Ä
Ĺ?
(1#!3.1 Ä“ĹŠ ĹŠ ĹŠ }
Ĺ?ĈĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? ÄŒĹ? Ĺ? +Ä?Ĺ?ĊćĂą
Ŋ Ŋ ¥ Ŋ Ŋ Ŋ Ŋ ŊŊŊŊ'33/ľľ666ē"#1#!'.#!4 ".1ē!.,
"(3.1 ĹŠ ÂĄ ĹŠ
(1#!!(¢-Ä–ĹŠ 1#- 2ĹŠ8ĹŠÄˆÄ‡ĹŠ"#ĹŠ %.23.ĔŊ "($Ä“ĹŠ (5 -!.ĔŊĎ3.Ä“ĹŠ/(2.ŊġŊ #+_$.-.2Ä–ĹŠÄ‰ÄŽÄŽÄˆÄąÄŽÄŽÄ‰ÄľÄ‰ÄŽÄŽÄŽÄąÄŒÄŠÄˆÄľÄ‰ÄŽÄ‡Ä‡ÄąÄ‰ÄŒÄŽÄľÄ‰ÄŽÄŽÄ‰ÄąÄˆÄŠÄŽĹŠĹŠÄˇĹŠ Äą, (+Ä– ĹŠ)4"(!( +Äž"#1#!'.#!4 ".1Ä“!.,ĹŠ
+ĹŠ-#.!.-31 !34 +(2,.ĹŠ "#ĹŠ 6+2 Ä–ĹŠ Ä“ĹŠ ĹŠ ^ ĹŠ
HWmbi [d '/-& h[ijWXb[Y[ bW j[e# h‡W Z[b YedjhWje ieY_Wb" [b c_ice gk[ i[]‘d [b f[diWc_[dje feb‡j_Ye Z[ J^ecWi >eXX[i" @e^d BeYa[ o @$ Hekii[Wk" [i kd WYk[hZe [djh[ Y_kZWZWdei fej[dY_Wb[i" e [djh[ ƒijei o kd fej[dY_Wb ]eX[hdWdj[ e ]eX[hdWdj[i" ieXh[ bei jƒhc_dei [d bei gk[ lWd W [djhWh [d h[bWY_ed[i i[W ieY_Wb[i e feb‡j_YWi" e WcXWi$ BW j[eh‡W Z[b YedjhWje ieY_Wb fhe# fed[ kdW i_jkWY_ÂŒd Z[ Æ[ijWZe Z[ dWjkhWb[pWÇ" [d [b gk[ bWi f[hiedWi gk[ de j_[d[d Z[h[Y^ei o eXb_]W# Y_ed[i feb‡j_YWi Æo jWb l[p jWcfe# Ye ieY_Wb[i" bb[]Wd ][d[hWbc[dj[ Z[ cWd[hW WdÂŒd_cW W kd WYk[hZe ieXh[ bWi XWi[i fWhW [ijWXb[Y[h kd i_ij[cW ieY_Wb o%e feb‡j_Ye [d [b gk[ i[ b[i h[YedepYWd Z[h[Y^ei o eXb_# ]WY_ed[i" _dYbk_ZWi bWi eXb_]WY_ed[i Z[ Ykcfb_h [b WYk[hZe WbYWdpWZe" h[if[jWh bei Z[h[Y^ei Z[ bei Y_kZW# ZWdei o eX[Z[Y[h Wb ]eX[hdWdj[ e ]eX[hdWdj[i decXhWZei$ Æ;b YedjhWje ieY_Wb [i kiWZe jWdje fWhW [nfb_YWh bW eXb_]WY_ÂŒd ][d[hWb Z[ bei Y_kZWZWdei Z[ eX[# Z[Y[h bW b[o o bei fei_Xb[i b‡c_j[i Z[ [iW eXb_]WY_ÂŒd " Yece fWhW fhe# fehY_edWh kd ceZe Z[ Z[j[hc_dWh [b Yedj[d_Ze WZ[YkWZe Z[ bei Z[h[# Y^ei o eXb_]WY_ed[i gk[ l_dYkbWd W bei c_[cXhei Z[ kdW ieY_[ZWZ Y_l_b o feb‡j_YW$Ç ' ;b [d\egk[ Z[b YedjhWje ieY_Wb Z[ HWmbi" [i kd cƒjeZe gk[ \WY_b_jW kd Yedi[die Z[i[WXb[ [d kd j_fe Z[ ieY_[ZWZ$ ;iW j[eh‡W Yedj_[d[ _cfb‡Y_je [b _]kWb_jWh_ice$ FWhW HWmbi bWi _dij_jkY_ed[i X|i_YWi Z[ bW ieY_[ZWZ de Z[X[d i[h iebWc[dj[ ehZ[dWZWi o [\_Y_[dj[i" i_de ieXh[ jeZe `kijWi$ Ik fh_dY_fWb eX`[j_le [i Æ[bWXehWh kdW j[eh‡W Z[ bW `kij_Y_W gk[ i[W kdW Wbj[hdWj_#
lW l_WXb[ W bWi ZeYjh_dWi gk[ ^Wd Zec_dWZe bWh]Wc[dj[ dk[ijhW jhW# Z_Y_ÂŒd \_beiÂŒ\_YW$Ç( ;b 9edjhWYjkWb_ice HWmbi_Wde [ij| Z[djhe Z[ bW j[eh‡W Z[ bW `kij_# Y_W Z[b fhef_e HWmbi" gk[ Yedi_Z[hW fh_cehZ_Wb [b lWbeh Z[ bW Wkjedec‡W Z[ bW f[hiedWi o dei WokZW W h[i# fedZ[h Zei fh[]kdjWi X|i_YWi Z[ jeZW j[eh‡W cehWb0 ÂľGkƒ dei Z[cWdZW bW cehWb5 ÂľFeh gkƒ Z[X[cei eX[Z[Y[h Y_[hjWi h[]bWi5 HWmbi _djheZkY[ W ik j[eh‡W kd Æ9edjhWje >_fejƒj_YeÇ" gk[ de [i i_de [b WYk[hZe gk[ i[ \_hcWh‡W XW`e Y_[hjWi YedZ_Y_ed[i _Z[Wb[i o [d [b YkWb i[ h[if[jW [b YWh|Yj[h Z[ i[h[i b_Xh[i [ _]kWb[i$ H[iWbjW gk[ bW _]kWbZWZ i[ Z[h_lW Z[ bW _d^[h[dj[ Æ_]kWbZWZ cehWbÇ [djh[ bWi f[hie# dWi$ BW Wfb_YWX_b_ZWZ Z[ bei fh_dY_f_ei h[ikbjWdj[i Z[b YedjhWje hWmbi_Wde i[ ZW [d ieY_[ZWZ[i X_[d ehZ[dW# ZWi" ZedZ[ h[_dWd bWi Y_hYkdijWd# Y_Wi Z[ `kij_Y_W" gk[ fheck[l[ [b X_[d Z[ iki c_[cXhei" ZedZ[ de [n_ij[ d_ [njh[cW [iYWi[p d_ kdW WXkdZWdY_W Z[ X_[d[i1 bWi f[hie# dWi ied c|i e c[dei _]kWb[i [djh[ i_" [d YkWdje W YWfWY_ZWZ[i \‡i_YWi o c[djWb[i" f[he lkbd[hWXb[i \h[dj[ W bWi W]h[i_ed[i Z[ bei Z[c|i$) HWmbi fhefed[ kdW cƒjh_YW eX`[j_lW [d bWi Z_iYki_ed[i Z[ bW `kij_Y_W o bW _]kWbZWZ$ JWcX_ƒd i[ h[\_[h[ W bW h[]bW Z[ hWY_edWb_ZWZ gk[ Z[X[d kj_b_pWh bei ik`[jei Z[ bW fei_Y_ÂŒd eh_]_dWb" [d YWie Z[ j[d[h ZkZWi h[if[Yje Z[ bW [b[Y# Y_ÂŒd W bW gk[ i[ [d\h[djWd o f_[diW [d bW Æh[]bW cWn_c_dÇ" feh bW gk[ [d eYWi_ed[i Z[ _dY[hj_ZkcXh[ Z[X[d `[hWhgk_pWhi[ bWi Z_ij_djWi Wbj[hdWj_lWi Yed\ehc[ W iki f[e# h[i h[ikbjWZei fei_Xb[i" e i[W gk[ Z[X[ WZefjWhi[ bW Wbj[hdWj_lW Ykoe f[eh h[ikbjWZe i[W ikf[h_eh Wb f[eh Z[ bei h[ikbjWZei Z[ bWi ejhWi Wbj[h#
dWj_lWi$* J[eh‡W Z[ bW `kij_Y_W0 bW @kij_Y_W Yece [gk_ZWZ0 HWmbi ieij_[d[ gk[ ÆbW `kij_Y_W [i bW fh_c[hW l_hjkZ Z[ bWi _dij_jkY_e# d[i ieY_Wb[i" Yece bW l[hZWZ be [i Z[ bei i_ij[cWi Z[ f[diWc_[djeÇ" Z[ ceZe gk[ i_ bWi b[o[i ied _d`ki# jWi Z[X[d i[h h[\ehcWZWi e Z[he# ]WZWi" o Wb Yed\hedjWh bW b_X[hjWZ o [b X_[d Z[ bW cWoeh‡W [nfb_YW gk[ de [i `kij_Y_W bW fƒhZ_ZW Z[ bW b_X[h# jWZ Wdj[ [b cWoeh X_[d YecfWhj_Ze feh ejhei$ :W ƒd\Wi_i W bWi b_X[hjW# Z[i Z[ bW _]kWbZWZ o Y_kZWZWd‡W [d kdW ieY_[ZWZ `kijW" Wi‡ Yece bW jeb[hWdY_W W kdW _d`kij_Y_W YkWdZe [i d[Y[iWh_e [l_jWh kdW _d`kij_Y_W cWoeh$ @e^d HWmbi ikij[djW bW `kij_Y_W Yece [gk_ZWZ" [d bW _Z[W Z[ bW [gk_#
ZWZ fheY[Z_c[djWb Z[ kdW fei_Y_ÂŒd eh_]_dWb" gk[ [i l[hi_ÂŒd Z[b ^_fe# jƒj_Ye [ijWZe Z[ dWjkhWb[pW$ BW Z[dec_dW `kij_Y_W fheY[Z_c[djWb f[h\[YjW" [d bW YkWb i[ eXj[dZh‡W [b h[ikbjWZe c|i [\_Y_[dj[ fWhW Yedi[# ]k_h W ik l[p kd h[ikbjWZe Yehh[Yje$ ;i kdW Yk[ij_ÂŒd Z[ Æ`kij_Y_W fhe# Y[Z_c[djWb fkhW bW WY[fjWY_ÂŒd Z[b h[ikbjWZe Z[b WYk[hZe WbYWdpWZe" gk[ Z[f[dZ[ Z[ bW WY[fjWY_ÂŒd Z[b fheY[Z_c_[djeÇ+$ BW [gk_ZWZ fheY[Z_c[djWb i[ XWiW [d bW [ijhWj[]_W Z[ Wi[]khWh gk[ jeZWi bWi YWkiWi Z[ i[i]e o fWh# Y_Wb_ZWZ i[Wd [nYbk_ZWi Z[ bW fei_# Y_ÂŒd eh_]_dWb" gk[ Z[ bk]Wh W h[ikb# jWZei _cfWhY_Wb[i o [gk_jWj_lei$ ;i Yh_j[h_e \kdZWc[djWb gk[ iebe ÆkdW d[]eY_WY_ÂŒd [gk_jWj_lW ][d[# hWh| h[ikbjWZei [gk_jWj_leiÇ$ BW `kij_Y_W Yece [gk_ZWZ Æ[i h[i#
jh_d]_ZW de iebe W kd j_fe fWhj_YkbWh Z[ ieY_[ZWZ i_de gk[" Z[djhe Z[ [i[ j_fe" i[ bW h[i[hlW fWhW Yk[ij_ed[i Z[ `kij_Y_W [d h[bWY_Â&#x152;d iebe Yed bWi _dij_jkY_ed[i X|i_YWi Z[ bW ieY_[# ZWZ1 [d fWhj_YkbWh [b _dj[hÂ&#x192;i Z[b Wkjeh [ij| [d bW Z_ijh_XkY_Â&#x152;d Z[ bWi YWh]Wi o X[d[\_Y_ei Z[ bW Yeef[hW# Y_Â&#x152;d ieY_WbĂ&#x2021;,$ ;d [ij[ i_ij[cW i[ Yedi_Z[hW gk[ bei fh_dY_f_ei Z[ `kij_Y_W _cfWhY_W# b[i ied bei gk[ h[ikbjWhÂ&#x2021;Wd Z[ kdW [b[YY_Â&#x152;d h[Wb_pWZW feh f[hiedWi b_Xh[i" hWY_edWb[i o i_jkWZWi [d kdW fei_Y_Â&#x152;d Z[ _]kWbZWZ$- 7 \_d Z[ [l_jWh bW _d\bk[dY_W Z[ Y_hYkdijWdY_Wi fhef_Wi Z[ YWZW kde" HWmbi _cW]_dW Ă&#x2020;kdW Z_iYk# i_Â&#x152;d bb[lWZW W YWXe feh _dZ_l_Zkei hWY_edWb[i o Wkje _dj[h[iWZei" gk[ i[ fhefed[d [b[]_h feh kdWd_c_# ZWZ o Z[ifkÂ&#x192;i Z[ Z[b_X[hWh [djh[ [bbei" bei fh_dY_f_ei ieY_Wb[i gk[ ^WXh|d Z[ eh]Wd_pWh bW ieY_[ZWZ$Ă&#x2021; F_[diW [d f[hiedWi W\[YjWZWi feh kdW Y_hYkdijWdY_W fWhj_YkbWh" gk[ [ij|d Z[jh|i Z[ kd Ă&#x2020;l[be Z[ _]de# hWdY_WĂ&#x2021; gk[ b[i _cf_Z[ YedeY[h [b bk]Wh Z[ YbWi[ e ik [ijWjki ieY_Wb" bW \ehjkdW e Z[i]hWY_W gk[ ^Wd j[d_Ze [d bW Z_ijh_XkY_Â&#x152;d Z[ YWfWY_ZWZ[i dWjkhWb[i" ik _dj[b_][dY_W" ik \k[h# pW" ik hWpW" bW ][d[hWY_Â&#x152;d W bW gk[ f[hj[d[Y[d" [jY$ FWhW Wi[]khWh gk[ bW _]kWbZWZ j[Â&#x152;h_YW ikhjW [\[Yjei [d bW fei_Y_Â&#x152;d eh_]_dWb" HWmbi _djheZkY[ ik eh_]_# dWb YedY[fY_Â&#x152;d Z[b Ă&#x2020;l[be Z[ _]de# hWdY_WĂ&#x2021; gk[ [l_jW jeZW fei_X_b_ZWZ Z[ _d_gk_ZWZ [d bWi Z[Y_i_ed[i W jecWh" ^WY_[dZe gk[ jeZWi bWi fWh# j[i _]deh[d [dj[hWc[dj[ YkWbgk_[h ZWje fWhj_YkbWh ieXh[ i_ c_icWi gk[ b[i fkZ_[hW bb[lWh" Yece [b[Yje# h[i hWY_edWb[i" W jecWh Z[Y_i_ed[i gk[ bWi \Wleh[pYWd f[hiedWbc[dj[ W YeijW Z[ ejhWi f[hiedWi Yed YkW# b_ZWZ[i Z_\[h[dj[iĂ&#x2021;$ ;ije i_]d_\_YW gk[ bWi fWhj[i de YedeY[d iki jWb[djei" e ik YWh[dY_W" d_ ik bk]Wh [d ieY_[ZWZ" d_ i_gk_[# hW YedeY[d [b j_fe Z[ ieY_[ZWZ d_ bW Â&#x192;feYW [d bW gk[ l_l_h|d" Wkdgk[ iWX[d gk[ j_[d[d kdW YedY[fY_Â&#x152;d Z[b X_[d" de YedeY[d ik Yedj[d_Ze" feh jWdje de fk[Z[d cebZ[Wh bei fh_dY_f_ei Z[ `kij_Y_W fWhW WZ[# YkWhbei W iki eX`[j_lei" lWbeh[i e Yh[[dY_Wi h[b_]_eiWi fWhj_YkbWh[i$ Bei ik`[jei W bei gk[ i[ h[\_[h[ HWmbi" d[Y[i_jWd ejhW _d\ehcWY_Â&#x152;d :FEK@EL8 <E C8 GĂ?>@E8 $ :)
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x201A;
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
WZ_Y_edWb Wdj[i Z[ [b[]_h Yed i[dj_# Ze" feh be gk[ [i d[Y[iWh_e fh[Y_iWh be gk[ i[ Z[X[ Z[Y_h ieXh[ bWi cej_# lWY_ed[i fhef_Wi Z[ bei i[h[i _Z[W# b[i Z[iYh_jei o WY[hYW Z[b Yh_j[h_e Z[ hWY_edWb_ZWZ gk[ i[ lW W [cfb[Wh [d i_jkWY_ed[i Z[ _dY[hj_ZkcXh[" Yece [iYe][h kdW YedY[fY_Â&#x152;d Z[ `kij_Y_W" feh [`[cfbe$ HWmbi ieij_[d[ gk[ Ă&#x2020;YkWbgk_[h f[hiedW j_[d[ gk[ [ijWh [d Yed# Z_Y_ed[i Z[ f[hi[]k_h ik fhef_e fheo[Yje Z[ l_ZW" _dZ[f[dZ_[dj[# c[dj[" [d fh_dY_f_e Z[b Yedj[d_Ze Z[b c_iceĂ&#x2021;1. o gk[ bei ik`[jei [d bW Ă&#x2020;fei_Y_Â&#x152;d eh_]_dWbĂ&#x2021;" j[hc_dW# hÂ&#x2021;Wd Yecfhec[j_Â&#x192;dZei[ Yed bei i_]k_[dj[i fh_dY_f_ei Z[ `kij_Y_W gk[ ied X|i_Yei0 '$# 9WZW f[hiedW ^W Z[ j[d[h kd Z[h[Y^e _]kWb Wb [igk[cW c|i [nj[die Z[ b_X[hjWZ[i X|i_YWi _]kWb[i gk[ i[W YecfWj_Xb[ Yed kd [igk[cW i[c[`Wdj[ Z[ b_X[hjWZ[i fWhW bei Z[c|i $/ =Wh]Wh[bbW _dj[h# fh[jW gk[ de [i jeZe j_fe Z[ b_X[h# jWZ[i" i_de bWi Y_l_b[i o febÂ&#x2021;j_YWi0 Z[h[Y^e Wb leje" Wb Z[X_Ze fheY[ie" W bW b_X[hjWZ Z[ [nfh[i_Â&#x152;d o WieY_W# Y_Â&#x152;d" [jY$ ($# BWi Z[i_]kWbZWZ[i ieY_Wb[i o [YedÂ&#x152;c_YWi j_[d[d gk[ iWj_i# \WY[h Zei YedZ_Y_ed[i0 fh_c[hW" Z[X[d h[bWY_edWhi[ Yed fk[ijei o fei_Y_ed[i WX_[hjWi fWhW jeZei [d YedZ_Y_ed[i Z[ fb[dW [gk_ZWZ o Z[ _]kWbZWZ Z[ efehjkd_ZWZ[i" o i[]kdZW" Z[X[d h[ZkdZWh [d [b ;@MFI:@FJ I% ;<C < ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C G8I81 >CFI@8 D8IC<E< D8IK@E<Q :<;<zF <OKI8:KF AL@:@F1 ;@MFI:@F E%$(,'( $ )%'(' $ JI 8:KFI1 L=I<;P 8>LJK@E Q 8 D 9 I8 E F K8 C C < ; F ; < D 8 E ;8 ; F 1 >CFI@8 D8IC<E< D 8 I K @ E < Q :<;<zF KI8D@K<1 M<I98C JLD8I@F F9A<KF1 ;\ZcXiXi [`jl\ckf \c m`eZlcf dXki`dfe`Xc hl\ c\j le\# Zfe]fid\ cf [`jgfe\ \c `eZ`jf j\^le[f [\ cX ZXljXc ((f [\c 8ik%$((' [\c :Â?[`^f :`m`c M`^\ek\ :L8EK@81$ @E;<K<ID@E8;8 GIFM@;<E:@8 ALQ>8;F ;<:@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# dXik\j )- [\ XYi`c [\c )'((# cXj ((_+'% M@JKFJ1 Gfi Zldgc`[f Zfe \c i\hl\i`$ d`\ekf Xek\i`fi%$ CX [\dXe$ [X gifgl\jkX gfi L]i\[p 8^ljk`e QXdYiXef KXcc\[f X kiXm\j [\c X kiXmÂ&#x201E;j [\c ;i%$ :Xicfj 8[i`Xef <iXqf :\iÂ?e$ GifZliX[fi Al[`Z`Xc# \j Zfd$ gc\kX# ZcXiX# gi\Z`jX p i\Â&#x2019;e\
Ĺ?
cWoeh X[d[\_Y_e Z[ bei c_[cXhei c[dei fh_l_b[]_WZei Z[ bW ieY_[# ZWZ$' & Ă&#x2020;;ij[ fh_dY_f_e [i [b fh_dY_f_e Z[ Z_\[h[dY_W" gk[ _cfb_YW bW ikf[hW# Y_Â&#x152;d Z[ kdW _Z[W Z[ `kij_Y_W Z_ijh_# Xkj_lW" Z[ WYk[hZe Yed bW YkWb be gk[ YWZW kde eXj_[d[ [i `kije" i_ [i gk[ bei X[d[\_Y_ei e fei_Y_ed[i [d Yk[ij_Â&#x152;d [hWd jWcX_Â&#x192;d Wi[gk_Xb[i fWhW bei Z[c|i$Ă&#x2021; I_d [cXWh]e" [b Ă&#x2020;[igk[cW Z[ `kij_Y_W de i[ Yedi_# Z[hW iWj_i\[Y^W Yed kdW c[hW _]kWb# ZWZ Z[ efehjkd_ZWZ[i$Ă&#x2021; '' HWmbi Z_Y[ gk[ _cfehjW Wdj[ jeZe [b eX`[j_le _d_Y_Wb Z[ bW `kij_# Y_W Yece _cfWhY_Wb_ZWZ" gk[ Yece be ^[cei Z[\_d_Ze Wdj[i" [i [b Â&#x2018;d_Ye gk[ Z[ceijhWhÂ&#x2021;W gk[ bei fh_dY_f_ei Z[ bW `kij_Y_W i[hÂ&#x2021;Wd WZefjWZei [d l[p Z[ ejhWi efY_ed[i jhWZ_Y_edW# b[i$'( BW l_ebWY_Â&#x152;d Wb fh_dY_f_e Z[ _]kWbZWZ" [d [ij[ YWie" iebe [i WY[fjWXb[ YkWdZe lW W Ă&#x2020;[d]heiWhĂ&#x2021; bWi fehY_ed[i Z[ h[Ykhiei [d cWdei Z[ bei c[dei \Wleh[Y_Zei o dkdYW [d [b YWie [d gk[ bWi Z_ic_dkoWdĂ&#x2021;')$ ;ijW YedY[fY_Â&#x152;d" W Yh_j[h_e Z[b fhe# f_e HWmbi" [i c|i Ă&#x2020;[ijWXb[Ă&#x2021; gk[ bW deY_Â&#x152;d Z[ _]kWbZWZ Z[ efehjkd_ZW# Z[i" be YkWb [i _d[nfb_YWXb[$ BW j[ehÂ&#x2021;W Z[ bW `kij_Y_W [i kdW _dij_jkY_Â&#x152;d \kdZWc[djWb Z[ HWmbi" f[he gk[ Ă&#x2020;de c[h[Y[ i[h h[YedeY_ZW Yece jWb i_ f[hc_j[ gk[ bWi f[hie# dWi h[ikbj[d X[d[\_Y_WZWi e f[h`k# Z_YWZWi feh Y_hYkdijWdY_Wi W`[dWi W ik lebkdjWZĂ&#x2021;$ 7b j[deh Z[b f[diWc_[dje _]kW# b_jWh_e0 bW ieY_[ZWZ `kijW Z[X[d j[dZ[h [d be fei_Xb[" W _]kWbWh W bWi f[hiedWi [d iki Y_hYkdijWdY_Wi" Z[ ceZe jWb gk[ be gk[ eYkhhW Yed iki l_ZWi gk[Z[ XW`e ik fhef_W h[ifed#
cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gif$ Z\[\ek\ j\ cX X[d`k\ X ki}d`k\# \e al`Z`f M\iYXc JldXi`f%$ <e Zfej\Zl\eZ`X# \e dÂ&#x201E;i`kf [\ cX X]`idXZ`Â?e hl\ YXaf aliX$ d\ekf _X i\Xc`qX[f \c ;i%$ :Xicfj 8[i`Xef <iXqf :\iÂ?e$ GifZliX[fi Al[`Z`Xc [\c 8Zkfi# Zfe]fid\ cf [`jgfe\ \c 8ik%$/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X cX j\Â&#x152;fiX >cfi`X DXic\e\ DXikÂ&#x2C6;e\q :\[\Â&#x152;f# gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf p \e cX Z`l[X[ [\ JXekf ;fd`e^f [\ cfj :fcfiX[fj# i\jg\Zk`mX$ d\ek\# Zfe]fid\ cf [`jgfe\ \c `eZ`jf j\^le[f [\c 8ik% ((0 [\c :Â?[`^f :`m`c# d\[`Xek\ ki\j glYc`ZXZ`fe\j hl\ j\ _Xi}e ZX[X leX [\ \ccXj \e ]\Z_Xj [`]\i\ek\j# d\[`Xe[f fZ_f [Â&#x2C6;Xj cXYfiXYc\j \eki\ leX p fkiX# gXiX cf ZlXc j\ \eki\^Xi} \c \okiXZkf i\jg\Zk`mf%$ :fe cX `ej`elXZ`Â?e i\Xc`qX[X gfi \c 8Zkfi# gXiX \c ZXi^f [\ :liX[fi 8[$c`k\d# j\ f`i} X lef [\ cfj j\Â&#x152;fi\j =`jZXc\j [\ G`Z_`eZ_X# X hl`\e j\ efk`]`ZXi} \e jl ;\jgXZ_f%$ @eZfigÂ?i\ej\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X%$KÂ?d\j\ efkX [\ cX ZlXekÂ&#x2C6;X# \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX 8Zkfi \e jl ZXc`[X[ `emfZX[X# gXiX jlj
efk`]`ZXZ`fe\j gfjk\i`fi\j%$ EFK@=@HL<J<% = % ;i% IlYÂ&#x201E;e :\mXccfj =XYXiX% Al\q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j hl\ c\ Zfii\jgfe[Xe%$ :\ik`]`Zf% ;i% E`cf >feqXcf 8cdXZ_` J\Zi\kXi`f [\c Alq^X[f ;Â&#x201E;Z`df K\iZ\if [\ cf :`m`c [\ G`Z_`eZ_X% <o`jk\ ]`idX p j\ccf% 8%G%&+0*0/&b%d% I% [\c <% ALQ>8;F K<I:<IF ;< CF :@M@C P D<I:8EK@C ;< I@F98D98 :@K8:@äE AL;@:@8C 81 D@I@8D ;< C8 KFII<% J\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X `e`Z`X[f le al`Z`f [\ ;@MFI:@F# gifgl\j$ kf gfi =<IE8E;F <;L8I;F D8IK@E<Q J:8==# Zlpf \okiXZkf p Xlkf \j Xc k\efi hl\ j`^l\1 8:KF I 1 = < I E 8 E ; F <;L8I;F D8IK@E<Q J:8== ;<D8E;8;F1 D@I@8D ;< C8 KFII< :C8J< ;< A L @ : @ F 1 ;@MFI:@F% :L8EK@81 @E;<K<ID@E8;8%
iWX_b_ZWZ$ HWmbi [nfh[iW gk[ bWi WhX_jhW# h_[ZWZ[i cehWb[i" de ied `kijWi e _d`kijWi feh i_ c_icWi1 gk[ de ^Wo i[dj_Ze [d h[fheY^Wh W bW dWjkhWb[pW feh \Wleh[Y[h e Z[i\Wleh[Y[h" f[he gk[ i_ Z[X[ ^WY[hi[ kdW [lWbkWY_Â&#x152;d ieXh[ bW `kij_Y_W e _d`kij_Y_W Z[ bWi _dij_jkY_ed[i X|i_YWi Z[ bW ieY_[# ZWZ$ Ă&#x2020;BW dWjkhWb[pW de [i `kijW e _d`kijW Yed deiejhei"Ă&#x2021; [i [b ceZe [d gk[ [b i_ij[cW _dij_jkY_edWb fhe# Y[iW [iei ^[Y^ei Z[ bW dWjkhWb[pW$ :[ WbbÂ&#x2021; ikh][ ik W\_hcWY_Â&#x152;d Z[ gk[ bW Ă&#x2020;fh_c[hW l_hjkZĂ&#x2021; Z[ YkWbgk_[h i_ij[cW _dij_jkY_edWb ^W Z[ i[h bW Z[ ik `kij_Y_W'*$ FWhW bW Yedi[YkY_Â&#x152;d Z[ iki fh[# j[di_ed[i Z[i_dj[h[iWZWi bWi fWhj[i ied b_Xh[i fWhW fhefed[h o Wh]k# c[djWh W \Wleh Z[ bei fh_dY_f_ei Z[ `kij_Y_W gk[ Yh[Wd gk[ fk[Z[d i[h Z[ cWoeh X[d[\_Y_e fWhW i_ c_icWi" o i[ fh[ikfed[ gk[ Yece f[hiedWi hWY_edWb[i" [ijWh|d Z[ WYk[hZe iebe h[if[Yje Z[ bW c[`eh d[]eY_WY_Â&#x152;d gk[ fk[ZWd eXj[d[h W YWcX_e Z[ bei X[d[\_Y_ei Z[ bW Yeef[hWY_Â&#x152;d ieY_Wb$ >WY_[dZe kdW iÂ&#x2021;dj[i_i Z[ bWi _Z[Wi Y[djhWb[i Z[b YedjhWYjkWb_i# ce Z[ HWmbi" i[ fk[Z[ Z[ijWYWh be i_]k_[dj[0 # Gk[ bW _]kWbZWZ [d bW fei_Y_Â&#x152;d eh_]_dWb i[ Wfb_YW [d fh_c[h bk]Wh W bW _]kWb b_X[hjWZ" _dYbk_ZW bW _]kWb# ZWZ [d bei Z[h[Y^ei fheY[Z_c[d# jWb[i fWhW [b Z[XWj[ [d bW fei_Y_Â&#x152;d eh_]_dWb" o bW _]kWbZWZ Yece \k[dj[ _cfehjWdj[ Z[ fh[j[di_ed[i l|b_ZWi h[if[Yje Z[ bei h[Ykhiei ieY_Wb[i" [d h[bWY_Â&#x152;d Yed bWi _dij_jkY_ed[i ieY_Wb[i X|i_YWi$ # Gk[ YWZW f[hiedW j_[d[ fh_c[he kdW YedY[fY_Â&#x152;d Z[b X_[d" o Z[ bei
eX`[j_lei gk[ [i lWb_eie f[hi[]k_h1 o" i[]kdZe" j_[d[ kd i[dj_Ze Z[ bW `kij_Y_W$ ;ije [i" kd Yed`kdje Z[ Yh[[dY_Wi WY[hYW Z[ bei jÂ&#x192;hc_dei Z[ bW Yeef[hWY_Â&#x152;d ieY_Wb [gk_jWj_lW$ # Gk[ bWi f[hiedWi i[ fh[ikfe# d[ " ied YWfWY[i Z[ WYjkWh f[diWd# Ze W bWh]e fbWpe [d h[bWY_Â&#x152;d jWdje Yed ik YedY[fY_Â&#x152;d Z[b X_[d Yece Yed ik i[dj_Ze Z[ `kij_Y_W$ # Gk[ bWi Z[i_]kWbZWZ[i ieY_Wb[i o [YedÂ&#x152;c_YWi i[ Z[X[d Z_ifed[h Z[ ceZe jWb gk[0 W i[Wd fWhW [b cWoeh X[d[\_Y_e Z[ bWi f[hiedWi c|i Z[il[djW`WZWi1 o" X gk[ [ijÂ&#x192;d l_dYkbWZWi W YWh]ei o fei_Y_ed[i WX_[hjWi W jeZWi bWi f[hiedWi XW`e YedZ_Y_ed[i Z[ _]kWbZWZ h[Wb Z[ efehjkd_ZWZ[i '+ IeXh[ bei hWi]ei Z_ij_dj_lei Z[ bW j[ehÂ&#x2021;W Z[ bW @kij_Y_W" HWmbi Z_Y[ gk[0 Ă&#x2020;;b eX`[je fh_cWh_e Z[ bW `kij_Y_W [i bW [ijhkYjkhW X|i_YW Z[ bW ieY_[# ZWZ e cWi [nWYjWc[dj[" [b ceZe [d gk[ bWi _dij_jkY_ed[i ieY_Wb[i c|i _cfehjWdj[i Z_ijh_Xko[d bei Z[h[Y^ei o Z[X[h[i \kdZWc[djW# b[i o Z[j[hc_dWd bW Z_l_i_Â&#x152;d Z[ bWi l[djW`Wi fhel[d_[dj[i Z[ bW Yeef[# hWY_Â&#x152;d ieY_Wb$Ă&#x2021; Feh _dij_jkY_ed[i c|i _cfehjWdj[i [dj_[dZ[ Ă&#x2020;bW Yedij_jkY_Â&#x152;d febÂ&#x2021;j_YW o bWi fh_dY_# fWb[i Z_ifei_Y_ed[i [YedÂ&#x152;c_YWi o ieY_Wb[iĂ&#x2021;$', =Wh]Wh[bbW h[cWhYW gk[ bei fh_dY_f_ei h[ikbjWdj[i Z[b YedjhWje hWmbi_Wde i[ Wfb_YWd [d ieY_[ZWZ[i X_[d ehZ[dWZWi [d ZedZ[ h[_dWd bWi Y_hYkdijWdY_Wi Z[ `kij_Y_W$ '- ;d Yedi[Yk[dY_W" fWhW HWmbi de [n_i# j[ kd Yh_j[h_e _dZ[f[dZ_[dj[ gk[ fk[ZW _dZ_YWhdei be gk[ [i `kije ^WY[h" Wkdgk[ i_ ^Wo fheY[Z_c_[d# jei fWhW bb[]Wh W h[ikbjWZei [gk_# jWj_lei" be gk[ i[]Â&#x2018;d Â&#x192;b [i `kij_Y_W
I_ gk[hÂ&#x192;_i i[h h_Yei" de Wfh[dZ|_i iebWc[dj[ W iWX[h YÂ&#x152;ce i[ ]WdW" i_de jWcX_Â&#x192;d YÂ&#x152;ce i[ W^ehhW$ 8;D@7C?D <H7DAB?D
ELD<IF ;<C AL@:@F1 )'(($ *+*% AL<Q1 ;I% N@CJFE 8E;@EF I<@EFJF J<:I<K8I@F 8;$?F:% ;I% 9FC@M8I I8DFJ 8CK8D@I8EF% 8LKF1 ALQ>8;F K<I:<IF ;< CF :@M@C P D<I:8EK@C ;< :?@D9FI8QF%$ I`fYXdYX# dXik\j (. [\ dXpf [\c )'((# cXj ('_),%$ M`jkfj1 Gfi Zld$ gc`[f Zfe cf fi[\eX[f \e [\Zi\kf Xek\i`fi# cX [\dXe[X [\ [`mfiZ`f [\ ]j% , p XZcXiX$ Z`Â?e hl\ Xek\Z\[\# [\[lZ`[X gfi =<IE8E;F <;L8I;F D8IK@E<Q J:8== \e ZfekiX [\ jl ZÂ?epl^\ D@I@8D ;< C8 KFII<# \j ZcXiX p Zldgc\ cXj \o`^\eZ`Xj [\ cfj 8ikj% -. p -/ [\c :Â?[`^f 8[a\k`mf :`m`c# iXqÂ?e gfi cX hl\# j\ c\ X[d`$ k\ Xc kiXd`k\ m\iYXc jldXi`f \jkXYc\Z`[f gfi \c 8ik% /)/ p j`^l`\ek\j @YÂ&#x2C6;[\d% <e kXc m`i$
kl[# gfi \c aliXd\ekf i\e[`[f gfi \c XZkfiX \e \c c`Y\cf# [\ Zfe]fid`[X[ Zfe cf gi\m`jkf gfi cfj 8ikj% /) [\c :Â?[`^f 8[a\k`mf :`m`c p 8ik% ((0 [\c :Â?[`^f JljkXek`mf :`m`c# ZÂ&#x2C6;k\j\ X cX [\dXe[X[X D`i`Xd [\ CX Kfii\ gfi d\[`f [\ lef [\ cfj [`Xi`fj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kXe kXekf \e \jkX Z`l[X[ [\ I`fYXdYX Zfdf [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf gfi j\i \c cl^Xi [fe[\ j\ _X Z\c\YiX[f \c dXki`dfe`f# Zfe \c \okiXZkf [\ cX [\dXe[X p \jk\ Xlkf# gfi ki\j fZXj`fe\j2 glYc`ZXZ`fe\j hl\ d\[`Xi}e gfi cf d\efj \c kÂ&#x201E;id`ef [\ fZ_f [Â&#x2C6;Xj \eki\ ZX[X leX [\ \ccXj2 gi\m`e`Â&#x201E;e[fc\ hl\# [\ ef ZfdgXi\Z\i X al`Z`f m\`ek\ [Â&#x2C6;Xj gfjk\i`fi\j X cX k\iZ\iX p Â&#x2019;ck`dX glYc`ZXZ`Â?e gf[i} j\i [\ZcXiX[X i\Y\c[\% J\ dXe`$ ]`\jkX hl\ ef _Xe gifZi\X[f _`afj% KÂ&#x201E;e^Xj\ cX ZlXekÂ&#x2C6;X Zfdf `e[\k\id`eX[X# \c ZXj`cc\if
al[`Z`Xc j\Â&#x152;XcX[f gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j Ef (0, p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl 8Yf^X[f ;\]\ejfi 8cfejf MXcm\i[\ Fc`mf% 8^iÂ&#x201E;^l\j\ X cfj Xlkfj cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X% Gfi c`Z\eZ`X [\ cX J\Â&#x152;fiX J\Zi\kXi`X K`klcXi# XZkÂ&#x2019;\ \c ;i% 9fcÂ&#x2C6;mXi IXdfj 8ckXd`iXef Zfdf J\Zi\kXi`f 8[$_fZ# hl`\e _Xcc}e[fj\ gi\j\ek\ XZ\gkX \c ZXi^f Zfe$ ]\i`[f aliX jl ]`\c p c\^Xc [\j$ \dg\Â&#x152;f p ]`idX%$ Efk`]Â&#x2C6;hl\j\% ] %$ ;I% N@CJFE 8E;@EF I<@EFJF% AL<Q% ] Al\q K\iZ\if [\ cf :`m`c%$ j`^l\ cX efk`]`ZXZ`Â?e ] % ;i% 9fcÂ&#x2C6;mXi IXdfj J\Zi\kXi`f X[$ _fZ% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`$ ^l`\ek\j# gi\m`e`Â&#x201E;e[fc\ hl\ [\ ef ZfdgXi\Z\i X al`Z`f [\ekif [\ cfj m\`ek\ [Â&#x2C6;Xj gfjk\i`fi\j X cX ]\Z_X [\ cX k\iZ\iX p Â&#x2019;ck`dX glYc`ZXZ`Â?e# gf[i} j\i [\ZcX$ iX[X \e i\Y\c[Â&#x2C6;X gi\m`e`Â&#x201E;e[fc\ X[\d}j [\ cX fYc`^XZ`Â?e hl\ k`\e\ hl\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ le j\Â&#x152;fi 8Yf^X[f gXiX hl\ i\Z`YX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j% ;I% 9FC@M8I I8DFJ 8% J<:I<K8I@F 8;$?F:% 8%G%&+0+'+&b%d% I<GL9C@:8 ;<C <:L8;FI
fheY[Z_c[djWb fkhW$ I[ ^Wd l[hj_Ze ckY^Wi YhÂ&#x2021;j_YWi W bW j[ehÂ&#x2021;W Z[ HWmbi feh Yedi_Z[hWhbW _dYWfWp Z[ iWj_i\WY[h fb[dWc[dj[ ik _d_Y_Wb fhec[iW _]kWb_jWh_W$ 7b h[if[Yje" o Yece fh[Y[Z[dj[ Z[ kdW fei_Xb[ j[ehÂ&#x2021;W Z[ bW f[dW" Yedl_[# d[ h[Wb_pWh kdW b_][hW h[l_i_Â&#x152;d Z[b _]kWb_jWh_ice gk[ fhefed[0 W Ă&#x2020;BWi _dij_jkY_ed[i Z[ kdW ieY_[ZWZ fk[Z[d i[h Yedi_Z[hW# ZWi _dij_jkY_ed[i `kijWi YkWdZe f[hc_j[d gk[ bW l_ZW Z[ bWi f[h# iedWi Z[f[dZW Z[ be gk[ YWZW kde WkjÂ&#x152;decWc[dj[ [b_][Ă&#x2021;" o de Z[ bei WpWh[i Z[ bW dWjkhWb[pW" e Z[ bWi Y_h# YkdijWdY_Wi gk[ dei ^W jeYWZe l_l_h feh \ehjkdW e Z[i]hWY_W1 X 9kWdZe i[ f[hc_j[ l_l_h be gk[ YWZW kde [b_][" bWi _dij_jkY_e# d[i Z[X[d Z_h_]_hi[ W _]kWbWh W bei _dZ_l_Zkei [d iki Y_hYkdijWdY_Wi" be gk[ i[ jhWZkY[ \kdZWc[djWbc[dj[ [d ZejWh W YWZW kde Yed kd cWd[`e _]kWb Z[ Ă&#x2020;X_[d[i fh_cWh_ei1 Y BW _]kWbZWZ de _cfb_YW kdW _]kWbZWZ WXiebkjW o [ijh_YjW" hÂ&#x2021;]_# ZW$'. ĹŠĹŠ ,/ #++ĹŠ .,Ä&#x201D;ĹŠ ĹŠ 423(!( Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x2C6;Ä&#x2021;Ä&#x2030; ĹŠĹŠ 1% 1#++ ĹŠ . #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~ 2ĹŠ"#ĹŠ+ ĹŠ 423(!( ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ 6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;Ä&#x2030;Ä&#x2C6; ĹŠĹŠ 1% 1#++ ĹŠ . #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~ 2ĹŠ"#ĹŠ+ ĹŠ 423(!( ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ 6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x17D;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%(- ĹŠÄ&#x160;Ä&#x2018;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x2018;Ä&#x17D; ĹŠĹŠ ,/ #++ĹŠ .,Ä&#x201D;ĹŠ ĹŠ 423(!( Ä&#x201D;ĹŠ$2Ä&#x201C;ĹŠÄ&#x2C6;Ä&#x2021;Ä&#x2019;Ä&#x201C; ĹŠĹŠ 1% 1#++ ĹŠ . #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~ 2ĹŠ"#ĹŠ+ ĹŠ)423(!( ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ 6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä?Ä&#x201C; ĹŠĹŠ 1% 1#++ ĹŠ . #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~ 2ĹŠ"#ĹŠ+ ĹŠ)423(!( ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ 6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x2018;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%(- ĹŠÄ&#x160;Ä&#x2019;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%(- ĹŠÄ&#x160;Ä&#x2019;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x2019; ĹŠĹŠ 6+2ĹŠ .'-Ä&#x201D;ĹŠ ( #1 +(2,.ĹŠ .+~3(!.Ä&#x201D;ĹŠ/;%(- ĹŠÄ&#x2030;Ä?Ä&#x152;Ä&#x201C; ĹŠĹŠ 1% 1#++ ĹŠ . #13.Ä&#x201D;ĹŠ 2ĹŠ #.1~ 2ĹŠ"#ĹŠ+ ĹŠ 423(!( ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ 6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x152;Ä&#x2C6;Ä&#x201C; ĹŠĹŠ 6+2ĹŠ .'-Ä&#x201D;ĹŠ #.1~ ĹŠ"#ĹŠ+ ĹŠ 423(!( Ä&#x201D;ĹŠ ;%Ä&#x201C;Ä&#x2018;Ä&#x160;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C; ĹŠĹŠ 1% 1#++ ĹŠĹŠ . #13.Ä&#x201D;ĹŠ 2ĹŠ3#.1~ 2ĹŠ"#ĹŠ+ ĹŠ)423(!( ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ 6+2Ä&#x201D;ĹŠ/;%Ä&#x201C;ĹŠÄ&#x160;Ä&#x17D;Ä&#x201C; ĹŠĹŠ ~"Ä&#x201C;Ä&#x201D;ĹŠ ;%Ä&#x201C;ĹŠÄ?Ä&#x2019;Ä&#x201C;
