!

" #$ %&'( &) * + , #*

- ) . * / "0#) * 1 &#* 2 ( 3#*2%&4567

! "# $ % & # $ ' ( $ )*" + ,- -!"#$%1-)23.*-%4"-/%

. $ ). / 0
1 , 2( $ )*3*4( % % . & .$ 5 . 6 1-$-

!"#$%&"'()*+
!""#!$%&'()&*
,)'-%./%0-$-
! "#$ % % & #'#$ % ( %
!"#$%&'(&)'*+%*+, -./&0/'1%2+&3/%",
)*+,-#-./#!+,012-3+0# # # # 4444444444##5
6/7728/#9:+;#-./#<.23:;20#201#=:/731/0-# 4444444444##>
=:+8:2;7#201#=:+?/@-7 .$)+)/
")&*'
A@+B+83@2B#A0.20@/;/0-# # # 4444444444##C +!,!-!"

A0-/:D:37/#E/F/B+D;/0-# # # 444444444# #&#

GD/@32B#=:+?/@-7# # # # 4444444444#((
.$)+)/
/#& 1*2
H+2:1#+9#I:,7-//7#201#6/;*/:7# (&)3."+' ./!0'$!

+9#-./#!+,012-3+0# # # # # 4444444444#(5
=2:-0/:7J#K/-L+:M7#201#)@@:/13-2-3+07# # 4444444444#(> $!%
HAKPQAI
#".)"
E3:/@-+:N#+9#G-299# # # # # 4444444444#(O

<)R SXT<TG#KTRIA
H)PQST#<SI"#201#HAKPQAI U# <++D/:2-3F/#T:8203Y308#201#
U# A@+B+83@2B#A0.20@/;/0- <2D2*3B3-N#H,3B1308#=:+?/@-
U# A0-/:D:37/#E/F/B+D;/0-#201# RAPSTK#$
63@:+V020@/ <)P)")K
6I4#=RTWSK<A U# <++D/:2-3F/#T:8203Y308#201#
U# S0X3F/7=:+ <2D2*3B3-N#H,3B1308#=:+?/@-
RAPSTK#( SG)HAX)
X)#QKSTK U# S0X3F/7=:+
U# Q=GQRPA U# <++D/:2-3F/#T:8203Y308#201#
U# <++D#T:8203Y308#201#<2D2*3B3-N# <2D2*3B3-N#H,3B1308#=:+?/@-
H,3B31308#=:+?/@-
U# SXT<TG#GQR
U# <++D/:2-3F/#T:8203Y308#201#
<2D2*3B3-N#H,3B1308#=:+?/@-

! !89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
3#'.+&+4%&5'.*6"+7'*
I
./#Z23;/#W4#T08D30#!+,012-3+0J#S0@4#L27#/7-2*B37./1#30#([#E/@/;*/:# Our Vision
(&\%#27#2#@+:D+:2-/#7+@32B#2:;#+9#-./#H/08,/-#<+:D+:2-3+04#T:38302BBN#
@2BB/1#-./#H/08,/-#<+:D#!+,012-3+0J#3-7#@:/2-3+0#L27#307D3:/1#*N#-./# ZWT!S#7.2BB#*/#-./#B/21308#307-3-,-3+0#30#-./#9+:;2-3+0#+9#7/B9':/B320-#
B2-/#Z23;/#W4#T08D30J#-./#@+;D20N]7#V:7-#!3B3D30+#D:/731/0-J#L.+#/0F373+0/1# @+;;,03-3/7#@2D2*B/#+9#.2:0/77308#:/7+,:@/7#9+:#/`,3-2*B/#1/F/B+D;/0-4
-./#1/F/B+D;/0-#+9#7/B9':/B320-#@+;;,03-3/74
Our Mission
S-#7-2:-/1#3-7#2@-3F3-3/7#*N#+D/:2-308#201#3;DB/;/0-308#1/F/B+D;/0-#D:+?/@-7#
30# 2:/27# 0/2:# -./# +D/:2-3+07# +9# -./# @+:D+:2-3+04# HN# B2-/# (&\%7# 3-# 7-2:-/1# P,31/1#*N#-./#D:30@3DB/#+9#.+B37-3@#1/F/B+D;/0-#201#L3-.#,-;+7-#@+0@/:0#
-+# +D/:2-/# 30# +-./:# 2:/27# 0//1308# 1/F/B+D;/0-# 27737-20@/4# S0# (&&[J# -./# 9+:#-./#/0F3:+0;/0-J#-./#!+,012-3+0#7.2BB#,DB39-#-./#7/07/#+9#13803-N#+9#-./#
!+,012-3+0#*/@2;/#V020@32BBN#301/D/01/0-#9:+;#H/08,/-#<+:D+:2-3+04 @+;;,03-3/7#3-#7/:F/7
ZWT!S#37#1,BN#:/837-/:/1#L3-.#-./#G/@,:3-3/7#201#A^@.208/#<+;;3773+0#201#
-./# H,:/2,# +9# S0-/:02B# R/F/0,/4# #)7# 2# 0+0'7-+@MJ# 0+0'D:+V-# +:8203Y2-3+0J#
Our Goals
-./#!+,012-3+0#L+:M7#30#D2:-0/:7.3D#L3-.#B+@2B#201#9+:/380#1+0+:7J#*,730/77J#
8+F/:0;/0-# 28/0@3/7J# +-./:# KPT7# 201# D/+DB/]7# +:8203Y2-3+07# 30# D,:7,308# On Program and Project Impact
1/F/B+D;/0-#D:+8:2;7#L3-.30#3-7#-2:8/-#@+;;,03-3/74 A0.20@/#-./#@2D2@3-N#+9#@B3/0-#@+;;,03-3/7#-+#DB20J#3;DB/;/0-J#;2028/#
201#7,7-230#D:+?/@-7
I./# !+,012-3+0# 21+D-7# 2# G-:2-/83@# ):/2# 62028/;/0-# )DD:+2@.# L3-.# 2#
L/BB'1/V0/1# 8/+8:2D.3@# 9+@,74# I./# !+,012-3+0# L+:M7# 30# @B+7/# D2:-0/:7.3D# On Environment
L3-.# 3-7# -2:8/-# @+;;,03-3/7J# 8+F/:0;/0-J# *,730/77# 201# +-./:# 1/F/B+D;/0-# A02*B/#@+;;,03-3/7#-+#1/F/B+D#201#@+07/:F/#-./3:#/@+B+83@2B#:/7+,:@/7
+:8203Y2-3+074# <,::/0-BNJ# -./# !+,012-3+0]7# 3;DB/;/0-308# -./# 9+BB+L308# @+:/#
D:+8:2;7#30#K+:-./:0#X,Y+0_ On Productivity
"##$#%&$'()*+,$#-+.&/0'$1$+#&$'(,)*+&%-+$,&$23)'+#
(4##A0-/:D:37/#E/F/B+D;/0-
=:+;+-/# -./# /0.20@/;/0-# +9# 30@+;/# 8/0/:2-308# +:# B3F/B3.++1# D:+?/@-7#
-.:+,8.#;3@:+V020@/J#-/@.03@2B#27737-20@/#201#307-3-,-3+02B#1/F/B+D;/0- On Organizational Effectiveness, Efficiency and

$4##A@+B+83@2B#A0.20@/;/0- Sustainability
=:+;+-/# -./# @+07/:F2-3+0J# D:+-/@-3+0# 201# :2-3+02B# ;2028/;/0-# 201# A0.20@/#-./#@2D2*3B3-N#+9#-./#!+,012-3+0#-+#D,:7,/#3-7#;2012-/
,-3B3Y2-3+0#+9#@:3-3@2B#/@+B+83@2B#:/7+,:@/74

54##R/7+,:@/#62028/;/0-
62M/# 2F23B2*B/# -./# :/`,3:/1# V020@32B# :/7+,:@/7# 9+:# -./# !+,012-3+0#
-+# D,:7,/# 3-7# ;2012-/4# I.37# 37# 2@.3/F/# -.:+,8.# 9,01# 7+,:@308J# -:230308J#
@+07,B-20@N#201#277/-#;2028/;/0-

>4##S0-/:02B#<2D2@3-N#H,3B1308
=:+F31/# 21/`,2-/# 7,DD+:-# 9+:# 3;D:+F308# 7-299# @+;D/-/0@3/7J# 1/7380#
2DD:+D:32-/# ;2028/;/0-# 7N7-/;7# 201# ;2M308# 2F23B2*B/# -./# :/`,3:/1#
B+837-3@74

!"#$%&#$'($)*"+,--.$)./0*1,2($)*,*4(%%.&.$5.6 4
9"",#%(7.:*2-(;<(=>>?6=>@>
!"##$%"&'()*&+,"&-,$.(*$/&
$/0&1("#.0"/+
G ,:;+,0-308#@.2BB/08/7#a#-.2-##2D-BN#7,;;2:3Y/7#-./#D27-#N/2:#9+:#,7#2-#Z23;/#W4#T08D30#!+,012-3+0J#
S0@4#!2:#9:+;#*,730/77#27#,7,2BJ#-./#@.2BB/08/7#-.2-#L/#@+09:+0-/1#30#-./#@+,:7/#+9##+,:#L+:M#D:+D/BB/1#
,7#-+#B++M#2-#*/--/:#L2N7#+9#;//-308#+,:#;2012-/4

