX[f Xc [\dXe$ [X[f <;>8I ?LD9<IKF K<I8E J8C>8;F Zfe Xg\i$ Z`Y`d`\ekf \e i\Y\c[ˆX# gXiX hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\ cX [\dXe[X p ]fidlc\ cXj \oZ\gZ`fe\j hl\ Zfej`[\i\ g\ik`e\ek\j# gXiX \c \]\Zkf# \e m`ikl[ [\c aliX$ d\ekf [\ cX XZkfiX# [\ 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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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 : F E F : @ ; F J ?<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 j\ cf Z`kXi}e gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`�e X e`m\c eXZ`feXc [\ cX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`[X[ Xc 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% GXiX hl\ gifgfe^Xe cXj \oZ\gZ`f$ e\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 \c 8ik% (''' [\c :�[`^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\ ZXek�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 :8J @ C C < IF 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 ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 E<CCP O@D<E8 DFI8C<J 9I8MF 8:KFI1 ;I% :8ICFJ FIK<>8 :@JE<IFJ <E :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;< AL8E8 @J89<C G<IL>8:?@ M@CC8IIL<C ;<D8E;8;81 E<CCP O@D<E8 DFI8C<J 9I8MF AL@:@F2 F I ; @ E 8 I @ F :8E:<C8:@FE ; < >I8M8D<E<J Ef */-$)'(( DIM KI8D@K<1 FI;@E8I@F F9A<KF1 :8E:<C8:@FE ;< >I8M8D<E :L8EK@81 @E;<K<ID@E8;8 =<:?8 ;< @E@:@F ;<C AL@:@F1 (/ ;< D8PF ;<C )'((% 8LKF ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (/ [\ dXpf [\c )'((# cXj '0_')%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf \e d` ZXc`[X[ [\ Al\q \ [\ \jkX Al[`ZXkliX# j\^Â’e XZZ`Â?e [\ g\ijfeXc Ef ('+*$;G$;GG [\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

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

La compaùía PLURIEXPORT CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario DÊcimo Noveno del Distrito Metropolitano de Quito, el 10 de Junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ. DJC.Q.11.002893 de 30 de Junio de 2011.

]\Z_X () [\ DXpf [\c )'(( p \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`$ kfj \jkXYc\Z`[fj gfi cX C\p gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ fi[`eXi`f%$ <e Zfe$ j\Zl\eZ`X# XdgXiX[f \e cfj 8ikj% *0- p *0. [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe cX Zfg`X [\ cX [\dXe[X p gi\j\ek\ Xlkf Z�iiXj\ kiXj$ cX[f X cX [\dXe[X[X E<CCP O@D<E8 DFI8C<J 9I8MF gfi \c k„id`ef [\ hl`eZ\ [ˆXj# Zfe Xg\iZ`Y`d`\ekf [\ cX gXik\ \e i\Y\c[ˆX%$ <e m`ikl[ [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# Zˆk\j\ X cX [\dXe[X[X d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi# Xjˆ Zfdf cX Xlkfi`qXZ`�e hl\ Zfe]`\i\ X jl XYf^X[f [\]\e$ jfi%$ EFK@=@HL<J<% = ;i% :Xicfj =\ie}e[\q ?`[ifmf%$ AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[f$ c\j [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj 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 ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&/'+.' I<GL9C@:8 ;<C <:L8;FI ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF 8 cfj Gi\jlekfj _\i\[\ifj ZfefZ`[fj p [\jZfefZ`[fj [\c ZXljXek\ D@>L<C JLHL@CCF J@D98z8# j\ c\ _XZ\ Zfef$ Z\i \c <okiXZkf [\ cX [\dXe[X FI;@E8I@8 p cX Gifm`[\eZ`X hl\ Zfek`elXZ`�e j`^l\1 8Zkfi1 D<I:<;<J JLHL@CCF :F:?8D98P ;\dXe[X[fj1 Gi\jlekfj ?\i\[\ifj ZfefZ`[fj p [\jZf$ efZ`[fj [\c ZXljXek\ D@>L<C JLHL@CCF J@D98z8 8 j l e kf 1 Gi\ j Z i ` g Z ` � e <okiXfi[`eXi`X [\ [fd`e`f :lXekˆX1 @e[\k\id`eX[X% KiXd`k\1 Fi[`eXi`f =\Z_X [\ @e`Z`XZ`�e1 (+ [\ fZklYi\ [\c )''/ :XljX1 Fi[`eXi`f E%$ ('--$ )'(' ;I% <;@JFE 98IIFJ GIFM@;<E:@81 4 4 4 4 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '- [\ Efm`\dYi\ [\c )''/# cXj ((_')%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p# \e Zfej\$ Zl\eZ`X# [\j\ X cX d`jdX \c ki}d`k\ Fi[`eXi`f \jkXYc\Z`$ [f \e \c 8ik% *0, p j`^l`\ek\j [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ :�iiXj\ kiXjcX[f Zfe \c Zfek\e`[f [\ cX [\dXe[X X cfj j\Œfi\j M`Z\ek\ J`dYXŒX Lj_`ŒX# IfjXi`f 8e[iXe^f :X`qX2 Clq DXi‰X Jlhl`ccf Klg`qX# D`^l\c Jlhl`ccf J`dYXŒX# DXi‰X =\c`Z`XeX Klg`qX G`ccXaf2 p X cfj _\i\$ [\ifj gi\jlekfj p [\jZfef$ Z`[fj [\ cX ZXljXek\ M`Z\ekX >lXd~e :X`qX# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj gif$ gfe^Xe cXj \oZ\gZ`fe\j X cXj hl\ j\ Zi\Xe Xj`jk`[fj%$ :ˆk\j\ X cfj [\dXe[X[fj M@:<EK<

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A AGCCESTECH AGENCIA DE EMPLEOS CIA. LTDA. La compaùía AGCCESTECH AGENCIA DE EMPLEOS CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito, el 16 de Junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002847 de 27 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: LA COMERCIALIZACIĂ“N, DISTRIBUCIĂ“N, COMPRA, VENTA, PRODUCCIĂ“N, EXPORTACIĂ“N, IMPORTACIĂ“N DE FLORES, ALIMENTOS, MATERIAS PRIMAS, PROCESADOS...

3.- OBJETO: El objeto de la compaùía es: IMPORTACIĂ“N, COMERCIALIZACIĂ“N, DISTRIBUCIĂ“N Y MANTENIMIENTO, DE PROGRAMAS Y SISTEMAS TECNOLĂ“GICOS Y DE REDES; ........REALIZAR LA CAPACITACIĂ“N, ENTRENAMIENTO, INSTRUCCIĂ“N, ACTUALIZACIĂ“N, SELECCIĂ“N Y COLOCACIĂ“N DE PERSONAL EN GENERAL, PARA ATENDER REQUERIMIENTOS DE EMPRESAS PĂšBLICAS Y/O PRIVADAS O DE PERSONAS NATURALES QUE ASĂ? LO DEMANDEN Y ESTÉN RELACIONADOS CON EL OBJETO SOCIAL, SIN QUE AQUELLO IMPLIQUE ACTIVIDADES DE TERCERIZACIĂ“N.

Quito, 30 de Junio de 2011.

Quito, 27 de Junio de 2011.

1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 6.000,00 NĂşmero de Participaciones 600 Valor US$ 10,00

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83581/cc

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83582/cc


J@D98z8 LJ?@z8# IFJ8I@F 8E;I8E>F :8@Q8# CLQ D8I@8 JLHL@CCF KLG@Q8# D@>L<C JLHL@CCF J@D98z8 p D8I@8 =<C@:@8E8 KLG@Q8 G@CC8AF# \e cXj [`i\ZZ`fe\j `e[`ZX[Xj gfi cX XZkfiX# X hl`\e\j j\ c\j \eki\^Xi}e Zfg`X [\ cX [\dXe[X p gif$ m`[\eZ`X i\jg\Zk`mX%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX D<I:<;<J JLHL@CCF :FE:?8D98P# p [\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Ž[`^f [\ GifZ\[`d`\ekf :`m`c# Z‰k\j\ X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cX ZXljXek\ M@:<EK8 >L8D8E :8@Q8# gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Že hl\ j\ \[`k\e \e \jkX Z`l[X[ [\ Hl`kf%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj j\Œfi\j 8cZXc[\ p GifZliX[fi [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# X hl`\e\j j\ cfj Z`kX$ i}e c\^Xcd\ek\%$ ;\ Zfe]fi$ d`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYX$ j\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :Xek�e Hl`kf# gXiX Zlpf \]\Zkf# efk`]ˆ$ hl\j\ Xc j\Œfi I\^`jkiX[fi [\ cX Gifg`\[X[# j\ \em`Xi~ Xk\e$ kf f]`Z`f%$ 8^i„^l\j\ Xc gif$ Z\jf cX [fZld\ekXZ`�e gi\$ j\ekX[X%$ K„e^Xj\ \e Zl\ekX

\c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX p cX Xlkfi`qX$ Z`�e ZfeZ\[`[X X jl 8Yf^X[f ;\]\ejfi%$ Efk`]‰hl\j\% = ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j () [\ dXpf [\c )'((# cXj '0_*(%$ 8^i„^l\j\ Xc gif$ Z\jf \c \jZi`kf hl\ Xek\Z\$ [\%$ 8k\ekf Xc aliXd\ekf i\e$ [`[f gfi cX j\ŒfiX D\iZ\[\j Jlhl`ccf :feZ_XdYXp [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Z`k\j\ X cfj gi\jlekfj _\i\[\ifj ZfefZ`[fj p [\jZfefZ`[fj D`^l\c Jlhl`ccf J`dYXŒX 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 ]`idX p j\ccf 8:&/'+0*&k] I\g’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 <;;P N@CC@8D =I<@I< IF;I@>L<Q AL@:@F1 FI;@E8I@F Ef% -..$ )'(($BD 8:KFI1 IFJ8 <D@C@8 G@E<;8 CFG<Q ; < D 8 E ;8 ; FJ 1 < ; ;P N@CC@8D = I < @ I < IF;I@>L<Q F 9 A < KF 1 F 9 K < E < I <C G8>F ;< :8G@K8C# @EK<I<J<J G8:K8;FJ P :FJK8J GIF:<J8C<J GIFM<E@<EK<J ;< ;FJ C<KI8J ;< :8D9@F KI8D@K<1 FI;@E8I@F :L8EK@81 M<@EK< D@C ;FC8I<J 8D<I@:8EFJ G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )' [\ ale`f [\c )'((# cXj ((_*+%$M@JKFJ1 CX [\dXe[X \j ZcXiX p i\’e\ cfj i\hl`j`kfj [\ C\p% Gfi Zfej`^l`\ek\# [\ XZl\i[f X cf gi\Z\gklX[f \e cfj 8ikj% *0- p *0. [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe \c \jZi`kf `e`Z`Xc p \jkX gifm`[\e$ Z`X# Z�iiXj\ kiXjcX[f Xc j\Œfi @E>% <;;P N@CC@8D =I<@I< IF;I@>L<Q gXiX hl\ Zfe$ k\jk\ \e \c k„id`ef [\ hl`eZ\ [ˆXj# YXaf Xg\iZ`Y`d`\ekf [\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS

EXTRACTO PARA OPOSICION POR PARTE DE TERCEROS EN RAZON DEL CAMBIO DE DENOMINACION DE “CREDIT REPORT C.A. BURO DE INFORMACION CREDITICIAâ€? POR “EQUIFAX ECUADOR C.A. BURO DE INFORMACION CREDITICIAâ€?. 1. LUGAR, FECHA Y NOTARIO ANTE QUIEN SE OTORGO LA RESPECTIVA ESCRITURA PUBLICA: La escritura pĂşblica de cambio de denominaciĂłn de “Credit Report C.A. BurĂł de InformaciĂłn Crediticiaâ€? por “Equifax Ecuador C.A. BurĂł de InformaciĂłn Crediticiaâ€?, reforma y codificaciĂłn del estatuto social y aumento de capital se otorgĂł el 30 de noviembre de 2011 ante el Notario TrigĂŠsimo Segundo del cantĂłn Quito, doctor Ramiro DĂĄvila Silva. 2. NOMBRE , NACIONALIDAD, Y DOMICILIO DEL COMPARECIENTE: El compareciente de la citada escritura pĂşblica es el seĂąor Carlos DĂ­az Albuja, de nacionalidad ecuatoriana, domiciliado en la ciudad de Quito, provincia de Pichincha, en su calidad de Apoderado Especial de la Compaùía Credit Report C.A. BurĂł de InformaciĂłn Crediticia. 3. DOMICILIO PRINCIPAL DE LA ENTIDAD: La entidad se denomina Credit Report C.A. BurĂł de InformaciĂłn Crediticia y su domicilio principal es la ciudad de Quito Distrito Metropolitano cantĂłn Quito, provincia de Pichincha, RepĂşblica del Ecuador. 4. CAMBIO DE DENOMINACION: En razĂłn de la celebraciĂłn de la mencionada escritura pĂşblica y en cumplimiento a los artĂ­culos 33, 86, 87, 88, 89, y 90 de la Ley de Compaùías, norma supletoria a la Ley General de Instituciones del Sistema Financiero, en concordancia con lo dispuesto en el segundo inciso del artĂ­culo 8, SecciĂłn IV, CapĂ­tulo II, TĂ­tulo I de la CodificaciĂłn de Resoluciones de la Superintendencia de Bancos y Seguros y de la Junta Bancaria y en virtud de la Junta General de Accionistas de Credit Report C.A. BurĂł de InformaciĂłn Crediticia, celebrada el 9 de agosto de 2010, resolviĂł el cambio de nombre por el de “Equifax Ecuador C.A., BurĂł de InformaciĂłn Crediticiaâ€?, la reforma y codificaciĂłn del estatuto social y el aumento de capital, se ordena la publicaciĂłn de este extracto en un periĂłdico de circulaciĂłn nacional, por tres dĂ­as consecutivos para efecto de la oposiciĂłn de terceros a fin de que quienes se creyeren perjudicados puedan presentar su oposiciĂłn ante uno de los jueces de lo civil del domicilio principal de la entidad, dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto, y ademĂĄs, en el tĂŠrmino de tres dĂ­as desde la realizaciĂłn de tal medida pongan el particular en conocimiento de la Superintendencia de Bancos y Seguros. El Juez que reciba la oposiciĂłn notificarĂĄ a la entidad y a la Superintendencia de Bancos y Seguros, dentro del tĂŠrmino de dos dĂ­as hĂĄbiles, posteriores al Ăşltimo seĂąalado para presentar la oposiciĂłn juntamente con el escrito de oposiciĂłn y providencia que hubiere dictado. En el caso de no existir oposiciĂłn, la Superintendencia de Bancos y Seguros procederĂĄ a la aprobaciĂłn del indicado acto societario y ordenarĂĄ el cumplimiento de los demĂĄs requisitos legales. Quito, Distrito Metropolitano, 22 de junio de 2011 Ab. Luis Cabezas Klaere SECRETARIO GENERAL A.P./49726/k.m.

I_[cfh[ gk[ [b i_ij[cW [YedÂŒc_Ye lW cWb" ikh][ [b hWY_ice$ :;ICED: CF?BE JKJĂŚ$

cXj gXik\j \e i\Y\c[ˆX% 8k\ekf \c aliXd\ekf i\e[`[f gfi cX XZkfiX# Zˆk\j\ Xc [\dXe[X[f d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e lef [\ cfj g\i`�[`Zfj [\ Xdgc`X Z`i$ ZlcXZ`�e \e cX Z`l[X[ [\ Hl`kf p Zfe]fid\ X cf gi\m`jkf \e \c 8ik% /) `Yˆ[\d% K�d\j\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ŒXcX[f gfi cX XZZ`feXek\ p X^i„^l\j\ cX [fZld\ekXZ`�e XZfdgXŒX[X% 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`�e hl\ k`\e\ [\ j\ŒXcXi 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] I% [\c <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ :@K8:@FE AL;@:@8C 8Zkfi1 DXiˆX :\eX`[X G`Zf GXq ;fd% Al[`Z`Xc1 ;i% >l`cc\idf Fik`q Al`Z`f1 G i \ j Z i ` g Z ` � e <okiXfi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f Fi[`eXi`f :Xj`ccX Ef% +, Al`Z`f Ef% *'+$)''0% ;\dXe[X[f1 8e^\c =`Xccfj C`qXef FYa\kf1 FYk\e\i cX gi\jZi`g$ Z`�e X[hl`j`k`mX [\ [fd`e`f [\c `edl\Yc\ d\[`Xek\ j\e$ k\eZ`X J\ _XZ\ ZfefZ\i Xc [\dXe[X$

[f 8e^\c =`Xccfj C`qXef# cf hl\ X Zfek`elXZ`�e j`^l\1 :fe \jkfj Xek\Z\[\ek\j p XdgXiX[f \e cf \jkXYc\Z`[f \e cfj 8ikj% .(,# )*0)# )*0/# )+(' p )+(( [\c :�[`^f :`m`c% M\e^f X ljk\[ p \e al`Z`f fi[`eXi`f [\dXe[f X 8E><C =@8CCFJ C@Q8EF C8 GI<J:I@G:@FE < O K I 8 F I ; @ E 8 I @ 8 8;HL@J@K@M8 ;< ;FD@E@F p [\j[\ pX jfc`Z`kf X ljk\[ hl\ \e j\ek\eZ`X [\ZcXi\ X d` ]Xmfi cX i\]\i`[X gi\jZi`g$ Z`�e cX d`jdX hl\ d\ j\im`i} Zfdf kˆklcf [\ gifg`\[X[ [\c `edl\Yc\% ALQ>8;F GI@D<IF ;< CF :LM@C ;< JL:LD9@FJ%$ El\mX CfaX )- [\ Efm`\dYi\ [\c )''0# cXj ('_+,%$ M@JKFJ%$ 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f c\^Xc hl\ Xek\Z\[\ p \e d` ZXc`[X[ [\ Al\q K`klcXi [\c ;\jgXZ_f% <e cf gi`eZ`gXc p gfi ZlXekf cX [\dXe[X p XZcXiXZ`�e [\ cX d`jdX# gifgl\jkX gfi DXiˆX :\eX`[X G`Zf ;ˆXq# \j ZcXiX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# j\ cX X[d`k\ X ki}d`k\ [\ al`Z`f fi[`eXi`f# Zfe]fid\ cf [`jgl\jkf gfi cfj 8ikj% ,0 p *0, [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c Zf[`$ ]`ZX[f# \e Zfej\Zl\eZ`X Zfe Zfg`X [\ cX [\dXe[X p \jkX gifm`[\eZ`X Z�iiXj\ kiXjcX[f Xc [\dXe[X[f j\Œfi 8e^\c =`Xccfj C`qXef# X ]`e [\ hl\ [\ekif [\c k„id`ef c\^Xc [\ hl`e\ [ˆXj [\ Zfek\jkXZ`�e X cX [\dXe[X p [\[lqZX jlj \oZ\gZ`fe\j X cXj hl\ j\ Zi\X Xj`jk`[f YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX2 [\Y`\e[f gXiX \c \]\Zkf p Xk\ekf \c aliXd\ekf

CONVOCATORIA A ASAMBLEA EXTRAORDINARA DE SOCIOS DE LA FUNDACION BARRIO DE MUĂ‘ECOS De conformidad con el Estatuto Social CapĂ­tulo VIII Art.18., se convoca a los seĂąores SOCIOS DE LA FUNDACION BARRIO DE MUĂ‘ECOS a la sesiĂłn Extraordinaria, a realizarse el dĂ­a jueves 7 de julio de 2011, a las 18h00, en las instalaciones de la FundaciĂłn, ubicadas en la calle Yaguachi, N14-121 e Ichimbia, de esta ciudad de Quito, con el objeto de tratar el siguiente orden del dĂ­a: 1.- DisoluciĂłn de la FundaciĂłn Barrio de MuĂąecos Quito, Lunes 04 de julio de 2011. Yolanda Navas Cuichan Presidente. A.P./49728/k.m.

i\e[`[f gfi cX XZkfiX [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi \c [fd`Z`c`f [\c [\dXe[X[f# Z`k}ij\cf \e cX ]fidX [`jgl\j$ kX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j d\[`Xek\ ki\j glYc`ZXZ`f$ e\j [\ gi\ejX hl\ j\ _Xi}e \e ki\j [ˆXj [`jk`ekfj# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe Y`\e j\X \e cX Z`l[X[ [\ Hl`kf f >lXpXhl`c2 Xc d`jdf [\dXe[X[f j\ c\ gi\m`\e\ X[\d}j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`$ Z`Xc gXiX jlj efk`]`ZXZ`fe\j \e \jkX ali`j[`ZZ`Â?e# YXaf gi\m\e$ Z`fe\j [\c 8ik% ., [\c d`jdf :Â?[`^f 8[a\k`mf :`m`c% Gfi kiX$ kXij\ [\ le gi\[`f iliXc# Zˆk\j\ kXdY`„e cX [\dXe[X Xc j\ÂŒfi ;`i\Zk`mf <a\Zlk`mf [\c @E;8# d\[`Xek\ Xk\ekf [\gi\ZXkfi`f X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cf :`m`c [\ Hl`kf# X hl`\e\j j\ i\d`k`i} [\jgXZ_f jl]`Z`\e$ k\ X cX JXcX [\ Jfik\fj [\ cX :fik\ Gifm`eZ`Xc [\ Aljk`Z`X [\ G`Z_`eZ_X% @ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ >feqXcf G`qXiif# Zfe]fid\ Xc dXe[Xkf [\c 8ik% (''' [\c :Â?[`^f [\ GifZ\[\i :`m`c# [\Y`\e[f gXiX \c \]\Zkf efk`]`ZXij\ X jl K`klcXi \e jl ;\jgXZ_f# d\[`Xek\ Zfd`j`Â?e c`YiX[X Xc j\ÂŒfi :fd`jXi`f EXZ`feXc [\ Gfc`ZˆX [\c d`jdf :XekÂ?e% @eZfigÂ?i\j\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj2 k„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX gXik\ XZkfiX gXiX jlj efk`]`ZXZ`fe\j p cX Xlkfi`qX$ Z`Â?e Zfe]\i`[X X jl ;\]\ejfi# Xjˆ Zfdf cX ^XiXekˆX [\ cX [\dXe[X# [\Y`\e[f XZklXi cX j\ÂŒfiX K`klcXi [\c ;\jgXZ_f% EFK@=@HL<J< P :@K<J<% Gfi le \iifi `emfclekXi`f [\ k`g`X[f# \e cX gXik\ `e`Z`Xc [\c Xlkf [\ ZXc`]`ZXZ`Â?e [`Z\%%% Ăˆ<e cf gi`eZ`gXc p gfi ZlXekf cX [\dXe[X [\ XZcXiXZ`Â?e [\ cX [\dXe[X gifgl\jkX gfi DXiˆX :\eX`[X G`Zf ;ˆXq%%%É# j`e \dYXi^f \e cX [\dXe[X ZfejkX cfj efdYi\j [\ cX ZfdgXi\Z`\ek\ Zfdf ZfejkX \e cˆe\Xj Xek\i`fi\j \jkf \j D8I@8 :<E8@;8 G@:F G8Q# \j [\Z`i hl\ \c j\^le[f Xg\$ cc`[f j\ _X ZXdY`X[f gfi fkif hl\ ef d\ Zfii\jgfe[\# gfi cf hl\ jfc`Z`kf j\ j`imX i\]fi$ dXi jl gifm`[\eZ`X _XZ`\e[f ZfejkXi \c hl\ i\Xcd\ek\ Zfii\jgfe[\% ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ% El\mX CfaX# d`„iZfc\j )/ [\ XYi`c [\c )'('# cXj ('_*/%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf [\ cX gXik\ XZkfiX p Xk\e[`\e[f \c d`jdf j\ [`jgfe\1 :fejkXe[f [\ cX [\dXe[X# hl\ cfj efdYi\j p Xg\cc`[fj [\ cX [\dXe[Xek\ jfe cfj [\ DXiˆX :\eX`[X G`Zf GXq# dXj \e \c Xlkf [\ ZXc`]`ZX$ Z`Â?e [\ cX d`jdX# j\ _X [\j$ c`qX[f \c \iifi [\ _XZ\i Zfej$ kXi X cX d`jdX [\dXe[Xek\ Zfdf DXiˆX :\eX`[X G`Zf ;ˆXq# j\ Zfii`^\ [`Z_f \iifi# [\Y`\e[f kfdXij\ \e Zl\ekX \e cf gfjk\i`fi hl\ cfj efd$ Yi\j p Xg\cc`[fj Zfii\Zkfj [\ cX [\dXe[Xek\# jfe cfj [\ D8I@8 :<E8@;8 G@:F G8Q# p ef Zfdf ZfejkX \e \c Xlkf [\ ZXc`]`ZXZ`Â?e%$ EFK@=@HL<J<% ] ;i% Cl`j EXiXeaf# Al\q# gi\m`e`„e[fc\ Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j \e \jkX Ali`j[`ZZ`Â?e% >cfi`X :XYX[`XeX >%

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? J<:I<K8I@8 GI@D<IF JL:LD9@FJ% ?Xp le j\ccf 8%8%&/'+.,

