Blewbury Neighbourhood Development Plan Housing Needs Survey: Free-Form Comments This Is a Summary of Open-Ended Comments Made in Response to Questions in the Survey

!"#$%&'()*#+,-%.&'-../) 0#1#".23#45)6"74) 89:;)<)89=:) "##$%&'($)!

%"#$%&'(4#+,-%.&'-../2"74>.',) :;)?2'+")89:;)

! @.45#45A)

"##$%&'*!"+!,-.'%./$0!1$2$-!34$-5672)!.%&!8-79%&2.:$-!;677&'%/!'%!<6$2=9->!

"##$%&'*!<+!?79)'%/!@$$&)!19-4$>!

"##$%&'*!A+!B.%&)(.#$!AC.-.(:$-!"))$))D$%:!

"##$%&'*!,+!E'66./$!AC.-.(:$-!"))$))D$%:!

! ! !

! !

!""#$%&'(!)()!"#$%#&'()*'+'"),-'"./0+1)#%2)3"04%2+#5'"! !"##$%&'(%&()"*+,-./)

! ! !

! "#$%!&'()!$%!$*+)*+$,*'--.!-)/+!0-'*1!

!""#$%&'(!!"!!"#$%#&'()*'+'"),-'"./0+1)#%2)3"04%2+#5'"! !"##$%&'(%&()"*+,-./! !"#$%&'($)**+$

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

,-./"*$01$2*&*"$34*"563&+$-($78(/8"'$9:0;$-(1$<8=$>*""'$?8(*@$8(A$

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

0-&)'8-"# )'# '4%# .--'# -.# '4%# "-$'4F.)&8"7# %*&)$,;%"'# -.# '4%# =-$'4# R%**%<# >-1"* +# 148&4# $%*30'*#8"#)#$%0)'85%0(#*4)00-1#1)'%$#')20%#8"#;-*'#,)$'*#-.#'4%#5800)7%9#

,-./"*$91$2/+F*CD-B-6-D'$D3$."3/(A&8D*"$5633A-(.$-($>6*&B/"'$"-D-+E$%*363.-F86$ 2/"4*'=! #

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

&-"68'8-"*#2 785%# $8*%# '-# '4%# ;)"(# 2$--C*# )"6# *'$%);*# '4)'# %;%$7%# 18'48"# '4%# 5800)7%+# )$%# 5)03%6#2(#$%*86%"'*#)"6#58*8'-$*#)08C%+#)"6#)66#&-"*86%$)20(#'-#'4%#5800)7%D*#3"8O3%#&4)$)&'%$# )"6#&4)$; 9## :4%*%# 0-&)0# .0--68"7# &-"&%$"*# ;3*'# 2%# 785%"# 4874# ,$8-$8'(# 8"# '4%# 6%*87"# -.# )"(# "%1# 6%5%0-,;%"'#8"#'4%#5800)7%+#18'4#;%)*3$%*#8"&-$,-$)'%6#'-#%"*3$%#%<8*'8"7#,$-20%;*#)$%#"-'# ;)6%#1-$*%9##

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`$2)"#=! 2>+>! >$)8")7%# 6+-+5(%/+.'$! @(*'%;*# ()! ?@! A@3>@B# 69+552.4$!T (&! /(&+!=!A!'(!+.$3&+!'*#'!$3$'#2.#:5+!6.#4+!$7$'+/$!)(&!'*+!/#.#4+/+.'!()!&3.D#)"6#'4)'#'4%(# B())!#&+!%3'!2.! %5#1+C! 3.5+$$! 6+/(.$'&#'+6! '(! :+! 2.#%%&(%&2#' 31 "D(1#5! E5#..2.4!F3'*(&2'2+$!1(.$35'!92'*!D(1#5!G5((6!F3'*(&2'2+$!#.6!$#'2$)7!'*+/$+5-+$!'*#'!$1*+/+$! #&+! &(:3$'! #.6! #%%&(%&2#'+57! /#2.'#2.+604 %D # :4%# *')'%;%"'# )0*-# *377%*'*# '4)'#

9# @3>@# )$%# )# ")'3$)0# ),,$-)&4# '-# ;)")78"7# 6$)8")7%9#:4%(#1-$C#2(#*0-18"7#)"6#4-068"7#2)&C#'4%#1)'%$#'4)'#$3"*#-..#.$-;#)#*8'%#'-#)00-1# 1)'%$#'-#*-)C#8"'-#'4%#7$-3"6+#'-#2%#%5),-$)'%6#.$-;#*3$.)&%#1)'%$+#-$#0-*'#A'$)"*,8$%6B#.$-;#

2 ############################################################# 3##TG#/0%123$(#M8.%#S#>%$%C#@;8'4D*#;%;-$8%*#-.#'4%#5800)7%#8"#'4%#'1%"'8%'4#&%"'3$(D+#2(#>%$%C#@;8'4+# %68'%6#2(#H368'4#Q)$'1$874'+#H3"%#IJJ]+#,9a]9# #@3*')8")20%# 6$)8")7%# *(*'%;*b# R$8''%"# *')'%;%"'# S# ZQR@K]K9# >%,)$';%"'# .-$# Q-;;3"8'8%*# )"6# 4 M-&)0#V-5%$";%"'9#@')'%;%"'#;)6%#2(#P$#X$8&#?8&C0%*+#@%&$%')$(#-.#@')'%#.-$#Q-;;3"8'8%*#)"6#M-&)0# V-5%$";%"'+#Kc#>%&%;2%$#IJKL9# #P8"8*'%$8)0#*')'%;%"'#-"#@3>@#S#@3>@#)"6#,0)""8"7+#@`@>WG!=+#Q-"*'$3&'8-"#!"63*'$(#W%*%)$&4#)"6# !".-$;)'8-"#G**-&8)'8-"#AQ!W!GB+#>%&%;2%$#IJKL9I#$

# !"#$%&'()*#+,-%.&'-../)0#1#".23#45)6"748)922#4/+:)9)

5%7%')'8-" # @3>@# '%&4"8O3%*# 8"&036%b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`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c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

# 6 "6+/(.$'&#'+!'*#'!'*+&+!2$!#6+L3#'+!9#$'+9#'+&!#.6!9#'+&! :4);%*#R)'%$+#$3%%57!1#%#12'7!:('*!(.!#.6!())!'*+!$2'+!'(!$+&-+!'*+!6+-+5(%/+.'!#.6!'*#'!2'!9(356!.('!5+#6!'(!14-#)$%#$%*,-"*820%#.-$#1)'%$#*3,,0(#)"6#1)*'%1)'%$#68*,-*)0#8"#'4%#5800)7%+# .3$'4%$#$%&-;;%"6*%&(:5+/$! )(&! +;2$'2.4!#6%5%0-,%$*#(&! .+9! 3$+&$>! M'! /#7! :+! .+1+$$#&7! )(&! 6+-+5(%+&$! '(! )3.6! $'362+$! '(! #$1+&'#2.! 9*+'*+&! '*+! %&(%($+6! 6+-+5(%/+.'! 9255! 5+#6! '(! (-+&5(#62.4! ()! +;2$'2.4! 9#$'+9#'+&! #.6!9#'+&!2.)&#$'&31'3&+0

9#>%5%0-,%$*#&0%)$0(#;3*'#1-$C#18'4#:4);%*#R)'%$#'-#;)C%#*3$%#'4%# *%1%$)7%# 8".$)*'$3&'3$%# 8*# )20%# '-# &-,%# 18'4# '4%# %<'$)# 5-03;%*# -.# 1)*'%1)'%$# '4%8$# "%1# 6%5%0-,;%"'*# 1800# 7%"%$)'%9# :48*# ;)(# 8"5-05%# 8"&$%)*8"7# 8"F08"%# *'-$)7%# &),)&8'(# -.# '4%# *%1%$)7%#"%'1-$C#A%979#2(#8"*')008"7#0)$7%$#,8,%*B#)"6d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e# 8'# 8*# )"'8&8,)'%6# '4%# *'$)'%7(# 1800# 8"&036%# $%&-;;%"6)'8-"*# .-$# )00%58)'8"7#;)"(#-.#'4%#,$-20%;*#-3'08"%6#)2-5%9## 5 ############################################################# [#>%085%$8"7#@3>@+#@`@>WG!=+#Q-"*'$3&'8-"#!"63*'$(#W%*%)$&4#)"6#!".-$;)'8-"#G**-&8)'8-"#AQ!W!GB9# # `\# V$-3"61)'%$# N-$3;# S# @3$.)&%# R)'%$# N0--68"7b# @3*')8")20%# 6$)8")7%# '-# '4%# 7$-3"69# c 11197$-3"61)'%$3C9-$7+#)&&%**%6#K_#G379#IJKa# 6#T:4%# @3>@# P)"3)0D9# Q!W!G# Q[a_9# !@/=bf[cFJFc]JK[F[]JFf9# ?3208*4%6# 2(# Q!W!G+# M-"6-"+# =-5%;2%$# IJKa+#f]c,,9# ! #?%$*-")0#&-;;3"8&)'8-"#.$-;#:4);%*#R)'%$# ;$ !

!""#$%&'(!!"#$%&'()"*++,&"-%./+0)

34.*!(55&#'.2!6/#*.*)*!/0!)7/!5(1)*8!34&!0.1*)!5(1)!51&*&#)*!0+$$!'&)(.$*!/0!($$!)4&!0.2&'90/1-()! :+&*)./#*! (*;&'! )/<&)4&1! 7.)4! )4&! 1&5$.&*! 0/1! &(64! :+&*)./#=! ,(*&'! /#! )4&! >?@! 1&)+1#&'! :+&*)./##(.1&*8! 34&! *&6/#'! 5(1)! .*! (! *+--(1%! /0! )4&! 01&&90/1-! (#*7&1*! )/! )4&! )7/! /5 &#'&'!:+&*)./#*A!BC?!DCEF!1&*5/#*&*G!(#'!BHI!DCCI!1&*5/#*&*G8!!

! ! !

! "#$%!&'()!$%!$*+)*+$,*'--.!-)/+!0-'*1! !

! Blewbury Housing Needs Survey 2014

Marked Up Questionnaire

Total number of responses = 467

Counting on your opinions

In completing this questionnaire you should try to answer on behalf of your household - do include your family members, lodgers or other residents and ask for their views on individual questions if applicable. You'll also find a separate section to complete if you or someone in your household is likely to need a new home in Blewbury within the foreseeable future.

All of your answers will be treated as strictly confidential and there is no need to supply your name. The report we produce will not contain information that can be traced back to any one individual or household.

While we would like you to answer all questions, some can be skipped if you would prefer. Everything you tell us will help to ensure local views are accurately recorded for the purpose of the Blewbury Neighbourhood Plan.

Part One

Firstly, some questions about your household - your answers will help to build a picture of the types of housing in Blewbury and who is living here.

Q1 Do you currently live in Blewbury? (Please tick one box only). Yes ...... 461 (100%) No ...... 0 (0%)

Q2 Are you the head or joint-head of the household? (Please tick one box only). Yes ...... 457 (100%) No ...... 1 (0%)

Please note that this survey is intended only for people that are the head or joint-head of the household and who currently live in Blewbury. If this doesn't apply to you then please pass this questionnaire to the head or joint-head of the household that resides at the address the survey was delivered to.

Q3 How long have you / your household lived in Blewbury? Please choose the category that best fits. (Please tick one box only). One year or less ...... 32 (7%) Between eight and ten years ...... 41 (9%) Between two and four years ...... 60 (13%) Eleven or more years ...... 289 (63%) Between five and seven years ..... 39 (8%)

Q4 How many people are there in your household, that is, all people that permanently reside at this address in Blewbury? (Please tick one box only). One ...... 131 (28%) Three ...... 54 (12%) Five ...... 23 (5%) Seven ...... 0 (0%) Two ...... 185 (40%) Four ...... 60 (13%) Six ...... 7 (2%) Eight or more 0 (0%)

Q5 Which of the following best describes the tenure of your home? (Please tick one box only). Owner-occupied (paying mortgage) ...... 143 (31%) Owner-occupied (no mortgage) ...... 247 (54%) Shared ownership (i.e. part rented from Housing Association) ...... 3 (1%) Living rent free ...... 2 (0%) Privately rented...... 20 (4%) Housing Association / Council rented ...... 38 (8%) Tied to employment ...... 2 (0%)

Q6 Which of the following best describes the type of property you live in? (Please tick one box only). Detached house of more than one storey ...... 162 (35%) Semi-detached house of more than one storey ...... 96 (21%) Terraced house of more than one storey ...... 48 (10%) Flat / maisonette / bedsit ...... 8 (2%) Detached bungalow ...... 60 (13%) Semi-detached bungalow ...... 18 (4%) Terraced bungalow ...... 39 (8%) Caravan / mobile home / park home ...... 25 (5%) Other ...... 4 (1%)

Q7 How many bedrooms are in your current home? (Please tick one box only). Bedsit ...... 2 (0%) Two bedrooms .... 104 (23%) Four bedrooms .... 110 (24%) One bedroom ...... 32 (7%) Three bedrooms . 160 (35%) Five or more 52 (11%)

Q8 Which of the following age categories do you yourself belong to? (Please tick one box only). 16 - 24 ...... 4 (1%) 45 - 64 ...... 170 (37%) 75 - 84 ...... 85 (19%) 25 - 44 ...... 72 (16%) 65 - 74 ...... 107 (23%) 85+ ...... 21 (5%)

Q9 How many children aged under 16 live in your household? (Please tick one box only). None ...... 348 (77%) Two ...... 42 (9%) Four ...... 0 (0%) One ...... 52 (11%) Three ...... 11 (2%) Five or more ...... 0 (0%)

Q10 Which activity best describes what people aged over 16 living in your household are doing at present? (Please tick one box per column for each person aged over 16). In In Self Training Permanently Home- Retired Student Student full time part time employed scheme sick/disabled maker living at living at employment employment home full home for time part of the year 238 97 86 1 16 44 266 33 28 (29%) (12%) (11%) (0%) (2%) (5%) (33%) (4%) (3%)

Q11 How many motorised vehicles in total are owned by all the people living at your address? (Please tick one appropriate box only). 1 ...... 173 (40%) 3 ...... 44 (10%) 5 ...... 4 (1%) 2 ...... 194 (45%) 4 ...... 10 (2%) 6 or more ...... 6 (1%)

Your answers to the following four questions will help to assess housing affordability in Blewbury - and, as a reminder, this survey is entirely confidential and anonymous. The data will be entered and processed by an independant third party in accordance with Market Research Society (MRS) guidelines.

Q12 If you own your home in Blewbury, what is its approximate current value? (Skip if does not apply). Less than £100,000 ...... 11 (3%) £250,001 - £300,000 ...... 41 (11%) £100,000 - £150,000 ...... 24 (6%) £300,001 - £400,000 ...... 73 (20%) £150,001 - £200,000 ...... 15 (4%) £400,001 - £600,000 ...... 82 (22%) £200,001 - £250,000 ...... 24 (6%) More than £600,000 ...... 104 (28%)

Q13 How much rent / mortgage does your household pay for this home in Blewbury per calendar month? (Please write how much in the box or skip if does not apply). Less than £400 ...... 28 (18%) £801 - £1,000 ...... 29 (18%) £401 - £600 ...... 33 (21%) More than £1,000 ...... 41 (26%) £601 - £800 ...... 26 (17%)

Q14 What is the total annual income of your household, before tax but not including benefits? (Please write the amount in the box). Less than £15,000 ...... 38 (13%) £55,001 - £65,000 ...... 19 (7%) £15,001 - £25,000 ...... 34 (12%) £65,001 - £75,000 ...... 29 (10%) £25,001 - £35,000 ...... 31 (11%) £75,001 - £100,000 ...... 34 (12%) £35,001 - £45,000 ...... 31 (11%) More than £100,000 ...... 42 (15%) £45,001 - £55,000 ...... 26 (9%)

Q15 Are you, or is someone in your household, on the Vale of White Horse District Housing Register? (Please tick one box only). Yes - me ...... 34 (8%) Yes - someone in 12 (3%) No ...... 376 (89%) my household .....

Part Two

Below are some questions about your household's housing needs - your answers will help to identify priorities for housing in Blewbury.

Q16 How likely are you to move home in the foreseeable future? (Please tick one box only). Very likely Quite likely Not very likely Not at all likely Don't know / Not Applicable I am likely to move 25 (6%) 60 (13%) 128 (28%) 203 (45%) 37 (8%) Someone else in 22 (10%) 33 (14%) 29 (13%) 85 (37%) 61 (27%) my household, but not me, is likely to move

Q17 How many people in your household are likely to need a new or different home now or in the next five years? (Please tick one box only). None ...... 303 (69%) Two ...... 45 (10%) Four ...... 5 (1%) One ...... 64 (15%) Three ...... 14 (3%) Five or more ...... 7 (2%)

Q18 If you or someone in your household intend to move in the foreseeable future, is this likely to be... (Please tick one box only, skip if question does not apply). Within Blewbury ...... 69 (40%) Outside Blewbury ...... 102 (60%) If outside Blewbury, please state where: 55 mentions

Q19 If you or someone in your household wish to move but cannot, which if any of the following reasons are preventing this? You can skip this question if no one intends to move. (Please tick all boxes that apply). Unable to afford to buy housing ..... 46 (58%) Family reasons ...... 7 (9%) Unable to afford to rent housing .... 19 (24%) Lack of social housing ...... 11 (14%) Lack of education choices where I 0 (0%) Lack of private rented properties ... 4 (5%) wish to move ...... Lack of suitable housing to meet 29 (37%) Other reasons ...... 10 (13%) needs ...... Unable to afford the costs of 10 (13%) moving ...... If other reasons, please state these here: 8 comments

Q20 Has anyone previously in your household moved away from Blewbury in the last five years? (Please tick one box only). Yes ...... 58 (14%) No (Go to Q25) ...... 367 (86%)

Q21 If yes, people in your household have moved away from Blewbury in the last five years, please indicate how many have done so. (Please tick one box only). One person ...... 29 (51%) Three people ...... 3 (5%) Five people ...... 1 (2%) Two people ...... 21 (37%) Four people ...... 3 (5%)

Q22 How long ago did each person leave? (Please tick one box, per column, as appropriate). Left in the last year Left between 1 and 2 Left between 2 and 3 Left between 3 and 4 Left between 4 and 5 years ago years ago years ago years ago 16 (17%) 17 (18%) 15 (16%) 19 (20%) 28 (29%)

Q23 Why did each person leave? (Please tick as many boxes, per column, as appropriate). Employment Further or Lack of Lack of Lack of Family reasons Other higher affordable affordable suitable education housing to buy housing to rent housing 32 (34%) 19 (20%) 7 (7%) 10 (11%) 0 (0%) 12 (13%) 14 (15%)

Q24 Of those people previously in your household that have moved away in the last five years, how many would consider returning to Blewbury if there was suitable housing available? (Please tick one box only). None ...... 34 (58%) Two ...... 7 (12%) Four ...... 1 (2%) One ...... 14 (24%) Three ...... 2 (3%) Five or more ...... 1 (2%)

Q25 Thinking about people who need housing and have genuine links to Blewbury, how likely are you to be in principle in favour of...? (Please tick one box on each row). Very likely Quite likely Not very likely Not at all likely Don't know New housing to buy 96 (25%) 138 (36%) 61 (16%) 72 (19%) 19 (5%) New housing to rent at 67 (18%) 116 (31%) 67 (18%) 99 (27%) 23 (6%) market rates New affordable rented 96 (25%) 112 (29%) 59 (16%) 96 (25%) 17 (4%) housing provided by a Housing Association A new mixed 81 (21%) 114 (30%) 56 (15%) 111 (29%) 21 (5%) development of market housing and affordable rented housing New shared ownership 78 (21%) 100 (27%) 54 (14%) 106 (28%) 38 (10%) housing New housing for over 89 (23%) 107 (28%) 74 (19%) 86 (23%) 26 (7%) 55s New sheltered housing 110 (29%) 135 (35%) 44 (11%) 71 (18%) 24 (6%) for older people (assisted living)

Q26 Please write your thoughts on your responses to the above question, together with any other comments on housing needs in Blewbury now and in the future, in the box below. 250 comments

Part Three

Now some more general questions about facilities and services in Blewbury - your answers will help to identify priorities for the Neighbourhood Plan. Do involve other family members in answering these if you can.

Q27 How strongly do you agree with each of the following statements about Blewbury? (Please tick one box on each line). Agree Agree Neither agree Disagree Disagree Don't know strongly somewhat nor disagree somewhat strongly I value the sense 333 (74%) 84 (19%) 24 (5%) 2 (0%) 5 (1%) 3 (1%) of community in the village Blewbury has a 175 (39%) 159 (36%) 57 (13%) 40 (9%) 5 (1%) 9 (2%) socially mixed community We have a good 24 (5%) 69 (15%) 49 (11%) 149 (33%) 154 (34%) 2 (0%) choice of shops and services I like that there 278 (61%) 45 (10%) 47 (10%) 30 (7%) 49 (11%) 5 (1%) isn't street lighting in Blewbury The waterways 384 (85%) 52 (12%) 10 (2%) 3 (1%) 1 (0%) 2 (0%) and footpaths make the village distinctive The green spaces 400 (88%) 34 (7%) 14 (3%) 3 (1%) 0 (0%) 3 (1%) inside the village are important to me The landscape 386 (85%) 44 (10%) 19 (4%) 2 (0%) 1 (0%) 2 (0%) immediately surrounding the village is important to me

Q28 How strongly do you agree with each of the following statements about village infrastructure? (Please tick one box on each line). Agree Agree Neither agree Disagree Disagree Don't know strongly somewhat nor disagree somewhat strongly Improvement to 274 (61%) 87 (19%) 62 (14%) 10 (2%) 0 (0%) 15 (3%) drainage / sewer infrastructure is a top priority More parking or 146 (33%) 124 (28%) 96 (22%) 42 (9%) 28 (6%) 7 (2%) sites for vehicle parking are required Bus services need 109 (24%) 147 (33%) 135 (30%) 18 (4%) 7 (2%) 32 (7%) to be improved / increased

Q29 How strongly do you agree with each of the following statements about where any new housing might be located? (Please tick one box on each line). Agree Agree Neither agree Disagree Disagree Don't know strongly somewhat nor disagree somewhat strongly Any new housing 114 (26%) 128 (29%) 66 (15%) 36 (8%) 88 (20%) 8 (2%) should be on sites around the edges of the village Any new housing 26 (6%) 73 (17%) 73 (17%) 64 (15%) 177 (42%) 8 (2%) should be on sites inside the village

Q30 Please write in any additional ideas, suggestions or concerns you want to raise below:- 221 comments

Part Four

The following section is only for households that are likely to need a new or different home in Blewbury. This could be for the whole household, or for one or more individual members that need their own home in Blewbury. If this section does not apply to you or anyone in your household, please answer 'No' to the first question and then skip to the end.

Q31 Are you, or is someone in your household, likely to need to move to a new or different home in Blewbury in the foreseeable future? (Please tick one box only). Yes ...... 83 (20%) No (tick and skip to end) ...... 331 (80%)

Q32 What type of home would you or a member of your household need? (Please tick all boxes that apply). Detached House ...... 40 (48%) Detached bungalow ...... 19 (23%) Semi-detached house ...... 35 (42%) Semi-detached bungalow ...... 17 (20%) Terraced house ...... 26 (31%) Terraced bungalow ...... 5 (6%) Flat ...... 12 (14%) Sheltered housing for older people 16 (19%)

Q33 What sort of tenure is likely to apply to this new or different house? You can choose more than one option if you are unsure. (Please tick all that apply). Owner-occupied (paying mortgage) ...... 42 (51%) Owner-occupied (no mortgage) ...... 33 (40%) Shared ownership (e.g. part rented from Housing Association)...... 19 (23%) Living rent free ...... 1 (1%) Privately rented...... 10 (12%) Housing Association / Council rented ...... 16 (20%) Tied to employment ...... 1 (1%)

Q34 How many bedrooms would the new home need to have? (Please tick one box only). One ...... 7 (8%) Three ...... 32 (39%) Five or more ...... 5 (6%) Two ...... 31 (37%) Four ...... 8 (10%)

Q35 How many people would live in this new or different home in Blewbury? (Please tick one box only). One ...... 20 (24%) Four ...... 13 (16%) Seven ...... 0 (0%) Two ...... 35 (42%) Five ...... 5 (6%) Eight or more ...... 1 (1%) Three...... 9 (11%) Six ...... 0 (0%)

Q36 Please indicate the age group of each person who would live in the property. (Including carers if support would be needed to live independently). (Please tick one box per column, per person as appropriate). Aged from birth Aged between Aged between 25 Aged between 45 Aged between 65 Aged 75 and over to 15 years old 16-24 and 44 and 64 and 74 43 (23%) 26 (14%) 55 (29%) 24 (13%) 28 (15%) 14 (7%)

Q37 Why would this new or different home be needed? (Please tick all that apply). Change in family circumstances ..... 11 (14%) To be near work ...... 5 (7%) Need a bigger home ...... 22 (29%) Unable to afford a mortgage ...... 5 (7%) Need a smaller home ...... 17 (22%) Unable to afford rent ...... 1 (1%) Special access needs ...... 4 (5%) Want to start a first home ...... 20 (26%) Tenure is insecure ...... 4 (5%) Other reasons ...... 9 (12%) To be near family ...... 11 (14%) If other reasons please state these here: 8 mentions

Q38 Would you, or the people in your household looking to move, prefer to live in a brand new or an existing property in Blewbury? (Please tick one box only). Brand new property 13 (16%) Existing property ... 24 (30%) No preference ...... 44 (54%)

Q39 Are there any special circumstances that might affect the type of housing that you or a member of your household would need? (Please tick all that apply). No - none in particular ...... 66 (83%) Need for supported housing ...... 8 (10%) Limited mobility / need for accessibility 5 (6%) Other special factors ...... 1 (1%) If other special factors, please state 0 comments these here:

Q40 Please indicate how much you, or the member(s) of your household looking to move, could likely afford to pay per month, either in rent or as a mortgage payment? (This information is strictly confidential and anonymous, please tick one box only). £0 - £250...... 4 (6%) £1,001 - £1,500 .... 12 (18%) More than £2,500 . 2 (3%) £250 - £500 ...... 20 (31%) £1,501 - £2,000 .... 4 (6%) £501 - £1,000 ...... 20 (31%) £2,001 - £2,500 .... 3 (5%)

Q41 If you, or those in your household looking to move, might be interested in a shared ownership property (part owned by a Housing Association), how much could you afford to put down as a deposit? You can skip this question if you are unlikely to be interested in a shared ownership property (your response is strictly confidential and anonymous, please tick one box only). Less than £5,000 ...... 11 (34%) £10,001 - £20,000 ...... 6 (19%) £5,000 - £10,000 ...... 5 (16%) More than £20,000 ...... 10 (31%)

Thank you for taking the time to complete this survey. A volunteer will collect the questionnaire in a sealed envelope from your house directly, or you can take it to the counter at Blewbury Post Office if you would prefer.

