Page 1

AVWdgVidgnA^cZ

AVg\ZHiZVbHiZg^a^oZgh[dgi]ZA^[ZHX^ZcXZh


AVg\ZHiZVbHiZg^a^oZgh[dgi]ZA^[ZHX^ZcXZh HiZg^a^oVi^dc^cVaVWdgVidgnZck^gdcbZci]Vh^ihjc^fjZgZfj^gZbZcih#I]ZineZhd[adVYhi]VicZZY idWZhiZg^a^oZYVgZkVg^ZYVcY^cXajYZa^fj^Yh!\aVhhlVgZ!^chigjbZcih!edgdjhadVYhVcYVYY^i^dcVa aVWdgVidgn^iZbh# 8]ddh^c\i]Zg^\]ihiZVbhiZg^a^oZgYZeZcYhdchZkZgVaXdch^YZgVi^dch/i]ZineZd[adVYh![gZfjZcXnd[ jhZ!VkV^aVWaZhZgk^XZhVcYadVYkdajbZh#I]ZIjiicVjZga^cZd[aVg\ZXVeVX^inhiZg^a^oZghhjXXZhh[jaan bZZihi]ZX]VaaZc\ZhedhZYWnhiZg^a^oVi^dc^caVWdgVidg^ZhVcYgZhZVgX]^chi^ijiZh#I]ZhiZg^a^oZgh jhZegZ"kVXjjbVcY\gVk^in[dgV^ggZbdkVaVcY^begdkZYhiZVbeZcZigVi^dc#I]ZhiZg^a^oZghXdkZg V l^YZ gVc\Z d[ Veea^XVi^dch [dg aVWdgVidg^Zh ^c gZhZVgX] ^chi^ijiZh! jc^kZgh^i^Zh! e]VgbVXZji^XVa VcYW^diZX]cdad\^XVa^cYjhig^Zh#

'


9Zh^\cZYid=VcYaZ9^kZghZAdVYIneZh

;Vhi8dda^c\

I]ZIjiicVjZga^cZd[aVWdgVidgnhiZg^a^oZghXVc]VcYaZVkVg^Zind[ adVYineZh#I]ZhiZg^a^oZg^hegdk^YZYl^i]VidiVad[&'egd\gVbhi]Vi gVc\Z^ciZbeZgVijgZ[gdb&%*•8"&(,•8#>[cZZYZYi]ZcjbWZgd[ egd\gVbhXVcWZ^cXgZVhZY#HiVcYVgYegd\gVbhVgZhZiid]VcYaZ/

6[iZghiZg^a^oVi^dc^hViiV^cZY!i]ZVjidXaVkZYddgXVccdiWZdeZcZY

™HiZg^a^oVi^dcd[A^fj^Yh ™JclgVeeZY^chigjbZcihVcY\aVhhlVgZ ™LgVeeZY^chigjbZcih!eVX`hVcYjiZch^ah ™'iZhiegd\gVbh/7dl^Z9^X`VcYKVXjjbIZhi 6aaegd\gVbhVgZ[jaanegd\gVbbVWaZidhj^ii]ZheZX^ÒXcZZYhVcY gZfj^gZbZcihd[i]ZZcYjhZg#

A^fj^YAdVYh Jca^`Z^chigjbZcih!bdgZi^bZ^hgZfj^gZY[dga^fj^YhidgZVX] hiZg^a^oVi^dciZbeZgVijgZXdbeVgZYidcdca^fj^Yh#IjiicVjZgÉh VjidXaVkZhVgZZfj^eeZYl^i]VÓZm^WaZiZbeZgVijgZegdWZ!l]^X] ^heaVXZY^cVgZ[ZgZcXZkZhhZa!Zchjg^c\i]Vii]ZhZihiZg^a^oVi^dc iZbeZgVijgZ^hVXijVaanViiV^cZYl]ZchiZg^a^oVi^dchiVgih#HiZg^a^oVi^dc ^h^c^i^ViZYdcanl]Zci]ZegdWZgZVX]Zhi]ZegZhZii]gZh]daY iZbeZgVijgZ# 6cVYY^i^dcVaX]VaaZc\Z^hi]ZcZZYidegZkZcibZY^VZmedhjgZid ]^\]iZbeZgVijgZh[dgVadc\i^bZ![dgi]ZXdcXZgci]Vi^ib^\]i dkZgXdd`#IjiicVjZgd[[ZghVYkVcXZYdei^dchi]Vib^c^b^oZi]Zi^bZ a^fj^YhVgZZmedhZYid]^\]iZbeZgVijgZhl^i]djiXdbegdb^h^c\dc hiZg^a^oVi^dcgZhjaih#