ALQ>8;F : @ M @ C

ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C% 8 @J@;IF JLEK8O@# j\ c\ _XZ\ ZfefZ\i \c <OKI8:KF# [\ [\dXe[X FI;@E8I@8 P C8 GIFM@;<E:@8 HL< 8 :FEK@EL8:@FE J@>L<E1 <OKI8:KF 8:KFI1 AL8E JLEK8J@> H L @ D 9 @ 8 D 9 8 % $ ; < D 8 E ;8 ; F 1 @ J @ ; IF JLEK8O@%$ 8JLEKF1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ c\ [\ZcXi\ X jl ]Xmfi CX Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f# jfYi\ \c cfk\ [\ k\ii\ef j`^eX[f Zfe \c Ef%(# hl\ ]fidX gXik\ [\ lef [\ dXpfi \ok\ej`Â?e# lY`ZX[f \e \c 9Xii`f JXe :i`jkÂ?YXc# J\Zkfi JXe DXikˆe# \eki\ :ffg\iXk`mXj ClZ_X [\ cfj GfYi\j p JXe DXikˆe# GXiifhl`X <cfp 8c]Xif# ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj1 Efik\1 Zffg\iXk`mX JXe :i`jkÂ?YXc \e ki\`ekX p ki\j d\kifj Zfe fZ_\ekX d`cˆd\kifj2 Jli1 :ffg\iXk`mX JXe DXikˆe% \e ki\`ekX p ZlXkif d\kifj Zfe ZlXi\ekX d`cˆd\kifj2 <jk\1 gfj\j`Â?e [\ j\ÂŒfi\j JlekXj`^ \e j\j\ekX p j`\k\ d\kifj Zfe ZlXi\ekX p fZ_f d`cˆd\kifj2 p# F\jk\% gifg`\[X[ [\ DXel\c K`kf# \e j\j\ekX p el\m\ d\kifj Zfe m\`ek\ d`cˆd\$ kifj%$ :fe le }i\X kfkXc [\ )%*)0#)0 d\kifj ZlX[iX[fj% jfYi\ \c hl\ _Xe j\dYiX[f p Zfj\Z_X[f gif[lZkfj gif$ g`fj [\ cX qfeX# Zfdf dXˆq# gXgXj# _XYXj# Zfc# gXjkf gXiX ^XeX[f# \kZ%1 X[\d}j j\ _X Zfejkil`[f leX ZXjX [\ m`m`\e$ [X%$ KI8D@K<1 Fi[`eXi`f%¸ :L8EK@8%$ @e[\k\id`eX[X%$ =<:?8 ;< @E@:@8:@FE1 ), [\ ]\Yi\if [\c )'((%$ ;<=<EJFI1 ;i% Afi^\ 9fcXÂŒfj%$ AL@:@F FI;@E8I@F Ef% ),,$)'(( A%K%9%I% GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j )/ [\ dXiqf [\c )'((# cXj (,_'0% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q \eZXi^X[f [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Ef% -'+$;G$;GG [\ )) [\ dXiqf [\c )'((%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`$ jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X# [„j\ \c ki}d`k\ Fi[`eXi`f% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f @J@;IF JLEK8O@# gfi cX gi\e$ jX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# Zfe \c \okiXZkf [\ cX [\dXe[X p [\ \jkX gifm`[\e$ Z`X# X ]`e [\ hl\ cX Zfek\jk\

Ĉ

\e \c k„id`ef [\ hl`eZ\ [ˆXj# gifgfe`\e[f kf[Xj cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj X hl\ j\ Zi\p\i\ Xj`jk`[f# YXaf gi\m\eZ`fe\j \e i\Y\c[ˆX% :l„ek\j\ Zfe \c @% Dle`Z`g`f [\ Hl`kf%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[# Xek\j [\ hl\ j\X Z`kX[f \c [\dXe[X[f%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f% Efk`]ˆhl\j\% 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 DFI<EF J<:I<K8I@F \ 8%:&/'''+&k] I% ;<C <% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 E<P :8II M8C;<Q 8:KF I8 1 P 8 J D @ E D8I>8I@K8 :8II 8:FJK8 ;<D8E;8;F1 E<P :8II M8C;<Q AL@:@F ;< @DGL>E8:@äE ;< G8K<IE@;8; Ef% +*.$ )'(($I< :L8EK@81 @E;<K<ID@E8;8 KI8D@K<1 Fi[`eXi`f% F9A<KF1 Hl\ j\ [\ZcXi\ `dgl^eX[X cX gXk\ie`[X[ p j\ i\jk`klpX X cX XZkfiX cfj efdYi\j p Xg\cc`[fj hl\ k\eˆX Xek\j [\c i\ZfefZ`d`\ekf mfclekXi`f% =LE;8D<EKF C<>8C1 8ik% ),( eld\iXc ) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% GIFM@;<E:@8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (- [\ dXpf [\ )'((# cXj ('_*0%$M@JKFJ%$ Gfi _XY\i Zldgc`[f Zfe cf fi[\eX[f \e cX gifm`[\eZ`X hl\ Xek\Z\[\# cX [\dXe[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\$ Zl\eZ`X# j\ X[d`k\ Xc ki}d`k\ FI;@E8I@F%$ :fe \c Zfek\e`$ [f [\ cX [\dXe[X p \jk\ 8lkf ZÂ?iiXj\ kiXjcX[f Xc [\dXe[X$ [f E<P :8II M8C;<Q Zfe Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX# gXiX hl\ \e \c k„id`ef [\ hl`e$ Z\ [ˆXj Zfek\jk\ cX [\dXe[X p ]fidlc\ cXj \oZ\gZ`fe\j hl\ Zfej`[\i\ g\ik`e\ek\j# gXiX \c \]\Zkf# \e m`ikl[ [\c aliXd\e$ kf [\ cX XZkfiX# [\ XZl\i[f Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc XZZ`feX[f E<P :8II M8C;<Q d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?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\ÂŒXcX[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`Â?e

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ĉ

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\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 ?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 > % =I8E:@J:F K<F;FIF ?<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`e$ Z`gXc cX [\dXe[X \j ZcXiX p gi\Z`jX#gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ fi[`eX$ i`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 gifgfe^X kf[Xj cXj \oZ\g$ Z`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% 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% (-.$ )'('$:MD F9A<KF1 Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ 8;fd`e`f KI8D@K<1 Fi[`eXi`f =<:?8 ;< @E@:@F1 '/ [\ 8Yi`c [\c )'(' :L8EK@81 @e[\k\id`eX[X GIFM@;<E:@81 ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# '/ [\ XYi`c [\c )'('# cXj '/_)*%$ 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 Zfej\Zl\eZ`X# Zfe cX [\dXe[X gi\j\ekX[X p „jk\ Xlkf# ZÂ?iiXj\ 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\i$ Z`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# `ejZiˆ$ YXj\ 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

Ĺ?

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[fc\ [\ 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`fe\j%$ Hl`kf# ', [\ FZklYi\ [\c )'('% :\ik`]`Zf% Cf \ed\e[X$ [f# mXc\% ;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 A L Q> 8 ; F M @ > < J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\i$ e\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\[`d`\ekf :`m`c2 Zfej\Zl\ek\d\e$ k\# X[d`k`Â…e[fcX X ki~d`k\ fi[`eXi`f# j\ [`jgfe\ hl\ cX [\dXe[X[X j\ÂŒfiX 8e^\cX DXi‰X Ifd\if :Xkfi# \e \c kÂ…id`ef [\ hl`eZ\ [‰Xj cl\^f [\ cX “ck`dX Z`kXZ`ÂŽe# gifgfe$ ^X cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekfi`Xj hl\ c\ Xj`jkXe \e [\i\Z_f# YXaf gi\m\eZ`f$ e\j [\ C\p%$ <e Xk\eZ`ÂŽe X cX X]`idXZ`ÂŽe hl\ Zfe aliXd\ekf \]\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\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# \e cX ]fidX hl\ gi\Z\gk“X \c 8ik% /) @Y`[\d%$ @ejZi‰YXj\ cX gi\j\ek\ [\dXe$ [X \e cX ;`i\ZZ`ÂŽe EXZ`feXc [\ KiXejgfik\ K\ii\jki\# Ki~ej`kf p J\^li`[X[ M`Xc%$8^i‡^l\j\ cX [fZld\ekXZ`fe XZfdgX$ ÂŒX[X%$ KÂ…e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c ZfdgXi\Z`\ek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`f$ e\j# p# cX Xlkfi`qXZ`ÂŽe Zfe]\$ i`[X X jl 8Yf^X[f [\]\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

I_ jeZe [b W‹e \k[i[ \_[ijW" Z_l[hj_hi[ i[h‡W c|i WXkhh_Ze gk[ jhWXW`Wh$ M?BB?7C I>7A;IF;7H;

[\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]

I<D8K<J :8IK<C ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX D@yI:FC<J )' ;< ALC@F [\c XÂŒf )'((# [\j[\ cXj ZXkfiZ\ _fiXj# _XjkX cXj [`\Z`fZ_f _fiXj# \e cX J\Zi\kXi`X [\c Ki`YleXc [\ >XiXekˆXj G\eXc\j [\ :fkfgXo`# lY`ZX[f \e \c ZlXikf g`jf [\c <[`]`Z`f [\ cX :fik\ Gifm`eZ`Xc [\ Aljk`Z`X [\ :fkfgXo`# j\ cc\mXi} X \]\Zkf \c I<D8K< [\c Y`\e `edl\Yc\# ZlpXj ZXiXZk\iˆjk`ZXj ZfejkXe \e \c `e]fid\ g\i`Z`Xc p hl\ j\ [\kXccXe X Zfek`elXZ`Â?e \e jl gXik\ g\ik`e\ek\1 GI@D<IF%$ <c Y`\e `edl\$ Yc\ j\ \eZl\ekiX lY`ZX[f cX GXiifhl`X CX DX^[Xc\eX# :XekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# \e \c j\Z$ kfi :fealekf ?XY`kXZ`feXc ĂˆGXki`XÉ# d`jdf hl\ j\ \eZl\ekiX [\ekif [\ cfj j`^l`\ek\j c`e[\ifj p [`d\e$ j`fe\j XZklXc\j1 EFIK<%$ mXZˆf ZfdleXc# [\gXikXd\ekf ()$*: p ()$ +:# \e leX cfe^`kl[ [\ /#(' p (#*, Zd% JLI%$ mXZˆf ZfdleXc Zfe cfe$ ^`kl[ 0#+, Zd <JK<%$ <jZXc\iX# mXZˆf Zfdl$ eXc p Zfii\[fi Zfe leX cfe$ ^`kl[ [\ )#0' " '#/' " )#(' Zd% F<JK<%$ mXZˆf ZfdleXc Zfe leX cfe^`kl[ [\ ,%/' Zd% 8II@98%$ [\gXikXd\ekf ()$ +9 Zfe le }i\X [\ ,+#/( d)% 898AF%$ [\gXikXd\ekf ()$)9 Zfe le }i\X [\ ,+#/( d)% J<>LE;F%$ Ă?i\X [\c Y`\e `edl\Yc\ p XmXcÂ’f1 Ă?i\X1 ,+#/c d)% 8mXcÂ’f1 ))%),0#.( LJ;% M\`ek\ p [fj d`c [fjZ`\ekfj Z`eZl\e$ kX p el\m\ [Â?cXi\j Zfe j\k\ekX p Z\ekXmfj% 8c \]\Zkf j\ i\Xc`qXe cXj j`^l`\ek\j fYj\imXZ`fe\j (%$ <c Y`\e `edl\Yc\ j`^eX[f Zfe \c *$9# d`jdf hl\ \j lk`$ c`qX[f gXiX m`m`\e[X# lY`ZX[f \e \c Zfealekf _XY`kXZ`feXc ĂˆGXki`XÉ# \e \c Ycfhl\ ()# j\ \eZl\ekiX \e [\ZcXiXkf$ i`X [\ Gifg`\[X[ ?fi`qfekXc `ejZi`kX \c )0 [\ X^fjkf [\ (0./2 Zfe leX XcˆZlfkX [\ +)%-+'(-''''' `eZcl`[f kf[fj cfj Y`\e\j p j\im`Z`fj ZfdleXc\j # le j\ZX[\if [\ ifgX j`^eX[f Zfe \c Ef% ()$*9 Zfe leX jlg\i]`Z`\ [\ 0#,'d) p le gXihl\X[\if g\ik\e\$ Z`\ek\ Xc d`jdf Y`\e% *%$ <e cX XZklXc`[X[ \c Y`\e `edl\Yc\ X jl]i`[f leX [\gi\$ Z`XZ`Â?e Zfd\iZ`Xc# Xle Xjˆ j\ kfdÂ? \e Zl\ekX leX mXcfiX$ Z`Â?e X cfj Zfjkfj XZklXc\j \e jl \ekfief \ `eZclp\e[f \e \c d`jdf \c mXcfi [\c j\ZX[\if# }i\Xj ZfdleXc\j p gXihl\X$ [\if% J\ XZ\gkXi}e gfjkliXj l f]\i$ kXj [\j[\ Xhl\ccXj hl\ ZlYiXe

cXj [fj k\iZ\iXj gXik\j [\c mXcfi kfkXc [\c XmXcÂ’f gfi j\i \c gi`d\i j\ÂŒXcXd`\ekf# Xjˆ Zfdf kXdY`„e j\ XZfdgXÂŒX$ i}e \c [`\q gfi Z`\ekf [\ cXj gfjkliXj \e [`e\if \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X cX Fi[\e [\c Ki`YleXc [\ >XiXekˆXj G\eXc\j [\ :fkfgXo`# ZlXc$ hl`\i `e]fidXZ`Â?e j\ gifgfi$ Z`feXi} \e cX J\Zi\kXi`X [\c Ki`YleXc [\ >XiXekˆXj G\eXc\j [\ :fkfgXo`% ;i% =cXm`f DXiZ\cf GXcfdf >lXdXe` J<:I<K8I@F ;<C KI@9LE8C ;< >8I8EKĂ 8J G<E8C<J ;< :FKFG8O@ ?Xp le j\ccf 8I&)0*),&ZZ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< @EHL@C@E8KF 8M@JF ;< I<D8K< 8:KFI1 @E>% G<KK<I 9FI@J 9FE< P8E<Q ;<D8E;8;F1 @ I D 8 : F E J L < CF G8 ; @ C C 8 8CM8I8;F AL@:@F M<I98C JLD8I@F Ef% *-+/$)''+$:: =LE;8D<EKF C<>8C1 8ik% *' c`k\iXc X C\p [\ @ehl`c`eXkf ALQ>8;F GI@D<IF ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J ;< G@:?@E:?8%$ Hl`kf# al\m\j )* [\ ale`f [\c )'((# cXj ('_)+%$ M@JKFJ1