ALQ>8;F K<I:<IF ;< CF :@M@C ;< JL:LD9@FJ <OKI8:KF ;< :@K8:@FE AL;@:@8C 8:KFI1 ?<IE8E G8KI@:@F :FIK<Q KL=@zF ;<D8E;8;81 8E8 D8I@8 K8G@8 M@CC8II<8C AL@:@F1 ;@MFI:@F Ef '(.) Ă&#x2020; )'(( KI8D@K<1 M<I98C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 ;FD@:@C@F AL;@:@8C1 :8J@CC<IF AL;@:@8C Ef *. G<K@:@FE1 <j \c ZXjf J\Â&#x152;fi Al\q# hl\ [\j[\ _XZ\# [fj XÂ&#x152;fj p d\[`f hl\ d` gi\efdYiX[X \jgfjX j`e dfk`mf Xc^lef XYXe[fef el\jkif _f^Xi hl\ cf k\eÂ&#x2C6;Xdfj \e \c ZXekÂ?e Hl`kf Gifm`eZ`X [\ G`Z_`eZ_X# \e ]fidX XYjf$ clkX# j`e hl\ _XjkX cX ]\Z_X pf ZfefqZX [\ jl gXiX[\if2 p# hl\ \e \jk\ k`\dgf gfi e`e$ ^Â&#x2019;e dfk`mf iXqÂ?e f Z`iZlej$ kXeZ`X _\dfj ml\ckf X ]fidXi le _f^Xi# g\fi XÂ&#x2019;e i\Xel[Xi el\jkiXj i\cXZ`fe\j Zfepl^X$ c\j# e` j\olXc\j# e` [\ e`e^leX eXkliXc\qX% :fe \jkfj Xek\Z\[\ek\j# m\e^f Xek\ jl 8lkfi`[X[2 p# [\dXe$ [f cX [`jfclZ`Â?e [\c m`eZlcf dXki`dfe`Xc hl\ d\ le\ X d`
ZÂ?epl^\ j\Â&#x152;fiX1 8E8 D8I@8 K8G@8 M@CC8II<8C# gXiX hl\ \e j\ek\eZ`X j\ [\ZcXi\ [`jl\c$ kf \c m`eZlcf dXki`dfe`Xc# p X cX m\q [`jgfe^X jl dXi^`eXZ`Â?e \e \c XZkX [\ dXki`dfe`f i\j$ g\Zk`mX# \e \c I\^`jkif :`m`c [\c :XekÂ?e Hl`kf Gifm`eZ`X [\ G`Z_`eZ_X [\ Zfe]fid`[X[ X cf \jk`glcX[f \e \c 8ik% ()/ [\c :Â?[`^f :`m`c M`^\ek\% ;\ d` gXik\ [\j`^ef Zfdf gif$ ZliX[fi [\ d` g\hl\Â&#x152;f _`af# <JK@M<E D8K@8J :FIK<Q K8G@8 X jl kÂ&#x2C6;f gXk\ief j\Â&#x152;fi1 D8EL<C AFI>< :FIK<Q KL=@zF# dXpfi [\ \[X[ [\ \jkX[f :`m`c jfck\if gfi j\i leX g\ijfeX `[Â?e\X gXiX hl\ fZlg\ \c ZXi^f [\ ZliX[fi# gXiX kXc XZkf# jl J\Â&#x152;fiÂ&#x2C6;X [`jgfe[i} [Â&#x2C6;X p _fiX gXiX hl\ j\ gfj\j`f$ e\ \c :Xi^f [\ ZliX[fi# gi\m`f \c ZfefZ`d`\ekf [\ lef [\ cfj J\Â&#x152;fi\j Al\Z\j [\ cX E`Â&#x152;\q p 8[fc\jZ\eZ`X [\ JlZldYÂ&#x2C6;fj p [\ j\i \c ZXjf j\ ZfekXiX Zfe \c J\Â&#x152;fi =`jZXc [\ 8[fc\jZ\ek\j [\ JlZldYÂ&#x2C6;fj% CX gi\j\ek\ [\dXe[X# cX ]le$ [Xd\ekf \e cf hl\ [`jgfe\ \c eld\iXc (( [\c 8ikÂ&#x2C6;Zlcf ((' [\c :Â?[`^f :`m`c \e XZklXc m`^\eZ`X% <c ki}d`k\ hl\ [\Y\ [}ij\c\ X cX gi\j\ek\ ZXljX \j \c al`Z`f M\iYXc jldXi`f% 8Zfi[\ X cf [`jgl\jkf \e \c 8ik% ((/ [\c
:Â?[`^f :`m`c% CX ZlXekÂ&#x2C6;X gfi jl eXkliXc\qX \j `e[\k\id`eX[X% 8 cX [\dXe[X[X J\Â&#x152;fiX1 8E8 D8I@8 K8G@8 M@CC8I<8C# j\ cf Z`kXiX Zfe leX Zfg`X [\ d` [\dXe[X p Xlkf [\ XZ\gkX$ Z`Â?e X ki}d`k\ [\ XZl\i[f X cf hl\ [`jgfe\ \c 8ikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c \e m`^\eZ`X# gfi ZlXekf YXaf aliXd\ekf [\ZcXif [\jZf$ efZ\i \c XZklXc [fd`Z`c`f [\ d` gi\efdYiX[X \jgfjX% ALQ>8;F K<I:<IF ;< CF :LM@C ;< JL:LD9@FJ% El\mX CfaX# dXik\j () [\ XYi`c [\c )'((# X cXj (,?,,% M@JKFJ1 8mfZf ZfefZ`d`\ekf \e m`ikl[ [\c jfik\f Zfii\jgfe[`\ek\ p \e d` ZXc`[X[ [\ Al\q K`klcXi [\c Alq^X[f% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p gfi cf hl\ j\ c\ XZ\gkX X ki}d`k\ m\iYXc jldXi`f Zfe]fid\ gi\jZi`Y\ \c 8ik% ((/ [\c :Â?[`^f :`m`c% :fe \c Zfek\e`[f [\ cX [\dXe[X p gifm`[\eZ`X i\ZXÂ&#x2C6;[X \e \ccX ZÂ&#x2C6;k\j\ X 8E8 D8I@8 K8G@8 M@CC8II<8C \e \c cl^Xi j\Â&#x152;X$ cX[f gXiX \c \]\Zkf# X hl`\e j\ c\ gi\m\e[i} cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% :fdf \c XZkfi YXaf aliXd\e$ kf _X [\ZcXiX[f [\jZfefZ\i cX `e[`m`[lXc`[X[ f [fd`Z`c`f [\ cX [\dXe[X[X# ZÂ&#x2C6;k\j\c\ d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l$ [X[ [\ Hl`kf p [\ \jkX Z`l[X[ El\mX CfaX# Zfe]fid\ cf gi\$ m`jkf gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Gi\m`f X cX [\j`^eXZ`Â?e [\c ZliX[fi X[$c`k\d aljk`]Â&#x2C6;hl\j\ jl `[f$ e\`[X[% KÂ?d\j\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X gfi \c XZkfi Zfdf cX Xlkfi`qX$
Z`Â?e Zfe]\i`[X X jl XYf^X[X gXkifZ`eX[fiX% @eZfigÂ?i\j\ Xc \og\[`\ek\ cX [fZld\ekX$ Z`Â?e X[alekX% Efk`]Â&#x2C6;hl\j\ p ZÂ&#x2C6;k\j\%$ ] ;i% =\ieXe[f 8cYXe <%# Al\q K\iZ\if [\ cf :`m`c [\ JlZldYÂ&#x2C6;fj% Cf hl\ Zfdle`Zf X Ljk\[ gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% El\mX CfaX# ') [\ DXpf [\c )'(( 8Y% =Xeep AldYf >Â?d\q J<:I<K8I@8 8%G%&+0+'0&b%d% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C1 8C J<zFI G?@C@GG< IF9<IK 9FEE<K# :FE C8 J@>L@<EK< ;<D8E;8 ;< ;@MFI:@F# 8C K<EFI J@>L@<EK<1 <okiXZkf 8:KF I8 1 D 8 I>8 I @ K8 G8K I @ : @ 8 ; F E F J F :FI;<IF ;<D8E;8;F1 G?@C@GG< IF9<IK 9FEE<K F9A<KF1 8dgXiX[f \e cX ZXl$ jXc [Â&#x201E;Z`dX gi`d\iX# [\c 8ik% ((' [\c :Â?[`^f :`m`c# [\dXe[X \c [`mfiZ`f X ]`e [\ hl\ \e j\e$ k\eZ`X j\ [\ZcXi\ [`jl\ckf \c mÂ&#x2C6;eZlcf dXki`dfe`Xc hl\ le\ X cfj ZÂ?epl^\j KI8D@K<1 M\iYXc JldXi`f :L8EK@81 @E;<K<ID@E8;8 =<:?8 ;< @E@:@8:@äE ;<C AL@:@F1 *' [\ ale`f [\c )'('% ELD<IF ;< :8LJ81 /0*$ )'('$G:? ;FD@:@C@F C<>8C1 :Xj`ccX Al[`Z`Xc Ef% ,), ;i% 8c\aXe[if :X[\eX% Gifm`[\eZ`X ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j ), [\ X^fjkf [\c )'('# cXj ('_)/%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX# j\ _X iX[`ZX[f \e \jkX
Al[`ZXkliX d\[`Xek\ \c jfi$ k\f i\jg\Zk`mf# gfi cf kXekf# XmfZf ZfefZ`d`\ekf [\ cX d`jdX \e m`ikl[ [\c f]`Z`f E% 0(+$;G$;;G$A8I$'. [\ '* [\ ;`Z`\dYi\ [\c )''. \e d` ZXc`[X[ [\ Al\q Jlgc\ek\% <e cf gi`eZ`gXc# cX [\dXe[X gi\j\ekX[X \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X# j\ cX X[d`k\ Xc ki}d`k\ M\iYXc JldXi`f% <e dÂ&#x201E;i`kf Xc aliXd\ekf i\e[`[f p [\ XZl\i[f X cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi G?@C@GG< IF9<IK 9FEE<K gfi cX gi\e$ jX d\[`Xek\ ki\j glYc`ZXZ`f$ e\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf# \e Zfe]fi$ d`[X[ X cf \jkXYc\Z`[f \e \c 8ik% ((0 [\c :Â?[`^f :`m`c# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% <ekiÂ&#x201E;^l\j\ \c \okiXZkf i\jg\Z$ k`mf% 8^iÂ&#x201E;^l\j\ cX [fZld\e$ kXZ`Â?e XZfdgXÂ&#x152;X[X% KÂ?d\j\ efkX [\c [fd`Z`c`f al[`Z`Xc j\Â&#x152;XcX[f% Efk`]Â&#x2C6;hl\j\% ;I% <;N@E 8I>FK@ I<P<J% AL<Q% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&.0..+&k] I [\c <% ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc cX j\Â&#x152;fiX B8K<I@E< Q<8 JFC8IK<# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gi\j\ekX[f cX
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
I_ de i[ fk[Z[ ^WY[h jhWcfWi Yed bei Wc_]ei" de lWb[ bW f[dW `k]Wh W bWi YWhjWi$ C7H9;B F7=DEB
j`^l`\ek\ XZZ`Â?e1 8:KFI1 AfjÂ&#x201E; M`Z\ek\ 8cd\`[X :\mXccfj ;<D8E;8;81 BXk\i`e\ Q\X JfcXik\ 8JLEKF1 ;`mfiZ`f KI8D@K<1 M\iYXc JldXi`f :8LJ81 (,(-$)'( :L8EK@81 @e[\k\id`eX[X AL<Q JLGC<EK<1 ;i% 8idXe[f 8Z\c[f >lXcc` J<:I<K8I@F1 ;i% AlXe =iXeZ`jZf Aljk`Z`X JXc^X[f KI8D@K81 8Y% <]iXÂ&#x2C6;e DXikÂ&#x2C6;e\q KXg`X GIFM@;<E:@81 ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?81 Hl`kf# al\m\j * [\ dXiqf [\c )'((# cXj ((_,.%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q Jlgc\ek\# d\[`Xek\ f]`Z`f Ef% ;;G$((++ [\ (( [\ alc`f [\c )''. p \e m`jkX [\c jfik\f Zfii\jgfe[`\ek\%$CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X# [\j\ X cX d`jdX \c ki}d`k\ M\iYXc JldXi`f# \ekiÂ&#x201E;^l\j\ leX Zfg`X [\ cX [\dXe[X p \jkX gifm`[\eZ`X X cX j\Â&#x152;fiX B8K<I@E< Q<8 JFC8IK<# gXiX cfj ]`e\j [\ c\p%$ <e m`jkX [\c aliXd\ekf \ogi\jf [\c XZkfi# gfi \c hl\ X]`idX jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X XZklXc [\ cX j\Â&#x152;f$ iX B8K<I@E< Q<8 JFC8IK<# ZÂ&#x2C6;k\j\ gfi cX gi\ejX \e lef [\
cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8[aÂ&#x2019;ek\j\ cX [fZld\e$ kXZ`Â?e gi\j\ekX[X%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`$ Z`Xc j\Â&#x152;XcX[f%$ Efk`]Â&#x2C6;hl\j\ p :Â&#x2C6;k\j\%$ ] ;i% 8idXe[f 8Z\c[f >lXcc`% AL<Q Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc Zfe]fid\ X c\p# gXiX ]lkliXj efk`]`ZX$ Z`fe\j% ;i% =iXeZ`jZf Aljk`Z`X JXc^X[f J<:I<K8I@F ALQ>8;F F:K8MF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&.0+-I% [\c <% ALQ>8;F ;<:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 cX j\Â&#x152;fiX D<I:<;<J 8C<A8E;I8 >L8CC@:?@:F DFI8C<J# j\ c\ _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ c\ _X gifgl\jkf al`Z`f [\ ;`mfiZ`f \e jl ZfekiX \e cfj j`^l`\ek\j kÂ&#x201E;id`efj1 8:KFI1 BcÂ&#x201E;Y\i 8l^ljkf Dfc`eX :_}m\q ;<D8E;8;81 D\iZ\[\j 8 c \ a X e [ iX > l X c c ` Z _ ` Zf DfiXc\j
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO DE LA ESCRITURA PĂ&#x161;BLICA DE DISOLUCIĂ&#x201C;N VOLUNTARIA Y ANTICIPADA DE MODERAGUI CONSTRUCTORES COMPAĂ&#x2018;Ă?A LIMITADA. 1.- Se pone en conocimiento del pĂşblico que, la Superintendencia de CompaĂąĂas mediante ResoluciĂłn No.SC.IJ.DJDL.Q.11.1932 de 04 MAY 2011, aprobĂł la escritura pĂşblica de disoluciĂłn voluntaria de MODERAGUI CONSTRUCTORES COMPAĂ&#x2018;Ă?A LIMITADA, otorgada ante el Notario DĂŠcimo Suplente del Distrito Metropolitano de Quito, el 14 de octubre de 2010, a fin de que quienes se creyeren asistidos del derecho de oposiciĂłn previsto en el artĂculo 33 de la Ley de CompaĂąĂas, como acto previo 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. 2.- Al otorgamiento de la escritura pĂşblica antes mencionada comparece el licenciado Manuel de JesĂşs Gilberto RĂos, en su calidad de Gerente. El compareciente es de nacionalidad ecuatoriana, de estado civil casado y domiciliado en el Distrito Metropolitano de Quito. La junta general de socios de 30 de agosto de 2010, resolviĂł nombrar Liquidador Principal al citado Gerente y como Liquidador Suplente al seĂąor Milton Alcides GuillĂŠn Encalada, quienes para los efectos del artĂculo 393 de la Ley de CompaĂąĂas, notifican a los acreedores de la empresa para que en el tĂŠrmino de veinte dĂas contados a partir de la Ăşltima publicaciĂłn de este Extracto, presenten los documentos que acrediten su derecho en la direcciĂłn domiciliaria de la compaĂąĂa.
EXTRACTO CONSTITUCION DE LA COMPAĂ&#x2018;Ă?A ESPACIOPLUS DISEĂ&#x2018;O Y CONSTRUCCION CIA. LTDA. La compaĂąĂa ESPACIOPLUS DISEĂ&#x2018;O Y CONSTRUCCION CIA. LTDA. se constituyĂł por escritura pĂşblica otorgada ante el Notario Noveno del Distrito Metropolitano de Quito, el 05 de Mayo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.002318 de 30 de Mayo de 2011. 1. DOMICILIO: Distrito Metropolitano de Quito, provincia de PICHINCHA, 2. CAPITAL: Suscrito US$ 400,00 NĂşmero de Participaciones 400 Valor US$ 1,00 3. OBJETO: UNO.- LA CONSULTORIA, PLANIFICACION, DISEĂ&#x2018;O, CONSTRUCCIĂ&#x201C;N, DIRECCIĂ&#x201C;N Y EJECUCIĂ&#x201C;N DE PROYECTOS, REMODELACION, REHABILITACION DE TODO TIPO DE EDIFICACIONES, PRESTACIĂ&#x201C;N DE SERVICIOS PROFESIONALES RELACIONADOS CON LA INGENIERIA Y ARQUITECTURA EN TODAS SUS RAMAS EN EL SECTOR PĂ&#x161;BLICO Y PRIVADO... Quito, 30 de Mayo de 2011
Distrito Metropolitano de Quito, a 04 MAY 2011
Dr. Oswaldo Noboa LeĂłn. DIRECTOR JURIDICO DE COMPAĂ&#x2018;IAS
AB. PATRICIA CHIRIBOGA SĂ NCHEZ DIRECTORA JURĂ?DICA DE DISOLUCIĂ&#x201C;N Y LIQUIDACIĂ&#x201C;N DE COMPAĂ&#x2018;Ă?AS
AC/11175/tf A.P./49376/k.m.
AL@:@F1 ;`mfiZ`f Eif# +,-$ )'(($J# `eZ`jf j\^le[f [\c eld\iXc feZ\ [\c 8ik% ('0 [\c :Â?[`^f :`m`c M`^\ek\ :L8EK@81 @e[\k\id`eX[X KI8D@K<1 M\iYXc JldXi`f 89F>8;F ;<=<EJFI1 ;i% IfY\ikf 8pXcX ALQ>8;F ;y:@DF JyGK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlÂ&#x2C6;# X )' [\ 8Yi`c [\c )'((% 8 cXj '/?('% M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ''')$;G$ ;GG [\ * [\ \e\if [\c )'((% CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi 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# ZÂ&#x2C6;k\j\ X cX [\dXe$ [X[X j\Â&#x152;fiX D<I:<;<J 8C<A8E;I8 >L8CC@:?@:F DFI8C<J# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \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^iÂ&#x201E;^l\j\ cfj [fZl$ d\ekfj gi\j\ekX[fj% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ei% (+( p cX Xlkfi`qXZ`Â?e Zfe$ ]\i`[X Xc ;fZkfi IfY\ikf 8pXcX% EFK@=@HL<J<% =[f% ;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[# gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j% :\ik`]`Zf% 8Y^% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0,', ) k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 D8I@F 8C:@;<J M<C8 98CJ<:8 8 : KF I 1 : 8 I D < C @ E 8 G@C8K8J@> :?8E8K8J@> ; < D 8 E ;8 ;8 1 D 8 I @ F 8C:@;<J M<C8 98CJ<:8 AL@:@F1 ;@MFI:@F GFI :8LJ8C EÂ&#x2014; (*0$)'(( DIM KI8D@K<1 M < I 9 8 C JLD8I@F :L8EKĂ 81 @E;<K<ID@E8;8 F9A<KF2 ;@JFCL:@äE ;<C M@E:LCF D8KI@DFE@8C ;< :FE=FID@;8; 8 CF <JK89C<:@;F <E <C @E:@JF J<>LE;F :8LJ8C ;<:@DF GI@D<I8 ;<C 8IK% ((' ;<C :F;@>F :@M@C =<:?8 ;< @E@:@F ;<C AL@:@F1 (+ ;< D8IQF ;<C )'(( GIFM@;<E:@8 ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j (+ [\ dXiqf [\c )'((# cXj ('_',%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf X cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX# p \e m`ikl[ [\c jfik\f i\Xc`qX[f %$ CX [\dXe[X hl\ Xek\Z\$ [\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ m\iYXc jldXi`f%$<e m`ikl[ [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p# [\ XZl\i$ [f Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# Zfe \c \okiXZkf [\ cX [\dXe[X p \jk\ Xlkf# ZÂ&#x2C6;k\j\ Xc [\dXe$ [X[f D8I@F 8C:@;<J M<C8 98CJ<:8 d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj g\i`Â?[`$ Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? Hl`kf# j\ cXj _Xi} d\[`Xe[f fZ_f [Â&#x2C6;Xj gfi cf d\efj# \eki\ cX leX p cX fkiX%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc hl\ j\Â&#x152;XcX cX gXik\ XZkfiX p cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl [\]\ejfi %$EFK@=@HL<J<%% = ;I% :8ICFJ =<IEĂ?E;<Q @;IFMF%$ AL<Q Cf hl\ cc\mf X jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e$ [fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX ]lkliXj efk`]`ZXZ`fe\j%$ Hl`kf# (0 [\ dXiqf [\ )'((%$ :<IK@=@:F% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ALQ>8;F ;y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0,,(&k] I% ;<C <% ALQ>8;F J<>LE;F ;< CF :@M@C ;< <C FIF <OKI8:KF ;< :@K8:@äE ; < D 8 E ;8 E K < 1 ? L > F FJN8C;F M<I8 IL<;8 ;<D8E;8;81 @ E < J D8>;8C<E8 ?<IE8E;<Q G8@CC8:?F F9A<KF ;< C8 ;<D8E;81 ;@MFI:@F KI8D@K<1 M<I98C JLD8I@F Ef% --'$)''0 AL<Q ;< C8 :8LJ81 89>% AFI>< :?8D9<IJ G8II8C<J# AL<Q K<DGFI8C ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< D8:?8C8 GIFM@;<E:@81 Gfi ZcXiX# gi\Z`jX p Zfdgc\kX gfi i\le`i cfj i\hl`j`kfj [\ c\p j\ XZ\gkX Xc ki}d`k\ \e cX MÂ&#x2C6;X M\iYXc JldXi`X% Gfi ZlXekf \c XZkfi dXe`]`\jkX YXaf aliX$ d\ekf hl\ c\ _X j`[f `dgfj`$ Yc\ [\k\id`eXi cX i\j`[\eZ`X f [fd`Z`c`f XZklXc [\ cX [\dXe$ [X[X @E<J D8>;8C<E8 ?<IE8E;<Q G8@CC8:?F# j\ fi[\eX Z`kXicf gfi cX gi\ejX# \e lef [\ cfj [`Xi`fj hl\ j\ \[`kXe \e \jkX Z`l[X[# Zfe]fi$ d\ cf [\k\id`eX \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c p 8ik% ((0 :Â?[`^f :`m`c% GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ Xc [\dXe[X[f cX fYc`^XZ`Â?e [\ ZfdgXi\Z\i X al`Z`f p j\Â&#x152;XcXi ZXj`cc\if al[`$ Z`Xc \e \jkX Z`l[X[ [\ DXZ_XcX gXiX jlj efk`]`ZXZ`fe\j [\ekif [\ cfj m\`ek\ [Â&#x2C6;Xj gfjk\i`fi\j X cX k\iZ\iX p Â&#x2019;ck`dX glYc`ZX$ Z`Â?e% DXZ_XcX# )+ Efm`\dYi\ [\c )'('% 8Y^% AfjÂ&#x201E; JXdXe`\^f AXiXd`ccf J<:I<K8I@F ;<C ALQ>8;F J<>LE;F ;< CF :@M@C ;< D8:?8C8 ?Xp ]`idX p j\ccf 8:&.0.+.&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE 8 C8 JiX% D@I@8D G8KI@:@8 <JG@EFJ8 IL<;8 <OKI8:KF AL@:@F% M<I98C JLD8I@F ;`mfiZ`f gfi ZXljXc 8:KFI8% =I8EBC@E FD8I =CFI<J GI@<KF ; < D 8 E ;8 ; F% D @ I @ 8 D G8KI@:@8 <JG@EFJ8 IL<;8 KI8D@K< M<I98C JLD8I@F :8LJ8 EF% (*+.$)'('$JD$ GM
Ä&#x192;
:L8EK@8% @E;<K<ID@E8;8 GIFM@;<E:@8% ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# d`Â&#x201E;iZfc\j (' [\ efm`\dYi\ [\c )'('# cXj (+_,,% M@JKFJ1 8^iÂ&#x201E;^l\j\ \c \jZi`kf hl\ Xek\$ Z\[\% LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf Zfe cf fi[\eX$ [f \e gifm`[\eZ`X Xek\i`fi j\ [`jgfe\1 cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p% <e Zfej\Zl\eZ`X# [\ Zfe$ ]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% /)0 [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# kiXdÂ&#x2C6;k\j\ \e cX mÂ&#x2C6;X M\iYXc JldXi`X# [`j$ gfe`Â&#x201E;e[fj\ Z`kXi X cX j\Â&#x152;fiX D@I@8D G8KI@:@8 <JG@EFJ8 IL<;8# d\[`Xek\ ki\j glYc`$ ZXZ`fe\j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# \e m`ikl[ [\c aliXd\e$ kf i\e[`[f gfi cX gXik\ XZkf$ iX Zfe]fid\ [`jgfe\ \c 8ik% /) `eZ`jf k\iZ\if [\c :Â?[`^f 8[a\k`mf :`m`c % KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\ ZliX$ [fi X[$c`k\d gXiX cfj d\efi\j% :lÂ&#x201E;ek\j\ Zfe \c j\Â&#x152;fi 8^\ek\ =`jZXc ;`jki`kXc [\ cf G\eXc [\ G`Z_`eZ_X% :fe]`Â&#x201E;iXj\ gfi d\[`f [\ j\Zi\kXiÂ&#x2C6;X \c \okiXZ$ kf g\ik`e\ek\% Efk`]Â&#x2C6;hl\j\%$ = ;I% ALC@F :<J8I 8DFI<J%$ AL<Q% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ c\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ ;i% AFI>< G8C8:@FJ ?% J<:I<K8I@F ;<C ALQ>8;F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 ?Xp ]`idX p j\ccf 8:&.0..)&k] 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 ;< ;@MFI:@F 81 D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E 8:KFI1 N@CJFE I@:?<C@<L :@C@F D<;@E8 ;<D8E;8;F1 D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E AL@:@F1 ;@MFI:@F )'(($'*.- $A}e\k[ KX`g\ I% :L8EK@81 @E;<K<ID@E8;8 KI8D@K<1 M < I 9 8 C JLD8I@F F9A<KF ;< C8 ;<D8E;81 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C GIFM@;<E:@81 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j *' [\ dXiqf [\c )'((# cXj '/_),% M@JKFJ1 CX [\dXe[X [\ ;@MFI:@F hl\ gi\j\ekX N@CJFE I@:?<C@<L :@C@F D<;@E8# \e ZfekiX [\ jl ZÂ?epl^\ D8:CFM@8 8D8I@C@J :8JK8z<;8# i\le\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX XZ\gkX Xc ki}d`k\ Zfii\jgfe[`\ek\ gfi cX mÂ&#x2C6;X M\iYXc JldXi`X# gi\m`jkX \e cfj 8ikj% /)/ p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e XZXkXd`\ekf X cf [`jgl\jkf \e \c 8ik% ((/ [\c :Â?[`^f :`m`c%$ :fe jl Zfek\e`$ [f p \jkX gifm`[\eZ`X :@K<J< X cX [\dXe[X[X \e \c cl^Xi `e[`ZX[f gfi \c XZkfi# gXiX \jk\ ]`e# :FD@J@FE<J< Xc K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX GXiifhl`X [\ JXe
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x2026;
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
8ekfe`f [\ G`Z_`eZ_X# X hl`\e j\ c\ i\d`k`i} jl]`Z`\ek\ [\j$ gXZ_f%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX `ej`elXZ`Â?e [\c :liX[fi 8[$c`k\d hl\ \c [\dXe[Xek\ i\]`\i\ gXiX cX i\gi\j\ekXZ`Â?e [\ jlj _`afj d\efi\j [\ \[X[%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e gi\j\ekX[X p i\^Â&#x2C6;j$ ki\j\ cX ZXj`ccX al[`Z`Xc Ef% /. hl\ j\Â&#x152;XcX \c XZkfi gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j%$ :@K<J< P EFK@=@HL<J<%$%$ ] ;I% D8I@F FIK@Q <JKI<CC8%$ AL<Q ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j (' [\ dXpf [\c )'((# cXj (,_*.% JfYi\ cX YXj\ [\ cX Xj\m\iXZ`Â?e aliXd\ekX[X [\c XZkfi# \e \c j\ek`[f [\ hl\ c\ _X j`[f `dgfj`Yc\ [\k\id`eXi cX i\j`[\eZ`X f `e[`m`[lXc`[X[ [\ D8:CFM@8 8D8I@C@J :8JK8z<;8 >LQD8E# p [\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c `eZ`jf *f% [\c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`jgfe\ :@K8I X kiXmÂ&#x201E;j [\ cX gi\ejX# Zfe le <OKI8:KF ;< C8 ;<D8E;8# 8LKF ;< :8C@=@:8:@FE P <JK8 GIFM@;<E:@8# X cX efdYiX[X [\dXe[X[X# \e cX ]fidX [`jgl\jkX \e \c 8ik% ((0 [\c :Â?[`^f :`m`c%$ EFK@=@HL<J<%$ ] ;I% D8I@F FIK@Q <JKI<CC8%$ AL<Q%$ Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j%$ GXiX i\Z`Y`i jlj gfjk\i`fi\j efk`]`ZXZ`f$ e\j# jÂ&#x2C6;imXj\ j\Â&#x152;XcXi cX ZXj`ccX al[`Z`Xc [\ le 8Yf^X[f Zfdf [`jgfe\ cX C\p% ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0..,&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C :`kXj\ Zfe \c j`^l`\ek\ \okiXZ$ kf [\ cX [\dXe[X [\ [`mfiZ`f X 8E><C8 9<IK?8 9FI9FI JFI@8EF# Zlpf k\efi \j \c j`^l`\ek\1 8:KFI1 AFJ< I@:8I;F DLI>L<PK@F DFI8C<J ;<D8E;8;81 8E><C8 9<IK?8 9FI9FI JFI@8EF :C8J< ;< AL@:@F1 ;@MFI:@F Ef% (++0 Ă&#x2020; )''0 %=M KI8D@K<1 M < I 9 8 C JLD8I@F :L8EK@81 @E;<K<ID@E8;8 F9A<KF ;< C8 ;<D8E;81 ;@JFCM<I <C M@E:LCF D8KI@DFE@8C <OKI8:KF ;< C8 ;<D8E;8 P GIFM@;<E:@8 @E@:@8C1 cXj hl\ j`^l\e ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF )' [\ Efm`\dYi\ [\c )''0# cXj '0_*/%$ M@JKFJ1 CX [\dXe[X [\ [`mfiZ`f gi\j\ekX[X gfi AFJ< I@:8I;F DLI>L<PK@F DFI8C<J \e ZfekiX [\ 8E><C8 9<IK?8 9FI9FI JFI@8EF% \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj c\^Xc\j \e Zfej\Zl\eZ`X j\ cX XZ\gkX X kiXd`k\ Zfii\jgfe[`\ek\ X cX mÂ&#x2C6;X M\iYXc JldXi`X gi\m`j$ kX \e cX j\ZZ`Â?e )*% 8ik%/)/ p j`^l`\ek\j [\c :Â?[`^f ;\ GifZ\[`d`\ekf :`m`c% 8k\ekX cX Xj\m\iXZ`Â?e aliXd\ekX[X [\ cX XZZ`feXek\ i\jg\Zkf [\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cX [\dXe[X[X# :Â&#x2C6;k\j\ X
8E><C8 9<IK?8 9FI9FI JFI@8EF% Zfe le \okiXZkf [\ cX [\dXe[X p \jkX gifm`$ [\eZ`X gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf p \e cX Z`l[X[ [fe[\ j\ Z\c\Yif \c dXki`dfe`f%$ d\[`Xe[f fZ_f [Â&#x2C6;Xj gfi ZX[X glYc`ZX$ Z`Â?e% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e gi\j\ekX[X% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\$ if j\Â&#x152;XcX[f p cX Xlkfi`qXZ`Â?e fkfi^X[X X jl 8Yf^X[f gXkif$ Z`eX[fi#%$EFK@=@HL<J<%$%$ ]% ;I D8I@F FIK@Q AL<Q Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j \e \jkX al[`ZXkliX% ;I% <;N@E :<M8CCFJ 8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(((./ I ;<C < <OKI8:KF AL;@:@8C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 :<:@C@8 M<IFE@:8 J8C>L@<IF FA<;8 AL@:@F [\ ;@MFI:@F Ef% ,)$ )'(($ C8 8:KFI2 =I<;P G8KI@:@F 9<IE8C 9L<JK8E ; < D 8 E ;8 ; F : <: @ C @ 8 M<IFE@:8 J8C>L@<IF FA<;8 KI8D@K< M<I98C JLD8I@F :L8EK@8 @E;<K<ID@E8;8 :8LJ8C 8ik% (('# ZXljXc ;Â&#x201E;Z`dX Gi`d\iX # @eZ`jf )[f% [\c :Â?[`^f [\ :`m`c% GIFM@;<E:@8 ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j + [\ dXpf [\c )'((# cXj ()_))%$M@JKFJ1 <e ZXc`[X[ [\ Al\q K`klcXi [\ \jk} Al[`ZXkliX# XmfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p% Gfi Zfej`$ ^l`\ek\# \j gifZ\[\ek\ \c ki}$ d`k\ m\iYXc jldXi`f# ZÂ&#x2C6;k\j\ X cX [\dXe[X[X j\Â&#x152;fiX1 :<:@C@8 M < IF E @ :8 J8 C> L < IF FA<;8# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX :`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \e 8ik% /)# [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :lÂ&#x201E;ek\j\ Zfe lef [\ cfj j\Â&#x152;fi\j 8^\ek\ =`jZXc [\c ;`jki`kf [\ G`Z_`eZ_X%$ 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e hl\ j\ XZfdgXÂ&#x152;X% $ KÂ&#x201E;e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`$ cc\if al[`Z`Xc# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e X jl XYf^X[f [\]\ejfi%$ Efk`]Â&#x2C6;hl\j\% ] %$ ;i% >\id}e >feq}c\q [\c Gfqf# Al\q% Cf hl\ c\ Zfdle`Zf X Ljk\[# p c\ :@KF# gXiX cfj ]`e\j [\ c\p gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`$ cc\if al[`Z`Xc \e \c cl^Xi [\c al`Z`f gXiX gfjk\i`fi\j efk`]`$ ZXZ`fe\j% ;i% >Xcf 9}\q AX`d\ J<:I<K8I@F ;<C ALQ>8;F M@><J@DF ;< CF :@M@C ;< G@:?@E:?8 8%:%&((((' I% [\c <%
Ĺ?