Q01/:# A@+B+83@2B# A0.20@/;/0-J# +,:# /0-:N# 30-+# +:8203@# 92:;308# 30# $%%\# :/F/2B/1# -./# D+-/0-32B7# 9+:# F27-BN# 3;D:+F308# -./# 30@+;/# +9# F/8/-2*B/# 92:;/:7J#
:/1,@308#-./3:#F,B0/:2*3B3-N#-+#,0@/:-230#;2:M/-#D:3@/7J#201#9+:#:/F/:7308#-./#-:/01#+9#/0F3:+0;/0-2B#1/8:212-3+0#30#-./#D:+F30@/4#I.,7#30#$%%&J##L/#@+0-30,/1#
-+#;2M/#2F23B2*B/#2#P://0#!3020@308#9,01#L3-.#-./#7,DD+:-#+9#-./#=.3B3DD30/7'),7-:2B32#<+;;,03-N#)7737-20@/#=:+8:2;#b=)<)=c#201#-./#!+,012-3+0#9+:#2#
G,7-2302*B/#G+@3/-NJ#S0@4#b!GGSc4#G/:F308#2#-+-2B#+9#\5#;/;*/:7#+9#-./#X2I+D#6,B-3D,:D+7/#<++D/:2-3F/J#92:;/:7#L/:/#2*B/#-+#/^D201#-./3:#+:8203@#92:;#2:/2#
9:+;#20#2F/:28/#+9#(J5%%#7`;d92:;/:#-+#(JC%[#7`;4#

G,7-230308#-./#30-/:/7-#+9#+:8203@#92:;/:7#201#/0@+,:28308#-./#@+0F/:73+0#+9#@+0F/0-3+02B#92:;/:7#L27#2#@.2BB/08/#-.2-#.21#-+#*/#:/7D+01/1#-+#*N#;+:/#-.20#
?,7-#-:230308#201#@:/13-4#I./#7+B,-3+0#B2N#30#7-3::308#,D#1/;201#9+:#+:8203@#D:+1,@/4#S0#$%%&J#-./#!+,012-3+0#92@3B3-2-/1#0/8+-32-3+07#L3-.##G6#<3-N#H28,3+#9+:#
-./#@++D/:2-3F/#-+#7,DDBN#-./#7,D/:;2:M/-#L3-.#+:8203@#F/8/-2*B/74#I.37#*:+,8.-#X2I+D]7#-+-2B#;2:M/-#+,-B/-7#9:+;#-.://#b5c#-+#/38.-#b\c4#e38./:#1/;201#9+:#
X2I+D]7#+:8203@#D:+1,@-7#:/7,B-/1#30#20#30@:/27/#30#-./#@++D]7#2F/:28/#;+0-.BN#72B/7#9:+;#=5([J(O(4\5#30#$%%\#-+#=>&%J&5[4OC#30#$%%&#201#=OC\J[O[4&>#
27#+9#Z,0/#$%(%4

I+#D:+-/@-#*+-.#B/83-3;2-/#+:8203@#92:;/:7#201#@+07,;/:7J#-./#!+,012-3+0#27737-/1#-./#X2I+D#30#7/@,:308#2#@/:-3V@2-3+0#9:+;#-./#T:8203@#</:-3V@2-3+0#</0-/:#
+9#-./#=.3B3DD30/74#S0#2113-3+0J#-./#!+,012-3+0J#-+8/-./:#L3-.#X2I+DJ#21F+@2-/1#-./#@:29-308#+9#+:8203@#92:;308#7-2012:17#-+#-./#H/08,/-#D:+F30@32B#8+F/:0;/0-4

I./#!+,012-3+0#1/-/:;30/1#-.2-#;3@:+V020@/#7/:F3@/7#L/:/#0//1/1#;+:/#-.20#/F/:#-+#@,7.3+0#-./#D++:#282307-#-./#3;D2@-#+9#-./#8B+*2B#V020@32B#@:3737#
30#$%%\4#f3-.#0+#@/:-230-N#+0#L./-./:#2#:/@/773+0#L27#3;D/01308J#-./#!+,012-3+0#@+0-30,/1#-+#/^-/01#B+207#-+#/0-/:D:37308#D++:#L+;/0#30#H28,3+#<3-NJ#
X2#I:303121#201#-./#7,::+,01308#;,03@3D2B3-3/7#+9#I,*2J#S-+8+0J#)-+M#201#I,*B2N4#)7#+9#Z,0/#$%(%J#-+-2B#B+207#:/B/27/1#730@/#-./#!+,012-3+0#/0828/1#30#
;3@:+V020@/#30#$%%(#2;+,0-/1#-+#=$%%45\6#L.3B/#:/D2N;/0-#:2-/#2;+,0-/1#-+#&&4\gJ#@,;,B2-3F/BNJ#+:#&&4(5g#9+:#-./#N/2:#+0BN4#=+:-9+B3+#2-#:37M#@+;D,-/1#
9:+;#+0/#12N]7#;377/1#D2N;/0-#27#282307-#B+20#*2B20@/7#L27#2-#>4[Og#''#*/--/:#-.20#-./#Og#7-2012:1#+9#-./#63@:+V020@/#<+,0@3B#+9#-./#=.3B3DD30/74

#I./#D:+8:2;#8/0/:2-/1#;+1/7-#:/F/0,/7#-.2-#.2F/#2BB+L/1#-./#!+,012-3+0#-+#7,7-230#7/:F3@/7#-+#-./7/#/0-/:D:37308#L+;/04#f3-.#-./#@+0-30,/1#7/:F3@/7#+9#
-./#D:+8:2;J#2#73803V@20-#2F/:28/#30@:/27/#+9#2-#B/27-#(Og#30#*,730/77#30@+;/#+9#@B3/0-7#L27#2@.3/F/14##G,*7/`,/0-BNJ#+-./:#92;3BN#0//17#b34/#7@.++B#-,3-3+0#
9//7#201#+-./:#7@.++B#:/`,3:/;/0-7J#;/13@30/7#201d+:#+-./:##./2B-.#0//17cJ#.+,7/#:/D23:7J#201#D,:@.27/#+9#.+,7/.+B1#201#*,730/77#277/-7#*/@2;/#;+:/#
299+:12*B/4##I./#21F+@2@N#9+:#@B3/0-7#-+#D:2@-3@/#72F3087#137@3DB30/#8:/2-BN#./BD/1#-./;##@+D/#L3-.#@:37/74#6+:/#-.20#-.37J#-./#!+,012-3+0#.+D/7#-.2-#3-#L3BB#*/#
2*B/#-+#@+;/#,D#L3-.#;3@:+307,:20@/#7/:F3@/7#30#-./#0/2:#9,-,:/#-+#/07,:/#-.2-#@B3/0-7#2:/#D:+-/@-/1#9:+;#:37M74

I./#!+,012-3+0#2B7+#3;DB/;/0-/1#D:+8:2;7#30#+-./:#D2:-7#+9#K+:-./:0#X,Y+04#S0#-./#SB+@+7#R/83+0J#-./#Q=GQRPA#D:+?/@-#bQ:*20#=2:-0/:7.3D7#9+:#G,7-2302*B/#
QDB39-;/0-J#R/0/L2BJ#P+F/:020@/#201#A;D+L/:;/0-c#9,01/1#*N#-./#f+:B1#H20M#-.:+,8.#=eSXGG)#30#-./#<3-N#+9#G20#!/:0201+J#X2#Q03+0#L27#@+;DB/-/14##
I./#D:+?/@-#30F+BF/1#307-3-,-3+02B3Y308#30#-./#B+@2B#8+F/:0;/0-#,03-#2#F32*B/#;+1/B#+9#@3F3B#7+@3/-N'B+@2B#8+F/:0;/0-'@+;;,03-N#D2:-0/:7.3D#30#211:/77308#7./B-/:#

5 !89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
0//17h#3;D:+F308#D.N73@2BJ#/0F3:+0;/0-2B#@+013-3+07J#201#7+@32B#L/BB'*/308h##201J#/0.20@308#/@+0+;3@#+DD+:-,03-3/74#I./#-2:8/-#73-/#L27#-./#!37./:;20]7#
W3BB28/4#)7#+9#K+F/;*/:#$%%&J#-./#-,:0+F/:#12-/#+9#-./#D:+?/@-#-+#-./#<3-NJ#(%%g#+9#-./#\C#.+,7308#,03-7#L/:/#+@@,D3/1h#-./#!37./:;20]7#W3BB28/#)77+@32-3+0#
L27#7-:/08-./0/1#201#9,0@-3+02Bh#201#2#7-:,@-,:/#L27#30#DB2@/#30#-./#B+@2B#8+F/:0;/0-#,03-#-+#211:/77#-./#.+,7308#0//174

I./#S0X3F/7=:+#bS0-/8:2-308#X3F/7-+@M#=:+1,@-3+0#i#A0F3:+0;/0-2B#=:+-/@-3+0c#=:+?/@-#9,01/1#*N#e/39/:#=.3B7J#S0@4#L27#@+;DB/-/1#30#R+^27J#S72*/B2#1,:308#
-./#V7@2B#N/2:4#Q7308#e/39/:]7#300+F2-3F/#;+1/BJ#20#303-32B#OO#92;3B3/7#L/:/#2*B/#-+#@27@21/#*/0/V-7#+9#-./#D:+?/@-#-+#20#2113-3+02B#((%#92;3B3/7#+F/:#-./#2B;+7-#
5'N/2:#D/:3+14#X3F/7-+@MJ#7//1B3087#201#92:;#-++B7#L/:/#137-:3*,-/1#-+#-./#D2:-0/:#92;3B3/7h#D2:2'F/-/:302:3207#L/:/#-:230/1h#92;3B3/7#L/:/#-2,8.-#+0#F/:;3'
@+;D+7-308h#201J#72F3087#201#B+207#8:+,D7#L/:/#+:8203Y/14#

