ࡱ> @= g+kZmx!tvDxxڽZMlTU>S:PA QԄΔ;hgM4JEmc5Ȃqq5FIt喐k=tNoZ{sw-=Kk#)׶uDAt+-,F,,Yq',ەMiu]ډN9WZ_qt̳1/4R/-uW :EU.r8ϸ  << оKʾѫ]Uۀ{.Z^f $j!gDL<4%2(=,CliUb`]MÚ( ˶_#y29|oR!b쭲?W7͓b)λÕ[y(^ ǀ@^ Bߴq ǀG%` p1)T81ʼߢֱ2R < 3.siĽO5=ZY=" ;@,oGoŶ˶3G{v:!/a[mvLlg|˿=!ʶ zmN#6 Yv]q81m4gۻ^g"Q/saOH<{ޅz5~{Lc^ ˻Ʒ,[c1r|e,1yZ90៘gMfc7h^~(߆_%ؾDwEA`?}Ke+# {_^=~#R왢|7$|{$,8|Ϝ|w u=A\6hSevX:C GGyte+ۮƗ +_p̃5#qw9W̙)by}]gC?TyWmq&N}!ez;趲<}~ɸ8lU-^+yZyu{yu{y0)^Yu]Sk9Cx)U62d^DٱY%D]fDyrug*9Efʇ[«bG*^Ik*הkJ ]^^AԼj*rx)sw<=ʜ։/_IXk+6qb`! %1U%vk٘1UD̀T=p&$x||UΦ"]Z;PBo (H'D=BxT A(oMn176;}93?ƠJ!R"_hZ~TR|ީXf1_j'ƄRƄ<>2SYtA.#Et#4bX Ht0feoWrؘ%'}_=#QKHƂ d!ADƢY5¨icHǢYta1Fedaq!a,.0CMP3aAdCL$ESC\&_Q ƾ}ؾؚd-_k2 аI)ER?^JU/K̢3* ,XJeOL{^1o}_b g_Pv5z͂v\ゝ"R'(Ld5+٫w͖kE@V[0ő&(A1ޔxIެ]"kf/1Zt- R b◢$iK=Ź hiDžD/0#8F#in4ш.1'v(hb ;/D3&E"݈c!!!7,>^vq҇)NUv STt$idNi$+ҕK0b3 Z,-/CIH/cW^ŶuS,/Ayobmp!v)3qpku/n8BHaG~y5Wk֒';dc,~+p >8]X'f^8Q/@KoBw#h"ğ1/cA~x >}vxfa GQ&}TV ɋV,s cV)FҼ.d1[>'_jEO)^~hv peLrcm]<1:o>SSS%*.dg]q!Gy{4EG):LxAƌPA,1-GbRL)` 'U,"۰łp A,G Xmk!L.,q)?n2b$ˎYI,+`i^s;2b+ʔŭƞL5j {40SM<~3T>f05se2Ys6+'y]DB"YB.Ҳ*` ( jCyl!jc+h-#6^X `Ya *1oL[c(t98e`KXwjM (p8^"n`S CV[X92EE~ )a^XOMZYUVqǭ]`#i|P@2qLkJc_V7¾Ǘ7,~o`+a`z_𪹏sSbJ)m7R>rbY&Q^C6oO^;ga e)mDbL&[S!Kqj~!.iaaS SNL?W,ba9s?2'9ubX &ٱцL~T# 8%45ɂߚô&Qal F*H/4ds^7gtv~J7zu静57dƪ=Hr7ŰAX|Lc3b0 Mɜ%]$=F msLI\k:h|]7Jw&y8*X5L)ll>v v|ԉԗ+nOe{4U䮌Oc<ݧc^qNS6q<& "T Ǵ54&::':~"ܜ=L1Mai_:00nfXn]4y8K%ɺ ]0=Ni7a-ě.ެ){?xGSt6EZz?N-mk]Tpɔ4:AoSZ0t & ́=f& bjz)11a6=$VjÊ:|h:Aq3ifs)N'8 aO@ 0- 6sg;1g˻*O51}53ʞYcβlDY%rEIc h},Ƙby 6YE`_c\iP6)`l>NRxG6>yXJSsM4w-0֠]Iit\ Zw0d)/I˿@ӽ^L`ʚ&T%v]Pvl9i>1{gfYl暕fYkfufn֘]&s?mwZoe .~~)~ĊI4;5 ->4680Y/s7{i./㳠o^$;xYJD>𹘕=)tjƇ43|Gt!8k'b,.%b'S>/[[6]'''=3#i=_K7|Yo]d 4D KIh;RNw9,&O/,p>}Indv `Dy;G|$֘b-ƙī:=m|^ͷn=ci=_mݟ?h~XşG8~\O_^%x2Et<@<#^y.q -5 zRG.>J_C\"˳b#7~PXosFz(m m*V_|ug/}lӚAV% m#sW䏻]'i%}gW6Kx^ů7`togdgȾy*s b$t0O}xvǜGq~O>{F%Efh)r E<e%]vo3K*pmJV&+n /k|;9ʯ{_[yeb~MWeA^^TDNVشI?tP|։+i,'sS.GhLleݠkuYyrQ6+63\.O,%ge(Rj oyy7hCyЖWr=A<d ұqseuvS%.egKP;/R=%Jnwן]~"j/=|v,KܨbIO{|,H;Es<-鬘}5Y g(Z|Ū,8ǂ Ey_Xޝ}*Ħlf8AUbMM`]_gRX[JX)3ilceXۥ[.긏5=`ḟtml~M7>l4eC:UXC*A0bi<=6c؉q`Za` SzCI@aiіI->!"F.7wg56dp-H?ap*kO:d$'hדJXcؗ-kVa[6EؐD{mDy.9rl"`0u ,?=l_Fz{P3GYJM6ܸe&YF$G0e!