:@K8:@FE AL;@:@8C 8 AL8E D@>L<C :?8:?8CF 8CM<8I :FE <C AL@:@F ;< ;@MFI:@F GIFGL<JKF GFI <CM@8 <C@Q89<K? :8@Q8 M@CC8II<8C 8:KFI1 <CM@8 <C@Q89<K? :8@Q8 M@CC8II<8C ;<D8E;8;F1 AL8E D@>L<C :?8:?8CF 8CM<8I = L E ;8 D < E KFJ ; < ;<I<:?F1 8IK% ((' eld\iXc (( `eZ`jf j\^le[f [\c :Â?[`^f :`m`c :L8EK@81 @e[\k\id`eX[X KI8D@K<1 M<I98C JLD8I@F$ AL@:@F E1 +.)$)'(( ;FD@:@C@F A L ; @ : @ 8 C ;I% N@CC@8DJ C8C8<F :8J@CC<IF E1 ,/ ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlÂ&#x2C6;# (/ [\ 8Yi`c [\c )'((%$ 8 cXj /?('%$ M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ''')$ ;G$;GG [\ * [\ \e\if [\c )'((%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Z$ k`mf# \e al`Z`f M\iYXc JldXi`f%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ 8ZkfiX# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f j\Â&#x152;fi AL8E D@>L<C :8:?8CF 8CM<8I# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c [\c :Â?[`^f [\ GifZ\[`d`\ekf# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX :`l[X[ [\ Hl`kf%$ 8^iÂ&#x201E;^l\j\ cfj [fZl$ d\ekfj gi\j\ekX[fj%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Eif% ',/ p cX Xlkfi`qXZ`Â?e Zfe]\i`[X Xc ;fZkfi N`cc`Xdj CXcXc\f%$ EFK@=@HL<J< ;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[f$ c\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi :Xj`cc\if Al[`Z`Xc \e lef [\ cfj [\c cl^Xi [\c al`Z`f gXiX jl gfjk\i`fi\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf% <c J\Zi\kXi`f ?Xp le j\ccf 8%:%&(((-*
D<EFI<J I% ;<C <% ALQ>8;F ;<:@DF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8C J<zFI AL8E D8I:<CF IF98C@EF =@<IIF <OKI8:KF :8LJ81 8LKFI@Q8:@FE ;< J8C@;8 ;<C G8@J AL@:@F Ef% )'(($)(0$GK 8:KFI1 :8IC8 8C@:@8 M8JHL<Q I@M8;<E<@I8 ;<D8E;8;F1 A L 8 E D8I:<CF IF98C@EF =@<IIF :L8EK@81 @E;<K<ID@E8;8 AL<Q1 ;I% ><ID8E >I8E;<J 8E8CL@J8 ALQ>8;F ;<:@DF ;< C8 E@z<Q P 8;FC<J:<E:@8 ;< G@:?@E:?8% Hl`kf# d`Â&#x201E;iZf$ c\j ). [\ XYi`c [\c )'((# cXj (,?(0%$ M@JKFJ1 <e d` ZXc`$ [X[ [\ Al\q 8[alekf# gi\m`f \c jfik\f [\ C\p Zfii\jgfe[`\ek\ p \e m`ikl[ [\ cX I\jfclZ`Â?e Ef% ',*$)'(' [\c :fej\af [\ cX Al[`ZXkliX glYc`ZX[f \e \c I\^`jkif F]`Z`Xc Ef% )-+# [\ d`Â&#x201E;iZfc\j ), [\ 8^fjkf [\c )'('2 p# gfi ZlXekf cX XZkfiX X [X[f Zldgc`d`\ekf Xc [\Zi\kf [\ (/ [\ ]\Yi\if [\c )'((# cXj (-_+0# 8MF:F ZfefZ`d`\ekf [\ cX gi\j\ek\ [\dXe[X# cX d`jdX hl\ gfi j\i ZcXiX p i\le`i cfj i\hl`j`kfj \jkXYc\Z`[fj \e cX c\p \j XZ\g$ kX[X X ki}d`k\# \e kXc m`ikl[
I_ fkZ_Â&#x192;hWcei Wfh[dZ[h" feh bW cWÂ&#x2039;WdW" be gk[ [i `kije" Z[X[hÂ&#x2021;Wcei ZWhdei feh iWj_i\[Y^ei Yed ceh_h feh bW jWhZ[$ 9ED<K9?E [`jgfe^f1 ( :Ă K<J< \e c\^Xc ]fidX Xc [\dXe[X[f j\Â&#x152;fi1 AL8E D8I:<CF IF98C@EF =@<IIF# Zfe]fid\ cf jfc`Z`kX cX XZZ`feXek\ \e cX [\dXe$ [X# XZfi[\ X cf [`jgl\jkf \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX cfj ]`e\j [\ c\p%$ J\ c\ gi\m`\e\ Xc [\dXe[X[f [\ jl fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ [\ Hl`kf gXiX ]lkliXj efk`]`ZXZ`fe\j# [\ ZfdgXi\Z\i X al`Z`f YXaf gi\m\eZ`fe\j [\ Zfek`elXi cX ZXljX \e i\Y\c[Â&#x2C6;X%$ ) <e cf hl\ gifZ\[\ X ;\i\Z_f# X^iÂ&#x201E;$ ^l\j\ Xc \og\[`\ek\ p kÂ?d\j\ \e Zl\ekX cX [fZld\ekXZ`Â?e X[alekX[X X cX ;\dXe[X2 * KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX XZkfiX gXiX i\Z`Y`i jlj efk`]`ZXZ`fe\j XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e Zfe$ ]\i`[X X jl XYf^X[f gXkifZ`$ eX[fi%$ ?\Z_f j\ gifm\\i} cf hl\ \e [\i\Z_f Zfii\jgfe$ [X%$ :Ă K<J<%$ EFK@=Ă HL<J<%$ :èDGC8J<%$ Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc gXiX jlj ]lkliXj efk`]`ZXZ`fe\j [\c al`Z`f% ;I8% D@I@8E IF;I@>L<Q EF>8C<J J<:I<K8I@8 8;ALEK8 <o`jk\ ]`idX p j\ccf% 8%G%&+0*0,&b%d%
<A<:LK@MFJ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@FE AL;@:@8C 8C J<zFI <;>8I M@CC8D8I >FD<Q 8:KF I 1 ; I8 % > < 8 E 8>L@II< 9<E8C:8Q8I GIF:LI8;FI8 AL;@:@8C ;<C 98E:F ;< >L8P8HL@C J18% ;<D8E;8;FJ1 <;>8I ?<IE8E M @ C C 8 D 8 I >FD<Q# DFE@:8 JFC<;8; <JKI<CC8 :8;<E8 AL@:@F <A<:LK@MF Ef% (*,0$)'('$ ;% :<M8CCFJ% :8J@CC8 AL;@:@8C Ef +*( ;<=<EJFI1 ;I% <JK<98E :8II<I8 GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )/ [\ fZklYi\ [\c )'('# cXj (,_'/%$ M@JKFJ1 CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x201C;e\ cfj [\d~j i\hl`j`kfj [\ ]fidX gi\m`jkfj gfi cX C\p%$ <e Zfe$ j\Zl\eZ`X# [\j\ \c ki~d`k\ \a\Zlk`mf jfc`Z`kX[f gXiX cf ZlXc cfj \a\ZlkX[fj j\Â&#x152;fi\j <;>8I ?<IE8E M@CC8D8I >FD<Q P DFE@:8 JFC<;8; <JKI<CC8 :8;<E8# \e cXj ZXc`[X[\j `emfZX[Xj# ZldgcXe Zfe cX fYc`^XZ`Â&#x17D;e [\dXe[X[X f gifgfe^Xe \oZ\gZ`fe\j \e \c kÂ&#x2026;id`ef [\ ki\j [Â&#x2030;Xj%$ ;\ Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% +)) [\c :Â&#x17D;[`^f [\ GifZ\[`d`\ekf :`m`c# p cX `e]fidXZ`Â&#x17D;e jldXi`X X[ale$ kX# fi[Â&#x2026;eXj\ \c j\Zl\jkif [\ cfj Y`\e\j dl\Yc\j p d~j \ej\i\j [\ gifg`\[X[ [\ cfj [\dXe[X[fj hl\ cfj k`\e\ \e \c `edl\Yc\ lY`ZX[f \e cX ZXcc\ J~eZ_\q [\ 8m`cX Ef% )*+# ZXjX
) p 8m% EXZ`fe\j Le`[Xj# [\ \jkX Z`l[X[ [\ Hl`kf# _XjkX gfi cX jldX [\c ZXg`kXc X[\l[X[f d~j le [`\q gfi Z`\ekf% GXiX cX gi~Zk`ZX [\ \jkX [`c`^\eZ`X %$ :Â&#x2030;k\j\ X cfj [\dXe[X[fj \e cfj cl^Xi\j `e[`ZX[fj%$ :lÂ&#x2026;ek\j\ \e \jkX ZXljX Zfe cX ;iX% >\Xe 8^l`ii\ 9\eXcZ~qXi# \e cX ZXc`[X[ `emfZX[X%$ KÂ&#x17D;d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f%$ Efk`]Â&#x2030;hl\j\%$ ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j - [\ dXpf [\c )'((# cXj '/_+*%$ 8^iÂ&#x2026;^l\j\ X cfj Xlkfj \c \jZi`kf hl\ Xek\Z\[\%$ <e cf gi`eZ`gXc# Xk\ekf \c aliXd\ekf hl\ k`\e\ i\e[`[f cX XZkfiX# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% /) [\c :Â&#x17D;[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2030;k\j\ Xc [\dXe[X[f <[^Xi M`ccXdXi >Â&#x17D;d\q# gfi cX gi\ejX# \jkf \j \e lef [\ cfj g\i`Â&#x17D;[`Zfj [\ dXpfi Z`iZlcXZ`Â&#x17D;e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf%$ Efk`]Â&#x2030;hl\j\%$ ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(('0,&k] I<GL9C@:8 ;<C <:L8;FI ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF :@K8:@FE AL;@:@8C 8 C8J J<zFI8J B<CCP D8LIP IFDF :?8G8 P ;<:J@ EF<DĂ DFI<@I8 D8:@8J% 8:KFI1 ;I% =I8E:@J:F :8II<I8 ; L I 8 E GIF:LI8;FI AL;@:@8C ;<C 98E:F ;< G@:?@E:?8 :%8%
;<D8E;8;FJ1 B<CCP D8LIP IFDF :?8G8 P ;<:J@ EF<DĂ DFI<@I8 D8:@8J% AL@:@F <A<:LK@MF Ef% (+/)$ )''0 D% >fi[Â?e :% :8J@CC8 AL;@:@8C Ef +*( ;<=<EJFI1 ;I% =I8E:@J:F :8II<I8% GIFM@;<E:@81 ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '/ [\ =\Yi\if [\c )'('# cXj (,_*,%$ M@JKFJ1 :fe ]le[Xd\ekf \e \c 8ik% .' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# cX i\]fidX \]\ZklX$ [X X cX [\dXe[X \j ZcXiX p i\le\ cfj [\d}j i\hl`j`kfj [\ ]fidX gi\m`jkfj gfi cX C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\%$ :fe cX [\dXe[X `e`Z`Xc p gifm`[\eZ`X i\ZX`[X \e \ccX# XjÂ&#x2C6; Zfdf \c \jZi`kf [\ i\]fidX X cX [\dXe[X p Â&#x201E;jkX gifm`[\eZ`X j\ Zfii\ kiXjcX[f X B<CCP D8LI@ IFDF :?8G8 p ;<:J@ EF<DĂ DFI<@I8 D8:@8J gXiX hl\ gX^l\e cX fYc`^XZ`Â?e f gifgfe^Xe \oZ\g$ Z`fe\j \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj%$ <e dÂ&#x201E;i`kf X cX gil\YX `ejkild\ekXc hl\ j\ XZfdgX$ Â&#x152;X p Zfe ]le[Xd\ekf \e cfj 8ikj% +)* p ++, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgf$ e\ \c \dYXi^f [\c XgXikXd\e$ kf Ef% 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc +%*0# J\ZX[\if 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc '%(-# <jkXZ`feXd`\ekf (,# XcÂ&#x2C6;$ ZlfkX gXiZ`Xc '%./# 9f[\^X 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc '%)-# XcÂ&#x2C6;ZlfkX kfkXc ,#-' Zfejkil`[f jfYi\ \c cfk\ Ef% *00# gXiifhl`X :fkfZfccXf# [\ \jk\ ZXekÂ?e# Zfe cfj c`e[\ifj p \jg\Z`]`ZXZ`fe\j ZfejkXek\j \e \c :\ik`]`ZX[f Ef% :,((*.*+'''(# Zfe]\$ i`[f gfi \c Ji% I\^`jkiX[fi [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X j\ [`jgfe\ hl\ j\ Zl\ek\ Zfe lef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e# i\dÂ&#x2C6;$ kXej\ cXj Zfg`Xj e\Z\jXi`Xj X cX F]`Z`eX [\ Jfik\fj# X ]`e [\ hl\ j\ Zl\ek\ Zfe cfj ]leZ`f$ eXi`fj al[`Z`Xc\j Zfii\jgfe$ [`\ek\j# Zfe]fid\ cf gi\m`jkf \e \c 8ik% * [\c I\^cXd\ekf gXiX \c ]leZ`feXd`\ekf [\ cXj f]`Z`eXj [\ 8c^lXZ`c\j
p ;\gfj`kXi`fj Al[`Z`Xc\j p EfidXj gXiX cX ]`aXZ`Â?e [\ cfj ;\i\Z_fj hl\ Zfii\jgfe[\e X cfj ;\gfj`kXi`fj Al[`Z`Xc\j# glYc`ZX[f \e \c I\^`jkif F]`Z`Xc Eif%$ +,* [\ m`\ie\j )+ [\ fZklYi\ [\ )''/%$ ?\Z_f hl\ j\X j\ [`jgfe\ jl `ej$ Zi`gZ`Â?e \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf%$ :Ă K<J< X cfj gi\efdYiX[fj ;\dXe[X[fj \e \c cl^Xi `e[`$ ZX[f%$ Gfi J\Zi\kXiÂ&#x2C6;X p gi\m`X ZfejkXeZ`X \e Xlkfj# [\j^cÂ?j\$ j\ p \ekiÂ&#x201E;^l\j\ cX [fZld\e$ kXZ`Â?e jfc`Z`kX[X X cX g\ijfeX Xlkfi`qX[X%$ EFK@=@HL<J<% ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ HL@KF# '0 [\ Efm`\dYi\ [\c )''0# cXj '/_)0%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e d` ZXc`[X[ [\ Al\q$ Jlgc\ek\ [\c Alq^X[f Gi`d\if [\ cf :`m`c [\ G`Z_`eZ_X# d\[`Xek\ 8ZZ`Â?e [\ G\ijfeXc Ef% ))0+$;G$;;G%# [\ )( [\ alc`f [\c )''/%$ CX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX gi\Z`$ jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X j\ cX X[d`k\ X ki}d`k\ \a\Zlk`mf%$ J\ fi[\eX hl\ E<CCP D8LI@ IFDF :?8G8 p ;<:J@ EF<DĂ DFI<@I8 D8:@8J gX^l\e cX fYc`^XZ`Â?e f gifgfe^Xe \oZ\g$ Z`fe\j \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj%$ <e dÂ&#x201E;i`kf X cX gil\YX `ejkild\ekXc hl\ j\ XZfdgX$ Â&#x152;X p Zfe ]le[Xd\ekf \e cfj 8ikj% +)* p ++, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c j\ [`jgf$ e\ \c \dYXi^f [\c XgXikXd\e$ kf Ef% 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc +%*0# J\ZX[\if 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc '%(-# <jkXZ`feXd`\ekf (,# XcÂ&#x2C6;$ ZlfkX gXiZ`Xc '%./# 9f[\^X 0# XcÂ&#x2C6;ZlfkX gXiZ`Xc '%)-# XcÂ&#x2C6;ZlfkX kfkXc ,#-' Zfejkil`[f jfYi\ \c cfk\ Ef% *00# gXiifhl`X :fkfZfccXf# [\ \jk\ ZXekÂ?e# Zfe cfj c`e[\ifj p \jg\Z`]`ZXZ`fe\j ZfejkXek\j \e \c :\ik`]`ZX[f Ef% :,((*.*+'''(# Zfe]\$ i`[f gfi \c Ji% I\^`jkiX[fi [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf%$ GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X j\ [`jgfe\ hl\ j\ Zl\ek\ Zfe lef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e# i\dÂ&#x2C6;$ kXej\ cXj Zfg`Xj e\Z\jXi`Xj X
cX F]`Z`eX [\ Jfik\fj# X ]`e [\ hl\ j\ Zl\ek\ Zfe cfj ]leZ`f$ eXi`fj al[`Z`Xc\j Zfii\jgfe$ [`\ek\j# Zfe]fid\ cf gi\m`jkf \e \c 8ik% * [\c I\^cXd\ekf gXiX \c ]leZ`feXd`\ekf [\ cXj f]`Z`eXj [\ 8c^lXZ`c\j p ;\gfj`kXi`fj Al[`Z`Xc\j p EfidXj gXiX cX ]`aXZ`Â?e [\ cfj ;\i\Z_fj hl\ Zfii\jgfe[\e X cfj ;\gfj`kXi`fj Al[`Z`Xc\j# glYc`ZX[f \e \c I\^`jkif F]`Z`Xc Eif%$ +,* [\ m`\ie\j )+ [\ fZklYi\ [\ )''/%$ ?\Z_f hl\ j\X j\ [`jgfe\ jl `ej$ Zi`gZ`Â?e \e \c I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf%$ :Ă K<J< X cfj gi\efdYiX[fj ;\dXe[X[fj \e \c cl^Xi `e[`$ ZX[f%$ Gfi J\Zi\kXiÂ&#x2C6;X p gi\m`X ZfejkXeZ`X \e Xlkfj# [\j^cÂ?j\$ j\ p \ekiÂ&#x201E;^l\j\ cX [fZld\e$ kXZ`Â?e jfc`Z`kX[X X cX g\ijfeX Xlkfi`qX[X%$ EFK@=@HL<J< ALQ>8;F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j - [\ dXpf [\c )'((# cXj '0_''%$ 8k\ekf \c aliXd\ekf \]\ZklX[f gfi \c 8Zkfi# :Ă K<J< X cfj [\dXe[X[fj j\Â&#x152;fi\j B<CCP D8LI@ IFDF :?8G8 p ;<:J@ EF<DĂ DFI<@I8 D8:@8J# gfi cX gi\ejX Zfdf [`jgfe\ \e 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# d\[`Xek\ glYc`ZXZ`fe\j \]\ZklX[Xj \e le g\i`Â?[`Zf [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc%$ EFK@=@HL<J<% ;I% 8C=I<;F >I@A8CM8 DLzFQ% AL<Q% Cf hl\ gfe^f \e ZfefZ`d`\e$ kf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc# gXiX cfj ]`e\j c\^Xc\j Zfii\jgfe$ [`\ek\j% ;i% GXYcf Kfif :Xii`ccf J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(('0-&k] ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 D8I@8 K8I:@C8 :8C;<IFE F I K <> 8 2 = < C @ : @ 8 E F KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8 P8>L8:?@# J\ c\j _XZ\ ZfefZ\i \c <OKI8:KF# [\ cX [\dXe[X <A<:LK@M8 p GIFM@;<E:@8# hl\ X Zfek`$ elXZ`Â?e j`^l\e1
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
CONVOCATORIA
EXTRACTO
De conformidad con la ley de CompaĂąĂas y con el estatuto de la compaĂąĂa SURTIACEROS S.A. se invita a los seĂąores Accionistas a Junta General extraordinaria de Accionistas que se efectuara:
CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A WEBMART S.A. La compaĂąĂa WEBMART S.A. se constituyĂł por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Noveno del Distrito Metropolitano de Quito, el 17 de Marzo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001920 de 03 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.
Fecha: Quito, 27 de junio del 2011 Hora: 16h00 Lugar: de los ciruelos oe1-240 entre 10 de agosto y real audiencia (domicilio de la compaĂąĂa) Con el objeto de tratar el siguiente ORDEN DEL DIA:
2.- CAPITAL: Suscrito US$ 800,00 NĂşmero de Acciones 800 Valor US$ 1,00
1. Resolver sobre la disoluciĂłn voluntaria, anticipada y liquidaciĂłn de la compaĂąĂa. 2. Nombrar al liquidador principal y suplente.
3.- OBJETO: El objeto de la compaĂąĂa es: COMERCIO ELECTRĂ&#x201C;NICO, QUE CONSISTE EN LA COMPRA-VENTA DE ARTĂ?CULOS Y SERVICIOS DE CUALQUIER NATURALEZA POR INTERNET Y TODAS SUS VARIANTES.- SERVICIOS DE PUBLICIDAD POR CUALQUIER MEDIO.....
Los accionistas que no puedan asistir a la junta General, podrĂĄn delegar su representaciĂłn a la misma, mediante simple carta de poder dirigida al Gerente General, o por medio de poder general o especial conferido ante Notario PĂşblico. Atentamente,
Quito, 03 de Mayo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS AR/83179/cc
Sra. Lorena JarrĂn Cobos Gerente General SURTIACEROS S.A. A.P./49396/k.m.
< O K I8:KF 1 8 : K F I 1 :FFG<I8K@M8 ;< 8?FIIF P :I<;@KF )* ;< ALC@F%$ ;i% :_i`jk`Xe >\fmXeep ?likX[f I`Z_Xi[j# I\gi\j\ekXek\ C\^Xc%$ ;<D8E;8;FJ1 D8I@8 K8I:@C8 :8C;<IFE FIK<>82 =<C@:@8EF KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8 P8>L8:?@%$ 8JLEKF1 Hl\ gi\m`f \c ki}$ d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ Zfe[\e\ Xc [\dXe[X[f Xc gX^f [\c ZXg`kXc ZfejkXek\ \e \c GX^XiÂ&#x201E; X cX Fi[\e # `ek\$ i\j\j [\ dfiX# `dgl\jkfj#
ZfjkXj gifZÂ&#x201E;jXc\j # ^Xjkfj al[`Z`Xc\j p _fefiXi`fj [\c 8Yf^X[f ;\]\ejfi%$ KI8D@K<1 <a\Zlk`mf%$ :L8EK@8%$ LJ; +%'''%''%$ =<:?8 ;< @E@:@8:@äE1 '0 [\ j\gk`\d$ Yi\ [\c )''0%$ ;<=<EJFI1 ;i% AfjÂ&#x201E; K\ccf%$ Ef% [\ ZXj`cc\if *+,(%$ AL@:@F <A<:LK@MF Ef% ()-*$ )'(' G:?% GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j )' [\ j\gk`\dYi\ [\c )'('# cXj ('_*(%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\
_X iX[`ZX[f \e \jkX al[`ZXkliX d\[`Xek\ \c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\e$ kf [\ cX d`jdX \e m`ikl[ [\c f]`Z`f E% 0(+$;G$;;G$A8I$'. [\ '* [\ ;`Z`\dYi\ [\c )''. \e d` ZXc`[X[ [\ Al\q Jlgc\ek\% <e cf gi`eZ`gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}$ d`k\ <a\Zlk`mf% <e Zfej\Zl\e$ Z`X cfj [\dXe[X[fj j\Â&#x152;fi\j D8I@8 K8I:@C8 :8C;<IFE F I K <> 8 2 = < C @ : @ 8 E F KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8
I_ feh bW B[o i[ WbYWdpW bW @kij_Y_W" [djedY[i" 9h_ije ckh_Â&#x152; [d lWde$ B7 8?8B?7$
P8>L8:?@# [\ekif [\c kÂ&#x201E;i$ d`ef [\ ki\j [Â&#x2C6;Xj gX^l\e Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e \c KÂ&#x2C6;klcf <a\Zlk`mf X[alekf# d}j cfj `ek\i\j\j i\jg\Zk`mfj f [\ekif [\c d`jdf kÂ&#x201E;id`ef
i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&(('//&k]
gifgfe^X \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p% Gfi ZlXekf ef j\ _X XZfdgXÂ&#x152;X$ [f gil\YX Xc^leX ef gifZ\[\ cX d\[`X ZXlk\cXi jfc`Z`kX[X% :Â&#x2C6;k\j\ X cfj [\dXe[X[fj \e \c cl^Xi `e[`ZX[f gXiX \c \]\Zkf% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X% EFK@=@HL<J<%$ ;I% <;N@E 8I>FK@ I<P<J% AL<Q% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )' [\ dXpf [\c )'((# cXj ((_,,%$ <e dÂ&#x201E;i`kf Xc aliX$ d\ekf i\e[`[f p [\ XZl\i[f X cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c ZÂ&#x2C6;k\j\ X cfj [\dXe[X$ [fj j\Â&#x152;fi\j D8I@8 K8I:@C8 :8C;<IFE F I K <> 8 2 =<C@:@8EF KF8CFD9F G@C8DLE>8 p D8I@8 IFJ8 HL@E>8CL@J8 P8>L8:?@ gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZXZ`fe\j \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ cX Z`l[X[ [\ Hl`kf# gXiX cfj ]`e\j c\^Xc\j g\ik`$ e\ek\j% <ekiÂ&#x201E;^l\j\ \c \okiXZ$ kf i\jg\Zk`mf% Efk`]Â&#x2C6;hl\j\% ;I% N@CD<I 8D9IFJJ@ IF9C<J% AL<Q <E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX
ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 81 8E><C8 ;<C :FEJL<CF <JG@E M<C8J:F p IFJ8 =CFI@E;8 D8P8E:<C8 HL@J?G<# J\ c\j _XZ\ ZfefZ\i \c <OKI8:KF# [\ cX [\dXe[X <A<:LK@M8 p GIFM@;<E:@8# hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF1 8:KFI1 :FFG<I8K@M8 ;< 8?FIIF P :I<;@KF )* ;< ALC@F%$ ;<D8E;8;FJ1 8E><C8 ;<C :FEJL<CF <JG@E M<C8J:F p IFJ8 =CFI@E;8 D8P8E:<C8 HL@J?G<%$ 8JLEKF1 Hl\ gi\m`f \c ki}$ d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ Zfe[\e\ Xc [\dXe[X[f Xc gX^f [\c ZXg`kXc ZfejkXek\ \e \c GX^XiÂ&#x201E; X cX Fi[\e # `ek\$ i\j\j [\ dfiX# `dgl\jkfj# ZfjkXj gifZÂ&#x201E;jXc\j # ^Xjkfj al[`Z`Xc\j p _fefiXi`fj [\c 8Yf^X[f ;\]\ejfi%$ KI8D@K<1 <a\Zlk`mf%$ :L8EK@8%$ LJ; +%'''%''$ =<:?8 ;< @E@:@8:@äE1 )+ [\ efm`\d$ Yi\ [\c )'('%$ ;<=<EJFI1 ;i% AfjÂ&#x201E; K\ccf%$ Ef% [\ ZXj`$ cc\if *+,(% AL@:@F <A<:LK@MF Ef% (-(($ )'(' G:?% GIFM@;<E:@81 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j (, [\ ;`Z`\dYi\ [\c )'('# cXj (+_+)%$ M@JKFJ%$ CX Zfdg\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX al[`ZXkliX d\[`Xek\ \c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`$ d`\ekf [\ cX d`jdX \e m`ikl[
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? [\c f]`Z`f E% 0(+$;G$;;G$ A8I$'. [\ '* [\ ;`Z`\dYi\ [\c )''. \e d` ZXc`[X[ [\ Al\q Jlgc\ek\% <e cf gi`eZ`$ gXc cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# gfi cf hl\ j\ c\ X[d`k\ X ki}d`k\ <a\Zlk`mf% <e Zfej\Zl\eZ`X cfj [\dXe$ [X[fj j\Â&#x152;fi\j 8E><C8 ;<C :FEJL<CF <JG@E M<C8J:F p IFJ8 =CFI@E;8 D8P8E:<C8 HL@J?G<# [\ekif [\c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj gX^l\e Xc XZkfi cX ZXek`[X[ ZfejkXek\ \e \c KÂ&#x2C6;klcf <a\Zlk`mf X[alekf# d}j cfj `ek\i\j\j i\jg\Zk`mfj f [\ekif [\c d`jdf kÂ&#x201E;id`ef gifgfe^X \oZ\gZ`fe\j YXaf gi\m\eZ`fe\j [\ C\p% Gfi ZlXekf ef j\ _X X[alekX[f gil\YX Xc^leX ef gifZ\[\ cX d\[`[X ZXlk\cXi jfc`Z`kX[X% :Â&#x2C6;k\j\ X cXj [\dXe[X[fj \e \c cl^Xi `e[`ZX[f gXiX \c \]\Zkf% KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZXj`ccX al[`Z`Xc j\Â&#x152;XcX[X% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X[X% EFK@=@HL<J<%$ ;I% <;N@E 8I>FK@ I<P<J% AL<Q JLGC<EK<% ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j )' [\ dXpf [\c )'((# cXj ((_,-%$ <e dÂ&#x201E;i`kf Xc aliX$ d\ekf i\e[`[f p [\ XZl\i[f X cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c ZÂ&#x2C6;k\j\ X cfj [\dXe$ [X[fj j\Â&#x152;fi\j 8E><C8 ;<C :FEJL<CF <JG@E M<C8J:F p IFJ8 =CFI@E;8
REPĂ&#x161;BLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS
EXTRACTO DE LA ESCRITURA PĂ&#x161;BLICA DE CAMBIO DE DENOMINACIĂ&#x201C;N Y REFORMA DEL ESTATUTO SOCIAL DE STERLING RE INTERMEDIARIO DE REASEGUROS S.A. Se comunica al pĂşblico en general que STERLING RE INTERMEDIARIO DE REASEGUROS S.A. mediante escritura pĂşblica otorgada ante el Notario Cuarto Encargado, del cantĂłn Quito, el 6 de mayo de 2011, cambiĂł su denominaciĂłn por la de COMPAĂ&#x2018;Ă?A INTERMEDIARIA DE REASEGUROS ROYALTY-RE S.A., y reformĂł el estatuto social. Quienes se creyeren perjudicados en sus intereses y con derecho pueden presentar su oposiciĂłn ante uno de los jueces de lo Civil del domicilio principal de la compaĂąĂa, que lo tiene ubicado en el Distrito Metropolitano de Quito, dentro del tĂŠrmino de seis dĂas contados desde la fecha de la Ăşltima publicaciĂłn de este extracto. El juez que reciba la oposiciĂłn y/o el accionante notificarĂĄ a esta Superintendencia, hasta dentro de dos dĂas hĂĄbiles posteriores al Ăşltimo seĂąalado para presentar la oposiciĂłn, conjuntamente con la copia de la peticiĂłn y la providencia a ella recaĂda. Quito, Distrito Metropolitano, veintisĂŠis de mayo de dos mil once Ab. Luis Cabezas-Klaere SECRETARIO GENERAL AR/83135/cc
Ä&#x2020;
D8P8E:<C8 HL@J?G< gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZX$ Z`fe\j \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ cX Z`l[X[ [\ Hl`kf# gXiX cfj ]`e\j c\^Xc\j g\ik`e\ek\j% <ekiÂ&#x201E;^l\j\ \c \okiXZkf i\jg\Z$ k`mf% Efk`]Â&#x2C6;hl\j\% ;I% N@CD<I 8D9IFJJ@ IF9C<J% AL<Q <E:8I>8;F% Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% C:;F% CL@J 98I8?FE8 DFI<EF% J<:I<K8I@F < ?Xp ]`idX p j\ccf 8:&(('/.&k] I<Gè9C@:8 ;<C <:L8;FI ALQ>8;F K<I:<IF ;< CF :@M@C# D<I:8EK@C < @EHL@C@E8KF ;<C :8I:?@ <OKI8:KF ;< :@K8:@äE AL;@:@8C% :@K8:@äE 81 =8LJKF 8C<A8E;IF J @ < I I 8 9I8MF GFI JLJ GIFG@FJ ;<I<:?FJ P GFI CFJ HL< I<GI<J<EK8 <E :8C@;8; ;< G8;I< ;< CFJ D<EFI<J D@J?<CC 8C<A8E;I8 J@<II8 <EIĂ HL<Q :?I@JK@8E FIC8E;F J@<II8 <EIĂ HL<Q# 8C J<zFI AFJy >L@CC<IDF DLzFE <EIĂ HL<Q P 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< HL@<E <E M@;8 =L< C8 J<zFI8 D8I@8E@K8 ;<C IF:Ă F <EIĂ HL<Q IL8EF AL@:@F1 <A<:LK@MF *'+$ )'(' 8:KFI1 @E>%E<P =<IE8E;F DFI8 >I@A8CM8# ><I<EK< ><E<I8C P I<GI<J<EK8EK< C<>8C ;< C8 :FFG<I8K@M8 KLC:Ă?E Ck[X% ;<D8E;8;FJ1 =Xljkf 8c\aXe[if J`\iiX 9iXmf gfi jl gifg`fj [\i\Z_fj# p \e jl ZXc`[X[ [\ gX[i\ p i\gi\j\e$ kXek\ c\^Xc [\ cfj d\efi\j [\ \[X[ D`j_\cc 8c\aXe[iX J`\iiX <eiÂ&#x2C6;hl\q# :_i`jk`Xe FicXe[f J`\iiX <eiÂ&#x2C6;hl\q2 p AfjÂ&#x201E; >l`cc\idf DlÂ&#x152;fq <eiÂ&#x2C6;hl\q% F9A<KF1 FYk\e\i cX ZXeZ\cX$ Z`Â?e KfkXc [\c :Xg`kXc# @ek\i\j\j# p :fjkXj GifZ\jXc\j :L8EKĂ 81 M<@EK< P :@E:F D@C :@<E ;äC8I<J% GIFM@;<E:@81 ALQ>8;F K<I:<IF ;< CF :@M@C# D<I:8EK@C < @EHL@C@E8KF ;<C :8I:?@%$ KlcZ}e# d`Â&#x201E;i$ Zfc\j (. [\ efm`\dYi\ [\c )'('# cXj ((_+*% M@JKFJ1 <e dÂ&#x201E;i`kf [\c jfik\f i\Xc`qX[f p cX iXqÂ?e j\ekX[X hl\ Xek\Z\$ [\# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX%$ Gi\m`f X ZXc`$ ]`ZXi cX [\dXe[X \c @e^% E\p =\ieXe[f DfiX >i`aXcmX# \e jl ZXc`[X[ [\ >\i\ek\ >\e\iXc [\ cX :ffg\iXk`mX [\ 8_fiif p ZiÂ&#x201E;[`kf KlcZ}e Ck[X%$ [\ Zldgc`d`\ekf X cf [`jgl\jkf \e \c 8ik%/) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc Ef +)# Xj`^eX[f Xc 8Y% FjZXi :_Xdfiif# gXiX cXj efk`]`ZX$ Z`fe\j hl\ c\ Zfii\jgfe[Xe# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e \ogi\jX gXiX hl\ gi\j\ek\ cfj \jZi`kfj hl\ j\Xe e\Z\$ jXi`fj gXiX jl [\]\ejX \e cX gi\j\ekX ZXljX%$ Efk`]Â&#x2C6;hl\j\ 8Y^% JXek`X^f =`\iif Lii\jkX# AL<Q K<DGFI8C%$ ALQ>8;F
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x2021;
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
K<I:<IF ;< CF :@M@C# D<I:8EK@C < @EHL@C@E8KF ;<C :8I:?@%$ KlcZ}e# d`Â&#x201E;i$ Zfc\j )+ [\ efm`\dYi\ [\c )'('#cXj ('_)'% M@JKFJ1 Gfi ZlXekf j\ _X [X[f Zld$ gc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X hl\ Xek\Z\[\# X cX [\dXe[X gi\j\ekX[X gfi \c @e^% E\p =\ieXe[f DfiX >i`aXcmX# \e ZXc`[X[ [\ >\i\ek\ p I\gi\j\ekXek\ C\^Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf KlcZ}e Ck[X% J\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p [\ i\le`i cfj i\hl`j`kfj c\^X$ c\j gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ [\ al`Z`f \a\Zlk`mf%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZl$ d\ekXZ`Â?e XgXi\aX X cX [\dXe$ [X% <e dÂ&#x201E;i`kf [\c :fekiXkf [\ :fdgiXm\ekX \ _`gfk\ZX XY`\ikX ZfejkXek\ X ]j%(' X ). [\ cfj Xlkfj# Xc Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# hl\ fYiX X ]j%+ [\ cfj Xlkfj p# [\ Zfe]fid`[X[ Zfe cf hl\ gi\jZi`Y\ \c 8ik% +)* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX \c \dYXi^f [\c Y`\e `edl\Yc\ [\ gifg`\[X[ [\ cfj [\dXe[X[fj j\Â&#x152;fi\j =Xljkf 8c\aXe[if J`\iiX 9iXmf p [\ hl`\e \e m`[X j\ ccXdÂ? DXi`Xe`kX [\c IfZÂ&#x2C6;f <eiÂ&#x2C6;hl\q IlXef# Zfej`jk\ek\ \e le ;\gXikXd\ekf j`^eX[f Zfe \c eÂ&#x2019;d\if :lXi\ekX p Lef +( # XcÂ&#x2C6;ZlfkX1 lef glekf ki\`ekX p lef Z\if fZ_\ekX p j\`j# 8ZZ\jf eÂ&#x2019;d\if :lXi\ekX p ki\j# Zfe dXkiÂ&#x2C6;ZlcX eÂ&#x2019;d\if 9<E8C'''0.',# p \jkXZ`f$ eXd`\ekf eÂ&#x2019;d\if FZ_f# hl\ ]fidXe gXik\ [\c :fealekf I\j`[\eZ`Xc CX >iXeaX# j`klX$ [f \e cX GXiifhl`X 9\eXcZ}qXi# [\c :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# Zlpfj [Xkfj p d}j \jg\Z`]`ZXZ`fe\j ZfejkXe \e \c Z\ik`]`ZX[f \e d\eZ`Â?e# gXiX Zlpf \]\Zkf ZlÂ&#x201E;ek\j\ Zfe lef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e Hl`kf# hl`\e [\Y\i} gifZ\[\i X cX Xgi\_\ej`Â?e [\c gi\Z`kX[f Y`\e iXÂ&#x2C6;q# jla\k}e[fj\ X cfj c`e[\$ ifj hl\ ZfejkXe \c :\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[# YXaf \oZclj`mX i\jgfejXY`c`$ [X[ g\ijfeXc p g\Zle`Xi`X [\c j\im`[fi al[`Z`Xc# Zfe]fid\ cf [\k\id`eXe cfj 8ikj% +*0 p +,( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p [\ j\i e\Z\jXi`f Zfe cX Xpl[X [\ cX ]l\iqX gÂ&#x2019;Yc`ZX# _\Z_f cf ZlXc j\ fi[\eXi} cX @ejZi`gZ`Â?e [\c \dYXi^f \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# GXiX cf ZlXc j\ i\d`k`i} Xk\ekf [\gi\ZXkfi`f Xc lef [\ cfj j\Â&#x152;fi\j Al\Z\j [\ cf :`m`c# Zfe Xj`\ekf \e cX Z`l$ [X[ [\ Hl`kf# gXiX hl\ fi[\e\ cXj [`c`^\eZ`Xj Xek\j XefkX[Xj# f]i\Z`Â&#x201E;e[fc\ i\Z`gifZ`[X[ \e ZXjfj Xe}cf^fj% :fe \c <okiXZkf [\ cX [\dXe[X p gif$ m`[\eZ`Xj i\jg\Zk`mXj :Â&#x2C6;k\j\ Xc j\Â&#x152;fi =Xljkf 8c\aXe[if J`\iiX 9iXmf p X cfj _\i\[\ifj gi\jle$ kfj p [\jZfefZ`[fj [\ hl`\e \e m`[X ]l\ cX j\Â&#x152;fiX DXi`Xe`kX [\c IfZÂ&#x2C6;f <eiÂ&#x2C6;hl\q IlXef# \e \c J\d`eXi`f CX Gi\ejX # [\ Xdgc`X Z`iZlcXZ`Â?e \e \jkX Z`l$ [X[ [\ KlcZ}e# d\[`Xek\ ki\j glYc`ZXZ`fe\j2 p# leX m\q Z`kX$ [fj j\ c\j ZfeZ\[\ \c kÂ&#x201E;id`ef c\^Xc Zfii\jgfe[`\ek\# X ]`e [\ hl\ gX^l\e cf X[\l[X[f f gifgfe^Xe \oZ\gZ`fe\j [\ C\p [\ cXj hl\ j\ Zi\p\i\e Xj`j$ k`[fj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X ]`aX[X p \c f]i\Z`d`\ekf
[\ i\ZfefZ\i gX^fj gXiZ`Xc\j hl\ j\ aljk`]`hl\e c\^Xcd\e$ k\%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%] 8Y^% JXek`X^f =`\iif Lii\jkX# AL<Q K<DGFI8C% ALQ>8;F K<I:<IF ;< CF :@M@C# D<I:8EK@C < @EHL@C@E8KF ;<C :8I:?@%$ KlcZ}e# dXik\j + [\ \e\if [\c )'((# cXj ('_,0% M@JKFJ1 Gfi ZlXekf j\ _X \a\$ Zlkfi`X[f cX gifm`[\eZ`X hl\ Xek\Z\[\# X cX [\dXe[X gi\j\e$ kX[X gfi \c @e^% E\p =\ieXe[f DfiX >i`aXcmX# \e ZXc`[X[ [\ >\i\ek\ p I\gi\j\ekXek\ C\^Xc [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf KlcZ}e Ck[X% J\ cX ZXc`]`ZX [\ ZcXiX# gi\Z`jX p [\ i\le`i cfj i\hl`j`kfj c\^X$ c\j gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ [\ al`Z`f \a\Zlk`$ mf%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e XgXi\aX[X X cX [\dXe[X% <e dÂ&#x201E;i`kf [\c :fekiXkf [\ :fdgiXm\ekX \ _`gfk\ZX XY`\ikX ZfejkXe$ k\ X ]j (' X ). [\ cfj Xlkfj# Xc Z\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# hl\ fYiX X ]j% + [\ cfj Xlkfj p# [\ Zfe]fid`[X[ Zfe cf hl\ gi\jZi`Y\ \c 8ik% +)* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ fi[\eX \c \dYXi^f [\c Y`\e `edl\Yc\ [\ gif$ g`\[X[ [\ cfj [\dXe[X[fj j\Â&#x152;fi\j =Xljkf 8c\aXe[if J`\iiX 9iXmf# gfi jlj gifg`fj [\i\Z_fj p gfi cfj hl\ i\gi\$ j\ekX \e ZXc`[X[ [\ gX[i\ [\ cfj d\efi\j D`j_\cc 8c\aXe[iX J`\iiX <eiÂ&#x2C6;hl\q p :_i`jk`Xe FicXe[f J`\iiX <eiÂ&#x2C6;hl\q2 p# [\c j\Â&#x152;fi AfjÂ&#x201E; >l`cc\idf DlÂ&#x152;fq <eiÂ&#x2C6;hl\q# Zfej`jk\ek\ \e le ;\gXikXd\ekf j`^eX[f Zfe \c eÂ&#x2019;d\if :lXi\ekX p Lef +( # 8cÂ&#x2C6;ZlfkX1 lef glekf ki\`ekX p lef Z\if fZ_\ekX p j\`j# 8ZZ\jfj eÂ&#x2019;d\if :lXi\ekX p ki\j# Zfe dXkiÂ&#x2C6;ZlcX eÂ&#x2019;d\if 9<E8C'''0.,)# p# \jkXZ`f$ eXd`\ekf eÂ&#x2019;d\if FZ_f# hl\ ]fidXe gXik\ [\c :fealekf I\j`[\eZ`X CX >iXeaX# j`klX[f \e cX GXiifhl`X 9\eXcZ}qXi# [\c :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# Zlpfj [Xkfj p d}j \jg\Z`]`ZXZ`fe\j ZfejkXe \e \c Z\ik`]`ZX[f \e d\eZ`Â?e# gXiX Zlpf \]\Zkf ZlÂ&#x201E;ek\j\ Zfe lef [\ cfj j\Â&#x152;fi\j ;\gfj`kXi`fj Al[`Z`Xc\j [\c :XekÂ?e Hl`kf# hl`\e [\Y\i} gifZ\[\i X cX Xgi\_\ej`Â?e [\c gi\Z`g`kX[f Y`\e iXÂ&#x2C6;q# jla\k}e[fj\ X cfj c`e[\ifj hl\ ZfejkXe \e \c :\ik`]`ZX[f [\c I\^`jkif [\ cX Gifg`\[X[# YXaf \oZclj`mX i\jgfejXY`c`[X[ g\ijfeXc p g\Zle`Xi`X [\c j\im`[fi al[`$ Z`Xc# Zfe]fid\ cf [\k\id`eXe cfj 8ikj% +*0 p +,( [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# p [\ j\i e\Z\jXi`f Zfe cX Xpl[X [\ cX ]l\iqX gÂ&#x2019;Yc`ZX# _\Z_f cf ZlXc j\ fi[\eXi} cX @ejZi`gZ`Â?e [\c \dYXi^f \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# gXiX cf ZlXc j\ i\d`k`i} Xk\e$ kf [\gi\ZXkfi`f Xc lef [\ cfj j\Â&#x152;fi\j Al\Z\j [\ cf :`m`c# Zfe Xj`\ekf \e cX Z`l[X[ [\ Hl`kf# gXiX hl\ fi[\e\ cXj [`c`^\eZ`Xj Xek\j XefkX[Xj# f]i\Z`Â&#x201E;e[fc\ i\Z`gifZ`[X[ \e ZXjfj Xe}cf^fj% :fe \c <okiXZkf [\ cX [\dXe[X p gif$ m`[\eZ`Xj i\jg\Zk`mXj% :Â&#x2C6;k\j\ X cfj [\dXe[X[fj1 j\Â&#x152;fi =Xljkf 8c\aXe[if J`\iiX 9iXmf gfi jlj gifg`fj [\i\Z_fj p gfi cfj hl\ i\gi\j\ekX \e ZXc`[X[ [\ gX[i\ [\ cfj d\ef$ i\j1 D`j_\cc 8c\aXe[iX J`\iiX
Ĺ?
