Ä
Ĺ?
(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }
Ä–ĹŠ Ä“ĹŠ ĹŠ ĹŠ Ä“
Bei _cfk[ijei0 C_ fhe\[ieh Z[ ?cfk[ijei" [d ik fh_c[hW YbWi[ ieb‡W Z[Y_h gk[ bW Z[\_d_Y_ÂŒd Z[ kd _cfk[ije i[ h[\_[# h[ W Yece [b ;ijWZe jecW fWhj[ Z[b fWjh_ced_e Z[ kdW f[hiedW i_d i[h kd Z[b_dYk[dj[$ Be h[fh[# i[djWXW Yed kdW Z_Wfei_j_lW [d bW gk[ kd jehe \ehd_Ze Z[ ]hWdZ[i Yk[hdei o c_hWZW Z[lWijWZehW i[ Yedij_jk‡W [d [b ;ijWZe h[YWkZW# Zeh" [b YkWb [cX[ij‡W W kdW ck`[h i[c_Z[idkZW o gk[ iebe j[d‡W kdW f[gk[‹W \hWpWZW fWhW fhej[][hi[ Z[ bW [cX[ij_ZW o gk[ h[fh[i[djW# XW Wb Yedjh_Xko[dj[$ O bk[]e i[‹WbWXW gk[ feYei WXe]WZei i[ Z[Z_YWXWd Wb Ă›h[W Jh_XkjWh_W" de iebe feh bWi h[\eh# cWi YedijWdj[i Z[b hƒ]_c[d jh_# XkjWh_e Ă„oW lWcei W bW eYjWlW h[\ehcW [d [ij[ ]eX_[hde# i_de fehgk[ iki _dij_jkY_ed[i ied fhef_Wi o fWhj_YkbWh[i o bb[]WXW W YecfWhWhbe Yed bW f[b‡YkbW Z[ CWjh_n" [d ZedZ[ [b :[h[Y^e [i jeZe be gk[ l_l_cei Ă„o Yh[[cei gk[ Wfh[dZ_cei# o be gk[ [ij| \k[hW Z[ ƒb o be ]eX_[hdW jeZe [i [b :[h[Y^e Jh_XkjWh_e$ Bk[]e Z[ [ije" [n_ij[d lWh_ei Z[\[dieh[i Z[ bW [b_c_dWY_ÂŒd Z[ bei _cfk[ijei" XW`e bW Yedi_Z[hW# Y_ÂŒd Z[ gk[ bei c_icei YWij_]Wd [b [i\k[hpe o bW [\_Y_[dY_W0 Gk_[d[i c|i h_gk[pW ][d[hWd" o gk[ Z[X[# h‡Wd i[h fh[c_WZei feh [bbe" feh ][d[hWh c|i h_gk[pW" c|i jhWXW`e o Z[iWhhebbe$ Ied YWij_]WZei W Z[i# fh[dZ[hi[ Z[ kdW cWoeh fWhj[ Z[ ik fWjh_ced_e" gk[ Wgk[bbei gk[ feYe e dWZW ^Wd fheZkY_Ze1 b_X[# h|dZebei W [ijei ‘bj_cei Z[b fW]e Z[ _cfk[ijei$ O bk[]e bW Whj_bb[h‡W e fej[ijW# Z[i gk[ i[ [dYk[djhW _dl[ij_ZW bW 7Zc_d_ijhWY_ÂŒd Jh_XkjWh_W fWhW [b YeXhe Z[ bWi eXb_]WY_ed[i" gk[ lW Z[iZ[ [b YeXhe Z[b _cfk[ije" c|i ckbjWi" [b YeXhe Z[ _dj[h[i[i gk[ ikf[hWd [b _dj[hƒi b[]Wb bW jWiW c|n_cW Z[b 8WdYe 9[djhWb feh '$+ l[Y[i kd h[YWh]e WZ_Y_edWb Z[b (& Z[b lWbeh Z[j[hc_dWZe" c|i kdW YWkY_ÂŒd Z[b '& fWhW WYY[Z[h W bW l‡W `kZ_Y_Wb o Yed bW
"(3.1 ĹŠ ÂĄ ĹŠ
Ĺ?Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ÄŠÄ‡Ä ÄŠ
ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠĹŠĹŠĹŠ'33/ľľ666Ä“"#1#!'.#!4 ".1Ä“!., (1#!!(¢-Ä–ĹŠ 1#- 2ĹŠ8ĹŠÄˆÄ‡ĹŠ"#ĹŠ %.23.ĔŊ "($Ä“ĹŠ (5 -!.ĔŊĎ3.Ä“ĹŠ/(2.ŊġŊ #+_$.-.2Ä–ĹŠÄ‰ÄŽÄŽÄˆÄąÄŽÄŽÄ‰ÄľÄ‰ÄŽÄŽÄŽÄąÄŒÄŠÄˆÄľÄ‰ÄŽÄ‡Ä‡ÄąÄ‰ÄŒÄŽÄľÄ‰ÄŽÄŽÄ‰ÄąÄˆÄŠÄŽĹŠĹŠÄˇĹŠ Äą, (+Ä– ĹŠ)4"(!( +Äž"#1#!'.#!4 ".1Ä“!.,ĹŠ
Ŋ_3(! Ŋ#-Ŋ+ Ŋ ",(-(231 !(¢-Ŋ 31( 43 1(
fei_X_b_ZWZ Z[ [cXWh]Wh o h[cW# jWh X_[d[i" i_d d[Y[i_ZWZ Z[ gk[ Wi‡ be ehZ[d[ kd `k[p" [d YedjhW Z[b Yedjh_Xko[dj[$ :[`W Wb Yedjh_Xk# o[dj[ Yed feYWi efY_ed[i Z[ iWb_h b_XhWZe Z[ bW c_icW$ ;ijW _djheZkYY_Œd de j_[d[ ejhe fhefŒi_je gk[ [b [l_Z[dY_Wh gk[ [b [`[hY_Y_e Z[ bWi fej[ijWZ[i jh_# XkjWh_Wi [ij|d _dl[ij_ZWi Z[ jWdje feZ[h" YkoW WYj_l_ZWZ c[h[Y[ bW cWoeh Wf[hjkhW o jhWdifWh[dY_W$ xj_YW jh_XkjWh_W0 BW ƒj_YW [d bW jh_XkjWY_Œd [i X_Z_h[YY_edWb" Z[ kd bWZe kdW h[ifediWX_b_ZWZ o eXb_]WY_Œd Z[ bei Yedjh_Xko[dj[i \h[dj[ W bW ieY_[ZWZ fWhW Ykcfb_h Yed iki eXb_]WY_ed[i" c|i Wbb| Z[ [dYWhWh bWi WYjkWY_ed[i o iWdY_ed[i gk[ fk[Z[ _cfed[h bW 7Zc_d_ijhWY_Œd Jh_XkjWh_W$ :[ _]kWb cWd[hW fWhW bW 7Zc_d_ijhWY_Œd F‘Xb_YW Z[ h[i# fedZ[h Wdj[ bW Y_kZWZWd‡W feh [b kie Z[ h[Ykhiei Z[h_lWZei Z[ ik WYj_l_ZWZ h[YWk# ZWjeh_W$
;d jWb i[dj_Ze o Z[h_lWZe Z[ bW ƒj_YW Z[ bW 7Zc_d_ijhWY_ÂŒd Jh_XkjWh_W" bei ÆWYjei Z_iYh[# Y_edWb[iÇ Z[X[h‡Wd i[h c‡d_# cei$ 7^ehW X_[d" Wb]kdei W\_h# cWd gk[ bWi WYjkWY_ed[i Z[ bW 7Zc_d_ijhWY_ÂŒd Jh_XkjWh_W [i [dYWkiWZW o Z_h_]_ZW W Y_[hjei Yedjh_Xko[dj[i" Z[`WdZe b_Xh[i Z[ [iW l[h_\_YWY_ÂŒd W ejhei Yedjh_Xk# o[dj[i gk[ [dYedjh|dZei[ [d Yed# Z_Y_ed[i YecfWhWXb[i WYj_l_ZWZ [YedÂŒc_YW" l[djWi" fWjh_ced_e o ieXh[ bW YkWb dWZW ^W i[‹WbWZe bW 7Zc_d_ijhWY_ÂŒd" Z[`W kdW iec# XhW Z[ gk[ Z_Y^Wi W\_hcWY_ed[i fk[Z[d j[d[h Wi_Z[he$
Âľ9ÂŒce i[ i[dj_h‡W Kij[Z i_ [i ik`[je Z[ kdW l[h_\_YWY_ÂŒd [n^Wkij_lW feh fWhj[ Z[ bW 7Zc_d_ijhWY_ÂŒd Jh_XkjWh_W" o W ik Yecf[j[dY_W de [i Yedi_Z[hWZW Z[djhe Z[ jWb[i l[h_\_YWY_ed[i5 Âľ7YWie [d [ijW cWj[h_W [i l|b_Ze gk[ bW 7Zc_d_ijhWY_ÂŒd Z[j[hc_# d[ ÆZ_iYh[Y_edWbc[dj[Ç gk_[d[i i[Wd ik`[jei W h[l_i_ÂŒd o gk_[d[i gk[Z[d b_X[hWZei Z[ bW c_icW5 :_]e ÆZ_iYh[Y_edWbc[dj[Ç feh# gk[ [b I[hl_Y_e Z[ H[djWi ?dj[hdWi c[Z_Wdj[ H[iebkY_ÂŒd De$ ,/*' Z[ '. Z[ del_[cXh[ Z[ (&'&" kd_# bWj[hWbc[dj[ Z[Y_Z_ÂŒ YbWi_\_YWh Yece _d\ehcWY_ÂŒd h[i[hlWZW bWi feb‡j_YWi h[\[h_ZWi W bei fbWd[i o fhe]hWcWi Z[ Yedjheb jh_XkjWh_e$ Feh be gk[ c|i Wbb| Z[b _dj[# hƒi fWhj_YkbWh Z[ kdW [cfh[iW Z[ iWX[h i_ lW e de W i[h WkZ_# jWZW" Yece kdW h[ifediWX_# b_ZWZ Wdj[ bei Y_kZWZWdei1 bW 7Zc_d_ijhWY_ÂŒd Jh_XkjWh_W Z[X[h‡W _d\ehcWh Z[ bWi feb‡j_YWi ][d[hWb[i Z[ bW 7Zc_d_ijhWY_ÂŒd Jh_XkjWh_W fWhW Yedi_Z[hWh W kd Yedjh_Xko[dj[ Yece ik`[je Z[ h[l_i_ÂŒd [ _dif[YY_ed[i Z[ bW 7Zc_d_ijhWY_ÂŒd" Yed [b fhefÂŒi_# j e Z[ l[h_\_YWh i_ ^W h[Wb_pWZe
kdW WZ[YkWZW b_gk_ZWY_ÂŒd Z[ iki _cfk[ijei$ ;bbe lW Z[ bW cWde Z[b Yedjheb ieY_Wb W bW bWXeh Z[ bWi _dij_jkY_e# d[i gk[ h[Wb_pWd bei Y_kZWZWdei fWhW Z[dkdY_Wh YWiei Z[ [cfh[# iWi gk[ [dcWhYWZWi Z[djhe Z[ jWb[i feb‡j_YWi de i[ ^Wd Yedi_# Z[hWZe Z[djhe Z[ bei fheY[iei Z[ Yedjheb e l_Y[l[hiW$ :[ ejhWi gk[ i_d Ykcfb_h d_d]kde Z[ bei fWh|c[jhei ^W i_Ze _dYbk_ZW [d bW l[h_\_YWY_ÂŒd$ Feh be gk[ i_ W bei Y_kZWZWdei i[ [n_][ kdW h[ifediWX_b_ZWZ ƒj_YW \h[dj[ W bW ieY_[ZWZ fWhW [b fW]e Z[ _cfk[ijei" Z[ ik fWhj[ bW 7Zc_d_ijhWY_ÂŒd Jh_XkjWh_W Z[ _]kWb \ehcW Z[X[ Z[ceijhWh gk[ ik WYjkWY_ÂŒd [ij| [dcWhYWZW Z[djhe Z[ fWh|c[jhei jƒYd_Yei o eX`[j_lei$ >[Y^e gk[ WYjkWb# c[dj[ de i[ fk[Z[ Yed\_hcWh YkWdZe i_d [nfb_YWY_ÂŒd bW fhe# f_W 7Zc_d_ijhWY_ÂŒd Z[Y_Z[" c|i Yece kdW ^[hhWc_[djW Z[ feZ[h W bWi Wjh_XkY_ed[i gk[ oW fei[[ o Z[ feYW jhWdifWh[dY_W o Z_iYh[# Y_edWb_ZWZ" i_d ZkZW" Æh[i[hlWhi[ Yece Yed\_Z[dY_WbÇ bWi feb‡j_YWi ][d[hWb[i fWhW _dYbk_h kd ]hkfe Z[ Yedjh_Xko[dj[i [d WYj_l_ZWZ[i Z[ WkZ_jeh‡W$ 9edYbki_ÂŒd0 BW ƒj_YW o bW jhWdifWh[dY_W [n_# ][d gk[ bW h[]bW i[W gk[ bei Yedjh_# Xko[dj[i gk[ YkcfbWd Z[j[hc_# dWZWi YedZ_Y_ed[i lWd W i[h ik`[# jei Z[ Yedjheb" o feh [nY[fY_ÂŒd i[ _dYbkoWd W ejhei gk[ de Ykcfb[d jWb[i YedZ_Y_ed[i$ O de be YedjhW# h_e" feh be c[dei Z[ l[hi_ed[i de Z[ic[dj_ZWi" Z[ gk[ bei Yedjh_Xk# o[dj[i W l[h_\_YWY_ÂŒd WYjkWbc[d# j[ ied bei gk[ W Z_iYh[Y_edWb_ZWZ Z[j[hc_dW bW 7Zc_d_ijhWY_ÂŒd o feh [nY[fY_ÂŒd Wgk[bbei ieXh[ bei gk[ i[ fh[ikc[ eX`[j_lWc[dj[ gk[ [n_ij[ h_[i]e jh_XkjWh_e$ E feh be c[dei [ijW ZkZW i_[c# fh[ f[hi_ij_h| [d bW c[Z_ZW gk[ bW _d\ehcWY_ÂŒd Z[ bWi feb‡j_YWi Z[ bei fheY[iei Z[ Yedjheb i[ cWdj[d]Wd Yece Æ_d\ehcWY_ÂŒd Yed\_Z[dY_WbÇ" Yece ^WijW W^ehW$ 1Ä“ĹŠ 5(#1ĹŠ 423.2ĹŠ Ä“ 1.$#2.1ĹŠ "#ĹŠ + ĹŠ -(5#12(" "ĹŠ -ĹŠ 1 -!(2!.ĹŠ "#ĹŠ 4(3. #%(231.ĹŠ $(!( +ĹŠ ĊĊĉŊ "#+ĹŠ ÄˆĹŠ "#ĹŠ "(!(#, 1#ĹŠ "#ĹŠ ĉćĈć
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä‚
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
;@MFI:@FJ ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 C8 J<zFI8 J@CM@8 G8LC@E8 G8<Q 9<E8C:8Q8I 8:KFI1 ;i% ?l^f <iXqf >feq}c\q \e ZXc`[X[ [\ DXe[XkXi`f [\c j\ÂŒfi =I8EBC@E G8KI@:@F I<M<CF GIF8zF ;<D8E;8;F1 J@CM@8 G8LC@E8 G8<Q 9<E8C:8Q8I ;<D8E;8; ;`mfiZ`f XdgX$ iX[f \e \c `eZ`jf j\^le[f [\ c\ :XljXc ;„Z`df FeZ\XmX [\c 8ik% ((' [\c :-[`^f :`m`c% KI8D@K<1 M\iYXc JldXi`f ;\]\ejfi1 ;i% ?l^f <iXqf >% AL@:@F Eif% (')* [\c )'('% ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :XpXdY\ DXiqf (- [\c )'((# CXj ('_''# M@JKFJ1 8mfZf Zfef$ Z`d`\ekf \e ZXc`[X[ [\ Al\q <eZXi^X[f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc ,'+ ;G$;GG [\ (' [\ DXiqf [\ )'((% <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX p i\le\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X# j\ cX XZ\g$ kX X ki}d`k\ m\iYXc JldXi`f p j\ [`jgfe\ hl\ Zfe cX d`jdX p \jkX gifm`[\eZ`X j\ Z`k\ X cX [\dXe[X[X j\ÂŒfi J@CM@8 G8LC@E8 G8<Q 9<E8C:8Q8I# gXiX cfj ]`e\j c\^Xc\j% <e m`i$ kl[ [\c aliXd\ekf i\e[`[f gfi \c XZZ`feXek\# j\ [`jgfe\ hl\ cX Z`kXZ`Â?e X cX [\dXe[X[X j\ cf i\Xc`Z\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 8^i„^l\j\ cX <jZi`kliX [\ ;\c\^XZ`Â?e [\ Gf[\i <jg\Z`Xc p GifZliXZ`Â?e Al[`Z`Xc Zfe cX ZlXc ZfdgXi\Z\ \c ;i% ?l^f <iXqf >feq}c\q% :l„ek\j\ Zfe \c j\ÂŒfi =`jZXc [\ G`Z_`eZ_X Zfe ]leZ`fe\j \e cfj :Xekfe\j :XpXdY\ p G\[if DfeZXpf% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f% Efk`]ˆhl\j\% = ;i% Cl`j EXim}\q GXqfj% Cf hl\ cc\mf X jl ZfefZ`d`\ekf P C< :@KF# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j% 9I8LC@F G<I<Q G<z8=@<C J<:I<K8I@F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00.+&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 A8:@EKF 8C9<IKF K@D9<C8 I<D8:?< <OKI8:KF AL@:@F1 ;@MFI:@F Ef%$ .,$ )'(($;I%$G= 8:KFI1 D8IĂ 8 IFJ8 >L8@CC8 G@C8DLE>8 ;<D8E;8;F1 A8:@EKF 8 C 9 < IKF K @ D 9 < C 8 I<D8:?< F9A<KF1 F9K<E<I C8 ;@JFCL:@äE ;<C MĂ E:LCF D8KI@DFE@8C [\ 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# m`\ie\j (, [\ XYi`c [\c )'((# cXj (,_,.%$ M@JKFJ1 Gfi Zldgc`[f Zfe \c i\hl\i`d`\ekf Xek\i`fi%$CX [\dXe[X gifgl\jkX gfi cX j\ÂŒfiX D8IĂ 8 IFJ8 >L8@CC8 G@C8DLE>8# \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\[\e$ k\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f M\iYXc JldXi`f%$ <e Zfe$ j\Zl\eZ`X# \e d„i`kf [\ cX X]`i$ dXZ`Â?e hl\ YXaf aliXd\ekf _X i\Xc`qX[f cX 8ZkfiX# Zfe]fid\ cf [`jgfe\ \c 8ik%$/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\
Xc j\ÂŒfi A8:@EKF 8C9<IKF K@D9<C8 I<D8:?<# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# gXiX cf ZlXc j\ \eki\^Xi} \c \okiXZkf i\jg\Zk`mf %$ @eZfigÂ?i\ej\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ KÂ?d\j\ efkX [\ cX ZlXekˆX# \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi# gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p Xlkfi`qXZ`Â?e dXe`]\jkX[fj \e ]Xmfi [\ jl ;\]\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:&.00-'&k] I% ;<C <% <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 9C8E:8 D8I@E8 J<>FM@8 M8C;<Q AL@:@F1 ;@MFI:@F Ef% )'(($ '*)+$A:K 8:KFI1 8E><C @J8@8J ?@EFAFJ8 I@M<I8 ; < D 8 E ;8 ;8 1 9 C 8 E :8 D8I@E8 J<>FM@8 M8C;<Q ;FD@:@C@F AL;@:@8C1 ;I% ;8IN@E KILA@CCF :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 ;< :FE=FID@;8; :FE CF ;@JGL<JKF GFI <C 8IK% (('# :8LJ8C * P ((# J<>LE;F @E:@JF ;<C :F;@>F :@M@C# ;<D8E;8 8 JL :äEPL>< JI8% 9C8E:8 D8I@E8 J<>FM@8 M8C;<Q <C ;@MFI:@F# 8 =@E ;< HL< <E J<EK<E:@8 J< ;<:C8I< ;@JL<CKF <C M@E:LCF D8KI@DFE@8C HL< C<J LE<# FI;<E8E;F JL @EJ:I@G:@äE <E <C I<>@JKIF :@M@C%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (' [\ DXpf [\c )'((# X cXj ((?('%$ M@JKFJ1 Gfi Zldgc`[f cf fi[\eX[f \e gifm`[\eZ`X `e`Z`Xc# \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ \jkX Al[`ZXkliX%$ <e cf gi`eZ`$ gXc cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p gi\Z`jX# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ M<I98C JLD8I@F%$ :Â?iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X# X cX [\dXe$ [X[X j\ÂŒfiX 9C8E:8 D8I@E8 J<>FM@8 M8C;<Q# X hl`\e j\ cX Z`kXi} gfi cX gi\ejX# \e cX ]fidX [`jgl\jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`Z`Xc [\j`^eX[fj gfi \c XZkfi p cX ]XZlckX[ ZfeZ\$ [`[X X jl [\]\ejfi ;I% ;8IN@E KILA@CCF%$ 8^i„^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj gi\j\e$ kX[fj%$ EFK@=@HL<J<%$ ] ;I% A8@D< :8EJ<:F >L<II<IF# Al\q%$ Gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc [\ekif [\c g\iˆd\kif c\^Xc# \e cX ]fidX \jkXYc\Z`[X gfi cX C\p% ;I% ALC@F :<J8I DLzFQ DJ:% J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00-(&k] I% ;<C <% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 AL8E8 DFEJ<II8K< CFFI FIK@Q AL@:@F ;< ;@MFI:@F M<I98C JLD8I@F Ef% (-/*$)'('$I: 8:KFI1 =iXeZ`jZf 8ekfe`f
Ĺ?
M`mXj QXdYiXef ; < D 8 E ;8 ; F 1 A L 8 E 8 DFEJ<II8K< CFFI FIK@Q F9A<KF1 ;\ZcXiXi [`jl\ckf \c mˆeZlcf dXki`dfe`Xc =LE;8D<EKF C<>8C%$ 8ik% (('# ZXljXc ((iX%# @eZ% )[f [\c :Â?[`^f :`m`c :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F C<>8C1 ,(., ;i% J`cm`f M`mXj 8LKF ;< :8C@=@:8:@FE ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )* [\ ]\Yi\if [\c )'((# cXj (._++%$M@JKFJ%$ LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X gi\$ Z\[\ek\# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# Zfdgc\kX p Zfek\e$ k`mX [\ cfj i\hl`j`kfj gi\Z\gklX$ [fj \e cfj XikˆZlcfj -. p -/ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 Zfej\Zl\ek\d\ek\# X[d`k`„e$ [fcX Xc ki}d`k\ m\iYXc jldXi`f# \e Xk\eZ`Â?e X cX X]`idXZ`Â?e hl\ Zfe aliXd\ekf \]\ZkÂ’X \c XZkfi jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\i$ d`eXi cX `e[`m`[lXc`[X[ f i\j`$ [\eZ`X [\ cX [\dXe[X[X# Zˆk\j\ X AL8E8 CFFI FIK@Q gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e \e \jkX Z`l[X[ [\ Hl`kf cl^Xi [fe[\ j\ Z\c\YiÂ? \c dXki`dfe`f# \e cX ]fidX hl\ gi\Z\gkÂ’Xe cfj Xikˆ$ Zlcfj ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf \e cX d`jdX dXk\i`X% 8^i„^l\ej\ Xc \og\[`\ek\ cfj [fZld\ekfj i\]\i`[fj \e cX ]\ [\ gi\j\ekX$ Z`Â?e jljZi`kX gfi \c i\jgfejX$ Yc\ [\ cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j%$ 8ZkÂ’\ \c C`Z% >l`[f <jg`efqX# \e ZXc`[X[ [\ J\Zi\kXi`f# \e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Eif% )).'$ ;G$;GG# [\ (* [\ FZklYi\ [\c )'('%$:@K<J< p EFK@=@HL<J<% = ;I% IL9<E >@C<I :<;<zF% AL<Q CF HL< :FDLE@:F P C< :@KF 8 LJK<; GI<M@E@<E;FC< ;< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E < JK8 AL;@:8KLI8 :FE=FID< CF ;@JGFE< C8 C<P% >l`[f <jg`efqX <jg`efqX% J<:I<K8I@F ;<C ALQ>8;F )( :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00/)&k] ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C% 8 C8 J<zFI8 M<IFE@:8 :LD8E;8 J 8 C > 8 ; F J<II8EF ;< C8 ;<D8E;8 ;< ;@MFI:@F GIFGL<JK8 <E JL :FEKI8 GFI <C J<zFI :8ICFJ >@FM8EEP GILE8 DFC@E8% 8:KFI1 J<zFI :8ICFJ >@FM8EEP GILE8 DFC@E8% ; < D 8 E ;8 ;8 1 J < z F I8 M<IFE@:8 : L D 8 E ;8 J8C>8;F J<II8EF% AL@:@F1 Ef% (,-/$)'('$<;% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8% =<:?8 ;< @E@:@8:@äE1 m`\ie\j (( [\ dXiqf [\c )'((% GIFM@;<E:@81 ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (( [\ dXiqf [\c )'((# cXj ()_'.%$ M@JKFJ1 :ldgc`[f hl\ _X j`[f \c i\hl\$ i`d`\ekf jfc`Z`kX[f \e gifm`$ [\eZ`X `e`Z`Xc# cX [\dXe[X hl\ Xek\Z\[\ j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p Zfdgc\kX# gfi i\le`i cfj i\hl`j`kfj [\ c\p# iXqÂ?e gfi cX ZlXc j\ cX X[d`k\ Xc kiXd`k\ m\iYXc jldXi`f%$ <e cf gi`eZ`$ gXc# Xk\ekX Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X JI8% M<IFE@:8 :LD8E;8 J8C>8;F J<II8EF# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\ cX Z`l$ [X[ p ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X p kXc Zfdf [`jgfe\ \c 8ik% ((0 [\c :Â?[`^f :`m`c# j\ cXj _Xi} d\[`Xe[f k„id`ef [\ fZ_f [ˆXj# gfi cf d\efj# \eki\ cX leX p cX fkiX glYc`ZXZ`Â?e2 \ `^lXcd\ek\# efk`]ˆhl\j\ gfi cX gi\ejX p gfi leX jfcX m\q Xc d\efi X[lckf 9IP8E >89I@<C GILE8 J8C>8;F gXiX hl\ XZ\gk\ f `ej`eÂ’\ :liX[fi gfi jlj gifg`fj p g\ijfeXc\j [\i\$
8%:%.00)+&
I_ [b fh[Y_e Z[ bW iWX_Zkh‡W [i bW l[`[p" fh[\_[he i[h _cXƒY_b$ @EIx BK?I BâF;P LĂ›PGK;P$
Z_fj%$ K„e^Xj\ \e Zl\ekX cX `ej`elXZ`�e [\ :liX[fiX 8[ c`k\d \e cX g\ijfeX [\ cX JI8% D8I@8 8E><C@:8 DFC@E8 DLzFQ X ]`e [\ hl\ c\ i\gi\$ j\ek\ \e \jkX ZXljX X cfj d\ef$ i\j [\ \[X[ 9IP8E >89I@<C p M@8E:8 ><FM8EE8 GILE8 J8C>8;F%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj X[ale$ kfj%$ K�d\j\ efkX [\ cX ZlXekˆX p [fd`Z`c`f al[`Z`Xc j\ŒXcX[fj gfi \c JI% :8ICFJ >@FM8EEP GILE8 DFC@E8 p cX Xlkfi`$ qXZ`�e hl\ [X X jl XYf^X[f [\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\ ] ;iX% D�e`ZX =cfi GXqd`Œf% AL<Q8% GXik`ZlcXi hl\ cc\mf X jl Zfef$ Z`d`\ekf gXi cfj ]`e\j c\^Xc\j g\ik`e\ek\j# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X% J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0*+,&k] I% [\c <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`�e Al[`Z`Xc X cX j\ŒfiX ;@8E8 M8C<I@8 9I8Q8C<J N@CC@8DJ# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f cX j`^l`\ek\ XZZ`�e1 8:KFI1 ;i% <[`jfe 8cd\`[X# GifZliX[fi Al[`Z`Xc [\ A\j’j C\fgfc[f GifZ\c :\mXccfj ;<D8E;8;81 ;`XeX MXc\i`X 9iXqXc\j N`cc`Xdj 8JLEKF1 ;`mfiZ`f KI8D@K<1 M\iYXc JldXi`f
:8LJ81 (.'($ )'(' <DK :L8EK@81 @e[\k\id`eX[X AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc` J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f KI8D@K81 8Y% <]iXˆe DXikˆe\q KXg`X GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?81 HL@KF# ), [\ DXiqf [\c )''0# cXj ((_*+%$ M@JKFJ1 Gfi Zldgc`[X cX gifm`$ [\eZ`X [\ (' [\ \e\if [\c )'((# cXj ((_+,# j\ [`jgfe\ cf j`^l`\e$ k\1 <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}d`k\ M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fi$ d`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ŒfiX ;`XeX MXc\i`X 9iXqXc\j N`cc`Xdj# d\[`Xek\ glYc`ZX$ Z`�e gfi cX gi\ejX \e lef [\ cfj ;`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ Hl`kf%$ <e fi[\e Xc efdYiXd`\ekf [\ :liX[fi 8[$c`k\d# Zl„ek\j\ Zfe \c j\Œfi =`jZXc ;`jki`kXc [\ G`Z_`eZ_X%$ K„e^Xj\ \e Zl\ekX cX ZXj`$ ccX al[`Z`Xc j\ŒXcX[X gfi \c XZkfi%$8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e XZfdgXŒX[X%$ Efk`]ˆhl\j\%$ ] %$ ;i% 8idXe[f 8Z\c[f >lXcc`% AL<Q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi [fd`Z`$ c`f al[`Z`Xc Zfe]fid\ X c\p# gXiX ]lkliXj efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf
:@K8:@FE AL;@:@8C ALQ>8;F :L8IKF ;< CF :@M@C ;< :L<E:8 8% P<E<P :8IG@F I8D@I<Q [\ hl`\e j\ X]`idX YXaf aliXd\ekf cX `dgfj`Y`c`[X[ [\ [\k\id`eXi jl i\j`[\eZ`X# c\ _X^f jXY\i hl\ \e \c Alq^X[f :lXikf [\ cf :`m`c [\ :l\eZX X ZXi^f [\c ;i% DXli`Z`f CXii`mX >feq}c\q# j\ _X gi\j\ekX[f \e jl ZfekiX leX [\dXe[X cX d`jdX hl\ \e \okiXZkf Zfe cX gifm`[\eZ`X \e \ccX i\ZXˆ[X jfe [\c j`^l`\ek\ k\efi1 E8KLI8C<Q81 M\iYXc JldXi`f% D8K<I@81 ;`mfiZ`f% 8:KFI1 :I@JK@8E =8M@8E :8CC< N@C:?@J gifZliX[fi al[`Z`Xc [\ BC<9<I D8LI@:@F :8CC< N@C:?@J :L8EK@81 @e[\k\id`eX[X% GIFM@;<E:@81 :l\eZX# (, [\ dXiqf [\ )'(( CXj /_)' M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e iXqÂ?e [\c jfik\f giXZk`ZX[f% CX [\dXe[X [\ [`mfiZ`f hl\ Xek\Z\[\ gif$ gl\jkX gfi :I@JK@8E =8M@8E :8CC< N@C:?@J \e ZfekiX [\ P<E<P :8IG@F I8D@I<Q# gfi Zldgc`i cfj i\hl`j`kfj c\^Xc\j# j\ cX ZXc`]`ZX [\ ZcXiX p Zfdgc\kX p j\ cX XZ\gkX Xc ki}d`k\ \e al`$ Z`f m\iYXc jldXi`f% Gfi ZlXekf \c XZkfi gifk\jkX YXaf aliXd\ekf ef gf[\i [\k\id`eXi cX XZklXc i\j`[\eZ`X f [fd`Z`c`f [\ cX [\dXe[X[X# Zˆk\j\c\ d\[`Xek\ glYc`ZXZ`fe\j [\ gi\ejX [\ cX ]fidX hl\ [\k\id`eX \c 8ik% /) [\c :% [\ G% :`m`c# \e i\cXZ`Â?e Zfe \c 8ik% ((0 [\c :Â?[`^f :`m`c# \e \jkX Z`l[X[ [\ :l\eZX p \e cX Z`l[X[ [\ Hl`kf% <e Zl\ekX cX [\ZcXiXZ`Â?e hl\ j\ _XZ\ [\ hl\ cfj ZÂ?epl^\j ef k`\e\e _`afj d\efi\j [\ \[X[% cX ZlXekˆX# cX Xlkfi`qXZ`Â?e ZfeZ\[`[X p cX ZXj`ccX al[`Z`Xc hl\ j\ j\ÂŒXcX gXiX efk`]`ZXZ`fe\j 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e gi\j\ekX[X Efk`]ˆhl\j\% $= ;i% DXli`Z`f CXii`mX >feq}c\q Al\q :lXikf [\ cf :`m`c [\ :l\eZX% 8 C8 G<IJFE8 :@K8;8 C< GI<M@<E< ;< C8 F9C@>8:@äE ;< J<z8C :8J@CC8 AL;@:@8C G8I8 EFK@=@:8:@FE<J
CONVOCATORIA A JUNTA GENERAL DE ACCIONISTAS ALBORADA COMPAĂ‘Ă?A DE TRANSPORTES S.A. De conformidad con las disposiciones legales, y estatutarias vigentes, en el artĂculo vigĂŠsimo se convoca a Junta General Extraordinaria de accionistas de ALBORADA COMPAĂ‘Ă?A DE TRANSPORTES S.A., la misma que se celebrarĂĄ el dĂa Viernes 24 de Junio del 2011 a las 09H00 en las Oficinas de la Empresa ubicada en el comitĂŠ del pueblo No. 1 en las calles Enrique GarcĂŠs y NicolĂĄs RodrĂguez del Distrito Metropolitano de Quito, para tratar los siguientes puntos del orden del dĂa: 1.- ConstataciĂłn de QuĂłrum 2.- Informe del seĂąor Presidente 3.- Informe del seĂąor Gerente General 4.- ElecciĂłn del seĂąor Presidente 5.- ElecciĂłn del seĂąor Gerente General 6.- ElecciĂłn de los seĂąores Directores Principales 7.- ElecciĂłn de los seĂąores Directores Suplentes 8.- ElecciĂłn de los seĂąores Comisarios 9.- Clausura. NOTA: a. Se comunica de una manera especial a los seĂąores comisarios seĂąor Jaime Sangoluisa Comisario Principal y el seĂąor Rodrigo Andino Comisario Suplente, a la Junta General que se llevarĂĄ a efecto el dĂa y a la hora indicada. En espera de contar con su valiosa presencia, nos suscribimos de Ustedes Quito, 31 de Mayo del 2.011 Atentamente,
GFJK<I@FI<J% :l\eZX - [\ XYi`c [\ )'(( AL@:@F ELD<IF (0/$(( ;iX% D�e`ZX JXZfkf :f\ccf J<:I<K8I@8 ;<C ALQ>8;F :L8IKF ;< CF :@M@C ;< :L<E:8 ?Xp ]`idX p j\ccf 8:&.0.',&k] :@K8:@FE AL;@:@8C 8C J<zFI1 M@:KFI ?L>F 9F;<IF HL@EK<IF <OKI8:KF AL@:@F1 ;@MFI:@F Ef% )'('$ (+0/$M>D 8:KFI1 FC>8 I<9<:8 9FIA8 M<C8J:F ;<D8E;8;F1 M@:KFI ?L>F 9F;<IF HL@EK<IF KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 F9K<E<I C8 ;@JFCL:@äE ;<C M@E:LCF D8KI@DFE@8C HL< C<J LE<# :FE=FID< CF ;@JGFE<% <C @E:@JF GI@D<IF ;< C8 :8LJ8C ;<:@DF GI@D<I8# 8IK% ((' ;<C :F;@>F :@M@C M@><EK<%$
ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# m`\ie\j ), ]\Yi\if [\c )'((# cXj (-_'/%$ M@JKFJ1 Gfi Zldgc`[f cf fi[\eX[f \e gif$ m`[\eZ`X `e`Z`Xc p \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\# Zfe]fid\ j\ [\jgi\e[\ [\c f]`$ Z`f E— 0).$;G$;;G$A8I$'.# [\ ', [\ ;`Z`\dYi\ [\c )''. p \e m`ikl[ [\c XZkX [\ jfik\f hl\ Xek\Z\[\%$ CX [\dXe[X gifgl\jkX gfi FC>8 I<9<:8 9F>8 M<C8J:F# \j ZcXiX# gi\$ Z`jX p i\’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ Xc ki}$ d`k\ M\iYXc JldXi`f% <e d„i`kf [\ cX X]`idXZ`�e dXe`]\jkX[X YXaf aliXd\ekf gfi cX XZkfiX# i\jg\Zkf [\ cX `dgfj`Y`c`[X[ [\ gf[\i [\k\id`eXi \c XZklXc [fd`Z`c`f p i\j`[\eZ`X [\c [\dXe[X[f# Zˆk\j\ X M@:KFI ?L>F 9F;<IF HL@EK<IF# gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# Zfdf cf [`jgfe\ \c 8ik%$/) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘Ă?AS
EXTRACTO DE LA ESCRITURA PĂšBLICA DE CAMBIO DE DOMICILIO DE IMPORTAGRIFLOR CIA. LTDA. DEL DISTRITO METROPOLITANO DE QUITO A LA CIUDAD DE TABACUNDO, CANTON PEDRO MONCAYO Y LA REFORMA DE SUS ESTATUTOS 1. ANTECEDENTES.- IMPORTAGRIFLOR CIA. LTDA., con domicilio principal en la ciudad de Quito, se constituyĂł mediante escritura pĂşblica otorgada ante el Notario VigĂŠsimo Quinto del Distrito Metropolitano de Quito, el 3 de octubre de 1997, inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 4 de febrero de 1998. 2. CELEBRACIĂ“N Y APROBACIĂ“N.- La escritura pĂşblica de cambio de domicilio de IMPORTAGRIFLOR CIA. LTDA. del Distrito Metropolitano de Quito a la ciudad de Tabacundo, cantĂłn Pedro Moncayo; y, la reforma de sus estatutos, otorgada ante el Notario VigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito el 2 de febrero del 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ. DJCPTE.Q.11.001988 de 9 de Mayo de 2011. 3. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el seĂąor VICENTE HERNANDO CARRERA BRACHO en su calidad de GERENTE GENERAL de la compaĂąĂa. 4. CAMBIO DE DOMICILIO Y REFORMA DE ESTATUTOS. PUBLICACIĂ“N.- La Superintendencia de CompaĂąĂas mediante ResoluciĂłn No.SC.IJ.DJCPTE. Q.11.001988 de 9 de Mayo de 2011 aprobĂł el cambio de domicilio de IMPORTAGRIFLOR CIA. LTDA. del Distrito Metropolitano de Quito a la ciudad de Tabacundo, cantĂłn Pedro Moncayo. OrdenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂas consecutivos, para efectos de oposiciĂłn de terceros respecto al cambio de domicilio referido, seĂąalado en el artĂculo 33 de la Ley de CompaĂąĂas y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico el cambio de domicilio de IMPORTAGRIFLOR CIA. LTDA. del Distrito Metropolitano de Quito a la ciudad de Tabacundo, cantĂłn Pedro Moncayo; y, la reforma de sus estatutos, a fin de que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaĂąĂa, dentro de los seis dĂas contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y, ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąĂas. El Juez que reciba la oposiciĂłn 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 la mencionada compaĂąĂa y al cumplimiento de los demĂĄs requisitos legales. En virtud de la referida escritura pĂşblica, la compaĂąĂa reforma el artĂculo tercero del Estatuto Social, referente a la nacionalidad y domicilio, de la siguiente manera: “ARTĂ?CULO TERCERO.- NACIONALIDAD Y DOMICILIO.- La compaĂąĂa es de nacionalidad ecuatoriana y su domicilio principal es en la ciudad de Tabacundo, cantĂłn Pedro Moncayo, Provincia de Pichincha, pudiendo establecer sucursales, agencias u oficinas en uno o varios lugares dentro o fuera del paĂsâ€?. Distrito Metropolitano de Quito,
Sr. BYRON ABEDRABBO PRESIDENTE
Sr. OSCAR VACA GERENTE GENERAL A.P./49342/k.m.
