14/08/2025

˻ ͕͒ ˜ ͓͓͖͑

>ä‰Ì ŗŜĘŕŕŕ ¨¿ÛЩº¢ Ûº©ØÐ ̉ä©ä‰ j’Ø‰Ì ĝ©ºØ‰Ì䉺ة¿ºĞ

j´´ Ø¿ j ¿ÉØ ÐÛÐØj©ºj´‰ ÛÌjº ¢Ì¿åب

,6"-" -6.163 .BMBZTJB DBMMFE PO "TFBO OBUJPOT UP BEPQU BO JOUFHSBUFE VSCBO QMBOOJOH BQQSPBDI XIJDI CBMBODFT FOWJSPONFOUBM TUFXBSETIJQ TPDJBM XFMM CFJOH BOE FDPOPNJD DPNQFUJUJWFOFTT UISPVHI UIF $)"4& $JUZ GSBNFXPSL .JOJTUFS JO UIF 1SJNF .JOJTUFS T %FQBSUNFOU 'FEFSBM 5FSSJUPSJFT %BUVL 4FSJ %S ;BMJIB .VTUBGB TBJE UIF GSBNFXPSL JOUSPEVDFE JO UIF 'FEFSBM 5FSSJUPSJFT FOWJTJPOT DJUJFT UIBU BSF DMFBO IFBMUIZ BEWBODFE TBGF BOE FDP GSJFOEMZ i*U JT XJUIJO UIJT DPOUFYU PG JOUFSDPOOFDUFE DIBMMFOHFT UIBU .BMBZTJB IBT TPVHIU UP EFGJOF B HVJEJOH WJTJPO UIBU JT QSBDUJDBM BOE BEBQUBCMF UP EJWFSTF DJSDVNTUBODFT BDSPTT "TFBO i5IJT JT OPU B DPMMFDUJPO PG TFQBSBUF BHFOEBT CVU BO JOUFHSBUFE QIJMPTPQIZ UIBU HVJEFT VSCBO QPMJDZ EFTJHO BOE HPWFSOBODF JO B IPMJTUJD XBZw TIF TBJE BU UIF "TFBO 4VTUBJOBCMF 6SCBOJTBUJPO 'PSVN "TFBO (PWFSOPST BOE .BZPST 'PSVN BOE UIF .FFUJOH PG (PWFSOPST BOE .BZPST PG "TFBO $BQJUBMT BU UIF ,VBMB -VNQVS $POWFOUJPO $FOUSF PO 5VFTEBZ o #FSOBNB

DPOUJOVF UP TFSWF BT B TPMVUJPO QMBUGPSN UP BDIJFWF UIF HPBM PG [FSP BCBOEPOFE IPVTJOH QSPKFDUT CZ 5IF EFGJOJUJPO PG B EFMBZFE QSPKFDU JT POF UIBU JT CFIJOE TDIFEVMF CZ CFUXFFO BOE DPNQBSFE XJUI UIF UJNFMJOF TUBUFE JO UIF TBMF BOE QVSDIBTF BHSFFNFOU 4 1 XIJMF B TJDL IPVTJOH QSPKFDU JT POF UIBU IBT GBJMFE UP CF DPNQMFUFE CZ UIF EFWFMPQFS BDDPSEJOH UP UIF 4 1 TDIFEVMF .FBOXIJMF "JNBO "UIJSBI TBJE IFS NJOJTUSZ JT OPU JOWPMWFE JO UIF QSPQPTFE ESBGUJOH PG B XPSLFST IPVTJOH "DU DIBNQJPOFE CZ UIF 4PDJBMJTU 1BSUZ PG .BMBZTJB i*G JU JT CSPVHIU UP PVS BUUFOUJPO VOEFS UIF .BEBOJ HPWFSONFOU FWFSZ NJOJTUSZ EPFT OPU XPSL JO TJMPT BOE XF XJMM DPPQFSBUF CVU GPS OPX JU JT OPU VOEFS PVS QVSWJFX u TIF BEEFE .PSF UIBO QFPQMF KPJOFE B NBSDI UP IBOE PWFS B NFNPSBOEVN BU UIF FOUSBODF PG 1BSMJBNFOU ZFTUFSEBZ UP VSHF UIF ESBGUJOH PG B OFX MBX UP SFTPMWF QMBOUBUJPO XPSLFST IPVTJOH JTTVFT

