Ä
Ĺ?
(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }
"(3.1 ĹŠ ÂĄ ĹŠ
Ĺ?Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊĆćĉ
ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠĹŠĹŠĹŠ'33/ľľ666Ä“"#1#!'.#!4 ".1Ä“!., (1#!!(¢-Ä–ĹŠ 1#- 2ĹŠ8ĹŠÄˆÄ‡ĹŠ"#ĹŠ %.23.ĔŊ "($Ä“ĹŠ (5 -!.ĔŊĎ3.Ä“ĹŠ/(2.ŊġŊ #+_$.-.2Ä–ĹŠÄ‰ÄŽÄŽÄˆÄąÄŽÄŽÄ‰ÄľÄ‰ÄŽÄŽÄŽÄąÄŒÄŠÄˆÄľÄ‰ÄŽÄ‡Ä‡ÄąÄ‰ÄŒÄŽÄľÄ‰ÄŽÄŽÄ‰ÄąÄˆÄŠÄŽĹŠĹŠÄˇĹŠ Äą, (+Ä– ĹŠ)4"(!( +Äž"#1#!'.#!4 ".1Ä“!.,ĹŠ
ĹŠ 4"(3.1~ ĹŠ8ĹŠ#+ĹŠ"#1#!'.ĹŠ ",(-(231 3(5.ĹŠ#-ĹŠ 4 Ä–ĹŠ Ä“ĹŠ ĹŠ ĹŠ Ă‹ ĹŠ : Ä“ĹŠ
'$# :_ifei_Y_ed[i jƒYd_YWi# dehcWj_lWi [d [b :[h[Y^e 9kXWde gk[ h[]kbWd bW WkZ_# jeh_W$ ;d 9kXW Z[djhe Z[b ehZ[dW# c_[dje `kh‡Z_Ye" o [d [if[Y_Wb be h[bWY_edWZe Yed [b j[cW jhW# jWZe feZ[cei i_]d_\_YWh gk[ i[ cWdjkle jeZe be [ijWXb[Y_Ze [d [b :[Yh[je B[o de$ '+/" B[o Z[ bW WkZ_jeh‡W [d [b fW‡i" bW gk[ ^W [ijWZe _cf[hWdZe ^WijW [ijW fh_c[hW ZƒYWZW Z[b i_]be NN?$ 9ed bW Yh[WY_Œd Z[b C_d_ij[h_e Z[ 7kZ_jeh_W o 9edjheb" Yece dk[le Œh]Wde Z[ Yedjheb Z[ bW 7Zc_d_ijhWY_Œd FkXb_YW" i[ Z_i# fkie kdW dk[lW dehcW `kh‡Z_YW" [d [ij[ YWie be \k[ [b :[Yh[je B[o de$ ('/" gk_[d h[]kbŒ bW 7kZ_jeh_W =kX[hdWc[djWb o jeZW bW i[h_[ Z[ Z_ifei_Y_ed[i WZc_d_ijhWj_lWi Yecfb[c[djWh_Wi gk[ i[ [c_# j_[hed [d ik cec[dje feh [ij[ Eh]Wd_ice Z[ bW 7Zc_d_ijhWY_Œd 9[djhWb Z[b ;ijWZe" [b gk[ jkle Yece [dYWh]e [ijWjWb [ijW WYj_# l_ZWZ Z[ Yedjheb" ikij_jk_Ze [d iki \kdY_ed[i feh bW 9edjhWbeh‡W =[d[hWb Z[ bW H[f‘Xb_YW W jhWlƒi Z[ bW B[o De$ '&-$ ($# BW WkZ_jeh‡W _dj[hdW$ :_ifei_Y_ed[i jƒYd_YWi#WZc_# d_ijhWj_lWi$ BW WYj_l_ZWZ Z[ bW WkZ_jeh_W _dj[hdW [d [b fW‡i i[ [ij| [`[hY_# jWdZe feh ]hkfei Z[ WkZ_jeh[i _dj[hdei Z[djhe Z[ jeZW bW [ijhkY# jkhW WZc_d_ijhWj_lW [ijWjWb" [nj_ƒdZWi[ jeZei bei Eh]Wd_icei Z[ bW 7Zc_d_ijhWY_Œd 9[djhWb Z[b ;ijWZe" Z[iZ[ [b d_l[b dWY_edWb ^WijW bWi Z[b[]WY_ed[i e Z_h[Y#
Y_ed[i [d fhel_dY_Wi o [d jeZei bei ckd_Y_f_ei" [d fb[dW Yehh[i# fedZ[dY_W Yed bW Z_l_i_Œd feb‡j_YW j[hh_jeh_Wb [d gk[ i[ Z_l_Z[ [b fW‡i$ J_[d[d kdW ZeXb[ ikXehZ_dWY_Œd" fk[i Z[ \ehcW Z_h[YjW h[ifedZ[ W bei _dj[h[i[i Z[b eh]Wd_ice W gk[ f[hj[d[Y[d feh h[bWY_Œd `kh‡Z_YW bWXehWb" f[he c[jeZebŒ]_YWc[dj[ h[ifedZ[d o WYj‘Wd Yed\ehc[ W be _dijhkc[djWZe feh bW 9edjhWbeh‡W =[d[hWb Z[ bW H[f‘Xb_YW$ )$# BW WkZ_jeh‡W [ijWjWb [`[h# Y_jWZW feh bW 9edjhWbeh‡W =[d[hWb Z[ bW H[f‘Xb_YW" Yed# i_Z[hWY_ed[i [d bW dehcW `kh‡# Z_YW WZc_d_ijhWj_lW$
BW WkZ_jeh‡W ]kX[hdWc[djWb" Yece [dYWh]e [ijWjWb" dWY_Œ Yed [b :[Yh[je B[o De$ ('/ Z[ (&&'" Yh[WZe feh bW 7Zc_d_ijhWY_Œd 9[djhWb Z[b ;ijWZe" [d ik [dYWh# ]e [ijWjWb" j[d‡W [b Z[ Z_h_]_h" [`[# YkjWh o YedjhebWh bW Wfb_YWY_Œd Z[ bW feb‡j_YW Z[b ;ijWZe o Z[b =eX_[hde [d cWj[h_W Z[ 7kZ_jeh‡W =kX[hdWc[djWb" <_iYWb_pWY_Œd o 9edjheb =kX[hdWc[djWb1 fWhW h[]kbWh" eh]Wd_pWh" Z_h_]_h o Yed# jhebWh" c[jeZebŒ]_YWc[dj[ [b I_ij[cW DWY_edWb Z[ 7kZ_jeh‡W$ ;d bei 7Yk[hZei De$ *&*+ o *)-*" WcXei Z[b 9ec_jƒ ;`[Ykj_le Z[b 9edi[`e Z[ C_d_ijhei" i[ [ijWXb[# Y_[hed [b eX`[j_le" \kdY_ed[i" Wjh_# XkY_ed[i [if[Y‡\_YWi o bW [ijhkY#
jkhW Z[b C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb" ik h[]bWc[dje Yece dk[le Eh]Wd_ice Z[ 9edjheb [d [b fW‡i$ O gk[ Y_j|hWcei Wdj[i \k[ [nj_dje fWiWdZe W eYkfWh iki \kd# Y_ed[i bW 9edjhWbeh‡W =[d[hWb Z[ bW H[f‘Xb_YW Yed ikXehZ_dWY_Œd Wb 9edi[`e Z[ ;ijWZe$' BW WkZ_jeh‡W ]kX[hdWc[djWb" \k[ YedY[fjkWZW feh bW b[o Yece bW WYY_Œd Z[b =eX_[hde 9[djhWb [`[YkjWZW feh [b C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb [d 9kXW" gk[ j_[d[ Yece \_dWb_ZWZ l[h_\_YWh [b h[ikbjWZe Z[ bW ][ij_Œd f‘Xb_YW o fh_lWZW Yed h[if[Yje Wb Z[iW# hhebbe" Yedjheb o kj_b_pWY_Œd Z[ bei h[Ykhiei Z[b ;ijWZe Z[ gk[ i[ Z_ifed[" _dYbko[dZe [b kie Z[ bei i_ij[cWi Z[ WZc_d_ijhW#
Y_Œd [ _d\ehcW# Y_Œd _cfbWdjWZei" W fWhj_h Z[b ]hWZe Z[ [Yedec‡W" [\_Y_[dY_W" [\_YWY_W o jhWdifWh[dY_W1 [ijWXb[# Y_[dZe bWi YWkiWi Z[ bei [hheh[i [ _hh[]kbWh_ZWZ[i o h[Yec[dZWdZe bWi c[Z_ZWi Yehh[Yj_lWi Wb d_l[b gk[ Yehh[ifedZW$ Ik [`[YkY_Œd i[ YedYh[jW ieXh[ bW XWi[ Z[b fbWd [bWXehWZe feh [ij[ C_d_ij[h_e i[]‘d fh_eh_ZWZ[i e _dj[h[i[i Z[b =eX_[hde 9[djhWb o feh ieb_# Y_jkZ[i h[Wb_pWZWi feh fWhj[ Z[ bWi Wkjeh_ZWZ[i Yed `kh_iZ_YY_Œd o Yecf[j[dY_W Yed h[if[Yje W bWi Z[f[dZ[dY_Wi Z[ bei Œh]Wdei Z[b feZ[h Z[b ;ijWZe" Z[ bW <_iYWb‡W =[d[hWb Z[ bW H[f‘Xb_YW" o Z[ bei
Jh_XkdWb[i FefkbWh[i" Wi‡ Yece Z[ iki Z_h_][dj[i o \kdY_edWh_ei" YkWdZe c[Z_[ ieb_Y_jkZ [nfh[# iW Z[ bW 7iWcXb[W DWY_edWb Z[b FeZ[h FefkbWh e [d ik bk]Wh Z[b 9edi[`e Z[ ;ijWZe" e Z[ bei @[\[i Z[ Wgk[bbei Œh]Wdei Yed h[bWY_Œd W iki Z[f[dZ[dY_Wi$ ;d 9kXW" [b :[Yh[je B[o De$ ('/" ^_pe Z_ij_dY_ed[i [d bW YWb_# \_YWY_Œd jƒYd_YW o fhe\[i_edWb Z[ bei WkZ_jeh[i o Y_je0 š FWhW bei gk[ ied WkZ_jeh[i _dj[h# dei Z[djhe Z[ iki [cfh[iWi i[ b[i YWb_\_YW Yece WkZ_jeh[i ][d[hWb[i e jƒYd_Yei [d WkZ_jeh‡W$ š FWhW bei gk[ [`[YkjWd bW WkZ_jeh‡W [nj[hdW" [i [b YWie Z[b C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb YWb_\_YWd Yece 7kZ_jeh[i =kX[hdWc[djWb[i Ikf[h_eh" 7Z`kdje" 7i_ij[dj[" ;if[Y_Wb_ijW @kh‡Z_Ye 7kZ_jeh =kX[hdWc[djWb o [b JƒYd_Ye [d 7kZ_jeh‡W$ š :[djhe Z[ bW WYj_# l_ZWZ Z[
bW WkZ_jeh‡W [nj[hdW YWb_\_YWd bWi IeY_[ZWZ[i Z[ 7kZ_jeh‡W \WYkb# jWZWi feh b[o" gk[ YWb_\_YWd Yece 7kZ_jeh =[d[hWb$ ?diYh_fjWi [d [b H[]_ijhe DWY_edWb Z[ IeY_[ZWZ[i Z[ 7kZ_jeh‡W [d [b C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb o Ykcfb_[d# Ze be [ijWXb[Y_Ze [d [b 9ŒZ_]e 9_l_b L_][dj[$( I_ WdWb_pWcei dk[ijhW b[]_i# bWY_Œd [d 9kXW" fWhW efjWh feh bW WYh[Z_jWY_Œd b[]Wb Y[hj_\_YWZW fWhW [b [`[hY_Y_e Z[ bW WkZ_jeh‡W jWdje _dj[hdW Yece bW ]kX[hdW#
c[djWb" i[ h[gk_[h[ WlWbWh Ykhiei Z[ WZ_[ijhWc_[dje [d bWi cWj[h_Wi i_]k_[dj[i0 9edjWX_b_ZWZ" <_dWdpWi" 9eijei" 7kZ_jeh‡W" Fei[[h [b j‡jkbe Z[ JƒYd_Ye C[Z_e [d 9edjWX_b_ZWZ Yed bW [nY[fY_edWb_ZWZ Z[ bW Wkje# h_pWY_ÂŒd c[Z_Wdj[ Z_if[diW feh [b [djedY[i C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb fWhW Y[hj_\_YWhi[" l|b_ZW iebe fWhW [b Eh]Wd_ice gk[ bW ieb_Y_jW $ Fei[[h bei J‡jkbei Fhe\[i_edWb[i [d bWi B_Y[dY_WjkhWi Z[ 9edjWX_b_ZWZ" ;Yedec‡W o 9edjheb ;YedÂŒc_Ye o kdW [nf[h_[dY_W [d bW WYj_l_ZWZ YedjWXb[ feh kd jƒhc_de ikf[h_eh W bei + W‹ei" [ije ‘bj_ce Z[ceijhWZe Yed fhk[XWi ZeYkc[djWb[i$ >eo [d Z‡W bei fhe\[i_edWb[i gk[ i[ Z[i[cf[‹Wd [d bW 9edjhWbeh‡W =[d[hWb Z[ bW H[f‘Xb_YW Yed h[bWY_ÂŒd `kh‡Z_Ye bWXehWb WYh[# Z_jWZW Yece YedjhWbeh e [d \kd# Y_ed[i Z[ WkZ_jeh" i[ i[‹WbWd i[h ]hWZkWZe [d Z[h[Y^e" [Yedec‡W" YedjWX_b_ZWZ o \_dWdpWi e Z[ ejhW [if[Y_Wb_ZWZ W\‡d W bWi gk[ lW W h[Wb_pWh" i[ b[i ^W YedY[Z_# Ze [b WYY[ie Wb h[]_ijhe dWY_edWb Z[ WkZ_jeh[i" fWhW [bbe i[ i[‹WbW gk[ Z[X[h|d lWb_ZWh o WYh[Z_jWh j[d[h YedeY_c_[djei o Zec_d_e Z[ bW YedjWX_b_ZWZ$ <_`WdZe W‹ei Z[ [nf[h_[dY_W fWhW [b d_l[b dWY_edWb o [b d_l[b fhel_dY_Wb [djh[ [b hWd]e Z[ '& W + W‹ei$ ;ijei h[gk_i_jei ied l|b_Zei fWhW bei fhe\[i_edW# b[i gk[ ied Z[i_]dWZei WkZ_jeh[i" YWcX_WdZe be Wdj[i i[‹WbWZe fWhW [ij[ i_ij[cW$) ;i l|b_Ze Z[ijWYWh gk[ bk[]e Z[ jeZW bW [nf[h_[dY_W WYkck# bWZW W fWhj_h Z[b W‹e (&&' Yed bW Yh[WY_ÂŒd Z[b C_d_ij[h_e Z[ 7kZ_jeh_W o 9edjheb" [d [b (&&/ i[ Z[Y_Z[ bW Yh[WY_ÂŒd Z[ bW oW Y_jWZW 9edjhWbeh‡W =[d[hWb" Wj[d# Z_[dZe W bei Whj‡Ykbei Yedij_jk# Y_edWb[i / o -+" o Wb i[h \_hcWdj[ dk[ijhe fW‡i Z[ bW 9edl[dY_ÂŒd Z[ bWi DWY_ed[i Kd_ZWi YedjhW bW YehhkfY_ÂŒd Z[b (&&)1 i[ Z[Y_Z_ÂŒ bW Yh[WY_ÂŒd Z[ [ij[ dk[le ÂŒh]W# de Z[ Yedjheb Yed ikXehZ_dWY_ÂŒd `[h|hgk_YW Wb 9edi[`e Z[ ;ijWZe Z[ bW H[f‘Xb_YW Z[ 9kXW$* Ik eX`[j_le o c_i_ÂŒd \kd# ZWc[djWb [i [b Z[ Wkn_b_Wh W bW 7iWcXb[W DWY_edWb Z[b FeZ[h FefkbWh o Wb 9edi[`e Z[ ;ijWZe" :FEK@EL8 <E C8 GĂ?>@E8 $ :)
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä‚
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
[d bW [`[YkY_ÂŒd Z[ bW c|i \_iYWb_# pWY_ÂŒd Z[ bei ÂŒh]Wdei Z[b ;ijWZe o =eX_[hde" Z_h_][ c[jeZebÂŒ]_# YWc[dj[ o ikf[hl_iW [b i_ij[cW dWY_edWb Z[ WkZ_jeh‡W" Yed [b \_d Z[ l[bWh feh bW Yehh[YjW o jhWdifWh[d# j[ WZc_d_ijhWY_ÂŒd Z[b fWjh_ced_e f‘Xb_Ye" fh[l[d_h o bkY^Wh YedjhW bW YehhkfY_ÂŒd$ Dk[ijhW Yedi_Z[hWY_ed[i [d YkWdje W bW Z_ij_dY_ÂŒd gk[ [n_i# j_ÂŒ [djh[ bWi WkZ_jeh‡Wi gk[ [`[# YkjÂŒ [b C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb" gk_[d [d ik cec[dje jkle [b [dYWh]e [ijWjWb o Z_h_]_ÂŒ [b I_ij[cW Z[ 7kZ_jeh‡W" fWiWdZe [ijWi \kdY_ed[i W bW 9edjhWbeh‡W =[d[hWb [d [b fW‡i o bW gk[ i[ [`[Yk# jWXW feh [b C_d_ij[h_e Z[ 9_[dY_W" J[Ydebe]‡W o C[Z_e 7cX_[dj[" j[d_[dZe Yece h[\[h[dY_W bW j[c|j_YW Z[ dk[ijhe _d\ehc[" ied W iWX[h0 š BW WkZ_jeh‡W gk[ [`[YkjWXW feh [b C_d_ij[h_e Z[ 9_[dY_W" J[Ydebe]‡W o C[Z_e 7cX_[dj[ o bW Z[b âh]Wde WYjkWb Z[ 9edjheb" bW 9edjhWbeh‡W =[d[hWb Z[ bW H[f‘Xb_YW de i[ Wi[# c[`Wd [d bei fheY[Z_c_[djei Z[ [`[YkY_ÂŒd" [d bei jƒhc_dei eX`[je Z[ [ij[ jhWXW`e [d h[bWY_ÂŒd Z[ bW WkZ_jeh_W j_fe bW WcX_[djWb" de i[ W`kijWXWd W be gk[ i[ Z_ifed[ [d [b WYjkWb h[]bWc[dje Z[ [ij[ ÂŒh]Wde Z[ Yedjheb" be gk[ [d c_ ef_d_ÂŒd b[ ZW i[]kh_ZWZ `kh‡Z_YW Wb WYje WZc_d_i# jhWj_le" l|b_Ze fWhW [b ÂŒh]Wde Z[ bW 7Zc_d_ijhWY_ÂŒd F‘Xb_YW gk[ Wdj[i bW [`[hY_jWXW$+ š Gk_[d[i [`[YkjWd bW WkZ_jeh‡W WcX_[djWb [ij|d _diYh_fjei [d [b h[]_ijhe e\_Y_Wb Z[ bW H[f‘Xb_YW Z[ 9kXW Z[ bW 9edjhWbeh‡W" Yed lWb_Z[p o i[]kh_ZWZ `kh‡Z_YW Wb WYje WZc_# d_ijhWj_le$ *$# 9edY[fjei jƒYd_Ye#ZeYjh_# dWb[i WY[hYW Z[b [`[hY_Y_e Z[ bW 7kZ_jeh‡W0 BW WkZ_jeh‡W0 ;i bW L[h_\_YWY_ÂŒd Z[ kdW [cfh[iW e Z[ YkWbgk_[h ejhW [dj_ZWZ f‘Xb_YW e fh_lWZW gk[ h[Wb_Y[ kd WkZ_jeh YedjWXb[ e\_Y_Wbc[dj[ h[YedeY_Ze Wb eX`[je Z[ bb[]Wh W \ehcWhi[ kdW ef_d_ÂŒd fhe\[i_edWb ieXh[ i_ iki Yk[d# jWi [nfh[iWd hWpedWXb[c[dj[ bW _cW][d \_[b Z[b fWjh_ced_e" Z[ bW i_jkWY_ÂŒd \_dWdY_[hW" o Z[ bei h[ikbjWZei eXj[d_Zei feh bW [dj_# ZWZ [d kd [`[hY_Y_e [YedÂŒc_Ye Z[j[hc_dWZe$ BW ef_d_ÂŒd fhe\[# i_edWb fk[Z[ i[h fei_j_lW e b_cf_W" i_ ck[ijhW jejWb Yed\ehc_ZWZ Yed
Ĺ?
[b Yedj[d_Ze Z[ bWi Yk[djWi1 Yed iWbl[ZWZ[i" i_ ]beXWbc[dj[ [ij| Z[ WYk[hZe Yed [bbWi" [nY[fje [d Z[j[hc_dWZei [njh[cei1 e d[]W# j_lW YkWdZe ck[ijhW ik Z_iYed# \ehc_ZWZ$ BW c|i YedeY_ZW [i bW Z[ WkZ_# jeh‡W Z[ Yk[djWi" Wkdgk[ [n_ij[d ejhei j_fei Z[ WkZ_jeh‡W0 bWi bbWcW# ZWi ÂźWkZ_jeh‡Wi ef[hWj_lWi½" gk[ c_Z[d i_ i[ W`kijW kdW [dj_ZWZ W bei fh_dY_f_ei Z[ [Yedec‡W" [\_# Y_[dY_W o [\_YWY_W1 ÂźWkZ_jeh_W Z[ [\_YWY_W½" gk[ _dl[ij_]W i_ i[ ^Wd Ykcfb_Ze bei eX`[j_lei fhefk[i# jei" YkWdj_\_YWdZe bWi Z[il_WY_e# d[i o WdWb_pWdZe iki fei_Xb[i YWkiWi1 ÂźWkZ_jeh‡W Z[ b[]Wb_ZWZ½" gk[ Yecfhk[XW i_ bei ][ijeh[i Z[ kdW [dj_ZWZ ^Wd Ykcfb_Ze bWi b[o[i o Z[c|i dehcWi h[b[lWdj[i fWhW [b Z[iWhhebbe Z[ ik WYj_l_ZWZ$ Fk[Z[d i[h Âź[nj[hdWi½ e Âź_dj[hdWi½" i[]‘d bW h[Wb_Y[d fhe\[i_edWb[i _dZ[f[dZ_[dj[i Z[b [dj[ WkZ_jWZe e i[Wd f[hie# dWi Z[ bW fhef_W [cfh[# iW$ ;b WkZ_jeh0 ;i bW F[hiedW \‡i_YW e `kh‡# Z_YW gk[ i[ Z[Z_YW W bW WkZ_jeh‡W$ Ik decXh[ fhel_[d[ Z[b bWj‡d WkZ_# jeh" eo[dj[" o bb[]ÂŒ Wb |h[W ^_ifWde^WXbWdj[ Z[ bei fW‡i[i Wd]beiW`ed[i$ De fk[Z[ i[h YedjhWjWZe feh kdW c_icW [cfh[iW feh kd [ifWY_e _d\[h_eh W jh[i W‹ei e ikf[h_eh W dk[l[$, ;b f[h_je0 ;i bW f[h# iedW [nf[h_c[djWZW" ^|X_b" fhWYj_YW [d kdW Y_[dY_W e Whj[$ BW f[hie# dW gk[ [d Wb]kdW cWj[# h_W j_[d[ j‡jkbe Z[ jWb" Yed\[h_Ze feh Wkjeh_ZWZ Yecf[j[dj[$ Feh jWb YedZ_Y_ÂŒd ied bbWcWZei Wb fheY[ie fWhW WfehjWh bWi [nf[h_[dY_Wi gk[ bei \kdY_edW# h_ei de fei[[d e fk[ZWd de fei[[h" o fWhW \WY_b_jWh [b YedeY_c_[dje e Wfh[Y_WY_ÂŒd Z[ ^[Y^ei Z[ _d\bk[d# Y_W [d [b fheY[ie" o [i bbWcWZe Wb `k_Y_e ehWb fWhW gk[ Z_YjWc_d[ ieXh[ ^[Y^ei YkoW Wfh[Y_WY_ÂŒd h[gk_[h[ Z[ YedeY_c_[djei$ BW WkZ_jeh‡W ]kX[hdWc[djWb0 ;i bW WYY_ÂŒd Z[b =eX_[hde 9[djhWb [`[YkjWZW feh [b C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb gk[ j_[d[ Yece \_dWb_ZWZ l[h_\_YWh [b h[ikb# jWZe Z[ bW ][ij_ÂŒd f‘Xb_YW o fh_# lWZW Yed h[if[Yje Wb Z[iWhhebbe" Yedjheb o kj_b_pWY_ÂŒd Z[ bei h[Ykh# iei Z[b ;ijWZe Z[ gk[ i[ Z_ifed[" _dYbko[dZe [b kie Z[ bei i_ij[cWi Z[ WZc_d_ijhWY_ÂŒd [ _d\ehcWY_ÂŒd _cfbWdjWZei" W fWhj_h Z[b ]hWZe
Z[ [Yedec‡W" [\_Y_[dY_W" [\_YWY_W o jhWdifWh[dY_W1 [ijWXb[Y_[dZe bWi YWkiWi Z[ bei [hheh[i [ _hh[# ]kbWh_ZWZ[i o h[Yec[dZWdZe bWi c[Z_ZWi Yehh[Yj_lWi Wb d_l[b gk[ Yehh[ifedZW$ - Ik [`[YkY_Œd i[ YedYh[jW ieXh[ bW XWi[ Z[b fbWd [bWXehWZe feh [ij[ C_d_ij[h_e i[]‘d fh_eh_ZWZ[i e _dj[h[i[i Z[b =eX_[hde 9[djhWb o feh ieb_Y_jkZ[i h[Wb_pWZWi feh fWhj[ Z[ bWi Wkjeh_ZWZ[i Yed `kh_i# Z_YY_Œd o Yecf[j[dY_W Yed h[if[Y# je W bWi Z[f[dZ[dY_Wi Z[ bei Œh]W# dei Z[b feZ[h Z[b ;ijWZe" Z[ bW <_iYWb‡W =[d[hWb Z[ bW H[f‘Xb_YW" o Z[ bei Jh_XkdWb[i FefkbWh[i" Wi‡ Yece Z[ iki Z_h_][dj[i o \kdY_e# dWh_ei" YkWdZe c[Z_[ ieb_Y_jkZ [nfh[iW Z[ bW 7iWcXb[W DWY_edWb Z[b FeZ[h FefkbWh e [d ik bk]Wh Z[b 9edi[`e Z[ ;ijWZe" e Z[ bei @[\[i Z[
Wgk[bbei Œh]Wdei Yed h[bWY_Œd W iki Z[f[dZ[dY_Wi$ 9edYbko[dZe feZ[cei i[‹WbWh gk[ bW WkZ_jeh_W i[ Z[\_d[ Yece kd fheY[ie i_ij[# c|j_Ye" gk[ Yedi_ij[ [d eXj[d[h o [lWbkWh eX`[j_lWc[dj[ [l_Z[dY_Wi ieXh[ bWi W\_hcWY_ed[i h[bWj_lWi W bei WYjei e [l[djei Z[ YWh|Yj[h [YedŒc_Ye WZc_d_ijhWj_le" Yed [b \_d Z[ Z[j[hc_dWh [b ]hWZe Z[ Yehh[ifedZ[dY_W [djh[ [iWi W\_h# cWY_ed[i o bei Yh_j[h_ei [ijWXb[# Y_Zei" fWhW bk[]e Yeckd_YWh bei h[ikbjWZei W bWi f[hiedWi _dj[h[# iWZWi$ I[ fhWYj_YW feh fhe\[i_edW# b[i YWb_\_YWZei [ _dZ[f[dZ_[dj[i" Z[ Yed\ehc_ZWZ Yed bWi dehcWi o fheY[Z_c_[djei jƒYd_Yei$. J_fei Z[ WkZ_jeh_W WfheXWZei [d bW b[]_ibWY_Œd0 / š :[ ][ij_Œd e h[dZ_c_[dje$
š <_dWdY_[hW e Z[ [ijWZei \_dWd# Y_[hei$ š <eh[di[$ š <_iYWb š :[ Ykcfb_c_[dje$ š 7cX_[djWb$ š :[ j[Ydebe]‡Wi Z[ bW _d\ehcW# Y_Œd o bWi Yeckd_YWY_ed[i$ š ;if[Y_Wb :[X[cei i[‹WbWh gk[ [d [b ckdZe i[ h[Wb_pWd [d [ijei cec[djei ejhei j_fei Z[ WkZ_je# h‡Wi Yece ied bW 7kZ_jeh‡W W bW :[kZW F‘Xb_YW" fheZkYje Z[ bei ]hWdZ[i ^[Y^ei Z[ YehhkfY_Œd eYk# hh_Zei [d fW‡i[i Z[ 9[djheWcƒh_YW o [b 9Wh_X[" o [b _dYh[c[dje Z[ bW :[kZW ;nj[hdW Z[ dk[ijhei fW‡# i[i$ :edZ[ bW Z[kZW [nj[hdW oW ^W i_Ze fW]WZW c|i Z[ jh[i l[Y[i o i[]k_cei [dZ[kZWZei o i_d feZ[h j[d[h WYY[ie Wb Z[iWhhebbe" \kdZWc[djei [ijei gk[ [d bW WYjkWb ][efeb‡j_YW ckdZ_Wb i[ cWdj_[d[d l_][dj[i$ Fh_dY_f_ei Z[ bW WkZ_# jeh‡W l_][dj[i [d 9kXW0'' š :_l_i_Œd Z[b jhWXW`e$ š <_`WY_Œd Z[ h[i# fediWX_b_ZWZ[i$ š 9Wh]e o Z[iYWh# ]ei$ ;d jeZW eh]Wd_pW# Y_Œd [YedŒc_YW Z[X[ [cfb[Whi[ kd i_ij[cW Z[ YecfheXWY_Œd _dj[h# dW gk[ i[W ik\_Y_[dj[ [d bW fh[l[dY_Œd Z[b \hWkZ[" [d ik Z[iYkXh_# c_[dje o gk[ \WY_b_j[ [b Xk[d fheY[Z_c_[dje Yec[hY_Wb$ ;n_ij[d WZ[c|i h[YedeY_Zei _dj[hdW# Y_edWbc[dj[ ejhei fh_dY_f_ei" bei Yk|b[i i[‹WbWcei o ied0 š F[hiedWb Yed Yecf[j[dY_W [ _dj[]h_ZWZ" š De [n_ij[dY_W Z[ \kdY_ed[i _dYecfWj_Xb[i" š 7Z[YkWZW YedjWX_b_pWY_Œd o fhej[YY_Œd Z[ WYj_lei" š H[]_ijhe Wfhef_WZe Z[ bWi ef[# hWY_ed[i" š :[X_ZW Wkjeh_pWY_Œd Z[ bWi ef[hWY_ed[i" š J[d[h WZ[YkWZei ZeYkc[djei o h[]_ijhei$ DehcWi Z[ WkZ_jeh‡W ][d[hWb# c[dj[ WY[fjWZWi0') š =[d[hWb[i$ š :[ [`[YkY_Œd$ š FWhW bW fh[i[djWY_Œd Z[ _d\eh# c[i$ ;ijWi dehcWi i[ [dYk[djhWd
WfheXWZWi [d bW H[iebkY_ÂŒd De$ ( Z[ bW E\_Y_dW DWY_edWb Z[ 7kZ_jeh‡W [d '//- o h[\h[dZW# ZWi [d feij[h_eh[i WYjei WZc_# d_ijhWj_lei Z_YjWZei feh fWhj[ Z[b C_d_ij[h_e Z[ 7kZ_jeh‡W o 9edjheb$'* 9kXW Yece fW‡i c_[cXhe Z[ bW ?DJEI7?" j_[d[ oW _di[hjWZWi [d ik b[]_ibWY_ÂŒd _dj[hdW bWi dehcWi Z[ fheY[Z_c_[dje Z[ bW ?DJEI7?" Yece [nfh[i_ÂŒd Z[ bW h[bWY_ÂŒd Z[ ikXehZ_dWY_ÂŒd gk[ j_[d[ [d [ijei cec[djei bW 9edjhWbeh‡W =[d[hWb Wb ;ijWZe Yed [b [dYWh]e [ijW# jWb" [c_j_[dZe Z_ifei_Y_ed[i Z[ YWh|Yj[h WZc_d_ijhWj_le gk[ ied Z[ Ykcfb_c_[dje fWhW bW WkZ_je# h‡W ]kX[hdWc[djWb o bW _dj[hdW$ JƒYd_YWi Z[ WkZ_jeh‡W gk[ i[ Wfb_YWd [d [b fW‡i0 '+ š EXi[hlWY_ÂŒd$ š 9ed\_hcWY_ÂŒd$ š L[h_\_YWY_ÂŒd$ š ?dl[ij_]WY_ÂŒd$ š 7d|b_i_i$ š ;lWbkWY_ÂŒd$ Fh_dY_f_ei Z[ YedjWX_b_ZWZ ][d[hWbc[dj[ WY[fjWZei [d 9kXW0', š :[ h[]_ijhe" š Kd_\ehc_ZWZ" š :[ [nfei_Y_ÂŒd" š :[ fhkZ[dY_W" š De Yecf[diWY_ÂŒd" š Fh[Y_e Z[ WZgk_i_Y_ÂŒd" š F[h‡eZe YedjWXb[" š ;dj_ZWZ [d cWhY^W" š ?cfehjWdY_W h[bWj_lW" š H[l[bWY_ÂŒd ik\_Y_[dj[$ ;ijei fh_dY_f_ei i[ [dYk[djhWd h[]kbWZei [d bWi H[iebkY_ed[i De$ '& o +- WcXWi Z[ '//-" feh [b C_d_ij[h_e Z[ <_dWdpWi o Fh[Y_ei$ JWdje fWhW bW WYj_l_ZWZ [cfh[iW# h_Wb Yece bW WYj_l_ZWZ fh[ikfk[i# jWZW [d [b fW‡i$ /2ÄĄĹ´ "ĞŴ ,")#$3Ĺ´ 2 .")3"/Ĺ´ .4Ă—.$:Ĺ´ <."($:ĞŴ 2/%$3/2Ĺ´ 3)34$.4$ĞŴ $0 24 -$.4/Ĺ´ #$Ĺ´ $2$"(/ĞŴ "5,4 #Ĺ´ #$Ĺ´ )$.") 3Ĺ´ /") ,$3Ĺ´ 9Ĺ´ 5- .‰34)" 3ĞŴ .)6$23)# #Ĺ´ #$Ĺ´ 2 .- ĞŴ $0Ă—!,)" Ĺ´#$Ĺ´ 5! Äž #1ĹŠ #!1#3.ĹŠ #8ĹŠ .Ä“ĹŠÄ‰ÄˆÄ’Ä“ĹŠ "(3.1 ĹŠ (-(23#1(.ĹŠ "#ĹŠ 423(!( Ä“ĹŠ 4 Ä“ ĹŠĹŠ #1ĹŠ #!1#3.ĹŠ #8ĹŠ .Ä“ĹŠÄ‰ÄˆÄ’Ä“ĹŠ #ĹŠ+ ĹŠ 4"(3.1( ĹŠ %4 #1- ,#-3 +ēŊĉććÄ?Ä“ ĹŠĹŠ 13~!4+.2ĹŠÄŒÄˆĹŠ8ĹŠÄŒÄŠÄ”ĹŠ #8ĹŠ .Ä“ĹŠÄˆÄ‡Ä?ĹŠ"#ŊĉććĒēŊ #ĹŠ+ ĹŠ .-31 +.1~ ĹŠ #-#1 +ĹŠ"#ĹŠ+ ĹŠ #/ĂŒ +(! ĹŠ "#ĹŠ 4 Ä“ ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄ’ ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄ? ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄŠĹŠ ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄˆÄ‡ ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄˆÄ‡ ĹŠĹŠ ~"#,ĹŠ-.ēŊĉ ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄ‘ ĹŠĹŠ ~"#,ĹŠ-.ēŊĉ ĹŠĹŠ ~"#,ĹŠ-.ēŊĉ ĹŠĹŠ ~"#,ĹŠ-.ēŊĉ ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄŠ ĹŠĹŠ ~"#,ĹŠ-.ēŊĉ ĹŠĹŠ ~"#,ĹŠ-.ēŊĉ ĹŠĹŠ ~"#,ĹŠ-.Ä“ĹŠÄŠ
GF;<I ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< J< M8 8 GIF:<;<I 8 C8 8GIF98:@äE ;< C8 <J:I@KLI8 GL9C@:8 ;< I<MF:8KFI@8 ;<C GF;<I ><E<I8C HL< FKFI>8 C8 :FDG8zĂ 8 8D8;<LJ>CF98C <:L8;FI J%8% 8 =8MFI ;< @I<E< JF=@8 LCCF8 8ID@AFJ P >L@;F FJN8C;F C8C8D8 IFM8PF2 GF;<I ><E<I8C HL< FKFI>8 C8 :FDG8zĂ 8 8D8;<LJ>CF98C <:L8;FI J%8%# 8 =8MFI ;< >L@;F FJN8C;F C8C8D8 IFM8PF P K8K@8E8 <JD<I8C;8 IF;IĂ >L<Q :8CM8:?<% 8:KFI81 D8I@8 M@:KFI@8 :FI;FM8 D@J8J AL@:@F1 8GIF98:@äE ;< <J:I@KLI8 GL9C@:8 ;< GF;<I :L8EK@81 @E;<K<ID@E8;8 =<:?8 ;< @E@:@8:@äE1 ), ;< D8IQF ;<C )'((% Ef% '''0;$)'(( DC% GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j ), [\ dXiqf [\c )'((# cXj (._(,%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\X$ c`qX[f%$ CX g\k`Z`Â?e hl\ Xek\Z\$ [\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X# glYcˆhl\j\ cX i\mfZXkfi`X [\c gf[\i ^\e\iXc p \c gf[\i ^\e\iXc hl\ j\ XZfd$ gXÂŒX# le \okiXZkf [\ cX g\k`Z`Â?e p \jkX gifm`[\eZ`X \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# gfi leX jfcX m\q% 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX ZfdgXi\Z`\ek\%$ ?\Z_f hl\ j\X# gXj\e cfj Xlkfj gXiX i\jfcm\i%$ EFK@=@HL<J<% = ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf% Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf gXiX cfj ]`e\j [\ C\p% 8Y% DXi`f CXjjf Fik\^X% J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8
?Xp ]`idX p j\ccf ;F:KFI FJN8C;F D<A@8 <JG@EFJ8 EFK8Ic8 :L8;I8><J@D8 :8EKFE HL@KF I<MF:8KFI@8 ;< GF;<I ><E<I8C HL< FKFI>8 8D8;<LJ>CF98C <:L8;FI J%8% 8 =8MFI ;< @I<E< JF=@8 LCCF8 8ID@AFJ P >L@;F FJN8C;F C8C8D8 IFM8PF P FKFI>8D@<EKF ;< GF;<I ><E<I8C HL< FKFI>8 8D8;<LJ>CF98C <:L8;FI J%8% 8 =8MFI ;< >L@;F FJN8C;F C8C8D8 IFM8PF P K8K@8E8 <JD<I8C;8 IF;IĂ >L<Q :8CM8:?< :L8EKĂ 81 @E;<K<ID@E8;8 ;@1+ :FG@8J ZXg <jZi`kliX Ef% ()- %( <e \c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# :Xg`kXc [\ cX I\gÂ’Yc`ZX [\c <ZlX[fi# _fp [ˆX FE:< ;< <E<IF [\c XÂŒf ;FJ D@C FE:<% Xek\ dˆ# ;fZkfi FjnXc[f D\aˆX <jg`efjX# EfkXi`f% :lX[iX^„j`df [\ \jk\ ZXekÂ?e2 ZfdgXi\Z\ cX j\ÂŒfi DXiˆX M`Zkfi`X :Â?i[fmX D`jXj# \e jl ZXc`[X[ [\ ;`i\ZkfiX p I\gi\j\ekXek\ C\^Xc [\ cX ZfdgX$ ŒˆX \ZlXkfi`XeX 8dX[\lj>cfYXc <ZlX[fi J%8% CX ZfdgXi\Z`\ek\ \j dXpfi [\ \[X[# [\ eXZ`feXc`$ [X[ \ZlXkfi`XeX# [\ \jkX[f Z`m`c ZXjX[X# [fd`Z`c`X[X \e cX Z`l[X[ [\ Hl`kf ;`jki`kf D\kifgfc`kXef# X hl`\e [\ ZfefZ\i [fp ]\# \e m`ikl[ [\ _XY\id\ \o_`Y`[f jl [fZld\ekf [\ `[\ek`]`ZXZ`Â?e# ZlpX Zfg`X j\ X[alekX X \jk\ `ejkild\ekf# Y`\e `ejkil`[X gfi dˆ# \c EfkXi`f# jfYi\ \c fYa\kf p i\jlckX[f [\ \jkX \jZi`kliX gÂ’Yc`$ ZX# hl\ X Z\c\YiXicX gifZ\[\ c`Yi\ p mfclekXi`Xd\ek\ [\ Zfe$ ]fid`[X[ Zfe cX d`elkX hl\ d\ \eki\^Xe# Zlpf k\efi kiXej$ Zi`Yf \j \c j`^l`\ek\1 J<zFI EFK8I@F1 <e \c gifkfZfcf [\ \jZi`kliXj gÂ’Yc`ZXj X jl ZXi^f# jˆimXj\ `eZfigfiXi leX [\ Gf[\i >\e\iXc hl\ j\ fkfi^X Xc k\efi [\ cXj Zc}ljlcXj hl\ j\ `e[`ZXe X Zfek`elXZ`Â?e1 :fdgXi\Z`\ek\j%$ :fdgXi\Z\ X
SERVITELEFON S.A.
CONVOCATORIA A JUNTA GENERAL ORDINARIA DE ACCIONISTAS DE LA COMPAĂ‘Ă?A SERVITELEFON S.A. De conformidad con los Estatutos Sociales, la Ley de CompaĂąĂas y su reglamento, se convoca a los Accionistas de Servitelefon S.A., a la Junta General Ordinaria de Accionistas, que tendrĂĄ lugar en la ciudad de Quito, en el local de la misma ubicada en Coop. De Profesores Municipales Calle CO No. D6, el dĂa miĂŠrcoles 27 de abril del 2011 a partir de las 17H00, para conocer y resolver los siguientes puntos. 1.
2. 3.
Conocimiento y resoluciĂłn acerca del Informe del Gerente General de la CompaĂąĂa por el ejercicio econĂłmico del aĂąo 2010. Conocimiento y resoluciĂłn acerca del Balance General y Estado de Resultados del ejercicio econĂłmico 2010. ResoluciĂłn acerca del destino de las utilidades del ejercicio econĂłmico 2010.
