Edición impresa Revista Judicial del 23 de mayo de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

"(3.1 ĹŠ ÂĄ ĹŠ

Ĺ?ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊćĀĊ

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

2ĹŠ-.1, 2ĹŠ/#- +#2ĹŠ "#2"#ĹŠ4- ĹŠ/#12/#!3(5 ĹŠ "#ĹŠ%_-#1. Ä–ĹŠ Ä“ĹŠ ĹŠ

ĹŠ

ĹŠ Ä“

BWi dehcWi Yedj[cfbWZWi [d dk[ijhe 9ŒZ_]e F[dWb _dZ_YW [iW `[hWhgk_pWY_Œd Z[ bW ZkWb_ZWZ [djh[ be cWiYkb_de o be \[c[d_de" _cfed_ƒdZei[ be cWiYkb_de$ BWi dehcWi f[dWb[i l_][dj[i" Yedieb_ZWd jeZWl‡W kd i_ij[cW cWY^_ijW gk[ Z[iYedeY[ W‘d W bW ck`[h$ BW dehcW Yedieb_ZW fheje# j_fei Z[ ^ecXh[i o ck`[h[i$ ;b i[n_ice [i kde Z[ bei f_bWh[i c|i iŒb_Zei Z[ bW YkbjkhW fWjh_WhYWb o Z[ dk[ijhWi c[djWb_ZWZ[i$ 9Wi_ jeZWi bWi f[hiedWi [d [b ckdZe ^Wd i_Ze [ZkYWZWi Z[ cWd[hW i[n_ijW o WZ[c|i f[diWcei" i[dj_cei dei YecfehjWcei i[n_ijWc[dj[ Yece gk[ \k[i[ _d[bkZ_Xb[$ BW dehcW ^W i_Ze Yedijhk_ZW Z[iZ[ kd [ifWY_e ieY_Wb [i[dY_Wb# c[dj[ cWY^_ijW o gk[ XkiYW W jhW# lƒi Z[ bei c[Z_ei Z[ Yedieb_ZWY_Œd Z[ feZ[h cWdj[d[h [ij[ [ijWjki gke" [i Z[Y_h h[fheZkY_[dZe bei h[gk_i_jei o Yedj[njei fWhW bei YkWb[i ^W i_Ze _Z[WZe$ ;b Z[h[Y^e f[dWb jWcX_ƒd Yed# ieb_ZW kdW l_i_Œd Z[b [dj[dZ[h [b YedY[fje ck`[h" h[\ehpWdZe [ij[# h[ej_fei$ CWhY[bW BW]WhZ[ _Z[dj_ZWZ Z[ ]ƒd[he o YedijhkYY_Œd Z[ bWi ^kcWdWi $# ;b[edeh Heei[l[bj h[\ehckbe bei Z[h[Y^ei Z[b ^ecXh[ Yed [b decXh[ Z[h[Y^ei ^kcWdei" fWhW [l_Z[dY_Wh gk[ bei Z[h[Y^ei Z[b ^ecXh[ i[ h[\[h‡W W bei ^ecXh[i" W bei lWhed[i" o fWhW _dYehfehWh W bWi ck`[h[i Z[ kdW cWd[hW [nfb‡#

Y_jW0 ^kcWdei [d fbkhWb o [d d[k# jhe [i WXWhYWZeh Z[ bei ]ƒd[hei" bWi ck`[h[i o bei ^ecXh[i$ BW l_i_X_# b_pWY_ÂŒd ceZ[hdW Z[ bWi ck`[h[i" bW fWhj_Y_fWY_ÂŒd ieY_Wb Wcfb_WZW o bW fhef_W h[_l_dZ_YWY_ÂŒd ^kcWdW" ^Wd fk[ije [d Yh_i_i [b fWhWZ_]cW Z[b ckdZe fWjh_WhYWb$ Kd [`[cfbe [d [b Whj$ +'( 9$F$ Æ[i l_ebWY_ÂŒd [b WYY[ie YWhdWb" Yed _djheZkYY_ÂŒd jejWb e fWhY_Wb Z[b c_[cXhe l_h_b" feh l‡W ehWb" WdWb e lW]_dWb1 e" bW _djheZkYY_ÂŒd" feh l‡W lW]_dWb e WdWb" Z[ bei eX`[jei" Z[Zei k ÂŒh]W# dei Z_ij_djei Z[b c_[cXhe l_h_b" W kdW f[hiedW Z[ YkWbgk_[h i[ne"## # YkWdZe i[W c[deh Z[ '*" ^Wbb[ fh_# lWZW Z[ bW hWpÂŒd" kiWh[ l_eb[dY_W" Wc[dWpWi e Z[ _dj_c_ZWY_ÂŒd$Ç 7 f[iWh Z[ gk[ bWi ‘bj_cWi h[\eh# cWi ^Wd _dj[djWZe Yedijhk_hi[ XW`e fWh|c[jhei Z[ ]ƒd[he" de feZ[cei Z[`Wh Z[ WdejWh gk[ W be bWh]e Z[ bei YWcX_ei dehcWj_lei i_ i[ ^W [nYbk_Ze W bW ck`[h o i[ ^W _dj[djWZe cWdj[d[h Z[j[hc_dWZei [ij[h[ej_fei$ Feh [`[cfbe Wdj_]kW# c[dj[ bW ck`[h de feZ‡W i[h ik`[je WYj_le Z[b Z[b_je Z[ l_ebWY_ÂŒd" oW gk[ de [hW kd ik`[je i[nkWb WYj_le feh YkWdje [b j_fe ikfed‡W bW _djhe# ZkYY_ÂŒd jejWb e fWhY_Wb Z[b c_[c# Xhe l_h_b$ :[iZ[ bW [nfb_YWY_ÂŒd \[c_d_ijW" [ije ikfed‡W Yedi_Z[hWh W bW ck`[h Yece kdW YeiW fWi_lW o feh jWdje i[ h[\ehpWXW [b [ij[h[ej_# fe Z[ gk[ bW ck`[h de l_ebW$ F[i[ W bWi h[\ehcWi _djheZkY_ZWi [d YWi_ jeZei bei fW‡i[i bWj_deWc[h_YWdei [d [ij[ i[dj_Ze" ckY^ei `kp]WZe# h[i Wkd ^Wd cWdj[d_Ze [b Yh_j[h_e Z[ bW fWi_l_ZWZ Z[ bW ck`[h$ Be YkWb b[ _cfei_X_b_jW W Yedl[hj_hi[ [d ik`[je WYj_le Z[b Z[b_je$

9ŒZ_]e DWfeb[Œd_Ye$# ;d bei fW‡i[i ZedZ[ bW b[]_ibW# Y_Œd i[ XWiWXW [d [b YŒZ_]e dWfe# b[Œd_Ye" de j[d‡Wd fh|Yj_YWc[dj[ d_d]‘d Z[h[Y^e [d [b i[de Z[ bW \Wc_b_W1 i_ [ijWXWd [cfb[WZWi" i[ b[i eXb_]WXW W [djh[]Wh iki _d]h[# iei W iki [ifeiei o WYWh[Y_Wd Z[ Z[h[Y^e Wkjec|j_Ye ieXh[ bW fhe# f_[ZWZ Yedok]Wb" de i[ b[i f[hc_# j‡W j[ij_\_YWh de eij[djWh YWh]ei f‘Xb_Yei o XW`e bWi Z_h[Yjh_Y[i Z[ bW fWjh_W fej[ijWZ" de j[d‡Wd Wkje# h_ZWZ d_ Z[h[Y^e ieXh[ iki ^_`ei$ I[ b[i Yedi_Z[hWXW W bWi ck`[h[i YWh[dj[i Z[ hWY_edWb_ZWZ" ZƒX_# b[i fWhW i[h jhWjWZWi [d f_[ Z[

_]kWbZWZ Yed bei ^ecXh[i" [hWd jhWjWZWi Yece i[h[i _d\[h_eh[i" i_d Z[h[Y^ei o de i[ f[hc_j‡W [b ik\hW]_e \[c[d_de$ BW Yed\ehcWY_Œd Z[ bW ^kcW# d_ZWZ feh ck`[h[i o ^ecXh[i i[ l[ eXijWYkb_pWZW feh [b i[n_ice gk[ WjhWl_[iW [b ckdZe Yedj[c# feh|d[e o i[ [nfh[iW [d feb‡j_YWi" b[o[i" WYj_jkZ[i o WYY_ed[i [djh[ bWi f[hiedWi$ BWi \ehcWi h[b[lWd# j[i Z[ i[n_ice ied [b cWY^_ice" bW c_ie]_d_W o bW ^ece\eX_W$ ;d gk[ b[d]kW`[ i[ [dYk[djhW Yedijhk_Ze [b 9ŒZ_]e F[dWb$# :[iZ[ kdW f[hif[Yj_lW Z[ jƒY#

d_YW Z[ YedijhkYY_ÂŒd Z[ bW dehcW" [b Z[h[Y^e f[dWb i[ ^W \eh`WZe [d kd b[d]kW`[ [l_Z[dj[c[dj[ cWi# Ykb_de" jWdje gk[ bW cWoeh‡W Z[ j_fei f[dWb[i i[ [dYk[djhWd Yedi# jhk_Zei Yed bW \ehckbW _dZ_iYkj_# Xb[c[dj[ i[ jhWjW" Yece oW be ^[ c[dY_edWZe Z[ bei Z[b_jei YedjhW bW l_ZW Æ[b gk[Ç feh [`[cfbe Whj$ **'$# [b gk[ feh Wb_c[djei" X[X_# ZWi" c[Z_YWc[djei" l_eb[dY_Wi e YkWbgk_[h ejhe c[Z_e ^kX_[h[" _dj[dY_edWbc[dj[ ^[Y^e WXehjWh W kdW ck`[h gk[ de ^W Yedi[dj_# Ze [d [bbe" i[h| h[fh_c_Ze Yed jh[i W i[_i W‹ei$$$$$kd Wikdje Z[ jƒYd_YW o Z[ h[YedeY[h kd b[d]kW# `[ gk[ _dlebkYh[ W WcXei i[nei$ 7fWh[dj[c[dj[" de [n_ij[ cWoeh Z_\_YkbjWZ Wb l[h Wi‡ Yedijhk_ZW bW dehcW" [cf[he Z[iZ[ [b Z_iYkhie Z[ h[YedeY_c_[dje o Z[ fh[i[dY_W Z[ bWi ck`[h[i" [b de ^WY[hbe i_]d_# \_YW cWdj[d[hbWi _dl_i_Xb[i" [d be f[hiedWb de YecfWhje Z[ jeZe [ij[ Yh_j[h_e oW gk[ Z[iZ[ c_ fWhj_YkbWh fkdje Z[ l_ijW [b j[hc_de f[hiedW feZh‡W iebkY_edWh [ijei fheXb[# cWi" Yece kd b[d]kW`[ ][dƒh_Ye [ _dYbko[dj[$ @[hWhgk_pWY_ÂŒd Z[ bW ZkWb_ZWZ [djh[ be cWiYkb_de o be \[c[# d_de$# ;b Z[h[Y^e f[dWb o bW dehcW f[dWb" ckY^Wi l[Y[i [l_Z[dY_W [iW `[hWhgk_pWY_ÂŒd [djh[ be cWiYkb_de o \[c[d_de" Yece be Z[Y‡W [b Wkjeh \hWdYƒi Ebi[d" bW fh[[c_d[dY_W Z[ [i[ eX`[j_le hWY_edWb gk[ b[ [i fhef_e W be cWiYkb_de$ Feh [`[c# fbe [b ZejWh [d bW dehcW Y_[hjWi fWhj_YkbWh_ZWZ[i gk[ [d fh_dY_f_e i[ [dj_[dZ[d o h[ifedZ[d iebe Wb ^ecXh[ oW gk[ [i [b bbWcWZe W eij[djWh [b feZ[h$ Kd [`[cfbe [b Whj ()( Z[ bei Z[b_jei YedjhW bW WZc_d_ijhWY_ÂŒd fkXb_YW$# [b gk[ \WbjWh[ Wb h[if[je W YkWbgk_[h jh_XkdWb" YehfehWY_ÂŒd e \kdY_e# dWh_e f‘Xb_Ye" YkWdZe i[ ^Wbb[ [d [`[hY_Y_e Z[ iki \kdY_ed[i" Yed fWbWXhWi" ][ijei e WYjei Z[ Z[ifh[Y_e" e jkhXWh[ e _dj[hhkc# f_[h[ [b WYje [d gk[ i[ ^WbbW" i[h| h[fh_c_Ze Yed fh_i_ÂŒd Z[ eY^e Z‡Wi W kd c[i$ I_ i[ f[hY_X[ Yed Wj[dY_ÂŒd" bW YedijhkYY_ÂŒd Z[ [ijW dehcW ^WY[ ikfed[h gk[ bei ^ecXh[i [d hWpÂŒd Z[ ik YWh]e e fei_Y_ÂŒd gk[ ^WoWd i_Ze \WbjWZei Wb h[if[je" feZh‡W _d_Y_Wh Wb]kdW :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä‚

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

WYY_Œd YedjhW [b ik`[je WYj_le Z[b c_ice$ O gk[ _cW][d gk[ZW Z[ bW ck`[h5$$$$d_d]kdW" fehgk[ ^W fh_# cWZe bW `[hWhgk‡W Z[ bW ZkWb_ZWZ cWiYkb_dW$ BW dehcW ^W i_Ze f[diWZW fWhW fh_l_b[]_Wh be cWiYkb_de Yece Wb]e ikf[h_eh" o [ije" dei ^WY[ [l_Z[dY_Wh gk[ [\[Yj_lWc[dj[ bW dehcW [i kd fheZkYje ieY_Wb o gk[ dk[ijhW YkbjkhW ieY_Wb i_]k[ i_[dZe cWY^_ijW$ Ejhe [`[cfbe Z[ bW kikhfWY_Œd Z[ \kdY_ed[i" j‡jkbei o dec# Xh[i Whj ()/$# ;b gk[ ^kX_[h[ jecWZe f‘Xb_# YWc[dj[ kd decXh[ gk[ de b[ f[hj[d[Y[ i[h| h[fh_c_Ze Yed fh_i_Œd Z[ eY^e Z‡Wi W jh[i c[i[i o ckbjW Z[ eY^e W Z_[Y_iƒ_i ZŒbWh[i Z[ bei [ijWZei kd_Zei Z[ Dehj[Wcƒh_YW" e Yed kdW Z[ [ijWi f[dWi iebWc[dj[$ Ejhe Z[ bei fheXb[cWi gk[ ieij_[d[d bei cel_c_[djei \[c_#

;@MFI:@FJ ALQ>8;F GI@D<IF ;< CF :@M@C ;<C 8QL8P :@K8:@FE AL;@:@8C Al`Z`f Ef% ')+0$)'(( 8 :8@Q8CL@J8 >L<II<IF D8I@8 =<IE8E;8# ZlpX i\j`[\eZ`X \j `dgfj`Yc\ [\k\i$ d`eXi# j\ c\ _XZ\ ZfefZ\i hl\ \e \c Alq^X[f Gi`d\if [\ cf :`m`c [\ :l\eZX X ZXi^f [\c ;i% :„jXi L^Xc[\ 8i\ccXef# j\ _X gi\j\ekX[f leX [\dXe[X# cX d`jdX hl\ \e \okiXZkf \j Zfdf j`^l\1 E8KLI8C<Q81 M<I98C JLD8I@F D8K<I@81 ;@MFI:@F 8:KF I 1 9FJ D < ; @ 8 E F IF;IĂ >L<Q N @ C C @ 8 E 8;I@8E :L8EK@81 @E;<K<ID@E8;8 Al`Z`f )+0$)'(( :l\eZX# + [\ DXpf [\c )'((# cXj '/_*+%$ M`jkfj1 8mfZf ZfefZ`d`\e$ kf [\ cX [\dXe[X hl\ gi\$ j\ekX1 N@CC@8E 8;I@8E 9FJD<;@8EF IF;IĂ >L<Q# d`jdX hl\# gfi ZcXiX# Zfdgc\$ kX p i\le`i Zfe cfj i\hl`j`kfj [\c 8ikˆZlcf -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ XZ\g$ kX X ki}d`k\ M\iYXc JldXi`f \c [`mfiZ`f ZXljXc \e Zfe$ kiX [\ D8I@8 =<IE8E;8 :8@Q8CL@J8 >L<II<IF# \e Zfej\Zl\eZ`X# Xek\ \c aliXd\e$ kf i\e[`[f [\ Zfe]fid`[X[ Zfe \c 8ikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p 8ikˆZlcf ((0 [\c :Â?[`^f :`m`c# j\ [`jgfe\ hl\ j\ c\ Z`k\ gfi cX gi\ejX hl\ j\ \[`kX \e \jkX Z`l[X[ p \e \c cl^Xi [\ Z\c\YiXZ`Â?e [\c dXki`$ dfe`f \e ZlXchl`\i [ˆX p _fiX _}Y`c [\ cXYfi\j [\c Alq^X[f# <jZÂ’Z_\j\ \e Xl[`\eZ`X [\ gXi`\ek\j gXiX cX [\j`^eXZ`Â?e [\ :liX[fi X[ c`k\d [\c d\efi p Zl„ek\j\ Zfe cX fg`e`Â?e [\ lef [\ cfj Al\Z\j [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X% :fe ]le[X$ d\ekf \e \c 8ikˆZlcf (( Ef% ( p *# 8ikˆZlcfj ++ p +, 8ikˆZlcf -0 Ef ( p , [\ cX :fejk`klZ`Â?e

Ĺ?

d_ijWi h[if[Yje Z[b b[d]kW`[" [i gk[ ckY^Wi l[Y[i [ij[ fk[Z[ f[oeh_pWh Yedl[hj_hi[ [d [b[c[d# jei Z[ lWbehWY_ÂŒd gk[ [nYbko[ bW l[hZWZ[hW h[Wb_ZWZ [d gk[ l_l[d bWi ck`[h[i o [ije W jhWlƒi Z[ bW d[kjhWb_pWY_ÂŒd$ :[iZ[ [b fkdje Z[ l_ijW Z[ bWi Yehh_[dj[i \[c_d_ijWi Z_iYkj_h ieXh[ [b b[d]kW`[ Yed [b YkWb i[ Yedijhko[ bW dehcW" ikfed[ [b WZefjWh kdW WYj_jkZ Yh‡j_YW [d h[bW# Y_ÂŒd Yed bWi fh[j[di_ed[i Z[ Zec_# d_e cWiYkb_de" [i Z[Y_h fhecel[h kdW hkfjkhW \h[dj[ W bei fWf[b[i i[nkWb[i Yedl[dY_edWb[i$ BWi dehcWi f[dWb[i _dl_i_X_b_# ZWZ W bW ck`[h$# Kd [ij[h[ej_fe Z[ ck`[h i[ [l_Z[dY_W [d bei Z[b_jei YedjhW bWi f[hiedWi YWf_jkbe _ Z[b_jei YedjhW bW l_ZW [d [b Whj$ *** Wb Z_ic_dk_h bW f[dW [d [b YWie Z[ bW ck`[h gk[ WXehjW feh eYkbjWh ik Z[i^edhW$$$ÂľYÂŒce [dj[dZ[h [ijW Z[i^edhW5$$$$$$[l_Z[dj[c[d# j[ gk[ [ijW YedY[fY_ÂŒd o Yedi# jhkYY_ÂŒd dehcWj_lW h[ifedZ[d W kdW l_i_ÂŒd cWY^_ijW h[if[Yje Z[ bW ck`[h" oW gk[ Z[j[hc_dWh bW Z[i^edhW ikfed‡W WdWb_pWh Z[j[h# c_dWZei lWbeh[i ZedZ[ be fh_dY_# fWb [hW [b ^edeh Z[ bW ck`[h$ ÂľGkƒ

\e i\cXZ`Â?e Zfe \c 8ikˆZlcf ( p (( [\c :Â?[`^f [\ cX E`ÂŒ\q# Xc \o`jk`i d\efi [\ \[X[# j\ ]`aX cX g\ej`Â?e gifm`j`feXc Xc`d\ek`Z`X hl\ [\Y\i} gXjXi \c [\dXe[Xek\ N`cc`Xe 8[i`Xe 9fjd\[`Xef If[iˆ^l\q \e cX jldX [\ +(%.) [\c jXcX$ i`f Y}j`Zf le`]`ZX[f# X gXik`i [\c d\j [\ DXpf [\c [fj d`c feZ\# [\ekif [\ cfj gi`d\$ ifj Z`eZf [ˆXj# [\ ZX[X d\j# dXj cfj Y\e\]`Z`fj [\ C\p p \e cX Zl\ekX hl\ dXek`\e\ \c Alq^X[f \e \c 9XeZf [\ >lXpXhl`c% Efk`]ˆhl\j\% = ;I% :<J8I L>8C;< 8I<CC8EF# AL<Q GI@D<IF :@M@C ;< :L<E:8 8 cX Z`kX[X j\ c\ gi\m`\e\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc [\ le 8Yf^X[f [\ cX cfZXc`[X[# gXiX efk`]`ZX$ Z`fe\j hl\ c\ Zfii\jgfe[X% :l\eZX# d`„iZfc\j + [\ dXpf [\c )'((% ;i% MˆZkfi :lchl`Zfe[fi 8j`k`dYXp% J<:I<K8I@F ;<C ALQ>8;F GI@D<IF ;< CF :@M@C ;< :L<E:8 ?Xp ]`idX p j\ccf 8I&/*')*&k] <OKI8:KF AL;@:@8C ALQ>8;F DLCK@:FDG<K<EK< ;< E8GF :@K8:@äE AL;@:@8C 8:KFI81 >CFI@8 8C98C@:@8 :<M8CCFJ ;< C8 :ILQ ;<D8E;8;F1 D@>L<C D<E<J<J 8E>LCF AL@:@F1 M<I98C JLD8I@F Ef ()$)'(($J$ ;@MFI:@F Æ 8IK% (('$:8LJ8C ((mX% @eZ% (f ;<C :F;@>F :@M@C% 8LKF1 A L Q > 8 ; F DLCK@:FDG<K<EK< ;< E8GF1 9X\qX# dXiqf *' [\c )'((# cXj hl`eZ\ _fiXj ZlXi\e$ kX d`elkfj% M@JKFJ1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf fi[\$ eX[f \e gifm`[\eZ`X `ed\[`XkX Xek\i`fi# cX [\dXe[X gi\j\e$ kX[X gfi >CFI@8 8C98C@:@8

:<M8CCFJ ;< C8 :ILQ# \j ZcXiX gi\Z`jX p Zfdgc\kX# gfi i\le`i# cfj i\hl`j`kfj [\k\id`$ eX[fj \e cfj XikˆZlcfj -. p ('(* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 \e kXc m`ikl[# j\ XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f% <e cf gi`eZ`gXc :Ă K<J< Zfe cX [\dXe$ [X p Xlkf i\ZXˆ[f Xc [\dXe[X$ [f j\ÂŒfi D@>L<C D<E<J<J 8E>LCF# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi ZlXekf cX [\dXe[Xe$ k\# YXaf aliXd\ekf X]`idX [\j$ ZfefZ\i \c [fd`Z`c`f XZklXc \ `e[`m`[lXc`[X[ p i\j`[\eZ`X [\c [\dXe[X[f# \jkf \j# gfi ki\j m\Z\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX gifm`e$ Z`X [\ G`Z_`eZ_X# gfi ef \o`jk`i e`e^leX ZcXj\ [\ [`Xi`f \e \jkX cfZXc`[X[# cXj glYc`ZXZ`fe\j j\ _Xi}e# d\[`Xe[f fZ_f [ˆXj# gfi cf d\efj# \eki\ leX p cX fkiX glYc`ZXZ`Â?e% GXiX \]\Zkf cX 8ZklXi`X Zfe]`\iX \c \okiXZkf i\jg\Zk`mf%$ KÂ?d\j\ \e Zl\e$ kX cX [\j`^eXZ`Â?e [\c 8Yf^X[f [\]\ejfi p \c ZXj`cc\if al[`Z`Xc Ef '0 gXiX cXj efk`]`ZXZ`fe\j [\ cX [\dXe[Xek\% K„e^Xj\ cX ZlXekˆX [\ \jk\ Xjlekf Zfdf `e[\k\id`eX[X% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj XgX$ i\aX[fj X cX [\dXe[X% :ˆk\j\ p Efk`]ˆhl\j\%$ ]%$ ;i% DXiZf GifXÂŒf CÂ?g\q%$ Al\q$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 8c [\dXe[X[f j\ c\ gi\m`\e\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \c g\iˆd\kif c\^Xc [\ \jkX Al[`ZXkliX# gXiX ]lkliXj efk`]`ZXZ`fe\j% 9X\qX# ]\Yi\if )- [\c )'('% :\ik`]`Zf% ;iX% DXiˆX Jl}i\q A`d„e\q J<:I<K8I@8 ;<C ALQ>8;F DLCK@:FDG<K<EK< ;< E8GF% <o`jk\ ]`idX p j\ccf% 8%G%&+/0-(&b%d% ALQ>8;F J<>LE;F ;< CF :@M@C P D<I:8EK@C ;< <JD<I8C;8J <OKI8:KF :@K8:@FE

fWiWXW Yed ejhei [b[c[djei gk[ b[ feZ‡Wd i[h _cfkjWXb[i Wb Z[iYk_Ze e WXWdZede e i_jkWY_ÂŒd [YedÂŒc_YW Z[ bW ck`[h5 be _cfehjWdj[ Wgk‡ [hW ik ^edehWX_b_ZWZ o [ije de [hW ejhW YeiW i_de [b YÂŒce bei Z[c|i bW f[hY_X‡Wd$ ÆbW ck`[h Z[X‡W i[h ^edehWXb[ o [b YÂŒZ_]e f[dWb be h[\ehpWXW f[hc_j_ƒdZeb[ kdW h[XW`W Z[ f[dW" f[he iebe feh [ij[ cej_le$ ;b c_ice YWie ikY[Z[ [d bei Z[b_jei YedjhW bW l_ZW [d bW Z_ifei_Y_ÂŒd Whj *+)$# Wj[dkWdj[ Z[b _d\Wdj[#\_b_Y_Z_e Yec[j_Ze feh WXk[bei cWj[hdei e feh bW fhef_W cWZh[ fWhW eYkbjWh ik Z[i^edhW$ ;d h[bWY_ÂŒd Yed bW _dl_i_X_b_# pWY_ed Z[ bW ck`[h" Y_[hjei j_fei f[dWb[i ^Wd Yedijhk_Ze [d hWpÂŒd Z[ fheXb[cWi [djh[ ^ecXh[i" c[Z_WdZe ik \k[hpW" ik W]h[i_l_# ZWZ" ebl_Z|dZei[ Z[ [iW Y_hYkdi# jWdY_Wi fWhj_YkbWh[i Z[ bW ck`[h"Ç$$$ Z[ ^[Y^e" [b Z[h[Y^e i_[cfh[ be ^W h[bWY_edWZe Yed be eX`[j_le" be hWY_edWb" [nYbko[dZe feh be jWdje bW _hhWY_edWb_ZWZ o bW ikX`[j_l_# ZWZ o [ijWi Yedi_Z[hWY_ed[i ^Wd fheleYWZe kd Y_[hje Wf[]e feh bW b[]Wb_ZWZ gk[ ikfed[ bW dehcW feh [dY_cW Z[ bW Wfh[Y_WY_ÂŒd Z[ bW `kij_Y_W$ Ejhe [`[cfbe [b Whj$ *,) Z[

bWi b[i_ed[i$# Æ[b gk[ ^_h_[h[ e ]ebf[Wh[ W ejheÇ" bW i_jkWY_ÂŒd Z[b _cW]_dWh_e ^WY[ ikfed[h bW Yed# \hedjWY_ÂŒd Z[ Zei c_[cXhei cWi# Ykb_dei" Yece i_ bei Yed\b_Yjei iebe i[ Z_[i[d [djh[ [bbei o fhel_d_[hW kdW W]h[i_ÂŒd Z[ ^ecXh[ W ck`[h gk[ fhelegk[ b[i_ÂŒd$ 8W`e kdW b[Y# jkhW Z[ j_[cfei fWiWZei ef[hWh_W Wkdgk[ f[]k[ e cWj[" cWh_Ze [iÇ" b[]_j_cWdZe W]h[i_ed[i Z[ ^ec# Xh[i ^WY_W ck`[h[i$ ;d [\[Yje" [b ZW‹e ^W i_Ze fh[Zec_dWdj[ Z[\_# d_Ze Z[iZ[ kdW ÂŒfj_YW cWiYkb_dW$ BW _Z[ebe]‡W Zec_dWdj[" ^W YedY[# X_Ze W bWi ck`[h[i Yece _hhWY_edW# b[i" fWi_lWi" [jY$" Z[i[ij_cWdZe bW _Z[W Z[ gk[ bWi ck`[h[i de fk[Z[d [l_jWh i[h _hhWY_edWb[i" fWi_lWi" [jY$ [d [b Z[h[Y^e f[dWb de i[ ^Wd h[YedeY_Ze Yece ZW‹ei ieY_Wb[i ejhei WYjei Yec[j_Zei YedjhW bWi ck`[h[i o gk[ bWi fed[d i_[cfh[ [d kdW i_jkWY_ÂŒd Z[ _dZ[\[di_ÂŒd" fheleYWdZe [d [bbWi ZW‹ei o l_e# bWY_ed[i W iki Z[h[Y^ei$ [d [ij[ i[dj_Ze" be gk[ [b Z[h[Y^e f[dWb ^W Yedi_Z[hWZe i_[cfh[ [i bW W\[Y# jWY_ÂŒd ieY_Wb fkXb_YW Yed l_i_ÂŒd cWiYkb_dW" ebl_Z|dZei[ gk[ bWi ck`[h[i l_l[d [d [ifWY_ei Z[ c_Yhe feZ[h ZedZ[ jWcX_ƒd i[ jhWdi]h[Z[d iki Z[h[Y^ei o gk[ bW fhef_W ieY_[ZWZ bWi ^W h[b[]WZe

I_ b[ YedY[Z[d kd iebe Z[i[e" f_ZW kdW _Z[W$ F;H9O IKJJED$

AL@:@F1 ;@MFI:@F Ef% (+,+$ )'(' 8:KFI1 8;@E8 D8IK?8 DLzFQ ;@8Q ;<D8E;8;F1 AF8HL@E JF8I<J >FE:8CM<J :L8EK@81 @e[\k\id`eX[X AL<Q1 8Y% JXdl\c >feq}c\q =iXeZf F9A<KF ;< C8 ;<D8E;81 8;@E8 D8IK?8 DLzFQ ;@8Q# ZfdgXi\Z\ Xek\ \c j\Œfi Al\q J\^le[f [\ cf :`m`c p D\iZXek`c# [\dXe[Xe$ [f Xc j\Œfi AF8HL@E JF8I<J >FE:8CM<J%$ =le[Xd\ekX jl [\dXe[X XdgXiX[f \e \c 8ik% ((' eld\iXc (( [\c :�[`^f :`m`c m`^\ek\%$ GIFM@;<E:@81 :Xc`]`ZX[X p XZ\gkX[X cX [\dXe[X Xc ki}d`k\ M\iYXc JldXi`f [\ ;`mfiZ`f# j\ [`jgfe\ Z`kXi X cX gXik\ [\dXe[X[X AF8HL@E JF8I<J >FE:8CM<J# gfi cX gi\ejX# gfi [\jZfefZ\ij\ jl [fd`Z`c`f hl\ j\ cf gif$ k\jkX YXaf aliXd\ekf# p [\ Zfe]fid`[X[ Zfe cf hl\ [`j$ gfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# p ((0 [\c :�[`^f :`m`c# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e \e \jkX Z`l[X[ [\ <jd\iXc[Xj p \e cX Z`l[X[ [\ Hl`kf cl^Xi [\c dXki`dfe`f# d\[`Xek\ ki\j glYc`ZXZ`fe\j# [\Y`\e[f d\[`Xi gfi cf d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZX$ Z`�e%$ EFK@=@HL<J<%$ =[f% 8Y% JXdl\c >feq}c\q =iXeZf%$ Cf hl\ j\ c\ Zfdle`ZX# gXiX cfj ]`e\j [\ C\p%$ :\ik`]`Zf%$ J\ c\ X[m`\ik\ [\ cX fYc`^X$ Z`�e hl\ k`\e\ [\ ZfdgXi\Z\i X al`Z`f# _XjkX [\ekif [\ cX

k\iZ\iX p Â’ck`dX glYc`ZXZ`Â?e# ZXjf ZfekiXi`f j\i} [\ZcXiX[f i\Y\c[\%$ :\ik`]`Zf <jd\iXc[Xj# (* [\ 89I@C [\c )'(( 8Y% <dd` KifpX JXekXeX J<:I<K8I@8 <o`jk\ ]`idX p j\ccf% 8%G%&+/0-)&b%d% I% ;<C <% ALQ>8;F JyGK@DF ;< >8I8EK@8J :@M@C<J P D<I:8EK@C<J ;< C8 GIFM@E:@8 ;< <C FIF JXekX IfjX <OKI8:KF ;< :@K8:@äE 8 cX J\ÂŒfiX D8I@8 ;<C :8ID<E :LKL:L8D98 M8C<EQL<C81 j\ c\ _XZ\ jXY\i% Hl\ \e \c Alq^X[f J„gk`df [\ cf :`m`c [\ <c Fif# Zfe Xj`\ekf \e cX Z`l[X[ [\ JXekX IfjX# j\ _X gi\j\ekX[f X ki}d`k\ cX [\dXe[X ;`mfiZ`f# \e jl ZfekiX p gfi ZlXekf cX gXik\ XZkfiX [`Z\ hl\ Ăˆ\ogi\jf Zfe aliXd\ekf hl\ \e cfj XZklXc\j dfd\ekfj d\ \j `dgfj`Yc\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe$ [X[X D8I@8 ;<C :8ID<E :LKL:L8D98 M8C<EQL<C8# gfi cf hl\ XdgXiX[f \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p ((0 [\c :Â?[`^f :`m`c# jfc`$ Z`kf j\ cf Z`k\ gfi `ek\id\[`f [\ le g\i`Â?[`Zf [\ cX Z`l[X[ [\ DXZ_XcX# gifm`[\eZ`X [\ <c Fif p \e cX Z`l[X[ [\ Hl`kf# gifm`eZ`X [\c G`Z_`eZ_XÉ% J\ [`jgfe\ Z`kXi X cX gXik\ [\dXe[X[X# j\ÂŒfiX D8I@8 ;<C :8ID<E :LKL:L8D98 P M8C<EQL<C8# d\[`Xek\ ki\j glYc`ZXZ`fe\j# \e ]\Z_Xj

[`jk`ekXj \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e# hl\ j\ \[`kXe \e cX :`l[X[ [\ DXZ_XcX gifm`[\eZ`X [\ <c Fif p \e cX Z`l[X[ [\ Hl`kf# gifm`eZ`X [\c G`Z_`eZ_X# X ]`e hl\ ZfdgX$ i\qZX X al`Z`f p j\ÂŒXc\ ZXj`ccX al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j \e \jkX ZXljX# [\ekif [\c k„id`ef [\ m\`ek\ [ˆXj ?89@C<J# ZfekX[fj X gXik`i [\ cX k\iZ\iX p Â’ck`dX glYc`ZXZ`Â?e [\c gi\j\ek\ Xm`jf [\ Z`kXZ`Â?e% 8:KFI1 N@CC@8D C<FE<C <EI@HL<Q E8IM8<Q% ;<D8E;8;F1 D8I@8 ;<C :8ID<E :LKL:L8D98 M8C<EQL<C8 AL@:@F1 M\iYXc JldXi`f [\ [`mfiZ`f Ef% (*)&)'((% :L8EK@81 @e[\k\id`eX[X AL<Q ;< C8 :8LJ81 ;i% N`c]i\[f J% 8e[iX[\ :_`ZX GIFM@;<E:@8 ;@:K8;81 JXekX IfjX# *' [\ dXiqf [\c )'((%$ CXj ((_** Cf hl\ j\ gfe\ \e ZfefZ`d`\e$ kf [\ cX gXik\ [\dXe[X[X# gXiX cfj ]`e\j [\ C\p% JXekf IfjX# ') [\ dXpf [\ )'((% 8cfejf 8cm\Xi :i`fccf J<:I<K8I@F ;<C ALQ>8;F J<GK@DF ;< CF :@MC ;< <C FIF% <o`jk\ ]`idX p j\ccf% 8%G%&+0((/&b%d% ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8% C8LI8 D8IĂ 8 >FI;FE IF9<IKJ 8:KFI1 CL@J <M8E><C@F 8C8I:äE ;<D8E;8;F1 C8LI8 D8IĂ 8 >FI;FE IF9<IKJ AL@:@F1 M<I98C JLD8I@F ;< ;@MFI:@F Ef% )/.$)%'(( 8Y^% I% 9iXmf :8J@CC<IF AL;@:@8C Ef% ((*' =LE;8D<EKF C<>8C1 8IK% ((' ELD<I8C (( ;<C :ä;@>F :@M@C 89F>8;F1 ;I% 9PIFE

W [i\[hWi fh_lWZWi \Wc_b_W" ^e]Wh" cWjh_ced_e"[jY # 9edYbki_ed[i$# Bei Z[h[Y^ei [i[dY_Wb[i gk[ [cWdWd Z[ bW dWjkhWb[pW ^kcW# dW" Z[h[Y^ei \kdZWc[djWb[i" ied X_[d[i `kh‡Z_Yei Z_]dei Z[ fhej[Y# Y_Œd f[dWb$ BW _]kWbZWZ o [b h[YedeY_c_[d# je Z[ Z[h[Y^ei o Z[ bWi h[Wb_ZWZ[i [djh[ ^ecXh[i o ck`[h[i l[h_# \_YWdZe i_ h[Wbc[dj[ i[ [ij|d ZWdZe Ykcfb_c_[dje W bei Z_ij_d# jei _dijhkc[djei _dj[hdWY_edWb[i o dk[lWi \ehcWi Z[ f[diWh W bW ieY_[ZWZ$ BW c_icW dehcW ^W bb[lWZe W gk[ [b `k[p [d Wfb_YWY_Œd Z[ [ijW" Z_iYh_c_d[ W bW ck`[h$ Feh [`[cfbe [d [b YWie Z[ bW b[]‡j_cW Z[\[diW" Z_\‡Y_bc[dj[ i[ feZh‡W f[diWh gk[ kdW ck`[h ^WoW WYjkWZe [d b[]‡j_# cW Z[\[diW YkWdZe [b cec[dje Yedij_jkj_le Z[b ^[Y^e Z[b_Yj_le [hW [b ‘d_Ye gk[ [dYedjhŒ fWhW WY[hjWh kd ]ebf[ Y[hj[he W ik cWh_# Ze i_d fed[h [d f[b_]he ik l_ZW$ BW dehcW f[dWb i[ [d\eYW Z[iZ[ bW f[hif[Yj_lW cWiYkb_dW ‘d_YW# c[dj[" fh[i[djWdZe bW [nf[h_[d# Y_W cWiYkb_dW Yece Y[djhWb W bW [nf[h_[dY_W ^kcWdW o" feh [dZ[" Yece bW ‘d_YW h[b[lWdj[$