I./#<++D#T:8203Y308#201#<2D2*3B3-N#H,3B1308#=:+?/@-#9,01/1#*N#=.3B3D#6+::37#=.3B3DD30/7#620,92@-,:308J#S0@4#b0+L#=6!I<J#S0@4c#L27#/^D201/1#9:+;#R/83+0#
(#-+#R/83+0#$4#P/2:/1#2-#+:8203Y308#-+*2@@+#92:;/:7#201#/02*B308#-./;#-+#;2028/#9,/BL++1#201#*2;*++#DB20-2-3+07J#-./#/38.-#b\c#92:;/:7#+:8203Y2-3+07#
L/:/#7-:/08-./0/1#201#27737-/1#30#/7-2*B37.308#O'./@-2:/#DB20-2-3+07#30#/2@.#+9#-./#-2:8/-#73-/7#30#G20-+B#201#G,13D/0J#X2#Q03+0h#G20#A;3B3+#201#G20#Z,20J#
SB+@+7#G,:h#E/BV0#)B*20+#201#G20#62:320+J#S72*/B2h#201#G-+#K30+#201#P2--2:20#30#<282N20#D:+F30@/4#<+:13BB/:2#P://0#K/-L+:MJ#20+-./:#D2:-0/:#KPT#+9#
=6!I<J#:/@+:1/1#-./#7,:F3F2B#:2-/#+9#7//1B3087#DB20-/1#*N#-./7/#92:;/:#+:8203Y2-3+07#2-#[%g4#I.37#L27#*/--/:#-.20#-./#O%g#7,:F3F2B#:2-/#+9#3013F31,2BBN#
137-:3*,-/1#7//1B3087#201#.38./:#-.20#/^D/@-/1#@+0731/:308#-./#7-:+08#-ND.++07#201#AB#K30+#-.2-#*/7/-#-./#@+,0-:N#1,:308#-./#D/:3+14

I./#!+,012-3+0#L27#2B7+#-2DD/1#*N#=6!I<#-+#3;DB/;/0-#2#@,:308#*2:0#@+07-:,@-3+0#D:+?/@-#-+#211:/77#-./#0//1#9+:#2#;+:/#9,/B'/9V@3/0-#@,:308#-/@.0+B+8N#
-.2-#L3BB#2BB+L#-+*2@@+#92:;/:7#-+#:/1,@/#-./3:#@+7-7#201#1/@:/27/#-./#F+B,;/#+9#9,/BL++1#,-3B3Y/14#I./#D:+?/@-J#L.3@.#30F+BF/1#-./#@+07-:,@-3+0#+9#>%#*2:07#
30#-./#SB+@+7#R/83+0J#L27#@+;DB/-/1#30#2#D/:3+1#+9#-.://#;+0-.7#201#:/7,B-/1#30#2#$O4[g#:/1,@-3+0#30#9,/BL++1#@+07,;D-3+0#201#,D#-+#=5J55&d.2#30#72F30874#
)#*/--/:#@,:308#-/@.0+B+8N#L3BB#2B7+#@+0-:3*,-/#-+##9+:/7-#D:+-/@-3+0#/99+:-7#30#R/83+0#(#7-2:-/1#*N#-./#!+,012-3+0#30#$%%\4

S0#T@-+*/:#$%%&J#K+:-./:0#X,Y+0#L27#*21BN#299/@-/1#*N#IND.++0#=/D/08#b30-/:02-3+02B#@+1/#02;/#=2:;2c4#63@:+V020@/#@B3/0-7#L/:/#0+-#7D2:/1#L3-.#7/F/0#
b[c#@B3/0-7#B3F308#30#X3--B/#j3*,0820#W3BB28/#2;+08#-.+7/#L.+#D/:37./1#201#B+7-#-./3:#.+;/74#T:8203@#92:;/:#;/;*/:7#+9#X2I+D#9+,01#-./3:#9/:-3B/#-+D#7+3B#201#
:/-230308#L2BB7#L27./1#+,-J#201#-./3:#8://0.+,7/7#B3-/:2BBN#8+0/#L3-.#-./#L3014#S0#:/7D+07/J#-./#!+,012-3+0#3;DB/;/0-/1#2#;+:2-+:3,;#-+#/02*B/#-./#F3@-3;7#
-+#8/-#*2@M#+0#-./3:#9//-#201#:/7-+:/#-./3:##B3F/B3.++174#S0#2113-3+0J#-./#!+,012-3+0#:/@/3F/1#:/B3/9#9,017#L.3@.#L/:/#,7/1#-+#D,:@.27/#/;/:8/0@N#@+;;+13-3/7#
9+:#+-./:#L+:7/#+99#F3@-3;7#30#-./#D:+F30@/7#+9#H/08,/-#201#=2082730204

)1F/:73-NJ#7+#-./N#72NJ#@+;/7#L3-.#+DD+:-,03-N4#I./#eAjGJ#2#GL377#KPTJ#201#!GGS#3;;/132-/BN#@2;/#9+:L2:1#L3-.#92:;#:/.2*3B3-2-3+0#27737-20@/#9+:#F3@-3;7#
30#H/08,/-4#)7#+9#Z,0/#$%(%J#2#-+-2B#+9#+9#(O%#92:;/:7#9:+;#-./#;,03@3D2B3-3/7#+9#)-+MJ#I,*2J#X2#I:303121#201#I,*B2N#:/@/3F/1#Y/:+'30-/:/7-#B+207#D2N2*B/#
+F/:#(\#;+0-.74#=)<)=J#+0#-./#+-./:#.201J#D:+F31/1#2#7,DDB/;/0-2B#B+20#9,01#D,:D+7/BN#9+:#X2I+D#;/;*/:7#L.+7/#92:;7#L/:/#12;28/1#*N#-./#-ND.++04

<.2BB/08/7J#B3M/#2#:+,8.'@,-#7-+0/J#.2F/#-+#*/#D2307-2M308BN#@.3DD/1#2L2N#-+#:/F/2B#8/;7#+9#+DD+:-,03-3/74#S0#-./#0/^-#V7@2B#N/2:#L/#9+:/7//#20+-./:#D/:3+1#
9+:#,7#-+#@+0-30,/#.+0308#+,:#7M3BB#30#+,:#@+:/#D:+8:2;74#)7#L/#;+F/#+0#-+#+,:#5(7-#N/2:#30#7+@32B#1/F/B+D;/0-J#L/#B++M#*2@M#L3-.#D:31/#+0#+,:#.,;*B/#
*/83003087#201#92@/#-./#9,-,:/#L3-.#:/0/L/1#.+D/#201#8:2-3-,1/#9+:#-./#839-7#+9#1+0+:7#201#D2:-0/:7#L.+#7.2:/#+,:#F373+04

