Edición impresa Revista Judicial del 9 de mayo de 2011

Page 1

Ä

Ĺ?

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

Ä–ĹŠ Ä“ĹŠ ^ĹŠ } ĹŠ }

87I; 9EDIJ?JK9?ED7B ;b 7hj$ ,, [d ik dkc[hWb (( i[‹WbW ÆI[ h[YedeY[ o ]WhWdj_pWh| W bWi f[hiedWi0 $$$ (($ ;b Z[h[Y^e W bW _dl_ebWX_b_ZWZ Z[b Zec_Y_b_e$ De i[ feZh| _d]h[iWh [d [b Zec_# Y_b_e Z[ kdW f[hiedW" d_ h[Wb_pWh _dif[YY_ed[i e h[]_ijhei i_d ik Wkjeh_pWY_ÂŒd e i_d ehZ[d `kZ_Y_Wb" iWble Z[b_je \bW]hWdj[" [d bei YWiei o \ehcW gk[ [ijWXb[pYW bW b[oÇ$ 9edYehZWdY_Wi0 7hj$ ',( 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW1 *+ Wb +, 9ÂŒZ_]e 9_l_b1 '/' Wb '/, 9ÂŒZ_]e F[dWb1 ',( o Z[b '/* Wb (&( Z[b 9ÂŒZ_]e Z[ FheY[Z_c_[dje F[dWb$ ÂľGKx I; ;DJ?;D:; FEH :EC?9?B?E5 :ec_Y_b_e l_[d[ Z[ Zei leY[i bWj_dWi0 :ecki o 9ebe" Z[ jWb ceZe gk[ :eck 9eb[h[ i_]d_\_YW [d bWj‡d ^WX_jWh [d kdW YWiW$ ;b jhWjWZ_ijW Y^_b[de Bk_i 9bWhe IebWh" Z[\_d[ Wb Zec_Y_b_e" i[‹WbWd# Ze Æ;b Zec_Y_b_e [i [b Wi_[dje `kh‡Z_Ye Z[ kdW f[hiedW" e i[W bW h[bWY_ÂŒd f[h# cWd[dj[ gk[ bW b[o [ijWXb[Y[ [djh[ kdW f[hiedW o kd bk]Wh Z[j[hc_dWZe" [d [b gk[ i[ be ikfed[ i_[cfh[ fh[i[dj[ fWhW [b [`[hY_Y_e Z[ kd Z[h[Y^e o [b Ykcfb_# c_[dje Z[ iki eXb_]WY_ed[i1 Z[ jWb ceZe gk[ i[]‘d [ijW Z[\_d_Y_ÂŒd" [b Zec_Y_b_e [i kdW WXijhWYY_ÂŒd fkhWc[dj[ _dj[b[Y# jkWb" _dZ[f[dZ_[dj[ Z[b bk]Wh c_ice W gk[ i[ h[\_[h[$ >Wo gk[ i[‹WbWh gk[ bW _Z[W Z[ Zec_# Y_b_e gk[ kj_b_pW [b 7hj$ (, dkc[hWb (( Z[ bW 9edij_jkY_ÂŒd" de Ye_dY_Z[ fb[dW# c[dj[ Yed bW gk[ i[ kj_b_pW [d [b 7hj$ *+ Z[b 9ÂŒZ_]e 9_l_b" gk[ Z_Y[ Æ;b Zec_Y_b_e Yedi_ij[ [d bW h[i_Z[dY_W WYecfW‹WZW" h[Wb e fh[ikdj_lWc[dj[" Z[b |d_ce Z[ f[hcWd[Y[h [d [bbW$ :_l‡Z[i[ [d feb‡j_Ye o Y_l_bÇ$ BW Ikfh[cW 9ehj[ Z[ bei ;ijWZei Kd_Zei Z[ 7cƒh_YW" Z_Y[ gk[ i[ [dj_[dZ[ feh Zec_Y_b_e be i_]k_[dj[0 W BW fhen_c_ZWZ Z[b |h[W Wb bk]Wh1 X I_ [b |h[W [i fWhj[ Z[ kd f[h‡c[# jhe Y[hhWZe gk[ heZ[W Wb ^e]Wh1 Y Bei kiei W bei gk[ [ij| Z[ij_dW# ZW [b |h[W1 o" Z BWi c[Z_ZWi Z[ fhej[YY_ÂŒd jecWZWi fWhW [l_jWh [b WYY[# ie k eXi[hlWY_ÂŒd feh fWhj[ Z[ jhWdi[‘dj[i$

Ĺ?ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊĆĊĆ

ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠĹŠĹŠĹŠ'33/ľľ666Ä“"#1#!'.#!4 ".1Ä“!.,

"(3.1 ĹŠ ÂĄ ĹŠ

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

+ĹŠ"#1#!'.ĹŠ ĹŠ+ ĹŠ (-5(.+ (+(" "ĹŠ"#+ĹŠ ".,(!(+(.

Xb[" [d [b YkWb kdW f[hiedW [ij| \‡i_YWc[dj[1 o" ($ ;b[c[djei ikX`[j_le" [ije [i [b |d_ce" bW _dj[dY_ÂŒd" bW lebkdjWZ Z[ kdW f[hiedW Z[ f[hcWd[Y[h [d [iW h[i_Z[dY_W" o [ij[ |d_ce fk[Z[ i[h h[Wb e fh[ikdje$ :[ jWb cWd[hW gk[ i_ \WbjW kde Z[ bei Zei [b[c[djei Z[b Zec_Y_# b_e" de i[ f[hc_j[ bW [n_ij[dY_W Z[b d[ne `kh‡Z_Ye gk[ fh[Y_iWc[dj[ Yedij_jko[ [b Zec_Y_b_e1 WYbWhWdZe gk[ [b 7hj$ *, Z[b 9ÂŒZ_]e 9_l_b jhWjW ieXh[ [b Zec_Y_b_e feb‡j_Ye" o [b 7hj$ *- _X‡Z[c jhWjW ieXh[ [b Zec_Y_b_e Y_l_b$ ;b 7hj$ *, Z[b Yk[hfe Z[ b[o[i Y_jWZe i[‹WbW Æ;b Zec_Y_b_e feb‡# j_Ye [i h[bWj_le Wb j[hh_jeh_e Z[b ;ijWZe [d ][d[hWb$ ;b gk[ be j_[d[ e WZgk_[h[" [i e i[ ^WY[ c_[cXhe Z[ bW ieY_[ZWZ [YkWjeh_WdW" Wkdgk[ Yedi[hl[ bW YWb_ZWZ Z[ [njhWd`[he$ BW Yedij_jkY_ÂŒd o [\[Yjei Z[b Zec_Y_b_e feb‡j_Ye" f[hj[d[Y[d Wb Z[h[Y^e _dj[hdWY_edWbÇ$

:[ be gk[ i[ Yeb_][ gk[ i_ [b |h[W [d Yk[ij_Œd [ij| ‡dj_cWc[dj[ b_]W# ZW Wb ^e]Wh c_ice" [d [ij[ YWie ^Wo iWdj_ZWZ Z[b ^e]Wh o Z[ bW l_ZW fh_lWZW" f[he i[ i[‹WbW gk[ de ^Wo [nf[YjWj_lW hWpedWXb[ [d bW _dj_c_ZWZ [d [b YWcfe WX_[hje o [d [ij[ YWie [b W][dj[ Z[ bW Feb_Y‡W gk[ [dYk[djhW [l_Z[dY_W Z[ kd _b‡Y_je fk[ZW eYkfWhbW i_d ehZ[d

`kZ_Y_Wb$ ;B;C;DJEI :;B :EC?9?B?E :ei ied bei [b[c[djei X|i_Yei fWhW Yedi_Z[hWh gk[ kdW f[hiedW j_[d[ kd Zec_Y_b_e [d kd bk]Wh Z[j[hc_dWZW1 o gk[ ied0 '$ ;b [b[c[dje eX`[j_le" gk[ Yed# i_ij[ [d bW h[i_Z[dY_W" e i[W kd bk]Wh h[Wb" \‡i_Ye" l_i_Xb[" jWd]_#

:EC?9?B?E :; B7 F;HIED7 @KHĂž:?97 H[YehZ[cei gk[ bWi f[hiedWi `kh‡Z_YWi ied Yh[WZWi feh bW b[o" j_[d[d [n_ij[dY_W _Z[Wb o ied YWfW# Y[i Z[ [`[hY[h Z[h[Y^ei o YedjhW[h eXb_]WY_ed[i Y_l_b[i o fWhW WYjkWh Z[X[d i[h h[fh[i[djWZWi `kZ_Y_Wb o [njhW`kZ_Y_Wbc[dj[$ ;b 7hj$ +,* Z[b 9ÂŒZ_]e 9_l_b i[‹WbW ÆI[ bbWcW f[hiedW `kh‡Z_YW kdW f[hiedW \_Yj_Y_W" YWfWp Z[ [`[hY[h Z[h[# Y^ei o YedjhW[h eXb_]WY_ed[i Y_l_b[i" o Z[ i[h h[fh[i[djWZW `kZ_Y_Wb o [njhW`k# Z_Y_Wbc[dj[$ BWi f[hiedWi `kh‡Z_YWi ied Z[ Zei [if[Y_[i0 YehfehWY_ed[i o \kdZWY_ed[i Z[ X[d[\_Y[dY_W f‘Xb_YW$

>Wo f[hiedWi `kh‡Z_YWi gk[ fWhj_Y_# fWd Z[ kde o ejhe YWh|Yj[hÇ$ ;d h[bWY_ÂŒd Wb Zec_Y_b_e Z[ bWi f[hiedWi `kh‡Z_YWi" i[ ^W cWd_\[i# jWZe gk[ i[h| [b gk[ [bbWi c_icWi Z[j[hc_d[d Wb Yedij_jk_hi[ o i[ ^WbbW \_`WZe [nfh[iWc[dj[ [d iki [ijWjkjei e [d [b YedjhWje ieY_Wb1 Z[ jWb cWd[hW gk[ bWi f[hiedWi `kh‡Z_YWi [d fh_dY_f_e Z[X[d i[h dej_\_YWZWi [d ik Zec_Y_b_e b[]Wb" o [ije j_[d[ ik hWpÂŒd Z[ i[h" fehgk[ bW b[o fh[ikc[ gk[ bWi f[hiedWi fh_lWZWi Z[ [n_ij[dY_W _Z[Wb" h[i_# Z[d Z[ kdW cWd[hW f[hcWd[dj[ fWhW [b [`[hY_Y_e Z[ iki Z[h[Y^ei o eXb_]WY_ed[i" [d [b bk]Wh gk[ YedijW [d bei [ijWjkjei WfheXWZei feh bW Wkjeh_ZWZ gk[ b[ h[YedeY_ÂŒ bW f[hiedWb_ZWZ `kh‡Z_YWÇ$ 9EC;DJ7H?E BW fhej[YY_ÂŒd Yedij_jkY_edWb Z[b Zec_Y_b_e" [i kdW fhej[YY_ÂŒd Z[ YWh|Yj[h _dijhkc[djWb gk[ Z[\_[dZ[ bei |cX_jei [d gk[ i[ Z[iWhhebbW bW l_ZW fh_lWZW Z[ bW f[hiedW" feh [ijW hWpÂŒd" [n_ij[ kd d[ne Z[ kd_ÂŒd _dZ_iebkXb[ [djh[ bW dehcW gk[ fhe^‡X[ bW [djhWZW o h[]_ijhe [d kd Zec_Y_b_e" jWb Yece Z_ifed[ [b 7hj$ ,, dkc[hWb (( Z[ bW 9edij_jkY_ÂŒd l_][dj[ o bW gk[ _cfed[ bW Z[\[diW o ]WhWdj‡W Z[b |cX_je Z[ bW fh_lWY_ZWZ" gk[ i[‹WbW [b 7hj$ ,, dkc[hWb (& _X‡Z[c1 jeZe [bbe eXb_]W W Yedi_Z[hWh kd YedY[f# je Yedij_jkY_edWb Z[ Zec_Y_b_e Z[ cWoeh Wcfb_jkZ gk[ [b YedY[fje i[‹WbWZe [d [b 9ÂŒZ_]e 9_l_b" fk[i be gk[ i[‹WbW [b 7hj$ ,, dkc[hWb (( Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW" [i bW _dl_ebWX_b_ZWZ Z[b Zec_Y_b_e" [ije [i bW _dj[hZ_YY_ÂŒd Z[ [djhWZW [d ƒb" o kdW _dj[hZ_YY_ÂŒd Z[ h[]_i# jhe" i_d Wkjeh_pWY_ÂŒd Z[ ik j_jkbWh" e i_d ehZ[d `kZ_Y_Wb" eXl_Wc[dj[ iWble [b YWie Z[ Z[b_je \bW]hWdj[$ >Wo gk[ WYbWhWh gk[ bW \hWi[ ÆDe i[ feZh| _d]h[iWhÇ" d_ h[Wb_pWh _di# f[YY_ed[i e h[]_ijhei" de eXijWd# j[ ik WfWh[dj[ Yed\ki_ÂŒd" Z[X[d Yedi_Z[hWhi[ Yecfh[di_lei Z[ jeZW _dlWi_ÂŒd gk[ hecfW [b X_[d `kh‡Z_Ye fhej[]_Ze" fk[i dk[ijhe j[nje Yedij_jkY_edWb [ijWXb[Y[" bW dehcW Z[ _dj[hZ_YY_ÂŒd Z[ [djhWZW o Z[ h[]_ijhe1 o" iebe WZc_j[ kdWi [nY[fY_ed[i cko Z[j[hc_dWZWi" gk[ ied0 [b Yedi[dj_c_[dje Z[b j_jkbWh" gk[ i[]‘d [b j[nje Z[ fh[# :FEK@EL8 <E C8 GĂ?>@E8 $ :)

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä‚

Ĺ? ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

Y[fje fWh[Y[h‡W gk[ de d[Y[i_jW i[h [nfh[ie" bW [n_ij[dY_W Z[ kdW ehZ[d `kZ_Y_Wb gk[ bW Wkjeh_Y[1 o" bW fheZkYY_ÂŒd Z[ kd Z[b_je \bW]hWdj[" YWie [d [b YkWb bei f[hi[]k_Zeh[i fk[Z[d Yedj_dkWh bW f[hi[YkY_ÂŒd [d [b Zec_Y_b_e Z[ bW f[hiedW W\[Y# jWZW$ ÂľGKx ;I B7 ?DL?EB78?B?:7: :;B :EC?9?B?E5 BW `kh_ifhkZ[dY_W [ifW‹ebW i[‹WbW [d bW IJ9 ((%'/.* gk[ Æ;b Zec_Y_b_e _dl_ebWXb[ [i kd [ifWY_e [d [b YkWb [b _dZ_l_Zke l_l[ i_d [ijWh ik`[je d[Y[iWh_Wc[dj[ W bei kiei o Yedl[d# Y_ed[i ieY_Wb[i o [`[hY[ ik b_X[hjWZ c|i ‡dj_cW$ Feh [bbe" W jhWlƒi Z[ [ij[ Z[h[# Y^e de iebe [i eX`[je Z[ fhej[YY_ÂŒd [b [ifWY_e \‡i_Ye [d i‡ c_ice Yedi_Z[hWZe" i_de be gk[ ^Wo [d ƒb Z[ [cWdWY_ÂŒd Z[ bW f[hiedW o Z[ [i\[hW fh_lWZW Z[ [bbW$ ?dj[hfh[jWh [d [ij[ i[dj_Ze" bW h[]bW Z[ bW _dl_ebWX_b_ZWZ Z[b Zec_Y_b_e [i Z[ Yedj[d_Ze Wcfb_e [ _cfed[ kdW [nj[d# iW i[h_[ Z[ ]WhWdj‡Wi o Z[ \WYkbjWZ[i" [d bWi gk[ i[ Yecfh[dZ[d bWi Z[ l[ZWh jeZW YbWi[ Z[ _dlWi_ed[i _dYbk_ZWi bWi gk[ fk[Z[d h[Wb_pWhi[ i_d f[d[jhWY_ÂŒd Z_h[YjW feh c[Z_e Z[ WfWhWjei c[Y|d_# Yei" [b[YjhÂŒd_Yei k ejhei Wd|be]eiÇ$ BW i[dj[dY_W IJ9 '//%'/.- i[‹WbW ÆBW _dl_ebWX_b_ZWZ Z[b Zec_Y_# b_e" e i[W [b Z[h[Y^e Z[ de f[d[jhWY_ÂŒd [d [b Zec_Y_b_e" [d YedjhW Z[ bW lebkd# jWZ Z[b j_jkbWh Z[b c_ice" $$$ [i kd Z[h[Y^e h[bWj_le o b_c_jWZe [d YkWdje gk[ bW fhef_W 9edij_jkY_ÂŒd Wkjeh_pW ik h[ijh_YY_ÂŒd [d ikfk[ijei Yedj[cfbWZei feh bW b[o" Wkdgk[ [n_][" [d fh_dY_f_e" kdW Z[Y_i_ÂŒd `kZ_Y_Wb Wb h[if[Yje iWble [d bei YWiei Z[ Æ<bW]hWdj[ Z[b_# jeÇ$ ;bbe ikfed[ gk[ [b Z[h[Y^e W bW _dl_ebWX_b_ZWZ Z[b Zec_Y_b_e Yedi_ij[ ikijWdY_Wbc[dj[ [d kd Z[h[Y^e W gk[ YedjhW bW lebkdjWZ Z[b j_jkbWh o iWble Z[b_je \bW]hWdj[" de ^WoW f[d[jhWY_ÂŒd [d [b fhef_e Zec_Y_b_e" i_d kdW Wkjeh_# pWY_ÂŒd `kZ_Y_Wb" YkoW YedY[i_ÂŒd o h[W# b_pWY_ÂŒd i[ iec[j[ WZ[c|i [d bW b[o Z[ [d`k_Y_Wc_[dje Yh_c_dWb W bW [n_ij[dY_W Z[ Z[j[hc_dWZei h[gk_i_jeiÇ$ ÂľGK?xD ;I ;B J?JKB7H :; :;H;9>E :; ?DL?EB78?B?:7: :;B :EC?9?B?E5 7b _]kWb gk[ ikY[Z[ [d ejhei fW‡i[i Yece [d ;ifW‹W dk[ijhe j[nje Yedij_jkY_edWb Wb [ijWXb[Y[h [b Z[h[Y^e W bW _dl_ebWX_b_ZWZ Z[b Zec_Y_b_e" de be Y_hYkdiYh_X[ W bWi f[hiedWi \‡i_YWi" i_[dZe fk[i [nj[di_le e fh[Z_YWXb[ _]kWbc[dj[ W bWi f[hiedWi `kh‡Z_YWi1 fk[i bW i[dj[dY_W [ifW‹ebW IJ9 ')-%'/.+

Ĺ?

cWd_\_[ijW Æ;d ikcW" bW b_X[hjWZ Z[b Zec_Y_b_e i[ YWb_\_YW Yece h[\b[`e Z_h[Yje Z[ bW fhej[YY_ÂŒd WYehZWZW [d [b ehZ[dWc_[dje W bW f[hiedW" f[he de d[Y[iWh_Wc[dj[ W bW f[hiedW \‡i_YW" Z[iZ[ [b cec[dje gk[ bW f[hiedW `kh‡# Z_YW l[d]W W YebeYWhi[ [d [b bk]Wh Z[b ik`[je fh_lWZe Yecfh[dZ_Ze Z[djhe Z[b |h[W Z[ bW jkj[bW Yedij_jkY_edWb" o jeZWi bWi ^_fÂŒj[i_i [d gk[ bW _dijhkc[djWY_ÂŒd Z[b Z[h[Y^e W bW b_X[hjWZ de WfWh[pYW e i[Wd _dYecfWj_Xb[i Yed bW dWjkhWb[pW o bW [if[Y_Wb_ZWZ Z[ \_d[i Z[b [dj[ Yeb[Y# j_leÇ$ L?EB79?âD :;B :EC?9?B?E ;D 97IE :; :;B?JE <B7=H7DJ; 9ece gk[ZW i[‹WbWZe [d b‡d[Wi Wdj[h_eh[i [d [b 7hj$ ,, dkc[hWb (( Z[ bW 9edij_jkY_ÂŒd Z[ bW H[f‘Xb_YW i[ i[‹WbW [b Z[h[Y^e W bW _dl_ebWX_# b_ZWZ Z[b Zec_Y_b_e Æ $$$ iWble Z[b_# je \bW]hWdj[" [d bei YWiei o \ehcWi gk[ [ijWXb[pYW bW b[oÇ$ IeXh[ [b Z[b_je \bW]hWdj[ j[d]e kd [ijkZ_e gk[ YedijW [d c_ b_Xhe ieXh[ ;B :;H;9>E 9EDIJ?JK9?ED7B 7 B7 FH;IKD9?âD :; ?DE9;D9?7 O BEI H;GK?I?JEI F7H7 :?9J7H B7 C;:?:7 97KJ;B7H :; FH?I?âD FH;L;DJ?L7" WZ[c|i [d kd Whj‡Ykbe fkXb_YWZe [d [ijW c_icW i[YY_ÂŒd `kZ_Y_Wb Z[ Z_Wh_e BW >ehW1 h[YehZWdZe gk[ i[ Yedi_Z[hW Yece [ijWZe Z[ \bW]hWdY_W bW _Z[dj_\_YW# Y_ÂŒd e _dZ_l_ZkWb_pWY_ÂŒd gk[ i[ ^W]W Z[b Z[b_dYk[dj[ e bW Y_hYkdi# jWdY_W Z[ gk[ lWh_Wi f[hiedWi ^WoW feZ_Ze fh[i[dY_Wh bW h[Wb_pWY_ÂŒd Z[b ^[Y^e" gk[ be ^WoWd iehfh[d# Z_Ze Yed eX`[jei gk[ Z[j[hc_d[d ik fWhj_Y_fWY_ÂŒd" e gk[ _dc[Z_W# jWc[dj[ Z[ifkƒi Z[ Yec[j_Ze [b Z[b_je" i[W f[hi[]k_Ze e YkWdZe feh leY[i Z[ Wkn_b_e i[ f_Z[ ik YWfjkhW$ BW `kh_ifhkZ[dY_W [ifW‹ebW IJ9 )*'%'//) i[‹WbW Æ $$$ de YWX[ jWY^Wh Z[ _dYedij_jkY_edWb bW \eh# cWY_ÂŒd b[]_ibWj_lW Z[b YedY[fje Z[ Z[b_je \bW]hWdj[ W [\[Yjei Z[ bW [djhWZW [d [b Zec_Y_b_e" o [bbe i_d f[h`k_Y_e gk[ [iW h[]kbWY_ÂŒd b[]Wb ^W Z[ h[if[jWh [b Yedj[d_Ze [i[d# Y_Wb Z[b Z[h[Y^e Z[ WYk[hZe W be gk[ [ijWXb[Y[ [b 7hj$ +)$' 9;" $$$ $ 7 bei [\[Yjei Yedij_jkY_edWb[i gk[ Wgk‡ _cfehjWd de fheY[Z[ Wikc_h e h[YedeY[h Yece Z[\_d_j_lW d_d# ]kdW Z[ bWi \ehckbWY_ed[i b[]Wb[i" ZeYjh_dWb[i e `kh_ifhkZ[dY_Wb[i" gk[ Z[ bW \bW]hWdY_W i[ ^Wd ZWZe [d dk[ijhe ehZ[dWc_[dje" f[he be gk[ i_ h[ikbjW _d[nYkiWXb[ [i h[YedeY[h bW WhhW_]WZW _cW][d Z[ bW \bW]hWd# Y_W Yece i_jkWY_ÂŒd \|Yj_YW [d bW gk[ [b Z[b_dYk[dj[ [i iehfh[dZ_Ze #l_ije Z_h[YjWc[dj[ e f[hY_X_Ze Z[ ejhe ceZe# [d [b cec[dje Z[ Z[b_dgk_h [d Y_hYkdijWdY_Wi _dc[# Z_WjWi W bW f[hi[YkY_ÂŒd Z[b _b‡Y_je$

I_ [b b[d]kW`[ Yedij_jkY_edWb ^W Z[ i[]k_h i_[dZe i_]d_\_YWj_le #o [bbe [i fh[c_iW \_hc[ Z[ jeZW _dj[hfh[# jWY_ÂŒd# de YWX[ i_de h[YedeY[h gk[ [ijWi YeddejWY_ed[i Z[ bW \bW]hWd# Y_W [l_Z[dY_W Z[b Z[b_je o kh][dY_W Z[ bW _dj[hl[dY_ÂŒd feb_Y_Wb [ij|d fh[i[dj[i [d [b YedY[fje _diYh_je [d [b 7hj$ '.$( Z[ bW dehcW \kdZW# c[djWb" fh[Y[fje gk[" Wb i[hl_hi[ Z[ [ijW deY_ÂŒd jhWZ_Y_edWb" ^W Z[b_# c_jWZe kd Z[h[Y^e \kdZWc[djWb o" Yehh[bWj_lWc[dj[" bW _dj[hl[dY_ÂŒd ieXh[ [b c_ice Z[b feZ[h f‘Xb_# YeÇ$ ;b jhWjWZ_ijW ;hd[ije 9^_[biW i[‹WbW gk[ [n_ij[ [c[h][dY_W fWhW [l_jWh bW Z[j[dY_ÂŒd" [d bei i_]k_[d# j[i YWiei0 W Feh bW dWjkhWb[pW ]hWl[ Z[b Z[b_# je1 X Fehgk[ [b ik`[je i[ [dYk[djhW WhcWZe1 Y Feh bW fheXWX_b_ZWZ Z[ gk[ [iW f[hiedW Yec[j_ÂŒ [b Z[b_je1 Z Feh bW fheXWX_b_ZWZ Z[ gk[ [b ik`[je [ijƒ [d [i[ bk]Wh1 [ Feh bW fheXWX_b_ZWZ Z[ gk[ [b ik`[je [iYWf[1 o" \ Feh [b ceZe fWY‡\_Ye e l_eb[dje Z[ [djhWh o bW ^ehW Z[ bW [djhW# ZW$ EH:;D @K:?9?7B F7H7 ;B ?D=H;IE 7 KD :EC?9?B?E =[d[hWbc[dj[ [b `k[p W gk_[d i[ Yed\_[h[ bW fhej[YY_ÂŒd Z[b Z[h[Y^e \kdZWc[djWb W bW _dl_ebWX_b_ZWZ [i YkWbgk_[h `k[p Z[ ]WhWdj‡Wi f[dW# b[i" Z[ jWb ceZe gk[ fWh[Y[h‡W gk[ d_d]‘d ejhe `k[p fk[Z[ ehZ[dWh bW Wkjeh_pWY_ÂŒd fWhW bW [djhWZW [d [b Zec_Y_b_e Z[ kdW f[hiedW" iWble YWie Z[ l_ebWY_ÂŒd _djhW\Wc_# b_Wh1 WZ[c|i ^Wo gk[ i[‹WbWh gk[ fh[l_Wc[dj[ W bW f[d[jhWY_ÂŒd Z[b Zec_Y_b_e Z[X[ ^WX[h bW Wkjeh_pW# Y_ÂŒd o de feij[h_eh W Z_Y^e ^[Y^e" fk[i bW ]WhWdj‡W Yedij_jkY_edWb o `kZ_Y_Wb WfWh[Y[ Yece kd c[YWd_i# ce Z[ ehZ[d fh[l[dj_le" Z[ij_dWZe W fhej[][h [b Z[h[Y^e o de W h[fWhWh ik l_ebWY_ÂŒd YkWdZe i[ fheZkpYW1 Z[ jWb ceZe gk[ bW h[iebkY_ÂŒd `kZ_# Y_Wb WfWh[Y[ Yece cƒjeZe fWhW Z[Y_Z_h" [d YWie Z[ Yeb_i_ÂŒd Z[ lWbe# h[i [ _dj[h[i[i Yedij_jkY_edWb[i" i_ Z[X[ fh[lWb[Y[h [b Z[h[Y^e Z[b 7hj$ ,, dkc[hWb (( Z[ bW 9edij_jkY_ÂŒd k ejhei lWbeh[i e _dj[h[i[i Yedi# j_jkY_edWbc[dj[ fhej[]_Zei" fk[i i[ jhWjW Z[ [dYec[dZWh kd ÂŒh]W# de `kh_iZ_YY_edWb gk[ h[Wb_Y[ kdW fedZ[hWY_ÂŒd fh[l_W Z[ _dj[h[i[i Yedij_jkY_edWbc[dj[ fhej[]_Zei Wdj[i Z[ gk[ i[ fheY[ZW W YkWb# gk_[h [djhWZW e h[]_ijhe" o Yece YedZ_Y_ÂŒd _d[bkZ_Xb[ fWhW h[Wb_pWh [ij[ [d Wki[dY_W Z[b Yedi[dj_c_[d# je Z[b j_jkbWh1 fk[i de ^Wo gk[ ebl_# ZWh gk[ [b `k[p Z[ ]WhWdj‡Wi f[dW# b[i" [d [ijei YWiei" WYj‘W Yece ]WhWdj[ Z[b Z[h[Y^e \kdZWc[djWb W bW _dl_ebWX_b_ZWZ Z[b Zec_Y_b_e"

