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Annual Report 2007 LVMH RA 2007•GB Ok:LVMH RA 2007•FRS 4/02/08 14:55 Page 3
LVMH RA 2007•GB ok:LVMH RA 2007•FRS 4/02/08 14:55 Page 2 LVMH PASSIONATE ABOUT CREATIVITY Annual report 2007 LVMH RA 2007•GB ok:LVMH RA 2007•FRS 4/02/08 14:55 Page 3 passionate contents 02 . Chairman’s Message 14 . Review of operations 06. Financial Highlights 16. Wines & Spirits 08. Interview with Antonio Belloni: 24. Fashion & Leather Goods Many talents – A unique success 32. Perfumes & Cosmetics 10. Corporate Governance 40. Watches & Jewelry 12. The LVMH Share 46. Selective Retailing LVMH RA 2007•GB ok:LVMH RA 2007•FRS 4/02/08 14:56 Page 4 2007 LVMH about creativity 2007 52 . Sustainable development 54. Human resources Strengthening talents – Committing values 62. Corporate sponsorship to support culture, youth and humanitarian action 63. Protecting the environment 67 . Consolidated Financial Statements 01 LVMH RA 2007•GB ok:LVMH RA 2007•FRS 4/02/08 14:56 Page 5 Chairman’s Message Chairman’s The main strength of our Group, demonstrated by the consistency of the financial results, is without doubt LVMH’s unique portfolio of exceptional, globally recognised brands which are emblematic of the history and the world Bernard Arnault of luxury. an 02 Continue LVMH RA 2007•GB ok:LVMH RA 2007•FRS 5/02/08 9:44 Page 6 2007 LVMH THE GROWTH OF LVMH HAS BEEN DRIVEN BY STRONG CONSUMER DEMAND FOR OUR PRODUCTS, AS MUCH IN EUROPE AND THE UNITED STATES AS IN EMERGING MARKETS. IN CHINA, RUSSIA AND INDIA, ALL MARKETS WITH STRONG CULTURAL TRADITIONS, NEW CLIENTS ARE LOOKING TO LVMH’S STAR BRANDS AS SYMBOLIC OF A LIFESTYLE TO WHICH THEY ASPIRE ENTHU- SIASTICALLY. -
Tequila List
TEQUILA SILVER TEQUILA AÑEJO Blue agave spirit in it’s Blue agave spirit aged in purest form - barrels for a minimum of a clear and unaged. year, often longer - amber TEQUILA REPOSADO color, smooth flavor. Blue agave spirit aged in TEQUILA EXTRA AÑEJO whiskey, cognac or wine Blue agave spirit aged in barrels for about a year - barrels at least 3 years exquisite flavors inherited - darker, extremely smooth from previous spirit. and complex. TEQUILASilver ReposadoLIST Añejo Price per 2oz shots Chinaco 12.50 14.50 16.50 Don Julio 12.50 14.50 16.50 Cabo Wabo 12.50 14.50 16.50 El Tesoro 9.50 12.50 19.50 Patron 12.50 12.50 13.50 Maestro Dobel 12.50 4.50 18.50 Hornitos 10.50 12.50 14.50 Tres Generaciones 9.50 10.50 11.50 Jose Cuervo Tradicional 12.50 14.50 X Tequila 1850 11.50 12.50 16.50 Cazadores 11.50 14.50 16.50 Corazón 12.50 16.50 18.50 Corralejo 12.50 14.50 16.50 Herradura 12.50 14.50 16.50 Milagro 11.50 11.50 12.50 Pueblo Viejo 10.50 12.50 14.50 Siete Leguas 12.50 14.50 16.50 Frida Kahlo 12.50 14.50 16.50 Asombroso 14.50 18.50 22.50 Partida 10.50 11.50 12.50 Corzo 12.50 14.50 16.50 Casamigos 12.50 14.50 16.50 Casa Noble 14.50 16.50 18.50 1921 Tequila 14.50 16.50 18.50 Gran Centenario12.50 14.50 16.50 Peligroso 12.50 14.50 16.50 Don Pilar X X 15.50 El Charro 10.50 12.50 14.50 El Jimador 10.50 12.50 14.50 SPECIALTYTEQUILAS Cabo Uno 55 Casa Noble Añejo 5 Years 25 Corralejo Extra Añejo 16 Don Pilar Extra Añejo 24 Don Julio Real 65 Don Julio 1942 24 Herradura Seleccion Suprema 55 Jose Cuervo Reserva de la familia 35 Rey Sol 55 Siete Leguas -
Brand Listing for the State of Texas