% % % % % % 14564%.7489:%,2%);<=6;% % % % % &9>;4:?@%+2%04AB67B4C%/52
% % % % % % +D465=957@;% % % % % % % (5976?9;B

!"#$%&#$'($)*"+,--.$)./0*1,2($)*,*4(%%.&.$5.6 6
9"",#%(7.:*2-(;<(=>>?6=>@>
 ! " # $ # % & " ' $ ( ! ) * ' ) " ! + ! ) , -(
L o o ki n g B e y o n d Fo o d S e c u r i t y
I
. / # / ^ - / 0 7 3 F / # # , 7 /#
+ 9 # D / 7 - 3 @ 3 1 / 7 J # . 3 8 .#
@ + 0 @ / 0 - : 2 - 3 + 0 # + 9 # 2 0 3 ; 2 B#
L27-/7#201##20-3*3+-3@7#30#92:;308#
@+0-:3*,-/7# -+# 0,;/:+,7# 9+:;7#
+9# / 0 F3 :+0 ;/0 -2 B # 1 / 8:2 12 -3 +0 J#
3 0 @ B , 1 3 0 8 # 7 + 3 B # 1 / D B / - 3 + 0 J#
1 3 ; 3 0 3 7 . 3 0 8 # * 3 + 1 3 F / : 7 3 - N # 2 0 1#
/ F / 0 # D , * B 3 @ # . / 2 B - . # @ + 0 @ / : 0 7 4#
A0F3:+0;/0-2B#201#.,;20#./2B-.#
D:+*B/;7#2:/#+9-/0##277+@32-/1#L3-.#
@,::/0-#9++1#D:+1,@-3+0#D:2@-3@/7h#
-.,7J#-./#A@+B+83@2B#A0.20@/;/0-#
Q03-#+9#ZWT!S#9+@,7/7#/99+:-7##-+#
./BD#@,:-23B##-./7/#377,/74#
6+:/+F/:J#L3-.#-./#+@@,::/0@/#+9#
13727-/:7# B3M/# IND.++0# =/D/08#
bS0-/:02-3+02B#<+1/#K2;/##=2:;2c#
30#T@-+*/:#$%%&J#3-#L27#+*7/:F/1#
-.2-# @+0F/0-3+02B# # 92:;/:7# .21##
8 : / 2 - / : # 1 3 99 3 @ , B - N # 3 0 # B 3 F / B 3 . + + 1#
:/@+F/:N# 1,/# -+# ,07-2*B/# D:3@/7#
201# .38.# @+7-# +9# 30D,-7# 7,@.# 27#
@./;3@2B#9/:-3B3Y/:7J#203;2B#;20,:/#
201#D/7-3@31/74
f 3 - . # # 9 3 0 2 0 @ 3 2 B # 7 , D D + : - # + 9 # - . /#
=.3B3DD30/'),7-:2B32# <+;;,03-N#
)7737-20@/#=:+8:2;#b=)<)=c#201#
-./#!+,012-3+0#9+:#2#G,7-2302*B/#
G + @ 3 / - N # b ! G G S c J # # / 9 9 + : - 7 # L / : /#
8/2:/1#-+L2:17#30@:/27308#7,DD+:-#
9+:#+:8203@#92:;308#201##27737-20@/#
-+# 92:;/:7# L.+7/# 92:;7# # L/:/#
299/@-/1#*N#IND.++0#=/D/084#
G30@/# -./# +07/-# +9# # -./# # =)<)=#
201#!GGS#27737-20@/#30#Z,BN#$%%\#
7 !89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
,D# -+# Z,0/# $%(%J# 2# -+-2B# +9# \5#
8://0#93020@308#B+207#2;+,0-308#
-+#=.D$4>#63BB3+0#L/:/#D:+F31/14##
X2I+D#6,B-3D,:D+7/#<++D/:2-3F/#
b X 2 # I+ D c # L . 3 @ . # 3 7 # - . / # D : 3 ; 2 : N#
*/0/93@32:N#+9#-./#D:+?/@-J##:/@/3F/1#
7380393@20-# 27737-20@/# -.37# N/2:#
7,@.#27#@2D2@3-N#*,3B1308#D:+8:2;7#
2731/#9:+;#7;2BB#8:20-74##S-##2B7+#
:/@/3F/1#3-7#9+:;2B##@/:-393@2-3+0#*N##
-./#T:8203@#</:-393@2-3+0#<+,0@3B#
+9#-./#=.3B3DD30/7#bT<<=c4##X2#I+D##
*+27-7#3-7#7-/21N#30@:/27/#30#72B/7#
9:+;#20#2F/:28/#D/:#;+0-.#+9##=.D#
5([J(O(4\5##9+:##"/2:#$%%\h#=.D#
>&%J&5[4OC# # 9+:# "/2:# $%%&# 201#
=.D#OC\J[O[4&>##27#+9#Z,0/#$%(%#
L3-.#&&#92:;/:';/;*/:74#=)<)=#
2 B 7 + # D : + F 3 1 / 1 # 2 # 8 : 2 0 - # 9 , 0 1 # + 9#
=>%OJ%%%#-+#X2#I+D#27##13727-/:'
:/.2*3B3-2-3+0# :/F+BF308# 9,01# 9+:#
;/;*/:7# 299/@-/1# *N# 13727-/:74##
I./#Q03F/:73-N#+9#-./#=.3B3DD30/7'
H28,3+# 8:20-/1# =.D# $OJ%%%# 9+:#
-./3:# :/21N'-+'/2-# 9:/7.# +:8203@#
F/8/-2*B/7#7;2BB#/0-/:D:37/#L.3B/#
I/^ 2 7 # S0 7 -: , ; /0 -7 # =. 3B 3D D30 /7#
1+02-/1#2#03-:+8/0#-20M#-+#+D/:2-/#
-./# 7/2B308# ;2@.30/# D:/F3+,7BN#
1+02-/1#*N#=)<)=4# #
I.37# N/2:J# ZWT!S# B2,0@./1# -./# 92:;/:7# +:8203Y2-3+07# L.3@.# 37#
I N D . + + 0 # = 2 : ; 2 # ) 8 : 3 @ , B - , : /# 0+L#,01/:L2N4
E3727-/:# R/.2*3B3-2-3+0# G,DD+:-#
=:+8:2;# L3-.# 9,01308# 9:+;# -./#
eAjG# 201#GL377# G+B312:3-N# 2B7+#
-.:+,8.#-./#!GGS4##I./#D:+8:2;#
23;/1#-+#@+0-:3*,-/#-+#-./#:/@+F/:N#
+9#D++:#92:;308#92;3B3/7#299/@-/1#
- . : + , 8 . # - . / # D : + F 3 7 3 + 0 # + 9 # Y / : +#
30-/:/7-#B+207#30'M301#-+#`,2B393/1#
F3@-3;7# +9# -./# IND.++0# =2:;24##
f3-.# -./# Y/:+# 30-/:/7-# 7@./;/J#
-./7/#92:;/:7##L3BB#*/#2*B/#-+#8/-#
*2@M# 3;;/132-/BN# -+# -./3:# 92:;7##
201# @,7.3+0# -./;# 9:+;# 9,:-./:#
0/82-3F/#/99/@-74##)7#+9#Z,0/#$%(%J#
2#-+-2B#+9#(O%##92:;/:7##*/0/93-/1##
9:+;##2#-+-2B#+9#=.D(J&$>J(5[4O>##
:/.2*3B3-2-3+0# B+207# # :/B/27/1# 30#
-./# 9+:;# +9# 28:3@,B-,:2B# 30D,-7#
7 , @ . # 2 7 # 7 / / 1 7 # 2 0 1 # 9 / : - 3 B 3 Y / : 7#
201# ;2-/:32B7# 9+:# :/D23:# +9# 92:;#
309:27-:,@-,:/#b/484#8://0#.+,7/7J#
7;2BB#3::382-3+0#D3D/7J#D,;D7#201#
L2-/:#:/7/:F+3:c4##)#-+-2B#+9##=.D#
C 4 % 5 C # 6 3 B B 3 + 0 # L 2 7 # / 2 : ; 2 : M / 1#
* N # ! G G S # 9 + : # - . / # Y / : + # 3 0 - / : / 7 -#
:/.2*3B3-2-3+0#27737-20@/4#
E , : 3 0 8 # - . / # 3 ; D B / ; / 0 - 2 - 3 + 0 # + 9#
-./#D:+?/@-J##3-#L27#:/2B3Y/1#-.2-#
92:;/:7#7-3BB#D:2@-3@308#@+0F/0-3+02B#
92:;308# 0//1# 27737-20@/# 9+:# -./#
+ : 8 2 0 3 @ # 9 2 : ; 3 0 8 # - / @ . 0 + B + 8 N#
-:23030874##!2:;/:7#+:8203Y2-3+07#
2 B 7 + # B 2 @ M / 1 # # ; + 0 3 - + : 3 0 8 # 2 0 1#
/F2B,2-3+0#7M3BB7##9+:#92:;#D:+8:/77##
201#2B7+#13727-/:#;3-382-3+04##I./#
!GGS#-.,7#2DD:+F/1##20+-./:#=4O#
63BB3+0# 9+:# @2D2@3-N# *,3B1308# 9+:##