<eiÂ&#x2C6;hl\q p :_i`jk`Xe FicXe[f J`\iiX <eiÂ&#x2C6;hl\q2 Xc j\Â&#x152;fi AfjÂ&#x201E; >l`cc\idf DlÂ&#x152;fq <eiÂ&#x2C6;hl\q2 p# X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ hl`\e \e m`[X ]l\ cX j\Â&#x152;fiX DXi`Xe`kX [\c IfZÂ&#x2C6;f <eiÂ&#x2C6;hl\q IlXef# X kiX$ mÂ&#x201E;j [\c J\dXeXi`f CX Gi\ejX# [\ Xdgc`X Z`iZlcXZ`Â?e \e \jkX Z`l[X[ [\ KlcZ}e# p \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcX$ Z`Â?e [\ cX Z`l[X[ [\ Hl`kf# ;`Xi`f CX ?fiX # D\[`Xek\ ki\j glYc`ZXZ`fe\j2 p# leX m\q Z`kX$ [fj j\ c\j ZfeZ\[\ \c kÂ&#x201E;id`ef c\^Xc Zfii\jgfe[`\ek\# X ]`e [\ hl\ gX^l\e cf X[\l[X[f f gifgfe^Xe \oZ\gZ`fe\j [\ C\p [\ cXj hl\ j\ Zi\p\i\e Xj`j$ k`[fj%$ KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X ]`aX[X p \c f]i\Z`d`\ekf [\ i\ZfefZ\i gX^fj gXiZ`Xc\j hl\ j\ aljk`]`hl\e c\^Xcd\e$ k\%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%] 8Y^% JXek`X^f =`\iif Lii\jkX# AL<Q K<DGFI8C% GXik`ZlcXi hl\ gfe^f \e Zfef$ Z`d`\ekf [\ cfj Z`kX[fj# gi\$ m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j% ;iX% PfcXe[X KfYXi 9\Z\iiX J<:I<K8I@8 ?Xp ]`idX p j\ccf =XZk% (',)/
FI;@E8I@FJ ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 82 QF@C8 M@:KFI@8 M@<I8# Zfe \c \okiXZkf [\ cX [\dXe[X Fi[`eXi`X p gifm`[\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e1 <OKI8:KF1 8Zkfi\j1 : 8 I C F J : ? L H L @ D 8 I : 8 HL@J8>L8EF P D<I:<;<J >FEQ8C<Q K@KF ;\dXe[X[X1 QF@C8 M@:KFI@8 M@<I8 :lXekÂ&#x2C6;X1 @e[\k\id`eX[X Al`Z`f Ef% ()'($)''/$NQ FYa\kf [\ cX ;\dXe[X1 8[hl`i`i \c [fd`e`f [\c cfk\ [\ k\ii\ef j`klX[f \e cX ZXcc\ G\[\ieXc\j# [\c j\Zkfi [\c 9Xii`f <c Ki`le]f# \e \c j\Zkfi [\ JXe :Xicfj# g\ik\e\Z`\ek\ X cX gXiifhl`X :fkfZfccXf# [\c :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% GIFM@;<E:@8 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '* [\ ;`Z`\dYi\ [\c )''/# cXj ((_)-%$ M@JKFJ%%$ LeX m\q hl\ cfj [\dXe[Xek\j _X [X[f Zldgc`d`\ekf X cf fi[\$ eX[f \e gifm`[\eZ`X Xek\i`fi j\ [`jgfe\1 CX [\dXe[X hl\ Xek\Z\[\ gcXek\X[X gfi :8ICFJ :?LHL@D8I:8 HL@J8>L8EF P D<I:<;<J >FEQ8C<Q K@KF \e ZfekiX [\ QF@C8 M@:KFI@8 M@<I8 \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj
IÂ&#x152;be [b YedeY_c_[dje gk[ bb[]W Z[iZ[ Z[djhe [i [b l[hZWZ[he YedeY_c_[dje$ Iâ9H7J;I i\hl`j`kfj [\ c\p gfi cf hl\ j\ cX X[d`k\ Xc ki}d`k\ fi[`$ eXi`f gifgl\jkf% J\ [`jgfe\ kiXjcX[Xi X cX [\dXe[X[X gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj X ]`e [\ hl\ gifgfe^Xe cXj \oZ\g$ Z`fe\j [`cXkfi`Xj f g\i\ekfi`Xj X cXj hl\ j\ Zi\p\i\e Xj`jk`[fj% <e dÂ&#x201E;i`kf Xc aliXd\ekf i\e[`[f gfi cfj XZkfi\j ZÂ&#x2C6;k\j\ X QF@C8 M@:KFI@8 M@<I8# d\[`Xe$ k\ glYc`ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X \e \c i\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e Hl`kf% :lÂ&#x201E;ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj g\i$ jfe\ifj [\c Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj X[alekfj X cX [\dXe[X% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cfj XZZ`feXek\j% :@K<J< P EFK@=@HL<J<%$ ] ;I% D8I@F FIK@<Q <JKI<CC8%$ Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[ gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf [`jgfe\ cX c\p% ;I% <;N@E :<M8CCFJ 8DGL;@8 J<:I<K8I@F ?Xp le j\ccf 8%:%&(((,0
ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8
:@K8:@äE AL;@:@8C 81 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ ;<C ;I% 8E><CF >FEQ8C<Q IF;I@>L<Q# J I J % >I<>FI@ >C<D# C@> P C@Q8 >FEQ8C<Q 8:KFI81 D8Ià 8 FK@C@8 >FEQ8C<Q IF;Ià >L<Q ;<D8E;8;F1 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ ;<C ;I% 8E><CF >FEQ8C<Q IF;I@>L<Q# JIJ% >I<>FI@ >C<D# C@> P C@Q8 >FEQ8C<Q AL@:@F1 F I ; @ E 8 I @ F ELC@;8; ;< <J:I@KLI8 Ef% (.).$)'(' 8Y^% I% 9iXmf% :8J@CC<IF AL;@:@8C Ef% ((' =LE;8D<EKF C<>8C1 8IKJ% (+-(# (+-.# (+.+# (+.,# (+./# (-0.# (-0/# (-00 P (.'+ ;<C :ä;@>F :@M@C P *0, P J@>L@<EK<J ;<C :ä;@>F ;< GIF:<;@D@<EKF :@M@C% 89F>8;F1 ;I% D<;8I;F FC<8J :L8EKà 81 @E;<K<ID@E8;8 GIFM@;<E:@81 8LKF ;< :8C@=@:8:@äE ALQ>8;F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# j}YX[f (0 [\ dXiqf [\c )'((# cXj ((_*-%$ M@JKFJ%$ 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO DE LA ESCRITURA PĂ&#x161;BLICA DE AUMENTO DE CAPITAL Y REFORMA DE ESTATUTOS DE BINARIA SISTEMAS C. LTDA. Se comunica al pĂşblico que BINARIA SISTEMAS C. LTDA., con domicilio principal en la ciudad de Quito, aumentĂł su capital en USD $ 140.000,00; y, reformĂł sus estatutos por escritura pĂşblica otorgada ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito el 29 de octubre del 2010. Actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJCPTE. Q.11.002324 de 31 de mayo de 2011. En virtud de la mencionada escritura pĂşblica la compaĂąĂa reforma el artĂculo Tercero del Estatuto Social, referente al capital social, de la siguiente manera:
Se anulan los tĂtulos No. 1314, 22804, 25287, 25011, 26867, 25053, 29126, 31010, 33035, 34939, 36944, 39200, 42491, 44534, 48967, 51169 por 131, 7, 13, 30, 30, 48, 38, 38, 66, 160, 141, 116, 204, 272, 647, 1674 de 100 sucres c/u correspondientes al Banco del Pichincha de MORA GALARZA ANA MERCEDES. 151363/dt/stodgo.
â&#x20AC;&#x153;ARTĂ?CULO TERCERO.- Del capital y sus modificaciones.- El capital social de la compaĂąĂa es de DOSCIENTOS CUATRO MIL DĂ&#x201C;LARES DE LOS ESTADOS UNIDOS DE NORTEAMĂ&#x2030;RICA, dividido en doscientas cuatro mil participaciones, iguales e indivisibles de UN DĂ&#x201C;LAR cada una.â&#x20AC;?
%$ Gfi ZlXekf cX XZkfiX _X [X[f Zldgc`d`\ekf X cf fi[\eX[f \e gifm`[\eZ`X Xek\i`fi%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p# \e Zfej\Zl\eZ`X [Â&#x201E;j\ X cX d`jdX \c ki}d`k\ Fi[`eXi`f%$ [\ Zfe$ ]fid`[X[ Zfe \c Zfek\e`[f [\ cfj 8ikj% *0- p *0. [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ?iiX$ j\ kiXjcX[f X cfj [\dXe$ [X[fj1 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ ;<C ;I% 8E><CF >FEQ8C<Q IF;I@>L<Q# JIJ % >I<>FI@ >C<D# C@> P C@Q8 >FEQ8C<Q
Zfe cX [\dXe[X p \jkX gif$ m`[\eZ`X# gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj# X ]`e [\ hl\ Zfe$ k\jk\e f gifgfe^Xe \oZ\g$ Z`fe\j Zfii\jgfe[`\ek\j% <e dÂ&#x201E;i`kf Xc aliXd\ekf i\e[`[f gfi cX XZZ`feXek\%$ :@K<J<# X cfj [\dXe[X[fj1 AFC<EE< ;@8EE< >FEQ8C<Q P ?<I<;<IFJ ;<C ;I% 8E><CF >FEQ8C<Q IF;I@>L<Q# JIJ% >I<>FI@ >C<D# C@> P C@Q8 >FEQ8C<Q# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j gfi cX gi\ejX \e lef [\ cfj g\i`Â?$ [`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e X e`m\c eXZ`feXc [\ cfj hl\ j\
\[`kXe \e Â&#x201E;jkX Z`l[X[ [\ Hl`kf Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cX [fZld\ekXZ`Â?e hl\ j\ X[alekX% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX XZkfiX XjÂ&#x2C6; Zfdf cX Xlkfi`qX$ Z`Â?e Zfe]\i`[X X jl 8Yf^X[f ;\]\ejfi%$ Efk`]Â&#x2C6;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`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX i\Z`Y`i gfjk\i`f$ i\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf%
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO DE LA ESCRITURA PUBLICA DE PRĂ&#x201C;RROGA DE PLAZO DE DURACIĂ&#x201C;N, CAMBIO DE DOMICILIO DEL DISTRITO METROPOLITANO DE QUITO AL CANTĂ&#x201C;N SANTO DOMINGO Y REFORMA DE ESTATUTOS DE RADIOFLAMA S.A... 1. ANTECEDENTES.- RADIOFLAMA S.A., se constituyĂł mediante escritura pĂşblica otorgada el 19/12/2006 ante el Notario 3 del Distrito Metropolitano de Quito, aprobada mediante ResoluciĂłn No. 06.Q.IJ.005101 de 27/12/2006, e inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 29/12/2006. 2. CELEBRACIĂ&#x201C;N Y APROBACIĂ&#x201C;N.- La escritura pĂşblica de prĂłrroga de plazo de duraciĂłn, cambio de domicilio del Distrito Metropolitano de Quito al cantĂłn Santo Domingo; y, reforma de estatutos de RADIOFLAMA S.A. otorgada el 22 de Marzo de 2011 ante el Notario Primero Interino del cantĂłn Santo Domingo, actos societarios aprobados por la Superintendencia de CompaĂąias, mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.001462 de 31 de Marzo del 2011. 3. OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el seĂąor NUĂ&#x2018;EZ CARRASCO LUIS ANTONIO en su calidad de GERENTE GENERAL Y Representante Legal de RADIOFLAMA S. A. EI compareciente es ecuatoriano, mayor de edad, domiciliado en Santo Domingo 4. PRĂ&#x201C;RROGA DE PLAZO DE DURACIĂ&#x201C;N, CAMBIO DE DOMICILIO, REFORMA DE ESTATUTOS Y PUBLICACIĂ&#x201C;N.- La Superintendencia de CompaĂąias mediante ResoluciĂłn No. SC.IJ.DJC.Q.11.001462 de 31 de marzo de 2011 aprobĂł la prĂłrroga de plazo de duraciĂłn, el cambio de domicilio del Distrito Metropolitano de Quito al cantĂłn Santo Domingo, la reforma de estatutos de RADIOFLAMA S.A. y ordenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dias consecutivos, para efectos de oposiciĂłn de terceros respecto a la prĂłrroga de plazo y cambio de domicilio referido, seĂąalado en el Art. 33 de la Ley de CompaĂąias y Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ&#x201C;N.- Se pone en conocimiento del pĂşblico el cambio de domicilio del Distrito Metropolitano de Quito al cantĂłn Santo Domingo de RADIOFLAMA S.A., a fin de que quienes se creyeren con derecho a oponerse a su inscripciĂłn puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la compaĂąia, dentro de los seis dias contados desde la fecha de la Ăşltima publicaciĂłn de este extracto y ademĂĄs, pongan el particular en conocimiento de la Superintendencia de CompaĂąias. EI Juez que reciba la oposiciĂłn o el accionante, notificarĂĄ o comunicarĂĄ segĂşn el caso, a esta Superintendencia, dentro del tĂŠrmino de dos dĂas siguientes a partir de dicha recepciĂłn, juntamente con el escrito de oposiciĂłn y providencia recaĂda sobre ella. Si no hubiere oposiciĂłn o no fuere notificada esta InstituciĂłn en la forma antes indicada, se procederĂĄ a la inscripciĂłn de la referida escritura pĂşblica de la mencionada compaĂąĂa y al cumplimiento de los demĂĄs requisitos legales. En virtud de la referida escritura se reforma el artĂculo primero del estatuto social, de la manera siguiente: ARTĂ?CULO PRIMERO.- DE LA DENOMINACIĂ&#x201C;N, DURACIĂ&#x201C;N, NACIONALIDAD, DOMICILIO: LA COMPAĂ&#x2018;Ă?A ( ... ) TENDRĂ UNA DURACIĂ&#x201C;N DE CINCUENTA AĂ&#x2018;OS, CONTADOS A PARTIR DE LA INSCRIPCIĂ&#x201C;N DE LA PRESENTE ESCRITURA DE REFORMA DE ESTATUTOS EN EL REGISTRO MERCANTIL, ( ... ). EL DOMICILIO PRINCIPAL DE LA COMPAĂ&#x2018;IA, ( ... ) ES EL
CANTĂ&#x201C;N SANTO DOMINGO, PROVINCIA DE SANTO DOMINGO DE LOS TSĂ CHILAS .... â&#x20AC;? Quito, 31 de marzo de 2011. Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;IAS
Quito, 31 de mayo de 2011 Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ&#x2018;Ă?AS DE QUITO AR/83170/cc
FSD/. EXP. 157022 Tr. 01.1.11.000024 151342 gf
I_ bei [ifWÂ&#x2039;eb[i ^WXb|hWcei iÂ&#x152;be o [nYbki_lWc[dj[ Z[ be gk[ iWX[cei" i[ fheZkY_hÂ&#x2021;W kd ]hWd i_b[dY_e gk[ dei f[hc_j_hÂ&#x2021;W f[diWh$
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO
C7DK;B 7P7y7
DE LA ESCRITURA PUBLICA DE FUSION POR ABSORCION DE SERVICIOS PROFESIONALES AD PORTAS S.A. (ABSORBENTE) CON LAS COMPAĂ&#x2018;IAS LAFRADEL S.A. (ABSORBIDA) Y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (ABSORBIDA); DISOLUCION ANTICIPADA DE LAS COMPAĂ&#x2018;IAS ABSORBIDAS; AUMENTO Y DISMINUCION DE CAPITAL SIMULTANEOS; Y, REFORMA DE ESTATUTOS DE LA COMPAĂ&#x2018;Ă?A ABSORBENTE.
1. ANTECEDENTES.- SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente) se constituyĂł mediante escritura pĂşblica otorgada ante el Notario Segundo del Distrito Metropolitano de Quito el 25 de febrero de 1994, fue aprobada mediante ResoluciĂłn No. 518 de 10 de marzo de 1994, inscrita en el Registro Mercantil del Distrito Metropolitano de Quito el 25 de marzo de 1994. 2. CELEBRACION Y APROBACIĂ&#x201C;N.- La escritura pĂşblica de fusiĂłn por absorciĂłn de SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente), con las compaĂąĂas LAFRADEL S.A. (absorbida) y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida); de disoluciĂłn anticipada sin liquidaciĂłn de las compaĂąĂas absorbidas; aumento y disminuciĂłn de capital simultĂĄneos; y, reforma de estatutos de la compaĂąĂa absorbente, fue otorgada el 1 de agosto de 2010, ante el Notario VigĂŠsimo Cuarto del Distrito Metropolitano de Quito. Actos societarios aprobados por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn No. SC.IJ.DJCPTE.Q.11.002247 de 3 de junio de 2011. De conformidad con lo dispuesto en el segundo inciso del artĂculo 341 de la Ley de CompaĂąĂas, la compaĂąĂa absorbente se harĂĄ cargo de pagar el pasivo de las absorbidas y asumirĂĄ por este hecho, las responsabilidades propias de un liquidador respecto a los acreedores de ĂŠstas. 3.- OTORGANTE.- Comparece al otorgamiento de la escritura pĂşblica antes mencionada, el Dr. Xavier Rosales Kuri en la calidad de Vicepresidente y representante legal de CORRAL & ROSALES CIA. LTDA., compaĂąĂa que a su vez es Gerente General y representante legal de SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente), LAFRADEL S.A. (absorbida); y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida). 4. FUSION POR ABSORCIĂ&#x201C;N; DISOLUCIĂ&#x201C;N ANTICIPADA SIN LIQUIDACIĂ&#x201C;N; AUMENTO Y DISMINUCIĂ&#x201C;N DE CAPITAL SIMULTANEOS Y REFORMA DE ESTATUTOS, PUBLICACIĂ&#x201C;N.- La Superintendencia de CompaĂąĂas mediante resoluciĂłn No. SC.IJ.DJCPTE.Q. 11.002247 de 3 de junio de 2011, aprobĂł la fusiĂłn por absorciĂłn de SERVICIOS PROFESIONALES AD PORTAS S.A. (absorbente), LAFRADEL S.A. (absorbida); y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida); la disoluciĂłn anticipada sin liquidaciĂłn de las compaĂąias absorbidas; el aumento de capital en US$ 475.462,00; simultĂĄneamente la disminuciĂłn de capital en US $ 2â&#x20AC;&#x2122;019.827,00 y, la reforma de estatutos de la compaĂąĂa absorbente. OrdenĂł la publicaciĂłn del extracto de la referida escritura pĂşblica, por tres dĂas consecutivos, para efectos de oposiciĂłn de terceros a la pretendidas disminuciĂłn de capital, seĂąalado el artĂculo 33 de la Ley de CompaĂąĂas y en el Reglamento de OposiciĂłn, como acto previo a su inscripciĂłn. 5. AVISO PARA OPOSICIĂ&#x201C;N.- De conformidad con el artĂculo 33, segundo inciso, de la Ley de CompaĂąĂas y articulo 8 del â&#x20AC;&#x153;Reglamento de OposiciĂłn por parte de Terceros de los Actos Societarios previstos en el inciso segundo del ArtĂculo 33 de la Ley de CompaĂąĂasâ&#x20AC;?, se pone en conocimiento del pĂşblico la fusiĂłn por absorciĂłn de SERVICIOS PROFESIONALES AD PORTAS SA. (absorbente), con las compaĂąĂas LAFRADEL SA. (absorbida) y SERVICIOS PROFESIONALES ALAMEDA SANT CIA. LTDA. (absorbida); la disoluciĂłn anticipada sin liquidaciĂłn de las compaĂąĂas absorbidas; el aumento y disminuciĂłn de capital simultĂĄneos; y, reforma de estatutos de la compaĂąĂa absorbente, en el Distrito Metropolitano de Quito, a fin de que quienes se creyeren con derecho a oponerse a la pretendida disminuciĂłn de capital puedan presentar su peticiĂłn ante uno de los Jueces de lo Civil del domicilio principal de la 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 pĂşblĂca y al cumplimiento de los demĂĄs requisitos legales.
89% AFI>< D@<I 9LI98EF J<:I<K8I@F ?Xp le j\ccf 8I&/*(,.&ZZ I% ;<C <% <OKI8:KF AL;@:@8C :@K8:@äE AL;@:@8C 81 =<C@O >L8I;8II8D8 8M@C<J p CLQ D8I@8 FIK<>8 :8II<I8 AL@:@F1 FI;@E8I@F Ef% )'('$(',)$A:K 8:KFI1 D8I@8 <C<E8 :8@Q8 C@>E@8 ; < D 8 E ;8 ; FJ 1 = < C @ O >L8I;8II8D8 8M@C<J p CLQ D8I@8 FIK<>8 :8II<I8 ;FD@:@C@F AL;@:@8C1 ;I% A8@D< G8I<;<J 9L<E8zF :L8EK@81 LJ;% (,%'''#ff F9A<KF1 ;< :FE=FID@;8; :FE CF ;<K<ID@E8;F <E CFJ 8IK@:LCFJ -'*# .(,# )*0)# )*0/# )+'(# )+(' p )+((# P D8J G<IK@E<EK<J ;<C :F ; @ > F : @ M @ C M@><EK<# ; < D 8 E ;8 E <E AL@:@F FI;@E8I@F 8 CFJ J<zFI<J CLQ D8I@8 FIK<>8 :8II<I8# = <C @O > L8 I;8 II8D 8 8M@C<J P 8 HL@<E<J J< :I<P<I<E ;<I<:?FJ# <C ;FD@E@F P C8 GFJ<J@FE GFI G I < J : I @ G : @ ä E < O K I 8 F I ; @ E 8 I @ 8 8 ; H L @ J @ K @ M8 ; < ;FD@E@F ;<C @EDL<9C<# :FEJ@JK<EK< ;< LE CFK< ;< K<II<EF L9@:8;F <E <C GLEKF Ă&#x2C6;G8D98$?8:@<E;8Ă&#x2030;#
;< C8 G8IIFHL@8 :?<:8# ;<C :8EKFE HL@KF%$ ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# )' [\ J\gk`\dYi\ [\c )'('# cXj ((?'(%$ M@JKFJ1 Gfi Zld$ gc`[f cf fi[\eX[f \e gifm`[\e$ Z`X `e`Z`Xc p \e m`ikl[ [\c jfik\f i\Xc`qX[f# XmfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX% <e cf gi`eZ`gXc cX [\dXe[X \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# \e Zfej\Zl\eZ`X j\ XZ\gkX Xc ki}d`k\ Fi[`eXi`f% :Â?iiXj\ kiXjcX[f Zfe \c \jZi`kf [\ [\dXe[X p \jkX gifm`[\e$ Z`X# X cfj [\dXe[X[fj j\Â&#x152;f$ i\j =<C@O >L8I;8II8D8 8M@C<J p CLQ D8I@8 FIK<>8 :8II<I8# gfi cX gi\ejX# \e cX ]fidX [`jgl\jkX gfi \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# gXiX hl\ \e \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj Zfek\jk\e cX [\dXe[X p gifgfe^Xe kf[Xj cXj \oZ\gZ`fe\j X cXj hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c$ [Â&#x2C6;X%$ :lÂ&#x201E;ek\j\ Zfe \c @cljki\ Dle`Z`g`f [\ Hl`kf p Zfe jl GifZliX[fi JÂ&#x2C6;e[`Zf%$ ;\ Zfe$ ]fid`[X[ X cf [`jgl\jkf \e \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# `ejZiÂ&#x2C6;$ YXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\ \jk\ :XekÂ?e%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c [fd`Z`c`f p ZXj`$ cc\if al[`Z`Xc [\j`^eX[fj%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj%$
REPUBLICA DEL ECUADOR SUPERINTENDENCIA DE COMPAĂ&#x2018;IAS
EXTRACTO CONSTITUCIĂ&#x201C;N DE LA COMPAĂ&#x2018;Ă?A INTANASA DEL ECUADOR SOCIEDAD ANĂ&#x201C;NIMA La compaĂąĂa INTANASA DEL ECUADOR SOCIEDAD ANĂ&#x201C;NIMA se constituyĂł por escritura pĂşblica otorgada ante el Notario TrigĂŠsimo SĂŠptimo del Distrito Metropolitano de Quito, el 23 de Marzo de 2011, fue aprobada por la Superintendencia de CompaĂąĂas, mediante ResoluciĂłn SC.IJ.DJC.Q.11.001898 de 02 de Mayo de 2011. 1.- DOMICILIO: Distrito Metropolitano de Quito, provincia de Pichincha.
DATOS DE LA COMPAĂ&#x2018;Ă?A ABSORBENTE: SERVICIOS PROFESIONALES AD PORTAS 1. DURACIĂ&#x201C;N: 50 aĂąos contados a partir de la inscripciĂłn de su constituciĂłn en el Registro Mercantil. 2. DOMICILIO: Distrito Metropolitano de Quito. 3. CAPITAL: El capital suscrito de la compaĂąĂa es de 05 $ 1â&#x20AC;&#x2122;169.830,00 dividido en 1â&#x20AC;&#x2122;169.830 acciones de US $ 1,00 cada una. 4. OBJETO: El objeto social de la compaĂąĂa Uno.- Otorgar todo tipo de asesorĂas profesionales en materias de educaciĂłn superior, tanto universitarias como politĂŠcnicas, y en materias de educaciĂłn regular incluido sus niveles preprimario, primario, y medio,. 5. ADMINISTRACIĂ&#x201C;N Y REPRESENTACIĂ&#x201C;N LEGAL: La compaĂąĂa estĂĄ gobernada por la Junta General de Accionistas y administrada por el Directorio, el Presidente y el Gerente General y por todos los demĂĄs funcionarios que la Junta General acuerde designar. Ejerce la representaciĂłn legal de la compaĂąĂa el Gerente General.
Distrito Metropolitano de Quito, 3 de junio de 2011
2.- CAPITAL: Suscrito US$ 1.000,00 NĂşmero de Acciones 1.000 Valor US$ 1,00 3.- OBJETO: El objeto de la compaĂąĂa es: A) PRESTAR ASESORĂ?A TĂ&#x2030;CNICA, OPERATIVA, MERCANTIL, LEGAL Y CONTABLE A PERSONAS NATURALES Y JURĂ?DICAS, NACIONALES O EXTRANJERAS, PARA LA GENERACIĂ&#x201C;N, TRANSMISIĂ&#x201C;N, DISTRIBUCIĂ&#x201C;N, COMERCIALIZACIĂ&#x201C;N, IMPORTACIĂ&#x201C;N Y EXPORTACIĂ&#x201C;N DE ENERGĂ?A ELĂ&#x2030;CTRICA... Quito, 02 de Mayo de 2011.
