Farmer co-ops play crucial role

Daniel Munch American Farm Bureau Federation
Jun 26, 2024
Jun 26, 2024

1 of 2

Prefer us on Google

Facebook
Twitter
Bluesky
WhatsApp
SMS
Email
Print
Save

Daniel Munch American Farm Bureau Federation

The cooperative business model has been pivotal in the development and stability of the U.S. agricultural industry. Cooperatives provide a platform for farmers to pool resources, preserve market access, share risk and enjoy economies of scale. That’s important to maintaining leverage and bargaining power. Cooperatives also provide a unique opportunity for their members to participate in governance activities and management decisions important to ensuring the organization’s decisions reflect the will of its members and hold its executives accountable. This article delves into the cooperative business structure, underscores benefits and highlights the importance of active farmer engagement in their governance.

kAmkDEC@?8mq24<8C@F?5 56E2:=65k^DEC@?8mk^Am

kAm(92E :D 2 4@@A6C2E:G6n xE’D 2 3FD:?6DD 6?E:EJ @H?65 2?5 4@?EC@==65 3J :ED >6>36CD[ H9@ 3@E9 A2EC@?:K6 E96 7:C> 2?5 6IAC6DD 7@C>2= @H?6CD9:A @7 E96 2DD6ED @7 E96 7:C> – E9C@F89 >2?286>6?E C:89ED 2?5 E96 C:89E E@ E96 7:C>’D 62C?:?8D]k^Am

kAm|2?286>6?E C:89ED 2C6 @7E6? AC@G:565 :? E96 7@C> @7 56>@4C2E:4 G@E:?8 C:89ED 3J 2 @?6\>6>36C\@?6\G@E6 CF=6[ @C 32D65 @? E96 =6G6= 2 >6>36C\@H?6C FE:=:K6D E96 AC@5F4ED @C D6CG:46D @776C65 3J E96 4@@A6C2E:G6 3FD:?6DD] u@C 6I2>A=6 :? E96 42D6 @7 2 52:CJ\>2C<6E:?8 4@@A6C2E:G6[ G@E:?8 C:89ED >2J 36 32D65 @? E96 G@=F>6 @7 >:=< DFAA=:65 2?5 >2C<6E65 E9C@F89 E96 7:C>]k^Am

kAm%96 C:89E E@ 2?J =67E@G6C 62C?:?8D :? 2 4@@A6C2E:G6 – 42==65 C6D:5F2= 62C?:?8D – 56A6?5D @? EH@ >2:? 724E@CD – 9@H >F49 >@?6J >6>36CD 2C6 C6BF:C65 E@ :?G6DE @C 42A:E2=\6BF:EJ C6BF:C6>6?ED[ 2?5 9@H >F49 E96J FD6 E96 4@@A6C2E:G6’D D6CG:46D] %96 42A:E2= :?G6DE65 3J >6>36CD 96=AD A2J 7@C 3FD:?6DD 56G6=@A>6?E 2?5 :?7C2DECF4EFC6 4@DED E92E 2C6 6DD6?E:2= 7@C CF??:?8 E96 4@@A6C2E:G6]k^Am

kAmq2D65 @? E9@D6 724E@CD E96 4@@A6C2E:G6 42? 5:DEC:3FE6 :ED ?6E 62C?:?8D E@ >6>36CD :? EH@ H2JD]k^Am

kAm• %96 >@DE 4@>>@?=J FD65 >6E9@5 :D A2EC@?286 C67F?5D[ H9:49 2C6 32D65 @? 9@H >F49 6249 >6>36C FD6D E96 4@@A6C2E:G6]k^Am

kAm• %96 D64@?5 >6E9@5 :D 5:G:56?5D[ H9:49 2C6 32D65 @? 9@H >F49 >@?6J 6249 >6>36C 92D :?G6DE65]k^Am

kAm%96 F=E:>2E6 8@2= @7 2 4@@A6C2E:G6 3FD:?6DD :D E@ 7FCE96C E96 4@==64E:G6 64@?@>:4 H6==\36:?8 @7 :ED >6>36C\@H?6CD]k^Am