^bbZY^ViZan!jci^ai]ZX]VbWZg]VhegdeZganXddaZY#6hjYYZcYgde ^cX]VbWZgegZhhjgZXVcXVjhZa^fj^YhidWd^adkZg# IjiicVjZgÉhVXXZaZgViZYXdda^c\iZX]cdad\n^cXgZVhZhi]ZVbdjci d[XnXaZheZgYVnVcYegdiZXihi]ZadVYWnb^c^b^o^c\^ihZmedhjgZ id]^\]iZbeZgVijgZh#GVe^YXdda^c\ine^XVaangZYjXZhXdda^c\i^bZ WnVhbjX]Vh,*#6[iZghiZg^a^oVi^dc^hXdbeaZiZY!V^g^heVhhZY i]gdj\]Vb^XgdW^dad\^XVaÒaiZg#8]VbWZgiZbeZgVijgZ^hYZXgZVhZY l]^aZegZhhjgZgZYjXZhVcYhiZVbVcYXdcYZchViZVgZYgV^cZY# 8dda^c\Xd^ahVgZÒaaZYl^i]XdaYiVelViZgid]ZaeXddaYdlci]Z X]VbWZgidVhV[ZiZbeZgVijgZ#L]Zci]Za^fj^YÉhiZbeZgVijgZ gZVX]Zhi]ZÒcVahZiiZbeZgVijgZ!i]ZXdda^c\hiV\Z^hXdbeaZiZ#

LViZgGZXnXa^c\ I]Zdei^dcValViZggZXnXa^c\hnhiZb^hVXdhi"Z[[ZXi^kZZck^gdcbZciVaan [g^ZcYanhdaji^dci]VigZegdXZhhZhi]ZlViZgjhZY[dgXdda^c\i]ZadVY# I]Z]ZViZmX]Vc\ZggZXZ^kZhXddaZYlViZg[gdbi]ZgZXnXa^c\hnhiZb# I]ZgZXnXa^c\hnhiZbgZbV^chVXi^kZYjg^c\VjidXaVkZdeZgVi^dc#

(


>begdkZY6^gGZbdkVa

6YkVcXZYDei^dch

KVXjjb8nXaZh

I]ZVYkVcXZYdei^dchVgZYZh^\cZYheZX^ÒXVaan[dgjhZ^cXaZVc hiZVbhnhiZbhi]ViYZbVcYhVc^iVgnXdcY^i^dchWZbV^ciV^cZY# I]ZnVgZYZh^\cZYidhVi^h[ni]Zhig^c\ZcigZfj^gZbZcihd[i]Z[ddY egdXZhh^c\!e]VgbVXZji^XVaVcYW^diZX]cdad\n^cYjhig^Zh#

I]ZhiZg^a^oZgÉhkVXjjbejbeZ[ÒX^ZciangZbdkZhgZh^YjVaV^geg^dg idhiZg^a^oVi^dc!ZcVWa^c\Z[[ZXi^kZeZcZigVi^dcd[hiZVb# I]Zedhi"kVXjjbYgn^c\e]VhZ!Vii]ZZcYd[i]ZhiZg^a^oVi^dcXnXaZ! ZchjgZhXdbeaZiZYgn^c\d[edgdjhadVYhVcY]daadl^chigjbZcih# I]^h\jVgVciZZhi]ViZkZci]ZbdhiY^[ÒXjaiadVYhl^aaZVh^angZVX] hiZg^a^inVhhjgVcXZaZkZah#

(&+A\gVYZhiV^caZhhhiZZae^e^c\!Òii^c\hVcYXdbedcZcihVgZjhZY [dgXaZVchiZVbXdciVXihjg[VXZh#=^\]fjVa^inhiZVbXVcWZjhZY [dgi^hhjZXjaijgZ!hiZg^aZlViZgegZeVgVi^dc!gZhZVgX]VcYdi]Zg Veea^XVi^dch#

6YkVcXZYHiZg^a^oVi^dc8nXaZh ;% 8nXaZ Ä ;% Xdcigda ZcVWaZh gZYjXZY bZY^V ZmedhjgZ id ]^\] iZbeZgVijgZhi]ZgZWngZYjX^c\XnXaZi^bZVcYegZkZci^c\YVbV\Z id iZbeZgVijgZ hZch^i^kZ bZY^V# I]Z ZmedhjgZ i^bZ bZVhjgZ ^h XVaXjaViZY jh^c\ Va\dg^i]b WVhZY hd[ilVgZ [gdb i]Z i^bZ i]Z iZbeZgVijgZhZchdg^ci]ZadVY]VhgZVX]ZYVegZYZiZgb^cZYhZi ed^cijci^ai]ZZcYd[i]ZhiZg^a^oVi^dchiV\Z# HigZVb^c\ HiZVb 8nXaZ &%*•8 Ä I]Z higZVb^c\ XnXaZ ^h bdhiXdbbdcanjhZY[dgbZai^c\V\Vg^cEZig^Y^h]Zh#>i^hVadl iZbeZgVijgZhVc^iVi^dcXnXaZhZiVi&%*•8#HiZVb^hVaadlZYidZciZg i]ZX]VbWZgVcYi]Z[VhiZm]VjhikVakZ^hdeZcZYidVaadlhiZVb idhigZVbdkZgi]ZXdciZcihd[i]Zjc^i# 9^h^c[ZXi^dc$>hdi]ZgbVa 8nXaZ ,%".*•8 Ä 6 ÓZm^WaZ adl iZbeZgVijgZ XnXaZ ZcVWaZh Y^h^c[ZXi^dc ÆadlÇ iZbeZgVijgZ ^hdi]ZgbVa#IZbeZgVijgZgVc\ZhZii^c\hVgZÓZm^WaZl^i]^c,%•8