BRAND LISTING FOR THE STATE OF TEXAS © 2016 Southern Glazer’s Wine & Spirits SOUTHERNGLAZERS.COM Bourbon/Whiskey A.H. Hirsch Carpenders Hibiki Michter’s South House Alberta Rye Moonshine Hirsch Nikka Stillhouse American Born Champion Imperial Blend Old Crow Sunnybrook Moonshine Corner Creek Ironroot Republic Old Fitzgerald Sweet Carolina Angel’s Envy Dant Bourbon Moonshine Old Grand Dad Ten High Bakers Bourbon Defiant Jacob’s Ghost Old Grand Dad Bond Tom Moore Balcones Devil’s Cut by Jim James Henderson Old Parr TW Samuels Basil Haydens Beam James Oliver Old Potrero TX Whiskey Bellows Bourbon Dickel Jefferson’s Old Taylor Very Old Barton Bellows Club E.H. Taylor Jim Beam Olde Bourbon West Cork Bernheim Elijah Craig JR Ewing Ole Smoky Moonshine Westland American Blood Oath Bourbon Evan Williams JTS Brown Parker’s Heritage Westward Straight Blue Lacy Everclear Kavalan Paul Jones WhistlePig Bone Bourbon Ezra Brooks Kentucky Beau Phillips Hot Stuff Whyte & Mackay Bonnie Rose Fighting Cock Kentucky Choice Pikesville Witherspoons Bookers Fitch’s Goat Kentucky Deluxe Private Cellar Woodstock Booze Box Four Roses Kentucky Tavern Rebel Reserve Woody Creek Rye Bourbon Deluxe Georgia Moon Kessler Rebel Yell Yamazaki Bowman Hakushu Knob Creek Red River Bourbon Bulleit Bourbon Hatfield & McCoy Larceny Red Stag by Jim Beam Burnside Bourbon Heaven Hill Bourbon Lock Stock & Barrel Redemption Rye Cabin Fever Henderson Maker’s Mark Ridgemont 1792 Cabin Still Henry McKenna Mattingly & Moore Royal Bourbon Calvert Extra Herman Marshall Mellow Seagram’s 7 -
ALL COCKTAILS $13 Ol Fashionista the Five Points New York Sazerac
ALL COCKTAILS $13 Ol! Fashionista The Five Points Woodford Reserve Bourbon Whiskey, Grand Appleton Estate VX Rum, Domaine de Canton Marnier, Fresh Squeezed Orange Juice, Muddled French Ginger Liqueur, Fresh Mint, Cherries and Citrus Fruits Lemon & Ginger New York Sazerac The Baxter Street Sazerac Rye Whiskey, Landy Cognac VS, Simple Right Gin, Zen Green Tea Liqueur, Soho Lychee Syrup, Peychaud"s Bitters, Absinthe Liqueur, Green Tea, Lemon Juice Whiskey Bang Cherry Pisco Sweet Balvenie Single Malt Scotch 10 year, Doc"s Hard BaSol Pisco Grape Brandy, Cherry Kijafa, Fresh Cider, Baronjager Honey Liqueur, Ginger Beer Lemon Juice, Egg White, Sugar Side By Side Car Jalerita Landy Cognac VS, Green Chartreuse, Cointreau, Corzo Tequila Silver Agave, Jalapenos, Homemade Fresh Lemon and Pineapple Juice Sour Mix, Fresh Squeezed Orange Juice Upper Manhattan Sexy Bison Rittenhouse Bonded 100 Proof Rye Whisky, Bak"s Bison Grass Vodka #aphrodisiac$, Martini & Rossi Dry Vermouth, Angostura Bitters, Fresh Mint, Cynar Artichoke Orange Bitters, Maraschino Syrup, Orange Peel Aperitif #aphrodisiac$, Champagne The Martine Rosy Pom Old Tom Gin, Dry Vermouth, Orange Bitters, Crop Organic Artisanal Vodka, Rose Sherbet, Maraschino Cherry, Lemon Zest PAMA Pomegranate Liqueur, Cointreau The Green Fairy Raspberry Truffle K%bler Absinthe, St. Germain Elderflower Liqueur, Three Olives Chocolate Vodka, Massenez Cr&me de Club Soda, Agave Nectar Framboise, Fresh Raspberries The K%bler Drip Culantro Martini The traditional Absinthe ritual, Ice Water dripped Crop Organic Cucumber Vodka, Cointreau, from a fountain into a glass of Absinthe, through a Muddled Cilantro and Cucumber, slotted spoon containing a Sugar Cube Fresh Lime Juice La Jos'phine Wild Hibiscus Royale Caf' Boheme Liqueur, 99 Bananas Liqueur, Marquis De La Tour Brut, Edible Wild Hibiscus Whipped Cream Flower, Raspberry & Rhubarb Syrup . -
Technical Program