Se convoca especial y seĂąaladamente al Sr. Diego Mauricio DĂaz Almeida, Comisario Principal de la CompaĂąĂa. Los Estados Financieros se encuentran a disposiciĂłn de los accionistas en la direcciĂłn antes mencionada. Quito, 11 de abril del 2011
I_[cfh[ bW \[b_Y_ZWZ dei [if[hW [d Wb]‘d i_j_e" f[he W YedZ_Y_ÂŒd Z[ gk[ de lWoWcei W XkiYWhbW$ L E B J 7 ? H ; < H 7 D w E ? I C 7 H ? ; 7 H E K ; J p \jkXYc\Z\i cXj efidXj [\c i„^`d\e [\ X[d`e`jkiXZ`Â?e [\ cX JfZ`\[X[ p gXiX cX i\Xc`qXZ`Â?e [\ cfj Y`\e\j jfZ`Xc\j# fi^Xe`qXi p [\j\emfcm\i kf[fj cfj e\^f$ Z`fj p j\im`Z`fj [\ JfZ`\[X[ p# \e \jg\Z`Xc# [`i`^`i cXj XZk`m`[X$ [\j [\ cX JfZ`\[X[ Zfe Xii\^cf X Zfem\e`\eZ`Xj [\ „jkX# Zfe]`i`„e$ [fc\ \e \jg\Z`Xc cXj ]XZlckX[\j j`^l`\ek\j% Lef glekf ki\j glekf lef# Jfc`Z`kXi# XZ\gkXi p i\Z_X$ qXi kf[X ZcXj\ [\ jlYm\eZ`fe\j# ZfeZ\j`fe\j p Yfe`]`ZXZ`fe\j# ]`jZXc\j f ef# \jkXYc\Z`\e[f# XZ\gkXe[f# i\Z_XqXe[f Xck\iXe$ [f f df[`]`ZXe[f jlj Zfe[`Z`f$ e\j% Lef glekf ki\j glekf [fj% I\Z`Y`i% Zfek\jkXi# ]`idXi p i\k`iXi \e ZlXchl`\i ZcXj\ [\ X^\eZ`Xj l f]`Z`eXj gÂ’Yc`ZXj f gi`mX[Xj cX Zfii\jgfe[\eZ`X gfjkXc# k\c\$ ^i}]`ZX f [\ ZlXchl`\i fkiX ZcXj\% I\Z`Y`i p i\k`iXi Z\ik`]`ZX[fj p gXhl\k\j# p _XZ\ij\ ZXi^f [\ cfj ^`ifj [\ZcXiX[fj f Xj\^liX[fj% ?XZ\i kf[X ZcXj\ [\ i\ZcXdXZ`f$ e\j% Lef glekf ki\j glekf ki\j% Gi\gXiXi cX gifgl\jkX [\ 9XcXeZ\# :l\ekX [\ G„i[`[Xj p >XeXeZ`Xj p cX D\dfi`X# Xjˆ Zfdf cX [\ [`jki`$ YlZ`Â?e [\ i\jlckX[fj# [\ekif [\ cXj efidXj \jkXklkXi`Xj p c\^X$ c\j# gi\j\ek}e[fcfj X 8l[`kfiˆX <ok\ieX p Xc ;`i\Zkfi`f gXiX jl ]fidlcXZ`Â?e p# \e jl ZXjf# gfj$ k\i`fi jfd\k`d`\ekf X cX AlekX >\e\iXc [\ 8ZZ`fe`jkXj% Lef glekf ki\j glekf ZlXkif% <a\ZlkXi cfj XZl\i[fj X[fgkX[fj gfi cX AlekX >\e\iXc [\ 8ZZ`fe`jkXj p&f \c ;`i\Zkfi`f# Zlpf Zldgc`d`\ekf ef _lY`\iX i\ZXˆ[f \e fkiXj g\i$ jfeXj% Lef glekf ki\j glekf Z`eZf# ;\Z`[`i jfYi\ ZlXchl`\i fkif Xjlekf [\ `ek\i„j gXiX cX JfZ`\[X[ [\ekif [\c Zfek\okf [\ jl fYa\kf jfZ`Xc Xlehl\ ef \jk„ \ogi\jXd\ek\ d\eZ`feX[f \e \jkfj gf[\i\j j`\dgi\ [\ekif# [\ kXc ]fidX hl\# \e e`e^Â’e ZXjf# gl\[Xe \eZfekiXij\ [`]`ZlckX[\j [\ X[d`e`jkiXZ`Â?e gfi ]XckX [\ \ogi\jfj gf[\i\j gXiX \ccf# ;FJ 8;D@E@JKI8:@äE ;< 9@<E<J% :fdgXi\Z\eZ`X ZfealekX% ;fj glekf lef% 8[d`e`jkiXZ`Â?e p [`j$ gfj`Z`Â?e [\ Y`\e\j p [\i\Z_fj \e ^\e\iXc1 ;fj glekf lef glekf lef% I\Xc`qXi kf[X ZcXj\ [\ XZkfj `e_\i\ek\j X cX efidXc X[d`e`j$ kiXZ`Â?e [\ ZlXc\jhl`\iX Y`\e\j p
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A SERVICIOS HEMATOLOGICOS SERHEM CIA. LTDA.. La compaĂąĂa SERVICIOS HEMATOLOGICOS SERHEM CIA. LTDA.. se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito, el 25 de Febrero de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC. Q.11.001523 de 05 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 600,00 NĂşmero de Participaciones 600 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: SERVICIOS MÉDICOS ASISTENCIALES Y DE DIAGNĂ“STICO EN GENERAL Y ESPECIALMENTE EN LAS Ă REAS DE HEMOTERAPIA, HEMATOLOGĂ?A Y ONCOLOGICOS; EN FORMA DIRECTA O EN ALIANZAS CON OTROS CENTROS. COMERCIALIZACIĂ“N DE INSUMOS Y PRODUCTOS FARMACOLĂ“GICOS NECESARIOS PARA SUS ACTIVIDADES PROPIAS.... Quito, 05 de Abril de 2011.
Atentamente, RaĂşl Quishpe OĂąa Gerente General
cX i\mfZXkfi`X [\ le gf[\i ^\e\$ iXc p Xc fkfi^Xd`\ekf [\c gi\$ j\ek\ gf[\i ^\e\iXc cX [fZkfiX DXiˆX M`Zkfi`X :Â?i[fmX D`jXj \e jl ZXc`[X[ [\ ;`i\ZkfiX p I\gi\j\ekXek\ c\^Xc [\ cX ZfdgX$ ŒˆX XZfi[\ Zfe \c efdYiXd`\ekf hl\ j\ X[alekX Zfdf _XY`c`kXek\% I\mfZXkfi`X [\ Gf[\i >\e\iXc I\mfZXkfi`X [\ Gf[\i >\e\iXc p Fkfi^Xd`\ekf [\ Gf[\i >\e\iXc%$ Gfi d\[`f [\ \jk\ `ejkild\e$ kf cX [fZkfiX DXiˆX M`Zkfi`X :Â?i[fmX D`jXj \e jl ZXc`[X[ [\ ;`i\ZkfiX p I\gi\j\ekXek\ C\^Xc [\ 8dX[\lj>cfYXc <ZlX[fi J%8% [\Y`[Xd\ek\ Xlkfi`qX[X gfi cX AlekX >\e\iXc Le`m\ijXc p <okiXfi[`eXi`X [\ 8ZZ`fe`jkXj [\ ;@<Q ;< <E<IF ;< ;FJ D@C FE:<# i\mfZX \c gf[\i ^\e\iXc fkfi^X[f X ]Xmfi [\ cfj j\ÂŒfi\j >l`[f FjnXc[f CXcXdX IfmXpf \ @i\e\ Jf]ˆX LccfX 8id`afj# fkfi$ ^X[f \e DX[i`[ <jgXÂŒX [\c ZlXc \c ) [fj [\ FZklYi\ [\ [fj d`c fZ_f j\ c\^`k`dÂ? cX ]`idX [\ cX j\ÂŒfiX :i`jk`eX JXeq ;ˆXq# Xek\ \c EfkXi`f 8ekfe`f =\ie}e[\q >fc]`e 8gXi`Z`f# EfkXi`f [\ DX[i`[ p [\ jl `cljki\ :fc\^`f# XZkX )%0/0 [fj d`c efm\Z`\e$ kfj fZ_\ekX p el\m\# Xgfjk`ccX[f \c / fZ_f [\ FZklYi\ [\ [fj d`c fZ_f# gifkfZfc`qX[f Zfe \c EÂ’d\if )*0 [fj ki\j el\m\# Xek\ \c EfkXi`f :lX[iX^„j`df [\c :XekÂ?e Hl`kf# ;fZkfi FjnXc[f D\aˆX <jg`efjX# \c (* ki\Z\ [\ 8Yi`c [\ [fj d`c el\m\# \ `ejZi`$ kf \e \c I\^`jkif D\iZXek`c [\c :XekÂ?e >lXpXhl`c \c )0 m\`ek`$ el\m\ [\ DXpf [\ [fj d`c el\m\# p fkfi^X le gf[\i ^\e\iXc X ]Xmfi [\ cfj j\ÂŒfi\j >l`[f FjnXc[f CXcXdX IfmXpf p KXk`XeX <jd\iXc[X If[iˆ^l\q :XcmXZ_\% 8 kXc\j \]\Zkfj# cfj dXe[XkXi`fj XZklXi}e c\^Xc# al[`Z`Xc f \okiX$ al[`Z`Xcd\ek\ ZfealekX f `e[`$ m`[lXcd\ek\ \e i\gi\j\ekXZ`Â?e [\ 8dX[\lj>cfYXc <ZlX[fi J%8%# \e kf[fj cfj Xjlekfj# e\^fZ`fj# fg\iXZ`fe\j# ^\jk`f$ e\j# XZklXZ`fe\j# al`Z`fj# XZkfj p ZfekiXkfj l fkifj hl\ [`^Xe i\cXZ`Â?e Zfe jl fYa\kf jfZ`Xc f j\Xe e\Z\jXi`fj f Zfe[lZ\e$ k\j X cfj ]`e\j [\ cX ZfdgXŒˆX# kf[f \ccf \e cfj k„id`efj p [\ Zfe]fid`[X[ Zfe cXj ]XZlckX[\j hl\ j\ j\ÂŒXcXe X Zfek`elXZ`Â?e1 LEF 8;D@E@JKI8:@äE <E ><E<I8C% :fdgXi\Z\eZ`X ZfealekX1 Lef glekf lef% I\gi\j\ekXi c\^Xc# al[`Z`Xc p \okiXal[`Z`Xcd\ek\ X cX :fdgXŒˆX 8dX[\lj>cfYXc <ZlX[fi J%8%# Lef glekf [fj% I\Xc`qXi Zfe Xii\^cf X cfj <jkXklkfj JfZ`Xc\j kf[X ZcXj\ [\ fg\iXZ`fe\j `eZcl`[Xj \e \c fYa\kf jfZ`Xc# p fkfi^Xi p jljZi`$ Y`i kf[X ZcXj\ [\ [fZld\ekfj gÂ’Yc`Zfj p gi`mX[fj e\Z\jXi`fj gXiX \ccf% Lef glekf ki\j% KiXqXi
A.P./48779/k.m.
[\i\Z_fj [\ cX JfZ`\[X[# gl[`\e[f Zfem\e`i p \jkXYc\Z\i Zfe XYjfclkX c`Y\ikX[ cfj gXZkfj p Zfe[`Z`fe\j hl\ j\ \jk`d\e d}j ]XmfiXYc\j gXiX cX JfZ`\[X[% ;fj glekf lef glekf [fj% 8Z\gkXi X[al[`ZXZ`fe\j \e gif$ Z\[`d`\ekfj _`gfk\ZXi`fj# [\ Xgi\d`f# \a\Zlk`mfj f [\ ZlXc$ hl`\i fkiX eXkliXc\qX# [\ ZlXc$ hl`\i ZcXj\ [\ Y`\e\j dl\Yc\j \ `edl\Yc\j j`e c`d`kXZ`Â?e Xc^leX% ;fj glekf lef glekf ki\j# :fdgiXi# `eZcljf \e i„^`d\e [\ Xii\e[Xd`\ekf ]`eXeZ`\if# m\e$ [\i p Xchl`cXi f i\ekXi kf[X ZcXj\ [\ d\iZX[\iˆXj# dXhl`eXi`X# Â’k`c\j p \ej\i\j# gi`d\iXj dXk\$ i`Xj p dfY`c`Xi`f gi\Z`jf j`e c`d`k\ Xc^lef# jljZi`Y`\e[f X kXc\j ]`e\j# cfj g\[`[fj# ]XZkliXj% i\Z`Yfj p [fZld\ekfj gÂ’Yc`Zfj p gi`mX[fj# [\i`mX[fj [\ \jkXj fg\iXZ`fe\j# ]`aXe[f \e \ccfj cfj gXZkfj# Zc}ljlcXj p Zfe[`Z`fe\j [\ gi\Z`f# ]fidX [\ gX^f p cXj i\jkXek\j hl\ \jk`d\ e\Z\jXi`Xj f Zfem\e`\ek\j Xc `ek\i„j [\ cX JfZ`\[X[% ;fj glekf lef glekf ZlXkif% 8[hl`i`i# kfdXi \e Xii\e$ [Xd`\ekf f jlYXii`\e[f \[`]`$ Z`fj f cfZXc\j gXiX cX `ejkXcXZ`Â?e [\ cXj f]`Z`eXj f [\g\e[\eZ`Xj [\ cX JfZ`\[X[ f [\ ZlXchl`\i ZfdgXŒˆX [\ jl ^ilgf# Xjˆ Zfdf ZlXchl`\i k`gf [\ Y`\e\j dl\$ Yc\j [\jk`eX[fj X \jk\ ]`e# \a\i$ Z`kXe[f jlj [\i\Z_fj Xii\e[Xk`$ Z`fj% ;fj glekf lef glekf Z`eZf% :fekiXkXi# df[`]`ZXi# i\jfcm\i p c`hl`[Xi j\^lifj [\ kf[f k`gf f ZcXj\# Xjˆ Zfdf kiXej`^`i jfYi\ cfj d`jdfj# Zfief k\e^X gfi Zfem\e`\ek\# gl[`\e[f i\ZcXdXi p ZfYiXi cXj `e[\de`qXZ`fe\j [\ cfj 8j\^liX[fi\j% ;fj glekf lef glekf j\`j% :fekiXkXi cX i\Xc`qX$ Z`Â?e [\ fYiXj f `ejkXcXZ`fe\j i\cXZ`feX[Xj Zfe \c [\j\emfcm`$ d`\ekf [\ cX XZk`m`[X[ [\ cX JfZ`\[X[# Ki\j :FEKI8K8:@äE <E ><E<I8C% :fdgXi\Z\eZ`X ZfealekX% Ki\j glekf lef% <]\ZklXi kf[fj cfj XZkfj [\ Zfd\iZ`f gifg`fj [\ cX eXkliXc\$ qX p fYa\kf [\ cX JfZ`\[X[# Z\c\$ YiXe[f Xc \]\Zkf kf[fj cfj Zfe$ kiXkfj [\ eXkliXc\qX Zfd\iZ`Xc f d\iZXek`c# Xjˆ Zfdf cfj [\ gi\j$ kXZ`Â?e [\ j\im`Z`fj# j\im`Z`fj k„Ze`Zfj \jg\Z`Xc`qX[fj f j\im`$ Z`fj [\ XZk`m`[X[\j Zfdgc\d\e$ kXi`Xj# X[\ZlX[fj Xc efidXc
[\j\emfcm`d`\ekf [\ cXj fg\iX$ Z`fe\j jfZ`Xc\j# `eZclp\e[f Xhl\ccfj [\ ZXi}Zk\i gifdfZ`f$ eXc p&f glYc`Z`kXi`f# pX j\X Zfe gifm\\[fi\j f Zc`\ek\j eXZ`feX$ c\j f \okiXea\ifj# Zfe k\iZ\ifj `e[\g\e[`\ek\j f Zfe ZfdgXŒˆXj [\c >ilgf f XjfZ`X[Xj# gXiX jl \a\ZlZ`�e ]`\iX f [\ekif [\ k\ii`$ kfi`f eXZ`feXc# [\ cfj ZlXc\j j\ [\i`m\e fYc`^XZ`fe\j [\ \eki\^Xi f i\Z`Y`i d\iZX[\iˆXj# gi\jkXi f i\Z`Y`i j\im`Z`fj# fYc`^XZ`fe\j [\ _XZ\i f [\ ef _XZ\i# Y`\e gXiX d\iZX[fj f gcXqXj eXZ`feXc\j f \okiXea\iXj# [\ gi\jkXZ`�e ’e`ZX f [\ kiXZkf jlZ\j`mf# ]`idXe[f ZlXchl`\i k`gf [\ [fZld\ekf g’Yc`Zf f gi`mX[f i\hl\i`[f gXiX cX mXc`[\q# \]`ZXZ`X p \a\ZlZ`�e [\ cfj ZfekiXkfj ]`idX[fj# Zfe ZXgXZ`[X[ gc\eX gXiX e\^fZ`Xi cXj Zc}ljlcXj p Zfe[`Z`feX[f [\ cfj ZfekiXkfj# ZlXchl`\iX hl\ ]l\iX jl df[Xc`[X[# Xjˆ Zfdf gXiX df[`]`ZXi p gfe\i k„id`ef X kXc\j i\cXZ`fe\j ZfekiXZklXc\j [\ ZXi}Zk\i Zfd\iZ`Xc f d\iZXe$ k`c% <e kXc m`ikl[# gf[i}e e\^fZ`Xi p [\k\id`eXi \c }dY`kf [\ fYc`$ ^XZ`fe\j [\ cfj ZfekiXkfj hl\ Z\c\Yi\e# Xjˆ Zfdf \e kXc\j Zfe$ kiXkfj ]`aXi cXj Zfe[`Z`fe\j# `eZ\ek`mfj p [\jZl\ekfj Zfe 8^\eZ`Xj [\ M`Xa\j l fkifj Zc`\e$ k\j [\ cX DXe[Xek\ Ki\j glekf [fj% E\^fZ`Xi p Z\c\YiXi ZfekiX$ kfj [\ c`Z\eZ`Xj p \e ^\e\iXc ZlXchl`\i fkif ZfekiXkf gfi \c hl\ j\ Z\[X \c [\i\Z_f [\ ljf [\ ZlXchl`\i [\i\Z_f hl\ i\ZX`$ ^X jfYi\ dXiZXj# efdYi\j Zfd\iZ`Xc\j# i�klcfj [\ \jkXYc\$ Z`d`\ekf p ZlXchl`\i fkif j`^efj [`jk`ek`mf# gXk\ek\j# df[\cfj [\ lk`c`[X[ p ZlXchl`\i fkif [\i\Z_f [\ \oZclj`mX hl\ i\ZX`^X jfYiX `em\eZ`fe\j [\ Xgc`ZXZ`�e `e[lj$ ki`Xc# [\i\Z_fj [\ Xlkfi p ZlXc$ hl`\i fkif [\i\Z_f [\ gifg`\[X[ `ek\c\ZklXc# j\ i\]`\iXe „jkfj X fYiXj kiX[`Z`feXc\j f X Zi\XZ`f$ e\j i\cXZ`feX[Xj Zfe cX JfZ`\[X[ [\ cX `e]fidXZ`�e# `eZcl`[f cX i\Xc`qXZ`�e [\ ^\jk`fe\j f cX i\gi\j\ekXZ`�e \e kf[f k`gf [\ gifZ\[`d`\ekfj Xek\ cXj \ek`[X$ [\j [\ ^\jk`�e Zfc\Zk`mX# Xjˆ Zfdf cX Z\j`�e [\ cX kˆklcXi`[X[ [\ cfj d`jdfj2 p \e ^\e\iXc# gf[\i gXiX e\^fZ`Xi p Z\c\YiXi kf[f ZcXj\ ZfekiXkfj hl\ j\ i\]`\$ iXe X cX kiXejd`j`�e# lk`c`qXZ`�e# f \ogcfkXZ`�e [\ [\i\Z_fj [\ gifg`\[X[ `e[ljki`Xc \ `ek\c\Z$ klXc [\ kf[X eXkliXc\qX% Ki\j glekf ki\j# JljZi`Y`i ZfekiXkfj [\ kiXejgfik\ p [\ j\^lifj jfYi\ Y`\e\j f j\im`Z`fj fYa\kf [\ XZkfj [\ Zfd\iZ`f# ZlYi`„e[fcfj ZfekiX gfj`Yc\j i`\j^fj p i\jgfe$ jXY`c`[X[\j X kiXm„j [\ cXj Zfii\jgfe[`\ek\j g�c`qXj l fkifj [fZld\ekfj Xgifg`X[fj% Ki\j glekf ZlXkif% <e ^\e\iXc# Z\c\$ YiXi# Zfej\ek`i p fkfi^Xi kf[X
COMPAÑ�A DE TRANSPORTE TRANSTARAPOA S.A CUYABENO – SUCUMBIOS –ECUADOR Tarapoa, 07 de abril del 2011
CONVOCATORIA Sr. Se convoca a los seĂąores accionistas, DE LA COMPAĂ‘Ă?A DE TRANSPORTES EN CARGA LIVIANA Y EXTRA PESADA, SOLIDO, LĂ?QUIDO O GASEOSO TRASTARAPOA. S.A. a la junta general ordinaria de accionistas para el dĂa sĂĄbado 16 de abril del 2011 (hora 18 horas 6 de la noche pm) en la oficina de la compaĂąĂa ubicada en el bario el paraĂso “Y de Tarapoaâ€?, para tratar los siguientes puntos del orden del dĂa. 1.- CONSTATACION DEL QUORUM. 2.- INSTALACION DE LA SESION POR EL SEĂ‘OR PRESIDENTE. 3.- ANALISIS Y APROBACION DEL BALANCE ECONOMICO 2010. 4.- CLAUSURA. Se ruega puntual asistencia. Atentamente,
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS
Sr. Ă ngel Medina PRESIDENTE A.P./48782/k.m.
A.P./48784/k.m.
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? ZcXj\ [\ ZfekiXkfj# XZkfj p e\^f$ Z`fj aliˆ[`Zfj e\Z\jXi`fj f Zfe$ m\e`\ek\j gXiX \c [\jXiifccf [\ cXj XZk`m`[X[\j [\ cX JfZ`\[X[# Zfe cXj Zc}ljlcXj p Zfe[`Z`fe\j hl\ \e ZX[X ZXjf Zfej`[\i\ Zfe$ m\e`\ek\j# gl[`\e[f efmXicfj# i\jZ`e[`icfj# df[`]`ZXicfj f \o`$ ^`i jl Zldgc`d`\ekf i\Xc`qXe[f kf[fj cfj XZkfj p e\^fZ`fj hl\ X kXc ]`e ]l\iXe gi\Z`jfj% Ki\j glekf Z`eZf% JljZi`Y`i \e ^\e\iXc Zfe$ kiXkfj Zfe Zc`\ek\j# \jg\Z`Xc$ d\ek\ Zfe X^\eZ`Xj [\ m`Xa\j# gi\jkXZ`Â?e [\ j\im`Z`fj gif]\j`f$ eXc\j# j\im`Z`fj k„Ze`Zfj \jg\$ Z`Xc`qX[fj p gifm\\[fi\j \e ^\e\iXc% :lXkif# FG<I8:@FE<J =@E8E:@<I8J# :F9IFJ P G8>FJ :fdgXi\Z\eZ`X Zfeale$ kX# :lXkif lef lef% 8Yi`i# cc\mXi# Zfek`elXi p ZXeZ\cXi Zl\ekXj Zfii`\ek\j X gcXqf p [\ X_fiif \e YXeZfj p \ek`[X[\j ]`eXeZ`\iXj \ZlXkfi`Xefj# p [\d}j <ek`[X[\j [\ :i„[`kf p 9XeZfj \okiXea\ifj fg\iXek\j \e <ZlX[fi f \e \c \okiXea\if# [`jgfe`\e[f [\ ]fe$ [fj# ]`idXe[f Xc \]\Zkf kXcfe\j# Z_\hl\j# dXe[Xkfj [\ kiXej]\$ i\eZ`Xj p [\d}j [fZld\ekfj2 [Xi Zfe]fid`[X[ X jXc[fj p ]`e`$ hl`kfj f# \e jl ZXjf# [`jZi\gXi [\ \ccfj gifdfm`\e[f jl i\Zk`]`$ ZXZ`Â?e% :lXkif glekf [fj% I\Xc`qXi kf[X ZcXj\ [\ fg\iXZ`f$ e\j p jljZi`gZ`Â?e [\ ZfekiXkfj Zfe cXj F]`Z`eXj p ;\g\e[\eZ`Xj [\c <jkX[f :\ekiXc# Gifm`eZ`Xc p Dle`Z`gXc# f Zfe ZlXchl`\i fkif Fi^Xe`jdf f `ejk`klZ`Â?e hl\ ]fid\ gXik\ [\ cX 8[d`e`jkiXZ`Â?e :\ekiXc f @ejk`klZ`feXc# :lXkif glekf ki\j% :fYiXi p g\iZ`Y`i cXj ZXek`[X[\j Zfii\jgfe[`\ek\j X cX JfZ`\[X[ \e d\k}c`Zf# mXcfi\j# ^„e\ifj f ZlXchl`\i fkiX ZcXj\ [\ Y`\e\j# X[\l[X[Xj gfi g\ijf$ eXj ]ˆj`ZXj f aliˆ[`ZXj# f gfi \ek`[X[\j p fi^Xe`jdfj gÂ’Yc`$ Zfj p gi`mX[fj# [Xe[f i\Z`Yfj# i\j^lXi[fj# ZXikXj [\ gX^f f ZlXchl`\i fkif [fZld\ekf X \jkfj \]\Zkfj% I\k`iXi cXj ZXek`$ [X[\j Zfej`^eX[Xj \e \jkXYc\Z`$ d`\ekfj gÂ’Yc`Zfj f gi`mX[fj# `eZcljf Alq^X[fj f Ki`YleXc\j [\ Aljk`Z`X# X efdYi\ [\ cX JfZ`\[X[% :lXkif glekf ZlXkif% I\ZfefZ\i [\l[Xj p gX^Xi cXj ZXek`[X[\j [\Y`[Xj gfi cX JfZ`\[X[ p Zldgc`i kf[X ZcXj\ [\ fYc`^XZ`fe\j c\^ˆk`dXj :lXkif glekf Z`eZf% I\e[`i# XaljkXi# Zfdg\ejXi p Zfe]fidXi jXc[fj p Zl\ekXj# XgifY}e[fcXj f `dgl^e}e[fcXj% :fem\e`i# ]`aXi p ]`e`hl`kXi jXc[fj% :lXkif glekf j\`j% <o`^`i \c Zldgc`d`\ekf [\ ZlXchl`\i fYc`^XZ`Â?e ZfekiXˆ[X \e ]Xmfi [\ cX JfZ`\[X[ Xjˆ Zfdf g\[`i \c c\mXekXd`\ekf [\ \dYXi^fj p ZXi^Xj \jkXYc\Z`[Xj X ]Xmfi [\ cX JfZ`\[X[# p cX ZXe$ Z\cXZ`Â?e [\ cXj XefkXZ`fe\j% :lXkif glekf j`\k\# 8[d`k`i \e gX^f [\ [\l[Xj# Z\j`fe\j f X[al$ [`ZXZ`fe\j [\ kf[X ZcXj\ [\ Y`\$ e\j# `eZcljf `edl\Yc\j# ]fidXc`$ qXe[f X kXc \]\Zkfj [fZld\ekfj gÂ’Yc`Zfj f gi`mX[fj ]l\iXe e\Z\$ jXi`fj f Zfem\e`\ek\j% :lXkif glekf fZ_f% ?XZ\i i\hl\i`d`\e$ kfj [\ gX^f X cfj [\l[fi\j# `eZcl$ jf gfi Zfe[lZkf efkXi`Xc# kXekf [\c gi`eZ`gXc# Zfdf [\ cfj `ek\$ i\j\j p jlgc`[fj% :lXkif glekf el\m\% G\[`i Z\ik`]`ZXZ`fe\j# k\j$ k`dfe`fj# Zfg`Xj Xlkfi`qX[Xj f j`dgc\j# [fZld\ekfj [\ ZlXc$ hl`\i ZcXj\ [\ XiZ_`mfj X f]`Z`eXj gXik`ZlcXi\j l f]`Z`Xc\j# efkfi`Xj# i\^`jkifj p <ek`[X[\j l fi^Xe`j$ dfj gÂ’Yc`Zfj f gi`mX[fj% :`eZf ><JK@FE C 8 9 F I 8 C % :fdgXi\Z\eZ`X `e[`m`[lXc f Zfe$ alekX# :`eZf glekf lef% :fekiXkXi# [`i`^`i# kiXjcX[Xi p [\jg\[`i Xc g\ijfeXc [\ cX JfZ`\[X[# X^\ek\j p Zfd`j`fe`jkXj# Xjˆ Zfdf \a\i$ Z`kXi cXj [\d}j ]XZlckX[\j gif$ g`Xj [\ cX X[d`e`jkiXZ`Â?e [\ g\ijfeXc# gl[`\e[f mXi`Xi \c \dgc\f# ZXk\^fiˆX f [\jk`ef Zfe f j`e `e[\de`qXZ`Â?e2 [\k\id`eXi jlj gf[\i\j# ]XZlckX[\j# Xki`Yl$ Z`fe\j# fYc`^XZ`fe\j# Xjˆ Zfdf jlj i\dle\iXZ`fe\j ]`aXj# gif$ gfiZ`feXc\j f \m\eklXc\j# ZfeZ\$ [\ic\j ^iXk`]`ZXZ`fe\j p cXj i\Zfdg\ejXj \okiXfi[`eXi`Xj hl\ j\ d\i\qZXe# jljZi`Y`i cfj ]`e`hl`kfj p XZfi[Xi cfj Xlo`c`fj p jlYm\eZ`fe\j hl\ k\e^X gfi Zfem\e`\ek\ \e Y\e\]`Z`f [\ [`Z_f g\ijfeXc% =`aXi `e[\de`qX$
ă
Z`fe\j [`e\iXi`Xj f \e \jg\Z`\ \e ZXjf [\ [\jg`[fj# XZfi[\ Zfe cX C\p% <e kXc m`ikl[# gf[i}e jlj$ Zi`Y`i ZfekiXkfj [\ kiXYXaf p gf[i}e ZfdgXi\Z\i Xek\ cX Xlkf$ i`[X[ [\ kiXYXaf \e cfj ZXjfj hl\ j\Xe i\hl\i`[fj f j\X e\Z\jXi`f _XZ\icf% :`eZf glekf [fj% 8ek\ ZlXchl`\i i\ZcXdXZ`�e kXekf `e[`m`[lXc Zfief Zfc\Zk`mX gfi gXik\ [\c g\ijfeXc ZfekiXkX[f f hl\ _XpX \jkX[f ZfekiXkX[f \e cX JfZ`\[X[# ZfdgXi\Z\i \e i\gi\j\ekXZ`�e [\ cX JfZ`\[X[# gfi jˆ f gfi d\[`f [\ i\gi\j\e$ kXek\ c\^Xcd\ek\ Xgf[\iX[f# Zfdf XZkfi# [\dXe[X[f# hl\i\$ ccXek\# `ek\im`e`\ek\ gifZ\jXc f \e fkif ZfeZ\gkf ZlXchl`\iX# Xek\ ZlXchl`\i �i^Xef [\ cX 8[d`e`jkiXZ`�e Al[`Z`Xc kXekf `ek\ieXZ`feXc Zfdf eXZ`feXc# gifm`eZ`Xc p cfZXc# \ek\e[`„e[fj\ \ogi\jXd\ek\ `eZcl`[Xj cXj ]XZlckX[\j gXiX XZklXZ`fe\j gXiX Xek\ cX \ek`[X[ X[d`e`jkiX$ [fiX [\ cX J\^li`[X[ JfZ`Xc# Xjˆ Zfdf Xek\ cfj alq^X[fj p ki`Yl$ eXc\j [\c fi[\e jfZ`Xc p cXYfiXc2 `^lXcd\ek\# ZfeZ`c`Xi p cc\^Xi X XZl\i[fj Xek\ \c �i^Xef [\ :feZ`c`XZ`�e p D\[`XZ`�e Zfii\j$ gfe[`\ek\ p&f alq^X[fj p ki`Yl$ eXc\j [\c fi[\e jfZ`Xc p cXYfiXc# :`eZf glekf ki\j% :fekiXkXi X gifm\\[fi\j \ok\iefj [\ j\im`$ Z`fj i\cXZ`feX[fj Zfe I\Zlijfj ?ldXefj# `eZclp\e[f \eki\ fkifj# ZfdgXŒˆXj [\ j\^lifj# \jZl\cXj p gif]\jfi\j [\ `[`f$ dXj# ZlXchl`\i k`gf [\ XZX[\$ d`Xj \ `ejk`klkfj [\ \ej\ŒXeqX# Zfejlckfi\j \ok\iefj# p _\X[ _lek\ij% :`eZf glekf ZlXkif# E\^fZ`Xi# XZfi[Xi Xlkfi`qXi kf[X ZcXj\ [\ fg\iXZ`fe\j i\cXZ`feX$ [Xj Zfe \c gX^f [\ Yfefj# `eZi\$ d\ekfj p gX^fj X[\cXekX[fj [\ jXcXi`fj# Xjˆ Zfdf Xlkfi`qXi p XgifYXi Xlj\eZ`Xj [\ \dgc\X$ [fj# f]\ikXj [\ kiXYXaf# p ZlXc\j$ hl`\iX fkiXj XZk`m`[X[\j i\cXZ`f$ eX[Xj Zfe cX gi\jkXZ`�e [\ j\i$ m`Z`fj X \dgc\X[fj [\ cX JfZ`\[X[% :`eZf glef Z`eZf% GXik`Z`gXi \e cX e\^fZ`XZ`�e p \cXYfiXZ`�e [\ Zfem\e`fj Zfc\Z$ k`mfj# GcXe\j [\ G\ej`fe\j gXiX \dgc\X[fj# J\^lifj :fc\Zk`mfj [\ M`[X p [\ ZlXchl`\i fkif j`j$ k\dX gXiX cX `ejkild\ekXZ`�e [\ Zfdgifd`jfj gfi g\ej`fe\j gi\j\ek\j f ]lklifj# Xjˆ Zfief cX gXik`Z`gXZ`�e \e :fd`k„j [\ ZlXchl`\i ZcXj\ \e i\gi\j\ekX$ Z`�e [\ cX JfZ`\[X[% GXik`Z`gXi \e cX \cXYfiXZ`�e [\c I\^cXd\ekf @ek\ief# J\^li`[X[ @e[ljki`Xc l fkif ef [\k\id`eX[f% :`eZf glekf j\`j% 8gifYXi p ]`idXi cfj i\j’d\e\j XelXc\j [\ XgfikX$ Z`fe\j [\c gifdfkfi X gcXe\j [\ g\ej`fe\j# pX j\X \e gXg\c# jfgfik\ dX^e„k`Zf f gfi mˆX k\c\d}k`ZX% 8gifYXi cX ZfekiXkX$ Z`�e [\ j\^lifj gi`mX[fj kXekf gfi \e]\id\[X[ Zfdf [\ m`[X% :`eZf glekf j`\k\# 8gifYXi p c`hl`[Xi cXj [\ZcXiXZ`fe\j ]`jZX$ c\j d\ejlXc\j f XelXc\j i\cXk`$ mXj Xc @dgl\jkf jfYi\ cX I\ekX [\ cXj G\ijfeXj =ˆj`ZXj i\]\i`[Xj X cXj i\k\eZ`fe\j \ `e^i\jfj X Zl\ekX jfYi\ i\e[`d`\ekfj [\c kiXYXaf p XZk`m`[X[\j gif]\j`feX$ c\j# Xjˆ Zfdf cXj Zfii\jgfe[`\e$ k\j [\ZcXiXZ`fe\j f i\j’d\e\j d\ejlXc\j p XelXc\j [\c @dgl\jkf Xc MXcfi 8^i\^X[f# Y`\e \e gXg\c# jfgfik\ dX^e„k`$ Zf f gfi mˆX k\c\d}k`ZX# [\ZcXiX$ Z`fe\j d\ejlXc\j f XelXc\j i\cXk`mXj X cXj i\ekXj [\ ef i\j`$ [\ek\j fYk\e`[Xj j`e d\[`XZ`�e [\ \jkXYc\Z`d`\ekf g\idXe\ek\# Xjˆ Zfdf jlj [\ZcXiXZ`fe\j f i\j’d\e\j XelXc\j# \e gXg\c# jfgfik\ dX^e„k`Zf f gfi mˆX k\c\$ d}k`ZX% <d`k`i cfj Zfii\jgfe$ [`\ek\j Z\ik`]`ZX[fj [\ i\k\eZ`f$ e\j% :`eZf glekf fZ_f% 8gifYXi p c`hl`[Xi cXj gcXe`ccXj d\ejlX$ c\j [\ Zfk`qXZ`�e X cX J\^li`[X[ JfZ`Xc# Xm`jfj [\ \ekiX[X p jXc`[X p \e ^\e\iXc# ZlXchl`\i [fZl$ d\ekf i\cXZ`feX[f Zfe cX ZfekiX$ kXZ`�e f i\jZ`j`�e [\ ZfekiXkfj# pX j\X Xek\ cfj @ejg\Zkfi\j [\c KiXYXaf# cXj ;`i\ZZ`fe\j Gifm`eZ`Xc\j [\c KiXYXaf# [\ cX J\^li`[X[ JfZ`Xc f ZlXchl`\iX [\ jlj [\g\e[\eZ`Xj X e`m\c eXZ`f$ eXc% ;\ `^lXc ]fidX ]`idXi p Xj\$ ^liXi \c Zldgc`d`\ekf [\c gX^f [\ ]fe[fj [\ i\j\imX# gX^fj [\ i\dle\iXZ`fe\j X[`Z`feXc\j p
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä…
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
m\i`]`ZXi hl\ cfj ]fidlcXi`fj f i\hl`j`kfj [\ C\p j\ ZldgcXe \e i\cXZ`Â?e X kXc\j i\dle\iXZ`fe\j% Cf gifg`f \e cf i\cXk`mf X lk`c`[X$ [\j% J\`j I<GI<J<EK8:@äE :FIGFI8K@M8% :fdgXi\Z\eZ`X `e[`m`[lXc f ZfealekX% J\`j glekf lef I\gi\j\ekXZ`Â?e \e ^\e\iXc%$ :fdgXi\Z\eZ`X `e[`m`[lXc f ZfealekX% J\`j glekf lef glekf lef% 8ZklXi \e \c <ZlX[fi X efd$ Yi\ [\ 8dX[\lj>cfYXc <ZlX[fi J%8%# X e k\ Z l X c h l ` \ i 8[ d ` e ` jk iX Z ` Â? e < jkX kX c # Gifm`eZ`Xc# f CfZXc% Xlkfi`[X[\j# fi^Xe`jdfj p f]`Z`eXj [\ kf[Xj ZcXj\j p a\iXihlˆXj f eXkliXc\qX hl\ ]l\i\e# p Xek\ ZlXchl`\i jfZ`\[X[# \dgi\jX f g\ijfeX `e[`m`[lXc i\Xc`qXe[f ZlXekfj XZkfj p \a\iZ`kXe[f ZlXekXj XZZ`fe\j gl\[Xe j\i gi\Z`jXj gXiX cX d\afi [\]\ejX [\ jlj `ek\i\j\j# kf[f \ccf \e <ZlX[fi% <e kXc m`ikl[ gf[i}e ZfdgXi\Z\i \e efdYi\ [\ 8dX[\lj>cfYXc <ZlX[fi J%8% Xek\ ZlXchl`\i \ek`$ [X[ gÂ’Yc`ZX# j\ZZ`feXc f ^lY\i$ eXd\ekXc \e \c <ZlX[fi p i\Xc`$ qXi ZlXchl`\i ki}d`k\ Xek\ \ccXj# jfc`Z`kXi `e]fidXZ`Â?e# ]fidlcXi g\k`Z`fe\j p ZfejlckXj# gX^Xi `dgl\jkfj# jljZi`Y`i [\ZcXiXZ`f$ e\j [\ `dgl\jkf X cX i\ekX# `dgl\jkf Xc mXcfi X^i\^X[f# i\k\eZ`fe\j# Xjˆ Zfdf Zldgc`$ d\ekXi p jljZi`Y`i ZlXchl`\i fkif ]fidlcXi`f f i\hl\i`d`\ekf \o`$ ^`[f gfi cXj Xlkfi`[X[\j ki`YlkX$ i`Xj eXZ`feXc\j f j\ZZ`feXc\j# \eki\^Xi `e]fidXZ`Â?e \e d\[`f dX^e„k`Zf% ;\ `^lXc ]fidX gf[i}e jfc`Z`kXi Z\ik`]`ZXZ`fe\j# gX^Xi Zfeki`YlZ`fe\j X Jlg\i`ek\e[\eZ`X [\ :fdgXŒˆXj# p jfc`Z`kXi Z\ik`]`ZX[fj [\ Zld$ gc`d`\ekf [\ fYc`^XZ`fe\j Xek\ [`Z_X \ek`[X[ p \e ^\e\iXc i\Xc`$ qXi ZlXchl`\i ki}d`k\ Xek\ kXc \ek`[X[# ;\ `^lXc ]fidX gf[i}e jljZi`Y`i \c ]fidlcXi`f [\c lef glekf Z`eZf gfi d`c jfYi\ XZk`mfj kfkXc\j Xek\ cXj Xlkfi`[X[\j j\Z$ Z`feXc\j# gX^f [\ gXk\ek\ f ZlXc$ hl`\i fkif `dgl\jkf [\ ˆe[fc\ j\ZZ`feXc% J\`j glekf lef glekf [fj% I\gi\j\ekXi X cX JfZ`\[X[ \e cXj alekXj ^\e\iXc\j [\ cXj jfZ`\[X[\j \e cXj hl\ „jkX k\e^X gXik`Z`gXZ`Â?e p Xj`jk`i X kf[X ZcXj\ [\ XjXdYc\Xj p AlekXj# Zfe ]XZlckX[\j gXiX [\c\^Xi cX Zfii\jgfe[`\ek\ i\gi\j\ekXZ`Â?e \e [`Z_Xj AlekXj2 fjk\ekXi \c ZXi^f [\ d`\dYif [\c ;`i\Zkfi`f f [\ ZlXchl`\i fkif Â?i^Xef [\ [`i\ZZ`Â?e \e ZlXchl`\i jfZ`\[X[ gXik`Z`gX[X% J\`j glekf lef glekf ki\j# I\gi\j\ekXi X cXj g\ijfeXj ]ˆj`ZXj f aliˆ[`ZXj hl\ [\c\^l\e \e cX JfZ`\[X[ jl i\gi\j\ekXZ`Â?e \e AlekXj >\e\iXc\j f \e ZlXchl`\i fkif XZkf# \a\iZ`kXe[f cfj [\i\Z_fj Zfii\jgfe[`\ek\j# j`\dgi\ hl\ cX JfZ`\[X[ j\ _Xcc\ \ogi\jX$ d\ek\ ]XZlckX[X gfi \c i\gi\j\e$ kX[f gXiX [\c\^Xi \e le k\iZ\if jl i\gi\j\ekXZ`Â?e# p cX [\c\^X$ Z`Â?e k\e^X cl^Xi gfi \jZi`kf p Zfe ZXi}Zk\i \jg\Z`Xc gXiX ZX[X ZXjf% <a\iZ`kXi \e cXj AlekXj \c [\i\Z_f [\ mfkf# \e \c j\ek`[f gi\m`Xd\ek\ `e[`ZX[f gfi cXj i\gi\j\ekX[Xj# Xjˆ Zfdf cXj [\d}j ]XZlckX[Xj hl\ gl\[\e Zfii\jgfe[\i X cX JfZ`\[X[% J\`j glekf lef glekf ZlXkif% I\gi\j\ekXi X cX JfZ`\[X[ \e cfj äi^Xefj [\ 8[d`e`jkiXZ`Â?e [\ cXj jfZ`\[X[\j p \e cfj ;`i\Zkfi`fj [\ cfj hl\ ]fid\ gXik\# p [\j\dg\ÂŒXi cfj ZXi^fj \e fkiXj jfZ`\[X[\j gXiX cfj hl\ j\ [\j`^e\ X cX JfZ`\[X[# j`\d$ gi\ hl\ j\ c\ Zfe]`\iX% \jkX ]XZlc$ kX[ gfi \jZi`kf p Zfe ZXi}Zk\i \jg\Z`Xc gXiX ZX[X ZXjf% J\`j glekf lef glekf Z`eZf% =`idXi p gi\j\ekXi \e efdYi\ [\ cX JfZ`\[X[ kf[Xj Xhl\ccXj [\ZcX$ iXZ`fe\j ]`jZXc\j hl\ ]l\iXe e\Z\jXi`Xj i\cXZ`feX[Xj Zfe ZlXchl`\i `dgl\jkf [\ ZXi}Zk\i \jkXkXc f dle`Z`gXc# Xjˆ Zfdf jl Zfii\jgfe[`\ek\ c`hl`[XZ`Â?e2 ]`idX p gi\j\ekXi \e efdYi\ [\ cX JfZ`\[X[ ZlXchl`\i k`gf [\ ]fidlcXi`f# \jZi`kf f efk`]`ZXZ`Â?e Xek\ ZlXchl`\i YXeZf \ZlXkfi`X$ ef f Xlkfi`[X[ dfe\kXi`X Zfd$ g\k\ek\ Xjˆ Zfief ZlXchl`\i [fZld\ekf# ]fidlcXi`f f efk`]`$ ZXZ`Â?e i\]\i`[f X cX :figfiXZ`Â?e 8[lXe\iX <ZlXkfi`XeX f Xlkfi`$ [X[ \e \c Ă?i\X [\ 8[lXeXj#
J\im`Z`f [\ I\ekXj @ek\ieXj f Xlkfi`[X[ ki`YlkXi`X# :FD<O@# l fi^Xe`jdf hl\ _X^X jlj m\Z\j \e dXk\i`X [\ KiXejXZZ`fe\j <ok\i`fi\j2 ]`idXi# \e Zfe]fid`$ [X[ f [`jZfe]fid`[X[# Xjˆ Zfdf i\Zlii`i XZkXj gifm`j`feXc\j f [\]`e`k`mXj p gifgl\jkXj [\ c`hl`$ [XZ`Â?e [\ cX 8[d`e`jkiXZ`Â?e Ki`YlkXi`X \e ZlXchl`\iX [\ jlj [\g\e[\eZ`Xj# Xek\ ZlXchl`\i äi^Xef [\ cX 8[d`e`jkiXZ`Â?e p&f Xek\ kf[X ZcXj\ [\ al\Z\j p ki`$ YleXc\j# <e kXc m`ikl[ gf[i}e i\Xc`qXi X efdYi\ [\ cX dXe[Xe$ k\ kf[f ki}d`k\ gXiX `dgfikXi# eXZ`feXc`qXi# \ogfikXi i\\ogfi$ kXi ZlXchl`\i Y`\e# 8ek\ \c J\im`Z`f [\ I\ekXj @ek\ieXj p X \]\Zkfj [\c I\^`jkif èe`Zf [\ :feki`Ylp\ek\j j\ i\^`jkiXi} Xek\ kXc \ek`[X[ p [\ ]fidX [\ ]fidX `e[`m`[lXc Xc j\ÂŒfi >l`[f FjnXc[f CXcXdX IfmXpf% J\`j glekf [fj% I\gi\j\ekXZ`Â?e Zfe$ k\eZ`fjX p c\^Xc% :fdgXi\Z\eZ`X `e[`m`[lXc f ZfealekX% J\`j glekf [fj glekf lef% :fdgXi\Z\i \e i\gi\j\ekXZ`Â?e [\ cX JfZ`\[X[# gfi jˆ f gfi d\[`f [\ gifZliX[fi# Zfdf XZkfi# [\dXe[X[f# hl\i\$ ccXek\# `ek\im`e`\ek\ gifZ\jXc f \e fkif ZfeZ\gkf ZlXchl`\iX# Xek\ kf[X ZcXj\ [\ al\Z\j p ki`$ YleXc\j# ; \ c \ ^X Z ` f e \ j # :fd`j`fe\j# :fd`k„j# J`e[`ZXkfj# =`jZXcˆXj# D ` e ` j k \ i ` f j # 8lkfi`[X[\j >lY\ieXk`mXj p 8[d`e`jkiXk`mXj# =leZ`feXi`fj p F]`Z`eXj f ;\g\e[\eZ`Xj GÂ’Yc`ZXj# Ki`YleXc\j 8iY`kiXc\j# :fd`jXiˆXj \e ^\e\iXc p [\d}j fi^Xe`jdfj hl\ \o`jkXe f hl\ j\ Zi\\e \e \c gXˆj f \e \c \okiXea\$ if# ZlXchl`\iX hl\ j\X cX [\ef$ d`eXZ`Â?e# a\iXihlˆX# ^iX[f f ali`j[`ZZ`Â?e [\ cfj d`jdfj% J\`j glekf [fj glekf [fj% 8ZklXi \e kf[fj cfj Xjlekfj al[`Z`Xc\j f \okiXal[`Z`Xc\j# [\ ˆe[fc\ Z`m`c# d\iZXek`c# Zi`d`eXc# g\eXc# jfZ`Xc# X[d`e`jkiXk`mX f Zfek\e$ Z`fjf X[d`e`jkiXk`mX f [\ ZlXc$ hl`\i fkiX eXkliXc\qX# p XiY`kiX$ c\j# j`e \oZ\gZ`Â?e Xc^leX# p# gfi kXekf# \e cfj al`Z`fj p gifZ\[`$ d`\ekfj j\^l`[fj Xek\ ZlXchl`\i ZcXj\ f ^iX[f [\ ali`j[`ZZ`Â?e f Xek\ cXj 8[d`e`jkiXZ`fe\j GÂ’Yc`ZXj# \e cX \a\ZlZ`Â?e [\ cXj i\jfclZ`fe\j ]`id\j hl\ j\ [`Z$ k\e p \e kf[Xj cXj `ejkXeZ`Xj X hl\ cc\^l\e [`Z_fj Xjlekfj# kXekf \e cfj hl\ g\ik\e\qZXe f j\ i\]`\iXe X cX JfZ`\[X[# Zfdf X jlj JlZlijXc\j XZklXc\j f hl\ j\ XYiXe \e \c ]lklif# J\`j glekf [fj glekf ki\j% Gi\j\ekXi kf[X ZcXj\ [\ \jZi`kfj# `ejkXe[f p j`^l`\e[f \og\[`\ek\j# gc\`kfj# ZXljXj f al`Z`fj [\ ZlXchl`\i ZcXj\# ]fidlcXi \oZ\gZ`fe\j# gifgfe\i gil\YXj# iXk`]`ZXij\ XccXeXij\# fgfe\ij\# [\j`jk`i# i\eleZ`Xi# XYjfcm\i gfj`Z`fe\j# Zfe]\jXi \e al`Z`f YXaf aliXd\e$ kf [\Z`jfi`f f `e[\Z`jfi`f# efd$ YiXi g\i`kfj# ]fidlcXi i\ZljXZ`f$ e\j% g\k`Z`fe\j [\ \dYXi^f# j\Zl\jkifj# [\jX_lZ`fj# cXeqX$ d`\ekfj# gfj\j`Â?e [\ Y`\e\j# `ek\im\eZ`fe\j# X[d`e`jkiXZ`f$ e\j p ZlXchl`\i fkiX d\[`[X [\ Xj\^liXd`\ekf# gi\m\eZ`Â?e f ^XiXekˆX p jl ZXeZ\cXZ`Â?e# gif$ gfe\i f XZ\gkXi kiXejXZZ`fe\j al[`Z`Xc\j f \okiXal[`Z`Xc\j f XiY`kiXc\j# p iXk`]`ZXij\ \e cXj d`jdXj% J\`j glekf [fj glekf ZlXkif% 8j`jk`i X cfj XZkfj [\ ZfeZ`c`XZ`Â?e p d\[`XZ`Â?e Zfe ]XZlckX[ [\ Xm\e`ij\ X \ccfj# ale$ kXj# hl`kXj p \jg\iXj# jljg\ej`f$ e\j [\ gX^fj# ZfeZlijfj p hl`\$ YiXj# cc\mXe[f \ `ek\im`e`\e[f \e kf[fj jlj ki}d`k\j _XjkX \c k„i$ d`ef [\ cfj gifZ\[`d`\ekfj# efdYiXe[f jˆe[`Zfj f gl[`\e[f# \e cX i\gi\j\ekXZ`Â?e hl\ fjk\e$ kX# XZ\gkXi cfj ZXi^fj [\ `ek\i$ m\ekfi al[`Z`Xc# X[d`e`jkiX[fi# Zfd`jXi`f# [\gfj`kXi`f f jˆe[`Zf# mfkXi cfj Zfem\e`fj hl\ j\ gif$ gfe^Xe# XZ\gk}e[fcfj f i\Z_X$ q}e[fcfj# `ek\im\e`i \e cfj i\Zf$ efZ`d`\ekfj p ^iX[lXZ`fe\j [\ Zi„[`kfj# p \e cXj [\d}j `eZ`[\e$ Z`Xj [\ kXc\j e\^fZ`fj j`e \oZ\g$ Z`Â?e# hl\[Xe[f Xj`d`jdf ]XZlc$ kX[fj gXiX cX XZ\gkXZ`Â?e [\c ZXi^f [\ [\gfj`kXi`fj f X[d`e`j$ kiX[fi al[`Z`Xc \e cfj al`Z`fj j`e^lcXi\j% J\`j glekf [fj glekf Z`eZf# @ek\igfe\i kf[X ZcXj\ [\ i\Zlijfj hl\ ZfeZ\[Xe cXj c\p\j [\ \eal`Z`Xd`\ekf Z`m`c# Zi`d`eXc#
Ĺ?