kAmp8C:4F=EFC2= 4@@A6C2E:G6D 42? 36 3C@25=J 42E68@C:K65 :?E@ D6G6C2= EJA6D 32D65 @? E96:C 7F?4E:@?D 2?5 D6CG:46D]k^Am

kAmkDEC@?8m|2C<6E:?8 r@@A6C2E:G6D –k^DEC@?8m %96D6 4@@A6C2E:G6D 2DD:DE 72C>6CD :? AC@46DD:?8[ A24<28:?8 2?5 D6==:?8 E96:C AC@5F4ED] qJ A@@=:?8 E96 8@@5D E96J AC@5F46[ 72C>6CD 42? 2446DD =2C86C >2C<6ED 2?5 ?68@E:2E6 36EE6C AC:46D] tI2>A=6D :?4=F56 52:CJ 4@@A6C2E:G6D =:<6 {2?5 ~’{2<6D 2?5 r23@E rC62>6CJ[ 7CF:E 4@@A6C2E:G6D =:<6 ~462? $AC2J 2?5 $F?<:DE vC@H6CD[ 2?5 ?FE 4@@A6C2E:G6D =:<6 q=F6 s:2>@?5 vC@H6CD]k^Am

kAmkDEC@?8m$FAA=J r@@A6C2E:G6D –k^DEC@?8m $FAA=J 4@@A6C2E:G6D AC@G:56 72C>6CD H:E9 6DD6?E:2= :?AFED DF49 2D D665D[ 76CE:=:K6CD 2?5 6BF:A>6?E] qJ AFC492D:?8 :? 3F=<[ E96D6 4@@A6C2E:G6D 42? @776C :?AFED 2E C65F465 AC:46D] p? 6I2>A=6 :D $@FE96C? $E2E6D r@@A6C2E:G6[ H9:49 DFAA=:6D 28C:4F=EFC2= :?AFED E@ 72C>6CD :? E96 D@FE962DE &?:E65 $E2E6D] rw$ x?4] :D E96 =2C86DE 4@@A6C2E:G6 3FD:?6DD :? E96 &?:E65 $E2E6D] xE DFAA=:6D 6?6C8J[ 4C@A ?FEC:6?ED[ D665 2?5 4C@A\AC@E64E:@? AC@5F4ED 2D A2CE @7 :ED 3FD:?6DD]k^Am

kAmkDEC@?8m$6CG:46 r@@A6C2E:G6D –k^DEC@?8m %96D6 4@@A6C2E:G6D @776C G2C:@FD D6CG:46D E@ 72C>6CD :?4=F5:?8 EC2?DA@CE2E:@?[ DE@C286 2?5 7:?2?4:2= D6CG:46D] r@@A6C2E:G6 32?<D 2?5 4C65:E F?:@?D DA64:7:42==J D6CG6 E96 7:?2?4:2= ?665D @7 72C>6CD[ AC@G:5:?8 =@2?D 2?5 4C65:E 2E 72G@C23=6 E6C>D] %96 u2C> rC65:E DJDE6> 7F?4E:@?D 2D 2 D6CG:46 4@@A6C2E:G6 :? E92E >2??6C] $FAA=J 4@@A6C2E:G6D =:<6 rw$ 2?5 vC@H>2C< 2=D@ @776C >2C<6E:?8 D6CG:46D 7@C >6>36CD[ H9:49 A=246D E96> F?56C >F=E:A=6 42E68@C:6D]k^Am