[d Yedi[Yk[dY_W be ‘d_Ye gk[ ^W Z[ Wi[]khWh [i gk[ h[gk_[h[ [\[Y# j_lWc[dj[ bW [djhWZW [d ƒb Z[ bW [`[YkY_ÂŒd Z[ kd WYje gk[ fh_cW \WY_[" fWh[Y[ Z_YjWZe feh Wkjeh_# ZWZ Yecf[j[dj[ [d [b [`[hY_Y_e Z[ \WYkbjWZ[i fhef_Wi" ]WhWdj_pWdZe Wb j_[cfe gk[ [iW _hhkfY_ÂŒd [d [b |cX_je Z[ bW _dj_c_ZWZ i[ fheZkp# YW i_d c|i b_c_jWY_ed[i Z[ ƒijW e Z[ ejhei Z[h[Y^ei \kdZWc[djWb[i Z[ bei eYkfWdj[i gk[ Wgk[bbei gk[ i[Wd [ijh_YjWc[dj[ _dZ_if[d# iWXb[i fWhW [`[YkjWh bW h[iebkY_ÂŒd WZc_d_ijhWj_lW$ ;d bei ;ijWZei Kd_Zei Z[ 7cƒh_YW" bW ehZ[d Z[ WbbWdW# c_[dje i[ bW Z[X[ ^WY[h ZkhWdj[ [b Z‡W" o Wi‡ Z[X[ Z_ifed[hbe [b `k[p" W c[dei gk[ feh hWped[i Z[ d[Y[i_ZWZ i[W d[Y[iWh_e gk[ i[ be ^W]W [d YkWbgk_[h ^ehW1 f[he fWhW ^WY[h l|b_ZW bW ehZ[d Z[ WbbWdW# c_[dje j_[d[ i_[cfh[ gk[ _dYbk_h bei \kdZWc[djei [if[Y‡\_Yei fWhW ik [nf[Z_Y_ÂŒd" Z[ jWb ceZe gk[ bW ehZ[d Z[X[ Yedj[d[h [nfh[iW# c[dj[ be h[bWj_le W gkƒ ^ehW Z[b Z‡W fk[Z[ i[h Ykcfb_ZW1 Z[ jWb cWd[hW gk[ [d Z_Y^e fW‡i [b W][dj[ Z[ bW feb_Y‡W e Z[b C_d_ij[h_e F‘Xb_Ye" de fk[Z[ Whh[ijWh i_d ehZ[d `kZ_Y_Wb W kdW f[hiedW [d ik YWiW" o feh eXl_W hWpÂŒd de fk[Z[ WbbWdWh ik Zec_Y_b_e fWhW _dYWkjWh [l_Z[d# Y_Wi$ I[ fh[]kdjW ÂľI_ [i f[hc_j_Ze [b kie Z[ X_deYkbWh[i e Z[ j[b[iYe# f_ei5$$$fWhW Wl[h_]kWh e f[hY_X_h bWi WYj_l_ZWZ[i Z[b ^e]Wh e bei eX`[jei gk[ Wbb‡ i[ [dYk[djhWd" Âľi[ feZh‡W [d [ijei YWiei Z[\[dZ[h [b Z[h[Y^e W bW _dj_c_ZWZ5$$$ e YkWdZe i[ [ijW h[Wb_pWdZe bW _dl[ij_]WY_ÂŒd feh c[Z_e Z[ kd ^[b_YÂŒfj[he1 e gkƒ fWiW i_ i[ kj_b_pWd c[Z_ei [b[YjhÂŒ# d_Yei ie\_ij_YWZei fWhW l_]_bWh$ BW `kh_ifhkZ[dY_W Z[ bei ;ijWZei Kd_Zei Z[ 7cƒh_YW i[‹WbW gk[ [ije [i l|b_Ze" i_ i[ fkZe ^WX[h ^[Y^e e Yedi[]k_Ze i_d bW WokZW Z[ jehjkhWi" f[he bW c_icW `kh_i# fhkZ[dY_W i[ fh[]kdjW ÂľGkƒ fWiW Yed bei f[hhei WcW[ijhWZei fWhW Z[j[YjWh Zhe]Wi5$ CE:KI EF;H7D:? :;B 7BB7D7C?;DJE ;d bei ;ijWZei Kd_Zei Z[ 7cƒh_YW i[ h[Wb_pW Z[ bW i_]k_[dj[ cWd[hW0 '$ BW feb_Y‡W `kZ_Y_Wb Yed [b C_d_ij[h_e F‘Xb_Ye Wdj[i Z[ _hhkcf_h [d [b bk]Wh W i[h WbbW# dWZe" Z[X[d _d\ehcWh W bei eYk# fWdj[i" ieXh[ bW [n_ij[dY_W Z[ ehZ[d `kZ_Y_Wb gk[ j_[d[d fWhW [b [\[Yje1 ($ De i[ h[gk_[h[ [ijW WYY_ÂŒd" YkWdZe [ije Yedij_jkoW kd h_[i]e fWhW bW Feb_Y‡W e fWhW [b C_d_ij[h_e F‘Xb_Ye" e gk[ ^WoW f[b_]he Z[ gk[ bW [l_Z[dY_W lW W Z[iWfWh[Y[h1 f[he [d jeZe

YWie bW WYjkWY_ÂŒd Z[ bW Feb_Y‡W o Z[b C_d_ij[h_e F‘Xb_Ye Z[X[ i[h hWpedWZW" fk[i Yece Z_Y[ bW `kh_ifhkZ[dY_W Z[ Z_Y^e fW‡i" bW l_eb[dY_W _dd[Y[iWh_W Wb h[]_i# jhWh kd Zec_Y_b_e fk[Z[ Yed# l[hj_h Wb WbbWdWc_[dje [d _hhW# pedWXb[" Z[ jWb ceZe gk[ jeZe Z[X[ ^WY[hi[ Yed\ehc[ W bW b[o o W bW Z[X_ZW Yedi_Z[hWY_ÂŒd Z[ bW f[hiedW ^kcWdW1 BW YkWhjW [dc_[dZW Z[ bW 9edij_jkY_ÂŒd Z[ bei ;ijWZei Kd_Zei gk[ Z_Y[ Æ;b Z[h[Y^e Z[b fk[Xbe W bW i[]kh_ZWZ [d iki f[h# iedWi" YWiWi" ZeYkc[djei o [\[Yjei YedjhW f[hgk_i_jeh_ei o i[Yk[ijhei _hhWpedWXb[i de i[h| l_ebWZe" o de i[ [nf[Z_h| d_d]‘d cWdZWc_[dje i_de [d l_hjkZ Z[ YWkiW fheXWXb[ WfeoWZW feh `khWc[dje e W\_hcW# Y_ÂŒd o gk[ Z[iYh_XW Yed fh[Y_i_ÂŒd [b bk]Wh gk[ Z[X[ i[h h[]_ijhWZe o bWi f[hiedWi e YeiWi gk[ Z[X[d i[h Z[j[d_ZWi e i[Yk[ijhWZWiÇ$ :[ jWb cWd[hW gk[ bW i[]kh_ZWZ fhefehY_edWZW feh [ijW [dc_[d# ZW YedjhW f[hgk_i_jeh_ei o i[Yk[i# jhei _hhWpedWXb[i" iebe i[ Wfb_YW W bW WYY_ÂŒd ]kX[hdWj_lW" e i[W gk[ de [i l|b_ZW fWhW WYjei _b[]Wb[i Z[ _dZ_l_Zkei [d bei YkWb[i [b ]eX_[h# de de j_[d[ fWhj[1 c|i W‘d [d [b YWie =ekb[Z li$ Kd_j[Z IjWj[i i[ i[‹WbÂŒ gk[ bei cWdZWc_[djei f[h# gk_i_jeh_ei" de feZ‡Wd i[h kiWZei Yece c[Z_e fWhW ]WdWh WYY[ie W bW YWiW k e\_Y_dW Z[ kdW f[hiedW iebW# c[dj[ Yed [b fhefÂŒi_je Z[ ^WY[h kdW f[hgk_i_Y_ÂŒd fWhW Wi[]khWhi[ kdW fhk[XW W i[h kiWZW [d YedjhW Z[ ƒb" [d kd fheY[Z_c_[dje Yh_c_# dWb e f[dWb" i_de gk[ iebe fk[Z[ h[Ykhh_hi[ W [bbW YkWdZe kd Z[h[# Y^e fh_cWh_e W jWb f[hgk_i_Y_ÂŒd o i[Yk[ijhe fk[Z[ i[h ^WbbWZe [d [b _dj[hƒi gk[ [b f‘Xb_Ye e [b gk[h[# bbWdj[ fk[ZWd j[d[h [d bei X_[d[i W i[Yk[ijhWhi[ e [d [b Z[h[Y^e W bW fei[i_ÂŒd Z[ bei c_icei" e YkWdZe kd [`[hY_Y_e l|b_Ze Z[b feZ[h Z[ feb_Y‡W" lk[bl[ W bW fei[i_ÂŒd Z[b X_[d feh fWhj[ Z[b WYkiWZe" _b[]Wb o Z_ifed[ gk[ Z[XW i[h jecWZe$ 9ED9BKI?ED;I :[ jeZe be YkWb i[ Z[ifh[dZ[ gk[ bW ehZ[d `kZ_Y_Wb gk[ ^WY[ fei_Xb[ bW [djhWZW o h[]_ijhe [d kd Zec_# Y_b_e i[ `kij_\_YW" [d [b ehZ[d fhe# Y[iWb f[dWb" feh bW d[Y[i_ZWZ Z[ _Z[dj_\_YWh o" [d ik YWie h[Ye][h be gk[ b[ _dj[h[i[ W bW _dl[ij_]WY_ÂŒd \_iYWb" i_d gk[ i[W efed_Xb[" \h[dj[ W jWb f[igk_iW b[]‡j_cWc[dj[ ehZ[# dWZW" i[Yh[je Wb]kde gk[" Z[djhe Z[b Zec_Y_b_e _dl[ij_]WZe" _cfeh# j[ W bWi WYjkWY_ed[i `kZ_Y_Wb[i [d Ykhie1 Z[ be gk[ i[ Z[ifh[dZ[ gk[ iebe fk[Z[ bb[lWhi[ W YWXe [b _d]h[# ie W kd Zec_Y_b_e fh_lWZe Yed bW Wkjeh_pWY_ÂŒd Z[ ik j_jkbWh o YkWd# :FEK@EL8 <E C8 GĂ?>@E8 $ :*

Ze ƒij[ be d_[]k[ c[Z_Wdj[ ehZ[d `kZ_Y_Wb gk[ Wkjeh_Y[ bW [djhWZW o bWi WYj_l_ZWZ[i gk[ kdW l[p Z[d# jhe Z[b Zec_Y_b_e fk[Z[d i[h h[W# b_pWZWi1 [d jeZe YWie [b `k[p Z[X[ fedZ[hWh bei _dj[h[i[i [d `k[]e Yece bW ]WhWdj‡W Z[b Z[h[Y^e W bW _dl_ebWX_b_ZWZ Z[b Zec_Y_b_e" o Z[ [ij[ ceZe Z_ifed[hbe e de$ H[if[Yje W bW 9edij_jkY_Œd Z[ bei ;ijWZei Kd_Zei o bW [dc_[d# ZW YkWhjW" i[ i[‹WbW gk[ ied _hhW# pedWXb[i Wgk[bbei h[]_ijhei e i[Yk[ijhei YkWdZe ied WZefjWZei Yed l_ebWY_Œd W bW 9edij_jkY_Œd" Yed [b fhefŒi_je Z[ eXb_]Wh W kdW f[hiedW W fhel[[h Z[ fhk[XWi

;@MFI:@FJ ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8% C8LI8 D8IĂ 8 >FI;FE IF9<IKJ 8:KFI1 CL@J <M8E><C@F 8C8I:äE ;<D8E;8;F1 C8LI8 D8IĂ 8 >FI;FE IF9<IKJ AL@:@F1 M<I98C JLD8I@F ;< ;@MFI:@F Ef% )/.$)'(( 8Y^% I% 9iXmf :8J@CC<IF AL;@:@8C Ef% ((*' =LE;8D<EKF C<>8C1 8IK% ((' ELD<I8C (( ;<C :F;@>F :@M@C 89F>8;F1 ;I% 9PIFE 8P8C8 :L8EKĂ 81 @E;<K<ID@E8;8 G IFM@;<E:@8 1 8L KF ; < :8C@=@:8:@äE ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j () [\ XYi`c [\c )'((# cXj (._)+% M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ Gfi ZlXekf cX XZkfiX _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# cX [\dXe[X gi\j\ekX[X gfi1 CL@J <M8E><C@F# \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`$ kfj [\ C\p p j\ cX X[d`k\ X ki}d`k\ m\iYXc jldXi`f gfi kXekf \e d„i`kf Xc aliXd\ekf i\e[`[f gfi cX XZZ`f$ eXek\ p [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf gfi \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :@K<J<# X cX [\dXe[X[X j\ÂŒfiX1 C8LI8 D8I@8 >FI;FE IF9<IKJ# \e cX ]fidX jfc`Z`kX[X gfi d\[`f [\ ki\j glYc`$ ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e X e`m\c eXZ`feXc [\ cfj hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ X[alekX%$ K„e^Xj\ \e Zl\ekX \c ZXj`$ cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi Xjˆ Zfdf cX Xlkfi`qXZ`Â?e [X[X X jl 8Yf^X[f ;\]\ejfi%$ Efk`]ˆhl\j\%$ = ;i% =\c`g\ @e]Xek\ I\p% Al\q \eZXi$ ^X[f% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% C\ gi\m\e^f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp le j\ccf 8I&(+0(+&ZZ ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C I% [\c <% 8c j\ÂŒfi X % D@I<P :FE:<G:@äE KF8G8EK8 :<;<zF j\ c\ _XZ\ Zfef$ Z\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi X 1 <EI@HL< 8C=FEJF >L<II8 G<C8<Q% :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1(' [\ ]\Yi\if [\ )'((% :XljX [\ ;@MFI:@F Ef% )'(($(0*$ AF?E 8P8C8%$ GIFM@;<E:@81 ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )' [\ XYi`c [\c )'((# cXj '0_,-%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f j\^Â’e XZZ`Â?e [\ g\ijfeXc Ef% .-)$;G$;GG%# [\ () [\ XYi`c [\ )'((%$ <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%$ Zˆk\j\ X cX [\dXe[X$ [X j\ÂŒfiX D@I<P :FE:<G:@äE KF8G8EK8 :<;<zF# gfi d\[`f [\ glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e „jkX [\ Hl`kf Zfe]fid\ \c XikˆZlcf ((0 [\c :Â?[`^f :`m`c %$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX$ [fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[fj%$ EFK@=@HL<J<%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# X[m`ik`\e[f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc

YedjhW i‡ c_icW" be YkWb YedjhWh_W W bW gk_djW [dc_[dZW" fk[i de [i ZWXb[ ÆEXb_]Wh W kd ^ecXh[ [d kd YWie Yh_c_dWb W i[h j[ij_]e YedjhW i‡ c_iceÇ1 Z[ jWb ceZe gk[ [ijW [dc_[dZW [i bW XWi[ Yedij_jkY_e# dWb fWhW bW fhej[YY_ÂŒd YedjhW jeZe j_fe Z[ Z[j[dY_ÂŒd f[hiedWb" fk[i h[YWbYe [b YedY[fje YbWl[ Z[ [ijW [dc_[dZW" [i bW hWY_edWb_ZWZ Z[ bW WYjkWY_ÂŒd ]kX[hdWc[djWb" e i[W i[ fhej[][ YedjhW bW WYjkWY_ÂŒd _hhWpedWXb[ Z[b ]eX_[hde" f[he i[ h[YWbYW gk[ iebe fhej[][ W bWi f[h# iedWi o de W bei bk]Wh[i e YeiWi" fk[i Wi‡ Z[X[ [dj[dZ[hi[ bW YkWh# jW [dc_[dZW Z[ bW 9edij_jkY_ÂŒd Z[

\e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l$ [X[%$ :\ik`]`Zf%$ Hl`kf# ', [\ dXpf [\ )'((%$ 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0+0*&k] <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 <C J<zFI :8ICFJ 8EKFE@F F98E;F C8:?@D98% 8:KFI%$ ;F:KFI CL@J I8D@IF HL@CCLG8E>L@ GIF:LI8;FI AL;@:@8C ;< C8 J<zFI8 CLQ ?<ID<C@E;8 >FD<Q 8E>8D8I:8% ;<D8E;8;F%$ J<zFI :8ICFJ 8EKFE@F F98E;F C8:?@D98% AL@:@F1 Ef% )'(($ '*(0% J%K% KI8D@K<%$ M<I98C JLD8I@F :L8EKĂ 8% @e[\k\id`eX[X% =LE;8D<EKFJ1 <e cf [`jgl\jkf \e \c `eZ`jf j\^le[f [\ cX ZXljXc [„Z`dX gi`d\iX [\c 8ik% ((' [\c :Â?[`^f :`m`c 8JLEKF%$ ;`mfiZ`f DXki`dfe`f Z\c\YiX[f cX :`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# \c ). [\ <e\if [\ (0//# ef _Xe X[hl`i`$ [f Y`\e\j p _Xe gifZi\X[f ZlXkif _`afj hl\ i\jgfe[\e X cfj efd$ Yi\j [\1 DXpiX 8c\oXe[iX# Ă?e^\c <[lXi[f# ;Xe`\cX G`cXi p Jk\]Xeep D`Z_\cc\ FYXe[f >Â?d\q# hl`\e\j \e cX XZklXc`[X[ cfj ki\j gi`d\ifj jfe dXpfi\j [\ \[X[ p cX lck`dX \j d\efi X[lckX% ;<=<EJFI ;< C8 8:KFI81 ;i% Cl`j Hl`cclgXe^l` @e`Z`X[f1 \c (+ [\ DXiqf [\c )'(( GIFM@;<E:@81 ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$Hl`kf# Al\m\j )+ [\ dXiqf [\c )'((# cXj (,_('%Æ M@JKFJ1 Æ Gfi Zldgc`[f cf [`jgl\jkf \e gif$ m`[\eZ`X `e`Z`Xc p \e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p # \e Zfej\Zl\eZ`X# [„j\ \c ki}d`k\ M\iYXc JldXi`f% 8k\ekf \c aliXd\ekf i\e[`$ [f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ cX [\dXe$ [X[X# j\ÂŒfiX :Xicfj 8ekfe`f FYXe[f CXeZ_`dYX# gfi cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# \e cX ]fidX gi\m`jkX gfi \c 8ik% ((0 \c :Â?[`^f :`m`c%$ 8c \]\Zkf# Zfe]`„$ iXj\ \c \okiXZkf i\jg\Zk`mf% K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ ZliX$ [fi X[$c`k\d# _\Z_X \e cX [\dXe$ [X%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$K„e^Xj\ \e Zl\ekX cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ \c ;i% Cl`j IXd`if Hl`cclgXe^l` K`klXÂŒX Zfe]fid\ cf XZi\[`kX \c [fZld\ekf X[alekf p \c [fd`Z`c`f al[`Z`Xc j\ÂŒX$ cX[f%$ Efk`]ˆhl\j\%$%$] %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8% AL<Q8 Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfj$ k\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < ?Xp ]`idX p j\ccf 8:&.0+0+&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C G8I81 =89c8E =<IE8E;F CL:<IF DLI>L<@K@F AL@:@F ;@MFI:@F Ef% (*0-$)'(' :%@% 8:KFI81 D8I@8 <;@K? KI@M@zF :8JKIF ;<D8E;8;F1 =89@8E =<IE8E;F CL:<IF DLI>L<@K@F F9A<KF ;@JFCL:@äE ;<C M@E:LCF D8KI@DFE@8C ;< :FE=FID@;8; :FE CF ;@JGL<JKF <E <C 8IK% ((' @E:@JF ;<:@DF GI@D<IF ;<C :F;@>F :@M@C% KI8D@K< M<I98C JLD8I@F :L8EK@8 @E;<K<ID@E8;8 :8J@CC<IF Ef +*(( ;<C ;I% N@CJFE ;< C8 :8;<E8 GIFM@;<E:@81

ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )* [\ ]\Yi\if [\c )'((# cXj (._).%$ M@JKFJ%$CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i„le\ cfj i\hl`j`kfj [\ C\p # gfi cf hl\ [\ZcX$ i}e[fj\cX gifZ\[\ek\ j\ cX XZ\gkX X ki}d`k\ M\iYXc JldXi`f%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi cX 8ZkfiX jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f f gXiX[\if [\ jl ZÂ?e$ pl^\ \c j\ÂŒfi =89@8E =<IE8E;F CL:<IF DLI>L<@K@F# Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Z`iZlcXZ`Â?e [\ „jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d`jdfj hl\ [\Y\i}e j\i d\[`Xe[f gfi cf d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZXZ`Â?e# X^i„^l\ej\ X cfj Xlkfj cfj Xe\ofj X[alekfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f gfi cX ZfdgXi\Z`\ek\ gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :Ă K<J< P EFK@=@HL<J<%$ = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`Â?e Cf hl\ cc\mf X ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc gXiX jlj efk`]`ZX$ Z`fe\j% :<IK@=@:F% JI8% AL8E8 :<M8CCFJ >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0*0-&k] <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 I8DFE8 C@C@8E8 :?8M8II@8 D<A@8 8:KFI1 ;I% 8CJMĂ 8;<J ><FM8EP <JHL@M<C M@CC<>8J# GIF:LI8;FI AL;@:@8C ;< D8I:F ;8E@<C 8CHL@E>8 >FEQ8C<J% ;<D8E;8;81 I8DFE8 C@C@8E8 :?8M8II@8 D<A@8 AL@:@F1 ;@MFI:@F Ef )/) Æ )'(( $ >M% 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# cle\j + [\ XYi`c [\c )'((# cXj '0_+-% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gif$ Z\[\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 cX X]`idXZ`Â?e YXaf aliXd\ekf [\c XZkfi [\ hl\ c\ _X j`[f `dgfj`$ Yc\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX IXdfeX C`c`XeX :_XmXiiˆX D\aˆX# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj \eki\ ZX[X glYc`ZXZ`Â?e%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f gfi cX ZfdgXi\Z`\ek\%$ EFK@=@HL<J<% = ;I% I8LC D8I@zF ?<IEĂ?E;<Q AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc [\ekif [\c g\iˆd\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0),'&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C :ˆk\j\ Zfe \c j`^l`\ek\ \okiXZkf [\ cX [\dXe[X [\ ;`mfiZ`f X ;FCFI<J >L8D8E 9LI>8# Zlpf k\efi \j \c j`^l`\ek\1 8:KFI1 AFJy D8I:F K8D8PF DFEK8CMF ;<D8E;8;81 ;FCFI<J >L8D8E 9LI>8 :C8J< ;< AL@:@F1 ;@MFI:@F Ef% -,0$)'(' JI> KI8D@K<1 M<I98C JLD8I@F

bei ;ijWZei Kd_Zei Z[ 7cƒh_YW$ Feh ‘bj_ce lWb[ bW f[dW c[d# Y_edWh gk[ YkWdZe kdW f[hiedW Yedi_[dj[ [d [b h[]_ijhe Z[ cWd[hW lebkdjWh_W" i[ Z_Y[ h[dkdY_W W bW fhej[YY_ÂŒd Yedij_jkY_edWb o gk[ZW Wi‡ lWb_ZWZW bW _dj[hl[dY_ÂŒd [ijW# jWb o [b [\[Yje Z[ be _dYWkjWZe Z[ [i[ ceZe [i b[]Wb" f[he bW WY[fjW# Y_ÂŒd Z[X[ i[h lebkdjWh_W" i_d YeWY# Y_ÂŒd \‡i_YW e c[djWb feh fWhj[ Z[ bW Feb_Y‡W e Z[ bW <_iYWb‡W =[d[hWb Z[b ;ijWZe1 [ije [i [d ZeYjh_dW i[ Z_Y[ ÆDe i[ h[gk_[h[ gk[ [b j_jk# bWh Z[b Z[h[Y^e W bW _dj_c_ZWZ gk[ Wkjeh_Y[ [b h[]_ijhe [ijƒ YediY_[dj[ [nfh[iWc[dj[ gk[ j_[d[ Z[h[Y^e W

de Yedi[dj_h" [ij[ Z[X[ i[h lebkd# jWh_eÇ " f[he jWcX_ƒd i[ fh[]kdjW i_ bW Feb_Y‡W o%e [b C_d_ij[h_e F‘Xb_Ye" [d dk[ijhe YWie bW <_iYWb‡W =[d[hWb Z[b ;ijWZe" Z[X[ WZl[hj_h W [iW f[hiedW gk[ j_[d[ Z[h[Y^e Z[ de Yedi[dj_h [b h[]_ijhe" h[YehZWdZe gk[ [ijW eXb_]WY_ÂŒd" i_ ikXi_ij[ [d [b YWie Z[ Z[YbWhWY_ÂŒd" [ije [i W de Wkje_dYh_cWhi[" e i[W bW f[hiedW Z[X[ [ijWh YediY_[dj[ Z[ be gk[ [ij| h[dkdY_WdZe$ BW `kh_ifhkZ[dY_W Z[ bei ;ijWZei Kd_Zei cWd_\_[ijW ÆBW fhk[XW ieXh[ bW h[dkdY_W W Z[ i[h YbWhW" Z[ceijhWj_lW Z[ gk[ de [n_i# j_ÂŒ YeWYY_ÂŒd l[hZWZ[hW Z[ YbWi[

J[d[h Z[h[Y^e Wb Wceh de i_]d_\_YW gk[ Wb]k_[d j[ lWoW W WcWh$ 7D7 HEII;JJ?