8P8C8 :L8EKĂ 81 @E;<K<ID@E8;8 GIFM@;<E:@81 8LKF ;< :8C@=@:8:@äE ALQ>8;F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j () [\ XYi`c [\c )'((# cXj (._)+% M@JKFJ%$ 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ Gfi ZlXekf cX XZkfiX _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# cX [\dXe[X gi\j\ekX[X gfi1 CL@J <M8E><C@F# \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p p j\ cX X[d`k\ X ki}d`k\ m\iYXc jldXi`f gfi kXekf \e d„i`kf Xc aliXd\ekf i\e[`[f gfi cX XZZ`feXek\ p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :Ă K<J<# X cX [\dXe$ [X[X j\ÂŒfiX1 C8LI8 D8I@8 >FI;FE IF9<IKJ# \e cX ]fidX jfc`Z`kX[X gfi d\[`f [\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e X e`m\c eXZ`feXc [\ cfj hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ 8^i„^l\j\ Xc gifZ\$ jf cX [fZld\ekXZ`Â?e hl\ j\ X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi Xjˆ Zfdf cX Xlkf$ i`qXZ`Â?e [X[X X jl 8Yf^X[f ;\]\ejfi%$ Efk`]ˆhl\j\%$ = ;i% =\c`g\ @e]Xek\ I\p% Al\q \eZXi^X[f% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p% C\ gi\m\e^f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`$ ]`ZXZ`fe\j%$ :\ik`]`Zf% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp le j\ccf 8I&/*'')&ZZ ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 cX j\ÂŒfiX 8E8 CFG<Q Q8D9I8EF 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 8Zkfi1 J<>LE;F LCG@8EF >L<II<IF I8D@I<Q ;\dXe[X[X1 8E8 CFG<Q Q8D9I8EF 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c [`mfiZ`f p [`jl\ckf \c mˆeZlcf dXki`df$ e`Xc hl\ d\ le\ Xc [\dXe[X[f \e dXki`dfe`f Z\c\YiX[f \e Hl`kf# )+ [\ Ale`f [\ (00/ :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 )' [\ alc`f [\c )'(' :XljX [\ ;`mfiZ`f Ef% 0.-$)'('%$ ;I8% B8C@EB8 A8I8D@CCF%$ GIFM@;<E:@81 ALQ>8;F M@>Ă&#x;J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )' [\ X^fjkf [\c )'('# cXj (+_*'%$ M@JKFJ%$ CX Zfd$ g\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX%$ P leX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X gifm`$ [\eZ`X Xek\i`fi%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`$ j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`k\ M<I98C JLD8I@F%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :ĂŁK<J< X cX [\dXe[X$ [X 8E8 CFG<Q Q8D9I8EF gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ :fe cX `ej`elXZ`Â?e [\ ZliX[fi X[$c`k\d Â?`^Xj\ cXj fg`e`fe\j [\c j\ÂŒfi 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X# K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% )*/ [\ cX ;I8% G8KI@:@8 IF;I@>L<Q p ;I% >@FM8EE@ =CFI<J % 8^i„^l\j\ Xc gifZ\$ jf cX [fZld\ekXZ`Â?e XZfdgX$ ÂŒX[X%$ EFK@=@HL<J<%$ ] ;iX% DXiˆX <c\eX :_}m\q% Al\q% Cf


hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p%$ C\ gi\m\e^f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ C: ; F% A F I> < D @ < I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0.,)&gm ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8c j\ÂŒfi :8ICFJ <EI@HL< D8J898E;8 M<>8 j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfe$ k`elXZ`Â?e j`^l\1 <OKI8:KF 8ZkfiX1 =8EEP E<CCP HL@J8>L8EF :?8DFIIF ;\dXe[X[f1 : 8 I CF J <EI@HL< D8J898E;8 M<>8 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c [`mfiZ`f p [`jl\ckf \c mˆeZlcf dXki`df$ e`Xc hl\ d\ le\ Xc [\dXe[X[f \e dXki`dfe`f Z\c\YiX[f \e 8cXe^Xjˆ# )) [\ XYi`c [\ (00(% :lXekˆX1 @e[\k\id`eX[X Ki}d`k\1 M\iYXc JldXi`f =\Z_X [\ @e`Z`XZ`Â?e1 (- [\ ]\Yi\if [\c )'((% :XljX [\ ;`mfiZ`f Ef% ))*$)'(( ;I8% B8C@EB8 A8I8D@CCF GIFM@;<E:@8 ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '. [\ XYi`c [\c )'((# cXj (,_''%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`ÂŽe [\ g\ijfeXc Ef% [\c )'('%$ LeX m\q hl\ pX j\ _X [X[f Zldgc`d`\ekf

X gifm`[\eZ`X Xek\i`fi %$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`k\ M<I98C JLD8I@F%$ 8k\ekf Xc aliXd\e$ kf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :ĂŁK<J< X \c [\dXe[X[f :8ICFJ <EI@HL< D8J898E;8 M<>8 gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ :fe cX `ej`elXZ`Â?e [\ :liX[fi 8[$cˆk\d# fˆ^Xj\ X lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j [\ cf G\eXc [\ G`Z_`eZ_X%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% (-,. [\c ;I% D8I:<CF =CFI<J j\ÂŒXcX[X gfi cX XZkfiX gXiX hl\ cX i\gi\j\ek\ \e \jkX ZXljX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgX$ ÂŒX[X%$ EFK@=@HL<J<%$ = ;i% =\c`g\ @e]Xek\ I\p# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p% C\ gi\m\e^f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% 89% AFI>< D@<I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0)/.&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 C8 J<zFI8 IFJ8 ;<C@8 C<D8 :?8KF 8:KFI1 J<>LE;F :<J8I :8@Q8 GLD8J?LEK8 ;<D8E;8;81 IFJ8 ;<C@8 C<D8 :?8KF AL@:@F1 ;@MFI:@F :8LJ8C :8LJ8 EF% (,0+$)'('$G: KI8D@K<% M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F1 ;I8% M@CD8 H@J?G< :8J@CC<IF1 ++-'

ALQ>8;F M@>yJ@DF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# cle\j (* [\ [`Z`\dYi\ [\c )'('# cXj '/_+'%$ M@JKFJ%$ <e m`ikl[ [\ hl\ \c XZkfi _X [X[f Zld$ gc`d`\ekf X cX gifm`[\eZ`X hl\ Xek\Z\[\# j\ ZXc`]`ZX cX [\dXe$ [X [\ ZcXiX# Zfdgc\kX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi j\ÂŒfi J\^le[f :„jXi :X`qX GldXj_lekX2 p# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX IFJ8 ;<C@8 C<D8 :?8KF# X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe X e`m\c EXZ`feXc# d\[`Xe[f \eki\ leX p fkiX glYc`ZXZ`Â?e fZ_f [ˆXj%$ :l„ek\j\ Zfe cX fg`e`Â?e [\ lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j [\ cf G\eXc [\ G`Z_`eZ_X# \e ZlXekf X cX `ej`elXZ`Â?e [\ cX ZliX[fiX 8[$c`k\d%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% ++-' gXiX jlj efk`]`ZXZ`fe\j%$ :@K<J< P EFK@=@HL<J<% = %$ ;I% ><ID8E >FEQ8C<Q ;<C GFQF# AL<Q M@>yJ@DF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL@:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ :<IK@=@:F ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ?Xp le j\ccf 8%:%&.0)-0&gm I% [\c <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C

I_ gk_[h[i gk[ j[ ^W]Wd Wb]e" [dY|h]Wi[be W kdW f[hiedW eYkfWZW$ I J ; F > ; D H$ 9 E L ; O $

8c j\ÂŒfi IFDLCF <>@;@F :?8M<Q J8C8Q8I# 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\j k„id`efj1 8:KFI81 G`cXi GXki`Z`X :_}m\q :XimXaXc ;<D8E;8;F1 IÂ?dlcf <^`[`f :_}m\q JXcXqXi AL@:@F1 ;`mfiZ`f Eif% +,,$ )'(( ÆA%A%# 8ik% ('0# eld\iXc [„Z`dX gi`d\iX `eZ`jf j\^le$ [f [\c :Â?[`^f :`m`c% :L8EK@81 @e[\k\id`eX[X KI8D@K<1 M\iYXc JldXi`f 89F>8;F ;<=<EJFI1 ;fZkfi IfY\ikf 8pXcX :ljkf[\ GIFM@;<E:@81 ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X '* [\ DXpf [\c )'((%$ 8 cXj ('_,,% M@JKFJ1$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Z$ k`mf# \e al`Z`f M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi IFDLCF <>@;@F :?8M<Q J8C8Q8I# [\ 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 IfY\ikf 8pXcX :ljkf[\%$ 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>FCHL@# gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j% :\ik`]`Zf%$ ;i% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ALQ>8;F (.df% ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0,', ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 cX j\ÂŒfiX% M@CD8 E8I:@J8 CCLD@HL@E>8 CCLD@HL@E>8 j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF % 8Zkfi 1 ;i% =I8EBC@E =<C@G< M8CC<AF M<C8J:F # GifZliX[fi Al[`Z`Xc [\ IlYÂ…e >\id~e KfXgXekX :X`qX ;\dXe[X[X 1 M @ C D 8 E8I:@J8 CCLD@HL@E>8 CCLD@HL@E>8 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c [`mfiZ`f p [`jl\ckf \c mˆeZlcf dXki`df$ e`Xc hl\ d\ le\ Xc [\dXe[X[f \e dXki`dfe`f Z\c\YiX[f \e Hl`kf# *( [\ <e\if [\ (00) :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$

=\Z_X [\ @e`Z`XZ`Â?e1 *( [\ <e\if [\c )'(( :XljX [\ ;`mfiZ`f Ef% ()0$)'((%$ ;I8% B8C@EB8 A8I8D@CCF%$ ALQ>8;F M @ > Ă&#x; J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j ( [\ XYi`c [\c )'((# cXj (+_'.%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`ÂŽe [\ g\ijfeXc Ef% [\c )'('%$ LeX m\q hl\ pX j\ _X [X[f Zldgc`d`\ekf X gifm`[\eZ`X Xek\i`fi %$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`k\ M<I98C JLD8I@F%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :ĂŁK<J< X cX [\dXe[X[X M@CD8 E8I:@J8 CCLD@HL@E>8 CCLD@HL@E>8 gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\e$ kX cX ZXj`ccX al[`Z`Xc Ef% (..- [\c ;I% =I8EBC@E M8CC<AF p cX ZXc`[X[ \e cX hl\ ZfdgX$ i\Z\%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ EFK@=@HL<J<%$ ] ;i% =\c`g\ @e]Xek\ I\p% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p%$ C\ gi\m\e^f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ 89% AFI>< D@<I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0(--&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

EXTRACTO

CONSTITUCION DE LA COMPAĂ‘Ă?A ECODISEĂ‘O CIA. LTDA.

CONSTITUCION DE LA COMPAĂ‘IA NEGOCIO SEGURO SAVE BUSINESS C.A.

CONSTITUCION DE LA COMPAĂ‘IA RYVAFSASESORIA CONTABLE, TRIBUTARIA Y GESTION EMPRESARIAL S.A.

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

La compaùía ECODISEĂ‘O CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, el 27 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC. Q.11.002132 de 16 de Mayo 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: DISEĂ‘O, DECORACIĂ“N, REMODELACIĂ“N, CONSTRUCCION DE MUEBLES DE TODO TIPO, INCLUYENDO VENTANAS, PUERTAS, BRINDAR ASESORĂ?A EN DISEĂ‘O DE INTERIORES, REALIZACIĂ“N DE PROYECTOS ARQUITECTĂ“NICOS, PARA LO CUAL PODRĂ REALIZAR LAS SIGUIENTES ACTIVIDADES: A) COMPRAVENTA, COMERCIALIZACIĂ“N, IMPORTACIĂ“N, EXPORTACIĂ“N, FABRICACIĂ“N, REPARACIĂ“N, MANTENIMIENTO Y DISEĂ‘O DE TODO TIPO DE MUEBLES, HERRAMIENTAS DE ARQUITECTURA;.... Quito, 16 de Mayo de 2011.

La compaùía NEGOCIO SEGURO SAVE BUSINESS C.A. se constituyó por escritura pública otorgada ante el Notario DÊcimo del Distrito Metropolitano de Quito, el 03 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías mediante Resolución SC.IJ.DJC.Q.11.002180 de 18 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, Provincia de PICHINCHA 2.- CAPITAL: Suscrito US$ 800,00 Número de Acciones 800 Valor US$1,00

AC/79743/tf

1.- DOMICILIO: Distrito Metropolitano de Quito, Provincia de PICHINCHA 2.- CAPITAL: Suscrito US$ 900,00 NĂşmero de Acciones 900 Valor US$1,00

3.- OBJETO.- El objeto de la compaùía es: UNO) RENTABILIZAR Y POTENCIALIZAR LAS BASES DE CLIENTES ACTIVOS O PASIVOS PERTENECIENTES A CARTERAS DE NUESTROS CLIENTES...

3.- OBJETO.- El objeto de la compaùía es: ...BRINDAR SERVICIOS DE ASESORĂ?A COMPLETA POR CUENTA PROPIA O AJENA, O ASOCIADA A TERCEROS EN LOS CAMPOS ECONĂ“MICO, CONTABLE, TRIBUTARIO...

Quito, 18 de Mayo de 2011

Quito, 16 de Mayo de 2011 Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS

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

La compaùía RYVAFSASESORIA CONTABLE, TRIBUTARIA Y GESTION EMPRESARIAL S.A. se constituyó por escritura pública otorgada ante el Notario TrigÊsimo Quinto del Distrito Metropolitano de Quito, el 06 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías mediante Resolución SC.IJ.DJC. Q.11.002141 de 16 de Mayo de 2011.

A.C./79728

A.C./79722

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? :@K8:@äE AL;@:@8C 81 :<J8I AFI>< :8JKI@CCFE 8:KFI81 D8I@8E8 ;< A<JèJ G<I<Q 8CK8D@I8EF ;<D8E;8;F1 :<J8I AFI>< :8JKI@CCFE KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 =LE;8D<EKF C<>8C1 8IK% ((/ ;<C :F;@>F :@M@C 89F>8;F ;<=<EJFI1 ;I% M@:<EK< E8M8II<K< :8J@CC8 AL;@:@8C Ef% +,-, ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (. [\ dXpf [\c )'((# cXj ((_(/%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\qX K\dgfiXc [\c Alq^X[f ;„Z`df [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef%00/$;G$;GG [\ ]\Z_X '0 [\ dXpf [\c )'((%$ <e m`ikl[ [\c jfik\f [\ c\p Zfii\jgfe[`\ek\%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\$ [\ek\ j\ cX XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f%$ <e d„i`kf Xc aliXd\ekf hl\ k`\e\ i\e[`[f cX j\ÂŒfiX DXi`XeX [\ A\jÂ’j G„i\q 8ckXd`iXef p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\$ eX hl\ j\ Z`k\ Xc [\dXe[X[f j\ÂŒfi :\jXi Afi^\ :Xjki`ccÂ?e# gXiX cfj ]`e\j c\^Xc\j g\ik`e\e$ k\j# d\[`Xek\ ki\j glYc`ZXZ`f$ e\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ 8c \]\Zkf i\dˆkXj\ \c \okiXZkf Zfii\jgfe[`\ek\% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfdgXÂŒX X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc# j\ÂŒXcX[f gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl 8Yf^X[f ;\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ] ;I8% D8I:@8 =CFI<J 9<E8C:8Q8I% AL<Q8 K<DGFI8C% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ C\p g\i$ k`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 ]lkl$ iXj efk`]`ZXZ`fe\j% :\ik`]`Zf% ;i% <[^Xi ?Xif MXc\eql\cX J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0.,'&k] I% [\c <% ALQ>8;F K<I:<IF ;< CF :@M@C ;< <C FIF <OKI8:KF ;< :@K8:@FE 81 N@CC@8D =<C@G< M8I>8J :8@:<;F C< ?8>F J89<I%$ Hl\ \e \jk\ Alq^X[f d\[`Xek\ jfi$ k\f# c\ Zfii\jgfe[\ ZfefZ\i cX [\dXe[X [\ ;`mfiZ`f Ef% '.,&)'((# Zlpf \okiXZkf \j Zfdf j`^l\1 8:KFI1 ;i% AFJ< K8G@8 KFII<J# \e jl ZXc`[X[ [\ 8gf[\iX[f <jg\Z`Xc p GifZliX[fi Al[`Z`Xc [\ cX j\ÂŒf$ iX M<IFE@:8 9<8KI@Q ?8IF D<;@8M@CC8%$ ;<D8E;8;F1 N@CC@8D =<C@G< M8I>8J :8@:<;F F9A<KF ;< C8 ;<D8E;8%$ Jfc`Z`kX hl\ d\[`Xek\ j\ek\e$ Z`X j\ [\ZcXi\ [`jl\ckf \c mˆeZl$ cf dXki`dfe`Xc hl\ cfj le\1 KI8D@K<1 Al`Z`f M\iYXc JldXi`f AL<Q ;< C8 :8LJ8%$ 89>% 8E><C IF;I@>L<Q =8A8I;F 8LKF @E@:@8C%$ CX [\dXe[X hl\ Xek\Z\[\ gfi i\le`i cfj i\hl`j`kfj [\ C\p# j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p Zfdgc\kX# iXqÂ?e gfi cX ZlXc j\ cX X[d`k\ Xc ki}d`k\ [\c Al`Z`f M\iYXc

ă

JldXi`f hl\ c\ Zfii\jgfe$ [\%$ :ˆk\j\ Xc [\dXe[X[f# gfi d\[`f [\ cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ \jkX Z`l[X[ [\ DXZ_XcX# Xjˆ Zfdf kXd$ Y`„e \e lef [\ cX Z`l[X[ [\ Hl`kf# ZXg`kXc [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# [fe[\ j\ Z\c\YiÂ? \c dXki`dfe`f# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c Zf[`]`ZX[f# \e i\cXZ`Â?e Zfe \c 8ik% ((0 [\c :Â?[`^f :`m`c# kf[X m\q hl\ \c XZkfi X]`idX YXaf aliXd\ekf [\ hl\ c\ \j `dgf$ j`Yc\ [\k\id`eXi cX i\j`[\eZ`X f [fd`Z`c`f XZklXc [\c Xek\j d\eZ`feX[f [\dXe[X[f% GlYc`ZXZ`Â?e hl\ j\ cX _Xi} Zfe c\kiX k`gf ?\cm„k`ZX Zfe kXdX$ ÂŒf [\ ]l\ek\ Ef% /# X [fYc\ ZfcldeX% GXik`ZlcXi hl\ Zfdle`Zf X ljk\[# gXiX cfj ]`e\j [\ c\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ ZfdgXi\Z\i Xc al`Z`f [\ekif [\ cfj )' [ˆXj gfjk\i`fi\j X cX k\iZ\iX p Â’ck`$ dX glYc`ZXZ`Â?e [\ \jk\ Xm`jf# ZXjf ZfekiXi`f j\i} [\ZcXiX[f \e i\Y\c[ˆX% DXZ_XcX# - [\ 8Yi`c 8Y% =I8E:F 8I<M8CF M8C8I<QF J<:I<K8I@F ALQ>8;F K<I:<IF ;< CF :@M@C P D<I:8EK@C ;< <C FIF ?Xp j\ccf p ]`idX 8%:%&.0.).&k] ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 C8 J<zFI8 8E8 9<KQ89<K? K<E<D8Q8 CCLD@# :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 1 8:KFI1 Ă?e^\c DXiZ\cf >XiZ„j 8dYf ;<D8E;8;81 8eX 9\kqXY\k_ K\e\dXqX Ccld` F9A<KF% 8dgXiX[f \e cX ZXljXc [„Z`dX gi`d\iX# `eZ`$ jf j\^le[f# [\c 8ik% ((' [\c :Â?[`^f :`m`c# [\dXe[X \c [`mfiZ`f X ]`e [\ hl\ \e j\e$ k\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ le\ X cfj ZÂ?epl^\j% KI8D@K<% M\iYXc JldXi`f% :L8EKĂ 8% @e[\k\id`eX[X% =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 '* [\ dXiqf [\c )''/% ELD<IF ;< :8LJ81 )),$ )''/$G:? ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc E%$ ,/+ ;i% FjZXi Hl`e[\% Gifm`[\eZ`X % ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (/ [\ DXiqf [\c )''/# cXj '0_''%$ M@JKFJ%$ 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`\e$ kf [\ 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% <e d„i`kf Xc aliX$ d\ekf i\e[`[f p [\ XZl\i[f X cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX 8E8 9<KQ89<K? K<E<D8Q8 CCLD@ gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf# \e Zfe]fid`[X[ X cf \jkXYc\Z`[f \e \c 8ik% ((0 [\c :Â?[`^f :`m`c# gXiX cfj ]`e\j c\^Xc\j g\ik`$ e\ek\j% <eki„^l\j\ \c \okiXZkf i\jg\Zk`mf% K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ ZliX[fi X[$ c`k\d# _\Z_X \e cX [\dXe[X%$

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä…

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ KÂ?d\j\ efkX [\c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX$ [f%$ Efk`]ˆhl\j\% ;I% <;N@E 8I>FKK@ I<P<J AL<Q JLGC<EK< Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ „jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% CZ[f% Cl`j <% 9XiX_feX Dfi\ef J<:I<K8I@F \ 8%:%&.0.*( I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 G@<;8; ;<C IF:@F >FP<J M8:8# P EFK@=@:8:@äE AL;@:@8C 8 CFJ D<EFI<J N<E;P D8>;8C<E8 p 8EK?FEP 9IP8E >L8P8J8DĂ E >FP<J# ;< C8 ;<D8E;8 M<I98C JLD8I@8# HL< J@>L< <E JL :FEKI8 I8=8<C >L8P8J8DĂ E :FCC8>L8QF 8:KFI1 I8=8<C >L8P8J8DĂ E :FCC8>L8QF# i\gi\j\e$ kX[f gfi \c 8Y% Cl`j 8eˆYXc CfqX[X CÂ?g\q# \e ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc ;<D8E;8;81 G@<;8; ;<C IF:@F >FP<J M8:8 KI8D@K<1 M<I98C JLD8I@F 8JLEKF1 ;@MFI:@F AL@:@F Ef% ')0)$)'(( DJ :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% *(,) 8Y% Cl`j CfqX[X CÂ?g\q GIFM@;<E:@8J ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j )/ [\ dXiqf [\c )'((# ('_,/%$ M@JKFJ% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ [\dXe[X# \e m`ikl[ [\c jfi$ k\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\e$ k\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\Zl\eZ`X [\ Zfe]fid`$ [X[ Zfe \c aliXd\ekf i\e[`[f p cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX G@<;8; ;<C IF:@F >FP<J M8:8# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`i$ ZlcXZ`Â?e \[`kX[fj \e \jkX Z`l$ [X[ [\ Hl`kf# p \e cX Z`l[X[ [\ El\mX CfaX# Gifm`eZ`X [\c EXgf# cl^Xi [fe[\ j\ i\Xc`qÂ? \c dXki`dfe`f2 d\[`Xe[f fZ_f [ˆXj Xc d\efj \eki\ leX p fkiX glYc`ZXZ`Â?e Zfe]fid\ cf gi\m„ \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ 8 cfj d\efi\j X[lckfj N<E;P D8>;8C<E8 p 8EK?FEP 9IP8E >L8P8J8DĂ E >FP<J# j\ c\j efk`]`ZXi} gfi leX jfcX m\q# d\[`Xek\ glYc`ZXZ`Â?e [\ gi\ejX \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcXZ`Â?e \[`kX[f \e \jkX Z`l[X[ [\ Hl`kf p El\mX CfaX% KÂ?d\j\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc j\ÂŒXcX[f% :ˆk\j\ p efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf$<ZlX[fi# gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0,).&k] I% ;<C <% ALQ>8;F K<I:<IF ;< CF :@M@C ;< CFJ IĂ FJ

<OKI8:KF ;< :@K8:@äE 81 EF<D@ :8IFC@E8 JFJ8G8EK8 HL@D9@LC:F J< C< ?8:< J89<I1 Hl\ d\[`Xek\ jfik\f c\ Zfii\jgfe$ [`Â? ZfefZ\i X \jk\ alq^X[f cX [\dXe[X [\ ;`mfiZ`f Ef +'* Æ )'('# gi\j\ekX[X gfi \c j\ÂŒfi ALC@F 8C=FEJF :?@>L8EF HL@E>8# \e ZfekiX [\ cX j\ÂŒfiX EF<D@ :8IFC@E8 JFJ8G8EK8 HL@D9@LC:F# Zlpf \okiXZkf \j Zfdf j`^l\1 8:KFI1$ <c j\ÂŒfi ALC@F 8 C =F E J F : ? @ > L8 E F HL@E>8 ; < D 8 E ;8 ;8 1 E F < D @ :8IFC@E8 JFJ8G8EK8 HL@D9@LC:F F9A<KF ;< C8 ;<D8E;81 <c j\ÂŒfi ALC@F 8C=FEJF :?@>L8EF HL@E>8# jfc`Z`kX hl\ \e j\ek\eZ`X p gi\m`f Xc ki}d`k\ m\iYXc jldXi`f# j\ [\ZcXi\ [`jl\ckf \c m`eZlcf dXki`dfe`Xc hl\ dXek`\e\ Zfe cX j\ÂŒfiX EF<D@ :8IFC@E8 JFJ8G8EK8 HL@D9@LC:F# hl\ ]`aXife jl [fd`Z`c`f \e \c j\Zkfi <c [\jhl`k\# [\ cX gXiifhl`X M`mX 8c]Xif# [\ \jkX Z`l[X[ [\ Hl\m\[f# gifm`eZ`X [\ Cfj Iˆfj%$ Hl\ Zfe cX ZÂ?epl$ ^\ j\ÂŒfiX EF<D@ :8IFC@E8 JFJ8G8EK8 HL@D9@LC:F# _X gifZi\X[f le _`af G8LCF :<J8I :?@>L8EF JFJ8G8EK8# p XYXe[feÂ? \c _f^Xi j`e ZXljX e` dfk`mf Xc^l$ ef \e \c d\j [\ Ale`f [\c )''*# j`e hl\ X cX ]\Z_X j\ j\gX [\ jl gXiX[\if# \jkXe[f [\j[\ _XZ\ d}j [\ j`\k\ XÂŒfj j`e dXek\$ e\i i\cXZ`fe\j j\olXc\j# j\ek`$ d\ekXc\j# Zfe jl gi\efdYiX[X ZÂ?epl^\%$ 8dgXiX jl [\dXe[X \e cX :XljXc ;„Z`dX Gi`d\iX# @eZ`jf J\^le[f# [\c 8ik% ((' [\c :Â?[`^f :`m`c%$ :L8EK@81 @E;<K<ID@E8;8%$ KI8D@K<1 M<I98C JLD8I@F AL<Q ;< C8 :8LJ81 89% =yC@O 8IHLĂ D<;<J M8C;<Q I@M<I8# AL<Q K<DGFI8C ;<C ALQ>8;F K<I:<IF ;< CF :@M@C P D<I:8EK@C ;< CFJ IĂ FJ# hl`„e d\[`Xek\ gifm`[\eZ`X [\ ]\Z_X 8^fjkf () [\c )'('# X cXj (-_**# X[d`k\ cX [\dXe[X X ki}d`k\ [\ Al`Z`f M\iYXc JldXi`f p dXe[X X Z`kXi X cX [\dXe[X[X gfi cX gi\e$ jX# Zfe]fid\ X cfj 8ikj% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p 8ik% ((0 [\c :Â?[`^f :`m`c# gfi ZlXekf \c XZZ`feXek\ gfi `ek\id\[`f [\ jl GifZliX[fi Al[`Z`Xc# YXaf aliXd\ekf [\ZcX$ iX [\jZfefZ\i \c XZklXc [fd`$ Z`c`f f i\j`[\eZ`X [\ cX XZZ`feX$ [X j\ÂŒfiX EF<D@ :8IFC@E8 JFJ8G8EK8 HL@D9@LC:F# \c d`jdf hl\ ef gl\[\ [\k\i$ d`eXicf% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j c\^Xc\j# X[m`i$ k`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX Al[`Z`Xc \e \jkX Z`l[X[# gfi i\Z`Y`i jlj efk`]`ZXZ`fe\j p hl\ [\Y\i} ZfdgXi\Z\i X al`Zf [\ekif [\ cfj m\`ek\ [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% Hl\m\[f# 8^fjkf (/ [\c )'('%$ 8Y% NXj_`e^kfe :Xid`^e`Xe` :XYi\iX J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< CFJ I@FJ $ HL<M<;F ,.(.0$:%> ALQ>8;F EFM<EF ;< CF :@M@C ;< @D989LI8 :@K8:@äE AL;@:@8C1 Xc j\ÂŒfi1 DXiZfj M`e`Z`f M`cc\^Xj >l\mXiX AL@:@F M\iYXc JldXi`f Ef% )/)$)'((% GIFGL<JKF GFI1 ;fi`j @mÂ?e :\mXccfj DfekXcmf <E :FEKI8 ;<1 DXiZfj

Ĺ?

M`e`Z`f M`cc\^Xj >l\mXiX D8K<I@81 ;`mfiZ`f @E@:@8;F <C1 ). [\ XYi`c )'(( :L8EKĂ 81 @e[\k\id`eX[X <OKI8:KF1 ALQ>8;F EFM<EF ;< CF :@M@C ;< @D989LI8%$ 8klekXhl`# DXpf (* [\c )'((# CXj (+?+,%$ M@JKFJ1 8^i„^l\j\ Xc gifZ\$ jf \c \jZi`kf gi\j\ekX[f% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# gfi kXekf# j\ XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f hl\ c\ Zfii\j$ gfe[\% :ˆk\j\ Zfe cX [\dXe$ [X p Xlkf i\ZXˆ[f Xc ZÂ?epl^\ [\dXe[X[f# DXiZfj M`e`Z`f M`cc\^Xj >l\mXiX# \e d„i`kf X cX [\ZcXiXZ`Â?e aliXd\ekX[X [\ ]faXj - ml\ckX [\ cfj Xlkfj# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj ;`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX I\^`Â?e Efik\ [\c gXˆj# hl\ j\ \[`kXe \e cX Zl`[X[ [\ @YXiiX p Hl`kf# i\jg\Zk`mXd\ek\# [\ Zfe]fid`[X[ Zfe \c XikˆZlcf ((0 [\c :Â?[`^f :`m`c \e Zfe$ Zfi[XeZ`X Zfe \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% EfdYiXj\ X cX j\ÂŒfiX J`cm`X DX^[Xc\eX DfekXcmf >XiqÂ?e# Zfdf ZliX[fiX 8[$ C`k\d# \e i\gi\j\ekXZ`Â?e [\ cfj _`afj d\efi\j [\ \[X[ M`cc\^Xj$ :\mXccfj# \e cX gi\j\ek\ ZXljX# hl`\e [\Y\i} gfj\j`feXij\ [\c ZXi^f# X gXik`i [\c [ˆX [\ _fp \e _fiXj _}Y`c\j% Gfi Zfej`[\$ iX[X cX ZlXekˆX p \c [fd`Z`c`f j\ÂŒXcX[f gXiX jlj efk`]`ZXZ`f$ e\j \e cX J\Zi\kXiˆX [\ \jk\ Alq^X[f% K„e^Xj\ Xc 8Yf^X[f JXek`X^f D% 8e[iX[\# Zfdf jl [\]\ejfi% 8^i„^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e X[alekX% 8ZkÂ’\ \c ;fZkfi JXek`X^f >i`aXcmX Gfqf# Zfdf J\Zi\kXi`f JlYif^Xek\# \e \jkX ZXljX%$ EFK@=Ă HL<J<% ] ;i% =iXeZ`jZf >lXefcl`jX 8% Cf hl\ :@KF X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f Al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j% 8klekXhl`# X (0 [\ dXpf )'(( ;i% JXek`X^f O% >i`aXcmX Gfqf J<:I<K8I@F JL9IF>8EK< ?Xp ]`idX p j\ccf 8[&)),)-&X`

I_ ieij_[d[i kd [if[`e \h[dj[ Wb heijhe Z[ bei Z[c|i" Wi[]‘hWj[ Z[ gk[ h[\b[`[ WcXei bWZei$ :7D?;B I;;8;H=;H$

D<EFI<J

ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF% <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 CFJ G8;I<J F =8D@C@8I<J ;<C D<EFI =89I@:@F =@<IIF :ILQ 8:KFI81 JFI C8LI8 D8I@E8 DFP8 G<I<Q KIĂ?D@K<1 ;<:C8I8KFI@8 ;< 8;FGK89@C@;8; ELD<IF ;< AL@:@F )'(($'',.% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# cle\j )/ [\ ]\Yi\if [\c )'((# cXj ((_,(%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX [\dXe[X hl\ Xek\Z\[\# \e m`ikl[ [\c 8ik% (.( [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc p c`k\iXc Z [\ cXj efidXj gXiX \c ]leZ`feXd`\ekf fg\iXk`mf p X[d`e`jkiXk`mf [\ Al\Z\j 8[alekfj K\dgfiXc\j [`ZkX$ [fj d\[`Xek\ I\jfclZ`Â?e [\c :fej\af [\ cX Al[`ZXkliX [\ ]\Z_X m\`ek\ [\ alc`f [\ [fj d`c [`\q p glYc`ZX[X \e \c I\^`jkif F]`Z`Xc E— )-+ [\ ]\Z_X m\`ek`$ Z`eZf [\ X^fjkf [\ [fj d`c [`\q# \e d` ZXc`[X[ [\ Al\q 8[alekf [\ \jkX Al[`ZXkliX p Xk\ekX cX iXqÂ?e [\ jfik\f c\^Xc# gfi Zld$ gc`[fj cfj i\hl`j`kfj \jkXYc\$ Z`[fj \e \c 8ik% -. [\c :Â?[`^f 8[a\k`mf :`m`c# cX [\dXe[X hl\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘IA AVASTPLUS S.A. La compaùía AVASTPLUS S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo Primero del Distrito Metropolitano de Quito, el 21 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002208 de 19 de Mayo de 2011. 1. DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2. CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00 3. OBJETO: El objeto de la compaùía es: A) DESARROLLO, FABRICACIĂ“N, VENTA, INSTALACIĂ“N Y MANTENIMIENTO DE PRODUCTOS DE COMUNICACIĂ“N E INFORMĂ TICA A TRAVÉS DE PROGRAMAS DE COMPUTACIĂ“N; EQUIPOS DE TRANSMISIĂ“N, COMUNICACIĂ“N DE DATOS, MULTIMEDIA, BANDA ANCHA, FUENTES DE ENERGIA, COMUNICACIĂ“N INALĂ MBRICA, INGENIERĂ?A ELECTRĂ“NICA EN REDES Y COMUNICACIĂ“N DE DATOS,...

Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj \o`^`[fj gfi cX C\p2 \e Zfej\Zl\eZ`X# j\ X[d`k\ X ki}d`k\ G<M@JKF <E <C 8ik% )-0 [\c :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X% j\ [`jgfe\ cX `em\jk`^XZ`�e k\e$ [`\ek\ X `[\ek`]`ZXi p lY`ZXi X cfj jlgl\jkfj gX[i\j \c d\efi XYXe[feX[f# \e cX hl\ `ek\i$ m\e[i} \c d`e`jk\i`f G’Yc`Zf# X kiXm„j [\ lef [\ cfj j\Œfi\j 8^\ek\j =`jZXc\j# ;`eXg\e p cX f]`Z`eX K„Ze`ZX [\ cfj Alq^X[fj [\ cX e`Œ\q p 8[fc\jZ\eZ`X [\ Hl`kf# X hl`\e\j j\ c\j efk`]`$ ZXi} \e [\Y`[X p c\^Xc ]fidX# \e \c k„id`ef [\ m\`ek\ [ˆXj2 X[\d}j [\Y\i}e gi\j\ekXi X \jk\ Alq^X[f# `e]fid\j d\e$ jlXc\j jfYi\ cXj XZk`m`[X[\j i\Xc`qX[Xj p cfj i\jlckX[fj [\ cXj d`jdXj% Gfi X]`idXi cX jfc`Z`kXek\# YXaf aliXd\ekf hl\ [\jZfefZ\ \c [fd`Z`c`f XZklXc [\ cfj jlgl\jkfj gX[i\j [\c e`Œf [\ efdYi\j =89I@:@F =@<IIF :ILQ# [\ cf hl\ j\ c\mXek� \c XZkX i\jg\Zk`mX# Zˆk\j\ X cfj jlgl\jkfj gX[i\j [\c e`Œf [\ efdYi\j =89I@:@F =@<IIF :ILQ f ]Xd`c`Xi\j ZfejXe^lˆe\fj# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\c gXˆj# glYc`ZXZ`�e hl\ j\ _Xi} Zfe cX ]fkf^iX]ˆX [\c e`Œf p [\jZi`gZ`�e [\ cXj ZXiXZk\iˆjk`$ ZXj ]ˆj`ZXj# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :�[`^f [\ gif$ Z\[`d`\ekf :`m`c% 8^i„^l\j\ cX [fZld\ekXZ`�e X[alekX p k„e^Xj\ \e Zl\ekX cX [\j`^eX$

Z`Â?e [\ cX [\]\ejfiX p ZXj`cc\$ if al[`Z`Xc [\ cX g\k`Z`feXi`X% EFK@=@HL<J< P :@K<J<%$=% ;i% IfY\ikf FkXmXcf CF HL< CC<MF 8 JL :FEF:@D@<EKF P C< :@KF# GI<M@E@<E;FC< ;< C8 F9C@>8:@FE ;< J<z8C8I :8 J @ C C < IF AL;@:@8C G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J% 8K<EK8D<EK< ;I8% 8DG8IF K8G@8 I% J<:I<K8I@8 8;ALEK8 ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 <o`jk\ ]`idX p j\ccf% 8%G%&+0))(&b%d%

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 D8;I<# G8;I<# =8D@C@8I<J F KLKFI<J ;<C E@zF ;@<>F D8K<F 98JK@;8J JĂ?E:?<Q J\ c\ _XZ\ ZfefZ\i hl\# \e \c Alq^X[f FZkXmf [\ cX E`ÂŒ\q p cX 8[fc\jZ\eZ`X [\ G`Z_`eZ_X# X ZXi^f [\ cX ;iX% <c\eX Fik\^X IfaXj# cX ;`i\ZkfiX [\c ?f^Xi [\c E`ÂŒf ĂˆJXe M`Z\ek\ [\ GXÂ’cÉ Jfi DXpiX <c`qXY\k_ CÂ?g\q M`mXj# _X gi\j\ekX[f cX [\dXe[X [\ ;\ZcXiXkfi`X [\ 8[fgkXY`c`[X[ Ef% +0/$)'(($ ;iX% @D \e cX hl\ j\ _X [`ZkX[f cf j`^l`\ek\1 <OKI8:KF AL;@:@8C

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘Ă?AS AC/79746/tf

d\ X \jkX Al[`ZXkliX# F]ˆZ`\j\ X cXj `e[`ZX[X @ejk`klZ`fe\j% Efk`]ˆhl\j\ X cX F]`Z`eX K„Ze`ZX [\ 8[fgZ`fe\j# _XZ`\e[f ZfefZ\i [\ cX gi\$ j\ek\ [`jgfj`Z`Â?e% :Ă K<J< gfi d\[`f [\ glYc`ZXZ`fe\j Zfe \c i\jg\Zk`mf \okiXZkf [\ Xlkf [\ ZXc`]`ZXZ`Â?e# \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e [\c gXˆj X cX dX[i\# gX[i\# ]Xd`$ c`Xi\j f klkfi\j [\c e`ÂŒf ;@<>F D8K<F 98JK@;8J JĂ?E:?<Q# Zfe]fid\ cf \jkXYc\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc E%$ ',*# j\ÂŒX$ cX[X gfi cX XZZ`feXek\ X ]`e [\ i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j p cX Xlkfi`qXZ`Â?e `e[`ZX[X X jl 8Yf^X[X [\]\ejfiX%$ :Â’dgcXj\ p Efk`]ˆhl\j\%$ ] ;iX% <c\eX Fik\^X IfaXj Al\q FZkXmf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X [\ G`Z_`eZ_X%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$:\ik`]`Zf% ;i% ;`\^f :XdXZ_f :_}m\q J<:I<K8I@F ;<C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E@:8 ;< G@:?@E:?8 <o`jk\ ]`idX p j\ccf% 8%G%&+0))*&b%d%

I% ;<C <% ALQ>8;F ;<:@DF ;< C8

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

CONSTITUCION DE LA COMPAĂ‘Ă?A MEGALITE DEL ECUADOR CIA. LTDA.

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

La compaùía MEGALITE DEL ECUADOR CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario VigÊsimo Quinto del Distrito Metropolitano de Quito, el 21 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC.Q.11.002173 de 18 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 25.000,00 Número de Participaciones 25.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: LA PRODUCCION, ENSAMBLE, MAQUILA, IMPORTACION, EXPORTACION, COMERCIALIZACION, REPRESENTACION, CONSIGNACION, DISTRIBUCION, CAPACITACION E INSTALACION DE PRODUCTOS ELECTRICOS, ELECTRONICOS DE COMUNICACIONES, TELECOMUNICACIONES....

Quito, 18 de Mayo de 2011.

Quito, 19 de Mayo de 2011.