ȃXq*a.Dٶ9k@1PCwoOm9WoyIlbeV2"GlN> l)_y>227,񞵺,l,`>r,ĭqy\O,=lO6a=M׀>^>۾tH-\ 7|^r7XB H ˽PJnrT es(/\*+A l:IGEY_ar:D50(ϐEq q$ck-U.gjR΄r̤\%g`L 8N`:/~_y КIe(.,Ǔ`q AW/cOsrzyϪŲ[UWz0^Yey'cr#V̪YO='~7TqRg?>Ϭ& uVcD'b6Xapǩ5Sb5ʪmNŊ?Ds([5gS9VNBMK$vmm6Y9wYt-}Z-pzsP3ԴA5+` ԰fA]k>yiY 5[a5Z`U&Yav $'Z9`UX[+X0Q>é&qg̓lxbMGPjw(^nkVw` D,4=W?NƭTKTkaֿqY5p긃UZ7kTZx:'u Qd4e)fmŶ$Gkkb5Ya$W bVEeōևk}Ūwj5` |a?m4/Z!9yj_>y5W̰k0"[ 0ڎ w0Ŗ'|69~i]gw܂[˰D*,r܊I+?4ª]k*2F{[lDA]@pU Xx&A:=!Co0@nw0xN,Rא BI FBA9Z%jN%iok/º*ֵ5/C%tnK{qiuoBrkC_uq^e:@֊֍L=[G_I||1P:?yr:鯧bRo0Be:)OҠnwY:|B)q'UhpsrM3l!τux,Sc]˱"+dc챷`t.NdRV*ٯ|쥿z5.GoNz~s̲2K)ewA^<{wy;k~B@WPMu;l{b;=Y=4Y;[,҅;@<>C?GEѫ)PSq1>[NSeqzz G 8MϩYR'8U< !8Xנz?r@³$}BjA4ٰEʅԗ;QٝظISR7+ףpJ dowW$z+ſ 'G}PO$!XNY baw<#OohotB !W8{IS mյH.K5Yd.ku)\Gw֫C^z>LXOBO~wSmn})^_/u'+,ur_4B%Lb"F;p@UJwUVƪSD}A[tVkZ&6,SZQ3UFܡ1U( ؄ Nz6oԾ5 HSي𮪄TqxCe_c}@_z%-ܷ߼Pp*T5ZPٍڃIpIr&XhbӯKf aU~SfeYiSF`t_ 6H[H[Pia*H ֨EjĪp^[j5?{3=GC+1PEbd!8>b;hx_`\Bt{N_]Iu5/ynB-ߧ (ȋAO\osߕ%]qQ(MgEqY' AВNJ\1D! E37\sw11oYXb}b6%ٷ"-+Κj4:xI1L>qxLl@?+i+~g"mx-ьxeQW\8o_$ H+=ab)&NqwS8Y|w%'xB8S\LN1ރ^ -!zAFuA Ԣ31Ec /b6IPsg8U"ipI♞*^ .$~;Y}X?PyChe'"?xVdŃ" [ȏDA/D8AE=7뢶 M'雌E$NYQ@nP,U(QT!.6nV6N1c(w%/.h%7$oދ<'%qL'_ =p>%?~"n1"NbJZqɷ@t%ٻb$w-jWv1&%q(멾Id$,uZ<ջ +^Bc>Cp>քASR55m<k03%\. sPva=ރxPJG[:p?L;Ek/tNp(A88lb(ͫ&|IOTNXlhA[l %ǞP ~N`.!]f#};6${w<,Xt;Hz'1 1d1QI $A;7#L"LЃnC\6S*'{U_"`8 tB:?L l$Eli:eiMs3ྩFZlxW_+^AKWr$7fM9yB)?W@\2J(!cec@=5`"""qFvn1(;xXKOAJFIyHV1Qăp` 1&O011=xEMƯfwgfgfQIQ]=_W]3B>B![ ӊrmaѮ"E/k`L<{o>} :$ L1< f[E5R_'rCH9dgV!sEq;_Xme ,cBr1o=#6ܮe:msǠڱ-lAA+kv]ig52_SP||Ƀϔq _)c[>&3˚.Y ߦܺNb ildc4mYˊ äLc ¤MAg\a{ʙK&*e*Gtzh#^EfQFtld$SIֲ`|阡7_4_hD{3;K>Eut9L]aW9ùpĴEl |9`x/ޞW$nhʡvnu|䄱~SN>zΝA}JR!e7bje6礏|EEc`($' _i7ђ'61"|6Ib~KvQjb,sDǥ:'e*zOٳ(=V~g{-~>}?m(¿vԿ!Ϲ΁fy9X'wFm+F]c4=J1>~/}@se׶"p0"ag2a'a>LfD`Q3/tGE'|ڕWBi_l%ݪ$$>x 1za/ig~hQY( """"%(5 W9  80Grfico Excel.Chart.804Grfico de Microsoft Excel0N Imagen (MS_ClipArt_Gallery.20@Galera de imgenes de MicrosoftT0O Imagen (MS_ClipArt_Gallery.20@Galera de imgenes de Microsoft0P Imagen (MS_ClipArt_Gallery.20@Galera de imgenes de Microsoft0kHoja de clculo Excel.Sheet.80DHoja de clculo de Microsoft Excel/ 0DTimes New Roman0  0DArial Blackman0  0" DArialBlackman0  0"0DWingdingskman0  0@DTahomagskman0  0"PDWingdings 3man0  0`DCG Times 3man0  0 ( "   @n?" dd@  @@``_@ ,whoosh.wav.WAV 20103RIFFWAVEfmt ++data~~~~~~~~~~~~~~~~~~~~~~~~~~~|||~~~~~zvtvxz|~zvrnlrv||vtrpptz~|xvtv|~~zxvvvz|~xrlhntzzvrrpprrx~|j[QU_|bICCYn[ICY~zlnh]_r|]SUSSjz|x__l~v_]drnUb|nfd_]d]5=rrnj]jz~lMldrx[[_f|YQfWK_xh[zx[CIjzxxdSQz|_fI9WӹM;QnvK;OUx~xj]]YS~ɵlM?plM;CGpٵ[)Kh|% %;xtKQS]ɖbGr|lSnvz~nfS[nëx;Az=+AYݻ|=/1r_ ?