DR. CAMILO VALDIVIESO CUEVA INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO. A.P./49335/k.m.
cf ZlXc j\ \eki\^Xi} \c i\j$ g\Zk`mf \okiXZkf%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f# gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j%$ EFK@=Ă HL<J<%$] % ;i% IlY„e :\mXccfj =XYXiX%$ Al\q Jlgc\ek\%$ ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# dXik\j , [\ XYi`c [\c )'((# cXj ((_((%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf hl\ Xek\Z\[\%$ J\ XZcXiX \c Xlkf hl\ Xek\Z\[\# gfi le \iifi d\ZXef^i}]`Zf j\ _X _\Z_f ZfejkXi \c efdYi\ [\ cX XZkfiX Zfdf ĂˆFC>8 I<9<:8 9F>8 M<C8J:FÉ# ZlXe[f cf Zfii\Z$ kf \j ĂˆFC>8 I<9<:8 9FIA8 M<C8J:FÉ%$ EFK@=@HL<J<%$ ]%$ ;i% IlY„e :\mXccfj =XYXiX%$ Al\q Jlgc\ek\%$ Cf hl\ Zfdle`Zf 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%$ :\ik`]`Zf%$ ;I% E@CF >FEQ8CF 8CD8:?@ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0+./&k] I [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C G8I8% @E<J D8I@E8 D8:8J D8:8J <OKI8:KF AL@:@F ;@MFI:@F Ef (+*.$ )'(' :%@% 8:KFI <CĂ 8J ;8E@<C : 8 I M8 A 8 C K F I I < J ;<D8E;8;8 @E<J D8I@E8 D8:8J D8:8J F9A<KF ;@JFCL:@äE ;<C MĂ E:LCF D8KI@DFE@8C ;< :FE=FID@;8; :FE CF ;@JGL<JKF <E C8 :8LJ8C ((f# @E:@JF J<>LE;F ;<C 8IK% ((' ;<C :F;@>F :@M@C KI8D@K< M<I98C JLD8I@F :L8EKĂ 8 @E;<K<ID@E8;8 :8J@CC<IF Ef ,-(- [\c ;I% ;8E@<C K8I8GL<Q >L<II<IF GIFM@;<E:@8 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j (- [\ ]\Yi\if [\c )'((# cXj (._*-% M@JKFJ1 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\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ c\ X[d`k\ X kiX$ d`k\ M\iYXc JldXi`f%$ <e d\i`$ kf [\c aliXd\ekf i\e[`[f gfi \c 8Zkfi jfYi\ cX `dgfj`Y`c`[X[ [\
[Xi Zfe \c [fd`Z`c`f [\ jl ZÂ?e$ pl^\ cX j\ÂŒfiX @E<J D8I@E8 D8:8J D8:8J# j\ [`jgfe\ Z`kXicX gfi cX gi\ejX Zfe]fi$ d\ cf \jk`glcX[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# d`jdXj hl\ [\Y\i}e j\i d\[`Xe[f gfi cf d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZXZ`Â?e%$ 8^i„^l\ej\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :@K<J< P EFK@=@HL<J<% = ;i% I<PE8C;F =CFI 8CM8I8;F% AL<Q j`^l\ cX efk`]`ZXZ`Â?e CF HL< CC<IMF 8 :FEF:@D@<EKF G8I8 CF8J =@E<J ;< C<P% GI<M@E@<E;FCF ;< C8 F9C@>8:@äE HL< K@<E< ;< J < z 8 C 8 I :8J@CC<IF AL;@:@8C G8I8 JLJ EFK@=@:8:@FE<J%$ :<IK@=@:F%$ JI8% AL8E8 :<M8CCFJ > J<:I<K8I@8 <o`jk\ ]`idX p j\ccf% 8%G%&+0'.0&b%d%
D<EFI<J ALQ>8;F ;<:@DF GI@D<IF 8;ALEKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF :@K8:@FE A L;@:@8C1 AFJ< D8EL<C KF8G8EK8 J@D8CL@J8 <OKI8:KF AL;@:@8C 8:KFI81 D8I@8 :8ID<E >L8D8E DLQF ;<D8E;8;F1 AFJ< D8EL<C KF8G8EK8 J@D8CL@J8 D<EFI<J1 B<M@E I<E< p 8C<O G8KI@:@F KF8G8EK8 >L8D8E KIĂ?D@K<1 8C@D<EKFJ Ef% (,)0$)'('$8K :L8EK@81 +%/'' LJ; GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ Hl`kf# al\m\j , [\ dXpf )'((# cXj (-_)(% M@JKFJ1 Gfi Zldgc`[fj cfj i\hl`j`kfj \jkXYc\Z`[fj \e \c 8ik% -. [\c :Â?[`^f 8[a\k`mf :`m`c# cX [\dXe[X hl\ Xek\Z\$ [\# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj \o`^`[fj gfi cX C\p2 \e Zfej\Zl\eZ`X# j\ X[d`$ k\ X ki}d`k\ gi\m`jkf \e cX C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X glYc`ZX[X \e \c I%F%J% -+* [\ )/ [\ Alc`f [\ )%''0%$ :@K<J< Xc j\ÂŒfi AFJ< D8EL<C KF8G8EK8 J@D8CL@J8 gfi cX gi\ejX# Zfe$
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO
]fid\ cf gi\m„ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# `eZ`jf gi`d\if2 \eki„^l\j\ \okiXZkf gXiX cXj Zfii\jgfe$ [`\ek\j glYc`ZXZ`fe\j2 gi\m`$ e`„e[fc\ Xc [\dXe[X[f [\ cX fYc`^XZ`�e [\ ZfdgXi\Z\i X al`Z`f YXaf gi\m\eZ`fe\j [\ Zfek`elXi cX ZXljX \e i\Y\c[ˆX# j\ŒXcXe[f [fd`Z`c`f al[`Z`Xc gXiX i\Z`Y`i jlj efk`]`ZXZ`f$ e\j%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e gi\j\ekX[X gfi cX XZZ`feXek\ j\^’e Zfej$ kX [\ cX iXq�e j\ekX[X gfi cX J\Zi\kXi`X [\ \jkX Al[`ZXkliX%$ :fe]fid\ X cfj XikˆZlcfj @eeld\iX[fj 0 p *, [\ cX Z`kX$ [X C\p I\]fidXkfi`X Xc :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X p Xc 8ik% * [\ cX KXYcX [\ G\ej`fe\j 8c`d\ek`Z`Xj Dˆe`dXj \jkXYc\$ Z`[X gfi \c :fej\af EXZ`feXc [\ cX E`Œ\q d\[`Xek\ I\jfclZ`�e E— '() :EE8$)'(' glYc`ZX[X \e \c I\^`jkif F]`Z`Xc E— )*+ [\ (* [\ Alc`f [\ )%'('# j\ ]`aX gifm`j`feXcd\ek\ cX jldX [\ :@<EKF KI<@EK8 ;FC8I<J 8D<I@:8EFJ (*'#'' d\e$ jlXc\j \e ]Xmfi [\ cfj d\efi\j B<M@E I<E< p 8C<O G8KI@:@F KF8G8EK8 >L8D8E# d}j cfj Y\e\]`Z`fj c\^Xc\j# hl\ j\i}e gX^X[Xj gfi d\jX[Xj X[\cXe$ kX[Xj X gXik`i [\ cX gi\j\ekX$ Z`�e [\ cX [\dXe[X# X kiXm„j [\c YXeZf [\ >lXpXhl`c# gXiX cf ZlXc cX XZkfiX gifZ\[X X Xg\ikliXi cX kXia\kX B}i[\o \e cX F]`Z`eX [\ C`hl`[XZ`fe\j [\c Alq^X[f [\ cX E`Œ\q p 8[fc\jZ\eZ`X Zfii\jgfe[`\e$ k\%$ I\Z„gk\j\ cX :fe]\j`�e Al[`Z`Xc [\c [\dXe[X[f \e cX Xl[`\eZ`X ’e`ZX%$ F]ˆZ`\j\ Zfe$ ]fid\ jfc`Z`kX \e \c ]fidlcXi`f [\ [\dXe[X# eld\iXc (*# c`k\$ iXc Z %$ <e m`ikl[ [\c XikˆZlcf @eeld\iX[f ), [\c :�[`^f [\ cX E`Œ\q p 8[fc\jZ\eZ`X# j\ fi[\eX cX gif_`Y`Z`�e [\ jXc`[X [\c gXˆj [\c [\dXe[X[f AFJ< D8EL<C KF8G8EK8 J@D8CL@J8# gfikX$ [fi [\ cX Z„[lcX [\ `[\ek`[X[ Ef% ',')'(-,0$,# gXiX [`Z_f \]\Zkf f]ˆZ`\j\ X cX ;`i\ZZ`�e EXZ`feXc [\ D`^iXZ`�e p <okiXea\iˆX%$ @eZfig�i\j\ Xc gifZ\jf cfj [fZld\ekfj X^i\$ ^X[fj X cX [\dXe[X%$ K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\ŒXcX[f gfi cX XZkfiX gXiX gfjk\i`fi\j efk`]`ZXZ`f$ e\j%$ EFK@=@HL<J<%$ = ;I% IF9<IKF FK8M8CF :8JKIF# AL<Q 8;ALEKF CF HL< CC<MF 8 JL :FEF:@D@<EKF P C< : @ KF# G I <M @ E @ < E ; F C < ;< C8 F9C@>8:@FE ;< J<z8C8I : 8 J @ C C < I F AL;@:@8C G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J% ;I8% 8DG8IF K8G@8 I% J<:I<K8I@8 8;ALEK8 ;<C ALQ>8;F ;<:@DF GI@D<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 <o`jk\ ]`idX p j\ccf%
1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00; Capital Autorizado: US$ 1.600,00
C7H?7DE 7=K?Bâ
8%G%&+0*).&b%d%
<A<:LK@MFJ ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C% 81 ?\i\[\ifj [\jZfefZ`[fj [\ AFJy IF;FC=F >89I@<C :8GG<CF M8I<C8# Zfe \c \okiXZkf [\ cX [\dXe[X [\c al`$ Z`f <a\Zlk`mf p gifm`[\eZ`X hl\ X Zfek`elXZ`�e j`^l\e1 <OKI8:KF1 8Zkfi1 ;I% >FD<I :8C@OKF I<>8C8;F CFG<Q# \e jl ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Œfi 8LI<C@F =<IE8E;F GFQF :I<JGF# >\i\ek\ >\e\iXc p i\gi\j\ekXek\ c\^Xc [\c 98E:F G@:?@E:?8 :%8% ;\dXe[X[fj1 ;FI@J 8;I@8E8 :8GG<CF =CFI<J# IF;FC=F >89I@<C :8GG<CF D@E8 P 8E8 >89I@<C8 :8GG<CF IL<;82 p# cfj _\i\[\ifj [\j$ ZfefZ`[fj [\ AFJy IF;FC=F >89I@<C :8GG<CF M8I<C8 :lXekˆX1 LJ;% +'%'''#ff Al`Z`f <a\Zlk`mf Ef%$ (+).$ )'('$NQ FYa\kf [\ cX ;\dXe[X1 :fYif [\ [`e\if% GIFM@;<E:@81 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZf$ c\j )+ [\ efm`\dYi\ )'('# cXj (-_'.% M@JKFJ%$ CX [\dXe[X gi\j\ekX[X gfi \c ;I% >FD<I :8C@OKF I<>8C8;F CFG<Q# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Œfi 8LI<C@F =<IE8E;F GFQF :I<JGF# >\i\ek\ >\e\iXc p i\gi\j\ekXe$ k\ c\^Xc [\c 98E:F G@:?@E:?8 :%8%# \e ZfekiX [\ ;FI@J 8;I@8E8 :8GG<CF =CFI<J# IF;FC=F >89I@<C :8GG<CF D@E8 P 8E8 >89I@<C8 :8GG<CF IL<;82 p# cfj _\i\$ [\ifj [\jZfefZ`[fj [\ AFJy IF;FC=F >89I@<C :8GG<CF M8I<C8 \j ZcXiX# gi\Z`jX p i\’e\ cfj i\hl`j`kfj c\^Xc\j \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc kiXd`k\ Zfii\jgfe[`\ek\ gfi cX mˆX \a\Zlk`mX gi\m`jkX \e cX j\ZZ`�e )[X gXi}^iX]f )[f 8ikj% +(0 p j`^l`\ek\j [\c Z�[`$ ^f [\ GifZ\[`d`\ekf :`m`c% Gfi cf hl\ cfj [\dXe[X[fj ;FI@J 8;I@8E8 :8GG<CF =CFI<J# IF;FC=F >89I@<C :8GG<CF D@E8 P 8E8 >89I@<C8 :8GG<CF IL<;82 p# cfj _\i\$ [\ifj [\jZfefZ`[fj [\ AFJy IF;FC=F >89I@<C :8GG<CF
M8I<C8# [\ekif [\c k„id`ef [\ ki\j [ˆXj gX^l\e cX fYc`^X$ Z`�e [\dXe[X[X f [\ekif [\c d`jdf k„id`ef gifgfe^Xe cXj \oZ\gZ`fe\j hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf gi\m\eZ`fe\j [\ C\p% :fe ]le[Xd\ekf \e \c Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ X[alekf# \e cX \jZi`$ kliX [\ Zfejk`klZ`�e [\ gi`d\$ iX ?`gfk\ZX p \e cf \jkXYc\Z`[f \e \c 8ik% +)* [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ \c \dYXi^f [\c [\gXikXd\e$ kf LEF# XcˆZlfkX [\ (/%(, # j\ZX[\if XcˆZlfkX [\ '%.. # \jkXZ`feXd`\ekf LEF# XcˆZlfkX [\ (%0( # [\c <[`]`Z`f ?\ii\iX$ :\c`# j`klX[f \e cX gXiifhl`X 8cXe^Xjˆ [\ \jk\ :Xek�e# ZlpXj ZXiXZk\iˆjk`ZXj# jlg\i]`Z`\ p [`d\ej`fe\j ZfejkXe \e \c Z\i$ k`]`ZX[f X[alekf% GXiX cX gi}Zk`$ ZX [\c \dYXi^f Zl„ek\j\ Zfe cX Gfc`ZˆX EXZ`feXc Zfe]fid\ cf \jkXYc\Z\ \c 8ik% 0)- [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX cf ZlXc i\dˆkXj\ Xk\ekf f]`Z`f Xc J\Œfi A\]\ [\ cX :fdXe[XeZ`X [\ cX Gfc`ZˆX EXZ`feXc [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# p ;\gfj`kXi`f Al[`Z`Xc# Zfe]fi$ d\ cf \jkXYc\Z\e cfj 8ikj% *'0 p *(+ [\c :�[`^f Fi^}e`Zf [\ cX =leZ`�e Al[`Z`Xc# gXiX cf ZlXc i\dˆkXj\ cXj Zfg`Xj e\Z\$ jXi`Xj X cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j# X ]`e [\ hl\ j\ Zl\ek\ Zfe \c ]leZ`f$ eXi`f al[`Z`Xc Zfii\jgfe[`\ek\ [\ \jk\ ZXek�e% ?\Z_f hl\ j\X# `ejZiˆYXj\ \c gi\j\ek\ \dYXi^f \e \c I\^`jkif [\ cX Gifg`\[X[# gXiX cf ZlXc efk`]ˆhl\j\ Xc I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ ZXek�e# X ]`e [\ hl\ kfd\ efkX [\c gXik`ZlcXi \e cfj c`Yifj i\jg\Zk`mfj% :@K<J< X cfj [\dXe[X[fj ;FI@J 8;I@8E8 :8GG<CF =CFI<J# IF;FC=F >89I@<C :8GG<CF D@E8 P 8E8 >89I@<C8 :8GG<CF IL<;8 \e cX [`i\ZZ`�e j\ŒX$ cX[X gfi cX gXik\ XZkfiX# gXiX cf ZlXc j\ Zfd`j`feX Xc j\Œfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiif$ hl`X [\ 8cXe^Xjˆ% 8k\ekf \c aliX$ d\ekf \ogi\jX[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c :@K<J< X cfj _\i\[\ifj [\j$ ZfefZ`[fj [\ AFJy IF;FC=F >89I@<C :8GG<CF M8I<C8# gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e p hl\ j\ \[`k\e \e „jkX Z`l[X[ [\
PÉRDIDA DE T�TULO DE ACCIONES
CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A CASCAS IMPORTACIONES S.A. La compaĂąĂa CASCAS IMPORTACIONES S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 06 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC. Q.11.002359 de 01 de Junio de 2011.
IÂŒbe [i feXh[ Wgk[b gk[ i_[cfh[ Z[i[W c|i$
De conformidad con lo establecido en el Art. 197 de la Ley de CompaĂąĂas, nos permitimos informar que los tĂtulos siguientes cuyas acciones y numeraciĂłn respectiva se detallan en el cuadro que sigue de propiedad del seĂąor ingeniero JosĂŠ Rafael Pallares Troya se han extraviado, particular que ponemos en conocimiento del pĂşblico en general, para los fines legales pertinentes. NĂşmero de tĂtulo
NĂşmero de acciones
NumeraciĂłn
514 513 700 753 828 899
27 333 503 302 1.408 302
1.108.540 - 1.108.566 1.108.207 - 1.108.539 4.645.695 - 4.646.197 4.967.818 - 4.968.119 6.176.272 - 6.177.679 6.538.464 - 6.538.765
3.- OBJETO: El objeto de la compaĂąĂa es: A) LA COMPRAVENTA, COMERCIALIZACIĂ“N, IMPORTACIĂ“N, EXPORTACIĂ“N, DISTRIBUCIĂ“N, REPRESENTACIĂ“N, ARRIENDO, DE PRENDAS DE VESTIR; MATERIALES DE CONSTRUCCIĂ“N Y PARA LA DECORACIĂ“N;...
Una vez transcurridos treinta dĂas, contados a partir de la Ăşltima publicaciĂłn de este aviso, se procederĂĄ a la anulaciĂłn de los tĂtulos respectivos y se emitirĂĄn nuevos.
Quito, 01 de Junio de 2011.
Quito, 25 de mayo de 2011
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83140/cc
EMPRESA DURINI INDUSTRIA DE MADERA C.A., EDIMCA AR/83136/cc
Hl`kf2 gXiX \c \]\Zkf Zfe]`„iXj\ \c \okiXZkf Zfii\jgfe[`\ek\% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc% 8^i„^l\ej\ cfj [fZl$ d\ekfj gi\j\ekX[fj% :Ă K<J< p EFK@=Ă HL<J<% ] ;I% D8I@F FIK@Q <JKI<CC8%$ Al\q% Cf hl\ Zfdle`Zf p c\j Z`kf X ljk\[\j gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc [\ le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf [`jgfe\ cX c\p% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00.)&k] I\gÂ’Yc`ZX [\c <ZlX[fi <OKI8:KF AL;@:@8C ALQ>8;F ;y:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 D8EL<C =CFI<JD@CF J@D98z8 D<;@E8 AL@:@F1 <A<:LK@MF Ef% (-'+$ )'('$BD 8:KFI1 ;i% Cl`j =\ieXe[f DXikˆe\q 9Xii\ef# GifZliX[fi Al[`Z`Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf Ăˆ:FFGIF>I<JF CK;8%É ;<D8E;8;FJ1 D8EL<C =CFI<JD@CF J@D98z8 D<;@E8# D8I@8 IFJ8I@F G@CC8AF J8C8Q8I p AFI>< C@Q8E;IF <JKLG@z8E DFI<EF F9A<KF1 F9K<E<I <C G8>F KFK8C ;< C8 F9C@>8:@äE HL< 8J:@<E;< 8 C8 JLD8 ;< LJ;% +'''#''# @EK<I<J<J M<E:@;FJ P ;< DFI8# K8J8J AL;@:@8C<J# :FD@J@äE ;< LE J<OKF GFI :@<EKF ;<C @DGFIK< ;<C :8G@K8C# :FJK8J GIF:<J8C<J P ?FEFI8I@FJ GIF=<J@FE8C<J ; < C ;<=<EJFI ;<C 8:KFI KI8D@K<1 <A<:LK@MF :L8EK@81 J@<K< D@C ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8% G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j * [\ [`Z`\dYi\ [\c )'('# cXj ((_*/% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ Zfe]fid\ Xc F]`Z`f Ef% 0).$;G$ ;;G$A8I$'. [\ , [\ [`Z`\dYi\ [\ )''. p \e m`ikl[ [\c jfik\f gi\Z\[\ek\% CX [\dXe[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`$ j`kfj [\ C\p% Gfi Zfej`^l`\ek\# [\ XZl\i[f X cf gi\Z\gklX[f \e \c 8ik% +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgf$ e\ hl\ cfj j\ÂŒfi\j D8EL<C =CFI<JD@CF J@D98z8 D<;@E8# \e ZXc`[X[ [\ [\l[fi gi`eZ`gXc2 p# D8I@8 IFJ8I@F G@CC8AF J8C8Q8I p AFI>< C@Q8E;IF <JKLG@z8E DFI<EF# \e ZXc`[X[ [\ ^XiXe$ k\j jfc`[Xi`fj [\c gi`d\if# Zld$ gcXe jl fYc`^XZ`Â?e f gifgfe^X \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj% :ˆk\j\ X cfj [\dXe[X[fj \e cfj cl^Xi\j `e[`ZX[fj# gXiX Zlpf \]\Zkf j\ Zfd`j`feX X cfj j\ÂŒf$ i\j K\e`\ek\j Gfcˆk`Zfj [\ cXj gXiifhl`Xj KldYXZf p Gl\dYf# i\jg\Zk`mXd\ek\# X hl`\e\j j\ \em`Xi}e jl]`Z`\ek\ [\jgXZ_f% KÂ?d\j\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi p X^i„^l\j\ cfj [fZld\ekfj X[alekfj% Gfi J\Zi\kXiˆX# [\j^cÂ?j\j\ cX [fZld\ekXZ`Â?e jfc`Z`kX[X gi\$ m`f Zfg`Xj p i\Z`Yf \e Xlkfj p \eki„^l\j\ Xc XZkfi% Efk`]ˆhl\j\% = ;i% IlY„e :\mXccfj =XYXiX% AL<Q% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )/ [\ XYi`c [\c )'((# cXj '0_*)%$ M`jkX cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X KldYXZf p Xk\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi D8EL<C =CFI<JD@CF J@D98z8 D<;@E8 d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX# ZX[X leX [\ \ccXj \e ]\Z_X [`jk`ekX# \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf p \e cX ]fidX gi\m`jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\%$ ] ;i% IlY„e :\mXccfj =XYXiX%
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? 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:&.00-*&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 $<OKI8:KF :@K8:@äE AL;@:@8C G8I81 A8@D< FJN8C;F IL@Q% AL@:@F1 (+,+$)''0$ D%Q $ <A<:LK@MF 8:KFI1 ;I% CL@J =<IE8E;F D8IK@E<Q 98II<EF \e ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\ cX :FFG<I8K@M8 ;< 8?FIIF P :Iy;@KF GIF>I<JF CK;8%É ;<D8E;8;FJ1 <EI@HL< IF;I@>F :8II<I8 J@D98z8# D8IĂ 8 ;< CFLI;<J K@9Ă?E J@D98z8 P A8@D< FJN8C;F IL@Q% F9A<KF1 :fe \c ]le[Xd\ekf \e \c 8ik% +/-# p j`^l`\ek\j [\c :Â?[`^f [\ :fd\iZ`f# \e ZfeZfi[XeZ`X Zfe cfj 8ikj% +(*# +(, p +(0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\# [\dXe[f X cfj [\l[fi\j gi`e$ Z`gXc\j p Xc ^XiXek\ jfc`[Xi`f# gXiX hl\ \e j\ek\eZ`X j\Xe Zfe[\eXj Xc `ed\[`Xkf gX^f [\c ZXg`kXc [\ cX fYc`^XZ`Â?e% KI8D@K<1 <A<:LK@MF : L8 E K @ 8 1 J<@J D @ C HL@E@<EKFJ ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8 89F>8;F G8KIF:@E8;FI1 ;i% IfY\ik M`ccXiil\c IXdˆi\q% DXk% Gif]% -*,. :8G% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (. [\ Efm`\dYi\ [\c )''0# cXj ('_(/% M@JKFJ%$ <e m`ikl[ [\ cX iXqÂ?e [\ jfik\f hl\ Xek\Z\[\ p \e d` ZXc`$ [X[ [\ Al\q Jlgc\ek\ [\ „jkX Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef%'()$;;G$A8I$ [\ )+$'($ )'',# 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX%$<e cf gi`e$ Z`gXc cX [\dXe[X hl\ Xek\Z\$ [\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ c\p$ <e Zfe$ j\Zl\eZ`X p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% +)( [\ cX :f[`]`ZXZ`Â?e [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# cfj [\dXe[X[fj j\ÂŒfi\j <EI@HL< IF;I@>F :8II<I8 J@D98z8 P D8I@8 ;< CFLI;<J K@98E J@D98z8# \e ZXc`[X[ [\ [\l[fi\j gi`eZ`gXc\j# A8@D< FJN8C;F IL@Q% \e ZXc`[X[ [\ ^XiXek\ jfc`[Xi`f# \e \c k\id`ef c\^Xc [\ ki\j [ˆXj ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gif$ gfe^Xe \oZ\gZ`fe\j%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`ccX al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi# Xjˆ Zfdf cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ p cX Xlkfi`qXZ`Â?e [\ jl XYf^X[f [\]\ejfi%$<e d\i`kf Xc Z\ik`]`ZX[f [\ ^iX$ m}d\e\j X[alekf# j\ [`jgfe\ cX gif_`Y`Z`Â?e [\ \eXa\eXi [\c Y`\e `edl\Yc\ [\kXccX[f \e \c d\eZ`feX[f `ejkild\ekf glYc`$ Zf hl\ \j [\ gifg`\[X[ [\ cfj [\dXe[X[fj j\ÂŒfi\j <EI@HL< IF;I@>F :8II<I8 J@D98z8 P D8I@8 ;< CFLI;<J K@98E J@D98z8# j\^Â’e ZfejkX i\^`j$ kiX[f%$:ˆk\j\ X cfj [\dXe[X[fj <EI@HL< IF;I@>F :8II<I8 J@D98z8 P D8I@8 ;< CFLI;<J K@98E J@D98z8# d\[`Xek\ leX Xek\eX Zfd`j`Â?e Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ :Xc[\iÂ?e2 Xjˆ Zfdf kXdY`„e Xc j\ÂŒfi A8@D< FJN8C;F IL@Q# \e \c cl^Xi hl\ gXiX \c \]\Zkf j\ \eZl\e$ kiX j\ÂŒXcX[f%$8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX%$@ejZiˆYXj\ \e \c i\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e cX d\[`[X jfc`Z`kX[X%$
ă
Gfi j\Zi\kXi`X [\aXe[f Zfg`Xj p i\Z`Yfj \e Xlkfj [\j^cÂ?j\j\ cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X%$EFK@=@HL<J<%$ ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )+ [\ dXiqf [\c )'((# cXj (._()%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f%$ :ˆk\j\ Xc [\dXe[X[f j\ÂŒfi A8@D< FJN8C;F IL@Q Â’e`$ Zfj efdYi\j p Xg\cc`[fj hl\ ZfefZ\ # d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q%$ Cf hl\ cc\mf X jl Zfef$ Z`d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]`e\j% :\ik`]`Zf% JiX% AlXeX :\mXccfj >l\iiX J\Zi\kXi`X ?Xp ]`idX p j\ccf 8:&.00-)&k] ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C ; F : KF I = < I E 8 E ; F K<;<J:F# GI<J@;<EK< ;< C8 :FDG8zĂ 8 KI@FCF @K8C@8 J%I%C% AL@:@F <A<:LK@MF E% )*/$ )'(( DQ 8:KFI1 @E>% =I8EBC@E >% ?@;IF9F <JKI8;8# I<GI<J<EK8EK< C<>8C ;< C8 :FDG8zĂ 8 :FEJKIL:KFI8 ?@;IFMF <JKI8;8 J%8% ;FD@:@C@F1 :8J@CC<IF AL;@:@8C *,(/ ;<C ;F:KFI =I8EBC@E JFCFIQ8EF ;<D8E;8;FJ1 E8I:@J8 :@I@C8 LI@E8 Q8D9I8EF P ;I% =<IE8E;F K<;<J:F # ><I<EK< P GI<J@;<EK< ;< C8 :@8% KI@FCF @K8C@8 J%I%C% ;<D8E;81 G8>F ;<C :8G@K8C :FEJK8EK< ;<C G8>8I< 98J< ;< C8 8::@FE# D8J CFJ @EK<I<J<J P :FJK8J GIF:<J8C<J% :L8EK@81 LJ .,'%'''#'' ;FC8I<J GIFM@;<E:@8J1 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 Hl`kf# cle\j )/ [\ =\Yi\if [\c )'((# cXj ('?,-%$ M@JKFJ 1 <e d` ZXc`$ [X[ [\ Al\q Jlgc\ek\# d\[`Xek\ f]`Z`f E%$ '()$;;G$A8I [\ )+ [\ <e\if [\ )%'', p \e m`i$ kl[ [\c XZkX [\ jfik\f# XmfZf ZfefZ`d`\ekf \e \jkX ZXljX% <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X gfi \c @e^\e`\if =iXebc`e >\id}e I\e\ ?`[ifYf <jkiX[X# Zfdf Gi\j`[\ek\ <a\Zlk`mf p I\gi\j\ekXek\ c\^Xc [\ cX :fdgXŒˆX :fejkilZkfiX ?`[ifYf <jkiX[X J%8%# Zfe]fi$ d\ aljk`]`ZX Zfe cX Zfg`X [\c efdYiXd`\ekf efkXi`qX[f XZfdgXÂŒX[f# \j ZcXiX p i\le\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <a\Zlk`mf% Cfj [\dXe[X[fj :fdgXŒˆX Ki`fcf @kXc`X J%I%C i\gi\j\e$ kX[X gfi jl >\i\ek\ j\ÂŒfiX EXiZ`jX :`i`cX Li`eX QXdYiXef# p j\ÂŒfi =\ieXe[f K\[\jZf# \e jl ZXc`[X[ [\ Gi\j`[\ek\ [\ cX d`jdX :fdgXŒˆX# ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj [\ Z`kX$ [fj% 8k\ekfj cfj Z\ik`]`ZX[fj [\c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e J`^Z_fj X[alekX[fj # [\ Zfe]fid`[X[ Zfe \c 8ikˆZlcf +)( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ cX gif_`Y`Z`Â?e [\ \eXa\eXi# m\e[\i# _`gfk\ZXi f Zfejk`kl`i fkif ^iXmXd\e f Z\c\YiXi ZfekiXkf hl\ c`d`k\ \c [fd`e`f f ^fZ\ [\ cfj j`^l`\e$ k\j Y`\e\j [\ gifg`\[X[ [\ cX [\dXe[X[X :fdgXŒˆX Ki`fcf @kXc`X J%I%C%1 8ZZ`fe\j p [\i\$ Z_fj [\c k\ii\ef [\efd`eX[f <c KXYcÂ?e2 cfk\j [\ k\ii\ef [\efd`eX[fj1 ĂˆFhl\e[f :ilq CfdXÉ2 Ăˆ<c >lXYfÉ2 Ăˆ<c
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä…
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
KXYcÂ?eÉ2 Ăˆ8ek`dg\É2 ĂˆJ`aXcfÉ2 Ăˆ:_`cZXcÉ2 Ăˆ8ek`dg\É2 Ăˆ:_`cZXcÉ2 Ăˆ=iX`c\aÂ?eÉ2 ĂˆFhl\e[fÉ2 Ăˆ<c :_`cZXcÉ2 Ăˆ<c :_`cZXcÉ 2 Ăˆ8ek`dY\É2 Ăˆ:_`cZXcÉ2 =iX`c\aÂ?eÉ2 =iX`c\aÂ?e j`^eX[f Zfe \c eÂ’d\if (É2 Ăˆ<c :_`cZXcÉ2 Ăˆ>lXeZlj`^É# kf[fj \e \c ZXekÂ?e J`^Z_fj# Zlpfj [Xkfj p ZXiXZk\iˆjk`ZXj ZfejkXe [\ cfj i\jg\Zk`mfj Z\ik`]`ZX[fj [\ gif$ g`\[X[# [\Y`\e[f gXiX \c \]\Zkf efk`]`ZXi Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ [`Z_f ZXe$ kÂ?e# d\[`Xek\ [\gi\ZXkfi`f X lef [\ cfj Al\Z\j [\ cf :`m`c [\ CXkXZle^X%$ 8k\e[`\e[f cX g\k`$ Z`Â?e [\c XZkfi# [\ Zfe]fid`[X[ Zfe \c 8ikˆZlcf 0() [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# aljk`$ ]`ZX[X gifZ\jXcd\ek\ cX ZXc`$ [X[ [\ \okiXea\if# j\ gif_`Y\ Xlj\ekXij\ [\c gX`j Xc [\dXe$ [X[f ;i% =\ieXe[f K\[\jZf# gXiX Zlpf \]\Zkf j\ f]`Z`Xi} Xc j\ÂŒfi ;`i\Zkfi EXZ`feXc [\ D`^iXZ`Â?e% ?\Z_f# Zˆk\j\ X cfj [\dXe[X[fj X kiXm„j [\ cX f]`Z`eX [\ Z`kXZ`fe\j# \e cfj cl^Xi\j `e[`ZX[fj # gXiX cf ZlXc \c XZkfi gifgfiZ`fe\ cXj Zfg`Xj jl]`Z`\ek\j%$ ;\aXe[f Zfg`X \e Xlkfj# cX IXqÂ?e p \c i\Z`Yf Zfii\jgfe[`\ek\ [\j^cÂ?j\j\ p \eki„^l\j\ cfj [fZld\ekfj jfc`Z`kX[fj X cX g\ijfeX Xlkf$ i`qX[X gXiX \c \]\Zkf% KÂ?d\j\ efkX [\c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c [\dXe[Xek\ p X^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X% Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )+ [\ DXpf [\c )'((# cXj (,_''%$ :ldgc`[f cf [`jgl\jkf \e cX Â’ck`dX gifm`$ [\eZ`X # Xk\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi @e^\e`\if =iXebc`e >\id}e ?`[ifYf <jkiX[X # [\ Zfe]fid`[X[ Zfe \c 8ikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Xc [\dXe$ [X[f j\ÂŒfi =\ieXe[f K\[\jZf# Zˆk\j\c\ gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`$ qXi} ZX[X leX \e ]\Z_X [`jk`ekX# \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZl$ cXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q AlXeX :\mXccfj >l\iiX J<:I<K8I@8 ;<C ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00,-&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 D8IC<EP I F O 8 E E 8 <EIĂ HL<Q 8D8P8 P 8E;IyJ ;8M@; DFC@E8 <EIĂ HL<Q <OKI8:KF 8:KFI1 ;I% CL@J =<IE8E;F D8IKĂ E<Q 98 I I < E F# GIF:LI8;FI AL;@:@8C ;< C8 :FFG<I8K@M8 ;< 8?FIIF P :Iy;@KF GIF>I<JF CK;8% ;<D8E;8;FJ1 D8IC<EP IFO8EE8 <EIĂ HL<Q 8D8P8 P 8E;IyJ ;8M@; DFC@E8 <EIĂ HL<Q AL@:@F <A<:LK@MF Ef% )*)$ )'('$ D% >fi[Â?e :% :L8EK@81 LJ;% 0%'''#ff :8J@CC8 AL;@:@8C Ef *)'0 ;<=<EJFI1 ;I% IF9<IK M@CC8IIL<C =<:?8 ;< @E@:@F1 )+ ;< =<9I<IF ;<C )'(' GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )- [\ ]\Yi\if [\c )'('# cXj '0_(-% M@JKFJ1 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 j\ cX X[d`k\ X ki}d`k\ \a\Zlk`mf%$ J\ fi[\$ eX hl\ D8IC<EP IFO8EE8 <EI@HL<Q 8D8P8 p 8E;I<J ;8M@; DFC@E8 <EI@HL<Q gX^l\e cX fYc`^XZ`Â?e f gifgfe$ ^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj%$ CX d\[`[X ZXlk\$ cXi jfc`Z`kX[X j\ cX [\j\jk`dX
gfi ]XckX [\ gil\YX%$ :Ă K<J< X cfj gi\efdYiX[fj ;\dXe[X[fj \e \c cl^Xi `e[`ZX[f# d\[`Xek\ :fd`j`Â?e [`i`^`[X Xc Ji% K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X [\ JXe 8ekfe`f [\ G`Z_`eZ_X%$ Gi\m`X ZfejkXeZ`X \e Xlkfj [\j^cfj\j\ cX [fZld\ekXZ`Â?e jfc`Z`kX[X%$ EFK@=@HL<J<% ]% ;i% 8c]i\[f >i`aXcmX DlÂŒfq% AL<Q% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j )* [\ dXiqf [\c )'((# cXj '/_*,%$ 8k\ekf \c aliX$ d\ekf \]\ZklX[f gfi \c 8Zkfi# :Ă K<J< X D8IC<EP IFO8EE8 <EIĂ HL<Q 8D8P8 p 8E;IyJ ;8M@; DFC@E8 <EIĂ HL<Q gfi cX gi\ejX Zfdf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xek\ glYc`ZXZ`fe\j \]\ZklX[Xj \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc%$ EFK@=Ă HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ AL<Q Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif >Xii`[f J\Zi\kXi`f ?Xp le j\ccf 8%:%&.00)/ ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 D8I@8 <L><E@8 GFIK@CC8 : L 8 J 8K8 I # I @ : 8 I ; F D8LI@:@F IL8C<J :<IFE P M8CM<I;< :L<E:8 :ILQ @E<J% <OKI8:KF 8:KFI1 ;i% Cl`j =\ieXe[f DXikˆe\q 9Xii\ef GifZliX[fi Al[`Z`Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :FFGIF>I<JF% ; < D 8 E ;8 ; FJ 1 D 8 I @ 8 <L><E@8 G F I K @ C C 8 : L 8 J 8K8 I # I @ : 8 I ; F D8LI@:@F IL8C<J :<IFE P M8CM<I;< :L<E:8 :ILQ @E<J AL@:@F1 <A<:LK@MF Ef% (,-,$ )''0$@>D$ KI8D@K<1 <a\Zlk`mf :L8EK@8 LJ; *%/''#'' ;FD@:@C@F1 :Xj`cc\if Al[`Z`Xc Ef% ,'(( [\c ;i% IfY\ik M`ccXiil\c IXdˆi\q% F9A<KF1 :fYif [\ [`e\if GIFM@;<E:@8J ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '. [\ ;`Z`\dYi\ [\c )''0# cXj '/_)/%$ M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj c\^Xc\j% <e Zfej\Zl\eZ`X # XZ\gk}e[fj\ Xc ki}d`k\ <a\Zlk`mf j\ [`jgf$ e\ hl\ cfj [\dXe[X[fj DXi‰X <l^\e`X Gfik`ccX :lXjXkXi# I`ZXi[f DXli`Z`f IlXc\j :\iÂŽe p MXcm\i[\ :l\eZX :ilq @eÂ…j# \e \c k„id`ef [\ ki\j [ˆXj gX^l\e cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j % GXiX \c \]\Zkf Zˆk\j\c\ Xc gi`d\if \e \jkX Z`l[X[ [\ Hl`kf \e cX [`i\ZZ`Â?e j\ÂŒXcX[X % P X cfj j\^le[fj d\[`Xek\ Zfd`j`ÂŽe Xc j\ÂŒfi K\e`\ek\ Gfc‰k`Zf [\ cX gXiifhl`X [\ :Xc[\iÂŽe [\ \jk\ ZXekÂŽe% KÂ?d\j\ efkX [\c ZXj`$ cc\if Al[`Z`Xc j\ÂŒXcX[X gfi \c XZkfi# ZXc`[X[ Zfe cX hl\ Zfd$ gXi\Z\ p ZlXekˆX [\ cX XZZ`Â?e % 8^i„^l\ej\ cfj [fZld\ekfj gi\j\ekX[fj# cfj d`jdfj hl\ j\ [\j^cfjXi~e \e cX ]fidX p df[f g\k`Z`feX[f% :ˆk\j\ p Efk`]ˆhl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j (/ [\ \e\if [\c )'((# cXj ((_'0%$ 8k\ekX cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi K\e`\ek\ Gfcˆk`Zf p J\Zi\kXi`f [\ cX K\e\eZ`X Gfcˆk`ZX [\ cX GXiifhl`X :Xc[\iÂ?e# p aliXd\ekf i\e[`[f gfi \c XZkfi# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj I`ZXi[f DXli`Z`f IlXc\j :\iÂ?e p :ilq @e„j MXcm\i[\ :l\eZX# X kiXm„j
Ĺ?