MONDAY, JULY 30 11:00AM 1801770 Polysaccharide Composites as Barrier Materials Jeffrey Catchmark, Penn State, University Park, PA TECHNICAL PROGRAM United States (Presenter: Jeffrey Catchmark) (Jeffrey MONDAY, JULY 30 Catchmark, Kai Chi, Snehasish Basu) 9:30AM-12:00PM 11:15AM 1800994 Production and characterization of in situ synthesis of silver nanoparticles into TEMPO-mediated oxi- The purpose of these Sessions is the open exchange of dized bacterial cellulose and their antivibriocidal ac- ideas, therefore, remarks made by a participant or mem- tivity against shrimp pathogens Sivaramasamy Elayaraja, Zhejiang University, ber of the audience cannot be quoted or attributed to ei- Hangzhou, Zhejiang China, People’s Republic of (Pre- ther the individual or the individuals’ company. NO senter: Sivaramasamy Elayaraja) (Sivaramasamy Ela- RECORDING of the participants’ remarks or discussion is yaraja, Liu Gang, Jianhai Xiang, Songming Zhu) 11:30AM 1801330 Design, Development, Evaluation of Gum Arabic permitted. Pictures of any material shown here are not Milling Machine permitted. Eyad Eltigani, University of Khartoum, Khartoum, Khar- toum Sudan (Presenter: Eyad Eltigani) (Eyad Mohamed Eltigani Abuzeid, Khalid Elgassim Mohamed Ahmed, In respect for the presenters and the people attending the Hossamaldein Fadoul Brima) conference, ASABE would request that anyone having a 11:45AM 1801112 The Design of Longitudinal - axial cylinder for the combine pager, cell phone, or other electronic device please turn Meng Fanhu, Sandong University Technology, Zibo, them off. If your situation does not allow for these devices Shandong province China, People’s Republic of (Pre- to be turned off, please reseat yourself close to an exit senter: Meng Fanhu) (Meng Fanhu) such that everyone can benefit from the information pre- sented here without disruption. -
Lakeway Drink Menu
Wines Bubbles & Rose Glass Bottle PROSECCO Lunetta - Italy 187ml 8 CAVA Segura Viudas - Spain 187ml 8 ROSE Ca Maiol - Italy 9 36 ROSE Fleurs de Prairie 10 40 SPARKLING Opera Prima Brut 5 20 Whites Glass Bottle Albariño Ramon Bilbao - Spain 9 36 Pinot Grigio Ruffino Lumina - Italy 8 32 Sauvignon Blanc Matua - New Zealand 9 36 Sauvignon Blanc Ant Moore - New Zealand 9 36 Chardonnay Simi - California 10 40 Chardonnay La Crema - Nappa Valley 10 40 Reds Glass Bottle Pinot Noir Portlandia - Oregon 10 40 Garnacha Tres Picos - Spain 9 36 Zinfandel Earthquake- Lodi 2015 11 44 Merlot Boomtown- Dusted Valley 9 36 Blend Equalizer - Sonoma 11 44 Malbec Doña Paula - Argentina 9 36 Cabernet Suavignon Trapiche - Argentina 10 40 Tupungato Doña Paula 1350 - Argentina 48 ***Wines may be subject to availability*** Beer Local: Thirsty Goat, HefeWeizen Live Oak Fire Eagle IPA Domestic: Bud Lite, Miller Lite, Shiner Import: Bohemia, Carta Blaca, Corona, Pacifico, Modelo Especial, Negra Modelo, Victoria, XX Lager *Happy Hour every day from 4pm to 6pm ~ Drink Responsibly ~ Margaritas and Tequila Top Shelf Catarina Margarita 10/11 Don Julio Blanco, Bauchant, lime, and agave nectar; served on the rocks Agave Margarita 6/8 La Flaquita 9/10 Santa Catarina house Lalo Tequila Silver, margarita frozen or on Cointreau, fresh lime the rocks El Jacobo 9/10 Catarina Hornitos Plata, Cointreau li- Margarita 7/9 quor and fresh lime; served Our house margarita with on the rocks fresh fruit juice; choose from: Mango, Strawberry, Oaxaqueña 9/10 Tamarind, Cucumber, Zunte Mezcal, -
Mezcal Margarita Stand Tequila