PO VSHFOU OFFET i#VU OPX XF TFF UIBU UIFSF BSF BMTP QSPKFDUT EFWFMPQFE CZ VOMJDFOTFE EFWFMPQFST UIBU BDUVBMMZ SFRVJSF PVS IFMQ u TIF TBJE BEEJOH UIBU 5'45 XJMM BMTP BTTJTU BOZ IPVTJOH QSPKFDUT GPVOE UP CF EFMBZFE TJDL PS BCBOEPOFE i'PS FYBNQMF JG B QSPKFDU XBT TVQQPTFE UP CF DPNQMFUFE MBTU ZFBS CVU SFNBJOT VOGJOJTIFE UIJT ZFBS XF XJMM TUFQ JO i"U UIF TBNF UJNF UIJT UBTL GPSDF XJMM BMTP QSFWFOU EFMBZFE QSPKFDUT GSPN CFDPNJOH GVSUIFS EFMBZFE BOE CFJOH DMBTTJGJFE BT TJDL PS BCBOEPOFE QSPKFDUT u "JNBO "UIJSBI TBJE 4IF BEEFE UIBU UIFSF BSF BCBOEPOFE QSPKFDUT UIBU IBWF CFFO TUBMMFE GPS OFBSMZ ZFBST UIBU XFSF TVDDFTTGVMMZ SFTPMWFE UISPVHI 5'45 T JOUFSWFOUJPO "JNBO "UIJSBI TBJE 5'45 XJMM DPOUJOVF UP HP PO UIF HSPVOE UP FOTVSF UIBU QSPCMFNBUJD QSPKFDUT BSF SFTPMWFE i8F DBOOPU BMMPX CVZFST UP CF MFGU JO B IPQFMFTT TJUVBUJPO u TIF BEEFE "JNBO "UIJSBI TBJE 5'45 XJMM i*U BMTP QSPWJEFT RVJDL BDDFTT UP UIF DJUZ DFOUSF WJB UIF 4."35 )JHIXBZ XIJDI IBOEMFT BO BWFSBHF PG WFIJDMFT EBJMZ XIJMF NBJOUBJOJOH UIF XPSME T POMZ EVBM GVODUJPO UVOOFM UIBU DPNCJOFT SPBE USBGGJD BOE GMPPEXBUFS NBOBHFNFOU i5IJT JOJUJBUJWF TIPXT IPX JOEVTUSZ QMBZFST FTQFDJBMMZ JO JOGSBTUSVDUVSF DBO UBLF QSPBDUJWF TUFQT UP IFMQ UIF SBLZBU NBOBHF UIF DPTU PG MJWJOH QBSUJDVMBSMZ JO VSCBO BSFBT w IF TBJE )F BEEFE UIBU UIF .651 OPU POMZ TUSFOHUIFOT QVCMJD USVTU JO UIF IJHIXBZ TFDUPS CVU BMTP BMJHOT XJUI .BMBZTJB .BEBOJ T FNQIBTJT PO CBMBODJOH FDPOPNJD HSPXUI XJUI TPDJBM KVTUJDF XIJMF QSPNPUJOH SFTQFDU BOE DPNQBTTJPO JO TFSWJDF EFMJWFSZ i5IF 4."35 5VOOFM SFNBJOT POF PG UIF OBUJPO T CFTU FOHJOFFSJOH BDIJFWFNFOUT QSPWFO UP IBWF B TJHOJGJDBOU JNQBDU PO GMPPE NBOBHFNFOU BOE VSCBO NPCJMJUZ i*U JT OPU NFSFMZ BO JOGSBTUSVDUVSF QSPKFDU CVU BMTP B TZNCPM PG .BMBZTJBO JOOPWBUJPO SFDPHOJTFE JOUFSOBUJPOBMMZ XJUI BDDPMBEFT TVDI BT UIF 6/ )BCJUBU 4DSPMM PG )POPVS "XBSE UIF #SJUJTI $POTUSVDUJPO *OEVTUSZ "XBSE BOE UIF