:L8EK@81 @E;<K<ID@E8;8 F9A<KF1 ;`jfcm\i \c m`eZlcf dXki`$ dfe`Xc GIFM@;<E:@8 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# *' [\ dXiqf cXj ((?+)%$ M@JKFJ%$ CX [\dXe$ [X [\ [`mfiZ`f hl\ gi\j\ekX Afj„ DXiZf KXdXpf DfekXcmf \e ZfekiX [\ ;fcfi\j >lXdXe 9li^X i\’e\ cfj i\hl`j`kfj c\^Xc\j2 \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc kiXd`k\ Zfii\jgfe$ [`\ek\ gfi cX mˆX M\iYXc JldXi`X%$ 8k\ekX cX Xj\m\iXZ`�e aliXd\ekX[X [\c [\dXe[Xek\ i\jg\Zkf X cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`$ Z`c`f [\ cX [\dXe[X[X# Zˆk\j\ Zfe le \okiXZkf [\ cX [\dXe[X# p \jkX gifm`[\eZ`X X cX [\dXe[X[X gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[# Zfe `ek\imXcfj [\ gfi cf d\efj fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX Z`kXZ`�e%$ K„e^Xj\ \e Zl\ekX cX `ej`elXZ`�e hl\ \c XZkfi ]fidlcX i\jg\Zkf X le ZliX[fi X[$c`k\d gXiX jl _`af d\efi [\ \[X[%$ X^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX$ [fj p efk`]ˆhl\j\ Xc XZkfi \e cX ZXj`ccX )).*%$ Gfi gi\dXkliX j\ [\ZcXiX elcX cX gifm`[\eZ`X [`ZkX[X \c )+ [\ dXiqf [\c )'((%$ EFK@=@HL<J< ] % ;i% DXi`f Fik`q <jki\ccX% 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`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j \e \jkX Al[`ZXkliX% ;I% <;N@E :<M8CCFJ J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0),)&k] I% ;<C <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :`kXZ`�e Al[`Z`Xc X cX j\ŒfiX D8I@8E@K8 ;<C IFJ8I@F I8DFJ :?@:8@Q8 8Zkfi1 D8I@8EF ;@8Q Al`Z`f1 ;@MFI:@F )/($)'(($8%:% Ki}d`k\1 M<I98C JLD8I@F :lXekˆX1 @E;<K<ID@E8;8 Al\q j 1 ;I% 8ID8E;F 8:<C;F >L8CC@ J\Zi\kXi`f1 ;I% AL8E =I8E:@J:F ALJK@:@8 GIFM@;<E:@8 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j + [\ XYi`c [\c )'((# cXj ('_,0%$ 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`$ [X[ [\ Al\q FZkXmf [\ cf :`m`c [\ G`Z_`eZ_X Jlgc\ek\# d\[`Xek\ f]`Z`f Ef% ((++$;;G# [\ (( [\ Alc`f [\c )''.# p \e m`ikl[ [\c jfik\f Zfii\jgfe[`\e$ k\%$ Gi\m`Xd\ek\ X gifm\\i cf hl\ ]l\iX [\ c\p# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% -0 [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# \c XZkfi# [\ekif [\c k„id`ef [\ ki\j [ˆXj# Zfdgc\k\ cX [\dXe[X [\ XZl\i[f X cf gi\m`jkf \e \c eld\iXc / [\c 8ik% (-. @Y`[\d# Zldgc`\e[f Zfe cf [`jgl\jkf \e cfj =Xccfj [\ Ki`gc\ I\`k\iXZ`�e [\ cX :fik\ Jlgi\dX [\ Aljk`Z`X# glYc`$ ZX[X \e cX >XZ\kX Al[`Z`Xc Eif% /# J\i`\ OM@@# Zfe i\cXZ`�e Xc [\jZfef$ Z`d`\ekf [\c [fd`Z`c`f [\ cX [\dXe$ [X[X2 _\Z_f hl\ j\X# [\ekif [\c d`jdf k„id`ef# ZfdgXi\qZX X \jkX Al[`ZXkliX X i\e[`i \c aliXd\ekf gi\$ m`jkf \e \c `eZ`jf k\iZ\if [\c 8ik% /) [\c :�[`^f 8[a\k`mf :`m`c%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e gi\j\e$ kX[X%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c g\k`Z`feX$ i`f p cX ]XZlckX[ hl\ Zfe]`\i\ X jlj 8Yf^X[Xj [\]\ejfiXj%$ 8Zk’\ \c ;i%

AlXe =iXeZ`jZf Aljk`Z`X# \e ZXc`[X[ [\ J\Zi\kXi`f k`klcXi [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX XZZ`Â?e [\ g\ijfeXc Eif% -+)$;EG# [\ '0 [\ 8Yi`c [\c )''0%$ Efk`]ˆhl\j\ p ZÂ’dgcXj\%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j / [\ XYi`c [\c )'((# cXj ((_,.%$ M@JKFJ1 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\$ j\ekX[f%$ Gfi Zldgc`[f cf fi[\eX[f \e gifm`[\eZ`X `e`Z`Xc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ ;\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p \e d„i`kf Xc aliXd\ekf i\e[`[f gfi \c XZZ`f$ eXek\# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX D8I@8E@K8 ;<C IFJ8I@F I8DFJ :?@:8@Q8# X kiXm„j [\ cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf2 gXiX \c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf Zfii\jgfe[`\ek\%$ :fe cX `ej`elXZ`Â?e [\ :liX[fiX X[ c`k\d# Â?`^Xj\ X lef [\ cfj j\ÂŒfi\j =`jZXc\j [\c ;`jki`kf [\ G`Z_`eZ_X%$ Efk`]ˆhl\j\ p ZÂ’dgcXj\% = ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% :\ik`]`Zf%$ ;I% AL8E =I8E:@J:F ALJK@:@8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0),/&k] I% ;<C <% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C G8I8 <C J<zFI AFEEP A8M@<I A8I8D@CCF D8:@8J $<OKI8:KF$ AL@:@F1 ;@MFI:@F E— 0/ Æ )%'(( $ JI 8:KFI1 M@M@8E8 <C@Q89<K? G8:?<:F J8EK@CC8E ;<D8E;8;F1 AFEEP A8M@<I A8I8D@CCF D8:@8J KI8D@K<1 M<I98C JLD8I@F F9A<KF1 ;<:C8I8I ;@JL<CKF <C M@E:LCF D8KI@DFE@8C HL< C<J LE<# :FE=FID< CF ;@JGFE< <C @E:@JF J<>LE;F ;< C8 :8LJ8C ;y:@DF GI@D<I8 ;<C 8IK%$ ((' ;<C :ä;@>F :@M@C :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# DXik\j , [\ XYi`c [\ )'((# cXj (,_')%$ M@JKFJ1 Gfi Zldgc`[f Zfe \c i\hl\i`d`\ekf Xek\i`fi%$CX [\dXe$ [X gifgl\jkX gfi M`m`XeX <c`qXY\k_ GXZ_\Zf JXek`ccXe \j Zfdgc\kX# ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f M\iYXc JldXi`f%$<e Zfej\$ Zl\eZ`X# \e d„i`kf [\ cX X]`idXZ`Â?e hl\ YXaf aliXd\ekf _X i\Xc`qX[f cX 8ZkfiX# Zfe]fid\ cf [`jgfe\ \c 8ik%$/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc j\ÂŒfi Afeep AXm`\i AXiXd`ccf DXZ`Xj# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`i$ ZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p \e cX Z`l[X[ [\ >lXpXhl`c# i\jg\Z$ k`mXd\ek\# Zfe]fid\ cf [`jgfe\ \c 8ik% ((0 [\c :Â?[`^f :`m`c# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e ZX[X leX [\ \ccXj \e ]\Z_Xj [`]\i\ek\j# d\[`Xe[f fZ_f [ˆXj cXYfiXYc\j \eki\ leX p fkiX# gXiX cf ZlXc j\ \eki\^Xi} \c \okiXZkf i\jg\Zk`mf%$@eZfigÂ?i\ej\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfd$ gXÂŒX[X%$KÂ?d\j\ efkX [\ cX ZlXekˆX# \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX

8ZkfiX# gXiX jlj efk`]`ZXZ`fe\j gfj$ k\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p Xlkfi`qXZ`Â?e dXe`]\jkX[fj \e ]Xmfi [\ jl ;\]\ejfi%$EFK@=@HL<J<% = ;i% IlY„e :\mXccfj =XYXiX% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe% :\ik`]`Zf% ;i% E`cf >feqXcf 8cdXZ_`% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0)-'&k] I\gÂ’Yc`ZX [\c <ZlX[fi ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 K@KF ><ID8E 8PF D8J898E;8 <OKI8:KF AL@:@F1 ;@MFI:@F Ef% (-0'$)'('$ ;I%$ G= 8:KFI1 D8EL<C8 EF?<DP 8C:FJ<I IF98C@EF ;<D8E;8;F1 K@KF ><ID8E 8PF D8J898E;8 F9A<KF1 F9K<E<I C8 ;@JFCL:@äE ;<C MĂ E:LCF D8KI@DFE@8C# Zfe$ ]fid\ Xc J\^le[f `eZ`jf [\ cX ZXljXc ((\iX% [\c 8ik% ((' [\c :Â?[`^f :`m`c KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )( [\ dXiqf [\c )'((# cXj ((_,*%$ M@JKFJ1 Gfi Zldgc`[f Zfe \c i\hl\i`d`\ekf Xek\i`fi%$CX [\dXe[X gifgl\jkX gfi \c j\ÂŒfi D8EL<C8 EF<DP 8C:FJ<I IF98C@EF# \j Zfdgc\kX# ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f M\iYXc JldXi`f%$ <e Zfej\Zl\eZ`X# \e d„i`$ kf [\ cX X]`idXZ`Â?e hl\ YXaf aliXd\e$ kf _X i\Xc`qX[f \c 8Zkfi# Zfe]fid\ cf [`jgfe\ \c 8ik%$/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc j\ÂŒfi K@KF ><ID8E 8PF D8J898E;8# gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`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# d\[`Xe[f fZ_f [ˆXj cXYfiXYc\j \eki\ leX p fkiX# gXiX cf ZlXc j\ \eki\$ ^Xi} \c \okiXZkf i\jg\Zk`mf%$ :fe cX `ej`elXZ`Â?e i\Xc`qX[X gfi cX 8ZkfiX# gXiX \c ZXi^f [\ :liX[fi 8[$c`k\d# j\ f`i} X lef [\ cfj j\ÂŒfi\j =`jZXc\j [\ G`Z_`eZ_X# X hl`\e j\ efk`]`ZXi} \e jl ;\jgXZ_f%$ @eZfigÂ?i\ej\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfd$ gXÂŒX[X%$KÂ?d\j\ efkX [\ cX ZlXekˆX# \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi# gXiX jlj efk`]`ZXZ`fe\j gfj$ k\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p Xlkfi`qXZ`Â?e dXe`]\jkX[fj \e ]Xmfi [\ jl ;\]\ejfi%$EFK@=@HL<J<% = ;i% IlY„e :\mXccfj =XYXiX% Al\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe%$ :\ik`]`Zf%$ ;i% E`cf >feqXcf 8cdXZ_` J\Zi\kXi`f [\c Alq^X[f ;„Z`df K\iZ\if [\ cf :`m`c [\ G`Z_`eZ_X ?Xp le j\ccf 8%:%&.0)+'&gm I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 G@<;8; ;<C IF:@F >FP<J M8:8# ;< C8 ;<D8E;8 M<I98C JLD8I@8# HL< J@>L< <E JL :FEKI8 I8=8<C >L8P8J8DĂ E :FCC8>L8QF 8:KFI1 I8=8<C >L8P8J8DĂ E :FCC8>L8QF# i\gi\j\ekX[f gfi \c 8Y% Cl`j 8eˆYXc CfqX[X CÂ?g\q# \e ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc ;<D8E;8;81 G@<;8; ;<C IF:@F >FP<J M8:8 KI8D@K<1 M<I98C JLD8I@F 8JLEKF1 ;@MFI:@F AL@:@F Ef% ')0)$)'(( DJ :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C Ef% *(,) 8Y%

Ĺ? ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

ă

Wb]kdW" Z_h[YjW e _dZ_h[YjWÇ" f[he ^Wo gk[ h[YehZWh gk[ jeZe [ije ikY[Z‡W [d Z_Y^e fW‡i" [d [b YkWb bei Z[h[Y^ei Y_l_b[i o feb‡j_Yei [hWd ZedZ[ c|i i[ h[if[jWXWd" ^WijW Wdj[i Z[b '' Z[ i[fj_[cXh[ Z[ (&&'$

.2_Ŋ 1!~ Ŋ +!.-~ ĔŊ Ŋ Ŋ Ŋ Ŋ Ŋ

Cl`j CfqX[X CÂ?g\q GIFM@;<E:@8J ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j )/ [\ dXiqf [\c )'((# ('_,/%$ M@JKFJ% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ [\dXe[X# \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`$ kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f# \e Zfej\Zl\eZ`X [\ Zfe]fid`[X[ Zfe \c aliXd\ekf i\e$ [`[f p cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX G@<;8; ;<C IF:@F >FP<J M8:8# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf# p \e cX Z`l[X[ [\ El\mX CfaX# Gifm`eZ`X [\c EXgf# cl^Xi [fe[\ j\ i\Xc`qÂ? \c dXki`dfe`f2 d\[`Xe[f fZ_f [ˆXj Xc d\efj \eki\ leX p fkiX glYc`ZXZ`Â?e Zfe]fid\ cf gi\m„ \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ 8 cfj d\efi\j X[lckfj N<E;P D8>;8C<E8 p 8EK?FEP 9IP8E >L8P8J8DĂ E >FP<J# j\ c\j efk`]`ZXi} gfi leX jfcX m\q# d\[`Xek\ glYc`ZXZ`Â?e [\ gi\ejX \e le g\i`Â?[`$ Zf [\ dXpfi Z`iZlcXZ`Â?e \[`kX[f \e \jkX Z`l[X[ [\ Hl`kf p El\mX CfaX% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f% :ˆk\j\ p efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf$<ZlX[fi# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./0'*&k] ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 D8I@8 K<I<J8 :?LJ@E :LPF <OKI8:KF AL@:@F1 M<I98C JLD8I@F Æ ;@MFI:@F 8:KFI1 IF;I@>F D8EL<C K@>8J@ :8@J8>L8EF ;<D8E;8;F1 D8I@8 K<I<J8 :?LJ@E :LPF KI8D@K<1 M<I98C JLD8I@F :8LJ8 Ef% ('.-$)'(' :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# (. [\ j\gk`\d$ Yi\ [\c )'('# cXj '/_))%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\jg\Zk`mf%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`$ kfj [\ C\p2 \e Zfej\Zl\eZ`X# j\ cX X[d`k\ Xc ki}d`k\ M\iYXc JldXi`f# \e d„i`kf Xc aliXd\ekf i\e[`[f2 p# [\ XZl\i[f X cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ˆk\j\ X cX [\dXe[X[X D8I@8 K<I<J8 :?LJ@E :LPF gfi cX gi\e$ jX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`i$ ZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf%$ Gfi j\Zi\kXiˆX \eki„^l\j\ \c \okiXZkf i\jg\Zk`mf%$ Efk`]ˆhl\j\%$ ;i% Alc`f :\jXi 8dfi\j IfYXc`ef% AL<Q% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`\e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;iX% DXi`X <c\eX >l\ii\if J<:I<K8I@8 < ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./0'-&k] ALQ>8;F ;<:@DF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 C8 J<zFI8 M<IäE@:8 G8D<C8 J8E:?<Q >L<II<IF :FE C8 ;<D8E;8 ;< ;@MFI:@F AL@:@F1 ;\ [`mfiZ`f j`^eX[f Zfe \c Ef% ''('$)'(($ A:I 8:KFI1 GXYcf <jk\YXe CXii\X CleX ;<D8E;8;81 M<IäE@:8 G8D<C8 J8E:?<Q >L<II<IF =LE;8D<EKFJ ;< C8 8::@FE1 8ik% ((' Ef% (( `eZ`jf j\^le[f [\c :f[`^f :`m`c%

KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF AL;@:@8C1 -'(( :%8%G% 89% Afj„ =\ieXe[f DXikˆe\q 8% GIFM@;<E:@8 ;@:K8;8 ALQ>8;F ;<:@DF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (/ [\ ]\Yi\if [\c )''(# cXj '/_+(%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f Zfii\j$ gfe[`\ek\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ al\q k`klcXi% <e cf gi`eZ`gXc 1 cX [\dXe[X gi\j\ekX[X p hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\$ Zl\eZ`X j\ c\ XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f% <e d„i`kf [\ cX [\ZcXiXZ`�e i\e[`[X Zfe aliXd\ekf gfi \c XZkfi# j\ [`jgfe\ hl\ X cX [\dXe[X[X M\i�e`ZX GXd\cX J}eZ_\q >l\ii\if j\ cf Z`k\ gfi d\[`f [\ cX gi\ejX% K„e^Xj\ \e Zl\ekX \c el\mf ZXj`cc\if al[`Z`Xc j\ŒXcX[f gXiX jlj efk`]`ZX$ Z`fe\j% :ˆk\j\ p Efk`]ˆhl\j\% = ;I% Afj„ DXikˆe\q EXiXeaf Al\q ;„Z`df :`m`c [\ G`Z_`eZ_X% Cf hl\ cc\mf Xc ZfefZ`d`\ekf [\ cX [\dXe[X[X gXiX cfj ]`e\j [\ C\p# gi\m`e`\e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`$ Y`i jlj efk`]`ZXZ`fe\j p [\ekif [\c g\iˆd\kif [\ cX Z`l[X[ [\ Hl`kf% ;I% <;>8I =89@8E ?8IF M8C<EQL<C8 J<:I<K8I@F ;<C ALQ>8;F ;<:@DF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.//0/&k]

D<EFI<J I% ;<C <% ALQ>8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :8EKFE D<A@8 :@K8:@äE AL;@:@8C 81 D8EL<C 8IKLIF D@I8E;8 DL<C8 J\ c\ _XZ\ ZfefZ\i hl\ \e \c Alq^X[f :lXikf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X [\ G`Z_`eZ_X# X ZXi^f [\c ;i% Afj„ Cl`j 8pfiX DXkX# j\ \jk} kiXd`kXe[f cX j`^l`\ek\ [\dXe[X1 <OKI8:KF :8LJ81 JLJG<EJ@äE ;< G8KI@8 GFK<JK8; Ef% ;< AL@:@F1 //$)'(($;G 8:KFI81 D8I@8 ;<C G@C8I G8K@zF 8J@D98P8 ;<D8E;8;F1 D8EL<C 8IKLIF D@I8E;8 DL<C8 KI8D@K<1 :FEK<E:@FJF :L8EK@81 @E;<K<ID@E8;8 %%%% >8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ DXZ_XZ_`# X )( [\ dXiqf [\c )'((# cXj ((1''% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X [\ jljg\ej`Â?e [\ gXki`X gfk\jkX[# gi\j\ekX[X gfi DXiˆX [\c G`cXi GXk`ÂŒf 8j`dYXpX# i\j$ g\Zkf [\ cX d\efi [\ \[X[ GXcfdX :Xifc`eX D`iXe[X GXk`ÂŒf# \e ZfekiX [\ DXel\c 8iklif D`iXe[X Dl\cX# \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ XZ\gkX X ki}d`k\ Zfek\eZ`fjf ^\e\iXc [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% ).( [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X2 \e Zfej\Zl\eZ`X p Xk\ekf Xc aliXd\e$ kf i\e[`[f gfi cX XZkfiX# Zˆk\j\ Xc [\dXe[X[f DXel\c 8iklif D`iXe[X Dl\cX# [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e le g\i`Â?[`Zf [\ cX Z`l[X[ [\ Hl`kf# gfi ef ZfekXi Zfe \jk\ d\[`f [\ Zfdle`ZXZ`Â?e \e cX cfZXc`[X[# X hl`\e j\ c\ gi\m`\e\ [\ cX fYc`^XZ`Â?e [\ ZfdgXi\Z\i X \a\iZ\i jl [\i\Z_f X cX [\]\ejX# ZXjf ZfekiXi`f j\ gifZ\[\i} \e i\Y\c[ˆX% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f ZXj`ccX Ef% *.# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e \ogi\jX[X Xc ;i% GXki`Z`f E`\kf2 X^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX% :ˆk\j\ p efk`]ˆhl\j\%$ ] ;i% Afj„ Cl`j 8pfiX DXkX# AL<Q :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`$ e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e cX Z`l[X[ [\ DXZ_XZ_`# ZXjf ZfekiXi`f j\i} k\e`[f f [\ZcXiX[f \e i\Y\c[ˆX%

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

Ä…

Ĺ? ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

:\ik`]`Zf% ;i% NXj_`e^kfe Dfc`eX M% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.0+0(&k] :@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 :8EKFE HL@KF 8C J<zFI >F<KJ:?<C >8IQFE IF><I <;L8I;F# C< ?8>F J89<I C8 J@>L@<EK< ;<D8E;81 <OKI8:KF :8LJ81 ;<D8E;8 JLJG<EJ@äE ;< G8KI@8 GFK<JK8; )'(($'+'/ 8:KFI81 ;< 9I@KF LI@>L<E ;@8E8 >@JJ<C ; < D 8 E ;8 ; F 1 > F < KJ : ? < C >8IQFE IF><I <;L8I;F D<EFI1 8CC8E @J88: >F<KJ:?<C ;< 9I@KF :L8EK@81 @E;<K<ID@E8;8 AL<Q1 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF GIFM@;<E:@8 AL<Q1 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF GIFM@;<E:@8 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (, [\ XYi`c [\c )'((# cXj '/_(0%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c i\ jfik\f i\Xc`qX[f# \e d` ZXc`[X[ [\ Al\q K`klcXi%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\$ Z`jX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`$ k\ cX JLJG<EJ@FE [\ cX gXki`X gfk\j$ kX[ Zfe jla\Z`Â?e Xc gifZ\[`d`\ekf :fek\eZ`fjf >\e\iXc gi\jZi`kf \e \c XikˆZlcf ).( p j`^l`\ek\j [\c :Â?[`^f [\ cX E`ÂŒ\q p cX 8[fc\jZ\eZ`X# p leX m\q hl\ cX XZkfiX _X [\ZcXiX[f YXaf aliXd\ekf hl\ [\jZfefZ\ cX i\j`[\e$ Z`X p \c [fd`Z`c`f [\c j\ÂŒfi IF><I <;L8I;F >F<KJ:?<C >8IQFE# Zˆk\j\ \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e X e`m\c eXZ`feXc# ki\j# * glYc`ZXZ`fe\j \e ]\Z_Xj [`j$ k`ekXj# [\ Zfe]fid`[X[ Zfe cf \jkX$ Yc\Z`[f \e \c XikˆZlcf /)# [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gi\m`e`„e$ [fc\ hl\ [\ ef ZfdgXi\Z\i [\ekif [\ m\`ek\ [ˆXj ZfekX[fj [\j[\ \c [ˆX j`^l`\ek\ [\ cX Â’ck`dX glYc`ZXZ`Â?e# j\ jljkXeZ`Xi} \c ki}d`k\ \e i\Y\c[ˆX% $ @ek\im\e^X cX F]`Z`eX K„Ze`ZX [\ \jk\ Alq^X[f p cX ;@E8G<E gXiX cf ZlXc j\ i\d`k`i} \c Zfii\jgfe[`\ek\ f]`Z`f X jl ;`i\Zkfi# hl`\e\j \d`k`i}e jl `e]fid\ \e \c k„id`ef [\ c\p%$K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒX$ cX[f gfi cX XZkfiX p X^i„^l\j\ cX [fZld\ekXZ`Â?e gi\j\ekX[X%$:Ă K<J< P EFK@=Ă HL<J<%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p% Hl`kf# ), [\ 8Yi`c [\c )'((% ;I% ;@<>F 8E><C D8I:<CF :8D8:?F :?8M<Q J<:I<K8I@F ;<C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&.0)+)&k] I ;<C < :@K8:@FE AL;@:@8C J<:I<K8I@8 ;<C ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 :8EKFE HL@KF 8C J<zFI :8ICFJ ?LD9<IKF 8I<M8CF D<CF P 8C GL9C@:F <E ><E<I8C C<J ?8>F J89<I C8 J@>L@<EK< ;<D8E;8 <OKI8:KF 8:KF I8 < : ? < M < I I @ 8 :8DGFM<I;< >I@:<C;8 <D@C@8 ;<D8E;8;F :8ICFJ ?LD9<IKF 8I<M8CF D<CF D<EFI<J1 ;8E@<C J8EK@8>F 8I<M8CF <:?<M<II@8 :8LJ81 )*+($)''0>D KI8D@K< : F E K < E : @ F J F ><E<I8C :L8EK@8 +%/'' ;FC8I<J AL<Q J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 HL@KF GIFM@;<E:@81 ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF%$Hl`kf# dXik\j )0 [\ dXiqf [\ )'((# cXj (,_*(%$ 1 M@JKFJ1 Gfi _XY\i [X[f Zldgc`d`\ekf X cf fi[\$ eX[f \e gifm`[\eZ`X `ed\[`XkX Xek\$ i`fi# p gfi _XY\i [\ZcXiX[f cX j\ÂŒfiX >I@:<C;8 <D@C@8 <:?<M<II@8 :8DGFM<I;< YXaf aliXd\ekf jfYi\ \c [\jZfefZ`d`\ekf [\ cX XZklXc i\j`[\eZ`X f [fd`Z`c`f [\ gX[i\ [\C d\efi ;8E@<C J8EK@8>F 8I<M8CF <:?<M<II@8 j\ [`jgfe\ :@K8I Xc [\dXe[X[f :8ICFJ ?LD9<IKF 8I<M8CF D<CF gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e \jkX Gifm`eZ`X# gXiX cf ZlXc i\d‰kXj\ le \okiXZkf [\ cX [\dXe[X p \c Zfek\e`[f [\ \jkX gifm`[\eZ`X% J` ZfekX[fj m\`ek\ [ˆXj [\jgl„j [\ cX Â’ck`dX glYc`ZXZ`Â?e# \c [\dXe[X[f ef _X Zfek\jkX[f cX [\dXe[X e` _X j\ÂŒXcXe[f [fd`Z`c`f al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j# j\

[\ZcXiXi} jl i\Y\c[ˆX p \jk\ Alq^X[f XZklXi} Zfe]fid\ X cX C\p% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX$ [f gfi \c XZkfi p X^i„^l\j\ cX [fZl$ d\ekXZ`�e X[alekX%$%EFK@=@HL<J<%% ] ;i G\[if 8i`Xj :fife\c# Al\q 8[alekf Cf \ed\e[X[f >I@J<C;8 MXc\% Cf hl\ :@KF gXiX cfj ]`e\j [\ C\p% ;iX 8cYX GXcX^lXZ_` CXjjf J<:I<K8I@8 8;ALEK8 ?Xp ]`idX p j\ccf 8:&./0/)&k]

<A<:LK@MFJ I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8c Jij% E<CJFE =89I@:@F 9<E8M@;<J P<G<Q p FK@C;< 8I8:<C@ J8C8Q8I G8;@CC8 <OKI8:KF AL@:@F% <A<:LK@MF @eZldgc`d`\ekf [\ :fekiXkf 8:KFI8% >C<E;8 ?@G8K@8 CL:<IF 8CM8I<Q$GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ><E<I8C ILD@z8?L@ J%8% ;<D8E;8;FJ1 E<CJFE =89I@:@F 9<E8M@;<J P<G<Q p FK@C;< 8I8:<C@ J8C8Q8I G8;@CC8 KIĂ?D@K< <A<:LK@MF :8LJ8 Ef% (+,/$)'('$GM :L8EKĂ 8% KI<:< D@C ;äC8I<J GIFM@;<E:@8% ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j )0 [\ Efm`\dYi\ [\c )'('# cXj ('?,) M@JKFJ% LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf Zfe cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi j\ [`jgfe\1 <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p \e Zfej\Zl\eZ`X cfj [\dXe[X[fj E<CJFE =89I@:@F 9<E8M@;<J P<G<Q p FK@C;< 8I8:<C@ J8C8Q8I G8;@CC8 # [\e$ kif [\c k„id`ef [\ ki\j [ˆXj ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X# d}j cfj `ek\i\j\j i\jg\Zk`mfj f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\gZ`f$ e\j YXaf gi\m\eZ`fe\j [\ C\p# Zfe$ ]fid\ cf [`jgfe\ \c gi`d\i `eZ`jf [\c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% <e m`ikl[ [\c aliXd\ekf i\e[`$ [f Zfe]fid\ [\k\id`eX \c 8ik% /) `eZ`jf k\iZ\if [\c :Â?[`^f 8[a\k`mf :`m`c j\ [`jgfe\ Z`kXi X cfj j\ÂŒfi\j E<CJFE =89I@:@F 9<E8M@;<J P<G<Q p FK@C;< 8I8:<C@ J8C8Q8I G8;@CC8 gfi d\[`f [\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`$ Z`Xc j\ÂŒXcX[X%% ;\j^cÂ?j\j\ cX [fZl$ d\ekXZ`Â?e i\hl\i`[X X cX g\ijfeX Xlkfi`qX[X% :fe]`„iXj\ gfi d\[`f [\ j\Zi\kXiˆX \c i\]\i`[f \okiXZkf% EFK@=@HL<J<%$ = ;I% ALC@F :<J8I 8DFI<J%$ AL<Q% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% AFI>< G8C8:@FJ ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8I&/)/(0&ZZ

I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 >C<E;8 :<:@C@8 :8II@CCF FIK@Q 8:KFI1 ;I% G89CF 8E;I<J G8C8:@FJ I@F=I@F <E :8C@;8; ;< 8GF;<I8;F <JG<:@8C P GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< CFA8% ;<D8E;8;F1 >C<E;8 :<:@C@8 :8II@CCF FIK@Q AL@:@F1 <A<:LK@MF Ef (-(($)'(' DIM KI8D@K<1 <A<:LK@MF F9A<KF1 :F9IF ;< M8CFI<J 8;<L;8;FJ :L8EK@81 @E;<K<ID@E8;8

Ĺ?