Zfejk`klZ`feXc f [\ ZlXchl`\i fkiX eXkliXc\qX# `eZcljf \c [\ ZXjXZ`�e# i\m`j`�e# XZZ`fe\j \okiXfi[`eXi`Xj [\ gifk\ZZ`�e p XZZ`�e XiY`kiXa\2 gifj\^l`i p XgXikXij\ [\ cfj d`jdfj# ZlXc$ hl`\iX hl\ j\X \c Alq^X[f# Ki`YleXc f 8lkfi`[X[ Xek\ hl`\e j\ _XpXe \ekXYcX[f p# \e jldX# \a\iZ`kXi kf[Xj cXj XZZ`fe\j p \oZ\gZ`fe\j Z`m`c\j# g\eXc\j p [\ ZlXchl`\i fkiX ˆe[fc\ hl\ cfj gifZ\[`d`\ekfj c\^Xc\j fkfi^l\e p# dlp \jg\Z`Xcd\ek\# [\j`jk`i [\c \a\iZ`Z`f [\ [`Z_Xj XZZ`fe\j f i\Zlijfj# ZlXe[f cf \jk`d\e Zfem\e`\ek\ p iXk`]`ZXij\ \e kXc\j [\j`jk`d`\ekfj% J\`j glekf [fj glekf j\`j% 8j`jk`i p kfdXi gXik\ \e ZfeZlijfj# c`Z`kXZ`fe\j jlYXjkXj [\ kf[f k`gf# `eZcljf al[`Z`Xc\j# X[d`e`jkiXk`mXj p [\ ZfeZ\j`fe\j [\ fYiX# j\im`Z`fj f jld`e`jkifj# :fej`^eXi p i\k`iXi cfj [\g�j`kfj gi\m`fj p Zfejk`$ kl`i# XZ\gkXi# df[`]`ZXi p ZXeZ\$ cXi cXj ]`XeqXj# Xjˆ Zfief gX^Xi \c gi\Z`f f `dgfik\ [\ cf jlYXj$ kX[f2 jljZi`Y`i cfj ZfekiXkfj p [fZld\ekfj hl\ gifZ\[Xe# Zfief Zfej\Zl\eZ`X [\ [`Z_Xj jlYXjkXj f ZfeZlijfj gl[`\e[f Z\[\i X ZlXchl`\i g\ijfeX eXkl$ iXc f aliˆ[`ZX \c i\dXk\ f X[al[`$ ZXZ`�e [\ Y`\e\j f [\i\Z_fj# _XZ`\e[f cf e\Z\jXi`f# gXiX hl\ kXc\j Z\j`fe\j k\e^Xe \]\Zk`m`$ [X[% J\`j glekf [fj glekf j`\k\# Jljk`kl`i cXj ]XZlckX[\j Zfek\e`$ [Xj \e cfj XgXikX[fj j\`j glekf lef X j\`j glekf [fj Xek\i`fi\j \e ]Xmfi [\ gifZliX[fi\j p c\kiX$ [fj \e \a\iZ`Z`f# gl[`\e[f i\mf$ ZXi cXj jljk`klZ`fe\j _\Z_Xj# fkfi^Xe[f X kXc\j \]\Zkfj cfj gf[\i\j ^\e\iXc\j gXiX gc\`kfj f \jg\Z`Xc\j hl\ Zfej`[\i\ fgfi$ klefj# Zfe ZlXekXj ]XZlckX[\j ]l\iXe Zfem\e`\ek\j# p i\mfZXi cfj d`jdfj% J\`j glekf [fj glekf fZ_f% Jfd\k\i ZlXchl`\i [\jXm\e\eZ`X# [`m\i^\eZ`X f Zl\jk`�e c`k`^`fjX i\cXZ`feX[X [`i\ZkX f `e[`i\ZkXd\ek\ Zfe cX JfZ`\[X[ X ZlXchl`\i Zfik\ [\ XiY`kiXa\ f gifZ\[`d`\ekf XiY`$ kiXc gi`mX[f [\ [\i\Z_f f [\ \hl`[X[# kXekf \e k\ii`kfi`f eXZ`feXc Zfdf \okiXea\if# Xjˆ Zfdf [\j`^eXi }iY`kifj ZlXe[f \ccf ]l\iX gfj`Yc\% <e ZlXekf Xc cXl[f XiY`kiXc# Zfdgifd\k\ij\ \c efdYi\ [\ cX JfZ`\[X[ X Zldgc`i
I_ [b i[ne [i kd \[dÂŒc[de jWd dWjkhWb" ÂľYÂŒce [i gk[ ^Wo jWdjei b_Xhei ieXh[ Yece ^WY[hbe5 8;JJ; C?:B;H \c cXl[f hl\ j\ _XpX [`ZkX[f# f i\ZljXi \c d`jdf f [\dXe[Xi jl elc`[X[ [\ Xjˆ Zfej`[\iXicf% J\`j glekf [fj glekf el\m\% :fdgXi\Z\i Xek\ EfkXi`fj# 8lkfi`[X[\j p ]leZ`feXi`fj p fkfi^Xi p jljZi`Y`i Xek\ cfj d`j$ dfj ZlXekXj XZkXj p [fZld\e$ kfj# i\hl\i`d`\ekfj# \jZi`kliXj# efk`]`ZXZ`fe\j# Zfek\jkXZ`fe\j p ZlXc\jhl`\iX fkifj [fZld\ekfj gÂ’Yc`Zfj# \e cfj hl\ gl[`\iX \jkXi `ek\i\jX[X cX JfZ`\[X[% J\`j glekf [fj glekf [`\q% Jfc`Z`kXi kf[X ZcXj\ [\ Xj`\ekfj# `ejZi`gZ`fe\j# XefkXZ`fe\j# Z\i$ k`]`ZXZ`fe\j# \kZ%# hl\ \jk`d\ Zfem\e`\ek\# Xek\ kf[fj cfj I\^`jkifj GÂ’Yc`Zfj# \jg\Z`Xc$ d\ek\ Xek\ cfj D\iZXek`c\j# cfj [\ cX Gifg`\[X[# [\ cX Gifg`\[X[ `e[ljki`Xc f @ek\c\ZklXc p fkifj# p \e gXik`ZlcXi cX `ejZi`gZ`Â?e [\ [`i\ZZ`fe\j# [fd`e`fj p ZlXc$ hl`\i k`gf [\ i\j\imX \e @ek\ie\k Xek\ ZlXchl`\i `ejk`klZ`Â?e gi`mX$ [X f gÂ’Yc`ZX l fi^Xe`jdf eXZ`f$ eXc f `ek\ieXZ`feXc# J`\k\# C@D@K8:@FE<J 8 CFJ GF;<I<J# <O:CLJ@FE<J P <OK<EJ@FE<J% Hl\[Xe \ogi\jXd\ek\ \oZcl`[Xj [\ cfj gf[\i\j Xek\i`fid\ek\ \eld\iX[fj p i\hl\i`i}e Xgif$ YXZ`Â?e gi\m`X [\ cX AlekX [\ 8ZZ`fe`jkXj f [\c ;`i\Zkfi`f# cXj j`^l`\ek\j ]XZlckX[\j1 J`\k\ glekf lef% CX Z\c\YiXZ`Â?e [\ ZlXchl`\i k`gf [\ ZfekiXkf [\ eXkliXc\qX Zfd\iZ`Xc# d\iZXek`c f XZkf [\ Zfd\iZ`f [\ ZlXchl`\i ZcXj\# [\ cX hl\ j\ [\i`m\ leX fYc`^XZ`Â?e [\ gX^f gfi gXik\ [\ cX JfZ`\[X[ jlg\i`fi X L J ; % + , ' % ' ' ' :L8KIF:@<EKFJ :@E:L<EK8 D@C ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8 ;<C EFIK<% gfi fg\iXZ`Â?e% Ef fYj$ kXek\ cf Xek\i`fi# kXc c`d`kXZ`Â?e ef j\ Xgc`ZXi} ZlXe[f j\ i\]`\iX Xc
gX^f [\ `dgl\jkfj# fYc`^XZ`fe\j ki`YlkXi`Xj# f Zldgc`d`\ekf [\ fi[\e [\ Xlkfi`[X[ Zfdg\k\ek\ f \jk„e `eZcl`[fj \e \c Gi\jlgl\jkf 8elXc [\ cX JfZ`\[X[% J`\k\ glekf [fj% CX Z\c\YiXZ`Â?e [\ fg\iXZ`fe\j ]`eXeZ`\iXj [\ ZlXchl`\i eXkliX$ c\qX f ZcXj\ `eZclp\e[f gi„jkX$ dfj# Zi„[`kfj# cˆe\Xj [\ k\jfi\iˆX l fkfi^Xd`\ekf [\ ^XiXekˆXj gfi le `dgfik\ jlg\i`fi X LJ;% +,'%''' :L8KIF:@<EKFJ :@E:L<EK8 D@C ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK< 8D<I@:8# gfi fg\iXZ`fe\j f kiXejXZZ`fe\j d\ejlXc\j% <e kXc\j ZXjfj cfj 8gf[\iX[fj >\e\iXc\j [\Y\i}e ]`idXi j`\dgi\ Zfe fkiX ]`idX Xlkfi`qX[X# XZfi[\ cXj Xlkfi`qX$ Z`fe\j fkfi^X[Xj p hl\ j\ i\jl$ d\e \e \c j`^l`\ek\ [\kXcc\1 =`idXek\j% :cXj\ 82 I\jki`ZZ`fe\j2 Dfekfj D}o`dfj >l`[f CXcXdX IfmXpf2 8cmXif >Â?d\q Fik`q2 J`cm`f <ei`hl\ G`qXiif% =`idXj :fealekXj% ;fj ]`idXek\j ZcXj\ 8% 8 Zfe 8 Â? 8 Zfe 9 ?XjkX gfi le dfekf d}o`df [\ LJ;% +,'%''' [\ kiXejXZZ`fe\j d\ejlXc\j# \oZ\gkf \e k\dXj `dgfj`k`mfj \e fj hl\ ef k`\e\e i\jki`ZZ`Â?e# Xjˆ Zfdf \e k\dXj Zfe ZfdgXŒˆXj i\cXZ`feX[Xj% =`idXek\j :cXj\ 92 I\jki`ZZ`fe\j2 Dfekfj D}o`dfj KXk`XeX If[iˆ^l\q :XcmXZ_\% Afj„ >XiqÂ?e% AXZb\c`e\ FmXcc\ JXeZ_\q% =`idXj :fealekXj% ;fj ]`idXek\j ZcXj\ 9 f le ]`idXek\ ZcXj\ 9 Zfe leX ]`idX Xlkfi`qX[X ZcXj\ 8 ?XjkX gfi le dfekf d}o`df [\ LJ; -'%''' [\ kiXejXZZ`fe\j d\ejlXc\j# \oZ\gkf \e k\dXj `dgfj`k`mfj \e cfj hl\ ef k`\e\e i\jki`ZZ`Â?e# Xjˆ Zfdf \e k\dXj Zfe ZfdgXŒˆXj i\cXZ`feX[Xj%
Ljk\[ j\ÂŒfi EfkXi`f j\ j\im`i} X^i\^Xi cXj [\d}j Zc}ljlcXj [\ \jk`cf gXiX cX gc\eX mXc`[\q [\ \jk\ XZkf% ?8JK8 8HLĂ <C :FEK<E@;F ;< C8 D@ELK8 hl\ hl\[X \c\mX[X X \jZi`kliX gÂ’Yc`$ ZX Zfe kf[f jl mXcfi c\^Xc# alekf Zfe cfj [fZld\ekfj _XY`c`kXek\j hl\ j\ X^i\^Xe X cX d`jdX hl\ j\ _XccX ]`idX[X gfi \c [fZkfi Afj„ DXiˆX Dfi}e @kliiXc[\# X]`$ c`X[f Xc :fc\^`f [\ 8Yf^X[fj [\ G`Z_`eZ_X YXaf \c eÂ’d\if j\`j Z`eZf el\m\ j`\k\ -,0. % GXiX cX Z\c\YiXZ`Â?e [\ cX gi\j\ek\ \jZi`kliX j\ fYj\imXife cfj gi\Z\gkfj c\^Xc\j [\c ZXjf# p# c\ˆ[X hl\ c\ ]l\ Xc ZfdgXi\Z`\e$ k\ gfi d`# \c EfkXi`f# \e XckX p ZcXiX mfq# j\ X]`idX p iXk`]`ZX \e jl Zfek\e`[f p ]`idX Zfed`^f \e le`[X[ [\ XZkf% ;\ kf[f cf ZlXc [fp ]\% ] ;iX% DXi`X M`Zkfi`X :Â?i[fmX D`jXj ?Xp ]`idX p j\ccf 8:&.//0+&k]
;@MFI:@FJ I ;<C < <OKI8:KF AL;@:@8C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 D8I@8 G@<;8; 8I<M8CF GL<;D8> 8:KFI%$ CL@J 8C=FEJF C@D8 :FK8:8:?@ ;<D8E;8;8%$ D8I@8 G@<;8; 8I<M8CF GL<;D8> AL@:@F Ef% //+$)'('%$ ;@MFI:@F $ C 8 % KI8D@K< M<I98C JLD8I@F :L8EK@8 @E;<K<ID@E8;8 :8J@CC<IF Ef% ((-( ;I% 8L>LJKF J<II8EF I<P<J GIFM@;<E:@8 ALQ>8;F M@><J@DF ;< CF
:@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )' [\ j\gk`\dYi\ [\c )'('# cXj (._',%$M@JKFJ1$ <e m`ikl[ [\c jfik\f Zfii\jgfe[`\e$ k\ \e d` ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX# XmfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\’e\ cfj i\hl`j`kfj [\ C\p% <e Zfej\Zl\eZ`X# [\j\c\ \c ki}d`$ k\ [\ m\iYXc jldXi`f%$:ˆk\j\ Xc [\dXe[X[f j\ŒfiX 1D8I@8 G@<;8; 8I<M8CF GL<;D8># \e cX [`i\ZZ`�e hl\ gXiX kXc \]\Z$ kf j\ j\ŒXcX $8^i„^l\ej\ Xc gif$ Z\jf cX [fZld\ekXZ`�e hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`fj p ZXj`cc\if al[`Z`Xc j\ŒXcX[f%$ 8jˆ Zfdf cX Xlkfi`$ qXZ`�e X jl 8Yf^X[f ;\]\ejfi%$ Efk`]ˆhl\j\ %$] ;i% >\id}e >feq}c\q [\c Gfqf# Al\q ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j (- [\ dXiqf [\c )'((# cXj (,_'(%$J\ _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X hl\ Xek\Z\[\ %$ 8k\ekf X cf jfc`Z`kX[f Z`k\j\ X cX [\dXe[X[X j\ŒfiX D8I@8 G@<;8; 8I<M8CF GL<;D8># \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e [\ \jkX :`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\ :�[`^f [\ gifZ\$ [`d`\ekf :`m`c%$ Efk`]ˆhl\j\%$ ] ;i% >\id}e >feq}c\q [\c Gfqf# Al\q Cf hl\ c\ Zfdle`Zf X Ljk\[# p c\ :@KF# gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e [\ hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc \e \c cl^Xi [\c al`Z`f gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% >Xcf 9X\q AX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf
8:&./-0+&k] ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C :@K8J< Zfe \c j`^l`\ek\ <OKI8:KF ;< C8 ;<D8E;8 X1 CL@J >LJK8MF :FE>F >8CC8I;F 8:KFI1 :8ID<E ;< CFLI;<J GFQF D8P8EHL<I ;<D8E;8;F1 CL@J >LJK8MF :FE>F >8CC8I;F AL@:@F1 ;@MFI:@F Ef% )'(($ '(*+ $A}e\k[ KX`g\ I% :L8EK@81 @E;<K<ID@E8;8 KI8D@K<1 M<I98C JLD8I@F F9A<KF ;< C8 ;<D8E;81 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C GIFM@;<E:@81 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# al\$ m\j )+ [\ ]\Yi\if [\c )'((%$ cXj (,_*+%$ M@JKFJ1 M@JKFJ1$ CX [\dXe[X [\ ;@MFI:@F hl\ gi\j\ekX :8ID<E ;< CFLI;<J GFQF D8P8EHL<I# \e ZfekiX [\ CL@J >LJK8MF :FE>F >8CC8I;F# i\’e\ cfj i\hl`j`$ kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\e$ k\ gfi cX mˆX M<I98C JLD8I@8# \e XZXkXd`\ekf X cf [`jgl\jkf \e \c 8ik% ((/ [\c :�[`^f :`m`c%$ JfYi\ cX YXj\ [\c aliXd\ekf i\e[`[f gfi cX XZZ`feXek\ \e \c j\ek`[f [\ hl\ c\ _X j`[f `dgf$ j`Yc\ [\k\id`eXi cX i\j`[\eZ`X f `e[`m`[lXc`[X[ [\c [\dXe[X[f# p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ :@K8I X kiXm„j [\ cX gi\ejX# \e le g\i`�[`Zf [\ \jkX Z`l[X[# Zfe le \okiXZkf [\ cX [\dXe[X# p \jkX gifm`[\e$ Z`X# X CL@J >LJK8MF :FE>F >8CC8I;F%$ Gfi J\Zi\kXiˆX \cXY�i\j\ \c \okiXZkf Zfii\jgfe$ [`\ek\%$ 8^i„^l\ej\ Xc gifZ\jf
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO DE LA ESCRITURA PĂšBLICA DE CAMBIO DE NOMBRE DE COMPAĂ‘IA RECICLADORA DE METALES COMPARMETAL CIA. LTDA. POR EL DE SERVICIOS PARA LA CONSTRUCCION Y MAQUINARIA SERVICONSTRUMAQ CIA. LTDA., REFORMA Y CODIFICACION DE ESTATUTOS.
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
1. ANTECEDENTES.- COMPAĂ‘Ă?A RECICLADORA DE METALES COMPARMETAL CIA. LTDA., se constituyĂł mediante escritura pĂşblica otorgada ante el Notario Tercero del Distrito Metropolitano de Quito, el 27/5/2010, aprobada mediante ResoluciĂłn No. 2476 de 17/6/2010, e inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 2/7/2010.
EXTRACTO CONSTITUCIĂ“N DE LA COMPAĂ‘Ă?A RED INTEGRADORA DE SERVICIOS RIS S.A.
2. CELEBRACIĂ“N Y APROBACIĂ“N.- La escritura pĂşblica de cambio de nombre de COMPAĂ‘IA RECICLADORA DE METALES COMPARMETAL CIA. LTDA. por el de SERVICIOS PARA LA CONSTRUCCION Y MAQUINARIA SERVICONSTRUMAQ CIA. LTDA., reforma y codificaciĂłn de estatutos otorgada el 28 de Febrero de 2011 ante el Notario Tercero del Distrito Metropolitano de Quito, actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJC. Q.11.001494 de 01 de abril de 2011.
La compaĂąĂa RED INTEGRADORA DE SERVICIOS RIS S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Noveno del Distrito Metropolitano de Quito, el 16 de Marzo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001576 de 07 de Abril de 2011.
3.- OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, la seĂąorita PAREDES AVEIGA PAMELA ALEJANDRA en su calidad de GERENTE GENERAL de la compaĂąĂa, de estado civil soltera, nacionalidad ecuatoriana y domiciliada en el Distrito Metropolitano de Quito.
1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha. 2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: A) LA PRESTACIĂ“N DE SERVICIOS TRANSACCIONALES DE RECAUDACIĂ“N PARA INSTITUCIONES DEL SISTEMA FINANCIERO QUE SOLICITEN ESTE SERVICIO PARA SUS CLIENTES,... Quito, 07 de Abril de 2011.
4. CAMBIO DE NOMBRE, REFORMA, CODIFICACIĂ“N DE ESTATUTOS Y PUBLICACIĂ“N.- La Superintendencia de CompaĂąĂas mediante ResoluciĂłn No. SC.IJ. DJC.Q.11.001494 de 01 de abril de 2011, aprobĂł el cambio de nombre de COMPAĂ‘IA RECICLADORA DE METALES COMPARMETAL CIA. LTDA. por el de SERVICIOS PARA LA CONSTRUCCION Y MAQUINARIA SERVICONSTRUMAQ CIA. LTDA., la reforma y codificaciĂłn de estatutos; y, ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂas consecutivos, para efectos de oposiciĂłn de terceros respecto al cambio de nombre referido, seĂąalado en el Art. 33 de la Ley de CompaĂąĂas y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ“N.- Se pone en conocimiento del pĂşblico el cambio de nombre de COMPAĂ‘IA RECICLADORA DE METALES COMPARMETAL CIA. LTDA. por el de SERVICIOS PARA LA CONSTRUCCION Y MAQUINARIA SERVICONSTRUMAQ CIA. LTDA. a fin de que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaĂąĂa, dentro de los seis dĂas contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąĂas. El Juez que reciba la oposiciĂłn o el accionante, notificarĂĄ o comunicarĂĄ segĂşn el caso, a esta Superintendencia, dentro del tĂŠrmino de dos dĂas siguientes a partir de dicha recepciĂłn, juntamente con el escrito de oposiciĂłn y providencia recaĂda sobre ella. Si no hubiere oposiciĂłn o no fuere notificada esta InstituciĂłn en la forma antes indicada, se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la mencionada compaĂąĂa y al cumplimiento de los demĂĄs requisitos legales. En virtud de la presente escritura pĂşblica la compaĂąĂa reforma entre otros los artĂculos uno y tres del estatuto. "ArtĂculo Uno.- DENOMINACIĂ“N, DOMICILIO Y LEY GOBERNANTE.- La compaĂąĂa se denominarĂĄ SERVICIOS PARA LA CONSTRUCCION Y MAQUINARIA SERVICONSTRUMAQ CIA. LTDA..." "ArtĂculo Tres.- OBJETO SOCIAL.- La compaĂąĂa operarĂĄ y se dedicarĂĄ principalmente a lo siguiente: a) Movimientos de tierra, alquiler de maquinaria pesada para la construcciĂłn..."
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS
Quito, 01 de abril de 2011 Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ‘Ă?AS AR/82499/cc
AR/82461/cc
cfj [fZld\ekfj gi\j\ekX[fj p I\^ˆjki\j\ cX ZXj`ccX al[`Z`Xc Ef% +--, hl\ j\ŒXcX cX XZkfiX gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j%$ 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`\e$ k\j%$ GXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`fe\j# jˆimXj\ j\ŒXcXi cX ZXj`ccX al[`Z`Xc [\ le 8Yf^X[f Zfdf [`jgfe\ cX C\p% 8k\ekXd\ek\# ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F Hl`kf# (( [\ dXiqf [\c )'(( ?Xp ]`idX p j\ccf 8:&./*/.&k] I% [\c <% ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C :@K8:@FE AL;@:@8C 81 >L@CC<IDF G8LC G<z8 98C;<FE AL@:@F1 ;@MFI:@F Ef% )(+$ )'(($D%C8% KI8D@K<1 M<I98C JLD8I@F 8:KFI81 PLC@8E8 G8FC8 JFKF D<;@E8 ;<D8E;8;F1 >L@CC<IDF G8LC G<z8 98C;<FE :L8EK@81 @E;<K<ID@E8;8 F9A<KF ;< C8 ;<D8E;8% ;@JFCM<I <C M@E:LCF D8KI@DFE@8C ALQ>8;@ J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (+ [\ dXiqf [\c )'((# cXj (,_(-%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\c cX gi\j\ek\ ZXljX \e m`ikl[ [\c f]`Z`f Ef% (*'/$;G$;GG# [\ ]\Z_X . [\ alc`f [\c )'('%$ 8^i„^l\j\ \c \jZi`kf gi\j\ekX$ [f%$ <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ ]fidX \o`^`[fj \e cX c\p%$ ;\j\ \c
ki}d`k\ m\iYXc jldXi`f [\ Zfe$ ]fid`[X[ Zfe cf [`jgl\jkf \e cfj 8ikj% /)/ p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ˆk\j\ Xc [\dXe[X[f >L@CC<IDF G8LC G<z8 98C;<FE# [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`$ [f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p aliXd\ekf i\e[`[f# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[# d\[`Xe[f \c k„id`ef [\ ZlXe[f d\efj fZ_f [ˆXj \eki\ leX p fkiX glYc`ZXZ`Â?e%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc [\j`^eX[f%$ 8^i„^l\j\ \c \jZi`kf p cX [fZl$ d\ekXZ`Â?e X[alekX%$ :@K<J< P EFK@=@HL<J<%$ ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfe$ j`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j \e \jkX al[`$ ZXkliX%$ :<IK@=@:F% ;I% AL8E >8CC8I;F J<:I<K8I@F 8%:%&./0-)&gm <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 JI% ;@<>F O8M@<I :8II<I8 :8II<I8 8:KFI8%$ JI8% JPCM@8 <CM@I8 8CM<8I G@E<;8 KI8D@K<%$ M<I98C JLD8I@F :L8EK@8%$ @E;<K<ID@E8;8 8JLEKF%$ ;`mfiZ`f1 8ik% (('# ZXljXc (( `eZ% )f [\c :Â?[`^f :`m`c% _Xe gifZi\X[f ki\j _`afj hl\ i\j$ gfe[\ X cfj efdYi\j [\ JPCM@8# D8I@8 P ;@<>F :8II<I8 8CM<8I% Ef \o`jk\e Y`\e\j
`edl\Yc\j @e`Z`X[f \c )- [\ <e\if [\c )'(( ;\]\ejfi [\c XZkfi1 ;I% I8D@IF I<:8C;<% :XljX Ef% )'(($'('+$ C% J% GIFM@;<E:@8% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '+ [\ =\Yi\if [\c )'((# cXj (+_''%$ M@JKFJ% ÆGfi Zldgc`[f cf [`j$ gl\jkf \e gifm`[\eZ`X `e`Z`Xc p \e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p% KiXdˆk\j\ \e al`Z`f m\iYXc jldXi`f% :fe cX [\dXe[X p gifm`[\eZ`X i\ZXˆ$ [X# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi JI% ;@<>F O8M@<I :8II<I8 :8II<I8# \e lef [\ cfj g\i`Â?$ [`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX glYc`ZXZ`Â?e \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% K„e^Xj\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc j\ÂŒXcX[f% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj XZfd$ gXÂŒX[fj%$ Efk`]ˆhl\j\% ] %$ ;I% D8I@8 D<I:<;<J GFIK@CC8# AL<Q HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`ZXZ`fe\j \e cX gi\j\ek\ ZXljX% ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < ?Xp ]`idX p j\ccf 8:&./0.0&k] ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc Xc j\ÂŒfi DXkk_\n JZfkk 8idYiljk
EXTRACTO De conformidad con lo establecido en el artĂculo 43 del Reglamento de Concesiones y Permisos de OperaciĂłn, se pone en conocimiento del pĂşblico en general, que mediante ResoluciĂłn No. 025/2011, de 06 de abril del 2011, el Presidente del Consejo Nacional de AviaciĂłn Civil acepta a trĂĄmite la siguiente solicitud: NOMBRE DE LA COMPAĂ‘Ă?A: AEROLĂ?NEAS GALĂ PAGOS S.A., AEROGAL REPRESENTANTE LEGAL: Ing. JosĂŠ Mario Cruz, Director General ABOGADO: Dr. Marco A. SubĂa M. SOLICITUD: RenovaciĂłn y modificaciĂłn de su concesiĂłn de operaciĂłn del servicio de transporte aĂŠreo, pĂşblico, internacional, regular, de pasajeros, carga y correo, en forma combinada, entre el Ecuador y los paĂses miembros de la Comunidad Andina, renovada mediante Acuerdo No. 040/2006, de 03 de julio del 2006, modificada con Acuerdos Nos. 045/2008, de 17 de octubre del 2008, 041/2010, de 25 de mayo del 2010 y 051/2010, de 5 de agosto del 2010, en las mismas condiciones constantes en dicho Acuerdo, con la modificaciĂłn de su concesiĂłn de operaciĂłn en los siguientes tĂŠrminos: - Se incorpore el “y/oâ€? antes de Santa Cruz, de tal forma que la ruta quedarĂa establecida de la siguiente manera: Quito y/o Guayaquil - Lima y/o Santa Cruz y VV, hasta 14 frecuencias semanales. - Se modifique la ruta Quito y/o Guayaquil - Medellin y VV 7 frecuencias semanales, por la siguiente: “Quito y/o Guayaquil - Lima - Quito y/o Guayaquil - MedellĂn y VV, con hasta 7 frecuencias semanalesâ€?. - Se incorpore la palabra HASTA, previa a definir el nĂşmero de frecuencias en cada una de las rutas.
I_ bW eX[Z_[dY_W [i [b h[ikbjWZe Z[b _dij_dje Z[ bWi ckY^[ZkcXh[i" [b cej‡d [i [b Z[ ik h[\b[n_ÂŒd$ D7FEB;âD 8ED7F7HJ;
Al`Z`f Ef )'(($,,$AK Ki}d`k\ 1 M\iYXc JldXi`f :lXekˆX @e[\k\id`eX[X % FYa\kf 1 ;`jfclZ`�e [\c m`eZlcf dXki`dfe`Xc# ef _Xe gifZi\X[f _`afj e` _Xe X[hl`i`[f Y`\e\j% 8Zkfi1 8eX DXiˆX 9Xkj�e DfiXc\j ;\dXe[X[f1 DXkk_\n JZfkk 8idYiljk @e`Z`X[f \c (. [\ \e\if [\c )'(($'*$), ;\]\ejfiX1 DXic\e` :fi[fe\q Gifm`[\eZ`X 1 ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 1 Hl`kf X . [\ =\Yi\if [\c )'((# X cXj ('_*'%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f %$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\$ kX p i\’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \eki„^l\j\ Zfg`X [\ \jkX [\dXe$ [X p gifm`[\eZ`X Xc [\dXe[X[f j\Œfi DXkk_\n JZfkk 8idYiljk# k„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi cX gXik\ XZkfiX%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ Xek\Z\[\e%$ <e d\i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf gi\m`jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# :ˆk\j\ Xc [\dXe[X[f j\Œfi DXkk_\n JZfkk 8idYiljk # gfi cX gi\ejX \e le [`Xi`f [\ dXpfi Z`iZlcX$ Z`�e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX glYc`$ ZXZ`�e%$ 8Zk’\e \c ;i% Cl`j Ife M`ccXm`Z\eZ`f p ;i% AX`d\ Kfii\j Zfdf J\Zi\kXi`f p F]`Z`Xc DXpfi \eZXi^X[fj i\jg\Zk`mXd\ek\# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c :fej\af EXZ`feXc [\ cX Al[`ZXkliX d\[`Xek\ F]% Ef% ))-$ '.$:I?$:EA$<J [\ , [\ DXiqf [\c )''.% Efk`]ˆhl\j\%
]%$ ;i% DXiˆX D\iZ\[\j Gfik`ccX# Al\q% cf hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p# X[m`ik`„e$ [fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \c gXcXZ`f [\ aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf # gXiX i\Z`Y`i gfjk\i`f$ i\j efk`]`ZXZ`fe\j al[`Z`Xc\j hl\ c\ Zfii\jgfe[X % ;I% CL@J IFE M@CC8M@:<E:@F J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&./.(*&k] ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8 I8LC <;L8I;F A8I8D@CCF CFG<Q :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 1 8:KFI1 B8IC8 EF<D@ DFI8C<J :<M8CCFJ ;<D8E;8;F1 I8LC <;L8I;F A8I8D@CCF CFG<Q F9A<KF% 8dgXiX[f \e cX ZXljXc [„Z`dX gi`d\iX# `eZ`jf gi`d\if [\c 8ik% ((' [\c :Â?[`^f :`m`c# [\dXe[X \c [`mfiZ`f X ]`e [\ hl\ \e j\ek\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ le\ X cfj ZÂ?epl^\j% KI8D@K<% M\iYXc JldXi`f% :L8EKĂ 8% @e[\k\id`eX[X% =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 (+ ;< =<9I<IF [\c )'((% ELD<IF ;< :8LJ81 )'*$ )'((99 ;FD@:@C@F C<>8C%$ :Xj`ccX Al[`Z`Xc E%$-',- ;i% IXlc I\m\cf Gifm`[\eZ`X % ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )( [\ dXiqf [\c )'((# cXj (+_+-%$ M@JKFJ%$ CX Zfd$ g\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX \e
CONVOCATORIA A JUNTA GENERAL EXTRAORDINARIA DE ACCIONISTAS DE DIFIORI S.A.
De acuerdo a los Estatutos Sociales de la CompaĂąĂa DIFIORI S.A., se convoca a los SeĂąores Accionistas a Junta General Extraordinaria de Accionistas, a celebrarse: Fecha: MiĂŠrcoles 20 de Abril de 2011 Lugar: Domicilio principal de la CompaĂąĂaAv. Mariana de JesĂşs N° 500 y Panamericana Norte (vĂa Granobles) Ciudad: Cayambe Hora: 09:30 (nueve horas treinta minutos) La finalidad de la Junta es conocer y resolver sobre los siguientes temas: 1. AprobaciĂłn del Informe de Comisario aĂąo 2010. 2. AprobaciĂłn del Balance de Resultados y Balance de SituaciĂłn del ejercicio 2010. 3. AprobaciĂłn del Cronograma de ImplementaciĂłn de Normas Internacionales de InformaciĂłn Financiera (NIIF’s) para el aĂąo 2011. Se convoca especialmente a la ingeniera Aracely ProaĂąo, Comisario Principal, para que asista a esta Junta.