8:KFI1 JFI D8PI8 <C@Q89<K? CäG<Q M@M8J ;@I<:KFI8 ;<C ?F>8I ;<C E@zF ĂˆJ8E M@:<EK< ;< G8èCÉ ;<D8E;8;FJ1 D8;I<# G8;I<# =8D@C@8I<J F KLKFI<J ;<C E@zF ;@<>F D8K<F 98JK@;8J JĂ?E:?<Q :8LJ8 E%$ +0/$)'(($;I8% @D AL@:@F1 ;<:C8I8KFI@8 ;< 8;FGK89@C@;8; KI8D@K<1 :FEK<E:@FJF ><E<I8C :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF1 Ef$ +0/ ;iX% >`fmXeeX M`ccXZ`j GIFM@;<E:@8 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# cle\j ), XYi`c [\c )'((# cXj ((_(.%$ M@JKFJ1 LeX m\q hl\ cX gXik\ XZkfiX _X [X[f Zld$ gc`d`\ekf cf [`jgl\jkf gfi \jkX Al[`ZXkliX j\ gifZ\[\ X ZXc`]`ZXi2 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`i$ kl[ [\c jfik\f hl\ Xek\Z\[\# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% CX g\k`Z`Â?e [\ [\ZcXiXkfi`X \e \jkX[f [\ X[XgkXY`c`[X[ [\c e`ÂŒf ;@<>F D8K<F 98JK@;8J JĂ?E:?<Q# gi\j\ekX[X gfi Jfi% D8PI8 <C@Q89<K? CäG<Q M@M8J# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj \jkXYc\Z`[fj gfi cX c\p% <e cf gi`eZ`gXc p [\ Zfe]fi$ d`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik%)-/ p )-0 [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X# j\ fi[\$ eX cX `em\jk`^XZ`Â?e \e i\cXZ`Â?e X cfj Xek\Z\[\ek\j \ogl\j$ kfj \e cX gi\j\ek\ g\k`Z`Â?e%# gXiX cf ZlXc# Zl„ek\j\ Zfe cX `ek\im\eZ`Â?e [\ cX Gfc`ZˆX <jg\Z`Xc`qX[X ;@E8G<E# Zfe cX F]`Z`eX K„Ze`ZX [\ \jkX Al[`ZXkliX Zl„ek\j\ Zfe \c D`e`jk\i`f GÂ’Yc`Zf X ]`e [\ hl\ `em\jk`^l\e jfYi\ \c gXiX[\if [\ cX dX[i\# gX[i\# ]Xd`c`X$ i\j f klkfi\j# [\c e`ÂŒf ;@<>F D8K<F 98JK@;8J JĂ?E:?<Q p gi\j\ek\e \c i\jg\Zk`mf `e]fi$

Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79749/tf

La compaùía PROMOLINE CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario SĂŠptimo del Distrito Metropolitano de Quito, el 11 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002192 de 19 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Participaciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: ...ELABORACIĂ“N, DISEĂ‘O, CONFECCIĂ“N, DISTRIBUCION, COMERCIALIZACION, COMPRA-VENTA, IMPORTACION Y EXPORTACION DE MATERIAL PUBLICITARIO... Quito, 19 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79735/tf


E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 G8;I<J# =8D@C@8I<J F KLKFI<J ;<C E@zF 8E><C E@:FC8J D<E8 8E;I8;< <OKI8:KF :8LJ81 ;<:C8I8KFI@8 ;< 8;FGK89@C@;8; AL@:@F Ef% (.0-'$)'('$(*0.$ @%J% 8:KFI1 ?<ID8E8 D8I@8 ;<C :@JE< M<>8 I8D@I<Q ;<D8E;8;F1 G8;I<J# =8D@C@8I<J F KLKFI<J ;<C E@zF 8E><C E@:FC8J D<E8 8E;I8;< :L8EK@81 @E;<K<ID@E8;8 AL<Q1 ;I% ><ID8E >I8E;<J 8E8CL@J81 ALQ>8;F ;<:@DF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# al\m\j )* [\ efm`\dYi\ [\c )'('# cXj '0_(/1 M@JKFJ1 <e ZXc`$ [X[ [\ Al\q 8[alekf [\ \jk\ Alq^X[f# d\[`Xek\ I\jfclZ`Â?e [\c :fej\af EXZ`feXc [\ cX Al[`ZXkliX Ef% ',*$)'('# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% )-+ [\ ), [\ 8^fjkf [\c )'('# 8MF:F ZfefZ`d`\e$ kf \e cX gi\j\ek\ ZXljX% <e cf gi`eZ`gXc2 j\ [`jgfe\ cf j`^l`\ek\1 ( :fe]fid\ \c 8ik% )-/%( [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X# cX ;@E8G<E p cX F]`Z`eX K„Ze`ZX [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X Ef% )# Xj`^eX$ [X X \jkX Al[`ZXkliX# i\Xc`Z\e cXj `em\jk`^XZ`fe\j e\Z\jX$ i`Xj gXiX `[\ek`]`ZXi p lY`ZXi cX i\j`[\eZ`X [\ cfj GX[i\j p GXi`\ek\j Y`fcÂ?^`Zf [\c e`ÂŒf `[\ek`]`ZX[f Zfdf 8E><C E@:FC8J D<E8 8E;I8;< XÂ’e ef `ejZi`kf \e \c I\^`jkif :`m`c # k\e[`\ek\ X jl i\`ej\i$ Z`Â?e X jl ]Xd`c`X Y`fcÂ?^`ZX% ) :fdf d\[`[X [\ gifk\ZZ`Â?e K\dgfiXc \e ]Xmfi [\c d\efi# j\ [`jgfe\ jl g\idXe\eZ`X \e \c Ăˆ?F>8I ;< E@zFJ J8EK8 CL:@8É [\ \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf jfc`Z`kX cX ?eX% DXiˆX [\c :`je\ M\^X

IXdˆi\q# \e \c \jZi`kf `e`Z`Xc2 \jkf [\ dXe\iX \d\i^\ek\ p kiXej`kfi`X# i\Zfi[Xe[f X cX \ek`[X[ i\jgfejXYc\ jlj fYc`$ ^XZ`fe\j gi\m`jkXj \e \c `eZ`$ jf )[f% [\c 8ik% )*) [\c :E8% K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc [\j`^eX[f gfi cX g\k`Z`feXi`X# \e jl ZXc`[X[ `emfZX[X Xjˆ Zfdf cX Xlkfi`qX$ Z`�e Zfe]\i`[X X jlj 8Yf^X[f [\]\ejfi%$ EFK@=@HL<J<%$ F=@:<J< P :LDGC8J< GIFM@;<E:@81 ALQ>8;F ;<:@DF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# al\m\j (. [\ dXiqf [\c )'((# cXj ((_'( M@JKFJ%$ Gfi _XY\i [\ZcXiX[f YXaf aliXd\ekf cX ?eX% D8I@8 ;<C :@JE< M<>8 I8D@I<Q# jfYi\ \c [\jZfefZ`d`\ekf [\ cfj GX[i\j# ]Xd`c`Xi\j f klkf$ i\j [\c e`Œf 8E><C E@:FC8J D<E8 8E;I8;<# [\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgf$ e\ Z`kXi gfi cX gi\ejX Zfe \c Zfek\e`[f [\c Xlkf [\ ZXc`]`ZX$ Z`�e p \jkX gifm`[\eZ`X X cfj GX[i\j# ]Xd`c`Xi\j f klkfi\j [\c e`Œf 8E><C E@:FC8J D<E8 8E;I8;<# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Gifm`eZ`X%$ J` ZfekX[fj m\`ek\ [ˆXj X gXik`i [\ cX ]\Z_X [\ cX ’ck`dX glYc`ZXZ`�e# ef ZfdgXi\Z`\i\# j\ j\^l`i} Zfe cX ZXljX \e jl i\Y\c[ˆX%$ Efk`]ˆhl\j\ p :ˆk\j\%$ %%%% ] % ;I% >\id}e >iXe[\j 8eXcl`jX# Al\q 8[alekf% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j [\c al`Z`f%$ :\ik`]`Zf% ;I8% D@I@8E IF;I@>L<Q EF>8C<J J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0.*0&k]

I ;<C < :@K8:@FE AL;@:@8C J<:I<K8I@8 ;<C ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 :8EKFE HL@KF 8C J<zFI 8C<O@J >FEQ8CF CFG<Q J8E:?<Q P 8C GL9C@:F <E ><E<I8C C<J ?8>F J89<I C8 J@>L@<EK< ;<D8E;8 <OKI8:KF 8:KFI M@M@8E8 8I8:<CP 8CFDFKF 9I8MF ; < D 8 E ;8 ; F 8 C < O @ J >FEQ8CF CFG<Q J8E:?<Q D<EFI<J1 Q8@;8 ><FI>@E8 CFG<Q 8CFDFKF :8LJ81 8C@D<EKFJ EIF (.($ '((>D KI8D@K< :FEK<E:@FJF ><E<I8C :L8EK@8 +%/'' ;FC8I<J AL<Q J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 HL@KF GIFM@;<E:@81 ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF# $ Hl`kf# dXik\j / [\ ]\Yi\if [\ )'((# cXj '0_,'%$M@JKFJ%$8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX ;i% G\[if 8i`Xj :fife\c \e ZXc`[X[ [\ Al\q 8[alekf# cX [\dXe[X gi\j\ekX[X# \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p# XZ\gk}e$ [fc\ Xc ki}d`k\ <jg\Z`Xc2%$J\ ]`aX Zfdf g\ej`�e Xc`d\ek`Z`X gifm`j`feXc# cX ZXek`[X[ [\ -0 [�cXi\j [\ cfj <jkX[fj Le`[fj [\ Efik\Xd„i`ZX# X ]Xmfi [\c d\efi Q8@;8 ><FI>@E8 CFG<Q 8CFDFKF# ZXek`[X[ hl\ \c j\Œfi CFG<Q J8E:?<Q 8C<O@J >FEQ8CF# [\gfj`kX$ i} \e cX GX^X[liˆX [\ \jkX Al[`ZXkliX gfi d\jX[Xj Xek`$ Z`gX[Xj# [\ XZl\i[f X cf hl\ \jkXYc\Z\ \c 8ik% / `eeld\$ iX[f# [\ cX C\p I\]fidXkfi`X Xc kˆklcf M# c`Yif @@ [\c :�[`^f Fi^}e`Zf [\ cX E`Œ\q p 8[fc\jZ\eZ`X# \jkX g\ej`�e dˆe`dX j\ cX ]`aX [\ XZl\i[f X cX KXYcX [\ G\ej`fe\j Xc`$

I_ de j_[d[i [d[c_]ei [i i[‹Wb gk[ bW \ehjkdW j[ ^W ebl_ZWZe$ J>EC7I <KBB;H

d\ek`Z`Xj Dˆe`dXj \cXYfiX[X gfi \c :fej\af EXZ`feXc [\ cX E`Œ\q p 8[fc\jZ\eZ`X%$ :ˆk\j\ Xc [\dXe[X[f j\Œfi CFG<Q J8E:?<Q 8C<O@J >FEQ8CF# [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% `eeld\iX[f *, [\ cX C\p I\]fidXkfi`X Xc :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X# X ]`e [\ Zfek\jk\ \e \c k„id`ef c\^Xc Zfii\jgfe[`\ek\# p [\ Zfe]fi$ d`[X[ Zfe cfj 8ikj% (') [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c p ).* [\c :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X p j\ŒXc\ [fd`$ Z`c`f Al[`Z`Xc p& f \c\Zki�e`Zf gXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`fe\j2 XeleZ`Xe[f jlj d\[`fj gifYXkfi`fj i\jg\Zk`$ mfj2 gi\m`e`„e[fc\ hl\ \e ZXjf [\ ef Zfek\jkXi e` j\ŒXcXi [fd`Z`c`f gXiX jlj efk`]`ZXZ`f$ e\j# j\ j\^l`i} Zfe cX gi\j\ek\ ZXljX \e jl i\Y\c[ˆX%$ F]ˆZ`\j\ Zfe]fid\ j\ jfc`Z`kX%$K„e^Xj\ \e Zl\ekX cX gil\YX XeleZ`X[X gfi cX gXik\ XZkfiX p \c [fd`Z`$ c`f j\ŒXcX[f gXiX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j# X^i„^l\j\ cX [fZld\ekXZ`�e X[alekX X cX [\dXe[X%$ EFK@=@HL<J<%$ ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF%$ Hl`kf# dXik\j / [\ )'((# cXj '0_,'%$ M@JKFJ1 Gfi _XY\i [\ZcXiX[f cX j\ŒfiX 8CFDFKF 9I8MF M@M@8E8 8I8:<CP# YXaf aliXd\ekf jfYi\ \c [\jZfefZ`d`\ekf [\ cX XZklXc i\j`[\eZ`X f [fd`Z`c`f [\ gX[i\ [\ cX d\efi Q8@;8 ><FI>@E8 CFG<Q 8CFDFKF

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO

EXTRACTO

DE LA ESCRITURA PUBLICA DE REFORMA DEL ESTATUTO SOCIAL DE ESTACION DE SERVICIO SANGOLQUI SERVISANGOLQUI CIA. LTDA.

CONSTITUCION DE LA COMPAĂ‘Ă?A CANALUCHILD ECUADOR CIA. LTDA.

Se comunica al pĂşblico que ESTACION DE SERVICIO SANGOLQUI SERVISANGOLQUI CIA. LTDA., reformĂł su estatuto social por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 23 de Marzo de 2011. Acto societario aprobado por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.002016 de 10 de Mayo de 2011. En virtud de la escritura pĂşblica mencionada, la compaùía reforma el artĂ­culo VigĂŠsimo Sexto del Estatuto Social, de la siguiente manera: “ArtĂ­culo VigĂŠsimo Sexto.- Atribuciones y deberes del Gerente General. Son atribuciones y deberes del Gerente General;... k) Instruir a cualquier instituciĂłn del sistema financiero del paĂ­s o instituciones financieras del exterior con las que la compaùía realice operaciones o transacciones que toda gestiĂłn o decisiĂłn de cambio de firmas, claves o cĂłdigos de seguridad o actos de disposiciĂłn de movimientos de valores de cuentas bancarias de cualquier clase por parte del representante legal a terceras personas, se efectuarĂĄ Ăşnicamente con la autorizaciĂłn previa del Presidente de la compaùía.â€? Quito, 10 de Mayo de 2011.

La compaùía CANALUCHILD ECUADOR CIA. LTDA. se constituyó por escritura pública otorgada ante el Notario TrigÊsimo SÊptimo del Distrito Metropolitano de Quito, el 21 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante Resolución SC.IJ.DJC.Q.11.001919 de 03 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL:Suscrito US$ 1.000,00 Número de Participaciones 1.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: LA IMPORTACION, COMPRA, VENTA, COMERCIALIZACION, DISTRIBUCION Y EXPORTACION DE ROPA Y PRENDAS DE VESTIR DE TODA CLASE Y DE CALZADO DE TODO TIPO...

AC/79757/tf

ALQ>8;F M@><J@DF J<>LE;F ;< CF :@M@C ;< P D<I:8EK@C ;< G@:?@E:?8 <OKI8:KF :@K8:@FE 81 Cl`j 8cY\ikf JfiefqX M\cXjZf 8:KFI81 Eli` >`fZfe[X D\e„e[\q =iXeZf ;<D8E;8;F1 Cl`j 8cY\ikf JfiefqX M\cXjZf :8LJ8 Ef % '/$)''/ F9A<KF1 ;\dXe[X cX ]`aXZ`�e [\ leX g\ej`�e Xc`d\ek`Z`X gXiX jlj _`afj d\efi\j 9iXp 8cY\ikf p PXaX`iX =\ieXe[X JfiefqX D\e„e[\q XdgXiX[X \e cf hl\ [`jgfe\ cfj 8ikˆZlcfj g\ik`e\ek\j [\c :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X# \e ZfeZfi[XeZ`X Zfe cXj i\^cXj gi\m`jkXj \e \c :�[`^f :`m`c M`^\ek\ jfYi\ Xc`d\ekfj p :fejX^iX[f \e cX :fejk`klZ`�e Gfcˆk`ZX [\c <jkX[f% :L8EK@81 :lXkif d`c fZ_f$ Z`\ekfj [�cXi\j ;<=<EJFI1 ;i% IX’c 9fiaX GIFM@;<E:@81

CONVOCATORIA De conformidad con lo que dispone el articulo DECIMO SEPTIMO de los estatutos de la compaùía NTRW TELECOMUNICATIONS AND NETWORK S.A., convoca a Junta General de Accionistas, para el día Jueves 2 de junio del 2011 la las 18h00, en las calles Francisco Cruz Miranda y Maùosca Casa Comunal, con el objeto de tratar sobre el siguiente orden del día: 1. Designación de Presidente Ejecutivo y Gerente General 2. Varios. Quito, 20 de mayo de 2011

Quito, 03 de Mayo de 2011.

Ing. Jaime Eduardo Yumbla Rojas Secretario Ad-hoc

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

Ab. Hugo Arias Salgado INTENDENTE JURIDICO

j\ [`jgfe\ :@K8I Xc [\dXe[X$ [f CFG<Q J8E:?<Q 8C<O@J >FEQ8CF gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e \e \jkX Gifm`eZ`X# gXiX cf ZlXc i\dˆkXj\ le \okiXZkf [\ cX [\dXe[X p \c Zfek\e`[f [\ \jkX gifm`[\eZ`X% J` ZfekX[fj m\`ek\ [ˆXj [\jgl„j [\ cX ’ck`$ dX glYc`ZXZ`�e# \c [\dXe[X[f ef _X Zfek\jkX[f cX [\dXe[X e` _X j\ŒXcXe[f [fd`Z`c`f al[`$ Z`Xc gXiX jlj efk`]`ZXZ`fe\j# j\ [\ZcXiXi} jl i\Y\c[ˆX p \jk\ Alq^X[f XZklXi} Zfe]fid\ X cX C\p% EFK@=@HL<J<% ;i G\[if 8i`Xj :fife\c# Al\q Cf hl\ :@KF gXiX cfj ]`e\j [\ C\p% ;I8% 8C98 G8C8>L8:?@ C8JJF J<:I<K8I@8 8;ALEK8 ?Xp le j\ccf 8%:%&.0).'&gm

ALQ>8;F M @ > < J @ D F J<>LE;F ;< CF :@M@C ;< G@:?@E:?81 JXe D`^l\c [\ cfj 9XeZfj# (+ [\ 8Yi`c [\c )'((2 cXj (,?),%$ M@JKFJ1 :ldgc`[f cf [`jgl\jkf \e gifm`[\eZ`X hl\ Xek\Z\[\ cX [\dXe[X hl\ Xek\Z\[\# gi\$ j\ekX[X gfi ELI@ >@F:FE;8 D<E<E;<Q =I8E:F \j ZcXiX p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ Xk\ekf cf Zfek\d$ gcX[f \e cj 8ikj% ).) p j`^l`\e$ k\j [\c :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X j\ c\ X[d`k\ X ki}d`k\ fiXc2 Zˆk\j\ Xc fYc`^X[f gi`eZ`gXc j\Œfi CL@J 8C9<IKF JFIEFQ8 M<C8J:F gfi cX gi\ejX \e lef [\ cfj g\i`�$ [`Zfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`�e hl\ j\ \[`kXe \e cX Z`l[X[ [\ Hl`kf \e cX ]fidX fi[\eX[X \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c X ]`e [\ hl\ ZfdgXi\qZX YXaf gi\m\eZ`fe\j [\ C\p2 Zldgc`$ [f j\ j\ŒXcXi} [ˆX p _fiX gXiX hl\ j\ giXZk`hl\ cX Xl[`\eZ`X ’e`ZX \e cX hl\ j\ \mXZlXi}e cXj gil\YXj# hl\ XeleZ`\e cXj gXik\j# Xk\ekf cf [`jgl\jkf \e \c 8ik% @eeld\iX[f 0 [\ cX C\p i\]fidXkfi`X Xc Kˆklcf M# C`Yif @@ [\c :�[`^f Fi^}e`Zf [\ cX E`Œ\q p 8[fc\jZ\eZ`X glYc`ZX[X \e \c jlgc\d\ekf [\c i\^`jkif f]`Z`Xc eif% -+* [\ )/ [\ alc`f [\c )''0# j\ ]`aX \e cX jldX [\ :@<EKF ;@<Q ;FC8I<J :FE :8KFI:< :<EK8MFJ d\ejlXc\j# d}j cfj Y\e\]`Z`fj [\ C\p# cX g\e$ j`�e gifm`j`feXc [\ Xc`d\ekfj Zfe cX ZlXc [\Y\ Zfek`elXi Zfeki`Ylp\e[f \c fYc`^X[f X ]Xmfi [\ jlj _`afj ccXdX[fj 9I8P 8C9<IKF P P8A8@I8 = < I E 8 E ;8 J F I E FQ8 D<E<E;<Q# j\^’e ZfejkX [\ cXj gXik`[Xj [\ eXZ`d`\e$ kf X[alekXj2 d`jdX hl\ j\i} [\gfj`kX[X k\dgfiXcd\ek\ \e cX J\Zi\kXi`X [\ \jk\ Alq^X[f j\ c\ ZfeZ\[\ X cX XZkfiX Xc k„id`ef [\ Z`eZf [ˆXj# gXiX hl\ `e[`hl\ \c e’d\if [\ Zl\ekX [\ Xc^leX `ejk`klZ`�e [\c J`jk\dX =`eXeZ`\if EXZ`feXc \e cX hl\ gfjk\i`fid\ek\ j\ i\Xc`Z\ \e ]fidX fYc`^Xkfi`X \c [\gfj`kf [\ g\ej`fe\j Xc`d\ek`Z`Xj gfi gXik\ [\ fYc`^X[f2 `eZfig�i\j\ cfj [fZld\ekfj XZfdgXŒX[fj2 YXaf gi\m\eZ`fe\j [\ C\p# ]`a\ [fd`Z`c`f al[`Z`Xc \e \c g\iˆ$ d\kif liYXef [\ \jkX Z`l[X[ p ]l\iX [\ \jk\ [\jgXZ_f# gXiX

AC/79755/tf

AC/79748/tf

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? i\Z`Y`i efk`]`ZXZ`fe\j ]lkliXj%$ Efk`]ˆhl\j\%$ <c Al\q%$ ] ;i% =i\[[p @cc\jZXj :\i[X# _Xp le j\ccf%$ Cf hl\ d\ g\id`kf Zfdle`ZXic\ X ljk\[ gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \jkX ZXljX [\ekif [\c g\iˆd\kif liYXef [\ \jkX :XY\Z\iX :XekÂ?e Xc [\ JXe D`^l\c [\ cfj 9XeZfj p ]l\iX [\c ;\jgXZ_f gXiX i\Z`$ Y`i efk`]`ZXZ`fe\j ]lkliXj%$ ;i% DXi`f <ei`hl\ P}e\q LiYXef J\Zi\kXi`f < )) :@M@C ;< G@:?@E:?8 (,'/-/&:M&jkf[^f%

<A<:LK@MFJ <OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 <;@JFE G8KI@:@F :FE;FI :FCC8EK<J 8:KFI1 :I@JK@E8 ;<C :8ID<E ?8I9 :FI;<IF ;<D8E;8;F1 N8CK<I ?<IE8E K@G8E LD8K8D9F AL@:@F1 <A<:LK@MF Ef% 0/'$ )''0$ >M KI8D@K<1 <A<:LK@MF :L8EK@81 )%+).#'' LJ; GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# 0 [\ [`Z`\dYi\ [\c )''0# cXj ((_('%$ 8^i„^l\j\ Xc gifZ\jf \c [\gi\ZXkfi`f p \jZi`kf gi\Z\$ [\ek\j% 8k\ekX cX g\k`Z`Â?e hl\ Xek\Z\[\# p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p cX X]`idXZ`Â?e YXaf aliXd\ekf [\ cX XZkfiX [\ hl\ c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi <[`jfe GXki`Z`f :Â?e[fi :fccXek\j# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf% <e m`ikl[ [\ cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi J\Zi\kXi`f [\ cX A\]XkliX Gfcˆk`ZX [\c ZXekÂ?e G\[if M`Z\ek\ DXc[feX[f [\ ]\Z_X () [\ efm`\dYi\ [\ )''0# j\ e`\^X \c g\[`$ [f ]fidlcX[f gfi cX XZkfiX# \e \c j\ek`[f [\ hl\ j\ Z`k\ gfi cX gi\ejX Xc [\dXe[X[f j\ÂŒfi NXck\i ?\ie}e K`g}e LdXkXdYf% Efk`]ˆhl\j\%$ = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j )) [\ alc`f [\c )'('# cXj (+_,/% 8^i„^l\j\ Xc gif$ Z\jf \c \jZi`kf gi\Z\[\ek\% ;\ Zfe]fid`[X[ Zfe \c [fZld\e$ kf hl\ fYiX X ]j% +(# cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi :`kX[fi p \c aliXd\ekf hl\ _XZ\ cX XZkfiX \e \jZi`kf [\ ]j% +) [\ cfj Xlkfj# j\ [`jgfe\ Z`kXi Xc [\dXe[X[f NXck\i ?\ie}e K`g}e LdXkXdYf gfi cX gi\e$ jX# \e \c g\i`Â?[`Zf ĂˆCX ?fiXÉ# hl\ Z`iZlc\ f \[`k\ \e \c ZXe$ kÂ?e G\[if M`Z\ek\ DXc[feX[f% Efk`]ˆhl\j\%$ = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j - [\ XYi`c [\c )'((# cXj (-_('% 8^i„^l\j\ Xc gifZ\$ jf \c \jZi`kf gi\Z\[\ek\% :ˆk\j\ Xc [\dXe[X[f j\ÂŒfi NXck\i ?\ie}e K`g}e LdXkXdYf \e \c [`Xi`f ĂˆCX ?fiXÉ# hl\ j\ \[`k\ \e cX Z`l[X[ [\ JXekf ;fd`e^f [\ cfj Kj}Z_`cXj Zfe Z`iZlcXZ`Â?e \e G\[if M`Z\ek\ DXc[feX[f# \e iXqÂ?e [\ hl\ \e \jkX Z`l[X[ ef j\ \[`kX e`e^Â’e [`Xi`f% Efk`]ˆhl\j\%$%$ = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX

Ć

cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# [\ekif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[X gfi cX c\p% 8k\ekXd\ek\ ;i% DXel\c 8dÂ?e D\[`eX J<:I<K8I@F (,'.,(&^] 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 AFJ< N8J?@E>KFE >8CC<>FJ :8 I I 8 J : F P 8 E 8 9<IE8I;@K8 J8C;8II@8>8 M<I8 ;<D8E;8;F1 A f j „ NXj_`e^kfe >Xcc\^fj :XiiXjZf p 8eX 9\ieXi[`kX JXc[Xii`X^X M\iX% 8:KFI1 <Zfe% >`ef 8ekfe`f :X`Z\[f Lii\jkX# \e ZXc`$ [X[ [\ >\i\ek\ >\e\iXc [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf JXe =iXeZ`jZf [\ 8jˆj Ck[X%% AL@:@F EIF% '/' Æ )''0Æ 8Y%=D% KI8D@K<1 <a\Zlk`mf% :L8EKĂ 81 :`eZf D`c ;Â?cXi\j 8d\i`ZXefj ,%'''#'' =LE;8D<EKF C<>8C1 8ikj% +/- p j`^l`\ek\j [\c :Â?[`^f [\ :fd\iZ`f \e ZfeZfi[XeZ`X Zfe cfj 8ikj% +(*# +(,# p +(0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 89F>8;F ;<=<EJFI1 ;i% DXli`Z`f AXm`\i <jki\ccX ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '0 [\ =\Yi\if [\c )'('# cXj '0_',%$ M@JKFJ%$ Gi\m`f \c jfik\f [\ c\p Zfii\jgfe[`\e$ k\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\$ [\ek\ j\ cX XZ\gkX Xc ki}d`k\ <a\Zlk`mf%$ <e Zfej\Zl\eZ`X cX gXik\ [\dXe[X[X ;\`[Xd`X [\ A\jÂ’j 8cmXiX[f <iXj# Afj„ NXj_`e^kfe >Xcc\^fj :XiiXjZf p 8eX 9\ieXi[`eX JXc[Xii`X^X M\iX# gX^l\e cX fYc`^XZ`Â?e X[\l[X[X f gif$ gfe^Xe cXj \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj \e \c k„id`ef [\ ki\j [ˆXj [\ c\^Xc$ d\ek\ Z`kX[fj%$ <e d„i`kf X cX @e]fidXZ`Â?e JldXi`X p [\ Zfe]fid`[X[ Zfe \c 8ik% +)) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX \c j\Zl\j$ kif [\ cfj Y`\e\j dl\Yc\j p [\d}j \ej\i\j [\ gifg`\[X[ [\ cX [\dXe[X[X ;\`[Xd`X [\ A\jÂ’j 8cmXiX[f <iXj# hl\ [`Z\ cfj k`\e\ \e jl [fd`Z`c`f lY`ZX[f \e JXe Ifhl\# ZXcc\ @dYXYliX Eif% /,' p J`dÂ?e 9fcˆmXi# ZXjX Zfcfi IfjX[XX [\ ki\j g`jfj# [\c ZXekÂ?e Hl`kf2 _XjkX \c mXcfi [\ cX [\l[X# d}j le [`\q gfi Z`\ekf%$ GXiX cX giXZk`ZX [\ \jkX [`c`^\eZ`X i\dˆkXj\ f]`Z`f X cX f]`Z`eX [\ jfik\fj X ]`e hl\ j\ [\j`^e\ 8c^lXZ`c DXpfi p ;\gfj`kXi`f Al[`Z`Xc gXiX hl\ i\Xc`Z\e cX d\[`[X ZXlk\cXi fi[\eX[X%$ :ˆk\j\ \e c\^Xc p [\Y`[X ]fidX X cX gXik\ [\dXe[X[X \e cX [`i\ZZ`Â?e hl\ j\ j\ÂŒXcX gXiX \c \]\Zkf%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj XgXi\aX[fj X cX [\dXe[X%$ KÂ?d\j\ \e Zl\ekX cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ \c @e^% <[^Xi M`e`Z`f A}Zfd\ QXdYiXef%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`f$ e\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl 8Yf^X[f [\]\e$ jfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% ALQ>8;F ;<:@DF ;< CF

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ć

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

:@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (' [\ X^fjkf [\c )'('# cXj ((_*(%$ M@JKFJ1 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX$ [f%$ <e cf gi`eZ`gXc# \e d„i`kf Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`$ [X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 j\ fi[\eX# Zˆk\j\ \e c\^Xc p [\Y`$ [X ]fidX X cX gXik\ [\dXe$ [X[X AFJ< N8J?@E>KFE >8CC<>FJ :8II8J:F p 8E8 9<IE8I;@K8 J8C;8II@8>8 M<I8# d\[`Xek\ ki\j glYc`$ ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX cfZXc`[X[2 gXiX \c \]\Zkf Zfe]`„iXj\ \c Zfii\jgfe[`\ek\ \okiXZkf%$ :fek\jkX[f hl\ _X j`[f \c kiXjcX[f p j`\e[f hl\ ef _Xe mXi`X[f cfj ]le[Xd\ekfj hl\ j`im`\ife gXiX [`ZkXi cX gifm`$ [\eZ`X [\ ]\Z_X (( [\ dXpf [\c )'('2 gfi `dgifZ\[\ek\ j\ e`\^X \c g\[`[f [\ i\mfZX$ kfi`X ]fidlcX[f gfi \c j\ÂŒfi =iXeZ`jZf AXm`\i :XcmX gfi cf hl\ cXj gXik\j [\Y\i}e \jkXi X cf [`jgl\jkf \e [`Z_f Xlkf%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ c\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf%$ ;i% <[^Xi ?Xif MXc\eql\cX J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0.,+&k] ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 cfj j\ÂŒfi\j DFE@:8 PF C 8 E ;8 # 9 C 8 E : 8 ?<ID@E@8 P >C8;@J D8I@8 8CD8:?@ K8@G<# j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;<C AL@:@F <A<:LK@MF p cX GIFM@;<E:@8# hl\ X Zfek`$ elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi X 1 N@C=I@;F FC@M<I M@CC8:Ă J JFC@J% ;\dXe[X[fj1 DFE@:8 PF C 8 E ;8 # 9 C 8 E : 8 ?<ID@E@8 P >C8;@J D8I@8 8CD8:?@ K8@G<% :lXekˆX1.%/''#''% Ki}d`k\1 <A<:LK@MF% =\Z_X [\ @e`Z`XZ`Â?e1 '( ;< F:KL9I< ;< )''0% :XljX <A<:LK@M8 Ef% )''0$(*).%$ AF?E 8P8C8 D8IK@E<Q %$ GIFM@;<E:@8 ALQ>8;F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# (( [\ efm`\dYi\ [\ )''0# cXj '0_'-%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k`kl$ cXi# c\^Xcd\ek\ gfj\j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X# \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <A<:LK@MF%$ <e Zfej\Zl\eZ`X# cfj j\ÂŒf$ i\j J<>LE;F =I8E:@J:F 8CD8:?@ JĂ?E:?<Q p D8I@8 ;FCFI<J K8@G< :8A8J2 [\ Zfe]fid`[X[ Zfe `eZ`jf (if% [\c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^X \oZ\gZ`fe\j \e \c k„id`ef c\^Xc [\ ki\j [ˆXj%$ Gfi jfc`Z`kXicf p Xc k\efi [\ cf [`jgl\jkf \e \c XikˆZlcf ++, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ \c \dYXi^f [\ cfj [\i\Z_fj p XZZ`fe\j

hl\ \e \c m\`ek\ p lef ZfdX efm\ekX p j\`j gfi Z`\ekf hl\ j\ \eZl\ekiXe ]`eZX[Xj \e \c `edl\Yc\ lY`ZX[f \e \c 9Xii`f :_`i`XZl# [\ cX GXiifhl`X <cfp 8c]Xif# [\ \jk\ ZXekÂ?e Hl`kf# Gifm`[\eZ`X G`Z_`eZ_X p d}j ZXiXZk\iˆjk`ZXj j`e^lcXi`qX[Xj \e \c i\jg\Zk`mf Z\ik`]`ZX[f [\ I\^`jkif# gXiX cX giXZk`ZX [\ cX [`c`^\eZ`X# Zl„ek\j\ Zfe lef [\ cfj [\gfj`kXi`fj# Xjˆ Zfdf kXd$ Y`„e Zfe cX gfc`ZˆX eXZ`feXc# gXiX Zlpf \]\Zkf \eki„^l\j\ gfi j\Zi\kXi`X cfj i\jg\Zk`mfj f]`Z`fj2 _\Z_f @ejZiˆYXj\ \e I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :ˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi cX XZZ`feXek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ EFK@=@HL<J<% ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j * [\ dXpf [\c )'((# cXj (,_*.% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f# j\^Â’e XZZ`Â?e [\ g\ijfeXc Ef% )-/)$;G$;GG# [\ '. [\ [`Z`\dYi\ [\ )'('%$ <c \jZi`kf hl\ Xek\Z\[\ X^i„^l\j\ Xc gifZ\jf%$ <e m`ikl[ [\c aliX$ d\ekf hl\ Xek\Z\[\ Zˆk\j\ X cX j\ÂŒfiXj DFE@:8 PFC8E;8# 9C8E:8 ?<ID@E@8 P >C8;@J D8I@8 8CD8:?@ K8@G<# gfi cX gi\ejX [\ XZl\i[f X cf gi\m`jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# efk`$ ]ˆhl\j\% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[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# (- [\ dXpf [\ )'((% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp le j\ccf 8%:%.0.)0&k] I% ;<C <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C G8I81 FC>8 JF9<@;8 ?8IF 98CJ<:8 AL@:@F <A<:LK@MF Ef% (-(+$ )''0 C:? 8:KFI DXi`f <[lXi[f JXek`Y}ÂŒ\q >f[fp% ;<D8E;8;F1 FC>8 JF9<@;8 ?8IF 98CJ<:8 F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% +(* p +(,# [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p +(' [\c :Â?[`^f [\ :fd\iZ`f# [\dXe$ [X X cX j\ÂŒfiX FC>8 JF9<@;8 ?8IF 98CJ<:8 \c gX^f [\ cfj mXcfi\j g\e[`\ek\j# [\kXccX[fj \e \c c`Y\cf [\ [\dXe[X% KI8D@K<1 :L8EK@81 J\`j d`c [Â?cXi\j Xd\i`ZXefj -%'''#ff 89F>8;F G8KIF:@E8;FI1 ; i% 8e[i„j : X Y i\ iX ?\dd`e^j\e DXk% .//,:8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?cE:?8 Hl`kf# / [\ ]\Yi\if )'('# X cXj ('?()%$ M@JKFJ%$8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX# d\[`Xek\ F]`Z`f Ef% ()$;;G$A8I [\ )+ [\ <e\if [\c )'', p \e m`ikl[ [\c jfik\f [\ C\p \e cX f]`Z`eX Zfii\jgfe[`\ek\%$<e cf gi`eZ`$ gXc# cX [\dXe[X hl\ Xek\Z\[\ \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}$

Ĺ?

d`k\ <a\Zlk`mf%$ <e Zfej\Zl\e$ Z`X# cX [\dXe[X[X j\ÂŒfiX Fc^X JfY\`[X ?Xif 9Xcj\ZX# gX^l\ Xc XZkfi cX ZXek`[X[ X[\l[X$ [X f gifgfe^Xe \oZ\gZ`fe\j [\ekif [\c k„id`ef [\ ki\j [ˆXj [\ Z`kX[X%$<e d„i`kf [\c Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf hl\ j\ X[alekXe p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX cX gif_`Y`Z`Â?e [\ \eXa\eXi# _`gfk\ZXi f Zfej$ k`kl`i fkif ^iXmXd\e f ZfekiXkf hl\ c`d`k\ \c [fd`e`f f ^fZ\ [\c Y`\e `edl\Yc\ [\jZi`kf \e \c Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf hl\ j\ X[alekX# [\ gifg`\[X[ [\ cX [\dXe[X[X Fc^X JfY\`[X ?Xif 9Xcj\ZX% $GXiX [`Z_f \]\Zkf# efk`]ˆhl\j\ Zfe \c gi\$ j\ek\ Xlkf Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf%$ :ˆk\j\ Zfe \c Zfek\e`$ [f [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X X cX [\dXe[X[X Fc^X JfY\`[X ?Xif 9Xcj\ZX \e cX [`i\ZZ`Â?e j\ÂŒXcX[X gXiX \c \]\Zkf# cX ZlXc j` ]l\i\ \e jl cl^Xi [\ kiXYXaf j\i} \e ]fidX g\ijfeXc%$8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX%$KÂ?d\j\ \e Zl\ekX cX ZlXekˆX# \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX ]XZlckX[ [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ gi\j\ek\ cfj \jZi`kfj e\Z\jXi`fj%Æ:ˆk\j\ p Efk`]ˆhl\j\ GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8#$ Hl`kf# 0 [\ dXpf )'((# X cXj ((?**%$<e cf gi`eZ`gXc# Xk\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cX [\dXe[X[X# j\ [`jgfe\ Z`kXi X cX [\dXe[X$ [X j\ÂŒfiX Fc^X JfY\`[X ?Xif 9Xcj\ZX# Zfe le \okiXZkf [\c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X# gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l$ [X[ [\ Hl`kf p [\ Zfe]fid`[X[ X cf [\k\id`eX[f gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`$ ZXZ`fe\j% :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0.*.&k] I% ;<C <% :@K8:@äE AL;@:@8C 81 D8IK?8 :<:@C@8 D8K8@CF M<I8 :FE <C AL@:@F <A<:LK@MF GIFGL<JKF GFI

I_ iecei WhhWijhWZei W 9h_ije" Yh[[cei i_d gk[h[h1 i[ kiW [djedY[i bW l_eb[dY_W" de bW b_X[hjWZ$ I7D 7=KIJĂžD <EI@:F >@F>C@F 8:KFI1 <EI@:F >@F>C@F ;<D8E;8;81 D8IK?8 :<:@C@8 D8K8@CF M<I8 =LE;8D<EKF ;< ;<I<:?F1 8DG8I8;F <E CF HL< ;@JGFE<E CFJ 8IK@:LCFJ +/- P +/. ;<C :F;@>F ;< :FD<I:@F P +(* P +(, ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C% :L8EK@81 KI<@EK8 P J@<K< D@C J<@J:@<EKFJ :L8I<EK8 P EL<M< GLEKF ;FJ ;FC8I<J% AL@:@F ELD<IF '0.)$)'(' KI8D@K<1 <A<:LK@MF ;FD@:@C@F A L ; @ : @ 8 C 89F>8;F AFI>< 8C8I:äE# :8J@CC<IF AL;@:@8C EIF% .,( ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )* [\ X^fjkf [\c )'('# cXj (,_(0%$ 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f # d\[`Xek\ f]`Z`f E'%(*'/$;G$ ;GG [\ ]\Z_X . [\ Alc`f [\c )'('%$M@JKFJ1 I\mfZXj\ cX gifm`[\eZ`X [\ ]\Z_X )0 [\ alc`f [\c )'('% cXj (+_,/# p j\ gifZ\[\ X ZXc`]`ZXi cX gi\j\e$ k\ [\dXe[X% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ ]fidX \o`^`[fj gfi cX C\p%$ ;„j\ \c ki}d`k\ <a\Zlk`mf %$ <e Zfej\$ Zl\eZ`X cX [\dXe[X[X \e \c k„id`ef [\ ki\j [ˆXj ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X$ [X f \e \c d`jdf k„id`ef gifgfe^Xe \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p%$ ;\ Zfe]fid`[X[ Zfe cfj [fZl$ d\ekf X[alekfj j\ [`jgfe\ \c \dYXi^f [\c `edl\Yc\ [\ gifg`\[X[ [\ cX [\dXe[X[X# D8IK?8 :<:@C@8 D8K8@CF M<I8# ZXjX eÂ’d\if Z`eZf [\c :fealekf ?XY`kXZ`feXc# lY`ZX$ [f \e cX Z`l[X[\cX :XiXgle^f# ZXcc\ 8i\eXc j`^eX[f Zfe \c eld\if Ki\jZ`\ekfj FZ_\ekX [\c j`k`f [\efd`eX[f :Xii\kXj [\ \jkX Z`l[X[ p ZXekÂ?e Hl`kf %$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X Zl„ek\j\ Zfe lef [\ cfj j\ÂŒfi\j ;\gfj`kXi`fj Al[`Z`Xc\j p Zfe \c 8lo`c`f [\ cX Gfc`ZˆX EXZ`feXc %$ :ˆk\j\ X cX [\dXe[X[X D8IK?8 :<:@C@8 D8K8@CF M<I8# \e \c cl^Xi hl\ j\ `e[`ZX%$8^i„^l\j\ cX [fZl$ d\ekXZ`Â?e hl\ j\ XZfdgXÂŒX %$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c XZkfi %$ Efk`]ˆhl\j\ %$ ;I% =89I@:@F J<>FM@8