8^i„^l\j\ Xc gifZ\jf \c \jZi`$ kf gi\j\ekX[f% <e m`ikl[ [\ hl\ ef j\ _Xe _\Z_f fYj\i$ mXZ`fe\j Xc^leX Xc `e]fid\ [\c XmXc’f [\ cfj Y`\e\j \dYXi^X$ [fj# j\ c\ Xgil\YX \e kf[Xj jlj gXik\j2 p# [\ Zfe]fid`[X[ X cf hl\ [`jgfe\ \c 8ik% +,- [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ j\ŒXcX gXiX \c [ˆX al\m\j (( [\ X^fjkf [\c )'((# [\j[\ cXj ZXkfiZ\ _fiXj X cXj [`\Z`fZ_f _fiXj \e cX j\Zi\$ kXi`X [\ cX al[`ZXkliX# X ]`e [\ hl\ k\e^X cl^Xi \c i\dXk\ [\ cfj j`^l`\ek\j Y`\e\j \dYXi$ ^X[fj1 (+ kXg`Z\j [\ YXŒf# JXcXjXZXj X LJ; *#''2 (/ Zfik`eXj [\ cXeX# D`kX[ [\c Dle[f X LJ; ('#''2 ((+ kXg`Z\j [\ gXŒf )'o) X LJ; ,#''2 ,( kXg`Z\j [\ gXŒf ('o(' X LJ; )#,'2 (' YcljXj YcXeZX# mXi`fj kXdXŒfj X LJ; ,#''2 / Z_Xc\j [\ cXe`ccX# mXi`fj Zfcfi\j X LJ; ,#''2 ( Z_fdgX [\ _`cf# Zfcfi ifjX$ [f X iXpXj X LJ; ('#''2 (( Yl]Xe[Xj [\ cXeX# mXi`fj Zfcf$ i\j X LJ; *#''2 (( ^fiiXj [\ cXeX# mXi`fj Zfcfi\j p df[\cfj X LJ; +#''2 - jfdYi\ifj [\ cXeX# mXi`fj Zfcfi\j X LJ; -#''2 ( Yfcjf [\ g`\c [\ c`eZ\ X LJ; ,#''2 * gXi\j [\ ^lXe$ k\j [\ cXeX# mXi`fj Zfcfi\j X LJ; *#''2 * d}jZXiXj [\ YXiif X LJ; ('#''2 ( 9’_f [\ dXqXg}e# kXdXŒf d\[`Xef X LJ; (,#''2 ( gXpXjf [\ dXqXg}e# kXdXŒf d\[`Xef X LJ; (,#''2 ) ZilZ`]`afj [\ dX[\iX X LJ; )#''2 ) i\g`$ jXj [\ dX[\iX# gXiX M`i^\e X LJ; ,#''2 (, i\ZX[fj [\ \jZi`kfi`f# FY\c`jZfj [\ d}i$ dfc X LJ; -#''2 - Yfk\ccXj d\[`XeXj# ]fiiX[Xj [\ Zl\if X LJ; ,#''2 + Yfk\ccXj g\hl\$

ŒXj# ]fiiX[Xj [\ Zl\if X LJ; )#,'2 0 \jZlckliXj [\ dX[\$ iX# g\hl\ŒXj X LJ; ,#''2 , gfikX `eZ`\ejfj# [\ dX[\iX X LJ; )#''2 ( dlŒ\Zf fkXmX$ c\Œf# [\ k\cX# d\[`Xef X LJ; +#''2 ( mXj`aX [\ Z\i}d`$ ZX# [\ CfaX X LJ; (,#''2 * i\cfa\j [\ Zl\if# d\[`Xefj# j`e ]leZ`feXi X LJ; ,#''2 ) Z\e`Z\ifj [\ Z_fekX# d\[`X$ efj X LJ; (#,'2 / gcXeZ_Xj# [\ dX[\iX# g\hl\ŒXj X LJ; (#''2 (+ ZXjX [\ dX[\iX# gXiX Zfc^Xi ccXm\ifj X LJ; ,#''2 ( 9XiZf kXccX[f \e _l\jf Zfe m\cXj [\ Zl\if X LJ; (,'#''2 ( >l`if# [\ dXk\# gfc`ZifdX[f Zfe gXgX^Xpf X LJ; *#''2 ) FY\c`jZfj [\ Z\i}d`ZX# YcXeZfj# g\hl\Œfj X LJ; *#''2 ) dfZ_`cXj [\ k\cX# ^iXe[\j# mXi`fj Zfcfi\j p [`j\Œfj X LJ; ('#''2 * dfZ_`cXj [\ k\cX# d\[`XeXj# mXi`fj Zfcfi\j p [`j\Œfj X LJ; .#''2 - dfZ_`cXj [\ k\cX# g\hl\ŒXj# mXi`fj Zfcf$ i\j p [`j\Œfj X LJ; *#''2 * dXc\kXj [\ k\cX# d\[`XeXj# mXi`fj Zfcfi\j X LJ; .#''2 - Yfcjfj [\ k\cX# d\[`Xefj# mXi`fj Zfcfi\j X LJ; .#''2 , Yfcjfj [\ k\cX g\hl\Œfj X LJ; *#''2 * ZXe^lifj i\Z$ kXe^lcXi\j# g\hl\Œfj X LJ; *#''2 , Yfcjfj [\ cXeX# g\hl\$ Œfj X LJ; *#''2 (+ Yfcjfj [\ gXŒf# gfikX[fZld\ekfj X LJ; *#''2 / dfe\[\ifj X LJ; )#''2 ) gfikX[fZld\e$ kfj [\ Zl\if X LJ; +#''2 ( Yfcjf [\ k\cX# gfikX[fZld\e$ kfj X LJ; )#''2 ). ]`^liXj [\ YXiif ZfZ`[f# ]`^liXj _ldX$ eXj p Xe`dXc\j# \jZlckliXj i’jk`ZXj k`gf gi\ZfcfdY`ef# d\[`XeXj p g\hl\ŒXj X LJ; ,#''% Cfj d`jdfj hl\ j\

\eZl\ekiXe \mXclX[fj gfi cX ZXek`[X[ [\ )%'.*#,' # ;FJ D@C J<K<EK8 P KI<J ;FC8I<J :FE :@E:L<EK8 :<EK8MFJ% 8c \]\Zkf ]ˆa\ej\ cfj ZXik\c\j p glYcˆhl\ej\ \c Xm`jf [\ i\dXk\ \e lef [\ cfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf [\k\id`eX cX c\p% <c i\dXk\ k\e[i} cl^Xi jfYi\ cX YXj\ [\ cXj [fj k\i$ Z\iXj gXik\j [\c XmXcÂ’f gfi kiXkXij\ [\c gi`d\i j\ÂŒXcX$ d`\ekf%$ Efk`]ˆhl\j\%$ ] ;iX% JljXeX MXcc\af 9fcXÂŒfj# Al\qX Gi`d\if [\ @ehl`c`eXkf% j`^l\ cX efk`]`ZXZ`Â?e % Cf hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p%$ CF :<IK@=@:F%$ ;I% ?L>F M@K<I@ GFC@K J<:I<K8I@F ?Xp le j\ccf 8%:%&/'+.. I% [\c <% 8M@JF ;< I<D8K< ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX )' [\ alc`f [\c [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj# \e cX j\Zi\kXi`X [\c Alq^X[f M`^„j`df [\ cf :`m`c [\ G`Z_`eZ_X# j\ gifZ\[\i} Xc i\dXk\ [\c Y`\e `edl\Yc\ hl\ X Zfek`elXZ`Â?e j\ [\kXccX L9@:8:@äE1 Gifm`eZ`X1 G`Z_`eZ_X :XekÂ?e1 Hl`kf GXiifhl`X1 :Xc[\iÂ?e J\Zkfi1 JXe AlXe [\ :Xc[\iÂ?e C@E;<IFJ1 EFIK<1 :fe 9Xii`f AXi[`e\j [\ 9XY`cfe`X# \e leX \ok\e$

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

CONSTITUCION DE LA COMPAĂ‘Ă?A TRANSPORTE PESADO TRANSECHEVERRIA S.A.

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

La compaùía TRANSPORTE PESADO TRANSECHEVERRIA S.A. se constituyó por escritura pública otorgada ante el Notario TrigÊsimo Primero del Distrito Metropolitano de Quito, el 21 de Junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJCQ.11.002866 de 29 de Junio de 2011. 1. DOMICILIO: Cantón MEJIA, provincia de PICHINCHA. 2. CAPITAL: Suscrito US$ 832,00 Número de Acciones 832 Valor US$ 1,00

La compaùía BRYDAJU S.A. se constituyó por escritura pública otorgada ante el Notario DÊcimo SÊptimo del Distrito Metropolitano de Quito, el 01 de Junio de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC.Q.11.002738 de 21 de Junio de 2011. 1. DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA 2. CAPITAL: Suscrito US$ 800,00 Número de Acciones 800 Valor US$ 1,00

3. OBJETO: El objeto de la compaùía es: DEDICARSE EXCLUSIVAMENTE AL TRANSPORTE COMERCIAL DE CARGA PESADA A NIVEL NACIONAL, SUJETANDOSE A LAS DISPOSICIONES DE LA LEY ORGANICA DE TRANSPORTE TERRESTRE, TRANSITO Y SEGURIDAD VIAL....

3. OBJETO: El objeto de la compaùía es: A) LA IMPORTACIĂ“N, E X P O R TA C I Ă“ N , C O M P R AV E N TA , PRODUCCIĂ“N, ELABORACIĂ“N, REPARACIĂ“N Y MANTENIMIENTO, DISTRIBUCIĂ“N, REPRESENTACIĂ“N Y COMERCIALIZACIĂ“N DE LO SIGUIENTE: UNO) TEXTILES, MATERIALES DE CONFECCIĂ“N, BOTONES, HILADOS, TEJIDOS, FIBRAS SINTÉTICAS Y PRENDAS PARA VESTIR,....

Quito, 29 de Junio de 2011.

Quito, 21 de Junio de 2011.

Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS

Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/80491/tf

AC/80496/tf


j`Â?e [\ (*' d\kifj% JLI1 :fe gifg`\[X[ [\ cX j\ÂŒfiX IfjX <c\eX P}e\q [\ cX :ilq 9Xii`f ;`m`ef E`ÂŒf # \e leX \ok\ej`Â?e [\ ((. d\kifj% <JK<1 :fe LiYXe`qXZ`Â?e 9\ccXm`jkX <[„e Ef% ( # \e leX \ok\ej`Â?e [\ ().#,' d\kifj# F<JK<1 :fe ZXcc\ A\jÂ’j [\c >iXe Gf[\i# \e leX \ok\ej`Â?e [\ (*)#,/ d\kifj% JLG<I=@:@<1 (,%../#+. d\kifj ZlX[iX[fj% :8I8:K<IĂ JK@:8J%$ <c `edl\Yc\ ZfejkX [\ k\ii\ef p ZfejkilZZ`fe\j% <c k\ii\ef [\ ]fidX i\ZkXe$ ^lcXi# kfgf^i}]`ZXd\ek\ Zfe leX `eZc`eXZ`Â?e \e j\ek`[f Efik\ Jli jfYi\ \c e`m\c [\ cX ZXcc\ A\jÂ’j [\c >iXe Gf[\i# [`jgfe\ [\ clq \c„Zki`ZX2 \c X^lX kiX\e gfi d\[`f [\ dXe^l\iXj [\j[\ d\[`[fi\j Zfdle`kXi`fj lY`ZX[fj \e \c YXii`f ;`m`ef E`ÂŒf# ef [`jgf$ e\e [\ i\[ [\ XcZXekXi`ccX[f# lk`c`qXe \c j`jk\dX [\ c\ki`eXj# ef k`\e\e j\im`Z`f k\c\]Â?e`Zf2 jlj c`e[\ifj j\ \eZl\ekiXe [\]`e`[fj gfi \c Efik\ p Jli Zfe Z\iiXd`\ekfj [\ Ycfhl\# XcXdYi\ [\ gÂ’Xj# kXYcXj# cXkXj# lY`ZX[fj `e[`jk`ekXd\ek\ X cf cXi^f [\ cfj c`e[\ifj2 Xc <jk\# Zfe ccXekXj [\ Xlkfdfkfi\j \ek\iiX[Xj# XcXdYi\j [\ gÂ’Xj# Z\iiXd`\ekf [\ Ycfhl\ [\ cfj Zfc`e[Xek\j2 p Xc F\jk\ j\ \eZl\ekiX cX Xg\ikliX [\ ki\j ZXd`efj [\ / d\kifj [\ XeZ_f ZX[X lef hl\ j`im\e [\ `e^i\jf Xc cfk\ [\j[\ cX ZXcc\ A\jÂ’j [\c >iXe Gf[\i% <c `edl\Yc\ \jk} jlY[`m`[`[f \e ,- cfk\j [\ Xgifo`dX[X$ d\ek\ )'' d\kifj ZX[X lef# lY`ZX[fj p Xc`e\X[fj Xc Yfi[\ [\ cfj ZXd`efj hl\ [`m`[\e

\c cfk\ \e j\ek`[f F\jk\$<jk\ [\j[\ cX ZXcc\ A\jÂ’j [\c >iXe Gf[\i2 cfj ZXd`efj jfe [\ k`\$ iiX# j`e Yfi[`ccfj e` m\i\[Xj2 \e \c \oki\df <jk\# j\ \eZl\ekiX leX g\hl\ÂŒX ZXeZ_X [\ `e[fi$ ]Â’kYfc# cX d`jdX hl\ fZlgX ^iXe gXik\ [\ \jk\ c`e[\if% <e cX dXpfiˆX [\ cfj cfk\j \o`jk\e ZfejkilZZ`fe\j `dgif$ m`jX[Xj# k`gf d\[`X^lX# Xc^l$ eXj j\ \eZl\ekiXe Zfdf fYiX dl\ikX# \e fkiXj Zfe gi\j\e$ Z`X Â’e`ZXd\ek\ [\ ZfcldeXj [\ mXi`ccX [\ _`\iif j`e ]le[`i2 ZfejkilZZ`fe\j [\ Ycfhl\# gl\ikXj [\ dX[\iX# m\ekXeXj [\ _`\iif# g`jf [\ k`\iiX# gXk`fj [\ k`\iiX# `ejkXcXZ`fe\j `dgif$ m`jX[Xj kXekf [\ X^lX# clq2 \e fkifj# Zfe j\dYiˆfj kˆg`Zfj [\ cX qfeX% 8M8CèF GXiX i\Xc`qXi \c gi\$ j\ek\ XmXcÂ’f \ kfdX[f \e Zfe$ j`[\iXZ`Â?e mXi`fj gXi}d\kifj k„Ze`Zfj ZfejkilZk`mfj# X d}j [\ fkifj \jg\Zˆ]`Zfj gXiX \jk\ ZXjf# \jg\Z`Xcd\ek\ cX f]\ikX p [\dXe[X [\ cfj k\ii\efj \e jl \ekfief% ;<K8CC<2 JLG<I=@:@< D)2 M8CFI D)2 KFK8C K\ii\ef2 (,%../#+.2 *#0'2 -(%,*-%'* : f e j k i l Z Z ` f e \ j 2 *-%'''#'' KFK8C 0.%,*-#'* JFE1 EFM<EK8 P J@<K< D@C HL@E@<EKFJ KI<@EK8 P J<@J ;äC8I<J 8D<I@:8EFJ :FE KI<J :<EK8MFJ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j# gfi kiXkXij\ [\ gi`d\i j\ÂŒXcXd`\ekf j\ XZ\g$ kXiXe gfjkliXj hl\ ZlYiXe Xc d\efj cXj [fj k\iZ\iXj gXi$ k\j [\c XmXcÂ’f XgifYX[f [\c Y`\e `edl\Yc\ fYa\kf [\c i\dXk\# cXj ZlXc\j [\Y\i}e

j\i [\gfj`kX[Xj \e cX ]fidX p dfekf \jkXYc\Z`[f \e cX C\p# d\[`Xek\ Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Alq^X[f f [`e\if \e \]\Zk`mf% Hl`kf# )+ [\ dXpf [\c )'(( ;i% >Xcf 9X\q AX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00(*&k <OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C# HL< <E C8 J<:I<K8I@8 ;< <JK8 AL;@:8KLI8# <C ;@8 D@<I:FC<J M<@EK@EL<M< ;< ALC@F ;<C )'((# ;<J;< C8J :8KFI:< ?8JK8 C8J ;@<:@F:?F ?FI8J# J< <=<:KLI8 <C I<D8K< ;<C 9@<E @EDL<9C< <D98I>8;F <E C8 GI<J<EK< :8LJ8# AL@:@F <A<:LK@MF Ef% (-/ Æ )'', <G% HL< 8 :FEK@EL8:@FE J< ;<K8CC81 (%)%$ C@E;<IFJ P JLG<I=@:@<1 C@;<IFJ <JG<:@=@:FJ1 K<II<EF ;< L J F <O:CLJ@MF1 EFIK<1 <e cfe^`kl[\j [\ /%.'d Zfe ZXjX Ef% )+#,' d% :fe gXihl\X[\if Ef% )+ p \e .%,' d Zfe }i\X ZfdleXc% JLI1 <e leX cfe^`kl[ [\ (-%.' d% :fe ZXjX Ef% )) <JK<1 <e cfe^`kl[\j [\1 (%+'d% Zfe ZXcc\ p -%' d% Zfe gXihl\X[\if Ef% )+ p ), F<JK<1 <e leX cfe^`kl[ [\ ()%0'd% Zfe gifg`\[X[ gXi$ k`ZlcXi 8ii`YX1 <e leX jlg\i]`Z`\ [\

I_ j[ fhefed[i Wb]‘d Z‡W cWdZWh Yed Z_]d_ZWZ" Z[X[i i[hl_h Yed Z_b_][dY_W$ BEH: 9>;IJ;H<?;B:

(,'%+,d) Zfe gcXekX XckX m`m`\e[X fZ_f 8YXaf1 <e leX jlg\i]`Z`\ [\ (,'%+,d) Zfe jl\cf eXkliXc 8I<81 (,'%+,d) 8C@:LFK81 )%+,-, ;\ekif [\ \jk\ cfk\ j\ [`jki`$ Ylp\e cXj Ă?i\Xj hl\ X Zfek`$ elXZ`Â?e j\ [\jZi`Y\e1 GC8EK8 98A81 E`m\c " ,%*' d 8I<81 ++%*,d) GC8EK8 8CK81 E`m\c " .%..d% 8I<81 ++%/,d) K<II8Q8 8::<J@9C<1 E`m\c " .%..d% 8I<81 /%0' d) G8IHL<8;<IF ),1 E@M<C " ,%() d% 8I<81 (-%'' d) A8I;@E =IFEK8C1 E@M<C " ,%() d 8I<81 (,%/' d) G8K@F GFJK<I@FI1 E@M<C " ,%('d% 8I<81 .+%*' d) 8I<8 KFK8C ;< K<II<EF1 (,'%+,d) 8I<8 KFK8C ;< C8 :8J81 /0%)'d) (%* @E=I8<JKIL:KLI8 LI98E8 98J@:81 CX gifg`\[X[ \e d\eZ`Â?e [`jgfe\ [\ j\im`Z`f [\ <e\i^ˆX <c„Zki`ZX# 8^lX GfkXYc\# 8cZXekXi`ccX[f# cˆe\X K\c\]Â?e`ZX# ZXcc\j X[fhl`eX$ [Xj# \c Zfealekf Zl\ekX Zfe

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

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

CONSTITUCION DE LA COMPAĂ‘Ă?A LAS TRES FRONTERAS THE THREE BORDER S.A. COMERCIALIZADORA

La compaùía VALLPLAST CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario CuadragÊsimo del Distrito Metropolitano de Quito, el 11 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJCQ.11.002500 de 09 de Junio de 2011.

La compaùía LAS TRES FRONTERAS THE THREE BORDER S.A. COMERCIALIZADORA se constituyó por escritura pública otorgada ante el Notario TrigÊsimo Primero del Distrito Metropolitano de Quito, el 20 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ. DJC.Q.11.002815 de 24 de Junio de 2011.

1.- DOMICILIO: CantĂłn RUMIĂ‘AHUI, provincia de PICHINCHA.

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

2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00

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

3.- OBJETO: El objeto de la compaùía es: A) LA ELABORACION Y VENTA DE PRODUCTOS PLASTICOS Y OTROS MATERIALES PARA USO COMERCIAL E INDUSTRIAL Y PARA EL MERCADO DE EXPORTACION. Quito, 09 de Junio de 2011.

3.- OBJETO: El objeto de la compaùía es: ...A) LA EXPORTACIĂ“N, IMPORTACIĂ“N, COMPRA, VENTA, PRODUCCIĂ“N, ELABORACIĂ“N, DISTRIBUCIĂ“N, ADMINISTRACIĂ“N Y COMERCIALIZACIĂ“N DE BEBIDAS NATURALES ESPIRITUOSAS, BOLSAS DE CONCENTRADOS DE JUGOS, DISPENSADORES DE JUGOS NATURALES ELÉCTRICOS O MANUALES,... Quito, 24 de Junio de 2011.

Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘Ă?AS AC/80487/tf

AC/80490/tf

gl\ikX [\ `e^i\jf Xlkfd}k`ZX p j\^li`[X[ gi`mX[X% (%+ LJF ;<C JL<CF1 <c ljf I\j`[\eZ`Xc (%, ;<J:I@G:@FE ;< C8 GIFG@<;8;1 CX gifg`\[X[ Zl\ekX Zfe1 X% K\ii\ef [\ ljf \oZclj`mf Y% :XjX [\ _fid`^Â?e XidX[f [\ [fj gcXekXj GIF>I8D8 =LE:@FE8C1 X%$ :XjX [\ _fid`^Â?e XidXe$ [f [\ [fj gcXekXj% Ă?i\X1 /0%)' d)% 8dY`\ek\j1 GC8EK8 98A81 JXcX$Zfd\[fi# ZfZ`eX# YXÂŒf p }i\X [\ ^iX[Xj GC8EK8 8CK81 Ki\j [fid`kf$ i`fj p le YXÂŒf ZfdgXik`[f p k\iiXqX XZZ\j`Yc\% (%-% J @ J K < D 8 :FEJKIL:K@MF1 X%$ :XjX [\ _fid`^Â?e XidX[f [\ [fj gcXekXj% GC8EK8 98A81 GXi\[\j1 DXdgfjk\iˆX \eclZ`$ [Xj p Zfe i\ZlYi`d`\ekfj% G`jfj1 :\i}d`ZX \e kf[fj cfj XdY`\ek\j% <eki\g`jf1 CfjX [\ _fid`^Â?e XidX[f% M\ekXeXj1 ;\ Xcld`e`f Zfe gifk\ZZ`fe\j d\k}c`ZXj% Gl\ikX [\ \ekiX[X1 ;\ dX[\iX cXhl\X[X Gl\ikXj `ek\i`fi\j1 ;\ dX[\iX kXdYfi Dl\Yc\j [\ ZfZ`eX1 ;\ dX[\$ iX >iX[Xj1 ;\ _fid`^Â?e XidX$ [f Zfe Z\i}d`ZX p gXjXdXef d\k}c`Zf% GC8EK8 8CK81 :lY`\ikX1 CfjX [\ _fid`^Â?e XidX[f Zfe k\aX [\ZfiXk`mX% GXi\[\j1 DXdgfjk\iˆX \eclZ`$ [Xj p Zfe i\ZlYi`d`\ekf% G`jfj1 8c]fdYiX[fj cfj [fid`$ kfi`fj p Z\i}d`ZX \e YXÂŒf% M\ekXeXj1 8cld`e`f p m`[i`f% Gl\ikXj `ek\i`fi\j1 ;\ dX[\iX kXdYfi% :cfj\kj1 ;\ dX[\iX (%.% <JK8;F P <;8; ;< C8J :FEJKIL::@FE<J1 X% :XjX [\ _fid`^Â?e XidX[f [\ [fj gcXekXj% <jkX[f [\ cX :fejkilZZ`Â?e 9L<EF <[X[ [\ cX ZfejkilZZ`Â?e . 8zFJ Xgifo`dX[Xd\ek\% (%/ F:LG8EK<J ;<C @EDL<9C<1 8c dfd\ekf [\ cX `ejg\ZZ`Â?e gXiZ`Xc cfj fZlgXek\j [\c `edl\Yc\ jfe1 JI8% :8ID<E 8C<O8E;I8 :8@:<;F L I < K 8 ;<D8E;8;8 (%0 8M8CLF ;< C8 GIFG@<;8; GXiX i\Xc`qXi \c XmXcÂ’f [\c `edl\Yc\ _\ kfdX[f \e Zfej`$ [\iXZ`Â?e cfj j`^l`\ek\j gXi}$ d\kifj k„Ze`Zf liYXeˆjk`Zf p ZfejkilZk`mf kXc\j Zfdf1 $ LY`ZXZ`Â?e [\c `edl\Yc\ Zfe i\jg\Zkf Xc j\Zkfi [\ cX Z`l[X[% $ @[\ek`]`ZXZ`Â?e [\c `edl\Yc\ Zfe i\jg\Zkf X cX `dgfikXe$ Z`X# ZXc`[X[# \jkX[f p ZXc`[X[ [\ cXj mˆXj hl\ Z`iZle[Xe \c `edl\Yc\% $ =fidX p kXdXÂŒf [\c `edl\$ Yc\% $ Gfj`Y`c`[X[\j [\ cf^ˆjk`ZX [\c `edl\Yc\% $ ;`jgfe`Y`c`[X[ [\ j\im`$

