Ä
Ĺ?
(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }
"(3.1 ĹŠ ÂĄ ĹŠ
Ĺ?ÄƒÄ Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ÄŠÄ‡Ä Äˆ
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‰ÄąÄˆÄŠÄŽĹŠĹŠÄˇĹŠ Äą, (+Ä– ĹŠ)4"(!( +Äž"#1#!'.#!4 ".1Ä“!.,ĹŠ
Ä–ĹŠ Ä“ĹŠ ^ĹŠ } ĹŠ }
87I; B;=7B ;b 7hj$ *+* Z[b 9Â&#x152;Z_]e F[dWb i[Â&#x2039;WbW Ă&#x2020;I[h| h[fh_c_Ze Yed fh_i_Â&#x152;d Z[ kde W YkWjhe WÂ&#x2039;ei o ckbjW Z[ eY^e W i[j[djW o i_[j[ ZÂ&#x152;bWh[i Z[ bei ;ijWZei Kd_Zei Z[ Dehj[WcÂ&#x192;h_YW" [b gk[ _dij_]Wh[ e fh[ijWh[ Wkn_# b_e W ejhe fWhW gk[ i[ ik_Y_Z[" i_ [b ik_Y_Z_e i[ ^kX_[i[ j[djWZe e YedikcWZeĂ&#x2021;$ 9edYehZWdY_Wi0 7hji$ **&#8 o *+. Z[b 9Â&#x152;Z_]e F[dWb$ ;b 7hj$ *+. Z[b 9Â&#x152;Z_]e F[dWb i[Â&#x2039;WbW [b ^ec_Y_Z_e W]hWlWZe [d hWpÂ&#x152;d Z[b fWh[dj[iYe1 c_[djhWi gk[ [b 7hj$ ).- _dY_ie i[]kdZe i[Â&#x2039;WbW gk[ i[h| h[fh_c_Ze Yed ckbjW Z[ KI:$ .$&& W --$&& Z[ bei ;ijWZei Kd_Zei Z[ 7cÂ&#x192;h_YW" [b gk[ ^W]W Wfebe]Â&#x2021;W Z[ kd ik_Y_Z_e$ :;<?D?9?âD :; IK?9?:?E ;b :h$ 7dÂ&#x2021;XWb =kpc|d BWhW [d ik eXhW :_YY_edWh_e ;nfb_YWj_le Z[b :[h[Y^e F[dWb" jece ?? i[Â&#x2039;WbW Ă&#x2020;;i [b ^[Y^e feh [b YkWb kdW f[hiedW i[ YWkiW bW ck[hj[ W iÂ&#x2021; c_icWĂ&#x2021;$ ;b :_YY_edWh_e Z[ bW H[Wb 7YWZ[c_W ;ifWÂ&#x2039;ebW i[Â&#x2039;WbW Ă&#x2020;Ik_Y_Z_e$ 7YY_Â&#x152;d o [\[Yje Z[ ik_# Y_ZWhi[$ 7YY_Â&#x152;d e YedZkYjW gk[ f[h`kZ_YW e fk[Z[ f[h`kZ_YWh W bW f[hiedW gk[ be h[Wb_pWĂ&#x2021;$ Ik_Y_ZW Ă&#x2020;F[hiedW gk[ i[ ik_Y_ZW$ F[hj[d[Y_[dj[ e h[bWj_le Wb ik_Y_# Z_e$ :Â&#x2021;Y[i[ Z[b WYje e bW YedZkY# jW gk[ ZWÂ&#x2039;W e Z[ijhko[ Wb fhef_e W][dj[Ă&#x2021;$ 9EC;DJ7H?EI IE8H; ;B IK?9?:?E BW Z_ij_d]k_ZW cW[ijhW Yebec# X_WdW" :hW$ ?iW Z[ @WhWc_bbe i[Â&#x2039;W# bW Yed hWpÂ&#x152;d" gk[ i_ [b j[cW Z[ bW ck[hj[ i_]k[ i_[dZe jWXÂ&#x2018;" ckY^e c|i be [i [b ik_Y_Z_e" fk[i [b c_ice [d bW WYjkWb_ZWZ jeZWlÂ&#x2021;W [ij_]cWj_# pW" de iebe W bW lÂ&#x2021;Yj_cW i_de W jeZW ik \Wc_b_W" f[he be Y_[hje [i gk[ [d dk[ijhe fWÂ&#x2021;i [ijW \Â&#x152;hckbW Z[ ck[hj[ ^W Wkc[djWZe Z[ cWd[# hW fh[eYkfWdj[ ieXh[ jeZe [djh[ bei WZeb[iY[dj[i o bW feXbWY_Â&#x152;d [iYebWh" [if[Y_Wbc[dj[ W hWÂ&#x2021;p Z[ bW _dc_]hWY_Â&#x152;d Z[iZ[ [b WÂ&#x2039;e (&&&1 WYbWhWdZe gk[ Z_Y^W WkjehW i[Â&#x2039;WbW Ă&#x2020;7gk[bbei gk[ Yedi_Z[hWd bW _Z[W Z[ ik_Y_ZWhi[ o bei gk[ be _dj[djWd Yed e i_d Â&#x192;n_je" ied l_ijei d[]Wj_lW# c[dj[ feh bW cWoehÂ&#x2021;W Z[ bW ][dj[$
+ĹŠ24(!("(.ĹŠ #-ĹŠ+ ĹŠ+#%(2+ !(¢-ĹŠ #!4 3.1( - BWi WYj_jkZ[i ^WY_W bei ik_Y_ZWi lW Z[iZ[ bW b|ij_cW o bW YecfWi_Â&#x152;d ^WijW [b _cfbWYWXb[ `k_Y_e ieXh[ ik YeXWhZÂ&#x2021;W" ik fh[ikc_Xb[ fhe# Xb[c|j_YW fi_gk_|jh_YW e ik Y[dik# hWXb[ Z[ib[WbjWZ o Z[ieX[Z_[dY_W \h[dj[ W :_ei" gk_[d Yece _dYk[i# j_edWXb[ I[h Ikfh[ce dei ZW o dei gk_jW bW l_ZW$$$Ă&#x2021;$ F[he bW c_icW WkjehW W]h[]W Ă&#x2020;;b _cfkbie ik_Y_ZW [i _dYedijWdj[0 lW o l_[d[$ DWZ_[ [i Y_[dje feh Y_[dje ik_Y_ZW0 kd ^ecXh[ gk[ ^eo l[ [d [b ik_Y_Z_e ik Â&#x2018;d_YW iWb_ZW fk[Z[ Yedi_Z[hWh ZÂ&#x2021;Wi Z[ifkÂ&#x192;i Â&#x192;ijW _Z[W Yece _dd[Y[iWh_W" _cf[diWXb[" fWleheiW$ ;d [b cec[dje [d gk[ kdW fWhj[ Z[ bW f[hiedW Z[i[W ceh_h Z[X_Ze W bWi Y_hYkdijWdY_Wi _djeb[hWXb[i Z[ ik l_ZW WYjkWb" f[he ejhW i_ gk[hÂ&#x2021;W l_l_h" i_ bWi Y_hYkdi# jWdY_Wi \k[h[d c|i \WlehWXb[i" [i cko _cfehjWdj[ bW _dj[hl[dY_Â&#x152;d fi_YebÂ&#x152;]_YWĂ&#x2021;$ ÂľGKx ;I ;B IK?9?:?E5 BW ZeYjehW ?pW Z[ @WhWc_bbe Wdj[i Y_jWZW Z[\_d[ Wb ik_Y_Z_e Ă&#x2020; $$$ Yece kdW WYjkWY_Â&#x152;d ^kcW# dW #oW i[W WYj_lW e fWi_lW# Ykoe \_d [i YWkiWhi[ bW fhef_W ck[hj[$ FWhW Yecfh[dZ[h Wb ik_Y_ZW [i _cfehjWdj[ h[Ykhh_h W kdW f[hi# f[Yj_lW Z_\[h[dj[ Z[ bW ^WX_jkWb"
fk[i be gk[ deiejhei bbWcWcei ik_Y_Z_e [i" [d [b \edZe" kd _dj[dje Z[b ik`[je Z[ iWblWhi[ W iÂ&#x2021; c_ice$ H[ikbjW fWhWZÂ&#x152;`_Ye" [i Y_[hje$ Âľ:[ gkÂ&#x192; i[ iWblW5$ :[ Wb]e gk[ fWhW Â&#x192;b [i ckY^e f[eh gk[ bW ck[hj[0 [b jeh# c[dje _dj[h_eh" bW Z[i[if[hWY_Â&#x152;d" bW beYkhW" bW Yh_i_i _dj[hdW gk[" oW i[W h[Y_[dj[ e Wdj_]kW" [b `kp]W [d [i[ cec[dje Yece _diefehjWXb[$ Gk_p|i" [d Wb]kdei YWiei" Yed ik ik_Y_Z_e [b i[h ^kcWde i[ iWbl[ Z[ $$$ cWjWh$ 7kdgk[ ik[d[ _hÂ&#x152;d_Ye" be gk[ [b ik_Y_ZW XkiYW [i Wb_l_Wh ik ik\h_c_[dje" WdkbWh bei Yed\b_Yjei gk[ b[ fWh[Y[d _diebkXb[i e gk[ i[ i_[dj[ _dYWfWp Z[ h[iebl[h$ ;b ik_# Y_Z_e [i [djedY[i" bW Z[hhejW Z[ bW [if[hWdpWĂ&#x2021;$ ;b :h$ 7dÂ&#x2021;XWb =kpc|d BWhW i[Â&#x2039;WbW Ă&#x2020;;d [b Z[h[Y^e f[dWb de Yedij_jko[ Z[b_je [ij[ WYje o feh be c_ice de ^Wo f[dWb_ZWZ fWhW [b YWie Z[ gk[ [b ^[Y^eh ieXh[l_# lW Wb ^[Y^e ZWÂ&#x2039;eie$ ;i bW fh[ikd# Y_Â&#x152;d \kdZWZW Z[ bW \WbjW Z[ b_Xh[ Z[j[hc_dWY_Â&#x152;d o lebkdjWZ [d [b ^[Y^e gk[ [d l[hZWZ YWkiW WbWh# cW o jhWijehdei ieY_Wb[i$ I[ [ij_cW gk[ gk_[d jecW jWb Z[j[hc_dWY_Â&#x152;d j_[d[ Wbj[hWY_ed[i fhe\kdZWi Z[ bW YedY_[dY_W" _cfkbiei ikf[h_eh[i _dikf[hWXb[i" Z[\_Y_[dY_Wi Y[h[# XhWb[i" Zebeh[i \Â&#x2021;i_Yei W bei YkWb[i
de fk[Z[ h[i_ij_h" [jY$ ;d i[]kdZe bk]Wh kdW iWdY_Â&#x152;d _cfk[ijW cej_lWhÂ&#x2021;W bW YedikcW# Y_Â&#x152;d Z[ kd dk[le _dj[dje ik_Y_ZW$ Feh \_d" Z[djhe Z[b YWcfe [i[dY_Wb# c[dj[ `khÂ&#x2021;Z_Ye bW b[o fhej[][ bei Z[h[Y^ei \h[dj[ WjWgk[i W`[deiĂ&#x2021;$ ;B IK?9?:?E ;D ;B Ă&#x203A;C8?JE ;IEJxH?9E E ;IF?H?JK7B ;b :h$ H_Y^WhZ Ij[_dfWY^ i[Â&#x2039;WbW Wb h[if[Yje be i_]k_[dj[ Ă&#x2020;$$$[d kd YehZ[b iÂ&#x152;be fk[Z[d kij[Z[i ieb# jWh kd dkZe ^WY_Â&#x192;dZeb[ fWiWh Z[ dk[le feh [b bWpe W jhWlÂ&#x192;i Z[b YkWb i[ \ehcÂ&#x152;$ Feh [ij[ cej_le" [b ik_# Y_Z_e de [i dkdYW kdW [iYWfWje# h_W Z[ bWi Z_\_YkbjWZ[i [n_ij[dj[i" fehgk[ de b_X[hW Wb W\[YjWZe Z[ bW d[Y[i_ZWZ Z[ iebjWh bei dkZei gk[ Â&#x192;b c_ice ^W WjWZe$ 7dj[i" Wb Yed# jhWh_e" b[ WXhkcW c|i jeZWlÂ&#x2021;W Yed bW YkbfW WZ_Y_edWb Z[ ^WX[h c[dei# fh[Y_WZe [b Zed Z[ feZ[h bb[]Wh W bW cWZkh[p$ Fehgk[ [iWi Z_\_YkbjWZ[i gk[ dei fWh[Y[d kd YWij_]e j_[d[d [d Z[\_d_j_lW kd i[dj_Ze ckY^e c|i fhe\kdZe0 [i kdW _dleYWY_Â&#x152;d W dk[ijhW fhkZ[dY_W o Yecfh[d# i_Â&#x152;d" Yed [b eX`[j_le Z[ ^WY[hdei h[jehdWh W bW i[dZW Â&#x2018;d_YW gk[ [ij|# XWcei W fkdje Z[ WXWdZedWh [d f[h`k_Y_e dk[ijhe$ I[ jhWjW" fk[i" Z[b _cfkbie fh[#
l_i_le Yed c_hWi W Wd_cWhdei W Yehh[]_h dk[ijhe hkcXe$ ;d [ijW h[f[hYki_Â&#x152;d" gk[ fhefehY_edW W YWZW kde be gk[ Â&#x192;b c_ice ^W Z[i# [dYWZ[dWZe" [ij|d l_dYkbWZei Z[ cWd[hW _di[fWhWXb[ bW @kij_Y_W o [b 7ceh Z[ :_ei$ xb ^W ^[Y^e oW Be Ikoe Z[iZ[ kd fh_c[h fh_dY_f_e Wb Z[fei_jWh Ik LebkdjWZ [d [ijW Yh[WY_Â&#x152;d [d \ehcW Z[ b[o[i" gk[ fh[lÂ&#x192;d be c[`eh fWhW YWZW kde$ 7^ehW dei jeYW W deiejhei Wfhel[# Y^Wh bWi fei_X_b_ZWZ[i gk[ dei ^Wd i_Ze ejeh]WZWi Yed [bbe" fehgk[ [d Z_Y^Wi b[o[i I; ;D9?;HH7 B7 =H79?7 [j[hdWc[dj[ fh[i[dj[ Z[ :_ei" gk[ iebe j[d[cei gk[ Wi_hĂ&#x2021;$ BW :hW$ ?iW Z[ @WhWc_bbe cWd_# \_[ijW Ă&#x2020;9kWdZe Wb]k_[d i[ ik_Y_ZW" e _dj[djW ^WY[hbe" ik YWcfe Z[ YedY_[dY_W i[ [ijh[Y^W$ ;i be gk[ i[ ^W Z[dec_dWZe l_i_Â&#x152;d Z[b jÂ&#x2018;d[b0 jeZe Wbh[Z[Zeh Z[ be eiYkhe o Yed# \kie" bei [ijÂ&#x2021;ckbei [nj[hdei #bW cWZh[ WceheiW" bW [ifeiW e del_W ikfb_YWdj[" bW ^[hcWdW Yecfh[d# i_lW" bei ^_`ei gk[ be d[Y[i_jWd# i[ [nYbko[d Z[ bW YedY_[dY_W o iebe f[hcWd[Y[ kdW _cW][d \_`W0 bW Z[ bW l[djWdW" [b h[lÂ&#x152;bl[h" [b \hWiYe Z[ XWhX_jÂ&#x2018;h_Yei e bW ie]W" o kdW eXi[# i_Â&#x152;d gk[ b[ Z_Y[ Â&#x2018;d_YW iWb_ZWĂ&#x2021;$ Ij[f^[d >Wma_d]" kde Z[ bei c|i h[if[jWZei Y_[djÂ&#x2021;\_Yei Z[ bW WYjkWb_ZWZ o Wkjeh [djh[ ejhei" Z[b b_Xhe Ă&#x2020;KdW Xh[l[ ^_ijeh_W Z[b j_[c# feĂ&#x2021;" Yh[[ gk[ bW _Z[W Z[b fWhWÂ&#x2021;ie o Z[ bW _Z[W bW Z[ bW l_ZW Z[ifkÂ&#x192;i Z[ bW ck[hj[ [i kd Yk[dje Z[ ^WZWi" Z[ ][dj[ gk[ j_[d[ c_[Ze W \Wbb[Y[h" fed_[dZe Â&#x192;d\Wi_i [d ik h[Y^Wpe W bWi Yh[[dY_Wi h[b_]_eiWi" fk[i Yed# i_Z[hW gk[ de ^Wo dWZW Z[ifkÂ&#x192;i Z[b cec[dje [d gk[ [b Y[h[Xhe Z[`W Z[ \kdY_edWh o cWd_\_[ijW Ă&#x2020;>[ l_l_Ze Yed bW f[hif[Yj_lW Z[ kdW ck[hj[ fh[cWjkhW ZkhWdj[ bei Â&#x2018;bj_cei YkWh[djW o dk[l[ WÂ&#x2039;ei$ De j[d]e c_[Ze Z[ ceh_h" f[he de j[d]e fh_iW feh ceh_h$ ;i ckY^e be gk[ gk_[he ^WY[h Wdj[iĂ&#x2021;$ J[hc_dW i[Â&#x2039;WbWdZe Ă&#x2020;Oe Yed# i_Z[he Wb Y[h[Xhe Yece kdW Yec# fkjWZehW gk[ Z[`Wh| Z[ \kdY_edWh YkWdZe \Wbb[d iki Yecfed[dj[i$ De ^Wo fWhWÂ&#x2021;ie e l_ZW Z[ifkÂ&#x192;i Z[ bW ck[hj[ fWhW bWi YecfkjWZehWi gk[ Z[`Wd Z[ \kdY_edWh" [i[ [i kd Yk[dje Z[ ^WZWi Z[ ][dj[ gk[ b[ j_[d[ c_[Ze W bW eiYkh_ZWZĂ&#x2021;$ JWcX_Â&#x192;d h[YWbYW bW _cfehjWd# :FEK@EL8 <E C8 GĂ?>@E8 $ :)
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x201A;
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
Y_W Z[ Z_i\hkjWh Z[ bW l_ZW o ^WY[h YeiWi Xk[dWi" i[ h[\_[h[ bk[]e W bWi f[gk[Â&#x2039;Wi \bkYjkWY_ed[i Yk|dj_YWi gk[ [d [b Yec_[dpe Z[b kd_l[hie \k[hed bWi i[c_bbWi gk[ Z_[hed fWie W bW \ehcWY_Â&#x152;d Z[ bWi ]WbWn_Wi" bWi [ijh[bbWi o bW l_ZW ^kcWdW" feh jWb ik]_[h[ gk[ i[hÂ&#x2021;W fei_Xb[ Z[iY_# \hWh dk[ijhei ehÂ&#x2021;][d[i Yed _dijhk# c[djei ceZ[hdei" gk[ feZhÂ&#x2021;Wd WokZWh W Z[j[YjWh Wdj_]kWi ^k[bbWi [d bW bkp [ifWY_Wb Z[`WZW [d bei fh_# c[hei cec[djei Z[ bW \ehcWY_Â&#x152;d Z[b kd_l[hie$ 97KI7I :; IK?9?:?E BW :hW$ @kZ_j^ Ij_bb_ed" Y_jWZW feh bW :hW$ ?iW Z[ @WhWc_bbe [d ik eXhW :; 97H7 7 B7 CK;HJ;" ^W [bWXehWZe Yed XWi[ [d bei YedY[fjei Yb|i_Yei Z[ :kha^[_c" IY^d[_ZcWd o ejhei _dl[ij_]WZe# h[i" YkWjhe YWj[]ehÂ&#x2021;Wi Z[ \WYjeh[i Z[ h_[i]e" gk[ ied X_ebÂ&#x152;]_Yei" fi_# YebÂ&#x152;]_Yei" Ye]d_j_lei o WcX_[djW# b[i gk[ fk[Z[d _d\bk[dY_Wh ckjkW# c[dj[ [d Z_\[h[dj[i fhefehY_ed[i" Z[ jWb cWd[hW gk[ YkWdZe [b f[ie YecX_dWZe Z[ Z_Y^ei \WYjeh[i [i jWb" gk[ bW YWfWY_ZWZ Z[ WZWfjWY_Â&#x152;d i[ l[ Wc[dWpWZW" o [d [i[ cec[d# je ikh][ bW _Z[W Z[ ik_Y_ZWhi[" e i[W bW _Z[W Z[ fed[hb[ \_d W bW l_ZW Yece Â&#x2018;d_YW iebkY_Â&#x152;d1 h[YWbYWdZe bW :hW$ ?iW Z[ @WhWc_bbe Ă&#x2020;;i _cfehjWdj[ [dj[dZ[h gk[ YWZW i[h ^kcWde j_[d[ kd bÂ&#x2021;c_j[ _dYediY_[dj[ Z[ jeb[hWdY_W W bW WZl[hi_ZWZ" [b YkWb iebWc[dj[ i[ ^WY[ YediY_[dj[ YkWdZe i[ bb[]W W Â&#x192;b$ KdW l[p i[ fWi[ [ijW \hedj[hW" i[ Wfh_[jW [b ]Wj_bbe$ 7gk[bbei gk[ WÂ&#x2018;d cWdj_[d[d Wb]e Z[ [if[hWdpW f_Z[d Wkn_b_e$ Bei gk[ de" i[ cWjWd h|f_ZWc[dj[ Yed Z[i[if[hWY_Â&#x152;dĂ&#x2021;$ ;d bW eXhW Wdj[i Y_jWZW i[ c[d# Y_edW W bW feXbWY_Â&#x152;d Z[ h_[i]e WbjWc[dj[ ik_Y_ZW" gk[ ied bWi i_]k_[dj[i0 W F[hiedWi Yed _dj[djei fh[l_ei Z[ ik_Y_Z_e1 X F[hiedWi gk[ Wc[dWpWd" Z_h[Y# jWc[dj[ e [d \ehcWZW l[bWZW Yed ik_Y_ZWhi[1 Y F[hiedWi Yed ^_ijeh_Wi \Wc_b_W# h[i Z[ ik_Y_Z_e Yece iebkY_Â&#x152;d W bWi WZl[hi_ZWZ[i1 Z F[hiedWi Yed ^_ijeh_W Z[ WbYe# ^eb_ice1 [ F[hiedWi Yed WZ_YY_ed[i YhÂ&#x152;d_# YWi0 XWhX_jÂ&#x2018;h_Yei" jhWdgk_b_pWd# j[i k ejhWi ikijWdY_Wi1 \ F[hiedWi gk[ fWZ[Y[d Z[iehZ[# d[i W\[Yj_lei Yece Z[fh[i_Â&#x152;d" [igk_pe\h[d_W e Z_\[h[dj[i j_fei Z[ fi_Yei_i1
Ĺ?
] F[hiedWi gk[ fWZ[Y[d [d\[hc[# ZWZ[i YhÂ&#x152;d_YWi e j[hc_dWb[i" [if[Y_Wbc[dj[ [d [b cec[dje Z[b Z_W]dÂ&#x152;ij_Ye1 ^ F[hiedWi Yed Zk[bei Yecfb_YW# Zei" Z_\_YkbjWZ[i Yedok]Wb[i" Z[i[cfb[e e [d gk_[XhW [YedÂ&#x152;# c_YW1 _ BW l[`[p o bW `kX_bWY_Â&#x152;d ied jWc# X_Â&#x192;d \WYjeh[i gk[ ][d[hWd Z[i# [if[hWdpW1 o" ` BW Yh_i_i W]kZW Z[ bW WZeb[iY[d# Y_W$ ;B J;IJ7C;DJE L?J7B ;D 97IE :; CK;HJ; :?=D7 ;d ckY^ei fWÂ&#x2021;i[i [ij[ j_fe Z[ ZeYkc[dje" i[ YedeY[ Yece B_l_d] M_bbi e 7ZlWdY[Z :_h[Yj_l[i" [d dk[ijhe bÂ&#x192;n_Ye i[ be YedeY[ Yece J[ijWc[dje L_jWb1 WYbWhWdZe gk[ [b ieb_Y_jWh" bb[dWh o jhWc_jWh kd YWhd[j gk[ b[ f[hc_jW bW ck[h# j[ Z_]dW i[ be fk[Z[ bb[lWh [d bW X_bb[j[hW [d ejhei fWÂ&#x2021;i[i o [ije de j_[d[ Yeije Wb]kde" o [i Yedl[d_[d# j[ gk[ [b \_hcWdj[ h[]_ijh[ Z[ fkÂ&#x2039;e o b[jhW bWi [if[Y_\_YWY_ed[i Z[ ik YWie fWhj_YkbWh1 o WiÂ&#x2021; bW :hW$ ?iW Z[ @WhWc_bbe i[Â&#x2039;WbW Yece [`[cfbei0 [b [cfb[e Z[ _dikb_dW [d [b Z_W# XÂ&#x192;j_Ye Yed Y|dY[h" bW h[ikY_jWY_Â&#x152;d YWhZ_efkbcedWh [d [b WdY_Wde" bW Z_|b_i_i [d fWY_[dj[i [d [jWfW \_dWb" bW c[Z_YWY_Â&#x152;d WdWb]Â&#x192;i_YW fWhW [b Yedjheb Z[ Zebeh o [b [cfb[e Z[ bW kd_ZWZ Z[ Yk_ZWZei _dj[di_lei" f[he WYbWhWdZe gk[ [ij[ ZeYk# c[dje de h[fehjW d_d]kdW ]WhWd# jÂ&#x2021;W Wb fehjWZeh" i_ ik \Wc_b_W o ik cÂ&#x192;Z_Ye de YedeY[d [nfbÂ&#x2021;Y_jWc[d# j[ bei WbYWdY[i [ _cfb_YWY_ed[i Z[b c_ice1 o WYbWhW Z_Y^W WkjehW Ă&#x2020;De ieXhW _di_ij_h" kdW l[p c|i" [d gk[ ^WXbWh efehjkdWc[dj[ Z[b ceh_h o Z[ bei Z[i[ei f[hiedWb[i Yed bW \Wc_b_W" o Z[i_]dWh W kd ^_`e" ^[hcWde" YÂ&#x152;dok][ e Wc_]e Yece WfeZ[hWZe o [dYWh]WZe Z[ ^WY[hbe h[if[jWh" [i \kdZWc[djWb fWhW kdW Xk[dW ck[hj[$ H;GK?I?JEI F7H7 ;B J;IJ7C;DJE L?J7B O H;9EC;D:79?ED;I ;i c[d[ij[h gk[ bW 7iWcXb[W DWY_edWb" Yed\ehc[ W bei fh_dY_# f_ei Yedij_jkY_edWb[i o [b[c[djW# b[i Yedi_Z[hWY_ed[i Z[ ^kcWd_# ZWZ" h[]kb[ [b j[cW Z[ bW ck[hj[ Z_]dW1 o Yed [ij[ \_d c[ f[hc_je jhWdiYh_X_h be gk[ i[Â&#x2039;WbW bW :hW$ ?iW Z[ @WhWc_bbe" Wb cWd_\[ijWh gk[ bei fkdjei [i[dY_Wb[i Z[ Z_Y^W h[]kbW# Y_Â&#x152;d" Z[X[d i[h bei i_]k_[dj[i0 '$ L[h_\_YWY_Â&#x152;d h_]kheiW" feh f[hiedWi Yecf[j[dj[i" Z[ bW i_jkWY_Â&#x152;d h[Wb Z[b fWY_[dj[" Z[ bW [d\[hc[ZWZ gk[ fWZ[Y[" Z[ bW cWZkh[p Z[ ik `k_Y_e o Z[ bW lebkdjWZ _d[gkÂ&#x2021;leYW Z[ ceh_h1 ($ ?dZ_YWY_Â&#x152;d YbWhW Z[ bWi f[hiedWi ik`[jei YWb_\_YWZei gk[ Z[X[d _dj[hl[d_h [d [b fheY[ie1
)$ 9_hYkdijWdY_Wi XW`e bWi YkWb[i Z[X[ cWd_\[ijWh ik Yedi[dj_# c_[dje bW f[hiedW gk[ Yedi_[d# j[ [d ik ck[hj[ e ieb_Y_jW gk[ i[ fed]W jÂ&#x192;hc_de W ik ik\h_c_[d# je0 \ehcW Yece Z[X[ [nfh[iWh# be" ik`[jei Wdj[ gk_[d[i Z[X[ [nfh[iWhbe" l[h_\_YWY_Â&#x152;d Z[ ik iWde `k_Y_e feh kd fhe\[i_edWb Yecf[j[dj[" [jY$1 *$ C[Z_ZWi gk[ Z[X[d i[h kiWZWi feh [b ik`[je YWb_\_YWZe fWhW eXj[d[h [b h[ikbjWZe \_bWdjhÂ&#x152;# f_Ye1 o" +$ ?dYehfehWY_Â&#x152;d Wb fheY[ie [ZkYW# j_le Z[ j[cWi Yece [b lWbeh Z[ bW l_ZW o ik h[bWY_Â&#x152;d Yed bW h[i# fediWX_b_ZWZ ieY_Wb" bW b_X[hjWZ o bW WkjedecÂ&#x2021;W Z[ bW f[hiedW" Z[ jWb cWd[hW gk[ bW h[]kbWY_Â&#x152;d f[dWb WfWh[pYW Yece bW Â&#x2018;bj_cW _dijWdY_W [d kd fheY[ie gk[ fk[Z[ Yedl[h][h [d ejhWi iebk# Y_ed[i$ CE:;BE :; J;IJ7C;DJE L?J7B ;b :h$ 8[hcWd 8WhhW]|d CehW fed[ Wb]kdei ceZ[bei Z[ j[i# jWc[dje l_jWb" o kde Z[ [bbei [b ceZ[be fhefk[ije feh bW WieY_W# Y_Â&#x152;d Z[ ck[hj[ Z_]dW" gk[ Z_Y[ h[YehZWdZe W dk[ijhW b[]_ibWY_Â&#x152;d" be i_]k_[dj[0 Ă&#x2020;Oe $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$Yed YÂ&#x192;ZkbW Z[ Y_kZWZWdÂ&#x2021;W" cWoeh Z[ [ZWZ" b_Xh[c[dj[ o jhWi fhebed]WZW h[\b[n_Â&#x152;d" :;9B7HE0 Gk[" i_ bb[]e W [dYedjhWhc[ [d kdW i_jkWY_Â&#x152;d [d bW gk[ de fk[ZW jecWh Z[Y_i_ed[i ieXh[ c_ Yk_ZW# Ze cÂ&#x192;Z_Ye" W Yedi[Yk[dY_W Z[ c_ Z[j[h_ehe \Â&#x2021;i_Ye o%e c[djWb" feh [dYedjhWhc[ [d kde Z[ bei [ijWZei YbÂ&#x2021;d_Yei [dkc[hWZei [d [b fkdje * Z[ [ij[ ZeYkc[dje" o i_ Zei cÂ&#x192;Z_# Yei _dZ[f[dZ_[dj[i Ye_dY_Z[d [d gk[ c_ [ijWZe [i _hh[l[hi_Xb[" c_ lebkdjWZ _d[gkÂ&#x2021;leYW [i bW i_]k_[d# j[0 '$ Gk[ de i[ c[ fhebed]k[ c_ l_ZW feh c[Z_ei Whj_\_Y_Wb[i" jWb[i Yece jÂ&#x192;Yd_YW Z[ iefehj[ l_jWb" \bk_Zei _djhWl[deiei" \|hcWYei e Wb_c[djWY_Â&#x152;d Whj_\_Y_Wb$ ($ Gk[ i[ c[ ikc_d_ijh[d bei \|h# cWYei d[Y[iWh_ei fWhW fWb_Wh Wb c|n_ce c_ cWb[ijWh" ik\h_# c_[dje fiÂ&#x2021;gk_Ye o Zebeh \Â&#x2021;i_Ye" YWkiWZe feh bW [d\[hc[ZWZ e feh \WbjW Z[ \bk_Zei e Wb_c[d# jWY_Â&#x152;d" WÂ&#x2018;d [d [b YWie Z[ gk[ fk[ZWd WYehjWh c_ l_ZW$ )$ Gk[" i_ c[ ^Wbbe [d kd [ijWZe fWhj_YkbWhc[dj[ d[Y[iWh_e" i[ c[ WZc_d_ijh[d bei \|hcWYei d[Y[iWh_ei fWhW WYWXWh Z[\_d_# j_lWc[dj[ o Z[ \ehcW h|f_ZW [ _dZebehW Yed bei fWZ[Y_c_[djei [nfh[iWZei [d [b fkdje ( Z[ [ij[ ZeYkc[dje$ *$ 7YbWhW gk[ bei [ijWZei YbÂ&#x2021;d_Yei W bei gk[ ^W]e c[dY_Â&#x152;d Wdj[h_eh# c[dj[ ied0
W :WÂ&#x2039;e Y[h[XhWb Y[X[he [ _hh[# l[hi_Xb[1 X Jkceh cWb_]de Z_i[c_dWZe [d \Wi[ WlWdpWZW1 Y ;d\[hc[ZWZ Z[][d[hWj_# lW Z[b i_ij[cW d[hl_eie o%e Z[b i_ij[cW ckiYkbWh [d \Wi[ WlWdpWZW Yed _cfehjWdj[ b_gk_ZWY_Â&#x152;d Z[ c_ cel_b_ZWZ o \WbjW Z[ h[ifk[ijW fei_j_lW Wb jhWjWc_[dje [if[Y_\_Ye i_ be ^kX_[h[1 Z :[c[dY_Wi fh[i[d_b[i" i[d_# b[i e i_c_bWh[i1 [ ;d\[hc[ZWZ[i e i_jkWY_ed[i Z[ ]hWl[ZWZ YecfWhWXb[ W bWi Wdj[h_eh[i1 o" \ ;if[Y_\_YWh ejhWi" i_ i[ Z[i[W$ +$ :[i_]de Yece c_ h[fh[i[djWdj[ fWhW gk[ l_]_b[ [b Ykcfb_c_[d# je Z[ bWi _dijhkYY_ed[i ieXh[ [b \_dWb Z[ c_ l_ZW" [nfh[iWZWi [d [ij[ ZeYkc[dje o jec[ bWi Z[Y_i_ed[i d[Y[iWh_Wi fWhW jWb \_d" Z[i_]de W $$$$$$$$$$ decXh[ Z[b h[fh[i[djWdj[" YÂ&#x192;ZkbW Z[ Y_kZW# ZWdÂ&#x2021;W 1 ,$ CWd_\_[ije WiÂ&#x2021; c_ice" gk[ b_X[# he W bei cÂ&#x192;Z_Yei gk[ c[ Wj_[d# ZWd Z[ jeZW h[ifediWX_b_ZWZ WZc_d_ijhWj_lW" Y_l_b o f[dWb gk[ fk[ZW Z[h_lWhi[ feh bb[lWh W YWXe bei jÂ&#x192;hc_dei Z[ [ijWi Z[YbWhWY_ed[i1 -$ C[ h[i[hle [b Z[h[Y^e Z[ h[le# YWh [ijW Z[YbWhWY_Â&#x152;d [d YkWb# gk_[h cec[dje" [d \ehcW ehWb e [iYh_jW$ <[Y^W$$$$$$$$$$$$$$$$$$$$$$ Bk]Wh$$$$$$$$$$$ <_hcW$$$$$$$$$$$$$$$$$$$$$$$ J[ij_]ei0 '$DecXh[$$$$$$$$$$$$$ 9$9$De$ <_hcW$$$$$$$$$$$$$ ($ DecXh[$$$$$$$$$$$$$ 9$9$De$ <_hcW$$$$$$$$$$$$$ H[fh[i[djWdj[0 DecXh[$$$$$$$$$$ <[Y^W$$$$$$$$$$$$$ 9ED9BKI?ED;I EXl_Wc[dj[" gk[ c_[djhWi de i[ h[]kb[ [b j[cW Z[ bW ck[hj[ Z_]dW W jhWlÂ&#x192;i Z[ bW 7iWcXb[W DWY_edWb" jeZe ^ec_Y_Z_e feh f_[ZWZ Z[ [d\[hcei j[hc_dWb[i Z[X[ ZWh bk]Wh W bW Yehh[ifedZ_[dj[ _dl[i# j_]WY_Â&#x152;d f[dWb" W \_d Z[ gk[ [d [bbW" bei ef[hWZeh[i Z[ `kij_Y_W1 [ije [i0 \_iYWb[i o `k[Y[i" jecWdZe [d Yedi_Z[hWY_Â&#x152;d jeZei bei Wif[Yjei h[b[lWdj[i fWhW bW Z[j[hc_dWY_Â&#x152;d Z[ bW Wkj[dj_Y_ZWZ o \_WX_b_ZWZ Z[b Yedi[dj_c_[dje" [ijWXb[pYWd i_ bW YedZkYjW Z[b cÂ&#x192;Z_Ye ^W i_Ze e de Wdj_`khÂ&#x2021;Z_YW" [d bei jÂ&#x192;hc_dei gk[ i[Â&#x2039;WbW dk[ijhW b[]_ibWY_Â&#x152;d f[dWb$ :[ be gk[ feZ[cei YedYbk_h" i[Â&#x2039;WbWdZe gk[ [b ;ijWZe [YkWje# h_Wde de [i _dZ_\[h[dj[ W bW l_ZW ^kcWdW" i_de gk[ Z[ WYk[hZe W bW 9edij_jkY_Â&#x152;d Z[ bW H[fÂ&#x2018;Xb_YW
l_][dj[ j_[d[ [b Z[X[h Z[ fhej[# ][hbW" feh be gk[ [i d[Y[iWh_e gk[ i[ [ijWXb[pYWd h[]kbWY_ed[i b[]W# b[i cko [ijh_YjWi ieXh[ bW cWd[hW Yece Z[X[ fh[ijWhi[ [b Yedi[dj_# c_[dje o bW WokZW W ceh_h" fWhW [l_jWh gk[ [d decXh[ Z[b ^ec_# Y_Z_e f_[jÂ&#x2021;ij_Ye" Yedi[dj_Ze" i[ [b_c_d[ W f[hiedWi gk[ gk_[h[d i[]k_h l_l_[dZe" e gk[ de ik\h[d Z[ _dj[diei Zebeh[i fheZkYje Z[ [d\[hc[ZWZ j[hc_dWb" feh YkoW hWpÂ&#x152;d ^Wo gk[ Wi[]khWh gk[ [b Yedi[dj_c_[dje i[W ][dk_de o de [b [\[Yje Z[ kdW Z[fh[i_Â&#x152;d cec[d# j|d[W1 o Yece X_[d be i[Â&#x2039;WbW bW :hW$ ?iW Z[ @WhWc_bbe Ă&#x2020;Feh [`[cfbe" X_[d feZhÂ&#x2021;W [b ;ijWZe [n_]_h gk[ bW f[j_# Y_Â&#x152;d i[W [nfh[iWZW [d c|i Z[ kdW eYWi_Â&#x152;d" o bk[]e Z[ jhWdiYkhh_Ze kd jÂ&#x192;hc_de hWpedWXb[ [djh[ bWi c_icWi$ FeZhÂ&#x2021;W jWcX_Â&#x192;d Yedi_# Z[hWhi[ bW fei_X_b_ZWZ Z[ gk[ [d jeZei bei YWiei i[ YedjWh| Yed kdW Wkjeh_pWY_Â&#x152;d `kZ_Y_Wb W \_d Z[ Wi[# ]khWh bW Wkj[dj_Y_ZWZ Z[b Yedi[d# j_c_[dje o ]WhWdj_pWh gk[ jeZei bei _dj[hl_d_[dj[i i[ fh[eYkf[d [nYbki_lWc[dj[ feh bW Z_]d_ZWZ Z[b [d\[hce$ ?]kWbc[dj[ bW b[o feZhÂ&#x2021;W ehZ[dWh gk[" fh[l_W W bW Â&#x2018;bj_cW f[j_Y_Â&#x152;d" bW f[hiedW Wj_[d# ZW W kdW h[kd_Â&#x152;d Yed kd [gk_fe Z[ Wfeoe gk[ b[ [nfb_gk[ _dj[]hWb# c[dj[ ik i_jkWY_Â&#x152;d o b[ e\h[pYW jeZWi bWi Wbj[hdWj_lWi fei_Xb[i Z_ij_djWi W bW efY_Â&#x152;d Z[ ceh_h$ Kd iÂ&#x2021;djecW Z[ Z[fh[i_Â&#x152;d [i YkWdZe kdW f[hiedW gk[ ik\h[ Z[ jh_ij[pW h[Ykhh[ W iebkY_ed[i [njh[# cWi" Yece _dj[djWh ik_Y_ZWhi[" Z[ jWb ceZe gk[ [d bei YWiei ZedZ[ ^Wo l_i_Xb[i _dYb_dWY_ed[i ik_Y_ZWi" [i _cfehjWdj[ bW ^eif_jWb_pWY_Â&#x152;d Z[b fWY_[dj[" feh [ie [i fh_cehZ_Wb XkiYWh WokZW cÂ&#x192;Z_YW fhe\[i_edWb _dc[Z_WjW" i_ i[ Z[j[YjWd Y_[hjei iÂ&#x2021;djecWi Z[ Z[fh[i_Â&#x152;d$ ;n_ij[ kdW `kh_ifhkZ[dY_W dWY_edWb fkXb_YWZW [d bW =WY[jW @kZ_Y_Wb I[h_[ I[]kdZW De$ ('" [d bW gk[ i[ i[Â&#x2039;WbW gk[ de [i fkd_# Xb[ bW j[djWj_lW Z[ ik_Y_Z_e" gk[ i_ X_[d [i WYje _dcehWb" de fk[Z[ i[h b[]Wbc[dj[ ^WXbWdZe Yedi_Z[hWZe Z[b_je1 f[he i_ [ij| iWdY_edWZW bW _dij_]WY_Â&#x152;d gk[ fk[Z[ i[h h[Wb_pW# ZW feh c[Z_e Z[ Yedi[`e" Z[ fhele# YWY_Â&#x152;d" [jY$1 e i[W [b Wkn_b_e Yedi_ij[ [d fh[ijWhb[ bei c[Z_ei d[Y[iWh_ei fWhW [b ^[Y^e" YedeY_[dZe bW _dj[d# Y_Â&#x152;d Z[ gk_[d lW W ik_Y_ZWhi[" o [ijW Y_hYkdijWdY_W i[ [dYk[djhW f[dWZW Yece gk[ZW cWd_\[ijWZe [d [b 7hj$ *+* Z[b 9Â&#x152;Z_]e F[dWb" Yed fh_i_Â&#x152;d Z[ kde W YkWjhe WÂ&#x2039;ei o ckbjW Z[ eY^[djW W i[j[djW o i_[j[ ZÂ&#x152;bWh[i Z[ bei ;ijWZei Kd_Zei Z[ Dehj[WcÂ&#x192;h_YWĂ&#x2021;$ 1Ä&#x201C;ĹŠ .2_ĹŠ 1!~ ĹŠ +!.-~ Ä&#x201D;ĹŠ ĹŠ ĹŠ
ĹŠ ĹŠ ĹŠ
;@MFI:@FJ I% ;<C <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< :?@D9FI8QF
:@K8:@äE AL;@:@8C 81 E8E:P D8I>8I@K8 <JG@E K8G@8# j\ c\ _XZ\ jXY\i hl\ \e \jkX al[`ZXkliX j\ \eZl\e$ kiX kiXd`k}e[fj\ \c al`Z`f M\iYXc JldXi`f Ef% (+/$)'((# gifgl\jkf gfi IFJ<E;F EFI@<>8 E@<KF# Zlpf \okiXZkf [\ [\dXe[X p gifm`[\eZ`X jfe Zfdf j`^l\1 <OKI8:KF ;< C8 ;<D8E;8 AL@:@F1 M<I98C JLD8I@F Ef% (+/$)'(( 8:KFI1 IFJ<E;F EFI@<>8 E@<KF :L8EK@81 @E;<K<ID@E8;8 KI8D@K<1 ;@MFI:@F F9A<KF1 K<ID@E8:@FE ;<C M@E:LCF D8KI@DFE@8C ;<=<EJFI81 89% A8EE<K? IL@Q DLzFQ GIFM@;<E:@8 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C P D<I:8EK@C >lXdfk\# 0 [\ dXpf [\c )'((% CXj (+_)(%$ M@JKFJ1 CX [\dXe$ [X gi\j\ekX[X gfi IFJ<E;F EFI@<>8 E@<KF# X cX d`jdX hl\ j\ c\ ZXc`]`ZX Zfdf [\ ZcXiX# gi\Z`jX p Zfdgc\kX p gfi i\le`i cfj [\d}j i\hl`j`kfj [\ C\p \jkXYc\Z`[fj \e \c 8ik% -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\ p cf [`jgl\jkf \e \c 8ik% )* [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc j\ cf X[d`k\ Xc ki}d`k\ [\c al`Z`f m\iYXc jldX$ i`f [\ [`mfiZ`f gifgl\jkf \e ZfekiX [\ E8E:P D8I>8I@K8 <JG@E K8G@8# \e kXc iXqÂ?e Zfe \c Zfek\e`[f [\ cX [\dXe$ [X `e`Z`Xc# XjÂ&#x2C6; Zfdf Zfe \jk\ Xlkf [\ ZXc`]`ZXZ`Â?e i\ZXÂ&#x2C6;[f \e \ccX :@K<J< X cX [\dXe[X[X j\Â&#x152;fiX E8E:P D8I>8I@K8 <JG@E K8G@8# d\[`Xek\ glYc`$ ZXZ`fe\j X i\Xc`qXij\ \e lef [\ cfj [`Xi`fj hl\ j\ \[`kXe \e cX Z`l[X[ [\ I`fYXdYX# XjÂ&#x2C6; Zfdf kXdY`Â&#x201E;e \e le [`Xi`f [\ cX Z`l[X[ [\ Hl`kf Zfe le `ek\i$ mXcf [\ gfi cf d\efj / [Â&#x2C6;Xj [\
leX glYc`ZXZ`Â?e X cX fkiX \e m`ikl[ [\c aliXd\ekf i\e[`[f gfi \c XZkfi% J\ c\ gi\m`\e\ X cX [\dXe[X [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif liYXef hl\ j\ kiXd`kX cX ZXljX \e cfj m\`ek\ [Â&#x2C6;Xj gfjk\i`fi\j X cX k\iZ\iX p Â&#x2019;ck`dX glYc`ZX$ Z`Â?e ZXjf ZfekiXi`f gf[i} j\i Zfej`[\iX[X i\Y\c[\% KÂ?d\j\ \e Zl\ekX \c ki}d`k\ X [Xij\ X cX gi\j\ek\ ZXljX hl\ \j cX mÂ&#x2C6;X M\iYXc JldXi`X# cX ZlXekÂ&#x2C6;X ]`aX[X X cX gi\j\ek\ ZXljX Zfdf `e[\k\id`eX[X# \c cl^Xi j\Â&#x152;XcX$ [f gXiX i\Z`Y`i jlj ]lkliXj efk`$ ]`ZXZ`fe\j hl\ \j cX j\Zi\kXiÂ&#x2C6;X [\ \jk\ [\jgXZ_f p cX Xlkfi`qX$ Z`Â?e ZfeZ\[`[X X jl XYf^X[X gXkifZ`eX[fiX cX ;iX% AXee\k_ Il`q% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX X cX [\dXe[X% Efk`]Â&#x2C6;hl\j\% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e$ [fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc [\ekif [\ leX ali`j[`ZZ`Â?e gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;I% CL@J FIK@Q D% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00'0&k] <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 81 D8IĂ 8 G8LC@E8 =<IE8E;<Q G8:?8:8D8 8:KFI1 <;;P D8I:<CF J8C8Q8I :FIFE<C AL@:@F1 ;@MFI:@F Ef ',+)$ )'(($NI KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% M@JKFJ1 Hl`kf# dXik\j * [\ dXpf [\c )'((# cXj ((_*.%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO CONSTITUCION DE LA COMPAĂ&#x2018;Ă?A ISILAIF CIA. LTDA. La compaĂąĂa ISILAIF CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Noveno, del Distrito Metropolitano de Quito, el 06 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002197 de 19 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 2.000,00 NĂşmero de Participaciones 2.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es:... AL DISEĂ&#x2018;O, INSTALACIĂ&#x201C;N, DISTRIBUCIĂ&#x201C;N, COMERCIALIZACIĂ&#x201C;N, FABRICACIĂ&#x201C;N DE SISTEMAS DE SANEAMIENTO AMBIENTAL, SANITARIOS, AGUA POTABLE... Quito, 19 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ&#x2018;Ă?AS A.P./49276/k.m.
