IHCL - Annual - Report-2017-18 - Webfile PDF

117 TH ANNUAL REPORT 2017-18
“At IHCL, we have always

set benchmarks in service
quality and our global
portfolio demands that
we continuously reinvent
ourselves for the future to
check in. We are driving
this transformation with
a five-year growth map
– Aspiration 2022 – that
provides a template for
us to grow profitably and
sustainably.”
Puneet Chhatwal
Managing Director & Chief Executive Officer
Read more on Page 24
INDEX
Corporate Overview Statutory Reports Financial Statements
02 Introduction 50 Board's Report Standalone

04 IHCL at a Glance 80 Management Discussion and 122 Independent Auditor's Report
06 Our Values Analysis 128 Balance Sheet
08 Our Presence 96 Report on Corporate Governance 129 Statement of Profit and Loss
10 Timeline 112 Business Responsibility Report 130 Statement of Changes in Equity
12 The IHCL Portfolio 131 Statement of Cash Flows
16 Highlights of FY 2017-18 133 Notes to Financial Statements
18 Key Performance Indicators 191 Financial Statistics
20 Board of Directors
22 Senior Management Consolidated
24 MD and CEO's Message 193 Independent Auditor’s Report
26 Aspiration 2022 198 Consolidated Balance Sheet
28 3R Strategy for Aspiration 2022 199 Consolidated Statement of Profit
30 Drivers of Aspiration 2022 and Loss
36 Re-imagining Our Future 200 Consolidated Statement of
Changes in Equity
38 Business Enablers
201 Consolidated Statement of Cash
40 Our Digital Initiatives Flows
42 Our People 203 Notes to Consolidated Financial
44 CSR and Sustainability Initiatives Statements
46 One IHCL. One Tata.
48 Awards 269 Notice
49 Financial Highlights
Read the Report Online
www.tajhotels.com
Introduction
The future checks in at IHCL
In a renewed spirit of purpose and

Over the past few years, the hospitality industry has evolved discovery, we have unveiled Aspiration
remarkably due to digitisation and various acquisitions 2022, a comprehensive business strategy
and mergers. Today, the industry’s focus is on fulfilling the
increasing demands of its customers. Whether it be a business that focusses on maximising stakeholder
or a leisure traveller, the expectations go way beyond just value over the next five years. The strategy
a comfortable stay. They are looking for an unforgettable
experience. At The Indian Hotels Company Limited (IHCL), we aims to build on our legacy and further
are very excited about our prospects as we consolidate our strengthen our position by operating the
position to welcome the traveller of tomorrow.
best-in-class portfolio of brands in India
With the spirit of Tajness, which stands on the values of Trust, and select overseas destinations. Based on
Awareness and Joy (TAJ), we continue to create an intuitive a three-pronged approach — Re-structure,
connect with all our stakeholders. It is the soul and guiding
force for all our actions and performances. It steers our Re-engineer and Re-imagine — the focus
culture, thinking and leadership and is the foundation of our will be on deepening guest experience,
vision, mission and values.
strengthening market leadership and
achieving transformative growth, leading to
greater profitability and market leadership
in each of our segments.
Corporate Overview 01-49 Statutory Reports 50-121 Financial Statements 122-268
IHCL at a Glance
Indian hospitality at its global best

IHCL is South Asia’s largest and finest
Indian hospitality companies founded
by the legendary Jamsetji Tata in 1899.
It opened its first property – now called
The Taj Mahal Palace – in Mumbai in
1903. The Company and its subsidiaries
bring together a group of brands and
115
businesses that offer a fusion of warm
Indian hospitality and world-class
service.
With a legacy of over 115 years, IHCL has built a reputation
of unrivalled leadership in the Indian hospitality industry. The
Y E A R S L E GAC Y
Company has been a pioneer in transforming cities and towns
into holiday destinations and has created history by putting
Goa, Kerala, Rajasthan and the Andamans as leisure hotspots
on the world map. 165+ 20,000+ 380 74
HOTELS* ROOMS* RESTAURANTS SPAS
IHCL operates with the distinct advantage of having the largest
AND BARS
system-wide revenue. It is one of the leading networks of
properties that span classic landmark hotels, historic palaces
and the highest number of leisure hotels. The Company also
has a strong portfolio of resorts and safaris, along with other
business offerings catering to various customer and business
segments across four continents and 12 countries.
4 12 80
CONTINENTS COUNTRIES LOCATIONS
OUR PURPOSE
To create value by operating 32,242 67 7th
the best-in-class portfolio EMPLOYEES HOTELS AWARDED
WITH GOLD
CONSECUTIVE
GALLUP GREAT
of hospitality brands in CERTIFICATION BY
EARTHCHECK
WORKPLACE AWARD
India and select overseas

destinations
*INCLUDES HOTELS UNDER DEVELOPMENT
4 Annual Report 2017-18 5

Our Values
What defines our thinking,

actions and relationships
Our Presence
Welcoming guests
around the world
> India “For TCI, IHCL is the biggest

global partner because of
> Sri Lanka its unique geographical
> Nepal footprint, combined with
predictable, high-quality
> Malaysia service. The Taj epitomises
> Bhutan Indian hospitality through
its excellent service. We’re
> Andamans glad to partner with an
> Maldives Indian industry major who
virtually sets the standard
> South Africa for service excellence in
the international hospitality
> Zambia industry today.”
> UAE
> United Kingdom Dipak Deva
Managing Director,
> USA Travel Corporation India
ROBUST EXPANSION DURING FY 2017-18 HIGH CUSTOMER-CENTRICITY
10 20 10 30% 40% 64% 30.56 Lakhs 5,530 8,634

NEW HOTELS NEW HOTELS IN CONTRACTS SIGNED CONSUMER LOYALTY MEMBER BASE AVERAGE TOTAL GUESTS WELCOMED REVENUE PER AVERAGE ROOM
OPENED THE PIPELINE IN THE 12 MONTHS TILL REVENUE (%) OCCUPANCY* DURING THE YEAR* AVAILABLE ROOM* RATE* (IN J)
MAY 31, 2018 (IN J)
Note: Map not to scale *DATA FOR TAJ AND GINGER BRANDS ONLY

2018
Timeline
A history of milestones UNVEILS ‘ASPIRATION 2022’

TAJ EXOTICA RESORT & SPA, ANDAMANS,
1899
A LUXURY RESORT OFFERING, COMMENCES
OPERATIONS IN FEBRUARY
2017
THE INDIAN HOTELS
COMPANY LIMITED (IHCL) IS
INCORPORATED
IHCL RESTRUCTURES
IT'S BRAND ARCHITECTURE
1903
LAUNCHES THE TAJ MAHAL
PALACE IN MUMBAI, INDIA
2015
REDESIGNS THE
1970 AWARD-WINNING PROGRAMME,

TAJ INNERCIRCLE ANNOUNCES
THE OPENING OF TAJ DUBAI,
TAKES OVER MANAGEMENT
UNVEILS ‘TAJNESS’
OF TAJ LAKE PALACE,
UDAIPUR AND RAMBAGH
PALACE, JAIPUR
2000 2005 2010 2012

1974 1998 ESTABLISHES TAJ GVK
HOTELS AND RESORTS
LIMITED IN HYDERABAD
FORAYS INTO NEW YORK,
US, WITH A MANAGEMENT
CONTRACT TO OPERATE THE
LAUNCHES A NEW BRAND,
VIVANTA BY TAJ
LAUNCHES A FREE TWO-
YEAR HOSPITALITY TRADE
TRAINING PROGRAMME
LAUNCHES FORT AGUADA, OPENS TAJ EXOTICA IN CELEBRATES THE REOPENING
THE FIRST FIVE-STAR BENTOTA, SRI LANKA PIERRE FOR YOUTH FROM BELOW
OF THE TAJ MAHAL PALACE IN
POVERTY LINE (BPL)
2001
DELUXE BEACH RESORT RESTORES UMAID BHAWAN MUMBAI AFTER THE TERRORIST
IN GOA FAMILIES
PALACE IN JODHPUR ATTACKS OF 2008
LAUNCHES TAJ
COROMANDEL IN CHENNAI LAUNCHES TAJ EXOTICA
RESORT AND SPA IN
1982
MALDIVES
2007 2008 2014
1979 ACQUIRES THE ST. JAMES’
COURT IN LONDON 2004 ACQUIRES RITZ-CARLTON
IN BOSTON, US, LATER
LAUNCHES THE GATEWAY
HOTELS AND RESORTS
REBRANDS AND REPOSITIONS
TAJ 51 BUCKINGHAM GATE
FORAYS INTO AFRICA RENAMED THE TAJ BOSTON SUITES & RESIDENCES AND
SOUTH-WEST COASTAL
WITH TAJ PAMODZI, THE TAJ PALACE, NEW DELHI, LAUNCHES TAJ ST. JAMES’ COURT, A TAJ
LAUNCHES TAJ CAMPTON INDIAN RESTAURANT QUILON
LUSAKA, ZAMBIA IS OPENED FOR THE ASIAN WELLINGTON MEWS LUXURY HOTEL, LONDON UNDER THE
PLACE IN SAN FRANCISCO IN LONDON RECEIVES A
GAMES RESIDENCES, MUMBAI LUXURY BRAND
MICHELIN-STAR

The IHCL Portfolio “TajSATS, our joint venture with IHCL, has grown to become the market leader in
Indian airline catering because both companies share the same values of integrity,
A bouquet of brands that deliver care for employees and customer focus. SATS will continue to invest in India to
position TajSATS as an undisputed market leader in Indian catering.”
memorable experiences Alex Hungate
President and CEO, SATS
HOTELS B2B
Hotels | Palaces |
Resorts | Safaris Hotels | Resorts Hotels | Resorts Hotels Air catering
Number of hotels Number of hotels Number of hotels Number of hotels Number of units Non-airline services
> Institutional catering
46 27 27 42 6 > Outdoor catering
Number of rooms Number of rooms Number of rooms Number of rooms Services offered > Corporate gifting
> In-flight catering
6,945 4,041 2,396 3,763 > Airline lounge management Brand style
Locations Locations Locations Locations > Laundry Efficiency and Scale
Cities and resort destinations, safari Cities and resort destinations Cities and resort destinations Cities across India > Airline bonds
locations and authentic palaces Target audience
Brand style Brand style Brand style Locations
Institutions
Brand style Bon Vivant Warm and Welcoming Smart Cities across India
Iconic
Target audience Target audience Target audience Nature of arrangements
Target audience Cosmopolitan traveller Business and leisure traveller Millennial/City hopper Joint venture
Luxury world traveller
Nature of arrangements Nature of arrangements Nature of arrangements
Nature of arrangements Owned, leased and management Owned, leased and management Owned and managed contracts
Owned, leased and contracts contracts
management contracts

The IHCL Portfolio “Taj Hotels, Resorts and Safaris is a pioneer in Indian hospitality. The common
business ethics and values of both companies have given us the framework to
become preferred partners over the years. We value the Indian feel Taj gives to its
service, combined with its strong set of Standard Operating Procedures.”
Mario Habig
Managing Director, Le Passage to India
SERVICE RETAIL PRODUCTS FOOD & BEVERAGE CORPORATE PRODUCTS LOYALTY PROGRAMMES
SALON
Lifestyle Wellness Beauty
boutique
IHCL has some of the most distinguished Taj Holidays Taj InnerCircle
fine-dining and multi-cuisine restaurants Taj Holidays offers a wide selection of Taj InnerCircle is an award-winning
Number of boutiques Number of spas Number of salons and lounge bars in its portfolio. With more distinct holiday packages to guests with loyalty programme designed to offer our
12 43 34 than 380 restaurants and bars around the
world, it offers a multitude of speciality
unique holiday requirements. guests a gamut of unparalleled services
and experiences through 84 domestic
Locations Brand style Brand style cuisines flavoured with tradition and Taj Wedding Studio and 16 international hotels at iconic
Ancient Indian Wellness Beauty with Care
7 innovation through its signature brands
such as Bombay Brasserie, Golden
Taj Wedding Studio is a platform
connecting wedding planners and brides/
destinations. The Taj InnerCircle won
the coveted 210 Award at the Freddie
Target audience Target audience
Brand style Dragon, Wasabi, Thai Pavilion and grooms to make their dream weddings a Awards in Seattle, US. The Freddie
Wellness seekers Discerning luxury
Indian luxury House of Ming. timeless memory. From opulent venues Awards is one of the most recognised and
Nature of arrangements Nature of arrangements to customised cuisines, ambience and prominent awards for frequent traveller
Target audience
Owned Owned services, Taj Wedding Studio promises to programmes.
Global traveller
offer an experience of a lifetime.
Nature of arrangements Warmer Welcomes
Multi-product retail outlet Taj Experiences Gift Card Warmer Welcomes is a loyalty
Taj Experiences Gift Cards are innovative partnership programme offering
prepaid cards, redeemable against members of Shangri-La’s Golden Circle
all spends – accommodation, holiday and Taj InnerCircle reciprocal benefits. It
packages, dining, spa, etc., including taxes also allows them to earn their preferred
across Taj, Vivanta and Gateway hotels in loyalty currency. Introduced a year ago,
India. the programme was awarded ‘Best
Loyalty Partnership’ at Flightglobal’s
10th Loyalty Awards event.

Highlights of FY 2017-18
Portfolio expansion Repositioning campaigns Taj Holidays Partnership Marketing Announcement of Aspiration
> Opened 10 hotels (697 keys) ), of which: We repositioned major properties across By offering a wide selection of distinct Leveraging our airline partners – Tata SIA 2022 at Capital Markets Day
• One Taj property is in the Andamans Kerala and Goa to re-establish them as holiday options and meeting the unique Airlines (Vistara) in India and frequent IHCL’s five-year strategy, Aspiration 2022,
• Nine Ginger hotels are in some of market leaders and to drive traffic into requirements of customers across flyer partners in North America, Asia was launched at the Company’s first
“Taj has been our valuable
India’s key cities such as Mumbai, these hotels. segments, this year, we promoted resort Pacific, Europe, Middle East and Africa Capital Markets Day. It was organised to partner as we work to build
Gurgaon, Lucknow, Ahmedabad, destinations to enhance our domestic – we enhanced direct bookings from announce the future roadmap and to build a world-class airline. Since
Vadodara, Aurangabad and Goa Results achieved in Kerala business through offline and online international travellers, driving double- a culture of inclusion and collaboration. our launch, we, along with
> Signed five new hotels across brands > 356% y-o-y increase in overall traffic mediums. digit ROI growth. We also partnered with The event was globally webcast to all our
– a Taj hotel in Vikhroli, Mumbai, a > 8.9 Million unique reach with 45% view leading networks, including American employees. Taj, have introduced various
Vivanta in Bhopal and three Ginger rate Taj Safaris Express®, Mastercard and Visa, as well as dining, spa services and
hotels in Lucknow, Vadodara and Goa > 33% overall relative brand lift The Taj Safaris website was revamped to banks to promote direct bookings, drive Diversity - Equal opportunities room booking offerings that
> Renewed existing contracts of New > 369 overall bookings with a revenue of drive enhanced traffic while improving loyalty and enhance spends. Committed to promoting equal
extend across leisure and
York, Langkawi and Surat properties `1.28 Crores discovery and navigability. This approach opportunities for our women workforce,
was undertaken to improve cost-effective Corporate events we introduced two new programmes: business hotels. We are
Marketing initiatives Results achieved in Goa customer acquisition conversions across First-ever Annual Business currently working together
Our marketing initiatives this year > 120% y-o-y increase in overall traffic all channels. Conference organised Referral programme with Taj as part of the ‘One
were designed to drive demand growth > 2.2 Million+ Video Views The first-ever Annual Business We launched an incentive-based referral
while regaining market leadership > Top 20 percentile Ad Recall Conference was organised, extending the programme. It entails a 30-50% higher
Tata’ initiative towards
across product categories and enhancing > 16% y-o-y increase in Search revenue One IHCL philosophy across the Company. referral amount to employees in case deepening our long-term
our reach. It was attended by our leadership team, their selected reference is a woman. strategic partnership.”
senior management, key decision
makers, partners, owners, celebrities Hospitalisation assistance policy
A NEW FEATHER IN OUR HAT and dignitaries from across industries,
highlighting the vision and growth
We introduced a new policy for women
employees who are facing difficulty
Leslie Thng
CEO, Vistara Airlines
The iconic Taj Mahal Palace hotel in strategy of IHCL. in starting a family. The policy covers
medical expenses, including various
Mumbai acquired an 'image trademark', medical procedures such as IVF
treatments; freezing of egg, embryo and
making it the first building in India to get sperm and artificial insemination.
Intellectual Property rights protection for

its architectural design.
Key Performance Indicators
Delivering a robust performance

Financial metrics
STANDALONE CONSOLIDATED
REVENUE (K CRORES) EBITDA (K CRORES) EBITDA MARGIN (%) REVENUE (K CRORES) EBITDA (K CRORES) EBITDA MARGIN (%)
2,639.34 684.19 26% 4,165.28 732.08 18%

2018 2,639.34 2018 684.19 2018 26 2018 4,165.28 2018 732.08 2018 18
2017 2,459.58 2017 577.70 2017 23 2017 4,075.51 2017 664.56 2017 16
2016 2,374.12 2016 528.58 2016 22 2016 4,122.78 2016 651.92 2016 16
2015 2,103.60 2015 437.89 2015 21 2015 4,287.36 2015 587.29 2015 14
2014 1,977.33 2014 437.28 2014 22 2014 4,125.94 2014 619.32 2014 15
PAT (K CRORES) EPS – BASIC AND DILUTED (K) RETURN ON CAPITAL EMPLOYED (%) PAT (K CRORES) EPS – BASIC AND DILUTED (K) RETURN ON CAPITAL EMPLOYED (%)
147.77 1.34 10% 100.87 0.91 6%

2018 147.77 2018 1.34 2018 10 2018 100.87 2018 0.91 2018 6
2017 143.18 2017 1.37 2017 9 2017 (63.20) 2017 (0.60) 2017 5
2016 84.15 2016 0.85 2016 8 2016 (231.08) 2016 (2.34) 2016 5
2015 (82.02) 2015 (1.02) 2015 6 2015 (378.10) 2015 (4.68) 2015 4
2014 (590.49) 2014 (7.31) 2014 6 2014 (553.85) 2014 (6.86) 2014 4
Notes:
Non-Financial metrics
*Financials for 2017-18, 2016-17 and 2015-16 are as per IND AS
^Financials for 2015-16, 2014-15 and 2013-14 are as per IGAAP
> 3.2 billion litres > 58,580 tonnes > 5,329 tonnes > 79 hotels > ` 5.27 crores spent
of water saved of CO2 emissions of waste certified under on Corporate Social
through water avoided by diverted from the EarthCheck Responsibility CSR)
recycling and switching to landfills through certification
rainwater renewable energy composting partnership
harvesting

Board of Directors
2 8
4 1
7
5
6
3
Committees
Nomination and Remuneration
Audit Committee
Risk Committee
Stakeholders Relationship
Corporate Social Responsibility

and Sustainability Committee
C Chairman M Member
1 M 3 C M M M M 5 M M M 7 M
N. Chandrasekaran Nadir Godrej Ireena Vittal Vibha Paul Rishi
Chairman Non-executive Non-executive Non-executive
Independent Director Independent Director Independent Director
2 C M 4 C C C 6 8
Puneet Chhatwal Deepak Parekh Mehernosh S. Kapadia Gautam Banerjee

Managing Director & Non-executive Executive Director – Corporate Affairs Non-executive
Chief Executive Officer Independent Director (Retired w.e.f. 23 May 2018) Independent Director
(Appointed w.e.f. 6 November 2017)

Senior Management
The pillars of IHCL
1 2 3 4 5 6 7 8 9 10
1 Puneet Chhatwal 3 Suma Venkatesh Manager in 2006 by Federation of Hotel & 6 Dr. P. V. Ramana Murthy 8 Chinmai Sharma The Gateway Hotels of IHCL and Senior
Managing Director and Chief Executive Officer Executive Vice President – Real Estate & Restaurant Associations of India (FH&RA) Executive Vice President and Global Head – Executive Vice President and Chief Revenue Vice President Operations for the South
Development and the General Manager of the Year in Human Resources Officer Region prior to his present role. He is the
Mr. Chhatwal brings over three decades
2006 at Stars of the Industry Awards by recipient of ‘Young General Manager’ of
of leadership experience at highly- Ms. Venkatesh heads the Company’s Dr. Murthy brings over 28 years of rich As Executive Vice President and
ITM Institute of Hotel Management & DNA. the Year 5-Star Deluxe category by FHRAI
acclaimed hotel groups in Europe and Development, Technical Services and experience in the field of human resource Chief Revenue Officer for Taj Hotels
He is currently an Executive Committee in 2005 and the ‘International Cooperation
North America. He joined IHCL in 2017 Projects functions. She oversees IHCL’s management from both Indian and Palaces Resorts Safaris, Mr. Sharma’s
member of the Hotel Association of India Award between the UK and India’ in 2012
and spearheads the Company operations initiatives for growth through greenfield multinational organisations. He holds responsibilities include Global Sales,
and SKAL. He is also on the CII National by Asian Voice for his skills and expertise.
as its MD and CEO. He has won numerous developments, acquisitions, licenses and a Ph.D. in Strategic Human Resource Marketing, Loyalty, Customer Analytics,
Tourism Committee.
awards, including the prestigious Carlson management contracts. Over the last 15 Management and an Executive Master’s Digital Platforms, Distribution and 10 Beejal Desai
Fellowship, and was rated as one of years with IHCL, she has been involved degree in Organisational Psychology from Revenue Management. He is a seasoned
Senior. Vice President – Legal and Company
Europe’s 20 extraordinary minds in Sales, in doubling the Group’s inventory to 141 5 Rajendra Misra INSEAD, Singapore. He has also attended industry professional with more than Secretary
Marketing and Technology – HSMAI hotels with 17,300+ keys. Ms. Venkatesh an advanced Human Resource Executive two decades of progressive hospitality
Executive Vice President and General Counsel
European Awards 2014. He was also the is an Electrical Engineer by training and programme from Michigan Ross experience in the fields of Revenue Mr. Desai is Senior Vice President –
first alumni to be included in the ESSEC- holds a master’s degree in Management Mr. Misra has over 26 years of business School of Business in 2009. Dr. Murthy Management, Strategic Marketing and Legal & Company Secretary and Chief
IMHI Hall of Honour 2014. Studies from the Mumbai University in legal experience and is an expert in believes in scientific human resource Electronic Distribution. In 2015, Compliance Officer of IHCL. He holds an
India. She has over 25 years of cross- Litigation Management, Intellectual practices and has been specialising in Mr. Sharma was named as one of the L.L.B degree from Mumbai University
2 Mehernosh S. Kapadia functional experience across industries. Property Management, Contracts Talent Management, Leadership and 'Top 20 Extraordinary Minds in Sales, and is a Fellow Member of the Institute
Executive Director – Corporate Affairs Before joining IHCL, she worked in Management and Competition and Organisational Culture. Marketing and Technology' by HSMAI of the Company Secretaries of India. He
different functions across multiple Corporate Law. His experience spans Europe. has previously worked across various
Mr. Kapadia has over 31 years of
industry sectors in India. across many industries, including leadership positions with different
experience in Corporate Affairs and 7 Giridhar Sanjeevi 9 Prabhat Verma
Hospitality, Personal Care, Home Care, organisations and has over
specialises in handling issues related to 4 Rohit Khosla Tobacco, Food, Lifestyle Retailing, Executive Vice President and Executive Vice President – Operations 32 years of cross-functional experience
the Central and State Governments and Chief Financial Officer (South, International & Ancillary Business)
Executive Vice President – Operations (North and Aluminium and Tyre businesses. in the areas of Legal, Secretarial,
Municipal Authorities. He is the Chairman West India) Mr. Misra is also a Director on the Board Compliance and Investor Relations. He
of Taj Air Ltd. and holds Directorships Mr. Sanjeevi has built a broad-based Mr. Verma joined IHCL in 1990 as a
of TajGVK Hotels & Resorts Ltd., which is also closely liaises with SEBI, RBI and
in TajSATS Air Catering Limited, Tata A post-graduate in hotel management career over 30 years across multiple Management Trainee and has since
a joint venture between IHCL and the GVK various regulatory authorities. He has
Realty & Infrastructure Limited and Ewart from the Institute of Hotel Management, businesses – consumer businesses, grown to become the Executive Vice
group. He holds a Bachelor of Legislative pioneered digitalisation of various legal
Investments Limited. Mumbai, Mr. Khosla joined IHCL in 1999 as financial services, retail and pharma – in President – Operations (South India,
Law degree (L.L.B.) and a Post-Graduate and compliance projects within the
Executive Assistant Manager, Taj Palace, Asia and Europe. A Chartered Accountant International and Ancillary Businesses).
Diploma in Patents Law (PGDPL). He has organisation and won several awards.
New Delhi and has held several positions and an MBA from IIM Ahmedabad, he has He has worked at various Taj properties
also undertaken the Hawkesmere Course
within the Group. Currently, he oversees won several awards, including the Most and has been the General Manager of
on International Intellectual Property Law
hotel operations in the northern, eastern Influential CFOs of India award from CIMA hotels including Taj Malabar, Cochin; Taj
from London. He was the Chairman of
and western states of India, along with Taj in 2015 and 2016 and CFO of the Year Coromandel, Chennai and the Taj Hotels,
the legal committee of Indian Beauty &
Tashi, Bhutan and operations of Taj Safaris for Excellence in Finance in Managing a London. Mr. Verma has also held the
Hygiene Association (IBHA) and has led
Wilderness Lodges. He has won numerous Turnaround from IMA, 2013. portfolio of Chief Operating Officer of
several legal initiatives on behalf of the
awards, including the Young Hotel General
industry.

MD and CEO's Message
Streamlined growth with “Your Company is reimagining itself by leveraging its strong
brand equity to multiply its portfolio while aligning to high-
a future-focussed vision growth segments. This includes manoeuvring excellence and
reinvigorating the portfolio across all brands.”
Dear Shareholders, Customers across the world now expect The brand will take on a fresh avatar to your Company can create new business
hospitality to adapt to their evolving address the needs and aspirations of the drivers such as shared economy models
I am happy to present to you the Annual needs and partner them through their new and younger customer segments. to transcend traditional businesses. This
Report of The Indian Hotels Company professional and personal journeys. At will fuel growth by attracting partners and
Limited (IHCL) in a year we have done IHCL, we have always set benchmarks in Integral to your Company’s strategy of talent for IHCL as a group rather than as
well and my first as its Managing Director service quality and our global portfolio reinforcing the multi-product, multi- Taj alone.
and Chief Executive Officer. It is also the demands that we continuously reinvent segment brandscape is our customer.
year the Tata group is celebrating its ourselves for the future to check in. We The service ethos, epitomised in what We have inculcated our parent Tata
150th anniversary, an illustrious history in are driving this transformation with a we call Tajness, is the soul of IHCL. With group’s culture of growing responsibly
which we have played a significant role five-year growth map – Aspiration 2022 competition becoming stiffer, there is a and believe environmental stewardship
with a 115-year presence ourselves. – that provides a template for us to grow stronger case than ever to communicate is a precondition for our operations.
profitably and sustainably. the merits of Tajness as a key We are pursuing excellence in facility
The global travel and tourism industry differentiator. Hence, we have redefined management systems and procuring
posted a strong showing in the financial Aspiration 2022 will lead us to Tajness – as Trust, Awareness and Joy – local and sustainable materials
year, growing at 4.6%, with particularly re-structure our operations and the trust that our guests, associates and remains our priority. We support the
good performance in Asia. This had a re-engineer processes in a larger effort stakeholders place in us; the awareness Skill India movement that focusses on
positive ripple effect on the hospitality to re-imagine our engagement with all of what is happening around us and what delivering quality training, apart from
sector in India, which had been struggling stakeholders. Re-structuring entails a we need to do as responsible members leveraging our supply chain to enable
with declining room occupancy and continuous and careful re-examination of the Indian hotel industry, and to do livelihood opportunities for surrounding
pricing. The fiscal saw demand growth of your Company’s existing portfolio to something effectively, we must enjoy communities. Heritage conservation
at 5.0%, continuing to outpace supply unlock value from efficiencies in scale what we do; we must do it joyfully. and community upkeep projects run by
growth at 3.2%, primarily due to the rising and simplify the holding structure for our hotels continue to contribute to the
purchasing power of domestic travellers, greater profitability and a growth in IHCL is a multi-faceted global Company. prosperity of the destinations in which we
an increase in commercial development EBITDA margins. IHCL will also be at Our strategy for the future hinges on operate.
and foreign tourist arrivals, a growing the forefront of change in the hospitality diversifying our revenue streams and
airline industry and Government-led industry as it re-engineers systems and utilising our products and service Before closing, I want to extend my
initiatives aimed at stimulating the sector. processes and embraces technology. brands more effectively, which is why heartfelt gratitude to all the employees
These include branding and marketing we are reimagining IHCL’s own brand of IHCL who dedicate their best to the
outreach and allowing 100% FDI in the Your Company is re-imagining itself positioning. One that emphasises it is organisation – empowering it to conquer
hotel and tourism sector through the by leveraging its strong brand equity the largest hospitality Company in the new horizons.
automatic route. to multiply its portfolio while aligning subcontinent with true Indian origins and
to high-growth segments. This that allows it to go beyond the current I count on your continued support as
During the year, we registered strong includes manoeuvring excellence and offerings, ranging from luxury palaces we aspire to drive profitable growth and
profitability even as revenues grew at reinvigorating the portfolio across all to budget hotels and other B2B verticals maximise value for all our stakeholders in
a moderate pace. Our continued efforts brands. While the iconic Taj and Vivanta like TajSATS. Based on the philosophy a sustainable manner.
to drive cost efficiencies and strengthen will be retained as the dominant brands of Power of One, your Company has
our balance sheet have already started in the luxury, upper upscale and upscale launched ‘One IHCL’ to create an identity Best Regards,
yielding results. segments, Ginger will have a significant that unites its brands and businesses. This Puneet Chhatwal
Puneet Chhatwal presence in the IHCL brandscape. It will new identity will help unlock the equity
Managing Director and Chief Executive Officer address your Company’s drive to be of ‘nestled’ brands such as Khazana, Jiva
present in the fastest growing segment. and F&B brands, among others. Moreover,

ASPIRATION 2022 ASPIRATION 2022

ICONIC AND
Our pivotal programme, Aspiration 2022, is based on the PROFITABLE
three-pronged strategy of re-structuring, re-engineering and HOSPITALITY
re-imagining the Company’s portfolio. The strategy is aimed COMPANY
at margin enhancement and growth to fulfil our aspiration of
becoming the most iconic and profitable hospitality company in
South Asia. Therefore, it will focus on exploring new markets, INITIATIVES RE-STRUCTURE
SCALE, SIMPLIFY, SELL
expanding existing properties, monetising non-core assets, RE-ENGINEER RE-IMAGINE
optimising costs and simplifying the group structure to grow MARGINS, TECHNOLOGY, SERVICE, BRANDSCAPE,
PEOPLE PORTFOLIO
the bottom line. The five-year programme will also include
leveraging the digital channel to strengthen the brand and
generate more revenue.
ENABLERS CULTURE STRONG BRAND
EQUITY
HIGH CUSTOMER
ENGAGEMENT
PAN-INDIA FOOTPRINT MARKET LEADERS IN THE LEISURE
& PALACES SEGMENT
VALUES TRUST, AWARENESS, JOY INTEGRITY, EXCELLENCE, UNITY,

RESPONSIBILITY, PIONEERING

3R Strategy for Aspiration 2022
RE-STRUCTURE RE-ENGINEER RE-IMAGINE

We are embracing technology to
We are restructuring our We are leveraging our strengths
deliver greater performance to our
existing portfolio to unlock value and strong brand equity to
l d guests
valued t andd patrons,
t l
along
from efficiencies in scale and multiply our portfolio across
with building a robust system-
simplifying the holding structure business segments to achieve
oriented culture at IHCL to drive
for greater profitability. growth and scalability.
margin expansion. Expressed through the 3Cs
CULTURE. COMMERCE. CONNECTEDNESS.

Underpinned by our values
Taj values
TRUST. AWARENESS. JOY.

Tata values
INTEGRITY. EXCELLENCE. UNITY.

RESPONSIBILITY. PIONEERING.
Drivers of Aspiration 2022 The need to re-structure our How we will scale
India is growing at a tremendous pace and is
operations is bigger than ever today. expected to become a $6 trillion economy in ten
We have identified a 3S approach years. The travel and tourism industry in India is one
of the biggest contributors to India’s GDP and hence
of Scale, Simplify and Sell to unlock is critical in supporting the Indian growth story. In
value from our existing efficiencies 2017, the industry’s share was 3.7% and is expected
to increase by 7.6% in 2018-19. We are leveraging
and build a portfolio that addresses this immense potential for growth to increase scale
the fast-changing needs of the global and strengthen our business. Our plan for the next
five years is to grow inventory across multi-product,
traveller. multi-segment categories to meet the growing
demands of the discerning traveller. Our marketing
strategy will involve selection of strategic locations
for developing establishments, including central
business districts, airports and leisure and luxury
SCALE SIMPLIFY SELL
RE - STRUCTURE
places to help upgrade our value proposition. We
will also invest in expanding our land area across
geographies and explore strategic merger-and-
acquisition opportunities without indulging in
non-source international markets.
How we will simplify

We believe in simplifying processes for seamless and
integrated business functioning. We will continue to
make things simpler by restructuring the Group’s
holding structure to create a consolidated turnover
and for balance sheet optimisation. By implementing
the restructuring process, the redundant
organisational layers and duplicated activities would
be removed, decision making would be streamlined
and performance management would be redesigned.
What we will sell

We will undertake periodic reviews to extend the
tenure of good-performing hotels and exit those that
are suffering losses and are not showing any future
potential. Disposing assets that are no longer useful
to our operations will, thus, help us in building a
profitable business.
While IHCL is a market leader

in the luxury and palaces
segment, the focus ahead will
be to align brands to dominate
high-growth segments. The
plan is to reduce dependency
on ownership and expand
across the business.
31
Corporate Overview
Cor 01-49 S
Statutory
ta
atut
t tory
ory
ry Re
Repor
Reports
porrts 50-120
5 0-120 Financial
Fi
Fin an
n Statements 121-268
Drivers of Aspiration 2022 To broaden our appeal to the younger What we will expand
Over the next five years, we will expand margins to
travellers, we are re-engineering our create a culture of operational excellence. WIN, a
internal systems and processes. This special project that focusses on enhancing margins
and profitability, was launched to further our efforts
would also provide an enriching career of improving EBITDA and re-engineering costs.
path to our workforce. We are adopting The strategy includes restructuring procurements,
saving costs on energy, optimising the organisational
technology to build an organisation structure and synergising global shared services,
that is strong on margins and customer along with reducing overhead expenses.
know-how and follows a performance- Key enablers of our margin enhancement initiative
oriented work culture. A 3E approach of > Dedicated team effort and ownership
> Cross-organisation alignment
Expand, Embrace and Engage has been > Extensive performance tracking
undertaken to enable re-engineering. > Optimisation of operations
MARGINS TECHNOLOGY PEOPLE
RE - ENGINEER What we will embrace
We are embracing technology to digitise our
processes. Data analytics will help us capture
customer preferences to deliver personalised
services to our valued patrons. The process is being
managed by a strong technical team for creating a
measurable impact and making us future-ready.
Who we will engage

To build a robust performance-oriented culture at
IHCL, we will engage our workforce in creating a
strong talent pipeline that will be trained to deliver
with a result-oriented outlook. We are developing
process enablers and a robust review mechanism
to ensure consistency in the delivery of standards of
service.
Re-engineering will focus

on leveraging the legacy of
strong relationships we have
built over the years with our
partners and associates. As
we work towards increasing
our topline, we will expand
our sales reach and integrate
digital marketing, while
utilising the brand strength
of Taj.
33
Drivers of Aspiration 2022 Over the next five years, we will optimise revenues and stay commercially
focussed. To do this, we have to re-imagine our strengths and brand equity
to grow our portfolio, while staying relevant in the high-growth segments.
We will expand our presence across the growing midscale and economy
categories, reaching out to guests of every profile. To deploy the third
strategy of Aspiration 2022, we have devised a 3M approach –
Manoeuvre, Manage and Multiply.
What we will manoeuvre What we will manage

We have, over the years, reinvented traditions and The brandscape of IHCL is divided into three broad categories –
SERVICE
SE
ERVICE BRANDSCAPE PORTFOLIO
RE - IMAGINE
integrated local flavours to offer a new-age, yet Palaces, Leisure and Business. With Taj being the market leader
grounded experience to our guests. This has been in the palaces and leisure segment, we aim to manage and
the core of our service across brands and we need grow the business section to meet the midscale customer in
to further manoeuvre this excellence to re-imagine a ways that are relevant to them, yet are distinctive, different and
new IHCL. To build new products that are better than memorable.
yesterday, we will scale our service offerings and set
new performance benchmarks. We are also committed The underlying theme of our brandscape
to recreating our brandscape to address the needs and > Address diverse customer segments and price points
aspirations of the new and younger customers. > Align brandscape to dominate high-growth segments
> Adapt branding for profitability and scale
What we will multiply

To expand our reach, we are focussed on growing the product portfolio while also expanding margins. This will be done
under each category on a yearly basis to reach our desired target audience. Our business model includes multiple owned,
leased and franchisee structures to help grow the portfolio.
We have a strong sales network across major destinations around the world and plan to further strengthen our team and
reach to expand business opportunities.
Strong sales offices network and Re-imagining a SMART approach

healthy geo sources
S M
MARGIN
A R T
STRATEGIC ASSET MANAGEMENT RELATIONSHIPS TRACKING
ENHANCEMENT
35
Re-imagining Our Future
A refreshed brandscape OUR NEW BRAND ARCHITECTURE
One of the key aspects of Aspiration 2022 ranging from luxury palaces to budget hotels
involves reimagining our brandscape. The and other B2B verticals such as TajSATS. It can
intent is to build on the opportunities across help unlock the equity of ‘nestled’ brands such
luxury, upscale, midscale and economy as Khazana, Jiva and Food & Beverage (F&B)
categories, which are the growth drivers for brands. It can also create new business drivers
tomorrow. IHCL has market equity as the such as shared economy models and go beyond Luxury Select Hotels Upscale Economy Service Retail Volume Catering
largest hospitality company in the subcontinent, the traditional offerings. Further, it can fuel
with true Indian origins, and it resonates with growth by attracting partners and talent for
investors and partners. As the parent brand, IHCL as a group and therefore, broad base the
IHCL can go beyond the current offerings, impact that it can generate.
OUR NEW LOOK F&B SALON
To define our personality as a distinct identity and to eliminate

the overlap between the umbrella entity and its brands, we
have undergone a makeover that is both contemporary while
retaining our legacy.
As the perfect metaphor for our corporate identity, we have

taken inspiration from the Golden Ratio, which represents the The refreshed brand architecture will enable IHCL to expand its portfolio across different customer segments
harmonious proportion in the different patterns found in nature. with various brands to address different price points, thereby catering to a wide range of audiences. IHCL
The typeface, too, has been thought through meticulously so will provide maximum flexibility to its portfolio of brands, yet align them with a common spirit. While Taj will
that it is the right blend of the modern and the traditional. continue to operate iconic hotels in key gateway cities, the Vivanta brand will be our growth vehicle in Tier II
Additionally, the colour chosen is a neutral and distinct midnight and III cities, while Ginger will cater to millennial customers.
blue so that it does not overpower any of its brands.

“Taj has always been my first choice in India due to its services, staff, locations and
the brand name. The personal, individual and forthcoming staff at Taj ensures that the
Business enablers guests are pampered and treated like kings.”
Mr. B. Steinrucke
Indo German Chamber of Commerce
We are efficiently backed by our robust business enablers, which
are the backbone of our strategy, Aspiration 2022, to become a
profitable, scalable and the most iconic hospitality brand in India.
Culture and Tajness Pan-India footprint Strong brand equity Market leadership in the leisure High customer engagement
Our culture, with Tajness at the its heart, We have established a strong foothold in Through the years, we have profitably and palaces segment We are guided by our performance-oriented culture,
binds us together and provides a common the country with iconic properties across built a loyal and engaged customer base We are the market leaders in the leisure and palaces which is not only reflected in our workforce, but
purpose to our highly engaged and strategic locations, enhancing our reach, for all our brands. Our ability to weave segment, making us the largest domestic leisure is also evident in the positive response of our
committed workforce. It keeps us ahead scale and customer connect. The acumen Indian heritage and culture into our operator. Our ability to restore and operate marquee customers and guests. Consistent performance in
of others in the industry. Inculcating a to create destinations out of locations and services and offerings sets up apart from original palace properties, deliver authentic and customer satisfaction indices is just one indicator
strong culture of leadership, accountability strongly expand our presence is one of other players in the industry. This brand memorable experiences to our guests and our of the level of their association and engagement
and performance through mutual trust, the key enablers for Aspiration 2022. equity will further help us grow our value deep understanding of the segment gives us the with us. We are committed to maintain and further
awareness and joy, we, the IHCL family, to achieve Aspiration 2022. competitive edge and drives our efficiency. enhance customer loyalty through service excellence.
are well poised to support Aspiration 2022
with the 3R strategy: Re-structure,
Re-engineer and Re-imagine.
Gallup Brand Equity Track Survey 2017
has rated Taj higher than other hotel
brands across industry drivers as well
as brand differentiators to become the
first choice of customers.

HOW IT CLICKS
Optimising digital for
service excellence
As our customer profile changes ‘glocally’, optimising digital is becoming
an imperative need. We are dedicated to serving digitally literate customers Multilingual website Mobile-responsive Over 10 million unique Best-in-class
from all over the world. Through the use of the right technology platforms, in lite versions sites and apps visitors to the website technology partners
we have optimised our customer know-how and designed customised
services and offers across product categories. This has renewed focus on Fastest-growing channel with over 50% increase in Ancillary revenues via click-to-call/chat
our business operations for strengthening competitiveness and making direct online revenue and 148% increase in mobile
web revenue since 2016
and online table management functionality
core operations faster, better streamlined and more efficient.
Multilingual websites Mobile app and booking engine Best rate guarantee Data analytics Taj.Live
We have multilingual websites in lite We launched a new hybrid mobile We aim to offer our customers assured In order to drive better data analytics and improved Taj’s social media command centre, Taj.Live, is designed
versions to serve customers from all application to provide ease of exploration best rates without them having to check insights, we rolled out Google 360 for our digital to deliver an exceptional guest experience on social media
over the world as per their exclusive and booking on smartphones. We another website or source. To this end, platforms to get a total view of our web traffic. With this, platforms through live radio streams. With this initiative, we
preferences. Last year, we launched also introduced a new booking engine we launched the Taj Direct Best Rate we have been able to better understand our customers, have been successful in executing 100 ‘guest delights’ with the
our websites in French, Spanish, including unbiased guest reviews and Guarantee challenge. Through this their preferences and choices, along with successfully help of real-time ‘guest listening’ capability. Our conversion
German and Simplified Chinese, with a rate-check mechanism to drive direct challenge, we promise best rates on converting viewers to customers. rates have also multiplied.
localised content on our products. bookings on the brand website. This has tajhotels.com and if a customer finds a
This has helped our customers make
informed choices, adding to their
superior online experience.
vastly augmented the service experience
of our online guests.
lower rate for the same room, we not only
match the rate, but also offer a further
10% discount on it. The format has
95% 1.8 Million
CUSTOMER THE SOCIAL MEDIA COMMUNITY
resulted in boosting customer confidence
ENGAGEMENT UP INCREASED BY 24%
in our brands.
FROM 85%
WWW.TAJHOTELS.COM/
BEST-RATE-GUARANTEE/
Hotelier Development Programme (HDP) Targeted Selection (TS)
Our people We continue to strengthen the Hotelier Development

Programme (HDP) to create a talent pipeline for hotels
To strengthen our hiring process, we introduced the
technique of Targeted Selection (TS), an internationally-
and build future leaders for the Company. The programme acclaimed selection technique used for hiring senior
Our workforce is the backbone of our organisation. As we now recruits the best available talent in the country in hotel management professionals. This technique helps develop a
stand at an inflection point of transformational growth, we are operations and other areas such as finance, sales and
marketing and Human Resources (HR).
consistent and objective framework for the selection criteria.
undertaking initiatives to build people capability to further enhance We have deployed the TS technique for talent acquisition for
our performance-oriented culture and accelerate our business in an Hotel Mancom (Management Committee) for senior profiles
such as Corporate Associate Vice Presidents.
environment of trust, transparency, empowerment and accountability.
Leadership development and capability building Culture workshop on emotional intelligence Golden Threshold Programme (GTP)
Cohort II of the General Manager Development Programme was Our Learning & Development portal, TajLEAD, continues to In order to assess the current culture as perceived by our To support our focus on developing frontline talent for our
run for 30 General Managers to build their capability and groom provide world-class learning content to our Senior Executives employees, we conducted a Culture Survey supported by a Company and the industry, we partnered with Tata Institute
them for the future. across a wide range of operational and functional topics. All research scholar from IIM-Ahmedabad. The results of this of Social Sciences (TISS) to initiate the Golden Threshold
Managers have access to courses that are created by faculty survey were then presented to the senior leadership to foster Programme (GTP).
The participants from Cohort I continue to work on their from leading business schools such as Stanford University, critical thinking and build further on our strengths and correct
Action Learning Projects (ALPs), which have generated Harvard Business School, INSEAD and many more. opportunity areas as seen in the survey. This is a three-year vocational training programme where
significant Return on Investment (ROI) for the Company, students are awarded a B.Voc in Hospitality Management
apart from fostering an environment of continuous learning We have also launched the Training Enablement & Since the Senior Managers’ emotional maturity largely by TISS. We are the Skill Knowledge Provider for the
and improvement. The ALPs are centred on themes such as Development (TREND) Programme for the frontline talent, determines the culture in the organisation, we conducted a programme. Currently, we have a total of 120 Golden
Financial Management, Guest and Employee Centricity, Gender covering over 48 hotels across the organisation, ensuring full-day workshop on emotional intelligence, after duly Threshold trainees across five cities and ten hotels.
Diversity, Reduction of Carbon Footprint, Shared Services consistent roll-out of behaviours, knowledge, skills and assessing the current levels of emotional intelligence through
and Heritage Management. The ALP on Reduction of Carbon mandatory programmes. a scientific tool. The workshop was conducted by our EVP &
Footprint at Taj Bangalore alone generated savings upward of Global Head – Human Resources. Follow-up coaching sessions
`50 Lakhs for us in a span of less than a year. with these leaders are being held in order to suggest further
areas of development.

CSR and Sustainability Initiatives
Serving happiness to the world

Traditional art and culture Promoting the culture of giving back Public space maintenance
promotion to society and volunteering
In support of the Swachh Bharat Abhiyan
At IHCL, we not only preserve heritage At IHCL, we conduct a social responsibility initiative of the Government of India,
properties, but also endeavour to immersion programme for our future we help in the upkeep of a number of
At IHCL, we diligently follow the Tata group’s principle of improving the quality contribute to the traditional arts, crafts Managers to experience the life and public places. Some of our key initiatives
and culture of the regions where we challenges of those living in the remote include:
of life of the communities we serve. We are committed to further our legacy operate. We have built partnerships with parts of India and other disadvantaged
of ‘Giving Back to Society’ and focus on building livelihoods for our target artisans, weavers and NGOs to promote sections of the society. This year, over 60 > Maintenance of public parks, traffic
local art and craft by offering them of our young Managers from the Hotelier squares, pavements, bus stops, etc. in
communities and geographies, supporting heritage and tourist spots and display spaces across Taj properties to Development Programme undertook a our neighbourhoods
caring for the environment. showcase and sell to guests, also adding 45-day immersion stint, taking up over 20 > Maintenance of Varanasi Ghats
value to the Taj experience. projects aimed at promoting their spirit > Maintenance around Gateway of India,
of volunteering and delivering community Mumbai
We partnered with Tata Samvaad to
development goals. > Upkeep and promotion of National Rail
curate and showcase 46 unique tribal
Museum, Delhi
dishes representing the food cultures of
Year on year, we encourage associates to
nine tribes from eight different states in
25+
volunteer for participating in community
Jamshedpur. This was followed by a very
development initiatives, Tata Volunteering
well-appreciated pop-up event on native
Months and environmentally-responsible
food at Taj Bengal, Kolkata.
endeavours. This reporting year, over PUBLIC SPACES CONSERVED
Further, we are continuing our efforts to 300 of our volunteers conducted training
preserve the art of traditional Benarasi sessions and student assessments at
handloom weaving by enabling over 60 Tata Strive Skill Development Centres.
craftsmen and women to weave
Taj uniforms. Disaster relief and rehabilitation
100+
We work closely with NGOs and agencies
to provide relief to disaster-affected
areas. Along with offering security,
TRADITIONAL CULTURE MEMBERS medical facilities, food and drinking water
Livelihoods development and inclusion
SUPPORTED EVERY YEAR to destitute people, we also organise
medical camps. We have also extended
We have been following a focussed approach for imparting socio-economically deprived communities. Further, as a part of
support in reconstructing properties
vocational training and certification to young dropouts and the Tata Affirmative Action Programme, a number of young men
damaged due to any calamity.
helping them engage in productive functions in the hospitality and women have been absorbed by Taj Hotels. Moreover, many
Conservation and
and service industry. We also extend support to differently-abled small-scale enterprises and social impact organisations have
environmental sustainability
persons and train women for acquiring vocational skills. been developed and given an opportunity to become a part of
Energy Waste
the Taj value chain.
We have partnered with EarthCheck, the A total of 252,677,658 MJ of energy was This year, we have successfully prevented
We have built an ecosystem to improve the living conditions
world’s leading scientific benchmarking procured from renewable sources in 5,329 tonnes of organic waste from going
of people from challenging socio-economic backgrounds and Over the last decade, in collaboration with Government Industrial
certification and advisory group for FY 2017-18. As a result, 58.58 KT of Co2 into landfills. Of the 79 hotels covered
provide income-generation opportunities. Our Corporate Social Training Institutes and NGOs such as Don Bosco and Pratham,
the travel and tourism industry, to was avoided, significantly reducing our under the EarthCheck programme, 18
Responsibility (CSR) initiatives encourage procurement of goods we have impacted over 15,000 youths across regions.
monitor our environmental performance carbon footprint. Our renewable energy properties achieved 100% recycling of
made by women, vendors and small entrepreneurs from
comprising waste, water, energy and consumption now stands at 21% of the organic waste.
emissions. Till now, 79 of our properties total energy mix.
H7 Crore+ At IHCL, we recruit an average of 15-20% of trained candidates from

the talent pool developed in association with our CSR partners,
have been certified by EarthCheck,
the highest number for any hospitality
company in the world.
Taj Krishna, Hyderabad, won the CII National
Award for Excellence in Energy Management
Water
A total of 3,276,923 KL of water was
consumed from recycled and reused
WORTH OF GOODS PROCURED offering career opportunities to youth from low-income group families. 2017, in the Buildings Category sources, including harvested rainwater
THIS YEAR THROUGH INCLUSION In FY 2017-18, we trained and certified 2,720 persons from Phased out single-use plastics from 30 luxury and recycled Sewage Treatment Plant
AND DIVERSITY across India. properties across India, setting a benchmark (STP) water. The amount of water saved
for the hospitality industry in India is comparable to the amount of water in
1,311 Olympic swimming pools.