!"#$%$&'%$&(')*&+,)+$%)-&'.,/0&,%1')2+&
3'%(2)1&$-4$+2'55*&2)&4$-0&(')'1$($)06&
*2$57-6&')7&0#$&('%8$02)1&,3&+%,4-&./0&
0#$*&+')&-$$&20&920#&/-&2)&:'&",4&0#'0&20&
2-&4,--2.5$&0,&3'%(&920#,/0&')*&-*)0#$02+&
2)4/0-;&&</%&2)+,($&3%,(&,%1')2+&3'%(2)1&
2-&$=$)&0#$&-'($&,%&.$00$%6&+,)-27$%2)1&
0#$&5,9$%&2)4/0-&')7&-('55$%&+/502='0$7&
'%$';&>%2+$-&,3&,/%&,%1')2+&=$1$0'.5$-&
'%$&(,%$&-0'.5$&0#')&+,)=$)02,)'5&
=$1$0'.5$-;&?$+,(2)1&')&<%1')2+&@'%($%&
-#,/57&),0&.$&3$'%$7;&A$&)$$7&0,&12=$&
(,%$&2(4,%0')+$&0,&9#'0&9$&'%$&7,2)1&
')7&4/0&='5/$&0,&0#$&$33,%0-&,3&BC<D-6&
1,=$%)($)0&2)-020/02,)-&')7&2)72=27/'5-6&
2)&+#')12)1&0#$&=2$9-&,3&3'%($%-&2)&'&
4,-202=$&9'*;E
F%;&G$33$%-,)&:'%/')6&
:'&",4&F>H&($(.$%
Upgrading Farmer’s Capacity through Enhanced Production and
Marketing: Sustainable Agriculture through Organic Farming
The La Top Success Story
S
-# 37# */B3/F/1# -.2-# 2# 7,7-2302*B/#
2DD:+2@.#-+#+:8203@#28:3@,B-,:/#37#
-+#8:/2-BN#3;D:+F/#*+-.#D:+1,@-3+0#
27#L/BB#27#-./#;2:M/-308#@2D2*3B3-3/7#
+9# 92:;/:74# # I.37# L27# -./# D:3;2:N#
+*?/@-3F/# +9# -./# D:+?/@-# kQD8:21308#
X2# I+D# <2D2@3-N# -.:+,8.# A0.20@/1#
=:+1,@-3+0#201#62:M/-308l#7,DD+:-/1#
*N# -./# =.3B3DD30/# a# ),7-:2B32#
<+;;,03-N# )7737-20@/# =:+8:2;4#
I./# D:+?/@-# 23;/1# -+# :/1/V0/# X2#
I+DJ#0+-#;/:/BN#27#2#92:;/:'D:+1,@/:#
@++D/:2-3F/J# *,-# 27# 2# *,730/77#
;+1/B#9+:#7,7-2302*B/#D:+1,@-3+0#201#
;2:M/-308#+9#+:8203@#F/8/-2*B/74#
I./# 73803V@20-# 3;D:+F/;/0-7# 30# -./#
;2028/;/0-#+9#X2#I+D]7#+D/:2-3+07#
;21/#-./#@++D/:2-3F/#;+:/#/0-3@308#
201# 2@@+;;+12-308# -+# D+-/0-32B#
;/;*/:74# I./# D:+?/@-# /7-2*B37./1#
20# /9V@3/0-# 201# 2@@,:2-/# :/@+:1#
M//D308# 7N7-/;# -.2-# 37# 2*B/# -+#
D:/7/0-# ,D'-+'12-/# V020@32B# :/@+:17#
0//1/1# 30# 1/@373+0# ;2M308# 201#
;303;3Y/1# /::+:7# 201# D:+*B/;7# 30#
:/@+:1308# +9# 1/B3F/:NJ# 72B/7# 201#
30F/0-+:N# L3-.# -./# 1/F/B+D;/0-#
+9# 2# D+30-'+9'72B/# b=TGc# 7N7-/;4#
X2# I+D# L27# 2B7+# 2*B/# -+# /7-2*B37.#
;303;,;# `,2B3-N# 7-2012:17# 9+:# -./3:#
D:+@/77/1# F/8/-2*B/# D:+1,@-7# 201#
7-:/08-./0#-./3:#7-2:':20M308#7N7-/;#
-.2-#8,2:20-//1#-./#`,2B3-N#+9#2BB#-./#
D:+1,@-7#+9#-./#@++D/:2-3F/4
I./# D:+?/@-# 2B7+# /02*B/1# X2# I+D# -+# =:+1,@-3+0#L37/J#X2#I+D#L27#2*B/#-+#
31/0-39N# 201# 3;DB/;/0-# 0/@/772:N# 31/0-39N# 2# @:+D# D:+1,@-3+0# D:+8:2;#
7-:2-/83/7# -.2-# @+,B1# ;2^3;3Y/# ,7/# -.2-#37#;+:/#7,3-2*B/#-+#-./#;/;*/:]7#
+9# -./3:# 2F23B2*B/# :/7+,:@/7# 201# D:/9/:/0@/7# 201# @:+D# 212D-2*3B3-N4#
B/21# -+# ;+:/# 30@+;/# 8/0/:2-308# I./# P://0# !3020@308# G,DD+:-# 2B7+#
+DD+:-,03-3/74# X2# I+D# L27# 2*B/# -+# D:+F31/1# -3;/BN# V020@32B# 27737-20@/#
13F/:739N# -./3:# D:+1,@-# +99/:3087# -+# -+# \5# X2# I+D# ;/;*/:7# L.+# L/:/#
-./3:# @+07,;/:7# L.3@.# 0+L# 30@B,1/# 2*B/# -+# 3;D:+F/# 201# /^D201# -./3:#
:/21N'-+'/2-#9:/7.#+:8203@#F/8/-2*B/7# D:+1,@-3+0#2:/274
201# +:8203@# F/8/-2*B/# /0:3@./1#
0++1B/74#X2#I+D#7-3BB#0//17#-+#3;D:+F/# S0# -/:;7# +9# @+;;,03-N# 7,DD+:-J#
+0# -./3:# 7M3BB7# 201# M0+LB/18/# +0# -./# /7-2*B37.;/0-# +9# F/:;3@27-#
-./7/# *,730/77# /01/2F+:7# *,-# -./# D:+1,@-3+0#92@3B3-3/7#,01/:#-./#D:+?/@-#
D:+?/@-# .21# D:+F31/1# -./;# L3-.# -./# L27# 307-:,;/0-2B# 30# 211:/77308#
0/@/772:N# -/@.03@2B# 201# ;2-/:32B# -./# @+0@/:0# 9+:# 2# 7-/21N# 7+,:@/# +9#
7,DD+:-#-+#303-32-/#-./7/#2@-3F3-3/74 +:8203@#9/:-3B3Y/:#9+:#L+,B1'*/#+:8203@#
92:;/:7# *,-# L3-.+,-# 2# 7+,:@/# +9#
I+#3;D:+F/#+0#;2:M/-308J#-./#D:+?/@-# @+;D+7-#;2-/:32B74#
23;/1# -+# /02*B/# X2# I+D# -+# D:+D/:BN#
-2:8/-# @+07,;/:# 201# ;2:M/-308# TF/:2BBJ#-./#D:+?/@-#L27#307-:,;/0-2B#
+DD+:-,03-3/74# X2# I+D# L27# 2*B/# -+# 30# /0.20@308# -./# D:+1,@-3+0# 201#
30@:/27/#3-7#;2:M/-#+,-B/-7#-+#\#9:+;# ;2:M/-308# @2D2@3-N# +9# X2# I+D# 6=<4#
-./# 5# :/8,B2:# ;2:M/-7# -+# 30@B,1/# 6+:/# 92:;/:7# 2:/# 0+L# 2L2:/# -.2-#
@.,:@./7J# 307-3-,-3+07# bQ03F/:73-N# +9# +:8203@# 92:;308# 37# 20# /@+0+;3@2BBN#
-./# =.3B3DD30/7c# 201# 7,D/:;2:M/-7# F32*B/# 28:3@,B-,:2B# -/@.0+B+8N# 9+:#
bG6c4# I./# 0/L# 1/B3F/:N# F/.3@B/# 30@:/27308#D:+1,@-3+0#201#30@+;/#+9#
D:+F31/1# *N# -./# D:+?/@-# ;2^3;3Y/1# 7;2BB'92:;/:74#
*+-.#D:+1,@-#1/B3F/:N#201#307D/@-3+0#
+9# ;/;*/:7]# @+;DB320@/4# X2# I+D#
L27# 2*B/# -+# 30@:/27/# 3-7# 1/B3F/:N# -+#
(\# @:2-/7# +9# F/8/-2*B/7# 9:+;# -./#
(># @:2-/74# I./# @++D/:2-3F/# L27#
2B7+# 2*B/# -+# 3;;/132-/BN# @+;DB/-/#
-./# :/8,B2:# 307D/@-3+0# 201# @+01,@-#
7,:D:37/#307D/@-3+07#39#0/@/772:N4##
!"#$%&#$'($)*"+,--.$)./0*1,2($)*,*4(%%.&.$5.6 8
9"",#%(7.:*2-(;<(=>>?6=>@>
 FSSI-HEKS Typhoon Parma Agricultural
Rehabilitation Support Project
I
./# 7D2-/# +9#@2B2;3-3/7# 1,:308#
-./# B27-# `,2:-/:# +9# $%%&# B/9-#
-./# =:+F30@/# +9# H/08,/-#
1/F27-2-/14# I./# 12;28/# *:+,8.-#
2*+,-# *N# IND.++0# =2:;2# b=/D/08c#
D+7/1#2#8:/2-#-.:/2-#-+#-./#/@+0+;3@#
201# 9++1# 7/@,:3-N# +9# -./# @+,0-:N4##
I./# -ND.++0# @2,7/1# ;2773F/#
B2017B31/7# -.2-# B/9-# 12;28/7# -+#
D:+D/:-NJ# B3F/B3.++1J# 7+@3+'/@+0+;3@#
309:27-:,@-,:/# 201# @B23;/1# B3F/7#
+9# D/+DB/# 30# -./# =:+F30@/4# I./#
6,03@3D2B3-N# +9# )-+M# .21# -./# ;+7-#
0,;*/:# +9# 299/@-/1# 92:;/:7# 2;+08#
-./#(5#;,03@3D2B3-3/7#+9#H/08,/-4#
f./0# 6:4# K2:@37+# I3+-3+# +:# 6208#
K2:@37+# :/@/3F/1# -./# ;2-/:32B7# ./#
:/`,/7-/1#-+#*/#B+20/1#./#L27#F/:N#
-.20M9,B# 9+:# -./# -3;/BN# 27737-20@/#
/^-/01/1# *N# -./# )8:3@,B-,:2B#
R/.2*3B3-2-3+0# G,DD+:-# =:+?/@-# +9#
-./# !GGS'eAjG4# 6208# K2:@37+J#
5\# N/2:7# +B1# 201# L3-.# O# @.3B1:/0J# 37#
2;+08#-./#(4\&>#92:;/:7#+9#)-+M#-.2-#
L/:/# 299/@-/1# *N# IND.++0# =/D/084#
9 !89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
6208#K2:@37+#02::2-/1#-.2-#-./N#2:/#
-+-2BBN# 1/D/01/0-# +0# -./3:# :3@/# 92:;#
9+:# -./3:# 0//17# 201# L./0# .37# 92:;#
201# @:+D7# L/:/# L27./1# +,-# 1,:308#
-ND.++0# =/D/08J# -./N# L/:/# B/9-#
L3-.+,-#20N#+-./:#7+,:@/#+9#30@+;/4#
e/# ;/0-3+0/1# -.2-# ./# .21# 0+# +-./:#
;/207# -+# :/.2*3B3-2-/# .37# 92:;# 201#
L27# 2B:/21N# @+0731/:308# *+::+L308#
9:+;# 20N# B/01/:# L./0# -./# D:+?/@-#
L27#3;DB/;/0-/14##
6208# K2:@37+# D+30-/1# +,-# -.2-#
2B-.+,8.# -./# B+20# 2;+,0-# L27#
B3;3-/1J# -./N# L/:/# 2-# B/27-# D:+F31/1#
7+;/-.308# -+# 7-2:-# L3-.4# e/# L27#
F/:N# -.20M9,B# 9+:# -./# Y/:+# 30-/:/7-#
27737-20@/# /^-/01/1# *N# -./# D:+?/@-#
730@/# -./N# @20# D:+@//1# L3-.# -./3:#
D:+1,@-3+0#L.3B/#0+-#.2F308#-+#-.30M#+9#
D2N308#.38.#30-/:/7-#:2-/7#39#-./N#.21#
*+::+L/1# 9:+;# *20M7# +:# 3013F31,2B#
B/01/:74# I+# 12-/J# 6208# K2:@37+#
2B:/21N#7-2:-/1#DB20-308#@.2N+-/#201#
30-/017# -+# 2DDBN# 9+:# 2# :/'B+20# 39# ./#
L3BB#*/#2BB+L/1#L.3@.#./#L3BB#,7/#27#
2113-3+02B#@2D3-2B#9+:#@:+D#D:+1,@-3+04
eAjG# 37# 20# 30-/:# <.,:@.# 28/0@N#
*27/1# 30# m,:3@.J# P/:;20N# -.2-#
D2:-0/:/1# L3-.# -./# !+,012-3+0# 9+:#
G,7-2302*B/# G+@3/-NJ# S0@4# b!GGSc# -+#
D:+F31/# -./# ;,@.# 0//1/1# 7,DD+:-#
-+# -./7/# 299/@-/1# 92:;/:7# -+# ./BD#
-./;# 30# -./3:# 3;;/132-/# :/@+F/:N#
9:+;#-./#12;28/7#+9#-./3:#B3F/B3.++14#
I./# !GGS'eAjG# IND.++0# =2:;2#
)8:3@,B-,:2B# R/.2*3B3-2-3+0# G,DD+:-#
=:+?/@-# 23;/1# -+# 1/B3F/:# 28:3@,B-,:/#
:/.2*3B3-2-3+0#7,DD+:-#-.:+,8.#2#Y/:+#
30-/:/7-#B+20#-+#2-#B/27-#$O%#299/@-/1#
92:;/:7# 9:+;# -./# ;,03@3D2B3-3/7# +9#
)-+MJ#I,*2J# X2#I:303121# 201#I,*B2N4##
!2:;# 30D,-7J# 92:;# ;2-/:32B7# 9+:#
:/.2*3B3-2-3+0#201#@27.#9+:#B2*+:#L/:/#
D:+F31/1#-+#-./#92:;/:7#*27/1#+0#-./3:#
0//1/1# 7D/@3V@2-3+074# I.37# 7N7-/;#
L3BB# ./BD# B/77/0# -./# 1/D/01/0@N# +9#
92:;/:7#+0#B+@2B#B/01308#307-3-,-3+074
 !),!./.&0!(1!2!$#/+!),
Micro-credit and Beyond: JVOFI’s Decade Journey