Dado en Quito D.M., a 06 ABR. 2011 Dr. Julio Carrera Grijalva SECRETARIO GENERAL DEL CONSEJO NACIONAL DE AVIACIĂ“N CIVIL
Carmita Venegas B. GERENTE GENERAL
m`ikl[ [\c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`$ [X[ [\ Al\q <eZXi^X[f [\ \jkX Al[`ZXkliX# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% +..$;G$;GG$ [\ * dXiqf [\c )'((% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ [X \c ki}$ d`k\ M\iYXc JldXi`f% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f I8LC <;L8I;F A8I8D@CCF CFG<Q# gfi d\[`f [\ cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒXcX[X%$ EFK@=@HL<J<%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q <E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% ', 89I% )'(( C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&./0./&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :@K8:@FE AL;@:@8C 81 J <> L E ; F 8 D 8> L8 z 8 :?8:?8GFP8 8:KFI81 <DD8 9<8KI@Q :8@Q8 :C8M@AF ;<D8E;8;F1 J<>LE;F 8D8>L8z8 :?8:?8GFP8 AL@:@F ;< ;@MFI:@F Ef%$ ')++$ )'(( <> KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @e[\k\id`eX[X =LE;8D<EKF C<>F1 8ik% ((' :8LJ8C (( `eZ`jf j\^le[f [\c :Â?[`^f :`m`c 89F>8;F ;<=<EJFI1 ;i% Ă?e^\c 9XccX^Xe :8J@CC8 AL;@:@8C ('*) :%8%G ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$Hl`kf# al\m\j [`\q [\ dXiqf [\ )'((# cXj (,_*)%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f [\ c\p Zfii\jgfe$ [`\ek\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K\dgfiXc [\c Alq^X[f ;\Z`df [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% +.($;G$;GG [\ ]\Z_X ') [\ DXiqf [\c )'((% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\e$ k\ j\ cX XZ\gkX Xc kiXd`k\ m\iYXc jldXi`f%$ <e d\i`kf Xc aliXd\e$ kf hl\ k`\e\ i\e[`[f cX j\ÂŒfiX <ddX 9\Xki`q :X`qX :cXm`af p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX hl\ j\ Z`k\ Xc [\dXe$ [X[f j\ÂŒfi J\^le[f 8dX^lXÂŒX :_XZ_XgfpX# d\[`Xek\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`i$ ZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p [\ Zfe]fid`[X[ Xc 8ik% ((0 [\c :Â?[`^f :`m`c%$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj hl\ XZfd$ gXÂŒX X cX [\dXe[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc# j\ÂŒXcX[f gXiX gfjk\i`fi\j efk`$ ]`ZXZ`fe\j# Xjˆ Zfdf cX Xlkfi`$ qXZ`Â?e Zfe]\i`[X X l 8Yf^X[f ;\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q = ;I% AFJ< D8IK@E<Q E8I8EAF AL<Q Cf hl\ Zfdle`Zf X ljk\[ p c\ Z`kf gXiX cfj ]`e\j [\ c\p g\ik`e\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \e j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`$ ZXZ`fe\j%$ :\ik`]`Zf ;i% <[^Xi ?Xif MXc\eql\cX
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? J<:I<K8I@F <C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 8:&./0)0&d^ I% ;<C <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc Xc j\ÂŒfi IL9<E 8E@98C D<E;FQ8 DLzFQ# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f cX j`^l`\ek\ XZZ`Â?e1 8:KFI81 KXe`X A`j\cX M„c\q DXeqXYX ;<D8E;8;F1 IL9<E 8E@98C D<E;FQ8 DLzFQ 8JLEKF1 ;`mfiZ`f KI8D@K<1 M\iYXc JldXi`f :8LJ81 (,.,$)'(' <%D%K% :L8EK@81 @E;<K<ID@E8;8 AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc`% J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f KI8D@K81 8Y% <]iXˆe DXikˆe\q KXg`X GIFM@;<E:@8 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )( [\ ]\Yi\if [\c )'((# cXj (+_*'%$ M@JKFJ1$ Gfi Zldgc`[X cX gif$ m`[\eZ`X [\ )+ [\ efm`\dYi\ [\c )'('# cXj ((_,+# j\ [`jgfe\1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# [\j\ X cX d`jdX \c ki}d`k\ M\iYXc JldXi`f# \eki„^l\j\ leX Zfg`X [\ cX [\dXe[X p \jkX gifm`[\eZ`X Xc j\ÂŒfi IL9<E 8E@98C D<E;FQ8 DLzFQ# gXiX cfj ]`e\j [\ c\p%$ <e m`jkX [\c aliXd\ekf \ogi\jf [\ cX XZkfiX# gfi \c hl\ X]`idX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X XZklXc [\c j\ÂŒfi IL9<E 8E@98C D<E;FQ8 DLzFQ# Zˆk\j\ gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X p \e cX :`l[X[ [\ <c <dgXcd\# Gifm`eZ`X [\c >lXpXj# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8[aÂ’ek\j\ cX [fZld\e$ kXZ`Â?e gi\j\ekX[X%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f%$ Efk`]ˆhl\j\ p :ˆk\j\% = ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q JLGC<EK< Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`\e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc Zfe]fid\ X C\p# gXiX ]lkliXj efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./0--&k] I% ;<C <% :@K8:@äE AL;@:@8C 81 I<9<:8 IF:@F 8I@8J DFC@E8 :FE <C AL@:@F ;< ;@MFI:@F# GIFGL<JKF GFI CL@J 8C=FEJF J8I8LQ JL9@8% 8:KFI1 CL@J 8C=FEJF J8I8LQ JL9@8 ;<D8E;8;F1 I<9<:8 IF:@F 8I@8J DFC@E8 =LE;8D<EKF ;< ;<I<:?F1 8IK@:LCF (('# ELD<I8C ((# @E:@JF );F% ;<C :F;@>F :@M@C ;< C8 8:KL8C :F;@=@:8:@FE HL< J< <E:L<EKI8 <E M@><E:@8% :L8EK@81 @E;<K<ID@E8;8 AL@:@F1 ''.0$)'(($;iX% :%@%
Ć
KI8D@K<1 ;@MFI:@F ;FD@:@C@F AL;@:@8C1 89% 8E><C D<C<E;<Q# :8J@CC<IF AL;@:@8C EIF% +/'/ ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (- [\ ]\Yi\if [\c )'((# cXj (+_**%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f # d\[`Xek\ f]`Z`f E'%(*'/$;G$ ;GG [\ ]\Z_X . [\ Alc`f [\c )'('%$M@JKFJ%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Zk`mf# \e al`Z`f M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ 8ZkfiX# Zˆk\j\ X cX [\dXe[X[X I<9<:8 IF:@F 8I@8J DFC@E8# [\ Zfe]fid`[X[ Zfe cf hl\ [`j$ gfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX :`l[X[ [\ Hl`kf%$ 8^i„^l\j\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX \c XZkfi gXiX jlj ]lkliXj efk`]`ZXZ`fe\j %$ EFK@=Ă HL<J<%$ ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F Cf hl\ c\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[% ;i% AlXe >XccXi[f H% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./0.+&k] ALQ>8;F M@J>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 cX j\ÂŒfiX% D<I:<;<J FK@C@8 J8E:?<Q J8E:?<Q j\ c\ _XZ\ ZfefZ\i <C <OKI8:KF ;< ;<D8E;8 ;< ;@MFI:@F p cX GIFM@;<E:@8# hl\ X Zfek`elX$ Z`Â?e j`^l\1 <OKI8:KF % 8Zkfi 1 <;>8I M@E@:@F :8JKIF ;8M@C8 ;\dXe[X[X 1 D<I:<;<J FK@C@8 J8E:?<Q J8E:?<Q 8jlekf1 Hl\ gi\m`f \c ki}d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ j`imX [\ZcXiXi \c [`mfiZ`f p [`jl\ckf \c mˆeZlcf dXki`dfe`Xc hl\ d\ le\ Xc [\dXe[X[f \e dXki`df$ e`f Z\c\YiX[f \e Hl`kf# (. [\ \e\if [\ (00. :lXekˆX1 @e[\k\id`eX[X%$ Ki}d`k\1 M\iYXc JldXi`f%$ =\Z_X [\ @e`Z`XZ`Â?e1 (if% [\ ]\Yi\if [\c )'(( :XljX [\ ;`mfiZ`f Ef% (+($)'((%$ ;I8% B8C@EB8 A8I8D@CCF%$ GIFM@;<E:@81 ALQ>8;F M@>Ă&#x;J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )/ [\ ]\Yi\if [\c )'((# cXj ('_+.%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q k\d$ gfiXc d\[`Xek\ XZZ`ÂŽe [\ g\i$ jfeXc Ef% )-/) ;G$;GG [\ . [\ [`Z`\dYi\ [\c )'(' p \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ 8^iÂ…^l\j\ X cfj Xlkfj \c \jZi`kf gi\j\ekX$ [f%$ P kÂ…e^Xj\ \e Zl\ekX \c el\mf ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX gXik\ XZkfiX%$ LeX m\q hl\ j\ _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# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p gfi cf hl\ j\ cX XZ\gkX Xc
TĂ?TULO EXTRAVIADO Se comunica al pĂşblico el extravĂo del siguiente tĂtulo de acciĂłn del capital social de la compaĂąĂa TECOCEL S.A. ZONA FRANCA HOSPITAL DE LOS VALLES: TĂtulo No. : 906 NĂşmero de acciones: 1 Propietario: EDGAR SANTIAGO ORDOĂ‘EZ RUBIO El tĂtulo antes detallado serĂĄ anulado en caso de no presentarse ningĂşn reclamo sobre el mismo en un lapso de 30 dĂas contados desde la tercera publicaciĂłn de este aviso. Quito, 8 de abril del 2011 Gerencia General
AR/82497/cc
AC/78994/tf
AR/82491/cc
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
ć
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
ki}d`k\ M<I98C JLD8I@F%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :ĂŁK<J< X cX [\dXe[X[X D<I:<;<J FK@C@8 J8E:?<Q J8E:?<Q gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[%$ K„e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ :liX[fiX 8[$ C`k\d%$ :l„ek\j\ Zfe lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j [\ cf G\eXc [\ G`Z_`eZ_X%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% (*(* j\ÂŒXcX[f gfi \c g\k`Z`feXi`f gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`f$ e\j# Xjˆ Zfdf kXdY`„e cX Xlkfi`$ qXZ`Â?e hl\ c\j Zfe]`\i\ X cX ;I8% <C@Q89<K? JĂ E:?<Q gXiX hl\ cX i\gi\j\ek\e \e \jkX ZXljX%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZl$ d\ekfj X[alekfj%$ :èDGC8J< p EFK@=Ă HL<J<%$] ;i% =\c`g\ @e]Xek\ I\p% Al\q \eZXi^X[f%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p%$ C\ gi\m\e^f [\ cX fYc`^XZ`ÂŽe hl\ k`\e\ [\ j\ÂŒX$ cXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j%$ 89% AFI>< D@<I 9LI98EF J <:I<K8I@F )* ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./*,0&k] C8 I ;<C < ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 81 IFJ8 I8HL<C I<P<J I<P<J 8:KFI1 8E><C I8D@IF E8IMĂ?<Q I<P<J% ;<D8E;8;81 IFJ8 I8HL<C I<P<J I<P<J AL@:@F1 M<I98C JLD8I@F ;@MFI:@F Ef% 000$)''0$G8 :L8EK@81 @E;<K<ID@E8;8 ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# ', [\ 8^fjkf [\c )''0# cXj ('_'-%$ M@JKFJ%$ 8mfZf ZfefZ`$ d`\ekf \e cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K\dgfiXc [\c ;`jki`kf [\ G`Z_`eZ_X# \eZXi^X$ [f d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc 8ZZ`Â?e [\ G\ijfeXc Ef% (,./$;G$ ;GG ]\Z_X *( [\ alc`f [\c )''0%$ $CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p Zfdgc\kX# gfi i\le`i cfj i\hl`j`kfj [\ c\p# iXqÂ?e gfi cX ZlXc j\ cX X[d`k\ Xc kiX$ d`k\ m\iYXc jldXi`f%$:ˆk\j\ X cX [\dXe[X[X IFJ8 I8HL<C I<P<J I<P<J Zfe cX Zfg`X [\ cX [\dXe[X p \jk\ Xlkf# \e \c cl^Xi j\ÂŒXcX[f gXiX \c \]\Zkf i\dˆkXj\ \c Zfii\jgfe[`\ek\ [\jgXZ_Â? X cX f]`Z`eX [\ Z`kXZ`f$ e\j %$ 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj X[alekfj%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\ÂŒXcX cX gXik\ XZkfiX p cX Xlkf$ i`qXZ`Â?e hl\ [X X jl XYf^X[f [\]\ejfi%$ :ˆk\j\ p Efk`]ˆhl\j\%$ ;i% N`cd\i <]i„e 8dYifjj` ÆAl\q K\dgfiXc ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j (. [\ ]\Yi\if [\c )'((# cXj ('_+*%$ 8^i„^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\$ [\%$ 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZZ`feXek\ p [\ Zfe]fi$ d`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`j$ gfe\ Z`kXi X cX [\dXe[X IFJ8 I8HL<C I<P<J I<P<J 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# Xjˆ Zfdf kXdY`„e \e cX gifm`eZ`X \e [fe[\ j\ i\Xc`qÂ? \c dXki`df$ e`f# \jkf \j \e cX gifm`eZ`X [\c 8qlXp%$ Efk`]ˆhl\j\% = ;i% @m}e :\mXccfj QXdYiXef Al\q% Cf hl\ Zfdle`Zf p :@KF gXiX cfj i\jg\Zk`mfj ]`e\j [\ C\p# gi\m`$ e`„e[fc\ cX fYc`^XZ`Â?e [\ j\ÂŒX$ cXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J <: I < K8 I @ F A L Q>8 ; F M@>yJ@DF HL@EKF :@M@C G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&./*-,&k] C8 I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF :L8IKF
;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8C J<zFI ;@<>F 8E;I<J K@KL8z8 CC@E>L@E ;<C AL@:@F M<I98C JLD8I@F ;`mfiZ`f # GIFGL<JK8 <E JL :FEKI8 GFI C8 J<EFI8 >C8;PJ CFI<E8 P<G<Q 8:FJK8% 8:KFI1 >C8;PJ CFI<E8 P<G<Q 8:FJK8% ;<D8E;8;F1 ;@<>F 8E;I<J K@KL8z8 CC@E>L@E AL@:@F1 M\iYXc JldXi`f ;`mfiZ`f )'(($'(/,$ I>: :L8EK@81 @e[\k\id`eX[X =<:?8 ;< @E@:@8:@FE1 )( ;\ DXiqf [\c )'(( GIFM@;<E:@81 ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )( [\ DXiqf [\c )'((# cXj ('_)(%$ M@JKFJ% 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f%$ <e cf gi`eZ`$ gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p%$ <j gifZ\[\ek\ \c ki}d`k\ M\iYXc JldXi`f% <e d\i`kf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX [\ Zfe]fi$ d`[X[ Zfe cf gi\m`jkf \e \c Xik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgfe\ hl\ j\ Z`k\ Xc [\dXe[X[f j\ÂŒfi ;@<>F 8E;I<J K@KL8z8 CC@E>L@E gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ i\Xc`qX$ i}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l$ [X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX glYc`ZXZ`Â?e :fe cX `ej`elXZ`Â?e _\Z_X# gi\m`f X [\j`^eXi ZliX[fi X[$c`k\d# Â?`^Xj\ Xc j\ÂŒfi 8^\ek\ =`jZXc [\ G`Z_`eZ_X# gXiX cf ZlXc efk`]ˆhl\j\ X [`Z_f ]leZ`feXi`f% 8^i„^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ KÂ?d\j\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f% Efk`]ˆhl\j\%$ ] ;iX% DÂ?e`ZX =cfi GXqd`ÂŒf% Al\qX% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\1 c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j 8Y% DXi`f CXjjf Fik\^X J<:I<K8I@F ;<C ALQ>8;F M@><J@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&./.') I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8:KFI1 :8ICFJ ?LD9<IKF M8I<C8 A8I8 :8J@CC<IF AL;@:@8C Ef% )+*, ;<D8E;8;81 ILK? P8EE<KK< :8I;FQF 9<:<II8 AL@:@F Ef% (-0/$)'('$8Y^% :%F%F% AL@:@F1 M<I98C JLD8I@F ;@MFI:@F :@K8:@äE 81 ILK? P8EE<KK< :8I;FQF 9<:<II8 :L8EK@81 @E;<K<ID@E8;8 8LKF ;< :8C@=@:8:@FE ALQ>8;F M@><J@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j * [\ dXiqf [\ )'((# cXj '/_,(%$M@JKFJ1 <e m`ikl[ [\c jfik\f i\Xc`qX[f# 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q Jlgc\ek\ d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% )-/)$;G$%;GG# [\ . [\ [`Z`\dYi\ [\c )'('%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`$ j`kfj c\p# p gfi ZlXekf j\ _X [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e \c `eZ`jf k\iZ\if [\c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ c\ XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f%$ :@K<J< X cX [\dXe[X$ [X ILK? P8EE<KK< :8I;FQF 9<:<II8# gfi cX gi\ejX [\ XZl\i[f X gi\m`jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e le [`Xi`f [\ Xdgc`X Z`i$ ZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf%$ 8^i„^l\ej\ Xc gifZ\jf cfj [fZl$ d\ekfj gi\j\ekX[fj%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p cX Xlkfi`qXZ`Â?e Zfe$ ]\i`[X X cX gif]\j`feXc Zfe cX hl\ jljZi`Y\%$ EFK@=@HL<J<% = ;i% =\c`g\ @e]Xek\ I\p# Al\q \
Ĺ?
Cf hl\ Zfdle`Zf X L[% GXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`$ ZXZ`fe\j% :\ik`]`Zf% 8Y^% Afi^\ D`\i 9liYXef J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./*,*&k] <OKI8:KF AL;@:@8C ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 <;>8I G8KI@:@F JL8I<Q >L<M8I8 8:KFI1 IF:@F 8E><C@K8 ?8IF DL<:<J ;<D8E;8;F1 <;>8I G8KI@:@F JL8I<Q >L<M8I8 AL@:@F1 ;@MFI:@F Ef (-0* Æ )'(' $ :D% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F JyGK@DF ;< CF :@M@C ;< G@:?@E:?8# Hl`kf# cle\j (' [\ \e\if [\c )'((# cXj '/_')%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q k`klcXi [\ \jkX Al[`ZXkliX% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% <j gifZ\[\ek\ \c ki}d`k\ m\iYXc jldXi`f hl\ j\ jfc`Z`kX# \e Zfej\Zl\eZ`X# [\ Zfe]fid`$ [X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p Xc aliXd\ekf i\e[`[f gfi cX XZkfiX [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# j\ [`jgfe\ Z`kXi Xc [\dXe[X[f j\ÂŒfi <;>8I G8KI@:@F JL8I<Q >L<M8I8# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# d\[`Xe[f fZ_f [ˆXj \eki\ ZX[X glYc`ZXZ`Â?e% 8^i„^l\ej\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX ZfdgXi\Z`\e$ k\%$ EFK@=@HL<J<% = ;I% I8LC D8I@zF ?<IEĂ?E;<Q AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc [\ekif [\c g\iˆ$ d\kif p \e cX ]fidX \jkXYc\Z`[fj \e cX c\p% ;I8% N@CD8 I<:8C;< >L8I;<I8J J<:I<K8I@8 < 8:&./*/-&k] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI J<I>@F =89I@:@F :ILQ >8I:Ă 8 8:KFI81 J<zFI8 A<8E<KK< 8 C < O 8 E ; I8 D F E :8PF >L<II8 ; < D 8 E ;8 ; F 1 J < I > @ F =89I@:@F :ILQ >8I:Ă 8 AL@:@F1 ;@MFI:@F :8LJ8 Ef% /0$)'('$MJ :8LJ8C1 @E:@JF (<IF% ;< C8 :8LJ8C ((M8% ;<C 8IK%((' ;<C :ä;@>F :@M@C KIĂ?D@K<% M<I98C JLD8I@F :L8EKĂ 81 @E;<K<ID@E8;8 89F>8;F1 ;I% D8EL<C 8EKFE@F G<I<Q ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# (( [\ =\Yi\if [\c )'('# cXj '/_,.% M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q K\dgfiXc [\c ;`jki`kf [\ G`Z_`eZ_X# \eZXi^X$ [f d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% )+*$;G$;GG ]\Z_X '0 [\ =\Yi\if [\c )'('%$ <e cf gi`eZ`$ gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`$ kfj [\ C\p# gfi cf hl\ j\ cX X[d`$ k\ X ki}d`k\ M\iYXc JldXi`f% <e Zfej\Zl\eZ`X Zfe Zfg`X [\ cX d`jdX p „jk\ 8lkf Zˆk\$ j\ Xc [\dXe[X[f j\ÂŒfi J\i^`f =XYi`Z`f :ilq >XiZˆX# \e \c cl^Xi j\ÂŒXcX[f gXiX cf ZlXc \emˆ\j\ \c jl]`Z`\ek\ [\jgXZ_f X cX F]`Z`eX [\ :`kXZ`fe\j%$ :l„ek\j\ Zfe cX fg`e`Â?e [\ lef [\ cfj j\ÂŒfi\j =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X \e ZlXekf X cX `ej`elXZ`Â?e [\ cX ZliX[fiX 8[$c`k\d% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e X[alekX% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX XZkfiX gXiX i\Z`Y`i jlj efk`]`ZX$ Z`fe\j hl\ c\ Zfii\jgfe[Xe# Xjˆ Zfdf cX [\j`^eXZ`Â?e [\ jl XYf$ ^X[f gXkifZ`eX[fi%$ :@K<J< P EFK@=@HL<J<% ] %$ ;I% I8D@IF :8;<E8 M@EL<Q8 # AL<Q K<DGFI8C ALQ>8;F M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j (- [\ dXiqf [\c )'((# cXj (+_*)%$ 8k\ekf Xc
8%G%&+/-'*&b%d%
I_ [i Xk[de l_l_h" jeZWl‡W [i c[`eh ie‹Wh" o be c[`eh Z[ jeZe Z[if[hjWh$ 7DJED?E C79>7:E
aliXd\ekf i\e[`[f gfi cX XZkf$ iX j\ÂŒfiX A\Xe\kk\ 8c\oXe[iX DfeZXpf >l\iiX2 p# [\ Zfe]fi$ d`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc [\dXe[X[f j\ÂŒfi J\i^`f =XYi`Z`f :ilq >XiZˆX# X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf# d\[`Xe$ [f \eki\ leX p fkiX glYc`ZXZ`Â?e fZ_f [ˆXj2 gXiX cf ZlXc Zfe]`„iX$ j\ \c Zfii\jgfe[`\ek\ \okiXZkf%$ :@K<J< P EFK@=@HL<J<% ] %$ ;I% @M8E :<M8CCFJ Q8D9I8EF# AL<Q M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL@:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ HL@KF '+ ;< 89I@C ;<C )'((%$ :<IK@=@:F ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp le j\ccf 8I&/)+-.&ZZ <OKI8:KF :@K8:@äE AL;@:@8C 8 C8 J<zFI8 ><8E@E< C8;PJ 8EQLC<J 8E;I@LFC@ AL@:@F1 ;< ;@MFI:@F Ef% ((*&)%''0%<:J% 8:KFI1 8C<A8E;IF ;<C<> :89I<I8 ;<D8E;8;F 1 ><8E@E< C8;PJ 8EQLC<J 8E;I@LFC@ ;FD@:@C@F AL;@:@8C1 ;I% >8CF <I8QF GIF8zF :L8EK@81 @E;<K<ID@E8;8 F9A<KF1 8DG8I8;F <E CF HL< ;@JGFE< <C @E:@JF J<>LE;F ;< C8 :8LJ8C FE:<8M8 ;<C 8IK% (('# ;<C :ä;@>F :@M@C :F;@=@:8;F# ;<D8E;8 8 JL :FEPL>< ><8E@E< C8;PJ 8EQLC<J 8E;I@LFC@ <C ;@MFI:@F# 8 =@E ;< HL< <E J<EK<E:@8 J< ;<:C8I< ;@JL<CKF <C MĂ E:LCF D8KI@DFE@8C HL< C<J LE< # FI;<E8E;F JL @EJ:I@G:@äE <E <C I<>@JKIF :@M@C% ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % HL@KF# )* [\ 8Yi`c [\c )%''0# cXj (,_(-%$ M@JKFJ%$ <e m`ikl[ [\c jfik\f hl\ Xek\Z\[\ XmfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX%$ <e cf gi`eZ`gXc cX [\dXe[X \j ZcXiX p gi\Z`jX# gfi cf hl\ j\ cX XZ\g$ kX Xc ki}d`k\ m\iYXc jldXi`f%$ :Â?iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\eZ`X X cX [\dXe[X[X j\ÂŒfiX ><8E@E< C8;PJ 8EQLC<J 8;I@LFC@# X hl`\e j\ cX Z`kXi} gfi cX gi\ejX# \e cX ]fidX gi\m`jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :l„ek\j\ Zfe lef [\ cfj j\ÂŒfi\j =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X%$ K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`$ Z`Xc [\j`^eX[fj%$ 8^i„^l\j\ cX [fZld\ekXZ`Â?e gi\j\ekX$ [X%$ Efk`]ˆhl\j\%$] % ;i% AX`d\ :Xej\Zf >l\ii\if Al\q % ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % Hl`kf# al\m\j , [\ 8^fjkf [\c )%'('# cXj (-_)+% 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e d` ZXc`[X[ [\ Al\q \eZXi^X[f# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% (+*/$;G$;GG [\c )* [\ Alc`f [\c )%'('%$ 8k\ekf \c \jZi`kf hl\ Xek\Z\[\# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX ><8E@E< C8;PJ 8EQLC<J 8E;I@LFC@ gfi cX gi\ejX# \e cX ]fidX gi\$ m`jkX gfi cfj 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p ((0 [\c :Â?[`^f :`m`c%$ Efk`]ˆhl\j\%$] % ;i% AX`d\ :Xej\Zf >l\ii\if Al\q % Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\ [\j`^$ e\ jl [fd`Z`c`f \e \c Alq^X[f Efm\ef [\ cf :`m`c p [\ekif [\c g\iˆd\kif c\^Xc%$ ;I% ALC@F DLzFQ J <: I < K8 I @ F A L Q>8 ; F EFM<EF :@M@C G@:?@E:?8 ?Xp le j\ccf 8I&/)*((&ZZ ALQ>8;F J<>LE;F ;< CF :@M@C ;< E8GF
:@K8:@äE AL;@:@8C 8:KFI1 <;N@E D8I:<CF DFC@E8 IFDĂ?E ;<D8E;8;81 D@I@8E JLJ8E8 D8E>L@8 98?8DFE;< AL@:@F1 M<I98C JLD8I@F ;< ;@MFI:@F Ef 0'$)'('$J$8IK% (('$:8LJ8C (( @E:@JF )[f% ;<C :ä;@>F :@M@C% 8LKF1 ALQ>8;F DLCK@:FDG<K<EK< ;< E8GF%$ 9X\qX# fZklYi\ (/ [\c )'('# cXj fZ_f _fiXj ki\`ekX d`elkfj% M@JKFJ1$ Gfi ZlXekf \c [\dXe$ [X[f _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X `ed\[`XkX Xek\i`fi# j\ ZXc`]`ZX cX [\dXe[X gi\j\ekX[X gfi <;N@E D8I:<CF DFC@E8 IFDĂ?E# Zfdf ZcXiX# gi\Z`jX p Zfdgc\kX# gfi i\le`i# cfj i\hl`j`kfj [\k\id`$ eX[fj \e cfj XikˆZlcfj -. p ('(* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 \e kXc m`ikl[# j\ XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f% <e cf gi`eZ`gXc :@K<J< Zfe cX [\dXe[X p Xlkf i\ZXˆ$ [f X cX [\dXe[X[X j\ÂŒfiX D@I@8E JLJ8E8 D8E>L@8 98?8DFE;<# [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j# gfi ki\j m\Z\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX gifm`eZ`X [\ G`Z_`eZ_X# gfi ef \o`jk`i e`e^leX ZcXj\ [\ [`Xi`f \e \jkX cfZXc`[X[# cXj glYc`ZXZ`f$ e\j j\ _Xi}e# d\[`Xe[f fZ_f [ˆXj# gfi cf d\efj# \eki\ leX p cX fkiX glYc`ZXZ`Â?e# Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`mf%$ KÂ?d\j\ \e Zl\ekX cX [\j`^eXZ`Â?e [\ cX ;iX% BXi`eX :Xc\if p \c ZXj`cc\if al[`Z`Xc Eif% -' gXiX cXj efk`]`ZX$ Z`fe\j [\c [\dXe[Xek\% K„e^Xj\ cX ZlXekˆX [\ \jk\ Xjlekf Zfdf `e[\k\id`eX[X% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XgX$ i\aX[X X cX [\dXe[X% :ˆk\j\ p Efk`]ˆhl\j\%$ ]%$ ;i% DXiZf GifXÂŒf CÂ?g\q%$ AL<Q Cf hl\ Zfdle`Zf X l[% gXiX cfj ]`e\j [\ c\p% J\ c\ gi\m`\e\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc \e \jkX Al[`ZXkliX gXiX ]lkliXj efk`]`ZXZ`fe\j% 9X\qX# fZklYi\ (/ [\c )'('% :\ik`]`Zf% ;iX% DXiˆX Jl}i\q A`d„e\q J<:I<K8I@8 ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< E8GF% <o`jk\ ]`idX p j\ccf%
<OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C1 8 D8I@8 AL8E8 G@EK8> 898I:8% 8:KFI1 AL8E D8EL<C G8L:8I GFD8HL<IF% ;<D8E;8;F1 D8I@8 AL8E8 G@EK8> 898I:8% AL@:@F1 )'(($'(,0$ :J KI8D@K<1 M<I98C JLD8I@F ;@MFI:@F :L8EK@81 @E;<K<ID@E;8 =LE;8D<EKFJ ;< ;<I<:?F1 <E CF ;@JGL<JKF <E <C 8IK@:LCF ((' ;<C :F;@>F :@M@C ELD<I8C (( @E:@JF J<>LE;F 8 J L E KF 1 ; @ J F CL : @ ä E M@E:LCF D8KI@DFE@8C D8KI@EFD@F :<C<9I8;F <E I@F98D98# GIFM@E:@8 ;< :?@D9FI8QF <C M<@EK< P F:?F ;< =<9I<IF ;< D@C EFM<:@<EKFJ J<J<EK8 P :L8KIF# ?8E GIF:I<8;F KI<J ?@AFJ AL8E AFJ<# CL@J ?LD9<IKF p 8E><C 8L>LJKF G8L:8I G@EK8# <E C8 8:KL8C@;8; D8PFI<J ;< <;8;# EF ?8E 8;HL@I@;F 9@<E<J ;<=<EJFI ;<C 8:KFI1 ;I% C<FEJFE J<>LI8% @E@:@8;F1 '. ;< =<9I<IF ;<C ) '((% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )) [\ =\Yi\if [\c )'((2 cXj (,_),%$ M@JKFJ1 Gfi ZlXekf j\ _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’e\ cfj [\d}j i\hl`j`kfj [\ C\p% Gfi cf hl\ j\ cX X[d`k\ X ki}d`k\% ;\ZcXiXj\ gifZ\[\e$ k\ \c ki}d`k\ m\iYXc jldXi`f% <eki„^l\j\ X cX [\dXe[X$ [X D8I@8 AL8E8 G@EK8> 898I:8# Zfg`X [\ cX [\dXe[X p [\ \jkX gifm`[\eZ`X% 8k\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf p \e cX Z`l[X[ [\ I`fYXdYX# X cX [\dXe[X[X D8I@8 AL8E8 G@EK8> 898I:82 [`Z_X Z`kXZ`Â?e j\ i\Xc`qXi} Zfe]fid\ \c 8ik% ((0 [\c :Â?[`^f :`m`c# d\[`Xe[f fZ_f [ˆXj _}Y`c\j \eki\ leX p fkiX glYc`ZXZ`Â?e% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ XZfdgX$ ÂŒX% EFK@=@HL<J<%$ ;iX% DXiˆX D\iZ\[\j Gfik`ccX Al\q% Cf hl\ c\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi :Xj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`$ ZXZ`fe\j \e cX gi\j\ek\ ZXljX%
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO DE LA ESCRITURA PĂšBLICA DE AUMENTO DE CAPITAL Y REFORMA DE ESTATUTOS DE NOVAPIEL CIA. LTDA. Se comunica al pĂşblico que NOVAPIEL CIA. LTDA. aumentĂł su capital en USD $ 45.000,00; y, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario Noveno del Distrito Metropolitano de Quito, el 6 de septiembre de 2010. Actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.001235 de 17 de marzo de 2011. En virtud de la presente escritura pĂşblica la compaĂąĂa reforma la clĂĄusula Sexta del Estatuto Social, referente al Importe de capital, de la siguiente manera: “CLĂ USULA SEXTA: DEL CAPITAL SOCIAL.- El Capital social de la CompaĂąĂa es de CINCUENTA MIL dĂłlares de los Estados Unidos de AmĂŠrica dividido en CINCUENTA MIL participaciones de UN dĂłlar de los Estados Unidos de AmĂŠrica cada unaâ€? Quito, 17 de marzo de 2011 Dr. Camilo Valdivieso Cueva. INTENDENTE DE COMPAĂ‘IAS DE QUITO AC/78968/tf
;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f < <o`jk\ ]`idX p j\ccf% 8%G%&+/.+*&b%d% I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 $<OKI8:KF$ :@K8:@äE AL;@:@8C G8I81 D8IĂ 8 G8KI@:@8 CLJ@EKLz8 8QF>L< AL@:@F1 ;@MFI:@F EF% (+)/$ )'(' DQ 8:KFI1 ALC@F :<J8I 8L : 8KF D 8 G F8H L @ Q 8 ;<D8E;8;81 D8IĂ 8 G8KI@:@8 CLJ@EKLz8 8QF>L< F9A<KF1 :fe ]le[Xd\ekf \e cfj 8ik% ((' eld\iXc ((# `eZ`jf gi`d\$ if :Â?[`^f :`m`c# j\ [\dXe[X \c [`mfiZ`f X cX j\ÂŒfiX D8IĂ 8 G8KI@:@8 C@EJ@KLz8 8QF>L<# X ]`e hl\ \e j\ek\eZ`X j\ [\ZcXi\ [`jl\ckf \c mˆeZlcf dXki`dfe`Xc% KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 89F>8;F G8KIF:@E8;FI1 ;i% <[lXi[f MXZX 9lie\f DXk% .))* :8G% GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j (, [\ dXiqf [\c )'((# cXj ((_),% M@JKFJ%$<e m`ikl[ [\ cX iXqÂ?e [\ jfik\f hl\ Xek\Z\[\ p \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ [\ „jkX Al[`ZXkliX# d\[`Xek\ f]`Z`f Ef%'()$;;G$A8I$ [\ )+$'($ )'',# 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX%$ <e cf gi`e$ Z`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# ZfeZi\kX# p i\Â’e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\Zl\e$ Z`X# [Xj\c\ \c ki}d`k\ M\iYXc JldXi`f%$ :ˆk\j\ X cX [\dXe$ [X[X j\ÂŒfiX D8I@8 G8KI@:@8 CL:@EKLz8 8QF>L<# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf [\ cX Gifm`eZ`X [\ G`Z_`eZ_X# Xjˆ Zfdf kXdY`„e \e \c cl^Xi [\ Z\c\YiX$ Z`Â?e [\c dXki`dfe`f [\ Zfe]fi$ d`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$8^i„^l\j\ cX [fZld\ekX$ Z`Â?e X[alekX%$KÂ?d\j\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi2 Xjˆ Zfdf cX Xlkf$ i`qXZ`Â?e [\ jl XYf^X[f [\]\e$
jfi%$ ä`^Xj\ X lef [\ cfj j\ÂŒfi\j 8^\ek\j =`jZXc\j ;`jki`kXc\j [\ G`Z_`eZ_X%$Efk`]ˆhl\j\ ] ;i% I\peXc[f =cfi 8cmXiX[f Al\q %$ Cf hl\ cc\mf X jl Zfef$ Z`d`\ekf gXiX cfj ]`e\j [\ C\p%$ Gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj ]lkliXj efk`]`$ ZXZ`fe\j%$:\ik`]`Zf% JI8% AL8E8 :<M8CCFJ >L<II8 J<:I<K8I@8 8%G%&+/.-*&b%d% I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 M@M@8E8 8C<O8E;I8 <JG@EFJ8 M@CC8:I<J 8:KFI1 G89CF <JK<98E <:?<M<II@8 ;@8Q ;<D8E;8;81 M@M@8E8 8 C < O 8 E ; I8 <J G @ E FJ8 M@CC8:I<J AL@:@F M<I98C JLD8I@F ;< ;@MFI:@F% (---$)'('$?%>% :L8EKĂ 81 @E;<K<ID@E8;8 ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j )* [\ ]\Yi\if [\c )'((# cXj (-_,)% M@JKFJ1 8^i„^l\j\ Xc gifZ\jf \c \jZi`kf hl\ Xek\Z\$ [\%$ KÂ?d\j\ \e Zl\ekX \c el\mf ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZZ`feXek\ p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl el\mf XYf^X[f [\]\ejfi%$ ?}^Xj\ jXY\i X cX ;iX% DXiˆX EXiZ`jX >lXZ_`# hl\ _X j`[f jljk`kl`[X [\ cX [\]\e$ jX%$ <e cf gi`eZ`gXc# cX [\dXe$ [X[X gi\j\ekX[X gfi \c j\ÂŒfi GXYcf <jk\YXe <Z_\m\ii`X ;ˆXq \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ M\iYXc JldXi`f%$ <e d\i`kf Xc aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fi$ d`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cX [\dXe[X[X j\ÂŒfiX M@M@8E8 8C<O8E;I8 <JG@EFJ8 M@CC8:I<J gfi gi\ejX \e lef [\ cfj g\i`Â?[`$ Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf%$ GifYX[X Zfdf j\ \eZl\ekiX cX `[fe\`[X[ [\c j\ÂŒfi Cl`j 8c]i\[f <Z_\m\iiˆX ;ˆXq# j\ [\j`^eX Zfdf :liX[fi Xc gi\efdYiX[f j\ÂŒfi# hl`\e j\ gfj\j`feXiX [\c ZXi^f \c [ˆX al\m\j (' [\ dXiqf [\c [fj d`c
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO CONSTITUCION DE LA COMPAĂ‘Ă?A ZONCOMER S.A. La compaĂąĂa ZONCOMER S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Segundo del Distrito Metropolitano de Quito, el 24 de Febrero de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001559 de 07 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00; Capital Autorizado: US$ 1.600,00 3.- OBJETO: El objeto de la compaĂąĂa es: A) LA IMPORTACIĂ“N, EXPORTACIĂ“N, DISTRIBUCIĂ“N Y COMPRAVENTA, COMERCIALIZACIĂ“N, ELABORACIĂ“N, INTERMEDIACIĂ“N Y DISTRIBUCIĂ“N AL POR MAYOR Y MENOR DE PRODUCTOS RELACIONADOS CON LA TECNOLOGĂ?A DE TELEFONĂ?A MOVIL Y FIJA...... Quito, 07 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS AC/78980/tf
feZ\# X cXj el\m\ _fiXj ki\`e$ kX d`elkfj%$ 8^i„^l\ej\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ Efk`]ˆhl\j\%$ ;I% =89I@:@F J<>FM@8 9<K8E:FLIK AL<Q <E:8I>8;F Cf hl\ gfe^f \e ZfefZ`d`\e$ kf [\c gÂ’Yc`Zf p :@KF gXiX cfj i\jg\Zk`mfj ]`e\j [\ c\p# gi\m`$ e`„e[fc\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ ;i% AlXe ?% >XccXi[f H% J<:I<K8I8@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8% <o`jk\ ]`idX p j\ccf% 8%G%&+/../&b%d% AL<Q HL@EKF ;< CF :@M@C ;< DL@JE< P 8K8:8D<J <OKI8:KF ;< :@K8:@äE 81 IFJ8 D8IĂ 8 :<M8CCFJ GyI<Q%$ J\ c\ _XZ\ ZfefZ\i hl\ \e \jk\ Alq^X[f j\ X gi\j\ekX$ [f \e jl ZfekiX# [\dXe[X [\ ;@MFI:@F%$ AL@:@F Ef% ,'+&)''0 Æ M% JLD8I@F 8:KFI1 AF<C <LK@D@F DFI8E JĂ?E:?<Q AL<Q1 ;I% >8CF @I@>FP<E FA<;8 :L8EKĂ 81 @E;<K<ID@E8;8 ALQ>8;F HL@EKF ;< CF :@M@C ;< DL@JE< P 8K8:8D<J%$ 8kXZXd\j# X (- [\ =\Yi\if [\c )''(# X cXj ((_+'%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\ Hl`ekf [\ cf :`m`c [\ Dl`je\ p 8kXZXd\j# \eZXi^X[f d\[`Xek\ f]`Z`f Ef% ,()&)''.$:EA$;;< [\ ]\Z_X (* [\ Alc`f [\c )''.%$ <e cf gi`e$ Z`gXc# cX [\dXe[X [\ ;`mfiZ`f# gi\j\ekX[X gfi \c J\ÂŒfi AF<C <LK@D@F DFI8E JĂ?E:?<Q# \e ZfekiX [\ cX j\ÂŒfiX IFJ8 D8IĂ 8 :<M8CCFJ GyI<Q# cX d`jdX hl\ j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p Zfdgc\kX gfi i\le`i cfj i\hl`j`$ kfj [\k\id`eX[fj [\ cX C\p# gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ [\ al`Z`f M\iYXc JldXi`f%$ :ˆk\j\ X cX [\dXe[X[X gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX gifm`eZ`X [\ <jd\iXc[Xj p [\ cX gifm`eZ`X [\ G`Z_`eZ_X# gfi _XY\ij\ Z\c\YiX$ [f \c dXki`dfe`f \e cX Z`l[X[ [\
JXe^fchlˆ# gfi _XY\i [\ZcXiX[f YXaf aliXd\ekf \e \jk\ [\jgX$ Z_f# [\jZfefZ\i jl [fd`Z`c`f p i\j`[\eZ`X [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c \e ZfeZfi[XeZ`X Zfe \c 8ik% ((0# `eZ`jf j\^le[f [\ :�[`^f :`m`c% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% +. hl\ j\ŒXcX gXiX jlj efk`]`ZXZ`fe\j# p cX Xlkfi`qX$ Z`�e hl\ Zfe]`\i\ X jl [\]\ejfi% 8^i„^l\j\ X cfj Xlkfj cX [fZl$ d\ekXZ`�e X[alekX [\ cX [\dXe$ [X[X%$ :ˆk\j\ p Efk`]ˆhl\j\% = ;i% >Xcf @i`^fp\e Fa\[X# Al\q%$ Cf hl\ j\ c\j Zfdle`ZX gXiX cfj ]`e\j C\p%$ ;\Y`\e[f ZfdgXi\Z\i X al`Z`f j\ŒXcX[f ZXj`cc\if al[`$ Z`Xc \e cX Z`l[X[ [\ 8kXZXd\j# [\ekif [\ k„id`ef [\ )' [ˆXj hl\ Zfii\e X gXik`i [\ cX k\iZ\iX p cX ’ck`dX glYc`ZXZ`�e [\ cX gi\ejX%$ \j ]`\c Zfg`X [\ jl fi`^`eXc% CF :<IK@=@:F1 8kXZXd\j# X ) [\ DXiqf [\c )'((% 8Y^% DXi\eX I\peX M% J<:I<K8I@8 -/*)-&:D
D<EFI<J ALQ>8;F K<I:<IF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 F]`Z`f Ef% **,$AKE8:H Hl`kf# (( [\ dXiqf [\c XÂŒf )'(( :8LJ8 Ef% ((+)$)'(' BK J\ÂŒfi ;@I<:KFI ;<C ;@8I@F C8 ?FI8 Gi\j\ek\% 8c j\ÂŒfi D8I@F =<IE8E;F 8D8P8 =CFI p Xc gÂ’Yc`Zf \e ^\e\iXc j\ c\ _XZ\ jXY\i cf j`^l`\ek\1 8:KFI1 G8KI@:@8 D<I:<;<J I8DFJ KFII<J ;<D8E;8;F1 D 8 I @ F =<IE8E;F 8D8P8 =CFI D<EFI<J1 : ? I @ JK @ 8 E > < F M8 E E P# : @ E K ? P8 B8K?<I@E<# p B8I<E G8KI@:@8 8D8P8 I8DFJ :8LJ81 8C@D<EKFJ ELD<IF1 ((+)$)'(' ALQ>8;F K<I:<IF ;< C8 E@z<Q P C8 8;FC<J:<E:@8 ;<C :8EKFE HL@KF%$ Hl`kf# X ), [\ ]\Yi\if [\c )'((2 X cXj
'/_,.%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f [fZkfi =\ieXe[f GXlZXi d\[`Xe$ k\ XZZ`�e [\ g\ijfeXc Ef% *-' $ ;G$;GG [\ ]\Z_X (. [\ ]\Yi\if [\ )'((%$ <e cf gi`eZ`gXc leX m\q hl\ cX XZZ`feXek\ _X [\ZcXiX[f YXaf aliXd\ekf hl\ [\jZfefZ\ \c [fd`Z`c`f [\c j\Œfi D8I@F =<IE8E;F 8D8P8 =CFI p c\ \j `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# XdgcˆX \c Xlkf [\ ZXc`]`ZXZ`�e [\ ]\Z_X (/ [\ fZklYi\ [\ )'('# cXj ('_)(% J\ fi[\eX j\ :@K< Zfe \c Zfek\e`[f [\ cX [\dXe[X p Xlkf i\ZXˆ[f Xc j\Œfi D8I@F =<IE8E;F 8D8P8 =CFI X kiXm„j [\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj [`Xi`fj j\ Xdgc`X Z`iZlcXZ`�e [\c gXˆj# X[m`ik`\e[f hl\ [\Y\ ZfdgX$ i\Z\i X al`Z`f# j\ŒXcXi [fd`Z`c`f al[`Z`Xc p&f [`i\ZZ`�e [\c Zfii\f \c\Zki�e`Zf%$ EFK@=@HL<J< P :@K<J<% :@K<J<%$ = ;i%$ ?l^f :\c` 8cmXi\q Cf hl\ Zfdle`Zf gXiX cfj ]`e\ [\ C\p%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 8k\ekXd\ek\% ;I8% CL:@8 <E:8C8;8 J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&./,*+k] I ;<C < :@K8:@FE AL;@:@8C J<:I<K8I@8 ;<C ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 :8EKFE HL@KF 8C J<zFI :8ICFJ ?LD9<IKF 8I<M8CF D<CF P 8C GL9C@:F <E ><E<I8C C<J ?8>F J89<I C8 J@>L@<EK< ;<D8E;8 <OKI8:KF 8 : KF I 8 <: ? < M < I I @ 8 :8DGFM<I;< >I@:<C;8 <D@C@8 ; < D 8 E ;8 ; F : 8 I CF J ?LD9<IKF 8I<M8CF D<CF D<EFI<J1 ;8E@<C J8EK@8>F 8I<M8CF <:?<M<II@8 :8LJ81 )*+($)''0>D KI8D@K< :FEK<E:@FJF ><E<I8C :L8EK@8 +%/'' ;FC8I<J
I_ [i Y_[hje gk[ [d YWZW Wc_]e ^Wo kd [d[c_]e fej[dY_Wb$ ÂľFeh gkƒ de fk[Z[ i[h gk[ YWZW [d[c_]e eYkbj[ kd Wc_]e gk[ [if[hW ik ^ehW5 =?EL7DD? F7F?D? AL<Q J<>LE;F ;< C8 E@z<Q P 8;FC<J:<E:@8 HL@KF GIFM@;<E:@81 ALQ>8;F J<>LE;F ;< E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF%$Hl`kf# dXi$ k\j )0 [\ dXiqf [\ )'((# cXj (,_*(%$ 1 M@JKFJ1 Gfi _XY\i [X[f Zldgc`d`\ekf X cf fi[\$ eX[f \e gifm`[\eZ`X `ed\[`XkX Xek\i`fi# p gfi _XY\i [\ZcXiX[f cX j\ÂŒfiX >I@:<C;8 <D@C@8 <:?<M<II@8 :8DGFM<I;< YXaf aliXd\ekf jfYi\ \c [\j$ ZfefZ`d`\ekf [\ cX XZklXc i\j`$ [\eZ`X f [fd`Z`c`f [\ gX[i\ [\C d\efi ;8E@<C J8EK@8>F 8I<M8CF <:?<M<II@8 j\ [`jgfe\ :@K8I Xc [\dXe[X[f :8ICFJ ?LD9<IKF 8I<M8CF D<CF gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e \jkX Gifm`eZ`X# gXiX cf ZlXc i\d‰kXj\ le \okiXZ$ kf [\ cX [\dXe[X p \c Zfek\e`[f [\ \jkX gifm`[\eZ`X% J` ZfekX[fj m\`ek\ [ˆXj [\jgl„j [\ cX Â’ck`$ dX glYc`ZXZ`Â?e# \c [\dXe[X[f ef _X Zfek\jkX[f cX [\dXe[X e` _X j\ÂŒXcXe[f [fd`Z`c`f al[`$ Z`Xc gXiX jlj efk`]`ZXZ`fe\j# j\ [\ZcXiXi} jl i\Y\c[ˆX p \jk\ Alq^X[f XZklXi} Zfe]fid\ X cX C\p% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi p X^i„^l\j\ cX [fZld\e$ kXZ`Â?e X[alekX%$%EFK@=@HL<J<%% ] ;i G\[if 8i`Xj :fife\c# Al\q 8[alekf Cf \ed\e[X[f >I@J<C;8 MXc\% Cf hl\ :@KF gXiX cfj ]`e\j [\ C\p% ;iX 8cYX GXcX^lXZ_` CXjjf J<:I<K8I@8 8;ALEK8 ?Xp ]`idX p j\ccf 8:&./0/)&k] ALQ>8;F ;<:@DF ;< C8
E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 <OKI8:KF ;< :@K8:@FE Al`Z`f [\ 8c`d\ekfj Ef% (*,/$ )'('$DQ% :`kXZ`fe al[`Z`Xc X1 =I<;;P D8LI@:@F M@M8J D8z8P 8Zkfi1 ;FI@J CL:@8 ?8IF :8:?8>L8P ;\dXe[X[f1 =I<;;P D8LI@:@F M@M8J D8z8P :lXek`X1 @e[\k\id`eX[X ALQ>8;F ;<:@DF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;<C :8EKFE HL@KF%$ Hl`kf# dXik\j (, [\ dXiqf [\c )'((# cXj (-_'(%$ 8ZkÂ’\e \c ;i% N`cd\i 8dYifjj`# \e ZXc`[X[ [\ Al\q <eZXi^X[f# d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ,(. Æ ;G $ ;GG [\ (+ [\ dXiqf [\c )'((%$ LeX m\q hl\ cX j\ÂŒfiX ;FI@J CL:Ă 8 ?8IF :8:?8>L8P X i\ZfefZ`[f ]`idX p ilYi`ZX Zfe]fid\ cf fi[\eX[f \e 8lkf [\ ZXc`]`ZXZ`Â?e [\ )( [\ \e\if [\c )'(( p \e iXqÂ?e [\c \jkX[f [\ cX ZXljX [`jgfe^f1 ( :ˆk\j\ \e c\^Xc p [\Y`[X ]fidX Zfe \c Zfek\e`[f [\ cX [\dXe[X p Xlkf i\ZXˆ[f Xc j\ÂŒfi =I<;;P D8LI@:@F M@M8J D8z8P# [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c m`^\ek\ j\ [`jgfe\ Z`kXi gfi cX gi\ejX# d\[`Xek\ ki\j glYc`ZX$ Z`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf pX hl\ Zfe aliXd\ekf [\ZcXiX cX XZkfiX hl\ c\ \j `dgf$ j`Yc\ [\k\id`eXi cX i\j`[\eZ`X XZklXc [\c gX[i\ [\c d\efi% ) J\ c\ gi\m`\e\ Xc [\dXe[X[f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ ZfdgX$ i\Z\i X al`Z`f p j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZX$ Z`fe\j# YXaf gi\m\eZ`fe\j [\ Zfek`elXi cX ZXljX \e i\Y\c[ˆX [\ Zfe]fid`[X[ Zfe cX efidX c\^Xc [\c 8ik% (') [\c :Â?[`^f [\
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO
EXTRACTO
CONSTITUCION DE LA COMPAĂ‘IA SANO NUTRICION ANIMAL MODERNA SANOSAN CIA. LTDA.