[\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliXd\ekf i\e[`[f gfi \c XZkfi [\ cX `dgfj`Y`c`$ [X[ [\ [\k\id`eXi cX `e[`m`[lX$ c`[X[ f i\j`[\eZ`X# j\ [`jgfe\ Z`kXi X cX [\dXe[X[X j\Â&#x152;fiX D8IĂ 8 G8LC@E8 =<IE8E;<Q G8:?8:8D8# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [Â&#x2C6;Xj \eki\ ZX[X glYc`ZX$ Z`Â?e%%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfd$ gXÂ&#x152;Xe% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c ZfdgXi\Z`\ek\ p cX Xlkfi`qX$ Z`Â?e [X[X X jl XYf^X[X [\]\e$ jfiX%$ EFK@=@HL<J<%$ ] ;i% IXÂ&#x2019;c DXi`Â&#x152;f ?\ie}e[\q# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc# [\ekif [\c g\iÂ&#x2C6;d\kif p \e cX ]fidX \jkXYc\Z`[X gfi cX c\p% 8K<EK8D<EK< C@:% :8ICFJ DLI@CCF 9% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.00('&k] I% ;<C <% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 8 :I@JK@8E G8KI@:@F 8IK<8>8 9L@KIFE AL@:@F1 ;@MFI:@F Ef% .'$ )'(($I%:% 8:KFI1 D8I@8 G8LC@E8 J8C8Q8I C@KKLD8 ;<D8E;8;F1 :I@JK@8E G8K I @ : @ F 8 I K < 8 > 8 9L@KIFE =LE;8D<EKF C<>8C1 8ik% (('# ZXljXc * p ((# [\c :Â?[`^f :`m`c% :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 (*,, ;i% N`cjfe :Xii\iX% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j (( [\ dXpf [\c )'((# cXj ((_*+%$ M@JKFJ%$ LeX m\q hl\ j\ _X [X[f Zld$ gc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X gi\Z\[\ek\# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# Zfdgc\kX p Zfek\ek`mX [\ cfj i\hl`j`kfj gi\Z\gklX[fj \e cfj XikÂ&#x2C6;Zlcfj -. p -/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfe$
J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.0/0(&k]
I_ [h[i iWX_e" hÂ&#x2021;[$ C7H9E L7B;H?E C7H9?7B
j\Zl\ek\d\ek\# X[d`k`Â&#x201E;e[fcX Xc ki}d`k\ m\iYXc jldXi`f# \e Xk\eZ`Â?e X cX X]`idXZ`Â?e hl\ Zfe aliXd\ekf \]\ZkÂ&#x2019;X cX XZkfiX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\i$ d`eXi cX `e[`m`[lXc`[X[ f i\j`$ [\eZ`X [\c [\dXe[X[f# ZÂ&#x2C6;k\j\ X :I@JK@8E G8KI@:@F 8IK<>8 9L@KIFE gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e \e \jkX Z`l[X[ [\ Hl`kf cl^Xi [fe[\ j\ Z\c\YiÂ? \c dXki`dfe`f# \e cX ]fidX hl\ gi\Z\gkÂ&#x2019;Xe cfj XikÂ&#x2C6;Zlcfj ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c \e cX d`jdX dXk\i`X% 8^iÂ&#x201E;^l\ej\ Xc \og\[`\ek\ cfj [fZld\ekfj i\]\i`[fj \e cX ]\ [\ gi\j\ekX$ Z`Â?e jljZi`kX gfi \c i\jgfejX$ Yc\ [\ cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j%$:@K<J< p EFK@=@HL<J<% = ;I% IL9<E >@C<I :<;<zF% AL<Q Cf hl\ c\ Zfdle`Zf X Ljk\[ p C< :@KF gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \c [\dXe$ [X[f [\ j\Â&#x152;XcXi 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:&.00'+&k] <OKI8:KF AL;@:@8C
:@K8:@äE AL;@:@8C 81 D8IK?8 :<:@C@8 K8J@>L8EF :8@Q8 AL@:@F1 ;@MFI:@F Ef% )'(($ ',,/$A:K 8:KFI1 AFJ< M@:<EK< <JG@EFQ8 ;<D8E;8;81 D8IK?8 :<:@C@8 K8J@>L8EF :8@Q8 ;FD@:@C@F AL;@:@8C1 ;I% :8ICFJ ;< C8 :ILQ :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 ;< :FE=FID@;8; :FE CF ;@JGL<JKF GFI <C 8IK% (('# :8LJ8C ((# J<>LE;F @E:@JF ;<C :F;@>F :@M@C# ;<D8E;8 8 JL :äEPL>< JI8% D8IK?8 :<:@C@8 K8J@>L8EF :8@Q8 <C ;@MFI:@F# 8 =@E ;< HL< <E J<EK<E:@8 J<
CONVOCATORIA A JUNTA GENERAL EXTRAORDINARA DE ACCIONISTAS DE LA COMPAĂ&#x2018;Ă?A ENFP TROPICANO PRODUCTS S.A. De conformidad con el Estatuto Social y la Ley de CompaĂąĂas, se convoca a los seĂąores Accionistas ENFP TROPICANO PRODUCTS S.A., y en forma puntual y seĂąalada al seĂąor Comisario de la compaĂąĂa Edison Guanucunga Lema, a la sesiĂłn de Junta General Extraordinaria, a realizarse el dĂa 10 de junio de 2011, a las 14h00, en las instalaciones de la empresa, ubicadas en la Av. Occidental N 70-158 y Machala de esta ciudad de Quito, con el objeto de tratar el siguiente orden del dĂa: 1.- DesignaciĂłn de Gerente General de la compaĂąĂa. Quito, jueves 26 de mayo de 2011. Oswaldo Alvarez Plaza Presidente. A.P./49318/k.m.
;<:C8I< ;@JL<CKF <C M@E:LCF D8KI@DFE@8C HL< C<J LE<# FI;<E8E;F JL @EJ:I@G:@äE <E <C I<>@JKIF :@M@C%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (/ [\ dXpf [\c )'('# X cXj ((?(*%$ 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`\e$ kf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX%$ <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\Â&#x152;fiX D8IK?8 :<:@C@8 K8J@>L8EF :8@Q8# X hl`\e j\ cX Z`kXi} gfi cX gi\ejX# \e cX ]fidX [`jgl\jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`Z`Xc [\j`^eX[fj gfi cX XZkfiX p cX ]XZlckX[ ZfeZ\[`[X X jl [\]\ejfi ;I% :8ICFJ ;< C8 :ILQ%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ EFK@=@HL<J<%$ ] ;i% A8@D< :8EJ<:F >L<II<IF# Al\q% Gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\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 ]`idX p j\ccf 8:&.00'(&k] <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 81 =8EEP D8IĂ 8 >I8E;8 F:?F8 ;<D8E;8;F1 =8EEP D8IĂ 8 >I8E;8 F:?F8 8:KFI1 M@K<I9F 8GFC@E8I@F >FEQ8C<Q M8C;@M@<QF AL@:@F1 ;@MFI:@F Ef%'+,+$ )'(($NI KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j (0 [\ XYi`c [\c )'((# cXj '0_,+%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliXd\ekf i\e[`[f gfi cX XZkfiX [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# j\ [`jgfe\ Z`kXi X cX [\dXe[X[X j\Â&#x152;fiX =8EEP D8IĂ 8 >I8E;8 F:?F8# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [Â&#x2C6;Xj \eki\ ZX[X glYc`ZXZ`Â?e%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂ&#x152;Xe% KÂ&#x201E;e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c ZfdgXi\Z`\ek\ p cX Xlkf$ i`qXZ`Â?e [X[X X jl XYf^X[f [\]\ejfi%$ EFK@=@HL<J<%$ ] ;i% IXÂ&#x2019;c DXi`Â&#x152;f ?\ie}e[\q# Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc# [\ekif [\c g\iÂ&#x2C6;d\kif p \e cX ]fidX \jkXYc\Z`[X gfi cX c\p% 8K<EK8D<EK< C:;F% :8ICFJ DLI@CCF 9%
<OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%
:@K8:@äE AL;@:@8C 81 D8I@8 IFJ8 J@D8CL@J8 :?@:8@Q8 AL@:@F1 ;@MFI:@F Ef% ),0$ )'(( $:D 8:KFI1 J<>LE;F ?<IE8E CC8EF @Q8 ;<D8E;8;F1 D8I@8 IFJ8 J@D8CL@J8 :?@:8@Q8 KI8D@K<1 M<I98C JLD8I@F :L8EK@8 1 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# d`\iZfc\j (- [\ dXiqf [\c )'((# cXj '/_')% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfej\Zl\eZ`X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliXd\ekf i\e[`[f gfi \c XZkfi [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# j\ [`jgfe\ Z`kXi X cX [\dXe[X[X j\Â&#x152;fiX D8I@8 IFJ8 J@D8CL@J8 :?@:8@Q8# gfi cX gi\ejX \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [Â&#x2C6;Xj \eki\ ZX[X glYc`ZXZ`Â?e% 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂ&#x152;Xe% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c ZfdgXi\Z`\e$ k\%$ EFK@=@HL<J<% ] ;I% I8LC D8I@zF ?<IEĂ?E;<Q AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc# [\e$ kif [\c g\iÂ&#x2C6;d\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p# gXiX hl\ i\Z`YX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[X% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00((&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE 81 ;FI@J D8I@KQ8 GFE:< 8:KFI1 D8I:F 8EKFE@F 8CD<@;8 KL=@zF :8J@CC<IF AL;@:@8C Ef% -)+) ; < D 8 E ;8 ;8 1 ; F I @ J D8I@KQ8 GFE:< AL@:@F Ef% ,/,$)'(($8Y^% :%F%F% AL@:@F1 M<I98C JLD8I@F ;@MFI:@F :L8EK@81 @E;<K<ID@E8;8 8LKF ;< :8C@=@:8:@FE ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )* [\ dXpf [\c )'((# cXj (-_',%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f# 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`$ [X[ [\ Al\q Jlgc\ek\ d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% )-/)$ ;G$%;GG# [\ . [\ [`Z`\dYi\ [\ )'('%$ CX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj c\p# gfi ZlXekf j\ _X [X[f Zldgc`d`\e$ kf X cf [`jgl\jkf \e \c `eZ`jf k\iZ\if [\c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ c\ XZ\gkX Xc ki}d`k\ m\iYXc jldX$ i`f%$ :@K<J< X cX [\dXe[X[X ;FI@J D8I@KQ8 GFE:<# gfi cX gi\ejX [\ XZl\i[f X gi\m`jkf \e \c XikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e le [`X$ i`f [\ Xdgc`X Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\$ j\ekX[fj%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X cX gif]\j`feXc Zfe cX hl\ jlj$ Zi`Y\%$ EFK@=@HL<J<% = ;i% =\c`g\ @e]Xek\ I\p# Al\q < Cf hl\ Zfdle`Zf X l[% GXiX cfj ]`e\j [\ C\p%
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? Gi\m`e`Â&#x201E;e[fc\ Xc [\dXe[X[f cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkl$ iXj efk`]`ZXZ`fe\j% :\ik`]`Zf% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00'-&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 81 G89CF 8C<O8E;<I =CFI<J ;FD@E>L<Q 8:KFI1 ;I8% M<IäE@:8 M<C8J:F 8CM8I<Q <E :8C@;8; ;< GIF:LI8;FI8 AL;@:@8C ;< <DD8 PFC8E;8 I<@EFJF IF98PF ; < D 8 E ;8 ; F 1 G8 9 CF 8C<O8E;<I = CF I < J ;FD@E>L<Q AL@:@F1 ;@MFI:@F GFI :8LJ8C EÂ&#x2014; *))$)'(( DIM KI8D@K<1 M<I98C JLD8I@F :L8EKĂ 81 @E;<K<ID@E8;8 F9A<KF2 ;@JFCL:@äE ;<C M@E:LCF D8KI@DFE@8C# ;< :FE=FID@;8; 8C @E:@JF J<>LE;F :8LJ8C FE:<8M8 ;<C 8IK% ((' ;<C :F;@>F :@M@C =<:?8 ;< @E@:@F ;<C AL@:@F1 (* ;< 89I@C ;<C )'(( GIFM@;<E:@8 ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j (* [\ XYi`c [\c )'((# cXj (-_((%$ M@JKFJ1$ 8mfZf ZfefZ`d`\ekf X cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX# p \e m`ikl[ [\c jfik\f i\Xc`qX[f %$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`$ j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ m\iYXc jldX$ i`f%$<e m`ikl[ [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p# [\ XZl\i[f Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe \c \okiXZkf [\ cX [\dXe[X p \jk\ Xlkf# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f G89CF 8C<O8E;<I =CFI<J ;FD@E>L<Q d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# j\ cXj _Xi} d\[`Xe[f fZ_f [Â&#x2C6;Xj gfi cf d\efj# \eki\ cX leX p cX fkiX%$ ?\Z_f hl\ j\X Zfe cX `ej`elX$ Z`Â?e [\ ZliX[fi 8[$c`k\d gXiX \c d\efi 8c\aXe[if J\YXjk`}e =cfi\j I\`efjf# Â?`^Xj\ cX fg`$ e`Â?e ]XmfiXYc\ [\c j\Â&#x152;fi 8^\ek\ =`jZXc [\ G`Z_`eZ_X%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\Â&#x152;XcX cX gXik\ XZkfiX p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl [\]\ejfi %$EFK@=@HL<J<%$ = ;I% :8ICFJ =<IEĂ?E;<Q @;IFMF%$ AL<Q Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e$ [fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ Hl`kf# )0 [\ XYi`c [\ )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0//.&k] I% ;<C <% ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 8 >CFI@8 =C<I:<C@E;8 D@:?LP ELz<Q AL@:@F 1 ;@MFI:@F Ef *)'$ )'(( Ă&#x2020; >% <% 8:KFI1 :?8E;@ GLD8 CL@J <;N@E ; < D 8 E ;8 ;8 1 > CF I @ 8 =C<I:<C@E;8 D@:?LP ELz<Q =LE;8D<EKF C<>8C%$ 8ik%
Ä&#x192;
(('# eld\iXc feZ\# `eZ`jf j\^le[f [\c :Â?[`^f :`m`c :L8EKĂ 81 `e[\k\id`eX[X ;FD@:@C@F C<>8C1 ,-)/ ;i% D`^l\c If[iÂ&#x2C6;^l\q% ALQ>8;F M@>yJ@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (0 [\ XYi`c [\c )'((# cXj ('_+(%$ M@JKFJ1 LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X `e`Z`Xc# cX [\dXe$ [X gi\Z\[\ek\ j\ cX ZXc`]`ZX Zfdf ZcXiX# Zfdgc\kX# gi\Z`jX p i\le`i cfj i\hl`j`kfj \jkXYc\$ Z`[fj \e cfj 8ikj% -. p -/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfej\Zl\ek\d\ek\# X[d`k`Â&#x201E;e$ [fcX Xc ki}d`k\ m\iYXc jldXi`f# \e Xk\eZ`Â?e X cX X]`idXZ`Â?e hl\ Zfe aliXd\ekf \]\ZkÂ&#x2019;X \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X[X j\Â&#x152;fiX >CFI@8 =C<I:<C@E;8 D@:?LP ELz<Q ZÂ&#x2030;k\j\ X Â&#x201E;jkX gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc [\ cfj hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# \e cX ]fidX hl\ gi\Z\gkÂ&#x2019;Xe cfj 8ikj% ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf \e cX d`jdX dXk\i`X%$ 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgX$ Â&#x152;X[X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c ZfdgXi\Z`\ek\ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# p# cX Xlkfi`qXZ`Â&#x17D;e Zfe]\i`[X X jl 8Yf^X[f [\]\ejfi%$:Â&#x2C6;k\j\ p Efk`]Â&#x2030;hl\j\%$ = ;I% IL9<E >@C<I :<;<zF% AL<Q Cf hl\ c\ Zfdle`ZÂ? X Ljk\[ p C< :@KF gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ cX [\dXe[X[X [\ j\Â&#x152;XcXi 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:&.00(,&k] ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@FE AL;@:@8C 8 K<CDF NC8;@D@I =I8>8 :8JK@CCF <OKI8:KF AL@:@F% M<I98C JLD8I@F Ă&#x2020;;@MFI:@F$ 8:KFI% K<I<J8 <JKI<CC8 >äE>FI8 JFJ8 ; < D 8 E ;8 ; F% K < C D F NC8;@D@I =I8>8 :8JK@CCF KI8D@K<% M<I98C JLD8I@F :8LJ8 Ef% *-$)'(($I:F :L8EK@8% @E;<K<ID@E8;8 Ă&#x2C6;ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j )0 [\ dXiqf [\c )'((# cXj '0_)+%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q \eZXi^X[f2 p# \e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Ef% )'+$;G$;GG [\c * [\ ]\Yi\if [\c )'((%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p%$ <e Zfej\Zl\eZ`X j\ cX XZ\gkX X kiXd`k\ M\iYXc JldXi`f [\ ;`mfiZ`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi K\i\jX <jki\ccX >Â?e^fiX JfjX2 p# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X K\cdf NcX[`d`i =iX^X :Xjk`ccf gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`i$ ZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf p <jd\iXc[Xj%$ :Â&#x2019;dgcXj\ Zfe cf [`jgl\jkf \e \c 8ik% ((0 [\c :Â?[`^f :`m`c %$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\c ZliX[fi 8[$c`k\d%$ :lÂ&#x201E;ek\j\ Zfe lef [\ cfj X^\ek\j ]`jZX$ c\j [\ G`Z_`eZ_X%$ 8^iÂ&#x201E;^l\j\ cfj [fZld\ekfj gi\j\ekX[fj%$ 8eÂ?k\j\ \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f2 p# cX Xlkfi`qXZ`Â?e ZfeZ\[`[X Xc 8Yf^X[f [\]\e$ jfi%$ Efk`]Â&#x2C6;hl\j\% ;i% <[n`e 8i^fk` I\p\j% Al\q \eZXi^X[f% Cf hl\ Zfdle`Zf gXiX cfj
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x2026;
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8k\ekXd\ek\# ;i% Afi^\ GXcXZ`fj ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0///&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8
<: @ K8: @ ä E A L ; @ : @ 8 C 8 ><ID8E 8IĂ JK@;<J <JG@EFJ8 :89I<I8 <OKI8:KF 8:KFI81 ;I8% 9C8E:8 IFJ8 :8JK@CCF M<C8J:F# GIF:LI8;FI8 AL;@:@8C ;< >C8;PJ JLJ8E8 :8;<E8 :8II@CCF ;<D8E;8;F1 ><IDĂ?E 8 I Ă JK @ ; <J <J G @ E FJ8 :89I<I8 AL@:@F ;< ;@MFI:@F Ef% +-,$ )'(($ D% >fi[Â?e :% :FE =LE;8D<EKF <E <C 8IK% (('# :8LJ8C FE:<8M8# @E:@JF J<>LE;F ;<C :F;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8% ;<=<EJFI1 ;I8% IFJ8 :8JK@CCF :8J@CC8 AL;@:@8C Ef )))* =<:?8 ;< @E@:@F1 () ;< 89I@C ;<C )'(( GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j ), [\ XYi`c [\c )'((# cXj ('_*-%$ M@JKFJ1 CX [\dXe$ [X [\ [`mfiZ`f hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj c\^Xc\j# \e Zfej\Zl\eZ`X j\ cX X[d`k\ X ki}d`k\ m\iYXc jldXi`f%$ 8k\ekf \c aliXd\ekf \]\ZklX[f gfi cX 8ZkfiX# :Ă K<J< X ><IDĂ?E 8 I @ JK @ ; <J <J G @ E FJ8 :89I<I8 gfi cX gi\ejX Zfdf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xek\ glYc`ZXZ`fe\j \]\ZklX[Xj \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc%$ EFK@=Ă HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ AL<Q Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J\Zi\kXi`f ?Xp le j\ccf 8%:%&.0*+/ <OKI8:KF AL;@:@8C ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C G8I81 D8I@8 ;<C@8 DFI8C<J Fz8K< AL@:@F1 (--'$)'(' ;@MFI:@F D%Q% 8:KFI1 AFJ< IL9<E :8@Q8 J@>:?8 ;<D8E;8;F1 D8I@8 ;<C@8 DFI8C<J Fz8K< F9A<KF1 GFI CF <OGL<JKF P ;< :FE=FID@;8; 8 CF HL< ;@JGFE< C8 :8LJ8C (( @E:@JF J<>LE;F ;<C 8ik% ((' ;<C :F;@>F :@M@C M@><EK<# <E AL@:@F M<I98C JLD8I@F ;<D8E;F 8 D@ :äEPL>< D8I@8 ;<C@8 DFI8C<J Fz8K<# G8I8 HL< <E J<EK<E:@8 J< ;<:C8I< ;@JL<CKF <C M@E:LCF D8KI@DFE@8C HL< EFJ LE< KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F G8KIF:@E8;FI1 8Y% A<EEP KF8G8EK8 DXk% (')' :8K GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# m`\ie\j + [\ dXiqf [\c )'((# cXj (-_).% M@JKFJ%$<e m`ikl[ [\ cX
iXqÂ?e [\ jfik\f hl\ Xek\Z\[\ p \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ Â&#x201E;jkX Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef%'()$;;G$A8I$ [\ )+$ '($)'', # 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX%$<e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# ZfeZi\$ kX# p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X# [Xj\c\ \c ki}d`k\ M\iYXc JldXi`f%$ :Â&#x2C6;k\j\ X cX [\dXe[X[X j\Â&#x152;f$ iX D8I@8 ;<C@8 DFI8C<J Fz8K<# d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$8^iÂ&#x201E;^l\j\ cX [fZld\e$ kXZ`Â?e X[alekX%$ä`^Xj\ X lef [\ cfj j\Â&#x152;fi\j 8^\ek\j =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X%$ KÂ?d\j\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi2 XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e [\ jl XYf^X[f [\]\ejfi%$ Efk`]Â&#x2C6;hl\j\ :Â&#x2C6;k\j\ = ;i% I\peXc[f =cfi 8cmXiX[f Al\q$ Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc gXiX cXj ]lkliXj efk`]`ZXZ`fe\j $ :\ik`]`Zf JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0-.-&k] I% [\c <% ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8
:@K8:@FE AL;@:@8C :@K8:@FE AL;@:@8C 81 :<C@DF 8C:@;<J D8;I@; IFEHL@CCF 8:KFI81 C@;@8 IF:@F G8II8 GIF8zF AL@:@F1 Ef% +.+$)'((%DC8% ;@MFI:@F KI8D@K<1 M<I98C JLD8I@F ; < D 8 E ;8 ; F 1 : < C @ D F 8C:@;<J D 8 ; I @ ; IFEHL@CCF :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j ), [\ XYi`c [\c )'((# cXj ((_,.%$M@JKFJ%$ ;i% 8c]i\[f >i`aXcmX DlÂ&#x152;fq# \e d` ZXc`$ [X[ [\ al\q \eZXi^X[f# XmfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX \e m`ikl[ [\c f]`Z`f Ef% /).$;G$;GG# [\ ]\Z_X )( [\ XYi`c [\c )'((%$ 8^iÂ&#x201E;^l\j\ \c \jZi`kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;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%$ :Â&#x2C6;k\j\ Xc [\dXe[X[f :<C@DF 8C:@;<J D8;I@; IFEHL@CCF# [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p aliXd\ekf i\e[`[f# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[# d\[`Xe[f \c kÂ&#x201E;id`ef [\ ZlXe[f d\efj fZ_f [Â&#x2C6;Xj \eki\ leX p fkiX glYc`$ ZXZ`Â?e%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f%$ 8^iÂ&#x201E;^l\j\ \c \jZi`kf p cX [fZl$ d\ekXZ`Â?e X[alekX%$ :Ă K<J< P EFK@=Ă HL<J<%$ ;I% 8C=I<;F I@A8CM8 DLzFQ AL<Q <E:8I>8;F% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j \e \jkX al[`ZXkliX%$ :<IK@=@:F% ;I% AL8E >8CC8I;F J<:I<K8I@F
Ĺ?
