Edición impresa Revista Judicial del 26 de mayo de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

Ä–ĹŠ Ä“ĹŠ ^ĹŠ } ĹŠ }

;B H;IF;JE 7 B7 :?=D?:7: >KC7D7 :;DJHE :;B IE9?7B?ICE :;B I?=BE NN? ;b b_Xhe ;b :[h[Y^e 9ece EXij|Ykbe 7b 9WcX_e IeY_Wb" Z[ ;ZkWhZe DeleW Cedh[Wb" [Z_jWZe feh ;Z_jeh[i I_]be NN? i[‹WbW" gk[ Z[iZ[ [b fkdje Z[ l_ijW ƒj_Ye" bW b_c_jWY_ÂŒd \kdZW# c[djWb" Wkdgk[ de bW ‘d_YW" [i gk[ [b Z[h[Y^e de Z[X[ Z[iYe# deY[h [b h[if[je W bW Z_]d_ZWZ Z[ bW f[hiedW ^kcWdW$ 9edjhW bW W\_hcWY_ÂŒd Z[ :k]k_j Z[ gk[ [b _dZ_l_Zke de [i kd \_d i_de kd c[Z_e" Wb]e Wi‡ Yece kdW i_cfb[ hk[ZW [d bW lWijW cWgk_dWh_W ieY_Wb" o YedjhW bW j[i_i Z[ A[bi[d Z[ gk[ bW deY_ÂŒd Z[ f[hiedW [i Whj_\_Y_Wb o de fWiW Z[ i[h kd ^Wp Z[ Z[X[h[i" h[ifediWX_b_ZWZ[i o Z[h[Y^ei gk[ bW b[o Yed\_[h[ W kd ^ecXh[1 bW [dehc[ cWoe# h‡W Z[ bei _ki\_beiÂŒ\ei o `kh_ijWi ceZ[hdei Yedi_Z[hWd gk[ [b i[h ^kcWde [i kd \_d [d i‡ c_ice" gk[ de Z[X[ i[h jecWZe Yece _dijhkc[dje fWhW dWZ_[ d_ fWhW dWZW" feh bb[lWh [d i‡ kd lWbeh gk[ [i _dZ[f[dZ_[dj[ o ikf[# h_eh W jeZW Yedi[YkY_ÂŒd Z[ \_d[i W`[dei1 o \k[ AWdj gk_[d feijkbÂŒ \_beiÂŒ\_YWc[dj[ [ijW _Z[W" gk[ oW Wdj[i ^WX‡W i_Ze [nfh[iWZW feh [b 9h_ij_Wd_ice W XWi[ Z[ \kdZW# c[djWY_ÂŒd h[b_]_eiWÇ$ ;b :h$ 8[hcWd 8WhhW]|d CehW i[‹WbW ÆBW Z_]d_ZWZ [i kd Yed# Y[fje gk[ [dWbj[Y[ o [b[lW Wb i[h ^kcWde feh ieXh[ bWi Z[c|i Yh_WjkhWi o" W‘d [djh[ dk[ijhei Yed]ƒd[h[i" [ijW YWb_ZWZ Z[ Z_]de dei ^WY[ YkWb_jWj_lWc[d# j[ c[`eh[i" o [if_h_jkWbc[dj[ h[ikbjW ]hWj_\_YWdj[ YedjWh Yed Z_Y^W l_hjkZ$ CkY^ei Y_kZW# ZWdei ef_dWd gk[ [b ^ecXh[ Yece [dj[ l_l_[dj[" j_[d[ lWbe# h[i _djh‡di[Yei$ ;djh[ [ijei" ik cehWb" ik ƒj_YW" ik Z_]d_ZWZ" ik b_X[hjWZ" ik \WYkbjWZ Z[ jecWh Z[Y_i_ed[i" [jY$ 7i‡" c_ Z[h[Y^e W bW Z_]d_ZWZ" Yec_[dpW [n_]_[dZe gk[ i[W h[if[jWZe feh jeZei c_i YedY_kZWZWdeiÇ$ 7‹WZ[ [b :h$ 8[hcWd 8WhhW]|d

"(3.1 ĹŠ ÂĄ ĹŠ

Ĺ?ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ÄŠÄ‡Ä Ä‚

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

ĹŠ #1#!'.ĹŠ ĹŠ4- ĹŠ ,4#13#ĹŠ"(%-

CehW [d ik eXhW BW ;kjWdWi_W" be i_]k_[dj[0 Æ9ece gk[ [d [b kcXhWb Z[ bW ck[hj[ i[ iei_[]W [b Yk[hfe" c_[djhWi gk[ [b f[diW# c_[dje i[ WfWhjW Z[\_d_j_lWc[d# j[ Z[ bW j[hh[dWb_ZWZ Z[ bW l_ZW1 o" iebe XkiYWcei [b W\[Yje o Yec# fW‹‡W Z[ dk[ijhei c|i Wbb[]WZei $$$ $ Âľ7YWie [d [b fheY[ie Z[ bW ck[hj[ [b _dZ_l_Zke ^W f[hZ_Ze e ^W Y[Z_Ze [b Z[h[Y^e W YedjWh Yed ik Z_]d_ZWZ5$ Feh [dj[dZ_Ze gk[ de$ Feh [bbe j_[d[ bW \WYkbjWZ Z[ ieb_Y_jWh gk[ [d [b jhWdi_jWh Z[ bW l_ZW W bW ck[hj[ i[ b[ Z[`[ Whh_XWh Yed jeZe ik Z[Yehe" c|i W‘d YkWdZe ƒij[ [i [b ‘bj_ce WYje gk[ Z[i[W h[Wb_pWhbe i_d cehjW# `Wi Wi\_n_Wdj[i gk[ efWgk[d ik fkdZedehÇ$ J[hc_dW i[‹WbWdZe" gk[ i_[dZe bW Z_]d_ZWZ kdW YkWb_# ZWZ _d^[h[dj[ W jeZW f[hiedW" iÂŒbe i[ dei Z[ifh[dZ[h| Yed bW ck[hj[1 Z[ jWb ceZe gk[ fh[l_e W dk[ijhe \Wbb[Y_c_[dje j[d[cei Z_]d_ZWZ" be YkWb Z[cWdZW gk[ bei 9[djhei CƒZ_Yei dei Z[d bei jhWjei o Yedi_Z[hWY_ed[i Yece i[h[i ^kcWdei gk[ jeZW#

l‡W iecei" Z[ jWb ceZe gk[ de fk[Z[d iec[j[hdei W i_jkWY_e# d[i Z[d_]hWdj[i gk[ Z[ feh i‡ bWi [d\[hc[ZWZ[i fi_Ye#\‡i_YWi Yedbb[lWd1 fk[i de gk[h[cei gk[ bei ikfb_Y_ei Z[ Zebeh fhele# YWZei feh dk[ijhW iWbkZ Z[j[h_e# hWZW" fk[ZWd ^WY[hdei fWh[Y[h Z[hhejWZei Wdj[ bW ck[hj[" fk[i i_ \k[ Z_]dW o Wdj_]kW dk[ijhW l_ZW" _]kWbc[dj[ Z[X[ i[h WYj_lW o Z_]dW dk[ijhW ck[hj[$ ÂľGKx ;I CEH?H 9ED :?=D?:7:5 Bei :hi$ 7]kij‡d =WhY‡W 8WdZ[hWi o ;ZckdZe ;ijƒl[p" Y_jWZei feh [b :h$ 8[hcWd 8WhhW]|d CehW" i[‹WbW ÆF;JH7H970 kdW ^[hceiW ck[hj[ ^edhW jeZW kdW l_ZW$ FWhW h[ifedZ[h [ijW fh[]kdjW" Z[X[cei Yec[dpWh feh ZWh kd YedY[fje0 bW Z_]d_ZWZ [i kdW YkWb_ZWZ _d^[h[dj[ W bW [if[Y_[ ^kcWdW gk[ i[ bW j_[d[ feh [b c[he ^[Y^e Z[ f[hj[d[Y[h W [bbW1 [i [b h[if[je W gk[ j_[d[ Z[h[Y^e jeZe _dZ_l_Zke Z[iZ[ gk[ dWY[ ^WijW gk[ Z[`W Z[ [n_ij_h $$$ Wi‡

bW fei_X_b_ZWZ Z[ [nfh[iWh feh [iYh_je" eXl_Wc[dj[ YkWdZe bW f[hiedW [i Yecf[j[dj[ c[d# jWbc[dj[" [d \ehcW WkjŒdecW o i_d d_d]‘d j_fe Z[ Ye[hY_Œd" bW lebkdjWZ f[hiedWb" [ije [i bei Z[i[ei" [nf[YjWj_lWi [ _dijhkY# Y_ed[i [d be h[\[h[dj[ W bW YWb_ZWZ Z[b \_d Z[ bW l_ZW$

fbWdj[WZe [b Wikdje feZ[cei W\_hcWh gk[ bW Z_]d_ZWZ Yedi# j_jko[ kd ikij[dje bÂŒ]_Ye Z[ bW [n_ij[dY_W ^kcWdW" bW XWi[ \_be# iÂŒ\_YW Z[ bei Z[h[Y^ei o Z[X[h[i ^kcWdeiÇ$ ;b :h$ <hWdY_iYe <Wh\|d Ceb_dW" Y_jWZe feh [b :h$ 8[hcWd 8WhhW]|d" [djh[ bei Wh]kc[djei \Wleh Z[ bW Z_]d_ZWZ ^kcWdW" cWd_\_[ijW ÆEjhe i[Yjeh [ij_# cW gk[ [b Z[h[Y^e W bW l_ZW" i[ [dYk[djhW l_i_Xb[c[dj[ b_]WZe Yed [b lWbeh `kh‡Z_Ye \kdZWc[d# jWb Z[ bW Z_]d_ZWZ Z[ bW f[hie# dW" j[d_[dZe [d Yk[djW gk[ [i [b d‘Yb[e Z[ fh[l[dY_ÂŒd Z[ bei lWbeh[i Yedij_jkY_edWb_pWZei $$$ $ :[djhe Z[ [iW [i\[hW Z[ b_X[hjWZ Z[X[ [djhWh" i_d ZkZW" [b Z[h[Y^e W Z_ifed[h Z[ bW l_ZW gk[ h[ikbjW _diefehjWXb[ [ _dZ_]# dW W Yedi[Yk[dY_W Z[ kdW [d\[h# c[ZWZ _dYkhWXb[Ç$ 9ece i[‹WbW bW :hW$ ?iW Z[ @WhWc_bbe" Z[iZ[ '/-/" ]hWY_Wi W bW bWXeh Z[ bW <kdZWY_ÂŒd Fhe :[h[Y^e W Ceh_h :_]dWc[dj[" 9ebecX_W [i [b ‘d_Ye fW‡i Z[ BWj_deWcƒh_YW" [d [b gk[ [n_ij[

Ă›C8?JE :; B7 CK;HJ; :?=D7 BW ck[hj[ Z_]dW fk[Z[ h[bW# Y_edWhi[ Yed lWh_ei YecfehjW# c_[djei" gk[ ied W iWX[h0 W BW Wi_ij[dY_W Wb ik_Y_Z_e" [d bW YkWb [b fWY_[dj[ i[ ZW ck[hj[ W i‡ c_ice o bW _dj[h# l[dY_ÂŒd Z[b j[hY[he i[ b_c_jW W ikc_d_ijhWhb[ bei c[Z_ei fWhW ^WY[hbe1 X BW [kjWdWi_W WYj_lW" [d bW YkWb [b j[hY[he [i [b YWkiWd# j[ Z[ bW ck[hj[" o gk[ fk[Z[ i[h lebkdjWh_W [ _dlebkdjWh_W" i[]‘d i[ Yk[dj[ e de Yed [b Yedi[dj_c_[dje Z[b fWY_[dj[1 o" Y BW [kjWdWi_W fWi_lW" Yede# Y_ZW Yece ck[hj[ Z_]dW" gk[ _cfb_YW bW WXij[dY_ÂŒd e _dj[hhkfY_ÂŒd Z[ jhWjWc_[d# jei Whj_\_Y_Wb[i o [njh[cei" YkWdZe de ^Wo [if[hWdpW Z[ h[Ykf[hWY_ÂŒd$ ÂľGKx ;I B7 8?ExJ?975 FWhW [dj[dZ[h [b j[cW Z[b fh[# i[dj[ Whj‡Ykbe ieXh[ bW ck[hj[ Z_]dW" [i c[d[ij[h ^WY[h kd Xh[l[ Wd|b_i_i ieXh[ be gk[ [i bW 8_eƒj_YW1 [d c_ b_Xhe ieXh[ B7 H;IFEDI78?B?:7: Cx:?97" be WdWb_pe Yed XWijWd# j[ Z[jWbb[1 f[he [d [ijW efehjkd_# ZWZ leo W ^WY[h kdWi Xh[l[i WYe# jWY_ed[i" fehgk[ [i \kdZWc[djWb fWhW [dj[dZ[h be gk[ i_]d_\_YW bW ck[hj[ Z_]dW$ Fh_c[hWc[dj[ Z[Xe i[‹WbWh gk[ bW 9ed\[h[dY_W =[d[hWb Z[ bW KD;I9E Y[b[XhWZW [b '/ Z[ eYjkXh[ Z[ (&&+" WfheXÂŒ bW :[YbWhWY_ÂŒd Kd_l[hiWb ieXh[ 8_eƒj_YW o :[h[Y^ei >kcWdei" Ykoei fh_dY_f_ei i[ ikij[djWd [d [b h[if[je W bW l_ZW o Z_]d_ZWZ Z[ bWi f[hiedWi o iki b_X[hjWZ[i \kdZWc[djWb[i" h[Ye]_[dZe \kd# ZWc[djWbc[dj[ bW _dj[hh[bWY_ÂŒd [djh[ ƒj_YW o Z[h[Y^ei ^kcWdei" c|i W‘d Z_Y^W :[YbWhWY_ÂŒd" :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä‚

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

h[YedeY[ gk[ bW _Z[dj_ZWZ Z[ kdW f[hiedW Yecfh[dZ[ Z_c[d# i_ed[i X_ebÂŒ]_YWi" fi_YebÂŒ]_YWi" [ZkYWj_lWi" W\[Yj_lWi" YkbjkhWb[i o [if_h_jkWb[i1 be YkWb i[ Z[X[ j[d[h cko [d Yk[djW Wb WdWb_pWh [b Z[h[Y^e W bW _Z[dj_ZWZ f[hie# dWb o Yeb[Yj_lW gk[ i[‹WbW [b 7hj$ ,, dkc[hWb (. Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW$ IeXh[ [b Z[h[Y^e W bW _Z[dj_# ZWZ" [i c[d[ij[h _dZ_YWh gk[ Yece Z_Y[ [b 9edi[`e Fhel_dY_Wb Z[ F_Y^_dY^W Æ;d [b ;YkWZeh bWi _Z[dj_ZWZ[i beYWb[i" h[]_edWb[i o fhel_dY_Wb[i i[ bWi i_[dj[ Yed Z_l[hiW _dj[di_ZWZ $$$ Yedijhk_h _Z[dj_ZWZ [i Yecfb[`e$ ;b YWj[# Zh|j_Ye [ ^_ijeh_WZeh @kWd FWp o C_‹e ZW _dZ_Y_ei o fhefed[ Yece [`[i [b [YedÂŒc_Ye o ][e# ]h|\_Ye Yece Whj_YkbWZeh[i Z[ bei fk[Xbei [ _dYbkie bW X_eZ_# l[hi_ZWZ [YebÂŒ]_YWÇ$ JWcX_ƒd ^Wo gk[ cWd_\[ijWh gk[ kde Z[ bei fh_dY_fWb[i eX`[# j_lei Z[ bW :[YbWhWY_ÂŒd Kd_l[hiWb ieXh[ 8_eƒj_YW o :[h[Y^ei >kcWdei" Yedi_ij[ [d fhefeh# Y_edWh kd cWhYe kd_l[hiWb Z[ fh_dY_f_ei o fheY[Z_c_[djei gk[ i_hlWd Z[ ]k‡W W bei ;ijWZei [d bW \ehckbWY_ÂŒd Z[ b[]_ibWY_e# d[i feb‡j_YWi k ejhei _dijhkc[d# jei [d [b |cX_je Z[ bW X_eƒj_YW1 Wb j_[cfe gk[ Z[j[hc_dW gk[ jeZW _dj[hl[dY_ÂŒd cƒZ_YW fh[l[dj_# lW" Z_W]dÂŒij_YW o j[hWfƒkj_YW" iebWc[dj[ ^WXh| Z[ bb[lWhi[ W YWXe fh[l_e Yedi[dj_c_[dje b_Xh[ [ _d\ehcWZe Z[ bW f[hiedW _dj[h[iWZW" XWiWZW [d bW _d\eh# cWY_ÂŒd WZ[YkWZW" fk[i iebe Z[ [ij[ ceZe i[ ZW Ykcfb_c_[dje W be gk[ Z_ifed[ [b 7hj$ ),( Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW$ ;b 7hj$ * Z[ bW B[o Eh]|d_YW Z[ :edWY_ÂŒd o JhWifbWdj[ Z[ âh]Wdei" J[`_Zei o 9ƒbkbWi" i[‹WbW lWh_ei Fh_dY_f_ei1 o [djh[ [bbei bW X_eƒj_YW o cWd_\_[ijW gk[ [i Æ;b [nWc[d cehWb" _dj[hZ_iY_# fb_dWh_e o ƒj_Ye Z[ bWi Z_c[di_e# d[i Z[ bW YedZkYjW ^kcWdW [d [b |h[W Z[ bWi Y_[dY_Wi Z[ bW l_ZW o bW iWbkZ" [nWc_dWZW W bW bkp Z[ bei lWbeh[i o fh_dY_f_ei cehWb[iÇ$ H[YWbYe gk[ [ij[ j[cW be jhWje [d [b jhWXW`e ieXh[ bW h[ifed# iWX_b_ZWZ cƒZ_YW" i_d [cXWh]e [i c[d[ij[h lebl[h W jhWjWh [ij[ j[cW fehgk[ [i \kdZWc[djWb fWhW [b fh[i[dj[ jhWXW`e" WYbW# hWdZe gk[ bW 8_eƒj_YW i[ Z[X[ Wb X_egk‡c_Ye" cƒZ_Ye o edYÂŒbe]e LWd H[di[bW[h Fejj[h" gk_[d

Ĺ?

fkie [d Y_hYkbWY_ÂŒd bW fWbWXhW 8_eƒj_YW [d ik b_Xhe 8?E;J>?9I" 8H?:=; JE J>; <KJKH;" [d [b W‹e '/-'1 o Yece be Z_Y[ bW :hW$ ?iW Z[ @WhWc_bbe" [d ik eXhW Wdj[i c[dY_edWZW ÆFh[eYkfWZe feh [b YecfehjWc_[dje Z[fh[ZWZeh Z[ bW [if[Y_[ ^kcWdW \h[dj[ W bW dWjkhWb[pW" o bk[]e Z[ fhe\kdZWi h[\b[n_ed[i" Fejj[h bb[]ÂŒ W bW Yed# Ybki_ÂŒd Z[ gk[ bW ikf[hl_l[dY_W Z[b ^ecXh[ Z[f[dZ[h| Z[ kdW ƒj_YW XWiWZW [d [b YedeY_c_[dje X_ebÂŒ]_Ye$ :[ W^‡ gk[ bW 8_eƒj_YW i[W Yedi_Z[hWZW bW Y_[dY_W Z[ bW ikf[hl_l[dY_W$ Ik YedY[fY_ÂŒd Z[ bW ƒj_YW [i _dj[hZ_iY_fb_dWh_W o WXWhYW W bWi Y_[dY_Wi o W bWi ^kcWd_ZWZ[i" [ijWXb[Y_[dZe kd fk[dj[ [djh[ bW ƒj_YW o bWi Y_[d# Y_Wi X_ebÂŒ]_YWi" [djh[ [b ^ecXh[ o ik c[Z_e WcX_[dj[Ç1 WYbWhW gk[ [d [b YWcfe Z[ bWi Y_[dY_Wi cƒZ_# YWi [i _cfehjWdj[ [ijW cWj[h_W o c|i W‘d Wb cec[dje Z[ bW ck[hj[ ^Wo gk[ Wfb_YWh fh_dY_f_ei ƒj_Yei" [if[# Y_Wbc[dj[ YkWdZe i[ jhWjW Z[ [d\[hcei j[hc_dWb[i$ ÂľGKx ;I B7 IEB?:7H?:7:5 I_d ZkZW Wb]kdW Z[d# jhe Z[ bW ZeYjh_dW Z[b IeY_Wb_ice Z[b I_]be NN? gk[ [i bW _Z[ebe# ]‡W gk[ h[Ye][ dk[i# jhW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW l_][dj[" [d [bbW i[ YediW]hW [b fh_d# Y_f_e Z[ bW ieb_ZWh_ZWZ Yece kde Z[ bei feijk# bWZei X|i_Yei Z[b ;ijWZe [YkWjeh_Wde" fh_dY_f_e gk[ Yece Z_Y[ bW ZeY# jh_dW o `kh_ifhkZ[dY_W [njhWd`[hWi Æ$$$[dlk[bl[ [b Z[X[h fei_j_le Z[ jeZe Y_kZWZWde Z[ ieYehh[h W gk_[d i[ [dYk[djhW [d i_jkWY_ÂŒd Z[ d[Y[i_ZWZ" Yed c[Z_ZWi ^kcWd_jWh_Wi$ O de [i Z_\‡Y_b Z[iYkXh_h [b cÂŒl_b Wbjhk_ijW o ieb_ZWh_e Z[ gk_[d eXhW cel_Ze feh [b _cfkbie Z[ ikfh_c_h [b ik\h_c_[dje W`[de" l[dY_[dZe" i[]khWc[dj[" ik fhef_W _d^_X_Y_ÂŒd o h[fk]dWd# Y_W \h[dj[ W kd WYje [dYWc_dWZe W Wd_gk_bWh kdW [n_ij[dY_W YkoW fhej[YY_ÂŒd [i `kij_\_YWj_lW Z[ jeZe ehZ[dWc_[dje" YkWdZe bWi Y_hYkdijWdY_Wi gk[ bW Z_]d_\_YWd bW Yedij_jko[d [d [b lWbeh \kdZW# c[djWb Z[ jeZWi bWi Z[c|iÇ$ BW :hW$ ?iW Z[ @WhWc_bbe i[‹WbW gk[ @eX [i kd fWjƒj_Ye [`[cfbe Z[ lWbeh fWhW ieXh[bb[lWh bW [n_i# j[dY_W [d c[Z_e Z[ Y_hYkdijWd# Y_Wi ZebeheiWi o Z[]hWZWdj[i" WYbWhWdZe Æ$$$f[he bW h[i_]dWY_ÂŒd Z[b iWdje `kij_\_YWXb[ o Z_]d_\_# YWdj[ iÂŒbe feh ik _dYedcel_# Xb[ \[ [d :_ei" de fk[Z[ i[h [b

Yedj[d_Ze Z[ kd Z[X[h `kh‡Z_Ye" fk[i Z[ dWZ_[ fk[Z[ [b ;ijWZe Z[cWdZWh YedZkYjWi ^[he_YWi" c[dei W‘d i_ [b \kdZWc[dje Z[ [bbWi [ij| WZiYh_je W kdW Yh[[dY_W h[b_]_eiW e W kdW WYj_jkZ cehWb" gk[" XW`e kd i_ij[cW fbkhWb_ijW" iÂŒbe fk[Z[ h[l[ij_h [b YWh|Yj[h Z[ kdW efY_ÂŒdÇ1 W]h[]W ÆDWZW jWd Yhk[b Yece eXb_]Wh W kdW f[hiedW W ikXi_ij_h [d c[Z_e Z[ fWZ[Y_c_[djei efheX_eiei" [d decXh[ Z[ Yh[[dY_Wi W`[dWi" Wi‡ kdW _dc[diW cWoeh‡W Z[ bW feXbWY_ÂŒd bWi [ij_c[ _djWd]_Xb[i$ Fehgk[" fh[Y_iWc[dj[" bW \_beie# \‡W _d\ehcW bW 9WhjW i[ Y_\hW [d ik fhefÂŒi_je Z[ [hhWZ_YWh bW Yhk[b# ZWZ$ Hehjo be ^W [nfh[iWZe [d fWbWXhWi [nWYjWi0 gk_[d WZ^_[# h[ W [iW l_i_ÂŒd ^kcWd‡ij_YW" [i kdW f[hiedW gk[ f_[diW gk[ bW Yhk[bZWZ [i bW f[eh YeiW gk[ fk[Z[ ^WY[hÇ1 Z[ jWb ceZe gk[

i[ fbWdj[W kdW Z_iokdj_lW [djh[ bWi h[bWY_ed[i [djh[ Z[h[Y^e o bW cehWb Z[ bei Z[X[h[i o de Z[ bei Z[h[Y^ei" [ije [i gk_[d l_l[ Yece eXb_]Wjeh_W kdW YedZkYjW" [d \kdY_ÂŒd Z[ iki Yh[[dY_Wi h[b_# ]_eiWi o cehWb[i" de fk[Z[ fh[# j[dZ[h gk[ [bbW i[ ^W]W Ye[hY_j_# lWc[dj[ [n_]_Xb[ W jeZei1 iebe gk[ W ƒb i[ b[ f[hc_jW l_l_h ik l_ZW cehWb fb[dW o WYjkWb [d \kdY_ÂŒd Z[ [bbW i_d _dj[h\[h[dY_Wi1 o [i Wi‡ gk[ bW 9ehj[ 9edij_jkY_edWb Z[ 9ebecX_W i[‹WbÂŒ Z[ cWd[# hW YWj[]ÂŒh_YW gk[ Æ;b Z[h[Y^e W bW l_ZW de fk[Z[ h[ZkY_hi[ W bW c[hW ikXi_ij[dY_W" i_de gk[ _cfb_YW [b l_l_h WZ[YkWZWc[dj[ [d YedZ_Y_ed[i Z[ Z_]d_ZWZÇ$ GKx ;I ;B 9EDI;DJ?C?;DJE ?D<EHC7:E5 Âś

87I; 9EDIJ?JK9?ED7B :[djhe Z[b Z[h[Y^e Yedij_jk# Y_edWb W bW iWbkZ" gk[ i[ [dYk[d# jhW h[]kbWZe [d bei 7hji$ )+." Wb ),, Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW" j[d[cei [b 7hj$ ),( gk[ Z_Y[ ÆBW Wj[dY_ÂŒd Z[ iWbkZ Yece i[hl_Y_e f‘Xb_Ye i[ fh[i# jWh| W jhWlƒi Z[ bWi [dj_ZWZ[i [ijWjWb[i" fh_lWZWi" WkjÂŒdecWi" Yeckd_jWh_Wi o Wgk[bbWi gk[ [`[hpWd bWi c[Z_Y_dWi WdY[ijhW# b[i Wbj[hdWj_lWi o Yecfb[c[d# jWh_Wi$ Bei i[hl_Y_ei Z[ iWbkZ i[h|d i[]khei" Z[ YWb_ZWZ o YWb_Z[p" o ]WhWdj_pWh|d [b Yedi[dj_c_[d# je _d\ehcWZe bWi d[]h_bbWi ied c‡Wi " [b WYY[ie W bW _d\ehcWY_ÂŒd o bW Yed\_Z[dY_Wb_ZWZ Z[ bW _d\eh# cWY_ÂŒd Z[ bei fWY_[dj[i$ Bei i[hl_Y_ei f‘Xb_Yei [ijWjW# b[i Z[ iWbkZ i[h|d kd_l[hiWb[i o ]hWjk_jei [d jeZei bei d_l[b[i Z[ Wj[dY_ÂŒd o Yecfh[dZ[# h|d bei fheY[Z_c_[djei Z[ Z_W]dÂŒij_Ye" jhWjWc_[dje" c[Z_YWc[djei o h[^WX_b_# jWY_ÂŒd d[Y[iWh_eiÇ$ BW :hW$ ?iW Z[ @WhWc_bbe i[‹WbW gk[ [b Yedi[dj_# c_[dje _d\ehcWZe" i[ h[\_[h[ W bW WfheXWY_ÂŒd e Z[iWfheXWY_ÂŒd feh fWhj[ Z[b fWY_[dj[ Z[ YkWbgk_[h jhWjWc_[dje e _dj[hl[d# Y_ÂŒd cƒZ_YW" i_[cfh[ o YkWdZe i[W kdW f[hiedW Yecf[j[dj[ o WZkbjW o Z_ifed]W Z[ _d\ehcWY_ÂŒd ik\_Y_[dj[" WYjkWb_pWZW o [nfb‡Y_jW" [d kd b[d]kW`[ Yecfh[di_Xb[ o Z[jWbbWZe" WY[hYW Z[ be gk[ lW W Z[Y_# Z_h1 W]h[]W ÆDe [i fei_Xb[ [b[]_h ieXh[ efY_ed[i gk[ i[ Z[iYedeY[d1 feh jWdje [b cƒZ_Ye [ij| [d bW eXb_# ]WY_ÂŒd Z[ ikc_d_ijhWh" W jhWlƒi Z[ kd Z_|be]e Yk_# ZWZeie o YedY_[dpkZe XWiWZe [d bW Yed\_WdpW" jeZW bW _d\ehcWY_ÂŒd h[gk[h_ZW fWhW _bkijhWh e WfeoWh bW Z[j[hc_dWY_ÂŒd Z[b fWY_[dj[$ BW WYjkWY_ÂŒd cƒZ_YW Wi‡ ikij[d# jWZW de Yehh[ d_d]‘d f[b_]he Z[ fkd_Y_ÂŒd :[ 8h_]WhZ '//. $ ;i h[Yec[dZWXb[ XkiYWh kd fkdje c[Z_e Z[ [gk_b_Xh_e [djh[ bW WXiebkjW ieX[hWd‡W Z[ bW Wkje# dec‡W Z[b fWY_[dj[ o [b Yedl[d# Y_edWb fWj[hdWb_ice cƒZ_YeÇ1 c|i ieXh[ [ij[ j[cW Z[b Yedi[d# j_c_[dje _d\ehcWZe" be jhWje Yed Z[jWbb[ [d c_ eXhW [d Zei jecei ieXh[ B7 H;IFEDI78?B?:7: Cx:?97 ;D C7J;H?7 7:C?D?IJH7J?L7" 9?L?B O F;D7B O :;B :;H;9>E 9EDIJ?JK9?ED7B 7 B7 I7BK:$ :[ jWb ceZe Yece Z_Y[ bW ZeYjh_dW" gk[ jeZW j[hWf_W Z[X[