kAm$@>6 A@AF=2C 4@?DF>6C C6E2:=6CD =:<6 C64C62E:@?2=\8@@5D AC@G:56C #tx 2?5 8C@46C $9@AC:E6 2C6 2=D@ 3@E9 4@@A6C2E:G6D] |6>36CD A2J 2 @?6\E:>6 766 E@ ;@:? #tx] %96J E96? C646:G6 36?67:ED DF49 2D 2??F2= 5:G:56?5D 32D65 @? E96:C AFC492D6D[ 6I4=FD:G6 D2=6D[ 2?5 2446DD E@ @FE5@@C 6G6?ED 2?5 4=2DD6D] $9@AC:E6 DE@C6D 2C6 :?5:G:5F2==J @H?65 2?5 @A6C2E65 3J :?56A6?56?E C6E2:=6C >6>36CD] %9@D6 >6>36C\@H?6CD 36?67:E 7C@> 4@==64E:G6 AFC492D:?8 A@H6C[ D92C65 C6D@FC46D 2?5 >2C<6E:?8 677@CEDj E92E 96=AD E96> 4@>A6E6 H:E9 =2C86C DFA6C>2C<6E 492:?D]k^Am

kAmkDEC@?8m(9J 36 2 4@@A6C2E:G6 >6>36Cnk^DEC@?8mk^Am

kAmp?J 564:D:@? E@ 364@>6 2 4@@A6C2E:G6 >6>36C :D 86?6C2==J 56A6?56?E @? 2 36=:67 E92E >6>36CD9:A H:== C6DF=E :? 2? 64@?@>:42==J AC676C23=6 @FE4@>6] x?5:G:5F2= 72C>6CD 2C6 86?6C2==J 2E 2 5:D25G2?E286 H96? :E 4@>6D E@ 2446DD E@ :?7@C>2E:@? 23@FE 3FJ6CD 2?5 D6==6CD[ 2446DD E@ =2C86 DF>D @7 42A:E2=[ 2?5 E96 23:=:EJ E@ ?68@E:2E6 4@?EC24ED 2?5 AC:46D] p 52:CJ 72C>6C H9@ 92D :?G6DE65 :? >:=<:?8 6BF:A>6?E 2?5 >:=< 4@HD 42??@E DF556?=J D9:7E AC@5F4E:@? E@ AC@5F46 2?@E96C AC@5F4E :7 >:=< AC:46D 564C62D6] $E:4<:?8 H:E9 E9:D 6I2>A=6[ 52:CJ 4@HD 5@ ?@E DE@A AC@5F4:?8 >:=< H96? AC:46D 564C62D6j E96:C >:=< >FDE 7:?5 2 >2C<6E @C 36 5F>A65] %96C67@C6 2 >2C<6E:?8 4@@A6C2E:G6[ :? E9:D 4:C4F>DE2?46[ C65F46D E96 4@DED 2DD@4:2E65 H:E9 E96 52:CJ 72C>6C’D DA64:2=:K65 AC@5F4E 3J AC@G:5:?8 >2C<6E A@H6C – E9C@F89 E96 4@2=:E:@? @7 >F=E:A=6 72C>6CD – 2?5 >2C<6E 2446DD] %96 D2>6 4@?46AE 42? 36 2AA=:65 E@ 8C@H6CD @7 ?FED[ 7CF:ED 2?5 G686E23=6D[ 2?5 2?J @E96C 4C@A] |2C<6E:?8 4@\@AD H:== 86?6C2==J 2446AE 2?5 >2C<6E 2== E96 DFAA=J AC@5F465 3J E96:C >6>36CD] vF2C2?E665 >2C<6E 2446DD :D @7E6? 4:E65 2D E96 }@] ` C62D@? 72C>6CD ;@:? 2?5 >2:?E2:? 4@@A6C2E:G6 >6>36CD9:AD]k^Am