?Xp le j\ccf 8%:%&.0-,(
I_ Yedj[cfbe bW bkdW" bW jh_ij[pW c[ [dlk[bl[$
I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 8C J<zFI A8D@C ?8JJ8E P<?@8 AL@:@F Ef )0+$)'((AG% KIĂ?D@K< M<I98C JLD8I@F ;@MFI:@F :L8EK@8 @E;<K<ID@E8;8 8:KFI :PEK@8 CFI<E8 J8C8Q8I :<;<zF ;<D8E;8;81 A8D@C ?8JJ8E P<?@8 GIFM@;<E:@8%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# (0 [\ dXpf [\c )'((# cXj (-_'*%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e 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\gkX 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 Xc [\dXe[X[f j\Â&#x152;fi A8D@C ?8JJ8E P<?@8# X hl`\e j\ c\ Z`kXi} gfi d\[`f [\ glYc`ZX$ Z`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e Â&#x201E;jkX [\ Hl`kf Zfe]fid\ \c XikÂ&#x2C6;Zlcf ((0 [\c :Â?[`^f :`m`c%$ :fe cX `ej`elX$ Z`Â?e [\ :liX[fiX 8[$c`k\d gXiX \c d\efi IF9<IKF :8ICFJ A8D@C P<?@8 J8C8Q8I# Â?`^X$ j\ cX fg`e`Â?e [\c i\gi\j\e$ kXek\ [\c D`e`jk\i`f GÂ&#x2019;Yc`Zf%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ KÂ&#x201E;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\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% ;i% Alc`f :Â&#x201E;jXi DlÂ&#x152;fq J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*'0*&ZZ
D<EFI<J ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%
:@K8:@äE AL;@:@8C 8C J<zFI <;L8I;F M@E@:@F 98CC8;8IJ< :8E@E <OKI8:KF
E>E O; DE$
:8LJ81 8lkfi`qXZ`Â?e [\ JXc`[X [\c GXÂ&#x2C6;j EF% ;< AL@:@F1 '+..$)'(( ;<D8E;8;F1 <;L8I;F M@E@:@F 98CC8;8I<J :8E@E 8:KFI81 IFJ8 D8K@C;< :?<:8 :FIF DXe[XkXi`X [\ cX j\Â&#x152;fiX IfjX M\iÂ?e`ZX 8j_hl` :_\ZX :L8EK@81 @e[\k\id`eX[X AL<Q81 ;iX% >peX JfcÂ&#x2C6;j AL<Q 8;ALEK8 F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j + [\ dXpf [\c )'((# cXj (-_(0%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f hl\ Xek\Z\[\# \e d` ZXc`[X[ [\ Al\q 8[alekX# [\ \jkX al[`ZXkliX# XZfi[\ Zfe cX i\jfclZ`Â?e glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef )-+ [\c ), [\ X^fjkf [\c )'('%$ <e cf gi`eZ`gXc# leX m\q hl\ cX gXik\ XZZ`feXek\ _X [X[f Zldgc`$ d`\ekf Zfe cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# j\ gifZ\$ [\ X ZXc`]`ZXi cX [\dXe[X [\ 8LKFI@Q8:@FE ;< J8C@;8 ;<C G8@J Zfdf ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p2 \e Zfej\Zl\eZ`X j\ c\ XZ\gkX Xc ki}d`k\ \jkXYc\Z`[f \e cfj XikÂ&#x2C6;$ Zlcfj ).(# ('0 p ((' [\c :Â?[`^f [\ cX E`Â&#x152;\q p 8[fc\jZ\eZ`X%$ Gfi _XY\i [\ZcXiX[f cX XZZ`f$ eXek\ IfjX DXk`c[\ :_\ZX :fif# Zfdf dXe[XkXi`X [\ cX IfjX M\iÂ?e`ZX 8j_hl` :_\ZX# YXaf aliXd\ekf jfYi\ \c [\j$ ZfefZ`d`\ekf [\ cX `e[`m`[lX$ c`[X[ f i\j`[\eZ`X [\c j\Â&#x152;fi <[lXi[f M`e`Z`f 9XccX[Xi\j :Xe`e# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c XikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ Z`kXi gfi cX gi\ejX# Xc j\Â&#x152;fi <;L8I;F M@E@:@F 98CC8;8I<J :8E@E d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e# ZX[X leX [\ \ccXj \e ]\Z_Xj [`jk`ekXj \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`i$ ZlcXZ`Â?e X e`m\c eXZ`feXc2 gi\$
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
m`e`Â&#x201E;e[fc\ Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j% J` ZfekX[fj m\`ek\ [Â&#x2C6;Xj X gXik`i [\ cX Â&#x2019;ck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\# j\ Zfek`elXi} cX ZXljX \e i\Y\c[Â&#x2C6;X% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f \e cX [\dXe[X%$ EFK@=@HL<J< ] %$ ;I8% >PE8 JFC@J M@J:8II8# AL<Q8 8;ALEK8% Cf hl\ Zfdle`Zf X ljk\[# gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[f$ c\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f f ZXj`ccX al[`Z`Xc gXiX gfjk\i`fi\j efk`]`$ ZXZ`fe\j [\ekif [\c g\iÂ&#x2C6;d\kif [\ C\p% 8k\ekXd\ek\1 89% A8M@<I D8IK@E<Q J<:I<K8I@F 8;ALEKF ;<C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ?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 ; < D 8 E ;8 ;8 1 J ? 8 < C 8 B8I@EE8 J 8 C > 8 ; F ?@;IF9F E@zF1 D8IKà E J<98JK@�E 8E;I8;< J8C>8;F :L8EKà 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\ jljkXeZ`X[f \e \jkX al[`ZXkliX cX [\dXe[X `e`Z`Xc [\ Xc`d\ekfj# p gfi \e[\ _XY\i$ j\ 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&#x2019;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\Â&#x152;fiX# J?8<C8 B8I@EE8 J8C>8;F ?@;IF9F# \e \c cl^Xi j\Â&#x152;XcX[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\Â&#x152;XcXi 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\[\i} \e i\Y\c[Â&#x2C6;X%$ KÂ?d\j\ \e Zl\ekX \c XeleZ`f [\ gil\YX \]\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]Â&#x2C6;Z`\j\ kXc Zfdf j\ jfc`Z`kX%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XgX$ i\aX[X X cX [\dXe[X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc Ef% *0, j\Â&#x152;XcX[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 [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ :@K8I gfi cX gi\ejX# X cX j\Â&#x152;fiX J?8<C8 B8I@EE8 J8C>8;F ?@;IF9F# \jkf \j d\[`Xek\ ki\j glYc`ZX$ Z`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX gif$ m`eZ`X [\ G`Z_`eZ_X%$ J` ZfekX$ [fj m\`ek\ [Â&#x2C6;Xj X gXik`i [\ cX ]\Z_X [\ cX Â&#x2019;ck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\# j\ j\^l`i} Zfe cX ZXljX \e jl i\Y\c[Â&#x2C6;X2
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO
EXTRACTO
CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A KANUSEG SERVICIO DE SEGURIDAD PRIVADA CIA. LTDA.
CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A PAZ & BANDERA CONSULTORES S.A.
La compaĂąĂa KANUSEG SERVICIO DE SEGURIDAD PRIVADA CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo Segundo del Distrito Metropolitano de Quito, el 09 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC. Q.11.002289 de 26 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 10.000,00 NĂşmero de Participaciones 10.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: ..DEDICARSE A ACTIVIDADES COMPLEMENTARIAS DE VIGILANCIA Y SEGURIDAD A FAVOR DE PERSONAS NATURALES Y JURĂ?DICAS, INSTALACIONES Y BIENES;...
La compaĂąĂa PAZ & BANDERA CONSULTORES S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito, el 05 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC. Q.11.002264 de 25 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 compaĂąĂa es: UNO (1). LA PRESTACIĂ&#x201C;N DE SERVICIOS DE CONSULTORĂ?A ESTRATĂ&#x2030;GICA EN MEJORAMIENTO DE PROCESOS. DOS (2). SERVICIOS DE ASESORĂ?A PARA LA IMPLEMENTACIĂ&#x201C;N DE NUEVOS PROCESOS DE NEGOCIOS POR MEDIO DEL USO DE LA TECNOLOGĂ?A DE LA INFORMACIĂ&#x201C;N... Quito, 25 de Mayo de 2011.
Quito, 26 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS AR/83105/cc
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS AR/83106/cc
Xc \]\Zkf i\dÂ&#x2C6;kXj\ \c \okiXZkf Zfii\jgfe[`\ek\# X[m`ik`\e[f X cX [\dXe[X[X cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc p&f [`i\ZZ`Â?e [\c Zfii\f \c\ZkiÂ?e`Zf gXiX jlj efk`]`ZX$ Z`fe\j# X[\d}j cX [\dXe[X[X k`\e\ cX fYc`^XZ`Â?e [\ XeleZ`Xi cfj d\[`fj gifYXkfi`fj# Zfe]fi$ d\ [`jgfe\ \c `eZ`jf ]`eXc [\c 8ik% @eeld\iX[f *+ [\ cX C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`Â&#x152;\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 :@K8:@äE AL;@:@8C J<:I<K8I@8 ;<C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E::@8 ;<C :8EKäE HL@KF
8C J<zFI :8ICFJ N@CJFE :FEK<EKF A8I8D@CCF% C< ?8>F J89<I C8 J@>L@<EK< ;<D8E;81 <OKI8:KF :8LJ8 ;<D8E;8 ;< 8 C @ D < E KFJ ( . 0 , / $ )'('%'0*, 8:KFI81 EFID8 :<:@C@8 G@EK8;F FIK<>8 ;<D8E;8;F1 :8ICFJ N@CJFE : F E K < E K F A8I8D@CCF D<EFI<J1 :8ICFJ 8E;I<J P N@CJFE 8;I@8E :FEK<EKF G@EK8;F :L8EK@81 :L8KIF D@C F:?<EK8 ;äC8I<J AL<Q1 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKäE HL@KF% GIFM@;<E:@8 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j )0 [\ j\gk`\dYi\ [\c )'('# cXj ((_).%$ M@JKFJ 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX ;I8% >PE8 D8I>8I@K8
JFC@J M@J:8II8# \e d` ZXc`$ [X[ [\ Al\q 8[alekX [\ \jkX Al[`ZXkliX# XZfi[\ Zfe cX i\jf$ clZ`Â?e glYc`ZX[X \e \c I\^`jkif f]`Z`Xc Ef )-+ [\c ), [\ X^fjkf [\c )'('# Xik`Zlcf * c`k\iXc Z# d\[`Xek\ ZfekiXkf jljZi`kf \c (. [\ X^fjkf [\c )'('% CX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p Zfek`\e\ cfj i\hl`$ j`kfj c\^Xc\j gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ gi\m`jkf \e cX C\p I\]fidXkfi`X Xc KÂ&#x2C6;klcf M# C`Yif J\^le[f [\c :Â?[`^f [\ cX E`Â&#x152;\q p 8[fc\jZ\eZ`X# glYc`$ ZX[f \e \c I\^`jkif F]`Z`Xc Ef -+* [\c )/ [\ Alc`f [\c )''0 % ;Xe[f Zldgc`d`\ekf Xc XikÂ&#x2C6;$ Zlcf `eld\iX[f Xik *, [\ cX i\]\i`[X c\p# p cfj XikÂ&#x2C6;Zlcfj *# +# , p - [\ cX kXYcX [\ g\ej`fe\j 8c`d\ek`Z`Xj DÂ&#x2C6;e`dXj# \cXYfiX$ [X gfi \c :fej\af EXZ`feXc [\ cX e`Â&#x152;\q p 8[fc\jZ\eZ`X# j\ ]`aX \e ZfeZ\gkf [\ g\ej`Â?e gifm`j`f$ eXc Xc`d\ek`Z`X cX ZXek`[X[ [\ EFM<EK8 P :@E:F ;FC8I<J D<EJL8C<J 0,#ff # dXj cfj Y\e\]`Z`fj [\ c\p2 g\ej`Â?e hl\ [\Y\i} jld`e`jkiXicX \c [\dXe[X[f :8ICFJ N@CJFE :FEK<EKF A8I8D@CCF gXiX cXj d\efi\j :8ICFJ 8E;I<J p N@CJFE 8;I@8E :FEK<EKF G@EK8;F# [\j[\ cX ]\Z_X [\ gi\j\ekXZ`Â?e [\ cX [\dXe[X% ?}^Xj\ ZfefZ\i [\ \jk\ Xlkf X cX F]`Z`eX [\ I\ZXl[XZ`Â?e gXiX hl\ j\ Xg\ikli\ cX kXia\$ kX Zfii\jgfe[`\ek\# X efdYi\ [\ cX j\Â&#x152;fiX EFID8 :<:@C@8 G@EK8;F FIK<>8# Zfe \c gif$ gÂ?j`kf [\ hl\ \c [\dXe[X[f [\gfj`k\ cX g\ej`Â?e Xc`d\ek`$ Z`X ]`aX[X cfj Z`eZf gi`d\ifj [Â&#x2C6;Xj [\ ZX[X d\j%%$ <e m`jkX hl\ cX g\k`Z`feXi`X [\ZcXiX YXaf aliXd\ekf [\jZfefZ\i \c [fd`Z`c`f [\c [\dXe[X[f p g`[\ j\ c\ Z`k\ gfi cX gi\ejX# \jk\ Alq^X[f Zfe ]le[Xd\ekf \e \c 8ikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# [`jgfe\ Z`kXi Zfe \c Zfek\e`[f [\ cX [\dXe[X p \jk\ [\Zi\kf Xc j\Â&#x152;fi :@K<J< Xc [\dXe[X$ [f j\Â&#x152;fi :8ICFJ N@CJFE
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO DE LA ESCRITURA PĂ&#x161;BLICA DE MODIFICACIĂ&#x201C;N DEL OBJETO SOCIAL Y REFORMA DE ESTATUTOS DE MARTIMPEX S.A. Se comunica al pĂşblico que MARTIMPEX S.A., con domicilio principal en la ciudad de Quito, modificĂł el objeto social y reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario CuadragĂŠsimo del Distrito Metropolitano de Quito el 3 de mayo de 2011. Actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.002232 de 23 de mayo de 2011. En virtud de la mencionada escritura pĂşblica la compaĂąĂa reforma el artĂculo tercero del Estatuto Social, referente al objeto social, de la siguiente manera: â&#x20AC;&#x153;ARTĂ?CULO TERCERO.OBJETO SOCIAL.- El objeto social de la compaĂąĂa es: a) La importaciĂłn, exportaciĂłn, comercializaciĂłn, representaciĂłn, distribuciĂłn, promociĂłn, diseĂąo y servicios de todo tipo de aparatos, artefactos, mĂĄquinas, piezas, repuestos, relacionados con las actividades mercantiles de lavanderĂa industrial...â&#x20AC;? Quito, 23 de mayo de 2011 Dr. Camilo Valdivieso Cueva SUPERINTENDENTE DE COMPAĂ&#x2018;Ă?AS, SUBROGANTE
AR/83107/cc
:FEK<EKF A8I8D@CCF# gfi lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\c gXÂ&#x2C6;j# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e ZX[X leX \e [Â&#x2C6;Xj [`]\i\ek\j# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j# \e ZXjf [\ ef _XZ\icf j\ jljkXeZ`Xi} \c ki}$ d`k\ \e i\Y\c[Â&#x2C6;X% <c [\dXe[X$ [f Xc ZfdgXi\Z\i X al`Z`f \e \c dfd\ekf [\ Zfek\jkXi cX [\dXe[X [\Y\i} Zldgc`i} cf gi\Z\gklX[f \e \c XikÂ&#x2C6;Zlcf (') [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%%$ CXj gXik\j ZfdgXi\Z\$ i}e g\ijfeXcd\ek\ f d\[`Xek\ gifZliXZ`Â?e Xdgc`X p jl]`Z`\e$ k\ Zfe ZcXljlcX \jg\Z`Xc gXiX kiXej`^`i% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX g\k`Z`feXi`X p X^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e gi\j\ekX[X :@K<J< P EFK@=@HL<J<% ] %$ ;I8% >PE8 JFC@J M@J:8II8# AL<Q8 8;ALEKF% Hl`kf# (, [\ FZklYi\ [\c )'(' 89% A8M@<I D8IK@E<Q 8>L@II< J<:I<K8I@F$8;ALEKF <o`jk\ ]`idX p j\ccf% 8%G%&+0)/0&b%d%
<OKI8:KF AL;@:@8C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 8 CFJ G8;I<J F =8D@C@8I<J ;< C8 D<EFI A<EE@=<I IFJ<IF J?@>L8EF# \e \c Al`Z`f hl\ c\ j`^l\ \e jl ZfekiX cX j\Â&#x152;fiX IFJ<IF J?@>L8EF D8I>8I@K8 :I@JK@E8%
:8LJ81 8GK@KL; G8I8 8;FGK89@C@;8; Eif% ;< AL@:@F )'(($'(,- 8:KFI1 ;I% D8I:<CF <;DLE;F G8C8:@FJ ;Ă?M@C8 ;<D8E;8;F1 IFJ<IF J?@>L8EF D8I>8I@K8 :I@JK@E8% :L8EKĂ 81 @E;<K<ID@E8;8 AL<Q81 ;I8% <C<E8 FIK<>8 IFA8J GIFM@;<E:@81 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# dXik\j () [\ XYi`c [\c )'((# cXj '0_(.% M@JKFJ1 8MF:F ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\qX K`klcXi [\ \jkX al[`ZXkliX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\le`i cfj i\hl`j`kfj [\ C\p# j\ XZ\gkX Xc kiXd`k\ p j\ [`j$ gfe\%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X%$ :fdf d\[`[X [\ gifk\ZZ`Â?e p [\ Zfe]fid`$ [X[ Zfe cf gi\Z\gklX[f \e cfj 8ikÂ&#x2C6;Zlcfj )(, p )** [\c :Â?[`^f [\ cX E`Â&#x152;\q p 8[fc\jZ\eZ`X M`^\ek\# cX d\efi A<EE@=<I IFJ<IF J?@>L8E>F# g\i$ dXe\qZX \e 8:F>@D@<EKF @EJK@KL:@FE8C _XjkX hl\ Â&#x201E;jkX 8lkfi`[X[ [`jgfe^X cf ZfekiXi`f# \e cX :ffigfiXZ`Â?e Ă&#x2C6;GXiX jlj E`Â&#x152;fjĂ&#x2030;# Zfe \c ]`e [\ fYk\e\i i\`ej\iZ`Â?e ]Xd`c`Xi [\ cX d\efi \e ZXjf [\ XjÂ&#x2C6; Xd\i`$ kXicf f cX [\ZcXiXkfi`X [\ X[Xg$ kXY`c`[X[ i\jg\Zk`mX%$ * 8Zfi[\ Zfe cf gi\jZi`kf \e \c 8ikÂ&#x2C6;Zlcf )-/ p j`^l`\ek\j [\c Zl\igf C\^Xc `emfZX[f# `ek\im\e^X cX F]`Z`eX KÂ&#x201E;Ze`ZX Xj`^eX[X X Â&#x201E;jkX Al[`ZXkliX# <c D`e`jk\i`f GÂ&#x2019;Yc`Zf p cX ;@E8G<E# X ]`e [\ hl\ i\Xc`Z\e cX `em\jk`^X$ Z`Â?e Zfii\jgfe[`\ek\# X \]\Zkf [\ lY`ZXi X cfj GX[i\j [\ cX d\efi p gi\j\ek\e \c `e]fid\ i\jg\Zk`mf X Â&#x201E;jkX Al[`ZXkliX%$ + Gfi ZlXekf \c [fZkfi DXiZ\cf <[dle[f GXcXZ`fj ;}m`cX \e ZXc`[X[ [\ gifZliX[fi Al[`Z`Xc [\ cX j\Â&#x152;fiX D\c`e[X DXon\cc MXl^_e _X [\ZcXiX[f YXaf
aliXd\ekf jfYi\ \c [\jZfef$ Z`d`\ekf [\c XZklXc [fd`Z`c`f [\ cfj GX[i\j p ]Xd`c`Xi\j [\ cX d\efi A<EE@=<I IFJ<IF J?@>L8E>F# [\ Zfe]fid`[X[ Zfe \c 8ikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# j\ [`jgfe\ Z`kXi gfi cX gi\ejX X cfj GX[i\j f =Xd`c`Xi\j [\ cX d\efi A<EE@=<I IFJ<IF J?@>L8E>F# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj# [\ dXpfi Z`iZlcX$ Z`Â?e [\ cX gifm`eZ`X%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[X gXiX i\Z`Y`i cXj efk`$ ]`ZXZ`fe\j hl\ c\ Zfii\jgfe[X [\ekif [\c gifZ\jf# F=Ă :@<J<%$ EFK@=Ă HL<J<%$ :èDGC8J<% Cf hl\ Zfdle`Zf X ljk\[ IFJ<IF J ? @ > L 8 E F D8I>8I@K8 :I@JK@E8% gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z` Zfii\f \c\ZkiÂ?e`Zf gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iÂ&#x2C6;d\kif [\ c\p% Xc \e \jkX Z`l[X[ [\ Hl`kf p&f ;I% ;@<>F 8E><C :8D8:?F :?Ă?M<Q J<:I<K8I@F ;<C ALQ>8;F F:K8MF <o`jk\ ]`idX p j\ccf% 8%G%&+0*''&b%d%
<A<:LK@MFJ I%<% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 81 JI<J% >8M@C8E<Q :8IM8A8C ALC@F :<J8I P J8I89@8 ;LI8E <;@E N@CD<I AL@:@F1 <A<:LK@MF EIF% 0--$ )''0$ JG 8:KFI :FFG% ; 8?FIIF P :I<;@KF GIF>I<JF CK;8% :FFGIF>I<JF G% A% ;I% CL@J =<IE8E;F D8IK@E<Q 98II<EF ; < D 8 E ;8 ; FJ 1 J I <J% >8M@C8E<Q :8IM8A8C ALC@F :<J8I P J8I89@8 ;LI8E
G@:?@E:?8
I_ X[iWd jk cWde j[ fk[Z[i i[dj_h cko X_[d" f[he kd XhWpWb[j[ Z[ Z_W# cWdj[i o pW\_hei [i fWhW i_[cfh[$ 7D?J7 BEEI <;@E N@CD<I :L8EK@8 +%.''#ff KI8D@K< <A<:LK@MF @E@:@8;F '* ;< J<GK@<D9I< ;<C )''0 F9A<KF% :F9IF ;< G8>8Iy G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# '* [\ J\gk`\dYi\ [\c )''0# cXj c+_+)%$ M@JKFJ%$ M@JKFJ%$ <e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX# XmfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX% CX [\dXe[X gi\$ j\ekX[X gfi ;i% Cl`j =\ieXe[f DXikÂ&#x2C6;e\q 9Xii\ef# \e jl ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\ cX :ffg% [\ 8_fiif p :iÂ&#x201E;[`kf Gif^i\jf Ck[X# [\ Zfe]fid`[X[ X cX \jZi`kliX [\ GifZliXZ`Â?e Al[`Z`Xc hl\ j\ [`jgfe\ X^i\$ ^Xi X cX ZXljX# j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p Zfdgc\kX# gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ <a\Zlk`mf% <e cf gi`e$ Z`gXc# cfj [\dXe[X[fj j\Â&#x152;f$ i\j >Xm`cXe\q :XimXaXc Alc`f :Â&#x201E;jXi p JXiXY`X ;li}e <[`e N`cd\i# gX^l\e X jl XZi\\[fi cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j [\ekif [\c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj# YXaf Xg\iZ`Y`d`\ekf [\ J\ek\eZ`X% :Â&#x2C6;k\j\ X cfj [\dXe[X[fj Xii`YX d\eZ`feX[fj j\Â&#x152;fi\j >Xm`cXe\q :XimXaXc Alc`f :Â&#x201E;jXi p JXiXY`X ;li}e <[`e N`cd\i \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X gXiX \c \]\Zkf# \emÂ&#x2C6;\j\ jl]`Z`\ek\ [\jgXZ_f X cX Zfii\jgfe[`\ek\ f]`Z`eX [\ Z`kXZ`fe\j% 8^iÂ&#x201E;^l\ej\ Xc gif$ Z\jf cfj [fZld\ekfj X[alekfj# d`jdfj hl\ gi\m`f X ]fkfZfg`Xj
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO
EXTRACTO
CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A COMPAĂ&#x2018;Ă?A DE SERVICIOS GRĂ FICOS KALUZEDITORES CIA. LTDA.
CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A NATURPACK S.A.
La compaĂąĂa COMPAĂ&#x2018;Ă?A DE SERVICIOS GRĂ FICOS KALUZEDITORES CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo del Distrito Metropolitano de Quito, el 06 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002270 de 25 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 compaĂąĂa es: A) IMPORTAR, EXPORTAR, PROVEER, COMPRAR, VENDER, DISTRIBUIR, COMERCIALIZAR, PROMOCIONAR, PERMUTAR, RENTAR, GRAVAR, POSEER, CONSIGNAR, TRANSFERIR, PRENDAR E INTERMEDIAR EN NEGOCIACIONES DE TODO TIPO DE PAPEL Y MAQUINARIA PARA ARTES GRĂ FICAS... Quito, 25 de Mayo de 2011.
La compaĂąĂa NATURPACK S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Noveno del Distrito Metropolitano de Quito, el 11 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002284 de 26 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 compaĂąĂa es: .....A) LA COMERCIALIZACIĂ&#x201C;N, IMPORTACIĂ&#x201C;N Y EXPORTACIĂ&#x201C;N DE BIENES MUEBLES RELACIONADOS CON EL GIRO DE SU NEGOCIO; B) LA RECUPERACIĂ&#x201C;N, RECICLAJE Y REUTILIZACIĂ&#x201C;N DE PLĂ STICOS FLEXIBLES Y RĂ?GIDOS, ASĂ? COMO, LA PRODUCCIĂ&#x201C;N Y FABRICACIĂ&#x201C;N DE PRODUCTOS CON DICHOS MATERIALES PARA SU COMERCIALIZACIĂ&#x201C;N EN TERRITORIO NACIONAL Y EN EL EXTRANJERO;.... Quito, 26 de Mayo de 2011.
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS AR/83097/cc
Z\ik`]`ZX[Xj# iXqÂ?e p i\Z`Yf \e Xlkfj [\j^cÂ?j\j\ p \ekiÂ&#x201E;^l\$ j\ Xc ;i% GXki`Z`f M`ccXiil\c IXdÂ&#x2C6;i\q% KÂ&#x201E;e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi p cX Xlkfi`qXZ`Â?e hl\ Zfe]`\i\ X jl XYf^X[f [\]\e$ jfi%$ 8ZkÂ&#x2019;\ cX CZ[X%% JljXeX <jk_\cX GXqd`Â&#x152;f# \e ZXc`[X[ [\ J\Zi\kXi`X <eZXi^X[X [\ cX Al[`ZXkliX# Zfe]fid\ X cX XZZ`Â?e [\ g\ijfeXc Ef% (.+/$ ;G$;;G [\ )- [\ 8^fjkf [\c [\c )''0 $ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF% AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j (* [\ \e\if [\c )'((# cXj c,_,.%$ LeX m\q hl\ \c XZkfi _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# j\ [`jgfe\ hl\ gfi d\[`f [\ cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj j\Â&#x152;fi\j >Xm`c}e\q :XimXaXc Alc`f :Â&#x201E;jXi p JXiXY`X ;li}e <[`e N`cd\i# gXiX \jk\ \]\Zkf Zfe]`Â&#x201E;iXj\ \c \okiXZkf g\ik`e\ek\%$ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF% AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e$ [fc\j [\ cX fYc`^XZ`Â?e hl\ k`\$ e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j%$ Hl`kf# * [\ ]\Yi\if [\c )'(($ :\ik`]`Zf%$ ;I% =<IE8E;F E8I8EAF =8:KFJ% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0/., ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;<
:@K8:@äE AL;@:@8C 8 DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L :8 E : < C 8 I @ :8 I ; F ;8M@;# j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;<C AL@:@F <A<:LK@MF p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi X 1 ;I% CL@J =<IE8E;F D 8 IK @ E < Q 98 I I < E F# GifZliX[fi Al[`Z`Xc [\ 8_fiif p :iÂ&#x201E;[`kf :FFGIF>I<JF C`d`kX[X% ;\dXe[X[f1 DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;% :lXekÂ&#x2C6;X1,%.)'#ff% Ki}d`k\1 <A<:LK@MF% =\Z_X [\ @e`Z`XZ`Â?e1 (/ [\ [`Z`\dYi\ [\ )''0% :XljX <A<:LK@M8 Ef% )''0$ (-/(%$ AF?E 8P8C8 D8IK@E<Q %$ GIFM@;<E:@8 ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )) [\ <e\if [\c )'('# cXj (-_'/%$ M@JKFJ1 <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[X%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <A<:LK@MF%$ <e Zfej\Zl\eZ`X# DFI8C<J <EI@HL<Q C<E@E <;L8I;F# \e ZXc`[X[ [\ [\l[fi gi`eZ`$ gXc2 P8LK@9L: G@C:F <JK<I D8EL<C8 p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;# \e ZXc`[X[ [\ ^XiXek\j jfc`[X$ i`fj# [\ Zfe]fid`[X[ Zfe `eZ`jf (if% [\c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X$ [X f gifgfe^X \oZ\gZ`fe\j \e \c kÂ&#x201E;id`ef c\^Xc [\ ki\j [Â&#x2C6;Xj%$ :Â&#x2C6;k\j\ X cfj XZZ`feX[fj \e cfj cl^Xi\j hl\ j\ `e[`ZX gXiX \c \]\Zkf%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ ;\aXe[f Zfg`X Z\ik`]`ZX[X# iXqÂ?e p i\Z`Yf \e Xlkfj gifZÂ&#x201E;[Xj\ Xc [\j^cfjÂ&#x201E; [\ cfj [fZld\ekfj jfc`Z`kX[fj# \ekiÂ&#x201E;^l\j\ X cX g\ijfeX Xlkf$ i`qX[X%$ 8c XZkfi j\ c\ gi\m`\e\ [\c Zfek\e`[f [\c Xik`Zlcf 00) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi \c XZZ`feXek\ gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j# XjÂ&#x2C6; Zfdf cX Xlkfi`qX$
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A TRANSPORTE Y SERVICIOS OPERACIONES Y SUSTENTABILIDAD TRANSSOS S.A.
La compaĂąĂa TRANSPORTE Y SERVICIOS OPERACIONES Y SUSTENTABILIDAD TRANSSOS S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario SĂŠptimo del Distrito Metropolitano de Quito, el 03 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002267 de 25 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 6.000,00 NĂşmero de Acciones 6.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: TRANSPORTE COMERCIAL DE CARGA PESADA A NIVEL NACIONAL,....
AR/83098/cc
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? Z`Â?e hl\ Zfe]`\i\ X jl XYf^X[f [\]\ejfi%$ EFK@=@HL<J<%$ ALQ>8;F M @ > < J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# d`Â&#x201E;iZf$ c\j 0 [\ dXiqf [\c )''(# X cXj ((_+(% <c \jZi`kf hl\ Xek\Z\[\ X^iÂ&#x201E;^l\j\ Xc gifZ\jf%$ <e m`i$ kl[ [\c aliXd\ekf hl\ Xek\Z\[\ ZÂ&#x2C6;k\j\ X cfj j\Â&#x152;fi\j DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;# gfi cX gi\e$ jX [\ XZl\i[f X cf gi\m`jkf \e \c XikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ efk`]Â&#x2C6;$ hl\j\%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc \e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l[X[% :\ik`]`Zf% Hl`kf# (/ [\ dXiqf [\ )'((% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.+&k] I% [\c <%
:@K8:@FE AL;@:@8C 8C ;<D8E;8;F1 C8 :FDG8zĂ 8 F==J?FI< D8IB<K@E> @E:% I<GI<J<EK8;F GFI <C @E>% A8@D< 9<E8M@;<Q% 8:KFI1 I<GI<J<EK8EK< C<>8C ;< ;<C=FIK :@8% CK;8% @E>% ;@8E8 G8D<C8 D<Q8 8C;8Q% =LE;8D<EKFJ ;< ;<I<:?F1 8IKJ ./( 8 .//# P D8J G<IK@E<EK<J ;<C :ä;@>F :@M@C : L8 E K @ 8 1 * ) %' ' '#' ' ;FC8I<J% KI8D@K<1 AL@:@F <A<:LK@MF%% AL@:@F Ef% ('++$)''/ :%@% ALQ>8;F ;<:@DF J<GK@DF ;< C8 :@M@C ;< G@:?@E:?8%$ JXe^fchlÂ&#x2C6;# X ') [\ j\gk`\d$ Yi\ [\c )'('# X cXj )'('# X cXj '/_('% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c [\gi\ZXkfi`X p cfj \jZi`kfj hl\ Xek\Z\[\e p Xk\e[`\e$ [f cX g\k`Z`Â?e p \c \jkX[f [\ cX ZXljX ZfdgXi\Z\ cX gXik\ XZkfiX p ZldgcX Zfe cf hl\ [`jgfe\ \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% (/* hl\ j\Â&#x152;XcX \c ;i% GXki`Z`f M`qZXiiX M`k\i` p fkifj gXiX ]lkliXj efk`]`ZXZ`f$ e\j _}^Xj\ jXY\i X jl Xek\i`fi [\]\ejfi hl\ _X j`[f jljk`kl`[f \e cX [\]\ejX% EFK@=@HL<J<% ALQ>8;F ;<:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlÂ&#x2C6;# X (* [\ 8Yi`c [\c )'((# X cXj '/?,,% 8k\ekf \c aliXd\ekf i\e[`[f gfi cX XZkfiX @e^% ;`XeX GXd\cX D\qX 8c[Xj ZÂ&#x2C6;k\j\ Xc [\dXe[f CX :fdgXÂ&#x152;]X F==J?FI< D8IB<KK@E> @E:# i\gi\j\ekX[f gfi \c j\Â&#x152;fi @e^% A8@D< 9<E8M@;<J \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf Zfe]fid\ [`jgfe\ \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% EFK@=@HL<J<% ] ;i% Cl`j <[lXi[f KX`g\ >% al\q <eZXi^X[f Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[f$ c\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\c cl^Xi [\c al`Z`f gXiX jlj ]lkliXj efk`]`ZXZ`fe\j% ;i% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0//*&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8
Quito, 25 de Mayo de 2011.
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS AR/83096/cc
:@K8:@FE AL;@:@8C 81 G8KI@:@F I<E< 8I8LQ CFG<Q <OKI8:KF 8:KFI1 ;I% AL8E =I8E:@J:F MĂ QHL<Q
Ä&#x2020;
GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< G@:?@E:?8 :%8 ;<D8E;8;FJ1 G8KI@:@F I<E< 8I8LQ CFG<Q AL@:@F <A<:LK@MF Ef% '0'*$ )''/ :L8EK@81 LJ;% )%,''#'' :8J@CC8 AL;@:@8C Ef )''- ;<=<EJFI1 ;I% AL8E =I8E:@J:F MĂ QHL<Q =<:?8 ;< @E@:@F1 '+ ;< J<GK@<D9I< ;<C )''/ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '0 [\ J\gk`\dYi\ [\c )''/# cXj ('_,+%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ))0+$;G$;;G# [\ )( [\ alc`f [\c XÂ&#x152;f )''/%CX [\dXe[X ]fidlcX[X \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ <a\Zlk`mf2 \e Zfej\$ Zl\eZ`X \c [\dXe[X[f 8I8LQ CFG<Q G8KI@:@F I<E<# [\ekif [\c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j# YXaf gi\m\eZ`fe\j [\ C\p% :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\ \e cfj [fd`Z`$ c`fj j\Â&#x152;XcX[fj gXiX \c \]\Zkf% 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%$ Efk`]Â&#x2C6;hl\j\%$ ] 89% =XYi`Z`f J\^fm`X% AL<Q JLGC<EK<% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# DXik\j (, [\ dXiqf [\c )'((# cXj ((_',%$ 8^iÂ&#x2026;^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\$ [\%$ <e cf gi`eZ`gXc# Xk\ekf \c aliXd\ekf hl\ k`\e\ i\e[`[f \c XZkfi# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â&#x17D;[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2030;k\j\ Xc [\dXe[X[f G8KI@:@F I<E< 8I8LQ CFG<Q# gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`Â&#x17D;[`Zfj [\ dXpfi Z`iZlcX$ Z`Â&#x17D;e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]Â&#x2030;hl\j\%$ Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0//) ) k] <OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@FE AL;@:@8C 8 CFJ J<zFI<J AFJ< 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF AL@:@F1 <A<:LK@MF Ef% (-/,$ '0 <%8% 8:KFI% ;I%CL@J =<IE8E;F D8IK@E<Q 98II<EF GIF:% AL;% ;< C8 :FFG% 8?FIIF P :I<;@KF :FFGIF>I<JF CK;8% ;<D8E;8;F1 AFJ< 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G8IL>8:?@ G@CC8AF ;FD@:@C@F% ;IJ% IF9<K? p G8KI@:@F M@CC8IIL<C KI8D@K<% <A<:LK@MF :L8EK@8% )%'''#ff LJ; :8J@CC<IF% ,'(( ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?81%$ Hl`kf# ') [\ ]\Yi\if [\c )'((%$ CXj (,_'/%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi c\^Xcd\ek\ gfj\j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}$ d`k\ <A<:LK@MF# [\ XZl\i[f X cf gi\m`jkf \e cfj 8ikj% +(* p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e Zfe$ j\Zl\eZ`X# ZldgcXe Zfe cX fYc`$ ^XZ`Â?e [\dXe[X[X f gifgfe$ ^Xe \oZ\gZ`fe\j \e \c kÂ&#x201E;id`ef c\^Xc [\ ki\j [Â&#x2C6;Xj cfj [\dXe$ [X[fj :Ă?ID<E ALC@8E8
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x2021;
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
:8@J8>L8EF G<I;FDF j\ cX Z`kXi} gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# [\ XZl\i[f X cf gi\m`j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 p# X AFJy 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF j\ cfj Z`kXi} d\[`Xe$ k\ :fd`j`Â?e c`YiX[X Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2030;k`Zf [\ cX gXiif$ hl`X [\ EXpÂ?e X hl`\e j\ c\ \em`Xi} \c jl]`Z`\ek\ [\jgX$ Z_f%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi \c XZkfi p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\%$ Gfi Â&#x2019;ck`df# gi\m`X Zfg`X p i\Z`Yf \e Xlkfj [\j^cÂ?Z\j\ p \ekiÂ&#x201E;^l\j\ Xc [fZld\ekXZ`Â?e hl\ j\ X[ale$ kXiX X cX [\dXe[X p \ekiÂ&#x201E;^l\$ j\ X cX g\ijfeX Xlkfi`qX[X%$ Efk`]Â&#x2C6;hl\j\%$ ] ;i% >\id}e >feq}c\q [\c Gfqf Al\q % ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j ( [\ alc`f [\c )'('%$ CXj (-_,*%$ Gfi jfc`Z`kXicf \c XZkfi# \e dÂ&#x201E;i`kf Xc Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c XikÂ&#x2C6;Zlcf +)+# @eZ`jf )[f% ;\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# fi[\eXj\ cX gif_`Y`Z`Â?e [\ \eX$ a\eXi [\c Y`\e `edl\Yc\ [\k\i$ d`eX[fj \e \c c`Y\cf `e`Z`Xc# Zlpf Z\ik`]`ZX[f [\c I\^`jkif [\ ^iXm}d\e\j j\ XZfdgXÂ&#x152;X p hl\ \j [\ gifg`\[X[ [\ cfj [\dXe[X[fj AFJ< 8>LJK@E AL@z8 CL>D8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X j\ efk`]`ZXi} Xc j\Â&#x152;fi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ :XekÂ?e%$ ?\Z_f hl\ j\X ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX Zfe]fid\ j\ _XccX fi[\eX[f \e Xlkf `e`Z`Xc%$ Efk`]Â&#x2C6;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`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f p ZXj`cc\if al[`Z`Xc \e cX ]fidX p [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc%$ :\ik`]`Zf%$% ;I% >8CF 98<Q A8@D<% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.)&k] ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 8 D8I@8 <L><E@8 GFIK@CC8 : L8 J 8K8 I# I @ : 8 I ; F D8LI@:@F IL8C<J :<IFE P M8CM<I;< :L<E:8 :ILQ @E<J% <OKI8:KF 8:KFI1 ;i% Cl`j =\ieXe[f DXikÂ&#x2C6;e\q 9Xii\ef GifZliX[fi Al[`Z`Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :FFGIF>I<JF% ;<D8 E ;8 ; FJ 1 D 8 I @ 8 <L><E@8 G F I K @ C C 8 : L8 J 8K8 I# I @ : 8 I ; F D8LI@:@F IL8C<J :<IFE P M8CM<I;< :L<E:8 :ILQ @E<J AL@:@F1 <A<:LK@MF Ef% (,-,$ )''0$@>D$ KI8D@K<1 <a\Zlk`mf :L8EK@8 LJ; *%/''#'' ;FD@:@C@F1 :Xj`cc\if Al[`Z`Xc Ef% ,'(( [\c ;i% IfY\ik M`ccXiil\c IXdÂ&#x2C6;i\q% F9A<KF1 :fYif [\ [`e\if GIFM@;<E:@8J ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '. [\ ;`Z`\dYi\ [\c )''0# cXj '/_)/%$ M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X # XZ\gk}e[fj\ Xc ki}d`k\ <a\Zlk`mf j\ [`jgf$ e\ hl\ cfj [\dXe[X[fj DXiÂ&#x2030;X <l^\e`X Gfik`ccX :lXjXkXi# I`ZXi[f DXli`Z`f IlXc\j :\iÂ&#x17D;e
p MXcm\i[\ :l\eZX :ilq @eÂ&#x2026;j# \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj gX^l\e cX fYc`^XZ`Â?e [\dXe[X$ [X f gifgfe^Xe \oZ\gZ`fe\j % GXiX \c \]\Zkf ZÂ&#x2C6;k\j\c\ Xc gi`d\$ if \e \jkX Z`l[X[ [\ Hl`kf \e cX [`i\ZZ`Â?e j\Â&#x152;XcX[X % P X cfj j\^le[fj d\[`Xek\ Zfd`j`Â&#x17D;e Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2030;k`Zf [\ cX gXiifhl`X [\ :Xc[\iÂ&#x17D;e [\ \jk\ ZXekÂ&#x17D;e% KÂ?d\j\ efkX [\c ZXj`$ cc\if Al[`Z`Xc j\Â&#x152;XcX[X gfi \c XZkfi# ZXc`[X[ Zfe cX hl\ Zfd$ gXi\Z\ p ZlXekÂ&#x2C6;X [\ cX XZZ`Â?e % 8^iÂ&#x201E;^l\ej\ cfj [fZld\ekfj gi\j\ekX[fj# cfj d`jdfj hl\ j\ [\j^cfjXi~e \e cX ]fidX p df[f g\k`Z`feX[f% :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j (/ [\ \e\if [\c )'((# cXj ((_'0%$ 8k\ekX cX iXqÂ?e j\ekX[X gfi \c j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf p J\Zi\kXi`f [\ cX K\e\eZ`X GfcÂ&#x2C6;k`ZX [\ cX GXiifhl`X :Xc[\iÂ?e# p aliXd\ekf i\e[`[f gfi \c XZkfi# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj I`ZXi[f DXli`Z`f IlXc\j :\iÂ?e p :ilq @eÂ&#x201E;j MXcm\i[\ :l\eZX# X kiXmÂ&#x201E;j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% J\ XZfkX hl\ kXdgfZf j\ _X Z`kX[f X DXiÂ&#x2C6;X <l^\e`X Gfik`ccX :lXjXkXi# j\^le cX iXqfe j\ekX[X gfi \c Z`kX[fi% Efk`]Â&#x2C6;hl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf%$ cle\j (+ [\ dXiqf [\c )'((# cXj ((_++%$ 8k\ekX cX iXqÂ?e j\ekX$ [X gfi \c j\Â&#x152;fi Z`kX[fi p aliX$ d\ekf i\e[`[f gfi \c XZkfi# j\ [`jgfe\ Z`kXi X cX [\dXe$ [X[X DXiÂ&#x2C6;X <l^\e`X Gfik`ccX :lXjXkXi# X kiXmÂ&#x201E;j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]Â&#x2C6;hl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< :F D L E @ :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 J K < 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] 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 :iÂ&#x201E;[`kf )* [\ Alc`f Ck[X%% ;i% :_i`jk`Xe >\fmXeep ?likX[f I`Z_Xi[j % ;<D8E;8;8J% IfjX <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% AfjÂ&#x201E; 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\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X # XZ\gk}e[fj\ Xc ki}d`k\ <a\Zlk`mf j\ [`jgf$ e\ hl\ cXj [\dXe[X[Xj IFJ8 <C@Q89<K? p J@CM@8 G8KI@:@8 GFM<;8 C8I8# \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj gX^l\e cX fYc`^X$ Z`Â?e [\dXe[X[X f gifgfe^Xe
Ĺ?