One IHCL. One Tata.
Celebrating 150 years of Tata

The Tata group turned 150 in 2018 and we, at IHCL, are proud to be a part of
its legacy since 1899 as we participate in its ‘One IHCL One Tata’.
As all the 100 Tata companies came together to celebrate
the fascinating journey of the group, we also rolled out
One Tata is a Tata group-wide initiative designed to drive synergies across
all Tata companies through simplification to jointly enhance scale. Given the
special initiatives to commemorate the milestone and
breadth of operations of the Tata group, leveraging the ‘One Tata’ concept remember the years gone by.
has opened limitless possibilities for all Tata companies.
IHCL’s core philosophy of ‘One IHCL’ is fuelled by vision, authenticity

and passion. It binds the group entities together, extending the feeling
of oneness and family among employees and partners across the IHCL
landscape, similar to that of the Tata group.
TAJ CELEBRATES 150 YEARS OF THE TATA GROUP
ǁŝƚŚĂ>ŝŵŝƚĞĚĚŝƟŽŶƉŝĐƵƌĞĐĂƌĚ
Commemorative Vintage Menu Friends & Family Rate Book. Stay. Celebrate.
for Tata Associates
Annual membership at a special fee of INR 4500+ taxes for TATA associates
We showcased the first known Accommodation at all Ginger properties, across
EXCLUSIVE REWARDS AND PRIVILEGES
Taj menu, created in 1936. We provided the Tata group colleagues room categories, was made available at a special
ΎŽŶƐŝĚĞƌŝŶŐƉŽŝŶƚƐƌĞĚĞŵƉƟŽŶŽŶƐƚĂǇͬĚŝŶĞͬĚƌŝŶŬͬƐƉĂ͘dĞƌŵƐΘŽŶĚŝƟŽŶƐĂƉƉůǇ
an exclusive offer for stays across hotels rate of H2,018 (plus taxes). EARN 25%* AS POINTS HAPPY HOURS AT ALL
in India and international destinations. ON DINING AND SPA
Across restaurants, bars and
BARS IN TAJ HOTELS
6 pm – 8 pm
spas at Taj Hotels worldwide
The offer ensures that the quintessential
hospitality is experienced by the entire VOUCHERS
&ŝƌƐƚϯĚŝŶŝŶŐƚƌĂŶƐĂĐƟŽŶƐĞĂƌŶ TAJ INNERCIRCLE SILVER
Tata family at a never before 50%* as points
2 room upgrade vouchers
TIER
compelling value. POINTS EXPIRY

TAJ CELEBRATION OFFER WŽŝŶƚƐĚŽŶ͛ƚĞǆƉŝƌĞĨŽƌĂĐƟǀĞ
15% discount on lowest available ŵĞŵďĞƌƐ͘ŶĂĐƟǀĞŵĞŵďĞƌŝƐ
room only rate someone who has
a valid unexpired membership
dŽŬŶŽǁŵŽƌĞĂŶĚĂƉƉůǇǀŝƐŝƚ
ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬůŝŵŝƚĞĚĞĚŝƟŽŶĞƉŝĐƵƌĞ
Unveiling the Tata 150 logo in air
TajSATS, in association with Vistara,

showcased the TATA 150 logo on
specially-designed meal boxes, offering
flyers a whiff of the legacy and the
celebration along with specially-crafted
food. TajSATS also created special-edition Limited-edition Epicure Card
chocolate boxes to be retailed across Tata
group companies. We introduced a limited-edition Epicure card for Tata Associates,
giving them a lifetime opportunity to enjoy multiple offers and
benefits at a special rate.

Financial Highlights
Awards STANDALONE CONSOLIDATED
2017-18 2016-17 2017-18 2016-17
` crores ` crores ` crores ` crores
Total Income 2,639.34 2,459.58 4,165.28 4,075.51
WƌŽĮƚĞĨŽƌĞǆĐĞƉƟŽŶĂů/ƚĞŵƐĂŶĚdĂǆ 339.42 228.53 161.84 41.36
WƌŽĮƚĞĨŽƌĞdĂǆ 284.23 262.04 184.29 30.58
WƌŽĮƚͬ;>ŽƐƐͿŌĞƌdĂǆ͕EŽŶͲĐŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚƐΘ
147.77 143.18 100.87 ;ϲϯ͘ϮϬͿ
^ŚĂƌĞŽĨƐƐŽĐŝĂƚĞƐΘ:ŽŝŶƚsĞŶƚƵƌĞƐ
CORPORATE AWARDS SERVICE AWARDS Total Assets 7,703.73 6,236.97 9,374.54 8,634.28
IHCL Umaid Bhawan Palace, Jodhpur

ƋƵŝƚǇ^ŚĂƌĞĂƉŝƚĂů 118.93 98.93 118.93 98.93
Best Hospitality Corporate Governance – India award by Capital Recognised as the Best Hotel in India; ranked
Finance International (CFI.co) Number 2 in Asia and Number 3 in the World’s Best
Hotels list at the TripAdvisor Travellers’ Choice KƚŚĞƌƋƵŝƚǇ 4,275.03 2,668.27 4,062.17 2,418.76
Gallup Great Workplace award for the seventh time and IHCL is the Awards
only Indian hospitality company on the list
Set a global benchmark in hospitality for environmental EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ Ͳ Ͳ 777.39 737.82
The Taj Mahal Palace, Mumbai and Taj Lake
sustainability with 67 of its hotels being awarded Gold Certification
Palace, Udaipur
by EarthCheck out of a total of 79 EarthCheck certified hotels
dŽƚĂůƋƵŝƚǇ 4,393.96 2,767.20 4,958.49 3,255.51
Featured on the Condé Nast Traveler USA
Featured on the list of India’s 50 Best Companies for Talent
Gold List
Satisfaction at the People Capital Index awards
ŽƌƌŽǁŝŶŐƐ 1,783.88 2,048.98 2,427.43 3,382.98
Presented with the All India Investor Relations Award in the Large
Cap Category by the Investor Relations Society of India, in association Rambagh Palace, Jaipur; Umaid Bhawan
with KPMG India, Bloomberg and the Bombay Stock Exchange Palace, Jodhpur and Taj Palace, New Delhi Ğďƚ͗ƋƵŝƚǇZĂƟŽ 0.41:1 0.74:1 0.49:1 1.04:1
Awarded Best Hotel Company at the Dun and Bradstreet Featured on the list of 50 Best Hotels in the World
Corporate awards at the Condé Nast Traveler USA Readers’ Choice ŽŽŬsĂůƵĞƉĞƌ^ŚĂƌĞŽĨ`ϭͬͲĞĂĐŚͲ/Ŷ` 36.95 27.97 41.69 32.91
Awards
Taj Hotels
Recognised as the Luxury Hotel Chain of the Year at the PATWA ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞͲĂƐŝĐĂŶĚŝůƵƚĞĚͲ/Ŷ` 1.34 1.37 0.91 ;Ϭ͘ϲϬͿ
Meghauli Serai, A Taj Safari Lodge,
International Awards
Chitwan National Park, Nepal
Acknowledged as Best Company to Work for in Hospitality in the ŝǀŝĚĞŶĚƉƌŽƉŽƐĞĚWĞƌ^ŚĂƌĞͲ/Ŷ` 0.40 0.35 0.40 0.35
Recognised as the ‘Best of the Best’ by Robb Report
Business Today Best Companies to Work for Survey
in the category of Luxury Lodges Taking Adventure
Recognised as Best Hotel Group, Runner-up, at the Telegraph Travel to New Extremes
Awards UK
Received the Best Business Hotel Chain in India award by Business
Traveller UK

ŽĂƌĚΖƐZĞƉŽƌƚ dŚĞ ĨĂĐŝůŝƚǇ ŽĨ ĞͲǀŝƐĂ ŚĂƐ ďĞĞŶ ĞŶŚĂŶĐĞĚ ĂŶĚ ŝƐ ŶŽǁ ŽīĞƌĞĚ
ƚŽ ĐŝƟǌĞŶƐ ŽĨ ϭϲϯ ƐƉĞĐŝĮĞĚ ĐŽƵŶƚƌŝĞƐ͘ /Ŷ ϮϬϭϳ͕ Ă ƚŽƚĂů ŽĨ
ǆĐĞƉƟŽŶĂů/ƚĞŵƐ
ǆĐĞƉƟŽŶĂů /ƚĞŵƐ ŵĂŝŶůǇ ŝŶĐůƵĚĞ ĞǆĐŚĂŶŐĞ ŐĂŝŶ ŽŶ ĐŚĂŶŐĞ
ϭϳůĂŬŚƐƚŽƵƌŝƐƚƐĂǀĂŝůĞĚƚŚĞĨĂĐŝůŝƚǇĂƐĐŽŵƉĂƌĞĚƚŽϭϬ͘ϳϵůĂŬŚƐ ŝŶ &Ăŝƌ ǀĂůƵĞ ŽĨ ĐƌŽƐƐ ĐƵƌƌĞŶĐǇ ƐǁĂƉ ĚĞƌŝǀĂƟǀĞ ĐŽŶƚƌĂĐƚƐ
To the Members
ŝŶϮϬϭϲ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂŐƌŽǁƚŚŽĨϱϳй͘ `Ϯϱ͘ϱϭĐƌŽƌĞƐĂŶĚƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚĚƵĞƚŽůŽƐƐĞƐŝŶ
ĂŶŽǀĞƌƐĞĂƐƐƵďƐŝĚŝĂƌǇ`ϴϬ͘ϱϬĐƌŽƌĞƐ͘ŽƌƌĞƐƉŽŶĚŝŶŐĮŐƵƌĞƐ
dŚĞ ŝƌĞĐƚŽƌƐ ŚĂǀĞ ƉůĞĂƐƵƌĞ ŝŶ ƉƌĞƐĞŶƟŶŐ ƚŚĞ ϭϭϳth ŶŶƵĂů ZĞƉŽƌƚ ŽĨ ǇŽƵƌ ŽŵƉĂŶǇ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ŝƚƐ ƵĚŝƚĞĚ &ŝŶĂŶĐŝĂů
dŚĞŐƌŽǁƚŚŝŶĚĞŵĂŶĚĨŽƌƌŽŽŵƐ;ϱйͿŚĂƐďĞĞŶĐŽŶƐŝƐƚĞŶƚůǇ ĨŽƌƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌǁĞƌĞ`ϲϱ͘ϰϱĐƌŽƌĞƐĂŶĚ`ϲϰ͘ϯϯĐƌŽƌĞƐ
^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞĮŶĂŶĐŝĂůǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͗
ŽƵƚƉĂĐŝŶŐ ƚŚĞ ƐƵƉƉůǇ ;ϯ͘ϮйͿ ŐƌŽǁƚŚ ŝŶ /ŶĚŝĂ ĂŶĚ ƚŚŝƐ ƚƌĞŶĚ ƌĞƐƉĞĐƟǀĞůǇ͘
ŚĂƐďĞĞŶƐƵƐƚĂŝŶĞĚŽǀĞƌƚŚĞƌĞĐĞŶƚƉĂƐƚ͘dŚŝƐŚĂƐƌĞƐƵůƚĞĚŝŶ
Financial Results ĂŶĂůů/ŶĚŝĂŽĐĐƵƉĂŶĐǇůĞǀĞůŽĨϲϱйĂĐƌŽƐƐƚŚĞŝŶĚƵƐƚƌǇ͘ǆĐĞƉƚ /Ŷ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͕ ƚŚĞƌĞ ǁĂƐ Ă ŽŶĞͲƟŵĞ ŐĂŝŶ ŽĨ ` Ϯϰ͘ϯϯ
` / crores
ŚĞŶŶĂŝΘ'ƵƌŐĂŽŶ͕ŵŽƐƚŬĞǇĐŝƟĞƐƐĂǁĂŚĞĂůƚŚǇŝŶĐƌĞĂƐĞŝŶ ĐƌŽƌĞƐ ĂƌŝƐŝŶŐ ŽƵƚ ŽĨ ƐĞƩůĞŵĞŶƚ ĐůĂŝŵƐ ĂŶĚ ƌĞĨƵŶĚ ŽĨ
Standalone Consolidated ĚĞŵĂŶĚ͘(Source: STR reports) DƵŶŝĐŝƉĂů dĂǆ ĂŶĚ ŝŶƚĞƌĞƐƚ ŽĨ ` ϲ͘ϭϲ ĐƌŽƌĞƐ ƉƌĞǀŝŽƵƐůǇ ƉĂŝĚ
ƵŶĚĞƌƉƌŽƚĞƐƚ͘
WĂƌƟĐƵůĂƌƐ 2017-18 2016-17 2017-18 2016-17
&ŝŶĂŶĐŝĂů,ŝŐŚůŝŐŚƚƐʹ^ƚĂŶĚĂůŽŶĞ
Total Income 2639.34 2459.58 4165.28 4075.51 dŚĞ dĂũ 'ƌŽƵƉ ŽƉĞŶĞĚ ŽŶĞ ůƵǆƵƌǇ ŚŽƚĞů ŝŶ ŶĚĂŵĂŶ͘ dŚĞ ŽƌƌŽǁŝŶŐƐ
WƌŽĮƚďĞĨŽƌĞĞƉƌĞĐŝĂƟŽŶ͕&ŝŶĂŶĐĞŽƐƚƐ͕dĂǆĂŶĚǆĐĞƉƟŽŶĂů 684.19 577.70 732.08 664.56 ŝŶǀĞŶƚŽƌǇŽĨƚŚĞdĂũ'ƌŽƵƉŽĨ,ŽƚĞůƐŶŽǁƐƚĂŶĚƐĂƚϭϰϱŚŽƚĞůƐ dŚĞƚŽƚĂůďŽƌƌŽǁŝŶŐƐƐƚŽŽĚĂƚ`ϭ͕ϳϴϯ͘ϴϴĐƌŽƌĞƐĂƐĂƚDĂƌĐŚ
/ƚĞŵƐΘƐŚĂƌĞŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ǁŝƚŚ ϭϳ͕ϭϰϱ ƌŽŽŵƐ͘ dŚĞ 'ƌŽƵƉ͛Ɛ ƉŽƌƞŽůŝŽ ĂůƐŽ ŝŶĐůƵĚĞƐ ϰϮ ϯϭ͕ϮϬϭϴĂƐĂŐĂŝŶƐƚ`Ϯ͕Ϭϰϴ͘ϵϴĐƌŽƌĞƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϳ
>ĞƐƐ͗ĞƉƌĞĐŝĂƟŽŶ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ ϯϬϭ͘Ϯ Ϯϵϵ͘ϯϳ ŚŽƚĞůƐ ƵŶĚĞƌ ƚŚĞ 'ŝŶŐĞƌ ďƌĂŶĚ͕ ǁŚŝĐŚ ŚĂƐ ĂŶ ĂŐŐƌĞŐĂƚĞ ƌĞƉƌĞƐĞŶƟŶŐĂĚĞĐƌĞĂƐĞŽĨ`Ϯϲϱ͘ϭϬĐƌŽƌĞƐĚƵĞƚŽƌĞƉĂǇŵĞŶƚ
ŝŶǀĞŶƚŽƌǇ ŽĨ ϯ͕ϳϲϯ ƌŽŽŵƐ͘ zŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ƚŽ ΘƌĞĮŶĂŶĐŝŶŐŽĨĚĞďƚ͘
>ĞƐƐ͗&ŝŶĂŶĐĞŽƐƚƐ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ
ƉƵƌƐƵĞ ĞǆƉĂŶƐŝŽŶ ďŽƚŚ ŝŶ ƚŚĞ ĚŽŵĞƐƟĐ ĂŶĚ ŝŶƚĞƌŶĂƟŽŶĂů
WƌŽĮƚďĞĨŽƌĞdĂǆ͕ǆĐĞƉƟŽŶĂů/ƚĞŵƐĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚǇ 339.42 228.53 161.84 41.36 ŵĂƌŬĞƚ͕ŝŶĂĐĂƉŝƚĂůůŝŐŚƚŵĂŶŶĞƌ͕ƚŽĂĐŚŝĞǀĞƐƵƐƚĂŝŶĂďůĞĂŶĚ WƌŽĮƚͬ;>ŽƐƐͿďĞĨŽƌĞĂŶĚĂŌĞƌdĂǆ
ĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ƉƌŽĮƚĂďůĞŐƌŽǁƚŚ͘ dŚĞWƌŽĮƚďĞĨŽƌĞdĂǆĨŽƌƚŚĞǇĞĂƌǁĂƐĂƚ`Ϯϴϰ͘ϮϯĐƌŽƌĞƐ͕ĂƐ
ĚĚͬ;>ĞƐƐͿ͗ǆĐĞƉƟŽŶĂů/ƚĞŵƐ ;ϱϱ͘ϭϵͿ ϯϯ͘ϱϭ ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ ĐŽŵƉĂƌĞĚƚŽ`ϮϲϮ͘ϬϰĐƌŽƌĞƐĨŽƌƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘dŚĞWƌŽĮƚ
WƌŽĮƚďĞĨŽƌĞdĂǆ 284.23 262.04 184.29 30.58 Income ĂŌĞƌdĂǆĨŽƌƚŚĞǇĞĂƌǁĂƐĂƚ`ϭϰϳ͘ϳϳĐƌŽƌĞƐ͕ĂƐĐŽŵƉĂƌĞĚƚŽ
dŚĞ dŽƚĂů /ŶĐŽŵĞ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ Ăƚ `ϭϰϯ͘ϭϴĐƌŽƌĞƐ͕ĨŽƌƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘
>ĞƐƐ͗WƌŽǀŝƐŝŽŶĨŽƌdĂǆ ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ
` Ϯ͕ϲϯϵ͘ϯϰ ĐƌŽƌĞƐ ƌĞƉƌĞƐĞŶƚƐ Ă ŐƌŽǁƚŚ ŽĨ ϳй ŽǀĞƌ ƚŚĞ
WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂǆ͕ďĞĨŽƌĞEŽŶͲŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚΘƐŚĂƌĞ 147.77 143.18 63.23 ;ϴϯ͘ϭϲͿ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͘ tŝƚŚŝŶ ƚŚĞ ŽǀĞƌĂůů ƌĞǀĞŶƵĞ͕ ZŽŽŵ ZĞǀĞŶƵĞ &ŝŶĂŶĐŝĂů,ŝŐŚůŝŐŚƚƐʹŽŶƐŽůŝĚĂƚĞĚ
ŽĨƉƌŽĮƚŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ŝŶĐƌĞĂƐĞĚďǇϰй͕ĚƌŝǀĞŶďǇŝŵƉƌŽǀĞĚĂǀĞƌĂŐĞƌĂƚĞƉĞƌƌŽŽŵ dŚĞĐŽŶƐŽůŝĚĂƚĞĚŝŶĐŽŵĞŽĨǇŽƵƌŽŵƉĂŶǇĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚ
>ĞƐƐ͗EŽŶͲŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ Ͳ Ͳ Ϯ͘ϲϱ ;ϭϳ͘ϲϬͿ ;͚ZZ͛ͿĂĐƌŽƐƐƚŚĞƉŽƌƞŽůŝŽ͘dŚĞ&ŽŽĚĂŶĚĞǀĞƌĂŐĞZĞǀĞŶƵĞƐ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŐŐƌĞŐĂƚĞĚ ` ϰ͕ϭϲϱ͘Ϯϴ ĐƌŽƌĞƐ ĂƐ ĂŐĂŝŶƐƚ
ĚĚ͗^ŚĂƌĞŽĨWƌŽĮƚŽĨƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŶĞƚŽĨdĂǆ Ͳ Ͳ ϰϬ͘Ϯϵ ϯϳ͘ϱϲ ŝŶĐƌĞĂƐĞĚďǇϴйŽǀĞƌƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͕ĂŝĚĞĚďǇŐƌŽǁƚŚŝŶ ` ϰ͕Ϭϳϱ͘ϱϭ ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͘ dŚĞ ƌĞǀĞŶƵĞ ĨƌŽŵ
ƌĞƐƚĂƵƌĂŶƚ ƐĂůĞƐ ĂŶĚ ďĂŶƋƵĞƟŶŐ ŝŶĐŽŵĞ͘ KƚŚĞƌ KƉĞƌĂƟŶŐ ŽƉĞƌĂƟŽŶƐ ŝŶĐƌĞĂƐĞĚ ďǇ ϰй ;ŽŶ Ă ƐĂŵĞ ƐƚŽƌĞ ďĂƐŝƐ͕ ǁŝƚŚŽƵƚ
WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂǆĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶǇ 147.77 143.18 100.87 ;ϲϯ͘ϮϬͿ
/ŶĐŽŵĞ͕DĂŶĂŐĞŵĞŶƚĂŶĚKƉĞƌĂƟŶŐ&ĞĞƐ͕ǁĞƌĞĂůƐŽŚŝŐŚĞƌ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ dĂũ ŽƐƚŽŶ ǁŚŝĐŚ ǁĂƐ ĚŝǀĞƐƚĞĚ
ĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘ ĚƵƌŝŶŐƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌͿĨƌŽŵ`ϯ͕ϵϰϰ͘ϮϬĐƌŽƌĞƐƚŽ`ϰ͕ϭϬϯ͘ϱϱ
ǆƚĞƌŶĂůŶǀŝƌŽŶŵĞŶƚ ŇŽǁƐ ŝŶƚŽ ƚŚĞ ĐŽƵŶƚƌǇ͘ tŝƚŚ ĂŶ ĞǇĞ ŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĐƌŽƌĞƐůĂƌŐĞůǇĚƵĞƚŽŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ
dŚĞ/ŶĚŝĂŶĞĐŽŶŽŵǇŐƌĞǁďǇϳ͘ϮйǇĞĂƌŽŶǇĞĂƌŝŶƚŚĞƋƵĂƌƚĞƌ ĚĞǀĞůŽƉŵĞŶƚ͕ ƚŚĞ 'ŽǀĞƌŶŵĞŶƚ ŚĂƐ ŐŝǀĞŶ ŐƌĞĞŶ ůŝŐŚƚ ƚŽ ŝǀŝĚĞŶĚ /ŶĐŽŵĞ ǁĞƌĞ ůŽǁĞƌ ĂƐ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ƉƌĞǀŝŽƵƐ ĚŽŵĞƐƟĐƉŽƌƞŽůŝŽ͘
ĞŶĚŝŶŐĞĐĞŵďĞƌϮϬϭϳŽŶŐŽŽĚƐŚŽǁŝŶŐďǇŬĞǇƐĞĐƚŽƌƐůŝŬĞ ` ϳƚƌŝůůŝŽŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽŐƌĂŵŝŶůĂƚĞϮϬϭϳ͕ǁŝƚŚƚŚĞĂŝŵ ǇĞĂƌ͕ ŚŽǁĞǀĞƌ ŽŵƉĂŶǇ ĞĂƌŶĞĚ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŽĨ ` ϭϭ͘ϰ
ĂŐƌŝĐƵůƚƵƌĞ͕ĐŽŶƐƚƌƵĐƟŽŶĂŶĚŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ĂƐĂŐĂŝŶƐƚϲ͘ϯй ƚŽ ƉĂǀĞ ŵŽƌĞ ƚŚĂŶ ϴϬ͕ϬϬϬ Ŭŵ ŽĨ ƌŽĂĚ ďǇ DĂƌĐŚ ϮϬϮϮ͘ /Ŷ ĐƌŽƌĞƐ ŽƵƚ ŽĨ ƐƵƌƉůƵƐ ĨƵŶĚƐ ĨƌŽŵ ƌŝŐŚƚƐ ŝƐƐƵĞ ƉƌŽĐĞĞĚƐ dŚĞ WƌŽĮƚ ďĞĨŽƌĞ dĂǆ ĂŶĚ ǆĐĞƉƟŽŶĂů /ƚĞŵƐ ĂŶĚ ƐŚĂƌĞ ŽĨ
ǇĞĂƌ ŽŶ ǇĞĂƌ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƋƵĂƌƚĞƌ͘ dŚĞ ŐƌŽǁƚŚ ŝŶ 'W ĂĚĚŝƟŽŶ͕'ŽǀĞƌŶŵĞŶƚĐŽŶƟŶƵĞƐƚŽĞŶĐŽƵƌĂŐĞƚŚĞĞǆƉĂŶƐŝŽŶ ƉĞŶĚŝŶŐ ƵƟůŝƐĂƟŽŶ ǁŚŝĐŚ ǁĂƐ ƚĞŵƉŽƌĂƌŝůǇ ƉĂƌŬĞĚ ŝŶ ĮǆĞĚ ƉƌŽĮƚƐŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐƐƚŽŽĚĂƚ`ϭϲϭ͘ϴϰĐƌŽƌĞƐ
ĚƵƌŝŶŐ&zϮϬϭϳͲϭϴŝƐĞƐƟŵĂƚĞĚĂƚϲ͘ϱйĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞ ŽĨŝŐŝƚĂů/ŶĚŝĂ͘ ĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͘ ĂƐĐŽŵƉĂƌĞĚƚŽ`ϰϭ͘ϯϲĐƌŽƌĞƐŝŶƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘
ŐƌŽǁƚŚƌĂƚĞŽĨϳ͘ϭйŝŶ&zϮϬϭϲͲϭϳ͘
/ŶĚŝĂŶ,ŽƐƉŝƚĂůŝƚǇ/ŶĚƵƐƚƌǇ ĞƉƌĞĐŝĂƟŽŶĂŶĚ&ŝŶĂŶĐĞŽƐƚƐ WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂǆĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶǇ
/ŶĚŝĂ͛ƐĂŶŶƵĂůŝŶŇĂƟŽŶƌĂƚĞƌŽƐĞƚŽĂϯŵŽŶƚŚŚŝŐŚŽĨϰ͘ϱϴй dŚĞ /ŶĚŝĂŶ ŚŽƐƉŝƚĂůŝƚǇ ŝŶĚƵƐƚƌǇ ŚĂƐ ďĞĞŶ ŝŶƐƚƌƵŵĞŶƚĂů ĞƉƌĞĐŝĂƟŽŶĂƚ`ϭϱϭ͘ϯϰĐƌŽƌĞƐǁĂƐĂƚƚŚĞƐĂŵĞůĞǀĞůĂƐƚŚĞ ĂŐŐƌĞŐĂƚĞĚ ƚŽ ` ϭϬϬ͘ϴϳ ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ǁŚŝĐŚ ŚĂƐ
ŝŶƉƌŝůϮϬϭϴĨƌŽŵϰ͘ϮϴйŝŶƚŚĞƉƌĞǀŝŽƵƐŵŽŶƚŚ͘/ŶŇĂƟŽŶƌĂƚĞ ŝŶ ĐŽŶƚƌŝďƵƟŶŐ ƚŽ ƚŚĞ ŶĂƟŽŶ͛Ɛ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ͘ dŚĞ ƉƌĞǀŝŽƵƐǇĞĂƌ͘ ƐŝŐŶŝĮĐĂŶƚůǇŝŵƉƌŽǀĞĚǁŚĞŶĐŽŵƉĂƌĞĚƚŽƉƌĞǀŝŽƵƐǇĞĂƌĮŐƵƌĞ
ŝŶ/ŶĚŝĂĂǀĞƌĂŐĞĚϲ͘ϲϬйĨƌŽŵϮϬϭϮƵŶƟůϮϬϭϴ͕ƌĞĂĐŚŝŶŐĂŶĂůůͲ ŝŶƚƌŽĚƵĐƟŽŶ ŽĨ ĞͲǀŝƐĂ ĨŽƌ ĨŽƌĞŝŐŶ ƚŽƵƌŝƐƚƐ ĂŶĚ ƚŚĞ ŝŶĐƌĞĂƐĞĚ of `;ϲϯ͘ϮϬͿĐƌŽƌĞƐ͘/ŵƉƌŽǀĞŵĞŶƚǁĂƐŽŶĂĐĐŽƵŶƚŽĨƌĞĚƵĐĞĚ
ƟŵĞŚŝŐŚŽĨϭϮ͘ϭϳйŝŶEŽǀĞŵďĞƌϮϬϭϯĂŶĚĂƌĞĐŽƌĚůŽǁŽĨ ĚŽŵĞƐƟĐƚƌĂǀĞůŚĂǀĞŚĞůƉĞĚŝŶĐŽŶƚƌŝďƵƟŶŐƚŽƚŚĞƐĂŵĞ͘ &ŝŶĂŶĐĞĐŽƐƚƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂƚ`ϭϵϯ͘ϰϯ ĮŶĂŶĐĞĐŽƐƚĂƐĂůƐŽŝŵƉƌŽǀĞŵĞŶƚŽƉĞƌĂƟŽŶĂůƉĞƌĨŽƌŵĂŶĐĞ͘
ϭ͘ϱϰйŝŶ:ƵŶĞϮϬϭϳŵĂŝŶůǇĚƵĞƚŽĚĞŵŽŶĞƟǌĂƟŽŶ͘ ĐƌŽƌĞƐǁĂƐůŽǁĞƌƚŚĂŶƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͛ƐĮŐƵƌĞŽĨ`ϭϵϳ͘ϴϲ dŚĞWƌĞǀŝŽƵƐzĞĂƌƐƌĞƐƵůƚƐǁĞƌĞĂůƐŽŝŵƉĂĐƚĞĚĚƵĞƚŽůŽƐƐŽŶ
/ŶƚĞƌŶĂƟŽŶĂů ƚƌĂǀĞů ĂŶĚ ƚŽƵƌŝƐŵ ĂƌƌŝǀĂůƐ ŝŶĐƌĞĂƐĞĚ ďǇ Ă ĐƌŽƌĞƐŵĂŝŶůǇĚƵĞƚŽƌĞƉĂǇŵĞŶƚŽĨĚĞďƚŽƵƚŽĨZŝŐŚƚƐ/ƐƐƵĞ ƐĂůĞŽĨdĂũŽƐƚŽŶ͘
ZĞǀŝǀĂů ŝŶ ƌƵƌĂů ĚĞŵĂŶĚ ĂŶĚ ŝŶĐƌĞĂƐĞĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƌĞŵĂƌŬĂďůĞ ϳй ƚŽ ƌĞĂĐŚ Ă ƚŽƚĂů ŽĨ ϭ͕ϯϮϮ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ ƉƌŽĐĞĞĚƐ͘
ƐƉĞŶĚŝŶŐŝƐůŝŬĞůǇƚŽĚƌŝǀĞ/ŶĚŝĂ͛ƐŐƌŽǁƚŚŝŶĐƵƌƌĞŶƚǇĞĂƌ͕ĞǀĞŶ ;:ĂŶƵĂƌǇ ƚŽ ĞĐĞŵďĞƌͿ͕ ϴϳ ŵŝůůŝŽŶ ŵŽƌĞ ƚŚĂŶ ƚŚĞ ĐĂůĞŶĚĂƌ ƉƉƌŽƉƌŝĂƟŽŶƐ
ĂƐ ŝŶĐƌĞĂƐŝŶŐ ĚĞďƚ ĂŶĚ ƚƌĂĚĞ ƉƌŽƚĞĐƟŽŶŝƐŵ ĐŽƵůĚ ƉŽƐĞ Ă ǇĞĂƌϮϬϭϲ͘;Source: UNWTOͿ͘ WƌŽĮƚďĞĨŽƌĞdĂǆĂŶĚǆĐĞƉƟŽŶĂů/ƚĞŵƐ ŝǀŝĚĞŶĚ
ĐŚĂůůĞŶŐĞ͘ŌĞƌĂǇĞĂƌŽĨĚŝƐƌƵƉƟŽŶƐĂŶĚŐƌŽǁƚŚƐůŽǁĚŽǁŶ WƌŽĮƚ ďĞĨŽƌĞ dĂǆ ĂŶĚ ǆĐĞƉƟŽŶĂů /ƚĞŵƐ ƐƚŽŽĚ Ăƚ ` ϯϯϵ͘ϰϮ KŶ ĂĐĐŽƵŶƚ ŽĨ ŝŵƉƌŽǀĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ WƌŽĮƚ ĂŌĞƌ dĂǆ
ĚƵĞ ƚŽ 'ŽŽĚƐ ĂŶĚ ^ĞƌǀŝĐĞƐ dĂǆ Θ ĚĞŵŽŶĞƟƐĂƟŽŶ͕ /ŶĚŝĂŶ &Žƌ /ŶĚŝĂ͕ &ŽƌĞŝŐŶ dŽƵƌŝƐƚ ƌƌŝǀĂůƐ ĚƵƌŝŶŐ ϮϬϭϳ ǁĞƌĞ ϭϬ͘ϭϴ ĐƌŽƌĞƐ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂŶŝŶĐƌĞĂƐĞŽĨϰϵй͕ĂƐĐŽŵƉĂƌĞĚƚŽ ƌĞƉŽƌƚĞĚďǇǇŽƵƌŽŵƉĂŶǇĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚǇĞĂƌ͕ƚŚĞŽĂƌĚ
ĞĐŽŶŽŵǇŝƐĐŽŶƐŽůŝĚĂƟŶŐƚŚĞŐĂŝŶƐĨƌŽŵƚŚĞƌĞĐĞŶƚƌĞĨŽƌŵƐ͘ ŵŝůůŝŽŶ ǁŝƚŚ Ă ŐƌŽǁƚŚ ŽĨ ϭϱ͘ϲй ŽǀĞƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŽĨ ƚŚĞ ƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘ ŽĨ ŝƌĞĐƚŽƌƐ ƌĞĐŽŵŵĞŶĚ Ă ĚŝǀŝĚĞŶĚ Ăƚ ƚŚĞ ƌĂƚĞ ŽĨ ϰϬй ŝ͘Ğ͘
dŚĞƌĞŝƐŚŝŐŚŽƉƟŵŝƐŵŝŶĚŽŵĞƐƟĐĚĞŵĂŶĚŝŶƚŚĞĨŽƌŵŽĨ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͘ ƵƌŝŶŐ ϮϬϭϲ &ŽƌĞŝŐŶ dŽƵƌŝƐƚ ƌƌŝǀĂůƐ ǁĞƌĞ ϴ͘ϴ ` Ϭ͘ϰϬ ƉĞƌ ƐŚĂƌĞ ;WƌĞǀŝŽƵƐ zĞĂƌ Ͳ ` Ϭ͘ϯϱ ƉĞƌ ƐŚĂƌĞͿ͘ dŚĞ
ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ƌĞǀŝǀĂů ŝŶ ƐŵĂůů ƐĐĂůĞ ďƵƐŝŶĞƐƐ ĂĐƟǀŝƟĞƐ͕ ŵŝůůŝŽŶǁŝƚŚĂŐƌŽǁƚŚƌĂƚĞŽĨϵ͘ϳйŽǀĞƌϮϬϭϱ͘;Source: Ministry ĚŝǀŝĚĞŶĚŽŶƋƵŝƚǇ^ŚĂƌĞƐ͕ŝĨĂƉƉƌŽǀĞĚďǇƚŚĞDĞŵďĞƌƐǁŽƵůĚ
ƌĞƐƵůƟŶŐ ŝŶ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ &ŽƌĞŝŐŶ ŝƌĞĐƚ /ŶǀĞƐƚŵĞŶƚ of Tourism, Government of IndiaͿ involve a cash payout of ` ϱϳ͘ϯϱ ĐƌŽƌĞƐ͕ ŝŶĐůƵĚŝŶŐ ĚŝǀŝĚĞŶĚ

