Edición impresa Revista Judicial del 15 de abril de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

Ä“ĹŠ ĹŠ ĹŠ

H[bWY_ÂŒd [djh[ [b YkWi_YedjhWje o [b [dh_gk[Y_c_[dje i_d YWkiW Z[d# jhe Z[b :[h[Y^e 7Zc_d_ijhWj_le$ I[]‘d ;iYebW" bWi eXb_]WY_ed[i WZc_d_ijhWj_lWi ied Wgk[bbWi eXb_# ]WY_ed[i gk[ i[ [ijWXb[Y[d [djh[ bW WZc_d_ijhWY_ÂŒd f‘Xb_YW o bei fWhj_# YkbWh[i e WZc_d_ijhWZei" e Wkd [djh[ Z_\[h[dj[i ik`[jei WZc_d_ijhWj_lei" o gk[ [ij|d h[]_ZWi" feh ik Yedj[d_# Ze o ik \_dWb_ZWZ Z[ _dj[hƒi f‘Xb_Ye" feh [b Z[h[Y^e WZc_d_ijhWj_le" oW i[W [d \ehcW jejWb e fWhY_Wb$' ;ij[ ikY[ie Z[ gk[ [b :[h[Y^e 7Zc_d_ijhWj_le ^W fh[ijWZe \_]khWi Z[ ejhWi hWcWi Z[b Z[h[Y^e" fh_d# Y_fWbc[dj[ [b Y_l_b" ^W fheZkY_Ze Wb]kdW febƒc_YW [djh[ bei jhWjWZ_i# jWi [d j[cWi jWb[i Yece bW YedjhWjW# Y_ÂŒd WZc_d_ijhWj_lW" ZedZ[ jeZWl‡W i[ Z_iYkj[ i_ [n_ij[ fhef_Wc[dj[ kd YedjhWje WZc_d_ijhWj_le$ I[ i_j‘Wd [d kd [njh[ce bei gk[ W\_hcWd gk[ iebe [n_ij[d WYjei WZc_d_ijhWj_lei X_bWj[hWb[i( o [d [b ejhe bei gk[ W\_hcWd gk[ Æ[b YedjhWje WZc_d_ijhWj_le [i ikijWdY_Wbc[d# j[ kd YedjhWje _]kWb Wb Y_l_bÇ)$ I[ Z[X[ i[]k_h W :hec_ [d [ij[ fkdje" YkWdZe W\_hcW gk[ Æ[b YedjhWje [i kd _dij_jkje `kh‡Z_Ye Wb gk[ i[ YWb_\_YW Z[ Y_l_b" Yec[hY_Wb" bWXehWb" WZc_# d_ijhWj_le" [jY$" YkWdZe i[ b[ ikcWd W iki YWhWYj[h[i X|i_Yei o ][dƒh_Yei bWi dejWi gk[ be [if[Y_\_YWd Z[djhe Z[ ]ƒd[he" [d YkWdje W ik \ehcW" ik`[je" Yedi[dj_c_[dje" fheY[Z_# c_[dje Z[ \ehcWY_ÂŒd" [jY$ De [i kdW _dij_jkY_ÂŒd `kh‡Z_YW [nYbki_lW Z[b :[h[Y^e Fh_lWZe" [n_ij[d jWcX_ƒd bei YedjhWjei Z[ bW 7Zc_d_ijhWY_ÂŒd e [d bW WYj_l_# ZWZ WZc_d_ijhWj_lW" Yed [b[c[djei Yeckd[i Wb YedjhWje Z[ :[h[Y^e Fh_lWZe" f[he Yed lWh_Wdj[i gk[ Z[h_lWd Z[ ik Yedj[d_Ze" Z[ ik \_d" Z[ bei Z_ij_djei _dj[h[i[i gk[ W\[YjW o Z[ ik hƒ]_c[d `kh‡Z_Ye fhef_e$* ?]kWb YeiW fk[Z[ Z[Y_h Z[ lWh_Wi Z[ bWi _dij_jkY_ed[i Z[b :[h[Y^e 7Zc_d_ijhWj_le o [if[Y‡\_YWc[dj[ Z[b YkWi_YedjhWje o Z[b [dh_gk[Y_# c_[dje i_d YWkiW$ <_eh_d_ Yedi_Z[hW gk[ [b YkWi_Yed# jhWje WZc_d_ijhWj_le de j_[d[ h[bW# Y_ÂŒd Yed [b Y_l_b o lW c|i Wbb| gk[ [ij[" fk[ije gk[ i[ [dYkWZhW [d [b fh_dY_f_e c|i Wcfb_e Z[b [dh_gk[Y_#

"(3.1 ĹŠ ÂĄ ĹŠ

Ĺ?Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊĆĈÄ

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

+ĹŠ!4 2(!.-31 3.ĹŠ ",(-(231 3(5. c_[dje i_d YWkiW" Wfb_YWXb[ W i_jkW# Y_ed[i jWb[i Yece [b \kdY_edWh_e Z[ ^[Y^e" bW eXhW f‘Xb_YW de Wkjeh_pW# ZW" bW ][ij_ÂŒd kh][dj[ o d[Y[iWh_W" [jY$ I[ XWiWd [d bei fh_dY_f_ei Z[ [dh_gk[Y_c_[dje i_d YWkiW" bW Xk[dW \[ o [b [hheh fheleYWZe$+ 7i‡ be ^W [ijWXb[Y_Ze bW `kh_i# fhkZ[dY_W YecfWhWZW Wh][dj_dW fWhW [b [cfb[WZe f‘Xb_Ye Z[ ^[Y^e" WdWb_pWZe [d [b YWie CWhY^[i[ CWhY[be :Wd_[b % =eX_[hde Z[ bW Fhel_dY_W Z[ C[dZepW <[Y^W0 )'%&.%'//($ Jh_XkdWb0 Ikfh[cW 9ehj[ Z[ @kij_Y_W$ ;nf[Z_[dj[0 *-.('$ KX_YWY_ÂŒd0 I()&# '**" gk[ [ijWXb[Y_ÂŒ [d ik fWhj[ f[hj_d[dj[0 ÆBW h[bWY_ÂŒd Z[ ^[Y^e [djh[ bW 7Zc_d_ijhWY_ÂŒd o [b W][dj[ Z[ \WYje i[ [dYk[djhW fh[i_Z_ZW feh kd YkWi_YedjhWje WZc_d_ijhWj_le" [b gk[ b[ ejeh]W Z[j[hc_dWZe Z[h[Y^e o b[ Yh[W kdW Y_[hjW h[ifediWX_b_ZWZ$ BW i_jkWY_ÂŒd Z[b \kdY_edWh_e Z[ \WYje de fk[Z[ i[h [gk_fW# hWZW W bW Z[b \kdY_edWh_e Z[ _kh[" Wb gk[ i[ b[ Wfb_YWd bWi dehcWi f[hj_d[dj[i Z[b [cfb[WZe f‘Xb_YeÇ , I_c_bWh Yk[ij_ÂŒd eYkhh[ fWhW [b YWie Z[ l[dY_c_[dje Z[b jƒhc_de Z[ YedY[i_ÂŒd [d ZedZ[ i[ ^W Z_ifk[i# je0 Æ;d [b YWie Z[ L[dY_c_[dje Z[b Jƒhc_de" feh [b YkWb \k[ ejeh]WZW bW YedY[i_ÂŒd Z[b i[hl_Y_e f‘Xb_Ye" o [ij[ Yedj_d‘W i_d efei_Y_ÂŒd Z[b ;ijWZe" de ^Wo j|Y_jW h[YedZkY# Y_ÂŒd" f[he fk[Z[ Yedj_dkWh Yed bW fh[ijWY_ÂŒd Yed bei c_icei Z[h[Y^ei o Z[X[h[i" o [bbe ^WijW gk[ [b Yed# Y[Z[dj[ h[Ykf[h[ bW YedY[i_ÂŒd" [d YkWbgk_[h cec[dje$ ;bbe Yed\_]khWh‡W kd YkWi_YedjhW# je WZc_d_ijhWj_leÇ-$ I_d [cXWh]e" ;iYebW f_[diW gk[ bei YkWi_Yed# jhWjei Z[X[d i[h Z[ij[hhWZei Z[b |cX_je Z[b Z[h[Y^e WZc_d_ijhWj_# le o cWd_\_[ijW0 ÆYece Z[ijWYW bW ZeYjh_dW ceZ[hdW" bWi eXb_]WY_ed[i W]hkfWZWi XW`e [b hÂŒjkbe Z[ YkWi_# YedjhWjei de ied i_de eXb_]WY_ed[i dWY_ZWi Z[ bW b[o e Z[ bW lebkdjWZ kd_bWj[hWb" Ykoe \kdZWc[dje ][d[#

hWb h[feiW [d [b [dh_gk[Y_c_[dje i_d YWkiW" [i Z[Y_h" [d bW _cfei_X_b_ZWZ `kh‡Z_YW Z[ WZc_j_h gk[ kd fWjh_ce# d_e i[ [dh_gk[pYW e i[ c[`eh[ Yed Z[jh_c[dje Z[ ejhe gk[ Yehh[bWj_lW# c[dj[ i[ [cfeXh[Y[" i_d gk[ ^WoW kdW hWpŒd b[]Wb gk[ be `kij_\_gk[$. ;d [b Z[h[Y^e WZc_d_ijhWj_le" bW YWb_ZWZ Z[ YkWi_YedjhWje" Z[iWYh[# Z_jWZW [d [b Z[h[Y^e fh_lWZe" [i h[YedeY_ZW feh Wb]kdei Wkjeh[i$ ;d Z[h[Y^e WZc_d_ijhWj_le [b YedY[fje Z[ YkWi_YedjhWje fk[Z[ j[d[h cWoeh Wfb_YWY_Œd gk[ [d [b Z[h[Y^e Y_l_b" oW gk[ bW deY_Œd Z[ YkWi_YedjhWje" YkWdZe de [n_ij[ kd WYje e kd Yed#

jhWje WZc_d_ijhWj_le" fk[Z[ WXWhYWh YkWbgk_[h ^[Y^e `kh‡Z_Ye ikX`[j_le _ZÂŒd[e fWhW fheZkY_h Wb]kde Z[ bei [\[Yjei gk[ dehcWbc[dj[ ied fhef_ei Z[b WYje WZc_d_ijhWj_le e Z[b YedjhWje [d [b Z[h[Y^e f‘Xb_Ye$ ;djh[ bei YkWi_YedjhWjei fk[Z[d Y_jWhi[0 W bW ][ij_ÂŒd Z[ d[]eY_ei W \Wleh Z[ kd [dj[ WZc_d_ijhWj_le o X [b fW]e Z[ be _dZ[X_Ze$ W =[ij_ÂŒd Z[ d[]eY_ei W \Wleh Z[ kd [dj[ WZc_d_ijhWj_le$ BW ZeYjh_dW Z[b :[h[Y^e 7Zc_d_ijhWj_le h[YedeY[ bW Wfb_YW# Y_ÂŒd Z[ bW \_]khW Z[b ÆYkWi_YedjhW#

jeÇ [d c‘bj_fb[i i_jkWY_ed[i$ 7i‡" i[ c[dY_edWd bei YWiei Z[ bW ][ij_ÂŒd Z[ d[]eY_ei o [b [cfb[e ‘j_b" bW j[eh‡W Z[ bei \kdY_edWh_ei Z[ ^[Y^e" [jY$ Bei YWiei [d gk[ kd fWhj_YkbWh ][ij_e# dW" i_d cWdZWje" bei Wikdjei Z[ kd j[hY[he [dYkWZhWd bW \_]khW `kh‡Z_YW Z[ d[]ej_ehkc ][ij_e$/ Fk[Z[ ikY[Z[h gk[ [b j[hY[he X[d[\_Y_WZe feh bW ][ij_ÂŒd i[W kdW [dj_ZWZ WZc_d_i# jhWj_lW$ ;bbe fbWdj[W Zei fheXb[cWi \kdZWc[djWb[i0 [b Z[ bei Z[h[Y^ei Z[ YhƒZ_je gk[ ikh][d W \Wleh Z[b WYjeh [d h[iWhY_c_[dje Z[ ik WYj_# l_ZWZ o Z[ bei ]Wijei gk[ ^kX_[h[ h[Wb_pWZe$ BWi ][ij_ed[i h[Wb_pWZWi W \Wleh Z[ kdW Wkjeh_ZWZ f‘Xb_YW i[ Yede# Y_[hed jWcX_ƒd [d [b Z[h[Y^e hecW# de$ DWjkhWbc[dj[" [b jhWXW`e Z[b fWh# j_YkbWh W \Wleh Z[ bW 7Zc_d_ijhWY_ÂŒd de fk[Z[ j[d[h dkdYW feh eX`[je kdW fh[ijWY_ÂŒd Z[ Z[h[Y^e f‘Xb_Ye i_de i_cfb[c[dj[ Z[ d[]eY_ei Z[ dWjk# hWb[pW fWjh_ced_Wb$ ;l_Z[dj[c[dj[" i_ [b i[hl_Y_e Z[b j[hY[he ^W \Wleh[# Y_Ze W bW 7Zc_d_ijhWY_ÂŒd" [i Z[Y_h i_ ^W YedYkhh_Ze kd bkYhe fWhW [b fWjh_ced_e Z[b [dj[ WZc_d_ijhWj_# le" [b fWhj_YkbWh" Wfeo|dZei[ [d [b fh_dY_f_e Z[b [dh_gk[Y_c_[dje i_d YWkiW" fk[Z[ [`[hY_jWh kdW WYY_ÂŒd _d h[c l[hie$ ;ijW WYY_ÂŒd Z[b fWhj_Yk# bWh iebWc[dj[ fk[Z[ fhe]h[iWh i_ i[ Z[ck[ijhW [b X[d[\_Y_e fWjh_ced_Wb [nf[h_c[djWZe feh [b [dj[ WZc_d_i# jhWj_le$ X ;b fW]e Z[ be de Z[X_Ze$ I_ bW 7Zc_d_ijhWY_ÂŒd h[Y_X[ kdW YWdj_ZWZ Z[ Z_d[he gk[ de j[d‡W Z[h[Y^e W h[YWkZWh o gk[ feh [hheh ^W i_Ze _dZ[X_ZWc[dj[ [djh[]WZW" dWY[ bW eXb_]WY_ÂŒd Z[ h[fed[hbW$ xij[ fh_dY_f_e i[ [cfb[W [d bWi h[bWY_ed[i [d bWi gk[ _dj[hl_[d[d bWi [dj_ZWZ[i WZc_d_ijhWj_lWi Yece fWhj[ X[d[# \_Y_WZW feh [b fW]e _dZ[X_Ze$ I_ [b fW]e _dZ[X_Ze i[ [\[Yj‘W Z[ kd [dj[ WZc_d_ijhWj_le W ejhe Z[ bW c_icW dWjkhWb[pW _dYkcX[ iebkY_edWh WZc_d_ijhWj_lWc[dj[ bW Z_\[h[dY_W o h[ifediWX_b_pWh Wb [cfb[WZe f‘Xb_# Ye gk[ ^W fheY[Z_Ze feh [hheh$ I_ [b fW]e _dZ[X_Ze be ^_pe kd fWhj_YkbWh W bW 7Zc_d_ijhWY_ÂŒd" i_d YWkiW" b[ Yehh[ifedZ[ W bW 7Zc_d_ijhWY_ÂŒd bW eXb_]WY_ÂŒd Z[ h[ij_jk_h$ 7d|b_i_i Z[ bWi dehcWi Z[ bW B[o Eh]|d_YW Z[ 7Zc_d_ijhWY_ÂŒd <_dWdY_[hW o 9edjheb$ :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä‚

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

BW dehcW gk[ h[]kbW jWd][dY_Wb# c[dj[ bW ZeYjh_dW Z[b YkWi_YedjhWje WZc_d_ijhWj_le o [b [dh_gk[Y_c_[d# je i_d YWkiW [d cWj[h_W Z[ :[h[Y^e 7Zc_d_ijhWj_le [d dk[ijhe fW‡i" [i i[]‘d c_ ceZ[ije Yh_j[h_e" bW B[o Eh]|d_YW Z[ 7Zc_d_ijhWY_ÂŒd <_dWdY_[hW o 9edjheb gk[ Wb h[if[Y# je Z_ifed[0 7hj$ +-$# ÆEXb_]WY_ed[i$# BW eXb_]W# Y_ÂŒd i[ ][d[hW o fheZkY[ W\[YjWY_ÂŒd fh[# ikfk[ijWh_W Z[\_d_j_lW [d bei i_]k_[dj[i YWiei0 '$ 9kWdZe i[ h[Y_XWd Z[ j[hY[hei eXhWi" X_[d[i e i[hl_Y_ei WZgk_h_Zei feh Wkjeh_ZWZ Yecf[j[dj[" c[Z_Wdj[ WYje WZc_d_ijhWj_le l|b_Ze" ^WoW ^WX_Ze e de Yecfhec_ie fh[l_eÇ$ ;b 7hj$ +, Z[ bW c_icW b[o [ijW# Xb[Y[0 ÆH[gk_i_jei fWhW YedjhW[h Yecfhe# c_iei o eXb_]WY_ed[i$# D_d]kdW [dj_# ZWZ k eh]Wd_ice Z[b i[Yjeh f‘Xb_Ye d_ \kdY_edWh_e e i[hl_Zeh Z[ bei c_icei" YedjhW[h| Yecfhec_iei" Y[b[XhWh| Yed# jhWjei" Wkjeh_pWh| e YedjhW[h| eXb_]W# Y_ed[i" h[if[Yje Z[ h[Ykhiei \_dWdY_[hei" i_d gk[ Yedij[ bW h[if[Yj_lW Wi_]dWY_ÂŒd fh[ikfk[ijWh_W o i_d gk[ ^WoW Z_ifed_# Xb[ kd iWbZe ik\_Y_[dj[ fWhW [b fW]e Z[ bW eXb_]WY_ÂŒd Yehh[ifedZ_[dj[Ç$ ;b[c[djei o YedZ_Y_ed[i fWhW bW Wfb_YWY_ÂŒd Z[ bWi dehcWi ieXh[ h[Y[fY_ÂŒd o fW]e Z[ eXhW f‘Xb_YW de YedjhWjWZW$ Bei [b[c[djei o YedZ_Y_ed[i gk[ i[ Z[X[d ZWh fWhW bW Wfb_YWY_ÂŒd Z[ bWi dehcWi Y_jWZWi Wdj[h_ehc[dj[ ied0 # 9eckd_YWY_ÂŒd _d_Y_Wb$ # FWhj_ZW fh[ikfk[ijWh_W$ # 7Zgk_i_Y_ÂŒd o h[Y[fY_ÂŒd Z[ bW eXhW" X_[d e i[hl_Y_e iWj_i\WYY_ÂŒd Z[ bW [dj_ZWZ f‘Xb_YW$ # 9ecf[j[dY_W Z[ Wkjeh_ZWZ$ W 9eckd_YWY_ÂŒd _d_Y_Wb$ BW Z_ifed_X_b_ZWZ fh[ikfk[i# jWh_W i[ Yecfhec[j[" i[]‘d [b 7hj$ +, Z[ bW BE7<O9" [d [b cec[dje [d gk[ bW Wkjeh_ZWZ Yecf[j[dj[" c[Z_Wdj[ WYje WZc_# d_ijhWj_le l|b_Ze Z[Y_ZW WZgk_h_h Z[ j[hY[hei X_[d[i e i[hl_Y_ei" e b[i [dYWh]k[ bW h[Wb_pWY_ÂŒd Z[ bW eXhW$ :[j[hc_dWZWi YedZ_Y_ed[i Z[b Yecfhec_ie i[ [ijWXb[Y[d [d [b 7hj$ ). Z[ bW B[o Eh]|d_YW Z[ H[ifediWX_b_ZWZ" ;ijWX_b_pWY_ÂŒd o JhWdifWh[dY_W <_iYWb o [d [b Whj‡Yk# be )( Z[ bW B[o Z[ Fh[ikfk[ijei Z[b I[Yjeh F‘Xb_Ye$ Fk[Z[ eYkhh_h" i[]‘d [b 7hj$ +- gk[ de ^WoW Yecfhec_ie fh[l_e$ ÆBW [nfh[i_ÂŒd ^WoW ^WX_Ze e de

Ĺ?

Yecfhec_ie fh[l_e de i_]d_\_# YW gk[ i[ fk[Z[ Yecfhec[j[h kdW Wi_]dWY_ÂŒd fh[ikfk[ijWh_W l[hXWbc[dj[" i_de gk[ [d [b WYje WZc_d_ijhWj_le fk[Z[ de [ijWXb[# Y[hi[ bW eXb_]WY_ÂŒd f[Ykd_Wh_W" i[‹Wb|dZei[ ‘d_YWc[dj[ [b eX`[je Z[b [dYWh]e$' & X FWhj_ZW fh[ikfk[ijWh_W$ BWi WXiebkY_ed[i Z[ YedikbjW Z[ bW FheYkhWZkh‡W ^Wd [ijWXb[Y_Ze Zei [jWfWi0 WYje WZc_d_ijhWj_le l|b_Ze o h[Y[fY_ÂŒd Z[ bWi eXhWi" X_[d[i e i[hl_Y_ei$ FWhW bei \_d[i f[hj_d[dj[i fk[Z[ e de ^WX[hi[ ZWZe [b Yecfhec_ie fh[l_e0 ' ;b Yecfhec_ie fh[l_e fkZe ^WX[h i_Ze kd YedjhWje e kdW ehZ[d Z[ bW Wkjeh_ZWZ Yecf[j[d# j[$( Fk[Z[ de [n_ij_h kd YedjhWje e kdW ehZ[d fh[l_W$ ;d [ij[ ‘bj_ce YWie" bW eXb_]WY_ÂŒd i[ fheZkY[ feh bW h[Y[fY_ÂŒd Z[ bWi eXhWi" X_[d[i e i[hl_Y_ei$ BW FheYkhWZkh‡W WbkZ[ Wb Ykc# fb_c_[dje Z[b 7hj$ +- Z[ bW BE7<O9 Wi‡ ^W Z_ifk[ije [d kde Z[ iki fhedkdY_Wc_[djei be i_]k_[dj[0 ÆI_ i[ Ykcfb[d bei ikfk[ijei fh[l_ijei [d [b Whj‡Ykbe +- Z[ bW B[o Eh]|d_YW Z[ 7Zc_d_ijhWY_ÂŒd <_dWdY_[hW o 9edjheb" [i f[hj_d[dj[ gk[ bWi [dj_ZWZ[i Z[b i[Yjeh f‘Xb_Ye h[YedepYWd [b fW]e Yehh[ifed# Z_[dj[ feh bWi eXhWi" X_[d[i e i[hl_Y_ei feh [bbWi h[Y_X_ZeiÇ$' ' Ejhe _d\ehc[ Z[ bW c_icW _dij_# jkY_ÂŒd Z_Y[0 Æ;d [b ikfk[ije Z[ gk[ de [n_ijW kd YedjhWje" YkWdZe i[ ^W h[Y_X_# Ze W iWj_i\WYY_ÂŒd Z[ bW [dj_ZWZ i[hl_Y_ei WZgk_h_Zei feh Wkjeh_ZWZ Yecf[j[dj[" c[Z_Wdj[ kd WYje WZc_d_ijhWj_le l|b_# Ze" ƒijei Z[X[d i[h fW]WZei ^WoW e de Yecfhec_ie fh[l_eÇ$' ( Feh ik fWhj[ bW 9edjhWbeh‡W ^W ef_dWZe ieXh[ [b fWhj_YkbWh0 Æ;d YkWdje Wb fW]e feh bWi eXhWi [`[Yk# jWZWi i_d [b Yehh[ifedZ_[dj[ Yed# jhWje" Yece i_cfb[ Yec[djWh_e" o XW`e [b Yh_j[h_e ][d[hWb Z[ gk[ bWi _dij_jkY_ed[i Z[ :[h[Y^e F‘Xb_Ye de Z[X[h‡Wd [dh_gk[Y[hi[ _d`ki# j_\_YWZWc[dj[ Yed [b jhWXW`e Z[ fWhj_YkbWh[i" [i ZWXb[ i[‹WbWh gk[ [b Ckd_Y_f_e de feZh‡W Z[`Wh Z[ fW]Wh W bei YedjhWj_ijWi bei lWbeh[i gk[" kdW l[p ^[Y^Wi bWi h[if[Yj_lWi b_gk_ZWY_ed[i" Yehh[ifedZWd W bei jhWXW`ei h[Wbc[dj[ h[Wb_pWZei" Yed [ijh_YjW ik`[Y_ÂŒd W bWi [if[Y_\_YW# Y_ed[i jƒYd_YWi fWYjWZWi o W jeZWi bWi eXb_]WY_ed[i YedjhW‡ZWi o Z[i# fkƒi gk[ [b Ckd_Y_f_e bWi ^kX_[h[ h[Y_X_Ze W fb[dW iWj_i\WYY_ÂŒdÇ$' ) 9WX[ i[‹WbWh gk[ [d bW cWoeh‡W Z[ bei YWiei W bei gk[ i[ Wfb_YW [b 7hj$ +- Z[ bW BE7<O9" bW [dj_ZWZ f‘Xb_YW [ij| kj_b_pWdZe bWi eXhWi" X_[d[i e i[hl_Y_ei WZgk_h_Zei i_d YedjhWje o \kdZWc[djW gk[ de fk[Z[ fW]Whbei fh[Y_iWc[dj[ feh _d[n_ij[dY_W Z[ Yecfhec_ie fh[# l_e$ Feh be jWdje" bW Æh[Y[fY_ÂŒdÇ

i[ Z[X[ YedY[X_h Yece [b kie gk[ [b eh]Wd_ice f‘Xb_Ye [ij| ZWdZe Wb X_[d" eXhW e i[hl_Y_e" i[]‘d ik eX`[je$ Feh [`[cfbe kd YWc_de e kdW YWhh[j[hW gk[ ^W i_Ze _dWk# ]khWZW" [i Z[Y_h" WX_[hjW Wb kie Z[b f‘Xb_Ye" [ij| i_[dZe ÆkiWZeÇ e ^W i_Ze Æh[Y_X_ZeÇ feh bW _dij_jkY_ÂŒd f‘Xb_YW [dYWh]WZW Z[ YedjhWjWh ik YedijhkYY_ÂŒd$ De eXijWdj[" [i eXb_# ]WY_ÂŒd Z[ bW Z[f[dZ[dY_W e [dj_ZWZ fW]Wh Æbei lWbeh[i gk[ Yehh[ifed# ZW W bei jhWXW`ei h[Wbc[dj[ h[Wb_# pWZei" Yed [ijh_YjW ik`[Y_ÂŒd W bWi [if[Y_\_YWY_ed[i jƒYd_YWi o W jeZWi bWi eXb_]WY_ed[i YedjhW‡ZWiÇ$ Y 9ecf[j[dY_W Z[ Wkjeh_ZWZ$ ÆI[ [dj_[dZ[ feh Wkjeh_ZWZ Yec# f[j[dj[ fWhW [ijei [\[Yjei bW f[h# iedW Wkjeh_pWZW fWhW YedjhWjWh W decXh[ Z[ kd [dj_ZWZ" Z[ Yed# \ehc_ZWZ Yed bW b[o h[if[Yj_lWÇ'*$ IWoW]kƒi BWie ^W Z[\_d_Ze bW Yec# f[j[dY_W Yece bW Wfj_jkZ Z[ eXhWh Z[ bei ÂŒh]Wdei f‘Xb_Yei" [if[Y_\_# Y|dZei[ Wi‡ bei b‡c_j[i Z[djhe Z[ bei YkWb[i fk[Z[d WYjkWh l|b_ZWc[d# j[$'+ ;ijei b‡c_j[i YecfehjWd X|i_# YWc[dj[ Zei |cX_jei0 [d fh_c[h bk]Wh" [b Z[ bW _dij_jkY_ÂŒd f‘Xb_YW Z[ gk[ i[ jhWj[$ 7Z[c|i" fWhW [`[h# Y[h bW Yecf[j[dY_W i[ h[gk_[h[ Z[ f[hiedWb_ZWZ `kh‡Z_YW" f[he bW b[o fk[Z[ ejeh]Wh Yecf[j[dY_W fWhW bW Y[b[XhWY_ÂŒd Z[ Z[j[hc_dWZei Yed# jhWjei W ÂŒh]Wdei Z[iY[djhWb_pWZei XkheYh|j_YWc[dj[ gk[ YWh[Y[d" feh jWdje" Z[ f[hiedWb_ZWZ `kh‡Z_YW$ 7i‡ [b 7hj$ ) Z[b ;ijWjkje Z[b Hƒ]_c[d @kh‡Z_Ye 7Zc_d_ijhWj_le Z[ bW <kdY_ÂŒd ;`[Ykj_lW Z_ifed[0 ÆBW 7Zc_d_ijhWY_ÂŒd F‘Xb_YW 9[djhWb" j[dZh| f[hiedWb_ZWZ `kh‡Z_YW ‘d_YW fWhW [b Ykcfb_c_[dje Z[ iki \_d[i$ Iki ÂŒh]Wdei Z[f[dZ_[dj[i e WZi# Yh_jei j[dZh|d iÂŒbe bWi h[if[Yj_lWi Yecf[j[dY_Wi Wi_]dWZWiÇ$ ;d i[]kdZe bk]Wh" i[]‘d [b fh_dY_f_e Z[ bW `kh_Z_Y_ZWZ bW Yec# f[j[dY_W iÂŒbe fk[Z[ fhel[d_h Z[ kdW dehcW b[]Wb gk[ bW [ijWXb[pYW$ <_dWbc[dj[" [b ÂŒh]Wde Z[X[ j[d[h YWfWY_ZWZ ikX`[j_lW Y_l_b fWhW Y[b[# XhWh [b YedjhWje$ L_WX_b_ZWZ Z[b fW]e$ KdW l[p YecfheXWZW bW [n_i# j[dY_W Z[ bei ikfk[ijei Z[b 7hj$ +- Z[ bW BE7<O9 bW 9edjhWbeh‡W Yedi_Z[hW _cf[hWj_le [b fW]e W bW f[hiedW dWjkhWb e `kh‡Z_YW gk[ ^WoW [djh[]WZe [b X_[d" bW eXhW e [b i[hl_Y_e [d Yk[ij_ÂŒd0 Æ;d YkWdje Wb fW]e Z[ bWi eXhWi [`[YkjWZWi i_d [b Yehh[ifedZ_[dj[ YedjhWje" Yece i_cfb[ Yec[djWh_e" o XW`e [b Yh_j[# h_e ][d[hWb Z[ gk[ bWi _dij_jkY_ed[i Z[ :[h[Y^e F‘Xb_Ye de Z[X[h‡Wd [dh_gk[Y[hi[ _d`kij_\_YWZWc[dj[ Yed [b jhWXW`e Z[ fWhj_YkbWh[i" [i ZWXb[ i[‹WbWh gk[ [i[ Ckd_Y_f_e de feZh‡W Z[`Wh Z[ fW]Wh W bei YedjhWj_ijWi bei lWbeh[i

gk[" #kdW l[p ^[Y^Wi bWi h[if[Yj_lWi b_gk_ZWY_ed[i#" Yehh[ifedZWd W bei jhWXW`ei h[Wbc[dj[ h[Wb_pWZei" Yed [ijh_YjW ik`[Y_ÂŒd W bWi [if[Y_\_YW# Y_ed[i jƒYd_YWi fWYjWZWi o W jeZWi bWi eXb_]WY_ed[i YedjhW‡ZWi" o Z[i# fkƒi gk[ [b Ckd_Y_f_e bei ^kX_[h[ h[Y_X_Ze W fb[dW iWj_i\WYY_ÂŒdÇ',$ Bei Z_Yj|c[d[i ieXh[ [ij[ Wikd# je" ied h[_j[hWj_lei [d be h[\[h[dj[ W bW h[ifediWX_b_ZWZ Z[b fW]e0 [bbW Yehh[ifedZ[ W bW Wkjeh_ZWZ gk[ be Z_ifed]W$ ;i Z[Y_h" bWi ef_d_e# d[i Z[ bW F=; o 9=; i[ h[\_[h[d W i[‹WbWh bW [n_ij[dY_W Z[b 7hj$ +- Z[ bW BE7<O9 o bWi YedZ_Y_ed[i gk[ i[ Wfb_YW" o gk[ jWb Z_YjWc[d de Yedij_jko[ kdW Wkjeh_pWY_ÂŒd Z[ fW]e gk[ h[b[l[ Z[ iki h[ifediW# X_b_ZWZ[i W bei \kdY_edWh_ei h[i# f[Yj_lei$ BW YedijWjWY_ÂŒd Z[ gk[ [iWi YedZ_Y_ed[i Z[b 7hj$ +- Z[ bW BE7<O9 i[ Ykcfb[d o gk[ de [ij| eYWi_edWdZe kd f[h`k_Y_e [YedÂŒ# c_Ye Wb ;ijWZe Yehh[ifedZ[d W bW c|n_cW Wkjeh_ZWZ Z[ bW [dj_ZWZ e Z[f[dZ[dY_W Z[ gk[ i[ jhWj[$ Æ;b >[Y^e Z[ ^WX[hi[ [`[YkjWZe eXhWi i_d bei Yehh[ifedZ_[dj[i YedjhWjei" fk[Z[ ZWh bk]Wh Wb [ijW# Xb[Y_c_[dje Z[ h[ifediWX_b_ZWZ[i feh [b _dYkcfb_c_[dje Z[ [nfh[iWi Z_ifei_Y_ed[i b[]Wb[i" h[ifediWX_# b_ZWZ[i gk[ i[ Z[j[YjWh|d [d [b YWie YedikbjWZe feh kij[Z YkWdZe bW 9edjhWbeh‡W h[Wb_Y[ [b [nWc[d gk[ Yehh[ifedZWÇ'- $ 7 Yedj_dkWY_ÂŒd i[ Y_jWh|d Wb]k# dei [`[cfbei [d [b gk[ i[ WdWb_# pWd bW Wfb_YWY_ÂŒd Z[b 7hj$ +- Z[ bW BE7<O90 Æ@[pƒ Yedi_Z[hW gk[ Æi_ W f[iWh Z[ bW \WbjW Z[ YedjhWje l|b_Ze" [b fWhj_YkbWh" Wdj[ bei f[Z_Zei kh][d# j[i Z[ bW 7Zc_d_ijhWY_ÂŒd" ^WY[ ]Wi# jei fWhW bW [`[YkY_ÂŒd Z[b YedjhWje fheo[YjWZe" fk[Z[ h[YbWcWh kdW _dZ[cd_pWY_ÂŒdÇ$ Be c_ice ikY[# Z[h| i_ bWi Y_hYkdijWdY_Wi fed[d Z[ cWd_\_[ije kd [dh_gk[Y_c_[dje i_d YWkiW e YkWbgk_[h ejhe cej_le Z[ h[iWhY_c_[dje$$$ 9kWdZe i[ jhWj[ Z[ Wl[h_]kWh i_ bW 7Zc_d_ijhWY_ÂŒd Z_e _dijhkYY_ed[i W kd [cfh[iWh_e fWhW gk[ Yec_[dY[ bW [`[YkY_ÂŒd Z[b YedjhWje" i_d [if[hWh bW \_hcW Z[b c_d_ijhe" Z[X[h| Z[j[hc_dWhi[ Wj[djWc[dj[ Z[ gk_ƒd [cWdW bWi _dijhkYY_ed[i$ ;i [l_Z[dj[ gk[ bW [b[lWZW fei_# Y_ÂŒd Z[b \kdY_edWh_e [d bW `[hWhgk‡W WZc_d_ijhWj_lW" [i kd [b[c[dje Z[Y_i_le$ I_ bWi _dijhkYY_ed[i [cW# dWi[d Z[ W][dj[i ikXWbj[hdei" de ^WXh‡W feh gkƒ j[d[hbWi [d Yk[djW$ ;b [cfh[iWh_e ^WXh‡W _dYkhh_Ze [d \WbjW" Wb de ^WY[hi[ hWj_\_YWh [ijWi _dijhkYY_ed[i feh [iYh_je" feh kd W][dj[ ikf[h_eh Z[djhe Z[ bW `[hWh# gk‡WÇ'.$ ;ij[ ikfk[ije ^WY[ h[\[h[d# Y_W c|i X_[d Z[ bei ]Wijei [d gk[ ^kX_[h[ feZ_Ze _dYkhh_h kd fWh# j_YkbWh fWhW iWj_i\WY[h kd h[gk[#

h_c_[dje Z[ bW WZc_d_ijhWY_ÂŒd" Wkdgk[ de ^WoW [n_ij_Ze [djh[]W Z[ kd X_[d" YedijhkYY_ÂŒd Z[ kdW eXhW e fh[ijWY_ÂŒd Z[ kd i[hl_Y_e$ ÆBe gk[ i[ Z_Y[ fWhW _d[n_ij[dY_W Z[ YedjhWje [i _]kWbc[dj[ Wfb_YWXb[ W bWi Y_hYkdijWdY_Wi Z[ YedjhWjei WdkbWXb[i e dkbei$ De YWXh‡W gk[ bW WZc_d_ijhWY_ÂŒd i[ WXij[d]W Z[ h[Y_X_h [b fheZkYje e [\[YjkWh [b fW]e Wb[]WdZe bW dkb_ZWZ fheZkY_# ZW feh ik YkbfW" fk[ije gk[ ÆdWZ_[ fk[Z[ _dleYWh W ik \Wleh [b cej_le Z[ dkb_ZWZ gk[ ƒb c_ice ^WoW eh_# ]_dWZeÇ$ ;b Jh_XkdWb Ikfh[ce Z[ ;ifW‹W ^W Z_Y^e gk[ de [i b‡Y_je gk[ bW 7Zc_d_ijhWY_ÂŒd _dlegk[ kd cej_le _dlWb_ZWjeh_e gk[ Z[h_l[ Z[ _hh[]kbWh_ZWZ[i Yec[j_ZWi feh [bbW c_icW \h[dj[ Wb WZc_d_ijhWZe" ie f[dW Z[ lkbd[hWh [b fh_dY_f_e Z[ Xk[dW \[ o ZWh eh_][d Wb [dh_gk[Y_# c_[dje i_d \WbjWÇ'/ $ 9kWdZe i[ fheZkY[ bW WdkbWY_ÂŒd Z[ YedjhWjei _hh[]kbWh[i" WdkbWXb[i e dkbei" [b 7hj$ *- Z[b H[]bWc[dje =[d[hWb Z[ 9edjhWjWY_ÂŒd Z[ ;ifW‹W" Z_ifed[ gk[ Z[X[h|d ÆbWi fWhj[i h[ij_jk_hi[ h[Y‡fheYWc[dj[ bWi YeiWi gk[ ^kX_[hWd h[Y_X_Ze [d l_hjkZ Z[b c_ice" o i_ [ije de \k[i[ fei_Xb[ i[ Z[lebl[h|d ik lWbeh$ BW fWhj[ gk[ ^WoW i_Ze Ykb# fWXb[ Z[ bW WdkbWY_ÂŒd" [d ik YWie" Z[X[h| _dZ[cd_pWh W bW YedjhWh_W Z[ bei ZW‹ei o f[h`k_Y_ei gk[ ^WoW ik\h_ZeÇ$ ĹŠĹŠÄˆÄˆĹŠ ĔŊ Ä“ĹŠ Ä“ĹŠ .,/#-"(.ĹŠ"#ĹŠ #1#!'.ĹŠ ",(-(231 3(5.Ä“ĹŠ "(!(.-#2ĹŠ #/ +, Ä“ĹŠ 4#-.2ĹŠ (1#2Ä”ĹŠÄˆÄ’Ä‘ÄŒÄ“ĹŠ Ä“ĹŠÄŽÄ?Ä?Ä“ ĹŠ ĹŠ ĔŊ 1 3 ".ĹŠ "#ĹŠ #1#!'.ĹŠ ",(-(231 3(5.Ä“ĹŠ 4#-.2ĹŠ (1#2Ä”ĹŠÄˆÄ’Ä?ćēŊ Ä“ĹŠ Äą Ä“ĹŠ /Ä“ĹŠÄ‰Ä‡ÄąÄ‰Ä‰Ä”ĹŠÄŠÄ’ÄąÄŒÄ‡Ä“ ĹŠ ĹŠ : Äą ĔŊ Ä“ĹŠ Ä“ĹŠ ĹŠ .-31 3 !(¢-ĹŠ ",(-(231 3(5 Ä“ĹŠ 4-(!(/ +( Ä“ĹŠ "1("Ä”ĹŠÄˆÄ’Ä?Ä?Ä“ĹŠ Ä“ĹŠÄˆÄˆÄ“ ĹŠĹŠ ĔŊ Ä“ĹŠ ēĔŊ Ä“ĹŠ (3Ä“ŊĸÄˆÄ’Ä’ÄŽÄšÄ”ĹŠ/Ä“ĹŠÄ‰ÄˆÄąÄ‰Ä‰Ä“ ĹŠĹŠ (3 ".ĹŠ/.1ĹŠ 2!.+ Ä“ĹŠ Ä“ĹŠ (3Ä“ĹŠ Ä“ĹŠ Ä“ŊĸĈĒÄ?Ä?ĚēŊ Ä“ĹŠ ĉÄ?Ä’Ä“ ĹŠĹŠ'33/Ä–ľľ666Ä“! 8/,Ä“!.,Ä“ 1Äľ2!1(/32Äľ)/ÄŠÄ“"++Ä&#x; Ĺž#04(/ 1 12#Äœ ĹžÄˆÄœ ĹžÄ‡Ä‡Ä‡Ä‡ÄˆÄ‰ ĹŠĹŠ'33/Ä–ľľ666Ä“-#62, 3(!Ä“#Äą/.+Ä“!.,Ä“ 1 ĹŠĹŠ Ä“ĹŠ Ä“ĹŠ (3Ä“ĹŠ Ä“ĹŠ Ä“ŊĸÄˆÄ’Ä‘ÄŒÄšÄ“ĹŠ Ä“ĹŠÄŽÄ‘ÄŠÄ“ ĹŠĹŠ'33/Ä–ľľ666Ä“3.".#+"#1#!'.Ä“!.,Äľ /4-3#2Äľ ",(-(231 3(5.Äľ /4-3#2Äľ'#!'.28 !3.2 "Äą ,(-(231 3(5.2Ä“'3, ĹŠ ĔŊ $(!(.ĹŠÄˆÄŽÄ’Ä‡Ä?ĔŊ#-#1.ĹŠ"#ĹŠÄˆÄ’Ä‘ÄˆĹŠ +ĹŠ (-(23#1(.ĹŠ "#ĹŠ #!412.2ĹŠ 341 +#2ĹŠ8ĹŠ -#1%_3(!.2Ä“ ĹŠĹŠ ĹŠ .Ä“ĹŠÄŒÄ‡Ä‰Ä”ĹŠÄˆÄ’ĹŠ"#ĹŠ %.23.ĹŠ"#+ĹŠÄ‰Ä‡Ä‡ÄŒÄ“ĹŠ $Ä“ĹŠ ĹŠ ćđĒĊĊŊ"#+ĹŠÄˆÄ‘ÄąÄ‡ÄŽÄąÄ‰Ä‡Ä‡ÄŒÄ“ ĹŠĹŠ Ä“ĹŠ Ä“ĹŠ (3Ä“ĹŠ $(!(.ĹŠÄ‰Ä‘Ä‘ÄŒÄ?ĹŠ"#+ĹŠÄˆÄ‰ĹŠ"#ĹŠ)4+(.ĹŠ "#ĹŠÄˆÄ’Ä‘Ä‘Ä”ĹŠ +ĹŠ (-(231.ĹŠ"#ĹŠ . (#1-.ĹŠ8ĹŠ .+(!~ ĔŊ /Ä“ĹŠÄŒÄ?ÄŽÄ“ ĹŠ ĹŠ Ä“ĹŠ .-31.+Ä“ĹŠ #5(23 ĹŠ "#ĹŠ + ĹŠ .-31 +.1~ ĹŠ #-#1 +ĹŠ "#+ĹŠ 23 ".Ä“ĹŠ .Ä“ĹŠ Ä?ĔŊ #/3(#, 1#ĹŠ "#ĹŠ ÄˆÄ’Ä‘ÄŒÄ“ĹŠ $(!(.ĹŠ "#+ĹŠ ĉćŊ "#ĹŠ %.23.ĹŠ "#ĹŠ ÄˆÄ’Ä‘ÄŒĹŠ +ĹŠ +! +"#ĹŠ"#ĹŠ 4(3.Ä“ĹŠ Ä“ĹŠÄŒÄ‡Ä“ ĹŠĹŠ _1#9Ä“ĹŠ Ä“ĹŠ Ä“ĹŠ (3Ä“ŊĸÄˆÄ’Ä‘ÄŒÄšÄ”ĹŠ $(!(.ĹŠÄˆÄ?ÄˆÄ‡ÄŒĹŠ"#+ĹŠ ÄˆÄŒĹŠ "#ĹŠ -.5(#, 1#ĹŠ "#ĹŠ ÄˆÄ’Ä‘ÄˆÄ”ĹŠ +ĹŠ (-(23#1(.ĹŠ "#ĹŠ #!412.2ĹŠ 341 +#2ĹŠ8ĹŠ -#1%_3(!.2Ä“ĹŠ Ä“ĹŠÄ‘Ä?Ä“ ĹŠĹŠ (3 ".ĹŠ/.1ĹŠ 2!.+ Ä“ĹŠ Ä“ĹŠ (3Ä“ŊĸĈĒÄ?Ä?ĚēŊ ēŊĉććē ĹŠĹŠ ~"Ä“ĹŠ /Ä“ĹŠÄŽÄŽÄ’Ä“ ĹŠĹŠ Ä“ĹŠ .-31.+Ä“ĹŠ /Ä“ĹŠÄŠÄ’Ä“ ĹŠĹŠ ^ ĔŊ $1 ~-ĔŊ #1#!'.ĹŠ ",(-(231 3(5.ĔŊ//Ä“ĹŠ ĎđČē ĹŠ ĹŠ .1#-.ĔŊ Ä“ĹŠ .-31 3.2ĹŠ ",(-(231 3(5.2Ä“ĹŠ ĸ #%(2+ !(¢-ĹŠ8ĹŠ 41(2/14"#-!( ĚēŊ -23(343.ĹŠ"#ĹŠ 234"(.2ĹŠ (2! +#2Ä“ĹŠ "1("Ä”ĹŠÄˆÄ’Ä?Ä‘Ä“ĹŠ/Ä“ĹŠÄŠÄ?Čē