=<:?8 ;< @E@:@F ;<C AL@:@F1 (/ ;< =<9I<IF ;<C )'((% GIFM@;<E:@8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j (/ [\ ]\Yi\if [\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%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ <a\Zlk`mf%$ <e Zfej\Zl\eZ`X [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# cX \a\ZlkX[X >C<E;8 :<:@C@8 :8II@CCF FIK@Q \e \c k„id`ef [\ ki\j [ˆXj gX^l\ \c mXcfi X[\l[X[f f gifgfe^X \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\X Xj`jk`[X%$ <e m`ikl[ [\c aliX$ d\ekf i\e[`[f gfi cX gXik\ XZkfiX# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\$ j\ X cX [\dXe[X[X d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒX$ cX[f gfi \c XZkfi p X^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e X[ale$ kX% EFK@=@HL<J<%$ = ;i% :Xicfj =\ie}e[\q ?`[ifmf%$ AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`$ ]`ZXZ`fe\j%$ Hl`kf# '+ [\ dXiqf [\ )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0+-. I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF$ :@K8:@äE AL;@:@8C G8I81 :8ID<C@E8 8D<C@8 =<IEĂ?E;<Q :8A@C<D8 AL@:@F1 <A<:LK@MF Ef% ('00$)''' :%@% 8:KFI1 @M8E J8CM8;FI @E=8EK<# D<;@8EK< :<J@FE ;< ;<I<:?FJ C@K@>@FJFJ FKFI>8;FJ GFI D@>L<C J8CM8;FI I8DFE8:?F ;<D8E;8;81 :8ID<C@E8 8D<C@8 =<IEĂ?E;<Q :8A@C<D8 F9A<KF1 :fYif [\ )/ c\kiXj [\ ZXd$ Y`f gfi [`]\i\ek\j mXcfi\j% KI8D@K<1 <A<:LK@MF :L8EK@81 ++%0,'%'''#ff \hl`mX$ c\ek\j X (%.0/ [Â?cXi\j Xd\i`ZXefj 8Yf^X[f gXkifZ`eX[fi1 ;i% Afi^\ M`ccXZˆj Jfcˆj ZXj`cc\if al[`Z`Xc Ef% (-0* GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$Hl`kf # efm`\dYi\ )/ [\c )%'''% CXj (,?''%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`$ j`kfj [\ C\p# gfi cf [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX XZ\gkX X ki}d`k\ gifgl\jkf%$ <e Zfej\Zl\eZ`X# cX [\dXe[X[X# :Xid\c`eX 8d\c`X =\ie}e[\q :Xa`c\dX gX^l\ cf X[\l$ [X[f f gifgfe^X \oZ\gZ`fe\j [\ekif [\c k„id`ef c\^Xc [\ ki\j [ˆXj# X^i„$ ^l\ej\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ <e d„i`kf [\ cX [fZld\e$ kXZ`Â?e X[alekX# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% +** p +,, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX \c \dYXi^f [\c `edl\Yc\ [\ gifg`\[X[ [\ cX [\dXe[X[X# p hl\ j\ \eZl\ekiX Zfejk`kl`[X \e Gi`d\iX ?`gfk\ZX 8Y`\ikX \e ]Xmfi [\c 8Zi\\[fi# d`jdf k`\e\ cXj j`^l`\e$ k\j ZXiXZk\iˆjk`ZXj1 J`^eX[f Zfe \c eÂ’d\if *# [\jd\dYiX[f [\ lef \e lef [\ dXpfi \ok\ej`Â?e# lY`ZX[f \e cX gXiifhl`X <cfp 8c]Xif# :XekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# gXiX \c \]\Zkf# Efk`]ˆhl\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e Hl`kf# X ]`e [\ hl\ kfd\ efkX [\c \dYXi^f [`jgl\jkf%$ :ˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p gi\$ j\ek\ gifm`[\eZ`X \e \c cl^Xi j\ÂŒX$ cX[f# kÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c ZfdgXi\Z`\ek\ gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :ˆk\j\ p Efk`]ˆhl\j\ %$ = ;i% =\c`g\ >iXe[X 8^l`cXi%$Al\q%$ J`^l\ cX efk`]`ZXZ`Â?e % 8DGC@8:@äE GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$HL@KF# *' [\ dXiqf [\c )'('% CXj (,_,*%$ <e d„i`$ kf [\c aliXd\ekf i\e[`[f gfi \c 8Zkfi @mXe JXcmX[fi @e]Xek\# Zfe hl`\e j\ ZfekXi} Zfdf 8Zkfi gfi Z\j`Â?e

J[d[cei gk[ h[Y^WpWh jeZe be gk[ dei b_c_j[$ H?9>7H: 879>

[\ [\i\Z_fj c`k`^`fjfj fkfi^X[fj gfi D`^l\c JXcmX[fi IXdfeXZ_f# jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c [fd`Z`c`f f gXiX[\if [\ cX j\Œf$ iX :Xid\c`eX 8d\c`X =\ie}e[\q :Xa`c\dX# Zˆk\j\cf gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ Z`iZlcXZ`�e eXZ`feXc# Zfe]fid\ cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ˆk\j\ p Efk`]ˆhl\j\%$ Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^X$ Z`�e hl\ k`\e\ hl\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`f$ e\j%$:\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.0+0'&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C G8I8 ;<D8E;8;FJ J<z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l`kf# al\m\j (* [\ \e\if [\c )'((# cXj (-_+*% M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f \e cX i\jg\Zk`mX f]`Z`eX [\ Jfik\fj p \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ F]`Z`f Eif% '()$;;G$A8I# [\ )+ [\ <e\if [\c )'',%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\e$ k\ j\ c\ X[d`k\ X ki}d`k\ <a\Zlk`mf gifgl\jkf%$ <e Zfej\Zl\eZ`X cfj [\dXe[X[fj A8@IF AFJ< FJJ8 ?8CCF P =I8E:P 8C<O8E;I8 D8IK@E<Q KFII<J# \e ZXc`[X[ [\ [\l[fi\j gi`eZ`gXc\j p AL8E D8EL<C FJJ8 ?8CCF P JLJ8E8 9<8KI@Q :8JK@CCF GFE:<# \e ZXc`[X[ [\ ^XiXek\j jfc`[Xi`fj# gX^l\e cf X[\l[X[f f gifgfe^Xe \oZ\gZ`fe\j [\ekif [\c k„id`ef [\ ki\j [ˆXj%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi gXik\ [\c 8Zkfi GXYcf 8e[i„j GXcXZ`fj I`f]iˆf# \e jl ZXc`$ [X[ `emfZX[X jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cfj [\dXe[X[fj AX`if Afj„ FjjX ?Xccf# =iXeZp 8c\oXe[iX DXikˆe\q Kfii\j# AlXe DXel\c FjjX ?Xccf p JljXeX 9\Xki`q :Xjk`ccf GfeZ\# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p „jk\ Xlkf hl\ Xek\Z\[\ X cfj [\dXe[X[fj A8@IF AFJ< FJJ8 ?8CCF P =I8E:P 8C<O8E;I8 D8IK@E<Q KFII<J# \e ZXc`[X[ [\ [\l[fi\j gi`eZ`gXc\j p AL8E D8EL<C FJJ8 ?8CCF P JLJ8E8 9<8KI@Q :8JK@CCF GFE:<# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf [\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf \e \c 8ik% /) [\c :�[`^f [\

AVISO

GifZ\[`d`\ekf :`m`c%$ 8^i„^l\ej\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX%$ Ef j\ fi[\eX cX d\[`[X ZXlk\cXi jfc`Z`kX[X gfi ZlXekf ZfejkX [\c Z\i$ k`]`ZX[f [\ ^iXm}d\e\j fkfi^X[f gfi \c j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf hl\ \c `edl\Yc\ [\ gifg`\[X[ [\ cfj ;\dXe[X[fj AlXe DXel\c FjjX ?Xccf p JljXeX 9\Xki`q :Xjk`ccf GfeZ\ j\ \eZl\ekiX Zfejk`kl`[f \e GXki`dfe`f =Xd`c`Xi%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% 00) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# [\j^cÂ?j\j\ cX [fZld\ekXZ`Â?e X[alekX X cX [\dXe$ [X [\aXe[f ]fkfZfg`X Z\ik`]`ZX[X p gi\m`f i\Z`Yf \e Xlkfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi \e jl ZXc`[X[ `emfZX[X gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j%$ Efk`]ˆhl\j\ p :ˆk\j\%$ ] ;i% I\peXc[f =cfi 8cmXiX[f Al\q% j`^l\ cX efk`]`ZXZ`Â?e Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p%$ Gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j%$ :\ik`]`Zf%$ AlXeX :\mXccfj >% J\Zi\kXi`X ?Xp le j\ccf 8%:%&.0+-/ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 CFJ J<zFI<J J<>LE;F =<C@O M@I8:F:?8 M@I8:L:?8 P IF:@F ;< CFJ 8E><C<J DF>IF =<IE8E;<Q# ;<C AL@:@F <A<:LK@MF GIFGL<JKF <E JL :FEKI8 GFI <C J<zFI ;@<>F 8E;I<J GL>8 D8@>L8% 8:KFI1 ;@<>F 8E;I<J GL>8 D8@>L8% ;<D8E;8;FJ1 J<>LE;F =<C@O M@I8:F:?8 M@I8:L:?8 P IF:@F ;< CFJ 8E><C<J DF>IF =<IE8E;<Q AL@:@F1 Ef% '',( )'(($DD KI8D@K<1 <A<:LK@MF :L8EKĂ 8 1 +%,''#'' GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j . [\ ]\Yi\if [\c )'((# cXj (._('% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ C\p# gfi cf hl\ j\ cf XZ\gkX X ki}d`k\ \a\Zlk`mf%$ <e Zfej\Zl\e$ Z`X cfj [\dXe[X[fj IF:@F ;< CFJ 8E><C<J DF>IF =<IEĂ?E;<Q p J<>LE;F =<C@O M@I8:F:?8 M@I8:L:?8# ZldgcXe Zfe jl fYc`$ ^XZ`Â?e f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj%$ <e m`ikl[ [\c aliXd\ekf i\e[`[f gfi \c XZkfi p

REINA VICTORIA Y COLĂ“N EDIFICIO BANCO GUAYAQUIL PISO 13 OFIC 1302ÂŞ

I% ;<C <% : @ K8: @ ä E AL;@:@8C 8 C ;<D8E;8;F1 :<J8I 8C=FEJF J8C8Q8I KF8CFD9F# <CJ8 :8ID<E 8CM8I<Q ELz<Q# 8E><C FJN8C;F 8D8>8E;@ IFD<IF P ILK? P8JD@E @IL8 :L8JGL; 8:KFI1 C:;8% A@D<E8 GL>8# ><I<EK< ;< C8 :FFG<I8K@M8 J8E AL8E ;< :FKF>:?F8 :L8EK@8 +%,'' [Â?cXi\j KI8D@K<1 AL@:@F <A<:LK@MF AL@:@F Ef% )/)$)''0$:%@% ALQ>8;F ;y:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X (* [\ 8Yi`c [\c )''0%$ 8 cXj ((?*'%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Zk`mf \e al`Z`f <a\Zlk`mf# \e Zfej\Zl\eZ`X j\ [`jgfe\ hl\ cfj [\dXe[X[fj j\ÂŒfi\j1 :<J8I 8C=FEJF J8C8Q8I KF8C8D9F p <CJ8 :8ID<E 8CM8I<Q ELz<Q# \e ZXc`[X[ [\ [\l[fi\j gi`eZ`gXc\j2 p# 8E><C FJN8C;F 8D8E>8E;@ IFD<IF# ILK? P8JD@E @IL8 :L8JGL;# M@:KFI C<FE@;8J >L8PG8:?8 C8QF p D8I@8 K8D8D@ :8@Q8# Zfdf ^XiXek\j jfc`[Xi`fj# \e \c k„i$ d`ef [\ ki\j [ˆXj ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X Â? gifgfe^Xe \oZ\gZ`fe\j \e `^lXc k„id`ef%$ <e d„i`kf X cX [fZld\ekXZ`Â?e gi\j\e$ kX[X p 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 cfk\ [\ k\ii\ef j`^eX[f Zfe \c eÂ’d\if KI<J D@C HL@E@<EKFJ KI<@EK8 P LEF# [\ cX qfeX el\m\# j\Zkfi ZXii\kXj# [\ cX :ffg\iXk`mX [\ M`m`\e[X [\c Gl\Ycf eÂ’d\if Lef# j`klX[f \e cX gXiifhl`X [\

CONVOCATORIA A JUNTA GENERAL UNIVERSAL ORDINARIA DE SOCIOS DE XPRESSEG CIA LTDA. AGENCIA ASESORA PRODUCTORA DE SEGUROS Se convoca a los seùores socios de XPRESSEG Cía. Ltda. Agencia Asesora Productora de Seguros, a la Junta General Universal Ordinaria que se realizarå el día 08 de Abril del 2010, a las 15:00 horas en el domicilio de la compaùía, Calle A N31-162 y Mariana de Jesús, para tratar y resolver el siguiente orden del día: 1)

SE NOTIFICA A LOS ACREEDORES DE LA SUCURSAL DE LA COMPAÑ�A EXTRANJERA, EMPRESA DE SERVICIOS DE GENERACIÓN DE ENERG�A Y MONTAJES ESGEM WORLDWIDE CORPORATION, EN LIQUIDACIÓN, PARA QUE EN EL TÉRMINO DE 20 D�AS CONTADOS DESDE LA ÚLTIMA PUBLICACIÓN DE ESTE AVISO, PRESENTEN LOS DOCUMENTOS QUE ACREDITEN SU DERECHO EN LA SIGUIENTE DIRECCIÓN:

[\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ X cfj [\dXe[X[fj IfZˆf [\ cfj Ă?e^\c\j Df^if =\ie}e[\q p J\^le[f =„c`o M`iXZfZ_X M`iXZlZ_X# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qXi}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ <e d\i`kf Xc [fZld\ekf hl\ j\ XZfdgXÂŒX p [\ Zfe]fid`[X[ X cf gi\m`jkf \e \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX cX gif_`Y`Z`Â?e [\ \eXa\eXi [\c cfk\ [\ k\ii\ef j`^eX[f Zfe \c eÂ’d\if Ki\jZ`\ekfj FZ_\ekX p Lef >l`Â?e 8# j`klX[f \e cX dXeqXeX ki\`ekX p ZlXkif# qfeX iliXc [\ cX GXiifhl`X :lkl^cX^lX# :XekÂ?e D\aˆX%$ GXiX \c \]\Zkf# efk`]ˆhl\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \j\ :XekÂ?e# d\[`Xek\ [\gi\ZXkfi`f Xc j\ÂŒfi Al\q [\ cf :`m`c [\ G`Z_`eZ_X Zfe i\j`[\eZ`X \e cX Z`l[X[ [\ DXZ_XZ_`%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc j\ÂŒXcX[f%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\e$ kXZ`Â?e XZfdgXÂŒX[X%$ Efk`]ˆhl\j\% $ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0++(&k]

Conocer las cuentas, el balance y el informe del Gerente General sobre el ejercicio econĂłmico del aĂąo 2010.

EGDAR CAMACHO VILLACRES GERENTE GENERAL

:fkfZfccXf# [\c ZXekÂ?e Hl`kf# gif$ m`eZ`X [\ G`Z_`eZ_X# [\ gifg`\[X[ [\ cfj ZÂ?epl^\j MˆZkfi C\fe`[Xj >lXpgXZ_X CXqf p DXiˆX KXdXd` :X`qX# p d}j \jg\Z`]`ZXZ`fe\j Zfej$ kXek\j [\c :\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf hl\ j\ XZfdgXÂŒX%$ GXiX \c \]\Zkf efk`]ˆhl\j\ Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# _XZ`\e$ [f ZfejkXi kXc gXik`ZlcXi# d\[`Xek\ ;\gi\ZXkfi`f X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cf :`m`c Zfe Xj`\ekf \e cX Z`l[X[ [\ Hl`kf%$ :ˆk\j\ X cfj [\dXe$ [X[fj j\ÂŒfi\j :\jXi 8c]fejf JXcXqXi KfXcXdYf# <cjX :Xid\e Ă?cmXi\q EÂ’ÂŒ\q# 8e^\c FjnXc[f 8dXe^Xe[` Ifd\if# Ilk_ PXjd`e @ilX :lXjgl[# MˆZkfi C\fe`[Xj >lXpgXZ_X CXqf p DXiˆX KXdXd` :X`qX# \e \c cl^Xi hl\ j\ `e[`ZX \e cX gi\j\ek\ XZZ`Â?e# d\[`Xek\ ;\gi\ZXkfi`f X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cf :`m`c Zfe Xj`\ekf \e cX Z`l[X[ [\ Hl`kf%$ 8^i„^l\j\ cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f Eif% '*, g\ik\e\Z`\ek\ Xc ;fZkfi GXZf IXd`if JlekXo`%$ EFK@=Ă HLJ<%$ ALQ>8;F ;y:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X ') [\ =\Yi\if [\c )'((# X cXj '/?''%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi cX XZkfiX C`Z\eZ`X[X A`d\eX [\c IfZˆf Gl^X# :Xe^X^lXd`e >\i\ek\ [\ cX :ffg\iXk`mX JXe AlXe [\ :fkf^Z_fX% :ˆk\j\ X cfj [\dXe[X$ [fj :„jXi 8c]fejf JXcXqXi KfXcfdYf# <cjX :Xid\e 8cmXi\q EÂ’ÂŒ\q# 8e^\c FjnXc[f 8dX^Xe[` Ifd\if p Ilk_ PXjdˆe @ilX :lXjgl[# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e Zfe]fid\ [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ EFK@=Ă 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`„e[fc\ [\ cX fYc`$ ^XZ`Â?e [\ j\ÂŒXcXi 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 le j\ccf 8:&.0+.(&ZZ

FI;@E8I@FJ ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 ALC@F 8C9<IKF M@CC8>FD<Q2 p ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< :<:@C@F =<IE�E;<Q DLCCF# G<KIFE8 K@KF E8O@KFC@# AFJ< I8=8<C# AL8E =<IE�E;<Q K@KF2 P# [\ ALC@F :<J8I =<IE�E;<Q :?@>L8EF j\ c\j _XZ\

ZfefZ\i \c <OKI8:KF# [\ [\dXe[X FI;@E8I@8 p C8J GIFM@;<E:@8J HL< 8 :FEK@EL8:@FE J@>L<E1 <OKI8:KF1 8:KFI1 D8I@8 AFJ<=@E8 8@EF:8 <J:F98I ; < D 8 E ;8 ; F J 1 D8I@8 IL=@E8 98I8?FE8 K@KF2 J<>LE;F :<:@C@F# D8I@8 E8K@M@;8;# D8I@8 AFJ<=@E8# :8ID<E p D8I@8 D8>;8C<E8 =<IE8E;<Q K@KF2 IFJ8 G@<;8;# D8IK?8# J<>LE;F >8CF# 8C@:@8 p CL@J 8EKFE@F =<IE8E;<Q :?@>L8EF2 J<>LE;F AFJ< KF:K< HL@E8KF8# =8EEP >I8:@<C8 :8JKIF1 D8I@8 IFJ8I@F K@KF# ALC@F 8C9<IKF M@CC8>FD<Q2 p ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< :<:@C@F =<IEĂ?E;<Q DLCCF# G<KIFE8 K@KF E8O@KFC@# AFJ< I8=8<C# AL8E =<IEĂ?E;<Q K@KF2 P# [\ ALC@F :<J8I =<IEĂ?E;<Q :?@>L8EF$ 8JLEKF1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ c\ [\ZcXi\ X jl ]Xmfi cX Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f# jfYi\ \c cfk\ [\ k\ii\ef lY`ZX[f \e cX 8m% DXc[feX[f p ZXcc\ j`e efdYi\# YXii`f G\icX [\ >lXdXeˆ# gXiifhl`X >lXdXeˆ Xek\j :_`ccf^Xccf# ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# Z`i$ ZlejZi`kf [\ekif [\ cfj j`^l`\ek\j @`e[\ifj2 Efik\1 :Xcc\ j`e efdYi\ \e (+#-- dkj%2 Jli1 gifg`\[X[ [\ DXiˆX EXk`m`[X[ =\ie}e[\q# \e (,#/, dkj2 <jk\1 8m% DXc[feX[f# \e (/#*' dkj% p F\jk\1 gifg`\[X[ [\ =Xljkf >l\ii\if \ (/#(,dkj%%$:fe le }i\X kfkXc [\ )0+#/0 dkj% :lX[iX[fj# jfYi\ \c hl\ j\ _X Zfejkil`[f leX ZXjX [\ [fj g`jfj% :l\ekX Zfe cfj j\im`Z`fj Y}j`Zfj [\ clq# X^lX# XcZXekXi`ccX$ [f# k\c„]fef% KI8D@K<1 Fi[`eXi`f%$ :L8EK@8%$ @e[\k\id`eX[X%$ =<:?8 ;< @E@:@8:@FE1 '( [\ [`Z`\dYi\ [\c )'('%$ ;<=<EJFI% ;i% NXj_`e^kfe M\cfq :XdXZ_f %$ AL@:@F FI;@E8I@F Ef% (-*+$)'(' A%K%9%I% GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ). [\ [`Z`\dYi\ [\c )'('# cXj (,_'+% M@JKFJ1 CX Zfdg\k\eZ`X [\ \jkX ZXljX# j\ _X iX[`ZX[f \e \jkX Al[`ZXkliX d\[`Xek\ \c jfik\f i\j$ g\Zk`mf# gfi cf kXekf# XmfZf ZfefZ`$ d`\ekf [\ cX d`jdX%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\$ Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X# [„j\ \c ki}d`k\ Fi[`eXi`f% :ˆk\j\ X cfj [\dXe[X$ [fj1 D8I@8 IL=@E8 98I8?FE8 K@KF2 J<>LE;F :<C@F# D8I@8 E8K@M@;8;# D8I@8 AFJ<=@E8# :8ID<E p D8I@8 D8>;8C<E8 =<IE8E;<Q K@KF2 IFJ8 G@<;8;# D8IK?8# J<>LE;F >8CF# 8C@:@8 p CL@J 8EKFE@F =<IE8E;<Q

COMPAĂ‘Ă?A DE TRANSPORTES ECUATORIANA TRANSHEROICA S.A. Con el alto Sentimiento de Estima y Respeto que Profeso a todos ustedes, por la facultad que me otorga conforme a lo dispuesto por el artĂ­culo 235 de la Ley de Compaùías, acorde con el 22 del estatuto social, me permito CONVOCAR a los accionistas de la Compaùía de Transportes Ecuatoriana Transheroica S.A. a JUNTA GENERAL EXTRAORDINARIA, para conocer y resolver sobre: 1. Informe del Gerente General 2. Conocimiento y ResoluciĂłn al Ăşltimo informe de la Superintendencia de Compaùías por la Denuncia realizada por los seĂąores: Arias Norma Bucheli MarĂ­a Caiza Marco CalderĂłn Marco Carvajal Segundo Castro Hugo GarcĂ­a Jonny EspĂ­n BolĂ­var LisintuĂąa RaĂşl LĂłpez Cristian Olalla Segundo Mancero Mirian Segura Segundo Vaca Milton Velasco Edwin Por el respeto a nuestros semejantes la reuniĂłn se efectuarĂĄ a la hora indicada en la Avenida La Ecuatoriana N° Oe8-179 y Luis RiofrĂ­o, sector la Ecuatoriana de Quito el DĂ­a Viernes 20 de Mayo a partir de las 09h00 a.m. Se ruega puntual asistencia. Se convoca de manera especial y particular al Sr. Marcelo Palacios y Sr. Ă ngel YĂĄnez, Comisarios Principal y Suplente de la Compaùía de Transportes Ecuatoriana Transheroica S.A. Sr. Carlos PĂĄez Pozo GERENTE GENERAL

JAIME BENĂ?TEZ QUINTERO LIQUIDADOR AR/14908/cc

AR/82833/cc

AC/79487/tf

:?@>L8EF2 J<>LE;F AFJ< KF:K< HL@E8KF8# =8EEP >I8:@<C8 :8JKIF2 p D8I@8 IFJ8I@F K@KF# \e cfj cl^Xi\j `e[`ZX[fj gXiX \c \]\Z$ kf# d\[`Xek\ cX F]`Z`eX [\ :`kXZ`fe\j i\jg\Zk`mX2 p# Xk\ekf \c aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`$ [X[ X cf gi\m`jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X1 ALC@F 8C9<IKF M@CC8>FD<Q# _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ :<:@C@F =<IE8E;<Q DLCCF# G<KIFE8 K@KF E8O@KFC@ # AFJ< I8=8<C# AL8E =<IE8E;<Q K@KF2 p# [\ ALC@F :<J8I =<IE8E;<Q :?@>L8EF# Zfe cX Zfg`X [\ cX [\dXe[X p [\ \jkX gifm`[\eZ`X# X ]`e [\ hl\ cX Zfek\jk\e \e \c k„id`ef [\ hl`eZ\ [ˆXj# gifgfe`\e[f kf[Xj cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekf$ i`Xj X hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf gi\m\eZ`fe\j \e i\Y\c[ˆX% :l„ek\j\ Zfe \c @% Dle`Z`g`f [\ Hl`kf%$ ;\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf gfi \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[# Xek\j [\ hl\ j\Xe Z`kX[fj cfj [\dXe[X[fj%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\e$ kXZ`�e XZfdgXŒX[X% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ŒXcX$ [f% 8Zk’\ \c J\Zi\kXi`f \eZXi^X[f% Efk`]ˆhl\j\% = ;i% GXki`Z`f MXZX Hl`aXef% Al\q% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (. [\ \e\if [\c )'((# cXj ()_'(%$8k\ekX cX g\k`Z`�e hl\ Xek\Z\[\# j\ XZcXiX \c Xlkf [\ ]\Z_X ). [\ [`Z`\dYi\ [\c )'('# [`ZkX[f X cXj (,_'+# \e \c j\ek`[f [\ hl\ lef [\ cfj [\dXe$ [X[fj# i\jgfe[\ X cfj efdYi\j [\1 J<>LE;F :<:@C@F =<IE8E;<Q K@KF# p ef Zfdf \ii�e\Xd\ek\ j\ _X _\Z_f ZfejkXi Zfdf :\c`f% <e cf [\d}j# cXj gXik\j \jkXi}e X cf [`j$ gl\jkf \e [`Z_f Xlkf% Efk`]ˆhl\j\% = ;i% GXki`Z`f MXZX Hl`aXef% Al\q% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j# )+ [\ dXiqf [\c )'((# cXj (,_,'%$8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q \eZXi^X[f [\ \jkX Al[`ZXkliX# \e m`ikl[ [\ cX 8ZZ`�e [\ G\ijfeXc Ef% -'+$;G$ ;GG [\ )) [\ dXiqf [\c )'((%$ <e cf gi`eZ`gXc# Xk\ekX cX g\k`Z`�e ]fi$ dlcX[X# \c aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fid`[X[ X cf gi\$ m`jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X1 ALC@F 8C9<IKF M@CC8>FD<Q# _\i\[\$ ifj gi\jlekfj p [\jZfefZ`[fj [\ :<:@C@F =<IE8E;<Q DLCCF# G<KIFE8 K@KF E8O@KFC@ # AFJ< I8=8<C# AL8E =<IE8E;<Q K@KF2 p# [\ ALC@F :<J8I =<IE8E;<Q :?@>L8EF# gfi cX gi\ejX# \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZl$ cXZ`�e p hl\ j\ \[`kXe \e \jkX Z`l$ [X[ [\ Hl`kf# Zfe \c \okiXZkf [\ cX

[\dXe[X p \jkX gifm`[\eZ`X # X ]`e [\ hl\ cX Zfek\jk\e \e \c k„id`ef [\ hl`eZ\ [ˆXj# gifgfe`\e[f kf[Xj cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekfi`Xj X hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf gi\m\eZ`fe\j \e i\Y\c[ˆX% 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf% Efk`]ˆhl\j\% = ;i% N`cd\i 8dYifjj` IfYc\j# Al\q \eZXi^X[f% Cf hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\e [\ j\ŒX$ cXi [fd`Z`c`f al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% 8Y% A\eep 9\cki}e I`m\iX% J<:I<K8I@8 < ?Xp ]`idX p j\ccf 8:&.0+).&k]

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

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

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘IA CEREANOLA CIA. LTDA. La compaùía CEREANOLA CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito, el 28 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías mediante ResoluciĂłn SC.IJ.DJC.Q.11.001960 de 06 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, Provincia de PICHINCHA 2.- CAPITAL: Suscrito US$ 5.000,00 NĂşmero de Participaciones 5.000 Valor US$1,00. 3.- OBJETO.- El objeto de la compaùía es: PRODUCCION, INDUSTRIALIZACION, COMERCIALIZACION, DISTRIBUCION, IMPORTACION, Y EXPORTACION DE TODO TIPO DE ALIMENTOS APTOS PARA EL CONSUMO HUMANO Y ANIMAL. PRODUCCION Y COMERCIALIZACION DE ALIMENTOS EXPENDIDOS A BASE DE QUINUA Y DEMAS CEREALES... Quito, 06 de Mayo de 2011