YedjWh Yed [b Yedi[dj_c_[dje _d\ehcWZe Z[b fWY_[dj[" gk_[d [d [b YWie Z[ ck[hj[ Z_]dW fk[Z[ [djedY[i h[^kiWh Z[j[hc_dWZei jhWjWc_[djei gk[ eX`[j_lWc[dj[ feZh‡Wd fhebed]Wh bW ZkhWY_Œd Z[ ik [n_ij[dY_W X_ebŒ]_YW" f[he gk[ ƒb Yedi_Z[hW _dYecfWj_Xb[i Yed iki c|i ^edZWi Yedl_YY_e# d[i f[hiedWb[i$ @KH?IFHK:;D9?7 IE8H; B7 CK;HJ; :?=D7 BW i[dj[dY_W J#*/) Z[ '//)" Ykoe cW]_ijhWZe fed[dj[ \k[ [b :h$ 7djed_e 8Whh[hW" [d bW H[f‘Xb_YW Z[ 9ebecX_W" Yedi# j_jko[ kdW bkp ieXh[ [b j[cW gk[ [ijWcei jhWjWdZe" [ije [i [b Z[h[Y^e W [b[]_h [d [b YWie Z[ ]hWl[ [d\[hc[ZWZ" i_ i[ [d\h[djW bW ck[hj[ e i[ fhebed]W bW [n_i# j[dY_W feh c[Z_e Z[ jhWjWc_[d# je cƒZ_Ye" o bW j[i_i [i[dY_Wb Z[ Z_Y^W i[dj[dY_W [i" gk[ iŒbe [b j_jkbWh Z[b Z[h[Y^e W bW l_ZW fk[Z[ Z[Y_Z_h ^WijW YkWdZe [bbW [i Z[i[WXb[ o YecfWj_Xb[ Yed bW Z_]d_ZWZ ^kcWdW$ :_Y^W 9ehj[ jWcX_ƒd ^W cWd_\[ijWZe gk[ bei Z[h[Y^ei \kdZWc[djWb[i" de eXijWdj[ ik YediW]hWY_Œd Yedij_jkY_edWb o ik _cfehjWdY_W" de ied WXiebk# jei o" feh jWdje" d[Y[iWh_Wc[d# j[ Z[X[d Whced_pWh [djh[ i‡ Yed bei Z[c|i X_[d[i o lWbeh[i fhej[]_Zei feh bW 9edij_jkY_Œd" fk[i" Z[ be YedjhWh_e" Wki[dj[ [iW _dZ_if[diWXb[ h[bWj_l_pWY_Œd" bW Yedl_l[dY_W ieY_Wb o bW l_ZW _di# j_jkY_edWb de i[h‡Wd fei_Xb[i1 o WZ[c|i i[‹WbW gk[ i_ bei Z[h[# Y^ei de ied WXiebkjei" jWcfeYe be [i [b Z[X[h Z[ ]WhWdj_pWhbei gk[ fk[Z[d [dYedjhWh b‡c_j[i [d bW Z[Y_i_Œd Z[ bei _dZ_l_Zkei h[if[Yje W Wgk[bbei Wikdjei gk[ iŒbe W [bbei b[i WjW‹[1 feh [ijW hWpŒd bW 9ehj[ Yedi_Z[hW gk[ \h[dj[ W bei [d\[hcei j[hc_dW# b[i gk[ [nf[h_c[djWd _dj[diei ik\h_c_[djei" [ij[ Z[X[h [ijWjWb Y[Z[ \h[dj[ Wb Yedi[dj_c_[d# je _d\ehcWZe Z[b fWY_[dj[ gk[ Z[i[W ceh_h [d \ehcW Z_]dW$ EJH7I @KH?IFHK:;D9?7I ?DJ;HD79?ED7B;I IE8H; B7 CK;HJ; :?=D7 J[d[cei bWi i_]k_[dj[i i[dj[d# Y_Wi Z[ bW 9ehj[ 9edij_jkY_edWb Z[ 9ebecX_W0 '$ I[dj[dY_W J#*&' Z[ '//(" Ykoe cW]_ijhWZe fed[dj[ [i ;ZkWhZe 9_\k[dj[i Ck‹ep1 ($ I[dj[dY_W J#&/& Z[ '//," Ykoe cW]_ijhWZe fed[dj[ [i ;ZkWhZe 9_\k[dj[i Ck‹ep1 )$ I[dj[dY_Wi J#),, Z[ '//) o J#'() Z[ '//*1 o" *$ I[dj[dY_Wi 9#*&+ Z[ '//)1

9#'./ Z[ '//*1 9#(/, Z[ '//+1 9#+(( Z[ '//+1 9#&*+ Z[ '//,1 9#&/) Z[ '//+1 o ieXh[ jeZe 9# +-. Z[ '//+" ieXh[ [b j[cW Z[ gk[ bei Z[h[Y^ei \kdZW# c[djWb[i de ied WXiebkjei o Ykoe fed[dj[ [i ;ZkWhZe 9_\k[dj[i Ck‹ep$ 9ED9BKI?ED;I IE8H; ;B :;H;9>E 9EDIJ?JK9?ED7B 7 CEH?H ;D <EHC7 :?=D7 O ;B >EC?9?:?E F?7:EIE BW 9ehj[ 9edij_jkY_edWb YebecX_WdW" i[‹WbW gk[ [b Z[h[# Y^e \kdZWc[djWb W l_l_h [d \ehcW Z_]dW _cfb_YW [djedY[i [b Z[h[Y^e W ceh_h Z_]dWc[dj[" fk[i YedZ[dWh W kdW f[hiedW W fhebed]Wh feh kd j_[cfe [iYWie ik [n_ij[dY_W" YkWdZe de be Z[i[W o fWZ[Y[ fhe\kdZWi W\b_YY_ed[i" [gk_lWb[ de iebe W kd jhWje Yhk[b [ _d^kcWde fhe^_X_Ze feh bW 9edij_jkY_ÂŒd Z[ 9ebecX_W [d [b 7hj$ '(1 o [d [b YWie Z[b ;YkWZeh [d [b 7hj$ ,, dkc[hWb ) b[jhW Y Z[ dk[ijhW 9edij_jkY_ÂŒd" i_de W kdW WdkbWY_ÂŒd Z[ ik Z_]d_ZWZ o Z[ ik Wkjedec‡W Yece ik`[je cehWb1 fk[i [d [ij[ YWie bW f[hiedW gk[ZWh‡W h[ZkY_ZW W kd _dijhk# c[dje fWhW bW fh[i[hlWY_ÂŒd Z[ bW l_ZW Yece lWbeh WXijhWYje1 feh jeZe [bbe bW 9ehj[ YedYbko[" gk[ [b ;ijWZe de fk[Z[ efed[hi[ W ;@MFI:@FJ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F J<OKF ;< CF :@M@C ;< CFA8 <OKI8:KF :@K8:@äE AL;@:@8C :`kf Zfe \c Zfek\e`[f [\ cX [\dXe[X# Xlkf [\ XZ\gkXZ`Â?e X ki}d`k\ p [\d}j ZfejkXeZ`Xj gifZ\jXc\j X cX j\ÂŒfiX =8EEP <C<E8 DFC@E8 =L<IK<J# Zlpf \okiXZkf \j Zfdf j`^l\1 8:KFI1 ;i% DXiZ\cf >feqXcf Il`q =cfi\j# [\ZcXiX[f gXik\ Zfe Gf[\i <jg\Z`Xc [\ GifZliXZ`Â?e Al[`Z`Xc# gfi \c XZZ`feXek\ <;N@E 8CFEJF I8D@I<Q M8I>8J 8JLEKF1 ;`mfiZ`f ;<D8E;8;81 =8EEP <C<E8 DFC@E8 =L<IK<J KI8D@K<1 M\iYXc JldXi`f :L8EKĂ 81 @e[\k\id`eX[X AL@:@F1 ')0*$)'(' AL<Q1 ;i% DXel\c JXc`eXj Fi[Â?ÂŒ\q# Al\q K\dgfiXc [\c Alq^X[f J\okf [\ cf :`m`c [\ CfaX [\ cX =Xd`c`X% CfaX# X al\m\j m\`ek`ZlXkif [\ ale`f [\c [fj d`c [`\q# X cXj /_(-%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ J\okf [\ cX :`m`c [\ CfaX# \e m`ikl[ [\c f]`Z`f Eif% '.'.$;:EAC$ AG$AM# [\ ]\Z_X m\`ek`ki„j [\ alc`f [\ [fj d`c j`\k\ p \e m`i$ kl[ [\c jfik\f ZfejkXek\# Xjˆ kXdY`„e gfi cXj [`jgfj`Z`fe\j Zfek\e`[Xj \e cfj f]`Z`fj Eif% (,0$'0$:A$;C$:`i% ;\c (- [\ dXiqf [\c )'(' i\jfclZ`Â?e [\c Gc\ef [\c :feZ\af EXZ`feXc [\ cX Al[`ZXkliX# gfi cf hl`\e cfj Alq^X[fj [\ cf :`m`c [\ kf[f \c

bW Z[Y_i_Œd Z[b _dZ_l_Zke gk[ de Z[i[W i[]k_h l_l_[dZe o gk[ b[ ieb_Y_jW b[ WokZ[d W ceh_h" YkWd# Ze ik\h[ kdW [d\[hc[ZWZ j[hc_# dWb gk[ b[ fheZkY[ Zebeh[i _die# fehjWXb[i" _dYecfWj_Xb[i Yed ik _Z[W Z[ Z_]d_ZWZ1 fk[i h[YWbYW gk[ de i[ jhWjW Z[ h[ijWh _cfeh# jWdY_W Wb Z[X[h Z[b ;ijWZe Z[ fhe# j[][h bW l_ZW i_de W h[YedeY[h gk[ [ijW eXb_]WY_Œd de i[ jhWZkY[ [d bW fh[i[hlWY_Œd Z[ bW l_ZW iebe Yece kd ^[Y^e X_ebŒ]_Ye$ 7Z[c|i cWd_\_[ijW gk[ [b Z[X[h Z[ de cWjWh" [dYk[djhW [nY[fY_ed[i [d bW b[]_ibWY_Œd" W jhWlƒi Z[ bW YediW]hWY_Œd Z[ \_]k# hWi Yece bW b[]‡j_cW Z[\[diW o [b [ijWZe Z[ d[Y[i_ZWZ" [d l_hjkZ Z[ bWi YkWb[i cWjWh de h[ikbjW Wdj_`kh‡Z_Ye" i_[cfh[ gk[ i[ Z[d bei ikfk[ijei eX`[j_lei Z[j[h# c_dWZei [d bWi Z_ifei_Y_ed[i h[if[Yj_lWi1 Z[ jWb ceZe gk[ [d [b YWie Z[b ^ec_Y_Z_e f_WZeie" YedeY_Ze Yece ^ec_Y_Z_e f_[# j‡ij_Ye" [ije [i Yedi[dj_Ze feh [b ik`[je fWi_le Z[b WYje" [b YWh|Y# j[h h[bWj_le Z[ [ijW fhe^_X_Y_Œd `kh‡Z_YW i[ jhWZkY[ [d [b h[if[je W bW lebkdjWZ Z[b ik`[je gk[ ik\h[ kdW [d\[hc[ZWZ j[hc_dWb" gk[ b[ fheZkY[ ]hWdZ[i fWZ[Y_c_[djei o gk[ de Z[i[W WbWh]Wh ik l_ZW ZebeheiW1 Z[ jWb ceZe gk[ bW WYjkWY_Œd Z[b ik`[je YWh[Y[ Z[ Wdj_`kh_Z_Y_ZWZ" fehgk[ i[ jhWjW

GXˆj Zfek`e’\e \a\iZ`\e[f cX d`jdX Zfdg\k\eZ`X \e iXq�e [\ cX dXk\i`X _XjkX hl\ j\ Xgc`hl\e cXj el\mXj Zfdg\$ k\eZ`Xj [\ cfj [\efd`eX[fj Alq^X[fj [\ cX =Xd`c`X# Dla\i p cX E`Œ\q p 8[fc\jZ\eZ`X%$ <e cf gi`eZ`gXc% CX [\dXe[X [\ [`mfiZ`f gi\j\ekX[X gfi \c ;i% DXiZ\cf Il`q =cfi\j# GifZliX[fi Al[`Z`Xc [\ <[n`e 8cfejf IXdˆi\q MXi^Xj# \j ZcXiX# Zfdgc\kX p gi\Z`jX gfi ZlXekf i\’e\ cfj i\hl`j`kfj [\ ]fidX \o`^`[fj gfi cX C\p# \e m`ikl[ [\ \ccf j\ cX XZ\gkX X ki}d`k\ M\iYXc JldXi`f hl\ c\ Zfii\jgfe[\ p \j \c gif$ Z\[\ek\%$ K„e^Xj\ \e Zl\ekX cX ZlXekˆX p cX ZXj`ccX al[`Z`Xc j\ŒXcX[X%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj XgXi\$ aX[fj X cX [\dXe[X%$ :ˆk\j\ X cX J\ŒfiX =8EEP <C<E8 DFC@E8 =L<IK<J# d\[`Xe$ k\ cX gi\ejX [\ Zfe]fid`[X[ Xc 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \e i\cX$ Z`�e Zfe \c 8ik% ((0 [\c :�[`^f :`m`c%$ ?}^Xj\ JXY\i ] %$ ;i% DXel\c JXc`eXj Fi[fŒ\q# Al\q K\dgfiXc [\c Alq^X[f J\okf [\ cX :`m`c [\ CfaX%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p% CfaX# )+ ale`f [\c )'(' ;i% Afj„ 9\ii’ FekXe\[X J<:I<K8I@F ;<C ALQ>8;F J<OKF ;< CF :@M@C ;< CFA8 <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 cX j\ÂŒfiX% :C8I8 M@M@8E8 GFQF GyI<Q# 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 CL@J @J@;IF Q8DFI8 8:Lz8 ;\dXe[X[X 1 :C8I8 M@M@8E8 GFQF GyI<Q# 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 :Xc[\iÂ?e# (* [\ ]\Yi\if [\ (00/% :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 (. [\ dXiqf [\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# al\m\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 ZfefZ`d`\ekf [\ cX gi\ej\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`Â?e [\ 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

Z[ kd WYje ieb_ZWh_e gk[ de i[ h[Wb_pW feh bW Z[Y_i_Œd f[hiedWb Z[ ikfh_c_h kdW l_ZW" i_de feh bW ieb_Y_jkZ Z[ Wgk[b gk[ feh iki _dj[diei ik\h_c_[djei" fheZkY# je Z[ kdW [d\[hc[ZWZ j[hc_dWb" f_Z[ b[ WokZ[d W ceh_h1 eXl_W# c[dj[ gk[ [b Yedi[dj_c_[dje Z[b ik`[je fWi_le Z[X[ i[h b_Xh[" cWd_\[ijWZe _d[gk‡leYWc[dj[ feh kdW f[hiedW Yed YWfWY_ZWZ Z[ Yecfh[dZ[h bW i_jkWY_Œd [d gk[ i[ [dYk[djhW$ :[ jWb cWd[hW" gk[ fWhW gk[ [n_ijW [b ^ec_Y_Z_e f_WZeie e f_[j‡ij_Ye [i \kdZWc[djWb gk[ [b Yedi[dj_c_[dje Z[ bW f[hie# dW fWhW ceh_h Z_]dWc[dj[" i[ XWi[ [d kdW [d\[hc[ZWZ ]hWl[ _dYkhWXb[ o gk[ i[ Yk[dj[ Yed bW YWfWY_ZWZ _dj[b[YjkWb ik\_Y_[dj[ fWhW jecWh jWb Z[Y_i_Œd1 feh [ijW hWpŒd bW 9ehj[ 9edij_jkY_edWb Z[ 9ebecX_W ^W i[‹WbWZe h[_j[hWZW# c[dj[" gk[ [b ik`[je WYj_le Z[X[ i[h kd cƒZ_Ye" fk[ije gk[ [i [b ‘d_Ye fhe\[i_edWb YWfWp de iŒbe Z[ ikc_d_ijhWh _d\ehcWY_Œd Wb fWY_[dj[ i_de" WZ[c|i" Z[ Xh_d# ZWhb[ bWi YedZ_Y_ed[i fWhW ceh_h Z_]dWc[dj[1 [d YedYbki_Œd" [d bei YWiei Z[ [d\[hcei j[hc_dW# b[i" bei cƒZ_Yei gk[ [`[Ykj[d [b ^[Y^e Z[iYh_je [d bW dehcW f[dWb Yed [b Yedi[dj_c_[dje Z[b ik`[je fWi_le de fk[Z[d i[h" [djedY[i" eX`[je Z[ iWdY_Œd o" [d Yedi[#

Yk[dY_W" bei `k[Y[i Z[X[d [ned[# hWh Z[ h[ifediWX_b_ZWZ W gk_[d[i Wi‡ eXh[d$ :[ jeZe be WdejWZe i[ Z[ifh[d# Z[ gk[ i_ X_[d [n_ij[ Yedi[die" [d gk[ bW l_ZW [i [b fh[ikfk[ije d[Y[iWh_e Z[ bei Z[c|i Z[h[Y^ei" [ije [i kd X_[d _dWb_[dWXb[" i_d [b YkWb [b [`[hY_Y_e Z[ bei ejhei i[h‡W _cf[diWXb[" Yece Z_Y[ bW ZeYjh_dW ik fhej[YY_Œd [d [b |cX_je `kh‡Z_Ye eYY_Z[djWb o bW h[ifk[ijW [d jehde Wb Z[X[h Z[ l_l_h YkWdZe [b _dZ_l_Zke ik\h[ kdW [d\[hc[ZWZ _dYkhWXb[ gk[ b[ YWki[ _dj[diei ik\h_c_[djei" [i l_ijW Z[iZ[ Zei fei_Y_ed[i0 '$ BW gk[ Wikc[ bW l_ZW Yece Wb]e iW]hWZe" o [ijW [i bW fei_# Y_Œd i_d ZkZW Wb]kdW Z[ bW ?]b[i_W 9WjŒb_YW 7feijŒb_YW o HecWdW" Yed cWoeh‡W Z[ \_[b[i [d dk[ijhe fW‡i1 o" ($ 7gk[bbW gk[ [ij_cW" gk[ [i kd X_[d lWb_eie" f[he de iW]hW# Ze" fk[i bWi Yh[[dY_Wi h[b_]_eiWi e bWi Yedl_YY_ed[i c[jW\‡i_YWi gk[ \kdZWc[djW bW iWYhWb_pWY_Œd ied Wf[dWi kdW [djh[ Z_l[hiWi efY_ed[i$ ;d [b YWie Z[ bW fh_c[hW efY_Œd" bW ?]b[i_W 9WjŒb_YW i[‹W# bW gk[ bW ck[hj[ Z[X[ bb[]Wh feh c[Z_ei dWjkhWb[i1 [d YWcX_e [d bW i[]kdZW efY_Œd i[ WZc_j[ gk[ [d YWiei [njh[cei" [b _dZ_l_Zke fk[ZW Z[Y_Z_h i_ Yedj_dkW e de

I_ Wif_hWi W [dYedjhWhj[ W j_ c_ice" de j[ c_h[i Wb [if[`e" fehgk[ Wbb‡ [dYedjhWh|i iebWc[dj[ kdW iecXhW" kd [njhW‹e$ I?B;D?KI 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# :Ă K<J< X cX [\dXe[X$ [X :C8I8 M@M@8E8 GFQF GyI<Q# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% */)0 [\c ;I 8C<O 9FE@=8Q j\ÂŒX$ cX[X gfi cX XZkfiX gXiX hl\ cX i\gi\j\ek\ \e cX gi\j\ek\ 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 ]lk`iXj efk`]`ZX$ Z`fe\j%$ 89>% A F I> < D @ < I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 8%G%&+0)/.&b%d% I<GL9C@:8 ;<C <:L8;FI

ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C1 8 CFJ J<zFI<J D8I@8 G@<;8; :FI8P HL@J?G< P AFJy

;8E@<C :F9F :FI8P# ;<C AL@:@F M<I98C JLD8I@F GIFGL<JKF <E :FEKI8 ;< D8I@8 G@<;8; :FI8P HL@J?G< GFI <C J<zFI AL8E >FEQ8CF :F9F ?@;8C>F% 8:KFI1 AL8E >FEQ8CF :F9F ?@;8C>F ;<D8E;8;81 D8I@8 G@<;8; :FI8P HL@J?G< AL@:@F1 Ef% )**$)'(( KI8D@K<1 M<I98C JLD8I@F ;@MFI:@F :L8EKĂ 81 @E;<K<ID@E8;8 =<:?8 ;< @E@:@8:@FE1 ), [\ dXiqf [\c )'(( GIFM@;<E:@81 ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# ), [\ dXiqf [\c )'((# cXj /_*,%$ M@JKFJ1 Gfi Zldgc`[f cf fi[\$ eX[f \e gifm`[\eZ`X `e`Z`Xc# \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p gi\Z`jX# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ M<I98C JLD8I@F%$ :Â?iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X# X cX [\dXe$ [X[X j\ÂŒfiX D8I@8 G@<;8; :FI8P HL@J?G<# X hl`\e j\ cX Z`kXi} gfi cX gi\ejX# \e cX ]fidX [`jgl\jkX gfi \c 8ik% /)

[\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`$ Z`Xc [\j`^eX[fj gfi \c XZkfi p cX ]XZlckX[ ZfeZ\[`[X X jl [\]\ejfiX ;I8% E8E:P 8CK8D@I8EF%$ :l„ek\j\ Zfe lef [\ cfj j\Œfi\j 8^\ek\j =`jZXc\j [\ G`Z_`eZ_X# Zfe i\jg\Zkf X cX `ej`elXZ`�e _\Z_X X cX ZliX[fiX X[$ c`k\d%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ EFK@=@HL<J<%$ ] ;i% AX`d\ :Xej\Zf >l\ii\if# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`�e hl\ k`\e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;I% ALC@F :<J8I DLzFQ DJ:% J<:I<K8I@F ;<C ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0/*) I\g’Yc`ZX [\c <ZlX[fi <OKI8:KF AL;@:@8C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 :?@::?@K8 <JG<I8EQ8 :F9<z8 ;<C>8;F AL@:@F1 ;@MFI:@F Ef% ++0$ )'(($BD 8:KFI1 ;i% FdXi GXki`Z`f JXek` Dlp# GifZliX[fi Al[`Z`Xc [\c j\Œfi ?8I9<P C8@:<:8 >L8I8:8 ;<D8E;8;F1 :?@::?@K8 <J G < I8 E Q8 :F 9 < z 8

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

ă

l_l_[dZe" YkWdZe bWi Y_hYkdi# jWdY_Wi gk[ heZ[Wd ik l_ZW de bW ^WY[d Z[i[WXb[ d_ Z_]dW Z[ i[h l_l_ZW1 [ije [i Yece Z_Y[ bW :hW$ ?iW Z[ @WhWc_bbe Æ9kWdZe bei _dj[diei ik\h_c_[djei \‡i_Yei gk[ bW f[hiedW fWZ[Y[ de j_[d[ fei_X_b_ZWZ[i h[Wb[i Z[ Wb_l_e" o iki YedZ_Y_ed[i Z[ [n_ij[dY_W ied jWd fh[YWh_Wi gk[ be fk[Z[d bb[lWh W l[h [d bW ck[hj[" kdW efY_ÂŒd fh[\[h_Xb[ W bW ieXh[l_# l[dY_WÇ$ Gk_[he j[hc_dWh [ij[ Whj‡Ykbe h[f_j_[dZe be gk[ cWd_\[ijWXW >Wdi Akd] [d [b W‹e '//- ÆCeh_h Yed Z_]d_ZWZ [i kdW efehjkd_ZWZ _dc[h[Y_ZW" kd ]hWd h[]Wbe0 [b ]hWd Zed$ O Wb c_ice j_[cfe kdW ]hWd jWh[W fWhW bW ^kcWd_ZWZÇ1 e Yece Z[Y‡W Wb]‘d ejhe Wkjeh ÆBW ck[hj[ [i Wb]e gk[ de Z[X[cei j[c[h" fehgk[ c_[djhWi iecei bW ck[hj[ de [i" o YkWdZe bW ck[hj[ [i" deiejhei de ieceiÇ$

1ēŊ .2_Ŋ 1!~ Ŋ +!.-~ ĔŊ Ŋ Ŋ

ĹŠ ĹŠ ĹŠ

;<C>8;F F9A<KF1 F9K<E<I C8 ;@JFCL:@äE ;<C MĂ E:LCF D8KI@DFE@8C :8LJ8C1 J\^le[f `eZ`jf [\ cX ZXljXc ((\iX% [\c 8ik% ((' [\c :Â?[`^f :`m`c KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j 0 [\ dXpf [\c )'((# cXj (-_(-%$ M@JKFJ1 CX [\dXe[X \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% <e Zfej\$ Zl\eZ`X# gfi j\i gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f p Xk\ekf \c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# Zfe \c c`Y\$ cf `e`Z`Xc p \jkX gifm`[\eZ`X# Zˆk\j\ X cX j\ÂŒfiX :?@::?@K8 <J G < I8 E Q8 :F 9 < z 8 ;<C>8;F d\[`Xek\ glYc`ZX$ Z`fe\j [\ gi\ejX# \e cX ]fidX [`jgl\jkX gfi \c 8ik% ((0 [\c :Â?[`^f :`m`c p \e cX Z`l[X[ [\ Hl`kf# cl^Xi [\c al`Z`f p [\c dXki`dfe`f% KÂ?d\j\ \e Zl\e$ kX cX ZXc`[X[ \e hl\ ZfdgXi\$ Z\ \c ;i% FdXi JXek` Dlp p jl [fd`Z`c`f al[`Z`Xc% 8^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX% Efk`]ˆhl\j\%$ ] ;i%IlY„e :\mXccfj =XYXiX% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe% :\ik`]`Zf% ;i% E`cf >feqXcf 8cdXZ_` J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

?Xp ]`idX p j\ccf 8:&.0/+*&k] I% ;<C <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :`kXZ`�e Al[`Z`Xc Xc j\Œfi ;8IN@E F J N8 C ; F :?8E:LJ@ 98II<I8 8Zkfi1 ;I% AFJ< G8KI@:@F <J:8E;FE CF8P Q 8 # GIF:LI8;FI AL;@:@8C ;< C8 J<zFI8 D8I@8 A8E<K? JFKF KF8G8EK8 Al`Z`f1 ;@MFI:@F ,./$)'(($ 8%:% Ki}d`k\1 M<I98C JLD8I@F :lXekˆX1 @E;<K<ID@E8;8 Al\q j 1 ;I% 8ID8E;F 8:<C;F >L8CC@% J\Zi\kXi`f1 ;I% AL8E =I8E:@J:F ALJK@:@8% GIFM@;<E:@8 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (- [\ dXpf [\c )'((# cXj '0_)'%$ 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q FZkXmf [\ cf :`m`c [\ G`Z_`eZ_X Jlgc\ek\# d\[`Xek\ f]`Z`f Ef% ((++$;;G# [\ (( [\ Alc`f [\c )''.# p \e m`ikl[ [\c jfik\f Zfii\jgfe$ [`\ek\%$ Gi\m`Xd\ek\ X gif$ m\\i cf hl\ ]l\iX [\ c\p# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% -0 [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \c XZkfi [\ekif [\c k„id`ef [\ ki\j [ˆXj# YXaf gi\m\eZ`fe\j [\ c\p# ZfdgXi\qZX X \jkX Al[`ZXkliX \e [ˆXj p _fiXj _}Y`c\j X i\e$ [`i \c aliXd\ekf [\k\id`eX[f \e \c `eZ`jf k\iZ\if [\c 8ik% /)

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä…

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

[\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e gi\j\ekX[X%$ K„e^Xj\ \e Zl\ekX cX ZXc`[X[ \e hl\ ZfdgXi\Z\ \c ;i% Afj„ GXki`Z`f <jZXe[Â?e CfXpqX# [\Y`[Xd\ek\ aljk`]`ZX[X Zfe cX gifZliXZ`Â?e al[`Z`Xc hl\ X[alekX# p# \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX%$ 8ZkÂ’\ \c ;i% AlXe =iXeZ`jZf Aljk`Z`X# J\Zi\kXi`f k`klcXi [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX XZZ`Â?e [\ g\ijfeXc Ef% -+) ;EG# [\ '0 [\ 8Yi`c [\c )''0%$ Efk`]ˆhl\j\ p ZÂ’d$ gcXj\% = ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j (0 [\ dXpf [\c )'((# cXj ((_,)%$ M@JKFJ1 Gfi Zld$ gc`[f cf fi[\eX[f \e gifm`$ [\eZ`X `e`Z`Xc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ ;\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p \e d„i`kf Xc aliX$ d\ekf i\e[`[f gfi \c XZZ`f$ eXek\# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi ;8IN@E FJN8C;F :?8E:LJ@ 98II<I8# X kiX$ m„j [\ cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf2 gXiX \c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf Zfii\jgfe[`\ek\%$ :fe cX `ej`elXZ`Â?e [\ ZliX[fi X[ c`k\d# Â?`^Xj\ X lef [\ cfj j\ÂŒfi\j =`jZXc\j [\c ;`jki`kf [\ G`Z_`eZ_X%$ Efk`]ˆhl\j\ p ZÂ’dgcXj\% = ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`$ ]`ZXZ`fe\j% :\ik`]`Zf% ;I% AL8E =I8E:@J:F ALJK@:@8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/+-&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 >@C9<I D@>L<C 8CM8I<Q G@EK8;F 8:KFI1 E8E:P ><FI>@E8 8CM8I<Q IFJ8C<J ;<D8E;8;F1 >@C9<I D@>L<C 8CM8I<Q G@EK8;F AL@:@F ;< ;@MFI:@F Ef% ('00$)'('$D%8% :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )( [\ j\gk`\dYi\ [\c )'('# cXj (-_+0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[# [\c jfik\f i\jg\Zk`mf p \e d` ZXc`$ [X[ [\ Al\q <eZXi^X[f%$ \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 \e cX c\p%$ [\j\ \c ki}d`k\ m\i$ YXc jldXi`f [\ Zfe]fid`[X[ Zfe cfj 8ikj% /)/ p j`^l`\ek\j [\c :Â?[`^f [\ gifZ\[`d`\ekf

:`m`c%$ :ˆk\j\# Zfe \c Zfek\e`[f [\ cX [\dXe[X p \jkX gifm`$ [\eZ`X p \c aliXd\ekf i\e[`[f# Xc [\dXe[X[f >`cY\i D`^l\c 8cmXi\q G`ekX[f# gfi cX gi\ejX \e lef [\ cfj g\iˆf[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`$ kXe \e \jkX Z`l[X[# d\[`Xe[f \c k„id`ef [\ ZlXe[f d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZXZ`Â?e# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\ X cX d\efi gÂ’Y\i A\jj\e`X 8cmXi\q# gXiX hl\ `ej`eÂ’\ \c efdYi\ [\c ZliX[fi X[$c`k\d%$ K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ ZliX[fi X[$c`k\d [\j`^eX[f%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f%$ :Ă K<J< P EFK@=Ă HL<J<%$ ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf p :@KF gXiX cfj i\jg\Zk`mfj ]`e\j [\ C\p# gi\$ m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZX$ Z`fe\j% Hl`kf# (/ [\ FZklYi\ [\c )'('% :\ik`]`Zf% ;i% AlXe >XccXi[f H% J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0/*/&k] I% ;<C <% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 : @ K8: @ ä E A L ; @ : @ 8 C 1 D8EL<C ;< A<JLJ :?@:8@Q8 DFJHL<I8 <OKI8:KF

Ĺ?