kAmq6:?8 A2CE @7 2 4@@A6C2E:G6 2=D@ >62?D 72C>6CD 42? A@@= E96:C C6D@FC46D E@ 249:6G6 64@?@>:6D @7 D42=6] %92E >62?D 3J H@C<:?8 E@86E96C E96J 42? C65F46 4@DED 2?5 :?4C62D6 677:4:6?4J :? H2JD E92E H@F=5?’E 36 A@DD:3=6 :?5:G:5F2==J] %92E’D 2AA2C6?E :? E96 DECF4EFC6 @7 2 DFAA=J 4@@A6C2E:G6[ H9:49 42? 3FJ DFAA=:6D :? 3F=< 2E 2 5:D4@F?E 2?5 @776C E9@D6 DFAA=:6D E@ >6>36CD 2E 2 C65F465 4@DE] |2?J >2C<6E:?8 4@@A6C2E:G6D AFC492D6 E96:C @H? AC@46DD:?8 2?5 A24<28:?8 724:=:E:6D[ 24BF:D:E:@?D E92E H@F=5 @E96CH:D6 36 F?E6?23=6 7@C @?6 AC@5F46C] p?5 A@@=65 C6D@FC46D @7E6? C6DF=E :? E96 23:=:EJ E@ 9:C6 AC@76DD:@?2= DE277 E@ :>AC@G6 E96 67764E:G6?6DD 2?5 677:4:6?4J @7 2 4@@A6C2E:G6] %92E 4@F=5 :?4=F56 >2C<6E:?8 DE277 H9@ 7@4FD @? 4@?EC24E 2?5 AC:46 ?68@E:2E:@? 2D H6== 2D 3C2?5 >2?286>6?E E92E 2==@HD >6>36CD E@ 42AEFC6 E96 G2=F6 @7 D6==:?8 F?56C 2 4@?DF>6C\C64@8?:K65 3C2?5]k^Am

kAmv@G6C?2?46 C6DA@?D:3:=:E:6D – DF49 2D G@E:?8 @? E96 3@2C5 @7 5:C64E@CD – >2J 2=D@ AC@G:56 >6>36CD 2 A2CE:4:A2E@CJ D2E:D724E:@? ?@E D92C65 :? 2 >@C6\EC25:E:@?2= AC@5F46C\:?56A6?56?E\3FJ6C C6=2E:@?D9:A] x? >@DE &]$] 4@@A6C2E:G6D E96 >2?286>6?E E62> @7 9:C65 DE277[ =65 3J 2 rt~[ 92?5=6D 52J\E@\52J 564:D:@?D] %96 3@2C5 @7 5:C64E@CD[ 4@>AC:D65 @7 4FCC6?E >6>36CD[ @G6CD66D E96 rt~’D A6C7@C>2?46] '@E:?8 7@C E96 3@2C5 @7 5:C64E@CD 2==@HD >6>36CD E@ 92G6 D@>6 >2?286C:2= 4@?EC@= 2?5 9@=5 E96 6I64FE:G6D 244@F?E23=6[ C65F4:?8 C:D<D 7@C >6>36C\@H?6CD] qFE E92E @?=J H@C<D :7 >6>36CD F?56CDE2?5 2?5 2C6 <6AE 2H2C6 @7 E96 4@>A=6I 564:D:@?D C6BF:C65 E@ CF? E96 4@@A6C2E:G6] %96 5:G:D:@? @7 564:D:@?\>2<:?8 36EH66? E96 3@2C5 @7 5:C64E@CD 2?5 >2?286>6?E >62?D E92E 7@C>2= >2?286>6?E 2FE9@C:EJ =:6D H:E9 E96 3@2C5 @7 5:C64E@CD[ 3FE A6C46AE:@?D @7 C62= 2FE9@C:EJ 42? D9:7E 56A6?5:?8 @? >6>36C 6?8286>6?E] w@H @7E6? >6>36CD 6?8286 H:E9 E96 4@@A6C2E:G6 27764ED 9@H >F49 :?AFE E96J 92G6 :? :ED 677:4:6?4J 2?5 DF446DD]k^Am

kAmr@@A6C2E:G6D 2=D@ 4@?EC:3FE6 E@ E96 56G6=@A>6?E 2?5 DE23:=:EJ @7 CFC2= 4@>>F?:E:6D 3J 4C62E:?8 ;@3D[ DFAA@CE:?8 @E96C =@42= 3FD:?6DD6D 2?5 :?G6DE:?8 :? 4@>>F?:EJ :?7C2DECF4EFC6] %C25:E:@?2= :?G6DE@C\@H?65 7:C>D @7E6? 6IEC24E G2=F6 7C@> 2C62D @7 6IE6?D:G6 28C:4F=EFC2= AC@5F4E:@? 2?5 D9:7E :E E@ E96:C DE@4<9@=56CD[ H9@ @7E6? C6D:56 :? FC32? 2C62D] r@@A6C2E:G6D @7E6? 4@F?E6C24E E92E 3J AC@G:5:?8 :?4@>6 E@ E96:C :?G6DE@C\@H?6CD[ 2==@H:?8 >@C6 @7 E92E H62=E9 E@ C6>2:? =@42= 2?5 ?62C E96 D@FC46 @7 AC@5F4E:@? DFAA=J]k^Am