J[d[cei bW YWX[pW fWhW ]WdWh Z_d[he o [b YehWpÂŒd fWhW ]WijWhbe$ =;EH=; <7HGK>7H

GL<IK8J1 Gl\ikXj \ok\i`fi\j d\k}$ c`ZX p dX[\iX% M<EK8E8J1 ?`\iif# m`[i`f p gifk\Z$ Z`fe\j d\k}c`ZXj% @EJK% <C<:KI@:8J1 <dgfkiX[Xj# dXe^l\iX [\ (Ă?) p XcXdYi\ () @EJK% J8E@K8I@8J1 <dgfkiX[Xj [\ GM:% <JK8;F1 I\^lcXi ]XckX k\id`eXi 8I<8 ;< :FEJKIL::@äE1 (',#'+ d) :FEJKIL::@äE GC8EK8 8CK8% LJF1 M`m`\e[X 8D9@<EK<J1 JXcX# Zfd\[fi# ZfZ`eX# [fj [fid`kfi`fj# le YXÂŒf% <JKIL:KLI81 ?fid`^Â?e XidX[f \e1 ZfcldeXj p m`^Xj% D8DGFJK<I@81 9cfhl\% I<:L9I@D@<EKFJ1 <eclZ`[f `ek\$ i`fi p \ok\i`fi# g`ekX[f `ek\i`fi p \ok\i`fi# Z\i}d`ZX [\ g`jf p gXi\[ \e YXÂŒfj p ZfZ`eX# gXihl\k \e jXcX Zfd\[fi p [fid`kfi`fj% <EKI<G@JFJ1 CfjX [\ _fid`^Â?e XidX[f% :F9<IKLI81 CfjX [\ _fid`^Â?e XidX[f GL<IK8J1 Gl\ikXj \ok\i`fi\j d\k}$ c`ZXj p `ek\i`fi \j dX[\iX% M<EK8E8J1 ?`\iif# m`[i`f p gifk\Z$ Z`fe\j d\k}c`ZXj% @EJK% <C<:KI@:8J1 <dgfkiX[Xj# dXe^l\iX [\ (Ă?) p XcXdYi\ () @EJK% J8E@K8I@8J1 <dgfkiX[Xj [\ GM:% <JK8;F1 I\^lcXi ]XckX k\id`eXi 8I<8 ;< :FEJKIL::@äE1 (''#). d) 8I<8 ;< :FEJKIL::@äE KFK8C Ef% ) 4 )',#*( d) 8M8CLF ;<C @EDL<9C< J@KL8;F <E C8 :@L;8;<C8 8D8QFE8J ;<J:I@G:@äE2 LE;2 :8EK@;2 G% LE@K8I@F2 G% KFK8C K<II<EF2 D)2 */)#(,2 +,#''2 (.%(0-#., :FEJKIL::@äE Ef% ( ;FJ GC8EK8J ;< ?FID@>FE 8ID8;F2 D)2 )/*#'+2 (+.#''2 +(%-'-#// :FEJKIL::@äE Ef% ) ;FJ GC8EK8J ;< ?FID@>FE 8ID8;F2 D)2 )',#*(2 (+.#''2 *'%(/'#,.2 KFK8C //%0/+#)' ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\$ m\j (+ [\ XYi`c [\c )'((# cXj (._'0%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\dgfiXc d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% .-)$;G$;GG [\ () [\ XYi`c [\c )'((% 8^i„^l\j\ X cfj Xlkfj cfj \jZi`kfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX cf dXe`]\jkX[f gfi \c j\ÂŒfi C`m\i @^eXZ`f M\cfq IXdÂ?e p ZfeZ„[Xj\ gfi j\Zi\kXi`X# j\ekXe[f iXqÂ?e p i\Z`Yf \e Xlkfj cXj Zfg`Xj Z\ik`]`$ ZX[Xj jfc`Z`kX[Xj gfi \c ;I% <;N@E <EI@HL<Q%$ <e Xk\eZ`Â?e Xc \jZi`kf gi\j\ekX[f gfi cX gXik\ XZkfiX p X cX iXqÂ?e j\ekX[X gfi \c J\Zi\kXi`f# j\

j\ÂŒXcX gXiX \c [ˆX m`\ie\j )+ [\ ale`f [\c )'(( [\j[\ cXj (+_'' _XjkX cXj (/_'' `eZclj`m\2 X ]`e [\ hl\ k\e^X cl^Xi \e cX j\Zi\kXi`X [\ \jkX al[`$ ZXkliX \c I<D8K< [\c Y`\e `edl\$ Yc\ \dYXi^X[f ZlpXj [`d\ej`fe\j p [\d}j \jg\Z`]`ZXZ`fe\j ZfejkXe [\c `e]fid\ gi\j\ekX[f gfi \c j\ÂŒfi G\i`kf%$ GlYcˆhl\j\ \c \okiXZkf \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gifZ„[Xj\ X cX ZfcfZXZ`Â?e [\ cfj ZXik\c\j i\jg\Zk`mfj# \e cfj cl^X$ i\j dXj ZfeZlii`[fj [\c GXcXZ`f [\ Aljk`Z`X [\ Hl`kf%$ Gfi kiXkXij\ [\c j\^le[f j\ÂŒXcXd`\ekf# kf[X gfjkliX [\Y\i} ZlYi`i gfi cf d\efj \c Z`e$ Zl\ekX gfi Z`\ekf [\c mXcfi [\c XmXcÂ’f giXZk`ZX[f%$ 8 ZX[X gfjkliX [\Y\i} XZfdgXÂŒXij\ \c [`\q gfi Z`\ekf [\c mXcfi [\ cX f]\ikX # \e [`e\if \e \]\Z$ k`mf p&f Z_\hl\ Z\ik`]`ZX[f X fi[\e [\c Alq^X[f $EFK@=@HL<J<%$= ;I% :I@JKF98C FA<;8 D8IK@E<Q % AL<Q < Gfi kiXkXij\ [\c j\^le[f j\ÂŒXcX$ d`\ekf j\ i\Z`Y`i}e cXj gfjkliXj hl\ ZlYiXe Zfdf YXj\ \c Z`eZl\ekX gfi Z`\ekf [\c XmXclÂ? XgifYX[f# [\Y`„e$ [fj\ XZfdgXÂŒXi \c (' [\c mXcfi [\ cX f]\ikX \e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f f \e [`e\if \e \]\Zk`mf% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ C\p% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0+/-&k] 8M@JF ;< I<D8K< ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C# HL< <C ;Ă 8 AL<M<J M<@EK< P KI<J ;< ALE@F ;<C ;FJ D@C FE:<# ;<J;< C8J :8KFI:< ?8JK8 C8J ;@<:@F:?F ?FI8J# <E C8 J<:I<K8I@8 ;< <JK< ALQ>8;F# J< CC<M8IĂ? 8 :89F <C I<D8K< ;<C J@>L@<EK< 9@<E @EDL<9C<1 AL@:@F% <A<:LK@MF Ef% (+'.$'/ D% >fi[Â?e :% L9@:8:@äE1 Gifm`eZ`X1 G`Z_`eZ_X :XekÂ?e1 Hl`kf ; ` j k i ` k f D\kifgfc`kXef GXiifhl`X1 :Xc[\iÂ?e Xek\i`fi GfdXjhl` J\Zkfi1 JXekX IfjX Ef% ;\ gi\[`f1 ,('00*/ :cXm\ :XkXjkiXc1 (+/(,$',$''. ;< C8 QFE8%$ <c cfk\ [\ k\ii\ef j\ _XccX \e leX [\efd`eX[X gfi cX 8[d`e`jkiXZ`Â?e Dle`Z`gXc ZXc[\iÂ?e Zfdf QFE8 LI98E82 \e \c }i\X [\ Zi\Z`d`\ekf liYXef [\ cX Z`l[X[ [\

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO CONSTITUCION DE LA COMPAĂ‘IA MORA VALLEJO Y COMPAĂ‘IA, CONSULTORES GERENCIALES & AUDITORES CIA. LTDA. La compaùía MORA VALLEJO Y COMPAĂ‘IA, CONSULTORES GERENCIALES & AUDITORES CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito, el 07 de Abril de 2011, fue aprobada por la Superintendencia de Compaùías mediante ResoluciĂłn SC.IJ.DJC.Q.11.001916 de 02 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, Provincia de PICHINCHA 2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$1,00 3.- OBJETO.- El objeto de la compaùía es: A) PRESTAR SERVICIOS EN TODAS LAS ETAPAS DEL PROCESO CONTABLE... Quito, 02 de Mayo de 2011

Dr. Oswaldo Noboa LeĂłn

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS

DIRECTOR JURIDICO DE COMPAĂ‘IAS A.C./82834

A.C./82836

Hl`kf# if[\X[f [\ YXii`fj c\^Xc`qX[fj Zfe Xj\ekXd`\ekfj [`jg\ijfj% C@E;<IFJ P JLG<I=@:@<% Efik\%$ :fe gifg`\[X[ [\ D\jˆXj gl\YcX# Z\iZX [\ ZXYlpfj% Jli$ :fe gifg`\[X[ hl\ ]l\ [\ 8iZ\e`f DfekX# _fp [\c j\ÂŒfi 8c]fejf 8cZ`[\j 9l`kiÂ?e% <jk\1 Zfe ZXd`ef gÂ’Yc`Zf F\jk\%$ Zfe ZXd`ef gÂ’Yc`Zf% Jlg\i]`Z`\%$ ;@<Q D@C KI<J:@<EKFJ HL@E:< D<KIFJ :L8;I8;FJž ('#*(, d) cE=I8<JKIL:KLI8% <c cfk\ [\ k\ii\ef# k`\e\ [fj XZZ\jf [\ ]fidX `ed\[`XkX ZXcc\j % <c gi`$ d\if [\j[\ cX mˆX gi`eZ`gXc <jk\ f ]i\ek\ [\ cX gifg`\[X[# Zfejkil`[X jfYi\ \c jl\cf eXkliXc# Zfe le XeZ_f Xgifo`dX[f [\ (' d\kifj# p fkiX mˆX ef i\^lcXi`qX[X gfi cX gXik\ F\jk\ [\ cX gifg`\[X[# hl\ Yfi[\X kf[f \c c`e[\if% Ef Zl\ekX Zfe j\im`Z`fj [\ X^lX gfkXYc\# XcZXekXi`ccX[f# e` kiXejgfi$ k\ gÂ’Yc`Zf% Jl Zfejfc`[XZ`Â?e \j [`jg\ijX p Â’ck`$ dXd\ek\ j\ \eZl\ekiXe Xc^lefj YXii`fj Xci\[\[fi \e gifZ\jf [\ i\^lcXi`qXZ`Â?e p fkifj j\ \eZl\ekiXe i\^lcXi`qX[fj% <c kiXejgfik\ gÂ’Yc`Zf ZfejkX [\ ZXd`fe\kXj [\ Xchl`c\i# hl\ jXc\e p cc\^Xe _XjkX cX `^c\j`X [\ JXe AlXe [\ :Xc[\iÂ?e hl\ j\ _XccX Xgifo`$ dX[Xd\ek\ X [fj b`cÂ?d\kifj [\ [`jkXeZ`X% :fe i\jg\Zkf X cX \e\i^ˆX \c„Zki`ZX# cX gifg`\[X[ Zl\ekX Zfe j\im`Z`f [\ \e\i^ˆX \c„Zki`ZX# \e jl `ek\i`fi% <e gXik\ [\ jl }i\X g\i`d\kiXc# \o`jk\ le Z\iiXd`\ekf [\c k`gf kXg`Xc# Zfe leX XckliX Xgifo`dX[X )#*' d p le XeZ_f [\ '#,' d \e Yl\e \jkX[f% ;<J:I@G:@äE KFGF>I8=@:8% <c cfk\ [\ k\ii\ef [\c XmXcÂ’f# \j [\ ]fidX kiXg\qf`[Xc# gi\j\ekXe[f \e \c cX[f F\jk\# `ii\^lcXi`[X[ \e jl Zfekfief d\[`X cleX # Zl\ekX Zfe le Z\iiXd`\ekf [\ kXgˆXc# \e jlj ki\j Yfi[\j% CX jlg\i]`Z`\ [\c jl\cf k`\e\ leX g\e$ [`\ek\ [\ Xgifo`dX[Xd\ek\ , \e j\ek`[f efik\ $ jli p leX g\e[`\ek\ [\ Xgifo`dX[Xd\ek\ (/ \e j\ek`[f Z\ekif $ _XZ`X \e Efi f\jk\ % 8ZklXcd\ek\ ef j\ \eZl\ekiXe iXj$ ^fj [\ j\dYiˆfj f Zlck`mfj% <c k\ii\ef kXdgfZf Zl\ekX Zfe ZfejkilZZ`fe\j f _XY`kXd`\ekf [\ g\ijfeXj f Zl`$ [X[fi\j% KXdgfZf \o`jk\e m\jk`^`fj [\ Xe`dX$ c\j f i\YXÂŒfj% :8I8:8K<IĂ JK@:8J ;<C JL<CF <c jl\cf \j [\ k`gf C`df$XiZ`ccfjf# [\ \jkiXkf jlg\i]`Z`Xc Zfejfc`[X[f# j`e m\jk`^`fj [\ \ifj`Â?e# p ZXgXZ`[X[ [\ [i\eXa\ Xckf% ;\ Zf\]`Z`\ek\ hX f ZXgXZ`[X[ gfikXek\ XckX# Xgkf gXiX i\j`jk`i \[`]`ZXZ`fe\j# f ]}Z`cd\ek\ X[XgkXYc\ X j\dYiˆfj [\ j`\iiX# [\ gi\]\i\eZ`X [\ Z`Zcf Zfikf% 8M8CèF ;<C 9@<E% GXiX [\k\id`eXi \c XmXcÂ’f# j\ kfdÂ? \e Zfej`[\iXZ`Â?e mXi`fj Xjg\Zkfj# hl\ \e^cfYX[fj# [\k\id`eXe \c mXcfi i\Xc [\ d\iZX[f [\ le d\kif ZlX[iX[f [\ jl\cf% KXc\j Zfej`[\$ iXZ`fe\j jfe1 :fdgXiXZ`Â?e [\c mXcfi [\c jl\cf \e cXj Zffg\iXk`mXj [\ m`m`\e[X Xc\[XÂŒXj% :ffg\iXk`mX [\ m`m`\e[X :fc`eXj [\c Jfc1 (+#'' LJ; d) # ZXkfiZ\ [Â?cXi\j \c d)# :ffg\iXk`mX [\ m`m`\e[X DX[i`^Xc )1 (+#'' LJ; d) # ZXkfiZ\ [Â?cX$ i\j \c d)# :ffg\iXk`mX [\ m`m`\e[X 8cYfiX[X [\ cX GXq1 ()#'' LJ; d) # ZXkfiZ\ [Â?cXi\j \c d)% KiXej\c\Zki`Z `e[\de`qXZ`Â?e gfi cX ZfcfZXZ`Â?e [\ kfii\j [\ XckX k\ej`Â?e p gXjf [\ i\[\j [\ XckX k\ej`Â?e X cXj qfeXj X]\ZkX[Xj [\c j\Zkfi \e \c XÂŒf )'(' ('#'' LJ; d) ;`\q [Â?cXi\j \c d)% Gfi cf hl\ j\ gi\jld\ hl\ \c d\kif ZlX[iX[f [\ k\ii\ef# dfk`mf [\c XmX$ cÂ’f Zl\jkX ;F:< ;FC8I<J :8;8 D<KIF :L8;I8;F ()#'' D) 2 p# :fjkf [\ le d\kif c`e\Xc [\ Z\iiX$ d`\ekf [\ kXg`Xc1 :lXi\ekX [Â?cXi\j +'#'' LJ; % Gfi cf hl\ \c mXcfi [\c k\ii\ef XjZ`\e$ [\ X :@<EKF M<@EK< P KI<J D@C J<K<:@<EKFJ F:?<EK8 ;FC8I<J 8D<I@:8EFJ% <c mXcfi [\c Z\iiXd`\ekf XjZ`\e$ [\ X ;@<Q D@C :L8KIF:@<EKFJ ;FC8I<J 8D<I@:8EFJ% :FE:<GKF2 LE@;8;2 :8EK@;8;2 M% LEcK8I@F2 M% KFK8C Cfk\ [\ k\ii\ef2 d)2 ('*(,2 ()2 ()*%./'#'' :\iiXd`\ekf2 dc2 )-'2 +'2 ('%+''#'' KFK8C2 (*+%(/'#'' ;Xe[f Zfdf i\jlckX[f kfkXc# hl\ \c Zfjkf [\ cX gifg`\[X[ XjZ`\e[\ X :@<EKF KI<@EK8 P :L8KIF D@C :@<EKF F:?<EK8 ;FC8I<J 8D<I@:8EFJ% (*+%(/'#'' LJ;% <o`jk\e ]fkfj [\ J<:L<E:@8 =FKF>I8=@:8 M`jkX [\ Gfjk\ _fid`^Â?e <e\i^ˆX <c„Zki`ZX% M`jkX _XZ`X Jli :\iiXd`\ekf KXg`Xc M`jkX [\ gifg`\[X[\j m\Z`eXj% 8ZZ\jf m\_`ZlcXi X gifg`\[X[ [\ XmXcÂ’f :\iiXd`\ekf [\ KXg`Xc Æ <e\i^ˆX \c„Zki`ZX% :\iiXd`\ekf d`okf \e gXik\ Efik\ [\c cfk\ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j (, [\ dXiqf [\c )'((# cXj ((_()%$ K„e^Xj\ \e Zl\ekX cX `dgl^eXZ`Â?e p i\Z_Xqf jfc`Z`kX[Xj gfi cX ;\dXe[X[X%$ J\ e`\^X gfi `dgifZ\[\ek\ cf jfc`Z`kX[f \e \c eld\iXc )# \e Zfej\Zl\eZ`X j\ Xgil\YX \c `e]fid\ g\i`Z`Xc gi\j\e$

Ĺ? ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? kX[f p j\ÂŒ}cXj\ gXiX \c [ˆX al\m\j m\`ek\ p ki\j [\ ale`f [\c [fj d`c feZ\# gXiX hl\ [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`fZ_f _fiXj# \e cX J\Zi\kXiˆX [\ „jk\ Alq^X[f# k\e^X cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\ XmXclX[f [\ekif [\ cX gi\j\ek\ ZXljX# gXiX cf ZlXc j\ _Xi}e cXj i\jg\Zk`mXj glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e „jk\ ;`jki`kf D\kifgfc`kXef [\ Hl`kf# d\[`Xe[f \eki\ glYc`ZXZ`Â?e p glYc`$ ZXZ`Â?e gfi cf d\efj \c k„id`ef [\ fZ_f [ˆXj p [\ cX Â’ck`dX [\ \ccX _XjkX \c [ˆX [\c i\dXk\%$ J\ ]`aXi}e cfj ZXi$ k\c\j \e cX ]fidX hl\ [`jgfe\ cX C\p# gXiX cX ]`aXZ`Â?e [\ cfj ZXik\c\j [fe[\ j\ \eZl\ekiX j`klX[f \c Y`\e \dYXi$ ^X[f [\ekif [\ cX gi\j\ek\ ZXljX# j\ :fd`j`feX Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X [\ JXe AlXe [\ :Xc[\iÂ?e# \c d`jdf hl\ [Xi} Zld$ gc`d`\ekf X cf [`jgl\jkf \e \c 8ik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Gfi kiXkXij\ [\c gi`d\i j\ÂŒX$ cXd`\ekf j\ i\Z`Y`i}e gfjkliXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\ [`Z_f XmXcÂ’f# X kf[X gfjkliX j\ [\Y\$ i} XZfdgXÂŒXi \c [`\q gfi Z`\ekf [\c mXcfi f]i\Z`[f \e [`e\if \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f%$ EFK@=@HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0)*)&k]

JF:@<;8;<J :@M@C<J ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< J< M8 8 GIF:<;<I 8 8GIF98I C8 <J:I@KLI8 GL9C@:8 ;< :FEJK@KL:@FE ;< C8 JF:@<;8; :@M@C P :FD<I:@8C <:L8:FDGI8 JF:@<;8; :@M@C# FKFI>8;8 8EK< <C EFK8I@F M@><J@DF J<OKF ;<C :8EKFE HL@KF# ;I% ?FD<IF CFG<Q F98E;F% (%$ 8:KFI<J1 <;N@E <=I<E 98HL<IF :FIFE<C p <;N@E <=I<E 98HL<IF 8E;I8;< )%$ F9A<KF1 8GIF98:@FE ;< C8 <J:I@KLI8 GL9C@:8 ;< :FEJK@KL:@FE ;< C8 JF:@<;8; :@M@C P :FD<I:@8C ;<EFD@E8;8 <:L8:FDGI8 JF:@<;8; :@M@C *%$ :L8EK@81 LJ; (%'''#ff +%$ =<:?8 ;< FKFI>8D@<EKF *' ;< D8IQF ;<C )%'((% ,%$EFK8I@F ;I% ?FD<IF CFG<Q F98E;F# EFK8I@F M@><J@DF J<OKF ;<C :8EKFE HL@KF -%$ AL@:@F Ef% '++/$)'((%DJ .%$ GIFM@;<E:@8 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# al\m\j )( [\ XYi`c [\c )'((% CXj (-_(.%$ M@JKFJ% 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX g\k`Z`Â?e hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hlj`kfj [\ c\p# \e Zfej\$ Zl\eZ`X# glYcˆhl\j\ cX Zfejk`klZ`Â?e [\ cX JfZ`\[X[ :`m`c [\efd`eX[X Ăˆ<:L8:FDGI8 JF:@<;8; :@M@CÉ# hl\ j\ XZfdgXÂŒX# le \okiXZkf [\ cX g\k`Z`Â?e p \jkX gifm`[\eZ`X \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# gfi leX jfcX m\q%$ K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X%$ ?\Z_f hl\ j\X# gXj\e cfj Xlkfj gXiX i\jfcm\i%$ EFK@=@HL<J<%$ = ;I8% DFE@:8 =CFI G8QD@zF%$ AL<Q8% Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%I%&/)/*.

J<E8>L8 I% [\c <% :@K8:cFE 8 CFJ J<zFI<J LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J GIFM<E@<EK<J ;< LE 8=CFI8D@<EKF HL< E8:< <E C8 G8IK< @E=<I@FI <E C8 Q8EA8 ;<C :8D@EF GL9C@:F C8;F @QHL@<I;F :FE ;@I<::@äE 8 C8 ?8:@<E;8 LD9I@8# <E LE :8L;8C ;< )#, C&J G8IIFHL@8 8CF8Jà # :8EKäE D<Aà 8# G I FM @ E : @ 8 ; < G@:?@E:?8% <OKI8:KF 8:KFI1 9\e`kf DXel\c AXiXd`ccf DfjZfjf# IfeXc[ Fn\e Ni`k_ ;liXe 9Xcc\e p �cmXif =iXeZ`jZf JXeg\i Hl\m\[f ;< C8 JFC@:@KL;1 :feZ\j`�e [\c [\i\Z_f [\ Xgifm\Z_Xd`\ekf [\ cXj X^lXj gXiX Zfejldf _ldXef# XZk`m`$ [X[\j ]`kfjXe`kXi`Xj p I`\^f% ;\ekif [\c Ki}d`k\ Ef% *0/-$((

Ć

:j% j\ _X [`ZkX[f cX j`^l`\ek\ gif$ m`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8%$ ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J QFE8C HL@KF%$ Ki}d`k\ Ef# *0/-$(( :j% GDG ;D Hl`kf# )+ [\ ]\Yi\if [\c )'((# X cXj ((_('%$ 8mfZf ZfefZ`d`\ekf [\c gi\$ j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efdYiX[f :ffi[`eX[fi I\^`feXc <eZXi^X[f [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% (-'.'' [\ (/ [\ \e\if [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$+- \og\[`[f \c (* [\ efm`\d$ Yi\ [\ )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$+/ [\ + [\ [`Z`\dYi\ [\@ )''0# j\ \og`[\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX Ç J<E8>L8% <e cf gi`eZ`gXc1 <e cf gi`eZ`gXc1 CX jfc`Z`kl[ [\ ZfeZ\j`Â?e gi\j\ekX[X gfi \c 9\e`kf DXel\c AXiXd`ccf DfjZfjf# gfi jl gifg`fj [\i\Z_fj p f]i\Z`\e[f gf[\i p iXk`]`ZXZ`Â?e# [\ cfj j\ÂŒfi\j IfeXc[ Fn\e Ni`k_ ;liXe 9Xcc\e p Ă?cmXif =iXeZ`jZf JXeg\i Hl\m\[f# \e ZXc`$ [X[ [\ gifg`\kXi`fj [\ cX _XZ`\e[X LdYiˆX# hl`\e\j d\[`Xek\ \jZi`kliX [\ ZfdgiXm\ekX Z\c\YiX[X \c , [\ X^fjkf [\ (00*# Xek\ \c j\ÂŒfi EfkXi`f ;„Z`df J\okf [\c :XekÂ?e Hl`kf# Zfe cX g\ik`e\ek\ Xlkfi`qXZ`Â?e [\ [`m`j`Â?e Zfe]\i`[X gfi \c @ejk`klkf <ZlXkfi`Xef [\ i\]fidX 8^iXi`X p :fcfe`qXZ`Â?e# d\[`Xek\ F]`Z`f Ef% '',/,' [\c )0 [\ XYi`c [\ (00*# X[`Z`feXcd\ek\ d\[`Xek\ \jZi`kliX [\ ZfdgiXm\ekX \ _`gfk\ZX XY`\ikX# Z\c\YiX[X Xek\ \c EfkXi`f K\iZ\if [\c :XekÂ?e Hl`kf# cX j\ÂŒfiX :Xk_\i`e\ Ni`^k_ :Xjkif# \e cX ZXc`[X[ [\ 8gf[\iX[X >\e\iXc [\ cfj ZÂ?epl^\j =i\[[p Ni`^k_ :Xjkif p DXiˆX Afj„ I\[[`Zb Ni`^k_# [f \e m\ekX p g\ig\klX \eXa\eXZ`Â?e X ]Xmfi [\ cfj ZÂ?epl^\j 9\e`kf DXel\c AXiXd`ccf DfjZfjf p DXiˆX Afj„ JXdg\i :XdglqXef# \c cfk\ [\ k\ii\ef Ef% + [\ -(#*- _\Zk}i\Xj# [\c gi\[`f lY`ZX[f \e cX gXiifhl`X [\ 8YXjˆ# :XekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X# `edl\Yc\ hl\ XZklXcd\e$ k\ j\ [\efd`eX LeYiˆX# \e \c `ek\i`fi [\ [`Z_f `edl\Yc\ YifkX leX g\hl\$ ÂŒX m\ik`\ek\ [\ Xgifo`dX[Xd\ek\ k`\e\ le ZXl[Xc [\ )%, c&j j`\e[f \c [\j\f [\ lk`c`qXi \c X^lX \e cfj cfk\j [\efd`eX[fj1 JXekX :XkXc`eX (# )# * p +2 :Xid\cf (# )# * p +2 p# ZXjX [\ _XZ`\e[X# Zfe \c ]`e [\ jfclZ`feXi \c [„]`Z`k p lk`c`qXicX gXiX Zfejldf _ldXef# XYi\mX[\if p i`\^f [\ cX ?XZ`\e[X LdYiˆX# gi\[`f p m\ik`\ek\ hl\ j\ \eZl\ekiX \e cX ali`j[`ZZ`Â?e [\ 8cfXjˆ# ZXekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X% :fe \jkfj Xek\Z\[\e$ k\j \e XdgXif X cf [`jgl\jkf \e cfj 8ikj% .# ()# (+# )* c`k\iXc Y p Z # )+ c`k\iXc X # *,# *-# /)# /, p /- [\ cX :f[`]`ZXZ`Â?e X cX C\p [\ 8^lXj m`^\ek\# j\ jfcˆZ`kX cX ZfeZ\j`Â?e# gfi cf \ogl\jkf \jkX 8lkfi`[X[ XZf^\ cX jfc`Z`kl[ gcXek\X[X gfi \c j\ÂŒfi 9\e`kf DXel\c AXiXd`ccf DfjZfjf# gfi j\i ZcXiX p i\le`i cfj i\hl`j`kfj \jkXYc\Z`[fj \e cX C\p# gfi cf hl\ \e Xg\^f X cf [`jgl\jkf \e \c `eZ`jf X [\c XikˆZlcf /. [\ cX :f[`]`ZXZ`Â?e X cX C\p [\ 8^lXj# j\ [`jgfe\ j\ ]`a\ ZXik\c\j \e ki\j cl^Xi\j d}j ]i\Zl\e$ kX[fj [\ cX gXiifhl`X 8cfXjˆ# ZXekÂ?e D\aˆX# Gifm`eZ`X [\ G`Z_`eZ_X# gXiX \c Zldgc`d`\ekf [\ cf Xek\j \ogi\jX[f j\ i\d`k`i} Xk\ekX Zfd`j`Â?e c`YiX[X X cfj j\ÂŒfi\j K\e`\ek\ Gfcˆk`Zf [\ cX ali`j[`ZZ`Â?e Xek\j j\ÂŒXcX[X# [\ `^lXc dXe\iX gfi dXe[Xkf [\ X C\p# \eki„$ ^l\j\ X cX gXik\ 8ZkfiX le \okiXZkf Zfe \c fYa\kf [\ hl\ j\ glYc`hl\ gfi ki\j fZXj`fe\j d\[`Xe[f \eki\ cX leX p cX fkiX le dˆe`df [\ fZ_f [ˆXj# glYc`ZXZ`fe\j hl\ j\ cf [\Y\$ i} _XZ\i \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX cfZXc`[X[# [\ ef \o`jk`i j\ f i\Xc`qXiX \e le g\i`Â?[`Zf [\ Z`iZlcXZ`Â?e eXZ`feXc <c K\c„^iX]f# CX ?fiX# Lck`dXj Efk`Z`Xj# <c :fd\iZ`f f \c ?fp % Cfj X[d`e`jkiX[fj \e \c k„id`ef .) _fiXj i\k`iXi}e [\ \jkX ;\g\e[\eZ`X kXekf cXj Zfd`j`fe\j c`YiX[Xj gXiX cX ]`aX$ Z`Â?e [\ ZXik\c\j p \c \okiXZkf gXiX jl glYc`ZXZ`Â?e \e cX gi\ejX% Cfj j\ÂŒfi\j IfeXc[ Fn\e Ni`k_ ;liXe 9Xcc\e p 8cmXif =iXeZ`jZf JXeg\i Hl\m\[f# \e \c k„id`ef [\ +/ _fiXj# [\Y\i}e aljk`]`ZXi [fZld\ekX[Xd\ek\ cX ZXc`$ [X[ \e hl\ ZfdgXi\Z\e% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% (-, p cX Xlkfi`qXZ`Â?e \eki\^X[X X jl XYf$ ^X[f gXkifZ`eX[fi% ;\ Zfe]fid`[X[ Zfe \c d\dfiXe[f Ef% :>8A%+$'.(+ [\c )- [\ FZklYi\ [\c )'('# XZkl„ \c ;i% GXki`Z`f Dfek\e\^if GX[`ccX Zfdf J\Zi\kXi`f 8[$?fZ \e \c gi\$ j\ek\ ki}d`k\%$ EFK@=@HL<J< ] @e^% Afi^\ ?ldY\ikf [\c Gfqf J}eZ_\q# :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@FE ?c;IF>I8=@:8 ;< <JD<I8C;8J < % Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p% :<IK@=@:F% ;i% GXki`Z`f Dfek\e\^if GX[`ccX J<:I<K8I@F 8;$?F: ?Xp ]`idX p j\ccf 8:&.0*//&k]