8ZkfiX1 ALC@8 D<I:<;<J I@M<I8 D8EK@CC8 ;\dXe[X[f1 D 8 E L < C ;< A<JLJ :?@:8@Q8 DFJHL<I8 Al`Z`f1 ;@MFI:@F# AL@:@F (',)$(' DM ;\]\ejfi1 ;I% 8E@98C DFI<8EF :Xj`cc\if al[`Z`Xc2 )*'0 :lXekˆX1 @E;<K<ID@E8;8 @E@:@8;F1 + ;< 8>FJKF ;<C )'('% GIFM@;<E:@8 ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )( [\ [`Z`\dYi\ [\c )'('# cXj (,_()%$ M@JKFJ1 8c _XY\id\ Zfii\jgfe[`[f \e Jfik\f# XmfZf ZfefZ`d`\ekf \e cX gi\j\ek\ ZXljX%$ <c \jZi`$ kf hl\ Xek\Z\[\# X^i„^l\j\ Xc gifZ\jf%$ <e cf gi`eZ`gXc cX [\dXe[X gi\j\ekX[X# \j ZcXiX 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<I98C JLD8I@F% :ˆk\j\ Xc [\dXe$ [X[f D8EL<C ;< A<JèJ :?@:8@Q8 DFJHL<I8# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# Xk\ekf \c aliXd\ekf \ogi\jX[f p cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# cl^Xi [\c dXki`dfe`f# \e cX ]fidX gi\$ m`jkX \e \c 8ik% ((0 [\c :Â?[`^f :`m`c m`^\ek\%$ 8c \]\Zkf# i\dˆ$ kXj\ \c \okiXZkf Zfii\jgfe$ [`\ek\%$K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f j\ÂŒXcX[f gfi \c ZfdgXi\Z`\ek\%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX$ [X%$ :ˆk\j\ p Efk`]ˆhl\j\% Æ ] ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j c\^Xc\j# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`f$ e\j hl\ c\ Zfii\jgfe[Xe% Hl`kf# ;I% <;>8I ?8IF

CONVOCATORIA A LA JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A INMOPINZON S.A. Se convoca a los seĂąores accionistas de la compaùía, para que concurran el dĂ­a Martes 7 de junio del 2011, a partir de las 16H00, en la oficina principal de la compaùía ubicada en la calle Av. Shyris N41-151 e Isla Floreana, de esta ciudad de Quito, Distrito Metropolitano, donde se llevarĂĄ a cabo la Junta General Extraordinaria de accionistas, con el fin de tratar el siguiente orden del dĂ­a: 1.- AutorizaciĂłn de la Junta General de accionistas de la compaùía, para que los seĂąores administradores puedan gestionar y obtener crĂŠditos en cualquier instituciĂłn financiera, a favor de la compaùía. 2.- Conocimiento y resoluciĂłn del Aumento de Capital de la compaùía. Se convoca de manera especial a la sra. Lorena PazmiĂąo CĂĄrdenas Comisaria Principal de la compaùía: Quito, 24 de Mayo de 2.011 Atentamente, ING. GONZALO CASTRO MURILLO PRESIDENTE ING. MARCO ANTONIO PAREJA M. GERENTE GENERAL AR/83063/cc

I[ `kp]W i[]‘d be gk[ i[ l[" be gk[ i[ c_hW" o i[ c_hW be gk[ i[ gk_[h[$ Feh jWdje" i[ `kp]W be gk[ i[ gk_[h[$ D7:?D; B7FEHJ;

J\Zi\kXi`f < ?Xp ]`idX p j\ccf 8:&.0/*.&k] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 9<IK?8 :8ID<E D8I@8 D8IDFC >L8J>L8 8:KFI1 CL@J <EI@HL< ;< C8 :ILQ J8LC8 ;<D8E;8;81 9<IK?8 :8ID<E D8I@8 D8IDFC >L8J>L8 AL@:@F ;< ;@MFI:@F Ef% (-.'$)'('$?%>% :L8EKĂ 81 @E;<K<ID@E8;8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j )0 [\ [`Z`\dYi\ [\c )'('# cXj (._(0% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\X$ c`qX[f p \e ZXc`[X[ [\ Al\q \eZXi^X[f [\ \jkX al[`ZXkliX d\[`Xek\ f]`Z`f Ef% (*'/$ ;G$;GG# [\ ]\Z_X . [\ alc`f [\c )'('%$ Gi\m`f X gifm\\i cf hl\ \e [\i\Z_f Zfii\jgfe[\# \e \c k„id`ef [\ ki\j [ˆXj p YXaf gi\m\eZ`fe\j c\^Xc\j# \c XZZ`feXek\ ZfdgXi\qZX X \jkX al[`ZXkliX# X ]`e [\ [Xi Zld$ gc`d`\ekf X cf [`jgl\jkf \e \c 8ik% /)# `eZ% *if# [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\ %$ ] ;i% =XYi`Z`f 9\kXeZflik# Al\q <eZXi^X[f ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j '* [\ \e\if [\c )'((# cXj (-_'*% M@JKFJ%$ CX [\dXe[X

hl\ Xek\Z\[\ \j ZcXiX# gi\Z`$ jX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ ]fidX \o`^`[fj \e cX c\p%$ ;„j\ \c ki}d`k\ m\iYXc jldXi`f [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e cfj 8ikj% /)/ p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e d\i`$ kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi# :Ă K<J< X cX [\dXe$ [X[X 9<IK?8 :8ID<E D8I@8 DĂ?IDFC >L8J>L8# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cf [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e cX Z`l[X[ [\ Hl`kf# Zfe `ek\imX$ cfj [\ / [ˆXj \eki\ ZX[X glYc`$ ZXZ`Â?e%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZZ`feXek\ p cX Xlkfi`qX$ Z`Â?e Zfe]\i`[X X jl 8Yf^X[f ;\]\ejfi%$ 8^i„^l\j\ cX [fZl$ d\ekXZ`Â?e X[alekX%$ :Ă K<J< P EFK@=Ă HL<J<%$ ] ;i% =XYi`Z`f 9\kXeZflik# Al\q <eZXi^X[f% Cf hl\ gfe^f \e ZfefZ`$ d`\ekf [\c gÂ’Yc`Zf p :@KF gXiX cfj i\jg\Zk`mfj ]`e\j [\ c\p# gi\m`e`„e[fc\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ ;i% AlXe ?% >XccXi[f H% J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0,,. <OKI8:KF ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8

:@K8:@äE AL;@:@8C 8c j\ÂŒfi% E<C@F I<@E8C;F >8I:@8 :8JK@CCF j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`$ elXZ`Â?e j`^l\1 <OKI8:KF 8ZkfiX1 D8I@8 D<I:<;<J G8EAFE >L8CCG8 ;\dXe[X[f1 E < C @ F I<@E8C;F > 8 I : @ 8 :8JK@CCF 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 (0 [\ dXiqf [\c )'(( :XljX [\ ;`mfiZ`f Ef% *,+$)'((%$ ;I8% B8C@EB8 A8I8D@CCF%$ GIFM@;<E:@81 ALQ>8;F M@>Ă&#x;J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j . [\ 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 ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`Â?e [\ 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 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 E<C@F I<@E8C;F >8I:@8 :8JK@CCF gfi cX gi\ejX \e lef

[\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`�e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% /.* [\ cX ;I8% 8D<C@8 M@CC<E8 j\ŒX$ cX[X gfi cX XZkfiX gXiX hl\ cX i\gi\j\ek\ \e cX gi\j\ek\ ZXljX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e XZfdgX$ ŒX[X%$ EFK@=@HL<J<%$ = ;i% =\c`g\ @e]Xek\ I\p% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p%$ C\ gi\m\e$ ^f [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZX$ Z`fe\j%$ 89% AFI>< D@<I 9LI98EF J<:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0*)* I<GL9C@:8 ;<C <:L8;FI ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 HL@KF$<:L8;FI :@K8:@FE AL;@:@8C 8 C8 J<zFI8 CL@J8 <JK?<I 8L:8G@z8 :?8E>F AL@:@F Ef (.(+$)'('AG% KI8D@K< M<I98C JLD8I@F ;@MFI:@F :L8EK@8 @E;<K<ID@E8;8 8:KFI D8LIF ;8M@; :8 I I @ C CF :8 I I @ C CF ;<D8E;8;81 8 C8 J<zFI8 CL@J8 <JK?<I 8L:8G@z8 :?8E>F GIFM@;<E:@8%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# al\m\j ), [\ ]\Yi\if [\c )'('# cXj ('_+)M@JKFJ18mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ al\q \eZXi^X$ [f d\[`Xek\ XZZ`�e [\ g\ijf$ eXc e’d\if *0-$;G$;GG$ [\ )+ [\ ]\Yi\if [\c )'((%$ <e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi# c\^Xcd\ek\ gfj\$

j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X# \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\g$ kX X ki}d`k\ M\iYXc JldXi`f%$ <e Zfej\Zl\eZ`X ZÂ?iiXj\ kiXjcX[f Zfe cX [\dXe[X p \jkX gifm`[\eZ`X X cX [\dXe$ [X[X j\ÂŒfiX CL@J8 <JK?<I 8L:8G@z8 :?8E>F# X hl`\e j\ c\ Z`kXi} gfi d\[`f [\ glYc`$ ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e „jkX [\ Hl`kf p [\ cX Z`l[X[ [\ 8dYXkf Zfe]fi$ d\ \c XikˆZlcf ((0 [\c :Â?[`^f :`m`c%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX$ [fj%$ EFK@=@HL<J< %] ;I% A8@D< :8EJ<:F >L<II<IF AL<Q CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P% ;i% Alc`f :„jXi DlÂŒfq J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0,-*&k] I<GL9C@:8 ;<C <:L8;FI <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 8 C8 ;<D8E;8;81 :<:@C@8 8EKFE@<K8 ?<II<I8 AL@:@F1 ;@MFI:@F Ef% )'(($ '))0$A:K 8:KFI1 D8ICFE I8D@IF G8QD@zF =I<@I< ;<D8E;8;F1 :<:@C@8 8EKFE@<K8 ?<I<I8 ;FD@:@C@F AL;@:@8C1 ;I% AFJ< CL@J M@K<I@ :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 ;< :FE=FID@;8; :FE CF ;@JGL<JKF GFI <C 8IK% (('# :8LJ8C ((# J<>LE;F @E:@JF ;<C :F;@>F :@M@C# ;<D8E;8 8 JL :äEPL>< JI8% :<:@C@8 8EKFE@<K8 ?<II<I8# <C ;@MFI:@F# 8 =@E ;<

HL< <E J<EK<E:@8 J< ;<:C8I< ;@JL<CKF <C M@E:LCF D8KI@DFE@8C HL< C<J LE<# FI;<E8E;F JL @EJ:I@G:@äE <E <C I<>@JKIF :@M@C%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# M`\ie\j ), [\ DXiqf [\c )'((# cXj '/_*+1 M@JKFJ%$ Gfi Zldgc`[f cf fi[\eX[f \e gifm`[\eZ`X `e`Z`Xc# \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p gi\Z`jX# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ M<I98C JLD8I@F%$ :Â?iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe$ [X p \jkX gifm`[\eZ`X# X cX [\dXe[X[X j\ÂŒfiX :<:@C@8 8EKFE@<K8 ?<II<I8# X hl`\e j\ cX Z`kXi} gfi cX gi\e$ jX# \e cX ]fidX [`jgl\jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`$ cc\if al[`Z`Xc [\j`^eX[fj gfi \c XZkfi p cX ]XZlckX[ ZfeZ\[`[X X jl [\]\ejfi ;I% AFJ< CL@J M@K<I@%$ 8^i„^l\j\ Xc gifZ\$ jf cfj [fZld\ekfj gi\j\ekX$ [fj%$ EFK@=Ă HL<J<%$ ] ;i% A8@D< :8EJ<:F >L<II<IF# Al\q%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# Cle\j )( [\ DXiqf [\c )'((# cXj ('_++1 Gi\m`Â? X gifm\\i cf hl\ \e [\i\Z_f Zfii\jgfe$ [X%$ <c XZkfi ZfdgXi\qZX X \jkX al[`ZXkliX \e \c k„id`ef [\ ki\j [ˆXj \e _fiXj _}Y`c\j# X iXk`]`ZXij\ \e \c aliXd\ekf jfYi\ jl `dgfj`Y`c`[X[ [\ Zfej\^l`i cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe$

[X[X# [\ Zfe]fid`[X[ Zfe cf \jk`glcX[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% EFK@=@HL<J<%$ 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 c\^Xc# \e cX ]fidX \jkXYc\Z`[X gfi cX C\p% ;I% ALC@F :<J8I DLzFQ DJ:% J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ?Xp le j\ccf 8%:%&.0+''& I% [\c <% ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 CL@J 8C9<IKF ;< C8J IFJ8J DLzFQ AL@:@F ;@MFI:@F Ef ()/0$ )'('$I%:% 8:KFI%$ 89>% AFI>< IF;IĂ >F :?8M<Q C8I8# GIF:LI8;FI AL;@:@8C ;< C8 J<zFI8 QF@C8 <IE<JK@E8 9 8 z F :?@D9FI8QF ; < D 8 E ;8 ; F% $ C L @ J 8C9<IKF ;< C8J IFJ8J DLzFQ F9A<KF1 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C =LE;8D<EKF C<>8C%$ 8ikj% ((' [\c :Â?[`^f :`m`c p# /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :L8EKĂ 81 @e[\k\id`eX[X ;FD@:@C@F C<>8C1 +/)( 8Y^% Afi^\ :_}m\q 8LKF ;< :8C@=@:8:@äE%$ A L Q> 8 ; F M @ > < J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j

CONVOCATORIA A LA JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A “INMOBILIARIA BRABANTE S.A.â€? De conformidad con lo establecido en el artĂ­culo DĂŠcimo Octavo del Estatuto Social, se convoca a los accionistas de la compaùía “INMOBILIARIA BRABANTE S.A.â€?, a la Junta General Extraordinaria de Accionistas, la que tendrĂĄ lugar en el domicilio de la compaùía situado en el Edificio “El Barrancoâ€?, calle AfganistĂĄn N41-90 y De Las Almonedas (antes Los Cabildos), departamento No 1, del Distrito Metropolitano de Quito, el dĂ­a miĂŠrcoles 8 de junio de 2011, a las 15h00, con el objeto de conocer y tratar el siguiente Orden del DĂ­a: PUNTO ĂšNICO: - AutorizaciĂłn para la venta de los siguientes bienes de propiedad de la compaùía que son parte del Edificio HalcĂłn, sujeto al rĂŠgimen de la propiedad horizontal, situado en la calle Obispo Sancho de Andrade 547 y Gaspar de Escalona de este Distrito Metropolitano: Un (1) penthouse, nominado como PHB, Una (1) bodega, signada con el nĂşmero 7, seis (6) estacionamientos con los nĂşmeros 8, 9,10,11, 31 y 32, y las alĂ­cuotas que a estos bienes corresponden, requerida conforme lo dispuesto en el literal m) del artĂ­culo VigĂŠsimo Primero del Estatuto Social. Quito, a 26 de mayo de 2011.

), [\ ]\Yi\if [\c )'((# cXj (-_(*%$M@JKFJ%$ LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X gi\$ Z\[\ek\# j\ ZXc`]`ZX cX [\dXe$ [X Zfdf ZcXiX# Zfdgc\kX p Zfek\ek`mX [\ cfj i\hl`j`kfj gi\Z\gklX[fj \e cfj XikˆZl$ cfj -. p -/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfej\$ Zl\ek\d\ek\# X[d`k`„e[fcX Xc ki}d`k\ m\iYXc jldXi`f# \e Xk\eZ`Â?e X cX X]`idXZ`Â?e hl\ Zfe aliXd\ekf \]\ZkÂ’X cX gXik\ XZkfiX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`$ [X[ f i\j`[\eZ`X [\c [\dXe$ [X[f# Zˆk\j\ X CL@J 8C9<IKF ;< C8J IFJ8J DLzFQ gfi cX gi\ejX# \e lef [\ cfj [`X$ i`fj [\ Xdgc`X Z`iZlcXZ`Â?e kXekf \e \jkX Z`l[X[ [\ Hl`kf Zfdf \e lef [\ cX ZXg`kXc [\ cX gifm`eZ`X [fe[\ j\ Z\c\YiÂ? \c dXki`dfe`f# \e cX ]fidX hl\ gi\Z\gkÂ’Xe cfj XikˆZlcfj ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf \e cX d`jdX dXk\i`X% 8^i„^l\ej\ Xc \og\[`\ek\ cfj [fZld\ekfj i\]\i`[fj \e cX ]\ [\ gi\j\ekX$ Z`Â?e jljZi`kX gfi \c i\jgfejX$ Yc\ [\ cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j%$ :ˆk\j\ p Efk`]ˆhl\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 le j\ccf 8%:%&.0,,0 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 E8I:@Q8 E<CCP G@E:8P M@E:<J 8:KFI1 <;N@E G8KI@:@F :89<Q8J GFEKFE

>;I?E:E :; 7I;H7

;<D8E;8;81 E8I:@Q8 E<CCP G@E:8P M@E:<J AL@:@F ;< ;@MFI:@F Ef% ')0+$)'(( <> KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 =LE;8D<EKF C<>8C1 8ik% ((' :8LJ8C (( `eZ`jf j\^le[f [\c Z�[`^f :`m`c% 89F>8;F ;<=<EJFI1 ;i% M@:<EK< J88 :8J@CC8 AL;@:@8C (+/) :%8%G% ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j [`\q p j`\k\ [\ dXiqf [\ )'((# cXj ('_+-%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f [\ c\p Zfii\jgfe[`\ek\# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k`klcXi%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[f$ j\cX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f%$ <e d„i`kf Xc aliXd\ekf hl\ k`\e\ i\e[`[f \c j\Œfi <[n`e GXki`Z`f :XY\qXj Gfek�e p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX hl\ j\ Z`k\ X cX [\dXe[X[X j\ŒfiX EXiZ`qX E\ccp G`eZXp M`eZ\j# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# cl^Xi [\c dXki`dfe`f p [\ Zfe]fi$ d`[X[ Zfe cf [`jgl\jkf \e \c 8ik% ((0 [\c :�[`^f :`m`c%$ 8c \]\Zkf i\dˆkXj\ \c \okiXZkf Zfii\jgfe[`\ek\% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfdgXŒX X cX [\dXe[X%$

CONVOCATORIA Junta Extraordinaria Según lo dispuesto en el artículo 26 de la Ley de Compaùías GRANAK EL CHANCHITO CIA. LTDA. Convoca a la Junta General Extraordinaria a todos los socios y accionistas que conforman la misma, a la sesión a realizarse el día viernes 27 de Mayo del 2011 a las 14H00 en su domicilio ubicado en la calle Pablo del Solar 389 e Isla Seymur. Nota: de no contar con el quórum necesario se iniciarå una hora posterior a la seùalada con el número de socios presentes y sus decisiones serån respetadas. Orden del día: 1. 2. 3.

Arq. Kattia Acosta Paredes PRESIDENTA

I_ ^WXbWi cWb" i[ ^WXbWh| Z[ j_ f[eh$

Constatación del quórum Proceso de Reactivación y Prórroga de plazo de vigencia de la Compaùía Reforma de Estatutos Atentamente,

Mecedes Quintero OrtĂ­z GERENTE

RocĂ­o Berrezueta PRESIDENTE AR/83061/cc

AR/83071/cc

K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc# j\ŒXcX[f gXiX gfj$ k\i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`�e Zfe]\$ i`[X X jl 8Yf^X[f ;\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% = ;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`�e hl\ k`\e\e [\ j\ŒXcXi 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:&.0,0.&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C G8I8 J<zFI I8=8<C <;L8I;F GFD8 P8E<Q < O K I 8 : K F AL@:@F ;@MFI:@F EIF% (+'($ )'('$;I% :%D 8:KFI81 JLJ8E8 G@C8I 8@D8:8z8 K8@G< ; < D 8 E ;8 ; F I8 =8 < C <;L8I;F GFD8 P8E<Q F9A<KF1 ;@JFCL:@FE ;<C M@E:LCF D8KI@DFE@8C ;< :FE=FID@;8; :FE CF ;@JGL<JKF <E <C @E:@JF J<>LE;F ;<C ELD<I8C ;<:@DF GI@D<IF ;<C 8IK% ((' ;<C :F;@>F :@M@C M@><EK< KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF AL;@:@8C EIF% *-/+ G<IK<E<:@<EK< 8C ;I% J8EKFJ GI8;F GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j / [\ [`Z`\d$ Yi\ [\c )'('# cXj (-_+,%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f \e cX i\j$ g\Zk`mX f]`Z`eX [\ jfik\fj p \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ F]`Z`f Eif% '()$ ;;G$A8I# [\c )+ [\ <e\if [\c )'',%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\$ [\ek\ j\ cX XZ\gkX X ki}d`k\ M\iYXc JldXi`f%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi gXik\ [\ cX 8ZkfiX JLJ8E8 G@C8I 8@D8:8z8 K8@G<# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\c ;\dXe[X[f I8=8<C <;L8I;F GFD8 P8E<Q%$ :ˆk\j\ Zfe \c Zfek\e`$ [f [\ cX [\dXe[X p \jk\ Xlkf hl\ Xek\Z\[\ Xc [\dXe[X[f I8=8<C <;L8I;F GFD8 P8E<Q# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X [\

Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xe$ [f fZ_f [ˆXj ZX[X glYc`ZX$ Z`�e leX [\ fkiX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e X[alekX% K�d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c ZfdgXi\Z`\e$ k\ JLJ8E8 G@C8I 8@D8:8z8 K8@G<# gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ] ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`�e Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j% :\ik`]`Zf% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0/*+&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C G8I8 J<zFI J<>LE;F =<C@G< :8@Q8 8>L@C8I < O K I 8 : K F AL@:@F ;@MFI:@F EIF% ((*$ )'(($;I% :%D 8:KFI81 D8I@8 <JK?<I M<>8 :?@CL@Q8 ;<D8E;8;F J<>LE;F =<C@G< :8@Q8 8>L@C8I F9A<KF1 ;@JFCL:@FE ;<C M@E:LCF D8KI@DFE@8C ;< :FE=FID@;8; :FE CF ;@JGL<JKF <E <C 8IK% ((' :8LJ8C FE:<8M8 @E:@JF J<>LE;F ;<C :F;@>F :@M@C <E 8:KL8C M@><E:@8 KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF AL;@:@8C EIF% /(- G<IK<E<:@<EK< 8C ;I% C@><I K8G@8 GIFM@;<E:@8 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )( [\ XYi`c [\c )'((# cXj '0_(0%$ M@JKFJ%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’\e cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\$ cX gifZ\[\ek\ j\ c\ XZ\gkX X ki}d`k\ M\iYXc JldXi`f%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi gXik\ [\ cX XZkfiX DXiˆX <jk_\i M\^X :_`cl`qX# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ jl Z�epl^\ \c [\dXe[X[f J\^le[f =\c`g\ :X`qX 8^l`cXi# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p „jk\ Xlkf hl\ Xek\$ Z\[\ Xc [\dXe[X[f J<>LE;F =<C@G< :8@Q8 8>L@C8I# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^i„^l\ej\ Xc gifZ\jf cX [fZld\ekXZ`�e X[alekX%$ K�d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX DXiˆX <jk_\i M\^X :_`cl`qX# gXiX jlj efk`]`ZX$ Z`fe\j gfjk\i`fi\j%$ :ˆk\j\ p Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`�e Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? e\j gfjk\i`fi\j% :\ik`]`Zf% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0,0-&k] <OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8 : @ K8 : @ F E A L ; @ : @ 8 C 8C J<zFI I<@E8C;F A8M@<I <JG@EFJ8 ;< CFJ DFEK<IFJ 8C;Ă?J AL@:@F1 M<I98C JLD8I@F ;@MFI:@F Ef% ('.,$'0 <%8% 8:KFI% DFE@:8 D8I@8E@K8 D8IDFC ?<IDFQ8 ;<D8E;8;F1 I<@E8C;F A8M@<I <JG@EFJ8 ;< CFJ DFEK<IFJ 8C;Ă?J ;FD@:@C@F% ;I% D@CKFE M8I>8J KI8D@K<% M < I 9 8 C JLD8I@F :L8EK@8% @E;<K<ID@E8;8 :8J@CC<IF% (-0/ ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?81$ Hl`kf# d`„iZfc\j * [\ dXiqf [\c )'((%$ CXj (._*'%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX$ [f XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi c\^Xcd\ek\ gfj\$ j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ M<I98C JLD8I@F%$ <e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ X cf gi\m`jkf \e \c 8ik% ((' ZXljXc ((# `eZ`jf )[f# [\c :Â?[`^f :`m`c# \eki„$ ^l\j\ Zfg`X [\ cX [\dXe[X p gifm`[\eZ`X i\ZXˆ[X \e \ccX Xc [\dXe[X[f I<@E8C;F A8M@<I <JG@EFJ8 ;< CFJ DFEK<IFJ 8C;8J Xc d`jdf hl\ Xk\ekf \c aliXd\ekf [\ cX XZkfiX# j\ cf Z`kXi} gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# [\ XZl\i[f X cf gi\$ m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :fe cX `ej`elXZ`Â?e [\ :liX[fi 8[$c`k\d# Â?`^Xj\ X lef [\ cfj j\ÂŒfi\j I\gi\j\ekXek\j [\c D`e`jk\i`f GÂ’Yc`Zf%$ 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%$ EFK@=@HL<J<%$ ] ;I% >\id}e >feq}c\q [\c Gfqf% AL<Q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`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%$% ;I% >8CF 98<Q A8@D<% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0,0,&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI D8EL<C D8I@8EF ;LK8E :?FIF AL@:@F1 M<I98C JLD8I@F Ef +/$)'(( I%:%

Ć

8:KFI%$;iX% K<I<J@K8 Q8D9I8EF GIF:LI8;FI8 AL;@:@8C ;< <C98 9<8KI@Q M@CC8:Ă J K8D8PF% ;<D8E;8;F%$ D8EL<C D8I@8EF ;LK8E :?FIF F9A<KF1 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C =LE;8D<EKF C<>8C%$ 8IK% ((' [\c :Â?[`^f :`m`c :L8EKĂ 81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 :Xj`cc\if Al[`Z`Xc Eif%*).' [\c ;i% K\i\j`kX QXdYiXef 8LKF ;< :8C@=@:8:@äE%$ A L Q> 8 ; F M @ > y J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# j}YX[f () [\ 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\[`d`\ekf :`m`c2 Zfe$ j\Zl\ek\d\ek\# X[d`k`„e[f$ cX Xc ki}d`k\ m\iYXc jldXi`f# \e Xk\eZ`Â?e X cX X]`idXZ`Â?e hl\ Zfe aliXd\ekf \]\ZkÂ’X cX gXik\ XZkfiX jfYi\ cX `dgfj`$ Y`c`[X[ [\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X [\c [\dXe[X[f# Zˆk\j\ X DXel\c DXi`Xef ;lkXe :_fif gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# \e cX ]fidX hl\ gi\Z\gkÂ’Xe cfj XikˆZlcfj ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf \e cX d`jdX dXk\i`X% 8^i„^l\ej\ Xc \og\[`\ek\ cfj [fZld\ekfj i\]\i`[fj \e cX ]\ [\ gi\j\ekX$ Z`Â?e jljZi`kX gfi \c i\jgfejX$ Yc\ [\ cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j%$ 8ZkÂ’\ \c C`Z% >l`[f <jg`efqX# \e ZXc`[X[ [\ J\Zi\kXi`f# \e m`i$ kl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Eif% )).'$;G$;GG# [\ (* [\ FZklYi\ [\c )'('%$ :ˆk\j\ p Efk`]ˆhl\j\% ;I% IL9<E >@C<I :<;<zF% <C AL<Q Cf Zfdle`ZÂ? X Ljk\[ p C< :@KF gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ Xc [\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:&.0,0+&k]