|潄W5/Czãf)/pvbMQr|O=OtjdhjlG?G_ɊK3לdQCMppW;1SŷAMz/#?bx͖SAM[hvhYp~~zrvt[]ptWOUtxxd]v~vvxzd_xzh_nrSQltbdp~_lrQ_l][tf]W]~hWfp|fWhnhbU[hzlSCWbYbnxpdhjvjM9Ot]GQ[dpp~hhhdpx~xh]Yntnrp]dlvjQMb|vdjpzxzztljr||_[r~~jb_j|z|xpp~~v]Wh||zx|x|zzndhpxr]Yfntzjl|z||~vppnrzphrxz|~|xtrjjtv~~vz|z||xrrv~xrprtz|||vzxvx|xtx~~~~~~~zxxxx|zxz~~~rrz~|xz~~|vtx|zxz|~~~||zx|||~~zz|zz~~~~|~~||~~||zz|~||z~~~~zxzz|~~~~|~~~|~||~~~~~~~~~~~~~|||~~~~~~~~~~~~~||~~||~||~~~~|||~~~~||||~~~~~~||||~~~~~~~~~~~|~~~~|zz~~~~~~~||||~~||~~~~~|||~~~~~|||~|~|~~~~|z|~~~~~~~|||~~~~~~~~||~~~~~~~~   Dq      <    S  ,FH @  U&#&   #&    x  0 "$ g+kZmx$$2$1U%vk٘1UD%"$`"""q=,$$$r$/ig~hQYiP0 0e0e     A@  A5% 8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| f3ɂ洢}@S"8 g4:d:d0fh Tppp@ <4dddd  g4%d%d0Hpj p<4!d!d ___PPT9nfFu88 PNG  IHDRW?sRGBgAMA7 cHRMz&u0`:pQ<?" dd@,? " Ud@ lF `A@`<`  n?" dd@   @@``PR    @ ` `p>> "{(    c BCDEF@   @``) "  c BCDEF@   @`"  c BCDDEF@ ?D ? @`k"  c B CDEFd@ N   @`""   BC5DE,F2@  f*^&55 @   `ju%j"" @  ^BC5DE,F2@  f*^&55 @   `* ""    BC5DE,F2@  f*^&55 @   `:S:""    hBC5DE,F2@  f*^&55 @   `B ""    BC5DE,F2@  f*^&55 @   `3=a ""  @  |BBC5DE,F2@  f*^&55 @   `jCj "*    BACDE4F2@  ay#A5B=%% @    `"  <t7 R~  m7Haga clic para modificar el estilo de ttulo del patrn8 8 "?  07   kHaga clic para modificar el estilo de texto del patrn Segundo nivel Tercer nivel Cuarto nivel Quinto nivel7    l "   648 q 2 a* "  " ! 68   2 e*  "   " " 68 1 2 e*  "   "H  0޽h ? fDW&cC3___PPT92p22 Red  p%2(    c BCDEF@   @``) "  c BCDEF@   @`"  c BCDDEF@ ?D ? @`k"  c B CDEFd@ N   @`""   BC5DE,F2@  f*^&55 @   `au%a"" @  ^BC5DE,F2@  f*^&55 @   `* ""    BC5DE,F2@  f*^&55 @   `1S1""    hBC5DE,F2@  f*^&55 @   `9 ""    BC5DE,F2@  f*^&55 @   `3=X ""  @  |BBC5DE,F2@  f*^&55 @   `aCa "*    BACDE4F2@  ay#A5B=%% @    `" ! 6  `   m7Haga clic para modificar el estilo de ttulo del patrn8 8 " " 6 @ b  p:Haga clic para modificar el estilo de subttulo del patrn; ; " # 6t ` } a* "  " $ 6h   } e*  "   " % 6i   } e*  "   "H  0޽h ? fDW&cC3 0 @M(     N>pd8pd8 {  2 u* ???