kAmkDEC@?8m(9J :D 24E:G6 6?8286>6?E :>A@CE2?Enk^DEC@?8mk^Am

People are also reading…

Strong El Niño expected to bring moisture to Plains
Soybean harvest in full swing, some begin cutting corn
Studies continue into rising rates of cancer
The PCV2 landscape has changed. Is your protection keeping up?
Freezer on the fritz sends stress level to boiling
Family celebrates legacy of women farmers
What’s in our water? An engineer’s perspective on groundwater, soil health and future generations
A veterinarian’s perspective on failed execution of Tennessee woman
‘Policy hasn’t kept up with public demand,’ leader says
Wet fall causes issues with soybean seed quality
When you pass on, what do you pass down?
Pork leader talks national policy, local impact
October heat shuts down beet harvest for fear of spoilage
Volatility grips grain, oilseed markets
Dairy-cow numbers expanding

kAmr@@A6C2E:G6 >6>36CD 2C6 8C2?E65 8@G6C?2?46 C:89ED E92E 2==@H E96> E@ A2CE:4:A2E6 :? E96 >2?286>6?E @7 E96 @C82?:K2E:@?] p 4@@A6C2E:G6’D 3J=2HD H:== DA64:7J E96 DECF4EFC6 @7 :ED 3@2C5 @7 5:C64E@CD[ :ED 4@>A@D:E:@?[ E6C> 5J?2>:4D[ C6DA@?D:3:=:E:6D 2?5 A@H6C =:>:E2E:@?D] u2C>6C\>6>36CD 2C6 E96? @3=:865 E@ 6I6C4:D6 E9@D6 4@?EC@= C:89ED 3J G@E:?8 7@C 5:C64E@CD[ G@E:?8 C682C5:?8 =2C86 492?86D :? E96 3FD:?6DD DF49 2D 2 >6C86C 2?5 G@E:?8 C682C5:?8 2?J @E96C 564:D:@?D 567:?65 3J E96 3J=2HD] {:<6 2?J 7@C> @7 C6AC6D6?E2E:G6 8@G6C?>6?E[ E96 8@G6C?:?8 3@5J H:== @?=J C6AC6D6?E E96 H:== @7 E9@D6 H9@ G@E6 2?5\@C 2C6 6?82865] qFE 6?828:?8 42? 36 5:77:4F=E[ 6DA64:2==J 2D @C82?:K2E:@?D 8C@H =2C86C 2?5 >@C6 :?E6C6DED 2C6 2E A=2J] s2E2 7C@> E96 &$sp’D #FC2= qFD:?6DD\r@@A6C2E:G6 $6CG:46 D9@HD E96C6 H6C6 `[ea` 28C:4F=EFC2= 4@@A6C2E:G6D :? a_aa – 2 564C62D6 @7 ge A6C46?E 7C@> `hah H96? E96 E@E2= ?F>36C A62<65 2E `a[___] sFC:?8 E96 D2>6 E:>67C2>6 E96 G@=F>6 @7 3FD:?6DD 92D :?4C62D65 7C@> Sa]d 3:==:@? E@ Sb__]de 3:==:@?] %92E :?4=F56D D2=6D[ D6CG:46 2?5 @E96C @A6C2E:?8 :?4@>6[ A2EC@?286 C67F?5 2?5 ?@?\@A6C2E:?8 :?4@>6]k^Am