\oZ\gZ`fe\j % GXiX \c \]\Zkf ZÂ&#x2C6;k\j\c\j \e cX [`i\ZZ`Â?e j\Â&#x152;X$ cX[X \e cX [\dXe[X% Gfi ]XckX [\ gil\YX e`Â&#x201E;^Xj\ cX d\[`[X ZXlk\cXi% KÂ?d\j\ efkX [\c ZXj`cc\if Al[`Z`Xc j\Â&#x152;XcX[f gfi cX gXik\ XZkfiX #ZXc`[X[ Zfe cX hl\ ZfdgXi\Z\ p ZlXekÂ&#x2C6;X [\ cX XZZ`Â?e% 8^iÂ&#x201E;^l\ej\ cfj [fZl$ d\ekfj gi\j\ekX[fj# d`jdfj hl\ j\ [\j^cfjXi}e \e cX ]fidX p df[f g\k`Z`feX[f% :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;i$ Zfc\j (( [\ dXpf [\c )'((# cXj ('_*-%$ 8k\ekX cX iXqÂ?e j\ekX$ [X gfi \c j\Â&#x152;fi :`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 kiXmÂ&#x201E;j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]Â&#x2C6;hl\j\%$ ] ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< :F D L E @ :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 J K < 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] 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 :fdgXÂ&#x152;Â&#x2C6;X :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$8C :L8EK@8%1 J<@J D@C ;äC8I<J 8D<I@:8EFJ Ă&#x2C6;ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# Cle\j (( [\ XYi`c [\c )'((# cXj '/?**%$ Ă&#x2C6;M@JKFJ1 8^iÂ&#x201E;^l\j\ \c \jZi`kf hl\ Xek\Z\[\% Gfi Zldgc`[f cf fi[\eX[f \e gifm`$ [\eZ`X Xek\i`fi j\ [`jgfe\1 CX [\dXe[X ]fidlcX[X \j ZcXiX# gi\Z`jX p i\Â&#x2019;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\Â&#x152;fiX DXiÂ&#x2C6;X >XYi`\cX 9}jhl\q# \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X[X f [\ekif [\c d`jdf kÂ&#x201E;id`ef gifgfe^X \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p# Zfe]fi$ d\ cf \jkXYc\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# ZÂ&#x2C6;k\j\ X cX [\dXe[X[X j\Â&#x152;f$ iX1 DXiÂ&#x2C6;X >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^iÂ&#x201E;^l\j\ cX [fZl$ d\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 gXkifZ`eX[fi%$Efk`]Â&#x2C6;hl\j\Ă&#x2030;%$ ;i% <[n`e 8i^fk` I\p\j%$ Al\q <eZXi^X[f% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi 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 :L8IKF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C1 8 ;FE8C;F 8z8G8 C8I>F J\ c\ _XZ\ ZfefZ\i \c <OKI8:KF# [\ cX [\dXe[X <A<:LK@M8 p
I[ [nf[h_c[djW fbWY[h Wb i[h `kije Yed kde c_ice$ ;djedY[i i[ lk[bl[ Wb ehZ[d feh bW l[hZWZ$ @EI;F> @EK8;HJ
GIFM@;<E:@8# hl\ X Zfek`elX$ Z`Â?e j`^l\e1 <okiXZkf 1 8:KFI1 98E:F G@:?@E:?8 :%8% ;<D8E;8;F1 ;FE8C;F 8z8G8 C8I>F Al`Z`f1 <a\Zlk`mf% J\ [\dXe[X \c ZfYif [\c GX^Xi\ gfi _XY\ij\ m\eZ`[f \c gcXqf \jkXYc\Z`[f p hl\ ZfejkXe \e Xlkfj p hl\ XjZ`\e[\ X cX ZXek`[X[ [\ LJ;% )%'''#ff ;Â?cXi\j 8d\i`ZXefj d}j cfj `ek\i\j\j i\jg\Zk`mfj% ;fd`Z`c`f C\^Xc% :Xj`ccX *.)/ [\c ;i% :Xc`okf I\^XcX[f CÂ?g\q :XljX Ef% .0/$)''0% KiXd`kX1 9%9 GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# *' [\ ale`f [\c )''0# cXj (._(*% M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkl$ iX d\[`Xek\ \c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\e$ kf [\ cX d`jdX \e m`ikl[ [\c f]`Z`f E% 0(+$;G$;;G$A8I$'. [\ '* [\ ;`Z`\dYi\ [\c )''. \e d` ZXc`[X[ [\ Al\q Jlgc\ek\% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X \c [\dXe[X[f ;FE8C;F 8z8G8 C8I>F# [\ekif [\c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj gX^l\ Xc XZkfi cX ZXe$ k`[X[ ZfejkXek\ \e \c gX^XiÂ&#x201E; X cX fi[\e X[alekf# d}j cfj `ek\i\j\j i\jg\Zk`mfj f [\ekif [\c d`jdf kÂ&#x201E;id`ef gifgfe^Xe \oZ\gZ`fe\j YXaf gi\m\eZ`f$ e\j [\ C\p% :Â&#x2C6;k\j\ Xc [\dXe$ [X[f \e \c cl^Xi `e[`ZX[f%% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf Xc [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X% 8ZkÂ&#x2019;\e \c j\Â&#x152;fi J\Zi\kXi`f p F]`Z`Xc DXpfi \eZXi^X[fj% Efk`]Â&#x2C6;hl\j\% ;I% <;N@E 8I>FK@ I<P<J% AL<Q JLGC<EK<% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j ), [\ XYi`c [\c )'((# cXj (+_(,%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi \c ;I% >FD<I :8C@OKF I<>8C8;F CFG<Q p [\ Zfe]fid`[X[ X cf [`jgl\j$ kf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ Xc j\Â&#x152;fi ;FE8C;F 8z8G8 C8I>F# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% 8c \]\Zkf# Zfe]`Â&#x201E;iXj\ \c \okiXZkf i\jg\Z$ k`mf% ;I% N@CD<I 8D9IFJJ@ IF9C<J% AL<Q <E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF J<:I<K8I@F \ 8%:%&.0/,* <OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 81 A8:@EKF <;L8I;F 8E;I8;< G8JGL<C P D8IK?8 A8E<K? FKLE8 =FCC<:F 8:KFI81 ;I8% ;8M@C8 GFIKL>8C C @ C @ 8 E <C@Q89<K?# GIF:LI8;FI8 AL;@:@8C ;<C :FEJFI:@F ;<C G@:?@E:?8 J%8% :FE;<CG@% ;<D8E;8;FJ1 A8:@EKF <;L8I;F 8 E ; I 8 ; < G8JGL<C P D8IK?8 A8E<K? FKLE8 =FCC<:F AL@:@F1 <A<:LK@MF Ef (/) Ă&#x2020; )'(' $ :D% KI8D@K<1 <A<:LK@MF :L8EK@81 ('%'''#'' GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF
:@M@C ;< G@:?@E:?8%$ Hl`kf# )* [\ =\Yi\if [\c )'('# cXj '/_(*%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\qX <eZXi^X[X [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% )-*$ ;G$;GG# [\ ]\Z_X (' [\ ]\Yi\$ if [\ )'('% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p% <c kÂ&#x2C6;klcf XZfdgXÂ&#x152;X[f X cX [\dXe[X gi\jkX dÂ&#x201E;i`kf \a\Zlk`mf# \e Zfej\Zl\eZ`X# cfj [\dXe[X[fj j\Â&#x152;fi\j A8:@EKF <;L8I;F 8E;I8;< G8JGL<C P D8IK?8 A8E<K? FKLE8 =FCC<:F# \e \c kÂ&#x201E;id`$ ef [\ ki\j [Â&#x2C6;Xj [\ j\i Z`kX[fj c\^Xcd\ek\# gX^l\e cX fYc`^X$ Z`Â?e i\hl\i`[X f gifgfe^Xe \oZ\gZ`fe\j% :Â&#x2C6;k\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX# gXiX cf ZlXc j\ Zfd`$ j`feX Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX gXiifhl`X [\ KldYXZf% 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfd$ gXÂ&#x152;Xe% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX ZfdgXi\Z`\ek\% Gi\m`Xd\ek\ [\a}e[fj\ Zfg`X Z\ik`]`ZX[X p i\Z`Yf \e Xlkfj [\j^cÂ?j\j\ p \ekiÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e jfc`Z`kX[X%$ EFK@=@HL<J<% = %$ ;I8% D8I:@8 =CFI<J 9 < E 8 C:8 Q8 I# A l \ q X <eZXi^X[X% ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j (- [\ dXiqf [\c )'((# cXj '/_'.%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\e$ kX[f% 8k\ekX cX g\k`Z`Â?e hl\ Xek\Z\[\# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliXd\ekf i\e[`[f gfi cX XZZ`feXek\ [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj j\Â&#x152;fi\j A8:@EKF <;L8I;F 8E;I8;< G8JGL<C P D8IK?8 A8E<K? FKLE8 =FCC<:F# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ EFK@=@HL<J<% = %$ ;I% I8LC D8I@zF ?<IEĂ?E;<Q# AL<Q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\e$ kif [\c g\iÂ&#x2C6;d\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp le j\ccf 8%:%.0/*-& ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8
<OKI8:KF :`kXZ`Â?e Al[`Z`Xc X cX j\Â&#x152;fiX 8c\aXe[iX :XiklcXi DfekXcmf# Zfe cX [\dXe[X hl\ \e Al`Z`f <a\Zlk`mf j`^l\ \e jl ZfekiX \c j\Â&#x152;fi ;i% >fd\i :Xc`okf I\^XcX[f CÂ?g\q## \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Â&#x152;fi 8li\c`f =\ieXe[f Gfqf :i\jgf >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\c 9XeZf [\c G`Z_`eZ_X :%8% 8:KFI% ;i% >fd\i :Xc`okf I\^XcX[f CÂ?g\q# \e jl ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Â&#x152;fi 8li\c`f =\ieXe[f Gfqf :i\jgf# \e jl ZXc`$ [X[ [\ >\i\ek\ >\e\iXc p I\gi\j\ekXek\ c\^Xc [\c G`Z_`eZ_X :% 8% ;<D8E;8;8%$ 8c\aXe[iX :XiklcXi DfekXcmf% AL@:@F1 <a\Zlk`mf KI8D@K<%$ <a\Zlk`mf :L8EK@8% .%'''#ff F9A<KF ;< C8 ;<D8E;8%$ GX^XiÂ&#x201E; X cX fi[\e% :8LJ8 Ef% )'('$ '+*+ <% GIF8zF GIFM@;<E:@8%$ ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )' [\ XYi`c [\ )'('# cXj '/_++%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d`
ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p%$ <c kÂ&#x2C6;klcf XZfdgXÂ&#x152;X$ [f# gi\jkX dÂ&#x201E;i`kf \a\Zlk`mf% <e Zfej\Zl\eZ`X# cfj [\dXe$ [X[fj j\Â&#x152;fi\j 8C<A8E;I8 :8IKLC8I DFEK8CMF# \e jl ZXc`[X[ [\ [\l[fi gi`e$ Z`gXc# p IF;I@>F M@:<EK< DFEK8CMF 8M@C<J# Zfdf ^XiXek\ jfc`[Xi`X# \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj [\ j\i c\^Xcd\ek\ Z`kX[fj gX^l\e cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j% <e dÂ&#x201E;i`kf [\c Z\i$ k`]`ZX[f Zfe]\i`[f gfi \c j\Â&#x152;fi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e# p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX cX gif_`Y`Z`Â?e [\ \eXa\eXi [\c Y`\e `edl\Yc\ hl\ j\ \eZl\ekiX X efdYi\ [\c ^XiXek\ jfc`[Xi`f# p hl\ j\ _XccX [\k\id`eX[f \e \c Xek\j `e[`ZX$ [f Z\ik`]`ZX[f% GXiX cX ZlXc efk`$ ]Â&#x2C6;hl\j\ Xc j\Â&#x152;fi I\^`jkiX[fi [\ \jkX Z`l[X[ [\ Hl`kf# ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj \e cfj cl^Xi\j hl\ j\ `e[`ZX%$ 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c g\k`Z`feXi`f# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j hl\ c\ Zfii\j$ gfe[X%$ EFK@=@HL<J<%$] ;i% IXÂ&#x2019;c DXi`Â&#x152;f ?\ie}e[\q GIFM@;<E:@8% %$ ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j(* [\ [`Z`\dYi\ [\ )'('# cXj '/_()%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f% <e dÂ&#x201E;i`$ kf [\c aliXd\ekf hl\ i\Xc`qX \c
XZkfi \e \c hl\ [\ZcXiX cX `dgf$ j`Y`c`[X[ [\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X[X# p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c :f[`]`ZX[f# ZÂ&#x2C6;k\j\ X cX [\dXe$ [X[X j\Â&#x152;fiX 8C<A8E;I8 :8IKLC8I DFEK8CMF# gfi cX gi\ejX \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% EFK@=@HL<J<%$ ] ;i% IXÂ&#x2019;c DXi`Â&#x152;f ?\ie}e[\q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`ik`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e cX ]fidX c\^Xc gXiX i\Z`Y`i cXj gfjk\i`fi\j efk`]`ZX$ Z`fe\j hl\ c\j Zfii\jgfe[X%$ CZ[f% :Xicfj Dli`ccf J<:I<K8I@F <E:8I>8;F ;<C ALQ>8;F JyGK@DF ;< CF ;< :@M@C ;< G@:?@E:?8 8%:%&.0/,)
FI;@E8I@FJ ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C
82 QF@C8 M@:KFI@8 M@<I8# Zfe \c \okiXZkf [\ cX [\dXe[X Fi[`eXi`X p gifm`[\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF1 8Zkfi\j1 : 8 I C F J :?LHL@D8I:8 HL@J8>L8EF P D<I:<;<J >FEQ8C<Q K@KF ;\dXe[X[X1 QF@C8 M@:KFI@8 M@<I8 :lXekÂ&#x2C6;X1 @e[\k\id`eX[X Al`Z`f Ef% ()'($)''/$NQ
FYa\kf [\ cX ;\dXe[X1 8[hl`i`i \c [fd`e`f [\c cfk\ [\ k\ii\ef j`klX[f \e cX ZXcc\ G\[\ieXc\j# [\c j\Zkfi [\c 9Xii`f <c Ki`le]f# \e \c j\Zkfi [\ JXe :Xicfj# g\ik\e\Z`\ek\ X cX gXiifhl`X :fkfZfccXf# [\c :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% GIFM@;<E:@8 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '* [\ ;`Z`\dYi\ [\c )''/# cXj ((_)-%$ M@JKFJ%%$ LeX m\q hl\ cfj [\dXe[Xek\j _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi j\ [`j$ gfe\1 CX [\dXe[X hl\ Xek\$ Z\[\ gcXek\X[X gfi :8ICFJ :?LHL@D8I:8 HL@J8>L8EF P D<I:<;<J >FEQ8C<Q K@KF \e ZfekiX [\ QF@C8 M@:KFI@8 M@<I8 \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ fi[`$ eXi`f gifgl\jkf% J\ [`jgfe\ kiXjcX[Xi X cX [\dXe[X[X gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj X ]`e [\ hl\ gifgfe^Xe cXj \oZ\g$ Z`fe\j [`cXkfi`Xj f g\i\ekfi`Xj X cXj hl\ j\ Zi\p\i\e Xj`jk`[fj% <e dÂ&#x201E;i`kf Xc aliXd\ekf i\e[`[f gfi cfj XZkfi\j ZÂ&#x2C6;k\j\ X QF@C8 M@:KFI@8 M@<I8# d\[`Xek\ glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X \e \c i\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf% :lÂ&#x201E;ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj g\ijfe\ifj [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj X cX [\dXe[X% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO CONSTITUCIĂ&#x201C;N SIMULTĂ NEA DE LA COMPAĂ&#x2018;Ă?A ADMINISTRADORA DE FONDOS Y FIDEICOMISOS CAPITAL AFC S.A. La compaĂąĂa ADMINISTRADORA DE FONDOS Y FIDEICOMISOS CAPITAL AFC S.A., se constituyĂł por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 25 de abril de 2011, aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. Q.IMV.2011.2257 de 24 de mayo de 2011. 1. DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2. DURACIĂ&#x201C;N: Cien aĂąos a partir de la fecha de InscripciĂłn en el Registro Mercantil. 3. CAPITAL: Suscrito y pagado TRESCIENTOS NOVENTA Y CINCO MIL DĂ&#x201C;LARES DE LOS ESTADOS UNIDOS DE AMĂ&#x2030;RICA (US$ 395.000,oo); dividido en trescientas noventa y cinco mil acciones de US$ 1 cada una. 4. OBJETO: El objeto de la compaĂąĂa es: â&#x20AC;&#x153;...a) Administrar fondos de inversiĂłn; b) Administrar negocios fiduciarios, definidos en la Ley; a) Actuar como emisor de procesos de titularizaciĂłn; y, d) Representar fondos internacionales de inversiĂłn...â&#x20AC;? 5. ADMINISTRACIĂ&#x201C;N Y REPRESENTACIĂ&#x201C;N LEGAL: La compaĂąĂa serĂĄ administrada por el Directorio, y el Gerente General. La RepresentaciĂłn Legal de la compaĂąĂa la ejercerĂĄ el Gerente General dentro de las atribuciones conferidas por el estatuto. Distrito Metropolitano de Quito, 24 de mayo de 2011. MERCEDES FLORES DEL POZO INTENDENTA DE MERCADO DE VALORES - QUITO (SUB) AR/29282/cc
gfi cfj XZZ`feXek\j% :@K<J< P EFK@=@HL<J<%$ ] ;I% D8I@F FIK@<Q <JKI<CC8%$ Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf [`jgfe\ cX c\p% ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp le j\ccf 8%:%&.0/,' I% ;<C <% <OKI8:KF AL;@:@8C ALQ>8;F M@><J@DF ;< CF
:@M@C ;< G@:?@E:?8
:@K8:@FE AL;@:@8C 8 cfj _\i\$ [\ifj gi\jlekfj p [\jZfefZ`$ [fj [\c ZXljXek\ j\Â&#x152;fi AFJ< ALC@F K8:LE>8 P8E<Q AL@:@F1 Ef% *(($)'(($ C%8% KI8D@K<1 FI;@E8I@F 8:KFI1 D8I@8 D8K@C;< K8:LE>8 P8E<Q ;<D8E;8;81 A L C @ 8 8;FI8:@FE P8EQ8 :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF Ef% (',' ;I% K@KF P<G<Q GIFM@;<E:@8 ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ) [\ dXpf [\c )'((# cXj ((_()%$ M@JKFJ%$ <e m`ikl[ [\c
jfik\f Zfii\jgfe[`\ek\# XmfZf ZfefZ`d`\ekf [\ \jkX ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX# p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ \e Al`Z`f FI;@E8I@F%$ <e Zfej\Zl\eZ`X# ZÂ?iiXj\ kiXj$ cX[f gfi \c kÂ&#x201E;id`ef c\^Xc [\ hl`eZ\ [Â&#x2C6;Xj# hl\ Zfd\eqXi} X [\Zlii`i X gXik`i [\ cX ]\Z_X [\ Z`kXZ`Â?e# Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X :Â&#x2C6;k\j\ X cX [\dXe[X[X j\Â&#x152;fiX ALC@8 8;FI8:@FE P8EQ8# \e \c cl^Xi j\Â&#x152;XcX[f# p2 X cfj _\i\$ [\ifj gi\jlekfj p [\jZfefZ`$ [fj [\c ZXljXek\ j\Â&#x152;fi AFJ<
ALC@F K8:LE>8 P8E<Q# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# X ]`e [\ hl\ gifgfe^Xe cXj \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% *0. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[Â&#x2C6;X%$ @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[# gXiX Zlpf \]\Zkf j\ efk`]`ZXi}# d\[`Xek\ f]`Z`f%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂ&#x152;X%$ KÂ&#x201E;e^Xj\
\e Zl\ekX \c [fd`Z`c`f p ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[f gfi \c Zfd$ gXi\Z`\ek\# XjÂ&#x2C6; Zfdf kXdY`Â&#x201E;e cX Xlkfi`qXZ`Â?e X jl 8Yf^X[f ;\]\ejfi%$ Efk`]Â&#x2C6;hl\j\%$ ] ;i% >\id}e >feq}c\q [\c Gfqf% Al\q% Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p p c\ :@KF# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0//'
I% ;<C <% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@FE AL;@:@8C 8 CFJ J<zFI<J 8E><C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I Ă&#x2020; <OKI8:KF$ AL@:@F1 FI;@E8I@F E Â&#x2014; (,+* $ )'(' $ ;I%$G= 8:KFI1 D8I@8 JLJ8E8 HL@J?G< JĂ?E:?<Q ; < D 8 E ;8 ; F 1 8 E > < C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I KI8D@K< 1 FI;@E8I@F F9A<KF1 J\ [\ZcXi\ Zfe cl^Xi cX Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ [fd`e`f [\c
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? k\ii\ef j`^eX[f Zfe \c eld\if [`\Z`j`\k\# j`klX[f \e cX ZXcc\ =\ie}e[\q [\ M\cXjZf E,$)) p =iXeZ`jZf [\ 8i\ccXef [\ \jk\ ;`jki`kf D\kifgfc`kXef [\ Hl`kf# GXiifhl`X <c JXcmX[fi# Zfe leX \ok\ej`Â?e [\ [fj$ Z`\ekfj d\kifj ZlX[iX[fj [\
Ä&#x2C6;
jlg\i]`Z`\ :L8EK@81 @e[\k\id`eX[X GIFM@;<E:@8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j )( [\ \e\if [\c )'((# cXj ((_)0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x2030;
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ Zfe]fid\ Xc F]`Z`f Ef% 0).$;G$;;G$A8I$'. [\ , [\ [`Z`\dYi\ [\ )''.%$ Gfi Zldgc`[f Zfe \c i\hl\i`d`\e$ kf Xek\i`fi% CX [\dXe[X# gif$ gl\jkX gfi cX j\Â&#x152;fiX D8I@8 JLJ8E8 HL@J?G< J8E:?<Q# \j Zfdgc\kX# ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\$ cX gifZ\[\ek\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f Fi[`eXi`f%$<e Zfej\Zl\eZ`X# Zfe cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X ZÂ?iiXj\ kiXjcX[f X cfj j\Â&#x152;fi\j 8E><C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I Â&#x2019;e`Zfj efdYi\j p Xg\cc`[fj hl\ Zfefq$ Zf # hl`\e\j ]l\ife gifg`\kX$ i`fj [\ [`Z_f Y`\e `edl\Yc\2 p# X kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[Xife \ok`e^l`[fj gfi cX gi\jZi`gZ`Â?e hl\ \a\iqf \e \jkX XZZ`Â?e gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj# X ]`e [\ hl\ cX Zfek\jk\e f gifgfe^Xe kf[Xj p ZX[X leX [\ cXj \oZ\gZ`fe\j kXekf [`cXkfi`Xj Zfdf g\i\e$ kfi`Xj [\ cXj hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[Â&#x2C6;X%$ <e dÂ&#x201E;i`kf [\ cX X]`idXZ`Â?e hl\ YXaf aliXd\ekf _X i\Xc`qX[f \c 8Zkfi# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj j\Â&#x152;fi\j Ă?e^\c <jZfYXi <jZfYXi p DXiÂ&#x2C6;X DfiX ;\ <jZfYXi Â&#x2019;e`Zfj efdYi\j p Xg\cc`[fj hl\ ZfefqZf # hl`\$ e\j ]l\ife gifg`\kXi`fj [\ [`Z_f Y`\e `edl\Yc\2 p# X kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[Xife \ok`e^l`[fj gfi cX gi\jZi`g$ Z`Â?e hl\ \a\iqf \e \jkX XZZ`Â?e # gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e ZX[X leX [\ \ccXj \e ]\Z_Xj [`]\i\ek\j# gXiX cf ZlXc j\ \eki\^Xi} \c \okiXZkf i\jg\Zk`mf%$ :lÂ&#x201E;ek\j\ \e cX gi\$ j\ek\ ZXljX# Zfe cfj g\ijfe\$ ifj [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# \e cX g\ijfeX [\c j\Â&#x152;fi 8cZXc[\ p GifZliX[fi JÂ&#x2C6;e[`Zf%$ Gi\m`Xd\ek\ `ejZiÂ&#x2C6;$ YXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# Zfe]fid\ cf [`jgfe\ \c 8ik%$ (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX cf ZlXc j\ efk`]`ZXi} Xc =leZ`feXi`f i\jg\Zk`mf%$ @eZfigÂ?i\ej\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c 8Zkfi# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j# XjÂ&#x2C6; Zfdf \c efdYiXd`\ekf p cX Xlkfi`qXZ`Â?e dXe`]\jkX[X \e ]Xmfi [\ jl ;\]\ejfi%$ EFK@=@HL<J<% = ;i% IlYÂ&#x201E;e :\mXccfj =XYXiX% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[X%$ :\ik`]`Zf% ;i% E`cf >feqXcf 8cdXZ_` J\Zi\kXi`f [\c Alq^X[f ;Â&#x201E;Z`df K\iZ\if [\ cf :`m`c [\ G`Z_`eZ_X ?Xp le j\ccf 8%:%&.0/.I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF
:@K8:@FE AL;@:@8C G8I81 <;L8I;F F:K8M@F CFG<Q M<C8JHL<Q P >I8:< <C@Q89<K? :<C@ G8QFJ P C@K8 8;I@8E8 DFJHL<I8 M<>8 AL@:@F1 FI;@E8I@F EF% (+,( Ă&#x2020; )'(' C:? 8:KFI1 M@:<EK< I8LC KF98I A8II@E
;<D8E;8;F1 8IH% D8>8CP J8 D 8 E @ <> F G8 Q F J # <;L8I;F F:K8M@F CFG<Q M<C8JHL<Q P >I8:< <C@Q89<K? :<C@ G8QFJ P C@K8 8;I@8E8 DFJHL<I8 M<>8 F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% (,.'# (.+'# `YÂ&#x2C6;$ [\d p 8ik%(+,*# ))(+# ))*) p j`^l`\ek\j [\c KÂ&#x2C6;klcf OOO@@@# C`Yif :lXikf [\c :Â?[`^f :`m`c j\ [\dXe[X cX elc`[X[ [\c ZfekiXkf [\ GIFD<J8 ;< :FDGI8$M<EK8% KI8D@K<1 FI;@E8I@F :L8EK@81 )/'%''' ;FC8I<J 89F>8;F G8KIF:@E8;FI1 ;i% DXi`f FZ_fX :Â?i[fmX DXk% (.-+ :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )' [\ [`Z`\dYi\ [\c )'('# X cXj '/?,*%$ M@JKFJ%$ 8^iÂ&#x201E;^l\j\ X cfj Xlkfj \c \jZi`$ kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# Zldgc`[f \c i\hl\i`d`\ekf [\ cX Xek\i`fi gifm`[\eZ`X# j\ [\k\id`eX hl\ cX [\dXe[X hl\ Xek\Z\[\ gifgl\jkX gfi M`Z\ek\ IXÂ&#x2019;c KfYXi AXiiÂ&#x2C6;e \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fcX gifZ\[\ek\ j\ cX XZ\gkX Xc ki}d`k\ fi[`eX$ i`f%$<e Zfej\Zl\eZ`X# [}e[fj\ \c kiXjcX[f [\ C\p# j\ [`jgfe\ Z`kXi Zfe \c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`[\e$ Z`X X cX [\dXe[X[X JikX% Xihl`$ k\ZkX ;`XeX DX^Xcp JXdXe`\^f GXqfj# \e \c cl^Xi j\Â&#x152;XcX[f gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf# X ]`e [\ hl\ \e \c kÂ&#x201E;i$ d`ef [\ hl`eZ\ [Â&#x2C6;Xj Zfek\jk\ gifgfe`\e[f ZfealekXd\ek\ cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ cXj hl\ j\ Zi\p\$ i\ Xj`jk`[X%$KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e [X[X X jl XYf^X$ [f [\]\ejfi gXiX hl\ jljZi`YX cfj \jZi`kfj e\Z\jXi`fj%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p%$ ;i% I\peXc[f =cfi 8cmXiX[f%$ Al\q% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j ) [\ dXiqf [\c )'((# X cXj '0?'-%$ M@JKFJ%$ 8^iÂ&#x201E;^l\j\ X cfj Xlkfj \c \jZi`$ kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# Zldgc`[f \c i\hl\i`d`\ekf [\ cX Xek\i`fi gifm`[\eZ`X# [\ Zfe]fid`[X[ X cf [\k\id`eX[f gfi \c 8ik% .' [\c :Â?[`^f [\ gifZ\[`d`\ekf :`m`c# j\ XZ\g$ kX cX i\]fidX X cX [\dXe[X \e \c j\ek`[f [\ hl\ X dXj [\ cX [\dXe[X[X ZfejkXek\ \e \c c`Y\cf `e`Z`Xc 8ih% ;`XeX DX^Xc` JXdXe`\^f GXqfj# cX gi\j\ek\ [\dXe[X kXdY`Â&#x201E;e mX [`i`^`[X \e ZfekiX [\ cfj j\Â&#x152;f$ i\j <[lXi[f FZkXm`f CÂ?g\q M\c}jhl\q# >iXZ\ <c`qXY\k_ :\c` GXqfj# D`^l\c 9X[p 8e^cfep :ilq p C`kX 8[i`XeX Dfjhl\iX M\^X%$ <e Zfej\Zl\eZ`X# ZÂ&#x2C6;k\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X# Xlkf `e`Z`Xc# \jZi`$ kf [\ i\]fidX X cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X X cfj [\dXe[X[fj JikX% Xihl`k\Z$ kX ;`XeX DX^Xcp JXdXe`\^f GXqfj p j\Â&#x152;fi D`^l\c 9X[p 8e^cfep :ilq \e cfj cl^Xi\j j\Â&#x152;XcX[fj gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf2 p# X cfj j\Â&#x152;fi\j <[lXi[f FZkXm`f CÂ?g\q M\c}jhl\q# >iXZ\ <c`qXY\k_ :\c` GXqfj p C`kX 8[i`XeX Dfjhl\iX M\^X# \e d\i`kf [\c aliXd\ekf i\e[`[f gfi \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi jl `e[`m`[lXc`[X[ p i\j`[\eZ`X# ZÂ&#x2C6;k\j\ gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p
Ĺ?