CONSTITUCION DE LA COMPAĂ‘Ă?A AGRICOLA LA YUMBADA S.A. La compaĂąĂa AGRICOLA LA YUMBADA S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Octavo del Distrito Metropolitano de Quito, el 28 de Marzo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001564 de 07 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL:Suscrito US$ 800,00 NĂşmero de Acciones 400 Valor US$ 2,00 3.- OBJETO: El objeto de la compaĂąĂa es: PRESTAR TODO TIPO DE SERVICIOS TÉCNICOS Y PROFESIONALES EN MATERIA AGRĂ?COLA, SILVĂ?COLA, AGROINDUSTRIAL, LA SIEMBRA, CULTIVO, CORTE, COMERCIALIZACIĂ“N, PROCESAMIENTO, TRANSFORMACIĂ“N, PRODUCCIĂ“N, SUMINISTRO, DISTRIBUCIĂ“N, ALMACENAMIENTO, IMPORTACIĂ“N Y EXPORTACIĂ“N DE CAFÉ, CACAO..... Quito, 07 de Abril de 2011.
La compaĂąĂa SANO NUTRICION ANIMAL MODERNA SANOSAN CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario CuadragĂŠsimo del Distrito Metropolitano de Quito, el 29 de Marzo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001606 de 11 de Abril de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA. 2.- CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00. 3.- OBJETO: El objeto de la compaĂąĂa es: LA IMPORTACION, PRODUCCION, DISTRIBUCION Y COMERCIALIZACION DE PRODUCTOS PARA LA ALIMENTACION Y CUIDADO ANIMAL... Quito, 11 de Abril de 2011. Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS
Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ‘IAS
AC/78976/tf
AC/78985/tf
GifZ\[`d`\ekf :`m`c m`^\ek\%$ EFK@=@HL<J< P :LDGC8J<%$ ] ;i% N`cd\i <]i\e 8dYifjj`# Al\q <eZXi^X[f% Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfej`$ ^l`\ek\j# gi\m`e`\e[fc\ [\ cX fYc`^XZ`fe [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc gXiX jlj ]lkliXj efk``ZX$ Z`fe\j \e \jkX Z`l[X[ [\ Hl`kf% ;I8% 9<KKP 8P8C8 >I8E;8 J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&./0.(&k] <OKI8:KF AL;@:@8C ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI81 D8I@8 @>E8:@8 C<D8 K<E<>LJz8P \e \c al`Z`f [\ GI@M8:@äE ;< C8 G8KI@8 GFK<JK8; hl\ j`^l\ FD8I M@:<EK< D<I@Q8C;<J ;@8Q :8LJ81 GI@M8:@äE G8KI@8 GFK<JK8; Eif% ;< AL@:@F )'(($0.$;I8% AI 8:KFI1 FD8I M@:<EK< D<I@Q8C;<J ;@8Q ;<D8E;8;F1 D8I@8 @>E8:@8 C<D8 K<E<>LJz8P :L8EKĂ 81 @e[\k\id`eX[X AL<Q81 ;I8% >PE8 JFCĂ J M@J:8II8 GIFM@;<E:@81 ALQ>8;F F:K8MF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# dXik\j (, [\ ]\Yi\if [\c )'((# cXj (._**% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\ cX iXqÂ?e [\ jfik\f hl\ Xek\Z\[\# \e d` ZXc`[X[ [\ Al\q 8[alekX [\ \jkX al[`ZXkliX%$ % <e cf gi`eZ`gXc cX [\dXe[X [\ JLJG<E:@äE ;< C8 G8KI@8 GFK<JK8; hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p \jkXYc\Z`[fj \e \c XikˆZlcf -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c2 \e Zfej\Zl\eZ`X j\ c\ XZ\gkX Xc ki}d`k\ \jkXYc\Z`[f \e \c 8ik% ).( [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X%$ :ˆk\j\ X cX [\dXe[X[X D8IĂ 8 @>E8:@8 C<D8 K<E<>LJz8P [\ XZl\i[f X cf \jkXYc\Z`[f \e \c XikˆZlcf /) [\c :Â?[`^f [\ gifZ\[`d`\ekf :`m`c# d\[`Xek\ ki\j glYc`ZXZ`f$ e\j hl\ j\ i\Xc`qXiXe \e ki\j ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX gifm`eZ`X%$ J` ZfekX[fj m\`ek\ [ˆXj X gXik`i [\ cX ]\Z_X [\ cX Â’ck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\# j\ j\^l`i} Zfe cX ZXljX \e jl i\Y\c[ˆX%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZZ`feXek\ gXiX jlj efk`]`ZXZ`fe\j p Xlkfi`qXZ`Â?e _\Z_X X jl XYf^X[f%$ :Ă K<J< P EFK@=@HL<J<% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f f ZXj`ccX al[`Z`Xc gXiX jlj gfjk\$ i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iˆd\kif [\ c\p% 89% A8M@<I D8IKĂ E<Q 8>L@II< J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./.++&k] ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :8LJ81 )'('$'-)0$=%D% 8C@D<EKFJ @E:@;<EK< ;< I<98A8 ;< G<EJ@çE 8C@D<EK@:@8 8:KF I 8 1 ? < I E 8 E = I8 E : @ J :F D 8 IK @ E < Q HL@EK8E8 ;<D8E;8;F 8 1 :8K8C@E8 D F E J < I I8K ? IFJ < IF GC8Q8 :L8EKĂŁ81 /+' ;çC8I<J AL<Q1 ;I% :8ICFJ 8IĂ&#x;M8CF <JKI8;8 ALQ>8;F EFM<EF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# al\m\j )+ [\ dXiqf [\c )'((# cXj ('_,)%$ M@JKFJ%$ LeX m\q hl\ j\ _X [X[f Zldgc`d\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# <e d` ZXc`$ [X[ [\ Al\q 8[alekf# 8MF:F ZfefZ`d`\ekf [\ cX ;<D8E;8 ;< @E:@;<EK< ;< I<98A8 ;< G<EJ@FE 8C@D<EK@:@8 hl\ Xek\Z\[\# cX d`jdX hl\ gfi j\i ZcXiX p i\le`i cfj i\hl`j`kfj [\c XikˆZlcf -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \j XZ\gkX$ [X X ki}d`k\ gi\m`jkf \e cX C\p I\]fidXkfi`X Xc :Â?[`^f [\ cX E`ÂŒ\q p cX 8[fc\jZ\eZ`X# glYc`$ ZX[X \e \c I\^`jkif F]`Z`Xc Ef% -+* [\ )/ [\ Alc`f [\c )%''0% Gfi cf hl\ [`jgfe^f1 ( LeX m\q hl\ \c XZZ`feXek\ j\ÂŒfi ?<IE8E
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? = I8 E : @ J :F D 8 IK @ E < Q HL@EK8E8# _X [\ZcXiX[f YXaf aliXd\ekf [\c [\jZfefZ`d`\e$ kf [\c [fd`Z`c`f [\ cX j\ÂŒf$ iX :8K8C@E8 DFJ<II8K? IFJ<IF GC8Q8# Zfe]fid\ X cf fi[\eX[f \e \c Xik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :@K<J< d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\c ZXekÂ?e X cX j\ÂŒfiX :8K8C@E8 DFJ<II8K? IFJ<IF GC8Q8# j` ZfekX[fj m\`ek\ [ˆXj X gXik`i [\ cX Â’ck`$ dX glYc`ZXZ`Â?e cX [\dXe[X[X ef j\ÂŒXcX [fd`Z`c`f al[`Z`Xc# j\ jljkXeZ`Xi} cX ZXljX \e i\Y\c$ [ˆX # Xjˆ Zfdf [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ XeleZ`Xi cX gil\YX# hl\ gi\j\ekXi} \e cX 8l[`\eZ`X LE@:8 hl\ k\e[i} cl^Xi \e \jk\ ;\jgXZ_f leX m\q hl\ ]l\i\ Z`kX[X c\^Xcd\ek\# Xl[`\eZ`X hl\ [\Y\i} ZfdgXi\Z\i g\i$ jfeXcd\ek\ f gfi d\[`f [\ GifZliX[fi Al[`Z`Xc Xlkfi`qX[f gXiX kiXej`^`i%$) <e cf hl\ \e [\i\Z_f gifZ\[X# X^i„^l\ej\ Xc \og\[`\ek\ p kÂ?d\j\ \e Zl\ekX cX [fZld\ekXZ`Â?e X[alekX[X X cX [\dXe[X gfi cX XZZ`feXek\%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% +))) j\ÂŒXcX[f gfi j\ÂŒfi ?<IE8E =I8E:@J:F D8IK@E<Q HL@EK8E8 gXiX jlj efk`]`ZXZ`fe\j%$ :ĂŁK<J<# GL9CĂŁHL<J< P :ĂŞDGC8J<%$ ] ;I% :8ICFJ 8IĂ&#x;M8CF <JKI8;8% AL<Q 8;ALEKF% Cf hl\ Zfdle`Zf X l[% gXiX cfj ]`e\j [\ C\p%$ :\ik`]`Zf% ;I% :8ICFJ DFI8C<J J<:I<K8I@F 8;ALEKF ?Xp ]`idX p j\ccf 8:&./0*)&k] <OKI8:KF AL;@:@8C ALQ>8;F J<OKF 8;ALEKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI1 :8ICFJ 8L>LJKF M@CC8CF9FJ HL@CLD98# \e \c Al`Z`f [\ 8C@D<EKFJ :FEKIFM<IK@;FJ hl\ j`^l\ jl ZfekiX cX j\ÂŒfiX D8IĂ 8 <C<E8 ;Ă 8Q PĂ?E<Q :8LJ81 8 C @ D < E K F J :FEKIFM<IK@;FJ Eif% ;< AL@:@F )'('$()/,$8: 8:KFI81 D8IĂ 8 <C<E8 ;Ă 8Q PĂ?E<Q ; < D 8 E ;8 ; F 1 : 8 I CF J 8L > L JKF M @ C C 8 CF 9 FJ HL@CLD98 :L8EKĂ 81 LJ; )%+'' AL<Q81 ;I8% :<:@C@8 ;L8IK< <JKyM<Q F9A<KF1 8C@D<EKFJ G8I8 D<EFI<J GIFM@;<E:@81 ALQ>8;F J<OKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# m`\ie\j , [\ efm`\dYi\ [\c )'('# cXj (+_++%$ M@JKFJ1 <e cf Gi`eZ`gXc# gfi Zldgc`[fj cfj i\hl`j`kfj [\c XikˆZlcf -. [\c :Â?[`^f 8[a\k`mf :`m`c# cX [\dXe$ [X hl\ Xek\Z\[\ j\ cX ZXc`]`ZX [\ ZcXiX p gi\Z`jX XZ\gk}e[fcX Xc ki}d`k\ gi\m`jkf \e cX m`^\ek\ C\p I\]fidXkfi`X Xc Kˆklcf M [\c C`Yif J\^le[f [\c :Â?[`^f [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X2 p Zfe]fi$ d\ [`jgfe\ \c 8ik% *, @Yˆ[\d2 j\ ]`aX Zfdf g\ej`Â?e Xc`d\e$ k`Z`X gifm`j`feXc LJ; -,%)/ J<J<EK8 P :@E:F ;äC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK<8DyI@:8 :FE M<@EK< P F:?F :<EK8MFJ # d}j Y\e\$ ]`Z`fj [\ c\p \e ]Xmfi [\c d\efi <JK<98E @JD8<C M@CC8CF9FJ ;@8Q# hl\ j\i} [\gfj`kX[X gfi \c [\dXe[X[f :8ICFJ 8L>LJKF M@CC8CF9FJ HL@CLD98# \e d\ejlXc`[X[\j Xek`Z`gX[Xj [\ekif [\ cfj gi`d\ifj Z`eZf [ˆXj [\ ZX[X d\j p i`^\ [\j[\ cX gi\j\ekXZ`Â?e [\ cX [\dXe[X hl\ \j \c () [\ fZklYi\ [\c )'(' \e gX^X[liˆX [\ „jkX al[`ZXkliX# [`jgfe`„e[fj\ cX Xg\ikliX [\ cX kXia\kX BXi[\o# \e gX^X[liˆX [\ „jk\ Alq^X[f J\okf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X [\ Hl`kf# Zfe]fid\ Xc Zfem\e`f m`^\ek\ \eki\ \c 9XeZf [\ >lXpXhl`c p \c :fej\af [\ cX Al[`ZXkliX%$ Gfi _XY\i Zldgc`[f cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# [\ Zfe]fi$ d`[X[ Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# :ˆk\j\ Xc [\dXe[X[f :8ICFJ 8L>LJKF
Ĉ
M@CC8CF9FJ HL@CLD98# Zfe \c Zfek\e`[f [\ cX [\dXe[X p gifm`$ [\eZ`X \e \ccX i\ZXˆ[X# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e \e ]\Z_Xj [`jk`ekXj# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Gifm`eZ`X# gXiX \c \]\Zkf Zfe]`„iXj\ \c \okiXZkf i\jg\Zk`$ mf%$ J` ZfekX[fj m\`ek\ [ˆXj X gXik`i [\ cX ]\Z_X [\ cX Â’ck`dX glYc`ZXZ`Â?e# ef ZfdgXi\Z`\i\# j\ j\^l`i} Zfe cX ZXljX \e jl i\Y\c$ [ˆX2 gi\m`e`„e[fc\ Xc [\dXe[X$ [f [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ CX 8l[`\eZ`X èe`ZX k\e[i} cl^Xi \e „jkX Al[`ZXkliX \e \c k„id`ef [\ [`\q [ˆXj j`\dgi\ hl\ [\ Xlkfj j\ aljk`]`hl\ _XY\i Z`kX[f Xc [\dXe[X[f# Xl[`\eZ`X X cX hl\ cXj gXik\j Xj`jk`i}e g\ijfeXc$ d\ek\ f X kiXm„j [\ GifZliX[fi Al[`Z`Xc Zfe gf[\i Xdgc`f p jl]`$ Z`\ek\ gXiX kiXej`^`i p XZklXi cXj gil\YXj XeleZ`X[Xj%$ I\Z„gk\j\ \e cX [`c`^\eZ`X [\ 8l[`\eZ`X èe`ZX YXaf gi\m\eZ`fe\j [\ C\p# cX :fe]\j`Â?e Al[`Z`Xc [\c j\ÂŒfi :8ICFJ 8L>LJKF M@CC8CF9FJ HL@CLD98 gfi$ kX[fi [\ cX Z„[lcX [\ Z`l[X$ [XeˆX Ef% (.('.)-,'+# hl`\e ZfdgXi\Z\i} \e ]fidX g\ijfeXc gfikXe[f jl Z„[lcX [\ Z`l[X$ [XeˆX p Z\ik`]`ZX[f [\ mfkXZ`Â?e m`^\ek\%$ F]ˆZ`\j\ Zfe]fid\ cf jfc`Z`kX[f%$ 8 g\k`Z`Â?e [\ gXik\# j\ [\Zi\kX \e ZfekiX [\c [\dXe$ [X[f j\ÂŒfi :8ICFJ 8L>LJKF M@CC8CF9FJ HL@CLD98 gfikX$ [fi [\ cX Z„[lcX [\ Z`l[X[XeˆX Ef% (.('.)-,'+# cX gif_`Y`Z`Â?e [\ Xlj\ekXij\ [\c k\ii`kfi`f eXZ`feXc# f]`Z`}e[fj\ Xc \]\Z$ kf X cX ;`i\ZZ`Â?e EXZ`feXc [\ D`^iXZ`Â?e%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc E² )+0- [\j`^eX[f gfi cX XZkfiX gXiX jlj efk`]`ZXZ`fe\j%$ 8Zkl„ \c ;i% @m}e JXek`cc}e DXikˆe\q J\Zi\kXi`f 8[alekf [\ „jkX Al[`ZXkliX%$ EFK@=Ă HL<J< P :LDGC8J<%$ ] ;i% Bc„Y\i :Xc[\iÂ?e ;ˆXq# Al\q 8[alekf% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f f ZXj`ccX al[`Z`Xc gXiX jlj gfjk\$ i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iˆd\kif [\ c\p% ; i% @MĂ?E J8 E K @ C C Ă? E D8IKĂ E<Q J<:I<K8I@F 8;ALEKF% ?Xp le j\ccf 8I&/)+-,&ZZ
<A<:LK@MFJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 CFJ J<zFI<J <=IyE PFM8EP Ă?CM8I<Q G<z8=@<C P FC@M@8 ;<C IF:Ă F GI8;F G8L:8I 8:KFI1 89F>8;F <JK<98E IFC8E;F FIK@Q ;Ă?M@C8# <E JL :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;<C =@;<@:FD@JF D<I:8EK@C DLKL8C@JK8 G@:?@E:?8 + =@DLG@ + ;<D8E;8;FJ1 J<zFI<J <=IyE PFM8EP Ă?CM8I<Q G<z8=@<C P FC@M@8 ;<C IF:Ă F GI8;F G8L:8I AL@:@F <A<:LK@MF EF%.--$ )'('$MJ :L8EK@81 /'%'''#ff 89F>8;F1 ;I% :I@JKF98C KIFP8 ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# m`\ie\j ), [\ ale`f [\c )'(' X cXj (+_+0%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f p \e d` ZXc`[X[ [\ Al\q k`klcXi [\ „jkX Al[`ZXkliX%$ <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p2 gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X Zˆk\$ j\ \e \c cl^Xi hl\ j\ `e[`ZX X cfj [\dXe[X[fj j\ÂŒfi\j <]i„e PfmXep Ă?cmXi\q G\ÂŒX]`\c p Fc`m`X [\c IfZˆf GiX[f GXlZXi2 X ]`e [\ hl\ \e \c k„id`ef [\ ki\j [ˆXj ZldgcXe Zfe cX fYc`^XZ`Â?e [\dXe[X[X f gifgfe^Xe \oZ\g$ Z`fe\j [\ cXj hl\ j\ Zi\Xe Xj`j$ k`[fj2 gXiX kXc \]\Zkf \emˆ\j\ \c jl]`Z`\ek\ [\jgXZ_f X cX F]`Z`eX
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
ĉ
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
[\ :`kXZ`fe\j%$ 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj hl\ j\ XZfdgXÂŒXe%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi \c XZkfi gXiX i\Z`Y`i jlj efk`]`$ ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe# Xjˆ Zfdf cX [\j`^eXZ`Â?e [\ jl XYf^X[f gXkifZ`eX[fi%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% +)* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e d„i`$ kf X cX <jZi`kliX [\ ?`gfk\ZX p Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# j\ fi[\eX \c \dYXi^f [\c Cfk\ [\ K\ii\ef EÂ’d\if Ki\`ekX p J\`j# [\c Gif^iXdX [\ M`m`\e[X Cfj C`Y\ikX[fi\j# j`klX[f \e cX GXiifhl`X CX DX^[Xc\eX :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X2 ZlpXj d}j \jg\Z`]`ZXZ`f$ e\j fYiXe [\c Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[%$ GXiX cX gi}Zk`ZX [\ „jkX [`c`^\eZ`X j\ [`jgfe\ Zfe ]le[Xd\ekf \e \c 8ik% *(+ [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc# j\ Zl\ek\ Zfe le ;\gfj`kXi`f Al[`Z`Xc [\ „jk\ ZXekÂ?e Hl`kf# gXiX cf ZlXc i\dˆkXj\ \c jl]`Z`\ek\ [\jgX$ Z_f X cX F]`Z`eX [\ Jfik\fj p :Xj`cc\ifj Al[`Z`Xc\j gXiX cfj ]`e\j [\ c\p%$ ;\ j\i e\Z\jXi`f j\ ZfekXi} Zfe cX Gfc`ZˆX EXZ`feXc%$ @ejZiˆYXj\ \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf# gXiX cf ZlXc efk`]ˆhl\j\ X [`Z_f ]leZ`feXi`f%$ Gfi c`Z\eZ`X [\c j\ÂŒfi J\Zi\kXi`f k`klcXi# XZkÂ’\ \c j\ÂŒfi F]`Z`Xc DXpfi# \eZXi^X[f d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef%(((,$;G$;;G [\ ]\Z_X (, [\ Ale`f [\c )'('%$ :@K<J< P EFK@=@HL<J< ] %$ ;I% @M8E :<M8CCFJ Q8D9I8EF# AL<Q M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j )( [\ dXiqf [\c )'(( X cXj '/_,)%$ 8k\ekf Xc aliXd\e$ kf i\e[`[f gfi \c XZkfi XYf^X[f <jk\YXe IfcXe[f Fik`q ;}m`cX# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c =`[\`Zfd`jf D\iZXek`c DlklXc`jkX G`Z_`eZ_X + =@DLG@ +2 p# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j <]i„e PfmXep Ă?cmXi\q G\ÂŒX]`\c p Fc`m`X [\c IfZˆf GiX[f GXlZXi# X kiXm„j [\ lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e „jkX Z`l[X[ [\ Hl`kf2 gXiX cf ZlXc Zfe]`„iXj\ \c Zfii\j$ gfe[`\ek\ \okiXZkf%$ :@K<J< P EFK@=@HL<J<% = %$ ;I% @M8E :<M8CCFJ Q8D9I8EF# AL<Q M@>yJ@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% CF HL< :FDLE@:F 8 LJK<; G8I8 CFJ =@E<J ;< C<P# I<:FI;Ă?E;FC< C8 F9C@>8:@äE HL< K@<E< ;< J<z8C8I :8J@CC<IF AL;@:@8C <E <C CL>8I ;<C AL:@F G8I8 I<:@9@I JLJ EFK@=@:8:@FE<J%$ HL@KF '- ;< 89I@C ;<C )'((%$ :<IK@=@:F ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./0-0&k] < O K I 8 : K F :@K8:@FE AL;@:@8C 8C J<zFI 8E><C =89@8E ELz<Q QLI@K8 AL@:@F 1 <A<:LK@MF Ef% 0+-&)%'('%<:J% 8:KFI 1 8IKLIF IF9<IKF
IFD<IF :FO ;<D8E;8;F 1 8E><C =89@8E ELz<Q QLI@K8 ;FD@:@C@F AL;@:@8C 1 ;I% =<C@G< DFE8I P8E<Q :L8EK@8 1 LJ *%'''#ff F9A<KF 1:FE =LE;8D<EKF <E CF GI<M@JKF <E CFJ 8IKJ% +(* ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C # +(' P +(( ;<C :F;@>F ;< :FD<I:@F# ;<D8E;8 <E AL@:@F <A<:LK@MF 8C J<zFI 8E><C =89@8E ELz<Q QLI@K8 # <C G8>F ;<C :8G@K8C 8;<L;8;F# CFJ @EK<I<J<J C<>8C<J# :FD@J@FE<J P :FJK8J GIF:<J8C<J % ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 % Hl`kf # cle\j )- [\ Alc`f [\c )%'(' # cXj '0_+*%$ M@JKFJ%$<e m`ikl[ [\c jfik\f hl\ Xek\Z\[\ XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX %$ <e cf gi`eZ`gXc cX [\dXe[X \j ZcXiX p gi\Z`jX# gfi cf hl\ j\ cX XZ\g$ kX Xc ki}d`k\ \a\Zlk`mf%$:’dgcX Zfe cX fYc`^XZ`�e [\dXe[X[X f gifgfe^X \oZ\gZ`fe\j \e \c k„i$ d`ef [\ ki\j [ˆXj \c [\dXe[X[f j\Œfi 8E><C =89@8E ELz<Q QLI@K8 %$ Gfi jfc`Z`kXicf \c XZkfi # \e d„i`kf [\c :<IK@=@:8;F ;< D8KI@:LC8 hl\ X[alekX p [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf gfi \c 8ik% +)) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c # j\ [`jgf$ e\ \c j\Zl\jkif [\c m\_ˆZlcf [\ gifg`\[X[ [\c [\dXe[X[f [\ gcXZXj G:=$+'+ 2 gXiX cX gi}Z$ k`ZX [\ \jkX [`c`^\eZ`X Zfd`j`�$ e\j\ Xc j\Œfi K\e`\ek\ Gfcˆk`Zf [\ cX gXiifhl`X PXilhlˆ# hl`\e [\j`^eXiX ;\gfj`kXi`f Al[`Z`Xc [\ [`Z_f cl^Xi p Zl„ek\j\ Zfe cX Gfc`ZˆX EXZ`feXc [\ j\i e\Z\$ jXi`f%$:ˆk\j\ Xc [\dXe[X[f gfi cX gi\ejX # \e cX ]fidX gi\m`j$ kX gfi \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c %$K„e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`cc\if al[`Z`Xc [\j`^eX[fj%$ 8^i„^l\j\ cX [fZld\ekXZ`�e gi\j\ekX$ [X%$ Efk`]ˆhl\j\%$] % ;i% AX`d\ :Xej\Zf >l\ii\if Al\q % Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j [\ c\p # gi\m`e`„e[f$ c\ [\j`^e\ jl [fd`Z`c`f \e \c Alq^X[f Efm\ef [\ cf :`m`c p [\ekif [\c g\iˆd\kif c\^Xc%$ ;I% ALC@F DLzFQ J <: I < K8 I @ F A L Q>8 ; F EFM<EF :@M@C G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.//0'&k] <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C1 8C J<zFI M@:KFI ?L>F @Q8 :?@:8@Q8 8:KFI1 89F>8;F 8CM8IF D8LI@:@F :8;<E8 DFI8C<J# GIF:LI8;FI AL;@:@8C ;<C 98E:F :8G@K8C J%8% ;<D8E;8;F1 DFE@:8 A8E<K? =CFI<J KIFP8 p \c j\Œfi M@:KFI ?L>F @Q8 :?@:8@Q8% AL@:@F1 )'(($''0,$:J KI8D@K<1 <A<:LK@MF :L8EK@81 M<@EK< P LE D@C ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK<8D<I@:8% =LE;8D<EKFJ ;< ;<I<:?F1 <E CF ;@JGL<JKF <E <C 8IK@:LCF +(0 ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C 8JLEKF1 :F9IF ;< ;@E<IF ;<=<EJFI ;<C 8:KFI1 89F>8;F 8CM8IF D8LI@:@F :8;<E8 DFI8C<J% @E@:@8;F1 ), ;< <E<IF ;<C )'((%
Ĺ?
ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# =\Yi\if '/ [\c )'((# cXj '0_*+%$ M@JKFJ%$ Gfi ZlXekf j\ _X[X [f ]`\c Zld$ gc`d`\ekf Zfe cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi%$ <e cf gi`e$ Z`gXc cX [\dXe[X hl\ Xek\Z\[\ j\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX# Zfdgc\kX p hl\ i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p2 \e kXc m`ikl[# j\ cX XZ\gkX X ki}d`k\ \e cX mˆX [\c al`Z`f \a\Zlk`mf%$ <e Zfej\$ Zl\eZ`X cX [\dXe[X[X j\ÂŒfiX DFE@:8 A8E<K? =CFI<J KIFP8 p \c j\ÂŒfi M@:KFI ?L>F @Q8 :?@:8@Q8# \e jl ZXc`[X[ [\ [\l[fi\j gi`eZ`gXc\j2 \e \c k„i$ d`ef [\ ki\j [ˆXj ZldgcXe Zfe cX fYc`^XZ`Â?e f [\ekif [\c d`jdf k„id`ef gifgfe^Xe \oZ\gZ`fe\j# YXaf gi\m\eZ`Â?e [\ j\ek\eZ`X%$ :fe cX [\dXe[X p Xlkf i\ZXˆ[f# Zˆk\j\ X cX [\dXe[X[X DFE@:8 A8E<K? =CFI<J KIFP8# \e \c [fd`Z`c`f j\ÂŒXcX[f gXiX \c \]\Z$ kf2 p# \e Xk\eZ`Â?e [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe \c XikˆZlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ Xc j\ÂŒfi M@:KFI ?L>F @Q8 :?@:8@Q8# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf% KÂ?d\j\ efkX [\ cX ZlXekˆX p cX ZXc`[X[ \e cX hl\ ZfdgXi\Z\ \c j\ÂŒfi 8Yf^X[f Ă?cmXif DXli`Z`f :X[\eX DfiXc\j# Zfe]fid\ cf aljk`]`ZX Zfe \c [fZld\ekf hl\ XZfdgXÂŒX%$ :ˆk\j\ p efk`]ˆhl\$ j\%$ = ;iX% DXiˆX D\iZ\[\j Gfik`ccX% Cf hl\ c\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`„e[fc\ [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if Al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf X ]`e [\ i\Z`Y`i gfjk\i`fi\j efk`]`$ ZXZ`fe\j \e cX gi\j\ek\ ZXljX%$ ;i% Cl`j Ife M`ccXm`Z\eZ`f J\Zi\kXi`f% 8%:%&./0() gm
FI;@E8I@FJ I% [\c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Ă 8Q P <C98 ;8E@C8 :?8M<Q >8I:@8# :FE LE8 <OK<EJ@FE ;< ()''D) 8GIFO@D8;8D<EK< KI8D@K<1 FI;@E8I@F :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF AL;@:@8C EIF%
TĂ?TULO EXTRAVIADO Se comunica al pĂşblico el extravĂo del siguiente tĂtulo de acciĂłn del capital social de la compaĂąĂa TECOCEL S.A. ZONA FRANCA HOSPITAL DE LOS VALLES: TĂtulo No. : 368 NĂşmero de acciones: 10 Propietario: MARGARITA CRUZ PACHANO El tĂtulo antes detallado serĂĄ anulado en caso de no presentarse ningĂşn reclamo sobre el mismo en un lapso de 30 dĂas contados desde la tercera publicaciĂłn de este aviso. Quito, 8 de abril del 2011
I_ ^W ^[Y^e YWij_bbei [d [b W_h[" de ^W f[hZ_Ze [b j_[cfe1 Wbb‡ [i ZedZ[ Z[X[d [ijWh$ 7^ehW" fŒd]Wb[i Y_c_[djei$ >;DHO :7L?: J>EH;7K -)* G<IK<E<:@<EK< 8C ;I% IF;I@>F M<C8J:F GIFM@;<E:@81 ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j 0 [\ efm`\dYi\ [\c )'('# cXj ((_,,%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f \e cX i\jg\Zk`mX f]`Z`$ eX [\ Jfik\fj p \e ZXc`[X[ [\ Al\q Jlgc\ek\# d\[`Xek\ F]`Z`f Eif% '()$;;G$A8I# [\ ), [\ <e\if [\c )'',%$ <e cf gi`eZ`$ gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\[\ek\ j\ cX XZ\gkX X ki}d`k\ Fi[`eXi`f%$ :ˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p „jk\ Xlkf hl\ Xek\$ Z\[\ X cX ;\dXe[X[X >cX[pj :XicfkX Hl`cldYX 8j`gl\cX# \e \c cl^Xi j\ŒXcX[f gXiX \c \]\Zkf# X ]`e [\ hl\ [\ekif [\c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\ gifgf$ e`\e[f \e ]fidX ZfealekX kf[Xj p ZX[X leX [\ cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ hl\ j\ Zi\X Xj`jk`[X%$ <e d„i`kf [\c aliXd\ekf i\e[`[f gfi gXik\ [\ cfj 8Zkfi\j DXiZf 9fcˆmXi ;ˆXq p <cYX ;Xe`cX :_}m\q >XiZˆX# jfYi\ cX `dgfj`Y`c`[X[ [\ [Xi Zfe \c gXiX[\if f i\j`[\eZ`X [\ kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[Xife \ok`e^l`[fj gfi cX gi\jZi`gZ`�e hl\ _Xe \a\iZ`kX[f \e \jkX XZZ`�e \c [fd`e`f [\c `edl\Yc\ [\kXccX[f \e cX [\dXe[X# Zˆk\j\ Zfe \c Zfek\e`[f [\ cX [\dXe[X p „jk\ Xlkf hl\ Xek\Z\[\ X kf[Xj cXj g\ijfeXj hl\ gl\[\e _XY\i k\e`[f [\i\Z_fj hl\ hl\[Xife \ok`e^l`[fj gfi cX gi\jZi`gZ`�e hl\ _Xe \a\iZ`kX[f \e \jkX XZZ`�e \c [fd`e`f [\c `edl\Yc\ [\kXccX[f \e cX [\dXe[X# gfi cX
gi\ejX \e lef [\ cfj g\i`�[`Zfj [\ dXpfi Z`iZlcXZ`�e [\ \jkX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# X ]ˆe [\ hl\ [\ekif [\c k„id`ef [\ hl`eZ\ [ˆXj Zfek\jk\e gif$ gfe`\e[f \e ]fidX ZfealekX kf[Xj p ZX[X leX [\ cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj [\ hl\ j\ Zi\Xe Xj`jk`[fj%$ GXiX cX gi}Zk`ZX [\ cX [`c`^\eZ`X [\ Z`kXZ`�e X cX ;\dXe[X[X >cX[pj :XicfkX Hl`cldYX 8j`gl\cX# j\ Zfd`j`feX Xc j\Œfi K\e`\ek\ G�cˆk`Zf [\ cX gXiifhl`X [\ G`]f# :Xek�e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# ZfeZ\[`„e[fc\ \c k„id`ef \okiXfi[`eXi`f [\ [fj [ˆXj \e iXq�e [\ cX [`jkXeZ`X# X hl`„e j\ \em`Xi} [\jgXZ_f \e ]fidX%$ :l„ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj g\ijfe\ifj [\c @cljki\ Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# \e cXj g\ijfeXj [\c j\Œfi 8cZXc[\ p GifZliX[fi [\c @cljki\ Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# X hl`\e\j j\ c\j Z`kXi} \e jlj i\jg\Zk`mfj [\jgXZ_fj p \e cfj cl^Xi\j j\ŒXcX[fj gXiX \c \]\Zkf%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% (''' [\c :�[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :Xek�e Hl`kf# gXiX cf ZlXc efk`]ˆhl\j\ Xc ]leZ`feXi`f Zfii\jgfe[`\ek\%$ 8^i„^l\ej\ Xc gifZ\jf cX [fZld\ekXZ`�e X[alekX%$ K�d\j\ \e Zl\ekX cX ZlXekˆX p ZXj`cc\if al[`Z`Xc j\ŒX$ cX[f gfi cfj ZfdgXi\Z`\ek\j gXiX jlj efk`]`ZXZ`fe\j gfjk\$ i`fi\j%$ :ˆk\j\ p Efk`]ˆhl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`�e Cf hl\ cc\mf X jl ZfefZ`$
I<GL9C@:8 ;<C <:L8;FI ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF 8 cfj j\ÂŒfi\j% KI8EJ@KF :I@FCCF @E8:8:@8# KI8EJ@KF @98z<Q :I@FCCF# :FE:<G:@FE @98z<Q :I@FCCF# D@>L<C @98z<Q :I@FCCF# =I8E:@J:F @98z<Q :I@FCCF# ;8M@; @98z<Q :I@FCCF P ;<D8J ?<I<;<IFJ :FEF:@;FJ P ;<J:FEF:@;FJ ;<C :8LJ8EK< AFJ< I8=8<C @98z<Q K8P8E>F# D@>L<C 8PF =CFI<J# D8I@8 D8EL<C8 :?@G8EK8J@# EFI9<IKF :8IM8A8C 8CD<@;8# G@<;8; J8C8J j\ c\ _XZ\ ZfefZ\i \c <okiXZkf [\ cX [\dXe[X FI;@E8I@8 p cX Gifm`[\eZ`X hl\ Zfek`elXZ`Â?e j`^l\1 8ZkfiX1 ;I8% G8KI@:@8 ;<C :8ID<E 9<IDL;<Q C8JJF GifZliX[fiX Al[`Z`Xc [\ Dpi`Xd 8iXZ\c` >feq}c\q <jZXcXek\ p ;\ii`Zb 8idXe[f# p AfeXk_Xe 9ipXek Fik`q >feq}c\q ;\dXe[X[fj1 KI8EJ@KF :I@FCCF @E8:8:@8# KI8EJ@KF @98z<Q :I@FCCF# :FE:<G:@äE @98z<Q :I@FCCF# D@>L<C @98z<Q :I@FCCF# =I8E:@J:F @98z<Q :I@FCCF# ;8M@; @98z<Q :I@FCCF# GI<JLEKFJ ?<I<;<IFJ :FEF:@;FJ P ;<J:FEF:@;FJ ;<C :8LJ8EK< AFJ< I8=8<C @98z<Q K8P8E>F# p D@>L<C 8PF =CFI<J# D8I@8 D8EL<C8 :?@G8EK8J@# EFI9<IKF :8IM8A8C 8CD<@;8# G@<;8; J8C8J 8jlekf1 G i \ j Z i ` g Z ` Â? e <okiXfi[`eXi`X [\ ;fd`e`f :lXekˆX1 @e[\k\id`eX[X% KiXd`k\1 Fi[`eXi`f =\Z_X [\ @e`Z`XZ`Â?e1 )0 [\ efm`\dYi\ [\c )'(' :XljX1 Fi[`eXi`f E%$ (-)-$)'(' ;I% <;@JFE 98IIFJ
GIFM@;<E:@81 4 4 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j ), [\ \e\if [\c )'((# cXj (,_)0%$ M@JKFJ1 CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ Fi[`eXi`f% 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX XZkfiX p [\ Zfe]fi$ d`[X[ X cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj KI8EJ@KF :I@FCCF @E8:8:@8 M;8 ;< @98z<Q# KI8EJ@KF# :F E : < G : @ ä E # D @ > L < C # =I8E:@J:F P ;8M@; @98z<Q :I@FCCF# X cfj gi\jlekfj _\i\$ [\ifj ZfefZ`[fj p [\jZfefZ`[fj [\c ZXljXek\ j\ÂŒfi AFJ< I8=8<C @98z<Q K8P8E>F# X D@>L<C 8PF =CFI<J p D8I@8 D8EL<C8 :?@G8EK8J@# EFI9<IKF :8IM8A8C 8CD<@;8 p G@<;8; J8C8J# gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ Zfe cX Zfg`X [\ cX [\dXe[X p \jkX gifm`[\eZ`X X ]`e [\ hl\ cX Zfek\jk\ [\ekif [\c k„id`$ ef [\ (, [ˆXj gifgfe`\e[f cXj \oZ\gZ`fe\j [`cXkfi`Xj p g\i\e$ kfi`Xj hl\ j\ Zi\p\i\ Xj`jk`[f YXaf gi\m\eZ`fe\j [\ C\p%$ ;\ Zfe]fid`[X[ X cf [`jgl\jkf gfi \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX cX `ejZi`gZ`Â?e [\ cX [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ Zfej\Zl\ek\d\ek\ efk`]ˆhl\j\ Xc d`jdf X ]`e [\ hl\ kfd\ efkX [\ \jk\ gXik`ZlcXi \e cfj c`Yifj i\jg\Zk`mfj%$ :l„ek\j\ Zfe \c ;`jki`kf D\kifgfc`kXef K„e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\ÂŒX$ cX[X% 8^i„^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂŒX[X%$ EFK@=@HL<J<%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Cf hl\ Zfdle`Zf X ljk\[ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc \e \c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% Hl`kf# - [\ XYi`c [\c )'((% ;i% =iXeZ`jZf Aljk`Z`X J<:I<K8I@F ?Xp ]`idX p j\ccf
8:&&./0*(&k]
J<E8>L8 :FEJ<AF E8:@FE8C ;< I<:LIJFJ ?@;I@:FJ 8><E:@8 ;< HL@KF :@K8:@äE 8 CFJ LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J GIFM<E@<EK<J ;< C8J HL<9I8;8J# :LILE=F# GFIM<E@I P :I@JK8C# HL< =FID8E F 898JK<:<E C8J :8J:8;8 C8 G@I8>L8# G<IK<E<:@<EK< 8 C8 G8IIFHL@8 ;< E8E<>8C# ;<C :8EKFE HL@KF# GIFM@E:@8 ;< G@:?@E:?8 <OKI8:KF 8:KFI1 NXj_`e^kfe FdXi 9\eXcZXqXi G\i\q# \e jl ZXc`$ [X[ [\ Gi\j`[\ek\ [\ cX AlekX GXiifhl`Xc [\ EXe\^Xc% ;<D8E;8;FJ1 8c]i\[f JXcXqXi# Alc`X DXel\cX# JXdl\c >feqXc\q \ @jXXZ Gfik`ccX% F9A<KF ;< C8 :FE:<J@FE1 :feZ\j`fe [\c [\i\Z_f [\ Xgifm\Z_Xd`\ekf [\ X^lXj gifm\e`\ek\j [\ cXj hl\YiX[Xj1 :lile]f# Gfim\e`i p :i`jkXc# hl\ ]fidXe f XYXjk\Z\e cX :XjZX[X CX G`iX^lX# \e kf[f jl ZXl[Xc# cXj d`jdXj hl\ j\i}e lk`c`qX[Xj gXiX YXc\fcf^`X p ljf [fd\jk`$ Zf# [`Z_Xj X^lXj g\ik\e\Z\e X cX gXiifhl`X [\ EXe\^Xc# ZXekfe Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% GIF:<JF Ef% *'()$'- c%e% :FEJ<AF E8:@FE8C ;< I<:LIJFJ ?@;I@:FJ 8><E:@8 ;< HL@KF%$ Hl`kf# efm`\dYi\ *'# )''-% CXj '0_('%$ M@JKFJ1 CX jfc`Z`kl[ [\ ZfeZ\j`fe [\c [\i\Z_f [\ Xgif$ m\Z_Xd`\ekf [\ X^lXj# gi\j\e$ kX[f gfi cfj j\ÂŒfi\j NXj_`e^kfe FdXi 9\eXcZXqXi G\i\q# \e jl ZXc`[X[ [\ Gi\j`[\ek\ [\ cX AlekX GXiifhl`Xc [\ EXe\^Xc# \j ZcXiX p i\le\ cfj [\dXj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX gXiX jl kiXd`k\% <e Zfej\Zl\eZ`X# j\ [`jgfe\ j\ Z`k\ X cfj ljlXi`fj ZfefZ`[fj f ef# [\ cXj X^lXj ZlpX ZfeZ\j`fe j\ jfc`Z`kX gfi cX gi\ejX# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /. [\ cX C\p [\ 8^lXj# d\[`Xek\ cX glYc`ZXZ`Â?e [\ le \okiXZkf [\ cX jfc`Z`kl[ p \jkX gifm`[\eZ`X \e lef [\ cfj ;`Xi`fj1 <c :fd\iZ`f#
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ‘IAS
EXTRACTO
EXTRACTO
CONSTITUCION DE LA COMPAĂ‘IA MULTIDISTRIBUIDORA SANCHEZ PACHECO S.A.
DE LA ESCRITURA PUBLICA DE DISOLUCION VOLUNTARIA Y ANTICIPADA DE LA COMPAĂ‘IA GLOBALQUIMICOS S.A.