8aZVcHiZVb<ZcZgVidgh  IjiicVjZgd[[ZghildineZhd[XaZVchiZVb\ZcZgVidgh/ I]ZHiV^caZhhHiZZaHiZVb<ZcZgVidgÉhXdbedcZcih! ^cXajY^c\]ZViZghVcYe^e^c\VgZXdchigjXiZY[gdb(&+A \gVYZhiV^caZhhhiZZa# I]ZHiZVbidHiZVb<ZcZgVidg^hV]^\]anVYkVcXZY XaZVchiZVb\ZcZgVidgl]^X]VhhjgZhXaZVchiZVb#>ijhZh hiZVbVhi]ZZcZg\nhdjgXZ#>i^hXdchigjXiZY[gdb(&+A \gVYZhiV^caZhhhiZZa#

I]ZHVc^iVgnIg^"8aVbe;^ii^c\hVgZbVcj[VXijgZY[gdbhiV^caZhh hiZZa#6aahjg[VXZhVgZÒcZanÒc^h]ZYVcYhbddi]ZY[dgcdc" XdciVb^cVi^c\Ódlh#I]ZnZa^b^cViZi]Zedhh^W^a^ind[ZmiZgcVa XdciVb^cVi^dceZcZigVi^dci]gdj\]i]ZkVakZhVcYe^e^c\XdccZXi^dc VgZVhVcYVYYg^\^Y^inidi]Ze^e^c\hnhiZb# I]ZHZeVgViZ?VX`ZiVcY8]VbWZg8dccZXi^dchZcVWaZgZVX]^c\ hiZg^a^oVi^dciZbeZgVijgZh[VhiZgVcY^begdkZiZbeZgVijgZXdcigda# >i^hjhZY[dghiZg^a^o^c\a^fj^YhVcY^hk^iVal]Zcldg`^c\l^i]XaZVc hiZVb# 69^Ve]gV\bKVakZ^hjhZYidegZkZciW^d"WjgYZc# I]Z=di"LZaa^hVhiV^caZhhhiZZalViZggZhZgkd^g!^cl]^X]i]ZlViZg ^h]ZViZYid-%".%°8eg^dgidZciZg^c\i]ZhiZVb\ZcZgVidg#I]Z ]di"lZaaZcVWaZhi]ZgZbdkVad[Cdc"8dcYZchVWaZ<VhZh# HVc^iVgn6^g;^aiZgÄVWVXiZg^VgZiZci^dcV^gVYb^hh^dcÒaiZgegdk^YZh VcVYY^i^dcVaaZkZad[hZXjg^in#I]ZÒaiZg^heZg^dY^XVaanhiZg^a^oZY Wni]ZVjidXaVkZ#

)