Dr. Camilo Valdivieso Cueva INTENDENTE DE COMPAĂ&#x2018;IAS DE QUITO
Dr. Oswaldo Noboa LeĂłn DIRECTOR JURĂ?DICO DE COMPAĂ&#x2018;Ă?AS A.C./11169
AR/83174/cc
EFK@=@HL<J<%$ ;i% AX`d\ :Xej\Zf >l\ii\if%$ Al\q ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# (* [\ J\gk`\dYi\ [\c )'('# cXj (,_+.%$ Gi\m`f X gifm\\i cf hl\ \e [\i\Z_f Zfii\jgfe$ [X%$ CX XZkfiX ZfdgXi\qZX X \jkX al[`ZXkliX \e \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj \e _fiXj _}Y`c\j# X iXk`]`ZXij\ \e \c aliXd\ekf jfYi\ jl `dgfj`Y`c`[X[ [\ Zfej\^l`i cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cfj [\dXe[X$ [fj# [\ Zfe]fid`[X[ Zfe cf \jk`glcX[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% EFK@=@HL<J<%$ ] ;i% AX`d\ :Xej\Zf >l\ii\if%$ Al\q Cf hl\ Zfdle`Zf X L[% gXiX cfj ]`e\j c\^Xc\j2 p# [\ cX fYc`$ ^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc# \e cX ]fidX \jkXYc\Z`[X gfi cX C\p% ;I% ALC@F :<J8I DLzFQ DJ:% J<:I<K8I@F ALQ>8;F EFM<EF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%(('/*& ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8% :@K8:@FE AL;@:@8C% 81 I8@DLE;F K@G8E 8D8HL@z8 p I8DFE K@G8E 8D8HL@z8# Zfe \c \okiXZkf [\ cX [\dXe[X Fi[`eXi`X p gifm`[\eZ`X hl\ X Zfek`elXZ`Â?e j`^l\e1 < O K I 8 : KF 1 8 Z k f i \ j 1 AFJ< I@:8I;F G8L:8I :?@>L8EF p 8>LJK@E8 K@G8E D8>L<E8% ;\dXe[X[fj1 I8@DLE;F K@G8E 8D8HL@z8 p I8DFE K@G8E 8D8HL@z8 :lXekÂ&#x2C6;X1 @e[\k\id`eX[X A l ` Z ` f Fi[`eXi`f Ef%(.'-$)'('$ NQ FYa\kf [\ cX ;\dXe[X1 8[hl`i`i gfi gi\jZi`gZ`Â?e \okiXfi[`eXi`X X[hl`j`k`mX [\ [fd`e`f cfk\ [\ k\ii\ef j`klX$ [f \e \c YXii`f CX =cfi`[X [\ cX gXiifhl`X 8dX^lXÂ&#x152;X# g\i$ k\e\Z`\ek\ X \jkX Z`l[X[ [\ Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# [\ leX jlg\i]`Z`\ [\ (%('0#(* d)% GIFM@;<E:@81 ALQ>8;F J<OKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j (/ [\ \e\if [\c )'((# cXj '0_+0% M@JKFJ%$ CX [\dXe[X gifgl\jkX gfi AFJ< I@:8I;F G8L:8I :?@>L8EF p 8>LJK@E8 K@G8E D8>L<E8 \e ZfekiX [\ I8@DLE;F K@G8E 8D8HL@z8 p I8DFE K@G8E 8D8HL@z8 \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX X[d`k\ X ki}d`k\ Fi[`eXi`f gi\m`jkf \e \c g}iiX]f (X# j\ZZ`Â?e )X# KÂ&#x2C6;klcf @@# 8ki% *0, p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% <e Zfej\Zl\eZ`X# j\ [`jgfe\ Zfii\i kiXjcX[f Zfe cX [\dXe[X p gi\j\ek\ gif$ m`[\eZ`X X I8@DLE;F K@G8E 8D8HL@z8 p I8DFE K@G8E 8D8HL@z8# gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj# X ]`e [\ hl\ gifgfe^Xe cXj \oZ\gZ`fe\j [`cXkfi`Xj f g\i\ekfi`Xj X cXj hl\ j\ Zi\p\i\e Xj`jk`[fj# YXaf gi\m\eZ`fe\j [\ c\p% 8k\ekf \c aliXd\ekf \ogi\jX[f gfi cfj XZkfi\j p [\ Zfe]fid`[X[ Zfe cf \jkXYc\Z`[f \e \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj I8@DLE;F K@G8E 8D8HL@z8 p I8DFE K@G8E 8D8HL@z8# gfi cX gi\ejX# \jkf \j \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZl$ cXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf2 gXiX \c \]\Zkf Zfe]`Â&#x201E;iXj\ \c \okiXZkf i\jg\Z$ k`mf% @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# Zfe]fid\ cf \jkXYc\Z\ \c 8ik%
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? (''' [\c :Â?[`^f [\ gifZ\[`$ d`\ekf :`m`c% :lÂ&#x201E;ek\j\ \e cX gi\j\ek\ ZXljX Zfe cfj g\ijf$ e\ifj [\c @cljki\ Dle`Z`g`f [\ Hl`kf% KÂ?d\j\ efkX [\c ZXj`cc\$ if al[`Z`Xc Ef% +)'- j\Â&#x152;XcX[f gfi cfj XZkfi\j% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj XgX$ i\aX[fj X cX [\dXe[X% :@K<J< P EFK@=@HL<J<% ] ;I% D8I@F FIK@Q <JKI<CC8%$ Al\q% Cf hl\ Zfdle`Zf p c\ Z`kf X ljk\[\j gXiX cfj ]`e\j c\^Xc\j Zfej`^l`\ek\j gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ le 8Yf^X[f \e \jkX al[`ZXkliX Zfdf [`jgfe\ cX c\p% ;I% <;N@E :<M8CCFJ 8DGL;@8% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(('/0&k] ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@äE AL;@:@8C 8 N@CD8 IFJ8E@8 p _\i\[\$ ifj ZfefZ`[fj# gi\jlekfj p [\j$ ZfefZ`[fj [\c j\Â&#x152;fi :i`jkÂ?YXc 8cY\ikf Dfek\if I\\j\# J\ c\j _XZ\ ZfefZ\i \c <OKI8:KF# [\ [\dXe[X FI;@E8I@8 P C8 GIFM@;<E:@8 HL< 8 :FEK@EL8:@äE J@>L<1 <OKI8:KF1 8:KFI<J1 @MFEE< ;<C :FEJL<CF GLILE:8A8J >L<II<IF p KL<JD8E D8LI@:@F : < ; < z F DFIF:?F%$ ;<D8E;8;FJ1 N@CD8 IFJ8E@8 p _\i\[\ifj Zfef$ Z`[fj# gi\jlekfj p [\jZf$ efZ`[fj [\c j\Â&#x152;fi :i`jkÂ?YXc 8cY\ikf Dfek\if I\\j\%$ 8JLEKF1 Hl\ gi\m`f \c ki}$ d`k\ g\ik`e\ek\# \e j\ek\eZ`X j\ [\ZcXi\ cX gi\jZi`gZ`Â?e [\ cfj kÂ&#x2C6;klcfj ZXdY`Xi`fj# [\ cXj fYc`^XZ`fe\j ZfekiXÂ&#x2C6;[Xj p [\ cX _`gfk\ZX XY`\ikX Zfejk`kl`[X X ]Xmfi [\ cfj XZkfi\j% KI8D@K<1 Fi[`eXi`f%$ :L8EK@8%$ @e[\k\id`eX[X%$ =<:?8 ;< @E@:@8:@äE1 (( [\ XYi`c [\c )'((%$ ;FD@:@C@F C<>8C1 :Xj`ccX Al[`Z`Xc Ef% (// ;i% Cl`j M`ccX]l\ik\%$ AL@:@F FI;@E8I@F Ef% (--$)'(($ C9 GIFM@;<E:@8 ALQ>8;F :L8IKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j ). [\ XYi`c [\c )'((# cXj '/_*,%$ M@JKFJ%$ CX Zfd$ g\k\eZ`X [\ \jkX ZXljX j\ _X iX[`ZX[f \e \jkX Al[`ZXkliX gfi \c jfik\f i\Xc`qX[f# gfi cf kXekf XmfZf ZfefZ`d`\ekf [\ cX d`jdX% <e cf gi`eZ`gXc cX [\dXe[X ]fidlcX[X i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p# \e Zfe Zfe$ j\Zl\eZ`X j\ cf X[d`k\ Xc ki}$ d`k\ fi[`eXi`f# Zfe cX d`jdX ZÂ&#x2C6;k\j\ X cfj [\dXe[X[fj1 N@CD8 IFJ8E@8 p _\i\[\ifj ZfefZ`[fj# gi\jlekfj p [\j$ ZfefZ`[fj [\c j\Â&#x152;fi :i`jkÂ?YXc 8cY\ikf Dfek\if I\\j\# X ]`e [\ hl\ \e \c kÂ&#x201E;id`ef [\ hl`e$ Z\ [Â&#x2C6;Xj [\e Zfek\jkXZ`Â?e X cX d`jdX gifgfe`\e[f cXj \oZ\g$ Z`fe\j [`cXkfi`Xj p g\i\ekfi`Xj hl\ j\ Zi\p\i\e Xj`jk`[fj YXaf gi\m\eZ`fe\j [\ C\p% :Â&#x2C6;k\j\ X cfj [\dXe[X[fj gfi cX gi\ejX Xk\ekf \c aliXd\ekf \ogi\jX[f gfi cX gXik\ XZkfiX# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf% KÂ&#x201E;e^Xj\ \e Zl\ekX \c [fd`Z`c`f j\Â&#x152;XcX[f gfi cX gXik\ XZkfiX% 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e XZfdgXÂ&#x152;X$ [X% Efk`]Â&#x2C6;hl\j\%$
Ä&#x2C6;
;I% N@CD<I 8D9IFJJ@ IF9C<J AL<Q <E:8I>8;F Cf hl\ gfe^f \e jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`ccX al[`Z`Xc [\c GXcXZ`f [\ Aljk`Z`X [\ \jkX Z`l[X[ [\ Hl`kf# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j% CZ[f% Cl`j 9XiX_feX Dfi\ef J\Zi\kXi`f < ?Xp le j\ccf 8%:%&(((-I% [\c <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 :`kXZ`Â?e Al[`Z`Xc X _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ hl`\e \e m`[X ]l\ cfj j\Â&#x152;f$ i\j AfjÂ&#x201E; DXel\c Cl^dXÂ&#x152;X p DX^[Xc\eX GXZ_XZXdX# j\ c\j _XZ\ jXY\i hl\ \e \jkX Al[`ZXkliX j\ _X gifgl\j$ kf le Al`Z`f Fi[`eXi`f [\ Gi\jZi`gZ`Â?e <okiXfi[`eXi`X [\ ;fd`e`f# \e cfj j`^l`\ek\j kÂ&#x201E;id`efj1 8:KFI1 ;fZkfi ?ldY\ikf >}cm\q <jki\ccX GifZliX[fi Al[`Z`Xc [\ AfjÂ&#x201E; EfiY\ikf GXZ_XdXdX LdXhl`qX p AfjÂ&#x201E; M`Z\ek\ GXZ_XdXdX J`eX`c`e% ;<D8E;8;FJ1 ?\i\[\ifj [\ cfj j\Â&#x152;fi\j AfjÂ&#x201E; DXel\c Cl^dXÂ&#x152;X p DX^[Xc\eX GXZ_XZXdX% AL@:@F1 Fi[`eXi`f [\ Gi\jZi`gZ`Â?e <okiXfi[`eXi`X [\ ;fd`e`f Eif% .*($)'('$ J 8ikj% )*0/# )+'(# )+',# )+'-# )+'.# )+'/# )+('# )+()# )+(*# )+(+# )+(,# )+(.# -'*# .(,# .(/ [\c :Â?[`^f :`m`c \e ZfeZfi$ [XeZ`X Zfe cfj 8ikj% ,0 p *0, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% :L8EK@81 @e[\k\id`eX[X KI8D@K<1 Fi[`eXi`f 89F>8;F ;<=<EJFI1 ;i% :Xicfj >}cm\q% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8%$ JXe^fchlÂ&#x2C6;# X )+ [\ =\Yi\if [\c )'((%$ 8 cXj ('?+,% M@JKFJ1 8mfZf ZfefZ`d`\e$ kf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f d\[`Xek\ XZZ`Â?e [\ g\ijfeXc Ef% ''')$;G$;GG [\ * [\ \e\if [\c )'((%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\$ Z`jX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Zk`mf# \e al`Z`f Fi[`eXi`f# \e Zfej\Zl\eZ`X ZÂ?iiXj\ kiXj$ cX[f Zfe cX gi\j\ek\ [\dXe[X p \jkX gifm`[\eZ`X X cfj j\Â&#x152;f$ i\j D8EL<C8 CL>D8z8 G8 : ? 8 : 8 D 8 A 8 @ D < CL>D8z8 G8:?8:8D8# D8I@8 C L > D 8 z 8 G8:?8:8D8 P 9<K?8 CL>D8z8 G8:?8:8D8# gfi \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj X ]`e [\ hl\ gi\j\ek\ cXj \oZ\gZ`f$ e\j X hl\ j\ Zi\X Xj`jk`[f# YXaf aliXd\ekf \e i\Y\c[Â&#x2C6;X%$ :Â&#x2C6;k\j\ X cfj [\dXe[X[fj DXel\cX Cl^dXÂ&#x152;X GXZ_XZXdX p DXiÂ&#x2C6;X Cl^dXÂ&#x152;X GXZ_XZXdX# j\ cfj Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX d\[`Xek\ :fd`j`Â?e Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX GXiifhl`X 8cXe^XjÂ&#x2C6;# Xc j\Â&#x152;fi AX`d\ Cl^dXÂ&#x152;X GXZ_XZXdX j\ cf Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX2 p# X cX j\Â&#x152;fiX 9\ik_X Cl^dXÂ&#x152;X GXZ_XZXdX# j\ cf Z`kXi} \e \c cl^Xi hl\ j\ `e[`ZX d\[`Xek\ :fd`j`Â?e Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä&#x2030;
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
cX GXiifhl`X 8dX^lXÂ&#x152;X2 p X cfj _\i\[\ifj gi\jlekfj p [\jZfefZ`[fj [\ cfj j\Â&#x152;fi\j DXel\c Cl^dXÂ&#x152;X p DX^[Xc\eX GXZ_XZXdX# [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \jkf \j \e lef [\ cfj [`X$ i`fj [\ dXpfi Z`iZlcXZ`Â?e \e cX Z`l[X[ [\ Hl`kf%$ @ejZiÂ&#x2C6;YXj\ cX gi\j\ek\ [\dXe[X \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf# Zfe]fid\ cf [`j$ gfe\ \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ :lÂ&#x201E;ek\j\ Zfe cfj j\Â&#x152;fi\j 8cZXc[\ p GifZliX[fi JÂ&#x2C6;e[`Zf [\c @% Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf%$ GXiX cX efk`]`ZXZ`Â?e Xc j\Â&#x152;fi i\^`jkiX[fi [\ cX Gifg`\[X[# XjÂ&#x2C6; Zfdf gXiX cX Z`kXZ`Â?e Xc j\Â&#x152;fi 8cZXc[\ p GifZliX[fi JÂ&#x2C6;e[`Zf [\c @% Dle`Z`g`f [\c ;`jki`kf D\kifgfc`kXef [\ Hl`kf# [\giÂ&#x201E;hl\j\ X lef [\ cfj j\Â&#x152;fi\j Al\Z\j [\ cf :`m`c Zfe Xj`\ekf \e cX Z`l[X[ [\ Hl`kf%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if Al[`Z`Xc Eif% '+, j\Â&#x152;XcX[f gfi \c ;fZkfi :Xicfj >Xcm\q p cX Xlkfi`qXZ`Â?e Zfe]\i`[X Xc d\eZ`feX[f gif]\j`feXc%$ 8^iÂ&#x201E;^l\j\ cX [fZld\ekXZ`Â?e gi\j\ekX[X%$ EFK@=@HL<J<%$ ][f %$;i% Cl`j <[lXi[f KX`g\ >% AL<Q <E:8I>8;F % Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[ gXiX gfjk\i`fi\j efk`]`ZXZ`fe\j%$ :\ik`]`Zf% 8Y% =\ieXe[f >iXeaX CXeXj J<:I<K8I@F ;<C ALQ>8;F (.f ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&(((.(
JF:@<;8; :FEPL>8C I% ;<C <% ALQ>8;F M@><J@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C 8 AL8E 8C9<IKF <JG@EFJ8 =CFI<J AL@:@F1 ;@JFCL:@FE ;< C8 JF:@<;8; :FEPL>8C Ef% (-./$)''0$:%>% 8:KFI1 D8I@8 FC>8 CLE8 G8QD@zF ;<D8E;8;F1 AL8E 8C9<IKF <JG@EFJ8 =CFI<J =LE;8D<EKF C<>8C%$ 8ik% (0+# eld\iXc +kf# [\c :Â?[`^f :`m`c% :L8EK@81 @e[\k\id`eX[X ;FD@:@C@F C<>8C1 0)- ;i% IXd`if Fjfi`f ALQ>8;F M @ > < J @ D F GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )+ [\ dXpf [\c )'((# cXj (-_*+%$ M@JKFJ%$ LeX m\q hl\ j\ _X [X[f Zldgc`d`\ekf X cf fi[\$ eX[f \e gifm`[\eZ`X gi\Z\$ [\ek\ j\ [`jgfe\1 8mfZf Zfef$ Z`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX$ [f%$ CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ <jg\Z`Xc% :fej\Zl\ek\d\ek\# ZÂ?iiXj\ kiXjcX[f Zfe \c Zfek\$ e`[f [\ cX [\dXe[X p \jkX gif$ m`[\eZ`X Xc [\dXe[X[f1 AL8E 8C9<IKF <JG@EFJ8 =CFI<J gfi \c kÂ&#x201E;id`ef [\ ki\j [Â&#x2C6;Xj# [\
Zfe]fid`[X[ Zfe cf [`jgl\j$ kf \e \c 8ik% /(+ [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ <e dÂ&#x201E;i`kf Xc aliXd\ek\ i\e[`[f gfi cX XZZ`feXek\# ZÂ&#x2C6;k\j\ Xc XZZ`feX[f d\[`Xek\ glYc`$ ZXZ`fe\j [\ gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi cX XZkfiX# cX [\j`^eXZ`Â?e [\ jl [\]\ejfi p cX ]XZlckX[ hl\ c\ ZfeZ\[\ gXiX hl\ jljZi`YX ZlXekf \jZi`kf j\X e\Z\jXi`f \e [\]\ejX [\ jlj `ek\i\j\j [\ekif [\ cX gi\j\ek\ ZXljX%$ :@K<J< P EFK@=@HL<J< ;I% IL9<E >@C<I :<;<zF AL<Q Cf hl\ c\ Zfdle`Zf X Ljk\[ p C< :@KF gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ \c [\dXe$ [X[f [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc# gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% C@:% >L@;F <JG@EFQ8 <% J<:I<K8I@F ?Xp le j\ccf 8%:%&.00/+ <OKI8:KF C@HL@;8:@FE ;< C8 JF:@<;8; :FEPL>8C ;< CFJ :FEPL><J1 D@CKFE @J8@8J :FII<8 :8z@Q8I<J P K<I<J8 8C@:@8 FIK<>8 =8C:FE EFK8I@8 M@><J@DF J<GK@D8 ;<C :8EKFE HL@KF1 Gfe^f \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf hl\ d\[`Xek\ \jZi`$ kliX gÂ&#x2019;Yc`ZX fkfi^X[X Xek\ dÂ&#x2C6;# ;F:KFI =<IE8E;F GFCF <CD@I# EFK8I@F M@><J@DF J<GK@DF ;<C :8EKFE HL@KF# cfj j\Â&#x152;f$ i\j D@CKFE @J8@8J :FII<8 :8z@Q8I<J P K<I<J8 8C@:@8 FI<>8 =8C:FE# gifZ\[`\ife X c`hl`[Xi \c gXki`dfe`f [\ cX JfZ`\[X[ :fepl^Xc# cX d`jdX hl\ ]l\iX [`jl\ckX d\[`Xek\ j\ek\eZ`X [\ [`mfiZ`f [`ZkX[X gfi \c Al\q Hl`ekf [\ cf :`m`c [\ Kle^liX_lX# Zfe ]\Z_X m\`ek\ [\ ]\Yi\if [\ [fj d`c el\m\% CXj X[al[`ZXZ`fe\j [\c gXki`$ dfe`f j\ \eZl\ekiXe [\kXccX$ [Xj \e \c k\okf [\ cX \jZi`kliX gÂ&#x2019;Yc`ZX [\ c`hl`[XZ`Â?e [\ jfZ`\[X[ Zfepl^Xc Z\c\YiX$ [X Xek\ dÂ&#x2C6;# Zfe ]\Z_X m\`ek\ p Z`eZf [\ dXpf [\ [fj d`c feZ\# gfi cf hl\ \e Xgc`ZXZ`Â?e X cf [`jgl\jkf \e \c 8ikÂ&#x2C6;Zlcf J\okf [\ cX C\p I\]fidXkfi`X# X cX C\p EfkXi`Xc# glYc`ZX[X \e \c I\^`jkif F]`Z`Xc eÂ&#x2019;d\if :lXkifZ`\ekfj j\`j [\ ]\Z_X m\`ek\ p fZ_f [\ Efm`\dYi\ [\c [fj d`c j\`j# hl\ ]XZlckX X cfj EfkXi`fj [`jgfe\i cX `ejZi`gZ`Â?e \e cfj I\^`jkifj [\ cX Gifg`\[X[ p D\iZXek`c\j Zfii\jgfe[`\ek\j cX \jZi`kliX [\ cX c`hl`[XZ`Â?e [\ cX jfZ`\$ [X[ Zfepl^Xc# gi\m`f \c ki}d`k\ gi\m`jkf \e [`Z_X efidX c\^Xc% D\[`Xek\ leX jfcX glYc`ZXZ`Â?e# \e lef [\ cfj g\i`Â?[`Zfj [\ Z`i$ ZlcXZ`Â?e EXZ`feXc# \c \okiXZkf [\ cX c`hl`[XZ`Â?e [\c gXki`df$ e`f [\ cX jfZ`\[X[ Zfepl^Xc Zfii\jgfe[`\ek\ X cfj j\Â&#x152;f$ i\j D@CKFE @J8@8J :FII<8 :8z@Q8I<J P K<I<J8 8C@:@8 FIK<>8 =8C:FE# fkfi^X[X d\[`Xek\ \jZi`kliX gÂ&#x2019;Yc`ZX Xek\j `e[`ZX[X# gfi \c kÂ&#x201E;id`ef [\ m\`ek\ )' [Â&#x2C6;Xj# X ]`e [\ hl\ cXj g\ijfeXj hl\ \m\e$ klXcd\ek\ klm`\i\e `ek\iÂ&#x201E;j \e \jkX c`hl`[XZ`Â?e gl\[Xe gi\j\ekXi jl fgfj`Z`Â?e ]le[X$
Ĺ?
d\ekX[X# [\ekif [\ cfj ]`e\j c\^Xc\j Zfii\jgfe[`\ek\j% Hl`kf# m\`ek\ p Z`eZf [\ dXpf [\c [fj d`c feZ\% ;I% =<IE8E;F GFCF <CD@I EFK8I@F M@><J@DF J<GK@DF ;<C :8EKFE HL@KF ?Xp le j\ccf 8%:%&(((-+
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äE1 F9I8J ;< 8IK< <D98I>8;8J P JLA<K8 ;< 8M8CèF%$ J\ kiXkX [\1 X LeX fYiX [\ Xik\ FI@>@E8C [\c Xlkfi FjnXc[f >lXpXjXdÂ&#x2C6;e# \jkX fYiX \j [\ j\i`^iX]Â&#x2C6;X p c`kf$ ^iX]Â&#x2C6;X k`\e\ le ZÂ?[`^f HM(.# YXaf \c kÂ&#x2C6;klcf Ă&#x2C6;:XY\qX *Ă&#x2030; Zfe [`d\ej`fe\j [\ .'o('' Zd# j\ \eZl\ekiX eld\iX[X1 (-+&(.,# k`\e\ cX Z\ik`]`ZX$ Z`Â?e [\c Xik`jkX \ZlXkfi`Xef FjnXc[f >lXpXjXdÂ&#x2C6;e# \jk\ ZlX[if \jk} \edXiZX[f jfYi\ dXiZf [\ dX[\iX [fiX[f%$ Gfi cXj Zfej`[\iXZ`fe\j XefkX[Xj# XmXcÂ&#x2019;f cX fYiX [\ Xik\ [\jZi`$ kX# \e cX jldX [\ ;FJ D@C ;äC8I<J 8D<I@:8EFJ%$ LJ;% )%'''#'' % Y LeX fYiX [\ Xlkfi FI@>@E8C [\c Xlkfi >feqXcf <e[XiX :ifn# \jkX fYiX \j [\ XZiÂ&#x2C6;c`Zf jfYi\ c`\eqf# k`\e\ le ZÂ?[`^f C%?%(,# Ă&#x2C6;j`e kÂ&#x2C6;klcfĂ&#x2030; [\ XZl\i[f X cX Z\ik`]`ZXZ`Â?e# g\if \c ZlX[if i\gi\j\ekX X leX FihlÂ&#x2C6;[\X# jlj [`d\ej`fe\j jfe1 ()'o/' Zd# k`\e\ cX ]`idX [\ cX Z\i$ k`]`ZXZ`Â?e [\ cX =le[XZ`Â?e <e[XiX :ifn# \jk} \edXiZX[f jfYi\ le dXiZf [fiX[f% Gfi cXj Zfej`[\iXZ`fe\j XefkX[Xj# XmXcÂ&#x2019;f cX fYiX [\ Xik\ [\j$ Zi`kX# \e cX jldX [\ :@E:F D@C HL@E@<EKFJ ;äC8I<J 8D<I@:8EFJ L J ; % ,%,''#'' % ;\ Zfe]fid`[X[ X cf hl\ [`jgfe\ \c 8ik% +,, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ]`idf \c gi\j\ek\ `e]fid\ \e ]fidX ZfealekX Zfe \c ;i% =i\[[p :\[\Â&#x152;f I%# ;\gfj`kXi`f Al[`Z`Xc XZklXek\ \e \jkX ZXljX%$ G8IK@:LC8I HL< GFE>F <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C G8I8 CFJ =@E<J ;< C<P%$ GFI KI8K8IJ< ;<C GI@D<I J < z 8 C 8 D @ < E KF C 8 J GFJKLI8J J< I<:<GK8I8E ;<J;< 8 H L < C C 8 J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C 8M8CLF 8GIF98;F# 8 C8 HL< ;<9<I8E 8:FDG8z8I <C ;@<Q GFI :@<EKF ;< C8 F=<IK8# <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F 8 FI;<E ;< <JK8 AL;@:8KLI8%$ GXiX \c \]\Zkf# [\ Zfe]fid`[X[ Zfe cf [`jgl\jkf \e \c 8ik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ]Â&#x2C6;a\ej\ cfj ZXik\c\j i\j$ g\Zk`mfj p glYcÂ&#x2C6;hl\j\# gfi ki\j m\Z\j \e lef [\ cfj g\i`Â?[`$ Zfj [\ dXpfi Z`iZlcXZ`Â?e [\
I_ be ^kX_[hW iWX_Ze" c[ ^WXhÂ&#x2021;W Z[Z_YWZe W \WXh_YWh h[be`[i$ :[ifkÂ&#x192;i Z[ bW Z[ijhkYY_Â&#x152;d Z[ >_hei^_cW o DW]WiWa_
SUPERINTENDENCIA DE COMPAĂ&#x2018;Ă?AS RESOLUCION No. 06.Q.IJ. 4220 DRA. PIEDAD MONCAYO DE VĂ SCONEZ DIRECTORA JURIDICA DEL DEPARTAMENTO DE DISOLUCION Y LIQUIDACION DE COMPAĂ&#x2018;Ă?AS
7B8;HJ ;?DIJ;?D cX Z`l[X[ [\ Hl`kf% Cfj `ek\$ i\jX[fj gl\[\e i\m`jXi cfj Y`\e\j dl\Yc\j gfe`Â&#x201E;e[fj\ \e ZfekXZkf Zfe \c ;i% =i\[[p :\[\Â&#x152;f I%# \e jl ZXc`[X[ [\ ;\gfj`kXi`f% Cf hl\ gfe^f \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf gXiX cfj ]`e\j [\ C\p%$ Hl`kf# *( [\ dXpf [\c )'((% 89% >I8:@<C8 M@M@8E8 9<K8E:FLIK FIK@Q J<:I<K8I@F 8 ALQ>8;F G I @ D < I F 8;ALEKF ;<C KI898AF ;< G@:?@E:?8% <o`jk\ ]`idX p j\ccf% 8%G%&+0*/,&b%d% 8M@JF ;< I<D8K< ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <C :8KFI:< ;< ALC@F ;<C ;FJ D@C FE:<# ;<J;< C8J (+?'' ?8JK8 C8J (/?''# <E C8 J<:I<K8I@8 ;< <JK8 AL;@:8KLI8# ;<EKIF ;<C AL@:@F ;< <A<:L:@FE ;< C8L;F 8I9@KI8C EIF% -*/$)''.$JG# J< I<8C@Q8IĂ? <C I<D8K< ;<C 9@<E HL< ?8 :FEK@EL8:@äE J< ;<K8CC8% LeX fYiX [\ Xik\ [\ G\[if E`XlgXi` ;<JEL;F ,'o.' Zd mXcfi XZklXc -''#ff2 leX [\ fYiX [\ Xik\ [\ G\[if E`XlgXi` >8CCFJ ()'o/' Zd # mXcfi XZklXc (%(''#ff2 leX fYiX [\ Xik\ [\ G\[if E`XlgXi` ;<JEL;F ()'o/'Zd mXcfi XZklXc (%(''#ff2 leX fYiX [\ Xik\ [\ D`^l\c 9\kXeZflik G8@J8A< .-o,. Zd # mXcfi XZklXc /''#ff # M8CFI KFK8C 8C HL< 8J:@<E;< C8J :L8KIF F9I8J ;< 8IK< <J ;< KI<J D@C J<@J:@<EKFJ ;FC8I<J *%-''#ff % J\ i\Z\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f gfi kiXkXij\ [\c gi`$ d\i j\Â&#x152;XcXd`\ekf# \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX$ [f X efdYi\ [\c Alq^X[f% CF HL< CC<MF 8 JL :F E F : @ D @ < E KF G8 I8 CFJ =@E<J C<>8C<J :FEJ@>L@<EK<J%$ Hl`kf# )/ [\ 8Yi`c [\c )'((%$ ;I% =<IE8E;F E 8 I8 E A F =8:KFJ% J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 <o`jk\ ]`idX p j\ccf% 8%G%&+0+',&b%d% I [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< AL@:@F <A<:LK@MF Ef ./-$ )''.% :%@% J< GFE< <E :FEF:@D@<EKF ;<C Gè9C@:F <E ><E<I8C HL< <E C8 J<:I<K8IĂ 8 ;<C ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8# <C ;Ă 8 AL<M<J )* [\ ALE@F ;<C 8zF ;FJ D@C FE:<# ;<J;< C8J (+?FF X cXj (/_''# J< CC<M8IĂ? 8 :89F <C I<D8K< ;<C @EDL<9C< HL< 8 :FEK@EL8:@äE J< ;<J:I@9<1 (%(% LY`ZXZ`Â?e >\f^i}]`ZX <c Cfk\ [\ K\ii\ef `[\ek`]`ZX$ [f Zfe \c eÂ&#x2019;d\if :lXkif# [\
cX dXeqXeX :`eZl\ekX p Lef [\ X :ffg\iXk`mX [\ M`m`\e[X AX`d\ Ifc[Â?j 8^l`c\iX# 9Xii`f CX Gi`dXm\iX# Zfe eld\iX$ Z`Â?e dle`Z`gXc XZklXc E/)$*. [\ cX gXiifhl`X :fkfZfccXf# :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X% (%)%$ ;fZld\ekfj gXiX cX \cXYfiXZ`Â?e [\c gi\j\ek\ @e]fid\1 :\ik`]`ZX[f [\ I\^`jkif [\ cX gifg`\[X[ [\@ :XekÂ?e Hl`kf EÂ&#x2014; :('+'0**+''( [\ ]\Z_X '*&'.&)''. 8ZkX [\ \dYXi^f ]`idX[X gfi \c Xc^lXZ`c dXpfi [\c :XekÂ?e Hl`kf% CZ[f% :Xicfj E% [\ G`ef# p \c Ji% ;\gfj`kXi`f Al[`Z`Xc CZ[f% ?fd\if :i`fccf J\^XiiX [\c ', [\ =\Yi\if [\c )''.% +%$ :FEJKIL::@FE<J <O@JK<EK<J <e \c cfk\ [\ k\ii\ef \o`jk\e [fj ZfejkilZZ`fe\j# cX hl\ [X X cX ZXcc\ cX d`jdX hl\ k`\e\ leX gcXekX YXaX Zfe gifp\Z$ Z`Â?e X leX j\^le[X gcXekX% <e cX gXik\ gfjk\i`fi \e \c cX[f F\jk\ j\ \eZl\ekiX fkiX ZfejkilZZ`Â?e k`gf d\[`X X^lX# cX d`jdX hl\ \jkX Zfdgc\kX$ d\ek\ [\k\i`fiX[X# gfi cf Zfej`^l`\ek\ ef j\ c\ gl\[\ Xj`^eXi le mXcfi \ZfeÂ?d`Zf% 8dY`\ek\j [\ cX :fejkilZZ`Â?e hl\ j\ \eZl\ekiX# alekf X cX :Xcc\ Ă&#x2C6;:Ă&#x2030;$*% Â&#x203A; Ki\j ;fid`kfi`fj% Â&#x203A; LeX JXcX% Â&#x203A; :fd\[fi% Â&#x203A; :fZ`eX% Â&#x203A; 9XÂ&#x152;f% Â&#x203A; CfZXc Zfd\iZ`Xc% Â&#x203A; Ă?i\X gXiX \jkXZ`feXi m\_Â&#x2C6;$ Zlcfj% +%(% :8I8:K<I@JK@:8J D 8K < I @ 8 C < J ; < C @EDL<9C< <jkilZkliX1 ;\ ?fid`^Â?e 8idX[f# DXdgfjk\iÂ&#x2C6;X1 GXi\[\j [\ Ycf$ hl\ \eclZ`[Xj p g`ekX[Xj% :lY`\ikX1 ;\ cfjX :`\cf IXjf1 <eclZ`[f p g`e$ kX[f% M\ekXeXj1 ;\ _`\iif Zfe m`[i`f YcXeZf# Zfe gifk\ZZ`Â?e [\ _`\$ iif cXj hl\ [Xe Xc \ok\i`fi% Gl\ikXj1 <ok\i`fi \j [\ _`\iif Zfcfi m\i[\ p leX cXe]fik lk`c`$ qX[X gXiX \c XcdXZÂ&#x201E;e% Gl\ikXj @ek\i`fi\j1 ;\ dX[\$ iX% G`jf1 ;\ Z\d\ekf \e cfj [fi$ d`kfi`fj# \e cX ZfZ`eX p YXÂ&#x152;fj \j [\ Z\i}d`ZX% Dl\Yc\j1 8ckfj p YXafj \e cX ZfZ`eX# \e cfj [fid`kfi`fj ef \o`jk\e ZcÂ?j\kj% CX \[X[ Xgifo`dX [\ \jkX ZfejkilZZ`Â?e \j [\ ;`\q XÂ&#x152;fj (' XÂ&#x152;fj # jl dXek\e`d`\ekf p Zfej\imXZ`Â?e \j Yl\eX% ,% M8CFI8:@äE ;< C8 GIFG@<;8; :FDGFE<EK<J2 8I<8 d)2 GI<:@F d)2 KFK8C K\ii\ef2 )+'#/'2 -'#'' LJ;2 (+%++/#'' :fejkilZZ`Â?e /)#''2 (.'#'' LJ;2 (*%0+'#'' KfkXc )/%*//#'' M\`ek\ p FZ_f D`c Ki\jZ`\ekfj FZ_\ekX p FZ_f ;Â?cXi\j CF HL< C C <MF 8 : F E F : @ D @ < E KF ; < C GL9C@:F <E ><E<I8C# J< 8:<GK8I8E F=<IK8J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J GFI JF9I< <C 8M8CLF 8GIF98;F :FDF 98J< GFI KI8K8IJ< ;<C
CONSIDERANDO: QUE mediante ResoluciĂłn No. 05.Q.IJ.3848 de 19 de septiembre del 2005, se declarĂł la inactividad de CLOCKSYSTEMS CIA. LTDA., con domicilio en el Distrito Metropolitano de Quito QUE de conformidad con el inciso tercero del Art. 360 de la Ley de CompaĂąĂas, han transcurrido mĂĄs de treinta dĂas, desde la notificaciĂłn, sin que la citada compaĂąĂa haya saneado la causal que motivĂł tal declaratoria. QUE la Directora JurĂdica de DisoluciĂłn y LiquidaciĂłn de CompaĂąĂas, mediante Memorando No.IJ.DJDL.06.2287 de 31 de octubre de 2006, ha emitido informe favorable para que se dicte la ResoluciĂłn que declare la disoluciĂłn y disponga la liquidaciĂłn de CLOCKSYSTEMS CIA. LTDA., y, EN uso de las facultades conferidas por el seĂąor Superintendente de CompaĂąĂas mediante ResoluciĂłn No ADM-03193 de 13 de junio del 2003; RESUELVE: ARTICULO PRIMERO.- DECLARA disuelta por actividad a CLOCKSYSTEMS CIA. LTDA., por estar incursa en el inciso tercero del Art. 360 de la Ley de CompaĂąĂas. ARTICULO SEGUNDO.- NOTIFICAR con esta ResoluciĂłn al Representante Legal de la compaĂąĂa mencionada en el artĂculo anterior, en la forma prevista en la Ley, en la direcciĂłn domiciliaria de la misma y disponer que ĂŠsta cumpla lo ordenado en la presente. ARTICULO TERCERO.- DISPONER que, el Representante Legal de la compaĂąĂa, en el tĂŠrmino de ocho dĂas, contando desde la notificaciĂłn con la presente ResoluciĂłn, publique, por una sola vez, en un diario de amplia circulaciĂłn en el domicilio principal de la compaĂąĂa, el texto Ăntegro de esta ResoluciĂłn. Los socios que representen el 25% o mĂĄs del capital pagado podrĂĄn impugnar ante el Tribunal Distrital de lo Contencioso Administrativo, dentro del tĂŠrmino de diez dĂas posteriores a la publicaciĂłn antes referida. ARTICULO CUARTO.- DISPONER que, ejecutoriada esta ResoluciĂłn, el Notario Noveno del Distrito Metropolitano de Quito, en el tĂŠrmino de treinta dĂas, tome nota del contenido de la presente al margen de la matriz de la escritura pĂşblica de constituciĂłn. Cumplido, sentarĂĄ razĂłn de lo actuado. ARTICULO QUINTO.- DISPONER que, ejecutoriada esta ResoluciĂłn, en el tĂŠrmino de treinta dĂas, el seĂąor Registrador Mercantil: a) Inscriban esta ResoluciĂłn a su cargo; y, b) Ponga las notas de referencia previstas en el inciso primero del artĂculo 51 de la Ley de Registro. Cumplido, sentarĂĄ razĂłn y copia de lo actuado remitirĂĄ a la Superintendencia de CompaĂąĂas. ARTICULO SEXTO.- DISPONER que, el Representante Legal de la compaĂąĂa, en el tĂŠrmino de ocho dĂas, contado desde la ejecutoria de la ResoluciĂłn de DisoluciĂłn, publique por una sola vez, en un diario de amplia circulaciĂłn en el domicilio principal de la compaĂąĂa, el extracto de la presente ResoluciĂłn. ARTICULO SEPTIMO.- DISPONER que, ejecutadas las formalidades prescritas, la compaĂąĂa se ponga EN LIQUIDACION. Sin embargo, estĂĄ podrĂĄ reactivarse de conformidad con la Ley. ARTICULO OCTAVO.- NOMBRAR Liquidador al seĂąor Jorge Oswaldo PabĂłn Armas y conferirle todas las facultades determinadas en la Ley de CompaĂąĂas y en el estatuto de la sociedad, a fin de que efectĂşe las operaciones de liquidaciĂłn. ARTICULO NOVENO.- DISPONER que, el Liquidador inscriba su nombramiento en el tĂŠrmino de diez dĂas, contado desde su aceptaciĂłn, en el Registro Mercantil del domicilio principal de la compaĂąĂa. ARTICULO DECIMO.- DISPONER que, durante el proceso de liquidaciĂłn, en todos los actos y contratos en los que intervenga la compaĂąĂa, se agreguen despuĂŠs de su nombre las palabras EN LIQUIDACION, previniendo al Liquidador de las responsabilidades legales en caso de omisiĂłn. ARTICULO UNDECIMO.- PREVENIR al Representante Legal, sobre el cumplimiento de lo ordenado por los Arts. 3Âş., 4Âş., 5Âş, y 6Âş; de la presente ResoluciĂłn, cuya omisiĂłn darĂĄ lugar a las sanciones contempladas en la Ley, sin perjuicio de que esta Superintendencia ejecute las citadas diligencias y de que el monto de los gastos incurridos, con los recargos de Ley, sean agregados al pasivo de la compaĂąĂa, debiendo este valor ingresar a la cuenta denominada â&#x20AC;&#x153;Cuenta Rotativa de Ingresos No. 0346497-0 del Banco del PacĂficoâ&#x20AC;?. ARTICULO DUODECIMO.- DISPONER que, se remita copia de esta ResoluciĂłn a la DirecciĂłn General del Servicio de Rentas Internas. CUMPLIDO lo anterior, remĂtase a este Despacho copia certificada de esta ResoluciĂłn. NOTIFIQUESE.- DADA y firmada en la Superintendencia de CompaĂąĂas, en el Distrito Metropolitano de Quito, a 31 de octubre de 2006 Dra. Piedad Moncayo de VĂĄsconez
A.P./49409/k.m.