ĚŝƐƚƌŝďƵƟŽŶ ƚĂǆ͘ WƵƌƐƵĂŶƚ ƚŽ ZĞŐƵůĂƟŽŶ ϰϯ ŽĨ ƚŚĞ ^/ Ɖƌŝů ϭ͕ ϮϬϭϳ͘ dŚĞ ,ŽŶ͛ďůĞ EĂƟŽŶĂů ŽŵƉĂŶǇ >Ăǁ dƌŝďƵŶĂů͕ dŚĞ /ŶƚĞƌŶĂů ƵĚŝƚ ĞƉĂƌƚŵĞŶƚ ŵŽŶŝƚŽƌƐ ĂŶĚ ĞǀĂůƵĂƚĞƐ ƚŚĞ ůŝŶŬ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƌƉƚͲƉŽůŝĐǇͲƉŽƐƚͲ
;>ŝƐƟŶŐKďůŝŐĂƟŽŶĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ DƵŵďĂŝ ĞŶĐŚ ;E>dͿ ǀŝĚĞ ŝƚƐ ŽƌĚĞƌ ĚĂƚĞĚ DĂƌĐŚ ϴ͕ ϮϬϭϴ ĞĸĐĂĐǇ ĂŶĚ ĂĚĞƋƵĂĐǇ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐǇƐƚĞŵƐ ŝŶ ǇŽƵƌ ĂŵĞŶĚŵĞŶƚͲĂĐƚ͘ƉĚĨ͘dŚĞWŽůŝĐǇŝŶƚĞŶĚƐƚŽĞŶƐƵƌĞƚŚĂƚƉƌŽƉĞƌ
ϮϬϭϱ ;Ζ>ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐΖͿ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ĂĚŽƉƚĞĚ ƚŚĞ ĂƉƉƌŽǀĞĚ ƚŚĞ ^ĐŚĞŵĞ͘ WƵƌƐƵĂŶƚ ƚŚĞƌĞƚŽ͕ ƚŚĞ E>d ŽƌĚĞƌ ŽŵƉĂŶǇ͕ŝƚƐĐŽŵƉůŝĂŶĐĞǁŝƚŚŽƉĞƌĂƟŶŐƐǇƐƚĞŵƐ͕ĂĐĐŽƵŶƟŶŐ ƌĞƉŽƌƟŶŐ͕ĂƉƉƌŽǀĂůĂŶĚĚŝƐĐůŽƐƵƌĞƉƌŽĐĞƐƐĞƐĂƌĞŝŶƉůĂĐĞĨŽƌ
ŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐǇǁŚŝĐŚŝƐĂƩĂĐŚĞĚĂƐŶŶĞǆƵƌĞͲ/͘ ǁĂƐĮůĞĚǁŝƚŚƚŚĞZĞŐŝƐƚƌĂƌŽĨŽŵƉĂŶŝĞƐ͕DĂŚĂƌĂƐŚƚƌĂŽŶ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ƉŽůŝĐŝĞƐ Ăƚ Ăůů ůŽĐĂƟŽŶƐ ŽĨ ǇŽƵƌ ŽŵƉĂŶǇ͘ ĂůůƚƌĂŶƐĂĐƟŽŶƐďĞƚǁĞĞŶƚŚĞŽŵƉĂŶǇĂŶĚZĞůĂƚĞĚWĂƌƟĞƐ͘
Ɖƌŝůϭϭ͕ϮϬϭϴ͕ďĞŝŶŐƚŚĞΖīĞĐƟǀĞĂƚĞΖ͘ ĂƐĞĚ ŽŶ ƚŚĞ ƌĞƉŽƌƚ ŽĨ ƚŚĞ /ŶƚĞƌŶĂů ƵĚŝƚ ĨƵŶĐƟŽŶ͕ ƉƌŽĐĞƐƐ
ĞďĞŶƚƵƌĞƐ ŽǁŶĞƌƐ ƵŶĚĞƌƚĂŬĞ ĐŽƌƌĞĐƟǀĞ ĂĐƟŽŶ ŝŶ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ WƌŝŽƌ ŽŵŶŝďƵƐ ĂƉƉƌŽǀĂů ŝƐ ŽďƚĂŝŶĞĚ ĨŽƌ ZWdƐ ǁŚŝĐŚ ĂƌĞ ŽĨ Ă
ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ǇŽƵƌ ŽŵƉĂŶǇ ƌĞĚĞĞŵĞĚ WƵƌƐƵĂŶƚ ƚŚĞƌĞƚŽ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĂƌĞĂƐ ĂŶĚ ƚŚĞƌĞďǇ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ĐŽŶƚƌŽůƐ͘ ^ŝŐŶŝĮĐĂŶƚ ĂƵĚŝƚ ƌĞƉĞƟƟǀĞ ŶĂƚƵƌĞ ĂŶĚ ĞŶƚĞƌĞĚ ŝŶ ƚŚĞ KƌĚŝŶĂƌǇ ŽƵƌƐĞ ŽĨ
Ϯ͕ϬϬϬ͕ Ϯй hŶƐĞĐƵƌĞĚ EŽŶͲĐŽŶǀĞƌƟďůĞ ZĞĚĞĞŵĂďůĞ ^ĐŚĞŵĞ͕d/&KǁĂƐĂŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇǁ͘Ğ͘Ĩ͘ ŽďƐĞƌǀĂƟŽŶƐĂŶĚĐŽƌƌĞĐƟǀĞĂĐƟŽŶƐƐƵŐŐĞƐƚĞĚĂƌĞƉƌĞƐĞŶƚĞĚ ƵƐŝŶĞƐƐ ĂŶĚ ĂƌĞ Ăƚ ƌŵ͛Ɛ >ĞŶŐƚŚ͘ ƐƚĂƚĞŵĞŶƚ ŽŶ ZWdƐ
ĞďĞŶƚƵƌĞƐ ŽĨ ĨĂĐĞ ǀĂůƵĞ ` ϭϬ͕ϬϬ͕ϬϬϬ ĞĂĐŚ͕ ĂŐŐƌĞŐĂƟŶŐ ƚŽ ƚŚĞ ƉƉŽŝŶƚĞĚ ĂƚĞ ŝ͘Ğ͘ Ɖƌŝů ϭ͕ ϮϬϭϳ͕ ĂŶĚ ĐŽŶƐĞƋƵĞŶƚůǇ͕ ƚŽƚŚĞƵĚŝƚŽŵŵŝƩĞĞŽĨƚŚĞŽĂƌĚ͘dŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ƐƉĞĐŝĨǇŝŶŐ ƚŚĞ ĚĞƚĂŝůƐ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶƐ͕ ƉƵƌƐƵĂŶƚ ƚŽ ĞĂĐŚ
`ϮϬϬƌŽƌĞƐŽŶƉƌŝůϮϯ͕ϮϬϭϳ͘ d/&KƐƚĂŶĚƐĚŝƐƐŽůǀĞĚǁŝƚŚŽƵƚǁŝŶĚŝŶŐƵƉ͘dŚĞŶĞĐĞƐƐĂƌǇ ĐŽŶƚƌŽůƐ ĂƐ ůĂŝĚ ĚŽǁŶ ĂƌĞ ĂĚĞƋƵĂƚĞ ĂŶĚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ŽŵŶŝďƵƐ ĂƉƉƌŽǀĂů ŐƌĂŶƚĞĚ͕ ŚĂƐ ďĞĞŶ ƉůĂĐĞĚ ŽŶ Ă ƋƵĂƌƚĞƌůǇ
ĂĐĐŽƵŶƟŶŐ ĞŶƚƌŝĞƐ ŐŝǀŝŶŐ ĞīĞĐƚ ƚŽ ƚŚĞ ĂŵĂůŐĂŵĂƟŽŶ ǁĞƌĞ ĞīĞĐƟǀĞůǇĚƵƌŝŶŐƚŚĞǇĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͘ ďĂƐŝƐĨŽƌƌĞǀŝĞǁďǇƚŚĞƵĚŝƚŽŵŵŝƩĞĞ͘
ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ǇŽƵƌ ŽŵƉĂŶǇ ƌĂŝƐĞĚ ϳ͘ϴϱй ƉĂƐƐĞĚŝŶƚŚĞďŽŽŬƐŽĨĂĐĐŽƵŶƚƐŽĨƚŚĞŽŵƉĂŶǇ͘
hŶƐĞĐƵƌĞĚEŽŶͲĐŽŶǀĞƌƟďůĞZĞĚĞĞŵĂďůĞĞďĞŶƚƵƌĞƐŽĨĨĂĐĞ /ŶĂĚĚŝƟŽŶ͕ĚƵƌŝŶŐƚŚĞ&zϮϬϭϳͲϭϴ͕ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌ^ĞĐƟŽŶ ůů ZWdƐ ƚŚĂƚ ǁĞƌĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ
value `ϭϬ͕ϬϬ͕ϬϬϬĞĂĐŚĂŐŐƌĞŐĂƟŶŐƚŽ`ϮϬϬĐƌŽƌĞƐ͘ WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ĂŵĂůŐĂŵĂƟŽŶ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ĂĐĐĞƐƐ ƚŽ ϭϰϯ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ ^ƚĂƚƵƚŽƌǇ ƵĚŝƚŽƌƐ ŚĂǀĞ ĞǀĂůƵĂƚĞĚ ĂŶĚ ǁĞƌĞ ŝŶ ƚŚĞ KƌĚŝŶĂƌǇ ŽƵƌƐĞ ŽĨ ƵƐŝŶĞƐƐ ĂŶĚ Ăƚ ƌŵ͛Ɛ
ƐŝŐŶŝĮĐĂŶƚůŝƋƵŝĚĂƐƐĞƚƐŽĨd/&KŝŶƚŚĞĨŽƌŵŽĨĐĂƐŚ͕DƵƚƵĂů ĞǆƉƌĞƐƐĞĚ ĂŶ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů >ĞŶŐƚŚ͘ EŽ DĂƚĞƌŝĂů ZWdƐ͕ ŝ͘Ğ͘ ƚƌĂŶƐĂĐƟŽŶƐ ĞǆĐĞĞĚŝŶŐ ƚŚĞ
ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞ &ƵŶĚ ŝŶǀĞƐƚŵĞŶƚƐ ĂŶĚ /ŶƚĞƌͲŽƌƉŽƌĂƚĞ ĞƉŽƐŝƚƐ ǁŚŝĐŚ ĐĂŶ ĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐďĂƐĞĚŽŶĂŶĂƵĚŝƚ͘/ŶƚŚĞŝƌ ƉƌĞƐĐƌŝďĞĚůŝŵŝƚƐƵŶĚĞƌ^ĞĐƟŽŶϭϴϴŽĨƚŚĞĐƚŽƌƚŚĞ>ŝƐƟŶŐ
ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŝŶĐƵƌƌĞĚ ďĞ ƉƵƚ ƚŽ ďĞƩĞƌ ĂŶĚ ŵŽƌĞ ƉƌŽĮƚĂďůĞ ƵƐĞ ďǇ ƚŚĞ ŽŵƉĂŶǇ͘ ŽƉŝŶŝŽŶ͕ƚŚĞŽŵƉĂŶǇŚĂƐ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ĂĚĞƋƵĂƚĞ ZĞŐƵůĂƟŽŶƐ ǁĞƌĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ďǇ ǇŽƵƌ
` ϯϭϭ͘ϯϯ ĐƌŽƌĞƐ ƚŽǁĂƌĚƐ ĐĂƉŝƚĂů ĞǆƉĞŶĚŝƚƵƌĞ͕ Ă ŵĂũŽƌŝƚǇ ŽĨ dŚĞ ĂŐŐƌĞŐĂƚĞ ĨƌĞĞ ƌĞƐĞƌǀĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŝŶĐƌĞĂƐĞĚ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƐƵĐŚ ŽŵƉĂŶǇ͘ĐĐŽƌĚŝŶŐůǇ͕ƚŚĞĚŝƐĐůŽƐƵƌĞŽĨZWdƐŝŶ&ŽƌŵKͲϮ
ǁŚŝĐŚǁĂƐƚŽǁĂƌĚƐdĂũǆŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕ŶĚĂŵĂŶƐĂŶĚ ďǇΕ`ϭϰϬĐƌŽƌĞƐƚŚĞƌĞďǇĞŶŚĂŶĐŝŶŐƚŚĞŽŵƉĂŶǇ͛ƐĂďŝůŝƚǇƚŽ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ǁĞƌĞ ŝƐŶŽƚĂƉƉůŝĐĂďůĞ͘
ƌĞŶŽǀĂƟŽŶƐ ĂŶĚ ƌĞĨƵƌďŝƐŚŵĞŶƚƐ ŽĨ ŚŽƚĞůƐ͘ KƚŚĞƌ ĂƌĞĂƐ ŽĨ ƉĂǇĚŝǀŝĚĞŶĚƚŽŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ͘ ŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůǇĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͘
ŝŶǀĞƐƚŵĞŶƚŝŶĐůƵĚĞĚŶĞǁ/ŶĨŽƌŵĂƟŽŶdĞĐŚŶŽůŽŐǇŝŶŝƟĂƟǀĞƐ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚ
dƌĂŶƐĨĞƌǁŝƚŚŝŶZĞƐĞƌǀĞƐ sŝŐŝůDĞĐŚĂŶŝƐŵͬtŚŝƐƚůĞůŽǁĞƌWŽůŝĐǇ ůƚŚŽƵŐŚŶŽƚŵĂŶĚĂƚŽƌǇ͕ǇŽƵƌŽŵƉĂŶǇŚĂƐĐŽŶƐƟƚƵƚĞĚĂZŝƐŬ
&ŝǆĞĚĞƉŽƐŝƚƐ ^ƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ŵĞƌŐĞƌ ŽĨ d/&K ,ŽůĚŝŶŐƐ >ƚĚ͕͘ ƚŚĞ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂĚŽƉƚĞĚ Ă tŚŝƐƚůĞ ůŽǁĞƌ WŽůŝĐǇ ƚŽ DĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞĂƐĂŵĞĂƐƵƌĞŽĨŐŽŽĚŐŽǀĞƌŶĂŶĐĞ͘dŚĞ
dŚĞŽƵƚƐƚĂŶĚŝŶŐĂŵŽƵŶƚŽĨ&ŝǆĞĚĞƉŽƐŝƚƐƉůĂĐĞĚǁŝƚŚǇŽƵƌ ŽŵƉĂŶǇŚĂƐƚƌĂŶƐĨĞƌƌĞĚ`ϰϮ͘ϰϮĐƌŽƌĞƐĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚ ƉƌŽǀŝĚĞĂĨŽƌŵĂůŵĞĐŚĂŶŝƐŵĨŽƌƚŚĞŝƌĞĐƚŽƌƐĂŶĚĞŵƉůŽǇĞĞƐ ZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞŝƐƚĂƐŬĞĚǁŝƚŚƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇ
ŽŵƉĂŶǇǁĂƐEŝů;WƌĞǀŝŽƵƐzĞĂƌͲEŝůͿĞǆĐůƵĚŝŶŐ`Ϭ͘ϲϵĐƌŽƌĞ ƚŽ ZĞƚĂŝŶĞĚ ĂƌŶŝŶŐƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͘ d/&K ,ŽůĚŝŶŐƐ >ƚĚ͘ ƚŽ ƌĞƉŽƌƚ ŐĞŶƵŝŶĞ ĐŽŶĐĞƌŶƐ ĂďŽƵƚ ĂŶǇ ƵŶĞƚŚŝĐĂů ďĞŚĂǀŝŽƌ͕ ƚŽĨƌĂŵĞ͕ŝŵƉůĞŵĞŶƚĂŶĚŵŽŶŝƚŽƌƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉůĂŶ
;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϭ͘ϳϮĐƌŽƌĞͿ͕ǁŚŝĐŚƌĞŵĂŝŶĞĚƵŶĐůĂŝŵĞĚďǇ ǁĂƐĂEŽŶͲĂŶŬŝŶŐ&ŝŶĂŶĐŝĂůŽŵƉĂŶǇ;E&ͿĂŶĚŚĂƐĮůĞĚ ĂĐƚƵĂů Žƌ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ Žƌ ǀŝŽůĂƟŽŶ ŽĨ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ĨŽƌƚŚĞŽŵƉĂŶǇ͘dŚĞŽŵŵŝƩĞĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞǀŝĞǁŝŶŐ
ĚĞƉŽƐŝƚŽƌƐ ĂƐ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͘ zŽƵƌ ŽŵƉĂŶǇ ĚŽĞƐ ŶŽƚ ŝŶƟŵĂƟŽŶǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇĂƵƚŚŽƌŝƟĞƐĨŽƌƐƵƌƌĞŶĚĞƌŽĨƚŚĞ ŽĚĞ ŽĨ ŽŶĚƵĐƚ Žƌ ĞƚŚŝĐƐ ƉŽůŝĐǇ͘ dŚĞ ƉŽůŝĐǇ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉůĂŶĂŶĚĞŶƐƵƌŝŶŐŝƚƐĞīĞĐƟǀĞŶĞƐƐ͘dŚĞ
ĂĐĐĞƉƚĂŶĚͬŽƌƌĞŶĞǁ&ŝǆĞĚĞƉŽƐŝƚƐĨƌŽŵƚŚĞŐĞŶĞƌĂůƉƵďůŝĐ E&ůŝĐĞŶƐĞ͘ ĂĚĞƋƵĂƚĞ ƐĂĨĞŐƵĂƌĚƐ ĂŐĂŝŶƐƚ ǀŝĐƟŵŝǌĂƟŽŶ ŽĨ ĞŵƉůŽǇĞĞƐ ĚĞƚĂŝůƐŽĨƚŚĞŽŵŵŝƩĞĞĂŶĚŝƚƐƚĞƌŵƐŽĨƌĞĨĞƌĞŶĐĞĂƌĞƐĞƚŽƵƚ
ĂŶĚƐŚĂƌĞŚŽůĚĞƌƐ͘ ǁŚŽ ĂǀĂŝů ŽĨ ƚŚĞ ŵĞĐŚĂŶŝƐŵ ĂŶĚ ĂůƐŽ ƉƌŽǀŝĚĞƐ ĨŽƌ ĚŝƌĞĐƚ ŝŶƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞZĞƉŽƌƚ͘
DĂŶĂŐĞŵĞŶƚŐƌĞĞŵĞŶƚĨŽƌdĂũŽƐƚŽŶ,ŽƚĞů ĂĐĐĞƐƐƚŽƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞƵĚŝƚŽŵŵŝƩĞĞ͘/ƚŝƐĂĸƌŵĞĚ
>ŽĂŶƐ͕'ƵĂƌĂŶƚĞĞƐŽƌ/ŶǀĞƐƚŵĞŶƚƐ Ɛ ƉĂƌƚ ŽĨ ƚŚĞ ŐƌĞĞŵĞŶƚ ŽĨ ^ĂůĞ ŽĨ dĂũ ŽƐƚŽŶ ĚƵƌŝŶŐ ƚŚĂƚ ŶŽ ƉĞƌƐŽŶŶĞů ŚĂƐ ďĞĞŶ ĚĞŶŝĞĚ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ŚĂŝƌŵĂŶ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂĚŽƉƚĞĚ Ă ZŝƐŬ DĂŶĂŐĞŵĞŶƚ WŽůŝĐǇ͕
zŽƵƌŽŵƉĂŶǇŝƐĞǆĞŵƉƚĨƌŽŵƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϴϲ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͕ ƚŚĞ 'ƌŽƵƉ ŚĂĚ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ŚŽƚĞů ŽĨ ƚŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ͘ dŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚŝƐ ƉŽůŝĐǇ ĂƌĞ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϭϯϰ ŽĨ ƚŚĞ Đƚ͕ ƚŽ
ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;ΖĐƚΖͿǁŝƚŚƌĞŐĂƌĚƚŽ>ŽĂŶƐĂŶĚ ŵĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐĂŐƌĞĞŵĞŶƚ;ƚŚĞ͞ŽƐƚŽŶDĂŶĂŐĞŵĞŶƚ ŝŶůŝŶĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϳϳ;ϵͿŽĨƚŚĞĐƚĂŶĚ ŝĚĞŶƟĨǇ ĂŶĚ ĞǀĂůƵĂƚĞ ďƵƐŝŶĞƐƐ ƌŝƐŬƐ ĂŶĚ ŽƉƉŽƌƚƵŶŝƟĞƐ ĨŽƌ
'ƵĂƌĂŶƚĞĞƐ͘ ĞƚĂŝůƐ ŽĨ /ŶǀĞƐƚŵĞŶƚƐ ŵĂĚĞ ĂƌĞ ŐŝǀĞŶ ŝŶ ƚŚĞ ŐƌĞĞŵĞŶƚ͟ͿǁŝƚŚEĞǁďƵƌǇKǁŶĞƌ>>͘ ZĞŐƵůĂƟŽŶϮϮŽĨƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘dŚĞtŚŝƐƚůĞůŽǁĞƌ ŵŝƟŐĂƟŽŶŽĨƚŚĞƐĂŵĞŽŶĂĐŽŶƟŶƵĂůďĂƐŝƐ͘dŚŝƐĨƌĂŵĞǁŽƌŬ
EŽƚĞƐƚŽƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘ ƉŽůŝĐǇĐĂŶďĞĂĐĐĞƐƐĞĚŽŶǇŽƵƌŽŵƉĂŶǇ͛ƐǁĞďƐŝƚĞĂƚƚŚĞůŝŶŬ͗ ƐĞĞŬƐ ƚŽ ĐƌĞĂƚĞ ƚƌĂŶƐƉĂƌĞŶĐǇ͕ ŵŝŶŝŵŝǌĞ ĂĚǀĞƌƐĞ ŝŵƉĂĐƚ ŽŶ
KŶ Ɖƌŝů ϯ͕ ϮϬϭϴ͕ ƉƵƌƐƵĂŶƚ ƚŽ ŵĞŶĚŵĞŶƚ ƚŽ ƚŚĞ ŽƐƚŽŶ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬǁŚŝƐƚůĞͲďůŽǁĞƌͲƉŽůŝĐǇ͘ ďƵƐŝŶĞƐƐŽďũĞĐƟǀĞĂŶĚĞŶŚĂŶĐĞǇŽƵƌŽŵƉĂŶǇ͛ƐĐŽŵƉĞƟƟǀĞ
^ƚƌĂƚĞŐŝĐ/ŶŝƟĂƟǀĞƐ DĂŶĂŐĞŵĞŶƚ ŐƌĞĞŵĞŶƚ ͕ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ƌĞĐĞŝǀĞĚ ĨĞĞƐ ŽĨ ƉĚĨ͘ ĂĚǀĂŶƚĂŐĞ͘dŚĞZŝƐŬDĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬĚĞĮŶĞƐƚŚĞƌŝƐŬ
KƵƌƐƚƌĂƚĞŐŝĐŽďũĞĐƟǀĞŝƐƚŽďƵŝůĚĂƐƵƐƚĂŝŶĂďůĞŽƌŐĂŶŝǌĂƟŽŶ ĂďŽƵƚ Ψ ϲ͘ϵϭ ŵŝůůŝŽŶ ĂƐ ĂŶ ĞǆƚƌĂŽƌĚŝŶĂƌǇ ŝŶĐŽŵĞ ƚŽǁĂƌĚƐ ŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚĂĐƌŽƐƐƚŚĞĞŶƚĞƌƉƌŝƐĞĂƚǀĂƌŝŽƵƐůĞǀĞůƐ
ƚŚĂƚ ƌĞŵĂŝŶƐ ĐŽŵŵŝƩĞĚ ƚŽ ŵĞĞƚ ƚŚĞ ĞǆƉĞĐƚĂƟŽŶƐ ŽĨ ŽƵƌ ŵŽĚŝĮĐĂƟŽŶŽĨĐĞƌƚĂŝŶĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐ͘ ǆƚƌĂĐƚKĨŶŶƵĂůZĞƚƵƌŶ ŝŶĐůƵĚŝŶŐĚŽĐƵŵĞŶƚĂƟŽŶĂŶĚƌĞƉŽƌƟŶŐ͘
ĚŝƐĐĞƌŶŝŶŐĐƵƐƚŽŵĞƌƐ͕ǁŚŝůĞŐĞŶĞƌĂƟŶŐƉƌŽĮƚĂďůĞŐƌŽǁƚŚĨŽƌ dŚĞĚĞƚĂŝůƐĨŽƌŵŝŶŐƉĂƌƚŽĨƚŚĞĞǆƚƌĂĐƚŽĨƚŚĞŶŶƵĂůZĞƚƵƌŶ
ŽƵƌ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ Ăůů ŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ /Ŷ ƚŚŝƐ ƌĞŐĂƌĚ͕ ŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ ŝŶ &Žƌŵ D'dͲϵ ĂƐ ƉĞƌ ^ĞĐƟŽŶ ϵϮ;ϯͿ ŽĨ ƚŚĞ Đƚ ĂƌĞ ŐŝǀĞŶ ĂƐ zŽƵƌ ŽŵƉĂŶǇ ŝƐ ĨĂĐĞĚ ǁŝƚŚ ƌŝƐŬƐ ŽĨ ĚŝīĞƌĞŶƚ ƚǇƉĞƐ͕ ĞĂĐŚ
ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ƵŶǀĞŝůĞĚ Ă ƐůĞǁ ŽĨ ƐƚƌĂƚĞŐŝĐ ŝŶŝƟĂƟǀĞƐ͕ dŚĞ ďƌŝĞĨ ŽƵƚůŝŶĞ ŽĨ ƚŚĞ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ZĞƐƉŽŶƐŝďŝůŝƚǇ ;^ZͿ ŶŶĞǆƵƌĞ///͕ǁŚŝĐŚĨŽƌŵƐƉĂƌƚŽĨƚŚŝƐZĞƉŽƌƚ͘ ŽĨ ǁŚŝĐŚ ŶĞĞĚ ǀĂƌǇŝŶŐ ĂƉƉƌŽĂĐŚĞƐ ĨŽƌ ŵŝƟŐĂƟŽŶ͘ ĞƚĂŝůƐ
ĞĂĐŚŽĨǁŚŝĐŚŝƐƐƵŵŵĂƌŝǌĞĚŝŶƚŚĞDĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶ WŽůŝĐǇŽĨǇŽƵƌŽŵƉĂŶǇĂŶĚƚŚĞŝŶŝƟĂƟǀĞƐƵŶĚĞƌƚĂŬĞŶďǇǇŽƵƌ ŽĨ ǀĂƌŝŽƵƐ ƌŝƐŬƐ ĨĂĐĞĚ ďǇ ǇŽƵƌ ŽŵƉĂŶǇ ĂƌĞ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ
ĂŶĚŶĂůǇƐŝƐ͘ ŽŵƉĂŶǇ ŽŶ ^Z ĂĐƟǀŝƟĞƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ ĂƌĞ ƵĚŝƚŽŵŵŝƩĞĞ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůǇƐŝƐ͘
ƐĞƚŽƵƚŝŶŶŶĞǆƵƌĞ//ŽĨƚŚŝƐƌĞƉŽƌƚŝŶƚŚĞĨŽƌŵĂƚƉƌĞƐĐƌŝďĞĚ dŚĞ ĚĞƚĂŝůƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ĐŽŵƉŽƐŝƟŽŶ ŽĨ ƚŚĞ ƵĚŝƚ
ŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ;Ζd/&KΖͿ ƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐ;^ZWŽůŝĐǇͿZƵůĞƐ͕ϮϬϭϰ͘dŚĞ^ZƉŽůŝĐǇ ŽŵŵŝƩĞĞĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞZĞƉŽƌƚ͕ ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚƐƐŽĐŝĂƚĞŽŵƉĂŶŝĞƐ
ƚ Ă ŵĞĞƟŶŐ ŚĞůĚ ŽŶ DĂǇ Ϯϲ͕ ϮϬϭϳ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝƐĂǀĂŝůĂďůĞŽŶƚŚĞǁĞďƐŝƚĞŽĨǇŽƵƌŽŵƉĂŶǇ͘ ǁŚŝĐŚĨŽƌŵƐƉĂƌƚŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚ͘ zŽƵƌ ŽŵƉĂŶǇ ĂŶŶŽƵŶĐĞƐ ŝƚƐ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů
ŚĂĚ ĂƉƉƌŽǀĞĚ ƚŚĞ ĂŵĂůŐĂŵĂƟŽŶ ŽĨ d/&K͕ Ă ǁŚŽůůǇ ŽǁŶĞĚ ^ƚĂƚĞŵĞŶƚƐ ĂƐ ĂĚĚŝƟŽŶĂů ŝŶĨŽƌŵĂƟŽŶ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ
ƐƵďƐŝĚŝĂƌǇ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͕ ďǇ ǁĂǇ /ŶƚĞƌŶĂůŽŶƚƌŽů^ǇƐƚĞŵƐĂŶĚƚŚĞŝƌĂĚĞƋƵĂĐǇ ZĞůĂƚĞĚWĂƌƚǇdƌĂŶƐĂĐƟŽŶƐ ^ƚĂŶĚĂůŽŶĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽŶ Ă ƋƵĂƌƚĞƌůǇ ďĂƐŝƐ͘ dŚĞ
ŽĨ Ă ^ĐŚĞŵĞ ŽĨ ŵĂůŐĂŵĂƟŽŶ ďĞƚǁĞĞŶ d/&K ĂŶĚ ƚŚĞ zŽƵƌŽŵƉĂŶǇŚĂƐĂŶ/ŶƚĞƌŶĂůŽŶƚƌŽů^ǇƐƚĞŵ͕ĐŽŵŵĞŶƐƵƌĂƚĞ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ Đƚ ĂŶĚ ƚŚĞ >ŝƐƟŶŐ ŶŶƵĂůŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨǇŽƵƌŽŵƉĂŶǇ
ŽŵƉĂŶǇ ;ƚŚĞ Ζ^ĐŚĞŵĞΖͿ͕ ĂƐ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ^ĞĐƟŽŶƐ ϮϯϬ ǁŝƚŚ ƚŚĞ ƐŝǌĞ͕ ƐĐĂůĞ ĂŶĚ ĐŽŵƉůĞǆŝƚǇ ŽĨ ŝƚƐ ŽƉĞƌĂƟŽŶƐ͘ dŚĞ ZĞŐƵůĂƟŽŶƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĨŽƌŵƵůĂƚĞĚ Ă ƉŽůŝĐǇ ŽŶ ĂŶĚŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ͕ƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞůĞǀĂŶƚ
ƚŽ ϮϯϮ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ƌĞĂĚ ǁŝƚŚ ŽŵƉĂŶŝĞƐ ƐĐŽƉĞ ĂŶĚ ĂƵƚŚŽƌŝƚǇ ŽĨ ƚŚĞ /ŶƚĞƌŶĂů ƵĚŝƚ ĨƵŶĐƟŽŶ ŝƐ ǁĞůů ĚĞĂůŝŶŐ ǁŝƚŚ ZĞůĂƚĞĚ WĂƌƚǇ dƌĂŶƐĂĐƟŽŶƐ ;͚ZWdƐ͛Ϳ ǁŚŝĐŚ ĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ͕ĚƵůǇĂƵĚŝƚĞĚďǇƚŚĞ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐ͕
;ŽŵƉƌŽŵŝƐĞƐ͕ ƌƌĂŶŐĞŵĞŶƚƐ ĂŶĚ ŵĂůŐĂŵĂƟŽŶƐͿ ĚĞĮŶĞĚ ŝŶ ƚŚĞ ŽƌŐĂŶŝƐĂƟŽŶ͘ dŽ ŵĂŝŶƚĂŝŶ ŝƚƐ ŽďũĞĐƟǀŝƚǇ ĂŶĚ ĐĂŶďĞĂĐĐĞƐƐĞĚŽŶ ƚŚĞŽŵƉĂŶǇ͛ƐǁĞďƐŝƚĞƵŶĚĞƌƚŚĞ ĨŽƌŵ Ă ƉĂƌƚ ŽĨ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĂŶĚ ĂƌĞ ƌĞŇĞĐƚĞĚ ŝŶ ƚŚĞ
ZƵůĞƐ͕ ϮϬϭϲ Žƌ ĂŶǇ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ ĂƐ ĂŵĞŶĚĞĚ ĨƌŽŵ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ƚŚĞ/ŶƚĞƌŶĂůƵĚŝƚŽƌƌĞƉŽƌƚƐƚŽƚŚĞŚĂŝƌŵĂŶ ŽŶƐŽůŝĚĂƚĞĚĐĐŽƵŶƚƐ͘
ƟŵĞ ƚŽ ƟŵĞ͘ dŚĞ ĂƉƉŽŝŶƚĞĚ ĚĂƚĞ ĨŽƌ ƚŚĞ ^ĐŚĞŵĞ ǁĂƐ ŽĨƚŚĞƵĚŝƚŽŵŵŝƩĞĞŽĨƚŚĞŽĂƌĚ͘

WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϭϮϵ;ϯͿ ŽĨ ƚŚĞ Đƚ͕ Ă ŽĨƚŚĞŽŵƉĂŶǇǁ͘Ğ͘ĨEŽǀĞŵďĞƌϲ͕ϮϬϭϳĨŽƌĂƉĞƌŝŽĚŽĨĮǀĞ <DW d ŚĞEZŚĂŝƌŵĂŶĂŶĚƚŚĞŽĂƌĚŚĂŝƌŵĂŶĐŽŶĚƵĐƚĞĚ
ƐƚĂƚĞŵĞŶƚ ĐŽŶƚĂŝŶŝŶŐ ƚŚĞ ƐĂůŝĞŶƚ ĨĞĂƚƵƌĞƐ ŽĨ ƚŚĞ &ŝŶĂŶĐŝĂů ǇĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨŚŝƐĂƉƉŽŝŶƚŵĞŶƚ͘^ŝŶĐĞDƌ͘ŚŚĂƚǁĂů WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϮϬϯ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ ĚĞƚĂŝůĞĚ ĚŝƐĐƵƐƐŝŽŶƐ ǁŝƚŚ ĞǀĞƌǇ ŽĂƌĚ ŵĞŵďĞƌ ǁŝƚŚ
^ƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ^ƵďƐŝĚŝĂƌŝĞƐ͕ ŝƐ ĂƩĂĐŚĞĚ ƚŽ ƚŚĞ &ŝŶĂŶĐŝĂů ǁĂƐŶŽƚĂƌĞƐŝĚĞŶƚŽĨ/ŶĚŝĂĂƚƚŚĞƟŵĞŽĨŚŝƐĂƉƉŽŝŶƚŵĞŶƚ͕ƚŚĞ <DWƐŽĨǇŽƵƌŽŵƉĂŶǇĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞDƌ͘WƵŶĞĞƚ ƐƉĞĐŝĮĐ ĨŽĐƵƐ ŽŶ ƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂů ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ
^ƚĂƚĞŵĞŶƚ ŝŶ &Žƌŵ KͲϭ͘ dŚĞ ŽŵƉĂŶǇ ǁŝůů ŵĂŬĞ ŽŵƉĂŶǇŚĂƐŵĂĚĞĂŶĂƉƉůŝĐĂƟŽŶƚŽƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚ ŚŚĂƚǁĂů͕DΘK͕Dƌ͘DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ͕ǆĞĐƵƟǀĞ ĞīĞĐƟǀĞĨƵŶĐƟŽŶŝŶŐŽĨƚŚĞŽĂƌĚ͘dŚĞĐŽŶĐůƵƐŝŽŶƐŽĨƚŚĞ
ĂǀĂŝůĂďůĞ ƚŚĞ ƐĂŝĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĂŶĚ ƌĞůĂƚĞĚ ĚĞƚĂŝůĞĚ ƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϵϲƌĞĂĚƚŽŐĞƚŚĞƌǁŝƚŚ ŝƌĞĐƚŽƌʹŽƌƉŽƌĂƚĞīĂŝƌƐ͕Dƌ͘'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ͕ǆĞĐƵƟǀĞ ĚŝƐĐƵƐƐŝŽŶǁĞƌĞĚŝƐĐƵƐƐĞĚďǇƚŚĞEZŚĂŝƌŵĂŶĂŶĚƚŚĞ
ŝŶĨŽƌŵĂƟŽŶŽĨƚŚĞ^ƵďƐŝĚŝĂƌǇŽŵƉĂŶŝĞƐƵƉŽŶƚŚĞƌĞƋƵĞƐƚďǇ ^ĐŚĞĚƵůĞsŽĨƚŚĞĐƚĂŶĚƚŚĞĂƉƉƌŽǀĂůŝƐĂǁĂŝƚĞĚ͘ sŝĐĞ WƌĞƐŝĚĞŶƚ Θ &K ĂŶĚ Dƌ͘ ĞĞũĂů ĞƐĂŝ͕ ^ĞŶŝŽƌ sŝĐĞ ŽĂƌĚ ŚĂŝƌŵĂŶ ĂŶĚ ďĂƐĞĚ ŽŶ ƚŚĞ ĨĞĞĚďĂĐŬ ŐĂƚŚĞƌĞĚ͕
ĂŶǇDĞŵďĞƌŽĨƚŚĞŽŵƉĂŶǇŽƌŝƚƐ^ƵďƐŝĚŝĂƌǇ͘dŚĞ&ŝŶĂŶĐŝĂů WƌĞƐŝĚĞŶƚʹ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ͘ ƚŚĞ EZ ĐĂƌƌŝĞĚ ŽƵƚ ƚŚĞ ĞǀĂůƵĂƟŽŶ ŽĨ ĞǀĞƌǇ ŝƌĞĐƚŽƌ͛Ɛ
^ƚĂƚĞŵĞŶƚƐ ǁŝůů ĂůƐŽ ďĞ ŬĞƉƚ ŽƉĞŶ ĨŽƌ ŝŶƐƉĞĐƟŽŶ ďǇ ĂŶǇ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐƚĂŶĚƚŚĞƌƟĐůĞƐŽĨƐƐŽĐŝĂƟŽŶŽĨ ƉĞƌĨŽƌŵĂŶĐĞ͘
DĞŵďĞƌ Ăƚ ƚŚĞ ZĞŐŝƐƚĞƌĞĚ KĸĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĂŶĚ ƚŚĞ ǇŽƵƌŽŵƉĂŶǇ͕Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶƌĞƟƌĞƐďǇƌŽƚĂƟŽŶĂŶĚ ŽĂƌĚDĞĞƟŶŐƐ
^ƵďƐŝĚŝĂƌǇŽŵƉĂŶŝĞƐ͘ ďĞŝŶŐĞůŝŐŝďůĞ͕ŽīĞƌƐŚŝŵƐĞůĨĨŽƌƌĞͲĂƉƉŽŝŶƚŵĞŶƚ͘ ƵƌŝŶŐƚŚĞǇĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ƐŝǆŽĂƌĚDĞĞƟŶŐƐǁĞƌĞŚĞůĚ d ŚĞ ĨĞĞĚďĂĐŬ ĂŶĚ ƐƵŐŐĞƐƟŽŶƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ Ăůů
ĂŶĚƚŚĞŝŶƚĞƌǀĞŶŝŶŐŐĂƉďĞƚǁĞĞŶƚŚĞŵĞĞƟŶŐƐĚŝĚŶŽƚĞǆĐĞĞĚ ŝƌĞĐƚŽƌƐ ǁĞƌĞ ĚŝƐĐƵƐƐĞĚ Ăƚ ƚŚĞ EZ DĞĞƟŶŐ ĨŽƌ
WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϭϯϲ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ dŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ĨŽƌ ƚŚĞŝƌ ĂƉƉŽŝŶƚŵĞŶƚ ͬ ƚŚĞƉĞƌŝŽĚƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƚŚĞĐƚ͕ƚŚĞĚĞƚĂŝůƐŽĨǁŚŝĐŚĂƌĞ ƉŽƐŝƟǀĞ ƌĞŝŶĨŽƌĐĞŵĞŶƚ ŝŵƉůĞŵĞŶƚĂƟŽŶ͘ &ŽůůŽǁŝŶŐ ƚŚĞ
&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨǇŽƵƌŽŵƉĂŶǇ͕ŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů ƌĞͲĂƉƉŽŝŶƚŵĞŶƚ ĂƐ ŝƌĞĐƚŽƌƐ ŚĂƐ ďĞĞŶ ƐŽƵŐŚƚ ŝŶ ƚŚĞ EŽƟĐĞ ŐŝǀĞŶŝŶƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞZĞƉŽƌƚ͘ ĚŝƐĐƵƐƐŝŽŶƐ͕ ƚŚĞ ŝŶƉƵƚƐ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ĂŶ ĂĐƟŽŶ ƉůĂŶ
^ƚĂƚĞŵĞŶƚƐ ĂůŽŶŐ ǁŝƚŚ ƌĞůĞǀĂŶƚ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ƐĞƉĂƌĂƚĞ ĐŽŶǀĞŶŝŶŐƚŚĞ'DŽĨǇŽƵƌŽŵƉĂŶǇ͘ ĨŽůůŽǁĞĚƵƉďǇƚŚĞŽĂƌĚƉĞƌŝŽĚŝĐĂůůǇ͘ƌĞĂƐƚŚĂƚŶĞĞĚĞĚ
ĂƵĚŝƚĞĚ ĂĐĐŽƵŶƚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ ŽŶ ŽĂƌĚīĞĐƟǀĞŶĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚĂŶĚŵŽƌĞĨŽĐƵƐĂƚŽĂƌĚĂŶĚŽŵŵŝƩĞĞ
ƚŚĞǁĞďƐŝƚĞŽĨǇŽƵƌŽŵƉĂŶǇ͘ ZĞƟƌĞŵĞŶƚͬZĞƐŝŐŶĂƟŽŶƐ zŽƵƌŽŵƉĂŶǇŚĂƐĂĚŽƉƚĞĚƚŚĞdĂƚĂ'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐ DĞĞƟŶŐƐǁĞƌĞŶŽƚĞĚ͘
Dƌ͘ZĂŬĞƐŚ^ĂƌŶĂŚĂĚĞǆƉƌĞƐƐĞĚŚŝƐĚĞƐŝƌĞƚŽƐƚĞƉĚŽǁŶĂƐ ǁŚŝĐŚ͕ ŝŶƚĞƌ ĂůŝĂ͕ ĐŽǀĞƌ ĂƐƉĞĐƚƐ ƌĞůĂƚĞĚ ƚŽ ĐŽŵƉŽƐŝƟŽŶ ĂŶĚ
zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ Ϯϭ ^ƵďƐŝĚŝĂƌŝĞƐ͕ ϴ :ŽŝŶƚ sĞŶƚƵƌĞƐ ĂŶĚ ƚŚĞDΘKŽĨƚŚĞŽŵƉĂŶǇƵƉŽŶĐŽŵƉůĞƟŽŶŽĨŚŝƐƚŚƌĞĞ ƌŽůĞ ŽĨ ƚŚĞ ŽĂƌĚ͕ ŚĂŝƌŵĂŶ ĂŶĚ ŝƌĞĐƚŽƌƐ͕ ŽĂƌĚ ĚŝǀĞƌƐŝƚǇ͕ d ŚĞŽĂƌĚŚĂĚƌĞĐĞŝǀĞĚĐŽŶƐŝƐƚĞŶƚƌĂƟŶŐƐŽŶŝƚƐŽǀĞƌĂůů
ϲƐƐŽĐŝĂƚĞƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͘ ǇĞĂƌƚĞŶƵƌĞĚƵĞƚŽƉĞƌƐŽŶĂůƌĞĂƐŽŶƐǀŝĚĞůĞƩĞƌĚĂƚĞĚDĂǇ ĚĞĮŶŝƟŽŶ ŽĨ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ ŝƌĞĐƚŽƌ͛Ɛ ƚĞƌŵ͕ ƌĞƟƌĞŵĞŶƚ ĂŐĞ ĞīĞĐƟǀĞŶĞƐƐĂŶĚŚĂĚďĞĞŶƌĂƚĞĚĐŽŵƉĂƌĂƟǀĞůǇŚŝŐŚĞƌ
Ϯϲ͕ϮϬϭϳ͘ ĂŶĚŽŵŵŝƩĞĞƐŽĨƚŚĞŽĂƌĚ͘dŚĞǇĂůƐŽĐŽǀĞƌĂƐƉĞĐƚƐƌĞůĂƟŶŐ ƚŚŝƐ ǇĞĂƌ ĨŽƌ ĐŽŵƉŽƐŝƟŽŶ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞŝƌ ƐŬŝůůƐ͕
d/&K ,ŽůĚŝŶŐƐ >ŝŵŝƚĞĚ ĐĞĂƐĞĚ ƚŽ ďĞ Ă ƐƵďƐŝĚŝĂƌǇ ŽĨ ƚŚĞ ƚŽ ŶŽŵŝŶĂƟŽŶ͕ ĂƉƉŽŝŶƚŵĞŶƚ͕ ŝŶĚƵĐƟŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƩƌŝďƵƚĞƐ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞ͕ ŽĂƌĚ DĞĞƟŶŐ ƉƌĂĐƟĐĞƐ͕
ŽŵƉĂŶǇƉƵƌƐƵĂŶƚƚŽŝƚƐĂŵĂůŐĂŵĂƟŽŶǁŝƚŚƚŚĞŽŵƉĂŶǇŝ͘Ğ͘ dŚĞŽĂƌĚĂĐĐĞƉƚĞĚƚŚĞƌĞƐŝŐŶĂƟŽŶŽĨDƌ͘^ĂƌŶĂĂƉƉƌĞĐŝĂƟŶŐ ŽĨ ŝƌĞĐƚŽƌƐ͕ ŝƌĞĐƚŽƌ͛Ɛ ƌĞŵƵŶĞƌĂƟŽŶ͕ ƐƵďƐŝĚŝĂƌǇ ŽǀĞƌƐŝŐŚƚ͕ ŐŽǀĞƌŶĂŶĐĞ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ͕ ^ĞĐƌĞƚĂƌŝĂů ^ƵƉƉŽƌƚ͕
ǁ͘Ğ͘ĨĨƌŽŵƉƌŝůϭϭ͕ϮϬϭϴ͘dŚĞĂƉƉŽŝŶƚĞĚĚĂƚĞĨŽƌƚŚĞ^ĐŚĞŵĞ ƚŚĞ ĐŽŶƚƌŝďƵƟŽŶ ŵĂĚĞ ďǇ Śŝŵ ƚŽ ƚŚĞ ŽŵƉĂŶǇ ŝŶ ŝƚƐ ŽĚĞŽĨŽŶĚƵĐƚ͕ŽĂƌĚīĞĐƟǀĞŶĞƐƐZĞǀŝĞǁĂŶĚŵĂŶĚĂƚĞƐ ŽƌƉŽƌĂƚĞĐƵůƚƵƌĞĂŶĚǀĂůƵĞƐĂŵŽŶŐƐƚŽƚŚĞƌƐ͘
ŽĨŵĂůŐĂŵĂƟŽŶǁĂƐƉƌŝůϭ͕ϮϬϭϳ͘ ƚƌĂŶƐĨŽƌŵĂƟŽŶƚŽŽƉĞƌĂƟŽŶĂůĞǆĐĞůůĞŶĐĞ͘ ŽĨŽĂƌĚŽŵŵŝƩĞĞƐ͘
ƚ Ă ƐĞƉĂƌĂƚĞ DĞĞƟŶŐ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͕

ƉĞǆ ,ŽƚĞů DĂŶĂŐĞŵĞŶƚ ^ĞƌǀŝĐĞƐ WƚĞ >ŝŵŝƚĞĚ ĐĞĂƐĞĚ ƚŽ Dƌ͘^ĂƌŶĂƐƚĞƉƉĞĚĚŽǁŶĂƐƚŚĞDΘKŽĨƚŚĞŽŵƉĂŶǇ ͘ ŽĂƌĚǀĂůƵĂƟŽŶ ƉĞƌĨŽƌŵĂŶĐĞŽĨŶŽŶͲŝŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ͕ƉĞƌĨŽƌŵĂŶĐĞ
ďĞ Ă ƐƵďƐŝĚŝĂƌǇ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ǁ͘Ğ͘Ĩ͘ ƵŐƵƐƚ ϳ͕ ϮϬϭϳ͕ ǁ͘Ğ͘ĨƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŚŽƵƌƐŽŶ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘ dŚĞ ĞǀĂůƵĂƟŽŶ ŽĨ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝƌĞĐƚŽƌƐ͕ ŽĂƌĚ ĂŶĚ ŽĨƚŚĞŽĂƌĚĂƐĂǁŚŽůĞĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŚĂŝƌŵĂŶ
ŚŝĞŌĂŝŶ ŽƌƉŽƌĂƟŽŶ >ŝŵŝƚĞĚ ǁĂƐ ůŝƋƵŝĚĂƚĞĚ ŽŶ ŽŵŵŝƩĞĞ ĞīĞĐƟǀĞŶĞƐƐ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁĂƐ ĞǀĂůƵĂƚĞĚ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ǀŝĞǁƐ ŽĨ ƚŚĞ
Ɖƌŝůϭϯ͕ϮϬϭϳĂŶĚ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ŝŵŝƚĞĚǁĂƐĚŝƐƐŽůǀĞĚ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝƌĞĐƚŽƌƐ ĂůƐŽ ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĂŶĚ ǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚEŽŶͲǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐ͘
ŽŶ:ƵŶĞϲ͕ϮϬϭϳ͘ ƐƚĞƉƉĞĚĚŽǁŶĨƌŽŵƚŚĞŽĂƌĚŽĨƚŚĞŽŵƉĂŶǇĂƐƵŶĚĞƌ͗ ƚŚĞ dĂƚĂ 'ŽǀĞƌŶĂŶĐĞ 'ƵŝĚĞůŝŶĞƐ ŽŶ ŽĂƌĚ īĞĐƟǀĞŶĞƐƐ
ZĞǀŝĞǁǁŝƚŚƚŚĞEZŚĂǀŝŶŐŽǀĞƌƐŝŐŚƚŽĨƚŚĞǁŚŽůĞƉƌŽĐĞƐƐ͘ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ďƌŝĞĨ ŽĨ ƚŚĞ ĂĨŽƌĞƐĂŝĚ DĞĞƟŶŐƐ ǁĂƐ

ͻ Dƌ͘<͘͘ĂĚŝƐĞƚŚǁ͘Ğ͘Ĩ͘Ɖƌŝůϳ͕ϮϬϭϳ
dŚĞ ƉŽůŝĐǇ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ŵĂƚĞƌŝĂů ƐƵďƐŝĚŝĂƌŝĞƐ ĐĂŶ ƐƵďƐĞƋƵĞŶƚůǇƐŚĂƌĞĚĂƚƚŚĞŶĞǆƚŽĂƌĚDĞĞƟŶŐĂƚǁŚŝĐŚƚŚĞ
ďĞ ĂĐĐĞƐƐĞĚ ŽŶ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ǁĞďƐŝƚĞ ƵŶĚĞƌ ƚŚĞ ůŝŶŬ ͻ Dƌ͘^ŚĂƉŽŽƌDŝƐƚƌǇǁ͘Ğ͘Ĩ͘ƉƌŝůϮϱ͕ϮϬϭϳ ŽĂƌĚരͬരŽŵŵŝƩĞĞ ĞǀĂůƵĂƟŽŶ ĂŶĚ ^ĞůĨͲƐƐĞƐƐŵĞŶƚ
ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽĂƌĚ͕ŝƚƐŽŵŵŝƩĞĞƐĂŶĚŝŶĚŝǀŝĚƵĂů
ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƉŽůŝĐǇͲĨŽƌͲĚĞƚĞƌŵŝŶŝŶŐͲ ƋƵĞƐƟŽŶŶĂŝƌĞƐ ŚĂǀŝŶŐ ƋƵĂůŝƚĂƟǀĞ ƉĂƌĂŵĞƚĞƌƐ ĂŶĚ ŝƌĞĐƚŽƌƐ ǁĂƐ ĂůƐŽ ĚŝƐĐƵƐƐĞĚ͘ WĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƟŽŶ
ŵĂƚĞƌŝĂůͲƐƵďƐĚŝĂƌŝĞƐ͘ĚŽĐǆ Dƌ͘ DĞŚĞƌŶŽƐŚ <ĂƉĂĚŝĂ ƌĞƟƌĞĚ ĂƐ ƚŚĞ ǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌ ʹ ĨĞĞĚďĂĐŬďĂƐĞĚŽŶƌĂƟŶŐĂŌĞƌƚĂŬŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ǁĂƐ ĚŽŶĞ ďǇ ƚŚĞ ĞŶƟƌĞ ŽĂƌĚ͕
ŽƌƉŽƌĂƚĞīĂŝƌƐŽŶDĂǇϮϯ͕ϮϬϭϴƵƉŽŶŚŝŵƌĞĂĐŚŝŶŐƚŚĞĂŐĞ ƚŚĞŐƵŝĚĂŶĐĞŶŽƚĞŝƐƐƵĞĚďǇƚŚĞ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞ ĞǆĐůƵĚŝŶŐƚŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌďĞŝŶŐĞǀĂůƵĂƚĞĚ͘
ZŝŐŚƚƐ/ƐƐƵĞ ŽĨƌĞƟƌĞŵĞŶƚĨŽƌǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ŽĂƌĚŽĨ/ŶĚŝĂŽŶ:ĂŶƵĂƌǇϱ͕ϮϬϭϳǁĞƌĞĐŝƌĐƵůĂƚĞĚƚŽƚŚĞ
dŚĞŽŵƉĂŶǇ͕ǀŝĚĞŝƚƐ>ĞƩĞƌŽĨKīĞƌĚĂƚĞĚ^ĞƉƚĞŵďĞƌϮϱ͕ϮϬϭϳ͕ 'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐĂĚŽƉƚĞĚďǇƚŚĞŽŵƉĂŶǇ͘ƵƌŝŶŐŚŝƐ ŝƌĞĐƚŽƌƐĨŽƌƚŚĞŝƌĐŽŵŵĞŶƚƐ͘ & ŽůůŽǁŝŶŐ ƚŚĞ ŽĂƌĚ ĚŝƐĐƵƐƐŝŽŶ͕ ĨĞĞĚďĂĐŬ ŽŶ ƚŚĞ
ŚĂĚŽīĞƌĞĚƵƉƚŽϮϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚǇ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ ƚĞŶƵƌĞ͕ Dƌ͘ <ĂƉĂĚŝĂ͕ Ă ǀŝƐŝŽŶĂƌǇ ĂŶĚ ĂŶ ŽƵƚƐƚĂŶĚŝŶŐ ůĞĂĚĞƌ ŽŵŵŝƩĞĞ ƌĞƉŽƌƚƐ ǁĞƌĞ ĚŝƐĐƵƐƐĞĚ ǁŝƚŚ ĞĂĐŚ ŽĨ ƚŚĞ
`ϭĞĂĐŚŽĨƚŚĞŽŵƉĂŶǇĨŽƌĐĂƐŚĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌƋƵŝƚǇ ƐƚĞĞƌĞĚ ƚŚĞ ŽŵƉĂŶǇ ǁŝƚŚ ŐƌĞĂƚ ĚŝƐƟŶĐƟŽŶ ĂŶĚ ƉƌŽǀŝĚĞĚ ĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽĂƌĚ ĂŶĚ ŽĂƌĚ ŽŵŵŝƩĞĞƐ
W ƌĞůĞǀĂŶƚ ŽŵŵŝƩĞĞ ŚĂŝƌƐ͘ dŚĞ ŽŵŵŝƩĞĞƐ ǁĞƌĞ
^ŚĂƌĞ;ŝŶĐůƵĚŝŶŐĂƉƌĞŵŝƵŵŽĨ`ϳϰƉĞƌƋƵŝƚǇ^ŚĂƌĞͿ͕ĨŽƌĂŶ ŐƵŝĚĂŶĐĞĂŶĚĚŝƌĞĐƟŽŶƚŽƚŚĞŽŵƉĂŶǇ͕ŝŶŝƚƐƋƵĞƐƚƚŽďĞĐŽŵĞ ǁĞƌĞ ĞǀĂůƵĂƚĞĚ ŽŶ ǀĂƌŝŽƵƐ ƉĂƌĂŵĞƚĞƌƐ ƐƵĐŚ ĂƐ ŚŝŐŚůǇƌĞŐĂƌĚĞĚŝŶƚŚĞĨĞĞĚďĂĐŬĂŶĚǀŝĞǁĞĚĂƐĞīĞĐƟǀĞ
ĂŵŽƵŶƚŶŽƚĞǆĐĞĞĚŝŶŐ`ϭ͕ϱϬϬĐƌŽƌĞƐ͕ŽŶZŝŐŚƚƐďĂƐŝƐ͕ŝŶƚŚĞ ĂůĞĂĚŝŶŐŝĐŽŶŝĐŚŽƐƉŝƚĂůŝƚǇŽŵƉĂŶǇŝŶ/ŶĚŝĂĂƐĂůƐŽŽǀĞƌƐĞĂƐ͘ ŽĂƌĚ ĐŽŵƉŽƐŝƟŽŶ Θ ƐƚƌƵĐƚƵƌĞ͕ ĨƌĞƋƵĞŶĐǇ͕ ŇŽǁ ĂŶĚ ŝŶ ĨƵůĮůůŝŶŐ ƚŚĞŝƌ ƌĞŵŝƚƐ ĂŶĚ ŝŶĚŝǀŝĚƵĂů ĨĞĞĚďĂĐŬ͕ ĂƐ
ƌĂƟŽŽĨϭƋƵŝƚǇ^ŚĂƌĞĨŽƌĞǀĞƌǇϱĨƵůůǇƉĂŝĚͲƵƉƋƵŝƚǇ^ŚĂƌĞƐ ĨƵŶĐƟŽŶŝŶŐŽĨŵĞĞƟŶŐƐ͕ƋƵĂůŝƚǇ͕ĚŝǀĞƌƐŝƚǇ͕ĞǆƉĞƌŝĞŶĐĞ͕ ĂƉƉƌŽƉƌŝĂƚĞ͕ǁĂƐƉƌŽǀŝĚĞĚƚŽƚŚĞŝƌĞĐƚŽƌƐďǇƚŚĞŽĂƌĚ
ŚĞůĚďǇƚŚĞĞůŝŐŝďůĞĞƋƵŝƚǇƐŚĂƌĞŚŽůĚĞƌƐĂƐŽŶƚŚĞƌĞĐŽƌĚĚĂƚĞ͘ dŚĞ ŽĂƌĚ ƉůĂĐĞƐ ŽŶ ƌĞĐŽƌĚ ŝƚƐ ĂƉƉƌĞĐŝĂƟŽŶ ŽĨ ƚŚĞ ĐŽŵƉĞƚĞŶĐŝĞƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƐƉĞĐŝĮĐ ĚƵƟĞƐ ĂŶĚ ŚĂŝƌŵĂŶ͘
dŚĞ ŝƐƐƵĞ ŚĂĚ ŽƉĞŶĞĚ ŽŶ KĐƚŽďĞƌ ϭϯ͕ ϮϬϭϳ ĂŶĚ ĐůŽƐĞĚ ŽŶ ƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďǇƚŚĞƐĞŝƌĞĐƚŽƌƐĚƵƌŝŶŐƚŚĞŝƌƌĞƐƉĞĐƟǀĞ ŽďůŝŐĂƟŽŶƐ͕ƋƵĂůŝƚǇŽĨĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂŶĚĞīĞĐƟǀĞŶĞƐƐ
KĐƚŽďĞƌϮϳ͕ϮϬϭϳ͘ŽŶƐĞƋƵĞŶƚůǇ͕ŽŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞ ƚĞŶƵƌĞƐ͘ ŽĨŽĂƌĚƉƌŽĐĞƐƐĞƐ͘ ͘
ƉƉŽŝŶƚŵĞŶƚŽĨŝƌĞĐƚŽƌƐĂŶĚĐƌŝƚĞƌŝĂĨŽƌĚĞƚĞƌŵŝŶŝŶŐ
ŽŵƉĂŶǇ ĂůůŽƩĞĚ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ƋƵŝƚǇ ^ŚĂƌĞƐ ŽĨ ` ϳϱ ĞĂĐŚ ƋƵĂůŝĮĐĂƟŽŶƐ͕ƉŽƐŝƟǀĞĂƩƌŝďƵƚĞƐΘŝŶĚĞƉĞŶĚĞŶĐĞŽĨĂ
ĂŐŐƌĞŐĂƟŶŐ`ϭϰ͕ϵϵ͕ϴϴ͕ϯϮ͕ϮϱϬ͘ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ WĞƌĨŽƌŵĂŶĐĞ ŽĨ ŝŶĚŝǀŝĚƵĂů ŝƌĞĐƚŽƌƐ ǁĂƐ ĞǀĂůƵĂƚĞĚ ŝƌĞĐƚŽƌ
dŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŚĂǀĞƐƵďŵŝƩĞĚĂĚĞĐůĂƌĂƟŽŶƚŚĂƚ ŽŶ ƉĂƌĂŵĞƚĞƌƐ͕ ƐƵĐŚ ĂƐ ĂƩĞŶĚĂŶĐĞ Ăƚ DĞĞƟŶŐƐ͕ dŚĞ EZ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞǀĞůŽƉŝŶŐ ĐŽŵƉĞƚĞŶĐǇ
ŝƌĞĐƚŽƌƐŶĚ<ĞǇDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů;Ζ<MP'Ϳ ĞĂĐŚŽĨƚŚĞŵŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂĨŽƌŝŶĚĞƉĞŶĚĞŶĐĞĂƐƉƌŽǀŝĚĞĚ ƉĂƌƟĐŝƉĂƟŽŶ ĂŶĚ ĐŽŶƐƚƌƵĐƟǀĞ ĐŽŶƚƌŝďƵƟŽŶ ŝŶ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ŽĂƌĚ ďĂƐĞĚ ŽŶ ƚŚĞ ŝŶĚƵƐƚƌǇ ĂŶĚ
ƉƉŽŝŶƚŵĞŶƚƐ ŝŶ ^ĞĐƟŽŶ ϭϰϵ;ϲͿ ŽĨ ƚŚĞ Đƚ ĂŶĚ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ŶŽ ĐŚĂŶŐĞ DĞĞƟŶŐƐ͕ƉƌĞƉĂƌĞĚŶĞƐƐŽŶƚŚĞŝƐƐƵĞƐƚŽďĞĚŝƐĐƵƐƐĞĚ͕ ƐƚƌĂƚĞŐǇŽĨǇŽƵƌŽŵƉĂŶǇ͘dŚĞEZƌĞǀŝĞǁƐĂŶĚŵĞĞƚƐ
ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ƚŚĞ ŽĂƌĚ ŚĂƐ ŽŶ ƚŚĞ ŝŶ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ǁŚŝĐŚ ŵĂǇ ĂīĞĐƚ ƚŚĞŝƌ ƐƚĂƚƵƐ ĂƐ ĂŶ ŝŶƚĞŐƌŝƚǇĂŶĚŝŶĚĞƉĞŶĚĞŶƚũƵĚŐĞŵĞŶƚ͕ĞƚĐ͘/ŶĂĚĚŝƟŽŶ͕ ƉŽƚĞŶƟĂů ĐĂŶĚŝĚĂƚĞƐ͕ ƉƌŝŽƌ ƚŽ ƌĞĐŽŵŵĞŶĚŝŶŐ ƚŚĞŝƌ
ƌĞĐŽŵŵĞŶĚĂƟŽŶ ŽĨ ƚŚĞ EŽŵŝŶĂƟŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌĚƵƌŝŶŐƚŚĞǇĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͘ ƚŚĞ ŚĂŝƌŵĂŶ ǁĂƐ ĂůƐŽ ĞǀĂůƵĂƚĞĚ ŽŶ ƚŚĞ ŬĞǇ ĂƐƉĞĐƚƐ ŶŽŵŝŶĂƟŽŶ ƚŽ ƚŚĞ ŽĂƌĚ͘ ƚ ƚŚĞ ƟŵĞ ŽĨ ĂƉƉŽŝŶƚŵĞŶƚ͕
ŽŵŵŝƩĞĞ ;ΖEZΖͿ ĂƉƉŽŝŶƚĞĚ Dƌ͘ WƵŶĞĞƚ ŚŚĂƚǁĂů ĂƐ ƚŚĞ ŽĨŚŝƐƌŽůĞ͘ ƐƉĞĐŝĮĐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉŽƐŝƟŽŶ͕ŝŶĐůƵĚŝŶŐĞǆƉĞƌƚ
DĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨǆĞĐƵƟǀĞKĸĐĞƌ;ΖDΘKΖͿ ŬŶŽǁůĞĚŐĞĞǆƉĞĐƚĞĚ͕ŝƐĐŽŵŵƵŶŝĐĂƚĞĚƚŽƚŚĞĂƉƉŽŝŶƚĞĞ͘