D<EFI<J ALQ>8;F K<I:<IF ;< C8 E@z<Q P C8 8;FC<J:<E:@8 ;< G@:?@E:?8 F=% EF% 0,) AKE8:H% :$ +//$ )'(( CM Hl`kf# X (* [\ dXpf [\c )'(($ J\ÂŒfi ;@I<:KFI ;<C ;@8I@F C8 ?FI8 Gi\j\ek\%$ 8 cX j\ÂŒfiX <CJ8 G8KI@:@8 D<Q8 >@CJ< p Xc glYc`Zf \e ^\e\iXc j\ c\ _XZ\ jXY\i cf j`^l`\ek\1 8:KFI1 M@:KFI ?L>F

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ć

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

;<C>8;F D8:@8J ;<D8E;81 <CJ8 G8KI@:@8 D<Q8 >@CJ< D<EFI1 M@:KFI 8C<A8E;IF ;<C>8;F D<Q8 :8LJ81 K<E<E:@8 ELD<IF +)($)'(( CM ALQ>8;F K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF%$Hl`kf M@JKFJ1 M@JKFJ1 Hl`kf# dXi$ k\j (0 [\ XYi`c [\c )'((# X cXj ('_)/ M@JKFJ%$<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% ',*$)'('# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% )-+ [\ ), [\ 8^fjkf [\c )'(' p \e m`ikl[ [\c jfik\f i\Xc`qX[f gfi cX jXcX Zfii\jgfe[`\ek\%$ LeX m\q hl\ \c j\ÂŒfi M@:KFI ?L>F ;<C>8;F D8:@8J# YXaf aliX$ d\ekf [\ c\p _X [\ZcXiX[f hl\ g\j\ X cXj dÂ’ck`gc\j Xm\i`^lX$ Z`fe\j c\ _X j`[f `dgfj`Yc\ [\k\id`eXi \c [fd`Z`c`f p$f i\j`[\eZ`X [\ cX j\ÂŒfiX <CJ8 G8KI@:@8 D<Q8 >@CJ<# j\ gifZ\[\ X ZXc`]`ZXi cX [\dXe$ [X [\ K<E<E:@8 cX d`jdX hl\ \j ZcXiX Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ c\p # gfi cf hl\ j\ cX XZ\gkX X jl ki}d`k\ \jkXYc\Z`[f \e \c @eeld\iX[f *+ [\ cXj i\]fidXj Xc :Â?[`^f [\ cX E`ÂŒ\q p X[fc\jZ\eZ`X % $ <e cf gi`eZ`gXc :@K<J< X cX j\ÂŒfiX <CJ8 G8KI@:@8 D<Q8 >@CJ<# Zfe \c Zfek\e`[f [\ cX [\dXe[X p Xlkf hl\ Xek\Z\$ [\ d\[`Xek\ ki\j glYc`ZXZ`f$ e\j hl\ j\ _Xi}e # ZX[X leX [\ \ccXj \e ]\Z_Xj [`jk`ekXj \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX Z`l$ [X[ [\ Hl`kf# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ c\ gi\m`\e\ Xc [\dXe[X[f% [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# % X[\d}j \c [\dXe[X[f k`\e\ cX fYc`^XZ`Â?e [\ XeleZ`Xi cfj d\[`fj gifYXkfi`fj [\ Zfe]fi$ d`[X[ Zfe \c 8ik% @eeld\iX[f *+ [\ cXj i\]fidXj Xc :Â?[`^f [\ cX E`ÂŒ\q p X[fc\jZ\eZ`X% :`kX[f hl\ j\X \e c\^Xc ]fidX \c [\dXe[X[f # j\ ZfemfZXiX X cXj gXik\j X cX Xl[`\eZ`X Â’e`ZX# [\ Zfe]fid`[X[ Zfe \c 8ik% @eeld\iX[f *. [\c Zl\i$ gf c\^Xc%$ K„e^Xj\ \e Zl\ekX \c XeleZ`f [\ gil\YXj hl\ gi\j\ekX cX XZkfiX%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX \c XZkfi gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j Xjˆ Zfdf cX [\j`^eXZ`Â?e [\c 8Yf^X[f gXkifZ`eX[fi%$ EFK@=@HL<J< p :Ă K<J< ] ;i% :I@JK?@8E I<:8C;< ;< C8 IFJ8 %$ AL<Q Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p%$ 8k\ekXd\ek\ ;I8% 8C<O8E;I8 G8I<;<J J<:I<K8I@8 8;ALEKF ?Xp ]`idX p j\ccf 8:&.0..*&k] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< C8

E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF :@K8:@äE AL;@:@8C 8 C8 J<zFI8 J?8<C8 B8I@EE8 J8C>8;F ?@;IF9F <OKI8:KF :8LJ81 @E:@;<EK< ;< I<98A8 ;< G<EJ@äE 8C@D<EK@:@8 Eif% ;< AL@:@F1 )''/$',*-$ D9 8:KFI1 8C<O =89I@:@F 8E;I8;< FIC8E;F ;<D8E;8;81 J?8<C8 B8I@EE8 J 8 C > 8 ; F ?@;IF9F E@zF1 D8IKĂ E J<98JK@Ă?E 8E;I8;< J8C>8;F :L8EKĂ 81 EFM<:@<EKFJ J<J<EK8 ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK<8DyI@:8 AL<Q1 ;I% ?L>F :<C@ 8CM8I<Q% GIFM@;<E:@8 ALQ>8;F K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF%$ Hl`kf# cle\j )) [\ efm`\dYi\ [\c )'('# cXj (,_)(%$ M@JKFJ1 <e m`ikl[ [\ _XY\ij\ jlj$ kXeZ`X[f \e \jkX al[`ZXkliX cX [\dXe[X `e`Z`Xc [\ Xc`$ d\ekfj# p gfi \e[\ _XY\ij\ iX[`ZX[f cX Zfdg\k\eZ`X \e \jk\ Alq^X[f# j\ ZXc`]`ZX cX [\dXe[X [\ @E:@;<EK< ;< I<98A8 ;< G<EJ@äE 8C@D<EK@:@8# cX d`jdX hl\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj c\^Xc\j# XZ\gk}e[f$ c\ X ki}d`k\ \jg\Z`Xc%$ :Ă K<J< Zfe cX [\dXe[X p Xlkf [\ ZXc`]`ZXZ`Â?e X cX [\dXe[X[X j\ÂŒfiX# J?8<C8 B8I@EE8 J8C>8;F ?@;IF9F# \e \c cl^Xi j\ÂŒXcX[f \e \c c`Y\cf [\ cX [\dXe[X# d\[`Xek\ cX JXcX [\ :`kXZ`fe\j%$ J\ X[m`\ik\ X cX [\dXe[X[X [\ jl fYc`^X$ Z`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`$ Z`Xc f ZXj`ccX \c\ZkiÂ?e`ZX gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% J\ `e[`ZX X cX [\dXe[X[X hl\ [\ ef ZfdgXi\Z\i j\ gifZ\$ [\i} \e i\Y\c[ˆX%$ KÂ?d\j\ \e Zl\ekX \c XeleZ`f [\ gil\YX \]\ZklX[f gfi \c XZkfi%$ CXj [`c`^\eZ`Xj [\ [\ZcXiXZ`fe\j k\jk`dfe`Xc\j p Zfe]\j`Â?e al[`Z`Xc j\ cc\mXi}e X ZXYf \e \c dfd\ekf d`jdf [\ cX 8l[`\eZ`X èe`ZX%$ F]ˆZ`\j\ kXc Zfdf j\ jfc`Z`kX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% *0, j\ÂŒXcX[X gfi \c XZkfi 8C<O =89I@:@F 8E;I8;< FIC8E;F%$ EFK@=@HL<J< P :Ă K<J< ] %$ ;I% ?L>F :<C@ 8CM8I<Q# AL<Q% ALQ>8;F K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF%$ Hl`kf# dXik\j (. [\ dXpf [\c )'((# cXj '/_+0%$ Gfi _XY\i [\ZcX$ iX[f YXaf aliXd\ekf# \c XZkfi 8C<O =89I@:@F 8E;I8;< FIC8E;F# hl\ g\j\ X kf[Xj cXj Xm\i`^lXZ`fe\j# c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX [`i\ZZ`Â?e p&f i\j`[\eZ`X [\ cX [\dXe[X[X# [\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\

Ĺ?

GifZ\[`d`\ekf :`m`c# j\ [`j$ gfe\ :@K8I gfi cX gi\ejX# X cX j\ÂŒfiX J?8<C8 B8I@EE8 J8C>8;F ?@;IF9F# \jkf \j d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`j$ k`ekXj# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX gifm`eZ`X [\ G`Z_`eZ_X%$ J` ZfekX[fj m\`ek\ [ˆXj X gXi$ k`i [\ cX ]\Z_X [\ cX Â’ck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\# j\ j\^l`i} Zfe cX ZXljX \e jl i\Y\c[ˆX2 Xc \]\Zkf i\dˆkXj\ \c \okiXZkf Zfii\jgfe[`\ek\# X[m`ik`\e[f X cX [\dXe[X[X cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc p& f [`i\ZZ`Â?e [\c Zfii\f \c\Z$ kiÂ?e`Zf gXiX jlj efk`]`ZXZ`f$ e\j# X[\d}j cX [\dXe[X[X k`\e\ cX fYc`^XZ`Â?e [\ Xele$ Z`Xi cfj d\[`fj gifYXkfi`fj# Zfe]fid\ [`jgfe\ \c `eZ`jf ]`eXc [\c 8ik% @eeld\iX[f *+ [\ cX C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X%$ <e kXc m`ikl[ j\ Xdgc`X \c Xlkf [\ ]\Z_X )) [\ efm`\dYi\ [\c )'('# cXj (,_)(%$EFK@=Ă HL<J<%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% ;I% ?L>F :<C@ 8CM8I<Q AL<Q K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< HL@KF ?Xp le j\ccf 8I&/*'-)&ZZ

<A<:LK@MFJ ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 D8I@8 >89I@<C8 98JHL<Q% <OKI8:KF AL@:@F1 <A<:LK@MF$ C<KI8 ;< :8D9@F 8:KFI1 =89@8E <JK<98E 98:8 :F9F# Gi\j`[\ek\ <a\Zlk`mf p I\gi\j\ekXek\ C\^Xc [\ cX :fdgXŒˆX :XjXYXZX J%8 ; < D 8 E ;8 ;8 1 D 8 I @ 8 >89I@<C8 98JHL<Q KI8D@K<1 <JG<:@8C :8LJ8 Ef% ().($)'('$DJ$ GM$8C :L8EK@8%1 J<@J D@C ;äC8I<J 8D<I@:8EFJ ĂˆALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# Cle\j (( [\ XYi`c [\c )'((# cXj '/?**%$ ĂˆM@JKFJ1 8^i„^l\j\ \c \jZi`kf hl\ Xek\Z\[\% Gfi Zldgc`[f cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi j\ [`j$ gfe\1 CX [\dXe[X ]fidlcX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ \a\Zlk`mf# \e Zfej\Zl\eZ`X cX [\dXe$ [X[X j\ÂŒfiX DXiˆX >XYi`\cX 9}jhl\q# \e \c k„id`ef [\ ki\j [ˆXj ZldgcX Zfe cX fYc`$ ^XZ`Â?e [\dXe[X[X f [\ekif [\c d`jdf k„id`ef gifgfe^X \oZ\gZ`fe\j YXaf gi\m\eZ`f$ e\j [\ C\p# Zfe]fid\ cf \jkX$ Yc\Z\ \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e m`ikl[ [\c aliXd\ekf i\e[`[f p [\ Zfe]fid`[X[ Zfe cf hl\ \jkXYc\Z\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX1 DXiˆX >XYi`\cX 9}jhl\q# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e EXZ`feXc%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc p cX [\j`^$ eXZ`Â?e [\ jl XYf^X[f gXkif$ Z`eX[fi%$Efk`]ˆhl\j\É%$ ;i%

Iƒ `kije [d fWbWXhWi o eXhWi$ L;HIEI :EH7:EI

<[n`e 8i^fk` I\p\j%$ Al\q <eZXi^X[f% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`$ cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8k\ekXd\ek\ ;I% AFI>< G8C8:@FJ ?% J<:I<K8I@F ?Xp le j\ccf 8%:%&.0/)0 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 IFJ8 <C@Q89<K? GFM<;8 C8I8 p J@CM@8 G8KI@:@8 GFM<;8 C8I8 < O K I 8 : K F 8:KFI% :ffg\iXk`mX [\ 8_fiif p :i„[`kf )* [\ Alc`f Ck[X%% ;i% :_i`jk`Xe >\fmXeep ?likX[f I`Z_Xi[j % ; < D 8 E ;8 ;8 J % I f j X <c`qXY\k_ Gfm\[X CXiX p J`cm`X GXki`Z`X Gfm\[X CXiX% AL@:@F% <A<:LK@MF Ef%(***$ )'(' $@>D$ KI8D@K<% <a\Zlk`mf :L8EK@8% LJ;%(%,''#ff ;FD@:@C@F% :Xj`cc\if Al[`Z`Xc Ef%*+,( [\c ;i% Afj„ K\ccf Jl}i\q% F9A<KF% :fYif [\ [`e\if% GIFM@;<E:@8J% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\$ m\j . [\ fZklYi\ [\c )'('# cXj '/_(+%$ M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X # XZ\gk}e$ [fj\ Xc ki}d`k\ <a\Zlk`mf j\ [`jgfe\ hl\ cXj [\dXe[X[Xj IFJ8 <C@Q89<K? p J@CM@8 G8KI@:@8 GFM<;8 C8I8# \e \c k„id`ef [\ ki\j [ˆXj gX^l\e cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j % GXiX \c \]\Zkf Zˆk\j\c\j \e cX [`i\Z$ Z`Â?e j\ÂŒXcX[X \e cX [\dXe[X% Gfi ]XckX [\ gil\YX e`„^Xj\ cX d\[`[X ZXlk\cXi% KÂ?d\j\ efkX [\c ZXj`cc\if Al[`Z`Xc j\ÂŒXcX[f gfi cX gXik\ XZkfiX #ZXc`[X[ Zfe cX hl\ ZfdgXi\Z\ p ZlXe$ kˆX [\ cX XZZ`Â?e% 8^i„^l\ej\ cfj [fZld\ekfj gi\j\ekX[fj# d`jdfj hl\ j\ [\j^cfjXi}e \e cX ]fidX p df[f g\k`Z`feX$ [f% :ˆk\j\ p Efk`]ˆhl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„i$ Zfc\j (( [\ dXpf [\c )'((# cXj ('_*-%$ 8k\ekX cX iXqÂ?e j\ekX$ [X gfi \c j\ÂŒfi :`kX[fi p aliX$ d\ekf i\e[`[f gfi cX XZkfiX# j\ [`jgfe\ Z`kXi X cfj [\dXe$ [X[fj IfjX <c`qXY\k_ Gfm\[X CXiX p J`cm`X GXki`Z`X Gfm\[X CXiX# X kiXm„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\%$ ] ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< :FDLE@:F GI<M@E@<E;FC< ;< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I ;FD@:@C@F AL;@:@8C ;<EKIF ;<C G<IĂ D<KIF C<>8C ;< <JK8 :@L;8; ;< HL@KF

G8 I 8 G F JK < I @ F I < J EFK@=@:8:@FE<J% ;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 ;<:@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\’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\j’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`�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`�e JldXi`X p [\ Zfe]fid`[X[ Zfe \c 8ik% +)) [\c :�[`^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\j’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`d�e 9fcˆmXi# ZXjX Zfcfi IfjX[XX [\ ki\j g`jfj# [\c ZXek�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\[`[X ZXlk\cXi fi[\eX[X%$ :ˆk\j\ \e c\^Xc p [\Y`[X ]fidX X cX gXik\ [\dXe[X[X \e cX [`i\ZZ`�e hl\ j\ j\ŒXcX gXiX \c \]\Zkf%$ 8^i„^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj XgXi\$ aX[fj X cX [\dXe[X%$ K�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\ŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`�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 :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (' [\ X^fjkf [\c )'('# cXj ((_*(%$ M@JKFJ1 8^i„^l\j\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A GALPACAR CIA. LTDA. La compaùía GALPACAR CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Tercero del Distrito Metropolitano de Quito, el 11 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002196 de 19 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: EXCLUSIVAMENTE AL TRANSPORTE COMERCIAL DE CARGA PESADA A NIVEL NACIONAL, SUJETĂ NDOSE A LAS DISPOSICIONES DE LA LEY ORGĂ NICA DE TRANSPORTE TERRESTRE, TRĂ NSITO Y SEGURIDAD VIAL, SUS REGLAMENTOS Y LAS DISPOSICIONES QUE EMITAN LOS ORGANISMOS COMPETENTES EN ESTA MATERIA..... Quito, 19 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83076/cc

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] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF

:@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C :ˆk\j\ Zfe \c j`^l`\ek\ \okiXZ$ kf [\ cX [\dXe[X <a\Zlk`mX X1 >89I@<C8 =<IE8E;8 :8D8:?F J8C8Q8I p DFC@E8 FIK@Q J8EK@8>F <=I8@E Zlpf k\efi \j \c j`^l`\ek\1 < O K I 8: KF ;< C 8 ;<D8E;8 8:KFI1 :<J8I 8L>LJKF GLI:8:?@ :F9F# \e ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\c 98E:F GIF:I<;@K JF:@<;8; 8EFE@D8 ;<D8E;8;FJ1 I8LC <=I8@E 8J @ D 98P8 D F I8 C <J# >89I@<C8 =<IE8E;8 :8D8:?F J8C8Q8I p DFC@E8 FIK@Q J8EK@8>F <=I8@E% :C8J< ;< AL@:@F1 <A<:LK@MF '),- $ )'(' =M KIĂ?D@K<1 <A<:LK@MF :L8EK@81 LJ;% .''''#ff F9A<KF ;< C8 ;<D8E;81 :F9IF ;< ;@E<IF% GIFM@;<E:@8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF )0 ;< D8IQF ;<C )'('# C8J (,?(.%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\qX J\^le[X [\ cf :`m`c jlgc\ek\# d\[`Xek\ f]`Z`f Ef% (,-/$)''.$;;G$ A8I [\ (. [\ j\gk`\dYi\ [\c )''.%$ CX [\dXe[X hl\ gi\j\ekX :<J8I 8L>LJKF GLI:8:?@ :F9F# \e ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\c 98E:F GIF:I<;@K JF:@<;8; 8EFE@D8# \e Zfe$ kiX [\ >89I@<C8 =<IE8E;8 :8 D 8: ? F J8 C 8 Q 8 I# J8EK@8>F <=I8@E DFC@E8

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A GAVINO Y KAROLY DESARROLLO ESTRATEGICO DE NEGOCIOS S.A. La compaùía GAVINO Y KAROLY DESARROLLO ESTRATEGICO DE NEGOCIOS S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Quinto del Distrito Metropolitano de Quito, el 09/mayo/2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002244 de 23/mayo/2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 2.000,00 NĂşmero de Acciones 200 Valor US$ 10,00 3.- OBJETO: El objeto de la compaùía es: TODOS LOS ACTOS DE COMERCIO PERMITIDOS POR LA LEY Y DE MODO ESPECIAL LOS SIGUENTES: 1) PRESTACIĂ“N DE SERVICIOS DE ASESORĂ?A Y AUDITORĂ?A EN LOS CAMPOS ECONĂ“MICOS Y FINANCIEROS DE TODO TIPO DE EMPRESAS, CONSTRUCTORAS, INMOBILIARIAS, COMERCIALES, INDUSTRIALES Y FINANCIERAS, SIN REBASAR LA MERA ASESORĂ?A NI CAPTAR DINERO DEL PĂšBLICO; B) INVESTIGACIĂ“N DE MERCADEO Y COMERCIALIZACIĂ“N INTERNA,.‌ Quito, 23 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83064/cc

FIK@Q \e ZXc`[X[ [\ [\l[fi gi`eZ`gXc2 p# I8LC <=I8@E 8J@D98P8 DFI8C<J# \e ZXc`[X[ [\ ^XiXek\j jfc`[X$ i`fj% Gfi Zfej`[\iXi hl\ \c [fZld\ekf XgXi\aX[f X cX [\dXe[X Zfejk`klp\ kˆklcf \a\$ Zlk`mf# j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\ek\ gfi cX mˆX \a\$ Zlk`mX gi\m`jkX \e cX J\ZZ`�e )[X GXi}^iX]f )[f# 8ikj% +(0 p j`^l`\ek\j [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% :ˆk\j\ Zfe \c Zfek\e`[f [\ cX d`jdX p Zfe \c [\ \jkX gifm`[\eZ`X X cfj [\dXe[X[fj \e cXj [`i\ZZ`fe\j gifgfiZ`feX[Xj gfi \c [\dXe[Xek\# gXiX hl\ \c k„id`ef [\ * [ˆXj ZldgcXe Zfe cX fYc`^XZ`�e [\dXe[X[X f gifgfe^X \oZ\gZ`fe\j \e `^lXc k„id`ef%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\Z\[\ek\j p efk`]ˆhl\j\ Xc [\dXe[Xek\ \e cX ZXj`ccX al[`$ Z`Xc Ef% (.(/% EFK@=@HL<J<% ;I8 M@:KFI@8 :?8E>$ ?L8E> ;< IF;I@>L<Q AL<Q8% ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF )+ [\ dXiqf [\c )'((# cXj ((_))% Zˆk\j\ X I8LC <=I8@E 8J@D98P8 dfiXc\j \e cX [`i\ZZ`�e `e[`$ ZX[X gfi cX XZZ`feXek\ \e \c \jZi`kf hl\ gi\Z\[\# X ZfjkX [\c g\k`Z`feXi`f Zfe]`„iXj\

Zfg`Xj jl]`Z`\ek\j p i\dˆkX$ j\ X cX f]`Z`eX [\ Z`kXZ`fe\j# \e d\i`kf X cX iXq�e j\ekX[X gfi \c :`kX[fi p Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# j\ fi[\eX Z`kXi X1 >89I@<C8 =<IE8E;8 :8D8:?F J8C8Q8I p DFC@E8 FIK@Q J8EK@8>F <=I8@E# X kiX$ m„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% GXiX Zlpf \]\Zkf Zfe$ ]`„iXj\ \c i\jg\Zk`mf \okiXZkf%$ Efk`]ˆhl\j\%$ ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F Cf hl\ Zfdle`Zf p c\j Z`kf X ljk\[\j gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j \e \jkX al[`ZXkliX%$ :<IK@=@:F ;I% AL8E >8CC8I;F H% J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*',-&ZZ

FI;@E8I@FJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81

?@C;8 C<FEFI PLD@J<M8 PLD@J<M8# ;< C8 ;<D8E;8 FI;@E8I@8# HL< J@>L< <E JL :FEKI8 <C @E>% I<I@ <IE<JKF PLD@J<M8 PLD@J<M8 8:KFI1 @E>% I<I@ <IE<JKF PLD@J<M8 PLD@J<M8 ;<D8E;8;FJ1 C8LI8 <C@J8# ?@C;8 C<FEFI# I8LC >@C9<IKF# A8@D< FJN8C;F# AL;@K? <C<E8# :<J8I 89<C8I;F p D<I:<;<J 8;<C8 P L D @ J < M8 PLD@J<M8 KI8D@K<1 FI;@E8I@F AL@:@F Ef% (,0/$)'('$DJ% :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% (,*+ ;i% AlXe :Xicfj J}eZ_\q GIFM@;<E:@81 A L Q> 8 ; F M @ > < J @ D F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# d`„i$ Zfc\j )- [\ \e\if [\c )'((# (,_+.%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <e Zfej\Zl\eZ`X Z�iiXj\ kiXjcX[f Zfe cX d`jdX X cfj [\dXe[X[fj j\Œfi\j C8LI8 <C@J8 PLD@J<M8 PLD@J<M8# ?@C;8 C<FEFI PLD@J<M8 PLD@J<M8# I8LC >@C9<IKF PLD@J<M8 PLD@J<M8#

EXTRACTO De conformidad con lo establecido en el artĂ­culo 43 del Reglamento de Concesiones y Permisos de OperaciĂłn, se pone en conocimiento del pĂşblico en general, que mediante ResoluciĂłn No. 040/2011, de 18 de mayo del 2011, el Presidente del Consejo Nacional de AviaciĂłn Civil acepta a trĂĄmite la siguiente solicitud: NOMBRE DE LA COMPAĂ‘Ă?A: CARGOLUX AIRLINES INTERNATIONAL S.A. REPRESENTANTE LEGAL: Dr. Jorge Paz Durini, Apoderado General ABOGADO: Ab. Paola Gachet OtaĂąez SOLICITUD: RenovaciĂłn y modificaciĂłn del permiso de operaciĂłn del servicio de transporte aĂŠreo, pĂşblico, internacional, regular, de carga, renovado mediante Acuerdo No. 034/2008 de 28 de julio del 2008, modificado mediante Acuerdos 064/2009 de 10 de noviembre del 2009 y 059/2010 de 6 de septiembre del 2010. La aerolĂ­nea operarĂĄ las siguientes rutas y frecuencias: - LUXEMBURGO – LATACUNGA – LUXEMBURGO, dos (2) frecuencias semanales vĂ­a puntos intermedios por las siguientes ciudades: Santiago de Chile, PanamĂĄ, MĂŠxico D.F., New York, Sao Paulo, Curitiba y BogotĂĄ. Con derechos de quinta libertad en los puntos intermedios Santiago de Chile, PanamĂĄ, MĂŠxico D.F., New York, Sao Paulo, Curitiba; y, Sin derechos de trĂĄfico en los puntos intermedios BogotĂĄ, Barbados, Fort de France, y Bridgetown, lo que serĂĄ controlado estrictamente por la DirecciĂłn General de AviaciĂłn Civil. La modificaciĂłn consiste en incorporar al equipo de vuelo autorizado a las aeronaves tipo B747-800. De igual manera, la compaùía CARGOLUX AIRLINES INTERNATIONAL S.A., manifiesta que al momento tiene presentada una solicitud mediante la cual se incrementan derechos de trĂĄfico y puntos adicionales a los existentes por lo que bajo este supuesto, solicita se renueve el permiso de operaciĂłn en dichos tĂŠrminos de modo que la clĂĄusula segunda en lo posterior diga: SEGUNDA: Rutas, Frecuencias y Derechos: La aerolĂ­nea operarĂĄ en las siguientes rutas y frecuencias: - LUXEMBURGO-LATACUNGA y/o QUITO-LUXEMBURGO, con dos frecuencias semanales vĂ­a puntos intermedios por las siguientes ciudades: Maastrich, Santiago de Chile, PanamĂĄ, MĂŠxico D.F., New York, Sao Paulo, (Viracopos) y Curitiba; y, Con derechos de quinta libertad en los puntos intermedios Maastrich, Santiago de Chile, PanamĂĄ, MĂŠxico D.F., New York, Sao Paulo (Viracopos) y Curitiba; y, Sin derechos de trĂĄfico en los puntos intermedios BogotĂĄ, Barbados, Fort de France y Bridgetown, lo que serĂĄ controlado estrictamente por la DirecciĂłn General de AviaciĂłn Civil. El centro principal de operaciones y mantenimiento de la aerolĂ­nea se encuentra ubicado en el aeropuerto internacional de Luxemburgo. El resto de tĂŠrminos que constan en permiso de operaciĂłn, otorgado mediante Acuerdo No. 034/2008 de 28 de julio del 2008, modificado mediante Acuerdos 064/2009 de 10 de noviembre del 2009 y 059/2010 de 6 de septiembre del 2010, se mantienen sin ninguna modificaciĂłn. Dado en el Distrito Metropolitano de Quito, el 18 de mayo del 2011.