GI@D<I J<z8C8D@<EKF# 8:FDG8z8;F <C (' ;< C8 F=<IK8 <E ;@E<IF <E <=<:K@MF F <E :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F% :<IK@=@:F% JI8% AL8E8 :<M8CCFJ >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&(('/,&k] I% ;<C <% ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F <E ><E<I8C HL< <C GIFO@DF ;@8 D@<I:FC<J )) ;< ALE@F ;<C )'(( ;<J;< C8J (+?'' 8 C8J (/?'' <E C8 J<:I<K8I@8 ;< <JK< ALQ>8;F ;<:@DF J<GK@DF ;< CF :@M@C ;< G@:?@E:?8 J< CC<M8I8 8 <=<:KF <C I<D8K< ;<C 9@<E <D98I>8;F :FE C8J :8I8:K<I@JK@:8J HL< J< ;<K8CC8E 8 :FEK@EL8:@FE AL@:@F Ef1 .0$)''. ;<GFJ@K8I@F AL;@:@8C1 ;I% CL@J <EI@HL< 8I@8J (% 8EK<:<;<EK<J CXj [\dXe[X[Xj GXfcX <m\c`e\ <e[XiX M\e\^Xj p DXiÂ&#x2C6;X =\ieXe[X <e[XiX M\e\^Xj# jfe gifg`\kXi`Xj [\ le k\ii\$ ef p ZfejkilZZ`Â?e# `[\ek`]`ZX[f Zfdf Cfk\ Ef# .0 $9# lY`ZX[f \e cX J\^le[X \kXgX [\ cX LiYXe`qXZ`Â?e JXekX IfjX# [\ cX gXiifhl`X JXe^fchlÂ&#x2C6;# [\ \jk\ ZXekÂ?e% Gi\[`f X[hl`i`[f gfi ZfdgiX m\ekX X cX j\Â&#x152;fiX :Xid\e C\fefi JXcXqXi Ifd\if p :Xicfj =\ieXe[f <e[XiX JXcXqXi# d\[`Xek\ \jZi`kliX gÂ&#x2019;Yc`ZX fkfi^X[X \c (/ [\ XYi`c [\ (00.# `ejZi`kX \c - [\ dXpf [\ (00.% <jk\ gi\[`f j\ \eZl\ekiX \e \c @% Dle`Z`g`f [\ Ild`Â&#x152;X_l` Zfe :C8M< :8K8JKI8C Ef% '((+')-'/''' )% L9@:8:@FE Gifm`eZ`X1 G`Z_`eZ_X :XekÂ?e1 Ild`Â&#x152;X_l` GXiifhl`X1 JXe^fchlÂ&#x2C6; J\Zkfi1 JXekX IfjX# @@ <kXgX *% JLG<I=@:@< P C@E;<IFJ ;<C K<II<EF <c k\ii\ef k`\e\ `[\ek`]`ZX[f Zfdf Cfk\ J<K<EK8 P EL<M< 9# lY`ZX[f \e cX J\^le[X <kXgX [\ cX LiYXe`qXZ`Â?e JXekX IfjX# k`\e\ leX jlg\i]`Z`\ [\ -*,#'' d\kifj ZlX[iX[fj# [\ekif [\ cfj j`^l`\ek\j c`e[\ifj1 EFIK<1 *.#'' d\kifj Zfe Cfk\ eÂ&#x2019;d\if j\k\ekX p el\m\ JLI1 *(#'' d\kifj Zfe Cfk\ eÂ&#x2019;d\if j\k\ekX p fZ_f <JK<1 (/#,' d\kifj Zfe gXik\ [\c Cfk\ j\k\ekX p j\`j Ă&#x2021; 9 F<JK<1 )'#'' d\kifj Zfe ]i\ek\ X cX ZXcc\ :_`dYfiXqf +% :8I8:K<IĂ JK@:8J ;<C K<II<EF <c k\ii\ef \j le gi\[`f liYXef i\j`[\eZ`Xc [\ gi`d\iX# gi\$ mXc\Z`\e[f cX gi\j\eZ`X [\ m`m`\e[Xj le`]Xd`c`Xi\j `e[\$ g\e[`\ek\j# k`\e\ ]i\ek\ X leX ZXcc\ gi`eZ`gXc# [\efd`eX[X :_`dYfiXqf% :l\ekX Zfe fj j\im`Z`fj Y}j`$ Zfj [\ `e]iX\jkilZkliX Zfdf jfe1 X^lX gfkXYc\ Zfe jl d\[`[fi# clq \cÂ&#x201E;Zki`ZX Zfe jl i\jg\Zk`mf d\[`[fi j\im`Z`f [\ k\cÂ&#x201E;]fef# XcZXekXi`ccX[f# m\i\[Xj [\ Z\d\ekf p cX ZXc$ qX[X \jk} X[fhl`eX[X \e Yl\e \jkX[f [\ dXek\e`d`\ekf% <c e`m\c [\ k\ii\ef i\jg\Zkf X cX ZXcc\ gi\j\ekX le e`m\c Xckf# gfi cf hl\ \c gi\[`f k`\e\ leX `eZc`eXZ`Â?e dlp gifeleZ`X[X# \c XZZ\jf j\ cf _XZ\ gfi leX iXdgX% ,% :8I8:K<I@JK@:8J ;< C8J :FEJKIL::@FE<J <o`jk\e [fj Ycfhl\j [\ Zfej$ kilZZ`fe\j# \c le Ycfhl\ Zfe
]i\ek\ X cX ZXcc\ :_`dYfiXqf# [\ [fj gcXekXj [\ d}j f d\efj [`\q XÂ&#x152;fj [\ Zfej$ kil`[X# \jk} Zfe]fidX[X [\ cX j`^l`\ek\ dXe\iX1 GC8EK8 98A81 :fe 0,%-, d\kifj ZlX[iX[fj [\ Zfej$ kilZZ`Â?e# Zfe jXcX Zfd\[fi# ZfZ`eX YXÂ&#x152;f p d\[`f ZlpX `e]iX\jkilZkliX ^lXi[X cXj j`^l`\ek\j ZXiXZk\iÂ&#x2C6;jk`ZXj1 Z`d`\ekfj [\ g`\[iX \jkilZkliX [\ _fid`^Â?e XidX[f# Zfcld$ eXj [\ _fid`^Â?e% gXi\[\j [\ cX[i`ccf cX ZfZ`eX Zfe dl\Yc\j Xckfj p YXafj \ dX[\iX cfjX [\ \eki\g`jf# kldYX[f \eclZ`[f% GC8EK8 8CK82 Zfe ((*#-' d\kifj ZlX[iX[fj [\ Zfej$ kilZZ`Â?e# ki\j [fid`kfi`fj Zfe g`jfj [\ gXib\k# gl\ikXj [\ dX[\iX# m\ekXeXj [\ g\i]`c [\ _`\iif# cfj Zcfj\kj [\ cfj [fi$ d`kfi`fj [\ dX[\iX ZfdÂ&#x2019;e# [fj YXÂ&#x152;fj Zfe i\ZlYi`d`\ekfj [\ Z\i}d`ZX# kldYX[f \eclZ`$ [f p cX ZlY`\ikX [\ cfjX% <c fkif Ycfhl\ lY`ZX[f \e cX gXik\ gfjk\i`fi [\c k\ii\ef# k`\e\ ]fidX [\ \c\# \j [\ leX jfcX gcXekX Zfe )).#/. d\kifj ZlX[iX[fj [\ ZfejkilZZ`Â?e# ZlpX `e]iX\jkilZkliX ^lXi[X cXj j`^l`\ek\j ZXiXZk\iÂ&#x2C6;jk`ZXj2 Z`d`\ekfj [\ g`\[iX# \jkilZ$ kliX [\ _fid`^Â?e XidX[f# ZfcldeXj [\ _fid`^Â?e# m`^Xj [\ _fid`^Â?e# gXi\[\j [\ cX[i`$ ccf# cXj gl\ikX [\ dX[\iX# m\e$ kXeXj [\ g\i]`c [\ _`\iif# cX ZfZ`eX jfcf k`\e\ dl\Yc\ YXaf [\ dX[\iX# cfj [fid`kfi`fj j`e Zcfj\kj# kldYX[f \eclZ`$ [f# cX ZlY`\ikXj [\ XjY\jkf Z\d\ekf% -% 8M8CLF GXiX cX mXcfiXZ`Â?e [\c `edl\$ Yc\# j\ _Xe kfdX[f \e Zfej`$ [\iXZ`Â?e cfj j`^l`\ek\j ilYifj1 lY`ZXZ`Â?e [\c gi\[`f# \jkX[f XZklXc [\c k\ii\ef p cX Zfej$ kilZZ`Â?e# k`gf [\ dXk\i`Xc\j lk`c`qX[fj# j\im`Z`fj Y}j`Zfj [\ `e]iX\jkilZkliXj Zfe cfj hl\ Zl\ekX1 -*,#'' d\kifj ZlX[iX[fj [\ k\ii\ef X +,#'' LJ; Z& d) [X le Zfjkf \jk`dX[f \e )/%,.,#'' LJ;% ;fj m`m`\e[Xj Zfe +*.#() d\kifj ZlX[iX[fj [\ Zfej$ kilZZ`Â?e X )',#'' LJ; Z&d) [X le Zfjkf \jk`dX[f \e /0%-'0#-' LJ;% Cf hl\ [X le dfekf ^cf$ YXc [\ :@<EKF ;@<:@F:?F D@C :@<EKF F:?<EK8 P :L8KIF -'&('' ;FC8I<J 8D<I@:8EFJ ((/#(/+#-' LJ; GFI KI8K8IJ< ;<C GI@D<I J<z8C8D@<EKF J< 8:<GK8I8E GFJKLI8J ;<J;< 8HL<CC8J HL< :L9I8E C8J ;FJ K<I:<I8J G8IK<J ;<C 8M8CLF ;<C 9@<E :FEJ@>E8E;F <C ;@<Q GFI :@<EKF ;< C8 D@JD8 <E ;@E<IF <E <=<:K@MF F :?<HL< :<IK@=@:8;F 8 EFD9I< ;<C ALQ>8;F# =@A<J< CFJ :8IK<C<J P ?8>8J< C8J GL9C@:8:@FE<J% 89>% =<IE8E;F >I8EA8 C8E8J J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(('..&k] 8M@JF ;< I<D8K< <OKI8:KF AL;@:@8C I<GL9C@:8 ;<C <:L8;FI ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8 J< GFE< <E :FEF:@D@<EKF ;<C GL9C@:F ><E<I8C HL< <C ;@8 D8IK<J M<@EK@LEF ;< ALE@F ;<C 8zF ;FJ D@C FE:< ;<J;< C8J :8KFI:< ?FI8J ?8JK8 C8J ;@<:@F:?F ?FI8J <E C8 J<:I<K8I@8 ;< <JK< ALQ>8;F# J< GIF:<;<IĂ? C8
I<D8K< ;<C 9@<E @EDL<9C< HL< 8 :FEK@EL8:@FE J< ;<K8CC81 AL@:@F <A<:LK@MF Ef **/$ )''0$G%K% L9@:8:@äE1 \c Y`\e fYa\kf [\ cX g\i`Z`X j\ \eZl\ekiX j`klX[f \e cX ZXcc\ Ă&#x2C6;;Xe`\c :\mXccfjĂ&#x2030; eÂ&#x2019;d\ifj ()',# ((00 p E($)00 p cX ZXcc\ D`j`Â?e >\f[Â&#x201E;j`ZX# gXjXa\ gi`$ mX[f `ek\ief# [\c YXii`f JXe =iXeZ`jZf# gXiifhl`X [\ JXe 8ekfe`f [\ G`Z_`eZ_X# ;`jki`kf D\kifgfc`kXef [\ Hl`kf# gif$ m`eZ`X [\ G`Z_`eZ_X% ;<C CFK< ;< K<II<EF1 j\ kiXkX [\ le k\ii\ef [\ ]fidX i\ZkXe^lcXi2 [\ kfgf^iX]Â&#x2C6;X i\cXk`mXd\ek\ gcXeX# Xc hl\ j\ XZZ\[\ X kiXmÂ&#x201E;j [\ le gXjXa\ gi`mX[f# \c d`jdf hl\ Zl\ekX Zfe Z\iiXd`\ekfj gifg`fj# [\ dXdgfjk\iÂ&#x2C6;X [\ Ycfhl\ p ZfcldeXj [\ _fid`^Â?e XidX[f# gl\ikX [\ XZZ\jf ^\e\iXc [\ _`\iif2 Zl\ekX Zfe cfj j`^l`\ek\j j\im`Z`fj Y}j`$ Zfj [\ `e]iX\jkilZkliX1 X^lX gfkXYc\# XcZXekXi`ccX[f# i\[\j [\ \e\i^Â&#x2C6;X \cÂ&#x201E;Zki`ZX# cX mÂ&#x2C6;X [\ XZZ\jf \j gXm`d\ekX[X# \jk\ Y`\e j\ \eZl\ekiX \e le j\Zkfi liYXef Zfejfc`[X[f% C@E;<IFJ P JLG<I=@:@< ><E<I8C<J ;<C K<II<EF KF D 8 ; F J ;< C 8 <J:I@KLI8 1 EFIK<1 Zfe cX gifg`\[X[ [\c Ji% Alc`f :}i[\eXj# \e leX cfe$ ^`kl[ [\ +,#'' d% JLI1 Zfe cX gifg`\[X[ [\c Ji% >l`cc\idf IXZ`e\j# \e leX cfe$ ^`kl[ [\ +,#'' d% <JK<1 Zfe cX ZXcc\ ;Xe`\c :\mXccfj# \e leX cfe^`kl[ [\ )'#'' d2 p# F<JK<1 Zfe cX gifg`\[X[ [\c Ji% DXel\c 8[i`}e EXmXiif p JiX%# \e leX cfe^`kl[ [\ )'#'' d% JLG<I=@:@< KFK8C1 0''#'' d) 8M8CLF ;<C K<II<EF KFK8C1 gfi jlj ZXiXZk\iÂ&#x2C6;jk`$ ZXj ]Â&#x2C6;j`ZXj# jl lY`ZXZ`Â?e Zfe i\cXZ`Â?e X cX Z`l[X[# cX `e]iX$ \jkilZkliX Zfe cX hl\ Zl\ekX# cX Z\iZXeÂ&#x2C6;X Xc \hl`gXd`\ekf liYXef# cX [\dXe[X p f]\ikX gXiX \jk\ k`gf [\ Y`\e \e \c d\iZX[f# j\ \jk`dX jl Zfjkf X iXqÂ?e [\ (''#'' [Â?cXi\j ZX[X d\kif ZlX[iX[f# cf hl\ dl@k`g@`ZX[f gfi jl }i\X kfkXc efj [X 0'%'''#''% ;< C8 :FEJKIL::@FE I<8C@Q8;8 GFI C8 JiX% ><ID8E@8 A8:FD< =CFI<J1 jfYi\ \jk\ k\ii\ef# \e cX gXik\ [\c k\ii\ef hl\ c\ Zfii\jgfe[\ X cX [\dXe[X[X j\^Â&#x2019;e cX gXi$ k`Z`Â?e i\Xc`qX[X gfi cfj Zfgif$ g`\kXi`fj# j\ _X \[`]`ZX[f leX ZfejkilZZ`Â?e [\ [fj gcXekXj [\jk`eX[X X m`m`\e[X# cX d`jdX hl\ j\ \eZl\ekiX Zfejk`kl`[X gfi cfj j`^l`\ek\j XdY`\ek\j \e gcXekX YXaX1 leX ZfZ`eX# le Zfd\[fi p leX jXcX# ^iX[Xj `ek\ieXj2 p# \e gcXekX XckX ki\j [fid`kfi`fj p le YXÂ&#x152;f# Zl\ekX Zfe k\iiXqX2 \jkX \[`]`ZXZ`Â?e j\ \eZl\ekiX `eZfeZcljX# X e`m\c [\ fYiX dl\ikX Zfe dÂ&#x2C6;e`dfj XZXYX[fj gXiX gf[\i j\i lk`$ c`qX[X% C@E;<IFJ ;<C K<II<EF JF9I< <C HL< J< ?8 C <M8 E K8 ; F C 8 :FEJKIL::@FE1 EFIK<1 Zfe gifg`\[X[ gXik`$ ZlcXi Alc`f :}i[\eXj # \e leX cfe^`kl[ [\ *#-'d% JLI1 Zfe gifg`\[X[ gXik`ZlcXi >l`cc\idf IXZ`e\j # \e leX cfe^`kl[ [\ *#*' d% <JK<1 Zfe [fj gifg`\[X[\j gXik`ZlcXi\j p gXjXa\ gi`mX[f Xc d\[`f# \e leX cfe^`kl[ [\ (0#/, d2 p# F<JK<1 Zfe gifg`\[X[ gXik`Zl$ cXi DXel\c 8[i`}e EXmXiif # \e leX cfe^`kl[ [\ (0#/,%d%
I_ bei Wd_cWb[i ikf_[hWd ^WXbWh" i[]khWc[dj[ Z_hÂ&#x2021;Wd Z[ ckY^ei l_Y_ei 2;ije [i ^kcWde4" Yed [b c_ice jede gk[ [b ^ecXh[ Z_Y[ 2;ije [i X[ij_Wb$4 C$ =$ I 7 F > ? H JLG<I=@:@< ;<C K<II<EF1 -/#+/ d)% : 8 I 8 : K < I @ J K @ : 8 J : F E J K I L : K @ M 8 J GI@E:@G8C<J1 Z`d\ekXZ`Â?e [\ g`\[iX p [\ _fid`^Â?e XidX[f2 \jkilZkliX [\ _fid`$ ^Â?e XidX[f2 ZlY`\ikX [\ cfjX [\ _fid`^Â?e XidX[f2 dXd$ gfjk\iÂ&#x2C6;Xj [\ Ycfhl\ \eclZ`[Xj p YcXehl\X[Xj gXiZ`Xcd\ek\2 gl\ikXj [\ dX[\iX# gl\ikX [\ XZZ\jf [\ \jkilZkliX [\ _`\iif# Zfe dX[\iX p m`[i`f ZXk\[iXc2 m\ekXeXj [\ _`\iif Zfe m`[i`f ZcXif p gifk\ZZ`fe\j [\c d`jdf dXk\i`Xc# \e gcXekX XckX m\ekXeXj [\ Xcld`e`f p m`[i`f YifeZ\2 g`jfj \eZ\d\e$ kX[fj2 `ejkXcXZ`fe\j \cÂ&#x201E;Zki`ZXj \ _`[ifjXe`kXi`Xj \dgfkiX[Xj p jfYi\gl\jkXj% JLG<I=@:@< ; < :FEJKIL::@FE KFK8C1 (*.#'' d)% <JK8;F 8:KL8C1 i\^lcXi# \e gifZ\jf ZfejkilZk`mf# j`e XZXYX[fj% <;8; ;< C8 :FEJKIL::@FE1 gfi jl \jkX[f XZklXc# cXj kÂ&#x201E;Ze`$ ZXj ZfejkilZk`mXj \dgc\X[Xj# cfj dXk\i`Xc\j lk`c`qX[fj# j\ \jk`dX jl k`\dgf [\ Zfej$ kilZZ`Â?e Xgifo`dX[Xd\ek\ \e * XÂ&#x152;fj% 8M8 C L F ;< C 8 :FEJKIL::@FE1 gfi jlj ZXiXZk\iÂ&#x2C6;jk`ZXj ZfejkilZk`$ mXj# jl \jkX[f XZklXc hl\ \j `eZfeZcljX# jl [\Zi\g`kl[# cX ]XckX [\ dXek\e`d`\ekf p [\ i\gfj`Z`fe\j hl\ j\ fYj\imX# cX fYjfc\jZ\eZ`X ]leZ`feXc# cX f]\ikX p [\dXe[X gXiX le Y`\e [\ \jk\ k`gf \e \c d\iZX[f# j\ \jk`dX jl Zfjkf X iXqÂ?e [\ ()-#'' [Â?cXi\j L%J%8% ZX[X d)% cf hl\ dlck`gc`ZX[f gfi jl }i\X efj [X le kfkXc [\ (.%)-)#''% I<JLD<E ;<C 8M8CLF1 K<II<EF1 -%/+/#'' :FEJKIL::@FE1 (.%)-)#'' KFK8C 8M8CLF1 )+%(('#'' JFE1 M<@EK< P :L8KIF D@C :@<EKF ;@<Q ''&('' ;FC8I<J ;< CFJ <JK8;FJ LE@;FJ ;< 8D<I@:8% J%<%l%F% ALQ>8;F M@><J@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% Hl`kf# cle\j (/ [\ XYi`c [\c )'((# cXj (+_,)% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj \jZi`kfj hl\ Xek\$ Z\[\e#$% <e cf gi`eZ`gXc# Xk\ekf f jfc`Z`kX[f gfi \c XZkfi p gfi ef _XY\ij\ _\Z_f fYj\imXZ`f$ e\j Xc `e]fid\ g\i`Z`Xc# j\ cf Xgil\YX p j\ j\Â&#x152;}cXj\ gXiX \c [Â&#x2C6;X dXik\j m\`ek`lef [\ Ale`f [\c XÂ&#x152;f [fj d`c feZ\# [\j[\ cXj ZXkfiZ\ _XjkX cXj [`\Z`f$ Z_f _fiXj# X ]`e [\ hl\ k\e^X cl^Xi \e cX J\Zi\kXiÂ&#x2C6;X [\ \jkX Al[`ZXkliX \c i\dXk\ [\c Y`\e `edl\Yc\ \dYXi^X[f \e cX gi\j\ek\ ZXljX% Gfi kiXkXij\ [\c gi`d\i j\Â&#x152;XcXd`\ekf# j\ XZ\gkXi}e gfjkliXj [\j[\ Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c mXcfi [\c XmXcÂ&#x2019;f \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% GXiX cX gi}Zk`ZX [\ \jkX [`c`^\eZ`X \ i\Xc`qXi}e cXj glYc`ZXZ`fe\j [\ C\p# XjÂ&#x2C6; Zfdf kXdY`Â&#x201E;e j\ ]`aXi}e% cfj ZXik\c\j Zfe]fid\ [`jgfe\ \c 8ik% +,- [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% Ă&#x2020; EFKc=@HL<J<% = ;i% @m}e :\mXccfj QXdYiXef% AL<Q% J\ XZ\gkXi}e gfjkliXj [\j[\
Xhl\ccXj hl\ ZlYiXe cXj [fj k\iZ\iXj gXik\j [\c XmXcÂ&#x2019;f# gfi kiXkXij\ [\c gi`d\i j\Â&#x152;X$ cXd`\ekf# \e [`e\if \e \]\Zk`mf f Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f% Cf hl\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p% ;i% Cl`j =\ieXe[f J\iiXef D\e\j\j J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.0,/)&k] I [\c < ALQ>8;F M@>yJ@DF K<I:<IF ;< CF :@M@C ;< G@:?@E:?8 8M@JF AL;@:@8C ;< I<D8K< AL@:@F <JG<:@8C Ef% */,$ )''0 ;iX% BA J\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf \e ^\e\iXc hl\ \c [Â&#x2C6;X cle\j ). [\ ale`f [\c )'((# [\j[\ cX ZXkfiZ\ _fiXj _XjkX cXj [`\Z`fZ_f _fiXj `eZclj`m\# \e cX j\Zi\kXi`X [\ \jkX Al[`ZXkliX k\e[i} cl^Xi \c i\dXk\ [\ cfj Y`\e\j dl\$ Yc\j hl\ _X Zfek`elXZ`Â?e j\ [\kXccX1 8%$ Cl^Xi# ]\Z_X p _fiX [\c i\ZfefZ`d`\ekf1 <c cl^Xi j\ \eZl\ekiX lY`ZX[f \e \c :XekÂ?e JXekX <c\eX# j\Z$ kfi :XYf Hl`ifq# ZXcc\ AlXe DfekXcmf# mÂ&#x2C6;X gi`eZ`gXc Xek`$ ^lf :XdXc# X )'' d\kifj [\ cX 9fdYX [\ >Xjfc`eX GI@D8O# \c / [\ fZklYi\ [\c )'('# cXj ('_''% 9%$ ;\kXcc\ [\ cfj Y`\e\j%$ J\ kiXkX [\ mXi`fj kXehl\j [\ ZfdYljk`Yc\ p [fj YfdYXj# d`jdfj hl\ j\ [\kXccX [\ cX j`^l`\ek\ dXe\iX1 Le kXehl\ [\ ZfdYljk`Yc\ [\ j\`j d\kifj [\ Xckf# [\ j`\k\ d\kifj Zfe Z`eZl\ekX Z\ekÂ&#x2C6;$ d\kifj gfi j`\k\ d\kifj Zfe Z`eZl\ekX p j`\k\ Z\ekÂ&#x2C6;d\kifj [\ [`}d\kif# Zfe ZXgXZ`[X[ gXiX j\j\ekX d`c ^Xcfe\j [\ ZfdYljk`Yc\# gXiX kiXYXaXi \e gfj`Z`Â?e \jkXZ`feXi`X m\ik`ZXc# Zfejkil`[f \e gcXeZ_X e\^iX [\ le ZlXikf [\ glc^X[X# \c kXehl\ k\e[i} \ekiX[X [\ _fdYi\# [i\eXa\ [\ ^Xj\j# \ekiX[X [\ ZfdYljk`Yc\# [fj ccXm\j [\ Zfdgl\ikXj [\ ZlX$ kif glc^X[Xj gXiX [\jZXi^X# [\ Zfcfi YcXeZf Zfe leX ]iXe$ aX Z\c\jk\# d`jdf hl\ \jk} \e i\^lcXi \jkX[f [\ Zfej\imX$ Z`Â?e# ef j\ gl\[\ fYj\imXi _l\Zfj e` fi`]`Z`fj% 8mXcÂ&#x2019;f Xgifo`dX[f )-%'''#ff LJ; M<@EK< P J<@J D@C ;äC8I<J 8D<I@:8EFJ Le kXehl\ [\ j`\k\ d\kifj Zfe efm\ekX Z\ekÂ&#x2C6;d\kifj [\ cXi^f# Zfe le [`}d\kif [\ [fj ^Xcfe\j# gXiX hl\ kiXYXa\ \e ]fidX _fi`qfekXc# p gl\[X j\i lk`c`qX[f gXiX kiXjgfik\ \e ki}`c\i# ZXdX YXaX# \c kXehl\ k\e[i} [fj ZfdgXik`d`\ekfj# k\dgcX[fj `ek\i`fi\j [\ j\^l$ i`[X[# leX \ekiX[X [\ efdYi\# leX \ekiX[X [\ ZfdYljk`Yc\# klYf `ek\i`fi gXiX j`jk\dX [\ d\[`XZ`Â?e Zfe YXiiX# j`jk\dX [\ [i\eXa\ [\ ^Xj\j# \jZXc\iX ki\j# \e i\^lcXi \jkX[f [\ Zfe$ j\imXZ`Â?e# ef k`\e\ fi`]`Z`fj% 8mX c Â&#x2019; f X g i f o ` d X [ f +%,''#ff LJ; :L8KIF D@C HL@E@<EKFJ ;äC8I<J 8D<I@:8EFJ Le kXehl\ [\ [fj d\kifj Zfe Z`eZl\ekX p ki\j Z\ekÂ&#x2C6;d\kifj gfi le d\kif fZ_\ekX p [fj Z\ekÂ&#x2C6;d\kifj# gfi j\`j d\kifj
Z`eZl\ekX Z\ekÂ&#x2C6;d\kifj [\ cXi^f# gXiX ljf dÂ?m`c f \jkX$ Z`feXi`f# \e gfj\j`Â?e _fi`$ qfekXc# Zfejkil`[f \e gcXeZ_X e\^iX [\ ki\j&[`\Z`jÂ&#x201E;`j f ZlX$ kif d`cÂ&#x2C6;d\kifj# ki\j XdgXifj# ki\j \ekiX[Xj [\ _fdYi\# Zfe leX ]cXlkX [\ ki\j jXc`[Xj# Zfe ki\j ccXm\j [\ Zfdgl\ikX [\ ZlXkif glc^X[Xj# \jZXc\iX# k`eX Zfe j\`j gXkXj# g`ekX[X [\ Zfcfi XdXi`ccX# Zfe ZXgXZ`[X[ [\ j\`j d`c ^Xcfe\j# \e i\^lcXi \jkX[f [\ Zfej\imXZ`Â?e# j`e fi`]`Z`fj% 8mXcÂ&#x2019;f Xgifo`dX[f )%,''#ff LJ; ;FJ D@C HL@E@<EKFJ ;äC8I<J 8D<I@:8EFJ Le kXehl\ [\ [fj d\kifj Zfe ZlXi\ekX p fZ_f Z\ekÂ&#x2C6;d\kifj# gfi le d\kif ki\`ekX p j`\k\ Z\ekÂ&#x2C6;d\kifj# gfi j\`j d\kifj ZlXi\ekX Z\ekÂ&#x2C6;d\kifj [\ cXi^f# gXiX ljf dÂ?m`c \jkXZ`feXi`f# Zfejkil`[f \e gcXeZ_X e\^iX [\ ki\j&[`\Z`jÂ&#x201E;`j f ZlXkif d`cÂ&#x2C6;d\kifj# ZlXkif \ekiX[X [\ _fdYi\# ZlXkif ZfdgXik`$ d`\ekfj# [fj gXkXj cXi^Xj Zfe Zfe\o`fe\j [\ jXc`[X# [\ ki\j glc^X[Xj# g`ekX[f [\ Zfcfi XdXi`ccf# Zfe ZXgXZ`[X[ [\ Z`eZf d`c ^Xcfe\j# \e i\^lcXi \jkX[f [\ Zfej\imXZ`Â?e# j`e fi`]`Z`fj% 8mXcÂ&#x2019;f Xgifo`dX[f )%'''#ff LJ; ;FJ D@C ;äC8I<J 8D<I@:8EFJ ;fj \hl`gfj [\ YfdY\f# Zfd$ gl\jkf gfi YXj\j# YfdYXj p dfkfi\j \cÂ&#x201E;Zki`Zfj# `eZclp\e$ [f jl i\jg\Zk`mf dXki`dfe`fj f XZfgc\j [\ dfkfi X YfdYX# [\ gifZ\[\eZ`X [\ <jkX[fj Le`[fj [\ Efik\ 8dÂ&#x201E;i`ZX# p [\ dXiZX 9pife AXZbjfe# Zfe ZXgXZ`[X[ gXiX ZX[X YfdYX [\ Z`\ekf efm\ekX p Z`eZf ^Xcf$ e\j gfi d`elkf# d`jdXj hl\ j\ \eZl\ekiXe [\jZfe\ZkX[Xj p X cX `ek\dg\i`\# \e i\^lcXi \jkX[f [\ Zfej\imXZ`Â?e% 8mXcÂ&#x2019;f Xgifo`dX[f [\ cXj [fj YfdYXj \j [\ (%'''#ff LJ; D@C ;äC8I<J 8D<I@:8EFJ MXcfi kfkXc [\ kf[fj cfj Y`\e\j \j [\ *-%'''#ff LJ; KI<@EK8 P J<@J D@C ;äC8I<J 8D<I@:8EFJ ALQ>8;F M @ > y J @ D F K<I:<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# )0 [\c XYi`c [\c )'((# cXj ('_,0%$ 8^iÂ&#x201E;^l\j\ X cfj Xlkfj \c \jZi`$ kf gi\j\ekX[f%$ <e Xk\eZ`Â?e Xc d`jdf p X cX iXqÂ?e j\ekX[X gfi \c J\Zi\kXi`f# j\ j\Â&#x152;XcX gXiX \c [Â&#x2C6;X cle\j ). [\ ale`f [\c )'(( [\j[\ cXj (+?'' _XjkX cXj (/?'' `eZclj`m\# X ]`e [\ hl\ k\e^X cl^Xi \e cX j\Zi\kXiÂ&#x2C6;X [\ \jkX al[`ZXkliX \c I<D8K< ;< CFJ 9@<E<J mXi`fj kXehl\j # [fj \hl`gfj [\ YfdY\f hl\ j\ \eZl\ekiX [\kXccX[f \e \c `e]fid\ g\i`Z`Xc hl\ _Xe j`[f \dYXi^X[fj [\ekif [\ cX gi\$ j\ek\ ZXljX%$ p [\d}j \jg\$ Z`]`ZXZ`fe\j ZfejkXe [\c `e]fi$ d\ gi\j\ekX[f gfi \c j\Â&#x152;fi G\i`kf%$ GlYcÂ&#x2C6;hl\j\ \c \okiXZkf# \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e hl\ j\ \[`$ kXe \e \jkX Z`l[X[ [\ Hl`kf%$ :fcÂ?hl\ej\ cfj i\jg\Zk`mfj ZXik\c\j p [Â&#x201E;j\ Zldgc`d`\ekf X kf[Xj cXj ]fidXc`[X[\j c\^X$ c\j%$ Gfi kiXkXij\ [\ j\^le[f j\Â&#x152;XcXd`\ekf# kf[X gfjkliX [\Y\i} ZlYi`i gfi cf d\efj \c Z`eZl\ekX gfi Z`\ekf [\c mXcfi [\c XmXcÂ&#x2019;f giXZk`ZX[f%$ 8 ZX[X gfjkliX [\Y\i} XZfdgXÂ&#x152;Xij\ \c [`\q gfi Z`\ekf [\c mXcfi [\ cX f]\ikX# \e [`e\if \e \]\Zk`mf p&f Z_\hl\ Z\ik`]`ZX[f X fi[\e [\c Alq^X[f%$ GlYcÂ&#x2C6;hl\j\ \c \okiXZkf \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e p hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf# gXiX cX ZfcfZXZ`Â?e [\ cfj ZXik\c\j [\giÂ&#x201E;hl\j\ X lef [\ cfj j\Â&#x152;fi\j al\Z\j [\ cf :`m`c [\ cX Z`l[X[ [\ JXekX <c\eX
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? \emÂ&#x2C6;\j\ [\jgXZ_f \e ]fidX p [Â&#x201E;j\ Zldgc`d`\ekf X kf[Xj cXj ]fidXc`[X[\j c\^Xc\j%$ EFK@=Ă HL<J<%$ ] %$ =<C@G< @E=8EK< I<P# AL<Q < % Gfi kiXkXij\ [\c j\^le[f j\Â&#x152;X$ cXd`\ekf j\ i\Z`Y`i}e cXj gfj$ kliXj hl\ ZlYiXe gfi cf d\efj \c ,' [\c XmXcÂ&#x2019;f XgifYX[f# [\Y`Â&#x201E;e[fj\ XZfdgXÂ&#x152;Xi \c (' [\c mXcfi [\ cX f]\ikX \e Z_\hl\ Z\ik`]`ZX[f X efdYi\ [\c Alq^X[f f \e [`e\if \e \]\Zk`mf% Cf hl\ gfe^f \e ZfefZ`d`\ekf Xc gÂ&#x2019;Yc`Zf \e ^\e\iXc gXiX cfj ]`e\j [\ c\p% 8Y^% Afi^\ D`\i 9liYXef J\Zi\kXi`f ?Xp le j\ccf 8I&/*(+(&ZZ
M8I@FJ <OKI8:KF AL;@:@8C :@K8:@FE 8:KFI1 DLIF E8GFC<FE D F E K8 CMF ? @ ;8 C> F# I<GI<J<EK8EK< C<>8C ;< C8 :FDG8zĂ 8 Ă&#x2C6;D8A<JK@: :FIGFI8K@FEĂ&#x2030; ; < D 8 E ;8 ; F 1 A8M @ < I IF;I@>L<Q G8CFD@EF = L E ;8 D < E KF C <>8 C 1 8ik% *' c`k\iXc X p [ C\p [\ @ehl`c`eXkf% AL@:@F M<I98C JLD8I@F Eif%)'(($'*'( :%:% :L8EK@81 LJ;% 0%''' ALQ>8;F J<>LE;F ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J%$ <e Hl`kf# _fp [Â&#x2C6;X m\`ek\ p Z`eZf [\ dXpf [\c XÂ&#x152;f [fj d`c feZ\# X cXj el\m\ _fiXj Zfe el\m\ d`el$ kfj# Xek\ cX [fZkfiX Jfe`X >l[`Â&#x152;f :`je\ifj# Al\qX K`klcXi J\^le[X [\ @ehl`c`eXkf p I\cXZ`fe\j M\Z`eXc\j [\ G`Z_`eZ_X# \ `e]iXjZi`$ kf j\Zi\kXi`f ZfdgXi\Z\ \c j\Â&#x152;fi1 D8LIF E8GFC<FE DFEK8CMF ?@;8C>F Zfe Z%Z% (.'/),('-$0 [\ \jkX[f Z`m`c ZXjX[f# [\ eXZ`feXc`[X[ \ZlXkfi`XeX# [\ gif]\j`Â?e \dgi\jXi`f p i\j`[\ek\ \e \c ZXekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# Zfe cX ]`eXc`[X[ [\ i\e[`i cX gi\j\ek\ [\ZcXiXZ`Â?e aliXd\ekX[X [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c%$ 8c \]\Zkf aliXd\ekX[f hl\ ]l\i\ \e c\^Xc p [\Y`[X ]fidX# X[m\ik`[f [\ cX ^iXm\[X[ [\c aliXd\ekf [\ cXj g\eXj [\ g\iali`f p [\ fYc`$ ^XZ`Â?e hl\ k`\e\ [\ [\Z`i cX m\i[X[# dXe`]`\jkX1 j\Â&#x152;fi Al\q g\j\ X d`j dÂ&#x2019;ck`gc\j XZZ`fe\j gXiX YljZXi cX cfZXc`qXZ`Â?e [\c j\Â&#x152;fi AXm`\i If[iÂ&#x2C6;^l\q GXcfd`ef j\ d\ _X j`[f `dgf$ j`Yc\ [\k\id`eXi jl lY`ZXZ`Â?e# gfi cf hl\ [\jZfefqZf [fe[\ \jkX %$ :fe cf hl\ ZfeZclp\ cX gi\j\ek\ [`c`^\eZ`X# gXiX Zfej$ kXeZ`X [\ cf XZklX[f ]`idXe \c ZfdgXi\Z`\ek\ \e le`[X[ [\ XZkf Zfe cX j\Â&#x152;fi`kX Al\qX p J\Zi\kXi`f hl\ Z\ik`]`ZX%$ Cf hl\ Zfdle`Zf X l[# gXiX cfj ]`e\j [\ C\p%$ Z\ik`]`Zf% ;I% 8C<O8E;<I M<E<>8J G%% J<:I<K8I@F% <o`jk\ ]`idX p j\ccf% 8%G%&+0**(&b%d% KI@9LE8C ;@JKI@K8C Ef% ( ;< CF :FEK<E:@FJF 8;D@E@JKI8K@MF J<>LE;8 J8C8 :@K8:@äE AL;@:@8C 8C ;I% M@:KFI ?L>F :8JK@CCF
Ä&#x160;
M@CC8CFE>8 <OKI8:KF 8:KFI1 ;I% DĂ?O@DF 8>LJKĂ E FIK<>8 FI;Fz<Q ;<D8E;8;F1 ; I % M@:KFI ?L>F :8JK@CCF M@CC8CFE>8 AL@:@F1 :FEK<E:@FJF 8;D@E@JKI8K@MF Ef% )'('$ '*-.$CCD GIFM@;<E:@81 KI@9LE8C ;@JKI@K8C Ef% ( ;< C8 :FEK<E:@FJF 8;D@E@JKI8K@MF J<>LE;8 J8C8%$ Hl`kf# d`Â&#x201E;iZfc\j (/ [\ dXpf [\c )'((# cXj ('_+-% [\ dXpf [\c )'('%$ CXj '/_*0%$ 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c \jZi`kf hl\ Xek\$ Z\[\ gi\j\ekX[f gfi \c XZkfi2 p# \e Xk\eZ`Â?e Xc d`jdf j\ cf Xk`\e[\ [\ Zfe]fid`[X[ Zfe cf hl\ [`jgfe\ \c XikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ gfi cX gi\ejX Xc ;fZkfi MÂ&#x2C6;Zkfi ?l^f :Xjk`ccf M`ccXcfe^X \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcXZ`Â?e eXZ`feXc# gfi ki\j [Â&#x2C6;Xj \e ]\Z_Xj [`jk`e$ kXj# gXiX cf ZlXc gfi J\Zi\kXiÂ&#x2C6;X j\ \eki\^Xi} Xc `ek\i\jX[f \c \okiXZkf Zfii\jgfe[`\ek\ \e cX ]fidX c\^Xc%$ <c Y\e\]`Z`X$ i`f [\ cX I\jfclZ`Â?e hl\ j\ `dgl^eX k\e[i} \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj gXiX hl\ Zfe$ k\jk\ cX [\dXe[X%$ <e m`ikl[ [\ cX 8ZZ`Â?e [\ G\ijfeXc Ef% ('-/$;G$;GG [\ (- [\ dXpf [\c )'((# XZkÂ&#x2019;X \e ZXc`[X[ [\ J\Zi\kXi`X I\cXkfiX <eZXi^X[X [\ cX J\^le[X JXcX# cX ;iX% Cl`jX P}e\q D\icf%$ :Â&#x2C6;k\j\ p Efk`]Â&#x2C6;hl\j\%$ ] ;iX% JXY\kk :_Xdfle M`ccXZiÂ&#x201E;j% Al\qX <eZXi^X[X [\ jljkXeZ`XZ`Â?e [\ cX J\^le[X JXcX [\ \jk\ Ki`YleXc% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi [fd`Z`c`f gXiX gfjk\$ i`fi\j efk`]`ZXZ`fe\j [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc [\ \jkX Z`l[X[ [\ Hl`kf% ;iX% Cl`jX P}e\q D\icf%# J<:I<K8I@F I<C8KFI <o`jk\ ]`idX p j\ccf% 8%G%&+0+'*&b%d% I% ;<C <% :@K8:@FE AL;@:@8C 81 E<CJFE M@:KFI ?L>F 8CM8I<Q :FE <C AL@:@F M<I98C J L D 8 I @ F GIFGL<JKF GFI 89% ><IJFE ?8IF D<I@EF GIF:LI8;FI AL;@:@8C ;< G8:@=@:8I; 8:KFI1 89% ><IJFE ?8IF D<I@EF GIF:LI8;FI AL;@:@8C ;< G8:@=@:8I;% ;<D8E;8;F1 E<CJFE M@:KFI ?L>F 8CM8I<Q# =LE;8D<EKF ;< ;<I<:?F1 8IK@:LCF 0*- ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C M@><EK<% :L8EK@81 J<@J D@C : L8K IF : @ < E KFJ M<@EK@KIyJ ;FC8I<J% AL@:@F1 M<I98C JLD8I@F ELD<IF ((++$)'('$;iX% :%@% ;FD@:@C@F AL;@:@8C Ef% (/0+ ;I% G89CF :8II@CCF ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j * [\ j\gk`\dYi\ [\c )'('% CXj (+_*+%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e ZXc`[X[ [\ Al\q <eZXi^X[f # d\[`Xek\ f]`Z`f E'% (*'/ ;G$;GG$Alc`f . [\c )'(' CX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# gi\Z`jX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä&#x20AC;
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Zk`$ mf# \e al`Z`f M\iYXc JldXi`f2 \e Zfej\Zl\eZ`X# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f E<CJFE M@:KFI ?L>F 8CM8I<Q# \e c\^Xc p [\Y`[X ]fidX \e \c cl^Xi hl\ j\ `e[`ZX \e cX gi\j\ek\ XZZ`Â?e%$ 8^iÂ&#x201E;^l\j\ cfj [fZl$ d\ekfj gi\j\ekX[fj%$ KÂ?d\j\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi gXiX jlj gfjk\i`fi\j efk`]`ZXZ`f$ e\j%%$ EFK@=@HL<J<%$ = ;i% =XYi`Z`f J\^fm`X 9% Al\q <eZXi^X[f ALQ>8;F J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# al\m\j )/ [\ XYi`c [\c )'((# cXj '/_''%$ 8mfZf ZfefZ`$ d`\ekf [\ cX gi\j\ek\ ZXljX \e ZXc`[X[ [\ Al\q <eZXi^X[f # d\[`Xek\ f]`Z`f E'%/.)$;G$ ;GG [\ ]\Z_X )( [\ 8Yi`c [\c )'((%$ 8k\ekf Xc aliXd\ekf i\e[`[f gfi cX gXik\ 8ZkfiX# ZÂ&#x2C6;k\j\ Xc [\dXe[X[f E<CJFE M@:KFI ?L>F 8CM8I<Q# [\ 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`iZlcX$ Z`Â?e \e cX :`l[X[ [\ Hl`kf%$ EFK@=Ă HL<J<%$ ] ;i% =XYi`Z`f J\^fm`X 9% Al\q <eZXi^X[f Cf hl\ c\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# gi\m`$ e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e lef [\ cfj [\ \jkX Z`l[X[% ;i% AlXe >XccXi[f H% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.000,&k] <OKI8:KF AL;@:@8C 8:KFI1 M@:KFI 8D8;<F ;8C>F P8E<Q ;<D8E;8;F1 G8 L C :?@9@QFM =LE;8D<EKF C<>8C1 8ik% *' c`k\iXc X C\p [\ @ehl`c`eXkf AL@:@F1 M<I98C JLD8I@F Ef% +--$)'(($:: ALQ>8;F GI@D<IF ;< @EHL@C@E8KF P I<C8:@FE<J M<:@E8C<J ;< G@:?@E:?8%$ Hl`kf# cle\j *' [\ dXpf [\c )'((# cXj (,_,(%$ M@JKFJ1 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX \e m`ikl[ [\c jfik\f i\Xc`qX[f# leX m\q hl\ cX gXik\ XZkfiX _X [X[f Zld$ gc`d`\ekf Zfe cf [`jgl\jkf \e gifm`[\eZ`X Xek\i`fi# cX [\dXe$ [X hl\ Xek\Z\[\ \j ZcXiX# gi\$ Z`jX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# XZ\gk}e[fcX X ki}d`k\ \e al`Z`f m\iYXc jldXi`f# \e Zfe$ j\Zl\eZ`X :@K<J<1 Xc [\dXe$ [X[f j\Â&#x152;fi G8LC :?@9@QFM# \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf# [\ Zfe]fid`[X[ X cf hl\ [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% 8^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj gi\j\ekX[fj p kÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c XZkfi# gXiX jlj efk`]`ZX$ Z`fe\j%$ Efk`]Â&#x2C6;hl\j\%$ ] ;iX% JljXeX MXcc\af 9fcXÂ&#x152;fj# Al\q Gi`d\if [\ @ehl`c`eXkf j`^l\ cX efk`]`ZXZ`Â?e % Cf hl\ gfe^f \e jl ZfefZ`d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`fe\j% CF :<IK@=@:F% ;I% ?L>F M@K<I@ GFC@K J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&((',/&k]
I% ;<C <% ALQ>8;F GI@D<IF ;<C KI898AF ;< G@:?@E:?8 FI8C <OKI8:KF Al`Z`f [\ KiXYXaf FiXc Ef% '*'+$)'(($EM 8Zkfi1 CL@J =<IE8E;F 9<K8E:FLIK ?@;8C>F ;\dXe[X[f1 E < P 98II@FEL<MF J8E:?<Q P FKIFJ :lXek`X LJ; ()'%''' @e`Z`f1 (* [\ XYi`c [\ )'(( ;\]\ejfi1 ;i% DXiZ\cf I\^XcX[f J\iiXef :8J@CC<IF1 )-* Al\q1 ;i% I<E< :FIFE<C ;FDĂ E>L<Q J\Zi\kXi`f1 ;i% D\[Xi[f P}e\q% GIFM@;<E:@8 ALQ>8;F GI@D<IF ;<C KI898AF ;< G@:?@E:?8%$ Hl`kf# d`Â&#x201E;iZfc\j ). [\ XYi`c [\c )'((# cXj (,_+,%$ M@JKFJ1 8^iÂ&#x201E;^l\j\ Xc gifZ\jf \c \jZi`kf gi\j\ekX[f gfi cX gXik\ XZkfiX [\ ]\Z_X )( [\ XYi`c [\ )'((%$ <e cf gi`eZ`gXc# [Xe[f Zld$ gc`d`\ekf X cf fi[\eX[f \e \c 8ik% ,., [\c :Â?[`^f [\ KiXYXaf :f[`]`ZX[f# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX# Zfdgc\kX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ C\p# gfi cf hl\ j\ cX XZ\gkX X ki}d`k\ fiXc%$ ;`jgÂ&#x17D;e\j\ hl\ j\ Z`k\ X cfj [\dXe[X[fj E<P 98II@FEL<MF JĂ?E:?<Q# \e cX ZXc`[X[ [\k\id`eX[X \e cX [\dXe[X p gfi jlj gifg`fj [\i\Z_fj# X cfj _\i\[\ifj E<P# <M<CPE# J8EK@8>F 98II@FEL<MF JĂ?E:?<Q2 P# E<CCP JĂ?E:?<Q JĂ?E:?<Q M@L;8 ;< 98II@FEL<MF# \e \c [fd`Z`c`f j\Â&#x152;XcX[f gXiX \c \]\Zkf# \eki\^}e[fj\c\j cX Zfg`X [\ cX [\dXe[X p [\ \jkX gifm`[\eZ`X# gi\m`e`Â&#x201E;e$ [fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc [\ \jkX Z`l[X[# gXiX cf ZlXc i\dÂ&#x2C6;kXj\ \c [\jgXZ_f X cX F]`Z`eX [\ :`kXZ`fe\j# X ]`e [\ hl\ j\ ZldgcX \e \c kÂ&#x201E;id`ef [\ Z`eZf [Â&#x2C6;Xj# gi\$ m`jkf \e \c `eZ`jf j\^le[f [\c 8ik% ,.- [\c :Â?[`^f CXYfiXc% 8[\d}j ZÂ&#x2C6;k\j\ X cfj gi\jle$ kfj p [\jZfefZ`[fj _\i\[\ifj [\c ZXljXek\ ;I% E<P @J8Ă 8J 98II@FEL<MF GyI<Q# gfi cX gi\ejX d\[`Xek\ ki\j glYc`ZX$ Z`fe\j# \e lef [\ cfj g\i`Â?$ [`Zfj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# kf[X m\q hl\ \c XZkfi dXe`]`\jkX Zfe aliXd\ekf [\jZfefZ\i \c [fd`Z`c`f [\ cfj gi\jlekfj _\i\[\ifj# gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc [\ekif [\c g\iÂ&#x2C6;d\kif c\^Xc% ?\Z_f hl\ ]l\i\ ZfemfZXj\ X cX Xl[`\eZ`X gi\c`d`eXi [\ ZfeZ`c`XZ`Â?e# Zfek\jkXZ`Â?e X cX [\dXe[X# p ]fidlcXZ`Â?e [\ gil\YXj# cX d`jdX hl\ [\Y\i} gi\j\ekXi gfi \jZi`kf# \c [Â&#x2C6;X (( [\ XYi`c [\ )'()# X cXj (-_''# [`c`^\eZ`X X cX hl\ ZfdgXi\Z\i}e cXj gXik\j f jlj XYf^X[fj [\]\ejfi\j [\Y`[X$ d\ek\ XZi\[`kX[fj Zfe gf[\i hl\ Zfek\e^X Zc}ljlcX gXiX kiXej`^`i# Zfe]fid\ cf [`jgfe\ \c eld\iXc (( [\c 8ik% (*' [\c :Â?[`^f Fi^}e`Zf [\ cX =leZ`Â?e Al[`Z`Xc%$ KÂ&#x201E;e^Xj\ \e Zl\ekX cX ZlXekÂ&#x2C6;X ]`aX[X% Efk`]Â&#x2C6;hl\j\ X cX gXik\ XZkfiX CL@J =<IE8E;F
Ĺ?