^^}}   N>pd8pd8  6 2 w* ???^^}}d  c $ ?XK  2M  Nt>5pd8pd8  ?' 2 kHaga clic para modificar el estilo de texto del patrn Segundo nivel Tercer nivel Cuarto nivel Quinto nivel7    l  T>5pd8pd8 {   u* ???^^}}  T?5pd8pd8  6  w* ???^^}}H  0j ? ̙33 0$(    N=kk t$  2 [* J$$JJnn  Nt=kk  5$ 2 ]* J$$JJnn  T=kk t  2 [* J$$JJnn  T4>kk  5 2 ]* J$$JJnnH  0j ? ̙331    q(     \B C DEFd@+8c))? P<<EE  ZD mAqq!y 4 k}H l f_h @  % +lvK,Qp5U( ^K^j}Yw @ ,$D 0J  0:@,$D 0 2General Superintendency Sectoral Regulatory System@3$       0;>@:,$D 0 yClaude Bess Arze.(-     0T<>A ; ,$D 0 sAlgeria, April 10, 2001.(-    B< ?  /Private Participation in the Electricity Sector&0 " 0 0 "H  0޽h ? ̙33 P@$(  @ @ 6  p`  The Capitalization Model$ " <  H @ 0޽h ? ̙33$ `Dd(  D8 D 0d P/H@___PPT9"  Democratic governments since 1982. Economic and social reforms took place within democratic regimes. Four consecutive governments since 1985 have followed the reform pattern with different outlooks and celerity but under the same concept: Free Market Economy.4@ U(  xhh   D < ` Political Scenario$ " (  H D 0޽h ? ̙33T p(  x  TD1?*p$D 0/<4___PPT9 | The State s assets are not sold, they are contributed to form a corporation in which it has 50 % participation. The other 50% is sold out through an international competitive bidding process. The amount paid for the 50% shares is invested in the expansion of the corporation. The workers of the enterprises have a right to buy shares at book value up to an amount equivalent to their accumulated social benefits. The benefit of the State's shares are distributed among Bolivians through pension funds administrators."P UP<  88  6  vCapitalization (  H  0޽h ? ̙33G  (   ,   T$xaxa1?p@pp$D 0/<4___PPT9 0Promote economic development through attraction of large scale private investment. Ensure the modernization and efficiency of productive areas and services. Create a long term savings system.$p UZ2  (08   6 P ,$D 0 Capitalization Objectives (  H   0޽h ? ̙33V   (    Zxaxa1?_  e PRIVATIZATION* +  L  # *  c BZCDEF1?-- &/9BHM PRSS%S+S/S7V6Y8Y@WIUQTURVPTO\NeMkK{3{n^ T VVG<982)!  [\@Q%  c B6CDEF 1?