[\ cX gi\ejX \e cX ]fidX gi\$ m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% J\ XZfkX hl\ kXdgfZf j\ _X Z`kX[f X DXiˆX <l^\e`X Gfik`ccX :lXjXkXi# j\^le cX iXqfe j\ekX[X gfi \c Z`kX[fi% Efk`]ˆhl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf%$ cle\j (+ [\ dXiqf [\c )'((# cXj ((_++%$ 8k\ekX cX iXqÂ?e j\e$ kX[X gfi \c j\ÂŒfi Z`kX[fi p aliXd\ekf i\e[`[f gfi \c XZkfi# j\ [`jgfe\ Z`kXi X cX [\dXe$ [X[X DXiˆX <l^\e`X Gfik`ccX :lXjXkXi# X kiXm„j [\ cX gi\ejX \e cX ]fidX gi\m`jkX \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\% = ;i% DXi`f Fik`q <jki\ccX% Al\q% CF HL< :F D L E @ :F GI<M@E@<E;FC< ;< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I ;FD@:@C@F AL;@:@8C ;<EKIF ;<C G<IĂ D<KIF C<>8C ;< <JK8 :@L;8; ;< HL@KF G8I8 GFJK<I@FI<J EFK@=@:8:@FE<J% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.*&k] <OKI8:KF ALQ>8;F M@>Ă&#x;J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 CFJ J<zFI<J AFJ< 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF AL@:@F1 <A<:LK@MF Ef% (-/,$ '0 <%8% 8:KFI% ;I%CL@J =<IE8E;F D8IK@E<Q 98II<EF GIF:% AL;% ;< C8 :FFG% 8?FIIF P :I<;@KF :FFGIF>I<JF CK;8% ;<D8E;8;F1 AFJ< 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G8IL>8:?@ G@CC8AF ;FD@:@C@F% ;IJ% IF9<K? p G8KI@:@F M@CC8IIL<C KI8D@K<% <A<:LK@MF :L8EK@8% )%'''#ff LJ; :8J@CC<IF% ,'(( ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?81%$ Hl`kf# ') [\ ]\Yi\if [\c )'((%$ CXj (,_'/%$ M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi c\^Xc$ d\ek\ gfj\j`feX[f%$ <e cf gi`e$ Z`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <A<:LK@MF# [\ XZl\i[f X cf gi\m`jkf \e cfj 8ikj% +(* p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e Zfej\Zl\eZ`X# ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef c\^Xc [\ ki\j [ˆXj cfj [\dXe[X[fj :Ă?ID<E ALC@8E8 :8@J8>L8EF G<I;FDF j\ cX Z`kXi} gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# [\ XZl\i$ [f X cf gi\m`jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 p# X AFJy 8>LJK@E AL@z8 CL>L8z8 p CLQD@C8 G<IL>8:?@ G@CC8AF j\ cfj Z`kXi} d\[`Xek\ :fd`j`Â?e c`YiX$ [X Xc j\ÂŒfi K\e`\ek\ Gfc‰k`Zf [\ cX gXiifhl`X [\ EXpÂ?e X hl`\e j\ c\ \em`Xi} \c jl]`Z`\ek\ [\j$ gXZ_f%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi \c XZkfi p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\%$ Gfi Â’ck`df# gi\m`X Zfg`X p i\Z`Yf \e Xlkfj [\j^cÂ?Z\j\ p \eki„^l\j\ Xc [fZld\ekXZ`Â?e hl\ j\ X[ale$ kXiX X cX [\dXe[X p \eki„^l\$ j\ X cX g\ijfeX Xlkfi`qX[X%$ Efk`]ˆhl\j\%$ ] ;i% >\id}e >feq}c\q [\c Gfqf Al\q % ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j ( [\ alc`f [\c )'('%$ CXj (-_,*%$ Gfi jfc`Z`kXicf \c XZkfi# \e d„i`kf Xc Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c XikˆZlcf +)+# @eZ`jf )[f% ;\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# fi[\eXj\ cX gif_`Y`Z`Â?e [\ \eX$ a\eXi [\c Y`\e `edl\Yc\ [\k\i$ d`eX[fj \e \c c`Y\cf `e`Z`Xc# Zlpf Z\ik`]`ZX[f [\c I\^`jkif [\ ^iXm}d\e\j j\ XZfdgXÂŒX p hl\ \j [\ gifg`\[X[ [\ cfj [\dXe[X[fj AFJ< 8>LJK@E AL@z8 CL>D8z8 p CLQD@C8
I_ [d c[Z_e Z[ bWi WZl[hi_ZWZ[i f[hi[l[hW [b YehWpÂŒd Yed i[h[d_ZWZ" Yed ]epe o Yed fWp" [ije [i Wceh$ I7DJ7 J;H;I7 :; @;IĂŚI
G<IL>8:?@ G@CC8AF%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\e$ Z`X j\ efk`]`ZXi} Xc j\ÂŒfi I\^`jkiX[fi [\ cX Gifg`\[X[ [\ \jk\ :XekÂ?e%$ ?\Z_f hl\ j\X Zˆk\j\ X cfj [\dXe[X[fj \e \c cl^Xi hl\ j\ `e[`ZX Zfe]fid\ j\ _XccX fi[\eX[f \e Xlkf `e`Z`Xc%$ Efk`]ˆhl\j\%$ ] ;I% >\id}e >feq}c\q [\c Gfqf% AL<Q Cf hl\ Zfdle`Zf X L[%# gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f p ZXj`cc\if al[`Z`Xc \e cX ]fidX p [\ekif [\c g\iˆd\kif c\^Xc%$ :\ik`]`Zf%$% ;I% >8CF 98<Q A8@D<% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.)&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 G8KI@:@F I<E< 8I8LQ CFG<Q <OKI8:KF 8:KFI1 ;I% AL8E =I8E:@J:F MĂ QHL<Q GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< G@:?@E:?8 :%8 ;<D8E;8;FJ1 G8KI@:@F I<E< 8I8LQ CFG<Q AL@:@F <A<:LK@MF Ef% '0'*$ )''/ :L8EK@81 LJ;% )%,''#'' :8J@CC8 AL;@:@8C Ef )''- ;<=<EJFI1 ;I% AL8E =I8E:@J:F MĂ QHL<Q =<:?8 ;< @E@:@F1 '+ ;< J<GK@<D9I< ;<C )''/ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '0 [\ J\gk`\dYi\ [\c )''/# cXj ('_,+%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ))0+$;G$;;G# [\ )( [\ alc`f [\c XÂŒf )''/%CX [\dXe[X ]fidlcX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ <a\Zlk`mf2 \e Zfej\$ Zl\eZ`X \c [\dXe[X[f 8I8LQ CFG<Q G8KI@:@F I<E<# [\ekif [\c k„id`ef [\ ki\j [ˆXj ZldgcX Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j# YXaf gi\m\eZ`fe\j [\ C\p% :ˆk\j\ p Efk`]ˆhl\j\ \e cfj [fd`Z`$ c`fj j\ÂŒXcX[fj gXiX \c \]\Zkf% 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ Efk`]ˆhl\j\%$ ] 89% =XYi`Z`f J\^fm`X% AL<Q JLGC<EK<% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# DXik\j (, [\ dXiqf [\c )'((# cXj ((_',%$ 8^iÂ…^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\%$ <e cf gi`eZ`gXc# Xk\ekf \c aliXd\ekf hl\ k`\e\ i\e[`[f \c XZkfi# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :ÂŽ[`^f [\ GifZ\[`d`\ekf :`m`c# Z‰k\j\ Xc [\dXe[X[f G8KI@:@F I<E< 8I8LQ CFG<Q# gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`ÂŽ[`$ Zfj [\ dXpfi Z`iZlcXZ`ÂŽe hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]‰hl\j\%$ Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0//) ) k] ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L :8 E : < C 8 I @ :8 I ; F ;8M@;# j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;<C AL@:@F <A<:LK@MF p cX GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\1 <OKI8:KF 8Zkfi X 1 ;I% CL@J =<IE8E;F D8IK@E<Q 98 I I < E F# GifZliX[fi Al[`Z`Xc [\ 8_fiif
p :i„[`kf :FFGIF>I<JF C`d`kX[X% ;\dXe[X[f1 D F I8 C <J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;% :lXekˆX1,%.)'#ff% Ki}d`k\1 <A<:LK@MF% =\Z_X [\ @e`Z`XZ`�e1 (/ [\ [`Z`\dYi\ [\ )''0% :XljX <A<:LK@M8 Ef% )''0$ (-/(%$ AF?E 8P8C8 D8IK@E<Q %$ GIFM@;<E:@8 ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# )) [\ <e\if [\c )'('# cXj (-_'/%$M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi# c\^Xcd\ek\ gfj\j`feX$ [X%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX p gi\Z`jX gfi cf hl\ j\ cX XZ\gkX X ki}$ d`k\ <A<:LK@MF%$ <e Zfej\$ Zl\eZ`X# DFI8C<J <EI@HL<Q C<E@E <;L8I;F# \e ZXc`[X[ [\ [\l[fi gi`eZ`gXc2 P8LK@9L: G@C:F <JK<I D8EL<C8 p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;# \e ZXc`[X[ [\ ^XiXek\j jfc`[Xi`fj# [\ Zfe]fi$ d`[X[ Zfe `eZ`jf (if% [\c 8ik% +)( [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# ZldgcX Zfe cX fYc`^XZ`�e [\dXe[X[X f gifgfe^X \oZ\g$ Z`fe\j \e \c k„id`ef c\^Xc [\ ki\j [ˆXj%$ :ˆk\j\ X cfj XZZ`feX$ [fj \e cfj cl^Xi\j hl\ j\ `e[`$ ZX gXiX \c \]\Zkf%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$ ;\aXe[f Zfg`X Z\ik`]`ZX[X# iXq�e p i\Z`Yf \e Xlkfj gifZ„[Xj\ Xc [\j^cfj„ [\ cfj [fZld\ekfj jfc`Z`kX[fj# \eki„^l\j\ X cX g\ijfeX Xlkf$ i`qX[X%$ 8c XZkfi j\ c\ gi\m`\e\ [\c Zfek\e`[f [\c Xik`Zlcf 00) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$K„e^Xj\ \e Zl\ekX \c ZXj`cc\if p [fd`Z`c`f al[`Z`Xc [\j`^eX[f gfi \c XZZ`feXek\ gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j# Xjˆ Zfdf cX Xlkfi`qX$ Z`�e hl\ Zfe]`\i\ X jl XYf^X[f [\]\ejfi%$ EFK@=@HL<J<%$ ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$
HL@KF# d`„iZfc\j 0 [\ dXiqf [\c )''(# X cXj ((_+(% <c \jZi`kf hl\ Xek\Z\[\ X^i„^l\j\ Xc gifZ\$ jf%$ <e m`ikl[ [\c aliXd\ekf hl\ Xek\Z\[\ Zˆk\j\ X cfj j\ÂŒfi\j DFI8C<J <EI@HL<Q C<E@E <;L8I;F p :?8:8>L8J8P 8L:8E:<C8 I@:8I;F ;8M@;# gfi cX gi\ejX [\ XZl\i[f X cf gi\m`jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ efk`]ˆhl\j\%$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l[X[% :\ik`]`Zf% Hl`kf# (/ [\ dXiqf [\ )'((% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/.+&k] I%<% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 JI<J% >8M@C8E<Q :8IM8A8C ALC@F :<J8I P J8I89@8 ;LI8E <;@E N@CD<I AL@:@F1 <A<:LK@MF EIF% 0--$ )''0$ JG 8:KFI :FFG% ; 8?FIIF P :I<;@KF GIF>I<JF CK;8% :FFGIF>I<JF G% A% ;I% CL@J =<IE8E;F D8IK@E<Q 98II<EF ; < D 8 E ;8 ; F J 1 J I < J % >8M@C8E<Q :8IM8A8C ALC@F :<J8I P J8I89@8 ;LI8E <;@E N@CD<I :L8EK@8 +%.''#ff KI8D@K< <A<:LK@MF @E@:@8;F '* ;< J<GK@<D9I< ;<C )''0 F9A<KF% :F9IF ;< G8>8Iy G I F M @ ; < E : @ 8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% HL@KF# '* [\ J\gk`\dYi\ [\c )''0# cXj c+_+)%$ M@JKFJ%$ M@JKFJ%$ <e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX# XmfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX% CX [\dXe[X gi\$ j\ekX[X gfi ;i% Cl`j =\ieXe[f DXikˆe\q 9Xii\ef# \e jl ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\ cX :ffg% [\ 8_fiif p :i„[`kf Gif^i\jf Ck[X# [\ Zfe]fid`[X[ X cX \jZi`kliX [\ GifZliXZ`Â?e Al[`Z`Xc hl\ j\ [`jgfe\ X^i\$ ^Xi X cX ZXljX# j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p Zfdgc\kX# gfi cf hl\ j\ cX X[d`k\ Xc ki}$ d`k\ <a\Zlk`mf% <e cf gi`eZ`$ gXc# cfj [\dXe[X[fj j\ÂŒfi\j >Xm`cXe\q :XimXaXc Alc`f :„jXi p JXiXY`X ;li}e <[`e N`cd\i# gX^l\e X jl XZi\\[fi cX fYc`^X$ Z`Â?e [\dXe[X[X f gifgfe^Xe
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A SERRANO RODRIGUEZ COMERCIO EXTERIOR S.A. La compaĂąĂa SERRANO RODRIGUEZ COMERCIO EXTERIOR S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo Sexto del Distrito Metropolitano de Quito, el 09 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002203 de 19 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: UNO) LA PRESTACIĂ“N DE SERVICIOS COMO AGENTE DE ADUANAS; DOS) TODA CLASE DE SERVICIOS EN LO RELATIVO A LOS TRĂ MITES DE IMPORTACIONES Y EXPORTACIONES... Quito, 19 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83134/cc
\oZ\gZ`fe\j [\ekif [\c k„id`ef [\ ki\j [ˆXj# YXaf Xg\iZ`Y`d`\e$ kf [\ J\ek\eZ`X% :ˆk\j\ X cfj [\dXe[X[fj Xii`YX d\eZ`feX$ [fj j\Œfi\j >Xm`cXe\q :XimXaXc Alc`f :„jXi p JXiXY`X ;li}e <[`e N`cd\i \e \c cl^Xi hl\ j\ `e[`ZX \e cX [\dXe[X gXiX \c \]\Zkf# \emˆ\j\ jl]`Z`\ek\ [\jgXZ_f X cX Zfii\jgfe[`\ek\ f]`Z`eX [\ Z`kXZ`fe\j% 8^i„^l\ej\ Xc gif$ Z\jf cfj [fZld\ekfj X[alekfj# d`jdfj hl\ gi\m`f X ]fkfZfg`Xj Z\ik`]`ZX[Xj# iXq�e p i\Z`Yf \e Xlkfj [\j^c�j\j\ p \eki„^l\$ j\ Xc ;i% GXki`Z`f M`ccXiil\c IXdˆi\q% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX Xlkfi`qXZ`�e hl\ Zfe]`\i\ X jl XYf^X[f [\]\e$ jfi%$ 8Zk’\ cX CZ[X%% JljXeX <jk_\cX GXqd`Œf# \e ZXc`[X[ [\ J\Zi\kXi`X <eZXi^X[X [\ cX Al[`ZXkliX# Zfe]fid\ X cX XZZ`�e [\ g\ijfeXc Ef% (.+/$ ;G$;;G [\ )- [\ 8^fjkf [\c [\c )''0 $ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF% AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j (* [\ \e\if [\c )'((# cXj c,_,.%$ LeX m\q hl\ \c XZkfi _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# j\ [`jgfe\ hl\ gfi d\[`f [\ cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZlcXZ`�e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# j\ [`jgfe\ Z`kXi X cfj [\dXe[X[fj j\Œfi\j >Xm`c}e\q :XimXaXc Alc`f :„jXi p JXiXY`X ;li}e <[`e N`cd\i# gXiX \jk\ \]\Zkf Zfe]`„iXj\ \c \okiXZkf g\ik`e\ek\%$ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF% AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e$ [fc\j [\ cX fYc`^XZ`�e hl\ k`\$ e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j%$ Hl`kf# * [\ ]\Yi\if [\c )'(($ :\ik`]`Zf%$ ;I% =<IE8E;F E8I8EAF
=8:KFJ% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0/., I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 FC>8 ;FCFI<J M<C<Q D<E;<Q P AF?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 <OKI8:KF 8:KFI1 ;I% CL@J =<IE8E;F D8IKĂ E<Q 98 I I < E F# GIF:LI8;FI AL;@:@8C ;< C8 :FFG<I8K@M8 ;< 8?FIIF P :Iy;@KF GIF>I<JF CK;8% ; < D 8 E ;8 ; F J 1 F C> 8 ;FCFI<J M<C<Q D<E;<Q P AF?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 AL@:@F <A<:LK@MF Ef% (*,.$ )'('$ D% >fi[Â?e :% :L8EK@81 LJ;% ,%'''#ff :8J@CC8 AL;@:@8C Ef *)'0 ;<=<EJFI1 ;I% IF9<IK M@CC8IIL<C =<:?8 ;< @E@:@F1 *' ;< J<GK@<D9I< ;<C )'(' GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8#$ Hl`kf# cle\j (/ [\ fZklYi\ [\c )'('# cXj '0_*.%$ M@JKFJ1 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 j\ cX X[d`k\ X ki}d`k\ \a\Zlk`mf%$ J\ fi[\eX hl\ FC>8 ;FCFI<J M<C<Q D<E;<Q p A@?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 gX^l\e cX fYc`^XZ`Â?e f gifgfe$ ^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj%$ :Ă K<J< X cXj gi\$ efdYiX[Xj ;\dXe[X[Xj \e cfj cl^Xi\j `e[`ZX[fj%$ GifZ\[Xj\ X [\j^cfjXi cX [fZld\ekXZ`Â?e jfc`Z`kX[X%$ EFK@=@HL<J<% = ;i% 8c]i\[f >i`aXcmX DlÂŒfq% AL<Q% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8#$ Hl`kf# d`„iZfc\j )* [\ dXiqf [\c )'((# cXj '/_*'%$ 8k\ekf \c aliX$ d\ekf \]\ZklX[f gfi \c 8Zkfi# :Ă K<J< X FC>8 ;FCFI<J
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO DE LA ESCRITURA PĂšBLICA DE AUMENTO DE CAPITAL Y REFORMA DE ESTATUTOS DE URBAMARCA CLUB S.A. Se comunica al pĂşblico que URBAMARCA CLUB S.A. con domicilio principal en la ciudad de Quito, aumentĂł su capital en USD $ 290.000,00; y, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario SĂŠptimo del Distrito Metropolitano de Quito el 10 de noviembre de 2010. Actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.002293 de 26 de mayo de 2011. En virtud de la mencionada escritura pĂşblica la compaĂąĂa reforma el artĂculo quinto del Estatuto Social, referido al capital, de la siguiente manera: “ARTĂ?CULO QUINTO.- DEL CAPITAL.El capital social de la compaĂąĂa es de TRESCIENTOS MIL DĂ“LARES DE LOS ESTADOS UNIDOS DE NORTEAMÉRICA, dividido en TRESCIENTAS MIL ACCIONES ORDINARIAS Y NOMINATIVAS DE UN DĂ“LAR DE LOS ESTADOS UNIDOS DE NORTEAMÉRICA CADA UNA...â€? Quito, 26 de mayo de 2011 Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ‘Ă?AS DE QUITO AR/83124/cc
M<C<Q D<E;<Q p AF?8EE8 <C@Q89<K? :FIE<AF 8M<@>8 gfi cX gi\ejX Zfdf [`jgf$ e\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xek\ glYc`ZXZ`fe\j \]\ZklX[Xj \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc%$ EFK@=Ă HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ’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:&.00)0&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C 81 E8I;8 GI@:@C8 DFEK<M<I;< D8:@8J p D@>L<C 8E><C ;8M@C8 =FEJ<:8# ;< C8 ;<D8E;8 <A<:LK@M8# HL< J@>L< <E JL :FEKI8 <C 98E:F ;< >L8P8HL@C 8:KFI1 98E:F ;< >L8P8HL@C J%8%# i\gi\j\ekX[X gfi cX j\ÂŒfiX ;iX% ><8E D8>8C@ 8>L@II< 9<E8C:8Q8I ;<D8E;8;FJ1 E8I;8 GI@:@C8 DFEK<M<I;< D8:@8J p D@>L<C 8E><C ;8M@C8 =FEJ<:8 KI8D@K<1 <A<:LK@MF AL@:@F Ef% '+.-$)''/$DJ% :L8EK@81 LJ;% .%/''#ff ;FD@:@C@F AL;@:@8C Ef% (./+ [\c ;i% 8cmXi\q G}\q 9\eXcZ}qXi GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )) [\ DXpf [\c )''/# (-_'/%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# iXqÂ?e gfi cX ZlXc j\ cX X[d`k\ Xc ki}d`k\ \a\Zlk`mf%$ <e Zfej\Zl\eZ`X cfj [\dXe$ [X[fj j\ÂŒfi\j DFEK<M<I;< D8:@8J E8I;8 GI@:@C8 P ;8M@C8 =FEJ<:8 D@>L<C 8E><C# gX^l\e X cX XZkfiX cX ZXek`[X[ [\dXe[X[X \e \c k„i$ d`ef [\ ki\j [ˆXj f gifgfe^Xe \oZ\gZ`fe\j [\ekif [\c d`jdf k„id`ef% :ˆk\j\ X cfj [\dXe$ [X[fj j\ÂŒfi\j DFEK<M<I;< D8:@8J E8I;8 GI@:@C8 P ;8M@C8 =FEJ<:8 D@>L<C 8E><C# \e \c cl^Xi hl\ j\ `e[`$ ZX \e cX [\dXe[X# gXiX cf ZlXc \emˆ\j\ jl]`Z`\ek\ [\jgXZ_f X cX JXcX [\ :`kXZ`fe\j%$ KÂ?d\j\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X gfi cX gXik\ XZkfiX%
8^i„^l\j\ cX [fZld\ekXZ`Â?e X[alekX%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# d`„iZfc\j (/ [\ dXpf [\c )'((# (,_+/%$ 8k\ekX X cf jfc`Z`kX[f \e \c \jZi`kf gi\j\e$ kX[f Zfe ]\Z_X () [\ XYi`c [\c )'(( p [\ 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 cfj [\dXe[X[fj j\ÂŒfi\j DFEK<M<I;< D8:@8J E8I;8 GI@:@C8 p ;8M@C8 =FEJ<:8 D@>L<C 8E><C# d\[`Xek\ ki\j glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e \[`kX[fj \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf# Al\qX%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc# \e cX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# <ZlX[fi # gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00))&k] I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8 :8ICFJ 8E;IyJ :8JK@CCF IF;IĂ >L<Q P =IĂ?EBC@E :C<D<EK< 9FE<J ILD9<8 8:KFI81 Qfe`X 8c`Z`X ClZ\if C`dX [\ I`fj% ;<D8E;8;FJ1 :Xicfj 8e[i„j :Xjk`ccf If[iˆ^l\q p =i}ebc`e :c\d\ek\ 9fe\j IldY\X AL@:@F1 <a\Zlk`mf Eif% *).$ )'(($n%q% AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 J`\k\ d`c [Â?cXi\j Xd\i`ZXefj% 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j (/ [\ dXpf [\c )'((# cXj ((_,'% M`jkfj1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# j\ ZXc`]`ZX cX [\dXe$ [X Zfdf ZcXiX# gi\Z`jX p hl\ i\Â’e\ cfj i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X kiXdˆk\j\ cX d`jdX \e cX mˆX \a\Zlk`mX%$ Cfj [\dXe[X[fj :Xicfj 8e[i„j :Xjk`ccf If[iˆ^l\q p =iXebc`e :c\d\ek\ 9fe\j IldY\X#
CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A ROSINVAR S.A. ConvĂłcase a la Junta General Extraordinaria de Accionistas de la compaĂąĂa ROSINVAR S.A., a celebrarse el dĂa lunes 13 de junio del 2011, a las 10h00, en el domicilio de la empresa ubicado en la calle Francisco Cachipuendo S/N y Panamericana Norte, Sector la “Yâ€?, de la ciudad de Tabacundo, CantĂłn Pedro Moncayo, Provincia de Pichincha, con el fin de tratar el siguiente orden del dĂa: 1. Conocimiento y aprobaciĂłn de la renuncia del Vicepresidente de la CompaĂąĂa. 2. ElecciĂłn y nombramiento del nuevo Vicepresidente. Tabacundo, 31 de mayo del 2011 Atentamente JosĂŠ Luis YĂŠpez Reyes GERENTE GENERAL C.C. 100000193-1
ZldgcXe Zfe cX fYc`^XZ`Â?e f gifgfe^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj [\ Z`kX$ [fj%$ :ˆk\j\ X :Xicfj 8e[i„j :Xjk`ccf If[iˆ^l\q p =iXebc`e :c\d\ek\ 9fe\j IldY\X# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gfi ZlXekf YXaf aliX$ d\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jlj `e[`m`[lXc`[X$ [\j f i\j`[\eZ`Xj%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX p cX Xlkf$ i`qXZ`Â?e ZfeZ\[`[X Xc XYf^X[f [\]\ejfi%$ Efk`]ˆhl\j\% ] % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X L[j%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00*+&k] ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8C J<zFI AFJ< =<IE8E;F :?@:8@Q8 9 F D 9 F E # ;<C AL@:@F <A<:LK@MF GIFGL<JKF <E JL :FEKI8 GFI <C J<zFI K<CDF 8EKFE@F =I8>8 9<E8M@;<J % 8:KFI1 K<CDF 8EKFE@F =I8>8 9<E8M@;<J ;<D8E;8;F1 A F J < =<IE8E;F : ? @ : 8 @ Q 8 9FD9FE 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# dXik\j / [\ ale`f [\c )'('# cXj (._),%$ M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% <e Zfej\Zl\eZ`X j\ cX XZ\gkX X kiXd`k\ \a\Zlk`mf# \c [\dXe[X[f AFJ< =<IE8E;F :?@:8@Q8 9FD9FE# gX^l\ Xc XZkfi cX ZXek`[X[ [\dXe[X[X f gifgfe^X \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj% :ˆk\j\ Xc [\dXe[X[f \e \c cl^Xi hl\ j\ `e[`ZX%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f %$ Efk`]ˆhl\j\%$ ] ;iX%
I_ [b WbYe^eb f[h`kZ_YW jk fhe\[i_ÂŒd" Z[`W jk fhe\[i_ÂŒd$ =?B8;HJ A;?J> 9>;IJ;HJED
DÂ?e`ZX =cfi GXqd`ÂŒf%$ FKI8 GIFM@;<E:@8%$ ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j - [\ XYi`c [\c )'((# X cXj (+_+) 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f%$ <e d„i`kf Xc aliX$ d\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf gi\m`j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ Xc [\dXe[X[f Afj„ =\ieXe[f :_`ZX`qX 9fdYÂ?e# gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qX$ i}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf% Al\qX% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j% 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@>yJ@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00*0&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 $<OKI8:KF$ :@K8:@äE AL;@:@8C G8I81 <C@8E8 B 8K ? < I @ E < 98CC<JK<IFJ 8IKLIF AL@:@F1 -0+$)''/ C:?% <D98I>F P I<D8K< 8:KFI1 98E:F :8G@K8C J%8% ; < D 8 E ;8 ; F 1 < C @ 8 E 8 B8K?<I@E< 98CC<JK<IFJ 8IKLIF F9A<KF1 :fe ]le[Xd\ekf \e cX j\ZZ`Â?e M# kˆklcf @@ [\c C`Yif J\^le[f [\c :Â?[`^f [\ :fd\iZ`f \e jlj XikˆZlcfj (' [\ cfj `eeld\iX[fj# j\^Â’e cX i\]fidX Ef% ,+/% :_%# 8ik$ ,0- @Y`[\d p [`jgfj`Z`fe\j g\ik`e\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [\dXe$ [X \c \dYXi^f p i\dXk\ [\c m\_ˆZlcf m\e[`[f Zfe i\j\imX
FI;@E8I@FJ I [\c <% <OKI8:KF AL;@:@8C :@K8J< 8 C8 J<zFI8 CL:@8 :8KL:L8D98 8J L E KF 1 Gi\jZ i ` g Z ` � e <okiXfi[`eXi`X 8[hl`j`k`mX [\ ;fd`e`f 8:KFI1 E„jkfi KXYXe^f :_lilZ_ldY` ;<D8E;8;F1 C l Z ˆ X :XklZlXdYX AL@:@F1 Fi[`eXi`f :8LJ8 Ef%$ '(/$)'(( 89F>8;F ;<=<EJFI1 ;i%
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO
EXTRACTO
CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A TECHPOW CIA. LTDA.
CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A AMERADORECUADOR SERVICIOS MINERĂ?A Y ANEXOS CIA. LTDA.
La compaĂąĂa TECHPOW CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito, el 29 de Abril de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002337 de 31 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: A) PRESTAR SERVICIOS DE ASESORĂ?A RELACIONADOS CON LA VENTA, COMERCIALIZACIĂ“N Y MANEJO DE MATERIAS PRIMAS, INSUMOS Y MAQUINARIA EN EL CAMPO INDUSTRIAL, IMPORTACIĂ“N, ENSAMBLAJE, ALQUILER, DISTRIBUCIĂ“N Y VENTAS DE EQUIPOS RELACIONADOS, ASĂ? COMO PRODUCTOS SIMILARES MANUFACTURADOS O ENSAMBLADOS POR CUALQUIERA DE LAS EMPRESAS DENTRO DEL TERRITORIO DE LA REPĂšBLICA DEL ECUAADOR Y DEL EXTERIOR;... Quito, 31 de Mayo de 2011.
La compaĂąĂa AMERADORECUADOR SERVICIOS MINERĂ?A Y ANEXOS CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo del Distrito Metropolitano de Quito, el 20 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002363 de 01 de Junio de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 1.200,00 NĂşmero de Participaciones 1.200 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: REALIZAR LABORES DE PROSPECCIĂ“N, EXPLORACIĂ“N, E X P L O TA C I Ă“ N , BENEFICIO, FUNDICIĂ“N, REFINACIĂ“N, COMERCIALIZACIĂ“N, CIERRE DE MINAS Y EN DEFINITIVA TODAS AQUELLAS ACTIVIDADES COMPRENDIDAS DENTRO DE LAS FASES DE LA ACTIVIDAD MINERA... Quito, 01 de Junio de 2011.
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AP/49357/cc
[\ [fd`e`f [\kXccX[f \e \c Zfe$ kiXkf X[alekf% KI8D@K<1 <A<:LK@MF :L8EK@81 ;@<Q P J@<K< D@C ;FC8I<J 8D<I@:8EFJ 89F>8;F G8KIF:@E8;FI1 AFI>< 9<A8I8EF D8K% -., :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (/ [\ X^fjkf [\c )''/# X cXj ((?(-%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% )(/, [\ '/ [\ Alc`f [\c )''/ p \e m`ikl[ [\c jfik\f [\ C\p \e cX f]`Z`eX Zfii\j$ gfe[`\ek\%$CX [\dXe[X hl\ Xek\Z\[\ gifgl\jkX gfi cX @e^% O`d\eX [\c :Xid\e :fife\c >feq}c\q# \e cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ Zfdf j\ [\j$ gi\e[\ [\c [fZld\ekf X[alekf# \j ZcXiX# Zfdgc\kX# p i\Â’e\ cfj i\hl`j`kfj [\k\id`eX[fj gfi cX C\p%$ Gfi cf hl\ [\ZcXi}e[fcX gifZ\[\ek\ j\ cX X[d`k\ X kiX$ d`k\ \jg\Z`Xc \jkXYc\Z`[f%$<e Zfej\Zl\eZ`X# gifZ„[Xj\ Xc <dYXi^f p gfjk\i`fi I\dXk\# gi\m`f XmXcÂ’f# [\c Y`\e dXk\i`X [\c :fekiXkf [\ :fdgiXm\ekX Zfe I\j\imX [\ ;fd`e`f# Zfe$ j`jk\ek\ \e \c m\_ˆZlcf DXiZX1 ?PLE;8@# ZcXj\1 8LKFDäM@C# GcXZX EL<MF# Df[\cf1 D8KI@Q (%/# Zfcfi1 9C8E:F# 8ÂŒf [\ =XYi`ZXZ`Â?e )''-# :_Xj`j Ef% BD?GE/(;G-L)-.((-# Dfkfi Ef% >+>9-,)((-+# K`gf 8LKFDäM@C p [\d}j ZXiXZ$ k\iˆjk`ZXj p \jg\Z`]`ZXZ`fe\j ZfejkXek\j \e \c ZfekiXkf [\ ZfdgiXm\ekX Zfe i\j\imX [\ [fd`e`f X[alekf%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X# j\ ZfekXi} Zfe lef [\ cfj j\ÂŒfi\j 8c^lXZ`c DXpfi p ;\gfj`kXi`f Al[`Z`Xc [\c ZXekÂ?e Hl`kf%$ ?XY`cˆk\j\ \c k`\dgf [\]`Z`\e$ k\%$GiXZk`ZX[f \c \dYXi^f# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p gi\j\ek\ gifm`$ [\eZ`X X cX [\dXe[X[X <c`XeX BXk\i`e\ 9Xcc\jk\ifj 8iklif# \e cX [`i\ZZ`Â?e j\ÂŒXcX[X gXiX \c
\]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf%$ @eZfig�i\j\ X cfj Xlkfj cX [fZl$ d\ekXZ`�e X[alekX%$K�d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZkf$ iX gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`�e [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ gi\j\ek\ ZlXekf \jZi`kf j\X e\Z\jXi`f \e [\]\ejX [\ jlj `ek\i\j\j%$ 8k\ekf cX g\k`Z`�e p X cf [`jgl\jkf gfi \c 8ik% 00) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# [\aXe[f Zfg`Xj Z\ik`]`ZX$ [Xj# iXq�e p i\Z`Yf \e Xlkfj# [\j^c�j\j\ cfj [fZld\ekfj XZfdgXŒX[fj X cX [\dXe[X p \eki„^l\j\ X jl XYf^X[f [\]\e$ jfi%$ Efk`]ˆhl\j\% ] ;i% I\peXc[f =cfi 8cmXiX[f%$ Al\q%$ GIFM@;<E:@8 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# cle\j (/ [\ fZklYi\ [\c )'('# X cXj ((?'/%$<e cf gi`e$ Z`gXc# \e d„i`kf [\c aliXd\ekf i\e[`[f gfi cX XZkfiX# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ p i\j`[\eZ`X [\ cX [\dXe[X[X# j\ [`jgfe\ Z`kXi Zfe le \okiXZkf [\c Zfek\e`[f [\ cX [\dXe[X# Xlkf `e`Z`Xc# \jZi`kf gi\Z\[\ek\ p gi\j\ek\ gifm`[\eZ`X X cX [\dXe[X[X <c`XeX BXk\i`e\ 9Xcc\jk\ifj 8iklif# gfi cX gi\ejX# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j# \e lef [\ cfj g\i`�[`Zfj [\ Xdgc`X Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ Efk`]ˆhl\j\%$ ] ;i% I\peXc[f =cfi 8cmXiX[f%$ Al\q%$ Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXi cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j%$ :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp le j\ccf 8%:%&.00(/
AR/83133/cc
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/83139/cc
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? AX`d\ :XdXZ_f ;FD@:@C@F C<>8C1 :Xj`cc\if ('* GIFM@;<E:@8 ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ :XpXdY\# X '. [\ XYi`c [\c )'((# cXj (+_('%$ M@JKFJ1 LeX m\q Zldgc`[f cf [`jgl\jkf \e \c Xlkf Xek\i`fi# \e cf gi`eZ`$ gXc# \oXd`eX[X hl\ _X j`[f cX [\dXe[X# j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX Zfdgc\kX p gfi i\le`i cfj i\hl`j`kfj c\^Xc\j j\ cX XZ\g$ kX Xc ki}d`k\ gi\m`jkf gXiX \c al`$ Z`f fi[`eXi`f%$ <e Zfej\Zl\eZ`X ZÂ?iiXj\ kiXjcX[f Zfe \c Zfek\e`$ [f [\ cX [\dXe[X p \c gi\j\e$ k\ Xlkf X cX [\dXe[X[X CL:@8 :8KL:L8D98# gfi \c k„id`ef [\ HL@E:< ;@8J# X ]`e [\ hl\ Zfek\jk\ cX [\dXe[X p gifgfe$ ^X ZfealekXd\ek\ cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj hl\ j\ Zfej`[\i\ Xj`jk`[X%$ <e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f gfi \c XZkfi# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< X cX [\dXe[X[X CL:@8 :8KL:L8D98# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e X e`m\c eXZ`feXc# gfi ef \o`jk`i e`e^lef \e \jkX cfZXc`[X[%$ @ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e :XpXdY\# Zfe]fi$ d\ [`jgfe\ \c Xik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZl$ d\ekfj hl\ j\ X[alekXe X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX \c ki}d`k\# cX ZlXekˆX# \c ZXj`cc\$ if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e hl\ Zfe]`\i\ X jl 8Yf^X[f [\]\e$ jfi%$ :@K<J< P EFK@=@HL<J<% Cf Xii\^cX[f MXc\ :\ik`]`Zf% ;i% IlY„e GXqd`ÂŒf [\ cX Kfii\ AL<Q Cf hl\ Z`kf X L[% gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`$ e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`$ Z`Xc [\ XZl\i[f X cX C\p gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j# [\e$ kif g\iˆd\kif c\^Xc [\c Alq^X[f ;„Z`df :lXikf [\ cf :`m`c [\ G`Z_`eZ_X \e :XpXdY\%$ :\ik`]`Zf% J\Zi\kXi`f ?Xp le j\ccf 8%:%.00,/ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 D8I@8 D8K@C;< I8DĂ I<Q# <Q<HL@<C CäG<Q I8DĂ I<Q# CL@J <EI@HL< CäG<Q I8DĂ I<Q# CL@J <EI@HL< IL@Q I8DĂ I<Q# D8IĂ 8 @E<J I8DĂ I<Q# C8LI8 D8I@E8 I8DĂ I<Q# ALC@F 8C=FEJF 8E;I8;< I8DĂ I<Q# I@>F9<IKF IL@Q I8DĂ I<Q p D8IĂ 8 <JG<I8EQ8 8E;I8;< I8DĂ I<Q <OKI8:KF 8:KFI81 D8I@8 ALC@8 @J89<C I8D@I<Q ; < D 8 E ;8 ; FJ 1 D 8 I @ 8 D8K@C;< I8DĂ I<Q# <Q<HL@<C CäG<Q I8DĂ I<Q# CL@J <EI@HL< CäG<Q I8DĂ I<Q# CL@J <EI@HL< IL@Q I8DĂ I<Q# D8IĂ 8 @E<J I8DĂ I<Q# C8LI8 D8I@E8 I8DĂ I<Q# ALC@F 8C=FEJF 8E;I8;< I8DĂ I<Q# I@>F9<IKF IL@Q I8DĂ I<Q p D8IĂ 8 <JG<I8EQ8 8E;I8;< I8DĂ I<Q :L8EK@81 LJ;% (*%+)(#ff KI8D@K<1 FI;@E8I@F Ef ())($)''/$ D% >fi[Â?e :% :8J@CC8 AL;@:@8C Ef +')/ ;I% :8ICFJ :89<Q8J =<:?8 ;< @E@:@F1 (* ;< EFM@<D9I< ;<C )''/ F9A<KF1 GI<J:I@G:@FE < O K I 8 F I ; @ E 8 I @ 8 8;HL@J@K@M8 ;< ;FD@E@F ;<C CFK< ;< K<II<EF Ef% -# ;<JD<D9I8;F ;<C GI<;@F ;<EFD@E8;F 8C8D9I8E# L9@:8;F <E C8 :8CC< E8K8C@8 M8:8 J&E# J<:KFI A<JèJ ;<C >I8E GF;<I#
Ć
G8IIFHL@8 C8 D8>;8C<E8 ;< <JK< :8EKFE HL@KF GIFM@E:@8 ;< G@:?@E:?8# :FE CFJ J@>L@<EK<J C@E;<IFJ1 EFIK<2 <E <OK<EJ@äE ;< (.D) +':D :FE HL<9I8;82 JLI# CFE>@KL; ;< (-D -':D :FE CFK< ,2 <JK<2 <OK<EJ@äE ;< (*D *':D :FE K<II<EF :8J8 98II@8C2 F<JK<2 CFE>@KL; ;< ('D /':D# :FE CFK< Ef# .# JLG<I=@:@< KFK8C ;< K<II<EF )'+#(/D) GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# ') [\ ;`Z`\dYi\ [\c )''/# cXj ('_*(%$ M@JKFJ1 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 j\ cX X[d`k\ Xc ki}d`k\ fi[`eXi`f%$ :fe jl Zfek\e`[f p gi\j\ek\ gifm`[\e$ Z`X j\ Zfii\ kiXjcX[f X1 D8IĂ 8 D8K@C;< I8DĂ I<Q# <Q<HL@<C CäG<Q I8DĂ I<Q# CL@J <EI@HL< CäG<Q I8DĂ I<Q# CL@J <EI@HL< IL@Q I8DĂ I<Q# D8IĂ 8 @EyJ I8DĂ I<Q# C8LI8 D8I@E8 I8DĂ I<Q# ALC@F 8C=FEJF 8E;I8;< I8DĂ I<Q# I@>F9<IKF IL@Q I8DĂ I<Q p D8IĂ 8 <JG<I8EQ8 8E;I8;< I8DĂ I<Q gfi \c k„id`ef [\ hl`eZ\ [ˆXj YXaf Xg\iZ`Y`d`\e$ kf \e i\Y\c[ˆX%$ @ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :Ă K<J< X cfj gi\efdYiX[fj ;\dXe[X[fj gfi cX gi\ejX [\ Zfe]fid`[X[ Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj g\ijfe\ifj [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ EFK@=@HL<J<% 8Y% =XYi`Z`f J\^fm`X 9\kXeZflik% AL<Q JLGC<EK<% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0/,-&k] <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 JI% :?I@JK@8E >LJK8MF QLI@K8 IFE 8:KFI% <:% I8=8<C M@:<EK< :FII<8 ;<C>8;F ;<D8E;8;F1 JI% :?I@JK@8E >LJK8MF QLI@K8 IFE :8LJ8 Ef% )'(($')-,$ C%J% KI8D@K<%$ FI;@E8I@F :L8EKĂ 8% ('Ă‹'''%'''#ff ;\]\ejfi [\c XZkfi1 ;I% >LK<D9<I> M<I8 P FKIF @e`Z`X[f \c )/ ;< =<9I<IF GIFM@;<E:@8% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )/ [\ =\Yi\if [\c )'((# cXj (,_*)%$ M@JKFJ%$ <e m`ikl[ [\ cX iXqÂ?e [\ jfik\f# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% <e cf gi`e$ Z`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% :fe cX [\dXe[X p gifm`$ [\eZ`X i\ZXˆ[X# ZÂ?iiXj\ kiXjcX[f X cfj [\dXe[X[fj JIJ%1 AL8E :8ICFJ :8C;<IFE M@M8E:F p :?I@JK@8E >LJK8MF QLI@K8 IFE# gfi \c k„id`ef [\ hl`eZ\ [ˆXj Zfe Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX% :ˆk\j\ X cfj [\dXe$ [X[fj \e \c cl^Xi `e[`ZX[f gXiX \c \]\Zkf% 8^i„^l\j\ Xc gifZ\$ jf cfj [fZld\ekfj XZfdgX$ ÂŒX[fj% 8ZkÂ’\e \c ;i% Cl`j Ife M`ccXm`Z\eZ`f p ;i% AX`d\ Kfii\j Zfdf J\Zi\kXi`f p F]`Z`Xc DXpfi \eZXi^X[fj i\jg\Zk`mXd\ek\# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf gfi \c :fej\af EXZ`feXc [\ cX Al[`ZXkliX d\[`Xek\ F]% Ef% ))-$'.$:I?$:EA$<J [\ , [\ DXiqf [\c )''.% Efk`]ˆhl\j\% %$ ;I8% D8I@8 D<I:<;<J GFIK@CC8# AL<Q HL@EKF ;< CF :@M@C ;< G@:?@E:?8% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )* [\ DXpf [\c )'((# cXj ((_''%$
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
ć
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
8mfZf ZfefZ`d`\ekf d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% (()-$ ;;$;GG ;< DXpf )* [\c )'(( \e ZXc`[X[ [\ Al\q <eZXi^X[f% K„e^Xj\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc j\ÂŒXcX[f gfi \c JI% AL8E :8ICFJ :8C;<IFE M@M8E:F% <e Xk\eZ`Â?e Xc aliX$ d\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe \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\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf Xc JI% :?I@JK@8E >LJK8MF QLI@K8 IFE% Efk`]ˆhl\j\% ] %$ ;I% I8=8<C :8IG@F JĂ?E:?<Q% AL<Q HL@EKF ;< CF :@M@C ;< G@:?@E:?8 <E:8I>8;F% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;I% CL@J I F E M@CC8M@:<E:@F J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.00*(&k] I%<% ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@ä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l`kf# dXik\j )) [\ dXiqf [\c )'((# cXj c+_+,%$ M@JKFJ1 <e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX p \e iXqÂ?e [\ cX efkX [\ jfik\f hl\ Xek\Z\[\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% LeX m\q hl\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# cX [\dXe$ [X [\ Gi\jZi`gZ`Â?e 8[hl`j`k`mX <okiXfi[`eXi`X [\ ;fd`e`f# gi\j\ekX[X gfi cX j\ÂŒfiX IfjX DXi^Xi`kX >l\iiX D\eX# \j ZcXiX# gi\Z`jX p Zfdgc\kX# gfi i\le`i cfj i\hl`j`kfj [\ c\p# iXqÂ?e gfi cX ZlXc j\ cX X[d`$ k\ Xc ki}d`k\ Fi[`eXi`f% <e cf gi`eZ`gXc# ZÂ?iiXj\ kiXjcX[f Zfe Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX X cX [\dXe[X[X j\ÂŒfiX M<IFE@:8 ;< C8J D<I:<;<J IL@Q 9FCCF# \e ZXc`[X[ [\ _\i\[\iX p e`\kX [\c j\ÂŒfi ?\ie}e Il`q GXi\[\j# gXiX hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj# gifgfe^X Zfe$ alekXd\ek\ cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ hl\ j\ Zi\X Xj`jk`[X# Xjˆ Zfdf X cfj _\i\[\ifj gi\jlekfj p [\jZf$ efZ`[fj [\c j\ÂŒfi ?\ie}e Il`q GXi\[\j# gXiX \c \]\Zkf Zˆk\j\$ c\j gfi d\[`f [\ cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# p Zfe]fid\ cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi J\Zi\kXiˆX Zfe]`„iXj\ \c g\ik`e\ek\ \okiXZkf% ;\ Zfe$ ]fid`[X[ Zfe \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :l„ek\j\ Zfe cfj g\ijfe\ifj [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\
Hl`kf% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj XZfdgXŒX[fj% K�d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX XZkfiX p cX Xlkfi`qXZ`�e hl\ [X X jl XYf$ ^X[f [\]\ejfi%$ EFK@=@HL<J<%$ = %$ ;I% :8ICFJ =<IE8E;<Q @;IFMF%$ AL<Q ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e$ [fc\j [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj gfjk\i`fi\j efk`]`ZX$ Z`fe\j%$ Hl`kf# (+ [\ DXpf [\c )'((%$ :\ik`]`Zf%$ ;I% =<IE8E;F E8I8EAF =8:KFJ% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% ?Xp le j\ccf 8%:%.0/+)&k] I% ;<C <% <OKI8:KF AL;@:@8C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 cfj _\i\$ [\ifj gi\jlekfj p [\jZfefZ`$ [fj [\c ZXljXek\ j\Œfi AFJ< ALC@F K8:LE>8 P8E<Q AL@:@F1 Ef% *(($)'(($ C%8% KI8D@K<1 FI;@E8I@F 8:KFI1 D8I@8 D8K@C;< K8:LE>8 P8E<Q ;<D8E;8;81 A L C @ 8 8;FI8:@FE P8EQ8 :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF Ef% (',' ;I% K@KF P<G<Q GIFM@;<E:@8 ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j ) [\ dXpf [\c )'((# cXj ((_()%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f Zfii\jgfe[`\ek\# XmfZf ZfefZ`d`\ekf [\ \jkX ZXljX \e d` ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p gi\Z`jX# p i\’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ \e Al`Z`f FI;@E8I@F%$ <e Zfej\Zl\eZ`X# Z�iiXj\ kiXjcX[f gfi \c k„id`ef c\^Xc [\ hl`eZ\ [ˆXj# hl\ Zfd\eqXi} X [\Zlii`i X gXik`i [\ cX ]\Z_X [\ Z`kXZ`�e# Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X :ˆk\j\ X cX [\dXe[X[X j\ŒfiX ALC@8 8;FI8:@FE P8EQ8# \e \c cl^Xi j\ŒXcX[f# p2 X cfj _\i\$ [\ifj gi\jlekfj p [\jZfefZ`$ [fj [\c ZXljXek\ j\Œfi AFJ< ALC@F K8:LE>8 P8E<Q# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX :`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# X ]`e [\ hl\ gifgfe^Xe cXj \oZ\gZ`fe\j [\ cXj hl\ j\ Zi\Xe Xj`jk`[fj# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% *0. [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ @ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[# gXiX Zlpf \]\Zkf j\ efk`]`ZXi}# d\[`Xek\ f]`Z`f%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`�e hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`ccX al[`Z`Xc j\ŒXcX[f gfi \c Zfd$ gXi\Z`\ek\# Xjˆ Zfdf kXdY`„e cX Xlkfi`qXZ`�e X jl 8Yf^X[f ;\]\ejfi%$ Efk`]ˆhl\j\%$ ] ;i% >\id}e >feq}c\q [\c Gfqf% Al\q% Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j [\ C\p p c\ :@KF# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0//' I% ;<C <% ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8
Ĺ?