La compaĂąĂa MULTIDISTRIBUIDORA SANCHEZ PACHECO S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Segundo del Distrito Metropolitano de Quito, el 18 de Marzo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas mediante ResoluciĂłn SC.IJ.DJC.Q.11.001469 de 31 de Marzo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, Provincia de PICHINCHA 2.- CAPITAL: Suscrito US$ 801,00 NĂşmero de Acciones 801 Valor US$1,00 3.- OBJETO.- El objeto de la compaĂąĂa es: LA VENTA POR INTERNET Y DISTRIBUCION A DOMICILIO DE PRODUCTOS DE CONSUMO MASIVO,... Quito, 31 de Marzo de 2011 Dr. Oswaldo Noboa LeĂłn DIRECTOR JURIDICO DE COMPAĂ‘IAS
ANTECEDENTES.- GLOBALQUIMICOS S.A. se constituyĂł mediante escritura pĂşblica otorgada ante el Notario Cuarto del Distrito Metropolitano de Quito, el 12 de octubre de 2001, inscrita en el Registro Mercantil del mismo Distrito bajo el No. 614, Tomo 133, el 21 de febrero de 2002 1. CELEBRACION Y APROBACION.- La escritura pĂşblica de disoluciĂłn voluntaria y anticipada de la compaĂąĂa GLOBALQUIMICOS S.A., otorgada el 12 de diciembre de 2008 ante el Notario Cuarto del Distrito Metropolitano de Quito, ha sido aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No.SC.IJ.DJDL.Q.11.1049 de 03 MAR. 2011. 2. OTORGANTES.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada la seĂąora Martha Isabel GuayasamĂn Iza, en su calidad de Gerente General de la compaĂąĂa, de nacionalidad ecuatoriana, de estado civil viuda y domiciliada en el Distrito Metropolitano de Quito. 3. PUBLICACION.- La Superintendencia de CompaĂąĂas ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica pertinente, por tres dĂas consecutivos, para efectos de oposiciĂłn de terceros seĂąalada en el Art. 33 de la Ley de CompaĂąĂas y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. AVISO PARA OPOSICION.- Se pone en conocimiento del pĂşblico la disoluciĂłn voluntarla y anticipada de la compaĂąĂa GLOBALQUIMICOS S.A. a fin que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaĂąĂa, dentro de los seis dĂas contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y, ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąĂas. El Juez que reciba la oposiciĂłn notificarĂĄ a esta Superintendencia, dentro del tĂŠrmino de dos dĂas siguientes, juntamente con el escrito de oposiciĂłn y providencia recaĂda sobre ella. En caso de no existir oposiciĂłn o de no ser notificada en la forma antes indicada se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la indicada compaĂąĂa y al cumplimiento de los demĂĄs, requisitos legales. Distrito Metropolitano de Quito, a AB. PATRICIA CHIRIBOGA SĂ NCHEZ DIRECTORA JURIDICA DE DISOLUCION Y LIQUIDACION DE COMPAĂ‘IAS
Gerencia General AR/82483/cc
d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`„e[fc\ [\ cX fYc`^XZ`�e hl\ k`\e\ [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j% :\ik`]`Zf% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&./0-,&k]
A.C./78963
A.C./78957/pv
Lck`dXj Efk`Z`Xj# ?fp f CX ?fiX# hl\ j\ \[`kXe \e \jkX Z`l[X[# gfi ki\j m\Z\j# d\[`Xe[f [\ leX X fkiX \c gcXqf [\ fZ_f [ˆXj% :`k\j\ X cfj j\ÂŒfi\j1 8c]i\[f JXcXqXi# Alc`X Dl\cX2 JXdl\c >feqXc\q p @jXXZ Gfik`ccX% =@a\jej\ ZXik\c\j [liXek\ ki\`ekX [`Xj# \e ki\j [\ cfj cl^Xi\j dXj ]i\Zl\ekX[fj [\ cX gXiifhl`X [\ EXe\^Xc# Zfd`$ j`feXe[fj\ \jkX [`c`^\eZ`X Zfdf cXj Z`kXZ`fe\j Xc j\ÂŒfi K\e`\ek\ Gfc`k`Zf [\ cX `e[`ZX[X gXiifhl`X% J\ [X gfi c\^`k`dX[X cX g\ijfe\$ i`X [\c ZfdgXi\Z`\ek\ X m`ikl[ [\c efdYiXd`\ekf hl\ X[ale$ kX% @eZfigfi\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e hl\ XZfdgXÂŒX% Kfd\j\ efkX [\c ZXj`cc\if al[`$ Z`Xc j\ÂŒXcX[f# Xj` Zfdf cX Xlkf$ i`qXZ`Â?e fkfi^X[X X jl 8Yf^X[f ;\]\ejfi% EFK@=@HL<J<% = @e^% AlXe DfjZfjf G\ÂŒX_\ii\iX# A\]\ [\ cX 8^\eZ`X [\ Hl`kf [\c :fej\af EXZ`feXc [\ I\Zlijfj ?`[i`Zfj% Cf hl\ Zfdle`Zf Xc glYc`Zf gXiX cfj ]`e\j [\ C\p Zfej`^l`\ek\j# gi\m`e`\e[fc\j cfj `ek\i\jX[fj [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX cXj gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% :<J8I KFII<J ;8M@C8 J<:I<K8I@F ;< C8 8><E:@8 ;< HL@KF ;<C :FEJ<AF E8:@FE8C ;< I<:LIFJ ?@;I@:FJ% Gi\j\ekX[f \e cX 8^\eZ`X [\ Hl`kf [\c :fej\af EXZ`feXc [\ I\Zlijfj ?`[i`Zfj# \c [`X [\ _fp m\`ek\ p el\m\ [\ \e\if [\c XÂŒf [fj d`c j`\k\# X cXj hl`eZ\ _fiXj% GXiX ZfejkXeZ`X ]`idf p Z\ik`]`Zf% <C J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./0-'&k] J<:I<K8I@8 ;<C 8>L8 J<:I<K8IĂ 8 E8:@FE8C ;<C 8>L8 J<E8>L8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J QFE8C HL@KF :@K8:@äE 8 CFJ LJL8I@FJ :FEF:@;FJ F EF ;< C8J 8>L8J# JL9K<IIĂ?E<8J# GIFM<E@<EK<J ;<C GFQF GIF=LE;F# G<I=FI8;F <E <C @EK<I@FI ;< C8 GIFG@<;8; ;<C JFC@:@K8EK<# G8I8 LJF ;FDyJK@:F P I@<>F# <E <C :8L;8C )#,' C&J# L9@:8;F <E C8 G8IIFHL@8 8CF8># :8EKäE D<AĂ 8# GIFM@E:@8 ;< G@:?@E:?8% <OKI8:KF 8:KFI1 DXli`Z`f OXm`\i DfekXcmf M}jZfe\q# \e ZXc`$ [X[ [\ >\i\ek\ >\e\iXc [\ cX :fdgXŒˆX 8CF8>G8IB J%8% F9A<KF ;< C8 JFC@:@KL;1 :feZ\j`Â?e [\c [\i\Z_f [\ Xgif$ m\Z_Xd`\ekf [\ X^lXj# gXiX ljf [fd„jk`Zf p i`\^f% ;\ekif [\c ki}d`k\ E— *00.$(( :j J\ _X [`ZkX[f cX j`^l`\ek\ gifm`[\eZ`X1 J<:I<K8I@8 E8:@FE8C ;<C 8>L8# ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J% QfeXc Hl`kf%$ GifZ\jf E— *00.$(( :j%$ Hl`kf# )( [\ dXiqf [\c )'((% CXj ((?*'%$ M@JKFJ1 8mfZf Zfef$ Z`d`\ekf [\c gi\j\ek\ ki}d`k\ \e m`ikl[ [\ _XY\i j`[f efd$ YiX[f :ffi[`eX[fiX I\^`feXc [\ cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj < # d\[`Xek\ XZZ`Â?e [\ g\ijfeXc E—% '),('.' [\ (/ [\ dXiqf [\c )'((%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E—% )''0$+- \og\[`[f \c (* [\ efm`\dYi\ [\ )''0# j\ Zi\X cX ;\dXiZXZ`Â?e ?`[if^i}]`ZX [\ <jd\iXc[Xj%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E— )''0$ +/ [\ + [\ [`Z`\dYi\ [\c )''0# j\ \og`[\ \c <jkXklkf Fi^}e`Zf [\ >\jk`Â?e Fi^Xe`qXZ`feXc gfi GifZ\jfj [\ cX J\Zi\kXiˆX EXZ`feXc [\c 8^lX $ J<E8>L8%$ Hl\ d\[`Xek\ 8Zl\i[f D`e`jk\i`Xc E—% )'('$-- [\ )' [\ \e\if [\c )'('# j\ \jkXYc\Z\ p [\c`d`kX cXj el\m\ [\dXiZXZ`f$ e\j _`[if^i}]`ZXj p jlj i\jg\Z$ k`mXj qfeXc\j%$ <e cf gi`eZ`gXc1 CX jfc`Z`kl[ [\ ZfeZ\j`Â?e [\c [\i\Z_f [\ Xgifm\Z_Xd`\e$ kf [\ cXj X^lXj jlYk\ii}e\Xj# gifm\e`\ek\j [\c gfqf gif]le[f g\i]fiX[f \e \c `ek\i`fi [\ cX gif$ g`\[X[ [\c jfc`Z`kXek\# lY`ZX[f \e cX gXiifhl`X 8cfX^# ZXekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X# gi\j\ekX[X gfi \c j\ÂŒfi DXli`Z`f OXm`\i DfekXcmf M}jZfe\q# \e ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ cX :fdgXŒˆX 8CF8>G8IB J%8%# gXiX ljf [fd„jk`Zf p i`\^f# \e \c ZXl[Xc )#,' c&j2 \j ZcXiX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX gXiX jl ki}$ d`k\% 8k\e[`\e[f cf jfc`Z`kX[f p
[\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% /. [\ cX C\p [\ 8^lXj# Zˆk\j\ X cfj ljlXi`fj ZfefZ`[fj f ef# [\ cXj X^lXj jlYk\ii}e\Xj# gifm\e`\ek\j [\c gfqf gif]le[f# g\i]fiX[f \e \c `ek\i`fi [\ cX gif$ g`\[X[ [\c jfc`Z`kXek\# lY`ZX[f \e cX gXiifhl`X 8cfX^# ZXekÂ?e D\aˆX# gifm`eZ`X [\ G`Z_`eZ_X% J\ glYc`ZXi} le \okiXZkf [\ cX jfc`Z`kl[ p \jkX gifm`[\eZ`X \e lef [\ cfj ;`Xi`fj1 <c :fd\iZ`f# èck`dXj Efk`Z`Xj# ?fp# cX ?fiX f <c K\c„^iX]f [\ Z`iZlcXZ`Â?e eXZ`f$ eXc# gfi ki\j m\Z\j# d\[`Xe[f leX [\ cX fkiX \c gcXqf [\ fZ_f [ˆXj% =ˆa\ej\ ZXik\c\j [liXek\ ki\`ekX [ˆXj# \e ki\j cl^Xi\j d}j ]i\Zl\ekX[fj [\ cX gXiifhl`X 8cfX^# d\[`Xek\ Zfd`j`Â?e c`YiX$ [X Xc j\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ cX `e[`ZX[X gXiifhl`X%$ <c X[d`$ e`jkiX[f gi\j\ek\ cX Zfg`X [\ cX i\jfclZ`Â?e [\ ]\Z_X )0 [\ fZkl$ Yi\ [\c )'('# \e \c hl\ Xlkfi`qX cX G\i]fiXZ`Â?e [\ Gfqf# gXiX cX gi\j\ekXZ`Â?e [\c [fZld\ekf jfc`Z`kX[f j\ c\ ZfeZ\[\ \c k„i$ d`ef [\ Z`eZf [ˆXj% 8^i„^l\j\ X \og\[`\ek\j cfj [fZld\ekfj ZfejkXek\j X +/ ]faXj% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef% ),.' p cX Xlkfi`qXZ`Â?e \eki\^X[X X jl 8Yf^X[X GXkifZ`eX[fiX% ;\ Zfe]fid`[X[ Zfe \c d\dfiXe$ [f Ef% :>8A%+$'.(+ [\c )- [\ fZklYi\ [\ )'('# XZkÂ’\ Zfdf J\Zi\kXi`f 8[$?fZ \e \c gi\j\ek\ gifZ\jf \c ;i% DXel\c Plhl`c\dX Dlccf%$ EFK@=Ă HL<J<Âż% ] @e^% >`jj\cX Jl}i\q GXi\[\j :FFI;@E8;FI8 I<>@FE8C ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ; < <JD<I8C;8J < Æ J<:I<K8IĂ 8 E8:@FE8C ;<C 8>L8% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j%$ :\ik`]`Zf% ;i% DXel\c Plhl`c\dX Dlccf J<:I<K8I@F 8;$?F: ;< C8 ;<D8I:8:@äE ?@;IF>IĂ?=@:8 ;< <JD<I8C;8J ;< C8 J<:I<K8IĂ 8 E8:@FE8C ;<C 8>L8 J<E8>L8 % ?Xp le j\ccf 8I&/)+0/&ZZ
I<D8K<J I<GL9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< KI898AF ;< G@:?@E:?8 AL@:@F Ef% '0..$)''. J%G% 8M@JF ;< I<D8K<1 8C GL9C@:F J< C< ?8:< J89<I1 Hl\ [\e$ kif [\c al`Z`f Ef%$'0..$)''.$ JG# d\[`Xek\ gifm`[\eZ`X [\ ]\Z_X Hl`kf# al\m\j (' [\ dXiqf [\c )'((2 cXj (+_ ()# [`ZkX[X gfi \c j\Œfi ;i% <[^Xi =cfi\j >feqX# Al\q 8[alekf [\c Alq^X[f K\iZ\if [\c KiXYXaf [\ G`Z_`eZ_X# j\ _X j\ŒXcX[f gXiX \c [ˆX CLE<J ). ;< ALE@F ;<C )'((# [\j[\ cXj (+_'' _XjkX cXj (/_''# X ]`e [\ hl\ k\e^X cl^Xi \e cX j\Zi\kXi`X 8[alekX [\ \jk\ Alq^X[f# \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f [\e$ kif [\ \jkX ZXljX# Zfdgl\jkf [\ k\ii\ef p ZfejkilZZ`fe\j# L9@:8:@FE1 :Xcc\ <cfp 8c]Xif# p 8dXYc\ 8iXlq# GXiifhl`X1 :fefZfkf2 j\Zkfi1 :fefZfkf2 :Xek�e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# @E=I8<JKIL:KLI81 <c `edl\Yc\ [`jgfe\ [\ cX j`^l`\ek\ `e]iX\jkilZkliX liYXeX p j\im`Z`fj1 XcZXekXi`ccX[f# X^lX gfkXYc\# ZXcc\j Xj]XckX[Xj# m\i\$ [X p Yfi[`ccfj# \e\i^ˆX \c„Zki`ZX# XcldYiX[f g’Yc`Zf# j\im`Z`f k\c\$ ]�e`Zf# Z\iiXd`\ekf2 D<;@;8J P C@E;<IFJ1 EFIK<%$ <e *)%+'d# Zfe gifg`\[X[ [\ cX j\ŒfiX @jXY\c :l\mX2 JLI%$ <e *(%+'d Zfe cfk\ )2 FI@<EK<%$ <e (,%*'d Zfe cfk\ +2 p F::@;<EK<%$ <e (,d# Zfe ZXcc\ <cfp 8c]Xif2 JLG<I=@:@< ;<C K<II<EF1 +/*#*' d)2 ;<J:I@G:@FE ><E<I8C ;<C @EDL<9C<1 <ok\i`fid\ek\ j\ \eZl\ekiX Y`\e dXek\e`[f p \j [\[`ZX[f X m`m`\e[X# \jkX lY`ZX$ [X \e qfeX liYXeX# cX ZfejkilZ$ Z`�e \j leX m`m`\e[X [\ [fj gcXe$ kXj2 8I<8 ;< :FEJKIL::@FE1 GC8EK8 98A81 (*,d) GI@D<I8 8CK81 /'d) KFK8C1 )(,d)2 8M8CLF ELD<I@:F1 K<II<EF +/%**'2 :FEJKIL::@FE1 ,*%.,'2 8M8CLF KFK8C1 Jfe1 :`\ekf [fj d`c fZ_\ekX [�cXi\j Xd\i`ZXefj (')%'/'#'' 2 ;\Y`„e[fj\ _XZ\i jXY\i Xc g’Yc`$ Zf# gfi Xm`jfj hl\ j\ glYc`ZXi}e \e lef [\ cfj g\i`�[`Zfj hl\ j\ \[`kXe \e \jkX gifm`eZ`X# gfi ki\j m\Z\j# d\[`Xe[f fZ_f [ˆXj gfi cf d\efj \eki\ leX p fkiX glYc`$ ZXZ`�e# p [\c ’ck`df [\ \ccfj Xc [ˆX j\ŒXcX[f gXiX \c i\dXk\2 p# gfi ki\j ZXik\c\j hl\ j\ ]`aXi}e \e ki\j [\ cfj d\afi\j gXiXa\j dXj ]i\Zl\ekX[fj [\ cX ZXY\Z\$ iX [\ cX gXiifhl`X :fefZfkf [\
\jk\ ZXekÂ?e# [fe[\ j\ \eZl\ekiX \c Y`\e X i\dXkXij\# Zfe]fid\ cf \jkXYc\Z\ \c 8ik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% GXiX cX ]`aXZ`Â?e [\ cfj ZXik\c\j \e cX ZXY\Z\iX [\ cX GXiifhl`X [\ :fefZfkf# j\ Zfd`j`feX Xc J\ÂŒfi K\e`\ek\ Gfcˆk`Zf [\ [`Z_X GXiifhl`X%$ CXj gfjkliXj j\ i\Z`Y`i}e jfYi\ cX YXj\ [\ cX d`kX[ [\c gi\Z`f [\c XmXcÂ’f \e [`e\if \]\Zk`mf f Z_\hl\ Z\ik`]`$ ZX[f X cX fi[\e [\c Alq^X[f%$ ] ;i% <[^Xi =cfi\j >fe^X# Al\q 8[alekf [\c Alq^X[f K\iZ\if [\ KiXYXaf# ] 8Y^% ClZ`cX Jfi`X G„i\q# J\Zi\kXi`X 8[alekX hl\ Z\ik`]`ZX% Cf hl\ Zfdle`Zf Xc gÂ’Yc`Zf gXiX cfj ]`e\j [\ c\p% Hl`kf# dXiqf (, [\c )'(( 89>% CL:@C8 JFI@8 G<I<Q J <: I < K8 I @ 8 8 ; A L E K8 ALQ>8;F K<I:<IF ;<C KI898AF ;< G@:?@E:?8 ?Xp le j\ccf 8%8%&./.)+ 8M@JF ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf Xc g“Yc`Zf \e ^\e\iXc# hl\ \e cX J\Zi\kXi‰X [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# [\j[\ cXj ZXkfiZ\ _fiXj# _XjkX cXj [`\$ Z`fZ_f _fiXj# [\c [‰X )- [\ dXpf [\c XÂŒf \e Zlijf )'(( # k\e[i~ cl^Xi \c i\dXk\ [\c j`^l`\ek\ Y`\e `edl\Yc\# ZlpXj ZXiXZk\i‰jk`ZXj jfe cXj j`^l`\ek\j1 :8LJ8 Ef% */+$)''/ ;: )% L9@:8:@äE GFC@K@:8 8;D@E@JKI8K@M8 ;<C 9@<E @EDL<9C< :Xekfe JXcZ\[f# Gifm`eZ`X1 :fkfgXo`# GXiifhl`X1 JXe D`^l\c# J\Zkfi1 IliXc [\ :_XeZ_XcfX^# @edl\Yc\ lY`ZX[f Xgifo`dX$ [Xd\ek\ X * b`cfd\kifj [\ cX M`X JXcZ\[f$8eZ_`c`m`# cfk\ j`e eld\if% *% :C8J@=@:8:@FE ;< C8 QFE81 LeX m\q i\Xc`qX[X cX `ejg\ZZ`fe gi}Zk`ZXd\ek\ \j1 IliXc1 J` 8^iˆZfcX# >XeX[\if1 J` +% ;<J:I@G:@äE ><E<I8C ;<C 9@<E @EDL<9C< <c Y`\e `edl\Yc\ `ejg\ZZ`feX[f \jkX i\gi\j\ekX[f gfi le cfk\ [\ k\ii\ef `eZc`eX[f [\ ]fidX i\Z$ kXe^lcXi `ii\^lcXi# \e \c `edl\$ Yc\ Xc dfd\ekf [\c g\i`kXa\ j\ ZfdgifYÂ? cX \o`jk\eZ`X [\1 Cfk\ [\ k\ii\ef [\ ]fidX i\ZkXe$ ^lcXi `ii\^lcXi% J<IM@:@FJ ; < @E=I8<JKIL:KLI8 >\e\iXc1 <e \c j\Zkfi IliXc \e \c ZlXc hl\ j\ \eZl\ekiX lY`ZX[f \c Y`\e `edl\Yc\% Ef Zl\ekX Zfe e`e^leX FYiX cX @e]iX\jkilZkliX# \c ZXd`ef m\_`ZlcXi hl\ Zfe$ [lZ\ Xc `edl\Yc\ \jkX X e`m\c [\ k`\iiX% ;\c Y`\e @edl\Yc\1 <jk\ `edl\$ Yc\ Ef k`\e\ e`e^le j\im`Z`f YXj`Zf% ,% :8I8:K<I@JK@:8J ;<C K<II<EF Kfgf^iX]`X1 \jk\ cfk\ \j `eZc`eX[f [\ ]fidX i\ZkXe^lcXi `ii\^lcXi% 8ek\Z\[\ek\j1 J \ ^ Â’ e # :\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ hl\ fYiX [\ekif [\c gifZ\jf 1 CX Gifg`\[X[ j\ \eZl\ekiX X efdYi\ JiX% EfidX :\Z`c`X >lXdXe` 8cdXZ_\# DXi`X CXliX 8cdXZ_\ :i`fccf# J\^le[f 8c]i\[f >lXdXe` 8cdXZ_\ p PfcXe[X G`\[X[ >lXdXe` 8cdXZ_\# XgX$ i\Z\e j\i cfj gifg`\kXi`fj [\ le gi\[`f ZfefZ`[f Zfe \c efd$ Yi\ [\ JXekf ;fd`e^f# lY`ZX[f \e cX gXiifhl`X JXe D`^l\c [\c ZXekfe JXcZ\[f# j\^Â’e \jZi`kliX [\ :fdgiX M\ekX fkfi^X[X gfi GfiiXj GfeZ\ @jXY\c [\ Cfli[\j p Fkifj# d\[`Xek\ k`klcf Z\c\$ YiX[X \e cX EfkXi`X J\^le[X [\c :Xekfe JXhl`j`cˆ Zfe ]\Z_X )- [\ Alc`f [\c )''- \ `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[ \c ), [\ X^fjkf [\c )''-# [\c cfk\ Z`iZlejZi`kf [\ekif [\ cfj j`^l`\ek\j c`e[\ifj# Efik\1 Zfe gifg`\[X[ [\c Ji% IXdfe CXjZXef# Jli1 Zfe gifg`\[X[ [\c Ji% AlXe GfeZ\# <jk\1 Zfe gif$ g`\[X[ [\ cX JiX% Cl`jX GfiiXj p Xc F\jk\1 :fe Hl\YiX[X J\ZX# Zfe leX Jlg\i]`Z`\ [\ k\ii\ef [\ /%-+*#'' d)% <c `edl\Yc\ hl\ k`\e\ ]fidX i\ZkXe^lcXi# [\ kfgf^iX]`X `eZc`$ eX[X# Zfe leX Xi\X [\ /%-+*#'' d)# gi\[`f hl\ j\ `[\ek`]`ZX Zfe cX fi`\ekXZ`Â?e# c`e[\ifj p Xi\X# cXj d`jdXj hl\ m\i`]`ZX[Xj jfe Zf`eZ`[\ek\j X jlj \jZi`kliX glYc`ZX% -% <EKFIEF LI98EF Jl <ekfief \j IliXc# [\ Ljf Gi`eZ`gXc [\c jl\cf \e cX 8^i`ZlckliX p >XeX[\i`X% .% <JK8;F 8:KL8C ;< : F E J < I M8 : @ ä E ; < C
I_ bW ck`[h [i cWbW i[ fWiW Yed f[hZ[hbW1 i_ [i Xk[dW" Yed f[hZ[hbW dei Wi[]khWhdei gk[ de be Z[`Wh| Z[ i[h$ <H7D9?I9E :; GK;L;:E O L?BB;=7I
@EDL<9C< <c \jkX[f [\ dXek\e`d`\ekf p Zfej\imXZ`Â?e [\c k\ii\ef \jkX XYXe[feX[f% <e jl `ek\i`fi# Ef k`\e\e e`e^leX fYiX [\ `e]iX\j$ kilZkliX [\ j\im`Z`fj YXj`Zfj# e` ZfejkilZZ`fe\j# kXdgfZf j\dYi`fj% /% 8M8CLF ><E<I8C ;<C @EDL<9C< 8 cX =\Z_X [\ <e\if [\c )'((% ;\efd`eXZ`Â?e2 L e ` [ X [ 2 :Xek`[X[2 Gi\Z`f Le`k% :fjkf KfkXc K\ii\ef2 d)2 /%-+*#''2 (#*'2 ((%)*,#0' Jfe1 feZ\ d`c [fjZ`\ekfj ki\`e$ kX p Z`eZf [Â?cXi\j Zfe 0'&('' Z\ekXmfj% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j 0 [\ dXiqf [\c )'((# cXj '0_++%$ M@JKFJ1 8^i„^l\j\ Xc gifZ\jf cfj \jZi`kfj hl\ Xek\$ Z\[\e% <e cf gi`eZ`gXc# gfi ef \o`jk`i fYj\imXZ`ÂŽe Xc^leX Xc `e]fid\# j\ cf Xgil\YX \e kf[Xj jlj gXik\j# \e Zfej\Zl\eZ`X# j\ÂŒ}c\j\ gXiX \c [ˆX )- [\ dXpf XÂŒf \e Zlijf# [\j[\ cXj ZXkfiZ\ _fiXj# _XjkX cXj [`\Z`fZ_f _fiXj# gXiX hl\ \e cX J\Zi\kXiˆX [\ \jkX Al[`ZXkliX k\e^X cl^Xi \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f p XmXclX[f \e cX gi\j\ek\ ZXljX# gXiX cf ZlXc j\ _Xi}e cXj i\j$ g\Zk`mXj glYc`ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# [\Y`\e[f d\[`Xi \eki\ leX p fkiX glYc`ZXZ`Â?e# gfi cf d\efj fZ_f [ˆXj _}Y`c\j p [\ cX Â’ck`dX glYc`ZXZ`Â?e Xc [ˆX \c i\dXk\# kXdY`„e fZ_f [ˆXj _}Y`$ c\j%$ Gfi kiXkXij\ [\ gi`d\i j\ÂŒX$ cXd`\ekf j\ XZ\gkXi}e Xhl\ccXj gfjkliXj hl\ ZlYiXe cXj [fj k\i$ Z\iXj gXik\j [\c XmXcÂ’f `e[`ZX[f2 p \e kf[X gfjkliX [\Y\i} XZfd$ gXÂŒXi \c [`\q gfi Z`\ekf [\c mXcfi f]i\Z`[f# \e [`e\if \]\Zk`mf f \e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% =ˆa\j\ cfj ZXik\c\j gi\m`jkfj \e cX C\p \e ki\j [\ cfj gXiXa\j d}j ]i\Zl\ekX[fj [\ cX ZXY\Z\iX [\ cX gXiifhl`X \e hl\ \jk„ j`klX[f \c Y`\e iXˆq# gXiX cf ZlXc j\ [\gi\ZX Xc j\ÂŒfi Al\q [\ cf :`m`c [\c :XekÂŽe JXcZ\[f# gif$ m`eZ`X [\ :fkfgXo`# X ]`e [\ hl\ ]`a\ cfj ZXik\c\j [\ c\p# Xjˆ Zfdf j\ ]`aXi~ cfj ZXik\c\j i\jg\Zk`mfj# \e Â…jk\ <[`]`Z`f [\ cX =leZ`Â?e Al[`Z`Xc% Efk`]‰hl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc glYc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% ;i% GXYcf Kfif :Xi`ccf% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./0.'&k] ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ \c [ˆX m\`ek\ p ZlXkif [\ DXpf [\c [fj d`c feZ\# [\ cXj ZXkfiZ\ _XjkX cXj [`\Z`fZ_f _fiXj# \e cX J\Zi\kXiˆX [\ \jkX al[`ZXkliX# j\ cc\mXiX X \]\Zkf \c i\dXk\ [\c `edl\Yc\ ZlpXj ZXiXZk\iˆjk`ZXj j\ j\ÂŒX$ cXe X Zfek`elXZ`Â?e% <c Alq^X[f \jkX lY`ZX[f \e cXj ZXcc\j 9fcˆmXi p 8jZXqlY`# <[`]`Z`f [\c 9XeZf G`Z_`eZ_X K\iZ\i G`jf \e :XpXdY\ Al`Z`f Eif% +/($)''.% L9@:8:@äE1 <c `edl\Yc\ [\ \jkX g\i`Z`X j\ \eZl\ekiX j`klX[f \e cX ZXcc\ ĂˆIfY\ikf 8e[iX[\É# j`^eX[f Zfdf F\*$/),# [\c :fealekf I\j`[\eZ`Xc Ăˆ?\cm\k`XÉ# \c d`jdf hl\ \jkX Zfejkil`[f jfYi\ \c cfk\ Ef +)# dXeqXeX Ăˆ;É [\ cX :ffg\iXk`mX [\ J\im`Z`fj <[lZXZ`feXc\j 8cY\ikf <`ejk\`e# [\gXikXd\ekf [fj# [\ cX gXiif$ hl`X Ăˆ:fkfZfccXfÉ# ;`jki`kf D\kifgfc`kXef [\ Hl`kf# gifm`e$ Z`X [\ G`Z_`eZ_X% ;<C K@KLCF <O@JK<EK<1 <jZi`kliX GÂ’Yc`ZX [\ ZfdgiXm\e$ kX# fkfi^X[X gfi cfj ZÂ?epl^\j A\jÂ’j IXd`if 8cd\`[X 8pXcX p K\i\jX [\c IfZ`Â? <jg`efqX <jki\ccX# X ]Xmfi [\ DXiˆX >XYi`\cX I`mX[\e\`iX 8cYlaX# i\gi\j\ekX[X gfi jl ZÂ?epl^\ :fjd\ =\ieXe[f MXc[`m`\jf <^Xj# Z\c\YiX[X \c / [\ ]\Yi\$ if [\c )'')# Xek\ \c EfkXi`f
[\c ZXekÂ?e G\[if DfeZXpf# ;i% Ă?e^\c IXd`if 9XiiX^}e :_Xlmˆe# \ `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf# \c )+ [\ j\gk`\dYi\ [\c )'')% <jZi`kliX GlYc`ZX [\ _`gfk\ZX XY`\ikX# fkfi^X[X gfi cfj ZÂ?epl$ ^\j :fjd\ =\ieXe[f MXc[`m`\jf <^Xj p DXiˆX >XYi`\cX I`mX[\e\`iX 8cYlaX# X ]Xmfi [\c 9XeZf [\c G`Z_`eZ_X :fdgXŒˆX 8eÂ?e`dX# Z\c\YiX[X \c (* [\ [`Z`\dYi\ \c )'')# Xek\ \c EfkXi`f GlYc`Zf [\c ZXekÂ?e FkXmXcf# 8Y^% Afj„ =XY`}e J`dYX]`X# \ `ejZi`kX \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# \c () [\ X^fjkf [\c )''*% ;<C K<II<EF1 \j le k\ii\ef [\ ]fidX kiXg\qf`[Xc# [\ kfgf^iX]ˆX `ii\^lcXi X[XgkX[f gfi cXj Zfej$ kilZZ`fe\j hl\ j\ _Xe \a\ZlkX$ [f jfYi\ \c d`jdf# \c `edl\Yc\ Zl\ekX Zfe cfj j`^l`\ek\j j\im`$ Z`fj Y}j`Zfj [\ `e]iX\jkilZkliX2 X^lX gfkXYc\# XcZXekXi`ccX[f# i\[\j [\ \e\i^ˆX \c„Zki`ZX p k\c\]Â?e`ZX# XZ\iXj p Yfi[`ccfj# cX mˆX [\ XZZ\jf \j gXm`d\ekX[X# \eZfeki}e[fj\ \c Y`\e \e le j\Z$ kfi liYXef Zfejfc`[X[f% 8[\d}j Zl\ekX Zfe Z\iiXd`\ekfj gifg`fj _XZ`X kf[fj cfj c`e[\ifj [\ dXd$ gfjk\iˆX [\ cX[i`ccf p [\ Ycfhl\ [\ Z\d\ekf# \eclZ`[fj# Zfe ZfcldeXj [\ _fid`^Â?e XidX[f# \o`jk\ X[\d}j leX gl\ikX [\ XZZ\jf m\_`ZlcXi p fkiX gl\ikX [\ XZZ\jf g\XkfeXc [\ \jkilZkliX [\ _`\iif% C@E;<IFJ P JLG<I=@:@< ><E<I8C<J ;<C CFK<1 EFIK<1 Zfe cX :8II<K<I8 K<I:<I8# ?FP :8CC< ĂˆIfY\ikf 8e[iX[\É# \e leX cfe^`kl[ [\ ,*%,' d% JLI1 :fe \c cfk\ Ef% **# \e leX cfe^`kl[ [\ +.%,' d% <JK<1 Zfe }i\X ZfdleXc# \e leX cfe^`kl[ [\ +,%'' d2 p# F<JK<1 Zfe \c cfk\ Ef% +)# \e leX cfe^`kl[ [\ +,%'' d% JLG<I=@:@<1 )%).)#,' d)% 8M8CLF ;<C K<II<EF1 gfi jlj ZXiXZk\iˆjk`ZXj ]ˆj`ZXj# ]i\ek\# ]fe[f# i\cXZ`Â?e [\ [`d\ej`f$ e\j# kfdX [\c k\ii\ef# k`gf [\c jl\cf# kfgf^iX]ˆX [\c d`jdf# cfj j\im`Z`fj [\ `e]iX\jkilZkliX Zfe cfj hl\ Zl\ekX# cX lY`ZXZ`Â?e Zfe i\cXZ`Â?e X cX Z`l[X[# cX f]\ikX p [\dXe[X gXiX \jk\ k`gf [\ Y`\e# j\ \jk`dX jl Zfjkf X iXqÂ?e [\ )''#'' [Â?cXi\j ZX[X d\kif ZlX$ [iX[f# cf hl\ dlck`gc`ZX[f gfi jl }i\X kfkXc efj [X +,+%,''%'' [Â?cXi\j L%J%8% ;<C ;<G8IK8D<EKF ;FJ1 j\ kiXkX [\ leX ZfejkilZZ`Â?e [\ leX gcXekX lY`ZX[X \e \c ]i\ek\ [\c k\ii\ef# Zfe m`jkX _XZ`X cX ZXcc\ ĂˆIfY\ikf 8e[iX[\É# \c d`jdf hl\ j\ \eZl\ekiX Zfejk`kl`[f gfi cfj j`^l`\ek\j XdY`\ek\j1 jXcX# Zfd\[fi# ZfZ`eX# [fj [fid`kf$ i`fj p le YXÂŒf Zfdgc\k\% C@E;<IFJ <JG<:@=@:FJ ;<C ;<G8IK8D<EKFJ ;FJ1 EFIK<1 Zfe _Xcc# \e cfe^`kl[ [\ .#)' d2 p# Zfe gXi\[ d\[`Xe\iX [\c [\gXikXd\ekf lef# \e leX cfe^`kl[ [\ *#.' d% JLI1 ^XiXa\ ZfdleXc p gXk`f ZfdleXc# \e leX cfe^`kl[ [\ ()#*' d2 p# \e fkiX# Zfe cX gif$ g`\[X[ [\ If^\c`f C\Â?e# \e leX cfe^`kl[ [\ ,#+' d <JK<1 Zfe aXi[`e\iX# gXihl\X$ [\if feZ\ p [fZ\# \e leX cfe$ ^`kl[ [\ /#.' d2 p# Zfe ZlXikf [\ dXhl`eXj# \e leX cfe^`kl[ [\ )#+, d% F<JK<1 Zfe gXi\[ gifg`X# \e leX cfe^`kl[ [\ ((#(' d% 8II@981 Zfe cfjX [\ \eki\g`jf E`m\c "*%+'# \e leX jlg\i]`Z`\ [\ 00#'' d)2 p# 898AF1 Zfe cfjX [\ ZfekiX g`jf E`m\c "'%)'# \e leX jlg\i]`Z`\ [\ 00#'' d)% 8C@:LFK8 KFK8C1 *%,*, : 8 I 8 : K < I @ J K @ : 8 J : F E J K I L : K @ M 8 J GI@E:@G8C<J1 \jkilZkliX p Z`d\ekXZ`Â?e [\ _fid`^Â?e XidX$ [f# cfjX [\ ZlY`\ikX p [\ \eki\g`$ jfj [\ _fid`^Â?e XidX[f# dXd$ gfjk\iˆXj [\ cX[i`ccf [\ cX[i`ccf \eclZ`[Xj p g`ekX[Xj% :fe i\Zl$ Yi`d`\ekf [\ Z\i}d`ZX \e YXÂŒfj p ZfZ`eX# Z`\cf iXjf gcXek\X[f YXaf cfjX2 m\ekXeXj [\ dX[\iX p m`[i`f ZcXif# Zfe gifk\ZZ`Â?e [\ _`\iif2 gl\ikXj `ek\ieXj [\
dXe\iX2 g`jfj Zfe i\ZlYi`d`\e$ kf [\ Z\i}d`ZX p Xc]fdYiX[fj# `ejkXcXZ`fe\j \c„Zki`ZXj \ _`[if$ jXe`kXi`Xj \dgfkiX[Xj% JLG<I=@:@< KFK8C ;< :FEJKIL::@FE1 00#'' d)% <JK8;F P <;8; ;< C8 :FEJKIL::@FE1 \jkX \[`]`ZX$ Z`�e j\ \eZl\ekiX \e i\^lcXi\j Zfe[`Z`fe\j# Zfe ZcXifj jˆekf$ dXj [\ _ld\[X[ \e jlj gXik\j p j\ \jk`dX jl \[X[ Xgifo`dX[X \e (' XŒfj% 8M8CLF ;<C ;<G8IK8D<EKF ;FJ1 gfi jlj ZXiXZk\iˆjk`ZXj ZfejkilZk`mXj# [\Zi\g`kl[# fYjfc\jZ\eZ`X ]leZ`feXc# ]XckX [\ dXek\e`d`\ekf p [\ i\gfj`$ Z`fe\j# jl lY`ZXZ`�e Zfe i\cXZ`�e X cX Z`l[X[# cX gXik\ gifgfiZ`feXc [\c k\ii\ef [\ XZl\i[f X jl Xcˆ$ ZlfkX# cX [\dXe[X [\ \jk\ k`gf [\ Y`\e \e \c d\iZX[f# j\ \jk`dX jlj Zfjkf X iXq�e [\ ))'#'' [�cXi\j ZX[X d\kif ZlX[iX[f# cf hl\ dlck`gc`ZX[f gfj jl }i\X kfkXc efj [X )(%./'#'' [�cX$ i\j [\ cfj <jkX[fj Le`[fj [\ Efik\Xd„i`ZX ;<C G8IHL<8;<IF ;F:<1 J\ kiXkX [\ leX ZfejkilZZ`�e [\j$ k`eX[X gXiX cl^Xi p \jkXZ`feX$ d`\ekf m\_`ZlcXi% C@E;<IFJ <JG<:@=@:FJ ;<C G8IHL<8;<IF ;F:<1 EFIK<1 :fe gXihl\X[\if feZ\# p gXi\[ gifg`X [\c [\gXikXd\ekf lef# \e leX cfe^`kl[ [\ -#0' d JLI1 :fe }i\X ZfdleXc# \e leX cfe^`kl[ [\ -#0' d <JK<1 :fe Z`iZlcXZ`�e m\_`ZlcX# \e leX cfe^`kl[ [\ )#,'d F<JK<1 Zfe Z`iZlcXZ`�e m\_`Zl$ cXi# \e leX cfe^`kl[ [\ )#,' d 8II@981 :fe cfjX [\ \eki\g`jf e`m\c " *#+'# \e leX jlg\i]`Z`\ [\ (.#),d)# p# 898AF1 :fe cfjX [\ ZfekiX g`jf E`m\c " '#)'# \e leX jlg\i]`Z`\ [\ (.#), d) 8C@:LFK8 KFK8C1 '#-(-( : 8 I 8 : K < I @ J K @ : 8 J : F E J K I L : K @ M 8 J GI@E:@G8C<J1 \jkilZkliXj p Z`d\ekXZ`�e [\ _fid`^�e XidX[f# cfjX [\ ZlY`\ikX p [\ \eki\g`jfj [\ _fid`^�e XidX$ [f2 dXdgfjk\iˆXj [\ cX[i`ccf g`ekX[Xj# g`jfj gXm`d\ekX[fj2 `ejkXcXZ`fe\j \c„Zki`ZXj \ _`[if$ jXe`kXi`Xj \dgfkiX[Xj% JLG<I=@:@< KFK8C ;< :FEJKIL::@FE1 \jkX \[`]`ZX$ Z`�e j\ \eZl\ekiX \e i\^lcXi\j Zfe[`Z`fe\j# j\ \jk`dX jl \[X[ Xgifo`dX[X [\ (' XŒfj% 8M8CLF ;<C G8IHL<8;<IF ;F:<1 gfj jlj ZXiXZk\iˆjk`$ ZXj ZfejkilZk`mXj# [\Zi\g`kl[# fYjfc\jZ\eZ`X ]leZ`feXc# ]XckX [\ dXek\e`d`\ekf p [\ i\gfj`$ Z`fe\j# jl lY`ZXZ`�e Zfe i\cXZ`�e X cX Z`l[X[# cX gXik\ gifgfiZ`feXc [\c k\ii\ef [\ XZl\i[f X jl Xcˆ$ ZlfkX# cX [\dXe[X [\ \jk\ k`gf [\ Y`\e \e \c d\iZX[f# j\ \jk`dX jl Zfjkf iXq�e [\ (.'#'' [�cX$ i\j ZX[X d\kif ZlX[iX[f# cf hl\ dlck`gc`ZX[f gfi jl }i\X kfkXc efj [X )%0*)#,' L%J%8% I<JLD<E ;<C 8M8CLF1 ; < G8 I K8 D < E KF ; F J 1 )(%./'#'' G8 I H L < 8 ; < I F ; F : < 1 )%0*)#,' KFK8C1 )+%.()#,' JFE1 M<@EK< P :L8KIF D@C J<K<:@<EKFJ ;F:< ,'&('' ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< EFIK< 8D<I@:8% J\ XZ\gkXiXe gfjkliXj X gXik`i [\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXc’f kfkXc XgifYX[f gfi kiXkXij\ [\ gi`d\i j\ŒXcXd`\ekf% CZ[f% 9iXlc`f G„i\q G\ŒX]`\c J<:I<K8I@F ;<C ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 <o`jk\ ]`idX p j\ccf% 8%G%&+/.+0&b%d%
M8I@FJ I\glYc`ZX [\c <ZlX[fi :`kXZ`�e Al[`Z`Xc <OKI8:KF 81 DXiˆX :cXiX GfeZ\ G\ŒX AL@:@F1 M\iYXc JldXi`f ')*'*$ )'(($''') 8:KFI1 :?8:?8 D8EF98E;8 D8EL<C 8IKLIF ;<D8E;8;F1 DXiˆX :cXiX GfeZ\ G\ŒX AL<Q1 ;iX% Qf`cX EfYfX =cfi\j <e \c Al`Z`f M\iYXc JldXi`f Ef% ')*'*$)'(($''') hl\ j`^l\ :?8:?8 D8EF98E;8 D8EL<C 8IKLIF \e ZfekiX [\ GFE:< G<z8 D8I@8 :C8I8# _Xp cf j`^l`\ek\2 ALQ>8;F K<I:<IF ;< CF :@M@C ;< 9FC@M8I%$ >lXiXe[X# m`\ie\j )( [\ \e\if [\c )'((# cXj (-_*(%$ M@JKFJ%$ Gfi Zld$ gc`[f cf fi[\eX[f \e gifm`[\e$
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? Z`X Xek\i`fi p XdgXiX[X \e cX i\jfclZ`Â?e [\c Gc\ef [\c :fej\af [\ cX Al[`ZXkliX [\ () [\ dXiqf [\c )''0 Zfdle`ZX[X \e f]`Z`f Ef '(+/$;<$:A$DA$'0 [\ (* [\ dXiqf [\c )''0 p f]`Z`f Z`iZlcXi Ef '+-0$;;9 [\ (- [\ dXiqf [\c )''0 XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\ cX efkX [\ jfik\f [\ , [\ \e\if [\c )'((% :Xc`]`ZXj\ cX [\dXe[X hl\ Xek\Z\[\ ZcXiX# gi\Z`jX p Zfd$ gc\kX gfi i\le`i cfj i\hl`j`kfj [\c XikˆZlcf -. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gfi kXekf j\ cX XZ\gkX Xc ki}d`k\ m\iYXc jldXi`f \jkXYc\Z`[f \e \c XikˆZl$ cf ((/ [\c :Â?[`^f :`m`c# [`jgÂ?e\j\ \eki\^Xi X cX [\dXe[X[X DXiˆX :cXiX GfeZ\ G\ÂŒX leX Zfg`X [\ cX [\dXe[X# [\Y`\e[f Z`k}ij\c\ gfi cX gi\ejX# gl\j \c XZkfi YXaf aliXd\ekf X]`idX cX `dgfj`Y`c`$ [X[ [\ [\k\id`eXi cX i\j`[\eZ`X [\ cX [\dXe[X[X# d\[`Xek\ glYc`ZXZ`Â?e [\ le \okiXZkf cX [\dXe[X [\ \jk\ Xlkf `e`Z`Xc# gfi ki\j m\Z\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ >lXiXe[X cl^Xi [\c al`Z`f p [\ cX Z`l[X[ [\ Hl`kf# ZXg`kXc [\ cX gifm`eZ`X [\c G`Z_`eZ_X [fe[\ j\ Z\c\YiÂ? \c dXki`dfe`f# XZfi[\ Zfe cfj XikˆZlcfj ((0 [\c :Â?[`^f :`m`c p /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xe[f fZ_f [ˆXj# gfi cf d\efj# \eki\ leX p fkiX% KÂ?d\j\ \e Zl\ekX cX ZlXekˆX# \c [fd`Z`c`f p cX Xlkfi`qXZ`Â?e [X[X X jl [\]\ejfi% :ˆk\j\ p efk`]ˆ$ hl\j\% ] %$ ;I8% QF@C8 EF9F8 =CFI<J# AL<Q8 K<I:<I8 ;< CF :@M@C ;< 9FC@M8I%$ J`^l\ \c Z\ik`]`Zf p cXj efk`]`ZXZ`fe\j% Cf hl\ cc\mf X ZfefZ`d`\ekf [\c f cfj `ek\i\jX[f j gi\m`e`„e[fc\ j [\ cX fYc`^XZ`Â?e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX efk`]`ZX$ Z`fe\j [\ekif [\ cfj m\`ek\ [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZX$ Z`Â?e% ;i% Cl`j >lXiXe^X =\ie}e[\q J\Zi\kXi`f [\c Alq^X[f *\if [\ cf :`m`c [\ 9fcˆmXi ?Xp ]`idX p j\ccf 8:&./*-*&k] I [\c <% < O K I 8 : K F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE 8 C8 :FDG8z@8 C8 KI@GC< M :Ă 8% CK;8% AFI>< M@CĂ? :8CMF P 8C9<IKF M@:<EJ 98PĂ?% GI<J@;<EK< P ><I<EK<% 8:KFI1 DXi`Xef =iXeZ`jZf :XdXZ_f >l\ii\if% ;<D8E;8;81 :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X% Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}% Gi\j`[\ek\ p >\i\ek\ AL@:@F1 I\hl\i`d`\ekf Eif% ())-$)''0$n%q% KI8D@K<1 <jg\Z`Xc AL<Q1 ;i% 8idXe[f 8Z\c[f >lXcc` Jlgc\ek\ J<:I<K8I@F1 ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f :L8EK@81 @e[\k\id`eX[X% 8LKF1 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`„iZfc\j , [\ \e\if [\c )'((# cXj ((_))% M`jkfj1 8mfZf ZfefZ`d`\ekf [\ cX ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f [\c Alq^X[f FZkXmf [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Eif% )/+*$;G$;GG# [\ ). [\ ;`Z`\dYi\ [\c )'('%$ Gfi ZlXekf j\ _X [X[f Zldgc`d`\e$ kf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi# j\ ZXc`]`ZX cX [\dXe[X gi\j\ekX[X Zfdf ZcXiX# gi\Z`jX p hl\ i\Â’e\ cfj i\hl`j`kfj [\ c\p2 \e Zfej\Zl\eZ`X# kiXdˆ$ k\j\ cX d`jdX \e cX mˆX c\^Xc Zfii\jgfe[`\ek\%$ J\ i\hl`\i\ X cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X# gfi `ek\id\[`f [\ jlj i\gi\j\ekXek\j c\^Xc\j j\ÂŒfi\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# X ]`e [\ hl\ ZfdgXi\qZXe ZfealekXd\ek\ Zfe \c j\ÂŒfi DXi`Xef =iXeZ`jZf :XdXZ_f >l\ii\if# X cX EfkXi`X M`^„j`dX J\^le[X [\c :XekÂ?e Hl`kf# X ZXi^f [\c ;i% =XY`}e JfcXef# lY`ZX[X \e cX 8m% - [\ ;`Z`\dYi\ p GXqd`ÂŒf# [\ \jkX Z`l[X[ [\ Hl`kf# [ˆX d`„iZfc\j [`\Z`j„`j [\ ]\Yi\if [\c XÂŒf [fj d`c feZ\# X cXj [`\q _fiXj# X Z\c\$
ÄŠ
YiXi cX \jZi`kliX [\]`e`k`mX hl\ j\ jfc`Z`kX%$ :ˆk\j\ X cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X%# \e cXj g\ijf$ eXj [\ jlj i\gi\j\ekXek\j c\^X$ c\j j\Œfi\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gfi ZlXekf YXaf aliX$ d\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X %$ Efk`]ˆhl\j\ Xc j\Œfi EfkXi`f M`^„j`df J\^le[f [\c :Xek�e Hl`kf# X ]`e [\ hl\ k\e^X cX [fZld\ekXZ`�e \e fi[\e gXiX cX giXZk`ZX [\ cX [`c`^\eZ`X \ `^lXc$ d\ek\ Zfdle`ZXi} d\[`Xek\ f]`$ Z`f X \jkX Al[`ZXkliX# _XZ`\e[f ZfefZ\i j` j\ cc\m� X ZXYf f ef cX jljZi`gZ`�e [\ cX i\]\i`[X \jZi`kliX [\]`e`k`mX%$ 8^i„^l\j\ Xc gifZ\jf \c [fZld\ekf hl\ j\ XZfdgXŒX%$ K„e^Xj\ \e Zl\e$ kX \c ZXj`cc\if al[`Z`Xc j\ŒXcX[f gfi \c XZkfi p cX Xlkfi`qXZ`�e ZfeZ\[`[X Xc XYf^X[f [\]\e$ jfi%$ Efk`]ˆhl\j\% ] % ;i% :Xicfj =\ie}e[\q @[ifmf% GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j * [\ dXiqf [\c )'((# cXj ('_,/% 8k\ekf \c \jZi`kf hl\ Xek\Z\[\# j\ŒXcXj\ gXiX \c [ˆX d`„iZfc\j m\`ek\ [\ XYi`c [\c XŒf [fj d`c feZ\# X cXj [`\q _fiXj# X ]`e [\ hl\ cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X# gfi `ek\id\[`f [\ jlj i\gi\j\ekXek\j c\^Xc\j j\Œfi\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# ZfealekX$ d\ek\ Zfe \c j\Œfi DXi`Xef =iXeZ`jZf :XdXZ_f >l\ii\if# ZfdgXi\qZXe X cX EfkXi`X M`^„j`dX J\^le[X [\c :Xek�e Hl`kf# X ZXi^f [\c ;i% =XY`}e JfcXef# lY`ZX[X \e cX 8m% - [\ ;`Z`\dYi\ p GXqd`Œf# [\ \jkX Z`l[X[ [\ Hl`kf# X Z\c\YiXi cX \jZi`kliX [\]`e`k`mX jfc`Z`kX[X \e \c c`Y\cf [\ [\dXe[X%$ :ˆk\j\ X cX :fdgXŒˆX CX Ki`gc\ M :ˆX% Ck[X%# \e cXj g\ijfeXj [\ jlj i\gi\j\ekXek\j c\^Xc\j j\Œfi\j Afi^\ M`c} :Xcmf p 8cY\ikf M`Z\ej 9Xp}# Gi\j`[\ek\ p JlY^\i\ek\# i\jg\Zk`mXd\ek\# gfi d\[`f [\ cX gi\ejX p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`�e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gfi ZlXekf YXaf aliXd\ekf j\ dXe`]`\jkX `dgfj`Yc\ [\k\id`eXi jl `e[`m`[lXc`[X[ f i\j`[\eZ`X %$ Efk`]ˆhl\j\ Xc j\Œfi EfkXi`f M`^„j`df J\^le[f [\c :Xek�e Hl`kf# X ]`e [\ hl\ k\e^X cX [fZld\ekXZ`�e \e fi[\e gXiX cX giXZk`ZX [\ cX [`c`^\eZ`X \ `^lXc$ d\ek\ Zfdle`ZXi} d\[`Xek\ f]`$ Z`f X \jkX Al[`ZXkliX# _XZ`\e[f ZfefZ\i j` j\ cc\m� X ZXYf f ef cX jljZi`gZ`�e [\ cX i\]\i`[X \jZi`$ kliX [\]`e`k`mX%$ Efk`]ˆhl\j\% ] % ;i% 8idXe[f 8Z\c[f >lXcc`% Al\q Jlgc\ek\% Cf hl\ Zfdle`Zf X L[j%# gXiX cfj ]`e\j [\ c\p# gi\m`e`„e[fc\j [\ cX fYc`^XZ`�e hl\ k`\e\e [\ j\ŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./0/(&k] I<GL9C@:8 ;<C <:L8;FI EFK8I@8 M@>yJ@DF J<>LE;8 ;<C :8EKFE HL@KF <OKI8:KF 8C GL9C@:F J\ gfe\ \e ZfefZ`d`\ekf [\c glYc`Zf \e ^\e\iXc p gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# hl\ \e cX EfkXi`X M`^\j`df J\^le[X [\c ZXekfe Hl`kf# hl\ j\ \eZl\ekiX X d` ZXi^f# gfi c`Z\eZ`X [\ jl k`klcXi [fZkfi =XY`Xe <[lXi[f JfcXef GXqd`Œf# j\ _X gifZ\[`[f X jljZi`Y`i Zfe ]\Z_X ki\`ekX [\ [`Z`\dYi\ [\c [fj d`c [`\q# cX \jZi`kliX glYc`$ ZX [\ c`hl`[XZ`�e [\ cX jfZ`\[X[ Zfepl^Xc \eki\ cfj \o Zfepl^\j j\Œfi\j D8I@8 ?<ID<C@E;8 DFGFJ@K8 K8C89<I8 P AFI>< ?LD9<IKF K@KF K@G8E# gfi kXekf [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c eld\iXc m\`e$ k`ki„j [\c i\]fidX[f Xik`Zlcf [`\Z`fZ_f [\ cX C\p EfkXi`Xc p kf[X m\q hl\ j\ _X g\[`[f
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä€
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