kAmsFC:?8 E92E A6C:@5 >2?J 4@@A6C2E:G6D >6C865[ 3C:?8:?8 :? >@C6 >6>36CD :? H:56C 2?5 H:56C 86@8C2A9:4 5:DEC:3FE:@?] pD ?6H >6>36CD 2C6 25565 E96 >6>36CD9:A @7 2 4@@A6C2E:G6 364@>6D >@C6 5:G6CD6 H:E9 72C>D @7 5:776C6?E D:K6D[ 5:776C:?8 AC@5F4E:@?[ 2?5 5:776C6?E >2C<6E:?8 492C24E6C:DE:4D 2?5 86?6C2= :?E6C6DED] pE E:>6D E9@D6 :?E6C6DED >2J 4=2D9[ >2<:?8 E96 ;@3 @7 67764E:G6 8@G6C?2?46 >@C6 5:77:4F=E] |6>36CD >2J 766= E96J 2C6 ?@E 36:?8 256BF2E6=J C6AC6D6?E65] p?5 4@>>F?:42E:@? @7 :>A@CE2?E 8@G6C?2?46 564:D:@?D @C 4@G6C286 @7 2 5:C64E@C’D 24E:@?D 42? 62D:=J 364@>6 5:=FE65 :? E96 DECF4EFC6 @7 2 4@@A6C2E:G6] %92E >62?D >6>36CD >2J ?@E 92G6 E96 36DE :?7@C>2E:@? 2G2:=23=6 E@ >2<6 2? :?7@C>65 G@E6 @C E@ 67764E:G6=J 6?8286 :? E96:C 4@@A6C2E:G6] xE’D E96C67@C6 6IEC6>6=J :>A@CE2?E E92E >6>36C\@H?6CD 24E:G6=J >2:?E2:? 4@>>F?:42E:@? H:E9 E96:C 6=64E65 C6AC6D6?E2E:G6D H:E9:? E96:C 4@@A6C2E:G6]k^Am

kAmu2:=:?8 E@ 24E:G6=J 6?8286 AFED >6>36C\@H?6CD 2E C:D< @7 36:?8 =67E @FE :? 564:D:@?\>2<:?8 24E:G:E:6D] s:DD2E:D724E:@? H:E9 E96 5:C64E:@? @7 2 4@@A6C2E:G6 @C 564:D:@?D 36:?8 >256 3J E96:C >2?286>6?E E62> D9@F=5 36 4964<65 – 3J @FDE:?8 5:C64E@CD H9@ 5@?’E C67=64E >6>36C :?E6C6DED] }6H=J 6=64E65 5:C64E@CD 42? E96? =625 >2?286>6?E\DE277 492?86D ?66565 E@ D9:7E E96 5:C64E:@? @7 2 4@@A6C2E:G6]k^Am

kAm%96 23:=:EJ 7@C 72>6CD E@ 4@>6 E@86E96C F?56C 2 4@@A6C2E:G6 DECF4EFC6 :D A2CE=J 8C2?E65 3J E96 r2AA6C\'@=DE625 p4E @7 `haa[ H9:49 AC@G:56D A2CE:2= :>>F?:EJ 7C@> 2?E:ECFDE =:23:=:EJ 7@C ;@:?E G6?EFC6D 36EH66? 8C@FAD @7 AC@5F46CD] r@@A6C2E:G6D 2C6 @7E6? G:6H65 2D @?6 AC@5F46C :? =682= D:EF2E:@?D[ 8:G:?8 E96> 46CE2:? 7=6I:3:=:E:6D] u@C :?DE2?46 :? E96 u656C2= |:=< |2C<6E:?8 ~C56C DJDE6>[ 4@@A6C2E:G6D 2C6 6I6>AE 7C@> 46CE2:? >:?:>F> AC:4:?8 C6BF:C6>6?ED] q642FD6 E96 6?E:EJ :D @H?65 2?5 8@G6C?65 3J AC@5F46CD[ A2J>6?E 564:D:@?D >256 3J E96 4@@A6C2E:G6 D9@F=5 C67=64E 72C>6C :?E6C6DED] qFE E92E @?=J C6>2:?D ECF6 :7 >6>36CD 2C6 24E:G6=J 6?82865 2?5 564:D:@?D C67=64E E96 H:== @7 E96 4@@A6C2E:G6’D >6>36CD9:A] p== 4@@A6C2E:G6 >6>36CD 92G6 D@>6 DE2<6 :? E96 2DD6ED @7 E96:C 7:C> 2?5 E96C67@C6 2C6 :?46?E:G:K65 E@ AC@>@E6 8@@5 8@G6C?2?46 3692G:@CD]k^Am