ËÝÕ ÐÙÜÍÏ ËÍÒÓÏàÏ×ÏØÞÝ ÌÏÏØ ÚÙÝÓÞÓàÏ ÝÓØÍÏ ͓͓͔͑ ËØÎ áÓÖÖ ÍÙØÞÓØßÏ ÞÙ ÝÏÜàÏ ËÝ ÝÙÖßÞÓÙØ ÚÖËÞÐÙÜ× ÞÙ ËÍÒÓÏàÏ ÑÙËÖ ÙÐ äÏÜÙ ËÌËØÎÙØÏÎ ÚÜÙÔÏÍÞÝ Ìã ͓͔͑͑ ˜ ÝËãÝ ÎÏÚßÞã ×ÓØÓÝÞÏÜ

Ű OFXTEFTL!UIFTVOEBJMZ DPN

BT TJDL BOE BT BCBOEPOFE BDSPTT UIF DPVOUSZ "JNBO "UIJSBI TBJE UIF BDIJFWFNFOUT PG UIF UBTL GPSDF BSF WFSZ QPTJUJWF TJODF JU XBT FTUBCMJTIFE JO i" UPUBM PG QSJWBUF IPVTJOH QSPKFDUT IBWF CFFO TVDDFTTGVMMZ SFWJWFE JOWPMWJOH IPVTJOH VOJUT XJUI B (%7 PG 3. CJMMJPO u TIF TBJE EVSJOH B QSFTT DPOGFSFODF BU UIF 1BSMJBNFOU .FEJB $FOUSF ZFTUFSEBZ 5IF 4FQBOH .1 BEEFE UIBU QSFWJPVTMZ UIF 5'45 XPVME POMZ JOUFSWFOF JO QSPKFDUT GSPN EFWFMPQFST MJDFOTFE CZ UIF )PVTJOH BOE -PDBM (PWFSONFOU .JOJTUSZ CVU IBT TJODF DIBOHFE JUT TUBODF CBTFE DFMFCSBUJOH PVS UI /BUJPOBM %BZ BOE .BMBZTJB %BZ i5IJT POF NPOUI PGGFS TFOET B DMFBS NFTTBHF UIBU QVCMJD GBDJMJUJFT DBO BOE TIPVME CF QSPWJEFE JO BO JODMVTJWF BOE QFPQMF DFOUSFE NBOOFS DPOTJTUFOU XJUI UIF .BMBZTJB .BEBOJ QSJODJQMFT i*O BEEJUJPO UIF 8PSLT .JOJTUSZ UISPVHI UIF .BMBZTJBO )JHIXBZ "VUIPSJUZ .)" GVMMZ TVQQPSUT UIF HPWFSONFOU T BTQJSBUJPO UP QSPWJEF UIF CFTU GBDJMJUJFT GPS UIF SBLZBU FTQFDJBMMZ IJHIXBZ VTFST 5IF .651 JT BO FYDFMMFOU FYBNQMF PG TVDI BO JOJUJBUJWF w IF TBJE BGUFS PGGJDJBUJOH BU UIF .651 MBVODI BU UIF 4."35 .BOBHFNFOU BOE 5VOOFM 0QFSBUJPOT $PNQMFY IFSF ZFTUFSEBZ "MTP QSFTFOU XFSF .)" EJSFDUPS HFOFSBM %BUVL 4B[BMJ )BSVO BOE "-3 (SPVQ $&0 .VIBNNBE /J[BN "MJBT /BOUB TBJE 4."35 5VOOFM DPNNVUFST UZQJDBMMZ NBLF BCPVU USJQT B NPOUI XJUI B POF XBZ UPMM PG 3. i5ISPVHI UIF .651 VTFST XJMM FOKPZ TBWJOHT PG VQ UP 3. BT UIF BWFSBHF NPOUIMZ UPMM DBO SFBDI 3. BU UIF TUBOEBSE SBUF