:@K8:@FE AL;@:@8C 8 CFJ J<zFI<J 8E><C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I Æ <OKI8:KF$ AL@:@F1 FI;@E8I@F E — (,+* $ )'(' $ ;I%$G= 8:KFI1 D8I@8 JLJ8E8 HL@J?G< JĂ?E:?<Q ; < D 8 E ;8 ; F 1 8 E > < C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I KI8D@K< 1 FI;@E8I@F F9A<KF1 J\ [\ZcXi\ Zfe cl^Xi cX Gi\jZi`gZ`Â?e <okiXfi[`eXi`X 8[hl`j`k`mX [\ [fd`e`f [\c k\ii\ef j`^eX[f Zfe \c eld\if [`\Z`j`\k\# j`klX[f \e cX ZXcc\ =\ie}e[\q [\ M\cXjZf E,$)) p =iXeZ`jZf [\ 8i\ccXef [\ \jk\ ;`jki`kf D\kifgfc`kXef [\ Hl`kf# GXiifhl`X <c JXcmX[fi# Zfe leX \ok\ej`Â?e [\ [fjZ`\ekfj d\kifj ZlX[iX[fj [\ jlg\i]`Z`\ :L8EK@81 @e[\k\id`eX[X GIFM@;<E:@8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j )( [\ \e\if [\c )'((# cXj ((_)0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ Zfe]fid\ Xc F]`Z`f Ef% 0).$;G$;;G$A8I$'. [\ , [\ [`Z`\dYi\ [\ )''.%$ Gfi Zldgc`[f Zfe \c i\hl\i`d`\e$ kf Xek\i`fi% CX [\dXe[X# gif$ gl\jkX gfi cX j\ÂŒfiX D8I@8 JLJ8E8 HL@J?G< J8E:?<Q# \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 Fi[`eXi`f%$<e Zfej\Zl\eZ`X# Zfe cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X ZÂ?iiXj\ kiXjcX[f X cfj j\ÂŒfi\j 8E><C <J:F98I <J:F98I P D8IĂ 8 DFI8 ;< <J:F98I Â’e`Zfj efdYi\j p Xg\cc`[fj hl\ Zfefq$ Zf # hl`\e\j ]l\ife gifg`\kX$ i`fj [\ [`Z_f Y`\e `edl\Yc\2 p# X kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[Xife \ok`e^l`[fj gfi cX gi\jZi`gZ`Â?e hl\ \a\iqf \e \jkX XZZ`Â?e gfi \c k„id`ef [\ hl`eZ\ [ˆXj# X ]`e [\ hl\ cX Zfek\jk\e f gifgfe^Xe kf[Xj p ZX[X leX [\ cXj \oZ\gZ`fe\j kXekf [`cXkfi`Xj Zfdf g\i\e$ kfi`Xj [\ cXj hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ <e d„i`kf [\ cX X]`idXZ`Â?e hl\ YXaf aliXd\ekf _X i\Xc`qX[f \c 8Zkfi# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j Ă?e^\c <jZfYXi <jZfYXi p DXiˆX DfiX ;\ <jZfYXi Â’e`Zfj efdYi\j p Xg\cc`[fj hl\ ZfefqZf # hl`\$ e\j ]l\ife gifg`\kXi`fj [\ [`Z_f Y`\e `edl\Yc\2 p# X kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[Xife \ok`e^l`[fj gfi cX gi\jZi`g$ Z`Â?e hl\ \a\iqf \e \jkX XZZ`Â?e # gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e ZX[X leX [\ \ccXj \e ]\Z_Xj [`]\i\ek\j# gXiX cf ZlXc j\ \eki\^Xi} \c \okiXZkf i\jg\Zk`mf%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX# Zfe cfj g\ijf$ e\ifj [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# \e cX g\ijfeX [\c j\ÂŒfi 8cZXc[\ p GifZliX[fi Jˆe[`Zf%$ Gi\m`Xd\ek\ `ej$ ZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# Zfe]fid\ cf [`j$ gfe\ \c 8ik%$ (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX cf ZlXc j\ efk`]`ZXi} Xc =leZ`feXi`f i\jg\Zk`mf%$ @eZfigÂ?i\ej\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f gfi \c 8Zkfi# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p cX Xlkfi`qXZ`Â?e dXe`]\jkX[X \e ]Xmfi [\ jl ;\]\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[X%$ :\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/.-
I_ [b ehWZeh i[ b_c_jW W \kij_]Wh bei l_Y_ei" bW _]b[i_W i[h| i_[cfh[ [b YkWhj[b Z[ bWi l_[`Wi$ 78H7>7C :; I7DJ7 9B7H7
I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@FE AL;@:@8C G8I81 <;L8I;F F:K8M@F CFG<Q M<C8JHL<Q P >I8:< <C@Q89<K? :<C@ G8QFJ P C@K8 8;I@8E8 DFJHL<I8 M<>8 AL@:@F1 FI;@E8I@F EF% (+,( Æ )'(' C:? 8:KFI1 M@:<EK< I8LC KF98I A8II@E ;<D8E;8;F1 8IH% D8>8CP J8D8E@<>F G8QFJ# <;L8I;F F:K8M@F CFG<Q M<C8JHL<Q P >I8:< <C@Q89<K? :<C@ G8QFJ P C@K8 8;I@8E8 DFJHL<I8 M<>8 F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% (,.'# (.+'# `Yˆ[\d p 8ik%(+,*# ))(+# ))*) p j`^l`\e$ k\j [\c Kˆklcf OOO@@@# C`Yif :lXikf [\c :Â?[`^f :`m`c j\ [\dXe[X cX elc`[X[ [\c ZfekiX$ kf [\ GIFD<J8 ;< :FDGI8$ M<EK8% KI8D@K<1 FI;@E8I@F :L8EK@81 )/'%''' ;FC8I<J 89F>8;F G8KIF:@E8;FI1 ;i% DXi`f FZ_fX :Â?i[fmX DXk% (.-+ :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )' [\ [`Z`\dYi\ [\c )'('# X cXj '/?,*%$ M@JKFJ%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`$ kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# Zldgc`[f \c i\hl\i`d`\ekf [\ cX Xek\i`fi gifm`[\eZ`X# j\ [\k\id`eX hl\ cX [\dXe[X hl\ Xek\Z\[\ gifgl\jkX gfi M`Z\ek\ IXÂ’c KfYXi AXiiˆe \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fcX gifZ\$ [\ek\ j\ cX XZ\gkX Xc ki}d`k\ fi[`eXi`f%$<e Zfej\Zl\eZ`X# [}e[fj\ \c kiXjcX[f [\ C\p# j\ [`jgfe\ Z`kXi Zfe \c Zfek\e`$ [f [\ cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X X cX [\dXe[X[X JikX% Xihl`k\ZkX ;`XeX DX^Xcp JXdXe`\^f GXqfj# \e \c cl^Xi j\ÂŒXcX[f gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\ gifgfe`\e[f Zfeale$ kXd\ek\ cXj \oZ\gZ`fe\j [`cX$ kfi`Xj p g\i\ekfi`Xj [\ cXj hl\ j\ Zi\p\i\ Xj`jk`[X%$KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e [X[X X jl XYf^X[f [\]\ejfi gXiX hl\ jlj$ Zi`YX cfj \jZi`kfj e\Z\jXi`fj%$ :ˆk\j\ p Efk`]ˆhl\j\% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p%$ ;i% I\peXc[f =cfi 8cmXiX[f%$ Al\q% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j ) [\ dXiqf [\c )'((# X cXj '0?'-%$ M@JKFJ%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`$ kf gi\j\ekX[f%$ <e cf gi`eZ`gXc# Zldgc`[f \c i\hl\i`d`\ekf [\ cX Xek\i`fi gifm`[\eZ`X# [\ Zfe]fi$ d`[X[ X cf [\k\id`eX[f gfi \c 8ik% .' [\c :Â?[`^f [\ gifZ\[`$ d`\ekf :`m`c# j\ XZ\gkX cX i\]fi$ dX X cX [\dXe[X \e \c j\ek`[f [\ hl\ X dXj [\ cX [\dXe[X[X ZfejkXek\ \e \c c`Y\cf `e`Z`Xc 8ih% ;`XeX DX^Xc` JXdXe`\^f GXqfj# cX gi\j\ek\ [\dXe[X kXdY`„e mX [`i`^`[X \e ZfekiX [\ cfj j\ÂŒfi\j <[lXi[f FZkXm`f CÂ?g\q M\c}jhl\q# >iXZ\ <c`qXY\k_ :\c` GXqfj# D`^l\c 9X[p 8e^cfep :ilq p C`kX 8[i`XeX Dfjhl\iX M\^X%$ <e Zfej\Zl\eZ`X# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe$ [X# Xlkf `e`Z`Xc# \jZi`kf [\ i\]fi$ dX X cX [\dXe[X p gi\j\ek\ gifm`[\eZ`X X cfj [\dXe[X[fj JikX% Xihl`k\ZkX ;`XeX DX^Xcp JXdXe`\^f GXqfj p j\ÂŒfi D`^l\c 9X[p 8e^cfep :ilq \e cfj cl^Xi\j j\ÂŒXcX[fj gXiX \c \]\Zkf [\ \jkX Z`l[X[ [\ Hl`kf2 p# X cfj j\ÂŒfi\j <[lXi[f FZkXm`f CÂ?g\q M\c}jhl\q# >iXZ\ <c`qXY\k_ :\c` GXqfj p C`kX 8[i`XeX Dfjhl\iX M\^X# \e d\i`kf [\c aliXd\ekf i\e[`[f gfi \c XZkfi jfYi\ cX
`dgfj`Y`c`[X[ [\ [\k\id`eXi jl `e[`m`[lXc`[X[ p i\j`[\eZ`X# Zˆk\j\ gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ X cf [\k\id`eX[f gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\e gifgfe`\e[f cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\e$ kfi`Xj [\ cXj hl\ j\ Zi\p\i\e Xj`jk`[fj%$K�d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi gXiX jlj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`�e [X[X X jl XYf^X$ [f [\]\ejfi gXiX hl\ jljZi`YX cfj \jZi`kfj e\Z\jXi`fj%$ :ˆk\j\ p Efk`]ˆhl\j\% ] ;i% I\peXc[f =cfi 8cmXiX[f Al\q % Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p%$ Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ hl\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 ?Xp le j\ccf 8%:%&.0/.0 I% ;<C <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`�e Al[`Z`Xc Xc j\Œfi I8@DLE;F K@G8E 8D8HL@z8 P I8DFE K@G8E 8D8HL@z8# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f cX j`^l`\ek\ XZZ`�e1 8:KFI1 Afj„ K`g}e 8dXhl`ŒX p JXcfd„ >lXcfklŒX J`eX`cˆe% ;<D8E;8;F1 IX`dle[f K`g}e 8dXhl`ŒX p IXd�e
K`g}e 8dXhl`ÂŒX% 8JLEKF1 Gi\jZi`gZ`Â?e 8[hl`j`k`mX <okiXfi[`eXi`X [\ ;fd`e`f [\ @edl\Yc\% 9Xii`f CX =cfi`[X [\ cX GXiifhl`X [\ 8dX^lXÂŒX% KI8D@K<1 Fi[`eXi`f% :8LJ81 (.(0$)'(' <DK% :L8EK@81 @E;<K<ID@E8;8% AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc`% J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f% KI8D@K<1 89% <]iXˆe DXikˆe\q KXg`X% GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZf$ c\j )* [\ ]\Yi\if [\c )'((# cXj ((_'(%$ M@JKFJ1 $ Gfi Zldgc`[X cX fi[\e [\ cX gifm`[\eZ`X [\ (' [\ <e\if [\c )'((# cXj ((_+.# j\ [`jgfe\ cf j`^l`\ek\1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X# [\j\ X cX d`jdX \c ki}d`k\ Fi[`eXi`f%$ :Â?iiXj\ kiXjcX[f Zfe \c c`Y\cf [\ [\dXe[X p \jkX gifm`[\eZ`X X cfj j\ÂŒfi\j1 I8@DLE;F K@GĂ?E 8D8HL@z8 p I8DäE K@GĂ?E 8D8HL@z8 Â’e`Zfj efdYi\j p Xg\cc`[fj hl\ ZfefZ\e X ]`e [\ hl\ \e \c k„id`ef [\ hl`eZ\ [ˆXj gifgfe^Xe cXj \oZ\gZ`fe\j X cXj hl\ j\ Zi\Xe Xj`jk`[fj%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYX$ j\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[%$ <e m`jkX [\c aliXd\ekf \ogi\jf [\c XZkfi gfi \c hl\ X]`idX jfYi\ cX `dgfj`$ Y`c`[X[ [\ [\k\id`eXi cX `e[`$ m`[lXc`[X[ f i\j`[\eZ`X XZklXc [\ cfj j\ÂŒfi\j1 I8@DLE;F K@GĂ?E 8D8HL@z8 p I8DäE K@GĂ?E 8D8HL@z8# Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :l„ek\j\ Zfe cfj j\ÂŒfi\j 8cZXc[\ p GifZliX[fi D\kifgfc`kXef [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ 8[aÂ’ek\j\ cX [fZld\e$ kXZ`Â?e gi\j\ekX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f%$ Efk`]ˆhl\j\ p :ˆk\j\%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q
Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[f$ c\ [\ cX fYc`^XZ`�e [\ j\ŒXcXi [fd`Z`c`f Zfe]fid\ X C\p# gXiX ]lkliXj efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0//) ( k]
JF:@<;8; :FEPL>8C I% [\c <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 cX j\ŒfiX D8I@8 <C<E8 J8E;FM8C 8E;I8;<# Zfe \c al`Z`f [\ ;`jfclZ`�e [\ cX JfZ`\[X[ :fepl^Xc gifgl\jkf gfi \c j\Œfi GXYcf >l`cc\idf =cfi\j DfeZXpf \e cfj j`^l`\e$ k\j k„id`efj1 8:KFI1 GXYcf >l`cc\idf =cfi\j DfeZXpf ;<D8E;8;81 DXi`X <c\eX JXe[fmXc 8e[iX[\ AL@:@F1 ;`jfclZ`�e [\ cX JfZ`\[X[ :fepl^Xc Eif% -,'$ )'(($<K%$ =LE;8D<EKFJ ;< ;<I<:?F1 eld\iXc k\iZ\if [\c 8ikˆZlcf (/0 p )(. [\c :�[`^f :`m`c M`^\ek\ p \e ZfeZfi[XeZ`X Zfe cfj 8ik% /(* Xc /)' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ :L8EK@81 @e[\k\id`eX[X KI8D@K<1 M\iYXc JldXi`f 89F>8;F ;<=<EJFI1 ;i% ;`\^f :_l^X ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlˆ# X (/ [\ DXpf [\c )'((%$ 8 cXj '/?*'% M@JKFJ%$ CX [\dXe[X hl\ Xek\$ Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\’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 Zfej\$ Zl\eZ`X Z�iiXj\ kiXjcX[f Zfe cX gi\j\ek\ [\dXe[X p \jkX gifm`$ [\eZ`X X cX [\dXe[X[X D8I@8 <C<E8 J8E;FM8C 8E;I8;<# gfi \c k„id`ef [\ ki\j [ˆXj X ]`e [\ hl\ gi\j\ek\ cXj \oZ\gZ`fe\j X hl\ j\ Zi\X Xj`jk`[X%$ 8k\ekf
Xc aliXd\ekf i\e[`[f Zˆk\j\ X cX [\dXe[X[X \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ cX Z`l[X[ [\ Hl`kf# Zfdf cf [`jgfe\ \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Eif% ))- j\ŒXcX[f gfi \c ;fZkfi ;`\^f :_l^X p cX ]XZlckX[ Zfe$ ]\i`[X Xc d\eZ`feX[f gif]\j`f$ eXc%$ EFK@=@HL<J<%$ =[f ;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F %$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[ gXiX gfj$ k\i`fi\j efk`]`ZXZ`fe\j% :\ik`]`Zf%$ 8Y% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.00). ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc hl\ \e \jkX al[`ZXkliX j\ _X gi\j\ekX[f leX [\dXe[X [\ 8GIF98:@FE ;< C@HL@;8:@FE :FEPL>8C# Zlpf \okiXZkf \j \c j`^l`\ek\1 8:KFI<J1 <;>8I FJN8C;F EFMF8 KI8M<Q P D8I@8 :I@JK@E8 QLI@K8 =CFI<J AL@:@F1 C@HL@;8:@FE ;< C8 JF:@<;8; :FEPL>8C Ef% (.*)$)'(' F9A<KF ;< C8 ;<D8E;81 @EM<EK8I@8I CFJ 9@<E<J JF:@8C<J% <OKI8:KF1 <c hl\ j`^l\%$ <e cX Z`l[X[ [\ Hl`kf# :Xg`kXc [\ cX I\g’Yc`ZX [\c <ZlX[fi# _fp [ˆX m\`ek`ki„j [\ [`Z`\dYi\ [\c XŒf [fj d`c [`\q# Xek\ d` cX EfkXi`X Ki`^„j`dX Gi`d\iX [\c :Xek�e Hl`kf# ;fZkfiX DXi`\cX Gfqf 8ZfjkX# ZfdgXi\Z\e cfj Z�epl^\j <;>8I FJN8C;F EFMF8 KI8M<Q P D8I@8 :I@JK@E8 QLI@K8 =CFI<J# [\ \jkX[f Z`m`c ZXjX[fj# gfi jlj gifg`fj [\i\Z_fj p gfi cfj hl\ i\gi\j\ekXe [\ cX jfZ`\[X[ Zfe$ pl^Xc ]fidX[X \eki\ j`% Cfj ZfdgXi\Z`\ek\j jfe dXpfi\j
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO
QUITO, 27 de Mayo del 2011
CONSTITUCION DE LA COMPAĂ‘Ă?A XPERIENCEMEDIOS S.A. La compaĂąĂa XPERIENCEMEDIOS S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario DĂŠcimo SĂŠptimo del Distrito Metropolitano de Quito, el 25 de Marzo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002291 de 26 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL:Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: ... A) LA ASESORIA, PLANIFICACION, DESARROLLO E IMPLEMENTACION DE SERVICIOS RELACIONADOS CON LA PUBLICIDAD, TECNOLOGIA Y COMUNICACION;....
II CONVOCATORIA La ClĂnica de Especialidades Hermano Miguel, convoca a todos los Socios Accionista de la InstituciĂłn, a la Asamblea Ordinaria a realizarse el dĂa sĂĄbado 04 de junio del 2011, a las 15H00, en el auditorio de la ClĂnica, ubicado en la calle TipantuĂąa S11-12 y Michelena. Orden del dĂa: 1. ConstataciĂłn del QuĂłrum 2. Lectura del acta anterior 3. Informe de Presidencia y Gerencia. 4. Informe y AprobaciĂłn del Balance aĂąo 2010. 5. AnĂĄlisis para aprobaciĂłn de NIIF´S Atentamente,
Quito, 26 de Mayo de 2011
DR. CESAR VILLACRES PRESIDENTE CLINICA DE ESPECIALIDADES HERMANO MIGUEL.
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79976/tf
AC/79950/tf
[\ \[X[# [\ eXZ`feXc`[X[ \ZlX$ kfi`XeX# m\Z`efj [\ \jk\ cl^Xi# c\^Xcd\ek\ ZXgXZ\j gXiX Zfe$ kiXkXi p fYc`^Xij\# X hl`\e\j [\ ZfefZ\i [fp ]\# \e m`ikl[ [\ _XY\id\ \o_`Y`[f jlj Z„[lcXj [\ Z`l[X[XeˆX# ZlpXj Zfg`Xj ]fkfjk}k`ZXj [\Y`[Xd\ek\ Z\ik`$ ]`ZX[Xj gfi cX EfkXi`X# j\ X^i\$ ^Xe% 8[m\ik`[fj hl\ ]l\ife cfj ZfdgXi\Z`\ek\j gfi d` cX EfkXiˆX [\ cfj \]\Zkfj p i\jlc$ kX[fj [\ \jkX \jZi`kliX# Xjˆ Zfdf \oXd`eX[fj hl\ ]l\ife \e ]fidX X`jcX[X p j\gXiX[X# [\ hl\ ZfdgXi\Z\e Xc fkfi^Xd`\e$ kf [\ \jkX \jZi`kliX j`e ZfXZ$ Z`Â?e# Xd\eXqXj# k\dfi i\m\i\e$ Z`Xc# e` gifd\jX f j\[lZZ`Â?e2 d\ g`[\e hl\ \c\m\ X \jZi`kliX gÂ’Yc`ZX \c k\okf [\ cX d`elkX hl\ d\ gi\j\ekXe# gXiX \]\Zkfj [\ cfj ZfekiXkfj hl\ X Zfek`elX$ Z`Â?e j\ \jg\Z`]`ZXe# Zlpf k\efi c`k\iXc j\ kiXejZi`Y\ X Zfek`elX$ Z`Â?e p \j \c j`^l`\ek\1 ĂˆJ<zFI EFK8I@F1 ;ˆ^e\j\ \ok\e[\i \e \c I\^`jkif [\ \jZi`kliXj gÂ’Yc`$ ZXj X jl ZXi^f# leX [\ C`hl`[XZ`Â?e [\ JfZ`\[X[ :fepl^Xc hl\# X dXj [\ cfj k„id`efj [\ \jk`cf# Zfek\e^X cXj Zc}ljlcXj j`^l`\ek\j% GI@D<I81 : F D G 8 I < : @ < E K < J % $ :fdgXi\Z\e Xc fkfi^Xd`\ekf [\ cX gi\j\ek\ \jZi`kliX# gfi jlj gifg`fj [\i\Z_fj# cfj ZÂ?epl^\j j\ÂŒfi\j <;>8I FJN8C;F EFMF8 KI8M<Q P D8I@8 :I@JK@E8 QLI@K8 =CFI<J% Cfj ZfdgXi\Z`\ek\j jfe dXpfi\j [\ \[X[# \ZlXkfi`Xefj# [\ \jkX$ [f Z`m`c ZXjX[fj p _}Y`c\j gXiX ZfekiXkXi p fYc`^Xij\% J<>LE;8% 8EK<:<;<EK<J% 8 <c [ˆX ZXkfiZ\ [\ ]\Yi\if [\c XÂŒf [fj d`c Z`eZf cfj j\ÂŒfi\j <;>8I FJN8C;F EFMF8 KI8M<Q P D8I@8 :I@JK@E8 QLI@K8 =CFI<J# ZfekiXa\ife dXki`dfe`f \e cX gXiifhl`X [\ GfdXjhl`# :XekÂ?e Hl`kf# gif$ m`eZ`X [\ G`Z_`eZ_X# ZlpX JfZ`\[X[ :fepl^Xc j\ [`jfcm`Â? d\[`Xek\ 8ZkX EfkXi`Xc# fkfi^X$ [X \c m\`ek`lef [\ [`Z`\dYi\ [\c XÂŒf [fj d`c [`\q# Xek\ \c EfkXi`f Efm\ef <eZXi^X[f [\c :XekÂ?e Hl`kf# ;fZkfi AlXe M`ccXZˆj D\[`eX# cX d`jdX hl\ j\
\eZl\ekiX `ejZi`kX Xc dXi^\e [\ cX gXik`[X [\ dXki`dfe`f ZlpX Zfg`X Z\ik`]`ZX[X j\ XZfdgXÂŒX% 9% ;liXek\ cX JfZ`\[X[ :fepl^Xc hl\ j\ ]fidÂ? gfi \c _\Z_f [\c dXki`dfe`f Z\c\YiX$ [f Zfe]fid\ X cXj c\p\j \ZlX$ kfi`XeXj# cfj ZfdgXi\Z`\ek\j X[hl`i`\ife cfj j`^l`\ek\j Y`\$ e\j p fYc`^XZ`fe\j% 8:K@MFJ% LEF <c ;\gXikXd\ekf EÂ’d\if KI<J:@<EKFJ :L8KIF# J\ZX[\if J$;`\q# >XiXa\ >$ Ki\Z\ p 9f[\^X 9$El\mX# hl\ ]fidXe gXik\ [\c <[`]`Z`f Ăˆ>fcX [\ Dfek\j\ii`eÉ# j`klX[f \e cX gXiifhl`X :_Xlg`Zilq# :XekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# X[hl`i`[f gfi ZfdgiX X cfj ZÂ?e$ pl^\j j\ÂŒfi\j JpY\c GXfcX DXikˆe\q I\`efjf p :„jXi 8l^ljkf JXdXe`\^f 8cd\`[X# j\^Â’e \jZi`kliX gÂ’Yc`ZX fkfi^X$ [X Xek\ \c EfkXi`f M`^„j`df FZkXmf [\c :XekÂ?e Hl`kf# [fZ$ kfi AX`d\ 8e[i„j 8ZfjkX ?fc^lˆe# \c [ˆX [`\Z`el\m\ [\ fZklYi\ [\c XÂŒf [fj d`c j`\k\# c\^Xcd\ek\ `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[# \c [ˆX m\`ek`j„`j [\ efm`\dYi\ [\c XÂŒf [fj d`c j`\k\# gfi cfj c`e[\ifj p dXj \jg\Z`]`ZXZ`fe\j ZfejkXe$ k\j \e [`Z_f fkfi^Xd`\ekf# XmX$ clX[fj \e Zfealekf# \e cX jldX [\c Z`eZl\ekX p ki\j d`c [fj$ Z`\ekfj m\`ek\ [Â?cXi\j% ;FJ :`eZl\ekX p j\`j gXik`Z`gXZ`f$ e\j jfZ`Xc\j [\ le [Â?cXi ZX[X leX hl\ i\gi\j\ekXe \c :XkfiZ\ gfi Z`\ekf (+ [\c :Xg`kXc jljZi`kf p gX^X[f \e cX : f d gX ÂŒ ˆ X [ \ e f d ` e X [ X :FDGLEFM@J8 :`X% Ck[X% cX d`jdX hl\ j\ Zfejk`klpÂ? gfi \jZi`kliX gÂ’Yc`ZX fkfi^X[X \c [ˆX m\`ek`ki„j [\ J\gk`\dYi\ [\c XÂŒf [fj d`c [`\q# Xek\ \c EfkXi`f ;„Z`df J„gk`df [\c :XekÂ?e Hl`kf ;fZkfi I\d`^`f Gfm\[X MXi^Xj# `ejZi`kX \e \c I\^`jkif D\iZXek`c [\c ZXekÂ?e Hl`kf# \c [ˆX m\`ek\ [\ fZklYi\ [\c d`jdf XÂŒf% KI<J <c d\eXa\ [\ ZXjX gfi le mXcfi [\ ;fZ\ D`c ;Â?cXi\j% :L8KIF <c j\ÂŒfi <[^Xi FjnXc[f EfmfX KiXm\j# i\Z`Y`i} [\c =fe[f [\ :\jXekˆX [\c @ejk`klkf [\ J\^li`[X[ JfZ`Xc [\ cXj =l\iqXj 8idX[Xj
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
@%J%J%=%8% \e \c d\j [\ dXiqf [\c XÂŒf [fj d`c feZ\# Xgifo`dX$ [Xd\ek\ cX ZXek`[X[ [\ :`\ekf El\m\ D`c ;Â?cXi\j% G8J@MFJ%$ CX JfZ`\[X[ :fepl^Xc k`\e\ cXj j`^l`\ek\j fYc`^XZ`fe\j% 8 ;fj Gi„jkXdfj i\Xc`qX[fj gfi cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf 9Xj\ [\ KXliX# lef gfi d`c hl`$ e`\ekfj (%,''#'' p fkif gfi Z`eZf d`c [Â?cXi\j ,%'''#'' Y Gi„jkXdf fkfi^X[f gfi ;`e\ij :clY @ek\ieXZ`feXc gfi [`\q d`c hl`e`\ekfj [Â?cXi\j ('%,''#'' Xgifo`dX[Xd\e$ k\% : Gi„jkXdf i\Xc`qX[f gfi \c 9XeZf >\e\iXc Ild`ÂŒX_l` gfi [`\q d`c [Â?cXi\j ('%'''#'' [ Gi„jkXdf i\Xc`qX[f gfi [`\$ Z`j„`j d`c fZ_fZ`\ekfj ki\`ekX p j\`j [Â?cXi\j (-%/*-#'' Xc @ejk`klkf [\ J\^li`[X[ JfZ`Xc [\ cXj =l\iqXj 8idX[Xj% K<I:<I8# :L8EK@8% <c dfekf Xc hl\ XjZ`\e[\e \c 8Zk`mf [\ cX jfZ`\$ [X[ Zfepl^Xc \ok`e^l`[X# \j cX ZXek`[X[ [\ :@<EKF KI<@EK8 D@C : L8K I F : @ < E KF J : L 8 I < E K8 ; F C 8 I < J ( * '%+ + '#' ' : L8 IK8 % 8;AL;@:8:@FE<J% ;\c XZk`mf hl\ XZXYX [\ `e[`ZXij\# j\ [`m`$ [\e \eki\ cfj ZÂ?epl^\j \e [fj gXik\j `^lXc\j \j [\Z`i \e cX jldX [\ J<J<EK8 P :@E:F D@C ;FJ:@<EKFJ M<@EK< ;FC8I<J J&%% -,%))'%'' 8 :8;8 LEF# hl\ j\ gX^Xe \e cX ]fidX j`^l`\ek\% 8 C8 J<zFI8 D8I@8 :I@JK@E8 QLI@K8 =CFI<J# gfi \c Z`eZl\ekX gfi Z`\ekf [\ jlj ^XeXeZ`Xc\j dXki`dfe`Xc\j j\ c\ X[al[`ZX% 8 <c [\gXikXd\ekf EÂ’d\if KI<J:@<EKFJ :L8KIF# J\ZX[\if J$;`\q# >XiXa\ >$ Ki\Z\ p 9f[\^X 9$El\m\# hl\ ]fidXe gXik\ [\c <[`]`Z`f Ăˆ>fcX [\ Dfek\j\iiˆeÉ# j`klX[f \e cX gXiifhl`X :_Xlg`Zilq# :XekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X2 \c d`jdf hl\ j\ ZfejkilpÂ? \e \c cfk\ [\ k\ii\ef eÂ’d\if j\k\e$ kX p Z`eZf [\c J\Zkfi MXZX Dfi\ef# [\ cX ZXcc\ >\e\iXc ;ldX# hl\ k`\e\ leX Jlg\i]`Z`\ kfkXc p Xgifo`dX[X [\ j\k\Z`\e$ kfj efm\ekX p [fj d\kifj ZlX$ [iX[fj# Zfdgi\e[`[f [\ekif [\ cfj j`^l`\ek\j c`e[\ifj1 EFIK<#
I[ fk[Z[ Yed\_Wh [d bWi cWbWi f[hiedWi" de YWcX_Wd `Wc|i$ M?BB?7C <7KBAD;H
\e leX \ok\ej`�e [\ ZlXi\ekX d\kifj# Zfe \c cfk\ e’d\if j\k\ekX p ZlXkif2 JLI# \e leX \ok\ej`�e [\ ZlXi\ekX d\kifj# Zfe \c cfk\ e’d\if j\k\ekX p j\`j2 FI@<EK<# \e leX \ok\e$ j`�e [\ m\`ek\ d\kifj# Zfe cX ZXcc\ >\e\iXc ;ldX# p gfi \c F::@;<EK<# \e leX \ok\ej`�e [\ [`\Z`el\m\ d\kifj j\j\ekX Z\ekˆd\kifj Zfe \c cfk\ e’d\if Z`\ekf ZlXi\ekX p Z`eZf [\ cX Gi`d\iX <kXgX% <c <[`]`Z`f Xek\j `e[`ZX[f# j\ \eZl\ekiX jfd\k`$ [f YXaf \c i„^`d\e [\ Gifg`\[X[ ?fi`qfekXc# ZlpX ;\ZcXiXkfi`X# :lX[if [\ 8i\Xj p 8cˆZlfkXj \jk}e \c\mX[fj X \jZi`kliX g’Yc`ZX fkfi^X[X \c [ˆX ki\`ekX p lef [\ alc`f [\ d`c efm\Z`\e$ kfj efm\ekX p fZ_f# Xek\ cX EfkXi`X FZkXmX [\c :Xek�e Hl`kf ;fZkfiX Qf`cX D\[`eX [\ 9fe`ccX# \ `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[ \c fZ_f [\ [`Z`\dYi\ [\c d`jdf XŒf% C@E;<IFJ <JG<:@8C<J% <C ;<G8IK8D<EKF ELD<IF KI<J:@<EKFJ :L8KIF% E`m\c% :`eZf glekf ZlXi\ekX2 EFIK<1 <e leX \ok\ej`�e [\ ZXkfiZ\ d\kifj Z`eZf [\Zˆd\kifj# Zfe mXZˆf jfYi\ i\k`if [\c cfk\ j\k\e$ kX p ZlXkif% JLI# \e leX \ok\e$ j`�e [\ feZ\ d\kifj j\k\ekX Z\ekˆd\kifj# Zfe [\gXikXd\ekf e’d\if ki\jZ`\ekfj ki\j2 p# [fj d\kifj m\`ek\ Z\ekˆd\kifj Zfe _Xcc `ek\i`fi% <JK<%$ <e leX \ok\ej`�e j\`j d\kifj j\k\ekX p Z`eZf Z\ekˆd\kifj# Zfe _Xcc `ek\$ i`fi% F<JK<% <e leX \ok\ej`�e [\ j\`j d\kifj j\k\ekX p Z`eZf Z\ekˆd\kifj Zfe mXZˆf jfYi\ \c i\k`if Xc cfk\ e’d\if Z`\ekf ZlX$ i\ekX p Z`eZf% 8II@98% <e fZ_\ekX p j`\k\ d\kifj ZlX[iX$
CONVOCATORIA
EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A AUTOMECA INTERNACIONAL CIA. LTDA. La compaĂąĂa AUTOMECA INTERNACIONAL CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Sexto del Distrito Metropolitano de Quito, el 18 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002279 de 26 de Mayo de 2011 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2. CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: A) LA DISTRIBUCIĂ“N, COMERCIALIZACIĂ“N, REPRESENTACIĂ“N, INSTALACIĂ“N, IMPORTACIĂ“N, EXPORTACIĂ“N DE MAQUINARIA, EQUIPOS, TECNOLOGĂ?A Y PRODUCTOS PARA EL Ă REA AUTOMOTRIZ......
La presente tiene como finalidad convocar a la Asamblea General Extraordinario de la FederaciĂłn Provincial de Ligas Deportivas Barriales y Parroquiales de Pichincha - FEDEBYP - segĂşn lo determinan los Arts. 151 y 153 de la actual Ley del Deporte, EducaciĂłn FĂsica y RecreaciĂłn como tambiĂŠn los Arts.13.- del Estatuto vigente (Tres miembros principales del Directorio de las Matrices filiales o en su ausencia sus representantes) y, Art. 14.- pĂĄrrafo 2do del estatuto que define la convocatoria a Asamblea Extraordinaria la misma que se realizarĂĄ el dĂa viernes 03 de Junio del 2011 a las 19h00 en las instalaciones de la FEDEBYP (Calle JosĂŠ RiofrĂo Oe1-32 y Av. 10 de Agosto) a fin de tratar el siguiente orden del dĂa: 1. RecepciĂłn de acreditaciones 2. ConstataciĂłn del QuĂłrum 3. Lectura de la convocatoria 4. Informe final de Presidencia y TesorerĂa 5. Elecciones del Directorio periodo 2011-2015 FEDEBYP 6. Toma de Juramento y PosesiĂłn del Directorio. Para la elecciĂłn del Nuevo Directorio que estarĂĄ integrado segĂşn lo estipulado en el Art. 20 del estatuto vigente que describe las siguientes dignidades: Presidente, Vicepresidente, Secretario, Tesorero, Cinco Vocales principales con sus respectivos suplentes y un Coordinador General. La misma que usted acertadamente lo presidirĂĄ. Particular que comunico para los fines pertinentes. Atentamente, “Pichincha cuna del Deporte Barrial y Parroquial del PaĂsâ€? “Pichincha Ejemplo Deportivo de la Patriaâ€?