9<K8E:FLIK? ?@;8C>F# \e \c ZXj`cc\if al[`Z`Xc Ef% )-*# [\c ;i% DXiZ\cf I\^XcX[f J\iiXef%$ <c XZkfi f gXkifZ`$ eX[fi\j# [\Y\i}e ZfdgXi\$ Z\i \e \c kÂ&#x201E;id`ef [\ )+ _fiXj X cX Al[`ZXkliX p i\k`iXi \c \okiXZkf gXiX cX glYc`ZXZ`Â?e gfi cX gi\ejX%$ :@K<J< P EFK@=@HL<J<%$ ] ;i% I\e\ :fife\c ;fdÂ&#x2C6;e^l\q% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j c\^Xc\j# X[m`ik`Â&#x201E;e[f$ c\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e \e j\Â&#x152;XcXi [fd`Z`c`f al[`Z`Xc [\ekif [\ \jkX ZXljX# gXiX i\Z`Y`i ]lkliXj efk`]`ZXZ`fe\j \e \jk\ gifZ\jf% :\ik`]`Zf% ;i% D\[Xi[f P}e\q <C J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&.00,)&k] <OKI8:KF ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8 :@K8:@FE AL;@:@8C1 8 CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 >CFI@8 8E;@E8 K8D8PF :<M8CCFJ# 8JĂ :FDF CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 ;FI8 D8K@C;< K8D8PF :<M8CCFJ P 8 C8 J<zFI@K8 J@CM8E8 A8E<K? =CFI<J% 8:KFI1 J<zFI 89<C :<M8CCFJ ; < D 8 E ;8 ; F 1 8 E > < C >@FM8EE@ =CFI<J K8D8PF# D8I@8 CFI<E8 =CFI<J K8D8PF# J8E;I8 <C@Q89<K? =CFI<J K8D8PF# C<FE8I;F G8KI@:@F =CFI<J K8D8PF# 8I@<C >FEQ8CF =CFI<J K8 D 8PF# <J D < I8 C ;8 C<FEFI =CFI<J K8D8PF# IF;I@>F 8 C F E Q F =CFI<J K8D8PF# J@CM8E8 A8E<K? =CFI<J K8D8PF# =<IE8E;F ? F D < I F =CFI<J K8D8PF# ;@8E8 J8CFDy =CFI<J K8D8PF# ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 >CFI@8 8E;@E8 K8D8PF :<M8CCFJ# 8 JĂ :FDF CFJ ?<I<;<IFJ GI<JLEKFJ P ;<J:FEF:@;FJ ;< C8 J<zFI8 ;FI8 D8K@C;< K8D8PF :<M8CCFJ AL@:@F1 )'('$'0/,$:J KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E;8 =LE;8D<EKFJ ;< ;<I<:?F 1 <E CF ;@JGL<JKF <E <C 8IK@:LCF -)0 P JL9J@>L@<EK<J ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C P +'- P +'. ;<C :F;@>F :@M@C% ;<=<EJFI ;<C 8:KFI1 ;I% CL@J ;8E@CF :?Ă?M<Q @E@:@8;F1 )( ;< ALC@F ;<C )'(' ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# DXik\j (+ [\ J\gk`\dYi\ [\c )'('2 cXj (+_,.%$ M@JKFJ% Gfi Zldgc`[f cf [`jgl\jkf \e gif$ m`[\eZ`X `e`Z`Xc p \e cf gi`eZ`$ gXc# cX [\dXe[X hl\ Xek\Z\[\# \j ZcXiX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ C\p% Aljk`]`ZX[f \c ]Xcc\Z`$ d`\ekf [\ cX j\Â&#x152;fiX >CFI@8 8E;@E8 K8D8PF :<M8CCFJ# Zfe cX gXik`[X [\ [\]leZ`Â?e X[alekX# j\ [\ZcXiX XY`\ikX cX jlZ\j`Â?e p j\ [`jgfe\ j\ gif$ Z\[X X cX ]XZZ`Â?e [\ cfj `em\e$ kXi`fj [\ cfj Y`\e\j [\aX[fj# [\Y`\e[f ZfekXij\ Zfe \c j\Â&#x152;fi GifZliX[fi [\ JlZ\j`fe\j p ;`i\Zkfi >\e\iXc [\c J\im`Z`f [\ I\ekXj @ek\ieXj% :Â&#x2C6;k\j\ X cfj j\Â&#x152;fi\j1 8E><C >@FM8EE@ =CFI<J K8D8PF# D8I@8 CFI<E8 =CFI<J K8D8PF# J8E;I8 < C @ Q 8 9 < K ? =CFI<J K8D8PF# C<FE8I;F G8KI@:@F =CFI<J K8D8PF# 8I@<C >FEQ8CF =CFI<J K8 D 8PF# <J D < I8 C ;8
I_ ck[he" de ceh_hÂ&#x192; Z[b jeZe$ I7BL7:EH :7BĂ&#x17E;
C<FEFI =CFI<J K8D8PF# IF;I@>F 8CFEQF =CFI<J K8D8PF# J@CM8E8 A8E<K? =CFI<J K8D8PF# =<IE8E;F ?FD<IF =CFI<J K8D8PF# ;@8E8 J8CFDy =CFI<J K8D8PF \e cfj cl^Xi\j `e[`$ ZX[fj gXiX \c \]\Zkf% 8 cfj _\i\[\ifj gi\jlekfj p [\jZf$ efZ`[fj [\ cX j\Â&#x152;fiX >CFI@8 8E;@E8 K8D8PF :<M8CCFJ# XjÂ&#x2C6; Zfdf cfj _\i\[\ifj gi\$ jlekfj p [\jZfefZ`[fj [\ cX j\Â&#x152;fiX ;FI8 D8K@C;< K8D8PF :<M8CCFJ# ZÂ&#x2C6;k\j\ gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZl$ cXZ`Â?e hl\ j\ \[`kX \e \jkX Z`l[X[ [\ Hl`kf \e Xk\eZ`Â?e Xc aliXd\ekf i\e[`[f p [\ Zfe]fid`[X[ Zfe \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% CXj gXik\j `ej`eÂ&#x2019;\e le jfcf g\i`kf# [\ ef _XZ\icf \c Alq^X[f gifZ\[\i} Zfe]fi$ d\ \c 8ik% ),) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c% KÂ&#x201E;e^Xj\ \e Zl\ekX \c :Xj`cc\if Al[`Z`Xc j\Â&#x152;XcX[f p X^iÂ&#x201E;^l\j\ Xc gif$ Z\jf cfj [fZld\ekfj XZfd$ gXÂ&#x152;X[fj% ;\aXe[f ]fkfZfg`X Xlkfi`qX[X p i\Z`Yf \e Xlkfj# [\j^cÂ?j\j\ p \ekiÂ&#x201E;^l\j\ cfj [fZld\ekfj jfc`Z`kX$ [fj% ALQ>8;F HL@EKF ;< CF :@M@C ;< G@:?@E:?8% HL@KF# *( [\ DXiqf [\c )'((# cXj (,_+/%$ <e Xk\eZ`Â?e [\c aliXd\ekf i\e[`[f gfi cX gXik\ XZkfiX p [\ Zfe]fid`[X[ Zfe \c XikÂ&#x2C6;Zlcf /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# ZÂ&#x2C6;k\j\ X cX j\Â&#x152;fi`kX J@CM8E8 A8E<K? =CFI<J2 gfi cX gi\ejX \e lef [\ cfj g\i`Â?[`Zfj [\ Xdgc`X Z`iZlcXZ`Â?e hl\ j\ \[`kX \e \jkX Zl`[X[ [\ Hl`kf% Efk`]Â&#x2C6;hl\j\%$% = ;iX% DXiÂ&#x2C6;X D\iZ\[\j Gfik`ccX al\q% Cf hl\ c\ Zfdle`Zf gXiX cfj ]`e\j [\ C\p# gi\m`e`Â&#x201E;e[fc\ [\ cX fYc`^XZ`Â?e [\ j\Â&#x152;XcXi :Xj`cc\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%:%(('/+& I% [\c <% ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8 EFK@=@:8:@FE AL;@:@8C G8I8 J<zFI<J AFI>< CL@J 9I8MF 8C:@M8I P J8EK8 M@FC<K8 M<I8 J898E;F < O K I 8 : K F ;@C@><E:@8 GI<M@8 ;< EFK@=@:8:@FE EIF% /0)$ )'('$;I% :%D%# 8:KFI1 ;I% >FD<I :8C@OKF I<>8C8;F CFG<Q <E JL :8C@;8; ;< GIF:LI8;FI AL;@:@8C ;<C 98E:F ;<C G@:?@E:?8 :%8% ;<D8E;8;FJ1 AFI>< CL@J 9I8MF 8C:@M8I P J8EK8 M@FC<K8 M<I8 J898E;F F9A<KF1 EFK@=@:8I :FE C8 :<J@FE ;< C8 ?@GFK<:8 89@<IK8 HL< I<8C@Q8 <C 98E:F JFC@;8I@F J%8%# 8 =8MFI ;<C 98E:F ;<C G@:?@E:?8 :%8%# 8 CFJ ;<L;FI<J ?@GFK<:8I@FJ J<zFI<J AFI>< CL@J 9I8MF 8C:@M8I P J<zFI8 J8EK8 M@FC<K8 M<I8 J898E;F :FE =LE;8D<EKF <E CFJ 8IKJ% (/+(# (/+)# (/+*# (/++# (/+. P D8J G<IK@E<EK<J ;<C :F;@>F
:@M@C P 8IK@:LCF 0, ;<C :F;@>F ;< GIF:<;@D@<EKF :@M@C KI8D@K<1 <JG<:@8C :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF AL;@:F8C EIF% *.)/ G<IK<E<:@<EK< 8C ;I% >FD<I :8C@OKF I<>8C8;F ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# m`\ie\j (- [\ alc`f [\c )'('# cXj ('_,/%$ M@JKFJ%$ 8mfZf ZfefZ`d`\ekf [\ cX gi\j\ek\ ZXljX# \e m`ikl[ [\c jfik\f i\Xc`qX[f \e cX i\jg\Zk`$ mX f]`Z`eX [\ Jfik\fj p \e ZXc`$ [X[ [\ Al\q Jlgc\ek\ d\[`Xe$ k\ F]`Z`f Eif% '()$;;G$A8I# [\ )+ [\ <e\if [\c )'',%$ <e cf gi`eZ`gXc cX g\k`Z`Â?e ]fidl$ cX[X gfi \c ;i%>fd\i :Xc`okf I\^XcX[f CÂ?g\q \e jl ZXc`$ [X[ [\ GifZliX[fi Al[`Z`Xc [\c j\Â&#x152;fi 8li\c`f =\ieXe[f Gfqf :i\jZf \e jl ZXc`[X[ [\ >\i\ek\ p I\gi\j\ekXek\ C\^Xc [\c 9XeZf [\c G`Z_`eZ_X :%8# \j ZcXiX# gi\Z`jX p i\Â&#x2019;e\ cfj [\d}j i\hl`j`kfj [\ c\p# gfi cf hl\ [\ZcXi}e[fj\cX gifZ\$ [\ek\ j\ cX X[d`k\ Xc ki}d`k\ \jg\Z`Xc gifgl\jkf Zfe]fid\ cf [`jgl\jkf \e cfj 8ikj% (/+(# (/+)# (/+*# (/++2 p# (/+. p j`^l`\ek\j [\c :Â?[`^f :`m`c%$<e Zfej\Zl\eZ`X# Zfe cX g\k`Z`Â?e [\ efk`]`ZXZ`Â?e [\ :<J@FE ;< C8 ?@GFK<:8 89@<IK8# hl\ i\Xc`qX \c 9XeZf Jfc`[Xi`f J%8%# # \e ]Xmfi [\c 9XeZf [\c G`Z_`eZ_X :8# Zfe]fid\ cf gi\jZi`Y\ \c 8ik% 0, [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# j\ [`j$ gfe\ hl\ j\ efk`]`hl\ X cfj [\l[fi\j _`gfk\ZXi`fj j\Â&#x152;f$ i\j Afi^\ Cl`j 9iXmf 8cZ`mXi p j\Â&#x152;fiX JXekX M`fc\kX M\iX JXYXe[f# \e jlj ZXc`[X[\j `emfZX[Xj p \e cfj cl^Xi\j j\Â&#x152;XcX[fj gXiX \c \]\Zkf2 XjÂ&#x2C6; Zfdf Xc j\Â&#x152;fi EfkXi`f ;Â&#x201E;Z`df J\okf [\c :XekÂ?e Hl`kf# X ]Â&#x2C6;e [\ hl\ kfd\ efkX [\ cX gi\$ j\ek\ :\j`Â?e [\ [\i\Z_fj Xc dXi^\e [\ cX <jZi`kliX GÂ&#x2019;Yc`ZX [\ ?`gfk\ZX 8Y`\ikX Z\c\YiX[X \c *( [\ FZklYi\ [\c )''-%$ GXiX cX gi}Zk`ZX [\ efk`]`ZX$ Z`Â?e X cfj [\l[fi\j _`gfk\ZX$ i`fj j\Â&#x152;fi\j Afi^\ Cl`j 9iXmf 8cZÂ&#x2C6;mXi p j\Â&#x152;fiX JXekX M`fc\kX M\iX JXYXe[f# j\ Zfd`j`feX Xc j\Â&#x152;fi K\e`\ek\ GfcÂ&#x2C6;k`Zf [\ cX gXiifhl`X [\ :Xc[\iÂ?e# :XekÂ?e Hl`kf# Gifm`eZ`X [\ G`Z_`eZ_X# ZfeZ\[`Â&#x201E;e[fc\ \c kÂ&#x201E;id`ef \okiXfi[`eXi`f [\ ki\j [Â&#x2C6;Xj \e iXqÂ?e [\ cX [`jkXeZ`X# X hl`Â&#x201E;e j\ \em`Xi} [\jgXZ_f \e ]fidX%$ J\ \o_`Y`i} gfi m\`ek\ p ZlXkif _fiXj \e cX J\Zi\kXi`X [\ \jkX Al[`ZXkliX \c [fZl$ d\ekf hl\ Zfek`\e\ cX :\j`Â?e [\ cX ?`gfk\ZX 8Y`\ikX [\c Zfe$ kiXkf Xcl[`[f# Xc hl\ gf[i}e ZfeZlii`i cfj [\dXe[X[fj# X \]\Zkf [\ hl\ gl\[X \oXd`$ eXicf# Zfe]fid\ cf j\Â&#x152;XcX[f \e \c :Â?[`^f JljkXek`mf :`m`c# <c 8ZklXi`f# j\ekXi} iXqÂ?e [\c _\Z_f%$ 8^iÂ&#x201E;^l\ej\ Xc gifZ\jf kf[X cX [fZld\ekXZ`Â?e XZfd$ gXÂ&#x152;X[X%$KÂ?d\j\ \e Zl\ekX cX ZlXekÂ&#x2C6;X p ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f gfi \c g\k`Z`feXi`f \e jl ZXc`[X[ `emfZX[X# gXiX jlj efk`]`ZXZ`fe\j gfjk\i`fi\j# XjÂ&#x2C6; Zfdf \c efdYiXd`\ekf p Xlkf$ i`qXZ`Â?e dXe`]\jkX[X \e ]Xmfi [\ jl ;\]\ejfi%$EFK@=@HL<J< P :LDGC8J< ALQ>8;F ;<:@DF GI@D<IF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# dXik\j )- [\ XYi`c [\c
)'((# cXj (+_(.%$ M`jkX cX iXqÂ?e j\ekX[X gfi \c j\Â&#x152;fi Z`kX[fi p \e dÂ&#x201E;i`kf [\c aliXd\ekf i\e[`[f gfi gXik\ [\c XZkfi ;i% >fd\i :Xc`okf I\^XcX[f CÂ?g\q# \e jl ZXc`[X[ [\ GifZliX[fi Al[`Z`Xc [\c 9XeZf [\c G`Z_`eZ_X :%8%# jfYi\ cX `dgfj`Y`c`[X[ [\ [\k\id`eXi cX `e[`m`[lXc`[X[ f i\j`[\eZ`X [\ cfj [\dXe[X[fj Afi^\ Cl`j 9iXmf 8cZ`mXi p JXekX M`fc\kX M\iX JXYXe[f# efk`]Â&#x2C6;hl\j\ Zfe \c Zfek\e`[f [\ cX g\k`Z`Â?e# Xlkf `e`Z`Xc# \jZi`kf gi\Z\[\e$ k\ p gifm`[\eZ`X hl\ Xek\Z\[\ X cfj [\dXe[X[fj Afi^\ Cl`j 9iXmf 8cZ`mXi p JXekX M`fc\kX M\iX JXYXe[f gfi cX gi\ejX \e lef [\ cfj [`Xi`fj [\ dXpfi Z`iZlcXZ`Â?e [\ \jkX Z`l[X[ [\ Hl`kf%$ Efk`]Â&#x2C6;hl\j\% = ;i% I\peXc[f =cfi 8cmXiX[f% Al\q j`^l\ cX efk`]`ZXZ`Â?e Cf hl\ cc\mf X jl ZfefZ`$ d`\ekf gXiX cfj ]`e\j [\ C\p% Gi\m`e`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\ [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc gXiX jlj efk`]`ZXZ`f$ e\j gfjk\i`fi\j :\ik`]`Zf% AlXeX :\mXccfj >% J<:I<K8I@8 ?Xp ]`idX p j\ccf 8:&.00.(&(((-.k] ALQ>8;F ;<:@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8% I% ;<C <% :@K8:@äE AL;@:@8C 8 CFJ J<zFI<J1 IFJ8 D8I@8 =8I@E8E>F HL@:?8:I<J# D8I@8 C < F E F I HL@C8:?8D@E HL@:?8:I<J# D8I@8 ? < I D @ E @ 8 HL@C8:?8D@E HL@:?8:I<J# D8I@8 >L8;8CLG< HL@C8:?8D@E HL@:?8:I<J2 P# A FJ < J8 CM8 ; F I HL@C8:?8D@E K@K@8HL<Q <E JLJ :8C@;8;<J ;< JF9I@EFJ ;<C =8CC<:@;F 8 =I8E:@J:F HL@:?8:I<J2 P# 8 CFJ GI<JLEKFJ P ; < J : F E F : @ ; F J ?<I<;<IFJ ;<C =8CC<:@;F =I8E:@J:F HL@:?8:I<J% <OKI8:KF 8:KFI1 D8I@8 M@K<I98 ?@;8C>F D@E8J ;<D8E;8;FJ IFJ8 D8I@8 =8I@E8E>F HL@:?8:I<J# D8I@8 C < F E F I HL@C8:?8D@E HL@:?8:I<J# D8I@8 ? < I D @ E @ 8 HL@C8:?8D@E HL@:?8:I<J# D8I@8 > L 8 ; 8 C L G < HL@C8:?8D@E HL@:?8:I<J2 P# A FJ < J8 CM8 ; F I HL@C8:?8D@E K@K@8HL<Q# <E JLJ :8C@;8;<J ;< JF9I@EFJ ;<C =8CC<:@;F =I8E:@J:F HL@:?8:I<J2 P# 8 CFJ GI<JLEKFJ P ; < J : F E F : @ ; F J ?<I<;<IFJ ;<C =8CC<:@;F J<zFI = I 8 E : @ J : F HL@:?8:I<J AL@:@F Ef (')$)'('$;i% N%D% K I8 D @ K < 1 F I ; @ E 8 I @ F G I < J : I c G : @ ä E < O K I 8 F I ; @ E 8 I @ 8 8;HL@J@K@M8 ;< ;FD@E@F% :L8EK@81 @E;<K<ID@E8;8 :8J@CC<IF Ef% ) ;<C ;I% D8I:<CF 98CJ<:8 EFIFz8 GIFM@;<E:@81 ALQ>8;F ;<:@DF HL@EKF ;< CF :@M@C ;< G@:?@E:?8%$ DXZ_XZ_`# X )+ [\ dXiqf [\c )%'((% CXj ((?''% M`jkfj1 Gfi _XY\ij\ [X[f Zldgc`d`\ekf X cf [`jgl\jkf \e gifm`[\e$ Z`X [`ZkX[X Zfe ]\Z_X (. [\ dXiqf [\c )%'((# X cXj (+?*'# gfi gXik\ [\ cX XZZ`feXek\# cX [\dXe[X p cX i\]fidX X cX [\dXe[X gi\j\ekX[X gfi DXi`X M`k\iYX ?`[Xc^f D`eXj# gfi ZcXiX Zfdgc\kX# i\Â&#x2019;e\ Zfe cfj i\hl`j`kfj [\ C\p# iXqÂ?e gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ \e al`Z`f fi[`eXi`f% <e Zfej\$ Zl\eZ`X ZÂ?iiXj\ kiXjcX[f Zfe
\c Zfek\e`[f [\ cX [\dXe[X# cX gi\j\ek\ i\]fidX p gifm`[\e$ Z`X XZklXc X cfj j\Â&#x152;fi\j IfjX DXiÂ&#x2C6;X =Xi`eXe^f HlÂ&#x2C6;Z_XZi\j# DXiÂ&#x2C6;X C\fefi Hl`cXZ_XdÂ&#x2C6;e Hl`k`Xhl\q# DXiÂ&#x2C6;X ?\id`e`X Hl`cXZ_Xd`e Hl`Z_XZi\j# DXiÂ&#x2C6;X >lX[Xclg\ Hl`cXZ_Xd`e Hl`Z_XZi\j p AfjÂ&#x201E; JXcmX[fi Hl`cXZ_XdÂ&#x2C6;e K`k`Xhl\q \e jlj ZXc`[X[\j [\ jfYi`efj p _\i\$ [\ifj [\c ]Xcc\Z`[f =iXeZ`jZf Hl`Z_XZi\j# XjÂ&#x2C6; Zfdf X cfj gi\jlekfj p [\jZfefZ`[fj _\i\[\ifj [\c pX Z`kX[f ]Xcc\$ Z`[f# gXiX hl\ cX Zfek\jk\e \e \c kÂ&#x201E;id`ef [\ hl`eZ\ [Â&#x2C6;Xj gifgfe`\e[f cXj \oZ\gZ`fe\j [`cXkfi`Xj f g\i\ekfi`Xj [\ cXj hl\ j\ Zi\Xe Xj`jk`[Xj# YXaf Xg\iZ`Y`d`\ekf \e i\Y\c[Â&#x2C6;X% <e Zfej\Zl\eZ`X Z`k\j\ X cfj [\dXe[X[fj Xek\j efd$ YiX[fj Zfe le \okiXZkf [\ cX [\dXe[X i\]fidX X cX d`jdX p \jkX gifm`[\eZ`X# d\[`Xe$ k\ ki\j glYc`ZXZ`fe\j hl\ j\ cXj i\Xc`qXi}e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZl$ cXZ`Â?e hl\ j\ \[`kXe \e cX Z`l[X[ [\ Hl`kf# gfi ZlXekf \e \jkX :XY\Z\iX :XekfeXc ef \o`jk\ g\i`Â?[`Zf [\ Z`iZl$ cXZ`Â?e i\^lcXi# Zfe]fid\ cf [`jgfe\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# pX hl\ Zfe aliXd\ekf cX XZZ`feXek\ dXe`]`\jkX cX `dgfj`Y`c`[X[ [\ [Xi Zfe cXj i\j`[\eZ`Xj XZklX$ c\j [\ cfj _\i\[\ifj ZfefZ`$ [fj [\c ZXljXek\# XjÂ&#x2C6; Zfdf cX `dgfj`Y`c`[X[ [\ [Xi Zfe cXj `e[`m`[lXc`[X[\j p cXj i\j`$ [\eZ`Xj XZklXc\j [\ cfj gi\$ jlekfj p [\jZfefZ`[fj _\i\$ [\ifj [\c ZXljXek\ =iXeZ`jZf Hl`Z_XZi\j# Zfe]fid\ ZfejkX [\c XZkX c\mXekX[X \e \jk\ Alq^X[f# X[m`ik`Â&#x201E;e[fc\j [\ cfj XZZ`feX[fj [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ gXiX jlj gfjk\i`fi\j efk`]`ZXZ`fe\j% cejZiÂ&#x2C6;YXj\ cX [\dXe[X p i\]fi$ dX X cX d`jdX \e \% I\^`jkif [\ cX Gifg`\[X[ [\c ZXekÂ?e D\aÂ&#x2C6;X Zfe]fid\ cf [`jgfe\ \c 8ik% (''' [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# efk`]`Z}e$ [fj\c\ Xc i\jg\Zkf X jl K`klcXi% Gfi _XY\i jfc`Z`kX[f cX [\dXe$ [Xek\# ZlÂ&#x201E;ek\j\ X[\d}j \e \jkX ZXljX Zfe cfj j\Â&#x152;fi\j I\gi\j\ekXek\j C\^Xc\j [\c @% Dle`Z`g`f [\c ZXekÂ?e D\aÂ&#x2C6;X \e cXj g\ijfeXj [\c j\Â&#x152;fi 8cZXc[\ GifZliX[fi JÂ&#x2C6;e[`Zf Dle`Z`gXc# X hl`\e\j j\ c\j Z`kXi} \e jlj i\jg\Zk`mfj [\jgXZ_fj \e \jkX Z`l[X[# X ]`e [\ hl\ `ek\im\e$ ^Xe \e \jkX ZXljX j` X Y`\e cf klm`\i\e% KÂ&#x201E;e^Xj\ gi\j\ek\ cX ZlXekÂ&#x2C6;X ]`aX[X# \c ZXj`cc\if al[`$ Z`Xc j\Â&#x152;XcX[f gXiX cXj efk`]`ZX$ Z`fe\j gfjk\i`fi\j# XjÂ&#x2C6; Zfdf CX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl [\]\ejfi ;i% DXiZ\cf 9Xcj\ZX# gXiX hl\ `ek\im\e^X \e \jkX ZXljX Zfdf jl GXkifZ`eX[fi% Efk`]Â&#x2C6;hl\j\ p Z`k\j\% =% ;i% Afi^\ ;lhl\ >iXeaX# Al\q ;Â&#x201E;Z`df Hl`ekf [\ cf :`m`c [\ G`Z_`eZ_X% Cf hl\ Zfdle`Zf X ljk\[ gXiX cfj ]`e\j [\ C\p# X[m`ik`Â&#x201E;e[fc\j [\ cX fYc`^XZ`Â?e hl\ k`\e\e [\ j\Â&#x152;XcXi ZXj`cc\if al[`Z`Xc \e \jkX Z`l[X[ gXiX jlj gfjk\i`f$ i\j efk`]`ZXZ`fe\j% :\ik`]`Zf% ;i% NXj_`e^kfe Dfc`eX M% J<:I<K8I@F ?Xp ]`idX p j\ccf 8:&(((./ I<GL9C@:8 ;<C <:L8;FI ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 <OKI8:KF AL;@:@8C 8C GL9C@:F <E ><E<I8C J< GFE< <E :FEF:@D@<EKF P GFI LE@:8 M<Q CF J@>L@<EK<1 :@K8:@FE AL;@:@8C 81 A<=< GIFM@E:@8C ;< I<>@JKIF
:@M@C @;<EK@=@:8:@FE P : < ; L C 8: @ F E ; < G@:?@E:?8% 8:KFI81 D8I@8 @J89<C :FCC8>L8QF >L8CFKLz8 ;<D8E;8;F1 A < = < GIFM@E:@8C ;< I<>@JKIF :@M@C @;<EK@=@:8:@FE P : < ; L C 8: @ F E ; < G@:?@E:?8% AL@:@F ;< I<:K@=@:8:@FE ;< G8IK@;8 Ef% ('+0$)'(' <>% KI8D@K<1 JLD8I@F :L8EK@81 @e[\k\id`eX[X =LE;8D<EKF C<>8C1 8ik% /0 ;< C8 C<P ;< I<>@JKIF :@M@C @;<EK@=@:8:@FE P :<;LC8:@FE% 89F>8;F ;<=<EJFI1 ;i% :<J8I GFIK@CC8 :8J@CC8 AL;@:@8C Ef% ),*+ ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# cle\j 0 [\ X^fjkf [\c )'('# cXj ('_,+%$ M@JKFJ%$ <e m`jkX [\c jfik\f Zfii\jgfe[`\ek\# XmfZf ZfefZ`d`\ekf [\ cX gi\$ j\ek\ ZXljX \e ZXc`[X[ [\ Al\q K`klcXi [\ \jkX Al[`ZXkliX% <e cf gi`eZ`gXc# cX [\dXe[X hl\ Xek\Z\[\ \j ZcXiX p i\Â&#x2019;e\ cfj i\hl`j`kfj [\ c\p# gfi cf hl\ j\ cX XZ\gkX Xc ki}d`k\ i\jg\Zk`mf% :Â&#x2C6;k\j\ Xc j\Â&#x152;fi A\]\ Gifm`eZ`Xc [\c i\^`jkif Z`m`c @[\ek`]`ZXZ`Â?e p :\[lcXZ`Â?e2 p# J\Â&#x152;fi 8^\ek\ =`jZXc [\ cf G\eXc [\ G`Z_`eZ_X% GlYcÂ&#x2C6;hl\j\ gfi leX jfcX m\q \jkX [\dXe[X p Xlkf [\ ZXc`]`ZXZ`Â?e \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e [\ \jkX Z`l[X[ [\ Hl`kf% KÂ&#x201E;e^Xj\ \e Zl\ekX \c ZXj`cc\if al[`Z`Xc j\Â&#x152;XcX[f# XjÂ&#x2C6; Zfdf cX Xlkfi`qXZ`Â?e Zfe]\i`[X X jl XYf^X[f [\]\ejfi# X^iÂ&#x201E;^l\j\ Xc gifZ\jf cfj [fZld\ekfj hl\ X[alekX% Efk`]Â&#x2C6;hl\j\%$ = ;I% AFJ< D8IK@E<Q E8I8EAF% AL<Q% ;i% <[^Xi ?Xif MXc\eql\cX J<:I<K8I@F ;<C ALQ>8;F ;<:@DF ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf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y:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8%$ Hl`kf# '0 [\ D8PF [\c )'((%$ CXj '/_)'%$ M@JKFJ%$ G8KI@:@F <JK<98E J8<EQ C8M<I;P# ZfdgXi\Z\ [\ ]j% ) [\ cfj Xlkfj p [\jglÂ&#x201E;j [\ \ogfe\i jlj ^\e\iXc\j [\ c\p# [`Z\1 Hl\ [\ cX gXik`[X [\ eXZ`d`\ekf X[alekX# m\e[i} X jl ZfefZ`d`\ekf hl\ \j _`af [\ cX j\Â&#x152;fiX @eÂ&#x201E;j :fejl\cf CXm\i[p Fik\^X# hl`\e \c *( [\ X^fjkf [\c )'')# _X jl]i`[f le [\iiXd\ Z\i\YiXc gif[lZ`$ [f gfi le Xe\li`jdX Xik\i`Xc p Zfdf Zfej\Zl\eZ`X [\ \ccf# [liXek\ Xc^lefj XÂ&#x152;fj j\ cX _X dXek\e`[f YXaf kiXkXd`\e$ kf dÂ&#x201E;[`Zf g\idXe\ek\# hl\
\c @ejk`klkf <ZlXkfi`Xef [\ J\^li`[X[ JfZ`Xc c\ _X fkfi$ ^X[f leX g\ej`Â?e alY`cXi gfi `eZXgXZ`[X[# gfi cf hl\ ef _X ml\ckf X kiXYXaXi p m`m\ \e leX ZXjX [\ i\gfjf [\efd`eX[X <c 8kXi[\Z\i# \e cX gXiifhl`X JXe^fchl`% Hl\ jl dX[i\ ef k`\e\ ZXgXZ`[X[ [\ \ek\e[\i cXj ZfjXj# ef k`\e\ ]XZlckX[ gXiX gfe\i Xk\eZ`Â?e p ZfeZ\e$ kiXZ`Â?e# cf hl\ ef c\ g\id`k\ k\e\i gc\eX ZfeZ`\eZ`X gXiX X[d`e`jkiXi jlj `e^i\jfj [\ cX alY`cXZ`Â?e% :fe \jkfj Xek\Z\$ [\ek\j# ]le[}e[fj\ \e cfj 8ikj% .,) p j`^l`\ek\j [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \e Zfe$ Zfi[XeZ`X Zfe \c 8ik% +-+ p j`^l`\ek\j [\c :Â?[`^f :`m`c# XZl[\ Xek\ \jkX 8lkfi`[X[ jfc`Z`kXe[f j\ [\ZcXi\ cX `ek\i$ [`ZZ`Â?e [\ X[d`e`jkiXi jlj Y`\$ e\j \ `e^i\jfj [\ jl dX[i\ @EyJ :FEJL<CF C8M<I;P FIK<>8# p j\ c\ efdYi\ Zfdf jl ZliX[fi \jg\Z`Xc# X ]`e [\ gf[\i i\gi\j\ekXic\ \e kf[fj cfj XZkfj hl\ j\X e\Z\jXi`X jl gXik`Z`gXZ`Â?e% <e XidfeÂ&#x2C6;X X cfj 8ik% .,) [\c :Â?[`^f 8[a\k`mf :`m`c# g`[\ j\ efdYi\ X [fj ]XZlckXk`mfj gXiX hl\ `e]fid\ [\ cX i\Xc`[X[ p eXkliXc\qX [\ cX [\d\eZ`X# X ]`e [\ hl\ j\ ZldgcX Zfe kf[Xj cXj \o`^\eZ`Xj [\c ZXjf [\k\i$ d`eX[f \e cX Z`kX[X efidX c\^Xc# kXdY`Â&#x201E;e j\ Zl\ek\ Zfe lef [\ cfj j\Â&#x152;fi\j =`jZXc\j gXiX hl\ `ek\im\e^X \e \c al`$ Z`f% 8[d`k`[X hl\ ]l\ cX ZXljX X ki}d`k\# j\ efdYiÂ? g\i`kfj# j\ giXZk`ZÂ? cX [`c`^\eZ`X [\ \oXd\e f i\ZfefZ`d`\ekf X @EyJ :FEJL<CF C8M<I;P FIK<>8# j\ ZfekÂ? Zfe lef [\ cfj j\Â&#x152;fi\j 8^\ek\j =`jZXc\j [\ G`Z_`eZ_X p leX m\q X^f$ kX[f \c ki}d`k\ [\ c\p# \eZfe$ ki}e[fj\ Xc \jkX[f [\ i\jfcm\i% J\ Zfej`[\iX%$ GI@D<IF%$ Gfi ef X[m\ik`ij\ fd`j`Â?e [\ jfc\de`[X[ jljkXeZ`Xc hl\ gl\[X `e]cl`i \e cX [\Z`j`Â?e [\ cX ZXljX# j\ [\ZcXiX jl mXc`[\q gifZ\jXc%$ J<>LE;F%$ :fe cX gXik`[X [\ eXZ`d`\ekf [\ ]j% (# j\ _X [\dfjkiX[f [\ hl`\e jfc`Z`kX cX `ek\i[`ZZ`Â?e# \j _`af [\ @EyJ :FEJL<CF C8M<I;P FIK<>8% K<I:<IF%$ ;\c XZkX [\ ]j% ('# j\ [\jgi\e[\ hl\ \e Zldgc`d`\ekf Zfe cf [`jgl\jkf \e \c 8ik% .,) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# \c jljZi`$ kf Al\q p \c j\Â&#x152;fi J\Zi\kXi`f [\ \jkX Al[`ZXkliX# \e alekX [\ cfj g\i`kfj ;fZkfi\j :Xicfj JXc`eXj I\p\j p CXlif <jZfYXi MXcc\# [\Y`[Xd\ek\ gfj\j`f$ eX[fj# j\^Â&#x2019;e ZfejkX [\ ]j% -# j\ _X gifZ\[`[f X i\Xc`qXi \c \oXd\e f i\ZfefZ`d`\ekf# gXiX \]\Zk`m`qXi cX mXcfiXZ`Â?e dÂ&#x201E;[`ZX [\ @EyJ :FEJL<CF C8M<I;P FIK<>8# gXiX [\k\id`eXi j` j\ \eZl\ekiX [\ekif [\ cXj Zfe[`Z`fe\j gXiX [\ZcXiXic\ \e `ek\i[`ZZ`Â?e# [`c`^\eZ`X \e cX ZlXc# j\ _`qf ZfejkXi cXj j`^l`\ek\j fYj\i$ mXZ`fe\j1 Hl\ @eÂ&#x201E;j CXm\i[p# gfi `e]fidXZ`Â?e [X[X gfi \c g\k`Z`feXi`f j\Â&#x152;fi GXki`Z`f J}\eq CXm\i[p# k`\e\ ,) XÂ&#x152;fj [\ \[X[# hl\ \e \c XÂ&#x152;f )'') jl dX[i\ jl]i`Â? le [\iiXd\ Z\i\YiXc# cl\^f [\ ZfejkXek\j [fcfi\j [\ ZXY\qX Xc \jkXi gi\j\ek\ \e leX i\le`Â?e Zfe jlj ZfdgXÂ&#x152;\iXj [\ kiXYXaf [\ \j\ \ekfeZ\j# hl\ [`Z_X Xck\iXZ`Â?e gl[f _XY\i j`[f fZXj`feX[X gfi jl [`mfiZ`f# hl\ XZklXcd\ek\ j\ \eZl\ekiX i\j`[`\e[f \e cX ZXjX [\ i\gf$ jf [\efd`eX[X <c 8kXi[\Z\i# lY`ZX[X \e JXe^fchl`# p ef ZfekifcX \j]Â&#x2C6;ek\i\j# i\hl`\i\ Xpl[X [\ k\iZ\ifj gXiX i\Xc`qXi XZk`m`[X[\j g\ijfeXc\j Zfdf Xj\f# m\jk`[f# Xc`d\ekXZ`Â?e# dfm`c`qXZ`Â?e# kXdgfZf i\Zf$ efZ\ X jlj _`afj p ]Xd`c`Xi\j
Z\iZXefj# XjÂ&#x2C6; Zfdf Xc^lefj fYa\kfj hl\ j\ c\ gfe\ X cX m`jkX# Zfdf le \j]\if# i\cfa p ccXm\j% <c cX[f `qhl`\i[f [\c Zl\igf j\ \eZl\ekiX \e \jkX$ [f [\ `edfm`c`[X[# [\j[\ cX ]\Z_X [\c XZZ`[\ek\ k`\e\ hl\ kfdXi mXi`fj d\[`ZXd\ekfj Zfdf 8Z`[f MXcgif`Zf# eli`c p ]clfo\k`eX%%$ :L8IKF%$ <e XZX$ kXd`\ekf Xc 8ik% .,* @YÂ&#x2C6;[\d# cfj g\i`kfj ;ij% CXlif <jZfYXi MXcc\ p :Xicfj JXc`eXj I\p\j# _Xe \d`k`[f jl `e]fid\ [\ekif [\c kÂ&#x201E;id`ef hl\ k\eÂ&#x2C6;Xe gXiX _XZ\icf X ]j% (( p ()# ZfeZclp\e$ [f1 X @eÂ&#x201E;j :fejl\cf CXm\i[p Fik\^X X[fc\Z\ [\ ;\d\eZ`X Fi^}e`ZX :fej\Zlk`mX _X XZZ`$ [\ek\ Z\i\Yif mXjZlcXi [\ k`gf _\dfii}^`Zf gfi ilgkliX [\ Xe\li`jdX# fi`^`eXe[f j\m\$ iXj c\j`fe\j Z\i\YiXc\j% Gfi cXj j\Zl\cXj e\lifcÂ?^`ZXj p gjÂ&#x2C6;hl`ZXj# k`\e\ gfZXj gfj`$ Y`c`[X[\j [\ i\Zlg\iXZ`Â?e2 Y CX \e]\id\[X[ c\ `dg`[\ Zfdgi\e[\i cX i\Xc`[X[# [Xij\ Zl\ekX [\ jl j`klXZ`Â?e# m`m`i `e[\g\e[`\ek\d\ek\# dXe\aXi Y`\e\j2 Z I\hl`\i\ [\ kiXkX$ d`\ekf dÂ&#x201E;[`Zf \jg\Z`Xc`qX[f p Zl`[X[fj g\idXe\ek\j [\ \e]\id\iÂ&#x2C6;X2 [ Gfi kXc\j iXqf$ e\j [\Y\ j\i gifk\^`[f gfi cX ]Xd`c`X p \c <jkX[f2 `e]fid\ hl\ _X `cljkiX[f Xc Alq^X[fi# [\dfjkiXe[f Zfe \jkX gil\YX cX i\Xc`[X[ [\ cX jXcl[ d\ekXc [\ @EyJ :FEJL<CF C8M<I;P FIK<>82 XjÂ&#x2C6; kXdY`Â&#x201E;e# j\ _X ZfekX[f Zfe \c ;i% Cl`j D\aÂ&#x2C6;X M`ccXcYX 8^\ek\ =`jZXc [\ G`Z_`eZ_X# hl`\e _X fg`eX[f ]XmfiXYc\d\ek\ X cXj gi\k\e$ j`fe\j [\c XZkfi [\ ]j% (,% Gfi cXj Zfej`[\iXZ`fe\j hl\ gi\Z\[\e# [\ Zfe]fid`[X[ Zfe \c 8ik% .,* [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c# kfdXe[f Zfdf Xek\Z\[\ek\j \c \oX$ d\e i\Xc`qX[f \e cX g\ijfeX [\ @EyJ :FEJL<CF C8M<I;P FIK<>8# cXj fYj\imXZ`fe\j [\c alq^X[f# cfj `e]fid\j [\ cfj ]XZlckXk`mfj p cX fg`e`Â?e [\c j\Â&#x152;fi 8^\ek\ =`jZXc [\c ;`jki`kf# j\ Zfej`[\iX aljkf dfk`mf p j\ I<JL<CM< Zfe$ Z\[\i cX @EK<I;@::@äE GIFM@J@FE8C [\ cX j\Â&#x152;fiX @EyJ :FEJL<CF C8M<I;P FIK<>8# Zfe ZÂ&#x201E;[lcX [\ Z`l[X$ [XeÂ&#x2C6;X Ef%(.',*,..($(# eXZ`[X \e \c ZXekÂ?e Hl`kf# gifm`eZ`X [\ G`Z_`eZ_X \c ') [\ ale`f [\ (0,/ p j\ efdYiX :liX[fi @ek\i`ef X jl _`af G8KI@:@F <JK<98E J8<EQ C8M<I;P# [\ Zfe]fid`[X[ Zfe \c 8ik% .,+ [\c :Â?[`^f GifZ\jXc :`m`c# `ejZiÂ&#x2C6;YXj\ Â&#x201E;jkX i\jfclZ`Â?e \e \c I\^`jkif [\ cX Gifg`\[X[ [\c :XekÂ?e Hl`kf p glYcÂ&#x2C6;hl\j\ gfi leX jfcX m\q \e lef [\ cfj g\i`Â?[`Zfj [\ dXpfi Z`iZlcX$ Z`Â?e eXZ`feXc# hl\ j\ \[`kXe \e \jkX Z`l[X[ [\ Hl`kf%$ J`e Zfj$ kXj e` _fefiXi`fj hl\ i\^lcXi%$ EFK@=Ă HL<J< ;I% :8ICFJ =<IEĂ?E;<Q @;IFMF AL<Q CF HL< C C <MF 8 : F E F : @ D @ < E KF ; < C GL9C@:F <E ><E<I8C G8I8 CFJ =@E<J C<>8C<J :FEJ@>L@<EK<J%$ Hl`kf# )* [\ DXpf [\c )'((%$ :\ik`]`Zf% ;I% =<IE8E;F E8I8EAF =8:KFJ J<:I<K8I@F ;<C ALQ>8;F ;<:@DF J<>LE;F ;< CF :@M@C ;< G@:?@E:?8 ?Xp le j\ccf 8%:%&(((-' <OKI8:KF GIF:<J8;F1 AFJ< CL@J >L<II<IF D8IK@E<Q F=<E;@;F1 < E I @ H L < 8IFJ<D<E8 IF9C<J <%G% IKM<:L8;FI ;<C@KF1 ;<JKIL::@äE ;< J<IM@:@FJ Gè9C@:FJ AL@:@F Ef% ('+.$)'('$;I%