,6"-" -6.163 " UPUBM PG IPVTJOH VOJUT XJUI B HSPTT EFWFMPQNFOU WBMVF (%7 PG 3. CJMMJPO IBWF CFFO TVDDFTTGVMMZ SFWJWFE BT PG +VOF GSPN EFMBZFE TJDL BOE BCBOEPOFE QSPKFDUT UIBOLT UP UIF JOUFSWFOUJPO PG UIF 5BTL 'PSDF PO 4JDL BOE "CBOEPOFE 1SJWBUF )PVTJOH 1SPKFDUT 5'45 )PVTJOH BOE -PDBM (PWFSONFOU %FQVUZ .JOJTUFS %BUVL "JNBO "UIJSBI 4BCV TBJE VQ UP +VOF UIF UBTL GPSDF IBE BMTP JEFOUJGJFE BOE NPOJUPSFE QSJWBUF IPVTJOH QSPKFDUT DBUFHPSJTFE BT EFMBZFE

8‰Ì ‰²j ØÌj䉴 ÉjÐÐ ’¿Ì Ûº´©¹©Ø‰ ÛЉ ¿’ O8 KT ØÛºº‰´

Ű OFXTEFTL!UIFTVOEBJMZ DPN

,6"-" -6.163 5PMM IJHIXBZ DPODFTTJPOBJSF "NBOBU -FCVISBZB 3BLZBU #FSIBE "-3 IBT JOUSPEVDFE UIF 4NBSU 6OMJNJUFE 5SBWFM 1BTT PS .FSEFLB 6OMJNJUFE 5SBWFM 1BTT .651 PGGFSJOH POF NPOUI PG VOMJNJUFE VTF PG UIF 4UPSNXBUFS .BOBHFNFOU BOE 3PBE 5VOOFM 4."35 5VOOFM JO DPOKVODUJPO XJUI /BUJPOBM %BZ BOE .BMBZTJB %BZ "WBJMBCMF GSPN "VH UP 4FQU UIF QBTT DBO CF QVSDIBTFE GPS B POF PGG QBZNFOU PG 3. 8PSLT .JOJTUFS %BUVL 4FSJ "MFYBOEFS /BOUB -JOHHJ TBJE UIF .651 SFGMFDUFE UIF JODMVTJWF BOE QFPQMF DFOUSFE BQQSPBDI FOWJTJPOFE VOEFS UIF .BMBZTJB .BEBOJ QSJODJQMFT XIJDI QSJPSJUJTF JODMVTJWJUZ BOE UIF XFMM CFJOH PG UIF SBLZBU i"-3 T JOJUJBUJWF BMMPXT GSFRVFOU 4."35 5VOOFM DPNNVUFST UP TBWF VQ UP 3. B NPOUI DPNQBSFE XJUI UIF BWFSBHF NPOUIMZ UPMM QBZNFOU PG 3. i5IF MBVODI PG UIJT USBWFM QBTT JT WFSZ NFBOJOHGVM JO UIF TQJSJU PG

/BOUB TFDPOE GSPN SJHIU BU UIF MBVODI ZFTUFSEBZ o "%*# 3"8* :"):" 5)&46/

SBLZBU BOE UIF OBUJPO TUSFOHUIFOJOH TFDVSJUZ BOE TVTUBJOBCJMJUZ JO MJOF XJUI UIF .BMBZTJB .BEBOJ WJTJPO w IF TBJE 0O B SFMBUFE OPUF /BOUB TBJE UIFSF XPVME CF OP GSFF UPMM GPS /BUJPOBM %BZ BT UIF FYFNQUJPO JT MJNJUFE UP POF GFTUJWF EBZ

"TFBO 0VUTUBOEJOH &OHJOFFSJOH "DIJFWFNFOU "XBSE BOE MJTUFE CZ $// BNPOH UIF i.PTU *NQSFTTJWF 5VOOFMT JO UIF 8PSMEw i#Z NBOBHJOH JOGSBTUSVDUVSF TPDJBM WBMVFT BOE HPWFSOBODF IPMJTUJDBMMZ JU IBT EFMJWFSFE NVMUJQMF CFOFGJUT UP UIF