kAmkDEC@?8mr@@A6C2E:G6 DE2E:DE:4D 56E2:=65k^DEC@?8mk^Am

kAm%96 =2E6DE 2G2:=23=6 52E2 7C@> E96 &$sp’D 2??F2= DFCG6J @7 E96 ?2E:@?’D 28C:4F=EFC2= 4@@A6C2E:G6D :D 7@C 7:D42=\J62C a_aa] p44@C5:?8 E@ E96 DFCG6J E96C6 H6C6 `[ef` 28C:4F=EFC2= 4@@A6C2E:G6D :? a_aa[ 2 564C62D6 7C@> `[ehh :? a_a`] xE H2D 2 C65F4E:@? @7 ag 4@@A6C2E:G6D] %96 &$sp 2EEC:3FE6D E96 564=:?6 AC:>2C:=J E@ >6C86CD 2:>65 2E 249:6G:?8 8C62E6C 64@?@>:6D @7 D42=6 2?5 6IA2?5:?8 C68:@?2= C6249] sFC:?8 E96 A2DE 564256 E96 ?F>36C @7 28C:4F=EFC2= 4@@A6C2E:G6D 92D 564C62D65 3J ab]e A6C46?E] |:??6D@E2 C2?<65 7:CDE :? E6C>D @7 ?F>36C @7 28C@\4F=EFC2= 4@\@AD 5@:?8 3FD:?6DD :? E96 DE2E6 :? a_aa[ 7@==@H65 3J %6I2D 2?5 }@CE9 s2<@E2]k^Am

kAmx? a_aa E96C6 H6C6 gef 4@@A6C2E:G6D AC:>2C:=J :?G@=G65 :? >2C<6E:?8 4@>>@5:E:6D] %96 C6>2:?:?8 g_c H6C6 4@>AC:D65 @7 ehe 72C> DFAA=J 4@@A6C2E:G6D 2?5 `_g D6CG:46 4@@A6C2E:G6D]k^Am

kAmp>@?8 E96 >2C<6E:?8 4@@A6C2E:G6Dk^Am

kAm• bcg 4@@A6C2E:G6D 7@4FD65 @? 8C2:? 2?5 @:=D665D[k^Am

kAm• ``d @? 4@EE@? 2?5 4@EE@?D665[k^Am

kAm• hf @? 7CF:ED 2?5 G686E23=6D[k^Am

kAm• gh @? >:=< 2?5 >:=< AC@5F4ED[k^Am

kAm• db @? =:G6DE@4< 2?5 A@F=ECJ :?4=F5:?8 688D 2?5k^Am

kAm• E9C66 @? 7:D9]k^Am

kAm%96 @E96C `af 4@@A6C2E:G6D >2C<6E65 2 G2C:6EJ @7 4@>>@5:E:6D :?4=F5:?8 H@@=[ 5CJ 362?D 2?5 A62D[ ?FED[ C:46[ E@3244@ 2?5 G2C:@FD @E96C AC@5F4ED]k^Am

kAmr@@A6C2E:G6 >6>36CD9:AD H6C6 C6A@CE65 2E `]gc >:==:@? :? a_aa[ 2 564C62D6 @7 c[dhf >6>36CD 7C@> a_a`] |2?J 72C>6CD 2C6 >6>36CD @7 >@C6 E92? @?6 4@@A6C2E:G6[ >62?:?8 >6>36CD9:AD >2J 5@F3=6\4@F?E :?5:G:5F2=D] z6?EF4<J 925 E96 >@DE 4@@A6C2E:G6 >6>36CD9:AD :? a_aa H:E9 `df[egc[ 7@==@H65 3J |:DD@FC: 2?5 |:??6D@E2]k^Am