MA RGA R I TA STAN D SERVED FROZEN, ROCKS OR UP WITH SALT, SUGAR OR TAJIN Standard Grande Pitcher Margarita 9 13 32 Cazadores Tequila, Triple Sec & lime juice Flavored Margaritas 12 16 35 Mango, Coconut, Guava, Passion Fruit, Pomegranate, Watermelon, Tamarindo, Peach, Banana & Raspberry Flamin Lobo Margarita 12 16 35 Sauza cucumber, chili tequila, jalapeño & muddled lime Blue Margarita 12 16 35 Cabo Wabo Blanco Tequila, Blue Curacao & fresh lime juice Perfect Margarita 13 17 36 Roca Patron Silver, Patron Citronge & fresh lime juice Sangria Margarita (Red or White) 12 16 35 Espolon Blanco Tequila, lime juice, triple sec & sangria Sour Patch Margarita 13 17 36 Blue Nectar Tequila, Midori Melon liqueur, triple sec, sour mix & orange juice BULLDOG MARGARITA 16.00 ROYAL RITA 19.00 Herradura Silver Tequila, triple sec, Standard or flavored margarita margarita mix & coronita with Courvoisier UPGRADE YOUR MARGARITAS WITH OUR WIDE SELECTION OF PREMIUM TEQUILAS 5 EXTRA T EQ U I LA Cazadores Silver 10 Cabo Wabo Blanco 9 Cazadores Reposado 11 Cabo Wabo Reposado 10 Don Julio Blanco 10 Casa Noble Crystal 8 Don Julio Reposado 12 Casa Noble Reposado 10 Jose Cuervo Silver 8 Casamigos Blanco 8 Jose Cuervo Gold 10 Casamigos Reposado 10 Herradura Silver 10 Patron Silver 10 Herradura Reposado 12 Patron Reposado 11 Herradura Añejo 13 Patron Añejo 12 1800 Silver 9 Patron Café 10 1800 Reposado 10 Roca Patron Silver 12 Corzo Silver 11 Roco Patron Reposado 13 Corzo Reposado 13 Roco Patron Añejo 14 Corzo Añejo 14 Monte Alban Silver 7 Blue Nectar Silver 8 Espolon -
Scientific Program Table of Contents
Scientific Program Table of Contents Sunday, July 11 SYMPOSIA AND ORAL SESSIONS SYMPOSIUM: Triennial Growth Symposium: Dietary Regulation of Growth and Development . 53 ASAS Western Section Graduate Paper Competition. 53 SYMPOSIUM: National Extension Workshop: The Impact of Major Food Policy Shifts on the US Food Supply and its Producers: Animal Welfare Issues . 55 SYMPOSIUM: Informal Nutrition Symposium: Connecting Nutrition, Biochemistry, Genetics, Physiology, and Microbiology to Enhance Our Knowledge in Improving Animal Agriculture . 56 Johne’s Disease Integrated Program (JDIP) Meeting . 56 Late Breaking/Original Research . 56 Monday, July 12 POSTER PRESENTATIONS Animal Behavior and Well-Being: Livestock. 57 Animal Health: Infl ammation, Infection, and Stress . 58 Animal Health-Johne’s Disease (JDIP): Johne’s Disease . 60 Breeding and Genetics: Beef Cattle. 61 Food Safety 1 . 63 Forages and Pastures: Dairy Forages and Forage Quality . 63 Forages and Pastures: Grazing and Forage Management . 65 Immunology and Pathology: Poultry Immunology and Pathology . 66 Lactation Biology 1. 66 Meat Science and Muscle Biology: Beef Quality . 67 Scientific Graduate Student Poster Competition: National ADSA Dairy Foods Poster. 69 TOC Graduate Student Poster Competition: National ADSA Production MS Poster. 70 Graduate Student Poster Competition: National ADSA Production PhD Poster . 70 Nonruminant Nutrition: Amino Acids . 71 Nonruminant Nutrition: Feed Ingredients . 73 Physiology and Endocrinology: Nutritional Effects on Reproduction and Development . 75 Physiology and Endocrinology: Pregnancy. 76 Physiology and Endocrinology: Reproductive Endocrinology . 76 Physiology and Endocrinology: Reproductive Management. 77 Production, Management and the Environment: Microbiology . 77 Production, Management and the Environment: Poultry . 77 Production, Management and the Environment: Small Ruminant . 79 Production, Management and the Environment: Swine . -