Z`fj [\ `e]iX\jkilZkliX \e \c `edl\Yc\% $ <jkX[f [\ Zfej\imXZ`Â?e [\c `edl\Yc\ ZfejkilZZ`Â?e $ <jkX[f p ZXc`[X[ [\ cfj dXk\$ i`Xc\j lk`c`qX[fj \e cX Zfej$ kilZZ`Â?e p jlj XZXYX[fj% $ <jkl[`f [\ gi\Z`fj [\ cfj gi\[`fj Z\iZXefj Xc `edl\Yc\ p jl }i\X [\ `e]cl\eZ`X% 8M8CèF KFK8C ;< C8 GIFG@<;8;1 ;<J:I@G:@äE2 Ă?i\X d)2 :fjkf kfkXc LJ;% K\ii\ef2 (,'%+,2 (/%',+#'' X%$ :XjX [\ ?%8% )G%2 /0%)'2 )-%.-'#'' 8mXcÂ’f kfkXc [\ cX gifg`\[X[1 ++%/(+#'' LJ;% Jfe1 :L8I<EK8 P :L8KIF D@C F:?F:@<EKFJ :8KFI:< Zfe ''&('' ;FC8I<J% = ;I% I8LC D8I@zF ?<IE8E;<Q% AL<Q% GFI KI8K8IJ< ;<C GI@D<I J<z8C8D@<EKF J< 8:<GK8I8E GFJKLI8J ;<J;< 8 H L < C C 8 J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C M8CFI ;<C 8M8CèF# G8>F HL< J< CF ?8IĂ? <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j [\ C\p% 8K<EK8D<EK<# ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/')*,&k]

M8I@FJ 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`Â?e ;i% 8ekfe`f If [ i ˆ ^ l \q Gif Zl iX [ f i Al[`Z`Xc ;<D8E;8;F1 M`m`XeX 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\e$ k\ ZXljX \e d` ZXc`[X[ [\ Al\qX J\^le[f [\ cf :`m`c jlgc\ek\# d\[`Xek\ f]`Z`f Ef% (,-/$)''.$;;G$A8I [\ (. [\ j\gk`\dYi\ [\c )''.%$ 8ZkÂ’\ \c ;i% I`ZXi[f CÂ?g\q \e ZXc`[X[ [\ F]`Z`Xc DXpfi \eZXi^X[f%$ CX [\dXe[X hl\ gi\j\ek\ \c ;i% 8ekfe`f IXdÂ?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\Â’e\ cfj i\hl`j`kfj c\^Xc\j2 \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\ek\ gfi cX mˆX M\iYXc JldXi`X gi\m`j$ kX \e cX J\ZZ`Â?e )* 8ikj% /)/ p j`^l`\ek\j [\c :Â?[`^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`Â?e

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? 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`Â?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`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?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`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Al[`ZXkliX gXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`f$ e\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;IĂ >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 < I 9 8 C 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 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% <e d„i`kf [\c aliX$ d\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

ÄŠ

[\ 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% (*+$)''/ :%@% 8:KFI1 ;I% 8EKFE@F I8DFE IF ; I Ă > L < Q M @ : < E J# GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< C8 GIF;L::@äE J%8%# GIF;L98E:F ;<D8E;8;F1 AFJ< CL@J K@O< :?LHL@K8I:F KIĂ?D@K<1 M < I 9 8 C JLD8I@F F9A<KF1 :fYif [\ le \jkX$ [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 gifZ\jXc\j p _fefiXi`fj gif]\j`feXc\j% :L8EK@8% @e[\k\id`eX[X% :8J @ C C < IF A L ; @ : @ 8 C 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 kiXd`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`$ 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

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä Ä€

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

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:KFI1 ;i% 8ekfe`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 ZfefZ`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\jgfe[`\ek\%$ <e cf gi`e$ Z`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\ X cX [\dXe[X[X 8D<C@8 KFII<J IF;I@>L<Q# \e cX [`i\Z$ Z`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`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 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 8EKFE@F IF;IĂ >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\i$ YXc jldXi`f%$ <e cf gi`eZ`gXc# Xk\ekX Xc aliXd\ekf 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`e$ kX# \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\ cX Z`l[X[ p ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj X[ale$ kfj%$ 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

Ĺ?

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— ,,($''/ N%I% M%J% GFI :8G@K8C 8;<L;8;F ;< C8 K8IA<K8 ;< :I<;@KF D8JK<I:8I; G I F ; L 9 8 E : F# D Ă? J @EK<I<J<J :@K8:@äE 81 M<IäE@:8 AFM8EE8 J8C8Q8I 8C;8Q :L8EKĂ 81 D @ C :L8KIF:@<EKFJ ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8% GIFM@;<E:@81 A L Q> 8 ; F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (' [\ Alc`f [\c )''/# cXj ('_,,%$ 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`\e$ k\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 ]lkliXj 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 @ : < E J 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%

Iecei [iYbWlei Z[ bWi b[o[i fWhW feZ[h i[h b_Xh[i$ C7H9E JKB?E 9?9;HâD

;<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% DÂ?e`ZX =cfi GXqd`ÂŒf% 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 :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX DXiˆX >cfi`X Fik`q :X[\eX gfi cX gi\ejX# \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf% Al\qX Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX gfj$ k\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp 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% ;<D8E;8;81 B8I@E8 A F8 E E 8 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 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

jlgc\ek\# d\[`Xek\ f]`Z`f Ef% ;;G$A8I$(,-/$'.# [\ ]\Z_X (. [\ j\gk`\dYi\ [\ )''.%$ 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 [`j$ gl\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`fi\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf% _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 I<Gè9C@:8 ;<C <:L8;FI <OKI8:KF M@JKF 9L<EF Ef ()'*+$ )'(($8%E% 8:KFI1 JI8% ILK? D8>;8C<E8 8E;I8;< 8::@FE8;81 JI8% >C8;PJ DFEJ<II8K< D<;I8E;8 Q8D9I8EF :8LJ8C1 ( P * ;<C 8IK% (.) :ä;@>F ;<C KI898AF @EJG<::@FE ;<C KI898AF ;< G@:?@E:?8 Hl`kf# '/ [\ Ale`f [\c )'((# X cXj '/?'0% <e d„i`kf Xc jfik\f [\ ]\Z_X )0 [\ 8Yi`c [\c )'((# j`\e[f cXj (*?,/# 8MF:F ZfefZ`$ 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\[\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO DE LA ESCRITURA PĂšBLICA DE ESCISIĂ“N DE FESAECUADOR S.A. QUE CONSERVARĂ SU NATURALEZA JURĂ?DICA Y SUBSISTIRĂ BAJO LA MISMA DENOMINACIĂ“N; LA CREACIĂ“N POR EFECTO DE LA ESCISIĂ“N DE UNA NUEVA COMPAĂ‘Ă?A QUE SE LLAMARĂ INMOBILIARIA INMAPAPEL S.A. Y, LA DISMINUCIĂ“N DE CAPITAL Y REFORMA DE ESTATUTOS DE LA COMPAĂ‘Ă?A ESCINDIDA FESAECUADOR S.A. 1. ANTECEDENTES.- FESAECUADOR S.A., con domicilio principal en el Distrito Metropolitano de Quito, se creĂł por efecto de escisiĂłn, mediante escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito, el 1 de febrero de 2007 e inscrita en el Registro Mercantil del Distrito Metropolitano de Quito, el 1 de agosto de 2007. 2. CELEBRACION Y APROBACIĂ“N.- La escritura pĂşblica de la escisiĂłn de FESAECUADOR S.A., que conservarĂĄ su naturaleza jurĂ­dica y subsistirĂĄ bajo la misma denominaciĂłn; la creaciĂłn, por efecto de la escisiĂłn, de una nueva compaùía que se llamarĂĄ INMOBILIARIA INMAPAPEL S.A.; y, la disminuciĂłn de capital y la reforma de estatutos de la compaùía escindida FESAECUADOR S.A., fue otorgada el 1 de febrero del 2011, ante el Notario Primero del Distrito Metropolitano de Quito, y aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.002853 de 28 de junio de 2011. 3. OTORGANTE.- CompareciĂł al otorgamiento de la escritura pĂşblica antes mencionada, el seĂąor Juan Carlos Cruz Valderruten, en su calidad de representante legal de la compaùía. 4. ESCISIĂ“N, CREACIĂ“N POR EFECTO DE LA ESCISIĂ“N, DISMINUCIĂ“N DE CAPITAL, REFORMA DE ESTATUTOS DE LA ESCINDIDA Y PUBLICACIĂ“N.La Superintendencia de Compaùías mediante ResoluciĂłn No. SC.IJ.DJCPTE. Q.11.002853 de 28 de junio de 2011, aprobĂł la escisiĂłn de FESAECUADOR S.A., que conservarĂĄ su naturaleza jurĂ­dica y subsistirĂĄ bajo la misma denominaciĂłn; la creaciĂłn, por efecto de la escisiĂłn, de una nueva compaùía que se llamarĂĄ INMOBILIARIA INMAPAPEL S.A. la disminuciĂłn de capital y la reforma de estatutos de la compaùía escindida FESAECUADOR S.A. OrdenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂ­as consecutivos, para efectos de oposiciĂłn de terceros respecto a la pretendida disminuciĂłn de capital, seĂąalada en el artĂ­culo 33 de la Ley de Compaùías, publicada en el Registro Oficial No. 312 de 5 de noviembre de 1999 y en el Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico la escisiĂłn de FESAECUADOR S.A., que conservarĂĄ su naturaleza jurĂ­dica y subsistirĂĄ bajo la misma denominaciĂłn; la creaciĂłn, por efecto de la escisiĂłn, de una nueva compaùía que se llamarĂĄ INMOBILIARIA INMAPAPEL S.A., la disminuciĂłn de capital y la reforma de estatutos de la compaùía escindida FESAECUADOR S.A., a fin de que quienes se creyeren con derecho a oponerse a la pretendida disminuciĂłn de capital, puedan presentar su peticiĂłn ante uno de los jueces de lo civil del domicilio principal de FESAECUADOR S.A., dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de Compaùías. El juez que reciba la oposiciĂłn o el accionante, notificarĂĄ o comunicarĂĄ segĂşn el caso, a esta Superintendencia, dentro del tĂŠrmino de dos dĂ­as siguientes a partir de dicha recepciĂłn, juntamente con el escrito de oposiciĂłn y providencia recaĂ­da sobre ella. Si no hubiere oposiciĂłn o no fuere notificada esta InstituciĂłn en la forma antes indicada, se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica y al cumplimiento de los demĂĄs requisitos legales. En virtud de la mencionada escritura pĂşblica, la compaùía escindida FESAECUADOR S.A. reforma el artĂ­culo quinto del estatuto social, de la siguiente forma: “ARTICULO QUINTO.- El capital social de la compaùía es US$ 327.472 (trescientos veintisiete mil cuatrocientos setenta y dos dĂłlares de los Estados Unidos de AmĂŠrica) dividido en 327.472 (trescientos veintisiete mil cuatrocientos setenta y dos) acciones ordinarias y nominativas de un dĂłlar de los Estados Unidos de America cada una.â€? DATOS DE LA COMPAĂ‘Ă?A QUE SE CREA: INMOBILIARIA INMAPAPEL S.A. 1. DOMICILIO PRINCIPAL: Distrito Metropolitano de Quito 2. DURACIĂ“N: Cincuenta aĂąos contados a partir de la fecha de su inscripciĂłn en el Registro Mercantil. 3. CAPITAL SOCIAL: El capital autorizado es de US$ 44.000,00 (cuarenta y cuatro mil dĂłlares de los Estados Unidos de AmĂŠrica). El capital suscrito de la compaùía es de US$ 22.528 (Veinte y dos mil quinientos veinte y ocho dĂłlares de los Estados Unidos de AmĂŠrica) dividido en 22.528 (Veinte y dos mil quinientos veinte y ocho) acciones ordinarias y nominativas de un dĂłlar cada una. 4. OBJETO SOCIAL: La compaùía tendrĂĄ por objeto la actividad inmobiliaria, esto es compraventa, permuta, arrendamiento y administraciĂłn de bienes raĂ­ces, urbanos y rurales. 5. ADMINISTRACIĂ“N Y REPRESENTACIĂ“N LEGAL: La compaùía esta gobernada por la Junta General de accionistas y administrada por el Directorio, Presidencia, Vicepresidencia, Gerencia General. El representante legal es el Gerente General. Distrito Metropolitano de Quito, 28 de junio de 2011 Dr. Camilo Valdivieso Cueva. INTENDENTE DE COMPAĂ‘IAS DE QUITO