kAmx? a_aa 4@@A6C2E:G6D 249:6G65 E96 36DE C6G6?F6 J62C 6G6C H:E9 >@C6 E92? Sb__ 3:==:@? :? E@E2= 8C@DD 3FD:?6DD G@=F>6] %92E C64@C5 ?F>36C :D =:?<65 E@ E96 J62C’D :?7=2E65 4@>>@5:EJ AC:46D] qJ 4@\@A D2=6D E92E @44FCC65 H:E9:? 6249 DE2E6[ x@H2 J:6=565 E96 =2C86DE 28\4@\@A 3FD:?6DD G@=F>6 H:E9 Sb_]d 3:==:@?[ 7@==@H65 3J |:??6D@E2 H:E9 Sad]d 3:==:@? 2?5 x==:?@:D H:E9 S`h]ad 3:==:@?]k^Am

kAm%96 52E232D6 D9@HD E96 =@?86G:EJ @7 E96 C6>2:?:?8 28C:4F=EFC2= 4@@A6C2E:G6D – bh` @C ab]c A6C46?E @7 2== 28C:4F=EFC2= 4@@A6C2E:G6D 2C6 `__ @C >@C6 J62CD @=5] u:7EJ\7@FC A6C46?E 2C6 fd J62CD @C @=56C[ 2?5 ff]b A6C46?E 2C6 >@C6 E92? d_ J62CD @=5]k^Am

kAmkDEC@?8mr@?4=FD:@?k^DEC@?8mk^Am

kAmp8C:4F=EFC2= 4@@A6C2E:G6D A=2J 2 G:E2= C@=6 :? DFAA@CE:?8 E96 &]$] 28C:4F=EFC2= :?5FDECJ] qJ AC@G:5:?8 2 A=2E7@C> 7@C 72C>6CD E@ A@@= C6D@FC46D[ D92C6 C:D<D 2?5 2446DD >2C<6ED[ E96 4@@A6C2E:G6 >@56= 96=AD 72C>6CD C65F46 4@DED 2?5 :>AC@G6 677:4:6?4J] xE 2=D@ 4@?EC:3FE6D E@ E96 DE23:=:EJ 2?5 56G6=@A>6?E @7 CFC2= 4@>>F?:E:6D E9C@F89 2 8C2DDC@@ED\>2?286>6?E DECF4EFC6] p4E:G6 6?8286>6?E 7C@> >6>36CD :D 4CF4:2= 7@C E96 67764E:G6 8@G6C?2?46 @7 4@@A6C2E:G6D[ 6?DFC:?8 564:D:@?D C67=64E E96 4@==64E:G6 :?E6C6DED @7 >6>36C\@H?6CD] s6DA:E6 492==6?86D DF49 2D E96 5:G6CD6 :?E6C6DED @7 2 8C@H:?8 >6>36CD9:A 32D6 2?5 4@CC6DA@?5:?8 4@>>F?:42E:@? D9@CE72==D[ E96 4@@A6C2E:G6 DECF4EFC6 C6>2:?D :>A@CE2?E E@ 7@DE6C:?8 64@?@>:4 H6==\36:?8 2?5 C6D:=:6?46 2>@?8 AC@5F46CD] %96 4@?E:?F65 DF446DD 2?5 252AE23:=:EJ @7 28C:4F=EFC2= 4@@A6C2E:G6D – 2D 6G:56?465 3J E96:C D:8?:7:42?E 3FD:?6DD G@=F>6D[ 4@?DF>6C\C64@8?:K65 3C2?5D 2?5 =@?8\DE2?5:?8 AC6D6?46 – F?56CD4@C6 E96:C :>A@CE2?46 :? E96 &]$] 28C:4F=EFC2= D64E@C]k^Am

kAm':D:E k2 9C67lQ9EEADi^^HHH]73]@C8^>2C<6E\:?E6=Q E2C86ElQ03=2?<QmHHH]73]@C8^>2C<6E\:?E6=k^2m 7@C >@C6 :?7@C>2E:@?]k^Am