I
./#!+,012-3+0#21+D-7#-./#-:3DB/#*+--+;B30/#2DD:+2@.#L./:/#/@+0+;3@#1/F/B+D;/0-#37#+0/#+9#-./#@+:/#D:30@3DB/7#-+8/-./:#L3-.#7+@32B#201#/0F3:+0;/0-2B#
1/F/B+D;/0-4#)7#7,@.J#-./#63@:+V020@/#D:+?/@-#L27#B2,0@./1#2#1/@21/#28+#,7308#-./#)G)#;/-.+1+B+8N4##I.37#7@./;/#.27#-./#92@3B3-N#-+#:/2@.#+,-#
-+#2#B2:8/:#0,;*/:#+9#@B3/0-7#L3-.#/0-/:D:37308#D++:#L+;/0#27#3-7#-2:8/-#7/@-+:4#Q01/:#-.37#;/-.+1+B+8NJ#B+207#201#72F3087#D:+1,@-7#201#7/:F3@/7#2:/#
*:+,8.-#-+#-./#1++:7-/D#+9##D++:#201#,01/:'D:3F3B/8/1#@B3/0-74#

ZWT!S]7#@,::/0-#7-2-,7#/F+BF/1#-+#7,3-#-./#1/;2017#+9#-./#-3;/7J#-./#/0F3:+0;/0-#L./:/#3-#+D/:2-/7#201#-./#301,7-:N#3-7/B94##S0#3;DB/;/0-308#-./#.+B37-3@#
2DD:+2@.J#-./#!+,012-3+0#/7D+,7/1#-./#9+BB+L308#-+#3;D:+F/#3-7#/99/@-3F/0/77#201#/9V@3/0@N#30#-./#1/B3F/:N#+9##3-7#D:+1,@-7#201#7/:F3@/7_

24##G+@32B#D/:9+:;20@/#;2028/;/0-#

I./#2@.3/F/;/0-#+9#-./#D:+8:2;]7#D/:9+:;20@/#L27#;21/#7+#*N#*/308#30'-+,@.#L3-.#+,:#@B3/0-7#:/8,B2:BN#-.:+,8.#;+03-+:308#201#/F2B,2-3+0#*N#;/207#
+9#7,:F/N7#201#30-/:F3/L74#62-@.308#+9#D:+1,@-7#201#7/:F3@/7#L3-.#@B3/0-7]#0//17#201#L20-7#37#F/:N#@:,@32B#9+:#*+-.#-./#!+,012-3+0#201#-./#@B3/0-7h#-.,7J#
@B3/0-#72-3792@-3+0#201#/^3-#7,:F/N7#L/:/#@+01,@-/1#-+#/07,:/#-.2-#ZWT!S#L27#21/`,2-/BN#:/7D+01308#-+#@B3/0-7]#0//174##<+07/`,/0-BNJ#@B3/0-7#@B23;/1#
-.2-#3;D:+F/;/0-#30#-./3:#*,730/77#30@+;/#L27#:/2B3Y/1#2-#20#2F/:28/#30@:/27/#+9#2-#B/27-#(Og#@+;D2:/1#282307-#-./#D/:3+1#L./0#0+#2113-3+02B#@2D3-2B#
30D,-#L27#+*-230/1#N/-#9:+;#-./#!+,012-3+04##=:+^N#3013@2-+:7#L/:/#B3M/L37/#0+-2*B/4#<B3/0-7#7231#-.2-#D,:@.27/#+9#.+,7/.+B1d*,730/77#277/-7J#.+,7/.+B1#
:/D23:7J#,09+:/7//0#7@.++B#:/`,3:/;/0-7J#201#;/13@30/7#9+:#0+:;2B#73@M0/77/7#2:/#0+L#299+:12*B/#-+#-./;4

*4##63@:+'307,:20@/##

<B3/0-7#+9#;3@:+V020@/#2:/#F,B0/:2*B/#-+#-./#;20N#:37M7#+9##B39/#-.2-#/F/0#39#-./N#.2F/#@:+77/1#-./#D+F/:-N#B30/J#@:37/7#7,@.#27#13727-/:7#+:#,09+:/7//0#
D:+*B/;7#@20#/273BN#:/F/:-#-./;#-+#-./3:#D++:#7-2-,7#-.,7#0/@/773-2-308#-./#D:+F373+0#+9#729/-N#0/-74

G/F/0#b[c#@B3/0-7#+9#-./#!+,012-3+0]7#;3@:+V020@/#D:+8:2;#L/:/#0+-#7D2:/1#9:+;#-./#L:2-.#+9#IND.++0#=/D/08#B27-#N/2:4#I./N#L/:/#2;+08#-.+7/#L.+#
D/:37./1#30#-./#X3--B/#j3*,0820#B2017B31/#L.3@.#-++M#2L2N#-./3:#92;3B3/7#201#D:+D/:-3/7#-.2-#-./N#2@`,3:/1#-.:+,8.#-./#N/2:74#)D2:-#9:+;#-./#@+0-30,/1#

!"#$%&#$'($)*"+,--.$)./0*1,2($)*,*4(%%.&.$5.6 :
9"",#%(7.:*2-(;<(=>>?6=>@>
 V020@32B#27737-20@/#-.2-#ZWT!S#D:+F31/7#-+#./BD#@B3/0-7#:/@+F/:#30#-3;/7#+9#13727-/:J#;3@:+'307,:20@/#37#20#2113-3+02B#7/:F3@/#-.2-#-./#!+,012-3+0#.+D/7#-+#
/^-/01#30#-./#0/2:#9,-,:/4

)7#+9#Z,0/#5%J#$%(%J#-./#D:+8:2;]7#D/:9+:;20@/#37#D:/7/0-/1#30#-./#-2*B/#27#9+BB+L7_

63@:+'@:/13-#=:+8:2;#=/:9+:;20@/
I+-2B#<B3/0-7 (J>C
(J>C>>
H+::
H+ ::+L
+L/:
/:7
7 (J([
(J([((
X+20
X+ 20#P
#P,2
,2:2
:20-
0-//
//#!
#!,0
,01#
1#b@
b@B3B3/0
/0-7
-7]#]#72
72F3
F308
087c
7c =.D#
=. D#OJ
OJ\$
\$CJ
CJ%O
%O[
[
X+20
X+ 20#=
#=+:
+:-9
-9+B
+B3+
3+ =.D#
=.D#(%
(%J>
J>5&
5&JO
JOC%
C%
X+20
X+ 20#R
#R/B
/B/2
/27/
7/1#
1#73
730@
0@/#
/#$%
$%%(
%( =.D#
=. D#$%
$%%J
%J5[
5[>J
>JO[
O[$$
R/D2
R/D2N;
N;/0
/0-#
-#:2
:2-/
-/__
####
## ####
####
####
###<
#<,;
,;,B
,B2-
2-3F
3F/#
/#73
730@
0@/#
/#$%
$%%(
%( &&4\
&&4\Og
Og
####
## ####
####
####
###!
#!+:
+:#-
#-./
./#V
#V7@
7@2B
2B#N
#N/2
/2:: &&45
&&45Cg
Cg
=+:-
=+ :-9+
9+B3B3+'
+'2-
2-'R
'R37
37M7
M7#b
#b=)
=)Rc
Rc
U 0,;*
0, ;*/:
/:#+
#+9#
9#1/
1/B3B30`
0`,/
,/0-
0-#@
#@B3B3/0
/0-7
-7 &&
U 72F3
72 F308
087#
7#+9
+9#1
#1/B
/B30
30`,
`,/0
/0-#
-#@B
@B3/
3/0-
0-77 =.D#
=. D#\5
\5J$
J$>C
>C
U =)R#
=)R#2;
2;+,
+,0-
0- =.D#
=. D#5&
5&\J
\JO(
O(OO
U =)R#
=)R#:2
:2-/
-/ 54\$
54 \$g
g
U =)R#
=)R#:2
:2-/
-/#b
#b0/
0/-#
-#+9
+9#@
#@B3B3/0
/0-7
-7]#]#72
72F3
F308
087c
7c 54%(
54 %(g
g
=AGT
=A GT#R
#R2-
2-30
308
8 \(#'
\( #'#F
#F/:
/:N#
N#72
72-3-379
792@
2@-+
-+:N
:N

):;/1#L3-.#-./#0/L#7-:2-/83/7#201#L3-.#-./#Y/2B#+9#7-299J#-./#!+,012-3+0#.+D/7#-+#7,7-2302*BN#@+0-30,/#3-7#21F+@2@N#+0#7/B9':/B320@/#201#D,:7,/#3-7#;2012-/#
+0#D+F/:-N#:/1,@-3+0#30#3-7#2:/27#+9#+D/:2-3+0#201#*/N+01#L./:/#7/:F3@/7#2:/#;+7-BN#0//1/14#

;< !89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
 0/!"&'$(/.#3!",0

Z
23;/#W4#T08D30#!+,012-3+0J#S0@4#/0828/7#30#7D/@32B#D:+?/@-7#-+#1/F/B+D#3-7#7M3BB#30#+-./:#V/B17J#201#
-+#7.2:/#3-7#/^D/:-37/#-+#+-./:#8/+8:2D.3@2B#2:/27#30#K+:-./:0#X,Y+0#L.3B/#8/0/:2-308#2113-3+02B#
:/7+,:@/7# 9+:# 3-7# @+:/# D:+8:2;74# E,:308# -./# V7@2B# N/2:J# -./# !+,012-3+0# 3;DB/;/0-/1# -.://# b5c#
7D/@32B#D:+?/@-74