LVhiZIgZVibZci;VX^a^i^ZhVcY7^dhV[Zin 6jidXaVkZhjhZY^caVWdgVidg^ZhVcYVc^bVaXVgZ[VX^a^i^Zhi]ViVgZXaVhh^ÒZYVh7^d"hV[ZinAZkZa)bjhi]VkZVeVhh"i]gdj\]YdjWaZYddg hiZg^a^oZg!l^i]^ciZgadX`hi]Viegdk^YZegdiZXi^dcV\V^chii]ZeVhhV\Zd[ediZci^VaanXdciVb^cViZYbViZg^Vahidi]ZhjggdjcY^c\h#6W^d"hZVa bjhiWZ^chiVaaZYVcYbV^ciV^cZYVgdjcYi]Zjc^iVii]ZXdciV^cbZciWVgg^ZgidhZVai]ZheVXZ# IjiicVjZghjeea^Zh[jaahiZg^a^oVi^dchdaji^dch[dgi]ZigZVibZcid[W^d"]VoVgYdjhbViZg^VahVcYlVhiZ#IjiicVjZghiZg^a^oZghXVc WZXjhidb^oZYidbZZii]ZheZX^ÒXgZfj^gZbZcihd[aVWdgVidg^ZhXaVhh^ÒZYVh7HA($)7^d"8dciVb^cVciAZkZa(dg)l]ZgZ ]Vgb[jaeVi]d\ZchVcYk^gjhZhi]ViaZVkZi]ZhiZg^a^oZgeg^dgidY^hedhVabjhiWZ[jaanhiZg^a^oZY#I]ZW^d"]VoVgYdjhlVhiZ hiZg^a^oVi^dcXnXaZl^aaZ[ÒX^ZcianegdXZhhVcnadVYl^i]djig^h`^c\i]ZZck^gdcbZci# I]ZhZhiZg^a^oZghVgZhjeea^ZYl^i]Vi]ZgbVaZ[ÓjZciYZXdciVb^cVi^dchiV\Zi]VihiZg^a^oZhX]VbWZgV^gVcYlVhiZlViZgeg^dgidi]Z^g gZaZVhZ^cidi]ZVibdhe]ZgZVcYYgV^c#6cVYY^i^dcVahiZg^a^oVi^dchnhiZb^h^cXdgedgViZY^cidi]ZVjidXaVkZl]^X]egZkZcihW^d"]VoVgYdjh VZgdhda\ZcZgVi^dc#9jg^c\i]ZV^ggZbdkVae]VhZ!i]ZZm]Vjhi!VZgdhdaVcYXdcYZchVi^dceVhhi]gdj\]VhZXdcYVgnhiZg^a^oVi^dcigZVibZci i]VihiZg^a^oZhi]ZZ[ÓjZci#9jg^c\i]Z]ZVi^c\VcYhiZg^a^oVi^dce]VhZhVaaZ[ÓjZci^hcdiVaadlZYidZm^ii]ZX]VbWZgjci^ai]ZhiZg^a^oVi^dc e]VhZ^h[jaanXdbeaZiZ#

6YkVcXZY8dcigda 8aVhh^X8dcigdaHnhiZb

6YkVcXZYIdjX]HXgZZc8dcigdaHnhiZb

I]ZVjidXVakZ^hZfj^eeZYl^i]VcVYkVcXZYXdcigdahnhiZbVcY 86I'%%,eVcZa!VcYegdk^YZhi]Z[daadl^c\[ZVijgZh/ ™=^\]egZX^h^dcXdcigdahnhiZb[dgeZg[ZXiVcYgZeZViVWaZ  hiZg^a^oVi^dcgZhjaih ™8dci^cjdjhanY^heaVnhi]ZegZhhjgZ^cX]VbWZg!_VX`Zi!hiZVb  \ZcZgVidg!VcYYddg\Vh`Zi ™6W^a^inidXjhidb^oZXnXaZeVgVbZiZghidbVm^b^oZÓZm^W^a^in ™EVhhldgYegdiZXi^dcegdk^YZhhZXjgZVXXZhh ™8dckZc^ZciYViVWVX`je[dgXnXaZ^c[dgbVi^dcgZXdkZgn^cXVhZ  d[edlZg[V^ajgZdgXnXaZ^ciZggjei^dc ™;V^a6aZgiÄ>cY^XViZhXnXaZ[V^ajgZdg^ciZggjei^dc ™9ddg6aZgiÄ>cY^XViZhjcadX`ZYYddg

6cdei^dcVaidjX]hXgZZceVcZal^i]Vhde]^hi^XViZYjhZg"[g^ZcYanEA8 XdcigdahnhiZbWVhZYdci]ZVYkVcXZY6aaZc"7gVYaZn67eaVi[dgb egdk^YZhi]Z[daadl^c\VYY^i^dcVa[ZVijgZh/ ™6*#+ÆidjX]hXgZZc[dgZVhnVXXZhhidXdcigdahVcY^c[dgbVi^dc  k^Vi]ZeVcZa ™Bjai^a^c\jVa"'(aVc\jV\Zh ™7j^ai"^ck^ZlVcYWVX`"jed[]^hidg^XVaXnXaZYViVVcY  VaVgb$ZkZcihhidgZYdcZmiZgcVaÓVh]bZbdgn ™IZX]c^X^VcbZcjh/HZchdg8Va^WgVi^dc!8]Vc\ZEVgVbZiZgh!  >c$DjiiZhiVcYE>9ijc^c\ ™<gVe]^XVaY^heaVnd[IZbeZgVijgZVcYEgZhhjgZigZcY\gVe]h ™Jeid&+Y^[[ZgZci7VgXdYZh"dei^dcVa