AC/80485/tf


p \jkX gifm`[\eZ`X efk`]ˆhl\$ j\ X cX kiXYXaX[fiX \e \ccX d\eZ`feX[X# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcX$ Z`Â?e eXZ`feXc# [\ Zfe]fid`[X[ X cf [`jgl\jkf \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`]`ZX$ Z`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\j$ g\Zk`mf gXiX jl glYc`ZXZ`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 EfYfX :XdXZ_f% @EJG<:KFI8 ;< KI898AF ;< G@:?@E:?8 ?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 G8JHL<C Q8D9I8EF# J<>LE;F I8èC G8JHL<C Q8D9I8EF# N8J?@E>KFE N@CC@8D G8 J H L < C K@O<C<D8# D8IK?8 :<:@C@8 G8JHL<C K@>J<C<D8# FIC8E;F G8K I @ : @ F G8JHL<C K@>J@C<D8 P 8C<O8E;I8 ;<C :8ID<E G8JHL<C E8IMĂ?<Q% AL@:@F1 M<I98C JLD8I@F 8DG8IF GFJ<JFI@F Ef (-/,$)'('$;>=% 8:KFI81 J<zFI8 D8IĂ 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`\e$ kf [\ cX gi\j\ek\ ZXljX# \e m`jkX [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# Xc XZkfiX ZfdgX$ i\qZX X \jkX Al[`ZXkliX p Zld$ gcX 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 Zfej\Zl\eZ`X# ZÂ?iiXj\ kiXjcX$ [f X cfj [\dXe[X[fj j\ÂŒf$

i\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%% ;\ 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`i$ ZlcXZ`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 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 ZfefZ`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\jgfe[`\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`Â?e gi\j\ekX[X%$ ;\ Zfe]fid`[X[ Zfe \c 8ik% 00) [\c :Â?[`^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\e$ kX \c ZXj`cc\if al[`Z`Xc j\ŒX$ cX[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%:%&/'++. <OKI8:KF :@K8:@FE AL;@:@8C :@K8:@FE AL;@:@8C 8C J<zFI CL@J I@:8I;F HL@CCLG8E>L@ J8C8Q8I 8:KFI81 I@K8 D8>8CP 8CM8I<Q 8CM8I<Q ;<D8E8;F1 CL@J I@:8I;F HL@CCLG8E>L@ J8C8Q8I AL@:@F EIF% (-($)'(($ GQ$ M<I98C JLD8I@F$ ;@MFI:@F :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F1 :8J@CC<IF AL;@:@8C EIF% (()$89% D8I:F KIFP8 ELz<Q GIFM@;<E:@81 ALQ>8;F ;<:@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ DXZ_XZ_`# X (. [\ ale`f [\c )'((2 X cXj '0_,'%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ gi\j\ekX[X gfi cX j\ŒfiX I@K8 D8>8CP 8CM8I<Q 8CM8I<Q# jfYi\ [`mfiZ`f ZXljXc# gfi ZcXiX p Zfdgc\kX# i\’e\ Zfe cfj i\hl`j`kfj [\ c\p# iXq�e gfi cX hl\ j\ cX XZ\gkX Xc ki}d`k\ \e al`Z`f M\iYXc JldXi`f# Zfe$ ]fid\ \e \c 8ik% ((/ [\c :�[`^f :`m`c% <e Zfej\Zl\eZ`X# Zˆk\j\ Xc [\dXe[X[f CL@J I@:8I;F HL@CCLG8E>L@ J8C8Q8I# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ le \okiXZkf [\ cX [\dXe[X p \jkX gifm`[\e$ Z`X# hl\ j\ _Xi}e \e le g\i`�$ [`Zf [\ cX Z`l[X[ [\ Hl`kf# [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# [\ XZl\i[f cf gi\jZi`kf \e \c 8ik% /) `eZ`jf k\iZ\if [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# gfi ZXi\Z\i \jk\ :Xek�e [\ g\i`�[`Zfj [\ glYc`ZXZ`�e i\^lcXi2 [\Y`\e[f d\[`Xi \eki\ leX p fkiX glYc`ZXZ`�e# fZ_f [ˆXj gfi cf d\efj# j\^’e cf [`jgl\jkf \e \c 8ik% ((0 [\c :�[`^f :`m`c% 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`�e hl\ j\ _X X[alekX[f# gXiX cfj ]`e\j [\ c\p% K„e^Xj\ gi\j\ek\ cX

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

ZlXekˆX ]`aX[X# cX Xlkfi`qX$ Z`�e Zfe]\i`[X Xc 8Y% DXiZf KifpX E’Œ\q2 p \c ZXj`cc\if al[`Z`Xc Eif% (() j\ŒXcX[f gXiX gfjk\i`fi\j efk`]`ZX$ Z`fe\j%$ Efk`]ˆhl\j\%$ ]% ;i% Afi^\ ;lhl\ >iXeaX%$ Al\q ;„Z`df Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X GXik`ZlcXi hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc# gXiX gfjk\i`fi\j efk`$ ]`ZXZ`fe\j# [\ekif [\c g\iˆd\$ kif [\ \jk\ alq^X[f# Xhlˆ \e cX Z`l[X[ [\ DXZ_XZ_`% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ c\p%$ :\ik`]`Zf% ;I% N8J?@E>KFE DFC@E8 M% J<:I<K8I@F ?Xp le j\ccf 8%:%&/'+.I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF : @ K8 : @ F E A L ; @ : @ 8 C 8C J<zFI 89I8?8E 8LI<C@F I<8J:FJ A8K@M8 P JL :FEPL>< JLJ8E8 9<8KI@Q8 IFD<IF ;< JFLQ8 8:KFI1 CFI<EQF D8I:<CF G8:?<:F 8D8>L8z8 P A@D<E8 A8:H<C@E< G8:?<:F 8D8>Lz8 ;<D8E;8;FJ1 89I8?8E 8LI<C@F I<8J:FJ A8K@M8 P JL :FEPL>< JLJ8E8 9<8KI@Q8 IFD<IF ;< JFLQ8 AL@:@F <JG<:@8C Ef% (*--$ )''0$ 8% :8JKI@CCFE% :8J@CC8 AL;@:@8C Ef (0*- ;<=<EJFI1 ; I% A L8 E :8ICFJ :L<M8 J<II8EF GIFM@;<E:@8 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )- [\ FZklYi\ [\c )''0# 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\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ i\jg\Z$ k`mf%$ ;\ Zfe]fid`[X[ X cf gi\jZi`kf \e \c 8ik% -+) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c p X g\k`Z`�e [\ gXik\# j\ ZfeZ\[\i} X cXj gXik\j \c k„id`ef c\^Xc [\ hl`eZ\ [ˆXj# gXiX gi\j\ekXi kf[Xj cXj Zl\jk`fe\j [\ i\jfclZ`�e gi\m`X hl\ ]l\i\e e\Z\jXi`Xj gXiX cc\mXi X ZXYf cX gXik`Z`�e# `eZclj`m\ cf i\cXZ`feX[f Zfe cX Zfdg\k\eZ`X f ali`j[`ZZ`�e [\c al\q%$ :ˆk\j\ X cfj [\dXe$ [X[fj# j\Œfi\j 89I8?8D 8LI<C@F I<8J:FJ A8K@M8 p JLJ8E8 9<8KI@Q IFD<IF ;< JFLQ8%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe \c j\Œfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf [\c Dle`Z`g`f [\c ZXek�e 9fcˆmXi%$ Gi\m`Xd\ek\# `ej$ ZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :Xek�e 9fcˆmXi# [\ Zfe$ ]fid`[X[ X cf [`jgl\jkf \e \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# [`c`^\e$ Z`Xj gXiX cXj ZlXc\j i\dˆkXj\ Xk\ekf [\gi\ZXkfi`f X lef [\ cfj J\Œfi\j Al\Z\j [\ cf

:`m`c [\c :XekÂ?e 9fcˆmXi# gif$ m`eZ`X [\c :XiZ_`%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj XZfdgXÂŒX[fj X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc hl\ j\ÂŒXcX cX gXik\ XZkfiX%$ Gi\m`X ZfejkXeZ`X \e Xlkfj# [\j^cÂ?j\j\ p \eki„^l\$ j\ Xc g\k`Z`feXi`f cX [fZld\e$ kXZ`Â?e jfc`Z`kX[X%$ :Ă K<J< P EFK@=Ă HL<J<%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )+ [\ ale`f [\c )'((# cXj ('_,+%$ :fe]`„iXj\ X cX XZkfiX \c \okiXZkf hl\ jfc`Z`$ kX gXiX jl glYc`ZXZ`Â?e \e cX gi\ejX# Zfe]fid\ \jkX fi[\$ eX[f \e gifm`[\eZ`X [\ m\`e$ k\ p lef [\ ale`f [\ [fj d`c feZ\%$ EFK@=@HL<J<%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`\e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% Hl`kf# ;i% AlXe GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&/'+0+&k] I% [\c <% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc \e \jkX Al[`ZXkliX j\ kiXd`kX \c al`Z`f [\ I\Zk`]`ZXZ`Â?e [\ GXik`[X [\ EXZ`d`\ekf% 8Zkfi\j1 O@D<E8 <C@Q89<K? G@C8K8O@ =I<@I< Al`Z`f1 < J G < : @ 8 C I <: K @ = @ : 8 : @ ä E ; < G8IK@;8 Ef */-$)'(( DIM FYa\kf1 cX i\Zk`]`ZXZ`Â?e [\ cX gXik`[X [\ EXZ`d`\ekf :lXekˆX1 @e[\k\id`eX[X Ki}d`k\1 <jg\Z`Xc =\Z_X [\ @e`Z`f1 (* [\ XYi`c [\c )'(( GIFM@;<E:@8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# d`„iZfc\j (* [\ 8Yi`c [\c )'((# cXj (-_(.%$ M@JKFJ1 8^i„^l\j\ Xc gifZ\jf \c \jZi`$ kf gi\j\ekX[f% <e cf gi`eZ`gXc# gfi ZlXekf cX XZkfiX _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e Xlkf `e`Z`Xc# j\ k`\e\ hl\ cX g\k`Z`Â?e gi\j\ekX[X \j ZcXiX# p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ jldXi`f%$ <e Zfej\$ Zl\eZ`X# Zˆk\j\ Xc j\ÂŒfi A\]\ [\ I\^`jkif :`m`c# @[\ek`]`ZXZ`Â?e p :\[lcXZ`Â?e# [\Y`\e[f gXiX \c \]\Zkf i\d`k`i cXj Yfc\kXj i\j$ g\Zk`mXj X cX f]`Z`eX [\ Z`kX$ Z`fe\j% ;\ Zfe]fid`[X[ Zfe \c 8ik% /0 [\ cX C\p [\ I\^`jkif :`m`c# glYcˆhl\j\ le \okiXZkf [\ cX [\dXe[X gi\j\ekX[X p „jk\ Xlkf# gfi leX jfcX m\q \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ ;X[X cX eXkliXc\qX [\ cX ZXljX# Zl„e$ k\j\ Zfe \c j\ÂŒfi 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\$ if al[`Z`Xc j\ÂŒXcX[f# Xjˆ Zfdf kXdY`„e cX Xlkfi`qXZ`Â?e hl\ c\ Zfe]`\i\ X jl [\]\ejfi%$