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ć

Ĺ? ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

J<:I<K8I@8 E8:@FE8C ;<C 8>L8

I% [\c <% :@K8:@FE 8 CFJ J<zFI<J LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J GIFM<E@<EK<J ;< C8 M<IK@<EK< @EEFD@E8;8 HL< E8:< <E CFJ GI<;@FJ ;< GIFG@<;8; ;< CFJ J<zFI AL8E =<IE8E;F GyI<Q 8IK<K8 P JLJ8E8 >8E>FK<E8 >L8I;<I8J# <E LE :8L;8C ;< / C&J @EDL<9C< P 8>L8J HL< J< <E:L<EKI8E <E C8 G8IIFHL@8 D8:?8:?@# :8EKäE D@AĂ 8# GIFM@E:@8 ;< G@:?@E:?8 <OKI8:KF 8:KFI1 AL8E =<IE8E;F GyI<Q 8IK<K8 P JLJ8E8 >8E>FK<E8 >L8I;<I8J% F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgifm\$ Z_Xd`\ekf [\ cXj X^lXj gXiX ljf [fd„jk`Zf# XYi\mX[\if p i`\^f% ;\ekif [\c Ki}d`k\ Ef% *0/+$(( :j%# j\ _X [`ZkX[f cX j`^l`\ek\ gif$ m`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8% ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J QFE8C HL@KF Ki}d`k\ Ef% *0/+$(( :j% GDG ;D Hl`kf# (0 [\ XYi`c [\ )'((# X cXj '0_''%$ 8mfZf ZfefZ`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efdYiX[f :ffi[`eX[fi I\^`feXc <eZXi^X[f [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% (-'.'' [\ (/ [\ \e\if [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$+- \og\[`[f \c (* [\ efm`\dYi\ [\ )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$+/ [\ + [\ [`Z`\dYi\ [\c )''0# j\ \og`$ [\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX Ç J<E8>L8% <e cf gi`eZ`gXc1 CX jfc`Z`kl[ [\ :feZ\j`Â?e gi\j\ekX$ [f gfi cfj j\ÂŒfi\j AlXe =\ieXe[f G„i\q 8ik\kX p JljXeX >Xe^fk\eX >lXi[\iXj# hl`\e\j d\[`Xek\ \jZi`$ kliX [\ gXik`Z`Â?e p X[al[`ZXZ`Â?e [\ ), [\ dXpf [\c (00)# \e \c ZXgˆklcf @@ [\ cX i\]\i`[X \jZi`kliX j\ X[al[`ZX \c ]le[f [\efd`eX[f% <c Gfim\e`i# \e \c c`k\iXc Y j\ X[al[`ZX X cX j\ÂŒfiX JljXeX >Xe^fk\ [\ G„i\q \c jlYcfk\ Ef% ) [\c cfk\ Ăˆ8ckfÉ [\c gi\[`f \c gfim\e`i# [\ leX jlg\i]`Z`\ Xgifo`$ dX[X [\ ))(#) _\Zk}i\Xj# hl\ j\ \eZl\ekiX lY`ZX[X \e cX gXiifhl`X DXZ_XZ_`# :XekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X% <e \c `ek\i`fi [\c gi\[`f [\efd`eX[f Ăˆ<c Gfim\e`iÉ \o`jk\e [fj m\ik`\ek\j `eefd`eX[Xj hl\ j\i$ m`i} gXiX i\^Xi gXjk`qXc\j [\c jlYcfk\ [\efd`eX[f AXkÂ’e Kfif hl\ \j gXik\ [\c gi\[`f [\jZi`kf Xek\i`fid\ek\# Xjˆ Zfdf X^lX gXiX XYi\mX[\if [\ .' ZXY\qXj [\ ^XeX[f fm`ef p gXiX Zfejldf _ldXef [\ (' g\ijfeXj# gXiX cf ZlXc j\ jfc`Z`kX le ZXl[Xc [\ /#'' c&j# gfi kiXkXij\ [\ X^lXj hl\ eXZ\e \e \c d`jdf gi\[`f ef \j `e[`jg\ejXYc\ [\c \jkXYc\Z`d`\e$ kf [\ j\im`[ldYi\j% Gfi cf hl\ \e Xg\^f X [`jgl\jkf \e \c 8ik% .# ()# -+# /(# /)# /- p /. [\ cX C\p [\ 8^lXj p jl I\^cXd\ekf >\e\iXc% Gfi cf \ogl\jkf \jkX 8lkfi`[X[ XZf^\ cX jfc`Z`kl[ gcXek\X[X gfi cfj j\ÂŒfi\j AlXe =\ieXe[f G„i\q 8ik\kX p JljXeX >Xe^fk\eX >lXi[\iXj# gfi j\i ZcXiX p i\le`i cfj i\hl`j`kfj hl\ [\k\id`eX cX c\p# j\ cX ZXc`]`ZX X ki}d`k\ gXiX cf ZlXc \jkX 8lkfi`[X[ [`jgfe\1 (%$ :Â’dgcXj\ cf [`jgl\jkf \e \c c`k\iXc X [\c 8ik% /. [\ cX C\p [\ 8^lXj# gfi cf hl\ ]ˆa\j\ ZXik\c\j \e ki\j [\ cfj cl^Xi\j d}j ]i\Zl\ekX[fj [\ cX gXiifhl`X DXZ_XZ_`# ZXekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X# gXiX \c Zld$ gc`d`\ekf [\ cf Xek\j \ogi\jX[f j\ i\d`k`i} Xk\ekX Zfd`j`Â?e c`YiX[X Xc j\ÂŒfi A\]\ Gfcˆk`Zf [\ cX ali`j[`ZZ`Â?e Xek\j j\ÂŒXcX[X% )%$ ;\ `^lXc dXe\iX gfi dXe[Xkf [\ cX C\p# \eki„^l\j\ X cX gXik\ 8ZkfiX le \okiXZkf Zfe \c fYa\kf [\ hl\ j\ glYc`hl\ gfi ki\j fZXj`fe\j d\[`Xe[f \eki\ cX leX p cX fkiX le dˆe`df [\ fZ_f [ˆXj# glYc`ZXZ`fe\j hl\ j\ cf [\Y\i} _XZ\i \e \c G\i`Â?[`Zf K\c„^iX]f# CX ?fiX# Lck`dXj Efk`Z`Xj# :fd\iZ`f# ?fp# \kZ % *% Cfj X[d`e`jkiX[fj \e \c k„id`ef .) _fiXj i\k`iXi}e [\ \jkX ;\g\e[\eZ`X kXekf cX Zfd`j`Â?e c`YiX[X gXiX cX ]`aXZ`Â?e [\ ZXik\c\j# Xjˆ Zfdf \c \okiXZkf gXiX jl glYc`$ ZXZ`Â?e \e cX gi\ejX% 8^i„^l\j\ kXdY`„e cX [fZld\ekXZ`Â?e ZfejkXe$ k\ \e *) ]faXj# k„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% )+++ p cX Xlkfi`qXZ`Â?e \eki\^X[X X jl 8Yf^X[f GXkifZ`eX[fi% ;\ Zfe]fid`[X[ Zfe \c d\dfiXe[f Ef% :>8A%+$'.(+ [\c )- [\ FZklYi\ [\c )'('# XZkl„ \c ;i% GXki`Z`f Dfek\e\^if GX[`ccX Zfdf J\Zi\kXi`f 8[$?fZ \e \c gi\$ j\ek\ ki}d`k\%$ EFK@=@HL<J< ] ce^% Afi^\ ?ldY\ikf [\c Gfqf J}eZ_\q# :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@FE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J < % Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p%$ :<IK@=@:F% ;i% GXki`Z`f Dfek\e\^if GX[`ccX J<:I<K8I@F 8;$?F: ?Xp ]`idX p j\ccf

8:&.0*/0&k] J<:I<K8I@8 ;<C 8>L8 J<:I<K8IĂ 8 E8:@FE8C ;<C 8>L8 J<E8>L8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J QFE8C HL@KF :@K8:@äE 8 CFJ LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J# JL9K<IIĂ?E<8J# GIFM<E@<EK<J ;<C G FQF G I F = L E ; F# G<I=FI8;F <E <C @EK<I@FI ;< C8 GIFG@<;8; ;<C JFC@:@K8EK<# G8I8 LJF ;FDyJK@:F P I@<>F# <E <C :8L;8C )#,' C&J# L9@:8;F <E C8 G8IIFHL@8 8CF8># :8EKäE D<AĂ 8# GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI1 DXli`Z`f OXm`\i DfekXcmf M}jZfe\q# \e ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ cX :fdgXŒˆX 8CF8>G8IB J%8% F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgif$ m\Z_Xd`\ekf [\ X^lXj# gXiX ljf [fd„jk`Zf p i`\^f% ;\ekif [\c ki}d`k\ E— *00.$(( :j J\ _X [`ZkX[f cX j`^l`\ek\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8# ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J% QfeXc Hl`kf%$ GifZ\jf E— *00.$(( :j%$ Hl`kf# )( [\ dXiqf [\c )'((% CXj ((?*'%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efdYiX[f :ffi[`eX[fiX I\^`feXc [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj < # d\[`Xek\ XZZ`Â?e [\ g\ijfeXc E—% '),('.' [\ (/ [\ dXiqf [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E—% )''0$+- \og\[`[f \c (* [\ efm`\dYi\ [\ )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E— )''0$+/ [\ + [\ [`Z`\dYi\ [\c )''0# j\ \og`$ [\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX $ J<E8>L8%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E—% )'('$-- [\ )' [\ \e\if [\c )'('# j\ \jkXYc\Z\ p [\c`d`kX cXj el\m\ [\dXiZXZ`fe\j _`[if^i}]`ZXj p jlj i\jg\Zk`mXj qfeXc\j%$ <e cf gi`eZ`gXc1 CX jfc`$ Z`kl[ [\ ZfeZ\j`Â?e [\c [\i\Z_f [\ Xgifm\Z_Xd`\ekf [\ cXj X^lXj jlYk\ii}e\Xj# gifm\e`\ek\j [\c gfqf gif]le[f g\i]fiX[f \e \c `ek\i`fi [\ cX gifg`\[X[ [\c jfc`Z`kXek\# lY`ZX[f \e cX gXiifhl`X 8cfX^# ZXekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X# gi\j\e$ kX[X gfi \c j\ÂŒfi DXli`Z`f OXm`\i DfekXcmf M}jZfe\q# \e ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ cX :fdgXŒˆX 8CF8>G8IB J%8%# gXiX ljf [fd„j$ k`Zf p i`\^f# \e \c ZXl[Xc )#,' c&j2 \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX gXiX jl ki}d`k\% 8k\e[`\e[f cf jfc`Z`kX[f p [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /. [\ cX C\p [\ 8^lXj# Zˆk\j\ X cfj ljlXi`fj ZfefZ`[fj f ef# [\ cXj X^lXj jlYk\ii}e\Xj# gifm\e`\ek\j [\c gfqf gif]le[f# g\i]fiX[f \e \c `ek\i`fi [\ cX gifg`\[X[ [\c jfc`Z`kXek\# lY`ZX[f \e cX gXiifhl`X 8cfX^# ZXekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X% J\ glYc`ZX$ i} le \okiXZkf [\ cX jfc`Z`kl[ p \jkX gifm`[\eZ`X \e lef [\ cfj ;`Xi`fj1 <c :fd\iZ`f# èck`dXj Efk`Z`Xj# ?fp# cX ?fiX f <c K\c„^iX]f [\ Z`iZlcXZ`Â?e eXZ`feXc# gfi ki\j m\Z\j# d\[`Xe[f leX [\ cX fkiX \c gcXqf [\ fZ_f [ˆXj% =ˆa\ej\ ZXik\c\j [liXek\ ki\`ekX [ˆXj# \e ki\j cl^Xi\j d}j ]i\Zl\ekX[fj [\ cX gXiifhl`X 8cfX^# d\[`Xek\ Zfd`$ j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX `e[`ZX[X gXiifhl`X%$ <c X[d`e`j$ kiX[f gi\j\ek\ cX Zfg`X [\ cX i\jfcl$ Z`Â?e [\ ]\Z_X )0 [\ fZklYi\ [\c )'('# \e \c hl\ Xlkfi`qX cX G\i]fiXZ`Â?e [\ Gfqf# gXiX cX gi\j\ekXZ`Â?e [\c [fZl$ d\ekf jfc`Z`kX[f j\ c\ ZfeZ\[\ \c k„id`ef [\ Z`eZf [ˆXj% 8^i„^l\j\ X \og\[`\ek\j cfj [fZld\ekfj ZfejkXek\j X +/ ]faXj% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% ),.' p cX Xlkfi`qXZ`Â?e \eki\^X[X X jl 8Yf^X[X GXkifZ`eX[fiX% ;\ Zfe]fid`[X[ Zfe \c d\dfiXe[f Ef% :>8A%+$'.(+ [\c )- [\ fZklYi\ [\ )'('# XZkÂ’\ Zfdf J\Zi\kXi`f 8[$?fZ \e \c gi\j\ek\ gifZ\jf \c ;i% DXel\c Plhl`c\dX Dlccf%$ EFK@=Ă HL<J<Âż% ] @e^% >`jj\cX Jl}i\q GXi\[\j :FFI;@E8;FI8 I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J < Æ J<:I<K8IĂ 8 E8:@FE8C ;<C 8>L8% Cf hl\ Zfdl$ e`Zf gXiX cfj ]`e\j c\^Xc\j g\ik`e\e$ k\j%$ :\ik`]`Zf% ;i% DXel\c Plhl`c\dX Dlccf J<:I<K8I@F 8;$?F: ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J ;< C8 J<:I<K8IĂ 8 E8:@FE8C ;<C 8>L8 J<E8>L8 % ?Xp le j\ccf 8I&/)+0/&ZZ J<E8>L8 :@K8:@äE 8 CFJ LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J# GIFM<E@<EK<J ;< C8J KI<J M<IK@<EK<J ;< C8 G8IK<

Ĺ?

8CK8 P ;FJ M<IK@<EK<J ;< C8 G8IK< 98A8# ;<EFD@E8;FJ C8 GC8P8 ;< J8E AFJy# G8I8 LJF ;FDyJK@:F# 89I<M8;<IF# I@<>F P G@J:@:LCKLI8# <E <C :8L;8C ;<K<ID@E8;F GFI <C G<I@KF# L9@:8;F <E C8 :FDLE@;8; :?@D9LICF# G8IIFHL@8 KF:8:?@# :8EKäE G<;IF DF:8PF# GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI1 J\^le[f <jk\YXe <jg`efqX :lqZf F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgif$ m\Z_Xd`\ekf [\ X^lXj# gXiX ljf [fd„jk`Zf# XYi\mX[\if# i`\^f p g`jZ`ZlckliX% ;\ekif [\c ki}d`k\ Ef +''/$(( :j J\ _X [`ZkX[f cX j`^l`\ek\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8# ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J% QfeXc Hl`kf%$ GifZ\jf Ef +''/$(( :j%$ Hl`kf# () [\ XYi`c [\c )'((%$ CXj ((?*'%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efdYiX[f :ffi[`eX[fi I\^`feXc [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj < # d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% (-'.'' [\ (. [\ \e\if [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )''0$+- \og\[`[f \c (* [\ efm`\dYi\ [\ )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef )''0$+/ [\ + [\ [`Z`\dYi\ [\c )''0# j\ \og`$ [\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX Æ J<E8>L8%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc Ef% )'('$-- [\ )' [\ \e\if [\c )'('# j\ \jkXYc\Z\ p [\c`d`kX cXj el\m\ [\dXiZXZ`fe\j _`[if^i}]`ZXj p jlj i\jg\Zk`mXj qfeX$ c\j%$ <e cf gi`eZ`gXc1 CX jfc`Z`kl[ [\ ZfeZ\j`Â?e [\c [\i\Z_f [\ Xgifm\Z_X$ d`\ekf [\ cXj X^lXj# gifm\e`\ek\j [\ cX hl\YiX[X :_`dYlicf# [\ cXj ki\j m\ik`\ek\j [\ cX gXik\ XckX p [fj m\ik`\ek\j [\ cX gXik\ YXaX# [\efd`$ eX[fj CX GcXpX [\ JXe Afj„# \e \c ZXl[Xc [\k\id`eX[f gfi \c g\i`kf# gXiX ljf [fd„jk`Zf# XYi\mX[\if# i`\^f p g`jZ`ZlckliX# lY`ZX[f \e cX Zfdle`[X[ :_`dYlicf# gXiifhl`X KfZXZ_`# ZXekÂ?e G\[if DfeZXpf# gifm`eZ`X [\ G`Z_`eZ_X# gi\j\ekX[X \e \jkX ;\dXiZXZ`Â?e gfi \c j\ÂŒfi J\^le[f <jk\YXe <jg`efqX :lqZf2 \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX gXiX jl ki}d`k\%$ 8k\e[`\e[f cf jfc`Z`kX[f p [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /. [\ cX C\p [\ 8^lXj# Zˆk\j\ X cfj ljlXi`fj ZfefZ`[fj f ef# [\ cXj X^lXj# gifm\e`\ek\j [\ cX hl\YiX[X :_`dYlicf# [\ cXj ki\j m\ik`\ek\j [\ cX gXik\ XckX p [fj m\ik`\ek\j [\ cX gXik\ YXaX# [\efd`eX[fj CX GcXpX [\ JXe Afj„# lY`ZX[f \e cX Zfdle`$ [X[ :_`dYlicf# gXiifhl`X KfZXZ_`# ZXekÂ?e G\[if DfeZXpf# gifm`eZ`X [\ G`Z_`eZ_X% J\ glYc`ZXi} le \okiXZkf [\ cX jfc`Z`kl[ p \jkX gifm`[\eZ`X \e lef [\ cfj ;`Xi`fj1 <c :fd\iZ`f# èck`dXj Efk`Z`Xj# ?fp# CX ?fiX# f <c K\c„^iX]f [\ Z`iZlcXZ`Â?e eXZ`feXc# gfi ki\j m\Z\j# d\[`Xe[f leX [\ cX fkiX \c gcXqf [\ fZ_f [ˆXj% =ˆa\ej\ ZXik\c\j [liXek\ ki\`ekX [ˆXj# \e ki\j cl^Xi\j d}j ]i\Zl\ekX[fj [\ cX gXiifhl`X KfZXZ_` Zfdle`[X[ :_`dYlicf # d\[`Xek\ Zfd`j`Â?e c`YiX[X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX `e[`ZX[X gXiifhl`X% 8^i„^l\j\ X \og\[`\ek\ cfj [fZld\ekfj ZfejkXe$ k\j X (. ]faXj% K„e^Xj\ \e Zl\ekX \c eÂ’d\if k\c\]Â?e`Zf '/.$/,*$+*)% ;\ Zfe]fid`[X[ Zfe \c d\dfiXe[f Ef :>8A%+$'.(+ [\c )- [\ fZklYi\ [\ )'('# XZkÂ’\ Zfdf J\Zi\kXi`f 8[$?fZ \e \c gi\j\ek\ gifZ\jf \c ;i% DXel\c Plhl`c\dX Dlccf%$ EFK@=Ă HL<J<%%% ] @e^% Afi^\ ?ldY\ikf ;\c Gfqf J}eZ_\q :FFI;@E8;FI I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J < $J<:I<K8I@8 E8:@FE8C ;<C 8>L8% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\%$ :\ik`]`Zf%$ ;i% DXel\c Plhl`c\dX Dlccf J<:I<K8I@F 8;$?F: ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J ;< C8 J<:I<K8IĂ 8 E 8: @ F E 8 C ;<C 8> L8 J J<E8>L8 % <o`jk\ ]`idX p j\ccf% 8%G%&+//..&b%d%

M8I@FJ <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 <C J<zFI AL8E :8ICFJ >8CC<>FJ 8:KFI<J%$ @M8E D8I:<CF 8I<CC8EF 8I<CC8EF p 8E8 :I@JK@E8 :8C;<IFE <>L<Q ;<D8E;8;FJ%$ J<zFI<J 8IH% C<FGFC;F 8IK<K8 DLIK@E?F p AL8E :8ICFJ >8CC<>FJ AL@:@F1 Ef% )'('$ ,./% J%K% KI8D@K<%$ <JG<:@8C :L8EKĂ 8% ,''%''' LJ;% =LE;8D<EKFJ1 <e cf [`jgl\jkf \e \c 8ik% . [\ cX C\p gXiX \c Alq^Xd`\ekf [\ cX :fclj`Â?e p i\]fidXj 8JLEKF%$ :fclj`Â?e% ;<=<EJFI ;< CFJ 8:KFI<J1 ;i% AX`d\ 8cXmX I`ZXlik\ @e`Z`X[f \c )0 [\ 8Yi`c [\c )'(' GIFM@;<E:@81 ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$Hl`kf# al\m\j - [\ dXpf [\c )'('# cXj '0_,-%Æ M@JKFJ1 Æ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX$ [f %$ CX [\dXe[X hl\ Xek\Z\[\ \j

J[d[h Z_d[he [i \k[dj[ Z[ j[ceh1 de j[d[hbe" [i \k[dj[ Z[ Zebeh$ =;EH=; >;H8;HJ

ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ gi\m`jkf \e cfj 8ik% * p j`^l`\ek\j [\ cX C\p gXiX \c Alq^Xd`\ekf [\ cX :fclj`Â?e# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j 8IH% C<FGFC;F 8IK<K8 DLIK@E?F p ;I% AL8E :8ICFJ >8CC<>FJ Zfe \c Zfek\e`[f [\ cX [\dXe[X[X p \jk\ Xlkf `e`Z`Xc \e \c cl^Xi hl\ j\ `e[`ZX gXiX \c \]\Zkf %$ LeX m\q Z`kX[fj cfj [\dXe[X[fj gi\j\ek\e jl Zfek\jkXZ`Â?e \e \c k„id`ef [\ j\`j [ˆXj%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe lef [\ cfj j\ÂŒfi\j 8^\ek\j [\ cf G\eXc [\ G`Z_`eZ_X %$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[X gfi cX gXik\ XZkfiX%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ Xek\$ Z\[\e%$%$ 8Zkl„ \c j\ÂŒfi ;i% Cl`j Ife M`ccXm`Z\eZ`f p ;i% AX`d\ Kfii\j :Xii\iX \e ZXc`[X[ [\ J\Zi\kXi`f p F]`Z`Xc DXpfi \eZXi^X[f i\jg\Z$ k`mXd\ek\# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c :fej\af EXZ`feXc [\ Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef% ))-$'.$:I?$:EA$<J [\ , dXiqf [\c )''.%$ EFK@=@HL<J<%$] %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8% AL<Q8 ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$Hl`kf# d`„iZfc\j , [\ \e\if [\c )'((# cXj (,_(/%$ <e d\i`kf Xc aliXd\ekf i\e[`[f p [\ Zfe]fid`[X[ [\c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf X \c j\ÂŒfi AL8E :8ICFJ >8CC<>FJ%$ Efk`]ˆhl\j\%$ ] %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8% AL<Q8 Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfj$ k\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < <o`jk\ ]`idX p j\ccf% 8%G%&+0'-'&b%d% ALQ>8;F M@>yJ@DF J<>LE;F ;< CF :@M@C P D<I:8EK@C ;< G@:?@E:?8 <okiXZkf Al[`Z`Xc :@K8:@äE AL;@:@8C 81 DXi`f <ei`hl\ G\iXcmf :ilq 8:KFI81 IfjX LYXc[`eX M`ccXm`Z\eZ`f 8jkl[`ccf ;<D8E;8;F1 DXi`f <ei`hl\ G\iXcmf :ilq :8LJ8 Ef% -''$)'('% F9A<KF ;< C8 ;<D8E;81 ;\dXe[X Xc j\ÂŒfi DXi`f <ei`hl\ G\iXcmf :ilq# \c [`mfiZ`f# hl\ cX ]le[X \e cf [`j$ gl\jkf \e \c `eZ`jf j\^le[f [\ cX ZXljXc ((Âą [\c 8ik% ((' [\c :Â?[`^f :`m`c# XZfi[\ X cf j\ÂŒXcX[f \e \c 8ik% ()/ [\c :Â?[`^f :`m`c% :L8EKĂ 81 @e[\k\id`eX[X ;<=<EJFI81 ;iX% DÂ?e`ZX M}jZfe\q GIFM@;<E:@81 ALQ>8;F M@>yJ@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?81 JXe D`^l\c [\ cfj 9XeZfj# X (/ [\ FZklYi\ [\c )'('2 cXj '0?+,%$ M@JKFJ :ldgc`[f cf [`jgl\jkf \e cX gifm`[\eZ`X `e`Z`Xc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\# \e al`Z`f m\iYXc jldXi`f2 \e cf gi`eZ`gXc j\ [`jgfe\1 <eki„^l\j\ Zfg`X [\ cX [\dXe[X p \jk\ Xlkf Xc [\dXe[X[f j\ÂŒfi D8I@F <EI@HL< G<I8CMF :ILQ# gXiX Zlpf \]\Zkf \e m`ikl[ [\c aliXd\ekf i\e[`[f Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e cX Z`l[X[ [\ Hl`kf# \e cX ]fidX `e[`ZX[X \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 [\Y`\e[f d\[`Xi gfi cf d\efj fZ_f [ˆXj _}Y`c\j \eki\ ZX[X glYc`ZXZ`Â?e2 k„e^Xj\ \e Zl\ekX cX [\ZcXiXZ`Â?e [\ cX `e\o`jk\eZ`X [\ _`afj d\efi\j2 Xe„o\j\ X cfj Xlkfj cXj gXik`[Xj XZfdgXÂŒX[Xj%$ Efk`]ˆhl\j\%$ <c Al\q%$ ] ;i% =i\[[p @cc\jZXj :\i[X# _Xp le j\ccf%$ Cf hl\ d\ g\id`kf Zfdle`ZXic\ X ljk\[ gXiX cfj ]`e\j [\ c\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒX$ cXi [fd`Z`c`f al[`Z`Xc \e \jkX ZXljX [\ekif [\c g\iˆd\kif liYXef [\ \jkX :XY\Z\iX :XekfeXc [\ JXe D`^l\c [\ cfj 9XeZfj p ]l\iX [\ \jk\ [\jgXZ_f gXiX i\Z`Y`i efk`]`ZXZ`fe\j ]lkliXj%$ CZ[f% Afj„ >l\ii\if 9\eˆk\q J\Zi\kXi`f K`klcXi ?Xp le j\ccf 8I&/)/'.&ZZ I% ;<C <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C1 8C J<zFI =<;<I@:F J8CM8;FI ;I<P<I ?<ID8EE AL@:@F1 @EJFCM<E:@8 Ef% (')+$ )'('0$;%>%=% 8:KFI1 ;I% =<IE8E;F <=IyE :89I<I8 ?@;8C>F GIF:LI8;FI AL;@:@8C ;<C 98E:F ><E<I8C