Quito, 26 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/79980/tf
Ing. Edwin Alvarado PRESIDENTE FEDEBYP
Sra. Fanny CaĂąar SECRETARIA FEDEBYP A.C.79954
[fj Zfe [\gXikXd\ekf ZlXkif$ Z`\ekfj ZlXkif% 898AF% <e fZ_\ekX p j`\k\ d\kifj ZlX[iX$ [fj Zfe [\gXikXd\ekf [fjZ`\e$ kfj ZlXkif% 8cˆZlfkX% Ki\j glekf el\m\ lef fZ_f [fj el\m\ [fj gfi Z`\ekf *%0(/)0) 2 :fe leX jlg\i]`Z`\ [\ fZ_\ekX p Z`eZf d\kifj ZlX[iX[fj fZ_\e$ kX p [fj Z\ekˆd\kifj /,#/) d) 2 C@E;<IFJ ;<C >8I8A< >$KI<:<% E`m\c% D\efj [fj glekf j\k\ekX $)%.' EFIK<% <e leX \ok\ej`�e [\ ZlXkif d\kifj Z`eZl\ekX Z\ekˆd\kifj# Zfe ^XiXa\ >$ZXkfiZ\2 JLI# \e leX \ok\ej`�e [\ ZlXkif d\kifj Z`eZl\ekX Z\ekˆd\kifj# Zfe Z`i$ ZlcXZ`�e m\_ˆZlcXi2 <JK<# \e leX \ok\ej`�e [\ ki\j d\kifj hl`eZ\ Z\ekˆd\kifj# Zfe ^XiXa\ >$[`\Z`j`\k\2 F<JK<# \e leX \ok\ej`�e [\ ki\j d\kifj hl`eZ\ Z\ekˆd\kifj# Zfe# Z`iZlcXZ`�e m\_ˆZlcXi2 8II@98# \e ki\Z\ d\kifj ZlX[iX[fj Z`eZl\ekX [\Zˆd\kifj ZlX[iX[fj# Zfe cfjX e`m\c Z\if glekf Z\if Z\if% 898AF# \e ki\Z\ d\kifj ZlX$ [iX[fj Z`eZl\ekX [\Zˆd\kifj ZlX[iX[fj# Zfe jl\cf ]`id\2 8cˆZlfkX Z\if glekf j\`j lef j\`j ki\j j`\k\ lef gfi Z`\ekf '%-(-*.( 2 :fe leX jlg\i]`$ Z`\ Xgifo`dX[X [\ ki\Z\ d\kifj ZlX[iX[fj Z`eZl\ekX [\Zˆd\$ kifj ZlX[iX[fj (*%,' Dkj) 2 C@E;<IFJ ;< C8 9F;<>8 9$ EL<M<% E`m\c1 d\efj [fj glekf j\k\ekX% EFIK<# \e leX \ok\e$ j`�e [\ le d\kifj m\`ek\ Z\ekˆ$ d\kifj# Zfe ^XiXa\ >$[`\q# p \e ki\j d\kifj ki\`ekX Z\ekˆd\kifj Zfe ^XiXa\ >$ZlXkif2 JLI# \e leX \ok\ej`�e [\ le d\kifj m\`ek\ Z\ekˆd\kifj# Zfe ^XiXa\ >$el\m\# p le d\kif ki\`ekX Z\ekˆd\kifj Zfe ^XiXa\ >$ki\j2 <JK<# \e leX \ok\ej`�e [\ le d\kifj Z`eZl\ekX p Z`eZf Z\ekˆ$ d\kifj# Zfe Yf[\^X 9$fZ_f2 F<JK<# \e leX \ok\ej`�e [\ le d\kifj Z`eZl\ekX p Z`eZf Z\ekˆ$ d\kifj# Zfe Z`iZlcXZ`�e X ZlXi$ kf [\ YfdYXj2 8II@98# \e ZlXkif d\kifj ZlX[iX[fj# Zfe cfjX [\ e`m\c Z\if glekf Z\if Z\if% 898AF# \e ZlXkif d\kifj ZlX[iX[fj# Zfe jl\cf ]`id\2 8cˆZlfkX Z\if glekf lef fZ_f [fj j\`j [fj fZ_f gfi Z`\ekf '#(/)-)/ 2 :fe leX jlg\i]`$ Z`\ [\ ZlXkif d\kifj ZlX[iX$ [fj2 p# C@E;<IFJ ;<C J<:8;<IF J$;@<Q2 E`m\c1 [`\q glekf fZ_\ekX ('%/' EFIK<# \e leX \ok\ej`�e [\ ki\j d\kifj# Zfe Z`iZlcXZ`�e cXmXe[\iˆX2 JLI# \e leX \ok\ej`�e [\ ki\j d\kifj# Zfe j\ZX[\if J$el\m\2 <JK<# \e leX \ok\ej`�e [\ le d\kif Z`eZl\ekX p Z`eZf Z\ekˆ$ d\kifj# Zfe Z`iZlcXZ`�e cXmXe$ [\iˆXj2 F<JK<# \e leX \ok\e$ j`�e [\ Z\if d\kifj j\k\ekX p Z`eZf Z\ekˆd\kifj# Zfe [\gXi$ kXd\ekf ZlXkifZ`\ekfj ZlXkif \e gXik\ p \e fkiX \e Z\if d\kifj fZ_\ekX Z\ekˆd\kifj# Zfe [\gXikXd\ekf ZlXkifZ`\e$ kfj ki\j2 8II@98# \e ZlXkif d\kifj ZlX[iX[fj j\j\ekX p Z`eZf [\Zˆd\kifj ZlX[iX[fj# Zfe \jgXZ`f X„i\f% 898AF# \e ZlXkif d\kifj ZlX[iX[fj j\j\ekX p Z`eZf [\Zˆd\kifj ZlX$ [iX[fj# Zfe [\gXikXd\ekf ZlX$ kifZ`\ekfj ki\j2 8cˆZlfkX Z\if glekf [fj lef [fj ki\j Z\if j\`j gfi Z`\ekf '%)()*'- gfi cX ZXek`[X[ [\ Z`eZl\ekX p ki\j d`c [fjZ`\ekfj m\`ek\ [�cXi\j% 9 <c D<E8A< ;< :8J8 hl\ k`\e\ \c mXcfi [\ [fZ\ d`c [�cXi\j2 MXcfi\j hl\ jldX[fj efj [Xe C8 :8EK@;8; ;< J<J<EK8 P :@E:F D@C ;FJ:@<EKFJ M<@EK< ;FC8I<J -,%))'#'' 8C J<zFI <;>8I FJN8C;F EFMF8 KI8M<Q# gfi jl d`kX[ [\ ^XeXeZ`Xc\j# \j [\Z`i gfi \c Z`eZl\ekX gfi Z`\e$ kf [\ cfj Y`\e\j jfZ`Xc\j# j\ c\ X[al[`ZX cf j`^l`\ek\1 8 CXj :`eZl\ekX p J\`j GXik`Z`gXZ`fe\j JfZ`Xc\j [\ le [�cXi ZX[X leX hl\ i\gi\j\ekXe \c :XkfiZ\ gfi Z`\ekf (+ [\c :Xg`kXc
JljZi`kf p GX^X[f \e cX : f d gX ÂŒ ˆ X [ \ e f d ` e X [ X :FDGLEFM@J8 :`X% Ck[X% 9 Kf[Xj cXj fYc`^XZ`fe\j \jg\Z`$ ]`ZX[Xj hl\ i\gi\j\ekXe \c gXj`$ mf p gfi cX ZXek`[X[ [\ :L8I<EK8 P KI<J D@C F:?F:@<EKFJ KI<@EK8 P J<@J ;FC8I<J2 Z Xjˆ Zfdf \c =fe[f [\ :\jXekˆX [\c @ejk`klkf [\ J\^li`[X[ JfZ`Xc [\ cXj =l\iqXj 8idX[Xj @%J%J%=%8% # gfi cX jldX [\ :`\ekf El\m\ D`c ;Â?cXi\j2 :Xek`[X[\j [\ cXj ZlXc\j# [\jZfekXe[f \c gXj`mf c\ hl\[X le XZk`mf ;< J<J<EK8 P :@E:F D@C ;FJ:@<EKFJ M<@EK< ;äC8I<J -,%))'%'' % HL@EK8% >8JKFJ%$ Cfj ^Xjkfj hl\ [\dXe[\ \c fkfi^Xd`\ekf [\ \jkX \jZi`kliX [\ C`hl`[XZ`Â?e [\ cX JfZ`\[X[ :fepl^Xc# _XjkX jl 8gifYXZ`Â?e \ @ejZi`gZ`Â?e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c [\c :XekÂ?e Hl`kf# cfj gX^Xi}e cfj ZfdgXi\Z`\ek\j gfi gXik\j `^lXc\j% J<OK8% ;<:C8I8:@FE P 8:<GK8:@äE% Cfj ZfdgXi\$ Z`\ek\j [\ZcXiXe hl\ XZ\gkXe cX gi\j\ek\ \jZi`kliX gÂ’Yc`ZX \e kf[fj cfj k„id`efj \e hl\ \jk} ZfeZ\Y`[X# [\ZcXiXe[f gfi jl gXik\ cX j\ÂŒfiX D8I@8 :I@JK@E8 QLI@K8 =CFI<J# hl\ i\eleZ`X X ZlXchl`\i i\ZcX$ df gfjk\i`fi kXekf \e \c =fe[f [\ :\jXekˆX Zfdf \e cX :fdgXŒˆX [\ I\jgfejXY`c`[X[ C`d`kX[X# Xek\ `e[`ZX[fj% J<GK@D8% CX j\ÂŒfiX D8I@8 :I@JK@E8 QLI@K8 =CFI<J# [\ZcXiX hl\ ZfefZ\ cX C\p [\ Gifg`\[X[ ?fi`qfekXc# jl I\^cXd\ek\ p \c I\^cXd\ekf @ek\ief [\ :fgifg`\[X[ [\c <[`]`Z`f Ăˆ>fcX [\ Dfek\j\iiˆeÉ p gifd\k\ jla\kXij\ X [`Z_Xj efidXj% F:K8M8% :lXc\jhl`\iX [\ cfj `ek\i\jX[fj gf[i} i\Xc`$ qXi cX `ejZi`gZ`Â?e [\ cX \jZi`kl$ iX hl\ j\ fkfi^l\ \e YXj\ [\ cX gi\j\ek\ d`elkX% Ljk\[# j\ÂŒfi EfkXi`f# j\ [`^eXi} X^i\^Xi X \jk\ fkfi^Xd`\ekf cXj [\d}j Zc}ljlcXj [\ \jk`cf# gXiX cX Zfd$ gc\kXi cX mXc`[\q [\ \jk\ `ejkil$ d\ekf% = ;fZkfi Cl`j <[lXi[f 8pXcX# DXkiˆZlcX eÂ’d\if j\`j d`c [fjZ`\ekfj Z`eZl\ekX p j`\k\ [\c :fc\^`f [\ 8Yf^X[fj [\ G`Z_`eZ_X% _XjkX Xhlˆ cX d`el$ kX hl\ cfj ZfdgXi\Z`\ek\j cX iXk`]`ZXe \e kf[Xj jlj gXik\j J\ Zldgc`\ife cfj gi\Z\gkfj c\^Xc\j [\c ZXjf2 p# c\ˆ[X hl\ ]l\ \jkX \jZi`kliX ˆek\^iXd\ek\ X cfj fkfi^Xek\j gfi dˆ cX EfkXi`X# Xhl\ccfj j\ iXk`]`ZXe \e kf[f cf \ogl\jkf p ]`idXe Zfed`^f \e le`[X[ [\ XZkf# [\ kf[f cf ZlXc [fp ]\% ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\i$ e\j (+ [\ \e\if [\c )'((# cXj (-_)*%$ M@JKFJ1 CX [\dXe[X [\ XgifYXZ`Â?e [\ cX jfZ`\[X[ Zfepl^Xc hl\ gi\j\ekX <;>8I FJN8C;F EFMF8 KIĂ?M<Q P D8IĂ 8 :I@JK@E8 QLI@K8 =CFI<J# i\le\ cfj i\hl`j`kfj c\^Xc\j j\ cX XZ\gkX X ki}d`k\ gfi cX mˆX \jg\Z`Xc \jkXYc\$ Z`[X \e \c Kˆklcf @@# j\ZZ`Â?e )(X# 8ik% /(0 p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Gi\m`Xd\ek\ glYcˆhl\j\ gfi cX gi\ejX le \okiXZkf [\ cX c`hl`$ [XZ`Â?e p gXik`Z`Â?e [\ cfj Y`\e\j jfZ`Xc\j% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj p efk`]ˆhl\j\ X cfj [\dXe[Xek\j \e cX ZXj`ccX al[`Z`Xc Ef% (/0%$ EFK@=Ă HL<J<%$ ] ;I% D8I@F FIK@Q <JKI<CC8%$ AL<Q Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c GÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00-,&k]
I<D8K<J <OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E C8 J<:I<K8I@8 ;< <JK8 AL;@:8KLI8# <C ;@8 CLE<J ;@<:@F:?F ;< ALC@F ;<C )'((# ;<J;< C8J :8KFI:< ?8JK8 C8J ;@<:@F:?F ?FI8J# J< <=<:KL8IĂ? <C I<D8K< ;<C 9@<E @EDL<9C< <D98I>8;F
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? <E C8 GI<J<EK< :8LJ8% AL@:@F <A<:LK@MF Ef ),) Æ )''- :D% HL< 8 :FEK@EL8:@FE J< ;<K8CC81 (%$ <c `edl\Yc\ hl\ j\ fi[\eX XmXclXi# j\ \eZl\ekiX cfZXc`qX$ [f \e \c J`k`f ZfefZ`[f Zfdf <c FY\c`jZf# Xc ZfjkX[f Jli [\ cX :Xii\k\iX 8cfX^ JXekf ;fd`e^f# `[\ek`]`ZX[f Zfe gcXZX Dle`Z`gXc Ef '$,(# ali`j$ [`ZZ`Â?e [\ cX GXiifhl`X 8cfX^# [\c :XekÂ?e D\aˆX# Gifm`eZ`X [\ G`Z_`eZ_X% @edl\Yc\ `[\ek`]`ZX[f Zfdf ZXjX p k\ii\ef# hl\ _X j`[f# X[hl`i`[f gfi cX JiX% :C8L;@E8 AL;@K? :ILQ A8:FD<# jfck\$ iX# d\[`Xek\ ZfdgiX X cfj Ji\j% C<FE<C ;8M@;JFE :ILQ A8:FD< p 9C8E:8 PFC8E;8 M8I>8J :8C<IF# j\^Â’e \jZi`$ kliX Z\c\YiX[X \c )+ [\ ale`f [\c XÂŒf )%''+# Xek\ \c EfkXi`f M`^„j`df Gi`d\if [\c :XekÂ?e Hl`kf# ;i% DXiZf M\cX MXjZf# `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[ \c )/ [\ Ale`f [\c )''+# p \jZi`kliX XZcXiXkfi`X fkfi^X[X \c () [\ Alc`f [\c )%''+ Xek\ \c EfkXi`f M`^„j`df :lXikf# `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[ \c )( [\ alc`f [\c )%''+# Zfe]fid\ Xc Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\ ]faXj )# p \jZi`kliX [\ ?`gfk\ZX 8Y`\ikX [\ ]faXj *# X[alekfj Xc gifZ\jf p hl\ [ XZl\i[f Zfe [`Z_fj [fZld\ekfj# \c `edl\$ Yc\ k`\e\ cfj j`^l`\ek\j c`e[\ifj p [`d\ej`fe\j% Efik\1 :fe (,#/' d%# }i\X X]\ZkX[X gfi \c [\i\Z_f [\ mˆX [\ cX ZXii\k\iX 8cfX^ X JXekf ;fd`e^f [\ cfj :fcfiX[fj%$ Jli1 <e ()#/'d%# Cfk\% E— ) hl\ j\ i\j\imXe cfj m\e[\[fi\j C\fe\c :ilq A}Zfd\ %$ % <jk\1 <e +/#'' d%# Cfk\ E— ) hl\# j\ i\j\imXe cfj m\e[\[fi\j C\fe\c :ilq A}Zfd\ % F\jk\1 1 <e +/#''d%# Cfk\ E— ) hl\ j\ i\j\imXe cfj m\e[\[fi\j C\fe\c :ilq A}Zfd\ 8i\X KfkXc1 --'#''d)%# j\^Â’e Z\ik`]`ZX[f% )%$ ;\ cX m\i`]`ZXZ`Â?e i\Xc`qX[X Xc `edl\Yc\# Zfe cX ZfcXYfiXZ`Â?e [\ cX JiX% :cXl[`eX Al[`k_ :ilq A}Zfd\# hl`\e \eZfeki}e[fj\ gi\j\ek\# j\ gl[f ZfejkXkXi# hl\ j\ kiXkX [\ le cfk\ [\ k\ii\$ ef cfZXc`qX[f Xc ZfjkX[f Jli [\ mˆX 8cfX^ JXekf ;fd`e^f# E— '$,(# alekf Xc ?fjkXc E\n Pfib# k\ii\ef [\ ]fidX kiXg\qf`[Xc [\ kfgf^iX]ˆX gcXeX# Z\iiX[f gfi jlj ZlXkif ZfjkX[fj# Zfe gXi\$ [\j [\ Ycfhl\ p ZfejkilZZ`Â?e \e \c c`e[\if Efik\# Zfe fYiXj [\ `e]iX\jkilZkliX# ZXii\k\iX Xj]XckX[X# j\im`Z`f [\ \e\i^ˆX \c„Zki`ZX# X^lX# clq p k\c„]fef% GXiX cX mXcfiXZ`Â?e [\c `edl\Yc\# j\ i\Xc`qXife \eZl\jkXj \e \c j\Zkfi# p j\ [\k\id`eX hl\ \c gi\Z`f Zfd\iZ`Xc p [\ d\iZX[f \e cX qfeX k`\e\ le mXcfi [\ 'É LJ; ,'&'' Z&d)# cf hl\ [X le mXcfi kfkXc [\c cfk\ [\ --'#'' d)# cX jldX [\ LJ; **%'''#''%$ <e \c `ek\i`fi [\c cfk\ j\ \eZl\e$ kiXe cXj j`^l`\ek\j ZfejkilZZ`f$ e\j1 LeX ZXjX [\ le g`jf# Zfe ]i\ek\ X cX mˆX# jl \jkilZkliX \j [\ _fid`^Â?e XidX[f# Zfe cfjX [\ ZlY`\ikX# gXi\[\j [\ cX[i`ccf# Zfe le }i\X [\ ('.#'' d)# Zfe$ ]fidX le cfZXc Zfd\iZ`Xc# Zfe g`jfj [\ dXidfc`eX# gXi\[\j \eclZ`[Xj kldYX[fj Z_Xdg\X$ [fj# gl\ikXj p m\ekXeXj \eif$ ccXYc\j2 le gfikÂ?e ^iXe[\ [\ dX[\iX# \jkXZ`feXd`\ekf Zfe g`jfj [\ Z\d\ekf2 ZfejkilZ$ Z`Â?e j`e dXek\e`d`\ekf# hl\ j\ mXcfiX X iXqÂ?e [\ LJ; (/' Z&d)%# cf hl\ [X le mXcfi kfkXc [\ LJ;%(0%)-'#''%$ 8[fjX[f# \e cX gXik\ gfjk\i`fi j\ \eZl\ekiX leX ZfejkilZZ`Â?e k`gf d\[`X^lX# Zfe gXi\[\j [\ Ycfhl\# \eclZ`[fj gfi \c ]i\ek\ p gfi [\ekif# ZlY`\ikX [\ Xi[\o# \e g\i]`c\j [\ _`\iif# g`jfj [\ Z\d\ekf# gl\ikX [\ dX[\iX p m\ekXeXj [\ _`\iif# m`[i`f p
Ĉ
gifk\Zkfi# Zfe le }i\X [\ /)#,' d)# Zfe]fidX [fj ZlXikfj# j`e kldYX[fj# lef [\jk`eX[f gXiX m`m`\e[X p fkif gXiX _fief [\ ]XYi`ZXZ`Â?e [\ gXe p XcclccXj2 jl \jkX[f [\ Zfej\imXZ`Â?e \j i\^lcXi# j\ mXcfiX X iXqÂ?e [\ LJ; ('' Z&d)# cf hl\ [X le mXcfi kfkXc [\ LJ; /%),'#''%$ 8[fjX[f# Xc c`e[\if Jli# j\ _X `e`Z`X[f cX ZfejkilZZ`Â?e [\ leX ZXjX# jl \jkilZkliX [\ _fid`$ ^Â?e XidX[f# Zfe gXi\[\j [\ Ycfhl\# \eclZ`[fj X e`m\c [\ gXc\k\X[fj# ZfekiXg`jfj [\ _fid`^Â?e j`dgc\# j`e ZlY`\ikX# j`e gl\ikXj e` m\ekXeXj2 Zfej$ kilZZ`Â?e \e fYiX ^i`j# Zfe le }i\X [\ (., d)# hl\ [X[f jl \jkX[f [\ fYiX# `eZfeZcljf2 j\ mXcfiX iXqÂ?e [\ LJ; /' Z&d)# cf hl\ [X le mXcfi kfkXc [\ LJ; (+%'''#'' 8M8CLF KFK8C ;<C @EDL<9C< LJ; .+%,('#''%$ JFE1 J<K<EK8 P :L8KIF D@C HL@E@<EKFJ ;@<Q ''&('' ;FC8I<J 8D<I@:8EFJ%$ = % ;I% I8LC D8I@zF ?<IE8E;<Q AL<Q% GFI K I8K8 I J < ; < C GI@D<I J<z8C8D@<EKF J< 8:<GK8I8E GFJKLI8J ;<J;< 8HL<CC8J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C M8CFI ;<C 8M8CLF# G8>F HL< J< CF ?8I8 <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ c\p% 8K<EK8D<EK<# C:;F :8ICFJ DLI@CCF 98II@FEL<MF J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.00,*&k] ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc# hl\ \c [ˆX )/ [\ alc`f [\c )'((# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`f$ Z_f _fiXj j\ cc\mXi} X ZXYf \e cX j\Zi\kXiˆX [\c Alq^X[f ;„Z`df [\ cf :`m`c [\ G`Z_`eZ_X# [\ekif [\c al`Z`f [\ <dYXi^f p I\dXk\ Ef% 0.0$)''+ A:% I# \c I<D8K< [\c Y`\e \dYXi^X[f M\_ˆZlcf # ZlpXj ZXiXZk\iˆjk`ZXj jfe1 : 8 I 8 : K < I Ă J K @ : 8 J ><E<I8C<J ;<C M<?Ă :LCF D8I:81 @JLQL DF;<CF1 =KI *)$D K@GF1 FDE@9LJ DFKFI1 >?<(/0(-,) : ? 8 J @ J 1 A8C=KI*)DN*''')', GC8:8J1 GQB$++, :FCFI1 8QLC$9C8E:F XZklXc$ d\ek\ YcXeZf p ifaf 8zF1 (00/ :FE;@:@FE<J <OK<IE8J ;<C M<?Ă :LCF G8I89I@J8J ;<C =I<EK< IFKF :?FHL< =IFEK8C C<M< J@E :8AL<C8 <E <C C8;F @QHL@<I;F K8EHL< ;< :FD9LJK@9C< J@E K8G8 I8P8;F <E <C C8;F @QHL@<I;F :?FHL< <E C8 G8IK< KI8J<I8 ;<I<:?8 C8 :8 I IF : < I Ă 8 J < <E:L<EKI8 :FE FO@;F I<KIFM@JFI ;<C C8;F ;<I<:?F IFKF :FE;@:@FE<J @EK<IE8J ;<C M<?Ă :LCF +( 8J@<EKFJ G8I8 G8J8A<IFJ *, :FE =FIIFJ :8IIF FO@;8;F GFI ;<EKIF P GFI =L<I8 :89@E8 <E GyJ@DF <JK8;F G8E<C ;< :FEKIFC IFKF# EF K@<E< I8;@F# K<C<M@J@äE K8DGF:F ;M; J< ; <J :F E F : < < C =LE:@FE8D@<EKF ;< C8 :8C<=8::@äE P ;< C8J CL:<J K8EKF @EK<IE8J :FDF <OK<IE8J
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
ĉ
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
MFC8EK< ;<K<I@FI8;F @EJ<IM@9C< K@<E< =I<EF ;< D8EF P :FEKIFC ;< GL<IK8J GFIK8 <HL@G8A< @EK<IEF ;< CFJ ;FJ C8;FJ CC8EK8J C C 8 E K8J ;<C C 8 ; F ;<I<:?F# I<:FII@;F 8 G IFO @ D 8 ;8 D < E K < , D<J<J C C 8 E K8J ;<C C 8 ; F @QHL@<I;F% I<:FII@;F 8 G IFO @ D 8 ;8 D < E K < , D<J<J CC8EK8J ;<C C8;F @QHL@<I;F ;< C8 G8IK< KI8J<I8 @EJ<IM@9C<J CcXekXj [\ cfj Ylj\j gfi cf ^\e\iXc j\ cXj [\Y\ ZXdY`Xi ZX[X 0 X (' d\j\j% <OKI8J ;FJ 98K<IĂ 8J <E <JK8;F ;< ;<J:FDGFJ@:@äE J@E ?<II8D@<EK8J :FE;@:@FE<J ; < =LE:@FE8D@<EKF DFKFI J< <E:L<EKI8 <E 9L<E <JK8;F# 8C DFD<EKF ;< I<8C@Q8I <C 8M8CèF GI<:@F ;<C M<?Ă :LCF <C B@CFD<KI8A< ;<C 9LJ D8I:8 ),+%0+' ;< I<:FII@;F% Cl\^f [\ _XY\i i\Xc`qX[f le \jkl[`f [\ d\iZX$ [f \e Ylj\j [\ j`d`cXi\j Zfe$ [`Z`fe\j# dXiZXj p kfdXe[f \e Zl\ekX hl\ \c m\_ˆZlcf \j [\c XÂŒf (00/ p hl\ [`Z_f m\_ˆZlcf j\ ljXYX \e JXekf ;fd`e^f [\ cfj :fcfiX[fj [fe[\ cfj m\_ˆZl$ cfj k`\e[\e X [`jd`el`i dXpfi$ d\ek\ [\ dXe\iX XZ\c\iX[X jl m`[X Â’k`c% <c XmXcÂ’f [\c d`jdf \j [\ HL@E:< D@C ;äC8I<J LJ;% (,%'''#'' J\ i\Z`Y`i}e gfjkliXj hl\ ZlYiXe gfi cf d\efj \c Z`eZl\e$ kX gfi Z`\ekf [\c XmXcÂ’f Xgif$ YX[f# \e [`e\if \e \]\Zk`mf p&f Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\c Alq^X[f# gfi kiXkXij\ [\c j\^le[f j\ÂŒXcXd`\ekf# `e]fi$ d\j \e cX j\Zi\kXiˆX [\ \jkX al[`ZXkliX p Ji% FjnXc[f D`ÂŒf# ;\gfj`kXi`f Al[`Z`Xc$ Al`Z`f <dYXi^f p I\dXk\ Ef# 0.0$ )''+ A:I% ;I% <;>8I ? 8 I F M8C<EQL<C8 J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.00/(&k] 8M@JF ;< I<D8K< I [\c <% <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C Gè9C@:F <E ><E<I8C HL< <E C8 J<:I<K8IĂ 8 ;< <JK8 AL;@:8KLI8 <C ;@8 HL@E:< ;< ALC@F ;<C 8zF ;FJ D@C FE:< ;<J;< C8J (+ ?FI8J ?8JK8 C8J ;@<:@F:?F ?FI8J J< M8 8 GIF:<;<I 8C I<D8K< ;<C 9@<E @EDL<9C< HL< J< ;<K8CC8 8 :FEK@EL8:@äE ;<EKIF ;<C AL@:@F% <A<:LK@MF Ef% ',00$)''. <%G% 8% 9`\e `edl\Yc\ fYa\kf [\c XmXcÂ’f1 K\ii\ef p leX Zfej$ kilZZ`Â?e Ef#(# j`klX[f \e cX gXiifhl`X [\ :_Xlg`Zilq# ZXcc\ [\ cfj M`ÂŒ\[fj Ef% ++$/- p 8m% ;\ cXj GXcd\iXj# [\ \jkX Z`l[X[ [\ Hl`kÂ?# Gifm`eZ`X [\ G`Z_`eZ_X 9% C`e[\ifj p jlg\i]`Z`\ [\c k\ii\ef1 $ Efik\1 \e )( d\kifj Zfe :fe[fd`e`f Cfj M`ÂŒ\[fj% Jli1 \e )( d\kifj Zfe \c cfk\ Ef)%$ <jk\1 \e (* d\kifj Zfe gifg`\[X[ [\c j\ÂŒfi DXel\c :Â?e[fi# F\jk\1 \e (* d\kifj Zfe cX ZXcc\ [\ cfj m`ÂŒ\[fj% Jlg\i]`Z`\ kfkXc [\c k\ii\ef1 ;fjZ`\ekfj j\k\ekX p ki\j d\kifj ZlX[iX[fj% :%$ @e]iX\jkilZkliX liYXeX p j\im`Z`fj Y}j`Zfj1 <jkX gif$ g`\[X[ [`jgfe\ [\ j\im`Z`f [\ `e]iX\jkilZkliX Y}j`ZX# Zfdf j\im`Z`fj [\ \e\i^ˆX \c„Zki`ZX p X^lX gfkXYc\# XcZXekXi`ccX[f# cˆe\Xj k\c\]Â?e`ZXj# k`\e\ Yfi[`$ ccfj p m\i\[Xj cX ZXcc\ gi`eZ`$ gXc# j\im`Z`fj [\ i\Zfc\ZZ`Â?e
[\ YXjliX# X gfZfj d\kifj cX \jkXZ`Â?e [\ cX <ZfmˆX [\ cX Iˆf :fZX# k`\e\ j\im`Z`f [\ kiXej$ gfik\ gÂ’Yc`Zf# \kZ% ;%$ Ljf [\c jl\cf1 <c ljf \oZcl$ j`mf \j gXiX m`m`\e[X# j\ [\j$ ZfefZ\ j` \jkXYX _XY`kX[X \e \c dfd\ekf [\ cX [`c`^\eZ`X% <%$ ;\jZi`gZ`Â?e [\c k\ii\ef p cXj ZfejkilZZ`fe\j `ek\ieXj1 CX gifg`\[X[ k`\e\ le K\ii\ef ^iXe[\# \e Zlpf `ek\i`fi _Xp leX ZfejkilZZ`Â?e gi`eZ`gXc Zfe gXi\[\j \eclZ`[Xj# k\Z_f [\ q`e^# m\ekXeXj Zfe YXiXe[Xj [\ _`\iif ]fiaX[f p m`[i`f# gl\ikXj [\ dX[\iX p d\kXc2 X[\d}j k`\e\ le ^XiXa\# le gXk`f2 k`\e\ le Z\iiXd`\ekf [\cXek\if Zfe [fj gl\ikXj [\ _`\iif ]fiaX[f hl\ j`im\e gXiX \c ^XiXa\ p \ekiX[X _XZ`X \c gXk`f% (%$ Hl\ gfi le \iifi `emfclekXi`f j\ _XYˆX gl\jkf cX jlg\i]`Z`\ kfkXc [\ )-* d\kifj ZlX[iX[fj# j`\e[f cX jlg\i]`Z`\ \oXZkX [\ ).* d\kifj ZlX[iX[fj% )%$J\ _XYˆX gl\jkX cX gcljmXcˆX [\ -' [Â?cXi\j \c d\kif ZlX[iX$ [f# cf hl\ \j ]Xcjf pX hl\ cX gcljmXcˆX [\c j\Zkfi \j [\ (.' [Â?cXi\j \c d\kif ZlX[iX[f% *%$ J\ _XZ\ leX i\Zk`]`ZXZ`Â?e p j\ kfdX \e Zl\ekX cfj d\kifj ZlX[iX[fj [\c Y`\e p cX gclj$ mXcˆX [\c j\Zkfi# jXc\ le kfkXc [\ +-%+('#'' LJ; :L8I<EK8 P J<@J D@C :L8KIF:@<EKFJ ;@<Q ;äC8I<J 8D<I@:8EFJ 2 kfkXc [\c k\ii\ef p [\ cX m`m`\e$ [X% Gfi kiXkXij\ [\c gi`d\i j\ÂŒXcX$ d`\ekf j\ XZ\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c 8mXcÂ’f# \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\ \jkX Al[`ZXkliX% =ˆa\ej\ cfj ZXik\c\j i\jg\Zk`mfj% Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ C\p% :8ICFJ DLI@CCF <% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00.*&k] ALQ>8;F J<>LE;F ;<C KI898AF ;< G@:?@E:?8 8M@JF ;< I<D8K< AL@:@F FI8C ;< KI898AF Ef% '/)0$)''.$II J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX (, [\ alc`f [\c [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\$ Z`fZ_f _fiXj \e cX J\Zi\kXi`X 8[alekX [\c Alq^X[f J\^le[f [\c KiXYXaf [\ G`Z_`eZ_X# j\ cc\mXi} X ZXYf \c i\dXk\ [\c ,' [\ [\i\Z_fj p XZZ`fe\j [\c Y`\e `edl\Yc\ \dYXi^X[f ZlpXj ZXiXZk\iˆjk`ZXj p XmXcÂ’f [\ [`Z_f Y`\e j\ [\kXccXe X Zfek`elXZ`Â?e1 CF:8C@Q8:@äE1 `edl\Yc\ lY`ZX[f \e cX GXiifhl`X >lXpXccXYXdYX# YXii`f G`Z_`eZ_X# cfk\ [\ k\ii\ef j&e# Xm\e`[X J`dÂ?e 9fcˆmXi j&e# p ZXcc\ DXel\cX J}\eq# ZXekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X%$ C@E;<IFJ ><E<I8C<J1 EFIK< %$ Zfe cX gifg`\[X[ [\c ji% MˆZkfi Alc`f Gfqf \e leX cfe^`kl[ [\ .#+) d\kifj IE ..,/+'<# JLI%$ :fe cX GXeXd\i`ZXeX \e leX cfe^`kl[ [\ .#.) d\kifj# j`^l`\e[f jl kiXqX[f# <JK<%$ :fe cX gifg`\[X[ [\ cX JiX% <jd\iXc[X 8ˆ[X <jg`efjX \e leX cfe^`kl[ [\ ()#/, d\kifj# IJ (,).0<# F<JK<%$:fe cX ZXcc\ gÂ’Yc`ZX DXel\cX J}\eq \e leX cfe^`kl[ [\ ()#-' d\kifj# IE (+//N JLG<I=@:@<%$ Efm\ekX p j\`j d\kifj ZlX$ [iX[fj Zfe ki\`ekX Z\ekˆd\$ kifj ZlX[iX[fj 0-#*'d) %$ :fejkilZZ`Â?e \o`jk\ek\1 [fj gcXekXj% GcXekX YXaX1 [fj cfZX$ c\j Zfd\iZ`Xc\j# leX g\hl\ÂŒX Yf[\^X p leX ZfZ`eX2 }i\X [\ ZfejkilZZ`Â?e1/.#.'d)% GcXekX XckX 1 m`m`\e[X Zfe jXcX# ki\j [fid`kfi`fj# _Xcc p leX Yf[\$ ^X2 }i\X [\ ZfejkilZZ`Â?e1 0/#.'d)%$ 8M8CLF1 <c `edl\$ Yc\ j\ \eZl\ekiX XmXclX[f \e
Ĺ?
cX jldX [\ :@E:L<EK8 D@C KI<J:@<EKFJ M<@EK@F:?F ''&('' ;äC8I<J # \c ,' [\c gi\Z`f hl\ Zfii\jgfe[\ X cfj [\i\Z_fj p XZZ`fe\j [\c Y`\e `edl\Yc\ XjZ`\e[\ Xc mXcfi [\ M<@EK@:@E:F D@C :@<EKF J<J<EK8 P :L8KIF :FE ''&('' ;äC8I<J%$ CXj gfjkliXj j\ i\Z`Y`i}e X gXik`i [\ Xhl\ccX hl\ ZlYiX cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f gfi j\i \c gi`d\i j\ÂŒXcXd`\ekf# gi\$ m`X cX Zfej`^eXZ`Â?e [\c (' [\ cX f]\ikX# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X fi[\e [\c Alq^X[f%$ Cfj `ek\i\jX[fj gl\[\e i\m`jXi \c Y`\e `edl\$ Yc\ X i\dXkXij\ gfe`„e[fj\ \e ZfekXZkf Zfe \c ;i% Cl`j 8i`Xj# \e jl ZXc`[X[ [\ ;\gfj`kXi`f [\ cX ZlfkX \dYXi^X[X%$ Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j c\ C\p%$ Hl`kf# (- [\ dXpf [\c )'(( 8 9% JF E @ 8 9 < I D <F 8PE8>L8EF J<:I<K8I@8 8;ALEK8 ;<C ;<C ALQ>8;F J<>LE;F ;<C KI898AF ;< G@:?@E:?8% ?Xp ]`idX p j\ccf 8:&.0-/,&k] I% ;<C <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E C8 J<:I<K8I@8 ;<C ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8# <C ;Ă 8 AL<M<J KI<@EK8 ;< ALE@F ;<C ;FJ D@C FE:<# 8 G8IK@I ;< C8J :8KFI:< ?FI8J# ?8JK8 C8J ;@<:@F:?F ?FI8J# <E <C AL@:@F <A<:LK@MF Ef% (),/$)''0$;%>%=% K<E;I8 CL>8I C8 M<EK8 <E GL9C@:8 JL98JK8 ;<C :@E:L<EK8 GFI :@<EKF ;< CF ;<I<:?FJ P 8::@FE<J ;<C 9@<E @EDL<9C< <D98I>8;F HL< ?8 :FEK@EL8:@FE ;< ;<K8CC8%$ )%$ L9c:8:cFE GFC@K@:8 8;D@E@JKI8K@M8 ;<C 9@<E @EDL<9C<%$ :XekÂ?e1 Hl`kf# Gifm`eZ`X1 G`Z_`eZ_X# GXiifhl`X1 8dX^lXÂŒX# 9Xii`f :l\e[`eX# ZXcc\ ĂˆIld`ÂŒX_l`É% *% :C8J@=@:8:@äE ;< C8 QFE8%$ LiYXef1 J` :fd\iZ`Xc1 Ef% IliXc1 J`2 m`m`\e[X# X^i`$ ZlckliX% J\Zkfi`qXZ`Â?e LiYXeX DÂ’ck`gc\# Zfe kf[fj cfj j\im`Z`fj Y}j`Zfj +% : 8 I 8: K < I @ JK c : 8 J ;<C K<II<EF Kfgf^iX]ˆX1 GcXef# <jkX[f1 9l\ef =fidX1 I\ZkXe^lcXi% =i\ek\1 cfk\ Zfe le ]i\ek\ X cX ZXcc\ gÂ’Yc`ZX ,% C@E;<IFJ ;<C K<II<EF 8ek\Z\[\j2 J\^Â’e \jZi`kliXj hl\ fYiX [\ekif [\c gifZ\jf 1 8[hl`i`[X d\[`Xek\ X[al[`$ ZXZ`Â?e _\Z_X gfi \c @ejk`klkf EXZ`feXc [\ ;\jXiifccf 8^iXi`f @E;8# j\^Â’e gifm`[\eZ`X eÂ’d\$ if ','(GF0)-* [\c * [\ ]\Yi\if [\@ )'',# gifkfZfc`qX[X \c ) [\ dXpf [\c )'',# Xek\ \c EfkXi`f ;i% =Xljkf <ei`hl\ DfiX# `ej$ Zi`kX \c )0 [\ efm`\dYi\ [\c d`jdf XÂŒf% ;\c cfk\ [\ k\ii\ef eÂ’d\if j&e j`klX[f \e \c j\Zkfi :l\e[`eX# [\ cX gXiifhl`X 8dX^lXÂŒX [\ \jk\ ZXekÂ?e% Cfk\ [\ k\ii\ef Z`i$ ZlejZi`kf [\ekif [\ cfj j`^l`\e$ k\j c`e[\ifj1 Efik\1 :fe gifg`\$ [X[ [\ cX JiX% DXiˆX :% zXkf# \e +,#,.d# Jli Zfe gifg`\[X[ [\c Ji% =XY`}e EXZ`dYX# \e (/#+' d% P Zfe gifg`\[X[ [\c Ji% M`Z\ek\ EXZ`dYX \e )-#'' d% <jk\1 :fe gifg`\[X[ [\c Ji% DXel\c CfpX \e (-#)' d# p F\jk\ :fe ZXcc\ 9 \e )'#-' d% ;Xe[f leX Jlg\i]`Z`\ [\ /),#''d) ,%(% ;\ XZl\i[f Xc C\mXekXd`\ekf GcXe`d„ki`Zf1 k„Ze`ZXd\ek\ jl }i\X [\c k\ii\ef# c`e[\ifj jfe j\d\aXek\j X cfj [\ jlj \jZi`$ kliXj -%$ J < IM @ : @ F J ; < @E=I8<JKIL:KLI8%$ <e \c j\Zkfi [fe[\ j„ \eZl\ekiX lY`ZX[f \c `edl\Yc\ jl ZXcc\j jfe \dg\[iX[Xj# Ef Yfi[`ccfj# j` k`\e\e \c j\im`Z`f [\ XcZXe$ kXi`ccX[f jXe`kXi`f# k`\e\ \c j\im`Z`fj [\ kiXejgfik\ c`m`Xef# i\[\j [\ X^lX gfkXYc\ g\idX$ e\ek\# i\[ [\ \e\i^ˆX \c„Zki`ZX Zfe \c i\jg\Zk`mf XcldYiX[f gÂ’Yc`Zf# i\[ [\ Zfdle`ZXZ`Â?e k\c\]Â?e`ZX% -%(% @E=I8<JKIL:KLI8 ;< J<IM@:@FJ ;<C @EDL<9C<
I_ ZkZe" i_ c[ WbkY_de" l_le$ I_ c[ [d]W‹e" [n_ije$ Âľ9ÂŒce [d]W‹Whc[ Wb W\_hcWh gk[ [n_ije" i_ j[d]e gk[ [n_ij_h fWhW [d]W‹Whc[5 I7D 7=KIJĂžD 8^lX GfkXYc\ J` k`\e\% I\[ <c„Zki`ZX J` k`\e\% 8cZXekXi`ccX[f JXe`kXi`f J` k`\e\ -%)%$<EKFIEF LI98EF%$ Jl <ekfief \j IliXc# \e le j\Zkfi [„ ljf [\ jl\cf gXiX cX M`m`\e[X# X^i`ZlckliX p ^XeX[\iˆX .% <JK8;F 8:KL8C ;<C @EDL<9C<%$ <c Y`\e `edl\Yc\ `ejg\ZZ`feX[f \jkX i\gi\j\e$ kX[f gfi le cfk\ [\ k\ii\ef gcXef# [\ ]fidX i\ZkXe^lcXi `ii\^lcXi Zfe le ]i\ek\ _XZ`X cX ZXcc\ gÂ’Yc`ZX% <e \c cfk\ [\jZi`kf Xc dfd\e$ kf [\c g\i`kXa\ j\ ZfdgifYÂ? cX \o`jk\eZ`X [\1$ M`m`\e[X p CfZXc :fd\iZ`Xc [\ ZlY`\ikX [\ \jkilZkliX [\ _fid`^Â?e XidX$ [f%$ D\[`X^lX [\ ZlY`\ikX [\ Xi[\o%$ K`\e\ Z\iiXd`\ekf gif$ g`X \e cfj cX[fj [\ cX M`m`\e[X#$ J\dYiˆfj [\ Z`Zcf ZfikÂ?% /%$ :8I8:K<I@JK@:8J ;< C8 :FEJKIL::@FE M@M@<E;8%$ CX m`m`\e[X jl k`gfcf^ˆX \e jl `ek\i`fi jXcX# Zfd\[fi# ZfZ`eX# YXÂŒfj# [fid`kfi`fj p jl cfZXc Zfd\iZ`Xc Zfe le YXÂŒf \ok\i`fi% <e cX m`m`\e[X gi`eZ`gXc [\ le g`jf hl\ XZklXcd\ek\ fZlgXe cfj ;\dXe[X[fj1 Ji% Alc`f :\jXi Hl`e^X zXkf# ZlpX 8i\X [\ :fejkilZZ`Â?e kfkXc \j [\1 ()'#'' d) <jkX m`m`\e[X j\ \eZl\ekiX Zfejkil`[X Zfe ZfcldeXj# m`^Xj `e]\i`fi\j# m`^Xj jlg\$ i`fi\j# ^iX[Xj# cfjX [\ ZlY`\ikX jfe [\ \jkilZkliX [\ _fid`^Â?e# XidX[f GXi\[\j1 dXdgl\jkfj [\ cX[i`$ ccf \eclZ`[fj p g`ekX[fj `ek\i`fi p \ok\i`fi% @ejkXcXZ`fe\j \c„Z$ ki`ZXj i\Xc`qX[Xj kfkXcd\ek\% Gl\ikX gi`eZ`gXc [\ `e^i\jf X cX m`m`\e[X [\ d\kXc p dX[\iX# gl\ikXj [\ `e^i\jf Xc cfZXc [\ d\k}c`ZX gc\^XYc\ Zfe jlj i\j$ g\Zk`mfj Z\iifafj [\ j\^li`[X[ p gifk\ZZ`Â?e% Gl\ikXj `ek\i`fi\j [\ dX[\iX Zfe jlj i\jg\Zk`mfj Z\iifafj [\ j\^li`[X[% M\ekXeXj [\ _`\iif Zfe m`[i`fj p gifk\Z$ Z`Â?e \ok\ieX% 9XÂŒfj# `ef[fifj# cXmXdXefj# eXZ`feXc\j# `ejkX$ cXZ`fe\j [\ X^lX gfkXYc\# ]iˆX p ZXc`\ek\# `ejkXcXZ`fe\j [\ G%M%:% [\ [\jX^•\# gXi\[\j# g`jfj# i\ZlY`\ikfj [\ Z\i}d`ZX# G`jfj i\ZlY`\ikfj \e cX kfkXc`[X[ [\ Z\i}d`ZX% CX ZfZ`eX i\ZlY`\ikX [\ Z\i}d`$ ZX g`jfj# gXi\[\j% <jkX[f Zfej\imXZ`Â?e [\ cX m`m`\e[X1 8Z\gkXYc\% 0% 8M8CLF ><E<I8C ;<C @EDL<9C<1 8 cX ]\Z_X DXiqf [\c )'(( IlYif2 L2 :Xek`[X[2 Gi\Z`f2 :fjkf KfkXc K\ii\ef2 d)2 /),#''2 ,'#''2 +(%),'#'' M`m`\e[X2 d)2 ()'#''2 ),'#''2 *'%'''#'' D\[`X^lX2 d)2 *'#''2 -'#''2 (%/''#'' :fjkf KfkXc .*%','#'' <c ,' [\ cfj ;\i\Z_fj p 8ZZ`fe\j g\ik`e\ek\j Xc ;\dXe[X[f Ji% Alc`f :\jXi Hl`e^X zXkf JFE1 *-%,),#'' ;FC8I<J% Jfe1 Ki\`ekX p j\`j d`c hl`e`\e$ kfj m\`ek\ p Z`eZf [Â?cXi\j ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j , [\ dXpf [\c )'((# cXj (+_(+%%%%% <c \jZi`kf p Xe\of gi\$ j\ekX[fj X^i„^l\j\ Xc gifZ\jf% <e cf gi`eZ`gXc2 j\ÂŒXcXj\ gXiX \c [ˆX al\m\j ki\`ekX [\ ale`f [\c [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj# gXiX hl\ \e cX J\Zi\kXi`f [\ \jkX Al[`ZXkliX# k\e^X cl^Xi \c i\dXk\ [\c ,' [\ cfj [\i\Z_fj p XZZ`fe\j hl\ c\ Zfii\jgfe$ [\ Xc [\dXe[X[f j\ÂŒfi Alc`f :„jXi Hl`e^X zXkf# \e \c Y`\e `edl\Yc\# \dYXi^X[f cfk\ [\ k\ii\ef eld\if J&E# j`klX[f \e \c J\Zkfi :L<E;@E8# GXiifhl`X [\ 8dX^lXÂŒX [\ \jk\ :XekÂ?e Hl`kf# ZlpXj ZXiXZk\iˆjk`ZXj p \jg\Z`]`ZXZ`fe\j ZfejkXe [\ Xlkfj% ?}^Xj\ jXY\i Xc gÂ’Yc`Zf
`ek\i\jX[f d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj g\i`�$ [`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX :`l[X[ [\ Hl`kf% =`a}e[fj\ cfj ZXik\c\j \e cfj gXiXa\j p d}j ZfeZlii`[fj [\ cX =leZ`�e Al[`Z`Xc p \e 8dX^lXŒX# cl^Xi [fe[\ j\ \eZl\ekiX j`klX[f \c Y`\e `edl\Yc\ X i\dXkXi$ j\# gXiX cf ZlXc Zfd`j`feXj\ Xc j\Œfi K\e`\ek\ Gfcˆk`Zf [\ cX GXiifhl`X [\ 8dX^lXŒX# \em`}e[fc\ jl]`Z`\ek\ [\jgX$ Z_f%$ <c i\dXk\ k\e[i} Zfdf YXj\ [\ cXj [fj k\iZ\iXj gXi$ k\j [\c XmXcl� gfi kiXkXij\ [\ gi`d\i j\ŒXcXd`\ekf% ?}^Xj\ jXY\i Xc Alq^X[f M`^„j`df :lXikf [\ cf :`m`c [\ G`Z_`eZ_X# [\c i\dXk\ X ]`e [\ hl\ _X^X mXc\i jlj [\i\Z_f# d\[`Xek\ Xk\ekf f]`Z`f%$ Efk`]ˆhl\j\%$ ] ;i% 8c]i\[f >i`aXcmX DlŒfq# Al\q%$ Cf gfe^f \e ZfefZ`d`\ekf Xc g’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] ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf hl\ \c [ˆX d`„iZfc\j ki\Z\ [\ Alc`f [\c XŒf [fj d`c feZ\# [\ cXj ZXkfiZ\ X cXj [`\Z`fZ_f _fiXj# j\ cc\mXi} X ZXYf \e cX JXcX [\ 8l[`\eZ`Xj [\c Alq^X[f Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X# \c i\dXk\ [\ cf j`^l`\ek\1 CX gifg`\[X[ dfk`mf [\c i\dX$ k\ j\ \eZl\ekiX lY`ZX[f \e cX
gifm`eZ`X [\ G`Z_`eZ_X# ZXek�e Hl`kf# ZXcc\ 9X_ˆX Ef% +'-) p :_`dYfiXqf p Zfe ]i\ek\ X cX ZXcc\ 8^fpXe# ali`j[`ZZ`�e [\ cX gXiifhl`X JXe Ifhl\ [\c :Xek�e Hl`kf Gifm`eZ`X [\ G`Z_`eZ_X C@E;<IFJ ;<C @EDL<9C< Efik\1 :fe _\i\[\ifj [\ :Xicfj M`k\i` p KXi^\c`X D\eX \e *+#/) dkj# Jli1 :fe gifg`\[X[ [\ Gfc`Y`f :_}m\q \e *+#/) dkj# <jk\1 Zfe ZXcc\ 8^fpXe \e -#0* dkj% F\jk\1 Zfe ZXcc\ 9X_ˆX \e .#(' dkj Jlg\i]`Z`\1 */*#,'d) <EKFIEF ;< C8 GIFG@<;8; Cfk\ [\ k\ii\ef [\ ]fidX ZXj` i\^lcXi Zfe g\e[`\ek\ _XZ`X \c c`e[\if fZZ`[\ekXc p Zfe e`m\c jlg\i`fi X cX ZXcc\ 9X_ˆX [\ )+*#)' d) p [`jgfe\ [\ kf[fj cfj j\im`Z`fj p fYiXj [\ `e]iX$ \jkilZkliX% :8I8:K<I@JK@:8J ;<K8CC<J ;< C8 GIFG@<;8; <c `edl\Yc\ j\ \eZl\ekiXe ki\j ZfejkilZZ`fe\j1 X% :XjX Zfe ]i\ek\ X cX ZXcc\ 9X_ˆX# [\ ki\j g`jfj# Z`d`\ekf [\ g`\[iX# \jkilZkliX [\ _fid`^�e XidX$ [f# dXdgfjk\iˆX [\ cX[i`ccf \eclZ`[fj# \eki\g`jfj [\ cfjX p dX[\iX# Zfe ZlY`\ikX [\ Xi[\j p Z`eZ Zfe }i\X Zfejkil`[X \e )(* dkj)% 9% :XjX `ek\id\[`X [\ [fj g`jfj jl \jkilZkliX [\ _fid`^�e Zfe gXi\[\j [\ X[f$ Y�e kXg`X# ZXcqX[Xj Zfe cX[i`ccf \e cX gcXekX YXaX# cX j\^le[X Zfe gXi\[\j [\ cX[i`ccf# g`jfj [\ dX[\iX ZlY`\ikX [\ Xi[\j# Zfe kldYX[fj [\ ki`gc\j# jl \jkX$ [f [\ Zfej\imXZ`�e \j i\^lcXi% :%$:fejkilZZ`�e [\ [fj g`jfj Zfe ]i\ek\ X cX ZXcc\ 8^fpXe# jl \jkilZkliX [\ _fid`^�e Zfe dXdgfjk\iˆX [\ cX[i`ccf p Ycfhl\# g`jfj p \eki\g`jfj [\ dX[\iX Zfe ZlY`\ikX i\efmX[X [\ Z`eZ% ;%$ CfjX [\ _fid`$ ^�e XidX[f# hl\ jfgfikX leX d\[`X X^lX Zfe gXi\[\j [\ Ycfhl\ \eclZ`[Xj Zfe ZlY`\ikX [\ \k\ie`k lY`ZX[X \e cX gXik\ `ek\id\[`X [\c gi\[`f p jfYi\ \c }i\X [\ `e^i\jf Zfe leX jlg\i$ ]`Z`\ [\ (+ dkj)%
CONVOCATORIA Dr. CESAR VALENCIA MELO, Interventor de la Cooperativa de Vendedores AutĂłnomos la Merced, legalmente designado segĂşn Acuerdo Ministerial No. 0046DMC-MIES-11, de fecha 29 de marzo del 2011, fundamentado en lo dispuesto en el Art. 140 del Reglamento General a la Ley de Cooperativas y Art. 29 del Estatuto de la Cooperativa, convoco con el carĂĄcter obligatorio a todos los socios de la Cooperativa de Vendedores AutĂłnomos la Merced, a la Asamblea General Extraordinaria, a realizarse el dĂa SABADO 11 de JUNIO del 2011 a las 15h00 en el Centro de Desarrollo Comunitario la Tola, ubicado en la calle Pedro FermĂn Cevallos s/n y Chile esquina, de esta ciudad de Quito con el siguiente orden del dĂa: 1. ConstataciĂłn del quĂłrum estatutario segĂşn el Art. 32 del Estatuto. 2. InstalaciĂłn de la Asamblea. 3. PresentaciĂłn, e informe del Interventor legalmente designado y posesionado por la DirecciĂłn Nacional de Cooperativas. 4. Lectura y aprobaciĂłn del acta anterior. 5. Informe de la SeĂąora Secretaria encargada Isabel Reinoso, sobre las recaudaciones de las cuotas ordinarias, extraordinarias y cobros de los cĂĄnones de arrendamiento de los locales comerciales de propiedad de la Cooperativa. 6. Varios. 7. Clausura de la Asamblea. Nota Especial de la convocatoria: En caso de no existir el quĂłrum Estatutario a la hora convocada, por tratarse de la primera convocatoria y segĂşn lo establece el Art. 33 del Estatuto, se instalarĂĄ la Asamblea una hora despuĂŠs con los socios presentes.