Blewbury Neighbourhood Development Plan Housing Needs Survey: Free-form comments This is a summary of open-ended comments made in response to questions in the survey. There were 467 forms returned in total. It is not easy to summarise the hundreds of comments made in a quantitative way. They ranged from very brief comments to short essays, but we’ll try to give a flavour because the comments add a lot to the fixed-format questions. Q19a – If someone in your household wishes to move but cannot, which of any of the following reasons are preventing this. Responses stating ‘other’ (non-listed) reasons included: • Buying in a nearby village because no houses in Blewbury are affordable and suitable • Need an affordable bungalow in Blewbury due to illness • Lack of suitable downsizing options • Family housing in Blewbury not affordable on average income Q26 – Please write your thoughts on your responses together with any other comments on housing needs in Blewbury now and in the future. There were 258 responses to this question. The main themes were: • Affordability – to upsize/downsize, and for young people and families/young returners to the village • Concerns about village infrastructure • No large developments • Modest developments of 2–3 bedrooms in small clusters, sympathetic to the scale and character of the village, and opposition to larger new-builds • Mixed developments • No further development at all • Infill versus non-infill? – balance of views, but favouring non-infill • Blewbury returners versus non Blewburyians? – balance of views • Mixed demographic • Elderly/nursing care Q30 – Please write in any additional ideas, suggestions or concerns you want to raise. There were 220 responses to this question. A very significant proportion of residents are concerned about the village infrastructure. Sewerage and drainage are very frequently mentioned, as well as public transport, proximity to school (primary and pre-school), shopping and medical facilities. Other utilities (water, internet) and poorly maintained roads were also mentioned by some as being of concern. Many are worried that any large-scale development (such as the proposal for land west of Woodway Road) would overwhelm the already stretched infrastructure, and question the wisdom of locating development in an area with poor infrastructure. A notable portion, approximately 10–15%, said explicitly that they are opposed to any further development at all in the village. There is nearly universal and strongly expressed opposition to any development to the south of the A417, and many mentioned the proposal for land west of Woodway Road in particular (there was just one comment in support of this proposal). The scale and location are broadly considered to be completely inappropriate. Limited support for infill development was expressed, but often with the caveats that (a) any particular site must be appropriate as existing green spaces within the village are highly valued, and (b) cramming too many houses into small plots is unacceptable (several comments mentioned the Dallas site on Westbrook Street as an example). Where expressed, support for housing tends to favour small-scale sites on the edge of the village. Some suggest explicitly that housing should be spread over several smaller sites rather than one big site. The strongest support for such development is to the north. Some residents, but fewer, consider that development to the west could be appropriate. Relatively few mention east of the village as being suitable. The need for affordable housing is mentioned very frequently, both on its own and in a variety of contexts. Many comments favour smaller houses rather than large ones. Some mention the need for these to be well designed, with adequate storage space and parking areas. Support for new housing is often in the context of people with a local connection, though there is also opposition to this requirement. Housing suitable for the elderly (some of it sheltered) is desired. A significant minority mention that new development should be well considered and relate well to the existing character of the village. For example, relatively low density, more traditional materials, less hardstanding. Development should not have an ‘urban’ feel. Bridus Mead and Grahame Close are mentioned as positive examples of the types of development that would be appropriate. The landscape character of the village is considered to be of very high importance – particularly the relationship to the downs and Blewburton Hill. There is concern about garage/shop – the poor range of goods and whether it will stay open. Increasing traffic, especially if there are large developments, is a concern. On-street parking is also a problem in some places. The sense of community within Blewbury is highly valued, and many are very protective of this. Therefore, it is important for any new developments to be integrated into the village so that they form part of the wider community. !

!""#$%&'(!!"#$%&'($)*"+,$-$(.*-"/''*''0*%.)

"#$%!&''()*$+!'1(%().%!.#(!/344!.(+.!-/!.#(!I&)*%,&'(!J#&1&,.(1!K%%(%%6().!,&11$(*!-3.!/-1! .#(!L&1$%#!J-3),$42!"#(!6&$)!;-*?!-/!.#(!1('-1.!$%!/-44-0(*!;?!&)!&''()*$+!0$.#!6-1(!*(.&$4%! -/!.#(!4&)*%,&'(!,&'&,$.?!&)&4?%$%:!&!%(.!-/!1(4(M&).!6&'%!&)*!.#()!&!%(.!-/!'#-.-91&'#%!-/!.#(! '&1$%#2! K! M(1?! 4-)9! &''()*$+! .-! .#(! 1('-1.:! NO+/-1*%#$1(! P$4*4$/(! Q! I&)*%,&'(! R.3*?S! ;?! O+/-1*%#$1(!J-3).?!J-3),$4!#&%!;(()!-6$..(*2!

! ! !

! "#$%!&'()!$%!$*+)*+$,*'--.!-)/+!0-'*1! !

! Landscape Architecture Masterplanning Ecology

Blewbury Neighbourhood Plan Landscape Assessment for Blewbury Parish Council

Issue 7 January 2016 hankinson duckett associates t 01491 838175 f 01491 838997 e [email protected] w www.hda-enviro.co.uk The Stables, Howbery Park, Benson Lane, Wallingford, Oxfordshire, OX10 8BA

Hankinson Duckett Associates Limited Registered in England & Wales 3462810 Registered Office: The Stables, Howbery Park, Benson Lane, Wallingford, OX10 8BA Contents Page

1 Introduction ...... 2 2 Background ...... 3 3 Blewbury Parish Landscape Structural Analysis ...... 4 4 Parish Landscape Character Areas: analysis, capacity appraisal and photographs .. 10 5 Summary ...... 11 6 Village internal space assessment ...... 14 7 References ...... 17

Figures HDA 1 Existing Character Areas (North Wessex Downs AONB Character Areas) HDA 1A Existing Character Areas (OWLS Character Types and Character Areas) HDA 2 Topography HDA 3 Local designations HDA 4 Parish landscape assessment HDA 5 Parish Character Areas HDA 6 Landscape capacity HDA 7 Village internal space assessment

Photographs

Appendix 1 – Oxfordshire Wildlife & Landscape Study – Landscape character types and Local

landscape character areas within Blewbury Parish. OMITTED.

Appendix 2 – Analysis of Landscape Capacity

Blewbury NP Landscape Character Assessment/737.1E/January 2016 1 1. Introduction 1.1 This Landscape Character Assessment has been commissioned by Blewbury Parish Council to inform the preparation of the Blewbury Neighbourhood Plan. The Brief for the assessment seeks to assess the landscape character of Blewbury Parish landscape and to determine its local landscape character, identifying key characteristics and sensitivities, both in terms of character and visibility. The report also seeks to set out landscape capacity and development guidelines, should development sites come forward in the future.

1.2 This Landscape Character Assessment is based on current good practice and recognised methodology. It identifies character areas within the Parish, which have been assessed so as to define the character of the Parish and setting to the village and determine its sensitivity to, and capacity for, development.

1.3 Natural England describes landscape character as the landscape features which make an area unique. It is defined as "a distinct, recognisable and consistent pattern of elements, be it natural (soil, landform) and/or human (for example settlement and development) in the landscape that makes one landscape different from another "(Ref 1).

1.4 The report divides the landscape into areas of common landscape character, listing the key landscape characteristics and landscape and visual sensitivities of each area. This analysis will highlight areas of the Parish which are sensitive and of low landscape capacity where future development would be inappropriate. Landscape sensitivity and value may not be completely uniform across an entire character area and therefore the capacity across a character area may vary slightly. This is commented on in Section 5 where particularly relevant.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 2

2. Background 2.1 Desk study 2.1.1 A comprehensive desk-top assessment of the local area was undertaken to form the basis of the assessment and assist in identifying the Parish landscape character areas. Desk study data considered includes: Geology and soils; Topography; Land use (based on aerial photography); Regional landscape character areas; District landscape character and capacity assessments; Historic landscape characterisation; Development Plan designations including local landscape, nature conservation, and heritage designation; Key public rights of way (e.g. long distance footpaths) and notable view points; Areas at risk of flooding.

2.1.2 The data was analysed and set out in working plans, tables, figures and text, and used to review the existing landscape character assessments and provisionally subdivide the County/District character areas into draft landscape character areas appropriate to the Parish scale. The outer boundary of these character areas in turn formed a draft study area boundary.

2.2 Field Assessment 2.2.1 The assessment is underpinned by field assessments carried out during October and November 2014 by an experienced Senior Landscape Architect, overseen and reviewed by the Project Director.

2.2.2 Field assessment involved travelling extensively throughout Blewbury Parish and the immediate surroundings, with extra focus on the relationship between the village and the surrounding AONB landscape including the influences of the downs escarpment and Blewburton Hill. This involved recording variations in landscape character including (list is not exhaustive): local topography, existing land uses and vegetation structure, condition of landscape elements (trees, hedges etc.), streams/ditches, character of the built edge of settlements, intervisibility between settlements, local landmarks and visual detractors, relationship with the AONB and key views. A working photographic record was produced to support the survey work.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 3

3 Blewbury Parish Landscape Structure Analysis 3.1 The aim of landscape structure analysis is to identify the main elements which contribute to the character, structure and setting of the settlement and the AONB. This section includes an evaluation of the existing Landscape Character Context (section 3.2, Plan HDA1 and Appendix 1) and the local landscape context of the Parish, (section 3.3) which looks at the settlement of Blewbury in detail and sets out our initial analysis of the area (Plans HDA 2 – 4).

3.2 Landscape Character Context There are national, regional and district scale landscape character assessments that cover the landscape within and around Blewbury Parish. The national scale assessment has not been analysed for this assessment, as more detailed data is available.

3.2.1 The North Wessex Downs AONB The North Wessex Downs Area of Outstanding Natural Beauty (AONB) covers the whole of Blewbury Parish (see plan HDA 3). This is an important consideration when assessing the landscape character of the area, along with the landscape sensitivity and subsequent capacity of the Parish. The North Wessex Downs AONB integrated landscape character assessment (Ref 2) identifies two character areas which cover Blewbury Parish. These are: Character Area 1D: Blewbury Downs, which lies to the south of the village but includes Blewburton Hill to the east, and Character Area 5D: Moreton Plain, which includes the majority of the village and lower lying land to the north of the A417 London Road. Key characteristics of each character area are listed below.

Character Area 1D: Blewbury Downs • Middle and Upper Chalk with overlying drift deposits of Clay-with-Flint. • Elevated rolling downland with round or flat-topped hills intersected by dry valleys. • Northern edge formed by a steep, deeply convoluted scarp, allowing long views out to the north. • Large scale, open landscape dominated by arable farmland with sparse woodland cover on the tops. There are numerous equestrian centres and gallops. • Settlement includes large villages set within dry valleys. • Heritage features include Bronze Age barrows located on the scarp edge, along with an Iron Age hillfort at Blewburton Hill and a folly on Churn Hill. • Numerous rights of way run through the character area including The Ridgeway national trail.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 4 Character Area 5D: Moreton Plain • A transitional landscape between the high downs and the Thames Floodplain, with a geology of Lower Chalk and Upper Greensand within Blewbury Parish. • A large, open, expansive landscape with views of the strong ridges and skylines of the downs and downland outliers. The chimneys of Didcot power station are also present in many views. • Dominated by large arable fields with a weak or absent hedgerow structure. • Large spring line villages including Blewbury and Aston Tirrold are located at the base of the scarp to the south of the character area. • There are many attractive vernacular buildings, with materials including red brick, thatch and weatherboard.

3.2.2 Oxfordshire Wildlife and Landscape Study (OWLS) OWLS is the current landscape character assessment for Oxfordshire (2004 – Ref 3). The following landscape character types are found within Blewbury Parish: Alluvial Lowlands, Terrace Farmland, Rolling Farmland, Chalk Downland and Slopes and Wooded Downlands. The areas for these character types are shown on plan HDA 1 and the full descriptions are appended to this report within Appendix 1. Each landscape type is broken down into local character areas. Key characteristics of each type and subsequent local character area are listed below:

Alluvial Lowlands – character area WH/5 Brightwell-cum-Sotwell • Medium sized arable fields with some semi-improved pasture adjacent to Mill Brook. • Fields enclosed by ditches and Hawthorn hedges with mature hedgerow trees, although many hedges are gappy and fragmented. • Tree lined watercourses with species including Willow, Ash and Poplar. • Flat landscape of lowland river valleys. • Alluvial soils. • Sparsely settled. • Landscape strategy: ‘maintain the tranquil nature of the landscape and promote the restoration and enhancement of hedgerows, hedgerow trees and tree lined watercourses’

Terrace Farmlands – character area WH/30 Poultry Farm • Large, open arable fields. • Fields generally lack enclosure, although there are some Hawthorn hedgerows – particularly along roads – and some fields are divided by shelterbelts of Poplar. • Clumps of Lime, Beech and Sycamore located along roads and around farms. • Associated with deposits of terrace sand gravels.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 5 • Landscape strategy: ‘strengthen and enhance the pattern of hedgerows, hedgerow trees and tree lined watercourses’

Rolling Farmland – character area WD/6 Blewbury • Large-sized arable fields, with a few surviving areas of unimproved and semi-improved grassland. • Prominent rolling landform and distant views from hillsides and the surrounding low- lying vale. • Fields enclosed by Hawthorn and Elm hedges, often fragmented, with occasional Ash and Elm trees. • Linear tree plantations with a mix of tree sizes and species. • Watercourses lined with Willow Ash, Poplar and linear strips of semi-natural woodland. • Geology is a mix of Gault Clay and Upper Greensand • Landscape strategy: ‘conserve and enhance the surviving pattern of woodlands, hedgerows, hedgerow trees and tree-lined watercourses. Minimise the impact of built development through appropriate location, choice of building materials, and the use of locally characteristic tree and shrub species.’

Chalk Downland and Slopes – character area WD/9 Upton Downland • Large scale and intensively farmed arable landscape with a rolling topography. • General absence of woodland features, which gives a very open character. • Only landscape features are trees around farm buildings and fragmented Hawthorn hedges along tracks and roads • Geology of Lower and Middle chalk. • Sparsely settled, with isolated farmsteads • Landscape strategy: ‘Conserve overall pattern of open downland and beech plantations and encourage arable reversion to grassland particularly along the escarpment and in association with features of archaeological importance.’

Wooded Downlands– character area WD/10 Blewbury Downs • Downland landscape with rounded hills, steep slopes and narrow valleys. • Wooded landscape with a range of small mixed and broadleaf plantations with larger blocks of ancient woodland on the steeper slopes. • Arable farming dominates with frequent horse gallops consisting of semi-improved grassland and some sheep grazed pastureland. There are some areas of unimproved chalk grassland interspersed with scrub on steep valley sides, generally to the east of the character area. • Geology of dominated by Middle chalk. • Sparsely settled, with scattered farms, barns and stables.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 6 • Landscape strategy: ‘Conserve the mosaic of open downland, woodland and sparse settlement.’

3.3 Blewbury village and the local landscape context (see plans HDA 2 - 5) 3.3.1 Blewbury Parish is located in the Vale of White Horse District in Oxfordshire, approximately 12 miles south of Oxford and approximately 16 miles north-west of Reading. The Parish is centred around the settlement of Blewbury, a springline village, located at the foot of the Berkshire Downs, on the A417 London Road. The Parish boundary extends north to Mill Brook, east to the top of Blewburton Hill, south to the Berkshire Circular Route at the top of the downs and extending along the top of the south-facing slope at the top of the Compton Downs. The Parish extends west to the edge of Upton village (See plans HDA 2 and 4). The nearest villages are Upton, to the west, East Hagbourne to the north-west, South Moreton to the north-east and Aston Tirrold to the east. The high ground of the downs to the south are devoid of settlement – other than occasional farmsteads. Didcot is the nearest town, located approximately 4 miles to the north of Blewbury and accessed via the B4016, a road which runs north up the eastern boundary of the village.

3.3.2 The topography of the Parish is split between the open, flat lowland to the north and the dramatic north-facing escarpment, which lies to the immediate south of the village. Blewburton Hill lies to the east of the village and is a continuation of the steep chalk slopes that extend out from the downs escarpment (see plan HDA 2). With the exception of the centre of the village and the more contained landscape to the north of the village adjacent to Mill Stream, the entire Parish is visually dominated by the downs and Blewburton Hill. The dramatic changes in topography allow panoramic views, both of and from the elevated landform. Springs occur within the village and drain north in small streams and ditches, to Mill Brook. The landform and drainage of the Parish are an integral part of the local landscape character and provide a unique sense of place.

3.3.3 The North Wessex Downs AONB covers the entire Parish (see plan HDA 3). This is a national designation with policies set out in the National Planning Policy Framework that protects the landscape within the AONB for its landscape and scenic beauty. Any development within the Parish would need to demonstrate that it is in the public interest and would not harm the character or appearance of the AONB.

3.3.4 Blewbury Parish has a number of heritage assets including two scheduled monuments and the historic core of the village itself, much of which is designated as a conservation area. The remnants of the Iron Age hillfort is clearly visible at Blewburton Hill, which is designated as a Scheduled Monument and is a prominent local landmark. The folly on Churn Hill is also a Scheduled Monument. The Conservation Area covers the majority of

Blewbury NP Landscape Character Assessment/737.1E/January 2016 7 the village and contains 59 listed buildings, which showcase a range of styles and reflect different time periods. Only two listed buildings are located outside the Conservation Area and both of these are located adjacent to the Conservation Area, within the village envelope. The Church of St Michael dates back to Norman times and the pattern of roads and paths through the village date back to the Saxon period. In addition to the buildings, the cob walls and waterways within the village have historic value and are locally distinctive.

3.3.5 The village has a number of local amenities including a doctor’s surgery, primary school, church, village hall, playgroup, post office, convenience store, greengrocers, hairdressers, pubs and a plant nursery and greengrocer with an on-site café. The recreation ground and allotments also provide outdoor facilities for village residents.

3.3.6 The land use within the Parish is predominantly arable agriculture, with some grazed pasture to the immediate north and south-east of the village. These fields in pasture are generally horse paddocks and are smaller scale than the arable fields, which are large, open and expansive (plan HDA 4). Horse riding and livery and the horse racing industry are significant contributors to the established character and land use of the area. The arable agriculture is intensive, which has led to the large field sizes with few boundaries. Where boundaries do exist these are generally hawthorn hedgerows. Tree cover is limited to the watercourses and hedgerows (particularly to the north), shelterbelts around farmstead and blocks of woodland on the downs. Within the village and its immediate surroundings there are some traditional orchards, which are a BAP (Biodiversity Action Plan) priority habitat. There are no rivers within the Parish, but there are numerous minor watercourses including streams, field drains and ponds, originating with the springs in the village itself. Water is a significant feature within the village and has shaped the settlement pattern, routes and open spaces within the village. To the south-west of the village there is a cemetery and a recreation ground, which includes pitches, tennis courts, an equipped play area and Tickers Folly – an informal recreation space. To the north-east of the village there is an area of allotments, to the north of Winterbrook Farm.

3.3.7 Numerous public rights of way cross the Parish allowing public access and enjoyment of the AONB landscape. The St Birinus Pilgrimage walk is a historic route that runs from Churn Hill in the south, through the village and east to South Moreton. The footpaths to the east, west and south-west of the village are open and afford long views. The footpaths to the south, which lead up the escarpment are often sunken and enclosed by hedgerows, however at the summit of the slopes, there are gaps in the vegetation that allow panoramic views to the north, which extend as far as The Chilterns and include views of Didcot and Wittenham Clumps. Some of the most significant views are possible from the chalk pit, located on the escarpment adjacent to footpath 14, which is a local landmark. Seating has

Blewbury NP Landscape Character Assessment/737.1E/January 2016 8 been installed to the south of the chalk pits to allow residents and visitors to enjoy the views from this location. Key views have been shown on plan HDA 4. The rights of way within the village and to the south of the village are associated with the vegetated watercourses and are much more intimate and enclosed in character.

3.4 Blewbury Parish– Key Elements • Water: Blewbury is a spring-line village. The water source is the reason why it became settled. The pattern of the village is set by the network of waterbodies that wind through it. • Heritage: There is a considerable amount of historic interest, both within the village as part of the built form and present in the surrounding landscape, as identified in the two scheduled monuments designated on Churn Hill and Blewburton Hill. The built heritage is reflected in the local vernacular and the materials used in construction including brick, thatch and plain clay tiles. • Location and character: The village is nestled at the foot of the Berkshire Downs, which form an impressive setting to the south of the village. The open landscapes to the east and west of the village allow an appreciation of the downs escarpment and of the historic Blewburton Hill, which reflect the AONB designation that sweeps over the whole Parish. The character of the landscape within the village itself is a key contributor to the ‘sense of place’ of the village. • Views: Due to the open nature of the landscape and the dramatic changes in topography, there are important views from the village out to the surrounding landscape and impressive views from the surrounding landscape, to which the village contributes. • Nucleated and compact settlement pattern largely contained by a mature landscape structure.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 9 4. Parish Landscape Character Areas: analysis, capacity appraisal and photographs 4.1 Landscape characterization 4.1.1 Drawing on the initial desk study, landscape structure analysis and the field assessment, the study divides the landscape into Parish scale landscape character areas of specific landscape character. Blewbury Parish has been divided into 11 Local Landscape Character Areas. These have been shown and listed on plan HDA 6.

4.2 Analysis of Parish scale Landscape Character Areas 4.2.1 The characteristics of each Parish-scale landscape character area is analysed against criteria identified in Topic Paper 6 of the Countryside Agency’s Landscape Character Assessment Guidance, along with identification of any designations, and consideration of the historic landscape characterisation of the area. This information forms the basis for the landscape sensitivity and landscape value assessments.

4.2.2 A detailed methodology for the analysis can be found in Appendix 2. The landscape value, sensitivity and capacity assessments of each Parish scale character area are found in Appendix 2 and are summarised below.

4.2.3 The following is a list of the Parish landscape character areas identified within Blewbury Parish. 1 Blewbury Escarpment 2 Blewbury and Upton Escarpment 3 Blewbury and Upton Plain 4 Blewbury and Upton Alluvial Pasture 5 Blewburton Farmland Slopes 6 Mill Stream Pasture 7 Winterbrook Farmstead 8 Eastfield Farmstead 9 Blewbury Southern Pasture 10 Churn Hill Downland 11 Blewburton and Riddle Hill Downland

For each character area there will be a description of landscape character, the key issues facing the character area, a breakdown of landscape and visual sensitivity, the landscape value of the area and the resulting landscape capacity.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 10 Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Located to the south of Blewbury Village. • Agricultural intensification resulting in Wessex Downs • Convoluted and complex north-facing scarp face of Blewbury Downs. a loss of chalk grassland and hedgerow 1 AONB • A mixture of medium and large scale arable and pasture fields, which are open and cover. Retain and protect existing areas Sensitivity exposed. Some have boundary hedges. of pasture, particularly chalk grassland = Major Blewbury - Area of Open • Numerous rights of way, often located between field boundaries and are generally habitat. Escarpment Access Land within enclosed by vegetation. Many are sunken lanes marking historic routes. Rights of • Vulnerability to large scale Landscape Value character area way are well used by pedestrians, cyclists and horse riders and are an important development. Tall structures would be = Major recreational resource. visually intrusive and would disrupt the - Public Rights of • Gaps in the vegetation along the rights of way allow extensive panoramic views over existing skyline. Capacity Way run across Blewbury, extending as far as the Chilterns to the north and east. • Conservation of existing views = Negligible character area • Geology of middle and upper chalk. • Retain strong skylines and clear including St Birinus • Two roads are located along the eastern and western boundaries of the character ridges pilgrimage walk area. These are rural lanes and are enclosed by vegetation. • Maintain the tranquil character of the • There is no settlement within the character area. landscape - BAP priority habitat: • The Character Area includes the Chalk Pit, a locally important landmark. • Improve management of existing Deciduous woodland • A rural landscape that is attractive, tranquil and has key viewpoints which overlook woodland and plant new woodland the AONB landscape. blocks using characteristic species. • Detached from settlement. The northern boundary is adjacent to Tickers Folly, part of • Improve management of hedgerows the recreation ground, and a wooded paddock. and vegetation lining roads / paths. • The escarpment forms the southern setting to Blewbury and shapes the skyline that • Protect the Chalk Pit as a feature of is visible from the settlement. local importance.