[\ Zfe]fid`[X[ X cf [\k\id`$ eX[f gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# X ]`e [\ hl\ \e \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj Zfek\jk\e gifgfe`\e[f cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\e$ kfi`Xj [\ cXj hl\ j\ Zi\p\i\e Xj`jk`[fj%$KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e [X[X X jl XYf^X$ [f [\]\ejfi gXiX hl\ jljZi`YX cfj \jZi`kfj e\Z\jXi`fj%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\% ] ;i% I\peXc[f =cfi 8cmXiX[f Al\q % Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p%$ Gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp le j\ccf 8%:%&.0/.0 I% ;<C <%
EFK@=@:8:@äE AL;@:@8C1 8 cfj _\i\[\ifj gi\jlekfj p [\j$ ZfefZ`[fj [\ IfjX :}i[\eXj 9fcXÂ&#x152;fj# gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e [\ ZfdgXi\Z\i p j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e \jk\ gifZ\jf gXiX cfj ]`e\j [\ c\p% <OKI8:KF1 AL@:@F fi[`eXi`f Ef% ),*$('$ ag# 8:KFI1 IfjX :}i[\eXj 9fcXÂ&#x152;fj# J\^le[f :fpX^f :}i[\eXj# gifZliX[fi ZfdÂ&#x2019;e ;<D8E;8;F1 IfjX M\^X :fpX^f# fkifj 8JLEKF1 Al`Z`f Fi[`eXi`f# Elc`[X[ [\ \jZi`kliX KIĂ D@K< 1 Fi[`eXi`f ;FD@:@C@F AL;@:@8C ;< C8 8:KFI8 ZXj`cc\if al[`Z`Xc 0,) [\c ;i% C\e`e Ifj\if GIFM@;<E:@81 :FIK< GIFM@E:@8C ;< G@:?@E:?8# J<>LE;8 J8C8 ;< CF :@M@C# D<I:8EK@C# @EHL@C@E8KF P D8K<I@8J I<J@;L8C<J% Hl`kf# dXi$ k\j (' [\ dXpf [\c )'((# cXj ((_'-% % % [\k\id`e\e cfj _\i\[\ifj ZfefZ`[fj [\ cX ZXljXek\ IfjX :}i[\eXj 9fcXÂ&#x152;fj p X cfj gi\jlekfj p [\jZfefZ`[fj j\ c\j efk`]`hl\ d\[`Xek\ leX jfcX glYc`ZXZ`Â?e \e cX ]fidX p Zfe cfj \]\Zkfj [\k\id`eX[fj \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]Â&#x2C6;hl\j\% =[f% ;iX% DXiÂ&#x2C6;X [\ cfj Ă?e^\c\j DfekXcmf# Al\qX [\ JljkXeZ`XZ`Â?e% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j [\ekif [\ \jk\ gifZ\jf% ;iX% I`kX Fi[Â?Â&#x152;\q G`qXiif J<:I<K8I@8 I<C8KFI8 ;< C8 J<>LE;8 J8C8 :@M@C# D<I:8EK@C :FIK< GIFM@E:@8C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00(.&k] I% ;<C <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8
:`kXZ`Â?e Al[`Z`Xc Xc j\Â&#x152;fi I8@DLE;F K@G8E 8D8HL@z8 P I8DFE K@G8E 8D8HL@z8# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f cX j`^l`\ek\ XZZ`Â?e1 8:KFI1 AfjÂ&#x201E; K`g}e 8dXhl`Â&#x152;X p JXcfdÂ&#x201E; >lXcfklÂ&#x152;X J`eX`cÂ&#x2C6;e% ;<D8E;8;F1 IX`dle[f K`g}e 8dXhl`Â&#x152;X p IXdÂ?e K`g}e 8dXhl`Â&#x152;X% 8JLEKF1 Gi\jZi`gZ`Â?e 8[hl`j`k`mX <okiXfi[`eXi`X [\ ;fd`e`f [\ @edl\Yc\% 9Xii`f CX =cfi`[X [\ cX GXiifhl`X [\ 8dX^lXÂ&#x152;X% KI8D@K<1 Fi[`eXi`f% :8LJ81 (.(0$)'(' <DK% :L8EK@81 @E;<K<ID@E8;8% AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc`% J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f% KI8D@K<1 89% <]iXÂ&#x2C6;e DXikÂ&#x2C6;e\q KXg`X% GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZf$ c\j )* [\ ]\Yi\if [\c )'((# cXj ((_'(%$ M@JKFJ1 $ Gfi Zldgc`$
I_ WcWi bW l_ZW" [bbW j[ Yehh[ifedZ[h|$ 7HJ>KH HK8?DIJ;?D
[X cX fi[\e [\ cX gifm`[\eZ`X [\ (' [\ <e\if [\c )'((# cXj ((_+.# j\ [`jgfe\ cf j`^l`\ek\1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â&#x2019;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%$ :Â?iiXj\ kiXjcX[f Zfe \c c`Y\cf [\ [\dXe[X p \jkX gifm`[\eZ`X X cfj j\Â&#x152;fi\j1 I8@DLE;F K@GĂ?E 8D8HL@z8 p I8DäE K@GĂ?E 8D8HL@z8 Â&#x2019;e`Zfj efdYi\j p Xg\cc`[fj hl\ ZfefZ\e X ]`e [\ hl\ \e \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj gifgfe^Xe cXj \oZ\gZ`fe\j X cXj hl\ j\ Zi\Xe Xj`jk`[fj%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiÂ&#x2C6;YXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[%$ <e m`jkX [\c aliX$ d\ekf \ogi\jf [\c XZkfi gfi \c hl\ X]`idX jfYi\ cX `dgfj`$ Y`c`[X[ [\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X XZklXc [\ cfj j\Â&#x152;fi\j1 I8@DLE;F K@GĂ?E 8D8HL@z8 p I8DäE K@GĂ?E 8D8HL@z8# ZÂ&#x2C6;k\j\ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :lÂ&#x201E;ek\j\ Zfe cfj j\Â&#x152;fi\j 8cZXc[\ p GifZliX[fi D\kifgfc`kXef [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ 8[aÂ&#x2019;ek\j\ cX [fZld\e$ kXZ`Â?e gi\j\ekX[X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\Â&#x152;XcX[f%$ Efk`]Â&#x2C6;hl\j\ p :Â&#x2C6;k\j\%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[f$
c\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi [fd`Z`c`f Zfe]fid\ X C\p# gXiX ]lkliXj efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0//) ( k] ALQ>8;F J<>LE;F ;< CF :@M@C ;< @D989LI8%
:@K8:@FE AL;@:@8C 8C J<zFI E<CJFE 8EĂ 98C 8I@8J ;<D8E;8EK<1 ;Xm`[ 8e[iÂ&#x201E;j 8i`Xj 9}\q ;<D8E;8;F1 E\cjfe 8eÂ&#x2C6;YXc 8i`Xj F9A<KF ;< C8 ;<D8E;81 @dgl^eXZ`Â?e [\ cX gXk\ie`[X[ KI8D@K<1 Fi[`eXi`f E f (-.$ )'(( :L8EK@81 @e[\k\id`eX[X% ;FD@:@C@F ;<C 8:KFI1 :Xj`cc\if E f )** ;iX% EXeZp G`e\[X% AL<Q1 ;i% G\[if C\`mX >Xcc\^fj 8LKF ;< :8C@=@:8:@FE1 Ă&#x2C6;ALQ>8;F J<>LE;F ;< CF :@M@C ;< @D989LI8%$ @98II8# (( ;< 89I@C ;<C )'((# cXj '0_,(%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jk\ Alq^X[f# [\j`^eX[f j\^Â&#x2019;e F]`Z`f EÂ&#x2014; )(+$G:JA@ [\ )' [\ ale`f [\ )''/ p \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j# gfi cf hl\ j\ c\ XZ\gkX Xc ki}d`$ k\ fi[`eXi`f Zfii\jgfe[`\ek\% :fe cX [\ZcXiXZ`Â?e i\Xc`qX[X gfi cX gXik\ XZkfiX# ZÂ&#x2C6;k\j\ Xc
[\dXe[X[f E<CJFE 8EĂ 98C 8I@8J# \e \c cl^Xi hl\ j\ `e[`ZX# X ]`e [\ hl\ \e \c kÂ&#x201E;i$ d`ef [\ hl`eZ\ [Â&#x2C6;Xj [\[lqZX \oZ\gZ`fe\j c\^Xc\j# d\[`Xek\ glYc`ZXZ`fe\j i\Xc`qX[Xj \e cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e i\^`feXc hl\ j\ \[`k\e \e \jkX Z`l[X[ [\ @YXiiX# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c Xik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :lÂ&#x201E;ek\j\ Zfe \c j\Â&#x152;fi A\]\ Gifm`eZ`Xc [\c I\^`jkif :`m`c [\ @dYXYliX% 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f% :@K<J< P EFK@=@HL<J<%$ ] ;i% G\[if C\`mX >Xcc\^fj# Al\q 8LKF 8DGC@8KFI@F1 ALQ>8;F J<>LE;F ;< CF :@M@C ;< @D989LI8%$ @YXiiX# (* [\ dXpf [\c )'((# cXj '0_)'%$ M@JKFJ1 8^iÂ&#x201E;^l\j\ \c \jZi`kf hl\ Xek\Z\[\# kfd}e$ [fj\ \e Zl\ekX jl Zfek\e`[f%$ <e cf gi`eZ`gXc# j\ XdgcÂ&#x2C6;X \c Xlkf [\ ZXc`]`ZXZ`Â?e [\ (( [\ XYi`c [\ )'((# cXj '0_,(# \e \c j\ek`[f [\ hl\ cX Z`kXZ`Â?e Xc [\dXe[X[f [\Y\ _XZÂ&#x201E;ij\cX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`Â?e i\^`feXc hl\ j\ \[`k\e \e cX Z`l[X[ [\ @YXiiX gifm`eZ`X [\ @dYXYliX# p [\ Hl`kf gifm`e$ Z`X [\ G`Z_`eZ_X2 j\ i\Zk`]`ZX \c i\]\i`[f Xlkf \e \c j\ek`[f hl\ [\Y\ ZfekXij\ Zfe \c j\Â&#x152;fi A\]\ [\c I\^`jkif :`m`c [\c ZXekÂ?e Hl`kf gifm`eZ`X [\ G`Z_`eZ_X# gXiX cf ZlXc j\ [\gi\ZXi} X lef [\ cfj j\Â&#x152;fi\j Al\Z\j [\ cf :`m`c [\ \jX Ali`j[`ZZ`Â?e2 p ef Zfe \c j\Â&#x152;fi A\]\ [\c I\^`jkif :`m`c [\ @dYXYliX Zfdf j\ _XYÂ&#x2C6;X j\Â&#x152;XcX[f% <e cf [\d}j \jk\j\ X cf [`jgl\jkf \e \c i\]\$ i`[f Xlkf%$ 8ZkÂ&#x2019;\ cX ;iX% 9\ik_X E`ZfcXc[\ Zfdf J\Zi\kXi`X \eZXi^X[X gfi c`Z\eZ`X [\ cX k`klcXi%$ EFK@=Ă HL<J<%$ ] ;i% G\[if C\`mX >Xcc\^fj# Al\q% Cf hl\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ ]`aXi ZXj`cc\if al[`Z`Xc gXiX jlj gfj$
k\i`fi\j efk`]`ZXZ`fe\j% @YXiiX# (0 [\ dXpf [\c )'((% ;iX% E\ccp IlXef <iXqf J\Zi\kXi`X% <o`jk\ ]`idX% 8%G%&+0),,&b%d%
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 gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c [Â&#x2C6;X 0 [\ X^fjkf [\c XÂ&#x152;f \e Zlijf# [\j[\ cXj ZXkfiZ\ X cXj [`\$ Z`fZ_f _fiXj# k\e[i} cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\j \dYXi^X[f \e cX gi\j\ek\ ZXljX [`c`^\eZ`X _X i\Xc`qXij\ \e cX jXcX [\ Xl[`\eZ`X [\c Alq^X[f Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X Al`Z`f <a\Zlk`mf Ef% ..+$)''-$ AK ;\gfj`kXi`f Al[`Z`Xc1 DXel\c D% J}eZ_\q 8EK<:<;<EK<J1 K<II<EF ( K<II<EF ) L9@:8:@äE ;< CFJ K<II<EFJ DFK@MF ;<C G<I@K8A< Cfj k\ii\efj dfk`mf [\c g\i`kX$ a\ j\ \eZl\ekiXe lY`ZX[fj \e cX gifm`eZ`X [\ :fkfgXo`# ZXekÂ?e Gla`cÂ&#x2C6;# gXiifhl`X Gla`cÂ&#x2C6;# j\Zkfi :ilq GXdYX CX D\iZ\[# cfk\ [\ k\ii\ef ccXdX[f Ild`gXdYX% C@D@K<J P JLG<I=@:@< K<II<EF ( EFIK<1 )(%'' d% j`^l`\e[f cX j`elfj`[X[ [\ cX hl\YiX[X JXe @j`[if% JLI1 )*#'' d% j`^l`\e[f cX j`elfj`[X[ [\ cX hl\YiX[X j\ZX <JK<1 (.)#,' d% \e gXik\ gif$ g`\[X[ [\ :\c`e[X DXjXYXe[X p \e fkiX gXik\ gifg`\[X[ [\ G`\[X[ :X`ccX^lX ]fidXe le jfcf Zl\igf ef \o`jk\ [\c`d`$ kXZ`Â?e% F<JK<1 (-.#*' d% gifg`\[X[ [\ DXel\c @qX XZklXcd\ek\ Zfe _\i\[\ifj [\c j\Â&#x152;fi @qX JLG<I=@:@<1 *%-/0#'( d)%
C@D@K<J P JLG<I=@:@< K<II<EF )% EFIK<1 *,#,' d j`^l`\e[f cX j`elfj`[X[ [\ cX hl\YiX[X JXe @j`[if% JLI1 +*%'' j`^l`\e[f cX j`elf$ j`[X[ [\ cX hl\YiX[X j\ZX% <JK<1 (+-%'' d% gifg`\[X[ [\ IX]X\c IfaXj% F<JK<1 (++%' d% gifg`\[X[ [\ :\c`e[X DXjXYXe[X JLG<I=@:@<1 ,%-./#+( :8I8:K<I@JK@:8J ;<C <EKFIEF <j \e \c j\Zkfi iliXc [\ Gla`cÂ&#x2C6;# \e \c j\Zkfi ccXdX[f :ilq GXdYX# CX D\iZ\[# cXj ZXcc\j jfe Xj]XckX[Xj \e cX mÂ&#x2C6;X hl\ mX [X @j`eZ_\# cl\^f j\ `e^i\jX gfi le ZXd`ef m\Z`eXc [\ k`\iiX X (%-% Bd% <jkX gifg`\[X[# \jk\ j\Zkfi k`\e\ \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX# X^lX gfkXYc\ p cfj Zlck`mfj# jfe gfi i\^X[Â&#x2C6;f [\ Xjg\ij`Â?e% :8I8:K<I@JK@:8J ;< CFJ K<II<EFJ1 Jfe [fj k\ii\efj [\ ]fidX `ii\$ ^lcXi% J\ `e^i\jXi}e cfj k\ii\$ efj gfi le [\je`m\c gfj`k`mf hl\ \o`jk\ Zfe i\jg\Zkf X cX mÂ&#x2C6;X# cl\^f j\ [\Y\ XkiXm\jXi [\ cfj _\i\[\ifj [\c j\Â&#x152;fi @qX gXiX cc\^Xi Xc k\ii\ef (# kf[fj \jkfj k\ii\efj \jk}e [\c`d`kX[fj# cfj lefj X cfj fkifj Zfe Z\iZX [\ ZXYlpX e\^iX# ]cfiX kÂ&#x2C6;g`ZX [\c cl^Xi p }iYfc\j [\ ZXglcÂ&#x2C6;# gXjX[f \jk\ k\ii\ef \jk} \c k\ii\ef [\ cX j\Â&#x152;fiX :\c`e[X DXjXYXe[X p G`\[X[ :X`ccX^lX p j\ cc\^X Xc k\ii\ef ) hl\ k`\e\ cXj d`jdXj ZXiXZk\iÂ&#x2C6;jk`ZXj jfcf hl\ \e \jk\ k\ii\ef \o`jk\ le }iYfc [\ ZXglcÂ&#x2C6; \e \c Z\ekif [\c k\ii\ef# \e jl dXpfi gXik\ jfe gcXefj p k`\e\e le ]l\ik\ [\j$ e`m\c \e cX gXik\ efik\ hl\ [X _XZ`X cX hl\YiX[X JXe @j`[if# cfj k\ii\efj \jk}e ZlY`\ikfj [\ hl`Zlpf p \e \c gi`d\if _Xe ZfikX[f i\Z`\ek\d\ek\ cX Xc]Xc$ ]X% <c k\ii\ef [\ dXpfi \ok\e$ j`Â?e k`\e\ leX g\hl\Â&#x152;X Zfej$ kilZZ`Â?e i\Xc`qX[X Zfe gXi\[\j [\ Ycfhl\ p jfcf leX gXik\ ZlY`\ikX Zfe g`e^fj [\ dX[\$ iX p q`eZ# \c g`jf \j [\ k`\iiX p
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO
EXTRACTO
DE LA ESCRITURA PĂ&#x161;BLICA DE AUMENTO DE CAPITAL Y REFORMA DE ESTATUTOS DE ARAHUANA CIA. LTDA.
Se comunica al pĂşblico que ARAHUANA CIA. LTDA., con domicilio principal en la ciudad del Tena, aumentĂł su capital en USD $ 4â&#x20AC;&#x2122;607.800,00; y, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario VigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito el 11 de febrero de 2011. Actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.002098 de 13 de Mayo de 2011. En virtud de la mencionada escritura pĂşblica la compaĂąĂa reforma el artĂculo tercero del Estatuto Social, referente al capital, de la siguiente manera: â&#x20AC;&#x153;ARTICULO TERCERO.- DEL CAPITAL SOCIAL: El capital social de la CompaĂąĂa es de CUATRO MILLONES SEISCIENTOS DOCE MIL OCHOCIENTOS DOLARES (4â&#x20AC;&#x2122;612.800,00) dividido en cuatro millones seiscientos doce mil ochocientas (4â&#x20AC;&#x2122;612.800,00) participaciones de un dĂłlar cada una USD $ 1,00...â&#x20AC;? Distrito Metropolitano de Quito, 13 de Mayo de 2011
DE LA ESCRITURA PĂ&#x161;BLICA DE DISOLUCIĂ&#x201C;N VOLUNTARIA Y ANTICIPADA DE LA COMPAĂ&#x2018;Ă?A CABEZAS & WRAY ABOGADOS CIA. LTDA. ANTECEDENTES. - CABEZAS & WRAY ABOGADOS CIA. LTDA. se constituyĂł mediante escritura pĂşblica otorgada ante el Notario Primero del Distrito Metropolitano de Quito, el 29 de enero de 1998, inscrita en el Registro Mercantil del mismo Distrito bajo el No. 682, Tomo 129, el 25 de marzo de 1998. 1. CELEBRACIĂ&#x201C;N Y APROBACIĂ&#x201C;N.- La escritura pĂşblica de disoluciĂłn voluntaria y anticipada de la compaĂąĂa CABEZAS & WRAY ABOGADOS CIA. LTDA., otorgada el 18 de marzo de 2011 ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, ha sido aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJDL.Q.11.2019 de 11 MAY 2011 2. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada el seĂąor Ernesto Javier AlbĂĄn Ricaurte, en su calidad de Gerente General de la compaĂąĂa, de nacionalidad ecuatoriana, de estado civil casado y domiciliado en el Distrito Metropolitano de Quito. 3. PUBLICACIĂ&#x201C;N.- La Superintendencia de CompaĂąĂas ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica pertinente, por tres dĂas consecutivos, para efectos de oposiciĂłn de terceros seĂąalada en el Art. 33 de la Ley de CompaĂąĂas y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. AVISO PARA OPOSICIĂ&#x201C;N.- Se pone en conocimiento del pĂşblico la disoluciĂłn voluntaria y anticipada de la compaĂąĂa CABEZAS & WRAY ABOGADOS CIA. LTDA., a fin que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaĂąĂa, dentro de los seis dĂas contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y, ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąĂas. El Juez que reciba la oposiciĂłn notificarĂĄ a esta Superintendencia, dentro del tĂŠrmino de dos dĂas siguientes, juntamente con el escrito de oposiciĂłn y providencia recaĂda sobre ella. En caso de no existir oposiciĂłn o de no ser notificada en la forma antes indicada se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la indicada compaĂąĂa y al cumplimiento de los demĂĄs requisitos legales. Distrito Metropolitano de Quito, a 11 MAY 2011
Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ&#x2018;IAS DE QUITO
AB. PATRICIA CHIRIBOGA SĂ NCHEZ DIRECTORA JURIDICA DE DISOLUCIĂ&#x201C;N Y LIQUIDACIĂ&#x201C;N DE COMPAĂ&#x2018;Ă?AS AC/79894/tf
A.C./79878
\jk} XYXe[feX[X cX ZfejkilZ$ Z`Â?e gl\j p _X Zi\Z`[f dXc\qX [\ekif [\ cX ZfejkilZZ`Â?e hl\ k`\e\ (-%/' d) Xc dfd\ekf [\ m`j`kX g\i`Z`Xc% <jk\ k\ii\ef k`\e\ d\[`[fi [\ X^lX gfkXYc\ p [\ clq \cÂ&#x201E;Zki`ZX% 8M8CLF ;\efd`eXZ`Â?e2 }i\X2 MXcfi d)2 MXcfi kfkXc2 [\ki`d\ekf2 mXcfi i\j`[lXc K\ii\ef (2 *%-/0#'(2 ,#''2 (/%++,#',2 * % - / 0# ' ( 2 (+%.,-%'+ K\ii\ef )2 ,%-./#+(2 ,#''2 )/% *0)#',2 , % - ./ # + ( 2 ))%.(*#-+ :fejkilZZ`Â?e2 (-#/'2 )'%''2 **-%''2 **-#'' KfkXc *.%/',#-/ ,' (/%0')#/+ JFE1 ;@<Q P F:?F D@C EFM<:@<EKFJ ;FJ ;FC8I<J LJ; :FE /+&('' <C :@E:L<EK8 GFI :@<EKF ;< ;<I<:?FJ P 8::@FE<J% Gfi kiXkXij\ [\c gi`d\i j\Â&#x152;X$ cXd`\ekf# j\ i\Z`Y`i}e cXj gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\ cX Al[`ZXkliX# X cXj hl\ j\ XZfdgXÂ&#x152;Xi}e \c [`\q gfi Z`\ekf [\ cX f]\ikX% Cf hl\ Zfdle`Zf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ C\p% ;i% Cl`j Ife M`ccXm`Z\eZ`f% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.00'*&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8
8M@JF AL;@:@8C ;< I<D8K< J\ _XZ\ ZfefZ\i Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j [\ c\p Zfej`^l`\ek\j# hl\ gfi [`jgf$ j`Z`Â?e [\c j\Â&#x152;fi Al\q ;Â&#x201E;Z`df [\ cf :`m`c [\ G`Z_`eZ_X# [`Z$ kX[X \e \c al`Z`f \jg\Z`Xc [\ gXik`Z`Â?e j`^eX[f Zfe \c Eif% '+'($)''/$;C# \e cX j\Zi\$ kXi`X [\c Alq^X[f# \c [Â&#x2C6;X . [\ alc`f [\c [fj d`c feZ\ [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`f$
Z_f _fiXj j\ cc\mXi} X ZXYf \c i\dXk\ [\c Y`\e dl\Yc\ ZlpXj ZXiXZk\iÂ&#x2C6;jk`ZXj j\ [\kXccXe X Zfek`elXZ`Â?e1 X% L9@:8:@äE <c Cfk\ `ejg\ZZ`feX[f j\ \eZl\ekiX \e cX ZXcc\ Ă&#x2C6;8Ă&#x2030;# cfk\ Ef ,+ [\ cX :ffg\iXk`mX [\ M`m`\e[X LiYXeX Hl`kf FZZ`[\ekXc# GXiifhl`X [\ :_`ccf^Xccf [\ \jk\ ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X% Y% =FID8 ;<C CFK< P JLG<I=@:@< <c gi\[`f `ejg\ZZ`feX[f \j le gfcÂ&#x2C6;^fef [\ ]fidX kiXg\qf`[Xc# Zfe leX jlg\i]`Z`\ [\ (.-#'' D\kifj ZlX[iX[fj# Zfe leX g\e[`\ek\ [\c , \e j\ek`[f <jk\$F\jk\% Z% C@E;<IFJ P ;@D<EJ@FE<J <c cfk\ ^\e\iXc k`\e\ cfj j`^l`\e$ k\j c`e[\ifj1 EFIK<%$ :fc`e[X Zfe cfk\ eld\if ,* \e leX \ok\ej`Â?e [\ )'#'' dkj% JLI%$ :fc`e[X Zfe cfk\ eld\if ,, \e leX \ok\ej`Â?e [\ (/#,' Dkj <JK<%$ :fc`e[X Zfe cX ZXc\ 8 \e leX \ok\ej`Â?e [\ 0#,' Dkj% F<JK<%$ :fc`e[X Zfe cX ZXcc\ gÂ&#x2019;Yc`ZX \e leX \ok\ej`Â?e [\ 0#,' Dkj% [%$ LJF ;<C JL<CF <c ljf gi`eZ`gXc [\c jl\cf \j gXiX m`m`\e[X \e \c j\Zkfi2 g\if \c cfk\ j\ \eZl\ekiX j`e Zfejkil`i \e \jkX[f m`i^\e cc\ef [\ B`blpf \ :<II8D@<EKFJ Efik\%$ <c Z\iiXd`\ekf \j [\ gifg`\[X[ [\c Zfc`e[Xek\# \ok\ej`Â?e [\ )'#'' Dkj% Jli%$ :\iiXd`\ekf \j [\ gifg`\$ [X[ [\c Zfc`e[Xek\# \ok\ej`Â?e [\ (/#,' Dkj% <jk\%$ <c Z\iiXd`\ekf cf Zfejk`$ klp\# * ZfcldeXj [\ _fid`^Â?e XidX[f p _faXj [\ Q`eZ \ok\e$ j`Â?e [\ 0%''Dkj% F\jk\%$ <c Z\iiXd`\ekf cf Zfej$ k`klp\ leX gl\ikX [\ dX[\iX m\_`ZlcXi p gXiXek\j [\ dX[\iX Zfe _faXj [\ q`eZ# \ok\ej`Â?e [\ 0#,' Dkj%
] @E=I8<JKIL:KLI8 $ :l\ekX Zfe cfj j\im`Z`fj Y}j`$ Zfj [\1 <e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX d\[`[fi gifg`f 8^lX gfkXYc\ d\[`[fi gifg`f 8cZXekXi`ccX[f X cX i\[ gÂ&#x2019;Yc`ZX K\cÂ&#x201E;]fef CÂ&#x2C6;e\X gifg`X CX ZXcc\ 8 \j mÂ&#x2C6;X gXm`d\ekX[X XhlÂ&#x2C6; j\ \eZl\ekiX \c XZZ\jf gi`eZ`gXc Xc gi\[`f ^ 8M8CLF GXiX [\k\id`eXi jl XmXcÂ&#x2019;f j\X Zfej`[\iX[f jl lY`ZXZ`Â?e dXk\i`Xc\j XZXYX[fj p gi\Z`fj hl\ ]clZkÂ&#x2019;Xe \e cX qfeX gfi d\kifj ZlX[iX[f Zfe gi\[`fj [\ j`d`cXi\j ZXiXZk\iÂ&#x2C6;jk`ZX gfi cf hl\ jl XmXcÂ&#x2019;f \j Cfk\ (.-#''D) ()%'''%'' KfkXc ()%''' CXj gfjkliXj j\ i\Z`Y`i}e X kf[Xj Xhl\ccXj hl\ ZlYiXe gfi cfj d\efj cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f g\i`Z`Xc Xgif$ YX[f# [\Y`\e[f cfj `ek\i\jX[fj XZfdgXÂ&#x152;Xi gfi cf d\efj \c [`\q gfi Z`\ekf [\c mXcfi [\ jlj f]\ikXj# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f%$ Cf hl\ Zfdle`Zf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j% ;I% <;>8I ? 8 I F M8C<EQL<C8 J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.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 :L8KIF ;< ALE@F ;<C ;FJ D@C FE:< ;<J;< C8J :8KFI:< ?8JK8 C8J ;@<:@F:?F ?FI8J# K<E;I8 CL>8I <C I<D8K< ;<C :@E:L<EK8 GFI :@<EKF ;< CFJ ;<I<:?FJ P 8::@FE<J ;<C @EDL<9C< HL< 8 :FEK@EL8:@çE J< ;<K8CC81 AL@:@F FI;@E8I@F Ef% +,+$ )'',$=D$GM$8C
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO DE LA ESCRITURA PUBLICA DE MODIFICACION DEL OBJETO SOCIAL; PRORROGA DEL PLAZO DE DURACION; REFORMA Y CODIFICACION DE ESTATUTOS DE LA COMPAĂ&#x2018;IA DE TRANSPORTES LATINOS TRANSLATINOS S.A.
Se comunica al pĂşblico que la COMPAĂ&#x2018;IA DE TRANSPORTES LATINOS TRANSLATINOS S.A., con domicilio principal en la ciudad de Quito, modificĂł su objeto social; prorrogĂł su plazo de duraciĂłn; reformĂł y codificĂł sus estatutos sociales por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito el 11 de Febrero del 2011. Actos societarios aprobados por la Superintendencia de CompaĂąĂas mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.002170 de 18 de Mayo de 2011. En virtud de la presente escritura pĂşblica la compaĂąĂa reforma y codifica, entre otros, los siguientes artĂculos: â&#x20AC;&#x153;ARTICULO PRIMERO: DENOMINACION, DOMICILIO Y DURACIĂ&#x201C;N.La CompaĂąĂa se denomina COMPAĂ&#x2018;IA DE TRANSPORTES LATINOS TRANSLATINOS S.A... El plazo de duraciĂłn es de 50 aĂąos, contados a partir de la inscripciĂłn de la presente escritura en el Registro Mercantil...â&#x20AC;? â&#x20AC;&#x153;ARTICULO SEGUNDO: OBJETO SOCIAL.- El objeto social de la CompaĂąĂa es: Prestar el servicio de transporte urbano de pasajeros en el Distrito Metropolitano de Quito...â&#x20AC;? â&#x20AC;&#x153;ARTICULO QUINTO: GOBIERNO Y ADMINISTRACION.- La CompaĂąĂa es gobernada por la Junta General de Accionistas y el Directorio; y, estĂĄ administrada por el Presidente Ejecutivo, Vicepresidente Ejecutivo y el Gerente General...â&#x20AC;? â&#x20AC;&#x153;ARTICULO DECIMO CUARTO: DEL GERENTE GENERAL.- ... Sus atribuciones son las siguientes: a) Ejercer la representaciĂłn legal, judicial y extrajudicial de la CompaĂąĂa...â&#x20AC;? Distrito Metropolitano de Quito, 18 de mayo de 2011