EFK@=Ă HL<J<%$] ;i% :Xicfj =\ie}e[\q @[ifmf%$ Al\q Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX ]`e\j [\ C\p% Hl`kf# *' [\ ale`f [\ )'(( ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%/'+/+&

8ELC8:@FE<J

BANCO PICHINCHA HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ))( Xc )/' [\ cX :kX% :k\% Ef% *+/,*'./'+ g\i$ k\e\Z`\ek\ X 9<II<QL<K8 ;LI8E#M@:<EK<$<C8;@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /*00/. mXcfi .-#,+ [\ cX :kX% :k\% Ef% *'(+('*/'+ g\ik\e\Z`\ek\ X JL8I<Q G8C8:@FJ#D8IK?8$AL;@K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +-* Xc +0) [\ cX :kX% :k\% Ef% **/+/+(('+ g\ik\e\$ Z`\ek\ X G8L:8I CL>D8E8# AFI><$?<IE8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +0* Xc ,)) [\ cX :kX% :k\% Ef% **/+/+(('+ g\ik\e\$ Z`\ek\ X G8L:8I CL>D8E8# AFI><$?<IE8E [\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 G8L:8I CL>D8E8# AFI><$?<IE8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,,* Xc ,-' [\ cX :kX% :k\% Ef% **/+/+(('+ g\ik\e\$ Z`\ek\ X G8L:8I CL>D8E8# AFI><$?<IE8E [\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\%

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ef% **-+,))('+ g\ik\e\Z`\e$ k\ X G@E8I>FK< :<M8CCFJ# AF?8EEP$ALC@<K8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (,' [\ cX :kX% :k\% Ef% *+/++.-''+ g\ik\e\Z`\ek\ X G<I<Q :8II<I8# CFI<E8$ ;< C8J D<I:<;<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 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\i$ k\e\Z`\ek\ X >L8D8E 98I8?FE8#<;@JFE$ 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:& 0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +*( Xc +0' [\ cX :kX% :k\% Ef% *)-,0++*'+ g\ik\e\Z`\e$ k\ X C8J:8EF C8JCL@J8# DPI@8D$>I8:@<C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ 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 *0, [\ cX :kX% :k\% Ef% *)-,0++*'+ g\ik\e\Z`\e$ k\ X C8J:8EF C8JCL@J8# DPI@8D$>I8:@<C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ 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 )+0 [\ cX :kX% :k\% Ef% *''.+0()'+ g\ik\e\Z`\ek\ X >8C8IQ8 JFJ8# FJ:8I$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )(/' [\ cX :kX% :k\% Ef% *'.*(,','+ g\ik\e\Z`\ek\ X IFD<IF G8Q# I8HL<C$ D8I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,). Xc ,)0 [\ cX :kX% :k\% Ef% *'+0+('('+ g\ik\e\Z`\ek\ X J8IQFJ8 8M@C8#?@C;8$ D8I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX

Ä Ä

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 9@FGIFE<: :@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<C8 :8IM8A8C# J<>LE;F$ AFI>< [\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'#)0 [\ cX :kX% :k\% Ef% *'*/-)')'+ g\ik\e\Z`\ek\ X ;<P<JFJ ;@J<EFJ P :FIE@J8J :@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 G<I;@;8 [\c :_\hl\ Ef (0) mXcfi (%'''#'' [\ cX :kX% :k\% Ef% *++*'/0.'+ g\ik\$ e\Z`\ek\ X :FEJKIL:KFI8 < @ E D F 9 @ C @ 8 I @ 8 @EDF8D9@KLJ [\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 @DGFIK8;FI8 ALI8;F J F : @ < ; 8 ; 8EFE@D8 [\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 ()0. [\ cX :kX% :k\% Ef% *)(-,-.('+ g\ik\$ e\Z`\ek\ X D8CF M8QHL<Q# >L@CC<IDF$O8M@<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ()0/ Xc (*'' [\ cX :kX% :k\% Ef% *)(-,-.('+ g\ik\$ e\Z`\ek\ X D8CF M8QHL<Q# >L@CC<IDF$O8M@<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )( d^ 444444

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä Ä‚

Ĺ? ĆĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (-). [\ cX :kX% :k\% Ef% *+,00-*('+ g\ik\e\Z`\ek\ X M<B8E<>F:@F :%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% **+$ **,$ **-$ **.$ *+($ *+)$ *++$ *+,$ *+.$ *,'$ *,($ *,)$ *,+$*,,$ *,.$ *,/$ *,0$ *-'$ *-+$ *-,$ *--$ *-/$ *.' Xc *.+ [\ cX :kX% :k\% Ef% *+,//(0,'+ g\ik\e\Z`\ek\ X G8CCF M@C:8:LE;F#D8PI8$ 8C<O8E;I8 [\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 G8CCF M@C:8:LE;F#D8PI8$ 8C<O8E;I8 [\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 G8CCF M@C:8:LE;F#D8PI8$ 8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ),*+ mXcfi +-#,' [\ cX :kX% :k\% Ef% *)+.0.-/'+ g\ik\e\Z`\ek\ X 8I<CC8EF P<G<Q# ILK?$;8E@<C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ 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$ +)'$ +)($ +)*$ +). Xc +*' [\ cX :kX% :k\% Ef% *+,//(0,'+ g\ik\e\Z`\ek\ X G8CCF M@C:8:LE;F#D8PI8$ 8C<O8E;I8 [\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 :8II@CCF HL@E:?@>L8EF# 9PIFE$E<JKFI [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )/ d^ 444444 HL<;8 8ELC8;F

Gfi IF9F [\c :_\hl\ Ef 0(( Xc 0+' [\ cX :kX% :k\% Ef% *')+/.'('+ g\ik\e\Z`\ek\ X P<G<Q ?@EFAFJ8# CFI<E8$ ;<C :8ID<E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (0( Xc ),' [\ cX :kX% :k\% Ef% *+/(0(')'+ g\ik\e\Z`\ek\ X 8I@8J M@CC8>FD<Q# 8E@K8$ @J89<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 D<E;<Q JL8I<Q# D@>L<C$8C=FEJF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )')+ [\ cX :kX% :k\% Ef% *'*+--..'+ g\ik\e\Z`\e$ k\ X ?L8I8:8 LIHL@QF# AFJ<$D8EL<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0(' [\ cX :kX% :k\% Ef% *'(.0/'+'+ g\ik\e\Z`\e$ k\ X 8E;I8;< FI;FE<Q# AFI><$8C<O@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 IF9F [\c :_\hl\ Ef (()0 mXcfi (*,#'' [\ cX :kX% :k\% Ef% *+((*+)-'+ g\ik\$ e\Z`\ek\ X :FIE<AF EF9F8# =I8E:@J:F$8C<A8E;IF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *+ d^

COOPROGRESO ;\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 DFJHL<I8 M8C<EQL<C8 :C8L;@8 @J89<C j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e

Ĺ?

j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((+00 &( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()'.,/. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8C:@M8I 8C:@M8I <CM@J >F=I<P 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 [\ 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 G8QD@zF E8>L8E8 A<JLJ E@:FC8J j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$ [f [fZld\ekf cfj i\ZcXd\% 8:&((,'( &* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'('.(-*0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ().''),,'( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8CD<@;8 >L8D8E CL@J >@C9<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 (*'('..--- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X E8M8II<K< E@:FC8C;< >C8;PJ D8IC<E< j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((,'* &, d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+,,--, [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D<J@8J 9FE@CC8 9<C>@: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:&((,'+ &- 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>8:?< M<IJ<QFKF J<>LE;8 8E><C8 :<C@E;8 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 [\ 8gfikXZ`fe\j Ef% '(.''('0+0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf

Iecei \|Y_bc[dj[ [d]W‹WZei feh Wgk[bbei W gk_[d[i WcWcei$ C E B ? � H ; @ ; 7 D #8 7 F J ? I J ; F E G K ; B ? D

:ffgif^i\jf C`d`kX[X# g\i$ k\e\Z`\ek\ X G8I<;<J ;@>L8P I8DFE 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 G8I<;<J GL:8:?8HL@ ?<EIP IF9<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:&((+/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\ 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 M@CC8 :8ICFJ 89<C 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 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\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$ [f [fZld\ekf cfj i\ZcXd\% 8:&((+0)&,d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'((/*',/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.'',*))* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# 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\ 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\i$ k\e\Z`\ek\ X J8E;FM8C FIK<>8 CLQ <D<I@K8 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 D8EK@CC8 G8I<;<J 8CM8IF ><ID8E 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-&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 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 8CD<@;8 I8DFJ 9C8E:8 <JK?<C8 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 :89I<I8 CFQ8 9<8KI@Q 89@>8@C j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$

[f [fZld\ekf cfj i\ZcXd\% 8:&((+.- &*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`\e$ k\ 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 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 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\ 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^

BANCO RUMIĂ‘AHUI HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(/',.-+'' Eif% :XikfcX (./-,.,''00 [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ 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 (--,*'-'('0 [\c 9XeZf Ild`ŒX_l`% 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:& ) d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'+.,,*0'' Eif% :XikfcX (-,+0..'*'0 [\c 9XeZf Ild`ŒX_l`% 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:& * d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'00*.+('' Eif% :XikfcX (-0./-/'(-0 [\c 9XeZf Ild`ŒX_l`% 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:& + d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/)+.*('('' Eif% :XikfcX (/)0*-.'''/ [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& , d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(.+(++*'' Eif% :XikfcX (..0//+''-- [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& - d^

BANCO PROCREDIT 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_f$ iifj (-'('((,/,..' c`Yi\kX ')0)-0) [\ G@CCF 8>L8@Q8 D8I@8 IFJ8C@E8 Zfe :%(% (.'-*)-(+, 8I&/*,/,&ZZ 44444 :Xjf ( 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiif '('('(('/'/.- [\ M8C;@M@<JF >L@C:8G@ DFE@:8 M8E<JJ8 Zfe :%@1 (.(/+/.,-$)% 8I&/*,/*&ZZ 44444 :Xjf ) 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiif (0'('(('-'()* [\ HL@E:?@>L8EF 98CJ<:8 <;N@E I@:8I;F Zfe :%@1 (.(+/)-,,$.% 8I&/*,/+&ZZ 44444 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj ))$ '('($(,0*'/* [\ G8:?<:F 9<ID<F 8E><C ?FD<IF

Zfe :%@% '0(/*,-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^

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%

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%

COOPERATIVA COTOCOLLAO Hl\[X XelcX[X gfi g\i[`[X cX c`Yi\kX [\ X_fiifj [\ cX :ffg\iXk`mX :fkfZfccXf E² +'*'(''(0,+)# g\ik\e\Z`\e$ k\ X =\ieXe[f DfiXc\j% 8%G%&+0.)'&b%d%

8ELC8:@FE<J M8I@8J :ffg\iXk`mX [\ X_fiif JXe G\[if [\ KXYfX[X J\ XelcX gfi g\i[`[X cX c`Yi\$ kX [\ X_fiifj 0''(('/ g\ik\e\Z`\ek\ Xc Ji% ;`\^f 8idXe[f :XZlXe^f @dYX [\ cX :ffg\iXk`mX [\ 8_fiifj JXe G\[if [\ KXYfX[X% 8%G%&+0.).&b%d% 44444 :FFG<I8K@M8 )0 F:KL9I< Hl\[X XelcX[X gfi g„i[`$ [X cX c`Yi\kX [\ XgfikXZ`f$ e\j Ef% +,''0/(),) [\ cX :ffg\iXk`mX )0 [\ FZklYi\ g\ik\e\Z`\ek\ Xc Ji% :i`fccf :i`fccf IX’c 8iklif Zfe :%@% (''),(/*($) 8I&/*,/.&ZZ 44444444 J\ XelcXe gfi ifYf cXj c`Yi\kXj [\ 8_fiif [\ cXj Zl\ekXj ''('+(/*+) p ''('*+(.+0 [\c 9XeZf [\ =fd\ekf p \c :_\hl\ (') [\ cX :kX% *+0+,(.+$'+ [\c 9XeZf [\c G`Z_`eZ_X ('#'/ 8:&/'+/*&k] 4444444 G„i[`[X [\ C`Yi\kX [\ 8_fiifj Ef% ;\ Zl\ekX +,'(*0**-0 :ffg\iXk`mX )0 [\ FZklYi\% 8:&/'+/(&k]


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