Parish character area Photograph/s showing key characteristics

Scarp face. Enclosed and sunken right of way. Panoramic views. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Located to the south-west of Blewbury Village, between Blewbury and Upton. • Agricultural intensification resulting Wessex Downs AONB • North-facing scarp face of Blewbury Downs located on middle and lower Chalk. in further loss of hedgerow cover. 2 • A large scale open and exposed arable landscape with few boundary features or •Poor quality / fragmented Sensitivity - Public Right of Way vegetation. hedgerows with loss of hedgerow = Major Blewbury runs across character • A public right of way allows access up the scarp face, which has panoramic views to trees. Opportunity to enhance and Upton area the north and east. hedgerows and improve hedgerow Landscape Value Escarpment • There is no settlement within the character area, although New Buildings is visible to management. = Substantial the immediate south-west of the area. • Vulnerability to large scale • A simple and dramatic rural landscape that is open and expansive, with high development. Tall structures would Capacity intervisibility with the wider AONB landscape. The openness of the landscape draws be visually intrusive and would = Negligible attention to the rounded scarp face, which is the defining feature of the character area. disrupt the existing skyline. • Detached from settlement but lies adjacent to recreation ground and cemetery. • Conservation of existing views • The rounded hilltop of the character area makes up part of the setting to Blewbury • Retain strong skylines and clear and shapes the skyline that is visible from the settlement. ridges • Maintain the tranquil character of the landscape

Parish character area Photograph/s showing key characteristics

Escarpment forms skyline. Panoramic views across Blewbury to Blewburton Hill. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Located to the west of Blewbury Village, between Blewbury and Upton. • Agricultural intensification resulting in Wessex Downs AONB • An almost flat landscape with a gentle north-facing slope. The topography is in direct a loss of hedgerow cover. 3 contrast to the escarpment to the south. •Poor quality / fragmented hedgerows Sensitivity - Public Rights of • A large scale open and exposed arable landscape with few boundary features or with loss of hedgerow trees. = Substantial Blewbury Way run across vegetation. Opportunity to enhance hedgerows character area, • Two public rights of way cross the character area, one of which is Coffin Way, which and Upton and improve hedgerow management. Landscape Value including Coffin Way, links Blewbury and Upton. Plain • Pressure for new village expansion. = Substantial between Blewbury • There are panoramic views contained by the rising ground of the Downs to the south Potential associated impact on and Upton. and east, including Blewburton Hill to the east. Wittenham Clumps can be seen in the adjacent landscape character, village Capacity distance to the north. The Downs form an impressive sweeping skyline to the character character and local vernacular. = Negligible / Low area. • Conservation of existing views • There is no settlement within the character area, although the western edge of Blewbury is visible, along with distant views of Didcot. • An open and expansive rural landscape, with panoramic views contained at the edges by landform. • The character area abuts the western edge of Blewbury and provides a stark and open contrast to the intimate character of the settlement. The settlement edge is softened by vegetation

Parish character area Photograph/s showing key characteristics

Flat and open landscape. The Downs form Skyline. Soft edge to Blewbury. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - The land within the • Located to the north-west of Blewbury Village. •Poor quality / fragmented hedgerows Parish is part of the • A flat and rural alluvial landscape, laced with water courses including streams and with loss of hedgerow trees. 4 North Wessex Downs ditches. Opportunity to enhance hedgerows Sensitivity AONB • A much more contained landscape than the land to the south, with hedgerows, and improve hedgerow management. = Major Blewbury and copses of trees and tree lined waterways. • Retain and enhance tree lined Upton Alluvial - Public Rights of Way • Small - medium scale arable and pasture fields. Fields are generally regular, watercourses with new planting and Landscape Value Pasture run across character however the pattern is often disrupted by the more sinuous nature of the streams that improved maintenance = Substantial area flow through the landscape. • Retain existing pasture and promote • Two public rights of way cross the character area and Blewbury Road forms the conversion of arable to pasture along Capacity - Pocket of ancient north-eastern boundary of the character area. watercourses = Negligible woodland to north of • Settlement is restricted to Frogalley Farm and Blewbury Mill. • Maintain the tranquil character of the Blewbury Mill • A rural and much more intimate landscape than character areas to the south of landscape Blewbury. • Improve management of existing - BAP priority habitat: • Distant from settlement of Blewbury, with a strong rural context and no relationship woodland and plant new woodland Deciduous woodland with the settlement edge. blocks using characteristic species

Parish character area Photograph/s showing key characteristics

Well treed landscape. Hedgerow boundaries are characteristic. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Located to the east of Blewbury Village on the footslopes of Blewburton Hill. • Agricultural intensification resulting in Wessex Downs AONB • The land is located on a west facing slope adjacent to the village, changing to a north a loss of hedgerow cover. Sensitivity 5 facing slope to the north of Hagbourne Road. •Poor quality / fragmented hedgerows Sensitivity = Major - Part of setting to • An open, large scale and largely arable landscape with few boundary features or with loss of hedgerow trees. = Substantial Blewburton Scheduled Monument vegetation. Opportunity to enhance hedgerows Landscape Value Farmland • High intervisibility with local roads, including the B4016 Bessels Way and Hagbourne and improve hedgerow management. Landscape Value = Substantial Slopes - Public Rights of Way Road. Properties to either side of Winterbrook farm have intervisibility with the • Vulnerable to development. Tall = Substantial run across character character area. structures would be visually intrusive Capacity area, including part of • A number public rights of way cross the character area, one of which is part of St and would disrupt the existing skyline. Capacity = Negligible St Birinus Walk Birinus Walk. • Preserve and protect setting to = Negligible / Low • Views are dominated by Blewburton Hill, a hill fort and Scheduled Monument located Blewburton Hill. - BAP priority habitat: to the east of the character area. Blewburton Hill is a distinctive local landmark. • Conservation of existing views from Deciduous woodland • Isolated farmsteads form the only settlement within the character area, although Blewbury village to Blewburton Hill, at Sheencroft Farm the western boundary of the character area runs along the eastern edge of Blewbury by preserving the open nature of the Village. Where the character area abuts the settlement of Blewbury, it forms the landscape. foreground to views of Blewburton Hill from the village. • The character area has a contrasting character to the intimate character of the settlement. There is a strong settlement edge following the line of Bessels Way, to the immediate west of the character area. • A transitionary landscape between the low lying village and the high ground of Blewburton Hill.

Parish character area Photograph/s showing key characteristics

Open and expansive landscape. Transitional landscape between village and Blewburton Hill. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Located to the immediate north of Blewbury Village. •Poor quality / fragmented Wessex Downs AONB • A flat and rural alluvial landscape, divided by streams and ditches. Mill Stream forms hedgerows with loss of hedgerow 6 the western edge of the character area. trees. Opportunity to enhance Sensitivity - Public Rights of Way • A small scale and intimate landscape, with hedgerows and tree lined waterways. hedgerows and improve hedgerow = Moderate Mill Stream run across character • Small - medium scale pasture fields. The fields to the north-east are regular, whereas management. Pasture area the fields to the south-west have more sinuous boundaries and a higher degree of • Pressure for new housing Landscape Value enclosure. Land uses include an equestrian centre (a common and characteristic land development. Potential associated = Substantial - BAP priority habitat: use in the local area) and a kennels. impact on adjacent landscape Deciduous woodland • There is intervisibility between the character area and the northern edge of Blewbury. character, village character and local Capacity at The Old Mill The character area is also visible from the B4016 Bessels Way and Blewburton Hill. vernacular. = Low • The settlement edge is more convoluted than the edges to the east and north and is • Retain and enhance tree lined softened by intervening vegetation, although some properties are clearly visible. Parts watercourses with new planting and of the character provide a pastoral setting to the village, however the buildings of the improved maintenance kennels and equestrian centre are visible to the north, which disrupt the rural context of • Retain existing pasture and the character area. promote conversion of arable to • An outline planning permission exists on one of the fields to the north of the village, pasture along watercourses but this has yet to be constructed. • Maintain the tranquil character of • Two public rights of way cross the character area, which have varying degrees of the landscape enclosure. • A rural and intimate landscape, with some influences from the edge of the village settlement. • Abuts north-western edge of Conservation Area.

Parish character area Photograph/s showing key characteristics

Vegetation provides enclosure. Used as horse pasture. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • A farmstead located to the east of Blewbury Village on the footslopes of Blewburton • Maintain integrity of Farmstead and 7 Wessex Downs AONB Hill. avoid fragmentation. Sensitivity • The character area comprises farm cottages, a single dwelling and farmhouse along • Retain and maintain shelterbelts Sensitivity = Moderate - Public Right of Way with agricultural buildings including some large barns. The farmstead is associated with that screen views of large agricultural = Substantial Winterbrook runs across character small, regular pasture fields, used for rearing sheep and orchards. buildings and / machinery. Landscape Value Farmstead area • Linear shelterbelts of trees have been planted around the farmstead, which provide • Retain, protect and enhance priority Landscape Value = Substantial shelter and enclosure. The landscape is more enclosed than the arable land to the east Orchard BAP habitats. = Moderate - BAP priority habitat: and more associated with the village than the wider landscape. • Pressure for new housing Capacity Traditional orchards • High intervisibility with the B4016 Bessels Way. development. Potential associated Capacity = Low within Farmstead • A public right of way crosses the character area, which is part of St Birinus Walk. impact on adjacent landscape = Low • A transitionary landscape between the settlement edge and the open and exposed character, village character and local landscape to the east. vernacular. • The farmstead is a complex, small scale and relatively contained landscape, with • Retain existing pasture and avoid views of the large outbuildings contained by shelterbelts. These shelterbelts also intensification of farmstead and provide a soft edge to the eastern edge of Blewbury when viewed from Blewburton Hill conversion to arable crops. Scheduled Monument. • Encourage diversity of crops and habitat within the farmstead.

Parish character area Photograph/s showing key characteristics

Approach to farmstead. Farmstead seen from Blewburton Hill. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • A farmstead enclosed by tall evergreen hedges, located to the south-east of • Potential to replace leylandii hedges 8 Wessex Downs AONB Blewbury. over time, with shelterbelts / hedges • The character area comprises outbuildings and tracks, an orchard and four small that are native and characteristic of Sensitivity - BAP priority habitat: rectilinear pasture fields. the local area. = Substantial Eastfield Traditional orchard • High leylandii hedges have been planted around the farmstead, which provide • Maintain integrity of Farmstead and Farmstead within Farmstead shelter and enclosure. The landscape is flatter and much more enclosed than the avoid fragmentation. Landscape Value downland landscape to the south and east. • Retain and maintain vegetation = Moderate • The leylandii are inconsistent with the wider landscape and do not contribute to the that screens views of agricultural downland character of the area. buildings and / machinery. Capacity • The farmstead is disconnected from the village and forms no part of the settlement • Retain, protect and enhance priority = Low edge. The farmstead is a discrete character type within the wider downland character Orchard BAP habitats. area. • Retain existing pasture and avoid • The farm contributes to the mosaic of land-uses within the downland landscape and intensification of farmstead and is strongly related to Downland Farm, within character area 9. conversion to arable crops. • Orchards are BAP priority habitat. • Encourage diversity of crops and habitat within the farmstead.

Parish character area Photograph/s showing key characteristics

High hedges screen views into farmstead. Orchard visible within farmstead. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Located to the south of Blewbury Village on the footslopes of the Downs northern • Agricultural intensification resulting Wessex Downs AONB escarpment. in a loss of chalk grassland and 9 • The landform is gently sloping, with slopes orientated towards the convoluted edge hedgerow cover. Retain and protect Sensitivity Sensitivity - Part of setting to of the northern escarpment of Blewbury Downs. The slopes are more prominent to the existing areas of pasture, particularly = Substantial = Substantial Blewbury Conservation Area western side of the character area. chalk grassland habitat. • The character area comprises numerous horse paddocks with one arable field. The •Poor quality / fragmented hedgerows Landscape Value Southern Landscape Value - A Public Right of landscape is open with little boundary vegetation or landscape features. The large scale with loss of hedgerow trees. = Moderate Pasture = Substantial Way runs across fields are intersected with paddock fencing and while these fences change the size of the Opportunity to enhance hedgerows character area fields, the intervisibility between paddocks and lack of features, retains the feeling of a and improve hedgerow management. Capacity Capacity large scale landscape. • Pressure for new housing = Low = Negligible / Low • The character area abuts the well defined northern edge of settlement and contrasts development. Potential associated with the intimate character of the settlement. The settlement edge is softened by impact on adjacent landscape vegetation to the west, but is more open to view in the east. character, village character and local • There is a degree of intervisibility with the southern extent of the Conservation Area of vernacular. Blewbury Village. The character area is also prominent in the views from the top of the • Conservation of existing views escarpment to the south, east and west. from Blewbury village to the Downs • Views are dominated by the northern escarpment of Blewbury Downs, which surround Escarpment, by preserving the open the character area on three sides. nature of the landscape. • One property and Downside Farm are the only settlement within the character area, • Protect the setting to Blewbury although the village edge is visible to the immediate north. Conservation Area. • A transitionary landscape between the low lying village and the high ground of Blewbury Downs.

Parish character area Photograph/s showing key characteristics

Looking across the character area from high ground Landscape has a strong association with horses. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Rural downland landscape at the southern edge of the parish, typified by the rounded • Agricultural intensification resulting Wessex Downs AONB hilltops of the downs, including Churn Hill. in a loss of chalk grassland and 10 • Consists of large scale arable fields, broken up by blocks of woodland and horse hedgerow cover. Retain and protect Sensitivity - Scheduled gallops. existing areas of pasture, particularly = Major Churn Hill Monument at Churn • Some panoramic views from the top of the hills, although views are generally less chalk grassland habitat. Knob dramatic then those available on the escarpment. • Vulnerability to large scale Downland Landscape Value • Geology of middle and upper chalk development. Tall structures would = Major - Public Rights of Way • Settlement consists of isolated farmsteads accessed by enclosed rural lanes. Roads be visually intrusive and would run across character and rights of way are enclosed by hedgerows and vegetation. disrupt the existing skyline. Capacity area • Footpaths and bridleways are common. Many are sunken lanes marking historic • Conservation of existing views = Negligible routes. Rights of way are well used by pedestrians, cyclists and horse riders and are an • Retain strong skylines and clear - BAP priority habitat: important recreational resource. ridges Deciduous woodland • The Character Area includes Churn Knob, a folly designated as a Scheduled • Maintain the tranquil character of at Churn Hill Monument. the landscape • Distant from settlement of Blewbury, with a strong rural context and no relationship • Improve management of existing with the settlement edge. woodland and plant new woodland • A rural landscape that is attractive, tranquil and typifies the downland character of this blocks using characteristic species part of the AONB. • Preserve and protect existing archaeological sites including the Scheduled Monument at Churn Hill

Parish character area Photograph/s showing key characteristics

Rounded hilltops and large open fields. Character Designations and Landscape analysis Key issues and management Capacity Area policy prescriptions Summary (see Appendix 2 for analysis) - Part of the North • Downland landscape, with a geology of middle and upper chalk, to the to the south- • Agricultural intensification resulting Wessex Downs east of Blewbury Parish. in a loss of chalk grassland and 11 AONB • Consists of the north facing escarpment of the Blewbury Downs, rounded hilltops hedgerow cover. Retain and protect Sensitivity Sensitivity (including Baldon Hill and Riddle Hill) and a steep-sided, narrow valley (Lid’s Down), existing areas of pasture, particularly = Major = Major Blewburton - Blewburton Hill caught between two convoluted slopes of the escarpment. chalk grassland habitat. Scheduled monument • A large, open arable landscape, broken up by blocks of trees, pasture valleys and • Vulnerability to large scale Landscape Value and Landscape Value occasional hedgerow boundaries development. Tall structures would be = Major Riddle Hill = Major - Areas of open • Blewburton Hill, a hill fort and Scheduled Monument, is located within the character visually intrusive and would disrupt Downland Access Land at area. Blewburton Hill is a distinctive local landmark and has an area of Open Access, the existing skyline. Capacity Capacity Blewburton Hill and which has panoramic views from the summit. • Conservation of existing views = Negligible = Negligible Lid’s Down • Isolated farmsteads form the only settlement within the character area and the only • Retain strong skylines and clear major road is the A417, which crosses the character area on the shoulder of Baldon Hill, ridges - Public Rights of providing a impressive entrance into the parish from the east. • Maintain the tranquil character of the Way run across • Distant from settlement of Blewbury, with a strong rural context and no relationship with landscape character area the settlement edge. • Improve management of existing • Blewburton Hill and the south-eastern escarpment form an impressive setting to the woodland and plant new woodland - BAP priority habitat: eastern edge of Blewbury and shapes the skyline that is visible from the settlement. blocks using characteristic species Deciduous woodland. • An attractive rural landscape, characterised by its dramatic changes in landform. • Preserve and protect existing Numerous small archaeological sites, particularly copses are located Blewburton Hill Scheduled Monument. across the character area

Parish character area Photograph/s showing key characteristics

11 5. Summary 5.1 Landscape capacity is defined as the extent to which the landscape is able to accommodate change without significant effects on landscape character, reflecting the inherent sensitivity and value of the landscape. A landscape of high sensitivity or value therefore has a low landscape capacity.

5.2 In order to assess the sensitivity of the Blewbury Parish character areas to development, assumptions have been made as to the likely built form of any new development areas. It has been assumed that buildings would generally be a maximum of 2 storeys in height. There would be open space provision and a landscape framework with tree planting of appropriate scale, building on an existing landscape framework which could achieve a good fit in the landscape and form a logical extension to the village, in keeping with the existing settlement pattern.

5.3 Sensitivity and value ratings range from Major, Substantial, Moderate, Slight to Negligible. Areas judged to have Major or Substantial sensitivity or value indicates that development would have significant detrimental effect on the character of the landscape. Development in these character areas should only be on a very small scale and proposals would need to demonstrate no adverse impacts on the setting to settlement or the wider landscape, and be consistent with Local Plan policy. The landscape sensitivity and landscape value tables, along with assessment criteria and scoring for each character area are shown in Appendix 2.

5.4 The landscape sensitivity of the Parish is generally very high, which accords with the AONB designation that covers the Parish. Of the 11 Parish character areas assessed, 5 have Major sensitivity (areas 1, 2, 4, 10 and 11), 5 have Substantial sensitivity (areas 3, 5, 7, 8 and 9) and area 6 has been assessed as having a moderate sensitivity. There are no character areas with Slight or Negligible landscape sensitivity.

5.5 The landscape value of the Parish is also high, with 3 areas (1, 10 and 11) being assessed as having Major landscape value, 6 areas (2-6 and 9) having Substantial landscape value and 2 areas (7 and 8) having Moderate landscape value.

5.6 The resultant landscape capacity is also listed in Appendix 2. Landscape capacity ratings range from Very High, High, Medium, Low and Negligible. A capacity rating of Medium or above identifies a landscape character area with the capacity for limited development, having regard for the setting and form of existing settlement and the character and sensitivity of adjacent local landscape character areas.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 11 5.7 There are no Parish character areas with Very high, High or Medium landscape capacity, which means that there are no character areas with the capacity to accept large scale residential development, without significant harm to local landscape character and the AONB. There may be capacity within the village and around the settlement edge of the village for small scale residential additions, which would have significantly lower impacts on the character and appearance of the AONB than a large village extension. There is an existing planning permission for a large development of 30 dwellings to the north of the village, adjacent to Area 6 (Mill Stream Pasture). This existing permission should be developed before there is a commitment to further housing proposals or allocations.

5.8 Of the 11 Parish character areas assessed, 5 have a Negligible capacity for development (areas 1, 2, 4, 10 and 11), 3 have a Negligible / Low capacity (areas 3, 5, and 9) and the remaining three have Low capacity (areas 6-8). The areas with Negligible landscape capacity are divorced from settlement, are wholly rural and display many of the key characteristics of the AONB designation. There should be no development within these character areas, other than for the necessary requirements of agriculture (as set out in AONB policy).

5.9 The areas with Negligible / Low capacity (3, 5, and 9) are the open and expansive landscapes to the east, west and south of the village, which allow long views towards the downs. Development within these character areas should be avoided as development within these areas would be out of character with the openness of the landscape and the well-defined settlement edges to the village.

5.10 The three areas with Low landscape capacity have been identified which may indicate a limited capacity for small amounts of new development. These are: • Area 6 – Mill Stream Pasture • Area 7 – Winterbrook Farmstead • Area 8 – Eastfield Farmstead

5.11 Area 6 (Mill Stream Pasture) is adjacent to the settlement edge of the village, has a high level of enclosure and a landscape character influenced by the buildings within the equestrian centre and kennels, which lie to the north. New development has in the recent past been permitted at Whites Orchard and off Bessels Way, to the south-east of the character area. The extant planning permission for 30 houses is located within the settlement boundary to the south of this character area.

5.12 The sensitivity and subsequent capacity of the Mill Stream Pasture character area is not consistent across the character area. A public right of way runs through the centre of the character area and the landscape to the west of the footpath is more sensitive to

Blewbury NP Landscape Character Assessment/737.1E/January 2016 12 development than the land to the east, by virtue of its proximity to the conservation area and Blewbury Manor and its curtilage (as a listed building).

5.12 Area 7, Winterbrook Farmstead, has is an intact and well managed farmstead landscape with a strong relationship to the village. The enclosed nature of the character area is in marked contrast to the surrounding open and expansive landscapes of Blewburton Hill and its lower slopes.

5.13 Area 8, Eastfields Farmstead, has been separated from the surrounding landscape by the dense leylandii hedge surrounding the farmstead on three sides which currently diminishes its landscape value. The leylandii hedge is an incongruous feature within the local landscape, but in all other respects the landscape character of the farm is consistent with Area 11 (Blewburton and Riddle Hill Downland). Should the Leylandii hedge be removed or replaced with native hedgerows, the resultant change in character would be consistent with the landscape character of area 11, which would result in a higher sensitivity and negligible landscape capacity.

5.14 Eastfield farmstead is located at the foot of the downs detached distance from the settlement edge of the village. New development in this area would be inconsistent with the existing settlement pattern and would not result in a logical extension to the village.

5.15 The study has identified that the majority of the landscape surrounding Blewbury has substantial landscape sensitivity and high landscape value, consistent with its AONB status. It follows therefore that the landscapes have negligible or negligible to low landscape capacity for future development. The landscape surrounding the village is largely open, rural in character and exhibits many of the key characteristics of the wider AONB. Development in many of the adjacent landscape character areas would be inconsistent with the exiting settlement pattern of the village and would breach well defined settlement edges. There is the potential for some small scale development on the periphery of the settlement along the northern edge of the village where new development could be consistent with the existing settlement pattern and could form a logical extension to the village.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 13 6. Village internal space assessment 6.1 Blewbury Village character (see plan HDA 7) 6.1.1 This section focusses on the evaluation of the local landscape context of the village, which looks at the open spaces within the village settlement boundary in order to assess which spaces contribute highly to the open space character of the village and which spaces could be improved. For the most part, private gardens have not been included as part of the assessment. While it is recognised that many properties within the village have extensive gardens, which contribute to the character of the village, this document focusses on the key public and private spaces / gardens which define the internal character of the village. Plan HDA 7 identifies the open spaces that have been assessed within the village, shows which areas are public and private and gives an indication which open spaces are visible from publicly accessible viewpoints. Open spaces that are accessible to the public, or are visible from public rights of way are likely to have a higher contribution to the perceived open space character of the village.

6.1.2 The village is a compact and nucleated settlement located on the springline at the foot of the Berkshire Downs. Blewbury Conservation Area covers the majority of the village and contains 59 listed buildings, including St Michael’s Church. In addition to the buildings, the cob walls (some of which are listed) and waterways within the village have historic value.

6.1.3 The public rights of way within the village are generally enclosed by walls, vegetation or fenced boundaries, opening out at ‘The Cleve’ (one of the waterways), the ‘Playclose’ public open space, the churchyard and along Watts Lane and Church End, where there is privately owned open space visible adjacent to the footpath.

6.1.4 The character of the landscape within the village settlement boundary is markedly different from the surrounding landscape as it is small scale, intimate and has close associations with the waterways that run through the village. Water is a significant feature within the village and has shaped the settlement pattern, routes and open spaces within the village. The village also has significant tree cover with areas of woodland and orchard, along with tree belts lining watercourses and hedgerow boundaries. Both the vegetation and the frequent stone or cob walls (another key feature of the village) provide the intimacy and feeling of enclosure that pervades the village. The large gardens and frequency of open space, within the conservation area in particular, reinforces the rural character of the village. The eastern edge of the village is higher density development with smaller gardens and fewer areas of open space.