I_ WcWi" f[hZedW1 i_ de WcWi" ebl_ZW$ L?9A? 87KC
L9@:8:@äE CX Gifg`\[X[ dfk`mf [\c g\i`$ kXa\ j\ \eZl\ekiX lY`ZX[X \e cX Gifm`eZ`X [\ G`Z_`eZ_X# :XekÂ?e Hl`kf# GXiifhl`X [\ :_Xlg`Zilq# liYXe`qXZ`Â?e CX :feZ\gZ`Â?e# \jhl`eX \eki\ cX Xm\e`[X CX Gi\ejX p ZXcc\ Afi^\ G}\q F\*$'0% J\Zkfi (+.E+.:% C@D@K<J# C@E;<I8:@FE<J GIF;L:KF ; < C C < M 8 E K 8 D @ < E K F GC8E@DyKI@:F I<8C@Q8;F <E J@KL Efik\1 )(#*.d Zfe cX ZXcc\ Afi^\ G}\q Jli )(#*. d% Zfe cfk\ (+(9# [\c ;i% DXi`f CÂ?g\q <jk\1 )'#''d Zfe cX Xm\e`[X CX Gi\ejX F\jk\1 )'#''d Zfe cfk\ (+) 8# XZklXc efd\eZcXkliX Dle`Z`gXc F\*$)* Jlg\i]`Z`\1 +).#+'d) :8I8:K<IĂ JK@:8J ;<C <EKFIEF J\ \eZl\ekiX Xc Efik\ [\ cX Z`l[X[# jfYi\ \c \a\ [\ cX Xm\$ e`[X CX Gi\ejX# k`\e\ kf[Xj cXj mÂ&#x2C6;Xj [\ Zfdle`ZXZ`Â?e Xj]XckX$ [Xj# Zfe XZ\iXj Zfe Yfi[`ccfj XcldYiX[f gÂ&#x2019;Yc`Zf# clq \cÂ&#x201E;Zki`$ ZX# k\c\]feÂ&#x2C6;X gÂ&#x2019;Yc`ZX# `ek\ie\k gÂ&#x2019;Yc`Zf p gi`mX[f# X^lX gfkX$ Yc\# XcZXekXi`ccX[f# kiXejgfik\ gÂ&#x2019;Yc`Zf# Dle`Z`gXc p gi`mX[f# Zfd\iZ`f [\ kf[f k`gf# Z\iZX j\ \eZl\ekiX \c X\ifgl\ikf [\ cX Z`l[X[# X^\eZ`Xj YXeZXi`Xj p kf[fj cfj j\im`Z`fj [\ cX ^iXe Z`l[X[ [\ Hl`kf% :8I8:K<IĂ JK@:8J ;< C8 GIFG@<;8; <j leX gifg`\[X[# Zfejkil`[X \e mXi`Xj \kXgXj1 cX d}j Xek`$ ^lX g\ik\e\Z\ Xc }i\X [\ cfj [\gXikXd\ekfj% gfjk\i`fid\e$ k\ p jfYi\ cfj i\k`ifj `e`Z`Xc\j Xc ZXdY`Xi cXj fi[\eXeqXj Dle`Z`gXc\j j\ _X Zfejkil`[f jfYi\ cÂ&#x2C6;e\X [\ ]}Yi`ZX# cfZXc\j Zfd\iZ`Xc\j p \e le j\^le[f g`jf j\ _Xe Zfejkil`[f f]`Z`eXj# kXdY`Â&#x201E;e \o`jk\ le [\gXikXd\e$ kf X[`Z`feXc X cX ZXjX gi`eZ`gXc% <e cX GcXekX 9XaX \o`jk\e cfZX$
c\j Zfd\iZ`Xc\j \e cX gXik\ hl\ [X _XZ`X cX 8m\e`[X cX Gi\ejX \jk}e1 B8I8FB< CFLE> 98I J\ [\jXiifccf \e [fj e`m\c\j le bXiXfb\ Cfle^\ 9Xi# efd\e$ ZcXkliX Dle`Z`gXc E+.$.0# hl\ X [\Z`i [\ cX [\dXe[X[X j\ \eZl\ekiX ]Xj\ [\ [\jfZlgX$ Z`Â?e Zfe gXi\[\j \eclZ`[Xj p g`ekX[Xj# g`jfj [\ Z\i}d`ZX gl\ikX [\ `e^i\jf [\ _`\iif p m\ekXeXj [\ Xcld`e`f Zfe m`[i`f g`ekX[f [\ e\^if p gifk\ZZ`Â?e [\ _`\iif \e cfj [fj e`m\c\j# Zfe YXÂ&#x152;f Zfe Z\i}d`ZX \e g`jf p gXi\[\j X d\[`X XckliX# \jk\ cfZXc k`\e\ le e`m\c e\^Xk`mf [\ `e^i\jf Zfe i\jg\Zkf X cX iXjXe$ k\ [\ cX Xm\e`[X CX Gi\ejX% :@E<D8 GCLJ 8 Zfek`elXZ`Â?e jfYi\ cX d`jdX Xm\% CX Gi\ejX# le XcdXZÂ&#x201E;e hl\ k`\e\ jl \ekiX[X X le e`m\c gfj`k`mf [\ dXj '#,' d% Zfe i\jg\Zkf X cX iXjXek\ [\ cX Xm\$ e`[X CX Gi\ejX# k`\e\ gXi\[\j \eclZ`[Xj p g`ekX[Xj p \e cX gXik\ gfjk\i`fi \jkX le YXÂ&#x152;f Zfe m\ek`cXZ`Â?e _XZ`X \c d`jdf XcdXZÂ&#x201E;e# cfj g`jfj jfe [\ Z\i}$ d`ZX p cX gl\ikX [\ `e^i\jf \j [\ gl\ikX [\ _`\iif \eifccXYc\# XhlÂ&#x2C6; hl\ m\e[\e g\cÂ&#x2C6;ZlcXj p dÂ&#x2019;j`ZX [`jZfj ZfdgXZkfj [\efd`eX[f :`e\dX Gclj# efd\eZcXkliX Dle`Z`gXc E+.$ /* X [\Z`i [\c _`af >`fmXeep \j lk`c`qX[f gfi Â&#x201E;c p ef gX^X Xii`\e[f% G8 G < C < I @ 8 @ D G I < E K8 J8C8Q8I Cl\^f p jfYi\ cX d`jdX Xm\$ e`[X cX Gi\ejX# X le e`m\c '#,' d% \jkX leX gXg\c\iÂ&#x2C6;X @dgi\ekX JXcXqXi# k`\e\ gXi\[\j \eclZ`$ [Xj p g`ekX[Xj Zfe YXÂ&#x152;f Zfe g`jfj [\ dXid\kÂ?e# Zfe YXÂ&#x152;f Zfe m\ek`cXZ`Â?e Xc d`jdf cfZXc# k`\e\ gl\ikX p m\ekXeXj [\ Xcl$ d`e`f Zfe m`[i`f p gifk\ZZ`Â?e [\ gl\ikX p m\ekXeX Zfe _`\$ iif \eifccXYc\# lk`c`qX[X gfi \c j\Â&#x152;fi ?\ie}e JXcXqXi hl`\e dXe`]`\jkX gX^Xi +''#'' [Â?cXi\j d\ejlXc\j X cX [\dXe$ [X[X# p k`\e\ cX efd\eZcXkliX
Dle`Z`gXc E+.$0( M@M<I<J P C@:FI<J Cl\^f \jkX leX k`\e[X [\ YXii`f [\efd`eX[X MÂ&#x2C6;m\i\j p C`Zfi\j# \e cX \jhl`eX [\ cX Xm\e`[X cX Gi\ejX p cX ZXcc\ Afi^\ G}\q# Zfe gXi\[\j \eclZ`[Xj p g`e$ kX[Xj# g`jfj [\ Z\i}d`ZX Zfe gl\ikX [\ _`\iif \eifccXYc\ Zfe m\ekXeXj [\ Xcld`e`f Zfe m`[i`f Zfe gifk\ZZ`Â?e [\ _`\iif# cX gl\ikX [\ `e^i\jf \j [\ _`\$ iif \eifccXYc\ p k`\e\ leX X[`$ Z`feXc [\ _`\iif [\ gifk\ZZ`Â?e lk`c`qX[X gfi cX j\Â&#x152;fiX DXiZ`X D}idfc hl`\e dXe`]`\jkX [\ jl gifg`X mfq gX^Xi (-'#'' d\ejlXc\j ZlpX efd\eZcXkliX Dle`Z`gXc \j E+.$0.% <EKI8;8 8 F=@:@E8J ?XZ`X \c cX[f [\ cX ZXcc\ Afi^\ G}\q# j\ \eZl\ekiX le XZZ\jf hl\ mX _XZ`X cX gi`d\iX gcXekX XckX hl\ Zfe\ZkX Zfe cXj f]`$ Z`eXj% CL9I@:8;FI8 9A :fejkil`[Xj jfYi\ cfj cfZXc\j Zfd\iZ`Xc\j# j`^l`\e[f cX ZXcc\ Afi^\ G}\q \jkX leX clYi`ZX[f$ iX p m\ekX [\ XZ\`k\j [\ ZXiif [\efd`eX[X 9A# \jk\ cfZXc \jkX X e`m\c [\ cX iXjXek\ [\ cX ZXcc\ Afi^\ G}\q# \c g`jf \j [\ Z\d\e$ kf Zfe leX iXdgX [\ ZXdY`f [\ XZ\`k\j# cX gXi\[ hl\ [X _XZ`X \c `e^i\jf [\ cfj [\gXikXd\ekfj k`\e\ gXi\[ \eclZ`[X p g`ekX[X# k`\e\ leX gl\ikX [\ _`\iif Zfe m`[i`f# _XZ`X cX gXik\ Jli# \jkX leX dXdgXiX [\ \jkilZkliX d\k}c`ZX Zfe m`[i`f ZXk\[iXc p gifk\ZZ`Â?e [\ _`\iif# cX ZlY`\i$ kX \j [\ Z`\cf leX cfj\kX [\ _fi$ d`^Â?e XidX[f Zfe \jkilZkliX d\k}c`ZX m`jkX# lk`c`qX[X gfi \c j\Â&#x152;fi DXiZf 9fX[X hl`\e gfi jl gifg`X mfq dXe`]`\jkX hl\ gX^X *''#'' [Â?cXi\j d\ejlXc\j X cX [\dXe[X[X# efd\eZcXkliX Dle`Z`gXc F\* '.# gfjk\i`fid\ek\ p jfYi\ \jkX d`jdX ZXcc\ \jkX \c XZZ\jf X cfj [\gXikXd\ekfj# Zfe efd\eZcX$ kliX Dle`Z`gXc F\*$'0 <C :8E8I@F I<JK8LI8EK< =`eXcd\ek\ jfYi\ cX d`jdX ZXcc\ Afi^\ G`\[iX \jkX <c :XeXi`f I\jkXliXek\# cfj g`jfj jfe [\ Z\i}d`Zf# cXj [`m`j`fe\j [\ cX ZfZ`eX jfe [\ dX[\iX p leX gXi\[ [\ Ycfhl\ \eclZ`[f p g`ekX[f# k`\e\ YXÂ&#x152;f Zfe g`jfj [\ Z\i}d`Zf# k`\e\e `ejkXcXZ`f$ e\j X^lX gXiX \c cXmXgcXkfj# \e \jkX[f i\^lcXi [\ dXek\e`$ d`\ekf# lk`c`qX[f gfi \c j\Â&#x152;fi G\[if :XY\qXj# cX \dgc\X[X hl\ Xk\e[`Â? ef hl`\i\ `[\ek`$ ]`ZXij\ p ef jXY\ ZlXekf gX^f
BATALLĂ&#x201C;N DE HONOR DE INGENIEROS â&#x20AC;&#x153;GENERAL JOSĂ&#x2030; MARĂ?A CĂ&#x201C;RDOVAâ&#x20AC;? Av. 5 de Junio y Rodrigo de ChĂĄvez Esq. TelĂŠfono 2668-034 E-mail: batcordova@hotmail.com CONVOCATORIA A ASAMBLEA GENERAL ORDINARIA DE LA ASOCIACIĂ&#x201C;N BATALLĂ&#x201C;N DE HONOR DE INGENIEROS â&#x20AC;&#x153;GENERAL JOSĂ&#x2030; MARĂ?A CĂ&#x201C;RDOVAâ&#x20AC;? Se convoca a los Sres. Socios de la AsociaciĂłn BatallĂłn de Honor de Ingenieros â&#x20AC;?General JosĂŠ MarĂa CĂłrdovaâ&#x20AC;? a la Asamblea General Ordinaria, que se realizarĂĄ el dĂa sĂĄbado 11 de junio del 2011, a partir de las 15h00, para tratar el siguiente Orden del dĂa: 1. ConstataciĂłn del quĂłrum, e instalaciĂłn de la sesiĂłn. 2. Lectura de la Convocatoria a la SesiĂłn a celebrarse el dĂa 11 de junio del 2011. 3. AprobaciĂłn del Orden del dĂa. 4. Informe de labores que presenta el Sr. Crnl. (S.P.) Ing. Jorge Iglesias, Comandante del B.H. CORDOVA. 5. Informe econĂłmico que presenta el Sr. Tcrn. (S.P.) Ing. Julio Mosquera Oficial de LogĂstica del B.H. CORDOVA. 6. ElecciĂłn y posesiĂłn de nuevas dignidades del Comando y Plana Mayor del B.H. CORDOVA para el periodo 2011-2013. 7. Brindis Si no existiera el quĂłrum reglamentario, los asistentes se reunirĂĄn, una hora despuĂŠs, con los miembros presentes. LUGAR: SalĂłn â&#x20AC;&#x153;Sucreâ&#x20AC;? de la AsociaciĂłn BatallĂłn de Honor de Ingenieros â&#x20AC;&#x153;General JosĂŠ MarĂa CĂłrdovaâ&#x20AC;?, ubicada en la Av. 5 de Junio S9-24 y Rodrigo de ChĂĄvez Esq. Quito, 27 de mayo del 2011
Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ&#x2018;IAS DE QUITO
Atentamente, CRNL. (SP) ING. JORGE IGLESIAS T. COMANDANTE DEL B.H. CĂ&#x201C;RDOVA A.C./79878
AC/72881/tf
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? jl \dgc\X[fi% CF:8C<J :FD<I:@8C<J <o`jk\ leX ]fkf F=@:@E8J <E <C E@M<C ")#0'd :FE I<JG<:KF 8 C8 :8CC< AFI>< G@<;I8 CX gl\ikX \j [\ _`\iif [X _XZ`X leXj \jZXc\iXj Zfe i\m\jk`$ d`\ekf [\ d}idfc Zfe gXjX$ dXefj [\ _`\iif Zfe dX[\iX \c _Xcc [\ [`jki`YlZ`Â?e \j [\ Z\i}d`ZX% :FEJFI:@F M8:8J CX gl\ikX [\ `e^i\jf \j [\ dX[\iX Zfe gifk\ZZ`Â?e [\ _`\iif# cXj gXi\[\j \eclZ`[Xj p g`ekX[Xj Zfe g`jf kXg`qÂ?e cXj m\ekXeXj jfe [\ Xcld`e`f Zfe gifk\ZZ`Â?e [\ _`\iif# k`\e\e YXÂ&#x152;f Zfdgc\kf Zfe g`jfj [\ Z\i}d`ZX p i\m\jk`d`\ekf [\ gXi\[\j [\ Z\i}d`ZX X d\[`X XckliX cX gl\ikX [\ YXÂ&#x152;f \j [\ dX[\iX jfYi\ cX gXi\[ Zfc`e$ [Xek\ Xc Jli [\ \jkX f]`Z`eX _Xp _ld\[X[ Xc `^lXc hl\ cX ZlY`\ikX% <j lk`c`qX[X gfi \c ;i% Afi^\ MXZXj p \jkX \e Xek`Zi\j`j X [\Z`i [\c \dgc\X[f% :FEJLCKFI@F ;<EK8C ;\ cXj d`jdXj ZXiXZk\iÂ&#x2C6;jk`ZXj [\ cX Xek\i`fi Zfe [`m`j`fe\j hl\ X [\Z`i [\c ;i% <[`jfe M\cXjk\^lÂ&#x2C6; kf[Xj \jkXj [`m`j`f$ e\j Xc `ek\i`fi [\c Zfejlckfi`f jfe [\ jl gifg`\[X[# p dXe`$ ]`\jkX gX^Xi gfi \c Xii`\e[f (),#'' [Â?cXi\j d\ejlXc\j X cX j\Â&#x152;fiX [\dXe[X[X% :FE=@<OGI<JJ :@8% CK;8% <jkX k`\e\ `^lXc ZXiXZk\iÂ&#x2C6;jk`ZXj [\ cXj Xek\i`fi\j \e \jk\ ZXjf cX [`m`j`Â?e kXdY`Â&#x201E;e c\ g\ik\e\Z\ Xc Xii\e[XkXi`f% Hl\ \j \c j\Â&#x152;fi N`@c`Xd M\^X hl`\e dXe`]`\jkX [\ gifg`X mfq hl\ gX^X (,,#'' d\ejlXc\j% 8><E:@8J ;< <DGC<FJ CXj gXi\[\j# YXÂ&#x152;f jfe cXj d`jdXj ZXiXZk\iÂ&#x2C6;jk`ZXj \e \jk\ ZXjf \c g`jf _X j`[f ZXd$ Y`X[f gfi Z\i}d`Zf# kXdY`Â&#x201E;e k`\e\ [`m`j`Â?e hl\ c\ g\ik\e\$ Z\ Xc Xii\e[XkXi`f% 8 [\Z`i [\c j\Â&#x152;fi Cl`j Kfii\j gfi jl gifg`X mfq dXe`]`\jkX hl\ Â&#x201E;c ef gX^X Xii`\e[f gl\j [`f \e Xek`Zi\j`j +%'''#'' F=@:@E8 ;< <;;P I<@EFJF <j `^lXc hl\ cXj Xek\i`fi\j jfcf cX f]`Z`eX [\ \dgc\fj k`\e\ g`jf [`]\i\ek\# \c J\Â&#x152;fi <[[p I\`efjf dXe`]`\jkX hl\ \c YXÂ&#x152;f ef ]leZ`feX gXiX eX[X p dXe`]`\jkX hl\ gX^X /'#'' d\ejlXc\j% @E>I<JF 8 C F J ;<G8IK8D<EKFJ Gl\ikX [\ _`\iif X le _Xcc i\Zl$ Y`\ikf [\ ^iXe`kf# cX \jkilZkliX [\ cX m`m`\e[X \j d`okX [\ _fi$ d`^Â?e XidX[f p dX[\iX# Zfe ZlY`\ikX \e leX gXik\ [\ XjY\j$ kf Z\d\ekf \e cX Xdgc`XZ`Â?e i\Xc`qX[X _XZ\ gfZf k`\dgf p cX ZlY`\ikX [\ cX m`m`\e[X `e`$ Z`Xc k`\e\ cfj\kX [\ _fid`^Â?e X [\je`m\c# p cfqX [\ ZlY`\ikX \e fkiX gXik\% CXj gXi\[\j jfe \eclZ`[Xj p g`ekX[Xj# cXj gl\i$ kXj [\ `e^i\jf jfe [\ _`\iif p cXj gl\ikXj `ek\i`fi\j jfe [\ dX[\iX# cXj m\ekXeXj jfe [\ Xcld`e`f Zfe m`[i`f% ;<G8IK8D<EKF ( GC8EK8 98A8 <jk\ [\gXikXd\ekf k`\e\ `cl$ d`eXZ`Â?e `e[`i\ZkX g\if ef k`\e\e m\ek`cXZ`Â?e# \c g`jf \j [\ gXihl\k \e \jkX[f i\^lcXi p YXÂ&#x152;f p ZfZ`eX k`\e\e g`jf [\ Z\i}d`ZX p i\m\jk`d`\ekf [\ gXi\[ [\ Z\i}d`ZX X d\[`X XckliX# k`\e\e Zcfj\k \e cfj [fj [fid`kfi`fj p k`\e\e dl\Yc\j [\ ZfZ`eX p d\jÂ?e [\ Z\i}d`ZX \e \jkX[f Yl\ef# <jk\ [\gXikX$ d\ekf k`\e\ le }i\X [\ cXmX[f [\ ifgX Zfe g`\[iX [\ cXmXi jfYi\ cX ZlY`\ikX [\c cfZXc [\ clYi`ZXek\j% J\ XZZ\[\ Xc }i\X [\ cXmX[f gfi cXj \jZXc\iXj p Zfe leX \jZXc\iX [\ gc}jk`Zf% <e \jk\ [\gXikXd\ekf m`m\ >`j\cc\ :`je\ifj%
Ä&#x160;
;<G8IK8D<EKF ) GI@D<I8 GC8EK8 8CK8 E@M<C ")#0'd CXj \jZXc\iXj [\ `e^i\jf X cfj [\gXikXd\ekfj jfe [\ \jkilZ$ kliX d\k}c`ZX \e cX gXik\ YXaX \jk} ZlY`\ikX [\ dX[\iX p \e cX gXik\ jlg\i`fi k`\e\e i\m\j$ k`[Xj [\ ZXlZ_f Xek`[\jc`qXek\# cfj gXjXdXefj jfe [\ _`\iif% :fe \eki\g`jfj [\ _fid`^Â?e XidX[f# J\ `e^i\jX Xc ]i\ek\ [\ cX \jZXc\iX \j le [\gXikX$ d\ekf# i\Xc`qX[f i\Z`\ek\d\e$ k\# k`\e\ \jkilZkliX d`okX [\ _fid`^Â?e XidX[f Zfejkil`[f jfYi\ cX cfjX [\c i\jkXliXek\ Zfe g`jfj [\ Z\i}d`ZX Zfe kXg`qÂ?e \e [fid`kfi`f k`\e\e [fj [fid`kfi`f# jXcX Zfd\[fi ZfZ`eX p \c }i\X [\ cXmX[f \jkX jfYi\ cX k\iiXqX [\ gcXekX YXaX% :fe Z`\cf iXjf [\ dX[\iX p ZlY`\ikX [\ dX[\iX Zfe XjY\j$ kf [\ Z\d\ekf% <jkX ZfejkilZ$ Z`Â?e \j [\ +,#'' d)# \e \jk\ [\gXikXd\ekf m`m\ :i`jk`Xe :`je\ifj EFK81 [\gXikXd\ekf Zfejkil`[f _XZ\ Xgifo`dX[X$ d\ek\ , XÂ&#x152;fj% ;<G8IK8D<EKF * GI@D<I8 GC8EK8 8CK8 E@M<C ")#+'d 8 \jk\ [\gXikXd\ekf j\ XZZ\[\ X cX gcXekX XckX gfi cXj \jZXc\iXj X dXef `qhl`\i[X# \jk\ [\gXi$ kXd\ekf k`\e\ ki\j [fid`kfi`fj Zfe jXcX# Zfd\[fi# [fid`kfi`f# ZfZ`eX# Zfe cfj g`jfj [\ gXihl\k \e dXc \jkX[f cX ZfZ`eX p YXÂ&#x152;fj k`\e\e g`jfj [\ Z\i}d`ZX p \c YXÂ&#x152;f Zfe g`jfj [\ Z\i}d`ZX p gXi\[ [\ Z\i}d`ZX X d\[`X XckliX# cfj * [fid`kfi`fj k`\e\e Zcfj\kj \e \jkX[f i\^lcXi p cX ZfZ`eX k`\e\ dl\Yc\j Xckfj p YXafj [\ ZfZ`eX% <c YXÂ&#x152;f ef k`\e\ e` `cld`eXZ`Â?e e` m\ek`cX$ Z`Â?e eXkliXc# [fj [fid`kfi`fj k`\e\e ZlY`\ikX Zfe Z`\cf iXjf [\ dX[\iX p \jkilZkliX [\ ZlY`\ikX [\ dX[\iX Zfe XjY\j$ kf Z\d\ekf \c ( [fid`kfi`f k`\e\ Z`\cf iXjf [\ cfjX% <jk\ [\gXi$ kXd\ekf j\ \eZl\ekiX Xii\e[X$ [f \e (,'#'' [Â?cXi\j% ;<G8IK8D<EKF + J<>LE;8 GC8EK8 8CK8 E@M<C ",#*'d <jk\ [\gXikXd\ekf \jk} Zfej$ kil`[f \e [fj e`m\c\j cX ZfZ`eX# jXcX Zfd\[fi p le [fid`kfi`f j\ \eZl\ekiX Xc e`m\c ",#*'d P X le e`m\c ",#/'d Zfe ki\j \ekiX[Xj Zfe [fj YXÂ&#x152;fj# cfj g`jfj jfe [\ gXihl\k [\ dX[\iX cXZX[X# cX ZfZ`eX p YXÂ&#x152;fj Zfe g`jfj [\ Z\i}d`ZX# cfj [fid`kf$ i`fj k`\e\e [fj g`jfj [\ gXihl\k p [fj Zfe g`jf [\ m`gpc% 8hlÂ&#x2C6; m`m\ 8e[i\X :`je\ifj gfi cXj \jZXc\iXj j\ jlY\ X cX k\iiXqX hl\ k`\e\ leX gXik\ [\ k\iiXqX gcXeX p cX dXpfi gXik\ \j X [\j$ e`m\c% <e \c ]fe[f [\ cX k\iiXqX gcXeX \jkX le ZlXikf [\ j\im`Z`f \e \jkX k\iiXqX \jkX cXmX[fiX [\ ifgX# cXmXe[\iÂ&#x2C6;X Zfe ZlY`\ikX [\ XjY\jkf Z\d\ekf# \c ZlXikf k`\e\ Z`\cf iXjf [\ dX[\iX Zfe ZlY`\ikX [\ XjY\jkf Z\d\ekf% ?Xp j\Zkfi\j [\ cX m`m`\e[X hl\ j\ \eZl\ekiXe _Â&#x2019;d\[fj \c dXek\e`d`\ekf [\ cX m`m`\e[X \j i\^lcXi# \e \c cfZXc Zfd\iZ`Xc hl\ lk`c`qX \c _`af _X j`[f ZXd$ Y`X[f \c g`jf i\Z`\ek\d\ek\% CXj `ejkXcXZ`fe\j _`[if jXe`kX$ i`Xj i\hl`\i\e i\gXiXZ`fe\j% JfYi\ cX kXgX ^iX[Xj \o`jk\e kXehl\j [\ i\j\imX [\ X^lX gfkXYc\% 8M8CLF ;\efd`eXZ`Â?e2 }i\X d)2 mXcfi d)2 mXcfi kfkXc2 `%m%2 mXcfi i\j`$ [lXc% K\ii\ef2 +).#+'2 *)'#''2 (*-%.-/#''2 $$ 2 (*-%.-/#'' CfZXc\j Z f d \ i Z ` X c \ j 2 *,0#''2 )/'#''2 (''%,)'#''2 )'%('+#''2 /'%+(-#'' F]`Z`eXj2 (.'#''2 )/'#''2 + .% - ' '# ' ' 2 0% , ) '# ' ' 2 */%'/'#'' ;\gXikXd\ekfj2 +)+#''2 *)'#''2 (*,%-/'#''2 ).%(*-#''2 ('/%,++#'' ;\gXikXd\ekfj2 +,#''2 *)'#''2
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä&#x20AC;
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
(+%+''#''2 $$ 2 (+%+''#'' J\im`Z`f2 (.#''2 ),#''2 +),#''2 /,#''2 *+'#'' KfkXc1 *./%,+/#'' ;\i\Z_fj p XZZ`fe\j1 ,' 2 (/0%).+#'' Jfe1 ki\jZ`\ekfj j\k\ekX p fZ_f d`c hl`e`\ekfj ZlXi\ekX p fZ_f [Â?cXi\j% `%m% \j \c [\k\i`fif hl\ jl]i\e cXj ZfejkilZZ`fe\j Xc gXjXi \c k`\dgf p&f jl ]XckX [\ dXek\$ e`d`\ekf ,' [\ [\i\Z_fj p XZZ`fe\j \hl`mXc\ X (/0%).+ [Â?cXi\j LJ %%% >8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (0 [\ XYi`c [\c )'((# cXj (+_+0%$ 8^iÂ&#x201E;^l\ej\ \c \jZi`kf hl\ Xek\Z\[\% 8k\ekf cf jfc`Z`kX[f p gfi \eZfekiXj\ \a\Zlkfi`X[f \c Xlkf Xek\i`fi j\ j\Â&#x152;XcX gXiX \c [Â&#x2C6;X m\`ek\ p ZlXkif [\ ale`f [\c XÂ&#x152;f [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`fZ_f _fiXj# X ]`e [\ hl\ k\e^X cl^Xi \c i\dXk\ [\c `edl\Yc\ \dYXi^X[f% Gfi kiX$ kXij\ [\c gi`d\i j\Â&#x152;XcXd`\ekf j\ XZ\gkXi}e gfjkliXj hl\ ZlYiXe gfi cf d\efj cXj [fj k\iZ\iXj gXik\j [\ jl XmXcÂ&#x2019;f# [\Y`\e[f X[alekXij\ gfi cf d\efj \c [`\q gfi Z`\ekf [\ jl f]\ikX \e [`e\if \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f# [\Y`\e[f _XZ\ij\ ZfefZ\i Xc glYc`Zf \e ^\e\iXc gfi cX gi\ejX \e le g\i`Â?[`Zf [\ Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kX \e Hl`kf# Zfdf cf [\k\i$ d`eX \c 8ik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# [\Y`\e[f d\[`Xi \c kÂ&#x201E;id`ef \jkXYc\$ Z`[f \e \c `eZ`jf j\^le[f [\ cX Z`kX[X efidX# X[\d}j j\ ]`aXi}e ZXik\c\j \e ki\j [\ cfj cl^Xi\j dXj ]i\Zl\ekX[fj [\ cX =leZ`Â?e Al[`Z`Xc [\ Hl`kf2 gXiX \c \]\Zkf Zfe]`Â&#x201E;iXj\ gfi d\[`f [\ j\Zi\kXi`X cX [fZld\ekXZ`Â?e e\Z\jXi`X%$ Efk`]Â&#x2C6;hl\j\% ;I% <;N@E 8I>FK@ I<P<J AL<Q <E:8I>8;F G8IK@:LC8I HL< GFE>F <E :FEF:@D@<EKF G8I8 CFJ =@E<J C<>8C<J :FEJ@>L@<EK<J# J < I<:@9@I8E GFJKLI8J 8 G8IK@I ;< 8HL<CC8J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C 8M8CLF# <E :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F F ;@E<IF <E <=<:K@MF# GFI KI8K8IJ< ;<C GI@D<I J<z8C8D@<EKF% ;I% AFI>< G8C8:@FJ ?% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0**+&k] ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K<
J\ gfe\ \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c [Â&#x2C6;X D`Â&#x201E;iZfc\j m\`ek\ p [fj [\ Ale`f [\c XÂ&#x152;f [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ X cXj [`\Z`fZ_f _fiXj# \e cX j\Zi\kXiÂ&#x2C6;X [\ \jkX al[`ZX$ kliX# k\e[i} cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\ hl\ X Zfek`elX$ Z`Â?e j\ [\kXccX1 L 9 @ :8: @ ä E G F C Ă K @ :8 8;D@E@JKI8K@M8 ;<C 9@<E @EDL<9C<% :`l[X[1 JXe^fchlÂ&#x2C6;1 :XekÂ?e Il d ` Â&#x152; X _ l ` # GX i if h l ` X 1 JXe^fchlÂ&#x2C6;# Gifm`eZ`X [\ G`Z_`eZ_X J\Zkfi1 :clY cfj :_`ccfj# LiYXe`qXZ`Â?e :clY cfj :_`ccfj :fealekf I\j`[\eZ`Xc JkXe[ ?flj\2 ZXjX E1 ZlXkif LY`ZX[f \e cX ZXcc\ [\ cXj DXiXekXj p [\ cfj DX[ifÂ&#x152;fj% :C8J@=@:8:@äE ;< C8 QFE8 :C8J@=@:8:@äE ;< C8 QFE8 LiYXef J` I\j`[\eZ`Xc J` J\Zkfi`qXZ`Â?e LiYXeX DÂ&#x2019;ck`gc\ :8I8:K<IĂ JK@:8J ;<C K<II<EF Kfgf^iX]Â&#x2C6;X1 gcXef
<jkX[f1 9l\ef =fidX1 i\ZkXe^lcXi p i\^lcXi =i\ek\1 Zfe le ]i\ek\ Xc gXjXa\ `ek\ief [\c Zfealekf% C@E;<IFJ ;<C @EDL<9C< 8ek\Z\[\ek\j1 j\^Â&#x2019;e# Z\i$ k`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ hl\ fYiX [\ekif [\c gifZ\jf 1 ;\ gifg`\[X[ [\ cfj ZÂ?epl^\j ji% Ă?cmXif Fik`q [\c ?`\iif p jiX% 8liX @jXY\c CÂ?g\q 9\eXm`[\j# gfi ZfdgiX X cX :fdgXÂ&#x152;Â&#x2C6;X LiYXe`qX[fiX cfj :_`ccfj :% 8% d\[`Xek\ \jZi`kliX gÂ&#x2019;Yc`ZX fkfi^X[X \c (+ [\ j\gk`\dYi\ [\ (0/0# Xek\ \c efkXi`f ;i% IlYÂ&#x201E;e ;XiÂ&#x2C6;f <jg`efjX ?`[ifmf# `ejZi`kX \c )( [\ cfj d`jdfj d\j p XÂ&#x152;f# _XY`Â&#x201E;e[fj\ jfd\$ k`[f Xc iÂ&#x201E;^`d\e [\ Gifg`\[X[ ?fi`qfekXc# d\[`Xek\ \jZi`kl$ iX gÂ&#x2019;Yc`ZX fkfi^X[X \c )/ [\ \e\if [\ (00,# Xek\ \c efkXi`f ;i% :\jXi Jli`kX# alekf Zfe cX hl\ j\ _Xe gifkfZfc`qX[f \c i\^cXd\ekf \c ZlX[if [\ XcÂ&#x2C6;$ ZlfkXj# `ejZi`kX \c )( [\ dXiqf [\c d`jdf XÂ&#x152;f% ;\ cX gifg`\[X[ ZXjX eÂ&#x2019;d\$ if ZlXkif p cX 8cÂ&#x2C6;ZlfkX jfYi\ \c k\ii\ef p Y`\e\j Zfdle\j \hl`mXc\ek\ Xc (' # hl\ ]fidX gXik\ [\c Zfealekf I\j`[\eZ`Xc JkXe[ ?flj\# LY`ZX[f \e cX LiYXe`qXZ`Â?e cfj :_`ccfj% Cfj C`e[\ifj J`e^lcXi\j [\ cX :XjX EÂ&#x2019;d\if :lXkif jfe# Efik\1 \e cX cfe^`kl[ [\ ,#'' d\kifj# *#,' d\kifj# *#)' d\kifj# p ,#)' d\kifj Zfe }i\X ZfdleXc# gfi \c Jli1 Zfe leX cfe^`kl[ [\ (-#/' d\kifj# fkifj gifg`\kXi`fj# gfi \c <jk\1 \e leX cfe^`kl[ [\ (+#,' d\kifj# Kfne ?flj\# ZXjX eld\if ki\j [\c ji% >l`cc\idf :XdglqXef# \e cX cfe^`kl[ [\ +#/' d\kifj# }i\X ZfdleXc# p gfi \c F\jk\1 \e cX cfe^`kl[ [\ (,#/' d\kifj# )#,' d\kifj# p '#,' d\kifj# Kfne ?flj\# ZXjX eld\if Z`eZf [\ ?Â&#x201E;Zkfi Kila`ccf# 8ii`YX1 Z`\cf# 8YXaf1 jl\cf% ;\ XZl\i[f Xc C\mXekXd`\ekf GcXe`d\ki`Zf# kÂ&#x201E;Ze`ZXd\ek\ jl }i\X [\ k\ii\$ ef# p jlj c`e[\ifj [fe[\ j\ \eZl\ekiX `dgcXekX[X p Zfej$ kil`[X cX ZXjX :lXkif jfe1 EFIK<1 (-#0' d Zfe }i\X ZfdleXc p ZXcc\ gÂ&#x2019;Yc`ZX JLI1 (-#/' d Zfe gifg`\[X[ gXik`ZlcXi <JK<1 ))#*' d Zfe cX ZXjX eÂ&#x2019;d\if ki\j% F<JK<1 ))#*' d Zfe cX ZXjX eÂ&#x2019;d\if Z`eZf% Jlg\i]`Z`\ \oXZkX [\ K\ii\ef1 *.-#''d)% J<IM@:@F ; < @E=I8<JKIL:KLI8 CX ZXcc\ gÂ&#x2019;Yc`ZX \j X[fhl`eX[X# Zfdf kXdY`Â&#x201E;e jlj ZXcc\j kiXej$ m\ijXc\j# Yfi[`ccfj [\ _fid`^Â?e j`dgc\# j` k`\e\e \c j\im`Z`f [\c XcZXekXi`ccX[f jXe`kXi`f# k`\e\ \c j\im`Z`f [\ kiXjgfik\ c`m`Xef# i\[\j [\ X^lX gfkXYc\ g\idX$ e\ek\# i\[ [\ \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX Zfe \c i\jg\Zk`mf XcldYiX[f gÂ&#x2019;Yc`Zf# i\[ [\ Zfdle`ZXZ`Â?e k\c\]Â?e`ZX% @E=I8<JKIL:KLI8 ;< J<IM@:@FJ ;<C @EDL<9C< 8^lX GfkXYc\ J` k`\e\ Zfe d\[`[fi I\[ <cÂ&#x201E;Zki`ZX J` k`\e\ Zfe d\[`[fi 8cZXekXi`ccX[f JXe`kXi`f J` k`\e\ Zfe\o`Â?e I\[ K\c\]Â?e`ZX J` k`\e\ :fdle`ZXZ`Â?e K\c\]% J` k`\e\ <EKFIEF LI98EF1 Jl <ekfief \j LiYXef# \e le j\Zkfi \d`e\ek\d\ek\ I\j`[\eZ`Xc# Zfe gXihl\j [\ [`m\ij`fe\j \ZfcÂ?^`Zfj \kZ% <JK8;F 8:KL8C ;< : F E J < I M8 : @ ä E ; < C @EDL<9C<% <c Y`\e `edl\Yc\ `ejg\ZZ`f$ eX[f :XjX ZlXkif ]fidX gXik\ [\c :fealekf I\j`[\eZ`X JkXe[ ?flj\2 :XjX E1 :lXkif# \jkX
Ĺ?