:lpf XmXcÂ’f kfkXc XjZ`\e[\ X cX jldX [\ ,,%/,'#ff [Â?cX$ i\j :@E:L<EK8 P :@E:F D@C F:?F:@<EKFJ :@E:L<EK8 ;FC8I<J :XljX Ef% )'',$'.,,$CJ CXj gfjkliXj j\ XZ\gkXi}e jfYi\ cX YXj\ [\ cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f g\i`Z`Xc# gfi kiXkXij\ [\ gi`d\i j\ÂŒXcXd`\e$ kf# [\Y`\e[f XZfdgXÂŒXij\ \c (' [\c mXcfi [\ cX f]\ikX# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\ \jkX Al[`ZXkliX%# Zfe]fid\ X cX C\p% EF J< 8 ; D @ K @ I Ă? E <OKI8zFJ Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j [\ C\p% ;I% CL@J I F E M@CC8M@:<E:@F J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&&.0-,-&k] 8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc hl\ \e cX J\Zi\kXiˆX [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# [\j[\ cXj ZXkfiZ\ _fiXj# _XjkX cXj [`\$ Z`fZ_f _fiXj# [\c [ˆX (* [\ ale`f [\c XÂŒf \e Zlijf )'(( # k\e[i} cl^Xi \c i\dXk\ [\c j`^l`\ek\ Y`\e `edl\Yc\ ZlpX ZXiXZk\iˆj$ k`ZXj jfe cXj j`^l`\ek\j1 :8LJ8 Ef% /(.$)'(' ;: (% L 9 @ : 8 : @ ä E GFC@K@:8 8;D@E@JKI8K@M8 ;<C 9@<E @EDL<9C< :`l[X[1 Hl`kf# Gifm`eZ`X1 G`Z_`eZ_X# GX i if h l ` X 1 :fkfZfccXf# J\Zkfi :fccXcfdX# : f e a l e kf ? X Y ` k X Z ` f e X c 9\cm\[\i\ [\ JXekX ClZ`X# :XjX EÂ’d\if J`\k\# [\ 8cˆZlfkX KfkXc *%0.., % J\Zkfi JXekX ClZˆX% LY`ZX[f \e cX 8m\e`[X Cfj ?\c\Z_fj p ZXcc\ JXekX ClZˆX% )% :C8J@=@:8:@FE ;< C8 QFE8 LiYXef J` :fd\iZ`Xc J` I\j`[\eZ`Xc J` J\Zkfi`qXZ`Â?e LiYXeX DÂ’ck`gc\ *% :8I8:K<I@JK@:8J ;<C K<II<EF1 ;fe[\ \jk} `dgcXe$ kX[f cX ZXjX .% Kfgf^iX]ˆX1 GcXef <jkX[f1
9l\ef =fidX1 I\ZkXe^lcXi =i\ek\1 Zfe le ]i\ek\ X cX ZXcc\j gÂ’Yc`ZX ĂˆCfj ?\c\Z_fjÉ +% C@E;<IFJ ;<C @EDL<9C< 8 e k\ Z\ [ \ e k\j 1 J \ ^ Â’ e # :\ik`]`ZX[f [\c i\^`jkif [\ cX Gifg`\[X[ hl\ fYiX [\ekif [\c gifZ\jf 1 ;\ gifg`\[X[ [\ cfj ZÂ?epl^\j Ji% ?„Zkfi >feqXcf <jkiX[X MXcc\ p DXiˆX <jg\iXeqX MXcc\ :XcmX# d\[`Xek\ ZfdgiX X cX 8jfZ`XZ`Â?e DlklXc`jkX [\ 8_fiif p :i„[`kf gXiX cX M`m`\e[X G`Z_`eZ_X# j\^Â’e \jZi`kliX gÂ’Yc`ZX fkfi^X[X \c (- [\ ]\Yi\if [\c )'',# Xek\ \c EfkXi`f M`^„j`df :lXikf [\c ZXekÂ?e Hl`kf# ;i% J\YXjk`}e MXc[`m`\jf :l\mX# `ejZi`kX \c )( [\ ]\Yi\if [\c )'',% 8[hl`i`[X d\[`Xek\ i\jk`klZ`Â?e ]`[lZ`Xi`X _\Z_X \e jl ]Xmfi gfi \c =`[\`Zfd`jf 9\cm\[\i\ [\ JXekX ClZˆX# j\^Â’e \jZi`$ kliX Z\c\YiX[X \c '( [\ XYi`c [\c )''+# Xek\ \c efkXi`f ;i% J\YXjk`}e MXc[`m`\jf# `ejZi`kX \c )( [\ XYi`c [\c XÂŒf )''+% :XjX eÂ’d\if J`\k\# `eZclp\ ZfejkilZZ`Â?e \e ki\j g`jfj# YXcZfe\j# XZZ\jf# \jkXZ`feX$ d`\ekf G J`\k\ p }i\X [\ j\ZX$ [f% ;\ XcˆZlfkX KfkXc *%0.., [\c :fealekf ?XY`kXZ`feXc 9\cm\[\i\ [\ JXekX ClZˆX# Zfejkil`[f \e \c cfk\ eÂ’d\if ,, [\ cX cfk`qXZ`Â?e ?l\ikfj =Xd`c`Xi\j JXekX ClZˆX# j`klX[f \e cX gXiifhl`X [\ :fkfZfccXf [\ \jk\ :XekÂ?e% Cfj c`e[\ifj j`e^lcXi\j [\ cX ZXjX eÂ’d\if j`\k\# `eZclp\ ZfejkilZZ`Â?e \e ki\j g`jfj# YXcZfe\j# XZZ\jf# \jkXZ`feX$ d`\ekf G j`\k\ p }i\X [\ j\ZX[f jfe Efik\# \e leX cfe^`kl[ [\ (+#('d% :fe Z`iZlcXZ`Â?e g\X$ kfeXc ZfdleXc p ^lXi[`XeˆX# Jli1 \e leX cfe^`kl[ [\ (+#(' d% :fe ZXjX j\`j# <jk\1 \e leX cfe^`kl[ [\ -#('d# Zfe Z`iZlcX$ Z`Â?e g\XkfeXc ZfdleXc# F\jk\1 \e leX cfe^`kl[ [\ -#('d# Zfe ZXcc\ gÂ’Yc`ZX# 8ii`YX1 \e le }i\X [\ /-#''d)# Zfe Z`\cf XY`\ikf# 8YXaf2 \e le }i\X [\ /-#''d)# Zfe jl\cf eXkliXc% GcXekX 9XaX1 Zfe le }i\X [\
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO DE LA ESCRITURA PUBLICA DE MODIFICACION DEL OBJETO SOCIAL; AUMENTO DEL CAPITAL Y REFORMA DE ESTATUTOS DE CANTERAS Y VOLADURAS S.A. (CANTYVOL) Se comunica al pĂşblico que CANTERAS Y VOLADURAS S.A. (CANTYVOL) con domicilio principal en la ciudad de Quito, modificĂł su objeto social; aumentĂł su capital en USD $ 857.300,00; y, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario CuadragĂŠsimo del Distrito Metropolitano de Quito, el 13 de abril de 2011. Actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJCPTE. Q.11.002317. de 30 de mayo de 2011. En virtud de la escritura pĂşblica mencionada, la compaĂąĂa reforma los artĂculos segundo y sexto del Estatuto Social, referentes al objeto y al capital social, respectivamente, de la siguiente manera: “ARTICULO SEGUNDO.- El objeto de la sociedad es el siguiente: Ejecutar actividades mineras en general para el aprovechamiento racional de los recursos minerales tales como, sustancias minerales metĂĄlicas, no metĂĄlicas, rocas ornamentales....â€? “ARTICULO SEXTO.- El capital social de la compaĂąĂa es de DOS MILLONES CIENTO TREINTA Y NUEVE MIL NOVECIENTOS DOLARES DE LOS ESTADOS UNIDOS DE AMERICA (USD $ 2Â´Ě 139.900), representado por veintiĂşn mil trescientos noventa y nueve acciones ordinarias y nominativas de cien dĂłlares cada una.â€? D.M. Quito, 30 de mayo de 2011.
Atentamente.
Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ‘IAS DE QUITO
DR. CESAR VALENCIA MELO INTERVENTOR A.C.79986
AC/79978/tf
ZfejkilZZ`�e [\ ,)#('d) GcXekX Gi`d\i G`jf1 Zfe le }i\X [\ ZfejkilZZ`�e [\ ,+#0'd) GcXekX J\^le[f G`jf1 Zfe le }i\X [\ ZfejkilZZ`�e [\ +0#*<jkXZ`feXd`\ekf G j`\k\ p 8i\X [\ J\ZX[f ,% J<IM@:@FJ ; < @E=I8<JKIL:KLI8 CX ZXcc\ g’Yc`ZX \j Xj]XckX[X# Zfdf kXdY`„e jlj ZXcc\j kiXej$ m\ijXc\j# XZ\iXj p Yfi[`ccfj [\ _fid`^�e j`dgc\# j` k`\e\e \c j\im`Z`f [\ XcZXekXi`ccX[f jXe`kXi`f# k`\e\ \c j\im`Z`f [\ kiXejgfik\ c`m`Xef# i\[\j [\ X^lX gfkXYc\ g\idXe\ek\# i\[ [\ \e\i^ˆX \c„Zki`ZX Zfe \c i\j$ g\Zk`mf XcldYiX[f g’Yc`Zf# i\[ [\ Zfdle`ZXZ`�e k\c\]�e`ZX% ,%( @E=I8<JKIL:KLI8 ;< J<IM@:@FJ ;<C @EDL<9C< 8^lX GfkXYc\ J` k`\e\ Zfe d\[`[fi I\[ <c„Zki`ZX J` k`\e\ Zfe d\[`[fi 8cZXekXi`ccX[f JXe`kXi`f J` k`\e\ Zfe\o`�e I\[ k\c\]�e`ZX% J` k`\e\ ,%) < E K F I E F LI98EF
Jl \ekfief \j LiYXef# \e le j\Zkfi \d`e\ek\d\ek\ I\j`[\eZ`Xc# [\ \ek`[X[\j [\ Z\ekifj \[lZXk`mfj gi`mX[Xj# gXihl\j [\ [`m\ij`fe\j# \Zf$ c�^`Zf# \kZ% -% <JK8;F 8:KL8C ;< :FEJ<IM8:@FE ;<C @EDL<9C<% <c Y`\e `edl\Yc\ `ejg\ZZ`f$ eX[f :XjX j`\k\ ]fidX gXik\ [\c :fealekf ?XY`kXZ`feXc 9\cm\[\i\ [\ JXekX ClZ`X# \jk} i\gi\j\ekX[f gfi le cfk\ [\ k\ii\ef gcXef [\ ]fidX i\ZkXe$ ^lcXi p leX ZXjX [\ ki\j g`jfj# Zfe le ]i\ek\ _XZ`X cX ZXcc\ Cfj ?\c\Z_fj% <e \c cfk\ [\jZi`kf Xc dfd\e$ kf [\c g\i`kXa\ j\ ZfdgifY� cX \o`jk\eZ`X [\1 $M`m`\e[X [\ ki\j g`jfj [\ \jkilZkliX [\ _fid`^�e XidX[f# \eki\g`jfj [\ cfjX p ZlY`\ikX% K`gfcf^ˆX [\ cX M`m`\e[X1 <e cX GcXekX 9XaX X e`m\c [\ cX ZXcc\ cfj ?\c\Z_fj \j \c `e^i\jf Xc gXihl\X[\if# Zfe ZlY`\ikX [\ \jkilZkliX d\k}c`ZX# hl\ ZXi$ ^Xe cXj _faXj [\ gfc`ZXiYfeXkf# ^iX[Xj [\ XjZ\ejf X cfj g`jfj
jlg\i`fi\j% GcXekX 9XaX Zlpf `e^i\jf g\X$ kfeXc \j gfi cX gXik\ gfjk\i`fi ]fidX[X gfi jXcX# Zfd\[fi# ZfZ`eX# YXŒf jfZ`Xc# ^iX[Xj [\ XjZ\ejf% GcXekX Gi`d\i G`jf Zfe _fcc# [fj [fid`kfi`fj Zfe le YXŒf ZfdgXik`[f# ^iX[Xj% GcXekX J\^le[f G`jf1 Le [fid`$ kfi`f Zfe YXŒf gifg`f p ^iX[Xj `ek\ieXj% <jkX[f [\ Zfej\imXZ`�e [\ cX m`m`\e[X1 9l\ef .% :8I8:K<I@JK@:8J ;< C8 :FEJKIL::@FE <e \jk\ `edl\Yc\ j\ \eZl\e$ kiX Zfejkil`[X leX m`m`\e[X [\ ki\j g`jfj Zfe ZfcldeXj# m`^Xj `e]\i`fi\j# m`^Xj jlg\i`fi\j# ^iX[Xj# cfjX [\ \eki\g`jf# cfjX [\ ZlY`\ikX jfe [\ \jkilZkliX [\ _fid`^�e XidX[f% GXi\[\j1 dXdgl\jkfj \eclZ`[fj# g`e$ kX[fj `ek\i`fi p \ok\i`fi% @ejkXcXZ`fe\j \c„Zki`ZXj i\Xc`$ qX[Xj kfkXcd\ek\ Zfe jl kXYc\if [\ Zfekifc [\ Yi\Xb\ij# Gl\ikX gi`eZ`gXc [\ `e^i\jf g\XkfeXc [\ dX[\iX Zfe jlj i\jg\Zk`mfj Z\iifafj [\ j\^li`[X[# Gl\ikX
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO DE LA ESCRITURA PĂšBLICA DE CAMBIO DE NOMBRE DE INMOBILIARIA DEHOF S.A. POR EL DE DEHOF S.A. Y LA REFORMA DE ESTATUTOS 1. ANTECEDENTES.- INMOBILIARIA DEHOF S.A., se constituyĂł mediante escritura pĂşblica otorgada ante el Notario VigĂŠsimo Noveno del Distrito Metropolitano de Quito, el 25/9/2001, aprobada mediante ResoluciĂłn No. 4777 de 5/10/2001, e inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 23/11/2001. 2. CELEBRACIĂ“N Y APROBACIĂ“N.- La escritura pĂşblica de cambio de nombre de INMOBILIARIA DEHOF S.A. por el de DEHOF S.A. y la reforma de estatutos otorgada el 26 de Abril del 2011 ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ. DJC.Q.11.002258 3. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el SeĂąor DEGETAU HOF MICHAEL FRANCO en su calidad de Gerente de la compaĂąĂa, de estado civil casado, de nacionalidad alemana y domiciliado en el Distrito Metropolitano de Quito. 4. CAMBIO DE NOMBRE, REFORMA DE ESTATUTOS Y PUBLICACIĂ“N.- La Superintendencia de CompaĂąĂas mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.002258 de 24 de Mayo de 2011 aprobĂł el cambio de nombre de INMOBILIARIA DEHOF S.A. por el de DEHOF S.A. y la reforma de estatutos y ordenĂł 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 CompaĂąĂas y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico el cambio de nombre de INMOBILIARIA DEHOF S.A. por el de DEHOF S.A. a fin de que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaĂąĂa, dentro de los seis dĂas contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąĂas. El Juez que reciba la oposiciĂłn 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 la mencionada compaĂąĂa y al cumplimiento de los demĂĄs requisitos legales. En virtud de la escritura pĂşblica mencionada, la compaĂąĂa reforma los artĂculos primero y segundo del estatuto social, los mismos que en adelante dirĂĄn: "ARTĂ?CULO PRIMERO.- NOMBRE Y DOMICILIO.- La compaĂąĂa de nacionalidad ecuatoriana se llama DEHOF S.A. ..." "ARTĂ?CULO SEGUNDO.- OBJETO SOCIAL.- El objeto social de la compaĂąĂa es: a) La prestaciĂłn de servicios de asesorĂa y consultorĂa profesional en la elaboraciĂłn y evaluaciĂłn de proyectos de inversiĂłn, elaboraciĂłn de estudios de factibilidad y proyecciones financieras, anĂĄlisis de inversiones..."
IŒbe ^Wo kdW \ehcW Z[ iWX[h i_ kd ^ecXh[ [i ^ed[ije0 fh[]kdj|hi[be$ O i_ h[ifedZ[ i‡" [djedY[i iWX[i gk[ [ij| Yehhkfje$ =HEK9>E C7HN [\ `e^i\jf gfi \c cX[f [\c gXi$ hl\X[\if d\k}c`ZX Xlkfd}k`ZX% Gl\ikXj `ek\i`fi\j [\ dX[\iX Zfe jlj i\jg\Zk`mfj Z\iifafj [\ j\^li`[X[% M\ekXeXj [\ Xcl$ d`e`f Zfe m`[i`fj% 9XŒfj# `ef$ [fifj# cXmXdXefj# eXZ`feXc\j# `ejkXcXZ`fe\j [\ X^lX gfkXYc\ ]iˆX p ZXc`\ek\# `ejkXcXZ`fe\j [\ G%M%:% [\ [\jX^•\# gXi\[\j# g`jfj# i\ZlY`\ikfj [\ Z\i}d`ZX% G`jfj i\ZlY`\ikfj [\ Z\i}d`ZX p fkifj% :cfj\k [\ dX[\iX \e [fi$ d`kfi`fj% CX ZfZ`eX i\ZlY`\ikX [\ Z\i}d`ZX g`jfj# gXi\[\j# ]i\^X[\if [\ Xcld`e`f# ]i\^X$ [\if [\ Xcld`e`f# dl\Yc\j Xckfj p YXafj [\ dX[\iX% >XiXa\ [\ g`jf [\ _fid`^�e i\ZlY`\ikf [\ Z\i}d`ZX [\ k`gf ^i\\j% /% 8M8CLF ><E<I8C ;<C @EDL<9C<1 :XjX . 8 cX ]\Z_X DXiqf [\c )'((% IlYif L :Xek`[X[ Gi\Z`f :fjkf kfkXc K\ii\ef d) /-#'' (,'#'' ()%0''#'' M`m`\e[X d) (,-#*- +/'#'' .,%',)#/' KfkXc /.%0,)#/' Jfe1 fZ_\ekX p j`\k\ d`c efm\$ Z`\ekfj Z`eZl\ekX p [fj [�cXi\j Zfe /'&('' Z\ekXmfj% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (, [\ XYi`c [\c )'((# cXj (,_'(%$ M@JKFJ1 8^i„^l\j\ Xc gifZ\jf cfj \jZi`kfj hl\ Xek\$ Z\[\e% <e cf gi`eZ`gXc# Xk\ekX cX g\k`Z`�e [\c XZkfi# p gfi ef \o`jk`i fYj\imXZ`�e Xc^leX Xc `e]fid\# j\ cf Xgil\YX \e kf[Xj jlj gXik\j# \e Zfej\Zl\eZ`X# j\Œ}c\j\ gXiX \c [ˆX (* [\ alc`f XŒf \e Zlijf# [\j[\ cXj ZXkfi$ Z\ _fiXj# _XjkX cXj [`\Z`fZ_f _fiXj# gXiX hl\ \e cX J\Zi\kXiˆX
[\ \jkX Al[`ZXkliX k\e^X cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f p XmXclX[f \e cX gi\j\ek\ ZXljX# gXiX cf ZlXc j\ _Xi}e cXj i\jg\Zk`mXj glYc`$ ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# [\Y`\e[f d\[`Xi \eki\ leX p fkiX glYc`ZXZ`Â?e# gfi cf d\efj fZ_f [ˆXj _}Y`c\j p [\ cX Â’ck`$ dX glYc`ZXZ`Â?e Xc [ˆX \c i\dXk\# kXdY`„e fZ_f [ˆXj _}Y`c\j%$ Gfi kiXkXij\ [\ gi`d\i j\ÂŒXcXd`\e$ kf j\ XZ\gkXi}e gfjkliXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ’f2 kf[X gfjkliX [\Y\i} XZfdgXÂŒXi \c [`\q gfi Z`\ekf [\c mXcfi f]i\Z`[f \e [`e\if \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX$ [f X efdYi\ [\c Alq^X[f% =ˆa\j\ cfj ZXik\c\j gi\m`jkfj \e cX C\p \e \c <[`]`Z`f [\ cX =leZ`Â?e Al[`Z`Xc% Efk`]ˆhl\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[`\e$ k\j% ;i% GXYcf Kfif :Xii`ccf J\Zi\kXi`f ?Xp le j\ccf 8%:%&.0-.( ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< AL@:@F <A<:LK@MF Ef% '-'*$ )''/ 8:KF I 1 : F D G8 z Ă 8 GIF:<J8;FI8 E8:@FE8C ;< 8C@D<EKFJ :FDG8zĂ 8 8EFE@D8 GIFE8:8# i\gi\$ j\ekX[X gfi jl GifZliX[fi
Al[`Z`Xc \c ;i% Afi^\ 8d„i`Zf >Xcc\^fj <^l`^li\e J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX al\m\j [`\Z`j\`j [\ ale`f [\c [fj d`c feZ\# [\j[\ cXj ZXkfi$ Z\ _fiXj X [`\q p fZ_f _fiXj# k\e[i} cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f [\ekif [\ cX gi\j\ek\ ZXljX p hl\ j\ [\kXccX X Zfek`elXZ`Â?e1 L9@:8:@äE1 CX gifg`\[X[ dfk`mf [\c gi\$ j\ek\ i\dXk\# \eZl\ekiX lY`ZX$ [X \e cX ZXcc\ JlZi\ EÂ’d\ifj +$ (+ p +$(-# @ek\ij\ZZ`Â?e JXc`eXj p I`ZXlik\# [\ cX GXiifhl`X :`eZf [\ 8^fjkf# ZXekÂ?e p Gifm`eZ`X [\ <jd\iXc[Xj# @edl\Yc\ j`^$ eX[f Zfe \c Ef% .$8$)# [\ cX DXeqXeX Ef% +'% C@E;<IFJ ;<C @EDL<9C<1 Gfi \c efik\1 :fe \c 8^lX GfkXYc\# \e ki\Z\ d\kifj Z`e$ Zl\ekX p Z`eZf Z\ekˆd\kifj2 Gfi \c Jli1$ :fe \c @e^\e`\if >Xcf AXZ_f KfXgXekX# \e ki\Z\ d\kifj Z`eZl\ekX p Z`eZf Z\e$ kˆd\kifj2 Gfi \c <jk\1$ :fe cX ]Xd`c`X =fpX`e Hl`ek\if# \e el\m\ d\kifj Z`eZl\ekX Z\e$ kˆd\kifj2 Gfi \c F\jk\1$ :fe \c gXjXa\ ZfdleXc Ef% )# \e el\m\ d\kifj Z`eZl\ekX p Z`eZf Z\ekˆ$ d\kifj# Zfe leX jlg\i]`Z`\ kfkXc [\ Z`\ekf m\`ek\ p el\m\ d\kifj j\`j Z\ekˆd\kifj ZlX[iX[fj% :8I8:K<I@JK@:8J ;<C K<II<EF1 =fidX1 I\ZkXe^lcXi Kfgf^iX]ˆX1 GcXeX 8]\ZkXZ`Â?e1 E`e^leX @ E = I 8 < J K I L : K L I 8 Gè9C@:81 :l\ekX Zfe XZZ\jf X cfj j\im`$ Z`fj Y}j`Zfj [\% 8^lX gfkXYc\# XcZXekXi`ccX[f jXe`kXi`f# \e\i^ˆX \c„Zki`ZX# k\c„]fef# ZXcc\j Xj]Xc$ kX[Xj# XZ\iXj p Yfi[`ccfj [\ Z\d\ekf# i\Zfc\ZZ`Â?e [\ YXjl$ iX# kiXejgfik\ gÂ’Yc`Zf# gfi \jkXi \e qfeX liYXeX [\ cX Z`l[X[ [\ <jd\iXc[Xj% <;@=@:8:@äE1 <c `edl\Yc\ \j le k\ii\ef jfcXi j`e ZfejkilZZ`Â?e Xc hl\ j\ XZZ\[\ gfi le gXjXa\ Zfdl$ eXc [\ [`\q d\kifj Xgifo`dX$ [Xd\ek\% :C8J@=@:8:@äE ;<C J<:KFI1
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO DE LA ESCRITURA PĂšBLICA DE DISOLUCIĂ“N VOLUNTARIA Y ANTICIPADA DE LA COMPAĂ‘Ă?A CABEZAS & WRAY ABOGADOS CIA. LTDA. ANTECEDENTES. - CABEZAS & WRAY ABOGADOS CIA. LTDA. se constituyĂł mediante escritura pĂşblica otorgada ante el Notario Primero del Distrito Metropolitano de Quito, el 29 de enero de 1998, inscrita en el Registro Mercantil del mismo Distrito bajo el No. 682, Tomo 129, el 25 de marzo de 1998. 1. CELEBRACIĂ“N Y APROBACIĂ“N.- La escritura pĂşblica de disoluciĂłn voluntaria y anticipada de la compaĂąĂa CABEZAS & WRAY ABOGADOS CIA. LTDA., otorgada el 18 de marzo de 2011 ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, ha sido aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJDL.Q.11.2019 de 11 MAY 2011 2. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada el seĂąor Ernesto Javier AlbĂĄn Ricaurte, en su calidad de Gerente General de la compaĂąĂa, de nacionalidad ecuatoriana, de estado civil casado y domiciliado en el Distrito Metropolitano de Quito. 3. PUBLICACIĂ“N.- La Superintendencia de CompaĂąĂas ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica pertinente, por tres dĂas consecutivos, para efectos de oposiciĂłn de terceros seĂąalada en el Art. 33 de la Ley de CompaĂąĂas y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico la disoluciĂłn voluntaria y anticipada de la compaĂąĂa CABEZAS & WRAY ABOGADOS CIA. LTDA., a fin que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaĂąĂa, dentro de los seis dĂas contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y, ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąĂas. El Juez que reciba la oposiciĂłn notificarĂĄ a esta Superintendencia, dentro del tĂŠrmino de dos dĂas siguientes, juntamente con el escrito de oposiciĂłn y providencia recaĂda sobre ella. En caso de no existir oposiciĂłn o de no ser notificada en la forma antes indicada se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la indicada compaĂąĂa y al cumplimiento de los demĂĄs requisitos legales. Distrito Metropolitano de Quito, a 11 MAY 2011
Quito, 24 de Mayo de 2011 Ab. Hugo Arias Salgado
AB. PATRICIA CHIRIBOGA SĂ NCHEZ DIRECTORA JURIDICA DE DISOLUCIĂ“N Y LIQUIDACIĂ“N DE COMPAĂ‘Ă?AS
INTENDENTE JURĂ?DICO AR/83111/cc
A.C./79912
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? QfeX liYXeX Zfd\iZ`Xc [\c Z\e$ kif [\ cX Z`l[X[ [\ <jd\iXc[Xj# Zl\ekX Zfe j\im`Z`fj YXeZXi`fj# \[lZXZ`Â?e# jXcl[# d\iZX[fj# Z\ekifj Zfd\iZ`Xc\j# }i\Xj i\Zi\Xk`mXj# p kiXejgfik\ gÂ’Yc`$ Zf% K@GF ;< QFE8% :fejfc`[X[X% M8 CF I8: @ ä E ;< C 8 GIFG@<;8;1 ;<J:I@G:@FE1 K<II<EF 8I<8 d) ()0#'GI<:@F gfi d) ),'#'' Gi\Z`f KfkXc \e LJ % *'%0.+#+' KFK8C1 *'%0.+#+' Jfe1 Ki\`ekX d`c efm\Z`\ekfj j\k\ekX p ZlXkif [Â?cXi\j Zfe ZlXi\ekX Z\ekXmfj [\ [Â?cXi [\ cfj <jkX[fj Le`[fj [\ Efik\Xd„i`ZX% ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?81$ Hl`kf# m`\ie\j (, [\ XYi`c [\c )'((# cXj ((_+,%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% .-)$;G$%;GG# [\ () [\ XYi`c [\c )'((%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[fj%$ <e cf gi`eZ`gXc p Xk\e[`\e[f \c g\k`$ kfi`f [\ cX gXik\ XZkfiX p Zfe$ ]fid\ cf [\k\id`eX \c 8ik% +.( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ÂŒXcXj\ gXiX \c [ˆX al\m\j (- [\ ale`f [\c )'((# [\j[\ cXj (+_'' X (/_''# X ]`e [\ hl\ k\e^X cl^Xi \e cX J\Zi\kXiˆX [\ \jkX Al[`ZXkliX \c i\dXk\ [\c jfcXj .$8$)# lY`ZX[f \e cX ZXcc\ JlZi\# `ek\ij\ZZ`Â?e \eki\ JXc`eXj p I`ZXlik\# dXeqXeX +'# gXiifhl`X :`eZf [\ 8^fjkf# ZXekÂ?e <jd\iXc[Xj# gifm`eZ`X [\ <jd\iXc[Xj p d}j [\kXcc\j hl\ j\ \eZl\ekiXe [\jZi`kfj \e \c `e]fid\ g\i`Z`Xc%$ CXj gfj$ kliXj j\ i\Z`Y`i}e \e YXj\ Xc Z`eZl\ekX gfi Z`\ekf [\c XmX$ cÂ’f giXZk`ZX[f gfi kiXkXij\ [\c j\^le[f j\ÂŒXcXd`\ekf# [\gfj`$ kXe[f \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\ \jkX Al[`ZXkliX%$ :fdleˆhl\j\ Xc gÂ’Yc`Zf \e ^\e\iXc# gfi d\[`f [\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qXi}e \e le [`Xi`f [\ dXpfi Z`iZlcXZ`Â?e [\ cfj hl\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ :fcÂ?hl\ej\ cfj i\jg\Zk`mfj ZXik\c\j p [\j\ Zldgc`d`\ekf X kf[Xj cXj ]fidXc`[X[\j c\^X$ c\j%$ GXiX cX ]`aXZ`Â?e [\ ZXik\$ c\j ;<GIyHL<J< X lef [\ cfj j\ÂŒfi\j al\Z\j [\ cf :`m`c [\ cX gifm`eZ`X [\ <jd\iXc[Xj# X hl`\e j\ c\ i\d`k`i} [\jgXZ_f \e ]fidX%$ Efk`]ˆhl\j\%$ ] %$ ;I% :I@JKF98C FA<;8 D8IK@E<Q% AL<Q < % Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p% 89>% AFI>< D@<I 9LI98EF J<:I<K8I@F% ?Xp le j\ccf 89&)0(.+&ZZ ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ \c [ˆX dXik\j () [\ Alc`f [\c XÂŒf [fj d`c feZ\# [\ cXj ZXkfiZ\ X cXj [`\Z`fZ_f _fiXj# j\ cc\mXi} X ZXYf \e cX JXcX [\ 8l[`\eZ`Xj [\c Alq^X[f Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X# \c i\dXk\ [\ cf j`^l`\ek\1 <c k\ii\ef p ZfejkilZZ`Â?e dfk`mf [\c i\dXk\ j\ \eZl\e$ kiX lY`ZX[X \e cX Gifm`eZ`X [\ G`Z_`eZ_X# :XekÂ?e Hl`kf# GXiifhl`X [\ :Xc[\iÂ?e# j\Z$ kfi [\efd`eX[f JXe AlXe [\ :Xc[\iÂ?e# Cfk`qXZ`Â?e 9\ccf ?fi`qfek\ <kXgX (# 9Xii`f Cfj :cXm\c\j# ZXcc\ j`e efdYi\ Cfk\ Ef%+# [\i\Z_fj p XZZ`fe\j Zfii\jgfe[`\ek\j Xc ,0#.- [\ cX gifg`\[X[% CĂ D@K<J C@E;<I8:@FE<J P JLG<I=@:@<# Zfii\jgfe[`\e$ k\ [\c ('' % Efik\1 (+#,-d Zfe gifg`\[X[ [\c j\ÂŒfi AlXe
ÄŠ
Lq`ÂŒX% Jli1 (+#,-d Zfe ZXcc\ )+ [\ alc`f% <jk\% (**#('d Zfe cfk\ Ef%,% F\jk\1 (**#('d Zfe cfk\ Ef%*% Jlg\i]`Z`\1 (0*.#0*d) CĂ D@K<J C@E;<I8:@FE<J HL< :FII<JGFE;< 8C ,0#.- ;< ;<I<:?FJ P 8::@FE<J P HL< J< <E:L<EKI8E =@E:8;FJ <E C8 G8IK< =IFEK8C ;<C K<II<EF HL< 8 JL M<Q :FII<JGFE;< 8 C8 G8IK< 8 I<D8K8IJ< Efik\1 (+#,-d Zfe gifg`\[X[ [\c j\ÂŒfi AlXe Lq`ÂŒX% Jli1 (+#,-d Zfe ZXcc\ j`e efdYi\% <jk\% .0#,+d Zfe cfk\ Ef%,% F\jk\1 .0#,+d Zfe cfk\ Ef%*% Jlg\i]`Z`\1 ((,/#('d) <EKFIEF ;< C8 GIFG@<;8; <jkX \e le 9Xii`f hl\ j\ \eZl\ekiXe \e Zfejfc`[XZ`Â?e# jfcf k`\e\ Yfi[`ccfj cXj mˆXj [\ Zfdle`ZXZ`Â?e jfe [\ k`\iiX# k`\e\ X^lX gfkXYc\ p clq \c„Z$ ki`ZX# ef k`\e\ XcZXekXi`ccX[f% K`\e\ kiXejgfik\ gÂ’Yc`Zf% ;<K8CC<J ;< C8 GIFG@<;8; <j leX gifg`\[X[ hl\ j\ \eZl\ekiX \e cX qfeX iliXc [\ JXe AlXe [\ :Xc[\iÂ?e Zfe gif$ p\Zkf [\ dlZ_fj YXii`fj hl\ k`\e\ kiXqX[f [\ ZXcc\j p Yfi$ [`ccfj Zfe ZfcfZXZ`Â?e [\ gfjk\j [\ clq \c„Zki`ZX j`e XcldYiX[f gÂ’Yc`Zf# \e cX gXik\ [\ cX gif$ g`\[X[ Xc j\i leX [\ cXj \[`]`ZX$ Z`fe\j Xek`^lXj [\c j\Zkfi \jk} Zfejkil`[X jfYi\ cf hl\ XZklXc$ d\ek\ \jk} [\k\id`eX[f Zfdf XZ\iX# \j leX ZfejkilZZ`Â?e gi\$ ZXi`X Zfejkil`[X Zfe cX[i`ccf p alekXj [\ Z_fZfkf# cX ZlY`\ikX \j [\ g`e^fj [\ dX[\iX Zfe ZlY`\ikX [\ q`eZ# cfj g`jfj jfe [\ Z\d\ekf cXj gl\ikXj p m\ekXeXj jfe [\ dX[\iX% <jk\ k\ii\ef j\ \eZl\ekiX [`m`[`[f \e - gXik\j j\gXiX[Xj Zfe Z\i$ ZXj [\ dX[\iX [\ g`e^fj# k`iXj [\ dX[\iX Zfe XcXdYi\ [\ gÂ’X% <c XeZ_f [\ cX ZfejkilZZ`Â?e \j [\ ((#/,d% :fe )%.(d _XZ`X le gXjXa\ hl\ cf ZfdgXik\e Zfe \c cfk\ *% K`\e\ -0#*. [\ ZfejkilZ$ Z`fe\j gi\ZXi`Xj% 8M8CèF%$ ;\efd`eXZ`Â?e1 K\ii\ef }i\X d) (%(,/#'/ :fejkilZZ`Â?e -0#*. M8CFI KFK8C )(%,**#+' Jfe M<@EK< P LE D@C HL@E@<EKFJ KI<@EK8 P KI<J ;äC8I<J LJ; :FE :L8I<EK8 :<EK8MFJ JI% <JKL8I;F 8EKFE@F >FEQ8C<Q%$ ;<GFJ@K8I@F AL;@:@8C% :XljX Ef% )''+$','.$%CJ CXj gfjkliXj j\ XZ\gkXi}e jfYi\ \c ,' [\c XmXcÂ’f g\i`$ Z`Xc# gfi kiXkXij\ [\ j\^le[f j\ÂŒXcXd`\ekf# [\Y`\e[f XZfd$ gXÂŒXij\ \c (' [\c mXcfi [\ cX f]\ikX# \e [`e\if \e \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X cX fi[\e [\ \jkX Al[`ZXkliX%# Zfe]fid\ X cX C\p% Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf gXiX cfj ]`e\j [\ C\p% ;i% CL@J IFE M@CC8M@:<E:@F J\Zi\kXi`f < ?Xp le j\ccf 8I&/*'-.&ZZ J<GK@DF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8 8M@JF ;< I<D8K< J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F HL< <C ;Ă 8 *' ;< ALE@F ;<C )'((# ;<J;< C8J :8KFI:< ?FI8J ?8JK8 C8J ;@<Q P F:?F ?FI8J J< CC<M8I8 8 :89F <E <C ALQ>8;F JyGK@DF ;< >8I8EK@8J G<E8C<J ;< G@:?@E:?8 <C I<D8K< ;<C :@E:L<EK8 GFI :@<EKF ;< ;<I<:?FJ P 8::@FE<J ;<C 9@<E @EDL<9C< HL< J< ;<K8CC8 8 :FEK@EL8:@äE1 L9@:8:@äE1 CX gifg`\[X[ j\ \eZl\ekiX \e cX ZXcc\ AlXe >feq}c\j E*-$(/' p ZXcc\ :fi\X% ;\gXikXd\ekf K;E$(,$'( ;\ cX Kfii\ @@ [\c \[`]`Z`f Le`Zfie`f @@ C@E;<IFJ ; < C ;<G8IK8D<EKF K;E (,%'(
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä€
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
EFIK<1 <e +%+'d Zfe [lZkf [\ XjZ\ejfi\j p \e (%)'d Zfe [lZkf [\ `ejkXcXZ`fe\j JLI1 <e -%/* Zfe [\gXikXd\e$ kf Ef% K;E (,%') <JK<1 <e ,%-'d Zfe ]XZ_X[X <jk\# \e (%-'d \e fYc`Zlf Zfe ]XZ_X[X <jk\ F<JK<1 <e ,%/* d Zfe ?Xcc [\ Z`iZlcXZ`Â?e ZfdleXc# \e '%0'd Zfe [\gXikXd\ekf Ef K;E (,%') 8II@981 <e +,%*' d) Zfe k\iiXqX% 898AF1 <e +,%*' d) Zfe [\gXikXd\ekf Ef K;E (+%'( 8I<84 +,%*'d) 8CĂ :LFK8 4 '%,--)0 ;<J:I@G:@äE ;< C8 GIFG@<;8; <;@=@:@F <jkilZkliX [\ gc`ekfj% :fcldeXj# CfjXj# >iX[Xj [\ _fid`^Â?e XidX[f% DXdgfjk\iˆX [\ Ycfhl\ <eclZ`[fj `ek\iefj p \ok\iefj% M\ekXeXj [\ Xcld`e`f ;fj XjZ\ejfi\j \e cX kfii\ 8ZZ\jfj `ek\iefj [\ Xc]fdYiX% ;<G8IK8D<EKF :fejk`kl`[f [\1 ;fid`kfi`f% :fZ`eX% 9XÂŒf :fejkil`[f [\1 GXi\[\j Z_X]\X[Xj KldYX[fj Z_Xdg\X[fj Gl\ikX [\ dX[\iX gXe\cX[X G`jfj Xc]fdYiX[fj \e [fid`$ kfi`f :cfj\k [\ d\cXd`e`Zf k`gf _f^Xi )''' :F:@E81 Zfe g`jf [\ m`e`c# dl\$ Yc\j [\ dX[\iX YXafj p Xckfj k`gf d\cXd`e`Zf ?f^Xi )''' ]i\^X[\if [\ le gfqf% 98zF1 I\ZlYi`d`\ekf [\ g`jfj [\ m`e`c# dl\Yc\j [\ d\cXd`$ e`Zf )'''% JXe`kXi`fj eXZ`feXc\j% 8I<8% 4 +,%*' d) <JK8;F1 i\^lcXi j\ \eZl\ekiX XYXe[feX[f% 8M8CLF ;< C8 GIFG@<;8; ;\gXikXd\ekf +,%*' d) X +,'%'' Z&d) )'%*/,%'' JLD81 )'%*/,%'' ,' ;< ;<I<:?FJ P 8::@FE<J )'%*/,#'' o ,' 4 ('%(0)#,' JFE1 ;@<Q D@C :<EKF EFM<EK8 P ;FJ# Zfe ,'& ('' ;Â?cXi\j 8d\i`ZXefj% C8J GFJKLI8J J<I8E 8:<GK8;8J 8 G8IK@I ;< C8J ;FJ K<I:<I8J G8IK<J ;<C 8M8CLF G<I@:@8C# GFI KI8K8IJ< ;< GI@D<I J<z8C8D@<EKF ;<9@<E;F 8;ALEK8IJ< <C ;@<Q GFI :@<EKF ;< C8 F=<IK8 <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F# :FE=FID< 8 C<P# <C 9@<E J< ?8CC8 98AF C8 :LJKF;@8 ;<C ;<GFJ@K8I@F AL;@:@8C ;I% ALC@F >FI;@CCF AL@:@F (0/$)''*$I: CF HL< GFE>F <E JL :FEF:@D@<EKF G8I8 CFJ =@E<J ;< C<P% ;I% ;@<>F D8E:<IF DFI<EF% J<:I<K8I@F < % <o`jk\ ]`idX p j\ccf% 8%G%&+0*,)&b%d%
M8I@FJ ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 C@;@8 IFJ8I@F E8LC8 M<CFQ AL@:@F1 <J G <: @ 8 C Æ @EJFCM<E:@8 Ef% (.),$)'('$8%G%E% 8:KFI1 ;@JKI@9L@;FI8 ;@JG8:@= J%8% ;<D8E;8;81 C@;@8 IFJ8I@F E8LC8 M<CFQ KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8% ;FD@:@C@F AL;@:@8C1 +-(* ;iX% C`^`X M`ccfkX M\iX p ;iX% GXfcX M`ccfkX M\iX ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j ) [\ dXpf [\c )'((# cXj
((_')% M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q [\ \jkX Al[`ZXkliX%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p%$ ;\ cXj Zfg`Xj Z\ik`]`$ ZX[Xj hl\ j\ XZfdgXÂŒXe# j\ [\jgi\e[\ hl\ cX j\ÂŒfiX C@;@8 IFJ8I@F E8LC8 M<CFQ# ]l\ i\hl\i`[X Zfe \c DXe[Xd`\ekf [\ <a\ZlZ`Â?e \e \c Al`Z`f <a\Zlk`mf# j\^l`[f \e jl Zfe$ kiX# ef _X gX^X[f cX [\l[X# e` _X [`d`k`[f Y`\e\j \hl`mXc\ek\j p gfi cf d`jdf# Xk\ekf X cf gi\$ m`jkf gfi \c 8ik% ,(0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ gi\$ jld\ cX `ejfcm\eZ`X [\c j\ÂŒfiX C@;@8 IFJ8I@F E8LC8 M<CFQ# ZfekiX hl`\e j\ [`i`^\ cX gi\j\e$ k\ XZZ`Â?e# \e Zfej\Zl\eZ`X [\ kXc gi\jleZ`Â?e# j\ [\ZcXiX cl^Xi \c ZfeZlijf [\ XZi\\[fi\j hl\# j\ dXe[X X ]fidXi%$ GifZ„[Xj\ X cX fZlgXZ`Â?e p [\gÂ?j`kf [\ jlj Y`\e\j# c`Yifj# Zfii\jgfe$ [\eZ`X p d}j [fZld\ekfj# cfj ZlXc\j j\ \eki\^Xi}e Xc Jˆe[`Zf ;i% E\cjfe Hl`ifcX# X hl`\e j\ c\ [\j`^eX gXiX \c \]\Zkf# X hl`\e j\ \eki\^Xi} cX fZlgX$ Z`Â?e [\ cfj Y`\e\j `e[`ZX[fj# gi\m`Xj cXj ]fidXc`[X[\j [\ C\p%$ F]ˆZ`\j\ \e c\^Xc p [\Y`[X ]fidX# X cfj j\ÂŒfi\j Al\Z\j [\ cf :`m`c [\ G`Z_`eZ_X# gXiX cX XZldlcXZ`Â?e [\ ZXljXj j\^l`$ [Xj \e ZfekiX [\ cX [\l[fiX# gfi fYc`^XZ`fe\j [\ [Xi# [\ _XZ\i# X \oZ\gZ`Â?e [\ cXj _`gfk\ZXi`Xj# j` jlj [l\ÂŒfj gi\]`\i\e _XZ\i mXc\i jlj [\i\Z_fj gfi Zl\i$ [Xj j\gXiX[Xj% ?}^Xj\ jXY\i X lef [\ cfj j\ÂŒfi\j Al\Z\j [\ cf G\eXc [\ G`Z_`eZ_X# X ]`e [\ hl\ ZXc`]`hl\ cX `ejfcm\eZ`X [\ cX j\ÂŒfiX C@;@8 IFJ8I@F E8LC8 M<CFQ%$ GlYcˆhl\j\ \c \okiXZkf [\ cX [\dXe[X p [\ \jk\ Xlkf# gfi cX gi\ejX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`i$ ZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ F]ˆZ`\j\ X cfj j\ÂŒfi\j Al\Z\j [\ cf G\eXc# X cfj j\ÂŒfi\j >\i\ek\j [\ cfj 9XeZfj [\ cX cfZXc`[X[# [\ Zfe]fid`$ [X[ X cf [`jgl\jkf \e cX C\p [\ :_\hl\j% Efk`]ˆhl\j\ X cfj j\ÂŒfi\j1 EfkXi`fj [\c :XekÂ?e p I\^`jkiX[fi [\ cX Gifg`\[X[# X ]`e [\ hl\ ef fkfi^l\e e` `ej$ Zi`YXe e`e^leX <jZi`kliX \e cX hl\ `ek\im\e^X cX [\dXe[X[X% ?}^Xj\ jXY\i X cfj j\ÂŒfi\j1 ;`i\Zkfi\j [\ J\^li`[X[# [\ D`^iXZ`Â?e# [\ <okiXea\iˆX# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j# Xc j\ÂŒfi :fekiXcfi >\e\iXc [\ cX EXZ`Â?e# gXiX hl\ jlikXe cfj \]\Zkfj [\ C\p%$ @ejZiˆYXj\ cX gi\j\ek\ `ejfcm\eZ`X# \e \c I\^`jkif [\ cX Gifg`\[X[ p I\^`jkif D\iZXek`c [\c ZXekÂ?e Hl`kf% :feZ„[Xj\ X cX [\l[fi \c k„id`ef [\ fZ_f [ˆXj# gXiX hl\ gi\j\ek\ \c XZk`mf p gXj`mf# ZXjf [\ ef _XZ\icf# j\ fi[\eXi} cX ]fidXZ`Â?e [\ [`Z_f `em\ekX$ i`f gfi d\[`f [\c Jˆe[`Zf [\c :feZlijf% 8jˆ d`jdf# j\ c\ Zfe$ Z\[\ \c k„id`ef [\ ki\j [ˆXj# X ]`e [\ hl\ gX^l\ cX [\l[X f [`d`kX Y`\e\j \hl`mXc\ek\j [\ekif [\c d`jdf k„id`ef# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf gfi \c 8ik% ,)( [\c d`jdf :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% <e Zfej\Zl\eZ`X# \e d„i`kf [\ aliXd\ekf i\e[`[f gfi \c XZkfi# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX C@;@8 IFJ8I@F E8LC8 M<CFQ# [\ Zfe]fid`[X[ X cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j# d\[`Xek\ glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc# hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZ$ kf i\jg\Zk`mf%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f%$ 8ZkÂ’\ \c ;i% <[^Xi ?Xif MXc\eql\cX# \e ZXc`$ [X[ [\ J\Zi\kXi`f <eZXi^X[f# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Eif% '')+$;G$;GG# [\ ]\Z_X ', [\ \e\if [\ )'((%$ :Ă K<J< P
Ĺ?