6.1.5 For the purposes of this assessment, the open space within the village has been subdivided into categories. These reflect the land use of the open space and the land ownership, both of which are important factors to consider when assessing the contribution

Blewbury NP Landscape Character Assessment/737.1E/January 2016 14 that the open space makes to the village landscape as a whole. The list of categories includes: • Recreation areas - the recreation ground to the south-west of the village, along with the school playing fields and play area have been categorised as recreation areas. • Allotments – located to the north-east of the village. • Public open space used by the village - Three areas have been identified as public open space used by the village. These include the ‘Playclose’ an area of informal open space within the heart of the village, the churchyard and a triangle of open space (The Pound) on the corner of South Street, which contains trees, pathways and seating. This area provides a pedestrian gateway to the village and links to the ‘Playclose’ and ‘The Cleve’, one of the village water features. • Incidental open space with public access – These include remaining areas of informal public open space within the village, including areas of amenity space associated with some of the newer housing developments, which are important to adjacent residents but are less accessible to the rest of the village. The category also includes some of the significant roadside verges, which enhance the rural character of the village. • Public open space with potential for improvement – One area of public open space has been identified that is under-utilised or has the potential to be improved in landscape terms. This is a small pocket of open space at the end of ‘Eastfields’. • Private open space / gardens used on occasion by the village – Which includes the amphitheatre within one of the private residences and the gardens of Ashbrook House. These garden spaces are within Conservation Area, and so are subject to the constraints of these, and in the case of Ashbrook House, listed buildings policies. The garden spaces have been enjoyed by the village residents with the permission of the landowner. • Private open land / gardens with open views from publicly accessible viewpoints that contribute to the character of the village – These constitute small fields, areas of woodland or areas of private open space or gardens. They include the field and gardens to the north of ‘The Cleve’, four areas adjacent to the ‘Playclose’, an area of woodland adjacent to the church, a tract of land opposite the church on Church End, Fields and woodland lining Watts Lane, the large open garden space of Lowmans off South Street and a walled area on the corner of Church Road and South Street. Only areas of private open space, that have been assessed as visible from publicly accessible viewpoints (e.g. footpaths, roads or open space) have been included. HDA have also identified spaces that are currently unmanaged (the tract of land opposite the church on Church End and a square of land to the south-west of the school playing fields.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 15 6.1.6 Important walls within the village have also been identified, as these are a distinctive feature within the village. These include the listed cob walls and stone walls that have been identified within Blewbury Parish Plan 2004 (Ref 4).

6.2 Landscape guidelines for future development 6.2.1 Should any of the internal spaces within the village come forward for development, due consideration should be given to the effect that development would have on the overall character of the village.

6.2.2 The majority of open spaces within the village lie within the Conservation Area, which is protected through local planning policy. Any proposed development would need to preserve or enhance the special character or appearance of the Conservation Area. As discussed earlier in the report, the waterways, incidental open spaces and feature walls are an intrinsic part of the special character of the Conservation Area. As a result, the primary open spaces and routes are particularly sensitive to new development, and should be preserved. Any new development within the village should consider their relationship to the open spaces, waterways and routes within the village, should maintain the green and leafy character of the village and should respect the context of their location within the village. Consideration should also be given to the scale, form and massing of built development, along with the materials to be used.

6.2.3 Development proposed within the village but outside the conservation area would still need to consider the setting to the Conservation Area and the contribution that the proposals could make to the overall character of the village.

Blewbury NP Landscape Character Assessment/737.1E/January 2016 16 7 References

Ref 1 - Countryside Agency (now Natural England)/SNH (April 2002), ‘Landscape Character Assessment – Guidance for England and Scotland’ Ref 2 - North Wessex Downs AONB Board (2002); ‘North Wessex Downs AONB: Integrated Landscape Character Assessment’ Ref 3 - Oxfordshire County Council (2004), ‘Oxfordshire Wildlife & Landscape Study’. Ref 4 - Blewbury Parish Council (2004); ‘Blewbury Parish Plan’

Blewbury NP Landscape Character Assessment/737.1E/January 2016 17

Appendix 2 – Analysis of Landscape Capacity

Analysis of Parish scale Landscape Character Areas The characteristics of each Parish scale landscape character area is analysed against criteria identified in Topic Paper 6 of the Countryside Agency’s landscape Character Assessment Guidance, along with identification of any designations, gap policy, and consideration of the historic landscape characterisation of the area. This information is then fed into the landscape sensitivity and landscape value assessments.

Landscape Sensitivity LCA Inherent Visual Inconsistency Contribution Sensitivity Final Landscape contribution with existing to rurality of Assessment Qualities to the village / surrounding 1-4 Negligible Landscape (intactness distinctive settlement form landscape 5-8 Slight Sensitivity and setting to / pattern 9-12Moderate condition) settlement 13-16 Substantial 17-20 Major

low high 4 8 12 16 20

Landscape Value LCA Landscape Other Contribution to Special Perceptual Landscape Value Final Designation Designation setting of cultural/ aspects (eg. Assessment (nature village / historic scenic 1-5 Negligible Landscape conservation settlement associations beauty, 6-10 Slight Value , heritage, views, 11-15 Moderate flooding, tranquillity, 16-20 Substantial amenity, wildness) 21-25 Major including flood zone) low high 5 10 15 20 25

In order to assess the sensitivity of the landscape to development, assumptions have been made as to the likely built form of any new development areas. It has been assumed that buildings would be 2 storeys in height. There would be open space provision and a landscape framework with tree planting of appropriate scale, area and design to ensure that the development achieves a good fit in the landscape.

Sensitivity and value ratings range from Major, Substantial, Moderate, Slight and Negligible. Areas judged to have Major or Substantial sensitivity or value indicates that development would have significant detrimental effect on the character of the landscape. Development in these character areas should only be on a very small scale and proposals would need to demonstrate no adverse impacts on the setting to settlement or the wider landscape.

Table 1 Landscape Sensitivity

Inherent Visual Inconsistency Contribution Sensitivity Final Landscape contribution with existing to rurality of Assessment Qualities to the village / surrounding 1-4 Negligible Landscape 5-8 Slight 1 No Landscape Character Area (intactness distinctive settlement landscape 9-12 Moderate Sensitivity and setting to form / pattern 13-16 Substantial condition) settlement 17-20 Major low high 4 8 12 16 20 1 Blewbury Escarpment X X X X X X X X X X X X X X X X X X X X 19 Major 2 Blewbury and Upton X X X X X X X X X X X X X X X X X X X 18 Major Escarpment 3 Blewbury and Upton Plain X X X X X X X X X X X X X X X 14 Substantial 4 Blewbury and Upton Alluvial X X X X X X X X X X X X X X X X X X 17 Major Pasture 5 Blewburton Farmland Slopes X X X X X X X X X X X X X X X X 15 Substantial 6 Mill Stream Pasture X X X X X X X X X X X X X 12 Moderate 7 Winterbrook Farmstead X X X X X X X X X X X X X X 13 Substantial 8 Eastfield Farmstead X X X X X X X X X X X X X X 13 Substantial 9 Blewbury Southern Pasture X X X X X X X X X X X X X X X 14 Substantial 10 Churn Hill Downland X X X X X X X X X X X X X X X X X X X X 19 Major 11 Blewburton and Riddle Hill X X X X X X X X X X X X X X X X X X X X X 20 Major Downland

1 “ from visual, functional and ecological perspectives” p53 The Countryside Agency and Scottish Natural Heritage ‘Landscape Character Assessment Guidance for England and Scotland, 2002

Table 2 Landscape Value

Landscape Other Contribution Special Perceptual Landscape Final Designation Designation to setting of cultural/ aspects (eg. Value Assessment (open access village / historic scenic Landscape land, nature settlement / associations beauty, 1-5 Negligible Value 6-10 Slight conservation outstanding views, 11-15 Moderate No Landscape Character Area , BAP, assets tranquillity, 16-20 Substantial heritage, wildness) 21-25 Major

low high flooding, 5 10 15 20 25 amenity, Conservatio n area) 1 Blewbury Escarpment X X X X X X X X X X X X X X X X X X X X X X X X 23 Major Blewbury and Upton X X X X X X X X X X X X X X X X X X 2 17 Substantial Escarpment

3 Blewbury and Upton Plain X X X X X X X X X X X X X X X X X 16 Substantial Blewbury and Upton Alluvial X X X X X X X X X X X X X X X X X 15 Substantial 4 Pasture

5 Blewburton Farmland Slopes X X X X X X X X X X X X X X X X X X X X X 20 Substantial 6 Mill Stream Pasture X X X X X X X X X X X X X X X X X X X 18 Substantial 7 Winterbrook Farmstead X X X X X X X X X X X X X 12 Moderate 8 Eastfield Farmstead X X X X X X X X X X X X X X 13 Moderate 9 Blewbury Southern Pasture X X X X X X X X X X X X X X X X X X X 18 Substantial 10 Churn Hill Downland X X X X X X X X X X X X X X X X X X X X X X X X 23 Major Blewburton and Riddle Hill X X X X X X X X X X X X X X X X X X X X X X X X X X 11 25 Major Downland

Combining Landscape Sensitivity and Landscape Value to give Landscape Capacity The landscape sensitivity and landscape value ratings are combined to give an overall assessment relating to landscape capacity. Landscape capacity is defined as the extent to which the landscape is able to accommodate change without significant effects on landscape character, reflecting the inherent sensitivity and value of the landscape. A landscape of high sensitivity or value therefore has a low landscape capacity:

Landscape Value Major Substantial Moderate Slight Negligible Landscape Major Negligible Negligible Negligible / Low Low / Sensitivity low medium Substantial Negligible Negligible / Low Low / Medium low Medium Moderate Negligible / Low Medium Medium / High / Low high medium Slight Low Low / Medium High High / Very medium /high high/ Negligible Low / Medium High / High / Very Very high medium medium high/

Landscape capacity ratings range from Very High, High, Medium, Low and Negligible. A capacity rating of Medium, in relation to a village settlement, identifies a landscape character area with the capacity for limited development, of up to 30 dwellings, having regard for the setting and form of existing settlement and the character and sensitivity of adjacent local landscape character areas. A capacity rating of Low identifies a landscape character area with a very limited capacity for development, with a potential for up to 10 dwellings, where the setting and form of the existing settlement would be maintained. Negligible capacity would not accommodate new development and re-use of existing buildings would need to be compatible with the character of the surrounding landscape and land use.

The landscape value, sensitivity and capacity assessments of each Parish scale character area are summarised in tabulated form in Table 3 below. Landscape sensitivity and value may not be completely uniform across an entire character area and therefore the capacity across a character area may vary slightly. This is commented on in Section 5 of the report, where particularly relevant.

A final assessment of each character area is then undertaken to assess the landscape capacity in relation to the overall settlement pattern and morphology of the village to ascertain whether development would form a logical extension to the village, consistent with the existing settlement pattern.

Table 3 Landscape Capacity

Landscape Landscape Landscape No Landscape Character Area Sensitivity Value Capacity

01 Blewbury Escarpment Major Major Negligible

02 Blewbury and Upton Escarpment Major Substantial Negligible

03 Blewbury and Upton Plain Substantial Substantial Negligible / Low

04 Blewbury and Upton Alluvial Pasture Major Substantial Negligible

05 Blewburton Farmland Slopes Substantial Substantial Negligible / Low

06 Mill Stream Pasture Moderate Substantial Low

07 Winterbrook Farmstead Substantial Moderate Low

08 Eastfield Farmstead Substantial Moderate Low

09 Blewbury Southern Pasture Substantial Substantial Negligible / Low

10 Churn Hill Downland Major Major Negligible

11 Blewburton and Riddle Hill Downland Major Major Negligible

1:100,000 at A3 - kilometers:

0 1 2 3 4 5

1:50,000 at A3 - kilometres:

0 0.5 1 2

KEY 1:25,000 at A3 - kilometres:

0 0.5 1 2 Parish boundary

north 1:20,000 at A3 - kilometres:

Contour levels 0 0.5 1

north 1:12,500 at A3 - kilometres:

180m AOD 0 0.5 1 170m AOD

160m AOD north

150m AOD 1:5,000 at A3 - metres: 99 140m AOD 0 50 100 200

130m AOD 99 1:2,500 at A3 - metres:

120m AOD 0 50 100 200

110m AOD 1:2,000 at A3 - metres: Type over key text

100m AOD 0 50 100 Type over key text

90m AOD 1:1,250 at A3 - metres: Type over key text 80m AOD 0 50 100

70m AOD Type over key text 1:1,000 at A3 - metres:

60m AOD 0 10 20 30 40 50

50m AOD 1:500 at A3 - metres:

40m AOD 0 5 10 20

1:250 at A3 - metres:

0 5 10 20

1:200 at A3 - metres:

0 5 10

1:125 at A3 - metres:

0 5 10

1:100 at A3 - metres: CLIENT: 0 1 2 3 4 5 Blewbury Parish Council PROJECT: Blewbury Neighbourhood Plan 1:50 at A3 - metres: TITLE: 0 0.5 1 2 Topography SCALE AT A3: DATE: 1:25 at A3 - metres: 1:25,000 October 2014 0 0.5 1 2 737.1 / 01 HDA 2 1:20 at A3 - metres:

0 0.5 1

1:10 at A3 - centimetres:

1:10,000 at A3 - metres: 0 10 20 30 40 50 north 0 100 200 300 400 500 KEY

Parish boundary north

Area of Outstanding Natural Beauty (AONB) north 3 Local Heritage Conservation Area (includes listed buildings) north

Scheduled Monument 13 20 Listed building outside of 99 conservation area 15 99

25 Nature designations Ancient semi natural woodland

Traditional orchard BAP Priority habitat 17 3 37 Deciduous woodland BAP Priority habitat

23 4 25 Public rights of way 18 Recreation areas

Allotments 18

Open access land

22 22

21 5 14 40 CLIENT: Blewbury Parish Council PROJECT: Blewbury Neighbourhood plan TITLE: Local designations SCALE AT A3: DATE: 1:12,500 November 2014

737.1/ 02A HDA 3 19

1:12,500 at A3 - kilometres: north 0 0.5 1

KEY 1:5,000 at A3 - metres: Conservation Area (includes north 0 50 100 200 listed buildings) 135/15

Listed building

Public rights of way

135/20 Watercourses

Important walls - cob walls or stone walls

135/7 Important walls - brick walls Outline planning permission granted for new housing

Public open space used by village

Incidental open space with public access

Public open space with potential 135/7 for improvement 135/17 Private open space / gardens on occasion used by the village Private open land / gardens with open views from publicly accessible U viewpoints that contribute to the U 135/29 135/20 landscape character of the village Recreation areas 135/31 135/30 135/24 U Allotments 135/35 135/31 Arable field 135/32 Pasture field

135/18 135/30 V 135/36 U Unmanaged 135/18 135/33 NOTE: Many private gardens contribute to the character of the village, however this plan focusses on the key public and private spaces / gardens 135/34 which define the internal character of the village.

CLIENT: Blewbury Parish Council

135/24 PROJECT: Blewbury Neighbourhood plan Tickers TITLE: Village internal space assessment Folly SCALE AT A3: DATE: The 1:5000 October 2016 Pound 737.1/ 10D HDA 7

135/21 135/22 135/19 Blewbury Neighbourhood Plan Parish Character Areas - Supporting Photographs

For

Blewbury Parish Council

Hankinson Duckett Associates

HDA ref: 737.1 March 2015 Issue 5 PARISH CHARACTER AREA 1 Didcot Chalk Pit Wittenham Clumps Blewbury village

View from seating area to the south of the Chalk Pit

Chalk Pit Parish Character Area 2 Didcot Parish Character Area 3 Recreation Ground Playground Blewbury village

View from the northern edge of the Chalk Pit Blewburton Hill

Chilterns PARISH CHARACTER AREA 1 Parish Character Area 3 Didcot Parish Character Area 9 Blewbury village Blewburton Hill

Looking north from the top of the escarpment on footpath 21

PARISH CHARACTER AREA 2 Didcot Wittenham Clumps Parish Character Area 3

Panoramic views from the top of footpath 18 PARISH CHARACTER AREA 1

Looking south up the scarp face from footpath 22

PARISH CHARACTER AREA 2 - continued Blewbury village Blewburton Hill Chilterns A417 Parish Character Area 11 Parish Character Area 1 PARISH CHARACTER AREA 3 Didcot

Looking north from the western edge of the village, on footpath 17

Parish Character Area 1 Parish Character Area 2

Looking south and west from the middle of footpath 17 - the Downs form the skyline to the south Western edge of village School

Footpath 17 Upton PARISH CHARACTER AREA 3 Didcot Footpath 15

Looking south and west from the south-western edge of the village

PARISH CHARACTER AREA 5 B4016 Bessel’s Way Parish Character Area 7 Parish Character Area 5 Blewburton Hill A417

View east from the south-eastern corner of the village, on Bessels Way PARISH CHARACTER AREA 4 Public footpath

Looking south and east from Blewbury Road, to the north of the village

PARISH CHARACTER AREA 5 continued A417 Parish Character Area 11 Parish Character Area 8 PARISH CHARACTER AREA 5 B4016 Bessel’s Way A417

View south-west from Bessels Way at the south-western edge of the village

PARISH CHARACTER AREA 5 B4016 Bessel’s Way Blewburton Hill

View north-west from Bessels Way at the north-western edge of the village Allotments PARISH CHARACTER AREA 6

Looking north through a gap in the vegetation on foortpath 7, a public byway

PARISH CHARACTER AREA 6

Looking north-west from foortpath 20, to the north of the village Footpath 20 PARISH CHARACTER AREA 9 Blewburton Hill Parish Character Area 9 Parish Character Area 11

View north-east from foortpath 40, to the south of the village

PARISH CHARACTER AREA 9 Footpath 21 Village edge

Looking north at the Blewbury village from footpath 21, to the north of the village PARISH CHARACTER AREA 9 Parish Character Area 11 Footpath 21 Parish Character Area 1

Looking south at the Downs escarpment from footpath 21, to the north of the village

Wittenham Clumps Blewbury village Blewburton Hill Parish Character Area 8 PARISH CHARACTER AREA 10 Boham’s Road

Looking north-east from the southern end of Boham’s Road

PARISH CHARACTER AREA 11 Parish Character Area 3 Baldon Hill Blewbury Barn Parish Character Area 5 Parish Character Area 8 Churn Hill Parish Character Area 3 Blewbury village Parish Character Area 7

View from the top of Blewburton Hill Parish Character Area 6 Parish Character Area 5 Parish Character Area 4 Didcot !

!""#$%&'()*(+&,,-.#(/0-1-23#1(!44#445#$3)

34.*!(55&#'.2!51&*&#)*!/0!)4&!0+$$!)&2)!/0!)4&!T.$$(<&!K4(1(6)&1!L**&**-&#)!6(11.&'!/+)!0/1!)4&! M(1.*4!K/+#6.$8!!

! ! !

! "#$%!&'()!$%!$*+)*+$,*'--.!-)/+!0-'*1! !

! !"#$%&'()*+"",-#)./,',01#')233#334#51)

)

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

$ $ Q$ F@)G51'7E&01+75$ $ +')7$&'2%2&G>%$277>77?>3G$'27$@>>3$*%64J&>4$27$*2%G$6L$G'>$>=)4>3&>$@27>$L6%$G'>$ !9>I@J%M$<>)F'@6J%'664$,923K$_34>%*)33)3F$G')7$)7$G'>$J34>%7G234)3F$G'2G$G'>$=)992F>$ ?J7G$&'23F>$G6$7G2M$=)G29$234$7J7G2)32@9>K$.3$?232F)3F$G')7$&'23F>$)G$)7$&%J&)29$G6$>37J%>$ G'2G$G'>$7G6%M$6L$G'>$=)992F>$)7$36G$967GK$+')7$7G6%M$)7$&63G2)3>4$I)G')3$G'>$@J)9G$L6%?$6L$G'>$ =)992F>$234$)G7$7J%%6J34)3F$9234`$)G7$92M6JG$234$6*>3$7*2&>7`$)G7$32GJ%29$L>2GJ%>7$234$ 2%&'2>696FM`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`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a?24>$L>2GJ%>7$G')7$>;>%&)7>$*%6=)4>7$ 23$6=>%=)>I$6L$G'>$&'2%2&G>%K$+'>$92&N$6L$J3)L6%?)GM$?>237$G'2G$F>3>%29)72G)637$2%>$ )32**%6*%)2G>K$"3M$7)G>7$*%6*67>4$L6%$4>=>96*?>3G$7'6J94$'2=>$2$LJ%G'>%#$?6%>$4>G2)9>4#$ 277>77?>3G$6L$7)F3)L)&23&>$G6$>37J%>$G'2G$36$'2%?$G6$G'>$')7G6%)&$>3=)%63?>3G$I6J94$ %>7J9G$L%6?$4>=>96*?>3GK$ $ $

$ D$ H@)B#1/7E7"7-() $ "$=)7J29$277>77?>3G$I27$&2%%)>4$6JG$6=>%$7);$=)7)G7$)3$<6=>?@>%$ABCDK$(6&J?>3G2%M$I6%N$ I27$J34>%G2N>3$)3$G'>$!>%N7')%>$->&6%4$:LL)&>$I'>%>$*J@9)7'>4$234$*%)?2%M$76J%&>7$ I>%>$%>7>2%&'>4K$/2G>%)29$*J@9)7'>4$@M$G'>$!9>I@J%M$H6&29$0)7G6%M$b%6J*$'27$@>>3$J7>4$ 234$)3L6%?2G)63$'27$@>>3$6@G2)3>4$L%6?$4)7&J77)637$I)G'$96&29$*>6*9>K$"$4>G2)9>4$ *'6G6F%2*')&$%>&6%4$I27$?24>$G6$7J**9>?>3G$G'>$7J%=>MK$ $ +'>$@J)9GaJ*$2%>2$6L$G'>$=)992F>$'27$@>>3$4)=)4>4$)3G6$7);$2%>27$L6%$G'>$*J%*67>7$6L$G')7$ 2329M7)7`$7>>$/2*$AK$+'>%>$)7$76?>$6=>%92**)3F$6L$&'2%2&G>%)7G)&7$@>GI>>3$G'>$2%>27$234$ 76?>$=2%)2G)63$I)G')3$2%>27K$+'>%>$)7$F>3>%299M$36$&9>2%$@6J342%M$@>GI>>3$G'>?K$+')7$ 2329M7)7$&6=>%7$299$6L$G'>$&637>%=2G)63$2%>2$234$4>=>96*>4$9234$G6$G'>$I>7G#$36%G'$234$ >27G$J*$G6$G'>$=)992F>$@6J342%MK$H234$@>M634$G'>$=)992F>$@6J342%M$)7$2976$&637)4>%>4$27$ G')7$*%6=)4>7$G'>$&63G>;G$L6%$G'>$4>=>96*?>3G$6L$G'>$=)992F>$234$)7$23$)3G>F%29$*2%G$6L$)G#$ @6G'$')7G6%)&299M$234$&J%%>3G9MK$$ $ "99$6L$G'>$2%>27$I>%>$7J%=>M>4$J7)3F$G'>$:;L6%4$1'2%2&G>%$"77>77?>3G$+669N)GK$+')7$966N7$ 2G$299$G'>$>9>?>3G7$?2N)3F$2$&63G%)@JG)63$G6$G'>$=)992F>$&'2%2&G>%#$*67)G)=>$234$3>F2G)=>#$ 234$277>77>7$G'>$=29J>$6L$>2&'K$+')7$)3&9J4>7$7*2&>7#$@J)94)3F7#$=)>I7#$F%>>3>%M$234$ 92347&2*>$L>2GJ%>7#$234$)3G23F)@9>$ZJ29)G)>7$7J&'$27$9)F'G$234$42%N#$36)7>$234$7?>99K$ $ +'>$7)F3)L)&23&>$6L$>2&'$2%>2$)7$2%G)&J92G>4$)3$2&&6%423&>$I)G'$T3F9)7'$0>%)G2F>V7$ 2781.49-)#78!:4#8+#;/.1KC$+'>$=29J>7$I')&'$?2N>$J*$G'>$7)F3)L)&23&>$2%>$7J??2%)7>4$2G$ G'>$>34$6L$>2&'$7>&G)63K$+'>$&63&9J7)63$F)=>7$23$6=>%299$7J??2%M$234$)3&9J4>7$ %>&6??>342G)637$L6%$*%6G>&G)3F$234$>3'23&)3F$G')7$7)F3)L)&23&>K$$ $ $

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ C$T3F9)7'$0>%)G2F>#$2781.49-)#78!:4#8+#;/.1

$$ $

$ X$ I@).751#J1)

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cBD#$G'>$+)G'>$"I2%4$CcQc#$234$G'>$ :%4323&>$OJ%=>M$?2*$7>%)>7`$*J@9)7'>4$?2G>%)29$63$G'>$=)992F>#$23$J3*J@9)7'>4$%>*6%G$@M$ G'>$"%&')G>&GJ%29$0)7G6%M$,%2&G)&>$HG4K$5"0,8$63$2$G)?@>%aL%2?>4$'6J7>$)3$G'>$=)992F>$ &299>4$1'2*?237`$&>37J7$?2G>%)29$639)3>$234$4)7&J77)637$I)G'$96&29$%>7)4>3G7AK$$ $ +'>%>$)7$9)GG9>$*J@9)7'>4$63$G'>$>2%9M$4>=>96*?>3G$6L$G'>$=)992F>$)G7>9L#$I)G'$2%&'2>696F)&29$ )3=>7G)F2G)637$L6&J7)3F$63$!9>I@J%G63$0)99$234$G'>$(6I37K$0>%>$G'>%>$)7$*9>3GM$6L$ >=)4>3&>$6L$>2%9M$7>GG9>?>3G#$)3&9J4)3F$<>69)G')&$234$!%63]>$"F>$@2%%6I7$234$G'>$.%63$ "F>$')99$L6%G$63$!9>I@J%G63$0)99K$+'>%>$)7$9)?)G>4$>=)4>3&>$63$G'>$7>GG9>?>3G$@M$G'>$"3F96a O2;637#$G'6JF'$2$7>GG9>?>3G$63$G'>$7)G>$6L$G'>$*%>7>3G$=)992F>$)7$G'6JF'G$G6$'2=>$@>>3$)3$ >;)7G>3&>$@M$DBBYWBB$"(K$"3F96aO2;63$@J%)297$'2=>$@>>3$L6J34$63$!9>I@J%G63$0)99%$:G'>%$ >=)4>3&>$6L$"3F96aO2;63$4>=>96*?>3G$)7$G'6JF'G$G6$@>$)3$G'>$9)3>7$6L$G'>$G'2G&'>4$&6@$ I2997$I')&'$&%)77a&%677$G'>$=)992F>#$G'6JF'$G'>%>$)7$36G')3F$G6$7J@7G23G)2G>$G')7`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dG6*7V$7G)99$46?)32G>$G'>$92M6JG$6L$G'>$=)992F>K$ $