GF;<I 8:K8 ;< C8 8J8D9C<8 ;< JF:@FJ ;< J<IM@J8@I >D9? <e GXiˆj# =iXeZ`X# X cXj (*%'' _ \c '0 [\ Efm`\dYi\ [\c )'('# \e cX j\[\ [\ ;\i`Z_\Yfli^ J%8% lY`ZX[f \e ((0 8m\el\ 9`qfk# .,'() GXiˆj# Zfe cX gi\j\eZ`X [\ Di% ;\i`Z_\Yfli^ p Di% <c 8fl]`i i\gi\j\ekXek\ [\c ('' [\c ZXg`kXc jfZ`Xc [\ J<IM@J8@I >D9?% <e Zfej\Zl\eZ`X [\ cf `e[`ZX[f j\ Zfejk`klp\ \e 8jXdYc\X >\e\iXc [\ JfZ`fj [\ cX i\]\i`[X ZfdgXŒˆX# Zfe \c fYa\kf [\ ZfefZ\i p i\jfcm\i jfYi\ cfj j`^l`\ek\j glekfj1 GI@D<IF%$ ;<J@>E8:@FE ;< LE 8GF;<I8;F ><E<I8C <E <:L8;FI G8I8 CF J@>L@<EK<1 X ;`i`aX p X[d`$ e`jki\ Zfe gc\e`kl[ [\ Xki`YlZ`f$ e\j \c ^`if [\ cfj fg\iXZ`fe\j p e\^fZ`fj [\ cX JlZlijXc [\ J<IM@J8@I >D9? \e <ZlX[fi2 Y I\Xc`Z\ kf[fj cfj XZkfj c\^X$ c\j# al[`Z`Xc\j p \okiXal[`Z`Xc\j hl\ Xjˆ ]l\i\e e\Z\jXi`fj X jl jfcf Zi`k\i`f# \e cf Xk`e\e$ k\ Xc ^`if [\ cXj fg\iXZ`fe\j [\ cX d\eZ`feX[X JlZlijXc2 Z :fek\jk\ [\dXe[Xj p ZldgcX ZlXchl`\i fYc`^XZ`�e \e jl i\gi\j\ekXZ`�e2 [ Jfc`Z`k\ cX ZXeZ\cXZ`�e [\ jl g\id`jf [\ fg\iXZ`fe\j X cXj Xlkfi`[X[\j Zfdg\k\ek\j [\ cX i\g’Yc`ZX [\c <ZlX[fi2 \ Jfc`Z`k\ jl i\jg\Z$ k`mX c`hl`[XZ`�e p ZXeZ\cXZ`�e Xek\ cXj Xlkfi`[X[\j Zfdg\k\e$ k\j2 ] I\Z`YX Xc XZ\imf jfZ`X gif[lZkf [\ jl c`hl`[XZ`�e2 ^ 8Zk’\ Zfdf jl c`hl`[X[fi2 _ JljZi`YX kf[fj cfj `ejkil$ d\ekfj g’Yc`Zf p gi`mX[fj hl\ ]l\i\e Xk`\ek\j Xc Xgf[\iXd`\e$ kf hl\ c\ _X j`[f Zfe]\i`[f2

c Jfc`Z`k\ cX ZXeZ\cXZ`�e [\ jl `ejZi`gZ`�e \e \c I\^`jkif D\iZXek`c p [\d}j i\hl`j`kfj g’Yc`Zfj2 p# a I\Xc`Z\ kf[Xj cXj ^\jk`fe\j Xk`e\ek\j Xc Xgf$ [\iXd`\ekf hl\ i\hl`\i\e cXj jlZlijXc\j [\ jfZ`\[X[\j \e \c dXiZf [\ cX c\p <ZlXkfi`XeX# j`e hl\ gfi e`e^’e dfk`mf# iXq�e f Z`iZlejkXeZ`X j\ c\ gl\[X fYa\kXi `ejl]`Z`\eZ`X [\ gf[\i f Xki`YlZ`fe\j% J<>LE;F% I\mfZXkfi`X [\c gf[\i Zfe]\$ i`[f X ]Xmfi [\c j\Œfi BC8LJ ?<CCN@># Xlkfi`qX[f \c )- [\ j\gk`\dYi\ [\ (00+# gifkfZfc`$ qX[f \e cX EfkXiˆX Gi`d\iX [\c ZXek�e Hl`kf# I\g’Yc`ZX [\c <ZlX[fi# \c (+ [\ fZklYi\ [\ (00+# \ `ejZi`kf \e \c I\^`jkif D\iZXek`c \c + [\ efm`\dYi\ [\c d`jdf XŒf% <c Gi\j`[\ek\# X cX _fiX Xii`YX `ejkXcX[X cX 8jXdYc\X p gfe\ X Zfej`[\iX$ Z`�e \c gi`d\i glekf [\c fi[\e [\c [ˆX# gfi cf hl\ dfZ`feX X cX j\ŒfiX J`cm`X Kifjk# gXiX hl\ \a\iqX \c Xgf[\iXd`\ekf hl\ j\ _X [\jZi`kf% Cl\^f [\ leX Yi\m\ [\c`Y\iXZ`�e \jkX dfZ`�e \j XgifYX[X gfi leXe`d`[X[# hl\[Xe[f [\j`^eX[f \e [`Z_X ZXc`[X[ cX j\ŒfiX J`cm`X Kifjk# KiXkXe[f \c j\^le[f glekf [\c fi[\e [\c [ˆX p Zfdf i\jlckX[f [\ cX [\j`^eXZ`�e [\ cX j\ŒfiX J`cm`X Kifjk# Zfdf Xgf[\iX[f [\ jl JlZlijXc [\ J<IM@J8@I >D9?# \c Gi\j`[\ek\ dfZ`feX hl\ \c gf[\i Zfe]\i`[f X ]Xmfi [\c j\Œfi BC8LJ ?<CCN@> [\Y\i} hl\[X ˆek\^iXd\ek\ i\mfZX[f2 Xlkfi`q}e[fj\c\ \e Zfej\Zl\eZ`X \c el\mf Xgf$ [\iX[f j\ŒfiX J`cm`X Kifjk# leX m\q hl\ jl gf[\i ^\e\iXc j\X ZXc`]`ZX[f \ `ejZi`kf gfi cXj Xlkfi`[X[\j \ZlXkfi`XeXj p Xek\ cfj i\^`jkifj i\jg\Zk`$

mfj# gXiX Zldgc`i Zfe jl i\j$ g\Zk`mX efk`]`ZXZ`�e p [\d}j [`jgfj`Z`fe\j g\ik`e\ek\j# [\ kXc dXe\iX hl\ cX i\mfZXkfi`X jlikX kf[fj jlj \]\Zkfj% Gl\jkX cX dfZ`�e X Zfej`[\iXZ`�e [\ cX XjXdYc\X# \jkX \j XgifYX[X gfi leXe`d`[X[% Ef _XY`\e[f fkif Xjlekf hl\ kiXkXi# cX gi\j`[\e$ Z`X ZfeZ\[\ le i\Z\jf gXiX cX i\[XZZ`�e [\ cX gi\j\ek\ XZkX# cX d`jdX hl\ cl\^f [\ i\`ejkXcX[X cX i\le`�e p [\ j\i c\ˆ[X X cfj Xj`jk\ek\j \j gfi „jkfj XgifYX$ [X j`e i\j\imX e` df[`]`ZXZ`�e Xc^leX# Zfe cX ZlXc \c Gi\j`[\ek\ [\ gfi ZfeZcl`[X p c\mXekX \jkX 8jXdYc\X [\ JfZ`fj# X cXj (*%*'_% GXiX ZfejkXeZ`X [\ cf XZklX[f# jljZi`Y\e cX gi\j\ek\ XZkX Di% <c 8fl]`i% GI<J@;<EK< J<IM@J8@I J\Œfi EfkXi`f <e \a\iZ`Z`f [\ cXj Xki`YlZ`f$ e\j hl\ c\ Zfe]`\i\ cX C\p [\ jl ali`j[`ZZ`�e jfc`Z`kf hl\ c\^Xc`Z\ cfj [fZld\ekfj j`^l`\ek\j Zfe$ ]fid\ Xc [\i\Z_f1 @% :FDG8I<:@<EK<1 Pf 8Y[\iiX_dXe\ <c 8fl]`i# ZfdgXi\qZf X cX Z\c\YiXZ`�e [\ \jk\ `ejkild\ekf# \e d` ZXc`$ [X[ [\ i\gi\j\ekXek\ c\^Xc [\ J<IM@J8@I >D9?# leX jfZ`\$ [X[ \jkXYc\Z`[X YXaf cX c\p Xc\$ dXeX# [\Y`[Xd\ek\ Xlkfi`qX[f gfi jl XjXdYc\X [\ jfZ`fj# Zfe$ ]fid\ i\jfclZ`�e X[fgkX[X \c 0 [\ Efm`\dYi\ [\ )'('% @@ I<MF:8KFI@8 ;< GF;<I <e d` ZXc`[X[ Xhlˆ XefkX[X# [\Y`[Xd\ek\ Xlkfi`qX[f gfi cX 8jXdYc\X >\e\iXc [\ JfZ`fj [\ J<IM@J8@I >D9?# i\mfZf \c gf[\i Zfe]\i`[f X ]Xmfi [\c j\Œfi BC8LJ ?<CCN@># Xlkf$ i`qX[f \c )- [\ j\gk`\dYi\ [\ (00+# \ `ejZi`kf \e \c I\^`jkif

CONVOCATORIA A JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE RECTIFICADORA BOTAR S.A. De conformidad con los Estatutos Sociales, la Ley de Compaùías y su Reglamento, se convoca a los accionistas de RECTIFICADORA BOTAR S.A., a la Junta General Ordinaria que se llevarĂĄ a cabo el dĂ­a Viernes 29 de Abril de 2011, a partir de las 15h00, en la sala de sesiones de la misma ubicada en la Av. 10 de Agosto No. 5980 del Distrito Metropolitano de Quito domicilio principal de la compaùía, para conocer y resolver los siguientes puntos: 1. Conocer y resolver acerca de los Informes de Gerente General, Auditor Externo y Comisario de la compaùía, por el ejercicio econĂłmico del 2010; 2. Conocer y resolver acerca del Balance General, Estado de PĂŠrdidas y Ganancias y Anexos, del ejercicio econĂłmico del 2010; 3. Conocer y resolver sobre la distribuciĂłn de los Beneficios Sociales, si los hubiere; 4. DesignaciĂłn de Directores, Administradores y Comisarios de la compaùía y fijar sus remuneraciones. 5. Nombrar Auditor Externo y fijar su remuneraciĂłn. 6. Conocimiento y resoluciĂłn sobre el Acta Transaccional de liquidaciĂłn a los trabajadores de la compaùía. 7. Conocimiento y resoluciĂłn sobre el trĂĄmite de DisoluciĂłn y LiquidaciĂłn de la compaùía. 8. Conocimiento y aprobaciĂłn del Plan de ImplementaciĂłn de las NIIF’s. De manera especial y seĂąaladamente se convoca al Dr. Joffre Mora, Comisario Principal de la Compaùía. Los documentos que van a ser conocidos por la Junta General se hallan a disposiciĂłn de los SeĂąores Accionistas en las oficinas de la compaùía Av. 10 de Agosto #5980 y ArĂ­zaga y se exhiben con 15 dĂ­as de anticipaciĂłn a la fecha que debe celebrarse la Junta. Quito DM, 15 de Abril de 2011 Sandra Montalvo GERENTE GENERAL A.P./48827/k.m.

L_l_h i_d hW‡Y[i [i l_l_h [d [b _d\_[hde$ F;J;H 78H7CI

D\iZXek`c [\c ZXek�e Hl`kf \c + [\ efm`\dYi\ [\c d`jdf XŒf% @@@% FKFI>8D@<EKF ;< GF;<I ><E<I8C <e d` ZXc`[X[# Xhlˆ XefkX[X# [\Y`[Xd\ek\ Xlkfi`qX[f gfi cX 8jXdYc\X >\e\iXc [\ JfZ`jf [\ J<IM@J8@I >D9?# Zfe]`\$ if gf[\i ^\e\iXc X ]Xmfi [\ cX j\ŒfiX Jpcm`X Kifjk gXiX hl\1 X ;`i`aX p X[d`e`jki\ Zfe gc\e`kl[ [\ Xki`YlZ`fe\j \c ^`if [\ cXj fg\iXZ`fe\j p e\^fZ`fj [\ cX JlZlijXc [\ J<IM@J8@I >D9? \e <ZlX[fi# Y I\Xc`Z\ kf[fj cfj XZkfj c\^Xc\j# al[`Z`Xc\j p \okiXal[`Z`Xc\j hl\ Xj` ]l\i\e e\Z\jXi`fj X jl jfcf Zi`k\i`f# \e cf Xk`e\ek\ Xc ^`if [\ cXj fg\iXZ`fe\j [\ cX d\eZ`feX[X JlZlijXc2 Z :fek\jk\ [\dXe$ [Xj p ZldgcX ZlXchl`\i fYc`$ ^XZ`�e \e jl i\gi\j\ekXZ`�e2 [ Jfc`Z`k\ cX ZXeZ\cXZ`�e [\ jl g\id`jf [\ fg\iXZ`fe\j X cXj Xlkfi`[X[\j Zfdg\k\ek\j [\ cX I\g’Yc`ZX [\c <ZlX[fi# \ Jfc`Z`k\ jl i\jg\Zk`mX c`hl`$ [XZ`�e p ZXeZ\cXZ`�e Xek\ cXj Xlkfi`[X[\j Zfdg\k\ek\j2 ] I\Z`YX Xc XZ\imf jfZ`X gif[lZ$ kf [\ jl c`hl`[XZ`�e2 ^ 8Zk’\ Zfdf jl c`hl`[X[fi2 _ JljZi`YX kf[fj cfj `ejkild\ekfj g’Yc`Zfj p gi`mX[fj hl\ ]l\i\e Xk`e\ek\j Xc Xgf[\iXd`\ekf hl\ c\ _X j`[f Zfe]\i`[f2 c Jfc`Z`k\ cX ZXeZ\$ cXZ`�e [\ jl `ejZi`gZ`�e \e \c I\^`jkif D\iZXek`c p [\d}j i\^`jkifj g’Yc`Zfj2 p% A I\Xc`Z\ kf[Xj cXj ^\jk`fe\j Xk`e\ek\j Xc Xgf[\iXd`\ekf hl\ i\hl`\i\e cXj jlZlijXc\j [\ jfZ`\[X[\j \e \c dXiZf [\ cX C\p <ZlXkfi`XeX2 j`e hl\ gfi e`e^’e dfk`mf# iXq�e f Z`iZlejkXeZ`X j\ c\ gl\[X fYa\kXi `ejl]`Z`\eZ`X [\ gf[\i f Xki`YlZ`fe\j%

@ M% ; F : L D < E K F J ?89@C@K8EK<J% J\ X[alekX Zfg`X [\Y`[Xd\ek\ Z\ik`]`ZX[X efdYiXd`\ekf [\c j\ÂŒfi 8% <c 8fl]`i # hl\ XZi\[`kX jl ZXc`[X[ [\ i\gi\j\ek\ c\^Xc [\ J<IM@J8@I >D9?# P [\c XZkX [\ cX XjXdYc\X [\ jfZ`fj [\ [`Z_X ZfdgXŒˆX Z\c\YiX[X \c [ˆX 0 [\ Efm`\dYi\ [\ )'('% C\ [\aXdfj X^i\^Xi cXj [\d}j Zc}ljlcXj hl\ cX gXi\qZX Xgif$ g`X[Xj% 8Y[\iiX_dXe\ <c 8fl]`i% ?Xp ]`idX p j\ccf QFE1 :fe \jkX ]\Z_X hl\[X `ejZi`kf \c gi\j\ek\ [fZld\ekf p cX I\jfclZ`Â?e eÂ’d\if J:%@A% ;A:GK<%H%((% D@C M<@EK< P LEF [\c JI% @EK<E;<EK< ;< :FDG8z@8J ;< HL@KF# [\ ') [\ dXiqf [\ )'((# YXaf \c eld\$ if /,' [\c I\^`jkif D\iZXek`c# Kfdf (+)% J\ kfdÂ? efkX Xc dXi$ ^\e [\ cXj `ejZi`gZ`fe\j eÂ’d\$ ifj )/., [\c I\^`jkif D\iZXek`c [\ ZXkfiZ\ [\ efm`\dYi\ [\ d`c efm\Z`\ekfj efm\ekX p ZlXkif# X ]j% ,+-'% Kfdf (),# Ef% *',' [\c I\^`jkif D\iZXek`c [\ m\`e$ k\ p [fj [\ [`Z`\dYi\ [\ d`c efm\Z`\ekfj efm\ekX p el\m\# X ]j% +/0-# Kfdf (*'2 p# *+() [\c I\^`jkif D\iZXek`c [\ hl`e$ Z\ [\ fZklYi\ [\c XÂŒf [fj d`c [`\q# X ]j% *'.,# mkX%# Kfdf (+(% Hl\[X XiZ_`mX[X cX J<>LE;8 :FG@8 :\ik`]`ZX[X [\ cX GifkfZfc`qXZ`Â?e \]\ZklX[X \c ') [\ [`Z`\dYi\ [\c )'('# Xek\ \c EfkXi`f M@><J@DF EFM<EF [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# ;I% IF;I@>F J8C>8;F M8C;<Q# i\]\i\ek\ Xc GF;<I hl\ cX :fdgXŒˆX <okiXea\iX ĂˆJ<IM@J8@I >D9?Ăˆ# X kiXm„j [\ cX 8jXdYc\X [\ JfZ`fj# fkfi^X X ]Xmfi [\ cX JI8% J@CM@8 KIFJK2

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A STX TEXTILES CIA. LTDA.. La compaùía STX TEXTILES CIA. LTDA... se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Quinto del Distrito Metropolitano de Quito, el 05 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001597 de 11 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: LA COMPRA, VENTA, DISTRIBUCIĂ“N DE TODA CLASE DE MERCANCĂ?AS, COMPRENDIDAS DENTRO DEL RAMO O LA ACTIVIDAD TEXTIL. Quito, 11 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS A.P./48824/k.m.

p# cX I<MF:8KFI@8 ;< GF;<I hl\ cX d`jdX Zfe]`i`Â? X ]Xmfi [\c JI% BC8LJ ?<CCN@>% J\ [X Xjˆ Zldgc`d`\ekf X cf [`jgl\jkf \e \c 8IK@:LCF J<>LE;F [\ cX Z`kX[X I<JFCL:@FE% J\ ]`aÂ? le \okiXZkf# gXiX Zfej\imXicf gfi j\`j d\j\j# j\^Â’e cf fi[\eX cX C\p# j`^eX[f Zfe \c eÂ’d\if +/+% J\ XefkÂ? \e \c I\g\ikfi`f YXaf \c eÂ’d\if ((+('% Hl`kf# X [`\Z`j„`j [\ dXiqf [\c XÂŒf [fj d`c feZ\% <C I<>@JKI8;FI% ;I% I8LC >8P9FI J<:8@I8% I<>@JKI8;FI D<I:8EK@C ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf ?Xp ]`idX p j\ccf 8:&./,0'&k] I\gÂ’Yc`ZX [\c <ZlX[fi ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 J\ gfe\ X ZfefZ`d`\ekf cX glYc`ZXZ`Â?e [\ le \okiXZkf [\c Gf[\i >\e\iXc hl\ fkfi^X 9iXeZf Ifj\e]\c[ JZ_lc_f] p D`Z_X\c =iXeZf ;\^\kXl ?f] X ]Xmfi [\ E\cjfe M`Z\ek\ MXcc\af :Xii`ccf AL@:@F <jg\Z`Xc Æ@ejZi`gZ`Â?e [\ Gf[\i$ 8:KFI 9iXebf Af\c Ifj\e]\c[ JZ_lc_f] KIĂ?D@K< <jg\Z`Xc :L8EKĂ 8 @e[\k\id`eX[X :8LJ8 )/.$)'(($AK:G$)'('$ I:F <OKI8:KF ;< C8 <J:I@KLI81 Ăˆ<e cX Z`l[X[ [\ Hl`kf# _fp [ˆX Z`eZf [\ ale`f [\c [fj d`c fZ_f# Xek\ cX ;iX% DXi`\cX Gfqf 8ZfjkX# EfkXi`X Ki`^„j`dX Gi`d\iX [\c ZXekÂ?e Hl`kf# cfj jfZ`fj Zfe$ Z\[\e \c Gf[\i =XZkfi X ]Xmfi [\c M`Z\ek\ MXcc\af :Xii`ccf# c\ fkfi^Xe gf[\i \jg\Z`Xc Xdgc`f p jl]`Z`\ek\ ZlXc \e [\i\Z_f j\ i\hl`\i\# Zfe \c ]`e [\ hl\ XZkÂ’X X efdYi\ p i\gi\j\ekXZ`Â?e [\ cfj dXe[Xek\j \e ]fidX Zfii\Z$ kX p \]`Z`\ek\# g\if j`e c`d`kXi$ j\ X \ccf# X cf j`^l`\ek\ \e cX :fdgXŒˆX G`qq\iˆX 8dXqfeXj CfmfifYi`ZXp\ :ˆX% Ck[X% ?XZ\i Zldgc`i \jki`ZkXd\ek\ cfj \jkX$ klkfj [\ cX ZfdgXŒˆX%É J<EK<E:@81 ĂˆALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j )+ [\ dXiqf [\c )'((# cXj (,_+,%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q \eZXi^X[f2 p# \e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Ef% )'+$ ;G$;GG [\c * [\ ]\Yi\if [\c )'((%$ <e cf gi`eZ`gXc# cX [\dXe$ [X \j ZcXiX p i\Â’e\ cfj i\hl`j`$ kfj c\^Xc\j# \e Zfej\Zl\eZ`X j\ XZ\gkX X ki}d`k\%$ GlYcˆhl\j\ le \okiXZkf [\c gf[\i \e lef [\ cfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`Â?e hl\ j\ \[`k\e \e cX Z`l[X[ [\ Hl`kf# gfi leX jfcX m\q%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p cX ]XZlckX[ ZfeZ\$ [`[X X jl 8Yf^X[f [\]\ejfi%$ Efk`]ˆhl\j\% ;i% <[n`e 8i^fk` I\p\j% Al\q \eZXi^X[f Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p% 8k\ekXd\ek\# ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/),+0&ZZ <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 8C Gè9C@:F <E ><E<I8C J< :FDLE@:8 HL< <E <JK8 AL;@:8KLI8 J< <E:L<EKI8 KI8D@K8E;F <C AL@:@F ;< 8GIF98:@äE ;< GF;<I <JG<:@8C FKFI>8;F GFI C8 :FDG8zĂ 8 G@Q8II@:8 :@8% CK;8% I<GI<J<EK8;8 C<>8CD<EK< GFI <C J<zFI 9I8EBF AF<C IFJ<E=<C; J:?LC?F= 8:KFI%$ 9I8EBF AF<C IFJ<E=<C; J:?LC?F= AL@:@F1 Ef% )'(($)0' J%K% KIĂ?D@K<%$ JLD8I@F :L8EKĂ 8% @E;<K<ID@E8;8% 8JLEKF%$ 8GIF98:@äE ;< GF;<I ;\]\ejfi [\c XZkfi1 ;i% Cl`j JXekXeX If[iˆ^l\q @e`Z`X[f \c '0 [\ DXiqf [\c )'(( <e cX Z`l[X[ [\ Hl`kf# :Xg`kXc [\ cX I\gÂ’Yc`ZX [\c <ZlX[fi# _fp [ˆX dXik\j Z`eZf [\ Ale`f [\c XÂŒf [fj d`c fZ_f# Xek\ d` cX EfkXiˆX Ki`^„j`dX Gi`d\iX [\

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? \jk\ :XekÂ?e [fZkfiX D8I@<C8 GFQF 8:FJK8# ZfdgXi\$ Z\ \c j\ÂŒfi 9I8EBF AF<C IFJ<E=<C; J:?LC?F=# ZXjX$ [f2 \c j\ÂŒfi D@:?8<C =I8E:F ;<><K8L ?F=# ZXjX[f2 p cX j\ÂŒfiX J8E;I8 IGJ<E=<C; M8E@JK<I;8<C# ZXjX[X# gfi jlj gifg`fj [\i\Z_fj p Zfdf jfZ`fj [\ cX :fdgXŒˆX G`qqXi`ZX :`X$ Ck[X%2 [\ eXZ`f$ eXc`[X[ lil^lXpX# Xc\dXe p \ZlXkfi`XeX i\jg\Zk`mXd\ek\# dXpfi\j [\ \[X[# [fd`Z`c`X$ [fj \e \jkX Z`l[X[ [\ Hl`kf p _}Y`c# X hl`\e\j [\ ZfefZ\i [fp ]\ p [`Z\e1$ hl\ \c\m\e X \jZi`kliX gÂ’Yc`ZX cX d`elkX hl\ d\ \eki\^Xe Zlpf k\efi \j „jk\1$ J<zFI EFK8I@F1 %$ <e \c I\^`jkif [\ <jZi`kliXj GÂ’Yc`ZXj X jl ZXi^f jˆimXj\ `ej\ikXi le Gf[\i <jg\Z`Xc Zfek\e`[f \e cfj j`^l`\ek\j k„id`efj1 GI@D<I8%$ : F D G 8 I < : @ < E K < J % $ :fdgXi\Z\e X cX Z\c\YiXZ`Â?e [\ cX gi\j\ek\ \jZi`kliX [\ Gf[\i <jg\Z`Xc# gfi leX gXik\ cfj j\ÂŒfi\j @e^% 9iXebf Ifj\e]\c[ JZ_lc_f]# D`Z_X\c =iXeZf ;\^\kXl ?f] p JXe[iX Ifj\e]\c[ MXe`jk\i[X\c \e ZXc`[X[ [\ dXe[Xek\j p Zfdf jfZ`fj [\ cX :fdgXŒˆX G`qqXii`ZX :`X% Ck[X%# Zfe \c -,#-* [\c ZXg`kXc jfZ`Xc# `eZcl`[f cf [\c dXe[XkXi`f# p gfi fkiX gXik\ \c j\ÂŒfi @e^% E\cjfe M`Z\ek\ MXcc\af :Xii`ccf# X hl`\e gXiX \]\Zkfj [\c gi\j\ek\ ZfekiXkf j\ c\ [\efd`eXi} \c DXe[XkXi`f =XZkfi f 8gf[\iX[f# cfj Zfd$ gXi\Z`\ek\j jfe \c gi`d\if lil^lXpf \c j\^le[f Xc\d}e \c dXe[XkXi`f p cX Â’ck`dX \ZlX$ kfi`Xefj# ZXjX[fj# dXpfi\j [\ \[X[# _}Y`c\j gXiX ZfekiXkXi p fYc`^Xij\# [fd`Z`c`X[fj \e \jkX Z`l[X[ [\ Hl`kf# Cfj DXe[Xek\j fkfi^Xe GF;<I <JG<:@8C# Xdgc`f p jl]`Z`\ek\ ZlXc \e ;\i\Z_f j\ i\hl`\i\# [\ XZl\i$ [f X cXj j`^l`\ek\j Zc}ljlcXj1 J<>LE;8%$ 8EK<:<;<EK<J%$ Cfj jfZ`fj j\ÂŒfi\j @e^% 9iXebf Ifj\e]\c[# @e^%M`Z\ek\ MXcc\af :Xii`ccf# j\ÂŒfi D`Z_X\c =iXeZf ;\^\kXl# p j\ÂŒfiX JXe[iX Ifj\e]\c[ hl\ j\^Â’e \c 8ZkX [\ cX J\j`Â?e [\ cX AlekX >\e\iXc <okiXfi[`eXi`X [\ JfZ`fj [\ cX :fdgXŒˆX G`qqXii`ZX :`X% Ck[X%# :\c\YiX[X \c [ˆX dXik\j ki\j [\ ale`f [\c [fj d`c fZ_f# i\jl\c$ m\e gfi leXe`d`[X[# ZfeZ\[\i \c Gf[\i =XZkfi X ]Xmfi [\c @e^%# M`Z\ek\ mXcc\af :Xii`ccf# gXiX cfj \]\Zkfj c\^Xc\j j\ X^i\^X \c XZkX Zfdf [fZld\ekf _XY`c`$ kXek\% K<I:<I8%$ F9A<KF%$ Gfi d\[`f [\c gi\j\ek\ `ejkild\e$ kf cfj jfZ`fj efdYiX[fj \e cX Zc}ljlcX [\ cfj Xek\Z\[\ek\j efdYiXe Xc j\ÂŒfi @e^% E\cjfe M`Z\ek\ MXcc\af :Xii`ccf# Zfdf jl D8E;8K8I@F# p c\ fkfi$ ^Xe gf[\i \jg\Z`Xc Xdgc`f p jl]`Z`\ek\ ZlXc \e [\i\Z_f j\ i\hl`\i\# Zfe \c ]`e [\ hl\ XZkÂ’\ X efdYi\ p \e i\gi\j\ekXZ`Â?e [\ cfj D8E;8EK<J \e ]fidX Zfii\ZkX p \]`Z`\ek\# g\if j`e c`d`kXij\ X \ccf# X cf j`^l`\e$ k\ \e cX :fdgXŒˆX G`qqXii`ZX :`X% Ck[X% (%$ :ldgc`i p _XZ\i Zldgc`i \jki`ZkXd\ek\ cfj \jkXklkfj [\ cX :fdgXŒˆX G`qqXii`ZX :`X% Ck[X% KXdY`„e kfdXi [\Z`$ j`fe\j hl\ \jk}e ]l\iX [\ cfj <jkXklkfj# \e Y\e\]`Z`f [\ cX \dgi\jX% )%$ ?FEFI8I@FJ1 <c gi\j\ek\ dXe[Xkf \j i\dl$ e\iX[f gfi cf ZlXc cXj gXik\j XZl\i[Xe \c dfekf [\ [fjZ`\e$ kfj efm\ekX [Â?cXi\j d\ejlX$ c\j d}j \c @M8 \e ZfeZ\gkf [\ _fefiXi`fj gif]\j`feXc\j gfi \c dXe[Xkf [\kXccX[f \e \jk\ `ejkild\ekf# cfj D8E;8EK<J [\Y\i}e \]\ZklXi cXj i\k\eZ`f$ e\j \e cX ]l\ek\ hl\ Zfii\jgfe$ [X [\ Zfe]fid`[X[ Zfe cX C\p [\ I„^`d\e Ki`YlkXi`f @ek\ief p jl I\^cXd\ekf [\ 8gc`ZXZ`Â?e p [\c @M8 gi\m`f X cX gi\j\ekXZ`Â?e [\ cX Zfii\jgfe[`\ek\ ]XZkliX [\ gXik\ ;<C D8E;8K8I@F% :L8IK8%$ ;LI8:@äE P M@><E:@8%$ <c gi\j\ek\ `ejkil$ d\ekf j\ \ek\e[\i} gfi m`^\ek\

ă

[liXek\ \c cXgjf [\ Z`eZf XÂŒfj p j\i} m}c`[f d`\ekiXj ZlXchl`\iX [\ cXj gXik\j ef Zfdle`hl\e gfi \jZi`kf jl i\efmXZ`Â?e# i\eleZ`X f ZlXchl`\i fkif ZXjf hl\ cf Xck\i\# Zfe Xek`Z`gXZ`Â?e dˆe`dX [\ ZlXi\ekX p Z`eZf [ˆXj% <jk\ gf[\i \jg\Z`Xc jli$ k`i} \]\Zkf \e kf[f \c k\ii`kfi`f eXZ`feXc% J\ \jg\Z`]`ZX hl\ j` ef _Xp Xm`jf ZfekiXi`f [\ cXj gXi$ k\j# \c ZfekiXkf j\ i\efmXi} k}Z`$ kXd\ek\ gfi fkifj Z`eZf XÂŒfj% HL@EK8%$8:<GK8:@FE%$ Cfj ZfdgXi\Z`\ek\j XZ\gkXe kf[fj p ZX[X lef [\ cfj k„id`efj [\c gi\j\ek\ dXe[Xkf% Ljk\[ j\ÂŒfi EfkXi`f j\ j\im`i} X^i\^Xi cXj [\d}j Zc}ljlcXj [\ \jk`cf gXiX cX gc\eX mXc`[\q p \]`ZXZ`X [\ \jk\ `ejkild\ekf% ]% ;fZkfi Cl`j JXekXeX If[iˆ^l\q%$ DXki`ZlcX eld\if j\`j d`c efm\ekX p el\m\%$ :fc\^`f [\ 8Yf^X[fj [\ G`Z_`eZ_X%$ ?XjkX Xhlˆ cX d`elkX hl\ \c ZfdgXi\Z`\ek\ cX iXk`]`ZX \e kf[Xj jlj gXik\j %$ J\ Zldgc`\ife cfj gi\Z\gkfj c\^X$ c\j [\c ZXjf2 p c\ˆ[X hl\ ]l\ \jkX \jZi`kliX ˆek\^iXd\ek\ X cX fkfi^Xek\ gfi d` EfkXi`X# Xhl\ccX j\ iXk`]`ZX \e kf[f cf \ogl\jkf# p ]`idX Zfed`^f \e le`[X[ [\ XZkf# [\ kf[f cf ZlXc [fp ]\%$ ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )0 [\ dXiqf [\c )'((# cXj (._)*%Æ M@JKFJ%$ <c j\ÂŒfi `e^\e`\if 9I8EBF AF<C IFJ<E=<C; J:?LC?F=# \e jl ZXc`[X[ [\ Gi\j`[\ek\ [\ cX :fdgXŒˆX G`qXii`ZX :`X% Ck[X%# jlYif^Xek\ [\c >\i\ek\ >\e\iXc p gfi kXekf \e \a\iZ`Z`f [\ cX i\gi\j\ekXZ`Â?e c\^Xc [\ [`Z_X ZfdgXŒˆX# Zfej`^eXe[f jlj ^\e\iXc\j [\ c\p# ZfdgXi\Z\ Xc äi^Xef Ali`j[`ZZ`feXc# p [`Z\1 D\[`Xek\ \jZi`kliX gÂ’Yc`ZX Z\c\YiX[X \c ', [\ Ale`f [\ )''/# fkfi^X[X Xek\ cX EfkXiˆX Ki`^„j`dX Gi`d\iX [\c ZXekÂ?e Hl`kf# G@Q8II@:8 :@8% CK;8# _X fkfi^X[f gf[\i \jg\Z`Xc X ]Xmfi [\c `e^\e`\if E\cjfe M`Z\ek\ MXcc\af :Xii`ccf# j\^Â’e ZfejkX [\ cX Zfg`X Z\ik`]`ZX[X [\ cX i\]\i`[X \jZi`kliX hl\ j\ X[alekX%$ ;\ Zfe]fid`[X[ Zfe \c eld\iXc 0 [\c XikˆZlcf *'# p cfj XikˆZlcfj ** p ()' [\c :Â?[`^f [\ :fd\iZ`f jfc`Z`kX hl\ \e j\e$ k\eZ`X j\ Xgil\Y\ \c Zfek\e`[f [\ [`Z_f gf[\i \jg\Z`Xc# [`jgf$ e\i jl glYc`ZXZ`Â?e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# jl `ejZi`g$ Z`Â?e \e \c I\^`jkif D\iZXek`c p cX gifkfZfc`qXZ`Â?e [\ kf[f cf XZklX[f%$ @e[`ZX ki}d`k\ p ZlXe$ kˆX [\ cX gi\j\ek\ XZZ`Â?e%$ Gfi jfik\f [\ c\p cX Zfdg\k\eZ`X [\ cX gi\j\ek\ ZXljX _X i\ZXˆ[f \e \jkX Al[`ZXkliX%$ J`\e[f \c \jkX[f [\ cX ZXljX gXiX i\jfc$ m\i j\ Zfej`[\iX1 GI@D<IF%$ J\ _Xe Zldgc`[f Zfe cXj ]fidXc`$ [X[\j c\^Xc\j p ef j\ fYj\imX fd`j`Â?e [\ jfc\de`[X[ jljkXe$ Z`Xc Xc^leX hl\ `e]clpX f hl\ gl\[X `e]cl`i \e cX [\Z`j`Â?e [\ cX ZXljX# gfi cf hl\ j\ [\ZcX$ iX jl mXc`[\q%$ J<>LE;F%$ <c ZfdgXi\Z`\ek\ X[alekX Xc gif$ Z\jf Zfg`X [\ cX \jZi`kliX [\ Gf[\i <jg\Z`Xc fkfi^X[X gfi cX :FDG8zĂ 8 G@Q8II@:8 :@8% CK;8%# X ]Xmfi [\c j\ÂŒfi E<CJFE M@:<EK< M8CC<AF :8II@CCF# \c ', [\ Ale`f [\ )''/# p \e Zc}ljlcX K\iZ\iX jfYi\ \c Gf[\i <jg\Z`Xc%$ Gfi \jkXj Zfej`[\iX$ Z`fe\j \ogl\jkXj p [\ Zfe]fi$ d`[X[ Zfe \c XikˆZlcf *' eld\$ iXc 0 [\c :Â?[`^f [\ :fd\iZ`f2 (/# )+' [\c :Â?[`^f Al[`Z`Xc2 (-0# .-%(%+ [\ cX :fejk`klZ`Â?e <ZlXkfi`XeX2 8;D@E@JKI8E;F ALJK@:@8 <E EFD9I< ;<C GL<9CFJ JF9<I8EF ;<C <:L8;FI P GFI 8LKFI@;8; ;< C8 :FEJK@KL:@äE P C8J C<P<J ;< C8 I<GL9C@:8# j\ XZ\gkX cX [\dXe[X# \e Zfej\$ Zl\eZ`X j\ Xgil\YX \c gf[\i \jg\Z`Xc X ]Xmfi [\c j\ÂŒfi E<CJFE M@:<EK< M8CC<AF :8II@CCF# Zfe]\i`[f gfi cX ZfdgXŒˆX G@Q8II@:8 :@8% CK;8%$ GlYcˆhl\j\ ˆek\^iXd\e$