9dXjbZciVi^dc Eg^ciZg

I]ZGH'('Edgi

8nXaZYdXjbZciVi^dc^hZVh^anViiV^cZYl^i]i]ZWj^ai"^ceg^ciZg# >iegdk^YZhYZiV^aZYgZVa"i^bZXnXaZYViV!Vh^iVeeZVghdci]Z XdcigdaeVcZaY^heaVnVcYgZXdgYhVYZiV^aZY]^hidgn#>ci]ZXVhZd[ VhiZg^a^oVi^dc[V^ajgZXdbeaV^cii]ZYdXjbZciVi^dcXVc]ZaeigVX` i]ZegdWaZb#

I]ZGH'('edgiZcVWaZhY^gZXiE8VXXZhh!hd[ilVgZjeYViZhVcY gZbdiZbV^ciZcVcXZ#

>FDFEFKVa^YVi^dcEVX`V\Z IjiicVjZgd[[Zgh>FDFVcYEFYdXjbZciVi^dcVcYhZgk^XZh#

*


FjVa^in :c\^cZZgZYl^i]EZdeaZ^cB^cY FjVa^in[ZVijgZhZcVWaZi]ZXdckZc^ZcXZVcYYjgVW^a^incZZYZY iddeZgViZVcVjidXaVkZl^i]XdbeaZiZeZVXZd[b^cY#I]Z[jaan _VX`ZiZYX]VbWZg^hXdchigjXiZY[gdbadc\aVhi^c\(&+A$I^\gVYZ hiV^caZhhhiZZal^i]hjeZg^dgXdggdh^dcgZh^hiVcXZ#I]Z\ZcZgVidg VcYe^e^c\VgZXdchigjXiZYd[hiV^caZhhhiZZa#I]ZecZjbVi^XkVakZh h^\c^ÒXVciangZYjXZbV^ciZcVcXZ#I]ZnVgZhV[ZgVcYbdgZgZa^VWaZ! Za^b^cVi^c\i]ZgZfj^gZbZci[dg]^\]kdaiV\Z#;jgi]ZgbdgZ!^[cd Wjiidchdghl^iX]ZhVgZdeZgViZY[dg[djg]djgh!i]ZVjidXaVkZl^aa hl^iX]idhiVcYWnbdYZ# IldKVa^YVi^dcEdgihVgZVkV^aVWaZ[dgi]ZgbdXdjeaZX]VbWZgZcign! egZhhjgZhZchdghVcYbZVhjg^c\YZk^XZh#

+

HiVcYVgYh/ Djg]^\]fjVa^inaVWdgVidgnVjidXaVkZhXdbeanl^i]i]Zhig^XiZhi ^ciZgcVi^dcVaY^gZXi^kZhVcYhiVcYVgYh# 9^gZXi^kZh/E:9.,$'($::806HB:8dYZHZX#K>>>0HV[ZinHiVcYVgYh/ >:8$JA$:C+&%&%"&VcY+&%&%"'"%)%0HiZg^a^oZghHiVcYVgYh/:C'-*! HI"-0HiZg^a^oVi^dcHiVcYVgY>HD&,++*"&VcYFjVa^inBVcV\ZbZci HnhiZbHiVcYVgY.%%&/'%%-VcY&()-*/'%%(#

%())


HV[Zin HV[Zin^hDjgIdeEg^dg^in DjghV[Zin[ZVijgZhZchjgZ[jcXi^dcVa^inVcYVldggn"[gZZldg`Zck^gdcbZcil]^X]gZhjaih^cgZYjXZYYdlci^bZ#

9ddgHV[Zin I]ZVjidXaVkZYddghVgZYZh^\cZYl^i]VcjbWZgd[^cYZeZcYZci bZX]Vc^XVaVcYY^\^iVahV[Zin[ZVijgZh#I]^h\jVgVciZZhi]Vi^[V egdWaZbh]djaYdXXjg!VcVjidXaVkZ[V^ajgZl^aaWZegZkZciZY# ™6hV[ZinYZk^XZegZkZcihi]ZdeZgVidg[gdbdeZc^c\i]ZYddg l]ZcX]VbWZg^hegZhhjg^oZY ™HiZVb^hcdiVaadlZY^cidi]ZX]VbWZgl]Zci]ZYddg^hdeZc ™6XnXaZXVccdihiVgi^[i]ZYddg^hdeZcdgcdiegdeZganadX`ZY ™I]Z Yddg XVccdi jcadX` jci^a X]VbWZg egZhhjgZ gZVX]Zh Vibdhe]Zg^XegZhhjgZVcYa^fj^YhiZbeZgVijgZ^hgZYjXZYidV hV[ZiZbeZgVijgZ ™Ha^Y^c\9ddgHV[Zin"I]Zha^Y^c\Yddgegd\gZhhl^aaVjidbVi^XVaan hide^[VcdWhigjXi^dc^hYZiZXiZY ™9djWaZ9ddgHV[Zin">ciZgadX`hegZkZciWdi]Yddgh[gdbWZ^c\ deZcZYh^bjaiVcZdjhan ™IZbeZgVijgZ6Xi^kViZY9ddgAdX`"I]ZYddgl^aacdideZcjci^a i]ZiZbeZgVijgZgZVX]ZhVegZYZÒcZYZcYiZbeZgVijgZ

