Issuu on Google+

 Ĺ?   

(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }

Ĺ?ĈĹ?Ĺ?  Ĺ?Ĺ?Ä‚Ä€Ä Ä

Ĺ?+.Ĺ? ÄŒĹ?  Ĺ?+Ä?Ĺ?ĊćĂą

ŊŊ  ¥ŊŊ  Ŋ ŊŊŊŊŊ'33/ľľ666ē"#1#!'.#!4".1ē!.,

"(3.1  ĹŠ ÂĄĹŠ 



(1#!!(¢-Ä–ĹŠ1#-2ĹŠ8ĹŠÄˆÄ‡ĹŠ"#ĹŠ%.23.ĔŊ"($Ä“ĹŠ(5-!.ĔŊĎ3.Ä“ĹŠ/(2.ŊġŊ#+_$.-.2Ä–ĹŠÄ‰ÄŽÄŽÄˆÄąÄŽÄŽÄ‰ÄľÄ‰ÄŽÄŽÄŽÄąÄŒÄŠÄˆÄľÄ‰ÄŽÄ‡Ä‡ÄąÄ‰ÄŒÄŽÄľÄ‰ÄŽÄŽÄ‰ÄąÄˆÄŠÄŽĹŠĹŠÄˇĹŠÄą,(+Ä– ĹŠ)4"(!(+Äž"#1#!'.#!4".1Ä“!.,ĹŠ

+ĹŠ-#.!.-31!34+(2,.ĹŠ "#ĹŠ6+2 Ä–ĹŠ Ä“ĹŠ  ĹŠ^ĹŠ

HWmbi[d'/-&h[ijWXb[Y[bWj[e# h‡W Z[b YedjhWje ieY_Wb" [b c_ice gk[i[]‘d[bf[diWc_[djefeb‡j_Ye Z[J^ecWi>eXX[i"@e^dBeYa[o @$ Hekii[Wk" [i kd WYk[hZe [djh[ Y_kZWZWdei fej[dY_Wb[i" e [djh[ ƒijeiokdfej[dY_Wb]eX[hdWdj[e ]eX[hdWdj[i"ieXh[beijƒhc_dei[d beigk[lWdW[djhWh[dh[bWY_ed[i i[WieY_Wb[iefeb‡j_YWi"eWcXWi$ BWj[eh‡WZ[bYedjhWjeieY_Wbfhe# fed[kdWi_jkWY_ÂŒdZ[Æ[ijWZeZ[ dWjkhWb[pWÇ"[d[bgk[bWif[hiedWi gk[ de j_[d[d Z[h[Y^ei o eXb_]W# Y_ed[ifeb‡j_YWiÆojWbl[pjWcfe# Ye ieY_Wb[i" bb[]Wd ][d[hWbc[dj[ Z[cWd[hWWdÂŒd_cWWkdWYk[hZe ieXh[bWiXWi[ifWhW[ijWXb[Y[hkd i_ij[cWieY_Wbo%efeb‡j_Ye[d[bgk[ i[b[ih[YedepYWdZ[h[Y^eioeXb_# ]WY_ed[i"_dYbk_ZWibWieXb_]WY_ed[i Z[Ykcfb_h[bWYk[hZeWbYWdpWZe" h[if[jWhbeiZ[h[Y^eiZ[beiY_kZW# ZWdeioeX[Z[Y[hWb]eX[hdWdj[e ]eX[hdWdj[idecXhWZei$   Æ;b YedjhWje ieY_Wb [i kiWZe jWdje fWhW [nfb_YWh bW eXb_]WY_ÂŒd ][d[hWbZ[beiY_kZWZWdeiZ[eX[# Z[Y[hbWb[oobeifei_Xb[ib‡c_j[i Z[[iWeXb_]WY_ÂŒd"YecefWhWfhe# fehY_edWhkdceZeZ[Z[j[hc_dWh [bYedj[d_ZeWZ[YkWZeZ[beiZ[h[# Y^eioeXb_]WY_ed[igk[l_dYkbWdW beic_[cXheiZ[kdWieY_[ZWZY_l_b ofeb‡j_YW$Ç' ;b[d\egk[Z[bYedjhWjeieY_WbZ[ HWmbi" [i kd cƒjeZe gk[ \WY_b_jW kd Yedi[die Z[i[WXb[ [d kd j_fe Z[ ieY_[ZWZ$ ;iW j[eh‡W Yedj_[d[ _cfb‡Y_je[b_]kWb_jWh_ice$ FWhW HWmbi bWi _dij_jkY_ed[i X|i_YWiZ[bWieY_[ZWZdeZ[X[di[h iebWc[dj[ehZ[dWZWio[\_Y_[dj[i" i_deieXh[jeZe`kijWi$Ikfh_dY_fWb eX`[j_le[iÆ[bWXehWhkdWj[eh‡WZ[ bW `kij_Y_W gk[ i[W kdW Wbj[hdWj_#

lWl_WXb[WbWiZeYjh_dWigk[^Wd Zec_dWZebWh]Wc[dj[dk[ijhWjhW# Z_Y_ÂŒd\_beiÂŒ\_YW$Ç( ;b9edjhWYjkWb_iceHWmbi_Wde [ij|Z[djheZ[bWj[eh‡WZ[bW`kij_# Y_WZ[bfhef_eHWmbi"gk[Yedi_Z[hW fh_cehZ_Wb[blWbehZ[bWWkjedec‡W Z[bWf[hiedWiodeiWokZWWh[i# fedZ[hZeifh[]kdjWiX|i_YWiZ[ jeZWj[eh‡WcehWb0 ÂľGkƒdeiZ[cWdZWbWcehWb5     ÂľFeh gkƒ Z[X[cei eX[Z[Y[h Y_[hjWih[]bWi5 HWmbi_djheZkY[Wikj[eh‡Wkd Æ9edjhWje >_fejƒj_YeÇ" gk[ de [i i_de [b WYk[hZe gk[ i[ \_hcWh‡W XW`eY_[hjWiYedZ_Y_ed[i_Z[Wb[io [d[bYkWbi[h[if[jW[bYWh|Yj[hZ[ i[h[ib_Xh[i[_]kWb[i$H[iWbjWgk[bW _]kWbZWZi[Z[h_lWZ[bW_d^[h[dj[ Æ_]kWbZWZcehWbÇ[djh[bWif[hie# dWi$ BWWfb_YWX_b_ZWZZ[beifh_dY_f_ei h[ikbjWdj[iZ[bYedjhWjehWmbi_Wde i[ZW[dieY_[ZWZ[iX_[dehZ[dW# ZWi"ZedZ[h[_dWdbWiY_hYkdijWd# Y_Wi Z[ `kij_Y_W" gk[ fheck[l[ [b X_[d Z[ iki c_[cXhei" ZedZ[ de [n_ij[ d_ [njh[cW [iYWi[p d_ kdW WXkdZWdY_W Z[ X_[d[i1 bWi f[hie# dWiiedc|iec[dei_]kWb[i[djh[ i_"[dYkWdjeWYWfWY_ZWZ[i\‡i_YWio c[djWb[i"f[helkbd[hWXb[i\h[dj[W bWiW]h[i_ed[iZ[beiZ[c|i$)     HWmbi fhefed[ kdW cƒjh_YW eX`[j_lW [d bWi Z_iYki_ed[i Z[ bW `kij_Y_WobW_]kWbZWZ$JWcX_ƒdi[ h[\_[h[ W bW h[]bW Z[ hWY_edWb_ZWZ gk[ Z[X[d kj_b_pWh bei ik`[jei Z[ bW fei_Y_ÂŒd eh_]_dWb" [d YWie Z[ j[d[h ZkZWi h[if[Yje Z[ bW [b[Y# Y_ÂŒdWbWgk[i[[d\h[djWdof_[diW [dbWÆh[]bWcWn_c_dÇ"fehbWgk[ [d eYWi_ed[i Z[ _dY[hj_ZkcXh[ Z[X[d `[hWhgk_pWhi[ bWi Z_ij_djWi Wbj[hdWj_lWi Yed\ehc[ W iki f[e# h[ih[ikbjWZeifei_Xb[i"ei[Wgk[ Z[X[WZefjWhi[bWWbj[hdWj_lWYkoe f[ehh[ikbjWZei[Wikf[h_ehWbf[eh Z[beih[ikbjWZeiZ[bWiejhWiWbj[h#

dWj_lWi$* J[eh‡WZ[bW`kij_Y_W0bW@kij_Y_W Yece[gk_ZWZ0 HWmbiieij_[d[gk[ÆbW`kij_Y_W[i bWfh_c[hWl_hjkZZ[bWi_dij_jkY_e# d[iieY_Wb[i"YecebWl[hZWZbe[i Z[beii_ij[cWiZ[f[diWc_[djeÇ" Z[ceZegk[i_bWib[o[iied_d`ki# jWiZ[X[di[hh[\ehcWZWieZ[he# ]WZWi"oWbYed\hedjWhbWb_X[hjWZ o[bX_[dZ[bWcWoeh‡W[nfb_YWgk[ de[i`kij_Y_WbWfƒhZ_ZWZ[bWb_X[h# jWZWdj[[bcWoehX_[dYecfWhj_Ze fehejhei$:Wƒd\Wi_iWbWib_X[hjW# Z[i Z[ bW _]kWbZWZ o Y_kZWZWd‡W [dkdWieY_[ZWZ`kijW"Wi‡YecebW jeb[hWdY_WWkdW_d`kij_Y_WYkWdZe [id[Y[iWh_e[l_jWhkdW_d`kij_Y_W cWoeh$ @e^dHWmbiikij[djWbW`kij_Y_W Yece[gk_ZWZ"[dbW_Z[WZ[bW[gk_#

ZWZfheY[Z_c[djWbZ[kdWfei_Y_ÂŒd eh_]_dWb"gk[[il[hi_ÂŒdZ[b^_fe# jƒj_Ye [ijWZe Z[ dWjkhWb[pW$ BW Z[dec_dW`kij_Y_WfheY[Z_c[djWb f[h\[YjW"[dbWYkWbi[eXj[dZh‡W[b h[ikbjWZec|i[\_Y_[dj[fWhWYedi[# ]k_hWikl[pkdh[ikbjWZeYehh[Yje$ ;ikdWYk[ij_ÂŒdZ[Æ`kij_Y_Wfhe# Y[Z_c[djWbfkhWbWWY[fjWY_ÂŒdZ[b h[ikbjWZe Z[b WYk[hZe WbYWdpWZe" gk[Z[f[dZ[Z[bWWY[fjWY_ÂŒdZ[b fheY[Z_c_[djeÇ+$ BW [gk_ZWZ fheY[Z_c[djWb i[ XWiW[dbW[ijhWj[]_WZ[Wi[]khWh gk[jeZWibWiYWkiWiZ[i[i]eofWh# Y_Wb_ZWZi[Wd[nYbk_ZWiZ[bWfei_# Y_ÂŒdeh_]_dWb"gk[Z[bk]WhWh[ikb# jWZei_cfWhY_Wb[io[gk_jWj_lei$ ;iYh_j[h_e\kdZWc[djWbgk[iebe ÆkdWd[]eY_WY_ÂŒd[gk_jWj_lW][d[# hWh|h[ikbjWZei[gk_jWj_leiÇ$ BW`kij_Y_WYece[gk_ZWZÆ[ih[i#

jh_d]_ZWdeiebeWkdj_fefWhj_YkbWh Z[ieY_[ZWZi_degk["Z[djheZ[[i[ j_fe"i[bWh[i[hlWfWhWYk[ij_ed[i Z[`kij_Y_W[dh[bWY_Â&#x152;diebeYedbWi _dij_jkY_ed[i X|i_YWi Z[ bW ieY_[# ZWZ1 [d fWhj_YkbWh [b _dj[hÂ&#x192;i Z[b Wkjeh[ij|[dbWZ_ijh_XkY_Â&#x152;dZ[bWi YWh]WioX[d[\_Y_eiZ[bWYeef[hW# Y_Â&#x152;dieY_WbĂ&#x2021;,$ ;d[ij[i_ij[cWi[Yedi_Z[hWgk[ beifh_dY_f_eiZ[`kij_Y_W_cfWhY_W# b[iiedbeigk[h[ikbjWhÂ&#x2021;WdZ[kdW [b[YY_Â&#x152;d h[Wb_pWZW feh f[hiedWi b_Xh[i"hWY_edWb[ioi_jkWZWi[dkdW fei_Y_Â&#x152;dZ[_]kWbZWZ$- 7\_dZ[[l_jWhbW_d\bk[dY_WZ[ Y_hYkdijWdY_Wi fhef_Wi Z[ YWZW kde" HWmbi _cW]_dW Ă&#x2020;kdW Z_iYk# i_Â&#x152;dbb[lWZWWYWXefeh_dZ_l_Zkei hWY_edWb[ioWkje_dj[h[iWZei"gk[ i[ fhefed[d [b[]_h feh kdWd_c_# ZWZoZ[ifkÂ&#x192;iZ[Z[b_X[hWh[djh[ [bbei" bei fh_dY_f_ei ieY_Wb[i gk[ ^WXh|dZ[eh]Wd_pWhbWieY_[ZWZ$Ă&#x2021; F_[diW[df[hiedWiW\[YjWZWifeh kdWY_hYkdijWdY_WfWhj_YkbWh"gk[ [ij|dZ[jh|iZ[kdĂ&#x2020;l[beZ[_]de# hWdY_WĂ&#x2021;gk[b[i_cf_Z[YedeY[h[b bk]WhZ[YbWi[eik[ijWjkiieY_Wb"bW \ehjkdWeZ[i]hWY_Wgk[^Wdj[d_Ze [dbWZ_ijh_XkY_Â&#x152;dZ[YWfWY_ZWZ[i dWjkhWb[i"ik_dj[b_][dY_W"ik\k[h# pW"ikhWpW"bW][d[hWY_Â&#x152;dWbWgk[ f[hj[d[Y[d"[jY$ FWhW Wi[]khWh gk[ bW _]kWbZWZ j[Â&#x152;h_YWikhjW[\[Yjei[dbWfei_Y_Â&#x152;d eh_]_dWb"HWmbi_djheZkY[ikeh_]_# dWbYedY[fY_Â&#x152;dZ[bĂ&#x2020;l[beZ[_]de# hWdY_WĂ&#x2021;gk[[l_jWjeZWfei_X_b_ZWZ Z[ _d_gk_ZWZ [d bWi Z[Y_i_ed[i W jecWh"^WY_[dZegk[jeZWibWifWh# j[i_]deh[d[dj[hWc[dj[YkWbgk_[h ZWje fWhj_YkbWh ieXh[ i_ c_icWi gk[b[ifkZ_[hWbb[lWh"Yece[b[Yje# h[ihWY_edWb[i"WjecWhZ[Y_i_ed[i gk[bWi\Wleh[pYWdf[hiedWbc[dj[ WYeijWZ[ejhWif[hiedWiYedYkW# b_ZWZ[iZ_\[h[dj[iĂ&#x2021;$ ;ijei_]d_\_YWgk[bWifWhj[ide YedeY[dikijWb[djei"eikYWh[dY_W" d_ikbk]Wh[dieY_[ZWZ"d_i_gk_[# hWYedeY[d[bj_feZ[ieY_[ZWZd_ bWÂ&#x192;feYW[dbWgk[l_l_h|d"Wkdgk[ iWX[dgk[j_[d[dkdWYedY[fY_Â&#x152;d Z[bX_[d"deYedeY[dikYedj[d_Ze" fehjWdjedefk[Z[dcebZ[Whbei fh_dY_f_ei Z[ `kij_Y_W fWhW WZ[# YkWhbeiWikieX`[j_lei"lWbeh[ie Yh[[dY_Wih[b_]_eiWifWhj_YkbWh[i$ Beiik`[jeiWbeigk[i[h[\_[h[ HWmbi"d[Y[i_jWdejhW_d\ehcWY_Â&#x152;d :FEK@EL8<EC8GĂ?>@E8$:)

Ĺ? Ĺ?

Ĺ? 


Ĺ? Ĺ?

Ĺ? 

 

  

Ä&#x201A;

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ?

WZ_Y_edWbWdj[iZ[[b[]_hYedi[dj_# Ze"fehbegk[[id[Y[iWh_efh[Y_iWh begk[i[Z[X[Z[Y_hieXh[bWicej_# lWY_ed[ifhef_WiZ[beii[h[i_Z[W# b[iZ[iYh_jeioWY[hYWZ[bYh_j[h_eZ[ hWY_edWb_ZWZgk[i[lWW[cfb[Wh [d i_jkWY_ed[i Z[ _dY[hj_ZkcXh[" Yece [iYe][h kdW YedY[fY_Â&#x152;d Z[ `kij_Y_W"feh[`[cfbe$ HWmbi ieij_[d[ gk[ Ă&#x2020;YkWbgk_[h f[hiedW j_[d[ gk[ [ijWh [d Yed# Z_Y_ed[i Z[ f[hi[]k_h ik fhef_e fheo[YjeZ[l_ZW"_dZ[f[dZ_[dj[# c[dj["[dfh_dY_f_eZ[bYedj[d_Ze Z[bc_iceĂ&#x2021;1.ogk[beiik`[jei[d bW Ă&#x2020;fei_Y_Â&#x152;d eh_]_dWbĂ&#x2021;" j[hc_dW# hÂ&#x2021;Wd Yecfhec[j_Â&#x192;dZei[ Yed bei i_]k_[dj[i fh_dY_f_ei Z[ `kij_Y_W gk[iedX|i_Yei0 '$# 9WZW f[hiedW ^W Z[ j[d[h kdZ[h[Y^e_]kWbWb[igk[cWc|i [nj[die Z[ b_X[hjWZ[i X|i_YWi _]kWb[igk[i[WYecfWj_Xb[Yedkd [igk[cWi[c[`Wdj[Z[b_X[hjWZ[i fWhWbeiZ[c|i$/=Wh]Wh[bbW_dj[h# fh[jWgk[de[ijeZej_feZ[b_X[h# jWZ[i" i_de bWi Y_l_b[i o febÂ&#x2021;j_YWi0 Z[h[Y^eWbleje"WbZ[X_ZefheY[ie" WbWb_X[hjWZZ[[nfh[i_Â&#x152;doWieY_W# Y_Â&#x152;d"[jY$ ($# BWi Z[i_]kWbZWZ[i ieY_Wb[i o [YedÂ&#x152;c_YWi j_[d[d gk[ iWj_i# \WY[h Zei YedZ_Y_ed[i0 fh_c[hW" Z[X[d h[bWY_edWhi[ Yed fk[ijei o fei_Y_ed[i WX_[hjWi fWhW jeZei [d YedZ_Y_ed[i Z[ fb[dW [gk_ZWZ o Z[ _]kWbZWZ Z[ efehjkd_ZWZ[i" oi[]kdZW"Z[X[dh[ZkdZWh[d[b ;@MFI:@FJ I%;<C< ALQ>8;F;<:@DF K<I:<IF;<CF:@M@C;< G@:?@E:?8 :@K8:@äE AL;@:@8C G8I81 >CFI@8D8IC<E<D8IK@E<Q :<;<zF <OKI8:KF AL@:@F1 ;@MFI:@F E%$(,'( $ )%'('$JI 8:KFI1 L=I<;P 8>LJK@E Q 8 D 9 I8 E F  K8 C C < ; F ; < D 8 E ;8 ; F 1  >CFI@8 D8IC<E< D 8 I K @ E < Q :<;<zF KI8D@K<1 M<I98C JLD8I@F F9A<KF1;\ZcXiXi[`jl\ckf\c m`eZlcf dXki`dfe`Xc hl\ c\j le\# Zfe]fid\ cf [`jgfe\ \c `eZ`jf j\^le[f [\ cX ZXljXc ((f [\c 8ik%$((' [\c :Â?[`^f :`m`cM`^\ek\ :L8EK@81$@E;<K<ID@E8;8 GIFM@;<E:@8 ALQ>8;F;<:@DFK<I:<IF ;<CF:@M@C;<G@:?@E:?8% Hl`kf# dXik\j )- [\ XYi`c [\c )'((# cXj ((_+'% M@JKFJ1 GfiZldgc`[fZfe\ci\hl\i`$ d`\ekf Xek\i`fi%$ CX [\dXe$ [X gifgl\jkX gfi L]i\[p 8^ljk`e QXdYiXef KXcc\[f XkiXm\j[\cXkiXmÂ&#x201E;j[\c;i%$ :Xicfj 8[i`Xef <iXqf :\iÂ?e$ GifZliX[fiAl[`Z`Xc#\jZfd$ gc\kX# ZcXiX# gi\Z`jX p i\Â&#x2019;e\

   Ĺ? 

cWoehX[d[\_Y_eZ[beic_[cXhei c[dei fh_l_b[]_WZei Z[ bW ieY_[# ZWZ$'& Ă&#x2020;;ij[fh_dY_f_e[i[bfh_dY_f_eZ[ Z_\[h[dY_W"gk[_cfb_YWbWikf[hW# Y_Â&#x152;dZ[kdW_Z[WZ[`kij_Y_WZ_ijh_# Xkj_lW" Z[ WYk[hZe Yed bW YkWb be gk[YWZWkdeeXj_[d[[i`kije"i_[i gk[beiX[d[\_Y_eiefei_Y_ed[i[d Yk[ij_Â&#x152;d[hWdjWcX_Â&#x192;dWi[gk_Xb[i fWhWbeiZ[c|i$Ă&#x2021;I_d[cXWh]e"[b Ă&#x2020;[igk[cWZ[`kij_Y_Wdei[Yedi_# Z[hWiWj_i\[Y^WYedkdWc[hW_]kWb# ZWZZ[efehjkd_ZWZ[i$Ă&#x2021;'' HWmbi Z_Y[ gk[ _cfehjW  Wdj[ jeZe[beX`[j_le_d_Y_WbZ[bW`kij_# Y_WYece_cfWhY_Wb_ZWZ"gk[Yece be^[ceiZ[\_d_ZeWdj[i"[i[bÂ&#x2018;d_Ye gk[Z[ceijhWhÂ&#x2021;Wgk[beifh_dY_f_ei Z[bW`kij_Y_Wi[hÂ&#x2021;WdWZefjWZei[d l[pZ[ejhWiefY_ed[ijhWZ_Y_edW# b[i$'( BW l_ebWY_Â&#x152;d Wb fh_dY_f_e Z[ _]kWbZWZ" [d [ij[ YWie" iebe [i WY[fjWXb[YkWdZelWWĂ&#x2020;[d]heiWhĂ&#x2021; bWifehY_ed[iZ[h[Ykhiei[dcWdei Z[beic[dei\Wleh[Y_ZeiodkdYW [d[bYWie[dgk[bWiZ_ic_dkoWdĂ&#x2021;')$ ;ijWYedY[fY_Â&#x152;d"WYh_j[h_eZ[bfhe# f_eHWmbi"[ic|iĂ&#x2020;[ijWXb[Ă&#x2021;gk[bW deY_Â&#x152;dZ[_]kWbZWZZ[efehjkd_ZW# Z[i"beYkWb[i_d[nfb_YWXb[$  BW j[ehÂ&#x2021;W Z[ bW `kij_Y_W [i kdW _dij_jkY_Â&#x152;d\kdZWc[djWbZ[HWmbi" f[hegk[Ă&#x2020;dec[h[Y[i[hh[YedeY_ZW YecejWbi_f[hc_j[gk[bWif[hie# dWih[ikbj[dX[d[\_Y_WZWief[h`k# Z_YWZWifehY_hYkdijWdY_WiW`[dWi WiklebkdjWZĂ&#x2021;$ 7bj[dehZ[bf[diWc_[dje_]kW# b_jWh_e0 bW ieY_[ZWZ `kijW Z[X[d j[dZ[h[dbefei_Xb["W_]kWbWhWbWi f[hiedWi[dikiY_hYkdijWdY_Wi"Z[ ceZejWbgk[begk[eYkhhWYediki l_ZWigk[Z[XW`eikfhef_Wh[ifed#

cfj [\d}j i\hl`j`kfj [\ c\p# gficfhl\[\ZcXi}e[fj\cXgif$ Z\[\ek\j\cXX[d`k\Xki}d`k\# \eal`Z`fM\iYXcJldXi`f%$<e Zfej\Zl\eZ`X# \e dÂ&#x201E;i`kf [\ cX X]`idXZ`Â?e hl\ YXaf aliX$ d\ekf _X i\Xc`qX[f \c ;i%$ :Xicfj 8[i`Xef <iXqf :\iÂ?e$ GifZliX[fiAl[`Z`Xc[\c8Zkfi# Zfe]fid\cf[`jgfe\\c8ik%$/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#ZÂ&#x2C6;k\j\XcXj\Â&#x152;fiX>cfi`X DXic\e\DXikÂ&#x2C6;e\q:\[\Â&#x152;f#gfi cXgi\ejX\elef[\cfjg\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\\jkXZ`l[X[[\Hl`kfp\e cX Z`l[X[ [\ JXekf ;fd`e^f [\cfj:fcfiX[fj#i\jg\Zk`mX$ d\ek\# Zfe]fid\ cf [`jgfe\ \c`eZ`jfj\^le[f[\c8ik%((0 [\c:Â?[`^f:`m`c#d\[`Xek\ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e ZX[X leX [\ \ccXj \e ]\Z_Xj [`]\i\ek\j# d\[`Xe[f fZ_f [Â&#x2C6;Xj cXYfiXYc\j \eki\ leX p fkiX#gXiXcfZlXcj\\eki\^Xi} \c\okiXZkfi\jg\Zk`mf%$:fecX `ej`elXZ`Â?e i\Xc`qX[X gfi \c 8Zkfi#gXiX\cZXi^f[\:liX[fi 8[$c`k\d#j\f`i}Xlef[\cfj j\Â&#x152;fi\j=`jZXc\j[\G`Z_`eZ_X# X hl`\e j\ efk`]`ZXi} \e jl ;\jgXZ_f%$ @eZfigÂ?i\ej\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%$KÂ?d\j\efkX[\ cXZlXekÂ&#x2C6;X#\cZXj`cc\ifal[`Z`Xc j\Â&#x152;XcX[f gfi cX 8Zkfi \e jl ZXc`[X[ `emfZX[X# gXiX jlj

efk`]`ZXZ`fe\j gfjk\i`fi\j%$ EFK@=@HL<J<% = %;i%IlYÂ&#x201E;e:\mXccfj=XYXiX% Al\q Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\c\p#gi\m`e`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\[\ j\Â&#x152;XcXiZXj`cc\ifal[`Z`XcgXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe%$:\ik`]`Zf% ;i%E`cf>feqXcf8cdXZ_` J\Zi\kXi`f [\c Alq^X[f ;Â&#x201E;Z`dfK\iZ\if[\cf:`m`c[\ G`Z_`eZ_X% <o`jk\]`idXpj\ccf% 8%G%&+0*0/&b%d% I%[\c<% ALQ>8;FK<I:<IF;< CF:@M@CPD<I:8EK@C;< I@F98D98 :@K8:@äEAL;@:@8C 81 D@I@8D ;< C8 KFII<% J\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X `e`Z`X[f le al`Z`f[\;@MFI:@F#gifgl\j$ kfgfi=<IE8E;F<;L8I;F D8IK@E<Q J:8==# Zlpf \okiXZkf p Xlkf \j Xc k\efi hl\j`^l\1 8:KF I 1  = < I E 8 E ; F <;L8I;FD8IK@E<QJ:8== ;<D8E;8;F1D@I@8D;<C8 KFII< :C8J< ;< A L @ : @ F 1 ;@MFI:@F% :L8EK@81@E;<K<ID@E8;8%

iWX_b_ZWZ$ HWmbi [nfh[iW gk[ bWi WhX_jhW# h_[ZWZ[icehWb[i"deied`kijWie _d`kijWifehi_c_icWi1gk[de^Wo i[dj_Ze[dh[fheY^WhWbWdWjkhWb[pW feh\Wleh[Y[heZ[i\Wleh[Y[h"f[he gk[i_Z[X[^WY[hi[kdW[lWbkWY_Â&#x152;d ieXh[bW`kij_Y_We_d`kij_Y_WZ[bWi _dij_jkY_ed[i X|i_YWi Z[ bW ieY_[# ZWZ$Ă&#x2020;BWdWjkhWb[pWde[i`kijWe _d`kijWYeddeiejhei"Ă&#x2021;[i[bceZe [dgk[[bi_ij[cW_dij_jkY_edWbfhe# Y[iW[iei^[Y^eiZ[bWdWjkhWb[pW$ :[WbbÂ&#x2021;ikh][ikW\_hcWY_Â&#x152;dZ[gk[ bW Ă&#x2020;fh_c[hW l_hjkZĂ&#x2021; Z[ YkWbgk_[h i_ij[cW_dij_jkY_edWb^WZ[i[hbW Z[ik`kij_Y_W'*$ FWhWbWYedi[YkY_Â&#x152;dZ[ikifh[# j[di_ed[iZ[i_dj[h[iWZWibWifWhj[i iedb_Xh[ifWhWfhefed[hoWh]k# c[djWhW\WlehZ[beifh_dY_f_eiZ[ `kij_Y_Wgk[Yh[Wdgk[fk[Z[di[h Z[cWoehX[d[\_Y_efWhWi_c_icWi" oi[fh[ikfed[gk[Yecef[hiedWi hWY_edWb[i"[ijWh|dZ[WYk[hZeiebe h[if[Yje Z[ bW c[`eh d[]eY_WY_Â&#x152;d gk[fk[ZWdeXj[d[hWYWcX_eZ[ bei X[d[\_Y_ei Z[ bW Yeef[hWY_Â&#x152;d ieY_Wb$ >WY_[dZe kdW iÂ&#x2021;dj[i_i Z[ bWi _Z[WiY[djhWb[iZ[bYedjhWYjkWb_i# ceZ[HWmbi"i[fk[Z[Z[ijWYWhbe i_]k_[dj[0 #Gk[bW_]kWbZWZ[dbWfei_Y_Â&#x152;d eh_]_dWbi[Wfb_YW[dfh_c[hbk]Wh WbW_]kWbb_X[hjWZ"_dYbk_ZWbW_]kWb# ZWZ[dbeiZ[h[Y^eifheY[Z_c[d# jWb[ifWhW[bZ[XWj[[dbWfei_Y_Â&#x152;d eh_]_dWb"obW_]kWbZWZYece\k[dj[ _cfehjWdj[Z[fh[j[di_ed[il|b_ZWi h[if[YjeZ[beih[YkhieiieY_Wb[i" [d h[bWY_Â&#x152;d Yed bWi _dij_jkY_ed[i ieY_Wb[iX|i_YWi$ #Gk[YWZWf[hiedWj_[d[fh_c[he kdWYedY[fY_Â&#x152;dZ[bX_[d"oZ[bei

eX`[j_leigk[[ilWb_eief[hi[]k_h1 o"i[]kdZe"j_[d[kdi[dj_ZeZ[bW `kij_Y_W$ ;ije [i" kd Yed`kdje Z[ Yh[[dY_WiWY[hYWZ[beijÂ&#x192;hc_deiZ[ bWYeef[hWY_Â&#x152;dieY_Wb[gk_jWj_lW$ #Gk[bWif[hiedWii[fh[ikfe# d["iedYWfWY[iZ[WYjkWhf[diWd# ZeWbWh]efbWpe[dh[bWY_Â&#x152;djWdje YedikYedY[fY_Â&#x152;dZ[bX_[dYece Yediki[dj_ZeZ[`kij_Y_W$ #Gk[bWiZ[i_]kWbZWZ[iieY_Wb[i o [YedÂ&#x152;c_YWi i[ Z[X[d Z_ifed[h Z[ ceZe jWb gk[0 W i[Wd fWhW [b cWoeh X[d[\_Y_e Z[ bWi f[hiedWi c|iZ[il[djW`WZWi1o"Xgk[[ijÂ&#x192;d l_dYkbWZWiWYWh]eiofei_Y_ed[i WX_[hjWiWjeZWibWif[hiedWiXW`e YedZ_Y_ed[i Z[ _]kWbZWZ h[Wb Z[ efehjkd_ZWZ[i'+ IeXh[beihWi]eiZ_ij_dj_leiZ[bW j[ehÂ&#x2021;WZ[bW@kij_Y_W"HWmbiZ_Y[gk[0 Ă&#x2020;;beX`[jefh_cWh_eZ[bW`kij_Y_W [ibW[ijhkYjkhWX|i_YWZ[bWieY_[# ZWZ e cWi [nWYjWc[dj[" [b ceZe [d gk[ bWi _dij_jkY_ed[i ieY_Wb[i c|i _cfehjWdj[i Z_ijh_Xko[d bei Z[h[Y^ei o Z[X[h[i \kdZWc[djW# b[ioZ[j[hc_dWdbWZ_l_i_Â&#x152;dZ[bWi l[djW`Wifhel[d_[dj[iZ[bWYeef[# hWY_Â&#x152;d ieY_Wb$Ă&#x2021;  Feh _dij_jkY_ed[i c|i _cfehjWdj[i [dj_[dZ[ Ă&#x2020;bW Yedij_jkY_Â&#x152;dfebÂ&#x2021;j_YWobWifh_dY_# fWb[iZ_ifei_Y_ed[i[YedÂ&#x152;c_YWio ieY_Wb[iĂ&#x2021;$', =Wh]Wh[bbW h[cWhYW gk[ bei fh_dY_f_eih[ikbjWdj[iZ[bYedjhWje hWmbi_Wdei[Wfb_YWd[dieY_[ZWZ[i X_[d ehZ[dWZWi [d ZedZ[ h[_dWd bWiY_hYkdijWdY_WiZ[`kij_Y_W$'-;d Yedi[Yk[dY_W"fWhWHWmbide[n_i# j[ kd Yh_j[h_e _dZ[f[dZ_[dj[ gk[ fk[ZW _dZ_YWhdei be gk[ [i `kije ^WY[h"Wkdgk[i_^WofheY[Z_c_[d# jeifWhWbb[]WhWh[ikbjWZei[gk_# jWj_lei"begk[i[]Â&#x2018;dÂ&#x192;b[i`kij_Y_W

I_gk[hÂ&#x192;_ii[hh_Yei"deWfh[dZ|_i iebWc[dj[WiWX[hYÂ&#x152;cei[]WdW" i_dejWcX_Â&#x192;dYÂ&#x152;cei[W^ehhW$ 8;D@7C?D<H7DAB?D

ELD<IF ;<C AL@:@F1 )'(($ *+*% AL<Q1 ;I% N@CJFE 8E;@EF I<@EFJF J<:I<K8I@F 8;$?F:% ;I% 9FC@M8I I8DFJ 8CK8D@I8EF% 8LKF1 ALQ>8;F K<I:<IF ;< CF :@M@C P D<I:8EK@C ;< :?@D9FI8QF%$ I`fYXdYX# dXik\j(.[\dXpf[\c)'((# cXj ('_),%$ M`jkfj1 Gfi Zld$ gc`[f Zfe cf fi[\eX[f \e [\Zi\kfXek\i`fi#cX[\dXe[X [\[`mfiZ`f[\]j%,pXZcXiX$ Z`Â?e hl\ Xek\Z\[\# [\[lZ`[X gfi =<IE8E;F <;L8I;F D8IK@E<Q J:8== \e ZfekiX [\jlZÂ?epl^\D@I@8D;<C8 KFII<#\jZcXiXpZldgc\cXj \o`^\eZ`Xj [\ cfj 8ikj% -. p -/ [\c :Â?[`^f 8[a\k`mf :`m`c# iXqÂ?egficXhl\#j\c\X[d`$ k\ Xc kiXd`k\ m\iYXc jldXi`f \jkXYc\Z`[fgfi\c8ik%/)/p j`^l`\ek\j@YÂ&#x2C6;[\d%<ekXcm`i$

kl[#gfi\caliXd\ekfi\e[`[f gfi \c XZkfiX \e \c c`Y\cf# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi cfj 8ikj% /) [\c :Â?[`^f 8[a\k`mf :`m`c p 8ik% ((0 [\c :Â?[`^fJljkXek`mf:`m`c#ZÂ&#x2C6;k\j\ XcX[\dXe[X[XD`i`Xd[\CX Kfii\gfid\[`f[\lef[\cfj [`Xi`fj[\Xdgc`XZ`iZlcXZ`Â?e hl\ j\ \[`kXe kXekf \e \jkX Z`l[X[ [\ I`fYXdYX Zfdf [\c;`jki`kfD\kifgfc`kXef[\ Hl`kf gfi j\i \c cl^Xi [fe[\ j\_XZ\c\YiX[f\cdXki`dfe`f# Zfe\c\okiXZkf[\cX[\dXe[X p\jk\Xlkf#gfiki\jfZXj`fe\j2 glYc`ZXZ`fe\j hl\ d\[`Xi}e gfi cf d\efj \c kÂ&#x201E;id`ef [\ fZ_f[Â&#x2C6;Xj\eki\ZX[XleX[\ \ccXj2 gi\m`e`Â&#x201E;e[fc\ hl\# [\ efZfdgXi\Z\iXal`Z`fm\`ek\ [Â&#x2C6;Xjgfjk\i`fi\jXcXk\iZ\iXp Â&#x2019;ck`dX glYc`ZXZ`Â?e gf[i} j\i [\ZcXiX[X i\Y\c[\% J\ dXe`$ ]`\jkX hl\ ef _Xe gifZi\X[f _`afj%KÂ&#x201E;e^Xj\cXZlXekÂ&#x2C6;XZfdf `e[\k\id`eX[X# \c ZXj`cc\if

al[`Z`Xcj\Â&#x152;XcX[fgXiXi\Z`Y`i jlj efk`]`ZXZ`fe\j Ef (0, p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl8Yf^X[f;\]\ejfi8cfejf MXcm\i[\ Fc`mf% 8^iÂ&#x201E;^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%Gfic`Z\eZ`X[\ cX J\Â&#x152;fiX J\Zi\kXi`X K`klcXi# XZkÂ&#x2019;\ \c ;i% 9fcÂ&#x2C6;mXi IXdfj 8ckXd`iXef Zfdf J\Zi\kXi`f 8[$_fZ# hl`\e _Xcc}e[fj\ gi\j\ek\XZ\gkX\cZXi^fZfe$ ]\i`[faliXjl]`\cpc\^Xc[\j$ \dg\Â&#x152;fp]`idX%$Efk`]Â&#x2C6;hl\j\% ] %$ ;I% N@CJFE 8E;@EF I<@EFJF%AL<Q% ]  Al\q K\iZ\if [\ cf :`m`c%$ j`^l\ cX efk`]`ZXZ`Â?e  ] % ;i% 9fcÂ&#x2C6;mXiIXdfjJ\Zi\kXi`fX[$ _fZ%Cfhl\Zfdle`ZfXljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`$ ^l`\ek\j#gi\m`e`Â&#x201E;e[fc\hl\[\ efZfdgXi\Z\iXal`Z`f[\ekif [\cfjm\`ek\[Â&#x2C6;Xjgfjk\i`fi\jX cX]\Z_X[\cXk\iZ\iXpÂ&#x2019;ck`dX glYc`ZXZ`Â?e#gf[i}j\i[\ZcX$ iX[X\ei\Y\c[Â&#x2C6;Xgi\m`e`Â&#x201E;e[fc\ X[\d}j[\cXfYc`^XZ`Â?ehl\ k`\e\ hl\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc[\lej\Â&#x152;fi8Yf^X[f gXiXhl\i\Z`YXjljgfjk\i`f$ i\jefk`]`ZXZ`fe\j% ;I%9FC@M8II8DFJ8% J<:I<K8I@F8;$?F:% 8%G%&+0+'+&b%d% I<GL9C@:8;<C<:L8;FI

fheY[Z_c[djWbfkhW$ I[^Wdl[hj_ZeckY^WiYhÂ&#x2021;j_YWiW bWj[ehÂ&#x2021;WZ[HWmbifehYedi_Z[hWhbW _dYWfWpZ[iWj_i\WY[hfb[dWc[dj[ ik_d_Y_Wbfhec[iW_]kWb_jWh_W$7b h[if[Yje"oYecefh[Y[Z[dj[Z[kdW fei_Xb[j[ehÂ&#x2021;WZ[bWf[dW"Yedl_[# d[h[Wb_pWhkdWb_][hWh[l_i_Â&#x152;dZ[b _]kWb_jWh_icegk[fhefed[0 W Ă&#x2020;BWi _dij_jkY_ed[i Z[ kdW ieY_[ZWZ fk[Z[d i[h Yedi_Z[hW# ZWi _dij_jkY_ed[i `kijWi YkWdZe f[hc_j[d gk[ bW l_ZW Z[ bWi f[h# iedWiZ[f[dZWZ[begk[YWZWkde WkjÂ&#x152;decWc[dj[[b_][Ă&#x2021;"odeZ[bei WpWh[iZ[bWdWjkhWb[pW"eZ[bWiY_h# YkdijWdY_Wigk[dei^WjeYWZel_l_h feh\ehjkdWeZ[i]hWY_W1 X 9kWdZe i[ f[hc_j[ l_l_h be gk[YWZWkde[b_]["bWi_dij_jkY_e# d[iZ[X[dZ_h_]_hi[W_]kWbWhWbei _dZ_l_Zkei[dikiY_hYkdijWdY_Wi"be gk[i[jhWZkY[\kdZWc[djWbc[dj[ [dZejWhWYWZWkdeYedkdcWd[`e _]kWbZ[Ă&#x2020;X_[d[ifh_cWh_ei1 Y BW _]kWbZWZ de _cfb_YW kdW _]kWbZWZWXiebkjWo[ijh_YjW"hÂ&#x2021;]_# ZW$'. ĹŠĹŠ,/ #++ĹŠ.,Ä&#x201D;ĹŠ ĹŠ 423(!(Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x2C6;Ä&#x2021;Ä&#x2030; ĹŠĹŠ1%1#++ĹŠ. #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~2ĹŠ"#ĹŠ+ĹŠ 423(!(ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;Ä&#x2030;Ä&#x2C6; ĹŠĹŠ1%1#++ĹŠ. #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~2ĹŠ"#ĹŠ+ĹŠ 423(!(ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x17D;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%(-ĹŠÄ&#x160;Ä&#x2018;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x2018;Ä&#x17D; ĹŠĹŠ,/ #++ĹŠ.,Ä&#x201D;ĹŠ ĹŠ 423(!(Ä&#x201D;ĹŠ$2Ä&#x201C;ĹŠÄ&#x2C6;Ä&#x2021;Ä&#x2019;Ä&#x201C; ĹŠĹŠ1%1#++ĹŠ. #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~2ĹŠ"#ĹŠ+ĹŠ)423(!(ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä?Ä&#x201C; ĹŠĹŠ1%1#++ĹŠ. #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~2ĹŠ"#ĹŠ+ĹŠ)423(!(ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x2018;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%(-ĹŠÄ&#x160;Ä&#x2019;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%(-ĹŠÄ&#x160;Ä&#x2019;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x2019; ĹŠĹŠ6+2ĹŠ .'-Ä&#x201D;ĹŠ ( #1+(2,.ĹŠ.+~3(!.Ä&#x201D;ĹŠ/;%(-ĹŠÄ&#x2030;Ä?Ä&#x152;Ä&#x201C; ĹŠĹŠ1%1#++ĹŠ. #13.Ä&#x201D;ĹŠ 2ĹŠ#.1~2ĹŠ"#ĹŠ+ĹŠ 423(!(ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x152;Ä&#x2C6;Ä&#x201C; ĹŠĹŠ6+2ĹŠ .'-Ä&#x201D;ĹŠ#.1~ĹŠ"#ĹŠ+ĹŠ 423(!(Ä&#x201D;ĹŠ;%Ä&#x201C;Ä&#x2018;Ä&#x160;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C; ĹŠĹŠ1%1#++ĹŠĹŠ. #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~2ĹŠ"#ĹŠ+ĹŠ)423(!(ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x17D;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ;%Ä&#x201C;ĹŠÄ?Ä&#x2019;Ä&#x201C;