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ A $,>G>%$O2J34>%7$234$"J4%>M$H63F#$?>?@>%7$6L$G'>$!9>I@J%M$H6&29$0)7G6%M$b%6J*K$ $ c$ ! ! "#$%!='!27>!?-//1!6.@#8#8$!-8+#.8)!;-),?-5! $ "$%>&>3G$2%&'2>696F)&29$)3=>7G)F2G)63$I)G')3$G'>$&637>%=2G)63$2%>2$'27$%>=>29>4$G'>$ L6J342G)637$6L$23$"3F96aO2;63$'6J7>$63$G'>$"7'@66N$06J7>$7)G>K$:44$L)347$>97>I'>%>$)3$ G'>$2%>2$7JFF>7G$G'2G$G'>$'>2%G$6L$G'>$=)992F>$?2M$'2=>$@>>3$)3'2@)G>4$L%6?$G'>$<>69)G')&$ *>%)64$234$G'2G$G'>%>L6%>$G'>%>$)7$&637)4>%2@9>$2%&'2>696F)&29$*6G>3G)29$I)G')3$G'>$=)992F>K$ $ +'>$XG'$&>3GJ%M$?)77)632%M$OGK$!)%)3J7$)7$G'6JF'G$G6$'2=>$*277>4$G'%6JF'$G')7$2%>2$63$')7$ I2M$G6$(6%&'>7G>%#$*%>2&')3F$63$1'J%3$e36@$\J7G$G6$G'>$76JG'$6L$G'>$=)992F>K$+'>$>2%9)>7G$ 46&J?>3G2%M$>=)4>3&>$)7$2$CBG'$&>3GJ%M$&'2%G>%$I')&'$%>L>%7$G6$92347$)3$G'>$*2%)7'$I')&'$ I>%>$7J@7>ZJ>3G9M$F)=>3$G6$"@)3F463$"@@>M#$234$)G$)7$9)N>9M$G'2G$2$&'J%&'$I27$)3$>;)7G>3&>$ )3$G'>$=)992F>$@M$G')7$G)?>$6%$7'6%G9M$2LG>%K$$ $ +'>$(6?>742M$!66N$%>&6%47$2$7)]>2@9>$7>GG9>?>3G$'>%>#$I)G'$c^$'6J7>'6947#$2$&'J%&'$ 234$L6J%$?)997`$G'>$*6*J92G)63$'27$@>>3$>7G)?2G>4$2G$2%6J34$QBBK$+')7$I6J94$'2=>$@>>3$ 23$>;G%26%4)32%)9M$92%F>$7>GG9>?>3G$L6%$G'>$G)?>#$2$L2&G$I')&'$%>)3L6%&>7$G'>$&92)?$L6%$2$ 7J@7G23G)29$"3F96aO2;63$7>GG9>?>3G$'>%>K$+'>$>;G>3G$6L$G'>$>2%9M$?>4)>=29$=)992F>$&6J94$ I>99$'2=>$@>>3$@%6249M$7)?)92%$G6$G'2G$6L$G'>$C^G'$&>3GJ%MK$+'>$9234$I27$4)=)4>4$)3G6$ G'%>>$'694)3F7#$6%$?236%7#$G'>$>;2&G$2%>27$6L$I')&'$2%>$4>G2)9>4$)3$G'>$Cc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

$ ^$ 29G'6JF'$G'>%>$)7$36$>=)4>3&>$6L$G'>$694$'6J7>$36IK$+'>$?236%$I27$'>94$@%)>L9M$@M$ +'6?27$1%6?I>99$J3G)9$')7$>;>&JG)63$)3$CDQB#$234$7663$2LG>%$G'>$*%>@>34$I27$ >;G)3FJ)7'>4$234$G'>$9234$2&ZJ)%>4$@M$G'>$!)7'6*$6L$O29)7@J%MK$ $ +'>$b%>2G$/236%#$N36I3$27$+'>$/236%$6L$!9>I@J%M#$&6=>%>4$G'>$?2)3$*2%G$6L$G'>$*2%)7'$ 234$)7$?67G$9)N>9M$G6$'2=>$29I2M7$@>>3$@27>4$63$G'>$&J%%>3G$/236%$06J7>K$.G$@>963F>4$ 6%)F)3299M$G6$G'>$N)3F$@JG$I27$F%23G>4$G6$G'>$2@@6G7$6L$->24)3F#$I'6$'>94$)G$J3G)9$G'>$ ()7769JG)63$2LG>%$I')&'$)G$%>=>%G>4$G6$G'>$N)3FK$_7J299M$'>94$@M$23$2@7>3G>>$923496%4$6L$ ')F'$7G2GJ7#$G'>$9>27>$6L$G'>$?236%$I27$2$')F'9M$9J&%2G)=>$277>GK$H234$I)G')3$G'>$?236%$ I27$'>94$@M$2$3J?@>%$6L$&6*M'694>%7$234$L%>>'694>%7$234$?23M$6L$G'>$'6J7>$*96G7$2%>$ 7G)99$)4>3G)L)2@9>K$+'>$*%6*>%GM$@>963F)3F$G6$G'>$?236%$I27$7694$)3$G'>$>2%9M$ABG'$&>3GJ%MK$ +'>$?62G$6L$G'>$6%)F)329$/236%$7G)99$7J%=)=>7#$27$46$6G'>%$)3G>%>7G)3F$I2G>%$L>2GJ%>7$ 2%6J34$G'>$7)G>K$ $ +'>$G')%4$?236%$'694)3F#$<6GG)3F'2?$[>>#$)7$96&2G>4$>)G'>%$7)4>$6L$S2G>%M$H23>#$I)G'$0299$ !2%3$563$S>7G@%66N$OG%>>G8$27$G'>$?236%$'6J7>K$+')7$)7$7)G>4$63$2$92%F>$*96G$@2&N)3F$63G6$ G'>$I2G>%&6J%7>$234$)7$23$)3G>%>7G)3F#$?J9G)*'27>$@J)94)3FK$"976$7)GJ2G>4$)3$S>7G@%66N$ OG%>>G$)7$"7'@%66N$06J7>#$I')&'$?J7G$2976$'2=>$@>>3$23$>2%9M$')F'a7G2GJ7$'6J7>$@27>4$63$ G'>$>=)4>3&>$6L$)G7$*96G$7)]>$234$G'>$*%>7>3&>$6L$L)7'*6347#$I')&'$&6J94$@>$G'>$%>?323G$6L$ 2$?62G>4$?>4)>=29$7)G>K$.G$)7$'>%>$G'2G$G'>$L6J342G)637$6L$23$"3F96a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cBPK$+')7$9)3N>4$I)G'$>;)7G)3F$ GJ%3*)N>7$@>GI>>3$->24)3F$234$S23G2F>$)3$CcBQ#$234$2996I>4$2$%>FJ92%$&62&'$7>%=)&>$G6$ *277$G'%6JF'$G'>$=)992F>$2963F$G'>$H63463$-624K$.3$CcAW$G'>$&62&'$L%6?$H63463$G6$ S23G2F>$G%2=>99>4$G'%6JF'$!9>I@J%M$G'%>>$G)?>7$2$I>>NK$E2%)6J7$96&29$7>%=)&>7$G6$ "@)3F463#$S299)3FL6%4$234$()4&6G$I>%>$*%6=)4>4$@M$I2F637K$+'>$3J?@>%$6L$=)992F>$ ?>%&'23G7#$)33N>>*>%7$234$'67G9>%7$)3$G'>$=)992F>$)3&%>27>4$)3$%>7*637>$G6$G'>$3>I$G%24>K$$ $ +'>$CcBC$&>37J7$%>&6%47$!9>I@J%MV7$*6*J92G)63$27$DDP#$36G$?J&'$F%>2G>%$G'23$G'>$CCG'$ &>3GJ%M$*6*J92G)63$6L$23$>7G)?2G>4$QBBK$1>37J7$%>GJ%37$7'6I$G'2G$)3$Cc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b%>2G$S>7G>%3$-2)9I2M$ L%6?$ H63463$ G6$ !%)7G69#$ &6?*9>G>4$ )3$ CcQCK$ .G$ %>2&'>4$ ()4&6G$ )3$ fJ3>$ CcQBK$ "9G'6JF'$G'>%>$I27$36$7G2G)63$2G$!9>I@J%M#$G'>$*%6;)?)GM$6L$G'>$3>I$&633>&G)63$ '>9*>4$G6$29G>%$G'>$76&)6a>&636?)&$?2N>J*$6L$G'>$=)992F>K$$ $ .3$CcXC$G'>$=)992F>$*6*J92G)63$I27$WD^`$G'>$&>37J7$G'2G$M>2%$%>&6%47$G'2G$!9>I@J%M$'24$ CW$L2%?>%7#$CAC$2F%)&J9GJ%29$92@6J%>%7#$CA$7'>*'>%47#$GI6$?)99>%7#$L6J%$@92&N7?)G'7#$7>=>3$ &2%*>3G>%7#$G'%>>$I'>>9I%)F'G7#$GI6$&6%4I2)3>%7#$2$'2%3>77$?2N>%#$L6J%$@66G$234$ 7'6>?2N>%7#$G'%>>$@66G$@)34>%7#$L)=>$*J@9)&237#$GI6$F%66?7#$GI6$@27N>G$?2N>%7#$2$&'2)%$ ?2N>%#$2$?29G7G>%#$GI6$3>>49>I6%N>%7#$2$I2G>%&%>77$F%6I>%#$2$F92])>%#$GI6$G>2&'>%7$234$ =2%)6J7$F%6&>%7#$4%2*>%7$234$6G'>%$7'6*N>>*>%7K$!M$G'>$92GG>%$*2%G$6L$G'>$C^G'$&>3GJ%M#$ 3>2%9M$299$G'>$@J)94)3F7$L%63G)3F$H63463$-624$I>%>$)3$76?>$L6%?$6L$&6??>%&)29$J7>$234$ G')7$&23$7G)99$@>$%>24$)3$?23M$6L$G'>$@J)94)3F7$G642MK$ $ +'>$*6*J92G)63$I27$XQW$)3$CccC#$7I>99>4$@M$I6%N>%7$&637G%J&G)3F$G'>$36%G'>%3$7>&G)63$6L$ G'>$()4&6G#$<>I@J%M$234$O6JG'2?*G63$fJ3&G)63$-2)9I2MK$[)3)7'>4$)3$CccA#$)G$%23$G'%6JF'$ !9>I@J%M$*2%)7'$I)G'$2$'29G$2G$_*G63#$\J7G$I>7G$6L$!9>I@J%MK$.G$&967>4$)3$C^WAK$$ $ !M$G'>$>34$6L$G'>$C^G'$&>3GJ%M$!9>I@J%M$'24$2GG%2&G>4$2$7?299$&6963M$6L$2%G)7G7#$*2%G9M$ @>&2J7>$G'>$2%>2$*%6=)4>4$*>2&>$L6%$2%G)7G)&$>34>2=6J%$@JG$2976$I27$&967>$>36JF'$G6$ H63463$G6$&6J%G$&6??)77)637K$"?63F$G'67>$I'6$7>GG9>4$)3$!9>I@J%M$I>%>$G'>$*2)3G>%7$ !9234L6%4$[9>G&'>%$5CcWWYC^PW8#$+K[K/K$O'>2%4$5CcWWYCÂC8#$-6I9234$069M62N>$5CccBY CÂQ8#$O)%$HJN>$[)94>7$5CcQPYC^Cc8$234$O)%$S)99)2?$<)&'69763$5CcXAYC^Q^8K$+'>$=)992F>$I27$ 2976$'6?>$G6$7>=>%29$36G2@9>$I%)G>%7$4J%)3F$G'>$L)%7G$'29L$6L$G'>$GI>3G)>G'$&>3GJ%M#$ )3&9J4)3F$<)&'69763V7$*2%G3>%$/2%FJ>%)G>$OG>>3$5Cc^QYC^XD8#$e>33>G'$b%2'2?>$5CcD^Y C^PA8#$!2%@2%2$TJ*'23$+644$5Cc^BYC^XW8$234$()&N$[%23&)7$5CÂBYABCB8KD$ $ S)G'$2$*6*J92G)63$6L$DQD$)3$C^BC#$G'>$6&&J*2G)63$6L$!9>I@J%MV7$>2%9M$ABG'$&>3GJ%M$ )3'2@)G23G7$%>?2)3>4$29?67G$>3G)%>9M$2F%)&J9GJ%29K$[2%?7$I>%>$?2)39M$2%2@9>#$234$&'>%%M$ 6%&'2%47$234$I2G>%&%>77$@>47$7N)%G>4$G'>$=)992F>K$$ $ !9>I@J%MV7$*6*J92G)63$)3&%>27>4$L%6?$G'>$?)4aABG'$&>3GJ%M#$*2%G9M$4J>$G6$*67GaI2%$ >?*96M?>3G$6**6%GJ3)G)>7$2G$G'>$3>2%@M$02%I>99$"G6?)&$T3>%FM$->7>2%&'$T7G2@9)7'?>3G$ 234$)3$()4&6G#$I'67>$92%F>$*6I>%$7G2G)63$I27$&6?*9>G>4$)3$C^Wc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`$7>>$[)FK$PK$_34>%7G234)3F$G'>$4>=>96*?>3G$234$J7>$ 6L$G'>7>$'>9*7$)3$277>77)3F$G'>)%$7)F3)L)&23&>K$ $ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ D $"%&')G>&GJ%29$0)7G6%M$,%2&G)&>#$%>*6%G$63$1'2*?237$ W $)@)4K$ $CC$ .3$&6??63$I)G'$?67G$=)992F>7$)3$G'>$2%>2#$G'>$>&636?M$I27$@27>4$63$?);>4$L2%?)3F$I)G'$ &>%>29$&%6*7$)3$G'>$6*>3$L)>947$234$G'>$(6I37$J7>4$L6%$&6??63$*27GJ%>K$+'>$7?299>%$ )%%>FJ92%a7'2*>4$>3&967J%>7$I)G')3$G'>$=)992F>$I6J94$'2=>$*%6=)4>4$*%64J&>$L6%$G'>$ '6J7>'694>%K$+'>7>$2%>$%>L>%%>4$G6$)3$G'>$CcBD$T3&967J%>$"I2%4$27$d:94$T3&967J%>7V$ 7JFF>7G)3F$G'>7>$?2M$42G>$@2&N$G6$2G$9>27G$G'>$CWG'$&>3GJ%MK$+'>$92%F>$%>FJ92%a7'2*>4$ L)>947$G'2G$7J%%6J34$G'>$=)992F>$2%>$GM*)&29$6L$G'>$92G>%$,2%9)2?>3G2%M$>3&967J%>7K$ $ +'>$@2%37$234$F%232%)>7$I)G')3$G'>$=)992F>#$76?>$42G)3F$@2&N$G6$CXG'$&>3GJ%M#$F)=>$23$ )34)&2G)63$6L$G'>$>;G>3G$6L$&6%3$F%6I3K$(6&J?>3G2%M$76J%&>7$*%6=)4>$>=)4>3&>$6L$G'>$ GM*>$6L$&>%>29$&%6*7#$GM*)&299M$I'>2G#$62G7$234$@2%9>M#$234$G'>7>$I6J94$'2=>$@>>3$F%6I3$ 63$G'>$GI6$6*>3$L)>947#$S>7G$[)>94$234$T27G$[)>94K$+'>$6*>3$9234$6L$1'J%&'$/66%$*%6=)4>4$ dF%277V$L6%$G'>$&'J%&'$234$G'>$&'2%G>%'694>%7X$)3$G'>$=)992F>K$+'>$%>?2)3)3F$6*>3$*96G7$ I>%>$)3=2%)2@9M$*2%G$6L$G'>$'6J7>$234$G>3>?>3G#$234$I6J94$'2=>$@>>3$J7>4$G6$*%6=)4>$ *%64J&>$L6%$G'>$'6J7>'694$234$76?>$7J%*9J7$L6%$?2%N>GK$ $ S'2G$)7$7G%)N)3F$2@6JG$G'>$C^G'$&>3GJ%M$?2*7$6L$G'>$=)992F>$)7$G'>$>;G>3G$6L$6%&'2%47`$7>>$ ?2*7$Q$234$DK$<>2%9M$299$G'>$7?299$*96G7$6L$9234$I)G')3$G'>$=)992F>#$234$2$L>I$63$G'>$>4F>$ 6L$G'>$=)992F>#$2**>2%$G6$'2=>$@>>3$6%&'2%47K$(6&J?>3G2G)63$63$G'>$GM*>$6L$G%>>7$F%6I3$ )7$9)?)G>4K$1>%G2)39M$G'>%>$I>%>$2**9>$G%>>7#$234$&'>%%)>7$2%>$%>&6%4>4$'>%>$27$I>99$27$)3$ G'>$3>)F'@6J%)3F$=)992F>$6L$02%I>99K$02%I>99$&'>%%)>7$I>%>$@>)3F$7694$)3$"@)3F463$)3$G'>$ CWCB7$234$G'>$G)G'>$%>&6%4$)3$CXXA$)3&9J4>7$2**9>7#$*>2%7#$&'>%%)>7$234$I293JG7Kc$ $

! ! "#$%!E'!K;.8!/-86!?#),#8!),.!+74.!7@!),.!9#//-$.! $ .3$G'>$G)G'>$2I2%4$6L$CcQc$G'>%>$2%>$%>L>%>3&>7$G6$DB$6%&'2%47K$+'>7>$2%>$F>3>%299M$63$ G'>7>$7?299$*96G7$6L$9234#$J7J299M$&6?@)3>4$I)G'$'6J7>$234$F2%4>3K$+'>%>$)7$%>L>%>3&>$G6$ G'>$6%&'2%47$@>)3F$2976$J7>4$L6%$*27GJ%>K$.G$2**>2%7$G'2G$G'>$6%&'2%47$>;*234>4$)3$G'>$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ X $[%>>'694>%7$6L$9234$I'6$>3\6M>4$7*>&)29$*%)=)9>F>7#$<6%G'>27G#$ABBX#$*KCQ$ c $<6%G'>27G#$ABBX$*KAQ$ $CA$ ?)4aCcG'$&>3GJ%M$27$G'>%>$2%>$4)7*JG>7$%>&6%4>4$%>92G)3F$G6$I'6$7'6J94$'2=>$G'>$G)G'>7$ 42G)3F$L%6?$G')7$*>%)64K$+'>$F%>2G$G)G'>7#$)K>K$&6%3$&%6*7$234$'2M#$I>3G$G6$G'>$%>&G6%$I')97G$ G'>$7?299$G)G'>7$7J&'$27$I669#$92?@7#$&')&N>37$234$L%J)G$I>3G$G6$G'>$=)&2%K$.3$G'>$?)4$CcG'$ &>3GJ%M$G'>%>$7>>?7$G6$'2=>$@>>3$2$?6=>$L%6?$&6%3$G6$L%J)G#$G'>%>@M$)3&%>27)3F$G'>$G)G'>$ L6%$G'>$=)&2%$234$4>&%>27)3F$G'2G$L6%$G'>$%>&G6%K$[J%G'>%$>=)4>3&>$L6%$G'>$42G)3F$6L$ 6%&'2%47$&6?>7$L%6?$f6'3$S>79>MV7$2&&6J3G$6L$')7$=)7)G$)3$CXQW$)3$I')&'$'>$4>7&%)@>7$ !9>I@J%MV7$7*%)3F7$)3$J7>$G6$L>>4$I2G>%&%>77$@>47$234$I'>%>$G'>$I2G>%aG2@9>$I27$2976$ d')F'$>36JF'$G6$N>>*$6%&'2%47$F%>>3$)3$G)?>$6L$4%6JF'GV$FL37).6!>5!M.+N#81-/.%>$)7$6G'>%$46&J?>3G2%M$>=)4>3&>$L6%$23$6%&'2%4$)3$!9>I@J%M$)3$CXWACBK$O6?>$23&)>3G$ 2**9>$G%>>7$&23$7G)99$@>$L6J34$)3$G'>$=)992F>$G642MK$ $ 1634)G)637$L6%$L2%?)3F$7>>?$29I2M7$G6$'2=>$@>>3$L2=6J%2@9>#$234$G')7$)7$%>L9>&G>4$)3$G'>$ 7)]>$234$I>29G'$6L$G'>$'6J7>7$@M$G'>$CXG'$&>3GJ%M#$I')&'$&23$@>$I6%N>4$6JG$L%6?$G'>$ '>2%G'aG2;$%>GJ%37K$.3$CWWQ$DP$'6J7>7$I>%>$9)2@9>$L6%$G2;$234$AA$>;>?*G$@>&2J7>$6L$ *6=>%GMK$<>2%9M$'29L$6L$G'>7>$'24$G'%>>$6%$?6%>$'>2%G'7#$)34)&2G)3F$G'2G$G'>7>$I>%>$ &>%G2)39M$36G$G'>$'6J7>7$6L$G'>$*66%K$+'%>>$'6J7>7$'24$7);$6%$?6%>$'>2%G'7#$)3&9J4)3F$ "7'@%66N$06J7>$I')&'$'24$G>3K$+'>7>$?J7G$'2=>$@>>3$92%F>$I>29G'M$'6J7>7K$.G$I6J94$@>$ *677)@9>$G6$I6%N$6JG$I')&'$76?>$6L$G'>7>$2%>$L%6?$%>&6%47$234$@J)94)3F$7J%=>M7K$ $ T2%9M$<63a&63L6%?)7?$)7$%>*%>7>3G>4$@M$G'>$>=)4>3&>$6L$G'>$gJ2N>%$/>>G)3F$06J7>#$ I')&'$2**>2%7$63$G'>$CcBD$T3&967J%>$"I2%4$/2*$57>>$/2*$Q8$@JG$)G$'24$4)72**>2%>4$@M$ G'>$G)?>$6L$G'>$CcQc$+)G'>$/2*#$5/2*$D8K$+')7$I27$96&2G>4$)3$G'>$36%G'aI>7G$&6%3>%$6L$G'>$ =)992F>$234$2$7G63>$36I$%>&6%47$G'>$2**%6;)?2G>$7)G>$6L$G')7$234$G'>$2776&)2G>4$gJ2N>%$ @J%)29$F%6J34#$G'6JF'$G'>%>$)7$36$6G'>%$>=)4>3&>$6L$G')7K$.3$G'>$C^G'$&>3GJ%M$G'>%>$I27$2$ !2*G)7G$1'2*>9$234$2$,%)?)G)=>$/>G'64)7G$1'2*>9#$27$I>99$27$G'>$S>79>M23$1'2*>9$5G'>$ L6%?>%$/>G'64)7G$1'J%&'$6L$?6%>$%>&>3G$G)?>78K$ $ !"!"$%(7&:)$ ! +'>$7G6%M$6L$G'>$=)992F>$)7$2976$9>F)@9>$)3$G'>$923>7$234$G%2&N7$L%6?$G'>$=)992F>$&>3G%>$G6$G'>$ 7J%%6J34)3F$9234K$T3&967)3F$G'>$&>3G%>$6L$G'>$=)992F>$)7$2$%)3F$6L$92%F>%$G%2&N7`$G'>7>$2%>$ 36I$G'>$=>')&J92%$%6247$6L$G'>$=)992F>$@JG$363>$&%677$G'>$&>3G%>$6L$G'>$=)992F>K$.37G>24$2$ 3>GI6%N$6L$7?299>%$*2G'7$&%)77a&%677>7$G'>$&>3G%>$6L$G'>$=)992F>$I)G'$G%2&N7$9>24)3F$6JG$G6$ !9>I@J%G63$0)99#$G6$G'>$6*>3$L)>947$I'>%>$G'>%>$I27$42)9M$I6%N$G6$@>$463>$234$J*$G6$G'>$ 46I37#$I'>%>$7'>>*$234$&2GG9>$I>%>$F%2]>4K$+')7$92M6JG$%>?2)37$&9>2%9M$=)7)@9>$G642M! $ !";"$<*2=.$ ! +'>$(6I37$234$!9>I@J%G63$0)99$6LL>%$?2F3)L)&>3G$963Fa4)7G23&>$=)>I7$6=>%$G'>$=29>`$7>>$ [)FK$QK$()4&6G$,6I>%$OG2G)63$%)7)3F$2@6=>$G'>$L92G$*92)3$46?)32G>7$=)>I7$G6$G'>$36%G'$234$ I>7GK$+'>$=)992F>$)7$@2%>9M$%>24$)3$G'>7>$=)>I7K$.G$2**>2%7$?67G9M$27$2$*2G&'$6L$I6649234#$ @>&2J7>$6L$G'>$2?6J3G$6L$?2GJ%>$G%>>$F%6IG'$234$2976#$7)F3)L)&23G9M#$@>&2J7>$6L$G'>$ ?64>7G$7&29>$6L$@J)94)3F7$I)G')3$G'>$=)992F>K$T=>3$G'>$?64>%3$4>=>96*?>3G7$2%>$ ?)3)?299M$=)7)@9>#$G'>$?67G$)3G%J7)=>$@>)3F$S')G>V7$:%&'2%4$234$1677)&9>$/>24$I'>3$7>>3$ L%6?$!9>I@J%G63$0)99K$$ $