9<K8E:FLIK AL<Q <E:8I>8;F ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )- [\ XYi`c [\c )'((# cXj '/_(/%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f # d\[`Xe$ k\ f]`Z`f E'%/.)$;G$;GG [\ ]\Z_X )( [\ 8Yi`c [\c )'((%$ 8k\ekf Xc aliXd\ekf i\e[`[f# [\ Zfe]fid`[X[ Zfe cf hl\ [`j$ gfe\ \c 8ik‰Zlcf /) [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf :`m`c% :ˆk\j\ X cX [\dXe[X[X D8IK?8 :<:@C@8 D8K8@CF M<I8# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf%$ EFK@=@HL<J<%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ AL<Q <E:8I>8;F Cf hl\ c\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e$ [fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒX$ cXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[% ;i% AlXe >XccXi[f H% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0.*-&k] ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 cX j\ÂŒfiX% :<:@C@8 G8LC@E8 P8E;ĂŞE HL@IFQ j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< AL@:@F <A<:LK@MF p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF % 8Zkfi 1 89% D8I:FJ 9<E@KF 8 CM8 I 8 ; F J < M @ C C 8 # 8GF;<I8;F <JG<:@8C P GIF:LI8;FI AL;@:@8C ;<C ><I<EK< ><E<I8C P I<GI<J<EK8EK< C<>8C ;<C 98E:F JFC@;8I@F J%8% ;\dXe[X[X 1 :<:@C@8 G8LC@E8 P8E;ĂŞE HL@IFQ 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c gX^f :lXekˆX1 .%'''#'' Ki}d`k\1 <a\Zlk`mf %$ =\Z_X [\ @e`Z`XZ`Â?e1 )0 [\ XYi`c [\c )''0 :XljX <a\Zlk`mf Ef% ,,/$ )''0%$ ;I8% B8C@EB8 A8I8D@CCF%$ GIFM@;<E:@81 ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF%$ *' [\ ale`f [\c )''0# cXj (,_,(%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[

AVISO A LOS ACREEDORES DE ESTUDIOS TECNICOS S.A., EN LIQUIDACIĂ“N De conformidad con lo dispuesto en el artĂ­culo 393 de la Ley de Compaùías vigente, NOTIFICO a los acreedores de la compaùía extranjera domiciliada en el Ecuador bajo la denominaciĂłn ESTUDIOS TECNICOS S.A. EN LIQUIDACIĂ“N, para que dentro del tĂŠrmino de veinte dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de ĂŠste aviso, presenten los documentos que acrediten su derecho como Acreedores de dicha sociedad de conformidad con la Ley, en la Avenida Diego de Almagro N30-134 y Av. RepĂşblica, domicilio principal de dicha Sucursal extranjera. Transcurrido este tĂŠrmino, el liquidador tomarĂĄ en cuenta solamente a los acreedores que hayan probado su calidad y a todos los que aparezcan reconocidos como tales en la contabilidad de la compaùía, con la debida justificaciĂłn. Lugar y Fecha, 20 de mayo de 2011

[\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX%$ <e cf gi`eZ`$ gXc cX [\dXe[X hl\ Xek\Z\$ [\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ <A<:LK@MF%$ <e Zfej\Zl\e$ Z`X cXj [\dXe[X[Xj D8I@8 =I8E:@J:8 9<E8C:8Q8I [\l[fiX :<:@C@8 G8LC@E8 P8E;ĂŞE HL@IFQ # [\ekif [\c k„id`ef [\ ki\j [ˆXj gX^l\ Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e \c gX^XiÂ… X[alekf# d}j cfj `ek\i\j\j i\jg\Zk`mfj f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\gZ`fe\j YXaf gi\m\eZ`f$ e\j [\ C\p# cX d\[`[X ZXlk\$ cXi ef gifZ\[\ p j\ cf e`\^X# gfi ZlXekf ef _X X[alekX[f cX `e]fidXZ`ÂŽe jldXi`X %$ :ĂŁK<J< X cXj [\dXe[X[Xj D8I@8 =I8E:@J:8 9<E8C:8Q8I p :<:@C@8 G8LC@E8 P8E;ĂŞE HL@IFQ d\[`Xek\ Zfd`j`Â?e c`YiX[X Xc k\e`\ek\ gfcˆk`Zf [\ cX gXiifhl`X [\ :Xc[\iÂŽe \emˆ\j\ [\jgXZ_f \e ]fidX%$ 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 XZfdgX$ ÂŒX[X%$ EFK@=@HL<J<%$] ;iX% DXi‰X <c\eX :_~m\q% Al\q% GIFM@;<E:@81 ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF%$ (' [\ dXiqf [\c )'((# cXj (-_)- 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q \eZXi^X[f d\[`Xek\ XZZ`ÂŽe [\ g\ijfeXc Ef% +0.$ ;G$;GG [\ 0 [\ dXiqf [\c )'((%$ 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\ Xc [\dXe[X[f :<:@C@8 G8LC@E8 P8E;ĂŞE HL@IFQ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ EFK@=@HL<J<%$] ;i% :i`jkÂŽYXc Fa\[X DXik‰e\q% Al\q < Cf hl\ Zfdle`Zf X ljk\[ gXiX

cfj ]`e\j [\ c\p%$ C\ gi\m\e^f [\ cX fYc`^XZ`Že hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ Cf :\ik`]`Zf%$ 89% AFI>< D@<I 9LI98EF J<:I<K8I@F )* :@M@C ;< G@:?@E:?8 ?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:@FE AL;@:@8C 81 <;@JFE G8KI@:@F :FE;FI :FCC8EK<J 8:KFI1 :I@JK@E8 ;<C :8ID<E ?8I9 :FI;<IF ;<D8E;8;F1 N8CK<I ?<IE8E K@G8E LD8K8D9F AL@:@F1 <A<:LK@MF Ef% 0/'$ )''0$ >M KI8D@K<1 <A<:LK@MF :L8EK@81 )%+).#'' LJ; GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# 0 [\ [`Z`\dYi\ [\c )''0# cXj ((_('%$ 8^i„^l\j\ Xc gifZ\jf \c [\gi\ZXkfi`f p \jZi`kf gi\Z\$ [\ek\j% 8k\ekX cX g\k`Z`�e hl\ Xek\Z\[\# p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# p cX X]`idXZ`�e YXaf aliXd\ekf [\ cX XZkfiX [\ hl\ c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X# Zˆk\j\ Xc [\dXe[X[f j\Œfi <[`jfe GXki`Z`f :�e[fi :fccXek\j# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf% <e m`ikl[ [\ cX iXq�e j\ekX[X gfi \c j\Œfi J\Zi\kXi`f [\ cX A\]XkliX Gfcˆk`ZX [\c ZXek�e G\[if M`Z\ek\ DXc[feX[f [\ ]\Z_X () [\ efm`\dYi\ [\ )''0# j\ e`\^X \c g\[`$ [f ]fidlcX[f gfi cX XZkfiX# \e \c j\ek`[f [\ hl\ j\ Z`k\ gfi cX gi\ejX Xc [\dXe[X[f j\Œfi NXck\i ?\ie}e K`g}e LdXkXdYf% Efk`]ˆhl\j\%$ =

;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j )) [\ alc`f [\c )'('# cXj (+_,/% 8^i„^l\j\ Xc gif$ Z\jf \c \jZi`kf gi\Z\[\ek\% ;\ Zfe]fid`[X[ Zfe \c [fZld\e$ kf hl\ fYiX X ]j% +(# cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi :`kX[fi p \c aliXd\ekf hl\ _XZ\ cX XZkfiX \e \jZi`kf [\ ]j% +) [\ cfj Xlkfj# j\ [`jgfe\ Z`kXi Xc [\dXe[X[f NXck\i ?\ie}e K`g}e LdXkXdYf gfi cX gi\e$ jX# \e \c g\i`Â?[`Zf ĂˆCX ?fiXÉ# hl\ Z`iZlc\ f \[`k\ \e \c ZXe$ kÂ?e G\[if M`Z\ek\ DXc[feX[f% Efk`]ˆhl\j\%$ = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j - [\ XYi`c [\c )'((# cXj (-_('% 8^i„^l\j\ Xc gifZ\$ jf \c \jZi`kf gi\Z\[\ek\% :ˆk\j\ Xc [\dXe[X[f j\ÂŒfi NXck\i ?\ie}e K`g}e LdXkXdYf \e \c [`Xi`f ĂˆCX ?fiXÉ# hl\ j\ \[`k\ \e cX Z`l[X[ [\ JXekf ;fd`e^f [\ cfj Kj}Z_`cXj Zfe Z`iZlcXZ`Â?e \e G\[if M`Z\ek\ DXc[feX[f# \e iXqÂ?e [\ hl\ \e \jkX Z`l[X[ ef j\ \[`kX e`e^Â’e [`Xi`f% Efk`]ˆhl\j\%$%$ = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# [\ekif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[X gfi cX c\p% 8k\ekXd\ek\ ;i% DXel\c 8dÂ?e D\[`eX J<:I<K8I@F (,'.,(&^]

FI;@E8I@FJ :@K8:@FE AL;@:@8C <OKI8:KF ALQ>8;F :L8IKF ;< CF :@M@C ;< KLE>LI8?L8 8C J<zFI AL8E D8EL<C 9FII<IF ><I<EK< ><E<I8C ;<C 98E:F GIFD<I@:8# gfi

AVISO DE ANULACION La compaùía FOSFORERA ECUATORIANA S.A., legalmente constituida y existente al amparo de las Leyes de la República del Ecuador, informa que quedan anulados, por pÊrdida, los siguientes títulos de acciones: TITULO No. No. ACCIONES 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721

150 250 1000 100 100 100 100 200 150 250 1000 100 100 100 100 200 150 250 1000 100 100 100 100 200 150 250 1000 100 100 100 100 200 150

VALOR 6,00 10,00 40,00 4,00 4,00 4,00 4,00 8,00 6,00 10,00 40,00 4,00 4,00 4,00 4,00 8,00 6,00 10,00 40,00 4,00 4,00 4,00 4,00 8,00 6,00 10,00 40,00 4,00 4,00 4,00 4,00 8,00 6,00

TITULO No. No. ACCIONES 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739

250 1000 100 100 100 100 200 150 250 1000 6000 6000 6000 100 100 100 100 200

VALOR 10,00 40,00 4,00 4,00 4,00 4,00 8,00 6,00 10,00 40,00 240,00 240,00 240,00 4,00 4,00 4,00 4,00 8,00

FYC REPRESENTACIONES CIA. LTDA. LIQUIDADOR PRINCIPAL AR/83020/cc

AR/83021/cc


[\jZfefZ\i jl XZklXc [fd`Z`$ c`f# i\j`[\eZ`X f `e[`m`[lXc`[X[# j\ c\ _XZ\ jXY\i cf hl\ j`^l\1 AL@:@F Ef% ',+.$)'('% :C8J< ;< A L @ : @ F 1 FI;@E8I@F 8JLEKF1 ;8zF DFI8C 8:KFI<J1 :8ICFJ <C@8J >FD<Q CLQLI@8>8 P D<IP G8KI@:@8 LJ@z8 8P8C8 ; < D 8 E ;8 ; F J 1 A L8 E D8EL<C 9 F I I < I F # ><I<EK< ><E<I8C ;<C 98E:F GIFD<I@:8# AL8E >FIK8@I< ><I<EK< ;<C 98E:F GIFD<I@:8 JL:% 8D98KF P ;I% :I@JKF98C 8E;I8E>F# ><I<EK< ><E<I8C ;<C ?FJG@K8C D@CC<EE@LD :L8EK@81 LE D@CCFE ;< ;FC8I<J 8D<I@:8EFJ AL<Q1 ; I% D @ CKF E K@98ECFD9F ALQ>8;F :L8IKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# al\m\j (, [\ alc`f [\c )'('# cXj (+_*,% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# gfi \c jfik\f i\Xc`qX[f p Zfdf Al\q k`kl$ cXi [\ \jkX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X hl\ gi\Z\[\ \j ZcXiX p i\’e\ cfj i\hl`j`kfj c\^Xc\j# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ [\ al`Z`f FI;@E8I@F% <e Zfej\Zl\e$ Z`X# j\ [`jgfe\ hl\ [\ekif [\c k„id`ef [\ hl`eZ\ [ˆXj cfj [\dXe[X[fj AL8E D8EL<C 9F;<IF# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\c 9XeZf GIFD<I@:8 p AL8 >FIK8@I<# \e jl ZXc`[X[ [\ >\i\ek\ [\c 9XeZf GIFD<I@:8 JlZlijXc 8dYXkf# gi\j\ek\e cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj2 p j\ŒXc\e ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j% :ˆk\j\ X cfj [\dXe[X[fj Zfe cX [\dXe[X p \jkX gifm`[\eZ`X \e cfj cl^Xi\j hl\ j\ `e[`ZX# \jkf \j \c j\Œfi AL8E D8EL<C 9F;<IF# \e jl ZXc`[X[ [\ ><I<EK< >\e\iXc [\c 9XeZf GIFD<I@:8#

d\[`Xek\ [\gi\ZXkfi`f X lef [\ cfj J\ÂŒfi\j Al\Z\j [\ cf :`m`c [\ cX Gifm`eZ`X [\ G`Z_`eZ_X Zfe Xj`\ekf \e cX :`l[X[ [\ Hl`kf# \e kXekf hl\# Xc j\ÂŒfi AL8E >FIK@I<# \e jl ZXc`[X[ [\ >\i\ek\ [\c 9XeZf GIFD<I@:8 JlZlijXc 8dYXkf# j\ \em`Xi} cX i\jg\Zk`mX [fZl$ d\ekXZ`Â?e X cX F]`Z`eX [\ :`kXZ`fe\j% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcXe cfj XZkfi\j gXiX \]\Zkf [\ jlj efk`]`ZXZ`fe\j% 8^i„^l\ej\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X% :ˆk\j\ p Efk`]ˆhl\j\% =`idX @c\^`Yc\ ;I% D@CKFE K@98ECFD9F AL<Q :\ik`]`Zf1 =`idX @c\^`Yc\ ;I% D8I:F J8C8Q8I J<:I<K8I@F ALQ>8;F :L8IKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# cle\j )- [\ alc`f [\c )'('# cXj (,_(-% <c \jZi`kf hl\ gi\Z\[\# X^i„^l\j\ Xc gifZ\jf% <e cf gi`eZ`gXc# gfi ZlXekf# gfi le \iifi `emfclekXi`f# \e cX gif$ m`[\eZ`X `e`Z`Xc# j\ _X gl\jkf ĂˆAL8E >FIK@I<É# ZlXe[f cf Zfii\Zkf \j ĂˆAL8E >FIK8@I<É# gfi cf kXekf j\ [\aX i\Zk`]`ZX[f [`Z_f \iifi# \e cf [\d}j \jk\j\ X cf [`jgl\jkf \e cX Xcl[`[X gifm`[\eZ`X% Gfi mXZXZ`fe\j [\c J\ÂŒfi J\Zi\kXi`f k`klcXi# XZkÂ’\ cX J\ÂŒfiX F]`Z`Xc DXpfi# :Xid\e Qli`kX C\Â?e# j\^Â’e 8ZZ`Â?e [\ g\ijfeXc Ef% *)-$ :A$;GBK$('% Efk`]ˆhl\j\% =`idX @c\^`Yc\ ;I% D@CKFE K@98ECFD9F AL<Q :\ik`]`Zf1 =`idX @c\^`Yc\ JI8% :8ID<E QLI@K8 J<:I<K8I@8 < ALQ>8;F :L8IKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# cle\j ) [\ X^fjkf [\c )'('# cXj (,_,,% M@JKFJ1 <c \jZi`kf hl\ gi\Z\[\# X^i„$ ^l\j\ Xc gifZ\jf% <e cf gi`e$

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A JUPITERTECH ECUADOR CIA. LTDA. La compaùía JUPITERTECH ECUADOR CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 05 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002213 de 20 de Mayo 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: A) LA PRODUCCIĂ“N, COMERCIALIZACIĂ“N, DISTRIBUCIĂ“N, OPERACIĂ“N, ADMINISTRACIĂ“N MANEJO EXPLOTACIĂ“N COMERCIAL, LICENCIAMIENTO, MANTENIMIENTO, REPRESENTACIĂ“N, AGENCIAMIENTO, INTERMEDIACIĂ“N, PROMOCIĂ“N, PUBLICIDAD, ASESORĂ?A, IMPORTACIĂ“N EXPORTACIĂ“N Y EXPORTACIĂ“N DE TODA CLASE DE SOFTWARE, PRODUCTOS INFORMĂ TICOS..... Quito, 20 de Mayo de 2011.

Z`gXc# Xdgc`Xe[f \c Xlkf [\ ZXc`]`ZXZ`Â?e X cX [\dXe[X# j\ [`jgfe\ hl\ \c [\dXe[X[f ;i% :I@JKF98C 8E;I8E>F# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ ?fjg`kXc D@CC<EE@LD [\ 8dYXkf# \e \c k„id`ef [\ hl`e$ Z\ [ˆXj# gi\j\ekX cXj \oZ\gZ`f$ e\j [`cXkfi`Xj p g\i\ekfi`Xj [\ cXj ZlXc\j j\ Zi\p\i\ Xj`jk`[f%$ :ˆk\j\ Xc Xcl[`[f [\dXe[X[f# Zfe cX [\dXe[X# Xlkf `e`Z`Xc p cX gi\j\ek\ gifm`[\eZ`X# \e \c cl^Xi hl\ j\ `e[`ZX# gXiX \c \]\Zkf# Zl„ek\j\ Zfe cX F]`Z`eX [\ :`kXZ`fe\j%$ Efk`]ˆhl\j\% =`idX @c\^`Yc\ ;I% D@CKFE K@98ECFD9F AL<Q :\ik`]`Zf1 =`idX @c\^`Yc\ ;I% D8I:F J8C8Q8I J<:I<K8I@F ALQ>8;F :L8IKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# dXik\j 0 [\ efm`\d$ Yi\ [\c )'('# cXj (,_(+% Cfj \jZi`kfj hl\ gi\Z\[\e# X^i„$ ^l\ej\ Xc gifZ\jf% <e cf gi`eZ`gXc# cX Zfek\jkXZ`Â?e [X[X X cX [\dXe[X# gfi gXik\ [\c [\dXe[X[f AlXe @^eXZ`f >fikX`i\ ?fc^lˆe# \e jl ZXc`$ [X[ [\ 8gf[\iX[f <jg\Z`Xc [\c 98E:F GIFD<I@:8 J%8%# p hl\ fYiX X ]faXj ).# gfi i\le`i cfj i\hl`j`kfj [\ C\p# j\ cX XZ\gkX Xc ki}d`k\2 k„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX gXiX \]\Zkf [\ jlj efk`]`ZXZ`fe\j# p j\ [X gfi c\^`$ k`dX[X cX `ek\im\eZ`Â?e [\c ;i% <[^Xi Fm`\[f Zfe \c \jZi`kf [\ iXk`]`ZXZ`Â?e ZfejkXek\ X ]faXj +/# Xjˆ Zfdf j\ [X gfi c\^`k`$ dX[X cX g\ijfe\iˆX [\c j\ÂŒfi AlXe >fikX`i\ \e m`ikl[ [\c gf[\i gi\j\ekX[f% CX Zfek\j$ kXZ`Â?e [X[X X cX [\dXe[X# gfi gXik\ [\c [\dXe[X[f j\ÂŒfi :i`jkÂ?YXc IfcXe[f 8e[iXe^f EXim}\q# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\c Ăˆ?fjg`kXc D`cc\ee`ld J%8%# ZfejkXek\ X ]faXj *( [\ cfj Xlkfj# gfi i\le`i cfj i\hl`j`kfj [\ C\p# j\ cX XZ\gkX Xc ki}d`k\2 k„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX gXiX \]\Zkf [\ jlj efk`]`ZXZ`fe\j# p j\ [X gfi c\^`$ k`dX[X jl g\ijfe\iˆX \e m`ikl[ [\c efdYiXd`\ekf X[alekf% :fe cX i\Zfem\eZ`Â?e ]fidlcX$ [X gfi \c [\dXe[X[f :i`jkÂ?YXc IfcXe[f 8e[iXe^f EXim}\q# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\c Ăˆ?fjg`kXc D`cc\ee`ld J%

I_ bW ^_ijeh_W bW [iYh_X[d bei gk[ ]WdWd" [ie gk_[h[ Z[Y_h gk[ ^Wo ejhW ^_ijeh_W$ B?JJE D;88?7$ 8%É# j\ Zfii\ kiXjcX[f X cX gXik\ XZkfiX gfi \c k„id`ef [\ hl`eZ\ [ˆXj% Gifm\p\e[f \j \jZi`kf hl\ gi\Z\[\ cX i\]fidX X cX [\dXe[X gi\j\ekX[X gfi cX gXik\ XZkfiX# j\ cX XZ\gkX [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c 8ik% .' [\ cX :f[`]`ZXZ`Â?e [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e XZklXc M`^\eZ`X% :ˆk\j\ X cfj [\dXe[X[fj Zfe cX [\dXe[X# i\]fidX X cX [\dXe[X# cX gifm`[\eZ`X `e`$ Z`Xc p \jkX gifm`[\eZ`X \e cfj cl^Xi\j j\ÂŒXcX[fj gXiX \c \]\Z$ kf# \jkf \j X cfj j\ÂŒfi\j AL8E >FIK8@I<# >\i\ek\ >\e\iXc [\c 9XeZf GIFD<I@:8 \e \jkX :`l[X[ [\ 8dYXkf# Xc ;i% :I@JKF98C 8E;I8E>F# >\i\ek\ >\e\iXc [\c ?fjg`kXc D@CC<EE@LD# X kiXm„j [\ cX F]`Z`eX [\ :`kXZ`fe\j# \e kXekf hl\ Xc j\ÂŒfi AL8E D8EL<C 9FII<IF# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\c 98E:F GIFD<I@:8# d\[`Xek\ [\gi\ZXkfi`f X lef [\ cfj J\ÂŒfi\j Al\Z\j [\ cf :`m`c [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# Zfe [fd`Z`c`f \e cX :`l[X[ [\ Hl`kf% Efk`]ˆhl\j\% =`idX @c\^`Yc\ ;I% D@CKFE K@98ECFD9F AL<Q :\ik`]`Zf1 =`idX @c\^`Yc\ ;i% DXiZf JXcXqXi J<:I<K8I@F ALQ>8;F :L8IKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# al\m\j () [\ dXpf [\c )'((# cXj (,_)-% <c \jZi`$ kf hl\ gi\Z\[\# X^i„^l\j\ Xc gifZ\jf% <e cf gi`eZ`gXc# p gfi ZlXekf cfj XZkfi\j [\ZcX$ iXe Zfe aliXd\ekf hl\ c\j _X j`[f `dgfj`Yc\ [\k\id`eXi \c XZklXc [fd`Z`c`f# i\j`[\eZ`X f `e[`m`[lXc`[X[ [\c [\dXe[X[f 9XeZf GIFD<I@:8# c\^Xcd\e$ k\ i\gi\j\ekX[f gfi \c j\ÂŒfi AL8E D8EL<C 9FII<IF# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc# Zˆk\j\ Zfe cX [\dXe[X \e

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A DISTRIBUIDORA AHYJELU CIA. LTDA. La compaùía DISTRIBUIDORA AHYJELU CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito, el 25 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002148 de 17 de Mayo 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: COMERCIALIZACIĂ“N Y VENTA DE CERVEZAS, AGUAS, GASEOSAS,.... Quito, 17 de Mayo de 2011.

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83015/cc

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83011/cc

]fidX \okiXZkX[X# i\]fidX X cX [\dXe[X# cX gifm`[\eZ`X `e`Z`Xc# gifm`[\eZ`X [\ ]faXj )) mkX# gifm`[\eZ`X [\ ]faXj )* mkX# gifm`[\eZ`X [\ ]faXj ,' mkX p cX gi\j\ek\ gifm`[\eZ`X# d\[`Xek\ ki\j glYc`ZXZ`fe\j# \e lef [\ cfj ;`Xi`fj hl\ j\ \[`kXe \e cX :`l[X[ [\ Hl`kf p \e \jkX :`l[X[ [\ 8dYXkf% Efk`]ˆhl\j\% =`idX @c\^`Yc\ ;I% D@CKFE K@98ECFD9F AL<Q :\ik`]`Zf1 =`idX @c\^`Yc\ ;i% DXiZf JXcXqXi J<:I<K8I@F ALQ>8;F :L8IKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# cle\j (- [\ dXpf [\c )'((# cXj (._)'% Gfi ZlXekf \e cX gifm`[\eZ`X Xek\i`fi# [\ ]\Z_X Ăˆal\m\j () [\ dXpf [\c )'((# cXj (,_)-É j\ _X gl\jkf \e cX gXik\ ]`eXc Ăˆgifm`[\eZ`X [\ ]faXj ,' mkX%É :lXe[f cf Zfii\Zkf \j Ăˆgifm`[\eZ`X [\ ]faXj +0 mkX%É# gfi kXekf# [\ f]`Z`f j\ [\aX i\Zk`]`ZX[f [`Z_f \iifi# \e cf [\d}j \jk\j\ X cf [`jgl\jkf \e cX Xcl[`[X gifm`$ [\eZ`X% Efk`]ˆhl\j\% =`idX @c\^`Yc\ ;I% D@CKFE K@98ECFD9F AL<Q :\ik`]`Zf1 =`idX @c\^`Yc\ ;i% DXiZf JXcXqXi J<:I<K8I@F Cf hl\ j\ gfe\ \e ZfefZ`$ d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j% =`idX @c\^`Yc\ ;I% D8I:F J8C8Q8I J<:I<K8I@F ?Xp le j\ccf (0..*&0/-,( I% ;<C <% 8C J<zFI ><I<EK< ><E<I8C ;<C 98E:F GIFD<I@:8 AL8E D8EL<C 9FII<IF c\ _X^f jXY\i cX j`^l`\ek\ [\dXe[X

;\ekif [\c al`Z`f fi[`eXi`f i\gXiXZ`�e [\ [XŒf dfiXc j\^l`[f gfi AFJ< <IE<JKF LJ@z8 8P8C8 P C8 ;I8% 8C98 G8LC@E8 DF>IF DLzFQ \e ZfekiX [\c j\Œfi AL8E D8EL<C 9FII<IF ><I<EK< ><E<I8C ;<C 98E:F GIFD<I@:8# j\ _X [`jgl\jkf Z`kXi gfi cX gi\ejX [\ \jkX Z`l[X[ [\ 8dYXkf# Xjˆ Zfdf \e cX Z`l[X[ [\ Hl`kf# gfi [\jZfefZ\i cX i\j`[\eZ`X [fd`Z`c`f [\c [\dXe[X[f [\ Zfe]fid`[X[ Zfe cf hl\ [`j$ gfe\ \c 8IK% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c j\ c\ _XZ\ jXY\i%$ ALQ>8;F J<OKF ;< CF :@M@C ELD<IF ;< AL@:@F ,+,$ )'('% :C8J< ;< A L @ : @ F FI;@E8I@F 8JLEKF I<G8I8:@FE ;< ;8zF DFI8C 8:KFI AFJ< <IE<JKF LJ@z8 8P8C8 P C8 ;I8 8C98 G8LC@E8 DF>IF DLzFQ ;<D8E;8;FJ ><I<EK< ><E<I8C ;<C 98E:F GIFD<I@:8 JI% AL8E D8EL<C 9FII<IF AL<Q ;I% CL@J M@CC8:@J :8EJ<:F :L8EK@8 LE D@CCFE ;< ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ALQ>8;F J<OKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# m`\ie\j )* [\ alc`f [\c )'('# cXj ('_*/% M@JKFJ1 :ldgc`[f hl\ _X j`[f \c i\hl\i`d`\ekf# cX [\dXe[X gi\j\ekX[X gfi \c `e^\e`\if AFJ< <IE<JKF LJ@z8 8P8C8 p [fZkfiX 8C98

G8LC@E8 DF>IF DLzFQ \j ZcXiX p c\^Xc gfi cf hl\ j\ XZ\gkX Xc ki}d`k\ Fi[`eXi`f2 gfi cf kXekf# Zˆk\j\ Zfe cX d`jdX [\ cX j`^l`\ek\ ]fidX1 X cfj j\Œfi\j AL8E D8EL<C 9F;<IF# \e jl ZXc`[X[ [\ ><I<EK< ><E<I8C [\c 98E:F GIFD<I@:8# d\[`Xe$ k\ [\gi\ZXkfi`f X \em`Xij\ X lef [\ cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\c ZXek�e Hl`kf# X AL8E >FIK8@I<# \e ZXc`[X[ [\ ><I<EK< [\ cX JL:LIJ8C GIFD<I@:8 [\ cX Z`l[X[ [\ 8D98KF p [fZkfi :I@JKF98C 8E;I8E>F# \e jl ZXc`[X[ [\ ><I<EK< ><E<I8C [\c ?FJG@K8C D@CC<EE@LD# \e cfj cl^Xi\j hl\ j\ `e[`ZX X ]`e [\ hl\ ZfdgXi\qZXe X _XZ\i mXc\i jlj [\i\Z_fj [\ekif [\ hl`eZ\ [ˆXj cl\^f [\ Z`kX$ [fj c\^Xcd\ek\% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj% K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX$ [f gXiX gfjk\i`fi\j efk`]`ZX$ Z`fe\j% :ˆk\j\ p efk`]ˆhl\j\% ] ;i% Cl`j M`ccXZˆj :Xej\Zf Al\q J\okf [\ cf :`m`c# :\ik`]`ZX \c J\Zi\kXi`f ] ;i% Afi^\ :Xii`ccf G%$ALQ>8;F J<OKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# d`„iZfc\j (0 [\ \e\if [\c )'((# cXj ((_*/% <c \jZi`kf hl\ Xek\Z\[\ X^i„^l\j\ X cfj Xlkfj I\Zk`]`ZXe[f cf [`jgl\j$ kf \e [\Zi\kf [\ (- [\ efm`\d$ Yi\ [\c )'('# [\ cXj (._,,# j\ [`jgfe\ Z`kXi X cfj c\^`k`dX$ [fj gXj`mfj1 9XeZf Gifd„i`ZX \e cX g\ijfeX [\c j\Œfi AlXe DXel\c 9fii\if# >\i\ek\ >\e\iXc2 p 9XeZf Gifd„i`ZX \e cX g\ijfeX [\c j\Œfi AlXe >fikX`i\ >\i\ek\ >\e\iXc [\ cX jlZlijXc 8dYXkf \e cX ]fidX fi[\eX[X [\Y`\e[f cfj [\d}j [Xkfj g\idXe\Z\i `eXck\iX$ Yc\j% Efk`]ˆhl\j\ ] ;i% Cl`j M`ccXZˆj :Xej\Zf Al\q J\okf [\ cf :`m`c% :\ik`]`Zf \c J\Zi\kXi`f ] ;i% Afi^\ :Xii`ccf G%$ ALQ>8;F J<OKF ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# dXik\j (' [\ dXpf [\c )'((# cXj (,_),% <c \jZi`kf hl\ Xek\$ Z\[\ X^i„^l\j\ X cfj Xlkfj% <e m`jkX [\ _XY\i [X[f Zldgc`$ d`\ekf Xc i\hl\i`d`\ekf gfi gXik\ [\ cfj XZkfi\j# gifZ„[Xj\ X Z`kXi Xc 98E:F GIFD<I@:8 \e cX g\ijfeX [\ jl >\i\ek\ >\e\iXc j\Œfi AL8E D8EL<C 9FII<IF gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ Z`iZlcX$ Z`�e [\ cX Z`l[X[ [\ Hl`kf# Xjˆ Zfdf \e lef [\ cfj g\i`�[`Zfj [\ Z`iZlcXZ`�e [\ \jkX Z`l[X[# [`c`^\eZ`X gXiX cX ZlXc j\ Zfe$ ]\i`i} cfj \okiXZkfj Zfii\jgfe$ [`\ek\j% Efk`]ˆhl\j\% ] ;i% Cl`j M`ccXZˆj :Xej\Zf Al\q J\okf [\ cf :`m`c# :\ik`]`ZX \c J\Zi\kXi`f ] ;i% Afi^\ :Xii`ccf G%$ Cf hl\ Z`kf X ljk\[\ gXiX cfj ]`e\j c\^Xc\j 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%$ 8dYXkf# DXpf (. [\c )'((%$ =`idX @c\^`Yc\ ;I% AFI>< :8II@CCF G J<:I<K8I@F ?Xp le j\ccf (0..)&0/-,' I% [\c <%

;\ekif [\c al`Z`f ;8zF DFI8C FI;@E8I@F # j\^l`$ [f gfi @E>% ?<:KFI G8KI@:@F E8I8EAF D<;@E8 p ;I8% E8E:P >L8;8CCLG< LJ@z8 8P8C8 ZfekiX AL8E D8EL<C 9 F I I < I F# > < I < E K < ><E<I8C ;<C 98E:F GIFD<I@:8 ;< HL@KF# j\ _X [`jgl\jkf Z`kXi gfi cX gi\ejX gfi [\jZfefZ\i cX i\j`[\eZ`X f [fd`Z`c`f [\c [\dXe[X[f# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ c\ _XZ\ jXY\i1 ALQ>8;F1 J<>LE;F ;< CF :@M@C :C8J< ;< AL@:@F1 ;8zF DFI8C FI;@E8I@F ELD<IF1 (/*'))'('',+, AL<Q K<DGFI8C ;< C8 :8LJ81 89% E<CCP G8I<;<J

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? F:?F8 8:KFI1 @E>% ?<:KFI G8KI@:@F E8I8EAF D<;@E8 p ;I8% E8E:P >L8;8CLG< LJ@z8 8P8C8 ;<D8E;8;F1 AL8E D8EL<C 9 F I I < I F# > < I < E K < ><E<I8C ;<C 98E:F GIFD<I@:8 ;< HL@KF :L8EK@81 @E;<K<ID@E8;8 :8LJ8C1 8IK% ((+,* <E :F E :F I ;8 E : @ 8 :F E CFJ 8IKJ% ))*(# ))*)# ;< C8 :F;@=@:8:@FE ;<C :F;@>F :@M@C P 8IK% ,0 ;< C8 :F;@=@:8:@FE ;<C GIF:<;@D@<EKF :@M@C ALQ>8;F J<>LE;F ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# d`„iZfc\j (+ [\ alc`f [\c )'('# cXj (,_'-% M@JKFJ1 CX [\dXe[X gfi j\i ZcXiX p c\^Xc j\ cX XZ\gkX Xc ki}d`k\ Fi[`eXi`f# gfi cf kXekf# Zˆk\j\ Zfe cX d`jdX X cfj [\dXe$ [X[fj1 Ji% AL8E D8EL<C 9F;<IF# \e jl ZXc`[X[ [\ ^\i\ek\ >\e\iXc [\c 9XeZf Gifd„i`ZX# Xc j\ÂŒfi AL8E >FIK8@I<# \e jl ZXc`[X[ [\ ^\i\ek\ >\e\iXc [\ cX JlZlijXc 9XeZfGifd„i`ZX# [\ \jkX Z`l$ [X[ [\ 8dYXkf# Xjˆ Zfdf Xc ;i% :I@JKF98C 8E;I8E>F# ZXc`[X[ [\ ^\i\ek\ >\e\iXc [\c ?fjg`kXc D`cc\ee`ld# Xc gi`d\i [\dXe[X[f `e[`ZX[f# d\[`Xe$ k\ [\gi\ZXkfi`f hl\ j\ c`YiX X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cf :`m`c [\ Hl`kf# p X cfj fkifj [\dXe[X[fj \e \jkX Z`l[X[ [\ 8dYXkf X ]`e [\ hl\ cX Zfe$ k\jk\e \e \c k„id`ef [\ hl`e$ Z\ [ˆXj [\ Z`kX[f c\^Xcd\ek\ YXaf gi\m\eZ`fe\j [\ i\Y\c[ˆX% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc j\ÂŒXcX[f gfi cfj XZkf$ i\j gXiX jlj gfjk\i`fi\j efk`$ ]`ZXZ`fe\j% 8^i„^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj X[alekfj# 8mfZXe[f ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX gfi _XY\i j`[f [\j`^eX[X Al\qX K\dgfiXc [\ \jk\ ;\jgXZ_f d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% '.0$ :EA$;K% ] 8Y^% E\ccp GXi\[\j FZ_fX# Al\qX K\dgfiXc ] 8Y% :„jXi ;l\ÂŒXj K% J\Zi\kXi`f ALQ>8;F J<>LE;F ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# dXik\j (' [\ dXpf [\c )'((# cXj (._+-% Gifm\p\e[f Xc \jZi`kf hl\ Xek\Z\[\ p gfi ZlXekf \c XZkfi dXe`]`\j$ kX# hl\ g\j\ X cXj dÂ’ck`gc\j Xm\i`^lXZ`fe\j gXiX [\k\id`$ eXi \c [fd`Z`c`f p i\j`[\eZ`Xc XZklXc [\c [\dXe[X[f Ji% AlXe DXel\c 9fii\if# >\i\ek\ >\e\iXc [\c 9XeZf Gifd„i`ZX [\ Hl`kf# c\ _X j`[f `dgfj`Yc\ [Xi Zfe jl gXiX[\if XZklXc# Zˆk\c\ gfi d\[`f [\ cX gi\e$ jX# \e lef [\ cfj [`Xi`fj hl\ j\ \[`kXe \e \jkX Z`l[X[# Xjˆ Zfdf [\ cX Z`l[X[ [\ Hl`kf# Zfdf cf [\k\id`eX \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\%$ =`idX @c\^`Yc\ 89% E<CCP G8I<;<J F:?F8 AL<Q8 K<DGFI8C :\ik`]`Zf1 =`idX @c\^`Yc\ 8Y% :„jXi ;l\ÂŒXj Kila`ccf J<:I<K8I@F Cf hl\ Zfdle`Zf Xc Z`kX[f gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# X ]`e [\ hl\ [\ekif [\ m\`ek\ [ˆXj X ZfekXij\ [\j[\ cX Â’ck`dX glYc`ZXZ`Â?e j\ÂŒXc\ ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j% Z\ik`]`Zf%$ 8dYXkf# (. [\ DXpf [\c )'('% =`idX @c\^`Yc\ <C J<:I<K8I@F ?Xp le j\ccf (0..(&0/-+0 I% [\c <%

;\ekif [\c al`Z`f ;8zF DFI8C FI;@E8I@F # j\^l`[f gfi

Ĉ

@E>% AFJ< <IE<JKF LJ@z8 8P8C8# ><I<EK< ><E<I8C ;< CC8EK8=8:@C# ZfekiX AL8E D8EL<C 9FII<IF# ><I<EK< ><E<I8C ;<C 98E:F GIFD<I@:8 ;< HL@KF# j\ _X [`jgl\jkf Z`kXi gfi cX gi\ejX gfi [\jZfefZ\i cX i\j`[\eZ`X f [fd`Z`c`f [\c [\dXe[X[f# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ c\ _XZ\ jXY\i1 ALQ>8;F1 J<>LE;F ;< CF :@M@C :C8J< ;< AL@:@F1 ;8zF DFI8C FI;@E8I@F ELD<IF1 (/*'))'('',+AL<Q K<DGFI8C ;< C8 :8LJ81 89% E<CCP G8I<;<J F:?F8 8:KFI1 @E>% AFJ< <IE<JKF LJ@z8 8P8C8# ><I<EK< ><E<I8C ;< CC8EK8=8:@C ;<D8E;8;F1 AL8E D8EL<C 9FII<IF ><I<EK< ><E<I8C ;<C 98E:F GIFD<I@:8 ;< HL@KF :L8EK@81 @E;<K<ID@E8;8 :8LJ8C1 8IK% ((+,* <E :FE:FI;8E:@8 :FE CFJ 8IKJ% ))*(# ))*) ;< C8 :F;@=@:8:@FE ;<C :F;@>F :@M@C P 8IK% ,0 ;< C8 :F;@=@:8:@FE ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C ALQ>8;F J<>LE;F ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# d`„iZfc\j (+ [\ alc`f [\c )'('# cXj (,_'0% M@JKFJ1 CX [\dXe[X gfi j\i ZcXiX p c\^Xc j\ cX XZ\gkX Xc ki}d`k\ Fi[`eXi`f2 gfi cf kXekf# Zˆk\j\ Zfe cX d`jdX X cfj [\dXe$ [X[fj Ji% AL8E D8EL<C 9F;<IF# \e jl ZXc`[X[ [\ ^\i\ek\ >\e\iXc [\ cX JlZlijXc 9XeZfgifd„i`ZX# \e \jkX Z`l$ [X[ [\ 8dYXkf# Xjˆ Zfdf Xc ;i% :I@JKF98C 8E;I8E>F# ZXc`[X[ [\ ^\i\ek\ >\e\iXc [\c ?fjg`kXc D`cc\ee`ld# Xc gi`d\i [\dXe[X[f `e[`ZX[f# d\[`Xe$ k\ [\gi\ZXkfi`f hl\ j\ c`YiX X lef [\ cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\ Hl`kf# p X cfj fkifj [\dXe[X[fj \e \jkX Z`l[X[ [\ 8dYXkf X ]`e [\ hl\ cX Zfe$ k\jk\e \e \c k„id`ef [\ hl`e$ Z\ [ˆXj [\ Z`kX[f c\^Xcd\ek\ YXaf gi\m\eZ`fe\j [\ i\Y\c[ˆX% K�d\j\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc j\ŒXcX[f gfi cfj XZkf$ i\j gXiX jlj gfjk\i`fi\j efk`]`$ ZXZ`fe\j% 8^i„^l\j\ Xc gifZ\$ jf cfj [fZld\ekfj X[alekfj%# 8mfZXe[f ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX gfi _XY\i j`[f [\j`^eX[X Al\qX K\dgfiXc [\ \jk\ ;\jgXZ_f d\[`Xek\ 8ZZ`�e [\ G\ijfeXc Ef '.0 :EA$; ] 8Y% E\ccp GXi\[\j Al\qX K\dgfiXc ] 8Y% :„jXi 8% ;l\ŒXj $ J\Zi\kXi`f ALQ>8;F J<>LE;F ;< CF :@M@C ;< KLE>LI8?L8% 8dYXkf# dXik\j (' [\ dXpf [\c )'((# cXj (._+(% Gifm\p\e[f Xc \jZi`kf hl\ Xek\Z\[\ p gfi ZlXekf \c XZkfi dXe`]`\jkX# hl\ g\j\ X cXj d’ck`gc\j Xm\$ i`^lXZ`fe\j gXiX [\k\id`eXi \c [fd`Z`c`f p i\j`[\eZ`Xc XZklXc [\c [\dXe[X[f Ji% AL8E D8EL<C 9FII<IF# >\i\ek\ >\e\iXc [\ 9XeZf Gifd\i`ZX [\ Hl`kf# c\ _X j`[f `dgfj`Yc\ [Xi Zfe jl gXiX[\if XZklXc# Z`k\c\ gfi d\[`f [\ cX gi\e$ jX# \e lef [\ cfj [`Xi`fj hl\ j\ \[`kXe \e \jkX Z`l[X[# Xjˆ Zfdf [\ cX Z`l[X[ [\ Hl`kf# Zfdf cf [\k\id`eX \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\% =`idX @c\^`Yc\ 89% E<CCP G8I<;<J F:?F8 AL<Q8 K<DGFI8C :\ik`]`Zf1 =`idX @c\^`Yc\ 8Y% :„jXi ;l\ŒXj Kila`ccf J<:I<K8I@F