ALQ>8;FK<I:<IF;<CF :@M@C;<JL:LD9@FJ <OKI8:KF ;< :@K8:@FE AL;@:@8C 8:KFI1   ?<IE8E G8KI@:@F :FIK<Q KL=@zF ;<D8E;8;81 8E8 D8I@8 K8G@8M@CC8II<8C AL@:@F1   ;@MFI:@FEf'(.)Ă&#x2020;)'(( KI8D@K<1   M<I98CJLD8I@F :L8EK@81   @E;<K<ID@E8;8 ;FD@:@C@FAL;@:@8C1 :8J@CC<IFAL;@:@8CEf*. G<K@:@FE1 <j \c ZXjf J\Â&#x152;fi Al\q# hl\ [\j[\_XZ\#[fjXÂ&#x152;fjpd\[`f hl\ d` gi\efdYiX[X \jgfjX j`e dfk`mf Xc^lef XYXe[fef el\jkif_f^Xihl\cfk\eÂ&#x2C6;Xdfj \e \c ZXekÂ?e Hl`kf Gifm`eZ`X [\G`Z_`eZ_X#\e]fidXXYjf$ clkX# j`e hl\ _XjkX cX ]\Z_X pf ZfefqZX [\ jl gXiX[\if2 p#hl\\e\jk\k`\dgfgfie`e$ ^Â&#x2019;e dfk`mf iXqÂ?e f Z`iZlej$ kXeZ`X_\dfjml\ckfX]fidXi le _f^Xi# g\fi XÂ&#x2019;e i\Xel[Xi el\jkiXji\cXZ`fe\jZfepl^X$ c\j#e`j\olXc\j#e`[\e`e^leX eXkliXc\qX% :fe\jkfjXek\Z\[\ek\j#m\e^f Xek\jl8lkfi`[X[2p#[\dXe$ [f cX [`jfclZ`Â?e [\c m`eZlcf dXki`dfe`Xchl\d\le\Xd`

ZÂ?epl^\j\Â&#x152;fiX18E8D8I@8 K8G@8M@CC8II<8C#gXiXhl\ \ej\ek\eZ`Xj\[\ZcXi\[`jl\c$ kf\cm`eZlcfdXki`dfe`Xc#pXcX m\q[`jgfe^XjldXi^`eXZ`Â?e \e\cXZkX[\dXki`dfe`fi\j$ g\Zk`mX# \e \c I\^`jkif :`m`c [\c:XekÂ?eHl`kfGifm`eZ`X[\ G`Z_`eZ_X[\Zfe]fid`[X[Xcf \jk`glcX[f \e \c 8ik% ()/ [\c :Â?[`^f:`m`cM`^\ek\% ;\d`gXik\[\j`^efZfdfgif$ ZliX[fi [\ d` g\hl\Â&#x152;f _`af# <JK@M<E D8K@8J :FIK<Q K8G@8XjlkÂ&#x2C6;fgXk\iefj\Â&#x152;fi1 D8EL<C AFI>< :FIK<Q KL=@zF# dXpfi [\ \[X[ [\ \jkX[f :`m`c jfck\if gfi j\i leXg\ijfeX`[Â?e\XgXiXhl\ fZlg\\cZXi^f[\ZliX[fi#gXiX kXcXZkf#jlJ\Â&#x152;fiÂ&#x2C6;X[`jgfe[i} [Â&#x2C6;Xp_fiXgXiXhl\j\gfj\j`f$ e\\c:Xi^f[\ZliX[fi#gi\m`f \cZfefZ`d`\ekf[\lef[\cfj J\Â&#x152;fi\jAl\Z\j[\cXE`Â&#x152;\qp 8[fc\jZ\eZ`X[\JlZldYÂ&#x2C6;fjp [\j\i\cZXjfj\ZfekXiXZfe\c J\Â&#x152;fi=`jZXc[\8[fc\jZ\ek\j [\JlZldYÂ&#x2C6;fj% CXgi\j\ek\[\dXe[X#cX]le$ [Xd\ekf\ecfhl\[`jgfe\\c eld\iXc (( [\c 8ikÂ&#x2C6;Zlcf ((' [\c :Â?[`^f :`m`c \e XZklXc m`^\eZ`X% <cki}d`k\hl\[\Y\[}ij\c\X cXgi\j\ek\ZXljX\j\cal`Z`f M\iYXc jldXi`f% 8Zfi[\ X cf [`jgl\jkf \e \c 8ik% ((/ [\c


:Â?[`^f:`m`c% CX ZlXekÂ&#x2C6;X gfi jl eXkliXc\qX \j`e[\k\id`eX[X% 8cX[\dXe[X[XJ\Â&#x152;fiX18E8 D8I@8K8G@8M@CC8I<8C#j\ cfZ`kXiXZfeleXZfg`X[\d` [\dXe[X p Xlkf [\ XZ\gkX$ Z`Â?e X ki}d`k\ [\ XZl\i[f X cfhl\[`jgfe\\c8ikÂ&#x2C6;Zlcf/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c \e m`^\eZ`X# gfi ZlXekf YXafaliXd\ekf[\ZcXif[\jZf$ efZ\i\cXZklXc[fd`Z`c`f[\d` gi\efdYiX[X\jgfjX% ALQ>8;F K<I:<IF ;< CF :LM@C ;< JL:LD9@FJ% El\mXCfaX#dXik\j()[\XYi`c [\c)'((#XcXj(,?,,%M@JKFJ1 8mfZfZfefZ`d`\ekf\em`ikl[ [\c jfik\f Zfii\jgfe[`\ek\ p \ed`ZXc`[X[[\Al\qK`klcXi [\c Alq^X[f% <e cf gi`eZ`gXc# cX[\dXe[Xhl\Xek\Z\[\\j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p gfi cf hl\ j\c\XZ\gkXXki}d`k\m\iYXc jldXi`fZfe]fid\gi\jZi`Y\\c 8ik%((/[\c:Â?[`^f:`m`c%:fe \c Zfek\e`[f [\ cX [\dXe[X pgifm`[\eZ`Xi\ZXÂ&#x2C6;[X\e\ccX ZÂ&#x2C6;k\j\ X 8E8 D8I@8 K8G@8 M@CC8II<8C\e\ccl^Xij\Â&#x152;X$ cX[f gXiX \c \]\Zkf# X hl`\e j\c\gi\m\e[i}cXfYc`^XZ`Â?e [\j\Â&#x152;XcXiZXj`ccXal[`Z`XcgXiX i\Z`Y`i]lkliXjefk`]`ZXZ`fe\j% :fdf\cXZkfiYXafaliXd\e$ kf _X [\ZcXiX[f [\jZfefZ\i cX `e[`m`[lXc`[X[ f [fd`Z`c`f [\ cX [\dXe[X[X# ZÂ&#x2C6;k\j\c\ d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l$ [X[[\Hl`kfp[\\jkXZ`l[X[ El\mXCfaX#Zfe]fid\cfgi\$ m`jkfgfi\c8ik%/)[\c:Â?[`^f [\GifZ\[`d`\ekf:`m`c%Gi\m`f X cX [\j`^eXZ`Â?e [\c ZliX[fi X[$c`k\d aljk`]Â&#x2C6;hl\j\ jl `[f$ e\`[X[%KÂ?d\j\\eZl\ekXcX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X gfi \c XZkfi Zfdf cX Xlkfi`qX$

Z`Â?e Zfe]\i`[X X jl XYf^X[X gXkifZ`eX[fiX% @eZfigÂ?i\j\ Xc \og\[`\ek\ cX [fZld\ekX$ Z`Â?e X[alekX% Efk`]Â&#x2C6;hl\j\ p ZÂ&#x2C6;k\j\%$  ]  ;i% =\ieXe[f 8cYXe <%# Al\q K\iZ\if [\ cf :`m`c [\ JlZldYÂ&#x2C6;fj%Cfhl\Zfdle`Zf XLjk\[gXiXcfj]`e\jc\^Xc\j g\ik`e\ek\j% El\mX CfaX# ') [\ DXpf [\c )'(( 8Y%=XeepAldYf>Â?d\q J<:I<K8I@8 8%G%&+0+'0&b%d% ALQ>8;F:L8IKF;<CF :@M@C;<G@:?@E:?8 :@K8:@äE AL;@:@8C1 8C J<zFI G?@C@GG< IF9<IK 9FEE<K#:FEC8J@>L@<EK< ;<D8E;8;<;@MFI:@F#8C K<EFIJ@>L@<EK<1 <okiXZkf 8:KF I8 1  D 8 I>8 I @ K8 G8K I @ : @ 8  ; F E F J F :FI;<IF ;<D8E;8;F1 G?@C@GG< IF9<IK9FEE<K F9A<KF18dgXiX[f\ecXZXl$ jXc [Â&#x201E;Z`dX gi`d\iX# [\c 8ik% (('[\c:Â?[`^f:`m`c#[\dXe[X \c[`mfiZ`fX]`e[\hl\\ej\e$ k\eZ`X j\ [\ZcXi\ [`jl\ckf \c mÂ&#x2C6;eZlcfdXki`dfe`Xchl\le\ XcfjZÂ?epl^\j KI8D@K<1M\iYXcJldXi`f :L8EK@81@E;<K<ID@E8;8 =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1*'[\ale`f[\c)'('% ELD<IF ;< :8LJ81 /0*$ )'('$G:? ;FD@:@C@F C<>8C1 :Xj`ccX Al[`Z`XcEf%,),;i%8c\aXe[if :X[\eX% Gifm`[\eZ`X ALQ>8;F :L8IKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# d`Â&#x201E;iZfc\j ), [\ X^fjkf [\c )'('# cXj ('_)/%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX#j\_XiX[`ZX[f\e\jkX

Al[`ZXkliX d\[`Xek\ \c jfi$ k\f i\jg\Zk`mf# gfi cf kXekf# XmfZf ZfefZ`d`\ekf [\ cX d`jdX \e m`ikl[ [\c f]`Z`f E% 0(+$;G$;;G$A8I$'. [\ '*[\;`Z`\dYi\[\c)''.\e d`ZXc`[X[[\Al\qJlgc\ek\% <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX pi\Â&#x2019;e\cfji\hl`j`kfj[\C\p# \eZfej\Zl\eZ`X#j\cXX[d`k\ Xcki}d`k\M\iYXcJldXi`f%<e dÂ&#x201E;i`kf Xc aliXd\ekf i\e[`[f p[\XZl\i[fXcf\jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi G?@C@GG< IF9<IK9FEE<KgficXgi\e$ jX d\[`Xek\ ki\j glYc`ZXZ`f$ e\j\elef[\cfjg\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf# \e Zfe]fi$ d`[X[ X cf \jkXYc\Z`[f \e \c 8ik%((0[\c:Â?[`^f:`m`c#gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% <ekiÂ&#x201E;^l\j\\c\okiXZkfi\jg\Z$ k`mf% 8^iÂ&#x201E;^l\j\ cX [fZld\e$ kXZ`Â?e XZfdgXÂ&#x152;X[X% KÂ?d\j\ efkX [\c [fd`Z`c`f al[`Z`Xc j\Â&#x152;XcX[f%Efk`]Â&#x2C6;hl\j\% ;I% <;N@E 8I>FK@ I<P<J% AL<Q% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekfgXiXcfj]`e\j[\C\p# X[m`ik`Â&#x201E;e[fc\[\cXfYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc[\cGXcXZ`f[\Aljk`Z`X [\\jkXZ`l[X[[\Hl`kf#gXiX i\Z`Y`i]lkliXjefk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F<  ?Xp]`idXpj\ccf 8:&.0..+&k] I[\c<% ALQ>8;FF:K8MF;<CF :@M@C;<G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc cX j\Â&#x152;fiX B8K<I@E< Q<8 JFC8IK<# j\c\_XZ\jXY\ihl\\e\jkX Al[`ZXkliXj\_Xgi\j\ekX[fcX

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

I_dei[fk[Z[^WY[hjhWcfWi YedbeiWc_]ei"delWb[bWf[dW `k]WhWbWiYWhjWi$ C7H9;BF7=DEB

j`^l`\ek\XZZ`Â?e1 8:KFI1AfjÂ&#x201E;M`Z\ek\8cd\`[X :\mXccfj ;<D8E;8;81 BXk\i`e\ Q\X JfcXik\ 8JLEKF1;`mfiZ`f KI8D@K<1M\iYXcJldXi`f :8LJ81(,(-$)'( :L8EK@81@e[\k\id`eX[X AL<QJLGC<EK<1;i%8idXe[f 8Z\c[f>lXcc` J<:I<K8I@F1 ;i% AlXe =iXeZ`jZfAljk`Z`XJXc^X[f KI8D@K818Y%<]iXÂ&#x2C6;eDXikÂ&#x2C6;e\q KXg`X GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C;<G@:?@E:?81Hl`kf# al\m\j * [\ dXiqf [\c )'((# cXj ((_,.%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX#\ed`ZXc`[X[[\Al\q Jlgc\ek\#d\[`Xek\f]`Z`fEf% ;;G$((++ [\ (( [\ alc`f [\c )''. p \e m`jkX [\c jfik\f Zfii\jgfe[`\ek\%$CX[\dXe[X hl\Xek\Z\[\\jZcXiXpi\Â&#x2019;e\ cfj[\d}ji\hl`j`kfj[\c\p#\e Zfej\Zl\eZ`X#[\j\XcXd`jdX \c ki}d`k\ M\iYXc JldXi`f# \ekiÂ&#x201E;^l\j\ leX Zfg`X [\ cX [\dXe[X p \jkX gifm`[\eZ`X X cX j\Â&#x152;fiX B8K<I@E< Q<8 JFC8IK<# gXiX cfj ]`e\j [\ c\p%$ <e m`jkX [\c aliXd\ekf \ogi\jf[\cXZkfi#gfi\chl\ X]`idXjfYi\cX`dgfj`Y`c`[X[ [\[\k\id`eXicX`e[`m`[lXc`[X[ fi\j`[\eZ`XXZklXc[\cXj\Â&#x152;f$ iXB8K<I@E<Q<8JFC8IK<# ZÂ&#x2C6;k\j\gficXgi\ejX\elef[\

cfj[`Xi`fj[\dXpfiZ`iZlcX$ Z`Â?e[\\jkXZ`l[X[[\Hl`kf# Zfe]fid\cf[`jgfe\\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c%$8[aÂ&#x2019;ek\j\cX[fZld\e$ kXZ`Â?e gi\j\ekX[X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\Â&#x152;XcX[f%$ Efk`]Â&#x2C6;hl\j\ p :Â&#x2C6;k\j\%$] ;i%8idXe[f8Z\c[f >lXcc`%AL<Q Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\c\p#gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc Zfe]fid\ X c\p# gXiX ]lkliXj efk`]`ZX$ Z`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 ?Xplej\ccf 8%:%&.0+-I%[\c<% ALQ>8;F;<:@DF JyGK@DF;<CF:@M@C;< G@:?@E:?8 :@K8:@äEAL;@:@8C 8 cX j\Â&#x152;fiX D<I:<;<J 8C<A8E;I8 >L8CC@:?@:F DFI8C<J# j\ c\ _XZ\ jXY\i hl\\e\jkXAl[`ZXkliXj\c\_X gifgl\jkfal`Z`f[\;`mfiZ`f\e jlZfekiX\ecfjj`^l`\ek\j kÂ&#x201E;id`efj1 8:KFI1 BcÂ&#x201E;Y\i 8l^ljkf Dfc`eX:_}m\q ;<D8E;8;81 D\iZ\[\j 8 c \ a X e [ iX  > l X c c ` Z _ ` Zf DfiXc\j

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

EXTRACTO DE LA ESCRITURA PĂ&#x161;BLICA DE DISOLUCIĂ&#x201C;N VOLUNTARIA Y ANTICIPADA DE MODERAGUI CONSTRUCTORES COMPAĂ&#x2018;Ă?A LIMITADA. 1.- Se pone en conocimiento del pĂşblico que, la Superintendencia de Compaùías mediante ResoluciĂłn No.SC.IJ.DJDL.Q.11.1932 de 04 MAY 2011, aprobĂł la escritura pĂşblica de disoluciĂłn voluntaria de MODERAGUI CONSTRUCTORES COMPAĂ&#x2018;Ă?A LIMITADA, otorgada ante el Notario DĂŠcimo Suplente del Distrito Metropolitano de Quito, el 14 de octubre de 2010, a fin de que quienes se creyeren asistidos del derecho de oposiciĂłn previsto en el artĂ­culo 33 de la Ley de Compaùías, como acto previo a su inscripciĂłn, puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaùía, dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y, ademĂĄs, pongan el particular en conocimiento de la Superintendencia de Compaùías. El Juez que reciba la oposiciĂłn 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 compaùía y al cumplimiento de los demĂĄs requisitos legales. 2.- Al otorgamiento de la escritura pĂşblica antes mencionada comparece el licenciado Manuel de JesĂşs Gilberto RĂ­os, en su calidad de Gerente. El compareciente es de nacionalidad ecuatoriana, de estado civil casado y domiciliado en el Distrito Metropolitano de Quito. La junta general de socios de 30 de agosto de 2010, resolviĂł nombrar Liquidador Principal al citado Gerente y como Liquidador Suplente al seĂąor Milton Alcides GuillĂŠn Encalada, quienes para los efectos del artĂ­culo 393 de la Ley de Compaùías, notifican a los acreedores de la empresa para que en el tĂŠrmino de veinte dĂ­as contados a partir de la Ăşltima publicaciĂłn de este Extracto, presenten los documentos que acrediten su derecho en la direcciĂłn domiciliaria de la compaùía.

EXTRACTO CONSTITUCION DE LA COMPAĂ&#x2018;Ă?A ESPACIOPLUS DISEĂ&#x2018;O Y CONSTRUCCION CIA. LTDA. La compaùía ESPACIOPLUS DISEĂ&#x2018;O Y CONSTRUCCION CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario Noveno del Distrito Metropolitano de Quito, el 05 de Mayo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002318 de 30 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: UNO.- LA CONSULTORIA, PLANIFICACION, DISEĂ&#x2018;O, CONSTRUCCIĂ&#x201C;N, DIRECCIĂ&#x201C;N Y EJECUCIĂ&#x201C;N DE PROYECTOS, REMODELACION, REHABILITACION DE TODO TIPO DE EDIFICACIONES, PRESTACIĂ&#x201C;N DE SERVICIOS PROFESIONALES RELACIONADOS CON LA INGENIERIA Y ARQUITECTURA EN TODAS SUS RAMAS EN EL SECTOR PĂ&#x161;BLICO Y PRIVADO... Quito, 30 de Mayo de 2011

Distrito Metropolitano de Quito, a 04 MAY 2011

Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ&#x2018;IAS

AB. PATRICIA CHIRIBOGA SĂ NCHEZ DIRECTORA JURĂ?DICA DE DISOLUCIĂ&#x201C;N Y LIQUIDACIĂ&#x201C;N DE COMPAĂ&#x2018;Ă?AS

AC/11175/tf A.P./49376/k.m.

AL@:@F1 ;`mfiZ`f Eif# +,-$ )'(($J# `eZ`jf j\^le[f [\c eld\iXcfeZ\[\c8ik%('0[\c :Â?[`^f:`m`cM`^\ek\ :L8EK@81@e[\k\id`eX[X KI8D@K<1M\iYXcJldXi`f 89F>8;F ;<=<EJFI1 ;i% IfY\ikf8pXcX ALQ>8;F;y:@DFJyGK@DF ;<CF:@M@C;<G@:?@E:?8%$ JXe^fchlÂ&#x2C6;# X )' [\ 8Yi`c [\c )'((% 8 cXj '/?('% M@JKFJ1 8mfZfZfefZ`d`\ekf[\cXgi\$ j\ek\ZXljX\eZXc`[X[[\Al\q <eZXi^X[f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ''')$;G$ ;GG[\*[\\e\if[\c)'((% CX [\dXe[X hl\ Xek\Z\[\ \jZcXiX#gi\Z`jX#Zfdgc\kXp i\Â&#x2019;e\cfj[\d}ji\hl`j`kfj[\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Zk`mf# \e al`$ Z`fM\iYXcJldXi`f8k\ekfXc aliXd\ekfi\e[`[fgficXgXik\ 8ZkfiX# ZÂ&#x2C6;k\j\ X cX [\dXe$ [X[X j\Â&#x152;fiX D<I:<;<J 8C<A8E;I8 >L8CC@:?@:F DFI8C<J# [\ Zfe]fid`[X[ Zfecfhl\[`jgfe\\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#\elef[\cfj[`Xi`fj[\ dXpfiZ`iZlcXZ`Â?e\ecX:`l[X[ [\Hl`kf%8^iÂ&#x201E;^l\j\cfj[fZl$ d\ekfjgi\j\ekX[fj%KÂ&#x201E;e^Xj\ \eZl\ekX\cZXj`cc\ifal[`Z`Xc Ei%(+(pcXXlkfi`qXZ`Â?eZfe$ ]\i`[XXc;fZkfiIfY\ikf8pXcX% EFK@=@HL<J<% =[f% ;i%Cl`j<[lXi[fKX`g\>% AL<Q<E:8I>8;F  Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\C\p#gi\m`e`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\[\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e lef[\cfj[\\jkXZ`l[X[#gXiX gfjk\i`fi\jefk`]`ZXZ`fe\j% :\ik`]`Zf% 8Y^%=\ieXe[f>iXeaXCXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp]`idXpj\ccf 8:&.0,',) k] I<GL9C@:8;<C<:L8;FI ALQ>8;F;<:@DF J<>LE;F;<CF:@M@C;< G@:?@E:?8 :@K8:@äEAL;@:@8C 81 D8I@F 8C:@;<J M<C8 98CJ<:8 8 : KF I 1  : 8 I D < C @ E 8 G@C8K8J@>:?8E8K8J@> ; < D 8 E ;8 ;8 1  D 8 I @ F 8C:@;<JM<C898CJ<:8 AL@:@F1 ;@MFI:@F GFI :8LJ8CEÂ&#x2014;(*0$)'((DIM KI8D@K<1 M < I 9 8 C JLD8I@F :L8EKĂ 81@E;<K<ID@E8;8 F9A<KF2 ;@JFCL:@äE ;<C M@E:LCF D8KI@DFE@8C ;< :FE=FID@;8; 8 CF <JK89C<:@;F<E<C@E:@JF J<>LE;F :8LJ8C ;<:@DF GI@D<I8 ;<C 8IK% ((' ;<C :F;@>F:@M@C =<:?8;<@E@:@F;<CAL@:@F1 (+;<D8IQF;<C)'(( GIFM@;<E:@8 ALQ>8;F;y:@DFJ<>LE;F ;<CF:@M@C;<G@:?@E:?8%$ Hl`kf#cle\j(+[\dXiqf[\c )'((# cXj ('_',%$ M@JKFJ%$ 8mfZfZfefZ`d`\ekfXcXgi\$ j\ek\ZXljX\eZXc`[X[[\Al\q K`klcXi [\ \jkX Al[`ZXkliX# p \em`ikl[[\cjfik\fi\Xc`qX[f %$ CX [\dXe[X hl\ Xek\Z\$ [\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ m\iYXc jldXi`f%$<e m`ikl[ [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p# [\ XZl\i$ [fZfe\c8ik%/)[\c:Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe \c \okiXZkf [\ cX [\dXe[X p \jk\ Xlkf# ZÂ&#x2C6;k\j\ Xc [\dXe$ [X[f D8I@F 8C:@;<J M<C8 98CJ<:8d\[`Xek\ki\jglYc`$ ZXZ`fe\j\elef[\cfjg\i`Â?[`$ Zfj[\dXpfiZ`iZlcXZ`Â?ehl\ j\ \[`kXe \e \jkX Z`l[X[ [\

 

  

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ? Hl`kf# j\ cXj _Xi} d\[`Xe[f fZ_f[Â&#x2C6;Xjgficfd\efj#\eki\ cX leX p cX fkiX%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\Â&#x152;XcX cX gXik\ XZkfiX p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl[\]\ejfi%$EFK@=@HL<J<%% = ;I%:8ICFJ=<IEĂ?E;<Q @;IFMF%$AL<Q Cfhl\cc\mfXjlZfefZ`d`\ekf gXiXcfj]`e\j[\c\p#gi\m`e`Â&#x201E;e$ [fc\[\cXfYc`^XZ`Â?ehl\k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ Hl`kf#(0[\dXiqf[\)'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C;<G@:?@E:?8 ?Xp]`idXpj\ccf 8:&.0,,(&k] I%;<C<% ALQ>8;FJ<>LE;F;<CF :@M@C;<<CFIF <OKI8:KF;<:@K8:@äE ; < D 8 E ;8 E K < 1  ? L > F FJN8C;FM<I8IL<;8 ;<D8E;8;81 @ E < J D8>;8C<E8 ?<IE8E;<Q G8@CC8:?F F9A<KF ;< C8 ;<D8E;81 ;@MFI:@F KI8D@K<1M<I98CJLD8I@F Ef%--'$)''0 AL<Q ;< C8 :8LJ81 89>% AFI>< :?8D9<IJ G8II8C<J#AL<QK<DGFI8C ;<CALQ>8;FJ<>LE;F;< CF:@M@C;<D8:?8C8 GIFM@;<E:@81 GfiZcXiX#gi\Z`jXpZfdgc\kX gfii\le`icfji\hl`j`kfj[\c\p j\XZ\gkXXcki}d`k\\ecXMÂ&#x2C6;X M\iYXc JldXi`X% Gfi ZlXekf \cXZkfidXe`]`\jkXYXafaliX$ d\ekfhl\c\_Xj`[f`dgfj`$ Yc\[\k\id`eXicXi\j`[\eZ`Xf [fd`Z`c`fXZklXc[\cX[\dXe$ [X[X @E<J D8>;8C<E8 ?<IE8E;<QG8@CC8:?F#j\ fi[\eX Z`kXicf gfi cX gi\ejX# \elef[\cfj[`Xi`fjhl\j\ \[`kXe\e\jkXZ`l[X[#Zfe]fi$ d\cf[\k\id`eX\c8ik%/)[\c :Â?[`^f[\GifZ\[`d`\ekf:`m`c p8ik%((0:Â?[`^f:`m`c% GXik`ZlcXihl\gfe^f\eZfef$ Z`d`\ekfgXiXcfj]`e\j[\C\p# X[m`ik`Â&#x201E;e[fc\Xc[\dXe[X[fcX fYc`^XZ`Â?e [\ ZfdgXi\Z\i X al`Z`fpj\Â&#x152;XcXiZXj`cc\ifal[`$ Z`Xc\e\jkXZ`l[X[[\DXZ_XcX gXiXjljefk`]`ZXZ`fe\j[\ekif [\cfjm\`ek\[Â&#x2C6;Xjgfjk\i`fi\j XcXk\iZ\iXpÂ&#x2019;ck`dXglYc`ZX$ Z`Â?e% DXZ_XcX# )+ Efm`\dYi\ [\c )'('% 8Y^% AfjÂ&#x201E; JXdXe`\^f AXiXd`ccf J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< D8:?8C8 ?Xp]`idXpj\ccf 8:&.0.+.&k] I<GL9C@:8;<C<:L8;FI ALQ>8;FK<I:<IF;<CF :@M@C;<G@:?@E:?8 :@K8:@FE8C8JiX%D@I@8D G8KI@:@8<JG@EFJ8IL<;8 <OKI8:KF AL@:@F%M<I98CJLD8I@F ;`mfiZ`fgfiZXljXc  8:KFI8% =I8EBC@E FD8I =CFI<JGI@<KF ; < D 8 E ;8 ; F%  D @ I @ 8 D G8KI@:@8<JG@EFJ8IL<;8 KI8D@K<M<I98CJLD8I@F :8LJ8 EF% (*+.$)'('$JD$ GM

Ä&#x192;

:L8EK@8%@E;<K<ID@E8;8 GIFM@;<E:@8% ALQ>8;F K<I:<IF ;< CF :@M@C;<G@:?@E:?8%Hl`kf# d`Â&#x201E;iZfc\j (' [\ efm`\dYi\ [\c)'('#cXj(+_,,%M@JKFJ1 8^iÂ&#x201E;^l\j\\c\jZi`kfhl\Xek\$ Z\[\%LeXm\qhl\j\_X[X[f Zldgc`d`\ekf Zfe cf fi[\eX$ [f \e gifm`[\eZ`X Xek\i`fi j\ [`jgfe\1 cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\cfj[\d}ji\hl`j`kfj[\ c\p%<eZfej\Zl\eZ`X#[\Zfe$ ]fid`[X[ Zfe cf \jkXYc\Z`[f \e\c8ik%/)0[\c:Â?[`^f[\ GifZ\[`d`\ekf:`m`c#kiXdÂ&#x2C6;k\j\ \ecXmÂ&#x2C6;XM\iYXcJldXi`X#[`j$ gfe`Â&#x201E;e[fj\ Z`kXi X cX j\Â&#x152;fiX D@I@8DG8KI@:@8<JG@EFJ8 IL<;8#d\[`Xek\ki\jglYc`$ ZXZ`fe\j\elef[\cfj[`Xi`fj [\dXpfiZ`iZlcXZ`Â?eeXZ`feXc hl\j\\[`kXe\e\jkXZ`l[X[[\ Hl`kf#\em`ikl[[\caliXd\e$ kfi\e[`[fgficXgXik\XZkf$ iX Zfe]fid\ [`jgfe\ \c 8ik% /) `eZ`jf k\iZ\if [\c :Â?[`^f 8[a\k`mf :`m`c % KÂ&#x201E;e^Xj\ \e Zl\ekXcX`ej`elXZ`Â?e[\ZliX$ [fiX[$c`k\dgXiXcfjd\efi\j% :lÂ&#x201E;ek\j\Zfe\cj\Â&#x152;fi8^\ek\ =`jZXc ;`jki`kXc [\ cf G\eXc [\G`Z_`eZ_X%:fe]`Â&#x201E;iXj\gfi d\[`f[\j\Zi\kXiÂ&#x2C6;X\c\okiXZ$ kfg\ik`e\ek\%Efk`]Â&#x2C6;hl\j\%$=  ;I%ALC@F:<J8I8DFI<J%$ AL<Q% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j[\c\p#gi\m`e`Â&#x201E;e[fc\[\ cXfYc`^XZ`Â?e[\j\Â&#x152;XcXiZXj`$ cc\ifal[`Z`XcgXiXgfjk\i`fi\j efk`]`ZXZ`fe\j%$ ;i%AFI><G8C8:@FJ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp]`idXpj\ccf 8:&.0..)&k] ALQ>8;FJ<OKF;<CF :@M@C;<G@:?@E:?8 :@K8:@FEAL;@:@8C :@K8J< Zfe \c j`^l`\ek\ <OKI8:KF;<C8;<D8E;8 ;< ;@MFI:@F 81 D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E 8:KFI1 N@CJFE I@:?<C@<L :@C@FD<;@E8 ;<D8E;8;F1 D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E AL@:@F1;@MFI:@F)'(($'*.- $A}e\k[KX`g\I% :L8EK@81@E;<K<ID@E8;8 KI8D@K<1 M < I 9 8 C JLD8I@F F9A<KF ;< C8 ;<D8E;81 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C GIFM@;<E:@81 ALQ>8;F J<OKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# d`Â&#x201E;iZfc\j *' [\ dXiqf [\c )'((# cXj '/_),% M@JKFJ1 CX [\dXe[X [\ ;@MFI:@F hl\ gi\j\ekXN@CJFEI@:?<C@<L :@C@F D<;@E8# \e ZfekiX [\ jl ZÂ?epl^\ D8:CFM@8 8D8I@C@J :8JK8z<;8# i\le\ cfj i\hl`j`kfj [\ C\p# \eZfej\Zl\eZ`Xj\cXXZ\gkX Xcki}d`k\Zfii\jgfe[`\ek\gfi cXmÂ&#x2C6;XM\iYXcJldXi`X#gi\m`jkX \ecfj8ikj%/)/pj`^l`\ek\j [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c# \e XZXkXd`\ekf X cf [`jgl\jkf \e \c 8ik% ((/ [\c :Â?[`^f:`m`c%$:fejlZfek\e`$ [fp\jkXgifm`[\eZ`X:@K<J< X cX [\dXe[X[X \e \c cl^Xi `e[`ZX[fgfi\cXZkfi#gXiX\jk\ ]`e#:FD@J@FE<J<XcK\e`\ek\ GfcÂ&#x2C6;k`Zf[\cXGXiifhl`X[\JXe

Ĺ? Ĺ?

Ĺ? 


Ĺ? Ĺ?

Ĺ? 

 

  

Ä&#x2026;

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ?

8ekfe`f[\G`Z_`eZ_X#Xhl`\e j\ c\ i\d`k`i} jl]`Z`\ek\ [\j$ gXZ_f%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\c :liX[fi 8[$c`k\d hl\ \c [\dXe[Xek\ i\]`\i\gXiXcXi\gi\j\ekXZ`Â?e [\jlj_`afjd\efi\j[\\[X[%$ 8^iÂ&#x201E;^l\j\XcgifZ\jfcX[fZl$ d\ekXZ`Â?egi\j\ekX[Xpi\^Â&#x2C6;j$ ki\j\cXZXj`ccXal[`Z`XcEf%/. hl\j\Â&#x152;XcX\cXZkfigXiXi\Z`Y`i jljefk`]`ZXZ`fe\j%$:@K<J<P EFK@=@HL<J<%$%$] ;I%D8I@F FIK@Q<JKI<CC8%$AL<Q ALQ>8;FJ<OKF;<CF:@M@C ;<G@:?@E:?8%$Hl`kf#dXi$ k\j('[\dXpf[\c)'((#cXj (,_*.% JfYi\ cX YXj\ [\ cX Xj\m\iXZ`Â?e aliXd\ekX[X [\c XZkfi#\e\cj\ek`[f[\hl\c\ _Xj`[f`dgfj`Yc\[\k\id`eXi cXi\j`[\eZ`Xf`e[`m`[lXc`[X[ [\ D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E# p [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf\e\c`eZ`jf*f%[\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ :@K8I X kiXmÂ&#x201E;j [\ cX gi\ejX# Zfe le <OKI8:KF;<C8;<D8E;8# 8LKF ;< :8C@=@:8:@FE P <JK8 GIFM@;<E:@8# X cX efdYiX[X [\dXe[X[X# \e cX ]fidX [`jgl\jkX \e \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ EFK@=@HL<J<%$] ;I%D8I@F FIK@Q<JKI<CC8%$AL<Q%$ Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ GXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`f$ e\j#jÂ&#x2C6;imXj\j\Â&#x152;XcXicXZXj`ccX al[`Z`Xc[\le8Yf^X[fZfdf [`jgfe\cXC\p% ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp]`idXpj\ccf 8:&.0..,&k] I<GL9C@:8;<C<:L8;FI ALQ>8;FJ<OKF;<CF :@M@C;<G@:?@E:?8 :@K8:@äEAL;@:@8C :`kXj\Zfe\cj`^l`\ek\\okiXZ$ kf[\cX[\dXe[X[\[`mfiZ`f X8E><C89<IK?89FI9FI JFI@8EF# Zlpf k\efi \j \c j`^l`\ek\1 8:KFI1 AFJ< I@:8I;F DLI>L<PK@FDFI8C<J ;<D8E;8;81 8E><C8 9<IK?89FI9FIJFI@8EF :C8J<;<AL@:@F1;@MFI:@F Ef%(++0Ă&#x2020;)''0%=M KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81@E;<K<ID@E8;8 F9A<KF ;< C8 ;<D8E;81 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C <OKI8:KF;<C8;<D8E;8 PGIFM@;<E:@8@E@:@8C1cXj hl\j`^l\e ALQ>8;FJ<OKF;<CF:@M@C ;< G@:?@E:?8% HL@KF )' [\ Efm`\dYi\ [\c )''0# cXj '0_*/%$M@JKFJ1CX[\dXe[X [\ [`mfiZ`f gi\j\ekX[X gfi AFJ<I@:8I;FDLI>L<PK@F DFI8C<J \e ZfekiX [\ 8E><C8 9<IK?8 9FI9FI JFI@8EF% \j ZcXiX# gi\Z`jX pi\Â&#x2019;e\cfji\hl`j`kfjc\^Xc\j \eZfej\Zl\eZ`Xj\cXXZ\gkX X kiXd`k\ Zfii\jgfe[`\ek\ X cXmÂ&#x2C6;XM\iYXcJldXi`Xgi\m`j$ kX \e cX j\ZZ`Â?e )*% 8ik%/)/ p j`^l`\ek\j [\c :Â?[`^f ;\ GifZ\[`d`\ekf:`m`c%8k\ekXcX Xj\m\iXZ`Â?e aliXd\ekX[X [\ cX XZZ`feXek\ i\jg\Zkf [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX`e[`m`[lXc`[X[fi\j`[\eZ`X [\ cX [\dXe[X[X# :Â&#x2C6;k\j\ X

8E><C8 9<IK?8 9FI9FI JFI@8EF% Zfe le \okiXZkf [\ cX [\dXe[X p \jkX gifm`$ [\eZ`X gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf p \e cX Z`l[X[ [fe[\ j\ Z\c\Yif \c dXki`dfe`f%$ d\[`Xe[f fZ_f [Â&#x2C6;Xj gfi ZX[X glYc`ZX$ Z`Â?e%8^iÂ&#x201E;^l\j\XcgifZ\jfcX [fZld\ekXZ`Â?e gi\j\ekX[X% KÂ&#x201E;e^Xj\\eZl\ekX\cZXj`cc\$ ifj\Â&#x152;XcX[fpcXXlkfi`qXZ`Â?e fkfi^X[XXjl8Yf^X[fgXkif$ Z`eX[fi#%$EFK@=@HL<J<%$%$ ]%  ;ID8I@FFIK@QAL<Q Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\[\ j\Â&#x152;XcXi[fd`Z`c`fal[`Z`XcgXiX gfjk\i`fi\j efk`]`ZXZ`fe\j \e \jkXal[`ZXkliX% ;I%<;N@E:<M8CCFJ8% J<:I<K8I@F ?Xp]`idXpj\ccf 8:&(((./ I;<C< <OKI8:KFAL;@:@8C ALQ>8;F M@><J@DF ;< CF :@M@C;<G@:?@E:?8 :@K8:@FEAL;@:@8C8:<:@C@8 M<IFE@:8 J8C>L@<IF FA<;8 AL@:@F[\;@MFI:@FEf%,)$ )'(($C8 8:KFI2 =I<;P G8KI@:@F 9<IE8C9L<JK8E ; < D 8 E ;8 ; F  : <: @ C @ 8 M<IFE@:8 J8C>L@<IF FA<;8 KI8D@K<M<I98CJLD8I@F :L8EK@8@E;<K<ID@E8;8 :8LJ8C 8ik% (('# ZXljXc ;Â&#x201E;Z`dXGi`d\iX#@eZ`jf)[f% [\c:Â?[`^f[\:`m`c% GIFM@;<E:@8 ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j + [\ dXpf [\c )'((# cXj ()_))%$M@JKFJ1 <eZXc`[X[[\Al\qK`klcXi[\ \jk}Al[`ZXkliX#XmfZfZfefZ`$ d`\ekf[\cXgi\j\ek\ZXljX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p% Gfi Zfej`$ ^l`\ek\#\jgifZ\[\ek\\cki}$ d`k\m\iYXcjldXi`f#ZÂ&#x2C6;k\j\XcX [\dXe[X[X j\Â&#x152;fiX1 :<:@C@8 M < IF E @ :8  J8 C> L < IF FA<;8#\elef[\cfj[`Xi`fj [\dXpfiZ`iZlcXZ`Â?e[\\jkX :`l[X[[\Hl`kf#Gifm`eZ`X[\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfecfhl\[`jgfe\\e8ik%/)# [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c%$ :lÂ&#x201E;ek\j\ Zfe lef [\ cfj j\Â&#x152;fi\j 8^\ek\ =`jZXc [\c ;`jki`kf [\ G`Z_`eZ_X%$ 8^iÂ&#x201E;^l\j\cX[fZld\ekXZ`Â?e hl\j\XZfdgXÂ&#x152;X%$KÂ&#x201E;e^Xj\ \eZl\ekX\c[fd`Z`c`fpZXj`$ cc\if al[`Z`Xc# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e X jl XYf^X[f [\]\ejfi%$Efk`]Â&#x2C6;hl\j\%] %$;i% >\id}e >feq}c\q [\c Gfqf# Al\q% Cfhl\c\Zfdle`ZfXLjk\[# pc\:@KF#gXiXcfj]`e\j[\c\p gi\m`e`Â&#x201E;e[fc\[\cXfYc`^XZ`Â?e [\hl\k`\e\[\j\Â&#x152;XcXiZXj`$ cc\if al[`Z`Xc \e \c cl^Xi [\c al`Z`fgXiXgfjk\i`fi\jefk`]`$ ZXZ`fe\j% ;i%>Xcf9}\qAX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 8%:%&((((' I%[\c<%

   Ĺ? 