<ZcZgVaHV[Zin;ZVijgZh/ ™9djWaZ>cYZeZcYZciBdc^idg^c\"I]ZXdbW^cZYY^\^iVaVcY bZX]Vc^XVabdc^idg^c\egdk^YZhVXgdhhgZ[ZgZcXZVcY\jVgVciZZh VXXjgViZgZhjaih#I]ZdeZgVidg]Vhild^cYZeZcYZcibZVchid bdc^idgiZbeZgVijgZVcYegZhhjgZ  ™HV[ZinKVakZh"7di]i]ZX]VbWZgVcYi]Z_VX`ZiVgZZfj^eeZY l^i]hV[ZinkVakZh#>[i]ZegZhhjgZZmXZZYhi]ZVaadlZYa^b^ii]Z hV[ZinkVakZhl^aaY^hX]Vg\Z ™7j^ai"^cHiZVb<ZcZgVidgHV[Zin"6lViZgaZkZabdc^idg^c\ hnhiZbbV^ciV^chVXdchiVcilViZgaZkZaVcYZchjgZhhV[Z deZgVi^dcd[i]Z]ZViZgh ™:bZg\ZcXnH]ji"D[[":Vh^anVXXZhh^WaZZbZg\ZcXnhl^iX]Zh[dg ^bbZY^ViZXnXaZh]ji"d[[

,


6;aZm^WaZGVc\Zd[H^oZhVcYBdYZah IjiicVjZgd[[ZghVcjcbViX]ZYgVc\Zd[bdYZahi]ViVgZVkV^aVWaZ^ci]gZZhZg^Zh/8dbeVXi!B^YGVc\ZVcYAVg\Z8VeVX^in# I]ZhiZg^a^oZgX]VbWZggVc\Zh^ch^oZ[gdb&'%id&%&*a^iZgh#6YY^i^dcVaan!lZYZh^\ciV^adgbVYZhdaji^dchVcYcdc" hiVcYVgYX]VbWZgh^oZhidVXXdbbdYViZheZX^VacZZYh#:VX]bdYZa^hVkV^aVWaZl^i]Z^i]Zgh^c\aZdgYdjWaZYddg# >cVYY^i^dcidi]ZaVWdgVidgna^cZIjiicVjZgd[[Zghi]ZI"BVma^cZd[hiZg^a^oZghl^i]X]VbWZgh^oZhl]^X]Xdbeanl^i]i]Z :jgdeZVcHiJHiZg^a^oVi^dcJc^ihgZfj^gZbZcih#

I]Z))VcY**8dbeVXiHZg^Zh IjiicVjZgHbVaaAVWdgVidgn6jidXaVkZhl^i]X]VbWZgkdajbZh [gdb&'%id('%a^iZgh# I]Z))VcY**hZg^Zh^hVkV^aVWaZl^i]i]Z[daadl^c\Yddgdei^dch/ ™;jaanVjidbVi^XkZgi^XVaha^Y^c\Yddg ™BVcjVa=^c\ZY9ddg

BVcjVa=^c\ZY9ddg

-

IjiicVjZgd[[Zgh*Y^[[ZgZcibdYZah/ BdYZa

8]VbWZg9^bZch^dch Lm=m9bb

8]VbWZg kdajbZA^iZg

)),'

)%-m)%-m,(%

&'%

))-%

)%-m)%-m-)*

&)%

)).+

)%-m)%-m.,%

&+%

**.+

*%-m*%-m.,%

'*%

**&'%

*%-m*%-m&'&%

(&%

KZgi^XVaHa^Y^c\9ddg


I]Z++B^YGVc\ZHZg^Zh IjiicVjZgBZY^jbAVWdgVidgn6jidXaVkZhl^i]X]VbWZgkdajbZh [gdb()%id+%%a^iZgh# I]Z++hZg^Zh^hVkV^aVWaZl^i]i]Z[daadl^c\Yddgdei^dch/ ™;jaanVjidbVi^XkZgi^XVaha^Y^c\Yddg ™=^c\ZYYddgl^i]VjidbVi^XadX`^c\# IjiicVjZgd[[Zgh*Y^[[ZgZcibdYZah/ BdYZa

8]VbWZg9^bZch^dch Lm=m9bb

8]VbWZg kdajbZA^iZg

++.%

+&%m+&%m.&*

()%

++&'%

+&%m+&%m&'&*

)*%

++,&&(%

++%m,&%m&'.*

+&%

++,&&+'

++%m,&%m&+'%

,+%

KZgi^XVaHa^Y^c\9ddg

6jidbVi^X=^c\ZY9ddg

.