H ©ºÐØj´´Ð ¢©jºØ 0j´ÛÌ $‰¹©´jº¢ jØ ¨jÌ åj̉ ÐØ¿Ì‰ j’Ø‰Ì ’´j¢ ‰ÌÌ¿Ì ,&1"-" #"5"4 %"1 UPPL B QSPBDUJWF TUFQ CZ JOTUBMMJOH B HJBOU +BMVS (FNJMBOH BU B IBSEXBSF TUPSF BU +BMBO #FSUBN 1FSEBOB XIJDI SFDFOUMZ XBT TIBSFE XJEFMZ PO TPDJBM NFEJB GPS GMZJOH UIF OBUJPOBM GMBH VQTJEF EPXO IFSF PO 5VFTEBZ GSPN SFDVSSJOH i'PS UIF MPWF PG UIF DPVOUSZ XF TIPVME NBLF JU SJHIU 5IF JOTUBMMBUJPO PG UIJT HJBOU GMBH BMTP TFSWFT BT B WJTVBM HVJEF GPS UIF QVCMJD PO UIF DPSSFDU XBZ UP EP JU FTQFDJBMMZ EVSJOH UIJT A'MZ UIF +BMVS (FNJMBOH DBNQBJHO JO DPOKVODUJPO XJUI UIF /BUJPOBM .POUI XIJDI SVOT GSPN "VH UP 4FQU w ) OH TBJE EVSJOH B TJUF WJTJU EJTUSJCVUFE GMBHT UP UIF QVCMJD BU UIF TJUF BT QBSU PG UIF PVUSFBDI JOJUJBUJWF "MTP QSFTFOU XBT UIF 1FOBOH DIJFG NJOJTUFS T TQFDJBM DPPSEJOBUPS -BZ )PDL 1FOH

GVMMZ JOTUBMMFE ZFU 0ODF XF SFBMJTFE UIF NJTUBLF XF DPSSFDUFE JU JNNFEJBUFMZ 6OGPSUVOBUFMZ B WJEFP POMZ TIPXFE QBSU PG UIF JODJEFOU w IF TBJE 1PMJDF BSSFTUFE 1BOH MBTU 4BUVSEBZ BOE SFMFBTFE IJN PO CBJM BGUFS SFDPSEJOH IJT TUBUFNFOU PO 4VOEBZ 5IF JOWFTUJHBUJPO XBT MBVODIFE GPMMPXJOH B TFDPOE WJEFP TIPXJOH 1BOH BOE BOPUIFS NBO BMMFHFEMZ IPJTUJOH UIF OBUJPOBM GMBH VQTJEF EPXO o #FSOBNB

PXOFS 1BOH $IJO 5JBO XIP BMMFHFEMZ GMFX UIF OBUJPOBM GMBH VQTJEF EPXO TBJE IF JT SFBEZ UP GBDF BOZ MFHBM DPOTFRVFODFT 1BOH BENJUUFE UIF NJTUBLF XBT VOJOUFOUJPOBM BOE UPPL GVMM SFTQPOTJCJMJUZ GPS UIF JODJEFOU XIJDI PDDVSSFE MBTU 4BUVSEBZ )F WPXFE UP CF NPSF DBSFGVM JO UIF GVUVSF XIFO EJTQMBZJOH UIF OBUJPOBM GMBH i*U XBT OPU JOUFOUJPOBM * BENJU JU XBT NZ GBVMU i"U UIF UJNF UIF GMBH IBEO U CFFO

) OH TBJE 1FOBOH *TMBOE $JUZ $PVODJM BOE 4FCFSBOH 1FSBJ $JUZ $PVODJM BSF FODPVSBHJOH CVTJOFTT PXOFST UP EFDPSBUF UIFJS QSFNJTFT XJUI UIF OBUJPOBM GMBH UISPVHIPVU UIF /BUJPOBM .POUI QFSJPE .FBOXIJMF UIF IBSEXBSF TUPSF

1FOBOH %"1 BTTJTUBOU TFDSFUBSZ ) OH .PPJ -ZF TBJE UIF IVHF GMBH NFBTVSJOH Y GU XBT QVU VQ BT BO FEVDBUJPOBM FGGPSU UP EFNPOTUSBUF UIF DPSSFDU XBZ UP EJTQMBZ UIF OBUJPOBM GMBH BOE UP QSFWFOU TJNJMBS NJTUBLFT

) OH XIP JT BMTP UIF 4UBUF -PDBM (PWFSONFOU BOE 6SCBO BOE 3VSBM 1MBOOJOH $PNNJUUFF DIBJSNBO BMTP

Made with FlippingBook - Online magazine maker