d ŚĞ EZ ŚĂƐ ĨŽƌŵƵůĂƚĞĚ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ͻ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ;͚/͛ͿĂŶĚEŽŶͲ/ŶĚĞƉĞŶĚĞŶƚ ƚŚĞ ŽŵƉĂŶǇ ĨŽƌ ŝƌĞĐƚŽƌƐͿ ĂŶĚ ŝŶ ŽďƚĂŝŶŝŶŐ ͻ z ŽƵƌŽŵƉĂŶǇƉƌŽǀŝĚĞƐƚŚĞƌĞƐƚŽĨƚŚĞĞŵƉůŽǇĞĞƐĂ
ƋƵĂůŝĮĐĂƟŽŶƐ͕ ƉŽƐŝƟǀĞ ĂƩƌŝďƵƚĞƐ ĂŶĚ ŝŶĚĞƉĞŶĚĞŶĐĞ ŽĨ EŽŶͲǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ;͚E/E͛Ϳ ŵĂǇ ďĞ ƉĂŝĚ ƉƌŽĨĞƐƐŝŽŶĂů ĂĚǀŝĐĞ ĨƌŽŵ ŝŶĚĞƉĞŶĚĞŶƚ ĂĚǀŝƐŽƌƐ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞůŝŶŬĞĚďŽŶƵƐ͘dŚĞƉĞƌĨŽƌŵĂŶĐĞůŝŶŬĞĚ
ŝƌĞĐƚŽƌƐŝŶƚĞƌŵƐŽĨƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϳϴ;ϯͿŽĨƚŚĞ ƐŝƫŶŐ ĨĞĞƐ ĨŽƌ ĂƩĞŶĚŝŶŐ ƚŚĞ DĞĞƟŶŐƐ ŽĨ ƚŚĞ ĨƵƌƚŚĞƌĂŶĐĞŽĨŚŝƐͬŚĞƌĚƵƟĞƐĂƐĂŝƌĞĐƚŽƌ͘ ďŽŶƵƐŝƐĚƌŝǀĞŶďǇƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞ
ĐƚĂŶĚƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĂƐƐƚĂƚĞĚƵŶĚĞƌ͗ ŽĂƌĚ ĂŶĚ ŽĨ ŽŵŵŝƩĞĞƐ ŽĨ ǁŚŝĐŚ ƚŚĞǇ ŵĂǇ ďĞ ĂƉƉƌĂŝƐĂů ƉƌŽĐĞƐƐ ĂŶĚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ǇŽƵƌ
ŵĞŵďĞƌƐĂŶĚƌĞĐĞŝǀĞĐŽŵŵŝƐƐŝŽŶǁŝƚŚŝŶƌĞŐƵůĂƚŽƌǇ ZĞŵƵŶĞƌĂƟŽŶ ĨŽƌ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ŽŵƉĂŶǇĂŶĚƚŚĞŝŶĚŝǀŝĚƵĂů͛ƐĐŽŶƚƌŝďƵƟŽŶ͘
/ŶĚĞƉĞŶĚĞŶĐĞ͗ ŝƌĞĐƚŽƌ ǁŝůů ďĞ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ĂŶ ůŝŵŝƚƐ͕ĂƐƌĞĐŽŵŵĞŶĚĞĚďǇƚŚĞEZĂŶĚĂƉƉƌŽǀĞĚ ;DͿരͬരǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ;Ϳരͬര<ĞǇ DĂŶĂŐĞƌŝĂů
͚/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ͛ŝĨŚĞͬƐŚĞŵĞĞƚƐǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂ ďǇƚŚĞŽĂƌĚ͘ WĞƌƐŽŶŶĞů;<DWͿͬƌĞƐƚŽĨƚŚĞŵƉůŽǇĞĞƐ /ƚ ŝƐ ĂĸƌŵĞĚ ƚŚĂƚ ƚŚĞ ƌĞŵƵŶĞƌĂƟŽŶ ƉĂŝĚ ƚŽ ŝƌĞĐƚŽƌƐ͕ <DW
ĨŽƌ ͚/ŶĚĞƉĞŶĚĞŶĐĞ͛ ĂƐ ůĂŝĚ ĚŽǁŶ ŝŶ ƚŚĞ Đƚ͕ ZĞŐƵůĂƟŽŶ ͻ dŚĞ ĞǆƚĞŶƚ ŽĨ ƚŚĞ ŽǀĞƌĂůů ƌĞŵƵŶĞƌĂƟŽŶ ƐŚŽƵůĚ ĂŶĚĂůůŽƚŚĞƌĞŵƉůŽǇĞĞƐŝƐĂƐƉĞƌƚŚĞZĞŵƵŶĞƌĂƟŽŶWŽůŝĐǇŽĨ
ϭϲ ŽĨ ƚŚĞ >ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ ĂŶĚ ƚŚĞ dĂƚĂ 'ŽǀĞƌŶĂŶĐĞ ͻ ǀĞƌĂůů ƌĞŵƵŶĞƌĂƟŽŶ ƐŚŽƵůĚ ďĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ
K ďĞ ƐƵĸĐŝĞŶƚ ƚŽ ĂƩƌĂĐƚ ĂŶĚ ƌĞƚĂŝŶ ƚĂůĞŶƚĞĚ ĂŶĚ ǇŽƵƌŽŵƉĂŶǇ͘
'ƵŝĚĞůŝŶĞƐ͘ ƐƵĸĐŝĞŶƚ ƚŽ ĂƩƌĂĐƚ͕ ƌĞƚĂŝŶ ĂŶĚ ŵŽƟǀĂƚĞ ŝƌĞĐƚŽƌƐ ƋƵĂůŝĮĞĚŝŶĚŝǀŝĚƵĂůƐƐƵŝƚĂďůĞĨŽƌĞǀĞƌǇƌŽůĞ͘,ĞŶĐĞ͕
ĂůŝŐŶĞĚ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ǇŽƵƌ ŽŵƉĂŶǇ͕ ƌĞŵƵŶĞƌĂƟŽŶ ƐŚŽƵůĚ ďĞ ŵĂƌŬĞƚ ĐŽŵƉĞƟƟǀĞ͕ DĂƚĞƌŝĂů ŚĂŶŐĞƐ ĂŶĚ ŽŵŵŝƚŵĞŶƚ ĂīĞĐƟŶŐ ƚŚĞ
ŽŵƉĞƚĞŶĐǇ͗ƚƌĂŶƐƉĂƌĞŶƚŽĂƌĚŶŽŵŝŶĂƟŽŶƉƌŽĐĞƐƐŝƐ
ƚĂŬŝŶŐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĨĂĐĞĚ ďǇ ĚƌŝǀĞŶ ďǇ ƚŚĞ ƌŽůĞ ƉůĂǇĞĚ ďǇ ƚŚĞ ŝŶĚŝǀŝĚƵĂů͕ &ŝŶĂŶĐŝĂůWŽƐŝƟŽŶŽĨƚŚĞŽŵƉĂŶǇ
ŝŶƉůĂĐĞƚŚĂƚĞŶĐŽƵƌĂŐĞƐĚŝǀĞƌƐŝƚǇŽĨƚŚŽƵŐŚƚ͕ĞǆƉĞƌŝĞŶĐĞ͕ ǇŽƵƌŽŵƉĂŶǇĂŶĚŝƚƐĨƵƚƵƌĞŐƌŽǁƚŚŝŵƉĞƌĂƟǀĞƐ͘ ƌĞŇĞĐƟǀĞŽĨƚŚĞƐŝǌĞŽĨǇŽƵƌŽŵƉĂŶǇ͕ĐŽŵƉůĞǆŝƚǇ dŚĞƌĞĂƌĞŶŽŵĂƚĞƌŝĂůĐŚĂŶŐĞƐĂīĞĐƟŶŐƚŚĞĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ
ŬŶŽǁůĞĚŐĞ͕ ƉĞƌƐƉĞĐƟǀĞ͕ ĂŐĞ ĂŶĚ ŐĞŶĚĞƌ͘ /ƚ ŝƐ ĞŶƐƵƌĞĚ ŽĨ ƚŚĞ ƐĞĐƚŽƌരͬരŝŶĚƵƐƚƌǇരͬരŽŵƉĂŶǇ͛Ɛ ŽƉĞƌĂƟŽŶƐ ŽĨƚŚĞŽŵƉĂŶǇƐƵďƐĞƋƵĞŶƚƚŽƚŚĞĐůŽƐĞŽĨƚŚĞ&zϮϬϭϴƟůůƚŚĞ
ƚŚĂƚ ƚŚĞ ŽĂƌĚ ĐŽŵƉƌŝƐĞƐ Ă ŵŝǆ ŽĨ ŵĞŵďĞƌƐ ǁŝƚŚ ͻ ĞŵƵŶĞƌĂƟŽŶƉĂŝĚƐŚŽƵůĚďĞƌĞŇĞĐƟǀĞŽĨƚŚĞƐŝǌĞŽĨ
Z ĂŶĚ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ĐĂƉĂĐŝƚǇ ƚŽ ƉĂǇ͕ ĐŽŶƐŝƐƚĞŶƚ ĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘
ĚŝīĞƌĞŶƚĞĚƵĐĂƟŽŶĂůƋƵĂůŝĮĐĂƟŽŶƐ͕ŬŶŽǁůĞĚŐĞĂŶĚǁŚŽ ǇŽƵƌŽŵƉĂŶǇ͕ĐŽŵƉůĞǆŝƚǇŽĨƚŚĞƐĞĐƚŽƌͬŝŶĚƵƐƚƌǇͬ ǁŝƚŚ ƌĞĐŽŐŶŝǌĞĚ ďĞƐƚ ƉƌĂĐƟĐĞƐ ĂŶĚ ĂůŝŐŶĞĚ ƚŽ ĂŶǇ
ƉŽƐƐĞƐƐ ĂĚĞƋƵĂƚĞ ĞǆƉĞƌŝĞŶĐĞ ŝŶ ďĂŶŬŝŶŐ ĂŶĚ ĮŶĂŶĐĞ͕ ŽŵƉĂŶǇ͛ƐŽƉĞƌĂƟŽŶƐĂŶĚǇŽƵƌŽŵƉĂŶǇ͛ƐĐĂƉĂĐŝƚǇ ƌĞŐƵůĂƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐ͘ ^ŝŐŶŝĮĐĂŶƚĂŶĚŵĂƚĞƌŝĂůŽƌĚĞƌƐƉĂƐƐĞĚďǇƚŚĞZĞŐƵůĂƚŽƌƐ
ĂĐĐŽƵŶƟŶŐĂŶĚƚĂǆĂƟŽŶ͕ĞĐŽŶŽŵŝĐƐ͕ůĞŐĂůĂŶĚƌĞŐƵůĂƚŽƌǇ ƚŽ ƉĂǇ ƚŚĞ ƌĞŵƵŶĞƌĂƟŽŶ ĂŶĚ ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƵƌŝŶŐƚŚĞǇĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ŶŽƐŝŐŶŝĮĐĂŶƚŵĂƚĞƌŝĂůŽƌĚĞƌƐ
ŵĂƩĞƌƐ͕ĐŽŶƐƵŵĞƌŝŶĚƵƐƚƌǇ͕ŚŽƐƉŝƚĂůŝƚǇƐĞĐƚŽƌĂŶĚŽƚŚĞƌ ƌĞĐŽŐŶŝǌĞĚďĞƐƚƉƌĂĐƟĐĞƐ͘ ͻ ĂƐŝĐͬĮǆĞĚ ƐĂůĂƌǇ ŝƐ ƉƌŽǀŝĚĞĚ ƚŽ Ăůů ĞŵƉůŽǇĞĞƐ
ǁĞƌĞƉĂƐƐĞĚďǇƚŚĞZĞŐƵůĂƚŽƌƐŽƌŽƵƌƚƐŽƌdƌŝďƵŶĂůƐŝŵƉĂĐƟŶŐ
ĚŝƐĐŝƉůŝŶĞƐƌĞůĂƚĞĚƚŽƚŚĞŽŵƉĂŶǇ͛ƐďƵƐŝŶĞƐƐĞƐ͘ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ƐƚĞĂĚǇ ŝŶĐŽŵĞ ŝŶ ůŝŶĞ ƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶƐƚĂƚƵƐĂŶĚǇŽƵƌŽŵƉĂŶǇ͛ƐŽƉĞƌĂƟŽŶƐ͘
ͻ ƵĂŶƚƵŵŽĨƐŝƫŶŐĨĞĞƐŵĂǇďĞƐƵďũĞĐƚƚŽƌĞǀŝĞǁŽŶ
Y ǁŝƚŚ ƚŚĞŝƌ ƐŬŝůůƐ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞ͘ /Ŷ ĂĚĚŝƟŽŶ͕
ĚĚŝƟŽŶĂůWŽƐŝƟǀĞƩƌŝďƵƚĞƐ͗ ĂƉĞƌŝŽĚŝĐďĂƐŝƐ͕ĂƐƌĞƋƵŝƌĞĚ͘ ǇŽƵƌ ŽŵƉĂŶǇ ƉƌŽǀŝĚĞƐ ĞŵƉůŽǇĞĞƐ ǁŝƚŚ ĐĞƌƚĂŝŶ ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐ
ƉĞƌƋƵŝƐŝƚĞƐ͕ ĂůůŽǁĂŶĐĞƐ ĂŶĚ ďĞŶĞĮƚƐ ƚŽ ĞŶĂďůĞ ^ Z Θ Ž >>W͕ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ;&ŝƌŵ ZĞŐŝƐƚƌĂƟŽŶ
ͻ d ŚĞŝƌĞĐƚŽƌƐƐŚŽƵůĚŶŽƚŚĂǀĞĂŶǇŽƚŚĞƌƉĞĐƵŶŝĂƌǇ ͻ d ŚĞ ĂŐŐƌĞŐĂƚĞ ĐŽŵŵŝƐƐŝŽŶ ƉĂǇĂďůĞ ƚŽ Ăůů ƚŚĞ Ă ĐĞƌƚĂŝŶ ůĞǀĞů ŽĨ ůŝĨĞƐƚǇůĞ ĂŶĚ ƚŽ ŽīĞƌ ƐĐŽƉĞ ĨŽƌ EŽ͘ ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮͿ͕ ǁĞƌĞ ĂƉƉŽŝŶƚĞĚ ĂƐ ƚŚĞ ^ƚĂƚƵƚŽƌǇ
ƌĞůĂƟŽŶƐŚŝƉ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͕ ŝƚƐ ^ƵďƐŝĚŝĂƌŝĞƐ͕ E/EƐĂŶĚ/ƐǁŝůůďĞƌĞĐŽŵŵĞŶĚĞĚďǇƚŚĞEZƚŽ ƐĂǀŝŶŐƐ͘zŽƵƌŽŵƉĂŶǇĂůƐŽƉƌŽǀŝĚĞƐĂůůĞŵƉůŽǇĞĞƐ ƵĚŝƚŽƌƐŽĨƚŚĞŽŵƉĂŶǇďǇƚŚĞDĞŵďĞƌƐĨŽƌĂƚĞƌŵŽĨĮǀĞ
ƐƐŽĐŝĂƚĞƐ Žƌ :ŽŝŶƚ sĞŶƚƵƌĞƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ƚŚĞŽĂƌĚďĂƐĞĚŽŶŽŵƉĂŶǇƉĞƌĨŽƌŵĂŶĐĞ͕ƉƌŽĮƚƐ͕ ǁŝƚŚ Ă ƐŽĐŝĂů ƐĞĐƵƌŝƚǇ ŶĞƚ ƐƵďũĞĐƚ ƚŽ ůŝŵŝƚƐ͕ ǁŚŝĐŚ ĐŽŶƐĞĐƵƟǀĞǇĞĂƌƐ͕ĨƌŽŵƚŚĞĐŽŶĐůƵƐŝŽŶŽĨϭϭϲth'DƟůůƚŚĞ
WƌŽŵŽƚĞƌƐ͕ĞǆĐĞƉƚĂƐƉƌŽǀŝĚĞĚƵŶĚĞƌůĂǁ͘ ƌĞƚƵƌŶƚŽŝŶǀĞƐƚŽƌƐ͕ƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞĐƌĞĂƟŽŶĂŶĚ ĐŽǀĞƌƐ ŵĞĚŝĐĂů ĞǆƉĞŶƐĞƐ ĂŶĚ ŚŽƐƉŝƚĂůŝǌĂƟŽŶ ĐŽŶĐůƵƐŝŽŶ ŽĨ ƚŚĞ ϭϮϭst 'D ŽĨ ƚŚĞ ŽŵƉĂŶǇ ;ƐƵďũĞĐƚ ƚŽ
ĂŶǇŽƚŚĞƌƐŝŐŶŝĮĐĂŶƚƋƵĂůŝƚĂƟǀĞƉĂƌĂŵĞƚĞƌƐĂƐŵĂǇ ƚŚƌŽƵŐŚ ƌĞͲŝŵďƵƌƐĞŵĞŶƚƐ Žƌ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌ ĂŶĚ ƌĂƟĮĐĂƟŽŶ ŽĨ ƚŚĞŝƌ ĂƉƉŽŝŶƚŵĞŶƚ Ăƚ ĞǀĞƌǇ 'D͕ ŝĨ ƌĞƋƵŝƌĞĚ
ͻ d ŚĞ ŝƌĞĐƚŽƌƐ ƐŚŽƵůĚ ŵĂŝŶƚĂŝŶ ĂŶ ƌŵ͛Ɛ >ĞŶŐƚŚ ďĞĚĞĐŝĚĞĚďǇƚŚĞŽĂƌĚ͘dŚĞEZǁŝůůƌĞĐŽŵŵĞŶĚ ĂĐĐŝĚĞŶƚĂů ĚĞĂƚŚ ďĞŶĞĮƚƐ͕ ĞƚĐ͘ zŽƵƌ ŽŵƉĂŶǇ ƵŶĚĞƌƚŚĞĐƚͿ͘
ZĞůĂƟŽŶƐŚŝƉ ďĞƚǁĞĞŶ ƚŚĞŵƐĞůǀĞƐ ĂŶĚ ƚŚĞ ƚŽƚŚĞŽĂƌĚƚŚĞƋƵĂŶƚƵŵŽĨĐŽŵŵŝƐƐŝŽŶĨŽƌĞĂĐŚ ƉƌŽǀŝĚĞƐƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐĂƐĂƉƉůŝĐĂďůĞǁŝƚŚƚŚĞ
ĞŵƉůŽǇĞĞƐŽĨƚŚĞŽŵƉĂŶǇ͕ĂƐĂůƐŽǁŝƚŚƚŚĞĚŝƌĞĐƚŽƌƐ ŝƌĞĐƚŽƌďĂƐĞĚƵƉŽŶƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞĞǀĂůƵĂƟŽŶ ZĞƟƌĞŵĞŶƚWŽůŝĐǇ͘ ,ŽǁĞǀĞƌ͕ƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶŝĞƐŵĞŶĚŵĞŶƚĐƚ͕ϮϬϭϳ
ĂŶĚĞŵƉůŽǇĞĞƐŽĨŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ͕ƐƐŽĐŝĂƚĞƐ͕:ŽŝŶƚ ƉƌŽĐĞƐƐǁŚŝĐŚŝƐĚƌŝǀĞŶďǇǀĂƌŝŽƵƐĨĂĐƚŽƌƐŝŶĐůƵĚŝŶŐ ǁŚŝĐŚǁĂƐŶŽƟĮĞĚŽŶDĂǇϳ͕ϮϬϭϴ͕ƚŚĞƉƌŽǀŝƐŝŽŶƌĞůĂƚĞĚƚŽ
sĞŶƚƵƌĞƐ͕ WƌŽŵŽƚĞƌƐ ĂŶĚ ƐƚĂŬĞŚŽůĚĞƌƐ ĨŽƌ ǁŚŽŵ ĂƩĞŶĚĂŶĐĞ ĂŶĚ ƟŵĞ ƐƉĞŶƚ ŝŶ ƚŚĞ ŽĂƌĚ ĂŶĚ ͻ /Ŷ ĂĚĚŝƟŽŶ ƚŽ ƚŚĞ ďĂƐŝĐͬĮǆĞĚ ƐĂůĂƌǇ͕ ďĞŶĞĮƚƐ͕ ƌĂƟĮĐĂƟŽŶŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨĂƵĚŝƚŽƌƐďǇDĞŵďĞƌƐĂƚĞǀĞƌǇ
ƚŚĞƌĞůĂƟŽŶƐŚŝƉǁŝƚŚƚŚĞƐĞĞŶƟƟĞƐŝƐŵĂƚĞƌŝĂů͘ ŽŵŵŝƩĞĞ DĞĞƟŶŐƐ͕ ŝŶĚŝǀŝĚƵĂů ĐŽŶƚƌŝďƵƟŽŶƐ Ăƚ ƉĞƌƋƵŝƐŝƚĞƐĂŶĚĂůůŽǁĂŶĐĞƐĂƐƉƌŽǀŝĚĞĚĂďŽǀĞ͕ǇŽƵƌ 'DŚĂƐďĞĞŶĚŽŶĞĂǁĂǇǁŝƚŚ͘
ƚŚĞDĞĞƟŶŐƐĂŶĚĐŽŶƚƌŝďƵƟŽŶƐŵĂĚĞďǇŝƌĞĐƚŽƌƐ ŽŵƉĂŶǇƉƌŽǀŝĚĞƐDരͬരƐƐƵĐŚƌĞŵƵŶĞƌĂƟŽŶďǇ
ͻ d ŚĞŝƌĞĐƚŽƌƐƐŚŽƵůĚŶŽƚďĞƚŚĞƐƵďũĞĐƚŽĨƉƌŽǀĞĚ ŽƚŚĞƌƚŚĂŶŝŶDĞĞƟŶŐƐ͘ ǁĂǇ ŽĨ ĐŽŵŵŝƐƐŝŽŶ͕ ĐĂůĐƵůĂƚĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ dŚĞƌĞƉŽƌƚŽĨƚŚĞ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐĂůŽŶŐǁŝƚŚƚŚĞEŽƚĞƐƚŽ
ĂůůĞŐĂƟŽŶƐŽĨŝůůĞŐĂůŽƌƵŶĞƚŚŝĐĂůďĞŚĂǀŝŽƌ͕ŝŶƚŚĞŝƌ ƚŚĞ ŶĞƚ ƉƌŽĮƚƐ ŽĨ ǇŽƵƌ ŽŵƉĂŶǇ ĨŽƌ ƚŚĞ ƌĞůĞǀĂŶƚ ^ĐŚĞĚƵůĞƐĨŽƌŵƐƉĂƌƚŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚĂŶĚĐŽŶƚĂŝŶƐĂŶ
ƉƌŝǀĂƚĞŽƌƉƌŽĨĞƐƐŝŽŶĂůůŝǀĞƐ͘ ͻ d ŚĞ ƌĞŵƵŶĞƌĂƟŽŶ ƉĂǇĂďůĞ ƚŽ ŝƌĞĐƚŽƌƐ ƐŚĂůů ďĞ ĮŶĂŶĐŝĂůǇĞĂƌ͕ĂƐŵĂǇďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŽĂƌĚ͕ hŶŵŽĚŝĮĞĚKƉŝŶŝŽŶǁŝƚŚŽƵƚĂŶǇƋƵĂůŝĮĐĂƟŽŶ͕ƌĞƐĞƌǀĂƟŽŶŽƌ
ŝŶĐůƵƐŝǀĞŽĨĂŶǇƌĞŵƵŶĞƌĂƟŽŶƉĂǇĂďůĞĨŽƌƐĞƌǀŝĐĞƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŽǀĞƌĂůů ůŝŵŝƚƐ ƐƟƉƵůĂƚĞĚ ŝŶ ^ĞĐƟŽŶ ĂĚǀĞƌƐĞƌĞŵĂƌŬ͘
ͻ d ŚĞ ŝƌĞĐƚŽƌƐ ƐŚŽƵůĚ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚǇ ƚŽ ĚĞǀŽƚĞ ƌĞŶĚĞƌĞĚŝŶĂŶǇŽƚŚĞƌĐĂƉĂĐŝƚǇ͕ƵŶůĞƐƐƚŚĞƐĞƌǀŝĐĞƐ ϭϵϳ ŽĨ ƚŚĞ Đƚ͘ dŚĞ ƐƉĞĐŝĮĐ ĂŵŽƵŶƚ ƉĂǇĂďůĞ ƚŽ
ƐƵĸĐŝĞŶƚƟŵĞƚŽƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶǇ͘ ƌĞŶĚĞƌĞĚ ĂƌĞ ŽĨ Ă ƉƌŽĨĞƐƐŝŽŶĂů ŶĂƚƵƌĞ ĂŶĚ ƚŚĞ ƚŚĞ DരͬരƐ ǁŽƵůĚ ďĞ ďĂƐĞĚ ŽŶ ƉĞƌĨŽƌŵĂŶĐĞ ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ^ĞĐƌĞƚĂƌŝĂů ^ƚĂŶĚĂƌĚƐ ŽŶ ŽĂƌĚ
EZŝƐŽĨƚŚĞŽƉŝŶŝŽŶƚŚĂƚƚŚĞŝƌĞĐƚŽƌƉŽƐƐĞƐƐĞƐ ĂƐ ĞǀĂůƵĂƚĞĚ ďǇ ƚŚĞ EZ ĂŶĚ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ DĞĞƟŶŐƐĂŶĚ'ĞŶĞƌĂůDĞĞƟŶŐƐ
͘ ZĞŵƵŶĞƌĂƟŽŶWŽůŝĐǇ ƌĞƋƵŝƐŝƚĞ ƋƵĂůŝĮĐĂƟŽŶ ĨŽƌ ƚŚĞ ƉƌĂĐƟĐĞ ŽĨ ƚŚĞ ŽĂƌĚ͘ zŽƵƌ ŽŵƉĂŶǇ ŵĂǇ ĂůƐŽ ƉƌŽǀŝĚĞ ƚŽ dŚĞŽŵƉĂŶǇŚĂƐĐŽŵƉůŝĞĚǁŝƚŚ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚ
zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂĚŽƉƚĞĚ Ă ZĞŵƵŶĞƌĂƟŽŶ WŽůŝĐǇ ĨŽƌ ƉƌŽĨĞƐƐŝŽŶ͘ DരͬരƐ ƐƵĐŚ ƌĞŵƵŶĞƌĂƟŽŶ ďǇ ǁĂǇ ŽĨ ĂŶ ĂŶŶƵĂů ďǇ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŽŵƉĂŶǇ ^ĞĐƌĞƚĂƌŝĞƐ ŽĨ /ŶĚŝĂ ŽŶ ŽĂƌĚ
ƚŚĞ ŝƌĞĐƚŽƌƐ͕ <DWƐ ĂŶĚ ŽƚŚĞƌ ĞŵƉůŽǇĞĞƐ͕ ƉƵƌƐƵĂŶƚ ƚŽ ŝŶĐĞŶƟǀĞƌĞŵƵŶĞƌĂƟŽŶരͬരƉĞƌĨŽƌŵĂŶĐĞůŝŶŬĞĚďŽŶƵƐ DĞĞƟŶŐƐĂŶĚ'ĞŶĞƌĂůDĞĞƟŶŐƐ͘
ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ Đƚ ĂŶĚ ƚŚĞ >ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ͘ ͻ /ŶĂĚĚŝƟŽŶƚŽƚŚĞƐŝƫŶŐĨĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶ͕ǇŽƵƌ ƐƵďũĞĐƚƚŽƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨĐĞƌƚĂŝŶƉĞƌĨŽƌŵĂŶĐĞ
dŚĞ EZ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƌĞĐŽŵŵĞŶĚŝŶŐ ƚŚĞ ŽŵƉĂŶǇ ŵĂǇ ƉĂǇ ƚŽ ĂŶǇ ŝƌĞĐƚŽƌ ƐƵĐŚ ĨĂŝƌ ĂŶĚ ĐƌŝƚĞƌŝĂ ĂŶĚ ƐƵĐŚ ŽƚŚĞƌ ƉĂƌĂŵĞƚĞƌƐ ĂƐ ŵĂǇ ďĞ Secretarial Audit
ZĞŵƵŶĞƌĂƟŽŶ WŽůŝĐǇ ƚŽ ƚŚĞ ŽĂƌĚ͘ dŚĞ ŽĂƌĚ ŝƐ ƌĞĂƐŽŶĂďůĞĞǆƉĞŶĚŝƚƵƌĞ͕ĂƐŵĂǇŚĂǀĞďĞĞŶŝŶĐƵƌƌĞĚ ĐŽŶƐŝĚĞƌĞĚ ĂƉƉƌŽƉƌŝĂƚĞ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ ďǇ ƚŚĞ WƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ĞĐƟŽŶϮϬϰŽĨƚŚĞĐƚĂŶĚƚŚĞ
ƌĞƐƉŽŶƐŝďůĞĨŽƌĂƉƉƌŽǀŝŶŐĂŶĚŽǀĞƌƐĞĞŝŶŐŝŵƉůĞŵĞŶƚĂƟŽŶ ďǇ ƚŚĞ ŝƌĞĐƚŽƌ ǁŚŝůĞ ƉĞƌĨŽƌŵŝŶŐ ŚŝƐ ͬ ŚĞƌ ƌŽůĞ ŽĂƌĚ͘ŶŝŶĚŝĐĂƟǀĞůŝƐƚŽĨĨĂĐƚŽƌƐŵĂǇďĞĐŽŶƐŝĚĞƌĞĚ ŽŵƉĂŶŝĞƐ ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ ŽĨ DĂŶĂŐĞƌŝĂů
ŽĨƚŚĞZĞŵƵŶĞƌĂƟŽŶWŽůŝĐǇ͘ ĂƐ Ă ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͘ dŚŝƐ ĐŽƵůĚ ŝŶĐůƵĚĞ ĨŽƌĚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞĞǆƚĞŶƚŽĨƚŚŝƐĐŽŵƉŽŶĞŶƚ WĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂĚĂƉƉŽŝŶƚĞĚ
ƌĞĂƐŽŶĂďůĞ ĞǆƉĞŶĚŝƚƵƌĞ ŝŶĐƵƌƌĞĚ ďǇ ƚŚĞ ŝƌĞĐƚŽƌ ƐƵĐŚ ĂƐ ŽŵƉĂŶǇ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ĐĞƌƚĂŝŶ ĚĞĮŶĞĚ EWΘƐƐŽĐŝĂƚĞƐ͕ŽŵƉĂŶǇ^ĞĐƌĞƚĂƌŝĞƐ;&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘
d ŚĞ ŬĞǇ ƉƌŝŶĐŝƉůĞƐ ŐŽǀĞƌŶŝŶŐ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ĨŽƌĂƩĞŶĚŝŶŐŽĂƌĚͬŽŵŵŝƩĞĞDĞĞƟŶŐƐ͕'ĞŶĞƌĂů ƋƵĂůŝƚĂƟǀĞĂŶĚƋƵĂŶƟƚĂƟǀĞƉĂƌĂŵĞƚĞƌƐĂƐŵĂǇďĞ WϮϬϭϰD,ϬϯϳϰϬϬͿƚŽƵŶĚĞƌƚĂŬĞƚŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚŽĨǇŽƵƌ
ZĞŵƵŶĞƌĂƟŽŶWŽůŝĐǇĂƌĞĂƐĨŽůůŽǁƐ͗ DĞĞƟŶŐƐ͕ ŽƵƌƚ ŽŶǀĞŶĞĚ DĞĞƟŶŐƐ͕ DĞĞƟŶŐƐ ĚĞĐŝĚĞĚ ďǇ ƚŚĞ ŽĂƌĚ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ͕ ŝŶĚƵƐƚƌǇ ŽŵƉĂŶǇĨŽƌƚŚĞĮŶĂŶĐŝĂůǇĞĂƌϮϬϭϳͲϭϴ͘dŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚ
ǁŝƚŚ ^ŚĂƌĞŚŽůĚĞƌƐരͬ ƌĞĚŝƚŽƌƐരͬരDĂŶĂŐĞŵĞŶƚ͕ ďĞŶĐŚŵĂƌŬƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ZĞƉŽƌƚ ŝƐ ĂŶŶĞǆĞĚ ŚĞƌĞǁŝƚŚ ĂƐ ŶŶĞǆƵƌĞ /s͘ dŚĞ
ĞŵƵŶĞƌĂƟŽŶ ĨŽƌ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ĂŶĚ EŽŶͲ
Z ƐŝƚĞ ǀŝƐŝƚƐ͕ ŝŶĚƵĐƟŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ;ŽƌŐĂŶŝǌĞĚ ďǇ ƚŚĞŝŶĚŝǀŝĚƵĂů͘ ƌĞƉŽƌƚ ĚŽĞƐ ŶŽƚ ĐŽŶƚĂŝŶ ĂŶǇ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ƌĞƐĞƌǀĂƟŽŶ Žƌ
/ŶĚĞƉĞŶĚĞŶƚEŽŶͲǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐ ĂĚǀĞƌƐĞƌĞŵĂƌŬƐ͘
ŶŶĞǆƵƌĞ/
ŽŶƐĞƌǀĂƟŽŶŽĨŶĞƌŐǇĂŶĚdĞĐŚŶŽůŽŐǇďƐŽƌƉƟŽŶ ^ƚĂŶĚĂƌĚƐ ŚĂǀĞ ďĞĞŶ ĨŽůůŽǁĞĚ ĂŶĚ ƚŚĂƚ ƚŚĞƌĞ ĂƌĞ ŶŽ
ŵĂƚĞƌŝĂůĚĞƉĂƌƚƵƌĞƐ͖
dŚĞ ĚĞƚĂŝůƐ ŽĨ ĐŽŶƐĞƌǀĂƟŽŶ ŽĨ ĞŶĞƌŐǇ ĂƌĞ ŐŝǀĞŶ ŝŶ ƚŚĞ
DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůǇƐŝƐZĞƉŽƌƚ͘ ;ŝŝͿ ƚŚĞǇŚĂǀĞƐĞůĞĐƚĞĚƐƵĐŚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂŶĚĂƉƉůŝĞĚ
ŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐǇ
ƚŚĞŵ ĐŽŶƐŝƐƚĞŶƚůǇ ĂŶĚ ŵĂĚĞ ũƵĚŐŵĞŶƚƐ ĂŶĚ ĞƐƟŵĂƚĞƐ
WĂƌƟĐƵůĂƌƐŽĨŵƉůŽǇĞĞƐ ƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚƉƌƵĚĞŶƚŝŶŽƌĚĞƌƚŽŐŝǀĞĂƚƌƵĞ
dŚĞĚŝƐĐůŽƐƵƌĞƉĞƌƚĂŝŶŝŶŐƚŽƌĞŵƵŶĞƌĂƟŽŶĂŶĚŽƚŚĞƌĚĞƚĂŝůƐ ϭ͘ K
ďũĞĐƟǀĞĂŶĚWŚŝůŽƐŽƉŚǇ d ŚŝƐWŽůŝĐǇƐŚĂůůďĞĞīĞĐƟǀĞĂŶĚĂƉƉůŝĐĂďůĞĨŽƌĚŝǀŝĚĞŶĚ͕
ĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨĂīĂŝƌƐŽĨǇŽƵƌŽŵƉĂŶǇĂƚ dŚĞŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐǇ;ΖƚŚĞƉŽůŝĐǇΖͿĞƐƚĂďůŝƐŚĞƐ ŝĨĂŶǇ͕ĚĞĐůĂƌĞĚĨŽƌ&zϮϬϭϲͲϭϳĂŶĚŽŶǁĂƌĚƐ͘
ĂƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ĨƵƌŶŝƐŚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ^ĞĐƟŽŶ ϭϵϳ;ϭϮͿ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ ĂŶĚ ŽĨ ƚŚĞ ƉƌŽĮƚ ŽĨ ǇŽƵƌ
ƌĞĂĚ ǁŝƚŚ ZƵůĞ ϱ;ϭͿ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ƚŽ ĂƐĐĞƌƚĂŝŶ ĂŵŽƵŶƚƐ ƚŚĂƚ ĐĂŶ ďĞ
ŽŵƉĂŶǇĨŽƌƚŚĂƚƉĞƌŝŽĚ͖ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ ĞƋƵŝƚǇ ƐŚĂƌĞŚŽůĚĞƌƐ ĂƐ ĚŝǀŝĚĞŶĚ ďǇ ƚŚĞ ϯ͘ WĂƌĂŵĞƚĞƌƐĨŽƌĚĞĐůĂƌĂƟŽŶŽĨŝǀŝĚĞŶĚ
ZĞŵƵŶĞƌĂƟŽŶ ŽĨ DĂŶĂŐĞƌŝĂů WĞƌƐŽŶŶĞůͿ ZƵůĞƐ͕ ϮϬϭϰ ŝƐ
ĂƉƉĞŶĚĞĚĂƐŶŶĞǆƵƌĞsƚŽƚŚŝƐZĞƉŽƌƚ͘ ;ŝŝŝͿ ƚŚĞǇ ŚĂǀĞ ƚĂŬĞŶ ƉƌŽƉĞƌ ĂŶĚ ƐƵĸĐŝĞŶƚ ĐĂƌĞ ƚŽ ƚŚĞ ďĞƐƚ ŽŵƉĂŶǇ ĂƐ ǁĞůů ĂƐ ĞŶĂďůĞ ƚŚĞ ŽŵƉĂŶǇ ƚŽ ƐƚƌŝŬĞ Ă ŝǀŝĚĞŶĚƐ ǁŝůů ŐĞŶĞƌĂůůǇ ďĞ ƌĞĐŽŵŵĞŶĚĞĚ ďǇ ƚŚĞ
ŽĨ ƚŚĞŝƌ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĂďŝůŝƚǇ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ďĂůĂŶĐĞďĞƚǁĞĞŶƉĂǇͲŽƵƚĂŶĚƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͕ŝŶŽƌĚĞƌ ŽĂƌĚ ŽŶĐĞ Ă ǇĞĂƌ͕ ĂŌĞƌ ƚŚĞ ĂŶŶŽƵŶĐĞŵĞŶƚ ŽĨ ƚŚĞ ĨƵůů
dŚĞ ƐƚĂƚĞŵĞŶƚ ĐŽŶƚĂŝŶŝŶŐ ƉĂƌƟĐƵůĂƌƐ ŽĨ ƚŽƉ ƚĞŶ ĞŵƉůŽǇĞĞƐ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚŝŶ ƚŚĞ ƚŽĂĚĚƌĞƐƐĨƵƚƵƌĞŶĞĞĚƐŽĨƚŚĞŽŵƉĂŶǇ͘ ǇĞĂƌ ƌĞƐƵůƚƐ ĂŶĚ ďĞĨŽƌĞ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƟŶŐ
ĂŶĚƚŚĞĞŵƉůŽǇĞĞƐĚƌĂǁŝŶŐƌĞŵƵŶĞƌĂƟŽŶŝŶĞǆĐĞƐƐŽĨůŝŵŝƚƐ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞĂƐƐĞƚƐŽĨǇŽƵƌ ;Ζ'DΖͿ ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ͕ ĂƐ ŵĂǇ ďĞ ƉĞƌŵŝƩĞĚ
ƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϵϳ;ϭϮͿŽĨƚŚĞĐƚƌĞĂĚǁŝƚŚZƵůĞϱ ŽŵƉĂŶǇ ĂŶĚ ĨŽƌ ƉƌĞǀĞŶƟŶŐ ĂŶĚ ĚĞƚĞĐƟŶŐ ĨƌĂƵĚ ĂŶĚ d ŚĞŽďũĞĐƟǀĞŽĨƚŚŝƐWŽůŝĐǇŝƐƚŽƌĞǁĂƌĚŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ ďǇ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ;ΖƚŚĞ ĐƚΖͿ͘ dŚĞ ŽĂƌĚ
;ϮͿĂŶĚ;ϯͿŽĨƚŚĞŽŵƉĂŶŝĞƐ;ƉƉŽŝŶƚŵĞŶƚĂŶĚZĞŵƵŶĞƌĂƟŽŶ ŽƚŚĞƌŝƌƌĞŐƵůĂƌŝƟĞƐ͖ ďǇ ƌĞƚƵƌŶŝŶŐ Ă ƉŽƌƟŽŶ ŽĨ ŝƚƐ ƉƌŽĮƚƐ ĂŌĞƌ ƌĞƚĂŝŶŝŶŐ ŵĂǇĂůƐŽĚĞĐůĂƌĞŝŶƚĞƌŝŵĚŝǀŝĚĞŶĚƐĂƐŵĂǇďĞƉĞƌŵŝƩĞĚ
ŽĨDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰŝƐƉƌŽǀŝĚĞĚŝŶĂƐĞƉĂƌĂƚĞ ƐƵĸĐŝĞŶƚ ĨƵŶĚƐ ĨŽƌ ŐƌŽǁƚŚ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ƚŚƵƐ ďǇƚŚĞĐƚ͘
;ŝǀͿ ƚŚĞǇŚĂǀĞƉƌĞƉĂƌĞĚƚŚĞĂŶŶƵĂůĂĐĐŽƵŶƚƐĨŽƌƚŚĞĮŶĂŶĐŝĂů ŵĂǆŝŵŝǌŝŶŐƐŚĂƌĞŚŽůĚĞƌƐ͛ǀĂůƵĞ͘
ŶŶĞǆƵƌĞĨŽƌŵŝŶŐƉĂƌƚŽĨƚŚĞZĞƉŽƌƚ͘/ŶƚĞƌŵƐŽĨƉƌŽǀŝƐŽƚŽ
ǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴŽŶĂ͚ŐŽŝŶŐĐŽŶĐĞƌŶ͛ďĂƐŝƐ͖ Ɛ ŝŶ ƚŚĞ ƉĂƐƚ͕ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ

^ĞĐƟŽŶϭϯϲ;ϭͿŽĨƚŚĞĐƚ͕ƚŚĞZĞƉŽƌƚĂŶĚĐĐŽƵŶƚƐĂƌĞďĞŝŶŐ
ƐĞŶƚ ƚŽ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ĞǆĐůƵĚŝŶŐ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ŶŶĞǆƵƌĞ͘ ;ǀͿ ƚŚĞǇ ŚĂǀĞ ůĂŝĚ ĚŽǁŶ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ĨŽƌ d ŚĞ WŽůŝĐǇ ƐĞƚƐ ĨŽƌƚŚ ƚŚĞ ďƌŽĂĚ ƉƌŝŶĐŝƉůĞƐ ĨŽƌ ŐƵŝĚŝŶŐ ĂƉƉůŝĐĂďůĞ ůĂǁ͕ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ĚŝǀŝĚĞŶĚ ƉĂǇͲŽƵƚ ǁŝůů
dŚĞƐĂŝĚƐƚĂƚĞŵĞŶƚŝƐĂůƐŽŽƉĞŶĨŽƌŝŶƐƉĞĐƟŽŶĂƚƚŚĞZĞŐŝƐƚĞƌĞĚ ƚŚĞ ŽŵƉĂŶǇ ǁŚŝĐŚ ĂƌĞ ĂĚĞƋƵĂƚĞ ĂŶĚ ĂƌĞ ŽƉĞƌĂƟŶŐ ƚŚĞ ŽĂƌĚ ĂŶĚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ ŝŶ ŵĂƩĞƌƐ ĐŽŶĐĞƌŶŝŶŐ ďĞ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ĂǀĂŝůĂďůĞ ĮŶĂŶĐŝĂů ƌĞƐŽƵƌĐĞƐ͕
KĸĐĞŽĨƚŚĞŽŵƉĂŶǇ͘ŶǇŵĞŵďĞƌŝŶƚĞƌĞƐƚĞĚŝŶŽďƚĂŝŶŝŶŐĂ ĞīĞĐƟǀĞůǇ͖ ĚĞĐůĂƌĂƟŽŶ ĂŶĚ ĚŝƐƚƌŝďƵƟŽŶ ŽĨ ĚŝǀŝĚĞŶĚ͕ ǁŝƚŚ Ă ǀŝĞǁ ďƵƐŝŶĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚŽƉƟŵĂů
ĐŽƉǇŽĨƚŚĞƐĂŵĞŵĂǇǁƌŝƚĞƚŽƚŚĞŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ͘ ƚŽ ĞŶƐƵƌĞ ĨĂŝƌŶĞƐƐ͕ ƚƌĂŶƐƉĂƌĞŶĐǇ͕ ƐƵƐƚĂŝŶĂďŝůŝƚǇ ĂŶĚ ƐŚĂƌĞŚŽůĚĞƌƌĞƚƵƌŶ͘
;ǀŝͿ ƚŚĞǇŚĂǀĞĚĞǀŝƐĞĚƉƌŽƉĞƌƐǇƐƚĞŵƐƚŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞ ĐŽŶƐŝƐƚĞŶĐǇ ŝŶ ƚŚĞ ĚĞĐŝƐŝŽŶ ĨŽƌ ĚŝƐƚƌŝďƵƟŶŐ ƉƌŽĮƚƐ ƚŽ
ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ Ăůů ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƐƵĐŚ ƐŚĂƌĞŚŽůĚĞƌƐ͘ ŝǀŝĚĞŶĚ ƉĂǇͲŽƵƚ ǁŽƵůĚ ĂůƐŽ ďĞ ƐƵďũĞĐƚ ƚŽ ƉƌŽĮƚĂďŝůŝƚǇ