++"13"4)7-8,T5S-\'V$V'P'ACS^"y4v.zh R TT:76-'!     "WX@Q':  c B^CRDEF? 1?//Q=' ,:ELS VX\$]0];]@YJ[=UASHQAS8L+O#G&?)6(0&)%.)*) ($#'/6; A F A@DQ_`@ON   *   c BnCEDE4F<1? 4" *1>D0DE:P0m(mi4@s"   c BwC<DE0F81? #)+0G7\;r7v)U> 2@N _%4   _%4N _    _ ZB  B s *1?`ZB B s *1?_ZB  s *1?_ZB  s *1?_ N e%4  e%42   BCE$GQa$HcI`TQ@1? t[/lnt[/ln`T`Tt[/ln`T`T(4  c BYCDEF @1?8WXW8 @f+Z  c *BbCDELFT1?6 !%9a\YXT6'(@j,  c BLCDEF @1?;FJK}; @e%-  c B;C,DE,F4`1?  )+"(+*6:/@8d  c BKCDEF$'1?+%AJ +@[J  c BCDEDFL1?  2JffK3#$@y(   B.CDExFgggA 1?n3! (,GKFIXKUPiPID'-!n=@@70%f2  61?f2  61? B  # lvd @1))? TD d ] <qD1? %dB ^ <1?Qb  _ s BCDEFf3f31?6 @W   ` s BCDEFT1?) @M d2 a <1?W b[ b s BCDEFL.1? @L  c s BC`DEFi1?p^_3p @D  d s BZCDEF1?&&$/868CNRS Q Sy-IyPSRUTTWPWAY7X3U5V-U!RPK E:0*# MP@1 MHL  \& e# = A f c jB9CDEFL.1?;;!  "#$%&%(&*&+&))(0':&F'I*L+M(M&M$M"I$G$E#2221138>EHHMf#j&l*m1m8j/o-r+w,i B ?A@1%"( !wx@ E&J g c BCDEDFLL.1?  #$@D\ h s xB^CQDEF1?<<F?5+   '/:@I MSPTSVYZ](\.Z6Z;XEV?U@SCSGRPP;M;M5J-K+K(I(C-8,1+8.)-*)(-2 : D NFEBFy|@! Qr i s BSCDEF$1? +R K+ @ KN j s B"C DEF @1?  !   @38 k s BCDE<FD1?  2JccF1  @3r l s BAC)DE$F,1? ;@1( (@CP m s (B\C-DEHFP1? %0H[[+K,6,+)#%$$% %%" %(@H 8uL R n# k 7R o c "BQC.DEHFP1? -@PK!F"A(=)6+.-'- +(& " %(@R p c BC"DEF1?! @ q s XBCDEF1?88p4%#NX\ vQj6?EO\gr{  qc_V! 3V}Or.mnpqt@ (L { r#  `SzN { s {  t c B2CDE$F,1?  ,1-""@3  u c B:CDE$F,1? '1#6"9!'5'@A%{J v c B)C0DEDFL1?#  (,//++.-( ##$@ w Z m m1?  `  A\\d2 x <1? VL   f y#  f z c BCsDE(F01? ry0IV @  f { c BCtDE(F01? sy1IV @  R | c BCtDE(F01? sy1IV @  < } c BCsDE(F01? ry0IV @  * ~ c BCrDE(F01? qy0IV @    c BCsDE(F01? ry1IV @    c BCtDE(F01? sy1IV @ ~   c BCsDE(F01? ry0IV @ m   c BCsDE(F01? ry0IV @ [   c BCuDE(F01? ty2IW @ G   c BCtDE(F01? sy1IV @ 1 z  c JBCsDE\Fd1? ry0IVm+R;:I$Xp^; /0@  2   B$C݄ENG H#IIQ1? d$j+ю݄d$j+ю݄I`Tj+ю݄I`T=  2   BoCeENGxHGqI`TJ:Q1? eo^eo^`T:o^`T:&  z  c JBCLDE\Fd1?KJ 8zItV"@.);HTiwZ=/0@7 1 }z  c JBlC;DE\Fd1?:5lrkCbD!./<GSes|[?/0@J 9 t  c BC3DE F1?c2@  f2  68c?"  dr  <b GPa   BHd 2State  National Treasury&    BDd  RInvestor      `G/*vd @1?E   fG/*vd @1?0  <    Zxaxa1?   hCAPITALIZATION,+      `dvB;vB;1?l S` {Company(      DL    # @ S h  s 8BACDEPFX1?Q Q UU@@\<T<522Q-Q-),@ Z    s PBGCFDE\Fd1?  ..