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä…

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

k\ \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX ZXg`$ kXc%$ ?\Z_f hl\ j\X j\ gifZ\[X X jl `ejZi`gZ`Â?e \e \c I\^`jkif D\iZXek`c%$ KXekf \c j\ÂŒfi I\^`jkiX[fi D\iZXek`c Zfdf \c j\ÂŒfi J\Zi\kXi`f# ]`a\e p dXe$ k\e^Xe leX Zfg`X [\c \og\[`\e$ k\ gfi j\`j d\j\j%$ :fe]`„iXej\ cXj Zfg`Xj Z\ik`]`ZX[Xj hl\ j\ jfc`Z`k\e%$ Efk`]ˆhl\j\%$ EFK@=@HL<J<% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`$ e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`f$ e\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < ?Xp le j\ccf 8I&/),,'&ZZ 8M@JF Gè9C@:F ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 ;<D8E;8EK<1 8 9 % :8ICFJ DFI<EF FIK<>8# GIF:LI8;FI AL;@:@8C ;< DFI>8E DFI>8E =@;L:@8IP KILJK : F I G F I 8K @ F E J % 8 % =@;L:@8I@8 ;<C <:L8;FI 89% CL@J =<IE8E;F IF;IĂ >L<Q :8J@CC8 AL;@:@8C Ef% )((+ :8LJ8 8GIF98:@FE ;< GF;<I Ef% +)/$)'(($ D% >fi[Â?e :% F 9 A < KF 1 8 G IF98:@äE < @EJ:I@G:@äE <E <C I<>@JKIF D<I:8EK@C ;<C GF;<I <JG<:@8C FKFI>8;F GFI C8 :FDG8zĂ 8 DFI>8E DFI>8E =@;L:@8IP KILJK :FIGFI8K@FE J%8% =@;L:@8I@8 ;<C <:L8;FI 8 =8MFI ;<C JI% :8ICFJ @M8E >89<C8 C@Q8IQ89LIL GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j / [\ XYi`c [\c )'((# cXj (-_(.%$M@JKFJ1 CX g\k`Z`Â?e 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\ \jg\Z`Xc g\ik`$ e\ek\# j\ [`jgfe\ glYc`ZXi gfi leX jfcX m\q# le \okiXZkf [\ cX g\k`Z`Â?e [\ XgifYXZ`Â?e [\c Gf[\i <jg\Z`Xc fkfi^X[f gfi cX :fdgXŒˆX Dfi^Xe Dfi^Xe# =`[lZ`Xip Kiljk :figfiXk`Â?e J%8% =`[lZ`Xi`X [\c <ZlX[fi# X ]Xmfi [\c j\ÂŒfi :Xicfj @m}e >XY\cX C`qXiqXYlil# \c (+ [\ dXiqf [\c )'(( Xek\ \c EfkXi`f ;„Z`df K\iZ\if [\c ZXekÂ?e Hl`kf p \jkX gifm`[\eZ`X \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e [\c :XekÂ?e%$ 8^i„^l\j\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X gfi \c XZkfi%$ :Ă K<J< P EFK@=@HL<J<% ] ;i% 8c]i\[f >i`aXcmX DlÂŒfq# AL<Q Cf hl\ gfe^f \e ZfefZ`d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfii\j$ gfe[`\ek\j%$ Hl`kf# <C J<:I<K8I@F ?Xp le j\ccf 8I&/),,(&ZZ C8 I% ;<C <% ALQ>8;F 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# jfYi\ cX 8gifYXZ`Â?e [\c Gf[\i <jg\Z`Xc j\^l`[X gfi 9I8EBF AF<C IFJ<E=<C; J:?LC?F= 8 =8MFI ;< E<CJFE M@:<EK< M8CC<AF :8II@CCF AL@:@F1 8GIF98:@äE ;< GF;<I <JG<:@8C Ef% )0,$ )'(($DC8 8:KFI1 9I8EBF AF<C IFJ<E=<C; J:?LC?F= :L8EKĂ 81 @E;<K<ID@E8;8 KIĂ?D@K<1 <JG<:@8C GF;<I <JG<:@8C @E>% 9I8EBF IFJ<E=<C; J:?LC?F= P D@:?8<C =I8E:F ;<><K8L ?F= 8 =8MFI ;< @E>% E<CJFE M@:<EK< M8CC<AF :8II@CCF :L8EKĂ 8 @E;<K<ID@E8;8

<e cX Z`l[X[ [\ Hl`kf# :Xg`kXc [\ cX I\gÂ’Yc`ZX [\c <ZlX[fi# _fp [ˆX Z`eZf [\ Ale`f [\c XÂŒf [fj d`c fZ_f Xek\ dˆ cX EfkXi`X Ki`^„j`df Gi`d\iX [\ \jk\ :XekÂ?e [fZkfiX D8I@<C8 GFQF 8:FJK8# ZfdgXi\$ Z\e \c @e^\e`\if 9I8EBF IFJ<E=<C; J:?LC?F=# ZXjX$ [f2 \c j\ÂŒfi D@:?8<C =I8E:F ;<><K8L ?F=# ZXjX[f2 gfi jlj gifg`fj [\i\Z_fj p Zfdf jfZ`fj [\ cX :fdgXŒˆX I\jkX[`f :`X% Ck[X%# [\ eXZ`feXc`[X[ lil^lX$ pX p Xc\d}e i\jg\Zk`mXd\ek\# dXpfi\j [\ \[X[# [fd`Z`c`X$ [fj \e \jkX Z`l[X[ [\ Hl`kf p _}Y`c# X hl`\e\j [\ ZfefZ\i [fp ]\ p [`Z\e1 $ hl\ \c\mXe X \jZi`kliX gÂ’Yc`ZX cX d`elkX hl\ d\ \eki\^Xe Zlpf k\efi \j „jk\%$ J<zFI EFK8I@F1 <e \c I\^`jkif [\ <jZi`kliXj GÂ’Yc`ZXj X jl ZXi^f jˆimXj\ `ej\ikXi le Gf[\i <jg\Z`Xc Zfek\e`[f \e cfj j`^l`\ek\j k„id`efj GI@D<I8%$ : F D G 8 I < : @ < E K < J % $ :fdgXi\Z\e X cX Z\c\YiXZ`Â?e [\ cX gi\j\ek\ \jZi`kliX [\ Gf[\i <jg\Z`Xc# gfi leX gXik\ cfj j\ÂŒfi\j @e^% 9iXeZf Ifj\e]\c[ JZ_lc_f] p j\ÂŒfi D`Z_X\c =iXeZf ;\^\kXl ?f] \e ZXc`[X[ [\ dXe[Xek\ p Zfdf jfZ`fj [\ cX :fdgXŒˆX I\jkX[`f :`X% Ck[X%# Zfe \c /,#'' [\c ZXg`kXc jfZ`Xc `eZcl`[f cf [\c dXe[XkX$ i`f# p gfi fkiX gXik\ \c j\ÂŒfi @e^% E\cjfe M`Z\ek\ MXcc\af :Xii`ccf# X hl`\e gXiX \]\Zkfj [\c gi\j\e$ k\ ZfekiXkf j\ c\ [\efd`eXi} \c DXe[XkXi`f =XZkfi f 8gf[\iX[f# cfj ZfdgXi\Z`\ek\j jfe \c gi`$ d\if lil^lXpf p j\^le[f Xc\d}e p \c dXe[XkXi`f \ZlX$ kfi`Xef# ZXjX[fj# dXpfi\j [\ \[X[# _}Y`c\j gXiX ZfekiXkXi p fYc`^Xij\# [fd`Z`c`X[fj \e \jkX Z`l[X[ [\ Hl`kf2 Cfj dXe[Xe$ k\j fkfi^Xe GF;<I <JG<:@8C# Xdgc`f p jl]`Z`\ek\ ZlXc \e [\i\Z_f j\ i\hl`\i\ [\ XZl\i$ [f X cXj j`^l`\ek\j Zc}ljlcXj1 J<>LE;8%$ 8EK<:<;<EK<J%$ Cfj jfZ`fj j\ÂŒfi\j @e^% 9iXeZf Ifj\e]\c[# @e^% M`Z\ek\ MXcc\af :Xii`ccf p j\ÂŒfi D`Z_X\c =iXeZf ;\^\kXl# hl\ j\^Â’e \c 8ZkX [\ cX j\j`Â?e [\ cX AlekX >\e\iXc <okiXfi[`eXi`X [\ JfZ`fj [\ cX :fdgXŒˆX I\jkX[`f :`X% Ck[X%# :\c\YiX[X \c [ˆX al\m\j m\`ek\ p el\m\ [\ dXpf [\c [fj d`c fZ_f i\jl\cm\e gfi leXe`d`[X[ ZfeZ\[\i \c Gf[\i =XZkfi X ]Xmfi [\c @e^% M`Z\ek\ MXcc\af :Xii`ccf# gXiX cfj \]\Z$ kfj c\^Xc\j j\ X^i\^X \c XZkX Zfdf [fZld\ekf _XY`c`kXe$ k\%$ K<I:<I8%$ F9A<KF%$ Gfi d\[`f [\c gi\j\ek\ `ejkild\e$ kf cfj jfZ`fj efdYiX[fj \e cX Zc}ljlcX [\ cfj Xek\Z\[\ek\j efdYiXe Xc j\ÂŒfi @e^% E\cjfe M`Z\ek\ MXcc\af :Xii`ccf# Zfdf jl D8E;8K8I@F# p c\ fkfi$ ^Xe gf[\i \jg\Z`Xc Xdgc`f p jl]`Z`\ek\ ZlXc \e [\i\Z_f j\ i\hl`\i\# Zfe \c ]`e [\ hl\ XZkÂ’\ X efdYi\ p \e i\gi\j\ekXZ`Â?e [\ cfj D8E;8EK<J \e ]fidX Zfii\ZkX p \]`Z`\ek\# g\if j`e c`d`kXij\ X \ccf# X cf j`^l`\ek\ \e cX :fdgXŒˆX I\jkX[`f :`X% Ck[X%# @%$ :ldgc`i p _XZ\i Zld$ gc`i \jki`ZkXd\ek\ cfj \jkXklkfj [\ cX :fdgXŒˆX I\jkX[`f :`X% Ck[X% KXdY`„e kfdXi [\Z`$ j`fe\j hl\ \jk}e ]l\iX [\ cfj <jkXklkfj# \e Y\e\]`Z`fj [\ cX \dgi\jX%$ )%$ ?FEFI8I@FJ1 <c gi\j\ek\ dXe[Xkf \j i\dl$ e\iX[f gfi cf ZlXc cXj gXik\j XZl\i[Xe \c dfekf [\ [fjZ`\e$ kfj efm\ekX [Â?cXi\j d\ejlX$ c\j d}j \c @M8 \e ZfeZ\gkf [\ _fefiXi`fj gif]\j`feXc\j gfi \c dXe[Xkf [\kXccX[f \e \jk\ `ejkild\ekf# cfj D8E;8EK<J [\Y\i}e \]\ZklXi cXj i\k\eZ`f$ e\j \e cX ]l\ek\ hl\ Zfii\jgfe$ [X [\ Zfe]fid`[X[ Zfe cX C\p [\ I„^`d\e Ki`YlkXi`f @ek\ief p jl I\^cXd\ekf [\ 8gc`ZXZ`Â?e p [\c @M8 gi\m`f X cX gi\j\ekXZ`Â?e [\ cX Zfii\jgfe[`\ek\ ]XZkliX [\ gXik\ ;<C D8E;8K8I@F%$ :L8IK8%$ ;LI8:@äE p M@><E:@8%$ <c gi\j\ek\ `ejkil$ d\ekf j\ \ek\e[\i} gfi m`^\ek\ [liXek\ \c cXgjf [\ Z`eZf XÂŒfj p

Ĺ?

j\i} m}c`[f d`\ekiXj ZlXchl`\iX [\ cXj gXik\j ef Zfdle`hl\e gfi \jZi`kf jl i\efmXZ`Â?e# i\eleZ`X f ZlXchl`\i fkif ZXjf hl\ cf Xck\i\# Zfe Xek`Z`gXZ`Â?e dˆe`dX [\ ZlXi\ekX p Z`eZf [ˆXj% <jk\ gf[\i \jg\Z`Xc jlik`i} \]\Zkf \e kf[f \c k\ii`kfi`f eXZ`feXc% J\ \jg\Z`]`ZX hl\ j` ef _Xp Xm`jf ZfekiXi`f [\ cXj gXik\j# \c Zfe$ kiXkf j\ i\efmXi} k}Z`kXd\ek\ gfi fkifj Z`eZf XÂŒfj%$ HL@EK8%$ 8:<GK8:@äE%$ Cfj ZfdgXi\$ Z`\ek\j XZ\gkXe kf[fj p ZX[X lef [\ cfj k„id`efj [\c gi\$ j\ek\ dXe[Xkf%$ Ljk\[ j\ÂŒfi EfkXi`f j\ j\im`i} X^i\^Xi cXj [\d}j Zc}ljlcXj [\ \jk`cf gXiX cX gc\eX mXc`[\q p \]`ZXZ`X [\ \jk\ `ejkild\ekf%$ ] ;fZkfi Cl`j JXekXeX If[iˆ^l\q%$ DXkiˆZlcX eÂ’d\if j\`j d`c efm\ekX p el\m\%$ :fc\^`f [\ 8Yf^X[fj [\ G`Z_`eZ_X%$ ?XjkX Xhlˆ cX d`elkX hl\ \c ZfdgXi\Z`\ek\ cX iXk`]`ZX \e kf[Xj jlj gXik\j %$ J\ Zldgc`\ife cfj gi\Z\gkfj c\^X$ c\j [\c ZXjf2 p c\ˆ[X hl\ c\ ]l\ \jkX \jZi`kliX ˆek\^iXd\ek\ X cX fkfi^Xek\ gfi d` cX EfkXi`X# Xhl\ccX j\ iXk`]`ZX \e kf[f cf \ogl\jkf# p ]`idX Zfed`^f \e le`[X[ [\ XZkf# [\ kf[f cf ZlXc [fp ]\%$ ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j (, [\ dXiqf [\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 d\[`Xek\ f]`Z`f Ef% (*'/$;G$;GG# [\ ]\Z_X . [\ alc`f [\c )'('%$ <e cf gi`eZ`gXc# cX jfc`Z`kl[ hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ ]fidX \o`^`[fj \e cX c\p%$ ;„j\ \c ki}d`k\ \jg\Z`Xc# \e Zfej\Zl\eZ`X glYcˆhl\j\ gfi leX jfcX m\q le \okiXZkf [\ glYc`ZXZ`Â?e p \jkX gifm`[\e$ Z`X [\ cX XgifYXZ`Â?e [\c gf[\i \jg\Z`Xc fkfi^X[f Xc `e^\e`\if E\cjfe M`Z\ek\ MXcc\af :Xii`ccf gfi cX ZfdgXŒˆX I<JK8;@F :Ă 8% CK;8%# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e p \c \jZi`kf X[alekfj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f%$ EFK@=Ă HL<J<%$ ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj i\jg\Zk`mfj ]`e\j [\ C\p% ;i% AlXe ?% >XccXi[f J<:I<K8I@F ?Xp le j\ccf 8I&/),+/&ZZ

;@MFI:@FJ ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C I% [\c <% 8c j\ÂŒfi X % NC8;@D@I 8C<A8E;IF 8@D8:8z8 =8Q j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi X 1 8E8 >I8:@<C8 C<FE 8M@C8% :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 ', [\ [`Z`\dYi\ [\ )'('% :XljX [\ ;@MFI:@F Ef% )'('$ (-/)$AF?E 8P8C8% GIFM@;<E:@81 ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j )+ [\ dXiqf [\c )'((# cXj (+_+.%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f j\^Â’e XZZ`Â?e [\ g\ijfeXc Ef% )-/)$;G$;GG%# [\ '. [\ [`Z`\dYi\ [\ )'('%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X# \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`$ k\ M\iYXc JldXi`f%$ :ˆk\j\ Xc j\ÂŒfi NC8;@D@I 8C<A8E;IF 8@D8:8z8 =8Q# gfi d\[`f [\ glYc`ZXZ`fe\j \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e „jkX [\ Hl`kf Zfe$ ]fid\ \c XikˆZlcf ((0 [\c :Â?[`^f :`m`c%$ :fe cX `ej`elXZ`Â?e [\ :liX[fi 8[$c`k\d# Â?`^Xj\ cX fg`e`Â?e [\c i\gi\j\ekXek\ [\c D`e`jk\i`f GÂ’Yc`Zf%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\$ j\ekX[fj%$ K„e^Xj\ \e Zl\ekX

Ied \_bÂŒie\ei l[hZWZ[hei Wgk[bbei W gk_[d[i ]kijW Yedj[cfbWh bW l[hZWZ$ FB7JâD

\c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[fj%$ EFK@=@HL<J<%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# X[m`ik`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l[X[%$ :\ik`]`Zf%$ Hl`kf# '. [\ XYi`c [\ )'((%$ 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp le j\ccf 8%:%&.0',-&gm I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 FC@M@8 :8J@C;8 :8C;<IäE 8:KFI1 D8LI@:@F ?LD9<IKF :ILQ ;<D8E;8;81 FC@M@8 :8J@C;8 :8C;<IäE AL@:@F ;< ;@MFI:@F Ef% ')*, $ )'(( <>% KI8D@K<1 M<I98C JLD8I@F% :L8EKĂ 81 @e[\k\id`eX[X% =LE;8D<EKF C<>8C1 8ik% ((' ZXljXc (( [\c :Â?[`^f :`m`c% 89F>8;F ;<=<EJFI1 ;I% AL8E :?8M<Q :8J@CC8 AL;@:@8C (.*) :%8%G% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (+ [\ dXiqf [\c )'((# cXj ('_,,% M@JKFJ%$ <e m`ikl[ [\c jfik\f [\ c\p Zfii\jgfe[`\e$ k\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k`klcXi% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gif$ Z\[\ek\ j\ cX XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f%$ <e d„i`kf Xc aliXd\ekf hl\ k`\e\ i\e[`[f \c j\ÂŒfi DXli`Z`f ?ldY\ikf :ilq p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX hl\ j\ Z`k\ X cX [\dXe[X[X j\ÂŒfiX Fc`m`X :Xj`c[X :Xc[\iÂ?e# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fi$ d`[X[ Xc 8ik% ((0 [\c :Â?[`^f

:`m`c%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfdgXÂŒX X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc# j\ÂŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e Zfe]\$ i`[X X jl 8Yf^X[f ;\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ]$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒX$ cXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% <[^Xi ?Xif MXc\eql\cX% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0'-(&gm I% [\c <% ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 9<KKP 8E><C@K8 F:?F8 F:?F8 AL@:@F ;< ;@MFI:@F M<I98C JLD8I@F Ef ((),$)'(' J%K% 8:KFI%$ If[i`^f GXki`Z`f KfmXi :fifeX[f ;<D8E;8;%$ 9\kkp 8e^\c`kX FZ_fX FZ_fX F9A<KF1 Hl\ j\ [\ZcXi\ [`jl\c$ kf \c mˆeZlcf dXki`dfe`Xc% =LE;8D<EKF C<>8C%$ 8ik%(('# ZXljXc ((iX%# @eZ% )[f [\c :Â?[`^f :`m`c :L8EKĂ 81 @e[\k\id`eX[X ;FD@:@C@F C<>8C1 :Xj`cc\if Al[`Z`Xc ,) [\c ;i% >\iXi[f >lXi[\iXj 8LKF ;< :8C@=@:8:@äE%$ ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )/ [\ j\gk`\dYi\ [\c )'('# cXj (._)+%$ M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f%$<e d„i`kf Xc aliXd\ekf i\e[`[f p [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e cfj 8ik% ((0 [\c :Â?[`^f :`m`c p 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A REFRESHMENT & BEVERAGE SERVICIOS S.A. La compaùía REFRESHMENT & BEVERAGE SERVICIOS S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito, el 16 de Marzo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC. Q.11.001650 de 13 de Abril de 2011.

cX [\dXe[X[X 9\kkp 8e^\c`kX FZ_fX FZ_fX# gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% CXj glYc`ZX$ Z`fe\j j\ cXj _Xi} d\[`Xek\ \c k\id`ef [\ fZ_f [ˆXj gfi cf d\efj \eki\ cX leX p cX fkiX%$ 8^i„^l\j\ X cfj Xlkfj \c [fZld\ekf hl\ XZfdgXÂŒX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZZ`f$ eXek\ gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX ]XZlckX[ Zfe]\i`[X X jlj 8Yf^X[fj GXkifZ`eX[fi\j%$ :ˆk\j\ p Efk`]ˆhl\j\% Cf hl\ Zfdle`Zf X Ljk\[ p C< :@KF gi\m`e`„e[fc\ [\ cX fYc`^X$ Z`Â?e hl\ k`\e\ cX [\dXe[X[X [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc# gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% C@:% >L@;F <JG@EFQ8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0'.)&k] <OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 E8GFC<äE ;8> F 9 < I C8E;8QLI@ IFJ<IF 8:KFI1 8E><C8 G8KI@:@8 <JG@E<C >I8EA8 ;<D8E;8;81 E8GFC<äE ;8> F 9 < I C 8 E ;8 Q L I @ IFJ<IF AL@:@F1 ;@MFI:@F Ef% +'.$ )'(($NI KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j / [\ XYi`c [\c )'((# cXj ((_(*%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfd$ gc\kX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliX$ d\ekf i\e[`[f gfi cX XZkfiX [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X#

En cumplimiento de las disposiciones legales y estatutarias vigentes, se convoca a los seùores Accionistas de la Compaùía CEDETEC S.A., a la Junta General Ordinaria, que se celebrarå el día lunes 26 de abril del presente aùo, a las 10H00, en el local de la Compaùía, ubicado en la calle República del Salvador No. 361 y Suiza en el Distrito Metropolitano de Quito, Cantón Quito. Se convoca de manera expresa al Comisario de la Compaùía, seùor Edison Cardoso. La Junta conocerå y desarrollarå el siguiente ORDEN DEL D�A: 1.2.-

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

4.-

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/82544/cc

I% ;<C <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 cX j\ÂŒfiX D8I@8 8C@:@8 IF;IĂ >L<Q =<IE8E;<Q# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ c\ _X gifgl\jkf al`Z`f [\ ;`mfiZ`f \e jl ZfekiX \e cfj j`^l`\ek\ k„id`efj% 8:KFI1 AFJ< 8C=I<;F >L8CFKLz8 J@E8@C@E ;<D8E;8;F1 D8I@8 8C@:@8 IF;IĂ >L<Q =<IE8E;<Q AL@:@F1 ;`mfiZ`f Eif% (''$)'(($ A%A# ZXljXc *X# [\c 8ik% ((' [\c :Â?[`^f :`m`c% :L8EK@81 @E;<K<ID@E8;8 KI8D@K<1 M<I98C JLD8I@F 89F>8;F ;<=<EJFI1 ;fZkfi <[`jfe GXlZXi K% GIFM@;<E:@8 ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X (+ [\ DXiqf [\c )'((% 8 cXj ((_''% M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j

CEDETEC S.A.

3.-

Quito, 13 de Abril de 2011.

ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 <;P D<C@KFE 8I@8J KI<AF <OKI8:KF AL@:@F% M<I98C JLD8I@F Æ;@MFI:@F$ 8:KFI% E8E:@ =89@FC8 G<z8CFQ8 GFM<;8 ;<D8E;8;F% <;P D<C@KFE 8I@8J KI<AF KI8D@K<% M<I98C JLD8I@F : 8LJ8 Ef% (.(+$)'('$I:F :L8EK@8% @E;<K<ID@E8;8 ĂˆALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j + [\ dXiqf [\c )'((# cXj '/_)-%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q \eZXi^X[f2 p# \e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Ef% )'+$;G$;GG [\c * [\ ]\Yi\if [\c )'((%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# \j

ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p%$ <e Zfej\$ Zl\eZ`X j\ cX XZ\gkX X kiXd`k\ M\iYXc JldXi`f [\ ;`mfiZ`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi EXeZ` =XY`fcX G\ÂŒXcfqX Gfm\[X2 p# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X <[p D\c`kfe 8i`Xj Ki\af gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf p 8dYXkf%$ :Â’dgcXj\ Zfe cf [`j$ gl\jkf \e \c 8ik% ((0 [\c :Â?[`^f :`m`c %$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ 8eÂ?k\j\ \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[fÉ%$ Efk`]ˆhl\j\%$ ;i% <[n`e 8i^fk` I\p\j% Al\q \eZXi^X[f% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`$ cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8k\ekXd\ek\# ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:./+.'&k]

CONVOCATORIA A LA JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A CEDETEC S.A.

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

3.- OBJETO: El objeto de la compaùía es: A) LA COMPRA, VENTA, AL POR MAYOR Y MENOR, IMPORTACIĂ“N, EXPORTACIĂ“N, DISTRIBUCIĂ“N Y REPRESENTACIĂ“N DE TODA CLASE DE INSUMOS Y EQUIPOS PARA LA INDUSTRIA DE BEBIDAS ALCOHĂ“LICAS Y NO ALCOHĂ“LICAS, DE ALIMENTOS Y EN GENERAL DE LA INDUSTRIA DE HOSPITALIDAD...

j\ [`jgfe\ Z`kXi Xc [\dXe[X[f j\ÂŒfi E8GFC<äE ;8>F9<I C8E;8QLI@ IFJ<IF# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj \eki\ ZX[X glYc`ZXZ`Â?e% K„e^Xj\ \e Zl\e$ kX cX `ej`elXZ`Â?e _\Z_X gfi cX XZkfiX gXiX cX [\j`^eXZ`Â?e [\ :liX[fiX 8[$c`k\d Xc `^lXc hl\ cX `ejlelXZ`Â?e _\Z_X gfi \c d\efi X[lckf :i`jk`Xe EXgfc\Â?e CXe[Xqli` <jg`e\c%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒX$ cX[f gfi cX ZfdgXi\Z`\ek\ p cX Xlkfi`qXZ`Â?e [X[X X jl XYf^X[f [\]\ejfi%$ 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\ Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# [\ekif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[X gfi cX C\p% 8K<EK8D<EK<# ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0'/*&k]

5.6.-

Lectura y aprobaciĂłn del informe del Gerente, correspondiente al ejercicio econĂłmico del 2009. Lectura y aprobaciĂłn del informe del Comisario, correspondiente al ejercicio econĂłmico del 2009. Conocimiento y resoluciĂłn del informe de AuditorĂ­a Externa del ejercicio econĂłmico del 2009. Conocimiento y resoluciĂłn de los balances correspondientes al ejercicio econĂłmico del 2009. ElecciĂłn de los Auditores Externos Nombramiento de Comisario

Quito, Abril 14 de 2011 GLORIA DORADO M. Presidente DIEGO F. ECHEVERRI LEON Gerente AR/82537/cc


ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`$ k\ i\jg\k`mf# \e al`Z`f M\iYXc JldXi`f% 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX D8I@8 8C@:@8 IF;IĂ >L<Q =<IE8E;<Q# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf% 8^i„^l\j\ cfj [fZl$ d\ekfj gi\j\ekX[fj% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Eif% (-, p cX Xlkfi`qXZ`Â?e Zfe$ ]\i`[X Xc ;fZkfi <[`jfe GXlZXi K% EFK@=@HL<J<% =[f ;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ J8E>FCHLĂ # gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% :\ik`]`Zf% ;i% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ALQ>8;F (.df% ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./..'&k] ALQ>8;F J<OKF ;< CF :@M@C P D<I:8EK@C ;< :?@D9FI8QF :@K8:@äE AL;@:@8C A%Z% E# +'$)'(( 81 8E8 @J89<C I<E;FE >@C# j\ c\ _XZ\ jXY\i hl\ \c 89% =I<;;P G8KI@:@F <I8QF E8M8II<K<# GIF:LI8;FI AL;@:@8C ;< D<;8I;F ><FM8EP IFJ<IF M<C8I;<# d\[`Xek\ aliXd\ekf dXe`]`\jkX hl\ c\ \j `dgfj`Yc\ [\k\id`eXi jl [fd`Z`c`f f i\j`[\eZ`X XZklXc# j\ c\ _XZ\ jXY\i hl\ \e \c alq^X$ [f J\okf [\ cf :`m`c p D\iZXek`c [\ :_`dYfiXqf Zfe j\[\ \e cX Z`l[X[ [\ 8cXljˆ# X ZXi^f [\c ;i% 8c]i\[f ?\ie}e[\q :_}m\q# \e m`ikl[ [\c jfik\f i\Xc`qX[f j\ \eZl\ekiX \c kiXd`k\ [\c al`Z`f [\ ;`mfiZ`f# Zlpf \okiXZkf [\ cX [\dXe[X p jl i\jg\Zk`mX gifm`$ [\eZ`X# jfe Zfdf j`^l\1 <OKI8:KF 8:KFI1 89% =I<;;P

G8KI@:@F <I8QF E8M8II<K<# GIF:LI8;FI AL;@:@8C ;< D<;8I;F ><FM8EP IFJ<IF M<C8I;< ;<D8E;81 8E8 @J89<C I<E;FE >@C 8::@FE1 ;`mfiZ`f KI8D@K<1 M\iYXc JldXi`f :L8EK@81 @E;<K<ID@E8;8 ;<=<EJFI1 89% =I<;;P G8KI@:@F <I8QF E8M8II<K<# DXk% (-,$:%8% :_`dYfiXqf GIFM@;<E:@8 ALQ>8;F J<OKF ;< CF :@M@C P D<I:8EK@C ;< :?@D9FI8QF% 8cXljˆ# al\m\j *( [\ dXiqf [\c )'((# cXj ((_+/%$ M@JKFJ1 :ldgc`[f Zfe cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi% <e cf gi`e$ Z`gXc# cX [\dXe[X [\ [`mfiZ`f hl\ Xek\Z\[\ gi\j\ekX[X gfi \c 8Y^% =I<;;P G8KI@:@F <I8QF E8M8II<K<# \e ZXc`$ [X[ [\ gifZliX[fi al[`Z`Xc [\ D\[Xi[f >\fmXep Ifj\if M\cXi[\ Zfe]fid\ j\ [\jgi\e[\ [\c gf[\i \jg\Z`Xc XZfdgXŒX[f X cX [\dXe[X# \c d`jdf hl\ j\ dXe[X X^i\^Xi Xc gifZ\jf# \e ZfekiX [\ 8E8 @J89<C I<E;FE >@C# \j ZcXiX# Zfdgc\kX p gfi i\le`i cfj [\dXj i\hl`j`kfj c\^Xc\j j\ cf X[d`k\ Xc kiXd`k\ [\ Al`Z`f M\iYXc JldXi`f jfc`Z`$ kX[f gfi j\i gifZ\[\ek\% <e kXc m`ikl[# \e d\i`kf Xc aliXd\e$ kf i\e[`[f gfi cX gXik\ XZkfiX hl\ \j `dgfj`Yc\ [\k\id`eXi cX `e[`m`[lXc`[X[# \c [fd`Z`c`f f i\j`[\eZ`X [\ cX [\dXe[X 8E8 @J89<C I<E;FE >@C# Z`k\j\cf gfi cX gi\ejX [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c p ((0 [\c :f[`^f :`m`c# \jkf \j d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ I`fYXdYX# Xj` Zfdf [\ cX Z`l[X[ [\ Hl`kf# YXaf Xg\iZ`Y`$ d`\ekf [\ i\Y\c[`X \e ZXjf [\ ef ZfdgXi\Z\i [\ekif [\ cfj m\`ek\ [`Xj gfjk\i`fi\j X cX lck`$ dX glYc`ZXZ`fe\j% 8^i\^l\j\ Xc gifZ\jf cfj [fZld\ekfj XZfd$ gXŒX[fj p k\e^Xj\ \e Zl\ekX cX ZlXek`X j\ŒXcX[X# \c ZXj`cc\if al[`Z`Xc Ef% ((, [\j`^eX[f gXiX i\Z`Y`i jlj ]lkliXj efk`]`ZXZ`f$ e\j p cX ]XZlckX[ Zfe]\i`[X X jl XYf^X[f [\]\ejfi# 8Y^% =i\[[p

CONVOCATORIA JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A HIDRECO S.A. En cumplimiento de lo previsto en el artĂ­culo 236 de la Ley de Compaùías y de lo previsto en el artĂ­culo vigĂŠsimo primero del Estatuto Social, se convoca a los seĂąores Accionistas de la COMPAĂ‘Ă?A HIDRECO S.A., a la Junta General Ordinaria de Accionistas que se celebrarĂĄ el dĂ­a jueves 28 de abril del 2011 a las 15h00, en el domicilio de la compaùía, ubicado en la Calle Mariana de JesĂşs E7-248 y la Pradera del Distrito Metropolitano de Quito, con la finalidad de conocer y resolver sobre el siguiente orden del dĂ­a: 1.- Conocimiento y aprobaciĂłn de los Informes del Presidente Ejecutivo y Comisario del aĂąo 2010. 2.- Conocimiento y aprobaciĂłn de los Balances y Estados Financieros de ejercicio econĂłmico 2010. 3.- ElecciĂłn del Comisario de la compaùía. La documentaciĂłn correspondiente se encuentra a disposiciĂłn de los seĂąores accionistas en el domicilio de la compaùía. En la ciudad y distrito metropolitano de Quito, a 14 de abril del 2.011 SRA. PATRICIA ROSERO GARCÉS Presidenta Ejecutiva AR/82564/cc

<iXqf E% Efk`]`hl\j\% = ;i% 8c]i\[f ?\ieXe[\q :_Xm\q% j`^l\ cX efk`]`ZXZ`Â?e i\jg\Zk`$ mX ] 8Y^% N`cjfe Gl^ccX Jfkf% 8 cX Z`kX[X j\ c\j X[m`\ik\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒX$ cXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j \e cX Z`l[X[ [\ 8cXljˆ% 8cXljˆ# DXiqf *( [\c )'((% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&('*)-&k I\gÂ’Yc`ZX [\c <ZlX[fi <OKI8:KF AL;@:@8C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 C8 J<zFI8 J@CM@8 ;<C G@C8I G8CCF 9FE@CC8 AL@:@F1 ;@MFI:@F Ef% (*)-$ )'('$JI 8:KFI1 D@>L<C >LJK8MF D<A@8 Q8D9I8EF ;<D8E;8;81 J@CM@8 ;<C G@C8I G8CCF 9FE@CC8 F9A<KF1 J< ;<:C8I< ;@JL<CKF <C M@E:LCF D8KI@DFE@8C 98J< C<>8C1 8ikj% (('# :8LJ8C FE:<8M8# @E:@JF J<>LE;F# ((/ ;<C :ä;@>F :@M@C KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j + [\ efm`\dYi\ [\c )'('# cXj (,_*'%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\# Zfe]fid\ j\ [\jgi\e[\ [\c f]`Z`f E— 0).$;G$ ;;G$A8I [\ ', [\ ;`Z`\dYi\ [\c )''. p \e m`ikl[ [\c XZkX [\ jfi$ k\f hl\ Xek\Z\[\%$CX [\dXe[X gifgl\jkX gfi D`^l\c >ljkXmf D\a`X QXdYiXef# \j Zfdgc\$ kX# ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f M\iYXc JldXi`f%$<e Zfej\Zl\e$ Z`X# Zfe cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X# Zˆk\j\ X J@CM@8 ;<C G@C8I G8CCF 9FE@CC8# \e cX [`i\ZZ`Â?e j\ÂŒXcX[X gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf%$ :fe cX `ej`elXZ`Â?e i\X$ c`qX[X gfi \c 8Zkfi# gXiX \c ZXi^f [\ :liX[fi 8[$c`k\d# j\ f`i} X lef [\ cfj j\ÂŒfi\j =`jZXc\j [\ G`Z_`eZ_X# X hl`\e j\ efk`]`ZXi} \e jl [\jgXZ_f%$ @eZfigÂ?i\ej\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$KÂ?d\j\ efkX [\ cX ZlXekˆX# \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p Xlkfi`$ qXZ`Â?e dXe`]\jkX[fj \e ]Xmfi [\

J[hY[hW b[o Z[ FWha_died0 bW [nfWdi_ÂŒd i_]d_\_YW Yecfb[`_ZWZ" o bW Yecfb[`_ZWZ" Z[YWZ[dY_W$ 9 O H ? B D$ F 7 H A ? D I E D

jl ;\]\ejfi%$EFK@=@HL<J<% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j ( [\ ]\Yi\if [\c )'((# cXj ((_,,%$ Gfi Zldgc`[f Zfe \c i\hl\i`$ d`\ekf hl\ Xek\Z\[\# Zfe]fid\ cf [`jgfe\ \c 8ik%$/) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< X cX j\ŒfiX J@CM@8 ;<C G@C8I G8CCF 9FE@CC8# gfi cX gi\e$ jX# \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# gXiX cf ZlXc j\ \eki\^Xi} \c \okiXZkf i\jg\Zk`$ mf%$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\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:&./0+-&k] ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :`kXZ`�e Al[`Z`Xc Xc j\Œfi N`cjfe EXle EXmXii\k\ >f[fp# Al`Z`f Ef )'(($)'*$AK Ki}d`k\1 M\iYXc JldXi`f :lXekˆX @e[\k\id`eX[X% FYa\kf1 ;`jfclZ`�e [\c m`eZlcf dXki`dfe`Xc# _Xe gifZi\X[f [fj _`afj JXddp CXiip p If[fc]f C\ee`e EXmXii\k\ MXc\eql\cX# dXpfi\j [\ \[X[ X cX ]\Z_X% 8Zkfi1 DXiˆX ;fcfi\j MXc\eql\cX JXdg\[if ;\dXe[X[f1 N`cjfe EXle EXmXii\k\ >f[fp# @e`Z`X[f \c (- [\ =\Yi\if [\c )'(( ;\]\ejfi1 ;i% FjZXi :_Xdfiif Gifm`[\eZ`X1 ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?81 Hl`kf X )* [\ dXiqf [\c )'((# X cXj ('_+0%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f %$ CX [\dXe[X hl\ Xek\Z\[\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A AGROFRUTHIZA CIA. LTDA. La compaùía AGROFRUTHIZA CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo SĂŠptimo del Distrito Metropolitano de Quito, el 04 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001600 de 11 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: ...COMPRAR, VENDER, PROCESAR FRUTAS Y HORTALIZAS, IMPORTAR FRUTAS PARA PROCESAR... Quito, 11 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/82547/cc