I_ YWZW YkWb i[ eYkfWi[ Z[ be ikoe" [b ckdZe ZWh‡W lk[bjWi cWi Wfh_iW$ B;M?I 97HHEB

A8@D< FJN8C;F PLD@J<M8 PLD@J<M8# AL;@K? <C<E8 PLD@J<M8 PLD@J<M8# :<J8I 89<C8I;F PLD@J<M8 PLD@J<M8 p D<I:<;<J 8;<C8 PLD@J<M8 PLD@J<M8# gfi \c k„id`ef [\ hl`eZ\ [ˆXj# Zfe Xg\iZ`Y`d`\ekf [\ cXj gXi$ k\j \e i\Y\c[ˆX% @ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXek�e# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c% :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe \c j\Œfi 8cZXc[\ [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf p Zfe \c j\Œfi GifZliX[fi Jˆe[`Zf Dle`Z`gXc% :ˆk\j\ X cfj [\dXe[X[fj j\Œfi\j I8LC >@C9<IKF PLD@J<M8 PLD@J<M8# A8@D< FJN8C;F PLD@J<M8 PLD@J<M8# AL;@K? <C<E8 PLD@J<M8 P L D @ J < M8 # : < J 8 I 89<C8I;F PLD@J<M8 PLD@J<M8# \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# gXiX cf ZlXc \emˆ\j\ jl]`Z`\ek\ [\j$ gXZ_f X cX JXcX [\ Z`kXZ`fe\j2 X cX j\ŒfiX C8LI8 <C@J8 PLD@J<M8 PLD@J<M8# Zˆk\$ j\ \e \c cl^Xi hl\ j\ `e[`ZX gXiX cf ZlXc \emˆ\j\ Xk\ekX Zfd`j`�e Xc j\Œfi K\e`\ek\ Gfcˆk`Zf [\ KldYXZf2 X cX j\ŒfiX D<I:<;<J 8;<C8 PLD@J<M8 PLD@J<M8# Zˆk\j\ \e \c cl^Xi hl\ j\ `e[`ZX gXiX cf ZlXc \emˆ\j\ Xk\ekX Zfd`$ j`�e Xc j\Œfi K\e`\ek\ Gfcˆk`Zf [\ :ldYXp}2 p# [\ Zfe]fid`$ [X[ Zfe \c aliXd\ekf i\e[`$ [f p cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX j\ŒfiX ?@C;8 C<FEFI PLD@J<M8 PLD@J<M8# gfi cX gi\ejX \e le g\i`�[`Zf [\ dXpfi Z`i$ ZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f% 8^i„^l\j\ cX [fZld\ekXZ`�e XZfdgXŒX[X%$ Efk`]ˆhl\j\%$ ] ;iX% D�e`ZX =cfi GXqd`Œf# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# <ZlX[fi # gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0/+0&k]

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

ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 :8ICFJ ?LD9<IKF K<I8E 98II<I8 8:KFI<J1 8;8C9<IKF 9FC8zFJ <J:F98I P ;LI98P CL:<K?P M<I8 IF9@EJFE ;<D8E;8;F1 :8ICFJ ? L D 9 < IKF K < I 8 E 98II<I8 AL@:@F1 F I ; @ E 8 I @ F K<I:<I@8 <O:CLP<EK< ;< ;FD@E@F EF% ((*+$)'(' DIM KI8D@K<1 FI;@E8I@F F9A<KF1 <O:CL@I CFJ 9@<E<J <D98I>8;FJ :L8EK@81 LJ; )'%'''#ff =<:?8 ;< @E@:@F ;<C AL@:@F1 (+ ;< J<GK@<D9I< ;<C )'('% 8LKF ALQ>8;F ; < : @ D F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j (+ [\ j\gk`\dYi\ [\c )'('# cXj '0_*/%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf X cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX# \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`$ kfj \jkXYc\Z`[fj gfi cX C\p gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ fi[`eXi`f%$ <e Zfe$ j\Zl\eZ`X# XdgXiX[f \e cfj 8ikj% *0- p *0. [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe cX Zfg`X [\ cX [\dXe[X p gi\j\e$ k\ Xlkf Z�iiXj\ kiXjcX[f X cfj [\dXe[X[fj j\Œfi\j :8ICFJ 89;LC :?8M<Q DFI<@I8 p :8ICFJ ?LD9<IKF K<I8E 98II<I8 gfi \c k„id`ef [\ hl`eZ\ [ˆXj# Zfe Xg\iZ`Y`$ d`\ekf [\ cXj gXik\j \e i\Y\c$ [ˆX%$ :ˆk\j\ X cfj [\dXe[X[fj \e cfj cl^Xi\j `e[`ZX[fj \e c`Y\cf `e`Z`Xc# gXiX \c \]\Zkf \emˆ\j\ jl]`Z`\ek\ [\jgXZ_f X cX f]`Z`eX [\ Z`kXZ`fe\j%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi# Xjˆ Zfdf cX Xlkfi`qXZ`�e hl\ Zfe]`\i\ X jl XYf^X[f [\]\e$ jfi%$ EFK@=@HL<J<% = ;i% :Xicfj =\ie}e[\q ?`[ifmf%$ AL<Q% GIFM@;<E:@8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j () [\ DXpf [\c )'((# cXj (-_'0% 8k\e[`\e[f cf jfc`Z`kX[f gfi cX gXik\

XZkfiX p \e m`ikl[ [\c aliX$ d\ekf i\e[`[f [\ Zfe]fid`$ [X[ Xc 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f :Xicfj ?ldY\ikf K\i}e 9Xii\iX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[%$ EFK@=@HL<J<%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ Hl`kf# )* [\ dXpf [\ )'((% :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0.-* <okiXZkf :`kXZ`�e Al[`Z`Xc Xc j\Œfi DXli`Z`f 8e[i„j :XjkXŒf D\jX# Zfe cX [\dXe[X hl\ \e Al`Z`f Fi[`eXi`f j`^l\ \c 9XeZf G`Z_`eZ_X :%8% 8Zkfi1 9XeZf G`Z_`eZ_X :%8% ;\dXe[X[f1 D8LI@:@F 8E;I<J :8JK8zF D<J8% Al`Z`f1 :fekiXkf [\ Gi„jkXdf% Ki}d`k\1 Fi[`eXi`f% :lXekˆX1 :`eZf D`c ;�cXi\j [\ cfj <jkX[fj Le`[fj [\ 8d„i`ZX ,%'''#'' FYa\kf [\ cX ;\dXe[X1 :XeZ\cXZ`�e [\ cX FYc`^XZ`�e# :fjkXj GifZ\jXc\j# \kZ% :XljX Ef% )''.$'*-'$<% 8ZlŒX% ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# (( [\ dXpf [\ )'((% ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )+ [\ DXpf [\ )''.# cXj (._'-%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX%$ <e cf gi`e$ Z`gXc# cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki~d`k\ FI;@E8I@F%$ <e Zfej\Zl\e$ Z`X# j\ Zfii\ kiXjcX[f gfi \c k„id`ef c\^Xc [\ hl`eZ\ [‰Xj# hl\ Zfd\eqXi} X [\Zlii`i X gXik`i [\ cX ]\Z_X [\ Z`kXZ`�e# Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X Xc [\dXe$ [X[f D8LI@:@F 8E;I<J :8JK8zF D<J8# Xc d`jdf hl\ j\ cf Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX%$ K„e^Xj\ gi\j\ek\ cX ZlXekˆX ]`aX[X2 p# \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX ZXc`[X[ \e cX hl\ ZfdgX$ i\Z\ gXiX cXj efk`]`ZXZ`fe\j gfjk\i`fi\j%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\$ j\ekX[fj# d`jdfj hl\ gi„m`X Zfg`X p i\Z`Yf \e Xlkfj j\Xe \eki\^X[fj Xc g\k`Z`feXi`f%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ Efk`]ˆhl\j\%$ ALQ>8;F EFM<EF ;< CF

FONDO CESANTĂ?A PRIVADO PROFESORES UNIVERSIDAD CENTRAL Se procederĂĄ al pago de cesantĂ­a de COBO ALVEAR CESAR ENRIQUE, fallecido en Quito el 29 de marzo del 2011. Quienes crean tener derechos presentar documentos pertinentes en las oficinas del Fondo, Ciudadela Universitaria, edificio Servicios Generales, 3er piso, durante los veinte dĂ­as siguientes a esta fecha. Quito, 25 de mayo del 2011

Dr. Julio Carrera Grijalva SECRETARIO GENERAL DEL CONSEJO NACIONAL DE AVIACIĂ“N CIVIL

Dr. Wellington RĂ­os V. PRESIDENTE AR/83066/cc

AR/83073/cc

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )+ [\ ]\Yi\if [\c )'((# cXj ('_*+%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX$ [f%$ <e m`ikl[ [\c aliXd\ekf i\e[`[f gfi \c XZkfi# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi D8LI@:@F 8E;I<J :8JK8zF D<J8# d\[`Xek\ glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# Zfe$ ]fid\ cf [`jgfe\ \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\%$ ] ;i% AX`d\ :Xej\Zf >l\ii\if AL<Q Cf hl\ Zfdle`Zf X L[% GXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f p ZXj`cc\if al[`Z`Xc \e cX ]fidX p [\ekif [\c g\iˆd\kif c\^Xc% :\ik`]`Zf% ;I% ALC@F :<J8I DLzFQ% J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0/'/&k]

I<D8K<J ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c glYc`Zf hl\ \c [ˆX al\m\j j`\k\ [\ Alc`f [\c XŒf [fj d`c feZ\# [\ cXj ZXkfiZ\ X cXj [`\Z`f$ Z_f _fiXj# j\ cc\mXi} X ZXYf \e cX JXcX [\ 8l[`\eZ`Xj [\c Alq^X[f Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X# \c i\dXk\ [\ cf j`^l`\ek\1 CX gifg`\[X[ dfk`mf [\c i\dXk\ j\ \eZl\ekiX lY`$ ZX[f \e cX gifm`eZ`X [\ G`Z_`eZ_X# ZXek�e Hl`kf# gXiifhl`X <cfp 8c]Xif# j\Zkfi JXe 9XikfcX# 9Xii`f CX 8i^\c`X 9XaX# ZXcc\ KfjX^lX Ef% -,*% C@D@K<J C@E;<I8:@FE<J P JLG<I=c:@< GIF;L:KF ;<C C <M8 E K8 D @ < E KF GC8E@D<KI@:F I<8C@Q8;F <E <C J@KL Efik\1 ++#,' d Zfe gifg`\[X[ [\c Ji% >l`[f M\cXjZf Jli1 ++#,'d Zfe gifg`\[X[ [\c Ji% Cl`j K`k`e% <jk\1 (+#'' d Zfe ZXcc\ KfjX^lX% F\jk\1 (+#'' d Zfe gifg`\[X[ [\c j\Œfi Cl`j GcXqXik\ Jlg\i]`Z`\1 -)*#''d) < E KF I E F ;< C 8 GIFG@<;8; J\ \eZl\ekiX lY`ZX[f \e le j\Zkfi gfglcXi cXj ZXcc\j jfe Xj]XckX[Xj# _Xp XcldYiX[f g’Yc`Zf# clq \c„Zki`ZX# cXj ZXcc\j k`\e\e XZ\iXj gXm`$ d\ekX[Xj Zfe Yfi[`ccfj# k`\e\ X^lX gfkXYc\# XcZXekXi`ccX[f# k\c„]fef# \jZl\cXj p Z\ekifj [\ i\Zi\XZ`�e g’Yc`Zfj p gi`$ mX[fj# _Xp kiXejgfik\ g’Yc`Zf p i\Zfc\ZZ`�e [\ YXjliX% ; < K8 C C < J ;< C 8 GIFG@<;8; <c k\ii\ef \j [\ ]fidX i\^lcXi p kfgf^iX]ˆX `ii\^lcXi# k`\e\ leX ZfejkilZZ`�e i\Xc`qX[X \e [fj gcXekXj [\ \jkilZkliX [\ _fi$ d`^�e Zfe gXi\[\j [\ Ycfhl\ j\ \eZl\ekiX j`e XZXYX[fj [\ e`e^leX ZcXj\ p cX ZfejkilZ$

Ĉ

Z`�e \j kfkXcd\ek\ _’d\[X% :fejkilZZ`�e e`m\c "'#,' Zfe i\cXZ`�e X cX iXjXek\ [\ cX ZXcc\ KfjX^lX# \e leX ZfejkilZZ`�e \e _fid`^�e XidX[X p d`okX X[fjX[X Xc c`e[\if jli p cˆe\X [\ ]}Yi`ZX# \ecl[`ZX[X p g`e$ kX[X Zfe gl\ikXj [\ _`\iif Zfe m`[i`f ZXk\[iXc p gifk\Z$ Z`�e [\ _`\iif fkiX gl\ikX \e \jk\ d`jdf e`m\c \j [\ gl\i$ kX \eifccXYc\# cX ZfejkilZZ`�e \jkX \e dXcXj Zfe[`Z`fe\j [\ dXek\e`d`\ekf# \jkX gcXekX k`\e\ ,(d)% kf[f \c c`e[\if jli p cX ZlY`\ikX hl\ \j [\ cfqX j\ \eZl\ekiXe Zfe dlZ_X _ld\[X[ p \c g`jf \j [\ Z\i}$ d`ZX# k`\e\ [fj [fid`kfi`fj j`e Zcfj\kj# jXcX Zfd\[fi# le YXŒf Zfe Xqlc\af p gl\ikX# leX ZfZ`eX# k`\e\ XZZ\jf X cX k\iiXqX X kiXm„j [\ leX gl\i$ kX hl\ \jkX \e Zfd\[fi Zfe leX \jZXc\iX [\ _fid`^�e hl\ ef k`\e\e gXjXdXefj# \e cX k\iiXqX \o`jk\ leX cXmXe[\iˆX% :fejkilZZ`�e e`m\c (#.' d) Zfe i\jg\Zkf Xc e`m\c [\ cX ZXcc\ KfjX^lX# \jkX gXik\ [\ cX ZfejkilZZ`�e k`\e\ Zfcld$ eXj [\ _fid`^�e p gXi\[\j \eclZ`[Xj g`ekX[Xj# k`\e\ [fj ZlXikfj Zfe \ekXYcX[f [\ dX[\iX hl\ \j \c Z`\cf iXjf [\c g`jf `e]\i`fi Zfe ZfZ`eX d\j�e# le YXŒf j`e dXek\e`$ d`\ekf cX gl\ikX [\ `e^i\jf X cfj ZlXikfj \jX [\ _`\iif Zfe m`[i`f% :fejkilZZ`�e e`m\c +#(' d [\j[\ cX iXqXek\ [\ cX ZXcc\ KfjX^lX# \jk\ e`m\c k`\e\ [fj ZlXikfj Xc hl\ j\ `e^i\jX gfi leX gl\ikX [\ _`\iif# \c YXŒf \jkX Xek\j [\ `e^i\jXi X cXj _XY`kXZ`fe\j# k`\e\ [l\cXj [\ dX[\iX \e \c g`jf cXj [\ m\ekXeXj jfe [\ _`\iif Zfe m`[i`f [\ gifk\ZZ`�e \o`jk\ _ld\[X[% :fejkilZZ`�e e`m\c -#)' [\j[\ cX ZXcc\ KfjX^lX \jkX ZfejkilZZ`�e k`\e\ [fj _XY`\ek\j j`e `cld`eXZ`�e j`e m\ek`cXZ`�e p kfkXcd\ek\ _’d\[f \c g`jf \j [\ Z\d\e$ kf Zfe leX gl\ikX [\ _`\iif p leX g\hl\ŒX m\ekXeX [\ _`\$ iif Zfe m`[i`f j`^l`\e[f \jk\ e`m\c j\ \eZl\ekiX leX Zfej$ kilZZ`�e [\ _fid`^�e XidX[f hl\ k`\e\ g`jfj [\ Z\d\ekf [fj ZlXikfj leX ZfZ`eX p le YXŒf X[\d}j [\ leX cXmXe$ [\iˆX ZfdleXc% <c XmXc’f kfkXc XjZ`\e[\ X cX jldX [\ :L8I<EK8 P F:?F D@C F:?<EK8 P J@<K< ;FC8I<J :FE ;@<:@EL<M< :<EK8MFJ% KfkXc +/%'/.#(0 :XljX Ef% )''+$'(*-$% CJ G8IK@:@FE CXj gfjkliXj j\ XZ\gkXi}e jfYi\ cX YXj\ [\ cXj [fj k\iZ\iXj gXik\j [\c XmXc’f g\i`Z`Xc# gfi kiXkXij\ [\ gi`$ d\i j\ŒXcXd`\ekf# [\Y`\e[f XZfdgXŒXij\ \c (' [\c mXcfi [\ cX f]\ikX# \e [`e\if \e \]\Z$ k`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\ \jkX Al[`ZXkliX# Zfe]fid\ X cX C\p% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf [\c g’Yc`Zf gXiX cfj ]`e\j [\ C\p% ;I% CL@J I F E M@CC8M@:<E:cF

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ĉ

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.0/)/&k]

?Xp ]`idX p j\ccf 8:&.0,0/&k]

8M@JF ;< I<D8K< ALQ>8;F ;< :F8:K@M8J ;<C 98E:F E8:@FE8C ;< =FD<EKF JL:LIJ8C 98<Q8 J\ gfe\ \e ZfefZ`d`\ekf [\ gÂ’Yc`Zf hl\ \c [ˆX D@<I:FC<J )) ;< ALE@F ;<C )'((2 [\j[\ cXj (+_'' _XjkX cXj (/_''# \e Xj f]`Z`eXj [\ Alq^X[f [\ :fXZk`mXj [\ 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX# lY`ZX[f \e cX ZXcc\ (. [\ <e\if p CX DX[il^X[X [\ cX Z`l[X[ [\ 9X\qX# :XekÂ?e Hl`afj# Gifm`eZ`X [\ EXgf# j\ gifZ\[\i} X cX [`c`^\eZ`X [\ I\dXk\ [\c Y`\e iXˆq \dYXi$ ^X[f [\ekif [\ cX gi\j\ek\ ZXljX# d`jdf hl\ \jk} `e[`$ m`[lXc`qX[f [\ cX j`^l`\ek\ dXe\iX1 Cfk\ [\ k\ii\ef liYXef j`e ZfejkilZZ`fe\j# ZlpX jlg\i]`Z`\ Xgifo`dX[X \j [\ F:?F:@<EKFJ J<J<EK8 P J@<K< D<KIFJ :L8;I8;FJ /-.%'' D) # lY`ZX[f \e cX MˆX X JXe AlXe# :XekÂ?e <c :_XZf# Gifm`eZ`X [\ EXgf# Z`iZlej$ Zi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj1 EFIK<1 :fe \c cfk\ eÂ’d\if ZXkfiZ\# \e m\`ek\ p ZlXkif d\kifj Zfe m\`ek\ Z\ekˆd\kifj2 JLI1 :fe cX MˆX JXe AlXe <c :_XZf# \e m\`e$ k\ p Z`eZf d\kifj Zfe m\`ek\ Z\ekˆd\kifj2 <JK<1 :fe \c cfk\ eÂ’d\if ZlXkif \e ki\`ekX p Z`eZf d\kifj2 p# F<JK<1 :fe \c cfk\ eÂ’d\if [fj \e ki\`ekX p j`\k\ d\kifj Zfe Z`eZl\ekX Z\ekˆd\kifj% <C 8M8CLF KFK8C <J ;< F:?F D@C J<@J:@<EKFJ J < K < E K8 ; ä C 8 I < J 8D<I@:8EFJ /%-.'#'' Gfi kiXkXij\ [\ J<>LE;F J<z8C8D@<EKF j\ XZ\g$ kXi}e gfjkliXj Xc ZfekX[f f X gcXqfj# gfi \jZi`kf P HL< :L9I8E GFI CF D<EFJ C8 D@K8; ,' [\ gi\Z`f [\ XmXcÂ’f2 gi\]`i`\e[f Xhl\ccXj hl\ f]i\qZXe \c gX^f [\ Zfe$ kX[f% J\ [\Y\i} XZfdgXÂŒXi \c (' [\ mXcfi kfkXc [\ cX f]\i$ kX# \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\ Al\q ;\c\^X[f [\ :fXZk`mXj [\c 9XeZf EXZ`feXc [\ =fd\ekf# JlZlijXc 9X\qX% <c i\dXk\ j\ cf _Xi} Zfdf Zl\igf Z`\ikf# [\ Zfe]fid`$ [X[ Zfe cf [`jgl\jkf gfi \c 8ik% (%..* [\ :Â?[`^f :`m`c% Cfj ^Xjkfj [\ kiXej]\i\eZ`X [\ [fd`e`f j\i}e [\ Zl\ekX [\ X[al[`ZXkXi`f# Zfe \oZ\gZ`Â?e [\ Xhl\ccfj hl\ gfi dXe[Xkf [\ cX C\p [\Y\e j\i ZlY`\ikfj gfi \c gifg`\kXi`f [\c `edl\Yc\% DXpfi `e]fidXZ`Â?e \e cfj k\c„$ ]fefj1 '-) *)' ()- & '-) *)' $ +/, & '//0,**0-% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j c\^X$ c\j%$ :<IK@=@:F% 9X\qX# (' [\ DXpf [\c )'(( JikX% >`jZ\ccX :\mXccfj Jl}i\q J<:I<K8I@8 8; ?F:

8M@JF ;< I<D8K< ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 AL@:@F <A<:LK@MF Ef% 0/($ )''/ =%M% <OKI8:KF J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \e cX j\Zi\kXiˆX [\ \jk\ Alq^X[f [\j[\ cXj (+_'' _XjkX cXj (/?'' [\c [ˆX m\`ek\ p fZ_f [\ ale`f [\c XÂŒf [fj d`c feZ\# j\ mX X cc\mXi X ZXYf \c i\dXk\ [\c j`^l`\ek\ `edl\Yc\% 8 E K < : < ; < E K < J 1 L9@:8:@äE1 Gifm`eZ`X [\ G`Z_`eZ_X# ZXekÂ?e Hl`kf# GXiifhl`X :Xc[\iÂ?e% )% :XiXZk\iˆjk`ZXj [\c @edl\Yc\% <c `edl\Yc\ \jk} \dgcXqX[f \e le k\ii\ef [\ ,(%0., d)2 hl\ g\ik\e\Z\ Xc Zfealekf i\j`[\eZ`Xc JXekX DXi`Xe`kX :lXkif2 gifp\Zkf [\ZcXiX[f \e i„^`d\e [\ gifg`\[X[ _fi`qfekXc# i\^`j$ kiX[f \c (- [\ dXiqf [\c XÂŒf [fj d`c lef# <e cX ZlXc ZfejkX Zfe dXkiˆZlcX Ef :8;$''''*.+( ZXjX eÂ’d\$ if :@<EKF :@E:L<EK8 P :L8KIF# gcXekX YXaX XcˆZlfkX '%)'+- # gcXekX XckX XcˆZlf$ kX '%(//.2 XZZ\jf p aXi[ˆe 8cˆZlfkX '%''+/ # p gXk`f [\ j\im`Z`f XcˆZlfkX '%')/02 Xcˆ$ ZlfkX kfkXc '%+).' hl\ ]fidX gXik\ [\c Zfealekf i\j`[\eZ`Xc ĂˆJXekX DXi`Xe`kX :lXkifÉ% CX \jkilZkliX# \j \e _fid`^Â?e XidX[f# cfjX [\ \eki\g`jf gi\]XYi`ZX[X# ZlY`\ikX [\ k\aX2 dXdgfjk\iˆX [\ Ycfhl\2 YXÂŒfj# g`jfj# m\ekXeXj# p ZfZ`$ eX# j`e XZXYX[fj% *%C`e[\ifj `edl\Yc\ (,+# Efik\1 :fe ZXjX (,* \e ((%,, d Jli Zfe ZXjX (,, \e ((#,,d% <jk\1 :fe ZXjX (+) \e +%,' d% F\jk\1 :fe \jgXZ`f ZfdleXc2 AXi[ˆe p Z`iZlcXZ`Â?e \e +%,' d% Jlg\i`fi1 :fe i`\cf XY`\ikf \e ,(%0., d)% @e]\i`fi1 :fe jl\cf EXkliXc \e ,(%0., d) :8I8:K<IĂ JK@:8J ;< C8 : F E J K I L : : @ ä E :fejkilZZ`Â?e [\jXiifccX[X \e [fj gcXekXj2 Zfe X[fjX$ d`\ekf cXk\iXc2 cX GcXekX 9XaX Zfdgl\jkX gfi jXcX$ Zfd\[fi# \jgXZ`f gXiX le YXÂŒf jfZ`Xc# ZfZ`eX# le gXk`f gfjk\i`fi le }i\X [\ aXi[ˆe% CX GcXekX 8ckX Zfdgl\jkX gfi ki\j [fid`kf$ i`fj# le YXÂŒf Zfdgc\kf# le _Xcc [\ [`jki`YlZ`Â?e p \jZX$ c\iX# Zfe ZlY`\ikX `eZc`eX[X% <c `edl\Yc\ j\ \eZl\ekiX j`e XZXYX[fj# j`e i\m\jk`d`\ekfj# j`e gl\ikXj e` m\ekXeXj# j`e XZZ\jfi`fj \c„Zki`Zfj p jXe`$ kXi`fj% Ef \jk} \e Zfe[`Z`f$ e\j [\ _XY`kXY`c`[X[% jfcf cX ]XZ_X[X k`\e\ g`ekliX J`jk\dX ZfejkilZk`mf [\ _fid`^Â?e XidX[f# Zl\ekX Zfe gc`ekfj# ZfcldeXj# cfjX gi\]XYi`ZX[X [\ \eki\g`jf# dXdgfjk\iˆX \e Ycfhl\ Zfe le`fe\j i\mfZX[Xj# ZfekiXg`$ jf [\ _fid`^Â?e Zfe YXj\ j\ g`\[iX XZXYX[f \e Z\d\ekf p ZlY`\ikX `eZc`eX[X [\ k\aX% ;<K<IDcE8:@äE ;<C :FJKF ;<C K<II<EF%

Ĺ?

:8C:LCF ;<C K<II<EF GFI D) <c :fjkf gfi d) [\c k\ii\ef \j [\ (+'%'0&d) 8I<8 ;<C K<II<EF1 ,(%0.d) :FJKF KFK8C ;<C K<II<EF 4 .%)/'%0)&('' J@<K< D@C ;FJ:@<EKFJ F:?<EK8 0)&('' ;FC8I<J :FJKF ;< :FEJKIL::@äE :FJKF ; @ I < : K F 4 / + % / - &d ) =8 : K F I DLCK@GC@:8;FI 4 '#0, :FJKF ;< :FEJKIL::@äE EL<M8 ,%-0(%00&d) Ă?I<8 ;< :FEJKIL::@äE 4 .'%-' d) :FJKF ;< :FEJKIL::@äE LJ8;8 MljX[X MljX[X4Mel\mX I " ($I ($; M L J8 ;8 4 * %0 + ( %0 ( ;FC8I<J M8CFI =Ă J@:F4 :FJKF ;<C K<II<EF " :FJKF ;< :FEJKIL::@äE LJ8;84 ((%)))%/* FeZ\ d`c [fj$ Z`\ekfj m\`ek`[Â?j [Â?cXi\j Zfe /*&('' <e \c `e]fid\ j\ gi\j\ekÂ? le }i\X [\ ZfejkilZZ`Â?e [\ .'%-'d)# j`\e[f \c Ă?I<8 I<8C .*%*0 d)% <jkX [`]\i\e$ Z`X \e }i\X [X le `eZi\d\e$ kf \e \c mXcfi [\c XmXcÂ’f [\ (,+%*- Z`\ekf Z`eZl\ekX p ZlXkif *-&('' [Â?cXi\j # gfi cf hl\ \c M8CFI ;<C 8M8CèF <J ((%)/*#0- ;äC8I<J# JFE FE:< D@C ;FJ:@<EKFJ F:?<EK8 P KI<J 0-&('' ;äC8I<J% <c i\dXk\ k\e[i} Zfdf YXj\ cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f# ef j\ X[d`k`i} gfj$ kliXj hl\ ef mXpXe XZfdgX$ ÂŒX[Xj gfi cf d\efj [\c (' [\c mXcfi kfkXc [\ cX f]\ikX# \c hl\ j\ Zfej`^eXiX \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% <c `edl\Yc\ X i\dXkXij\# j\ \eZl\ekiX YXaf Zljkf[`X [\c ;\gfj`kXi`f Al[`Z`Xc2 ;I% AFJ< =I<;;P :<;<zF# hl`\e gf[i} gifgfiZ`feXi dXpfi `e]fidXZ`Â?e \ `e[`ZXi \c `edl\Yc\% Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% ;I% AL8E >8CC8I;F H% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0,*+&k] ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C# HL< <C ;@8 M<@EK< P F:?F ;< ALE@F ;<C 8zF ;FJ D@C FE:<# ;<J;< C8J :8KFI:< 8 C8J ;@<:@F:?F ?FI8J# <E C8 J<:I<K8IĂ 8 ;<C ALQ>8;F# J< CC<M8IĂ? 8 <=<:KF <C I<D8K< ;<C @EDL<9C<# HL< 8 :FEK@EL8:@äE J< ;<K8CC8 AL@:@F <A<:LK@MF ÆC<KI8 ;< :8D9@F$ (+*.$)''0$A=M$ I:F (%(% D8I:F C<>8C 8ikj% +0, p ,') [\c :FFK8; )% GC8EK<8D@<EKF ;<C GIF9C<D8 GIF:<JF K<:E@:F ;< M8CFI8:@äE Gifgl\jkX [\ mXcfiXZ`Â?e Zfd\iZ`Xc [\ k\ii\ef p fYiXj Zfejkil`[Xj *% ;<C@D@K8:@FE ;<C GIF:<JF K<FI@:F F9A<K@MFJ ><E<I8C ;\k\id`eXi cf [`jgl\jkf \e cX