&(EFEF1B1B>> 9 944/0@ 1 l ! <1?8 f l " <1?' x/ l # <1?P  l $ <1?0 L l % <1?k  l & <1?k  l ' <1?3k d l ( <1?2 l ) <1? F l * <1? ' E l + <1? c l , <1? c  l - <1?; c w l . <1?   l / <1?! p l 0 <1? p l 1 <1?  l 2 <1?  l 3 <1?> 3 `B 4 01?A  `B 5 01? 0 l 6 <1?b>  `B 7 01?A  `B 8 01?c  l 9 <1?>  `B : 01?HA H `B ; 01? } l < <1? >  `B = 01?OA O `B > 01?  l ? <1? B  `B @ 01?OC O `B A 01?  l B <1?> / `B C 01?A  `B D 01? , l E <1?\>  `B F 01?A  `B G 01?_  l H <1?B 4 `B I 01?C  `B J 01? / l K <1?cB  `B L 01?C  `B M 01?e  l N <1?B  `B O 01?IC I `B P 01?   l Q <1?B  `B R 01?PC P `B S 01?  l T <1?B 1 `B U 01?C  `B V 01? - l W <1?_B  `B X 01?C  `B Y 01?`  l Z <1?.  l [ <1?A s l2 \ <1?m p VL  g  #    c BCsDE(F01? ry0IV @ g   c BCtDE(F01? sy1IV @ g   c BCtDE(F01? sy1IV @z g   c BCsDE(F01? ry0IV @i g   c BCrDE(F01? qy0IV @U g   c BCsDE(F01? ry1IV @C g   c BCtDE(F01? sy1IV @0 g   c BCsDE(F01? ry0IV @ g   c BCsDE(F01? ry0IV @ g   c BCuDE(F01? ty2IW @ g n   c BCtDE(F01? sy1IV @ g W z  c JBCsDE\Fd1? ry0IVm+R;:I$Xp^; /0@ g D 2   B$C݄ENG H#IIQ1? d$j+ю݄d$j+ю݄I`Tj+ю݄I`TN H 2   BoCeENGxHGqI`TJ:Q1? eo^eo^`T:o^`T:e 9 z  c JBCLDE\Fd1?KJ 8zItV"@.);HTiwZ=/0@ B / z  c JBlC;DE\Fd1?:5lrkCbD!./<GSes|[?/0@ 0 &   c BC3DE F1?c2@xL   f2  68c?J P L  q #  pq*  c BZCDEF1?-- &/9BHM PRSS%S+S/S7V6Y8Y@WIUQTURVPTO\NeMkK{3{n^ T VVG<982)!  [\@U    c B6CDEF 1?++"13"4)7-8,T5S-\'V$V'P'ACS^"y4v.zh R TT:76-'!     "WX@U"  :  c B^CRDEF? 1?//Q=' ,:ELS VX\$]0];]@YJ[=UASHQAS8L+O#G&?)6(0&)%.)*) ($#'/6; A F A@DQ_`@S j N  ,q   ,q*  c BnCEDE4F<1? 4" *1>D0DE:P0m(mi4@ ,wq"  c BwC<DE0F81? #)+0G7\;r7v)U> 2@0lN  )    ) N       ZB B s *1?  ZB B s *1?  ZB  s *1?  ZB  s *1?  N  )    ) 2   BCE$GQa$HcI`TQ@1? t[/lnt[/ln`T`Tt[/ln`T`T    c BYCDEF @1?8WXW8 @  Z  c *BbCDELFT1?6 !%9a\YXT6'(@ !   c BLCDEF @1?;FJK}; @ )   c B;C,DE,F4`1?  )+"(+*6:/@    c BKCDEF$'1?+%AJ +@_ z J  c BCDEDFL1?  2JffK3#$@} u    B.CDExFgggA 1?n3! (,GKFIXKUPiPID'-!n=@@70% >f2  61?  f2  61?  DL    #  0ph  s 8BACDEPFX1?Q Q UU@@\<T<522Q-Q-),@ Z   s PBGCFDE\Fd1?  ..&(EFEF1B1B>> 9 944/0@ 1 l  <1?8 f l  <1?' x/ l  <1?P  l  <1?0 L l  <1?k  l  <1?k  l  <1?3k d l  <1?2 l  <1? F l  <1? ' E l  <1? c l  <1? c  l  <1?; c w l  <1?   l  <1?! p l  <1? p l  <1?  l  <1?  l  <1?> 3 `B  01?A  `B  01? 