\j ZcXiX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gif$ Z\[\ek\ \c ki}d`k\ m\iYXc jldX$ i`f hl\ j\ jfc`Z`kX# \eki„^l\j\ Zfg`X [\ \jkX [\dXe[X p gif$ m`[\eZ`X Xc [\dXe[X[f j\Œfi N`cjfe EXle EXmXii\k\ >f[p# k„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX gXik\ XZkfiX%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ Xek\Z\$ [\e%$ <e d\i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fi$ d`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# :ˆk\j\ Xc [\dXe[X[f j\Œfi N`cjfe EXle EXmXii\k\ >f[fp# gfi cX gi\ejX \e le [`X$ i`f [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf d\[`Xe[f fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX glYc`ZXZ`�e%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\$ if al[`Z`Xc p cX `ej`elXZ`�e [\ ZliX[fi 8[$c`k\d%$ 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`�e XZfdgXŒX[X%$ 8Zkl„ \c j\Œfi ;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 \eZXi^X[f i\jg\Zk`mXd\ek\# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c :fej\af EXZ`feXc [\ Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef% ))-$'.$:I?$:EA$<J [\ , dXiqf [\c )''.%$ 8Zkl„ \c j\Œfi ;i% AX`d\ Kfii\j <e ZXc`$ [X[ [\ J\Zi\kXi`f \eZXi^X[f%$ EFK@=@HL<J<% ]%$ ;i% DXiˆX D\iZ\[\j Gfik`ccX# Al\q% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ c\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`f$ e\j al[`Z`Xc\j hl\ c\ Zfii\j$ gfe[X% ;I% CL@J I F E M@CC8M@:<E:@F J<:I<K8I@F < <o`jk\ ]`idX p j\ccf% 8%G%&+//*(&b%d% I% [\c <% 81 =@;<C FIK@Q =<IE8E;<Q# j\ c\ _XZ\ jXY\i1 ;\ekif [\c Al`Z`f M\iYXc JldXi`f [\ ;`mfiZ`f Ef% )'(($'(+0# j\^l`[f gfi A8E< D8I@KQ8 C<DFJ HL@IFQ# \e ZfekiX [\ =@;<C FIK@Q =<IE8E;<Q# j\ _X [`jgl\jkf Z`kXi gfi cX Gi\ejX [\ cX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`[X[ Zfe cf gi\Z\gklX[f \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# pX hl\ cX XZkfiX _X dXe`]\jkX[f Zfe aliXd\ekf cX `dgfj`Y`c`[X[ [\ [\k\id`eXi \c XZklXc [fd`$ Z`c`f f i\j`[\eZ`X [\c i\]\i`[f [\dXe[X[f# j\ c\ _XZ\ jXY\i1 ALQ>8;F1 J<GK@DF ;< CF :@M@C ;< 8D98KF :C8J< ;< AL@:@F1 M<I98C JLD8I@F 8JLEKF1 ;@MFI:@F ELD<IF1 (/*'.)'(('(+0 AL<Q ;< C8 :8LJ81 ;I% >LJK8MF CFG<Q ELz<Q 8:KFI81 A8E< D8I@KQ8 C<DFJ HL@IFQ ;<D8E;8;F1 =@;<C FIK@Q =<IE8E;<Q :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F J<GK@DF ;< CF :@M@ ;< KLE>LI8?L8% 8dYXkf# m`\ie\j ), [\ dXiqf [\c )'((# cXj ('_'*% M@JKFJ1 :ldgc`[f \c i\hl\i`d`\ekf [\c Alq^X[f# cX [\dXe[X ]fidlcX[X gfi A8E< D8I@KQ8 C<DFJ HL@IFQ# gfi j\i c\^Xc j\ cX XZ\gkX X ki}d`k\ m\iYXc jldXi`f% :ˆk\j\ Xc [\dXe[X[f =@;<C FIK@Q =<IE8E;<Q# gfi cX gi\ejX [\ cXj Z`l[X[\j [\ 8dYXkf p Hl`kf [\ Zfe]fid`[X[ X cf [`j$ gl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# pX hl\ cX XZkfiX YXaf aliXd\ekf _X dXe`]\jkX[f cX `dgfj`Y`c`[X[ [\ [\k\id`eXi \c XZklXc [fd`$ Z`c`f f i\j`[\eZ`X [\c i\]\i`[f [\dXe[X[f% 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`�e Xe\oX% Cf hl\ [`jgfe^f Zfdf Al\q

K\dgfiXc% Efk`]ˆhl\j\%$ ] ;i% >ljkXmf C�g\q E’Œ\q# Al\q K\dgfiXc [\c Alq^X[f J„gk`df [\ cf :`m`c [\ 8dYXkf% :\ik`]`Zf% <c J\Zi\kXi`f% Cf hl\ Z`kf Xc [\dXe[X[f gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# X ]`e [\ hl\ m\`ek\ [ˆXj [\jgl„j [\ cX ’ck`dX glYc`ZXZ`�e j\ŒXc\ ZXj`cc\if al[`Z`Xc \e \jkX Z`l$ [X[ [\ 8dYXkf gXiX jlj ]lkl$ iXj efk`]`ZXZ`fe\j% :\ik`]`Zf% <c J\Zi\kXi`f% =`idX @c\^`Yc\ ;i% ?l^f JXekfj :_}m\q J\Zi\kXi`f 8dYXkf# 8Yi`c (( [\c XŒf )'((% ?Xp le j\ccf (0,,'&0..,I% [\c <% <OKI8:KF AL;@:@8C G8I8 :@K8:@FE<J <E <C AL@:@F ;< ;@MFI:@F Ef% '-,,$)''0 CD# GIFGL<JKF GFI N@CJFE >L@CC<IDF 8K@<E:@8 >8I:@8 <E :FEKI8 ;< A<EEP PFD8PI8 9C8E:F M@CC<>8J% :L8EK@81 @E;<K<ID@E8;8 J< KI8D@K8 <E <C ALQ>8;F GI@D<IF ;< CF :@M@C ;<C :8EKFE C8K8:LE>8% GIFM@;<E:@81 Al`Z`f Ef%)''0$'-,, ALQ>8;F GI@D<IF ;< CF :@M@C ;< C8K8:LE>8% CXkXZle^X# dXik\j - [\ fZklYi\ [\c )''0# cXj (-_+,% M@JKFJ1 Gfi Zldgc`[f cf fi[\eX[f \e gifm`$ [\eZ`X Xek\i`fi# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p% KiXd`kXj\ \e al`Z`f M\iYXc JldXi`f% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi N`cjfe >l`cc\idf 8k`\eZ`X >XiZˆX# \e \c j\ek`[f [\ hl\ [\jZfefZ\ \c [fd`Z`c`f p i\j`[\eZ`X [\ cX [\dXe[X[X A<EEP PFD8PI8 9C8E:F M@CC<>8J# Zˆk\j\cf d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ \]\ZklXi}e \e lef [\ cf [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ CXkXZle^X# Xjˆ \e cX Z`l[X[ [\ Hl`kf# gfi ZlXe$ kf \c dXki`dfe`f j\ _X Z\c\YiX$ [f \e cX Gifm`eZ`X [\ G`Z_`eZ_X# glYc`ZXZ`fe\j hl\ j\ cX i\Xc`$ qXi}e gfi cf d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZXZ`�e p leX m\q kiXejZlii`[fj \c k„id`$ ef [\ m\`ek\ [ˆXj ZfekX[fj X gXik`i [\ cX ’ck`dX glYc`ZXZ`�e Zfek`elXi} cX kiXd`kXZ`�e [\ cX ZXljX% :fe]fid\ cX `ej`elXZ`�e [\c XZkfi# efdYiXj\ :liX[fiX 8[$c`k\d [\c d\efi _XY`[f \e \c dXki`dfe`f# X cX j\ŒfiX IfjX <dg\iXki`q 8k`\eZ`X >XiZˆX% 8^i„^l\j\ Xc gifZ\jf cfj [fZl$ d\ekfj gi\j\ekX[fj# k�d\j\ \e Zl\ekX cX ZlXekˆX# [fd`Z`c`f p [\]\ejfi [\j`^eX[f gfi \c XZkfi gXiX jlj ]lkliXj efk`]`ZXZ`fe\j% Efk`]ˆhl\j\% ] ;i% Cl`j M`ccXZi„j C\�e# Al\q Gi`d\if [\ cf :`m`c [\c :Xek�e CXkXZle^X# j`^l\e cX Z\ik`]`$ ZXZ`�e p efk`]`ZXZ`�e# ] ;iX% D\iZ\[\j M\^X M% J\Zi\kXi`X% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p c\ gi\m\e^f [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc \e \jkX Z`l[X[# X ]`e [\ hl\ i\Z`YX cXj efk`]`ZXZ`fe\j [\ C\p# hl\[Xe[f [\ \jkX dXe\iX c\^Xcd\ek\ Z`kX[f% :\ik`]`Zf%$ ;iX% D\iZ\[\j M\^X M% J<:I<K8I@8 ?Xp leX ]`idX ?Xp le j\ccf ]&)),),

D<EFI<J ALQ>8;F K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 F]`Z`f Ef% '('$AKE8:H Hl`kf% (* [\ \e\if [\c XÂŒf )'(( :8LJ8 Ef% ()+,$)'('$MJ J\ÂŒfi ;@I<:KFI ;<C ;@8I@F C8 ?FI8 Gi\j\ek\# 8c j\ÂŒfi D8I@8 <C<E8 >8<K< 98IFE8 p Xc gÂ’Yc`Zf \e ^\e\iXc j\ c\ _XZ\ jXY\i cf j`^l`\ek\1 8:KFI1 N@CJFE =89c8E JFC8EF :?@CL@J8 ;<D8E;8;81 D8I@8 <C<E8 >8<K< 98IFE8 D<EFI1 AF<C JK<=8EF JFC8EF >8<K< :8LJ81 K<E<E:@8 :8LJ8 ELD<IF1 ()+,$)'('$ MJ ALQ>8;F K<I:<IF ;< C8 E@z<Q P C8 8;FC<J:<E:@8

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? ;<C :8EKFE HL@KF%$ Hl`kf# d`„iZfc\j ( [\ [`Z`\dYi\ [\c )'('%$ CXj (-_(*%$ M@JKFJ%$ LeX m\q hl\ \c XZZ`feXek\ _X [\ZcXiX[f YXaf aliXd\ekf hl\ [\jZfefZ\ \c [fd`Z`c`f [\ cX j\ÂŒfiX D8I@8 <C<E8 >8<K< 98IFE8% $ <e cf gi`eZ`gXc# [\ Zfe]fid`[X[ Zfe \c 8ik% -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# cX [\dXe[X [\ K<E<E:@8 \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`$ j`kfj [\ C\p2 \e Zfej\Zl\eZ`X j\ c\ XZ\gkX Xc ki}d`k\ \jkXYc\$ Z`[f \e \c 8ik% ).( [\c ZÂ?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X% :ˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe$ [X X cX j\ÂŒfiX D8I@8 <C<E8 >8<K< 98IFE8 X kiXm„j [\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e [\c gXˆj%$ J\ c\ gi\$ m`\e\ X cX [\dXe[X[X [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e cX gi\j\ek\ ZXljX EFK@=@HL<J<% ] %$ ;I% :I@JK?@8E I<:8C;< ;< C8 IFJ8%$ AL<Q 8;ALEKF Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 8k\ekXd\ek\# ;iX% DXiˆX 8@\aXe[iX GXi\[\j J<:I<K8I@8 8;ALEK8 ;<C ALQ>8;F K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ?Xp ]`idX p j\ccf 8:&./*'*&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C GFI C8 GI<EJ8 J< C< ?8:< J89<I 8C J<zFI <;N@E G8KI@:@F :8@Q8 HL@CCLG8E>L@ J\ c\ _XZ\ ZfefZ\i hl\ \e \c Alq^X[f :lXikf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X [\ G`Z_`eZ_X# Zfe j\[\ \e cX Z`l[X[ [\ DXZ_XZ_`# X ZXi^f [\c Ji% ;i% Afj„ Cl`j 8pfiX DXkX# Al\q K`klcXi# cX j\ÂŒfiX D@IP8E IFJ8I@F M<CFQ M@C8KLz8# _X gi\j\ekX[f cX [\dXe[X [\ 8LKFI@Q8:@äE ;< J8C@;8 ;<C G8@J ;<C D<EFI ;< <;8; :?I@JK@8E G8KI@:@F :8@Q8 M<CFQ Ef% ((.$)'(($AJ# \e ZfekiX [\ <;N@E G8KI@:@F :8@Q8 HL@CCLG8E>L@# \e cX hl\ j\ _X [`ZkX[f cf j`^l`\ek\% <OKI8:KF ;< :@K8:@äE 8:KFI1 D@IP8E IFJ8I@F M<CFQ M@C8KLz8 ; < D 8 E ;8 ; F 1 < ; N @ E G8K I @ : @ F : 8 @ Q 8 HL@CCLG8E>L@ AL@:@F1 8LKFI@Q8:@äE J8C@;8 ;<C G8@J ;<C D<EFI ;< <;8; :?I@JK@8E G8KI@:@F :8@Q8 M<CFQ KI8D@K<1 :FEK<E:@FJF ><E<I8C :L8EK@81 @E;<K<ID@E8;8 :8J@CC81 (+ F9A<KF1 J< FKFI>L< C8 I<JG<:K@M8 8LKFI@Q8:@äE ;< J8C@;8 ;<C G8@J ;<C D<EFI ;< <;8; <;N@E G8KI@:@F :8@Q8 HL@CCLG8E>L@ GIFM@;<E:@8J1 Ăˆ%%%% >8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ DXZ_XZ_`# )/ [\ dXiqf [\c )'((# cXj '01(,%$ Gi\m`Xd\ek\ X gifm\\i cf hl\ \e [\i\Z_f Zfii\jgfe[X# cX XZZ`feXek\ [\ cX ZXljX D@IP8E IFJ8I@F M<CFQ M@C8KLz8# ZfdgXi\qZX X \jkX Al[`ZXkliX YXaf gi\m\eZ`fe\j c\^Xc\j \c [ˆX '+ [\ XYi`c [\c )'((# X cXj ((1'' p ZldgcX Zfe cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]`hl\j\ p ZldgcXj\% = ;i% Afj„ Cl`j 8pfiX DXkX% AL<Q :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% :\ik`]`Zf% ;i% NXj_`e^kfe Dfc`eX M% J\Zi\kXi`f < Ăˆ%%% >8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ DXZ_XZ_`# '- [\ XYi`c [\c )'((# cXj ('1*,%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e ZXc`[X[

Ć

[\ Al\q K`klcXi [\ cX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X gi\$ j\ekX[X gfi cX j\ÂŒfiX D@IP8E IFJ8I@F M<CFQ M@C8KLz8# jfYi\ cX 8lkfi`qXZ`Â?e [\ JXc`[X [\c GXˆj# \j ZcXiX p Zfdgc\kX# i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ Zfek\eZ`fjf ^\e\iXc% <e Zfe$ j\Zl\eZ`X# Zˆk\j\ Xc [\dXe$ [X[f <[n`e GXki`Z`f :X`qX Hl`cclgXe^l` [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj [`Xi`fj [\ cX Z`l[X[ [\ Hl`kf# gfi ef ZfekXi$ j\ Zfe \jk\ d\[`f [\ Zfdle`ZX$ Z`Â?e \e cX cfZXc`[X[% J\ ZfemfZX X Xl[`\eZ`X [\ ZfeZ`c`XZ`Â?e p Zfek\jkXZ`Â?e X cX [\dXe[X# gXiX \c [ˆX )+ [\ ale`f [\c )'((# X cXj ('1''# [`c`^\eZ`X X cX hl\ ZfeZlii`i}e cXj gXik\j g\ijfeXcd\ek\ f gfi d\[`f [\ gifZliX[fi\j al[`Z`Xc\j# Zfe Xki`YlZ`Â?e gXiX kiXej`^`i# p# \e cX hl\ gi\j\ekXi}e cfj i\jg\Zk`mfj XeleZ`fj [\ gil\YX% 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e hl\ j\ X[alekX% K„e^Xj\ \e Zl\ekX cX ZlXekˆX ]`aX[X# cX Xlkfi`qXZ`Â?e Zfe]\i`[X X cX ;iX% ;`eX M\cfq# p cX ZXj`ccX al[`Z`Xc Ef% (+ gXiX i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j% 8ZkÂ’\ \c ;i% NXj_`e^kfe Dfc`eX# j\Zi\kXi`f \eZXi^X[f [\ \jkX Al[`ZXkliX d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% (/'-$;G$;GG [\c )* [\ X^fjkf [\c )'('% Efk`]ˆhl\j\ p Zˆk\j\% ;i% Afj„ Cl`j 8pfiX DXkX% AL<Q :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% :\ik`]`Zf% ;i% NXj_`e^kfe Dfc`eX M% J\Zi\kXi`f < É ;i% NXj_`e^kfe Dfc`eX M% J<:I<K8I@F ALQ>8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0'()&k]

<A<:LK@MFJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 HL@KF$<:L8;FI <OKI8:KF :@K8:@FE AL;@:@8C 8 C8 J<zFI8 IFJ@K8 FC@DG@8 8I>L;F 98JK@;8J AL@:@F Ef )-.$)'('$AGM% KI8D@K< <A<:LK@MF :L8EK@8 LJ;% %()%'''#ff 8:KF I ; I% :8 I CFJ ><IDĂ?E@:F G<z8 :8II8J:F GIF:% AL;:% 98E:F G@:?@E:?8 ;<D8E;8;F1 E<CJFE 8C:Ă M8I D8EK@CC8 G<I<Q P IFJ@K8 FC@DG@8 8I>L;F 98JK@;8J ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# ', [\ DXiqf [\c )'('# cXj ((_(-%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q# c\^Xcd\ek\ gfj\j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X# \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <A<:LK@MF%$ <e Zfe$ j\Zl\eZ`X# cfj j\ÂŒfi\j E<CJFE 8C:Ă M8I D8EK@CC8 G<I<Q \e jl ZXc`[X[ [\ [\l[fi gi`eZ`gXc p IFJ@K8 FC@DG@8 8I>L;F 98JK@;8J# \e jl ZXc`[X[ [\ XmXc jfc`[Xi`X# [\ Zfe]fid`[X[ Zfe \c (\i% `eZ`jf [\c 8ik% +)( [\c :Â?[`^f GifZ\jXc :`m`c# ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef c\^Xc [\ ki\j [ˆXj%$ :ˆk\j\ X cfj [\dXe[X[fj E<CJFE 8C:Ă M8I D8EK@CC8 G<I<Q p IFJ@K8 FC@DG@8 8I>L;F 98JK@;8J \e cX [`i\Z$ Z`Â?e `e[`ZX[X%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ ;\aXe[f Zfg`X Z\ik`]`ZX[X# iXqÂ?e p i\Z`Yf \e Xlkfj gifZ„[Xj\ Xc [\j^cfj\ [\ cfj [fZld\ekfj jfc`Z`kX[fj p \eki„^l\j\ X cX g\ijfeX Xlkf$ i`qX[X# Xc XZkfi j\ c\ gi\m`\e\ [\ cX fYc`^XZ`Â?e Zfek\e`[X \e Xc

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ć

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

XikˆZlcf 00) [\c :Â?[`^f 8[a\k`mf :`m`c%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX# [fd`Z`c`f al[`Z`Xc [\j`^eX[fj# p cX Xlkfi`qXZ`Â?e Zfe]\i`[X%$ EFK@=@HL<J<%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ dXiqf [\c )'((# cXj ('_'.%$ LeX m\q hl\ \c j\ÂŒfi [fZkfi :8ICFJ ><IDĂ?E@:F G<z8 :8II8J:F# \e jl ZXc`$ [X[ XZZ`feXek\ p gifZliX[fi al[`Z`Xc [\c YXeZf G`Z_`eZ_X# _X ZfdgXi\Z`[f X „jkX al[`ZXkliX X iXk`]`ZXij\ \e jl aliXd\ekf i\e[`[f# Zˆk\j\ X cX j\ÂŒfiX IFJ@K8 FC@DG@8 8I>L;F 98JK@;8J d\[`Xek\ glYc`ZX$ Z`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf# Xc k\efi [\ cf hl\ dXe[X \c XikˆZlcf /) [\c :Â?[`^f [\ gifZ\[`d`\ekf :`m`c%$ EFK@=@HL<J<% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P% ;i% Alc`f :„jXi DlÂŒfq% J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0'..&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C% 8:KFI1 >8M@E <J:8C8EK< D<8; ;FD@:@C@F C<>8C1 ;I% G89CF FIK@Q :8J@CC<IF EF% ))- ;<D8E;8;F1 IF9<IKF C<äE :äI;FM8 AL@:@F <A<:LK@MF Ef% (*($ )'(($:8ICFJ FC@MF FIK@Q :@K8:@äE 81 IF9<IKF C<äE :äI;FM8 :L8EK@81 LJ;% ('%''' 8LKF ;< :8C@=@:8:@äE ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (+ [\ dXiqf [\ )'((# cXj (-_+0%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f i\Xc`qX[f# 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% )-/)$;G$%;GG# [\ . [\ [`Z`\dYi\ [\c )'('%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# [„j\ \c ki}$ d`k\ \a\Zlk`mf%$ <c kˆklcf Zfdf cX fYc`^XZ`Â?e gi\jkXe d„i`kf <a\Zlk`mf# \e Zfej\Zl\eZ`X cfj [\dXe[X[fj j\ÂŒfi\j ?<IE8E <J:8C8EK< <J:8C8EK< \e ZXc`[X[ [\ [\l[fi gi`eZ`gXc p IF9<IKF C<äE :FI;FM8# \e ZXc`[X[ [\ XmXc2 [\ Zfe]fid`[X[ Zfe \c `eZ`jf gi`d\if [\c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c ZldgcXe Zfe cX fYc`^X$ Z`Â?e i\hl\i`[X f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj# cl\^f [\ j\i Z`kX$ [fj c\^Xcd\ek\%$ :@K<J< X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj2 k„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p cX Xlkfi`$ qXZ`Â?e Zfe]\i`[X Xc gif]\j`feXc hl\ cX jljZi`Y\%$ Efk`]ˆhl\j\% ] %$ ;I% =<C@G< @E=8EK< I<P# AL<Q < % FKI8 GIFM@;<E:@8 ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )+ [\ dXiqf [\ )'((# cXj '/_)-%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX[f%$ <e Xk\eZ`Â?e Xc d`jdf i\]fidXj\ cX gifm`[\eZ`X [\ (+ [\ dXiqf [\ )'((# cXj (-_+0 \e \c j\ek`[f hl\ j\ :@K< Xc j\ÂŒfi ?<IEĂ?E <J:8C8EK< <J:8C8EK< \e \c cl^Xi hl\ j\ `e[`ZX gXiX \c \]\Z$ kf# gXiX cf ZlXc j\ \eki\^XiX cXj Yfc\kXj g\ik`e\ek\j p Xc j\ÂŒfi IF9<IKF C<äE :äI;FM8# 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`iZlcX$ Z`Â?e [\ cX :`l[X[ [\ Hl`kf%$ <e cf [\d}j \jk\j\ X cf [`jgl\jkf \e cX d\eZ`feX[X gifm`[\eZ`X% Efk`]ˆhl\j\% ] %$ ;I% =<C@G<

@E=8EK< I<P# AL<Q < % Cf hl\ Zfdle`Zf p c\ Z`kf Xc [\dXe[X[ gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc [\ le XYf^X[f \e \jkX al[`ZXkliX%$ Hl`kf# (( [\ XYi`c [\ )'(($ :<IK@=@:F% AFI>< D@<I 9LI98EF J<:I<K8I@F ?Xp le j\ccf 8%:%&./00*&gm ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 M8 C < I @ 8 8 C < O 8 E ; I 8 IFJ8C<J IF;IĂ >L<Q <OKI8:KF AL@:@F% < A < : L K @ M F ÆG8>8Iy$ :8LJ8 Ef% (*'-$)''0 8:KF I% 98 E :F ; < C G@:?@E:?8 :% 8% ;<D8E;8;F% M8C<I@8 8 C < O 8 E ; I8 IFJ8 C <J IF;IĂ >L<Q :L8EK@8% D@C HL@E@<EKFJ ;äC8I<J 8D<I@:8EFJ (%,''#'' ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# (- [\ efm`\dYi\ [\c )''0# cXj '0_(.% M@JKFJ1 ;i% NX^e\i 8iklif A}k`mX Hl`ifq# Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef%),)/$;G$;;G [\c ), [\ 8^fjkf [\c )''/# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX p \e m`ikl[ [\ cX iXqÂ?e [\ jfik\f hl\ Xek\Z\[\ [`jgfe^f1$ CX [\dXe[X ]fidlcX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\g$ kX X ki}d`k\ <A<:LK@MF # \e Zfej\Zl\eZ`X cX [\dXe[X[X j\ÂŒfiX M8C<I@8 8C<O8E;I8 IFJ8C<J IF;I@>L<Q \e \c k„id`ef [\ ki\j [ˆXj ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X[X f [\e$ kif [\c d`jdf k„id`ef gifgfe^X \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p%%$ :ˆk\j\ X cX [\dXe[X$ [X \e \c cl^Xi `e[`ZX[f%$ :l„ek\j\ Zfe \c ;i% =iXeZ`jZf <jk\YXe :Xii\iX ;li}e# Zfdf GifZliX[fi Al[`Z`Xc [\c 9XeZf G`Z_`eZ_X \e m`ikl[ [\ gf[\i X[alekf%$ ;\ Zfe]fid`[X[ X cf hl\ \jkXYc\Z\ \c 8ik% 00) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# [\aXe[f Zfg`X# iXqÂ?e p i\Z`Yf \e Xlkfj gifZ„[Xj\ Xc [\j^cfj\ [\ cX [fZld\ekXZ`Â?e jfc`Z`kX[X p \eki„^l\j\ X cX g\ijfeX Xlkf$ i`qX[X%$8^i„^l\j\ cX [fZld\e$ kXZ`Â?e XZfdgXÂŒX[X%$ kÂ?d\j\ efkX [\ cX ZXj`ccX al[`Z`Xc j\ÂŒX$ cX[XÉ%$ Efk`]ˆhl\j\% ;i% NX^e\i A}k`mX Hl`ifq%$ Al\q j % ĂˆALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j *' [\ dXiqf [\c )'((# cXj ((_(.% 8k\ekf Xc aliX$ d\ekf i\e[`[f gfi =iXeZ`jZf <jk\YXe :Xii\iX ;li}e# GifZliX[fi Al[`Z`Xc [\c 9XeZf [\c G`Z_`eZ_X :%8%2 p# [\ Zfe]fi$ d`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X MXc\i`X 8c\oXe[iX IfjXc\j If[iˆ^l\q gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kfÉ%$ Efk`]ˆhl\j\% ;i% <[n`e 8i^fk` I\p\j# Al\q# \eZXi^X[f% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`$ cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8k\ekXd\ek\# ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0'',&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8C J<zFI1 <=I<E < ; D L E ; F I@M8;<E<@I8 K8G@8 <OKI8:KF AL@:@F1 <A<:LK@MF Ef% )''0$ '*(,$M>D 8:KFI1 =I8E:@J:F <JK<98E

Ĺ?

:8II<I8 ;LI8E ; < D 8 E ;8 ; FJ 1 < = I < E <;DLE;F I@M8;<E<@I8 K8G@8# >L@CC<IDF 8C9<IKF <JK<M<Q KIFP8 p EFID8 ;< A<JLJ 98II<I8 @QLI@<K8 K I8D@K<1 <A<:LK@MF :L8EK@81 LJ; ,%'''#ff F9A<KF1 G8>F ;<C :8G@K8C :FEK<E@;F <E <C G8>8I< 8 C8 FI;<E# CFJ @EK<I<J<J ;< DFI8 P :FJK8J AL;@:@8C<J <E CFJ HL< J< @E:CL@I8E CFJ ?FEFI8I@FJ GIF=<J@FE8C<J%$ ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# HL@KF# )+ [\ DXiqf [\c )''0# cXj (+_)-%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jkX al[`ZXkliX \e m`ikl[ [\c F]`Z`f Ef% 0).$;G$ ;;G$A8I$'.# [\ ]\Z_X ', [\ [`Z`\dYi\ [\c )''. p [\c jfik\f c\^Xc gi\Z\[\ek\% CX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X Ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X# j\ [`jgfe\ hl\ cfj j\Œfi\j1 <=I<E <;DLE;F I@M8;<E<@I8 K8G@8# >L@CC<IDF 8C9<IKF <JK<M<Q KIFP8 p EFID8 ;< A<JLJ 98II<I8 @QLI@<K8# ZldgcXe Zfe jl fYc`^XZ`�e f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj% :ˆk\j\ X cfj [\dXe[X[fj \e cfj cl^Xi\j `e[`ZX[f gXiX \c \]\Zkf% K�d\j\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p X^i„^l\$ j\ Xc gifZ\jf cX [fZld\ekXZ`�e XZfdgXŒX[X% 8Zk’X \c ;i% DXi`f P}e\q LiYXef \e ZXc`[X[ [\ J\Zi\kXi`f <eZXi^X[f# d\[`Xe$ k\ f]`Z`f Ef% 0-*$;G$;;G$A8I$ '.# [\ ]\Z_X (. [\ [`Z`\dYi\ [\c )''.% Efk`]ˆhl\j\%$ ]%$ ;I% IL9<E :<M8CCFJ =898I8%$ AL<Q JLGC<EK<%$ ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# HL@KF# m`\ie\j ), [\ ]\Yi\if [\c )'((# cXj (-_'0%$ <e d„i`kf Xc aliXd\ekf [\c XZkfi# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`$ eXi cX `e[`m`[lXc`[X[ p i\j`$ [\eZ`X [\c [\dXe[X[f p [\ Zfe]fid`[X[ hl\ Zfe cf hl\ \jkXYc\Z\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc j\Œfi <=IyE <;DLE;F I@M8;<E<@I8 K8G@8# gfi cX gi\ejX%$ EFK@=@HL<J<%$ ]%$ ;I% IL9<E :<M8CCFJ =898I8%$ AL<Q JLGC<EK<%$ Cf hl\ Zfdle`Zf 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%$ :\ik`]`Zf%$ ;I% E@CF >FEQ8CF 8CD8:?@ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0''+&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 C@E;8 IFJ<D8I@ M@;8C 8CD<@;8 p 8CM8IF 8C<O8E;<I >I@A8CM8 D<E<J<J% 8:KFI1 ;I% AFI>< @M8E 8 CM8 I 8 ; F : 8 I I < I 8 # GIF:LI8;FI AL;@:@8C ;< AL8E D8EL<C 9FII<IF M@M<I# M@:<GI<J@;<EK<# ><I<EK< ><E<I8C P I<GI<J<EK8EK< C<>8C ;<C 98E:F GIFD<I@:8 J%8% ;FD@:@C@F C<>8C1 ;I% :I@JKF98C M@E@:@F KIFP8 ?% :8J@CC<IF Ef% *)'. ;<D8E;8;F1 C @ E ; 8 IFJ<D8I@ M@;8C 8CD<@;8 p 8CM8IF 8C<O8E;<I >I@A8CM8 D<E<J<J% AL@:@F <A<:LK@MF Ef% ((.($ )''/$:8ICFJ FC@MF FIK@Q :@K8:@FE 81 C@E;8 IFJ<D8I@ M@;8C 8CD<@;8 p 8CM8IF 8C<O8E;<I > I @ A8 CM8 D<E<J<J% :L8EK@81 LJ; /%''' 8LKF ;< :8C@=@:8:@FE ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# (0 [\ Efm`\dYi\ [\c )''/# cXj (,_,(%$ M@JKFJ1 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%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p%$ LeX m\q hl\ \c ;i%

IefehjW o h[i_ij[" [i[ [i\k[hpe j[ i[h| ‘j_b kd Z‡W$ FK8B?E D7IâD EL?:?E

DXiZ\cf CfqXef# \e jl ZXc`[X[ [\ ;\c\^X[f [\c GifZliX[fi Al[`Z`Xc [\c 9XeZf Gifd„i`ZX# j\ [`jgfe\ cX Z`kXZ`Â?e Zfe cX [\dXe[X X C@E;8 IFJ<D8I@ M@;8C 8CD<@;8 p 8CM8IF 8C<O8E;<I > I @ A8 CM8 D<E<J<J# d\[`Xek\ glYc`ZX$ Z`fe\j gfi cX gi\ejX# Zfej\$ Zl\ek\d\ek\ gfi j\Zi\kXiˆX Zfe]`„iXj\ \c \okiXZkf Zfii\j$ gfe[`\ek\%$ Efk`]ˆhl\j\% = ;I% =<C@G< @E=8EK< I<P# AL<Q < AFI>< D@<I 9LI98EF J<:I<K8I@F ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@E:?8 ?Xp ]`idX p j\ccf 8:&.0''0&k] I [\c <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8 D8I:F 8EKFE@F IL9@F E8IMĂ?<Q 8:KFI1 ;i% Afi^\ @m}e 8cmXiX[f :Xii\iX% GifZliX[fi Al[`Z`Xc [\c M`Z\gi\j`[\ek\$>\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\c 9XeZf DD AXiXd`ccf 8ik\X^X J%8% ;<D8E;8;F1 DXiZf 8ekfe`f IlY`f EXim}\q AL@:@F1 <a\Zlk`mf Eif% +)-$ )''/$n%q% AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 ;`\q d`c [Â?cXi\j [\ cfj <jkX[fj Le`[fj [\ 8d„i`ZX% 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )/ [\ 8Yi`c [\c )''/# cXj ('_,+% M`jkfj1 8mfZf Zfef$ Z`d`\ekf [\ cX ZXljX \e ZXc`$ [X[ [\ Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX# d\[`Xek\ F]`Z`f Eif% ;;G$A8I$((++%# [\ (( [\ Alc`f [\c )''. p \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ Gfi i\ele$ Z`X [\ cX J\Zi\kXi`X K`klcXi [\ \jkX Al[`ZXkliX XZkÂ’\ \c F]`Z`Xc DXpfi# d\[`Xek\ F]`Z`f Eif% 0,,$;G$;;G$A8I$'.%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj

i\hl`j`kfj [\ c\p2 \e Zfej\$ Zl\eZ`X kiXdˆk\j\ cX d`jdX \e cX mˆX \a\Zlk`mX%$ <c [\dXe[X[f DXiZf 8ekfe`f IlY`f EXim}\q# ZldgcX Zfe cX fYc`^XZ`Â?e f gifgfe^X \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj [\ Z`kX$ [f%$ :ˆk\j\ X DXiZf 8ekfe`f IlY`f EXim}\q# \e \c cl^Xi hl\ j\ `e[`ZX%$ 8^i„^l\j\ Xc gif$ Z\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX%$ K„e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi p cX Xlkfi`qXZ`Â?e ZfeZ\[`[X X cfj XYf^X[fj [\]\ejfi\j%$ Efk`]ˆhl\j\%= % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% GIFM@;<E:@8 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# Cle\j )( [\ dXiqf [\c )'((# cXj '/_++%$ Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf fi[\$ eX[f \e gifm`[\eZ`X Xek\i`fi# Zˆk\j\ Xc [\dXe[X[f DXiZf 8ekfe`f IlY`f EXim}\q# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% Gfi ZlXekf YXaf aliX$ d\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X%$ Efk`]ˆhl\j\% = ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0''/&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 C8 J<zFI8 <CCP D8IK@E<Q D8IK@E<Q 8:KFI81 :<:@C@8 ;<C IF:@F >8I:@8 IL<;8 ;<D8E;8;FJ1 < C CP D8IKĂŁE<Q D8IKĂŁE<Q p :I@J@K8E <=IĂ&#x;E >8C@E;F ;ĂŁ8Q

DIALCENTRO S.A. CONVOCATORIA Se convoca a los seùores accionistas de la compaùía DIALCENTRO S.A., a Junta General Ordinaria que se llevarå a cabo el día lunes 25 de abril del 2011, a las 13H00, en el local de la Compaùía ubicado en la Av. PÊrez Guerrero No. 462 de esta ciudad de Quito, para conocer y resolver el siguiente orden del día. 1. Conocimiento y resolución acerca del informe de la Gerente General de la Compaùía por el ejercicio económico del aùo 2010. 2. Conocimiento y resolución acerca del balance general y estado de resultados del ejercicio económico 2010. 3.- Resolución acerca del destino de utilidades del ejercicio económico 2010. Se convoca especial y seùaladamente al seùor Fernando Escobar, Comisario de la Compaùía. Los estados financieros se encuentran a disposición de los seùores accionistas en la dirección de la compaùía anteriormente seùalada. Esperanza Velasco Morejón Gerente General AR/82545/cc

AL@:@F <A<:LK@MF Ef% ,)($ )''-$G%K%% :L8EK@8 +%'''#ff :8J@CC<IF AL;@:@8C Ef% ()/* 89F>8;F ;<=<EJFI ;I% >FEQ8CF GIF8zF ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# ). [\ DXpf [\c )''/# cXj ('?*(%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f p \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX al[`ZXkliX XmfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\“e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki~d`k\ <a\Zlk`mf%$ Cfj [\dXe$ [X[fj j\ÂŒfi\j <CCP D8IKĂŁE<Q D8IKĂŁE<Q# \e jl ZXc`[X[ [\ [\l[fi gi`eZ`gXc# p :I@J@K8E <=IĂ&#x;E >8C@E;F ;ĂŁ8Q# \e jl ZXc`[X[ [\ ^XiXek\# \e \c kÂ…i$ d`ef c\^Xc [\ ki\j [‰Xj Zld$ gcXe Zfe cX fYc`^XZ`ÂŽe \o`^`[X f gifgfe^Xe cXj \oZ\gZ`fe\j hl\ j\ Zi\Xe Xj`jk`[fj%$ :‰k\j\ X cfj gi\efdYiX[fj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX# gXiX cf ZlXc j\ \em`Xi~ cXj Yfc\kXj Zfii\jgfe[`\ek\j X cX f]`Z`eX [\ Z`kXZ`fe\j %$ KÂ…e^Xj\ \e Zl\ekX cX ZXc`[X[ Zfe cX hl\ ZfdgXi\Z\ \c XZZ`feXek\# Xj‰ Zfdf \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f gXiX i\Z`Y`i ]lkl$ iXj efk`]`ZXZ`fe\j p [\]\ejfi [\j`^eX[f%$ EFK@=@HL<J< P :ĂŁK<J<%$ ] ;i% @m}e :\mXccfj QXdYiXef%$ AL<Q%$ ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '( [\ =\Yi\if [\c )'((# cXj (+_(-%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi cX j\ÂŒfiX :<:@C@8 ;<C IF:@F >8I:@8 IL<;8# p cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe \c Xlkf [\ ZXc`]`ZXZ`Â?e p \jkX gifm`[\eZ`X Zˆk\j\ X cX [\dXe$ [X[X j\ÂŒfiX <CCP D8IK@E<Q D8IK@E<Q# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# Xc \]\Zkf Zfe]`„iXj\ \c \okiXZkf Zfii\j$ gfe[`\ek\%$ EFK@=@HL<J<%$ ] ;i% @m}e :\mXccfj QXdYiXef%$ AL<Q%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX

cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZX$ Z`fe\j% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./))(&k] I% [\c <% ALQ>8;F K<I:<IF ;< CF :@M@C ;< C8K8:LE>8 :@K8:@FE AL;@:@8C <OKI8:KF AL@:@F1 <A<:LK@MF E— ))-$ )'(' 8:KFI81 8E8 ;FCFI<J C<J:8EF J8EK8E8 ; < D 8 E ;8 ; F 1 ;8 E @ < C :8A@C<D8 J@JC<D8 GIFM@;<E:@81 ALQ>8;F K<I:<IF ;< CF :@M@C ;< C8K8:LE>8%$ CXkXZle^X# m`\ie\j )* [\ XYi`c [\c )'('# cXj (+_,-% M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX [\jgXZ_f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\’e\ cfj i\hl`j`kfj c\^Xc\j gXiX j\i XZ\gkX[X Xc ki}$ d`k\# \e Zfej\Zl\eZ`X# kiXdˆk\$ j\ \e al`Z`f <a\Zlk`mf%$ :ˆk\j\ Xc [\dXe[X[f j\Œfi ;Xe`\c :Xa`c\dX J`jc\dX \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# gXiX \c \]\Zkf [\gi„hl\j\ X lef [\ cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\c :Xek�e Hl`kf# gXiX hl\ leX m\q Z`kX[f gX^l\ f gifgfe^X \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj%$ 8^i„^l\j\ Xc gifZ\$ jf cX [fZld\ekXZ`�e 8[alekX%$ K�d\j\ \e Zl\ekX \c [\]\ejfi p ZXj`cc\if Al[`Z`Xc j\ŒXcX[fj gfi cX XZkfiX gXiX i\Z`Y`i jlj ]lkliXj efk`]`ZXZ`fe\j%$ Efk`]ˆhl\j\% FKI8 GIFM@;<E:@81 AL@:@F E—)'('$'))ALQ>8;F K<I:<IF ;< CF :@M@C ;< C8K8:LE>8%$ CXkXZle^X# dXik\j ( [\ dXiqf [\c )'((# cXj '0_+0% <e d\i`kf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX# Zˆk\j\ Xc [\dXe[X[f j\Œfi1 ;Xe`\c :Xa`c\dX J`jc\dX# [\ Zfe]fid`[X[ Zfe cf hl\