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ^ $gJ6G>4$)3$"%&')G>&GJ%29$0)7G6%M$,%2&G)&>$%>*6%G$63$1'2*?237$ CB $!>%N7')%>$->&6%4$:LL)&>#$(UTO+TUc$ $CP$ ! ! "#$%!P'!Q#.?!@47B!M/.?>34)78!R#//!)7?-461!),.!S#)).8,-B!2/3B;1! $ S)G')3$G'>$=)992F>$2%>$?23M$*)&GJ%>7ZJ>$=)>I7#$?67G9M$7'6%Ga4)7G23&>$=)>I7#$I')&'$2%>$ &967>4$@M$@J)94)3F7#$I)34)3F$*2G'7$234$=>F>G2G)63K$+'>%>$2%>$2$L>I$F9)?*7>4$=)>I7$6L$G'>$ &'J%&'$%)7)3F$2@6=>$'6J7>7$I'>3$=)>I>4$L%6?$S>7G@%66N$OG%>>G$234$1'J%&'$-624K$ _3L694)3F$=)>I7$2963F$32%%6I$*2G'7$234$923>7$2%>$&'2%2&G>%)7G)&$6L$G'>$&6%>$6L$G'>$2%>2$ 234$G'>$6JG>%$%6247K$+'>$92GG>%$2976$*%6=)4>$F9)?*7>4$=)>I7$6L$6*>3$&6J3G%M7)4>K$ $ $

$CQ$ B,C)HD)K70L&#M3)B,C)7A)?NO?) )

$ ! (734+.!27+N.4.//!-86!T-5

$CD$ B,C@)ID)?PQR)=50"73&'#),$,'E)4,C) $

$ $ M.4N1,#4.!V.+746!K@@#+.! $ $

$CW$ B,C)RD)?PIP)8+1/#)4,C) $

$ $@6GG6?$ ! M.4N1,#4.!V.+746!K@@#+.! $ $

$CX$ R@)./,',01#')2'#,3) ! ;"#"$>/2($#$?$@++2/$A&+.2/3()*&+$>/2($$ $ S)G')3$G'>$%)3F$6L$=>')&J92%$%6247$2%6J34$G'>$=)992F>$9)>7$)G7$')7G6%)&$&6%>#$299$6L$)G$9M)3F$ I)G')3$G'>$&637>%=2G)63$2%>2K$+')7$'27$2$?2F)&29$ZJ29)GM#$&6?*9>G>9M$L%>>$L%6?$G'%6JF'$ G%2LL)&#$&%)77a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a4)7G23&>$=)>I7$L%6?$I)G')3$G'>$&6%>$6L$G'>$=)992F>K$+'>$>3&967J%>$6L$G'>$ =)992F>$9)?)G7$=)>I7$G6$G'>$3>2%$6%$?)449>$4)7G23&>K$.3$G>%?7$6L$)?*6%G23G$')7G6%)&$=)>I7#$ G'>$I'69>$2%>2$)7$&6?*%)7>4$6L$G'>7>K$+'>%>$2%>$)?*6%G23G$=)>I7$46I3$32%%6I$I)34)3F$ 923>7`$2963F$I2G>%&6J%7>7`$6=>%$G'>$19>=>$57>>$[)FK$D8`$2&%677$6*>3$7*2&>7$6L$L6%?>%$ 6%&'2%47$234$&967>7`$6L$G'>$1'J%&'$L%6?$G'>$&'J%&'M2%4$234$L%6?$LJ%G'>%$2L)>94$*>>*)3F$ 2@6=>$G'>$'6J7>7`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b%2=>9$234$F%277$*%>46?)32G>$I)G'$2GG%2&G)=>$@9J>a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`$76?>$'6J7>7$2%>$F%6J*>4$G6F>G'>%$ L%63G)3F$2$923>#$7J&'$27$G'67>$2G$G'>$>34$6L$1'J%&'$-624#$@JG$G'>$?2\6%)GM$2%>$7>G$@2&N$ L%6?$G'>$*2G'$6%$&>3G%>4$63$2$*96GK$[6%$G'>$?67G$*2%G#$'6J7>$*96G7$2%>$92%F>$234$76?>$2%>$ =>%M$92%F>$7J&'$27$:%&'2%4$(>3>#$12%%2?6%>7$234$,2%7632F>$[2%?K$,96G$@6J342%)>7$2%>$ 4>L)3>4$)3$2$=2%)>GM$6L$I2M7#$)3&9J4)3F$23&)>3G$&6@$I2997#$@%)&N$I2997#$?2GJ%>$'>4F)3F$234$ $Cc$ %2)9)3F7K$.3$76?>$*92&>7$G'>$@6J342%M$)7$36G$4>L)3>4#$7J&'$27$G'>$O&'669'6J7>K$:*>33>77$ G6$*J@9)&$=)>I$)7$2$N>M$&'2%2&G>%)7G)&$57>>$[)FK$W8K$ $

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

! ! "#$%!U'!G7%!&!X/B1,731.!?#),!@478)-$.!7;.8!)7!),.!@77);-),! $C^$ ! +'>$3>;G$694>7G$@J)94)3F7$2%>$G'>$G)?@>%YL%2?>4$'6J7>7#$6L$I')&'$G'>%>$2%>$?23M$ >;2?*9>7$)3&9J4)3F$H2J%>3&>7$#$OG6&N7#$12%*>3G>%V7$234$!9J>$02]>$57>>$[)FK$X8#$I')&'$299$ *%6@2@9M$42G>$L%6?$G'>$CWG'$&>3GJ%M#$234$1'2*?237#$:%&'2%4$(>3>$234$<6GG)3F'2?$[>>$ 42G)3F$L%6?$G'>$CXG'$&>3GJ%MK$T2%9)>%$G)?@>%aL%2?>4$'6J7>7$G>34$G6$'2=>$92%F>%$*23>97$ I)G'$92G>%$63>7$'2=)3F$7?299$7ZJ2%>$*23>97K$OG6&N7#$I')&'$'27$2$&%J&N$L%2?>#$)7$9)N>9M$G6$@>$ 63>$6L$G'>$>2%9)>7G$'6J7>7$)3$G'>$=)992F>K$:%)F)3299M$G'>7>$I6J94$'2=>$'24$I2GG9>$234$42J@$ )3L)99#$I')&'$I6J94$'2=>$@>>3$9)?>I27'>4$L6%$244)G)6329$*%6G>&G)63K$/23M$'2=>$36I$@>>3$ %>*92&>4$I)G'$@%)&N$)3L)99$*23>97$234$76?>$2%>$%>34>%>4K$+)?@>%aL%2?>4$@2%37$42G)3F$L%6?$ G')7$*>%)64$2%>$J7J299M$I>2G'>%@62%4>4#$2$G%>2G?>3G$I')&'$&63G)3J>4$)3G6$G'>$CcG'$ &>3GJ%MK$-66L7$I6J94$299$6%)F)3299M$'2=>$@>>3$G'2G&'>4#$@JG$76?>$2%>$36I$&6=>%>4$)3$ *92)3$&92M$G)9>7K$+'>$7G>>*$*)G&'$234$G'>$4>>*$6=>%'23F#$@6G'$L>2GJ%>7$3>>4>4$G6$7'>4$ I2G>%$2I2M$L%6?$G'>$I2GG9>$234$42J@$I2997#$?2N>$G'>$G'2G&'>4$%66L7$2$=>%M$=)7J299M$ 46?)323G$>9>?>3G$57>>$[)F$AC8K$ $ +'>7>$>2%9M$G)?@>%aL%2?>4$'6J7>7$2%>$299$7J@7G23G)29#$6L$GI6$6%$?6%>$J3)G7$234$F>3>%299M$ GI6$7G6%>M7$')F'K$+'>M$2%>$&'2%2&G>%)7>4$@M$2$L2)%9M$96I$>2=>7$9>=>9$234$J7J299M$?277)=>$ &')?3>M$7G2&N7#$76?>G)?>7$6L$4>&6%2G)=>$@%)&NI6%NK$+'>M$I6J94$'2=>$@>>3$G'>$'6?>7$6L$ @>GG>%a6LL$'J7@234?>3$6%$M>6?23$234$*677)@9M$27*)%)3F$F>3G%MK$+'>M$I>%>$36G$G'>$'6?>7$ 6L$G'>$*66%K$ $ +'>$CcG'$&>3GJ%M$72I$G'>$I)4>7*%>24$J7>$6L$@%)&N#$2$?J&'$?6%>$L27')632@9>$?2G>%)29$2G$ G'>$G)?>$57>>$[)FK$c8K$.G7$J7>$&63G)3J>4$G'%6JF'6JG$G'>$CcG'$234$C^G'$&>3GJ%)>7$234$)G$)7$ 7G)99$G'>$?67G$I)4>9M$J7>4$@J)94)3F$?2G>%)29$G642MK$.G$I27$J7>4$L6%$@J)94)3F7$6L$>=>%M$ 7G2GJ7#$27$>=)4>3&>4$@M$G'>$?64>7G$29?7'6J7>$@J)9G$)3$CXPcK$+)?@>%$L%2?)3F$I27$7G)99$J7>4$ )3G6$G'>$CcG'$&>3GJ%M$@JG$J7J299M$L6%$)3L>%)6%$@J)94)3F7$6%$)3G>%329$I2997#$>KFK$)3$G'>$ O&'669'6J7>#$42G)3F$L%6?$CXB^K$/23M$>2%9)>%$'6J7>7$I>%>$%>aL2&>4$)3$@%)&N$G6$@%)3F$G'>?$ J*aG6a42G>#$G'>)%$*%6*6%G)637$@>)3F$G'>$&9J>$G6$G'>)%$>2%9)>%$6%)F)37#$>KFK$G'>$->4$H)63$ *J@9)&$'6J7>K$,92)3$&92M$G)9>7$%>*92&>4$G'2G&'$27$G'>$L2=6J%>4$%66L)3F$?2G>%)29$J3G)9$G'>$ &6?)3F$6L$G'>$%2)9I2M7$?24>$792G>$2$&'>2*$29G>%32G)=>K$+'>$?67G$*%6?)3>3G$C^G'$&>3GJ%M$ @J)94)3F$)3$G'>$)33>%$2%>2$)7$G'>$/>G'64)7G$1'J%&'K$$ $

! ! "#$%!I'!M/3.!R-Y.

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a7&'669$@J)94)3FK$+'>7>$2%>$*%6@2@9M$%>ZJ)%>4$ L6%$'>29G'$234$72L>GM$%>27637$@JG$2%>$J3L6%GJ32G>9M$)3G%J7)=>K$$ $ +'>%>$)7$9)GG9>$7&6*>$L6%$&2%$*2%N)3F$234$I'2G$G'>%>$)7$)3>=)G2@9M$4>G%2&G7$L%6?$G'>$7G%63F$ &'2%2&G>%$6L$2$*%>a?6G6%$=>')&9>$>%2K$ ) ) ) $AC$ R@?@?@)>&44,'()7A)3+-5+A+0,50#) ! B3*12+)*(0$3(0:2$Y$@27>4$63$G'>$>;G>37)=>$46&J?>3G2G)63$6L$G'>$=)992F>$234$>=)4>3&>$6L$ 2%&'2>696F)&29$)3=>7G)F2G)637`$I2G>%&6J%7>7`$G'>$92M6JG$6L$G'>$%6247$234$*2G'7`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cG'$&>3GJ%M#$G'>M$2%>$9)N>9M$G6$@>$?J&'$>2%9)>%K$+'>M$'2=>$*92M>4$23$ )?*6%G23G$*2%G$)3$G'>$42MaG6a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`$@>GI>>3$ >3&967>4$7*2&>7$234$6*>3$*96G7`$@>GI>>3$42%Na7'24>4$G%>>a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a2)%$G'>2G%>$I')&'$'27$233J29$*%64J&G)637$Y$/+-/)0744&5,"):,"&#$ $ ;","$>/2($,$?$C2.)D/&&E$F)/22)$ ! +')7$2%>2$&6=>%7$4>=>96*>4$9234$@6G'$7)4>7$6L$S>7G@%66N$OG%>>G$234$)3&9J4>7$G'>$ABG'$ &>3GJ%M$4>=>96*?>3G7$6L$b%2'2?>$1967>#$S>7G@%66N$b%>>3$234$!6'2?V7$16GG2F>7K$+'>$ >27G>%3$7)4>$6L$G'>$7G%>>G$&63G2)37$?67G$6L$G'>$')7G6%)&$@J)94)3F7$234$9)>7$I)G')3$G'>$ &637>%=2G)63$2%>2#$G'6JF'$G'>$*96G7$L%63G)3F$G'>$7G%>>G$63$G'>$I>7G$2%>$&>%G2)39M$')7G6%)&#$ >=>3$)L$36G$299$G'>$@J)94)3F7$2%>K$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ CC$<6%G'>27G#$ABBX$**$QXacB$ $AA$ $ .G$'27$G'>$2)%$6L$23$)3L6%?29$=)992F>$7G%>>G#$9)3>4$63$@6G'$7)4>7$I)G'$'6J7>7K$O6?>$6L$G'>7>#$ ?67G9M$G'>$')7G6%)&$63>7#$2%>$63$G'>$')F'I2M$>4F>`$6G'>%7$2%>$7>G$@2&N$L%6?$G'>$%624K$+'>$ 32%%6I$7G%>>G$&2%%)>7$96&29$G%2LL)&$234$'27$9)?)G>4$L66GI2M7`$)3$*92&>7$G'>%>$2%>$639M$F%277$ =>%F>7K$!J)94)3F$*96G7$2%>$6L$=2%M)3F$7)]>7$234$G'>%>$)7$2$?);$6L$')7G6%)&$234$?64>%3$ @J)94)3F7$2963F$G'>$7G%>>GK$+'>$G%>2G?>3G$6L$*96G$@6J342%)>7$=2%)>7#$I)G'$L>3&>7#$@%)&N$ I2997$234$'>4F>7$@>)3F$?67G$&6??63`$76?>$*96G7$2%>$6*>3$G6$G'>$')F'I2MK$/2GJ%>$G%>>7$ 234$'>4F>7$2%>$46?)323G$>9>?>3G7$)3$G'>$7G%>>G7&2*>$234$F)=>$2$4>L)3)G>$%J%29$&'2%2&G>%K$$ $ !M$L2%$G'>$92%F>7G$*96G$)7$G'2G$6L$"7'@%66N$06J7>#$23$694$L2%?'6J7>$42G)3F$L%6?$G'>$?)4a CcG'$&>3GJ%M$@JG$63$2$?J&'$>2%9)>%$4>=>96*>4$*96GK$+'>$7J%=)=)3F$L)7'*6347$7JFF>7G$G')7$ I27$G'>$7)G>$6L$2$?>4)>=29$'6J7>$234$)G$)7$'>%>$G'2G$G'>$L6J342G)637$6L$23$"3F96aO2;63$ '6J7>$'2=>$@>>3$L6J34CAK$+'>$2%&'2>696F)&29$*6G>3G)29$6L$G')7$7)G>$)7$=>%M$')F'K$ $ "36G'>%$92%F>$*96G$I)G'$23$)3G>%>7G)3F$')7G6%M$)7$0299$!2%3#$G'>$/236%$06J7>$L6%$G'>$?236%$ 6L$<6GG)3F'2?$[>>`$7>>$[)FK$^K$"F2)3#$G'>%>$)7$9)N>9M$G6$@>$7)F3)L)&23G$2%&'2>696FM$)3$G'>$ F%6J347`$$G')7$I)99$42G>$@2&N$G6$G'>$?>4)>=29$*>%)64#$)L$36G$>2%9)>%K$+'>$'6J7>$)G7>9L$42G>7$ L%6?$G'>$?)4aCXG'$&>3GJ%M$234$'27$23$>;G%26%4)32%M$92G>$CXG'$&>3GJ%M$%>aL%63G)3F$)3$@%)&N$ I)G'$F)23G$(6%)&$*)927G>%7K$+')7$I6J94$'2=>$@>>3$2$')F'9M$L27')632@9>$4)7*92M$6L$G27G>$L6%$ G'>$*>%)64K$ $

! ! "#$%!O'!R-//!M-48%$G%24)G)6329$@J)94)3F7$2%>$2$?);$6L$42G>7#$7)]>$234$?2G>%)297$7)?)92%$G6$G'67>$6L$G'>$ )33>%$&637>%=2G)63$2%>2#$)3&9J4)3F$b%>>3$!J7'>7#$2$CWG'$&>3GJ%M$G)?@>%aL%2?>4$'6J7>`$ [6%F>$06J7>#$2$CXG'$&>3GJ%M$G)?@>%aL%2?>4$'6J7>$?2%N>4$63$G'>$>2%9M$:O$?2*7$27$2$ 7?)G'M`$!6'2?V7$06J7>$!2%3#$23$CcG'$&>3GJ%M$I>2G'>%a@62%4>4$@2%3`$1J%G6M7#$I')&'$)7$2$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ CA $"7$4>7&%)@>4$)3$23$)3G>%=)>I$I)G'$"J4%>M$H63F$ $AP$ *9>27)3F9M$7M??>G%)&29$>2%9M$C^G'$&>3GJ%M$'6J7>$57>>$[)FK$CB8`$234$[%63$(>F#$2$?64>7G$ '6J7>$L%6?$G'>$72?>$*>%)64K$ $

! ! "#$%!&H'!234)751![!.-4/5!&O),!+.8)345!15BB.)4#+-/!6.1#$8! $ H>24)3F$6LL$G'>$7G%>>G$2%>$2$3J?@>%$6L$ABG'$&>3GJ%M$'6J7)3F$4>=>96*?>3G7#$G'>$92%F>7G$ @>)3F$b%2'2?>$1967>$57>>$[)FK$CC8#$32?>4$2LG>%$e>33>G'$b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`$)G$2976$7'2%>7$G'>$&'2%2&G>%)7G)&$6L$36G$'2=)3F$4)%>&G$=>')&J92%$2&&>77K$S>7G@%66N$ b%>>3$)7$ZJ)G>$4)LL>%>3G$)3$&'2%2&G>%#$I)G'$76?>$7G%)N)3F$?636*)G&'$%66L7$234$7G2%N$I')G>$ *2)3G>4$@%)&NI6%NK$$ $ H63F$=)>I7$F%24J299M$J3L694)3F$2963F$G'>$7G%>>G$%>=>29$2$%)&'$=2%)>GM$6L$@J)94)3F7#$*2%G9M$ 7&%>>3>4$@M$?2GJ%>$'>4F>7$234$G%>>7K$"G$G'>$36%G'>%3$>34$G'>$=)>I$)7$&967>4$@M$G'>$92%F>$ ?2GJ%>$'6%7>$&'>7G3JG$2G$G'>$\J3&G)63$I)G'$1'J%&'$T34K$+'>%>$2%>$F9)?*7>4$=)>I7$G6$G'>$ I>7G$@>GI>>3$@J)94)3F$*96G7$6L$6*>3$L92G$&6J3G%M7)4>$@>M634$I')&'$I27$63&>$G'>$S>7G$ [)>94$@>L6%>$>3&967J%>K$"3&)>3G$923>7$9>24$6JG$I>7GI2%47$L%6?$G'>$=)992F>#$F)=)3F$I)4>$ 6*>3$=)>I7$6L$G'>$7J%%6J34)3F$L92G$&6J3G%M7)4>K$+'>$=)992F>$@6J342%M$'27$@>>3$>;G>34>4$ '>%>$G6$2&&6??642G>$76?>$@2&N9234$4>=>96*?>3G$I')&'$F>3>%299M$F)=>7$2$76LG$>4F>$G6$ G'>$=)992F>K$$ $ +6$G'>$>27G$2%>$G'>$32%%6I$>3&967>4$923>7$9>24)3F$)3G6$G'>$&6%>$6L$G'>$=)992F>K$.3$*92&>7$ G'>%>$2%>$F9)?*7>4$=)>I7$6L$G'>$&'J%&'$G6I>%K$ $

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a%66L>4$>;G>37)63$G6$G'>$=)992F>$ '299$)3&9J4)3F$G'>$*67G$6LL)&>$)7$2%&')G>&GJ%299M$*66%K$+'2G$72)4#$G'>$L2&)9)G)>7$*%6=)4>4$2%>$2$ =29J2@9>$277>G$G6$G'>$=)992F>K$$ $ R@F@?@)>&44,'()7A)3+-5+A+0,50#) ) B3*12+)*(0$3(0:2$Y$4>%)=>7$L%6?$G'>$92M6JG$6L$G'>$%6247$234$*2G'7`$*96G$@6J342%)>7#$6*>3$ 7*2&>7$234$@J)94)3F7K$+'>$7)G>7$6L$"7'@%66N$06J7>$234$0299$!2%3$2%>$9)N>9M$G6$'694$ >=)4>3&>$6L$>2%9M$?>4)>=29$7>GG9>?>3G$Y$/+-/)#:+E#51+,"):,"&#$ ! -*.)&/*'(0$3(0:2![!)99J7G%2G)=>$=29J>$)7$7)?)92%$G6$G'>$)33>%$2%>2$2@6=>K$E29J>$9)>7$)3$G'>$ ?23M$?J9G)*'27>$@J)94)3F7`$G'>$%23F>$6L$GM*>7#$7)]>7$234$@J)94)3F$?2G>%)297$234$G'>$7)]>$

$AD$ 234$GM*>$6L$L2%?$@J)94)3F7K$+'>$2776&)2G)63$6L$e>33>G'$b%2'2?>$I)G'$!6'2?V7$06J7>$)7$ 2976$6L$')7G6%)&29$=29J>$Y$/+-/)/+317'+0,"):,"&#) ! >2.)82)*'$3(0:2![!4>%)=>7$L%6?$G'>$=2%)>GM$6L$@J)94)3F$GM*>7$234$7GM9>7$)3&9J4)3F$76?>$ =>%M$2GG%2&G)=>$')7G6%)&$@J)94)3F7$I)G'$*)&GJ%>7ZJ>$7>GG)3F7`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a2%>27#$63>$23&)>3G$234$GI6$?64>%3K$ +'>$&6??63$L>2GJ%>$)7$G'>)%$2&&>77$6LL$1'J%&'$T34U!>%%M$H23>K$+'>$@6J342%M$6L$G'>$ &637>%=2G)63$2%>2$)3&9J4>7$G'>$7)G>7$6L$G'>$/236%$06J7>$234$:94$/)99#$234$9234$G6$G'>$ 76JG'$6L$!>%%M$H23>K$ $ :&&J*M)3F$G'>$36%G'a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cG'$&>3GJ%MK$ "36G'>%$I2G>%$L>2GJ%>$)7$G'>$%>?323G7$6L$2$?62G#$L6%?)3F$G'%>>$7)4>7$6L$2$%>&G23F9>#$ I')&'$)7$9)N>9M$G6$'2=>$@>>3$G'>$7)G>$6L$G'>$?>4)>=29$?236%K$+'>$*%>7>3G$/236%$06J7>#$ 42G)3F$L%6?$G'>$CXG'$&>3GJ%M#$9)>7$G6$G'>$36%G'$6L$G')7K$+6$G'>$I>7G#$>3&)%&9)3F$ /6&N@>FF2%7$0299$)7$236G'>%$I2G>%&6J%7>K$+'>$T3&967J%>$/2*$6L$CcBD$7'6I7$2$F%6J*$6L$ @J)94)3F7$'>%>$57>>$/2*$Q8#$76?>$6L$I')&'$?J7G$@>$G'>$L2%?$@J)94)3F7$%>92G)3F$G6$G'>$ /236%$06J7>K$06I>=>%#$G'>$32?>$/6&N@>FF2%7$0299$5?>23)3F$2$'6J7>$I'>%>$36$ '67*)G29)GM$I27$F)=>38$)7$2%&'2)&#$7JFF>7G)3F$G'2G$G'>%>$?2M$'2=>$@>>3$23$>2%9)>%$'6J7>$63$ G'>$7)G>K$+')7$)7$&J%%>3G9M$2$I6%N)3F$L2%?$I)G'$2$92%F>#$GI6a7G6%>M$6LL)&>U2&&6??642G)63$ @96&N$)3$G'>$&>3G%>#$L2)%9M$I>99a7&%>>3>4$L%6?$*J@9)&$=)>IK$[%63G)3F$63$G6$1'J%&'$T34#$36I$ 6&&J*)>4$@M$23$)3G>%>7G)3F$F%6J*$6L$G%24)G)6329$@J)94)3F7#$I27$G'>$7)G>$6L$G'>$,%)?)G)=>$ />G'64)7G$1'2*>9K$ $ +'>$%>7G$6L$G')7$2%>2$I27$36G$4>=>96*>4$L6%$'6J7)3F$J3G)9$G'>$ABG'$&>3GJ%MK$+'>%>$2%>$ 4>G2&'>4$'6J7>7$)3$92%F>$*96G7$63$@6G'$7)4>7$6L$!>%%M$H23>#$)3&9J4)3F$G'>$@J3F296I7$63$ /)99@%66N$1967>$234$2$7>9La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