0 l  <1?b>  `B  01?A  `B  01?c  l  <1?>  `B  01?HA H `B  01? } l  <1? >  `B  01?OA O `B  01?  l  <1? B  `B  01?OC O `B  01?  l  <1?> / `B  01?A  `B  01? , l  <1?\>  `B  01?A  `B  01?_  l  <1?B 4 `B  01?C  `B  01? / l  <1?cB  `B  01?C  `B  01?e  l  <1?B  `B  01?IC I `B  01?   l  <1?B  `B  01?PC P `B  01?  l  <1?B 1 `B  01?C  `B  01? - l  <1?_B  `B  01?C  `B  01?`  l  <1?.  l  <1?A s l2  <1?m p   BI,0 RInvestor      `G/*vd @1?     `G/*vd @1? 0 ?    `G/*vd @1? / "  6 `,$D 0  Privatization vs. Capitalization! !( ! H  0޽h ?o` ̙33F =F5FE(  5  Zdxaxa1?`` MTransformation of the State-Owned Enterprises into Mixed Capital CorporationsNZN N   j  BG/*p?\   ZTxaxa1?PH XState Contribution    Txaxa1?v / n  ~ Mixed Capital Corporation (MCC)!!    .   BCDE4F<p? @{  Txaxa1?  a(MCC)       Zxaxa1?<  t,Workers Contributions     TA ?1?tg X $00LL !/0  # /!0p   s @B,CkDETF\1?!!9$9$s's'))++ijss9 9 !+,@?4k   s PB3CPDE\Fd1?((^,^,//22oo  OO ^ ^ (/0@/l   <1? l  <1?!|l  <1?)l  <1?!l  <1?l  <1?@al  <1?l  <1?nRxl  <1?](l  <1?\y0l  <1?nl  <1?l  <1?l  <1?Xl  <1?Lzl  <1?ml  <1?hl  <1?gXil  <1?w`B   01?`B !B 01?ql " <1?S`B # 01?''`B $B 01?Zl % <1?!v`B & 01?II`B 'B 01?}l ( <1?D`B ) 01?`B *B 01?Kl + <1?8`B , 01?4`B -B 01?~  l . <1?e`B / 01?88`B 0B 01? ll 1 <1?`B 2 01?`B 3B 01?l 4 <1?v8`B 5 01?4`B 6B 01?r  l 7 <1?R8`B 8 01?%%4`B 9B 01? Y l : <1? u8`B ; 01?HH7`B <B 01? { l = <1?C8`B > 01?7`B ?B 01? I l @ <1?d8`B A 01?774`B BB 01?  k l C <1?8`B D 01?7`B EB 01?  l F <1?~l G <1?l2 H <1?DL x I# xh J s 8B<CDEPFX1? J J 99;;@7871..J*J* ),@9 K s PBBCDE\Fd1? zzhh++AA==h:h:55z1z1 /0@rl L <1?.2l M <1?6?l N <1?cl O <1?l P <1?Fl Q <1?TFl R <1?,Fl S <1?~nl T <1?)Zl U <1?&l V <1?>l W <1?1h>l X <1?>l Y <1?-xl Z <1?DYl [ <1?Dwl \ <1?l ] <1?-l ^ <1?T>`B _ 01?<`B ` 01?Ql a <1?>`B b 01?:`B c 01?l d <1?]>`B e 01?((;`B f 01?Xl g <1?G>`B h 01?:`B i 01?Hl j <1?V`B k 01?YYQ`B l 01?l m <1?&>`B n 01?;`B o 01?#l p <1?P>`B q 01?<`B r 01?Sl s <1?UV`B t 01?  Q`B u 01?Pl v <1?V`B w 01?Q`B x 01?l y <1?^V`B z 01?))U`B { 01?[l | <1?HV`B } 01?U`B ~ 01?Kl  <1?(V`B  01?Q`B  01?$l  <1?SV`B  01?U`B  01?Tl  <1?wl  <1?