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

ĉ

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

Cf hl\ Zfdle`Zf Xc Z`kX[f gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# X ]`e [\ hl\ [\ekif [\ m\`ek\ [ˆXj X ZfekXij\ [\j[\ cX ’ck`dX glYc`ZXZ`�e j\ŒXc\ ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j% :\ik`]`Zf%$ 8dYXkf# (. [\ DXpf [\c )'(' =`idX @c\^`Yc\ <C J<:I<K8I@F ?Xp le j\ccf (0..'&0/-+/

JF:@<;8; :FEPL>8C <OKI8:KF

EFK8I@8 :L8IK8 ;<C :8EKFE HL@KF1 :Â’dgc\d\ gfe\i \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX fkfi^X[X Xek\ \c ;i% Cˆ[\i Dfi\kX >Xm`cXe\j% EfkXi`f :lXikf% <eZXi^X[f# [\c ZXekÂ?e Hl`kf# \c *' [\ dXiqf [\c )%'((# cfj j\ÂŒfi\j J<>LE;F <=I8Ă E DFI@CCF HL@EK<IFJ p C@;8 D8>;8C<E8 P<G<Q =CFI<J# gifZ\[`\ife X c`hl`[Xi \c gXki`$ dfe`f [\ cX jfZ`\[X[ Zfepl$ ^Xc hl\ k\eˆXe Zfe]fidX[X2 cX d`jdX hl\ ]l\iX [`jl\ckX d\[`Xek\ j\ek\eZ`X [\ [`mfi$ Z`f# [`ZkX[X gfi \c j\ÂŒfi Al\q M`^„j`df [\ cf :`m`c [\ G`Z_`eZ_X \c m\`ek\ p el\m\ [\ efm`\dYi\ [\c )%'('# dXi^`$ eX[X \e cX gXik`[X Zfii\jgfe$ [`\ek\ [\c I\^`jkif :`m`c \c )0 [\ [`Z`\dYi\ [\c )%'('% CXj X[al[`ZXZ`fe\j [\c gXki`$ dfe`f j\ \eZl\ekiXe [\kXccX$ [Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kliX gÂ’Yc`ZX [\ c`hl`[X$ Z`Â?e [\ cX jfZ`\[X[ Zfepl^Xc ZlpX Zfg`X Z\ik`]`ZX[X j\ X^i\$ ^X2 [\ cX ZlXc j\ \okiXZkX cf j`^l`\ek\1 LEF%$ 8c j\ÂŒfi J<>LE;F <=I8Ă E DFI@CCF HL@EK<IFJ j\ c\ Xj`^eX cX kfkXc`[X[ [\c cfk\ [\ k\ii\ef j`^eX[f Zfe \c eÂ’d\if KI<J:@<EKFJ :8KFI:<# [\ cX dXeqXeX 8 :8KFI:<# [\ cX gi`d\iX <kXgX# [\ cX gXiifhl`X :_`ccf^Xccf# [\ \jkX Z`l[X[ p ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# Zfe leX jlg\i]`Z`\ [\ ;FJ:@<EKFJ D<KIFJ :L8;I8;FJ# Y`\e `edl\Yc\ hl\ [\ Zfe]fid`$ [X[ Zfe \c XmXcÂ’f dle`Z`gXc# k`\e\ le mXcfi [\ :L8KIF D@C J<@J:@<EKFJ ;äC8I<J 8D<I@:8EFJ +%-''#'' 2 ;FJ%$ CX j\ÂŒfiX C@;8 D8>;8C<E8 PyG<Q =CFI<J# i\Z`Y\ [\ gXik\ [\c j\ÂŒfi J<>LE;F <=I8Ă E DFI@CCF HL@EK<IFJ# cX jldX [\ ;FJ D@C KI<J:@<EKFJ ;äC8I<J 8D<I@:8EFJ# \e [`e\if \e \]\Zk`mf# [\ Zlijf c\^Xc \e cX I\gÂ’Yc`ZX [\c <ZlX[fi# gfi ZfeZ\gkf [\c Z`eZl\ekX gfi Z`\ekf [\c Y`\e `edl\Yc\ d\e$ Z`feX[f Xek\i`fid\ek\% Gfi cf hl\# \e Xgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ik% - eld\iXc )* [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ efm`\dYi\ [\c )''-# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc# \c \okiXZkf [\ cX c`hl`$ [XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\jgfe$ [`\ek\ X cfj j\ÂŒfi\j J<>LE;F <=I8Ă E DFI@CCF HL@EK<IFJ P C@;8 D8>;8C<E8 P<G<Q =CFI<J# fkfi^X[X d\[`Xek\ \jZi`kliX gÂ’Yc`ZX [\ *' [\ dXiqf [\ )%'(( Xek\ \c ;i% Cˆ[\i Dfi\kX >Xm`cXe\j% EfkXi`f :lXikf% <eZXi^X[f [\c ZXekÂ?e Hl`kf# gfi \c k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ X gXik`i [\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\

\jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijfeXj hl\ klm`\i\e `ek\i„j \e \jkX c`hl`[XZ`�e gl\[Xe gi\j\ekXi jl fgfj`Z`�e ]le[X$ d\ekX[X# [\ekif [\c i\]\i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% Hl`kf# (/ [\ dXpf [\c )%'(( ;i% Cˆ[\i Dfi\kX >Xm`cXe\j E F K8 I @ F : L 8 I K F <E:8I>8;F# ;< HL@KF <o`jk\ ]`idX p j\ccf% 8%G%&+0)++&b%d% I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8 C8 J<zFI8 9<KP P8E<K? 8CD<@;8 <JG@EFQ8 AL@:@F1 M<I98C JLD8I@F Ef% (.*/$)'(' I%:% 8:KFI%$ D8EL<C ?<ID@E@F :8II@FE C@J8C;<Q ;<D8E;8;8%$ 9<KP P8E<K? 8CD<@;8 <JG@EFQ8 F9A<KF1 ;@JFCM<I C8 JF:@<;8; :FEPL>8C =LE;8D<EKF C<>8C%$ 8IK% /(* [\c ZÂ?[`^f [\ gifZ\[`$ d`\ekf Z`m`c :L8EKĂ 81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 :Xj`cc\if Al[`Z`Xc Eif% (*0* [\c ;i% IXÂ’c Cffi 8LKF ;< :8C@=@:8:@FE%$ ALQ>8;F M @ > y J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (( [\ dXiqf [\c )'((# cXj ((_*'%$M@JKFJ%$ LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\e$ Z`X gi\Z\[\ek\# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# Zfdgc\kX p Zfek\ek`mX [\ cfj i\hl`j`kfj gi\Z\gklX[fj \e cfj XikˆZlcfj -. p -/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfe$ j\Zl\ek\d\ek\# X[d`k`„e[fcX Xc ki}d`k\ <jg\Z`Xc%$ ;\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /(+ [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂŽiiXj\ kiXjcX[f Zfe cX g\k`Z`ÂŽe `e`Z`Xc p \c Zfek\e`[f [\ \jk\ Xlkf X cX j\ÂŒfiX1 9\kkp PXe\k_ 8cd\`[X <jg`efqX# gfi \c kÂ…id`ef [\ ki\j [`Xj# gXiX cfj i\jg\Zk`$ mfj ]`e\j [\ C\p%$ :‰k\j\ X cX [\dXe[X[X gfi d\[`f [\ cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p \e Z`l[X[ [\ DXeXYˆ%$ 8^iÂ…^l\j\ \c [fZl$ d\ekf XZfdgXÂŒX[f%$ KÂ…e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c ZfdgXi\Z`\e$ k\ gXiX jlj gfjk\i`fi\j efk`$ ]`ZXZ`fe\j # p# cX Xlkfi`qXZ`ÂŽe Zfe]\i`[X X jl 8Yf^X[X [\]\e$ jfiX X ]‰e [\ hl\ `ek\im\e^X [\ekif [\ cX gi\j\ek\ ZXljX%$ 8Zk“\ \c C`Z% >l`[f <jg`efqX# \e ZXc`[X[ [\ J\Zi\kXi`f [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX 8ZZ`ÂŽe [\ G\ijfeXc Eif% )).'$ ;G$;GG# [\ (* [\ FZklYi\ [\c )'('%$Efk`]‰hl\j\%$ ;I% IL9<E >@C<I :<;<zF% <C AL<Q Cf hl\ Zfdle`Zf X Ljk\[ p C< :@KF gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \c [\dXe$ [X[f [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc# gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ C@:% >L@;F <JG@EFQ8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0,'(&k] <OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 8C J<zFI CL@J 8EKFE@F 8D8>L8PF N<9JK<I

Ĺ?

AL@:@F1 ;@JFCL:@FE ;< C8 JF:@<;8; :FEPL>8C Ef% (-/*$(' <%8% 8:KFI% :8ID<E ;<C IF:@F M@CC8 <J:F98I ;<D8E;8;F1 CL@J 8EKFE@F 8D8>L8PF N<9JK<I ;FD@:@C@F% ;I% CL@J 8% M@CC8 KI8D@K<% <JG<:@8C :L8EK@8% @E;<K<ID@E8;8 :8J@CC<IF% ,*.) ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?81%$ Hl`kf# dXik\j (, [\ ]\Yi\if [\c )'((%$ CXj (._('%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi c\^Xcd\ek\ gfj\j`feX$ [f%$ <e cf gi`eZ`gXc# cX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX p gi\$ Z`jX gfi cf hl\ j\ cX XZ\gkX X KIĂ D@K< <JG<:@8C%$ <e Zfe$ j\Zl\eZ`X# ZÂ?iiXj\ kiXjcX[f Xc [\dXe[X[f CL@J 8EKFE@F 8D8>L8PF N<9JK<I# Zfe \c Zfek\e`[f [\ cX [\dXe[X hl\ Xek\Z\[\ p gifm`[\eZ`X i\ZXˆ[X \e \ccX gfi \c k„id`ef c\^Xc [\ ki\j [ˆXj# Xc d`jdf hl\ Xk\e$ kf \c aliXd\ekf [\ cX XZkfiX i\jg\Zkf [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`$ [X[ p&f i\j`[\eZ`X XZklXc [\c d`jdf# j\ cf Z`kXi} gfi cX gi\e$ jX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`$ [X[ X cf gi\m`jkf \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ KÂ…e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^$ eX[f gfi cX XZkfiX gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ Efk`]ˆhl\j\%$ ] ;I% >\id}e >feq}c\q [\c Gfqf% AL<Q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f p ZXj`cc\if al[`Z`Xc \e cX ]fidX p [\ekif [\c g\iˆd\kif c\^Xc%$ :\ik`]`Zf%$% ;I% >8CF 98<Q A8@D<% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0.,*&k]

I<D8K<J I\gÂ’Yc`ZX [\c <ZlX[fi ALQ>8;F ;< CF :@M@C ;< JL:LD9@FJ

<OKI8:KF AL;@:@8C ;< I<D8K< J\ _XZ\ ZfefZ\i Xc gÂ’Yc`Zf \e ^\e\iXc hl\# [\ekif [\c Al`Z`f Ef ').($)''/# \c [ˆX ') [\ Ale`f [\c )'((# [\j[\ cXj (+?'' X cXj (/?''# \e cX J\Zi\kXi`X [\c ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ# j\ cc\mXi} X ZXYf \c i\dXk\ [\c j`^l`\ek\ Y`\e @edl\Yc\ hl\ [\kXccf X Zfek`elXZ`Â?e1 L9@:8:@äE ;<C @EDL<9C<1 <c `edl\Yc\ j\ _XccX lY`ZX[f \e \c Bd% )* [\ cX mˆX CX^f 8^i`f Hl`kf dXi^\e `qhl`\i[f j\Zkfi [\ cX gXiifhl`X AXdY\cˆ# cfk\ Ef ') C@E;<IFJ P ;@D<EJ@FE<J1 C@E;<IFJ1 EFIK<1 :fe cX ZXii\k\iX CX^f 8^i`f$ Hl`kf .'%''d JLI1 :fe dXi^\e `qhl`\i[f Iˆf 8^lXi`Zf *-'%''d% <JK<1 :fe \c cfk\ Ef% '* *#-*'%''d% F<JK<1 :fe \c cfk\ Ef (9 DXel\c ;X_lX *#.+'%'' d KFK8C ;<C K<II<EF .)%0' ?ZkXj : F E JK I L : : @ ' E < J P 8M8CLF1 M8CFI ;<C K<II<EF +-#),'%'' LJ; 8M8CLF ;< <;@=@:8:@FE<J )+#'''%'' LJ; 8M8CLF KFK8C ;<C K<II<EF P :FEJKIL::@FE<J .'#),'%'' LJ;% <c k\ii\ef \jk} lY`ZX[f \e cX gXiifhl`X AXdY\cˆ# gi\[`f d\[`Xe\if# [\ kfgf^iX]ˆX i\^lcXi# [\ ]fidX i\ZkXe^lcXi# [\ Yl\eX gifgfiZ`Â?e# j\Zkfi X^iˆZfcX ^XeX[\iX ]l\iX [\c g\iˆd\kif liYXef# Zl\ekX Zfe \c j\im`Z`f Y}j`Zf [\ \c\Zki`$

I_ de fk[Z[i ]eX[hdWhj[ W j_ c_ice" ÂľYÂŒce iWXh|i ]eX[hdWh W bei Z[c|i5 9ED<K9?E

]`ZXZ`�e# j\dYiˆfj [\ Z`Zcf Zfikf% Gfi j\i \c gi`d\i j\ŒXcXd`\e$ kf ef j\ X[d`k`i}e gfjkliXj hl\ ef ZlYiXe gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c Y`\e `edl\Yc\ X i\dXkXij\# Zfe]fid\ Zfe cf [`jgl\jkf \e \c 8ik% +-- [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# :f[`]`ZXe[f# cXj f]\ikXj j\ gi\j\ekXi}e XZfdgXŒXe$ [f Xc (' [\c mXcfi f]\ikX[f# \e [`e\if \]\Zk`mf f \e Z_\$ hl\ :\ik`]`ZX[f X efdYi\ [\c Alq^X[f# Zfe]fid\ Zfe cf \jkXYc\Z`[f \e \c 8ik% +-/ [\c d`jdf :l\igf C\^Xc% CZ[X% >cfi`X :XYX[`XeX J<:I<K8I@8 ;<C ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ% 8%G%&+0),'&b%d% ALQ>8;F ;< :F8:K@M8J ;<C 98E:F E8:@FE8C ;< =FD<EKF

JL:LIJ8C 98<Q8 8M@JF ;< I<D8K< Gfe^f \e ZfefZ`d`\ekf \c gÂ’Yc`Zf hl\ \c [ˆX M@<IE<J / ;< ALC@F ;<C )'((# [\j[\ cXj (+_'' _XjkX cXj (/_'' \e cXj f]`Z`eXj [\c Alq^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf JlZlijXc 9X\qX# lY`ZX[fj \e cX ZXcc\ (. [\ \e\if p cX DX[il^X[X# k\e[i} cl^Xi cX [`c`^\eZ`X [\c i\dX$ k\ [\c Y`\e iXˆq \dYXi^X[f [\ekif [\ cX gi\j\ek\ ZXljX# d`jdf hl\ \jk} `e[`m`[lXc`$ qX[f [\ cX j`^l`\ek\ dXe\iX1 Cfk\ [\ k\ii\ef iliXc j&e# ZlpX jlg\i]`Z`\ Xgifo`dX[X \j [\ :@<E ?<:KĂ?I<8J (''#ff _\Zk}i\Xj # lY`ZX[f \e \c j\Zkfi CXj GXcdXj 9p GXjj # [\ cX GXiifhl`X JXe =iXeZ`jZf [\ 9fiaX# :XekÂ?e Hl`afj# Gifm`eZ`X [\ EXgf# Z`iZlejZi`$ kf [\ekif [\ cfj j`^l`\ek\j c`e$ [\ifj1 EFIK<1 :fe I`XZ_l\cf JXi[`eXj \e gXik\ p \e fkiX cX Hl\YiX[X [\ <c GXek\Â?e2 JLI1 :fe \c I`XZ_l\cf =fk}e p \e gXik\ leX Hl\YiX[X hl\ j\gXiX [\ cfj gfki\ifj JXe Afi^\ p JXe >l`cc\idf2 <JK<1 :fe \c Iˆf Hl`afj2 p# F<JK<1 :fe ZXd`ef gÂ’Yc`Zf% <e cX gifg`\[X[ \o`j$ k\e1 /'#ff _ [\ gXjkfj2 )'#ff _ [\ dfekXÂŒX# leX ZXjX [\ ((*#*/ d)% <c kfkXc [\c XmXcÂ’f \j [\ :@<EKF :L8I<EK8 D@C J<K<:@<EKFJ :@E:L<EK8 P LE ;FC8I<J :FE -'&'' (+'%.,(#-' ? GlYcˆhl\j\ le \okiXZkf [\ \jk\ j\ÂŒXcXd`\e$ kf gfi ki\j fZXj`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e d\[`Xe[f \eki\ glYc`ZXZ`Â?e p glYc`ZXZ`Â?e gfi cf d\efj \c k„id`ef [\ fZ_f [ˆXj p [\ cX Â’ck`dX [\ \ccXj _XjkX \c [ˆX [\c i\dXk\%$ j\ ]`aXi}e cfj ZXik\c\j \e cX ]fidX hl\ [`jgfe\ \c 8ik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Gfi kiXkXij\ [\c GI@D<I J<z8C8D@<EKF j\ XZ\gkXi}e gfjkliXj Xc ZfekX[f f X gcXqfj# gfi \jZi`kf p hl\ ZlYiXe gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\c mXcfi `e[`ZX[f \e \c XmX$ cÂ’f2 gi\]`i`\e[f Xhl„ccXj hl\ f]i\qZXe \c gX^f [\ ZfekX[f% J\ [\Y\i} XZfdgXÂŒXi \c (' [\c mXcfi [\ cX f]\ikX \e \]\Z$ k`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Al\q ;\c\^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX# Ef j\ kfdXi}e \e Zl\ekX cXj gfjkliXj hl\ j\ gi\j\ek\e j`e cX ]`idX [\ XYf^X[f$ <c i\dXk\ j\ cf _Xi} Zfdf Zl\igf Z`\ikf# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (..* [\c :Â?[`^f :`m`c% Cfj ^Xjkfj [\ kiXej]\i\eZ`X [\ [fd`e`f j\i}e [\ Zl\ekX [\c

X[al[`ZXkXi`f# Zfe \oZ\gZ`�e [\ Xhl„ccfj hl\ gfi dXe[Xkf [\ cX c\p [\Y\e j\i ZlY`\ikfj gfi \c gifg`\kXi`f [\c `edl\Yc\ Efk`]ˆhl\j\ p Z’dgcXj\% DXpfi `e]fidXZ`�e j\ [Xi} \e cX J\Zi\kXiˆX [\c Alq^X[f [\ :fXZk`mXj f X cfj e’d\ifj k\c\]�e`Zfj '-)*)'()-&'-)*)'+/, GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf [\c g’Yc`Zf gXiX cfj ]`e\j c\^Xc\j% CF :<IK@=@:F 9X\qX# (- [\ DXpf [\c )'(( JikX% >`jZ\ccX :\mXccfj Jl}i\q J<:I<K8I@8 8;$?F: ?Xp ]`idX p j\ccf 8:&.0.+)&k] 8M@JF ;< I<D8K< ALQ>8;F ;< :F8:K@M8J ;<C 98E:F E8:@FE8C ;< =FD<EKF

JL:LIJ8C 98<Q8 Gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ \c [ˆX D8IK<J () ;< ALC@F ;<C )'(( [\j[\ cXj (+_'' _XjkX cXj (/_''# \e cXj f]`Z`eXj [\c Alq^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf JlZlijXc 9X\qX# lY`ZX[Xj \e cX 8m% Gi`eZ`gXc p ZXcc\ (. [\ \e\if# j\ cc\$ mXi} X ZXYf <C I<D8K< [\c `edl\Yc\ \dYXi^X[f \e \jkX ZXljX# \c d`jdf hl\ k`\e\ cXj j`^l`\ek\j ZXiXZk\iˆjk`$ ZXj1 GI<;@F LI98EF :FE :FEJKIL::@FE<J J@>E8;F :FE <C EèD<IF )*,# lY`ZX[f \e cX LiYXe`qXZ`Â?e Dle`Z`gXc El\mX 8e[XclZˆX [\ cX Z`l$ [X[ [\ 9X\qX# :XekÂ?e Hl`afj# Gifm`eZ`X [\ EXgf2 Z`iZlej$

Zi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj p [`d\ej`fe\j1 EFIK<1 :fe \c cfk\ Ef% )*+# \e (- d\kifj2 JLI1 :fe cX ZXcc\ JldXZf \e (-%'' d\kifj2 <JK<1 :fe \c cfk\ Ef% )*.# \e *' d\kifj2 p# F<JK<1 :fe \c cfk\ Ef% ** \e *' d\kifj# CF HL< EFJ ;8 LE8 :89@;8 8GIFO@D8;8 ;< +/'D)# ;@JKI@9L@;8J ;< C8 J@>L@<EK< D8E<I81 K<II<EF +/' D) 8 I8QäE ;< ),%'' LJ; :&D)4 ()%'''LJ; :8J8 (/(%), D) 8 I8QäE ;< /'%'' LJ; :&D)4 (+%,'' LJ; <C M8CFI KFK8C ;<C 8M8CèF ;< <JK8 GIFG@<;8; 8J:@<E;< 8 M<@EK< P J<@J D@C HL@E@<EKFJ ''&('' LJ;% )-%,''%'' LJ; Gfi kiXkXij\ [\c J<>LE;F J<z8C8D@<EKF# j\ i\Z\gkX$ i}e gfjkliXj hl\ ZlYiXe gfi cf d\efj cX d`kX[ ,' [\c mXcfi [\c XmXcÂ’f2 Xj`d`jdf ef j\ XZ\gkXi}e cXj gfjkliXj hl\ ef j\ XZfdgXÂŒ\e Zfe gfi cf d\efj \c (' [\c mXcfi kfkXc [\ cX f]\ikX \e [`e\if \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Al\q [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX% Ef j\ kfdX$ i}e \e Zl\ekX cXj gfjkliXj hl\ j\ gi\j\ek\e j`e cX ]`idX [\ XYf^X[f$ <c i\dXk\ j\ cf _Xi} Zfdf Zl\igf Z`\ikf# [\ Zfe$ ]fid`[X[ Zfe \c 8ik% (..* [\ cX :f[`]`ZXZ`Â?e [\c :Â?[`^f :`m`c% Kf[fj cfj ^Xjkfj hl\ j\ fZXj`f$ eXi\e Zfe dfk`mf [\ cX kiXej$ ]\i\eZ`X [\ [fd`e`f [\ [`Z_f `edl\Yc\ j\i}e [\ Zl\ekX [\c X[al[`ZXkXi`f# Zfe \oZ\gZ`Â?e [\ Xhl\ccfj hl\ gfi \ogi\jf dXe[Xkf c\^Xc [\YXe j\i gX^X$ [Xj gfi \c ZfXZk`mXqf% DXpfi `e]fidXZ`Â?e j\ [Xi} \e cX J\Zi\kXiˆX [\c Alq^X[f [\ :fXZk`mXj f X cfj eÂ’d\$ ifj k\c\]Â?e`Zfj '-)*)'$ ()-&'-)*)'+/, GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c

CONVOCATORIA A ASAMBLEA GENERAL EXTRAORDINARIA DE LA ASOCIACIĂ“N ISRAELITA DE QUITO Conforme lo manda el Art. 8 de los Estatutos Reformados de la AsociaciĂłn Israelita de Quito, se invita a todos los socios a Asamblea General Extraordinaria, que tendrĂĄ lugar el dĂ­a DOMINGO 5 DE JUNIO DE 2011 a las 16H00 en la sede de la AsociaciĂłn, ubicada en las calles Roberto Andrade OE3-580 y Jaime RoldĂłs (UrbanizaciĂłn Einstein). ORDEN DEL DĂ?A 1.- Lectura y aprobaciĂłn de la Ăşltima Acta de la Asamblea General Extraordinaria, 2.- Informe del Presidente; 3.- Informe del Tesorero; 4.- AnĂĄlisis y aprobaciĂłn del Presupuesto para el aĂąo 2011; 5.- AbsoluciĂłn del Directorio saliente; 6.- Elecciones. NOTAS 1.- Los Estados Financieros se encontrarĂĄn para revisiĂłn de los socios que deseen hacerlo, en la SecretarĂ­a de la AsociaciĂłn Israelita de Quito, a partir del dĂ­a 27 de mayo de 8H00 a 16H00. 2.- A falta de quĂłrum reglamentario a la hora seĂąalada, la Asamblea se celebrarĂĄ una hora despuĂŠs con el nĂşmero de socios asistentes, de conformidad con el Art. 11 de los Estatutos Reformados. 3.- SegĂşn el Art. 51 de los Estatutos Reformados, “El derecho de sufragio corresponde a todos los socios, pero el Directorio podrĂĄ excluir de la votaciĂłn a los miembros que no han pagado sus cuotas por mĂĄs de tres mesesâ€?. EL SECRETARIO

A.P./49231/k.m.

gÂ’Yc`Zf gXiX cfj ]`e\j c\^Xc\j :<IK@=@:F% 9X\qX# '+ [\ XYi`c [\c )'(( JikX% >`jZ\cX :\mXccfj Jl}i\q J<:I<K8I@8 8;$?F: ?Xp ]`idX p j\ccf 8:&.0.+(&k] ALQ>8;F :L8IKF ;< 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 :lXikf [\ cf :`m`c [\ G`Z_`eZ_X# [`ZkX[X \e cX ZXljX <A<:LK@MF Ef% 0(.$'/ G:? # \c [ˆX hl\ Zfe$ kXi\dfj (( [\ alc`f [\c )'((# [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\$ Z`fZ_f _fiXj# \e cX J\Zi\kXiˆX [\ \jkX al[`ZXkliX# j\ \]\ZklXi} \c I\dXk\ [\c Y`\e `edl\Yc\ dXk\i`X [\ cX gi\j\ek\ ZXljX # ZlpXj ZXiXZk\iˆjk`ZXj j\ [\kX$ ccXe X Zfek`elXZ`Â?e1 L9@:8:@äE ;<C @EDL<9C<1 <c `edl\Yc\ dXk\i`X [\c \jkl$ [`f j\ \eZl\ekiX lY`ZX[f \e cX gifm`eZ`X [\ G`Z_`eZ_X# ZXekÂ?e Hl`kf# gXiifhl`X JXe J\YXjk`}e# cfk\ E% /++# LiYXe`qXZ`Â?e <[„e [\c MXcc\% C@E;<IFJ J@E>LC8I<J P JLG<I=@:@< ;<C @EDL<9C< EFIK<1 Cfk\ E% /+,# \e leX \ok\ej`Â?e [\ (,%''d JLI1 Cfk\ E% /+* \e leX \ok\e$ j`Â?e [\ (,%''d <JK<1 :Xcc\ E% ( ?fp Afi^\ >l\ii\if \e leX \ok\ej`Â?e [\ 0%''d% F<JK<1 :fe \c cfk\ E% /** \e leX \ok\ej`Â?e [\ 0%''d% Jlg\i]`Z`\ [\c cfk\ \j [\ Z`\ekf ki\`ekX p Z`eZf d\kifj ZlX[iX$ [fj (*,d) ;<J:I@G:@äE <JG8:@8C ;< C8 :FEJKIL::@FE ;\c e`m\c \e gcXekX YXaX1 JXcX :fd\[fi :fZ`eX Le YXÂŒf ]Xd`c`Xi LeX Yf[\^X Le gXk`f [\ j\im`Z`f

LeX cXmXe[\iˆX ;\c e`m\c \e gcXekX XckX1 :lXkif [fid`kfi`fj LeX YXÂŒf ]Xd`c`Xi# \c XmXeZ\ [\ fYiX \j gXiZ`Xc Le _Xcc [\ [`jki`YlZ`Â?e ;\ cX Z`iZlcXZ`Â?e m\ik`ZXc1 J\ kiXkX [\ leX ^iX[X `ek\ieX [\ dX[\iX [\j[\ \c ZlXc j\ XZZ\[\ X cX gcXekX XckX% I < ; <J ; < @E=I8<JKIL:KLI81 MˆX Zfc`e[Xek\1 8lkfg`jkX >\e\iXc Ild`ÂŒX_l` KiXejgfik\ GÂ’Yc`Zf1 Cˆe\X [\ kiXejgfik\ Zfc\Zk`mf 8^lX GfkXYc\1 I\[ Dle`Z`gXc [\ X^lX gfkXYc\ <e\i^ˆX <c„Zki`ZX1 I\[ gÂ’Yc`ZX Æ ^\e\iXc [\ \e\i^ˆX \c„Zki`ZX 8cZXekXi`ccX[f1 I\[ [\ XcZXekX$ i`ccX[f gÂ’Yc`Zf K\c\]feˆX1 I\[ k\c\]Â?e`ZX :EK J8 8M8CLF @EDL<9C<1 JFE :@E:L<EK8 D@C ;FJ:@<EKFJ KI<@EK8 P E L <M < ; F C 8 I <J 8D<I@:8EFJ : F E :@E:L<EK8 P :@E:F :<EK8MFJ ,'#)*0%,, Gfi kiXkXij\ [\c gi`d\i j\ÂŒX$ cXd`\ekf# kf[X gfjkliX [\Y\i} ZlYi`i gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f giXZk`ZX[f% 8 ZX[X gfjkliX# [\Y\i} XZfdgXÂŒXij\ \c [`\q gfi Z`\ekf [\c mXcfi [\ cX f]\i$ kX# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\ \jkX Al[`ZXkliX% :\ik`]`Zf%$ Hl`kf# (/ [\ dXpf [\c )'((% CZ[f% Cl`j 9XiX_feX Dfi\ef J<:I<K8I@F \ ?Xp ]`idX p j\ccf 8:&.0.*)&k] ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8

8M@JF AL;@:@8C ;< I<D8K< AL@:@F ;< 8C@D<EKFJ EIF% )/,+$)''+$:%C% J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E C8 J<:I<K8I@8 ;<C

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A COMERCIALIZADORA FRANCISDELEO S.A..

La compaùía COMERCIALIZADORA FRANCISDELEO S.A.. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo SĂŠptimo del Distrito Metropolitano de Quito, el 10 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ. DJC.Q.11.002172 de 18 de Mayo 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:... 1.- A) SOLICITAR CONSECIONES PARA OPERAR FRECUENCIAS DE RADIO, TELEVISIĂ“N, AUTORIZACIONES PARA OPERAR SISTEMAS DE CABLE,... Quito, 18 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘Ă?AS A.P./49246/k.m.


ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8# <C ;Ă 8 AL<M<J KI<@EK8 ;< ALE@F ;<C 8zF ;FJ D@C FE:< 8 G8IK@I ;< C8J :8KFI:< ?FI8J ?8JK8 C8J ;@<:@F:?F ?FI8J# M8 8 K<E<I CL>8I <C I<D8K< ;<C 9@<E @EDL<9C< <D98I>8;F ;<EKIF ;< C8 GI<J<EK< :8LJ8# :FE CFJ ;8KFJ P D8J <JG<:@=@:8:@FE<J HL< J< ;<K8CC8E 8 :FEK@EL8:@FE% (%$ Cl^Xi [\ cX \og\ik`Z`X1 <c Y`\e `edl\Yc\ dfk`mf [\ cX [`c`$ ^\eZ`X j\ \eZl\ekiX lY`ZX[f \e \c YXii`f cX ClZ_X [\ cfj GfYi\j# cfk\ Ef% )-# dXeqXeX P# gXjXa\ Ef% )# [\ cX gXiifhl`X <cfp 8c]Xif# [\c ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X )%$ FYa\k`mf gi`eZ`gXc [\c `e]fid\1 :XiXZk\iˆjk`ZXj1 <c j\Zkfi Zl\ekX Zfe kf[fj cfj j\im`Z`fj [\ `e]iX\jkilZkliX p \hl`gXd`\ekf liYXef# Zfdf \j XcZXekXi`ccX[f# X^lX gfkX$ Yc\# \e\i^ˆX \c„Zki`ZX# i\[ k\c\$ ]Â?e`ZX# XZ\iXj# Yfi[`ccfj# mˆXj X[fhl`eX[Xj% <c `edl\Yc\ \jk} Zfe]`^liX[f [\ le cfk\ [\ k\ii\$ ef [\ ]fidX i\ZkXe^lcXi Zfe kfgf^iX]ˆX `eZc`eX[X *%$ C`e[\ifj [\c k\ii\ef1 EFIK<1 :fe \c gXjXa\ [fj \e leX cfe^`kl[ [\ )'#'' d\kifj JLI1 :fe \c cfk\ eÂ’d\if m\`e$ k\ p j`\k\ \e leX cfe^`kl[ [\ )'#'' d\kifj <JK<1 :fe \c gXjXa\ lef \e leX cfe^`kl[ [\ 0#'' d\kifj F<JK<1 :fe \c cfk\ eÂ’d\if ki\`ekX p ZlXkif \e leX cfe^`kl[ [\ 0#'' d\kifj +%$ Jlg\i]`Z`\ [\c k\ii\ef1 :@<EKF F:?<EK8 D<KIFJ :L8;I8;FJ (/'#''d) ,%$ :fejkilZZ`fe\j \o`jk\e$ k\j1 <c `edl\Yc\ k`\e\ [fj ZfejkilZZ`fe\j [\ leX gcXe$ kX [\jk`eX[Xj X m`m`\e[X%$ :FEJKIL::@äE <O@JK<EK< Ef% ( %$ LeX gcXekX gi`eZ`gXc # jlj XdY`\ek\j jfe1 jXcX# Zfd\$ [fi# ZfZ`eX# [fj [fid`kfi`fj2 jl \jkilZkliX \j [\ _fid`^Â?e XidX[f \e Z`d`\ekfj# ZX[\$ eXj# ZfcldeXj2 DXdgfjk\iˆX [\ Ycfhl\2 I\ZlYi`d`\ekfj1 \eclZ`[f1 `ek\i`fi p \ok\i`fi# G`ekX[f1 `ek\i`fi# Z\i}d`$ ZX [\ g`jf \e1 ZfZ`eX# jXcX# Zfd\[fi2 <eki\g`jfj1 g`jf [\ _fid`^Â?e j`dgc\2 :fY\ikliX1 cfjX [\ _fid`^Â?e XidX[f2 Gl\ikXj1 \ok\i`fi1 \j [\ dX[\$ iX p d\k}c`ZX# `ek\i`fi1 \j [\ dX[\iX2 M\ekXeXj1 _`\iif# m`[i`f p gifk\ZZ`fe\j d\k}c`$ ZXj2 @ejkXcXZ`fe\j \c„Zki`ZXj1 \dgfkiX[Xj \e i\^lcXi \jkX$ [f2 @ejkXcXZ`fe\j jXe`kXi`Xj1 \dgfkiX[Xj \e i\^lcXi \jkX$ [f2 <jkX[f1 i\^lcXi ]XckX k\i$ d`eXi 2 Ă?i\X [\ ZfejkilZZ`Â?e Ef% ( m`m`\e[X 1 ,/#('d)%$ :FEJKIL::@äE <O@JK<EK< Ef% ) %$ LeX gcXekX d\[`Xj X^lXj 2 8dY`\ek\j1 ZfZ`eX# [fj [fid`kfi`fj# le YXÂŒf# leX Yf[\^X2 <jkilZkliX1 Ycfhl\ kiXYX[f2 DXdgfjk\iˆX1 Ycf$ hl\2 I\ZlYi`d`\ekfj1 \eclZ`$ [f1 `ek\i`fi p \ok\i`fi# g`ekX[f1 `ek\i`fi2 <eki\g`jfj1 g`jf [\ _fid`^Â?e j`dgc\2 :fY\ikliX1 dX[\iX p q`e^2 Gl\ikXj1 \ok\$ i`fi1 \j d\k}c`ZX2 M\ekXeXj1 _`\iif p gifk\ZZ`fe\j d\k}$ c`ZXj2 <jkX[f1 dXcf ]XckX dXek\e`d`\ekf 2 Ă?i\X [\ :fejkilZZ`Â?e Ef% ) d\[`Xj X^lXj 1 0+#*'d)% -%$ 8mXcÂ’f1 M<@EK< P EL<M< D@C EFM<:@<EKFJ KI<@EK8 P :@E:F ;FC8I<J 8D<I@:8EFJ LJ;% )0%0*,#ff # j\^Â’e `e]fid\ jljZi`kf gfi \c g\i`kf `e^\e`\$ if =XY`}e MXi^Xj p ;\gfj`kXi`f al[`Z`Xc [fZkfi =i\[[p :\[\ÂŒf# [\ ]\Z_X (- [\ fZklYi\ [\c )''0% GFI KI8K8IJ< ;<C GI@D<I J<z8C8D@<EKF J< I<:<GK8I8E GFJKLI8J ;<J;< 8HL<CC8J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C 8M8CLF KFK8C# :FEJ@>E8E;F <C ;@<Q GFI :@<EKF ;< C8 D@JD8 <E ;@E<IF <E <=<:K@MF

F :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p ;I% ;@<>F :8D8:?F :?8M<Q J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0-/-&k] I [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8