i\gi\j\ekX[f gfi le cfk\ [\ k\ii\ef gcXef [\ ]fidX i\ZkXe$ ^lcXi `ii\^lcXi p leX ZXjX [\ [fj g`jfj# Zfe le ]i\ek\ _XZ`X \c gXjXa\ gi`mX[f [\ `e^i\jf Xc Zfealekf% <e cfk\ [\jZi`kf Xc dfd\ekf [\c g\i`kXa\ j\ ZfdgifYÂ? cX \o`jk\eZ`X [\1 m`m`\e[X [\ [fj g`jfj [\ \jkilZkliX [\ _fid`$ ^Â?e XidX[f# \eki\ g`jf [\ cfqX p ZlY`\ikX `eZc`eX[X [\ \jkilZ$ kliX [\ dX[\iX hl\ ZXi^Xe cXj k\aXj% :lXikf [\ <dgc\X[X# }i\X [\ dXhl`eXj p j\ZX[f# gXk`f Zfe g`jf [\ ZÂ&#x201E;jg\[# }iYfc [\ X^lX$ ZXk\# g`ef# YXYXZf p gcXekXj fieXd\ekXc\j% >XiXa\ ZlY`\ikf gXiX [fj m\_Â&#x2C6;$ Zlcfj Zfe g`jf X[fhl`eX[f% :\iiXd`\ekfj d\[`Xe\ifj \e jlj c`e[\ifj% K`gfcf^Â&#x2C6;X [\ cX m`m`\e[X1 GcXekX gi`d\i g`jf lY`ZX[X \e \c e`m\c " '#+'d# [\ jXcX Zfe Z_`d\e\X# YXÂ&#x152;f jfZ`Xc# Zfd\[fi# ZfZ`eX# ^iX[Xj [\ XjZ\ejf# }i\X [\ ZfejkilZZ`Â?e1 ('+#+'d)% GcXekX J\^le[f g`jf lY`ZX[f \e \c e`m\c " *#''d# ^iX[Xj# Zfe _fcc [\ [`jki`YlZ`Â?e# jXcX jlg\i`fi# le [fid`kfi`f Zfe le YXÂ&#x152;f ZfdgXik`[f# [fj [fid`$ kfi`fj Zfe YXÂ&#x152;f# }i\X [\ Zfej$ kilZZ`Â?e1 ('/#''d)% :8I8K<I@JK@:8J ;< C8 :FEJKIL::@äE Ă?i\X [\ ZfejkilZZ`Â?e KfkXc1 )()#+'d) <e \jk\ `edl\Yc\ j\ \eZl\e$ kiX Zfejkil`[X leX m`m`\e[X [\ [fj g`jfj Zfe ZfcldeXj# m`^Xj `e]\i`fi\j# m`^Xj jlg\i`fi\j# ^iX[Xj# cfjX [\ \eki\ g`jf# jfe [\ \jkilZkliX [\ _fid`^Â?e XidX[f# \e gXik\ gfjk\i`fi cXj ZfcldeXj# m`^Xj [\ \eki\ g`jf i\ZlY`\ikX kfkXcd\ek\ [\ [l\$ cXj [\ dX[\iX p cX ZlY`\ikX cf ]fidXe leX \jkilZkliX `eZc`eX$ [Xj [\ dX[\iX i\ZlY`\ikX [\ [l\cX# \jkX X jl m\q i\ZlY`\ikX [\ Z_fmX# k`i`X[f [\ dX[\iX hl\ ZXi^Xe cXj k\aXj% GXi\[\j2 dXdgl\jkfj \eclZ`[fj# g`ekX$ [fj `ek\i`fi p \ok\i`fi% =XZ_X[Xj i\ZlY`\ikXj \e gXik\ [\ g`\[iX m`jkX# \e fkiX =XZ_Xc\kX% @ejkXcXZ`fe\j \cÂ&#x201E;Zki`ZXj i\Xc`qX$ [Xj kfkXcd\ek\ Zfe jl kXYc\if [\ Zfekifc [\ Yi\Xb\ij% Gl\ikX gi`eZ`gXc [\ `e^i\jf X cX m`m`\e$ [X [\ dX[\iX Zfe jlj i\jg\Z$ k`mfj Z\iifafj [\ j\^li`[X[% Gl\ikXj `ek\i`fi\j [\ dX[\iX Zfe jlj i\jg\Zk`mfj Z\iifafj [\ j\^li`[X[% M\ekXeXj [\ dX[\iX Zfe m`[i`fj# gXi\$ [\j Zfe dXiZfj [\ dX[\iX p m`[i`f% 9XÂ&#x152;fj% @ef[fifj# cXmX$ dXefj# eXZ`feXc\j# `ejkXcX$ Z`fe\j [\ X^lX gfkXYc\# ]iÂ&#x2C6;X p ZXc`\ek\ Zfe cX `ejkXcXZ`Â?e [\ [lZ_X \cÂ&#x201E;Zki`ZX# `ejkXcXZ`fe\j [\ GM: [\ [\jX^l\# gXi\[\j# g`jfj# i\ZlY`\ikfj [\ Z\i}d`ZX% G`jfj i\ZlY`\ikf \e cX kfkXc`$ [X[ [\ Z\i}d`ZX p g`jf ]cfkXe$ k\# ^iX[Xj i\ZlY`\ikXj [\ g`jf ]cfkXek\# gifk\ZZ`fe\j cXk\iXc\j [\ ^iX[Xj [\ dX[\iX# Zcfj\k [\ dX[\iX \e [fid`kfi`fj% CX ZfZ`eX i\ZlY`\ikX [\ Z\i}d`ZX g`jfj# gXi\[\j# ]i\^X[\if [\ Xcld`e`f# dl\Yc\j Xckfj p YXafj [\ dX[\iX# d\jÂ?e [\ gfj]fi$ dX[fj% >XiXa\j Zfe ZlY`\ikX [\ \jkilZkliX [\ dX[\iX# i\Zl$ Y`\ikX [\ [l\cXj [\ dX[\iX# dXdgfjk\iÂ&#x2C6;Xj \eclZ`[Xj# g`jf X[fhl`eX[f% <jkX[f [\ Zfej\imXZ`Â?e [\ cX m`m`\e[X1 9l\ef 8M8CèF ><E<I8C ;<C @EDL<9C<1 :XjX ZlXkif 8 cX ]\Z_X alc`f [\c )'(' IlYif2 L2 :Xek`[X[2 Gi\Z`f2 :fjkf KfkXc K\ii\ef2 d)2 *.-#''2 ()'#''2 +,%()'#'' M`m`\e[X2 d)2 )()#+'2 */'#''2 /'%.()#'' >XiXa\ p j\im`[ldYi\2 d)2 +*#*'2 ))'#''2 0%,)-#'' KfkXc (*,%*,/#'' Jfe1 :`\ekf ki\`ekX p Z`eZf d`c ki\jZ`\ekfj Z`eZl\ekX p fZ_f [Â?cXi\j% Gfi kiXkXij\ [\c j\^le[f j\Â&#x152;X$ cXd`\ekf j\ XZ\gkXiXe gfjkliXj hl\ ZlYiXe \c ,' [\c XmXcÂ&#x2019;f XgifYX[f# [\Y`Â&#x201E;e[fj\ XZfd$ gXÂ&#x152;Xi \c (' [\c mXcfi [\ cX f]\ikX [\c Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f f \e [`e\$
;b fbWY[h de fheZkY[ d_ bW c_jWZ Z[ _cfh[i_Â&#x152;d gk[ [b Zebeh$ IJ;D:>7B
if \e \]\Zk`mf% <c Y`\e j\ _XccX YXaf cX Zlj$ kf[`X [\c [\gfj`kXi`f al[`Z`Xc j\Â&#x152;fi JXÂ&#x2019;c M`el\jX GÂ&#x201E;i\q% Al`Z`f <a\Zlk`mf Ef% ((.($)''' CZ[X% J%K Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ C\p% ;I% CLĂ J I F E M@CC8M@:<E:@F J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0*/+&k] ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K<
J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c [Â&#x2C6;X cle\j m\`ek`j`\k\ [\ ale`f [\c [fj d`c feZ\# X gXik`i [\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`f$ Z_f _fiXj# \e cX J\Zi\kXiÂ&#x2C6;X [\ \jkX Al[`ZXkliX# k\e[i} cl^Xi \c i\dXk\ [\c `edl\Yc\ hl\ X Zfek`elXZ`Â?e j\ [\kXccX1 (% L9@:8:cFE <c gi\[`f dXk\i`X [\ cX gi\j\ek\ [`c`^\eZ`X j\ \eZl\ekiX lY`ZX$ [f \e cX Gifm`eZ`X [\ G`Z_`eZ_X# :XekÂ?e Hl`kf# GXiifhl`X <cfp 8c]Xif# J\Zkfi <c GXcdXi [\ JfcXe[X# ZXcc\ Hl`d`X^ j`^eX$ [X Zfe F\)$*0/ p 8m% K\e`\ek\ ?l^f Fik`q% )% C@E;<IFJ P JLG<I=@:@< C@E;<IFJ ><E<I8C<J Efik\1 :fe leX cfe^`kl[ [\ (.%'' d Zfe Cfk\ EÂ&#x2014; ( X[al$ [`ZX[f X DXel\c MXi\cX p jl ZÂ?epl^\% Jli1 :fe leX cfe^`kl[ [\ *(%/' d Zfe ZXcc\ Hl`d`X^ <jk\1 :fe leX cfe^`kl[ [\ ).%0' d Zfe Cfk\ EÂ&#x2014; * hl\ j\ X[al[`ZX X AlXe =\ieXe[f GXlZX F\jk\1 :fe leX cfe^`kl[ [\ ((%'' d Zfe Cfk\ EÂ&#x2014; ( X[al$ [`ZX[f X DXel\c MXi\cX p jl ZÂ?epl^\% 8I<8 ;<C @EDL<9C<1 +,+#0' d) :fdf \c \dYXi^f \jk} i\Xc`$ qX[f jfYi\ \c ((%'0 [\ cfj [\i\Z_fj p XZZ`fe\j p cX gif$ g`\[X[ j\ \eZl\ekiX jlY[`m`$ [`[X# gfi cf kXekf \c }i\X [\ k\ii\ef% hl\ c\ Zfii\jgfe[\ Xc ((%'0 [\ cfj [\i\Z_fj p XZZ`fe\j j\ \eZl\ekiX [\ekif [\ cfj j`^l`\ek\j c`e[\ifj1 C@E;<IFJ ;<C ((%'0 ;;% 88% <D98I>8;F Efik\1 :fe leX cfe^`kl[ [\ .%'' d Zfe Cfk\ EÂ&#x2014; ) [\ cX jlY[`m`j`Â?e% Jli1 :fe leX cfe^`kl[ [\ /%'' d Zfe Cfk\ EÂ&#x2014; + [\ cX jlY[`m`$ j`Â?e p gXjXa\ ZfdleXc% <jk\1 :fe leX cfe^`kl[ [\ .%'' d Zfe Cfk\ EÂ&#x2014; ) [\ cX jlY[`$ m`j`Â?e% F\jk\1 :fe leX cfe^`kl[ [\ /%)' d Zfe ZXcc\ Hl`d`X^ 8I<8 ;<C ((%'0 [\ ;;% 88%1 ,'%.' d) *% @ E = I8 <JK IL :K L I8 LI98E8 98J@:81 CX gifg`\[X[ \e d\eZ`Â?e [`jgfe\ [\ j\im`Z`fj [\ `e]iX$ \jkilZkliX liYXeX Y}j`Zfj Zfdf jfe1 XcZXekXi`ccX[f# X^lX gfkXYc\# \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX# cX ZXcc\ Hl`d`X^ \j X[fhl`eX[X p cX 8m% K\e`\ek\ ?l^f Fik`q \j Xj]XckX[X% +% LJF ;<C JL<CF1 <c ljf \oZclj`mf gXiX M`m`\e[X p Zfd\iZ`f% ,% ;<J:I@G:@FE1 <e \c }i\X [\ k\ii\ef hl\ c\ Zfii\jgfe[\ cfj [\i\Z_fj p XZZ`fe\j [\c [\dXe[X[f \o`jk\1 Cfk\ [\ k\ii\ef :fejkilZZ`Â?e [\ ?fid`^Â?e XidX[f [\ ki\j gcXekXj% GIF>I8D8 =LE:@FE8C1 X% :fejkilZZ`Â?e [\ ?fid`^Â?e 8idX[f [\ ki\j g@XekXj1 Ă?i\X1 (,/%,. d) Ef% g`jfj1 *
8dY`\ek\j1 G%91 CfZXc Zfd\i$ Z`Xc Zfe d\[`f# YXÂ&#x152;f# fkif cfZXc Zfd\iZ`Xc Zfe d\[`f YXÂ&#x152;f p ZfZ`eX p }i\X [\ ^iX[Xj% Gi`d\iX GcXekX 8ckX1 Le ;\gXikXd\ekf Zfe jXcX# Zfd\[fi# ZfZ`eX# [fj [fid`kfi`fj# le YXÂ&#x152;f Zfdgc\kf p }i\X [\ ^iX[Xj% J\^le[X GcXekX 8ckX1 Le ;\gXikXd\ekf Zfe jXcX# Zfd\[fi# ZfZ`eX# [fj [fid`kfi`fj# le YXÂ&#x152;f Zfdgc\kf# }i\X [\ ^iX$ [Xj J@JK<D8 :FEJKIL:K@MF1 X :fejkilZZ`Â?e [\ ?fid`^Â?e 8idX[f [\ ki\j gcXekXj1 :lY`\ikX1 CfjX [\ _fid`^Â?e XidX[f <eki\g`jf1 CfjX [\ _fid`^Â?e XidX[f GXi\[\j1 CXZi`ccf \eclZ`[f G`jfj1 GXm`d\ekX[fj Gl\ikXj [\ \ekiX[X1 D\k}c`ZXj \eifccXYc\j \e cfZXc\j p [\ dX[\iX \e [\gXikXd\ekfj% M\ekXeXj1 ;\ 8cld`e`f p m`[i`f \e gi`d\iX gcXekX XckX# j`e m\ekXeXj \e cX j\^le[X gcXekX XckX% >iX[Xj1 ;\ _fid`^Â?e XidX[f D\jfe\j1 ;\ _fid`^Â?e XidX$ [f < J K8 ; F ;< C 8 J :FEJKIL::@FE<J1 X% :fejkilZZ`Â?e [\ ?fid`^Â?e 8idX[f [\ ki\j gcXekXj I <> L C 8 I =8 CK8 E 8:898;FJ -% F : L G8 E K <J ; < C @EDL<9C<% 8c dfd\ekf [\ cX `ejg\Z$ Z`Â?e g\i`Z`Xc# cX gifg`\[X[ j\ \eZl\ekiX fZlgX[X gfi Xii\e$ [XkXi`fj% .% 8M8CLF ;< C8 GIFG@<;8; GXiX i\Xc`qXi \c XmXcÂ&#x2019;f [\c `edl\Yc\ _\ kfdX[f \e Zfe$ j`[\iXZ`Â?e cfj j`^l`\ek\j gXi}$ d\kifj kÂ&#x201E;Ze`Zf liYXeÂ&#x2C6;jk`Zf p ZfejkilZk`mf kXc\j Zfdf1 LY`ZXZ`Â?e [\c `edl\Yc\ Zfe i\jg\Zkf Xc j\Zkfi [\ cX Z`l$ [X[% @[\ek`]`ZXZ`Â?e [\c `edl\Yc\ Zfe i\jg\Zkf X cX `dgfikXeZ`X# ZXc`$ [X[# \jkX[f p [\ cXj mÂ&#x2C6;Xj hl\ Z`iZle[Xe \c `edl\Yc\ =fidX p kXdXÂ&#x152;f [\c `edl\Yc\# Gfj`Y`c`[X[\j [\ cf^Â&#x2C6;jk`ZX [\c `edl\Yc\% ;`jgfe`Y`c`[X[ [\ j\im`Z`fj [\ `e]iX\jkilZkliX \e \c `edl\$ Yc\% <jkX[f [\ Zfej\imXZ`Â?e [\c `edl\Yc\ ZfejkilZZ`Â?e % <jkX[f p ZXc`[X[ [\ cfj dXk\$ i`Xc\j lk`c`qX[fj \e cX ZfejkilZ$ Z`Â?e p jlj XZXYX[fj% <jkl[`f [\ gi\Z`fj [\ cfj gi\$ [`fj Z\iZXefj Xc `edl\Yc\ p jl }i\X [\ `e]cl\eZ`X% 8M8CLF KFK8C ;< C8 GIFG@<;8; ;<J:IG:@äE2 8I<8 d)2 :FJKF & L% LJ;2 :FJKF KFK8C LJ;% K<II<EF2 ,'%.'2 ()'%''2 -%'/+#'' :FEJKIL::@FE ?%8% *G2 (,/%,.2 (/'%''2 )/%,+)#-' DFEKF KFK8C 8M8CL8;F *+%-)-#-' LJ; Jfe1 KI<@EK8 P :L8KIF D@C J<@J:@<EKFJ M<@EK< P J<@J Zfe -'&('' ;FC8I<J% :fdf \e cX gifg`\[X[ j\ \eZl\ekiX jlY[`m`[`[X p \c [\dXe[X[f j\ \eZl\ekiX gfj\j`feX[f [\c ((%'0 hl\ c\ Zfii\jgfe[\ p \e [fe[\ j\ \eZl\ekiX Zfejkil`[X cX ZXjX [\jZi`kX p XmXclX[X \e \c gi\$ j\ek\ `e]fid\ gfi cf kXekf1 ((%'0 ;;% 88% 4 *+%-)-#-' LJ; Jfe1 KI<@EK8 P :L8KIF D@C J<@J:@<EKFJ M<@EK< P J<@J Zfe -'&('' ;FC8I<J Gfi kiXkXij\ [\c gi`d\i j\Â&#x152;XcX$ d`\ekf# j\ XZ\gkXi}e gfjkliXj hl\ ZlYiXe cXj [fj k\iZ\iXj
gXik\j [\c XmXcÂ&#x2019;f gfi cf d\efj# \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX$ [f X fi[\e [\c Alq^X[f%$ <c `edl\Yc\ \jkX X ZXi^f [\c ;\gfj`kXi`f Al[`Z`Xc Ji% <ei`hl\ 8i`Xj% Al`Z`f [\ <a\Zlk`mf Ef% '0'/$ )''/ DJ% 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% ;<C <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8
8M@JF ;< I<D8K< J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E C8 J<:I<K8I@8 ;<C ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8# <C ;Ă 8 D8IK<J :8KFI:< ;< ALE@F ;<C ;FJ D@C FE:<# 8 G8IK@I ;< C8J :8KFI:< ?FI8J# ?8JK8 C8J ;@<:@F:?F ?FI8J# <E <C AL@:@F <A<:LK@MF Ef% ','0$)'('$ ;%>%=% K<E;IĂ? CL>8I C8 M<EK8 <E GL9C@:8 JL98JK8 ;<C 9@<E @EDL<9C<# HL< ?8 :FEK@EL8:@FE ;< ;<K8CC8% L9@:8:@äE Cfj cfk\j 8 p : [\jd\dYiX$ [fj [\c cfk\ EÂ&#x2014; LEF gXik\ [\ cX _XZ`\e[X :_`j`eZ_\ DXi`jZXc JlZi\ j\ \eZl\ekiXe \e cX GXeXd\i`ZXeX Jli \e cX GXiifhl`X [\ 8cfXj` g\ik\e\$ Z`\ek\ Xc :XekÂ?e D\aÂ&#x2C6;X [\ cX Gifm`eZ`X [\ G`Z_`eZ_X% CFK< EÂ&#x2014; Ă&#x2C6;8Ă&#x2030; ;<J:I@G:@FE C<>8C <J:I@KLI8 ;< :FDGI8 M<EK8 < ?@GFK<:8 <e Hl`kf# ), [\ Efm`\dYi\ [\c )''/ Xek\ d` EfkXi`f M`^Â&#x201E;j`df Efm\ef [\ Hl`kf# ;i% If[i`^f JXc^X[f MXc[\q ZfdgXi\Z\e @H= 8>IF@E;LJKI@8C ;<C <:L8;FI J%8% I\gi\j\ekX[X gfi ?Â&#x201E;Zkfi :Xicfj Jl}i\q 8i`Xj# Zfdf C8 M<E;<;FI8# gfi fkiX gXik\ = F F ; J 8 C < J @EM<JKD<EKJ J % 8 % I\gi\j\ekX[X gfi jl ^\i\e$ k\ >\e\iXc :Xicf 8eZfeX ;` :XglX X cX hl\ j\ [\efd`eXiX C8 :FDGI8;FI8% 8EK<:<;<EK<J1 C 8 M<E;<;FI8 \j gifg`\kXi`X [\c cfk\ [\ k\ii\ef [\jd\d$ YiX[f [\c cfk\ EÂ&#x2014; LEF gXik\ [\ cX _XZ`\e[X :_`j`eZ_\ DXi`jZXc JlZi\ [\ cX GXiifhl`X [\ 8cfXj`# :XekÂ?e D\aÂ&#x2C6;X [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# \c d\eZ`feX[f cfk\ cf X[hl`i`Â? d\[`Xek\ ZfdgiXm\ekX X cX JiX% DXi`X [\c :Xid\e 8cYlaX [\ >lXi[\iXj j\^Â&#x2019;e \jZi`kliX [\ ZfdgiX m\ekX [\c . [\ 8Yi`c [\ (00, Xek\ \c EfkXi`f M`^Â&#x201E;j`df :lXikf [\c :XekÂ?e Hl`kf ;i% Afi^\ :Xdgfj ;\c^X[f \ `ejZi`kXj \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e D\aÂ&#x2C6;X \c ). [\ 8Yi`c [\ (00,% C@E;<IFJ ;<C CFK< Ă&#x2C6;8Ă&#x2030; EFIK<1 <e //#/' d Zfe gifg`\$ [X[ [\ J_lY\ik_ 9XZ`^Xclgf JLI1 <e ('*#.+ d Zfe gifg`\$ [X[ [\ =ff[jXc\j @em\jkd\ekj J%8% <JK<1 <e ('+#,- d Zfe ZXd`$ ef m`\af F<JK<1 <e ('+#-. d Zfe GXeXd\i`ZXeX Jli% 8I<84 ('#'.'d) < O G I F G @ 8 : @ F E < J I<8C@Q8;8J 8C K<II<EF <c D`e`jk\i`f [\ KiXejgfik\ p FYiXj GÂ&#x2019;Yc`ZXj CX JlYj\Zi\kXi`X [\ [\c\$ ^XZ`fe\j p :feZ\j`fe\j [\c kiXejgfik\% ;\ XZl\i[f Xc \og\[`\ek\ EÂ&#x2014; /,($)'('$J;:K$8J =\Z_X1 (0 [\ Efm`\dYi\ [\c )'('% :fe dfk`mf [\ cfj kiXYXafj [\ ZfejkilZZ`Â?e [\c XZZ\jf Jli [\ cX Z`l[X[ [\ Hl`kf# \e cX GXiifhl`X [\ 8cfXj`# :XekÂ?e D\a`X Gifm`eZ`X [\ G`Z_`eZ_X# _X jl]i`[f fZlgXZ`Â?e# \ogif$ g`XZ`Â?e p [XÂ&#x152;fj [\ cX gifg`\[X[ [\ =FF;J8C<J @EM<JKD<EKJ J%8% ;\ Zfe]fid`[X[ Zfe \c j`^l`\ek\ XmXcÂ&#x2019;f# ZlpX [\kXcc\ ZfejkX e cX i\jg\Zk`mX 8ZkX [\
fZlgXZ`Â?e c\mXekX[X gfi cX 8ih% 8eX >XiqÂ?e# Jlg\im`jfiX [\ cX JlYj\Zi\kXi`X [\ ;\c\^XZ`fe\j p :feZ\j`fe\j [\c D`e`jk\i`f [\ KiXejgfik\ p FYiXj GlYc`ZXj% K\ii\ef1 Ă?i\X kfkXc1 ('%'''#'' d) 8]\ZkXZ`Â?e1 (%'0(#0( d) MXcfi1 .#//'#(, 8I<8 I<8C ;<C CFK< Ă&#x2C6;8Ă&#x2030;1 /%0./#'0 d) ;<J:I@G:@FE ;< C8 GIFG@<;8; :<II8D@<EKFJ EFIK<1 dXdgfjk\iÂ&#x2C6;X [\ Ycf$ hl\ Zfe ZfcldeXj [\ _fid`^Â?e XidX[f JLI1 J`e Z\iiXd`\ekf <JK<1 QXeaX eXkliXc p XcXdYi\ [\ gÂ&#x2019;Xj F<JK<1 G`e^fj Zfe XcXdYi\ [\ gÂ&#x2019;Xj% K<II<EF $ GcXef $ I\ZkXe^lcXi $ K`\e\ cfj j\im`Z`fj [\ clq \cÂ&#x201E;Zki`ZX Zfe kiXej]fidX[fi [\ '#.,Bn% $ <c X^lX \j [\ gfqf $ <c XcZXekXi`ccX[f \j Zfe gfqf jÂ&#x201E;gk`Zf% $ <o`jk\ ki\j ZfejkilZZ`fe\j $ Ef \o`jk\ j\dYiÂ&#x2C6;fj% :FEJKIL::@FE EÂ&#x2014; LEF :fejk`kl`[f [\1 :fd\[fi# m\j$ k`[fi\j p [`jg\ejXi`f% :fejkil`[f [\1 $ <jkilZkliX [\ ZfcldeXj# m`^Xj p Zfii\Xj [\ g\i]`c\j [\ _`\iif% $ K\Z_f [\ il]k\Z $ DXdgfjk\iÂ&#x2C6;X [\ Ycfhl\ $ G`jfj [\ Z\d\ekf# \e fkiX [\ [l\cX [\ \lZXc`gkf% $ Gl\ikXj [\ kffc $ M\ekXeXj [\ _`\iif m`[i`f p gifk\ZZ`fe\j $ 9XÂ&#x152;fj1 :fe i\ZlYi`d`\ekfj [\ Z\i}d`ZX# jXe`kXi`fj eXZ`f$ eXc\j% $ :fd\[fi1 G`jfj [\ Z\i}d`$ ZX# d\jfe\j [\ _fid`^Â?e Zfe i\ZlYi`d`\ekfj [\ Z\i}d`ZX# ]i\^X[\if [\ le gfqf# <JK8;F1 I\^lcXi j`e dXek\$ e`d`\ekf 8I<84 (,/#)'d) :FEJKIL::@FE EÂ&#x2014; ;FJ :fejk`kl`[f [\1 9f[\^Xj [\ XZfg`f# f]`Z`eXj# Zfekifc [\ gif[lZZ`Â?e# ZlXikfj ]iÂ&#x2C6;fj# i\Z\gZ`Â?e% :fejkil`[f [\1 $ <jkilZkliX [\ g\i]`c\j [\ _`\iif $ K\Z_f [\ il]k\Z $ DXdgfjk\iÂ&#x2C6;X [\ Ycfhl\ $ <eclZ`[fj `ek\iefj p \ok\i$ efj $ M\ekXeXj [\ _`\iif m`[i`f p gifk\ZZ`fe\j $ Gl\ikXj [\ kffc $ >iX[Xj [\ _`\iif $ <eki\g`jf [\ g\i]`c\j [\ _`\iif p _fid`^Â?e% $ G`jfj [\ Z\d\ekf \e fkiXj [\ m`e`c $ GXik\ [\ d\jfe\j [\ _fi$ d`^Â?e Zfe i\ZlYi`d`\ekf [\ Z\i}d`ZX% $ <o`jk\ leX gcXekX XckX Zfe f]`Z`eXj <JK8;F1 I\^lcXi j`e dXek\$ e`d`\ekf 8I<84 0+0#)' d) :FEJKIL::@FE EÂ&#x2014; KI<J :fejk`kl`[f [\1 leX f]`Z`eX [\ Zfekifc [\ ZXc`[X[ :fejkil`[f [\1 $ <jkilZkliX [\ g\i]`c\j [\ _`\iif $ K\Z_f [\ il]c\Z $ DXdgfjk\iÂ&#x2C6;X [\ Ycfhl\ $ Gl\ikXj [\ kffc $ M\ekXeXj [\ _`\iif m`[i`f p gifk\ZZ`fe\j $ G`jfj [\ Z\i}d`ZX% $ D\jfe\j [\ _fid`^Â?e Zfe i\ZlYi`d`\ekfj [\ Z\i}d`ZX <JK8;F1 I\^lcXi 8I<8 (+#-) d) D8CC8J $ G`jf [\ Z\d\ekf $ GXi\[\j [\ dXccX \c\Zkif$ jfc[X[X $ :fcldeXj [\ g\i]`c\j [\ _`\iif $ :lY`\ikX [\ dXccX q`e^ \e gXik\ \e fkiX jfcf dXccX <JK8;F1 dXcf 8I<8 4 )*+#'.d) G8M@D<EKFJ $ GXm`d\ekf Zfe dXccX \c\Zkif$ jfc[X[X% 8I<84 -0/#*'d) KI8EJ=FID8;FI
$ ;\ '#., BN $ :fe [fj gfjk\j [\ _fid`^Â?e LE@;8;1 (#'' l CFK< EÂ&#x2014; Ă&#x2C6;:Ă&#x2030; ;<J:I@G:@FE C<>8C <J:I@KLI8 ;< :FDGI8 M<EK8 < ?@GFK<:8 <e Hl`kf# ), [\ Efm`\dYi\ [\c )''/ Xek\ d` ;i% If[i`^f JXc^X[f MXc[\q EfkXi`f M`^Â&#x201E;j`df Efm\ef [\ Hl`kf# ZfdgXi\Z\e @H= 8>IF@E;LJKI@8C ;<C <:L8;FI J%8% I\gi\j\ekX[X gfi ?Â&#x201E;Zkfi :Xicfj Jl}i\q 8i`Xj# C8 M<E;<;FI8# gfi fkiX gXik\ =FF;J8C<J @EM<JKD<EKJ J%8% I\gi\j\ekX[X gfi jl >\i\ek\ >\e\iXc :Xicf 8eZfeX ;` :XglX X cX hl\ j\ [\efd`eXiX C8 :FDGI8;FI8% 8EK<:<;<EK<J1 C 8 M<E;<;FI8 \j gifg`\kXi`X [\c cfk\ [\ k\ii\ef [\jd\d$ YiX[f [\c cfk\ EÂ&#x2014; LEF gXik\ [\ cX _XZ`\e[X :_`j`eZ_\ DXi`jZXc JlZi\ [\ cX GXiifhl`X [\ 8cfXj`# :XekÂ?e D\aÂ&#x2C6;X [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# \c d\eZ`feX[f cfk\ cf X[hl`i`Â? d\[`Xek\ ZfdgiXm\ekX X cX JiX% DXi`X [\c :Xid\e 8cYlaX [\ >lXi[\iXj j\^Â&#x2019;e \jZi`kliX [\ ZfdgiX M\ekX [\c . [\ 8Yi`c [\ (00, Xek\ \c EfkXi`f M`^Â&#x201E;j`df :lXikf [\c :XekÂ?e Hl`kf% ;i% Afi^\ :Xdgfj ;\c^X[f \ `ejZi`kXj \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e D\aÂ&#x2C6;X \c ). [\ 8Yi`c [\ (00,% C@E;<IFJ ;<C CFK< Ă&#x2C6;:Ă&#x2030; EFIK<1 <e ((+#)- d Zfe gifg`\[X[ [\ =ff[jXc\j @em\jk`d\ekj J%8% JLI1 <e ()'#+.d Zfe gif$ g`\[X[ [\ DXi`X [\c :Xid\e 8cYlaX% <JK<1 <e +)#0* d Zfe ZXd`ef m`\af F<JK<1 <e +)#/' d Zfe GXeXd\i`ZXeX Jli% 8I<8 ,%'*'#'' d) ;<J:I@G:@FE ;< C8 GIFG@<;8; :<II8D@<EKFJ EFIK<1 J`e Z\iiXd`\ekf JLI1 QXeaX eXkliXc g\hl\Â&#x152;X# g`e^fj Zfe XcXdYi\ [\ gÂ&#x2019;Xj% <JK<1 DXdgfjk\iÂ&#x2C6;X [\ Ycfhl\ F<JK<1 G`e^fj Zfe XcXdYi\ [\ gÂ&#x2019;Xj% K<II<EF $ GcXef $ I\ZkXe^lcXi $ Ef k`\e\ cfj j\im`Z`fj Y}j`Zfj [\ `e]iX\jkilZkliX Zfdf X^lX gfkXYc\# XcZXekXi`ccX[f# clq \cÂ&#x201E;Zki`ZX% $ Ef \o`jk\ j\dYiÂ&#x2C6;fj $ Ef \o`jk\ ZfejkilZZ`fe\j < O G I F G @ 8 : @ F E < J I<8C@Q8;8J 8C K<II<EF <c D`e`jk\i`f [\ KiXejgfik\ p FYiXj GÂ&#x2019;Yc`ZXj CX JlYj\Zi\kXiÂ&#x2C6;X [\ [\c\$ ^XZ`fe\j p :feZ\j`fe\j [\c kiXejgfik\% ;\ XZl\i[f Xc \og\[`\ek\ Ef% /,*$)'('$J;:K$8J =\Z_X1 (0 [\ Efm`\dYi\ [\c )'('% :fe dfk`mf [\ cfj kiXYXafj [\ ZfejkilZZ`Â?e [\c XZZ\jf Jli [\ cX Z`l[X[ [\ Hl`kf# \e cX GXiifhl`X [\ 8cfXjÂ&#x2C6;# :XekÂ?e D\aÂ&#x2C6;X Gifm`eZ`X [\ G`Z_`eZ_X# _X jl]i`[f fZlgXZ`Â?e# \ogif$ g`XZ`Â?e p [XÂ&#x152;fj [\ cX gifg`\[X[ [\ =FF;J8C<J @EM<JKD<EKJ J%8% ;\ Zfe]fid`[X[ Zfe \c j`^l`\ek\ XmXcÂ&#x2019;f# Zlpf [\kXcc\ ZfejkX \e cX i\jg\Zk`mX 8ZkX [\ fZlgXZ`Â?e c\mXekX[X gfi cX 8ih% 8eX >XiqÂ?e# Jlg\im`jfiX [\ cX JlYj\Zi\kXiÂ&#x2C6;X [\ ;\c\^XZ`fe\j p :feZ\j`fe\j [\c D`e`jk\i`f [\ KiXejgfik\ p FYiXj GÂ&#x2019;Yc`ZXj% K\ii\ef1 8i\X kfkXc1 ,%'''#'' d)% 8]\ZkXZ`Â?e1 +)*#.( d)% MXcfi1 *%'-(#.' 8I<8 I<8C ;< CFK< Ă&#x2C6;:Ă&#x2030;1 +%-'-#)0 D)% 8M8 C L F ;< C 8 J GIFG@<;8;<J CFK< Ă&#x2C6;8Ă&#x2030; K\ii\ef2 /%0./#'0 d) X /#)' Z&d)2 .*%-)'#*+ :fejkilZZ`Â?e Ef% (2 (,/#)' d) X ,,#'' Z&d)2 /%.'(#'' :fejkilZZ`Â?e Ef% )2 0+0#)' d) X ,,#'' Z&d)2 ,)%)'-#'' :fejkilZZ`Â?e Ef% *2 (+#-' d) X ,,#'' Z&d)2 /'*#''
DXccX )*+#'. d) X 0#'' Z&d)2 )%('-#-* GXm`d\ekf -0/#*' d) -#,' Z&d) +%,*/#0, KiXej]fidX[fi (#'' l X ,%'''#'' Z&l ,%'''#'' JLD81 (+-%0.,#0) CFK< Ă&#x2C6;:Ă&#x2030; K\ii\ef +%-'-#)0 d) X /#)' Z&d) *.%..(#,/ JLD81 *0%(,*#+KFK8C1 (/-%()0#*/ JFE1 :@<EKF F:?<EK8 P J<@J D@C :@<EKF M<@EK< P EL<M<# Zfe */&('' ;FC8I<J 8D<I@:8EFJ% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j (+ [\ XYi`c [\c )'((# cXj ((_,,%$ Cfj \jZi`kfj p Xe\ofj gi\j\ekX[fj X^iÂ&#x201E;^l\j\ Xc gifZ\jf% <e cf gi`eZ`gXc2 [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% +*' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# e`\^Xj\ cf jfc`Z`kX[f gfi \c @e^% :Xicf 8eZfeX ;` :XglX# [\aXe[f X jXcmf \c [\i\Z_f hl\ \jk\ k`\e\ gXiX j\^l`i cXj XZZ`fe\j c\^Xc\j hl\ j\ Zi\X Xj`jk`[f% Gfi \jkX jfcX m\q efk`]Â&#x2C6;hl\j\ Xc @e^% :Xicf 8eZfeX ;` :XglX# \e \c ZXj`cc\$ if al[`Z`Xc j\Â&#x152;XcX[f2 j\Â&#x152;XcXj\ gXiX \c [Â&#x2C6;X dXik\j ZXkfiZ\ [\ ale`f [\c [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\$ Z`fZ_f _fiXj# gXiX hl\ \e cX J\Zi\kXi`f [\ \jkX Al[`ZXkliX# k\e^X cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f [\ gifg`\[X[ [\ cX <dgi\jX =FF;J8C<J @EM<JKD<EKJ J%8%# cfk\j 8 p :# [\jd\dYiX$ [fj [\c cfk\ Ef% LEF# gXik\ [\ cX _XZ`\e[X :_`j`eZ_\ DXi`jZXc JlZi\j hl\ j\ \eZl\ekiX \e cX GXeXd\i`ZXeX Jli# \e cX GXiifhl`X [\ 8cfXjÂ&#x2C6; [\c :Xekf D\a`X [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# dXj ZXiXZk\iÂ&#x2C6;jk`ZXj p \jg\Z`]`ZXZ`fe\j ZfejkXe [\ Xlkfj% ?}^Xj\ jXY\i Xc gÂ&#x2019;Yc`Zf `ek\i\jX[f d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf% =`a}e[fj\ cfj ZXik\c\j \e cfj gXiXa\j p d}j ZfeZlii`[fj [\ cX =leZ`Â?e Al[`Z`Xc p \e 8cfXjÂ&#x2C6; cl^Xi [fe[\ j\ \eZl\ekiX \c Y`\e `edl\Yc\# gXiX cf ZlXc Zfd`j`feXj\ \c j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX GXiifhl`X [\ 8cfXjÂ&#x2C6;# \em`}e$ [fc\ jl]`Z`\ek\ [\jgXZ_f%$ <c i\dXk\ k\e[i} Zfdf YXj\ [\ cXj [fj k\iZ\iXj gXik\j [\c XmXclÂ? gfi kiXkXij\ [\ gi`d\i j\Â&#x152;XcXd`\ekf% :fe efk`]`ZX$ Z`Â?e X \a\ZlkXek\ p \a\ZlkX[f# _}^Xj\ ZfefZ\i cX k\iZ\iÂ&#x2C6;X ZfX[plmXek\ ]fidlcX[X gfi \c ;i% AlXe =iXeZ`jZf M}qhl\q <jg`efjX# Zfdf GifZliX[fi Al[`Z`Xc [\c 9XeZf Jfc`[Xi`f J%8%%$ Efk`]Â&#x2C6;hl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8I&/*'/-&k]
M8I@FJ < O K I 8 : K F AL@:@F G<E8C ;< 8:@FE GI@M8;8% ;<JKIL::@äE ;< :FEJKIL::@äE%
Ef% AL@:@F%$ ()') $ )'('% I\jgfejXYc\1 ;i% <[n`e A`dÂ&#x201E;e\q M% HL<I<CC8;F1 <;@JJFE :?8M<Q 8CM8I8;F% HL<I<CC8EK<% A ? F E IF9<IKF M@CC8:Ă J M@E:<J% GIFM@;<E:@8% ALQ>8;F ;<:@DF :L8IKF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8%$ Hl`kf# (0 [\ dXpf [\c )'((%$ CXj ('?(,%$ M@JKFJ1 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f gfi A_fe M`ccXZÂ&#x2C6;j%$ Gfi ZlXekf \c XZl$ jX[fi gXik`ZlcXi j\Â&#x152;fi Af_e M`ccXZÂ&#x2C6;j M`eZ\j# _X Zldgc`[f Zfe cf [`jgl\jkf \e gifm`[\e$ Z`X Xek\i`fi# \jkf \j Zfe]fid\ cf [\k\id`eX \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ Zfe cX XZljXZ`Â?e gXik`ZlcXi#
d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Xc hl\i\ccX[f <;@JFE :?Ă?M<Q 8CM8I8;F# gXiX \c \]\Zkf i\dÂ&#x2C6;kXj\ \c \okiXZkf Zfii\jgfe[`\ek\% KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X j\Â&#x152;XcX[X \e cX gi\j\ek\ ZXljX%$ 8ZkÂ&#x2019;\ \c ;i% >ljkXmf JXid`\ekf Zfdf J\Zi\kXi`f [\ \jkX Al[`ZXkliX%$ Efk`]Â&#x2C6;hl\j\ p :Â&#x2C6;k\j\% Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc# gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% >ljkXmf JXid`\ekf J<:I<K8I@F ;<C ALQ>8;F ;<:@DF :L8IKF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8% ?Xp le j\ccf 8%:%&.0.,( ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@FE AL;@:@8C 8 J<IM@F KLC@F 8E;I8;< p O@D<E8 ;< CFJ 8E><C<J C<@M8 GC8EK8 <OKI8:KF 8:KFI% JXÂ&#x2019;c Fcd\[f 8e^lcf :XdXZ_f ;<D8E;8;FJ% J\im`f Klc`f AliX[f 8e[iX[\ p O`d\eX [\ cfj 8e^\c\j C\`mX GcXekX AL@:@F% I<HL<I@D@<EKF Ef% (,0*$)'('$@>D$ KI8D@K<%$ <jg\Z`Xc :L8EK@8%$ @e[\k\id`eX[X ;FD@:@C@F% :Xj`cc\if Al[`Z`Xc *+), [\c ;i% Cl`j EXj\m`ccX F9A<KF% <eki\^X [\ [fZl$ d\ekfj GIFM@;<E:@8J% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j . [\ [`Z`\dYi\ [\c )'('# cXj ('_*-% M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X# XZ\gk}e$ [fj\ Xc ki}d`k\ i\jg\Zk`mf# I<HL@<I<J< X cfj j\Â&#x152;fi\j J<IM@F KLC@F ALI8;F 8E;I8;< p O@D<E8 ;< CFJ 8E><C<J C<@M8 GC8EK8# X ]`e [\ hl\ [\ekif [\c k\iZ\if [Â&#x2C6;X [\ Z`kX[fj \eki\^l\e Xc [\dXe$ [Xek\ cfj [fZld\ekfj \jg\Z`$ ]`ZX[fj \e cX [\dXe[X% GXiX \c \]\Zkf ZÂ&#x2C6;k\j\c\j \e cX [`i\Z$ Z`Â?e j\Â&#x152;XcX[X% 8^iÂ&#x201E;^l\ej\ cfj [fZld\ekfj gi\j\ekX[fj% :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%$ ] ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )- [\ XYi`c [\c )'((# cXj '0_,+% 8k\ekX cX iXqÂ?e j\ekX[X gfi \c j\Â&#x152;fi Z`kX[fi p aliXd\ekf i\e[`[f gfi \c XZkfi# j\ [`j$ gfe\ Z`kXi X cfj [\dXe[X[fj J\im`f Klc`f AliX[f 8e[iX[\ p O`d\eX [\ cfj 8e^\c\j C\`mX GcXekX# X kiXmÂ&#x201E;j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]Â&#x2C6;hl\j\%$ ] ;i% DXi`f Fik`q <jki\ccX% Al\q% Cf hl\ Zfdle`Zf gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc [\e$ kif [\c g\iÂ&#x2C6;d\kif c\^Xc [\ \jkX Z`l[X[ [\ Hl`kf# gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j% ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F 8%:%&.0-,+ ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%
:@K8:@FE AL;@:@8C% 81 <;@K? :C<D<E:@8 CFG<Q :FI;FM8# Zfe \c \okiXZkf [\ cX [\dXe[X M\iYXc JldXi`X p gifm`[\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF1 8Zkfi1 ;I8% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf [\ >lXpXhl`c J%8% ;\dXe[X[X1 < ; @ K ? :C<D<E:@8 C F G < Q :FI;FM8% :lXekÂ&#x2C6;X1 LJ;% 0%'''#ff Al`Z`f Ef% (**,$)''0$NQ FYa\kf [\ cX ;\dXe[X1 :fYif [\ [`e\if GIFM@;<E:@8J1 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# () [\ fZklYi\ [\c )''0# cXj ('_*)%
M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ gifgl\jkX gfi cX ;I8% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf [\ >lXpXhl`c J%8%# \e ZfekiX [\ <;@K? :C<D<E:@8 CFG<Q :FI;FM8# \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX X[d`$ k\ Xc kiXd`k\ m\iYXc jldXi`f gi\m`jkf \e cX J\ZZ`Â?e )*mX# 8ikj% /)/ p jlYj`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :Â&#x2C6;k\j\ X cX [\dXe[X[X \e \c cl^Xi `e[`ZX[f \e \c c`Y\cf [\ cX [\dXe[X% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj XgX$ i\aX[fj X cX [\dXe[X% KÂ?d\j\ efkX [\c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX XZZ`feXek\% EFK@=@HL<J<%$ ] ;I% D8I@F FIK@Q <JKI<CC8%$ Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# '+ [\ dXpf [\c )'((# cXj '0_(+% 8k\ekf \c aliXd\ekf \ogi\jX$ [f gfi cX gXik\ XZkfiX ;I8% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I# \e jl ZXc`[X[ [\ GifZliX[fiX Al[`Z`Xc [\c 9XeZf [\ >lXpXhl`c J%8%# p cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X <;@K? :C<D<E:@8 CFG<Q :FI;FM8 gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[2 gXiX \c \]\Zkf Zfe]`Â&#x201E;iXj\ \c \okiXZkf i\jg\Zk`$ mf% Efk`]Â&#x2C6;hl\j\% ] ;I% D8I@F FIK@Q <JKI<CC8%$ Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf [`jgfe\ cX c\p% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F 8%:%&.0/** EFK8Ic8 KI@><J@D8 F:K8M8
Gfe^f \e ZfefZ`d`\ekf [\c glYc`Zf# hl\ d\[`Xek\ \jZi`kl$ iX gÂ&#x2019;Yc`ZX fkfi^X[X \c (0 [\ DXpf [\c )'((# cfj ZÂ?epl^\j j\Â&#x152;fi\j D8LI@:@F 8IKLIF M@CC8M@:<E:@F ;LI8E>F P Q<CM8 N8C<MJB8 >FEQ8C<Q >8M@C8E<Q# Z\c\YiXife jl c`hl`[XZ`Â?e [\ Y`\e\j [\ cX JfZ`\[X[ :fepl^Xc# kiXejZl$ ii`[f \c kÂ&#x201E;id`ef [\ )' [Â&#x2C6;Xj [\ \jkX glYc`ZXZ`Â?e p [\ ef \o`jk`i fgfj`Z`Â?e j\ [`jgfe[i} jl `ejZi`gZ`Â?e \e \c I\^`jkif Zfii\jgfe[`\ek\% Hl`kf# X *' [\ DXpf [\c )'((% ;I% I<D@>@F 8>L@C8I 8>L@C8I EFK8I@F KI@><J@DF F:K8MF ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&.00(-&k] ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 8 I<D@>@F >LJK8MF ;< C8 KFII< KLC:8E8Q8 < O K I 8 : K F 8:KFI8% 8Â&#x2C6;[X :Xii\iX Qli`kX ;<D8E;8;F% I\ d ` ^ ` f >ljkXmf [\ cX Kfii\ KlcZXeXqX AL@:@F% :FE=<J@äE AL;@:@8C Ef%(''-$)'('$@>D$ KI8D@K<% <jg\Z`Xc% :L8EK@8% @e[\k\id`eX[X ;FD@:@C@F% :Xj`cc\if Al[`Z`Xc ('( [\c ;i% >ljkXmf M\cfq :% F9A<KF% :fe]\j`Â?e Al[`Z`Xc GIFM@;<E:@8J% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )0 [\ alc`f [\c )'('# cXj ((_'.%$ M@JKFJ%$ CX g\k`Z`Â?e hl\ Xek\$ Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ gfi cX mÂ&#x2C6;X \jg\Z`Xc% J\Â&#x152;XcXj\ gXiX \c (/ [\ FZklYi\ [\c )'(' X cXj '0_'' X ]`e [\ hl\ I<D@>@F >LJK8MF ;< C8 KFII< KLC:8E8Q8# ZfdgXi\qZX X \jkX al[`ZXkliX \e ]fidX g\i$ jfeXc p ef gfi `ek\igl\jkX g\i$ jfeX# Zfe \c fYa\kf [\ i\e[`i cX Zfe]\j`Â?e al[`Z`Xc jfc`Z`kX[X Xc k\efi [\c `ek\iif^Xkfi`f hl\ \e jfYi\ Z\iiX[f hl\ XZfdgXÂ&#x152;X \c ZlXc j\i} ZXc`]`ZX[f Xc dfd\e$ kf d`jdf [\ cX [`c`^\eZ`X# Zfe$
J[c[h Wb Wceh [i j[c[h W bW l_ZW" o bei gk[ j[c[d W bW l_ZW oW [ij|d c[Z_e ck[hjei$ 8;HJH7D: 7HJ>KH M?BB?7C HKII;BB