:@K8:@FE AL;@:@8C 8 AL8E D@>L<C :?8:?8CF 8CM<8I :FE <C AL@:@F ;< ;@MFI:@FGIFGL<JKFGFI <CM@8 <C@Q89<K? :8@Q8 M@CC8II<8C 8:KFI1 <CM@8 <C@Q89<K? :8@Q8M@CC8II<8C ;<D8E;8;F1AL8ED@>L<C :?8:?8CF8CM<8I = L E ;8 D < E KFJ  ; < ;<I<:?F18IK%(('eld\iXc ((`eZ`jfj\^le[f[\c:Â?[`^f :`m`c :L8EK@81@e[\k\id`eX[X KI8D@K<1M<I98CJLD8I@F$ AL@:@FE1+.)$)'(( ;FD@:@C@F A L ; @ : @ 8 C ;I% N@CC@8DJ C8C8<F :8J@CC<IFE1,/ ALQ>8;F;<:@DFJ<GK@DF ;<CF:@M@C;<G@:?@E:?8%$ JXe^fchlÂ&#x2C6;#  (/ [\ 8Yi`c [\c )'((%$8cXj/?('%$ M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f d\[`Xek\XZZ`Â?e[\g\ijfeXc Ef% ''')$ ;G$;GG [\ * [\ \e\if[\c)'((%$CX[\dXe[X hl\Xek\Z\[\\jZcXiX#gi\Z`jX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj[\ C\p# gfi cfhl\ j\cXXZ\gkXXcki}d`k\i\jg\Z$ k`mf#\eal`Z`fM\iYXcJldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ 8ZkfiX# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi AL8E D@>L<C :8:?8CF 8CM<8I# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\\c8ik%/)[\c:Â?[`^f [\ GifZ\[`d`\ekf :`m`c [\c :Â?[`^f[\GifZ\[`d`\ekf#\e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX :`l[X[ [\ Hl`kf%$ 8^iÂ&#x201E;^l\j\ cfj [fZl$ d\ekfjgi\j\ekX[fj%$KÂ&#x201E;e^Xj\ \eZl\ekX\cZXj`cc\ifal[`Z`Xc Eif% ',/ p cX Xlkfi`qXZ`Â?e Zfe]\i`[X Xc ;fZkfi N`cc`Xdj CXcXc\f%$EFK@=@HL<J< ;i%Cl`j<[lXi[fKX`g\>% AL<Q<E:8I>8;F Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\C\p#gi\m`e`Â&#x201E;e[f$ c\[\cXfYc`^XZ`Â?e[\j\Â&#x152;XcXi :Xj`cc\if Al[`Z`Xc \e lef [\ cfj [\c cl^Xi [\c al`Z`f gXiX jlgfjk\i`fi\jefk`]`ZXZ`fe\j%$ :\ik`]`Zf% <cJ\Zi\kXi`f ?Xplej\ccf 8%:%&(((-*

D<EFI<J I%;<C<% ALQ>8;F;<:@DF;<C8 E@z<QP8;FC<J:<E:@8 ;<G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI AL8E D8I:<CF IF98C@EF=@<IIF <OKI8:KF :8LJ81 8LKFI@Q8:@FE ;< J8C@;8;<CG8@J AL@:@FEf%)'(($)(0$GK 8:KFI1 :8IC8 8C@:@8 M8JHL<Q I@M8;<E<@I8 ;<D8E;8;F1 A L 8 E D8I:<CFIF98C@EF=@<IIF :L8EK@81@E;<K<ID@E8;8 AL<Q1;I%><ID8E>I8E;<J 8E8CL@J8 ALQ>8;F ;<:@DF ;< C8 E@z<QP8;FC<J:<E:@8;< G@:?@E:?8% Hl`kf# d`Â&#x201E;iZf$ c\j ). [\ XYi`c [\c )'((# cXj (,?(0%$ M@JKFJ1 <e d` ZXc`$ [X[[\Al\q8[alekf#gi\m`f\c jfik\f[\C\pZfii\jgfe[`\ek\ p \e m`ikl[ [\ cX I\jfclZ`Â?e Ef%',*$)'('[\c:fej\af[\ cX Al[`ZXkliX glYc`ZX[f \e \c I\^`jkif F]`Z`Xc Ef% )-+# [\ d`Â&#x201E;iZfc\j ), [\ 8^fjkf [\c )'('2 p# gfi ZlXekf cX XZkfiX X [X[f Zldgc`d`\ekf Xc [\Zi\kf [\ (/ [\ ]\Yi\if [\c )'((# cXj (-_+0# 8MF:F ZfefZ`d`\ekf [\ cX gi\j\ek\ [\dXe[X# cX d`jdX hl\ gfi j\iZcXiXpi\le`icfji\hl`j`kfj \jkXYc\Z`[fj\ecXc\p\jXZ\g$ kX[X X ki}d`k\# \e kXc m`ikl[

I_fkZ_Â&#x192;hWceiWfh[dZ[h" fehbWcWÂ&#x2039;WdW"begk[[i`kije" Z[X[hÂ&#x2021;WceiZWhdeifehiWj_i\[Y^ei Yedceh_hfehbWjWhZ[$ 9ED<K9?E [`jgfe^f1( :Ă K<J<\ec\^Xc ]fidX Xc [\dXe[X[f j\Â&#x152;fi1 AL8E D8I:<CF IF98C@EF =@<IIF# Zfe]fid\ cf jfc`Z`kX cX XZZ`feXek\ \e cX [\dXe$ [X# XZfi[\ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX cfj ]`e\j[\c\p%$J\c\gi\m`\e\Xc [\dXe[X[f[\jlfYc`^XZ`Â?e hl\k`\e\[\j\Â&#x152;XcXiZXj`cc\if al[`Z`Xc\e\jkXZ`l[X[[\Hl`kf gXiX ]lkliXj efk`]`ZXZ`fe\j# [\ ZfdgXi\Z\i X al`Z`f YXaf gi\m\eZ`fe\j[\Zfek`elXicX ZXljX \e i\Y\c[Â&#x2C6;X%$ )  <e cf hl\gifZ\[\X;\i\Z_f#X^iÂ&#x201E;$ ^l\j\Xc\og\[`\ek\pkÂ?d\j\ \e Zl\ekX cX [fZld\ekXZ`Â?e X[alekX[X X cX ;\dXe[X2 *  KÂ?d\j\\eZl\ekX\cZXj`cc\if al[`Z`Xcj\Â&#x152;XcX[fgficXXZkfiX gXiXi\Z`Y`ijljefk`]`ZXZ`fe\j XjÂ&#x2C6;ZfdfcXXlkfi`qXZ`Â?eZfe$ ]\i`[X X jl XYf^X[f gXkifZ`$ eX[fi%$?\Z_fj\gifm\\i}cf hl\ \e [\i\Z_f Zfii\jgfe$ [X%$:Ă K<J<%$EFK@=Ă HL<J<%$ :èDGC8J<%$ Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\C\p#gi\m`e`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\[\ j\Â&#x152;XcXi[fd`Z`c`fal[`Z`XcgXiX jlj]lkliXjefk`]`ZXZ`fe\j[\c al`Z`f% ;I8% D@I@8E IF;I@>L<Q EF>8C<J J<:I<K8I@88;ALEK8 <o`jk\]`idXpj\ccf% 8%G%&+0*0,&b%d%

<A<:LK@MFJ I<GL9C@:8;<C<:L8;FI ALQ>8;FGI@D<IF;<CF :@M@C;<G@:?@E:?8 <OKI8:KF :@K8:@FE AL;@:@8C 8C J<zFI <;>8I M@CC8D8I >FD<Q 8:KF I 1  ; I8 %  > < 8 E 8>L@II< 9<E8C:8Q8I GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ;< >L8P8HL@C J18% ;<D8E;8;FJ1 <;>8I ?<IE8E M @ C C 8 D 8 I >FD<Q# DFE@:8 JFC<;8; <JKI<CC8 :8;<E8 AL@:@F <A<:LK@MF Ef% (*,0$)'('$ ;%:<M8CCFJ%  :8J@CC8AL;@:@8CEf+*( ;<=<EJFI1 ;I% <JK<98E :8II<I8 GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# al\m\j )/ [\ fZklYi\ [\c )'('# cXj (,_'/%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x201C;e\ cfj [\d~j i\hl`j`kfj [\ ]fidX gi\m`jkfjgficXC\p%$<eZfe$ j\Zl\eZ`X# [\j\ \c ki~d`k\ \a\Zlk`mf jfc`Z`kX[f gXiX cf ZlXc cfj \a\ZlkX[fj j\Â&#x152;fi\j <;>8I ?<IE8E M@CC8D8I >FD<QPDFE@:8JFC<;8; <JKI<CC8 :8;<E8# \e cXj ZXc`[X[\j`emfZX[Xj#ZldgcXe ZfecXfYc`^XZ`Â&#x17D;e[\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j \e \c kÂ&#x2026;id`ef [\ ki\j [Â&#x2030;Xj%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% +)) [\c :Â&#x17D;[`^f [\ GifZ\[`d`\ekf :`m`c# p cX `e]fidXZ`Â&#x17D;e jldXi`X X[ale$ kX# fi[Â&#x2026;eXj\ \c j\Zl\jkif [\ cfj Y`\e\j dl\Yc\j p d~j \ej\i\j [\ gifg`\[X[ [\ cfj [\dXe[X[fjhl\cfjk`\e\\e \c`edl\Yc\lY`ZX[f\ecXZXcc\ J~eZ_\q[\8m`cXEf%)*+#ZXjX

) p 8m% EXZ`fe\j Le`[Xj# [\ \jkXZ`l[X[[\Hl`kf#_XjkXgfi cXjldX[\cZXg`kXcX[\l[X[f d~jle[`\qgfiZ`\ekf%GXiX cXgi~Zk`ZX[\\jkX[`c`^\eZ`X%$ :Â&#x2030;k\j\Xcfj[\dXe[X[fj\ecfj cl^Xi\j `e[`ZX[fj%$ :lÂ&#x2026;ek\j\ \e \jkX ZXljX Zfe cX ;iX% >\Xe 8^l`ii\ 9\eXcZ~qXi# \e cXZXc`[X[`emfZX[X%$KÂ&#x17D;d\j\ \eZl\ekX\cZXj`cc\ifal[`Z`Xc j\Â&#x152;XcX[f%$Efk`]Â&#x2030;hl\j\%$ ALQ>8;F GI@D<IF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# m`\ie\j-[\dXpf[\c)'((#cXj '/_+*%$8^iÂ&#x2026;^l\j\XcfjXlkfj \c\jZi`kfhl\Xek\Z\[\%$<ecf gi`eZ`gXc#Xk\ekf\caliXd\ekf hl\k`\e\i\e[`[fcXXZkfiX#[\ Zfe]fid`[X[Zfecf[`jgl\jkf \e \c 8ik% /) [\c :Â&#x17D;[`^f [\ GifZ\[`d`\ekf:`m`c#ZÂ&#x2030;k\j\Xc [\dXe[X[f <[^Xi M`ccXdXi >Â&#x17D;d\q# gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`Â&#x17D;[`Zfj [\ dXpfi Z`iZlcXZ`Â&#x17D;e hl\ j\ \[`kX\e\jkXZ`l[X[[\Hl`kf%$ Efk`]Â&#x2030;hl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ%AL<Q% Cfhl\gfe^f\eZfefZ`d`\e$ kfXcgÂ&#x2019;Yc`Zf\e^\e\iXc#gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i%GXYcfKfif:Xii`ccf J<:I<K8I@F ?Xp]`idXpj\ccf 8:&(('0,&k] I<GL9C@:8;<C<:L8;FI ALQ>8;FGI@D<IF;<CF :@M@C;<G@:?@E:?8 <OKI8:KF :@K8:@FE AL;@:@8C 8 C8J J<zFI8J B<CCP D8LIP IFDF:?8G8P;<:J@EF<DĂ  DFI<@I8D8:@8J% 8:KFI1 ;I% =I8E:@J:F :8II<I8 ; L I 8 E GIF:LI8;FIAL;@:@8C;<C 98E:F;<G@:?@E:?8:%8%

;<D8E;8;FJ1B<CCPD8LIP IFDF:?8G8P;<:J@EF<DĂ  DFI<@I8D8:@8J% AL@:@F<A<:LK@MFEf%(+/)$ )''0D%>fi[Â?e:%  :8J@CC8AL;@:@8CEf+*( ;<=<EJFI1;I%=I8E:@J:F :8II<I8% GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '/ [\ =\Yi\if [\c )'('# cXj (,_*,%$ M@JKFJ1 :fe]le[Xd\ekf\e\c8ik%.' [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c# cX i\]fidX \]\ZklX$ [X X cX [\dXe[X \j ZcXiX p i\le\ cfj [\d}j i\hl`j`kfj [\ ]fidX gi\m`jkfj gfi cX C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\%$ :fe cX [\dXe[X `e`Z`Xc p gifm`[\eZ`X i\ZX`[X \e\ccX#XjÂ&#x2C6;Zfdf\c\jZi`kf[\ i\]fidXXcX[\dXe[XpÂ&#x201E;jkX gifm`[\eZ`Xj\Zfii\kiXjcX[f XB<CCPD8LI@IFDF:?8G8 p ;<:J@ EF<DĂ  DFI<@I8 D8:@8J gXiX hl\ gX^l\e cX fYc`^XZ`Â?efgifgfe^Xe\oZ\g$ Z`fe\j \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj%$ <e dÂ&#x201E;i`kf X cX gil\YX `ejkild\ekXchl\j\XZfdgX$ Â&#x152;X p Zfe ]le[Xd\ekf \e cfj 8ikj%+)*p++,[\c:Â?[`^f[\ GifZ\[`d`\ekf:`m`cj\[`jgf$ e\\c\dYXi^f[\cXgXikXd\e$ kfEf%0#XcÂ&#x2C6;ZlfkXgXiZ`Xc+%*0# J\ZX[\if 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc '%(-#<jkXZ`feXd`\ekf(,#XcÂ&#x2C6;$ ZlfkXgXiZ`Xc'%./#9f[\^X0# XcÂ&#x2C6;ZlfkXgXiZ`Xc'%)-#XcÂ&#x2C6;ZlfkX kfkXc ,#-' Zfejkil`[f jfYi\ \c cfk\ Ef% *00# gXiifhl`X :fkfZfccXf#[\\jk\ZXekÂ?e#Zfe cfjc`e[\ifjp\jg\Z`]`ZXZ`fe\j ZfejkXek\j \e \c :\ik`]`ZX[f Ef% :,((*.*+'''(# Zfe]\$ i`[f gfi \c Ji% I\^`jkiX[fi [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X j\ [`jgfe\ hl\ j\ Zl\ek\ Zfe lef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e# i\dÂ&#x2C6;$ kXej\cXjZfg`Xje\Z\jXi`XjX cXF]`Z`eX[\Jfik\fj#X]`e[\ hl\j\Zl\ek\Zfecfj]leZ`f$ eXi`fj al[`Z`Xc\j Zfii\jgfe$ [`\ek\j#Zfe]fid\cfgi\m`jkf \e \c 8ik% * [\c I\^cXd\ekf gXiX \c ]leZ`feXd`\ekf [\ cXj f]`Z`eXj [\ 8c^lXZ`c\j

p ;\gfj`kXi`fj Al[`Z`Xc\j p EfidXjgXiXcX]`aXZ`Â?e[\cfj ;\i\Z_fj hl\ Zfii\jgfe[\e Xcfj;\gfj`kXi`fjAl[`Z`Xc\j# glYc`ZX[f \e \c I\^`jkif F]`Z`XcEif%$+,*[\m`\ie\j)+ [\ fZklYi\ [\ )''/%$ ?\Z_f hl\ j\X j\ [`jgfe\ jl `ej$ Zi`gZ`Â?e \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf%$ :Ă K<J< X cfj gi\efdYiX[fj ;\dXe[X[fj\e\ccl^Xi`e[`$ ZX[f%$GfiJ\Zi\kXiÂ&#x2C6;Xpgi\m`X ZfejkXeZ`X\eXlkfj#[\j^cÂ?j\$ j\p\ekiÂ&#x201E;^l\j\cX[fZld\e$ kXZ`Â?ejfc`Z`kX[XXcXg\ijfeX Xlkfi`qX[X%$EFK@=@HL<J<% ALQ>8;F GI@D<IF ;< CF :@M@C;<G@:?@E:?8%$HL@KF# '0 [\ Efm`\dYi\ [\c )''0# cXj '/_)0%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX#\ed`ZXc`[X[[\Al\q$ Jlgc\ek\[\cAlq^X[fGi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\8ZZ`Â?e[\G\ijfeXc Ef% ))0+$;G$;;G%# [\ )( [\ alc`f [\c )''/%$ CX [\dXe[X hl\Xek\Z\[\#\jZcXiXgi\Z`$ jX p i\Â&#x2019;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[\eXhl\E<CCPD8LI@ IFDF:?8G8p;<:J@EF<DĂ  DFI<@I8D8:@8JgX^l\ecX fYc`^XZ`Â?efgifgfe^Xe\oZ\g$ Z`fe\j \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj%$ <e dÂ&#x201E;i`kf X cX gil\YX `ejkild\ekXchl\j\XZfdgX$ Â&#x152;X p Zfe ]le[Xd\ekf \e cfj 8ikj%+)*p++,[\c:Â?[`^f[\ GifZ\[`d`\ekf:`m`cj\[`jgf$ e\\c\dYXi^f[\cXgXikXd\e$ kfEf%0#XcÂ&#x2C6;ZlfkXgXiZ`Xc+%*0# J\ZX[\if 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc '%(-#<jkXZ`feXd`\ekf(,#XcÂ&#x2C6;$ ZlfkXgXiZ`Xc'%./#9f[\^X0# XcÂ&#x2C6;ZlfkXgXiZ`Xc'%)-#XcÂ&#x2C6;ZlfkX kfkXc ,#-' Zfejkil`[f jfYi\ \c cfk\ Ef% *00# gXiifhl`X :fkfZfccXf#[\\jk\ZXekÂ?e#Zfe cfjc`e[\ifjp\jg\Z`]`ZXZ`fe\j ZfejkXek\j \e \c :\ik`]`ZX[f Ef% :,((*.*+'''(# Zfe]\$ i`[f gfi \c Ji% I\^`jkiX[fi [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X j\ [`jgfe\ hl\ j\ Zl\ek\ Zfe lef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e# i\dÂ&#x2C6;$ kXej\cXjZfg`Xje\Z\jXi`XjX

cXF]`Z`eX[\Jfik\fj#X]`e[\ hl\j\Zl\ek\Zfecfj]leZ`f$ eXi`fj al[`Z`Xc\j Zfii\jgfe$ [`\ek\j#Zfe]fid\cfgi\m`jkf \e \c 8ik% * [\c I\^cXd\ekf gXiX \c ]leZ`feXd`\ekf [\ cXj f]`Z`eXj [\ 8c^lXZ`c\j p ;\gfj`kXi`fj Al[`Z`Xc\j p EfidXjgXiXcX]`aXZ`Â?e[\cfj ;\i\Z_fj hl\ Zfii\jgfe[\e Xcfj;\gfj`kXi`fjAl[`Z`Xc\j# glYc`ZX[f \e \c I\^`jkif F]`Z`XcEif%$+,*[\m`\ie\j)+ [\ fZklYi\ [\ )''/%$ ?\Z_f hl\ j\X j\ [`jgfe\ jl `ej$ Zi`gZ`Â?e \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf%$ :Ă K<J< X cfj gi\efdYiX[fj ;\dXe[X[fj\e\ccl^Xi`e[`$ ZX[f%$GfiJ\Zi\kXiÂ&#x2C6;Xpgi\m`X ZfejkXeZ`X\eXlkfj#[\j^cÂ?j\$ j\p\ekiÂ&#x201E;^l\j\cX[fZld\e$ kXZ`Â?ejfc`Z`kX[XXcXg\ijfeX Xlkfi`qX[X%$EFK@=@HL<J< ALQ>8;F GI@D<IF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# m`\ie\j-[\dXpf[\c)'((#cXj '0_''%$ 8k\ekf \c aliXd\ekf \]\ZklX[fgfi\c8Zkfi#:Ă K<J< X cfj [\dXe[X[fj j\Â&#x152;fi\j B<CCPD8LI@IFDF:?8G8 p ;<:J@ EF<DĂ  DFI<@I8 D8:@8J# gfi cX gi\ejX Zfdf[`jgfe\\e8ik%/)[\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c#d\[`Xek\glYc`ZXZ`fe\j \]\ZklX[Xj\eleg\i`Â?[`Zf[\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc%$ EFK@=@HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ%AL<Q% Cfhl\gfe^f\eZfefZ`d`\e$ kfXcgÂ&#x2019;Yc`Zf\e^\e\iXc#gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i%GXYcfKfif:Xii`ccf J<:I<K8I@F ?Xp]`idXpj\ccf 8:&(('0-&k] ALQ>8;F:L8IKF;<CF :@M@C;<G@:?@E:?8 :@K8:@äE AL;@:@8C 81 D8I@8 K8I:@C8 :8C;<IFE F I K <> 8 2  = < C @ : @ 8 E F KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8 P8>L8:?@# J\ c\j _XZ\ ZfefZ\i \c <OKI8:KF# [\ cX [\dXe[X <A<:LK@M8 p GIFM@;<E:@8# hl\ X Zfek`$ elXZ`Â?ej`^l\e1

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

CONVOCATORIA

EXTRACTO

De conformidad con la ley de Compaùías y con el estatuto de la compaùía SURTIACEROS S.A. se invita a los seùores Accionistas a Junta General extraordinaria de Accionistas que se efectuara:

CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A WEBMART S.A. La compaùía WEBMART S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Noveno del Distrito Metropolitano de Quito, el 17 de Marzo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001920 de 03 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

Fecha: Quito, 27 de junio del 2011 Hora: 16h00 Lugar: de los ciruelos oe1-240 entre 10 de agosto y real audiencia (domicilio de la compaùía) Con el objeto de tratar el siguiente ORDEN DEL DIA:

2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00

1. Resolver sobre la disolución voluntaria, anticipada y liquidación de la compaùía. 2. Nombrar al liquidador principal y suplente.

3.- OBJETO: El objeto de la compaùía es: COMERCIO ELECTRĂ&#x201C;NICO, QUE CONSISTE EN LA COMPRA-VENTA DE ARTĂ?CULOS Y SERVICIOS DE CUALQUIER NATURALEZA POR INTERNET Y TODAS SUS VARIANTES.- SERVICIOS DE PUBLICIDAD POR CUALQUIER MEDIO.....

Los accionistas que no puedan asistir a la junta General, podrĂĄn delegar su representaciĂłn a la misma, mediante simple carta de poder dirigida al Gerente General, o por medio de poder general o especial conferido ante Notario PĂşblico. Atentamente,

Quito, 03 de Mayo de 2011. Dr. Oswaldo Noboa León DIRECTOR JUR�DICO DE COMPA��&#x2018;�AS AR/83179/cc

Sra. Lorena JarrĂ­n Cobos Gerente General SURTIACEROS S.A. A.P./49396/k.m.


< O K I8:KF 1  8 : K F I 1 :FFG<I8K@M8 ;< 8?FIIF P:I<;@KF)*;<ALC@F%$ ;i%:_i`jk`Xe>\fmXeep?likX[f I`Z_Xi[j# I\gi\j\ekXek\ C\^Xc%$ ;<D8E;8;FJ1 D8I@8 K8I:@C8:8C;<IFEFIK<>82 =<C@:@8EF KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8 P8>L8:?@%$ 8JLEKF1 Hl\ gi\m`f \c ki}$ d`k\g\ik`e\ek\#\ej\ek\eZ`X j\Zfe[\e\Xc[\dXe[X[fXc gX^f[\cZXg`kXcZfejkXek\\e \c GX^XiÂ&#x201E; X cX Fi[\e # `ek\$ i\j\j [\ dfiX# `dgl\jkfj#

ZfjkXj gifZÂ&#x201E;jXc\j # ^Xjkfj al[`Z`Xc\j p _fefiXi`fj [\c 8Yf^X[f;\]\ejfi%$KI8D@K<1 <a\Zlk`mf%$ :L8EK@8%$ LJ;  +%'''%''%$ =<:?8 ;< @E@:@8:@äE1 '0 [\ j\gk`\d$ Yi\[\c)''0%$;<=<EJFI1;i% AfjÂ&#x201E; K\ccf%$ Ef% [\ ZXj`cc\if *+,(%$ AL@:@F<A<:LK@MFEf%()-*$ )'('G:?%  GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# cle\j )' [\ j\gk`\dYi\ [\c )'('#cXj('_*(%$M@JKFJ%$CX Zfdg\k\eZ`X[\\jkXZXljXj\

_XiX[`ZX[f\e\jkXal[`ZXkliX d\[`Xek\\cjfik\fi\Xc`qX[f# gficfkXekfXmfZfZfefZ`d`\e$ kf[\cXd`jdX\em`ikl[[\c f]`Z`fE%0(+$;G$;;G$A8I$'. [\'*[\;`Z`\dYi\[\c)''. \ed`ZXc`[X[[\Al\qJlgc\ek\% <e cf gi`eZ`gXc cX [\dXe[X hl\Xek\Z\[\\jZcXiXgi\Z`jX pi\Â&#x2019;e\cfji\hl`j`kfj[\C\p# gficfhl\j\c\X[d`k\Xki}$ d`k\<a\Zlk`mf%<eZfej\Zl\e$ Z`X cfj [\dXe[X[fj j\Â&#x152;fi\j D8I@8 K8I:@C8 :8C;<IFE F I K <> 8 2  = < C @ : @ 8 E F KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8

I_fehbWB[oi[WbYWdpWbW@kij_Y_W" [djedY[i"9h_ijeckh_Â&#x152;[dlWde$ B78?8B?7$

P8>L8:?@# [\ekif [\c kÂ&#x201E;i$ d`ef [\ ki\j [Â&#x2C6;Xj gX^l\e Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e\cKÂ&#x2C6;klcf<a\Zlk`mfX[alekf# d}jcfj`ek\i\j\ji\jg\Zk`mfj f [\ekif [\c d`jdf kÂ&#x201E;id`ef

 

  

i\Z`Y`i]lkliXjefk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F<  ?Xp]`idXpj\ccf 8:&(('//&k]

gifgfe^X \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p% Gfi ZlXekf ef j\ _X XZfdgXÂ&#x152;X$ [fgil\YXXc^leXefgifZ\[\ cX d\[`X ZXlk\cXi jfc`Z`kX[X% :Â&#x2C6;k\j\Xcfj[\dXe[X[fj\e\c cl^Xi`e[`ZX[fgXiX\c\]\Zkf% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%EFK@=@HL<J<%$ ;I% <;N@E 8I>FK@ I<P<J% AL<Q% ALQ>8;F :L8IKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# m`\ie\j)'[\dXpf[\c)'((# cXj((_,,%$<edÂ&#x201E;i`kfXcaliX$ d\ekf i\e[`[f p [\ XZl\i[f Xcf\jkXYc\Z`[f\e\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c ZÂ&#x2C6;k\j\ X cfj [\dXe[X$ [fjj\Â&#x152;fi\jD8I@8K8I:@C8 :8C;<IFE F I K <> 8 2 =<C@:@8EF KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8 P8>L8:?@ gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ cX Z`l[X[ [\ Hl`kf# gXiX cfj ]`e\j c\^Xc\j g\ik`$ e\ek\j%<ekiÂ&#x201E;^l\j\\c\okiXZ$ kfi\jg\Zk`mf%Efk`]Â&#x2C6;hl\j\%;I% N@CD<I8D9IFJJ@IF9C<J% AL<Q<E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekfgXiXcfj]`e\j[\C\p# X[m`ik`Â&#x201E;e[fc\[\cXfYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc[\cGXcXZ`f[\Aljk`Z`X [\\jkXZ`l[X[[\Hl`kf#gXiX

ALQ>8;F:L8IKF;<CF :@M@C;<G@:?@E:?8 :@K8:@äE AL;@:@8C 81 8E><C8 ;<C :FEJL<CF <JG@E M<C8J:F p IFJ8 =CFI@E;8 D8P8E:<C8 HL@J?G<#J\c\j_XZ\ZfefZ\i \c<OKI8:KF#[\cX[\dXe[X <A<:LK@M8pGIFM@;<E:@8# hl\XZfek`elXZ`Â?ej`^l\e1 <OKI8:KF1 8:KFI1 :FFG<I8K@M8 ;< 8?FIIF P :I<;@KF )* ;< ALC@F%$ ;<D8E;8;FJ1 8E><C8 ;<C :FEJL<CF <JG@E M<C8J:FpIFJ8=CFI@E;8 D8P8E:<C8HL@J?G<%$ 8JLEKF1 Hl\ gi\m`f \c ki}$ d`k\g\ik`e\ek\#\ej\ek\eZ`X j\Zfe[\e\Xc[\dXe[X[fXc gX^f[\cZXg`kXcZfejkXek\\e \c GX^XiÂ&#x201E; X cX Fi[\e # `ek\$ i\j\j [\ dfiX# `dgl\jkfj# ZfjkXj gifZÂ&#x201E;jXc\j # ^Xjkfj al[`Z`Xc\j p _fefiXi`fj [\c 8Yf^X[f;\]\ejfi%$KI8D@K<1 <a\Zlk`mf%$ :L8EK@8%$ LJ;  +%'''%''$ =<:?8 ;< @E@:@8:@äE1 )+ [\ efm`\d$ Yi\ [\c )'('%$ ;<=<EJFI1 ;i% AfjÂ&#x201E; K\ccf%$ Ef% [\ ZXj`$ cc\if*+,(% AL@:@F<A<:LK@MFEf%(-(($ )'('G:?%  GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# d`Â&#x201E;iZfc\j(,[\;`Z`\dYi\[\c )'('#cXj(+_+)%$M@JKFJ%$CX Zfdg\k\eZ`X[\\jkXZXljXj\ _XiX[`ZX[f\e\jkXal[`ZXkliX d\[`Xek\\cjfik\fi\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`$ d`\ekf[\cXd`jdX\em`ikl[

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ? [\c f]`Z`f E% 0(+$;G$;;G$ A8I$'. [\ '* [\ ;`Z`\dYi\ [\c )''. \e d` ZXc`[X[ [\ Al\q Jlgc\ek\% <e cf gi`eZ`$ gXccX[\dXe[Xhl\Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj[\C\p#gficfhl\j\ c\X[d`k\Xki}d`k\<a\Zlk`mf% <e Zfej\Zl\eZ`X cfj [\dXe$ [X[fj j\Â&#x152;fi\j 8E><C8 ;<C :FEJL<CF<JG@EM<C8J:Fp IFJ8=CFI@E;8D8P8E:<C8 HL@J?G<#[\ekif[\ckÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj gX^l\e Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e \c KÂ&#x2C6;klcf<a\Zlk`mfX[alekf#d}j cfj `ek\i\j\j i\jg\Zk`mfj f [\ekif [\c d`jdf kÂ&#x201E;id`ef gifgfe^X \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p% Gfi ZlXekf ef j\ _X X[alekX[f gil\YXXc^leXefgifZ\[\cX d\[`[X ZXlk\cXi jfc`Z`kX[X% :Â&#x2C6;k\j\XcXj[\dXe[X[fj\e\c cl^Xi`e[`ZX[fgXiX\c\]\Zkf% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%EFK@=@HL<J<%$ ;I% <;N@E 8I>FK@ I<P<J% AL<QJLGC<EK<% ALQ>8;F :L8IKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# m`\ie\j)'[\dXpf[\c)'((# cXj((_,-%$<edÂ&#x201E;i`kfXcaliX$ d\ekf i\e[`[f p [\ XZl\i[f Xcf\jkXYc\Z`[f\e\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c ZÂ&#x2C6;k\j\ X cfj [\dXe$ [X[fj j\Â&#x152;fi\j 8E><C8 ;<C :FEJL<CF <JG@E M<C8J:FpIFJ8=CFI@E;8

REPĂ&#x161;BLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS

EXTRACTO DE LA ESCRITURA PĂ&#x161;BLICA DE CAMBIO DE DENOMINACIĂ&#x201C;N Y REFORMA DEL ESTATUTO SOCIAL DE STERLING RE INTERMEDIARIO DE REASEGUROS S.A. Se comunica al pĂşblico en general que STERLING RE INTERMEDIARIO DE REASEGUROS S.A. mediante escritura pĂşblica otorgada ante el Notario Cuarto Encargado, del cantĂłn Quito, el 6 de mayo de 2011, cambiĂł su denominaciĂłn por la de COMPAĂ&#x2018;Ă?A INTERMEDIARIA DE REASEGUROS ROYALTY-RE S.A., y reformĂł el estatuto social. Quienes se creyeren perjudicados en sus intereses y con derecho pueden presentar su oposiciĂłn ante uno de los jueces de lo Civil del domicilio principal de la compaùía, que lo tiene ubicado en el Distrito Metropolitano de Quito, dentro del tĂŠrmino de seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto. El juez que reciba la oposiciĂłn y/o el accionante notificarĂĄ a esta Superintendencia, hasta dentro de dos dĂ­as hĂĄbiles posteriores al Ăşltimo seĂąalado para presentar la oposiciĂłn, conjuntamente con la copia de la peticiĂłn y la providencia a ella recaĂ­da. Quito, Distrito Metropolitano, veintisĂŠis de mayo de dos mil once Ab. Luis Cabezas-Klaere SECRETARIO GENERAL AR/83135/cc

Ä&#x2020;

D8P8E:<C8HL@J?G<gficX gi\ejXd\[`Xek\ki\jglYc`ZX$ Z`fe\j \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% <ekiÂ&#x201E;^l\j\\c\okiXZkfi\jg\Z$ k`mf%Efk`]Â&#x2C6;hl\j\%;I%N@CD<I 8D9IFJJ@ IF9C<J% AL<Q <E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekfgXiXcfj]`e\j[\C\p# X[m`ik`Â&#x201E;e[fc\[\cXfYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc[\cGXcXZ`f[\Aljk`Z`X [\\jkXZ`l[X[[\Hl`kf#gXiX i\Z`Y`i]lkliXjefk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F<  ?Xp]`idXpj\ccf 8:&(('/.&k] I<Gè9C@:8;<C<:L8;FI ALQ>8;FK<I:<IF;< CF:@M@C#D<I:8EK@C< @EHL@C@E8KF;<C:8I:?@ <OKI8:KF ;< :@K8:@äE AL;@:@8C% :@K8:@äE 81 =8LJKF 8C<A8E;IF J @ < I I 8 9I8MF GFI JLJ GIFG@FJ ;<I<:?FJPGFICFJHL< I<GI<J<EK8 <E :8C@;8; ;<G8;I<;<CFJD<EFI<J D@J?<CC8C<A8E;I8J@<II8 <EIĂ HL<Q :?I@JK@8E FIC8E;FJ@<II8<EIĂ HL<Q# 8CJ<zFIAFJy>L@CC<IDF DLzFE<EIĂ HL<QP8CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< HL@<E <E M@;8 =L< C8 J<zFI8 D8I@8E@K8 ;<C IF:Ă F <EIĂ HL<QIL8EF AL@:@F1 <A<:LK@MF *'+$ )'(' 8:KFI1@E>%E<P=<IE8E;F DFI8 >I@A8CM8# ><I<EK< ><E<I8CPI<GI<J<EK8EK< C<>8C;<C8:FFG<I8K@M8 KLC:Ă?ECk[X% ;<D8E;8;FJ1 =Xljkf 8c\aXe[if J`\iiX 9iXmf gfi jlgifg`fj[\i\Z_fj#p\ejl ZXc`[X[[\gX[i\pi\gi\j\e$ kXek\c\^Xc[\cfjd\efi\j[\ \[X[D`j_\cc8c\aXe[iXJ`\iiX <eiÂ&#x2C6;hl\q# :_i`jk`Xe FicXe[f J`\iiX <eiÂ&#x2C6;hl\q2 p AfjÂ&#x201E; >l`cc\idfDlÂ&#x152;fq<eiÂ&#x2C6;hl\q% F9A<KF1FYk\e\icXZXeZ\cX$ Z`Â?eKfkXc[\c:Xg`kXc#@ek\i\j\j# p:fjkXjGifZ\jXc\j :L8EKĂ 81 M<@EK< P :@E:F D@C:@<E;äC8I<J% GIFM@;<E:@81 ALQ>8;F K<I:<IF ;< CF :@M@C# D<I:8EK@C < @EHL@C@E8KF ;<C :8I:?@%$ KlcZ}e# d`Â&#x201E;i$ Zfc\j (. [\ efm`\dYi\ [\c )'('# cXj ((_+*% M@JKFJ1 <e dÂ&#x201E;i`kf[\cjfik\fi\Xc`qX[fp cXiXqÂ?ej\ekX[Xhl\Xek\Z\$ [\#XmfZfZfefZ`d`\ekf[\cX gi\j\ek\ZXljX%$Gi\m`fXZXc`$ ]`ZXi cX [\dXe[X \c @e^% E\p =\ieXe[fDfiX>i`aXcmX#\ejl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ cX :ffg\iXk`mX [\ 8_fiif p ZiÂ&#x201E;[`kf KlcZ}e Ck[X%$ [\ Zldgc`d`\ekf X cf [`jgl\jkf \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% KÂ?d\j\ \eZl\ekX\cZXj`cc\ifal[`Z`Xc Ef+)#Xj`^eX[fXc8Y%FjZXi :_Xdfiif# gXiX cXj efk`]`ZX$ Z`fe\j hl\ c\ Zfii\jgfe[Xe# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e \ogi\jX gXiX hl\ gi\j\ek\ cfj \jZi`kfj hl\ j\Xe e\Z\$ jXi`fj gXiX jl [\]\ejX \e cX gi\j\ekXZXljX%$Efk`]Â&#x2C6;hl\j\  8Y^%JXek`X^f=`\iifLii\jkX# AL<QK<DGFI8C%$ALQ>8;F

Ĺ? Ĺ?