[`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j gfi lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ CXkXZle^X p [\ Hl`kf%$ Efk`]ˆhl\j\% ] ;i% J\^le[f :Xe[f D\e[`\kX%$ Al\q K\iZ\if [\ cf :`m`c [\ CXkXZle^X%$ GXik`ZlcXi hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p Zfii\j$ gfe[`\ek\j CXkXZle^X# dXiqf (- [\c )'((%$ :\ik`]`Zf%$ AlXe DXc[feX[f 8ifZX J\Zi\kXi`f *if :`m`c% =`idX `c\^`Yc\ ?Xp le j\ccf ]&))()-

FI;@E8I@FJ < O K I 8 : K F :@K8:@FE AL;@:@8C 8 CFJ J<zFI<J =I8E:@J:F I8D@IF :FIFE<C# D8I@8 <C<E8 E8A8J :FIK<Q # I8LC M<C8 98;@CCF p D8I@8 <L=<D@8 Q8D9I8EF G8C8:@FJ % AL@:@F 1 FI;@E8I@F Ef% ()-+&)%''/%<:J% 8:KFI 1 D8I@8 ?FIK<E:@8 A8P8 8CFDFKF ;<D8E;8;F 1 =I8E:@J:F I8D@IF :FIFE<C# D8I@8 <C<E8 E8A8J :FIK<Q # I8LC M<C8 98;@CCF p D8I@8 <L=<D@8 Q8D9I8EF G8C8:@FJ % ;FD@:@C@F AL;@:@8C 1 89% @GFC@KF G<;I<I8 :L8EK@8 1 @E;<K<ID@E8;8 F9A<KF 1 ;< :FE=FID@;8; :FE CF ;@JGL<JKF GFI CFJ 8IKJ% -))# .*+# )*0)# )*0* P D8J G<IK@E<EK<J ;<C :F;@>F :@M@C # ,0 P DĂ?J G<IK@E<EK<J ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C ;<D8E;8 <E AL@:@F FI;@E8I@F 8=I8E:@J:F I8D@IF :FIFE<C# D8I@8 <C<E8 E8A8J :FIK<Q # I8LC M<C8 98;@CCF p D8I@8 <L=<D@8 Q8D9I8EF G8C8:@FJ C8 GI<J:I@G:@FE <OKI8FI;@E8I@8 8;HL@K@M8 ;< ;FD@E@F ;<C CFK< ;< K<II<EF L9@:8;F <E C8 :8CC< )0 ;< ALE@F #G8J8A< ) P M@8 8C8E>8J@# J<:KFI

EXTRACTO De conformidad con lo establecido en el ArtĂ­culo 43 del Reglamento de Concesiones y Permisos de OperaciĂłn, se pone en conocimiento del pĂşblico en general que, mediante ResoluciĂłn No. 027/2011 de 11 de abril del 2011, el Presidente del Consejo Nacional de AviaciĂłn Civil ha aceptado a trĂĄmite la siguiente solicitud: Nombre de la compaùía: SANTA BARBARĂ AIRLINES C.A. (AEROBARBARA) Representante Legal: Naranjo MartĂ­nez & Asociados CĂ­a. Ltda., Apoderado General ABOGADO: Dr. Marco SubĂ­a MartĂ­nez Tipo de solicitud: Modificar su permiso de operaciĂłn de servicio de transporte aĂŠreo, pĂşblico, internacional, regular, de pasajeros, carga y correo de forma combinada, otorgado mediante Acuerdo 023/2009 el 13 de abril del 2009, modificado mediante Acuerdo 020/2011 el 29 de marzo del 2011, a fin de ampliar su equipo de vuelo con las siguientes aeronaves: Boeing B-767 rentadas bajo la modalidad de west lease a la compaùía Smart Lynx Airlines, En todos los demĂĄs se mantiene sin modificar el permiso de operaciĂłn. Distrito Metropolitano de Quito, 11 ABR. 2011 Dr. Julio Carrera Grijalva SECRETARIO GENERAL DEL CONSEJO NACIONAL DE AVIACIĂ“N CIVIL AR/82560/cc


<C K@E>F# G8IIFHL@8 8C8E>8J@# :8EKFE HL@KF# GIFM@E:@8 ;< G@:?@E:?8 # ;< )'' D<KIFJ :L;I8;FJ% ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % HL@KF # '* [\ =\Yi\if [\c )%''0# cXj '0_,. %$M@JKFJ%$<e m`ikl[ [\c jfik\f hl\ Xek\Z\[\ XmfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX %$ <e cf gi`eZ`gXc cX [\dXe[X \j ZcXiX p gi\Z`jX # gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ fi[`eXi`f%$ :�iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X X cfj [\dXe[X[fj j\Œfi\j =I8E:@J:F I8D@IF :FIFE<C# D8I@8 <C<E8 E8A8J :FIK<Q # I8LC M<C8 98;@CCF p D8I@8 <L=<D@8 Q8D9I8EF G8C8:@FJ # gXiX hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\e cX [\dXe[X p gif$ gfe^Xe kf[Xj cXj \oZ\gZ`fe\j [\ hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX %$:ˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX%$ @ejZiˆYXj\ \jkX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXek�e %$ :ˆk\j\ kXdY`„e Xc Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`Z`Xc [\j`^eX[fj%$ 8^i„^l\j\ cX [fZld\ekXZ`�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 # () [\ DXiqf [\c )%'('# cXj (+_+( %$ Gfi j\i gifZ\[\ek\ p Zfe]fid\ \c 8ik% .' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c # j\ XZ\gkX cX i\]fidX X cX [\dXe[X hl\ _XZ\ cX XZkfiX # gfi kXekf Zˆk\j\ Zfe kf[f cf XZklX[f p \jkX i\]fidX X cfj [\dXe[X$ [fj # Zfe]fid\ cf fi[\eX[f \e Xlkf `e`Z`Xc%$ 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# dXik\j ( [\ DXiqf [\c )%'((# cXj ((_+.%$ 8k\ekf \c aliXd\ekf [\ cX XZkfiX# Zˆk\j\ X cfj [\dXe$ [X[fj j\Œfi\j =I8E:@J:F I8D@IF :FIFE<C# D8I@8 <C<E8 E8A8J :FIK<Q # I8LC M<C8 98;@CCF p

D8I@8 <L=<D@8 Q8D9I8EF G8C8:@FJ gfi cX gi\ejX # \e cX ]fidX gi\m`jkX gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\%$ ] % ;i% AX`d\ :Xej\Zf >l\ii\if Al\q Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j [\ c\p # gi\m`e`„e[f$ c\ [\j`^e\ jl [fd`Z`c`f \e \c Alq^X[f Efm\ef [\ cf :`m`c p [\ekif [\c g\iˆd\kif c\^Xc%$ ;I% ALC@F DLzFQ J<:I<K8I@F ALQ>8;F EFM<EF :@M@C G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0'./&k] C8 I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C1 G8FCF 8;I@8E :ILQ :F98# ?<IE8E K?F?@JC8M :FII<8 :F98# ?<I<;<IFJ P GI<JLEKFJ ;<J:FEF:@;FJ ;< C8 J<zFI81 DFE@:8 :<:@C@8 :F98 IL@Q% 8:KFI1 =CFI@;8C98 98II< :8II8J:F% ;<D8E;8;F1 G8FCF 8;I@8E :ILQ :F98# ?<IE8E K?F?@JC8M :FII<8 :F98# ?<I<;<IFJ P GI<JLEKFJ ;<J:FEF:@;FJ ;< C8 J<zFI81 DFE@:8 :<:@C@8 :F98 IL@Q% :L8EK@81 @E;<K<ID@E8;8 AL@:@F FI;@E8I@F Ef%% )'('$)0- ;> ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\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\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cf XZ\gkX X ki}d`k\% <e Zfej\Zl\eZ`X# Zfe cX [\dXe[X gi\j\ekX[X p gifm`[\eZ`X hl\ Xek\Z\[\# Z�iiXj\ kiXjcX[f X cfj j\Œfi\j G8FCF 8;I@8E :ILQ :F98# ?<IE8E K?FD@JC8M :FII<8 :F98# ?<I<;<IFJ P GI<JLEKFJ ;<J:FEF:@;FJ ;< C8 J<zFI8 DFE@:8 :<:@C@8 :F98 IL@Q%# gXiX hl\ Zfek\jk\e \e \c k„id`ef [\ hl`eZ\ [ˆXj# Zfe Xg\iZ`Y`d`\ekf

[\ cXj gXik\j \e i\Y\c[ˆX% ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXc\ 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 [`j$ gl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj G8FCF 8;I@8E :ILQ :F98# ?<IE8E K?FD@JC8M :FII<8 :F98# ?<I<;<IFJ P GI<JLEKFJ ;<J:FEF:@;FJ ;< C8 J<zFI8 DFE@:8 :<:@C@8 :F98 IL@Q# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`$ Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p X^i„^l\j\ cfj [fZld\ekfj hl\ j\ XZfdgX$ ÂŒX%$ Efk`]ˆhl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0'))&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 8C J<zFI D8IKĂ E <D@C@F N@;;LG DFC@E8# ;< C8 ;<D8E;8 ;< AL@:@F FI;@E8I@F# GIFGL<JKF <E JL :FEKI8 GFI <C J<zFI G8KI@:@F =<IE8E;F ;< C8 :ILQ :?8:?8% 8:KFI1 G8KI@:@F =<IE8E;F ;< C8 :ILQ :?8:?8 ;<D8E;8;F1 D8IKĂ E <D@C@F N@;;LG DFC@E8 AL@:@F Ef% ()*+$)'('$ GI<J:I@G:@äE 8;HL@J@K@M8 FI;@E8I@8 ;< ;FD@E@F$

CONVOCATORIA A JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE SIDERURGICA ECUATORIANA S.A. De acuerdo con lo dispuesto en la Ley de Compaùías y el Estatuto Social de la Compaùía, se convoca a los seùores Accionistas de Siderúrgica Ecuatoriana S.A. (SIDEC), a la Junta General Ordinaria de Accionistas que se celebrarå el viernes 29 de abril del 2011, a partir de las 11H00, en sus oficinas ubicadas en las calles Sabanilla OE 5-210 y General Guerrero de la ciudad de Quito, con el objeto de tratar el siguiente orden del día: 1.2.3.4.-

5.6.-

Conocer y resolver sobre el informe del Gerente General, correspondiente al ejercicio económico del 2010; Conocer y resolver sobre el informe del Comisario correspondiente al ejercicio económico del 2010; Conocer y resolver sobre el informe de los Auditores Externos, correspondiente al ejercicio económico del 2010; Conocer y resolver sobre el Balance de Situación y el Estado de PÊrdidas y Ganancias correspondiente al ejercicio económico del 2010; Elección de Comisario principal y fijación de su remuneración; y, Designación de los Auditores Externos de la Compaùía.

De manera especial e individual se convoca al Comisario de la Compaùía, seùor economista Patricio Rojas Arias. El informe del Gerente General, informe del Comisario, Balance General, Estado de PÊrdidas y Ganancias y el informe de la Auditoría Externa se hallan a disposición de los seùores Accionistas en las oficinas de la Compaùía. Sr. Juan Eljuri Antón PRESIDENTE

L_l_h i_d \_beie\Wh [i" fhef_Wc[dj[" j[d[h bei e`ei Y[hhWZei" i_d jhWjWh Z[ WXh_hbei `Wc|i$ H;Dx :;I97HJ;I

DD% KI8D@K<1 FI;@E8I@F :L8EK@81 0%'''#'' ;FD@:@C@F AL;@:@8C Ef% +)-( ;\c ;i% Afj„ Cl`j D\jkXeqX 8iYfc\[X% GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf d`„iZfc\j (, [\ j\g$ k`\dYi\ [\c )'('# cXj (*_,'% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX# Zfd$ gc\kX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X j\ cX X[d`k\ X ki}d`k\ fi[`eXi`f%$ :fe cX [\dXe[X gi\j\ekX[X p Xlkf hl\ Xek\Z\[\# ZÂ?iiXj\ kiXjcX[f Xc [\dXe[X[f j\ÂŒfi D8IKĂ E <D@C@F N@;;LG DFC@E8 gXiX hl\ cX Zfek\jk\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfe 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\ cX [\dXe[X \e cX :fd`j`Â?e EXZ`feXc [\ Ki}ej`kf# Zfe]fi$ d\ cf \jkXYc\Z\ \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f% 8^i„^l\j\ cX [fZld\ekXZ`Â?e hl\ X[ale$ kX%$ Efk`]ˆhl\j\%$ ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ FKI8 GIFM@;<E:@8%$ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# m`\ie\j ), [\ dXiqf [\c )'((# cXj '0_+0% 8^i„^l\j\ Xc gif$ Z\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 j\ [`j$ gfe\ hl\ j\ Z`k\ Xc [\dXe[X[f DXikˆe <d`c`f N`[[lg Dfc`eX# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qX$ i}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`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[f$ c\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# \e \jkX Z`l[X[ [\ Hl`kf# gXiX gfjk\i`fi\j

efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0')*&k]

I<D8K<J 8M@JF ;< I<D8K< <OKI8:KF AL;@:@8C I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <C ;@8 AL<M<J M<@EK@J<@J ;< D8PF ;<C 8zF ;FJ D@C FE:<# ;<J;< C8J :8KFI:< ?FI8J ?8JK8 C8J ;@<:@F:?F ?FI8J <E C8 J<:I<K8I@8 ;< <JK< ALQ>8;F# J< GIF:<;<IĂ? 8C I<D8K< ;<C M<?@:LCF HL< 8 :FEK@EL8:@äE J< ;<K8CC81 AL@:@F ;< <D98I>F P I<D8K< Ef /0$)''/$G%K% <e \jk\ `edl\Yc\ j\ \eZl\e$ kiX gXihl\X[f X ZXdgf XY`\i$ kf# \c m\_ˆZlcf k`gf 8lkfdÂ?m`c DXiZX :?<MIFC<K# Df[\cf JG8IB ,G JK; (%'C% 8:K@MF# Zfcfi G<8IC 9C8:B# Dfkfi Ef% 9('J(,/(-+)B8)# :_Xj`j Ef% BC(DD-('(.:)(-'0(# 8ÂŒf )''.# GcXZXj Ef% GH;$/(,# p hl\ k`\e\ cXj j`^l`\ek\j ZXiXZ$ k\iˆjk`ZXj + ccXekXj# \e i\^lcXi \jkX[f# Zfe Xifj efidXc\j# [fj YiXqfj [\cXek\ifj Zfe gcldXj# [fj \jg\afj \ok\iefj i\kifm`jf$ i\j cXk\iXc\j# ( \jg\af i\kifm`jfi `ek\ief# Xek\eX [\ iX[`f# m`[i`fj Zfdgc\kfj# G8I89I@J8J KI@Q8;F# J`e ccXekX [\ \d\i$ ^\eZ`X# j`e _\iiXd`\ekXj Y}j`$ ZXj# ]Xifj efidXc\j Zfdgc\$ kfj# kXg`Z\iˆX `ek\i`fi \e Yl\e \jkX[f# gXe\c [\ Zfekifc\j Zfdgc\kf p \e Yl\e \jkX[f# j`e \eZ\e[\[fi [\ Z`^Xii`ccfj# iX[`f j`e dXjZXi`ccX# Zfe gXicXek\j# * dfhl\kXj# + Z`eklife\j [\ j\^li`[X[# + XgfpX$ZXY\qXj \e cfj Xj`\ekfj [\cXek\ifj p gfjk\i`fi\j# cX g`ekliX ^\e\$

iXc [\c m\_ˆZlcf \jk} \e Yl\e \jkX[f% <c f[�d\kif i\^`jkiX (,/%*., B`c�d\kifj [\ i\Zfii`$ [f# kfdXe[f \e Zl\ekX \c XŒf [\ ]XYi`ZXZ`�e# \c m\_ˆZlcf [\jZi`kf _X k\e`[f le ljf XefidXc% J\ ZfdgifY� jl ]leZ`feXd`\ekf p XgXi\ek\d\ek\ j\ \eZl\ekiX \e \jkX[f efidXc% Gi\Z`f [\ m\ekX [\c m\_ˆZlcf1 LJ; ('%+.,#'' D\efj1 ;\gi\Z`XZ`�e XelXc j\^’e C\p [\ I„^`d\e Ki`YlkXi`f )' ;\gi\Z`XZ`�e \e *- d\j\j [\ ljf 4 $-%)/,#'' MXcfi [\c XmXc’f +%(0'#'' JFE1 :L8KIF D@C :@<EKF EFM<EK8 ''&('' ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8% ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )0 [\ dXiqf [\c )'((# cXj ((_'(%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf hl\ Xek\Z\$ [\%$ :l…ek\j\ \e cf gfjk\i`fi Zfe \c XYf^X[f J\YXjk`~e JXX KXdXpf# \e cX ZXc`[X[ hl\ Zfd$ gXi\Z\%$ <e cf gi`eZ`gXc# Xk\ekf cf jfc`Z`kX[f gfi \c XZkfi# j\ j\Œ}cX gXiX \c [ˆX al\m\j m\`e$ k`j\`j [\ DXpf [\c XŒf [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`fZ_f _fiXj# X ]`e [\ hl\ k\e^X cl^Xi \e cX J\Zi\kXiˆX [\ \jkX Al[`ZXkliX \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f \e cX gi\j\ek\ ZXljX% Gfi kiXkXi$ j\ [\c gi`d\i j\ŒXcXd`\ekf# j\ XZ\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c XmXc’f \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X j\ i\Xc`qXi}e cXj glYc`ZXZ`fe\j [\ C\p# Xjˆ Zfdf kXdY`„e j\ ]`aXi}e cfj ZXik\c\j Zfe]fid\ [`jgfe\ \c 8ik% +,- [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ EFK@=@HL<J<%$ ] ;i% @m}e :\mXccfj QXdYiXef% AL<Q% J\ XZ\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXc’f# gfi kiXkXij\ [\c gi`d\i j\ŒX$ cXd`\ekf# \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0'//&k] ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K<

TRANSPORTES DEL VALLE TRANSTUVAL S.A. CONVOCATORIA A JUNTA GENERAL ORDINARIA DE ACCIONISTAS Conforme a lo dispuesto en el Estatuto Social, convĂłcase a los seĂąores Accionistas de la Compaùía Transportes del Valle “TRANSTUVAL S.A.â€?, y de manera individual a los seĂąores JosĂŠ Aguirre y FabiĂĄn DueĂąas Comisarios de la misma, a la Junta General Ordinaria de Accionistas, que tendrĂĄ lugar en las Oficinas de la Compaùía ubicadas en la Av. General RumiĂąahui No 1875 entre novena y dĂŠcima transversal, el dĂ­a SĂĄbado 30 de Abril del 2011, a las 8H00, con el objeto de conocer y resolver los puntos que constan en el siguiente orden del dĂ­a: 1. 2. 3. 4. 5.

6.-

Conocimiento y ResoluciĂłn de la denuncia presentada por la Sra. Accionista Myriam Castillo, y conocimiento de otras denuncias. Informe de los SeĂąores Comisarios Informe de los SeĂąores Administradores Conocimiento y aprobaciĂłn de los Balances: General y de PĂŠrdidas y Ganancias del Ejercicio EconĂłmico del AĂąo 2010. Elecciones de: a) Tribunal Electoral; b) Presidente; c) Gerente; d) Comisarios; e) Miembros principales y suplentes de las comisiones de: 1) ComisiĂłn de Disciplina y Vigilancia, 2) ComisiĂłn de Asuntos Sociales, Cultura y Deportes y 3) ComisiĂłn de Transportes. Lectura y AprobaciĂłn del Acta Ing. Diego Fuertes JimĂŠnez GERENTE GENERAL

Los documentos y mås información para la Junta, se encuentra a disposición de los seùores Accionistas en las oficinas de la Compaùía

Quito, abril 15 del 2011.

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc# hl\ \c [ˆX m\`ek\ p Z`eZf [\ dXpf [\c XÂŒf [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _fiXj# _XjkX cXj [`\q p fZ_f _fiXj# \e cX J\Zi\kXi`X [\c Alq^X[f J\^le[f [\ cX :`m`c [\ G`Z_`eZ_X# j\ cc\mXi} X \]\Zkf \c i\dXk\ [\c j`^l`\ek\ `edl\Yc\1 ;\gfj`kXi`f1 Ji% <ei`hl\ 8i`Xj Al`Z`f E— )0+$)''.$:@ L9@:8:@äE <c Y`\e `edl\Yc\ j\ \eZl\ekiX lY`ZX[f \e1 GXjXa\ Dlii`X^l` EÂ’d\if F\+$+/ @ek\ij\ZZ`Â?e 8m% 8d„i`ZX GXiifhl`X 9\eXcZ}qXi :XekÂ?e Hl`kf Gifm`eZ`X 1 G`Z_`eZ_X :cXm\ ZXkXjkiXc Ef% ((('*$')$ '*( Gi\[`f Ef% ),'0 K@GF ;< @EDL<9C< :fejkX [\1 K\ii\ef :fejkilZZ`Â?e ;8KFJ ;< C8 <J:I@KLI8 :\c\YiX[X1 <c )- [\ \e\if [\ )''- @ejZi`kX1 <c (* [\ ]\Yi\if [\ )''- C@E;<IFJ1 <c gi\[`f j\ \eZl\ekiX Z`iZlej$ Zi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj ^\e\iXc\j1 EFIK<1 :fe k\ii\ef [\ cfj m\e[\[fi\j JLI1 :fe \c k\ii\ef [\ cX j\ÂŒfiX 8e`kX Dl`iiX^l` [\ G`ekf <JK<1 :fe Xm\e`[X 8d„i`ZX F<JK<1 :fe k\ii\ef [\ cX gif$ g`X j\ÂŒfiX 8e`kX Dl`iiX^l` [\ G`ekf Ă?I<81 (**%'' d) :8I8:K<IĂ JK@:8J ;<C K<II<EF $ =fidX1 I\ZkXe^lcXi $ Kfgf^iX]ˆX1 GcXeX $ 8]\ZkXZ`Â?e1 E`e^leX <;@=@:8:@äE :fejkilZZ`Â?e [\ leX gcXekX1 $ JXcX $ <jkl[`f $ :fd\[fi $ :fZ`eX $ 9XÂŒf jfZ`Xc $ Le [fid`kfi`f d}jk\i $ Ki\j [fid`kfi`fj $ Le YXÂŒf ZfdgXik`[f

Ĉ

$ ;fid`kfi`f [\ \dgc\X[f $ CXmXe[\iˆX $ >XiXa\ : 8 I 8 : K < I Ă J K @ : 8 J :FEJKIL:K@M8J EèD<IF ;< G@JFJ1 ( Ă?I<8 ;< :FEJKIL::@äE1 )**%'' d) :@D@<EKFJ1 ?fid`^Â?e Z`ZcÂ?$ g\f <JKIL:KLI81 jfgfikXek\ [\ _fid`^Â?e XidX[f# gc`ekfj le`$ [fj X ZX[\eXj [\ Z`d\ekXZ`Â?e# ZfcldeXj# m`^Xj# cfjX [\ ZlY`\ikX CFJ81 ?fid`^Â?e XidX[f :@<CF I8JF1 Z_Xdg\X[f G8I<;<J1 dXdgfjk\iˆX \ Ycf$ hl\ \eclZ`[Xj p YcXehl\X[Xj G@JFJ1 gXihl\k \e jXcX# \jkl[`f# Zfd\[fi p [fid`kfi`fj :\i}d`ZX \e ZfZ`eX p YXÂŒfj M<EK8E8J1 Xcld`e`f p m`[i`f ZcXif GL<IK8J1 \ok\i`fi [\c ^XiXa\ d\k}c`ZX @ek\i`fi\j [\ dX[\iX gXe\cX[Xj p kXdYfiX[Xj :L9@<IK81 cfjX [\ _fid`^Â?e XidX[f G@<Q8J J8E@K8I@8J1 eXZ`f$ eXc\j @EJK% <C<:KI@:8J1 \dgfkiX$ [Xj @EJK% J8E@K8I@8J1 \dgfkiX$ [Xj G@EKLI81 \ok\i`fi \e i\^lcXi \jkX[f gfi ]XckX [\ dXek\e`$ d`\ekf D8EK<E@D@<EKF1 i\^lcXi :C8J@=@:8:@äE ;< J<:KFI QFE81 ;\jk`eX[f gXiX m`m`\e[X <EKFIEF1 J\ lY`ZX Xc efik\ [\ Hl`kf K@GF ;< C8 QFE81 <e Zfejfc`[X[f I<; M@8C1 K\e\dfj mˆXj [\ cX kiXdX liYXeX @ E = I 8 < J K I L : K L I 8 Gè9C@:81 :l\ekX Zfe cfj j\im`Z`fj Y}j`$ Zfj [\1 $ <e\i^ˆX \c„Zki`ZX $ 8^lX gfkXYc\ $ 8cZXekXi`ccX[f jXe`kXi`f $ J\im`Z`f k\c\]Â?e`Zf $ KiXejgfik\ gÂ’Yc`Zf $ I\Zfc\ZZ`Â?e [\ YXjliX $ :Xcc\j Xj]XckX[Xj <JK8;F ;< :FEJ<IM8:@äE

CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA Y UNIVERSAL DE ACCIONISTAS DE LA COMPAĂ‘Ă?A COMPLEMENTOS EMPRESARIALES COMEMP S. A. De conformidad con lo dispuesto en las pertinentes disposiciones legales y estatutarias, convoco a los accionistas de la compaùía COMPLEMENTOS EMPRESARIALES COMEMP S.A., a la Junta General Extraordinaria y Universal de Accionistas que se efectuarĂĄ el dĂ­a martes 26 de abril del 2.011 a las 17h00 en el domicilio de la compaùía, ubicado en la Av. Amazonas N36-152 y Av. Naciones Unidas, de la ciudad de Quito. La Junta convocada deberĂĄ resolver sobre el siguiente orden del dĂ­a: 1.- Reforma del Objeto Social y la consiguiente Reforma de Estatutos de la compaùía COMPLEMENTOS EMPRESARIALES COMEMP S.A. Dr. Juan Fernando Salazar Egas. GERENTE GENERAL. Quito, 15 de abril del 2.011.

San Rafael, Abril del 2011 AR/82565/cc

AR/82563/cc

AR/82558/cc

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ĉ

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

$ ;\ekif [\ cXj ZXiXZk\iˆjk`ZXj ZfejkilZk`mXj p k`gf [\ XZXYX$ [fj# cX \[`]`ZXZ`Â?e j\ \eZl\e$ kiX \e Zfe[`Z`fe\j i\^lcXi\j [\ _XY`kXY`c`[X[# pX hl\ j\ \eZl\ekiX fZlgX[f gfi \c Ji% DXiZf Gfcf 8cYlaX 8iifpf p JiX% M8 CF I8: @ ä E ;< C 8 GIFG@<;8; ;\jZi`gZ`Â?e2 Ă?i\X d)2 Gi\Z`f LJ;&d)2 Gi\Z`f KfkXc LJ;&d) K\ii\ef2 (**2 (,'2 (0%0,'#'' :fejkilZZ`Â?e2 )**2 (-'2 *.%)/'#'' KFK8C1 ,.%)*'#'' JFE1 :@E:L<EK8 P J@<K< D@C ;FJ:@<EKFJ KI<@EK8 ''&('' ;äC8I<J <c I\dXk\ k\e[i} Zfdf YXj\ cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f# ef j\ X[d`k`i}e gfjkliXj hl\ ef mXpXe XZfdgXÂŒX[Xj gfi cf d\efj [\c (' [\c mXcfi kfkXc [\ cX f]\ikX# \c hl\ j\ Zfej`^$ eXi} \e \]\Zk`mf f Z_\hl\ Z\i$ k`]`ZX[f X efdYi\ [\c Alq^X[f% <c `edl\Yc\ X i\dXkXij\# j\ \eZl\ekiX YXaf Zljkf[`X [\c ;\gfj`kXi`f Al[`Z`Xc <EI@HL< 8I@8J# hl`\e gf[i} gifgfi$ Z`feXi dXpfi `e]fidXZ`Â?e [\c `edl\Yc\% Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% ;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:&.0'--&k] I% ;<C <% ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <C ;@8 M<@EK@:@E:F ;< D8PF ;<C GI<J<EK< 8zF ;<J;< C8J :8KFI:< ?8JK8 C8J ;@<:@F:?F ?FI8J <E C8 J<:I<K8I@8 ;< <JK8 AL;@:8KLI8 J< CC<M8I8 8 <=<:KF <C I<D8K< ;< CF J@>L@<EK<1 AL@:@F1 M<I98C JLD8I@F Ef% (+0$)''0$F< ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )* [\ dXiqf [\c )'((# cXj (,_+)%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\$ Z\[\% 8k\ekf cf jfc`Z`kX[f j\ j\ÂŒXcX gXiX \c [ˆX ZlXkif [\ dXpf [\c gi\j\ek\ XÂŒf [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\$ Z`fZ_f _fiXj \e cX J\Zi\kXiˆX [\ \jkX Al[`ZXkliX X ]`e [\ hl\ k\e^X cl^Xi \c i\dXk\ [\ cX EfkX [\ :i„[`kf Ef% ''0.)0+ \d`$ k`[X gfi \c J\im`Z`f [\ I\ekXj @ek\ieXj JI@< [\ XZl\i[f X cf \jkXYc\Z`[f \e cX i\jfclZ`Â?e Ef% ((.'()''/II<:F(++00# [\ ]\Z_X (0 [\ efm`\dYi\ [\c )''/# :Â?[`^f (')(# XÂŒf )''.# [\jZi`gZ`Â?e I\ekX JfZ`\[X[\j gfi \c mXcfi [\ )'%(-+#(. M<@EK< D@C :@<EKF J<J<EK8 P :L8KIF ;FC8I<J :FE ;@<:@J@<K< :<EK8MFJ # EfkX [\ Zi„[`kf \d`k`[X X ]Xmfi [\ C@:FI<J ;<C <:L8;FI C@:FI;< J%8%# J\ Zldgc`i}e cXj [\d}j ]fidXc`[X[\j Zfe$ k\dgcX[Xj \e \c 8ik% +,- [\c :f[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\% ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ dXiqf [\c )'((# cXj '0_++%$ ;\ f]`Z`f j\ i\Zk`]`ZX cX gifm`[\eZ`X Xek\i`fi \e cX gXik\ hl\ [`Z\ É%%%ZlXkif [\ dXpf%%%É p [\Y\ j\i%%% m\`ek`Z`eZf [\ dXpf%%% <e cf [\d}j kf[f hl\[X `^lXc% Efk`]ˆhl\j\% ] ;i% @m}e :\mXccfj QXdYiXef% Al\q% J< I<:@9@I8E GFJKLI8J ;<J;< 8HL<CC8J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J GFI KI8K8IJ< ;< GI@D<I J<z8C8D@<EKF% Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj i\jg\Zk`mfj ]`e\j [\ C\p%

;i% Cl`j =\ieXe[f J\iiXef D% ?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 ;< I<D8K< I<=<I<E:@81 A L @ : @ F <A<:LK@MF Ef% ()),$)''.$ :MD J\ gfe\ \e ZfefZ`d`\ekf [\c glYc`Zf \e ^\e\iXc# hl\ \c ki\Z\ [\ dXpf [\c [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`fZ_f _fiXj# \e cX j\Zi\kXiˆX [\ „jkX Al[`ZXkliX# j\ gifZ\[\iX Xc i\dXk\ [\c ,' [\ [\i\Z_fj p XZZ`fe\j hl\ c\ g\ik\e\Z\e X cX [\dXe[X[X \e \c Y`\e `edl\$ Yc\ \dYXi^X[f# d`jdf hl\ j\ \eZl\ekiX j`^eX[f Zfdf Cfk\ Ef% (# [\c :fealekf I\j`[\eZ`Xc Gl\Ycf M`\af# lY`ZX[f \e \c ZXd`ef X cX YfZXkfdX [\ cX ZXjX [\ d}hl`eXj [\ cX <dgi\jX <c„Zki`ZX# GXiifhl`X :fefZfkf# ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ C@E;<IFJ%$ CX Z`kX[X gifg`\[X[ k`\e\ cfj j`^l`\ek\j c`e[\ifj1 EFIK<1 =XaX [\ k\ii\$ ef [\ gifg`\[X[ [\ cX <dgi\jX <c„Zki`ZX Hl`kf J%8%2 JLI1 :XjXj Ef% + p Ef% , [\c Zfealekf i\j`[\eZ`Xc Gl\Ycf M`\af2 <JK<1 :Xd`ef X cX YfZX kfdX [\ cX ZXjX d}hl`eXj [\ >lXe^fgfcf%$ F<JK<1 =XaX [\ k\ii\ef [\ gif$ g`\[X[ [\ cX \dgi\jX <c„Zki`ZX Hl`kf J% 8%# Zfe le }i\X kfkXc [\ (%-.0#d)%$ ;<J:I@G:@äE ;< C8 GIFG@<;8;1 <j [\ k\ii\ef `ii\^lcXi# [\ kfgf^iX]ˆX \e gXik\ gcXeX p \e fkiX Zfe g\e[`\ek\ [\ F\jk\ X <jk\# \o`jk\e [fj ZfejkilZZ`fe\j# k`\e\ gXik\ [\c gXk`f gXm`d\ekX[f# k`\e\ kf[fj cfj j\im`Z`fj Y}j`Zfj [\ `e]iX$ \jkilZkliX# k`\e\ Z\iiXd`\ekfj \e c`e[\ifj efik\# \jk\ p f\jk\# cX gifg`\[X[ j\ \eZl\ekiX ]fi$ dXe[f le jfcf Zl\igf Zfe cfj fkifj cfk\j [\c Zfealekf i\j`$ [\eZ`Xc hl\ jfe [\c d`jdf gif$ g`\kXi`f% <c Z\iiXd`\ekf k`\e\ cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 EFIK<1 DXdgfjk\iˆX [\ Ycf$ hl\ Zfe ZfcldeXj [\ _fid`^Â?e XidX[f# JLI1 Ef \o`jk\ Z\iiX$ d`\ekf [\]`e`[f# <JK<1 Gl\ikX [\ _`\iif [\ XZZ\jf m\_`ZlcXi p dXdgfjk\iˆX [\ Ycfhl\ Zfe ZfcldeXj [\ _fid`^Â?e XidX$ [f% :XiXZk\iˆjk`ZXj [\ cXj ZXjX \o`jk\ek\j1 :8J8 EèD<IF LEF1 :fejk`kl`[f [\ Yf[\^X# Zfejkil`[f [\ dXdgfjk\iˆX [\ Ycfhl\# \jkilZkliX [\ ZfcldeXj [\ dX[\iX# ZlY`\ikX [\ dX[\iX p k\aX# g`jf [\ Z\d\ekf# m\e$ kXeXj [\ dX[\iX p m`[i`f Zfe le }i\X [\ ('#+'d)2 :8J8 Ef% ;FJ%$ :fejk`kl`[f \e YXÂŒf# kXcc\i# f]`Z`eX# Zfejkil`[f [\ dXdgfjk\iˆX [\ Ycfhl\# \jkilZ$ kliXj [\ ZfcldeXj [\ dX[\iX# ZlY`\ikX [\ dX[\iX p k\aX# kldYX[f ]Xcjf [\ q`e^# gl\ikXj [\ kffc# 98zF1 I\ZlYi`d`\ekf [\ Z\i}d`ZX \e g`jf p gXi\[# jXe`kXi`fj eXZ`feXc\j# g`jfj [\ kXcc\i [\ Z\d\ekf p [\ f]`Z`eX [\ Z\i}d`ZX# m\ekXeXj [\ Xcl$ d`e`f p m`[i`f Zfe gifk\ZZ`f$ e\j [\ _`\iif# }i\X (.+#.'d)%$ 8M8CLä ;< C8 GIFG@<;8;1 K\ii\ef +(%0.,#ff2 :XjX Ef# Lef ./'#ff% :XjX Ef% ;fj (+%/+0#,'# [Xe[f le mXcfi kfkXc [\ :`eZl\ekX p J`\k\ D`c J\`jZ`\ekfj :lXkif ;Â?cXi\j 8d\i`ZXefj Zfe :`eZl\ekX :\ekXmfj ,.%-'+#,' % 8M8CLF ;<C ,' ;< ;<I<:?FJ P 8::@FE<J :FII<JGFE;@<EK< 8 C8 ;<D8E;8;8 <E <C 9@<E @EDL<9C< <D98I>8;F% <c XmXcÂ’f [\c ,' [\ ;\i\Z_fj p 8ZZ`fe\j hl\ c\ Zfii\jgfe[\e X cX [\dXe[X[X \j M<@EK@F:?F D@C F:?F:@<EKFJ ;FJ ;FC8I<J 8D<I@:8EFJ :FE M<@EK@:@E:F :<EK8MFJ )/%/')#), % ?}^Xj\ jXY\i Xc gÂ’Yc`Zf \e ^\e\iXc d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ [\Y\$ i}e i\Xc`qXij\ \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$

Ĺ?