I[ c[ Z[X[ [n_]_h gk[ Xkigk[ bW l[hZWZ" f[he de gk[ bW [dYk[djh[$ :;D?I :?:;HEJ

gifm`[\eZ`X [\Zi\kf% (% 8mXcÂ’f [\c k\ii\ef p [\ cXj fYiXj Zfejkil`[Xj \e \c YXii`f [\ cX LiYXe`qXZ`Â?e M\eZ\[fi\j [\ G`Z_`eZ_X [\ cX :`l[X[ [\ Hl`kf% <JG<:@=@:F $ ;\k\id`eXi cX j`e^lcXi`qX$ Z`Â?e [\c `edl\Yc\ $ ;\kXccXi cXj ZXiXZk\iˆjk`ZXj p ]leZ`fe\j ^\e\iXc\j [\c k\ii\ef $ ;\jZi`gZ`Â?e [\ cXj fYiXj Zfejkil`[Xj $ 8mXcÂ’f Zfd\iZ`Xc [\c k\ii\$ ef% $ 8mXcÂ’f Zfd\iZ`Xc [\ cXj fYiXj Zfejkil`[Xj GI<:@J@FE ;<C K<D8 (% @EDL<9C< <E C8 :@L;8; ;< HL@KF I<=<I<E:@8 C<>8C <J: I @ K L I8 1 ? ` g fk\ ZX 8Y`\ikX% EFK8I@81 M`^„j`dX J\^le[X FKFI>8;8 GFI1 :\Z`c`X DXi`eX ?\ii\iX JXe`gXk`e p fkifj% 8 =8MFI ;<1 DXiˆX I\^`eX M\^X :ilq =<:?81 (.# alc`f [\c )''*% L9@:8:@äE ;<C @EDL<9C< GIFM@E:@81 G`Z_`eZ_X ;@JKI@KF1 D<KIFGFC@K8EF ;< HL@KF :@L;8;1 Hl`kf G8IIFHL@81 CX DX^[Xc\eX 98II@F1 LiYXe`qXZ`Â?e M\eZ\[fi\j [\ G`Z_`eZ_X CFK<1 :`\ekf :lXi\ekX :8CC<1 FeZ\ C@E;<IFJ P JLG<I=@:@< ;<C K<II<EF EFIK<1 :fe ZXcc\ FeZ\ \e ((#)' dkj% JLI1 :fe cfk\ (,*# \e )#,' dkj%# Zfe cfk\ (,+# \e .%,' dkj%# <JK<1 :fe (+(# \e )' dkj% F<JK<1 :fe cfk\ (*0# \e )' dkj% 8I<81 )() D)% : 8 I 8 : K < I @ J K @ : 8 J ><E<I8C<J ;<C K<II<EF KFGF>I8=@81 K\ii\ef gcXef% @% 98J@:81 ;`jgfe\ [\ kf[fj cfj j\im`Z`fj Y}j`Zfj [\ `e]iX$ \jkilZkliX% J<:KFI1 LiYXef LJF ;< JL<CF1 M`m`\e[X% KI8EJGFIK< GL9C@:F1 J` D<KF;FCF>Ă 8 ;< C8 M8CFI8:@äE 8M8CLF ;<C CFK< GXiX \c XmXcÂ’f j\ _X Zfej`$ [\iX[f cX j`^l`\ek\ ]Â?idlcX [\ Z}cZlcf 8G 4 :[l! :j!c d $ ;X !Jg 8G 4 :fjkf Zfd\iZ`Xc [\c k\ii\ef :[l 4 :fjkfj [`i\Zkfj [\ liYXe`qXZ`Â?e% :j4 @e[`Z\ gfiZ\eklXc [\ d\iZX[f% @ d 4 @e[`Z\ gfiZ\eklXc [\ d\iZX[f ;X 4 ;`]\i\eZ`X gfi X]\ZkX$ Z`Â?e Jg 4 8i\X [\c k\ii\ef :FJKF GFI D) 4 +' 8M8CLF 4 ('%-''#'' F9I8J :FEJKIL@;8J <e \c k\ii\ef j\ \eZl\ekiX Zfejkil`[X leX \[`]`ZXZ`Â?e [\ _fid`^Â?e XidX[f# ZlY`\ikX [\

cfjX# \eki\g`jfj [\ cfjX# gXi\$ [\j [\ Ycfhl\# cX ZfejkilZZ`Â?e \j [\ *# gcXekXj% <e gcXekX YXaX \o`jk\ (# cfZXc Zfd\iZ`Xc Zfe d\[`f YXÂŒf p le [\gXikXd\e$ kf `e[\g\e[`\ek\ [\ [fj [fi$ d`kfi`fj2 \e cX gi`d\iX gcXekX XckX \o`jk\ Zfejkil`[f le jfcf [\gXikXd\ekf [\ ki\j [fid`$ kfi`fj# \e cX j\^le[X gcXekX XckX j\ _X [`j\ÂŒX[f [fj [\gXi$ kXd\ekfj [\ [fj [fid`kfi`fj ZX[X lef% 8 cXj le`[X[\j [\ m`m`\e[X j\ XZZ\[\ gfi le _Xcc [\ `e^i\jf p ^iX[Xj hl\ jXcmXe cfj e`m\c\j [\ cX ZfejkilZ$ Z`Â?e# cX k\iiXqX \j XZZ\j`Yc\ [fe[\ j\ _X Zfejkil`[f ki\j cXmXe[\iˆXj# g`\[iXj [\ cXmXi kiXj cX fYiX j\ \eZl\ekiX le gXk`f hl\ j`im\ [\ i\k`if p \j lk`c`qX[f gfi \c cfZXc Zfd\i$ Z`Xc Zfdf Xe\of% <e i\jld\e cX \[`]`ZXZ`Â?e k`\e\ ,# le`[X[\j hl\ ef j\ gl\[\e kiXej]\i`i gfihl\ cX ZfejkilZZ`Â?e ef [`jgfe\ [\ cX i\jg\Zk`mX ;\ZcXiXkfi`X [\ Gifg`\[X[ ?fi`qfekXc# \jk\ `eZfem\e`\ek\ c\^Xc [`]`ZlckX cX mXcfiXZ`Â?e [\c `edl\Yc\ gfi le`[X[\j f XcˆZlfkX# [\Y`„e$ [fj\ mXcfiXij\ Zfdf leX fYiX kfkXc Zfejkil`[X% <;@=@:8:@äE ;< KI<J GC8EK8J 8I<8 4 +(( D)% GC8EK8 98A8 ;<G8IK8D<EKF GIF>I8D8 =LE:@FE8C ?8CC1 ;\ `e^i\jf [`jki`Yl$ Z`Â?e ;FID@KFI@FJ1 ) J8C81 ( :FD<;FI1 ( :F:@E81 (# Zfe d\jÂ?e p cXmX$ gcXkfj

98zF ><E<I8C1 ( D<;@F 98zF1 ( CF:8C :FD<I:@8C CF:8C1 ( D<;@F 98zF1 ( GC8EK8 GI@D<I G@JF ;<G8IK8D<EKF ;FID@KFI@FJ1 *# Zfe YXÂŒf Gi`mX[f ZX[X lef J8C81 ( :FD<;FI1 ( <JKL;@F1 ( D<;@F 98zF1 ( :F:@E81 (# Zfe d\jÂ?e p cXmX$ gcXkfj% GC8EK8 J<>LE;F G@JF ;FJ ;<G8IK8D<EKFJ1 :8;8 LEF K@<E< ;FID@KFI@FJ1 ) J8C81 ( :FD<;FI1 ( D<;@F 98zF1 ( :F:@E81 (# Zfe d\jÂ?e p cXmX$ gcXkfj% K<II8Q8 8::<J@9C< K<II8Q8 J<:8;<IF1 ( C8M8E;<I@8J1 *# GXiX kf[fj cfj [\gXikXd\ekfj% J@JK<D8 :FEJKIL:K@MF <JKIL:KLI81 ?fid`^Â?e XidX[f% :L9@<IK81 CfjX <EKI<G@JFJ1 CfjX G8I<;<J1 9cfhl\ \eclZ`[f g`ekX[f \e \c `ek\i`fi# j`e g`e$ kXi \e \c \ok\i`fi% G@JFJ1 <e gcXekX YXaX Z\i}d`$ ZX p Xc]fdYiX \e [\gXikXd\e$ kf# Z\d\ekf% <e cfZXc Zfd\iZ`Xc% <e \c [\gXikXd\ekf [\c gi`d\i g`jf j\ k`\e\ KXYcÂ?e p Z\i}d`ZX# \e \c j\^le[f g`jf cfj [\gXikX$ d\ekfj [`jgfe\e [\ gXihl\k p Z\i}d`ZX% M<EK8E8J1 8cld`e`f GL<IK8J1 D\k}c`ZX \eifccX$ Yc\# _`\iif# dX[\iX J8E@K8I@FJ1 EXZ`feXc\j% <;8;1 - XÂŒfj i\]\i\eZ`Xc% <JK8;F1 9l\ef 8M8CLF ;< C8J F9I8J GXiX \c XmXcÂ’f j\ _X Zfej`$ [\iX[f cX j`^l`\ek\ ]Â?idlcX [\ Z}cZlcf 8G 4 :`! :j! @ d Æ ;X !

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A ALOAPLAICRAM DISEĂ‘OS Y PROYECTOS S.A. La compaùía ALOAPLAICRAM DISEĂ‘OS Y PROYECTOS S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 19 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ. DJC.Q.11.002211 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: UNO.- LA COMPAĂ‘Ă?A PODRĂ DEDICARSE, EN GENERAL, AL DISEĂ‘O Y DESARROLLO DE MODELOS DE CALZADO....

Jg 8G 4 :fjkf Zfd\iZ`Xc [\ cXj fYiXj% :` 4 :fjkfj [\ ZfejkilZZ`�e gfi `em\ij`�e% :j 4 :f\]`Z`\ek\ [\ j\Zkfi`$ qXZ`�e% @ d 4 @e[`Z\ gfiZ\eklXc [\ d\iZX[f 8M8CLF ;<C @EDL<9C< GFI @EM<IJ@FE :FJKF K<II<EF 4 ('%-''#'' :FJKF D) GFI @EM<IJ@FE F9I8J 4 )/' 8M8CLF F9I8J 4 ((,%'/'%'' 8M8CLF GFI @EM<IJ@FE ;<C @EDL<9C< 4 (),%-/'#'' 8M8CLF ;<C @EDL<9C< GFI @E:@;<E:@8 :FD<I:@8C 8:C8I8:@FE J` \c `edl\Yc\ k\e[i} cX ;\ZcXiXkfi`X [\ Gifg`\[X[ ?fi`qfekXc j\ gf[iˆX mXcfiXi \c `edl\Yc\ gfi XcˆZlfkX f le`[X[\j# k\e`„e[fj\ Zfe j\^li`[X[ Zfjkfj `^lXc\j f dXpfi\j Xc [\ `em\ij`�e% 8c ef [`jgfe\ij\ [\ \jk\ `ej$ kild\ekf c\^Xc \c `edl\Yc\ [\Y\ mXcfiXij\ Zfdf le jfcf Zl\igf# k\e`„e[fj\ Zfdf Zfej\Zl\eZ`X [\ \jkf mXcfi\j Zfd\iZ`Xc\j d}j YXafj% :FJKF D) GFI D<I:8;F ;< C8J F9I8J 4 )+' 8M8CLF F9I8J GFI D<I:8;F 4 0/%-+'#'' :FJKF K<II<EF 4 ('%-''#'' 8M8CLF @EDL<9C< 4 ('0%)+'#'' JFE1 :@<EKF EL<M< D@C ;FJ:@<EKFJ :L8I<EK8 ;FC8IJ< :FE ''&('' J\ XZ\gkXi}e gfjkliXj X gXi$ k`i [\ Xhl\ccXj hl\ ZlYiXe cXj

[fj k\iZ\iXj gXik\j [\c XmXcÂ’f g\i`Z`Xc XgifYX[f gfi kiXkXi$ j\ [\c gi`d\i j\ÂŒXcXd`\ekf# \e [`e\if \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% GXik`ZlcXi hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p% 8k\ekXd\ek\# ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/'(&k] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX )) [\ ale`f [\ )'(( [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\$ Z`fZ_f _fiXj# gXiX hl\ \e cX J\Zi\kXiˆX [\ \jkX Al[`ZXkliX k\e^X cl^Xi \c I\dXk\ [\ Y`\$ e\j `edl\Yc\j \dYXi^X[fj [\ekif [\c Al`Z`f <a\Zlk`mf Ef%'*$)''.$AF?E 8P8C8 ZlpXj ZXiXZk\iˆjk`ZXj j\ [\kX$ ccX X Zfek`elXZ`Â?e 1 L9@:8:@äE <c Y`\e `edl\Yc\ j\ \eZl\ekiX lY`ZX[f \e1 $ :Xcc\1 ;\ Cfj 8c\cˆ\j <(,$ (*$ :XjX1 ;fj $ :fealekf ?XY`kXZ`feXc1 Ăˆ?}Y`kXk MÉ $ J\Zkfi1 JXe @j`[if [\c @eZX $ GXiifhl`X1 CcXef :_`Zf $ :XekÂ?e1 Hl`kf $ Gifm`eZ`X1 G`Z_`eZ_X $ 8cˆZlfkX KfkXc1 *%)*' _Xp le ^i}]`Zf [\c :fealekf ?XY`kXk ,

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO DE LA ESCRITURA PUBLICA DE REFORMA DE ESTATUTOS DE COGAREP CIA. LTDA. Se comunica al pĂşblico que COGAREP CIA. LTDA. con domicilio principal en la ciudad de Quito, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario Tercero del cantĂłn Quito, el 23 de marzo del 2011. Actos societario aprobado por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE. Q.11.002121 de 16 de mayo de 2011. En virtud de la mencionada escritura pĂşblica la compaùía reforma la clĂĄusula VigĂŠsima Primera del Estatuto Social, referente a las Atribuciones y Deberes del Gerente General, de la siguiente manera: “CLAUSULA VIGESIMA PRIMERA: 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 efectĂşen Ăşnicamente con la autorizaciĂłn previa del Presidente de la compaùía.â€?

Quito, 19 de Mayo de 2011. Quito, 16 de Mayo de 2011.

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

Dr. Camilo Valdivieso Cueva. INTENDENTE DE COMPAĂ‘IAS DE QUITO AC/79848/tf

AC/79841/tf

L9@:8:@äE ;< C8 :8J8 ) ;<EKIF ;<C :FEALEKF ?89@K8K M 8 : I < < ; F I < J ?@GFK<:8I@FJ1 @e^% Alc`f >feqXcf ?`[Xc^f 9XiX_feX p JiX% EFK8IĂ 81 ;„Z`df J\okX [\c :XekÂ?e Hl`kf ;i% >feqXcf Ifd}e :_XZÂ?e C@E;<IFJ ><E<I8C<J ;<C :FEALEKF Ăˆ?89@K8:@FE8C ?89@K8K MÉ EFIK<1 :fe ZXd`ef# \e leX cfe^`kl[ [\ Z`eZl\ekX p j`\k\ d\kifj2 JLI1 :fe ZXd`ef# \e leX cfe^`kl[ [\ m\`ek\ p ZlXkif d\kifj2 <JK<1 :fe \c cfk\ [\ cfj j\ÂŒfi\j Afj„ =„c`o p [\c mXcc\ p <edX :fi[fm\q [\ 9Xii\`if# \e leX cfe^`kl[ [\ efm\ekX p ZlXkif d\kifj2 p# F<JK<1 K\ii\efj [\ cfj j\ÂŒfi\j Afj„ =„c`o 9Xii\`if p [\c MXcc\ p <edX :fi[fm\q [\ 9Xii\`if# Ă?I<81 +%'.'#'' d)% C@E;<IFJ ;< C8 :8J8 Ăˆ;FJÉ GC8EK8 JL9JL<CF E`m\c4 "(%(0d Ă?i\X4 *'%+'d) 8cˆZlfkX1 '%*-' EFIK<1 GXihl\X[\ifj [\ m`j`kXj ki\j p ZlXkif \e Z`eZf d\kifj m\`ek\ Z\ekˆd\kifj2 JLI1 GXihl\X[\ifj ki\j \e le d\kif Z`eZl\ekX Z\ekˆd\kifj# cX Yf[\^X lef \e le d\kif j\k\ekX Z\ekˆd\kifj p \c ZlXi$ kf [\ YXjliX \e [fj d\kifj ZlXi\ekX Z\ekˆd\kifj2 <JK<1 8ZZ\jf m\_`ZlcXi \e ZlXkif d\kifj# \c ZlXikf [\ YXjliX \e [fj d\kifj ki\`ekX Z\ekˆ$ d\kifj p cX Yf[\^X lef \e le d\kif Z`eZl\ekX Z\ekˆd\kifj2 F<JK<1 :XjX eÂ’d\if lef

e`m\c d}j lef glekf [`\Z`$ el\m\ \e ki\j d\kifj ZlX$ i\ekX p Z`eZf [\Zˆd\kifj cX m\i\[X g\XkfeXc \e Z`eZl\ekX p Z`eZf Z\ekˆd\kifj p \c gXi$ hl\X[\if eÂ’d\if [fj \e ki\j d\kifj j\k\ekX Z\ekˆd\kifj2 JLG<I@FI1 <e ki\`ekX d\kifj ZlX[iX[fj ZlXi\ekX [\Zˆd\$ kifj ZlX[iX[fj gcXekX e`m\c d}j ZlXkif [\ cX ZXjX [fj2 @E=<I@FI1 <e ki\`ekX d\kifj ZlX[iX[fj ZlXi\ekX [\Zˆd\$ kifj ZlX[iX[fj Zfe jl\cf% GC8EK8 98A8 E`m\c4 "+%''d Ă?i\X4 /)%0,d) 8cˆZlfkX1 '%0.' EFIK<1 Cfj gXihl\X[\ifj [\ m`j`kX ki\j ZlXkif \e Z`eZf d\kifj m\`ek\ Z\ekˆd\kifj p \c mXZˆf Xc XZZ\jf m\_`ZlcXi \e [fj d\kifj m\`ek\ Z\ekˆd\$ kifj2 JLI1 AXi[`e\iX \e Z`eZf d\kifj Z`eZl\ekX Z\ekˆd\kifj p cX Z`iZlcXZ`Â?e g\XkfeXc \e [fj d\kifj m\`ek\ Z\ekˆd\kifj2 <JK<1 MXZˆf Xc XZZ\jf m\_`$ ZlcXi \e ki\j d\kifj efm\ekX Z\ekˆd\kifj# cX ZXjX eÂ’d\if ki\j \e ki\j d\kifj j\k\ekX Z\ekˆd\kifj p \c }i\X Zfdl$ eXc \e j\`j d\kifj [`\q Z\ekˆ$ d\kifj2 F<JK<1 :XjX eÂ’d\if lef e`m\c d}j ZlXkif \e ki\Z\ d\kifj fZ_\ekX Z\ekˆd\kifj2 JLG<I@FI1 <e fZ_\ekX p [fj d\kifj ZlX[iX[fj efm\ekX p Z`eZf [\Zˆd\kifj ZlX[iX[fj cX gcXekX e`m\c d}j j\`j glekf j\k\ekX p Z`eZf [\ cX ZXjX [fj2 @E=<I@FI1 <e fZ_\ekX p [fj d\kifj ZlX[iX[fj efm\ekX p Z`eZf [\Zˆd\kifj ZlX[iX[fj cX gcXekX e`m\c dXj lef glekf [`\Z`el\m\ [\ cX ZXjX eÂ’d\if lef p cfj gXihl\X[\ifj ki\j p ZlXkif%

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A GANADEROS Y ASOCIADOS FENIX GANASFE CIA. LTDA.

La compaùía GANADEROS Y ASOCIADOS FENIX GANASFE CIA. LTDA. se constituyĂł por escritura pĂşblica, otorgada ante el Notario SĂŠptimo del Distrito Metropolitano de Quito, el 14 de Marzo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002195 de 19 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: EL OBJETO DE LA COMPAĂ‘IA CONSISTE PRINCIPALMENTE A LA EXPLOTACION ECONOMICA DE LA INDUSTRIA AGROINDUSTRIAL, AGRĂ?COLA, AVĂ?COLA.... Quito, 19 de Mayo del 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘Ă?AS AC/79844/tf

GC8EK8 8CK8 E`m\c4 "-%.,d Ă?i\X4 -,%''d) 8cˆZlfkX1 '%.-' EFIK<1 K\iiXqX XZZ\j`Yc\ \e Z`eZf d\kifj m\`ek\ Z\ekˆd\$ kifj p mXZˆf Xc XZZ\jf g\XkfeXc \e [fj d\kifj m\`ek\ Z\ekˆ$ d\kifj2 JLI1 MXZˆf Xc }i\X ZfdleXc \e [fj d\kifj m\`e$ k\ Z\ekˆd\kifj p Z`eZf d\kifj Z`eZl\ekX Z\ekˆd\kifj2 <JK<1 MXZˆf Xc XZZ\jf m\_`ZlcXi \e j\k\ekX Z\ekˆd\kifj# cX ZXjX eÂ’d\if ki\j \e ki\j d\kifj j\k\ekX Z\ekˆd\kifj p \c mXZˆf Xc }i\X ZfdleXc \e j\`j d\kifj [`\q Z\ekˆd\$ kifj2 F<JK<1 :XjX eÂ’d\if lef gcXekX e`m\c d}j j\`j glekf j\k\ekX p Z`eZf \e [`\q d\kifj j\j\ekX Z\ekˆd\kifj2 JLG<I@FI1 <e j\j\ekX p Z`eZf d\kifj ZlX[iX[fj cX j\^le[X gcXekX XckX [\ cX ZXjX eÂ’d\if [fj2 @E=<I@FI1 <e j\j\ekX p Z`eZf d\kifj gcXekX YXaX [\ cX ZXjX eÂ’d\if [fj% J<>LE;8 GC8EK8 8CK8 E`m\c4 "0%,'d Ă?i\X4 ,-%-'d) 8cˆZlfkX1 '%--' EFIK<1 MXZˆf Xc i\k`if ]ifekXc \e Z`eZf d\kifj ki\`ekX Z\e$ kˆd\kifj2 JLI1 MXZˆf Xc }i\X ZfdleXc \e Z`eZf d\kifj ki\`ekX Z\ekˆd\kifj2 <JK<1 MXZˆf Xc }i\X ZfdleXc \e [`\q d\kifj ZlXi\ekX Z\e$ kˆd\kifj2 F<JK<1 J\^le[X gcXekX XckX [\ cX ZXjX eÂ’d\if lef \e [`\q d\kifj ZlXi\ekX Z\ekˆd\kifj2 JLG<I@FI1 <e Z`eZl\ekX p j\`j d\kifj ZlX$ [iX[fj j\j\ekX [\Zˆd\kifj ZlX[iX[fj k\iiXqX `eXZZ\j`$ Yc\2 @E=<I@FI1 <e Z`eZl\e$ kX p j\`j d\kifj ZlX[iX[fj j\j\ekX [\Zˆd\kifj ZlX[iX$ [fj gcXekX XckX e`m\c d}j j\`j glekf j\k\ekX p Z`eZf% K<II8Q8 8::<J@9C< E`m\c4 "-%.,d Ă?i\X4 (,%+,d) 8cˆZlfkX1 '%(/' EFIK<1 MXZˆf Xc gXk`f \e Z`eZf d\kifj m\`ek\ Z\ekˆd\$

I_ ^Wo l_Yjeh_W [d l[dY[h Wb [d[c_]e" bW ^Wo cWoeh YkWdZe [b ^ecXh[ i[ l[dY[ W i‡ c_ice$ @EIx :; I7D C7HJÞD

kifj2 JLI1 GcXekX XckX e`m\c d}j j\`j glekf j\k\ekX p Z`eZf \e Z`eZf d\kifj m\`ek\ Z\ekˆ$ d\kifj2 <JK<1 MXZˆf Xc XZZ\$ jf m\_`ZlcXi \e ki\j d\kifj m\`ek\ Z\ekˆd\kifj2 F<JK<1 K\iiXqX [\ cX ZXjX eÂ’d\if lef \e ki\j d\kifj m\`ek\ Z\ekˆd\kifj2 JLG<I@FI1 <e hl`eZ\ d\kifj ZlX[iX[fj ZlXi\ekX p Z`eZf [\Zˆd\kifj ZlX[iX[fj Z`\cf2 @E=<I@FI1 <e hl`eZ\ d\kifj ZlX[iX[fj ZlXi\ekX p Z`eZf [\Zˆd\kifj ZlX[iX[fj gcXekX YXaX [\ cX ZXjX eÂ’d\if [fj% G8IHL<8;<IF EèD<IF ;FJ E`m\c4 "'%-,d Ă?i\X4 ),%,'d) 8cˆZlfkX1 '%*'' EFIK<1 8Z\iX g\XkfeXc \e [fj d\kifj Z`eZl\ekX p Z`eZf Z\ekˆd\kifj2 JLI1 :`iZlcXZ`Â?e m\_`ZlcXi \e [fj d\kifj Z`e$ Zl\ekX p Z`eZf Z\ekˆd\kifj2 <JK<1 GcXekX e`m\c d}j lef glekf [`\Z`el\m\ [\ cX ZXjX eÂ’d\if [fj \e ki\j d\kifj j\k\ekX Z\ekˆd\kifj cX XZ\iX g\XkfeXc \e efm\ekX p Z`eZf Z\ekˆd\kifj \c gXihl\X[\if eÂ’d\if ki\j \e Z`eZf d\kifj2 F<JK<1 GXihl\X[\if eÂ’d\if lef \e el\m\ d\kifj j\j\ekX Z\ekˆd\kifj2 JLG<I@FI1 <e m\`ek\ p Z`eZf d\kifj ZlX$ [iX[fj Z`eZl\ekX [\Zˆd\kifj ZlX[iX[fj gcXekX YXaX [\ cX ZXjX eÂ’d\if lef2 @E=<I@FI1 <e m\`ek\ p Z`eZf d\kifj ZlX$ [iX[fj Z`eZl\ekX [\Zˆd\kifj ZlX[iX[fj jl\cf% <;@=@:8:@äE :XjX [fj Zfdgl\jkf gfi1 $ GcXekX jlYjl\cf $ GcXekX YXaX

CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘IA MOLINOS INGUEZA SOCIEDAD ANONIMA INGUEZA S.A. De conformidad con el Estatuto Social y la Ley de Compaùías, se convoca a los seĂąores Accionistas de Molinos IngĂźeza Sociedad AnĂłnima IngĂźeza S.A., y a su comisario la Srta. Sandra Herrera a la sesiĂłn de Junta General Extraordinaria, a realizarse el dĂ­a 07 de junio de 2011, a las 11:00 en el local de la empresa, ubicado en la Av. La Prensa N.56-87 y Pasaje Manuel Herrera de esta ciudad de Quito, con el objeto de tratar el siguiente orden del dĂ­a: 1.- DesignaciĂłn de administradores de la compaùía. Quito, 24 de mayo del 2011 Santiago Vergara Almeida GERENTE GENERAL A.C./79831

$ GcXekX XckX $ J\^le[X gcXekX XckX $ K\iiXqX XZZ\j`Yc\ $ GXihl\X[\if eÂ’d\if [fj GC8EK8 JL9JL<CF E`m\c "(%'0d% :fe]fidX[f gfi ZlXikf [\ j\im`Z`f Zfe YXÂŒf# cXmXe[\iˆX# ZlXikf [\ d}hl`eXj Ă?i\X [\ *'%+' d) 8cˆZlfkX gXiZ`Xc [\ '%*-' GC8EK8 98A8 E`m\c "+%''d% :fe]fidX[f gfi jXcX Zfe Z_`$ d\e\X# Zfd\[fi# YXÂŒf jfZ`Xc# ZfZ`eX XdfYcX[X Ă?i\X [\ /)%0,d)% 8cˆZlfkX gXiZ`Xc [\ '%0.' GC8EK8 8CK8 E`m\c "-%.,d :fe]fidX[f gfi le [fid`$ kfi`f Zfe YXÂŒf# leX jXcX [\ \jkXi Ă?i\X [\ -,%''d) 8cˆZlfkX gXiZ`Xc [\ '%.-' J<>LE;8 GC8EK8 8CK8 E`m\c "0%,'d% :fe]fidX[f gfi [fj [fid`kf$ i`fj p le YXÂŒf Zfdgc\kf Ă?i\X [\ ,-%-'d)% 8cˆZlfkX gXiZ`Xc [\ '%--' K<II8Q8 8::<J@9C< E`m\c "-%-,d% :fe]fidX[f gfi k\iiXqX XZZ\$ j`Yc\ Ă?i\X [\ (,%+,d)% 8cˆZlfkX gXiZ`Xc [\ '%(/' G8IHL<8;<IF EèD<IF ;FJ E`m\c "'%-,d# :fe]fidX[f gfi le gXihl\X$ [\if Ă?i\X [\ ),%,'d) 8cˆZlfkX gXiZ`Xc [\ '%*'' : 8 I 8 : K < I Ă J K @ : 8 J :FEJKIL:K@M8J EèD<IF ;< G@JFJ1 * Ă?I<8 ;< :FEJKIL::@äE1 ).,%0'd)% :@D@<EKFJ1 ?fid`^Â?e Z`ZcÂ?$ g\f <JKIL:KLI81 JfgfikXek\ [\ _fid`^Â?e XidX[f# gc`ekfj le`[fj X ZX[\eXj [\ Z`d\ekX$ Z`Â?e# ZfcldeXj# m`^Xj% CFJ81 ;\ \eki\g`jf [\ _fid`$ ^Â?e XidX[f% G8I<;<J1 DXdgfjk\iˆX [\ Ycfhl\ \eclZ`[Xj p g`ekX[Xj G@JFJ1 :\i}d`ZX \e ZfZ`eX p YXÂŒfj# Xc]fdYiX \e [fid`$ kfi`fj# g`jf ]cfkXek\ \e }i\X jfZ`Xc M<EK8E8J1 8cld`e`f p m`[i`f ZcXif GL<IK8J1 <ok\i`fi [\c Zfe$ alekf [\ _`\iif# dX[\iX gXe\$ cX[X XZZ\jf X cX ZXjX ) >I8;81 ;\ _fid`^Â?e XidX$ [f :L9@<IK81 CfjX [\ _fid`$ ^Â?e G @ < J8 J J8 E @ K8 I @ 8 J 1 EXZ`feXc\j @ E J K% < C y : K I @ : 8 J 1 <dgfkiX[Xj @ E J K% J 8 E @ K8 I @ 8 J 1 <dgfkiX[Xj D8EK<E@D@<EKF1 Dlp Yl\ef : C 8 J @ = @ : 8: @ ä E ; < C J<:KFI QFE81 ;\jk`eX[f gXiX m`m`\e$ [X <EKFIEF1 J\ lY`ZX Xc Efik\ [\ Hl`kf \e \c j\Zkfi [\c @eZX

K@GF ;< C8 QFE81 :fejfc`[X[X I<; M@8C1 K\e\dfj mˆXj [\ cX kiXdX liYXeX p j\ Xgifm\Z_X cX kfgf^iX]ˆX [\c j\Zkfi @ E = I 8 < J K I L : K L I 8 Gè9C@:8 :l\ekX Zfe cfj J\im`Z`fj Y}j`$ Zfj [\1 $ <e\i^ˆX \c„Zki`ZX $ 8^lX gfkXYc\ $ 8cZXekXi`ccX[f jXe`kXi`f $ J\im`Z`f k\c\]Â?e`Zf $ KiXejgfik\ gÂ’Yc`Zf $ I\Zfc\ZZ`Â?e [\ YXjliX $ :Xcc\j Xj]XckX[Xj $ 8Z\iXj p Yfi[`ccfj [\ Z\d\e$ kf <JK8;F ;< :FEJ<IM8:@äE $ ;\ekif [\ cXj ZXiXZk\iˆjk`$ ZXj ZfejkilZk`mXj p k`gf [\ XZXYX[fj# cX \[`]`ZXZ`Â?e j\ \eZl\ekiX _XY`kX[f gfi cX JiX% IfjX 9\Xki`q I`kX 9Xii\`if p j\ \eZl\ekiX \e Zfe[`Z`fe\j dlp Yl\eXj [\ _XY`kXY`c`[X[% M8CFI8:@äE ;< C8 GIFG@<;8; ;\jZi`gZ`Â?e K<II<EF :FEJKIL::@äE G8IHL<8;<IF Ă?i\X d)% (*(%'' ).,%0' ),%,' 8cˆZlfkX KfkXc *%)*' Gi\Z`f LJ;&d) ()'%'' -),%'' *''%'' Gi\Z`f KfkXc LJ;% (,%.)'#'' (.)%+*.#,' .%-,'#'' KFK8C1 (0,%/'.#,' JFE1 :@<EKF EFM<EK8 P :@E:F D@C F:?F:@<EKFJ J@<K< :FE ,'&('' ;< ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8DyI@:8 A L Q> 8 ; F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (/ [\ XYi`c [\c )'((# cXj ((_)(% M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f j\^Â’e XZZ`Â?e [\ g\ijfeXc Ef% .-)$;G$;GG%# [\ () [\ XYi`c [\ )'((%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf p iXqÂ?e gi\Z\[\ek\% Gfi ZlXekf ef j\ _X i\Xc`qX$ [f \c i\dXk\ \e \c [ˆX p _fiX j\ÂŒXcX[fj# p Xk\ekX cX g\k`$ Z`Â?e hl\ Xek\Z\[\# j\ÂŒXcXj\ el\mXd\ek\ gXiX \c [ˆX )) [\ ale`f [\ )'((# [\j[\ cXj (+_'' _XjkX cXj (/_''# X ]`e [\ hl\ k\e^X cl^Xi \e cX J\Zi\kXiˆX [\ \jkX Al[`ZXkliX# \c i\dXk\ [\c Y`\e dl\Yc\ \dYXi^X[f \e cX gi\j\ek\ ZXljX% Gfi kiXkXij\ [\c j\^le[f j\ÂŒXcX$ d`\ekf# j\ XZ\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiX cX d`kX[ [\c gi\Z`f [\c XmXclÂ?# [\ Zfe]fid`[X[ Zfe \c 8ik% +.( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gX^f hl\ j\ cf _Xi} \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% ;\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zfdleˆhl\j\ Xc gÂ’Yc`Zf gfi d\[`f [\ ki\j glYc`ZXZ`f$ e\j hl\ j\ i\Xc`qXi}e \e le [`Xi`f [\ dXpfi Z`iZlcXZ`Â?e [\ cfj hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ J\ Zfd`j`f$ eXi} Xc K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ CcXef :_`Zf X ]`e [\ hl\ ]`a\ cfj ZXik\c\j hl\ glYc`Z`kXe \c i\dXk\ \e