8M@JF AL;@:@8C ;< I<D8K< AL@:@F <A<:LK@MF Ef ./-$ )''.% :%@% J< GFE< <E :FEF:@D@<EKF ;<C Gè9C@:F <E ><E<I8C HL< <E C8 J<:I<K8IĂ 8 ;<C ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8# <C ;Ă 8 AL<M<J )* [\ ALE@F ;<C 8zF ;FJ D@C FE:<# ;<J;< C8J (+?FF X cXj (/_''# J< CC<M8IĂ? 8 :89F <C I<D8K< ;<C @EDL<9C< HL< 8 :FEK@EL8:@äE J< ;<J:I@9<1 (%(% LY`ZXZ`Â?e >\f^i}]`ZX <c Cfk\ [\ K\ii\ef `[\ek`]`ZX$ [f Zfe \c eÂ’d\if :lXkif# [\ cX dXeqXeX :`eZl\ekX p Lef [\ X :ffg\iXk`mX [\ M`m`\e[X AX`d\ Ifc[Â?j 8^l`c\iX# 9Xii`f CX Gi`dXm\iX# Zfe eld\iXZ`Â?e dle`Z`gXc XZklXc E/)$*. [\ cX gXiifhl`X :fkfZfccXf# :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% (%)%$ ;fZld\ekfj gXiX cX \cXYfiXZ`Â?e [\c gi\j\ek\ @e]fid\1 :\ik`]`ZX[f [\ I\^`jkif [\ cX gifg`\[X[ [\@ :XekÂ?e Hl`kf E— :('+'0**+''( [\ ]\Z_X '*&'.&)''. 8ZkX [\ \dYXi^f ]`idX[X gfi \c Xc^lXZ`c dXpfi [\c :XekÂ?e Hl`kf% CZ[f% :Xicfj E% [\ G`ef# p \c Ji% ;\gfj`kXi`f Al[`Z`Xc CZ[f% ?fd\if :i`fccf J\^XiiX [\c ', [\ =\Yi\if [\c )''.% +%$ :FEJKIL::@FE<J <O@JK<EK<J <e \c cfk\ [\ k\ii\ef \o`jk\e [fj ZfejkilZZ`fe\j# cX hl\ [X X cX ZXcc\ cX d`jdX hl\ k`\e\ leX gcXekX YXaX Zfe gifp\ZZ`Â?e X leX j\^le[X gcXekX% <e cX gXik\ gfjk\i`fi \e \c cX[f F\jk\ j\ \eZl\ekiX fkiX Zfej$ kilZZ`Â?e k`gf d\[`X X^lX# cX d`jdX hl\ \jkX Zfdgc\kXd\e$ k\ [\k\i`fiX[X# gfi cf Zfej`$ ^l`\ek\ ef j\ c\ gl\[\ Xj`^eXi le mXcfi \ZfeÂ?d`Zf% 8dY`\ek\j [\ cX :fejkilZZ`Â?e hl\ j\ \eZl\ekiX# alekf X cX :Xcc\ Ăˆ:É$*% › Ki\j ;fid`kfi`fj% › LeX JXcX% › :fd\[fi% › :fZ`eX% › 9XÂŒf% › CfZXc Zfd\iZ`Xc% › Ă?i\X gXiX \jkXZ`feXi m\_ˆ$ Zlcfj% +%(% :8I8:K<I@JK@:8J D8K<I@8C<J ;<C @EDL<9C< <jkilZkliX1 ;\ ?fid`^Â?e 8idX[f# DXdgfjk\iˆX1 GXi\[\j [\ Ycf$ hl\ \eclZ`[Xj p g`ekX[Xj% :lY`\ikX1 ;\ cfjX :`\cf IXjf1 <eclZ`[f p g`e$ kX[f% M\ekXeXj1 ;\ _`\iif Zfe m`[i`f YcXeZf# Zfe gifk\ZZ`Â?e [\ _`\$ iif cXj hl\ [Xe Xc \ok\i`fi% Gl\ikXj1 <ok\i`fi \j [\ _`\iif Zfcfi m\i[\ p leX cXe]fik lk`c`$ qX[X gXiX \c XcdXZ„e% Gl\ikXj @ek\i`fi\j1 ;\ dX[\$ iX% G`jf1 ;\ Z\d\ekf \e cfj [fi$ d`kfi`fj# \e cX ZfZ`eX p YXÂŒfj \j [\ Z\i}d`ZX% Dl\Yc\j1 8ckfj p YXafj \e cX ZfZ`eX# \e cfj [fid`kfi`fj ef \o`jk\e ZcÂ?j\kj% CX \[X[ Xgifo`dX [\ \jkX ZfejkilZZ`Â?e \j [\ ;`\q XÂŒfj (' XÂŒfj # jl dXek\e`d`\ekf p Zfej\imXZ`Â?e \j Yl\eX% ,% M8CFI8:@äE ;< C8 GIFG@<;8; :FDGFE<EK<J2 8I<8 d)2 GI<:@F d)2 KFK8C K\ii\ef2 )+'#/'2 -'#'' LJ;2 (+%++/#'' :fejkilZZ`Â?e /)#''2 (.'#'' LJ;2 (*%0+'#''

KfkXc )/%*//#'' M\`ek\ p FZ_f D`c Ki\jZ`\ekfj FZ_\ekX p FZ_f ;Â?cXi\j CF HL< C C <MF 8 : F E F : @ D @ < E KF ; < C GL9C@:F <E ><E<I8C# J< 8:<GK8I8E F=<IK8J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J GFI JF9I< <C 8M8CLF 8GIF98;F :FDF 98J< GFI KI8K8IJ< ;<C GI@D<I J<z8C8D@<EKF# 8:FDG8z8;F <C (' ;< C8 F=<IK8 <E ;@E<IF <E <=<:K@MF F <E :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F% :<IK@=@:F% JI8% AL8E8 :<M8CCFJ >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0.,-&k] I [\c < ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

8M@JF AL;@:@8C ;< I<D8K< AL@:@F <A<:LK@MF Ef% ,+)$ )''+ ;iX% BA J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX m`\ie\j )+ [\ ale`f [\c [fj d`c feZ\ [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`fZ_f _fiXj# \e cX j\Zi\kXi`X [\ \jkX Al[`ZXkliX k\e[i} cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\ hl\ _X Zfek`elXZ`Â?e j\ [\kXccX% L9@:8:@äE1 Gifm`eZ`X1 G`Z_`eZ_X :XekÂ?e1 Hl`kf GXiifhl`X1 <c JXcmX[fi LY`ZXZ`Â?e1 : ` l [ X [ \ c X 8dXqfeXj# ZXcc\ Af\c Dfeifp Ef% (/(, p (0 [\ Ale`f j\Zkfi <c K\aXi% C@E;<IFJ ;<C @EDL<9C<1 Efik\1 :fe \c gXjXa\ [\ \ekiX[X p Cfk\ [\ DXiˆX 9fiaX p C`c`XeX CÂ?g\q \e leX Cfe^`kl[ [\ (*#'' d\kifj% JLI1 :fe Hl\YiX[X Dle`Z`gXc \e leX Cfe^`kl[ [\ (+#'' d\kifj% <JK<1 :fe Cfk\ E% G\ÂŒX]`\c \e leX Cfe^`kl[ [\ ),#), d\kifj% F<JK<1 :fe Cfk\ Ef% * \e leX cfe^`kl[ [\ ),#'' d\kifj% :89@;8 ;<C K<II<EF JLG<I=@:@< ;<C CFK<1 */)#(, d\kifj ZlX[iX[fj% :8I8:K<I@JK@:8J ;<C K<II<EF1 <j [\ ]fidX `ii\^lcXi% : F E J K I L : : @ F E < J <O@JK<EK<J ;< ;FJ GC8EK8J Ef% ( :FEJKIL::@FE GC8EK8 98A8% LJF1 M`m`\e[X 8D9@<EK<J1 ;fj [fid`kf$ i`fj ^iXe[\j hl\ ljXe gXiX kiXYXaf% <JKIL:KLI81 ?fid`^Â?e XidX[f \e1 Z`d`\ekfj# ZX[\$ eXj# ZfcldeXj p m`^Xj% D8DGFJK<I@81 9cfhl\ I<:L9I@D@<EKFJ1 <eclZ`[f `ek\i`fi p \ok\i`fi# g`ekX[f `ek\$ i`fi p \ok\i`fi% <EKI<G@JFJ1 G`jfj [\ _fid`$ ^Â?e j`dgc\% :F9<IKLI81 CfjX [\ _fid`$ ^Â?e XidX[f <J:8C<I8J1 Jfe [\ _fid`^Â?e XidX[f GL<IK8J1 Gl\ikX \ok\i`fi \j d\k}c`ZX p dX[\iX M<EK8E8J1 ?`\iif# m`[i`f p gifk\ZZ`fe\j d\k}c`ZXj% @ E J K% < C < : K I @ : 8 J 1 <dgfkiX[Xj# dXe^l\iX [\ (Ă?) p XcXdYi\ () @ E J K% J 8 E @ K8 I @ 8 J 1 <dgfkiX[Xj [\ GM:% <JK8;F1 I\^lcXi ]XckX k\i$ d`eXi 8I<8 ;< :FEJKIL::@äE1 (+/#,) d) :FEJKIL::@äE GC8EK8 8CK8% LJF1 M`m`\e[X 8D9@<EK<J1 JXcX# Zfd\[fi# ZfZ`eX# ZlXkif [fid`kfi`fj# [fj YXÂŒfj% <JKIL:KLI81 ?fid`^Â?e XidX[f \e1 ZfcldeXj p m`^Xj% D8DGFJK<I@81 9cfhl\% I<:L9I@D@<EKFJ1 <eclZ`[f `ek\i`fi p \ok\i`fi# g`ekX[f `ek\i`fi p \ok\i`fi# Z\i}d`ZX [\ g`jf p gXi\[ \e YXÂŒfj p ZfZ`$

I_ de j_[d[i bW b_X[hjWZ _dj[h_eh" Âľgkƒ ejhW b_X[hjWZ [if[hWi feZ[h j[d[h5 7HJKHE =H7<

eX# gXihl\k \e jXcX Zfd\[fi p [fid`kfi`fj% <EKI<G@JFJ1 CfjX [\ _fid`$ ^Â?e XidX[f% :F9<IKLI81 CfjX [\ _fid`$ ^Â?e XidX[f <J:8C<I8J1 Jfe [\ _fid`^Â?e XidX[f GL<IK8J1 Gl\ikXj \ok\i`fi\j p `ek\i`fi\j dX[\iX M<EK8E8J1 ?`\iif# m`[i`f p gifk\ZZ`fe\j d\k}c`ZXj% @ E J K% < C < : K I @ : 8 J 1 <dgfkiX[Xj# dXe^l\iX [\ (Ă?) p XcXdYi\ () @ E J K% J 8 E @ K8 I @ 8 J 1 <dgfkiX[Xj [\ GM:% G@<Q8J J8E@K8I@8J1 <[\jX [\ ]XYi`ZXZ`Â?e eXZ`feXc <JK8;F1 I\^lcXi 8I<8 ;< :FEJKIL::@äE1 (*+#,) d) 8I<8 ;< :FEJKIL::@äE KFK8C Ef% ( 4 )/*#'+ d) : F E K I L : : @ F E < J <O@JK<EK<J ;< ;FJ GC8EK8J Ef% ) :FEKIL::@äE GC8EK8 98A8% LJF1 M`m`\e[X 8D9@<EK<J1 :fd\[fi# ZfZ`$ eX# [fj [fid`kfi`fj# le YXÂŒf% <JKIL:KLI81 ?fid`^Â?e XidX[f \e1 Z`d`\ekfj# ZX[\$ eXj# ZfcldeXj p m`^Xj% D8DGFJK<I@81 9cfhl\% I<:L9I@D@<EKFJ1 <eclZ`[f `ek\i`fi p \ok\i`fi# g`ekX[f `ek\$ i`fi p \ok\i`fi# Z\i}d`ZX [\ g`jf p gXi\[ \e YXÂŒf p ZfZ`eX# Z\i}$ d`ZX [\ g`jf \e Zfd\[fi% <EKI<G@JFJ1 G`jfj [\ _fid`$ ^Â?e j`dgc\% :F9<IKLI81 CfjX [\ _fid`$ ^Â?e XidX[f <J:8C<I8J1 Jfe [\ _fid`^Â?e XidX[f GL<IK8J1 Gl\ikXj \ok\i`fi\j d\k}c`ZX p dX[\iX% M<EK8E8J1 ?`\iif# m`[i`f p gifk\ZZ`fe\j d\k}c`ZXj% @ E J K% < C < : K I @ : 8 J 1 <dgfkiX[Xj# dXe^l\iX [\ (Ă?) p XcXdYi\ () @ E J K% J 8 E @ K8 I @ 8 J 1 <dgfkiX[Xj [\ GM:% <JK8;F1 I\^lcXi ]XckX k\i$ d`eXi 8I<8 ;< :FEJKIL::@äE1 (',#'+ d) :FEJKIL::@äE GC8EK8 8CK8% LJF1 M`m`\e[X 8D9@<EK<J1 JXcX# Zfd\[fi# ZfZ`eX# [fj [fid`kfi`fj# le YXÂŒf% <JKIL:KLI81 ?fid`^Â?e XidX[f \e1 ZfcldeXj p m`^Xj% D8DGFJK<I@81 9cfhl\% I<:L9I@D@<EKFJ1 <eclZ`[f `ek\i`fi p \ok\i`fi# g`ekX[f `ek\i`fi p \ok\i`fi# Z\i}d`ZX [\ g`jf p gXi\[ \e YXÂŒfj p ZfZ`$ eX# gXihl\k \e jXcX Zfd\[fi p [fid`kfi`fj% <EKI<G@JFJ1 CfjX [\ _fid`$ ^Â?e XidX[f% :F9<IKLI81 CfjX [\ _fid`$ ^Â?e XidX[f GL<IK8J1 Gl\ikXj \ok\i`f$ i\j d\k}c`ZXj p `ek\i`fi \j dX[\iX% M<EK8E8J1 ?`\iif# m`[i`f p gifk\ZZ`fe\j d\k}c`ZXj% @ E J K% < C < : K I @ : 8 J 1 <dgfkiX[Xj# dXe^l\iX [\ (Ă?) p XcXdYi\ () @ E J K% J 8 E @ K8 I @ 8 J 1 <dgfkiX[Xj [\ GM:% <JK8;F1 I\^lcXi ]XckX k\i$ d`eXi 8I<8 ;< :FEJKIL::@äE1 (''#). d) 8I<8 ;< :FEJKIL::@äE KFK8C Ef% ) 4 )',#*( d) 8M8CLF ;<C @EDL<9C< J@KL8;F <E C8 :@L;8;<C8 8D8QFE8J ;<J:I@G:@äE2 LE;2 :8EK@;2 G% LE@K8I@F2 G% KFK8C K<II<EF2 D)2 */)#(,2 +,#''2

(.%(0-#., :FEJKIL::@äE Ef% ( ;FJ GC8EK8J ;< ?FID@>FE 8ID8;F2 D)2 )/*#'+2 (+.#''2 +(%-'-#// :FEJKIL::@äE Ef% ) ;FJ GC8EK8J ;< ?FID@>FE 8ID8;F2 D)2 )',#*(2 (+.#''2 *'%(/'#,.2 KFK8C //%0/+#)' ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j (+ [\ XYi`c [\c )'((# cXj (._'0%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% .-)$;G$;GG [\ () [\ XYi`c [\c )'((% 8^i„^l\j\ X cfj Xlkfj cfj \jZi`kfj gi\$ j\ekX[fj%$ K„e^Xj\ \e Zl\ekX cf dXe`]\jkX[f gfi \c j\ÂŒfi C`m\i @^eXZ`f M\cfq IXdÂ?e p ZfeZ„[Xj\ gfi j\Zi\kXi`X# j\ekXe[f iXqÂ?e p i\Z`Yf \e Xlkfj cXj Zfg`Xj Z\ik`]`ZX[Xj jfc`Z`kX[Xj gfi \c ;I% <;N@E <EI@HL<Q%$ <e Xk\eZ`Â?e Xc \jZi`kf gi\j\ekX[f gfi cX gXik\ XZkfiX p X cX iXqÂ?e j\ekX[X gfi \c J\Zi\kXi`f# j\ j\ÂŒXcX gXiX \c [ˆX m`\ie\j )+ [\ ale`f [\c )'(( [\j[\ cXj (+_'' _XjkX cXj (/_'' `eZclj`m\2 X ]`e [\ hl\ k\e^X cl^Xi \e cX j\Zi\kXi`X [\ \jkX al[`ZXkliX \c I<D8K< [\c Y`\e `edl\Yc\ \dYXi^X[f 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 [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gifZ„[Xj\ X cX ZfcfZXZ`Â?e [\ cfj ZXik\c\j i\jg\Zk`mfj# \e cfj cl^Xi\j dXj ZfeZlii`[fj [\c GXcXZ`f [\ Aljk`Z`X [\ Hl`kf%$ Gfi kiXkXij\ [\c j\^le$ [f j\ÂŒXcXd`\ekf# kf[X gfjkliX [\Y\i} ZlYi`i gfi cf d\efj \c Z`eZl\ekX gfi Z`\ekf [\c mXcfi [\c XmXcÂ’f giXZk`ZX[f%$ 8 ZX[X gfjkliX [\Y\i} XZfdgXÂŒXij\ \c [`\q gfi Z`\ekf [\c mXcfi [\ cX f]\ikX # \e [`e\if \e \]\Zk`mf p&f Z_\hl\ Z\ik`]`ZX[f X fi[\e [\c Alq^X[f $EFK@=@HL<J<%$ = ;I% :I@JKF98C FA<;8 D8IK@E<Q % AL<Q < Gfi kiXkXij\ [\c j\^le[f j\ÂŒX$ cXd`\ekf j\ i\Z`Y`i}e cXj gfj$ kliXj hl\ ZlYiXe Zfdf YXj\ \c Z`eZl\ekX gfi Z`\ekf [\c XmXclÂ? XgifYX[f# [\Y`„e[fj\ XZfdgXÂŒXi \c (' [\c mXcfi [\ cX f]\ikX \e Z_\hl\ Z\ik`]`$ ZX[f X efdYi\ [\c Alq^X[f f \e [`e\if \e \]\Zk`mf% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ C\p% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0.(,&k] ALQ>8;F :L8IKF ;< KI898AF ;< G@:?@E:?8 8M@JF ;< I<D8K<

AL@:@F FI8C ;< KI898AF Ef% /.+$'.$:: J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc hl\ \e cX J\Zi\kXi`X [\c Alq^X[f :lXikf [\c KiXYXaf [\ G`Z_`eZ_X# [\ cXj (+_'' X cXj (/_''# [\c [ˆX )( [\ ALE@F [\c )'((# j\ cc\mXi} X \]\Zkf \c I<D8K< [\ cfj Y`\e\j dl\Yc\j1 Le ZlX[if g`ekliX Xc �c\f jfYi\ c`\eqf k\dX KFIF [\c Xik`jkX E`XlgXi`# Le ZlX[if g`ekliX Zfe k„Ze`ZX d`okX k\okliX[f jfYi\ c`\eqf k\dX :898CCF [\c Xik`jkX Hl`cclgXe^l`# Le ZlX[if g`ekliX Xc �c\f d`okf k\okliX[f jfYi\ c`\eqf k\dX 9FJHL< M@I><E# [\c Xik`jkX Hl`cclgXe^l`# Le ZlX[if g`e$ kliX Xc �c\f jfYi\ c`\eqf k\dX

>C8;@8;FI<J <E <C <JG8:@F [\c Xik`jkX Hl`cclgXe^l`# Le ZlX[if g`ekliX Xc �c\f jfYi\ c`\eqf Zfe dXiZf [\ dX[\$ iX k\dX ;<JEL;8 Xik`jkX 8e�e`df# Le ZlX[if g`ekl$ iX Xc �c\f d`okX k\okliX[f jfYi\ c`\eqf k\dX ?FD9I< 8=C@>@;F# [\c Xik`jkX Fie\kf# Le ZlX[if g`ekliX Xc �c\f jfYi\ c`\eqf Zfe dXiZf [\ dX[\iX k\dX HL@KF :FCFE@8C# [\c Xik`jkX J8EK@8>F# Le :I@JKF \e dX[\iX kXccX[X Zfcfi ZX]„ Zfe ZfifeX [\ gcXkX Xik`jkX 8e�e`df# Le :I@JKF dX[\$ iX kXccX[X Zfcfi YcXeZf Xik`jkX 8e�e`df# Le :fdglkX[fi gfi$ kXk`c Zfcfi e\^if ?G GXY`ccfe ;M )'''# Zlpf XmXc’f g\i`Z`Xc XjZ`\e[\ X cX jldX [\ LJ; +%(''#ff%$ CXj gfjkliXj j\ i\Z`Y`i}e X gXik`i [\ Xhl\ccX hl\ ZlYiX cXj [fj k\iZ\iXj gXi$ k\j [\c XmXc’f# gfi j\i gi`d\i j\ŒXcXd`\ekf# gi\m`X cX Zfej`^$ eXZ`�e [\c [`\q gfi Z`\ekf [\ cX f]\ikX# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X fi[\e [\c Alq^X[f% Cfj `ek\i\jX[fj gl\[\e i\m`jXi cfj Y`\e\j X i\dXkXij\ gfe`„e[fj\ \e Zfe$ kXZkf Zfe \c j\Œfi ;\gfj`kXi`f Al[`Z`Xc ;i% =i\[[p :\[\Œf% ;I% D8I@F D<A@8 8IIF98 J<:I<K8I@F ;<C ALQ>8;F :L8IKF ;< KI898AF ;< G@:?@E:?8 8:&.0,(0&k]

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

QFE8C HL@KF I [\c <% :@K8:@FE 8 CFJ J<zFI<J LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J GIFM<E@<EK<J ;<C GFQF HL< J< <E:L<EKI8 <E <C @EK<I@FI ;< C8 GIFG@<;8; ;< C8 :FDG8zĂ 8 =8I:FD<; L9@:8;F <E C8 8M<E@;8 ;< CFJ J?@IPJ CFK< (# M@8 8D8>L8z8 BD , (Ă?) ;< C8 G8IIFHL@8 J8E>FCHL@# :8 E KF E IL D @ z 8 ? L @ # GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI1 Afj„ <[lXi[f A}Zfd\# >\i\ek\ [\ J\im`Z`fj :figfiXk`mfj :figfiXZ`Â?e >G= F9A<KF ;< C8 JFC@:@KL;1 :fejldf _ldXef p i`\^f [\ }i\Xj m\i[\j p gXihl\ \ZfcÂ?$ ^`Zf% ;\ekif [\c Ki}d`k\ Ef% *0/,$(( :j% j\ _X [`ZkX[f cX j`^l`\ek\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8%$ ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J QFE8C HL@KF%$ Ki}d`k\ Ef% *0/,$(( :j% GDG ;D Hl`kf# '* [\ dXiqf [\c )'((# X cXj ((_('%$ 8mfZf ZfefZ`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efdYiX[f :ffi[`eX[fi I\^`feXc <eZXi^X[f [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% (-'.'' [\ (/ [\ \e\if [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$+- \og\[`[f \c (* [\ efm`\dYi\ [\c )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef%)''0$ +/ [\ + [\ [`Z`\dYi\ [\c )''0# j\ \og`[\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX Æ J<E8>L8% <e cf gi`eZ`gXc1 CX jfc`Z`kl[ [\ ZfeZ\j`Â?e [\ 8^lXj gif]le[Xj gi\j\ekX[X gfi \c j\ÂŒfi Afj„ <[lXi[f A}Zfd\# >\i\ek\ [\ J\im`Z`fj :figfiXk`mfj :figfiXZ`Â?e >G=# hl`\e XZkÂ’X Zfe gf[\i gifgfiZ`feX[f gfi \c i\gi\j\ekXek\ c\^Xc [\ cX :fdgXŒˆX =8I:FD<;# [fZl$ d\ekf hl\ j\ X[alekX# \dgi\$ jX hl\ X[hl`\i\ cX gifg`\[X[ d\[`Xek\ \jZi`kliX [\ ZfdgiX

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? m\ekX [\ )* [\ \e\if [\c )'')# gifkfZfc`qX[X \e cX EfkXiˆX :lX[iX^„j`dX [\c :XekÂ?e Hl`kf# Xek\ \c ;i% FjnXc[f D\aˆX <jg`efjX# \e [`Z_f `edl\Yc\ j\ _X Zfejkil`[f le \[`]`Z`f X[d`e`jkiXk`mf [\ + g`jfj# Zfe le }i\X [\ .%-(0# )' d) p [fj Yf[\^Xj X ('%''' d)# [fe[\ j\ \eZl\ekiXe `dgcXekX[Xj le Flkc\k# leX ^lXi[\iˆX# le ^`d$ eXj`f# le }^fiX p le gXihl\ \ZfcÂ?^`Zf +/%+0+#') d)# gXiX kf[Xj \jk}e `ejkXcXZ`fe\j j\ i\hl`\i\ le ZXl[Xc * c&j# gXiX Zfejldf _ldXef p i`\^f [\ }i\Xj m\i[\j p gXihl\ \ZfcÂ?^`$ Zf% <c gfqf p \c gi\[`f \jk} \e cX ali`j[`ZZ`Â?e [\ cX gXiifhl`X JXe^fchlˆ# ZXekÂ?e Ild`ÂŒX_l`# gifm`eZ`X [\ G`Z_`eZ_X% :fe \jkfj Xek\Z\[\ek\j \e XdgX$ if X cf [`jgl\jkf \e cfj 8ikj% .# ()# (+# )* c`k\iXc Y p Z # )+ c`k\iXc X # *,# *-# /)# /, p /- [\ cX :f[`]`ZXZ`Â?e X cX C\p [\ 8^lXj m`^\ek\# j\ XZf^\ cX jfc`Z`kl[ gcXek\X[X gfi cX \dgi\jX =8I:FD<; gfi j\i ZcXiX p i\le`i cfj i\hl`j`kfj \jkXYc\Z`[fj \e cX C\p# gfi cf hl\ \e Xg\^f X cf [`jgl\jkf \e \c `eZ`jf X [\c XikˆZlcf /. [\ cX :f[`]`ZXZ`Â?e X cX C\p [\ 8^lXj# j\ [`jgfe\ j\ ]`^l\ ZXik\c\j \e ki\j cl^Xi\j d}j ]i\Zl\ekX[fj [\ cX gXiifhl`X JXe^fchlˆ# gXiX \c Zldgc`d`\ekf [\ cf Xek\j \ogi\jX[f j\ i\d`k`i} Xk\ekX Zfd`j`Â?e c`YiX[X X cfj j\ÂŒfi\j K\e`\ek\ Gfcˆk`Zf [\ cX ali`j[`Z$ Z`Â?e Xek\j j\ÂŒXcX[X# [\ `^lXc dXe\iX gfi dXe[Xkf [\ cX C\p# \eki„^l\j\ X cX gXik\ 8ZkfiX le \okiXZkf Zfe \c fYa\kf [\ hl\ j\ glYc`hl\ gfi ki\j fZXj`fe\ d\[`Xe[f \eki\ cX leX p cX fkiX le dˆe`df [\ fZ_f [ˆXj# glYc`ZXZ`fe\j hl\ j\ cf [\Y\i} _XZ\i \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX cfZXc`$ [X[# [\ ef \o`jk`i j\ cf i\Xc`qXiX \e le g\i`Â?[`Zf [\ Z`iZlcXZ`Â?e eXZ`feXc <c K\c„^iX]f# CX ?fiX# Lck`dXj Efk`Z`Xj# <c :fd\iZ`f f \c ?fp % Cfj X[d`e`jkiX[fj \e \c k„id`ef .) _fiXj i\k`$ iXi}e [\ \jkX ;\g\e[\eZ`X kXekf cXj Zfd`j`fe\j c`YiX[Xj gXiX cX ]`aXZ`Â?e [\ ZXik\c\j p \c \okiXZkf gXiX jl glYc`ZXZ`Â?e \e cX gi\ejX% K„e^Xj\ \e Zl\ekX cX [`i\ZZ`Â?e j\ÂŒXcX[X \e cX :Xcc\ <jg\af <($,) p DfekÂ’]Xi# k\c„$ ]fef ))/*)'' \ok% *-'# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;\ Zfe]fid`[X[ Zfe \c d\dfiXe$ [f Ef% :>8A%+$'.(+ [\c )- [\ FZklYi\ [\c )'('# XZkÂ’\ \c ;i% GXki`Z`f Dfek\e\^if GX[`ccX Zfdf J\Zi\kXi`f 8[$ ?fZ \e \c gi\j\ek\ ki}d`k\%$ EFK@=Ă HL<J<%%% ] @e^% Afi^\ ?ldY\ikf [\c Gfqf J}eZ_\q# :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J < % Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p% :<IK@=@:F% @e^% Afi^\ ?ldY\ikf [\c Gfqf J}eZ_\q# :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J < % Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p%$ :<IK@=@:F% ;i% GXki`Z`f Dfek\e\^if GX[`ccX J<:I<K8I@F 8;$?F:% <o`jk\ ]`idX p j\ccf% 8%G%&+0'*,&b%d%

M8I@FJ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< CF :@M@C ;< JL:LD9@FJ

<OKI8:KF ;< :@K8:@äE 8:KFI1 C@C@8E ;8M@C8 GFIKL>8C ;<D8E;8;F1 E8I:@J8 ;<

ÄŠ

A<JLJ @D8@:<C8 IFJ@CCF P D8I@E8 @J89<C <JG@EFQ8 98@;8C AL@:@F1 *+.$)'(' KI8D@K<1 <A<:LK@MF$ G8>8I< :8J@CC<IF E² 00% ;I% ><ID8E IF;I@>L<Q 8% J< C< ?8:< :FEF:<I CF J@>L@<EK<1 ;\c gX^Xi„ X cX fi[\e [\c Zc`\e$ k\ Ef%$ 19(0$(-%' p cX i\jg\Z$ k`mX kXYcX [\ gX^fj `ej\ikX \e \c d`jdf# m\e[i} \e jl Zfef$ Z`d`\ekf hl\ \c '+ [\ Ale`f [\c )''+# cX j\ÂŒfiX D8I@E8 @J89<C <JG@EFQ8 98@;8C gfi jlj gifg`fj [\i\Z_fj \e ZXc`[X[ [\ [\l[fiX gi`eZ`$ gXc p cX j\ÂŒfiX E8I:@J8 ;< A<JLJ @D8@:<C8 IFJ@CCF Zfdf XmXc`jkX jfc`[Xi`X# j\ fYc`^Xife X gX^Xi X cX fi[\e [\c :fejfiZ`f [\c G`Z_`eZ_X J%8%# cX jldX [\ (*%'(0#)- [Â?cXi\j [\ cfj <jkX[fj Le`[fj [\ Efik\Xd„i`ZX X (.00 [ˆXj m`jkX# `eZcl`[fj ^Xjkfj fg\iXk`$ mfj p fkifj# Zfe \c d}o`df `ek\$ i„j XelXc [\j[\ jl jljZi`gZ`Â?e _XjkX \c m\eZ`d`\ekf% CXj [\l[fiXj j\ \eZl\ekiXe \e dfiX [\c gX^f [\ jlj ZlfkXj hl\ j\ m\eZ\e jlZ\j`mXd\e$ k\2 gfi cf ZlXc# Xc XdgXif [\ cf Zfem\e`[f# [\ZcXif Xek`Z`$ gX[Xd\ek\ \c m\eZ`d`\ekf [\c gcXqf [\ cX kfkXc`[X[ [\ cXj ZlfkXj [\c gi„jkXdf2 p# gfi ZlXekf# cX fYc`^XZ`Â?e hl\ \c gX^Xi„ Zfek`\e\# \j ZcXiX% [\k\id`eX[X% gliX# c`hl`[X p [\ gcXqf m\eZ`[f# [\dXe[f X cXj j\ÂŒfiXj E8I:@J8 ;< A<JLJ @D8@:<C8 IFJ@CCF p D8I@E8 @J89<C <JG@EFQ8 98@;8C \e al`Z`f \a\Zlk`mf p jfc`Z`kf gXiX hl\ cl\^f [\c ki}d`k\ Zfii\j$ gfe[`\ek\# \e j\ek\eZ`X j\Xe fYc`^X[Xj Xc gX^f `ed\[`Xkf [\c kfkXc [\c ZXg`kXc X[\l[X$ [f# cfj `ek\i\j\j [\ ]`eXeZ`X$ d`\ekf# cfj `ek\i\j\j [\ dfiX# cX Zfd`j`Â?e gfi j\im`Z`fj YXeZXi`fj# cX Zfd`j`Â?e [\ le j\okf gfi Z`\ekf [\ XZl\i[f Xc fi[`eXc +kf% [\c XikˆZlcf +,- [\c :Â?[`^f [\ :fd\iZ`f p cXj ZfjkXj gifZ\jXc\j \e [fe[\ j\ `eZcl`i}e cfj _fefiXi`fj gif]\j`feXc\j [\ d` 8Yf^X[f ;\]\ejfi% =le[Xd\ekf d` [\dXe[X \e cf gi\m`jkf \e cfj XikˆZlcfj +(* p +(, [\ cX :f[`]`ZXZ`Â?e [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% F]i\qZf i\ZfefZ\i XYfefj gXiZ`Xc\j hl\ j\ aljk`]`hl\e c\^Xcd\ek\% CX ZlXekˆX ef \j `e]\i`fi X (-%'''#''% <c ki}d`k\ \j \c <a\Zlk`mf% ALQ>8;F K<I:<IF ;< CF :@M@C ;< JL:LD9Ă FJ% El\mX CfaX# cle\j - [\ j\gk`\dYi\ [\c )'('# cXj (-_,/% Gi\m`f X ZXc`]`ZXi cX [\dXe[X# cX [\dXe[Xek\ ;iX% C`c`Xe ;}m`cX Gfikl^Xc \e \c k„id`ef [\ ki\j [ˆXj gi\j\ek\ gifZliXZ`Â?e al[`Z`Xc fkfi^X[X gfi hl`\e j\ \eZl\eki\ \e ]leZ`fe\j [\ >\i\ek\ >\e\iXc [\ :fejfiZ`f [\c G`Z_`eZ_X J%8% :FE;<CG@# X cX ]\Z_X [\ gi\j\ekXZ`Â?e [\ cX d`jdX# gl\jkf hl\ \c g\i`f[f [\c efdYiXd`\ekf [\c dXe[Xek\ AX`d\ Afj„ 8ZfjkX <jg`efjX# ZfejkXek\ Zfdf _XY`c`kXek\ \e \c `ejkild\ekf XZfdgXÂŒX[f# _X k\id`eX[f \c (. [\ XYi`c [\c )'('% Kf[f cf ZlXc# \e Zldgc`d`\ekf [\ cf \jkXYc\Z`[f \e \c eld\iXc ( [\c 8ik% -/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# YXaf cX gi\m\eZ`Â?e Zfek\e`[X \e \c 8ik% -0 @Yˆ[\d%$ Efk`]ˆhl\j\% Jfc`Z`kf [\ ljk\[# j\ÂŒfi Al\q# j\ [`^e\ [`jgfe\i j\ X^i\^l\ Xc gifZ\jf cX Zfg`X Z\ik`]`ZX[X

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä Ä€

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

XZklXc`qX[X [\c efdYiXd`\e$ kf [\ >\i\ek\ cX :fdgXŒˆX :fejfiZ`f [\c G`Z_`eZ_X J%8% :FE;<CG@ hl\ \e leX ]faX X[alekf# X ]`e [\ hl\ j\ c\ fkfi$ ^l\ \c d„i`kf hl\ c\ Zfii\jgfe$ [\% G`[f j\ [`^e\ gifeleZ`Xi \c Xlkf [\ XZ\gkXZ`Â?e X ki}d`k\ [\ d` [\dXe[X% ALQ>8;F K<I:<IF ;< CF :@M@C ;< JL:LD9Ă FJ% El\mX CfaX# dXik\j (+ [\ j\gk`\dYi\ [\c )'('# cXj '/_+0% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`$ [X[ [\ Al\q K\dgfiXc [\ „jk\ ;\jgXZ_f# Zfe]fid\ \c f]`Z`f Ef% '*,/$;>$:A$DA$'0%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# gifgl\jkX gfi cX ;iX% C`c`Xe ;}m`cX Gfikl^Xc# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\ AX`d\ Afj„ 8ZfjkX <jg`efqX# >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\c :FEJFI:@F ;<C G@:?@E:?8 J%8% :FE;<CG@# \j ZcXiX# Zfd$ gc\kX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ c\p%$ <e Zfej\Zl\eZ`X j\ cX X[d`k\ Xc ki}d`k\ [\c al`$ Z`f \a\Zlk`mf# Zfej`[\i}e[fj\ hl\ \c [fZld\ekf p cX fYc`^X$ Z`Â?e gi\jkXe d\i`kf \a\Zlk`mf# Zfe]fid\ 8ikj%# +(* p +(, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :fej\Zl\ek\d\ek\ p Zfe ]le$ [Xd\ekf X cf [\k\id`eX[f \e \c `eZ`jf gi`d\if [\c 8ik% +)( [\c d`jdf :Â?[`^f# fi[\ef hl\ cXj [\dXe[X[Xj D8I@E8 @J89<C <JG@EFQ8 98@;8C p E8I:@J8 ;< A<JLJ @D8@:<C8 IFJ@CCF# \e jlj ZXc`[X[\j [\ [\l[fiX gi`eZ`gXc p XmXc`jkX jfc`[Xi`X i\jg\Zk`mXd\ek\# \e \c k„id`ef [\ ki\j [ˆXj Zld$ gcXe Zfe cX fYc`^XZ`Â?e f gif$ gfe^Xe \oZ\gZ`fe\j X cXj hl\ j\ Zi\Xe Xj`jk`[Xj% K„e^Xj\ \e Zl\ekX cX ZlXekˆX [\ cX gi\j\e$ k\ XZZ`Â?e%$ :ˆk\j\ X cXj [\dXe$ [X[Xj \e jl [fd`Z`c`f `e[`ZX[f \e cX [\dXe[X# X hl`\e\j j\ c\j gi\m`\e\ X[\d}j# [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`$ ]`ZXZ`fe\j \e „jkX ali`j[`ZZ`Â?e% 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX \e cX ZXc`[X[ \e hl\ ZfdgXi\Z\ gXiX jlj ]lkliXj efk`]`ZXZ`fe\j# Xjˆ Zfdf kXdY`„e cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl XYf^X[f [\]\e$ jfi%$ 8ZkÂ’\ cX j\ÂŒfiX J\Zi\kXi`X K`klcXi [\ „jkX Al[`ZXkliX%$ Efk`]ˆhl\j\%$ ALQ>8;F K<I:<IF ;< CF :@M@C ;< JL:LD9Ă FJ%$ El\mX CfaX# dXik\j )0 [\ dXiqf [\c )'((# cXj (-_(,% <e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f gfi \c XZkfi ;i% >\id}e 8cY\ikf If[iˆ^l\q 8id`afj# GifZliX[fi Al[`Z`Xc [\ :fe[\cg`# Zˆk\j\ X cX [\dXe$ [X[X J\ÂŒfiX EXiZ`jX [\ A\jÂ’j @dX`Z\cX Ifj`ccf p DXi`eX @jXY\c 9X`[Xc# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e lef [\ cfj ;`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e X e`m\c Gifm`eZ`Xc% <e Zldgc`d`\ekf [\ cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Hl\ cX J\ÂŒfiX XZklX$ i`X [\c ;\jgXZ_f# \cXYfiX \c \okiXZkf Zfii\jgfe[`\ek\% EFK@=@HL<J<%$ 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 [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX ali`j[`ZZ`Â?e%$ :\ik`]`Zf%$ El\mX CfaX# . [\ XYi`c \c )'((% 8Y% =Xep AldYf >Â?d\q J<:I<K8I@8 ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< JL:LD9@FJ ?Xp le j\ccf 8I&/*'(.&ZZ 44444444

I% [\c <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9Ă FJ

:@K8:@äE AL;@:@8C 8Zkfi1 ;iX% C`c`Xe ;}m`cX Gfikl^Xc ;fd% ;i% >\id}e If[iˆ^l\q Al`Z`f1 <a\Zlk`mf ;\dXe[X[f1 D`ckfe MXjZfe\j# AX`d\ MXjZfe\j p :fi`eX DX^Xi`jZX FYa\kf1 Zfej\^l`i hl\ j\ Zld$ gcX Zfe cX fYc`^XZ`Â?e :Xj`ccX Ef% '00 Al`Z`f Ef% '*.,$)'(' J\ _XZ\ ZfefZ\i X cfj [\dXe$ [X[fj# cf hl\ X Zfek`elXZ`Â?e j`^l\1 ;\c gX^Xi„ X cX fi[\e p cX i\j$ g\Zk`mX kXYcX [\ gX^fj `ej\i$ kX# m\e[i} \e jl ZfefZ`d`\ekf hl\ D@CKFE I8èc M8J:FE<Q =@>L<IF8 \e ZXc`[X[ [\ [\l[fi gi`eZ`gXc# ZfealekX$ d\ek\ Zfe A8@D< 8EKFE@F M8J :F E < Q = @ > L < IF8 p :FI@E8 D<I:<;<J D8>8I@J:8 >L8DĂ?E Zfdf XmXc`jkXj jfc`[Xi`fj# j\ fYc`$ ^Xife X gX^Xi X cX fi[\e [\c :fejfiZ`f [\c G`Z_`eZ_X J%8%# cX jldX [\ (,%,,.#'' [Â?cX$ i\j [\ ('( <jkX[fj Le`[fj [\ Efik\Xd„i`ZX# `eZcl`[fj ^Xj$ kfj fg\iXk`mfj p fkifj# Zfe \c d}o`df `ek\i„j XelXc [\j[\ jl jljZi`gZ`Â?e _XjkX \c m\e$ Z`d`\ekf% Cfj [\l[fi\j j\ \eZl\ekiXe \e dfiX [\c gX^f [\ jlj ZlfkXj hl\ j\ m\eZ\e jlZ\j`mXd\ek\2 gfi cf ZlXc# Xc XdgXif [\ cf Zfem\e`[f# [\ZcXif Xek`Z`gX[X$ d\ek\ \c m\eZ`d`\ekf [\c gcXqf [\ cX kfkXc`[X[ [\ cXj ZlfkXj [\c gi„jkXdf2 p# gfi ZlXekf# cX fYc`^XZ`-e hl\ \c gX^Xi„ Zfek`\e\# \j ZcXiX# [\k\id`$ eX[X# gliX# c`hl`[X p [\ gcXqf m\eZ`[f# [\dXe[f X D@CKFE I8èC M8J:FE<Q =@>L<IF8# A8@D< 8EKFE@F MĂ?J:FE<Q =@>L<IF8 p :FI@E8 D<I:<;<J D8>8I@J:8 >L8DĂ?E \e al`Z`f \a\Zlk`mf p jfc`Z`kf gXiX hl\ cl\^f [\c ki}d`k\ Zfii\jgfe[`\ek\# \e j\ek\eZ`X j\Xe fYc`^X[fj Xc gX^f `ed\[`Xkf [\c kfkXc [\c ZXg`kXc X[\l[X[f# cfj `ek\i\j\j [\ ]`eXeZ`Xd`\ekf# cfj `ek\i\$ j\j [\ dfiX# cX Zfd`j`Â?e gfi j\im`Z`fj YXeZXi`fj# cX Zfd`$ j`Â?e [\ le j\okf gfi Z`\ekf [\ XZl\i[f Xc fi[`eXc +kf% [\c Xik`Zlcf +,- [\c :Â?[`^f [\ :fd\iZ`f p cXj ZfjkXj gifZ\$ jXc\j \e [fe[\ j\ `eZcl`i}e cfj _fefiXi`fj gif]\j`feXc\j [\ d` 8Yf^X[f ;\]\ejfi% =le[Xd\ekf d` [\dXe[X \e cf gi\m`jkf \e cfj XikˆZlcfj +(* p +(, [\ cX :f[`]`ZXZ`Â?e [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% F]i\qZf i\ZfefZ\i XYf$ efj gXiZ`Xc\j hl\ j\ aljk`]`hl\e c\^Xcd\ek\% ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9Ă FJ% El\mX CfaX# cle\j (* [\ j\gk`\dYi\ [\c )'('# cXj (-_+)% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e m`ikl[ [\c jfik\f c\^Xc i\Xc`qX[f p \e d` ZXc`[X[ [\ Al\q K`klcXi [\c ;\jgXZ_f \e ]leZ`fe\j% <e cf gi`eZ`gXc p gfi ZlXekf cX [\dXe[X# gifgl\j$ kX gfi ;I8% C@C@8E ;8M@C8 GFIKL>8C# \e jl ZXc`[X[ [\ GIF:LI8;FI AL;@:@8C ;<C :FEJFI:@F ;<C G@:?@E:?8 :FE;<CG@ J%8%# Zfe]fid\ X cfj [fZld\ekfj aljk`]`ZXk`mfj X[alekfj# \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj c\^Xc\j# j\ cX X[d`k\ X ki}d`k\ [\ al`Z`f \a\Zlk`mf# Zfej`[\$ i}e[fj\ hl\ cfj [fZld\ekfj XgXi\aX[fj gi\jkXe d„i`kf gXiX \ccf# Zfe]fid\ X cf [`jgl\jkf gfi cfj 8ikj% +(* p +(, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c Zf[`]`ZX[f2 Zfej\Zl\ek\d\ek\ p Zfe ]le[Xd\ekf [\ cf [\k\i$