Z`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf p ]ˆa\j\ cfj ZXik\c\j \e cfj cl^Xi\j d}j m`j`Yc\j p ]i\Zl\ekX[fj [\c GXcXZ`f [\ Aljk`Z`X [\ Hl`kf p gXiXa\j [\ cX ZXY\Z\iX ZXekfeXc [\ cX gXiifhl`X :fefZfkf% Gfi kiXkXij\ [\c gi`d\i j\ÂŒXcXd`\e$ kf# j\ XZ\gkXi}e gfjkliXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f g\i`Z`Xc [\c ,' [\ [\i\Z_fj p XZZ`fe\j XgifYX[f# cXj d`jdXj hl\ j\ gi\j\ekXi}e \e \jkX al[`ZXkliX X[alekXe[f \c [`\q gfi Z`\ekf \e Z_\hl\ Z\ik`$ ]`ZX[f X efdYi\ [\c Alq^X[f f \e [`e\if \e \]\Zk`mf%$ Cf hl\ Zfdle`Zf Xc glYc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ C\p% Hl`kf# *( [\ DXiqf [\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 ]`idX p j\ccf 8:&('*),&k] I [\c < ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;<C I<D8K< AL@:@F <A<:LK@MF Ef% (,*,$ )''0 ;iX% BA J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX m`\ie\j )0 [\ XYi`c [\c [fj d`c feZ\ [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`fZ_f _fiXj# \e cX j\Zi\kXiˆX [\ \jkX Al[`ZXkliX k\e[i} cl^Xi \c i\dXk\ [\ cX j„gk`dX gXik\ [\ cfj [\i\Z_fj p XZZ`fe\j ]`eZX[fj \e \c cfk\ [\ k\ii\ef hl\ X Zfek`elXZ`Â?e j\ [\kXccX1 L9@:8:@äE1 <c Y`\e `edl\Yc\ j\ \eZl\ekiX lY`ZX[f \e1 :Xcc\1 J&E$ @ek\ij\ZZ`Â?e1 G`f O@@$ EÂ’d\if J&E$ J\Zkfi1 JXe AlXe$ GXiifhl`X1 :Xc[\iÂ?e$$ :XekÂ?e1 Hl`kf$$Gifm`eZ`X1 G`Z_`eZ_X$$ Gi\[`f eÂ’d\if1 +(,*00 $ :cXm\ :XkXjkiXc1 (+*(,$',$'(/%$ C@E;<IFJ1 EFIK<1 <e gXik\ Zfe gifg`\[X[ gXik`ZlcXi p \e fkiX Zfe gifg`\[X[ [\ CfcX JXcXj M}jhl\q# \e leX \ok\e$ j`Â?e [\ +'%+' d\kifj% JLI1 :fe k\ii\efj [\ G\[if >feq}c\q# \e leX \ok\ej`Â?e [\ +'%+'d\kifj2 <JK<1 :fe gcXqX GÂ’Yc`ZX# \e leX \ok\ej`Â?e [\ (.%.' d\kifj2 F<JK<1 :fe k\ii\efj [\ AlXe ;\ ;`fj AXiXd`ccf# \e leX \ok\e$ j`Â?e [\ (.%.' d\kifj%$ 8I<8 KFK8C ;<C K<II<EF1 ;fj d`c j\`jZ`\ekfj m\`ek\ p [fj d\kifj ZlX[iX[fj Zfe Z`eZl\e$ kX p ki\j Z\ekˆd\kifj ZlX[iX[fj )%-))#,* % <;@=@:8:@FE1 J\ XZcXiX hl\ \e cX leX j„gk`dX gXik\ [\ cfj [\i\Z_fj p XZZ`fe\j dXk\i`X [\ \jk\ gifZ\jf \o`jk\ leX \[`]`$ ZXZ`Â?e [\ ki\j gcXekXj Zfe le }i\X [\ d`c m\`ek\ p [fj d\kifj ZlX[iX[fj (%'))#''d) : 8 I 8 : K < I @ J K @ : 8 J :FEJKIL:K@M8J1 Ă?i\X [\ ZfejkilZZ`Â?e (%'))#''d) $ EÂ’d\if [\ g`jfj1 Ki\j $ :`d`\ekfj1 ?fid`^Â?e Z`ZcÂ?g\f $ <jkilZkliX1 JfgfikXek\ [\ _fid`^Â?e XidX$ [f# gc`ekfj le`[fj X ZX[\eXj [\ Z`d\ekXZ`Â?e# ZfcldeXj# m`^Xj $ CfjX [\ \eki\g`jf1 ;\ _fid`^Â?e XidX[f $ KldYX[f1 :_X]X[f Æ GXi\[\j1 ;\ Ycfhl\ \eclZ`[f p g`ekX[f Æ G`jfj1 :\i}d`ZX \e cfZXc\j Zfd\iZ`Xc\j# YXÂŒfj# ZfZ`eXj# GXihl\k \e jXcX p [fi$ d`kfi`fj# \ok\i`fi\j [\ Z\d\ekf p X[fhl`eX[f \e cfj ^XiXa\j p gXk`f \ok\i`fi Æ Gl\ikXj1 >XiXa\ leX d`okX dX[\iX p d\kXc # fkiX d\k}c`ZX# cfZXc\j Zfe d\k}c`ZXj \eifccXYc\j# \ok\$ i`fi\j \ `ek\i`fi\j [\ dX[\iX gXe\cX[X Æ M\ekXeX1 ;\ _`\iif p m`[i`f ZcXif Æ >iX[X1 ?fid`^Â?e XidX[f p gXjXdXef d\k}c`$ Zf Æ @ejkXcXZ`fe\j jXe`kXi`Xj1 <ZfeÂ?d`ZXj Æ @ejkXcXZ`fe\j \c„Zki`ZXj1 <dgfkiX[Xj Æ DXek\e`d`\ekf1 9l\ef% <JK8;F ;< :FEJ<IM8:@FE1 ;\ekif [\ cXj ZXiXZk\iˆjk`ZXj ZfejkilZk`mXj p k`gf [\ XZXYX$ [fj# cX \[`]`ZXZ`Â?e j\ \eZl\ekiX \e Zfe[`Z`fe\j Yl\eXj [\ _XY`$ kXY`c`[X[% 8I<8 ;< :FEJKIL::@FE1 ('))%'' d) o L;J% (-'#'' 8M8 C L F ;< C 8 : F E JK I L : : @ F E 1 L ; J (-*%,)'#'' I<JLD<E1 8M8CLF ;<C K<II<EF1 LJ;% (/%.*)#*, 8M8 C L F ;< C 8

Ied bei ‡cf[jki Z[ bWi fWi_ed[i Z[ib# _pWZeh[i Z[ bW YehZkhW" o Wbb‡ [i [b h_[i]e Z[ f[hZ[hi[$ 87BJ7I7H =H79?ÛD

:F E JK IL :: @ F E 1 L J ;% (-*%,)'#'' 8M8CLF KFK8C1 LJ;1 (/)%),)%*, JFE1 :@<EKF F:?<EK8 P ;FJ D@C ;FJ:@<EKFJ :@E:L<EK8 P ;FJ :FE *,&('' ;< ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8% ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ ]\Yi\if [\c )'((# cXj (.?')%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX$ [f%$ <e Xk\eZ`Â?e Xc d`jdf p X cX iXqÂ?e j\ekX[X gfi \c J\Zi\kXi`f# j\ j\ÂŒXcX gXiX \c [ˆX m`\ie\j )0 [\ XYi`c [\c )'(( [\j[\ cXj (+?'' _XjkX cXj (/?'' `eZclj`$ m\# X ]`e [\ hl\ k\e^X cl^Xi \e cX j\Zi\kXiˆX [\ \jkX al[`ZXkliX \c I<D8K< [\ cX j„gk`dX gXik\ [\ cfj [\i\Z_fj p XZZ`fe\j ]`eZX$ [fj \e \c cfk\ [\ k\ii\ef j`klX$ [f \e cX GXiifhl`X [\ :Xc[\iÂ?e ZlpXj [`d\ej`fe\j p [\d}j \jg\Z`]`ZXZ`fe\j ZfejkXe [\c `e]fid\ gi\j\ekX[f gfi \c j\ÂŒfi G\i`kf%$ GlYcˆhl\j\ \c \okiXZkf# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ ZfcÂ?$ hl\j\ cfj i\jg\Zk`mfj ZXik\c\j p [„j\ Zldgc`d`\ekf X kf[Xj cXj ]fidXc`[X[\j c\^Xc\j%$ Gfi kiX$ kXij\ [\ j\^le[f j\ÂŒXcXd`\e$ kf# kf[X gfjkliX [\Y\i} ZlYi`i gfi cf d\efj \c Z`eZl\ekX gfi Z`\ekf [\c mXcfi [\c XmXcÂ’f giXZ$ k`ZX[f%$ 8 ZX[X gfjkliX [\Y\i} XZfdgXÂŒXij\ \c [`\q gfi Z`\ekf [\c mXcfi [\ cX f]\ikX# \e [`e\if \e \]\Zk`mf p&f Z_\hl\ Z\ik`]`$ ZX[f X fi[\e [\c Alq^X[f%$ J\ Zfd`j`feX Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ :Xc[\iÂ?e# X ]`e [\ hl\ ]`a\ cfj ZXik\c\j# hl\ [Xe glYc`Z`[X[ Xc i\dXk\ \e cfj gXiXa\j d}j ZfeZlii`[fj [\ cX d\ekX[X cfZXc`[X[ pX hl\ \e \jkX j\ \eZl\ekiX ]`eZX[X \c `edl\Yc\ X i\dXkXij\# \emˆ\j\ [\jgXZ_f \e ]fidX p [„j\ Zldgc`d`\ekf X kf[Xj cXj ]fidXc`[X[\j c\^Xc\j%$ EFK@=@HL<J<%$ ] %$ ;I% =<C@G< @E=8EK< I<P# AL<Q < % Gfi kiXkXij\ [\c j\^le[f j\ÂŒXcXd`\ekf j\ i\Z`Y`i}e cXj gfjkliXj hl\ ZlYiXe gfi cf d\efj \c Z`eZl\ekX gfi Z`\ekf [\c mXcfi [\c XmXcÂ’f giXZk`ZX[f \e Z_\hl\ Z\ik`]`ZX[f X efd$ Yi\ [\c Alq^X[f f \e [`e\if \e \]\Zk`mf Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p%$ 8Y^% Afi^\ D`\i 9liYXef J\Zi\kXi`f ?Xp ]`idX p j\ccf 8:&./,(/&k] 8M@JF ;< I<D8K< ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 AL@:@F <D98I>F P I<D8K< Ef% /,.$)''0 =%M% <OKI8:KF J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \e cX j\Zi\kXiˆX [\ \jk\ Alq^X[f [\j[\ cXj (+_'' _XjkX cXj (/_'' [\c [ˆX [`\Z`el\m\ [\ dXpf [\c XÂŒf [fj d`c feZ\# j\ mX X cc\mXi X ZXYf \c i\dXk\ [\c j`^l`\ek\ m\_ˆZlcf2 dXiZX I\eXlck# df[\$ cf cf^Xe# k`gf XlkfdÂ?m`c j\[Xe# XÂŒf )''.# Zfcfi ^i`j g\icX# dfkfi =.('L9.)0''# Z_Xj`j1 0=9CJI8?9.D,',-,'# [\ gcXZXj GHF$(,) @ejg\ZZ`Â?e m`jlXc%$ IXpÂ?e \e g`ekliX cX[f XZfdgXÂŒXek\ gl\ikX gfjk\i`fi% $ J`e iX[`f Æ Dfkfi j`e ]leZ`feXi p j`e [XÂŒfj XgXi\ek\j%$ @ek\i`fi [\c Xlkf \e i\^lcXi \jkX[f%$ 8ek\eX \e Yl\e \jkX[f%$ ) I\kifm`jfi\j% $ :_XgX [\ cX ZXal\cX [XÂŒX[X# ef j\ gl\[\ m\i`]`ZXi j` k`\e\ ^XkX p ccXekX [\ \d\i^\eZ`X% Æ + CcXekXj \e Yl\e \jkX[f Xifj fi`^`eXc\j %$ 9Xk\iˆX [\jZXi^X[X% Æ G`ekliX \e i\^lcXi \jkX[f% F9J<IM8:@FE<J Ef j\ gl\[\ [\k\id`eXi \c \jkX[f [\c dfkfi [\Y`[f X hl\ cX YXk\iˆX [\j$ ZXi^X[X% 8M8 C è F K y : E @ : F :FD<I:@8C

;<J:I@G:@äE 8zF <JK8;F M@;8 èK@C% M8CFI I<J@;% =F D@E% =; =F =D G= I<E8LCK CF>8E )''. I<>LC8I (, (, .' '%0) '%0. '%., '%-. <OGI<J8;F <E ;äC8I<J M8CFI ;< I<GFJ@:@äE ('%'''%'' M8CFI 8:KL8C -%.',#(' 8M8 C è F K y : E @ : F :FD<I:@8C Cl\^f [\ Xgc`ZXi Zi`k\i`f [\ mXcfiXZ`Â?e kfdXe[f \e Zl\ekX XÂŒf [\ ]XYi`ZXZ`Â?e# ]XZkfi [\ fg\iXZ`Â?e p [\ dXek\e`d`\ekf# \c mXcfi [\c XmXcÂ’f \j [\ J<@J D@C J<K<:@<EKFJ :@E:F ;äC8I<J 8D<I@:8EFJ :FE ;@<Q :<EK8MFJ -#.',%(' % <c i\dXk\ k\e[i} Zfdf YXj\ cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f# ef j\ X[d`k`i} gfjkliXj hl\ ef mXpXe XZfdgXÂŒX[Xj gfi cf d\efj [\c (' [\c mXcfi kfkXc [\ cX f]\ikX# \c hl\ j\ Zfej`^$ eXi} \e \]\Zk`mf f Z_\hl\ Z\i$ k`]`ZX[f X efdYi\ [\c Alq^X[f% <c m\_ˆZlcf X i\dXkXij\# j\ \eZl\ekiX YXaf Zljkf[`X [\c ;\gfj`kXi`f Al[`Z`Xc# C:;F% :8ICFJ E8GFC<äE ;<C G@EF hl`\e gf[i} gifgfiZ`feXi dXpfi `e]fidXZ`Â?e \ `e[`ZXi \c m\_ˆZlcf% Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j%$ ;I% AL8E >8CC8I;F H% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0')/&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< J\ _XZ\ ZfefZ\i Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j [\ C\p Zfej`^l`\ek\j# hl\ gfi [`jgf$ j`Z`Â?e [\c j\ÂŒfi Al\q ;„Z`df [\ cf :`m`c [\ G`Z_`eZ_X# [`ZkX[X \e \c al`Z`f <a\Zlk`mf j`^eX[f Zfe \c Eif% ()+)$)''/$AI# \e cX j\Zi\kXiˆX [\c Alq^X[f# \c [ˆX m\`ek\ p el\m\ [\ XYi`c [\c [fj d`c feZ\ [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj#

j\ cc\mXi} X ZXYf \c i\dXk\ [\c Z`eZl\ekX gfi Z`\ekf [\ [\i\Z_fj p XZZ`fe\j [\c Y`\e `edl\Yc\ ZlpXj ZXiXZk\iˆjk`ZXj j\ [\kXccXe X Zfek`elXZ`Â?e1 L9@:8:@äE1 CX gifg`\[X[ j\ \eZl\ekiX cX ZXcc\ Ăˆ:É Ef% E+,$0) p ZXcc\ :Xe\cX [\c :fealekf ?XY`kXZ`feXc [\c :fe[fd`e`f 8iXlaf >Xm`cXe\j# j`klX[f \e cX gXiifhl`X [\ :_Xlg`Zilq# g\ik\e\Z`\ek\ Xc ;`jki`kf D\kifgfc`kXef [\ Hl`kf% C@E;<IFJ ><E<I8C<J ;< C8 GIFG@<;8; EFIK<1 <e )0#,' d% Zfe gifg`\$ [X[ [\ 9XZX G}\q :`X% Ck[X% JLI1 <e )0#'' d% Zfe cfk\ Ef% ,( [\ cX d`jdX LiYXe`qXZ`Â?e% <JK<1 <e (.#'' d% Zfe cfk\ Ef% ,) F<JK<1 <e (.%,' d% Zfe ZXcc\ : 8I<8 4 ,+*#), d)% C@E;<IFJ ;< C8 LE@;8; ;< M@M@<E;8 Ef% LEF ,' [\i\Z_fj p XZZ`fe\j EFIK<1 <e ((%,' d% Zfe gifg`\$ [X[ [\ cX \dgi\jX 9XZX G}\q% :ˆX% Ck[X% JLI1 <e ((#,' d% Zfe cX le`[X[ [\ m`m`\e[X Ef%) [\c Zfe[fd`$ e`f :Xicfj 8cY\ikf >Xm`cXe\j% <JK<1 <e .%/' d% Zfe \jgXZ`f m\i[\ [\c Zfe[fd`e`f :Xicfj 8cY\ikf >Xm`cXe\j hl\ c`d`kX Zfe \c cfk\ Ef% ,) F<JK<1 <e 0%-' d% Zfe aXi[ˆe [\c Zfe[fd`e`f hl\ [X X cX ZXcc\ Ăˆ:Ăˆ 8I<8 4 ),(%,' d)% 8CĂ :LFK8 ,' ;<J:I@G:@äE ;< C8 GIFG@<;8; CX gifg`\[X[ \e ^\e\iXc k`\e\ [\ZcXiXkfi`X [\ gifg`\[X[ _fi`$ qfekXc Zfe leX 8cˆZlfkX [\ ,' [\ [\i\Z_fj p XZZ`fe\j X ZX[X lef [\ cfj gifg`\kXi`fj \jkf \e k\ii\ef% CXj ZfejkilZZ`fe\j j\ cf _Xe i\Xc`qX[f X[fjX[Xj Zfe cXj d`j$ dXj \jg\Z`]`ZXZ`fe\j k„Ze`ZXj p [`jki`YlZ`fe\j% LE@;8; ;< M@M@<E;8 Ef% LEF K<II<EF ;\ ]fidX `ii\^lcXi GcXef K`\e\ kf[fj cfj j\im`Z`fj Y}j`$ Zfj [\ `e]iX\jkilZkliX Zfdf X^lX gfkXYc\# XcZXekXi`ccX[f clq \c„Zki`ZX p k\c„]fefj% <o`jk\ leX ZfejkilZZ`Â?e [\ [fj ]fidXj ZfejkilZk`mXj [\ ZlY`\i$ kX [\ k\aX p fkiX gXik\ [\ cfjX [\ _fid`^Â?e XidX[f g\if hl\ ]fidX leX jfcX ZfejkilZZ`Â?e CX gXik\ ]ifekXc \j }i\X ZfdleXc [\ Zfe[fd`e`f% :<II8D@<EKFJ EFIK<1 DXdgfjk\iˆX [\ Ycf$

CONVOCATORIA ACTA DE JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE “INARAISA - INSEMINACION ARTIFICIAL AGROINDUSTRIAL S.A.â€? Se convoca a los seĂąores accionistas de la compaùía INARAISA, a la Junta General que se realizara el dĂ­a jueves 28 de abril / 2011, a las 18h00 en la calle Bello Horizonte E 8-80 y Av. 6 de diciembre, en la que se tratara los siguientes puntos: 1.- APROBACION DEL ACTA DEL 31 DE MARZO / 2011. 2.- CUOTAS NECESARIAS PARA AĂ‘O 2011. 3.- AUTORIZACION DE LOS ACCIONISTAS PARA LA LIQUIDACION DE INARAISA. Quito, 14 de Abril / 2011

hl\ \e gXi\[\j [\ cX ZXjX \o`jk\ek\% JLI1 DXdgfjk\iˆX [\ cXj ZXjXj X[fjX[Xj p hl\ [\c`d`kXe jlj }i\Xj [\ [\i\Z_fj p XZZ`fe\j% <JK<1 DXdgfjk\iˆX [\ Ycfhl\ Zfe ZfcldeXj [\ _fid`^�e XidX[f% F<JK<1 DXdgfjk\iˆX [\ Ycf$ hl\ Zfe m\iaX [\ _`\iif# gl\ikXj [\ ^XiXa\ p g\XkfeXc [\ kffc p _`\iif% :8J8 ;< M@M@<E;8 :fejk`kl`[X [\ [\je`m\c\j2 $'%0' d%1 ;fj [fid`kfi`fj# YXŒf# \jkXi \e gXik\ Zfe ZlY`\ikX [\ cfjX [\ _fid`^�e XidX[f% $'%0' d%1 ;fj [fid`kfi`fj p YXŒf# \e gXik\ [\ cX ZfejkilZ$ Z`�e ]ifekXc% " '%0' d%1 :fZ`eX# Zfd\[fi# \jkXi% " (%,' d% JXcX# YXŒf# \jkl[`f \e [fj XdY`\ek\j% :fejkil`[f [\1 <jkilZkliX [\ gc`ekfj# Zfcld$ eXj# cfjXj p m`^Xj jlg\i`fi\j [\ _fid`^�e XidX[f% DXdgfjk\iˆX [\ cX[i`ccf% <eclZ`[fj `ek\iefj p \ok\iefj \e gXik\ Zfe k\id`eX[fj Z_Xd$ g\X[fj% KldYX[fj Z_X]\X[fj :lY`\ikX \e gXik\ [\ cfjX [\ _fid`^�e XidX[f p \e fkiX ZlY`\ikX [\ dX[\iX [\ [l\cX# m`^Xj [\ Z_Xglc% K\Z_f \e gXik\ k\aX p \e fkiX [\ \k\ie`k gXiX ZlYi`i ^fk\iXj G`jfj [\ Z\i}d`ZX \e gXik\ \e fkiXj [\ kXYc�e [\ dX[\iX Gl\ikXj [\ dX[\iX :cfj\k [\ dX[\iX >iX[Xj [\ kXYc�e [\ dX[\iX# gXjXdXefj [\ _`\iif Zfe dXe$ ^�e [\ dX[\iX% M\ekXeXj [\ Xcld`e`f p m`[i`f \e gcXekX YXaX Zfe gifk\ZZ`f$ e\j% 98zFJ1 :fe i\ZlYi`d`\ekfj [\ Z\i}d`ZX p jXe`kXi`fj eXZ`feX$ c\j# Zfik`eXj [\ YXŒf [\ Xcld`$ e`f p XZiˆc`Zf% :F:@E81 G`jfj [\ YXc[fjX# d\j�e [\ _fid`^�e Zfe i\Zl$ Yi`d`\ekf [\ dXid\k�e# dl\$ Yc\j [\ dX[\iX% <JK8;F1 I\^lcXi j`e dXek\$ e`d`\ekf% 8I<8 4 *,.#*' d)% 8M8CLF ;< C8 GIFG@<;8;

K\ii\ef ,' [\ [\i\Z_fj p XZZ`fe\j ).(#,' d) X /,#'' Z&d) )*%'..#,' :XjX [\ m`m`\e[X *,.#*' d) X )0,#'' Z&d) (',%+'*#,' JLD81 ()/%+/(#'' JFE1 :@<EKF M<@EK< P F:?F D@C :L8KIF:@<EKFJ F:?<EK8 P LEF# Zfe ''&('' ;FC8I<J 8D<I@:8EFJ% J\ i\Z`Y`i}e X kf[Xj Xhl\ccXj gfjkliXj hl\ ZlYiXe gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\c XmXc’f XgifYX[f# [\Y`\e[f cfj `ek\i\jX[fj XZfdgXŒXi gfi cf d\efj \c [`\q gfi Z`\ekf [\c mXcfi [\ jlj f]\ikXj# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`$ ]`ZX[f X efdYi\ [\c Alq^X[f% @e]fid\j \e cX J\Zi\kXiˆX [\ \jkX al[`ZXkliX p Ji% FjnXc[f D`Œf AXiXd`ccf ;\gfj`kXi`f Al[`Z`Xc% Al`Z`f <a\Zlk`mf ()+)$ )''/ A%:%I% ;I% <;>8I ? 8 I F M8C<EQL<C8 J<:I<K8I@F < ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./*-.&k]

J<E8>L8 :@K8:@äE 8 CFJ J<zFI<J LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J# GIFM<E@<EK<J ;<C I8D8C @QHL@<I;F ;< C8 8:<HL@8 <C HL@EKF# G8I8 LJF ;< 89I<M8;<IF P I@<>F# <E <C :8L;8C '#(0 C&J# L9@:8;8 <E C8 G8IIFHL@8 G@EK8># :8EKäE HL@KF# GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI1 =Xljkf If[i`^f :fi\ccX IXdfj F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgif$ m\Z_Xd`\ekf [\ X^lXj gXiX ljf [\ XYi\mX[\if p i`\^f ;\ekif [\c ki}d`k\ E— (,.)$(' :@$:j DPD J\ _X [`ZkX[f cX j`^l`\ek\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8# ;<D8I:8:cFE ?@;IF>I8=@:8 ; <

CONVOCATORIA Se convoca a todos los seùores accionistas, de conformidad a los Estatutos y ley de Compaùías a la sesión de Junta General Ordinaria, que se llevarå a cabo el día såbado 30 de abril del 2011 a las 9H00 en la oficina de la compaùía, ubicada en la parroquia Calderón Calle Duchicela Nro. 130, con el objeto de tratar los siguientes puntos: 1.- Informe de Administradores 2.- Informe de Comisario 3.- Lectura y aprobación de los estados financieros correspondientes al aùo 2010 4.- Aprobación del presupuesto para el aùo 2011 5.- Informe Aumento de Capital Se convoca de manera especial al seùor comisario de la Compaùía, Dr. Hugo Erazo Gonzålez Los estados financieros e informes se hallan a disposición de los seùores accionistas en la oficina de la compaùía. Msc. Jorge Erazo Gonzålez Presidente Ejecutivo Pedro Gonzålez T. Gerente.-

EL PRESIDENTE A.P./48836/k.m.

A.P./48834/k.m.


<JD<I8C;8J% QfeXc Hl`kf%$ Ki}d`k\ E— (,.)$('$:@ :j# Hl`kf# (/ [\ ]\Yi\if [\ )'((% CXj (,?*'%$ <e cf gi`eZ`gXc%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f gfi \c j\ÂŒfi =Xljkf If[i`^f :fi\ccX IXdfj# [\ ]\Z_X (. [\ ]\Yi\if [\c )'((# Zfe \c hl\ Zfdgc\kX cX jfc`Z`kl[ [\ :XeZ\cXZ`Â?e p :feZ\j`Â?e [\c [\i\Z_f [\ Xgifm\Z_Xd`\ekf [\ cXj X^lXj# fkfi^X[X \e j\ek\e$ Z`X [\@ )0 [\ fZklYi\ [\ )''( X ]Xmfi [\c j\ÂŒfi ?\ie}e Fik`q :XcmXZ_\# cXj X^lXj gifm\e`\e$ k\j [\c iXdXc `qhl`\i[f [\ cX XZ\hl`X <c Hl`ekf# \e \c ZXl[Xc '# (0 c&j# gXiX ljf [\ XYi\mX[\if p i`\^f# j`klX[X \e cX gXiifhl`X G`ekX^# ZXekÂ?e Hl`kf# Gifm`eZ`X G`Z_`eZ_X cX d`jdX hl\ \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gk\ gXiX jl ki}d`k\% $ 8k\e[`\e[f cf jfc`Z`kX[f p [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /.# c`k\iXc X [\ cX C\p [\ 8^lXj# Zˆk\j\ X cfj j\ÂŒfi\j1 ?\ie}e Fik`q :XcmXZ_\2 If[i`^f :XZ_ldYX 8j`gl\cX# Gi\j`[\ek\ [\ cX 8jfZ`XZ`Â?e [\ KiXYXaX[fi\j 8^i`ZfcX CX C`Y\ikX[ p Cl`j 8e[i„j 9\eˆk\q :XkfkX# Zfdf ljlXi`fj ZfefZ`$ [fj [\ &Xj X^lXj jfc`Z`kX[Xj# lY`ZX[fj \e \c 9Xii`f JXekX IfjX# gXiifhl`X G`ekX^# ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# [`Z_Xj Z`kXZ`fe\j j\ cXj i\X$ c`qXiX ZfealekXd\ek\ Zfe cfj ZXik\c\j hl\ j\i}e i\d`k`[fj d\[`Xek\ cX Zfd`j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX `e[`ZX[X gXiifhl`X% J\ glYc`ZX$ i} le \okiXZkf [\ cX jfc`Z`kl[ p \jkX gifm`[\eZ`X \e lef [\ cfj ;`Xi`fj1 <c :fd\iZ`f# èck`dXj Efk`Z`Xj# ?fp# cX ?fiX f <c K\c„^iX]f [\ Z`iZlcXZ`Â?e eXZ`f$ eXc# gfi ki\j m\Z\j# d\[`Xe[f leX [\ cX fkiX \c gcXqf [\ fZ_f [ˆXj% K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc Ef% (0(( p cX Xlkfi`$ qXZ`Â?e \eki\^X[X X jl 8Yf^X[X GXkifZ`eX[fiX% 8^i„^l\j\ X \og\[`\ek\ cfj [fZld\ekfj ZfejkXek\j \e )) ]faXj% ;\ Zfe$ ]fid`[X[ Zfe \c d\dfiXe[f E— :>8A%+$ '.(+ [\c )- [\ fZklYi\ [\ )'('# XZkÂ’\ Zfdf J\Zi\kXi`f 8[$?fZ \e \c gi\j\ek\ gifZ\jf \c ;i% DXel\c Plhl`c\dX Dlccf%$

% EFK@=à HL<J<%%% ] ce^% Afi^\ ?ldY\ikf ;\c Gfqf J}eZ_\q :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>I�=@:8 ; < <J D < I 8 C ;8 J < $ J<:I<K8I@8 E8:@FE8C ;<C 8>L8% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j%$ :\ik`]`Zf% ;i% DXel\c Plhl`c\dX Dlccf J <: I < K8 I @ F 8 ; $ ? F : ;< C8 ;<D8I:8:cFE ?@;IF>I8=@:8 ; < <JD<I8C;8J ;< C8 J<:I<K8Ià 8 E8:@FE8C ;<C 8>L8 J<E8>L8 ?Xp ]`idX p j\ccf 8:&('**'&k]

M8I@FJ <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C1 8 <C J<zFI AFI>< <;L8I;F M8:8 8:KFI%$ D8I:<C8 C<FEFI D<;@E8 <JKI<CC8 ;<D8E;8;F%$ J<zFI AFI>< <;L8I;F M8:8 AL@:@F1 Ef% )''/$ ())0% J%K% KI8D@K<%$ M<I98C JLD8I@F :L8EK@8% @e[\k\id`eX[X% =LE;8D<EKFJ1 <e cf [`jgl\j$ kf \e \c `eZ`jf gi`d\if [\ cX ZXljXc [„Z`dX gi`d\iX [\c 8ik% ((' [\c :�[`^f :`m`c 8JLEKF%$ ;`mfiZ`f DXki`dfe`f Z\c\YiX[f \e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# \c - [\ J\gk`\dYi\ [\ (0/+# j` _Xe X[hl`i`[f Y`\e\j p _Xe gifZi\X$ [f [fj _`afj hl\ i\jgfe[\e X cfj efdYi\j [\1 DXli`Z`f OXm`\i MXZX D\[`eX dXpfi [\ \[X[ p DXiafi`\ <jk\]XeˆX MXZX D\[`eX d\efi [\ \[X[% ;<=<EJFI ;< C8 8:KFI81 ;iX% DXi`X GXi\[\j @e`Z`X[f \c (* [\ Efm`\dYi\ [\c )''/ GIFM@;<E:@81 ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?81 HL@KF# () [\ =\Yi\if [\c )''0# cXj (-_')%$ M@JKFJ1 CX Zfdg\k\eZ`X [\ \jkX ZXljX# j\ _X iX[`ZX[f \e \jkX Al[`ZXkliX d\[`Xek\ \c jfik\f

i\jg\Zk`mf# gfi cf kXekf# XmfZf ZfefZ`d`\ekf [\ cX d`jdX%¸ <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\ X \c [\dXe[X[f j\ÂŒfi AFI>< <;L8I;F M 8:8# \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%$ <c g\k`Z`feXi`f gifgfiZ`fe\ cXj Zfg`Xj gXiX cX \cXYfiXZ`Â?e [\ cXj Yfc\kXj [\ Z`kXZ`Â?e i\jg\Z$ k`mX%$ Efk`]ˆhl\j\%$ ] %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8% AL<Q8 Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < ?Xp le j\ccf 8%8%&.0'.*&gm I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8 C8 :FDG8z@8 C8 KI@GC< M :Ă 8% CK;8% AFI>< M@CĂ? :8CMF P 8C9<IKF M@:<EJ 98PĂ?% GI<J@;<EK< P ><I<EK<% 8:KFI1 DXi`Xef =iXeZ`jZf :XdXZ_f >l\ii\if% ;<D8E;8;81 :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X% Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}% Gi\j`[\ek\ p >\i\ek\ AL@:@F1 I\hl\i`d`\ekf Eif% ())-$)''0$n%q% KI8D@K<1 <jg\Z`Xc AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 @e[\k\id`eX[X% 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j , [\ \e\if [\c )'((# cXj ((_))% M`jkfj1 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f [\c

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

J[d[cei Zei eh[`Wi o kdW iebW b[d]kW fWhW [iYkY^Wh c|i o ^WXbWh c[dei$ :?E=;D;I B7;H9?E

Alq^X[f FZkXmf [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ 8ZZ`�e [\ G\ijfeXc Eif% )/+*$;G$;GG# [\ ). [\ ;`Z`\dYi\ [\c )'('%$ Gfi ZlXekf j\ _X [X[f Zldgc`d`\e$ kf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# j\ ZXc`]`ZX cX [\dXe[X gi\j\ekX[X Zfdf ZcXiX# gi\Z`jX p hl\ i\’e\ cfj i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# kiXdˆk\j\ cX d`jdX \e cX mˆX c\^Xc Zfii\j$ gfe[`\ek\%$ J\ i\hl`\i\ X cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X# gfi `ek\id\[`f [\ jlj i\gi\$ j\ekXek\j c\^Xc\j j\Œfi\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# X ]`e [\ hl\ ZfdgXi\qZXe ZfealekXd\ek\ Zfe \c j\Œfi DXi`Xef =iXeZ`jZf :XdXZ_f >l\ii\if# X cX EfkXi`X M`^„j`dX J\^le[X [\c :Xek�e Hl`kf# X ZXi^f [\c ;i% =XY`}e JfcXef# lY`ZX[X \e cX 8m% - [\ ;`Z`\dYi\ p GXqd`Œf# [\ \jkX Z`l[X[ [\ Hl`kf# [ˆX d`„iZfc\j [`\Z`j„`j [\ ]\Yi\if [\c XŒf [fj d`c feZ\# X cXj [`\q _fiXj# X Z\c\YiXi cX \jZi`kliX [\]`e`$ k`mX hl\ j\ jfc`Z`kX%$ :ˆk\j\ X cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X%# \e cXj g\ijfeXj [\ jlj i\gi\j\ekXek\j c\^Xc\j j\Œf$ i\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`�e hl\ j\ \[`kXe \e \jkX Z`l$ [X[ [\ Hl`kf# gfi ZlXekf YXaf aliXd\ekf j\ dXe`]`\jkX `dgf$ j`Yc\ [\k\id`eXi jl `e[`m`[lXc`$ [X[ f i\j`[\eZ`X %$ Efk`]ˆhl\j\ Xc j\Œfi EfkXi`f M`^„j`df J\^le[f [\c :Xek�e Hl`kf# X ]`e [\ hl\ k\e^X cX [fZld\ekX$ Z`�e \e fi[\e gXiX cX giXZk`ZX [\ cX [`c`^\eZ`X \ `^lXcd\ek\

Zfdle`ZXi} d\[`Xek\ f]`Z`f X \jkX Al[`ZXkliX# _XZ`\e[f ZfefZ\i j` j\ cc\m� X ZXYf f ef cX jljZi`gZ`�e [\ cX i\]\i`[X \jZi`kliX [\]`e`k`mX%$ 8^i„^l\j\ Xc gifZ\jf \c [fZld\ekf hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX Xlkfi`qXZ`�e ZfeZ\[`[X Xc XYf^X[f [\]\e$ jfi%$ Efk`]ˆhl\j\% ] % ;i% :Xicfj =\ie}e[\q @[ifmf% GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j * [\ dXiqf [\c )'((# cXj ('_,/% 8k\ekf \c \jZi`kf hl\ Xek\Z\[\# j\ŒXcXj\ gXiX \c [ˆX d`„iZfc\j m\`ek\ [\ XYi`c [\c XŒf [fj d`c feZ\# X cXj [`\q _fiXj# X ]`e [\ hl\ cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X# gfi `ek\id\[`f [\ jlj i\gi\j\ekXek\j c\^Xc\j j\Œfi\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# ZfealekXd\ek\ Zfe \c j\Œfi DXi`Xef =iXeZ`jZf :XdXZ_f >l\ii\if# ZfdgXi\qZXe X cX EfkXi`X M`^„j`dX J\^le[X [\c :Xek�e Hl`kf# X ZXi^f [\c ;i% =XY`}e JfcXef# lY`ZX[X \e cX 8m% - [\ ;`Z`\dYi\ p GXqd`Œf# [\ \jkX Z`l[X[ [\ Hl`kf# X Z\c\YiXi cX \jZi`kliX [\]`e`k`mX jfc`Z`kX[X \e \c c`Y\cf [\ [\dXe[X%$ :ˆk\j\ X cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X%# \e cXj g\ijfeXj [\ jlj i\gi\j\ekXek\j c\^Xc\j j\Œf$ i\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`�e hl\ j\ \[`kXe \e \jkX Z`l$ [X[ [\ Hl`kf# gfi ZlXekf YXaf aliXd\ekf j\ dXe`]`\jkX `dgf$ j`Yc\ [\k\id`eXi jl `e[`m`[lXc`$

CONVOCATORIA A JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE INMOBILIARIA HUNGRIA INGRIA S.A.

EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A EMPRESA DE CARGA PESADA ESPINOZA TRUCKS S.A. ESPITRUCKS La compaùía EMPRESA DE CARGA PESADA ESPINOZA TRUCKS S.A. ESPITRUCKS se constituyĂł por escritura pĂşblica otorgada ante el Notario Segundo del CantĂłn AZOGUES, el 28 de Febrero de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001389 de 25 de Marzo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL:Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: EXCLUSIVAMENTE AL TRANSPORTE TERRESTRE EN LA MODALIDAD DE CARGA PESADA. Quito, 25 de Marzo de 2011

De conformidad con los Estatutos Sociales, la Ley de Compaùías y su Reglamento, se convoca a todos los Accionistas de INMOBILIARIA HUNGRIA INGRIA S.A., a la Junta General Ordinaria, que se llevarå a cabo el día viernes 29 de Abril del 2011, a las 16h00, en la sala de sesiones de la compaùía, ubicada en la Av. 10 de Agosto # 5980 y Arizaga, del Distrito Metropolitano de Quito, domicilio principal de la misma, para conocer y resolver los siguientes puntos: 1. Conocimiento y aprobación del Informe de Gerente General y Comisario Principal de la Compaùía. 2. Conocimiento y Aprobación del Balance General, Estados de PÊrdidas y Ganancias y Anexos del ejercicio económico del aùo 2010; 3. Resolución acerca de la Distribución de Beneficios Sociales; 4. Elección de Administradores, Comisario Principal y Suplente; y, fijación de sus remuneraciones. 5. Conocer y aprobar el plan de implementación de las NIIF´s, para cumplir con los requerimientos de la Superintendencia de Compaùías. De manera especial y seùaladamente se convoca al Sr. Lic. Miguel Calvopiùa, Comisario Principal de la compaùía. Los documentos que van a ser conocidos por la Junta General se hallan a disposición de los Seùores Accionistas en las oficinas de la Compaùía Av. 10 de Agosto # 5980 y Arízaga y se exhiben con 15 días de anticipación a la fecha que debe celebrarse la Junta. Atentamente,

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS

INMOBILIARIA HUNGRIA S.A. Lic. Alexandra Reyes Delgado GERENTE GENERAL DM de Quito, Abril 2011 AC/79082/tf

AC/79068/tf

[X[ f i\j`[\eZ`X %$ Efk`]ˆhl\j\ Xc j\Œfi EfkXi`f M`^„j`df J\^le[f [\c :Xek�e Hl`kf# X ]`e [\ hl\ k\e^X cX [fZld\ekXZ`�e \e fi[\e gXiX cX giXZk`ZX [\ cX [`c`^\eZ`X \ `^lXcd\ek\ Zfdl$ e`ZXi} d\[`Xek\ f]`Z`f X \jkX Al[`ZXkliX# _XZ`\e[f ZfefZ\i j` j\ cc\m� X ZXYf f ef cX jlj$ Zi`gZ`�e [\ cX i\]\i`[X \jZi`kliX [\]`e`k`mX%$ Efk`]ˆhl\j\% ] % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X L[j%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`�e hl\ k`\e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0'-.&k]

ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j / [\ fZklYi\ [\c )'('# cXj '0_,)%$ M@JKFJ1 CX Zfd$ g\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# j\ cX X[d`k\ Xc kiXd`k\ \jg\Z`Xc%$ ;\ cXj Zfg`Xj Z\ik`]`ZX[Xj hl\ j\ XZfdgXŒX j\ [\jgi\e[\ hl\ cX j\ŒfiX D8I@JFC 8C<O8E;I8 EFI@<>8 8CM8I<Q ]l\ i\hl\$ i`[X Zfe \c gX^f X[\l[X[f \e \c al`Z`f M\iYXc JldXi`f j\^l`[f \e jl ZfekiX# ef _X gX^X[f e` _X [`d`k`[f Y`\e\j \hl`mXc\e$ k\j p gfi cf d`jdf# Xk\ekf X cf gi\m`jkf \e \c 8ik% ,(0 [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ gi\jld\ cX `ejfcm\eZ`X [\ cX j\ŒfiX D8I@JFC 8C<O8E;I8 EFI@<>8 8CM8I<Q ZfekiX hl`\e j\ [`i`^\ cX gi\j\ek\ XZZ`�e \e Zfej\Zl\eZ`X [\ kXc gi\jleZ`�e j\ [\ZcXiX cl^Xi \c ZfeZlijf [\ XZi\\[fi\j hl\ j\ dXe[X X ]fidXi%$ GifZ„[Xj\ X cX fZlgXZ`�e p [\g�j`kf [\ jlj c`Yifj# Zfii\jgfe[\eZ`X p [\d}j [fZld\ekfj# cfj ZlXc\j j\i}e \eki\^X[fj Xc Jˆe[`Zf [\ Hl`\YiX ;i% Afi^\ DXZXj Ifd\if# X hl`\e j\ c\ [\j`^eX gXiX \c \]\Zkf% 8 hl`\e j\ c\ \eki\^Xi} cX fZlgXZ`�e [\ cfj Y`\e\j `e[`ZX[fj# gi\m`X cXj ]fidXc`[X[\j [\ c\p% F]ˆZ`\j\ \e c\^Xc p [\Y`[X ]fidX X cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\ G`Z_`eZ_X# gXiX cX XZldlcXZ`�e [\ ZXljXj j\^l`[Xj \e ZfekiX [\c [\l[fi# gfi fYc`^XZ`fe\j [\ [Xi# [\ _XZ\i# X \oZ\gZ`�e [\ cXj _`gfk\ZXi`Xj j` jlj [l\$ Œfj gi\]`\i\e _XZ\i mXc\i jlj [\i\Z_fj gfi Zl\i[Xj j\gXiX$ [Xj%$ ?}^Xj\ jXY\i X lef [\ cfj j\Œfi\j Al\Z\j [\ cf G\eXc [\ G`Z_`eZ_X# X ]`e [\ hl\ ZXc`]`hl\ cX `ejfcm\eZ`X [\ cX j\ŒfiX D8I@JFC 8C<O8E;I8 EFI@<>8 8CM8I<Q# glYcˆhl\$ j\ \c \okiXZkf [\ cX [\dXe[X p [\ \jk\ Xlkf# gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ F]ˆZ`\j\ X cfj j\Œfi\j Al\Z\j [\ cf G\eXc# X cfj j\Œfi\j >\i\ek\j [\ cfj 9XeZfj [\ cX cfZXc`[X[# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e cX C\p [\ :_\hl\j %$ Efk`]ˆhl\j\ X cfj j\Œfi\j EfkXi`fj [\c ZXe$ k�e p I\^`jkiX[fi X ]`e [\ hl\ ef fkfi^l\e e` `ejZi`YXe e`e$ ^leX \jZi`kliX \e cX hl\ `ek\i$ m\e^X \c [\dXe[X[f%$ ?}^Xj\ jXY\i X cfj j\Œfi\j ;`i\Zkfi\j [\ J\^li`[X[# [\ D`^iXZ`�e# [\ <okiXea\iˆX gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j%$ 8c j\Œfi :fekiXcfi >\e\iXc [\c <jkX[f# gXiX hl\ jlikXe cfj \]\Zkfj [\ C\p%$ @ejZiˆYXj\ cX gi\j\ek\ `ejfcm\eZ`X \e \c I\^`jkif [\ cX Gifg`\[X[ p I\^`jkif D\iZXek`c [\c ZXek�e Hl`kf%$ :feZ„[Xj\ Xc [\l[fi \c k„id`ef [\ fZ_f [ˆXj gXiX hl\ gi\j\ek\ \c XZk`mf# ZXjf [\ ef _XZ\icf# j\ fi[\eXi} cX ]fidXZ`�e [\ [`Z_f `em\e$ kXi`f gfi d\[`f [\c J`e[`Zf [\c :feZlijf# Xjˆ d`jdf j\ c\ ZfeZ\[\ \c k„id`ef [\ ki\j [ˆXj X ]`e [\ hl\ gX^l\ cX [\l[X f [`d`kX Y`\e\j \hl`mXc\ek\j [\ekif [\c d`jdf k„id`ef# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf gfi \c 8ik% ,)( [\c d`jdf :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ 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