ŝƐĐůŽƐƵƌĞƐ ĂƐ ƉĞƌ ƚŚĞ ^ĞǆƵĂů ,ĂƌĂƐƐŵĞŶƚ ŽĨ tŽŵĞŶ ƐǇƐƚĞŵƐĂƌĞĂĚĞƋƵĂƚĞĂŶĚĂƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůǇ͘ ƵŶĚĞƌ ^ƚĂŶĚĂůŽŶĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĂŶĚ ǁŚŝůĞ
Ăƚ tŽƌŬƉůĂĐĞ ;WƌĞǀĞŶƟŽŶ͕ WƌŽŚŝďŝƟŽŶĂŶĚ ZĞĚƌĞƐƐĂůͿ d ŚĞ ŽŵƉĂŶǇ ďĞůŝĞǀĞƐ ƚŚĂƚ ĚƌŝǀŝŶŐ ŐƌŽǁƚŚ ĐƌĞĂƚĞƐ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŶĂƚƵƌĞ ĂŶĚ ƋƵĂŶƚƵŵ ŽĨ ƚŚĞ ĚŝǀŝĚĞŶĚ
Đƚ͕ϮϬϭϯ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ŵĂǆŝŵƵŵƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘dŚƵƐ͕ƚŚĞŽŵƉĂŶǇǁŽƵůĚ ƉĂǇͲŽƵƚ͕ ƚŚĞ ŽĂƌĚ ǁŽƵůĚ ƚĂŬĞ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ
zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ǌĞƌŽ ƚŽůĞƌĂŶĐĞ ĨŽƌ ƐĞǆƵĂů ŚĂƌĂƐƐŵĞŶƚ Ɛ ƌĞƋƵŝƌĞĚ ďǇ ƚŚĞ >ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ͕ ƚŚĞ ZĞƉŽƌƚ ŽŶ
ĮƌƐƚ ƵƟůŝƐĞ ŝƚƐ ƉƌŽĮƚƐ ŝŶƚĞƌͲĂůŝĂ ĨŽƌ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗
Ăƚ ŝƚƐ ǁŽƌŬƉůĂĐĞ ĂŶĚ ŚĂƐ ĂĚŽƉƚĞĚ Ă ƉŽůŝĐǇ ŽŶ WƌĞǀĞŶƟŽŶ͕ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůǇƐŝƐ͕ƵƐŝŶĞƐƐZĞƐƉŽŶƐŝďŝůŝƚǇ
ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĐĂƉŝƚĂů ĞǆƉĞŶĚŝƚƵƌĞ ƚŽ ŵĞĞƚ ĞǆƉĂŶƐŝŽŶ
ƉƌŽŚŝďŝƟŽŶĂŶĚƌĞĚƌĞƐƐĂůŽĨƐĞǆƵĂůŚĂƌĂƐƐŵĞŶƚĂƚǁŽƌŬƉůĂĐĞ ĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂůŽŶŐǁŝƚŚƚŚĞWƌĂĐƟƐŝŶŐŽŵƉĂŶǇ
ŶĞĞĚƐ͕ ƌĞĚƵĐŝŶŐ ĚĞďƚ ĨƌŽŵ ŝƚƐ ďŽŽŬƐ ŽĨ ĂĐĐŽƵŶƚƐ͕ &ŝŶĂŶĐŝĂůƉĂƌĂŵĞƚĞƌƐĂŶĚ/ŶƚĞƌŶĂů&ĂĐƚŽƌƐ͗
ŝŶůŝŶĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ĞǆƵĂů,ĂƌĂƐƐŵĞŶƚŽĨtŽŵĞŶ ^ĞĐƌĞƚĂƌǇ͛ƐĞƌƟĮĐĂƚĞƌĞŐĂƌĚŝŶŐĐŽŵƉůŝĂŶĐĞŽĨĐŽŶĚŝƟŽŶƐŽĨ
ĞĂƌŵĂƌŬŝŶŐ ƌĞƐĞƌǀĞƐ ĨŽƌ ŐƌŽǁƚŚ ŽƉƉŽƌƚƵŶŝƟĞƐ ĂŶĚ ͻ KƉĞƌĂƟŶŐĐĂƐŚŇŽǁŽĨƚŚĞŽŵƉĂŶǇ
Ăƚ tŽƌŬƉůĂĐĞ ;WƌĞǀĞŶƟŽŶ͕ WƌŽŚŝďŝƟŽŶ ĂŶĚ ZĞĚƌĞƐƐĂůͿ Đƚ͕ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŶŽƌŵƐĂƐƐƟƉƵůĂƚĞĚŝŶZĞŐƵůĂƟŽŶϯϰ
ƚŚĞƌĞĂŌĞƌĚŝƐƚƌŝďƵƟŶŐƚŚĞƐƵƌƉůƵƐƉƌŽĮƚƐŝŶƚŚĞĨŽƌŵŽĨ
ϮϬϭϯĂŶĚƚŚĞZƵůĞƐƚŚĞƌĞƵŶĚĞƌĨŽƌƉƌĞǀĞŶƟŽŶĂŶĚƌĞĚƌĞƐƐĂů ƌĞĂĚĂůŽŶŐǁŝƚŚ^ĐŚĞĚƵůĞsŽĨƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĨŽƌŵƐ ͻ WƌŽĮƚ ĂŌĞƌ dĂǆ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ĂŶĚ ĂƌŶŝŶŐƐ WĞƌ
ĚŝǀŝĚĞŶĚƚŽƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ͘
ŽĨĐŽŵƉůĂŝŶƚƐŽĨƐĞǆƵĂůŚĂƌĂƐƐŵĞŶƚĂƚǁŽƌŬƉůĂĐĞ͘ ƉĂƌƚŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚ͘ ^ŚĂƌĞ;W^Ϳ
dŚĞ WŽůŝĐǇ ƐŚĂůů ďƌŽĂĚůǇ ƐƉĞĐŝĨǇ ƚŚĞ ĞǆƚĞƌŶĂů ĂŶĚ ͻ tŽƌŬŝŶŐĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ
ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ƌĞĐĞŝǀĞĚ ĐŬŶŽǁůĞĚŐĞŵĞŶƚ ŝŶƚĞƌŶĂů ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ĮŶĂŶĐŝĂů ƉĂƌĂŵĞƚĞƌƐ ƚŚĂƚ
ϭϱ ĐŽŵƉůĂŝŶƚƐ ŽŶ ƐĞǆƵĂů ŚĂƌĂƐƐŵĞŶƚ͘ ůů ƚŚĞ ĐŽŵƉůĂŝŶƚƐ dŚĞ ŝƌĞĐƚŽƌƐ ĞǆƉƌĞƐƐ ƚŚĞŝƌ ĚĞĞƉ ƐĞŶƐĞ ŽĨ ĂƉƉƌĞĐŝĂƟŽŶ ĨŽƌ ͻ ĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚ
ƐŚĂůů ďĞ ĐŽŶƐŝĚĞƌĞĚ ǁŚŝůĞ ĚĞĐůĂƌŝŶŐ ĚŝǀŝĚĞŶĚ ĂŶĚ ƚŚĞ
ŚĂǀĞďĞĞŶƌĞƐŽůǀĞĚĂŶĚĂƉƉƌŽƉƌŝĂƚĞĂĐƟŽŶƚĂŬĞŶ͕ǁŚĞƌĞƐŽ ƚŚĞĐŽŶƚƌŝďƵƟŽŶƐŵĂĚĞďǇƚŚĞĞŵƉůŽǇĞĞƐƚŽƚŚĞƐŝŐŶŝĮĐĂŶƚ
ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƵŶĚĞƌ ǁŚŝĐŚ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ͻ ƵƐŝŶĞƐƐĞǆƉĂŶƐŝŽŶĂŶĚŐƌŽǁƚŚ
ŶĞĐĞƐƐĂƌǇ͕ĂŶĚŶŽĐĂƐĞƐƌĞŵĂŝŶƉĞŶĚŝŶŐ͘ ŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞŽƉĞƌĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶǇ͘
ŽŵƉĂŶǇŵĂǇŽƌŵĂǇŶŽƚĞǆƉĞĐƚĚŝǀŝĚĞŶĚĂŶĚŚŽǁƚŚĞ ͻ >ŝŬĞůŝŚŽŽĚŽĨĐƌǇƐƚĂůŝǌĂƟŽŶŽĨĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐ͕ŝĨĂŶǇ
dŚĞŝƌĞĐƚŽƌƐĂůƐŽƚŚĂŶŬĂůůƚŚĞƐƚĂŬĞŚŽůĚĞƌƐŝŶĐůƵĚŝŶŐDĞŵďĞƌƐ͕ ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƐŚĂůůďĞƵƟůŝǌĞĚ͕ĞƚĐ͘
ŝƌĞĐƚŽƌƐ͛ZĞƐƉŽŶƐŝďŝůŝƚǇ^ƚĂƚĞŵĞŶƚ ͻ ĚĚŝƟŽŶĂůŝŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ
ĐƵƐƚŽŵĞƌƐ͕ůĞŶĚĞƌƐ͕ǀĞŶĚŽƌƐ͕ŝŶǀĞƐƚŽƌƐ͕ďƵƐŝŶĞƐƐƉĂƌƚŶĞƌƐ͕ĂŶĚ
ĂƐĞĚ ŽŶ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ĂŶĚ of the Company
ƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂĨŽƌƚŚĞŝƌĐŽŶƟŶƵĞĚĐŽͲŽƉĞƌĂƟŽŶĂŶĚ Ϯ͘ ZĞŐƵůĂƚŽƌǇ&ƌĂŵĞǁŽƌŬ
ĐŽŵƉůŝĂŶĐĞƐǇƐƚĞŵƐĞƐƚĂďůŝƐŚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚďǇǇŽƵƌŽŵƉĂŶǇ͕
ƐƵƉƉŽƌƚĂŶĚƚŚĞŝƌĐŽŶĮĚĞŶĐĞŝŶŝƚƐŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;Ζ^/ΖͿ ͻ hƉŐƌĂĚĂƟŽŶŽĨƚĞĐŚŶŽůŽŐǇĂŶĚƉŚǇƐŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ
ǁŽƌŬ ƉĞƌĨŽƌŵĞĚ ďǇ ƚŚĞ /ŶƚĞƌŶĂů͕ ^ƚĂƚƵƚŽƌǇ ĂŶĚ ^ĞĐƌĞƚĂƌŝĂů
ŽŶ:ƵůǇϴ͕ϮϬϭϲŝŶƐĞƌƚĞĚZĞŐƵůĂƟŽŶϰϯŝŶ^/;>ŝƐƟŶŐ ͻ ĞďƚůĞǀĞůƐĂŶĚĐŽƐƚŽĨďŽƌƌŽǁŝŶŐƐ
ƵĚŝƚŽƌƐŝŶĐůƵĚŝŶŐĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂů
KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ ZĞŐƵůĂƟŽŶƐ͕
ƌĞƉŽƌƟŶŐďǇƚŚĞ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐĂŶĚƌĞǀŝĞǁƐƉĞƌĨŽƌŵĞĚďǇƚŚĞ
ϮϬϭϱ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐƚŽƉĮǀĞŚƵŶĚƌĞĚůŝƐƚĞĚĐŽŵƉĂŶŝĞƐ ͻ WĂƐƚĚŝǀŝĚĞŶĚƉĂǇͲŽƵƚƌĂƟŽͬƚƌĞŶĚƐ
DĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞƌĞůĞǀĂŶƚŽĂƌĚŽŵŵŝƩĞĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ
E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ ;ďĂƐĞĚŽŶŵĂƌŬĞƚĐĂƉŝƚĂůŝǌĂƟŽŶŽĨĞǀĞƌǇĮŶĂŶĐŝĂůǇĞĂƌͿ
ƵĚŝƚŽŵŵŝƩĞĞ͕ƚŚĞŽĂƌĚŝƐŽĨƚŚĞŽƉŝŶŝŽŶƚŚĂƚǇŽƵƌŽŵƉĂŶǇ͛Ɛ
Chairman ƚŽĨŽƌŵƵůĂƚĞĂŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐǇ͘ ǆƚĞƌŶĂů&ĂĐƚŽƌƐ͗
ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ǁĞƌĞ ĂĚĞƋƵĂƚĞ ĂŶĚ ĞīĞĐƟǀĞ ĚƵƌŝŶŐ
DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ ͻ /ŶĚƵƐƚƌǇKƵƚůŽŽŬĂŶĚĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ
&zϮϬϭϳͲϭϴ͘
ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗ d ŚĞ ŽŵƉĂŶǇ ďĞŝŶŐ ŽŶĞ ŽĨ ƚŚĞ ƚŽƉ ĮǀĞ ŚƵŶĚƌĞĚ ůŝƐƚĞĚ
ĐĐŽƌĚŝŶŐůǇ͕ƉƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϭϯϰ;ϱͿŽĨƚŚĞĐƚ͕ƚŚĞŽĂƌĚ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝϰϬϬϬϬϭ͘ ĐŽŵƉĂŶŝĞƐ ĂƐ ƉĞƌ ƚŚĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝǌĂƟŽŶ ĂƐ ŽŶ ƚŚĞ ͻ ĂƉŝƚĂůŵĂƌŬĞƚƐ
ŽĨŝƌĞĐƚŽƌƐ͕ƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌŬŶŽǁůĞĚŐĞĂŶĚĂďŝůŝƚǇ͕ĐŽŶĮƌŵ /E͗>ϳϰϵϵϵD,ϭϵϬϮW>ϬϬϬϭϴϯ ůĂƐƚ ĚĂǇ ŽĨ ƚŚĞ ŝŵŵĞĚŝĂƚĞůǇ ƉƌĞĐĞĚŝŶŐ ĮŶĂŶĐŝĂů ǇĞĂƌ͕ ͻ 'ůŽďĂůĐŽŶĚŝƟŽŶƐ
ƚŚĂƚ͗ dĞů͗͘ϬϮϮϲϲϯϵϱϱϭϱ&Ăǆ͗ϬϮϮϮϮϬϮϳϰϰϮ ŚĂƐ ĨƌĂŵĞĚ ƚŚŝƐ ƉŽůŝĐǇ ƚŽ ĐŽŵƉůǇ ǁŝƚŚ ƚŚĞ ĂĨŽƌĞƐĂŝĚ
ƌĞƋƵŝƌĞŵĞŶƚƐǁŚŝĐŚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇŝƚƐŽĂƌĚŽĨ ͻ ^ƚĂƚƵƚŽƌǇƉƌŽǀŝƐŝŽŶƐĂŶĚŐƵŝĚĞůŝŶĞƐ
;ŝͿ ŝŶ ƚŚĞ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ĂŶŶƵĂů ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ŵĂŝů͗ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ
ŝƌĞĐƚŽƌƐ͘
ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ƚŚĞ ĂƉƉůŝĐĂďůĞ ĐĐŽƵŶƟŶŐ tĞďƐŝƚĞ͗ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ ͻ ŝǀŝĚĞŶĚƉĂǇͲŽƵƚƌĂƟŽŽĨĐŽŵƉĞƟƚŽƌƐ

ŶŶĞǆƵƌĞ//
ϰ͘ ŝƌĐƵŵƐƚĂŶĐĞƐ ƵŶĚĞƌ ǁŚŝĐŚ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ϲ͘ WĂƌĂŵĞƚĞƌƐƚŽďĞĂĚŽƉƚĞĚǁŝƚŚƌĞŐĂƌĚƚŽǀĂƌŝŽƵƐĐůĂƐƐĞƐ

ŽŵƉĂŶǇŵĂǇŽƌŵĂǇŶŽƚĞǆƉĞĐƚĚŝǀŝĚĞŶĚ
dŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ŵĂǇ ŶŽƚ ĞǆƉĞĐƚ
ŽĨƐŚĂƌĞƐ
^ŝŶĐĞƚŚĞŽŵƉĂŶǇŚĂƐŝƐƐƵĞĚŽŶůǇŽŶĞĐůĂƐƐŽĨĞƋƵŝƚǇ ŶŶƵĂůZĞƉŽƌƚŽŶ^ZĐƟǀŝƟĞƐ
ĚŝǀŝĚĞŶĚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƐƵďũĞĐƚ ƚŽ ƐŚĂƌĞƐǁŝƚŚĞƋƵĂůǀŽƟŶŐƌŝŐŚƚƐ͕ĂůůƚŚĞDĞŵďĞƌƐŽĨƚŚĞ
ĚŝƐĐƌĞƟŽŶŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͗ ŽŵƉĂŶǇ ĂƌĞ ĞŶƟƚůĞĚ ƚŽ ƌĞĐĞŝǀĞ ƚŚĞ ƐĂŵĞ ĂŵŽƵŶƚ ŽĨ
Ɛ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ǁŝĚĞůǇ ƌĞĐŽŐŶŝǌĞĚ /ŶĚŝĂŶ ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚĐĞƌƟĮĞĚĨƌŽŵƚŚĞƐĞdĂũ^ZƐŬŝůůƚƌĂŝŶŝŶŐĐĞŶƚƌĞƐǁŝƚŚĂ
ĚŝǀŝĚĞŶĚƉĞƌƐŚĂƌĞ͘dŚĞWŽůŝĐǇƐŚĂůůďĞƐƵŝƚĂďůǇƌĞǀŝƐŝƚĞĚ
ďƌĂŶĚƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ĐŽŶƐĐŝŽƵƐ ŽĨ ŝƚƐ ƉůĂĐĞŵĞŶƚ ƌĂƟŽ ŽĨ ϳϵй ŝŶ ƚŚĞ ŚŽƐƉŝƚĂůŝƚǇ ŝŶĚƵƐƚƌǇ͘ /ŶĚŝƌĞĐƚ
ͻ WƌŽƉŽƐĞĚ ĞǆƉĂŶƐŝŽŶ ƉůĂŶƐ͕ ƌĞŶŽǀĂƟŽŶƐ ĂŶĚ ĂƚƚŚĞƟŵĞŽĨŝƐƐƵĞŽĨĂŶǇŶĞǁĐůĂƐƐŽĨƐŚĂƌĞƐĚĞƉĞŶĚŝŶŐ
ƌĞƐƉŽŶƐŝďŝůŝƚǇ ĂƐ Ă ĐƵƐƚŽĚŝĂŶ ŽĨ /ŶĚŝĂŶ ŚĞƌŝƚĂŐĞ ĂŶĚ ĐƵůƚƵƌĞ ďĞŶĞĮĐŝĂƌŝĞƐ ŽĨ ŽƵƌ ŝŶƚĞƌǀĞŶƟŽŶƐ ƚŚƌŽƵŐŚ ĨĂĐƵůƚǇ ƚƌĂŝŶŝŶŐƐ͕
ƵƉŐƌĂĚĂƟŽŶƐƌĞƋƵŝƌŝŶŐŚŝŐŚĞƌĐĂƉŝƚĂůĂůůŽĐĂƟŽŶ ƵƉŽŶƚŚĞŶĂƚƵƌĞĂŶĚŐƵŝĚĞůŝŶĞƐƚŚĞƌĞŽĨ͘
ĂŶĚ ƚŽǁĂƌĚƐ ƚŚĞ ǁĞůĨĂƌĞ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĐŽŵŵƵŶŝƟĞƐ ĞƚĐ͘ ĂƌĞ ŵĂŶǇ ŵŽƌĞ͘ KǀĞƌ ϭ͕ϱϬϬ ŝŶĚŝǀŝĚƵĂůƐ ǁĞƌĞ ƚƌĂŝŶĞĚ
ĂƌŽƵŶĚŝƚƐŽƉĞƌĂƟŽŶƐ͘/ŶůŝŶĞǁŝƚŚƚŚĞĨŽƵŶĚĞƌ͛ƐǀŝƐŝŽŶ͕ŽǀĞƌ ƚŚƌŽƵŐŚ ƐƉĞĐŝĂů ĞĚƵĐĂƟŽŶ ƉƌŽŐƌĂŵŵĞƐ ĨŽƌ ǁŽƌŬŝŶŐ ƉĞŽƉůĞ
ͻ ĞĐŝƐŝŽŶ ƚŽ ƵŶĚĞƌƚĂŬĞ ĂŶǇ ĂĐƋƵŝƐŝƟŽŶƐ͕ ϳ͘ ŝƐĐůŽƐƵƌĞƐ
ƚŚĞǇĞĂƌƐ͕ǇŽƵƌŽŵƉĂŶǇŚĂƐǁŽƌŬĞĚǁŝƚŚŵĂŶǇŐŽǀĞƌŶŵĞŶƚ ;ZW>Ϳ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ ǇĞĂƌ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ƉĞŽƉůĞ ĨƌŽŵ ĚŝǀĞƌƐĞ
ĂŵĂůŐĂŵĂƟŽŶ͕ ŵĞƌŐĞƌ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ŶĞǁ ƉƌŽĚƵĐƚ d ŚĞ ŝǀŝĚĞŶĚ ŝƐƚƌŝďƵƟŽŶ WŽůŝĐǇ ƐŚĂůů ďĞ ĚŝƐĐůŽƐĞĚ ŝŶ
ĂŶĚŶŽŶͲŐŽǀĞƌŶŵĞŶƚďŽĚŝĞƐƚŽŚĞůƉďƵŝůĚƚŚĞůŝǀĞůŝŚŽŽĚƐŽĨ ďĂĐŬŐƌŽƵŶĚƐŝŶĐůƵĚŝŶŐĞŵƉůŽǇĞĞƐŽĨZĂƐŚƚƌĂƉĂƟŚĂǀĂŶ͕ZĂũ
ůĂƵŶĐŚĞƐ͕ ĞƚĐ͘ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ƐŝŐŶŝĮĐĂŶƚ ĐĂƉŝƚĂů ƚŚĞŶŶƵĂůZĞƉŽƌƚĂŶĚŽŶƚŚĞǁĞďƐŝƚĞŽĨƚŚĞŽŵƉĂŶǇ
ůĞƐƐƉƌŝǀŝůĞŐĞĚĐŽŵŵƵŶŝƟĞƐʹŶŽƚũƵƐƚŝŶŝƚƐƐƵƌƌŽƵŶĚŝŶŐƐ͕ďƵƚ ŚĂǀĂŶ͕ZW&Ͳ'ƵƌŐĂŽŶ͕ĞƚĐ͘
ŽƵƞůŽǁ ŝ͘Ğ͘ Ăƚ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬĚŝǀŝĚĞŶĚͲ
ĂůƐŽŝŶŝĚĞŶƟĮĞĚĚĞƐĞƌǀŝŶŐĂƌĞĂƐďĞǇŽŶĚŝƚƐŶĞŝŐŚďŽƌŚŽŽĚƐ͘
ĚŝƐƚƌŝďƵƟŽŶͲƉŽůŝĐǇ͘ƉĚĨ
ŵĂũŽƌŝƚǇŽĨŽƵƌŚŽƚĞůƐĂůƐŽĞŶŐĂŐĞŝŶƉƌŽŵŽƟŶŐĐůĞĂŶůŝŶĞƐƐ KǀĞƌĂŶĚĂďŽǀĞƚŚŝƐŇĂŐƐŚŝƉƉƌŽŐƌĂŵŵĞ͕ŽƵƌŚŽƚĞůƐŝŶǀĂƌŝŽƵƐ
ͻ ZĞƋƵŝƌĞŵĞŶƚ ŽĨ ŚŝŐŚĞƌ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ĨŽƌ ƚŚĞ
ĂŶĚ ŚǇŐŝĞŶĞ ŝŶ ƚŚĞŝƌ ŶĞŝŐŚďŽƌŚŽŽĚƐ ĂŶĚ ƵŶĚĞƌƚĂŬĞ ůŽĐĂů ŽƚŚĞƌ ůŽĐĂƟŽŶƐ ŽīĞƌ ŝŶĚƵƐƚƌŝĂů ĞǆƉŽƐƵƌĞ ĂŶĚ ƚƌĂŝŶŝŶŐ ƚŽ
ƉƵƌƉŽƐĞŽĨďƵƐŝŶĞƐƐŽĨƚŚĞŽŵƉĂŶǇ ϴ͘ WŽůŝĐǇƌĞǀŝĞǁĂŶĚĂŵĞŶĚŵĞŶƚƐ
ĐŽŵŵƵŶŝƚǇǁĞůĨĂƌĞĂĐƟǀŝƟĞƐ͘ĨĞǁŚŽƚĞůƐĂƌĞĞŶŐĂŐĞĚŝŶƚŚĞ ĚĞƐĞƌǀŝŶŐǇŽƵƚŚ͕ĚŝīĞƌĞŶƚůǇĂďůĞĚĂŶĚůĞƐƐͲƉƌŝǀŝůĞŐĞĚǁŽŵĞŶ
dŚĞ ŽĂƌĚ ŵĂǇ ƌĞǀŝĞǁ͕ ĂŵĞŶĚ͕ ĂďƌŽŐĂƚĞ͕ ŵŽĚŝĨǇ Žƌ
ƉƌĞƐĞƌǀĂƟŽŶĂŶĚƉƌŽŵŽƟŽŶŽĨŚĞƌŝƚĂŐĞƐŝƚĞƐ͘ ƚŽ ĂĐƋƵŝƌĞ ƐŬŝůůƐ ŝŶ ŚŽƵƐĞͲŬĞĞƉŝŶŐ͕ ĐŽŽŬŝŶŐ͕ ďĂŬĞƌǇ͕ ĨŽŽĚ
ͻ ĞďƚŽďůŝŐĂƟŽŶƐ ƌĞǀŝƐĞĂŶǇŽƌĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐWŽůŝĐǇĨƌŽŵƟŵĞƚŽ
ĂŶĚďĞǀĞƌĂŐĞƐĞƌǀŝĐĞ͕ĞŶŐŝŶĞĞƌŝŶŐĂŶĚĂůůŝĞĚƚƌĂĚĞƐ͕ĨƵƌƚŚĞƌ
ƟŵĞ͘,ŽǁĞǀĞƌ͕ĂŵĞŶĚŵĞŶƚƐŝŶƚŚĞĐƚŽƌŝŶƚŚĞ^/
ͻ WƌŽƉŽƐĂůĨŽƌďƵǇͲďĂĐŬŽĨƐĞĐƵƌŝƟĞƐ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ
ƵŝůĚŝŶŐ^ƵƐƚĂŝŶĂďůĞ>ŝǀĞůŝŚŽŽĚƐ ĂĚĚŝŶŐƚŽŽƵƌŝŵƉĂĐƚŝŶƚĞƌŵƐŽĨďƵŝůĚŝŶŐůŝǀĞůŝŚŽŽĚƐĨŽƌǇŽƵƚŚ
dŚĞ ĨŽĐƵƐ ŚĂƐ ďĞĞŶ ŽŶ ǀŽĐĂƟŽŶĂů ƚƌĂŝŶŝŶŐ ĂŶĚ ĐĞƌƟĮĐĂƟŽŶ ĨƌŽŵĨĂŵŝůŝĞƐŝŶŶĞĞĚ͘dĂũĂůƐŽƌĞĐƌƵŝƚƐĂŶĂǀĞƌĂŐĞŽĨϭϱͲϮϬй
ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ
ŽĨ ǇŽƵƚŚ ǁŚŽ ĚƌŽƉ ŽƵƚ ĨƌŽŵ ƚŚĞ ĨŽƌŵĂů ĞĚƵĐĂƟŽŶ ƐǇƐƚĞŵ͕ ŽĨ ƚƌĂŝŶĞĚ ĐĂŶĚŝĚĂƚĞƐ ĨƌŽŵ ƚŚĞƐĞ ƚĂůĞŶƚ ƉŽŽůƐ͕ ŽŶ ŵƵƚƵĂů
ͻ /ŶƚŚĞĞǀĞŶƚŽĨůŽƐƐŽƌŝŶĂĚĞƋƵĂĐǇŽĨƉƌŽĮƚ ŝŶƚŚŝƐWŽůŝĐǇĂŶĚƐŚĂůůďĞďŝŶĚŝŶŐ͘
ƚŽ ĞŶĂďůĞ ƚŚĞŵ ƚŽ ďĞ ǁŽƌŬͲƌĞĂĚǇ ĂŶĚ ĞŶŐĂŐĞ ŝŶ ƉƌŽĚƵĐƟǀĞ ĨĞĂƐŝďŝůŝƚǇ ďĂƐŝƐ͕ ŵĂŬŝŶŐ ƚŚŝƐ ĂŶ ĂƐƉŝƌĂƟŽŶĂů ƉƌŽŐƌĂŵŵĞ ĨŽƌ
ůŝǀĞůŝŚŽŽĚƐ ŝŶ ƚŚĞ ŚŽƐƉŝƚĂůŝƚǇ ĂŶĚ ƐĞƌǀŝĐĞ ŝŶĚƵƐƚƌǇ͘ dŚŝƐ ƚŚĞƚĂƌŐĞƚŐƌŽƵƉƐĂŶĚĞŶĂďůŝŶŐĂƚĂůĞŶƚƉŝƉĞͲůŝŶĞĨŽƌƚŚĞůĂƌŐĞƌ
ϱ͘ hƟůŝǌĂƟŽŶŽĨZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ ŝƐ ƚĂŬĞŶ ĨŽƌǁĂƌĚ ďǇ ĐŽůůĂďŽƌĂƟŶŐ ǁŝƚŚ ĂŶĚ ďƵŝůĚŝŶŐ ŚŽƚĞůƐ͕ƌĞƐƚĂƵƌĂŶƚƐĂŶĚƐĞƌǀŝĐĞŝŶĚƵƐƚƌǇ͘
dŚĞŽĂƌĚŵĂǇƌĞƚĂŝŶŝƚƐĞĂƌŶŝŶŐƐŝŶŽƌĚĞƌƚŽŵĂŬĞďĞƩĞƌ ĐĂƉĂĐŝƟĞƐ ŽĨ ŝŶƐƟƚƵƟŽŶƐ ƚŚĂƚ ƐĞƌǀĞ ƚŚĞ ǇŽƵƚŚ ĨƌŽŵ ƉŽŽƌ
ƵƐĞŽĨƚŚĞĂǀĂŝůĂďůĞĨƵŶĚƐĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀĂůƵĞŽĨƚŚĞ ƐŽĐŝŽͲĞĐŽŶŽŵŝĐ ďĂĐŬŐƌŽƵŶĚƐ ĂŶĚ ƌĞŵŽƚĞ ŚŝŶƚĞƌůĂŶĚƐ͘ KǀĞƌ zŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ŝƚƐ ĞīŽƌƚƐ ƚŽ ƉƌĞƐĞƌǀĞ ƚŚĞ Ăƌƚ ŽĨ
ƐƚĂŬĞŚŽůĚĞƌƐŝŶƚŚĞůŽŶŐƌƵŶ͘dŚĞĚĞĐŝƐŝŽŶŽĨƵƟůŝǌĂƟŽŶ ƚŚĞůĂƐƚĚĞĐĂĚĞ͕ǁĞŚĂǀĞĐŽůůĂďŽƌĂƚĞĚǁŝƚŚ'ŽǀĞƌŶŵĞŶƚ/d/Ɛ͕ ƚƌĂĚŝƟŽŶĂů ĞŶĂƌĂƐŝ ŚĂŶĚůŽŽŵ ǁĞĂǀŝŶŐ͘ dŚĞ ŽďũĞĐƟǀĞ ŽĨ
ŽĨƚŚĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŽĨƚŚĞŽŵƉĂŶǇƐŚĂůůďĞďĂƐĞĚ ŽŶŽƐĐŽ͕WƌĂƚŚĂŵ͕ĂŶĚŽƚŚĞƌůŝŬĞͲŵŝŶĚĞĚĐŽŵƉĂŶŝĞƐ͛^Z ƚŚŝƐƉƌŽŐƌĂŵŝƐƚŽƉƌĞƐĞƌǀĞƚŚĞĚǇŝŶŐĂƌƚĨŽƌŵŽĨŚĂŶĚůŽŽŵ
ŽŶƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗ ƉƌŽŐƌĂŵŵĞƐ͕ƚŚĞƌĞďǇďƵŝůĚŝŶŐƐŬŝůůƐĂŶĚůŝǀĞůŝŚŽŽĚƐĨŽƌŽǀĞƌ ǁĞĂǀŝŶŐ ĂŶĚ ŚĞůƉ ďƵŝůĚ ůŝǀĞůŝŚŽŽĚƐ ĨŽƌ ǇŽƵƚŚ ĂŶĚ ǁŽŵĞŶ
ϭϱ͕ϬϬϬůĞƐƐƉƌŝǀŝůĞŐĞĚǇŽƵƚŚ͘dĂũƚĞĂŵƐŚĂǀĞďĞĞŶƐƵƉƉŽƌƟŶŐ ĨƌŽŵ ǁĞĂǀŝŶŐ ĐŽŵŵƵŶŝƟĞƐ͘ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ŝŶŝƟĂƚĞĚ
ͻ DĂƌŬĞƚĞǆƉĂŶƐŝŽŶƉůĂŶƐ
ƚŚĞƐĞƉƌŽŐƌĂŵŵĞƐƚŚƌŽƵŐŚƚŚĞƉƌŽǀŝƐŝŽŶŽĨƚƌĂŝŶŝŶŐĐŽŶƚĞŶƚ͕ Ă ƉƌŽŵŝƐŝŶŐ ƉƌŽŐƌĂŵ ƚŚĂƚ ŚĂƐ ƚƌĂŝŶĞĚ ŽǀĞƌ ϯϮ ŐŝƌůƐ ĨƌŽŵ
ͻ ĞĐůĂƌĂƟŽŶŽĨĚŝǀŝĚĞŶĚ ŝŶƉƵƚƐ ŽŶ ĐůĂƐƐƌŽŽŵ ĚĞƐŝŐŶƐ͕ ĨĂĐƵůƚǇ ĚĞǀĞůŽƉŵĞŶƚ͕ ŽŶͲƚŚĞͲ ĐŽŶƐĞƌǀĂƟǀĞ ĐŽŵŵƵŶŝƟĞƐ ĂƌŽƵŶĚ sĂƌĂŶĂƐŝ ŝŶ ƚŚŝƐ ƐƚƌŽŶŐůǇ
ũŽďƚƌĂŝŶŝŶŐ͕ũŽŝŶƚĐĞƌƟĮĐĂƟŽŶĂŶĚĂůůŝĞĚƐƵƉƉŽƌƚƚŚƌŽƵŐŚŽƵƌ ŵĂůĞͲĚŽŵŝŶĂƚĞĚŽĐĐƵƉĂƟŽŶ͘dŚĞĂďŝůŝƚǇƚŽĞĂƌŶĂůŝǀĞůŝŚŽŽĚ
ͻ ŝǀĞƌƐŝĮĐĂƟŽŶŽĨďƵƐŝŶĞƐƐ ŝŶĚƵƐƚƌǇŶĞƚǁŽƌŬƐ͘ ƚŚƌŽƵŐŚ ǁĞĂǀŝŶŐ ǁŝůů ŐŽ Ă ůŽŶŐ ǁĂǇ ŝŶ ĞŵƉŽǁĞƌŝŶŐ ƚŚĞƐĞ
ͻ >ŽŶŐƚĞƌŵƐƚƌĂƚĞŐŝĐƉůĂŶƐĨŽƌŐƌŽǁƚŚ ǁŽŵĞŶ͕ǁŚŝůĞĂůƐŽƉƌĞƐĞƌǀŝŶŐƚŚĞĐƌĂŌ͘
KǀĞƌ ƚŚĞ ůĂƐƚ ƚŚƌĞĞ ǇĞĂƌƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĐŽͲĐƌĞĂƚĞĚ
ͻ ZĞƉůĂĐĞŵĞŶƚŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ƐŚŽƌƚĐŽƵƌƐĞƐŝŶŚŽƐƉŝƚĂůŝƚǇƚƌĂĚĞƐĨŽƌůĞƐƐƉƌŝǀŝůĞŐĞĚ͕ƐĐŚŽŽů ĞŝŶŐĂZĞƐƉŽŶƐŝďůĞEĞŝŐŚďŽƵƌ
ͻ ^ ƵĐŚŽƚŚĞƌĐƌŝƚĞƌŝĂĂƐƚŚĞŽĂƌĚŵĂǇĚĞĞŵĮƚĨƌŽŵ ĚƌŽƉŽƵƚ ǇŽƵƚŚ ŝŶ ĐŽůůĂďŽƌĂƟŽŶ ǁŝƚŚ dĂƚĂ ^dZ/s͘ tĞ ŚĂǀĞ zŽƵƌ ŽŵƉĂŶǇ ƉƌŽŵŽƚĞƐ ĐůĞĂŶůŝŶĞƐƐ ĂƌŽƵŶĚ ŝƚƐ ŚŽƚĞůƐ͕
ƟŵĞƚŽƟŵĞ͘ ŝŶǀĞƐƚĞĚ ŝŶ ĚĞǀĞůŽƉŝŶŐ ŚŝŐŚ ƋƵĂůŝƚǇ͕ ƉƌĂĐƟĐĂů ůĞĂƌŶŝŶŐ ƐƵƉƉŽƌƟŶŐ Ϯϵ ƉƵďůŝĐ ƐŝƚĞƐ ĂĐƌŽƐƐ /ŶĚŝĂ͘ dŚĞ ĞŶŐĂŐĞŵĞŶƚ ŝŶ
ůĂďŽƌĂƚŽƌŝĞƐŝŶƐĞǀĞŶŬĞǇůŽĐĂƟŽŶƐĂƌŽƵŶĚŽƵƌŽƉĞƌĂƟŽŶƐƚŽ ƚŚĞƐĞ ƉƵďůŝĐ ƐŝƚĞƐ ŝŶĐůƵĚĞ ĐůĞĂŶůŝŶĞƐƐ ĚƌŝǀĞƐ͕ ďĞĂƵƟĮĐĂƟŽŶ
ĞŶĂďůĞ ƵƐ ƚŽ ŽīĞƌ ĞīĞĐƟǀĞ ƚĞĂĐŚŝŶŐͲůĞĂƌŶŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚŝŵƉƌŽǀĞŵĞŶƚŽĨǀŝƐŝƚŽƌĞǆƉĞƌŝĞŶĐĞƚŚƌŽƵŐŚůŝŐŚƟŶŐĂŶĚ
ĨŽƌ ŽƵƌ ^Z ƉƌŽŐƌĂŵŵĞƐ͘ KƵƌ ^Z ƐŬŝůů ƚƌĂŝŶŝŶŐ ĐĞŶƚĞƌƐ ĂƌĞ ƉĂŝŶƟŶŐ ŽĨ ƉƵďůŝĐ ƐƉĂĐĞƐ͕ ŚŽƌƟĐƵůƚƵƌĞ͕ ĞĚƵĐĂƟŽŶ ŽŶ ǁĂƐƚĞ
ůŽĐĂƚĞĚ ŝŶ ŬĞǇ ĐůƵƐƚĞƌƐ ĂƌŽƵŶĚ ŽƵƌ ŽƉĞƌĂƟŽŶƐ ŝŶ DƵŵďĂŝ͕ ĚŝƐƉŽƐĂůĨŽƌŚĂǁŬĞƌƐĂŶĚƐĐŚŽŽůƐƚƵĚĞŶƚƐĂŶĚĐĂŵƉĂŝŐŶƐŽŶ
ŝƌŽůŝ͕ >ŽŶĂǀĂůĂ͕ :ĂŝƉƵƌ͕ ŚŚŝŶĚǁĂƌĂ͕ sĂƌĂŶĂƐŝ͕ ĂŶŐĂůŽƌĞ͕ ĐůĞĂŶůŝŶĞƐƐĂŶĚĐŝǀŝĐƐĞŶƐĞƚŽůŽĐĂůĐŽŵŵƵŶŝƟĞƐ͘
,ǇĚĞƌĂďĂĚ͕'ŽĂĂŶĚdƌŝǀĂŶĚƌƵŵ͘tĞĂůƐŽƐƵƉƉŽƌƚdĂƚĂ^ƚƌŝǀĞ
ĐĞŶƚĞƌƐ ŝŶ ƌĞŵŽƚĞ ďĞůƚƐ ďĞǇŽŶĚ ŽƵƌ ĂƌĞĂƐ ŽĨ ŽƉĞƌĂƟŽŶƐ ŝŶ Ɛ Ă ƉĂƌƚ ŽĨ ŽƵƌ ^Z ŝŶ 'ŽĂ͕ ǁĞ ŝŶǀĞƐƚ ŝŶ ƌĞǀŝǀŝŶŐ ĂŶĚ
ŐĂƌƚĂůĂ͕ hƌŝ ĂŶĚ WŝƚŚŽƌĂŐĂƌŚ͘ zŽƵŶŐ ďŽǇƐ ĂŶĚ ŐŝƌůƐ ĨƌŽŵ ƉŽƉƵůĂƌŝǌŝŶŐ 'ŽĂ͛Ɛ ƵŶŝƋƵĞ ŚĞƌŝƚĂŐĞ ŽĨ &ĂĚŽ ŵƵƐŝĐ͘ tĞ
ŵĂŶǇƐŵĂůůƚŽǁŶƐĂŶĚǀŝůůĂŐĞƐĂƌŽƵŶĚŽƵƌĐĞŶƚĞƌƐ͕ŝŶĐůƵĚŝŶŐ ƐƵƉƉŽƌƚ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵŵĞƐ ĂŶĚ ŚĂǀĞ ŽƌŐĂŶŝǌĞĚ Ă
ŚĂůĂŝĂŶĚ'ŽŵĂƟŝŶŐĂƌƚĂůĂŝŶƚŚĞĂƐƚ͕DǇƐŽƌĞĂŶĚhƩĂƌĂ ƐĞƌŝĞƐ ŽĨ ǁŽƌŬƐŚŽƉƐ ĂŶĚ ĞǀĞŶƚƐ ŝŶ ĐŽůůĂďŽƌĂƟŽŶ ǁŝƚŚ Ă
<ĂŶŶĂĚĂĨƌŽŵ<ĂƌŶĂƚĂŬĂŝŶƚŚĞ^ŽƵƚŚ͕^ĂŶŐůŝĂŶĚ^ŝŶĚŚƵĚƵƌŐ ĐŽŵŵŝƩĞĚ ĞǆƉĞƌƚ͘ dŚŝƐ ƉƌŽŐƌĂŵŵĞ ŚĂƐ ƌĞĂĐŚĞĚ ŽǀĞƌ ϮϬϬ
ŝŶ DĂŚĂƌĂƐŚƚƌĂ ŝŶ ƚŚĞ tĞƐƚ͕ ũŵĞƌ ĂŶĚ ĂƵƐĂ ŝŶ ZĂũĂƐƚŚĂŶ ƐƚƵĚĞŶƚƐ ĂĐƌŽƐƐ 'ŽĂ͕ ŽĨ ǁŚŽŵ ϰϬ ŚĂǀĞ ƵŶĚĞƌŐŽŶĞ ŵĂƐƚĞƌ
ŝŶ ƚŚĞ EŽƌƚŚ͕ ĂůĂŐŚĂƚ ĂŶĚ ŚŚŝŶĚǁĂƌĂ ŝŶ DĂĚŚǇĂ WƌĂĚĞƐŚ ĐůĂƐƐĞƐ͘DĂŶǇŽĨƚŚĞƐĞǇŽƵŶŐĐĂŶĚŝĚĂƚĞƐŚĂǀĞĂůƐŽƐƚĂƌƚĞĚ
ŝŶ ĞŶƚƌĂů /ŶĚŝĂ ĂƌĞ ďĞŶĞĮĐŝĂƌŝĞƐ ŽĨ ƚŚŝƐ ƉƌŽŐƌĂŵŵĞ͘ /Ŷ ƉĞƌĨŽƌŵŝŶŐĂƚǀĂƌŝŽƵƐĞǀĞŶƚƐ͘
&z ϮϬϭϳͲϭϴ͕ ŽǀĞƌ ϭϭϬϬ ůĞĂƌŶĞƌƐ ŚĂǀĞ ďĞĞŶ ĚŝƌĞĐƚůǇ ƚƌĂŝŶĞĚ