C:? ALQ>8;F HL@EKF ;< >8I8EKĂ 8J G<E8C<J ;< G@:?@E:?8%$ Hl`kf# dXi$ k\j *( [\ dXpf [\c )'((# cXj (,_',%$ Cfj \jZi`kfj hl\ gi\$ Z\[\e `eZfigÂ?i\j\ Xc gifZ\$ jf%$ LeX m\q hl\ \c XZljX[fi _X i\ZfefZ`[f jlj XZljXZ`f$ e\j gXik`ZlcXi\j p YXaf aliX$ d\ekf [\ZcXiX [\jZfefZ\i \c [fd`Z`c`f [\c gifZ\jX[f AfjÂ&#x201E; Cl`j >l\ii\if# [`jgfe^f1 <c \jZi`kf [\ ]j% 0/*$0/- hl\ Zfek`\e\ cX XZljXZ`Â?e gXik`ZlcXi ]fidlcX[X gfi <EI@HL< AL8E 8IFJ<D<E8 IF9C<J# >\i\ek\ >\e\iXc p I\gi\j\ekXek\ C\^Xc [\ cX \dgi\jX gÂ&#x2019;Yc`ZX K\c\m`j`Â?e p IX[`f [\ <ZlX[fi <%G% IKM<:L8;FI# \e ZfekiX [\ DXiÂ&#x2C6;X >iXZ`\cX :i\jgf GfeZ\# MÂ&#x2C6;Zkfi ?l^f <iXqf If[iÂ&#x2C6;^l\q# >Xcf <]iÂ&#x201E;e Dfek\m\i[\ :Xjkif p AfjÂ&#x201E; Cl`j >l\ii\if DXikÂ&#x2C6;e\q# gfi i\le`i cfj i\hl`j`kfj [\k\id`eX[fj \e \c 8ik% ,, [\c :Â?[`^f [\ GifZ\[`d`\ekf G\eXc# j\ cX X[d`k\ X ki}d`k\ Zfe]fid\ Xc 8ik% ,- [\c Z`kX[f :Â?[`^f p [`jgfe^f j\ :@K< Zfe \jZi`kf [\ XZljXZ`Â?e gXik`Zl$ cXi# \jkX gifm`[\eZ`X p kf[f cf XZklX[f X cfj gifZ\jX[fj D8IĂ 8 >I8:@<C8 :I<JGF GFE:<# \e \c ZXj`cc\if al[`$ Z`Xc Ef% (..+ [\c ;i% >XYi`\c GfeZ\ ?\ie}e[\q2 MĂ :KFI ?L>F <I8QF IF;IĂ >L<Q# \e \c ZXj`cc\if al[`Z`Xc Ef% 0'( [\c ;i% 8c]i\[f :Xc[\iÂ?e :XYi\iX2 p# >8CF <=IyE DFEK<M<I;< :8JKIF# \e \c ZXj`cc\if al[`Z`Xc Ef% (-0( [\c ;i% IXd`if Dfi\ef2 Xc gifZ\$ jX[f AFJy CL@J >L<II<IF D8IKĂ E<Q [`jgfe^f :@K8I gfi cX gi\ejX# gfi ki\j glYc`$ ZXZ`fe\j \e le g\i`Â?[`Zf [\ Xdgc`X Z`iZlcXZ`Â?e [\c cl^Xi# Zfe]fid\ \c 8ik% /) [\c :Â?[`^f [\ GifZ\[`d`\ekf :`m`c EfidX Jlgc\kfi`X Xgc`ZXYc\ Xc ZXjf2 gXiX hl\ Zfek\jk\e X cX XZljX$ Z`Â?e gXik`ZlcXi \e \c gcXqf \jkX$ Yc\Z`[f \e cX C\p% :fe]`Â&#x201E;iXj\ \c \okiXZkf i\jg\Zk`mf gXiX jl glYc`ZXZ`Â?eÂż%%EFK@=Ă HL<J<% ] %$;I% I8LC G% D8IK@E<Q DLzFQ% AL<Q% ;I8% E8I:@J8 G8:?<:F :% J<:I<K8I@8 ;<C ALQ>8;F HL@EKF ;< >8I8EKĂ 8J G<E8C<J ;< G@:?@E:?8 ?Xp le j\ccf 8I&/*(+-&ZZ
8ELC8:@FE<J
BANCO PICHINCHA HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ()) [\ cX :kX% :k\% Ef% *+/+.--+'+ g\ik\e\Z`\ek\ X ;@8Q CL:<IF#8E;I<8$ >89I@<C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ((, [\ cX :kX% :k\% Ef% *+/+.--+'+ g\ik\e\Z`\ek\ X ;@8Q CL:<IF#8E;I<8$ >89I@<C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ,(-. [\ cX :kX% :k\% Ef%
I_ bei ck[hjei [d bei YWcfei Z[ XWjWbbW lebl_[hWd Wb ckdZe Z[ bei l_lei" i[ WYWXWhÂ&#x2021;Wd bWi ]k[hhWi$ C7DK B;=K?D;9>;
*'*..00/'+ g\ik\e\Z`\ek\ X >8CC8I;F E8I8EAF# AL8E$ :8ICFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )+/* [\ cX :kX% :k\% Ef% ***(..*.'+ g\ik\e\Z`\ek\ X CFG<Q FC@M8# <C@8E8$ 8E><C@K8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef .,+. mXcfi ,+,)#0/ [\ cX :kX% :k\% Ef% *+()/+/-'+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ()), mXcfi .' [\ cX :kX% :k\% Ef% *',,/(0.'+ g\ik\e\Z`\ek\ X =CFI<J 9FIA8#AFJ<$8EKFE@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& - d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef +*)' mXcfi ,''' [\ cX :kX% :k\% Ef% *(('*+,)'+ g\ik\$ e\Z`\ek\ X :FFG<I8K@M8 ;< KI8EJGFIK<J <JG<AF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ))( mXcfi (-#() [\ cX :kX% :k\% Ef% *+.,0+(('+ g\ik\$ e\Z`\ek\ X DFM@C@Q8:@FE<J ;F9C<M@8 :@8 C;K8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%()-($ ()0) [\ cX :kX% :k\% Ef% *(/-,(*''+ g\ik\e\Z`\ek\ X DFC@E8 M<I;<QFKF#@M8E$ =89I@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (,)/ mXcfi ('' [\ cX :kX% :k\% Ef% *'-(,(./'+ g\ik\e\Z`\ek\ X :8C;<IFE C < ; <J D 8 # ; @ <> F $ =<IE8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (' d^ 444444
HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -(( Xc -(- [\ cX :kX% :k\% Ef% **.'(-0*'+ g\ik\$ e\Z`\ek\ X KL=@EF I@M<I8# CLQ$8D<I@:8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )0'. Xc )0*- [\ cX :kX% :k\% Ef% *),-',/)'+ g\ik\e\Z`\e$ k\ X HL@E>8 CFP8# AFJ<$CL@J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )'* mXcfi /' [\ cX :kX% :k\% Ef% *'-+.,/*'+ g\ik\$ e\Z`\ek\ X 98I98 ;FEFJF# :I@JKF98C$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -+0, [\ cX :kX% :k\% Ef% *'..(+-('+ g\ik\e\Z`\e$ k\ X IL@Q CFG<Q#9PIFE$ J<98JK@8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )0*. Xc )0-* [\ cX :kX% :k\% Ef% *),-',/)'+ g\ik\e\Z`\ek\ X HL@E>8 CFP8# AFJ<$CL@J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (, d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )0-+ Xc )0.' [\ cX :kX% :k\% Ef% *),-',/)'+ g\ik\e\Z`\e$ k\ X HL@E>8 CFP8# AFJ<$CL@J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0-) [\ cX :kX% :k\% Ef% *'('-*+,'+ g\i$ k\e\Z`\ek\ X :8II@CCF ? L D 8 E 8 E K < # G8K I @ : @ F $ ?<I@9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (00 Xc )). [\ cX :kX% :k\% Ef% *+0).)')'+ g\ik\e\Z`\ek\ X I<:8C;< L9@;@8#ALC@F$ =<IE8E;F G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e%
8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ))/ Xc )*' [\ cX :kX% :k\% Ef% *+0).)')'+ g\ik\e\Z`\ek\ X I<:8C;< L9@;@8#ALC@F$ =<IE8E;F G8KI@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ).,( mXcfi (./ [\ cX :kX% :k\% Ef% *'--'+(('+ g\ik\e\$ Z`\ek\ X A@D<E<Q >L<M8I8# C@Q8I;F$?LD9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )+-. mXcfi +' [\ cX :kX% :k\% Ef% *+,++/,''+ g\ik\e\Z`\e$ k\ X JF:@<;8; 8LKFI<J P :FDGFJ@K%<:L8KFI@8EFJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *'0 [\ cX :kX% :k\% Ef% *++'/))''+ g\ik\e\Z`\e$ k\ X GLAFK8 =<IE8E;<Q# D8I@8$G@<;8; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,(,( Xc ,)(' [\ cX :kX% :k\% Ef% *'(/'-'''+ g\ik\e\Z`\ek\ X <JG@EFJ8 K<I8E#?<:KFI$ IFC8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ((0(, mXcfi ***+#)) [\ cX :kX% :k\% Ef% *''./',/'+ g\ik\e\Z`\ek\ X 8K<E8J J:?FFC [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef 0-, [\ cX :kX% :k\% Ef% *',//,./'+ g\ik\e\Z`\ek\ X :ILQ GFII8J# N@CC@8D$ I8D@IF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ), d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef */' [\ cX :kX% :k\% Ef% *'/('/,,'+ g\ik\e\Z`\ek\ X QLI@K8 98HL<IF# G8LC$<JK<98E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef )/. [\ cX :kX% :k\% Ef% *+/*0,.+'+ g\i$ k\ e \ Z ` \ ek\ X P8 E < Q :?8DFIIF#;FCFI<J$
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ? ;< CFLI;<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /(*/ mXcfi (.#)* [\ cX :kX% :k\% Ef% *('+('-''+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /),/ mXcfi (-, [\ cX :kX% :k\% Ef% *('+('-''+ g\ik\e\Z`\e$ k\ X J<>LIFJ <HL@EF::@8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /)/* mXcfi (-0*#0) [\ cX :kX% :k\% Ef% *('+('-''+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef /)/- mXcfi ),-#)+ [\ cX :kX% :k\% Ef% *('+('-''+ g\ik\e\Z`\ek\ X J<>LIFJ <HL@EF::@8C J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ('( Xc (*' [\ cX :kX% :k\% Ef% *+0(+,/*'+ g\ik\e\Z`\ek\ X 8E;I8;< M<I;<QFKF# A<EEP$D8I@9<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (('** mXcfi ,'' [\ cX :kX% :k\% Ef% **.*'(/-'+ g\ik\e\Z`\e$ k\ X LE@FE :FEJKIL:KFI8 LE@:FEJKIL:K JF:@<;8; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:& ** d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef /.,, mXcfi *(0#0. [\ cX :kX% :k\% Ef% *'00-+*-'+ g\ik\e\Z`\ek\ X :8II8J:F 9 8 C 8 I < Q F # > 8 9 I @ < C$ 8C8A8E;IF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\
Ä Ä
Ef ),(0 mXcfi ,' [\ cX :kX% :k\% Ef% *''0,*0*'+ g\ik\$ e\Z`\ek\ X KFC<;F :8::@F# D8I@F$=<IE8E;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *, d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +0( Xc ,)' [\ cX :kX% :k\% Ef% *'-**,)('+ g\ik\e\Z`\ek\ X A8II@E IF;I@>L<Q# D8I@8$ 8C<O8E;I8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ((-- Xc ((/' [\ cX :kX% :k\% Ef% *')00-()'+ g\ik\e\$ Z`\ek\ X M8JHL<Q M8JHL<Q# N@CJFE$>FEQ8CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& *. d^ 444444 K`gf [\ [fZld\ekf 1 G8G<C :FD<I:@8C Eld\if [\ [fZld\ekf 1 EÂ&#x2014; ;< K@KLCF1 '''''''.$),* EÂ&#x2014; ;< FG<I8:@äE ,)(',0& MXcfi 1 :8;8 K@KLCF =L< <D@K@;F GFI ,#'''%''& EfdYi\ [\c Y\e\]`Z`Xi`f f X hl`\e g\ik\e\Z\ \c [fZld\e$ kf1 >I@A8CM8 FIK@Q E<CJFE I8LC&Eld\if [\ Z\[lcX f IlZ [\c gifg`\kXi`f [\c [fZl$ d\ekf1 (''()0)(), 8:&(((/' ( d^
COOPROGRESO ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()*0,0+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :?8E>FCL@J8 E@E8?L8CG8 CL@J FJN8C;F j\ gifZ\[\$ i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&(&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +'+(('))+,,/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8I<CC8EF DLzFQ D8I:F <;@JFE j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&)&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ','((+,++. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G<z8=@<C ?@GF ?L>F D8I:<CF j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?
Ĺ?
Ä Ä&#x201A;
Ĺ? Ä&#x2C6;Ĺ? Ĺ? Ĺ? Ĺ?Ä&#x201A;Ä&#x20AC;Ä Ä
Ĺ? +. Ĺ? Ä&#x152;Ĺ?
\c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&*&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+*.-'+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X D<E;FQ8 I<8 N@CC@8D ;8M@; j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&+&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-'()'-(+, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '-.''/0+-) [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X 8C98:LI8 >L8K<D8C CL@J @M8E j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&,&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+-/0(+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.''0/))' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFI<EF DFI<EF CL@J :8ICFJ j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&-&d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef +'+((')+/**0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% +'+(.'(0/+(' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X :8@Q8 D8C;FE8;F D<I@ <DG<I8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&( d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(+-,//( p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.')(0/*- [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X CCL>J8 KF8G8EK8 <;N@E G8KI@:@F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&) d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(,)((*( [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\$ e\Z`\ek\ X =8A8I;F IL@CFM8 :?I@JK@8E ><I8I;F j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&* d^
44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((+--*' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '0.'''.0.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X K<A8;8 8I8LAF B8I@E8 ;<C IFJ8I@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&+ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (''((*/+.' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G<I8CK8 N<8KK<P CLQ ;8C@8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&, d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ()''''**** [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8:?8:8D8 :8E>8?L8D@E CL @ J >FEQ8CF j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&- d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*(''-('.) p C`Yi\kX [\ 8gfikXZ`fe\j Ef% (*.''*0*,) [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @D98 :8:L8E>F >C8;PJ @E<C;8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&. d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '(('+**')+ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '(.'(-.(.+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X @D98HL@E>8 FEK8E<;8 AL8E =I8E:@J:F j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&/ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef *('(.*'.* p C`Yi\kX [\ 8gfikXZ`fe\j Ef% *.'('(.+' # [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >FI;FE >FEQ8C<Q AFJ< I@>F9<IKF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&( d^ 44444
Ĺ?
;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+('*-*'+0 p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.'(.+++) # [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFI8C<J >L8GLC<D8 =I8EBC@E ?<IE8E j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&) d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '-''''*.(- [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X A8I8D@CCF G<I<Q D8I@8 =<IE8E;8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&* d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef ('(''-/,+. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X G8I<;<J DFEK<IF = I 8 E B C @ E JK8C@E j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&+ d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.')'-)+) # :kX% Gif^i\jXi Fif '+/''').(+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X M<C8JHL<Q J8D98:?< AL;@K? ;< CFJ 8E><C<J j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&, d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef (*(''*.+,/ p C`Yi\kX [\ 8gfikXZ`fe\j Ef% (*.''*)+(( # [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X KLC:8E8Q8 ?@>L<I8 CL@J 8LI<C@8EF j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&- d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/('(/,*(* [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X I8D@I<Q :?8M<Q 8C98 C@C@8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&. d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef 0(''(-0(, p C`Yi\kX [\ 8gfikXZ`fe\j Ef% 0.''((+,. [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X DFEK<J@EFJ M8:8 G8KI@:@F C@9FI@F j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&(d^ 44444
I_ bei i[dj_Zei de ied l[hWY[i" jeZW dk[ijhW hWpÂ&#x152;d [i \WbiW$ J?JE 97OE BK9H;9?E
;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '/''''+,*+ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8HL@E>8 >L8EFCL@J8 D8I@8 8E8CL@J8 j\ gif$ Z\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&)d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+'(,'.'-' p C`Yi\kX [\ 8gfikXZ`fe\j Ef% '+.''/')0' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X L:?LG8EK8 JLC:8 D8I@8 ;< CFJ 8E><C<J j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&*d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '0'((+*0)' [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X J8E:?<Q DFI8C<J 9C8E:8 =89@FC8 j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&+d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+('*0*)(/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X GFE:< G8K@zF ><I8I;8 IFQ8I@F j\ gifZ\[\i} X Xel$ cXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&,d^ 44444 ;\Y`[f X cX gÂ&#x201E;i[`[X [\ cX C`Yi\kX [\ 8_fiifj Ef '+(')(,(-/ [\ cX :ffg\iXk`mX [\ 8_fiif p :iÂ&#x201E;[`kf :ffgif^i\jf C`d`kX[X# g\ik\e\Z`\ek\ X >L<II8 :8II<I8 =8EEP >I8:@<C8 j\ gifZ\[\i} X XelcXicX% GXik`ZlcXi hl\ j\ gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# gXiX hl\ hl`\e j\ Zi\X Zfe [\i\Z_fj jfYi\ \c d\eZ`feX[f [fZld\ekf cfj i\ZcXd\% 8:&&-d^
BANCO RUMIĂ&#x2018;AHUI HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'-)'-,('' Eif% :XikfcX (-/-,,0'(), [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ( d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'')/(/0'' Eif% :XikfcX (.*.'(0')(( [\c
9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& ) d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/)*.+.+,'' Eif% :XikfcX (/),-*/'''0 [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& * d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'-0-).)'' Eif% :XikfcX (-.*,,,'',( [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& + d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'+-*'.*'' Eif% :XikfcX (-,*0/0'(-- [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& , d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/''')*)0'' Eif% :XikfcX (-,(/,('('/ [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& - d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'*,(+0('' Eif% :XikfcX (.'(,+,'(*. [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& . d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/(/+*.(*'' Eif% :XikfcX (.0'0/-')). [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& / d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'*(.)00'' Eif% :XikfcX (-./(')'('/ [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& 0 d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/)*'(*0,'' Eif% :XikfcX (/)'***''(- [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (' d^ 44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/',.''.('' Eif% :XikfcX (-.+,)*'),- [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (( d^
44444 HL<;8 8ELC8;8 Gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiifj Ef%/'-'/.+('' Eif% :XikfcX (.)0(00'(*. [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& () d^ 44444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%-0,$-0/$.'' Xc .)- [\ cX :kX Ef%/'(-.',0'+ g\ik\e\$ Z`\ek\ X C<;<JD8 >8@9FI# D8I:@8$D8IK8 [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%.). Xc .,- [\ cX :kX Ef%/'(-.',0'+ g\ik\e\$ Z`\ek\ X C<;<JD8 >8@9FI# D8I:@8$D8IK8 [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef%.,. Xc .-' [\ cX :kX Ef%/'(-.',0'+ g\ik\e\$ Z`\ek\ X C<;<JD8 >8@9FI# D8I:@8$D8IK8 [\c 9XeZf Ild`Â&#x152;X_l`% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj - [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:& (, d^
BANCO PROMERICA J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kX Ef *-,.*( [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X IFD<IF AFJ< hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&(&D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X \c Z_\$ hl\ Ef% ,.) MXcfi )*%(( ;\ cX Zl\ekX Zfii`\ek\ Ef ('))'.))++ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X @E=FID8K@:8 P J@JK<D8J hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:&)&D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X \c Z_\hl\ Ef% ,.* MXcfi +' ;\ cX Zl\e$ kX Zfii`\ek\ Ef ('))'.))++ [\c 98E:F GIFD<I@:8# g\i$ k\e\Z`\ek\ X @E=FID8K@:8 P J@JK<D8J hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&*&D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X \c Z_\hl\ Ef% (*0 MXcfi (,' ;\ cX Zl\e$ kX Zfii`\ek\ Ef ('*/,),'(+ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X IFD8E G<I<Q M@:<EK< IF;FC=F hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:&+&D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX GÂ?c`qX [\ @em\ij`Â?e Ef *'-'(0,( [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X QF@C8 G8:?<:F M8CFI (%+,0#*0 =<% ()&'+&)'' && =M& '+&'+&)'(( hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$
kif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&,&D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kX Ef *--)-, [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X A8D@ A8D@ E<JKFI 8E@98C hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:&&( D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kX Ef *-+.*( [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X G<IC8 D8I@E8 <EI@HL< G@<;I8 hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&&) D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kX Ef *--)-, [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X A8D@ A8D@ E<JKFI 8E@98C hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:&&* D> 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kX Ef **)-() [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X :FII<8 I@<I8 K8I:@C8 C@C@8E8 hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`ZXZ`Â?e% 8:&&+ d^ 44444444 J\ XelcX gfi gÂ&#x201E;i[`[X cX C`Yi\kX Ef *,*,./ [\c 98E:F GIFD<I@:8# g\ik\e\Z`\ek\ X FEF=8 @G@8C CL@J >LJK8MF hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj () [Â&#x2C6;Xj gfjk\i`fi\j X cX Â&#x2019;ck`dX glYc`$ ZXZ`Â?e% 8:&&, d^
BANCO PROCREDIT 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ cX Zl\ekX [\ X_f$ iifj eÂ&#x2019;d\if (( '('( (-'*00 ( [\ IFD<IF @EKI@8>F <>;P 8CD8>IF# Zfe :%@% (*',+(*+- /% 8%G%&+0+''&b%d% 444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c glYc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i[`[X [\ cX c`Yi\kX [\ X_fiif Ef ''+/-.-/ :kX (''('((-'/,/)# [\ cX j\Â&#x152;fiX GX^lXp :XimXaXc Fc^X DXiÂ&#x2C6;X# :@% (.)+*-'-+. 8I&/*(.(&ZZ 4444444 98E:F GIF:I<;@K J%8% gfe\ \e ZfefZ`d`\ekf [\c gÂ&#x2019;Yc`Zf# cX XelcXZ`Â?e gfi gÂ&#x201E;i$ [`[X [\c :\ik`]`ZX[f X GcXqf =`af Ef% '',//// :kX% Ef% '(')'(')+)+..# [\ cX j\Â&#x152;f$ iX A`d\e\q :XYi\iX E`\m\j <jd\iXc[X# :@% (.'.(-0*'+ 8I&/*(.)&ZZ
B.N.F. J\ XelcX gfi g\i[`[X cX c`Yi\$ kX [\ X_fiifj ''('+*)')0 g\ik\e\Z`\ek\ X cX JiX% DXip <c`qXY\k_ Il`q 8lc\jk`X# Zfe :%@% (.((./-..$' [\c 9XeZf EXZ`feXc [\ =fd\ekf% 8%G%&+0*--&b%d%
MUTUALISTA PICHINCHA
BANCO DE GUAYAQUIL 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ \c j\Â&#x152;fi j N<G@ 9<:<II8 @E>I@; C8LI8 ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j (-+ 8C )), [\ jl Zl\ekX Zfii`\ek\ )()'./') c\ ]l\ife jljkiXÂ&#x2C6;[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfejXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfe$ j\Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:& ( d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ \c j\Â&#x152;fi j G8D<C8 DLzFQ ?X [\ZcXiX[f hl\ \c cfj Z_\hl\ j )'*$ )), [\ jl Zl\ekX Zfii`\ek\ -)0,+.0 c\ ]l\ife jljkiXÂ&#x2C6;[fj \e YcXeZf p j`e ]`idX YXaf jl i\jgfe$ jXY`c`[X[ Z`m`c p g\eXc hl\ j` j\ gi\j\ekXi\e Xc ZfYif cfj i\]\i`[fj Z_\hl\j# \jkfj jfe =8CJ@=@:8;FJ# p \e Zfej\$ Zl\eZ`X \c 9XeZf ef [\Y\i} gX^Xicfj% 8:& ) d^ 4444444 9XeZf [\ >lXpXhl`c J%8%# X jfc`Z`kl[ [\c j\Â&#x152;fi G8:8CC8 8D8>L8P8 AL8E :8ICFJ Zfdle`ZX Xc gÂ&#x2019;Yc`Zf hl\ gfi gÂ&#x201E;i[`[X# [\k\i`fif# ifYf f jlj$ kiXZZ`Â?e j\ gifZ\[\i} X [\ZcX$ iXi j`e \]\Zkf \c Z_\hl\ [\ cX Zl\ekX Zfii`\ek\ Ef% 0))/+*/ EfdYi\ [\c 9\e\]`Z`Xi`f1 G8:8CC8 8D8>L8P8 AL8E :8ICFJ EÂ&#x2019;d\if [\ Z_\hl\ ('/* MXcfi1 (+''%'' 8:& * d^
J\ XelcX c`Yi\kX p kXia\kX [\ [Â&#x201E;Y`kf gfi gÂ&#x201E;i[`[X [\ cX :kX% [\ 8_fiifj )'-,0/(0 [\ DlklXc`jkX G`Z_`eZ_X g\ik\$ e\Z`\ek\ Xc Ji% N`ccXdj C\Â?e :%@% (.('++**.$* 8I&/*(./&ZZ
BANCO DEL AUSTRO Gfi fi[\e [\c k`klcXi# j\ gif$ Z\[\i} X cX I<MF:8KFI@8 [\ gX^f gfi1 :_\hl\ Ef% ).',$).(' % :l\ekX :fii`\ek\ (,'')*'( Dfk`mf G<I;@;8 8:& ( d^
8ELC8:@FE<J M8I@8J 8elcXZ`Â?e% Gfi gÂ&#x201E;i[`[X [\c kÂ&#x2C6;klcf [\ XZZ`Â?e Ef% **) gfi +' [\ >Xjg\kjX X efdYi\ [\ :XiiXeqX <jg`efqX ?l^f 8I&/*(-,&ZZ 444444 Gfi gÂ&#x201E;i[`[X j\ XelcXe cfj kÂ&#x2C6;kl$ cfj [\ XZZ`fe\j Efj% ((/,( Xc ((/-' p ..,./ Xc ..-/- gfi + LJ8 ZX[X leX# [\ >Xjg\kjX X efdYi\ [\ :Xicfj <% A}Zfd\ :% 8I&/*(-.&ZZ 444444 8elcXZ`Â?e% Gfi gÂ&#x201E;i[`[X [\c kÂ&#x2C6;klcf [\ XZZ`Â?e Ef% 0*( gfi +'#ff [\ >Xjg\kjX X efd$ Yi\ [\ JXiXe^f =\ie}e[\q 9cX[`d`i M`Z\ek\% 8I&/*(.,&ZZ