I]Z+.AVg\Z8VeVX^inHZg^Zh IjiicVjZgAVg\ZAVWdgVidgn6jidXaVkZhl^i]X]VbWZgkdajbZh [gdb*&%id&%&%a^iZgh# I]Z+.hZg^Zh^hVkV^aVWaZl^i]i]Z[daadl^c\Yddgdei^dch/ ™;jaanVjidbVi^X]dg^odciVaha^Y^c\Yddg ™=^c\ZYYddgl^i]VjidbVi^XadX`^c\# IjiicVjZgd[[Zgh)bdYZah/ BdYZa

8]VbWZg9^bZch^dch Lm=m9bb

8]VbWZg kdajbZA^iZg

+..%

+&%m.&%m.&*

*&%

+.&'%

+&%m.&%m&'&*

+-%

+.&*%

+&%m.&%m&*&*

-)%

+.&-%

+&%m.&%m&-&*

&%&%

6jidbVi^X=^c\ZY9ddg

=dg^odciVaHa^Y^c\9ddg

&%


6YY^i^dcVaDei^dch AdVY^c\:fj^ebZci DjgadVY^c\Zfj^ebZciVhh^hihi]ZadVY^c\VcYjcadVY^c\egdXZhh# >i^hbVYZd[]^\]fjVa^in!YjgVWaZhiV^caZhhhiZZa#LZd[[Zgild dei^dch/  ™EjaaDjiIgVnh"HiV^caZhhhiZZaigVnhZfj^eeZYl^i]gV^ah[dgZVhn adVY^c\VcYjcadVY^c\#I]ZgV^ahVgZYZh^\cZYidegZkZcii]Z igVnh[gdbgdaa^c\dkZg#  ™AdVY^c\8VgiVcYIgVch[Zg8Vgg^V\Z"I]Z]Z^\]iVY_jhiVWaZ adVY^c\XVgigdaahd[[i]ZigVch[ZgXVgg^V\Zdcidi]Z^ciZg^dgX]VbWZg gV^ah[dgZVhn]VcYa^c\d[]ZVknadVYh#I]ZigVch[ZgXVgg^V\Z^h Zfj^eeZYl^i]hl^kZal]ZZah!bVm^b^o^c\bVcZjkZgVW^a^in ^ca^b^iZYheVXZ#I]Zl]ZZaWgZV`hegZkZcii]ZXVgg^V\Z[gdb gdaa^c\VcYi]ZXVgi^hZfj^eeZYl^i]VadX`i]ViegZkZcih^i[gdb ha^Y^c\# 

=^\]EgZX^h^dc9dXjbZciVi^dc 8nXaZYdXjbZciVi^dc^hXgjX^Val^i]^ci]ZaVWdgVidgn#6XnXaZi]Vi^hcdiegdeZgangZXdgYZY^hcdiXdch^YZgZYYdcZ#I]ZbdYjaVg^inVcY ÓZm^W^a^ind[djghnhiZb\^kZhndjiVg\ZiZYVcYXjhidb^oZYhdaji^dchidigVX`VcYYdXjbZcii]ZhiZg^a^oVi^dcegdXZhh#

     

™Dei^dcVa&%ÇIdjX]HXgZZc I]ZidjX]hXgZZcY^heaVnhXnXaZ YViV^cWdi]ViZmijVadg\gVe]^XVa [dgbViVcYegdk^YZhVXdci^cjdjh k^hjVa\j^YZ#BdgZdkZg!^iegdk^YZh Vk^hjVaY^heaVnd[Vaae^e^c\[dg bdc^idg^c\ejgedhZh#

    

™H8696Hd[ilVgZ H8696hd[ilVgZVaadlh[dgXdcigda VcYbdc^idg^c\d[jeidZ^\]i hiZg^a^oZghdcVcZmiZgcVaE8#I]Z hd[ilVgZgZig^ZkZhYViV!XgZViZh \gVe]h!iVWaZhVcYeg^cidjih#