ILD@z8?L@ J%8% ;<D8E;8;F1 J<zFI =<;<I@:F J8CM8;FI ;I<P<I ?<ID8EE :8J@CC<IF AL;@:@8C Ef% --- ;< CFJ ;IJ% <;L8I;F E@<KF P D8I@8 ;FEFJF GIFM@;<E:@8 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j , [\ X^fjkf [\c )'('# cXj ('_',% M@JKFJ1 8mfZf ZfefZ`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\ 8ZZ`�e [\ G\ijfeXc Ef% (+/($;G$ ;GG%# [\ )* [\ Alc`f [\c )'('%$ <e cf gi`eZ`gXc2 cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p% <e Zfej\Zl\eZ`X% Gfi gi\j\ekX[Xj cXj Zfg`Xj p Xk\ekf X cf [`jgl\jkf \e \c `eZ`jf gi`d\if [\c 8ik% ,(0 [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# gi\jld`„e[fj\ cX `ejfcm\eZ`X [\c [\dXe[X[f j\Œfi =<;<I@:F J8CM8;FI ;I<P<I ?<ID8EE# j\ dXe[X X ]fidXi ZfeZlijf [\ XZi\\$ [fi\j p Zfej`^l`\ek\ j\ fi[\eX# j\ fZlg\e jlj Y`\e\j# c`Yifj# Zfii\j$ gfe[\eZ`X d}j [fZld\ekfj p j\Xe \eki\^X[fj Xc jˆe[`Zf [\ cX hl`\YiX ;i% Afi^\ DXZXj Ifd\if# hl`\e cfj i\Z`Y`i} gi\m`f `em\ekXi`f p cl\^f [\ cX XZ\gkXZ`�e [\ jl ZXi^f% ?}^Xj\ jXY\i Xc g’Yc`Zf [\ \jk\ gXik`ZlcXi d\[`Xek\ leX glYc`ZXZ`�e \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX :`l[X[ [\ Hl`kf% 8Zld’c\ej\ cfj gc\`kfj j\^l`[fj \e ZfekiX [\ cX [\l[fi gfi fYc`^XZ`fe\j [\ [Xi f _XZ\i Zfe \oZ\gZ`�e [\ cfj XZi\\[f$ i\j _`gfk\ZXi`fj# hl`\e\j _Xi}e mXc\i jlj [\i\Z_fj gfi j\gXiX[f% F]ˆZ`\j\ Xc \]\Zkf X cfj j\Œfi\j Al\Z\j [\ cf :`m`c [\ \jkX Ali`j[`ZZ`�e% I\dˆkXj\ cXj Zfg`Xj g\ik`e\ek\j X cfj j\Œfi\j Al\Z\j [\ cf G\eXc gXiX cX ZXc`]`ZX$ Z`�e [\ cX `ejfcm\eZ`X% Gif_ˆYXj\ hl\ cX [\dXe[X[X j\ Xlj\ek\ [\c cl^Xi [\c al`Z`f# Zfdle`ZXe[f \e \jk\ j\e$ k`[f X cXj 8lkfi`[X[\j i\jg\Zk`mXj% ;`jgfe`„e[fj\ cX gi\j\ekXZ`�e [\c mXcfi [\ cfj Y`\e\j \e \c k„id`ef [\ fZ_f [ˆXj% :fe \c ]Xccf hl\[X [\ _\Z_f \e `ek\i[`ZZ`�e gXiX X[d`$ e`jkiXi jlj m`\e\j# efk`]ˆhl\j\ X cfj j\Œfi\j EfkXi`fj# I\^`jkiX[fi [\ cX Gifg`\[X[# I\^`jkiX[fi D\iZXek`c# Jlg\i`ek\e[\ek\ [\ 9XeZfj p J\^lifj# Jlg\i`ek\e[\eZ`X [\ :fdgXŒˆXj# :fekiXcfi >\e\iXc [\c <jkX[f# :fej\af EXZ`feXc <c\ZkfiXc# ;`i\ZZ`�e EXZ`feXc [\ G\ijfeXc# X cX F]`Z`eX [\ J\im`Z`fj :`m`c p ;\jXiifccf @ejk`klZ`feXc F%J%:%;%@%# ;`i\ZZ`�e >\e\iXc [\ I\^`jkif :`m`c :\[lcXZ`�e# F]`Z`eX [\ GXjXgfik\j [\c D`e`jk\i`f [\ I\cXZ`fe\j <ok\i`fi\j# X cX :fd`j`�e EXZ`feXc [\ KiXej`k�# KiXejgfik\j K\ii\jki\ p J\^lif M`Xc# Xc ;`i\Zkfi [\ D`^iXZ`�e p <okiXea\iˆX [\ cX Gfc`ZˆX EXZ`feXc% J`e g\iali`f [\ \jkX [\ZcXiXZ`�e cX [\l[X [\ekif [\c k\id`e� [\ ki\j [ˆXj gf[i} fgfe\ij\ X cX `ejfcm\eZ`X gX^Xe[f f [`d`k`\e$ [f Y`\e\j jXe\X[fj p jl]`Z`\ek\j% :ˆk\j\ Xc [\dXe[X[f \e \c cl^Xi hl\ j\ `e[`ZX# gXiX cf ZlXc Zfd`j`feX$ j\ Xc j\Œfi K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ KldYXZf# \em`}e[fc\ jl]`Z`\ek\ [\jgXZ_f% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX$ [f p X^i„^l\ej\ cfj [fZld\ekfj XZfdgXŒX[fj%$ Efk`]ˆhl\j\%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j (/ [\ ]\Yi\if [\c )'((# cXj (+_,(% <c \jZi`kf gi\j\ekX[f X^i„^l\j\ Xc gifZ\jf% <e cf gi`eZ`gXc2 Xk\ekf \c aliXd\ekf i\e$ [`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\$ j\ Xc [\dXe[X[f j\Œfi =<;<I@:F J8CM8;FI ;I<P<I ?<ID8EE# gfi cX gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ \jkX :`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ] ;i% 8c]i\[f >i`aXcmX DlŒfj AL<Q# cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`$ Z`Xc# [\ekif [\c g\iˆd\kif LiYXef [\ \jkX :`l[X[ [\ Hl`kf%#$ :\ik`]`Zf%$ ;I% AL8E G89CF KFIF :8II@CCF J<:I<K8I@F ?Xp le j\ccf 8I&/)/)'&ZZ <OKI8:KF AL;@:@8C :@K8:@FE 8: KF I 1 ;I% : 8 I C F J M@CC8M@:<E:@F ;<D8E;8;F1 CL@J @M8E >L8C8M@J@ :L8C:?@ i\gi\j\ekXek\ c\^Xc [\ cX ZfdgXŒˆX K<C<:@K<C:F J%8% =LE;8D<EKF C<>8C1 8ik% *' c`k\iXc \ C\p [\ @ehl`c`eXkf% AL@:@F M<I98C JLD8I@F Eif% )''/$'*/+ J%8% :L8EK@81 LJ;% )+'' A L Q>8 ; F J <> L E ; F ; < @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J%$ Hl`kf# ', [\ XYi`c [\c )'((# X cXj ('?,, d`e%$ 8^i„^l\j\ \c \jZi`kf gi\j\ekX[f$ <e cf gi`eZ`$ gXc p Zfe]fid\ cf gi\jZi`Y\ \c 8ik% +,- [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\Œ}c\j\ \c [ˆX [`\Z`el\m\ [\ dXpf [\c XŒf \e Zlijf X gXik`i [\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\q p fZ_f

_fiXj X ]`e [\ hl\ \e cX j\Zi\kXiˆX [\ \jk\ Alq^X[f j\ \]\Zkl„ \c i\dXk\ [\ cfj Y`\e\j \dYXi^X[fj Zfej`jk\ek\ \e1 (%$ Le ZfdglkX[fi Zfdgl\jkf [\ leX gXekXccX dXiZX C># df[\cf :(,A8$,2 J\i`\ Ef$ +'+;@JB*/..+2 le :GL# j`e dXiZX# j`e df[\cf# j`e j\i`\# Zfcfi Zi\dX Zfe le e’d\if [\ I\]% G:F*# le k\ZcX[f dXiZX ><E@LJ df[\cf B-*0# Ef$ B9$'-O<# Le dfljj\ dXiZX ><E@LJ Ef$ D&E >D$'*'))G$J&E1 (,+0(00''0(.2 le ZfdglkX[fi Zfdgl\jkf [\ leX gXe$ kXccX dXiZX C> df[\cf :(,A8$,2 J\i`\ Ef$ +'+;@JBH*+-/)2 le :GL dXiZX @EK<IGCLJ2 Ef$ ')*'0''().-,2 le k\ZcX[f dXiZX ><E@LJ df[\cf B-*0# Ef$ QD+,''/''),.2le dfljj\ dXiZX ><E@LJ Ef$ (+*)0'-+./# le ZfdglkX[fi Zfdgl\jkf [\ le gXe$ kXccX dXiZX C> df[\cf .('<2 J\i`\ Ef$ ,'+DOB;((C((.2 le :GL dXiZX JLG<I GFN<I2 Zfe eld\if [\ I<=% ()('*8>+2 Zfcfi e\^if2 le k\ZcX[f dXiZX ><E@LJ df[\cf B-).# Ef$ QD,.).(.'..'2le dfljj\ dXiZX ><E@LJ Ef$ (+,)/,.'('/-2 le ZfdglkX[fi Zfdgl\jkf [\ leX gXe$ kXccX dXiZX C> df[\cf .('<2 J\i`\ Ef$ ,'/DO8P'C**-2 le :GL dXiZX JLG<I GFN<I2 Zfe e’d\if [\ I<=% ()('*;K*2 Zfcfi e\^if le k\ZcX[f dXiZX ><E@LJ Df[\cf B-).# Ef$ QD,.).(.'.-0# le dfljj\ dXiZX ><E@LJ j`e df[\cf j`e j\i`\%$ ;fj I\^lcX[fi\j [\ MfckXa\ dXiZX 8G<O% df[\cfj1 8MI()''D()''M82 eld\$ ifj%$ ',)/''*.+(2 p# ',)/').*'2 le =8O dXiZX G8E8JFE@: df[\cf BO=K0'.(82 Ef$ ,;:H8'**/,*2 le k\c\m`jfi dXiZX G8E8JFE@: j`e cX kXgX [\ cfj Zfekifc\j j`e Xek\eX Zfe df[\cf%$ :K$K(+I$ j`e Zfekifc i\dfkf# j`e Xek\eX2 leX Zfg`X[fiX# `dgi\jfiX p jZ}e\i dXiZX ?G C8J<I A<K )/)' Zfcfi gcfdf Zfe e’d\if [\ I<=% ((()(')C>+2 FZ_f j`ccXj [\ XidXq�e [\ dX[\iX Zfe Xj`\ekf [\ kXg`q m\i[\ XdXi`ccf [\k\i`fiX[X# p Zfe iXjgfe\j2 ZlXkif j`ccXj [\ \jkilZkliX d\k}c`ZX Zfe ]fiif Zfcfi m\i[\2 leX j`ccX ^`iXkfi`X [\ \jkilZ$ kliX d\k}c`ZX Zfcfi m\i[\# leX j`ccX ^`iXkfi`X [\ \jkilZkliX d\k}c`ZX Zfcfi gcfdf2 le al\^f [\ dl\Yc\j [\ jXcX Zfe Zfa`e\j# [\ Zfiifj`c Zfcfi m\i[\# [\k\i`fiX[fj p ifkfj2 Zfdgl\jkf [\ le jf]} gXiX ki\j# fkif gXiX [fj# p [fj `e[`m`[lXc\j# leX d\jX fmXcX[X [\ \jkilZkliX d\k}c`ZX Zfe kXYc\if [\ ]fid`ZX# j\ \eZl\ekiX [\k\i`fiX$ [X2 leX Z\ekiXc [\ k\c„]fefj dXiZX J@<D<EJ J*'/(.$L/*($: )/)# Zfe le X[XgkX[fi [\ Zfii`\ek\ df[\cf CKJ$+,)# Ef$ (GJ*'())$O,00)$O)$ (%$ <c XmXcl� [\ cfj Y`\e\j \dYXi$ ^X[fj XjZ`\e[\ X cX jldX [\ [fj d`c efm\ekX [�cXi\j [\ cfj <jkX[fj Le`[fj [\ Efik\Xd„i`ZX%$ J\ XZ\gkXi}e gfjkliXj X gXik`i [\ cXj [fj k\iZ\iXj gXik\j [\c XmXc’f gfi

kiXkXij\ [\ gi`d\i j\ÂŒXcXd`\ekf%$ GlYc`hl\j\ \jk\ j\ÂŒXcXd`\ekf gfi ki\j m\Z\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX gifm`eZ`X# cX hl\ j\ _Xi} d\[`Xe[f fZ_f [ˆXj# gfi cf d\efj [\ leX X fkiX p [\c Â’ck`df [\ \ccfj Xc [ˆX j\ÂŒXcX[f gXiX \c i\dXk\ gfi kiXkXij\ [\ gi`d\i j\ÂŒX$ cXd`\ekf%$ Efk`]ˆhl\j\% ]%$ ;iX%$ Jfe`X >l[`ÂŒf :`je\ifj# Al\qX J\^le[f [\ @ehl`c`eXkf Cf hl\ Zfdle`Zf X l[# gXiX cfj ]`e\j [\ C\p%$ :\ik`]`Zf ;I% 8C<O8E;<I M<E<>8J G% J<:I<K8I@F ?Xp le j\ccf 8%:%&./0.*&gm I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 C J<zFI >FEQ8CF 8E;I<J J8C8J 8E;I8;<% 8:KFI1 >C8;PJ G8KI@:@8 G8:?<:F IF;I@>L<Q ;<D8E;8;81 >FEQ8CF 8E;I<J J8C8J 8E;I8;< AL@:@F M<I98C JLD8I@F Ef1 ((*$ )'(($D%J% =LE;8D<EKF1 8IK@:LCF ((' ;<C :F;@>F :@M@C :8LJ8C ;<:@DF GI@D<I8 @E:@JF J<>LE;F :L8EK@81 @E;<K<ID@E8;8% 89F>8;F ;<=<EJFI1 ;I% D@>L<C J8E:?<Q :8J@CC<IF AL;@:@8C1 Ef% ,(. ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )0 [\ DXiqf [\c )'((# cXj '0_,*%$ M@JKFJ%$ <e cf gi`eZ`gXc# \e m`ikl[ [\ hl\ \c XZkfi _X [X[f Zldgc`d`\ekf X cX gifm`[\eZ`X hl\ Xek\Z\[\# j\ ZXc`]`ZX cX [\dXe[X [\ ZcXiX# Zfd$ gc\kX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX XZkf$ iX j\ÂŒfiX >cX[`j GXki`Z`X GXZ_\Zf If[iˆ^l\q2 p# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X Xc [\dXe[X[X j\ÂŒfi >feqXcf 8e[i„j JXcXj 8e[iX[\# X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f \eki\ leX p fkiX glYc`ZX$ Z`Â?e fZ_f [ˆXj%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if j\ÂŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX [\j`^$ eXZ`Â?e [\ jl el\mf 8Yf^X[f [\]\e$ jfi%$ :@K<J< P EFK@=@HL<J<%% ] ;I% @M8E :<M8CCFJ Q8D9I8EF% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`$ e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F

?Xp le j\ccf 8%:%&.0+/, <OKI8:KF EFK8Ic8 KI@>yJ@D8 GI@D<I8 ;<C :8EKäE HL@KF1 :Â’dgc\d\ gfe\i \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX# fkfi^X[X Xek\ cX ;fZkfiX DXi`\cX Gfqf 8ZfjkX% EfkXi`X Ki`^„j`dX Gi`d\iX [\c :XekÂ?e Hl`kf# \c AL<M<J M<@EK@F:?F ;< 89I@C [\c XÂŒf )'((# \c j\ÂŒfi I8èC 8C9<IKF EFC@MFJ :<M8CCFJ p j\ÂŒfiX D8I@8 ;@>E8 8:8IF :LD9@:FJ# ZX[X lef gfi jlj gifg`fj p g\ijfeXc\j [\i\Z_fj# gifZ\[`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc [`jl\ckX d\[`Xek\ j\ek\eZ`X [\ [`mfiZ`f [`Z$ kX[X gfi \c Al\q% ;„Z`df K\iZ\if [\ cf :`m`c [\ G`Z_`eZ_X \c m\`ek`lef [\ XYi`c [\c [fj d`c el\m\# [fZld\ekf XiZ_`mX[f Zfe \c eÂ’d\if )''0$(+(-% Hl`kf (+ [\ dXpf [\c )''0% CXj X[al[`ZXZ`fe\j [\c gXki`dfe`f j\ \eZl\ekiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kliX gÂ’Yc`ZX [\ c`hl`$ [XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc# gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ik% - [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ Efm`\dYi\ [\c )''-# hl\ X jl m\q i\]fidX \c 8ik% (/ [\ cX C\p EfkXi`Xc X^i\^Xe[f mXi`fj eld\iXc\j \eki\ cfj ZlXc\j \c eld\iXc )* ]XZlckX Xc EfkXi`f [`jgf$ e\i X `ejZi`gZ`Â?e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c\j# cX \jZi`kliX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc gfe^f \e Zfef$ Z`d`\ekf [\c gÂ’Yc`Zf# d\[`Xek\ leX glYc`ZXZ`Â?e# \c \okiXZkf [\ cX c`hl`$ [XZ`Â?e [\ gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\jgfe[`\ek\ X cfj \o ZÂ?epl^\j j\ÂŒfi I8èC 8C9<IKF EFC@MFJ :<M8CCFJ p j\ÂŒfiX D8I@8 ;@>E8 8:8IF :LD9@:FJ fkfi^X[X d\[`Xek\ \jZi`kliX gÂ’Yc`ZX [\ m\`e$ k`fZ_f [\ XYi`c [\c XÂŒf [fj d`c feZ\ Xek\ cX jljZi`kX ;fZkfiX DXi`\cX Gfqf 8ZfjkX% EfkXicX Ki`^„j`dX Gi`d\iX \c :XekÂ?e Hl`kf# gfi \c k„id`ef [\ m\`ek\ )' [Xj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\eklXcd\ek\ klm`\i\e `ek\i„j \e \jkX c`hl`[XZ`Â?e gl\[Xe gi\j\ekXi jl fgfj`Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\e$ kf gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% Hl`kf# DXiqf ') [\c )'((% ;I8% D8I@<C8 GFQF 8:FJK8 EFK8Ic8 KI@>yJ@D8 GI@D<I8 ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&.0+0)&k]

Fe de erratas. Por un error cometido por Sweaden S.A. se publicĂł en Quito en el Diario HOY el dĂ­a 28/02/2011 RESUMEN DE INVERSIONES AL 31 DE DICIEMBRE DEL 2009 INVERSION OBLIGATORIA

$ 2.449.327

INVERSION ADMITIDA

$ 2.507.184

EXCEDENTE/DEFICIENCIA

$ 57.857

Cuando lo correcto es: RESUMEN DE INVERSIONES AL 31 DE DICIEMBRE DEL 2009 INVERSION OBLIGATORIA

$ 3.316.893

INVERSION ADMITIDA

$ 3.572.919

EXCEDENTE/DEFICIENCIA

$ 256.026 A.P./49102/k.m.

I% ;<C <%

<OKI8:KF ;< GL9C@:8:@äE Al`Z`f [\ KiXYXaf FiXc Ef% *(+$ )'(' 8Zkfi1 AFI>< <EI@HL< K<I8E QLI@K8 ;\dXe[X[f1 G<KIFGIF;L::@FE 8JFGI<G :L8E@K8 LJ;# )%/'' KI8D@K< FI8C ALQ>8;F HL@EKF ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )' [\ XYi`c [\c )'((# cXj (,_(+%$ Aljk`]`ZX[Xj hl\ _Xe j`[f cXj ZXc`$ [X[\j \e cX hl\ ZfdgXi\Z\e \e \c gi\j\ek\ al`Z`f1 j\ÂŒfiX <CM@8 <JG<I8EQ8 ;<C>8;F :?<II<J# Zfdf ZÂŽepl^\ jfYi\m`m`\ek\ p AFI>< @MĂ E K<IĂ E ;<C>8;F# \e ZXc`[X[ [\ i\gi\j\ekXek\ [\ jl _\i$ dXeX :cXl[`X =\ieXe[X K\i~e%$ <e kXc m`ikl[ :@K<J< X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c hl\ \e m`[X ]l\ \c j\ÂŒfi Afi^\ <ei`hl\ K\i~e Qli`kX# d\[`Xek\ leX glYc`ZX$ Z`Â?e gfi cX gi\ejX \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\c cl^Xi# j\^Â’e cf \jk`glcX \c 8ik% /* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# \e i\cXZ`Â?e Zfe \c 8ik /) @9@;<D# gXiX cf ZlXc ZfeZ„[Xj\ \c \okiXZkf Zfii\j$ gfe[`\ek\%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ]% ;i% :Xicfj ?`[Xc^f GfeZ\% Al\q =% ;iX% EfidX 8ckXd`iXef >% J<:I<K8I@8% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\e$ kf gXiX cfj ]`e\j [\ c\p% ;iX% EfidX 8ckXd`iXef >% J<:I<K8I@8

?Xp ]`idX p j\ccf 8:&.0+// ( k] I% ;<C <% <OKI8:KF ;< GL9C@:8:@FE Al`Z`f [\ KiXYXaf FiXc Ef% /(-$ )''. 8Zkfi%$ AFI>< <EI@HL< K<I8E QLI@K8 ;\dXe[X[f%$ G<KIFGIF;L::@FE :lXekˆX%$ LJ; +,'%''' Ki}d`k\%$ FiXc ALQ>8;F HL@EKF ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )0 [\ XYi`c [\c )'((# cXj '/_+-%$ M@JKFJ1 Aljk`]`ZX[Xj hl\ _Xe j`[f cXj ZXc`[X[\j \e cX hl\ ZfdgXi\Z\e \e \c gi\j\ek\ al`Z`f1 j\ÂŒfiX <CM@8 <JG<I8EQ8 ;<C>8;F :?<II<J P AFI>< @M8E K<IĂ E ;<C>8;F# Zfdf ZÂ?epl^\ jfYi\m`m`\ek\# p i\gi\j\ekXek\ c\^Xc [\ cX d\efi [\ \[X[ :C8L;@8 =<IE8E;8 K<IĂ E ;<C>8;F# i\jg\Zk`mXd\ek\# [\ hl`\e \e m`[X ]l\ AFI>< <EI@HL< K<IĂ E QLI@K8$ <e kXc m`ikl[ :@K<J< X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\c hl\ \e m`[X ]l\ \c j\ÂŒfi AFI>< <EI@HL< K<IĂ E QLI@K8# d\[`Xek\ leX glYc`ZXZ`Â?e gfi cX gi\ejX \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\c cl^Xi# j\^Â’e cf \jk`glcX \c 8ik% /* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# \e i\cXZ`Â?e Zfe \c 8ik /) @9@;<D# gXiX cf ZlXc ZfeZ„[Xj\ \c \okiXZkf Zfii\jgfe[`\ek\%$ :ˆk\j\ p

Efk`]ˆhl\j\%$ ]%$ ;i% :Xicfj ?`[Xc^f GfeZ\# Al\q Jlgc\ek\% =% ;iX% EfidX 8ckXd`iXef >% J\Zi\kXi`X% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p% ;iX% EfidX 8ckXd`iXef >% J\Zi\kXi`X ?Xp le j\ccf 8%:%&.0+// ) <OKI8:KF EFK8Ic8 KI@>yJ@D8 HL@EK8 ;< HL@KF1 :’dgc\d\ gfe\i \e Zfef$ Z`d`\ekf [\c g’Yc`Zf hl\ d\[`Xek\ \jZi`kliX g’Yc`ZX# fkfi^X[X Xek\ \c ;i% ?„Zkfi MXcc\af ;\c^X[f# EfkXi`f Ki`^„j`df Hl`ekf [\c :Xek�e Hl`kf# \c (, [\ XYi`c [\c )'((# cfj j\Œfi\j DPI@8D <C@Q89<K? ?@;8C>F FJFI@F# [\ \jkX[f Z`m`c [`mfiZ`X[X2 p \c j\Œfi =I8E:@J:F :L<JK8 M<>8# [\ \jkX[f Z`m`c ZXjX[f# gifZ\[`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX JfZ`\[X[ :fepl^Xc% CXj X[al[`ZXZ`fe\j [\c gXki`dfe`f j\ \eZl\ekiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kliX g’Yc`ZX [\ c`hl`$ [XZ`�e [\ jfZ`\[X[ Zfepl^Xc# gfi cf hl\ \e Xgc`ZXZ`�e X cf [`jgl\jkf \e \c 8ik% - [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ Efm`\dYi\ [\c )''-# hl\ X jl m\q i\]fidX \c 8ik% (/ [\ cX C\p EfkXi`Xc X^i\^Xe[f mXi`fj eld\iXc\j# \eki\ cfj ZlXc\j \c eld\iXc )* ]XZlckX Xc EfkXi`f [`j$ gfe\i cX `ejZi`gZ`�e \e cfj I\^`jkifj

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS

EXTRACTO DE LA ESCRITURA PUBLICA DE CAMBIO DE NOMBRE DE JOSE JALIL HAAS & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA. POR EL DE JOSE JALIL & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA. Y REFORMA DE ESTATUTOS 1. ANTECEDENTES.- JOSE JALIL HAAS & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA., se constituyĂł mediante escritura pĂşblica otorgada ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, el 26 de Junio de 2008; aprobada mediante ResoluciĂłn No. 2778 de 22 de Julio de 2008, e inscrita en el Registro Mercantil del cantĂłn Quito el 6 de Agosto de 2008. 2.- CELEBRACION Y APROBACION.- La escritura pĂşblica de cambio de nombre de JOSE JALIL HAAS & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA. por el de JOSE JALIL & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA. y reforma de estatutos, otorgada ante el Notario TrigĂŠsimo Segundo del Distrito Metropolitano de Quito el 11 de Febrero de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJC. Q.11.001849. 3.- OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el seĂąor JOSE MANUEL JALIL FLORES en su calidad de Gerente General, de nacionalidad ecuatoriana, estado civil casado y domiciliado en este Distrito Metropolitano de Quito. 4. CAMBIO DE NOMBRE, REFORMA DE ESTATUTOS Y, PUBLICACION.La Superintendencia de Compaùías mediante ResoluciĂłn No. SC.IJ.DJC. Q.11.001849 de 27 de Abril de 2011 aprobĂł el cambio de nombre de JOSE JALIL HAAS & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA. por el de JOSE JALIL & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA. y, la reforma de estatutos, y ordeno la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂ­as consecutivos, para efectos de oposiciĂłn de terceros respecto al cambio de nombre referido, seĂąalado en el Art. 33 de la Ley de Compaùías y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICION.- Se pone en conocimiento del pĂşblico el cambio de nombre de JOSE JALIL HAAS & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA. por el de JOSE JALIL & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA., a fin de que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante una de los Jueces de lo Civil del domicilio principal de la compaùía, dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de Compaùías. El Juez que reciba la oposiciĂłn o el accionante, notificarĂĄ o comunicarĂĄ segĂşn el caso, a esta Superintendencia, dentro del tĂŠrmino de dos dĂ­as siguientes a partir de dicha recepciĂłn, juntamente con el escrito de oposiciĂłn y providencia recaĂ­da sobre ella. Si no hubiere oposiciĂłn o no fuere notificada esta InstituciĂłn en la forma antes indicada, se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de mencionada compaùía y al cumplimiento de los demĂĄs requisitos legales. En virtud de la escritura pĂşblica mencionada, la compaùía reforma el texto del ArtĂ­culo Primero del Estatuto Social, de la siguiente manera: “ARTICULO PRIMERO.- NATURALEZA, NACIONALIDAD Y DENOMINACION: La denominaciĂłn que la Compaùía utilizarĂĄ serĂĄ JOSE JALIL & HIJOS REPRESENTACIONES Y COMERCIO CIA. LTDA.,...â€? Quito, 27 de Abril de 2011. Ab. Hugo Arias Salgado INTENDENTE JURĂ?DICO