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? cfj gXiXa\j d}j ZfeZlii`[fj [\ cX cfZXc`[X[ Xek\j `e[`ZX$ [X2 gifZ„[Xj\ X ZfcfZXi cfj i\jg\Zk`mfj ZXik\c\j \e cfj j`k`fj d}j ZfeZlii`[fj [\c GXcXZ`f [\ Aljk`Z`X [\ Hl`kf p [\j\\ Zldgc`d`\ekf X kf[Xj cXj ]fidXc`[X[\j c\^Xc\j%$ EFK@=@HL<J<% ;I% :I@JKF98C FA<;8 D8IK@E<Q AL<Q < Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 89>% A F I> < D @ < I 9LI98EF J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/)//(&ZZ

M8I@FJ ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ :@K8:@äE AL;@:@8C 8C J<zFI >FEQ8CF <;L8I;F 8I@8J 8:<M<;F ;< C8 ;<D8E;8 GFI :FEJLDF ;< K8IA<K8 ;< :I<;@KF GIFGL<JK8 <E JL :FEKI8 GFI <C 89F>8;F G89CF I<E< ;Ă 8Q <EIĂ HL<Q# GIF:LI8;FI AL;@:@8C ;<C 98E:F 8D8QFE8J J%8% 8:KFI1 89F>8;F G89CF I<E< ;Ă 8Q <EIĂ HL<Q# GIF:LI8;FI AL;@:@8C ;<C 98E:F 8D8QFE8J J%8% ;<D8E;8;F1 >FEQ8CF <;L8I;F 8I@8J 8:<M<;F% AL@:@F1 Ef% (**($)'('$DD% KI8D@K<1 M < I 9 8 C JLD8I@F% :L8EK@81 LJ;% ,%)''#ff% =<:?8 ;< @E@:@8:@äE1 d`„iZfc\j# (* [\ fZklYi\ [\c )'('% GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (* [\ fZklYi\ [\c )'('# cXj ('_(/%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% <e cf gi`e$ Z`gXc cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# iXqÂ?e gfi cX ZlXc j\ cX X[d`k\ Xc ki}d`k\ m\iYXc jldXi`f%$ <e Zfej\Zl\eZ`X# \eki„^l\j\ Zfg`X [\ cX [\dXe[X p Xlkf [\ ZXc`]`ZXZ`Â?e Xc [\dXe[f j\ÂŒfi >feqXcf <[lXi[f 8i`Xj 8Z\m\[f# p X hl`\e j\ c\ Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X# gXiX cf ZlXc \emˆ\$ j\ jl]`Z`\ek\ [\jgXZ_f X cX JXcX [\ :`kXZ`fe\j%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc j\ÂŒXcX[f%$ 8^i„^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj gi\j\e$ kX[fj%$ Efk`]ˆhl\j\ p Zˆk\j\%$ ] ;iX% DÂ?e`ZX% =cfi GXqd`ÂŒf# AL<Q8% FKI8 GIFM@;<E:@81 GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j ), [\ dXiqf [\c )'((# cXj ((_)'%$ 8^i„^l\j\ Xc gif$ Z\jf \c \jZi`kf gi\j\ekX[f%$ <e d„i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% /)

ÄŠ

[\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ Xc [\dXe[X[f >feqXcf <[lXi[f 8i`Xj 8Z\m\[f# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qXi}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# AL<Q8% GXik`ZlcXi hl\ cc\mf X jl Zfef$ Z`d`\ekf gXi cfj ]`e\j c\^Xc\j g\ik`e\ek\j# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X% J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% ?Xp le j\ccf 8%:%&.0.-) I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< J< ?8 GIF:<;@;F 8 ;<:C8I8I C8 @EK<I;@::@äE GIFM@J@FE8C ;<C 8IH% ?L>F 8D8;F :8@:<;F 8E;@EF# HL<;8E;F :FDF :LI8;FI8 @EK<I@E8 C8 JI8% 8LI8 D8IĂ 8 C<FEFI G8C8@;<J D8CF <OKI8:KF 8:KFI81 8LI8 D8IĂ 8 C<FEFI G8C8;@E<J D8CF AL@:@F ;< @EK<I;@::@äE Ef% (+-$)'(($ D% >fi[Â?e :% :L8EK@81 @E;<K<ID@E8;8% ;<=<EJFI1 ;I% D@CKFE Ă?C8M8 :8J@CC8 AL;@:@8C Ef )') =<:?8 ;< @E@:@F1 '* ;< =<9I<IF ;<C )'(( ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (( [\ dXpf [\c )'((# cXj (,_(,%$ M@JKFJ1 8LI8 D8IĂ 8 G8C8;@E<J D8CF# `e[`ZXe[f jlj ^\e\iXc\j [\ C\p# ZfdgXi\Z\ p dXe`]`\j$ kX1 Hl\ \jk} ZXjX[X Zfe \c 8ihl`k\Zkf ?L>F 8D8;F :8@:<;F 8E;@EF Zfe]fi$ d\ ZfejkX [\ cX gXik`[X [\ dXki`dfe`f hl\ XZfdgXÂŒX# hl\ [liXek\ jl dXki`dfe`f _Xe gifZi\X[f X jlj _`afj >XYi`\cX# :XkXc`eX p ?l^f :X`Z\[f GXcX[`e\j% @e[`ZX hl\ ZlXe[f j\ \eZfekiXYX \e gc\eX XZk`m`[X[ ]l\ XkXZX$ [f gfi leX \e]\id\[X[ hl\ cfj d„[`Zfj \jg\Z`Xc`jkXj cX _Xe [\]`e`[f p [`X^efjk`ZX[f Zfdf GXi}c`j`j JlgiX elZc\Xi Gif^i\j`mX GJG # hl\ gfi jlj ZXiXZk\iˆjk`ZXj p [\jXiifccf _X [\k\id`eX[f hl\ XZklXcd\e$ k\ j\ \eZl\ekiX `dgfj`Y`c`kX[f [\ fˆi# _XYcXi# Zfdle`ZXij\# \e ]`e# \ek\e[\i p [Xij\ X \ek\e$ [\i# X[\d}j [\ fkifj \]\Zkfj ZfcXk\iXc\j% <jk\ [\k\i`fif [\ jl jXcl[ m`\e\ [\ mXi`fj XÂŒfj Xki}j p j\ _X `[f X^iXmXe[f gif^i\j`mXd\ek\# \e]\id\$ [X[ hl\ j\^Â’e cfj [`X^eÂ?j$ k`Zfj p [`Zk}d\e\j d„[`Zfj \j `ii\m\ij`Yc\% <e jl X]}e [\ ZliXicf p [\ hl\ i\Zlg\i\ \c gc\ef ljf [\ jlj ]XZlckX[\j ]ˆj`ZXj p d\ekXc\j# _Xe XZl[`$

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä Ä€

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

[f X cfj d„[`Zfj \jg\Z`Xc`jkXj p Zcˆe`ZXj f Z\ekifj [\ jXcl[ d}j X[\cXekX[fj p gi\jk`^`f$ jfj [\c gXˆj p [\ 8d„i`ZX% <c ;i% QY`^e`\\n B Njqjfc\b D;# [\c ;\gXikXd\ekf [\ E\lifcf^ˆX [\ cX :cˆe`ZX DXpf [\ AXZbjfej`cc\# =cfi`[X# <jkX[fj Le`[fj [\ 8d„i`ZX# [\k\id`eÂ? hl\ jl ZÂ?epl^\ 8ih% ?l^f :X`Z\[f 8e[`ef gX[\Z\ [\ ĂˆGXi}c`j`j JlgiX elZc\Xi Gif^i\j`mXÉ ÆGJG$# hl\ cf `e_XY`c`kX gXiX \a\iZ\i jlj XZk`m`[X[\j efidXc\j% <jkX j`klXZ`Â?e \o`^\ hl\ j\ gfe^X Xc ]i\ek\ [\ cXj XZk`m`$ [X[\j `e_\i\ek\j X cX X[d`$ e`jkiXZ`Â?e [\ cfj Y`\e\j [\ cX jfZ`\[X[ Zfepl^Xc hl\ [\ ef j\i `ed\[`XkX p [`c`^\ek\d\e$ k\ Xk\e[`[fj jl]i`iˆXe [XÂŒfj p g\ial`Z`fj `ii\gXiXYc\j# \ `eZclj`m\ `dg\[`iˆX Xk\e[\i cfj i\hl\i`d`\ekfj [\ cX \e]\id\$ [X[ [\ jl ZÂ?epl^\% :fe kXc\j Xek\Z\[\ek\j# Zfe jla\Z`Â?e X cXj [`jgfj`Z`fe\j Zfek\e`[Xj \e cfj 8ikj% +0'# +0( p d}j g\ik`e\ek\j [\c :Â?[`^f :`m`c# \e ZfeZfi[XeZ`X Zfe cfj 8ikj% .*/ p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# jfc`Z`kX hl\ \e j\ek\eZ`X j\ [\ZcXi\1 (% CX `ek\i[`ZZ`Â?e [\ ?l^f 8dX[f :X`Z\[f 8e[`ef# gfi jl \jkX[f XZklXc [\ jXcl[# )% Hl\ j\ [`jZ`\ieX X jl ]Xmfi# \e ZXc`[X[ [\ ZÂ?epl^\ [\c `ek\i$ [`Zkf# \c ZXi^f [\ :liX[fiX @ek\i`eX [\ cfj Y`\e\j [\c 8ih% ?l^f 8dX[f :X`Z\[f 8e[`ef p hl\ ]fidX gXik\ [\ cX jfZ`\$ [X[ Zfepl^Xc hl\ k`\e\e ]fi$ dX[X \eki\ cfj [fj gfi \]\Zkfj [\ jl dXki`dfe`f%$ 8[d`k`[X X ki}d`k\ cX gi\k\ej`Â?e# [\ Zfe]fid`[X[ Zfe cf \jkXYc\$ Z`[f \e \c 8ik% .,) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ efdYiX X cfj ]XZlckXk`mfj ;ij% :Xicfj 9XiqXccf J% p ;i% Afj„ :ilq ;l\ÂŒXj# gXiX hl\ `ek\im\e^Xe \e cX [`c`^\eZ`X [\ i\ZfefZ`d`\ekf d`jdX hl\ j\ cc\mX X ZXYf \c *( [\ DXiqf [\c )'((%$ :feZcl`[X cX kiXd`$ kXZ`Â?e [\ cX gi\j\ek\ ZXljX# gXiX i\jfcm\i# j\ Zfej`[\iX1 GI@D<IF1 Ef j\ _X fd`k`[f jfc\de`[X[ jljkXeZ`Xc Xc^l$ eX hl\ dfk`m\ cX elc`[X[ gif$ Z\jXc# gfi cf hl\ j\ [\ZcXiX jl mXc`[\q%$ J<>LE;F1 <e Zldgc`d`\ekf X cf [`jgl\jkf \e \c 8ik% .,) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c \c jljZi`kf Al\q p J\Zi\kXi`f [\c Alq^X[f# X cX ]\Z_X [\ i\Xc`qXZ`Â?e [\ cX [`c`^\eZ`X# \jkf \j \c *( [\ DXiqf [\c )'((# gifZ\[\ Xc \oXd\e f i\ZfefZ`d`\ekf [\c gi\jlekf `eZXgXq# XZkX \e cX ZlXc j\ [\aX ZfejkXeZ`X [\ cf j`^l`\ek\1 Hl\ \c j\ÂŒfi ?l^f 8dX[f :X`Z\[f 8e[`ef ef k`\e\ dfm`c`[X[ gXiX kiXj$ cX[Xij\ [\ le cl^Xi X fkif# e` i\Xc`qXi jlj XZk`m`[X[\j g\ijfeXc\j \c\d\ekXc\j# Zfe ^iXe \j]l\iqf gl\[\ c\mXekXi jl dXef [\i\Z_X gXiX jXcl$ [Xi# ef gl\[\ \ogi\jXij\ \e ]fidX \jZi`kX e` m\iYXc# jl dfki`Z`[X[ \j ZXj` \c\d\e$ kXc =j% +- %$ K<I:<IF1 ;\c `e]fid\ d„[`Zf c\^Xc gi\j\e$

kX[f gfi cfj g\i`kfj ;i% :Xicfj 9XiqXccf p ;i% Afj„ :ilq ;% J\ [\jgi\e[\ hl\ \c \oXd`eX[f# Zldgc\ Zfe cfj Zi`k\i`fj gXiX \c [`X^eÂ?jk`Zf [\ leX GXi}c`j`j JlgiXelZc\Xi Gif^i\j`mX GJG \e]\id\[X[ ZXiXZk\i`$ qX[X gfi gXi}c`j`j gif^i\j`mX# i`^`[\q p [\d\eZ`X# gfi cf hl\ ZfeZclp\e hl\ \c \oXd`eX[f \j `eZXgXq [\ dXe\aXi jlj XZkfj p jlj Y`\e\j# e\Z\j`kX Xpl[X [\ ]fidX kfkXc =j% +. p +/ %$ :L8IKF1 ;\ XZl\i[f Xc `eZ`jf j\^le[f [\c 8ik% +-+ [\c :Â?[`^f :`m`c j\ Zl\ekX Zfe cX fg`e`Â?e [\c j\ÂŒfi 8^\ek\ =`jZXc [\ G`Z_`eZ_X# d`jdf hl\ X =j% ,* fg`eX [\ dXe\iX ]XmfiXYc\ gXiX hl\ j\X cX ZÂ?e$ pl^\ [\c j\ÂŒfi ?l^f 8dX[f :X`Z\[f 8e[`ef [\j`^eX[X ZliX[fiX `ek\i`eX%$ Gfi ZlXekf \c `e]fid\ [\ cfj g\i`kfj p cX [`c`^\eZ`X [\ i\ZfefZ`d`\ekf \]\ZklX[X gfi \c Alq^X[f jfe ZfeZfi[Xek\j# \e d„i`kf [\c [`ZkXd\e ]`jZXc p [\ Zfe]fi$ d`[X[ Zfe cfj 8ikj% .,) p .,* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi _XY\i aljkf dfk`mf J< ;<:C8I8 C8 @EK<I;@::@äE GIFM@J@FE8C [\c j\ÂŒfi 8ih% ?L>F 8D8;F :8@:<;F 8E;@EF2 p j\ [\j`^eX :liX[fiX @ek\i`eX [\c d`jdf X cX JiX% 8LI8 D8IĂ 8 C<FEFI G8C8;@E<J D8CF# hl`\e kfdXi} gfj\j`Â?e [\c ZXi^f \c [ˆX dXik\j [`\Z`j`\k\ [\ dXpf [\c XÂŒf \e Zlijf# X cXj el\m\ _fiXj% ;\ Zfe]fid`[X[ Zfe \c 8ik% .,+ [\c :Â?[`^f GifZ\jXc :`m`c# `ejZiˆYXj\ \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf p glYcˆhl\j\ \jkX i\jfclZ`Â?e gfi leX jfcX m\q \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc%$ :fe]`„iXj\ X cX 8ZkfiX leX ]fkfZfg`X Z\ik`]`ZX[X [\ \jkX gifm`[\eZ`X# ZfealekXd\ek\ Zfe \c XZkX [\ gfj\j`Â?e# gXiX j\Xe gifkfZfc`qX[Xj \e leX [\ cXj efkXi`Xj [\c :XekÂ?e p c\ j`imX [\ jl]`Z`\ek\ [`jZ\ie`$ d`\ekf%$ Efk`]ˆhl\j\% ] ;i% 8c]i\[f >i`aXcmX DlÂŒfq% AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`\e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% Hl`kf# ;i% AlXe GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/*0&k] ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8:KFI1 =89@8E :?@E:?@E 8E>FJ ;<D8E;8;FJ1 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 :C8L;@8 J8<EQ 8CFD@8 AL@:@F1 GI<J:I@G:@FE < O K I8F I ; @ E 8 I @ 8 ; < ;FD@E@F Ef% -..$)'('% 8Y^% I% 9iXmf% ;<J:I@G:@äE ; < C @EDL<9C<1 CFK< ;< K<II<EF :LP8 JLG<I=@:@<

Ĺ?

<J ;< :@<EKF :L8I<EK8 D < K IFJ : L8 ; I8 ; FJ J@>E8;F :FE <C ELD<IF M<@EK@KIyJ L9@:8;F <E C8 LI98E@Q8:@äE J8<EQ 8CFD@8# :8CC< ? L 8 P E 8 G 8 C : F E G8IIFHL@8 C8 D8>;8C<E8 ;<C :8EKFE HL@KF# GIFM@E:@8 ;< G@:?@E:?8# :FE CFJ J@>L@<EK<J C@E;<IFJ1 GFI <C EFIK<1 :FE :8CC< ?L8PE8G8C:FE2 JLI1 :FE G8J8 Ăˆ8É2 <JK<1 :FE <C CFK< ELD<IF ;F:< P F<JK<1 :FE GIFG@<;8; G8IK@:LC8I% :8J@CC<IF AL;@:@8C Ef% (+// 89F>8;F1 ;I% ?FD<IF I8D@I<Q :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 8LKF ;< :8C@=@:8:@äE A L Q> 8 ; F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (- [\ X^fjkf [\c )'('# cXj (-_(-%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f %$ Gfi ZlXekf \c XZkfi _X [X[f Zldgc`d`\ekf X cf fi[\eX$ [f \e gifm`[\eZ`X Xek\i`fi% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p % <e Zfej\$ Zl\eZ`X [„j\ X cX d`jdX \c ki}d`k\ Fi[`eXi`f %$ ;\ Zfe]fi$ d`[X[ Zfe \c Zfek\e`[f [\ cfj 8ikj% *0- p *0. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ?iiXj\ kiXjcX[f X cfj [\dXe[X[fj j\ÂŒfi\j1 J@DFE <;L8I;F J8<EQ 8CFD@8 GFI JLJ GIFG@FJ ;<I<:?FJ P :FDF D8E;8K8I@F ;< JLJ ?<ID8EFJ 8C=FEJF

I[ ^Wd YedY[Z_Ze ckY^ei fh[c_ei DeX[b feh ceijhWh gk[ [b Kd_l[hie de [i jWd i_cfb[ Yece feZ‡Wcei ^WX[hbe f[diWZe$ IJ;F>;D >7MA?D= D8I@8# 9<8KI@Q >L8;8CLG< # @E<J ;<C IFJ8I@F# P D8I@8 ;< CFLI;<J J8<EQ 8CFD@8 P ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 JI8% :C8L;@8 J8<EQ 8CFD@8 # Zfe cX [\dXe[X p \jkX gifm`[\eZ`X # gfi \c k„i$ d`ef [\ hl`eZ\ [ˆXj # X ]`e [\ hl\ Zfek\jk\e f gifgfe^Xe cXj \oZ\gZ`fe\j Zfii\jgfe[`\e$ k\j% :@K<J<# Xc [\dXe[X[f j\Œfi1 J@DFE <;L8I;F J8<EQ 8CFD@8 GFI JLJ GIFG@FJ ;<I<:?FJ P :FDF D8E;8K8I@F ;< JLJ ?<ID8EFJ 8C=FEJF D8I@8# 9<8KI@Q >L8;8CLG< # @E<J ;<C IFJ8I@F# P D8I@8 ;< CFLI;<J J8<EQ 8CFD@8 \e \c cl^Xi `e[`ZX[f j\ c\j \eki\^Xi} cXj Zfg`Xj i\jg\Z$ k`mXj p \e d„i`kf Xc aliXd\ekf i\e[`[f gfi \c XZZ`feXek\ X1 ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 JI8% :C8L;@8 J8<EQ 8CFD@8 d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZl$ cXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c % ;\ Zfe]fid`[X[ Zfe \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# @ejZiˆYXj\ cX gi\j\e$

LAPSE S.A.

CONVOCATORIA De conformidad con lo dispuesto en los artículos 11 y 18, literal p) del Estatuto de la Compaùía, convoco, a Junta General Extraordinaria de Accionistas de la Compaùía LAPSE S.A., que tendrå lugar en la sede social de la empresa situada en las calles Shuaras No. 208 y Gonzalo Benítez de la ciudad de Quito, el día jueves 2 de junio de 2011, a partir de las 16h00, con el siguiente orden del día: 1.

Informe del Comisario sobre el ejercicio econĂłmico de los aĂąos 2009 y 2010;

2.

Informe del Gerente General sobre el ejercicio econĂłmico de los aĂąos 2009 y 2010;

3.

Conocimiento y aprobaciĂłn del Balance General y Estado de PĂŠrdidas y Ganancias del ejercicio econĂłmico correspondiente a los aĂąos 2009 y 2010;

4.

Destino a darse a las utilidades;

5.

DesignaciĂłn de Administradores

6.

DesignaciĂłn de Comisario para el aĂąo 2010.

Especial e individualmente se convoca al comisario de la compaùía. En caso de no reunirse el quórum estatutario a la hora seùalada, la Junta General se reunirå una hora mås tarde con el número de accionistas que se hallaren presentes, conforme lo permite el inciso tercero del Art. 237 de la Ley de Compaùías e inciso segundo del Art. 12 del Estatuto. De conformidad con la ley, los documentos sobre los que se tratarå en la junta convocada se encuentran a disposición de los accionistas para su revisión en el domicilio de la empresa. Quito, a 25 de mayo de 2011 Julio Alberto Cevallos Quezada. Gerente General. A.P./49281/k.m.

k\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :l„ek\j\ \c cX gi\$ j\ek\ ZXljX Zfe \c 8cZXc[\ p GifZliX[fi D\kifgfc`kXef [\ Hl`kf %$ 8^i„^l\j\ Xc gifZ\$ jf cX [fZld\ekXZ`Â?e hl\ j\ X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi Xjˆ Zfdf cX Xlkf$ i`qXZ`Â?e [X[X X jl 8Yf^X[f ;\]\ejfi%$ Efk`]ˆhl\j\%$ ] ;iX% DXiˆX <c\eX :_}m\q% Al\qX% 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 gfjk\i`fi\j efk`]`ZX$ Z`fe\j% :\ik`]`Zf% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/+,&k] <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`kl$ iX 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# [`mfiZ`X[f# gfi jlj gifg`fj [\i\Z_fj2 p# cX j\ŒfiX 8;I@8E8 JLJ8E8 HL@E8G8CCF 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\[`Xe$ k\ j\ek\eZ`X [`ZkX[X gfi \c j\Œfi Al\q M`^„j`df Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X# \c m\`ek\ [\ dXpf [\c [fj d`c el\m\# [\Y`[Xd\ek\ `ejZi`kX \e \c I\^`jkif :`m`c \c ZlXkif [\ dXpf [\c [fj d`c [`\q% CXj X[al[`ZXZ`fe\j [\c gXki`$ dfe`f j\ \eZl\ekiXe [\kXccX$ [Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kliX g’Yc`ZX [\ c`hl`[X$ Z`�e [\ jfZ`\[X[ Zfepl^Xc# gfi cf hl\ \e Xgc`ZXZ`�e X cf [`jgl\jkf \e \c 8ik% - [\ cX C\p I\]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`�e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c\j# cX \jZi`kliX [\ c`hl`[XZ`�e [\ jfZ`\[X[ Zfe$ pl^Xc# gi\m`f \c ki}d`k\ gi\m`j$ kf \e [`Z_X efidX c\^Xc# gfe^f \e ZfefZ`d`\ekf [\c g’Yc`Zf# d\[`Xek\ leX glYc`ZXZ`�e# \c \okiXZkf [\ cX c`hl`[XZ`�e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\jgfe[`\ek\ X cfj \o Z�epl^\j j\Œfi\j BC<M<I J8E;<I =8I<Q IL9@F p 8;I@8E8 JLJ8E8 HL@E8G8CCF E8I8EAF# fkfi^X[X d\[`Xek\ \jZi`kl$ iX g’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`ZX$ Z`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\e$ klXcd\ek\ klm`\i\e `ek\i„j \e \jkX c`hl`[XZ`Â?e gl\[Xe gi\j\ekXi jl fgfj`Z`Â?e ]le[X$ d\ekX[X# [\ekif [\c i\]\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] ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 CFJ J<zFI<J M@:KFI@8 :?8E> Æ ?L8E> ;< IF;I@>LIQ# G8 9 CF =<IE8E;F :?@I@9F>8 9<:;8:?# =I8E:@J:F A8M@<I 9I8L<I :FIE<AF# ;<C AL@:@F <JG<:@8C :FCLJFI@F GIFGL<JKF <E JL :FEKI8 GFI C8 :FDG8zĂ 8 ?8IKI8;< p :%F% J%8% <E C@HL@;8:@FE DXiZf M`e`Z`f Ă?cmXi\q JXcmX[fi I\gi\j\ekXek\ C\^Xc 8: KF I 8 1 : F D G8 z Ă 8 ?8IKI8;< p :%F% J%8% <E C@HL@;8:@FE DXiZf M`e`Z`f Ă?cmXi\q JXcmX[fi I\gi\j\ekXek\ C\^Xc %

;<D8E;8;F1 M@:KFI@8 :?8E> Æ ?L8E> ;< IF;I@>LIQ# G8 9 CF =<IE8E;F :?@I@9F>8 9<:;8:?# =I8E:@J:F A8M@<I 9I8L<I :FIE<AF AL@:@F1 Ef% '/.,$)'('$I> KI8D@K<1 < j g \ Z ` X c :fcljfi`f :L8EKĂ 8 1 @e[\k\id`eX[X% =<:?8 ;< @E@:@8:@äE1 )( [\ alc`f [\c )'(' GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )( [\ alc`f [\c )'('# X cXj (._(+%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\X$ c`qX[f p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c eld\iXc + [\c 8ik% )+' [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc%$ <e cf gi`eZ`gXc# cX [\dXe[X[X gi\$ j\ekX[X gfi \c j\ÂŒfi DXiZf M`e`Z`f Ă?cmXi\q JXcmX[fi \e jl ZXc`[X[ [\ C`hl`[X[fi p i\gi\j\ekXek\ C\^Xc [\ cX :FDG8zĂ 8 ?8IKI8;< :F%J%8# \j ZcXiX Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cf XZ\gkX Xc ki}d`k\ gi\m`jkf \e \c 8ik% ) p j`^l`\ek\j [\ c\ C\p gXiX \c Alq^Xd`\ekf [\ cX :fclj`Â?e2 \e Zfej\Zl\eZ`X Zfe jl Zfe$ k\e`[f p \jkX gifm`[\eZ`X# Zˆk\$ j\ X cfj [\dXe[X[fj j\ÂŒfi\j M@:KFI@8 :?8E>$?L8E> ;< IF;I@>L<Q# G89CF =<IE8E;F :?@I@9F>8 9<:;8:?# =I8E:@J:F A8M@<I 9I8L<I :FIE<AF2 P# M@:KFI D8EL<C <JG@E G8I<;<J# \e cfj cl^Xi\j hl\ j\ `e[`ZXe \e cX [\dXe[X# gXiX cf ZlXc \emˆ\j\ jl]`Z`\ek\ [\j$ gXZ_f X cX JXcX [\ :`kXZ`fe\j2

CONVOCATORIA

CONVOCATORIA

A JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘IA. EXTRACTOS ANDINOS C.A.

A JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A PRODUCTOS DE CONSUMO PROCONSUMO C.A.