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? :`m`c Zˆk\j\ Xc [\dXe[X[f 8C<O ;8E@<C 898I:8 I@FJ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ EFK@=@HL<J<%$ Cf \eki\c`e\X[f 8C<O8E;I8 EFI@<>8 8CM8I<Q M8C<% ;I% 8ID8E;F 8:<C;F >L8CC@% AL<Q ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j * [\ dXiqf [\c )'((# cXj '/_*)%$ 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 :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X D8I@JFC 8 C < O 8 E ; I8 E F I @ <>8 8CM8I<Q gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?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`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% Hl`kf# (/ [\ dXiqf [\c )'((% ;i% =iXeZ`jZf Aljk`Z`X J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./,/(&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 F:8DGF 8IK<8>8 G8J:8C 8C<O@J# ;< C8 ;<D8E;8 M<I98C JLD8I@8# HL< J@>L< <E JL :FEKI8 C8 ;I8% ><8E D8>8CP 8>L@II< 9<E8C:8Q8I# GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ;< >L8P8HL@C J%8% 8:KFI81 ;I8% ><8E D8>8CP 8>L@II< 9<E8C:8Q8I# GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ;< >L8P8HL@C J%8% ;<D8E;8;F1 JI% F:8DGF 8IK<8>8 G8J:8C 8C<O@J KI8D@K<1 M<I98C JLD8I@F 8JLEKF1 K8IA<K8 ;< :I<;@KF AL@:@F Ef% )'('$'/.'$DJ% :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% (./+ [\c ;i% 8cmXif G}\q 9\eXcZ}qXi GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# al\m\j )) [\ alc`f [\c )'('# cXj (-_'-%$ M@JKFJ% 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX# \e m`ikl[ [\c jfi$ k\f i\Xc`qX[f% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\Zl\eZ`X \eki„^l\j\ Zfg`X [\ cX [\dXe[X p Xlkf [\ ZXc`$ ]`ZXZ`Â?e Xc [\dXe[X[f j\ÂŒfi F:8DGF 8IK<>8 G8J:8C 8C<O@J# X hl`\e j\ cX Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# gXiX cf ZlXc \emˆ\j\ jl]`Z`\ek\ [\jgXZ_f X cX JXcX [\ :`kXZ`fe\j%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[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%$ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j )/ [\ dXiqf [\c )'((# cXj ('_*/%$ 8k\ekX X cf jfc`Z`kX[f \e \c \jZi`kf gi\j\e$ kX[f Zfe ]\Z_X '( [\ dXiqf [\c )'(( p [\ Zfe]fid`[X[ Zfe \c aliXd\ekf i\e[`[f p cf gi\m`j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi F:8DGF 8IK<8>8 G8J:8C 8C<O@J# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e \[`$ kX[fj \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf#

ÄŠ

Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# <ZlX[fi # gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0'(,&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< HL@<E <E M@;8 =L< ;I% Ă?E><C =89@Ă?E 8CD<@;8 >LQDĂ?E% ; < D 8 E ;8 ; F 1 8 E > < C 8 ?@G8K@8 :ILQ :<M8CCFJ m[X% ;< 8CD<@;8# =89@8E <D@C@F 8CD<@;8 :ILQ% 8:KFI1 D8I:@8 ><FI>@E8 IF;IĂ >L<Q% AL@:@F EIF% (,0*$)'('$ 8Y%=D% KI8D@K<1 @em\ekXi`f% :L8EKĂ 81 @e[\k\id`eX[X% =LE;8D<EKF C<>8C1 8ik% -)0 P j`^l`\ek\j [\c :Â?[`^f GifZ\[`d`\ekf :`m`c% 89F>8;F ;<=<EJFI1 ;i% 8e[i„j >Xe^fk\eX% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„i$ Zfc\j () [\ \e\if [\c )'((# cXj (-_*.%$ M@JKFJ%$ Gi\m`f jfik\f [\c c\p Zfii\jgfe[`\ek\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX%$ <e cf gi`eZ`gXc# leX m\q hl\ cX gXik\ [\dXe[X[X _X [X[f Zldgc`d`\ekf X cf [`j$ gl\jkf \e gifm`[\eZ`X Xek\i`fi# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\$ cX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}d`k\ jfc`Z`kX[f%$ <e Zfe$ j\Zl\eZ`X# [\ Zfe]fid`[X[ Zfe \c 8ik% -)0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ j\ gifZ\[X X cX ]fidXZ`Â?e [\ `em\ekXi`f [\ cfj Y`\e\j [\aX$ [fj gfi \c ;I% 8E><C =89@8E 8CD<@;8 >LQD8E%$ :ˆk\j\ \e c\^Xc p [\Y`[X ]fidX X cfj [\dXe[X[fj j\ÂŒfi\j 8E><C8 ?@G8K@8 :ILQ :<M8CCFJ m`l[X ;< 8CD<@;8 p =89@8E <D@C@F 8CD<@;8 :ILQ# \e cX [`i\ZZ`Â?e hl\ j\ j\ÂŒXcX gXiX \c \]\Zkf%$ 8 ]`e hl\ j\ Z`k\ Xc [\dXe[X[f =XY`}e <d`c`f 8cd\`[X :ilq# i\dˆkXj\ Xk\ekf \o_fikf Xc j\ÂŒfi :Â?ejlc Zfe i\j`[\eZ`X \e <jkX[fj Le`[fj [\ Efik\Xd„i`ZX%$ :l„ek\j\ Zfe \c j\ÂŒfi GifZliX[fi [\ JlZ\j`fe\j%$ ;\ Zfe]fid`$ [X[ Zfe \c 8ik% /) [\c :Â?[`^f 8[a\k`mf :`m`c p \e d\i`kf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX Zˆk\j\ X cfj _\i\[\ifj gi\jle$ kfj p [\jZfefZ`[fj [\c ;i% Ă?e^\c =XY`}e 8cd\`[X >lqd}e# gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\c :XekÂ?e Hl`kf%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒX$ cX[f gXiX gfjk\i`fi\j efk`]`ZX$ Z`fe\j2 Xjˆ Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl XYf^X[f [\]\e$ jfi%$ 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X%$ Gfi Zfej`^l`\ek\ j\ i\mfZX cX gifm`[\eZ`X [\ ]\Z_X )) [\ [`Z`\dYi\ [\c )'('# cXj ((_+'%$ 8ZkÂ’\ \c ;i% <[^Xi ?Xif MXc\eql\cX# \e ZXc`[X[ [\ j\Zi\kXi`f \eZXi^X[f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Eif% '')+$ ;G$;GG# [\ ]\Z_X ', [\ \e\if [\ )'((%$ Efk`]ˆhl\j\%$ = ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% <[^Xi ?Xif MXc\eql\cX% J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C

Ĺ? Ĺ?

Ĺ?


Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä Ä€

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

;< G@:?@E:?8 ?Xp le j\ccf 8%:%&./000&gm I ;<C < <OKI8:KF AL;@:@8C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 C8 ;<D8E;8;8 J<zFI8 D8IP C@C@8E8 HL@IFC8 D<I@EF 8:KFI%$ A8@D< I@:8I;F C<9<; HL<@IFCF AL@:@F I<HL<I@D@<EKF Ef% /*$)'(($C8 KI8D@K< <JG<:@8C :L8EK@8 @E;<K<ID@E8;8 ; I% N@CJFE CF G < Q 8E;I8;< :8J@@CC<IF *(* GIFM@;<E:@8 ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )* [\ ]\Yi\if [\c )'((# cXj (._)+%$M`jkfj%$ <e m`ikl[ [\c jfik\f Zfii\jgfe[`\ek\ \e ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX XmfZf ZfefZ`d`\ekf [\ \jkX ZXljX%$ <e cf gi`eZ`gXc cX g\k`Z`Â?e hl\ Xek\Z\[\ \j ZcXiX Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ c\p%$ <e Zfej\Zl\eZ`X [„j\c\ \c ki}d`k\ [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (,-.# p j`^l`\ek\j [\c :Â?[`^f :`m`c# Zfe \c I<HL<I@D@<EKF# hl\ Xek\Z\[\ efk`]ˆhl\j\ Xc gifd`$ k\ek\ m\e[\[fi j\ÂŒfi\j% A?FE FJN8C;F ;@8Q J8E:?<Q P X jl ZÂ?epl^\ cX j\ÂŒfiX D8IP C@C@8E8 HL@IFC8 D<I@EF# X ]`e [\ hl\ ZfeZliiXe X cX EfkXi`X M@><J@D8 J<>LE;8 [\c :XekÂ?e Hl`kf# p ZldgcXe Zfe cf jfc`Z`kX[f# \c [ˆX () [\ dXpf [\c XÂŒf \e Zlijf X cXj ('_''%$ F]ˆZ`\j\ X cX efdYiX[X EfkXi`X %$:ˆk\j\ Xc j\ÂŒfi A_fe FjnXc[f ;ˆXq J}eZ_\q \e \c cl^Xi j\ÂŒX$ cX[f d\[`Xek\ [\gi\ZXkfi`f X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cX Gifm`eZ`X [\c >lXpXj# Zfe Xj`\ekf \e cX :`l[X[ [\ >lXpXhl`c# p X cX j\ÂŒfiX D8IP C@C@8E8 HL@IFC8 D<I@EF# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc [\ Zfe]fi$ d`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ gifZ\[`$ d`\ekf :`m`c%$ 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX# k„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f# Xjˆ Zfdf cX Xlkfi`qX$ Z`Â?e X jl XYf^X[f [\]\ejfi%$ %$ Efk`]ˆhl\j\%$ ] %$ ;i% >\id}e >feq}c\q [\c Gfqf# 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\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j \e \c cl^Xi [\c al`Z`f%$ :\ik`]`Zf% ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0'''&gm I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8 >L@;F M@E@:@F >8P9FI QLI@K8 8:KFI1 CXlkXif ?\ie}e :Xdgfm\i[\ AldYf ;<D8E;8;F1 >l`[f M`e`Z`f >XpYfi Qli`kX AL@:@F1 M\iYXc JldXi`f Eif% ()'-$)'('$n%q% AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 ;fZ\ d`c [Â?cXi\j [\ cfj <jkX[fj Le`[fj [\ 8d„i`ZX 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j (* [\ fZklYi\ [\c )'('# cXj (,_*/% M`jkfj1 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX# d\[`Xek\ F]`Z`f Eif% ;;G$A8I$((++%# [\ (( [\ Alc`f [\c )''. p \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ 8ZkÂ’\ \c ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f#

\e ZXc`[X[ [\ J\Zi\kXi`f K`klcXi [\ cX Al[`ZXkliX# d\[`Xek\ 8ZZ`�e [\ G\ijfeXc Eif% -+)$ ;EG# [\ '0 [\ 8Yi`c [\c )''0%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`$ j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# kiXdˆk\j\ cX d`jdX \e cX mˆX m\iYXc jldXi`X%$ :ˆk\j\ X >l`[f M`e`Z`f >XpYfi Qli`kX# \e \c cl^Xi hl\ j\ `e[`ZX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX ]XZlc$ kX[ ZfeZ\[`[X X cfj XYf^X[fj [\]\ejfi\j%$ Efk`]ˆhl\j\% ] % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZf$ c\j *' [\ dXiqf [\c )'((# cXj ((_*0% Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# Zˆk\j\ Xc [\dXe[X[f >l`[f M`e`Z`f >XpYfi Qli`kX# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gfi ZlXekf YXaf aliXd\ekf j\ dXe`$ ]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X%$ Efk`]ˆhl\j\% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ?Xp le j\ccf 8%:%&./0,-&gm I\glYc`Z f] <ZlX[fi AL;@:@8C <OKI8:K K?@IK?K<<EK? :@M@C :FLIK F= G@:?@E:?8 JLDDFEJ KF @E>@M<@E> >LEE8IJ;FKK@I KI@8C1 M<I98C ?<8I@E> `emf`Z\ Ef% ()'*$)''.$ BD GC8@EK@==1 AlXe =\ieXe[f If[iˆ^l\q DXikˆe\q# >\e\iXc DXeX^\i f] k_\ ZfdgXep KI8M<C<:L8;FI :@8% CK;8% ;<=<E;8EK1 @E>@M<@> >LEE8IJ;FKK@I 8@D1 KF F9K8@E K?< G8PD<EK F= K?< KFK8C ;<9K 8DFLEK N?@:? :FD<J KF LJ; **%(/(#*02 @EK<I<JKJ 8E; ;<C8P# <OG<EJ<J# :FLIK =<<J 8E; G I F = < J J @ F E 8 C ?FEFI8I@<J% G IF : < < ; @ E > 1 M < I 98 C ?<8I@E> 8DFLEK1 LJ; *0%''' ;<:@J@FE K?@IK<<EK? :FLIK F= K?< :@M@C :FLIK F= G@:?@E:?8 HL@KF# ;\Z\dY\i )'k_# )''.# Xk (-_'-% 8GGIFM8C1 @ Xgg\Xc kf befn k_\ ZXlj\ `e Xe fe ;\Z\dY\i ,k_ )''.% K_\ gi\$ j\ek\[ [\dXe[ `j Zc\Xi# gi\Z`j\ Xe[ `k ^Xk_\ij k_\ i\hl`i\d\ekj f] k_\ CXn# :fej\hl\ekcp# kf Y\ gifg\i k_\ jlddXip _\Xi`^ gif$ Z\[li\ Xe[ Zfej`[\i`e^ k_Xk k_\ fXk_ kXb\e Yp k_\ g\k`k`fe\i# n`k_ k_\ [fZld\ek f] [\dXe[ Xe[ k_`j ni`k# gc\Xj\ jlddfe Dij% @E>@M<@> >LEE8IJ;FKK@I# Yp d\Xej f] ]fik_Zfd`e^ k`k$ c\j# \XZ_ fe\ f] k_\d `e [`]]\$ i\ek [Xk\j# `e fe\ f] k_\ Y`^ e\njgXg\ij Z`iZlcXk`fe `e k_\ Z`kp f] Hl`kf Xe[ XZZfi[`e^ kf 8ik% /) f] k_\ :`m`c GifZ\[li\ :f[\% KXb\ `ekf XZZflek k_\ c\^Xc [fd`Z`c\ d\ek`fe\[ Yp k_\ gcX`ek`]] Xe[ X[[ k_\ XkkX$ Z_\[ [fZld\ekXk`fe# ;i% DXi`f P}e\q LiYXef XZkj Xj J\Zi\kXip `e :_Xi^\ Yp m`ikl\ f] k_\ f]]`Z`Xc c\kk\i Ef% 0-*$;G$;;G$ A8I$'. fe ;\Z\dY\i (.k_# )''.# Efk`]p `k%$ ] ;i% IlY„e :\mXccfj =XYXiX ;<GLKP AL;>< N_Xk @ XeefleZ\ pfl ]fi C\^Xc X`dj# kf ]fi\j\\ k_\ [lkp kf `e[`$ ZXk\ k_\ c\^Xc [fd`Z`c\ ``` k_`j Z`kp f] Hl`kf kf i\Z\`m\ ]lkli\ efk`]`ZXk`fej% @ Z\ik`]p% ;i% E`cf >feqXcf 8cdXZ_`% J<:I<K8IP K?@IK?K<<EK? :@M@C :FLIK

F= G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./+.+&k] I% [\@ <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C G8I81 8 KF;8J C8J G<IJFE8J GI<JLEK8J P ;<J:FEF:@;8J HL< J< :I<P<I<E GIFG@<K8I@FJ ;<C @EDL<9C< D8K<I@8 ;< C8 GI<J<EK< :8LJ8% AL@:@F1 8DG8IF GFJ<JFI@F Ef% /0*$)'(' C:? 8:KFI1 @E>% :8ICFJ <=I8@E Lj_`ÂŒX 8DF>L@D98 ;<D8E;8;F1 8 KF;8J C8J G<IJFE8J GI<JLEK8J P ;<J:FEF:@;8J HL< J< :I<P<I<E GIFG@<K8I@FJ ;<C @EDL<9C< D8K<I@8 ;< C8 GI<J<EK< :8LJ8% F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% 0/)# 0/,# 0/0 p 00' dXj g\ik`e\ek\j [\c :Â?[`^f :`m`c p -0( p -0/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ ;\dXe[X \c 8dgXif Gfj\jfi`f X cX j\ÂŒfiX DXi`X ClZ`e[X >lXcc`dYX GXi\[\j p X kf[fj cfj gi\jlekfj ZfefZ`[fj p [\jZfefZ`[fj hl\ j\ Zi\p\i\e gifg`\kXi`fj [\ cfj `edl\Yc\j [\ cX gi\j\ek\ c`k`j% KI8D@K< M<I98C JLD8I@F :L8EK@8 @E;<K<ID@E8;8 89F>8;F G8KIF:@E8;FI ;i% <[lXi[f >XiZ`X Dfi\aÂ?e DXk +-,, :8G% GIFM@;<E:@8 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )0 [\ j\g$ k`\dYi\ [\c )'('# X cXj (+?()% M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[f$ cX gifZ\[\ek\ j\ cX X[d`k\ X ki}d`k\ M\iYXc JldXi`f%$ <e Zfej\Zl\eZ`X# Zfe cX [\dXe[X# \jZi`kf [\ XZcXiXZ`Â?e p gi\j\ek\ gifm`[\eZ`X Zˆk\j\ X cX [\dXe$ [X[X DXiˆX ClZ`e[X >lXcc`dYX GXi\[\j \e cX [`i\ZZ`Â?e j\ÂŒX$ cX[X gXiX \c \]\Zkf [\ cX gXiif$ hl`X [\ G`ekX^# g\ik\e\Z`\ek\

\e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j% ;i% <[^Xi ?Xif MXc\eql\cX J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0'.+&k]

Iehfh[dZ[hdei feh Wb]e [i [b fh_c[h fWie Z[ bW c[dj[ ^WY_W [b Z[iYkXh_c_[dje$ BEK?I F7IJ;KH

Xc ZXek�e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# d\[`Xek\ Zfd`$ j`�e c`YiX[X Xc j\Œfi k\e`\ek\ Gfcˆk`Zf [\ [`Z_X gXiifhl`X2 p # X cXj g\ijfeXj gi\jlekXj p [\j$ ZfefZ`[Xj hl\ j\ Zi\p\i\e gif$ g`\kXi`fj [\c `edl\Yc\ dXk\i`X [\ cX gi\j\ek\ ZXljX# \e d\i`kf [\c aliXd\ekf i\e[`[f gfi \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi jl `e[`m`[lXc`[X[ p i\j`[\eZ`X# j\ cfj Z`kXi} gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`$ [X[ X cf [\k\id`eX[f \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ Gi\m`Xd\ek\ `ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ :Xek�e# Zfe]fid\ cf [`jgl\jkf gfi \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX cf ZlXc j\ efk`]`ZXi} Xc ]leZ`feXi`f Zfii\jgfe[`\ek\%$8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`�e X[alekX%$K�d\j\ \e Zl\ekX cX ZlXekˆX# \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX ]XZlckX[ [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ jljZi`YX cfj \jZi`kfj e\Z\jXi`fj%$ :ˆk\j\ p Efk`]ˆhl\j\% ] ;i% I\peXc[f =cfi 8cmXiX[f% Al\q al\q Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ hl\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`$ ZXZ`fe\j% :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&./+.*&k]

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j [\ c\p Zfej`^l`\ek\j# hl\ \e \c Alq^X[f ;„Z`df [\ cf :`m`c [\ G`Z_`eZ_X# j\ _X gi\j\ekX[f cX [\dXe[X [\ I\Zk`]`ZXZ`�e [\ GXik`[X# [\ekif [\c al`Z`f Eif% (++$)'(($8Y%=%D%# j\^l`[f gfi Cl`j 8c]i\[f DfiXc\j DfekXcmf p D`ckfe DfiXc\j DfekXcmf% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ ]\Yi\if [\c )'((# cXj '0_,0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX al[`ZXkliX2 p gi\$ m`f jfik\f [\ c\p%$ <e cf gi`eZ`$ gXc# cX [\dXe[X hl\ Xek\Z\[\ p jl Zfdgc\d\ekf \j ZcXiX p i\’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX Xc kiXd`k\ i\jg\Zk`mf%$ <e Zfej\Zl\eZ`X# Zˆk\j\ \e c\^Xc p [\Y`[X ]fidX Xc j\Œfi ;`i\Zkfi >\e\iXc [\c I\^`jkif :`m`c# @[\ek`]`ZXZ`�e p :\[lcXZ`�e2 p# Zl„ek\j\ Zfe cX fg`e`�e [\c j\Œfi 8^\ek\ =`jZXc ;`jki`kXc [\ G`Z_`eZ_X# I\gi\j\ekXek\ [\c D`e`jk\i`f G’Yc`Zf%$ GlYcˆhl\j\ gfi leX jfcX m\q \jkX [\dXe[X p Xlkf [\ ZXc`]`ZXZ`�e \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcX$ Z`�e [\ \jkX Z`l[X[ [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f# Xjˆ Zfdf cX Xlkfi`qXZ`�e Zfe]\i`[X X jl XYf^X[f [\]\ejfi# X^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj hl\ X[alekX%$ Efk`]ˆhl\j\%$ = ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf Xc glYc`Zf

<OKI8:KF AL;@:@8C J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E <JK8 AL;@:8KLI8 J< <E:L<EKI8 KI8D@K8E;F <C AL@:@F ;< @EJ:I@G:@äE ;< <J:I@KLI81 D@ELK8 ;< 8;AL;@:8:@äE ;< CFK<J ;< C8 :FFG<I8K@M8 ;< M@M@<E;8 LE@äE E8:@FE8C% 8EK< <C EFK8I@F HL@EKF ;< <JK< :8EKFE# ;I% LCG@8EF >8@9FI DFI8 # <C - ;< J<GK@<D9I< ;< (0/*% 8:KFI1 CL@J D8C;FE8;F M<I;<JFKF AL@:@F1 @EJ:I@G:@äE ;< <J:I@KLI8 Ef% *,,$)'(($ :% D% KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 =<:?8 ;< @E@:@8:@äE1 )/ ;< D8IQF ;< )'((% GIFM@;<E:@8 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ dXiqf [\c )'((# cXj '/_()%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\$ kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% GlYcˆhl\j\ gfi leX jfcX m\q le \okiXZkf [\ cX \jZi`kliX gÂ’Yc`ZX hl\ j\ gi\k\e[\ `ejZi`$ Y`i# [\ cX g\k`Z`Â?e p \jkX gifm`$ [\eZ`X# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% (( [\ cX C\p [\ I\^`jkif \ @ejZi`gZ`fe\j% :ˆk\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e \e \c cl^Xi hl\ j\ `e[`ZX% 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c ZfdgXi\Z`\ek\% EFK@=@HL<J<% = %$ ;I% I8LC

D8I@zF ?<IEĂ?E;<Q% AL<Q% CF HL< GFE>F <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C G8I8 CFJ =@E<J ;< C<P% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0'-,&k] ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C GL9C@:F <E ><E<I8C# j\ c\ _XZ\ jXY\i hl\ \e el\jkiX Al[`ZXkliX j\ _X gifgl\jkf cX [\dXe[X [\ I\Zk`]`ZXZ`Â?e [\ gXik`[X [\ekif [\c al`Z`f Ef% *)-$)'(($8%G%E% gifgl\jkf gfi A?FE IF9<IKF ;<CCP EFC@MFJ% 8 Zfek`elXZ`Â?e j\ _X [`jgl\jkf \c j`^l`\ek\ Xlkf [\ ZXc`]`ZXZ`Â?e1 ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )( [\ DXiqf [\c )'((# cXj (-_'0%$ M@JKFJ1 <e m`jkX [\c jfik\f Zfii\jgfe[`\ek\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q [\ \jkX al[`ZXkliX% <e cf gi`eZ`$ gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX Xc kiXd`k\ i\jg\Zk`mf% :ˆk\j\ Xc j\ÂŒfi A\]\ Gifm`eZ`Xc [\c I\^`jkif :`m`c @[\ek`]`ZXZ`Â?e p :\[lcXZ`Â?e2 p Zl„ek\j\ Zfe cX fg`e`Â?e [\c =`jZXc [\c ;`jki`kf [\ G`Z_`eZ_X% GlYcˆhl\j\ gfi leX jfcX m\q \jkX [\dXe[X p Xlkf [\ ZXc`]`ZXZ`Â?e \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f# Xjˆ Zfdf cX Xlkfi`$ qXZ`Â?e Zfe]\i`[X X jl XYf^X[f [\]\ejfi# X^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj hl\ X[alekX% :ˆk\j\ p efk`]ˆhl\j\%$ ;I% <;>8I ? 8 I F M8C<EQL<C8 J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.0'.-&k] <OKI8:KF AL;@:@8C :@K8:@FE ;I% :8ICFJ

8:KFI1

M@CC8M@:<E:@F ;<D8E;8;F1 CL@J @M8E >L8C8M@J@ :L8C:?@ i\gi\$ j\ekXek\ c\^Xc [\ cX ZfdgXŒˆX K<C<:@K<C:F J%8% =LE;8D<EKF C<>8C1 8ik% *' c`k\iXc \ C\p [\ @ehl`c`eXkf% AL@:@F M<I98C JLD8I@F Eif% )''/$'*/+ J%8% :L8EK@81 LJ;% )+'' ALQ>8;F J<>LE;F ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J%$ Hl`kf# ', [\ XYi`c [\c )'((# X cXj ('?,, d`e%$ 8^i„^l\j\ \c \jZi`kf gi\j\ekX$ [f$ <e cf gi`eZ`gXc p Zfe]fid\ cf gi\jZi`Y\ \c 8ik% +,- [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\Œ}$ c\j\ \c [ˆX [`\Z`el\m\ [\ dXpf [\c XŒf \e Zlijf X gXik`i [\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\q p fZ_f _fiXj X ]`e [\ hl\ \e cX j\Zi\kXiˆX [\ \jk\ Alq^X[f j\ \]\Zkl„ \c i\dXk\ [\ cfj Y`\e\j \dYXi^X[fj Zfej`jk\ek\ \e1 (%$ Le ZfdglkX[fi Zfdgl\j$ kf [\ leX gXekXccX dXiZX C># df[\cf :(,A8$,2 J\i`\ Ef$ +'+;@JB*/..+2 le :GL# j`e dXiZX# j`e df[\cf# j`e j\i`\# Zfcfi Zi\dX Zfe le e’d\if [\ I\]% G:F*# le k\ZcX[f dXiZX ><E@LJ df[\cf B-*0# Ef$ B9$'-O<# Le dfljj\ dXiZX ><E@LJ Ef$ D&E >D$'*'))G$ J&E1 (,+0(00''0(.2 le Zfdgl$ kX[fi Zfdgl\jkf [\ leX gXekX$ ccX dXiZX C> df[\cf :(,A8$,2 J\i`\ Ef$ +'+;@JBH*+-/)2 le :GL dXiZX @EK<IGCLJ2 Ef$ ')*'0''().-,2 le k\ZcX$ [f dXiZX ><E@LJ df[\cf B-*0# Ef$ QD+,''/''),.2le dfljj\ dXiZX ><E@LJ Ef$ (+*)0'-+./# le ZfdglkX[fi Zfdgl\jkf [\ le gXekXccX dXiZX C> df[\cf .('<2 J\i`\ Ef$ ,'+DOB;((C((.2 le :GL dXiZX JLG<I GFN<I2 Zfe eld\if [\ I<=% ()('*8>+2 Zfcfi e\^if2 le k\ZcX[f dXiZX ><E@LJ df[\cf B-).# Ef$ QD,.).(.'..'2le dfljj\ dXiZX ><E@LJ Ef$ (+,)/,.'('/-2 le ZfdglkX$ [fi Zfdgl\jkf [\ leX gXekXccX dXiZX C> df[\cf .('<2 J\i`\ Ef$ ,'/DO8P'C**-2 le :GL dXiZX JLG<I GFN<I2 Zfe e’d\if [\ I<=% ()('*;K*2 Zfcfi e\^if le k\ZcX[f dXiZX

Quito, 12 de abril de 2011

SEGUNDA CONVOCATORIA ASAMBLEA GENERAL DE SOCIOS DEL CLUB DEPORTIVO LOS CHILLOS

SeĂąores ACCIONISTAS Mantenauto S.A. Presente.

CONVOCATORIA Por la presente citamos, a la Junta General Ordinaria de Accionista, de MANTENIMIENTO AUTOMOTRIZ MANTENAUTO S.A. que se efectuara el día martes 26 de abril del 2.011, a las 17:30 en las oficinas de la compaùía ubicada en la Av. 6 el Inca E 14-119 entre Nogales y Cardos, para conocer y resolver los siguientes puntos del Orden del Día. 1.- Informe del Gerente General sobre el ejercicio económico 2.010 2.- Informe del Comisario aùo 2.010 3.- Balance General y Cuentas de resultados del Ejercicio económico 2.010. 4.- Destino de utilidades 5.- Elección de comisario principal, fijación de su remuneración y periodo, elección de comisario suplente. 6.- Elección de Directores principales, fijación de su remuneración y periodo, fijación de directores suplentes.

De conformidad con lo dispuesto en el Art. 21 y 22 de los Estatutos del CLUB DEPORTIVO LOS CHILLOS se convoca a los Socios Activos que estuvieren en pleno goce de sus derechos a Asamblea General Extraordinaria, que tendrĂĄ tugar el dĂ­a miĂŠrcoles 27 de abril de 2011, a las 20h00, en la sede social del Club Deportivo los Chillos, ubicada en la Avda. de las Rosas N11-22 y calle 2 de la UrbanizaciĂłn los Chillos, ciudad de SangolquĂ­, CantĂłn RumiĂąahui, Provincia de Pichincha, para tratar el siguiente orden del dĂ­a; 1.- Conocer y aprobar el informe del Presidente; 2.- Conocer y aprobar el Informe del Administrador General; 3.- Conocer el informe de los Auditores Externos; 4.- Conocer el informe del Comisario; 5.- Conocimiento y aprobaciĂłn de los Estados Financieros al 31 de diciembre de 2010; 6.~ Conocimiento del Presupuesto para el ejercicio econĂłmico 2011; 7.- DesignaciĂłn de auditores externos. De conformidad con el Art. 22 de los Estatutos del Club la Asamblea General se reunirĂĄ en segunda convocatoria con el nĂşmero de socios presentes. Los estados financieros se encuentran a disposiciĂłn de los Socios en la sede social del Club Deportivo Los Chillos. Especial e individualmente se convoca al comisario, seĂąor Diego Salvador GĂĄlvez.

Atentamente

Milton Delgado PRESIDENTE

JosĂŠ Antonio Salazar T. Gerente General

JosĂŠ Paz y MiĂąo SECRETARIO

A.C./79038pv

SEGUNDA CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DEL CHILLO CLUB CAMPESTRE S.A. De conformidad con lo dispuesto en los Art. 235 y 236 de la Ley de Compaùías, convócase en segundo seùalamiento a los seùores accionistas del Chillo Club Campestre S.A. a Junta General Extraordinaria de Accionistas que tendrå lugar el día miÊrcoles 27 de abril de 2011, a las 19h00, en la sede social del Chillo Club Campestre S.A. ubicada en la Avda. de las Rosas N1122 y Calle 2 de la Urbanización Los Chillos, ciudad de Sangolquí, Cantón Rumiùahui, Provincia de Pichincha, para tratar el siguiente orden del día: 1.- Conocimiento y aprobación del informe del Presidente; 2.- Conocimiento y aprobación del informe del Gerente; 3.- Conocimiento del informe de los Auditores Externos; 4.- Conocimiento del informe del Comisario; 5.- Conocimiento y aprobación de los Estados Financieros al 31 de diciembre de 2010; 6.- Conocimiento y resolución sobre utilidades; 7.- Designación del Comisario principal y suplente del Chillo Club Campestre S.A. por el período de un aùo, conforme el Art. 35 de los Estatutos Sociales; 8.- Designación de los Auditores Externos de la Compaùía. De conformidad con el art. 237 de la ley de Compaùías, la Junta General se reunirå en segunda Convocatoria, con el número de Accionistas presentes. Los informes, el Balance General y el Estado de PÊrdidas y Ganancias se encuentran a disposición de los seùores Accionistas en la oficina del Chillo Club Campestre S.A. Especial e individualmente se convoca al seùor Diego Salvador Gålvez, Comisario de la Compaùía. Milton Delgado A. PRESIDENTE Franklin Hervas Rosenfeld GERENTE

A.C./79062/pv

A.C./79062/pv


><E@LJ Df[\cf B-).# Ef$ QD,.).(.'.-0# le dfljj\ dXiZX ><E@LJ j`e df[\cf j`e j\i`\%$ ;fj I\^lcX[fi\j [\ MfckXa\ dXiZX 8G<O% df[\cfj1 8MI()''D()''M82 eld\ifj%$ ',)/''*.+(2 p# ',)/').*'2 le =8O dXiZX G8E8JFE@: df[\cf BO=K0'.(82 Ef$ ,;:H8'**/,*2 le k\c\m`jfi dXiZX G8E8JFE@: j`e cX kXgX [\ cfj Zfekifc\j j`e Xek\eX Zfe df[\cf%$ :K$K(+I$ j`e Zfe$ kifc i\dfkf# j`e Xek\eX2 leX Zfg`X[fiX# `dgi\jfiX p jZ}e\i dXiZX ?G C8J<I A<K )/)' Zfcfi gcfdf Zfe eÂ’d\if [\ I<=% ((()(')C>+2 FZ_f j`ccXj [\ XidXqÂ?e [\ dX[\iX Zfe Xj`\ekf [\ kXg`q m\i[\ XdXi`ccf [\k\i`fiX[X# p Zfe iXjgfe\j2 ZlXkif j`ccXj [\ \jkilZkliX d\k}c`ZX Zfe ]fiif Zfcfi m\i[\2 leX j`ccX ^`iXkfi`X [\ \jkilZkliX d\k}c`ZX Zfcfi m\i[\# leX j`ccX ^`iXkfi`X [\ \jkilZkliX d\k}$ c`ZX Zfcfi gcfdf2 le al\^f [\ dl\Yc\j [\ jXcX Zfe Zfa`e\j# [\ Zfiifj`c Zfcfi m\i[\# [\k\i`f$ iX[fj p ifkfj2 Zfdgl\jkf [\ le jf]} gXiX ki\j# fkif gXiX [fj# p [fj `e[`m`[lXc\j# leX d\jX fmX$ cX[X [\ \jkilZkliX d\k}c`ZX Zfe kXYc\if [\ ]fid`ZX# j\ \eZl\e$ kiX [\k\i`fiX[X2 leX Z\ekiXc [\ k\c„]fefj dXiZX J@<D<EJ J*'/(.$L/*($: )/)# Zfe le X[XgkX[fi [\ Zfii`\ek\ df[\cf CKJ$+,)# Ef$ (GJ*'())$O,00)$ O)$(%$ <c XmXclÂ? [\ cfj Y`\e\j \dYXi^X[fj XjZ`\e[\ X cX jldX [\ [fj d`c efm\ekX [Â?cX$ i\j [\ cfj <jkX[fj Le`[fj [\ Efik\Xd„i`ZX%$ J\ XZ\gkXi}e gfjkliXj X gXik`i [\ cXj [fj k\i$ Z\iXj gXik\j [\c XmXcÂ’f gfi kiX$ kXij\ [\ gi`d\i j\ÂŒXcXd`\ekf%$ GlYc`hl\j\ \jk\ j\ÂŒXcXd`\ekf gfi ki\j m\Z\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ cX gifm`eZ`X# cX hl\ j\ _Xi} d\[`Xe[f fZ_f [ˆXj# gfi cf d\efj [\ leX X fkiX p [\c Â’ck`df [\ \ccfj Xc [ˆX j\ÂŒXcX[f gXiX \c i\dXk\ gfi kiXkXij\ [\ gi`d\i j\ÂŒXcXd`\ekf%$ Efk`]ˆhl\j\% ]%$ ;iX%$ Jfe`X >l[`ÂŒf :`je\ifj# Al\qX J\^le[f [\ @ehl`c`eXkf Cf hl\ Zfdle`Zf X l[# gXiX cfj ]`e\j [\ C\p%$ :\ik`]`Zf ;I% 8C<O8E;<I M<E<>8J G% J<:I<K8I@F ?Xp le j\ccf 8%:%&./0.*&gm I% [\c <% ALQ>8;F ;y:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C G8I81 =I<;;P FIC8E;F ;@8Q :8A8D8I:8 P FKIFJ AL@:@F1 ().*$)'(' C:?% M<I98C JLD8I@F 8:KFI1 D8I:F M@E@:@F :L<M8 >I8EA8 ;<D8E;8;FJ1 =I<;;P FIC8E;F ;@8Q :8A8D8I:8 P FKIFJ F9A<KF1 ;\ Zfe]fid`[X[ X cf [\k\id`eX[f \e \c 8ik% ,(- p [\d}j# [\c :Â?[`^f [\ KiXYXaf# \e ZfeZfi[XeZ`X Zfe cfj 8ik% (+,* p ))(+ [\c :Â?[`^f :`m`c p 8ik% /)/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# [\dXe[f \e Al`Z`f M\iYXc JldXi`f X cfj j\ÂŒfi\j =i\[[p FicXe[f ;ˆXq :XaXdXiZX p fkifj# X \]\Zkf hl\ \e j\ek\eZ`X ĂŠj\Xe Zfe[\eX[fj Xc gX^f [\ cfj Zfii\jgfe[`\ek\j [XÂŒfj p g\ial`Z`fj# [XÂŒf \d\i$ ^\ek\ p clZif Z\jXek\% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 ,%'''%''' Z`eZf d`ccfe\j [\ [Â?cXi\j 89F>8;F G8KIF:@E8;FI1 ;i% Cl`j :Xjkif M`ccXmX DXk% ()+'- :8G GIFM@;<E:@81 ALQ>8;F ;y:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf cle\j ). [\ [`Z`\dYi\ [\c )'(' X cXj (+?))%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f [\ \jkX Al[`ZXkliX d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% )/*+ Æ;G$;GG [\c )+ [\ [`Z`\dYi\ [\c )'('%$ <e cf gi`e$ Z`gXc# cX [\dXe[X hl\ Xek\Z\[\ gifgl\jkX gfi \c j\ÂŒfi DXiZf M`e`Z`f :l\mX >iXeaX \e cX ZXc`[X[ hl\ ZfdgXi\Z\ Zfdf j\ [\jgi\e[\ [\c [fZld\ekf X[alekf# \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\k\id`$ eX[fj gfi cX C\p# gfi cf hl\ [\ZcXi}e[fcX gifZ\[\ek\ j\ cX XZ\gkX X ki}d`k\ m\iYXc jldX$ i`f%$ <e d\i`kf [\c aliXd\ekf i\e[`[f gfi \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX

`e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cfj [\dXe[X[fj# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j =I<;;P FIC8E;F ;@8Q :8A8D8I:8# D8I@8 ;< CFLI;<J G8>L8P :8CC<# D8I@8 AFJ<=@E8 <J:F98I DFEK8K@O<# IFJ8 :8J8D@E >L8CC@:?@:F# : <: @ C @ 8 = CF I < E K @ E 8 9F?FIHL<Q I<P<J# ALC@F D8I@8EF E<G8J K898E>F# :C8I8 D8I@8 P8E<Q A8:FD<# >I8;PJ D8IC<E< @Q8 :8@Q8# D8I@8 D8EL<C8 G8:?8D8D8 CCLD@HL@E>8# CLQ O@D<E8 M@I8:F:?8 KF8G8EK8# AFJ< I8=8<C HL@E8KF8 :8J8# D@I@8E D8IC<E< :FE>8E:?8 DFI<EF# D8PI8 :8IFC@E8 >FI;@CCF I@M<I8# G8D<C8 8I8:<CCP :8@Q8 :8J8D@E# D8I@8 ALC@8E8 M<>8 :8@J8>L8EF# CL@J E8A8EK8@ LK@K@8># AL8E =I8E:@J:F L>J?8 L>J?8# D8LI@:@F 8C=I<;F M@I8:F:?8 KF8G8EK8# CL@J I<@DLE;F M@I8:F:?8 KF8G8EK8# CL@J :8C;<IFE :8C;<IFE# D8I@8 IFJ8 M<>8 :8@J8>L8EF# AFJ< CL@J HL@J@C<D8 HL@J@C<D8# ;@>E8 <C@Q89<K? I@M<I8 P8E<Q# D8K@8 <E:8IE8:@FE >L8EF:?8E>8 :8@Q8# J8@;8 PFC8E;8 KF8G8EK8 8C8AF# IFJJ8 KI@E@;8; DFEK<IF < J G @ E FQ 8 # : I @ JK @ 8 E = < I E 8 E ; F A L E >8 C : ? L H L @ I @ D 8 # IF9<IKF :8ICFJ DFI<8EF 8J@D98P8# AFJ< CFI<EQF G8I:F =8I<J# A8@D< =89@8E ><ID8E G@C8K8J@># IFJ8I@F <C@Q89<K? @Q8 :8E>F# <CM@8 M<IFE@:8 8ID8J M@I8:F:?8# D@I@8D CLQD@C8 @Q8 G@C8K8J@># :I@JK@8E ;8M@; 8ID8J M@I8:F:?8# >L@;F D8I:<CF ><ID8E @Q8# E8E:P D8>;8C<E8 KL898E;8 98EJ?LP# 8CM8 JF=@8 :8J8 I@M<I8# =I<;;P G8KI@:@F J8E:?<Q FK8M8CF# D8I@8 <CM@8 :?@:8@Q8 D 8 J8 G8 E K8 # M @ M @ 8 E 8 D8I@JFC# :898J:8E>F# ;< C8 :ILQ# :<C@8 D8I@8 FC@MF 8CK8D@I8EF# :8ICFJ D8EL<C :8D@EF A8:FD<# =I8EBC@E M@E@:@F 8ID8J M@I8:F:?8# 8@;8 D8IC<E8 ><ID8E @Q8# CL@J ?LD9<IKF GLCCLK8O@# Q8G8K8# :<:@C@8 =CFI<EK@E8 9F?FIHL<Q# I<P<J# E<CCP IF:@F G8E<CL@J8 8IIF98# 9C8E:8 D<I:<;<J KI8M<J 8E>L<K8# =8LJKF =89@8E I@M<I8 A8:FD<# D8I@8 E8K8C@8 <I8QF# D8I@8 :?L>:?@C8E# 8L>LJKF ;<C>8;F# D8I@8 AL8E8 CC8HL@:?<# G8KI@:@F GLD@J8:?F# D8I@8 K<I<J8 :?@D98# D8I:F M@E@M@F KFG8E8K8 M@I8:F:?8# CL@J ?LD9<IKF z8KF# CL@J >89I@<C J8E:?<Q# D8I@8 ;FCFI<J :?@>L8EF 8IK@<;8# AFI>< J@D98z8# I<8C# >L@;F G8LC M@I8:F:?8# Zfe \c Zfek\e`[f [\ le \okiXZ$ kf [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ Zfe cf [\k\id`eX[f gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ @eZfigÂ?i\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e X[alekX%$KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX jlj ]lkliXj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX ]XZlckX[ [X[X X jlj XYf^X[fj [\]\ejfi\j gXiX hl\ jljZi`YXe cfj \jZi`kfj e\Z\jX$ i`fj$% :ˆk\j\ p Efk`]ˆhl\j\%$ = %$ ;i% <[n`e 8i^fk` I\p\j%$ Al\q%$ Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e$ [fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp le j\ccf 8I&/),'/&ZZ ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8c j\ÂŒfi @M8E ><FM8EEP :8II@CCF J8E:?<Q \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\ cX ZfdgXŒˆX DLCK@G8:B@E> 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 =<IE8E;F :89I<I8 ?@;8C>F GifZliX[fi Al[`Z`Xc [\c 9XeZf >\e\iXc Ild`ÂŒX_l` J%8% ;\dXe[X[f1 @M8E ><FM8EEP :8II@CCF J8E:?<Q >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\ cX ZfdgXŒˆX DLCK@G8:B@E> 8jlekf1 ZfYif [\ [`e\if :lXekˆX1 LJ;% +),%'''#'' Ki}d`k\1 M\iYXc JldXi`f =\Z_X [\ @e`Z`XZ`Â?e1 ), [\ ]\Yi\$ if [\c )'((% :XljX Ef% )-)$)'(($ ;I% <;@JFE 98IIFJ GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j / [\ XYi`c [\c )'((# cXj ('_*'% M@JKFJ1 CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXif gi\Z`jf p i\Â’e\ cfj i\hl`j`kfj [\ C\p%$ J\ c\ XZ\g$ kX X ki}d`k\ M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX ZfdgXŒˆX JfZ`\[X[ :`m`c p :fd\iZ`Xc 8eÂ?e`dX DLCK@G8:B@E> J%:%:%8 i\gi\$ j\ekX[X gfi @mXe >\fmXeep :Xii`ccf J}eZ_\q \e jl ZXc`[X[ >\i\ek\ >\e\iXc# d\[`Xek\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`$ kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒX$ cX[X%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ EFK@=@HL<J<%$ ] ;i% 8idXe[f 8Z\c[f >lXcc` AL<Q% Cf hl\ Zfdle`Zf X ljk\[ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ Hl`kf# (* [\ XYi`c [\c )'((% ;i% =iXeZ`jZf Aljk`Z`X J<:I<K8I@F ?Xp le j\ccf 8I&/),*0&ZZ I% [\c <% ALQ>8;F ;y:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C G8I81 ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< HL@<E <E M@;8 =L< <C J<zFI CL@J 8C9<IKF K8:F E8IMĂ?<Q% AL@:@F1(-,($)'('$ <JG<:@8C 8:KFI1 8C98 D8I>FK? K8:F M<C8J:F# D8I@8 CLQ K8:F M<C8J:F# PFC8E;8 ;< C8J D<I:<;<J K8:F M<C8J:F# 9<8KI@Q 8DG8I@KF K8:F M<C8J:F P D8I@8E8 ;< A<JèJ K8:F M<C8J:F% ;<D8E;8;FJ1 D8IK?8 K8:F M<C8J:F# D8I:<CF K8:F M<C8J:F# <CJ8 G8KI@:@8 K8:F M<C8J:F P CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ% F9A<KF1 :fe \c ]le[Xd\ekf \e \c 8ik% -.. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# [\dXe[X j\ efdYi\ 8[d`e`jkiX[fi [\ cfj Y`\e\j jlZ\jfi`fj [\c ZXl$ jXek\% KIĂ?D@K<1 <JG<:@8C :L8EKĂ 81 @E;<K<ID@E8;8 89F>8;F G8KIF:@E8;FI1 ;i% >l`cc\idf 9fjjXef I`mX[\e\`iX% DXk% Gif]%))+) :8G% GIFM@;<E:@8%$ ALQ>8;F ;y:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j + [\ 8Yi`c [\c )'((# cXj '0?(*% M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fcX gifZ\[\ek\ j\ cX XZ\gkX X ki}d`k\ \jg\Z`Xc gi\$ m`jkf \e \c 8ik% -.. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 \e Zfe$ j\Zl\eZ`X# Zfe \c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`$ [\eZ`X# Zˆk\j\ X cfj [\dXe[X[fj _\i\[\ifj1 DXik_X KXZf M\cXjZf p <cjX GXki`Z`X KXZf M\cXjZf \e cfj cl^Xi\j j\ÂŒXcX[fj gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf2 X DXiZ\cf KXZf M\cXjZf \e cX [`i\ZZ`Â?e j\ÂŒXcX[X gXiX \c \]\Zkf [\ JXe IX]X\c# d\[`Xe$ k\ Zfd`j`Â?e Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X [\ :fefZfkf g\ik\e\Z`\ek\ Xc ZXe$ kÂ?e Hl`kf# [\ ef j\i gfj`Yc\ jl Z`kXZ`Â?e \e cX [`i\ZZ`Â?e `e[`ZX[X j\ Z`kXi} \e cX fkiX [`i\ZZ`Â?e kXc Zfdf j\ jfc`Z`kX2 p# X cfj _\i\$ [\ifj gi\jlekfj p [\jZfefZ`[fj [\ hl`\e \e m`[X ]l\ \c j\ÂŒfi Cl`j 8cY\ikf KXZf EXim}\q# \e d\i`kf [\c aliXd\ekf i\e[`[f gfi cXj XZkfiXj# j\ c\j Z`kXi} Zfe

Ied fegk‡i_cei bei ^ecXh[i gk[ iWX[d jeb[hWh [d [b fhÂŒ`_ce bei Z[\[Yjei fhef_ei$ 7HJKHE =H7< le \okiXZkf [\c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`[\e$ Z`X gfi cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p \e cX ]fidX gi\m`jkX \e \c 8ik% /) @Y`[\d%$ CXj XZkfiXj \e \c k„id`$ ef [\ ki\j [ˆXj [\e Zldgc`d`\e$ kf X cf [\k\id`eX[f gfi \c 8ik% ,) @Y`[\d%$ :ˆk\j\ p Efk`]ˆhl\j\ = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q%$ Cf hl\ cc\mf X jl Zfef$ Z`d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]`e\j Æ :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp le j\ccf 8I&/),+-&ZZ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F EFM<EF ;< CF :@M@C ;< CFA8 :FE J<;< <E :8I@8D8E>8 :@K8:@FE AL;@:@8C ;\]% ;i% NXck\i IXd`if :l\eZX Fik`q# :Ci$'0.-.'-.0%$ :`kf Zfe \c Zfek\e`[f [\ cX [\dXe[X# Xlkf [\ XZ\gkXZ`Â?e X ki}d`k\ [\ cX d`jdX p d}j ZfejkXeZ`Xj gifZ„jXc\j X cfj _\i\[\ifj gi\$ jlekfj p [\jZfefZ`[fj [\ cfj ZXljXek\j j\ÂŒfi\j1 :8ICFJ A@D<E<Q P IFJ8 J8C8Q8I A@D<E<Q# Zlpf \okiXZkf \j Zfdf j`^l\1 8:KFI1 IFJ8 8I:<C@8 A@D<E<Q J8C8Q8I ; < D 8 E ; 8 ; F J 1 ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ F9A<KF ;< C8 ;<D8E;81 Al`Z`f [\ @em\ekXi`f% KIĂ?D@K<1 <jg\Z`Xc% :L8EK@81 @e[\k\id`eX[X% AL@:@F Eif%1 '-,$)'(' AL<Q1 ;i% DXiZ\cf JXi`kXdX :Xii\iX 8LKF1 <e :Xi`XdXe^X# X m\`e$ k`ki„j [\ dXiqf [\c XÂŒf [fj d`c [`\q# X cXj '/?*'%$ M@JKFJ1$ <jk`dXj\ ZcXiX# gi\Z`jX p Zfd$ gc\kX cX [\dXe[X gifgl\jkX gfi cX j\ÂŒfiX IFJ8 8I:<C@8 A@D<E<Q J8C8Q8I# gfi i\le`i cfj i\hl`j`kfj [\ ]fidX# j\ cX XZ\gkX Xc ki}d`k\ \jg\Z`Xc hl\ c\ Zfii\jgfe[\%$ <e Zfej\Zl\eZ`X# [\Zc}i\j\ XY`\ikX cX jlZ\j`Â?e `ek\jkX[X [\ hl`\e\j \e m`[X j\ ccXdXife# :Xicfj A`d„e\q p IfjX JXcXqXi A`d„e\q# fi[\e}e$ [fj\ cX ]fidXZ`Â?e [\ `em\ekXi`f p XmXcÂ’f [\ cfj Y`\e\j jlZ\jf$ i`fj# Zfe cX `ek\im\eZ`Â?e [\ g\i`$ kfj p k\jk`^fj hl\ [\j`^e\e cXj gXik\j%$ :l„ek\j\ \e \c gi\j\ek\ gifZ\jf Zfe cX ZfdgXi\Z`\ek\ IfjX 8i^\c`X A`d„e\q JXcXqXi p Zfe cfj _\i\[\ifj1 MˆZkfi DXel\c A`d„e\q JXcXqXi# DXiˆX 8^i`g`eX A`d„e\q JXcXqXi# gfi \c ]Xcc\Z`d`\ekf [\ DXiZ\c`ef G\g\ A`d„e\q JXcXqXi# Zfe jlj _`afj1 Afj„ <[lXi[f A`d„e\q Dfc`eX# DXiˆX ;\`]`c`X A`d„e\q Dfc`eX# IfjX 8c\aXe[i`eX A`d„e\q Dfc`eX# EXiZ`jX [\ A\jÂ’j A`d„e\q Dfc`eX# p >Xcf <]iXˆe A`d„e\q A`d„e\q# gfi \c ]Xcc\Z`d`\ekf [\ If[fc]f A`d„e\q JXcXqXi# Zfe jlj _`afj 9fcˆmXi B\ee\[p A`d„e\q CleX# =iXebc`e C\fejf A`d„e\q CleX# <[n`e IfY\ik A`d„e\q CleX# 8li`X Ef\dˆ A`d„e\q CleX# Afi^\ <jk_Xc`e A`d„e\q CleX# J`cm`X Fc`m`X A`d„e\q CleX# >c\e[X EXiZ`jX A`d„e\q CleX# <eX Fc`m`X A`d„e\q CleX# p Cˆ[\i If[i`^f A`d„e\q CleX2 p Zfe cX ZÂ?epl^\ jfYi\m`m`\ek\# AlXeX 9l\eXm\ekliX CleX :Xjk`ccf2 gfi \c ]Xcc\Z`d`\ekf [\ Cˆ[\i If[i`^f A`d„e\q CleX# Zfe jlj _`afj1 Cˆ[\i If[fc]f A`d„e\q Hl\m\[f p MXe\jjX 8c\oXe[iX A`d„e\q Hl\m\[f1 p# Zfe cX ZÂ?e$ pl^\ jfYi\m`m`\ek\# >\idXe`X :Xid`kX Hl\m\[f# AlXe <d`c`f A`d„e\q JXcXqXi# Alc`X GXjkfiX A`d„e\q JXcXqXi p DXi`XeX [\ A\jÂ’j A`d„e\q JXcXqXi# Zfdf kXdY`„e# Zfe cfj j\ÂŒf$ i\j# 8^\ek\ =`jZXc ;`jki`kXc [\ CfaX# Zfe j\[\ \e :Xi`XdXe^X2 GifZliX[fi Ki`YlkXi`f [\ cX Gifm`eZ`X [\ CfaX# 8cZXc[\ p GifZliX[fi Jˆe[`Zf [\c @cljki\ Dle`Z`g`f [\c ZXekÂ?e :XcmXj#

Zfe \c Zfek\e`[f [\ cX [\dXe$ [X `e`Z`Xc p Xlkf [\ XZ\gkXZ`�e X ki}d`k\# gXiX cX Z`kXZ`�e [\c j\^le[f ]leZ`feXi`f ccXdX[f X `ek\im\e`i# p# X cfj _\i\[\ifj MˆZkfi DXel\c A`d„e\q JXcXqXi# AlXe <d`c`f A`d„e\q JXcXqXi p Alc`X GXjkfiX A`d„e\q JXcXqXi# j\ [\gi\ZX X lef [\ cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\ CfaX# gXiX cf ZlXc# j\ \em`XiX \c [\jgXZ_f i\j$ g\Zk`mf X cX JXcX [\ Jfik\fj [\ cX ?% :fik\ Jlg\i`fi [\ Aljk`Z`X [\ CfaX# X ]`e [\ hl\ \c Al\q Zfii\jgfe[`\ek\ ZldgcX Zfe cf [`jgl\jkf# f]i\Z`\e[f cX i\Z`gif$ Z`[X[ \e ZXjfj j`d`cXi\j%$ 8 cXj j\ŒfiXj DXiˆX 8^i`g`eX A`d„e\q JXcXqXi p EXiZ`jX [\ A\j’j A`d„e\q Dfc`eX# d\[`Xek\ [\j$ gXZ_f Zfd`jfi`f c`YiX[f Xc j\Œfi K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X JXe >l`cc`e# ZfeZ\[`„e[fc\ \c k\id`ef \okiXfi[`eXi`f [\ j\`j [ˆXj \e cX iXq�e [\ cX [`jkXeZ`X%$ 8 cX j\ŒfiX DXi`XeX [\ A\j’j A`d„e\q JXcXqXi# d\[`Xek\ [\gi\ZXkfi`f c`YiX[f Xc j\Œfi Al\q ;\Z`df Dlck`Zfdg\k\ek\ [\ CfaX# Zfe j\[\ \e 8dXclqX# f]i\Z`„e[fc\ i\Z`gifZ`[X[ \e ZXjfj j`d`cXi\j2 8 cfj _\i\[\$ ifj [\c ZXljXek\ DXiZ\c`ef G\g\ A`d„e\q JXcXqXi# j\Œfi\j1 Afj„ <[lXi[f A`d„e\q Dfc`eX# DXiˆX ;\`]`c`X A`d„e\q Dfc`eX# IfjX 8c\aXe[i`eX A`d„e\q Dfc`eX p >Xcf <]iXˆe A`d„e\q A`d„e\q# p# Clq M`Zkfi`X Dfc`eX2 _\i\[\ifj [\c ZXljXek\ j\Œfi If[fc]f M`[Xc A`d„e\q JXcXqXi# Zfe cfj j\Œf$ i\j1 9fc`mXi B\ee\[p A`d„e\q CleX# =iXebc`e C\fejf A`d„e\q CleX# <[n`e IfY\ik A`d„e\q CleX# 8li`X Ef\dˆ A`d„e\q CleX# Afi^\ <jk_Xc`e A`d„e\q CleX# J`cm`X Fc`m`X A`d„e\q CleX# >c\e[X EXiZ`jX A`d„e\q CleX# <eX Fc`m`X A`d„e\q CleX2 _\i\[\ifj [\c ZXljXek\ j\Œfi Cˆ[\i If[i`^f A`d„e\q CleX# Zfe cfj j\Œfi\j2 Cˆ[\i If[fc]f A`d„e\q Hl\m\[f p MXe\jjX 8c\oXe[iX A`d„e\q Hl\m\[f# p# >\idXe`X :Xid`kX Hl\m\[f# _\i\[\ifj [\jZfefZ`[fj p gi\$ jlekfj [\ cfj ZXljXek\j# j\ cfj Z`kXiX# gfi cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ CfaX p Hl`kf# gfi ef \o`jk`i \jk\ d\[`f [\ Zfdl$ e`ZXZ`�e jfZ`Xc \e \jkX Z`l[X[# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e Xe\oX%$ K„e^Xj\ \e Zl\ekX cX ZlXekˆX# ZXj`cc\$ if al[`Z`Xc p cX Xlkfi`qXZ`�e hl\ c\ ZfeZ\[\ X jl 8Yf^X[f [\]\ejfi%$ ?}^Xj\ jXY\i%$ ] ;i% DXiZ\cf JXi`kXdX :Xii\iX# Al\q Efm\ef [\ cf :`m`c [\ CfaX Zfe j\[\ \e :Xi`XdXe^X% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p% CfaX# )' [\ fZklYi\ [\c )'(' ;i% Afj„ <% MXcc\% 8ZXif% J\Zi\kXi`f [\c Alq^X[f Efm\ef [\ cf :`m`c [\ CfaX Zfe j\[\ \e :Xi`XdXe^X <o`jk\ ]`idX p j\ccf% 8%G%&+/--'&b%d%

8ELC8:@FE<J

BANCO PICHINCHA HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*'0 [\ cX :kX% :k\% Ef%*'*/.,-0'+ g\ik\e\Z`\ek\ X DL<C8 :8IM8A8C#:<J8I$ 8L>LJKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*0,+ mXcfi (+')#-/ [\ cX :kX% :k\% Ef%*+(/)/,,'+

g\ik\e\Z`\ek\ X HL8C@G?8ID C89FI8KFI@F =8ID8:<LK@:F J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*/0+ mXcfi (+')#-/ [\ cX :kX% :k\% Ef%*+(/)/,,'+ g\ik\e\Z`\ek\ X HL8C@G?8ID C89FI8KFI@F =8ID8:<LK@:F J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+/' [\ cX :kX% :k\% Ef%*+(,+/,+'+ g\ik\e\Z`\ek\ X A@D<E<Q CC@M<# D8I:<C8$ G8KI@:@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*'(' 8C *'(( [\ cX :kX% :k\% Ef%*')(-.,('+ g\ik\$ e\Z`\ek\ X :ILQ IFD<IF# =<C@O$G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%).)+( mXcfi (()#)- [\ cX :kX% :k\% Ef%*'*'*(/('+ g\ik\$ e\Z`\ek\ X :CL9 ;< :C8J<J P GFC@:@8J ;< C8 GFC@:@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%0*. [\ cX :kX% :k\% Ef%*+-*/)++'+ g\ik\e\Z`\ek\ X JK8I :FCFLIJ I<GI<J<EK8:@FE<J :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%()'( [\ cX :kX% :k\% Ef%*+-*/)++'+ g\ik\e\$ Z`\ek\ X JK8I :FCFLIJ I<GI<J<EK8:@FE<J :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(0( 8C )0' [\ cX :kX% :k\% Ef%**--'+()'+ g\ik\e\Z`\e$ k\ X :<M8CCFJ J8EK8E8# :I@JK?@8E$=89@8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(.'- [\ cX :kX% :k\% Ef%*'-'/,*,'+ g\ik\e\Z`\ek\ X G8QD@EF 8D8>L8# ;8IN@E$D@>L<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(./( mXcfi -/#-, [\ cX :kX% :k\% Ef%**//+/)('+ g\ik\$ e\Z`\ek\ X >CF98CKI8@C :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(+-( 8C (,-' [\ cX :kX% :k\% Ef%*)-.*'+)'+ g\ik\e\$

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Z`\ek\ X J8E:?<Q J8C8Q8I# ILK?$<C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(,0/ mXcfi +-*/#/0[\ cX :kX% :k\% Ef%**,.-+,('+ g\ik\e\Z`\ek\ X GLCJ8IK<: JF:@<;8; 8EFE@D8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ 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%(-'( 8C (.'' [\ cX :kX% :k\% Ef%**,.-+,('+ g\i$ k\e\Z`\ek\ X GLCJ8IK<: JF:@<;8; 8EFE@D8 [\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%),/ mXcfi ()' [\ cX :kX% :k\% Ef%*+(',./+'+ g\ik\$ e\Z`\ek\ X FIK@Q >8I:<J# ;@8E8$G8KI@:@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)),, [\ cX :kX% :k\% Ef%*)/*)',''+ g\ik\e\Z`\e$ k\ X Q8G8K8 @Q8# FC>8$@J89<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)'*0 mXcfi ,+,#', [\ cX :kX% :k\% Ef%*+*+0,/)'+ g\i$ k\e\Z`\ek\ X J<IM@KI8EJ [\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%-/'( mXcfi -, [\ cX :kX% :k\% Ef%*(/0*0-.'+ g\ik\e\$ Z`\ek\ X IFJ<IF CCLD@>LJ@E# >L8;8CLG<$;<C :FEJL<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+0+-, 8C' mXcfi +*#'([\ cX :kX% :k\% Ef%*')0-/+-'+ g\ik\e\Z`\ek\ X <DGI<J8 <C<:KI@:8 HL@KF J%8% <<H [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(**/ mXcfi ((.- [\ cX :kX% :k\% Ef%*'+00,()'+ g\i$ k\e\Z`\ek\ X D8QFE 8CC8E# AFJ<$8C=I<;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)*-, mXcfi ,+ [\ cX :kX% :k\% Ef%*''/0)'*'+ g\ik\e\$ Z`\ek\ X =@>8I@ 8CQ8DFI8# :C8L;@8$8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j

Ä Ä

X cX ’ck`dX glYc`ZXZ`�e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(-00 [\ cX :kX% :k\% Ef%*'-'/,*,'+ g\ik\e\Z`\ek\ X G8QD@EF 8D8>L8# ;8IN@E$D@>L<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%*0' [\ cX :kX% :k\% Ef%*+-//(.*'+ g\ik\e\Z`\ek\ X 98II<I8 J8EKFJ#FKKF$?<EIP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(+)+ mXcfi +'0 [\ cX :kX% :k\% Ef%*'/-0)+,'+ g\ik\$ e\Z`\ek\ X I8D@I<Q #AFI><$ ?LD9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+-( 8C +0' [\ cX :kX% :k\% Ef%*'*,0*+)'+ g\ik\e\Z`\ek\ X G8I<;<J J8C>8;F#M@:KFI$ ?L>F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%()'( 8C ()-' [\ cX :kX% :k\% Ef%*'0/*+,.'+ g\ik\e\Z`\e$ k\ X QLD98E8 :FE;<D8@K8# I@:8I;F$D<J@8J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%+,+ 8C+-' [\ cX :kX% :k\% Ef%*)/)//0.'+ g\ik\e\$ Z`\ek\ X :FFG<I8K@M8 ;< KI8EJGFIK< ;< G8J8A<IFJ < [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%+-( 8C ,-' [\ cX :kX% :k\% Ef%*)/)//0.'+ g\ik\e\$ Z`\ek\ X :FFG<I8K@M8 ;< KI8EJGFIK< ;< G8J8A<IFJ < [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(''( [\ cX :kX% :k\% Ef%**-0**')'+ g\ik\e\$ Z`\ek\ X :?@C@HL@E>8 CC@M<# <;N@E$><I8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )0 d^

BANCO INTERNACIONAL

Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *0'.,/'+. [\c 9XeZf

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä Ä‚

Ĺ? Ä Ä†Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

@ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0) ( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -)'.*)'/( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0) ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-''.+,)*- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0) * d^ 4444444 J\ XelcX gfi g„i[`[X \c :\ik`]`ZX[f [\ ;\g�j`kf X GcXqf Ef% '-+('(''. [\c 9XeZf @ek\ieXZ`feXc# Gfi \c mXcfi (*%'''#'' =\Z_X [\ M\eZ`d`\ekf )/ [\ 8Yi`c [\c )'((% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj +, [ˆXj gfjk\i`fi\j X cX ’ck`dX ]\Z_X [\ glYc`ZXZ`�e% 8:&('(0( ( XX

COOPROGRESO ;\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 DFI8C<J D<A@8 D<IP <C@Q89<K? 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\e$ kf cfj i\ZcXd\% 8:&(',-*& ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef%','((+.+-/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef%',.''(--*, [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X I<:8C;< G<;IF M@:<EK< 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\e$ kf 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 G<I<Q FM@<;F C8LI8 @D<C;8 j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf 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 C<FE GFII8J G89CF IF9<IKF j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj

jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&(',-0& + d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef%'-('(*/,+( cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X M8C;@M@<JF 9FIA8 ><ID8E JK8C@E j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(',-/& , d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef%'/'(*'/)-, p C`Yi\kX [\ 8gfikXZ`fe\j Ef%'/.'(*--,' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ;LD8E:<C8 C<D8:?< 8E8 D8I@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 [\ 8_fiifj Ef%'/'()0-+/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 I8PF P<G<Q 8;<C8 <JG<I8EQ8 j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(',.(& . d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef%'/'(*(0,)' p C`Yi\kX [\ 8gfikXZ`fe\j Ef%'/.''+0-0- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X JFC8EF ;< C8 J8C8 KFII<J M@:KFI ?L>F D8I:<CF 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\e$ kf cfj i\ZcXd\% 8:&(',.)& / d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef%(.(/'.(+/( p C`Yi\kX [\ 8gfikXZ`fe\j Ef%'..'')/,.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X :8IM8A8C E8M8II<K< A<JLJ >LJK8MF 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 [\ 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 JLHL@K8E8 >FEQ8C<Q =I8E:@J:F N8CK<I 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\e$ kf cfj i\ZcXd\% 8:&(',.+& (' d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef%+((((''*)0+0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X <:?<M<II@8 :8@Q8 G<;IF G89CF j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(',.,& (( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'(*'*00( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.'()./++ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<C8

Ĺ?

8I:FJ DFE@:8 G8KI@:@8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',+. ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,(-('. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X D<E;<Q >L<II8 D8I@8E<C8 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`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',+/ ) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef *('(0*,.' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D8C;FE8;F ;<C>8;F >CFI@8 J@CM8E8 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 [\ :\ik`]`ZX[f ;G= '*(;G='''+*00, [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X >L8D8E 8E;I8E>F D8I@8 D<I:<;<J j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',,( + 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 JFCFIQ8EF M<C@Q <E8 =CFI@:<C;8 j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',,) , d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ','((*.+*( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ',.'')('', [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 9 L JK8 D 8 E K < : < ; < z F D@IP8E A8:HL<C@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 '-'((//00' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''0)/+( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X =8C:FE >8C8IQ8 J8EK@8>F =<;<I@: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\e$ kf 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<E;<Q K<I8E CL@J <;L8I;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\e$ kf cfj i\ZcXd\% 8:&&(',,, / d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'(*'*../ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '*.''+-/+' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X <EI@HL<Q GFQF D8I@8 <K<CM@E8 j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',,- 0 d^

Ied bei _deY[dj[i o de bei iWX_ei bei gk[ h[ik[bl[d bWi Yk[ij_ed[i Z_\‡Y_b[i$ FÞE 87HE@7

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 >FEQ8C<Q E8IM8<Q KI8E:@KF ;<C :FEJL<CF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',,. (' d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '((')/)./) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.')*+('/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8L:8E:<C8 >L8CC@ D8I@8 E8K@M@;8; j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',') ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+.0)0( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\i$ k\e\Z`\ek\ X DFI<EF FC@M8 8E;I<J ;8E@CF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`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 DFI8C<J ;8M@C8 D<I:<;<J 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\e$ kf cfj i\ZcXd\% 8:&&(','+ * d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+/0*0) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFI<AFE =CFI<J N@CDF <EI@HL< j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',', + d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*('(-0.(( 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 G8C8:@FJ M8C<E:@8 <CM@8 G@<;8; j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&&(','- , d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '((')((/+. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.'(/(.*. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >FEQ8C<Q JFKF D8I@8 <C<E8 j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf 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 9<K8E:FLIK HL@J?G< D8EL<C D<J@8J j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf 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 =8I@8J DFI<@I8 D8IK?8 ;FCFI<J j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&&(','0 / d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('.0,-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 J8C8Q8I >L8C8M@J@ AL8E D8EL<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\e$ kf cfj i\ZcXd\% 8:&(',(' 0 &d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-((,.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8II<I8 IL@Q <;@JFE A8M@<I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(',(( (' d^

CITIBANK :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX$ [f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 G8E 8D<I@:8E C@=< 2 :l\ekX1 *(*(''(- 2 :_\hl\ Ef% *')*.0- 2 =\Z_X [\ \d`j`�e )( ;< F:KL9I< ;< )'(' 2 :Xek`[X[ -+%'' 9\e\]`Z`Xi`f1 >CFI@8 8C<O8E;I8 :FIE<AF Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`$ ZXZ`�e% 8:&(',./ &d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX$ [f \c Z_\hl\ Zfe cXj j`^l`\e$ k\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 G8E 8D<I@:8E C@=<2 :l\ekX1 *(*(''(- :_\hl\ Ef% --,*)- =\Z_X [\ \d`j`�e (+ ;< =<9I<IF ;< )'(( :Xek`[X[ ,*.%*- 9\e\]`Z`Xi`f1 D8I@8 <JG<IE8EQ8 =L<EK<J M% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\e$ k\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:& (',./&d^ 44444 :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX$ [f \c Z_\hl\ Zfe cXj j`^l`\e$ k\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 G8E 8D<I@:8E C@=<2 :l\ekX1 *(*(''(- :_\hl\ Ef% *'**(*+ =\Z_X [\ \d`j`�e ), ;< =<9I<IF ;< )'(( :Xek`[X[ +'+%/' 9\e\]`Z`Xi`f1 N@CD<I G8KI@:@F @IL8 E<E><I Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`$ ZXZ`�e% 8:& (',./&d^

444444 Gfi fi[\e [\c k`klcXi# j\ gifZ\[\$ i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% (*)#(+)#(,0 % :l\ekX :fii`\ek\ (,'))-*0 Dfk`mf G„i[`[X 8:&(',.0 - d^

BANCO DE GUAYAQUIL 9XeZf [\ >lXpXhl`c J%8%# Zfdl$ e`ZX Xc g’Yc`Zf hl\ \c j\Œfi j <P9<I E<CCP D8I@8 ;<C :FEJL<CF ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j (*$(+ [\ jl Zl\ekX Zfii`\ek\ (''+),+) c\ ]l\ife jljkiXˆ[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfe$ jXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\$ Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:& (',/' ( d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# Zfdl$ e`ZX Xc g’Yc`Zf hl\ \c j\Œfi j AL8E :8ICFJ 8CM8I<Q C<FE ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j -/0+ ?8JK8 -0'' [\ jl Zl\ekX Zfii`\ek\ +,'(,-' c\ ]l\ife jljkiXˆ[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfejXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfe$ j\Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:& (',/' ) d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# Zfdl$ e`ZX Xc g’Yc`Zf hl\ \c j\Œfi j DLzFQ C%E8E:P ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j (),( [\ jl Zl\ekX Zfii`\ek\ )''''++0 c\ ]l\ife jljkiXˆ[fj \e YcXe$ Zf p j`e ]`idX YXaf jl i\jgfe$ jXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\$ Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:& (',/' * d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc g’Yc`Zf hl\ \c j\Œfi j 8C:@M8I >8I:@8 <I@B8 M@M@8E8 ?X [\ZcX$ iX[f hl\ \c cfj Z_\hl\ j *()#*(* [\ jl Zl\ekX Zfii`\ek\ )(+(+)0/ c\ ]l\ife jljkiXˆ[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfejXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfe$ j\Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:& (',/' + d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# X jfc`Z`kl[ [\c j\Œfi JFIEFQ8 M@E:<J 8E><C D@>L<C Zfdl$ e`ZX Xc g’Yc`Zf hl\ gfi g„i[`[X# [\k\i`fif# ifYf f jljkiXZZ`�e j\ gifZ\[\i} X [\ZcXiXi j`e \]\Zkf \c Z_\hl\ [\ cX Zl\ekX Zfii`\ek\ Ef% 0+*(.(* E’d\if [\ Z_\hl\ (.$), 8:& (',/' , d^

BANCO DEL AUSTRO Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% (/. % :l\ekX :fii`\ek\ (,'))/(. Dfk`mf G„i[`[X 8:&(',.0 ( d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% (-/$(.' % :l\ekX :fii`\ek\ (,')(-,/ Dfk`mf G„i[`[X 8:&(',.0 ) d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% )+)+ % :l\ekX :fii`\ek\ (,')('-* 8:&(',.0 * d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% (/* % :l\ekX :fii`\ek\ (,'))*,* Dfk`mf JljkiXZZ`fe 8:&(',.0 + d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% (,-' % :l\ekX :fii`\ek\ (,'(/0/+ Dfk`mf JljkiXZZ`fe 8:&(',.0 , d^

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

BANCO PROCREDIT 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c glYc`Zf# cX XelcXZ`Â?e gfi g\i$ [`[X [\ cX C`Yi\kX [\ 8_fiifj */'('((,/+.0) [\ JFIEFQ8 CFFI :C<D<EK@ A8:HL<C@E< Zfe :%@% (*'--+-,.0 8:&.0'.'&k] 44444444 9XeZf GifZi\[`k J%8% Gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# cX XelcXZ`Â?e [\ cX c`Yi\kX E² '+)0'-- Zfe Zl\ekX [\ X_f$ iifj E² '*$'('($'+((+*( X efdYi\ [\c j\ÂŒfi M8C<E:@8 >8CC8I;F AL8E :8ICFJ Zfe :%@% (.(+(0*+*/ 8I&/),,)&ZZ 4444 9XeZf GifZi\[`k J%8% Gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# cX XelcXZ`Â?e [\ cX Zl\ekX [\ X_fiifj E² '*$'('($(,-/(/$' X efdYi\ [\c j\ÂŒfi KFII<J :FHL< D8I:F M@E@:@F Zfe :@ (/'*()/+0$* 8I&/),,+&ZZ 4444 9XeZf GifZi\[`k J%8% Gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# cX XelcXZ`Â?e [\ cX c`Yi\kX E² '+)-/+0 Zfe Zl\ekX [\ X_fiifj E² ('$'('($'-.+)(( X efdYi\ [\c j\ÂŒfi DFI<AFE ;<CD8 <I:@C@8 Zfe :%@% (/'(,.'0++ 8I&/),,*&ZZ

COOPERATIVA COTOCOLLAO Hl\[X XelcX[X gfi g„i[`$ [X cX c`Yi\kX [\ X_fiifj Ef% +')'('')(*,* [\ cX :ffg\iXk`mX :fkfZfccXf g\ik\e\Z`\ek\ Xc Ji% J`\iiX ?`[Xc^f <[`jfe Fcd`[Xj Zfe :%@% (.(/0(,'0$(% 8%G%&+//)-&b%d% 44444 Hl\[X XelcX[X gfi g„i[`$ [X cX c`Yi\kX [\ X_fiifj E² +'('('(../, [\ cX :ffg\iXk`mX :fkfZfccXf g\ik\e\Z`\ek\ Xc Ji% DXiZf DXc[feX[f%

8%G%&+//*.&b%d% $$$$$$$$$$$$$$$$$$ Hl\[X XelcX[X gfi g„i[`[X \c Z\ik`]`ZX[f [\ XgfikXZ`�e Ef% +'('*'(...*( [\ cX :ffg\iXk`mX :fkfZfccXf# g\ik\e\Z`\ek\ Xc Ji% DXiZf DXc[feX[f% 8%G%&+//*.&b%d%

BANCO CAPITAL 9XeZf :Xg`kXc J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc hl\ gfi _XY\ij\ \okiX$ m`X[f \c :\ik`]`ZX[f [\ ;\g�j`kf X GcXqf =`af E%$ (.'($'($''/-)) \d`k`[f \c )* [\ dXiqf [\ )'(( p Zfe ]\Z_X [\ m\eZ`d`\ekf )) [\ dXiqf [\ )'()# gfi \c mXcfi [\ LJ; ++#0+*%+)# g\ik\e\Z`\e$ k\ Xc k`klcXi 9F<Q@F 8CM<8I AL8E CL@J F ;< C8 KFII< :<G<;8 >89I@<C8# mX X gif$ Z\[\i X cX XelcXZ`�e [\c i\jg\Z$ k`mf :\ik`]`ZX[f [\ ;\g�j`kf X GcXqf =`af% J\ jfc`Z`kX X cX g\ijfeX hl\ k\e^X [\i\Z_f jfYi\ [`Z_f :\ik`]`ZX[f [\ ;\g�j`kf X GcXqf =`af gi\j\ek\ Xc 9XeZf :Xg`kXc J%8% \c i\ZcXdf Zfii\jgfe[`\ek\ gfi \jZi`kf \e \c gcXqf [\ () [ˆXj ZfekX[fj X gXik`i [\ cX k\iZ\iX glYc`ZXZ`�e% 8I&/)+((&ZZ

BANCO PROMERICA J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef -()-+0,'(/ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X GIF8zF CL@J *)(..) hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&(',-(&d^ 44444444 J\ XelcX gfi g„i[`[X cX G�c`qX [\ @em\ij`�e Ef ()*)/)'-/ [\c 98E:F GIFD<I@:8# g\i$ k\e\Z`\ek\ X J8E>FHL@Q8 <JG@I@KL MXcfi ,*.%'+ =<% *'&'+&)'') =M& ('$'-$)'') hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&(',-'&d^

BANCO TERRITORIAL 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% (()'00(,, fkfi$ ^X[X gfi efjfkifj X1 :8A@C<D8 =CFI<J CL@J 8EKFE@F 8:&(',-)&d^

UNIBANCO <c LE@98E:F Zfdle`ZX Xc g’Yc`Zf hl\ gfi JLJKI8::@FE j\ mX X gifZ\[\i X XelcXi cfj Z_\hl\j ^`iX[fj ZfekiX \jk\ 9XeZf p ZlpXj ZXiXZk\iˆjk`ZXj jfe cXj j`^l`\ek\j1 Ef% )(, MXcfi (,'#''2 >`iX[fi1 <;@=@:@F GI@JD8 @@@ :kX% (.,('(+'.' 8:&(',/( ( d^

8ELC8:@FE<J M8I@8J Gfi g„i[`[X j\ XelcX \c i\Z`Yf gifm`j`feXc [\ ZfYif Ef% 00./ [\ cX \dgi\jX GXihl\jXekf [\c <ZlX[fi J%8% 8I&/),)/&ZZ 4444444 Gfi g\i[`[X j\ XelcX c`Yi\kX [\ X_fiifj ,/')/'/* [\ cX DlklXc`kX G`Z_`eZ_X [\ cX JiX% DXi`kqX Al[`k_ :lm` >X`Yfi 8:&.//--&k]


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