Price List Wine
Bristol Group of Companies Price List Wine Germany Item Description Size Per CS EA ex. VAT EA inc. VAT CS inc. VAT Still Wine 13056 DEINHARD PIESPORTER RIESLING 750ML 12 12.05 13.50 145.00 Champagne Item Description Size Per CS EA ex. VAT EA inc. VAT CS inc. VAT Champagne 14301 BEAU JOIE BRUT ROSE SPECIAL CUVEE 750ML 6 107.14 120.00 648.00 750ML Champagne 14300 BEAU JOIE BRUT SPECIAL CUVEE 750ML 750ML 6 84.82 95.00 513.00 Champagne 14302 BEAU JOIE DEMI SEC SUGAR KING 750ML 6 84.82 95.00 513.00 Champagne 13270 BILLECART SALMON BRUT 750ML 6 75.89 85.00 459.00 Champagne 13277 BILLECART SALMON BRUT ROSE 750ML 6 115.13 128.95 624.00 Champagne 13278 BILLECART SALMON DEMI SEC 750ML 6 75.89 85.00 459.00 Champagne 14045 BOLLINGER CUVEE BRUT 375ML 375ML 6 47.32 53.00 285.00 Champagne 14047 BOLLINGER CUVEE BRUT 3L 3L 1 397.32 445.00 445.00 Champagne 12717 BOLLINGER CUVEE BRUT 750ML 750ML 6 91.07 102.00 549.00 Champagne 12889 BOLLINGER 'LA GRANDE ANNEE' 750ML 6 153.53 171.95 328.00 Champagne 14063 BOLLINGER ROSE CHAMP 1.5L 1.5L 3 250.89 281.00 756.00 Champagne 12751 BOLLINGER ROSE CHAMPAGNE 750ML 6 109.78 122.95 663.00 Champagne 13988 LAURENT PERRIER GRAND SIECLE 750ML 6 266.03 297.95 1,608.00 Champagne 13998 LAURENT PERRIER HARMONY DEMI S 750ML 6 71.43 80.00 432.00 Champagne 13906 LAURENT PERRIER LA CUVEE 1.5L 1.5L 6 142.86 160.00 864.00 Champagne 13909 LAURENT PERRIER LA CUVEE 375ML 375ML 12 41.07 46.00 496.00 Champagne 13907 LAURENT PERRIER LA CUVEE 3L 3L 1 424.11 475.00 475.00 Champagne 13905 LAURENT PERRIER LA CUVEE 750ML 750ML 6 71.43 80.00 432.00 Champagne 13129 LAURENT PERRIER ROSE 1.5L 1.5L 3 350.00 392.00 1,058.00 Champagne 12574 LAURENT PERRIER ROSE BRUT 750ML 6 119.64 134.00 723.00 Sparkling Wine Item Description Size Per CS EA ex. -
2012 Annual Financial Report
Translation of the French “Rapport financier annuel” Fiscal year ended December 31, 2012 2012 Annual Financial Report This document is a free translation into English of the original French “Rapport financier annuel”, hereafter referred to as the “Annual Financial Report”. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 1_VA_V5 27/05/13 12:35 Page2 Executive and Supervisory Bodies Statutory Auditors as of December 31, 2012 BOARD OF DIRECTORS STATUTORY AUDITORS Florian OLLIVIER ERNST & YOUNG et Autres Chairman and Chief Executive Officer represented by Olivier Breillot Nicolas BAZIRE MAZARS Group Managing Director represented by Simon Beillevaire Representative of Groupe Arnault SAS Denis DALIBOT Pierre DE ANDREA Representative of Montaigne Finance SAS Pierre DEHEN Representative of GA Placements SA Lord POWELL of BAYSWATER 2 2012 Annual Financial Report Contents Management report of the Board of Directors 5 1. Consolidated results 6 2. Results by business group 8 3. Business risk factors and insurance policy 17 4. Financial policy 23 5. Results of Financière Agache 27 6. Information regarding the Company’s share capital 28 7. Administrative matters 28 8. Financial authorizations 29 9. List of positions or offices exercised in all companies by company officers 30 10. Exceptional events and litigation 33 11. Subsequent events 34 12. Recent developments and prospects 34 Consolidated financial statements 35 1. Consolidated income statement 36 2. Consolidated statement of comprehensive gains and losses 37 3. Consolidated balance sheet 38 4. Consolidated statement of changes in equity 39 5. -