Conforme a lo dispuesto por el estatuto social de la Compaùía y por los Arts. 273 y 276 de la Ley de Compaùías, se convoca a los seĂąores accionistas de EXTRACTOS ANDINOS C.A. a sesiĂłn de Junta General Ordinaria, a realizarse el dĂ­a MiĂŠrcoles 8 de Junio de 2011 a las 15:00 horas, en las oficinas de la empresa, Calle El TablĂłn OE1-329. y Manglaralto de esta ciudad de Quito Distrito Metropolitano, para conocer, tratar y resolver sobre los siguientes asuntos: 1.- Conocimiento y resoluciĂłn sobre los informes del Comisario y del Gerente General por el ejercicio de 2010; 2.- Conocimiento y resoluciĂłn sobre las Cuentas, Balance General y el Estado de PĂŠrdidas y Ganancias cortados al 31 de Diciembre de 2010; 3.- Conocimiento de Cronograma de implementaciĂłn de las Normas Internacionales de InformaciĂłn Financiera “NIIFâ€? 4.- DesignaciĂłn de Comisarios para el Ejercicio 2011, y fijaciĂłn de su retribuciĂłn. Se convoca especial, personal y seĂąaladamente al Comisario de la Compaùía. Los balances, cuentas, informes y mĂĄs documentos que serĂĄn conocidos por la Junta, se encuentran a disposiciĂłn de los seĂąores accionistas en las oficinas de la compaùía arriba indicadas. Quito, 26 de Mayo de 2011 EL GERENTE GENERAL

Conforme a lo dispuesto por el Estatuto Social de la compaùía y, ademĂĄs, por los artĂ­culos 231 (nĂşmeros 2, 3 y 4), 234, 236 y 289 de la Ley de Compaùías, se convoca a los seĂąores accionistas de PRODUCTOS DE CONSUMO PROCONSUMO C.A. a la sesiĂłn de la Junta General Ordinaria y Directorio que se realizarĂĄ a las 11h30 del jueves 9 de junio del 2011, en las oficinas de la sociedad ubicadas en la calle El TablĂłn s/n y Avenida Pedro Vicente Maldonado de esta ciudad de Quito, para conocer y resolÂŹver sobre los siguientes asuntos que constituyen el orden del dĂ­a: 1. El informe del Comisario por el ejercicio econĂłmico cerrado al 31 de Diciembre del 2010; 2. El informe del Gerente General por el ejercicio econĂłmico cerrado al 31 de Diciembre del 2010; 3. Las cuentas, el balance general y el estado de pĂŠrdidas y ganancias por el ejercicio cerrado al 31 de Diciembre del 2010; 4. La distribuciĂłn de beneficios sociales; 5. La designaciĂłn de Comisarios para el ejercicio 2011 y fijaciĂłn de sus retribuciones; 6. Conocimiento del cronograma de implementaciĂłn de las Normas Internacionales de InformaciĂłn Financiera “NIFâ€? Se convoca especial e individualmente al Comisarios de la compaùía. Los datos, balances, cuentas, informes y mĂĄs documentos que serĂĄn conocidos por la Junta, se encuentran a disposiciĂłn de los seĂąores accionistas en las oficinas de la compaùía arriba indicadas. Quito, a 26 de mayo del 2011.

A.P./49285/k.m.

EL GERENTE GENERAL

A.P./49286/k.m.

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘Ă?AS

I_ Yedij_jko[ kd Z[X[h h[if[jWh bei Z[h[Y^ei Z[ bei Z[c|i [i jWcX_ƒd kd Z[X[h cWdj[d[h bei fhef_ei$

EXTRACTO

>;H8;HJ IF;D9;H DE LA ESCRITURA PĂšBLICA DE REFORMA Y CODIFICACIĂ“N DE ESTATUTOS DE TRANSPORTADORA ECUATORIANA DE VALORES TEVCOL CIA. LTDA. Se comunica al pĂşblico que TRANSPORTADORA ECUATORIANA DE VALORES TEVCOL CIA. LTDA., con domicilio principal en la ciudad de Quito, reformĂł y codificĂł sus estatutos por escritura pĂşblica otorgada ante el Notario Primero del Distrito Metropolitano de Quito el 12 de abril de 2011. Actos societarios aprobados por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.002210 de 19 de mayo de 2011. En virtud de la mencionada escritura pĂşblica la compaùía reforma y codifica, entre otros, los artĂ­culos Octavo, DĂŠcimo Primero, DĂŠcimo Tercero y DĂŠcimo Cuarto del Estatuto Social, referentes al Gobierno y AdministraciĂłn; al Directorio Ejecutivo; al perĂ­odo de duraciĂłn: del Presidente del Directorio Ejecutivo y del Presidente Ejecutivo, respectivamente, de la siguiente manera: “ARTĂ?CULO OCTAVO: GOBIERNO Y ADMINISTRACIĂ“N.- La compaùía estarĂĄ gobernada por la Junta General y administrada por el Presidente del Directorio, el Directorio Ejecutivo, el Presidente Ejecutivo, los Vicepresidentes, los Gerentes y el Gerente General.â€? “ARTĂ?CULO DÉCIMO PRIMERO: DEL DIRECTORIO EJECUTIVO Y SU COMPOSICIĂ“N: El Directorio Ejecutivo estarĂĄ integrado por un nĂşmero impar no menor de cinco ni mayor de siete directores principales y sus respectivos suplentes segĂşn lo resuelva la Junta General de Socios todos designados por la Junta General por perĂ­odos de tres aĂąos...â€? “ARTĂ?CULO DÉCIMO TERCERO: DEL PRESIDENTE DEL DIRECTORIO EJECUTIVO.- El Presidente del Directorio Ejecutivo serĂĄ nombrado por la Junta General por el perĂ­odo de tres aĂąos...â€? “ARTĂ?CULO DÉCIMO CUARTO: DEL PRESIDENTE EJECUTIVO: El Presidente Ejecutivo serĂĄ nombrado por la Junta General por un perĂ­odo de tres aĂąos...â€? Quito, 19 de mayo de 2011 Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO.

SUPERINTENDENCIA DE COMPAĂ‘Ă?AS RESOLUCIĂ“N No. SC.IJ.DJCPTE.Q.11.002210 Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO CONSIDERANDO: QUE, con la solicitud para su aprobaciĂłn, se han presentado a este Despacho tres testimonios de la escritura pĂşblica otorgada ante el Notario Primero del Distrito Metropolitano de Quito el 12 de abril de 2011, que contiene la reforma y codificaciĂłn de estatutos de TRANSPORTADORA ECUATORIANA DE VALORES TEVCOL CIA. LTDA; QUE, la DirecciĂłn JurĂ­dica de Concurso Preventivo y TrĂĄmites Especiales, mediante memorando No. 2139 de 19 de mayo de 2011, ha emitido informe favorable para su aprobaciĂłn; y, EN ejercicio de las atribuciones asignadas mediante Resoluciones Nos. ADM-Q-2011-002 de 17 de enero de 2011; y, SC-IAF-DRH-G-2011-186 de 15 marzo de 2011; RESUELVE: ARTĂ?CULO PRIMERO.- APROBAR la reforma y codificaciĂłn de estatutos de TRANSPORTADORA ECUATORIANA DE VALORES TEVCOL CIA. LTDA., en los tĂŠrminos constantes de la referida escritura; y, disponer que un extracto de la misma se publique, por una vez, en uno de los periĂłdicos de mayor circulaciĂłn en el Distrito Metropolitano de Quito, domicilio principal de la compaùía. ARTĂ?CULO SEGUNDO.- DISPONER que los Notarios Primero y Quinto del Distrito Metropolitano de Quito, tomen nota al margen de las matrices de la escritura pĂşblica que se aprueba y de la de constituciĂłn, en su orden, del contenido de la presente ResoluciĂłn; y, sienten en las copias las razones respectivas. ARTĂ?CULO TERCERO.- DISPONER que el Registrador Mercantil del Distrito Metropolitano de Quito, inscriba la escritura y esta ResoluciĂłn; tome nota de tal inscripciĂłn al margen de la constituciĂłn; y, siente en las copias las razones del cumplimiento de lo dispuesto en este artĂ­culo. Cumplido lo anterior, remĂ­tase a este Despacho copia certificada de la escritura pĂşblica. COMUNĂ?QUESE.- DADA y firmada en el Distrito Metropolitano de Quito, 19 de mayo de 2011 Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO A.P./49277/k.m.

p# \e d„i`kf Xc aliXd\ekf i\e$ [`[fj gfi \c XZkfi# Xc XdgXif [\ cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj j\ÂŒfi\j ILJJF D8LI@:@F >L@CC@E M8 CM < I ; < # D < E > > L @ Q?8E># ;L ALE2 P# N8E> Q?FE>I<E# gfi cX gi\ejX 2 X ]`e [\ hl\ cX Zfek\jk\e \e \c k„id`ef [\ j\`j [ˆXj# YXaf gi\m\eZ`fe\j c\^Xc\j%$ ;\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ej$ ZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ Zfii\jgfe[`\ek\%$ 8^i„^l\j\ Xc [fZld\ekXZ`Â?e XZfdgX$ ÂŒX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f%$ Efk`]ˆhl\j\%$%$ ] % ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf% Al\qX GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# '0 [\ DXiqf [\c )'((# X cXj ('_+0%$ 8^i„^l\j\ Xc gifZ\$ jf \c \jZi`kf gi\j\ekX[f%$ <e d„i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf gi\jm`kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj M@:KFI@8 :?8E> $ ?L8E> ;< IF;I@>L<Q# G89CF =<IE8E;F :?@I@9F>8 9<:;8:?# =I8E:@J:F A8M@<I 9I8L<I :FIE<AF2 gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0.-'&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C :`kXj\ Zfe \c j`^l`\ek\ \okiXZkf [\ cX [\dXe[X X1 >L<II8 N@CC@8DJ FJ:8I >L@CC<IDF p CFFI 8IK<8>8 D8I@8 D8>;8C<E8 Zlpf k\efi \j \c j`^l`\ek\1 8:KFI1 ;iX% ><8E D8>8CP 8>L@II< 9<E8C:8Q8I# \e ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf [\ >lXpXhl`c J%8% ;<D8E;8;F1 >L<II8 N@CC@8DJ F J : 8 I >L@CC<IDF p CFFI 8IK<8>8 D8I@8 D8>;8C<E8 :C8J< ;< A L @ : @ F 8GI<?<EJ@äE P I<D8K<1 Ef% ',++ $ )''/% =M :L8EK@81 LJ;% ..''#ff ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# ). [\ dXpf [\c )''/# cXj '0_)/ %$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX \e d` ZXc`[X[ [\ Al\qX J\^le[X [\ cf :`m`c

jlgc\ek\# d\[`Xek\ f]`Z`f Ef% (,-/$)''.$;;G$A8I [\ (. [\ j\gk`\dYi\ [\c )''.%$ 8ZkÂ’\ \c ;i% I`ZXi[f CÂ?g\q \e ZXc`[X[ [\ F]`Z`Xc DXpfi \eZXi^X[f%$ CX [\dXe[X [\ 8gi\_\ej`Â?ge p i\dXk\ [\ cX gi\e[X hl\ gi\j\ekX cX ;iX% ><8E D8>8CP 8>L@II< 9<E8C:8Q8I# \e ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf [\ >lXpXhl`c J%8%#\e ZfekiX [\ FJ:8I >L@CC<IDF >L<II8 N@CC@8DJ p D8I@8 D8>;8C<E8 CFFI 8IK<8>8# i\Â’e\ cfj i\hl`$ j`kfj c\^Xc\j# \e Zfej\Zl\e$ Z`X j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\ek\ gfi cX mˆX \jg\Z`Xc gi\m`jkX \e \c :Â?[`^f [\ :fd\iZ`f% JfYi\ cX YXj\ [\c ZfekiXkf [\ ZfdgiXm\e$ kX Zfe i\j\imX [\ [fd`e`f# [\Y`[Xd\ek\ i\ZfefZ`[f# `ejZi`kf p m`^\ek\# j\ fi[\$ eX cX Xgi\_\ej`Â?e p gfj$ k\i`fi i\dXk\ [\c m\_ˆZlcf fYa\kf [\c ZfekiXkf dXiZX1 J8@: NLC@E># df[\cf1D@E@ G@:B# LG CQN ('('GCE<@( 0.'::2 ZcXj\1 G8IK@:LC8I2 XÂŒf1 )''.2 Zfcfi1 9C8E:F G<IBC8;F2 Ef% dfkfi1 -'*'-,/),X(2 Ef% [\ Z_Xj`j1 CQN:88>8-.)''''-)# gXiX Zlpf \]\Zkf Zl„ek\j\ Zfe cX `ek\im\eZ`Â?e [\c CZ[f% M`Zkfi GXlZXi 8c^lXZ`c [\ \jk\ ZXekÂ?e hl`\e \eki\^Xi} \c Y`\e gi\e$ [X[f Xc ;i% =i\[[p :\[\ÂŒf ;\gfj`kXi`f Al[`Z`Xc [\ \jk\ :XekÂ?e%$ ?\Z_f Zˆk\j\ X cfj [\dXe[X[fj \e cX [`i\ZZ`Â?e gifgfiZ`feX[X gfi cX XZkfiX X ]`e [\ hl\ ZfdgXi\qZXe X al`Z`f p _X^Xe mXc\i jlj [\i\$ Z_fj% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj p efk`]ˆhl\j\ Xc [\dXe[Xe$ k\ \e cX ZXj`ccX al[`Z`Xc Ef% (./+%$ EFK@=Ă HL<J<%$=1 ;I8 M@:KFI@8 :?8E>$?L8E> ;< IF;I@>L<Q AL<Q8 <E:8I>8;F ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# (( [\ dXpf [\c )'((# cXj ((_,( %$ 8k\ekX cX iXqÂ?e j\ekX[X gfi \c :`kX[fi p Xc aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX# j\ fi[\eX Z`kXi X 1 >L<II8 N@CC@8DJ FJ:8I >L@CC<IDF p CFFI 8IK<8>8 D8I@8 D8>;8C<E8# X kiXm„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% GXiX Zlpf \]\Zkf Zfe]`„iXj\ \c i\jg\Zk`$ mf \okiXZkf%$ Efk`]ˆhl\j\%$=% =89I@:@F J<>FM@8 9% AL<Q <E:8I>8;F% Cf hl\ Zfdle`Zf p c\j Z`kf X ljk\[\j gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j \e \jkX al[`ZXkliX% $ :<IK@=@:F ;I% AL8E >8CC8I;F H% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0./+&k] EFK8IĂ 8 M@>yJ@D8 :L8IK8 ;<C :8EKäE

HL@KF 8M@JF ;< C@HL@;8:@äE ;< JF:@<;8; :FEPL>8C :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 \ek\ d`# \c () [\ XYi`c [\c )'((# cfj j\ÂŒfi\j 8E8 D8I@JFC <JG@E J8E:?<Q P AL8E :8ICFJ 98E;8 :FI<CC8# Zfem`e`\ife cX c`hl`[XZ`Â?e [\ cX jfZ`\[X[ Zfepl^Xc hl\ k\eˆXe ]fidX[X% <c gXki`dfe`f hl\ j\ c`hl`[X Zfdgi\e[\ cfj j`^l`\ek\j Y`\$ e\j1 (%$ @edl\Yc\ [\efd`eX[f cfk\ eÂ’d\if ?$J<@J$LEF [\c j\Zkfi ? [\ cX LiYXe`qXZ`Â?e KlilYXdYX [\ DfeaXj# gXiif$ hl`X :_`ccf^Xccf [\c ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X% 8mXcÂ’f [\ LJ; (-%*/)#,,2 )%$ 9`\e\j dl\Yc\j p \ej\i\j [\c _f^Xi# hl\ j\ \eZl\ekiX lY`$ ZX[f p ]fidX gXik\ [\c `edl\$ Yc\ Xek\i`fid\ek\ [\jZi`kf% 8mXcÂ’f [\ LJ; (%.''#''%$ Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf \e ^\e\iXc X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\eklXcd\e$ k\ 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 k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j c\^Xc\j Zfii\j$ gfe[`\ek\j% Hl`kf# dXpf ), [\c )'((% ;I% J<98JK@Ă?E M8C;@M@<JF :L<M8 EFK8I@F M@>yJ@DF :L8IKF ;<C :8EKäE HL@KF ?Xp le j\ccf 8I&/*'..&ZZ I<GL9C@:8 ;<C <:L8;FI Al`Z`f Ef1 ))*'($ )'(($ '(+* I\jg1 EF<D@ @z8>L8QF =iXeZ`jZf [\ Fi\ccXeX# cle\j ), [\ XYi`c [\c )'(( 81 :8D8:?F D<E;FQ8 8E><C I8=8<C ;i% & 8Y%1 9<E8M@;<J AFEEP <e \c Al`Z`f M\iYXc JldXi`f Ef% ))*'($)'(($'(+* hl\ j`^l\ :8D8:?F D<E;FQ8 8E><C I8=8<C \e ZfekiX [\ ;<C G<JF :?L<Q 8E8 D8IK@E8# _Xp cf j`^l`\ek\1 ALQ>8;F GI@D<IF ;< CF :@M@C ;< FI<CC8E8%$ =iXeZ`jZf [\ Fi\ccXeX# cle\j ), [\ XYi`c [\c )'((# cXj (-_+'%$ M@JKFJ1 Gfi Zldgc`$ d`\ekf cf fi[\eX[f \e gif$ m`[\eZ`X hl\ Xek\Z\[\% CX [\dXe[X gi\j\ekX[X gfi \c j\ÂŒfi :8D8:?F D<E;FQ8 8E><C I8=8<C# \j ZcXiX p gi\Z`jX# pX hl\ i\Â’e\ cfj i\hl`j`kfj \o`^`[fj \e cX c\p# gfi cf hl\ j\ cX X[d`k\ Xc ki}$ d`k\ \e Al`Z`f M\iYXc JldXi`f% <e Zfej\Zl\eZ`X \e d\i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi [\ [\jZfefZ\i# cX i\j`[\eZ`X# \c [fd`Z`c`f \ `e[`m`[lXc`[X[ [\ cX [\dXe[X j\ÂŒfiX ;<C G<JF :IL<Q 8E8 D8IK?8# j\ fi[\eX Z`kXicX gfi `ek\id\$ [`f [\ cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj hl\ j\ \[`kX \e cX Z`l[X[ [\ <jd\iXc[Xj# Gifm`eZ`X [\ <jd\iXc[Xj p \e fkif [\ cfj g\i`Â?[`Zfj hl\ Z`iZlcX \e \jkX Z`l[X[# gfi ki\j m\Z\j# d\[`Xe[f fZ_f [ˆXj gfi cf d\efj \eki\ leX p fkiX glYc`ZXZ`Â?e# kXc Zfdf cf [`jgfe\e cfj 8ikj% ((0 [\c :Â?[`^f :`m`c# p /) [\c :Â?[`^f

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? [\ GifZ\[`d`\ekf :`m`c% CX XZklXi`X [\c [\jg\Z_X[f \eki\^l\ \c \okiXZkf i\j$ g\Zk`mf gXiX jl glYc`ZXZ`Â?e% K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc j\ÂŒXcX[f p cX Xlkfi`qXZ`Â?e hl\ ZfeZ\[\ X jl 8Yf^X[f [\]\ejfi2 8^i„^l\j\ Xc gifZ\jf cfj Xe\ofj X[ale$ kX[fj%$ Efk`]`hl\j\%$ ] %$ ;I% FJN8C;F M<I;<QFKF :8JK@CCF# A L < Q <E:8I>8;F% Cf hl\ Zfdle`Zf X ljk\[ cfj ]`e\j [\ c\p% Ef\dˆ @ÂŒX_lXqf J<:I<K8I@8% 8%G%&+0'(,&b%d%

8ELC8:@FE<J

BANCO PICHINCHA HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ('* mXcfi ).' [\ cX :kX% :k\% Ef% *+0*/+/)'+ g\ik\e\Z`\ek\ X :8II<I8 E8IM8<Q#G89CF$ <;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef )'( mXcfi )( [\ cX :kX% :k\% Ef% **--.,','+ g\ik\e\Z`\ek\ X 8CM8I<Q G8K@EF# IFD8E@$ 8K8?L8CG8 [\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 :8II@FE DFI8C<J# AFI><$E@:FC8P [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (0// mXcfi ., [\ cX :kX% :k\% Ef% *')('--,'+ g\i$ k\e\Z`\ek\ X KIFP8 :F9F# D8I@8E@K8$;< A<JLJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ./0 Xc .0' [\ cX :kX% :k\% Ef% **-.,(++'+ g\ik\e\$ Z`\ek\ X DFI<@I8 >@C<I# =I8E:@J:F$<;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e%

Ä Ä

8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ++0*0( Xc ++0+0' [\ cX :kX% :k\% Ef% *'(/-()-'+ g\ik\$ e\Z`\ek\ X A@D<E<Q G<I<Q# ><I8I;F$DF@J<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *+0( [\ cX :kX% :k\% Ef% *'+.-*0('+ g\ik\e\Z`\ek\ X J<IM@:@F @EJK8C8:@FE D8;<I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )'0* mXcfi (+. [\ cX :kX% :k\% Ef% *'-*,/0('+ g\i$ k\e\Z`\ek\ X 8JF:@8:@FE =< P 8C<>I@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (*+ [\ cX :kX% :k\% Ef% *+/0(*0+'+ g\ik\e\Z`\ek\ X :FE;F :FE;F#AF?E$ ;8M@; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (,(/ [\ cX :kX% :k\% Ef% *+-*/)++'+ g\ik\e\$ Z`\ek\ X JK8I :FCFLIJ I<GI<J<EK8:@FE<J :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *++ Xc *.* [\ cX :kX% :k\% Ef% *+,/,,0/'+ g\ik\e\Z`\ek\ X :<C@ # D8I@8$><ID8E@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *.+ Xc *0' [\ cX :kX% :k\% Ef% *+,/,,0/'+ g\ik\e\Z`\ek\ X :<C@ # D8I@8$><ID8E@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä Ä‚

Ĺ? ĂćĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

(()-. mXcfi .+0#(/ [\ cX :kX% :k\% Ef% *'*'',*-'+ g\ik\$ e\Z`\ek\ X G<IJ8K<:J8 J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`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 :89<Q8J >8CC<>FJ# G<;IF$FJN8C;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +,*/,( mXcfi ()#/ [\ cX :kX% :k\% Ef% *'+((-.+'+ g\ik\$ e\Z`\ek\ X D<;@:@E8 G8I8 <C <:L8;FI D<;@<:L8;FI ?LD [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (*, [\ cX :kX% :k\% Ef% *+-,*,'0'+ g\ik\$ e\Z`\ek\ X :?@I@9F>8 <J G @ E FJ8 # A L8 E $ J<98JK@8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (-0/ [\ cX :kX% :k\% Ef% *(+/0')('+ g\ik\e\Z`\ek\ X A@D<E<Q A@D<E<Q#=I<;P$ <JKL8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +--, mXcfi ,+*#0 [\ cX :kX% :k\% Ef% *+)-(+0('+ g\ik\$ e\Z`\ek\ X :FEJKIL:KFI8 ;<C KF8:?@ :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *,($*.- [\ cX :kX% :k\% Ef% *+.00+.*'+ g\ik\e\Z`\ek\ X >FI;FE :8Q8I#D8I@8$ C@>@8 8D@I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ()/ [\ cX :kX% :k\% Ef% * +0 ( '.' ' ' + g \ i k\ e \ $

Z`\ek\ X QLI@K8 C<FE# CL@J$<;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +)( Xc +)* [\ cX :kX% :k\% Ef% *'-+0',.'+ g\ik\e\$ Z`\ek\ X 8>L@II< >L<M8I8# A8@D<$8C=I<;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *.'. Xc *.*- [\ cX :kX% :k\% Ef% *'/)'0.('+ g\ik\e\Z`\e$ k\ X =I<@I< Q8G8K8# =I<;P$ I<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 G<I;@;8 [\c :_\hl\ Ef *.*. Xc *.-- [\ cX :kX% :k\% Ef% *'/)'0.('+ g\ik\e\Z`\e$ k\ X =I<@I< Q8G8K8# =I<;P$ I<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 G<I;@;8 [\c :_\hl\ Ef *.-. Xc *./' [\ cX :kX% :k\% Ef% *'/)'0.('+ g\ik\e\Z`\e$ k\ X =I<@I< Q8G8K8# =I<;P$ I<E< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (,'. Xc (,*, [\ cX :kX% :k\% Ef% *(.,(/0('+ g\ik\e\Z`\ek\ X >FEQ8C<Q :8DGFM<I;<# ?FC><I$8E><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 >FEQ8C<Q :8DGFM<I;<# ?FC><I$8E><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^

COOPROGRESO ;\Y`[f X cX g„i[`[X [\

Ĺ?

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 8CK8D@I8EF :<M8CCFJ <;N@E =<IE8E;F j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('00, &( 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 D<I8 G@CC8AF J<>LE;F 8E@98C 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:&('00- &)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\i$ k\e\Z`\ek\ X G8L:8I GFE:< CL@J I@:8I;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:&('00. &* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-('(*/0'. p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''/0'0( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8MFE C8I8 K8E@8 <C@J89<K? 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:&('00/ &+ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'''''--( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G@EFJ G8C8:@FJ E8E:P D8I@8E<C8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('000 &, 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:?<Q D8I@8 :C<D<E:@8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((''' &- d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,.'0*- cX :ffg\iXk`mX [\

I_ X_[d be Yedi_Z[hWcei" jeZei [ijWcei Z[idkZei Z[djhe Z[ dk[ijhei l[ij_Zei$ B;?C;$ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D8C;FE8;F J8EK@CC8E CL@J 8EKFE@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% '(.'('+-)+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8I<;<J D<I8 D8I@8 =89@FC8 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 [\ 8_fiifj Ef '0('')0,*+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J@E>8z8 98II8>8E IFJ8 <IC@E;8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$ [f [fZld\ekf cfj i\ZcXd\% 8:&('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,/0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :ILQ :?8J@ D8I@8 :FEJL<CF j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0/(&+d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +'((('(0,+(+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFJHL<I8 ;<C>8;F <;N@E ?<IDF><E<J j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0/)&,d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'('.+.0' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X C<@D< J@D98z8 D@CKFE IF;I@>F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$ [f [fZld\ekf cfj i\ZcXd\% 8:&('0/*&-d^

44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'('.(0(, 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 IFDF 89I@C J<>LE;F @M8E j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0/+&.d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (+'(''0(0' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% (+'.''/''/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ?<II<I8 K8D8PF 8C<P;8 :8IFC@E8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('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 9<E8C:8Q8I J<II8EF D8I:F >@FM8EEP j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0-,&( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'()0)+*/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >L8D8E J@D98z8 I8=8<C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\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 :FLJ@E 8C;8Q M<IFE@:8 8C<O8E;I8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0-.&* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0('')+,'( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.''(-.).

[\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X FIK@Q :8DGFJ D8I@8 ;< CFJ 8E><C<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 '0(''*/0.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8C9LA8 JFK8D@E>8 D8I@8 I8HL<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:&('0-0&, 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 D8IK@E<Q G8@CC8:?F D8I@8 CL:@C8 j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('0.'&- d^

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`ZX$ Z`�e [\ \jk\ Xm`jf% 8:&('0)) + d^

BANCO PROMERICA J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef *+.,)( [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X FJFI@F <CM8 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> 44444444 J\ XelcX gfi IF9F cX C`Yi\kX Ef +),/)- [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X 8E;8 D8I@8 >L8;8CLG< hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&((''(&d^ 44444444 J\ XelcX gfi g„i[`[X \c Z_\hl\ Ef% *,+ MXcfi )'' ;\ cX Zl\ekX Zfii`\ek\ Ef ('*())/'(+ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X ;<C>8;F :8ICFJ hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&(('')&D>

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

gX^f gfi1 :_\hl\ Ef% (,0/ % :l\ekX :fii`\ek\ (.-',00) 8:& ( d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% (+'-$ (+'/$ (+('$ (+,' % :l\ekX :fii`\ek\ (/'(,*0' 8:& ) d^

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

MUTUALISTA BENALCAZAR G\i[`[X [\ c`Yi\kX j\ \okiX$ mˆf \e cX Z`l[X[ [\ Hl`kf leX c`Yi\kX [\ X_fiifj [\ cX DlklXc`jkX 9\eXcZXqXi# Zfe E² 0,.+*$, g\ik\e\Z`\ek\ X cX :ffg\iXk`mX [\ M`m`\e[X Hl`kldY\% 8%G%&+0)--&b%d%

MUTUALISTA PICHINCHA

BANCO DE GUAYAQUIL 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc g’Yc`Zf hl\ \c j\Œfi j FI9< Q8I8K< J<98JK@8E <;L8I;F ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j -+. [\ jl Zl\ekX Zfii`\ek\ (*.'*/0) c\ ]l\$ ife jljkiXˆ[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfejX$ Y`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\$ Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:&((''* ( d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc g’Yc`Zf hl\ \c j\Œfi j >L<II8 A8I8D@CCF ILK? 9<E<CCP ?X [\ZcX$ iX[f hl\ \c cfj Z_\hl\ j ,+ ?8JK8 ,- [\ jl Zl\ekX Zfii`\ek\ (')(-,0( c\ ]l\$ ife jljkiXˆ[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfejX$ Y`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\$ Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:&((''* ) d^

BANCO DEL AUSTRO Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\

Hl\[X XelcX[X gfi g„i[`$ [X cX c`Yi\kX [\ X_fiifj Ef% )'--0)00 [\ cX DlklXc`jkX G`Z_`eZ_X g\ik\e\Z`\ek\ Xc Ji% >Xcf Qli`kX :%@% (.',)-)(.$8I&/*',/&ZZ

B•S BANCO SOLIDARIO G\i[`[X [\ C`Yi\kX# hl\[X XelcX[X cX c`Yi\kX (''*('(*+-+/ [\c 9XeZf Jfc`[Xi`f g\ik\e\Z`\ek\ X =iXebc`e >feqXcf Gfqf% 8%G%&+0).(&b%d%

8ELC8:@FE<J M8I@8J :ffg% )0 [\ FZklYi\ J\ \okiXm`f \e cX Z`l[X[ [\ Hl`kf leX c`Yi\kX [\ Xgfi$ kXZ`fe\j [\ cX :ffg% )0 [\ FZklYi\ Zfe E² +,'('),,.) g\ik\e\Z`\ek\ Xc j\ÂŒfi DXli`Z`f AXm`\i :X`qX CcXef% 8%G%&+0),+&b%d% 4444 Hl\[X XelcX[f Gfi g„i[`[X cX c\kiX [\ ZXdY`f ^`iX[X \c )0 [\ XYi`c [\c )'(( X ]Xmfi [\ cX :fdgXŒˆX C8 :8J8 ;<C :89C< J%8%# Zlpf m\eZ`$ d`\ekf j\ ]`aÂ? X cfj *' [ˆXj X gXik`i [\c ^`if p hl\ fYc`^X Xc j\ÂŒfi D8IKĂ E >8I:Ă 8 8C;8J# :%@% (/'*'(+-*$-# Xc gX^f [\ le mXcfi ef [\k\id`$ eX[f gfi _XY\i j`[f ^`iX[X <E 9C8E:F j`e mXcfi \e eÂ’d\$ ifj p j`e mXcfi \e c\kiXj % 8I&/*'.'&ZZ

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