Ĺ? 


Ĺ? Ĺ?

Ĺ? 

 

  

Ä&#x2021;

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ?

K<I:<IF ;< CF :@M@C# D<I:8EK@C < @EHL@C@E8KF ;<C :8I:?@%$ KlcZ}e# d`Â&#x201E;i$ Zfc\j )+ [\ efm`\dYi\ [\c )'('#cXj ('_)'% M@JKFJ1 Gfi ZlXekf j\ _X [X[f Zld$ gc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X hl\ Xek\Z\[\# X cX [\dXe[X gi\j\ekX[X gfi \c @e^% E\p =\ieXe[f DfiX >i`aXcmX# \e ZXc`[X[ [\ >\i\ek\pI\gi\j\ekXek\C\^Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf KlcZ}e Ck[X% J\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p [\i\le`icfji\hl`j`kfjc\^X$ c\jgficfhl\j\cXX[d`k\X ki}d`k\ [\ al`Z`f \a\Zlk`mf%$ 8^iÂ&#x201E;^l\j\XcgifZ\jfcX[fZl$ d\ekXZ`Â?eXgXi\aXXcX[\dXe$ [X% <e dÂ&#x201E;i`kf [\c :fekiXkf [\ :fdgiXm\ekX \ _`gfk\ZX XY`\ikXZfejkXek\X]j%('X). [\cfjXlkfj#XcZ\ik`]`ZX[f[\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?eHl`kf#hl\fYiXX]j%+ [\cfjXlkfjp#[\Zfe]fid`[X[ Zfecfhl\gi\jZi`Y\\c8ik%+)* [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#j\fi[\eX\c\dYXi^f[\c Y`\e `edl\Yc\ [\ gifg`\[X[ [\ cfj [\dXe[X[fj j\Â&#x152;fi\j =Xljkf8c\aXe[ifJ`\iiX9iXmf p [\ hl`\e \e m`[X j\ ccXdÂ? DXi`Xe`kX[\cIfZÂ&#x2C6;f<eiÂ&#x2C6;hl\q IlXef# Zfej`jk\ek\ \e le ;\gXikXd\ekfj`^eX[fZfe\c eÂ&#x2019;d\if:lXi\ekXpLef+( # XcÂ&#x2C6;ZlfkX1 lef glekf ki\`ekX p lef Z\if fZ_\ekX p j\`j# 8ZZ\jf eÂ&#x2019;d\if :lXi\ekX p ki\j# Zfe dXkiÂ&#x2C6;ZlcX eÂ&#x2019;d\if 9<E8C'''0.',# p \jkXZ`f$ eXd`\ekf eÂ&#x2019;d\if FZ_f# hl\ ]fidXe gXik\ [\c :fealekf I\j`[\eZ`Xc CX >iXeaX# j`klX$ [f\ecXGXiifhl`X9\eXcZ}qXi# [\c:XekÂ?eHl`kf#Gifm`eZ`X[\ G`Z_`eZ_X#Zlpfj[Xkfjpd}j \jg\Z`]`ZXZ`fe\jZfejkXe\e\c Z\ik`]`ZX[f \e d\eZ`Â?e# gXiX Zlpf\]\ZkfZlÂ&#x201E;ek\j\Zfelef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e Hl`kf# hl`\e [\Y\i} gifZ\[\i X cX Xgi\_\ej`Â?e[\cgi\Z`kX[fY`\e iXÂ&#x2C6;q#jla\k}e[fj\Xcfjc`e[\$ ifjhl\ZfejkXe\c:\ik`]`ZX[f [\cI\^`jkif[\cXGifg`\[X[# YXaf \oZclj`mX i\jgfejXY`c`$ [X[g\ijfeXcpg\Zle`Xi`X[\c j\im`[fial[`Z`Xc#Zfe]fid\cf [\k\id`eXecfj8ikj%+*0p+,( [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c# p [\ j\i e\Z\jXi`f Zfe cXXpl[X[\cX]l\iqXgÂ&#x2019;Yc`ZX# _\Z_f cf ZlXc j\ fi[\eXi} cX @ejZi`gZ`Â?e[\c\dYXi^f\e\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?eHl`kf#GXiXcfZlXcj\ i\d`k`i}Xk\ekf[\gi\ZXkfi`fXc lef[\cfjj\Â&#x152;fi\jAl\Z\j[\ cf:`m`c#ZfeXj`\ekf\ecXZ`l$ [X[[\Hl`kf#gXiXhl\fi[\e\ cXj[`c`^\eZ`XjXek\jXefkX[Xj# f]i\Z`Â&#x201E;e[fc\ i\Z`gifZ`[X[ \e ZXjfjXe}cf^fj%:fe\c <okiXZkf[\cX[\dXe[Xpgif$ m`[\eZ`Xji\jg\Zk`mXj:Â&#x2C6;k\j\Xc j\Â&#x152;fi=Xljkf8c\aXe[ifJ`\iiX 9iXmfpXcfj_\i\[\ifjgi\jle$ kfjp[\jZfefZ`[fj[\hl`\e \em`[X]l\cXj\Â&#x152;fiXDXi`Xe`kX [\cIfZÂ&#x2C6;f<eiÂ&#x2C6;hl\qIlXef#\e \cJ\d`eXi`fCXGi\ejX#[\ Xdgc`XZ`iZlcXZ`Â?e\e\jkXZ`l$ [X[[\KlcZ}e#d\[`Xek\ki\j glYc`ZXZ`fe\j2p#leXm\qZ`kX$ [fjj\c\jZfeZ\[\\ckÂ&#x201E;id`ef c\^Xc Zfii\jgfe[`\ek\# X ]`e [\hl\gX^l\ecfX[\l[X[ff gifgfe^Xe\oZ\gZ`fe\j[\C\p [\ cXj hl\ j\ Zi\p\i\e Xj`j$ k`[fj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X]`aX[Xp\cf]i\Z`d`\ekf

[\i\ZfefZ\igX^fjgXiZ`Xc\j hl\ j\ aljk`]`hl\e c\^Xcd\e$ k\%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%]  8Y^%JXek`X^f=`\iifLii\jkX# AL<QK<DGFI8C%ALQ>8;F K<I:<IF ;< CF :@M@C# D<I:8EK@C < @EHL@C@E8KF ;<C:8I:?@%$KlcZ}e#dXik\j +[\\e\if[\c)'((#cXj('_,0% M@JKFJ1GfiZlXekfj\_X\a\$ Zlkfi`X[f cX gifm`[\eZ`X hl\ Xek\Z\[\#XcX[\dXe[Xgi\j\e$ kX[Xgfi\c@e^%E\p=\ieXe[f DfiX >i`aXcmX# \e ZXc`[X[ [\ >\i\ek\pI\gi\j\ekXek\C\^Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf KlcZ}e Ck[X% J\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p [\i\le`icfji\hl`j`kfjc\^X$ c\j gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ [\ al`Z`f \a\Zlk`$ mf%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X% <e dÂ&#x201E;i`kf [\c :fekiXkf [\ :fdgiXm\ekX \ _`gfk\ZX XY`\ikX ZfejkXe$ k\ X ]j (' X ). [\ cfj Xlkfj# Xc Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf#hl\fYiXX]j%+[\cfj Xlkfj p# [\ Zfe]fid`[X[ Zfe cf hl\ gi\jZi`Y\ \c 8ik% +)* [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c# j\ fi[\eX \c \dYXi^f [\c Y`\e `edl\Yc\ [\ gif$ g`\[X[ [\ cfj [\dXe[X[fj j\Â&#x152;fi\j =Xljkf 8c\aXe[if J`\iiX9iXmf#gfijljgifg`fj [\i\Z_fjpgficfjhl\i\gi\$ j\ekX\eZXc`[X[[\gX[i\[\ cfjd\efi\jD`j_\cc8c\aXe[iX J`\iiX <eiÂ&#x2C6;hl\q p :_i`jk`Xe FicXe[fJ`\iiX<eiÂ&#x2C6;hl\q2p#[\c j\Â&#x152;fi AfjÂ&#x201E; >l`cc\idf DlÂ&#x152;fq <eiÂ&#x2C6;hl\q# Zfej`jk\ek\ \e le ;\gXikXd\ekfj`^eX[fZfe\c eÂ&#x2019;d\if :lXi\ekX p Lef+( # 8cÂ&#x2C6;ZlfkX1 lef glekf ki\`ekX p lef Z\if fZ_\ekX p j\`j# 8ZZ\jfj eÂ&#x2019;d\if :lXi\ekX p ki\j# Zfe dXkiÂ&#x2C6;ZlcX eÂ&#x2019;d\if 9<E8C'''0.,)# p# \jkXZ`f$ eXd`\ekf eÂ&#x2019;d\if FZ_f# hl\ ]fidXe gXik\ [\c :fealekf I\j`[\eZ`XCX>iXeaX#j`klX[f \e cX GXiifhl`X 9\eXcZ}qXi# [\c:XekÂ?eHl`kf#Gifm`eZ`X[\ G`Z_`eZ_X#Zlpfj[Xkfjpd}j \jg\Z`]`ZXZ`fe\jZfejkXe\e\c Z\ik`]`ZX[f \e d\eZ`Â?e# gXiX Zlpf\]\ZkfZlÂ&#x201E;ek\j\Zfelef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e Hl`kf# hl`\e [\Y\i} gifZ\[\i X cX Xgi\_\ej`Â?e [\c gi\Z`g`kX[f Y`\e iXÂ&#x2C6;q# jla\k}e[fj\ X cfj c`e[\ifj hl\ ZfejkXe \e \c :\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[# YXaf \oZclj`mX i\jgfejXY`c`[X[ g\ijfeXc p g\Zle`Xi`X [\c j\im`[fi al[`$ Z`Xc# Zfe]fid\ cf [\k\id`eXe cfj8ikj%+*0p+,([\c:Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p [\ j\ie\Z\jXi`fZfecXXpl[X[\ cX]l\iqXgÂ&#x2019;Yc`ZX#_\Z_fcfZlXc j\fi[\eXi}cX@ejZi`gZ`Â?e[\c \dYXi^f\e\cI\^`jkif[\cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# gXiXcfZlXcj\i\d`k`i}Xk\e$ kf[\gi\ZXkfi`fXclef[\cfj j\Â&#x152;fi\j Al\Z\j [\ cf :`m`c# Zfe Xj`\ekf \e cX Z`l[X[ [\ Hl`kf# gXiX hl\ fi[\e\ cXj [`c`^\eZ`Xj Xek\j XefkX[Xj# f]i\Z`Â&#x201E;e[fc\ i\Z`gifZ`[X[ \e ZXjfj Xe}cf^fj% :fe \c <okiXZkf[\cX[\dXe[Xpgif$ m`[\eZ`Xj i\jg\Zk`mXj% :Â&#x2C6;k\j\ X cfj [\dXe[X[fj1 j\Â&#x152;fi =Xljkf8c\aXe[ifJ`\iiX9iXmf gfi jlj gifg`fj [\i\Z_fj p gfi cfj hl\ i\gi\j\ekX \e ZXc`[X[[\gX[i\[\cfjd\ef$ i\j1 D`j_\cc 8c\aXe[iX J`\iiX

   Ĺ? 

<eiÂ&#x2C6;hl\qp:_i`jk`XeFicXe[f J`\iiX<eiÂ&#x2C6;hl\q2Xcj\Â&#x152;fiAfjÂ&#x201E; >l`cc\idfDlÂ&#x152;fq<eiÂ&#x2C6;hl\q2p# X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj[\hl`\e\em`[X ]l\ cX j\Â&#x152;fiX DXi`Xe`kX [\c IfZÂ&#x2C6;f<eiÂ&#x2C6;hl\qIlXef#XkiX$ mÂ&#x201E;j[\cJ\dXeXi`fCXGi\ejX# [\Xdgc`XZ`iZlcXZ`Â?e\e\jkX Z`l[X[[\KlcZ}e#p\elef[\ cfj [`Xi`fj [\dXpfi Z`iZlcX$ Z`Â?e [\ cX Z`l[X[ [\ Hl`kf# ;`Xi`fCX?fiX#D\[`Xek\ki\j glYc`ZXZ`fe\j2p#leXm\qZ`kX$ [fjj\c\jZfeZ\[\\ckÂ&#x201E;id`ef c\^Xc Zfii\jgfe[`\ek\# X ]`e [\hl\gX^l\ecfX[\l[X[ff gifgfe^Xe\oZ\gZ`fe\j[\C\p [\ cXj hl\ j\ Zi\p\i\e Xj`j$ k`[fj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X]`aX[Xp\cf]i\Z`d`\ekf [\i\ZfefZ\igX^fjgXiZ`Xc\j hl\ j\ aljk`]`hl\e c\^Xcd\e$ k\%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%]  8Y^%JXek`X^f=`\iifLii\jkX# AL<QK<DGFI8C% GXik`ZlcXihl\gfe^f\eZfef$ Z`d`\ekf [\ cfj Z`kX[fj# gi\$ m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\k`\e\e[\j\Â&#x152;XcXiZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j% ;iX%PfcXe[XKfYXi9\Z\iiX J<:I<K8I@8 ?Xp]`idXpj\ccf =XZk%(',)/

FI;@E8I@FJ ALQ>8;FJ<OKF;<CF :@M@C;<G@:?@E:?8 :@K8:@FEAL;@:@8C 82 QF@C8 M@:KFI@8 M@<I8# Zfe\c\okiXZkf[\cX[\dXe[X Fi[`eXi`Xpgifm`[\eZ`Xhl\X Zfek`elXZ`Â?ej`^l\e1 <OKI8:KF1 8Zkfi\j1 : 8 I C F J : ? L H L @ D 8 I : 8 HL@J8>L8EF P D<I:<;<J >FEQ8C<QK@KF ;\dXe[X[X1QF@C8M@:KFI@8 M@<I8 :lXekÂ&#x2C6;X1@e[\k\id`eX[X Al`Z`fEf%()'($)''/$NQ FYa\kf [\ cX ;\dXe[X1 8[hl`i`i \c [fd`e`f [\c cfk\ [\k\ii\efj`klX[f\ecXZXcc\ G\[\ieXc\j# [\c j\Zkfi [\c 9Xii`f<cKi`le]f#\e\cj\Zkfi [\JXe:Xicfj#g\ik\e\Z`\ek\ XcXgXiifhl`X:fkfZfccXf#[\c :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% GIFM@;<E:@8 ALQ>8;F J<OKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# '* [\ ;`Z`\dYi\ [\c )''/# cXj ((_)-%$ M@JKFJ%%$ LeX m\q hl\ cfj [\dXe[Xek\j _X [X[fZldgc`d`\ekfXcffi[\$ eX[f\egifm`[\eZ`XXek\i`fi j\ [`jgfe\1 CX [\dXe[X hl\ Xek\Z\[\ gcXek\X[X gfi :8ICFJ :?LHL@D8I:8 HL@J8>L8EF P D<I:<;<J >FEQ8C<Q K@KF \e ZfekiX [\ QF@C8 M@:KFI@8 M@<I8 \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj

IÂ&#x152;be[bYedeY_c_[dje gk[bb[]WZ[iZ[Z[djhe [i[bl[hZWZ[heYedeY_c_[dje$ Iâ9H7J;I i\hl`j`kfj [\ c\p gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ fi[`$ eXi`f gifgl\jkf% J\ [`jgfe\ kiXjcX[XiXcX[\dXe[X[Xgfi \ckÂ&#x201E;id`ef[\hl`eZ\[Â&#x2C6;XjX]`e [\hl\gifgfe^XecXj\oZ\g$ Z`fe\j[`cXkfi`Xjfg\i\ekfi`Xj XcXjhl\j\Zi\p\i\eXj`jk`[fj% <edÂ&#x201E;i`kfXcaliXd\ekfi\e[`[f gficfjXZkfi\jZÂ&#x2C6;k\j\XQF@C8 M@:KFI@8 M@<I8# d\[`Xe$ k\ glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X \e \c i\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?eHl`kf%:lÂ&#x201E;ek\j\\ecX gi\j\ek\ ZXljX Zfe cfj g\i$ jfe\ifj [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj[fZld\ekfjX[alekfjXcX [\dXe[X%KÂ&#x201E;e^Xj\\eZl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gficfjXZZ`feXek\j%:@K<J<P EFK@=@HL<J<%$] ;I%D8I@F FIK@<Q<JKI<CC8%$Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\[\ j\Â&#x152;XcXiZXj`cc\ifal[`Z`Xc[\le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf[`jgfe\cXc\p% ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xplej\ccf 8%:%&(((,0

ALQ>8;FM@>yJ@DF K<I:<IF;<CF:@M@C;< G@:?@E:?8

:@K8:@äEAL;@:@8C 81 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ ;<C;I%8E><CF>FEQ8C<Q IF;I@>L<Q# J I J % >I<>FI@ >C<D# C@> P C@Q8 >FEQ8C<Q 8:KFI81 D8Ià8 FK@C@8 >FEQ8C<QIF;Ià>L<Q ;<D8E;8;F1 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ;<C;I%8E><CF >FEQ8C<Q IF;I@>L<Q# JIJ% >I<>FI@ >C<D# C@> P C@Q8>FEQ8C<Q AL@:@F1 F I ; @ E 8 I @ F ELC@;8; ;< <J:I@KLI8  Ef%(.).$)'('8Y^%I%9iXmf% :8J@CC<IF AL;@:@8C Ef% ((' =LE;8D<EKFC<>8C18IKJ% (+-(# (+-.# (+.+# (+.,# (+./# (-0.# (-0/# (-00 P (.'+ ;<C :ä;@>F :@M@C P *0, P J@>L@<EK<J;<C:ä;@>F;< GIF:<;@D@<EKF:@M@C% 89F>8;F1 ;I% D<;8I;F FC<8J :L8EKà81@E;<K<ID@E8;8 GIFM@;<E:@81 8LKF ;< :8C@=@:8:@äE ALQ>8;F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# j}YX[f (0 [\ dXiqf [\c )'((# cXj ((_*-%$M@JKFJ%$8mfZfZfef$ Z`d`\ekf[\cXgi\j\ek\ZXljX \em`ikl[[\cjfik\fi\Xc`qX[f

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

EXTRACTO DE LA ESCRITURA PĂ&#x161;BLICA DE AUMENTO DE CAPITAL Y REFORMA DE ESTATUTOS DE BINARIA SISTEMAS C. LTDA. Se comunica al pĂşblico que BINARIA SISTEMAS C. LTDA., con domicilio principal en la ciudad de Quito, aumentĂł su capital en USD $ 140.000,00; y, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito el 29 de octubre del 2010. Actos societarios aprobados por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE. Q.11.002324 de 31 de mayo de 2011. En virtud de la mencionada escritura pĂşblica la compaùía reforma el artĂ­culo Tercero del Estatuto Social, referente al capital social, de la siguiente manera:

Se anulan los tĂ­tulos No. 1314, 22804, 25287, 25011, 26867, 25053, 29126, 31010, 33035, 34939, 36944, 39200, 42491, 44534, 48967, 51169 por 131, 7, 13, 30, 30, 48, 38, 38, 66, 160, 141, 116, 204, 272, 647, 1674 de 100 sucres c/u correspondientes al Banco del Pichincha de MORA GALARZA ANA MERCEDES. 151363/dt/stodgo.

â&#x20AC;&#x153;ARTĂ?CULO TERCERO.- Del capital y sus modificaciones.- El capital social de la compaùía es de DOSCIENTOS CUATRO MIL DĂ&#x201C;LARES DE LOS ESTADOS UNIDOS DE NORTEAMĂ&#x2030;RICA, dividido en doscientas cuatro mil participaciones, iguales e indivisibles de UN DĂ&#x201C;LAR cada una.â&#x20AC;?

%$GfiZlXekfcXXZkfiX_X[X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X[Â&#x201E;j\XcXd`jdX \cki}d`k\Fi[`eXi`f%$[\Zfe$ ]fid`[X[Zfe\cZfek\e`[f[\ cfj8ikj%*0-p*0.[\c:Â?[`^f [\GifZ\[`d`\ekf:`m`c#ZÂ?iiX$ j\ kiXjcX[f X cfj [\dXe$ [X[fj1 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ ;<C;I%8E><CF>FEQ8C<Q IF;I@>L<Q#JIJ%>I<>FI@ >C<D#C@>PC@Q8>FEQ8C<Q

Zfe cX [\dXe[X p \jkX gif$ m`[\eZ`X# gfi \c kÂ&#x201E;id`ef [\ hl`eZ\[Â&#x2C6;Xj#X]`e[\hl\Zfe$ k\jk\e f gifgfe^Xe \oZ\g$ Z`fe\j Zfii\jgfe[`\ek\j% <e dÂ&#x201E;i`kf Xc aliXd\ekf i\e[`[f gficXXZZ`feXek\%$:@K<J<#X cfj [\dXe[X[fj1 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ;<C;I%8E><CF >FEQ8C<Q IF;I@>L<Q# JIJ% >I<>FI@ >C<D# C@> P C@Q8 >FEQ8C<Q# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj[\Xdgc`XZ`iZlcXZ`Â?eX e`m\c eXZ`feXc [\ cfj hl\ j\

\[`kXe\eÂ&#x201E;jkXZ`l[X[[\Hl`kf Zfe]fid\cf[`jgfe\\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ X[alekX%KÂ&#x201E;e^Xj\\eZl\ekX\c ZXj`cc\ifal[`Z`Xcj\Â&#x152;XcX[fgfi cXXZkfiXXjÂ&#x2C6;ZfdfcXXlkfi`qX$ Z`Â?e Zfe]\i`[X X jl 8Yf^X[f ;\]\ejfi%$Efk`]Â&#x2C6;hl\j\%$ = ;i%=\c`g\@e]Xek\I\pAl\q \eZXi^X[f% Cf hl\ Zfdle`Zf Xljk\[gXiXcfj]`e\j[\c\p% C\gi\m\e^f[\cXfYc`^XZ`Â?e hl\k`\e\[\j\Â&#x152;XcXiZXj`cc\if al[`Z`XcgXiXi\Z`Y`igfjk\i`f$ i\jefk`]`ZXZ`fe\j%$:\ik`]`Zf%

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

EXTRACTO DE LA ESCRITURA PUBLICA DE PRĂ&#x201C;RROGA DE PLAZO DE DURACIĂ&#x201C;N, CAMBIO DE DOMICILIO DEL DISTRITO METROPOLITANO DE QUITO AL CANTĂ&#x201C;N SANTO DOMINGO Y REFORMA DE ESTATUTOS DE RADIOFLAMA S.A... 1. ANTECEDENTES.- RADIOFLAMA S.A., se constituyĂł mediante escritura pĂşblica otorgada el 19/12/2006 ante el Notario 3 del Distrito Metropolitano de Quito, aprobada mediante ResoluciĂłn No. 06.Q.IJ.005101 de 27/12/2006, e inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 29/12/2006. 2. CELEBRACIĂ&#x201C;N Y APROBACIĂ&#x201C;N.- La escritura pĂşblica de prĂłrroga de plazo de duraciĂłn, cambio de domicilio del Distrito Metropolitano de Quito al cantĂłn Santo Domingo; y, reforma de estatutos de RADIOFLAMA S.A. otorgada el 22 de Marzo de 2011 ante el Notario Primero Interino del cantĂłn Santo Domingo, actos societarios aprobados por la Superintendencia de CompaĂąias, mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.001462 de 31 de Marzo del 2011. 3. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el seĂąor NUĂ&#x2018;EZ CARRASCO LUIS ANTONIO en su calidad de GERENTE GENERAL Y Representante Legal de RADIOFLAMA S. A. EI compareciente es ecuatoriano, mayor de edad, domiciliado en Santo Domingo 4. PRĂ&#x201C;RROGA DE PLAZO DE DURACIĂ&#x201C;N, CAMBIO DE DOMICILIO, REFORMA DE ESTATUTOS Y PUBLICACIĂ&#x201C;N.- La Superintendencia de CompaĂąias mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.001462 de 31 de marzo de 2011 aprobĂł la prĂłrroga de plazo de duraciĂłn, el cambio de domicilio del Distrito Metropolitano de Quito al cantĂłn Santo Domingo, la reforma de estatutos de RADIOFLAMA S.A. y ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dias consecutivos, para efectos de oposiciĂłn de terceros respecto a la prĂłrroga de plazo y cambio de domicilio referido, seĂąalado en el Art. 33 de la Ley de CompaĂąias y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ&#x201C;N.- Se pone en conocimiento del pĂşblico el cambio de domicilio del Distrito Metropolitano de Quito al cantĂłn Santo Domingo de RADIOFLAMA 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 compaĂąia, dentro de los seis dias contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąias. EI 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 compaùía y al cumplimiento de los demĂĄs requisitos legales. En virtud de la referida escritura se reforma el artĂ­culo primero del estatuto social, de la manera siguiente: ARTĂ?CULO PRIMERO.- DE LA DENOMINACIĂ&#x201C;N, DURACIĂ&#x201C;N, NACIONALIDAD, DOMICILIO: LA COMPAĂ&#x2018;Ă?A ( ... ) TENDRĂ UNA DURACIĂ&#x201C;N DE CINCUENTA AĂ&#x2018;OS, CONTADOS A PARTIR DE LA INSCRIPCIĂ&#x201C;N DE LA PRESENTE ESCRITURA DE REFORMA DE ESTATUTOS EN EL REGISTRO MERCANTIL, ( ... ). EL DOMICILIO PRINCIPAL DE LA COMPAĂ&#x2018;IA, ( ... ) ES EL

CANTĂ&#x201C;N SANTO DOMINGO, PROVINCIA DE SANTO DOMINGO DE LOS TSĂ CHILAS .... â&#x20AC;? Quito, 31 de marzo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;IAS

Quito, 31 de mayo de 2011 Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ&#x2018;Ă?AS DE QUITO AR/83170/cc

FSD/. EXP. 157022 Tr. 01.1.11.000024 151342 gf


I_bei[ifWÂ&#x2039;eb[i^WXb|hWceiiÂ&#x152;beo [nYbki_lWc[dj[Z[begk[iWX[cei" i[fheZkY_hÂ&#x2021;Wkd]hWdi_b[dY_egk[ deif[hc_j_hÂ&#x2021;Wf[diWh$

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

EXTRACTO

C7DK;B7P7y7

DE LA ESCRITURA PUBLICA DE FUSION POR ABSORCION DE SERVICIOS PROFESIONALES AD PORTAS S.A. (ABSORBENTE) CON LAS COMPAĂ&#x2018;IAS LAFRADEL S.A. (ABSORBIDA) Y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (ABSORBIDA); DISOLUCION ANTICIPADA DE LAS COMPAĂ&#x2018;IAS ABSORBIDAS; AUMENTO Y DISMINUCION DE CAPITAL SIMULTANEOS; Y, REFORMA DE ESTATUTOS DE LA COMPAĂ&#x2018;Ă?A ABSORBENTE.

1. ANTECEDENTES.- SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente) se constituyĂł mediante escritura pĂşblica otorgada ante el Notario Segundo del Distrito Metropolitano de Quito el 25 de febrero de 1994, fue aprobada mediante ResoluciĂłn No. 518 de 10 de marzo de 1994, inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 25 de marzo de 1994. 2. CELEBRACION Y APROBACIĂ&#x201C;N.- La escritura pĂşblica de fusiĂłn por absorciĂłn de SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente), con las compaùías LAFRADEL S.A. (absorbida) y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida); de disoluciĂłn anticipada sin liquidaciĂłn de las compaùías absorbidas; aumento y disminuciĂłn de capital simultĂĄneos; y, reforma de estatutos de la compaùía absorbente, fue otorgada el 1 de agosto de 2010, ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito. Actos societarios aprobados por la Superintendencia de Compaùías, mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.002247 de 3 de junio de 2011. De conformidad con lo dispuesto en el segundo inciso del artĂ­culo 341 de la Ley de Compaùías, la compaùía absorbente se harĂĄ cargo de pagar el pasivo de las absorbidas y asumirĂĄ por este hecho, las responsabilidades propias de un liquidador respecto a los acreedores de ĂŠstas. 3.- OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el Dr. Xavier Rosales Kuri en la calidad de Vicepresidente y representante legal de CORRAL & ROSALES CIA. LTDA., compaùía que a su vez es Gerente General y representante legal de SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente), LAFRADEL S.A. (absorbida); y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida). 4. FUSION POR ABSORCIĂ&#x201C;N; DISOLUCIĂ&#x201C;N ANTICIPADA SIN LIQUIDACIĂ&#x201C;N; AUMENTO Y DISMINUCIĂ&#x201C;N DE CAPITAL SIMULTANEOS Y REFORMA DE ESTATUTOS, PUBLICACIĂ&#x201C;N.- La Superintendencia de Compaùías mediante resoluciĂłn No. SC.IJ.DJCPTE.Q. 11.002247 de 3 de junio de 2011, aprobĂł la fusiĂłn por absorciĂłn de SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente), LAFRADEL S.A. (absorbida); y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida); la disoluciĂłn anticipada sin liquidaciĂłn de las compaĂąias absorbidas; el aumento de capital en US$ 475.462,00; simultĂĄneamente la disminuciĂłn de capital en US $ 2â&#x20AC;&#x2122;019.827,00 y, la reforma de estatutos de la compaùía absorbente. OrdenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂ­as consecutivos, para efectos de oposiciĂłn de terceros a la pretendidas disminuciĂłn de capital, seĂąalado el artĂ­culo 33 de la Ley de Compaùías y en el Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ&#x201C;N.- De conformidad con el artĂ­culo 33, segundo inciso, de la Ley de Compaùías y articulo 8 del â&#x20AC;&#x153;Reglamento de OposiciĂłn por parte de Terceros de los Actos Societarios previstos en el inciso segundo del ArtĂ­culo 33 de la Ley de Compaùíasâ&#x20AC;?, se pone en conocimiento del pĂşblico la fusiĂłn por absorciĂłn de SERVICIOS PROFESIONALES AD PORTAS SA. (absorbente), con las compaùías LAFRADEL SA. (absorbida) y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida); la disoluciĂłn anticipada sin liquidaciĂłn de las compaùías absorbidas; el aumento y disminuciĂłn de capital simultĂĄneos; y, reforma de estatutos de la compaùía absorbente, en el Distrito Metropolitano de Quito, a fin de que quienes se creyeren con derecho a oponerse a la pretendida disminuciĂłn de capital puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaùía, dentro de los seis dĂ­as contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de Compaùías. El Juez que reciba la oposiciĂłn o el accionante, notificarĂĄ o comunicarĂĄ segĂşn el caso, a esta Superintendencia, dentro del tĂŠrmino de dos dĂ­as siguientes a partir de dicha recepciĂłn, juntamente con el escrito de oposiciĂłn y providencia recaĂ­da sobre ella. Si no hubiere oposiciĂłn o no fuere notificada esta InstituciĂłn en la forma antes indicada, se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblĂ­ca y al cumplimiento de los demĂĄs requisitos legales.

89%AFI><D@<I9LI98EF J<:I<K8I@F ?Xplej\ccf 8I&/*(,.&ZZ I%;<C<% <OKI8:KFAL;@:@8C :@K8:@äEAL;@:@8C81=<C@O >L8I;8II8D88M@C<JpCLQ D8I@8FIK<>8:8II<I8 AL@:@F1 FI;@E8I@F Ef% )'('$(',)$A:K 8:KFI1D8I@8<C<E8:8@Q8 C@>E@8 ; < D 8 E ;8 ; FJ 1  = < C @ O >L8I;8II8D88M@C<JpCLQ D8I@8FIK<>8:8II<I8 ;FD@:@C@F AL;@:@8C1 ;I% A8@D<G8I<;<J9L<E8zF :L8EK@81LJ;%(,%'''#ff F9A<KF1;<:FE=FID@;8; :FE CF ;<K<ID@E8;F <E CFJ 8IK@:LCFJ -'*# .(,# )*0)# )*0/# )+'(# )+(' p )+((# P D8J G<IK@E<EK<J ;<C :F ; @ > F  : @ M @ C M@><EK<# ; < D 8 E ;8 E <E AL@:@F FI;@E8I@F 8 CFJ J<zFI<J CLQ D8I@8 FIK<>8 :8II<I8# = <C @O  > L8 I;8 II8D 8 8M@C<J P 8 HL@<E<J J< :I<P<I<E ;<I<:?FJ# <C ;FD@E@F P C8 GFJ<J@FE GFI G I < J : I @ G : @ ä E < O K I 8 F I ; @ E 8 I @ 8 8 ; H L @ J @ K @ M8  ; < ;FD@E@F ;<C @EDL<9C<# :FEJ@JK<EK< ;< LE CFK< ;<K<II<EFL9@:8;F<E<C GLEKFĂ&#x2C6;G8D98$?8:@<E;8Ă&#x2030;#

;< C8 G8IIFHL@8 :?<:8# ;<C:8EKFEHL@KF%$ ALQ>8;F EFM<EF ;< CF :@M@C;<G@:?@E:?8%HL@KF# )' [\ J\gk`\dYi\ [\c )'('# cXj((?'(%$M@JKFJ1GfiZld$ gc`[fcffi[\eX[f\egifm`[\e$ Z`X`e`Z`Xcp\em`ikl[[\cjfik\f i\Xc`qX[f#XmfZfZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% <e cf gi`eZ`gXccX[\dXe[X\jZcXiX# gi\Z`jXpi\Â&#x2019;e\cfji\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X j\ XZ\gkX Xc ki}d`k\ Fi[`eXi`f% :Â?iiXj\kiXjcX[fZfe\c\jZi`kf [\[\dXe[Xp\jkXgifm`[\e$ Z`X#Xcfj[\dXe[X[fjj\Â&#x152;f$ i\j =<C@O >L8I;8II8D8 8M@C<JpCLQD8I@8FIK<>8 :8II<I8#gficXgi\ejX#\ecX ]fidX[`jgl\jkXgfi\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#gXiXhl\\e\ckÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj Zfek\jk\e cX [\dXe[X p gifgfe^Xe kf[Xj cXj \oZ\gZ`fe\j X cXj hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c$ [Â&#x2C6;X%$ :lÂ&#x201E;ek\j\ Zfe \c @cljki\ Dle`Z`g`f [\ Hl`kf p Zfe jl GifZliX[fiJÂ&#x2C6;e[`Zf%$;\Zfe$ ]fid`[X[ X cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiÂ&#x2C6;$ YXj\cXgi\j\ek\[\dXe[X\e \c I\^`jkif [\ cX Gifg`\[X[ [\\jk\:XekÂ?e%$KÂ&#x201E;e^Xj\\e Zl\ekX \c [fd`Z`c`f p ZXj`$ cc\if al[`Z`Xc [\j`^eX[fj%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$

REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS

EXTRACTO CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A INTANASA DEL ECUADOR SOCIEDAD ANĂ&#x201C;NIMA La compaùía INTANASA DEL ECUADOR SOCIEDAD ANĂ&#x201C;NIMA se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito, el 23 de Marzo de 2011, fue aprobada por la Superintendencia de Compaùías, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001898 de 02 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.

DATOS DE LA COMPAĂ&#x2018;Ă?A ABSORBENTE: SERVICIOS PROFESIONALES AD PORTAS 1. DURACIĂ&#x201C;N: 50 aĂąos contados a partir de la inscripciĂłn de su constituciĂłn en el Registro Mercantil. 2. DOMICILIO: Distrito Metropolitano de Quito. 3. CAPITAL: El capital suscrito de la compaùía es de 05 $ 1â&#x20AC;&#x2122;169.830,00 dividido en 1â&#x20AC;&#x2122;169.830 acciones de US $ 1,00 cada una. 4. OBJETO: El objeto social de la compaùía Uno.- Otorgar todo tipo de asesorĂ­as profesionales en materias de educaciĂłn superior, tanto universitarias como politĂŠcnicas, y en materias de educaciĂłn regular incluido sus niveles preprimario, primario, y medio,. 5. ADMINISTRACIĂ&#x201C;N Y REPRESENTACIĂ&#x201C;N LEGAL: La compaùía estĂĄ gobernada por la Junta General de Accionistas y administrada por el Directorio, el Presidente y el Gerente General y por todos los demĂĄs funcionarios que la Junta General acuerde designar. Ejerce la representaciĂłn legal de la compaùía el Gerente General.

Distrito Metropolitano de Quito, 3 de junio de 2011

2.- CAPITAL: Suscrito US$ 1.000,00 NĂşmero de Acciones 1.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaùía es: A) PRESTAR ASESORĂ?A TĂ&#x2030;CNICA, OPERATIVA, MERCANTIL, LEGAL Y CONTABLE A PERSONAS NATURALES Y JURĂ?DICAS, NACIONALES O EXTRANJERAS, PARA LA GENERACIĂ&#x201C;N, TRANSMISIĂ&#x201C;N, DISTRIBUCIĂ&#x201C;N, COMERCIALIZACIĂ&#x201C;N, IMPORTACIĂ&#x201C;N Y EXPORTACIĂ&#x201C;N DE ENERGĂ?A ELĂ&#x2030;CTRICA... Quito, 02 de Mayo de 2011.

Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ&#x2018;IAS DE QUITO

Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS A.C./11169

AR/83174/cc

EFK@=@HL<J<%$ ;i% AX`d\ :Xej\Zf>l\ii\if%$Al\q ALQ>8;F EFM<EF ;< CF :@M@C;<G@:?@E:?8%HL@KF# (* [\ J\gk`\dYi\ [\c )'('# cXj (,_+.%$ Gi\m`f X gifm\\i cfhl\\e[\i\Z_fZfii\jgfe$ [X%$ CX XZkfiX ZfdgXi\qZX X \jkXal[`ZXkliX\e\ckÂ&#x201E;id`ef [\ki\j[Â&#x2C6;Xj\e_fiXj_}Y`c\j# X iXk`]`ZXij\ \e \c aliXd\ekf jfYi\ jl `dgfj`Y`c`[X[ [\ Zfej\^l`icX`e[`m`[lXc`[X[f i\j`[\eZ`X [\ cfj [\dXe[X$ [fj# [\ Zfe]fid`[X[ Zfe cf \jk`glcX[f \e \c 8ik% /) [\c :Â?[`^f[\GifZ\[`d`\ekf:`m`c% EFK@=@HL<J<%$ ]  ;i% AX`d\ :Xej\Zf>l\ii\if%$Al\q Cf hl\ Zfdle`Zf X L[% gXiX cfj]`e\jc\^Xc\j2p#[\cXfYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc# \e cX ]fidX \jkXYc\Z`[XgficXC\p% ;I% ALC@F :<J8I DLzFQ DJ:% J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xplej\ccf 8%:%(('/*& ALQ>8;FJ<OKF;<CF :@M@C;<G@:?@E:?8% :@K8:@FE AL;@:@8C% 81 I8@DLE;FK@G8E8D8HL@z8 pI8DFEK@G8E8D8HL@z8# Zfe\c\okiXZkf[\cX[\dXe[X Fi[`eXi`Xpgifm`[\eZ`Xhl\X Zfek`elXZ`Â?ej`^l\e1 < O K I 8 : KF 1  8 Z k f i \ j 1 AFJ< I@:8I;F G8L:8I :?@>L8EF p 8>LJK@E8 K@G8ED8>L<E8% ;\dXe[X[fj1 I8@DLE;F K@G8E8D8HL@z8pI8DFE K@G8E 8D8HL@z8 :lXekÂ&#x2C6;X1 @e[\k\id`eX[X A l ` Z ` f Fi[`eXi`f Ef%(.'-$)'('$ NQ FYa\kf [\ cX ;\dXe[X1 8[hl`i`i gfi gi\jZi`gZ`Â?e \okiXfi[`eXi`X X[hl`j`k`mX [\ [fd`e`fcfk\[\k\ii\efj`klX$ [f\e\cYXii`fCX=cfi`[X[\ cXgXiifhl`X8dX^lXÂ&#x152;X#g\i$ k\e\Z`\ek\ X \jkX Z`l[X[ [\ Hl`kf#Gifm`eZ`X[\G`Z_`eZ_X# [\leXjlg\i]`Z`\[\(%('0#(* d)% GIFM@;<E:@81 ALQ>8;FJ<OKF;<CF:@M@C ;<G@:?@E:?8%$Hl`kf#dXi$ k\j(/[\\e\if[\c)'((#cXj '0_+0%M@JKFJ%$CX[\dXe[X gifgl\jkXgfiAFJ<I@:8I;F G8L:8I :?@>L8EF p 8>LJK@E8K@G8ED8>L<E8 \e ZfekiX [\ I8@DLE;F K@G8E8D8HL@z8pI8DFE K@G8E 8D8HL@z8 \j ZcXiX# gi\Z`jXpi\Â&#x2019;e\cfji\hl`j`kfj [\c\p#gficfhl\j\cXX[d`k\ X ki}d`k\ Fi[`eXi`f gi\m`jkf \e \c g}iiX]f (X# j\ZZ`Â?e )X# KÂ&#x2C6;klcf@@#8ki%*0,pj`^l`\ek\j [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c% <e Zfej\Zl\eZ`X# j\ [`jgfe\ Zfii\i kiXjcX[f Zfe cX [\dXe[X p gi\j\ek\ gif$ m`[\eZ`XXI8@DLE;FK@G8E 8D8HL@z8pI8DFEK@G8E 8D8HL@z8# gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj# X ]`e [\ hl\ gifgfe^Xe cXj \oZ\gZ`fe\j [`cXkfi`Xjfg\i\ekfi`XjXcXj hl\j\Zi\p\i\eXj`jk`[fj#YXaf gi\m\eZ`fe\j[\c\p%8k\ekf\c aliXd\ekf \ogi\jX[f gfi cfj XZkfi\jp[\Zfe]fid`[X[Zfe cf \jkXYc\Z`[f \e \c 8ik% /) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#ZÂ&#x2C6;k\j\Xcfj[\dXe[X[fj I8@DLE;FK@G8E8D8HL@z8 pI8DFEK@G8E8D8HL@z8# gficXgi\ejX#\jkf\j\elef [\cfj[`Xi`fj[\dXpfiZ`iZl$ cXZ`Â?ephl\j\\[`kXe\e\jkX Z`l[X[[\Hl`kf2gXiX\c\]\Zkf Zfe]`Â&#x201E;iXj\\c\okiXZkfi\jg\Z$ k`mf% @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X\e\cI\^`jkif[\cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# Zfe]fid\cf\jkXYc\Z\\c8ik%

 

  

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ? ('''[\c:Â?[`^f[\gifZ\[`$ d`\ekf :`m`c% :lÂ&#x201E;ek\j\ \e cX gi\j\ek\ZXljXZfecfjg\ijf$ e\ifj[\c@cljki\Dle`Z`g`f[\ Hl`kf%KÂ?d\j\efkX[\cZXj`cc\$ ifal[`Z`XcEf%+)'-j\Â&#x152;XcX[f gficfjXZkfi\j%8^iÂ&#x201E;^l\j\Xc gifZ\jfcfj[fZld\ekfjXgX$ i\aX[fjXcX[\dXe[X%:@K<J< PEFK@=@HL<J<%] ;I%D8I@F FIK@Q<JKI<CC8%$Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[\jgXiXcfj]`e\jc\^Xc\j Zfej`^l`\ek\j gi\m`e`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\e[\ j\Â&#x152;XcXiZXj`cc\ifal[`Z`Xc[\le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf[`jgfe\cXc\p% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp]`idXpj\ccf 8:&(('/0&k] ALQ>8;F:L8IKF;< CF:@M@C;<G@:?@E:?8 :@K8:@äEAL;@:@8C 8N@CD8IFJ8E@8p_\i\[\$ ifjZfefZ`[fj#gi\jlekfjp[\j$ ZfefZ`[fj[\cj\Â&#x152;fi:i`jkÂ?YXc 8cY\ikfDfek\ifI\\j\#J\c\j _XZ\ ZfefZ\i \c <OKI8:KF# [\ [\dXe[X FI;@E8I@8 P C8 GIFM@;<E:@8 HL< 8 :FEK@EL8:@äE J@>L<1 <OKI8:KF1 8:KFI<J1 @MFEE< ;<C :FEJL<CF GLILE:8A8J >L<II<IF p KL<JD8E D8LI@:@F : < ; < z F DFIF:?F%$ ;<D8E;8;FJ1 N@CD8 IFJ8E@8 p _\i\[\ifj Zfef$ Z`[fj# gi\jlekfj p [\jZf$ efZ`[fj [\c j\Â&#x152;fi :i`jkÂ?YXc 8cY\ikf Dfek\if I\\j\%$ 8JLEKF1 Hl\ gi\m`f \c ki}$ d`k\g\ik`e\ek\#\ej\ek\eZ`X j\[\ZcXi\cXgi\jZi`gZ`Â?e[\ cfjkÂ&#x2C6;klcfjZXdY`Xi`fj#[\cXj fYc`^XZ`fe\jZfekiXÂ&#x2C6;[Xjp[\cX _`gfk\ZXXY`\ikXZfejk`kl`[XX ]Xmfi[\cfjXZkfi\j%KI8D@K<1 Fi[`eXi`f%$ :L8EK@8%$ @e[\k\id`eX[X%$ =<:?8 ;< @E@:@8:@äE1 (( [\ XYi`c [\c )'((%$ ;FD@:@C@F C<>8C1 :Xj`ccX Al[`Z`Xc Ef% (// ;i% Cl`j M`ccX]l\ik\%$ AL@:@F FI;@E8I@FEf%(--$)'(($C9 GIFM@;<E:@8 ALQ>8;F :L8IKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# d`Â&#x201E;iZfc\j).[\XYi`c[\c)'((# cXj'/_*,%$M@JKFJ%$CXZfd$ g\k\eZ`X[\\jkXZXljXj\_X iX[`ZX[f \e \jkX Al[`ZXkliX gfi\cjfik\fi\Xc`qX[f#gficf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX% <e cf gi`eZ`gXc cX [\dXe[X]fidlcX[Xi\Â&#x2019;e\cfj i\hl`j`kfj[\C\p#\eZfeZfe$ j\Zl\eZ`Xj\cfX[d`k\Xcki}$ d`k\fi[`eXi`f#ZfecXd`jdX ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj1 N@CD8IFJ8E@8p_\i\[\ifj ZfefZ`[fj# gi\jlekfj p [\j$ ZfefZ`[fj[\cj\Â&#x152;fi:i`jkÂ?YXc 8cY\ikfDfek\ifI\\j\#X]`e [\hl\\e\ckÂ&#x201E;id`ef[\hl`e$ Z\[Â&#x2C6;Xj[\eZfek\jkXZ`Â?eXcX d`jdXgifgfe`\e[fcXj\oZ\g$ Z`fe\j[`cXkfi`Xjpg\i\ekfi`Xj hl\j\Zi\p\i\eXj`jk`[fjYXaf gi\m\eZ`fe\j[\C\p%:Â&#x2C6;k\j\X cfj[\dXe[X[fjgficXgi\ejX Xk\ekf\caliXd\ekf\ogi\jX[f gficXgXik\XZkfiX#\elef[\ cfjg\i`Â?[`Zfj[\dXpfiZ`iZl$ cXZ`Â?ephl\j\\[`kXe\e\jkX Z`l[X[ [\ Hl`kf% KÂ&#x201E;e^Xj\ \e Zl\ekX \c [fd`Z`c`f j\Â&#x152;XcX[f gficXgXik\XZkfiX%8^iÂ&#x201E;^l\j\ cX[fZld\ekXZ`Â?eXZfdgXÂ&#x152;X$ [X%Efk`]Â&#x2C6;hl\j\%$

Ä&#x2C6;

;I% N@CD<I 8D9IFJJ@ IF9C<J AL<Q<E:8I>8;F Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekfgXiXcfj]`e\j[\C\p# X[m`ik`Â&#x201E;e[fc\[\cXfYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc[\cGXcXZ`f[\Aljk`Z`X [\\jkXZ`l[X[[\Hl`kf#gXiX i\Z`Y`i]lkliXjefk`]`ZXZ`fe\j% CZ[f%Cl`j9XiX_feXDfi\ef J\Zi\kXi`f< ?Xplej\ccf 8%:%&(((-I%[\c<% ALQ>8;F;<:@DF J<GK@DF;<CF:@M@C;< G@:?@E:?8 :`kXZ`Â?eAl[`Z`XcX_\i\[\ifj gi\jlekfjp[\jZfefZ`[fj[\ hl`\e \e m`[X ]l\ cfj j\Â&#x152;f$ i\j AfjÂ&#x201E; DXel\c Cl^dXÂ&#x152;X p DX^[Xc\eX GXZ_XZXdX# j\ c\j _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gifgl\j$ kf le Al`Z`f Fi[`eXi`f [\ Gi\jZi`gZ`Â?e <okiXfi[`eXi`X [\;fd`e`f#\ecfjj`^l`\ek\j kÂ&#x201E;id`efj1 8:KFI1 ;fZkfi ?ldY\ikf >}cm\q <jki\ccX GifZliX[fi Al[`Z`Xc [\ AfjÂ&#x201E; EfiY\ikf GXZ_XdXdXLdXhl`qXpAfjÂ&#x201E; M`Z\ek\GXZ_XdXdXJ`eX`c`e% ;<D8E;8;FJ1 ?\i\[\ifj [\ cfj j\Â&#x152;fi\j AfjÂ&#x201E; DXel\c Cl^dXÂ&#x152;X p DX^[Xc\eX GXZ_XZXdX% AL@:@F1 Fi[`eXi`f [\ Gi\jZi`gZ`Â?e <okiXfi[`eXi`X [\;fd`e`fEif%.*($)'('$J 8ikj%)*0/#)+'(#)+',#)+'-# )+'.#)+'/#)+('#)+()#)+(*# )+(+#)+(,#)+(.#-'*#.(,#.(/ [\c :Â?[`^f :`m`c \e ZfeZfi$ [XeZ`XZfecfj8ikj%,0p*0, [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c% :L8EK@81@e[\k\id`eX[X KI8D@K<1Fi[`eXi`f 89F>8;F ;<=<EJFI1 ;i% :Xicfj>}cm\q% ALQ>8;F;<:@DFJ<GK@DF ;<CF:@M@C;<G@:?@E:?8%$ JXe^fchlÂ&#x2C6;#X)+[\=\Yi\if[\c )'((%$8cXj('?+,% M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f d\[`Xek\XZZ`Â?e[\g\ijfeXc Ef% ''')$;G$;GG [\ * [\ \e\if[\c)'((%$CX[\dXe[X hl\ Xek\Z\[\ \j  ZcXiX# gi\$ Z`jX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cfhl\j\cXXZ\gkXXcki}d`k\ i\jg\Zk`mf#\eal`Z`fFi[`eXi`f# \eZfej\Zl\eZ`XZÂ?iiXj\kiXj$ cX[fZfecXgi\j\ek\[\dXe[X p\jkXgifm`[\eZ`XXcfjj\Â&#x152;f$ i\j D8EL<C8 CL>D8z8 G8 : ? 8 : 8 D 8  A 8 @ D < CL>D8z8 G8:?8:8D8# D8I@8 C L > D 8 z 8 G8:?8:8D8 P  9<K?8 CL>D8z8G8:?8:8D8#gfi \ckÂ&#x201E;id`ef[\hl`eZ\[Â&#x2C6;XjX]`e [\hl\gi\j\ek\cXj\oZ\gZ`f$ e\jXhl\j\Zi\XXj`jk`[f#YXaf aliXd\ekf\ei\Y\c[Â&#x2C6;X%$:Â&#x2C6;k\j\ X cfj [\dXe[X[fj DXel\cX Cl^dXÂ&#x152;XGXZ_XZXdXpDXiÂ&#x2C6;X Cl^dXÂ&#x152;X GXZ_XZXdX# j\ cfj Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX d\[`Xek\ :fd`j`Â?e Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX GXiifhl`X 8cXe^XjÂ&#x2C6;# Xc j\Â&#x152;fi AX`d\ Cl^dXÂ&#x152;X GXZ_XZXdX j\cfZ`kXi}\e\ccl^Xihl\j\ `e[`ZX2 p# X cX j\Â&#x152;fiX 9\ik_X Cl^dXÂ&#x152;X GXZ_XZXdX# j\ cf Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX d\[`Xek\ :fd`j`Â?e Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\

Ĺ? Ĺ?

Ĺ? 


Ĺ? Ĺ?

Ĺ? 

 

  

Ä&#x2030;

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ?

cX GXiifhl`X 8dX^lXÂ&#x152;X2 p X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj[\cfjj\Â&#x152;fi\j DXel\cCl^dXÂ&#x152;XpDX^[Xc\eX GXZ_XZXdX# [\ Zfe]fid`[X[ Zfecfhl\[`jgfe\\c8ik%/) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#\jkf\j\elef[\cfj[`X$ i`fj[\dXpfiZ`iZlcXZ`Â?e\ecX Z`l[X[ [\ Hl`kf%$ @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?eHl`kf#Zfe]fid\cf[`j$ gfe\\c8ik%('''[\c:Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :lÂ&#x201E;ek\j\ Zfe cfj j\Â&#x152;fi\j 8cZXc[\pGifZliX[fiJÂ&#x2C6;e[`Zf [\c @% Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ GXiX cX efk`]`ZXZ`Â?e Xc j\Â&#x152;fi i\^`jkiX[fi [\ cX Gifg`\[X[# XjÂ&#x2C6; Zfdf gXiX cX Z`kXZ`Â?e Xc j\Â&#x152;fi 8cZXc[\ p GifZliX[fi JÂ&#x2C6;e[`Zf [\c @% Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf#[\giÂ&#x201E;hl\j\Xlef[\cfj j\Â&#x152;fi\jAl\Z\j[\cf:`m`cZfe Xj`\ekf\ecXZ`l[X[[\Hl`kf%$ KÂ?d\j\\eZl\ekX\cZXj`cc\if Al[`Z`Xc Eif% '+, j\Â&#x152;XcX[f gfi \c ;fZkfi :Xicfj >Xcm\q p cX Xlkfi`qXZ`Â?e Zfe]\i`[X Xc d\eZ`feX[f gif]\j`feXc%$ 8^iÂ&#x201E;^l\j\cX[fZld\ekXZ`Â?e gi\j\ekX[X%$ EFK@=@HL<J<%$ ][f %$;i%Cl`j<[lXi[fKX`g\>% AL<Q<E:8I>8;F % Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\C\p#gi\m`e`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\[\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e lef[\cfj[\\jkXZ`l[X[gXiX gfjk\i`fi\jefk`]`ZXZ`fe\j%$ :\ik`]`Zf% 8Y%=\ieXe[f>iXeaXCXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xplej\ccf 8%:%&(((.(

JF:@<;8; :FEPL>8C I%;<C<% ALQ>8;FM@><J@DF GI@D<IF;<CF:@M@C;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 AL8E 8C9<IKF <JG@EFJ8 =CFI<J AL@:@F1 ;@JFCL:@FE ;< C8 JF:@<;8; :FEPL>8C Ef% (-./$)''0$:%>% 8:KFI1 D8I@8 FC>8 CLE8 G8QD@zF ;<D8E;8;F1AL8E8C9<IKF <JG@EFJ8=CFI<J =LE;8D<EKF C<>8C%$ 8ik% (0+#eld\iXc+kf#[\c:Â?[`^f :`m`c% :L8EK@81@e[\k\id`eX[X ;FD@:@C@F C<>8C1 0)- ;i% IXd`ifFjfi`f ALQ>8;F M @ > < J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$Hl`kf#dXik\j)+ [\dXpf[\c)'((#cXj(-_*+%$ M@JKFJ%$ LeX m\q hl\ j\ _X [X[fZldgc`d`\ekfXcffi[\$ eX[f \e gifm`[\eZ`X gi\Z\$ [\ek\j\[`jgfe\18mfZfZfef$ Z`d`\ekf[\cXgi\j\ek\ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX$ [f%$CX[\dXe[Xhl\Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cfhl\j\cXXZ\gkXXki}d`k\ <jg\Z`Xc%:fej\Zl\ek\d\ek\# ZÂ?iiXj\kiXjcX[fZfe\cZfek\$ e`[f[\cX[\dXe[Xp\jkXgif$ m`[\eZ`XXc[\dXe[X[f1AL8E 8C9<IKF<JG@EFJ8=CFI<J gfi\ckÂ&#x201E;id`ef[\ki\j[Â&#x2C6;Xj#[\

Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /(+ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e dÂ&#x201E;i`kf Xc aliXd\ek\ i\e[`[f gfi cX XZZ`feXek\# ZÂ&#x2C6;k\j\ Xc XZZ`feX[f d\[`Xek\ glYc`$ ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e[\\jkXZ`l[X[[\ Hl`kf%$KÂ&#x201E;e^Xj\\eZl\ekX\c ZXj`cc\ifal[`Z`Xcj\Â&#x152;XcX[fgfi cX XZkfiX# cX [\j`^eXZ`Â?e [\ jl[\]\ejfipcX]XZlckX[hl\ c\ZfeZ\[\gXiXhl\jljZi`YX ZlXekf \jZi`kf j\X e\Z\jXi`f \e [\]\ejX [\ jlj `ek\i\j\j [\ekif[\cXgi\j\ek\ZXljX%$ :@K<J<PEFK@=@HL<J< ;I%IL9<E>@C<I:<;<zF AL<Q Cfhl\c\Zfdle`ZfXLjk\[p C< :@KF gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?ehl\k`\e\\c[\dXe$ [X[f [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc#gXiXjljgfjk\i`fi\j efk`]`ZXZ`fe\j% C@:%>L@;F<JG@EFQ8<% J<:I<K8I@F ?Xplej\ccf 8%:%&.00/+ <OKI8:KF C@HL@;8:@FE;<C8 JF:@<;8;:FEPL>8C;< CFJ:FEPL><J1 D@CKFE @J8@8J :FII<8 :8z@Q8I<JPK<I<J88C@:@8 FIK<>8=8C:FE EFK8I@8M@><J@DFJ<GK@D8 ;<C:8EKFEHL@KF1 Gfe^f \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf hl\ d\[`Xek\ \jZi`$ kliX gÂ&#x2019;Yc`ZX fkfi^X[X Xek\ dÂ&#x2C6;# ;F:KFI =<IE8E;F GFCF <CD@I# EFK8I@F M@><J@DF J<GK@DF ;<C :8EKFE HL@KF# cfj j\Â&#x152;f$ i\j D@CKFE @J8@8J :FII<8 :8z@Q8I<JPK<I<J88C@:@8 FI<>8=8C:FE#gifZ\[`\ife Xc`hl`[Xi\cgXki`dfe`f[\cX JfZ`\[X[:fepl^Xc#cXd`jdX hl\ ]l\iX [`jl\ckX d\[`Xek\ j\ek\eZ`X[\[`mfiZ`f[`ZkX[X gfi\cAl\qHl`ekf[\cf:`m`c[\ Kle^liX_lX#Zfe]\Z_Xm\`ek\ [\]\Yi\if[\[fjd`cel\m\% CXjX[al[`ZXZ`fe\j[\cgXki`$ dfe`fj\\eZl\ekiXe[\kXccX$ [Xj\e\ck\okf[\cX\jZi`kliX gÂ&#x2019;Yc`ZX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc Z\c\YiX$ [X Xek\ dÂ&#x2C6;# Zfe ]\Z_X m\`ek\ p Z`eZf [\ dXpf [\ [fj d`c feZ\#gficfhl\\eXgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ikÂ&#x2C6;Zlcf J\okf[\cXC\pI\]fidXkfi`X# X cX C\p EfkXi`Xc# glYc`ZX[X \e\cI\^`jkifF]`Z`XceÂ&#x2019;d\if :lXkifZ`\ekfj j\`j [\ ]\Z_X m\`ek\ p fZ_f [\ Efm`\dYi\ [\c [fj d`c j\`j# hl\ ]XZlckX X cfj EfkXi`fj [`jgfe\i cX `ejZi`gZ`Â?e \e cfj I\^`jkifj [\cXGifg`\[X[pD\iZXek`c\j Zfii\jgfe[`\ek\jcX\jZi`kliX [\cXc`hl`[XZ`Â?e[\cXjfZ`\$ [X[Zfepl^Xc#gi\m`f\cki}d`k\ gi\m`jkf\e[`Z_XefidXc\^Xc% D\[`Xek\leXjfcXglYc`ZXZ`Â?e# \elef[\cfjg\i`Â?[`Zfj[\Z`i$ ZlcXZ`Â?eEXZ`feXc#\c\okiXZkf [\cXc`hl`[XZ`Â?e[\cgXki`df$ e`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\jgfe[`\ek\ X cfj j\Â&#x152;f$ i\j D@CKFE @J8@8J :FII<8 :8z@Q8I<JPK<I<J88C@:@8 FIK<>8 =8C:FE# fkfi^X[X d\[`Xek\ \jZi`kliX gÂ&#x2019;Yc`ZX Xek\j`e[`ZX[X#gfi\ckÂ&#x201E;id`ef [\ m\`ek\ )'  [Â&#x2C6;Xj# X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\e$ klXcd\ek\ klm`\i\e `ek\iÂ&#x201E;j \e \jkX c`hl`[XZ`Â?e gl\[Xe gi\j\ekXijlfgfj`Z`Â?e]le[X$

   Ĺ? 

d\ekX[X#[\ekif[\cfj]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% Hl`kf#m\`ek\pZ`eZf[\dXpf [\c[fjd`cfeZ\% ;I%=<IE8E;FGFCF<CD@I EFK8I@FM@><J@DFJ<GK@DF ;<C:8EKFEHL@KF ?Xplej\ccf 8%:%&(((-+

I<D8K<J <OKI8:KF 8M@JF;<I<D8K< ALQ>8;FGI@D<IF;<C KI898AF8;ALEKF ;<G@:?@E:?88M@JF AL;@:@8C% AL@:@F FI8C ;< KI898AF EIF%-',$)''.>%9% J<GFE<<E:FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <E C8 J<:I<K8I@8 ;<C ALQ>8;F GI@D<IF ;<CKI898AF8;ALEKF;< G@:?@E:?8%<C;@8#M@<IE<J F:?F;<ALC@F;<C;FJD@C FE:<#;<J;<C8J:8KFI:< ?FI8J ?8JK8 C8J ;@<Q P F:?F ?FI8J# M8 8 K<E<I CL>8I <C I<D8K< ;<C 9@<E DL<9C< <D98I>8;F ;<EKIF ;< C8 GI<J<EK< :8LJ8# :FE CFJ ;8KFJ P D8J <JG<:@=@:8:@FE<J HL< J< ;<K8CC8E 8 :FEK@EL8:@äE1 F9I8J ;< 8IK< <D98I>8;8J P JLA<K8;<8M8CèF%$ J\ kiXkX [\1 X  LeX fYiX [\ Xik\ FI@>@E8C [\c Xlkfi FjnXc[f >lXpXjXdÂ&#x2C6;e# \jkX fYiX \j [\ j\i`^iX]Â&#x2C6;X p c`kf$ ^iX]Â&#x2C6;X k`\e\ le ZÂ?[`^f HM(.# YXaf \c kÂ&#x2C6;klcf Ă&#x2C6;:XY\qX *Ă&#x2030; Zfe [`d\ej`fe\j [\ .'o('' Zd# j\ \eZl\ekiX eld\iX[X1 (-+&(.,# k`\e\ cX Z\ik`]`ZX$ Z`Â?e [\c Xik`jkX \ZlXkfi`Xef FjnXc[f >lXpXjXdÂ&#x2C6;e# \jk\ ZlX[if\jk}\edXiZX[fjfYi\ dXiZf[\dX[\iX[fiX[f%$Gfi cXjZfej`[\iXZ`fe\jXefkX[Xj# XmXcÂ&#x2019;fcXfYiX[\Xik\[\jZi`$ kX# \e cX jldX [\ ;FJ D@C ;äC8I<J 8D<I@:8EFJ%$ LJ;% )%'''#'' % Y  LeX fYiX [\ Xlkfi FI@>@E8C [\c Xlkfi >feqXcf <e[XiX :ifn# \jkXfYiX\j[\XZiÂ&#x2C6;c`ZfjfYi\ c`\eqf#k`\e\leZÂ?[`^fC%?%(,# Ă&#x2C6;j`e kÂ&#x2C6;klcfĂ&#x2030; [\ XZl\i[f X cX Z\ik`]`ZXZ`Â?e# g\if \c ZlX[if i\gi\j\ekX X leX FihlÂ&#x2C6;[\X# jlj[`d\ej`fe\jjfe1()'o/' Zd# k`\e\ cX ]`idX [\ cX Z\i$ k`]`ZXZ`Â?e [\ cX =le[XZ`Â?e <e[XiX:ifn#\jk}\edXiZX[f jfYi\ le dXiZf [fiX[f% Gfi cXjZfej`[\iXZ`fe\jXefkX[Xj# XmXcÂ&#x2019;f cX fYiX [\ Xik\ [\j$ Zi`kX# \e cX jldX [\ :@E:F D@C HL@E@<EKFJ ;äC8I<J 8D<I@:8EFJ  L J ; % ,%,''#'' % ;\ Zfe]fid`[X[ X cf hl\ [`jgfe\ \c 8ik% +,, [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#]`idf\cgi\j\ek\`e]fid\ \e ]fidX ZfealekX Zfe \c ;i% =i\[[p:\[\Â&#x152;fI%#;\gfj`kXi`f Al[`Z`Xc XZklXek\ \e \jkX ZXljX%$ G8IK@:LC8I HL< GFE>F <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C G8I8 CFJ =@E<J ;< C<P%$ GFIKI8K8IJ<;<CGI@D<I J < z 8 C 8 D @ < E KF  C 8 J GFJKLI8JJ<I<:<GK8I8E ;<J;< 8 H L < C C 8 J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C 8M8CLF 8GIF98;F# 8 C8 HL<;<9<I8E8:FDG8z8I <C ;@<Q GFI :@<EKF ;< C8 F=<IK8# <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F 8 FI;<E ;< <JK8 AL;@:8KLI8%$ GXiX \c \]\Zkf# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% +,- [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c#]Â&#x2C6;a\ej\cfjZXik\c\ji\j$ g\Zk`mfjpglYcÂ&#x2C6;hl\j\#gfiki\j m\Z\j \e lef [\ cfj g\i`Â?[`$ Zfj [\ dXpfi Z`iZlcXZ`Â?e [\

I_be^kX_[hWiWX_Ze"c[^WXhÂ&#x2021;W Z[Z_YWZeW\WXh_YWhh[be`[i$ :[ifkÂ&#x192;iZ[bWZ[ijhkYY_Â&#x152;d Z[>_hei^_cWoDW]WiWa_

SUPERINTENDENCIA DE COMPAĂ&#x2018;Ă?AS RESOLUCION No. 06.Q.IJ. 4220 DRA. PIEDAD MONCAYO DE VĂ SCONEZ DIRECTORA JURIDICA DEL DEPARTAMENTO DE DISOLUCION Y LIQUIDACION DE COMPAĂ&#x2018;Ă?AS

7B8;HJ;?DIJ;?D cX Z`l[X[ [\ Hl`kf% Cfj `ek\$ i\jX[fj gl\[\e i\m`jXi cfj Y`\e\j dl\Yc\j gfe`Â&#x201E;e[fj\ \eZfekXZkfZfe\c;i%=i\[[p :\[\Â&#x152;f I%# \e jl ZXc`[X[ [\ ;\gfj`kXi`f%Cfhl\gfe^f\e ZfefZ`d`\ekf[\cgÂ&#x2019;Yc`ZfgXiX cfj]`e\j[\C\p%$Hl`kf#*([\ dXpf[\c)'((% 89% >I8:@<C8 M@M@8E8 9<K8E:FLIKFIK@Q J<:I<K8I@F8 ALQ>8;F G I @ D < I F 8;ALEKF;<CKI898AF;< G@:?@E:?8% <o`jk\]`idXpj\ccf% 8%G%&+0*/,&b%d% 8M@JF;<I<D8K< ALQ>8;F;<:@DF J<>LE;F;<CF:@M@C;< G@:?@E:?8 J<GFE<<E:FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <C :8KFI:< ;< ALC@F ;<C;FJD@CFE:<#;<J;< C8J (+?'' ?8JK8 C8J (/?''#<EC8J<:I<K8I@8;< <JK8AL;@:8KLI8#;<EKIF ;<C AL@:@F ;< <A<:L:@FE ;< C8L;F 8I9@KI8C EIF% -*/$)''.$JG#J<I<8C@Q8IĂ? <C I<D8K< ;<C 9@<E HL< ?8 :FEK@EL8:@äE J< ;<K8CC8% LeX fYiX [\ Xik\ [\G\[ifE`XlgXi`;<JEL;F ,'o.' Zd  mXcfi XZklXc -''#ff2leX[\fYiX[\Xik\ [\ G\[if E`XlgXi` >8CCFJ ()'o/' Zd # mXcfi XZklXc (%(''#ff2leXfYiX[\Xik\ [\G\[ifE`XlgXi`;<JEL;F ()'o/'Zd  mXcfi XZklXc (%(''#ff2leXfYiX[\Xik\[\ D`^l\c 9\kXeZflik G8@J8A< .-o,. Zd # mXcfi XZklXc /''#ff # M8CFI KFK8C 8C HL<8J:@<E;<C8J:L8KIF F9I8J;<8IK<<J;<KI<J D@CJ<@J:@<EKFJ;FC8I<J *%-''#ff % J\ i\Z\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXecXj[fjk\iZ\iXjgXik\j [\cXmXcÂ&#x2019;fgfikiXkXij\[\cgi`$ d\i j\Â&#x152;XcXd`\ekf# \e [`e\if \e\]\Zk`mffZ_\hl\Z\ik`]`ZX$ [fXefdYi\[\cAlq^X[f% CF HL< CC<MF 8 JL :F E F : @ D @ < E KF  G8 I8 CFJ =@E<J C<>8C<J :FEJ@>L@<EK<J%$ Hl`kf# )/ [\ 8Yi`c [\c )'((%$ ;I% =<IE8E;F E 8 I8 E A F =8:KFJ% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C;<G@:?@E:?8 <o`jk\]`idXpj\ccf% 8%G%&+0+',&b%d% I[\c<% ALQ>8;F;<:@DF GI@D<IF;<CF:@M@C;< G@:?@E:?8 8M@JFAL;@:@8C;< I<D8K< AL@:@F <A<:LK@MF Ef ./-$ )''.%:%@% J<GFE<<E:FEF:@D@<EKF ;<C Gè9C@:F <E ><E<I8C HL<<EC8J<:I<K8IĂ 8;<C ALQ>8;F;<:@DFGI@D<IF ;<CF:@M@C;<G@:?@E:?8# <C;Ă 8AL<M<J)*[\ALE@F ;<C 8zF ;FJ D@C FE:<# ;<J;< C8J (+?FF X cXj (/_''#J<CC<M8IĂ?8:89F <C I<D8K< ;<C @EDL<9C< HL< 8 :FEK@EL8:@äE J< ;<J:I@9<1 (%(%LY`ZXZ`Â?e>\f^i}]`ZX <cCfk\[\K\ii\ef`[\ek`]`ZX$ [fZfe\ceÂ&#x2019;d\if:lXkif#[\

cXdXeqXeX:`eZl\ekXpLef [\X:ffg\iXk`mX[\M`m`\e[X AX`d\Ifc[Â?j8^l`c\iX#9Xii`f CX Gi`dXm\iX# Zfe eld\iX$ Z`Â?edle`Z`gXcXZklXcE/)$*. [\ cX gXiifhl`X :fkfZfccXf# :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% (%)%$ ;fZld\ekfj gXiX cX \cXYfiXZ`Â?e [\c gi\j\ek\ @e]fid\1 :\ik`]`ZX[f[\I\^`jkif[\cX gifg`\[X[ [\@ :XekÂ?e Hl`kf EÂ&#x2014; :('+'0**+''( [\ ]\Z_X '*&'.&)''. 8ZkX[\\dYXi^f]`idX[Xgfi \cXc^lXZ`cdXpfi[\c:XekÂ?e Hl`kf%CZ[f%:XicfjE%[\G`ef# p \c Ji% ;\gfj`kXi`f Al[`Z`Xc CZ[f%?fd\if:i`fccf J\^XiiX[\c',[\=\Yi\if[\c )''.% +%$ :FEJKIL::@FE<J <O@JK<EK<J <e \c cfk\ [\ k\ii\ef \o`jk\e [fjZfejkilZZ`fe\j#cXhl\[X XcXZXcc\cXd`jdXhl\k`\e\ leX gcXekX YXaX Zfe gifp\Z$ Z`Â?eXleXj\^le[XgcXekX% <e cX gXik\ gfjk\i`fi \e \c cX[fF\jk\j\\eZl\ekiXfkiX ZfejkilZZ`Â?ek`gfd\[`XX^lX# cXd`jdXhl\\jkXZfdgc\kX$ d\ek\ [\k\i`fiX[X# gfi cf Zfej`^l`\ek\ ef j\ c\ gl\[\ Xj`^eXilemXcfi\ZfeÂ?d`Zf% 8dY`\ek\j[\cX:fejkilZZ`Â?e hl\ j\ \eZl\ekiX# alekf X cX :Xcc\Ă&#x2C6;:Ă&#x2030;$*% Â&#x203A;Ki\j;fid`kfi`fj% Â&#x203A;LeXJXcX% Â&#x203A;:fd\[fi% Â&#x203A;:fZ`eX% Â&#x203A;9XÂ&#x152;f% Â&#x203A;CfZXcZfd\iZ`Xc% Â&#x203A; Ă?i\X gXiX \jkXZ`feXi m\_Â&#x2C6;$ Zlcfj% +%(% :8I8:K<I@JK@:8J D 8K < I @ 8 C < J  ; < C @EDL<9C< <jkilZkliX1 ;\ ?fid`^Â?e 8idX[f# DXdgfjk\iÂ&#x2C6;X1GXi\[\j[\Ycf$ hl\\eclZ`[Xjpg`ekX[Xj% :lY`\ikX1;\cfjX :`\cf IXjf1 <eclZ`[f p g`e$ kX[f% M\ekXeXj1;\_`\iifZfem`[i`f YcXeZf#Zfegifk\ZZ`Â?e[\_`\$ iifcXjhl\[XeXc\ok\i`fi% Gl\ikXj1<ok\i`fi\j[\_`\iif Zfcfim\i[\pleXcXe]fiklk`c`$ qX[XgXiX\cXcdXZÂ&#x201E;e% Gl\ikXj@ek\i`fi\j1;\dX[\$ iX% G`jf1;\Z\d\ekf\ecfj[fi$ d`kfi`fj#\ecXZfZ`eXpYXÂ&#x152;fj \j[\Z\i}d`ZX% Dl\Yc\j1 8ckfj p YXafj \e cX ZfZ`eX#\ecfj[fid`kfi`fjef \o`jk\eZcÂ?j\kj% CX \[X[ Xgifo`dX [\ \jkX ZfejkilZZ`Â?e\j[\;`\qXÂ&#x152;fj ('XÂ&#x152;fj #jldXek\e`d`\ekfp Zfej\imXZ`Â?e\jYl\eX% ,% M8CFI8:@äE ;< C8 GIFG@<;8; :FDGFE<EK<J2 8I<8 d)2 GI<:@Fd)2KFK8C K\ii\ef2)+'#/'2-'#''LJ;2 (+%++/#'' :fejkilZZ`Â?e /)#''2 (.'#'' LJ;2(*%0+'#'' KfkXc)/%*//#'' M\`ek\pFZ_fD`cKi\jZ`\ekfj FZ_\ekXpFZ_f;Â?cXi\j CF  HL< C C <MF  8 : F E F : @ D @ < E KF  ; < C GL9C@:F <E ><E<I8C# J< 8:<GK8I8E F=<IK8J HL< :L9I8EC8J;FJK<I:<I8J G8IK<J GFI JF9I< <C 8M8CLF 8GIF98;F :FDF 98J< GFI KI8K8IJ< ;<C

CONSIDERANDO: QUE mediante ResoluciĂłn No. 05.Q.IJ.3848 de 19 de septiembre del 2005, se declarĂł la inactividad de CLOCKSYSTEMS CIA. LTDA., con domicilio en el Distrito Metropolitano de Quito QUE de conformidad con el inciso tercero del Art. 360 de la Ley de Compaùías, han transcurrido mĂĄs de treinta dĂ­as, desde la notificaciĂłn, sin que la citada compaùía haya saneado la causal que motivĂł tal declaratoria. QUE la Directora JurĂ­dica de DisoluciĂłn y LiquidaciĂłn de Compaùías, mediante Memorando No.IJ.DJDL.06.2287 de 31 de octubre de 2006, ha emitido informe favorable para que se dicte la ResoluciĂłn que declare la disoluciĂłn y disponga la liquidaciĂłn de CLOCKSYSTEMS CIA. LTDA., y, EN uso de las facultades conferidas por el seĂąor Superintendente de Compaùías mediante ResoluciĂłn No ADM-03193 de 13 de junio del 2003; RESUELVE: ARTICULO PRIMERO.- DECLARA disuelta por actividad a CLOCKSYSTEMS CIA. LTDA., por estar incursa en el inciso tercero del Art. 360 de la Ley de Compaùías. ARTICULO SEGUNDO.- NOTIFICAR con esta ResoluciĂłn al Representante Legal de la compaùía mencionada en el artĂ­culo anterior, en la forma prevista en la Ley, en la direcciĂłn domiciliaria de la misma y disponer que ĂŠsta cumpla lo ordenado en la presente. ARTICULO TERCERO.- DISPONER que, el Representante Legal de la compaùía, en el tĂŠrmino de ocho dĂ­as, contando desde la notificaciĂłn con la presente ResoluciĂłn, publique, por una sola vez, en un diario de amplia circulaciĂłn en el domicilio principal de la compaùía, el texto Ă­ntegro de esta ResoluciĂłn. Los socios que representen el 25% o mĂĄs del capital pagado podrĂĄn impugnar ante el Tribunal Distrital de lo Contencioso Administrativo, dentro del tĂŠrmino de diez dĂ­as posteriores a la publicaciĂłn antes referida. ARTICULO CUARTO.- DISPONER que, ejecutoriada esta ResoluciĂłn, el Notario Noveno del Distrito Metropolitano de Quito, en el tĂŠrmino de treinta dĂ­as, tome nota del contenido de la presente al margen de la matriz de la escritura pĂşblica de constituciĂłn. Cumplido, sentarĂĄ razĂłn de lo actuado. ARTICULO QUINTO.- DISPONER que, ejecutoriada esta ResoluciĂłn, en el tĂŠrmino de treinta dĂ­as, el seĂąor Registrador Mercantil: a) Inscriban esta ResoluciĂłn a su cargo; y, b) Ponga las notas de referencia previstas en el inciso primero del artĂ­culo 51 de la Ley de Registro. Cumplido, sentarĂĄ razĂłn y copia de lo actuado remitirĂĄ a la Superintendencia de Compaùías. ARTICULO SEXTO.- DISPONER que, el Representante Legal de la compaùía, en el tĂŠrmino de ocho dĂ­as, contado desde la ejecutoria de la ResoluciĂłn de DisoluciĂłn, publique por una sola vez, en un diario de amplia circulaciĂłn en el domicilio principal de la compaùía, el extracto de la presente ResoluciĂłn. ARTICULO SEPTIMO.- DISPONER que, ejecutadas las formalidades prescritas, la compaùía se ponga EN LIQUIDACION. Sin embargo, estĂĄ podrĂĄ reactivarse de conformidad con la Ley. ARTICULO OCTAVO.- NOMBRAR Liquidador al seĂąor Jorge Oswaldo PabĂłn Armas y conferirle todas las facultades determinadas en la Ley de Compaùías y en el estatuto de la sociedad, a fin de que efectĂşe las operaciones de liquidaciĂłn. ARTICULO NOVENO.- DISPONER que, el Liquidador inscriba su nombramiento en el tĂŠrmino de diez dĂ­as, contado desde su aceptaciĂłn, en el Registro Mercantil del domicilio principal de la compaùía. ARTICULO DECIMO.- DISPONER que, durante el proceso de liquidaciĂłn, en todos los actos y contratos en los que intervenga la compaùía, se agreguen despuĂŠs de su nombre las palabras EN LIQUIDACION, previniendo al Liquidador de las responsabilidades legales en caso de omisiĂłn. ARTICULO UNDECIMO.- PREVENIR al Representante Legal, sobre el cumplimiento de lo ordenado por los Arts. 3Âş., 4Âş., 5Âş, y 6Âş; de la presente ResoluciĂłn, cuya omisiĂłn darĂĄ lugar a las sanciones contempladas en la Ley, sin perjuicio de que esta Superintendencia ejecute las citadas diligencias y de que el monto de los gastos incurridos, con los recargos de Ley, sean agregados al pasivo de la compaùía, debiendo este valor ingresar a la cuenta denominada â&#x20AC;&#x153;Cuenta Rotativa de Ingresos No. 0346497-0 del Banco del PacĂ­ficoâ&#x20AC;?. ARTICULO DUODECIMO.- DISPONER que, se remita copia de esta ResoluciĂłn a la DirecciĂłn General del Servicio de Rentas Internas. CUMPLIDO lo anterior, remĂ­tase a este Despacho copia certificada de esta ResoluciĂłn. NOTIFIQUESE.- DADA y firmada en la Superintendencia de Compaùías, en el Distrito Metropolitano de Quito, a 31 de octubre de 2006 Dra. Piedad Moncayo de VĂĄsconez

A.P./49409/k.m.