Xc jljZi`kf EfkXi`f# [`jgfe\ cX `ejZi`gZ`Â?e [\ [`Z_f ZfekiXkf \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekfe Hl`kf# fi[\ef hl\ \jk\ \okiXZkf j\X glYc`ZX[f gfi leX jfcX m\q \e le g\i`f[`Zf [\ Z`iZlcXZ`Â?e eXZ`feXc# gXiX hl\ hl`\e j\ j`\ekX Zfe [\i\Z_f# gi\$ j\ek\ fgfj`Z`Â?e% Cfj [Xkfj jfe1 C@HL@;8:@äE ;< C8 JF:@<;8; :FEPL>8C% :fe \jkfj Xek\Z\$ [\ek\j D8I@8 ?<ID<C@E;8 DFGFJ@K8 K8C89<I8 P AFI>< ?LD9<IKF K@KF K@G8E# \e ]fidX c`Yi\ p mfclekXi`X [\ Zfe$ ]fid`[X[ Zfe \c Xik`Zlcf fZ_f$ Z`\ekfj [`\q p el\m\ [\c :f[`^f [\ GifZ\[`d`\ekf :`m`c# Zfem`\$ e\e \e Z\c\YiXi cX c`hl`[XZ`Â?e [\ cfj Y`\e\j [\ cX jfZ`\[X[ Zfe$ pl^Xc [\ cX j`^l`\ek\ dXe\iX1 X CX j\ÂŒfiX D8I@8 ?<ID<C@E;8 DFGFJ@K8 K8C89<I8# kfdX gXiX j` \c Z`eZl\ekX gfi Z`\ekf [\c ;F:< GLEKF :@E:L<EK8 P J<@J gfi Z`\ekf [\ cfj [\i\$ Z_fj p XZZ`fe\j ]`eZX[fj \e \c cfk\ [\ k\ii\ef lY`ZX[f \e cX gXiifhl`X [\ :fefZfkf# gfi cf hl\ \c j\ÂŒfi AFI>< ?LD9<IKF K@KF K@G8E# c\ X[al[`ZX \c fkif Z`eZl\ekX gfi Z`\ekf [\c ;F:< GLEKF :@E:L<EK8 P J<@J# gfi Z`\ekf [\ cfj [\i\Z_fj p XZZ`f$ e\j hl\ c\ Zfii\jgfe[\e \e \c `edl\Yc\ `e`Z`X[f X ]Xmfi [\ cX j\ÂŒfiX D8I@8 ?<ID<C@E;8 DFGFJ@K8 K8C89<I8# Zfejf$ c`[X[f gXiX j` cX kfkXc`[X[ [\ cfj [\i\Z_fj p XZZ`fe\j \hl`mXc\e$ k\j Xc ;F:< GLEKF :@E:L<EK8 P J<@J gfi Z`\ekf# ]`eZX[fj \e \c cfk\ [\ k\ii\ef lY`ZX[f \e :fefZfkf2 p# Y <c j\ÂŒfi AFI>< ?LD9<IKF K@KF K@G8E# kfdX gXiX j` cX el[X gifg`\[X[ [\c Z`eZl\ekX gfi Z`\ekf [\c ;F:< GLEKF EFM<EK8 P :L8KIF gfi Z`\ekf [\ cfj [\i\Z_fj p XZZ`fe\j ]`eZX[fj \e \c cfk\ [\ k\ii\ef lY`ZX[f \e cX gXiifhl`X [\ :_`ccf^Xccf# gfi cf hl\ cX j\ÂŒfiX D8I@8 ?<ID<C@E;8 DFGFJ@K8 K8C89<I8# c\ X[al$ [`ZX cX el[X gifg`\[X[ [\c fkif Z`eZl\ekX gfi Z`\ekf [\c ;F:< GLEKF :@E:L<EK8 P J<@J gfi Z`\ekf [\ cfj [\i\Z_fj p XZZ`f$ e\j hl\ c\ Zfii\jgfe[\e \e \c `edl\Yc\ `e[`ZXe[f X ]Xmfi [\c j\ÂŒfi AFI>< ?LD9<IKF K@KF K@G8E# Zfejfc`[Xe[f gXiX jˆ cX kfkXc`[X[ [\ cfj [\i\Z_fj p XZZ`fe\j \hl`mXc\ek\j Xc ;F:< GLEKF EFM<EK8 P :L8KIF gfi Z`\ekf# ]`eZX[f \e \c cfk\ [\ k\ii\ef lY`ZX[f \e :_`ccf^Xccf% Cfj ZfdgXi\Z`\ek\j [\ZcXiXe hl\ [\ekif [\ cX jfZ`\[X[ Zfe$ pl^Xc ]fidX[X \eki\ \ccfj ef X[hl`i`\ife [\l[Xj% Hl`kf# X *' [\ [`Z`\dYi\ [\c )'('% ;I% N@CJFE CFG<Q 8E;I8;< EFK8I@F M@><J@DF J<>LE;F JLGC<EK< ;<C :8EKFE HL@KF ?Xp ]`idX p j\ccf 8:&./0,0&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F J<GK@DF ;<C KI898AF ;< G@:?@E:?8 :@K8:@FE AL;@:@8C X D8I@F D8I:<CF >8C@E;F J8CKFJ2 D8I@8 M@CCFK8 @QLI@<K8 ;< 98IIFJ2 8E8 D8I@8 98IIFJ M@CCFK82 8E;I<J 98IIFJ M@CCFK82 D8I@8 8C<O8E;I8 98IIFJ M@CCFK82 :8ID<E 8D@E8 ;<C :8JK@CCF P :FEJL<CF FI;Fz<Q :I<JGF ;< ;<C :8JK@CCF% AL@:@F C89FI8C Ef% ')).$ )''0$J$C8 8:KFI1 IFDD<C =<IE8E;F :8II@CCF I@M8;<E<@I8 ;<D8E;8;F1 D8I@F D8I:<CF >8C@E;F J8CKFJ# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ ĂˆJ<D8; J<IM@:@FJ <DGI<J8I@8C<J 8;D@E@JKI8K@MFJ :@8% CK;8%É P FKIFJ% GIFM@;<E:@81 ALQ>8;F J<GK@DF ;< KI898AF ;< G@:?@E:?8%$ Hl`kf# dXik\j )) [\ dXiqf [\c )'((# cXj '0_,/%$ <e cf gi`eZ`gXc# leX m\q hl\ YXaf aliXd\ekf \c XZkfi _X [\ZcXiX$ [f [\jZfefZ\i \c [fd`Z`c`f [\ cfj [\dXe[X[fj2 \e \c \jkX[f gifZ\jXc fgfiklef# :@K<J< X cfj [\dXe[X[fj D8I@F D8I:<CF >8C@E;F J8CKFJ# \e jl ZXc`[X[
[\ >\i\ek\ >\e\iXc [\ ĂˆJ<D8; J<IM@:@FJ <DGI<J8I@8C<J 8;D@E@JKI8K@MFJ :@8% CK;8%É p X D8I@8 M@CCFK8 @QLI@<K8 ;< 98IIFJ2 8E8 D8I@8 98IIFJ M@CCFK82 8E;I<J 98IIFJ M@CCFK82 D8I@8 8C<O8E;I8 98IIFJ M@CCFK82 :8ID<E 8D@E8 ;<C :8JK@CCF P :FEJL<CF FI;Fz<Q :I<JGF ;< ;<C :8JK@CCF# `eZcl`[f \c gi`d\if [\ cfj efd$ YiX[fj \e cXj ZXc`[X[\j `emf$ ZX[Xj [\ jfZ`fj p XZZ`fe`jkXj [\ Ăˆ98I;<C:8J 8J<JFI@8 98IIFJ ;<C :8JK@CCF :@8% CK;8%# X „jkfj gfi jlj gifg`fj [\i\Z_fj p gfi cfj hl\ i\gi\$ j\ekXe# [\ XZl\i[f# Xc 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j# Zfe ki\j glYc`$ ZXZ`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e Zfe]fid\ cf dXe[X cX Z`kX c\^Xc Xek\j `e[`$ ZX[X# \e \c hl\ j\ c\ gi\m`\e\e [\ j\ÂŒXcXi ZXj`ccX al[`Z`Xc [\e$ kif [\c g\iˆd\kif c\^Xc gXiX jlj efk`]`ZXZ`fe\j% J\ ZfemfZX X cXj gXik\j X 8l[`\eZ`X Gi\c`d`eXi [\ :fek\jkXZ`Â?e X cX ;\dXe[X p =fidlcXZ`Â?e [\ Gil\YXj gXiX \c [ˆX '( [\ Efm`\dYi\ [\c )'(( X cXj '0_*'% 8 cX [`c`^\eZ`X j\ÂŒX$ cX[X [\Y\i}e XZl[`i cXj gXik\j g\ijfeXcd\ek\ f d\[`Xek\ GifZliX[fi Al[`Z`Xc Zfe Gf[\i <jg\Z`Xc Xdgc`f p jl]`Z`\ek\ Zfe Zc}ljlcX \ogi\jX gXiX kiXej`^`i# Xjˆ Zfdf gi\j\ekXi jlj \ogf$ j`Z`fe\j p g\[`[fj [\ gil\YXj gfi \jZi`kf% ;\ Zfe]fid`[X[ X cX i\jfclZ`Â?e Ef%-,$'0 [\c gc\ef [\c :fej\af [\ cX Al[`ZXkliX \e ZfeZfi[XeZ`X Zfe \c XikˆZlcf *). `eZ`jf j\^le[f [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc# cfj 8Yf^X[fj hl\ `ek\im\e^Xe \e i\gi\j\ekXZ`Â?e [\ ZX[X leX [\ cXj gXik\j# gi\j\ekXi}e [\ df[f fYc`^Xkfi`f jl Zi\[\eZ`Xc gif]\j`feXc# dXkiˆZlcX f eÂ’d\if [\ i\^`jkif \e \c ]fif# \e fi`^`$ eXc p Zfg`X% :l„ek\j\ Zfe lef [\ cfj j\ÂŒfi\j @ejg\Zkfi\j [\c KiXYXaf%$ CX gXik\ XZkfiX Zfd$ gXi\qZX X \jkX Al[`ZXkliX [\ekif [\c k„id`ef [\ +/ _fiXj p i\ZXY\ \c \okiXZkf gXiX cXj glYc`ZXZ`f$ e\j%$ :@K<J< P EFK@=@HL<J<%$ ] ;I% AFJ< <;L8I;F GIF8zF <>8J%# AL<Q% ] J\Zi\kXi`f%$ :\ik`]`Zf% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`„e$ [fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi [fd`Z`c`f al[`Z`Xc [\ekif [\c g\iˆd\kif c\^Xc gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% ;i% ><ID8 8C<O8E;<I M<E<>8J :8II8J:F J<:I<K8I@F ?Xp le j\ccf 8%:%&./0(' gm <OKI8:KF AL;@:@8C ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 >8CF :I@JKä98C G8K@zF 8:FJK8 P 8C=I<;F D@>L<C G8K@zF 8:FJK82 P# ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 :8LJ8EK< J<zFI8 9C8E:8 ;FCFI<J 8:FJK8% AL@:@F1 @EM<EK8I@FJ Ef% (-,0$)'('$>M 8:KFI1 D8I@8E8 ;< A<JèJ 8:FJK8 ;<D8E;8;F1 FC>8 G@<;8; G8K@zF 8:FJK8# CL@J <EI@HL< G8K@zF 8:FJK8# >8CF :I@JKä98C G8K@zF 8:FJK8 P 8C=I<;F D@>L<C G8K@zF 8:FJK82 P# ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 :8LJ8EK< J<zFI8 9C8E:8 ;FCFI<J 8:FJK8% KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 GIFM@;<E:@81 ALQ>8;F J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j (. [\ ]\Yi\if [\c )'((# cXj ((_+/%$ M@JKFJ%$ 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q \eZXi^X[f [\ \jkX Al[`ZXkliX d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% *('$;G$;GG# [\ '0 [\ ]\Yi\if [\ )'((% CX [\dXe[X p i\]fidX hl\ Xek\Z\$ [\# \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ c\p% Gfi _XY\ij\ aljk`]`ZX[f Zfe cX [fZl$ d\ekXZ`Â?e hl\ j\ XZfdgXÂŒX# \c ]Xcc\Z`d`\ekf [\ cX j\ÂŒfiX 9cXeZX
Ĺ?
;fcfi\j 8ZfjkX# j\ [\ZcXiX Zfe cl^Xi cX ]XZZ`Â?e [\ `em\ekXi`fj [\ cfj Y`\e\j jlZ\jfi`fj p j\ fi[\$ eX \c XmXcÂ’f \ `em\ekXi`f [\ cfj d`jdfj# gXiX cf ZlXc cXj gXik\j efdYiXi}e jl g\i`kf% ;\ Zfe]fi$ d`[X[ Zfe cf gi\m`jkf \e \c 8ik% ),) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c :f[`]`ZX[f# \c Alq^X[f j\ i\j\imX \c [\i\Z_f [\ efdYiXi jl g\i`kf% @ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ ZXekÂ?e% :ˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j Fc^X G`\[X[ GXk`ÂŒf 8ZfjkX p Cl`j <ei`hl\ GXk`ÂŒf 8ZfjkX# \e \c cl^Xi hl\ j\ `e[`ZX% ;\ Zfe]fi$ d`[X[ Zfe cf gi\m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p cX X]`idXZ`Â?e YXaf aliX$ d\ekf [\ cX XZkfiX [\ hl\ c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j >Xcf :i`jkÂ?YXc GXk`ÂŒf 8ZfjkX p 8c]i\[f D`^l\c GXk`ÂŒf 8ZfjkX# Xjˆ Zfdf X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cX ZXljXek\ j\ÂŒfiX 9cXeZX ;fcfi\j 8ZfjkX# gfi cX gi\ejX \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf# % 8^i„^l\j\ Xc gifZ\jf cfj [fZl$ d\ekfj hl\ j\ XZfdgXÂŒXe%$ K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX ZfdgX$ i\Z`\ek\%$ EFK@=@HL<J<% = ;I% I8LC D8I@zF ?<IE8E;<Q% AL<Q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`\e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX hl\ i\Z`$ YX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[X% ;I% D8EL<C 8DFE D<;@E8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&./0)/&k] ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 :8LJ8EK< >CFI@8 8D<I@:8 :<M8CCFJ :8IK8><E8 8:KF I <J 1 I @ : 8 I ; F 8C:@9@8;@J G<IL>8:?@ :8IK8><E8# AFJ< @>E8:@F G<IL>8:?@ :8IK8><E8# D@>L<C <EI@HL< G<IL>8:?@ J@CM8 P <;N@E 8GFCF G<IL>8:?@ Fz8 ; < D 8 E ;8 ; FJ 1 E F I D 8 <DG<I8KI@Q G<IL>8:?@ : < M8 C C F J # N @ C C @ 8 D 8C:@M@8;<J G<IL>8:?@ :<M8CCFJ P I@:8I;F 8C:@9@8;<J G<IL>8:?@ G<IL>8:?@% =LE;8D<EKF ;< ;<I<:?F1 8IK% -'* ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C <E :FE:FI;8E:@8 :FE CFJ 8IKJ% 00. P (''(# (''+# (')(# ('))# (')*# (')+ P J@>L@<EK<J ;<C :F;@>F :@M@C% AL@:@F1 8G<IKLI8 ;< JL:<J@FE<J :L8EK@81 @E;<K<ID@E8;8 ;<=<EJFI1 ;I% <@D<IK< <% ELz<Q ?LIK8;F% :8LJ8 Eif% '.*$)'(( GIFM@;<E:@8 ALQ>8;F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ :XpXdY\# X (+ [\ ]\Yi\if [\c )'((# cXj (._*'%$ M@JKFJ1 <e d„i`kf X cX 8ZZ`Â?e [\ G\ijfeXc Ef% )'.*$;EG [\c '( [\ [`Z`\d$ Yi\ [\c )'('# XmfZf ZfefZ`d`\e$ kf [\ cX [\dXe[X [\ `em\ekXi`fj hl\ Xek\Z\[\% <e cf gi`eZ`gXc \oXd`eX[X hl\ _X j`[f [`Z_X [\dXe[X gfi j\i ZcXiX# gi\Z`$ jX p Zfdgc\kX# j\ c\ X[d`k\ Xc ki}d`k\ c\^Xc gi\m`jkf \e \c 8ik% -)0 p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c \e ZfeZfi$ [XeZ`X Zfe cf hl\ [\k\id`eX \c 8ik% (')( [\c :Â?[`^f :`m`c% <e Zfej\Zl\eZ`X j\ [\ZcXiX XY`\i$ kX cX jlZ\j`Â?e [\ hl`\e \e m`[X j\ ccXdÂ? >CFI@8 8D<I@:8 :<M8CCFJ :8IK8><E8 p j\ [`jgfe\ cX ]XZZ`Â?e [\ `em\ekXi`fj [\ cfj Y`\e\j _\i\[`kXi`fj [\aX$ [fj gfi cX d\eZ`feX[X ZXljXek\% Gfi Zfej`^l`\ek\ [`jgfe^f hl\ j\ :@K< X cfj _\i\[\ifj EFID8 <DG<I8KI@Q G<IL>8:?@ :<M8CCFJ# @E>% N@CC@8D 8C:@M@8;<J G<IL>8:?@ :<M8CCFJ P I@:8I;F 8C:@9@8;<J G<IL>8:?@ G<IL>8:?@# \e jlj i\jg\Z$ k`mfj [fd`Z`c`fj hl\ j\ `e[`ZX \e cX [\dXe[X% 8 cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cX ZXljXek\ >CFI@8 8D<I@:8 :<M8CCFJ :8IK8><E8# Xk\e$ kf \c aliXd\ekf i\e[`[f gfi cfj XZkfi\j p [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# [`jgfe^f hl\ j\Xe Z`kX$
De YW[h [d i[hl_b_icei o eXi[Yk[dY_Wi$
[fj gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e eXZ`feXc% @ejZiˆYXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e :XpXdY\% 8^i„^l\j\ X cfj Xlkfj cfj [fZld\ekfj XgXi\aX[fj X cX [\dXe[X% Cfj ZfdgXi\Z`\ek\j \e \c k„id`ef [\ [`\q [ˆXj gifZ\[Xe X [\j`^eXi le gifZliX[fi ZfdÂ’e% K„e^Xj\ \e Zl\ekX \c Xc`jkXd`\ekf [\ Y`\e\j Xjˆ Zfdf \c :Xj`cc\if Al[`Z`Xc hl\ j\ÂŒXcXe cfj XZkfi\j# cX ZlXekˆX [\ cX gi\j\ek\ XZZ`Â?e p cX Xlkfi`qXZ`Â?e hl\ Zfe]`\i\e X jl 8Yf^X[f [\]\ejfi% :@K<J< P EFK@=@HL<J<% ;i% IlY\e GXqd`ÂŒf ;\ cX Kfii\% AL<Q% Cf hl\ cc\mf X jl ZfefZ`d`\ekf P C<J :@KF gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX gfjk\i`f$ i\j efk`]`ZXZ`fe\j# 9I8LC@F G<I<Q G<z8=@<C J<:I<K8I@F ;<:@DF :L8IKF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&('*/.&k] <OKI8:KF EFK8I@8 :L8IK8 ;<C :8EKFE HL@KF1 :Â’dgc\d\ gfe\i \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX fkfi^X[X gfi \c [fZkfi Cˆ[\i Dfi\kX >Xm`cXe\j# EfkXi`f :lXikf <eZXi^X[f [\c :XekÂ?e Hl`kf \c m`\ie\j j\`j [\ X^fjkf [\c [fj d`c [`\q# cfj \o ZÂ?epl$ ^\j j\ÂŒfi\j M@:KFI D8I:<CF IL9@F G<I8CK8 P =89@FC8 @E<J >I8EA8 <JG@EFJ8# [`mfi$ Z`X[fj# gifZ\[`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc hl\ k\eˆXe Zfe]fidX$ [X2 cX d`jdX hl\ ]l\iX [`jl\ckX d\[`Xek\ j\ek\eZ`X [\ [`mfiZ`f [`ZkX[X gfi \c Al\q :lXikf [\ cf :`m`c [\ G`Z_`eZ_X# Zfe ]\Z_X fZ_f [\ \e\if [\c [fj d`c [fj [\Y`[Xd\ek\ dXi^`eX[X \e \c I\^`jkif :`m`c# \c [fj [\ XYi`c [\c [fj d`c [fj% CXj X[al[`ZXZ`fe\j [\c gXki`df$ e`f j\ \eZl\ekiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kliX gÂ’Yc`ZX# [\ c`hl`[XZ`Â?e [\ cX jfZ`\[X[ Zfepl^Xc ZlpX Zfg`X Z\ik`]`ZX[X j\ X^i\^X# [\ cX ZlXc j\ \okiXZkf cf j`^l`\ek\1 LEF%$ <c j\ÂŒfi MˆZkfi DXiZ\cf IlY`f G\iXckX# c\ X[al[`ZX X cX j\ÂŒfiX =89@FC8 @E<J >I8EA8 <JG@EFJ8# \c Z`eZl\ekX gfi Z`\ekf hl\ c\ Zfii\jgfe[\ gfi ZfeZ\gkf [\ ^XeXeZ`Xc\j hl\ k`\e\ ]`eZX[fj \e \c [\gXikX$ d\ekf# lY`ZX[f \e \c :fealekf ?XY`kXZ`feXc Ăˆ:Xd`efj [\c JliÉ# [\gXikXd\ekfj [fjZ`\ekfj# Ycf$ hl\ eÂ’d\if [`\q p el\m\$ qfeX ki\j# j\^le[f g`jf [\ \jkX Z`l$ [X[ [\ Hl`kf# \c d`dfj hl\ cf X[hl`i`\ife d\[`Xek\ \jZi`kliX gÂ’Yc`ZX Z\c\YiX[X \c [`\Z`el\m\ [\ ]\Yi\if [\ d`c efm\Z`\ekfj fZ_\ekX p j\`j Xek\ \c EfkXi`f [fZkfi Afi^\ DXZ_X[f# c\^Xc$ d\ek\ `ejZi`kX \e \c m\`ek\ p j`\k\ [\ dXpf [\ d`c efm\Z`\ekfj fZ_\ekX p j\`j%$ CX [\ZcXiXkfi`X [\ gifg`\[X[ _fi`qfekXc# `ejZi`kX \c m\`ek\ p [fj [\ ale`f [\ d`c efm\Z`\ekfj fZ_\ekX p ZlXkif p hl\ j\ _XccX Z`iZlejZi`kf [\e$ kif [\ cfj j`^l`\ek\j c`e[\ifj p [`d\ej`fe\j1 GFI <C EFIK<# qfeX c`Yi\ \e cX cfe^`kl[ [\ [fj d\kifj [`\q Z\ekˆd\kifj2 ki\j d\kifj j\j\ekX Z\ekˆd\kifj2 [fj d\kifj fZ_\ekX Z\ekˆd\kifj p Z\if d\kifj Z`eZl\ekX Z\ekˆ$ d\kifj2 GFI <C JLI2 \jZXc\iX [\ XZZ\jf \e cX cfe^`kl[ [\ [fj d\kifj [`\q Z\ekˆd\kifj2 [\gXikXd\ekf eÂ’d\if [fjZ`\e$ kfj ki\j \e cX cfe^`kl[ [\ j\`j d\kifj fZ_\ekX p Z`eZf Z\ekˆ$ d\kifj# GFI <C <JK<2 qfeX c`Yi\ \e cX cfe^`kl[ [\ Z`eZf d\kifj j\j\ekX Z\ekˆd\kifj2 [\gXikX$ d\ekf eÂ’d\if [fjZ`\ekfj lef \e cX cfe^`kl[ [\ [fj d\kifj Z`eZl\ekX Z\ekˆd\kifj2 \jZXc\$ iX hl\ XZZ\[\ Xc \[`]`Z`f \e cX cfe^`kl[ [\ le d\kif j\j\ekX Z\ekˆd\kifj2 p GFI <C F<JK<# qfeX c`Yi\ \e cX cfe^`kl[ [\ le d\kif m\`ek\ Z\ekˆd\kifj2 Z`eZf d\kifj Z`eZl\ekX Z\ekˆd\kifj p ki\j d\kifj hl`eZ\ Z\ekˆd\kifj# gfi Xii`YX# [\gXikXd\ekf eÂ’d\$
if ki\jZ`\ekfj ZlXkif \e cX jlg\i$ ]`Z`\ [\ j\j\ekX p j\`j d\kifj ZlX[iX[fj j\j\ekX [\Zˆd\kifj ZlX[iX[fj2 p# gfi 8YXaf# qfeX ZfdleXc \e cX jlg\i]`Z`\ kfkXc [\c [\gXikXd\ekf \j [\ j\j\ekX p j\`j d\kifj ZlX[iX[fj j\j\ekX [\Zˆd\kifj ZlX[iX[fj% ;\gXikXd\ekf Xc hl\ c\ Zfii\j$ gfe[\ cX C8M8E;<I@8 J@>E8;8 :FE <C ELD<IF ;FJ:@<EKFJ :L8KIF hl\ j\ \eZl\ekiX Z`i$ ZlejZi`kX [\ekif [\ cfj j`^l`\e$ k\j c`e[\ifj p [`d\ej`fe\j2 Gfi \c Efik\# qfeX c`Yi\ [\ k\iiXqX \e cX cfe^`kl[ [\ ki\j d\kifj2 Gfi \c Jli# cXmXe[\iˆX eÂ’d\if ki\jZ`\ekfj ZlXkif \e cX cfe^`kl[ [\ ki\j d\kifj2 gfi \c <jk\# qfeX c`Yi\ [\ k\iiXqX \e Xc cfe^`kl[ [\ [fj d\kifj2 p# gfi \c F\jk\# qfeX c`Yi\ [\ k\iiXqX \e cX cfe^`kl[ [\ [fj d\kifj# [Xe[f leX jlg\i]`$ Z`\ kfkXc [\ cXmXe[\iˆX [\ j\`j d\kifj ZlX[iX[fj% Gfi cf hl\# \e Xgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ikˆZlcf - eld\$ iXc )* [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Eif% +'- [\c )/ [\ efm`\dYi\ [\c )''-# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\j$ gfe[`\ek\ X cfj \o ZÂ?epl^\j j\ÂŒfi\j M@:KFI D8I:<CF IL9@F G<I8CK8 P =89@FC8 @E<J >I8EA8 <JG@EFJ8# fkfi$ ^X[X d\[`Xek\ \jZi`kliX gÂ’Yc`ZX Z\c\YiX[X Xek\ \c [fZkfi C`[\i Dfi\kX >Xm`cXe\j# EfkXi`f :lXikf <eZXi^X[f [\c :XekÂ?e Hl`kf \c m`\ie\j j\`j [\ X^fjkf [\c [fj d`c [`\q# gfi \c k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijfeXj hl\ klm`\iXe `ek\i„j \e \jkX C`hl`[XZ`Â?e gl\[Xe gi\j\e$ kXi jl fgfj`Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf [\c gÂ’Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% Hl`kf# ). [\ <e\if [\c )'((% ;F:KFI C@;<I DFI<K8 >8M@C8E<J EFK8I@F :L8IKF <E:8I>8;F ;<C :8EKäE HL@KF 8%:%&./0-+&gm K\okf [\ cX i\]\i`[X <OKI8:KF EFK8I@8 ;<:@DF J<GK@D8 ;< HL@KF1 :Â’dgc\d\ gfe\i \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX# fkfi$ ^X[X Xek\ \c ;i% I\d`^`f Gfm\[X MXi^Xj# EfkXi`f ;„Z`df J„gk`df [\c :XekÂ?e Hl`kf# \c )/ [\ =<9I<IF [\c )'((# cfj ZÂ?epl^\j j\ÂŒfi 8C<A8E;IF 8C=I<;F 8z8Q:F I@M<I8 P E8E:P =<IE8E;8 M@CC8II<8C :8DGFM<I;<# gifZ\[`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc2 cX d`jdX hl\ ]l\iX [`jl\ckf j\^Â’e 8ZkX EfkXi`Xc fkfi^X[X Xek\ \c EfkXi`f ;„Z`df J„gk`df [\ „jk\ ZXekÂ?e# \c '+ [\ X^fjkf [\c )'('# \ `ej$ Zi`kX \e \c I\^`jkif :`m`c \c ), [\ X^fjkf [\c )'('% CXj X[al[`ZXZ`fe\j [\c gXki`df$ e`f j\ \eZl\ekiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kl$ iX gÂ’Yc`ZX [\ c`hl`[XZ`Â?e [\ cX jfZ`\[X[ Zfepl^Xc# gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ik% - [\ cX C\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ Efm`\dYi\ [\c )''-# hl\ X jl m\q i\]fidX \c 8ik% (/ [\ cX C\p EfkXi`Xc X^i\^Xe[f mXi`fj eld\iXc\j# \eki\ cfj ZlXc\j \c \c eld\iXc )* ]XZlckX Xc EfkXi`f [`jgfe\i cX `ejZi`gZ`Â?e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c\j# cX \jZi`kliX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl$ ^Xc# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# d\[`Xek\ leX jfcX glYc`ZXZ`Â?e# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfe$ pl^Xc Zfii\jgfe[`\ek\ X cfj ZÂ?e$ pl^\j 8C<A8E;IF 8C=I<;F 8z8Q:F I@M<I8 p E8E:P =<IE8E;8 M@CC8II<8C :8DGFM<I;<# fkfi^X[X
d\[`Xek\ \jZi`kliX gÂ’Yc`ZX [\c )/ [\ ]\Yi\if [\c )'(( Xek\ \c jljZi`kf ;i% I\d`^`f Gfm\[X MXi^Xj# EfkXi`f ;„Z`df J„gk`df [\c :XekÂ?e Hl`kf# gfi \c k„id`ef [\ m\`ek\ )' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\eklXcd\ek\ klm`\i\e `ek\i„j \e \jkX c`hl`[X$ Z`Â?e gl\[Xe gi\j\ekXi jl fgfj`$ Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% Hl`kf# 8Yi`c - [\c )'((% ;I% I<D@>@F GFM<;8 M8I>8J EFK8I@F ;y:@DF JyGK@DF ;<C :8EKäE HL@KF 8%:%&./0,(&gm <OKI8:KF EFK8I@8 ;<:@DF J<GK@D8 ;< HL@KF1 :Â’dgc\d\ gfe\i \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf hl\ d\[`Xek\ \jZi`kliX gÂ’Yc`ZX# fkfi^X[X Xek\ d` ;i% I\d`^`f Gfm\[X MXi^Xj# EfkXi`f ;„Z`df J„gk`df [\c :XekÂ?e Hl`kf# \c )) [\ dXiqf [\ )'(( cfj \o$ZÂ?e$ pl^\j j\ÂŒfi CL@J 8C<A8E;IF >L<M8I8 D@CC8E p j\ÂŒfiX JF=@8# B8I@E8 >8CC8I;F KFII<J# gifZ\[`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc2 cX d`jdX hl\ ]l\iX [`jl\ckX d\[`Xek\ j\ek\eZ`X [\ ;`mfiZ`f [\c Al\q Efm\ef [\ cf :`m`c [\ G`Z_`eZ_X \c lef [\ [`Z`\dYi\ [\c [fj d`c j\`j# \ `ej$ Zi`kX \e \c I\^`jkif :`m`c \c ZlXkif [\ XYi`c [\c [fj d`c j`\k\%$ CXj X[al[`ZXZ`fe\j [\c gXki`df$ e`f j\ \eZl\ekiXe [\kXccX[Xj \e \c k\okf [\ cX i\]\i`[X \jZi`kl$ iX GÂ’Yc`ZX [\ c`hl`[XZ`Â?e [\ cX jfZ`\[X[ Zfepl^Xc gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ik% - [\ cX c\p I\]fidXkfi`X X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc Ef% +'- [\ )/ [\ Efm`\dYi\ [\c )''- hl\ X jl m\q i\]fidX \c 8ik% (/ [\ cX C\p EfkXi`Xc X^i\^Xe[f mXi`fj eld\iXc\j# \eki\ cfj ZlXc\j \c eld\iXc )* ]XZlckX Xc EfkXi`f [`jgfe\i cX `ejZi`gZ`Â?e \e cfj I\^`jkifj Zfii\jgfe[`\ek\j# cX \jZi`kliX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc# gfe^f \e ZfefZ`d`\ekf [\c gÂ’Yc`Zf# d\[`Xek\ leX jfcX glYc`ZXZ`Â?e# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`dfe`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\jgfe$ [`\ek\ X cfj \o ZÂ?epl^\j j\ÂŒfi CL@J 8C<A8E;IF >L<M8I8 D@CC8E p j\ÂŒfiX JF=@8# B8I@E8 >8CC8I;F KFII<J fkfi^X[X d\[`Xek\ \jZi`kliX gÂ’Yc`ZX [\c )) [\ dXiqf [\ )'(( Xek\ \c [fZkfi I\d`^`f Gfm\[X MXi^Xj# EfkXi`f ;„Z`df J„gk`df [\c :XekÂ?e Hl`kf# gfi \c k„id`ef [\ m\`ek\ )(' [ˆXj X ZfekXij\ [\j[\ cX ]\Z_X [\ cX glYc`ZXZ`Â?e [\ \jk\ \okiXZkf# X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\eklXcd\ek\ klm`\i\e `ek\i„j \e \jkX c`hl`[X$ Z`Â?e gl\[Xe gi\j\ekXi jl fgfj`$ Z`Â?e ]le[Xd\ekX[X# [\ekif [\c i\]\i`[f k„id`ef% GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j%$ Hl`kf# - [\ XYi`c [\ )'(( ;I% I<D@>@F GFM<;8 M8I>8J EFK8I@F ;y:@DF JyGK@DF ;<C :8EKäE HL@KF 8%:%&./0,*&gm I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C GFI C8 GI<EJ8 J< C< ?8:< J89<I 8C J<zFI D8I:F M@E@:@F :I@FCCF :?@C@>% J\ c\ _XZ\ ZfefZ\i hl\ \e \c Alq^X[f :lXikf [\ cX E`ÂŒ\q p 8[fc\jZ\eZ`X [\ G`Z_`eZ_X# Zfe j\[\ \e cX Z`l[X[ [\ DXZ_XZ_`# X ZXi^f [\c Ji% ;i% Afj„ Cl`j 8pfiX DXkX# Al\q K`klcXi# cX j\ÂŒfiX DFE@:8 A<8E<K? :8@Q8 A8:FD< X kiXm„j [\ jl GifZliX[fi Al[`Z`Xc ;I% <;@JFE 9FC@M8I K<CCF M@CC8:@J# _X gi\j\ekX[f cX [\dXe[X [\ JLJG<EJ@äE ;< G8KI@8 GFK<JK8; Ef% '/'$)'(($AJ# \e ZfekiX [\ D8I:F M@E@:@F :I@FCCF :?@C@># \e cX hl\ j\ _X [`ZkX[f cf j`^l`\ek\1 <OKI8:KF ;< :@K8:@äE% 8:KFI1 DFE@:8 A<8E<K? :8@Q8 A8:FD<% ;I% <;@JFE 9FC@M8I K<CCF M@CC8:@J GIF:LI8;FI AL;@:@8C ;<D8E;8;F1 D8I:F M@E@:@F
:I@FCCF :?@C@>% AL@:@F1 JLJG<EJ@äE ;< G8KI@8 GFK<JK8; KIĂ?D@K<1 :FEK<E:@FJF ><E<I8C :L8EKĂ 81 @E;<K<ID@E8;8 :8J@CC81 +/ F9A<KF1 JLJG<EJ@äE ;< C8 G8KI@8 GFK<JK8; ;<C J<zFI D8I:F M@E@:@F :I@FCCF :?@C@> JF9I< C8 D<EFI A<JJ@:8 AF?8E8 :I@FCCF :8@Q8 GIFM@;<E:@8J1 ĂˆÂż>8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ DXZ_XZ_`# X (' [\ dXiqf [\c )'((# cXj '01(,%$ <c \jZi`kf gi\j\ekX[f gfi DÂ?e`ZX A\Xe\k_ :X`qX A}Zfd\ X^i„^l\$ j\ Xc gifZ\jf% <e cf gi`eZ`gXc p Xk\ekf Xc g\k`kfi`f j\ [`jgfe\ hl\ cX ZfdgXi\Z`\ek\ XZl[X X \jkX Al[`ZXkliX YXaf gi\m\eZ`f$ e\j c\^Xc\j# \c [ˆX (, [\ dXiqf [\c )'((# X cXj (,1''# X ]`e [\ hl\ ZldgcX Zfe cf [`jgl\jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Efk`]ˆhl\j\ p ZÂ’dgcXj\%$ ] ;i% Afj„ Cl`j 8pfiX DXkX AL<Q :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% :\ik`]`Zf%$ ;i% NXj_`e^kfe Dfc`eX M% J\Zi\kXi`f < %É Âż>8;F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8%$ DXZ_XZ_`# (- [\ dXiqf [\c )'((# cXj '01*'%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e ZXc`[X[ [\ Al\q K`klcXi [\ cX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X gi\$ j\ekX[X gfi cX j\ÂŒfiX DÂ?e`ZX A\Xe\k_ :X`qX A}Zfd\ X kiXm„j [\ jl gifZliX[fi al[`Z`Xc ;i% <[`jfe 9fcˆmXi K\ccf M`ccXZˆj# jfYi\ Jljg\ej`Â?e [\ cX GXki`X Gfk\jkX[# \j ZcXiX# Zfdgc\kX p i\Â’e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ Zfek\eZ`fjf ^\e\iXc% <e Zfej\$ Zl\eZ`X# Zˆk\j\ Xc [\dXe[X[f DXiZf M`e`Z`f :i`fccf :_`c`^ [\ Zfe]fid`[X[ Zfe cf hl\ [`j$ gfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e lef [\ cfj [`Xi`fj [\ cX Z`l[X[ [\ Hl`kf# gfi ef ZfekXij\ Zfe \jk\ d\[`f [\ Zfdle`ZXZ`Â?e \e cX cfZXc`$ [X[% J\ ZfemfZX X Xl[`\eZ`X [\ ZfeZ`c`XZ`Â?e p Zfek\jkXZ`Â?e X cX [\dXe[X# gXiX \c [ˆX )- [\ 8Yi`c [\c )'((# X cXj (,1''# [`c`^\eZ`X X cX hl\ ZfeZlii`i}e cXj gXik\j g\ijfeXcd\ek\ f gfi d\[`f [\ gifZliX[fi\j al[`Z`Xc\j# Zfe Xki`YlZ`Â?e gXiX kiXej`^`i# p# \e cX hl\ gi\j\ekXi}e cfj i\jg\Zk`mfj XeleZ`fj [\ gil\YX% 8^i„^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e hl\ j\ X[alekX% K„e^Xj\ \e Zl\ekX cX ZlXekˆX ]`aX[X# cX Xlkf$ i`qXZ`Â?e Zfe]\i`[X Xc ;i% <[`jfe K\ccf# p cX ZXj`ccX al[`Z`Xc Ef% +/ gXiX i\Z`Y`i gfjk\i`fi\j efk`]`ZX$ Z`fe\j% 8ZkÂ’\ \c ;i% NXj_`e^kfe Dfc`eX# j\Zi\kXi`f \eZXi^X[f [\ \jkX Al[`ZXkliX d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% (/'-$;G$;GG [\c )* [\ X^fjkf [\c )'('% Efk`]ˆhl\j\ p Zˆk\j\%$ ] ;i% Afj„ Cl`j 8pfiX DXkX AL<Q :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% :\ik`]`Zf%$ ;i% NXj_`e^kfe Dfc`eX M% J\Zi\kXi`f < %É ;i% NXj_`e^kfe Dfc`eX M% J <: I < K8 I @ F A L Q>8 ; F :L8IKF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 ?Xp le j\ccf 8I&/)+,*&ZZ I% ;<C <% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 8 CFJ J<zFI<J E<JKFI C<FGFC;F ;8M@C8 C<FE P AFI>< :C<D<EK< M<C8J:F ?8IF AL@:@F1 <A<:LK@MF Ef% '.,,$ )'('$;%>%=% 8:KFI1 J<zFI =I8E:@J:F O8M@<I :<M8CCFJ :<M8CCFJ ;<D8E;8;FJ1 J<zFI<J E<JKFI C<FGFC;F ;8M@C8 C<FE P AFI>< :C<D<EK< M<C8J:F ?8IF :8J@CC<IF AL;@:@8C Ef% +(-) ;<C 89% J8E;I8 98II< 8M@C8% GIFM@;<E:@8 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# al\m\j (. [\ ale`f [\c )'('# cXj '/_'.% M@JKFJ1 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`jkX [\ jfik\fj i\Xc`qX[f%$ <e cf gi`eZ`gXc# cX [\dXe[X gi\j\e$ kX[X \j ZcXiX# gi\Z`jX p i\Â’e\ cfj [\d}j i\hl`j`kfj [\ C\p% <e Zfej\Zl\eZ`X# cfj j\ÂŒfi\j E<JKFI C<FGFC;F ;8M@C8 C<FE P AFI>< :C<D<EK<
M<C8J:F ?8IF# \e cX ZXc`[X[ hl\ jfe [\dXe[X[fj# ZldgcXe Zfe jlj fYc`^XZ`fe\j f gifgfe$ ^Xe \oZ\gZ`fe\j \e \c k„id`ef [\ ki\j [ˆXj% :ˆk\j\ X cfj [\dXe$ [X[fj \e \c cl^Xi hl\ j\ `e[`ZX% K„e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p X^i„^l\ej\ cfj [fZld\ekfj XZfdgXÂŒX[fj%$ Efk`]ˆhl\j\%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (+ [\ dXiqf [\c )'((# cXj (,_'-% <c \jZi`kf gi\j\ekX[f X^i„^l\j\ Xc gifZ\jf% <e cf gi`eZ`gXc2 Xk\ekf \c aliXd\ekf i\e[`[f gfi \c XZkfi p [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zˆk\j\ X cfj [\dXe[X[fj j\ÂŒfi\j E<JKFI C<FGFC;F ;8M@C8 C<FE P AFI>< :C<D<EK< M<C8J:F ?8IF# gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ \jkX :`l[X[ [\ Hl`kf%$ Efk`]ˆhl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ AL<Q Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ’Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% ;i% GXYcf Kfif :Xii`ccf J\Zi\kXi`f ?Xp le j\ccf 8I&/)+,)&ZZ I<Gè9C@:8 ;<C <:L8;FI :Xj`cc\if Ef1 )'+ Al`Z`f Ef% '/*'($)'(($'',+ I\jg&891 P@D89<CC JLE8P DFEK8zF :8J8EFM8 <jd\iXc[Xj# m`\ie\j + [\ ]\Yi\if [\c )'((% 81 K<F;FIF 8C<A8E;IF IF;I@>L<Q :8II<I8 ;i%&8Y%1 89% J8E:?<Q DLI@CCF ;@8E8 <e \c Al`Z`f Fi[`eXi`f Ef% '/*'($ )'(($'',+ hl\ j`^l\ K<F;FIF 8C<A8E;IF IF;I@>L<Q :8II<I8# _Xp cf j`^l`\ek\%$ ALQ>8;F GI@D<IF ;< CF :@M@C P D<I:8EK@C ;< <JD<I8C;8J%$ <jd\iXc[Xj# m`\ie\j + [\ ]\Yi\if [\c )'((# cXj (+_+.%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e d` Zfe$ [`Z`Â?e [\ Al\qX Gifm`j`feXc [\c Alq^X[f Gi`d\if [\ cf :`m`c% <e cf gi`eZ`gXc1 CX [\dXe[X Xek\i`fi i\Â’e\ cfj i\hl`j`kfj [\ c\p gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ [\ al`Z`f fi[`eXi`f hl\ c\ Zfii\j$ gfe[\% :fej\Zl\ek\d\ek\# j\ Zfii\ kiXjcX[f Zfe cX [\dXe[X p \jkX gifm`[\eZ`X X cX gXik\ [\dXe[X[X \jkf \j X cX <dgi\jX Ăˆ:fem\e`f [\ 8jfZ`XZ`Â?e p <lifZfekifc# K„Ze`ZXj I\le`[Xj J%8%É# \e cX g\ijfeX [\ jl ^\i\e$ k\ p i\gi\j\ekXek\ c\^Xc j\ÂŒfi C\fe`[Xj McX[`d`i J}eZ_\q G`\[iX gfi _XY\ij\ [\ZcXiX$ [f Zfe aliXd\ekf hl\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX `e[`m`$ [lXc`[X[ f i\j`[\eZ`X [\c d`jdf# d\[`Xek\ glYc`ZXZ`fe\j hl\ j\ _Xi}e \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e cX Z`l[X[ [\ \jd\iXc[Xj p Xjˆ d`jdf j\ fi[\eX j\ glYc`hl\ \e \c cl^Xi [fe[\ ZfejkX dXki`ZlcX$ [f \c m\_ˆZlcf# \jkf \j cX ZXekÂ?e [\ Hl`kf gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\$ j\ekX[fj% Efk`]ˆhl\j\ Xc XZkfi \e \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f p \e Zl\ekX cX Xlkfi`qXZ`Â?e hl\ ZfeZ\[\ X jl XYf^X[f [\]\ejfi% :Ă K<J< P EFK@=Ă HL<J<%$ ] 89>% P@D89<CC DFEK8zF : 8 J 8 E F M8 # A L < Q 8 GIFM@J@FE8C% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p% 89>% AFJ< CLE8 :?@I@9F>8 J<:I<K8I@F 8I&/)+/+&ZZ I [\c < <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C AL@:@F M<I98C JLD8I@F EIF%$ '))'$)'(($G8M 8:KFI 1 ;I% 8P8O K<C<D8:F JL8I<Q D L I @ C C F GIF:LI8;FI AL;@:@8C ;<D8E;8;FJ1 :FEPL><J J<zFI N@CD<I J8EK@8>F G<I<Q :<M8CCFJ P J<zFI8 > <FM8 E E 8 < C @ Q8 9 < K ? DFI8C<J :?8:FE =LE;8D<EKF C<>8C1 8ik% *' c`k\iXc X C\p [\ @ehl`c`eXkf dfiX :L8EK@81 (%-/'#'' ALQ>8;F GI@D<IF ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J ;< G@:?@E:?8%$ Hl`kf# d`„iZfc\j (- [\ ]\Yi\if [\ )'((# cXj (,_+.%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e m`ikl[ [\c jfik\f
[\ C\p# [\ Zfe]fid`[X[ X cf [`j$ gl\jkf \e \c 8ik% /)0 [\c :Â?[`^f GifZ\[`d`\ekf :`m`c# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â’e\ cfj i\hl`j`kfj [\ C\p# [\Y`\e[f kiXd`kXij\ \e al`Z`f m\iYXc jldXi`f# \e Zfej\Zl\eZ`X :@K<J< X cfj ZÂ?epl^\j N@CD<I J8EK@8>F G<I<Q :<M8CCFJ P J<zFI8 ><FM8EE8 <C@Q89<K? DFI8C<J :?8:FE# \e ZXc`[X[ [\ [\dXe[X[fj# Z`kX$ Z`Â?e hl\ [\Y\i} i\Xc`qXij\ \e \c cl^Xi j\ÂŒXcX[f gXiX \c \]\Zkf# X hl`\e\j j\ c\j \eki\^Xi}e cXj Yfc\kXj Zfe cXj Zfg`Xj i\jg\Z$ k`mXj% 8^i„^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj [\ Zfe]fid`[X[ X cf [`jgl\jkf \e \c 8ik% +. [\ cX C\p [\ @ehl`c`eXkf# kÂ?d\j\ \e Zl\ekX cX ZlXekˆX p \c ZXj`cc\if al[`Z`Xc j\ÂŒXcX[f gfi cX gXik\ XZkfiX gXiX jlj gfjk\$ i`fi\j efk`]`ZXZ`fe\j%$ :l„ek\j\ Zfe \c ;i% 8pXo K\c„dXZf Jl}i\q Dli`ccf# \e ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\ cfj j\ÂŒfi\j DXiZ`X PfcXe[X Dli`ccf 9li^fj [\ :q`\ie`\Zb` p AXeljq :q`\ie`\Zb`# Zfe]fid\ aljk`]`ZX Zfe \c Gf[\i >\e\iXc hl\ Zfej$ kX [\c gifZ\jf%$ EFK@=@HL<J<% = ;iX% JljXeX MXcc\af# Al\qX Gi`d\iX [\ @ehl`c`eXkf j`^l\ cX efk`]`ZXZ`Â?e % Gi\m`e`„e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\ÂŒXcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j%$ :\ik`]`Zf% ALQ>8;F GI@D<IF ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J ;< G@:?@E:?8 %$ Hl`kf# al\m\j *( [\ dXiqf [\ )'((# cXj (-_+*%$ <e Xk\eZ`Â?e Xc \jZi`kf gi\j\ekX[f gfi \c XZkfi# p Zldgc`[f hl\ _X j`[f cf fi[\$ eX[f \e gifm`[\eZ`X Xek\i`fi# [\ Zfe]fid`[X[ X cf [`jgl\j$ kf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ hl\ X cX gXik\ [\dXe[X[X# j\ cf Z`k\ gfi d\[`f [\ cX gi\ejX# \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcX$ Z`Â?e# gXiX Zlpf \]\Zkf Zfe]`„iXj\ Xc g\k`Z`feXi`f \c \okiXZkf i\j$ g\Zk`mf% EFK@=Ă HL<J<% = ;iX% JljXeX MXcc\af# Al\qX Gi`d\iX [\ @ehl`c`eXkf j`^l\ cX efk`]`ZX$ Z`Â?e %$ Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p %$ :\ik`]`Zf% ;I% ?L>F M@K<I@ GFC@K J<:I<K8I@F ?Xp le j\ccf 8I&/)+/0&ZZ
8ELC8:@FE<J
BANCO PICHINCHA HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ))*,$ ))+*$))++$)),' Xc )),( [\ cX :kX% :k\% Ef% *'.,,0**'+ g\ik\$ e\Z`\ek\ X 8I>L<CCF =I<@I<# ?<IE8E$8L>LJKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ ( XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ))-+$))-,$)).*$))./ [\ cX :kX% :k\% Ef% *'.,,0**'+ g\ik\e\$ Z`\ek\ X 8I>L<CCF =I<@I<# ?<IE8E$8L>LJKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ ) XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef )')0 [\ cX :kX% :k\% Ef% *'.,,0**'+ g\ik\e\Z`\ek\ X 8I>L<CCF =I<@I<# ?<IE8E$8L>LJKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ * XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ++0+/ mXcfi /,#'' [\ cX :kX% :k\% Ef% *',0(.+.'+ g\ik\e\Z`\ek\ X C8M8E;<I@8J <:L8KFI@8E8J :%8% D8IK@E@Q@E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ + XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef )0'- mXcfi (%'''#'' [\ cX :kX% :k\% Ef% *((+',+('+ g\ik\e\$
Z`\ek\ X DFI8C<J CFQ8 G@EF DFCFG@J<> :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ , XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef )'00 [\ cX :kX% :k\% Ef% **.,*-'*'+ g\ik\e\Z`\ek\ X EF>8C<J >L@CC<E# N@CJFE$I8D@IF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ - XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ))( Xc )/' [\ cX :kX% :k\% Ef% *+),(,/*'+ g\ik\e\Z`\e$ k\ X IF;I@>L<Q J<II8EF# A8@D<$E<GK8C@ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ . XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef +(0' [\ cX :kX% :k\% Ef% **0+(,/+'+ g\ik\e\Z`\ek\ X M8:8 M@K<I@# :8ICFJ$D@>L<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ / XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef *'(( Xc *((' [\ cX :kX% :k\% Ef% *(',/+,+'+ g\ik\e\Z`\ek\ X KIFP8 ?<II<I8# :I@JKF98C$ M@E@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZX$ Z`�e% 8:&-0/ 0 XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef *'(' [\ cX :kX% :k\% Ef% *(',/+,+'+ g\ik\e\Z`\ek\ X KIFP8 ?<II<I8# :I@JKF98C$M@E@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (' XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ,0(/*( Xc ,0(/-' [\ cX :kX% :k\% Ef% *(',/+,+'+ g\ik\$ e\Z`\ek\ X KIFP8 ?<II<I8# :I@JKF98C$M@E@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (( XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef *0- [\ cX :kX% :k\% Ef% *+,()--''+ g\ik\e\Z`\ek\ X IFD8E :8DGFM<I;<# J<>LE;F$ G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZX$ Z`�e% 8:&-0/ () XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef )*( mXcfi )(,#*) [\ cX :kX% :k\% Ef% *+.*+**('+ g\ik\e\$ Z`\ek\ X M@M8E:F >I8E;8# 8E;I<J$NC8;@D@I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (* XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ((.+( [\ cX :kX% :k\% Ef% *'.--()*'+ g\ik\e\Z`\ek\ X 8M@I@:F :@8% CK;8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZX$ Z`�e% 8:&-0/ (+ XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef .'(' mXcfi +*/#/- [\ cX :kX% :k\% Ef% **+*/0+*'+ g\ik\e\Z`\e$ k\ X DLCK@J<IM@:@FJ EL<M8 @D8><E >;D J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (, XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef (*+