! ! "#$%!&='!M.445!^-8.5!*#//>477N!27))-$.! $ !J)94)3F7$2%>$F>3>%299M$36G$*%6?)3>3G$)3$=)>I7#$@>)3F$I>99a7&%>>3>4$L%6?$G'>$')F'I2M$@M$ G%>>7$234$'>4F>7K$+'>$F%6J*$6L$@J)94)3F7$63$G'>$?>4)>=29$7)G>$2%6J34$G'>$/236%$06J7>$)7$ ')44>3$2I2M$L%6?$*J@9)&$=)>IK$$ $ +%24)G)6329$@J)94)3F7$'2=>$G'>$7)?)92%$&'2%2&G>%)7G)&7$G6$G'67>$29%>24M$4>7&%)@>4#$)3&9J4)3F$ CWG'$234$CXG'$&>3GJ%M$G)?@>%aL%2?>4$@J)94)3F7$7J&'$27$12%*>3G>%V7#$CcG'$234$C^G'$ &>3GJ%M$@%)&N$'6J7>7$7J&'$27$/)99@%66N$16GG2F>#$234$2$%23F>$6L$?64>%3$@J)94)3F$7GM9>7$ 234$?2G>%)297K$/23M$?64>%3$@J)94)3F7$2%>$@J3F296I7$6%$6L$63>a234a2a'29L$7G6%>M7K$ /)99@%66N$1967>$'27$2$GM*)&29$&967>$92M6JG$I')&'$'27$36G')3F$96&299M$4)7G)3&G)=>$2@6JG$)G#$ @JG$)G$)7$=)7J299M$96IaN>M$234$G'>%>L6%>$%>24)9M$277)?)92G>4$)3G6$G'>$7G%>>G7&2*>K$H24M&%6LG$ ,2%N$)7$>=>3$?6%>$4)7&%>>G$)3$G>%?7$6L$=)7J29$)?*2&GK$.G$)7$I>99a7&%>>3>4$L%6?$G'>$%624$234$ L6%?7$2$7>9La&63G2)3>4$2%>2$6L$I>99aN>*G$'6?>7#$G6G299M$29)>3$)3$G>%?7$6L$96&29$&'2%2&G>%$ @JG$7)3F9>$7G6%>M$234$J36@G%J7)=>$57>>$[)FK$CP8K$$ $ "9G'6JF'$')44>3$2I2M#$G'>$L2%?$@J)94)3F7$6L$G'>$/236%$06J7>#$42G)3F$*%>46?)323G9M$ L%6?$G'>$CcG'$&>3GJ%M$2%>$)?*6%G23G$>=)4>3&>$6L$L2%?)3F$*%2&G)&>7$)3$G'>$*27GK$/67G$2%>$ 9)7G>4$234$G'>M$)3&9J4>$&6I$'6J7>7#$7G2@9)3F#$2GG2&'>4$I6%N>%7$2&&6??642G)63$234$ 7'>9G>%$7'>47K$ $ +'>$ABG'$&>3GJ%M$4>=>96*?>3G7$G>99$G'>$7G6%M$6L$G'>$F%6IG'$6L$G'>$=)992F>$2LG>%$G'>$I2%#$ *%6=)4)3F$2$%23F>$6L$'6J7>$GM*>7$234$7)]>7$234$G'>%>L6%>$2GG%2&G)3F$2$&%677a7>&G)63$6L$ *6*J92G)63$G6$7J**6%G$G'>$=)G29)GM$6L$G'>$=)992F>K$$ $ E)>I7$2%>$&967>4$@M$G'>$I)34)3F$%624$234$?2GJ%>$=>F>G2G)63K$+'>%>$2%>$F9)?*7>4$=)>I7$ G'%6JF'$G'>$'>4F>7$234$G%>>7$6L$G'>$/236%$06J7>$7)G>$6L$6*>3$F2%4>3$2%>27$234$I2G>%#$ 234$&967>4$@JG$>3G)&)3F$=)>I7$2963F$G'>$G%2&N$G6$G'>$:94$/)99K$+'>$*2%N)3F$2%>2$@M$G'>$ =)992F>$'299$234$G'>$L66G*2G'$9>24)3F$6JG$6L$G'>$=)992F>$G6$G'>$36%G'$'2=>$6*>3$=)>I7$6=>%$

$AX$ G'>$L6%?>%$S>7G$[)>94K$+')7$*2G'$9>247$*27G$G'>$7)G>$6L$G'>$L6%?>%$gJ2N>%$/>>G)3F$06J7>#$ 7'6I3$63$G'>$CcBD$T3&967J%>$?2*$@JG$F63>$@M$CcQcK$+'>%>$)7$2$7G63>$?2%N)3F$G'>$I2M$G6$ I'>%>$G'>$gJ2N>%$@J%)29$F%6J34$)7$G'6JF'G$G6$9)>$57>>$[)F$CQ8K$ $

! ! "#$%!&E'!^-65+47@)!:-4N!1,7?#8$!9#13-//5!/7?_N.5!,731#8$! $

! ! "#$%!&P'!()78.!B-4N#8$!),.!1#).!7@!),.!`3-N.4!*..)#8$!R731.!-86!>34#-/!$47386!

$Ac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b%>2G$/236%K$O6?>$')7G6%M$6L$<63a &63L6%?)7?$)7$&63G2)3>4$)3$G'>$7)G>7$6L$G'>$,%)?)G)=>$/>G'64)7G$1'2*>9$234$G'>$g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

$A^$ ,96G$7)]>7$=2%M#$I)G'$76?>$ZJ)G>$92%F>$234$76?>#$>7*>&)299M$2G$()@9>M7#$=>%M$7?299K$+'>$ 92M6JG$6L$76?>$4>=>96*?>3G$)7$)%%>FJ92%#$)3&6%*6%2G)3F$*J@9)&$6*>3$7*2&>$)3$9)3>$I)G'$G'>$ &'2%2&G>%$6L$G'>$&6%>$6L$G'>$=)992F>$57>>$[)FK$CW8K$06I>=>%#$?67G$2%>$%>FJ92%9M$7>G$6JG#$234$ ?6%>$GM*)&29$6L$7G2342%4$>7G2G>$92M6JG7K$06J7>7$2%>$7>G$@2&N$L%6?$G'>$')F'I2M$I)G'$L%63G$ F2%4>37$234$963F>%$%>2%$F2%4>37K$O&29>$=2%)>7$L%6?$=>%M$?64>7G$7)3F9>a7G6%>M$@J3F296I7$ G6$92%F>$GI6a234a2a'29L$7G6%>M$4I>99)3F7K$+'>$92GG>%$2%>$I)4>%$G'23$G%24)G)6329$'6?>7$234$ 7G234$6JG$)3$=)>I7$6L$G'>$=)992F>$L%6?$!9>I@J%G63$0)99K$ $

! ! "#$%!&W'!X//7)B.8)1!)7!),.!.-1)!7@!M.11./01!S-5! !

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a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a7&29>#$7)3F9>a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a3>>4>4$L2&)9)GM#$)G7$2**>2%23&>$'27$2$3>F2G)=>$)?*2&G$63$G'>$ 7G%>>G$7&>3>K$$ $ +'>$&>?>3Ga%>34>%>4$*2)%$6L$7>?)a4>G2&'>4$'6J7>7$63$G'>$>27G$7)4>$6L$!>77>9V7$S2M$ )3G%J4>$)3G6$6G'>%I)7>$6*>3$=)>I7$6L$&6J3G%M7)4>K$S')97G$G'>)%$7&29>$234$L6%?$)7$ 2**%6*%)2G>#$G'>)%$7)G)3F$)7$2G$6447$I)G'$G'>$%>7G$6L$G'>$2%>2#$234$?2G>%)297$234$4>G2)9)3F$ 2%>$JG)9)G2%)23K$:G'>%I)7>$G'>%>$2%>$36$7)F3)L)&23G$3>F2G)=>$>9>?>3G7K$+'>$7&29>#$)3$G>%?7$ 6L$'>)F'G$234$I)4G'#$6L$G'>$'6J7>7$63$S')G>V7$:%&'2%4$2**>2%$36G)&>2@9M$@)FF>%$G'23$ G'67>$G%24)G)63299M$L6J34$)3$G'>$=)992F>$234$G')7$'27$2$79)F'G9M$2$3>F2G)=>$)?*2&G$63$=)>I7$ L%6?$!9>I@J%G63$0)99$57>>$[)FK$CX8K$O692%$G'>%?29$*23>97$63$*%6?)3>3G$%66L$796*>7$6L$ 1677)&9>$/>24$2%>$=)7J299M$)3G%J7)=>K$ $ R@I@?@)>&44,'()7A)3+-5+A+0,50#) $ B3*12+)*(0$3(0:2![!G'>%>$)7$76?>$>=)4>3G)29$=29J>$)3$G')7$27$*2%G$6L$G'>$T27G$[)>94$234$)3$G'>$ G%2&N$%J33)3F$G'%6JF'$*2%G$6L$G'>$=)992F>$G6$!9>I@J%G63$0)99$Y$"7$)#:+E#51+,"):,"&#) $ -*.)&/*'(0$3(0:2![!)3$76?>$*92&>7$*96G$@6J342%)>7$42G)3F$@2&N$G6$G'>$CcBD$T3&967J%>$ "I2%4$'2=>$@>>3$%>7*>&G>4#$)34)&2G)3F$'6I$)34)=)4J29$*96G7#$7694$7>*2%2G>9M$L6%$ 4>=>96*?>3G#$'2=>$4>G>%?)3>4$G'>$L6%?$6L$4>=>96*?>3GK$+')7$)7$%>7*>&GLJ9$6L$G'>$7>GG)3F$ 6L$G'>$&637>%=2G)63$2%>2$G'6JF'$6L$9)?)G>4$')7G6%)&29$=29J>$Y$"7$)/+317'+0,"):,"&#) $ >2.)82)*'$3(0:2![!G')7$9)>7$)3$G'>$2**%6*%)2G>$32GJ%>$6L$G'>$4>=>96*?>3G$L6%$)G7$ 96&2G)63#$234$G'>%>$2%>$76?>$)3G>%>7G)3F$>;2?*9>7$6L$ABG'$&>3GJ%M$4>=>96*?>3G#$ >KFK$b%>>39>2$234$()@9>M7$$Y$"7$),#31/#1+0):,"&#) $

$PC$ A&55:+(0$3(0:2![!G')7$2F2)3$)7$9)?)G>4K$/J&'$6L$G'>$7*2&>$)7$*%)=2G>#$27$2%>$G'>$ @J)94)3F7K$+'>$G%2&N7$9>24)3F$)3G6$234$6JG$6L$G'>$=)992F>$2%>$I>99aJ7>4#$234$G'>$ F2%4>3$2%>27$6L$()@9>M7$'2=>$&6??J329$=29J>$L6%$%>7)4>3G7$Y$"7$)0744&5,"):,"&#) $

! ! "#$%!&I'!2711#+/.!*.-6/2($;$?$%&+1&+$J&(1$(+1$K*09/*5L.$C(7$ ! H63463$-624#$G'>$"QCX#$I')&'$L6996I7$G'>$9)3>$6L$G'>$23&)>3G$G%2&N$6L$.&N3)>94$S2M#$)7$G'>$ ?2)3$%624$@>GI>>3$->24)3F$234$S23G2F>$234$'27$29I2M7$@>>3$G'>$*%)3&)*29$%6JG>$ G'%6JF'$G'>$=)992F>K$.G$I27$GJ%3*)N>4$)3$CcBQ#$I')&'$F%>2G9M$)3&%>27>4$&6??>%&)29$G%2LL)&K$ S')97G$&J%%>3G$G%2LL)&$)7$36G$&63G)3J6J7#$G%2LL)&$36)7>$234#$)3$G'>$42%N#$&2%$'>249)F'G7$2%>$ 46?)32G)3F$&'2%2&G>%)7G)&7K$$ $

! ! "#$%!&Z'!:#/$4#B01!S-5! $

$PA$ .3$&6?*9>G>$&63G%27G$)7$,)9F%)?V7$S2M#$2$ZJ)>G$@2&N$923>$%J33)3F$*2%299>9$G6$H63463$-624$ @>')34$*%6*>%G)>7$63$G'>$76JG'$7)4>$6L$G'>$%624$57>>$[)F$Cc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a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a@62%4>4$F%232%M$2G$b%232%M$06J7>$234$b%>2G$+%>>$[2%?$!2%3$57>>$[)FK$AC8K$ $

$PP$ $ ! "#$%!&O'!:3>/#+!7;.8!1;-+.!7@!),[email protected]!;7386! !

! ! "#$%!=H'!"74B.4!+7BB.4+#-/!;47;.4)5!-)!A4.>/.!R731.!A.44-+.

$PQ$ ! "#$%!=&'!]4.-)!A4..!"-4B!M-48$F>3>%299M$63>$G6$GI6$7G6%>M7$')F'#$I)G'$?23M$'2=)3F$63>a234a2a'29L$7G6%>M7$ >;*%>77>4$)3$46%?>%7K$+'>$%23F>$6L$?2G>%)297$GM*)&29$L6%$G'>$=)992F>$)7$G)?@>%aL%2?)3F$I)G'$ @%)&N$6%$%>34>%>4$)3L)99$*23>97`$L9)3G$234U6%$@%)&N#$76?>G)?>7$*2)3G>4$6%$%>34>%>4`$234$ G'2G&'>4#$G)9>4$6%$792G>$%66L7K$+'>$G)?@>%aL%2?>4$@J)94)3F7$)3&9J4>$G'67>$I)G'$92%F>$*23>97$ 234$7?299#$7ZJ2%>$*23>97K$"976#$G'>%>$)7$76?>$&967>a7GJ44)3F$2G$16%%M463$06J7>#$42G)3F$ L%6?$G'>$92G>$CWG'$&>3GJ%M$57>>$[)FK$AA8K$+')7$)7$&63L)3>4$G6$G'>$L%63G$>9>=2G)63$6L$G'>$?2)3$ %23F>$234$\>GG)>4$&%677aI)3F`$)G$I27$)3G>34>4$L6%$4)7*92M$234$)34)&2G>7$')F'$7G2GJ7K$+'>$ 7)4>$>9>=2G)63#$9>77$=)7)@9>#$)7$6L$7?299$7ZJ2%>$*23>99)3FK$O>=>%29$'6J7>7$6L$CXG'$&>3GJ%M$ 6%)F)3#$6%$>2%9)>%#$'2=>$@>>3$J*42G>4$I)G'$29G>%2G)637$6%$244)G)637$)3$G'>$CcG'$&>3GJ%M#$ 7J&'$27$h>I$+%>>$06J7>K$O6?>$6L$G'>$G>%%2&>4$'6J7>7$42G>$L%6?$G'>$CcG'$&>3GJ%M$234$ 0J?L%>M7#$2$=>%M$L)3>#$7M??>G%)&29$@%)&N$'6J7>$42G>7$L%6?$2%6J34$CcBBK$ $ /J&'$6%)F)329$4>G2)9)3F$7J%=)=>7$L%6?$299$*>%)647$)3&9J4)3F$%2)9)3F7#$27$2G$+%>@9>$06J7>$ +>%%2&>#$I)346I7$6L$299$42G>7#$234$466%7$234$*6%&'>7$7J&'$27$G'2G$2G$+J%3*)N>$06J7>K$ $ :3$,)9F%)?V7$S2M$G'>%>$2%>$2$3J?@>%$6L$?64>%3$'6J7>7$@J)9G$)3$=2%)6J7$7GM9>7$@>')34$G'>$ H63463$-624$*%6*>%G)>7K$+'>7>$2%>$L2)%9M$4)7&%>>G#$7&%>>3>4$@M$?2GJ%>$'>4F)3F$I')&'$ '>9*7$G6$%>G2)3$G'>$L>>9$6L$2$&6J3G%M$923>K$+'>$J3?24>$%624$234$92&N$6L$')F'I2M$ >3F)3>>%)3F$&63G%)@JG>7$&637)4>%2@9M$G6$)G7$&'2%2&G>%K$ $

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

$PW$ 3J?@>%$6L$@J)94)3F7K$+'>$6%)F)329$LJ3&G)63#$7)]>#$?2G>%)297$234$4>G2)9)3F$6L$)34)=)4J29$ @J)94)3F7$299$&63G%)@JG>$G6$G')7$7G6%M$Y$/+-/)/+317'+0,"):,"&#) ! >2.)82)*'$3(0:2![!4>%)=>7$L%6?$G'>$%23F>$6L$@J)94)3F$GM*>7#$42G>7#$7GM9>7$?2G>%)297$234$ 4>G2)9)3F#$234$G'>$2GG%2&G)=>$*J@9)&$6*>3$7*2&>$6L$G'>$,6J34K$,)9F%)?V7$S2M$'27$2$4)LL>%>3G$ @JG$>ZJ299M$2GG%2&G)=>$2>7G'>G)&$Y$/+-/),#31/#1+0):,"&#) ! A&55:+(0$3(0:2![!3>2%9M$299$G'>$2%>2$)7$6*>3$G6$*J@9)&$=)>I$234$)G$)7$2$I>99aJ7>4$*2%G$6L$ G'>$=)992F>K$+'>$L6%?>%$,6J34$*%6=)4>7$2$*J@9)&$7)GG)3F$2%>2K$,2G'7$&%677)3F$G'>$2%>2$2%>$ =>%M$I>99$J7>4$L6%$%>&%>2G)63$9>24)3F$G6$I29N7$63$G'>$(6I37$Y$/+-/)0744&5,"):,"&#$ ! ;"M"$>/2($M$?$F&:)8$F)/22)$ ! +')7$2%>2$&6=>%7$G'>$@J)94)3F7$L%63G)3F$63G6$G'>$G%2LL)&N>4$%6JG>$2%6J34$G'>$>27G$6L$G'>$ =)992F>#$)3G>%>7G)3F9M$&299>4$O6JG'$OG%>>GK$+'>$I'69>$2%>2$L2997$I)G')3$G'>$&637>%=2G)63$ 2%>2#$I)G'$G'>$@6J342%M$%J33)3F$2963F$G'>$%>2%$6L$G'>$*%6*>%G)>7$63$G'>$>27G$7)4>$6L$G'>$ 7G%>>GK$.G$I27$*%>GGM$I>99a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cBD$T3&967J%>$"I2%4K$"9G'6JF'$ G'>$7G%>>G$)7$ZJ)G>$32%%6I#$)G$I)4>37$6JG$)3$2$3J?@>%$6L$*92&>7$27$2G$G'>$\J3&G)637$I)G'$ 1'J%&'$-624$234$I)G'$()@9>M7#$I'>%>$G'>%>$)7$2$7?299$F%>>3K$fJ7G$6**67)G>$G')7$)7$23$6*>3$ F2%4>3$2%>2#$G'>$L6%?>%$6%&'2%4$6L$,2%7632F>$[2%?#$G'>$7)G>$6L$G'>$?236%$'6J7>$L6%$G'>$ ,%>@>3429$/236%#$I')&'$7G)99$'27$23$23&)>3G$2**9>$G%>>$)3$G'>$F2%4>3`$7>>$[)FK$APK$ $ +'>%>$)7$2$?);$6L$')7G6%)&$234$?64>%3$'6J7>7#$G'>$92GG>%$L)GG)3F$)3$I>99#$)3$*2%G$@>&2J7>$ G'>M$%>7*>&G$G'>$')7G6%)&$*96G$@6J342%)>7$234$?23M$'2=>$?2GJ%>$92347&2*)3F$I')&'$ &63G%)@JG>7$G6$G'>$%J%29$&'2%2&G>%K$+'>$')7G6%)&$'6J7>7$'2=>$G'>$72?>$?);$6L$42G>7#$GM*>7#$ 7GM9>7#$?2G>%)297$234$4>G2)9)3F$27$L6J34$>97>I'>%>$)3$G'>$&637>%=2G)63$2%>2K$+'>$63>$ >;&>*G)63$)7$/236%$16GG2F>$I')&'$)7$*2%G9M$&637G%J&G>4$)3$&9J3&'$57>>$[)FK$AQ8K$/67G$2%>$6L$ 63>a234a2a'29L$6%$GI6$7G6%>M7K$ $

$PX$ ! ! "#$%!=E'!K/6!-;;/.!)4..!#8!),.!$473861!7@!:-4178-$.!"-4B! !

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

$Pc$ 234$)7$G'>%>L6%>$?67G9M$L%>>$L%6?$G%2LL)&$36)7>#$I')&'$&23$639M$%>299M$@>$'>2%4$3>2%$ H63463$-624K$ $ +'>%>$2%>$36$?2%N>4$3>F2G)=>$L>2GJ%>7K$ $

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a=29J>4$96&299M#$G'6JF'$&63G%)@JG)63$G6$'>%)G2F>$7)F3)L)&23&>$)7$9)?)G>4$Y$4#E+&4) 0744&5,"):,"&#) ) )

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dG')7$=>3>%2@9>$=)992F>V$234$G')7$)7$7J@7G23G)2G>4$@M$G'>$(6?>742M$%>&6%4K$b)=>3$G'>$ &637G%2)3G7$6L$G6*6F%2*'M#$I2G>%&6J%7>7$234$@6FFM$9234#$)G$)7$9)N>9M$G'2G$G'>$"3F96aO2;63$ =)992F>$6&&J*)>4$G'>$&6%>$6L$G'>$&J%%>3G$=)992F>$234$G'>%>$)7$76?>$2%&'2>696F)&29$>=)4>3&>$ G6$7J**6%G$G')7K$+'>$I'69>$6L$G')7$2%>2$'27#$G'>%>L6%>#$&637)4>%2@9>$*6G>3G)29$G6$M)>94$ ?6%>$)3L6%?2G)63$2@6JG$G'>$>2%9M$4>=>96*?>3G$6L$G'>$=)992F>K$ $ +'>$92M6JG$6L$G'>$=)992F>#$)G7$&'J%&'$234$?236%7#$234$&637)4>%2@9>$3J?@>%$6L$')7G6%)&$ @J)94)3F7#$7J**9>?>3G>4$@M$>;G>37)=>$46&J?>3G2G)63#$G2N>$J*$G'>$7G6%M$L%6?$G'>%>K$+'>$ 2F%)&J9GJ%29$4>=>96*?>3G$6L$G'>$=)992F>$&23$@>$%>24$)3$&63\J3&G)63$I)G'$G'>$7J%%6J34)3F$ 92347&2*>#$G'>$L6%?>%$6*>3$L)>947$234$F%2])3F$63$G'>$(6I37K$[2%?$@J)94)3F7$&23$F)=>$23$ )34)&2G)63$6L$G'>$32GJ%>$234$2?6J3G$6L$&%6*7$F%6I3$234$G'>$GM*>$234$3J?@>%$6L$23)?297$ N>*GK$S2G>%&6J%7>7$234$G'>$?)997$7J**9>?>3G$G')7$7G6%MK$T2%9M$?2*7$234$46&J?>3G7$ )34)&2G>$G'>$&63G%)@JG)63$6L$6%&'2%47$G6$G'>$>&636?M#$)99J7G%2G>4$63$G'>$F%6J34$G642M$@M$ 76?>$23&)>3G$2**9>$G%>>7$)3$G'>$6*>3$7*2&>7$I)G')3$G'>$&6%>$6L$G'>$=)992F>K$+'>$7J%=)=29$6L$ G'>7>$6*>3$7*2&>7$6%$&967>7$)7$63>$6L$G'>$4>L)3)3F$&'2%2&G>%)7G)&7$6L$G'>$=)992F>K$$ $ +'>$@J)94)3F7#$27$2$I'69>$234$)34)=)4J299M#$LJ%G'>%$)99J7G%2G>$G'>$4>=>96*?>3G$6L$G'>$ =)992F>K$1'23F)3F$G>&'3696FM$)7$4>?637G%2G>4$)3$@J)94)3F$?2G>%)297#$27$G)?@>%$L%2?)3F$ F)=>7$I2M$G6$@%)&N#$234$G'2G&'$)7$)3&%>27)3F9M$%>*92&>4$@M$*92)3$&92M$G)9>7$234$92G>%$I)G'$ 792G>K$H2%F>%$I)346I$6*>3)3F7$@>&2?>$*6*J92%$27$2$%>7J9G$6L$)?*%6=>4$G>&'3696FM$L6%$ *%64J&)3F$F9277#$I')&'$@>&2?>$?J&'$&'>2*>%$234$?6%>$%>24)9M$2=2)92@9>K$:G'>%$4>G2)9)3F$ %>L9>&G7$&'23F)3F$L27')637#$I')&'$)7$I'>%>$G'>$'J?23$4)?>37)63$)7$?67G$&9>2%9M$ >;*%>77>4K$!J)94)3F7$'2=>$L6%$&>3GJ%)>7$@>>3$2$=>')&9>$L6%$G'>$4)7*92M$6L$7G2GJ7K$+')7$&23$ @>$7>>3$)3$16%%M463$06J7>$63$H63463$-624#$I'>%>$G'>$?6%>$>;*>37)=>#$234$G'>%>L6%>$ ')F'$7G2GJ7#$&967>a7GJ44)3F$)7$&63L)3>4$G6$G'>$?67G$=)7)@9>$>9>=2G)63$57>>$[)FK$AA8K$.G$&23$@>$ 7>>3$)3$G'>$&'2%?)3F9M$&9J?7M$244)G)63$6L$F)23G$(6%)&$*)927G>%7$G6$0299$!2%3$5[)FK$^8#$F)=)3F$ G'2G$299a)?*6%G23G$364$)3$G'>$4)%>&G)63$6L$&9277)&29$2%&')G>&GJ%>$G'2G$I27$>77>3G)29$L6%$ %>)3L6%&)3F$7G2GJ7K$"34$)G$&23$@>$7>>3$)3$G'>$%>aL%63G)3F$6L$G)?@>%aL%2?>4$@J)94)3F7$I)G'$ @%)&N#$G'>$?J&'$?6%>$L27')632@9>$?2G>%)29$6L$G'>$CcG'$&>3GJ%M#$)34)&2G)3F$G6$3>)F'@6J%7$ 234$=)7)G6%7$G'2G$G'>$'6J7>$)7$J*aG6a42G>K$+'>%>$2%>$?23M$?6%>$>;2?*9>7K$->7>2%&'$63$ )34)=)4J29$@J)94)3F7$I)99$&63G%)@JG>$&637)4>%2@9M$G6$G')7$7G6%MK$ $ !J)94)3F7$2976$&9>2%9M$>;*%>77$G'>)%$LJ3&G)63$234$I'>%>$G')7$'27$&'23F>4K$T=)4>3&>$6L$ L6%?>%$7'6*7$&23$@>$7>>3$)3$+%>@9>$06J7>$+>%%2&>$234$16GG%)997$5[)FK$AW8$2963F$H63463$ -624$234$)3$H23G>%3$16GG2F>$63$O6JG'$OG%>>GK$O>=>%29$I6%N7'6*7$7J%=)=>$234$?6%>$ 4>G2)9>4$%>&6%4)3F$6L$G'>7>$?2M$&63G%)@JG>$G6$23$J34>%7G234)3F$6L$G'>$G%24>7$&2%%)>4$6JG$ G'>%>K$$ $