Ĺ?

d`eX[f \e \c 8ik% +)( `Yˆ[\d# j\ [`jgfe\ hl\ cfj [\dXe[X$ [fj j\Œfi\j D@CKFE I8LC M8J:FE<Q =@>L<IF8# \e jl ZXc`[X[ [\ [\l[fi gi`eZ`gXc p A8@D< 8EKFE@F M8J:FE<Q =@>L<IF8 P :FI@E8 D<I:<;<J D8>8I@J:8 >L8D8E# Zfdf [\l[fi\j jfc`[Xi`fj# [\ekif [\c k„id`ef [\ ki\j [ˆXj gX^l\e \c mXcfi kfkXc X[\l[X[f p i\ZcXdX[f f [\[lqZXe jlj \oZ\gZ`fe\j X cXj hl\ j\ Zi\Xe Xj`jk`[fj% :fe ]le[Xd\ekf [\ cX ’ck`dX [`jgf$ j`Z`�e c\^Xc `emfZX[X p \e d„i`$ kf [\ cfj Z\ik`]`ZX[fj Zfe]\i`[fj gfi \c I\^`jkif [\ cX Gifg`\[X[ [\ CX^f 8^i`f# [\ cfj ZlXc\j XgXi\Z\ hl\ \c [\l[fi gi`eZ`$ gXc D@CKFE I8LC M8J:FE<Q =@>L<IF8 \j gifg`\kXi`f [\ cfj Y`\e\j `edl\Yc\j [\jZi`kfj \e cfj i\]\i`[fj Z\ik`]`ZX[fj# j\ fi[\eX cX GIF?@9@:@FE ;< <E8A<E8I [\ cfj d\ekX[fj Y`\e\j `edl\Yc\j# Xjˆ Zfdf Zfejk`kl`i fkifj ^iXm}d\e\j hl\ c`d`k\e jl [fd`e`f jfYi\ [`Z_fj `edl\Yc\j# [\Y`\e[f gXiX \c \]\Zkf efk`]`ZXij\ X cX j\ŒfiX I\^`jkiX[fiX [\ cX Gifg`\[X[ @ek\i`eX [\ CX^f 8^i`f# \e jl ;\jgXZ_f# X ]`e [\ hl\ ZldgcX Zfe cX [`c`^\eZ`X [`jgl\jkX% :ldgc`[X Zfe [`Z_X [`c`^\eZ`X# Zˆk\j\ X cfj d`jdfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# d\[`Xek\ Zfd`j`�e c`YiX[X Xc j\Œfi k\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X AXdY\c`# X hl`\e j\ i\d`k`i} [\jgXZ_f jl]`Z`\ek\2 gi\m`e`„e[fc\j# X[\d}j X cfj kXekXj m\Z\j i\]\i`[fj [\dXe$ [X[fj# [\ cX fYc`^XZ`�e hl\ k`\$ e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j \e \jkX ali`j[`ZZ`�e# YXaf cXj gi\m\e$ Z`fe\j [`jgl\jkXj \e \c 8ik% ., [\c :�[`^f 8[a\k`mf :`m`c2 8^i„^l\j\ X cfj Xlkfj cX [fZl$ d\ekXZ`�e X[alekX# Xjˆ Zfdf j\ k\e^X \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX gXik\ XZkfiX gXiX jlj efk`]`ZXZ`fe\j p cX Xlkfi`qXZ`�e Zfe]\i`[X X jl [\]\ejfi2 k�d\j\ \e Zl\ekX cX ZlXekˆX [\ cX [\dXe[X2 p# XZk’\ cX j\ŒfiX J\Zi\kXi`X K`klcXi [\c ;\jgXZ_f% EFK@=@HL<J< P :@K<J<%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ% CfaX# m`\ie\j (( [\ dXiqf [\c )'((# cXj ()_'/% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q <eZXi^X[f [\ „jk\ ;\jgXZ_f# Zfe]fid\ cX XZZ`�e [\ g\ijfeXc [\ '( [\ dXiqf [\ )'((%$ <e cf gi`eZ`gXc# Xk\ekf \c aliXd\e$ kf i\e[`[f gfi \c GifZliX[fi Al[`Z`Xc ;i% >\id}e 8cY\ikf If[iˆ^l\q 8id`afj# \e \c hl\ X]`idX hl\ \j `dgfj`Yc\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cfj [\dXe[X$ [fj AX`d\ 8ekfe`f M}jZfe\q =`^l\ifX p :fi`eX D\iZ\[\j DX^Xi`jZX >lXd}e# XZfi[\ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\c\ gfi ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e le g\i`�[`$ Zf [\ Xdgc`X Z`iZlcXZ`�e \e cX gifm`eZ`X [\ JlZldYˆfj# gXiX cf ZlXc hl\ gfi J\Zi\kXiˆX [\ „jkX Al[`ZXkliX j\ \ok`\e[X \c \okiXZkf Zfii\jgfe[`\ek\ Zfe]fid\ cf [`jgfe\ cX c\p%$ EFK@=@HL<J< p :LDGC8J<% ] ;i% N`c]i`[f <iXqf 8iXlaf# Al\q < # gi\m`e`„e[fc\ X cfj [\dXe[X[fj [\ cX fYc`^XZ`�e hl\ k`\e\ \e j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j \e \jkX Ali`j[`ZZ`�e% CZ[X% >cfi`X :XYX[`XeX >% J<:I<K8I@8 ALQ>8;F GI@D<IF :@M@C JL:LD9@FJ ?Xp le j\ccf 8I&/*'(/&ZZ I% [\c <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ

:@K8:@äE AL;@:@8C 8Zkfi1 ;iX% C`c`Xe ;}m`cX Gfikl^Xc ;fd% ;i% >\id}e If[iˆ^l\q Al`Z`f1 <a\Zlk`mf ;\dXe[X[f1 G`e\[X ?\i\dYXq GXki`Z`X p Dfi\ef :\c` Afj„

IÂŒbe [i `kije gk[ i[ WbWX[ c|i gk[ W Wgk[b gk[ ckY^e iWX[ Wb gk[ ckY^e ikfe ^WY[h$ C?=K;B CEH;DE

FYa\kf1 Zfej\^l`i hl\ j\ Zld$ gcX Zfe cX fYc`^XZ`�e :Xj`ccX Ef% '00 Al`Z`f Ef% '),)$)'(' J\ _XZ\ ZfefZ\i X cfj [\dXe$ [X[fj# cf hl\ X Zfek`elXZ`�e j`^l\1 Cfj [\l[fi\j j\ \eZl\ekiXe \e dfiX [\c gX^f [\ jlj ZlfkXj hl\ j\ m\eZ\e jlZ\j`mXd\e$ k\2 gfi cf ZlXc# Xc XdgXif [\ cf Zfem\e`[f# [\ZcXif Xek`$ Z`gX[Xd\ek\ \c m\eZ`d`\ekf [\c gcXqf [\ cX kfkXc`[X[ [\ cXj ZlfkXj [\c gi„jkXdf2 p# gfi ZlXekf# cX fYc`^XZ`�e hl\ \c gX^Xi„ Zfek`\e\# \j ZcXiX# [\k\id`eX[X# gliX# c`hl`[X p [\ gcXqf m\eZ`[f# [\dXe[f X cfj j\Œfi\j G8KI@:@8 :FCFD9@8 G@E<;8 ?<I<D98Q p AFJy CL@J DFI<EF :<CP \e al`Z`f \a\Zlk`mf p jfc`Z`kf gXiX hl\ cl\^f [\c ki}d`k\ Zfii\jgfe$ [`\ek\# \e j\ek\eZ`X j\Xe fYc`$ ^X[fj Xc gX^f `ed\[`Xkf [\c kfkXc [\c ZXg`kXc X[\l[X[f# cfj `ek\i\j\j [\ ]`eXeZ`Xd`\ekf# cfj `ek\i\j\j [\ dfiX# cX Zfd`$ j`�e gfi j\im`Z`fj YXeZXi`fj# cX Zfd`j`�e [\ le j\okf gfi Z`\ekf [\ XZl\i[f Xc fi[`eXc +kf% [\c XikˆZlcf +,- [\c :�[`^f [\ :fd\iZ`f p cXj ZfjkXj gif$ Z\jXc\j \e [fe[\ j\ `eZcl`i}e cfj _fefiXi`fj gif]\j`feXc\j [\ d` 8Yf^X[f ;\]\ejfi% =le[Xd\ekf d` [\dXe[X \e cf gi\m`jkf \e cfj XikˆZlcfj +(* p +(, [\ cX :f[`]`ZXZ`�e [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ% El\mX CfaX# d`„iZfc\j )* [\ ale`f [\c )'('# cXj (+_*0% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f [\ C\p hl\ Xek\Z\[\ p \e d` ZXc`[X[ [\ Al\q K`klcXi [\c ;\jgXZ_f \e ]leZ`fe\j% <e cf gi`eZ`gXc p gfi ZlXe$ kf cX [\dXe[X gi\j\ekX[X gfi cX ;iX% C@C@8E ;8M@C8 GFIKL>8C# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c I\gi\j\ekXek\ C\^Xc [\ cX :fdgXŒˆX :FEJFI:@F ;<C G@:?@E:?8 J%8% :FE;<CG@# Zfe]fid\ Xc [fZld\ekf alj$ k`]`ZXk`mf X[alekf# \j ZcXiX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj c\^Xc\j# j\ cX X[d`k\ X ki}d`k\ [\ al`Z`f \a\Zlk`mf# Zfej`[\i}e[fj\ hl\ \c [fZl$ d\ekf XgXi\aX[f gi\jkX d„i`kf gXiX \ccf Zfe]fid\ Xc dXe[X$ kf [\ cfj 8ikj% +(* p +(, [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c Zf[`]`ZX[f2 \e Zfej\Zl\eZ`X p Zfe ]le[Xd\ekf [\ cf [`jgl\j$ kf gfi \c 8ik% +)( [\c :�[`^f 8[a\k`mf :`m`c# j\ [`jgfe\ hl\ cfj [\dXe[X[fj j\Œfi\j G8KI@:@8 :FCFD9@8 G@E<;8 ?<I<D98Q P AFJ< CL@J DFI<EF :<CP# [\ekif [\c k„id`ef [\ ki\j [ˆXj gX^l\e \c mXcfi kfkXc X[\l[X[f f [\[lq$ ZX jlj \oZ\gZ`fe\j X cXj hl\ j\ Zi\Xe Xj`jk`[fj# [\Y`\e[f gXiX \ccf Z`k}ij\cfj \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# d\[`Xek\ Xk\ekf [\gi\ZXkfi`f Xc j\Œfi Al\q [\ cf :`m`c [\ =iXeZ`jZf [\ Fi\ccXeX## X hl`\e j\ i\d`k`i} [\jgXZ_f jl]`Z`\e$ k\ p \e ]fidX2 gi\m`e`„e[fc\j X[\d}j X cfj d`jdfj [\dXe$ [X[fj [\ cX fYc`^XZ`�e hl\ k`\$ e\e [\ j\ŒXcXi ZXj`cc\if al[`$ Z`Xc gXiX jlj efk`]`ZXZ`fe\j# \e \jkX ali`j[`ZZ`�e# YXaf cXj gi\m\eZ`fe\j [`jgl\jkXj \e \c 8ik% ., [\c :�[`^f [\ GifZ\[\i :`m`c% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj# k�d\j\ \e Zl\ekX cX ZlXekˆX [\ cX [\dXe[X2 Xjˆ Zfdf j\ k\e^X \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX gXik\ XZkfiX gXiX jlj efk`]`ZXZ`fe\j p cX Xlkfi`qXZ`�e Zfe]\i`[X X

jl [\]\ejfi2 [\Y`\e[f XZklXi cX JiX% J\Zi\kXi`X K`klcXi [\c ;\jgXZ_f% EFK@=@HL<J< P :@K<J<%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< JL:LD9@FJ% El\mX CfaX# j}YX[f () [\ dXiqf [\c )'((# cXj '/_*,% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q <eZXi^X[f [\ „jk\ ;\jgXZ_f# Zfe]fid\ cX XZZ`�e [\ g\ijfeXc [\ '( [\ dXiqf [\ )'((%$ <e cf gi`eZ`gXc# Xk\ekf \c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX \e \c hl\ X]`idX [\ hl\ \j `dgfj`Yc\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX \a\ZlkX[X GXki`Z`X :fcfdY`X G`e\[X ?\i\dYXq# XZfi[\ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\c\ gfi ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e le g\i`�[`Zf [\ Xdgc`X Z`iZlcXZ`�e \e cX gif$ m`eZ`X [\ JlZldYˆfj# gXiX Zlpf \]\Zkf hl\ gfi J\Zi\kXiˆX [\ „jkX Al[`ZXkliX j\ \ok`\e[X \c \okiXZkf Zfii\jgfe[`\ek\# Zfe$ ]fid\ cf [\k\id`eX cX efidX c\^Xc `emfZX[X% EFK@=@HL<J< p :LDGC8J<% ] ;i% N`c]i`[f <iXqf 8iXlaf# Al\q < # gi\m`e`„e[fc\ X cfj [\dXe[X[fj [\ cX fYc`^XZ`�e hl\ k`\e\ \e j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j \e \jkX Ali`j[`ZZ`�e% CZ[X% >cfi`X :XYX[`XeX >% J<:I<K8I@8 ALQ>8;F GI@D<IF :@M@C JL:LD9@FJ ?Xp le j\ccf 8I&/*'(0&ZZ I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8

: @ K8 : @ ä E 8 C F J ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< D 8 I : < CF < JK L8 I ; F :8D8:?F 8IK<8>8 8:KFI81 :i`jk`eX >XYi`\cX :XdXZ_f :XdXZ_f ;<D8E;8;FJ1 ?\i\[\ifj Gi\jlekfj p ;\jZfefZ`[fj [\ DXiZ\cf <jklXi[f :XdXZ_f 8ik\X^X2 p# D\iZ\[\j DXiZ\cX G\iXckX I\[ˆe% AL@:@F1 GXik`Z`Â?e Eif% (,)0$ )'('$n%q% KI8D@K<1 J\ZZ`Â?e /mX%# Kˆklcf @@# C`Yif @@ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j )- [\ XYi`c# cXj ('_,)% M`jkfj1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# j\ ZXc`$ ]`ZX cX [\dXe[X Zfdf ZcXiX# gi\Z`jX p hl\ i\Â’e\ cfj i\hl`$ j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# kiXdˆk\j\ cX d`jdX \e cX mˆX c\^Xc Zfii\jgfe[`\ek\ [\ Zfe$ ]fid`[X[ Zfe cf gi\m`jkf \e cX J\ZZ`Â?e /mX% [\c Kˆklcf @@# C`Yif @@ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :fe ]le[Xd\ekf \e \c 8ik% -+) `Y`[\d# j\ ZfeZ\[\ X cXj gXik\j \c k„id`ef [\ hl`eZ\ [ˆXj X ]`e [\ hl\ j\ gi\j\ek\e kf[Xj cXj Zl\jk`fe\j ZlpX i\jf$ clZ`Â?e ]l\i\ e\Z\jXi`X gXiX cc\$ mXi X ZXYf cX gXik`Z`Â?e%$ :fe ]le[Xd\ekf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :ˆk\j\ X cfj ?\i\[\ifj gi\jlekfj p [\jZf$ efZ`[fj [\c ZXljXek\ DXiZ\cf <jklXi[f :XdXZ_f 8ik\X^X# 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 ZlXe$

kf YXaf aliXd\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`$ m`[lXc`[X[ f i\j`[\eZ`X%$ 8 D\iZ\[\j DXiZ\cX G\iXckX I\[ˆe# Zˆk\j\ \e \c cl^Xi hl\ j\ `e[`ZX%$ :l„ek\j\ Zfe \c ;`i\Zkfi [\c J\im`Z`f [\ I\ekXj @ek\ieXj%$ 8^i„^l\j\ Xc gifZ\$ jf cX [fZld\ekXZ`�e hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX p cX Xlkfi`qX$ Z`�e ZfeZ\[`[X X cX XYf^X[X [\]\ejfiX%$ 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 le j\ccf 8%:%&.0.') <OKI8:KF

E FK8 I c 8 K I @ > y J @ D 8 GI@D<I8 ;<C :8EKäE HL@KF1 :Â’dgc\d\ gfe\i \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`$ ZX# fkfi^X[X Xek\ cX ;fZkfiX DXi`\cX Gfqf 8ZfjkX% EfkXi`X Ki`^„j`dX Gi`d\iX [\c :XekÂ?e Hl`kf# \c (0 [\ dXpf [\c XÂŒf )'((# \c j\ÂŒfi BC<M<I J8E;<I =8I<Q IL9@F# [`mfi$ Z`X[f# gfi jlj gifg`fj [\i\$ Z_fj2 p# cX j\ÂŒfiX 8;I@8E8 J L J8 E 8 H L @ E 8 G8 C CF E8I8EAF# [`mfiZ`X[X# gifZ\$ [`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX \o jfZ`\[X[ Zfepl^Xc# [\c dXki`dfe`f [`jl\ckf d\[`Xek\ j\ek\eZ`X [`ZkX[X gfi \c j\ÂŒfi Al\q M`^„j`df Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X# \c m\`ek\ [\ dXpf [\c [fj d`c el\m\# [\Y`$ [Xd\ek\ `ejZi`kX \e \c I\^`jkif :`m`c \c ZlXkif [\ dXpf [\c [fj d`c [`\q% CXj X[al[`ZXZ`fe\j [\c gXki`$ dfe`f j\ \eZl\ekiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X \jZi`$ kliX gÂ’Yc`ZX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc# gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ik% - [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ Efm`\dYi\ [\c )''-# hl\ X jl m\q i\]fidX \c 8ik% (/ [\ cX C\p EfkXi`Xc X^i\^Xe[f mXi`fj eld\iXc\j# \eki\ cfj ZlXc\j \c eld\iXc )* ]XZlckX Xc EfkXi`f [`jgfe\i cX `ejZi`gZ`Â?e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c\j# cX \jZi`kliX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl$ ^Xc# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# d\[`Xek\ leX glYc`ZXZ`Â?e# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfe$ pl^Xc Zfii\jgfe[`\ek\ X cfj \o ZÂ?epl^\j j\ÂŒfi\j BC<M<I J8E;<I =8I<Q IL9@F p 8;I@8E8 JLJ8E8 HL@E8G8CCF E8I8EAF# fkfi$ ^X[X d\[`Xek\ \jZi`kliX gÂ’Yc`$ ZX [\ [`\Z`el\m\ [\ dXpf [\c )'(( Xek\ cX jljZi`kX ;fZkfiX DXi`\cX Gfqf 8ZfjkX# EfkXi`X Ki`^„j`dX Gi`d\iX [\c :XekÂ?e Hl`kf# gfi \c k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijf$ eXj hl\ \m\eklXcd\ek\ klm`\$ i\e `ek\i„j \e \jkX c`hl`[XZ`Â?e gl\[Xe gi\j\ekXi jl fgfj`Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\$ i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% Hl`kf# dXpf (0 [\c )'((% ;I8% D8I@<C8 GFQF 8:FJK8# E FK8 I c 8 K I @ > y J @ D 8 GI@D<I8 ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&.0.+,&k] EFK8I@8 KI@><J@D8 F:K8M8

Gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX fkfi^X[X \c (. [\ DXpf [\c )'((# cfj \o ZÂ?epl^\j j\ÂŒf$ i\j FI=8 ;< CFJ 8E><C<J 8>L@C8I >LK@<II<Q P

D8I:F 8EKFE@F IFD<IF <J:F98I# Z\c\YiXife jl c`hl`[XZ`�e [\ Y`\e\j [\ cX JfZ`\[X[ :fepl^Xc# kiXejZl$ ii`[f \c k„id`ef [\ )' [ˆXj [\ \jkX glYc`ZXZ`�e p [\ ef \o`j$ k`i fgfj`Z`�e# j\ [`jgfe[i} jl `ejZi`gZ`�e \e \c I\^`jkif Zfii\jgfe[`\ek\% Hl`kf# X )' [\ DXpf [\c )'((% ;I% I<D@>@F 8>L@C8I 8>L@C8I EFK8I@F KI@><J@DF F:K8MF ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&.0.+'&k] ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C

J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc# hl\ \e \jkX al[`ZXkliX j\ _X gi\j\ekX[f leX [\dXe[X [\ Zlpf \okiXZkf \j \c j`^l`\ek\1 Clq DXiˆX >�d\q :XeZ_`^e`X# [\dXe[X cX I<:K@=@:8:@FE ;< JL G8IK@;8 ;< E8:@D@<EKF gXiX hl\ \e j\ek\eZ`X j\ gfe^X jlj efdYi\j p Xg\cc`[fj Zfii\Zkfj \jkf \j CLQ D8I@8 >FD<Q :8E:?@>E@8# _`aX [\ G\[if >�d\q p [\ DXiˆX AlXeX :XeZ_`^e`X FcXccX# [\Y`\e[f dXek\e\ij\ cfj [\d}j [Xkfj [\ ]`c`XZ`�e%$ 8:KFI1 CLQ D8I@8 >FD<Q :8E:?@>E@8 C% :FEKI8;@:KFI1 A<=< ;<C I<>@JKIF :@M@C AL@:@F1 <JG<:@8C%$ )'(($ '**' $A}e\k[ KX`g\ I% :L8EK@81 @e[\k\id`eX[X KI8D@K<1 <jg\Z`Xc F9A<KF ;< C8 ;<D8E;81 I\Zk`]`ZXZ`fe [\ [fZld\ekf g’Yc`Zf GIFM@;<E:@81 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# d`„i$ Zfc\j + [\ dXpf [\c )'((# cXj ('_'0%$ M@JKFJ%$ M@JKFJ1 CX [\dXe[X [\ i\Zk`]`ZXZ`�e [\ gXik`[Xj [\ `ejZi`gZ`�e [\ dXki`dfe`f p eXZ`d`\e$ kf hl\ gi\j\ekX CLQ D8I@8 >FD<Q :8E:?@>E@8 i\’e\ cfj i\hl`j`kfj [\ C\p# \e Zfe$ j\Zl\eZ`X j\ cX XZ\gkX Xc ki}$ d`k\ Zfii\jgfe[`\ek\ gfi cX mˆX <JG<:@8C%$ Gfi \o`jk`i _\Z_fj hl\ [\Y\e aljk`]`ZXij\# j\ i\Z`$ Y\ cX ZXljX X gil\YX gfi \c k„i$ d`ef [\ ZlXkif [ˆXj# k„id`ef hl\ Zfii\i} X g\k`Z`�e [\ gXik\ p d\[`Xek\ [\Zi\kf [\ \jkX al[`ZXkliX%$ ?}^Xj\ ZfefZ\i Xc g’Yc`Zf \e ^\e\iXc X kiXm„j [\ cX gi\ejX \e lef [\ cfj g\i`�$ [`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[# Zfe le \okiXZkf [\ cX [\dXe[X p \jkX gifm`[\eZ`X# :ldgc`[X cX gil\YX# �`^Xj\ Zfe kf[f cf XZklX[f Xc D`e`jk\i`f G’Yc`Zf X kiXm„j [\ lef [\ jlj X^\ek\j ]`jZXc\j# X hl`\e j\ c\ efk`]`ZXi} d\[`Xek\ f]`Z`f%$ :@K<J< Xc A\]\ [\c I\^`jkif :`m`c \e cX [`i\ZZ`�e j\ŒXcX$ [X%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e gi\j\ekX[X%$ I\^ˆjki\j\ cX ZXj`ccX al[`Z`Xc Ef% ./*# hl\ j\ŒXcX gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j%$ :@K<J< P EFK@=@HL<J<%$ ] ;I% D8I@F FIK@Q <JKI<CC8%$ AL<Q Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ GXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`f$ e\j# jˆimXj\ j\ŒXcXi cX ZXj`ccX al[`Z`Xc [\ le 8Yf^X[f Zfdf [`jgfe\ cX C\p% 8k\ekXd\ek\# ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0.*+&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8

<OKI8:KF :@K8:@äE AL;@:@8C 8C J<zFI ?L>F D8: M8:8 DFJHL<I8# 8:KFI1 89F>8;F ><IJFE MC8;@D@I ?8IF D<I@EF# <E :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;< G8:@=@:8I; J%8 ;<D8E;8;F1 ?L>F D8: M8:8 DFJHL<I8# AL@:@F M<I98C JLD8I@F

$Ef% (')+$)'('$;I% G8LC K8G@8 :L8EK@8 (*%','#-' :8J@CC<IF AL;@:@8C Ef% (0.- 89F>8;F ;<=<EJFI ;I% ><E8IF ;< C8 :ILQ ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# (' [\ X^fjkf [\c )'('# cXj ((_+-%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf \e cX gi\j\e$ k\ ZXljX \e ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX p \e m`ikl[ [\c jfik\f \]\ZklX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ C\p% Gfi Zfej`^l`\ek\# Xc j\i gifZ\[\e$ k\ \c ki}d`k\ m\iYXc jldXi`f# Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X# Zˆk\j\ Xc [\dXe[X[f j\Œfi ?L>F D8: M8:8 DFJHL<I8 \e \c cl^Xi `e[`ZX[f%$ K�d\j\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX ZXc`[X[ \e hl\ ZfdgXi\Z\ %$ 8^i„^l\j\ cX [fZld\ekXZ`�e X[alekX%$ :@K<J< P EFK@=@HL<J<%$ ] ;i% @m}e :\mXccfj QXdYiXef%$ AL<Q% ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# , [\ dXpf [\c )'((# cXj '0_)+%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi 8Yf^X[f >\ijfe McX[`d`i ?Xif D\i`ef# \e ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\ GXZ`]`ZXi[ J%8% p cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe \c Xlkf [\ ZXc`]`ZX$ Z`�e p \jkX gifm`[\eZ`X Zˆk\j\ Xc [\dXe[X[f ?L>F D8: M8:8 DFJHL<I8# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�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:&.0.** ( k] C8 I ;<C < ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@FE AL;@:@8C 81 I@:8I;F 8;I@8E JL8I<Q =CFI<J 8:KFI1 89% ><IJFE ?8IF D<;@E8 GIF:LI8;FI AL;@:@8C ;< G8:@=@:8I; ;<D8E;8;81 I@:8I;F 8;I@8E JL8I<Q =CFI<J AL@:@F1 M<I98C JLD8I@F K8IA<K8 Ef% ('*)$)'('$F< :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (' [\ X^fjkf [\c )'('# cXj ('_,)%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX p \e m`ikl[ [\c jfik\f Zfii\j$ gfe[`\ek\%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\$ Z`jX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj hl\ \o`^\ cX C\p%$;\j\ \c ki}d`k\ M\iYXc JldXi`f%$ :fe \c Zfek\e`[f [\ cX [\dXe[X p \jkX gifm`[\eZ`X _}^Xj\ jXY\i Xc [\dXe[X[f gXiX cfj i\jg\Zk`mfj ]`e\j [\ C\p%$ :ˆk\j\ Xc [\dXe[X[f I@:8I;F 8;I@8E JL8I<Q =CFI<J \e \c cl^Xi hl\ j\ `e[`$ ZX gXiX \c \]\Zkf \em`Xe[f cXj Zfii\jgfe[`\ek\j X cX F]`Z`eX [\ :`kXZ`fe\j%$ K„e^Xj\ \e Zl\ekX cX ZfdgXi\eZ`X [\c 8Yf^X[f >\ijfe ?Xif D\i`ef cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ [\Y`[Xd\ek\ aljk`]`ZX[f Zfe \c [fZld\ekf hl\ j\ XZfdgXŒX# cX Xlkfi`qXZ`�e hl\ j\ Zfe]`\$ i\ X jl 8Yf^X[f ;\]\ejfi p \c ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8^i„^l\ej\ cfj [fZld\ekfj hl\ j\ XZfdgXŒXe%$ ;\aXe[f Zfg`Xj Z\ik`]`ZX[Xj# i\Z`Yf p iXq�e \e Xlkfj [\j^c�j\e$


j\ cfj [fZld\ekfj jfc`Z`kX$ [fj%$ Efk`]ˆhl\j\%%$ =% ;i% @m}e :\mXccfj QXdYiXef Al\q% ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j 0 [\ dXpf [\c )'((# cXj ('_'+%$ LeX m\q hl\ \c XZZ`feXek\ _X ZfdgXi\Z`[f X [Xi Zldgc`d`\ekf X cf [`j$ gl\jkf \e \c 8ik% /) `eZ% *\if% [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ Xc [\dXe[X[f I@:8I;F 8;I@8E JLĂ?I<Q =CFI<J gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e cX Z`l[X[ [\ Hl`kf% Efk`]ˆhl\j\% ] ;i% @m}e :\mXccfj QXdYiXef Æ Al\q% Cf hl\ Zfdle`Zf p :@KF gXiX cfj i\jg\Zk`mfj ]`e\j [\ C\p# gi\m`e`„e[fc\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ALQ>8;F M@>yJ@DF HL@EKF :@M@C G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0.** ) k] <OKI8:KF AL@:@F Ef% ./$)'(($D=> ;<C@KF1 @EALI@8J

8:LJ8;FI G8IK@:LC8I1 CLG<I8 D8IK@E<Q =8LJKF IF;I@>F HL<I<CC8;F1 ALC@F :<J8I KFII<J ĂˆC8 I<GL9C@:8 ;<C <:L8;FI <E JL EFD9I< P GFI 8LKFI@;8; ;< C8 C<P# C8 ;F:KFI8 ><F:FE;8 CFI<E:<J D<Q8 AL<Q8 K<I:<IF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8 \eZXi^X[X1 ALQ>8;F K<I:<IF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8% Hl`kf# cle\j (+ [\ ]\Yi\if [\c )'((# cXj ((_(0% M@JKFJ1 <e d` ZXc`[X[ [\ Al\qX <eZXi^X[f [\ \jkX Al[`ZXkliX# XmfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX p \e cf gi`eZ`gXc1 Gfi i\le`i cfj i\hl`$ j`kfj [\k\id`eX[fj \e \c Xik% *.( [\c d`jdf Zl\igf c\^Xc j\ XZ\gkX Xc ki~d`k\ cX hl\i\ccX gi\j\ekX[X gfi \c ;i% =8LJKF IF;I@>F CLG<I8 D8IK@E<Q gfi \c [\c`kf [\ @EALI@8J# ki~$ d`k\ hl\ j\ \eZl\ekiX gi\m`jkf gXiX cfj [\c`kfj [\ XZZ`ÂŽe gi`$ mX[X# [\Y`\e[f gfi kXekf Z`kXi$ j\ Xc XZljX[f ALC@F :<J8I KFII<J \e c\^Xc p [\Y`[X ]fidX Zfe \c c`Y\cf [\ XZljX$ Z`ÂŽe p \jk\ Xlkf \e \c [fd`Z`c`f j\ÂŒXcX[f \e cX hl\i\ccX \jkf \j \e cXj f]`Z`eXj [\ >XdX KM [\ cX 8m\e`[X <cfp 8c]Xif ,+'' p I`f :fZX [\ \jkX Z`l[X[ [\ Hl`kf # gXiX cf ZlXc i\dˆkXj\ cXj Zfg`Xj [\ c\p X cX JXcX [\ :`kXZ`fe\j [\ cX =leZ`Â?e Al[`Z`Xc X ]`e [\ hl\ gifZ\[Xe X [Xi Zldgc`d`\ekf X cf fi[\$ eX[f%$ :‰k\j\ p Efk`]‰hl\j\ ] %$ ;iX% >\fZfe[X Cfi\eZ\j D\qX# Al\qX K\iZ\iX [\ >XiXekˆXj G\eXc\j [\ G`Z_`eZ_X% ALQ>8;F K<I:<IF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8% Hl`kf# cle\j (/ [\ XYi`c [\c )'((# cXj ('_+-%$ M@JKFJ1 <e cf gi`eZ`gXc [`j$ gfe^f1 ;\c i\ZfefZ`d`\ekf YXaf aliXd\ekf i\Xc`qX[f gfi gXik\ [\c XZljX[fi gXik`ZlcXi =8LJKF IF;I@>F CLG<I8 D8IK@E<Q # \e ZlXekf [\j$ ZfefZ\ \c [fd`Z`c`f \oXZkf [\c hl\i\ccX[f ALC@F :<J8I KFII<J # \e Zfej\Zl\eZ`X [\ XZl\i[f Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :ˆk\j\c\ Xc hl\i\ccX[f ALC@F :<J8I KFII<J# d\[`Xek\ ki\j glYc`$ ZXZ`Â?e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ gXiX cf ZlXc j\ XZfdgX$ ÂŒX cX ]fkfZfg`X [\ cX i\jg\Zk`mX XZljXZ`Â?e gXik`ZlcXi%$ :@K<J< P EFK@=@HL<J<% ] %$ ;iX% >\fZfe[X Cfi\eZ\j D\qX# Al\qX K\iZ\iX [\ >XiXekˆXj G\eXc\j [\ G`Z_`eZ_X% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p% ;I8% ><F:FE;8 CFI<E:<J D<Q8 AL<Q8 K<I:<I8 ;<

>8I8EK@8J G<E8C<J ;< G@:?@E:?8% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p Zfej`^l`\ek\j# gi\m`e`„e[fc\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`ccX al[`Z`Xc [\ekif [\ cX gi\j\ek\ ZXljX% ;I8% EFID8 I<P<J JFC8EF J<:I<K8I@8 <E:% ?Xp ]`idX p j\ccf 8:.0,('&k] <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 81 AFJ< <;L8I;F @KLII8C;< D8P8 8:KFI1 J88;@E 8C=I<;F J<II8EF M8CC8;8I<J ;<D8E;8;F1 AFJ< <;L8I;F @KLII8C;< D8P8 AL@:@F1 @EJFCM<E:@8 Ef +(* Æ )'(( $ :D% KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# dXik\j () [\ XYi`c [\c )'((# cXj '/_+0% M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\$ kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% ;\ cXj Zfg`Xj Z\ik`]`$ ZX[Xj hl\ j\ XZfdgXÂŒXe# j\ [\jgi\e[\ hl\ \c [\dXe[X$ [f j\ÂŒfi AFJ< <;L8I;F @KLII8C;< D8P8# j\ _XccX Zfdgi\e[`[f \e cX j`klXZ`Â?e gi\jZi`kX \e \c 8ik% ,(0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :f[`]`ZX[f# gfi cf hl\ j\ gi\jld\ jl `ejfcm\eZ`X p j\ [\ZcXiX Zfe cl^Xi Xc ZfeZlijf [\ XZi\\[fi\j% <e Zfej\Zl\e$ Z`X# gifZ„[Xj\ X cX fZlgXZ`Â?e p [\gÂ?j`kfj [\ jlj Y`\e\j# c`Yifj# Zfii\jgfe[\eZ`X p d}j [fZl$ d\ekfj [\c ]Xcc`[f# cfj d`jdfj hl\ j\ \eki\^Xi}e Xc jˆe[`Zf [\c ZfeZlijf ;i% 8ieXc[f =`Xccfj# Zfe hl`\e j\ ZfekXi} \e cX gi\j\ek\ ZXljX% GlYcˆhl\j\ cX ]fidXZ`Â?e [\c ZfeZlijf \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% FgfikleXd\ek\ j\ j\ÂŒXcXi} [ˆX p _fiX gXiX cX alekX [\ XZi\\$ [fi\j% Hl\ j\ XZldlc\ kf[fj cfj al`Z`fj j\^l`[fj \e ZfekiX [\c [\l[fi gfi fYc`^XZ`fe\j [\ [Xi f _XZ\i% I\dˆkXj\ Zfg`Xj e\Z\jXi`Xj X lef [\ cfj j\ÂŒf$ i\j Al\Z\j [\ cf G\eXc [\ \jkX gifm`eZ`X# gXiX cX ZXc`]`ZXZ`Â?e [\ cX `ejfcm\eZ`X% <c [\l[fi \e \c k„id`ef [\ fZ_f [ˆXj gi\$ j\ek\ \c YXcXeZ\ [\ jlj Y`\e\j \e ]fidX c\^Xc% :fdf \c ]Xcc`[f hl\[X \e `ek\i[`ZZ`Â?e [\ X[d`$ e`jkiXi jlj Y`\e\j# efk`]ˆhl\$ j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\c ZXekÂ?e# Xjˆ Zfdf kXdY`„e X cfj >\i\ek\j [\ cfj 9XeZfj [\ cX Z`l[X[# Al\Z\j [\ cf :`m`c [\ G`Z_`eZ_X# ;`i\ZZ`Â?e [\ D`^iXZ`Â?e# Jlg\i`ek\e[\ek\ [\ 9XeZfj# Jlg\i`ek\e[\ek\ [\ :fdgXŒˆXj# :fej\af EXZ`feXc <c\ZkfiXc# ;`i\Zkfi >\e\iXc [\c I\^`jkif :`m`c# @[\ek`]`ZXZ`Â?e p :\[lcXZ`Â?e# EfkXiˆXj [\c ZXe$ kÂ?e Hl`kf# I\^`jkif D\iZXek`c# j`e g\ial`Z`f [\ \jkX [\ZcXiX$ kfi`X# \c [\l[fi \e \c k„id`ef [\ ki\j [ˆXj [\ j\i c\^Xcd\ek\ Z`kX[f# gf[i} fgfe\ij\ X cX `ejfcm\eZ`X# gX^Xe[f cX [\l[X f [`d`k`\e[f Y`\e\j jXe\X[fj p jl]`Z`\ek\j% ;\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliXd\ekf i\e[`[f gfi \c XZZ`feXek\ [\ cX `dgf$ j`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# j\ [`jgfe\ Z`kXi Xc [\dXe[X[f j\ÂŒfi Afj„ <[lXi[f @kliiXc[\ DXpX# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf% 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c ZfdgXi\Z`\e$ k\%$ EFK@=@HL<J<% = ;I% I8LC D8I@zF ?<IEĂ?E;<Q AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\

j\ŒXcXi ZXj`cc\if al[`Z`Xc [\e$ kif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0,)+&k]