mXcfi ,''#'' [\ cX :kX% :k\% Ef% *+,,(..,'+ g\ik\e\Z`\ek\ X G8K@EF =<@AFF# >C8;PJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (- XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ,(, [\ cX :kX% :k\% Ef% *')/.,*+'+ g\ik\e\Z`\ek\ X DFP8 JFI@8# I<E8KF$O8M@<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (. XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ,/, mXcfi (''#'' [\ cX :kX% :k\% Ef% *).0(.),'+ g\ik\e\$ Z`\ek\ X >L8CFKF K@KL8E8# J<>LE;F$=I8E:@J:F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (/ XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ,/' [\ cX :kX% :k\% Ef% **+(---('+ g\ik\e\Z`\ek\ X :8CM8 :8JK@CCF# =@CFD<E8$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ (0 XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef )+,$ )-*$).*$).+$)/' [\ cX :kX% :k\% Ef% *+.,0*+/'+ g\ik\e\Z`\ek\ X M<C8J:F I8DFJ#:8ICFJ$ >@FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ )' XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ,(' [\ cX :kX% :k\% Ef% *+.,0*+/'+ g\ik\e\Z`\ek\ X M<C8J:F I8DFJ#:8ICFJ$>@FM8EEP [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ )( XX 444444 HL<;8 8ELC8;F Gfi ifYf [\c :_\hl\ Ef (*-( Xc (*0' [\ cX :kX% :k\% Ef% *'..,-(('+ g\ik\e\Z`\ek\ X :8Q8I M8C<EQL<C8# ?<:KFI$ M@:<EK< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZX$ Z`�e% 8:&-0/ )) XX 444444 HL<;8 8ELC8;F Gfi ifYf [\c :_\hl\ Ef ),.+* mXcfi ),.#+' [\ cX :kX% :k\% Ef% *'-)/0,''+ g\ik\e\Z`\e$ k\ X =CFI<J ;<C M8CC< :@8% CK;8%M8CC<=CFI [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ )* XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef +*-* mXcfi .+#.+ [\ cX :kX% :k\% Ef% *)/(,,**'+ g\ik\e\Z`\ek\ X D8EK<E@D@<EKF <C<:KI@:F D<:8E@:F D8C<D<: [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ )+ XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef (/-* Xc (/.' [\ cX :kX% :k\% Ef% *''++'/''+ g\ik\e\$ Z`\ek\ X DLCBP >L<II<IF# <;N@E$G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ ), XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef ((-. [\ cX :kX% :k\% Ef% **/0-.-)'+ g\ik\e\Z`\ek\ X 8:FJK8 CFG<Q#=8LJKF$D8I:<CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ )- XX 444444 HL<;8 8ELC8;F
I_[cfh[ ^Wo kd feYe Z[ beYkhW [d [b Wceh$ F[he i_[cfh[ ^Wo kd feYe Z[ hWpŒd [d bW beYkhW$ <H?;:H?9> M?B>;BC D?;JPI9>; Gfi ifYf [\c :_\hl\ Ef .00* mXcfi ./#/, [\ cX :kX% :k\% Ef% *'-0(,,-'+ g\ik\e\$ Z`\ek\ X 8JF:@8:@FE GFC@:@8 D<KIFGFC@K8E8 HL@KF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ ). XX 444444 HL<;8 8ELC8;F Gfi ifYf [\c :_\hl\ Ef /'.- mXcfi /,#,' [\ cX :kX% :k\% Ef% *'-0(,,-'+ g\ik\e\$ Z`\ek\ X 8JF:@8:@FE GFC@:@8 D<KIFGFC@K8E8 HL@KF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ )/ XX 444444 HL<;8 8ELC8;F Gfi ifYf [\c :_\hl\ Ef +''( Xc +('' [\ cX :kX% :k\% Ef% *'/'+.(('+ g\ik\e\Z`\ek\ X :8II<I8 FEF=8# N<CC@EKFE$ G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZX$ Z`�e% 8:&-0/ )0 XX 444444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef )+. Xc )-' [\ cX :kX% :k\% Ef% *++0'++-'+ g\ik\e\Z`\ek\ X M<C<Q :?8M<Q#;8E@<C$AFJ< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`f$ i\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-0/ *' XX
BANCO INTERNACIONAL Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *0'.,/'+. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0) ( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -)'.*)'/( [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0) ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-''.+,)*- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0) * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% (('.++)*0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* ( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '*''.(*/)0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf%
8:&('+0* ) d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% (('.)//,* [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* * d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '+''.0/**' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* + d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '-''.+),,, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* , d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '+''.-(((0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* - d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *)''.+(*,' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* . d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% 0.,/,) [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcX$ Z`�e% Hl`\e Zi\p\i\ k\e\i [\i\$ Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* / d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% '++'.(,0+. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* 0 d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% /',(** [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gifZ\[`\e[f X jl XelcX$ Z`�e% Hl`\e Zi\p\i\ k\e\i [\i\$ Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* (' d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% -+'.)+,+- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* (( d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ')''.*'0,/ [\c 9XeZf
@ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* () d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% ,''.*/,// [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* (* d^ 4444444 Gfi _XY\ij\ g\i[`[f cX C`Yi\kX [\ 8_fiifj [\ cX Zl\ekX Ef% *.'.*)(.- [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ \jk} gif$ Z\[`\e[f X jl XelcXZ`�e% Hl`\e Zi\p\i\ k\e\i [\i\Z_f jfYi\ \jkX c`Yi\kX# [\Y\i} gi\j\ekXi jl i\ZcXdf Xc 9XeZf# [\ekif [\ cfj () [ˆXj# ZfekX[fj [\j[\ cX ’ck`dX glYc`ZXZ`�e [\ \jk\ Xm`jf% 8:&('+0* (+ d^ 4444444 Gfi _XY\ij\ JLJKI8@;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% -**..- [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ (./, MXcfi1 -,%), =\Z_X [\ >`if1 (/$'*$)'((% 8 cX fi[\e [\1 ;@8E8 :<;<zF 8:&('+0+ ( d^ 4444444 Gfi _XY\ij\ GyI;@;8 j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% -*'*./ [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ ,,0 MXcfi (*(/#-/ =\Z_X [\ >`if1 '-$ALC@F$)'('% 8 cX fi[\e [\1 E<GCFJ=LA@ J%8% 8:&('+0+ ) d^ 4444444 Gfi _XY\ij\ <OKI8M@8;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% *''-'(/+* [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ *),.) MXcfi1 *.0#'* % 8:&('+0+ * d^ 4444444 Gfi _XY\ij\ G<I;@;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% /''-'-),) [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ /)--+ MXcfi1 )/)#/( =\Z_X [\ >`if1 '(&'+&)'((% 8 cX fi[\e [\1 :?@CL@J8 CL@J KF9@8J 8:&('+0+ + d^ 4444444 Gfi _XY\ij\ <OKI8M@8;F j\ mX e X XelcXi \c cfj j`^l`\ek\ j Z_\hl\ j # X ZXi^f [\ cX Zl\ekX Zfii`\ek\ Ef% *''-'(/+* [\c 9XeZf @ek\ieXZ`feXc J%8% Ef% :_\hl\ *)+0+ MXcfi1 +(+#(+ Ef% :_\hl\ *)+,. MXcfi1 *+#,( 8:&('+0+ , d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% -+'''.../ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e$ [f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if (.. Xc e’d\if (.. 8:&('+0+ - d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% *')(0, [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`$ ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if (*/ Xc e’d\if (*/ 8:&('+0+ . d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% '+*'-'(),/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if (/(* Xc e’d\if (/(* 8:&('+0+ / d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% '+*'-'(),/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if (0., Xc e’d\if (0., 8:&('+0+ 0 d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% '+*'-'(),/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c e’d\if (0-+ Xc
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? eÂ’d\if (0-+ 8:&('+0+ (' d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% '+*'-'(),/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if (0-' Xc eÂ’d\if (0-( 8:&('+0+ (( d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% (-)-.' [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`$ ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if )0'* Xc eÂ’d\if )0', 8:&('+0+ () d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% ),'-'//-0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if ('- Xc eÂ’d\if (), 8:&('+0+ (* d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% '++'-'*))/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if (0( Xc eÂ’d\if (0( 8:&('+0+ (+ d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% '++'-'*))/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if (/0 Xc eÂ’d\if (/0 8:&('+0+ (, d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% -''(,'+-. [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if ++( Xc eÂ’d\if ++( 8:&('+0+ (- d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '*/'-'.(// [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e$ [f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if ** Xc eÂ’d\if ** 8:&('+0+ (. d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\ekX Zfii`\ek\ Ef% '.''-(*''0 [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e$ [f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if ), Xc eÂ’d\if ), 8:&('+0+ (/ d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% ++'-'*))/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if (+0 Xc eÂ’d\if (+0 8:&('+0+ (0 d^ 4444444 Gfi fi[\e [\c k`klcXi [\ cX Zl\e$ kX Zfii`\ek\ Ef% -+'''-,(/ [\c 9XeZf @ek\ieXZ`feXc J%8%# j\ Zfdle`ZX# hl\ j\ \jk} gifZ\[`\e[f X XelcXi \c cfj j`^l`\ek\j j ]fidlcXi`f j [\ Z_\hl\ j % ;\c eÂ’d\if ,.' Xc eÂ’d\if ,.' 8:&('+0+ )' d^
COOPROGRESO ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('(,0**) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.'(*.'/+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf
Ä Ä
C`d`kX[X# g\ik\e\Z`\ek\ X M8:8 8CD<E;8I@Q FC>8 8C@:@8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$ [f [fZld\ekf cfj i\ZcXd\% 8:&&('+/) ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-',/(' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.'),+**- [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X I8DFJ ALD9F D@CKFE j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$ [f [fZld\ekf cfj i\ZcXd\% 8:&&('+/* ) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'()-*)(+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X G@EKF E8IM8<Q CLQ D8I@8 j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+/+ * d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ','((+'/'( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ','.',0,(/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 98HL<IF LII<JK8 8E;I<8 P8;@I8 j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+/, + d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-(''/++,) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''-(,*( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M8C<E:@8 P8I B8I@E8 D8I:<C8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+// , d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'()...), p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.'('*'+* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X Q8M8C8 M@K<I@ AL8E :8ICFJ j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e Zfef$ Z`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+/0 - d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+('('-,,- p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.''0(*** [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X Q8G8K8 A8:FD< E<CCP D8I@8E8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+0' . d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(-((*0( [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 9<K8E:FLIK? =CFI<J 8E><C AFJ<C@KF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX$ [f [fZld\ekf cfj i\ZcXd\% 8:&(&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '((')0,-.' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.')+,((/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä‚
Ĺ? Ä Ä‚Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ?
C`d`kX[X# g\ik\e\Z`\ek\ X :8JKIF :L<M8 A<JJ@:8 =<IE8E;8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&)&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('((++++ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.''0/)*/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M8JHL<Q DFJHL<I8 CL@J IFC8E;F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&*&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('(*',() p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.'(()*'. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :FII8C<J GFQF =I<;;P O8M@<I j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&+&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef *('(.)'0( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +'*(.'(',*'+ 2 p Ef ;< C@9I<K8 :K8 GIF>I<J8I FIF *('(',+.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @K8Q 8C:L8:<I BC<9<I M@E@:@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&,&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''...-) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 98IJ8CCF CFG<Q A8:B<C@E< D8I@<C8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&-&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/(')*)((( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.'(*//0* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >L8E8E>8 P8::?@I<D8 ;@<>F ?<IE8E j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&.&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/(''.(0(, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/.''+..'/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X KLG@Q8 J@D98z8 AFJ< IFJ<C@ j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&/&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'(()*'+) [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X FIK@Q HL<Q8;8 JLJ8E8 ;< A<JLJ j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&0&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX
[\ 8_fiifj Ef '('(,*,0-' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '('.)0.++/ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X ELz<Q Q8DFI8 M@:<EK< <JKL8I;F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&(&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '('(,'+/** [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X G8CCF J?L>LC@ D8I:@8 G8KI@:@8 j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&)&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ')'().,000 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8JKL;@CCF >8C8IQ8 8D8E;8 IL9P j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&*&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+-)(/( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.'((-.-. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8@Q8CL@J8 98C8I<QF :8ICFJ FIC8E;F j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&+&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ','(('0-'' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% ',.''*')*' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X C898E;8 8>L@II< 8E><C 8LI<C@F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&,&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ',.''+)*(' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >FEQ8C<Q :<;<zF AFJ< IF;FC=F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&-&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''0.0++ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X J@D98z8 CCL>CCLE8 M<IFE@:8 >89I@<C8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&.&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-('(+,()) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''/+'.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >L8D8E :8:?@DL<C G89CF ;8M@; j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&/&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+(')*,+., p
Ĺ?
C`Yi\kX [\ 8gfikXZ`fe\j Ef% +'+(.'(/,,/+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G<z8 G8C8:@F D8IK?8 :<:@C@8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&0&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ('('''.(*( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +('(.''',-)' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X G@CC8AF CL>D8z8 AFJ< I8=8<C j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&('&XX 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'((/)+0* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''0)/'' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8 C 9 LA8 D F E K < E <> IF ?<IE8E ;8M@; j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e Zfef$ Z`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&&('+.) ( d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/'()0,).- p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '/'.(,*+0, [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X KLG@Q8 J@D98z8 D@>L<C 8E><C j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&&('+.* ) d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '*'()0(.)* [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\$ Z`\ek\ X :8@J8>L8EF M<>8 G<;IF j\ gifZ\[\i} X XelcXi$ cX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&&('+.+ * d^ 44444 ;\Y`[f X cX g„i[`[X [\ :\i k`]`ZX[fj ;G= Ef% '0(;G='''**)** Æ +'/)+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D<E8 A8:?F 89<C ?LD9<IKF j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+., + d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +('(('''0,'* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +('(.''.*,' [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @>L8>F :L<IF A8@D< j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+.- , d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +(((('',-+** [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X HL@GF :8A8D8I:8 DFE@:8 IF:@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+.. - d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +((((''()/.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X FC8CC8 :898J:8E>F :?I@JK@8E FIC8E;F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\e$ kf cfj i\ZcXd\% 8:&&('+./ . d^ 44444
I_ ck[he" de ceh_hƒ Z[b jeZe$ I7BL7:EH :7BĂž
;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('.*)-0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% (*'.'+*''0 [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 98J8EK<J E8M8II<K< >C8;PJ =8K@D8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+.0 / d^ 44444 ;\Y`[f X cX g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('./+-. [\ cX :ffg\iXk`mX [\ 8_fiif p :i„[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X E8IM8<Q GFE:< 8C<O8E;I8 A<8EE<K? j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`f$ eX[f [fZld\ekf cfj i\ZcXd\% 8:&&('+/' 0 d^
BANCO PROMERICA J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef -'--,-0'(, [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X A8@D< G8E:?F *+.-)/ hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&(&XX 44444444 J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef -((-,,/'(0 [\c 98E:F GIFD<I@:8# g\ik\e\Z`\e$ k\ X <JG@EFQ8 8;I@8E8 *)(+*. hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&)&XX 44444444 J\ XelcX gfi IfYf \c Z_\hl\ Ef% .'#.)8C ., ;\ cX Zl\ekX Zfii`\ek\ Ef ('*+())'() [\c 98E:F GIFD<I@:8# g\ik\e\$ Z`\ek\ X AF==I< G<I<Q hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&*&XX 44444 J\ XelcX gfi IfYf \c Z_\hl\ Ef% *. M8CFI ('' ;\ cX Zl\ekX Zfii`\ek\ Ef ('+(,,''(- [\c 98E:F GIFD<I@:8# g\ik\e\$ Z`\ek\ X 8C98II8J@E E<CCP 2 9<E<=% B<EEK? 98Q8E O hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&+&XX 44444 J\ XelcX gfi g„i[`[X \c Z_\hl\ Ef% ,'/ M8CFI ),' ;\ cX Zl\e$ kX Zfii`\ek\ Ef ('),'+))+0 [\c 98E:F GIFD<I@:8# g\ik\e\$ Z`\ek\ X 8ID<E;8I@Q AFI>< hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&,&XX 44444 J\ XelcX gfi IfYf \c Z_\hl\ Ef% (+. M8CFI ,'' ;\ cX Zl\ekX Zfii`\ek\ Ef ('+(''('() [\c 98E:F GIFD<I@:8# g\ik\e\$ Z`\ek\ X =8LJKF @Q8 hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&-&XX 44444 J\ XelcX gfi g„i[`[X \c Z_\hl\ Ef% ,' 8C (), ;\ cX Zl\ekX Zfii`\ek\ Ef ('+)0')'(* [\c 98E:F GIFD<I@:8# g\ik\e\$ Z`\ek\ X =CFI<J <;@JFE hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:&.&XX 44444 J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef -'*)+0+'(/ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X <J:F98I :8KFK8 )-00*0 hl`\e k\e^X [\i\Z_f [\Y\i}
i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&(&XX 444444 J\ XelcX gfi g„i[`[X cX C`Yi\kX Ef -()-+0,'(/ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X DFI8E G8KI@:@8 *+*+., hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&)&XX
BANCO RUMIĂ‘AHUI HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /')-/+-+'' Eif% :XikfcX (.)*),-'*-( [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`$ dX glYc`ZXZ`Â?e% 8:&-0), ( XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /(,,'00('' Eif% :XikfcX (.-''*0'',) [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:&-0), ) XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /(//.0'''' Eif% :XikfcX (.0,,0.''+, [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`$ dX glYc`ZXZ`Â?e% 8:&-0), * XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /'+++(','' Eif% :XikfcX (-/00/0'')' [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`dX glYc`ZXZ`Â?e% 8:&-0), + XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /'')0,,,'' Eif% :XikfcX (.+,/-'()'' [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`$ dX glYc`ZXZ`Â?e% 8:&-0), , XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /(*/'0(('' Eif% :XikfcX (.)(00+')0. [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`$ dX glYc`ZXZ`Â?e% 8:&-0), - XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /'-*0('/'' Eif% :XikfcX (-.-,*)'),' [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`$ dX glYc`ZXZ`Â?e% 8:&-0), . XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /'-,/',('' Eif% :XikfcX (--(+.(')(+ [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`$ dX glYc`ZXZ`Â?e% 8:&-0), / XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /'(+)0,+'' Eif% :XikfcX (-/'.,/''*- [\c 9XeZf Ild`ÂŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX Â’ck`$ dX glYc`ZXZ`Â?e% 8:&-0), 0 XX
44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /')000.0'' Eif% :XikfcX (.*-,0/'*/- [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`$ dX glYc`ZXZ`�e% 8:&-0), (' XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /(,+'-*,'' Eif% :XikfcX (.,/0,*'(,. [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`$ dX glYc`ZXZ`�e% 8:&-0), (( XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /(/+''-)'' Eif% :XikfcX (.0'-''''(. [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`$ dX glYc`ZXZ`�e% 8:&-0), () XX 44444 HL<;8 8ELC8;8 Gfi g„i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef% /(''*(*,'' Eif% :XikfcX (.(.(+)'))( [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [ˆXj gfjk\i`fi\j X cX ’ck`$ dX glYc`ZXZ`�e% 8:&-0), (* XX 44444 HL<;8 8ELC8;F Gfi g„i[`[X [\c :_\hl\ Ef% (//$(/0$(0' $(0($(0) $(0*$(0+$ (0,$ (0-$(0.$(0/ $)'' [\ cX :kX Ef% /'(/,(0('+ g\ik\e\Z`\ek\ X >I8E;8 <I8QF# <L><E@8 ;< A<JLJ$ [\c 9XeZf Ild`ŒX_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:&-0), (+ XX
BANCO BOLIVARIANO J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi jljkiXZZ`�e [\j[\ \c Z_\hl\ Ef% +- ?XjkX \c +. j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% AFI>< CC<I<E8 # ZkX% Zk\% Ef% ,'/,''*-/0 [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( ( d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi jljkiXZZ`�e [\c Z_\hl\ Ef% )0 j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% D8EL<C ><I8I;F :8C<IFE # ZkX% Zk\% Ef% ,'/,''*)/0 [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( ) d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi jljkiXZZ`�e [\j[\ \c Z_\hl\ Ef% *( ?XjkX \c ., j`e ]`idX p j`e mXcfi# gi\j\e$ kX[X gfi \c ^`iX[fi Ji% X `kX% D8EL<C ><I8I;F :8C<IFE # ZkX% Zk\% Ef% ,'/,''*)/0 [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( * d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYjkiXZ$ Z`�e [\c Z_\hl\ Ef% ,) j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX$ [fi Ji% X `kX% IFJJD8C;<E ><ID8E 9F?FIHL<Q # ZkX% Zk\% Ef%,'.,''**0/ [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( + d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\j[\ \c Z_\hl\ Ef% ,+ ?XjkX \c ., j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX$ [fi Ji% X `kX% IFJJD8C;<E ><ID8E 9F?FIHL<Q# ZkX% Zk\% Ef% ,'.,''**0/ [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( , d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\j[\ \c Z_\hl\ Ef% )' ?XjkX \c ), j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% D8EL<C =I<;;P M<C8zF # ZkX% Zk\% Ef% ,'-,''.*.* [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( - d^ 44444444
J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\j[\ \c Z_\hl\ Ef% (.' ?XjkX \c (.( j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% A<EEP J8C8Q8I # ZkX% Zk\% Ef% ,',,'',-(. [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( . d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\j[\ \c Z_\hl\ Ef% (+, ?XjkX \c (+- j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% A<EEP J8C8Q8I # ZkX% Zk\% Ef% ,',,'',-(. [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( / d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi jljkiXZZ`�e [\j[\ \c Z_\hl\ Ef% (' ?XjkX \c ), j`e ]`idX p j`e mXcfi# gi\j\e$ kX[X gfi \c ^`iX[fi Ji% X `kX% 8E8 D8I@8 M8Q:FE<Q # ZkX% Zk\% Ef% ,'','+.0(( [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( 0 d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX 8elcXZ`�e gfi g„i[`[X &jlYj$ kiXZZ`�e [\j[\ \c Z_\hl\ Ef% +,- ?XjkX \c +., j`e ]`idX p j`e mXcfi# gi\j\ekX[X gfi \c ^`iX[fi Ji% X `kX% IF:@F G<z8 # ZkX% Zk\% Ef% ,'',')/'*0 [\c 9XeZf 9fc`mXi`Xef% 8:&('+/( (' d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi g\i[`[X& JljkiXZZ`fe [\c Z_\hl\ Ef% ) X ]Xmfi [\ ?FJG@K8C J8E I8=8<C gi\j\ekX[X gfi M@:KFI :?@E>8 ZkX% Zk\ Ef%$ ,',,''-+,/ J\ gi\m`\e\ hl\ ZlXchl`\i i\ZcXdf [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('+/( (( d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi g\i[`[X [\c Z_\hl\ Ef% ,0+0 gi\j\ekX[X gfi JG<8B<IJ 9LI<8L J%8% ZkX% Zk\ Ef%$ ,'),''-,/, J\ gi\m`\e\ hl\ ZlXchl`\i i\ZcXdf [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('+/( () d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi JLJKI8::@FE [\c Z_\hl\ Ef% -.) gi\j\ekX[X gfi CFG<Q 98II<I8 D8>;8C<E8 ZkX% Zk\ Ef%$ ,'(,'',/,* J\ gi\m`\e\ hl\ ZlXchl`\i i\ZcXdf [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('+/( (* d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi g\i[`[X& jlYjkiXZZ`fe [\c Z_\hl\ Ef% -,+) Ef mXcfi .+%'. X ]Xmfi [\ G8KIFE DFI8C<J A@OFE AF?E gi\j\ekX[X gfi <OGF=FI<JK8C ZkX% Zk\ Ef%$ ,'','('-*/ J\ gi\m`\e\ hl\ ZlXchl`\i i\ZcXdf [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('+/( (+ d^ 44444444 J\ Zfdle`ZX Xc g’Yc`Zf# cX Fgfj`Z`�e Xc gX^f gfi g\i$ [`[X&jlYjkiXZZ`�e [\c Z_\$ hl\ Ef% -., gi\j\ekX[X gfi G8KI@:@F CLQLI@8>8 ZkX% Zk\ Ef%$ ,'',')0'*) J\ gi\m`\e\ hl\ ZlXchl`\i i\ZcXdf [\Y\i} gi\j\ekXij\ \e \c gcXqf [\ -' [ˆXj X gXik`i [\ cX ]\Z_X [\ \jk\ Xm`jf% 8:&('+/( (, d^
:FC:?8 8C<O >@FM8EEP Zfe e’d\if [\ :@ (.),/+-,0* 8I&/)+0,&ZZ 444444 J\ gifZ\[\i} X XelcXi gfi g„i[`[X f jljkiXZZ`�e cfj ]fi$ dlcXi`fj [\ Z_\hl\j eld\$ iX[fj [\j[\ '''+0( _XjkX ''','' [\ cX Zl\ekX Zfii`\e$ k\ Ef (0'*''-/.)( [\ 9XeZf GifZi\[`k J%8%# g\ik\e\Z`\ek\ X KFD8C8 ;8D8:<C8 D8IK?8 >@FD8I8 Zfe :@ (.('.0*0+) Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8I&/)+0-&ZZ
BANCO CAPITAL 9XeZf :Xg`kXc J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`Zf \e ^\e\iXc hl\ gfi _XY\ij\ \okiX$ m`X[f \c :\ik`]`ZX[f [\ ;\g�j`kf X GcXqf =`af E%$ (.'($'($''/-)) \d`k`[f \c )* [\ dXiqf [\ )'(( p Zfe ]\Z_X [\ m\eZ`d`\ekf )) [\ dXiqf [\ )'()# gfi \c mXcfi [\ LJ; ++#0+*%+)# g\ik\e\Z`\ek\ Xc k`klcXi 9F<Q@F 8CM<8I AL8E CL@J F ;< C8 KFII< :<G<;8 >89I@<C8# mX X gifZ\[\i X cX XelcXZ`�e [\c i\jg\Zk`mf :\ik`]`ZX[f [\ ;\g�j`kf X GcXqf =`af% J\ jfc`Z`kX X cX g\ijfeX hl\ k\e^X [\i\Z_f jfYi\ [`Z_f :\ik`]`ZX[f [\ ;\g�j`kf X GcXqf =`af gi\j\ek\ Xc 9XeZf :Xg`kXc J%8% \c i\ZcXdf Zfii\jgfe[`\ek\ gfi \jZi`kf \e \c gcXqf [\ () [ˆXj ZfekX[fj X gXik`i [\ cX k\iZ\iX glYc`ZXZ`�e% 8I&/)+((&ZZ
8ELC8:@FE<J M8I@8J 8elcXZ`�e gfi g„i[`[X [\ cfj ZfekiXkfj ++-* hl\ g\ik\e\Z\e X cX \dgi\jX A8I;@E<J J8EK8 IFJ8% :fii\jgfe[`� Xc e’d\if1 (.,,.$)'(($(.(+% 8I&/)+/'&ZZ 444444444 :FFG<I8K@M8 )0 ;< F:KL9I< J\ XelcX cX c`Yi\kX [\ X_fiifj Ef% +((')-,, g\ik\e\Z`\ek\ Xc Ji% :8ICFJ D8EL<C K<E< >L8C8E Zfe :%@% (0''((+'($- [\ cX :ffg% [\ 8_fiif p :i„[`kf )0 [\ FZklYi\ gfi g„i[`[X% 8I&/)+/(&ZZ 444444444 Gfi g\i[`[X j\ XelcX c`Yi\kX [\ X_fiifj ,/')/'/* [\ cX DlklXc`kX G`Z_`eZ_X [\ cX JiX% DXi`kqX Al[`k_ :lm` >X`Yfi 8:&.//--&k] 444444 Gfi g\i[`[X j\ XelcX gfc`$ qX [\c 9XeZf [\ >lXpXhl`c ')((),*', gfi (,%,/)%/# ')((),+'- gfi ,%-0,#,8:&./0/+&k]
MUTUALISTA PICHINCHA J\ XelcX gfi g„i[`[X cX kXi$ a\kX Zl\ekX ZfejkilZk`mX Ef% -/'',*0- [\ cX DlklXc`jkX G`Z_`eZ_X# g\ik\e\Z`\ek\ X Cfli[\j >XiZˆX >feq}c\q 8I&/),''&ZZ
BANCO PROCREDIT 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*'('((+/++)+ A?FE 9PIFE C<FE >I@A8CM8 Zfe e’d\if [\ :@ '.')./+')8I&/)+0+& ZZ 444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c g’Yc`$ Zf# cX XelcXZ`�e gfi g„i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ','('((,0*'+. [\ 8E;I8E>F
BANCO DE GUAYAQUIL 9XeZf [\ >lXpXhl`c J%8%# X jfc`Z`kl[ [\c j\Œfi 8C:@M8I 8IK<8>8 P8I8 <JG<I8EQ8 Zfdle`ZX Xc g’Yc`Zf hl\ gfi g„i[`[X# [\k\i`fif# ifYf f jlj$ kiXZZ`�e j\ gifZ\[\i} X [\ZcXiXi j`e \]\Zkf \c Z_\hl\ [\ cX Zl\ekX Zfii`\ek\ Ef% 0+(0'-* EfdYi\ [\c 9\e\]`Z`Xi`f1 N@CJFE M8I<C8 E’d\if [\ Z_\hl\ ),. MXcfi1 ),'#'' 8:& ('+0- ( d^