A.R./82835

H[YehZWdZe ieo gk_[d ieo o gk_[d de fk[Ze i[h o Yedj[d]e Z[djhe Z[ c‡ [b feZ[h Z[ bWi fWbWXhWi gk[ c[ bb[]Wd Z[ ejhe j_[cfe" Z[ ejhei [ifWY_ei$ BEKH:;I EHJ?P [\ cX Gifg`\[X[ p D\iZXek`c\j# cX \jZi`kliX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc# gi\m`f \c ki}d`k\ gi\m`j$ kf \e [`Z_X efidX c\^Xc# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# d\[`Xe$ k\ leX glYc`ZXZ`Â?e# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\jgfe[`\ek\ X cfj j\ÂŒfi\j DPI@8D <C@Q89<K? ?@;8C>F FJFI@F2 p =I8E:@J:F :L<JK8 M<>8# fkfi^X[X d\[`Xe$ k\ \jZi`kliX gÂ’Yc`ZX [\ (, [\ XYi`c [\c )'(( Xek\ \c jljZi`kf ;i% ?„Zkfi MXcc\af ;\c^X[f# EfkXi`f Ki`^„j`df Hl`ekf [\c :XekÂ?e Hl`kf% <e \c k„i$ d`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# cXj g\ijfeXj hl\ \m\eklXcd\ek\ klm`\i\e `ek\i„j \e \jkX c`hl`[XZ`Â?e gl\[\e gi\j\ekXi jl fgfj`Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e ZfefZ`d`\e$ kf gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% Hl`kf# XYi`c )' [\c )'((% ?<:KFI M8CC<AF ;<C>8;F EFK8I@F *, ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&.0+/'&k] I% ;<C <% <OKI8:KF ;< GL9C@:8:@FE AL@:@F ;< KI898AF KIĂ?D@K< FI8C (.*,+$)'(($'(*'C9 8:KFI%$ N@CJFE =<IE8E;F IF98C@EF KFII<J ;<D8E;8;F%$ AFE8K?8E ;8M@; ;< M<@EK<D@CC8 898; :L8EKĂ 8%$ (,%'''# ff LJ; KI8D@K<%$ FiXc :@K8:@FE 81 Ji% AFE8K?8E ;< M<@EK@D@CC8 898; 8LKF%$ ALQ>8;F :L8IKF ;< KI898AF ;< G@:?@E:?8%$ Hl`kf# dXik\j ( [\ dXiqf [\c )'((# cXj (._,(%$ $ M@JKFJ1 <e m`ikl[ [\c jfik\f Zfii\jgfe[`\ek\# ;i% =XY`}e <jZXcXek\ Ă?cmXi\q# XmfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jk\ [\j$ gXZ_f c\^Xcd\ek\ gfj\j`feX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\$ [\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p%$ KiXdˆk\j\ \e gif$ Z\[`d`\ekf fiXc# [\ Zfe]fid`[X[ Zfe \c 8ik% ,., p j`^l`\ek\j [\c :Â?[`^f [\c KiXYXaf%$ :ˆk\j\ X AFE8K?8E ;< M<@EK@D@CC8 898;# gfi jlj gifg`fj p g\ijfeXc\j [\i\Z_fj p gfi cfj hl\ i\gi\j\ekÂ? \e ZXc`[X[ [\ gifg`\kXi`f [\ cXj ;`jZfk\ZXj KFE@: :CL9# :@KP :CL9# KLK :CL9 p N8D :CL9# p [\ cX :fdgXÂŒ`X A8B< 9LJJ@E<J >IFLG J%8%# p gfi cfj hl\ i\gi\$ j\ekX XZklXcd\ek\# \e ZXc`[X[ [\ gifg`\kXi`f [\ cX XZklXc ;`jZfk\ZX Ăˆ;FE AL8E 9FK<CC8JÉ# \e \c cl^Xi hl\ j\ `e[`ZX# gXiX cf ZlXc# i\dˆkXj\ \c gifZ\jf X cX JXcX [\ :`kXZ`fe\j# X ]`e [\ hl\ j\ ZldgcX Zfe cX Z`kXZ`Â?e [\ cX gXik\ [\dXe[X[X \e \c k„id`ef [\ Z`eZf [ˆXj# gi\m`jkf \e \c ,.-# `eZ`jf j\^le[f [\c :Â?[`^f d\eZ`f$ eX[f%$ ?\Z_f# hl\ j\X# i\XcˆZ\j\ cX Xl[`\eZ`X gi\c`d`eXi# Zfek\jkXZ`Â?e X cX [\dXe[X p ]fidlcXZ`Â?e [\ gil\$ YXj# X cX hl\ ZfeZlii`i}e cXj gXik\j \e ]fidX g\ijfeXc f gfi `ek\id\$ [`f [\ GifZliX[fi Al[`Z`Xc Zfe gf[\i \jg\Z`Xc Xdgc`f p jl]`Z`\ek\ gXiX kiXej`^`i# \c [ˆX ) [\ Ale`f [\c )%'((# X cXj (+_)'%$ CX Zfek\jkXZ`Â?e X cX [\dXe[X j\i} ]fidlcX[X gfi \jZi`kf j\^Â’e cf [`jgl\jkf \e \c 8ik% ,.- `eZ`jf gi`d\if [\c :Â?[`^f [\c KiXYXaf%$ J\ c\ gi\m`\e\ X cX gXik\ [\dXe[X[X hl\ k`\e\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if Al[`Z`Xc [\e$ kif [\c g\iˆd\kif c\^Xc%$ K\e^Xj\ \e Zl\ekX cX ZlXekˆX ]`aX[X# p # \c ZXj`cc\if Al[`Z`Xc Ef% ,()* [\c ;i% Cl`j Kfii\j 9fe`ccX # j\ÂŒXcX[f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ALQ>8;F :L8IKF ;< KI898AF ;< G@:?@E:?8%$ Hl`kf# m`\ie\j / [\ XYi`c [\c )'((# cXj ('_+)%$ <e cf Gi`eZ`gXc Xk\ekf cf dXe`]\jkX[f gfi cX gXik\ XZkfiX \e \c \jZi`kf ZfejkXe$ k\ \e \c gifZ\jf# i\ZfefZ`d`\ekf p aliXd\ekf [\c d`jdf# :@K<J< Zfe cX gi\j\ek\ ZXljX Xc [\dXe[X[f j\ÂŒfi A?FE8K8E ;8M@; ;< M<@EK<D@CC8 898;# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$EFK@=@HL<J<%$ ] %$ ;I% =89@8E <J:8C8EK< 8CM8I<Q# AL<Q JLGC<EK<% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p ;I% D8I@F D<A@8 8IIF98 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0*+-&k] ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 I8LC <;L8I;F A8I8D@CCF CFG<Q :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 1 8:KFI1 B8IC8 EF<D@ DFI8C<J :<M8CCFJ

;<D8E;8;F1 I8LC <;L8I;F A8I8D@CCF CFG<Q F9A<KF% 8dgXiX[f \e cX ZXljXc [„Z`dX gi`d\iX# `eZ`jf gi`d\if [\c 8ik% ((' [\c :Â?[`^f :`m`c# [\dXe[X \c [`mfiZ`f X ]`e [\ hl\ \e j\ek\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆeZlcf dXki`df$ e`Xc hl\ le\ X cfj ZÂ?epl^\j% KI8D@K<% M\iYXc JldXi`f% :L8EKĂ 8% @e[\k\id`eX[X% =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 (+ ;< =<9I<IF [\c )'((% ELD<IF ;< :8LJ81 )'*$)'((99 ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc E%$-',- ;i% IXlc I\m\cf Gifm`[\eZ`X % ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )( [\ dXiqf [\c )'((# cXj (+_+-%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q <eZXi^X[f [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% +..$;G$;GG$ [\ * dXiqf [\c )'((% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`k\ M\iYXc JldXi`f% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\$ j\ Xc [\dXe[X[f I8LC <;L8I;F A8I8D@CCF CFG<Q# gfi d\[`f [\ cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X%$ EFK@=@HL<J<%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q <E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[f$ c\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% ', 89I% )'(( C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&./0./&k]

8ELC8:@FE<J

COOPROGRESO ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+))/0( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X F:8z8 KL=@zF =I<;;P FD8I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&(&('.., d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '((').)0(+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.'))',,( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X C8I8 D@HL@E>8 D8I@8 IFJ8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&)& ('..- d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+(''+/.-) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.''+))/( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X :8C<IF GFIKL>8C AF==I< 8IKLIF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&*&('... d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% '*.''0+(,0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X K8I8D9@J IF;I@>L<Q D8I@8 <L><E@8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&+&('../ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')('(*''*, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +')(.''-*,+) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X P8E:?8>L8EF P8E<Q D@>L<C 8E><C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$

eX[f [fZld\ekf cfj i\ZcXd\% 8:&,&('..0d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*('().0++ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '*.'('.)+( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X >8CM<Q 8IIFPF <;@JFE G8KI@:@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&-&('./'d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +((((''(*-,- p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +(((.''('-'- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X HL@J?G< K@KL8z8 J<;>LE;F <;>8I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&.&('./( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% +',(.''+-)*( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X HL@z8 KF8G8EK8 AFJ< G<;IF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&/&('./) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +((((''*,')( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X J@D98z8 CC8D8KLD9@ AFJ< 8CFEJF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&0&('./* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,--*/, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.''--00. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X IFJ<IF D8I@8 D8>;8C<E8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('.//& ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'(0*0/. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X DFC@E8 I@HL<CD< PFC8E;8 <C@J8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('./0& ) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '.(''+(//) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '..''*('). [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X HL@J?G< :?LHL@ CFLI;<J >L8;8CLG< j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('.0'& * d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/('),(/), p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.''.'0-, [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X A@D<E<Q K8@G< <I@B8 D<I:<;<J j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&('.0(& + d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+/)/0* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X =CFI<J :<M8CCFJ D8I@8 ;<E@J< j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZl$ d\ekf cfj i\ZcXd\% 8:&('.0)& , d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'().(0-' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '*.'(('(/+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X GIF8zF I@M8;<E<@I8 AFI>< J8EK@8>F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('.0*& - d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()'('/)'-( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X G@EFJ G8C8:@FJ E8E:P D8I@8E<C8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('.0+& . d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()('''--0- p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ().''',+-' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf

Ĺ? ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ? :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X I<:8C;< 8CLC<D8 CL@J D8EL<C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c gÂ’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&('.0,& / d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% (*.''*'/.( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X C8E:?8E>F :?@:F <;N@E @>E8:@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c gÂ’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-& 0 d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'()..'00 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '*.''-,-0' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\e$ k\ X D<I8 :8@Q8 D8I@F j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('.0.& (' d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'(*+'//+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/'.(+./). [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X D<I@EF >L8z8 D8I@8 =<IE8E;8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`$ d`\ekf [\c gÂ’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^

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

Ĉ

[\ \jk\ Xm`jf% 8:&('.(. * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% +*'.',*(( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('.(. + d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -*'.'-,/0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('.(. , d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -+'.'*+-' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* ( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% .''/'-',' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ,''.++)0+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *.'.*(00+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* + d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -+'.).--0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* , d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% (''-/,' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* - d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0..*., [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* . d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-)'.-+()0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* / d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% (*,'.((++' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'* 0 d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '+*'.-,/0- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e

Ĺ? Ĺ?

Ĺ?

Ĺ? Ĺ?

Ĺ?

ĉ

Ĺ? ÄŠĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä

Ĺ? +. Ĺ? ÄŒĹ?

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

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

Ĺ?

ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'+ ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *.'.*,()+ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/+ * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '*''.)0*,' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'+ + d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-('.(('*( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'+ , d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '++'.'0,,- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcX$ df Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('/'+ - d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% ++'-'*+/( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if /) Xc e’d\if (), 8:&('/', ( d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '++'-'*+/( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`$ ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if .' Xc e’d\if ., 8:&('/', ) d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '+)''').-, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`$ ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if *,)# *,+# *.)# *.'# */*# +'(# +'+# +((# ++(# ++-# +(0# +*0# +*,# ++,# +,'# +0)# +0* 8:&('/', * d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% */'-'*(*( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if 0'/ Xc e’d\if 0() 8:&('/', + d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '-('''0/.) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if +* Xc e’d\if ., 8:&('/', , d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '-('''0/.) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if *(# *)# *,# */ Xc e’d\if *(# *)# *,# */ 8:&('/', - d^ 4444444 Gfi _XY\ij\ G<I;@;F j\ mX e X Xel$ cXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% ,'''0(0() [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ ''.),( MXcfi1 ++-#0, =\Z_X [\ >`if1 )0 ;< 89I@C )'((% 8 cX fi[\e [\1 D<IP D8IC<E< 9LJK8D8EK< 8CM8I<Q 8:&('/', . d^ 4444444 Gfi _XY\ij\ G<I;@;F j\ mX e X Xel$ cXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% *0''')(+, [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ (),+ MXcfi1 -.#+* =\Z_X [\ >`if1 ')&',&)'((% 8 cX fi[\e [\1 D<:8EF JFCL;<IJ J%8% 8:&('/', / d^ 4444444 Gfi _XY\ij\ G<I;@;F j\ mX e X Xel$ cXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% '+)'-'()/' [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ 0'. MXcfi1 ./(#+' =\Z_X [\ >`if1 ($'*$)'((% 8 cX fi[\e [\1 <;@KFI@8C ;<C JLI <;@JLI :@8%CK;8 8:&('/', 0 d^ 4444444 Gfi _XY\ij\ <OKI8M@8;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% *-'-',)+( [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ (. & .- MXcfi1 //)#''& )''#'' 8:&('/', (' d^ 4444444 Gfi _XY\ij\ <OKI8M@8;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% *-'-'.,(- [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ (/)

Ik[b[d Z[Y_h gk[ [b ^ecXh[ gk[ Wf[j[Y[ ieb[ZWZ j_[d[ ckY^e Z[ :_ei e Z[ X[ij_W$ C7J;E 7B;CÛD MXcfi1 )+*.#-+ 8:&('/', (( d^ 4444444 Gfi _XY\ij\ G<I;@;F j\ mX e X Xel$ cXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% '+'''--.') [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ *.*0 MXcfi1 *((%-* =\Z_X [\ >`if1 - 89I@C )'((% 8 cX fi[\e [\1 @E;LD8;<I8 8:&('/', () d^ 4444444 Gfi _XY\ij\ G<I;@;8 j\ mX e X Xel$ cXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% /''-(***- [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ (',+ MXcfi1 (, =\Z_X [\ >`if1 ) ;< D8PF ;<C )'((% 8 cX fi[\e [\1 G8FC8 >8C8II8>8 8:&('/', (* d^ 4444444 Gfi _XY\ij\ JLJKI8@;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% '/''-(/')( [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ *- MXcfi1 ((( =\Z_X [\ >`if1 *'$ 89I@C )'((% 8 cX fi[\e [\1 D8LI@:@F >FEQ8C<Q 8:&('/', (+ d^

BANCO PICHINCHA J\ Zfdle`ZX Xc g’Yc`Zf hl\ j\ XelcX \c kˆklcf Ef% )-**' gfi +)' XZZ`fe\j [\ ('' jlZi\j ZX[X leX Zfii\jgfe$ [`\ek\j Xc 9XeZf G`Z_`eZ_X :%8% 8I&/)/()&ZZ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+,,( [\ cX :kX% :k\% Ef% *'()00,*'+ g\ik\$ e\Z`\ek\ X =@<IIF IL@Q# 8C9<IKF$ G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+,,+ [\ cX :kX% :k\% Ef% *'()00,*'+ g\ik\e\Z`\ek\ X =@<IIF IL@Q# 8C9<IKF$G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(.-* Xc (./' [\ cX :kX% :k\% Ef% *'-'*(//'+ g\ik\e\Z`\ek\ X M@CC8>FD<Q# :8ICFJ$><ID8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%+,- Xc +-' [\ cX :kX% :k\% Ef% *((*).'('+ g\i$ k\e\Z`\ek\ X P<G<Q ?<IE8E;<Q# >@FM8EEP$C<E@E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%/'. [\ cX :kX% :k\% Ef% *'/)*'-)'+ g\ik\e\$ Z`\ek\ X 8>L@II< C<FE# 8E><C@:8$ 9<8KI@Q [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%,,, mXcfi *)' [\ cX :kX% :k\% Ef% **0/-'.('+ g\ik\e\Z`\ek\ X 9<IIL :8II@FE#AFJ<$8ID8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%),*+ mXcfi +()#*0 [\ cX :kX% :k\% Ef% *)+/-,*''+ g\ik\e\Z`\ek\ X :FIK<Q J@D98E8# 8C98$8QL:<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%-(( Xc -.' [\ cX :kX% :k\% Ef% *++('',,'+ g\ik\e\Z`\ek\ X FE8 >L8EFCL@J8# D8I:<C@E8$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e%

8:& / d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%.(' mXcfi 0, [\ cX :kX% :k\% Ef% *')(-/),'+ g\ik\e\Z`\ek\ X 98LK@JK8 K8D8PF# <;>L@E$C<FE8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%--0 mXcfi ),)#+, [\ cX :kX% :k\% Ef% *+-*+'.('+ g\ik\e\Z`\ek\ X :FDLE@B>I8= J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*., [\ cX :kX% :k\% Ef% *+-//(.*'+ g\ik\e\$ Z`\ek\ X 98II<I8 J8EKFJ#FKKF$ ?<EIP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%((0*$ ()'+ [\ cX :kX% :k\% Ef% *+-*/)++'+ g\ik\e\Z`\ek\ X JK8I :FCFLIJ I<GI<J<EK8:@FE<J :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*-, [\ cX :kX% :k\% Ef% *+,*+))('+ g\i$ k\e\Z`\ek\ X :FDG8E@8 =I8E:<J8 ;< J<>LIFJ G8I8 :FD<I: [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%..)* [\ cX :kX% :k\% Ef% *',+*0*''+ g\ik\e\Z`\ek\ X :F=8:< J<IM@:<J <:L8;FI J% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)0, [\ cX :kX% :k\% Ef% *+)'*-,.'+ g\ik\e\Z`\ek\ X 9FIA8 @QHL@<I;F# J8EK@8>F$;8M@; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%.0( Xc /)' [\ cX :kX% :k\% Ef% *)(.**/+'+ g\ik\e\Z`\ek\ X B@D # J<LE>$@C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%).' [\ cX :kX% :k\% Ef% *+,/(.'/'+ g\i$ k\e\Z`\ek\ X :8;<E8 >FEQ8C<Q# A8@D<$I@:8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%**' mXcfi )''' [\ cX :kX% :k\% Ef% **/0/+()'+ g\ik\e\Z`\ek\ X C<< B@E# B@$K8B [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%**( mXcfi )''' [\ cX :kX% :k\% Ef% **/0/+()'+ g\ik\e\Z`\ek\ X C<< B@E# B@$K8B [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*/+ Xc (*/, [\ cX :kX% :k\% Ef% *(0(0+.('+ g\ik\e\Z`\ek\ X ?8IF >I@A8CM8# E<JKFI$?L>F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%().. mXcfi

(.). [\ cX :kX% :k\% Ef% *'-0-(//'+ g\ik\e\Z`\ek\ X C<< B@D# ?<<$JFFB [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%/,- [\ cX :kX% :k\% Ef% *'**-0*('+ g\i$ k\e\Z`\ek\ X B@D :?F# ?P8E>$Q8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(*+0 [\ cX :kX% :k\% Ef% *',..+,.'+ g\ik\e\$ Z`\ek\ X :?8E> PFF# DPLE>$?<< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%*)0- [\ cX :kX% :k\% Ef% *'*/)'*/'+ g\ik\$ e\Z`\ek\ X K@G8E #CL@J$>FEQ8CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(+/- mXcfi *(0#-/ [\ cX :kX% :k\% Ef% *'**)0/''+ g\ik\e\Z`\ek\ X @EHL@=8I :% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(-'- [\ cX :kX% :k\% Ef% *+-*/)++'+ g\ik\e\Z`\ek\ X JK8I :FCFLIJ I<GI<J<EK8:@FE<J :@8 CK;8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%.'+ Xc .*' [\ cX :kX% :k\% Ef% *+*(/0/+'+ g\ik\e\Z`\ek\ X CFQ8;8 KILA@CCF# ;8EEP$A8M@<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%('( Xc (-' [\ cX :kX% :k\% Ef% *+'..)-+'+ g\ik\e\Z`\ek\ X E8D G8IB# GF$@D [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+.. mXcfi (*' [\ cX :kX% :k\% Ef% *'.)0*+('+ g\ik\e\Z`\ek\ X FM@<;F I<@EFJF# IF:@F$;<C :@JE< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%+(' [\ cX :kX% :k\% Ef% **/)'((*'+ g\ik\e\Z`\ek\ X B@D # JLEAL$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)*,/ [\ cX :kX% :k\% Ef% *'()(+'0'+ g\ik\$ e\Z`\ek\ X G8CC8J:F GLD@J8:?F# CL@J$>@C9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(+' mXcfi +'' [\ cX :kX% :k\% Ef% *+/((./)'+ g\ik\e\Z`\ek\ X M@CC8D8I 9<;FI# D8I@M<C:@$CL:@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& *) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%,*)- [\ cX :kX% :k\% Ef% *'*),/**'+ g\ik\$ e\Z`\ek\ X B@D G8IB#ALE>$JFFB [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ** d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%)/( Xc *+' [\ cX :kX% :k\% Ef% **0')*00'+ g\ik\e\Z`\ek\ X FIK@Q =I8E:F# K?8E@8$>@J?<CC< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& *+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%(*+$ (*,$ (+'$ (+)$ [\ cX :kX% :k\% Ef%

*+/+/..*'+ g\ik\e\Z`\ek\ X DFI8C<J J8E:?<Q# D8IK?8$ <C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%((*$ ((, [\ cX :kX% :k\% Ef% *''0*.*0'+ g\ik\e\Z`\ek\ X EF G8IB# PF$JL9< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%/../* mXcfi )(+#(/ [\ cX :kX% :k\% Ef% *'.('/*/'+ g\ik\e\Z`\ek\ X LE@M<IJ@;8; K<:EFCF>@:8 <HL@EF::@8C LK< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& *. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*/+. [\ cX :kX% :k\% Ef% *)(0()/,'+ g\ik\$ e\Z`\ek\ X A8I8 J8E:?<Q# AL;@K?$ <C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& */ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%*/,( [\ cX :kX% :k\% Ef% *)(0()/,'+ g\ik\$ e\Z`\ek\ X A8I8 J8E:?<Q# AL;@K?$ <C@Q89<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%(,,/ mXcfi .' [\ cX :kX% :k\% Ef% *'',,)+*'+ g\ik\e\Z`\ek\ X =@>LI<CC@ >FI>8#I<D@$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%)-- Xc )/' [\ cX :kX% :k\% Ef% *'(0,-/,'+ g\ik\e\Z`\ek\ X D<8KP8I; >I8P#D89<C$AFJ<G?@E< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& +( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%,-( Xc --' [\ cX :kX% :k\% Ef% **+0(0)('+ g\ik\e\Z`\ek\ X DFEKFP8 8CM8I8;F#FIC8E;F$=@;<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef%-*+ Xc -+' [\ cX :kX% :k\% Ef% *+(.)//)'+ g\ik\$ e\Z`\ek\ X I8DFJ A8I8D@CCF#8E8$ :I@JK@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +* d^

Gfi IF9F [\c :_\hl\ Ef%)), 8C )). [\ cX :kX Ef%/'(-0)'-'+ g\i$ k\e\Z`\ek\ X :ILQ E8M8J# ALC@<K8$ <C@Q89<K? [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj - [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%.)-$.)/ 8C .*' [\ cX :kX Ef% /'(-*/),'+ g\ik\e\Z`\ek\ X A@D<E<Q KFII<J# I@:?8I;$ 8L>LJKF [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& + d^

BANCO BOLIVARIANO J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X [\c Z_\hl\ Ef% - :K8% :K< ,'),'(*+,. j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% 98PK<H :@8%CK;8 # 8:& ('/'( ( d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X [\c Z_\hl\ Ef% )(, :K8% :K< ((),''00*' j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% N@CC@8EJ P<==<IJFE Q8D9I8EF DFI<@I8 8:&('/'( ) d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYjkiXZZ`�e [\c Z_\hl\ Ef% ,0 Zfe ]`idX p j`e mXcfi# gi\$ j\ekX[X gfi \c ^`iX[fi Ji% X `kX% JF=@8 =CFI<J <JKLG@z8E # ZkX% Zk\% Ef% ,'','+*-/* [\c 9XeZf 9fc`mXi`Xef% 8:&('/'( * d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi g\i[`[X&JljkiXZZ`fe [\c Z_\hl\ Ef% *(.' ^`iX[f Xc Ji&X <:L8;<C@:@8J gi\j\ekX[X gfi D8>;8 <JG@EFQ8 ZkX% Zk\ Ef%$ ,'','*,,.' J\ gi\m`\e\ hl\ ZlXc$ hl`\i i\ZcXdf [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('/'( + d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi g\i[`[X&JljkiXZZ`fe [\c Z_\hl\ Ef% *'(( ^`iX[f Xc Ji&X <:L8;<C@:@8J gi\j\ekX[X gfi D8>;8 <JG@EFQ8 ZkX% Zk\ Ef%$ ,'','*,,.' J\ gi\m`\e\ hl\ ZlXc$ hl`\i i\ZcXdf [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('/'( , d^

BANCO DEL AUSTRO Gfi fi[\e [\c k`klcXi# j\ gifZ\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% ().2(*-2 (+*$(,' % :l\ekX :fii`\ek\ ('(.')**(' Dfk`mf G<I;@;8 8:&('/'' ( d^ 444444 Gfi fi[\e [\c k`klcXi# j\ gifZ\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% )'*,$ )()' % :l\ekX :fii`\ek\ (,'(+,*0 Dfk`mf G<I;@;8 8:&('/'' ) d^

BANCO RUMIĂ‘AHUI HL<;8 8ELC8;F K`klcf [\ 8ZZ`Â?e# Eld\if [\ [fZl$ d\ekf1 -'/# MXcfi )'(%--# EfdYi\ [\c Y\e\]`Z`Xi`f f X hl`\e g\ik\e\$ Z\ \c [fZld\ekf1 :FFG<I8K@M8 ;< 8?FIIF P :I<;@KF )0 ;< F:KL9I<# Eld\if [\ Z\[lcX f IL: [\c gifg`\kXi`f [\c [fZld\ekf1 (.0',-.-00''(# <ek`[X[ \d`jfiX 98E:F ><E<I8C ILD@z8?L@ J%8 8:& / d^ 44444444 HL<;8 8ELC8;F K`klcf [\ 8ZZ`Â?e# Eld\if [\ [fZld\ekf1 (0.+/#MXcfi (%,/)#/'#EfdYi\ [\c Y\e\]`Z`Xi`f f X hl`\e g\ik\e\Z\ \c [fZld\e$ kf1 IF;I@>L<Q :ILQ AFI>< >L@CC<IDF# Eld\if [\ Z\[lcX f IL: [\c gifg`\kXi`f [\c [fZld\e$ kf1 '0')''.(((# <ek`[X[ \d`jfiX1 98E:F ><E<I8C ILD@z8?L@ J%8 8:& 0 d^ HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_f$ iifj Ef%/'())),.'' Eif% :XikfcX (.).)0)'(*. [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_f$ iifj Ef%/'),*.+('' Eif% :XikfcX (-,/,/*'),- [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ) d^ 44444 HL<;8 8ELC8;F

CITIBANK :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX[f \c Z_\hl\ Zfe cXj j`^l`\ek\j ZXiXZk\iˆjk`$ ZXj1 >`iX[fi1 8:< J<>LIFJ J%8% 2 :l\ekX1 ''(..(.')) :_\hl\ Ef% *'(-,'. =\Z_X [\ \d`j`�e (0 ;< 89@IC ;< )'(( :Xek`[X[ )+*#/+ 2 9\e\]`Z`Xi`f1 @JI8<C G8C8;@E<J >L<II<IF Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\i`fi\j X \jkX glYc`ZXZ`�e% 8:&('.00&( d^

8ELC8:@FE<J M8I@8J G„i[`[X Z\ik`]`ZX[f [\ `em\ij`�e Ef% G=''(*''(//)(( 8&=&;1 PfcXe[X JljXeX JlXi\q EXiXeaf gfi (%(''# hl\ `e`Z`f (&'+&)'(( p m\eZ`d`\ekf )&',&)'((% 8I&(+0(.&ZZ 444444 :ffg\iXk`mX [\ 8_fiif p :i„[`kf )0 [\ FZklYi\ :ffg\iXk`mX [\ 8_fiif p :i„[`kf )0 [\ FZklYi\ Ck[X% j\ gfe\ \e ZfefZ`$ d`\ekf [\c g’Yc`Zf hl\ _\dfj j`[f efk`]`ZX[fj [\ cX g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% +,'(**(((, X EfdYi\ [\ J\^le[f D\[Xi[f KfeXkf :_Xj`% 8%G%&+0',,&b%d%

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