I./# Q:*20# =2:-0/:7.3D7# 9+:# G,7-2302*B/# QDB39-;/0-J# R/0/L2BJ# P+F/:020@/# 201# A;D+L/:;/0-#
bQ=GQRPAc# D:+?/@-# L27# 3;DB/;/0-/1# 30# D2:-0/:7.3D# L3-.# -./# =.3B3DD30/# G,DD+:-# G/:F3@/7#)8/0@3/7#
b=eSXGG)c#201#-./#<3-N#+9#G20#!/:0201+J#X2#Q03+04#S-7#8+2B#L27#-+#3;D:+F/#-./#.+,7308J#D.N73@2B#201#
/0F3:+0;/0-2B#@+013-3+07#+9#-./#,:*20#D++:4##I.37#D:+?/@-#L27#9,01/1#*N#-./#Z2D20#G+@32B#E/F/B+D;/0-#
Q=GQRPA#D:+?/@-
!,01#;2028/1#*N#-./#f+:B1#H20M#4##

I./#7/@+01#7D/@32B#D:+?/@-#L27##-./#k=277308'+0'-./P39-7l#7,DD+:-/1#*N#e/39/:#S0-/:02-3+02B#=.3B3DD30/74#
S-#D:+F31/1#B3F/7-+@M#201#+-./:#28:3@,B-,:2B#7,DDB3/7#201#-/@.03@2B#27737-20@/#-+#D++:#92:;308#@+;;,03-3/7#
30#S72*/B2#+F/:#2#;+:/#-.20#-L+'N/2:#D/:3+14#I./#D:+?/@-#L27#:/DB3@2-/1#30#I21320J#6+,0-230#=:+F30@/#
*/8300308#Z,0/#$%(%4###

I./#-.3:1#7D/@32B#D:+?/@-#L27#-./#<++D#T:8203Y308#201#<2D2@3-N#H,3B1308#D:+?/@-#9+:#-+*2@@+#92:;/:7#30#
:/83+07#(#201#$#L.+#L3BB#;2028/#-./#9,/BL++1#201#*2;*++#DB20-2-3+0#73-/7#/7-2*B37./1#*N#-./#D:+?/@-4#
I.37#L27#9,01/1#*N#=.3B3D#6+::37#=.3B3DD30/7#620,92@-,:308J#S0@4#bK+L#=6!I<J#S0@4c#30#:/@+803-3+0#+9#3-7#
7+@32B#+*B382-3+0#-+#@+0-:3*,-/#-+#/0F3:+0;/0-2B#D:+-/@-3+0#/99+:-7#;+:/#7+#-.2-#-./#301,7-:N#37#1/D/01/0-#
+0#-./#2F23B2*3B3-N#+9#*2;*++#201#-3;*/:#-+#@,:/#-+*2@@+4
=277308#+0#-./#P39-7

<++D#T:8203Y308#201#<2D2@3-N#
<++D
<+ +D#T
#T:8
:820
203Y
3Y30
308#
8#20
201#
1#<2
<2D2
D2@3
@3-N
-N##
H,3B1308#=:+?/@-

!"#$%&#$'($)*"+,--.$)./0*1,2($)*,*4(%%.&.$5.6 ;;
9"",#%(7.:*2-(;<(=>>?6=>@>
Urban Partnerships
T
0#K+F/;*/:#$CJ#$%%&J#-./#D:+?/@-#+0#Q:*20# I./#D:+?/@-#L27#2*B/#-+#1/;+07-:2-/#-.2-#2#1N02;3@#
=2:-0/:7.3D7# 9+:# G,7-2302*B/# QDB39-;/0-J# ;,B-37/@-+:2B#D2:-0/:7.3D#@20#*:308#2*+,-#3;D:+F/1#
for Sustainable R/0/L2BJ#P+F/:020@/#201#A;D+L/:;/0-#
2-# -./# !37./:;20]7# W3BB28/# 30# -./# <3-N# +9# G20#
B3F308# @+013-3+07# 9+:# -./# ,:*20# D++:4# S-# L27# ;,@.#
;+:/# -.20# D:+F31308# ?,7-# D.N73@2B# 309:27-:,@-,:/#
Upliftment, Renewal, !/:0201+J#X2#Q03+0#bQ=GQRPAc#9+:;2BBN#@2;/#-+#
2#@B+7/4#I.37#D:+?/@-#L27#3;DB/;/0-/1#*N#ZWT!S#
3;D:+F/;/0-7# -+# -./# :/731/0-74# S0# */308# 2@-3F/#
D2:-3@3D20-7# +9#-./#=:+?/@-#Q=GQRPAJ#-./N#L/:/#
Governance and 30# D2:-0/:7.3D# L3-.# -./# <3-N# +9# G20# !/:0201+J# X2#
Q03+0J# -./# =.3B3DD30/# G,DD+:-# G/:F3@/# )8/0@3/7#
2*B/#-+#9+:8/#2#7-:+08/:#B30M#27#@+;;,03-N#-.:+,8.#
-./3:# .+;/+L0/:7]# 277+@32-3+0# 201# /7-2*B37.# 2#
Empowerment b=eSXGG)c#201#-./#f+:B1#H20M4 D2:-0/:7.3D#L3-.#-./3:#@3-N#8+F/:0;/0-4#I./N#2B7+#
*/@2;/#;+:/#2L2:/#+9#-./#/;D+L/:308#D:/7/0@/#
S0#2#9/7-3F/#@/:/;+0N#2-#-./#!37./:;20]7#W3BB28/J# +9#KPT#L+:M/:7#201#-./#D:3F2-/#7/@-+:J#D2:-3@,B2:BN#
ZWT!S# -,:0/1# +F/:# -./# @+;DB/-/1# 92@3B3-3/7# 201# @+0-:2@-+:'@+;D203/74
:/B2-/1#/`,3D;/0-#-+#-./#@3-N#8+F/:0;/0-J#L.3@.#30#
-,:0#/0@+,:28/1#:/731/0-7#-+#7,7-230#201#3;D:+F/# )7#ZWT!S#D,BB/1#+,-#9:+;#3-7#L+:M#30#G20#!/:0201+#
+0#-./#1/F/B+D;/0-#82307#-./N#.21#;21/4#ZWT!S# <3-NJ#-./#@3-N#8+F/:0;/0-#L27#DB2@/1#2-#-./#D+73-3+0#
2B7+# -,:0/1# +F/:# -+# -./# @3-N# 8+F/:0;/0-# D:+?/@-# +9# 7,7-230308# 201# 7@2B308# ,D# -./# 2@.3/F/;/0-7#
1+@,;/0-7J# 7N;*+B3Y308# -.2-# -./# B2--/:# L+,B1# ;21/#30#-./#!W)#D:+?/@-#201#,7308#3-#27#2#;+1/B#
./0@/#+0#-2M/#20#/F/0#;+:/#2@-3F/#B/21/:7.3D#30# 9+:#73;3B2:#D:+?/@-7#30#-./#9,-,:/4#
7,7-230308#-./#D:+?/@-#201#:/DB3@2-308#3-7#7-:2-/83/7#
30#+-./:#@+;;,03-3/7#30#-./#@3-N4#

)7# +9# K+F/;*/:# $%%&J# 2BB# \C# ,03-7# 30# -./#

@+;;,03-N# L/:/# 3;D:+F/1# 201# +@@,D3/14#)# +0/'
7-+:/N#;,B-3D,:D+7/#*,3B1308#L27#2B7+#@+;DB/-/1#
-+# 7/:F/# 27# -./# F/0,/# 9+:# ;//-3087# 201# +-./:#
@+;;,03-N#82-./:30874#S0#-.37#0/L#7/--B/;/0-J#-./#
:/731/0-7#L.+#2:/#;230BN#V7./:;/0J#2:/#7-3BB#@B+7/#
-+# -./3:# ;230# 7+,:@/7# +9# B3F/B3.++1# 201# -+# +-./:#
92@3B3-3/7#201#7/:F3@/7J#30@B,1308#./2B-.J#/1,@2-3+0J#
@+;;/:@/J# 201# .2F/# 2@@/77# -+# *273@# 7/:F3@/7#
7,@.#27#/B/@-:3@3-N#201#L2-/:4#

I./#2B;+7-#-L+#N/2:7#+9#=:+?/@-#Q=GQRPA#'#-./#
<3-N#+9#G20#!/:0201+J#X2#Q03+0#2@@+;DB37./1#-./#
B+@2B#8+F/:0;/0-]7#8+2B#+9#D:+F31308#2#:/7/--B/;/0-#
2:/2# 9+:# 7+;/# :/731/0-7# +9# SB+@20+7# K+:-/# 201#
SB+@20+7# G,:# L.+# L/:/# F,B0/:2*B/# -+# 7-+:;# 201#
n++13084# I./N# 2:/# 0+L# 9://1# +9# L+::3/7# 2*+,-#
-ND.++07# 201# n++17# 201# @20# 7B//D# L/BB# /F/0# 39#
-./:/#2:/#-ND.++074##

;! !89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
!"#$%&"'&($)*(++*

6)4#SG)HAX#P4#TKP=SK KTRHARIT#)4#WSAR) RA"K)XET##<4##H)QISGI)J##GR4 G)XW)ETR#=4#=)H)X)K

<.23:D/:7+0 W3@/#<.23:D/:7+0 =:/731/0- I:/27,:/:
<3F3@#X/21/:J#<+B,;037- =:/731/0-#i#62028308#E3:/@-+: <.23:;20#i#=:/731/0- G/03+:#W='!3020@/#i#I:/27,:/:
H,730/77L+;20 I/^27#S07-:,;/0-7#b=.3B7cJ#S0@ R,:2B#H20M#+9#S-+8+0 H/08,/-#<+:D+:2-3+0
=:/731/0-J#G,07-2:

EAKKSG#R4#HAX6TKIA <TR)mTK#G4#EAX)#=)m'HARK)RET K)R<SG)#X4#AG<)XAR R)"#EA)K#E4#G)XWTG)

I:,7-// I:,7-// I:,7-// I:,7-//
=27-#=:/731/0-#i#<ATJ =:/731/0-#i#<AT !+:;/:#=.3B3DD30/#);*27721+:# 62028308#E3:/@-+:J
H/08,/-#<+:D+:2-3+0 G+@32B#G/@,:3-N#GN7-/; -+#-./#Q03-/1#K2-3+07 <+07,/B+#!+,012-3+0
=27-#=:/731/0-J#K2-3+02B#R/7+,:@/#
62028/;/0-#<+:D+:2-3+0

=%-+,&>+'?+,#&)/&%-+&@)A2.0%$)2B
C+2+&DE&F)G'02 E)KSAX#m4#QRoQS<T RAK)IT#G4#RTKEAm
"'0.)&DE&H0I.0'+)&JKL I:,7-// !+,012-3+0#G/@:/-2:N
M+1N2&HE&H0O0,) =:/731/0-#i#<ATJ
<.3B1#i#!2;3BN#G/:F3@/#=.3B3DD30/7
@,023$#3)&"E&P0,002&JKL
Q'$1R&PE&P$'+2%+1

!"#$%&#$'($)*"+,--.$)./0*1,2($)*,*4(%%.&.$5.6 ;4
9"",#%(7.:*2-(;<(=>>?6=>@>
%,-./01-2&13&45-06.-7
E)")&/
U# ),7-:2B320#)8/0@N#9+:#
S0-/:02-3+02B#E/F/B+D;/0-#'#
=.3B3DD30/7#),7-:2B32#<+;;,03-N#
)7737-20@/#=:+8:2;
U# !+,012-3+0#9+:#2#G,7-2302*B/#
G+@3/-NJ#S0@4
U# eAS!AR#S0-/:02-3+02BJ#
=.3B3DD30/7
U# =eSXGG)#'#f+:B1#H20M
U# =.3B3D#6+::37#=.3B3DD30/7#
620,92@-,:308J#S0@4
!FF59?6B4B6@;7%4;?%19G8957D6=7
.;B95;4B6@;4:
U# <+,0@3B#+9#!+,012-3+07
U# 63@:+@:/13-#G,;;3-#+9#
=:2@-3-3+0/:7
"4B6@;4:
U# )77+@32-3+0#+9#!+,012-3+07
U# 63@:+V020@/#<+,0@3B#+9#-./#
=.3B3DD30/7J#S0@4
U# =.3B3DD30/#<+,0@3B#+0#KPT#
</:-3V@2-3+0
U# =2:-0/:7.3D#+9#=.3B3DD30/#
G,DD+:-#G/:F3@/#)8/0@3/7
;5 !89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
$@F4:
U# )B2N#72#j2B303720J#S0@4
U# H28,3+#G+B31#f27-/#
62028/;/0-#H+2:1
U# H28,3+#R/8://0308#6+F/;/0-
U# <+:13BB/:2#K/-L+:M#+9#
E/F/B+D;/0-#KPT7#201#=T7#
b<TREKAIc
U# R/83+02B#<++D/:2-3F/#
E/F/B+D;/0-#<+,0@3B
U# H28,3+#<3-N#X+@2B#P+F/:0;/0-#
Q03-
U# E/D2:-;/0-#+9#A0F3:+0;/0-#201#
K2-,:2B#R/7+,:@/7
U# X2#I:303121J#H/08,/-#X+@2B#
P+F/:0;/0-#Q03-
U# G20#!/:0201+#<3-N#X+@2B#
P+F/:0;/0-#Q03-
,)7C%",)7C%0A76;977C%!F4?9G9%
(45B;957
U# H/08,/-#<+:D+:2-3+0
U# H/08,/-#G-2-/#Q03F/:73-N
U# I/^27#S07-:,;/0-7#b=.3B3DD30/7cJ#
S0@4
U# I:2076203B2J#S0@4
U# Q03F/:72B#X/29#=.3B3DD30/7J#S0@4
U# Q03F/:73-N#+9#H28,3+
(9@=:9H7%)5<4;6I4B6@; U# X2;-208#K/38.*+:.++1#
U# )B0+#R,:2B#<+;;,03-N# 6,B-3D,:D+7/#<++D/:2-3F/
E/F/B+D;/0-#<++D/:2-3F/ U# X2#I:303121#G-:2L*/::N#
U# );*3+08'X2#I:303121# 6,B-3D,:D+7/#<++D/:2-3F/
6,B-3D,:D+7/#<++D/:2-3F/ U# X2#I+D#T:8203@#=:2@-3-3+0/:7#
U# )D,820'X+2M20#6,B-3D,:D+7/# 6,B-3D,:D+7/#<++D/:2-3F/
<++D/:2-3F/ U# =302#A7-/#G302;2:#I+*2@@+#
U# )-+M#I:23B#GD:308#)77+@32-3+0J# !2:;/:7#)77+@32-3+0
S0@4 U# G20#A;3B3+#6,B-3'=,:D+7/#
U# H2B,M27#!2:;/:7#6,B-3D,:D+7/# <++D/:2-3F/
<++D/:2-3F/ U# f2082B#<+;;,03-N#
U# H2:2082N#G20#620,/B#I+*2@@+# 6,B-3D,:D+7/#<++D/:2-3F/
!2:;/:7#)77+@32-3+0 U# f2-/:#<+07,;/:7#)77+@32-3+0#
U# H2:2082N#G/08082-#A@+B+83@2B# +9#j327
G+@3/-N
U# H2N2*+#R/9+:/7-2-3+0#i#
H2;*++#=B20-2-3+0#)77+@32-3+0J#
S0@4
U# H3-2*320#I+*2@@+#!2:;/:7#
)77+@32-3+0J#S0@4
U# <2;2088220J#H2:*2:J#
K287,D+-20#!2:;/:7#
<++D/:2-3F/
U# <+::+'+N#I+*2@@+#!2:;/:7#
<++D/:2-3F/
U# e2DDN#e+BB+L#I:3*2B#<+,0@3BJ#S0@
U# S:3720#<+;;,03-N#A0F3:+0;/0-2B#
6,B-3D,:D+7/#<++D/:2-3F/J#S0@
%,-./01-2&13&*0533
<332+$&,3&0#$&IJ$+/02=$& I+,5,12+'5&I)#')+$($)0 I)0$%4%2-$&K$=$5,4($)0 X2#I:303121#H:20@.
K2%$+0,% E)KIA#I4#!RS)G
ReTE)#!A#E4#HQAK)WSGI) K)K<"#H4#ESmTK H:20@.#T9V@/:
6)4#RTG)RST#R4#XT=Am =:+8:2;#62028/: =:+8:2;#62028/: <eAR"X#)KKA#A4#6)HXS
A^/@,-3F/#E3:/@-+:
ZA!!RA"#e4#Z)WSAR ZTWSX"K#<4#)X<AET X+20#T9V@/:
RTPAXST#X4#<)RS)GT =:+?/@-#T9V@/: G+@32B#=/:9+:;20@/#62028/;/0-# PSXHARI#I4#S6=ARS)X
E:3F/: <++:1302-+:
<TR)mTK#=4#G)ZTK)G X+20#T9V@/:
<+;;,03-N#T:8203Y/: H28,3+#H:20@.
@2)')+$&')7& WSK<AKI#I4#=)6T
SG)P)KS#!4#AGIR)E)
L7(2)2-0%'02,) X+20#T9V@/:J#X2#I:303121
M4$+2'5&>%,N$+0- H:20@.#T9V@/:

6)4#IARAG)#H4#IAKAEART )HKAR#H4#)H)E
AGIAR#<4#XSHAR)IT
! 3 0 2 0 @ / # 2 0 1 # ) 1 ; 3 0 3 7 - : 2 - 3 F /# X+20#T9V@/:
=:+?/@-#62028/:
62028/:
)XWSK#G4#<eT<j
Z)KS<A#G4#GARPST ZTRPSA#m4#PQ6SR)K X+20#T9V@/:
)@@+,0-308#G,D/:F37+: <+;;,03-N#T:8203Y/:J#=6=6S#
=:+?/@- KAXW"#64#)6=)PQA"
XSAmAX#I4#HQXXTE X+20#T9V@/:
<27.3/:
HAeSXE)#W4#6S)K)
IARAK<A#Z)KPPT#G4#AG=SRSIQ
Ge)"KA#K4#<)RTKTKP)K <+;;,03-N#T:8203Y/:J#=6=6S#
X+20#T9V@/:
)1;3037-:2-3F/#)7737-20- =:+?/@-
IA!)K"#G4#jSf')K
A6SXTQ#E4#<)<E)< ZQXSA#)KK#H4#P)66)E X+20#T9V@/:
H++MM//D/: <+;;,03-N#T:8203Y/:J#=6=6S#
=:+?/@-
A6SXS)#H4#!RS)G
H++MM//D/:

XTRK)#=4#H)")KP)K
H++MM//D/:

!"#$%&#$'($)*"+,--.$)./0*1,2($)*,*4(%%.&.$5.6 ;6
9"",#%(7.:*2-(;<(=>>?6=>@>
!89:;&'(&)<=>9<&-?@<A8B9?<1&#<C(
!"#$%&"'()*++,"&-&./(0*1#23/(4.%567.%&#"8.
DE&3?F8&/;&';GH8&3BH;;B&2?H<;H&I?8A&D1
J@;K?<&L9MM1&N8=@9?&29BG&DO77
,P9M9>>9<;Q
2?<B8CB&*@:R;HS& TOU&EV&VVOWD6VU
0;M;X8YS& & TOU&EV&VDVWZ757
%W:89MS& & 9<X?[\]?F(?H=
^;RQ9B;S& & ___(\]?F(?H=

!"#$%&'(")*(*+,-.)(/#0
1233425(67(189:24