zŽƵƌ ŽŵƉĂŶǇ ĞǀĂůƵĂƚĞƐ ĂŶĚ ĞŶŐĂŐĞƐ ǁŝƚŚ ĨĞĂƐŝďůĞ ƚƌĂĚŝƟŽŶĂů ĂƌƟƐĂŶƐ͕ǁŽƌŬŝŶŐŽŶ ǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ͕ĂĐƟŽŶͲ ϱ͘ ŵŽƵŶƚƵŶƐƉĞŶƚ͕ŝĨĂŶǇ͗E/>
ŽƉƉŽƌƚƵŶŝƟĞƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƉƌĞƐĞƌǀĂƟŽŶ ĂŶĚ ĞŶŚĂŶĐĞŵĞŶƚ ďĂƐĞĚƌĞƐĞĂƌĐŚŽŶƐƵƉƉůŝĞƌĚŝǀĞƌƐŝƚǇΘŝŶĐůƵƐŝŽŶĂŶĚĞŶĂďůŝŶŐ
dŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞĂŵŽƵŶƚǁĂƐƐƉĞŶƚĚƵƌŝŶŐ&zϮϬϭϳͲϭϴŝƐĚĞƚĂŝůĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͗
ŽĨŚĞƌŝƚĂŐĞŵŽŶƵŵĞŶƚƐŽĨƐŝŐŶŝĮĐĂŶĐĞĂƚƐŽŵĞŽĨƚŚĞůŽĐĂƟŽŶƐ ŵŽďŝůŝǌĂƟŽŶ ŽĨ ĚĞƐĞƌǀŝŶŐ ǇŽƵƚŚ ĨŽƌ dĂũ ^Z ƐŬŝůů ƚƌĂŝŶŝŶŐ
ǁŚĞƌĞ ŝƚ ŽƉĞƌĂƚĞƐ͘ ŽŶƟŶƵŝŶŐ ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ŵƵůƟƉůĞ ĐĞŶƚĞƌƐ͘dŚĞƐĞƉƌŽũĞĐƚƐǁĞƌĞƵŶĚĞƌƚĂŬĞŶŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚ
ƐƚĂŬĞŚŽůĚĞƌƐ͕ƚŚĞŽŵƉĂŶǇŚĂƐďĞĞŶƐƵƉƉŽƌƟŶŐŵĂŝŶƚĞŶĂŶĐĞ ŽƵƌŚŽƚĞůƚĞĂŵƐ͕^ZƉĂƌƚŶĞƌƐ͕ǀŽůƵŶƚĂƌǇƐĞĐƚŽƌŽƌŐĂŶŝǌĂƟŽŶƐ dĂũ^Z&ŽĐƵƐ ^ĞĐƚŽƌŝŶǁŚŝĐŚƚŚĞ
WƌŽŐƌĂŵŵĂƟĐ Amount of
ĂŶĚƵƉŬĞĞƉŽĨƚŚĞsĂƌĂŶĂƐŝ'ŚĂƚƐ͕ƚŚĞEĂƟŽŶĂůZĂŝůDƵƐĞƵŵ͕ ĂŶĚdĂƚĂ'ƌŽƵƉĐŽŵƉĂŶŝĞƐ͘ Areas WƌŽũĞĐƚŝƐĐŽǀĞƌĞĚ
EĂƚƵƌĞŽĨWƌŽŐƌĂŵ ŝƌĞĐƚͬWĂƌƚŶĞƌƐŚŝƉ >ŽĐĂƟŽŶƐ KƵƚůĂǇ DŽŶĞǇ^ƉĞŶƚ
;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ
EĞǁĞůŚŝĂŶĚƚŚĞ'ĂƚĞǁĂǇŽĨ/ŶĚŝĂƉƌĞĐŝŶĐƚ͕DƵŵďĂŝ͘
zĞĂƌ ŽŶ ǇĞĂƌ͕ ǇŽƵƌ ŽŵƉĂŶǇ ĞŶĐŽƵƌĂŐĞƐ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ƚŽ ƵŝůĚŝŶŐ sŽĐĂƟŽŶĂůƐŬŝůůŝŶŐ ĞƌƟĮĞĚ^ŬŝůůdƌĂŝŶŝŶŐǁŝƚŚ ŝƌĞĐƚнǁŝƚŚ DƵŵďĂŝ͕ŝƌŽůŝ͕ ϭϮϰ͘Ϯϯ ϭϳϯ͘ϭϭ
>ŝǀĞůŝŚŽŽĚƐ ĂŶĚƉƌŽŵŽƟŽŶŽĨ ĞŵďĞĚĚĞĚŽŶͲƚŚĞͲũŽď partners >ŽŶĂǀĂůĂ͕:ĂŝƉƵƌ͕
dŚĞŶĞĞĚƐĂŶĚƌĞƋƵĞƐƚƐĨƌŽŵůŽĐĂůĐŽŵŵƵŶŝƟĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚ ǀŽůƵŶƚĞĞƌ ĨŽƌ ƉĂƌƟĐŝƉĂƟŶŐ ŝŶ ĐŽŵŵƵŶŝƚǇ ĚĞǀĞůŽƉŵĞŶƚ
ůŝǀĞůŝŚŽŽĚƐ ĞǆƉŽƐƵƌĞ͕ƐƉŽŬĞŶŶŐůŝƐŚ ŚŚŝŶĚǁĂƌĂ͕sĂƌĂŶĂƐŝ͕
ĂŶĚ ĂĚĚƌĞƐƐĞĚ ďǇ ƚŚĞ ŚŽƚĞů͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ƚŚƌŽƵŐŚ ǀĂƌŝĞĚ ŝŶŝƟĂƟǀĞƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůůǇƌĞƐƉŽŶƐŝďůĞĞŶĚĞĂǀŽƵƌƐ͘zŽƵƌ ĂŶĚǁŽƌŬͲƌĞĂĚŝŶĞƐƐŝŶƉƵƚƐ ĞŶŐĂůƵƌƵ͕,ǇĚĞƌĂďĂĚ͕
ĐŽŵŵƵŶŝƚǇ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚ ĂĐƟǀŝƟĞƐ͘ ŽŶĂƟŽŶ ŽŵƉĂŶǇ ŚĂƐ ŚĂĚ ŽǀĞƌ ϰ͕ϴϬϬ ǀŽůƵŶƚĞĞƌƐ ĐůŽĐŬŝŶŐ ĂƌŽƵŶĚ 'ŽĂ͕dƌŝǀĂŶĚƌƵŵ͕
ŽĨ ĨŽŽĚ ŝƚĞŵƐ͕ ĞĚƵĐĂƟŽŶĂů ƐĐŚŽůĂƌƐŚŝƉƐ͕ ƐƵƉƉŽƌƟŶŐ ĐŚĂƌŝƚǇ ϭϮ͕ϬϬϬǀŽůƵŶƚĞĞƌŝŶŐŚŽƵƌƐĐƵŵƵůĂƟǀĞůǇ͕ĂĐƟǀĞůǇƉĂƌƟĐŝƉĂƟŶŐ ŐĂƌƚĂůĂ͕hƌŝĂŶĚ
ŚŽŵĞƐĂŶĚŽƌƉŚĂŶĂŐĞƐĂƌĞĂůůĐŽŵƉŽŶĞŶƚƐŽĨƚŚŝƐƉƌŽŐƌĂŵ͘ ŝŶ Ăůů ĞĚŝƟŽŶƐ ŽĨ dĂƚĂ sŽůƵŶƚĞĞƌŝŶŐ DŽŶƚŚƐ ĐŽŶĚƵĐƚĞĚ ŝŶ WŝƚŚŽƌĂŐĂĚŚ
dŚĞƐĞƉƌŽŐƌĂŵƐĂŶĚŝŶŝƟĂƟǀĞƐĂƌĞƵŶĚĞƌƚĂŬĞŶŝŶĂƐƐŽĐŝĂƟŽŶ &zϮϬϭϳͲϭϴ͘ ĞŝŶŐĂ WƌŽŵŽƟŽŶĂŶĚ ĚƵĐĂƟŽŶ͕ƚƌĂŝŶŝŶŐĂŶĚ ŝƌĞĐƚнǁŝƚŚ ĐƌŽƐƐŵƵůƟƉůĞdĂũŚŽƚĞů ϰϴ͘Ϯϲ Ϯϲϱ͘ϯϵ
ǁŝƚŚ ůŽĐĂů ƉĂƌƚŶĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ĐŽŵŵƵŶŝƟĞƐ͕ E'KƐ ĂŶĚ ZĞƐƉŽŶƐŝďůĞ ĚĞǀĞůŽƉŵĞŶƚŽĨ ƉƌŽŵŽƟŽŶƚŽƉƌĞƐĞƌǀĞ partners sites
Ɛ Ă ƉĂƌƚ ŽĨ ŝƚƐ ^Z ĐƵůƚƵƌĞ ŽǀĞƌ ĚĞĐĂĚĞƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ
ŐŽǀĞƌŶŵĞŶƚďŽĚŝĞƐ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͘ EĞŝŐŚďŽƵƌ ƚƌĂĚŝƟŽŶĂůĂƌƚƐ ƵŶŝƋƵĞĂƌƚĨŽƌŵƐ
ĞŶĂďůĞƐ ŐĞŶĞƌĂƟŽŶ ŽĨ ůŝǀĞůŝŚŽŽĚƐ ďǇ ŚĂŶĚͲŚŽůĚŝŶŐ ĂŶĚ ĂŶĚŚĂŶĚŝĐƌĂŌƐ
ƉƌŽĐƵƌŝŶŐ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ƐŵĂůů ĂŶĚ ŵĞĚŝƵŵ
ŽŵŵƵŶŝƚǇtĞůĨĂƌĞĐƟǀŝƟĞƐ ŶǀŝƌŽŶŵĞŶƚĂů ĚŽƉƟŽŶŽƌŵĂŝŶƚĞŶĂŶĐĞ ϱϴ͘ϬϬ
ƐŝǌĞĚ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ĨƌŽŵ ƐŽĐŝŽͲĞĐŽŶŽŵŝĐĂůůǇ ĚĞƉƌŝǀĞĚ ƐƵƐƚĂŝŶĂďŝůŝƚǇ ŽĨƉƵďůŝĐƐƉĂĐĞƐƐƵĐŚ
zŽƵƌĐŽŵƉĂŶǇƉƌŽǀŝĚĞƐĞĚƵĐĂƟŽŶĂůƐĐŚŽůĂƌƐŚŝƉƐƚŽƐƚƵĚĞŶƚƐ
ĐŽŵŵƵŶŝƟĞƐ͕ E'KƐ͕ ǁŽŵĞŶ ƐĞůĨͲŚĞůƉ ŐƌŽƵƉƐ ĂŶĚ ƐŽĐŝĂů ĂƐŐĂƌĚĞŶƐ͕ďƵƐƐƚŽƉƐ
ƚŚƌŽƵŐŚ ƚŚĞ ͚'ŽůĚĞŶ dŚƌĞƐŚŽůĚ WƌŽŐƌĂŵŵĞ͕͛ ŽīĞƌŝŶŐ Ă
ĞŶƚĞƌƉƌŝƐĞƐ͘zŽƵƌŽŵƉĂŶǇĂůƐŽŽīĞƌƐĂƉƌŽďŽŶŽĞǆŚŝďŝƟŽŶ ĂŶĚƌŽĂĚƐ͕ĐůĞĂŶůŝŶĞƐƐ͕
ĂĐŚĞůŽƌ͛Ɛ ĚĞŐƌĞĞ ŝŶ ǀŽĐĂƟŽŶĂů ĞĚƵĐĂƟŽŶ͘ /ƚ ŝƐ ƌƵŶ ŝŶ
ƉůĂƞŽƌŵ ĂŶĚ ůŝǀĞůŝŚŽŽĚͲĞĂƌŶŝŶŐ ŽƉƉŽƌƚƵŶŝƟĞƐ ƚŽ ŵĂŶǇ ďĞĂƵƟĮĐĂƟŽŶΘŚŽƌƟĐƵůƚƵƌĞ
ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ dĂƚĂ /ŶƐƟƚƵƚĞ ŽĨ ^ŽĐŝĂů ^ĐŝĞŶĐĞƐ͘ KǀĞƌ ϭϬϬ
ƚƌĂĚŝƟŽŶĂů ĂƌƟƐĂŶƐ ĂŶĚ ĐƵůƚƵƌĞ ƚƌŽƵƉĞ ŵĞŵďĞƌƐ͕ ǇĞĂƌ ŽŶ ĂŶĚĐŽŵŵƵŶŝƚǇĞĚƵĐĂƟŽŶ
ƐƚƵĚĞŶƚƐ ĂƌĞ ĐƵƌƌĞŶƚůǇ ƵŶĚĞƌŐŽŝŶŐ ƚƌĂŝŶŝŶŐ ĂƐ Ă ƉĂƌƚ ŽĨ ƚŚŝƐ ĨŽƌƉƵďůŝĐŚǇŐŝĞŶĞĂŶĚ
ǇĞĂƌ͘ Ɛ Ă ƉĂƌƚ ŽĨ ƚŚĞ dĂƚĂ ĸƌŵĂƟǀĞ ĐƟŽŶ WƌŽŐƌĂŵŵĞ͕
ƚŚƌĞĞǇĞĂƌŝŶͲŚŽƵƐĞƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵŵĞĂƚƐĞůĞĐƚdĂũ,ŽƚĞůƐ͘ cleanliness
ǇŽƵƌ ŽŵƉĂŶǇ ŝƐ ĐŽŵŵŝƩĞĚ ƚŽ ĚƌŝǀĞ ĐĂƉĂďŝůŝƚǇ ďƵŝůĚŝŶŐ ŽĨ
ZĞƐƚŽƌĂƟŽŶŽĨ ^ƵƉƉŽƌƚĨŽƌďĞĂƵƟĮĐĂƟŽŶ͕ ϭϭϵ͘ϳϬ
EƵƌƚƵƌŝŶŐƚŚĞdĂũƵůƚƵƌĞĨŽƌ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇĂŶĚ ƐŽĐŝĂůůǇͲĚĞƉƌŝǀĞĚĐŽŵŵƵŶŝƟĞƐůŝŬĞĚĂůŝƚƐĂŶĚƚƌŝďĂůƐ͘KǀĞƌƚŚĞ ďƵŝůĚŝŶŐƐĂŶĚ ĐůĞĂŶůŝŶĞƐƐĂŶĚƉƌŽŵŽƟŽŶ
ůĂƐƚĚĞĐĂĚĞ͕ǇŽƵƌŽŵƉĂŶǇŚĂƐƚƌĂŝŶĞĚ͕ĐĞƌƟĮĞĚĂŶĚƉůĂĐĞĚ
sŽůƵŶƚĞĞƌŝŶŐ sites of historical ŽĨ'ĂƚĞǁĂǇŽĨ/ŶĚŝĂ͕
ĂĐƌŽƐƐƚŚĞŝŶĚƵƐƚƌǇŽǀĞƌϯϬϬϬĚĂůŝƚĂŶĚƚƌŝďĂůǇŽƵƚŚ͕ŽĨǁŚŝĐŚ
/Ŷ ƚŚĞ ĐŽŶƚĞǆƚ ŽĨ ǁŝĚĞŶŝŶŐ ƐŽĐŝĂů ĚŝǀŝĚĞ ŝŶ ŵŽĚĞƌŶ ƐŽĐŝĞƚǇ͕ importance DƵŵďĂŝĂŶĚEĂƟŽŶĂůZĂŝů
ŵĂŶǇŚĂǀĞďĞĞŶĂďƐŽƌďĞĚďǇdĂũ,ŽƚĞůƐĂƐǁĞůů͘
ĞƐƉĞĐŝĂůůǇ ŝŶ /ŶĚŝĂ͕ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ĨƵƚƵƌĞ ůĞĂĚĞƌƐ ƚŽ DƵƐĞƵŵ͕ĞůŚŝ
ƵŶĚĞƌƐƚĂŶĚ͕ ĞǆƉĞƌŝĞŶĐĞ ĂŶĚ ĂƉƉƌĞĐŝĂƚĞ ƚŚĞ ĐŽŵƉůĞǆŝƚǇ zŽƵƌŽŵƉĂŶǇ͛Ɛ^ZWŽůŝĐǇŽƵƚůŝŶĞƐŬĞǇƉƌŽŐƌĂŵƐ͕ŝŶŝƟĂƟǀĞƐ ^ƵƉƉŽƌƚƚŽǁĂƌĚƐ tĞůĨĂƌĞĂĐƟǀŝƟĞƐĨŽƌůŽĐĂů Ϯϳ͘ϬϬ
ŽĨ ŵĂƌŐŝŶĂůŝǌĂƟŽŶ ĂŶĚ ŝŶĞƋƵŝƚǇ ŝŶ ŽƵƌ ƐŽĐŝĞƚǇ͘ dŽĚĂǇ͛Ɛ ĂŶĚ ŵĞĐŚĂŶŝƐŵƐ ĨŽůůŽǁĞĚ ĨŽƌ ĚƌŝǀŝŶŐ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ĞƌĂĚŝĐĂƟŶŐ ĐŚĂƌŝƚǇŚŽŵĞƐ͕ŽƌƉŚĂŶĂŐĞƐ͕
ƵƌďĂŶĞ͕ ŐůŽďĂůůǇ ǁĞůůͲǀĞƌƐĞĚ /ŶĚŝĂŶ ǇŽƵƚŚ͛Ɛ ĞǆƉŽƐƵƌĞ ĂŶĚ ZĞƐƉŽŶƐŝďŝůŝƚǇ͖ ƚŚŝƐ ŝƐ ƵƉĚĂƚĞĚ ƵŶĚĞƌ ƚŚĞ ͚WŽůŝĐŝĞƐ͛ ƐĞĐƟŽŶ ƉŽǀĞƌƚǇĂŶĚ other such community
ůŝǀĞĚͲĞǆƉĞƌŝĞŶĐĞƐ ǁŝƚŚ /ŶĚŝĂŶ ĚŝƐĂĚǀĂŶƚĂŐĞĚ ĐŽŵŵƵŶŝƚǇ ŽŶ ƚŚĞ ǁĞďƐŝƚĞ ƵŶĚĞƌ ƚŚĞ ůŝŶŬ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ ŵĂůŶƵƚƌŝƟŽŶ ƌĞƋƵĞƐƚͲďĂƐĞĚĂĐƟǀŝƟĞƐ
ŐƌŽƵƉƐ ;ůŝŬĞ ƌƵƌĂů ĂŶĚ ůŽǁͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͖ ƚĂůĞŶƚĞĚ ďƵƚ ƉŽůŝĐŝĞƐͬĐƐƌͲƉŽůŝĐǇͲŝŚĐů͘ƉĚĨ͖ ĂŶĚ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ Community WƌŽŵŽƟŶŐ ^ĐŚŽůĂƌƐŚŝƉƐĨŽƌĞĚƵĐĂƟŽŶ ŝƌĞĐƚнǁŝƚŚ DƵŵďĂŝ͕<ŽůŬĂƚĂ͕ĞůŚŝ͕ ϭϰϲ͘ϯ ϴϴ͘ϳϳ
ŽƉƉŽƌƚƵŶŝƚǇͲĚĞƉƌŝǀĞĚ ǁŽŵĞŶ͕ ĂƌƟƐĂŶƐ ĨƌŽŵ ƌĞŵŽƚĞ /ŶĚŝĂ͖ ƉŽůŝĐŝĞƐͬŝŚĐůͲƐƵƐƚĂŝŶĂďŝůŝƚǇͲƉŽůŝĐǇ͘ƉĚĨ tĞůĨĂƌĞ ĚƵĐĂƟŽŶ in hospitality partners ĞŶŐĂůƵƌƵ
ĚĂůŝƚĂŶĚƚƌŝďĂůǇŽƵƚŚ͖ĚŝīĞƌĞŶƚůǇĂďůĞĚĂŶĚƐŽŽŶͿŝƐŐĞƫŶŐ dKd> 523.49 527.27
ŵŽƌĞĂŶĚŵŽƌĞƌĂƌĞ͘ zŽƵƌŽŵƉĂŶǇĞŶĐŽƵƌĂŐĞƐŝƚƐƉĂƌƚŶĞƌĐŽŵƉĂŶŝĞƐĂĐƌŽƐƐƚŚĞ
dĂũ'ƌŽƵƉƚŽĂĚŽƉƚƚŚĞŽŵƉĂŶǇΖƐ^ZƉŽůŝĐǇĨŽĐƵƐĂƌĞĂƐΘ
/ŵƉůĞŵĞŶƟŶŐŐĞŶĐŝĞƐ ǇŽƵƚŚ ĨƌŽŵ ƌĞŵŽƚĞ ƌĞŐŝŽŶƐ ĂŶĚ ůŽǁ ŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͕ ĂŝŵĞĚ
'ƵŝĚĞĚ ďǇ ƚŚĞ ĨŽƵŶĚĞƌ͛Ɛ ǀĂůƵĞƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŝƐ ƐĞŶƐŝƟǀĞ ĂƉƉƌŽĂĐŚ ĂŶĚ ƐƵƉƉŽƌƚƐ ƉĂƌƟĐŝƉĂƟŶŐ ƉĂƌƚŶĞƌ ĐŽŵƉĂŶŝĞƐ ƚŽ
zŽƵƌ ŽŵƉĂŶǇ ĞǆĞĐƵƚĞƐ ŝƚƐ ^Z ĞŶĚĞĂǀŽƵƌƐ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ Ăƚ ĞŶĂďůŝŶŐ ƚŚĞ ŝŶĐůƵƐŝŽŶ ŽĨ ůĞƐƐͲƉƌŝǀŝůĞŐĞĚ ǁŽŵĞŶ͕ ĚĂůŝƚ ĂŶĚ
ŽĨ ƚŚŝƐ ƐŽĐŝĂů ŝŶĞƋƵŝƚǇ ĂŶĚ ĞŶĚĞĂǀŽƵƌƐ ƚŽ ĚƌŝǀĞ ƉŽůŝĐŝĞƐ ĂŶĚ ĚĞƉůŽǇƉƌŽŐƌĂŵŵĞƐĂŶĚĂĐƟǀŝƟĞƐŝŶůŝŶĞǁŝƚŚƚŚŝƐƉŽůŝĐǇ͘
ǁŝƚŚ ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ ŶŽŶͲŐŽǀĞƌŶŵĞŶƚĂů ŽƌŐĂŶŝǌĂƟŽŶƐ ĂŶĚ ƚƌŝďĂů ǇŽƵƚŚ͘ ^ƉŽŬĞŶ ŶŐůŝƐŚ͕ ƐŽŌ ƐŬŝůůƐ ĂŶĚ ǁŽƌŬ ƌĞĂĚŝŶĞƐƐ
ƉƌŽŐƌĂŵŵĞƐ ƚŚĂƚ ĐŽŶƟŶƵĞ ƚŽ ďƵŝůĚ ƚŚĞ ďƌŝĚŐĞƐ ŶĞĞĚĞĚ ĨŽƌ
ϭ͘ d ŚĞĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŽĂƌĚͲůĞǀĞů^ZĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚǇ dĂƚĂƉĂƌƚŶĞƌƐƚŚĂƚƵŶĚĞƌƐƚĂŶĚƚŚĞŶĞĞĚƐŽĨƚŚĞĐŽŵŵƵŶŝƚǇ͘ ƚƌĂŝŶŝŶŐƐ ƐŚĂůů ďĞ ŽīĞƌĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞƐĞ ǇŽƵƚŚ͛Ɛ ĂĐĐĞƐƐ ƚŽ
Ă ŵŽƌĞ ŚƵŵĂŶĞ ĂŶĚ ŝŶĐůƵƐŝǀĞ ƐŽĐŝĞƚǇ ǁŚŝůĞ ĐŽŶƟŶƵŝŶŐ ƚŽ
ŽŵŵŝƩĞĞŝƐĂƐĨŽůůŽǁƐ͗ dŚĞŽŵƉĂŶǇĞŶŐĂŐĞƐǁŝƚŚŵĂŶǇE'KƉĂƌƚŶĞƌƐ͕ŽƌƉŚĂŶĂŐĞƐ ŽƉƉŽƌƚƵŶŝƟĞƐĨŽƌĞŵƉůŽǇŵĞŶƚŝŶƚŚĞĞǀĞƌͲŐƌŽǁŝŶŐŚŽƐƉŝƚĂůŝƚǇ
ŶƵƌƚƵƌĞŝƚƐEĂƐĂƌĞƐƉĞĐƚĞĚďƵƐŝŶĞƐƐŚŽƵƐĞǁŝƚŚĂƐŽĐŝĂů
;ŝͿ Dƌ͘WƵŶĞĞƚŚŚĂƚǁĂůͲŚĂŝƌŵĂŶ ĂŶĚĐŚĂƌŝƚǇŚŽŵĞƐŝŶĚŝīĞƌĞŶƚůŽĐĂƟŽŶƐ͕ƐŽŵĞŽĨƚŚĞŵďĞŝŶŐ ĂŶĚƐĞƌǀŝĐĞŝŶĚƵƐƚƌǇ͘
ƉƵƌƉŽƐĞ͘KǀĞƌƚŚĞůĂƐƚƐŝǆǇĞĂƌƐ͕ƚŚĞdĂũ^ƵƐƚĂŝŶĂďŝůŝƚǇĂŶĚ^Z
tŽŵĞŶ͛Ɛ /ŶĚŝĂ dƌƵƐƚ͕ ƐĞĞŵĂ͕ ,ƵŵĂŶ tĞůĨĂƌĞ ƐƐŽĐŝĂƟŽŶ͕
ƚĞĂŵŚĂƐďĞĞŶĐŽůůĂďŽƌĂƟŶŐǁŝƚŚƚŚĞĐĂĚƌĞďƵŝůĚŝŶŐǀĞƌƟĐĂů ;ŝŝͿ Dƌ͘EĂĚŝƌ'ŽĚƌĞũ dĂƚĂŽŵŵƵŶŝƚǇ/ŶŝƟĂƟǀĞƐdƌƵƐƚ͕,ĞĂĚ,ĞůĚ,ŝŐŚ&ŽƵŶĚĂƟŽŶ͕ dŚĞ ^ƵƐƚĂŝŶĂďŝůŝƚǇ ŽŵŵŝƩĞĞ ŚĞƌĞďǇ ĐŽŶĮƌŵƐ ƚŚĂƚ ƚŚĞ
ŽĨ ƚŚĞ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞƐ ƚĞĂŵ ƚŽ ƉůĂŶ ĂŶĚ ĚĞůŝǀĞƌ Ă ƐŽĐŝĂů ;ŝŝŝͿ DƐ͘/ƌĞĞŶĂsŝƩĂů ĂŶĐĞƌ WĂƟĞŶƚƐ ŝĚ ƐƐŽĐŝĂƟŽŶ͕ dĂƚĂ dĞĂ tŝǀĞƐ tĞůĨĂƌĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ^Z ƉƌŽŐƌĂŵŵĞƐ ŝƐ
ƌĞƐƉŽŶƐŝďŝůŝƚǇŝŵŵĞƌƐŝŽŶƉƌŽŐƌĂŵŵĞĨŽƌŽƵƌĨƵƚƵƌĞŵĂŶĂŐĞƌƐ
ƐƐŽĐŝĂƟŽŶ͕ĞƚĐ͘ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ^Z ŽďũĞĐƟǀĞƐ ĂŶĚ ƉŽůŝĐǇ ŽĨ ƚŚĞ
ŝŶĞǆƉĞƌŝĞŶĐŝŶŐƚŚĞůŝĨĞĂŶĚĐŚĂůůĞŶŐĞƐŽĨƌĞŵŽƚĞƌ/ŶĚŝĂĂŶĚ Ϯ͘
ǀĞƌĂŐĞŶĞƚƉƌŽĮƚŽĨƚŚĞŽŵƉĂŶǇĨŽƌůĂƐƚϯĮŶĂŶĐŝĂůǇĞĂƌƐ ŽŵƉĂŶǇ͘
ĚŝƐĂĚǀĂŶƚĂŐĞĚ ƐĞĐƟŽŶƐ ŽĨ ŽƵƌ ƐŽĐŝĞƚǇ͘ dŚŝƐ ǇĞĂƌ͕ ŽǀĞƌ ƐŝǆƚǇ ;ϮϬϭϰͲϭϱƚŽϮϬϭϲͲϭϳͿĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĐŽŵƉƵƚĂƟŽŶŽĨ 'ŽŝŶŐ&ŽƌǁĂƌĚ͗ϮϬϭϴͲϭϵ
ŽĨ ŽƵƌ ǇŽƵŶŐ ŵĂŶĂŐĞƌƐ ĨƌŽŵ ƚŚĞ ,ŽƚĞůŝĞƌ ĞǀĞůŽƉŵĞŶƚ ^Z͗`Ϯϲϭ͘ϲϬĐƌŽƌĞƐ zŽƵƌŽŵƉĂŶǇŝŶƚĞŶĚƐƚŽĨŽĐƵƐŽŶĚĞǀĞůŽƉŝŶŐĚŝƌĞĐƚĨĂƌŵƚŽ WƵŶĞĞƚŚŚĂƚǁĂů
WƌŽŐƌĂŵŵĞ ƵŶĚĞƌƚŽŽŬ Ă ϰϱ ĚĂǇ ^Z ƐƟŶƚ͕ ƚĂŬŝŶŐ ƵƉ ŽǀĞƌ
ϯ͘ dŚĞ ƉƌĞƐĐƌŝďĞĚ ^Z KƵƚůĂǇ ;Ϯй ŽĨ ƚŚĞ ĂǀĞƌĂŐĞ ŶĞƚ ŵĂƌŬĞƚƐŽůƵƟŽŶƐŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚdĂƚĂdƌƵƐƚƐƚŽŝŶĐƌĞĂƐĞŽƵƌ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨǆĞĐƵƟǀĞKĸĐĞƌ
ϮϬ ƉƌŽũĞĐƚƐ ĂŝŵĞĚ Ăƚ ƉƌŽŵŽƟŶŐ ƚŚĞŝƌ ƐƉŝƌŝƚ ŽĨ ǀŽůƵŶƚĞĞƌŝŶŐ
ƉƌŽĮƚĂƐƉĞƌŝƚĞŵϮĂďŽǀĞͿŽĨƚŚĞŽŵƉĂŶǇŝƐ`ϱ͘ϮϯĐƌŽƌĞƐ ŽƵƚƌĞĂĐŚ ĂŶĚ ŝŵƉĂĐƚ ŽŶ ůŝǀĞůŝŚŽŽĚƐ͘ Ɛ Ă ƉĂƌƚ ŽĨ ŝƚƐ ŽŶŐŽŝŶŐ ŚĂŝƌŵĂŶ͕^ZŽŵŵŝƩĞĞ
ĂŶĚ ĚĞůŝǀĞƌŝŶŐ ĐŽŵŵƵŶŝƚǇ ĚĞǀĞůŽƉŵĞŶƚ ŐŽĂůƐ͘ dŚĞŝƌ
ƐŬŝůůƚƌĂŝŶŝŶŐĞŶĚĞĂǀŽƵƌƐ͕ǇŽƵƌŽŵƉĂŶǇƉůĂŶƐƚŽŽīĞƌƐƉĞĐŝĂů
ƉƌŽũĞĐƚƐ ƌĂŶŐĞĚ ĂĐƌŽƐƐ ƚŚĞŵĞƐ ůŝŬĞ ĞŶĂďůŝŶŐ ŚŽŵĞ ƐƚĂǇƐ
ϰ͘
ĞƚĂŝůƐ ŽĨ ^Z ^ƉĞŶĚ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ͗ ` ϱ͘Ϯϳ ƐĐŚŽůĂƌƐŚŝƉƐĨŽƌƚƌĂŝŶŝŶŐĂŶĚŝŶĚƵƐƚƌŝĂůĞǆƉŽƐƵƌĞĨŽƌĚĞƐĞƌǀŝŶŐ DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ
ĂŶĚ ĐŽŵŵƵŶŝƚǇ ďĂƐĞĚ ƚŽƵƌŝƐŵ ŝŶ ƌƵƌĂů /ŶĚŝĂ͕ ƐƵƉƉŽƌƟŶŐ
crores
ĞĚƵĐĂƟŽŶĂŶĚĮŶĚŝŶŐŵĂƌŬĞƚĐŽŶŶĞĐƚƐĨŽƌƚƌŝďĂůĐƵŝƐŝŶĞƐĂŶĚ
ŶŶĞǆƵƌĞ///
&ŽƌŵEŽ͘D'dͲϵ Sr. EĂŵĞĂŶĚĚĚƌĞƐƐŽĨƚŚĞŽŵƉĂŶǇ /Eͬ'>E ,ŽůĚŝŶŐͬ йŽĨ ƉƉůŝĐĂďůĞ
ǆƚƌĂĐƚŽĨŶŶƵĂůZĞƚƵƌŶ EŽ͘ ^ƵďƐŝĚŝĂƌǇͬ

Associate
shares
held
^ĞĐƟŽŶ
ϭϮ >ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůΘWƌŽƉĞƌƟĞƐWƌŝǀĂƚĞ hϱϱϭϬϬD,ϮϬϬϴWdϭϳϴϵϲϯ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ

ĂƐŽŶƚŚĞĮŶĂŶĐŝĂůǇĞĂƌĞŶĚĞĚŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ >ŝŵŝƚĞĚ
΀WƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϵϮ;ϯͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĂŶĚZƵůĞϭϮ;ϭͿŽĨƚŚĞŽŵƉĂŶŝĞƐ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ
;DĂŶĂŐĞŵĞŶƚĂŶĚĚŵŝŶŝƐƚƌĂƟŽŶͿZƵůĞƐ͕ϮϬϭϰ΁ ϭϯ >>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ hϳϬϭϬϭD,ϭϵϲϵW>ϬϭϰϯϮϲ ^ƵďƐŝĚŝĂƌǇ ϴϱ͘ϳϮ Ϯ;ϴϳͿ
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ
/͘ ZĞŐŝƐƚƌĂƟŽŶĂŶĚŽƚŚĞƌĚĞƚĂŝůƐ͗ ϭϰ dĂũŶƚĞƌƉƌŝƐĞƐ>ŝŵŝƚĞĚ hϱϱϭϬϭ>ϭϵϳϵW>ϬϬϵϳϰϲ ^ƵďƐŝĚŝĂƌǇ ϵϬ͘ϱϵ Ϯ;ϴϳͿ
ŝͿ /E ͗ >ϳϰϵϵϵD,ϭϵϬϮW>ϬϬϬϭϴϯ dĂũWĂůĂĐĞ,ŽƚĞů͕^ĂƌĚĂƌWĂƚĞůDĂƌŐ͕EĞǁĞůŚŝͲϭϭϬϬϮϭ
ŝŝͿ ZĞŐŝƐƚƌĂƟŽŶĂƚĞ ͗ Ɖƌŝůϭ͕ϭϵϬϮ ϭϱ ĞŶĂƌĞƐ,ŽƚĞůƐ>ŝŵŝƚĞĚ >ϱϱϭϬϭhWϭϵϳϭW>ϬϬϯϰϴϬ ^ƵďƐŝĚŝĂƌǇ ϱϯ͘ϳϬ Ϯ;ϴϳͿ
EĂĚĞƐĂƌWĂůĂĐĞŽŵƉŽƵŶĚ͕sĂƌĂŶĂƐŝϮϮϭϬϬϮ
ŝŝŝͿ EĂŵĞŽĨƚŚĞŽŵƉĂŶǇ ͗ dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ
ϭϲ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
ŝǀͿ ĂƚĞŐŽƌǇ ͗ ŽŵƉĂŶǇ>ŝŵŝƚĞĚďǇ^ŚĂƌĞƐ
ϰϮŶĚŇŽŽƌ͕ĞŶƚƌĂůWůĂǌĂ͕ϭϴ,ĂƌďŽƵƌZŽĂĚ͕tĂŶĐŚĂŝ͕
ǀͿ ^ƵďͲĂƚĞŐŽƌǇŽĨƚŚĞŽŵƉĂŶǇ ͗ /ŶĚŝĂŶEŽŶͲ'ŽǀĞƌŶŵĞŶƚŽŵƉĂŶǇ
,ŽŶŐ<ŽŶŐ
ǀŝͿ ĚĚƌĞƐƐŽĨƚŚĞZĞŐŝƐƚĞƌĞĚŽĸĐĞĂŶĚĐŽŶƚĂĐƚĚĞƚĂŝůƐ ͗ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ͘
ϭϳ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsϯ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
ǀŝŝͿ tŚĞƚŚĞƌůŝƐƚĞĚĐŽŵƉĂŶǇ ͗ zĞƐ <ĂǇĂt&'DĞŶƐŝŶŐϭϰ͕WKŽǆϯϴϵϱ͕tŝůůĞŵƐƚĂĚ
ǀŝŝŝͿ EĂŵĞ͕ĚĚƌĞƐƐĂŶĚŽŶƚĂĐƚĚĞƚĂŝůƐŽĨZĞŐŝƐƚƌĂƌĂŶĚ ͗ dŚĞŽŵƉĂŶǇŚĂƐĂŶŝŶͲŚŽƵƐĞ^ŚĂƌĞĞƉĂƌƚŵĞŶƚĂƚƚŚĞ ƵƌĂĐĂŽ͕EĞƚŚĞƌůĂŶĚƐŶƟůůĞƐ
dƌĂŶƐĨĞƌŐĞŶƚ͕ŝĨĂŶǇ ZĞŐŝƐƚĞƌĞĚŽĸĐĞĂĚĚƌĞƐƐ͘dĞůEŽ͘ϬϮϮϲϲϯϵϱϱϭϱ ϭϴ /,KKs &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
dĞůĞƉŽƌƚďŽƵůĞǀĂƌĚϭϰϬ͕ϭϬϰϯ:ŵƐƚĞƌĚĂŵ
//͘ WƌŝŶĐŝƉĂůƵƐŝŶĞƐƐĐƟǀŝƟĞƐŽĨƚŚĞŽŵƉĂŶǇ ϭϵ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞůƐ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϴϵ͘ϯϵ Ϯ;ϴϳͿ
ůůƚŚĞďƵƐŝŶĞƐƐĂĐƟǀŝƟĞƐĐŽŶƚƌŝďƵƟŶŐϭϬйŽƌŵŽƌĞŽĨƚŚĞƚŽƚĂůƚƵƌŶŽǀĞƌŽĨƚŚĞŽŵƉĂŶǇƐŚĂůůďĞƐƚĂƚĞĚ͗Ͳ ƌŽǁŶĞWůĂǌĂ͕^ƚ͘:ĂŵĞƐ͕ƵĐŬŝŶŐŚĂŵ'ĂƚĞ͕
tĞƐƚŵŝŶƐƚĞƌ͕>ŽŶĚŽŶ^t/ϲ&
Sr. EĂŵĞĂŶĚĞƐĐƌŝƉƟŽŶŽĨŵĂŝŶƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ E/ŽĚĞ;ŝǀŝƐŝŽŶͿŽĨƚŚĞ йƚŽƚŽƚĂůƚƵƌŶŽǀĞƌŽĨƚŚĞŽŵƉĂŶǇ
ϮϬ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
EŽ͘ WƌŽĚƵĐƚͬƐĞƌǀŝĐĞ
ƌŽǁŶĞWůĂǌĂ>ŽŶĚŽŶ^ƚ:ĂŵĞƐ͕ƵĐŬŝŶŐŚĂŵ'ĂƚĞ͕
ϭ ^ŚŽƌƚdĞƌŵĐĐŽŵŵŽĚĂƟŽŶĂĐƟǀŝƟĞƐ ϱϱϭ ϰϭ͘ϰй tĞƐƚŵŝŶƐƚĞƌ͕>ŽŶĚŽŶ^t/ϲ&
Ϯ ZĞƐƚĂƵƌĂŶƚƐĂŶĚŵŽďŝůĞĨŽŽĚƐĞƌǀŝĐĞĂĐƟǀŝƟĞƐ ϱϲϭ ϯϵ͘ϭй Ϯϭ ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ŝŵŝƚĞĚϰ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
dƌŝĚĞŶƚŚĂŵďĞƌƐ͕WKŽǆϭϰϲ͕ZŽĂĚdŽǁŶ͕dŽƌƚŽůĂ
///͘ WĂƌƟĐƵůĂƌƐŽĨ,ŽůĚŝŶŐ͕^ƵďƐŝĚŝĂƌǇĂŶĚƐƐŽĐŝĂƚĞŽŵƉĂŶŝĞƐ ƌŝƟƐŚsŝƌŐŝŶ/ƐůĂŶĚƐ
Sr. EĂŵĞĂŶĚĚĚƌĞƐƐŽĨƚŚĞŽŵƉĂŶǇ /Eͬ'>E ,ŽůĚŝŶŐͬ йŽĨ ƉƉůŝĐĂďůĞ ϮϮ ƉĞǆ,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐWƚĞ>ŝŵŝƚĞĚϱ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
EŽ͘ ^ƵďƐŝĚŝĂƌǇͬ shares ^ĞĐƟŽŶ ϳϴ͕^ŚĞŶƚŽŶtĂǇ͕ηϮϲͲϬϮ͕^ŝŶŐĂƉŽƌĞͲϬϳϵϭϮϬ
Associate held Ϯϯ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,͘<͘Ϳ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
ϭ d/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚϭ hϲϱϵϭϬD,ϭϵϳϳW>Ϭϭϵϴϳϯ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ ϰϮͬ&͕ĞŶƚƌĂůWůĂǌĂ͕ϭϴ,ĂƌďŽƵƌZŽĂĚ͕tĂŶĐŚĂŝ͕
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ,ŽŶŐŬŽŶŐ
Ϯ <d,ŽƚĞůƐ>ŝŵŝƚĞĚ hϱϱϭϬϭ<>ϭϵϴϰW>ϬϬϰϭϬϱ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ Ϯϰ ,ϱ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞů͕^ŚĂŶŵƵŐŚĂŵZŽĂĚ͕DĂƌŝŶĞ ϳϴ^ŚĞŶƚŽŶtĂǇ͕ηϮϲͲϬϮ͕^ŝŶŐĂƉŽƌĞϬϳϵϭϮϬ
ƌŝǀĞ͕ƌŶĂŬƵůĂŵͲϲϴϮϬϭϭ Ϯϱ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐƐ/ŶĐ &ŽƌĞŝŐŶŽŵƉĂŶǇ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
ϯ hŶŝƚĞĚ,ŽƚĞůƐ>ŝŵŝƚĞĚ hϳϰϴϵϵ>ϭϵϱϬW>ϬϬϭϴϲϭ ^ƵďƐŝĚŝĂƌǇ ϱϱ Ϯ;ϴϳͿ ŽƌƉŽƌĂƟŽŶ^ĞƌǀŝĐĞŽŵƉĂŶǇ͕Ϯϱϭ͕>ŝƩůĞ&ĂůůƐƌŝǀĞ͕
sŝǀĂŶƚĂďǇdĂũͲŵďĂƐƐĂĚŽƌ͕^ƵũĂŶ^ŝŶŐŚWĂƌŬ͕ tŝůŵŝŶŐƚŽŶ͕ŽƵŶƚǇŽĨEĞǁĂƐƚůĞ͕ĞůĂǁĂƌĞϭϵϴϬϴ
EĞǁĞůŚŝϭϭϬϬϬϯ Ϯϲ dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ hϭϯϭϬϬD,ϭϵϱϵW>Ϭϭϭϯϵϲ Associate ϰϴ͘ϳϰ Ϯ;ϲͿ
ϰ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ hϱϱϭϬϬD,ϮϬϬϯW>ϭϰϯϲϯϵ ^ƵďƐŝĚŝĂƌǇ ϲϲ͘ϵϯ Ϯ;ϴϳͿ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝϰϬϬϬϬϭ
'ŽĚƌĞũΘŽǇĐĞŽŵƉůĞǆ͕'ĂƚĞEŽ͘ϴ͕WůĂŶƚEŽ͘ϭϯ͕ Ϯϳ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ >ϱϱϭϬϭdEϭϵϳϬW>ϬϬϱϴϵϳ Associate ϯϳ͘Ϭϱ Ϯ;ϲͿ
KĸĐĞƵŝůĚŝŶŐ͕sŝŬŚƌŽůŝ;Ϳ͕DƵŵďĂŝϰϬϬϬϳϵ dĂũŽƌŽŵĂŶĚĞů͕ϯϳ͕D͘'͘ZŽĂĚ͕ŚĞŶŶĂŝϲϬϬϬϯϰ
ϱ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ hϱϱϮϬϰD,ϮϬϬϭW>ϭϯϯϭϳϳ ^ƵďƐŝĚŝĂƌǇ ϱϭ Ϯ;ϴϳͿ Ϯϴ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ hϱϱϭϬϭdEϭϵϵϬW>Ϭϭϴϴϴϯ Associate Ϯϲ Ϯ;ϲͿ
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ dĂũŽƌŽŵĂŶĚĞů͕ϯϳ͕D͘'͘ZŽĂĚ͕ŚĞŶŶĂŝϲϬϬϬϯϰ
ϲ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ hϱϱϭϬϭD,ϭϵϲϴW>ϬϭϯϵϲϬ ^ƵďƐŝĚŝĂƌǇ ϱϭ͘ϱϳ Ϯ;ϴϳͿ Ϯϵ d>>ĂŶŬĂ,ŽƚĞůƐWůĐ &ŽƌĞŝŐŶŽŵƉĂŶǇ Associate Ϯϰ͘ϲϮ Ϯ;ϲͿ
dĂũWƌĞƐŝĚĞŶƚ͕ϵϬ͕ƵīĞWĂƌĂĚĞ͕DƵŵďĂŝͲϰϬϬϬϬϱ͘ Ϯϱ͕'ĂůůĞ&ĂĐĞĞŶƚƌĞZŽĂĚ͕ŽůŽŵďŽ͕^ƌŝ>ĂŶŬĂ
ϳ dĂũdƌĂĚĞĂŶĚdƌĂŶƐƉŽƌƚŽŵƉĂŶǇ>ŝŵŝƚĞĚ hϲϬϯϬϬD,ϭϵϳϳW>ϬϭϵϵϱϮ ^ƵďƐŝĚŝĂƌǇ ϴϵ͘ϱϭ Ϯ;ϴϳͿ ϯϬ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶǇ Associate Ϯϰ͘ϲϲ Ϯ;ϲͿ
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ Ϯϱ͕'ĂůůĞ&ĂĐĞĞŶƚƌĞZŽĂĚ͕ŽůŽŵďŽ͕^ƌŝ>ĂŶŬĂ
ϴ /ŶĚŝƚƌĂǀĞů>ŝŵŝƚĞĚ hϳϰϵϵϵD,ϭϵϴϭW>ϬϮϯϵϮϰ ^ƵďƐŝĚŝĂƌǇ ϵϲ͘ϲϳ Ϯ;ϴϳͿ ϯϭ ũĞƚƐWƚĞ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶǇ Associate ϰϱ͘ϲϵ Ϯ;ϲͿ
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ϴϬZĂŋĞƐWůĂĐĞ͕ηϯϮͲϬϭ͕hKWůĂǌĂϭ͕
ϵ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚϮ hϱϱϭϬϭhWϭϵϳϭW>ϬϬϯϴϯϴ ^ƵďƐŝĚŝĂƌǇ ϵϯ͘ϭϰ Ϯ;ϴϳͿ ^ŝŶŐĂƉŽƌĞϬϰϴϲϮϰ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞů͕&ĂƚĞŚĂďĂĚZŽĂĚ͕dĂũ'ĂŶũ͕ ϭ
T/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚŚĂƐĂŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇǁ͘Ğ͘Ĩ͘Ɖƌŝůϭϭ͕ϮϬϭϴ͕ƚŚĞĂƉƉŽŝŶƚĞĚĚĂƚĞďĞŝŶŐƉƌŝůϭ͕ϮϬϭϳ͘
ŐƌĂϮϴϮϬϬϭ Ϯ
EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚǁĂƐƌĞŵŽǀĞĚĨƌŽŵƚŚĞŝƐƐĞŵŝŶĂƟŽŶŽĂƌĚŽĨŽŵďĂǇ^ƚŽĐŬǆĐŚĂŶŐĞ͘
ϭϬ ^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ hϰϱϮϬϬD,ϭϵϵϴWdϭϭϰϴϴϭ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ ϯ
ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsǁĂƐůŝƋƵŝĚĂƚĞĚǁ͘Ğ͘Ĩ͘Ɖƌŝůϭϯ͕ϮϬϭϳ͘
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ϰ
^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ŝŵŝƚĞĚǁĂƐĚŝƐƐŽůǀĞĚǁ͘Ğ͘Ĩ͘:ƵŶĞϲ͕ϮϬϭϳ͘
ϭϭ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ hϲϱϵϵϬD,ϭϵϵϬWdϬϱϱϯϳϱ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ
ϱ
ƉĞǆ,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐWƚĞ>ŝŵŝƚĞĚǁĂƐƌĞŵŽǀĞĚĨƌŽŵƚŚĞůŝƐƚŽĨĐŽŵƉĂŶŝĞƐŽĨZĞŐŝƐƚƌĂƌŽĨŽŵƉĂŶŝĞƐ͕^ŝŶŐĂƉŽƌĞǁ͘Ğ͘Ĩ͘ƵŐƵƐƚϳ͕
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ϮϬϭϳ͘

