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        <MediumExplanationTxt>THE A. F. ROTHSCHILD FUND IS AN INDEPENDENT PRIVATE OPERATING FOUNDATION DEDICATED TO THE WELL-BEING AND PROTECTION OF HORSES, DONKEYS, AND KINDRED MEMBERS OF THE GENUS EQUUS THROUGH DIRECT ENGAGEMENT IN SCIENTIFIC RESEARCH, ACADEMIC SCHOLARSHIP, LEGAL INTERVENTION, AND PUBLIC EDUCATION AS PROGRAM INITIATIVES OF THE CENTER FOR CONTEMPORARY EQUINE STUDIES (CCES), A SUPPORTING ORGANIZATION HEADQUARTERED IN WOODSIDE,CA.PRINCIPAL DIRECT ACTIVITIES DURING 2025 INCLUDED:I. LEGAL ACTION.THE SUPERIOR COURT OF CALIFORNIA RULED IN FAVOR OF THE FUND'S 3-YEAR LAWSUIT AGAINST SELLERS OF "EJIAO" PRODUCTS - A PURPORTEDLY ANCIENT TRADITIONAL CHINESE MEDICINE MANUFACTURED FROM THE HIDES OF SLAUGHTERED DONKEYS AND MARKETED IN VARIOUS FORMS AS AN "HERBAL" FOOD SUPPLEMENT. THE COURT'S SUMMARY JUDGMENT AFFIRMED THAT THE SALE OF EJIAO, BOTH WITHIN CALIFORNIA AND FROM CALIFORNIA TO OUT-OF-STATE PURCHASERS, VIOLATES THE STATE'S STATUTORY PROHIBITION ON THE SALE OF MEAT FROM "ANY EQUINE, INCLUDING ANY HORSE, PONY, BURRO, OR MULE FOR HUMAN CONSUMPTION, UPHOLDING THE 1998 CITIZENS BALLOT INITIATIVE, PROPOSITION 6. THE FUND'S PRECENDENTIAL LAWSUIT, FILED IN 2022, MARKS THE FIRST LEGAL CHALLENGE PURSUANT TO THE STATUTE SINCE THE PROHIBITION WAS ENACTED 30 YEARS AGO. THE NAMED DEFENDANTS HAVE FILED A MOTION FOR APPEAL TO THE CALIFORNIA APPELLATE COURT SEEKING REVERSAL OF THE TRIAL COURT'S RULING PENDING SCHEDULING FOR HEARING IN 2028.II. RESEARCH AND EDUCATION.COMPLETED A 5-YEAR CRITICAL INVESTIGATION OF THE GLOBAL EQUINE SERUM INDUSTRY FOCUSING PRIMARILY ON BRAZIL AS THE LARGEST NATIONAL MANUFACTURER IN THE WESTERN HEMISPHERE OF BIOPHARMACEUTICALS BASED ON THE INDUSTRIAL USE OF HORSES AS LIVING INCUBATORS FOR BIOLOGICAL MASS PRODUCTION OF ANTIVENOMS, ANTITOXINS, IMMUNE SERUMS AND OTHER ANTIBODY BASED THERAPETIC PRODUCTS - A PRIMITIVE 19TH CENTURY FORM OF "BIOTECHNOLOGY" EMPIRICALLY VERIFIED TO INFLICT SEVERE, AGONIZING AND ROUTINELY FATAL SYSTEMIC DEGENERATION AND IRREVERSIBLE ORGAN DAMAGE AS INHERENT EFFECT OF THE PROCEDURES, AND FALSLY MISREPRESENTED TO THE PUBLIC AS BENIGN.A SUMMARY REPORT OF THE FUND'S INVESTIGATIVE FINDINGS WAS DISTRIBUTED IN PORTUGUESE TO THE RELEVANT FEDERAL REGULATORY AGENCIES AND MAJOR ANIMAL WELFARE ORGANIZATIONS IN BRAZIL. THE FINAL FULL REPORT WILL BE SUBMITTED IN BOTH PORTUGUESE AND ENGLISH FOR PUBLICATION IN LEADING PEER-REVIEW SCIENTIFIC JOURNALS.III. PUBLICATIONS AND CONFERENCE PRESENTATIONS (ABRIDGED)."INTERSPECIES RELATIONSHIPS AND EQUINE WELFARE." SEMINAR PRESENTATION, EQUINE HISTORY COLLECTIVE, JAN. 30, 2025"USE OF HORSES IN PRODUCTION OF ANTIVENOM: THE INVISIBLE SUFFERING AND URGENCY FOR ALTERNATIVES." BRAZILIAN NATIONAL FORUM FOR ANIMAL PROTECTION AND DEFENSE. MARCH 22, 2025CAMPHORA, ANA LUCIA &amp; MARCELO DEALTRY TURRA. "TECHNICAL REPORT ON USE OF HORSES IN THEBRAZILIAN ANTIVENOM AND OTHER SERUM INDUSTRIES." NOV. 2025.CAMPHORA, ANA LUCIA. "RISKS AND EFFICACY OF EQUINE SERUM TREATMENT: PAST AND PRESENT CRITICAL INVESTIGATIONS OF THE ANTIVENOM INDUSTRY." 2025 (PENDING PUBLICATION).</MediumExplanationTxt>
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