*zcl2  <1?tw^"   `xaxaG 8c?0 @ The employees of the companies are allowed to subscribe shares at book value up to an amount equivalent to their accumulated social benefits     B) CDEF$8c? HH$kH H( @ 8a W   T4xaxa8c? p U 1st Step  Z   H  0޽h ? ̙33Z `ZXZY(    68c D/<4___PPT9 Increase capital in the company with the proceeds of the bidding. The investor is not allowed to purchase more shares from third parties while the Administration Contract is in force. @ U2  8XX  TTxaxa8c? T2nd Step Z     Zxaxa1?% -Capitalization of Mixed Capital Corporations .Z. .   LL !/0 # /!0p  s @B,CkDETF\1?!!9$9$s's'))++ijss9 9 !+,@?4k  s PB3CPDE\Fd1?((^,^,//22oo  OO ^ ^ (/0@/l  <1? l   <1?!|l   <1?)l   <1?!l   <1?l   <1?@al  <1?l  <1?nRxl  <1?](l  <1?\y0l  <1?nl  <1?l  <1?l  <1?Xl  <1?Lzl  <1?ml  <1?hl  <1?gXil  <1?w`B  01?`B B 01?ql  <1?S`B  01?''`B B 01?Zl   <1?!v`B ! 01?II`B "B 01?}l # <1?D`B $ 01?`B %B 01?Kl & <1?8`B ' 01?4`B (B 01?~  l ) <1?e`B * 01?88`B +B 01? ll , <1?`B - 01?`B .B 01?l / <1?v8`B 0 01?4`B 1B 01?r  l 2 <1?R8`B 3 01?%%4`B 4B 01? Y l 5 <1? u8`B 6 01?HH7`B 7B 01? { l 8 <1?C8`B 9 01?7`B :B 01? I l ; <1?d8`B < 01?774`B =B 01?  k l > <1?8`B ? 01?7`B @B 01?  l A <1?~l B <1?l2 C <1?DL x D# xh E s 8B<CDEPFX1? J J 99;;@7871..J*J* ),@9 F s PBBCDE\Fd1? zzhh++AA==h:h:55z1z1 /0@rl G <1?.2l H <1?6?l I <1?cl J <1?l K <1?Fl L <1?TFl M <1?,Fl N <1?~nl O <1?)Zl P <1?&l Q <1?>l R <1?1h>l S <1?>l T <1?-xl U <1?DYl V <1?Dwl W <1?l X <1?-l Y <1?T>`B Z 01?<`B [ 01?Ql \ <1?>`B ] 01?:`B ^ 01?l _ <1?]>`B ` 01?((;`B a 01?Xl b <1?G>`B c 01?:`B d 01?Hl e <1?V`B f 01?YYQ`B g 01?l h <1?&>`B i 01?;`B j 01?#l k <1?P>`B l 01?<`B m 01?Sl n <1?UV`B o 01?  Q`B p 01?Pl q <1?V`B r 01?Q`B s 01?l t <1?^V`B u 01?))U`B v 01?[l w <1?HV`B x 01?U`B y 01?Kl z <1?(V`B { 01?Q`B | 01?$l } <1?SV`B ~ 01?U`B  01?Tl  <1?wl  <1?*zcl2  <1?tw\L   f #  W  c BCsDE(F01? ry0IV @  f  c BCtDE(F01? sy1IV @  R  c BCtDE(F01? sy1IV @  <  c BCsDE(F01? ry0IV @  *  c BCrDE(F01? qy0IV @    c BCsDE(F01? ry1IV @    c BCtDE(F01? sy1IV @ ~   c BCsDE(F01? ry0IV @ m   c BCsDE(F01? ry0IV @ [   c BCuDE(F01? ty2IW @ G   c BCtDE(F01? sy1IV @ 1 z  c JBCsDE\Fd1? ry0IVm+R;:I$Xp^; /0@  2   B$C݄ENG H#IIQ1? d$j+ю݄d$j+ю݄I`Tj+ю݄I`T=  2   BoCeENGxHGqI`TJ:Q1? eo^eo^`T:o^`T:&  z  c JBCLDE\Fd1?KJ 8zItV"@.);HTiwZ=/0@7 1 }z  c JBlC;DE\Fd1?:5lrkCbD!./<GSes|[?/0@J 9 t  s BC3DE F1?c2@  f2  68c?"    <