EFK@=Ă HL<J< ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% = ;i% Afj„ DXikˆe\q EXiXeaf% AL<Q% CF HL< CC<MF 8 JL :FEF:@D@<EKF P C< :@KF GI<M@E@<E;FC< ;< C8 F9C@>8:@FE ;< J<z8C8I :8J@CC<IF A L ; @ : @ 8 C G8 I 8 G F J K < I @ F I < J EFK@=@:8:@FE<J% ;I% <;>8I ? 8 I F M8C<EQL<C8 J<:I<K8I@F < ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.00,.&k] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 AFI>< 8K8C8 FC8>E<I 8:KFI1 G<;IF D8EL<C :?8M<Q K8EHL<zF ;<D8E;8;F1 AFI>< 8K8C8 FC8>E<I AL@:@F FI;@E8I@F Ef% (*-/$ )''0$?%>% :L8EKĂ 81 (,%'''#ff [Â?cXi\j M@JKFJ %$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f Zfii\jgfe[`\ek\%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ ]fidX \o`^`[fj gfi cX C\p %$ ;„j\ \c ki}d`k\ Fi[`eXi`f%$ <e Zfej\Zl\eZ`X Zfe cX [\dXe[X p \jkX gif$ m`[\eZ`X# ZÂ?iiXj\ kiXjcX[f Xc [\dXe[X[f gfi \c k„id`ef [\ hl`eZ\ [ˆXj gXiX hl\ cf Zfe$ k\jk\# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[ˆX%$ :ˆk\j\ Xc [\dXe[X[f# AFI>< 8K8C8 FC8>E<I# \e \c cl^Xi hl\ j\ `e[`ZX%$ 8^i„^l\j\ cfj [fZld\ekfj hl\ j\ XZfd$ gXÂŒXe%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f gfi \c XZZ`feXek\ %$ Efk`]ˆhl\j\ %$ ;I8% M@:KFI@8 :?8E>$ ?L8E> ;< IF;I@>L<Q AL<Q ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j (( [\ dXpf [\c )'((# cXj '0_+)% 8k\ekf aliXd\ekf i\e[`[f gfi \c XZZ`feXek\ p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`j$ gfe\ :@K8I Xc j\ÂŒfi AFI>< 8K8C8 FC8>E<I# gfi cX gi\e$ jX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf# gXiX cf ZlXc Zfe]`„iXj\ \c \okiXZkf i\jg\Z$ k`mf%$ EFK@=Ă HL<J<%$ ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F 8%:%.00,,&k] EFK8I@8 J<GK@D8 ;<C :8EKFE HL@KF 8M@JF 8C GL9C@:F ;\ Zfe]fid`[X[ Zfe cf [`j$ gl\jkf \e \c Ef% )* [\c 8ik% (/ [\ ((* C\p EfkXi`Xc# Zfdl$ e`Zf Xc gÂ’Yc`Zf hl\ Zfe ]\Z_X )' [\ XYi`c [\ )'((2 cfj Ji\j% DXi`f GXki`Z`f I\ea`]f ;}mXcfj p =Xeep 8c`Z`X G}\q A`d„e\q# _Xe gifZ\[`[f X jljZi`Y`i cX \jZi`kliX [\ C`hl`[XZ`Â?e [\ cX JfZ`\[X[ :fepl^Xc [\ cX j`^l`\ek\ ]fidX1 8c j\ÂŒfi D8I@F G8KI@:@F I<EA@=F ;8M8CFJ# gfi jl _XY\i \e cX jfZ`\[X[ Zfepl^Xc j\ c\ \eki\^X \c m\`ek`Z`eZf gfi Z`\ekf [\ [\i\Z_fj p XZZ`fe\j ]`eZX[fj \e \c cfk\ [\ k\ii\ef lY`ZX[f \e \c j\Zkfi Hl`ekXeX# YXii`f 8dX^Xjˆ# gXiifhl`X CcXef :_`Zf [\ \jk\ ZXekÂ?e# [\ leX jlg\i]`Z`\ [\ ,-+#,' ie)%# gfi le mXcfi [\ LJ (*%-)*2 \c X[al[`ZXkXi`f gXjX X j\i gifg`\kXi`f [\c ,' [\ [`Z_f `edl\Yc\%$ 8 cX j\ÂŒfiX =8EEP 8C@:@8 G8<Q A@D<E<Q# gfi jl _XY\i \e cX jfZ`\[X[ Zfepl^Xc j\ c\ \eki\^X cX ZXek`[X[ [\ LJ (*%-)*% CX ZlXekˆX [\ cX \jZi`kliX \j [\ LJ ).%)+-% CXj g\ijfeXj hl\ Zfej`[\i\e k\e\i [\i\Z_f X fgfe\ij\ X \jkX c`hl`[XZ`Â?e# [\Y\i}e dXe`]\j$ kXicf gfi \jZi`kf# \e le gcXqf ef dXpfi X )' [ˆXj ZfekX[fj [\j[\ \jkX ]\Z_X# \e cXj f]`Z`eXj [\ cX EfkXi`X# lY`ZX[Xj \e cX 8m% J\`j [\ ;`Z`\dYi\ Ef% (*+ p Jf[`if [\ \jkX Z`l[X[% Hl`kf# XYi`c )' [\c )%'((
I_ [b eX`[je Z[ jk l_ZW [i jk fhef_W \[b_Y_ZWZ" Y|iWj[ Yed kdW ck`[h gk[ de f_[di[ _]kWb$ DE;B 9B7H7Iâ
;i% Cl`j MXi^Xj ?`efjkifqX EfkXi`f J„gk`df [\ Hl`kf% ?Xp le j\ccf 8%:%.00,(&k] :FFG<I8K@M8 ;< M@M@<E;8 (/ ;< F:KL9I< <E C@HL@;8:@FE EFK@=@:8:@FE J\ efk`]`ZX X cfj j\ÂŒfi\j1 :FII<8 J8EK@CC8E >CFI@8 D8I@QFC CK )'# C8D@z8 I8D@I<Q DFE@:8 J8E;I8 CK ..# J8HL@G8P M@CC8 CL@J 8C9<IKF CK /,# KIFP8 :?LHL@D8I:8 AFJ< D@>L<C CK 0'# >L8C8E C<D8 <C@:<F CK (')# G<I<Q >8CCF AL8E 8EKFDF CK (-,# J@D98z8 J@D98z8 8E8 D8I@8 CK (.'# DFC@E8 DFC@E8 CL@J C<FE8I;F CK (/+# J8E:?<Q :?8E>FJ@ E<CCP D8I@8 CK )))# JLEK8O@ 8I8LAF G<;IF CK )0-# DFEK<J :8@Q8>L8EF D8EL<C <;L8I;F CK 0.# @D8@:<C8 J8I8E>F AFJ< PFM8EEP CK 0/# KLC@:8D8 98zF :8ICFJ <C@:<F CK 00# P8E<Q IFD<IF AFI>< I8LC CK ((.# =8Q J8E>FKLz8 ALC@F CK (,-# 8 ]`e [\ hl\ \e \c gcXqf [\ fZ_f [ˆXj# [\ Zfe]fid`$ [X[ Zfe \c 8ik% (. [\ cX C\p :ffg\iXk`mXj \e ZfeZfi[XeZ`X Zfe \c 8ik% )) [\c I\^cXd\ekf >\e\iXc [\ :ffg\iXk`mXj# j\ XccXe\e X cX \oZclj`Â?e [`ZkX[X \e cX i\jfclZ`Â?e [\ (( [\ DXpf [\c )'((# cXj (,_*'# f gi\j\e$ k\e jl fgfj`Z`Â?e p Xg\cXZ`Â?e X cX XjXdYc\X ^\e\iXc [\ jfZ`fj ZlpX [\Z`j`Â?e j\i} [\]`e`k`mX# gfi ZlXekf cfj efk`]`ZX[fj _Xe `e]i`e^`[f \c 8ik% 0 c`k\iXc X# Y2 8ik% ('# c`k\iXc Z# ] [\c <jkXklkf [\ cX :ffg\iXk`mX# Xjˆ kXdY`„e gfi kiXej^i\[`i \c c`k\iXc [ [\c 8ik% (/ [\c I\^cXd\ekf >\e\iXc [\ cX C\p [\ :ffg\iXk`mXj p gfi ef i\jg\kXi cfj gi`eZ`g`fj [\c Zff$ g\iXk`m`jdf Zfdf jfe cX Xpl[X dlklX# cX jfc`[Xi`[X[# \kZ% CX Xg\cXZ`Â?e gf[i} gi\j\e$ kXij\ \e cX f]`Z`eX Ef% 0) [\c <[`]`Z`f 8ZlXi`fj lY`ZX[f \e cX :c\d\ek\ GfeZ\ *)0 p 8m% - [\ ;`Z`\dYi\# kiXj [\ cfj Alq^X[fj# [\ \jkX Z`l[X[ [\ Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X# \e _fiXj _}Y`c\j# \j [\Z`i [\ /_'' X (/_''% 8k\ekXd\ek\# ;I8% G8LC@E8 >L8D8E :?@:8@Q8 C@HL@;8;FI8 8:&.00..&k] I% [\c <% ALQ>8;F HL@EKF ;< KI898AF ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 @M8E =I8E:@J:F =CFI<J <OKI8:KF :8LJ81 AL@:@F ;< KI898AF ;< GIF:<;@D@<EKF FI8C Eif ;< AL@:@F1 '*'/ Æ )'(' $ D9 ;<D8E;8;F1 8E;I<J ><ID8E G F I K @ C C 8 >FEQ8C<Q 8:KFI81 :@I@8 <C<E8 M<I8 :8JKIF :L8EK@81 *%'''#ff AL<Q J 1 ;I :8ICFJ ?@;8C>F GFE:<% ALQ>8;F HL@EKF ;< KI898AF ;< G@:?@E:?8% Hl`kf# cle\j 0 [\ dXpf [\c )'((# cXj (+_++%$ Gfi ZlXekf ZfejkX [\c gifZ\jf hl\ cX XZkfiX :`i`X <c\eX M\iX :Xjkif# [\ZcXiX YXaf aliXd\ekf# hl\ [\jZfefZ\ \c [fd`Z`c`f [\c [\dXe[X[f 8e[i„j >\id}e Gfik`ccX >feq}c\q# >\i\ek\ >\e\iXc [\ :C<8EJFCLK@FEJ J%8%# j\^Â’e cf [`jgfe\ \c 8ik% /) `eZ`jf k\iZ\if [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p \eZfeki}e[fj\ c\^Xcd\ek\ i\ZfefZ`[X jl ]`idX p iÂ’Yi`ZX X ]faXj m\`ek\ [\c gifZ\jf# J< FI;<E81 :@K<J< Xc [\dXe$ [X[f j\ÂŒfi 8E;I<J ><ID8E GFIK@CC8 >FEQ8C<Q# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ :C<8EJFCLK@FEJ J%8%#
d\[`Xek\ * glYc`ZXZ`fe\j gfi cX gi\ejX% 8c [\dXe[X[f j\ c\ i\Zl\i[X cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi [fd`Z`c`f al[`$ Z`Xc gXiX i\Z`Y`i efk`]`ZXZ`fe\j ]lkliXj hl\ c\ Zfii\jgfe[X% J` \c Z`kX[f ef ZfdgXi\Z`\i\ m\`e$ k\ [ˆXj [\jgl„j [\ cX ’ck`dX glYc`ZXZ`�e# j\ c\ Zfej`[\iXi} Zfdf i\Y\c[\% ?\Z_f j\ Zfe$ mfZX X cXj gXik\j X \jk\ [\jgX$ Z_f# g\ijfeXcd\ek\ f Zfe gif$ ZliXZ`�e al[`Z`Xc [\Y`[Xd\ek\ XZi\[`kX[X gXiX \c [ˆX m\`ek\ p j`\k\ [\ ale`f [\c [fj d`c feZ\# X cXj [`\Z`j„`j _fiXj# X ]`e [\ hl\ j\ cc\m\ X ZXYf cX Xl[`\eZ`X gi\c`d`eXi [\ ZfeZ`c`XZ`�e Zfe$ k\jkXZ`�e X cX [\dXe[X p ]fi$ dlcXZ`�e [\ gil\YXj%$ :@K<J< P EFK@=@HL<J<%$ ;I8% EFID8 8CK8D@I8EF >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.00.'&k] I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 EFK@=@:8:@FE AL;@:@8C G8I8 J<zFI<J AFI>< CL@J 9I8MF 8C:@M8I P J8EK8 M@FC<K8 M<I8 J898E;F < O K I 8 : K F ;@C@><E:@8 GI<M@8 ;< EFK@=@:8:@FE EIF% /0)$ )'('$;I% :%D%# 8:KFI1 ;I% >FD<I :8C@OKF I<>8C8;F CFG<Q <E JL :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;<C 98E:F ;<C G@:?@E:?8 :%8% ;<D8E;8;FJ1 AFI>< CL@J 9I8MF 8C:@M8I P J8EK8 M@FC<K8 M<I8 J898E;F F9A<KF1 EFK@=@:8I :FE C8 :<J@FE ;< C8 ?@GFK<:8 89@<IK8 HL< I<8C@Q8 <C 98E:F JFC@;8I@F J%8%# 8 =8MFI ;<C 98E:F ;<C G@:?@E:?8 :%8%# 8 CFJ ;<L;FI<J ?@GFK<:8I@FJ J<zFI<J AFI>< CL@J 9I8MF 8C:@M8I P J<zFI8 J8EK8 M@FC<K8 M<I8 J898E;F :FE =LE;8D<EKF <E CFJ 8IKJ% (/+(# (/+)# (/+*# (/++# (/+. P D8J G<IK@E<EK<J ;<C :F;@>F :@M@C P 8IK@:LCF 0, ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF AL;@:F8C EIF% *.)/ G<IK<E<:@<EK< 8C ;I% >FD<I :8C@OKF I<>8C8;F ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (- [\ alc`f [\c )'('# cXj ('_,/%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f \e cX i\j$ g\Zk`mX f]`Z`eX [\ Jfik\fj p \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ F]`Z`f Eif% '()$ ;;G$A8I# [\ )+ [\ <e\if [\c )'',%$ <e cf gi`eZ`gXc cX g\k`$ Z`�e ]fidlcX[X gfi \c ;i%>fd\i :Xc`okf I\^XcX[f C�g\q \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Œfi 8li\c`f =\ieXe[f Gfqf :i\jZf \e jl ZXc`[X[ [\ >\i\ek\ p I\gi\j\ekXek\ C\^Xc [\c 9XeZf [\c G`Z_`eZ_X :%8# \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX X[d`k\ Xc ki}d`k\ \jg\Z`Xc gifgl\jkf Zfe]fid\ cf [`jgl\j$ kf \e cfj 8ikj% (/+(# (/+)# (/+*# (/++2 p# (/+. p j`^l`\ek\j [\c :�[`^f :`m`c%$<e Zfej\Zl\eZ`X# Zfe cX g\k`Z`�e [\ efk`]`ZXZ`�e [\ :<J@FE ;< C8 ?@GFK<:8 89@<IK8# hl\ i\Xc`qX \c 9XeZf Jfc`[Xi`f J%8%# # \e ]Xmfi [\c 9XeZf [\c G`Z_`eZ_X :8# Zfe$ ]fid\ cf gi\jZi`Y\ \c 8ik% 0, [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ hl\ j\ efk`$ ]`hl\ X cfj [\l[fi\j _`gfk\ZX$ i`fj j\Œfi\j Afi^\ Cl`j 9iXmf 8cZ`mXi p j\ŒfiX JXekX M`fc\kX M\iX JXYXe[f# \e jlj ZXc`[X$ [\j `emfZX[Xj p \e cfj cl^Xi\j j\ŒXcX[fj gXiX \c \]\Zkf2 Xjˆ
Zfdf Xc j\ÂŒfi EfkXi`f ;„Z`df J\okf [\c :XekÂ?e Hl`kf# X ]ˆe [\ hl\ kfd\ efkX [\ cX gi\$ j\ek\ :\j`Â?e [\ [\i\Z_fj Xc dXi^\e [\ cX <jZi`kliX GÂ’Yc`ZX [\ ?`gfk\ZX 8Y`\ikX Z\c\YiX[X \c *( [\ FZklYi\ [\c )''-%$ GXiX cX gi}Zk`ZX [\ efk`]`ZXZ`Â?e X cfj [\l[fi\j _`gfk\ZXi`fj j\ÂŒf$ i\j Afi^\ Cl`j 9iXmf 8cZˆmXi p j\ÂŒfiX JXekX M`fc\kX M\iX JXYXe[f# j\ Zfd`j`feX Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiif$ hl`X [\ :Xc[\iÂ?e# :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# ZfeZ\$ [`„e[fc\ \c k„id`ef \okiXfi[`$ eXi`f [\ ki\j [ˆXj \e iXqÂ?e [\ cX [`jkXeZ`X# X hl`„e j\ \em`Xi} [\jgXZ_f \e ]fidX%$ J\ \o_`Y`$ i} gfi m\`ek\ p ZlXkif _fiXj \e cX J\Zi\kXi`X [\ \jkX Al[`ZXkliX \c [fZld\ekf hl\ Zfek`\e\ cX :\j`Â?e [\ cX ?`gfk\ZX 8Y`\ikX [\c ZfekiXkf Xcl[`[f# Xc hl\ gf[i}e ZfeZlii`i cfj [\dXe[X$ [fj# X \]\Zkf [\ hl\ gl\[X \oX$ d`eXicf# Zfe]fid\ cf j\ÂŒXcX[f \e \c :Â?[`^f JljkXek`mf :`m`c# <c 8ZklXi`f# j\ekXi} iXqÂ?e [\c _\Z_f%$ 8^i„^l\ej\ Xc gifZ\jf kf[X cX [fZld\ekXZ`Â?e XZfd$ gXÂŒX[X%$KÂ?d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c g\k`Z`feXi`f \e jl ZXc`[X[ `emfZX[X# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j# Xjˆ Zfdf \c efdYiXd`\ekf p Xlkf$ i`qXZ`Â?e dXe`]\jkX[X \e ]Xmfi [\ jl ;\]\ejfi%$EFK@=@HL<J< P :LDGC8J< ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )- [\ XYi`c [\c )'((# cXj (+_(.%$ M`jkX cX iXqÂ?e j\ekX[X gfi \c j\ÂŒfi Z`kX[fi p \e d„i`kf [\c aliXd\ekf i\e[`$ [f gfi gXik\ [\c XZkfi ;i% >fd\i :Xc`okf I\^XcX[f CÂ?g\q# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c 9XeZf [\c G`Z_`eZ_X :%8%# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cfj [\dXe[X$ [fj Afi^\ Cl`j 9iXmf 8cZ`mXi p JXekX M`fc\kX M\iX JXYXe[f# efk`]ˆhl\j\ Zfe \c Zfek\e`[f [\ cX g\k`Z`Â?e# Xlkf `e`Z`Xc# \jZi`kf gi\Z\[\ek\ p gifm`[\eZ`X hl\ Xek\Z\[\ X cfj [\dXe[X[fj Afi^\ Cl`j 9iXmf 8cZ`mXi p JXekX M`fc\kX M\iX JXYXe[f gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]ˆhl\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\j [\ 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<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.00.(&k] <OKI8:KF E FK8 I c 8 K I @ > y J @ D 8 GI@D<I8 ;<C :8EKäE HL@KF1 :Â’dgc\d\ gfe\i \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX# fkfi^X[X Xek\ cX ;fZkfiX DXi`\cX Gfqf 8ZfjkX% EfkXicX Ki`^„j`dX Gi`d\iX [\c :XekÂ?e Hl`kf% \c ), [\ dXpf [\c XÂŒf )'((# cX j\ÂŒfiX 8;I@8E8 ;8C@E;8 ?LIK8;F ?@;8C>F% [`mfiZ`X$ [X# gfi jlj gifg`fj [\i\Z_fj2 p# \c j\ÂŒfi AL8E :8ICFJ M8:8 9LIE<F# [`mfiZ`X[f# gfi jlj gifg`fj [\i\Z_fj# gifZ\[`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX \o jfZ`\[X[ Zfepl^Xc# [\c dXki`dfe`f [`jl\ckf d\[`Xek\ j\ek\eZ`X [`ZkX[X gfi \c j\ÂŒfi Al\q M`^„j`df :lXikf [\ cf :`m`c [\ G`Z_`eZ_X# \c j`\k\ [\ dXiqf [\c XÂŒf [fj d`c fZ_f# [\Y`[X$ d\ek\ `ejZi`kX \e \c I\^`jkif :`m`c# \c ki\Z\ [\ X^fjkf [\c XÂŒf [fj d`c fZ_f% CXj X[al[`ZXZ`fe\j [\c gXki`$ dfe`f j\ \eZl\ekiXe [\kXccX$ [Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kliX gÂ’Yc`ZX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc# gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`j$ gl\jkf \e \c 8ik% - [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ Efm`\dYi\ [\c )''-# hl\ X jl m\q i\]fidX \c 8ik% (/ [\ cX C\p EfkXi`Xc# X^i\^Xe[f mXi`fj eld\iXc\j# \eki\ cfj ZlXc\j \c eld\iXc )* ]XZlckX Xc EfkXi`f [`jgfe\i cX `ejZi`gZ`Â?e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c\j#
cX \jZi`kliX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# d\[`Xek\ leX glYc`ZXZ`Â?e# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\j$ gfe[`\ek\ X cfj \o ZÂ?epl^\j j\ÂŒfi\j 8;I@8E8 ;8C@E;8 ?LIK8;F ?@;8C>F p AL8E :8ICFJ M8>8 9LIE<F# fkfi$ ^X[X d\[`Xek\ \jZi`kliX gÂ’Yc`$ ZX [\ m\`ek\ p Z`eZf [\ dXpf [\c )'(( Xek\ cX jljZi`kX ;fZkfiX DXi`\cX Gfqf 8ZfjkX# EfkXi`X Ki`^„j`dX Gi`d\iX [\c :XekÂ?e Hl`kf# gfi \c k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijf$ eXj hl\ \m\eklXcd\ek\ klm`\$ i\e `ek\i„j \e \jkX c`hl`[XZ`Â?e gl\[Xe gi\j\ekXi jl fgfj`Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\$ i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% Hl`kf# dXpf )- [\c )'((% ;I8% D8I@<C8 GFQF 8:FJK8 EFK8I@8 KI@><J@D8 GI@D<I8 ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&.00,0&k] I% ;<C <% ALQ>8;F HL@EKF ;<C KI898AF ;< G@:?@E:?8 FI8C :@K8:@äE AL;@:@8C 81 CFJ ?<I<;<IFJ ;<J:FEF:@;FJ ;< >FEQ8CF FJN8C;F 8I<M8CF D8IHL<Q Al`Z`f [\ KiXYXaf FiXc E— (/*$ )'('$CJ 8Zkfi1 >FEQ8CF FJN8C;F 8I<M8CF D8IHL<Q ;\dXe[X[f1 CL@J >@FM8EE@ 98CJ<:8 A8:FD< :lXekˆX1 LJ; -,'' Al\q1 ;i% =I<;;P D8:@8J E8M8II<K< J\Zi\kXi`f1 89>% 9PIFE M8CC<AF E8I8EAF I\jgfejXYc\1 CL@J J8CKFJ G@EKF GIFM@;<E:@81 ALQ>8;F HL@EKF ;< KI898AF ;< G@:?@E:?8%$ Hl`kf# d`„iZf$ c\j ), [\ dXpf [\c )'((# cXj (-_*-%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf p cX gfj\j`Â?e \]\Zk`mX gi\j\ekX[X%$ ;\ cX [fZld\ekX$ Z`Â?e hl\ j\ X^i\^X# j\ [\jgi\e$ [\ hl\ \c XZkfi j\ÂŒfi >FEQ8CF FJN8C;F 8I<M8CF D8IHL<Q _X ]Xcc\Z`[f2 \e kXc m`ikl[ [\ Zfe]fid`[X[ Zfe \c 8ik% /* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ efk`]`ZXi X cfj _\i\$ [\ifj [\jZfefZ`[fj d\[`Xek\ le glYc`ZXZ`Â?e \e cX gi\ejX# \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZl$ cXZ`Â?e% K„e^Xj\ \e Zl\ekX cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\e 1 D8I@8 D<I:<;<J :I@FCCF >8L C C 8J8 D @ E # < C < E 8 AL;@K?# >FEQ8CF FJN8C;F# =I8EBC@E G8KI@:@F# AFJ< M@:<EK<# D8PI8 G8FC8 p G89CF :I@JKF98C 8I<M8CF :I@FCCF # cX ZXj`ccX al[`Z`Xc Ef *('/ j\ÂŒXcX[X gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`qXZ`Â?e _\Z_X X cX ;iX% Ă?e^\cX EÂ’ÂŒ\q @YXiiX% :fe]`„iXj\ \c \okiXZkf Zfii\jgfe[`\ek\% Efk`]ˆhl\j\% Efk`]ˆhl\j\% ] ;i% =i\[[p DXZ`Xj EXmXii\k\% Cf hl\ Zfdle`Zf X ljk\[\j gXiX cfj ]`e\j c\^Xc\j# X[m`ik`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e \e j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc [\e$ kif [\ \jkX ZXljX# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j hl\ c\j Zfii\jgfe[X% 89>% 9PIFE M8CC<AF E8I8EAF J<:I<K8I@F 8;ALEKF ?Xp ]`idX p j\ccf 8:&.00--&k] I<GL9C@:8 ;<C <:L8;FI Al`Z`f Ef% (.0,*$)'('$')). I\jg% ;I8% B8I@E8 KFII<J I<:8C;< :Xj`cc\if Ef% )-*/ Hl`kf# dXik\j + [\ dXpf [\c )'(' 81 >FEQ8C<Q LCC8LI@ <L=<D@8 C<FEFI ;i%&8Y% >8I:@8 G<z8 8E><C 9<E@>EF <e \c Al`Z`f :fek\eZ`fjf >\e\iXc :`m`c Ef% (.0,*$)'('$ ')). hl\ j`^l\ >FEQ8C<Q LCC8LI@ <L=<D@8 C<FEFI# \e ZfekiX [\ IL8C<J :8JKIF 8E><C 89;äE _Xp cf j`^l`\e$
k\1 ALQ>8;F K<I:<IF ;< C8 E@z<Q P C8 8;FC<J:<E:@8 ;<C :8EKFE HL@KF$ Hl`kf# dXik\j '+ [\ dXpf [\c )'('# cXj (,?'/%$M@JKFJ1 <e cf gi`e$ Z`gXc leX m\q hl\ cX XZZ`feXek\ _X [\ZcXiX[f YXaf aliXd\ekf hl\ [\jZfefZ\ \c [fd`Z`c`f [\c j\ÂŒfi 8E><C 89;FE IL8C<J :8JKIF p c\ \j `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[# \jkX Al[`ZXkliX# [\ XZl\i$ [f Xc 8ik% -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZXc`]`ZX cX [\dXe[X [\ 8C@D<EKFJ [\ ZcXiX# gi\Z`jX p [\ i\le`i cfj i\hl`j`kfj [\ C\p2% ;\ Zfe]fi$ d`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c :Ă K<J< Zfe \c Zfek\e`[f [\ cX [\dXe[X p Xlkf i\ZXˆ[f Xc j\ÂŒfi 8E><C 89;FE IL8C<J :8JKIF X kiXm„j [\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e# X[m`ik`\e[f hl\ [\Y\ ZfdgX$ i\Z\i X al`Z`f# j\ÂŒXcXi [fd`$ Z`c`f al[`Z`Xc p&f [`i\ZZ`Â?e [\c Zfii\f \c\ZkiÂ?e`Zf p XeleZ`Xi cXj gil\YXj i\jg\Zk`mXj Zfe]fi$ d\ [`jgfe\ \c `eZ`jf ]`eXc [\c 8ik% @eeld\iX[f *+ [\ cX C\p I\]fidXkfi`X Xc Kˆklcf Hl`ekf# C`Yif J\^le[f [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X# \e ZXjf [\ ef ZfdgXi\Z\i j\ gifZ\[\$ i} \e i\Y\c[ˆX%$ :fe jla\Z`Â?e X cf gi\m`jkf \e \c 8ik% `eeld\$ iX[f *, [\c @emfZX[f :l\igf C\^Xc# Xc j\ÂŒfi 8E><C 89;FE IL8C<J :8JKIF# J< C< @DGFE< C8 F9C@>8:@FE ;< JLD@E@JKI8I C8 :8EK@;8; ;< J<J<EK8 P F:?F ;FC8I<J :FE +.&('' L%J% %-/%+. D<EJL8C<J# D8J CFJ : F I I < J G F E ; @ < E K < J 9<E<=@:@FJ C<>8C<J# \e ZfeZ\gkf [\ Xc`d\ekfj gifm`$ j`feXc\j èE@:8D<EK< X ]Xmfi [\c d\efi ;8E@<C 8E;I<J IL8C<J >FEQ8C<Q X gXik`i [\ cX gi\j\ekXZ`Â?e [\ cX [\dXe$ [X# ;<9@<E;F C8 8:KFI8 JFC@:@K8I GFI :L<I;8 J<G8I8;8 8C@D<EKFJ P ;<:C8I8:@äE ;< C8 G8K<IE@;8; [\ cfj d\ef$ i\j E8K?8C@8 :I@JK@E8 p :?I@JK@8E 8I@<C >FEQ8C<Q LCC8LI@%$ J\ [`jgfe\ X cX F]`Z`eX [\ I\ZXl[XZ`Â?e Xg\i$ kliXi cX kXia\kX Zfii\jgfe[`\ek\ gXiX hl\ \c [\dXe[X[f [\gf$ j`k\ cfj mXcfi\j [\ cX g\ej`Â?e Xc`d\ek`Z`X \e \c 9XeZf [\ >lXpXhl`c [liXek\ cfj gi`d\ifj Z`eZf [ˆXj [\ ZX[X d\j%$ GXiX kXc \]\Zkf kXekf cX XZkfiX j\ÂŒfiX <L=<D@8 C<FEFI >FEQ8C<Q LCC8LI@ # Zfdf \c [\dXe[X$ [f 8E><C 89;FE IL8C<J :8JKIF [\Y\i}e XZ\iZXij\ X cX GX^X[liˆX [\ cfj Alq^X[fj [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X X \]\Z$ kfj [\ i\k`iXi kXekf cX kXia\kX [\ [„Y`kf \e \c ZXjf [\ cX XZkfiX# p \c ZÂ?[`^f [\ cX kXia\kX \e \c ZXjf [\c [\dXe[X[f%$ KÂ?d\j\ \e Zl\ekX \c XeleZ`f [\ gil\YX# cX [`c`^\eZ`X [\ [\ZcXiXZ`Â?e k\jk`$ dfe`Xc j\ \]\ZklXi} \c dfd\e$ kf d`jdf [\ cX 8l[`\eZ`X Le`ZX% F]ˆZ`\j\ kXc Zfdf j\ jfc`Z`kX%$ EFK@=@HL<J< P :@K<J<%$ ] ;i% ?l^f :\c` 8cmXi\q Al\q%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% ;I% <JK<98E G8EKFA8 :% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00/*&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 ;<@JP CFI<E8 M8JHL<Q >8II@;F 8:KFI81 ><8E D8>8CP 8>L@II< 9<E8C:8Q8I <E :8C@;8; ;< GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ;< >L8P8HL@C J%8% ;<D8E;8;81 ;<@JP CFI<E8 M8JHL<Q >8II@;F AL@:@F1 < J G < : @ 8 C 8GI<?<EJ@FE Ef('*/$ )''/ DIM KI8D@K<1 <JG<:@8C F9A<KF1 C8 8GI<?<EJ@FE ;<C 8 L KF D FKF I ;<K<ID@E8;F <E <C :FEKI8KF ;< M<EK8 :FE I<J<IM8 ;< ;FD@E@F :L8EK@81 LJ; 0%,''#ff =<:?8 ;< @E@:@F ;<C AL@:@F1 )( ;< F:KL9I< ;<C )''/ 8LKF
ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf )( [\ fZklYi\ [\c )''/# cXj ('_(/%$M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\e$ k\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ [\ cX Al[`ZXkliX# efdYiX[X d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ),+'$;G$;;G [\ ). [\ 8^fjkf [\c )''/ p \e m`i$ kl[ [\c jfik\f i\Xc`qX[f% <e cf gi`eZ`gXc# cX [\dXe[X gi\j\e$ kX[X# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ \jg\Z`Xc%$ <e Zfej\Zl\eZ`X# \e d„i`kf [\ cX [fZld\ekXZ`Â?e X[alekX[X# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e cX j\ZZ`Â?e ,X% ;\c kˆklcf @@ [\c c`Yif @@ [\c :Â?[`^f [\ :fd\iZ`f j\ fi[\eX cX Xgi\$ _\ej`Â?e [\c m\_ˆZlcf dXiZX :_\mifc\k2 ZcXj\1 8LKFDäM@C2 dfkfi1 9('J(+**.-/B8)2 Zfcfi1 GFCP J@CM<I2 df[\cf1 JG8IB ,G JK; (%'C 8:K@MF2 Z_Xj`j1 BC(DD-(')-:(++(+'# XÂŒf )''-2 p gfjk\i`fi \eki\^X [\c i\]\i`[f Xlkfdfkfi X lef [\ cfj [\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e% GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X# Zl„ek\j\ Zfe \c j\ÂŒfi 8c^lXZ`c DXpfi p ;\gfj`kXi`f [\ „jk\ :XekÂ?e%$ ?\Z_f hl\ j\X Zˆk\j\ X cX [\dXe[X[X ;<@JP CFI<E8 M8JHL<Q >8II@;F \e cX [`i\ZZ`Â?e `e[`ZX[X [\Y`\e[f gXiX \c \]\Zkf i\d`$ k`i cXj Yfc\kXj i\jg\Zk`mXj X cX f]`Z`eX [\ Z`kXZ`fe\j2%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi Xjˆ Zfdf cX Xlkfi`qXZ`Â?e hl\ Zfe]`\i\ X jl [\]\ejfi%$ EFK@=@HL<J<%$ ] ;iX% DXiZ`X =cfi\j 9\eXcZ}qXi%$ AL<Q j % GIFM@;<E:@8 ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (- [\ DXpf [\c )'((# cXj ((_*'%$ <e m`ikl[ [\c aliXd\ekf i\e$ [`[f gfi cX gXik\ XZkfiX# p# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f GifZ\[`d`\ekf :`m`c# Zˆk\j\ Zfe le \okiXZkf [\ cX [\dXe[X# Xlkf [\ ZXc`]`ZXZ`Â?e p \jkX gifm`[\eZ`X X cX [\dXe$ [X[X j\ÂŒfiX ;<@JP CFI<E8 M8JHL<Q >8II@;F d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ [\Y\i}e i\Xc`qXij\ \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ 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[f$ c\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# ), [\ dXpf [\ )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.00)( ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@äE AL;@:@8C 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 8E><C8 D<I:<;<J IFE;8C @z8:8J8# :FE C8 ;<D8E;8 HL< <E AL@:@F ;< @EM<EK8I@FJ J@>L< <C J<zFI CL@J 8C=I<;F :?@:8@Q8 IFE;8C <E :FEKI8 ;< 8E8 D8I@8 P M@:<EK< :?@:8@Q8 IFE;8C% 8:KFI1 CL@J 8C=I<;F :?@:8@Q8 IFE;8C ;<D8E;8;FJ1 8E8 D8I@8 P M@:<EK< :?@:8@Q8 IFE;8C# P CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 8E><C8 D<I:<;<J IFE;8C @z8:8J8 AL@:@F1 @EM<EK8I@FJ KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 F9A<KF ;< C8 ;<D8E;81 @EM<EK8I@FJ JFC<DE<J :8LJ8 Ef% )'('$(+/+ <% GIF8zF GIFM@;<E:@8 ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# cle\j (' [\ \e\if [\ )'((# cXj '/_'-%$ M@JKFJ1 M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX# Zfdgc\kX p
i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% Gfi _XY\ij\ aljk`]`ZX[f Zfe cX [fZld\ekXZ`Â?e X[alekX # \c ]Xcc\Z`d`\ekf [\ cX j\ÂŒfiX 8E><C8 D<I:<;<J IFE;8C @z8:8J8# j\ [\ZcXiX Zfe cl^Xi cX ]XZZ`Â?e [\ `em\ekXi`fj p j\ fi[\eX \c XmXcÂ’f \ `em\ekXi`f [\ cfj d`jdfj# gXiX cf ZlXc cXj gXik\j efdYiXi}e jl g\i`kf [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% ),) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% <c Alq^X[f j\ i\j\imX \c [\i\Z_f [\ efd$ YiXi jl g\i`kf%$:ˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j 8E8 D8I@8 p M@:<EK< :?@:8@Q8 IFE;8C# \e cfj cl^Xi\j hl\ j\ `e[`ZX%$ :ˆk\j\ X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cX j\ÂŒfiX 8E><C8 D<I:<;<J IFE;8C @z8:8J8 # gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`$ kXe \e \jkX Z`l[X[ [\ Hl`kf# \e d\i`kf Xc aliXd\ekf i\Xc`qX[f gfi cX XZkfiX p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :l„ek\j\ \e cX gi\j\ek\ ZXljX# Zfe \c j\ÂŒfi ;`i\Zkfi [\c J\im`Z`fj [\ I\ekXj @ek\ieXj [\ G`Z_`eZ_X%$ 8^i„^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe%$ K„e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX$ [f%$ EFK@=@HL<J<%$% = ;i% IXÂ’c DXi`ÂŒf ?\ie}e[\q% Al\q Cf hl\ Zfdle`Zf X l[%# gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# X[m`ik`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e cX ]fidX c\^Xc gXiX i\Z`Y`i cXj gfjk\i`fi\j efk`]`ZX$ Z`fe\j hl\ c\j Zfii\jgfe[X% CZ[f% :Xicfj Dli`ccf J<:I<K8I@F <E:8I>8;F ;<C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0/0)&k] I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 : @ K8 : @ ä E 8 C F J ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< I8=8<C K8C89<I8 :8I?L8 P FC@DG@8 DFI8C<J 8:KFI1 J\^le[f IX]X\c KXcXm\iX DfiXc\j% ;<D8E;8;FJ1 Cl`j 8c]fejf KXcXY\iX DfiXc\j# DXiˆX IfjX KXcXY\iX DfiXc\j# DXiˆX Fc`dg`X KXcXY\iX DfiXc\j# Cl`j 8eˆYXc 8e^f KXcXY\iX# J\^le[f =Xljk`ef MXi^Xj 8i`Xj p :Xid\e DfiX`dX =cfi\j [\ MXi^Xj% AL@:@F1 @em\ekXi`fj Eif% (,*.$ )'('$n%q% KI8D@K<1 <jg\Z`Xc AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 @e[\k\id`eX[X 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j )( [\ \e\if [\c )'((# cXj (,_*)% M`jkfj1 Gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf fi[\eX$ [f \e gifm`[\eZ`X Xek\i`fi# j\ ZXc`]`ZX cX [\dXe[X Zfdf ZcXiX# gi\Z`jX p hl\ i\Â’e\ cfj i\hl`$ j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# kiXdˆk\j\ cX d`jdX \e cX mˆX c\^Xc Zfii\jgfe[`\ek\ [\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf \e cX J\ZZ`Â?e J„gk`dX [\c Kˆklcf @@# C`Yif J\^le[f [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :fe ]le$ [Xd\ekf \e \c 8ik% ),) `Y`[\d# efdYiXj\ Zfdf g\i`kf Xc @e^% DXel\c J`cmX M}jZfe\q# X ]`e [\ hl\ gifZ\[X Xc `em\ekXi`f [\ cfj Y`\e\j [\ cfj ZXljXe$ k\j IX]X\c KXcXY\iX :Xi_lX p Fc`dg`X DfiXc\j# Zfe]fid\ cf [`jgfe\ \c 8ik% -*, [\c :Â?[`^f 8[a\k`mf :`m`c%$ :fe ]le[Xd\ekf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ :ˆk\j\ X Cl`j 8c]fejf KXcXY\iX DfiXc\j# DXiˆX IfjX KXcXY\iX DfiXc\j# DXiˆX Fc`dg`X KXcXY\iX DfiXc\j# Cl`j 8eˆYXc 8e^f KXcXY\iX# gfi [\i\Z_f [\ i\gi\j\ekXZ`Â?e [\ cX ZXljXek\ DXiˆX IfjXi`f KXcXY\iX DfiXc\j# J\^le[f =Xljk`ef MXi^Xj 8i`Xj p :Xid\e DfiX`dX =cfi\j [\ MXi^Xj# \e \c cl^Xi hl\ j\ `e[`$ ZX%$ 8 cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cfj ZXljXe$ k\j IX]X\c KXcXY\iX :Xi_lX p Fc`dg`X DfiXc\j# Zˆk\j\ gfi