GI@D<I J<z8C8D@<EKF# 8:FDG8z8;F <C (' ;< C8 F=<IK8 <E ;@E<IF <E <=<:K@MF F <E :?<HL< :<IK@=@:8;F 8 EFD9I< ;<CALQ>8;F%:<IK@=@:F% JI8%AL8E8:<M8CCFJ>% J<:I<K8I@8 ?Xp]`idXpj\ccf 8:&(('/,&k] I%;<C<% ALQ>8;F;<:@DF J<GK@DF;<CF:@M@C J<GFE<<E:FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <C GIFO@DF ;@8 D@<I:FC<J));<ALE@F;<C )'((;<J;<C8J(+?''8C8J (/?'' <E C8 J<:I<K8I@8 ;< <JK< ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 J< CC<M8I8 8 <=<:KF <C I<D8K< ;<C 9@<E <D98I>8;F :FE C8J :8I8:K<I@JK@:8J HL< J< ;<K8CC8E 8 :FEK@EL8:@FE AL@:@FEf1.0$)''. ;<GFJ@K8I@FAL;@:@8C1;I% CL@J<EI@HL<8I@8J (%8EK<:<;<EK<J CXj[\dXe[X[XjGXfcX<m\c`e\ <e[XiX M\e\^Xj p DXiÂ&#x2C6;X =\ieXe[X <e[XiX M\e\^Xj# jfegifg`\kXi`Xj[\lek\ii\$ efpZfejkilZZ`Â?e#`[\ek`]`ZX[f ZfdfCfk\Ef#.0$9#lY`ZX[f \e cX J\^le[X \kXgX [\ cX LiYXe`qXZ`Â?eJXekXIfjX#[\ cX gXiifhl`X JXe^fchlÂ&#x2C6;# [\ \jk\ZXekÂ?e% Gi\[`fX[hl`i`[fgfiZfdgiX m\ekX X cX j\Â&#x152;fiX :Xid\e C\fefi JXcXqXi Ifd\if p :Xicfj =\ieXe[f <e[XiX JXcXqXi# d\[`Xek\ \jZi`kliX gÂ&#x2019;Yc`ZXfkfi^X[X\c(/[\XYi`c [\(00.#`ejZi`kX\c-[\dXpf [\(00.% <jk\ gi\[`f j\ \eZl\ekiX \e \c@%Dle`Z`g`f[\Ild`Â&#x152;X_l` Zfe :C8M< :8K8JKI8C Ef% '((+')-'/''' )%L9@:8:@FE Gifm`eZ`X1G`Z_`eZ_X :XekÂ?e1Ild`Â&#x152;X_l` GXiifhl`X1JXe^fchlÂ&#x2C6; J\Zkfi1JXekXIfjX#@@<kXgX *% JLG<I=@:@< P C@E;<IFJ ;<CK<II<EF <c k\ii\ef k`\e\ `[\ek`]`ZX[f ZfdfCfk\J<K<EK8PEL<M< 9#lY`ZX[f\ecXJ\^le[X<kXgX [\cXLiYXe`qXZ`Â?eJXekXIfjX# k`\e\leXjlg\i]`Z`\[\-*,#'' d\kifjZlX[iX[fj#[\ekif[\ cfjj`^l`\ek\jc`e[\ifj1 EFIK<1*.#''d\kifjZfeCfk\ eÂ&#x2019;d\ifj\k\ekXpel\m\ JLI1 *(#'' d\kifj Zfe Cfk\ eÂ&#x2019;d\ifj\k\ekXpfZ_f <JK<1(/#,'d\kifjZfegXik\ [\cCfk\j\k\ekXpj\`jĂ&#x2021;9 F<JK<1 )'#'' d\kifj Zfe ]i\ek\XcXZXcc\:_`dYfiXqf +% :8I8:K<IĂ JK@:8J ;<C K<II<EF <ck\ii\ef\jlegi\[`fliYXef i\j`[\eZ`Xc [\ gi`d\iX# gi\$ mXc\Z`\e[f cX gi\j\eZ`X [\ m`m`\e[Xj le`]Xd`c`Xi\j `e[\$ g\e[`\ek\j#k`\e\]i\ek\XleX ZXcc\ gi`eZ`gXc# [\efd`eX[X :_`dYfiXqf% :l\ekXZfefjj\im`Z`fjY}j`$ Zfj [\ `e]iX\jkilZkliX Zfdf jfe1 X^lX gfkXYc\ Zfe jl d\[`[fi#clq\cÂ&#x201E;Zki`ZXZfejl i\jg\Zk`mf d\[`[fi j\im`Z`f [\ k\cÂ&#x201E;]fef# XcZXekXi`ccX[f# m\i\[Xj[\Z\d\ekfpcXZXc$ qX[X\jk}X[fhl`eX[X\eYl\e \jkX[f[\dXek\e`d`\ekf% <ce`m\c[\k\ii\efi\jg\ZkfX cXZXcc\gi\j\ekXlee`m\cXckf# gficfhl\\cgi\[`fk`\e\leX `eZc`eXZ`Â?edlpgifeleZ`X[X# \cXZZ\jfj\cf_XZ\gfileX iXdgX% ,%:8I8:K<I@JK@:8J;<C8J :FEJKIL::@FE<J <o`jk\e[fjYcfhl\j[\Zfej$ kilZZ`fe\j# \c le Ycfhl\ Zfe

]i\ek\XcXZXcc\:_`dYfiXqf# [\ [fj gcXekXj [\ d}j f d\efj [`\q XÂ&#x152;fj [\ Zfej$ kil`[X#\jk}Zfe]fidX[X[\cX j`^l`\ek\dXe\iX1 GC8EK8 98A81 :fe 0,%-, d\kifj ZlX[iX[fj [\ Zfej$ kilZZ`Â?e# Zfe jXcX Zfd\[fi# ZfZ`eX YXÂ&#x152;f p d\[`f ZlpX `e]iX\jkilZkliX ^lXi[X cXj j`^l`\ek\j ZXiXZk\iÂ&#x2C6;jk`ZXj1 Z`d`\ekfj[\g`\[iX\jkilZkliX [\_fid`^Â?eXidX[f#Zfcld$ eXj[\_fid`^Â?e%gXi\[\j[\ cX[i`ccfcXZfZ`eXZfedl\Yc\j XckfjpYXafj\dX[\iXcfjX[\ \eki\g`jf#kldYX[f\eclZ`[f% GC8EK8 8CK82 Zfe ((*#-' d\kifj ZlX[iX[fj [\ Zfej$ kilZZ`Â?e#ki\j[fid`kfi`fjZfe g`jfj [\ gXib\k# gl\ikXj [\ dX[\iX#m\ekXeXj[\g\i]`c[\ _`\iif#cfjZcfj\kj[\cfj[fi$ d`kfi`fj [\ dX[\iX ZfdÂ&#x2019;e# [fjYXÂ&#x152;fjZfei\ZlYi`d`\ekfj [\Z\i}d`ZX#kldYX[f\eclZ`$ [fpcXZlY`\ikX[\cfjX% <c fkif Ycfhl\ lY`ZX[f \e cX gXik\ gfjk\i`fi [\c k\ii\ef# k`\e\]fidX[\\c\#\j[\leX jfcXgcXekXZfe)).#/.d\kifj ZlX[iX[fj [\ ZfejkilZZ`Â?e# ZlpX `e]iX\jkilZkliX ^lXi[X cXjj`^l`\ek\jZXiXZk\iÂ&#x2C6;jk`ZXj2 Z`d`\ekfj [\ g`\[iX# \jkilZ$ kliX [\ _fid`^Â?e XidX[f# ZfcldeXj[\_fid`^Â?e#m`^Xj [\_fid`^Â?e#gXi\[\j[\cX[i`$ ccf#cXjgl\ikX[\dX[\iX#m\e$ kXeXj [\ g\i]`c [\ _`\iif# cX ZfZ`eXjfcfk`\e\dl\Yc\YXaf [\ dX[\iX# cfj [fid`kfi`fj j`e Zcfj\kj# kldYX[f \eclZ`$ [f# cX ZlY`\ikXj [\ XjY\jkf Z\d\ekf% -%8M8CLF GXiXcXmXcfiXZ`Â?e[\c`edl\$ Yc\#j\_XekfdX[f\eZfej`$ [\iXZ`Â?ecfjj`^l`\ek\jilYifj1 lY`ZXZ`Â?e [\c gi\[`f# \jkX[f XZklXc [\c k\ii\ef p cX Zfej$ kilZZ`Â?e# k`gf [\ dXk\i`Xc\j lk`c`qX[fj# j\im`Z`fj Y}j`Zfj [\ `e]iX\jkilZkliXj Zfe cfj hl\Zl\ekX1 -*,#'' d\kifj ZlX[iX[fj [\ k\ii\ef X +,#'' LJ; Z& d)[XleZfjkf\jk`dX[f\e )/%,.,#''LJ;% ;fj m`m`\e[Xj Zfe +*.#() d\kifj ZlX[iX[fj [\ Zfej$ kilZZ`Â?eX)',#''LJ;Z&d) [X le Zfjkf \jk`dX[f \e /0%-'0#-'LJ;% Cf hl\ [X le dfekf ^cf$ YXc [\ :@<EKF ;@<:@F:?F D@C :@<EKF F:?<EK8 P :L8KIF -'&('' ;FC8I<J 8D<I@:8EFJ ((/#(/+#-' LJ; GFI KI8K8IJ< ;<C GI@D<I J<z8C8D@<EKF J< 8:<GK8I8E GFJKLI8J ;<J;< 8HL<CC8J HL< :L9I8EC8J;FJK<I:<I8J G8IK<J ;<C 8M8CLF ;<C 9@<E :FEJ@>E8E;F <C ;@<Q GFI :@<EKF ;< C8 D@JD8 <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F# =@A<J< CFJ :8IK<C<J P ?8>8J< C8J GL9C@:8:@FE<J% 89>% =<IE8E;F >I8EA8 C8E8J J<:I<K8I@F ?Xp]`idXpj\ccf 8:&(('..&k] 8M@JF;<I<D8K< <OKI8:KFAL;@:@8C I<GL9C@:8;<C<:L8;FI ALQ>8;FM@><J@DFHL@EKF ;<CF:@M@C;<G@:?@E:?8 J<GFE<<E:FEF:@D@<EKF ;<CGL9C@:F><E<I8CHL< <C;@8D8IK<JM<@EK@LEF ;< ALE@F ;<C 8zF ;FJ D@C FE:< ;<J;< C8J :8KFI:< ?FI8J ?8JK8 C8J ;@<:@F:?F ?FI8J <E C8 J<:I<K8I@8 ;< <JK< ALQ>8;F#J<GIF:<;<IĂ?C8

I<D8K<;<C9@<E@EDL<9C< HL< 8 :FEK@EL8:@FE J< ;<K8CC81 AL@:@F <A<:LK@MF Ef **/$ )''0$G%K% L9@:8:@äE1 \c Y`\e fYa\kf [\ cX g\i`Z`X j\ \eZl\ekiX j`klX[f \e cX ZXcc\ Ă&#x2C6;;Xe`\c :\mXccfjĂ&#x2030; eÂ&#x2019;d\ifj ()',# ((00 p E($)00 p cX ZXcc\ D`j`Â?e>\f[Â&#x201E;j`ZX#gXjXa\gi`$ mX[f `ek\ief# [\c YXii`f JXe =iXeZ`jZf# gXiifhl`X [\ JXe 8ekfe`f[\G`Z_`eZ_X#;`jki`kf D\kifgfc`kXef [\ Hl`kf# gif$ m`eZ`X[\G`Z_`eZ_X% ;<C CFK< ;< K<II<EF1 j\ kiXkX[\lek\ii\ef[\]fidX i\ZkXe^lcXi2 [\ kfgf^iX]Â&#x2C6;X i\cXk`mXd\ek\gcXeX#Xchl\j\ XZZ\[\XkiXmÂ&#x201E;j[\legXjXa\ gi`mX[f#\cd`jdfhl\Zl\ekX Zfe Z\iiXd`\ekfj gifg`fj# [\ dXdgfjk\iÂ&#x2C6;X [\ Ycfhl\ p ZfcldeXj [\ _fid`^Â?e XidX[f# gl\ikX [\ XZZ\jf ^\e\iXc[\_`\iif2Zl\ekXZfe cfj j`^l`\ek\j j\im`Z`fj Y}j`$ Zfj [\ `e]iX\jkilZkliX1 X^lX gfkXYc\# XcZXekXi`ccX[f# i\[\j [\\e\i^Â&#x2C6;X\cÂ&#x201E;Zki`ZX#cXmÂ&#x2C6;X[\ XZZ\jf \j gXm`d\ekX[X# \jk\ Y`\ej\\eZl\ekiX\elej\Zkfi liYXefZfejfc`[X[f% C@E;<IFJ P JLG<I=@:@< ><E<I8C<J ;<C K<II<EF  KF D 8 ; F J  ;< C 8 <J:I@KLI8 1 EFIK<1ZfecXgifg`\[X[[\c Ji%Alc`f:}i[\eXj#\eleXcfe$ ^`kl[[\+,#''d% JLI1ZfecXgifg`\[X[[\cJi% >l`cc\idfIXZ`e\j#\eleXcfe$ ^`kl[[\+,#''d% <JK<1 Zfe cX ZXcc\ ;Xe`\c :\mXccfj# \e leX cfe^`kl[ [\ )'#''d2p# F<JK<1ZfecXgifg`\[X[[\c Ji% DXel\c 8[i`}e EXmXiif p JiX%# \e leX cfe^`kl[ [\ )'#''d% JLG<I=@:@< KFK8C1 0''#'' d) 8M8CLF ;<C K<II<EF KFK8C1 gfi jlj ZXiXZk\iÂ&#x2C6;jk`$ ZXj ]Â&#x2C6;j`ZXj# jl lY`ZXZ`Â?e Zfe i\cXZ`Â?eXcXZ`l[X[#cX`e]iX$ \jkilZkliXZfecXhl\Zl\ekX# cX Z\iZXeÂ&#x2C6;X Xc \hl`gXd`\ekf liYXef# cX [\dXe[X p f]\ikX gXiX \jk\ k`gf [\ Y`\e \e \c d\iZX[f# j\ \jk`dX jl Zfjkf X iXqÂ?e [\ (''#'' [Â?cXi\j ZX[Xd\kifZlX[iX[f#cfhl\ dl@k`g@`ZX[fgfijl}i\XkfkXc efj[X 0'%'''#''% ;< C8 :FEJKIL::@FE I<8C@Q8;8 GFI C8 JiX% ><ID8E@8A8:FD<=CFI<J1 jfYi\\jk\k\ii\ef#\ecXgXik\ [\ck\ii\efhl\c\Zfii\jgfe[\ XcX[\dXe[X[Xj\^Â&#x2019;ecXgXi$ k`Z`Â?ei\Xc`qX[XgficfjZfgif$ g`\kXi`fj#j\_X\[`]`ZX[fleX ZfejkilZZ`Â?e [\ [fj gcXekXj [\jk`eX[XXm`m`\e[X#cXd`jdX hl\j\\eZl\ekiXZfejk`kl`[X gfi cfj j`^l`\ek\j XdY`\ek\j \egcXekXYXaX1leXZfZ`eX#le Zfd\[fi p leX jXcX# ^iX[Xj `ek\ieXj2p#\egcXekXXckXki\j [fid`kfi`fjpleYXÂ&#x152;f#Zl\ekX Zfek\iiXqX2\jkX\[`]`ZXZ`Â?ej\ \eZl\ekiX`eZfeZcljX#Xe`m\c [\fYiXdl\ikXZfedÂ&#x2C6;e`dfj XZXYX[fjgXiXgf[\ij\ilk`$ c`qX[X% C@E;<IFJ ;<C K<II<EF JF9I< <C HL< J< ?8 C <M8 E K8 ; F  C 8 :FEJKIL::@FE1 EFIK<1Zfegifg`\[X[gXik`$ ZlcXiAlc`f:}i[\eXj #\eleX cfe^`kl[[\*#-'d% JLI1Zfegifg`\[X[gXik`ZlcXi >l`cc\idf IXZ`e\j # \e leX cfe^`kl[[\*#*'d% <JK<1 Zfe [fj gifg`\[X[\j gXik`ZlcXi\jpgXjXa\gi`mX[f Xcd\[`f#\eleXcfe^`kl[[\ (0#/,d2p# F<JK<1Zfegifg`\[X[gXik`Zl$ cXiDXel\c8[i`}eEXmXiif # \eleXcfe^`kl[[\(0#/,%d%

I_beiWd_cWb[iikf_[hWd^WXbWh" i[]khWc[dj[Z_hÂ&#x2021;WdZ[ckY^eil_Y_ei 2;ije[i^kcWde4"Yed[bc_icejede gk[[b^ecXh[Z_Y[2;ije[iX[ij_Wb$4 C$ =$ I 7 F > ? H JLG<I=@:@< ;<C K<II<EF1 -/#+/d)% : 8 I 8 : K < I @ J K @ : 8 J : F E J K I L : K @ M 8 J GI@E:@G8C<J1 Z`d\ekXZ`Â?e [\ g`\[iX p [\ _fid`^Â?e XidX[f2\jkilZkliX[\_fid`$ ^Â?eXidX[f2ZlY`\ikX[\cfjX [\ _fid`^Â?e XidX[f2 dXd$ gfjk\iÂ&#x2C6;Xj[\Ycfhl\\eclZ`[Xj p YcXehl\X[Xj gXiZ`Xcd\ek\2 gl\ikXj [\ dX[\iX# gl\ikX [\ XZZ\jf [\ \jkilZkliX [\ _`\iif# Zfe dX[\iX p m`[i`f ZXk\[iXc2 m\ekXeXj [\ _`\iif Zfem`[i`fZcXifpgifk\ZZ`fe\j [\cd`jdfdXk\i`Xc#\egcXekX XckX m\ekXeXj [\ Xcld`e`f p m`[i`fYifeZ\2g`jfj\eZ\d\e$ kX[fj2`ejkXcXZ`fe\j\cÂ&#x201E;Zki`ZXj \_`[ifjXe`kXi`Xj\dgfkiX[Xj pjfYi\gl\jkXj% JLG<I=@:@< ; < :FEJKIL::@FE KFK8C1 (*.#''d)% <JK8;F 8:KL8C1 i\^lcXi# \e gifZ\jf ZfejkilZk`mf# j`e XZXYX[fj% <;8;;<C8:FEJKIL::@FE1 gfijl\jkX[fXZklXc#cXjkÂ&#x201E;Ze`$ ZXjZfejkilZk`mXj\dgc\X[Xj# cfj dXk\i`Xc\j lk`c`qX[fj# j\ \jk`dX jl k`\dgf [\ Zfej$ kilZZ`Â?e Xgifo`dX[Xd\ek\ \e*XÂ&#x152;fj% 8M8 C L F  ;< C 8 :FEJKIL::@FE1 gfi jlj ZXiXZk\iÂ&#x2C6;jk`ZXj ZfejkilZk`$ mXj# jl \jkX[f XZklXc hl\ \j `eZfeZcljX# jl [\Zi\g`kl[# cX ]XckX [\ dXek\e`d`\ekf p [\ i\gfj`Z`fe\jhl\j\fYj\imX# cXfYjfc\jZ\eZ`X]leZ`feXc#cX f]\ikXp[\dXe[XgXiXleY`\e [\ \jk\ k`gf \e \c d\iZX[f# j\\jk`dXjlZfjkfXiXqÂ?e[\ ()-#'' [Â?cXi\j L%J%8% ZX[X d)% cf hl\ dlck`gc`ZX[f gfi jl}i\Xefj[XlekfkXc[\ (.%)-)#''% I<JLD<E;<C8M8CLF1 K<II<EF1-%/+/#'' :FEJKIL::@FE1  (.%)-)#'' KFK8C8M8CLF1)+%(('#'' JFE1 M<@EK< P :L8KIF D@C :@<EKF ;@<Q ''&('' ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ;< 8D<I@:8%J%<%l%F% ALQ>8;FM@><J@DFHL@EKF ;<CF:@M@C;<G@:?@E:?8% Hl`kf# cle\j (/ [\ XYi`c [\c )'((#cXj(+_,)%8^iÂ&#x201E;^l\j\Xc gifZ\jfcfj\jZi`kfjhl\Xek\$ Z\[\e#$%<ecfgi`eZ`gXc#Xk\ekf fjfc`Z`kX[fgfi\cXZkfipgfi ef_XY\ij\_\Z_ffYj\imXZ`f$ e\jXc`e]fid\g\i`Z`Xc#j\cf Xgil\YXpj\j\Â&#x152;}cXj\gXiX\c [Â&#x2C6;XdXik\jm\`ek`lef[\Ale`f [\c XÂ&#x152;f [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`f$ Z_f_fiXj#X]`e[\hl\k\e^X cl^Xi\ecXJ\Zi\kXiÂ&#x2C6;X[\\jkX Al[`ZXkliX\ci\dXk\[\cY`\e `edl\Yc\ \dYXi^X[f \e cX gi\j\ek\ ZXljX% Gfi kiXkXij\ [\c gi`d\i j\Â&#x152;XcXd`\ekf# j\ XZ\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c XmXcÂ&#x2019;f\e[`e\if\e\]\Zk`mff Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\cAlq^X[f%GXiXcXgi}Zk`ZX[\ \jkX[`c`^\eZ`X\i\Xc`qXi}ecXj glYc`ZXZ`fe\j[\C\p#XjÂ&#x2C6;Zfdf kXdY`Â&#x201E;ej\]`aXi}e%cfjZXik\c\j Zfe]fid\[`jgfe\\c8ik%+,- [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c%Ă&#x2020;EFKc=@HL<J<% = ;i%@m}e:\mXccfjQXdYiXef% AL<Q% J\XZ\gkXi}egfjkliXj[\j[\

Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f# gfikiXkXij\[\cgi`d\ij\Â&#x152;X$ cXd`\ekf#\e[`e\if\e\]\Zk`mf fZ_\hl\Z\ik`]`ZX[fXefdYi\ [\cAlq^X[f% Cfhl\Zfdle`ZfgXiXcfj]`e\j [\C\p% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp]`idXpj\ccf 8:&.0,/)&k] I[\c< ALQ>8;FM@>yJ@DF K<I:<IF;<CF:@M@C;< G@:?@E:?8 8M@JFAL;@:@8C;<I<D8K< AL@:@F <JG<:@8C Ef% */,$ )''0;iX%BA J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c [Â&#x2C6;X cle\j ). [\ ale`f [\c )'((# [\j[\ cX ZXkfiZ\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj `eZclj`m\# \e cX j\Zi\kXi`X [\ \jkX Al[`ZXkliX k\e[i} cl^Xi \ci\dXk\[\cfjY`\e\jdl\$ Yc\j hl\ _X Zfek`elXZ`Â?e j\ [\kXccX18%$Cl^Xi#]\Z_Xp_fiX [\c i\ZfefZ`d`\ekf1 <c cl^Xi j\ \eZl\ekiX lY`ZX[f \e \c :XekÂ?e JXekX <c\eX# j\Z$ kfi :XYf Hl`ifq# ZXcc\ AlXe DfekXcmf# mÂ&#x2C6;X gi`eZ`gXc Xek`$ ^lf:XdXc#X)''d\kifj[\cX 9fdYX[\>Xjfc`eXGI@D8O# \c/[\fZklYi\[\c)'('#cXj ('_''% 9%$;\kXcc\[\cfjY`\e\j%$J\ kiXkX [\ mXi`fj kXehl\j [\ ZfdYljk`Yc\ p [fj YfdYXj# d`jdfj hl\ j\ [\kXccX [\ cX j`^l`\ek\dXe\iX1 LekXehl\[\ZfdYljk`Yc\[\ j\`j d\kifj [\ Xckf# [\ j`\k\ d\kifj Zfe Z`eZl\ekX Z\ekÂ&#x2C6;$ d\kifj gfi j`\k\ d\kifj Zfe Z`eZl\ekXpj`\k\Z\ekÂ&#x2C6;d\kifj [\ [`}d\kif# Zfe ZXgXZ`[X[ gXiX j\j\ekX d`c ^Xcfe\j [\ ZfdYljk`Yc\#gXiXkiXYXaXi\e gfj`Z`Â?e\jkXZ`feXi`Xm\ik`ZXc# Zfejkil`[f \e gcXeZ_X e\^iX [\ le ZlXikf [\ glc^X[X# \c kXehl\ k\e[i} \ekiX[X [\ _fdYi\# [i\eXa\ [\ ^Xj\j# \ekiX[X [\ ZfdYljk`Yc\# [fj ccXm\j[\Zfdgl\ikXj[\ZlX$ kif glc^X[Xj gXiX [\jZXi^X# [\ZfcfiYcXeZfZfeleX]iXe$ aXZ\c\jk\#d`jdfhl\\jk}\e i\^lcXi \jkX[f [\ Zfej\imX$ Z`Â?e# ef j\ gl\[\ fYj\imXi _l\Zfje`fi`]`Z`fj% 8mXcÂ&#x2019;fXgifo`dX[f)-%'''#ff LJ; M<@EK< P J<@J D@C ;äC8I<J8D<I@:8EFJ  Le kXehl\ [\ j`\k\ d\kifj Zfe efm\ekX Z\ekÂ&#x2C6;d\kifj [\ cXi^f#Zfele[`}d\kif[\[fj ^Xcfe\j# gXiX hl\ kiXYXa\ \e ]fidX_fi`qfekXc#pgl\[Xj\i lk`c`qX[f gXiX kiXjgfik\ \e ki}`c\i# ZXdX YXaX# \c kXehl\ k\e[i} [fj ZfdgXik`d`\ekfj# k\dgcX[fj`ek\i`fi\j[\j\^l$ i`[X[#leX\ekiX[X[\efdYi\# leX \ekiX[X [\ ZfdYljk`Yc\# klYf`ek\i`figXiXj`jk\dX[\ d\[`XZ`Â?eZfeYXiiX#j`jk\dX [\[i\eXa\[\^Xj\j#\jZXc\iX ki\j#\ei\^lcXi\jkX[f[\Zfe$ j\imXZ`Â?e#efk`\e\fi`]`Z`fj% 8mX c Â&#x2019; f  X g i f o ` d X [ f +%,''#ff LJ; :L8KIF D@C HL@E@<EKFJ ;äC8I<J 8D<I@:8EFJ  LekXehl\[\[fjd\kifjZfe Z`eZl\ekX p ki\j Z\ekÂ&#x2C6;d\kifj gfi le d\kif fZ_\ekX p [fj Z\ekÂ&#x2C6;d\kifj# gfi j\`j d\kifj

Z`eZl\ekX Z\ekÂ&#x2C6;d\kifj [\ cXi^f#gXiXljfdÂ?m`cf\jkX$ Z`feXi`f# \e gfj\j`Â?e _fi`$ qfekXc#Zfejkil`[f\egcXeZ_X e\^iX[\ki\j&[`\Z`jÂ&#x201E;`jfZlX$ kifd`cÂ&#x2C6;d\kifj#ki\jXdgXifj# ki\j\ekiX[Xj[\_fdYi\#Zfe leX]cXlkX[\ki\jjXc`[Xj#Zfe ki\j ccXm\j [\ Zfdgl\ikX [\ ZlXkif glc^X[Xj# \jZXc\iX# k`eXZfej\`jgXkXj#g`ekX[X[\ ZfcfiXdXi`ccX#ZfeZXgXZ`[X[ [\j\`jd`c^Xcfe\j#\ei\^lcXi \jkX[f [\ Zfej\imXZ`Â?e# j`e fi`]`Z`fj% 8mXcÂ&#x2019;f Xgifo`dX[f )%,''#ff LJ;;FJD@CHL@E@<EKFJ ;äC8I<J8D<I@:8EFJ  LekXehl\[\[fjd\kifjZfe ZlXi\ekXpfZ_fZ\ekÂ&#x2C6;d\kifj# gfi le d\kif ki\`ekX p j`\k\ Z\ekÂ&#x2C6;d\kifj# gfi j\`j d\kifj ZlXi\ekXZ\ekÂ&#x2C6;d\kifj[\cXi^f# gXiX ljf dÂ?m`c \jkXZ`feXi`f# Zfejkil`[f \e gcXeZ_X e\^iX [\ ki\j&[`\Z`jÂ&#x201E;`j f ZlXkif d`cÂ&#x2C6;d\kifj# ZlXkif \ekiX[X [\ _fdYi\# ZlXkif ZfdgXik`$ d`\ekfj#[fjgXkXjcXi^XjZfe Zfe\o`fe\j[\jXc`[X#[\ki\j glc^X[Xj# g`ekX[f [\ Zfcfi XdXi`ccf# Zfe ZXgXZ`[X[ [\ Z`eZfd`c^Xcfe\j#\ei\^lcXi \jkX[f [\ Zfej\imXZ`Â?e# j`e fi`]`Z`fj% 8mXcÂ&#x2019;f Xgifo`dX[f )%'''#ff LJ; ;FJ D@C ;äC8I<J 8D<I@:8EFJ  ;fj\hl`gfj[\YfdY\f#Zfd$ gl\jkf gfi YXj\j# YfdYXj p dfkfi\j \cÂ&#x201E;Zki`Zfj# `eZclp\e$ [fjli\jg\Zk`mfdXki`dfe`fj fXZfgc\j[\dfkfiXYfdYX# [\ gifZ\[\eZ`X [\ <jkX[fj Le`[fj [\ Efik\ 8dÂ&#x201E;i`ZX# p [\dXiZX9pifeAXZbjfe#Zfe ZXgXZ`[X[ gXiX ZX[X YfdYX [\Z`\ekfefm\ekXpZ`eZf^Xcf$ e\j gfi d`elkf# d`jdXj hl\ j\\eZl\ekiXe[\jZfe\ZkX[Xj p X cX `ek\dg\i`\# \e i\^lcXi \jkX[f[\Zfej\imXZ`Â?e% 8mXcÂ&#x2019;f Xgifo`dX[f [\ cXj [fj YfdYXj \j [\ (%'''#ff LJ; D@C ;äC8I<J 8D<I@:8EFJ  MXcfi kfkXc [\ kf[fj cfj Y`\e\j \j [\ *-%'''#ff LJ; KI<@EK8 P J<@J D@C ;äC8I<J8D<I@:8EFJ  ALQ>8;F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )0 [\c XYi`c [\c )'((# cXj ('_,0%$ 8^iÂ&#x201E;^l\j\XcfjXlkfj\c\jZi`$ kfgi\j\ekX[f%$<eXk\eZ`Â?eXc d`jdfpXcXiXqÂ?ej\ekX[Xgfi \cJ\Zi\kXi`f#j\j\Â&#x152;XcXgXiX\c [Â&#x2C6;Xcle\j).[\ale`f[\c)'(( [\j[\ cXj (+?'' _XjkX cXj (/?''`eZclj`m\#X]`e[\hl\ k\e^Xcl^Xi\ecXj\Zi\kXiÂ&#x2C6;X[\ \jkXal[`ZXkliX\cI<D8K<;< CFJ9@<E<JmXi`fjkXehl\j #[fj\hl`gfj[\YfdY\fhl\ j\ \eZl\ekiX [\kXccX[f \e \c `e]fid\g\i`Z`Xc hl\_Xej`[f \dYXi^X[fj[\ekif[\cXgi\$ j\ek\ ZXljX%$ p [\d}j \jg\$ Z`]`ZXZ`fe\jZfejkXe[\c`e]fi$ d\ gi\j\ekX[f gfi \c j\Â&#x152;fi G\i`kf%$GlYcÂ&#x2C6;hl\j\\c\okiXZkf# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfiZ`iZlcXZ`Â?ehl\j\\[`$ kXe\e\jkXZ`l[X[[\Hl`kf%$ :fcÂ?hl\ej\ cfj i\jg\Zk`mfj ZXik\c\jp[Â&#x201E;j\Zldgc`d`\ekf Xkf[XjcXj]fidXc`[X[\jc\^X$ c\j%$GfikiXkXij\[\j\^le[f j\Â&#x152;XcXd`\ekf# kf[X gfjkliX [\Y\i}ZlYi`igficfd\efj\c Z`eZl\ekXgfiZ`\ekf[\cmXcfi [\cXmXcÂ&#x2019;fgiXZk`ZX[f%$8ZX[X gfjkliX[\Y\i}XZfdgXÂ&#x152;Xij\ \c[`\qgfiZ`\ekf[\cmXcfi[\ cXf]\ikX#\e[`e\if\e\]\Zk`mf p&fZ_\hl\Z\ik`]`ZX[fXfi[\e [\c Alq^X[f%$ GlYcÂ&#x2C6;hl\j\ \c \okiXZkf\elef[\cfj[`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf#gXiXcXZfcfZXZ`Â?e[\cfj ZXik\c\j[\giÂ&#x201E;hl\j\Xlef[\ cfjj\Â&#x152;fi\jal\Z\j[\cf:`m`c [\ cX Z`l[X[ [\ JXekX <c\eX

 

  

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ? \emÂ&#x2C6;\j\ [\jgXZ_f \e ]fidX p[Â&#x201E;j\Zldgc`d`\ekfXkf[Xj cXj ]fidXc`[X[\j c\^Xc\j%$ EFK@=Ă HL<J<%$ ] %$ =<C@G< @E=8EK<I<P#AL<Q< % GfikiXkXij\[\cj\^le[fj\Â&#x152;X$ cXd`\ekfj\i\Z`Y`i}ecXjgfj$ kliXjhl\ZlYiXegficfd\efj \c,'[\cXmXcÂ&#x2019;fXgifYX[f# [\Y`Â&#x201E;e[fj\ XZfdgXÂ&#x152;Xi \c ('[\cmXcfi[\cXf]\ikX\e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f f \e [`e\if \e \]\Zk`mf% Cfhl\gfe^f\eZfefZ`d`\ekf XcgÂ&#x2019;Yc`Zf\e^\e\iXcgXiXcfj ]`e\j[\c\p% 8Y^%Afi^\D`\i9liYXef J\Zi\kXi`f ?Xplej\ccf 8I&/*(+(&ZZ

M8I@FJ <OKI8:KFAL;@:@8C :@K8:@FE 8:KFI1 DLIF E8GFC<FE D F E K8 CMF  ? @ ;8 C> F# I<GI<J<EK8EK<C<>8C;< C8 :FDG8zĂ 8 Ă&#x2C6;D8A<JK@: :FIGFI8K@FEĂ&#x2030; ; < D 8 E ;8 ; F 1  A8M @ < I IF;I@>L<QG8CFD@EF = L E ;8 D < E KF  C <>8 C 1 8ik% *' c`k\iXc X p [ C\p [\ @ehl`c`eXkf% AL@:@F M<I98C JLD8I@F Eif%)'(($'*'(:%:% :L8EK@81LJ;%0%''' ALQ>8;F J<>LE;F ;< @EHL@C@E8KFPI<C8:@FE<J M<:@E8C<J%$ <e Hl`kf# _fp [Â&#x2C6;X m\`ek\ p Z`eZf [\ dXpf [\c XÂ&#x152;f [fj d`c feZ\# X cXj el\m\_fiXjZfeel\m\d`el$ kfj# Xek\ cX [fZkfiX Jfe`X >l[`Â&#x152;f :`je\ifj# Al\qX K`klcXiJ\^le[X[\@ehl`c`eXkf p I\cXZ`fe\j M\Z`eXc\j [\ G`Z_`eZ_X# \ `e]iXjZi`$ kf j\Zi\kXi`f ZfdgXi\Z\ \c j\Â&#x152;fi1 D8LIF E8GFC<FE DFEK8CMF ?@;8C>F Zfe Z%Z% (.'/),('-$0 [\ \jkX[f Z`m`cZXjX[f#[\eXZ`feXc`[X[ \ZlXkfi`XeX# [\ gif]\j`Â?e \dgi\jXi`f p i\j`[\ek\ \e \c ZXekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X#ZfecX]`eXc`[X[[\ i\e[`icXgi\j\ek\[\ZcXiXZ`Â?e aliXd\ekX[X [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf:`m`c%$8c\]\Zkf aliXd\ekX[fhl\]l\i\\ec\^Xc p[\Y`[X]fidX#X[m\ik`[f[\ cX^iXm\[X[[\caliXd\ekf[\ cXjg\eXj[\g\iali`fp[\fYc`$ ^XZ`Â?e hl\ k`\e\ [\ [\Z`i cX m\i[X[#dXe`]`\jkX1j\Â&#x152;fiAl\q g\j\Xd`jdÂ&#x2019;ck`gc\jXZZ`fe\j gXiX YljZXi cX cfZXc`qXZ`Â?e [\c j\Â&#x152;fi AXm`\i If[iÂ&#x2C6;^l\q GXcfd`efj\d\_Xj`[f`dgf$ j`Yc\[\k\id`eXijllY`ZXZ`Â?e# gficfhl\[\jZfefqZf[fe[\ \jkX%$:fecfhl\ZfeZclp\cX gi\j\ek\[`c`^\eZ`X#gXiXZfej$ kXeZ`X[\cfXZklX[f]`idXe\c ZfdgXi\Z`\ek\ \e le`[X[ [\ XZkf Zfe cX j\Â&#x152;fi`kX Al\qX p J\Zi\kXi`fhl\Z\ik`]`ZX%$ Cfhl\Zfdle`ZfXl[#gXiXcfj ]`e\j[\C\p%$Z\ik`]`Zf% ;I% 8C<O8E;<I M<E<>8J G%% J<:I<K8I@F% <o`jk\]`idXpj\ccf% 8%G%&+0**(&b%d% KI@9LE8C;@JKI@K8CEf% (;<CF:FEK<E:@FJF 8;D@E@JKI8K@MF J<>LE;8J8C8 :@K8:@äE AL;@:@8C 8C ;I% M@:KFI ?L>F :8JK@CCF

Ä&#x160;

M@CC8CFE>8 <OKI8:KF 8:KFI1;I%DĂ?O@DF8>LJKĂ E FIK<>8FI;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`Â&#x201E;iZfc\j (/ [\ dXpf [\c )'((#cXj('_+-%[\dXpf[\c )'('%$CXj'/_*0%$8^iÂ&#x201E;^l\j\ XcgifZ\jf\c\jZi`kfhl\Xek\$ Z\[\gi\j\ekX[fgfi\cXZkfi2 p#\eXk\eZ`Â?eXcd`jdfj\cf Xk`\e[\[\Zfe]fid`[X[Zfecf hl\[`jgfe\\cXikÂ&#x2C6;Zlcf/)[\c :Â?[`^f[\GifZ\[`d`\ekf:`m`c# ZÂ&#x2C6;k\j\gficXgi\ejXXc;fZkfi MÂ&#x2C6;Zkfi?l^f:Xjk`ccfM`ccXcfe^X \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc# gfiki\j[Â&#x2C6;Xj\e]\Z_Xj[`jk`e$ kXj#gXiXcfZlXcgfiJ\Zi\kXiÂ&#x2C6;X j\ \eki\^Xi} Xc `ek\i\jX[f \c \okiXZkf Zfii\jgfe[`\ek\ \e cX ]fidX c\^Xc%$ <c Y\e\]`Z`X$ i`f [\ cX I\jfclZ`Â?e hl\ j\ `dgl^eX k\e[i} \c kÂ&#x201E;id`ef [\hl`eZ\[Â&#x2C6;XjgXiXhl\Zfe$ k\jk\ cX [\dXe[X%$ <e m`ikl[ [\cX8ZZ`Â?e[\G\ijfeXcEf% ('-/$;G$;GG[\(-[\dXpf [\c)'((#XZkÂ&#x2019;X\eZXc`[X[[\ J\Zi\kXi`XI\cXkfiX<eZXi^X[X [\ cX J\^le[X JXcX# cX ;iX% Cl`jX P}e\q D\icf%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%$ ]  ;iX% JXY\kk :_Xdfle M`ccXZiÂ&#x201E;j% Al\qX <eZXi^X[X [\ jljkXeZ`XZ`Â?e [\ cX J\^le[X JXcX [\ \jk\ Ki`YleXc% Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\C\p#X[m`ik`Â&#x201E;e[fc\ [\cXfYc`^XZ`Â?ehl\k`\e\[\ j\Â&#x152;XcXi[fd`Z`c`fgXiXgfjk\$ i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc [\ \jkX Z`l[X[[\Hl`kf% ;iX%Cl`jXP}e\qD\icf%# J<:I<K8I@FI<C8KFI <o`jk\]`idXpj\ccf% 8%G%&+0+'*&b%d% I%;<C<% :@K8:@FE AL;@:@8C 81 E<CJFE M@:KFI ?L>F 8CM8I<Q :FE <C AL@:@F M<I98C J L D 8 I @ F GIFGL<JKF GFI 89% ><IJFE ?8IF D<I@EF GIF:LI8;FI AL;@:@8C ;< G8:@=@:8I; 8:KFI1 89% ><IJFE ?8IF D<I@EF GIF:LI8;FI AL;@:@8C;<G8:@=@:8I;% ;<D8E;8;F1 E<CJFE M@:KFI ?L>F 8CM8I<Q# =LE;8D<EKF;<;<I<:?F1 8IK@:LCF0*-;<C:F;@>F ;< GIF:<;@D@<EKF :@M@C M@><EK<% :L8EK@81 J<@J D@C : L8K IF : @ < E KFJ M<@EK@KIyJ ;FC8I<J% AL@:@F1 M<I98C JLD8I@F ELD<IF((++$)'('$;iX%:%@% ;FD@:@C@F AL;@:@8C Ef% (/0+;I%G89CF:8II@CCF ALQ>8;F J<>LE;F ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# m`\ie\j * [\ j\gk`\dYi\ [\c )'('% CXj (+_*+%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ZXljX#\eZXc`[X[[\ Al\q <eZXi^X[f # d\[`Xek\ f]`Z`fE'%(*'/;G$;GG$Alc`f . [\c )'(' CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j

Ĺ? Ĺ?