™>cYZeZcYZci8]VgiGZXdgYZg  I]Z8]VgiGZXdgYZg^hVc^cYZeZcYZciiZbeZgVijgZVcYegZhhjgZ bZVhjg^c\hnhiZb#>i\^kZhXaZVgVcVad\$bZX]Vc^XVaigZcYgZXdgYh VcYeg^ci"djih^cXdadg#>i^hh^beaZiddeZgViZVcY]VhVcZVhn" k^ZlY^heaVn# ™7VX`jed[8nXaZ=^hidgn9ViV  6gZXdgYd[XnXaZ]^hidgnYViV^hXg^i^XVa[dg]dhe^iVahi]VicZZY gZa^VWaZYdXjbZciVi^dc#I]ZXnXaZ]^hidgnWVX`jehnhiZbhidgZh i]djhVcYhd[]djghd[XnXaZYViV!Y^heaVnZYZ^i]Zg\gVe]^XVaandg cjbZg^XVaan# ™7VgXdYZGZVYZg  I]ZWVgXdYZgZVYZgVaadlhbViZg^Va^YZci^ÒXVi^dc#I]ZYViV^h igVch[ZggZYidi]ZH8696hd[ilVgZVcYa^c`ZYidi]ZhiZg^a^oVi^dc XnXaZeVgVbZiZgh[dghigZVba^cZY^chigjbZci]VcYa^c\#

&&


NdjgHiZg^a^oVi^dc>c[ZXi^dc8dcigdaEVgicZgh 8dbeVcnEgdĂ&#x2019;aZ ;dg dkZg -% nZVgh! IjiicVjZgĂ&#x2030;h hiZg^a^oVi^dc VcY ^c[ZXi^dc Xdcigda egdYjXih ]VkZ WZZc igjhiZY Wn ]dhe^iVah! jc^kZgh^i^Zh! gZhZVgX] ^chi^ijiZh! Xa^c^Xh VcY aVWdgVidg^Zh i]gdj\]dji i]Z ldgaY# Hjeean^c\ V gVc\Z d[ ide"fjVa^in egdYjXih id dkZg &%% Xdjcig^Zh! IjiicVjZg ]Vh ZVgcZY \adWVa gZXd\c^i^dc Vh V aZVYZg ^c hiZg^a^oVi^dc VcY ^c[ZXi^dcXdcigda# <adWVaEVgicZgh]^eh 6i IjiicVjZg lZ [ZZa i]Vi Wjh^cZhh bZVch eZdeaZ YZVa^c\ l^i] eZdeaZ# LZ eg^YZ djghZakZh dc djg gZejiVi^dc [dg i]Z adc\"aVhi^c\ gZaVi^dch]^eh lZ ]VkZ l^i] djg XjhidbZgh!heVcc^c\dkZgYZXVYZhVcYY^hiVcXZhVcYWj^aidcXdbb^ibZciVcYigjhi# Djg;aZm^W^a^in>hNdjg6YkVciV\Z 7ZndcY djg jcbViX]ZY gVc\Z d[ egdYjXih! lZ Vahd bVcV\Z XdbeaZiZ ijgc`Zn hdaji^dch! ^cXajY^c\ eaVcc^c\! YZh^\c VcY ^chiVaaVi^dc d[ Zfj^ebZci! Vh lZaa Vh XdchjaiVi^dcVcY[ZVh^W^a^inhijY^Zh![dgegd_ZXihd[Vaah^oZh#

BdgZ[gdbIjiicVjZg/ ;ZVijg^c\IjiicVjZgUhgVc\Zd[XaZVc^c\!Y^h^c[ZXi^dcVcYhiZg^a^oVi^dchdaji^dch

AVg\Z8VeVX^inHiZg^a^oZgh[dg BZY^XVaJhZ

LVh]ZgY^h^c[ZXidgh[dg ]dhe^iVahVcYaVWdgVidg^Zh

AVWdgVidgnVjidXaVkZhgVc\^c\ ^ch^oZVcYVeea^XVi^dc

EgZedhikVXjjbiVWaZide hiZg^a^oZghYZh^\cZYideZg[dgb XaVhh7XnXaZh

>ciZgcVi^dcVaHVaZhVcYBVg`Zi^c\ :"bV^a/^c[d5ijiicVjZg"]f#Xdb lll#ijiicVjZg#Xdb

IjiicVjZgJH68d# '*EdlZg9g^kZ! =VjeeVj\Z!CN&&,-IZa/ -%%+')*-(+! +(&,(,)-*%;Vm/ +(&,(,%,'% :"bV^a/^c[d5ijiicVjZg#Xdb

&'

9^hig^WjiZYWn/

217142066 217145674

info@ert.pt www.ERT.pt Rua Soeiro Pereira Gomes, Lote 5, Cave Drt. P2845-387 Amora Portugal

AIG((%"%%'+$=DG"A67$>CI$K"'$&%#%.

IjiicVjZg:jgdeZW#k# EVVgYZlZ^YZ(+!)-'):=! E#D#7#,&.&!)-%%<97gZYV I]ZCZi]ZgaVcYh IZa/ (&%,+*)'(*&%;Vm/ (&%,+*)'(*)% :"bV^a/^c[d5ijiicVjZg#ca

Tuttnauer - Large Autoclaves  
Tuttnauer - Large Autoclaves