d\[`f [\ cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gfi ZlXekf YXaf aliX$ d\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X%$ :l„ek\j\ Zfe \c ;`i\Zkfi [\c J\im`Z`f [\ I\ekXj @ek\ieXj%$ 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂŒX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi p cX Xlkf$ i`qXZ`Â?e ZfeZ\[`[X Xc XYf^X[f [\]\ejfi%$ Efk`]ˆhl\j\% ] % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X L[j%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0//0&k D`e`jk\i`f [\ I\cXZ`fe\j CXYfiXc\j I<Gè9C@:8 ;<C <:L8;FI <OKI8:KF M @ JKF 9L<EF E f % (/*.+-''++)$)'(($8%E% 8:KFI1 @E>% AFJ< M@:<EK< :?8LM@E ?@;8C>F 8::@FE8;F1 JI% I@:?8I; @M8E C<J:8EF DFC@E8 :8LJ8C1 ( P ) ;<C 8IK% (.) :ä;@>F ;<C KI898AF @EJG<::@äE ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# )+ [\ DXpf [\c )'((# X cXj '/?'0%$ <e d„i`kf Xc jfik\f [\ ]\Z_X '- [\ DXpf [\c )'((# j`\e[f cXj '0?,,# 8MF:F ZfefZ`$ d`\ekf [\ cX g\k`Z`Â?e [\ M`jkf 9l\ef Ef% (/*.+-''++)$)'(($ 8%E%$ gifgl\jkX gfi @E>% AFJ< M@:<EK< :?8LM@E ?@;8C>F# \e jl ZXc`[X[ [\ Gi\j`[\ek\ <a\Zlk`mf [\ cX :fdgXŒˆX 8C@D<EKFJ =FIK@=@:8;FJ =FIK<J8E :@8% CK;8%# \e ZfekiX [\c JI% I@:?8I; @M8E C<J:8EF DFC@E8# cX d`jdX hl\ gfi i\le`i cfj i\hl`j`kfj [\ C\p j\ XZ\gkX X ki}d`k\%$ <e cf gi`eZ`gXc j\ [`jgfe\1 ( <e Xgc`ZXZ`Â?e Xc 8ik% (/*# ,+, Xki`$ YlZ`Â?e ,kX% p -)( [\c :Â?[`^f [\c KiXYXaf# Zfe cX Zfg`X [\ cX jfc`Z`kl[ [\ M`jkf 9l\ef hl\ Xek\Z\[\ p \jkX gifm`[\eZ`X efk`]ˆhl\j\ Xc kiXYXaX[fi \e \ccX d\eZ`feX[f# d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcX$ Z`Â?e eXZ`feXc# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi ZlXekf \c \dgc\X[fi YXaf aliXd\ekf [\ZcXiX [\jZfefZ\i \c [fd`Z`c`f [\c XZZ`feX[f# Zfe]fid\ j\ [\jgi\e[\ [\ cX [\ZcXiXZ`Â?e aliXd\ekX[X hl\ j\ X[alekX% 8c XZZ`feX[f j\ c\ ZfeZ\[\ \c k„id`ef [\ m\`ek\ [ˆXj gXiX hl\ Zfek\jk\ p j\ÂŒXc\ ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ ) KÂ?d\j\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc Ef% *)(+# p cX Xlkfi`qXZ`Â?e fkfi^X[X Xc gif]\j`feXc hl\ jljZi`Y\ \e cX gi\j\ek\ ZXljX%$ * %$ <eki„^l\j\ \c \okiXZkf i\j$ g\Zk`mf gXiX jl glYc`ZXZ`Â?e%$ EFK@=Ă HL<J<%$ ] 8Y^% 8e[i\X EfYfX :XdXZ_f GXik`ZlcXi hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 8Y^% 8e[i\X EfYfX :XdXZ_f @EJG<:KFI8 ;< KI898AF ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*('*&ZZ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@äE AL;@:@8C 81 8E8 D8I@8 8D8I=@C IF;I@>L<Q% <OKI8:KF 8:KFI1 I8=8<C 8EKFE@F GFM<;8 IFD<IF% ;<D8E;8;81 8E8 D8I@8 8D8I=@C IF;I@>L<Q% AL@:@F1 ;@JFCL:@äE ;< C8 JF:@<;8; :FEPL>8C% :8LJ8 Ef% ((/*$)'(' ;:% :L8EKĂ 81 @E;<K<ID@E8;8% GIFM@;<E:@8 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j (/ [\ dXiqf [\c )'((# cXj ((_',% M@JKFJ1$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ ]fidX gi\m`jkfj gfi cX C\p%$ <e Zfej\Zl\eZ`X# j\ [X \c ki}d`k\
Âľ9k|dje ^WY[ gk[ de [iYkiY^|i bWi leY[i Z[ jk YehWpÂŒd5
jfc`Z`kX[f# gXiX cf ZlXc Zˆk\j\ X cX [\dXe[X[X 8E8 D8I@8 8D8I=@C IF;I@>L<Q# gXiX cfj ]`e\j c\^Xc\j# X ]`e [\ hl\ Zfe$ k\jk\ \e \c k„id`ef [\ ki\j [ˆXj%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f%$ Efk`]ˆhl\j\%$ ] ;i% 8c]i\[f >i`aXcmX DlÂŒfq% Al\q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^XcX\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX \jkX ZXljX% ;i% GXYcf Kfif :Xii`ccf J\Zi\kXi`f ?Xp le j\ccf 8I&/)/((&ZZ ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8c j\ÂŒfi ;8E@<C J8EK@8>F J@CM8 9LI98EF# j\ c\ _XZ\ jXY\i \c \okiXZkf [\ cX [`c`^\eZ`X gi\m`X [\ Zfe]\j`Â?e p cX gif$ m`[\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF%$ G<K@:@FE8I@F1 DXi`f <ei`hl\ JXcXqXi MXZXj%$ :FE=<J8EK<1 ;8E@<C J8EK@8>F J@CM8 9LI98EF%$ 8JLEKF1 Hl\% gi\m`f \c ki}d`k\ g\ik`e\ek\# j\ j\ÂŒXc\ [ˆX p _fiX X ]`e [\ hl\ \c j\ÂŒfi ;Xe`\c JXek`X^f J`cmX 9liYXef# XYjl\cmX Xc k\efi [\c `ek\iif^Xkfi`f ]fidlcX[f \e jfYi\ Z\iiX[f% KIĂ?D@K<1 <jg\Z`Xc%$ : L 8 E K Ă 8 % $ @e[\k\id`eX[X%$ =<:?8 ;< @E@:@8:@äE1 ), [\ \e\if [\c )''(%$ ;<=<EJFI1 ;iX% Al[`k_ M`ccXm`Z\eZ`f%$ ;@C@><E:@8 GI<M@8 ;< :FE=<J@äE%$ Ef% ('($)''( A%K%9%I% GIFM@;<E:@8%$ ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j (, [\ ]\Yi\if [\c )'((# cXj ('_,.% M`jkfj1 CX g\k`Z`Â?e hl\ Xek\Z\[\# \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X# j\ [`jgfe\ hl\ \e ZXc`[X[ [\ [`c`^\eZ`X gi\gXiXkfi`X# \c j\ÂŒfi ;8E@<C J8EK@8>F J@CM8 9LI98EF# XYjl\cmX Xc k\efi [\c `ek\iif$ ^Xkfi`f ]fidlcX[f \e jfYi\ Z\iiX[f# ZlpXj gi\^lekXj j\i}e ZXc`]`ZX[Xj Xc dfd\ekf d`jdf [\ cX [`c`^\eZ`X# gXiX cX ZlXc j\ j\ÂŒXcX \c [ˆX al\m\j )( [\ XYi`c [\c XÂŒf \e Zlijf# X cXj (,_''2 p X cX hl\ \c Zfe]\jXek\# ZfeZlii`$ i} %XZfdgXÂŒX[f [\ jl XYf^X[f [\]\ejfi# \e cX ]fidX gi\m`jkX gfi \c `eZ`jf k\iZ\if [\c 8ik% (). [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% GiXZk`ZX[X hl\ j\X \jkX [`c`^\eZ`X# X ZfjkX [\c g\k`Z`f$ eXi`f [\ml„cmXj\ \c fi`^`eXc# [\aXe[f Zfg`Xj# gi\m`X iXqÂ?e p i\Z`Yf \e Xlkfj%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi \c g\k`$ Z`feXi`f p [\ Zfe]fid`[X[ X cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc Zfe]\jXek\ gfi cX gi\e$ jX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf% K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f al[`Z`Xc j\ÂŒXcX[f%$ Efk`]ˆhl\j\% ;I% G8KI@:@F M8:8 HL@A8EF AL<Q ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j , [\ dXpf [\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`Â?e [\ G\ijfeXc Ef% -'+$ ;G$;GG [\ )) [\ dXiqf [\c )'((%$ <e cf gi`eZ`gXc# Xk\ekX cX g\k`Z`Â?e hl\ Xek\Z\[\# j\ ml\c$
m\ X j\ŒXcXi gXiX \c [ˆX dXik\j )( [\ ale`f [\c XŒf \e Zlijf# X cXj '0_''# X ]`e [\ hl\ \c j\Œfi ;8E@<C J8EK@8>F J@CM8 9LI98EF# i`e[X cX Zfe]\j`�e al[`Z`Xc jfc`Z`kX[X% :ˆk\j\ Xc Zfe]\jXek\ \e cX ]fidX fi[\eX$ [X \e gifm`[\eZ`X gi\Z\[\ek\% 8c \]\Zkf# Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf% Efk`]ˆhl\j\% ;I% N@CD<I 8D9IFJJ@ IF9C<J AL<Q <E:8I>8;F Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF J<:I<K8I@F \ ?Xp le j\ccf 8I&/*()-&ZZ I% [\c <% <OKI8:KF AL;@:@8C : @ K8 : < 8 C F J ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;<C J<zFI 8GFCF IF9@EJFE G<IL>8:?@ :<M8CCFJ :8LJ8 E%$ (+)$)'(( AL@:@F 8G<IKLI8 ;< JL:<:@FE<J 8:KFI1 <;N@E 8GFCF G<IL>8:?@ Fz8 ;<D8E;8;F1 IF9@EJFE 8GFCF G < I L > 8 : ? @ <JKI<CC8# >CFI@8 <JK8IC<P P <ED8 A<8E<K? <JKI<CC8 J8C8>8;F 8JLEKF1 8g\ikliX [\ jlZ\$ Z`fe\j GIFM@;<E:@8 ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ :XpXdY\# X ). [\ XYi`c [\c )'((2 cXj ('_*'%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX [\dXe[X hl\ Xek\Z\[\ \e m`ikl[ [\ cX 8ZZ`�e [\ G\ijfeXc Ef )'.*$ ;EG# [\c '( [\ [`Z`\dYi\ [\c )'('%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\’e\ cfj i\hl`j`kfj c\^Xc\j%$ Gfi _XY\ij\ aljk`]`ZX[f \c ]Xcc\Z`d`\ekf [\c j\Œfi 8gfcf IfY`ejfe G\il^XZ_` :\mXccfj Zfe cX gXik`[X [\ [\]leZ`�e hl\ fYiX X ]aj% ,# j\ [`jgfe\ hl\ j\ gifZ\[X X cX ]fidXZ`�e [\c `em\ekXi`f p kXjXZ`�e [\ cfj Y`\e\j jlZ\jfi`fj [\aX[fj gfi \c ZXljXek\ Xek\j d\eZ`f$ eX[f# gXiX cf ZlXc cXj gXik\j `ej`elXi}e jlj i\jg\Zk`mfj g\i`kfj \e \c k„id`ef [\ ki\j [ˆXj%$ <e Zfej\Zl\eZ`X# :@K<J< Zfe cX [\dXe[X p \c gi\j\ek\ Xlkf X cfj _\i\[\ifj ZfefZ`$ [fj IfY`ejfe 8gfcf p >cfi`kX JZXic\p G\il^XZ_` <jki\ccX# \e cX g\ijfeX [\ jl dX[i\ p i\gi\j\ekXek\ c\^Xc cX j\ŒfiX <edX AXe\k_ <jki\ccX JXc^X[f# \e iXq�e [\ cX d`efiˆX [\ \[X[ [\ [`Z_fj _\i\[\ifj# Xjˆ Zfdf kXdY`„e Zˆk\j\ X cX d\eZ`feX$ [X j\ŒfiX <edX AXe\k_ <jki\ccX JXc^X[f# \e jl Zfe[`Z`�e [\ Z�epl^\ jfYi\m`m`\ek\# \e \c [fd`Z`c`f hl\ j\ `e[`ZX \e cX [\dXe[X%$ 8k\ekf \c aliXd\e$ kf hl\ _X i\e[`[f \c XZkfi p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c Xik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# X cfj _\i\[\ifj gi\jlekfj p [\jZf$ efZ`[fj [\c [\ Zlplj 8gfcf IfY`ejfe G\il^XZ_` :\mXccfj# :@K<J< d\[`Xek\# ki\j glYc`$ ZXZ`fe\j \e le g\i`�[`Zf [\ dXpfi Z`iZlcXZ`�e X e`m\c eXZ`feXc# \e iXq�e [\ hl\ \e \jkX cfZXc`[X[ ef \o`jk\ e`e^l$ ef%$ ;\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c Xik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆ$ YXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXek�e :XpXdY\%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ j\ X[alekXe X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc p cX Xlkfi`qXZ`�e hl\ Zfe]`\i\ cX XZkfiX X jl 8Yf^X[X
[\]\ejfiX%$ :@K<J< P EFK@=@HL<J<%$ ;i% IlY„e GXqd`ÂŒf ;\ CX Kfii\ AL<Q (+ ;< CF :@M@C ;< G@:?@E:?8 <o`jk\ ]`idX Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒX$ cXi ZXj`cc\if al[`Z`Xc [\ XZl\i[f X cX C\p gXiX gfjk\i`fi\j efk`$ ]`ZXZ`fe\j# [\ekif [\c g\iˆd\$ kif c\^Xc [\c Alq^X[f ;„Z`df :lXikf [\ cf :`m`c [\ G`Z_`eZ_X \e :XpXdY\%$ :\ik`]`Zf% J\Zi\kXi`f% <o`jk\ ]`idX p j\ccf% 8%G%&+0*'+&b%d% KI@9LE8C ;@JKI@K8C Ef% ( ;< CF :FEK<E:@FJF 8;D@E@JKI8K@MF J<>LE;8 J8C8 :@K8:@äE AL;@:@8C 8C ;I% M@:KFI ?L>F :8JK@CCF M@CC8CFE>8 <OKI8:KF 8:KFI1 ;I% DĂ?O@DF 8>LJKĂ E FIK<>8 FI;Fz<Q ;<D8E;8;F1 ; I % M@:KFI ?L>F :8JK@CCF M@CC8CFE>8 AL@:@F1 :FEK<E:@FJF 8;D@E@JKI8K@MF Ef% )'('$ '*-.$CCD GIFM@;<E:@81 KI@9LE8C ;@JKI@K8C Ef% ( ;< C8 :FEK<E:@FJF 8;D@E@JKI8K@MF J<>LE;8 J8C8%$ Hl`kf# d`„i$ Zfc\j (/ [\ dXpf [\c )'((# cXj ('_+-% [\ dXpf [\c )'('%$ CXj '/_*0%$ 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf hl\ Xek\Z\[\ gi\j\e$ kX[f gfi \c XZkfi2 p# \e Xk\eZ`Â?e Xc d`jdf j\ cf Xk`\e[\ [\ Zfe$ ]fid`[X[ Zfe cf hl\ [`jgfe\ \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ gfi cX gi\ejX Xc ;fZkfi MˆZkfi ?l^f :Xjk`ccf M`ccXcfe^X \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e eXZ`feXc# gfi ki\j [ˆXj \e ]\Z_Xj [`jk`ekXj# gXiX cf ZlXc gfi J\Zi\kXiˆX j\ \eki\^Xi} Xc `ek\i\jX[f \c \okiXZkf Zfii\j$ gfe[`\ek\ \e cX ]fidX c\^Xc%$ <c Y\e\]`Z`Xi`f [\ cX I\jfclZ`Â?e hl\ j\ `dgl^eX k\e[i} \c k„i$ d`ef [\ hl`eZ\ [ˆXj gXiX hl\ Zfek\jk\ cX [\dXe[X%$ <e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Ef% ('-/$;G$;GG [\ (- [\ dXpf [\c )'((# XZkÂ’X \e ZXc`[X[ [\ J\Zi\kXi`X I\cXkfiX <eZXi^X[X [\ cX J\^le[X JXcX# cX ;iX% Cl`jX P}e\q D\icf%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ] ;iX% JXY\kk :_Xdfle M`ccXZi„j% Al\qX <eZXi^X[X [\ jljkXeZ`XZ`Â?e [\ cX J\^le[X JXcX [\ \jk\ Ki`YleXc% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iˆd\kif c\^Xc [\ \jkX Z`l[X[ [\ Hl`kf% ;iX% Cl`jX P}e\q D\icf%# J<:I<K8I@F I<C8KFI <o`jk\ ]`idX p j\ccf% 8%G%&+0*,(&b%d%
8ELC8:@FE<J
BANCO PICHINCHA HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ('-0. mXcfi ./+#'' [\ cX :kX% :k\% Ef% *)-*)+),'+ g\ik\e\$ Z`\ek\ X J@>D8GC8JK J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0+) mXcfi ,'#'' [\ cX :kX% :k\% Ef% *'-)(*0)'+ g\ik\$ e\Z`\ek\ X 98II8>8E :?8E># <IE<JKF$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^
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (,'( Xc (-'' [\ cX :kX% :k\% Ef% *'+0-'0+'+ g\ik\e\Z`\ek\ X J8CKFJ #D8I@8E8$;< A<JLJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef /,0*/ mXcfi (*)#'' [\ cX :kX% :k\% Ef% *'')/,..'+ g\ik\$ e\Z`\ek\ X :FIGJ@JK<D :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\$ i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (')$('/$((' Xc (*' [\ cX :kX% :k\% Ef% *+0(,(+0'+ g\ik\e\Z`\ek\ X D8:@8J :<;<EF#ALC@8E8$<JK<=8E@8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ./) [\ cX :kX% :k\% Ef% **,0..0)'+ g\ik\e\Z`\ek\ X C8E;<K8 8@CCFE# I@:?8I;$8C=FEJF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (+-', mXcfi (%)*.#', [\ cX :kX% :k\% Ef% *'/.,+/+'+ g\i$ k\e\Z`\ek\ X G8Q?FIFN@KQ 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`f$ i\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (.,( Xc (./' [\ cX :kX% :k\% Ef% *'(*+()''+ g\ik\e\Z`\e$ k\ X :FI8C 8C9LA8# N@CJFE$ =<IE8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef .-0 mXcfi ,'#'' [\ cX :kX% :k\% Ef% *+'0.')*'+ g\ik\e\$ Z`\ek\ X >8CFI8 KF8G8EK8# 9PIFE$D8EL<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 Â’ck`dX glYc`ZXZ`Â?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 GLG@8C<J CC@M<# J@CM@8$A8EE<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (('- mXcfi ,,'#'' [\ cX :kX% :k\% Ef% *',.*..)'+ g\ik\$ e\Z`\ek\ X GLG@8C<J CC@M<# J@CM@8$A8EE<K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ((). Xc (()0 [\ cX :kX% :k\%
Ä Ä
Ef% *',/00)('+ g\ik\e\Z`\e$ k\ X >L<II8 G@EF#O8M@<I$ :I@JKF98C [\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 IF;I@>L<Q :FI;FE<J# E<C@;<J$D<I:<;<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (**. [\ cX :kX% :k\% Ef% **+.**(,'+ g\ik\e\Z`\ek\ X 8E8>L8EF J8E>F#Q8I@E8$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )-/*0 Xc )-/+* [\ cX :kX% :k\% Ef% *'-+-.,-'+ g\ik\e\Z`\ek\ X C8 @EK<IE8:@FE8C J% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )./,0$)/'')$)/''*$)/'(,$ )/')0 [\ cX :kX% :k\% Ef% *'-+-.,-'+ g\ik\e\Z`\ek\ X C8 @EK<IE8:@FE8C J% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )/(,0$)/(-'$)/(-($)/(-0 Xc )/(.' [\ cX :kX% :k\% Ef% *'-+-.,-'+ g\ik\e\Z`\ek\ X C8 @EK<IE8:@FE8C J% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )/'+($)/)+- [\ cX :kX% :k\% Ef% *'-+-.,-'+ g\ik\e\Z`\ek\ X C8 @EK<IE8:@FE8C J% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ).0., Xc ).0.- [\ cX :kX% :k\% Ef% *'-+-.,-'+ g\ik\e\Z`\ek\ X C8 @EK<IE8:@FE8C J% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )-/0) [\ cX :kX% :k\% Ef% *'-+-.,-'+ g\ik\e\Z`\ek\ X C8 @EK<IE8:@FE8C J% 8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *,0, mXcfi -'#'' [\ cX :kX% :k\% Ef% *)-,0**''+ g\ik\$ e\Z`\ek\ X P<G<Q J88M<;I8# AL8E$:8ICFJ [\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%
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä‚
Ĺ? Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
8:& )( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (')0 mXcfi *'#'' [\ cX :kX% :k\% Ef% *'/-,*,)'+ g\ik\e\$ Z`\ek\ X G<CC8 GC<E><# IFJ8$ <C<E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -*0, mXcfi (%'''#'' [\ cX :kX% :k\% Ef% *(/..*-''+ g\ik\e\$ Z`\ek\ X 98E;8 M8EFE@ :@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 )(- mXcfi 0'#'' [\ cX :kX% :k\% Ef% *++).,.-'+ g\ik\e\Z`\e$ k\ X CFG<Q IL9@F# >C8;PJ$ JLJ8E8 [\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 D8@C8 FIKLEF# 9C8E:8$8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j 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 D8@C8 FIKLEF# 9C8E:8$8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (*( Xc (0' [\ cX :kX% :k\% Ef% *+/),,*,'+ g\ik\e\Z`\ek\ X >8IQFE JFI@8#:8ICFJ$ G89CF [\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 .0' [\ cX :kX% :k\% Ef% *('+'',.'+ g\ik\e\$ Z`\ek\ X M<C8J:F J8EK8E8# <JK?<I$;<C G@C8I [\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 8P8C8 ;8M@C8# <;>8I$>LJK8MF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *0() mXcfi .0#,+ [\ cX :kX% :k\% Ef% *+'(+))0'+ g\i$ k\e\Z`\ek\ X D8K<I@8C<J ;< : F E J K I L : : @ F E JLG<ID8:FEJM@ [\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 8C9LA8 E@:FC8C;<#D8I@8$ C@C@8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *().$*(*'$*(*/$*(,+$ *(,,$*(,. [\ cX :kX% :k\% Ef% *',-+0'+'+ g\ik\e\Z`\ek\ X IF;8J 98IQ8CCF# AL8E$ :8ICFJ [\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 KLI@JDF =8D8JP KFLIJ :@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 )-0' [\ cX :kX% :k\% Ef% ****(.)''+ g\ik\e\Z`\e$ k\ X KFII<J G<I<Q# 8E8$ M@:KFI@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 >FI;FE # CL@J$?L>F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *, d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (0/.$(0/0 [\ cX :kX% :k\% Ef% *'./-+(('+ g\ik\e\Z`\ek\ X G@<;I8 G8Q# :8ICFJ$ <JKL8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ('*( [\ cX :kX% :k\% Ef% *++(---*'+ g\ik\e\Z`\ek\ X >L8CG8Q >L<IIFE#>LJK8MF$>89I@<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *. d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0+--) mXcfi .*#-' [\ cX :kX% :k\% Ef% *'.('/*/'+ g\i$ k\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`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+-./ mXcfi .*#-' [\ cX :kX% :k\% Ef% *'.('/*/'+ g\i$ k\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`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *0 d^ 444444 HL<;8 8ELC8;F
Ĺ?
Gfi G<I;@;8 [\c :_\hl\ Ef 0+-.0 mXcfi 0)#'' [\ cX :kX% :k\% Ef% *'.('/*/'+ g\i$ k\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`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 mXcfi )%(''#'' [\ cX :kX% :k\% Ef% *),,'--0'+ g\ik\$ e\Z`\ek\ X :8C<IF ELE<Q# <C@8E8$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\$ i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *0(* mXcfi *+0#,( [\ cX :kX% :k\% Ef% *'(+,++)'+ g\ik\e\$ Z`\ek\ X :<EKIF :FD<I:@8C GC8Q8 :LD98P8 [\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 :?8M<Q J<II8EF#AL8E$ :8ICFJ [\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 :?8M<Q J<II8EF#AL8E$ :8ICFJ [\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 CC@>L@:FK8 8>L8PF# D8I@8$9C8E:8 JLJ8E8 [\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% *+(/)/,,'+ g\ik\e\Z`\ek\ X HL8C@G?8ID C89FI8KFI@F =8ID8:<LK@:F J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\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'/00('+ g\ik\$ e\Z`\ek\ X M@CC8:@J CFG<Q# D8I@8$;FCFI<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& +. d^ 444444 K`gf [\ [fZld\ekf 1 G8G<C :FD<I:@8C Eld\if [\ [fZld\ekf 1 ,),*,+ Ef ;< K@KLCF ()$).* MXcfi 1 ((''''%'' #EfdYi\ [\c Y\e\]`Z`Xi`f f X hl`\e g\ik\e\Z\ \c [fZld\ekf1 D8I@8 =<IE8E;8 :?8M<Q 8C9FIEFQ Eld\if [\ Z\[lcX f IlZ [\c gifg`\kXi`f [\c [fZld\ekf1 (.().'+'-( 8:&(('+* ( D>
COOPROGRESO ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')('(0*/0( [\ cX :ffg\iXk`mX [\ 8_fiif p
I_ [b c_ij[h_e j[ e\[dZ[" [b_c‡dWbe$ 8H?7D <?;B$
:i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8E8D8 >L@K8II8 CL@J D8I:<CF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('*(&(d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ','((*.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 M<C<J8:8 8K@<E:@8 M8E<JJ8 =<IE8E;8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('*)&)d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('/).// 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 :FEC8>F >L8C8M@J@ K8E@8 :8IFC@E8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&(('**&*d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*(''-++-+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?LI8:F HL@J?G< AFJ< ;8E@<C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('*+&+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 ?@;8C>F I@M<I8 D8I@F ;8E@<C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('*,&,d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'()-0.0/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @E>8 K@G8EK@Q8 D8I@KQ8 CL:@8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('*-&-d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'(*'+.-0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :F<CCF M<C8J:F FJ:8I A8M@<I j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('*.&.d^ 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 J@CM8 =L<I<Q G8:@=@:F I8=8<C j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c
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 :L<E:8 J8I8E>F D8I@8E8 ;< A<JLJ 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 *'(*'',++ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X GFE:< :?8:FE :8ID<E <ID@E;8 j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(+&* d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()(,.'0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8E:?<Q KL=@zF <;>8I ;8M@; j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(,&+ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '.'('-.--+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >8C8IQ8 ALC@F :<J@C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(-&, d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-)/')( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.''*+/+.# [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8JK@CCF <>8J J<I>@F <EI@HL< j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&(('(.&- d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()(''*(0., [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<C@E Q898C8 AFI>< <JKL8I;F j\ gifZ\$ [\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(/&. d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((+).*( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0'.'--*)*# C`Yi\kX Gif^i\jXi Fif '0'/'')+.) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?@:8@Q8 DLCCF 9C8E:8 :<:@C@8 D8>;8C<E8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('(0&/ d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX
[\ 8_fiifj Ef '0'''',(,0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFE:8PF KFC<;F IF:@F ;< C8 8LIFI8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&((')'&0 d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''((((+*+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X Q8G8K8 J8E:?<Q <CJ8 @ID8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&((')(&(' d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''(()0'+. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X Q8D9I8EF G8@;8 G<;IF =<IE8E;F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(('))&(( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''((*,'0, [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X A8:FD< :<J8I 8>LJKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&((')*&() d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+./('. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X Fz8 G8CCF CL@J ?<I@9<IKF 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^
BANCO RUMIĂ‘AHUI HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(+')*(-'' Eif% :XikfcX (.*..+*'''/ [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/)(0+++)'' Eif% :XikfcX (/(+0)+''*' [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& ) d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(,,(--/'' Eif% :XikfcX (.-'((.''+' [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& * d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(.'+(*''' Eif% :XikfcX (..-(0(''-' [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:& + d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(+'*)'('' Eif% :XikfcX (.*0/-+''-+ [\c
9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(+0,,'('' Eif% :XikfcX (.,*+,)'(// [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^ 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(.0*+*('' Eif% :XikfcX (./,-'(')'- [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^
. X efdYi\ [\c j\ÂŒfi @J8D8 :8:?@DL<C 8EKFE@F Zfe :@% Ef% ('''.,,,)$/ 8:&.00-.&k]
MUTUALISTA PICHINCHA Hl\[X XelcX[X gfi g„i[`$ [X cX c`Yi\kX [\ X_fiifj Ef% )'--0)00 [\ cX DlklXc`jkX G`Z_`eZ_X g\ik\e\Z`\ek\ Xc Ji% >Xcf Qli`kX :%@% (.',)-)(.$8I&/*',/&ZZ 444444 G\i[`[X [\ c`Yi\kX# j\ \okiXmˆf \e cX Z`l[X[ [\ Hl`kf leX c`Yi\$ kX [\ X_fiifj [\ cX DlklXc`jkX G`Z_`eZ_X Zfe E² )'.*+/0( g\ik\e\Z`\ek\ Xc j\ÂŒfi Cl`j :i`jk`Xe >lXj^lX :X^lXef% 8%G%&+0*,+&b%d%
BANCO PROMERICA J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef +*'+)/ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X >8I:@8 AF?8EE8 hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&((',)&d^ 44444444 J\ XelcX gfi g„i[`[X \c Z_\hl\ Ef% ,+,* ;\ cX Zl\ekX Zfii`\e$ k\ Ef (''-'0/'(* [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X GIF;L:KFJ C8:K<FJ >FEQ8C<Q hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&((',*&d^ 44444444 J\ XelcX gfi g„i[`[X \c Z_\hl\ Ef% *.* ;\ cX Zl\ekX Zfii`\ek\ Ef ('('-*')+. [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X I<@E?8IK AL8E :8ICFJ hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&((',+&d^ 44444444 J\ XelcX gfi g„i[`[X cX G�c`qX [\ @em\ij`�e Ef *'-'(0/) [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X I<@EFJF CF>IFzF >L@CF MXcfi *#'()%(0 =<% ('&',&)'(' && =M& ((&',&)'(( 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^ 44444444 J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef *-.,-0 [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X IL<;8 :<M8CCJF >89I@<C8 ;<C :@JE< hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&((')-&d^
BANCO PROCREDIT 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`$ Zf# cX XelcXZ`Â?e [\ cX c`Yi\kX Ef% '),*--, [\ cX Zl\ekX [\ X_fiifj Ef% (-$'('($''.***$ ) X efdYi\ [\ cX j\ÂŒfiX :89<Q8J CCLD@HL@E>8 A<EEP G8KI@:@8 Zfe :%@% (.(+-)''-$. 8I&/*(*)&ZZ 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# cX XelcXZ`Â?e gfi ifYf [\ cX Zl\e$ kX [\ X_fiifj '0$+../$(+'('( [\c Zc`\ek\ D8QFE 8E;I8;< :FJD< ;8DE@8E Zfe :%@% '0'//,'+)$* 8Z&.00-/&k] 44444444 9XeZf GifZi\[`k J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`$ Zf# cX XelcXZ`Â?e [\ cX c`Yi\kX Ef% '+)-*+/ [\ cX Zl\ekX [\ X_fiifj Ef% ('$'('($'++'+,$
BANCO PICHINCHA K@KLCF <OKI8M@8;F J\ Zfdle`ZX hl\ j\ _X \okiXm`X$ [f \c kˆklcf [\ XZZ`�e Ef% ,((+,# Ef% 8::@FE<J (%-.+# \d`k`[X \e jlZi\j# X ]Xmfi [\ JljXeX D`Œf J\m`ccX% Cf hl\ gfe\dfj \e ZfefZ`$ d`\ekf gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% 8dYXkf# dXpf *( [\c )'((% !0//+/
COOPERATIVA COTOCOLLAO :FFG<I8K@M8 ;< 8?FIIF P :Iy;@KF :FKF:FCC8F CK;8%% G„i[`[X [\ c`Yi\kX% J\ \okiX$ m`� \e cX Z`l[X[ [\ Hl`kf leX c`Yi\kX [\ X_fiifj [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :fkfZfccXf Ck[X%% Zfe e’d\if +'('(''*/+'' g\ik\e\Z`\ek\ Xc Ji% DXiZf 8ekfe`f DXikˆe\q =i\`i\% :\ik`]`ZX[f 8gfikXZ`�e +'('*''*/+''% 8%G%&+0*))&b%d%
CITIBANK :@K@98EB# E%8% JlZlijXc <ZlX[fi Zfdle`ZX Xc g’Yc`Zf hl\ gfi G„i[`[X# hl\[X XelcX$ [f \c Z_\hl\ Zfe cXj j`^l`\e$ k\j ZXiXZk\iˆjk`ZXj1 >`iX[fi1 9LG8 <:L8;FI J%8 2 :l\ekX1 ''/)+)'--, :_\hl\ Ef% (''/(0 =\Z_X [\ \d`j`�e ', D8PF )'(( :Xek`[X[ +.+'%/. 9\e\]`Z`Xi`f1 IFJ<E<P J8C:<;F Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj j`^l`\ek\j j\j\ekX [ˆXj gfjk\$ i`fi\j X \jkX glYc`ZXZ`�e% 8:&((',- &d^
8ELC8:@FE<J M8I@8J J\ XelcX cX :kX% [\ 8_fiifj [\c 9XeZf [\ =fd\ekf ''(',(0',0 g\ik\e\Z`\ek\ X Hl`dY`X M\iX DXiˆX @jXY\c% 8:&.0/0,&k] 4444 J\ XelcX cX :l\ekX [\ 8_fiifj# g\ik\e\Z`\ek\ X >feqXcf 9\e`kf M\iX :\g\[X Ef% ;\ Zl\ekX ''('*.0+), [\c 9XeZf [\ =fd\ekf% 8:&.00-0&k] 44444 J\ XelcX cX c`Yi\kX [\ cX :figfiXZ`�e :8;<:# Ef% ((''((-*'$(# g\ik\e\Z`\ek\ X cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :f[\jXiifccf Ck[X% 8:&.00.0&k]