I_ gk_[h[i i[h \[b_p" [dj[hWc[dj[ iebe" `Wc|i be Yedi[]k_h|i$ :;CâIJ;D;I

<OKI8:KF 8:KFI1 @E>% ;8IN@E J8EK@8>F <I8QF

;<D8E;8;81 DFE@:8 M@M@8E8 9FIA8 E8I8EAF AL@:@F1 M\iYXc JldXi`f Ef% *0($)'(( 8> =LE;8D<EKF C<>8C1 8ik% *' c`k\iXc X C\p [\ @ehl`c`eXkf :L8EK@81 )%(''#ff [�cXi\j Xd\i`ZXefj 89F>8;F1 ;i% <[`jfe :X[\eX :8J@CC<IF Ef% ,), GIFM@;<E:@81 8lkf [\ ZXc`$ ]`ZXZ`�e ALQ>8;F K<I:<IF ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )0 [\ XYi`c [\c )'((# cXj ('_'-%$ M@JKFJ 1 <e m`jkX hl\ \c XZkfi _X [X[f Zld$ gc`d`\ekf X cf fi[\eX[f \e cX ’ck`dX gifm`[\eZ`X# cX gi\j\ek\ ZXljX j\ c\ X[d`k\ X ki}d`k\ \e al`Z`f m\iYXc jldXi`f%$ Gfi kXc :@K<J< Zfe cX [\dXe[X p gif$ m`[\eZ`X i\ZXˆ[X# X cX [\dXe$ [X[X DFE@:8 M@M@8E8 9FIA8 E8I8EAF# d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c Z�[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj XZfdgXŒX$ [fj%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f# p cX Xlkfi`qXZ`�e [X[X Xc XYf^X[f [\]\ejfi%$ Efk`]ˆhl\j\% ] ;I8% 9<IK?8 M@K<I@ =@8CCFJ%$ AL<Q8 Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j Zfej`$ ^l`\ek\j% C\ gi\m\e^f [\ cX fYc`^XZ`�e [\ j\ŒXcXi [fd`Z`$ c`f c\^Xc [\ekif [\c g\iˆd\kif liYXef Zfe]fid\ X cX C\p% 8k\ekXd\ek\% CZ[X% Dpi`Xd =l\ek\j J\Zi\kXi`X \ ALQ>8;F K<I:<IF ;< @EHL@C@E8KF ?Xp le j\ccf 8%:%&.0,') I [\c < ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

J< GFE< <E :FEF:@D@<EKF ;<C Gè9C@:F <E ><E<I8C <C G<;@;F ;< :FEJK@KL:@äE ;< G8KI@DFE@F =8D@C@8I ;< CFJ @EDL<9C<J J@>E8;FJ :FE CFJ ELD<IFJ ;F:< P KI<:<# D8EQ8E8 Ăˆ8É cfk`qX$ Z`Â?e Ăˆ:lXkif ?\idXefjÉ lY`$ ZX[f \e cX gXiifhl`X CX DXe} ZXekÂ?e CX DXe}# gifm`eZ`X [\ :fkfgXo` gifg`\[X[ [\ <CM@I8 J8I8 GCL8J <JG@EFQ8# :I@QQ C@Q9<K? M<C8JHL<Q GCL8J p :8IFC@E8 C<QQ<K? GCL8J <JG@EFQ8 <OKI8:KF AL@:@F :FEJK@KL:@äE ;< G8KI@DFE@F =8D@C@8I 8:KFI <CM@I8 J8I8 GCè8J <JG@EFQ8# :I@QQ C@Q9<K? M<C8JHL<Q GCL8J p :8IFC@E8 C<QQ<K? GCL8J <JG@EFQ8 KI8D@K<% <JG<:@8C :8LJ8 Ef% ,'-$)'('%$A= :L8EK@8% @E;<K<ID@E8;8 J<zFI AL<Q ;< CF :@M@C ;< G@:?@E:?81 EfjfkiXj1 <CM@I8 J8I8 GCè8J <JG@EFQ8# :8IFC@E8 C<QQ<K? GCè8J <JG@EFQ8 P :I@QQ C@Q9<K? M<CĂ?JHL<Q GCè8J# Xek\ ljk\[ ZfdgXi\Z\dfj p Xk\ekX$ d\ek\ dXe`]\jkXdfj1%$ El\jkifj efdYi\j p Xg\cc`[fj Zfdgc\kfj jfe cfj hl\ [\aXdfj j\ÂŒXcX[fj# jfck\iXj# [\ ++# ), p (0 XÂŒfj [\ \[X[# [\ fZlgX$ Z`Â?e \dgc\X[Xj gi`mX[Xj cXj [fj gi`d\iXj p \jkl[`Xek\# \e jl fi[\e# i\jg\Zk`mXd\ek\# [fd`Z`c`X[Xj \e \c :fd`k„ [\c Gl\Ycf eÂ’d\if [fj# Xek\j _fp liYXe`qXZ`Â?e :fc`eXj [\c Efik\# ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X%$Cfj ]le[Xd\e$ kfj [\ el\jkiX g\k`Z`Â?e jfe cfj j`^l`\ek\j1 :fe cXj gXik`[Xj [\ eXZ`d`\ekf hl\ X[alekXdfj#

m\e[i} X jl ZfefZ`d`\ekf hl\ cXj ZfdgXi\Z`\ek\j jfdfj dX[i\ \ _`aXj# p X[\d}j gif$ YXdfj el\jkif \jkX[f Z`m`c [\ jfck\iXj%(%$ D\[`Xek\ \jZi`kliX gÂ’Yc`ZX# Z\c\YiX[X Xek\ \c j\ÂŒfi EfkXi`f [\c ZXekÂ?e CX DXe}# ;i% =\ieXe[f If[iˆ^l\q 9fX[X# \c ZlXkif [\ ale`f [\ d`c efm\Z`\ekfj efm\ekX p el\m\# `ejZi`kX \c j`\k\ [\ alc`f [\ d`c efm\Z`\ekfj efm\ekX p el\m\# <CM@I8 J8I8 GCè8J <JG@EFQ8# gfi ZfdgiXm\ekX X D8IĂ 8 ;<C=@E8 GCè8J <JG@EFQ8# X[hl`\i\ \c `edl\$ Yc\ j`^eX[f Zfe \c eÂ’d\if ;F:<# DXeqXeX Ăˆ8É cfk`qXZ`Â?e Ăˆ:lXkif ?\idXefjÉ# lY`ZX[f \e cX gXiifhl`X CX DXe}# ZXe$ kÂ?e CX DXe}# gifm`eZ`X [\ :fkfgXo`# [\ leX jlg\i]`Z`\ [\ KI<J:@<EKFJ :L8I<EK8 P KI<J D<KIFJ :L8;I8;FJ :FE J<K<EK8 P :@E:F :<EKĂ D<KIFJ :L8;I8;FJ# Zfdgi\e[`[f [\ekif [\ cfj j`^l`\ek\j c`e[\ifj1 Efik\# Zfe cfk\ eÂ’d\if fZ_f [\ cX d`jdX dXeqXeX 82 Jli# Zfe ZXcc\ [\ cX cfk`qXZ`Â?e# <jk\# Zfe cfk\ ki\Z\ [\ cX d`jdX dXeqXeX 82 p F\jk\# Zfe \c cfk\ eÂ’d\if feZ\ [\ cX d`jdX dXeqXeX# Zlpfj [Xkfj p d}j \jg\Z`]`ZXZ`fe\j j\ \eZl\ekiXe [\kXccX[fj \e cX \jZi`kliX gÂ’Yc`ZX hl\ XZfdgX$ ÂŒXdfj%$ CX m\e[\[fiX X[hl`\$ i\ X jl m\q# gfi ZfdgiX X DXiˆX <ei`hl\kX 8cYXiiXZˆe A}Zfd\# d\[`Xek\ \jZi`kliX gÂ’Yc`ZX Z\c\YiX[X \e cX EfkXiˆX [\ cX DXe} \c [fZ\ [\ X^fjkf [\ d`c efm\Z`\ekfj efm\ekX p j`\k\# `ejZi`kX \c [`\Z`el\m\ [\ X^fj$ kf [\ d`c efm\Z`\ekfj efm\ekX p j`\k\# YXaf \c eÂ’d\if -'( [\c I\^`jkif [\ Gifg`\[X[\j p „jkX X jl m\q# X[hl`i`Â? gfi X[al$ [`ZXZ`Â?e# j\^Â’e \jZi`kliX gÂ’Yc`ZX Z\c\YiX[X \e cX EfkXiˆX K\iZ\iX [\ CXkXZle^X \c [`\q [\ dXiqf [\ d`c efm\Z`\ekfj fZ_\ekX p el\m\# `ejZi`kX \c ki\Z\ [\ dXpf [\ d`c efm\Z`\e$ kfj fZ_\ekX p el\m\%$ D\[`Xek\ \jZi`kliX gÂ’Yc`ZX XZcXiXkfi`X Z\c\YiX[X \e cX EfkXiˆX [\ CX DXe}# \c fZ_f [\ X^fjkf [\c [fj d`c ki\j# dXi^`eX[X \c m\`ek`$ j„`j [\ X^fjkf [\c [fj d`c ki\j# Zfe \c eÂ’d\if ZlXkifZ`\ekfj j\k\ekX p j\`j +.- [\c I\^`jkif [\ Gifg`\[X[\j# j\ XZcXiX hl\ j\ ZfdgiX X ]Xmfi [\ cXj d\efi\j :I@QQ C@Q9<K? M<CĂ?JHL<Q GCè8J P :8IFC@E8 C<QQ<K? GCè8J <JG@EFQ8# i\gi\j\ekX[Xj gfi jl dX[i\ <cm`iX GcÂ’Xj%$ 8Z\gkXZ`Â?e# dXi^`eX[X \c [`\$ Z`j`\k\ [\ dXiqf [\c [fj d`c Z`eZf# YXaf \c eÂ’d\if ki\jZ`\e$ kfj j`\k\ *'. [\c I\g\ikfi`f# d\[`Xek\ cX ZlXc cX j\ÂŒfi`kX :8IFC@E8 C<QQ<K? GCè8J <JG@EFQ8# XZ\gkX cX ZfdgiX _\Z_X X jl ]Xmfi%$ ;\dXe[X# `ejZi`kX \c (. [\ alc`f [\c )''/# YXaf \c eÂ’d\if (- [\ [\dXe$ [Xj# [`ZkX[X gfi \c j\ÂŒfi Al\q :`m`c [\ CX DXe}# \e \c al`Z`f Ef% (.' Æ )''/# [\ elc`[X[ [\ \jZi`kliXj%$ 8Z\gkXZ`Â?e# dXi^`$ eX[X \c )* [\ dXiqf [\c [fj d`c el\m\# d\[`Xek\ cX ZlXc# cX j\ÂŒfi`kX :I@QQ C@Q9<K? M<CĂ?JHL<Q GCè8J# XZ\gkX cX ZfdgiX _\Z_X X jl ]Xmfi Zfe ZfefZ`d`\ekf [\ cX [\dXe[X% )%$ D\[`Xek\ \jZi`kliX gÂ’Yc`ZX# Z\c\YiX[X Xek\ \c j\ÂŒfi EfkXi`f [\c ZXekÂ?e CX DXe}# ;i% =\ieXe[f If[iˆ^l\q 9fX[X# \c ki\`ekX [\ XYi`c [\ d`c efm\$ Z`\ekfj efm\ekX p el\m\# `ej$ Zi`kX \c j\`j [\ dXpf [\ d`c efm\Z`\ekfj efm\ekX p el\m\# YXaf \c eÂ’d\if ki\jZ`\ekfj [fZ\ *() [\c I\^`jkif [\ Gifg`\[X[\j# p Zfe \c eÂ’d\if ZlXkifZ`\ekfj m\`ek\ p j`\k\ +). [\c I\g\ikfi`f# [\ \j\

XÂŒf# <CM@I8 J8I8 GCè8J <JG@EFQ8# gfi ZfdgiXm\ekX X AL8E8 >L@CC<ID@E8 :8C@ GCè8J# X[hl`\i\ \c `edl\Yc\ j`^eX[f Zfe \c eÂ’d\if KI<:<# DXeqXeX Ăˆ8É cfk`qXZ`Â?e Ăˆ:lXkif ?\idXefjÉ# lY`ZX[f \e cX gXiifhl`X CX DXe}# ZXekÂ?e CX DXe}# gifm`eZ`X [\ :fkfgXo`# [\ leX jlg\i]`Z`\ [\ KI<J:@<EKFJ :@E:L<EK8 P ;FJ D<KIFJ :L8;I8;FJ# Zfdgi\e[`[f [\ekif [\ cfj j`^l`\ek\j c`e[\ifj1 Efik\# Zfe cfk\ eÂ’d\if fZ_f [\ cX d`jdX dXeqXeX 82 Jli# Zfe ZXcc\ [\ cX cfk`qXZ`Â?e2 <jk\# Zfe cfk\ ZXkfi$ Z\ [\ cX d`jdX dXeqXeX 82 p F\jk\# Zfe \c cfk\ eÂ’d\if [fZ\ [\ cX d`jdX dXeqXeX# Zlpfj [Xkfj p d}j \jg\Z`]`ZXZ`fe\j j\ \eZl\ekiXe [\kXccX[fj \e cX \jZi`kliX gÂ’Yc`ZX hl\ XZfdgX$ ÂŒXdfj%$ CX m\e[\[fiX X[hl`\$ i\# gfi ZfdgiX X cX j\ÂŒfiX DXiˆX <ei`hl\kX 8cYXiiXZˆe A}Zfd\# d\[`Xek\ \jZi`kliX gÂ’Yc`ZX Z\c\YiX[X \e cX EfkXiˆX [\ CX DXe} \c ki\j [\ [`Z`\dYi\ [\ d`c efm\Z`\ekfj efm\ekX p j`\k\# `ejZi`kX \c [`\q [\ [`Z`\d$ Yi\ [\ d`c efm\Z`\ekfj efm\ekX p j`\k\# YXaf \c eÂ’d\if efm\$ Z`\ekfj efm\ekX p Z`eZf 00, [\c I\^`jkif [\ Gifg`\[X[\j p „jkX Â’ck`dX X[hl`\i\ gfi gXik`$ Z`Â?e# j\^Â’e \jZi`kliX gÂ’Yc`ZX# `ejZi`kX \c ki\Z\ [\ dXpf [\ d`c efm\Z`\ekfj fZ_\ekX p el\m\%$ D\[`Xek\ \jZi`kliX gÂ’Yc`ZX XZcXiXkfi`X Z\c\YiX[X \e cX EfkXiˆX [\ CX DXe}# \c [`\Z`$ el\m\ [\ X^fjkf [\c [fj d`c [fj# dXi^`eX[X \c m\`ek`lef [\ X^fjkf [\c [fj d`c [fj# j\ XZcX$ iX hl\ Zfdf ZfdgiX[fi\j kXdY`„e jfe cXj d\efi\j :I@QQ C@Q9<K? M<CĂ?JHL<Q GCè8J P :8IFC@E8 C<QQ<K? GCè8J <JG@EFQ8# `ejZi`kX \c [`\Z`fZ_f [\ X^fjkf [\c [fj d`c ZlXkif# YXaf \c eÂ’d\if hl`e`\e$ kfj hl`eZ\ ,(, [\c I\^`jkif [\ Gifg`\[X[\j# d\[`Xek\ cX ZlXc cX ZfdgiX \j \oZclj`mX$ d\ek\ X ]Xmfi [\ cXj `e[`ZX[Xj d\efi\j%$ 8Z\gkXZ`Â?e# dXi^`$ eX[X \c [`\Z`j`\k\ [\ dXiqf [\c [fj d`c Z`eZf# YXaf \c eÂ’d\if ki\jZ`\ekfj fZ_f *'/ [\c I\g\ikfi`f# d\[`Xek\ cX ZlXc cX j\ÂŒfi`kX :8IFC@E8 C<QQ<K? GCè8J <JG@EFQ8# XZ\gkX cX ZfdgiX _\Z_X X jl ]Xmfi%$ ;\dXe[X# `ejZi`kX \c )0 [\ dXpf [\c )''/# YXaf \c eÂ’d\if (+ [\ [\dXe[Xj# [`ZkX[X gfi \c j\ÂŒfi Al\q :`m`c [\ CX DXe}# \e \c al`Z`f Ef% (() Æ )''/# [\ elc`[X[ i\cXk`mX%$ 8Z\gkXZ`Â?e# dXi^`eX[X \c m\`ek`ki„j [\ dXiqf [\c [fj d`c el\m\# d\[`Xek\ cX ZlXc# cX j\ÂŒfi`kX :I@QQ C@Q9<K? M<CĂ?JHL<Q GCè8J# XZ\gkX cX ZfdgiX _\Z_X X jl ]Xmfi Zfe ZfefZ`$ d`\ekf [\ cX [\dXe[X%$ :fe cfj Xek\Z\[\ek\j \ogl\jkfj p Zfe$ ]fid\ j\ [\jgi\e[\ [\ cfj Zfii\jgfe[`\ek\j Z\ik`]`ZX[fj Zfe]\i`[fj gfi \c j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[# cfj gi\[`fj ef k`\e\e ^iXm}d\$ e\j# e` gif_`Y`Z`fe\j [\ \eXa\$ eXi# c`d`kXZ`fe\j [\ [fd`e`f hl\ cfj X]\Zk\e%*%$ :fe cfj i\j$ g\Zk`mfj Z\ik`]`ZX[fj fkfi^X$ [fj gfi cX f]`Z`eX [\ 8mXcÂ’fj p :XkXjkifj [\c @% Dle`Z`g`f [\c ZXekÂ?e CX DXe}# ZfdgifYX$ dfj \c XmXcÂ’f [\ cfj Z`kX[fj `edl\Yc\j%+%$ 8dgXiX[Xj \e cf [`jgl\jkf gfi \c 8ik% /*, p j`^l`\ek\j [\c :Â?[`^f :`m`c# p gfi j\i \jkX el\jkiX mfclekX[ p el\jkif [\j\f Zfejk`kl`i G8KI@DFE@F =8D@C@8I [\ cfj `edl\Yc\j j\ÂŒXcX[fj \e Y\e\$ ]`Z`f el\jkif# \e ZXc`[X[ [\ dX[i\ \ _`aXj% ,%$ :fe cfj Xek\$ Z\[\ek\j \ogl\jkfj p ]le[X$ d\ekX[Xj \e cX Z`kX[X [`jgfj`$ Z`Â?e c\^Xc# ZfdgXi\Z\dfj Xek\

jl j\ÂŒfiˆX p jfc`Z`kXdfj cX i\j$ g\Zk`mX c`Z\eZ`X al[`Z`Xc# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /+, [\c :Â?[`^f :`m`c# Xlkfi`qXZ`Â?e hl\ [\Y\i} `ej\i$ kXij\ \e cXj \jZi`kliXj i\jg\Z$ k`mXj \ `ejZi`Y`ij\ \e \c I\^`jkif [\ cX gifg`\[X[ [\c ZXekÂ?e [fe[\ g\ik\e\Z\e cXj gifg`\$ [X[\j%-%$ CX ZlXekˆX [\ \jkX XZZ`Â?e \jkX [\k\id`eX[X gfi cfj XmXcÂ’fj [\ cfj Y`\e\j `edl\Yc\j hl\ j\ mXe X Zfej$ k`kl`i \e gXki`dfe`f ]Xd`c`Xi \c d`jdf hl\ XjZ`\e[\ X KI<@EK8 P KI<J D@C ;FC8I<J%.%$ <c ki}d`k\ X [Xij\ X cX gi\j\ek\ [\dXe[X \j \c \jkXYc\Z`[f gfi \c 8ik% /++ p j`^l`\ek\j [\c :Â?[`^f :`m`c%/%$ <e cX gi\j\ek\ ZXljX j\ ZfekXi} Zfe lef [\ cfj J\ÂŒfi\j 8^\ek\j =`jZXc\j [\ G`Z_`eZ_X%0%$ 8[alekXdfj Z\ik`]`ZX[fj [\ I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e CX DXe} p cXj \jZi`kliXj fi`^`eXc\j [\ cfj `edl\Yc\j Z`kX[fj# \jZi`kl$ iXj gÂ’Yc`ZXj hl\ [\a}e[fj\ Zfg`Xj Z\ik`]`ZX[Xj \e Xlkfj# j\ j\im`i} [\mfcm\iefj gXiX cf ZlXc j\ [`jgfe[i} \c [\j^cfj\ Zfii\jgfe[`\ek\% $ <jZi`kliX [\ ZfdgiXm\ekX Z\c\YiX[X \c + [\ ale`f [\ (000# `ejZi`kX \c . [\ alc`f [\ (%0002 `ejZi`kX \c )- [\ X^fjkf [\c )''*2$<jZi`kliX [\ 8ZcXiXkfi`X p i\Zk`]`ZXZ`Â?e [\ (0 [\ X^fjkf [\c )'')2$ <jZi`kliX [\ ZfdgiXm\ekX# Z\c\YiX[X \c *' [\ 8Yi`c [\ (000# `ejZi`kX \c - [\ dXpf [\ (0002$ <jZi`kliX [\ 8ZcXiXkfi`X p i\Zk`]`ZXZ`Â?e Z\c\YiX[X \c (0 [\ X^fjkf [\c )'')# `ejZi`kX \c )( [\ X^fjkf [\c )'')2$ <jZi`kliX [\ 8ZcXiXkfi`X p i\Z$ k`]`ZXZ`Â?e Z\c\YiX[X \c + [\ X^fjkf [\c )''+# `ejZi`kX \c (/ [\ X^fjkf [\c )''+2$ <jZi`kliX [\ 8Z\gkXZ`Â?e Z\c\YiX[X \c )' [\ ]\Yi\if [\c )''0# `ejZi`kX \c )* [\ dXiqf [\c )''0% KFK8C J<@J <J:I@KLI8J ('%$ Efk`]`ZXZ`fe\j hl\ efj Zfii\j$ gfe[Xe cXj i\Z`Y`i\dfj \e \c ZXj`cc\if al[`Z`Xc Ef%)'+0 [\c GXcXZ`f [\ aljk`Z`X [\ \jkX Z`l$ [X[ [\ Hl`kf%((%$ ;\j`^eXdfj Zfdf el\jkif [\]\ejfi Xc j\ÂŒfi ;i% >l`cc\idf D`k\j :X[\eX# gif]\j`feXc [\c ;\i\Z_f# Xc hl\ ]XZlckXdfj gXiX hl\ Zfe jl jfcX ]`idX jljZi`YX p gi\j\ek\ kf[f ZlXekf \jZi`kf ]l\i\ e\Z\$ jXi`f \e \jkX ZXljX p \e [\]\e$ jX [\ el\jkifj `ek\i\j\j% =`idXdfj ZfealekXd\ek\ Zfe el\jkif 8Yf^X[f [\]\ejfi% JIK8% <CM@I8 J8I8 GCè8J <JG@EFQ8%# JIK8%:8IFC@E8 C<QQ<K? GCè8J <% JIK8% :I@QQ C@Q9<K? M<CĂ?JHL<Q GCè8J% ;I% >L@CC<IDF D@K<J :8;<E8%D8K% ,-'/ Æ :%8%G% <J:I@KF J<zFI AL<Q K<I:<IF ;< CF :@M@C ;< G@:?@E:?81 <CM@I8 J8I8 GCè8J <JG@EFQ8# :8IFC@E8 C<QQ<K? GCL8J <JG@EFQ8 p :I@QQ C@Q9<K? M<C8JHL<Q GCL8J \e i\cXZ`Â?e Xc al`Z`f [\ :fejk`klZ`Â?e [\ GXki`dfe`f =Xd`c`Xi j`^eX[f Zfe \c Ef%','-$)'('$ [\Z`dfj%$ <eZfeki}e[fefj [\ekif [\c k„id`ef dXe`]\jkXdfj hl\ \c ki}d`k\ hl\ [\Y\ [Xij\ X cX ZXljX \j \c \jg\Z`Xc [\ Ali`j[`ZZ`Â?e MfclekXi`X# Zfek\$ e`[f [\ekif [\c Kˆklcf O@ [\c c`Yif J\^le[f i\]\i\ek\ Xc GXki`dfe`f =Xd`c`Xi Zfek\e`[f \e \c 8ik% /+, p j`^l`\ek\j [\ cX :f[`]`ZXZ`Â?e M`^\ek\ [\c :Â?[`^f :`m`c# \e ZfeZfi[XeZ`X Zfe cfj 8ikj% (/ [\c :Â?[`^f :`m`c p 8ik% ('(* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ ;I% >L@CC<IDF D@K<J :8;<E8%$ ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# al\m\j ( [\ alc`f [\c )'('# cXj (-_)/ $M@JKFJ%$ ;i% NX^e\i 8iklif A~k`mX Hl`ifq# Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX d\[`Xek\ 8ZZ`ÂŽe [\ 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\[\1$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# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /+,

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? [\c :Â?[`^f :`m`c [\j\ \c ki}d`$ k\ c\^Xc \jg\Z`Xc i\jg\Zk`mf%$ :l„ek\j\ Zfe \c j\ÂŒfi 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X# Zfdf i\gi\j\ekXek\ [\c D`e`jk\i`f GÂ’Yc`Zf%$ ;\ XZl\i$ [f X cf [`jgl\jkf \e \c 8ik% /+- [\c :Â?[`^f :`m`c glYcˆhl\j\ \c \okiXZkf i\jg\Zk`mf# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf gfi ki\j [ˆXj# ]ˆa\ej\ cfj ZXik\c\j i\jg\Zk`mfj [liXek\ [`\q [ˆXj%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX$ [X% FgfikleXd\ek\ j\ gifm\\$ i} \e cf [\d}j%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f j\ÂŒXcX[f% 8ZkÂ’\ cX ;iX% DXiˆX <c\eX >l\ii\f# Zfdf J\Zi\kXi`X \eZXi^X[X [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX XZZ`Â?e [\ g\i$ jfeXc Ef% ((.($ ;G$ ;GG [\ ]\Z_X )) [\ ale`f [\c )'('%$ EFK@=@HL<J<%$ = ;I% N8>E<I 8IKLIF A8K@M8 HL@IFQ AL<Q JLGC<EK< Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p%$ ;iX% DXiˆX <c\eX >l\ii\if J<:I<K8I@8 ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 < ?Xp ]`idX p j\ccf 8:&.0.''&k] I<Gè9C@:8 ;<C <:L8;FI <OKI8:KF M@JKF 9L<EF E— ('--'$ )'(($9:

8:KFI1 CL@J =<IE8E;F FK<IF IL<;8 8::@FE8;F1 >8CF O8M@<I E8IM8<Q :?8=L<C :8LJ8C1 ( ;<C 8IK% (.) :ä;@>F ;<C KI898AF% ;\ekif [\c Ki}d`k\ [\ M`jkf 9l\ef E— ('--'$)'(($ 9:% gi\j\ekX[X gfi \c X j\ÂŒfi X CL@J =<IE8E;F FK<IF IL<;8# Gifg`\kXi`f p I\gi\j\ekXek\ c\^Xc [\ I8;@8;FI<J 8% FK<IF# \e ZXc`[X[ [\ \dgc\X[fi X # \e ZfekiX [\c X j\ÂŒfi X >8CF O8M@<I E8IM8<Q :?8=L<C# \e ZXc`[X[ [\ kiXYXaX[fi X # j\ _X [`ZkX[f cf hl\ j`^l\1 @EJG<::@FE ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# (* [\ dXpf [\c )'((# X cXj (,?,)% <e d„i`kf [\c jfik\f [\ c\p hl\ Xek\Z\[\# XmfZf ZfefZ`d`\ekf [\ cX jfc`Z`kl[ [\ M`jkf 9l\ef E— ('--'$)'(($9:% <e cf gi`e$ Z`gXc X^i„^l\j\ Xc ki}d`k\ \c \jZi`kf gi\j\ekX[f p Xk\e$ [`\e[f Xc d`jdf j\ [`jgfe\1 ( <e Xgc`ZXZ`Â?e Xc 8ik% (/*# ,+,# Xki`YlZ`Â?e ,kX% p -)( [\c :Â?[`^f [\c KiXYXaf# Zfe cX Zfg`X [\ cX jfc`Z`kl[ [\ M`jkf 9l\ef hl\ Xek\Z\[\ p \jkX gifm`[\e$ Z`X efk`]ˆhl\j\ Xc kiXYXaX[fi d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi ZlXekf \c \dgc\X[fi YXaf aliXd\ekf [\ZcXiX [\jZfefZ\i \c [fd`Z`c`f [\ cX XZZ`feX[X# X hl`\e j\ c\ ZfeZ\[\ \c k\id`ef [\ m\`ek\ [ˆXj gXiX hl\ Zfe$ k\jk\ p j\ÂŒXc\ ZXj`cc\if al[`$ Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j% GXiX kXc \]\Zkf \eki„^l\j\ \c Zfii\jgfe[`\ek\ \okiXZkf% ) KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi p cX Xlkfi`qXZ`Â?e fkfi^X[X Xc gif]\j`feXc [\c [\i\Z_f hl\ jljZi`Y\ \e cX gi\j\ek\ ZXljX#$ EFK@=@HL<J<%$ ] 8Y^% 9Xpife :XYi\iX C\dX% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p @EJG<:KFI ;< KI898AF ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0.(*&k]

Ä Ä

8ELC8:@FE<J

BANCO PICHINCHA HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ++)0 mXcfi /'#'' [\ cX :kX% :k\% Ef% *)+/.,0''+ g\ik\$ e\Z`\ek\ X 8M@C8 ELE<Q# <L><E@8$;<C G@C8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (00 mXcfi +'#'' [\ cX :kX% :k\% Ef% *+-..',)'+ g\ik\$ e\Z`\ek\ X C8I8 8CM8I<Q# AL8E$8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (+. [\ cX :kX% :k\% Ef% *+/0.,))'+ g\ik\e\Z`\ek\ X ;@8Q Q8D9I8EF# D8I@8$ <C<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +'+* [\ cX :kX% :k\% Ef% *'*'/*)0'+ g\ik\e\Z`\e$ k\ X G<I<Q J?LB@FJB@# J<98JK@8E$I@:8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )'( mXcfi ,0#'/ [\ cX :kX% :k\% Ef% *+,0,,,*'+ g\ik\e\Z`\e$ k\ X :8:F8E>F 8C98#CL@J$ 8IKLIF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ()*)' mXcfi .)#,) [\ cX :kX% :k\% Ef% *).0++)/'+ g\ik\e\$ Z`\ek\ X 8LKFDFKFI<J ;<C JLI J%8% 8L;<JLI [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *-*, mXcfi ()*#)' [\ cX :kX% :k\% Ef% *'-.-(,.'+ g\ik\e\Z`\e$ k\ X 8I9FC<;8 :8JK@CCF# JLJ8E8$9<8KI@Q [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef --+/ mXcfi (*'#'' [\ cX :kX% :k\% Ef% *),0)(/.'+ g\ik\e\Z`\ek\ X D8>ELDJ<> :@8%CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& / d^ 444444

Ĺ? Ĺ?

Ĺ?


Ĺ? Ĺ?

Ĺ?

Ä Ä‚

Ĺ? ĂăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%--,)$ --,. [\ cX :kX% :k\% Ef% *),0)(/.'+ g\ik\e\Z`\ek\ X D8>ELDJ<> :@8%CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )./ mXcfi *''#'' [\ cX :kX% :k\% Ef% *+-.'-'+'+ g\ik\e\$ Z`\ek\ X J8C8Q8I J8E:?<Q# D8I@8$;FCFI<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,/( Xc -+' [\ cX :kX% :k\% Ef% *),)*).('+ g\ik\e\Z`\ek\ X I<D8:?< D<;@E8# 8E><C$ D8I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’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 :8CC< <JG@EFQ8# J<>LE;F$I@>F9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (), mXcfi ,''#'' [\ cX :kX% :k\% Ef% *+/,0-0*'+ g\ik\e\$ Z`\ek\ X =@>L<IF8 9FE@CC8# M@CD8$@J89<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ((/( Xc ()+' [\ cX :kX% :k\% Ef% *(/,.+)/'+ g\ik\e\Z`\e$ k\ X >8CC<>FJ :8;<E8# >I8:<$:8IFC@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef )0) [\ cX :kX% :k\% Ef% *+.+)*'('+ g\ik\e\Z`\ek\ X 8LC<JK@8 =<II<K<I@8 GLEKF :FD J%8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (+// mXcfi +,,#/+ [\ cX :kX% :k\% Ef% *+++'0(0'+ g\ik\e\Z`\ek\ X ALI8;F :<M8CCFJ# E8K?8CP$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,,. mXcfi ,'#'' [\ cX :kX% :k\% Ef% *'()()+.'+ g\ik\e\Z`\ek\ X <J:F98I 8E;I8;<# E<CCP$ ;< C8J D<I:<;<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’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 IFD<IF 8C:@M8I# D@I@8E$ D8I@9<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ))( Xc )/' [\ cX :kX% :k\% Ef% **0.++*,'+ g\ik\e\Z`\ek\ X 8CFDFKF DFI8C<J# D8I:F$ M@E@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (()( Xc ((,' [\ cX :kX% :k\% Ef% *(0)*0(('+ g\ik\e\$ Z`\ek\ X G8L:8I >L@C:8G@# IL9<E$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef 0.* mXcfi ()'#'' [\ cX :kX% :k\% Ef% *',..*-0'+ g\ik\e\$ Z`\ek\ X ?<II<I8 ?<II<I8# D8EL<C$8E8JK8:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ),)' mXcfi *-/#'' [\ cX :kX% :k\% Ef% *',0+,..'+ g\ik\e\Z`\e$ k\ X J<ID8@E: :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (-)+ mXcfi *-/#'' [\ cX :kX% :k\% Ef% *'/*0()('+ g\ik\e\Z`\ek\ X <J:8M@CC8 J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef .'( Xc .*' [\ cX :kX% :k\% Ef% *')',(**'+ g\ik\e\Z`\ek\ X J@CM8 8:FJK8# =I8E:@J:F$ A8M@<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (**. [\ cX :kX% :k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (**/ [\ cX :kX% :k\% Ef% **,'+),-'+ g\ik\e\Z`\e$ k\ X Q8>8C @Q8# D@CKFE$ ><FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )- d^

Ĺ?

444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )*-* [\ cX :kX% :k\% Ef% **-)-.**'+ g\ik\e\Z`\ek\ X K8G@8 >FD<Q# A<EEP$ <C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ('*( Xc ('0' [\ cX :kX% :k\% Ef% *'./)0+,'+ g\ik\e\Z`\ek\ X :LD98C :L8C:?@#D8I:<CF$ 8C=I<;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )/ d^

COOPROGRESO ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*(')')/'+ 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 DLzFQ DFI8C<J CL@J N8J?@E>KFE j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0++& (d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+)./+' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.')().'* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X IF:?8 DFI<AFE 8DG8IF ;<C G@C8I j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0+,& )d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''(()*/)) 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 J8E;FM8C IF:?8 D8ICFE 8E;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:&('0+-& *d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '.'('-,(*/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '..''('+(. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8C8Q8I M8C<EQL<C8 C@C@8E8 ;<C IF:@F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0+.& +d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '.(''+(')( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '..'')/-*0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?8:L8 KI<AF <;N@E N@CD<I j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0+/& ,d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')(''/,+)* p

I_ bei ^ecXh[i i[ b_c_jWhWd W ^WXbWh iebWc[dj[ Z[ be gk[ [dj_[dZ[d Wf[dWi o ^WXbWh‡Wd$ 7HJ>KH =H7< 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 9FIA8 I8D@I<Q DFE@:8 8I8:<CP j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0+0& -d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''(()+)(( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8E;FM8C :8@Q8 A8@D< 9<EA8D@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:&('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 @Q8 >FEQ8C<J JFI8P8 D8I@JFC j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0,(& /d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()***,0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D<E;<Q KFII<J J<>LE;F <C@A<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\ekf cfj i\ZcXd\% 8:&('0)-&( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(+0(00+ 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 G@CC8AF J@D98z8 D8I@8K<I<J8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0).&) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()(-)+* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''),-..# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :ILQ D8IK?8 :<:@C@8 ;< CLI;<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\ekf cfj i\ZcXd\% 8:&('0)/&* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+-++/+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.')./*/+# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X 8E;@EF <EI@HL<Q G8FC8 8C<O8E;I8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0)0&+ d^ 44444

;\Y`[f X cX g„i[`[X [\ Ef% :\ik`]`ZX[f ;G=% '0(;G='''+)/++ & ,-,/+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<>8 :?LJ@E D8I@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 [fZl$ d\ekf cfj i\ZcXd\% 8:&('0*'&, d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX 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 K@G8EKLz8 :?@E:?@E CL@J I8LC j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0*(&- d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +')(''''/'// [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8DG8Q HL@zFE<Q ?L>F A8M@<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\ekf cfj i\ZcXd\% 8:&('0*)&. d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'('.*/*) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ()'.'*(.'.# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X C8J@EHL@Q8 :?FKF D8I@8 QF@C8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0**&/ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-(,''/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.').)**0# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X P8>L8:?@ K<E< AL8E :8ICFJ j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0,*&( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+(')).,*( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X HL@E8KF8 :8J8 DFE@:8 G8KI@:@8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0,+&) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +'+((')/,-,* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +'+(.')*+*(.# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?@CL@J8 8 CM8 I < Q < C @ Q 8 9 < K ? :C<FK@C;< j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\%

8:&('0,,&* d^ 44444 ;\Y`[f X cX g„i[`$ [X [\c Ef% :\ik`]`ZX[f ;G='/(;G=''().('* & ,///+[\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X IF98C@EF :8C;<IFE G8KI@:@8 >I8:@<C8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0,-&+ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/''''(*), [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<I;<JFKF :FE;FI D@>L<C 8E><C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0,.&, d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*(')),(,0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8JK@CCF 8CD<@;8 D8I@8 @J89<C j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0,/&- d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +((((''-'.0' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +(((.'',-0('# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8;<E8 M8:8 D8I:@8 G8FC8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0,0&. 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 =L<I<Q 9<CKI8E <;N@E FIC8E;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0-'&/ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+(''./*)) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.''-./0'# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X FIK<>8 CF8:?8D@E 8E8 ;<C IF:@F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0-(&0 d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% ('.'''',+-# Ef% :\ik`]`ZX[f ;G=$[\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X CLHL< :?@:8@Q8 CLG< D@CB8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0-)&(' d^

BANCO RUMIĂ‘AHUI HL<;8 8ELC8;8

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

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

BANCO PROCREDIT J\ gifZ\[\i} XelcXi gfi g„i$ [`[X f jljkiXZZ`�e [\c ]fidl$ cXi`f [\ Z_\hl\ eld\iX[f Ef% '''*0. [\ cX Zl\ekX Zfii`\ek\ Ef% (( '*'' //0)*# [\c 9XeZf Gif:i\[`k J%8% g\ik\e\Z`\e$ k\ X GXi\[\j M`mXeZf Bc\m\i <[lXi[f# Zfe :%@% (('(.,)(+$*% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj% 8%G%&+0)*/&b%d% 444444 J\ gifZ\[\i} X XelcXi gfi g„i[`[X f jljkiXZZ`�e \c ]fi$ dlcXi`f [\c Z_\hl\ eld\iX[f '''+0. [\ cX Zl\ekX Zfii`\e$ k\ Ef% *-'*'()('0- [\ 9XeZf GifZi\[`k J%8%# g\ik\e\Z`\ek\ X HL@EK<IFJ =I<@I< N8CK<I ;8E@CF% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8I&/*''0&ZZ 444444 J\ gifZ\[\i} X XelcXi gfi g„i[`[X f jljkiXZZ`�e \c ]fi$ dlcXi`f [\c Z_\hl\ eld\iX[f '''**0 [\ cX Zl\ekX Zfii`\e$ k\ Ef% '('*'()'/,( [\ 9XeZf GifZi\[`k J%8%# g\ik\e\Z`\ek\ X 8ID@AFJ FI;Fz<Q P8;@I8 <C@Q89<K?% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`$ dX glYc`ZXZ`�e 8I&/*'('&ZZ 444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef '+(.-', Zl\ekX '('('((*/-,') [\ M@CC8IIF<C D8I@8 :8ID<E :%@1 (/'(.-'.+$* 8I&/*''/&ZZ

BANCO INTERNACIONAL Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\e$

MUTUALISTA PICHINCHA Gfi g\i[`[X j\ XelcX c`Yi\kX [\ X_fiifj )'.(-*,$/ [\ cX DlklXc`jkX G`Z_`eZ_X [\ cX JikX% DXiˆX >XYi`\cX >l`aXiif =l\ik\j% 8%G%&+0))'&b%d% 444444 Gfi ifYf hl\[X XelcX[X cX c`Yi\kX [\ X_fiifj e’d\if ('''/++- [\ DlklXc`jkX G`Z_`eZ_X g\ik\e\Z`\ek\ X JXcXqXi ?`efjkifqX GXlc`eX [\c IfjXi`f Zfe :%@% (.').-/*'$/ 8I&/*''*&ZZ

BANCO PROMERICA J\ XelcX gfi g„i[`[X cX G�c`qX [\ @em\ij`�e Ef -')()( [\c 98E:F GIFD<I@:8# g\ik\$ e\Z`\ek\ X 8E;I8;< <I8QF >I8:< @IC8E;8 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^

8ELC8:@FE<J M8I@FJ HL<;8 8ELC8;F Gfi g„i[`[X \c kˆklcf )'( [\ cX <dgi\jX G\ki�c\fj [\ cfj J_pi`j J%8% G\kifj_pi`j X efd$ Yi\ [\ FjnXc[f CleX gfi ,' XZZ`fe\j% X[&)),()&X` 44444 J\ XelcX c`Yi\kX [\ 8_fiifj :ffg\iXk`mX )0 [\ FZklYi\# g\ik\e\Z`\ek\ X Cl`j <ie\jkf E\^i\k\ :l`Z_}e :kX% +,''/-)'/, 8:&.0.)*&k] 444444


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