INFLUENCES from the COAST Our Creations Are Inspired by a Journey Along the Curves of the Coastline Between France and Italy, St
INFLUENCES FROM THE COAST Our creations are inspired by a journey along the curves of the coastline between France and Italy, starting from the Côte d’Azur and going all the way down to Calabria. The flavours and fragrances collected during our travels have been translated into creations playing with textures and interesting combinations. Our concoctions are carefully prepared with wild and harvested ingredients to capture the essence of the Mediterranean. BUBBLES france 12,5cl 75cl Champagne - r de ruinart nv 17 95 Champagne - Blanc de Blancs Grand Cru - Le Mesnil nv 21 119 Champagne - Les 7 Crus - agrapart nv 120 Champagne - Grand Brut - Perrier-Jouet nv 122 Champagne - Special Cuvée - Bollinger nv 125 Champagne - Veuve clicquot nv 130 Champagne - Blanc de Blancs - ruinart - nv 135 Champagne - Rich - Veuve clicquot nv 155 Champagne - Grande Cuvée - Krug nv 350 Champagne - Ace of Spades - armand de Brignac nv 950 Champagne - Belle Epoque - Perrier-Jouet 2007 235 Champagne - 1er cru - Vertus - Larmandier-Bernier 2007 145 Champagne - Cristal - Louis roederer 2007 450 Champagne - Dom Pérignon 2006 48 275 Champagne - Grande Annee - Bollinger 2005 290 Champagne - Grand Cru - Présidence - Legras 2004 125 Champagne - Vintage - Pol roger 2004 195 Champagne - Gold label - Lanson 2002 140 Champagne - Dom ruinart 2002 290 Champagne - Louise - Pommery 1999 225 Champagne - P2 - Dom Pérignon 1998 675 Champagne - Vintage - Krug 1998 475 Champagne - Salon 1995 2900 Champagne - RD - Bollinger 1976 1800 Prices are in £, inclusive of VAT. BUBBLES france -
Lvmh Moët Hennessy Louis Vuitton
LVMH MOËT HENNESSY LOUIS VUITTON LVMH Moët Hennessy Louis Vuitton (incorporated with limited liability in the Republic of France) Euro 10,000,000,000 Euro Medium Term Note Programme Due from one month from the date of original issue Under the Euro Medium Term Note Programme described in this Base Prospectus (the “Programme”), LVMH Moët Hennessy Louis Vuitton (“LVMH” or the “Issuer”) subject to compliance with all relevant laws, regulations and directives, may from time to time issue Euro Medium Term Notes (the “Notes”). The aggregate nominal amount of Notes issued by the Issuer and outstanding will not at any time exceed Euro 10,000,000,000 (or the equivalent in other currencies). This Base Prospectus shall, for the purposes of Notes listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Regulated Market (as defined below) of the Luxembourg Stock Exchange, or offered to the public in Luxembourg, be updated annually. Application has been made to the Commission de surveillance du secteur financier in Luxembourg in its capacity as competent authority under the “loi relative aux prospectus pour valeurs mobilières” dated 10 July 2005 which implements the Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (the “Prospectus Directive”), for the approval of this Base Prospectus as a base prospectus for the purposes of Article 5.4 of the Prospectus Directive. References in this Base Prospectus to the “Prospectus Directive” shall include the amendments made by Directive 2010/73/EU (the “2010 PD Amending Directive”) to the extent that such amendments have been implemented in the relevant Member State of the European Economic Area.