$QB$ ! ! "#$%!=U'!27))4#//1%>$2%>$2GG%2&G)=>$*236%2?)&$=)>I7$L%6?$G'>$(6I37$234$!9>I@J%G63$0)99#$G'>$ *%)3&)*29$2>7G'>G)&$6L$G'>$=)992F>$)G7>9L$9)>7$)3$G'>$&J?J92G)=>$=29J>$6L$G'>$?M%)24$ *)&GJ%>7ZJ>$732*7'6G7$L%6?$G'%6JF'6JG$G'>$=)992F>K$+'>7>$2%>$6L$)34)=)4J29$@J)94)3F7`$ &9J7G>%7$6L$@J)94)3F7`$6*>3$7*2&>7`$>3&967>4$7*2&>7`$*J@9)&$7*2&>7$234$*%)=2G>$7*2&>7`$ 32GJ%29$=>F>G2G)63$234$&6GG2F>$F2%4>37`$I2G>%&6J%7>7`$F9)?*7>4$=)>I7$46I3$L66G*2G'7$ 234$923>7`$6*>3$=)>I7$G6$G'>$L)>947$7J%%6J34)3F$G'>$=)992F>K$+'>$7&>3>$&'23F>7$2G$>=>%M$ GJ%3K$+'>$ZJ29)GM$234$=2%)>GM$)3$G'>$@J)9G$234$32GJ%29$>3=)%63?>3G$&6?@)3>$G6$&%>2G>$23$ >;G%26%4)32%)9M$2GG%2&G)=>$=)992F>K$ $ S')97G$G'>$')7G6%)&$&6%>$'27$G'>$')F'>7G$2>7G'>G)&$=29J>#$?23M$&'2%2&G>%)7G)&7$6L$G'>$ ?64>%3$4>=>96*?>3G7$2%>$96&299M$4)7G)3&G)=>$234$2GG%2&G)=>K$O6?>$3>F2G)=>$L>2GJ%>7$'2=>$ @>>3$)4>3G)L)>4$I)G')3$G'>$=)992F>$@JG$G'>7>$2%>$L2%$6JGI>)F'>4$@M$G'>$*67)G)=>$63>7$234$ G'>%>$)7$6**6%GJ3)GM$G6$>3'23&>$76?>$6L$G'>7>$G6$?)G)F2G>$G'>)%$3>F2G)=>$)?*2&GK$ $ 16??J329$=29J>7$2%>$6LG>3$4)LL)&J9G$G6$2%G)&J92G>$234$G'>$=)992F>$)7$36$>;&>*G)63$'>%>K$ S'2G$)7$&9>2%$)7$G'2G$G'>$&'2%2&G>%$6L$G'>$')7G6%)&$=)992F>$)7$?J&'$&'>%)7'>4$@M$96&29$ %>7)4>3G7K$/J&'$6L$G'>$=)992F>$)7$6*>3$G6$*J@9)&$2&&>77$234$*J@9)&$=)>IK$+'>$*2G'7#$923>7$ 234$*J@9)&$6*>3$7*2&>7$2&%677$G'>$=)992F>$2%>$)3$42)9M$J7>`$G'>$@J)94)3F7#$)3&9J4)3F$G'>$ &'J%&'$2%>$*2%G$6L$G'2G$>;*>%)>3&>$234$G'>$7>37>$6L$')7G6%M$>?@64)>4$)3$G'>$=)992F>$)7$ >;*>%)>3&>4$63$2$42)9M$@27)7K$$ ) ) )

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a4>7)F32G>4$'>%)G2F>$277>G7$L6%$G'>$*J%*67>7$6L$G'>$<,,[K$+'>7>$7'6J94$@>$ )4>3G)L)>4$@M$G'>$&6??J3)GM$)3$&63\J3&G)63$I)G'$G'>$96&29$2JG'6%)GM$234$)3&9J4>4$63$2$ 96&29$9)7GK$,69)&)>7$G6$*%6G>&G$234$>3'23&>$G'>$7)F3)L)&23&>$6L$G'>7>$7'6J94$@>$)3&9J4>4$)3$ G'>$<>)F'@6J%'664$,923$$ $ +'>$7G2GJG6%M$9)7G$L6%$G'>$=)992F>$)7$9)?)G>4$234$?6%>$@J)94)3F7$2%>$*677)@9M$I6%G'M$6L$ 7G2GJG6%M$4>7)F32G)63K$H)7G$4>7&%)*G)637$2%>$&J%76%MK$[>I$)3G>%)6%7$'2=>$@>>3$7J%=>M>4$234$ )G$)7$'>%>$G'2G$G'>%>$)7$G'>$*6G>3G)29$G6$4)7&6=>%$?J&'$?6%>$2@6JG$G'>$')7G6%M$6L$G'>$=)992F>$ 234$G'>$)3'2@)G23G7$6L$G'>$*27GK$0>%)G2F>$7G2G>?>3G7$7J@?)GG>4$I)G'$9)7G>4$@J)94)3F7$ 2**9)&2G)637$'2=>$4>?637G%2G>4$G'2G$)G$I6J94$@>$2$=29J2@9>$>;>%&)7>$G6$7J%=>M$G'>$ )3G>%)6%7$6L$G'>$')7G6%)&$@J)94)3F7K$"7$G'>$>2%9M$)3L%27G%J&GJ%>$6L$G'>$=)992F>$7J%=)=>7$2963F$ I)G'$76$?23M$)3G>%>7G)3F$@J)94)3F7$234$>;G>37)=>$46&J?>3G2%M$%>&6%47#$0)7G6%)&$T3F9234$ ?)F'G$@>$2**%62&'>4$2@6JG$J34>%G2N)3F$2$LJ99>%$7J%=>M$I)G'$2$=)>I$G6$J*42G)3F$G'>$ 4>7)F32G)637K$$ $ N"6"$P27$I2():/2.$)&$'&+.*12/$I&/$(+7$+2=$12320&452+)"$ ) • ->G2)3$234$>3'23&>$6*>3$2%>27$234$=)>I7$)3$G'>$694$&6%>$6L$G'>$=)992F>$ • ->7*>&G$')7G6%)&$*96G$@6J342%)>7$ • "&&>*G$)3L6%?29$%624$92M6JG7$234$36$7G%>>G9)F'G7$%2G'>%$G'23$246*G)3F$7G2342%4$ ')F'I2M$769JG)637$ • b%>>3$7*2&>7$%>7*>&G)3F$G%24)G)6329$92M6JG$ • ->7*>&G$G%24)G)6329$@J)94)3F$*96G7#$7&29>#$L6%?$234$?2G>%)297$)3&9J4)3F$G>&'3)ZJ>7$ 234$4>G2)9)3F$ • ->&6??>34$G6$96&29$2JG'6%)GM$G6$J34>%G2N>$2$&637>%=2G)63$2%>2$2**%2)729#$@27>4$63$ G')7$%>*6%G#$2$?232F>?>3G$*923$234#$*6G>3G)299M#$23$"%G)&9>$Q$4)%>&G)63$ • ->G2)3$=)>I7$I)G')3$G'>$=)992F>$27$I>99$27$6JG$6L$234$)3G6$G'>$=)992F>K$ • .4>3G)LM$6**6%GJ3)G)>7$G6$>3'23&>$G'>$7)F3)L)&23&>$6L$G'>$=)992F>$ • 1637)4>%$>;G>34)3F$G'>$&637>%=2G)63$2%>2$@6J342%M$G6$)3&9J4>$/6&N@>FF2%V7$0299$ 234$[2%?$ • .4>3G)LM$6**6%GJ3)G)>7$G6$)?*%6=>$G'>$2**>2%23&>$6L$&J%%>3G$3>F2G)=>$L>2GJ%>7$

$QA$ $ P@)K#A#'#50#3)) ) a8;3>/#1,.6!1734+.1'! ! !>%N7')%>$->&6%4$:LL)&>$(UTHUTC$!9>I@J%M$T3&967J%>$"I2%4#$CcBD#$ !>%N7')%>$->&6%4$:LL)&>$(UTHUTQ$+>%%)>%$6L$!9>I@J%M$,2%)7'$&KCcQB$ !>%N7')%>$->&6%4$:LL)&>$(U(CUABUC$!9>I@J%M$G)G'>$2I2%4$234$?2*$CcQB$ !>%N7')%>$->&6%4$:LL)&>$(UTO+TU+c$277)F3?>3G$6L$?6%GF2F>$6L$&6*M'694$&6GG2F>$234$ 6%&'2%4$CX^^$ "%&')G>&GJ%29$0)7G6%M$,%2&G)&>#$R#1)74#+!M3#/6#8$!V.;74)!@74!2,-;B-81#$ABCC#$J*42G>4$ABCD$ $ :3>/#1,.6!1734+.1'! ) 12?@%2M#$-K$M/.?>345'!X!,3864.6!5.-41!7@!;,7)7$4-;,5K$!9>I@J%M$H6&29$0)7G6%M$b%6J*#$ C^X^$ 16&N%>99#$,K$234$e2M#$OK$5>4)G6%78$X!Q#.?!@47B!),.!R#//K$!9>I@J%M$E)992F>$O6&)>GM#$ABBW$ <6%G'>27G#$,K$5C^WQ8$A,#1!Q.8.4->/.!Q#//-$.R$17B.!87).1!78$M/.?>345#$!9>I@J%M$H6&29$ 0)7G6%M$b%6J*K$->*J@9)7'>4$)3$ABBXK$ T3F9)7'$0>%)G2F>#$2781.49-)#78!:4#8+#;/.1#$ABBc$ $ $

$QP$ 2CC#5E+JD);71#)75)1/#),&1/7'3) $ 67'+,5)2)8)2).'75#S)!"#$!"%&'#$()*+,#$-.!"#$/-+,.#$.0!1$'27$@>>3$2$1'2%G>%>4$"%&')G>&G$ 234$1'2%G>%>4$+6I3$,9233>%$L6%$6=>%$PB$M>2%7K$0>$'27$2976$@>>3$2$?>?@>%$6L$G'>$ .37G)GJG>$6L$0)7G6%)&$!J)94)3F$1637>%=2G)63$L6%$AD$M>2%7K$(6%)23$)7$2$&6??)GG>>$?>?@>%$6L$ +'>$.37G)GJG>$6L$0)7G6%)&$!J)94)3F$1637>%=2G)63#$+'>$O6&)>GM$L6%$G'>$,%6G>&G)63$6L$"3&)>3G$ !J)94)3F7#$G'>$.3G>%32G)6329$16??)GG>>$63$/63J?>3G7$234$O)G>7$5.1:/:O8#$.1:/:O$_e$K$ 0>$'27$2976$@>>3$2$&6J%G$?>?@>%$6L$G'>$S6%7')*LJ9$16?*23M$6L$1'2%G>%>4$"%&')G>&G7$234$ 2$+%J7G>>$6L$+'>$02?*7G>24$b2%4>3$OJ@J%@$+%J7GK$$ $ (6%)23$'27$I6%N>4$L6%$6=>%$PB$M>2%7$27$0)7G6%)&$!J)94)3F7$234$"%>27$.37*>&G6%$I)G'$T3F9)7'$ 0>%)G2F>#$36I$0>%)G2F>$T3F9234#$%>7*637)@9>$L6%$*%6=)4)3F$24=)&>$G6$299$G'>$H63463$ !6%6JF'7$234$@6G'$G'>$1)GM$16J3&)97K$(6%)23$'27$2976$I6%N>4$27$2$&637J9G23G$234$>;*>%G$ I)G3>77$L6%$6=>%$AB$M>2%7$24=)7)3F$2$I)4>$=2%)>GM$6L$&9)>3G7$63$'>%)G2F>$234$4>7)F3$?2GG>%7$ )3=69=)3F$4>=>96*?>3G$I6%N#$29G>%2G)637#$>;G>37)637$234$3>I$@J)94$*%6\>&G7$2776&)2G>4$ I)G'$9)7G>4$@J)94)3F7$234$&637>%=2G)63$2%>27$)3$4>7)F3$234$'>%)G2F>$7>37)G)=>$96&2G)637K$ $$ 0>$)7$2$*23>9$?>?@>%$6L$@6G'$G'>$H63463$!6%6JF'$6L$.79)3FG63$(>7)F3$->=)>I$,23>9$234$ G'>$f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a1'2)%K$ $$ e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a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

$QQ$ APPENDIX 1 OXFORD CHARACTER ASSESSMENT TOOLKIT

DETAILED CHARACTER ASSESSMENT

CONTENTS

INTRODUCTION 1

HOW TO USE THE TOOLKIT 2

SURVEY DETAILS 4

1. Initial Reaction 4

2. Spaces 5

3. Buildings 6

4. Views 7

5. Landscape 8

6. Ambience 8

7. Final Reaction 9

8. Spirit of Place 9

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment

INTRODUCTION

This character assessment toolkit is designed to help you examine the character of areas, buildings and places in areas of Oxford to identify the features that contribute to their distinctiveness, interest and amenity. It also provides opportunities to identify features or issues that detract from the character of areas, spaces and buildings.

How the toolkit will be used

The historic environment makes an important contribution to the character of the city as a distinctive, interesting and special place. The buildings, spaces, associations and history that combine to create places mean different things to different people. The toolkit should help people to analyse the character of areas, spaces and buildings in a structured way. This should help to identify, define and understand the significance and value of different features of the environment that contribute to its character and distinctiveness.

While there is an accepted need for change to occur within many places in the city, proposals for change should be measured against their existing significance to ensure that their present values are not eroded. This should help to ensure that change enhances and sustains the value of the historic environment to the city for ourselves and future generations. The evidence and understanding provided by the process will enable management of change in an effective and positive manner.

What makes up character?

Elements of character include both the uses of an area and its physical features, such as styles of building, construction materials, architectural details or green landscape features. Others elements of character may be more emotional or personal perceptions of a place, such as historical or cultural associations with a place or building. Others may be relatively ephemeral or transitory, such as the smells and sounds associated with particular activities, which may occur only at certain times of the day or year. The features, listed in the Survey Sheets below, are common components of character, but the list is not exhaustive.

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 1

HOW TO USE THE TOOLKIT

Undertaking your character assessment

In undertaking your assessment it is important to visit the area/building/space to complete a visual survey. In pilot studies, people have found they prefer to take photos and make brief notes whilst in the area, giving them time to examining the surroundings. They then make more detailed notes on the questionnaire, once they have completed the survey. Although there is no prescribed method for carrying out an assessment, the following structure may be helpful:

! It works best on a street by street basis. If you wish to assess a larger area it will be worth surveying each street individually and putting together an overall picture after all the surveys are finished. ! Take an initial walk around your survey area. Use this opportunity to note your initial thoughts/perceptions of the area and assign a score (see below) to the broad character features. ! Taking photographs is strongly recommended as they can illustrate and visually explain any comments you make on the questionnaire. They are also useful to look back over after you have completed the survey. ! Annotating a street plan/map is also a useful way to explain certain features e.g. direction of views, location of key buildings, spaces, etc. ! Make comments using the explanation of terms to prompt your thoughts. ! Give a score to each feature based on your opinion of its negative or positive contribution to the space. ! It is also worth noting how the building/space/area being assessed relates to its wider context e.g. how a building sits within a street or a street within an area. The setting and interrelationships between the single element, such as a building, and the wider context, such as the street, are just as important as the quality of the buildings themselves.

The tool kit is divided into a series of themed questionnaires that will prompt you to consider the contribution of different features that might contribute to the character of the area/building/space. The features listed are the main components of character but the list is not exhaustive. Depending upon the asset being assessed e.g. a building, street, space etc, not every feature in the list may be relevant and a comment should be entered only where applicable.

Each feature requires a brief comment of how you feel it contributes to the character and value of the area. The option is provided to assign a numerical score to reflect your perception of the significance of each feature to the character of the asset. The ‘scores’ given may vary from one individual to another. However, trends will be seen when comparing different surveys of the same asset.

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 2

Initial Reaction to an Area A visual study may only take you so far in The initial reaction is a summary of what you understanding what is special about an area. see and feel when you first enter the area being By researching its history you may develop a assessed. better understanding of how the buildings and spaces reflect its evolution and its unique character. You may wish to focus this research Survey on how the physical characteristics reflect the process of its development, such as the formal In the main body of the toolkit, the character design of a landscape, the functional and artistic features outlined in the ‘Initial Reaction’ section elements of a building that reflect its use, or the are broken down into individual questionnaires. social and economic processes that have These prompt a finer level of analysis of each of influenced the evolution of a settlement. The the broader character themes. Again, not every Character Assessment Toolkit website includes feature in the list may be relevant and a a Research Area with tips and links to help you comment and a numerical value should be get started with your research. Some of the entered only where applicable. information may be readily accessible as online resources, whilst others may require visiting the local studies library, record office or other Final Reaction archives.

This prompts a reassessment of your initial reactions. It allows you to see if your perception Assigning numerical values to features of the asset’s character has changed as a result Assigning a numerical value or score provides a of the in-depth study. Try placing the nine mechanism for analysing and interpreting character groups in an order of preference, with results over a wider area. Without scoring ‘1’ being the feature you feel the most important consistent interpretation and evaluation of text contribution to its character and ‘9’ the least. and written comments can be difficult

! +1 to +5: Positive features that add to the Spirit of Place character or special nature of an area. This ranges from +1, slightly adds to the This is an open question allowing you to character, to +5, that significantly adds to articulate what you feel about the place and how the character. it influences all your senses ! 0: Neutral features that are neutral. They neither detract nor add from/to the character of the area. Need more help? ! -5 to -1: Negative features that A guidance document is available to view on the detract/take away from the area. This Character Assessment Toolkit Website. This ranges from -5, significantly detract, to -1, includes explanations of some of the terms used slightly detract. in the questionnaires and some prompts to help you think about the contribution of different types of features to the character of the area. If you feel there is an additional feature, feel free to make a note of that separately in the comments box at the end of the questionnaire. Not every feature in the list may be relevant and you need only enter a comment where you feel it is applicable.

Further Research

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 3

SURVEY DETAILS STREET/BUILDING/ AREA NAME DATE TIME WEATHER

1: INITIAL REACTION: What do you first see as making the most important contribution to the character of the area? Is the area’s character defined by the public or private spaces, groups of buildings or particular views, the presence of particular materials or its trees and greenery? Do these reflect particular aspects of the area’s history? Are less tangible features, such as the activity, noises and smells of the area significant? Please provide a few brief reasons for your choices. FEATURE COMMENTS VALUE -5 TO +5 SPACES

BUILDINGS

VIEWS

LIGHT/DARK

SURFACES

GREENERY & LANDSCAPE

USES AND ACTIVITY

NOISES AND SMELLS

GENERAL COMMENTS

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 4

2: SPACES: A ‘space’ is normally the gap between buildings and other features. They may be formally designed or develop informally over time. They may be enclosed by surrounding buildings, trees and foliage, have structure created by the alignment and spacing of surrounding buildings or property boundaries, and be narrow or wide and open. The character of areas can depend on their uses and vibrancy, as well as the choice of paving, kerbs, seating, telephone or post boxes or the presence of formal planting or other greenery. FEATURE COMMENTS VALUE -5 TO +5 FORMAL / INFORMAL SPACES

GAPS BETWEEN BUILDINGS

MEANS OF ENCLOSURE

BUILDING PLOTS

WIDE/OPEN SPACES

NARROW / ENCLOSED SPACES

WINDING / STRAIGHT SPACES

RELATIONSHIP OF THE SPACE TO BUILDINGS AND STRUCTURES

USES AND ACTIVITY

PAVING MATERIALS

STREET FURNITURE

IMPACT OF VEHICLES AND TRAFFIC

USABILITY AND ACCESSIBILITY OF THE SPACE

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 5

3.0 BUILDINGS: Do buildings make an important contribution to the character of the area and if so what features are significant to their contribution? Do buildings reflect an important period in the area’s history and is this reflected in their past or current use? Do buildings share a uniform scale and size, or is there a high degree of variation that is visually attractive? Are the buildings very old or do they form a single development with shared or similar architectural detailing? Do styles of windows, doors or other features add to the visual interest of the buildings, reflect their origins and use, or form part of a designed scheme? What condition are the buildings in? Have changes increased or reduced their interest, or have they lost important features? FEATURE COMMENTS VALUE -5 TO +5 CONTRIBUTION OF BUILDINGS TO THE SPACE

SIZE/SCALE

AGE

MATERIALS

WINDOWS

DOORS

ROOFS / CHIMNEYS / GABLES

USES (PAST AND PRESENT)

CAN YOU TELL IF A BUILDING HAS BEEN ALTERED?

CONDITION

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 6

4.0 VIEWS: Are there views of interest and distinction? Is a view well known because of a historical event, painting, prose or poetry, or is it popular with local residents as a part of a public place? Are views glimpsed through gaps between buildings, channelled by lines of trees or buildings, or open and expansive? Does the shape of a street create a series of views, or is a single viewing point particularly important? What features of the view contribute to its interest? Does a landmark, such as a building or group of trees, form a focal point? Does the view include an attractive frontage or roofscape? Is the view urban or rural in character? Do background features like the city’s rural setting contribute to the view’s attractiveness? FEATURE COMMENTS VALUE -5 TO +5 HISTORIC / POPULAR VIEWS

FORM OF VIEW: SHORT OR LONG, UNFOLDING, GLIMPSED, CHANNELLED OR WIDE AND OPEN

FOCAL POINTS

STREETSCAPE

ROOFSCAPE

URBAN/RURAL VIEWS

VIEWS OUT OF THE SPACE

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 7

5.0 LANDSCAPE: What landscape features contribute to the area’s character and how do they affect it? Do hedgerows or grass verges create a rural feel or do street trees provide a leafy suburban character. What hard surfaces are present, are they attractively designed or do they use materials that are out of keeping with the area? Does their maintenance affect their contribution? Is a river of canal a significant feature in the area? Does it have scenic or wildlife value? FEATURE COMMENTS VALUE -5 TO +5 LEAFY AND/OR GREEN IMAGE

HARD URBAN LANDSCAPE

PUBLIC/PRIVATE GREENERY

DOES WATER FORM A KEY FEATURE OF THE AREA TOPOGRAPHY

6.0 AMBIENCE: Many less tangible features, such as activity, changes in light during the day, shadows and reflections affect reaction to an area. How does the area change between day and night? Do dark corners or alleyways feel unsafe at night time? What smells and noises are you aware of and is the area busy or tranquil? What affect, if any, does vehicle traffic have on character?

FEATURE COMMENTS VALUE -5 TO +5

ACTIVITIES

LEVEL OF ACTIVITY

TRAFFIC

DARK, SHADY, LIGHT, AIRY

DAY AND NIGHT

SMELLS

NOISES

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 8

7.0: FINAL REACTION: Take a moment to consider the notes and scores that you made, in your initial reactions survey sheet and the subsequent pages. Are there any features that you would now rate as having a greater positive or negative value, or are there particular aspects of these features that you would highlight as having a high significance to the character of the area? Try ranking the features in order of their relative importance in forming the area’s character and appearance. RANK IN ORDER OF CONTRIBUTION BETWEEN 1 (HIGH) AND 9 (LOW)

FEATURE EXAMPLE YOUR HIERARCHY

BUILDINGS 1

SPACES 5

LONG/SHORT VIEWS 2

LIGHT/DARK 4

SURFACES 3

GREENERY & LANDSCAPE 6 FEATURES NOISE, SMELL AND TRAFFIC 7

8.0 SPIRIT OF PLACE: Having undertaken the survey and scoring now try to sum up the character of the area in a few brief sentences, picking out the most significant positive and negative features of its character and appearance.

OXFORD CHARACTER ASSESSMENT TOOLKIT: Detailed Character Assessment 9