Ĺ? 


Ĺ? Ĺ?

Ĺ? 

 

  

Ä Ä&#x20AC;

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ?

i\hl`j`kfj[\c\p#gficfhl\j\ cXXZ\gkXXcki}d`k\i\jg\Zk`$ mf#\eal`Z`fM\iYXcJldXi`f2 \e Zfej\Zl\eZ`X# ZÂ&#x2C6;k\j\ Xc [\dXe[X[fE<CJFEM@:KFI ?L>F 8CM8I<Q# \e c\^Xc p [\Y`[X ]fidX \e \c cl^Xi hl\ j\ `e[`ZX \e cX gi\j\ek\ XZZ`Â?e%$8^iÂ&#x201E;^l\j\cfj[fZl$ d\ekfjgi\j\ekX[fj%$KÂ?d\j\ \eZl\ekX\cZXj`cc\ifal[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi gXiX jlj gfjk\i`fi\j efk`]`ZXZ`f$ e\j%%$ EFK@=@HL<J<%$ =  ;i%=XYi`Z`fJ\^fm`X9%Al\q <eZXi^X[f ALQ>8;F J<>LE;F ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# al\m\j )/ [\ XYi`c [\c )'((# cXj '/_''%$ 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \eZXc`[X[[\Al\q<eZXi^X[f #d\[`Xek\f]`Z`fE'%/.)$;G$ ;GG[\]\Z_X)([\8Yi`c[\c )'((%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ 8ZkfiX# ZÂ&#x2C6;k\j\Xc[\dXe[X[fE<CJFE M@:KFI ?L>F 8CM8I<Q# [\ Zfe]fid`[X[ Zfe cf hl\ [`j$ gfe\\c8ik%/)[\c:Â?[`^f[\ GifZ\[`d`\ekf:`m`c#\elef[\ cfj [`Xi`fj [\dXpfiZ`iZlcX$ Z`Â?e \e cX :`l[X[ [\ Hl`kf%$ EFK@=Ă HL<J<%$] ;i%=XYi`Z`f J\^fm`X9%Al\q<eZXi^X[f Cf hl\ c\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`$ e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e lef[\cfj[\\jkXZ`l[X[% ;i%AlXe>XccXi[fH% J<:I<K8I@F ?Xp]`idXpj\ccf 8:&.000,&k] <OKI8:KFAL;@:@8C 8:KFI1M@:KFI8D8;<F ;8C>FP8E<Q ;<D8E;8;F1 G8 L C :?@9@QFM =LE;8D<EKFC<>8C18ik%*' c`k\iXcX C\p[\@ehl`c`eXkf AL@:@F1 M<I98C JLD8I@F Ef%+--$)'(($:: ALQ>8;F GI@D<IF ;< @EHL@C@E8KFPI<C8:@FE<J M<:@E8C<J;<G@:?@E:?8%$ Hl`kf# cle\j *' [\ dXpf [\c )'((# cXj (,_,(%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\fi\Xc`qX[f#leXm\qhl\ cXgXik\XZkfiX_X[X[fZld$ gc`d`\ekfZfecf[`jgl\jkf\e gifm`[\eZ`XXek\i`fi#cX[\dXe$ [Xhl\Xek\Z\[\\jZcXiX#gi\$ Z`jXpi\Â&#x2019;e\cfji\hl`j`kfj[\ c\p#XZ\gk}e[fcXXki}d`k\\e al`Z`fm\iYXcjldXi`f#\eZfe$ j\Zl\eZ`X:@K<J<1Xc[\dXe$ [X[f j\Â&#x152;fi G8LC :?@9@QFM# \elef[\cfj[`Xi`fj[\dXpfi Z`iZlcXZ`Â?e[\\jkXZ`l[X[[\ Hl`kf# [\ Zfe]fid`[X[ X cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj pkÂ?d\j\\eZl\ekXcXZlXekÂ&#x2C6;X p\cZXj`cc\ifal[`Z`Xcj\Â&#x152;XcX[f gfi\cXZkfi#gXiXjljefk`]`ZX$ Z`fe\j%$ Efk`]Â&#x2C6;hl\j\%$ ]  ;iX% JljXeXMXcc\af9fcXÂ&#x152;fj#Al\q Gi`d\if[\@ehl`c`eXkfj`^l\ cXefk`]`ZXZ`Â?e %Cfhl\gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j% CF :<IK@=@:F% ;I%?L>FM@K<I@GFC@K J<:I<K8I@F ?Xp]`idXpj\ccf 8:&((',/&k]

I%;<C<% ALQ>8;FGI@D<IF;<C KI898AF;<G@:?@E:?8 FI8C <OKI8:KF Al`Z`f [\ KiXYXaf FiXc Ef% '*'+$)'(($EM 8Zkfi1 CL@J =<IE8E;F 9<K8E:FLIK?@;8C>F ;\dXe[X[f1 E < P 98II@FEL<MF J8E:?<Q P FKIFJ :lXek`XLJ;()'%''' @e`Z`f1(*[\XYi`c[\)'(( ;\]\ejfi1 ;i% DXiZ\cf I\^XcX[fJ\iiXef :8J@CC<IF1)-* Al\q1 ;i% I<E< :FIFE<C ;FDĂ E>L<Q J\Zi\kXi`f1 ;i% D\[Xi[f P}e\q% GIFM@;<E:@8 ALQ>8;F GI@D<IF ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j ). [\ XYi`c [\c)'((#cXj(,_+,%$M@JKFJ1 8^iÂ&#x201E;^l\j\XcgifZ\jf\c\jZi`kf gi\j\ekX[fgficXgXik\XZkfiX [\]\Z_X)([\XYi`c[\)'((%$ <e cf gi`eZ`gXc# [Xe[f Zld$ gc`d`\ekfXcffi[\eX[f\e\c 8ik%,.,[\c:Â?[`^f[\KiXYXaf :f[`]`ZX[f# cX [\dXe[X hl\ Xek\Z\[\\jZcXiX#Zfdgc\kXp i\Â&#x2019;e\cfj[\d}ji\hl`j`kfj[\ C\p#gficfhl\j\cXXZ\gkXX ki}d`k\ fiXc%$ ;`jgÂ&#x17D;e\j\ hl\ j\Z`k\Xcfj[\dXe[X[fjE<P 98II@FEL<MFJĂ?E:?<Q#\e cX ZXc`[X[ [\k\id`eX[X \e cX [\dXe[X p gfi jlj gifg`fj [\i\Z_fj# X cfj _\i\[\ifj E<P# <M<CPE# J8EK@8>F 98II@FEL<MFJĂ?E:?<Q2P# E<CCP JĂ?E:?<Q JĂ?E:?<Q M@L;8 ;< 98II@FEL<MF# \e\c[fd`Z`c`fj\Â&#x152;XcX[fgXiX \c \]\Zkf# \eki\^}e[fj\c\j cXZfg`X[\cX[\dXe[Xp[\ \jkX gifm`[\eZ`X# gi\m`e`Â&#x201E;e$ [fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc [\ \jkX Z`l[X[# gXiX cf ZlXc i\dÂ&#x2C6;kXj\ \c [\jgXZ_f X cX F]`Z`eX [\ :`kXZ`fe\j# X ]`e [\ hl\ j\ ZldgcX \e \c kÂ&#x201E;id`ef [\ Z`eZf [Â&#x2C6;Xj# gi\$ m`jkf\e\c`eZ`jfj\^le[f[\c 8ik% ,.- [\c :Â?[`^f CXYfiXc% 8[\d}j ZÂ&#x2C6;k\j\ X cfj gi\jle$ kfjp[\jZfefZ`[fj_\i\[\ifj [\cZXljXek\;I%E<P@J8Ă 8J 98II@FEL<MFGyI<Q#gficX gi\ejXd\[`Xek\ki\jglYc`ZX$ Z`fe\j# \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[# Zfe]fid\ cf [`jgfe\\c8ik%/)[\c:Â?[`^f [\ GifZ\[`d`\ekf :`m`c# kf[X m\q hl\ \c XZkfi dXe`]`\jkX Zfe aliXd\ekf [\jZfefZ\i \c[fd`Z`c`f[\cfjgi\jlekfj _\i\[\ifj# gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc% ?\Z_f hl\ ]l\i\ ZfemfZXj\ X cX Xl[`\eZ`X gi\c`d`eXi [\ ZfeZ`c`XZ`Â?e# Zfek\jkXZ`Â?e X cX [\dXe[X# p ]fidlcXZ`Â?e [\ gil\YXj# cX d`jdX hl\ [\Y\i}gi\j\ekXigfi\jZi`kf# \c [Â&#x2C6;X (( [\ XYi`c [\ )'()# X cXj(-_''#[`c`^\eZ`XXcXhl\ ZfdgXi\Z\i}ecXjgXik\jfjlj XYf^X[fj[\]\ejfi\j[\Y`[X$ d\ek\XZi\[`kX[fjZfegf[\i hl\ Zfek\e^X Zc}ljlcX gXiX kiXej`^`i#Zfe]fid\cf[`jgfe\ \celd\iXc(([\c8ik%(*'[\c :Â?[`^fFi^}e`Zf[\cX=leZ`Â?e Al[`Z`Xc%$KÂ&#x201E;e^Xj\\eZl\ekXcX ZlXekÂ&#x2C6;X]`aX[X%Efk`]Â&#x2C6;hl\j\XcX gXik\XZkfiXCL@J=<IE8E;F

   Ĺ? 

9<K8E:FLIK??@;8C>F#\e \c ZXj`cc\if al[`Z`Xc Ef% )-*# [\c ;i% DXiZ\cf I\^XcX[f J\iiXef%$ <c XZkfi f gXkifZ`$ eX[fi\j# [\Y\i}e ZfdgXi\$ Z\i\e\ckÂ&#x201E;id`ef[\)+_fiXj X cX Al[`ZXkliX p i\k`iXi \c \okiXZkf gXiX cX glYc`ZXZ`Â?e gfi cX gi\ejX%$ :@K<J< P EFK@=@HL<J<%$ ]  ;i% I\e\ :fife\c;fdÂ&#x2C6;e^l\q% Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\jc\^Xc\j#X[m`ik`Â&#x201E;e[f$ c\j[\cXfYc`^XZ`Â?ehl\k`\e\e \e j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc [\ekif [\ \jkX ZXljX# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j \e\jk\gifZ\jf%:\ik`]`Zf% ;i%D\[Xi[fP}e\q <CJ<:I<K8I@F ?Xp]`idXpj\ccf 8:&.00,)&k] <OKI8:KF ALQ>8;FHL@EKF;<CF :@M@C;<G@:?@E:?8 :@K8:@FE AL;@:@8C1 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 >CFI@8 8E;@E8 K8D8PF:<M8CCFJ#8JĂ :FDF CFJ?<I<;<IFJGI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 ;FI8 D8K@C;< K8D8PF :<M8CCFJ P 8 C8 J<zFI@K8J@CM8E8A8E<K? =CFI<J% 8:KFI1 J<zFI 89<C :<M8CCFJ ; < D 8 E ;8 ; F 1  8 E > < C >@FM8EE@ =CFI<J K8D8PF# D8I@8 CFI<E8 =CFI<J K8D8PF#J8E;I8<C@Q89<K? =CFI<JK8D8PF#C<FE8I;F G8KI@:@F =CFI<J K8D8PF# 8I@<C >FEQ8CF =CFI<J K8 D 8PF#  <J D < I8 C ;8 C<FEFI =CFI<J K8D8PF# IF;I@>F 8 C F E Q F =CFI<J K8D8PF# J@CM8E8 A8E<K? =CFI<J K8D8PF# =<IE8E;F ? F D < I F =CFI<J K8D8PF# ;@8E8 J8CFDy =CFI<J K8D8PF# ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 >CFI@8 8E;@E8 K8D8PF:<M8CCFJ#8JĂ :FDF CFJ?<I<;<IFJGI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 ;FI8 D8K@C;< K8D8PF:<M8CCFJ AL@:@F1)'('$'0/,$:J KI8D@K<1<JG<:@8C :L8EK@81@E;<K<ID@E;8 =LE;8D<EKFJ;<;<I<:?F 1 <E CF ;@JGL<JKF <E <C 8IK@:LCF -)0 P JL9J@>L@<EK<J;<C:F;@>F ;< GIF:<;@D@<EKF :@M@C P +'- P +'. ;<C :F;@>F :@M@C% ;<=<EJFI;<C8:KFI1;I% CL@J;8E@CF:?Ă?M<Q @E@:@8;F1 )( ;< ALC@F ;<C )'(' ALQ>8;F HL@EKF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# DXik\j(+[\J\gk`\dYi\[\c )'('2cXj(+_,.%$M@JKFJ%Gfi Zldgc`[fcf[`jgl\jkf\egif$ m`[\eZ`X`e`Z`Xcp\ecfgi`eZ`$ gXc#cX[\dXe[Xhl\Xek\Z\[\# \jZcXiXpi\Â&#x2019;e\cfji\hl`j`kfj [\ C\p% Aljk`]`ZX[f \c ]Xcc\Z`$ d`\ekf [\ cX j\Â&#x152;fiX >CFI@8 8E;@E8K8D8PF:<M8CCFJ# Zfe cX gXik`[X [\ [\]leZ`Â?e X[alekX#j\[\ZcXiXXY`\ikXcX jlZ\j`Â?epj\[`jgfe\j\gif$ Z\[XXcX]XZZ`Â?e[\cfj`em\e$ kXi`fj [\ cfj Y`\e\j [\aX[fj# [\Y`\e[fZfekXij\Zfe\cj\Â&#x152;fi GifZliX[fi [\ JlZ\j`fe\j p ;`i\Zkfi>\e\iXc[\cJ\im`Z`f [\ I\ekXj @ek\ieXj% :Â&#x2C6;k\j\ X cfjj\Â&#x152;fi\j18E><C>@FM8EE@ =CFI<J K8D8PF# D8I@8 CFI<E8 =CFI<J K8D8PF# J8E;I8 < C @ Q 8 9 < K ? =CFI<JK8D8PF#C<FE8I;F G8KI@:@F =CFI<J K8D8PF# 8I@<C >FEQ8CF =CFI<J K8 D 8PF#  <J D < I8 C ;8

I_ck[he"deceh_hÂ&#x192;Z[bjeZe$ I7BL7:EH:7BĂ&#x17E;

C<FEFI =CFI<J K8D8PF# IF;I@>F 8CFEQF =CFI<J K8D8PF# J@CM8E8 A8E<K? =CFI<JK8D8PF#=<IE8E;F ?FD<IF =CFI<J K8D8PF# ;@8E8 J8CFDy =CFI<J K8D8PF \e cfj cl^Xi\j `e[`$ ZX[fj gXiX \c \]\Zkf% 8 cfj _\i\[\ifjgi\jlekfjp[\jZf$ efZ`[fj[\cXj\Â&#x152;fiX>CFI@8 8E;@E8K8D8PF:<M8CCFJ# XjÂ&#x2C6; Zfdf cfj _\i\[\ifj gi\$ jlekfj p [\jZfefZ`[fj [\ cX j\Â&#x152;fiX ;FI8 D8K@C;< K8D8PF :<M8CCFJ# ZÂ&#x2C6;k\j\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZl$ cXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf \e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c:Â?[`^f[\GifZ\[`d`\ekf :`m`c% CXj gXik\j `ej`eÂ&#x2019;\e le jfcf g\i`kf# [\ ef _XZ\icf \c Alq^X[f gifZ\[\i} Zfe]fi$ d\\c8ik%),)[\c:Â?[`^f[\ GifZ\[`d`\ekf:`m`c%KÂ&#x201E;e^Xj\ \eZl\ekX\c:Xj`cc\ifAl[`Z`Xc j\Â&#x152;XcX[fpX^iÂ&#x201E;^l\j\Xcgif$ Z\jf cfj [fZld\ekfj XZfd$ gXÂ&#x152;X[fj% ;\aXe[f ]fkfZfg`X Xlkfi`qX[Xpi\Z`Yf\eXlkfj# [\j^cÂ?j\j\ p \ekiÂ&#x201E;^l\j\ cfj [fZld\ekfj jfc`Z`kX$ [fj% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF#*([\DXiqf[\c)'((# cXj (,_+/%$ <e Xk\eZ`Â?e [\c aliXd\ekfi\e[`[fgficXgXik\ XZkfiXp[\Zfe]fid`[X[Zfe \c XikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X cXj\Â&#x152;fi`kXJ@CM8E8A8E<K? =CFI<J2 gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kX\e\jkXZl`[X[[\Hl`kf% Efk`]Â&#x2C6;hl\j\%$% =  ;iX% DXiÂ&#x2C6;X D\iZ\[\jGfik`ccX al\q% Cf hl\ c\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi :Xj`cc\ifAl[`Z`Xc\e\jkXZ`l$ [X[[\Hl`kfX]`e[\i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cXgi\j\ek\ZXljX% ;i%Cl`jIfeM`ccXm`Z\eZ`f J\Zi\kXi`f< 8%:%(('/+& I%[\c<% ALQ>8;F;<:@DF GI@D<IF;<CF:@M@C;< G@:?@E:?8 EFK@=@:8:@FE AL;@:@8C G8I8J<zFI<JAFI><CL@J 9I8MF 8C:@M8I P J8EK8 M@FC<K8M<I8J898E;F <OKI8:KF ;@C@><E:@8 GI<M@8 ;< EFK@=@:8:@FE EIF% /0)$ )'('$;I% :%D%# 8:KFI1 ;I% >FD<I:8C@OKFI<>8C8;F CFG<Q <E JL :8C@;8; ;< GIF:LI8;FIAL;@:@8C;<C 98E:F;<CG@:?@E:?8:%8% ;<D8E;8;FJ1 AFI>< CL@J 9I8MF 8C:@M8I P J8EK8 M@FC<K8M<I8J898E;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<JAFI><CL@J9I8MF 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;<:@DFGI@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#\em`ikl[[\c jfik\fi\Xc`qX[f\ecXi\jg\Zk`$ mXf]`Z`eX[\Jfik\fjp\eZXc`$ [X[[\Al\qJlgc\ek\d\[`Xe$ k\ F]`Z`f Eif% '()$;;G$A8I# [\)+[\<e\if[\c)'',%$<e cfgi`eZ`gXccXg\k`Z`Â?e]fidl$ cX[X gfi \c ;i%>fd\i :Xc`okf I\^XcX[f CÂ?g\q \e jl ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Â&#x152;fi 8li\c`f =\ieXe[f Gfqf:i\jZf\ejlZXc`[X[[\ >\i\ek\pI\gi\j\ekXek\C\^Xc [\c9XeZf[\cG`Z_`eZ_X:%8# \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cfhl\[\ZcXi}e[fj\cXgifZ\$ [\ek\j\cXX[d`k\Xcki}d`k\ \jg\Z`Xc gifgl\jkf Zfe]fid\ cf[`jgl\jkf\ecfj8ikj%(/+(# (/+)# (/+*# (/++2 p# (/+. p j`^l`\ek\j[\c:Â?[`^f:`m`c%$<e Zfej\Zl\eZ`X#ZfecXg\k`Z`Â?e [\ efk`]`ZXZ`Â?e [\ :<J@FE ;< C8 ?@GFK<:8 89@<IK8# hl\i\Xc`qX\c9XeZfJfc`[Xi`f J%8%##\e]Xmfi[\c9XeZf[\c G`Z_`eZ_X :8# Zfe]fid\ cf gi\jZi`Y\\c8ik%0,[\c:Â?[`^f [\GifZ\[`d`\ekf:`m`c#j\[`j$ gfe\ hl\ j\ efk`]`hl\ X cfj [\l[fi\j _`gfk\ZXi`fj j\Â&#x152;f$ i\j Afi^\ Cl`j 9iXmf 8cZ`mXi p j\Â&#x152;fiX JXekX M`fc\kX M\iX JXYXe[f# \e jlj ZXc`[X[\j `emfZX[Xj p \e cfj cl^Xi\j j\Â&#x152;XcX[fj gXiX \c \]\Zkf2 XjÂ&#x2C6; ZfdfXcj\Â&#x152;fiEfkXi`f;Â&#x201E;Z`df J\okf[\c:XekÂ?eHl`kf#X]Â&#x2C6;e [\ hl\ kfd\ efkX [\ cX gi\$ j\ek\ :\j`Â?e [\ [\i\Z_fj Xc dXi^\e[\cX<jZi`kliXGÂ&#x2019;Yc`ZX [\?`gfk\ZX8Y`\ikXZ\c\YiX[X \c *( [\ FZklYi\ [\c )''-%$ GXiX cX gi}Zk`ZX [\ efk`]`ZX$ Z`Â?eXcfj[\l[fi\j_`gfk\ZX$ i`fjj\Â&#x152;fi\jAfi^\Cl`j9iXmf 8cZÂ&#x2C6;mXipj\Â&#x152;fiXJXekXM`fc\kX M\iX JXYXe[f# j\ Zfd`j`feX Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX gXiifhl`X [\ :Xc[\iÂ?e# :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# ZfeZ\[`Â&#x201E;e[fc\ \c kÂ&#x201E;id`ef\okiXfi[`eXi`f[\ki\j [Â&#x2C6;Xj\eiXqÂ?e[\cX[`jkXeZ`X#X hl`Â&#x201E;ej\\em`Xi}[\jgXZ_f\e ]fidX%$J\\o_`Y`i}gfim\`ek\ pZlXkif_fiXj\ecXJ\Zi\kXi`X [\ \jkX Al[`ZXkliX \c [fZl$ d\ekfhl\Zfek`\e\cX:\j`Â?e [\cX?`gfk\ZX8Y`\ikX[\cZfe$ kiXkf Xcl[`[f# Xc hl\ gf[i}e ZfeZlii`i cfj [\dXe[X[fj# X \]\Zkf [\ hl\ gl\[X \oXd`$ eXicf# Zfe]fid\ cf j\Â&#x152;XcX[f \e\c:Â?[`^fJljkXek`mf:`m`c# <c8ZklXi`f#j\ekXi}iXqÂ?e[\c _\Z_f%$8^iÂ&#x201E;^l\ej\XcgifZ\jf kf[XcX[fZld\ekXZ`Â?eXZfd$ gXÂ&#x152;X[X%$KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[fgfi\cg\k`Z`feXi`f\e jlZXc`[X[`emfZX[X#gXiXjlj efk`]`ZXZ`fe\jgfjk\i`fi\j#XjÂ&#x2C6; Zfdf\cefdYiXd`\ekfpXlkf$ i`qXZ`Â?edXe`]\jkX[X\e]Xmfi [\jl;\]\ejfi%$EFK@=@HL<J< P:LDGC8J< ALQ>8;F;<:@DFGI@D<IF ;<CF:@M@C;<G@:?@E:?8%$ Hl`kf#dXik\j)-[\XYi`c[\c

)'((#cXj(+_(.%$M`jkXcXiXqÂ?e j\ekX[X gfi \c j\Â&#x152;fi Z`kX[fi p \e dÂ&#x201E;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[fiAl[`Z`Xc[\c9XeZf [\c G`Z_`eZ_X :%8%# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX`e[`m`[lXc`[X[fi\j`[\eZ`X [\cfj[\dXe[X[fjAfi^\Cl`j 9iXmf8cZ`mXipJXekXM`fc\kX M\iXJXYXe[f#efk`]Â&#x2C6;hl\j\Zfe \c Zfek\e`[f [\ cX g\k`Z`Â?e# Xlkf`e`Z`Xc#\jZi`kfgi\Z\[\e$ k\pgifm`[\eZ`Xhl\Xek\Z\[\ Xcfj[\dXe[X[fjAfi^\Cl`j 9iXmf8cZ`mXipJXekXM`fc\kX M\iXJXYXe[fgficXgi\ejX\e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\Hl`kf%$Efk`]Â&#x2C6;hl\j\%= ;i% I\peXc[f=cfi8cmXiX[f%Al\q j`^l\cXefk`]`ZXZ`Â?e  Cf hl\ cc\mf X jl ZfefZ`$ d`\ekfgXiXcfj]`e\j[\C\p% Gi\m`e`Â&#x201E;e[fc\j[\cXfYc`^XZ`Â?e hl\k`\e\[\j\Â&#x152;XcXiZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\jgfjk\i`fi\j:\ik`]`Zf% AlXeX:\mXccfj>% J<:I<K8I@8 ?Xp]`idXpj\ccf 8:&.00.(&(((-.k] ALQ>8;F;<:@DFHL@EKF ;<CF:@M@C;<G@:?@E:?8% I%;<C<% :@K8:@äE AL;@:@8C 8 CFJ J<zFI<J1 IFJ8 D8I@8 =8I@E8E>F HL@:?8:I<J# D8I@8 C < F E F I HL@C8:?8D@EHL@:?8:I<J# D8I@8 ? < I D @ E @ 8 HL@C8:?8D@EHL@:?8:I<J# D8I@8>L8;8CLG< HL@C8:?8D@EHL@:?8:I<J2 P#  A FJ <  J8 CM8 ; F I HL@C8:?8D@E K@K@8HL<Q <E JLJ :8C@;8;<J ;< JF9I@EFJ ;<C =8CC<:@;F 8=I8E:@J:FHL@:?8:I<J2 P# 8 CFJ GI<JLEKFJ P ; < J : F E F : @ ; F J ?<I<;<IFJ;<C=8CC<:@;F =I8E:@J:FHL@:?8:I<J% <OKI8:KF 8:KFI1 D8I@8 M@K<I98 ?@;8C>FD@E8J ;<D8E;8;FJIFJ8D8I@8 =8I@E8E>F HL@:?8:I<J# D8I@8 C < F E F I HL@C8:?8D@EHL@:?8:I<J# D8I@8 ? < I D @ E @ 8 HL@C8:?8D@EHL@:?8:I<J# D8I@8 > L 8 ; 8 C L G < HL@C8:?8D@EHL@:?8:I<J2 P#  A FJ <  J8 CM8 ; F I HL@C8:?8D@E K@K@8HL<Q# <E JLJ :8C@;8;<J ;< JF9I@EFJ ;<C =8CC<:@;F =I8E:@J:F HL@:?8:I<J2 P# 8 CFJ GI<JLEKFJ P ; < J : F E F : @ ; F J ?<I<;<IFJ;<C=8CC<:@;F J<zFI = I 8 E : @ J : F HL@:?8:I<J AL@:@FEf(')$)'('$;i%N%D% K I8 D @ K < 1  F I ; @ E 8 I @ F G I < J : I c G : @ ä E < O K I 8 F I ; @ E 8 I @ 8 8;HL@J@K@M8;<;FD@E@F% :L8EK@81@E;<K<ID@E8;8 :8J@CC<IF Ef% ) ;<C ;I% D8I:<CF 98CJ<:8 EFIFz8 GIFM@;<E:@81 ALQ>8;F ;<:@DF HL@EKF ;<CF:@M@C;<G@:?@E:?8%$ DXZ_XZ_`#X)+[\dXiqf[\c )%'((%CXj((?''%M`jkfj1Gfi _XY\ij\ [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\e$ Z`X [`ZkX[X Zfe ]\Z_X (. [\ dXiqf[\c)%'((#XcXj(+?*'# gfi gXik\ [\ cX XZZ`feXek\# cX [\dXe[X p cX i\]fidX X cX [\dXe[X gi\j\ekX[X gfi DXi`XM`k\iYX?`[Xc^fD`eXj# gfiZcXiXZfdgc\kX#i\Â&#x2019;e\Zfe cfji\hl`j`kfj[\C\p#iXqÂ?egfi cfhl\j\cXXZ\gkXXcki}d`k\ \eal`Z`ffi[`eXi`f%<eZfej\$ Zl\eZ`XZÂ?iiXj\kiXjcX[fZfe

\cZfek\e`[f[\cX[\dXe[X#cX gi\j\ek\i\]fidXpgifm`[\e$ Z`XXZklXcXcfjj\Â&#x152;fi\jIfjX DXiÂ&#x2C6;X =Xi`eXe^f HlÂ&#x2C6;Z_XZi\j# DXiÂ&#x2C6;X C\fefi Hl`cXZ_XdÂ&#x2C6;e Hl`k`Xhl\q# DXiÂ&#x2C6;X ?\id`e`X Hl`cXZ_Xd`e Hl`Z_XZi\j# DXiÂ&#x2C6;X>lX[Xclg\Hl`cXZ_Xd`e Hl`Z_XZi\j p AfjÂ&#x201E; JXcmX[fi Hl`cXZ_XdÂ&#x2C6;eK`k`Xhl\q\ejlj ZXc`[X[\j[\jfYi`efjp_\i\$ [\ifj [\c ]Xcc\Z`[f =iXeZ`jZf Hl`Z_XZi\j# XjÂ&#x2C6; Zfdf X cfj gi\jlekfj p [\jZfefZ`[fj _\i\[\ifj[\cpXZ`kX[f]Xcc\$ Z`[f# gXiX hl\ cX Zfek\jk\e \e\ckÂ&#x201E;id`ef[\hl`eZ\[Â&#x2C6;Xj gifgfe`\e[f cXj \oZ\gZ`fe\j [`cXkfi`Xjfg\i\ekfi`Xj[\cXj hl\ j\ Zi\Xe Xj`jk`[Xj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[Â&#x2C6;X% <e Zfej\Zl\eZ`X Z`k\j\ X cfj [\dXe[X[fj Xek\j efd$ YiX[fjZfele\okiXZkf[\cX [\dXe[Xi\]fidXXcXd`jdX p \jkX gifm`[\eZ`X# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j hl\ j\ cXj i\Xc`qXi}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e hl\ j\ \[`kXe \e cX Z`l[X[ [\ Hl`kf# gfi ZlXekf \e \jkX :XY\Z\iX :XekfeXc ef \o`jk\ g\i`Â?[`Zf [\ Z`iZl$ cXZ`Â?e i\^lcXi# Zfe]fid\ cf [`jgfe\\c8ik%/)[\c:Â?[`^f [\GifZ\[`d`\ekf:`m`c#pXhl\ Zfe aliXd\ekf cX XZZ`feXek\ dXe`]`\jkXcX`dgfj`Y`c`[X[[\ [XiZfecXji\j`[\eZ`XjXZklX$ c\j [\ cfj _\i\[\ifj ZfefZ`$ [fj[\cZXljXek\#XjÂ&#x2C6;ZfdfcX `dgfj`Y`c`[X[ [\ [Xi Zfe cXj `e[`m`[lXc`[X[\j p cXj i\j`$ [\eZ`Xj XZklXc\j [\ cfj gi\$ jlekfj p [\jZfefZ`[fj _\i\$ [\ifj[\cZXljXek\=iXeZ`jZf Hl`Z_XZi\j#Zfe]fid\ZfejkX [\c XZkX c\mXekX[X \e \jk\ Alq^X[f#X[m`ik`Â&#x201E;e[fc\j[\cfj XZZ`feX[fj [\ cX fYc`^XZ`Â?e hl\k`\e\e[\j\Â&#x152;XcXiZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ gXiX jljgfjk\i`fi\jefk`]`ZXZ`fe\j% cejZiÂ&#x2C6;YXj\cX[\dXe[Xpi\]fi$ dXXcXd`jdX\e\%I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e D\aÂ&#x2C6;X Zfe]fid\ cf [`jgfe\ \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf:`m`c#efk`]`Z}e$ [fj\c\Xci\jg\ZkfXjlK`klcXi% Gfi_XY\ijfc`Z`kX[fcX[\dXe$ [Xek\# ZlÂ&#x201E;ek\j\ X[\d}j \e \jkX ZXljX Zfe cfj j\Â&#x152;fi\j I\gi\j\ekXek\jC\^Xc\j[\c@% Dle`Z`g`f[\cZXekÂ?eD\aÂ&#x2C6;X\e cXjg\ijfeXj[\cj\Â&#x152;fi8cZXc[\ GifZliX[fiJÂ&#x2C6;e[`ZfDle`Z`gXc# Xhl`\e\jj\c\jZ`kXi}\ejlj i\jg\Zk`mfj[\jgXZ_fj\e\jkX Z`l[X[#X]`e[\hl\`ek\im\e$ ^Xe\e\jkXZXljXj`XY`\ecf klm`\i\e%KÂ&#x201E;e^Xj\gi\j\ek\cX ZlXekÂ&#x2C6;X]`aX[X#\cZXj`cc\ifal[`$ Z`Xcj\Â&#x152;XcX[fgXiXcXjefk`]`ZX$ Z`fe\j gfjk\i`fi\j# XjÂ&#x2C6; Zfdf CXXlkfi`qXZ`Â?eZfe]\i`[XXjl [\]\ejfi;i%DXiZ\cf9Xcj\ZX# gXiX hl\ `ek\im\e^X \e \jkX ZXljX Zfdf jl GXkifZ`eX[fi% Efk`]Â&#x2C6;hl\j\ p Z`k\j\% =% ;i% Afi^\ ;lhl\ >iXeaX# Al\q ;Â&#x201E;Z`dfHl`ekf[\cf:`m`c[\ G`Z_`eZ_X% Cfhl\Zfdle`ZfXljk\[gXiX cfj]`e\j[\C\p#X[m`ik`Â&#x201E;e[fc\j [\cXfYc`^XZ`Â?ehl\k`\e\e[\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e \jkXZ`l[X[gXiXjljgfjk\i`f$ i\jefk`]`ZXZ`fe\j%:\ik`]`Zf% ;i%NXj_`e^kfeDfc`eXM% J<:I<K8I@F ?Xp]`idXpj\ccf 8:&(((./ I<GL9C@:8;<C<:L8;FI ALQ>8;F;<:@DF;<CF :@M@C;<G@:?@E:?8 <OKI8:KFAL;@:@8C 8C GL9C@:F <E ><E<I8C J<GFE<<E:FEF:@D@<EKF P GFI LE@:8 M<Q CF J@>L@<EK<1 :@K8:@FEAL;@:@8C81A<=< GIFM@E:@8C ;< I<>@JKIF

:@M@C @;<EK@=@:8:@FE P : < ; L C 8: @ F E  ; < G@:?@E:?8% 8:KFI81 D8I@8 @J89<C :FCC8>L8QF>L8CFKLz8 ;<D8E;8;F1 A < = < GIFM@E:@8C ;< I<>@JKIF :@M@C @;<EK@=@:8:@FE P : < ; L C 8: @ F E  ; < G@:?@E:?8% AL@:@F ;< I<:K@=@:8:@FE ;< G8IK@;8 Ef% ('+0$)'(' <>% KI8D@K<1JLD8I@F :L8EK@81@e[\k\id`eX[X =LE;8D<EKF C<>8C1 8ik% /0;<C8C<P;<I<>@JKIF :@M@C @;<EK@=@:8:@FE P :<;LC8:@FE% 89F>8;F ;<=<EJFI1 ;i% :<J8IGFIK@CC8 :8J@CC8AL;@:@8CEf%),*+ ALQ>8;F ;<:@DF ;< CF :@M@C;<G@:?@E:?8%$Hl`kf# cle\j 0 [\ X^fjkf [\c )'('# cXj('_,+%$M@JKFJ%$<em`jkX [\c jfik\f Zfii\jgfe[`\ek\# XmfZfZfefZ`d`\ekf[\cXgi\$ j\ek\ZXljX\eZXc`[X[[\Al\q K`klcXi[\\jkXAl[`ZXkliX%<e cfgi`eZ`gXc#cX[\dXe[Xhl\ Xek\Z\[\\jZcXiXpi\Â&#x2019;e\cfj i\hl`j`kfj[\c\p#gficfhl\j\ cXXZ\gkXXcki}d`k\i\jg\Zk`mf% :Â&#x2C6;k\j\Xcj\Â&#x152;fiA\]\Gifm`eZ`Xc [\ci\^`jkifZ`m`c@[\ek`]`ZXZ`Â?e p :\[lcXZ`Â?e2 p# J\Â&#x152;fi 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X%GlYcÂ&#x2C6;hl\j\gfileX jfcXm\q\jkX[\dXe[XpXlkf [\ZXc`]`ZXZ`Â?e\elef[\cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e[\\jkXZ`l[X[[\Hl`kf% KÂ&#x201E;e^Xj\\eZl\ekX\cZXj`cc\if al[`Z`Xcj\Â&#x152;XcX[f#XjÂ&#x2C6;ZfdfcX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl XYf^X[f[\]\ejfi#X^iÂ&#x201E;^l\j\ XcgifZ\jfcfj[fZld\ekfjhl\ X[alekX% Efk`]Â&#x2C6;hl\j\%$ =  ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% ;i%<[^Xi?XifMXc\eql\cX J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xplej\ccf 8%:%&(((-) I%<% ALQ>8;F;<:@DF J<>LE;F;<CF:@M@C;< G@:?@E:?8 8M@JFAL;@:@8C J<GFE<<E:FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL<<E<JK8AL;@:8KLI8J< <E:L<EKI8 KI8D@K8E;F C8 @ E K < I ; @ : : @ F E GIFM@J@FE8C ;< C8 JI8% @E<J :FEJL<CF C8M<I;P FIK<>8 :FE <C EIF% )'$ )'(($JG% 8:KFI1 JI% G8KI@:@F <JK<98EJ8<EQC8M<I;P :L8EK@81@E;<K<ID@E8;8 KI8D@K<1<JG<:@8C @E@:@8;F1(.;<<E<IF;<C )'((% F9A<KF% ;<:C8I8I C8 @EK<I;@::@FEGIFM@J@FE8C ;< C8 JI8% @E<J ;<C : F E J L < CF  C 8M < I ;P FIK<>8 J<EK<E:@8 ALQ>8;F;y:@DFJ<>LE;F ;<CF:@M@C;<G@:?@E:?8%$ Hl`kf# '0 [\ D8PF [\c )'((%$ CXj '/_)'%$ M@JKFJ%$ G8KI@:@F <JK<98E J8<EQ C8M<I;P# ZfdgXi\Z\ [\ ]j% ) [\ cfj Xlkfj p [\jglÂ&#x201E;j [\ \ogfe\ijlj^\e\iXc\j[\c\p# [`Z\1 Hl\ [\ cX gXik`[X [\ eXZ`d`\ekfX[alekX#m\e[i}X jl ZfefZ`d`\ekf hl\ \j _`af [\ cX j\Â&#x152;fiX @eÂ&#x201E;j :fejl\cf CXm\i[p Fik\^X# hl`\e \c *( [\X^fjkf[\c)'')#_Xjl]i`[f le[\iiXd\Z\i\YiXcgif[lZ`$ [fgfileXe\li`jdXXik\i`Xc pZfdfZfej\Zl\eZ`X[\\ccf# [liXek\Xc^lefjXÂ&#x152;fjj\cX_X dXek\e`[f YXaf kiXkXd`\e$ kf dÂ&#x201E;[`Zf g\idXe\ek\# hl\