]fid\ cf [`jgfe\ \c 8ik% (). [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :Â&#x2C6;k\j\ Xc [\dXe[X[f \e \c cl^Xi `e[`ZX[f# KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;X$ cX[f p cX Xlkfi`qXZ`Â?e fkfi^X$ [X 8 jl XYf^X[f gXkifZ`eX$ [fi% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X# EFK@=@HL<J<%$ ] ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j ) [\ [`Z`\dYi\ [\c )'('# cXj '/_)-%$ J\ ml\cm\ X j\Â&#x152;XcXi gXiX \c (/ [\ ]\Yi\if [\c )'(( X cXj (,_'' # X ]`e [\ hl\ \c [\dXe[X[f I\d`^`f >ljkXmf [\ cX Kfii\ KlcZXeXqX ZfeZliiX X i\e[`i jl Zfe]\j`Â?e2 Xk\ekX cX iXqÂ?e j\ekX[X gfi \c j\Â&#x152;fi :`kX[fi p aliXd\ekf i\e[`[f gfi cX XZZ`feXek\# j\ [`jgfe\ hl\ j\ c\ Z`k\ X kiXmÂ&#x201E;j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]Â&#x2C6;hl\j\% ] ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j )0 [\ dXiqf [\ )'((# cXj '/_))%$ Gfi \ok\dgfi}e\Xj# j\ e`\^X cXj \ed`\e[Xj jfc`$ Z`kX[Xj gfi cX XZZ`feXek\% J\ ml\cm\ X j\Â&#x152;XcXi gXiX \c . [\ ale`f [\c )'(( X cXj (,_'' # X ]`e [\ hl\ \c [\dXe[X[f I\d`^`f >ljkXmf [\ cX Kfii\ KlcZXeXqX \e ZXc`[X[ [\ C`hl`[X[fi [\ cX :fdgXÂ&#x152;`X CX Hl`d`ZX J%8% ZfeZliiX X i\e[`i jl Zfe]\j`Â?e2 gXiX \c \]\Zkf j\ c\ Z`kXi} \e cX ]fidX fi[\eX[X \e gifm`[\eZ`X [\ al\m\j ) [\ [`Z`\dYi\ [\c )'('%Efk`]Â&#x2C6;hl\j\% ] ;i% DXi`f Fik`q <jki\ccX% Al\q% ] ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< :F D L E @ :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 J K < I @ F I < J EFK@=@:8:@FE<J% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00'/&k] ALQ>8;F M@><J@DF J<>LE;F ;< CF :@M@C P D<I:8EK@C ;< G@:?@E:?8
8C GL9C@:F <E ><E<I8C J< C< ?8:< J89<I AL@:@F1 @EK<I;@::@äE Ef% .-,$)'(' 8:KFI81 @D<C;8 <JK<I=@C8 >8I:@8 G<z8 ;<D8E;8;81 ;<C@8 G@<;8; >8I:@8 G<z82 AL<Q1 ;I% =I<;;P @CC<J:8J :2 :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 ;< :FE=FID@;8; :FE CF ;@JGL<JKF GFI <C 8IK% .,* P .,+ ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C J< ;<:C8I8 C8 @EK<I;@::@äE ;< C8 J<zFI@K81 ;<C@8 G@<;8; >8I:@8 G<z8 GIFM@;<E:@8 <e cX Z`l[X[ p ZXekÂ?e [\ JXe D`^l\c [\ cfj 9XeZfj# gifm`e$ Z`X [\ G`Z_`eZ_X# \c [Â&#x2C6;X [\ _fp Z`eZf [\ dXpf [\c XÂ&#x152;f [fj d`c feZ\# X cXj el\m\ _fiXj el\m\ d`elkfj# Xek\ \c j\Â&#x152;fi [fZkfi =i\[[p @cc\jZXj :\i[X# Al\q k\dgfiXc M`^Â&#x201E;j`df J\^le[f [\ cf :`m`c [\ G`Z_`eZ_X p \c jljZi`$ kf j\Zi\kXi`f \eZXi^X[f Zfd$ gXi\Z\1 \c j\Â&#x152;fi ;fZkfi IXd`if =i\`i\ 8^\ek\ =`jZXc [\ cf G\eXc ;`jki`kXc [\ G`Z_`eZ_X# cX j\Â&#x152;f$ iX @d\c[X <jk\i]`c`X >XiZ`X G\Â&#x152;X Zfe ZÂ&#x201E;[lcX [\ Z`l[X[XeÂ&#x2C6;X Ef '/'('-(+)$,# XZfdgXÂ&#x152;X[X [\ jl 8Yf^X[f [\]\ejfi \c ;i% 9\e`^ef M`ccX^fd\q Zfe
dXkiÂ&#x2C6;ZlcX gif]\j`feXc Ef% ((00 :%8%G#2 Zfe \c fYa\kf [\ hl\ j\ giXZk`hl\ cX Xl[`\eZ`X gi\m`X X cX [\j`^eXZ`Â?e [\ :liX[fi @ek\i`ef [\ cX `eZXgXq ;\c`X G`\[X[ >XiZ`X G\Â&#x152;X2 [\ `ed\$ [`Xkf \c j\Â&#x152;fi Al\q ZfeZ\[\ \c ljf [\ cX gXcXYiX Xc j\Â&#x152;fi 8^\ek\ =`jZXc hl`\e dXe`]`\jkX1 J\Â&#x152;fi Al\q# [\ cX i\m`j`Â?e [\c \og\[`\ek\ p [\ cX [fZld\ekX$ Z`Â?e hl\ _X X[alekX[f cX XZkfiX cd\c[X <jk\i]`c`X >XiZ`X G\Â&#x152;X p Zfe YXjXd\ekf \e cX efidXk`mX Zfek\dgcX[X \e Â&#x201E;c :Â?[`^f :`m`c i\]\i\ek\ X cX [\ZcXiXkfi`X [\ `ek\i[`ZZ`Â?e Zfej`[\if hl\ j\ Zldgc\ Zfe kf[fj cfj i\hl`$ j`kfj \o`^`[fj gXiX hl\ ljk\[ j\Â&#x152;fi Al\q# d\[`Xek\ i\jfcl$ Z`Â?e [\ZcXi\ X cX j\Â&#x152;fi`kX ;\c`X G`\[X[ >XiZÂ&#x2C6;X G\Â&#x152;X Zfdf `ek\i$ [`ZkX gifm`j`feXc gl\jkf hl\ cX d`jdX X[fc\Z\ [\ leX [`jZXgX$ Z`[X[ `ek\c\ZklXc [\ j\j\ekX p j`\k\ gfi Z`\ekf Zfe]fid\ j\ cf _X [\dfjkiX[f [\c ZXie\k \d`$ k`[f gfi \c :FE8;@J# Zfej\$ Zl\ek\d\ek\ j\Â&#x152;fi Al\q \jkfp [\ XZl\i[f hl\ jl _\idXeX @d\c[X >XiZ`X G\Â&#x152;X j\X hl`\e i\gi\j\ek\ p X[d`e`jki\ cfj Y`\$ e\j p ^Xjkfj hl\ Zfii\jgfe$ [Xe X cX g\ijfeX hl\ j\ mXpX X [\ZcXiXi `ek\i[`ZkX%$ <c Alq^X[f \e \jk\ dfd\ekf c\ ZfeZ\[\ cX gXcXYiX X cX [\dXe[Xek\ hl`\e gfi `ek\id\[`f [\ jl [\]\ejfi [`Z\1 CX \ogfj`Z`Â?e gi\j\ekX$ [X gfi \c j\Â&#x152;fi 8^\ek\ =`jZXc \jkX [\ XZl\i[f Zfe cX c\p gfi kXekf j\Â&#x152;fi Al\q j\ efdYiXi} X @d\c[X <jk\i]`c`X >XiZ`X G\Â&#x152;X Zfdf jl ZliX[fiX f i\gi\j\e$ kXek\ c\^Xc%$ ;<ML<CM< C8 G8C89I8%$ M@JKFJ1 :ldgc`[Xj cXj ]fidXc`[X[\j [\ c\p# \jkX Al[`ZXkliX Zfe cX ]XZlckX[ gi\m`jkX \e cfj 8ikj% .,* p .,+ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c [\j`^eX Zfdf :liX[fiX cek\i`eX [\ cX `eZXgXq j\Â&#x152;fiX ;\c`X G`\[X[ >XiZ`X G\Â&#x152;X X jl _\idXeX j\Â&#x152;fiX @d\c[X <jk\i]`c`X >XiZÂ&#x2C6;X G\Â&#x152;X hl`\e [\ XZ\gkXi j\ gfj\j`feXi} [`jZ\ie`i} \c ZXi^f \c [Â&#x2C6;X d`Â&#x201E;i$ Zfc\j (( [\ dXpf [\c gi\j\ek\ X cXj '0_''2 `ejZiÂ&#x2C6;YXj\ \jkX i\jfclZ`Â?e \e \c i\^`jkif [\ cX Gifg`\[X[ [\ ZXekÂ?e Gl\ikf Hl`kf2 p# glYcÂ&#x2C6;hl\j\ \e lef [\ cfj g\i`Â?[`Zfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e cX d\eZ`feX[X Z`l[X[% :fe cf hl\ ZfeZclp\ cX gi\j\ek\ [`c`^\eZ`X p gXiX ZfejkXeZ`X ]fidXe cfj ZfdgXi\Z`\ek\j \e le`[X[ [\ XZkf Zfe \c j\Â&#x152;fi Al\q \ `e]iXj$ Zi`kf J\Zi\kXi`f hl\ Z\ik`]`ZX% = ;i% =i\[[p @cc\jZXj Al\q K% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc \e \jkX ZXljX [\ekif [\c g\iÂ&#x2C6;d\kif liYXef [\ \jkX ZXY\Z\iX ZXekfeXc [\ JXe D`^l\c [\ cfj 9XeZfj# p ]l\iX [\ \jk\ [\jgXZ_f gXiX i\Z`Y`i efk`]`ZXZ`fe\j ]lkliXj% ;i% DXi`f P}e\q% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/0*&k] I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8
: @ K8 : @ ä E 8 C F J ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< I8=8<C K8C89<I8 :8I?L8 P FC@DG@8 DFI8C<J 8:KFI1 J\^le[f IX]X\c KXcXm\iX DfiXc\j% ;<D8E;8;FJ1 Cl`j 8c]fejf KXcXY\iX DfiXc\j# DXiÂ&#x2C6;X IfjX KXcXY\iX DfiXc\j# DXiÂ&#x2C6;X Fc`dg`X KXcXY\iX DfiXc\j# Cl`j 8eÂ&#x2C6;YXc 8e^f KXcXY\iX# J\^le[f =Xljk`ef MXi^Xj 8i`Xj p :Xid\e DfiX`dX =cfi\j [\ MXi^Xj% AL@:@F1 @em\ekXi`fj Eif% (,*.$
)'('$n%q% KI8D@K<1 <jg\Z`Xc AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 @e[\k\id`eX[X 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j )( [\ \e\if [\c )'((# cXj (,_*)% M`jkfj1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\e$ kf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# gi\Z`jX p hl\ i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p2 \e Zfej\$ Zl\eZ`X# kiXdÂ&#x2C6;k\j\ cX d`jdX \e cX mÂ&#x2C6;X c\^Xc Zfii\jgfe[`\ek\ [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e cX J\ZZ`Â?e JÂ&#x201E;gk`dX [\c KÂ&#x2C6;klcf @@# C`Yif J\^le[f [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :fe ]le$ [Xd\ekf \e \c 8ik% ),) `Y`[\d# efdYiXj\ Zfdf g\i`kf Xc @e^% DXel\c J`cmX M}jZfe\q# X ]`e [\ hl\ gifZ\[X Xc `em\ekXi`f [\ cfj Y`\e\j [\ cfj ZXljXe$ k\j IX]X\c KXcXY\iX :Xi_lX p Fc`dg`X DfiXc\j# Zfe]fid\ cf [`jgfe\ \c 8ik% -*, [\c :Â?[`^f 8[a\k`mf :`m`c%$ :fe ]le[Xd\e$ kf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiÂ&#x2C6;YXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :Â&#x2C6;k\j\ X Cl`j 8c]fejf KXcXY\iX DfiXc\j# DXiÂ&#x2C6;X IfjX KXcXY\iX DfiXc\j# DXiÂ&#x2C6;X Fc`dg`X KXcXY\iX DfiXc\j# Cl`j 8eÂ&#x2C6;YXc 8e^f KXcXY\iX# gfi [\i\Z_f [\ i\gi\j\ekXZ`Â?e [\ cX ZXljXek\ DXiÂ&#x2C6;X IfjXi`f KXcXY\iX DfiXc\j# J\^le[f =Xljk`ef MXi^Xj 8i`Xj p :Xid\e DfiX`dX =cfi\j [\ MXi^Xj# \e \c cl^Xi hl\ j\ `e[`$ ZX%$ 8 cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cfj ZXljXe$ k\j IX]X\c KXcXY\iX :Xi_lX p Fc`dg`X DfiXc\j# ZÂ&#x2C6;k\j\ gfi d\[`f [\ cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e hl\ j\ \[`kXe \e \jkX Z`l$ [X[ [\ Hl`kf# gfi ZlXekf YXaf aliXd\ekf j\ dXe`]`\jkX `dgf$ j`Yc\ [\k\id`eXi jl `e[`m`[lX$ c`[X[ f i\j`[\eZ`X%$ :lÂ&#x201E;ek\j\ Zfe \c ;`i\Zkfi [\c J\im`Z`f [\ I\ekXj @ek\ieXj%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂ&#x152;X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi p cX Xlkf$ i`qXZ`Â?e ZfeZ\[`[X Xc XYf^X[f [\]\ejfi%$ Efk`]Â&#x2C6;hl\j\% ] % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X L[j%# gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0//0&k] ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF
:@K8:@äE AL;@:@8C 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 8E><C8 D<I:<;<J IFE;8C @z8:8J8# :FE C8 ;<D8E;8 HL< <E AL@:@F ;< @EM<EK8I@FJ J@>L< <C J<zFI CL@J 8C=I<;F :?@:8@Q8 IFE;8C <E :FEKI8 ;< 8E8 D8I@8 P M@:<EK< :?@:8@Q8 IFE;8C% 8:KFI1 CL@J 8C=I<;F :?@:8@Q8 IFE;8C ;<D8E;8;FJ1 8E8 D8I@8 P M@:<EK< :?@:8@Q8 IFE;8C# P CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 8E><C8 D<I:<;<J IFE;8C @z8:8J8 AL@:@F1 @EM<EK8I@FJ KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 F9A<KF ;< C8 ;<D8E;81 @EM<EK8I@FJ JFC<DE<J :8LJ8 Ef% )'('$(+/+ <% GIF8zF GIFM@;<E:@8 ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# cle\j (' [\ \e\if [\ )'((# cXj '/_'-%$ M@JKFJ1 M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# Zfdgc\kX
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p% Gfi _XY\ij\ aljk`]`ZX[f Zfe cX [fZld\ekXZ`Â?e X[alekX # \c ]Xcc\Z`d`\ekf [\ cX j\Â&#x152;fiX 8E><C8 D<I:<;<J IFE;8C @z8:8J8# j\ [\ZcXiX Zfe cl^Xi cX ]XZZ`Â?e [\ `em\ekXi`fj p j\ fi[\eX \c XmXcÂ&#x2019;f \ `em\ekXi`f [\ cfj d`jdfj# gXiX cf ZlXc cXj gXik\j efdYiXi}e jl g\i`kf [\ Zfe]fid`[X[ Zfe cf gi\m`j$ kf \e \c 8ik% ),) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% <c Alq^X[f j\ i\j\imX \c [\i\Z_f [\ efdYiXi jl g\i`kf%$:Â&#x2C6;k\j\ X cfj [\dXe[X[fj j\Â&#x152;fi\j 8E8 D8I@8 p M@:<EK< :?@:8@Q8 IFE;8C# \e cfj cl^Xi\j hl\ j\ `e[`ZX%$ :Â&#x2C6;k\j\ X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cX j\Â&#x152;fiX 8E><C8 D<I:<;<J IFE;8C @z8:8J8 # gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`$ kXe \e \jkX Z`l[X[ [\ Hl`kf# \e d\i`kf Xc aliXd\ekf i\Xc`qX[f gfi cX XZkfiX p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :lÂ&#x201E;ek\j\ \e cX gi\j\ek\ ZXljX# Zfe \c j\Â&#x152;fi ;`i\Zkfi [\c J\im`Z`fj [\ I\ekXj @ek\ieXj [\ G`Z_`eZ_X%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂ&#x152;Xe%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f%$ EFK@=@HL<J<%$% = ;i% IXÂ&#x2019;c DXi`Â&#x152;f ?\ie}e[\q% Al\q Cf hl\ Zfdle`Zf X l[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`ik`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e cX ]fidX c\^Xc gXiX i\Z`Y`i cXj gfjk\i`fi\j efk`]`ZX$ Z`fe\j hl\ c\j Zfii\jgfe[X% CZ[f% :Xicfj Dli`ccf J<:I<K8I@F <E:8I>8;F ;<C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0/0)&k] D`e`jk\i`f [\ I\cXZ`fe\j CXYfiXc\j I<Gè9C@:8 ;<C <:L8;FI
<OKI8:KF M @ JKF 9L<EF E f % (/*.+-''++)$)'(($8%E% 8:KFI1 @E>% AFJ< M@:<EK< :?8LM@E ?@;8C>F 8::@FE8;F1 JI% I@:?8I; @M8E C<J:8EF DFC@E8 :8LJ8C1 ( P ) ;<C 8IK% (.) :ä;@>F ;<C KI898AF @EJG<::@äE ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# )+ [\ DXpf [\c )'((# X cXj '/?'0%$ <e dÂ&#x201E;i`kf Xc jfik\f [\ ]\Z_X '- [\ DXpf [\c )'((# j`\e[f cXj '0?,,# 8MF:F ZfefZ`$ d`\ekf [\ cX g\k`Z`Â?e [\ M`jkf 9l\ef Ef% (/*.+-''++)$)'(($ 8%E%$ gifgl\jkX gfi @E>% AFJ< M@:<EK< :?8LM@E ?@;8C>F# \e jl ZXc`[X[ [\ Gi\j`[\ek\ <a\Zlk`mf [\ cX :fdgXÂ&#x152;Â&#x2C6;X 8C@D<EKFJ =FIK@=@:8;FJ =FIK<J8E :@8% CK;8%# \e ZfekiX [\c JI% I@:?8I; @M8E C<J:8EF DFC@E8# cX d`jdX hl\ gfi i\le`i cfj i\hl`j`kfj [\ C\p j\ XZ\gkX X ki}d`k\%$ <e cf gi`eZ`gXc j\ [`jgfe\1 ( <e Xgc`ZXZ`Â?e Xc 8ik% (/*# ,+, Xki`YlZ`Â?e ,kX% p -)( [\c :Â?[`^f [\c KiXYXaf# Zfe cX Zfg`X [\ cX jfc`Z`kl[ [\ M`jkf 9l\ef hl\ Xek\Z\[\ p \jkX gifm`[\eZ`X efk`]Â&#x2C6;hl\j\ Xc kiXYXaX[fi \e \ccX d\eZ`feX[f# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcX$ Z`Â?e eXZ`feXc# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi ZlXekf \c \dgc\X[fi YXaf aliXd\ekf [\ZcXiX [\jZfefZ\i \c [fd`Z`c`f [\c XZZ`feX[f# Zfe]fid\ j\ [\jgi\e[\ [\ cX [\ZcXiXZ`Â?e aliXd\ekX[X hl\ j\ X[alekX% 8c XZZ`feX[f j\ c\ ZfeZ\[\ \c kÂ&#x201E;id`ef [\ m\`ek\ [Â&#x2C6;Xj gXiX hl\ Zfek\jk\ p j\Â&#x152;Xc\
Ä Ä
ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ ) KÂ?d\j\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc Ef% *)(+# p cX Xlkfi`qXZ`Â?e fkfi^X$ [X Xc gif]\j`feXc hl\ jljZi`Y\ \e cX gi\j\ek\ ZXljX%$ * %$ <ekiÂ&#x201E;^l\j\ \c \okiXZkf i\j$ g\Zk`mf gXiX jl glYc`ZXZ`Â?e%$ EFK@=Ă HL<J<%$ ] 8Y^% 8e[i\X EfYfX :XdXZ_f GXik`ZlcXi hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 8Y^% 8e[i\X EfYfX :XdXZ_f @EJG<:KFI8 ;< KI898AF ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*('*&ZZ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F JyGK@DF ;<C KI898AF ;< G@:?@E:?8
:@K8:@äE AL;@:@8C >C8;PJ I8HL<C G8QD@zF J@CM8 \e ZXc`[X[ [\ _\i\[\iX ZfefZ`[X# [\d}j _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c ZXljXek\ j\Â&#x152;fi E<CJFE FJN8C;F G8QD@zF =CFI<J AL@:@F C89FI8C Ef% )0)$ )''/$H$8: 8:KFI1 K<CDF 8L>LJKF D8C;FE8;F G8QD@zF ;<D8E;8;F1 E<CJFE FJN8C;F G8QD@zF =CFI<J jlj _\i\[\ifj gi\jlekfj p [\j$ ZfefZ`[fj GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< KI898AF ;< G@:?@E:?8%$ Hl`kf# cle\j (/ [\ \e\if [\c )'((# cXj (-_*)%$ M@JKFJ%$ <e cf gi`eZ`gXc# _XY`Â&#x201E;e[fj\ [\ZcX$ iX[f YXaf aliXd\ekf hl\ \c XZkfi [\jZfefZ\ \c [fd`Z`c`f \e \c ZlXc [\YX j\i Z`kX[X cX gXik\ [\dXe[X[X \e cX gi\$ j\ek\ ZXljX# :Ă K<J< X >C8;PJ I8HL<C G8QD@zF J@CM8 \e ZXc`[X[ [\ _\i\[\iX ZfefZ`[X# [\d}j _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c ZXljXek\ j\Â&#x152;fi E<CJFE FJN8C;F G8QD@zF =CFI<J# [\ Zfe]fi$ d`[X[ Zfe cf \jkXYc\Z`[f \e \c XikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcX$ Z`Â?e Zfe]fid\ cf dXe[X cX Z`kX c\^Xc Xek\j `e[`ZX[X%%%J\ j\Â&#x152;XcX gXiX \c [Â&#x2C6;X )) [\ 8^fjkf [\c gi\j\ek\ XÂ&#x152;f# X cXj (+_*'# X ]`e [\ hl\ k\e^X cl^Xi cX 8l[`\eZ`X Gi\c`d`eXi [\ :fek\jkXZ`Â?e X cX ;\dXe[X p =fidlcXZ`Â?e [\ Gil\YXj%$%$ <ekiÂ&#x201E;^l\j\ Xc XZkfi \c \okiXZkf gXiX cX glYc`ZXZ`Â?e i\jg\Zk`mX%$ %% :Â&#x2C6;k\j\ \e c\^Xc p [\Y`[X ]fidX X cfj _\i\[\ifj ZfefZ`[fj [\c ZXljXek\ E\cjfe FjnXc[f GXqd`Â&#x152;f =cfi\j# \e \c cl^Xi j\Â&#x152;XcX[f gXiX \c \]\Zkf%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\ ] %$ ;I% AFJy <;L8I;F GIF8zF <>8J# AL<Q% ] J\Zi\kXi`f%$ :\ik`]`Zf%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j Zfej`$ ^l`\ek\j# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;X$ cXi [fd`Z`c`f al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% ><IDĂ?E M<E<>8J :8II8J:F J<:I<K8I@F <o`jk\ ]`idX p j\ccf% 8%G%&+0)-/&b%d%
8ELC8:@FE<J
BANCO PICHINCHA HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *.( Xc +*' [\ cX :kX% :k\% Ef% *)(/./)/'+ g\ik\e\Z`\ek\ X ?<IE8E;<Q :ILQ#IFDD<C$ ;8IN@E [\c 9XeZf G`Z_`eZ_X%
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä&#x201A;
Ĺ? Ä&#x192;Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?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 8:FJK8 J@CM8#CL@J$ =<IE8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?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 8:FJK8 J@CM8#CL@J$ =<IE8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0+,$0+-$0+.$0+/$0+0$ 0,) Xc 0,* [\ cX :kX% :k\% Ef% *'),/),,'+ g\ik\e\$ Z`\ek\ X K<I8E :8JK@CCF# >L@CC<ID@E8$9C8E:8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 00( [\ cX :kX% :k\% Ef% *+*(-*0-'+ g\ik\e\Z`\ek\ X KLE8C8 G8E@CL@J8#;<C@8$ 9<8KI@Q [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ))) mXcfi ('' [\ cX :kX% :k\% Ef% *'((0/,*'+ g\ik\e\Z`\ek\ X ELE<Q >L8D8E>8CCF# M@:KFI$M@:<EK< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ('( Xc (-' [\ cX :kX% :k\% Ef% *+/*,,,+'+ g\ik\e\Z`\ek\ X KIFEJK8; #BI@JK@E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *.+, [\ cX :kX% :k\% Ef% *'*(/--0'+ g\ik\e\Z`\ek\ X 8E;F:@CC8 >FI;FE#ALC@F$<;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`f$ i\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef /,0(0 mXcfi )+*#(, [\ cX :kX% :k\% Ef% *'')/,..'+ g\ik\$ e\Z`\ek\ X :FIGJ@JK<D :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *(- [\ cX :kX% :k\% Ef%
*+.,0*+/'+ g\ik\e\Z`\ek\ X M<C8J:F I8DFJ#:8ICFJ$ >@FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,() [\ cX :kX% :k\% Ef% *+.,0*+/'+ g\ik\e\Z`\ek\ X M<C8J:F I8DFJ#:8ICFJ$ >@FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,-/ [\ cX :kX% :k\% Ef% *+.,0*+/'+ g\ik\e\Z`\ek\ X M<C8J:F I8DFJ#:8ICFJ$ >@FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?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 FA<;8 :8II<I8# >FEQ8CF$=<IE8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef .*., [\ cX :kX% :k\% Ef% **+0-)-+'+ g\ik\e\Z`\ek\ X I<:@GC8JK :%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (,,* mXcfi ).- [\ cX :kX% :k\% Ef% **,,(.),'+ g\ik\$ e\Z`\ek\ X :FIGFI8:@FE :FDF<;L:8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *(($*()$*(*$*(,$*(-$*(.$*(/$ *)'$*)($*))$*)+ Xc *), [\ cX :kX% :k\% Ef% *+/*')+0'+ g\i$ k\e\Z`\ek\ X DFEK<E<>IF J 8 E ; F M8 C # < ; D L E ; F $ D8I:<CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0(* mXcfi /.#-- [\ cX :kX% :k\% Ef% *+)'(*-,'+ g\ik\$ e\Z`\ek\ X <C<:KIFGIF8EF <DGI<J8 ;< @EJK8C8:@FE P D [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`f$ i\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?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 AFC@Q<9 < ?@AFJ :@8% CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX
Ĺ?
glYc`ZXZ`Â?e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )*0,' mXcfi /,#/( [\ cX :kX% :k\% Ef% *'-0'''-'+ g\ik\e\$ Z`\ek\ X AFC@Q<9 < ?@AFJ :@8% CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +(. Xc +)' [\ cX :kX% :k\% Ef% *+(0.)).'+ g\ik\$ e\Z`\ek\ X IF;I@>L<Q A@D<E<Q#D@CKFE$MC8;@D@I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`f$ i\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (0.* [\ cX :kX% :k\% Ef% *+(.+,0-'+ g\ik\e\Z`\ek\ X M<I;<:8E8E;< J%8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef .'(*,* [\ cX :kX% :k\% Ef% *'/,(..0'+ g\ik\e\Z`\ek\ X 8J;<G@ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +/' Xc ' mXcfi ' [\ cX :kX% :k\% Ef% *''(.('*'+ g\ik\$ e\Z`\ek\ X >8IQFE KFII<J# D8I@8$K<I<J8 :8K8C@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (/(- [\ cX :kX% :k\% Ef% *+--)/,('+ g\ik\$ e\Z`\ek\ X >L8:?8D@E :89<Q8J#:8ICFJ$@M8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ((*+ [\ cX :kX% :k\% Ef% *'-/,()*'+ g\ik\e\Z`\ek\ X KFII<J 8IIFPF# <;>8I$D8EL<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,+'($,+'* Xc ,+'+ [\ cX :kX% :k\% Ef% *)(+')/-'+ g\ik\e\Z`\ek\ X :FIFE<C P <JG@EFQ8 8JF:@8;FJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )+). [\ cX :kX% :k\% Ef% ***(..*.'+ g\ik\e\Z`\ek\ X CFG<Q FC@M8# <C@8E8$ 8E><C@K8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (-( Xc ))' [\ cX :kX% :k\% Ef% *+.0)((0'+ g\ik\e\Z`\ek\ X DFC@E8 8I8LQ# D8IK?8$ @J8<C [\c 9XeZf G`Z_`eZ_X%
I_ ^Wo Wb]e gk[ eZ_[ c|i gk[ [b gk[ de c[ jec[d [d i[h_e" [i gk[ c[ jec[d Z[cWi_WZe [d i[h_e$ 8?BBO M?B:;H Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )/ d^
COOPROGRESO ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,+0-(' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J@CM8 =L<I<Q G8:@=@:F I8=8<C j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(('()&( d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef *'()/.+(' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +'*(.''+*+,.# [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X :L<E:8 J8I8E>F D8I@8E8 ;< A<JLJ j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef *'(*'',++ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X GFE:< :?8:FE :8ID<E <ID@E;8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()(,.'0 [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8E:?<Q KL=@zF <;>8I ;8M@; j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '.'('-.--+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >8C8IQ8 ALC@F :<J@C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(-&, d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-)/')( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.''*+/+.# [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8JK@CCF <>8J J<I>@F <EI@HL< j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX
[\ 8_fiifj Ef ()(''*(0., [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<C@E Q898C8 AFI>< <JKL8I;F j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(/&. d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((+).*( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0'.'--*)*# C`Yi\kX Gif^i\jXi Fif '0'/'')+.) [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?@:8@Q8 DLCCF 9C8E:8 :<:@C@8 D8>;8C<E8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(0&/ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'''',(,0 [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFE:8PF KFC<;F IF:@F ;< C8 8LIFI8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''((((+*+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X Q8G8K8 J8E:?<Q <CJ8 @ID8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''(()0'+. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X Q8D9I8EF G8@;8 G<;IF =<IE8E;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''((*,'0, [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X A8:FD< :<J8I 8>LJKF j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&((')*&() d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+./('. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X Fz8 G8CCF CL@J ?<I@9<IKF j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(('),&(* d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +'+((').(,+, [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :FE;FI
:?@:8@Q8 CL@J >FEQ8CF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()*(/0' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ;FD@E>L<Q M@CC8 CL@J ?<ID@E@F j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0''''(/)' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ;@8Q DFEK8CMF AFJ<=@E8 >L8;8CLG< D8I>FK? j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/(''-)'-) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.''+'+(. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X 898I:8 A@D<E<Q D8I@8 =8LJK@E8 j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&((''/&+ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('(+'(0' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?@J8>L8EF KF8J8 AFJ< D8EL<C j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (+'(''.)') cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8E:?LE;@8 G@CC@>L8 D8I@8 D8>;8C<E8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;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 :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8CK8D@I8EF :<M8CCFJ <;N@E =<IE8E;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&('00, &( d^ 44444 ;\Y`[f X cX gÂ&#x201E;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 :iÂ&#x201E;[`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 XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('00- &)d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX
[\ 8_fiifj Ef '-'((0)*)* [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8L:8I GFE:< CL@J I@:8I;F j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;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 gÂ&#x201E;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 :iÂ&#x201E;[`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 gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('00/ &+ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'''''--( [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`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 gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('000 &, d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (-'(''*/., [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8E:?<Q D8I@8 :C<D<E:@8 j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&((''' &- d^
9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiif Ef% '()0+0' :kX% (')'.++*')'( [\ cX j\Â&#x152;f$ iX =Xeep 9\Xki`q CXYXe[X :%@% (.(+.,,',* 8I&/*(''&ZZ 444444 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiif Ef% '(.)00. :kX% Ef% '('('((,/+,'+ [\ cX j\Â&#x152;fiX Qli`kX >Xm`cXe\j :Xid\e# :%@% ')''/.-(., 8I&/*('(&Z Z4444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj (''('('+'.,)- c`Yi\kX '*-')0) [\ E<>I<K< M<CĂ?JHL<Q J@CM@8 G@C8I% :%@% (.)('-0.,* 8:&.0/0/&k] 444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_f$ iifj '('('((-')*00 c`Yi\kX ','-/+, [\ M<CFQ >8E:@EF CFLI;<J D8I@9<C% :%@% (.))/',+0+ 8:&.0/0.&k]
BANCO RUMIĂ&#x2018;AHUI
J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf hl\ _\dfj j`[f efk`]`$ ZX[fj [\ cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef% (()'/,..+ fkfi$ ^X[X gfi efjfkifj X1 C8II<K8 M<>8 ;8M@; FJN8C;F 8:&&d^ 444444 J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf hl\ _\dfj j`[f efk`]`ZX[fj [\ cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef% (()','+.( fkfi^X[X gfi efjf$ kifj X1 :?8M<Q C<FE >CFI@8 @I<E< 8:&&d^
HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(,-,..''' Eif% :XikfcX (.-(/.(''*- [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(+/0.(0'' Eif% :XikfcX (.,)++,'(,- [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ) d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(.*,/-''' Eif% :XikfcX (..0*-*''/) [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& * d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/()(.(+/'' Eif% :XikfcX (-.,,/*').- [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& + d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/',0+-0*'' Eif% :XikfcX (--+,*.')-0 [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& , d^ 44444
BANCO PROCREDIT
BANCO TERRITORIAL
BANCO PROMERICA J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kX Ef *-.,-0 [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X IL<;8 :<M8CCJF >89I@<C8 ;<C :@JE< hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&&XX 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X \c Z_\hl\ Ef% ((0 8C (), ;\ cX Zl\ekX Zfii`\ek\ Ef (')0',/'(/ [\c 98E:F GIFD<I@:8# g\ik\$ e\Z`\ek\ X ;FEFJF =898I8 D8>;8C<E8 hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&&XX
8ELC8:@FE<J M8I@8J 8elcX[fj gfi gÂ&#x201E;i[`[X kÂ&#x2C6;kl$ cfj -/+/# -/+0 Dfek\ Fc`mf# M`fc\kX :XYi\iX% 8:&.0/0'&k] 444444444 J\ XelcX cX :kX% [\ 8_fiifj [\c 9XeZf [\ =fd\ekf ''(',(0',0 g\ik\e\Z`\ek\ X Hl`dY`X M\iX DXiÂ&#x2C6;X @jXY\c% 8:&.0/0,&k]