\c @ejk`klkf <ZlXkfi`Xef [\ J\^li`[X[ JfZ`Xc c\ _X fkfi$ ^X[fleXg\ej`Â?ealY`cXigfi `eZXgXZ`[X[#gficfhl\ef_X ml\ckfXkiXYXaXipm`m\\eleX ZXjX [\ i\gfjf [\efd`eX[X <c 8kXi[\Z\i# \e cX gXiifhl`X JXe^fchl`% Hl\ jl dX[i\ ef k`\e\ ZXgXZ`[X[ [\ \ek\e[\i cXj ZfjXj# ef k`\e\ ]XZlckX[ gXiXgfe\iXk\eZ`Â?epZfeZ\e$ kiXZ`Â?e#cfhl\efc\g\id`k\ k\e\i gc\eX ZfeZ`\eZ`X gXiX X[d`e`jkiXijlj`e^i\jfj[\cX alY`cXZ`Â?e%:fe\jkfjXek\Z\$ [\ek\j#]le[}e[fj\\ecfj8ikj% .,)pj`^l`\ek\j[\c:Â?[`^f[\ GifZ\[`d`\ekf :`m`c# \e Zfe$ Zfi[XeZ`X Zfe \c 8ik% +-+ p j`^l`\ek\j [\c :Â?[`^f :`m`c# XZl[\ Xek\ \jkX 8lkfi`[X[ jfc`Z`kXe[fj\[\ZcXi\cX`ek\i$ [`ZZ`Â?e[\X[d`e`jkiXijljY`\$ e\j \ `e^i\jfj [\ jl dX[i\ @EyJ :FEJL<CF C8M<I;P FIK<>8# p j\ c\ efdYi\ Zfdf jl ZliX[fi \jg\Z`Xc# X ]`e [\ gf[\i i\gi\j\ekXic\ \e kf[fj cfj XZkfj hl\ j\X e\Z\jXi`X jl gXik`Z`gXZ`Â?e% <eXidfeÂ&#x2C6;XXcfj8ik%.,)[\c :Â?[`^f8[a\k`mf:`m`c#g`[\j\ efdYi\X[fj]XZlckXk`mfjgXiX hl\ `e]fid\ [\ cX i\Xc`[X[ p eXkliXc\qX[\cX[\d\eZ`X#X ]`e[\hl\j\ZldgcXZfekf[Xj cXj\o`^\eZ`Xj[\cZXjf[\k\i$ d`eX[f \e cX Z`kX[X efidX c\^Xc#kXdY`Â&#x201E;ej\Zl\ek\Zfe lef [\ cfj j\Â&#x152;fi\j =`jZXc\j gXiXhl\`ek\im\e^X\e\cal`$ Z`f%8[d`k`[Xhl\]l\cXZXljX Xki}d`k\#j\efdYiÂ?g\i`kfj# j\ giXZk`ZÂ? cX [`c`^\eZ`X [\ \oXd\e f i\ZfefZ`d`\ekf X @EyJ :FEJL<CF C8M<I;P FIK<>8#j\ZfekÂ?Zfelef[\ cfj j\Â&#x152;fi\j 8^\ek\j =`jZXc\j [\ G`Z_`eZ_X p leX m\q X^f$ kX[f\cki}d`k\[\c\p#\eZfe$ ki}e[fj\Xc\jkX[f[\i\jfcm\i% J\Zfej`[\iX%$GI@D<IF%$Gfi ef X[m\ik`ij\ fd`j`Â?e [\ jfc\de`[X[ jljkXeZ`Xc hl\ gl\[X`e]cl`i\ecX[\Z`j`Â?e[\ cXZXljX#j\[\ZcXiXjlmXc`[\q gifZ\jXc%$J<>LE;F%$:fecX gXik`[X [\ eXZ`d`\ekf [\ ]j% (#j\_X[\dfjkiX[f[\hl`\e jfc`Z`kXcX`ek\i[`ZZ`Â?e#\j_`af [\@EyJ:FEJL<CFC8M<I;P FIK<>8%K<I:<IF%$;\cXZkX [\]j%('#j\[\jgi\e[\hl\\e Zldgc`d`\ekfZfecf[`jgl\jkf \e \c 8ik% .,) [\c :Â?[`^f [\ GifZ\[`d`\ekf:`m`c#\cjljZi`$ kfAl\qp\cj\Â&#x152;fiJ\Zi\kXi`f [\ \jkX Al[`ZXkliX# \e alekX [\cfjg\i`kfj;fZkfi\j:Xicfj JXc`eXjI\p\jpCXlif<jZfYXi MXcc\# [\Y`[Xd\ek\ gfj\j`f$ eX[fj# j\^Â&#x2019;e ZfejkX [\ ]j% -#j\_XgifZ\[`[fXi\Xc`qXi \c \oXd\e f i\ZfefZ`d`\ekf# gXiX\]\Zk`m`qXicXmXcfiXZ`Â?e dÂ&#x201E;[`ZX [\ @EyJ :FEJL<CF C8M<I;P FIK<>8# gXiX [\k\id`eXi j` j\ \eZl\ekiX [\ekif[\cXjZfe[`Z`fe\jgXiX [\ZcXiXic\ \e `ek\i[`ZZ`Â?e# [`c`^\eZ`X \e cX ZlXc# j\ _`qf ZfejkXicXjj`^l`\ek\jfYj\i$ mXZ`fe\j1 Hl\ @eÂ&#x201E;j CXm\i[p# gfi `e]fidXZ`Â?e [X[X gfi \c g\k`Z`feXi`f j\Â&#x152;fi GXki`Z`f J}\eqCXm\i[p#k`\e\,)XÂ&#x152;fj [\\[X[#hl\\e\cXÂ&#x152;f)'') jl dX[i\ jl]i`Â? le [\iiXd\ Z\i\YiXc#cl\^f[\ZfejkXek\j [fcfi\j [\ ZXY\qX Xc \jkXi gi\j\ek\ \e leX i\le`Â?e Zfe jlj ZfdgXÂ&#x152;\iXj [\ kiXYXaf [\ \j\ \ekfeZ\j# hl\ [`Z_X Xck\iXZ`Â?e gl[f _XY\i j`[f fZXj`feX[X gfi jl [`mfiZ`f# hl\XZklXcd\ek\j\\eZl\ekiX i\j`[`\e[f\ecXZXjX[\i\gf$ jf [\efd`eX[X <c 8kXi[\Z\i# lY`ZX[X \e JXe^fchl`# p ef ZfekifcX \j]Â&#x2C6;ek\i\j# i\hl`\i\ Xpl[X[\k\iZ\ifjgXiXi\Xc`qXi XZk`m`[X[\jg\ijfeXc\jZfdf Xj\f# m\jk`[f# Xc`d\ekXZ`Â?e# dfm`c`qXZ`Â?e# kXdgfZf i\Zf$ efZ\ X jlj _`afj p ]Xd`c`Xi\j

Z\iZXefj# XjÂ&#x2C6; Zfdf Xc^lefj fYa\kfj hl\ j\ c\ gfe\ X cX m`jkX#Zfdfle\j]\if#i\cfap ccXm\j% <c cX[f `qhl`\i[f [\c Zl\igfj\\eZl\ekiX\e\jkX$ [f [\ `edfm`c`[X[# [\j[\ cX ]\Z_X[\cXZZ`[\ek\k`\e\hl\ kfdXi mXi`fj d\[`ZXd\ekfj Zfdf8Z`[fMXcgif`Zf#eli`cp ]clfo\k`eX%%$:L8IKF%$<eXZX$ kXd`\ekf Xc 8ik% .,* @YÂ&#x2C6;[\d# cfjg\i`kfj;ij%CXlif<jZfYXi MXcc\p:XicfjJXc`eXjI\p\j# _Xe\d`k`[fjl`e]fid\[\ekif [\c kÂ&#x201E;id`ef hl\ k\eÂ&#x2C6;Xe gXiX _XZ\icfX]j%((p()#ZfeZclp\e$ [f1X @eÂ&#x201E;j:fejl\cfCXm\i[p Fik\^XX[fc\Z\[\;\d\eZ`X Fi^}e`ZX:fej\Zlk`mX_XXZZ`$ [\ek\Z\i\YifmXjZlcXi[\k`gf _\dfii}^`Zf gfi ilgkliX [\ Xe\li`jdX# fi`^`eXe[f j\m\$ iXj c\j`fe\j Z\i\YiXc\j% Gfi cXj j\Zl\cXj e\lifcÂ?^`ZXj p gjÂ&#x2C6;hl`ZXj# k`\e\ gfZXj gfj`$ Y`c`[X[\j [\ i\Zlg\iXZ`Â?e2 Y  CX \e]\id\[X[ c\ `dg`[\ Zfdgi\e[\icXi\Xc`[X[#[Xij\ Zl\ekX [\ jl j`klXZ`Â?e# m`m`i `e[\g\e[`\ek\d\ek\#dXe\aXi Y`\e\j2Z I\hl`\i\[\kiXkX$ d`\ekfdÂ&#x201E;[`Zf\jg\Z`Xc`qX[f p Zl`[X[fj g\idXe\ek\j [\ \e]\id\iÂ&#x2C6;X2[ GfikXc\jiXqf$ e\j[\Y\j\igifk\^`[fgficX ]Xd`c`X p \c <jkX[f2 `e]fid\ hl\_X`cljkiX[fXcAlq^X[fi# [\dfjkiXe[fZfe\jkXgil\YX cXi\Xc`[X[[\cXjXcl[d\ekXc [\@EyJ:FEJL<CFC8M<I;P FIK<>82 XjÂ&#x2C6; kXdY`Â&#x201E;e# j\ _X ZfekX[fZfe\c;i%Cl`jD\aÂ&#x2C6;X M`ccXcYX 8^\ek\ =`jZXc [\ G`Z_`eZ_X# hl`\e _X fg`eX[f ]XmfiXYc\d\ek\ X cXj gi\k\e$ j`fe\j [\c XZkfi [\ ]j% (,% Gfi cXj Zfej`[\iXZ`fe\j hl\ gi\Z\[\e# [\ Zfe]fid`[X[ Zfe\c8ik%.,*[\c:Â?[`^f[\ GifZ\[`d`\ekf:`m`c#kfdXe[f Zfdf Xek\Z\[\ek\j \c \oX$ d\e i\Xc`qX[f \e cX g\ijfeX [\@EyJ:FEJL<CFC8M<I;P FIK<>8# cXj fYj\imXZ`fe\j [\c alq^X[f# cfj `e]fid\j [\ cfj ]XZlckXk`mfj p cX fg`e`Â?e [\c j\Â&#x152;fi 8^\ek\ =`jZXc [\c ;`jki`kf# j\ Zfej`[\iX aljkf dfk`mf p j\ I<JL<CM< Zfe$ Z\[\i cX @EK<I;@::@äE GIFM@J@FE8C [\ cX j\Â&#x152;fiX @EyJ :FEJL<CF C8M<I;P FIK<>8#ZfeZÂ&#x201E;[lcX[\Z`l[X$ [XeÂ&#x2C6;XEf%(.',*,..($(#eXZ`[X \e\cZXekÂ?eHl`kf#gifm`eZ`X [\ G`Z_`eZ_X \c ') [\ ale`f [\(0,/pj\efdYiX:liX[fi @ek\i`ef X jl _`af G8KI@:@F <JK<98E J8<EQ C8M<I;P# [\ Zfe]fid`[X[ Zfe \c 8ik% .,+[\c:Â?[`^fGifZ\jXc:`m`c# `ejZiÂ&#x2C6;YXj\Â&#x201E;jkXi\jfclZ`Â?e\e \c I\^`jkif [\ cX Gifg`\[X[ [\c:XekÂ?eHl`kfpglYcÂ&#x2C6;hl\j\ gfileXjfcXm\q\elef[\cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?eeXZ`feXc#hl\j\\[`kXe\e \jkXZ`l[X[[\Hl`kf%$J`eZfj$ kXje`_fefiXi`fjhl\i\^lcXi%$ EFK@=Ă HL<J< ;I% :8ICFJ =<IEĂ?E;<Q@;IFMFAL<Q CF  HL< C C <MF  8 : F E F : @ D @ < E KF  ; < C GL9C@:F <E ><E<I8C G8I8 CFJ =@E<J C<>8C<J :FEJ@>L@<EK<J%$ Hl`kf# )* [\DXpf[\c)'((%$:\ik`]`Zf% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C;<G@:?@E:?8 ?Xplej\ccf 8%:%&(((-' <OKI8:KF GIF:<J8;F1AFJ<CL@J >L<II<IFD8IK@E<Q F=<E;@;F1 < E I @ H L < 8IFJ<D<E8 IF9C<J <%G% IKM<:L8;FI  ;<C@KF1 ;<JKIL::@äE ;< J<IM@:@FJGè9C@:FJ AL@:@F Ef% ('+.$)'('$;I%

C:? ALQ>8;F HL@EKF ;< >8I8EKĂ 8J G<E8C<J ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j *( [\ dXpf [\c )'((# cXj (,_',%$Cfj\jZi`kfjhl\gi\$ Z\[\e `eZfigÂ?i\j\ Xc gifZ\$ jf%$LeXm\qhl\\cXZljX[fi _X i\ZfefZ`[f jlj XZljXZ`f$ e\j gXik`ZlcXi\j p YXaf aliX$ d\ekf [\ZcXiX [\jZfefZ\i \c [fd`Z`c`f [\c gifZ\jX[f AfjÂ&#x201E;Cl`j>l\ii\if#[`jgfe^f1 <c \jZi`kf [\ ]j% 0/*$0/-  hl\ Zfek`\e\ cX XZljXZ`Â?e gXik`ZlcXi ]fidlcX[X gfi <EI@HL<AL8E8IFJ<D<E8 IF9C<J# >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\ cX \dgi\jX gÂ&#x2019;Yc`ZX K\c\m`j`Â?e p IX[`f [\ <ZlX[fi <%G% IKM<:L8;FI# \e ZfekiX [\ DXiÂ&#x2C6;X>iXZ`\cX:i\jgfGfeZ\# MÂ&#x2C6;Zkfi?l^f<iXqfIf[iÂ&#x2C6;^l\q# >Xcf<]iÂ&#x201E;eDfek\m\i[\:Xjkif pAfjÂ&#x201E;Cl`j>l\ii\ifDXikÂ&#x2C6;e\q# gfi i\le`i cfj i\hl`j`kfj [\k\id`eX[fj \e \c 8ik% ,, [\c:Â?[`^f[\GifZ\[`d`\ekf G\eXc#j\cXX[d`k\Xki}d`k\ Zfe]fid\Xc8ik%,-[\cZ`kX[f :Â?[`^fp[`jgfe^fj\:@K<Zfe \jZi`kf[\XZljXZ`Â?egXik`Zl$ cXi# \jkX gifm`[\eZ`X p kf[f cf XZklX[f X cfj gifZ\jX[fj D8IĂ 8 >I8:@<C8 :I<JGF GFE:<# \e \c ZXj`cc\if al[`$ Z`Xc Ef% (..+ [\c ;i% >XYi`\c GfeZ\ ?\ie}e[\q2 MĂ :KFI ?L>F <I8QF IF;IĂ >L<Q# \e \c ZXj`cc\if al[`Z`Xc Ef% 0'( [\c ;i% 8c]i\[f :Xc[\iÂ?e :XYi\iX2 p# >8CF <=IyE DFEK<M<I;<:8JKIF#\e\c ZXj`cc\ifal[`Z`XcEf%(-0([\c ;i%IXd`ifDfi\ef2XcgifZ\$ jX[f AFJy CL@J >L<II<IF D8IKĂ E<Q [`jgfe^f :@K8I gficXgi\ejX#gfiki\jglYc`$ ZXZ`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\c cl^Xi# Zfe]fid\\c8ik%/)[\c:Â?[`^f [\GifZ\[`d`\ekf:`m`cEfidX Jlgc\kfi`X Xgc`ZXYc\ Xc ZXjf2 gXiXhl\Zfek\jk\eXcXXZljX$ Z`Â?egXik`ZlcXi\e\cgcXqf\jkX$ Yc\Z`[f\ecXC\p%:fe]`Â&#x201E;iXj\ \c\okiXZkfi\jg\Zk`mfgXiXjl glYc`ZXZ`Â?eÂż%%EFK@=Ă HL<J<% ] %$;I% I8LC G% D8IK@E<Q DLzFQ%AL<Q% ;I8%E8I:@J8G8:?<:F:% J<:I<K8I@8 ;<C ALQ>8;F HL@EKF ;< >8I8EKĂ 8J G<E8C<J;<G@:?@E:?8 ?Xplej\ccf 8I&/*(+-&ZZ

8ELC8:@FE<J

BANCO PICHINCHA HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef ()) [\ cX :kX% :k\% Ef% *+/+.--+'+ g\ik\e\Z`\ek\ X ;@8Q CL:<IF#8E;I<8$ >89I@<C8 [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&( d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef ((, [\ cX :kX% :k\% Ef% *+/+.--+'+ g\ik\e\Z`\ek\ X ;@8Q CL:<IF#8E;I<8$ >89I@<C8 [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&) d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef ,(-. [\ cX :kX% :k\% Ef%

I_beick[hjei[dbeiYWcfei Z[XWjWbbWlebl_[hWdWbckdZeZ[bei l_lei"i[WYWXWhÂ&#x2021;WdbWi]k[hhWi$ C7DKB;=K?D;9>;

*'*..00/'+g\ik\e\Z`\ek\X >8CC8I;FE8I8EAF#AL8E$ :8ICFJ[\c9XeZfG`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj  gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&* d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef )+/* [\ cX :kX% :k\% Ef% ***(..*.'+ g\ik\e\Z`\ek\ X CFG<Q FC@M8# <C@8E8$ 8E><C@K8 [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&+ d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef .,+. mXcfi ,+,)#0/  [\ cX :kX% :k\% Ef% *+()/+/-'+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8CJ%8%[\c9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&, d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef ()), mXcfi .'  [\ cX :kX% :k\% Ef% *',,/(0.'+ g\ik\e\Z`\ek\ X =CFI<J 9FIA8#AFJ<$8EKFE@F [\c 9XeZfG`Z_`eZ_X%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj-'[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&- d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef +*)'mXcfi,'''[\cX:kX% :k\% Ef% *(('*+,)'+ g\ik\$ e\Z`\ek\X:FFG<I8K@M8;< KI8EJGFIK<J <JG<AF [\c 9XeZfG`Z_`eZ_X%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj-'[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&. d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef ))( mXcfi (-#()  [\ cX :kX% :k\% Ef% *+.,0+(('+ g\ik\$ e\Z`\ek\XDFM@C@Q8:@FE<J ;F9C<M@8  :@8 C;K8 [\c 9XeZfG`Z_`eZ_X%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj-'[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&/ d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef%()-($()0)[\cX:kX%:k\% Ef%*(/-,(*''+g\ik\e\Z`\ek\ XDFC@E8M<I;<QFKF#@M8E$ =89I@:@F[\c9XeZfG`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj  gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&0 d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef (,)/ mXcfi (''  [\ cX :kX% :k\% Ef% *'-(,(./'+ g\ik\e\Z`\ek\ X :8C;<IFE C < ; <J D 8 # ; @ <> F $ =<IE8E;F [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(' d^ 444444

HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef -(( Xc -(-  [\ cX :kX% :k\% Ef% **.'(-0*'+ g\ik\$ e\Z`\ek\ X KL=@EF I@M<I8# CLQ$8D<I@:8 [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(( d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef )0'.Xc)0*-[\cX:kX%:k\% Ef%*),-',/)'+g\ik\e\Z`\e$ k\XHL@E>8CFP8#AFJ<$CL@J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -'  [Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&() d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef)'*mXcfi/'[\cX:kX% :k\% Ef% *'-+.,/*'+ g\ik\$ e\Z`\ek\ X 98I98 ;FEFJF# :I@JKF98C$ [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(* d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef -+0, [\ cX :kX% :k\% Ef% *'..(+-('+ g\ik\e\Z`\e$ k\ X IL@Q CFG<Q#9PIFE$ J<98JK@8E [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(+ d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef )0*.Xc)0-*[\cX:kX%:k\%Ef% *),-',/)'+g\ik\e\Z`\ek\X HL@E>8CFP8#AFJ<$CL@J[\c 9XeZfG`Z_`eZ_X%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj-'[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(, d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef )0-+Xc)0.'[\cX:kX%:k\% Ef%*),-',/)'+g\ik\e\Z`\e$ k\XHL@E>8CFP8#AFJ<$CL@J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -'  [Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&(- d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef 0-) [\ cX :kX% :k\% Ef% *'('-*+,'+ g\i$ k\e\Z`\ek\ X :8II@CCF ? L D 8 E 8 E K < # G8K I @ : @ F $ ?<I@9<IKF [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(. d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef (00Xc)).[\cX:kX%:k\%Ef% *+0).)')'+ g\ik\e\Z`\ek\ X I<:8C;< L9@;@8#ALC@F$ =<IE8E;F G8KI@:@F [\c 9XeZfG`Z_`eZ_X%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj-'[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e%

8:&(/ d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef ))/Xc)*'[\cX:kX%:k\%Ef% *+0).)')'+ g\ik\e\Z`\ek\ X I<:8C;< L9@;@8#ALC@F$ =<IE8E;F G8KI@:@F [\c 9XeZfG`Z_`eZ_X%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj-'[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(0 d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef ).,( mXcfi (./  [\ cX :kX% :k\%Ef%*'--'+(('+g\ik\e\$ Z`\ek\XA@D<E<Q>L<M8I8# C@Q8I;F$?LD9<IKF [\c 9XeZfG`Z_`eZ_X%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj-'[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&)' d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef )+-.mXcfi+'[\cX:kX%:k\% Ef%*+,++/,''+g\ik\e\Z`\e$ k\ X JF:@<;8; 8LKFI<J P :FDGFJ@K%<:L8KFI@8EFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -'  [Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&)( d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef *'0 [\ cX :kX% :k\% Ef% *++'/))''+ g\ik\e\Z`\e$ k\ X GLAFK8 =<IE8E;<Q# D8I@8$G@<;8; [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&)) d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef ,(,(Xc,)('[\cX:kX%:k\%Ef% *'(/'-'''+g\ik\e\Z`\ek\X <JG@EFJ8 K<I8E#?<:KFI$ IFC8E;F [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&)* d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef ((0(, mXcfi ***+#))  [\ cX :kX% :k\% Ef% *''./',/'+ g\ik\e\Z`\ek\ X 8K<E8J J:?FFC[\c9XeZfG`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj  gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&)+ d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef 0-, [\ cX :kX% :k\% Ef% *',//,./'+ g\ik\e\Z`\ek\ X :ILQ GFII8J# N@CC@8D$ I8D@IF[\c9XeZfG`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj  gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&), d^ 444444 HL<;88ELC8;F GfiIF9F[\c:_\hl\Ef*/' [\cX:kX%:k\%Ef%*'/('/,,'+ g\ik\e\Z`\ek\ X QLI@K8 98HL<IF# G8LC$<JK<98E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -'  [Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&)- d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef )/. [\ cX :kX% :k\% Ef% *+/*0,.+'+ g\i$ k\ e \ Z ` \ ek\  X P8 E < Q :?8DFIIF#;FCFI<J$

 

  

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ? ;< CFLI;<J [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&). d^ 444444 HL<;88ELC8;F GfiIF9F[\c:_\hl\Ef/(*/ mXcfi(.#)*[\cX:kX%:k\%Ef% *('+('-''+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj  gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&)/ d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef /),/mXcfi(-,[\cX:kX%:k\% Ef%*('+('-''+g\ik\e\Z`\e$ k\XJ<>LIFJ<HL@EF::@8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj  gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&)0 d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef /)/* mXcfi (-0*#0)  [\ cX :kX% :k\% Ef% *('+('-''+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8CJ%8%[\c9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*' d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef /)/- mXcfi ),-#)+  [\ cX :kX% :k\% Ef% *('+('-''+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8CJ%8%[\c9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*( d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef ('(Xc(*'[\cX:kX%:k\%Ef% *+0(+,/*'+ g\ik\e\Z`\ek\ X 8E;I8;< M<I;<QFKF# A<EEP$D8I@9<C [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*) d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef (('**mXcfi,''[\cX:kX%:k\% Ef%**.*'(/-'+g\ik\e\Z`\e$ k\XLE@FE:FEJKIL:KFI8 LE@:FEJKIL:K JF:@<;8; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -'  [Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&** d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef/.,,mXcfi*(0#0.[\cX :kX% :k\% Ef% *'00-+*-'+ g\ik\e\Z`\ek\ X :8II8J:F 9 8 C 8 I < Q F # > 8 9 I @ < C$ 8C8A8E;IF [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*+ d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\

Ä Ä

Ef),(0mXcfi,'[\cX:kX% :k\% Ef% *''0,*0*'+ g\ik\$ e\Z`\ek\ X KFC<;F :8::@F# D8I@F$=<IE8E;F[\c9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*, d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef +0(Xc,)'[\cX:kX%:k\%Ef% *'-**,)('+ g\ik\e\Z`\ek\ X A8II@EIF;I@>L<Q#D8I@8$ 8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*- d^ 444444 HL<;88ELC8;F Gfi IF9F  [\c :_\hl\ Ef ((-- Xc ((/'  [\ cX :kX% :k\% Ef% *')00-()'+ g\ik\e\$ Z`\ek\XM8JHL<QM8JHL<Q# N@CJFE$>FEQ8CF[\c9XeZf G`Z_`eZ_X%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-'[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*. d^ 444444 K`gf[\[fZld\ekf1G8G<C :FD<I:@8C Eld\if [\ [fZld\ekf 1  EÂ&#x2014; ;< K@KLCF1 '''''''.$),* EÂ&#x2014; ;< FG<I8:@äE ,)(',0& MXcfi 1  :8;8 K@KLCF =L< <D@K@;F GFI ,#'''%''& EfdYi\ [\c Y\e\]`Z`Xi`f f X hl`\eg\ik\e\Z\\c[fZld\e$ kf1>I@A8CM8FIK@QE<CJFE I8LC&Eld\if [\ Z\[lcX f IlZ[\cgifg`\kXi`f[\c[fZl$ d\ekf1(''()0)(), 8:&(((/'( d^

COOPROGRESO ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '-'()*0,0+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?8E>FCL@J8E@E8?L8CG8 CL@J FJN8C;F j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\gfe\\eZfefZ`d`\ekf[\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(&d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\8_fiifjEf+'+(('))+,,/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8I<CC8EF DLzFQ D8I:F <;@JFEj\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&)&d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef ','((+,++. [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X G<z8=@<C ?@GF?L>FD8I:<CFj\gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\

Ĺ? Ĺ?

Ĺ? 


Ĺ? Ĺ?

Ĺ? 

 

  

Ä Ä&#x201A;

Ĺ? Ä&#x2C6;Ĺ?Ĺ?  Ĺ?Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä

Ĺ?+.Ĺ? Ä&#x152;Ĺ?

\cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&*&d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '(('+*.-'+ [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X D<E;FQ8 I<8N@CC@8D;8M@;j\gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&+&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()'-(+, p C`Yi\kX [\ 8gfikXZ`fe\jEf%'-.''/0+-) [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X 8C98:LI8 >L8K<D8CCL@J@M8Ej\gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&,&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+-/0(+ p C`Yi\kX [\ 8gfikXZ`fe\jEf%'(.''0/))' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFI<EF DFI<EF CL@J :8ICFJj\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&-&d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\8_fiifjEf+'+((')+/**0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +'+(.'(0/+(' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8@Q8 D8C;FE8;F D<I@ <DG<I8j\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&(d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+-,//( p C`Yi\kX [\ 8gfikXZ`fe\jEf%'+.')(0/*- [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X CCL>J8 KF8G8EK8 <;N@E G8KI@:@Fj\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&)d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(,)((*([\cX:ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jfC`d`kX[X#g\ik\$ e\Z`\ek\X=8A8I;FIL@CFM8 :?I@JK@8E><I8I;Fj\gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&&*d^

44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((+--*' p C`Yi\kX [\ 8gfikXZ`fe\jEf%'0.'''.0.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X K<A8;8 8I8LAF B8I@E8 ;<C IFJ8I@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&+d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef (''((*/+.' [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X G<I8CK8 N<8KK<PCLQ;8C@8j\gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&&,d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef ()''''**** [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\XG8:?8:8D8 :8E>8?L8D@E CL @ J >FEQ8CFj\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&-d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*(''-('.) p C`Yi\kX [\ 8gfikXZ`fe\jEf%(*.''*0*,) [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @D98 :8:L8E>F >C8;PJ @E<C;8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&.d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+**')+ p C`Yi\kX [\ 8gfikXZ`fe\jEf%'(.'(-.(.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @D98HL@E>8 FEK8E<;8 AL8E =I8E:@J:F j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&&/d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef *('(.*'.* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% *.'('(.+' #[\cX:ffg\iXk`mX[\8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >FI;FE >FEQ8C<Q AFJ< I@>F9<IKF  j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(d^ 44444

   Ĺ? 

;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+('*-*'+0 p C`Yi\kX [\ 8gfikXZ`fe\jEf%'+.'(.+++) #[\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X DFI8C<J >L8GLC<D8 =I8EBC@E ?<IE8Ej\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&)d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '-''''*.(- [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X A8I8D@CCF G<I<Q D8I@8 =<IE8E;8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&*d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef ('(''-/,+. [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X G8I<;<J DFEK<IF = I 8 E B C @ E JK8C@Ej\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&+d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.')'-)+) # :kX% Gif^i\jXi Fif '+/''').(+ [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X M<C8JHL<Q J8D98:?< AL;@K? ;< CFJ 8E><C<Jj\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&,d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*(''*.+,/ p C`Yi\kX [\ 8gfikXZ`fe\jEf%(*.''*)+(( #[\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\XKLC:8E8Q8 ?@>L<I8 CL@J 8LI<C@8EF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&-d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '/('(/,*(* [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X I8D@I<Q :?8M<Q8C98C@C@8j\gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&&.d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef 0(''(-0(, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% 0.''((+,. [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\XDFEK<J@EFJ M8:8 G8KI@:@F C@9FI@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&(d^ 44444

I_beii[dj_Zeideiedl[hWY[i" jeZWdk[ijhWhWpÂ&#x152;d[i\WbiW$ J?JE97OEBK9H;9?E

;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '/''''+,*+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8HL@E>8 >L8EFCL@J8 D8I@8 8E8CL@J8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\j\gfe\\eZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \cd\eZ`feX[f[fZld\ekfcfj i\ZcXd\% 8:&&)d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(,'.'-' p C`Yi\kX [\ 8gfikXZ`fe\jEf%'+.''/')0' [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\XL:?LG8EK8 JLC:8 D8I@8 ;< CFJ 8E><C<Jj\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&*d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '0'((+*0)' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8E:?<QDFI8C<J9C8E:8 =89@FC8j\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&+d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '+('*0*)(/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X GFE:< G8K@zF ><I8I;8 IFQ8I@Fj\gifZ\[\i}XXel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&,d^ 44444 ;\Y`[fXcXgÂ&#x201E;i[`[X[\cXC`Yi\kX [\ 8_fiifj Ef '+(')(,(-/ [\cX:ffg\iXk`mX[\8_fiifp :iÂ&#x201E;[`kf:ffgif^i\jfC`d`kX[X# g\ik\e\Z`\ek\ X >L<II8 :8II<I8=8EEP>I8:@<C8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fjjfYi\\cd\eZ`feX[f [fZld\ekfcfji\ZcXd\% 8:&&-d^

BANCO RUMIĂ&#x2018;AHUI HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/'-)'-,(''Eif% :XikfcX (-/-,,0'(),  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&( d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'')/(/0'' Eif%:XikfcX(.*.'(0')(([\c

9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&) d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/)*.+.+,''Eif% :XikfcX (/),-*/'''0  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&* d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/'-0-).)''Eif% :XikfcX (-.*,,,'',(  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&+ d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/'+-*'.*''Eif% :XikfcX (-,*0/0'(--  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&, d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/''')*)0''Eif% :XikfcX (-,(/,('('/  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&- d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/'*,(+0(''Eif% :XikfcX (.'(,+,'(*.  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&. d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/(/+*.(*''Eif% :XikfcX (.0'0/-')).  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&/ d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/'*(.)00''Eif% :XikfcX (-./(')'('/  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&0 d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/)*'(*0,''Eif% :XikfcX (/)'***''(-  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(' d^ 44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/',.''.(''Eif% :XikfcX (-.+,)*'),-  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(( d^

44444 HL<;88ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifjEf%/'-'/.+(''Eif% :XikfcX (.)0(00'(*.  [\c 9XeZfIld`Â&#x152;X_l`%Hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\j XcXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&() d^ 44444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef%-0,$-0/$.''Xc.)-[\cX :kXEf%/'(-.',0'+g\ik\e\$ Z`\ek\XC<;<JD8>8@9FI# D8I:@8$D8IK8 [\c 9XeZf Ild`Â&#x152;X_l`%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-[Â&#x2C6;Xjgfjk\i`fi\jXcX Â&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(* d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef%.).  Xc .,-   [\ cX :kX Ef%/'(-.',0'+  g\ik\e\$ Z`\ek\XC<;<JD8>8@9FI# D8I:@8$D8IK8 [\c 9XeZf Ild`Â&#x152;X_l`%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-[Â&#x2C6;Xjgfjk\i`fi\jXcX Â&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(+ d^ 444444 HL<;88ELC8;F Gfi G<I;@;8  [\c :_\hl\ Ef%.,.  Xc .-'   [\ cX :kX Ef%/'(-.',0'+  g\ik\e\$ Z`\ek\XC<;<JD8>8@9FI# D8I:@8$D8IK8 [\c 9XeZf Ild`Â&#x152;X_l`%Hl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj-[Â&#x2C6;Xjgfjk\i`fi\jXcX Â&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(, d^

BANCO PROMERICA J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kXEf*-,.*([\c98E:F GIFD<I@:8#  g\ik\e\Z`\ek\ XIFD<IFAFJ<hl`\ek\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$ kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&(&D> 44444444 J\XelcXgfigÂ&#x201E;i[`[X\cZ_\$ hl\ Ef% ,.) MXcfi )*%(( ;\ cX Zl\ekX Zfii`\ek\ Ef ('))'.))++ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X@E=FID8K@:8PJ@JK<D8J hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj()[Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&)&D> 44444444 J\XelcXgfigÂ&#x201E;i[`[X\cZ_\hl\ Ef%,.*MXcfi+';\cXZl\e$ kX Zfii`\ek\ Ef ('))'.))++ [\c98E:FGIFD<I@:8#g\i$ k\e\Z`\ek\X@E=FID8K@:8P J@JK<D8Jhl`\ek\e^X[\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\cfj()[Â&#x2C6;Xjgfjk\i`fi\jXcX Â&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&*&D> 44444444 J\XelcXgfigÂ&#x201E;i[`[X\cZ_\hl\ Ef%(*0MXcfi(,';\cXZl\e$ kX Zfii`\ek\ Ef ('*/,),'(+ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X IFD8E G<I<Q M@:<EK< IF;FC=F hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj()[Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&+&D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX GÂ?c`qX [\ @em\ij`Â?e Ef  *'-'(0,( [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X QF@C8 G8:?<:F M8CFI  (%+,0#*0  =<% ()&'+&)'' && =M& '+&'+&)'(( hl`\e k\e^X [\i\Z_f[\Y\i}i\ZcXdXi[\e$

kif[\cfj()[Â&#x2C6;Xjgfjk\i`fi\jX cXÂ&#x2019;ck`dXglYc`ZXZ`Â?e% 8:&,&D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kXEf*--)-,[\c98E:F GIFD<I@:8#g\ik\e\Z`\ek\X A8D@ A8D@ E<JKFI 8E@98C hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj()[Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&&(D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kXEf*-+.*([\c98E:F GIFD<I@:8#  g\ik\e\Z`\ek\ X G<IC8 D8I@E8 <EI@HL< G@<;I8hl`\ek\e^X[\i\Z_f [\Y\i}i\ZcXdXi[\ekif[\cfj ()[Â&#x2C6;Xjgfjk\i`fi\jXcXÂ&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&&)D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kXEf*--)-,[\c98E:F GIFD<I@:8#g\ik\e\Z`\ek\X A8D@ A8D@ E<JKFI 8E@98C hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj()[Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&&*D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kXEf**)-()[\c98E:F GIFD<I@:8#  g\ik\e\Z`\ek\ X :FII<8 I@<I8 K8I:@C8 C@C@8E8hl`\ek\e^X[\i\Z_f [\Y\i}i\ZcXdXi[\ekif[\cfj ()[Â&#x2C6;Xjgfjk\i`fi\jXcXÂ&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&&+d^ 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kXEf*,*,./[\c98E:F GIFD<I@:8#g\ik\e\Z`\ek\X FEF=8@G@8CCL@J>LJK8MF hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj()[Â&#x2C6;Xj gfjk\i`fi\jXcXÂ&#x2019;ck`dXglYc`$ ZXZ`Â?e% 8:&&,d^

BANCO PROCREDIT 98E:FGIF:I<;@KJ%8%gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i[`[X [\ cXc`Yi\kX[\cXZl\ekX[\X_f$ iifj eÂ&#x2019;d\if (( '('( (-'*00 ( [\ IFD<IF @EKI@8>F <>;P 8CD8>IF# Zfe :%@% (*',+(*+-/% 8%G%&+0+''&b%d% 444444 98E:FGIF:I<;@KJ%8%gfe\ \e ZfefZ`d`\ekf [\c glYc`Zf# cXXelcXZ`Â?egfigÂ&#x201E;i[`[X[\cX c`Yi\kX[\X_fiifEf''+/-.-/ :kX (''('((-'/,/)# [\ cX j\Â&#x152;fiX GX^lXp :XimXaXc Fc^X DXiÂ&#x2C6;X#:@%(.)+*-'-+. 8I&/*(.(&ZZ 4444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf#cXXelcXZ`Â?egfigÂ&#x201E;i$ [`[X [\c :\ik`]`ZX[f X GcXqf =`af Ef% '',//// :kX% Ef% '(')'(')+)+..# [\ cX j\Â&#x152;f$ iX A`d\e\q :XYi\iX E`\m\j <jd\iXc[X#:@%(.'.(-0*'+ 8I&/*(.)&ZZ

B.N.F. J\XelcXgfig\i[`[XcXc`Yi\$ kX[\X_fiifj''('+*)')0 g\ik\e\Z`\ek\ X cX JiX% DXip <c`qXY\k_ Il`q 8lc\jk`X# Zfe :%@% (.((./-..$' [\c 9XeZf EXZ`feXc[\=fd\ekf% 8%G%&+0*--&b%d%

MUTUALISTA PICHINCHA

BANCO DE GUAYAQUIL 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ \c j\Â&#x152;fij  N<G@ 9<:<II8 @E>I@;C8LI8?X[\ZcXiX[f hl\\ccfj Z_\hl\j (-+8C )), [\ jl Zl\ekX Zfii`\ek\ )()'./')c\]l\ifejljkiXÂ&#x2C6;[fj \eYcXeZfpj`e]`idXYXafjl i\jgfejXY`c`[X[ Z`m`c p g\eXc hl\j`j\gi\j\ekXi\eXcZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe=8CJ@=@:8;FJ#p\eZfe$ j\Zl\eZ`X\c9XeZfef[\Y\i} gX^Xicfj% 8:&( d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ \c j\Â&#x152;fij  G8D<C8 DLzFQ ?X [\ZcXiX[f hl\ \ccfj  Z_\hl\j  )'*$ )), [\ jl Zl\ekX Zfii`\ek\ -)0,+.0 c\ ]l\ife jljkiXÂ&#x2C6;[fj  \e YcXeZf p j`e ]`idX YXaf jl i\jgfe$ jXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\$ Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:&) d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# X jfc`Z`kl[ [\c j\Â&#x152;fi G8:8CC8 8D8>L8P8 AL8E :8ICFJ Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ gfi gÂ&#x201E;i[`[X#[\k\i`fif#ifYffjlj$ kiXZZ`Â?ej\gifZ\[\i}X[\ZcX$ iXij`e\]\Zkf\cZ_\hl\[\cX Zl\ekXZfii`\ek\Ef%0))/+*/ EfdYi\ [\c 9\e\]`Z`Xi`f1 G8:8CC8 8D8>L8P8 AL8E :8ICFJEÂ&#x2019;d\if[\Z_\hl\ ('/*MXcfi1(+''%'' 8:&* d^

J\ XelcX c`Yi\kX p kXia\kX [\ [Â&#x201E;Y`kfgfigÂ&#x201E;i[`[X[\cX:kX% [\ 8_fiifj )'-,0/(0 [\ DlklXc`jkX G`Z_`eZ_X g\ik\$ e\Z`\ek\ Xc Ji% N`ccXdj C\Â?e :%@%(.('++**.$* 8I&/*(./&ZZ

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

8ELC8:@FE<J M8I@8J 8elcXZ`Â?e% Gfi gÂ&#x201E;i[`[X [\c kÂ&#x2C6;klcf[\XZZ`Â?eEf%**)gfi +'[\>Xjg\kjXXefdYi\[\ :XiiXeqX<jg`efqX?l^f 8I&/*(-,&ZZ 444444 GfigÂ&#x201E;i[`[Xj\XelcXecfjkÂ&#x2C6;kl$ cfj[\XZZ`fe\jEfj%((/,(Xc ((/-'p..,./Xc..-/-gfi+ LJ8ZX[XleX#[\>Xjg\kjXX efdYi\[\:Xicfj<%A}Zfd\ :% 8I&/*(-.&ZZ 444444 8elcXZ`Â?e% Gfi gÂ&#x201E;i[`[X [\c kÂ&#x2C6;klcf[\XZZ`Â?eEf%0*(gfi +'#ff [\ >Xjg\kjX X efd$ Yi\ [\ JXiXe^f =\ie}e[\q 9cX[`d`iM`Z\ek\% 8I&/*(.,&ZZ


Edición impresa Revista Judicial del 7 de junio de 2011