IV. Shareholding Pattern (Equity Share Capital Breakup as percentage of Total Equity) EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞďĞŐŝŶŶŝŶŐ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞĞŶĚ %
shareholder ŽĨƚŚĞǇĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ŽĨƚŚĞǇĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ ĐŚĂŶŐĞ
i) Category-wise Shareholding ĞŵĂƚ WŚǇƐŝĐĂů Total йŽĨ ĞŵĂƚ WŚǇƐŝĐĂů Total йŽĨ ĚƵƌŝŶŐ
total total the
EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞďĞŐŝŶŶŝŶŐ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞĞŶĚ %
shares shares ǇĞĂƌ
shareholder ŽĨƚŚĞǇĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ŽĨƚŚĞǇĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ ŚĂŶŐĞ
Ϯ͘ EŽŶͲ/ŶƐƟƚƵƟŽŶƐ
ĞŵĂƚ WŚǇƐŝĐĂů Total йŽĨ ĞŵĂƚ WŚǇƐŝĐĂů Total йŽĨ ĚƵƌŝŶŐ ĂͿ ŽĚŝĞƐŽƌƉ͘
Total total the
ǇĞĂƌ ŝͿ /ŶĚŝĂŶ ϲ͕ϲϱ͕ϱϭ͕ϬϮϭ ϵϰ͕ϬϱϬ ϲ͕ϲϲ͕ϰϱ͕Ϭϳϭ ϲ͘ϳϰ ϴϬϯϵϲϯϬϮ ϳϱ͕ϴϱϱ ϴ͕Ϭϰ͕ϳϮ͕ϭϱϳ ϲ͘ϳϳ Ϭ͘Ϭϯ
Shares shares
ŝŝͿ KǀĞƌƐĞĂƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ
A. Promoters
ďͿ /ŶĚŝǀŝĚƵĂůƐ
;ϭͿ/ŶĚŝĂŶ
ŝͿ /ŶĚŝǀŝĚƵĂů ϭϬ͕ϯϲ͕ϯϯ͕ϴϬϱ ϭ͕ϰϰ͕ϴϰ͕ϰϵϬ ϭϭ͕ϴϭ͕ϭϴ͕Ϯϵϱ ϭϭ͘ϵϰ ϭϭ͕Ϭϱ͕ϲϱ͕Ϯϭϲ ϭ͕Ϯϴ͕ϳϳ͕Ϭϴϰ ϭϮ͕ϯϰ͕ϰϮ͕ϯϬϬ ϭϬ͘ϯϴ Ͳϭ͘ϱϲ
ĂͿ /ŶĚŝǀŝĚƵĂů Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ƐŚĂƌĞŚŽůĚĞƌƐ
ďͿ ,h& Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ŚŽůĚŝŶŐŶŽŵŝŶĂů
ĐͿ ĞŶƚƌĂů'Žǀƚ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ share capital
upto ` ϭůĂŬŚ
ĚͿ ^ƚĂƚĞ'Žǀƚ;ƐͿ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ
ŝŝͿ /ŶĚŝǀŝĚƵĂů ϭ͕ϱϰ͕ϭϲ͕ϰϮϯ ϲ͕ϯϮ͕ϮϰϬ ϭ͕ϲϬ͕ϰϴ͕ϲϲϯ ϭ͘ϲϮ Ϯ͕Ϯϭ͕Ϯϵ͕ϰϱϰ ϲ͕ϯϮ͕ϮϰϬ Ϯ͕Ϯϳ͕ϲϭ͕ϲϵϰ ϭ͘ϵϭ Ϭ͘Ϯϵ
ĞͿ ŽĚŝĞƐŽƌƉ͘ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ Ϭ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ ϯϴ͘ϱϲ ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ Ϭ ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ ϯϵ͘Ϭϵ Ϭ͘ϰϯ ƐŚĂƌĞŚŽůĚĞƌƐ
ĨͿ ĂŶŬƐͬ&/ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ŚŽůĚŝŶŐŶŽŵŝŶĂů
ŐͿ ŶǇKƚŚĞƌ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ share capital in
ĞǆĐĞƐƐŽĨ`ϭůĂŬŚ
^ƵďͲƚŽƚĂů;Ϳ;ϭͿ͗Ͳ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 0 ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 38.56 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 0 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 39.09 0.43
;ϮͿ&ŽƌĞŝŐŶ ĐͿ KƚŚĞƌƐ;ƐƉĞĐŝĨǇͿ
ĂͿ EZ/ƐͲ Trusts Ϯϳ͕ϲϯ͕ϳϱϲ Ϭ Ϯϳ͕ϲϯ͕ϳϱϲ Ϭ͘Ϯϴ ϯϮ͕ϵϱ͕Ϭϱϰ Ϭ ϯϮ͕ϵϱ͕Ϭϱϰ Ϭ͘Ϯϴ Ϭ͘ϬϬ
ŝƌĞĐƚŽƌƐĂŶĚ ϲϲ͕ϭϴϭ Ϭ ϲϲ͕ϭϴϭ Ϭ͘Ϭϭ ϲϲ͕ϳϮϬ Ϭ ϲϲ͕ϳϮϬ Ϭ͘Ϭϭ Ϭ͘ϬϬ
/ŶĚŝǀŝĚƵĂůƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ
ƌĞůĂƟǀĞƐ
ďͿ KƚŚĞƌͲ &ŽƌĞŝŐŶEĂƟŽŶĂůƐ ϭϯ͕ϳϳϬ Ϭ ϭϯ͕ϳϳϬ Ϭ͘ϬϬ ϯϮ͕ϭϮϵ Ϭ ϯϮ͕ϭϮϵ Ϭ͘ϬϬ Ϭ͘ϬϬ
/ŶĚŝǀŝĚƵĂůƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ EŽŶͲƌĞƐŝĚĞŶƚƐ ϰϴ͕Ϭϵ͕Ϯϯϭ ϱϮ͕ϱϯϵ ϰϴ͕ϲϭ͕ϳϳϬ Ϭ͘ϰϵ ϱϳ͕Ϭϳ͕ϬϯϬ ϰϱ͕ϭϰϭ ϱϳ͕ϱϮ͕ϭϳϭ Ϭ͘ϰϴ ͲϬ͘Ϭϭ
ĐͿ ŽĚŝĞƐŽƌƉ͘ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ůĞĂƌŝŶŐDĞŵďĞƌƐ ϲ͕ϴϯ͕ϵϮϮ Ϭ ϲ͕ϴϯ͕ϵϮϮ Ϭ͘Ϭϳ ϲ͕ϯϯ͕ϮϰϬ Ϭ ϲ͕ϯϯ͕ϮϰϬ Ϭ͘Ϭϱ ͲϬ͘ϬϮ
ĚͿ ĂŶŬƐͬ&/ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ,h&Ɛ Ϯϱ͕ϯϮ͕ϵϮϴ Ϭ Ϯϱ͕ϯϮ͕ϵϮϴ Ϭ͘Ϯϲ ϯϭ͕Ϭϯ͕ϭϴϵ Ϭ ϯϭ͕Ϭϯ͕ϭϴϵ Ϭ͘Ϯϲ Ϭ͘ϬϬ
ĞͿ ŶǇKƚŚĞƌ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ /ŶǀĞƐƚŽƌĚƵĐĂƟŽŶ Ϭ Ϭ Ϭ Ϭ͘ϬϬ ϭϯ͕ϴϴ͕ϰϴϬ Ϭ ϭϯ͕ϴϴ͕ϰϴϬ Ϭ͘ϭϮ Ϭ͘ϭϮ
^ƵďͲƚŽƚĂů;Ϳ;ϮͿ͗Ͳ 0 0 0 0.00 0 0 0 0.00 0.00 ĂŶĚWƌŽƚĞĐƟŽŶ
&ƵŶĚ;/W&Ϳ
dŽƚĂůƐŚĂƌĞŚŽůĚŝŶŐŽĨ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 0 ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 38.65 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 0 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 39.09 0.43 Authority
Promoter
^ƵďͲƚŽƚĂů;Ϳ;ϮͿ͗Ͳ ϭϵ͕ϲϰ͕ϳϭ͕Ϭϯϳ ϭ͕ϱϮ͕ϲϯ͕ϯϭϵ Ϯϭ͕ϭϳ͕ϯϰ͕ϯϱϲ 21.40 ϮϮ͕ϳϯ͕ϭϲ͕ϴϭϰ ϭ͕ϯϲ͕ϯϬ͕ϯϮϬ Ϯϰ͕Ϭϵ͕ϰϳ͕ϭϯϰ 20.26 -1.14
;Ϳс;Ϳ;ϭͿн;Ϳ;ϮͿ
Total Public ϱϵ͕ϭϰ͕ϭϳ͕ϳϯϯ ϭ͕ϱϰ͕ϱϲ͕ϮϬϮ ϲϬ͕ϲϴ͕ϳϯ͕ϵϯϱ 61.35 ϳϭ͕Ϭϱ͕ϵϯ͕ϱϰϲ ϭ͕ϯϴ͕Ϭϳ͕ϵϮϬ ϳϮ͕ϰϰ͕Ϭϭ͕ϰϲϲ 60.91 -0.43
͘WƵďůŝĐ^ŚĂƌĞŚŽůĚŝŶŐ
^ŚĂƌĞŚŽůĚŝŶŐ
ϭ͘ /ŶƐƟƚƵƟŽŶƐ ;Ϳс;Ϳ;ϭͿн;Ϳ;ϮͿ
ĂͿ DƵƚƵĂů&ƵŶĚƐ ϭϮ͕ϭϱ͕Ϭϰ͕ϳϯϳ ϭ͕ϱϳ͕ϲϲϯ ϭϮ͕ϭϲ͕ϲϮ͕ϰϬϬ ϭϮ͘ϯϬ ϭϳ͕ϰϴ͕ϭϮ͕ϯϱϯ ϭ͕ϱϱ͕ϴϮϬ ϭϳ͕ϰϵ͕ϲϴ͕ϭϳϯ ϭϰ͘ϳϭ Ϯ͘ϰϭ dŽƚĂů;Ϳн;Ϳ ϵϳ͕ϯϴ͕ϭϳ͕ϴϭϯ ϭ͕ϱϰ͕ϱϲ͕ϮϬϮ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ 100.00 ϭ͕ϭϳ͕ϱϰ͕ϱϬ͕ϱϮϱ ϭ͕ϯϴ͕Ϭϳ͕ϵϮϬ ϭ͕ϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ 100.00 0.00
ďͿ ĂŶŬƐͬ&/ ϴ͕ϵϵ͕ϯϱ͕ϯϵϰ ϭϱ͕ϱϬϬ ϴ͕ϵϵ͕ϱϬ͕ϴϵϰ ϵ͘Ϭϵ ϴ͕ϭϳ͕Ϯϳ͕ϰϯϯ ϵ͕ϵϬϬ ϴ͕ϭϳ͕ϯϳ͕ϯϯϯ ϲ͘ϴϳ ͲϮ͘ϮϮ ͘ ^ŚĂƌĞƐŚĞůĚďǇ
ĐͿ ĞŶƚƌĂů'Žǀƚ ϭ͕ϳϱϬ Ϭ ϭ͕ϳϱϬ Ϭ͘ϬϬ ϭ͕ϱϬϬ Ϭ ϭ͕ϱϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ ƵƐƚŽĚŝĂŶĨŽƌ'ZƐ
ĚͿ ^ƚĂƚĞ'Žǀƚ;ƐͿ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ΘZƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ
ĞͿ sĞŶƚƵƌĞĂƉŝƚĂů 'ƌĂŶĚdŽƚĂů;ннͿ ϵϳ͕ϯϴ͕ϭϳ͕ϴϭϯ ϭ͕ϱϰ͕ϱϲ͕ϮϬϮ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ 100.00 ϭ͕ϭϳ͕ϱϰ͕ϱϬ͕ϱϮϱ ϭ͕ϯϴ͕Ϭϳ͕ϵϮϬ ϭ͕ϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ 100.00 0.00
&ƵŶĚƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ;ŝŝͿ ^ŚĂƌĞŚŽůĚŝŶŐŽĨWƌŽŵŽƚĞƌƐ;ŝŶĐůƵĚŝŶŐƚŚĞWƌŽŵŽƚĞƌ'ƌŽƵƉͿ
ĨͿ /ŶƐƵƌĂŶĐĞ
Companies ϯ͕ϰϬ͕ϭϴ͕ϴϯϴ Ϭ ϯ͕ϰϬ͕ϭϴ͕ϴϯϴ ϯ͘ϰϰ ϯ͕ϰϯ͕ϲϬ͕ϮϬϱ Ϭ ϯ͕ϰϯ͕ϲϬ͕ϮϬϱ Ϯ͘ϴϵ ͲϬ͘ϱϱ Sr. EĂŵĞŽĨƚŚĞ^ŚĂƌĞŚŽůĚĞƌ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞ
йĐŚĂŶŐĞŝŶ
EŽ͘ ŽĨƚŚĞǇĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ǇĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ
ƐŚĂƌĞŚŽůĚŝŶŐ
ŐͿ &//Ɛ ϭϰ͕ϵϰ͕ϴϬ͕ϬϮϲ ϭϵ͕ϳϮϬ ϭϰ͕ϵϰ͕ϵϵ͕ϳϰϲ ϭϱ͘ϭϭ ϭϵ͕Ϭϵ͕Ϯϵ͕ϯϵϭ ϭϭ͕ϴϴϬ ϭϵ͕Ϭϵ͕ϰϭ͕Ϯϳϭ ϭϲ͘Ϭϲ Ϭ͘ϵϰ
ŚͿ &ŽƌĞŝŐŶsĞŶƚƵƌĞ EŽ͘ŽĨ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ EŽ͘ŽĨƐŚĂƌĞƐ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ ĚƵƌŝŶŐƚŚĞ
shares shares WůĞĚŐĞĚͬ shares WůĞĚŐĞĚͬ ǇĞĂƌ
ĂƉŝƚĂů&ƵŶĚƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ
ŝͿ KƚŚĞƌƐ;ƐƉĞĐŝĨǇͿ ŽĨƚŚĞ encumbered ŽĨƚŚĞ encumbered
ŽŵƉĂŶǇ to total ŽŵƉĂŶǇ to total
Alternate
/ŶǀĞƐƚŵĞŶƚ shares shares
&ƵŶĚ Ϭ Ϭ Ϭ Ϭ͘ϬϬ ϭϰ͕ϰϬ͕ϬϬϬ Ϭ ϭϰ͕ϰϬ͕ϬϬϬ Ϭ͘ϭϮ Ϭ͘ϭϮ ϭ >ĂĚǇdĂƚĂDĞŵŽƌŝĂůdƌƵƐƚ ϭ͕ϳϳ͕Ϯϴ͕ϮϬϬ ϭ͘ϳϵ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ͳϭ͘ϳϵ
&ŽƌĞŝŐŶ&ŝŶĂŶĐŝĂů Ϯ ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ͳϱ͘Ϭϴ
/ŶƐƟƚƵƟŽŶƐͬĂŶŬƐ ϱ͕ϵϱϭ Ϭ ϱ͕ϵϱϭ Ϭ͘ϬϬ ϱ͕ϴϱϬ Ϭ ϱ͕ϴϱϬ Ϭ͘ϬϬ Ϭ͘ϬϬ
ϯ Sir Ratan Tata Trust ϭ͕ϭϬ͕Ϯϯ͕ϮϮϬ ϭ͘ϭϭ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ͳϭ͘ϭϭ
^ƵďͲƚŽƚĂů;Ϳ;ϭͿ͗Ͳ ϯϵ͕ϰϵ͕ϰϲ͕ϲϵϲ ϭ͕ϵϮ͕ϴϴϯ ϯϵ͕ϱϭ͕ϯϵ͕ϱϳϵ 39.94 ϰϴ͕ϯϮ͕ϳϲ͕ϳϯϮ ϭ͕ϳϳ͕ϲϬϬ ϰϴ͕ϯϰ͕ϱϰ͕ϯϯϮ 40.65 0.71

Sr. EĂŵĞŽĨƚŚĞ^ŚĂƌĞŚŽůĚĞƌ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞ йĐŚĂŶŐĞŝŶ ;ŝǀͿ ^ŚĂƌĞŚŽůĚŝŶŐWĂƩĞƌŶŽĨƚŽƉƚĞŶ^ŚĂƌĞŚŽůĚĞƌƐ;ŽƚŚĞƌƚŚĂŶŝƌĞĐƚŽƌƐ͕WƌŽŵŽƚĞƌƐĂŶĚ,ŽůĚĞƌƐŽĨ'ZƐĂŶĚZƐͿ͗

EŽ͘ ŽĨƚŚĞǇĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ǇĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ ƐŚĂƌĞŚŽůĚŝŶŐ Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ
EŽ͘ŽĨ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ EŽ͘ŽĨƐŚĂƌĞƐ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ ĚƵƌŝŶŐƚŚĞ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞǇĞĂƌ
shares shares WůĞĚŐĞĚͬ shares WůĞĚŐĞĚͬ ǇĞĂƌ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ
ŽĨƚŚĞ encumbered ŽĨƚŚĞ encumbered EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů
ŽŵƉĂŶǇ to total ŽŵƉĂŶǇ to total shares shares shares shares
shares shares ŽĨƚŚĞ ŽĨƚŚĞ
ϰ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ;WƌŽŵŽƚĞƌͿ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ Ϭ͘ϬϬ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ Ϭ͘ϬϬ ϴ͘ϰϮ ŽŵƉĂŶǇ ŽŵƉĂŶǇ
ϱ dĂƚĂ/ŶǀĞƐƚŵĞŶƚŽƌƉŽƌĂƟŽŶ ϭ͕ϯϯ͕ϵϮ͕ϵϱϬ ϭ͘ϯϱ Ϭ͘ϬϬ ϭ͕ϲϬ͕ϳϭ͕ϱϯϵ ϭ͘ϯϱ Ϭ͘ϬϬ Ϭ͘ϬϬ ϭ >ŝĨĞ/ŶƐƵƌĂŶĐĞ ϴ͕ϵϬ͕ϮϮ͕ϳϮϮ ϵ͘ϬϬ Ɖƌŝůϭ͕ϮϬϭϳ
ŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ
>ŝŵŝƚĞĚ
^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ Ͳϴϭ͕ϰϰϱ Sale ϴ͕ϴϵ͕ϰϭ͕Ϯϳϳ ϴ͘ϵϵ
ϲ ǁĂƌƚ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ ϭϳ͕ϳϯ͕Ϭϴϴ Ϭ͘ϭϴ Ϭ͘ϬϬ Ϯϭ͕Ϯϳ͕ϳϬϱ Ϭ͘ϭϴ Ϭ͘ϬϬ Ϭ͘ϬϬ ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϰ͕ϳϵ͕ϴϯϴ Sale ϴ͕ϴϰ͕ϲϭ͕ϰϯϵ ϴ͘ϵϰ
ϳ dĂƚĂŚĞŵŝĐĂůƐ>ŝŵŝƚĞĚ ϴϵ͕Ϭϳ͕ϳϵϬ Ϭ͘ϵϬ Ϭ͘ϬϬ ϭ͕Ϭϲ͕ϴϵ͕ϯϰϴ Ϭ͘ϵϬ Ϭ͘ϬϬ Ϭ͘ϬϬ ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ ͲϮ͕ϳϳ͕ϮϬϱ Sale ϴ͕ϴϭ͕ϴϰ͕Ϯϯϰ ϴ͘ϵϭ
ϴ dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϱ͕ϱϰ͕ϯϵϵ Ϭ͘Ϭϲ Ϭ͘ϬϬ ϲ͕ϲϱ͕Ϯϳϴ Ϭ͘Ϭϲ Ϭ͘ϬϬ Ϭ͘ϬϬ KĐƚŽďĞƌϱ͕ϮϬϭϳ Ͳϴ͕ϵϮ͕ϱϱϮ Sale ϴ͕ϳϮ͕ϵϭ͕ϲϴϮ ϴ͘ϴϮ
ϵ dĂƚĂĂƉŝƚĂů>ŝŵŝƚĞĚ ϭϰ͕ϳϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ ϭϳ͕ϲϰϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϭ͕ϰϴ͕Ϯϴ͕ϳϰϳ ZŝŐŚƚƐ ϭϬ͕Ϯϭ͕ϮϬ͕ϰϮϵ ϴ͘ϱϵ
ϭϬ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ Ϭ͘ϬϬ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ Ϭ͘ϬϬ Ϭ͘ϬϬ ĞĐĞŵďĞƌϭ͕ϮϬϭϳ Ͳϯ͕ϬϬϬ Sale ϭϬ͕Ϯϭ͕ϭϳ͕ϰϮϵ ϴ͘ϱϵ
ϭϭ dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ Ϭ͘ϬϬ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ Ϭ͘ϬϬ Ϭ͘ϬϬ ĞĐĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϭϭ͕ϬϬϬ Sale ϭϬ͕Ϯϭ͕Ϭϲ͕ϰϮϵ ϴ͘ϱϵ
>ŝŵŝƚĞĚ :ĂŶƵĂƌǇϭϮ͕ϮϬϭϴ Ͳϵ͕ϴϯ͕ϬϬϬ Sale ϭϬ͕ϭϭ͕Ϯϯ͕ϰϮϵ ϴ͘ϱϬ
ϭϮ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ Ϭ͘ϬϬ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ Ϭ͘ϬϬ Ϭ͘ϬϬ :ĂŶƵĂƌǇϭϵ͕ϮϬϭϴ Ͳϴ͕Ϭϳ͕ϬϬϬ Sale ϭϬ͕Ϭϯ͕ϭϲ͕ϰϮϵ ϴ͘ϰϰ
dKd> ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 38.65 0.00 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 39.09 0.00 0.00 :ĂŶƵĂƌǇϮϱ͕ϮϬϭϴ Ͳϱ͕ϭϯ͕ϲϴϮ Sale ϵ͕ϵϴ͕ϬϮ͕ϳϰϳ ϴ͘ϯϵ
&ĞďƌƵĂƌǇϮ͕ϮϬϭϴ Ͳϯ͕Ϭϴ͕ϭϮϳ Sale ϵ͕ϵϰ͕ϵϰ͕ϲϮϬ ϴ͘ϯϳ
;ŝŝŝͿ ŚĂŶŐĞƐŝŶWƌŽŵŽƚĞƌ^ŚĂƌĞŚŽůĚŝŶŐ;ŝŶĐůƵĚŝŶŐƚŚĞWƌŽŵŽƚĞƌ'ƌŽƵƉͿ &ĞďƌƵĂƌǇϵ͕ϮϬϭϴ Ͳϱ͕ϯϬ͕ϬϬϬ Sale ϵ͕ϴϵ͕ϲϰ͕ϲϮϬ ϴ͘ϯϮ
&ĞďƌƵĂƌǇϭϲ͕ϮϬϭϴ Ͳϴ͕ϭϱ͕ϬϬϬ Sale ϵ͕ϴϭ͕ϰϵ͕ϲϮϬ ϴ͘Ϯϱ
Sr. EĂŵĞŽĨƚŚĞ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞŝŶ ƵŵƵůĂƟǀĞ^ŚĂƌĞŚŽůĚŝŶŐ &ĞďƌƵĂƌǇϮϯ͕ϮϬϭϴ Ͳϭϱ͕ϰϳ͕ϴϱϳ Sale ϵ͕ϲϲ͕Ϭϭ͕ϳϲϯ ϴ͘ϭϮ
EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ƐŚĂƌĞŚŽůĚŝŶŐ ĚƵƌŝŶŐƚŚĞǇĞĂƌ DĂƌĐŚϮ͕ϮϬϭϴ Ͳϯϵ͕ϭϲ͕ϱϲϱ Sale ϵ͕Ϯϲ͕ϴϱ͕ϭϵϴ ϳ͘ϳϵ
;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ DĂƌĐŚϵ͕ϮϬϭϴ Ͳϯϯ͕ϳϭ͕ϭϯϵ Sale ϴ͕ϵϯ͕ϭϰ͕Ϭϱϵ ϳ͘ϱϭ
DĂƌĐŚϭϲ͕ϮϬϭϴ ͲϯϮ͕ϯϵ͕ϯϭϭ Sale ϴ͕ϲϬ͕ϳϰ͕ϳϰϴ ϳ͘Ϯϰ
EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨƐŚĂƌĞƐ йŽĨƚŽƚĂů DĂƌĐŚϮϯ͕ϮϬϭϴ Ͳϯϯ͕Ϯϯ͕ϬϬϯ Sale ϴ͕Ϯϳ͕ϱϭ͕ϳϰϱ ϲ͘ϵϲ
shares shares shares shares ƐŚĂƌĞƐŽĨƚŚĞ ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ DĂƌĐŚϯϭ͕ϮϬϭϴ ͲϮϬ͕Ϭϴ͕Ϭϲϳ Sale ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ
ŽĨƚŚĞ ŽĨƚŚĞ ŽŵƉĂŶǇ Ϯ Reliance Capital ϳ͕ϬϮ͕ϯϲ͕ϵϰϴ ϳ͘ϭϬ Ɖƌŝůϭ͕ϮϬϭϳ
ŽŵƉĂŶǇ ŽŵƉĂŶǇ Trustee Company
ϭ >ĂĚǇdĂƚĂDĞŵŽƌŝĂů ϭ͕ϳϳ͕Ϯϴ͕ϮϬϬ ϭ͘ϳϵ ϭ͕ϳϳ͕Ϯϴ͕ϮϬϬ ϭ͘ϳϵ Ͳ Ͳ >ŝŵŝƚĞĚ
DĂƌĐŚϭϲ͕ϮϬϭϴ :ƵŶĞϮ͕ϮϬϭϳ ͲϱϬ͕ϬϮ͕ϰϭϬ Sale ϲ͕ϱϮ͕ϯϰ͕ϱϯϴ ϲ͘ϱϵ
Trust
Ϯ ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ DĂƌĐŚϭϲ͕ϮϬϭϴ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ Ͳ Ͳ :ƵŶĞϵ͕ϮϬϭϳ ϱϭ͕ϬϮ͕ϰϬϰ WƵƌĐŚĂƐĞ ϳ͕Ϭϯ͕ϯϲ͕ϵϰϮ ϳ͘ϭϭ
:ƵŶĞϯϬ͕ϮϬϭϳ ϰϬ WƵƌĐŚĂƐĞ ϳ͕Ϭϯ͕ϯϲ͕ϵϴϮ ϳ͘ϭϭ
ϯ Sir Ratan Tata Trust ϭ͕ϭϬ͕Ϯϯ͕ϮϮϬ ϭ͘ϭϭ DĂƌĐŚϭϲ͕ϮϬϭϴ ϭ͕ϭϬ͕Ϯϯ͕ϮϮϬ ϭ͘ϭϭ Ͳ Ͳ
ƵŐƵƐƚϰ͕ϮϬϭϳ ϱϴ WƵƌĐŚĂƐĞ ϳ͕Ϭϯ͕ϯϳ͕ϬϰϬ ϳ͘ϭϭ
ϰ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭϱ͕ϲϭ͕ϱϲ͕ϱϬϵ ϭϯ͘ϭϯ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ ƵŐƵƐƚϭϰ͕ϮϬϭϳ Ϯ͕ϵϳ͕ϲϬϬ WƵƌĐŚĂƐĞ ϳ͕Ϭϲ͕ϯϰ͕ϲϰϬ ϳ͘ϭϰ
ΘDĂƌĐŚϭϲ͕ϮϬϭϴ ƵŐƵƐƚϭϴ͕ϮϬϭϳ Ͳϭϯ͕ϱϵ͕ϰϳϬ Sale ϲ͕ϵϮ͕ϳϱ͕ϭϳϬ ϳ͘ϬϬ
ϱ dĂƚĂ/ŶǀĞƐƚŵĞŶƚ ϭ͕ϯϯ͕ϵϮ͕ϵϱϬ ϭ͘ϯϱ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ Ϯϲ͕ϳϴ͕ϱϴϵ Ϭ͘Ϯϯ ϭ͕ϲϬ͕ϳϭ͕ϱϯϵ ϭ͘ϯϱ ƵŐƵƐƚϮϱ͕ϮϬϭϳ ϭϰ͕Ϭϵ͕ϰϳϬ WƵƌĐŚĂƐĞ ϳ͕Ϭϲ͕ϴϰ͕ϲϰϬ ϳ͘ϭϱ
ŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ Ͳϯ͕ϴϲ͕ϬϬϬ Sale ϳ͕ϬϮ͕ϵϴ͕ϲϰϬ ϳ͘ϭϭ
ϲ ǁĂƌƚ/ŶǀĞƐƚŵĞŶƚƐ ϭϳ͕ϳϯ͕Ϭϴϴ Ϭ͘ϭϴ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϯ͕ϱϰ͕ϲϭϳ Ϭ͘Ϭϯ Ϯϭ͕Ϯϳ͕ϳϬϱ Ϭ͘ϭϴ ^ĞƉƚĞŵďĞƌϴ͕ϮϬϭϳ Ͳϭϭ͕ϴϬ͕ϬϬϬ Sale ϲ͕ϵϭ͕ϭϴ͕ϲϰϬ ϲ͘ϵϵ
>ŝŵŝƚĞĚ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ Ͳϭϯ͕ϱϱ͕ϬϬϬ Sale ϲ͕ϳϳ͕ϲϯ͕ϲϰϬ ϲ͘ϴϱ
ϳ dĂƚĂŚĞŵŝĐĂůƐ>ŝŵŝƚĞĚ ϴϵ͕Ϭϳ͕ϳϵϬ Ϭ͘ϵϬ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭϳ͕ϴϭ͕ϱϱϴ Ϭ͘ϭϱ ϭ͕Ϭϲ͕ϴϵ͕ϯϰϴ Ϭ͘ϵϬ ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϭϵ͕ϲϮ͕ϬϬϬ Sale ϲ͕ϱϴ͕Ϭϭ͕ϲϰϬ ϲ͘ϲϱ
ϴ dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϱ͕ϱϰ͕ϯϵϵ Ϭ͘Ϭϲ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭ͕ϭϬ͕ϴϳϵ Ϭ͘Ϭϭ ϲ͕ϲϱ͕Ϯϳϴ Ϭ͘Ϭϲ ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ Ͳϲ͕ϳϳ͕ϳϭϳ Sale ϲ͕ϱϭ͕Ϯϯ͕ϵϮϯ ϲ͘ϱϴ
KĐƚŽďĞƌϱ͕ϮϬϭϳ ͲϯϮ Sale ϲ͕ϱϭ͕Ϯϯ͕ϴϵϭ ϲ͘ϱϴ
ϵ dĂƚĂĂƉŝƚĂů>ŝŵŝƚĞĚ ϭϰ͕ϳϬϬ Ϭ͘ϬϬ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ Ϯ͕ϵϰϬ Ϭ͘ϬϬ ϭϳ͕ϲϰϬ Ϭ͘ϬϬ
KĐƚŽďĞƌϮϬ͕ϮϬϭϳ Ͳϭϵ͕ϵϵ͕Ϭϯϭ Sale ϲ͕ϯϭ͕Ϯϰ͕ϴϲϬ ϲ͘ϯϴ
ϭϬ KƌŝĞŶƚĂů,ŽƚĞůƐ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭ͕Ϯϱ͕ϯϵϵ Ϭ͘Ϭϭ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ KĐƚŽďĞƌϮϳ͕ϮϬϭϳ ͲϭϮ͕ϴϯ͕ϳϯϯ Sale ϲ͕ϭϴ͕ϰϭ͕ϭϮϳ ϲ͘Ϯϱ
>ŝŵŝƚĞĚ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ Ͳϯϯ͕ϴϬ͕Ϭϱϯ Sale ϱ͕ϴϰ͕ϲϭ͕Ϭϳϰ ϱ͘ϵϭ
ϭϭ dĂŝĚĂdƌĂĚŝŶŐΘ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϯϭ͕ϯϬϯ Ϭ͘ϬϬ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϭ͕ϯϵ͕ϲϲ͕ϲϱϲ ZŝŐŚƚƐ ϳ͕Ϯϰ͕Ϯϳ͕ϳϯϬ ϲ͘Ϭϵ
/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ĞĐĞŵďĞƌϭ͕ϮϬϭϳ Ͳϲ͕ϭϬ͕ϯϱϯ Sale ϳ͕ϭϴ͕ϭϳ͕ϯϳϳ ϲ͘Ϭϰ
ϭϮ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭ͕ϴϳ͕ϱϲϱ Ϭ͘ϬϮ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ ĞĐĞŵďĞƌϭϱ͕ϮϬϭϳ Ͳϭϲ͕ϵϵ͕ϱϴϵ Sale ϳ͕Ϭϭ͕ϭϳ͕ϳϴϴ ϱ͘ϵϬ
ĞĐĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϴ͕Ϯϭ͕ϳϳϱ Sale ϲ͕ϵϮ͕ϵϲ͕Ϭϭϯ ϱ͘ϴϯ

Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ
EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞǇĞĂƌ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞǇĞĂƌ
;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ
EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů
shares shares shares shares shares shares shares shares
ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ
ŽŵƉĂŶǇ ŽŵƉĂŶǇ ŽŵƉĂŶǇ ŽŵƉĂŶǇ
ĞĐĞŵďĞƌϯϬ͕ϮϬϭϳ ͲϮϴ͕ϳϬϯ Sale ϲ͕ϵϮ͕ϲϳ͕ϯϭϬ ϱ͘ϴϮ KĐƚŽďĞƌϭϯ͕ϮϬϭϳ ͲϭϮ͕ϵϯϮ Sale ϯ͕ϰϭ͕ϴϳ͕ϴϴϮ ϯ͘ϰϲ
:ĂŶƵĂƌǇϱ͕ϮϬϭϴ Ͳϳ͕ϲϲϴ Sale ϲ͕ϵϮ͕ϱϵ͕ϲϰϮ ϱ͘ϴϮ KĐƚŽďĞƌϮϬ͕ϮϬϭϳ Ͳϭϴ͕Ϭϭϳ Sale ϯ͕ϰϭ͕ϲϵ͕ϴϲϱ ϯ͘ϰϱ
:ĂŶƵĂƌǇϭϵ͕ϮϬϭϴ ͲϭϮϭ Sale ϲ͕ϵϮ͕ϱϵ͕ϱϮϭ ϱ͘ϴϮ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϲϴ͕ϰϬ͕ϭϲϮ ZŝŐŚƚƐ ϰ͕ϭϬ͕ϭϬ͕ϬϮϳ ϯ͘ϰϱ
DĂƌĐŚϵ͕ϮϬϭϴ ϭϯϯ WƵƌĐŚĂƐĞ ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ :ĂŶƵĂƌǇϭϮ͕ϮϬϭϴ ͲϮϵ͕ϴϱϮ Sale ϰ͕Ϭϵ͕ϴϬ͕ϭϳϱ ϯ͘ϰϱ
ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ DĂƌĐŚϵ͕ϮϬϭϴ Ͳϭϭ͕ϰϲ͕ϭϲϲ Sale ϯ͕ϵϴ͕ϯϰ͕ϬϬϵ ϯ͘ϯϱ
ϯ ,&dƌƵƐƚĞĞ ϯ͕ϱϰ͕ϰϮ͕Ϯϰϯ ϯ͘ϱϴ Ɖƌŝůϭ͕ϮϬϭϳ DĂƌĐŚϭϲ͕ϮϬϭϴ Ͳϰ͕Ϭϴ͕ϱϯϵ Sale ϯ͕ϵϰ͕Ϯϱ͕ϰϳϬ ϯ͘ϯϮ
ŽŵƉĂŶǇ>ŝŵŝƚĞĚ ϯ͕ϵϰ͕Ϯϱ͕ϰϳϬ ϯ͘ϯϮ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϯ͕ϵϰ͕Ϯϱ͕ϰϳϬ ϯ͘ϯϮ
DĂǇϮϲ͕ϮϬϭϳ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϯ͕ϱϭ͕ϰϮ͕Ϯϰϯ ϯ͘ϱϱ ϲ ///WƌƵĚĞŶƟĂů ϯϯ͕ϯϭ͕ϴϯϴ Ϭ͘ϯϰ Ɖƌŝůϭ͕ϮϬϭϳ
:ƵŶĞϮ͕ϮϬϭϳ Ͳϱ͕ϬϬ͕ϬϬϬ Sale ϯ͕ϰϲ͕ϰϮ͕Ϯϰϯ ϯ͘ϱϬ ĂůĂŶĐĞĚĚǀĂŶƚĂŐĞ
:ƵŶĞϭϲ͕ϮϬϭϳ Ͳϯ͕ϱϵ͕ϬϬϬ Sale ϯ͕ϰϮ͕ϴϯ͕Ϯϰϯ ϯ͘ϰϳ &ƵŶĚϭ
^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ Ͳϰ͕Ϯϱ͕ϬϬϬ Sale ϯ͕ϯϴ͕ϱϴ͕Ϯϰϯ ϯ͘ϰϮ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ ϰϮ͕ϱϬ͕Ϭϭϴ WƵƌĐŚĂƐĞ ϳϱ͕ϴϭ͕ϴϱϲ Ϭ͘ϳϳ
KĐƚŽďĞƌϱ͕ϮϬϭϳ ϭ͕ϳϮ͕ϱϬϬ WƵƌĐŚĂƐĞ ϯ͕ϰϬ͕ϯϬ͕ϳϰϯ ϯ͘ϰϰ KĐƚŽďĞƌϱ͕ϮϬϭϳ ϭϯ͕ϱϰ͕ϰϬϵ WƵƌĐŚĂƐĞ ϴϵ͕ϯϲ͕Ϯϲϱ Ϭ͘ϵϬ
EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϲϴ͕Ϭϲ͕ϭϮϬ ZŝŐŚƚƐ ϰ͕Ϭϴ͕ϯϲ͕ϴϲϯ ϯ͘ϰϯ KĐƚŽďĞƌϭϯ͕ϮϬϭϳ ϭϮ͕ϰϵ͕ϮϮϲ WƵƌĐŚĂƐĞ ϭ͕Ϭϭ͕ϴϱ͕ϰϵϭ ϭ͘Ϭϯ
:ĂŶƵĂƌǇϬϱ͕ϮϬϭϴ ϰϭ͕ϴϲ͕ϬϬϬ WƵƌĐŚĂƐĞ ϰ͕ϱϬ͕ϮϮ͕ϴϲϯ ϯ͘ϳϵ KĐƚŽďĞƌϮϬ͕ϮϬϭϳ ϭϵ͕ϭϮ͕ϵϲϬ WƵƌĐŚĂƐĞ ϭ͕ϮϬ͕ϵϴ͕ϰϱϭ ϭ͘ϮϮ
:ĂŶƵĂƌǇϭϮ͕ϮϬϭϴ ϭ͕ϳϱ͕ϬϬϬ WƵƌĐŚĂƐĞ ϰ͕ϱϭ͕ϵϳ͕ϴϲϯ ϯ͘ϴϬ EŽǀĞŵďĞƌϯ͕ϮϬϭϳ ϲ͕ϯϭ͕ϵϳϯ WƵƌĐŚĂƐĞ ϭ͕Ϯϳ͕ϯϬ͕ϰϮϰ ϭ͘Ϯϵ
DĂƌĐŚϮϯ͕ϮϬϭϴ ϱ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϰ͕ϱϲ͕ϵϳ͕ϴϲϯ ϯ͘ϴϰ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ ϵ͕ϴϲ͕ϵϳϲ WƵƌĐŚĂƐĞ ϭ͕ϯϳ͕ϭϳ͕ϰϬϬ ϭ͘ϯϵ
ϰ͕ϱϲ͕ϵϳ͕ϴϲϯ ϯ͘ϴϰ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϰ͕ϱϲ͕ϵϳ͕ϴϲϯ ϯ͘ϴϰ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϱϯ͕ϴϬ͕ϲϯϵ ZŝŐŚƚƐ ϭ͕ϵϬ͕ϵϴ͕Ϭϯϵ ϭ͘ϲϭ
ϰ 'ŽǀĞƌŶŵĞŶƚWĞŶƐŝŽŶ ϯ͕ϭϭ͕ϯϭ͕ϱϰϴ ϯ͘ϭϱ ƉƌŝůϬϭ͕ϮϬϭϳ EŽǀĞŵďĞƌϮϰ͕ϮϬϭϳ Ϯϭ͕ϭϴ͕Ϯϯϴ WƵƌĐŚĂƐĞ Ϯ͕ϭϮ͕ϭϲ͕Ϯϳϳ ϭ͘ϳϴ
&ƵŶĚ :ĂŶƵĂƌǇϮϱ͕ϮϬϭϴ Ͳϭϭ͕ϯϬ͕ϱϵϮ Sale Ϯ͕ϬϬ͕ϴϱ͕ϲϴϱ ϭ͘ϲϵ
Ɖƌŝůϳ͕ϮϬϭϳ ͲϱϬ͕ϬϬϬ Sale ϯ͕ϭϬ͕ϴϭ͕ϱϰϴ ϯ͘ϭϰ &ĞďƌƵĂƌǇϮ͕ϮϬϭϴ Ͳϳϴ͕ϲϵϱ Sale Ϯ͕ϬϬ͕Ϭϲ͕ϵϵϬ ϭ͘ϲϴ
ƉƌŝůϮϭ͕ϮϬϭϳ ͲϮϱ͕ϬϬϬ Sale ϯ͕ϭϬ͕ϱϲ͕ϱϰϴ ϯ͘ϭϰ &ĞďƌƵĂƌǇϵ͕ϮϬϭϴ Ͳϱ͕ϯϴ͕ϮϬϬ Sale ϭ͕ϵϰ͕ϲϴ͕ϳϵϬ ϭ͘ϲϰ
:ƵŶĞϵ͕ϮϬϭϳ ͲϮϱ͕ϬϬϬ Sale ϯ͕ϭϬ͕ϯϭ͕ϱϰϴ ϯ͘ϭϰ &ĞďƌƵĂƌǇϭϲ͕ϮϬϭϴ Ͳϳϳ͕ϭϲϭ Sale ϭ͕ϵϯ͕ϵϭ͕ϲϮϵ ϭ͘ϲϯ
^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ ϭϱ͕Ϭϵϳ WƵƌĐŚĂƐĞ ϯ͕ϭϬ͕ϰϲ͕ϲϰϱ ϯ͘ϭϰ &ĞďƌƵĂƌǇϮϯ͕ϮϬϭϴ Ͳϲ͕ϲϬϴ Sale ϭ͕ϵϯ͕ϴϱ͕ϬϮϭ ϭ͘ϲϯ
^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ ϲϬ͕ϴϱϵ WƵƌĐŚĂƐĞ ϯ͕ϭϭ͕Ϭϳ͕ϱϬϰ ϯ͘ϭϰ DĂƌĐŚϵ͕ϮϬϭϴ ͲϮϲ͕ϵϵϯ Sale ϭ͕ϵϯ͕ϱϴ͕ϬϮϴ ϭ͘ϲϯ
^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϭϳ ϴ͕ϰϯ͕ϴϬϬ WƵƌĐŚĂƐĞ ϯ͕ϭϵ͕ϱϭ͕ϯϬϰ ϯ͘Ϯϯ Ϯ͕Ϭϭ͕Ϯϭ͕ϭϬϱ ϭ͘ϲϵ DĂƌĐŚϯϭ͕ϮϬϭϴ ϳ͕ϲϯ͕Ϭϳϳ WƵƌĐŚĂƐĞ Ϯ͕Ϭϭ͕Ϯϭ͕ϭϬϱ ϭ͘ϲϵ
^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ ϯϳ͕Ϯϴ͕ϮϱϬ WƵƌĐŚĂƐĞ ϯ͕ϱϲ͕ϳϵ͕ϱϱϰ ϯ͘ϲϭ ϳ ///WƌƵĚĞŶƟĂů>ŝĨĞ Ϯ͕ϰϳ͕ϭϬ͕ϭϲϯ Ϯ͘ϱϬ Ɖƌŝůϭ͕ϮϬϭϳ
KĐƚŽďĞƌϱ͕ϮϬϭϳ ϭ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϯ͕ϱϳ͕ϳϵ͕ϱϱϰ ϯ͘ϲϮ /ŶƐƵƌĂŶĐĞŽŵƉĂŶǇ
EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϴϵ͕ϱϱ͕ϵϭϬ ZŝŐŚƚƐ ϰ͕ϰϳ͕ϯϱ͕ϰϲϰ ϯ͘ϳϲ >ŝŵŝƚĞĚ
:ĂŶƵĂƌǇϭϮ͕ϮϬϭϴ ͲϯϬ͕ϬϬϬ Sale ϰ͕ϰϳ͕Ϭϱ͕ϰϲϰ ϯ͘ϳϲ Ɖƌŝůϳ͕ϮϬϭϳ Ͳϭ͕ϮϮ͕ϲϲϴ Sale Ϯ͕ϰϱ͕ϴϳ͕ϰϵϱ Ϯ͘ϰϵ
:ĂŶƵĂƌǇϭϵ͕ϮϬϭϴ ͲϴϬ͕ϬϬϬ Sale ϰ͕ϰϲ͕Ϯϱ͕ϰϲϰ ϯ͘ϳϱ ƉƌŝůϮϭ͕ϮϬϭϳ Ͳϰ͕ϯϯϭ Sale Ϯ͕ϰϱ͕ϴϯ͕ϭϲϰ Ϯ͘ϰϴ
:ĂŶƵĂƌǇϮϱ͕ϮϬϭϴ Ͳϭ͕ϱϱ͕ϵϮϯ Sale ϰ͕ϰϰ͕ϲϵ͕ϱϰϭ ϯ͘ϳϰ ƉƌŝůϮϴ͕ϮϬϭϳ ϭϳ͕ϴϯϲ WƵƌĐŚĂƐĞ Ϯ͕ϰϲ͕Ϭϭ͕ϬϬϬ Ϯ͘ϰϵ
&ĞďƌƵĂƌǇϮ͕ϮϬϭϴ Ͳϭ͕ϴϬ͕ϰϮϭ Sale ϰ͕ϰϮ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂǇϱ͕ϮϬϭϳ ϳ͕ϭϳϭ WƵƌĐŚĂƐĞ Ϯ͕ϰϲ͕Ϭϴ͕ϭϳϭ Ϯ͘ϰϵ
&ĞďƌƵĂƌǇϭϲ͕ϮϬϭϴ Ͳϭ͕ϬϬ͕ϬϬϬ Sale ϰ͕ϰϭ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂǇϭϮ͕ϮϬϭϳ Ͳϱ͕ϭϱ͕ϱϲϴ Sale Ϯ͕ϰϬ͕ϵϮ͕ϲϬϯ Ϯ͘ϰϰ
ϰ͕ϰϭ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϰ͕ϰϭ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂǇϭϵ͕ϮϬϭϳ Ͳϱ͕ϬϬ͕ϬϬϬ Sale Ϯ͕ϯϱ͕ϵϮ͕ϲϬϯ Ϯ͘ϯϴ
ϱ &ƌĂŶŬůŝŶdĞŵƉůĞƚŽŶ ϯ͕Ϯϭ͕Ϯϯ͕Ϯϳϰ ϯ͘Ϯϱ Ɖƌŝůϭ͕ϮϬϭϳ DĂǇϮϲ͕ϮϬϭϳ ͲϮ͕ϬϳϮ Sale Ϯ͕ϯϱ͕ϵϬ͕ϱϯϭ Ϯ͘ϯϴ
/ŶǀĞƐƚŵĞŶƚ&ƵŶĚƐ :ƵŶĞϭϲ͕ϮϬϭϳ Ͳϵ͕ϵϬϬ Sale Ϯ͕ϯϱ͕ϴϬ͕ϲϯϭ Ϯ͘ϯϴ
Ɖƌŝůϳ͕ϮϬϭϳ ϱϱ͕ϳϲϬ WƵƌĐŚĂƐĞ ϯ͕Ϯϭ͕ϳϵ͕Ϭϯϰ ϯ͘Ϯϱ :ƵůǇϮϭ͕ϮϬϭϳ Ͳϭ͕Ϭϴ͕ϯϲϰ Sale Ϯ͕ϯϰ͕ϳϮ͕Ϯϲϳ Ϯ͘ϯϳ
Ɖƌŝůϭϰ͕ϮϬϭϳ ϯ͕ϲϴ͕ϳϳϱ WƵƌĐŚĂƐĞ ϯ͕Ϯϱ͕ϰϳ͕ϴϬϵ ϯ͘Ϯϵ ƵŐƵƐƚϰ͕ϮϬϭϳ Ͳϯ͕ϵϰϱ Sale Ϯ͕ϯϰ͕ϲϴ͕ϯϮϮ Ϯ͘ϯϳ
ƉƌŝůϮϭ͕ϮϬϭϳ ϱ͕Ϯϲ͕ϭϴϭ WƵƌĐŚĂƐĞ ϯ͕ϯϬ͕ϳϯ͕ϵϵϬ ϯ͘ϯϰ ƵŐƵƐƚϭϴ͕ϮϬϭϳ ͲϮ͕ϯϵ͕ϴϮϲ Sale Ϯ͕ϯϮ͕Ϯϴ͕ϰϵϲ Ϯ͘ϯϱ
ƉƌŝůϮϴ͕ϮϬϭϳ ϯ͕Ϯϯ͕ϵϲϰ WƵƌĐŚĂƐĞ ϯ͕ϯϯ͕ϵϳ͕ϵϱϰ ϯ͘ϯϴ ƵŐƵƐƚϮϱ͕ϮϬϭϳ Ͳϭ͕ϴϱ͕ϭϭϮ Sale Ϯ͕ϯϬ͕ϰϯ͕ϯϴϰ Ϯ͘ϯϯ
DĂǇϱ͕ϮϬϭϳ ϲϯ͕ϵϲϬ WƵƌĐŚĂƐĞ ϯ͕ϯϰ͕ϲϭ͕ϵϭϰ ϯ͘ϯϴ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ ϰ͕ϰϬ͕ϵϵϮ WƵƌĐŚĂƐĞ Ϯ͕ϯϰ͕ϴϰ͕ϯϳϲ Ϯ͘ϯϳ
DĂǇϭϮ͕ϮϬϭϳ ϭ͕ϵϭ͕ϬϮϰ WƵƌĐŚĂƐĞ ϯ͕ϯϲ͕ϱϮ͕ϵϯϴ ϯ͘ϰϬ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ ϯϮ͕ϮϬϲ WƵƌĐŚĂƐĞ Ϯ͕ϯϱ͕ϭϲ͕ϱϴϮ Ϯ͘ϯϴ
:ƵŶĞϮ͕ϮϬϭϳ ϰ͕ϭϴ͕ϵϳϴ WƵƌĐŚĂƐĞ ϯ͕ϰϬ͕ϳϭ͕ϵϭϲ ϯ͘ϰϰ ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ ϱϲ͕ϳϱϲ WƵƌĐŚĂƐĞ Ϯ͕ϯϱ͕ϳϯ͕ϯϯϴ Ϯ͘ϯϴ
:ƵŶĞϵ͕ϮϬϭϳ ϭ͕Ϯϴ͕ϴϵϴ WƵƌĐŚĂƐĞ ϯ͕ϰϮ͕ϬϬ͕ϴϭϰ ϯ͘ϰϲ KĐƚŽďĞƌϱ͕ϮϬϭϳ ϵϬ͕ϭϬϵ WƵƌĐŚĂƐĞ Ϯ͕ϯϲ͕ϲϯ͕ϰϰϳ Ϯ͘ϯϵ

Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ
EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞǇĞĂƌ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞǇĞĂƌ
;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ
EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů
shares shares shares shares shares shares shares shares
ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ
ŽŵƉĂŶǇ ŽŵƉĂŶǇ ŽŵƉĂŶǇ ŽŵƉĂŶǇ
KĐƚŽďĞƌϮϳ͕ϮϬϭϳ ϭϴϰ WƵƌĐŚĂƐĞ Ϯ͕ϯϲ͕ϲϯ͕ϲϯϭ Ϯ͘ϯϵ :ƵŶĞϵ͕ϮϬϭϳ Ͳϰ͕Ϭϰ͕Ϭϱϯ Sale ϭ͕ϯϵ͕ϭϰ͕ϭϬϳ ϭ͘ϰϭ
EŽǀĞŵďĞƌϯ͕ϮϬϭϳ ϲ͕Ϯϲϰ WƵƌĐŚĂƐĞ Ϯ͕ϯϲ͕ϲϵ͕ϴϵϱ Ϯ͘ϯϵ :ƵŶĞϭϲ͕ϮϬϭϳ ͲϭϮ͕ϱϱϮ Sale ϭ͕ϯϵ͕Ϭϭ͕ϱϱϱ ϭ͘ϰϭ
EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϰϳ͕ϯϭ͕ϳϳϴ ZŝŐŚƚƐ Ϯ͕ϴϰ͕Ϭϭ͕ϲϳϯ Ϯ͘ϯϵ
:ƵůǇϳ͕ϮϬϭϳ ͲϵϬ͕ϭϱϮ Sale ϭ͕ϯϴ͕ϭϭ͕ϰϬϯ ϭ͘ϰϬ
ĞĐĞŵďĞƌϭ͕ϮϬϭϳ ϭ͕ϯϮϬ WƵƌĐŚĂƐĞ Ϯ͕ϴϰ͕ϬϮ͕ϵϵϯ Ϯ͘ϯϵ
ĞĐĞŵďĞƌϴ͕ϮϬϭϳ ϰ͕ϰϱϮ WƵƌĐŚĂƐĞ Ϯ͕ϴϰ͕Ϭϳ͕ϰϰϱ Ϯ͘ϯϵ :ƵůǇϮϭ͕ϮϬϭϳ ͲϭϬ͕ϰϱϮ Sale ϭ͕ϯϴ͕ϬϬ͕ϵϱϭ ϭ͘ϰϬ
ĞĐĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϭ͕ϱϯ͕ϵϰϮ Sale Ϯ͕ϴϮ͕ϱϯ͕ϱϬϯ Ϯ͘ϯϴ KĐƚŽďĞƌϮϳ͕ϮϬϭϳ Ͳϰ͕ϴϰ͕ϴϭϮ Sale ϭ͕ϯϯ͕ϭϲ͕ϭϯϵ ϭ͘ϯϱ
ĞĐĞŵďĞƌϯϬ͕ϮϬϭϳ Ͳϭϴ͕ϵϲϴ Sale Ϯ͕ϴϮ͕ϯϰ͕ϱϯϱ Ϯ͘ϯϳ EŽǀĞŵďĞƌϯ͕ϮϬϭϳ Ͳϱ͕Ϭϭ͕ϭϯϵ Sale ϭ͕Ϯϴ͕ϭϱ͕ϬϬϬ ϭ͘ϯϬ
:ĂŶƵĂƌǇϱ͕ϮϬϭϴ ͲϮϴ͕ϲϭ͕ϴϬϵ Sale Ϯ͕ϱϯ͕ϳϮ͕ϳϮϲ Ϯ͘ϭϯ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ Ͳϲ͕ϱϱ͕ϳϱϲ Sale ϭ͕Ϯϭ͕ϱϵ͕Ϯϰϰ ϭ͘Ϯϯ
:ĂŶƵĂƌǇϭϮ͕ϮϬϭϴ ͲϮϭ͕ϵϯ͕ϭϲϲ Sale Ϯ͕ϯϭ͕ϳϵ͕ϱϲϬ ϭ͘ϵϱ
EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ Ϯϲ͕ϱϳ͕ϱϮϮ WƵƌĐŚĂƐĞ ϭ͕ϰϴ͕ϭϲ͕ϳϲϲ ϭ͘Ϯϱ
:ĂŶƵĂƌǇϭϵ͕ϮϬϭϴ ͲϮ͕Ϯϯ͕ϲϬϳ Sale Ϯ͕Ϯϵ͕ϱϱ͕ϵϱϯ ϭ͘ϵϯ
DĂƌĐŚϭϲ͕ϮϬϭϴ Ͳϭ͕ϱϯ͕ϵϱϮ Sale ϭ͕ϰϲ͕ϲϮ͕ϴϭϰ ϭ͘Ϯϯ
:ĂŶƵĂƌǇϮϱ͕ϮϬϭϴ Ͳϭϭ͕ϯϲ͕Ϯϭϴ Sale Ϯ͕ϭϴ͕ϭϵ͕ϳϯϱ ϭ͘ϴϯ
&ĞďƌƵĂƌǇϵ͕ϮϬϭϴ Ͳϭ͕ϵϮ͕ϰϮϭ Sale Ϯ͕ϭϲ͕Ϯϳ͕ϯϭϰ ϭ͘ϴϮ DĂƌĐŚϮϯ͕ϮϬϭϴ Ͳϰϳ͕ϲϰϭ Sale ϭ͕ϰϲ͕ϭϱ͕ϭϳϯ ϭ͘Ϯϯ
&ĞďƌƵĂƌǇϭϲ͕ϮϬϭϴ Ͳϭϲ͕ϱϭ͕ϴϭϮ Sale ϭ͕ϵϵ͕ϳϱ͕ϱϬϮ ϭ͘ϲϴ ϭ͕ϰϲ͕ϭϱ͕ϭϳϯ ϭ͘Ϯϯ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕ϰϲ͕ϭϱ͕ϭϳϯ ϭ͘Ϯϯ
&ĞďƌƵĂƌǇϮϯ͕ϮϬϭϴ ͲϭϬ͕ϵϬ͕Ϯϰϴ Sale ϭ͕ϴϴ͕ϴϱ͕Ϯϱϰ ϭ͘ϱϵ ϭϬ &ƌĂŶŬůŝŶƐŝĂŶƋƵŝƚǇ ϯϳ͕ϵϬ͕ϭϴϰ Ϭ͘ϯϴ
DĂƌĐŚϮ͕ϮϬϭϴ ͲϮ͕ϬϬ͕ϭϵϱ Sale ϭ͕ϴϲ͕ϴϱ͕Ϭϱϵ ϭ͘ϱϳ &ƵŶĚϭ
DĂƌĐŚϵ͕ϮϬϭϴ Ͳϭϭ͕ϭϱ͕ϳϬϴ Sale ϭ͕ϳϱ͕ϲϵ͕ϯϱϭ ϭ͘ϰϴ DĂǇϭϵ͕ϮϬϭϳ Ϯϴ͕ϯϲ͕ϳϵϴ WƵƌĐŚĂƐĞ ϲϲ͕Ϯϲ͕ϵϴϮ Ϭ͘ϲϳ
DĂƌĐŚϭϲ͕ϮϬϭϴ Ϯ͕ϲϯϬ WƵƌĐŚĂƐĞ ϭ͕ϳϱ͕ϳϭ͕ϵϴϭ ϭ͘ϰϴ DĂǇϮϲ͕ϮϬϭϳ ϭϰ͕ϯϰ͕ϲϬϭ WƵƌĐŚĂƐĞ ϴϬ͕ϲϭ͕ϱϴϯ Ϭ͘ϴϭ
ϭ͕ϳϱ͕ϳϭ͕ϵϴϭ ϭ͘ϰϴ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕ϳϱ͕ϳϭ͕ϵϴϭ ϭ͘ϰϴ
:ƵŶĞϮ͕ϮϬϭϳ ϱ͕ϲϱ͕ϯϵϵ WƵƌĐŚĂƐĞ ϴϲ͕Ϯϲ͕ϵϴϮ Ϭ͘ϴϳ
ϴ 'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞ ϭ͕ϲϭ͕Ϭϭ͕ϭϬϳ ϭ͘ϲϯ ƉƌŝůϬϭ͕ϮϬϭϳ
ŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ :ƵŶĞϭϲ͕ϮϬϭϳ ϭ͕Ϭϲ͕ϯϯϲ WƵƌĐŚĂƐĞ ϴϳ͕ϯϯ͕ϯϭϴ Ϭ͘ϴϴ
ƉƌŝůϮϭ͕ϮϬϭϳ ͲϳϬ͕ϬϬϬ Sale ϭ͕ϲϬ͕ϯϭ͕ϭϬϳ ϭ͘ϲϮ :ƵŶĞϮϯ͕ϮϬϭϳ ϵϯ͕ϲϲϰ WƵƌĐŚĂƐĞ ϴϴ͕Ϯϲ͕ϵϴϮ Ϭ͘ϴϵ
ƉƌŝůϮϴ͕ϮϬϭϳ ͲϯϬ͕ϵϰϳ Sale ϭ͕ϲϬ͕ϬϬ͕ϭϲϬ ϭ͘ϲϮ ƵŐƵƐƚϰ͕ϮϬϭϳ ϯ͕ϳϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϵϭ͕ϵϲ͕ϵϴϮ Ϭ͘ϵϯ
DĂǇϭϵ͕ϮϬϭϳ ͲϱϬ͕ϬϬϬ Sale ϭ͕ϱϵ͕ϱϬ͕ϭϲϬ ϭ͘ϲϭ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ ϯ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϵϰ͕ϵϲ͕ϵϴϮ Ϭ͘ϵϲ
DĂǇϮϲ͕ϮϬϭϳ Ͳϭϲ͕Ϭϭϲ Sale ϭ͕ϱϵ͕ϯϰ͕ϭϰϰ ϭ͘ϲϭ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ ϱ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϵϵ͕ϵϲ͕ϵϴϮ ϭ͘Ϭϭ
:ƵŶĞϬϮ͕ϮϬϭϳ Ͳϭ͕ϯϯϵ Sale ϭ͕ϱϵ͕ϯϮ͕ϴϬϱ ϭ͘ϲϭ
EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ Ϯϭ͕ϵϵ͕ϯϵϰ ZŝŐŚƚƐ ϭ͕Ϯϭ͕ϵϲ͕ϯϳϲ ϭ͘Ϭϯ
EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϯϭ͕ϴϲ͕ϱϮϵ ZŝŐŚƚƐ ϭ͕ϵϭ͕ϭϵ͕ϯϯϰ ϭ͘ϲϭ
ĞĐĞŵďĞƌϭϱ͕ϮϬϭϳ ͲϮ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϴϵ͕ϭϵ͕ϯϯϰ ϭ͘ϱϵ ϭ͕Ϯϭ͕ϵϲ͕ϯϳϲ ϭ͘Ϭϯ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕Ϯϭ͕ϵϲ͕ϯϳϲ ϭ͘Ϭϯ
:ĂŶƵĂƌǇϱ͕ϮϬϭϴ Ͳϭ͕ϱϬ͕ϬϬϬ Sale ϭ͕ϴϳ͕ϲϵ͕ϯϯϰ ϭ͘ϱϴ ϭϭ WƌĂǌŝŵdƌĂĚŝŶŐĂŶĚ ϵϯ͕Ϯϰ͕ϯϰϭ Ϭ͘ϵϰ Ɖƌŝůϭ͕ϮϬϭϳ
:ĂŶƵĂƌǇϭϮ͕ϮϬϭϴ Ͳϭ͕ϲϵ͕ϭϳϰ Sale ϭ͕ϴϲ͕ϬϬ͕ϭϲϬ ϭ͘ϱϲ /ŶǀĞƐƚŵĞŶƚŽŵƉĂŶǇ
:ĂŶƵĂƌǇϮϱ͕ϮϬϭϴ Ͳϰ͕ϮϬ͕ϵϱϯ Sale ϭ͕ϴϭ͕ϳϵ͕ϮϬϳ ϭ͘ϱϯ WƌŝǀĂƚĞ>ŝŵŝƚĞĚ
&ĞďƌƵĂƌǇϮ͕ϮϬϭϴ Ͳϭ͕ϳϵ͕Ϭϰϳ Sale ϭ͕ϴϬ͕ϬϬ͕ϭϲϬ ϭ͘ϱϭ DĂǇϮϲ͕ϮϬϭϳ Ͳϭϵ͕ϱϴ͕ϭϱϳ Sale ϳϯ͕ϲϲ͕ϭϴϰ Ϭ͘ϳϰ
^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϴ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϳϳ͕ϬϬ͕ϭϲϬ ϭ͘ϰϵ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϵϮ͕ϳϲ͕ϮϳϬ ZŝŐŚƚƐ ϵϮ͕ϳϲ͕ϮϳϬ Ϭ͘ϳϴ
&ĞďƌƵĂƌǇϭϲ͕ϮϬϭϴ Ͳϯ͕ϵϬ͕Ϯϴϭ Sale ϭ͕ϳϯ͕Ϭϵ͕ϴϳϵ ϭ͘ϰϲ ϵϮ͕ϳϲ͕ϮϳϬ Ϭ͘ϳϴ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϵϮ͕ϳϲ͕ϮϳϬ Ϭ͘ϳϴ
&ĞďƌƵĂƌǇϮϯ͕ϮϬϭϴ ͲϮ͕ϰϱ͕ϰϬϬ Sale ϭ͕ϳϬ͕ϲϰ͕ϰϳϵ ϭ͘ϰϯ ϭϮ ĐƟǀĞŵĞƌŐŝŶŐ ϲϯ͕ϯϰ͕ϴϴϳ Ϭ͘ϲϰ Ɖƌŝůϭ͕ϮϬϭϳ
DĂƌĐŚϮ͕ϮϬϭϴ Ͳϲϰ͕ϯϭϵ Sale ϭ͕ϳϬ͕ϬϬ͕ϭϲϬ ϭ͘ϰϯ DĂƌŬĞƚƐƋƵŝƚǇ&ƵŶĚ
DĂƌĐŚϵ͕ϮϬϭϴ Ͳϭ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϲϵ͕ϬϬ͕ϭϲϬ ϭ͘ϰϮ
KĐƚŽďĞƌϮϳ͕ϮϬϭϳ ϭ͕ϴϮ͕ϰϳϰ WƵƌĐŚĂƐĞ ϲϱ͕ϭϳ͕ϯϲϭ Ϭ͘ϲϲ
DĂƌĐŚϭϲ͕ϮϬϭϴ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϲϲ͕ϬϬ͕ϭϲϬ ϭ͘ϰϬ
EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϭϮ͕ϲϲ͕ϵϳϳ ZŝŐŚƚƐ ϳϳ͕ϴϰ͕ϯϯϴ Ϭ͘ϲϱ
DĂƌĐŚϮϯ͕ϮϬϭϴ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϲϯ͕ϬϬ͕ϭϲϬ ϭ͘ϯϳ
ϭ͕ϲϯ͕ϬϬ͕ϭϲϬ ϭ͘ϯϳ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕ϲϯ͕ϬϬ͕ϭϲϬ ϭ͘ϯϳ EŽǀĞŵďĞƌϮϰ͕ϮϬϭϳ ϯϲ͕ϵϲϬ WƵƌĐŚĂƐĞ ϳϴ͕Ϯϭ͕Ϯϵϴ Ϭ͘ϲϲ
ϵ dŚĞEĞǁ/ŶĚŝĂ ϭ͕ϰϲ͕ϮϬ͕ϵϰϵ ϭ͘ϰϴ ƉƌŝůϬϭ͕ϮϬϭϳ ĞĐĞŵďĞƌϭ͕ϮϬϭϳ ϭ͕Ϭϵ͕Ϭϴϴ WƵƌĐŚĂƐĞ ϳϵ͕ϯϬ͕ϯϴϲ Ϭ͘ϲϳ
Assurance Company :ĂŶƵĂƌǇϮϱ͕ϮϬϭϴ Ͳϭϰ͕ϵϲϱ Sale ϳϵ͕ϭϱ͕ϰϮϭ Ϭ͘ϲϳ
>ŝŵŝƚĞĚ &ĞďƌƵĂƌǇϮ͕ϮϬϭϴ Ͳϭϴ͕Ϯϱϲ Sale ϳϴ͕ϵϳ͕ϭϲϱ Ϭ͘ϲϲ
Ɖƌŝůϳ͕ϮϬϭϳ ͲϴϬ͕ϬϬϬ Sale ϭ͕ϰϱ͕ϰϬ͕ϵϰϵ ϭ͘ϰϳ
ϳϴ͕ϵϳ͕ϭϲϱ Ϭ͘ϲϲ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϳϴ͕ϵϳ͕ϭϲϱ Ϭ͘ϲϲ
ƉƌŝůϮϭ͕ϮϬϭϳ Ͳϳϳ͕ϴϭϴ Sale ϭ͕ϰϰ͕ϲϯ͕ϭϯϭ ϭ͘ϰϲ
ƉƌŝůϮϴ͕ϮϬϭϳ Ͳϭ͕ϰϮ͕ϭϴϮ Sale ϭ͕ϰϯ͕ϮϬ͕ϵϰϵ ϭ͘ϰϱ 1
EŽƚŝŶƚŚĞůŝƐƚŽĨdŽƉϭϬƐŚĂƌĞŚŽůĚĞƌƐĂƐŽŶƉƌŝůϭ͕ϮϬϭϳ͘dŚĞƐĂŵĞŚĂƐďĞĞŶƌĞŇĞĐƚĞĚĂďŽǀĞƐŝŶĐĞƚŚĞƐŚĂƌĞŚŽůĚĞƌǁĂƐŽŶĞŽĨƚŚĞ
:ƵŶĞϮ͕ϮϬϭϳ ͲϮ͕ϳϴϵ Sale ϭ͕ϰϯ͕ϭϴ͕ϭϲϬ ϭ͘ϰϱ dŽƉϭϬƐŚĂƌĞŚŽůĚĞƌƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͘

;ǀͿ ^ŚĂƌĞŚŽůĚŝŶŐŽĨŝƌĞĐƚŽƌƐĂŶĚ<ĞǇDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů͗ ͘ ZĞŵƵŶĞƌĂƟŽŶƚŽŽƚŚĞƌŝƌĞĐƚŽƌƐ͗

Sr. EĂŵĞŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞ ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ
EŽ͘ ďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ŝŶƐŚĂƌĞŚŽůĚŝŶŐ ĚƵƌŝŶŐƚŚĞǇĞĂƌ
;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ EĂĚŝƌ 'ĂƵƚĂŵ Ireena ĞĞƉĂŬ <͘͘ Vibha Paul Total
EŽ͘ 'ŽĚƌĞũ ĂŶĞƌũĞĞ sŝƩĂů Parekh ĂĚŝƐĞƚŚ1 Rishi Amount
EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů
shares shares shares shares shares ƐŚĂƌĞƐŽĨƚŚĞ ϭ &ĞĞƐĨŽƌĂƩĞŶĚŝŶŐŽĂƌĚͬ ϲ͕ϲϬ͕ϬϬϬ ϭ͕ϴϬ͕ϬϬϬ ϯ͕ϵϬ͕ϬϬϬ ϱ͕ϭϬ͕ϬϬϬ Ͳ Ϯ͕ϳϬ͕ϬϬϬ ϮϬ͕ϭϬ͕ϬϬϬ
ŽĨƚŚĞ ŽĨƚŚĞ ŽŵƉĂŶǇ ŽŵŵŝƩĞĞDĞĞƟŶŐƐ
ŽŵƉĂŶǇ ŽŵƉĂŶǇ Ϯ Commission ϱϴ͕ϰϴ͕ϬϬϬ Ϯϭ͕ϵϵ͕ϬϬϬ ϯϳ͕ϲϲ͕ϬϬϬ ϱϭ͕ϲϮ͕ϬϬϬ ϳϲ͕ϳϭ͕ϬϬϬ ϰϬ͕Ϯϭ͕ϬϬϬ Ϯ͕ϴϲ͕ϲϳ͕ϬϬϬ
ϭ DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ;ϯϵ͕ϯϬϬ ϲϯ͕ϰϴϬ Ϭ͘Ϭϭ Ͳ Ϭ Ϭ͘ϬϬ ϲϯ͕ϰϴϬ Ϭ͘Ϭϭ
ƐŚĂƌĞƐũŽŝŶƚůǇŚĞůĚǁŝƚŚ Total ϲϱ͕Ϭϴ͕ϬϬϬ Ϯϯ͕ϳϵ͕ϬϬϬ ϰϭ͕ϱϲ͕ϬϬϬ ϱϲ͕ϳϮ͕ϬϬϬ ϳϲ͕ϳϭ͕ϬϬϬ ϰϮ͕ϵϭ͕ϬϬϬ ϯ͕Ϭϲ͕ϳϳ͕ϬϬϬ
sŝůůƵDĞŚĞƌŶŽƐŚ<ĂƉĂĚŝĂͿ ϭ
ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘Ɖƌŝůϳ͕ϮϬϭϳ
Ϯ ĞĞƉĂŬWĂƌĞŬŚ;ũŽŝŶƚůǇŚĞůĚǁŝƚŚ Ϯ͕ϱϲϭ Ϭ͘ϬϬ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϱϯϵ Ϭ͘ϬϬ ϯ͕ϭϬϬ Ϭ͘ϬϬ
,ĂƌƐŚĂWĂƌĞŬŚͿ EŽŶͲǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐ `
V. Indebtedness Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ ^ŚĂƉŽŽƌDŝƐƚƌǇ1 ƌ͘E͘^͘ZĂũĂŶ2 Total
/ŶĚĞďƚĞĚŶĞƐƐŽĨƚŚĞŽŵƉĂŶǇŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚŽƵƚƐƚĂŶĚŝŶŐͬĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞĨŽƌƉĂǇŵĞŶƚ EŽ͘ Amount
` / crores
ϭ &ĞĞƐĨŽƌĂƩĞŶĚŝŶŐŽĂƌĚͬŽŵŵŝƩĞĞDĞĞƟŶŐƐ ϯ͕ϬϬ͕ϬϬϬ E/> E/> ϯ͕ϬϬ͕ϬϬϬ
WĂƌƟĐƵůĂƌƐ ^ĞĐƵƌĞĚ>ŽĂŶƐ hŶƐĞĐƵƌĞĚ>ŽĂŶƐ >ŝĂďŝůŝƚǇŽŶĞƌŝǀĂƟǀĞ Total Indebtedness
ĞǆĐůƵĚŝŶŐĚĞƉŽƐŝƚƐ Contracts Ϯ Commission Ͳ ϴ͕ϬϬ͕ϬϬϬ ϱ͕ϯϯ͕ϬϬϬ ϭϯ͕ϯϯ͕ϬϬϬ
/ŶĚĞďƚĞĚŶĞƐƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨ Total ϯ͕ϬϬ͕ϬϬϬ ϴ͕ϬϬ͕ϬϬϬ ϱ͕ϯϯ͕ϬϬϬ ϭϲ͕ϯϯ͕ϬϬϬ
ƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ 1
ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘ƉƌŝůϮϱ͕ϮϬϭϳ
ŝͿ WƌŝŶĐŝƉĂůŵŽƵŶƚ ϭϬϱϬ͘ϵϲ ϵϵϴ͘ϬϮ Ϯϰϰ͘Ϯϳ ϮϮϵϯ͘Ϯϱ
ŝŝͿ /ŶƚĞƌĞƐƚĚƵĞďƵƚŶŽƚƉĂŝĚ Ͳ Ͳ Ͳ Ͳ
2
ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϮϴ͕ϮϬϭϲ
ŝŝŝͿ/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞ ϯϱ͘ϱϴ ϲ͘Ϯϳ Ͳ ϰϭ͘ϴϱ
dŽƚĂů;ŝнŝŝнŝŝŝͿ ϭ͕Ϭϴϲ͘ϱϰ ϭ͕ϬϬϰ͘Ϯϵ 244.27 Ϯ͕ϯϯϱ͘ϭϬ The remuŶĞƌĂƟŽŶƚŽ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐĂŶĚEŽŶͲǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐǁĂƐǁŝƚŚŝŶƚŚĞĐĞŝůŝŶŐĂƐƉĞƌƚŚĞĐƚ;ΛϭйŽĨ
ŚĂŶŐĞŝŶ/ŶĚĞďƚĞĚŶĞƐƐĚƵƌŝŶŐ WƌŽĮƚƐĐĂůĐƵůĂƚĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϵϴŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯͿ
ƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ
ĚĚŝƟŽŶ Ͳ ϵϮϬ͘ϬϬ Ͳ ϵϮϬ͘ϬϬ
C. ZĞŵƵŶĞƌĂƟŽŶƚŽ<ĞǇDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůŽƚŚĞƌƚŚĂŶDͬDE'Zͬtd
ZĞĚƵĐƟŽŶ ϳ͘Ϯϲ ϭϭϲϳ͘ϴϱ ϭϯ͘ϳϭ ϭϭϴϴ͘ϴϮ
`/crores
EĞƚŚĂŶŐĞ ;ϳ͘ϮϲͿ ;Ϯϰϳ͘ϴϱͿ ;ϭϯ͘ϳϭͿ ;Ϯϲϴ͘ϴϮͿ
/ŶĚĞďƚĞĚŶĞƐƐĂƚƚŚĞĞŶĚŽĨƚŚĞ Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ Dƌ͘ĞĞũĂůĞƐĂŝ Dƌ͘'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ1
ĮŶĂŶĐŝĂůǇĞĂƌ ϭϬϰϯ͘ϴϲ ϳϰϬ͘ϬϮ ϮϯϬ͘ϱϲ ϮϬϭϰ͘ϰϰ
EŽ͘ Senior Vice President ǆĞĐƵƟǀĞ
ŝͿ WƌŝŶĐŝƉĂůŵŽƵŶƚ Ͳ Ͳ Ͳ Ͳ
ŝŝͿ /ŶƚĞƌĞƐƚĚƵĞďƵƚŶŽƚƉĂŝĚ ϯϱ͘ϰϮ ϭϲ͘ϰϮ Ͳ ϱϭ͘ϴϰ ʹ>ĞŐĂůΘŽŵƉĂŶǇ Vice President &
ŝŝŝͿ/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞ ^ĞĐƌĞƚĂƌǇ ŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
dŽƚĂů;ŝнŝŝнŝŝŝͿ ϭ͕Ϭϴϲ͘ϱϰ 756.44 230.56 Ϯ͕Ϭϲϲ͘Ϯϴ ϭ 'ƌŽƐƐƐĂůĂƌǇ
VI. ZĞŵƵŶĞƌĂƟŽŶŽĨŝƌĞĐƚŽƌƐĂŶĚ<ĞǇDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů ;ĂͿ ^ĂůĂƌǇĂƐƉĞƌƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶ^ĞĐƟŽŶϭϳ;ϭͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂǆĐƚ͕ϭϵϲϭ ϭ͘Ϭϯ Ϯ͘Ϭϭ
A. ZĞŵƵŶĞƌĂƟŽŶƚŽDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ͕tŚŽůĞͲƟŵĞŝƌĞĐƚŽƌƐĂŶĚͬŽƌDĂŶĂŐĞƌ͗ ;ďͿ sĂůƵĞŽĨƉĞƌƋƵŝƐŝƚĞƐƵͬƐϭϳ;ϮͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂǆĐƚ͕ϭϵϲϭ Ϭ͘ϮϮ Ϭ͘ϬϮ
` / crores ;ĐͿ WƌŽĮƚƐŝŶůŝĞƵŽĨƐĂůĂƌǇƵͬƐϭϳ;ϯͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂǆĐƚ͕ϭϵϲϭ Ͳ Ͳ
Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ Puneet Rakesh Ŷŝů'ŽĞů Mehernosh Total Ϯ ^ƚŽĐŬKƉƟŽŶ Ͳ Ͳ
EŽ͘ ŚŚĂƚǁĂů Sarna Θ&K3 ^͘<ĂƉĂĚŝĂ Amount
DΘK1 DΘK2 Ͳ ϯ ^ǁĞĂƚƋƵŝƚǇ Ͳ Ͳ
ŽƌƉŽƌĂƚĞ ϰ Commission
īĂŝƌƐ
ͲĂƐйŽĨƉƌŽĮƚ Ͳ Ͳ
ϭ 'ƌŽƐƐƐĂůĂƌǇ
;ĂͿ ^ĂůĂƌǇĂƐƉĞƌƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶ^ĞĐƟŽŶϭϳ;ϭͿŽĨ ϭ͘ϱϬ ϭϰ͘ϳϮ Ϭ͘ϲϳ Ϯ͘ϭϳ ϭϵ͘Ϭϲ ͲŽƚŚĞƌƐ;ƐƉĞĐŝĨǇͿ Ͳ Ͳ
ƚŚĞ/ŶĐŽŵĞͲƚĂǆĐƚ͕ϭϵϲϭ Total 1.25 2.03
;ďͿ sĂůƵĞŽĨƉĞƌƋƵŝƐŝƚĞƐƵͬƐϭϳ;ϮͿŽĨƚŚĞ Ϭ͘ϮϮ ϭ͘ϭϱ Ͳ Ϭ͘ϱϲ ϭ͘ϵϯ
/ŶĐŽŵĞͲƚĂǆĐƚ͕ϭϵϲϭ ϭ
ĂƉƉŽŝŶƚĞĚǁŝƚŚĞīĞĐƚĨƌŽŵDĂǇϰ͕ϮϬϭϳ
;ĐͿ WƌŽĮƚƐŝŶůŝĞƵŽĨƐĂůĂƌǇƵͬƐϭϳ;ϯͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂǆ Ͳ Ͳ Ͳ Ͳ Ͳ
Đƚ͕ϭϵϲϭ
Ϯ ^ƚŽĐŬKƉƟŽŶ E/> E/> E/> E/> E/> s//͘ WĞŶĂůƟĞƐͬWƵŶŝƐŚŵĞŶƚͬŽŵƉŽƵŶĚŝŶŐŽĨŽīĞŶĐĞƐ͗Eŝů
ϯ ^ǁĞĂƚƋƵŝƚǇ E/> E/> E/> E/> E/>
ϰ ŽŵŵŝƐƐŝŽŶƉĂŝĚͲ Ͳ Ͳ Ͳ Ͳ Ͳ dŚĞƌĞǁĞƌĞŶŽƉĞŶĂůƟĞƐ͕ƉƵŶŝƐŚŵĞŶƚŽƌĐŽŵƉŽƵŶĚŝŶŐŽĨŽīĞŶĐĞƐĚƵƌŝŶŐƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘
ĂƐйŽĨƉƌŽĮƚ
ϱ KƚŚĞƌƐ Ͳ Ͳ Ͳ Ͳ Ͳ
Total 1.72 15.87 0.67 2.73 20.99
1
ĨŽƌ ƉĂƌƚ ŽĨ ƚŚĞ ǇĞĂƌ ĨƌŽŵ ũŽŝŶŝŶŐ ĚĂƚĞ ŝ͘Ğ EŽǀĞŵďĞƌ ϲ͕ ϮϬϭϳ͕ 2ĨŽƌ ƉĂƌƚ ŽĨ ƚŚĞ ǇĞĂƌ ƵƉƚŽ ^ĞƉƚĞŵďĞƌ ϯϬ͕ ϮϬϭϳ͕ 3ZĞƟƌĞĚ ǁ͘Ğ͘Ĩ͘
KĐƚŽďĞƌϭϱ͕ϮϬϭϲ͘WƌŽƉŽƌƟŽŶĂƚĞWĞƌĨŽƌŵĂŶĐĞ>ŝŶŬĞĚŽŶƵƐĨŽƌϮϬϭϲͲϭϳĚŝƐďƵƌƐĞĚŝŶϮϬϭϳͲϭϴ͘
dŚĞƌĞŵƵŶĞƌĂƟŽŶƚŽDĂŶĚtdƐǁĂƐǁŝƚŚŝŶƚŚĞĐĞŝůŝŶŐĂƐƉĞƌƚŚĞĐƚ;ΛϭϬйŽĨWƌŽĮƚƐĐĂůĐƵůĂƚĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϵϴŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯͿ

ŶŶĞǆƵƌĞ/s
&ŽƌŵEŽ͘DZͲϯ ;ŝŝͿ d ŚĞ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;ĞůŝƐƟŶŐŽĨ ĂͿ /ƐƐƵĞĚ ĂŶĚ ůůŽƩĞĚ ϳ͘ϴϱй ϮϬϬϬ ZĂƚĞĚ͕ >ŝƐƚĞĚ͕
^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚ ƋƵŝƚǇ^ŚĂƌĞƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϬϵ͖ hŶƐĞĐƵƌĞĚ͕ ZĞĚĞĞŵĂďůĞ͕ EŽŶͲƵŵƵůĂƟǀĞ͕
EŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐĂŐŐƌĞŐĂƟŶŐƚŽ`ϮϬϬĐƌŽƌĞƐ
;ŝŝŝͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;ƵǇďĂĐŬŽĨ ŽŶƉƌŝůϮϬ͕ϮϬϭϳ͘
ĨŽƌƚŚĞĮŶĂŶĐŝĂůǇĞĂƌĞŶĚĞĚϯϭSt March 2018 ^ĞĐƵƌŝƟĞƐͿZĞŐƵůĂƟŽŶƐ͕ϭϵϵϴ͖ĂŶĚ
΀WƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϮϬϰ;ϭͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĂŶĚZƵůĞϵŽĨƚŚĞŽŵƉĂŶŝĞƐ ďͿ Ϯй ϮϬϬϬ hŶƐĞĐƵƌĞĚ EŽŶͲŽŶǀĞƌƟďůĞ ZĞĚĞĞŵĂďůĞ
;ƉƉŽŝŶƚŵĞŶƚĂŶĚZĞŵƵŶĞƌĂƟŽŶŽĨDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ΁ ;ŝǀͿ dŚĞ &ŽƌĞŝŐŶ ǆĐŚĂŶŐĞ DĂŶĂŐĞŵĞŶƚ Đƚ͕ ϭϵϵϵ ĂŶĚ ƚŚĞ ĞďĞŶƚƵƌĞƐ ĂŵŽƵŶƟŶŐ ƚŽ ` ϮϬϬ ĐƌŽƌĞƐ ŚĂƐ ďĞĞŶ
ZƵůĞƐĂŶĚZĞŐƵůĂƟŽŶƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌƚŽƚŚĞĞǆƚĞŶƚŽĨ ƌĞĚĞĞŵĞĚŽŶƉƌŝůϮϯ͕ϮϬϭϳ͘
To ;ĂͿ d ŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ &ŽƌĞŝŐŶŝƌĞĐƚ/ŶǀĞƐƚŵĞŶƚ͘
dŚĞDĞŵďĞƌƐ ;^ƵďƐƚĂŶƟĂů ĐƋƵŝƐŝƟŽŶ ŽĨ ^ŚĂƌĞƐ ĂŶĚ dĂŬĞŽǀĞƌƐͿ ĐͿ /ƐƐƵĞĚ ĂŶĚ ůůŽƩĞĚ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ĞƋƵŝƚǇ ƐŚĂƌĞƐ ŽĨ ` ϭ
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϭ͖ tĞĨƵƌƚŚĞƌƌĞƉŽƌƚƚŚĂƚʹ each at a premium of `ϳϰĂŐŐƌĞŐĂƟŶŐƚŽ`ϭϱϬϬĐƌŽƌĞƐ
DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝʹϰϬϬϬϬϭ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ŝƐ ĚƵůǇ ĐŽŶƐƟƚƵƚĞĚ ŽŶZŝŐŚƚƐďĂƐŝƐŽŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͘
;ďͿ d ŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ǁŝƚŚ ƉƌŽƉĞƌ ďĂůĂŶĐĞ ŽĨ ǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ͕ EŽŶͲǆĞĐƵƟǀĞ
tĞŚĂǀĞĐŽŶĚƵĐƚĞĚƚŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚŽĨƚŚĞĐŽŵƉůŝĂŶĐĞ ;WƌŽŚŝďŝƟŽŶŽĨ/ŶƐŝĚĞƌdƌĂĚŝŶŐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ͖ ŝƌĞĐƚŽƌƐ ĂŶĚ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͘ dŚĞ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĚͿ ƉƉƌŽǀĂů ŽĨ ^ĐŚĞŵĞ ŽĨ ŵĂůŐĂŵĂƟŽŶ ďĞƚǁĞĞŶ
ŽĨĂƉƉůŝĐĂďůĞƐƚĂƚƵƚŽƌǇƉƌŽǀŝƐŝŽŶƐĂŶĚƚŚĞĂĚŚĞƌĞŶĐĞƚŽŐŽŽĚ ĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŚĂƚƚŽŽŬƉůĂĐĞĚƵƌŝŶŐ d/&K ,ŽůĚŝŶŐƐ >ŝŵŝƚĞĚ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ ;͚^ĐŚĞŵĞ͛Ϳ
ĐŽƌƉŽƌĂƚĞ ƉƌĂĐƟĐĞƐ ďǇ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ;ĐͿ d ŚĞ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;/ƐƐƵĞŽĨ ƚŚĞƉĞƌŝŽĚƵŶĚĞƌƌĞǀŝĞǁǁĞƌĞĐĂƌƌŝĞĚŽƵƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ ǀŝĚĞŽƌĚĞƌŽĨEĂƟŽŶĂůŽŵƉĂŶǇ>ĂǁdƌŝďƵŶĂů͕ĞŶĐŚĂƚ
;ŚĞƌĞŝŶĂŌĞƌ ĐĂůůĞĚ ͚ƚŚĞ ŽŵƉĂŶǇ͛Ϳ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ ŽŶ ĂƉŝƚĂů ĂŶĚ ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ ZĞŐƵůĂƟŽŶƐ͕ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͘ DƵŵďĂŝĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϴ͘
DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ;ƚŚĞ ͚ĂƵĚŝƚ ƉĞƌŝŽĚ͛Ϳ͘ ^ĞĐƌĞƚĂƌŝĂů ƵĚŝƚ ǁĂƐ ϮϬϬϵ͖
ĐŽŶĚƵĐƚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚƉƌŽǀŝĚĞĚƵƐĂƌĞĂƐŽŶĂďůĞďĂƐŝƐ ĚĞƋƵĂƚĞ ŶŽƟĐĞ ŝƐ ŐŝǀĞŶ ƚŽ Ăůů ŝƌĞĐƚŽƌƐ ƚŽ ƐĐŚĞĚƵůĞ ƚŚĞ ĞͿ ŽŶƐĞŶƚŽĨƐŚĂƌĞŚŽůĚĞƌƐŽďƚĂŝŶĞĚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂů
ĨŽƌĞǀĂůƵĂƟŶŐƚŚĞĐŽƌƉŽƌĂƚĞĐŽŶĚƵĐƚƐͬƐƚĂƚƵƚŽƌǇĐŽŵƉůŝĂŶĐĞƐ ;ĚͿ d ŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;/ƐƐƵĞ ŽĂƌĚDĞĞƟŶŐƐ͕ĂŐĞŶĚĂĂŶĚĚĞƚĂŝůĞĚŶŽƚĞƐŽŶĂŐĞŶĚĂǁĞƌĞ DĞĞƟŶŐŚĞůĚŽŶƵŐƵƐƚϮϭ͕ϮϬϭϳĨŽƌŝƐƐƵĞŽĨĐƵŵƵůĂƟǀĞ
ĂŶĚĞǆƉƌĞƐƐŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͘ ĂŶĚ>ŝƐƟŶŐŽĨĞďƚ^ĞĐƵƌŝƟĞƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϬϴ͖ ƐĞŶƚĂƚůĞĂƐƚƐĞǀĞŶĚĂǇƐŝŶĂĚǀĂŶĐĞ͕ĂŶĚǁŚĞƌĞƚŚĞƐĂŵĞǁĞƌĞ ŶŽŶͲĐƵŵƵůĂƟǀĞ͕ ůŝƐƚĞĚͬƵŶůŝƐƚĞĚ͕ ƌĞĚĞĞŵĂďůĞ ŶŽŶ
ŐŝǀĞŶĂƚƐŚŽƌƚĞƌŶŽƟĐĞƚŚĂŶƐĞǀĞŶĚĂǇƐ͕ƉƌŝŽƌĐŽŶƐĞŶƚƚŚĞƌĞŽĨ ĐŽŶǀĞƌƟďůĞ ĚĞďĞŶƚƵƌĞƐ ;͚EƐ͛ͿͬďŽŶĚƐ ŝŶ ŽŶĞ Žƌ
ĂƐĞĚ ŽŶ ŽƵƌ ǀĞƌŝĮĐĂƟŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ďŽŽŬƐ͕ ƉĂƉĞƌƐ͕ ;ĞͿ dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ǁĞƌĞŽďƚĂŝŶĞĚĂŶĚĂƐǇƐƚĞŵĞǆŝƐƚƐĨŽƌƐĞĞŬŝŶŐĂŶĚŽďƚĂŝŶŝŶŐ ŵŽƌĞ ƐĞƌŝĞƐͬƚƌĂŶĐŚĞƐ ĂŐŐƌĞŐĂƟŶŐ ƵƉ ƚŽ ` ϱϬϬ ĐƌŽƌĞƐ
ŵŝŶƵƚĞ ďŽŽŬƐ͕ ĨŽƌŵƐ ĂŶĚ ƌĞƚƵƌŶƐ ĮůĞĚ ĂŶĚ ŽƚŚĞƌ ƌĞĐŽƌĚƐ ;ZĞŐŝƐƚƌĂƌƐ ƚŽ ĂŶ /ƐƐƵĞ ĂŶĚ ^ŚĂƌĞ dƌĂŶƐĨĞƌ ŐĞŶƚƐͿ ĨƵƌƚŚĞƌ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĐůĂƌŝĮĐĂƟŽŶƐ ŽŶ ƚŚĞ ĂŐĞŶĚĂ ŝƚĞŵƐ ;ZƵƉĞĞƐ &ŝǀĞ ,ƵŶĚƌĞĚ ƌŽƌĞƐ KŶůǇͿ ŽŶ Ă ƉƌŝǀĂƚĞ
ŵĂŝŶƚĂŝŶĞĚ ďǇ ƚŚĞ ŽŵƉĂŶǇ ĂŶĚ ĂůƐŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ZĞŐƵůĂƟŽŶƐ͕ϭϵϵϯƌĞŐĂƌĚŝŶŐƚŚĞŽŵƉĂŶŝĞƐĐƚĂŶĚ ďĞĨŽƌĞ ƚŚĞ ŵĞĞƟŶŐ ĂŶĚ ĨŽƌ ŵĞĂŶŝŶŐĨƵů ƉĂƌƟĐŝƉĂƟŽŶ Ăƚ ƚŚĞ ƉůĂĐĞŵĞŶƚďĂƐŝƐ͘
ƉƌŽǀŝĚĞĚďǇƚŚĞŽŵƉĂŶǇ͕ŝƚƐŽĸĐĞƌƐ͕ĂŐĞŶƚƐĂŶĚĂƵƚŚŽƌŝǌĞĚ ĚĞĂůŝŶŐǁŝƚŚĐůŝĞŶƚ͖ĂŶĚ ŵĞĞƟŶŐ͘
ƌĞƉƌĞƐĞŶƚĂƟǀĞƐ ĚƵƌŝŶŐ ƚŚĞ ĐŽŶĚƵĐƚ ŽĨ ^ĞĐƌĞƚĂƌŝĂů ƵĚŝƚ͕ ǁĞ &ŽƌEWΘƐƐŽĐŝĂƚĞƐ
ŚĞƌĞďǇƌĞƉŽƌƚƚŚĂƚŝŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞŽŵƉĂŶǇŚĂƐ͕ĚƵƌŝŶŐ ;ĨͿ dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ĞĐŝƐŝŽŶƐ Ăƚ ƚŚĞ ŵĞĞƟŶŐƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ Company Secretaries
ƚŚĞĂƵĚŝƚƉĞƌŝŽĚĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƉƌŽǀŝƐŝŽŶƐůŝƐƚĞĚ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ ŽŵƉĂŶǇ ĂŶĚ Ăƚ ŽŵŵŝƩĞĞƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ƚŚƌŽƵŐŚ ŽŶ ƚŚĞ ΀&ŝƌŵZĞŐŶ͘EŽ͘WϮϬϭϰD,ϬϯϳϰϬϬ΁
ŚĞƌĞƵŶĚĞƌ ĂŶĚ ĂůƐŽ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ƉƌŽƉĞƌ ŽĂƌĚͲ ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ͘ ďĂƐŝƐ ŽĨ ŵĂũŽƌŝƚǇ͘ dŚĞƌĞ ǁĞƌĞ ŶŽ ĚŝƐƐĞŶƟŶŐ ǀŝĞǁƐ ďǇ ĂŶǇ
ƉƌŽĐĞƐƐĞƐĂŶĚĐŽŵƉůŝĂŶĐĞŵĞĐŚĂŶŝƐŵŝŶƉůĂĐĞƚŽƚŚĞĞǆƚĞŶƚ͕ ŵĞŵďĞƌŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚƵƌŝŶŐƚŚĞĂƵĚŝƚƉĞƌŝŽĚ͘
ŝŶƚŚĞŵĂŶŶĞƌĂŶĚƐƵďũĞĐƚƚŽƚŚĞƌĞƉŽƌƟŶŐŵĂĚĞŚĞƌĞŝŶĂŌĞƌ͘ ;ǀŝͿ KƚŚĞƌůĂǁƐƐƉĞĐŝĮĐĂůůǇĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇĂƌĞ͗
tĞĨƵƌƚŚĞƌƌĞƉŽƌƚƚŚĂƚʹ
tĞŚĂǀĞĞǆĂŵŝŶĞĚƚŚĞďŽŽŬƐ͕ƉĂƉĞƌƐ͕ŵŝŶƵƚĞďŽŽŬƐ͕ĨŽƌŵƐ ;ĂͿ &ŽŽĚ ^ĂĨĞƚǇ ĂŶĚ ^ƚĂŶĚĂƌĚƐ Đƚ͕ ϮϬϬϲ ĂŶĚ &ŽŽĚ dŚĞƌĞĂƌĞĂĚĞƋƵĂƚĞƐǇƐƚĞŵƐĂŶĚƉƌŽĐĞƐƐĞƐŝŶƚŚĞŽŵƉĂŶǇ WůĂĐĞ͗DƵŵďĂŝ WƌĂŬĂƐŚ<͘WĂŶĚǇĂ
ĂŶĚ ƌĞƚƵƌŶƐ ĮůĞĚ ĂŶĚ ŽƚŚĞƌ ƌĞĐŽƌĚƐ ŵĂŝŶƚĂŝŶĞĚ ďǇ ƚŚĞ ^ĂĨĞƚǇĂŶĚ^ƚĂŶĚĂƌĚƐZƵůĞƐ͕ϮϬϭϭ͖ĂŶĚ ĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƚŚĞƐŝǌĞĂŶĚŽƉĞƌĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶǇ ĂƚĞ͗DĂǇϮϱ͕ϮϬϭϴ WĂƌƚŶĞƌ
ŽŵƉĂŶǇĨŽƌƚŚĞĂƵĚŝƚƉĞƌŝŽĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ͗ ƚŽŵŽŶŝƚŽƌĂŶĚĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞůĂǁƐ͕ &^ϯϵϬϭͬWEŽ͘Ϯϯϭϭ
;ďͿ &ŽŽĚ ^ĂĨĞƚǇ ĂŶĚ ^ƚĂŶĚĂƌĚƐ ;WĂĐŬŝŶŐ Θ >ĂďĞůůŝŶŐͿ ƌƵůĞƐ͕ƌĞŐƵůĂƟŽŶƐĂŶĚŐƵŝĚĞůŝŶĞƐ͘
;ŝͿ dŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;ƚŚĞ͚Đƚ͛ͿĂŶĚƚŚĞZƵůĞƐŵĂĚĞ ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϭ͘
EŽƚĞ͗ dŚŝƐ ƌĞƉŽƌƚ ŝƐ ƚŽ ďĞ ƌĞĂĚ ǁŝƚŚ ŽƵƌ ůĞƩĞƌ ŽĨ ĞǀĞŶ ĚĂƚĞ
ƚŚĞƌĞƵŶĚĞƌ͖ tĞĨƵƌƚŚĞƌƌĞƉŽƌƚƚŚĂƚʹ
ǁŚŝĐŚŝƐĂŶŶĞǆĞĚĂƐŶŶĞǆƵƌĞĂŶĚĨŽƌŵƐĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨ
tĞ ŚĂǀĞ ĂůƐŽ ĞǆĂŵŝŶĞĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ĂƉƉůŝĐĂďůĞ ƵƌŝŶŐ ƚŚĞ ĂƵĚŝƚ ƉĞƌŝŽĚ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐƉĞĐŝĮĐ ĞǀĞŶƚƐ ǁĞƌĞ
ƚŚŝƐƌĞƉŽƌƚ͘
;ŝŝͿ dŚĞ^ĞĐƵƌŝƟĞƐŽŶƚƌĂĐƚƐ;ZĞŐƵůĂƟŽŶͿĐƚ͕ϭϵϱϲĂŶĚƚŚĞ ĐůĂƵƐĞƐŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďǇƚŚĞ/ŶƐƟƚƵƚĞŽĨ ŚĞůĚ͗
ZƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌ͖ ŽŵƉĂŶǇ^ĞĐƌĞƚĂƌŝĞƐŽĨ/ŶĚŝĂƌĞůĂƚĞĚƚŽŽĂƌĚŵĞĞƟŶŐƐĂŶĚ
'ĞŶĞƌĂůŵĞĞƟŶŐƐ͘
;ŝŝŝͿ dŚĞ ĞƉŽƐŝƚŽƌŝĞƐ Đƚ͕ ϭϵϵϲ ĂŶĚ ƚŚĞ ZĞŐƵůĂƟŽŶƐ ĂŶĚ
ďǇͲůĂǁƐĨƌĂŵĞĚƚŚĞƌĞƵŶĚĞƌ͖ ƵƌŝŶŐƚŚĞƉĞƌŝŽĚƵŶĚĞƌƌĞǀŝĞǁ͕ƚŚĞŽŵƉĂŶǇŚĂƐĐŽŵƉůŝĞĚ
ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ZƵůĞƐ͕ZĞŐƵůĂƟŽŶƐ͕'ƵŝĚĞůŝŶĞƐ͕
;ŝǀͿ &ŽƌĞŝŐŶǆĐŚĂŶŐĞDĂŶĂŐĞŵĞŶƚĐƚ͕ϭϵϵϵĂŶĚƚŚĞZƵůĞƐ ^ƚĂŶĚĂƌĚƐ͕ĞƚĐ͘ŵĞŶƟŽŶĞĚĂďŽǀĞ͘
ĂŶĚ ZĞŐƵůĂƟŽŶƐ ŵĂĚĞ ƚŚĞƌĞƵŶĚĞƌ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ŽĨ
KǀĞƌƐĞĂƐ ŝƌĞĐƚ /ŶǀĞƐƚŵĞŶƚ ĂŶĚ ǆƚĞƌŶĂů ŽŵŵĞƌĐŝĂů ƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ
ŽƌƌŽǁŝŶŐ͖ ƌĞŐƵůĂƟŽŶƐǁĞƌĞŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇ͗
;ǀͿ d ŚĞ ĨŽůůŽǁŝŶŐ ZĞŐƵůĂƟŽŶƐ ĂŶĚ 'ƵŝĚĞůŝŶĞƐ ƉƌĞƐĐƌŝďĞĚ ;ŝͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;^ŚĂƌĞĂƐĞĚ

ƵŶĚĞƌ ƚŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ Đƚ͕ ŵƉůŽǇĞĞĞŶĞĮƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϰ͖
ϭϵϵϮ;͚^/Đƚ͛Ϳ͗

EEyhZ ŶŶĞǆƵƌĞV
/ŶĨŽƌŵĂƟŽŶƵŶĚĞƌ^ĞĐƟŽŶϭϵϳŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯƌĞĂĚǁŝƚŚZƵůĞϱ;ϭͿŽĨƚŚĞŽŵƉĂŶŝĞƐ
dŽ͕ ĐŚĞĐŬ ďĂƐŝƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ĐŽƌƌĞĐƚ ĨĂĐƚƐ ĂƐ ƌĞŇĞĐƚĞĚ ŝŶ
;ƉƉŽŝŶƚŵĞŶƚĂŶĚZĞŵƵŶĞƌĂƟŽŶŽĨDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ
dŚĞDĞŵďĞƌƐ͕ ƐĞĐƌĞƚĂƌŝĂůĂŶĚŽƚŚĞƌƌĞĐŽƌĚƐǁĞƌĞƉƌŽĚƵĐĞĚƚŽƵƐ͘tĞ
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉƌĂĐƟĐĞƐ ǁĞ ĨŽůůŽǁĞĚ͕ Ă͘ d ŚĞƌĂƟŽŽĨƚŚĞZĞŵƵŶĞƌĂƟŽŶŽĨĞĂĐŚŝƌĞĐƚŽƌƚŽƚŚĞŵĞĚŝĂŶZĞŵƵŶĞƌĂƟŽŶŽĨƚŚĞĞŵƉůŽǇĞĞƐŽĨƚŚĞŽŵƉĂŶǇĨŽƌƚŚĞ
ŽŵƉĂŶǇ>ŝŵŝƚĞĚ ƉƌŽǀŝĚĞƐ Ă ƌĞĂƐŽŶĂďůĞ ďĂƐŝƐ ĨŽƌ ŽƵƌ ŽƉŝŶŝŽŶ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂůǇĞĂƌ͘
ƉƵƌƉŽƐĞŽĨŝƐƐƵĞŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚ͘
ď͘ d ŚĞ ƉĞƌĐĞŶƚĂŐĞ ŝŶĐƌĞĂƐĞ ŝŶ ZĞŵƵŶĞƌĂƟŽŶ ŽĨ ĞĂĐŚ ŝƌĞĐƚŽƌ͕ ŚŝĞĨ &ŝŶĂŶĐŝĂů KĸĐĞƌ͕ ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ͕ ŽŵƉĂŶǇ
^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞŝƐƚŽďĞƌĞĂĚĂůŽŶŐǁŝƚŚ
^ĞĐƌĞƚĂƌǇŽƌDĂŶĂŐĞƌ͕ŝĨĂŶǇ͕ŝŶƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ͘
ƚŚŝƐůĞƩĞƌ͘ ϰ͘ t ĞŚĂǀĞŶŽƚǀĞƌŝĮĞĚƚŚĞĐŽƌƌĞĐƚŶĞƐƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ
ŽĨ ĮŶĂŶĐŝĂů ƌĞĐŽƌĚƐ ĂŶĚ ŽŽŬƐ ŽĨ ĐĐŽƵŶƚƐ ŽĨ ƚŚĞ tŚŽůĞͲƟŵĞŝƌĞĐƚŽƌƐĂŶĚ<DW ZĞŵƵŶĞƌĂƟŽŶ ZĞŵƵŶĞƌĂƟŽŶ йŝŶĐƌĞĂƐĞŽĨ ZĂƟŽƚŽŵĞĚŝĂŶ
ϭ͘ dŚĞ ĐŽŵƉůŝĂŶĐĞ ŽĨ ƉƌŽǀŝƐŝŽŶƐ ŽĨ Ăůů ůĂǁƐ͕ ƌƵůĞƐ͕ ŽŵƉĂŶǇ͘ ŝŶϮϬϭϳͬϮϬϭϴ ŝŶϮϬϭϲͬϮϬϭϳ ZĞŵƵŶĞƌĂƟŽŶ ZĞŵƵŶĞƌĂƟŽŶ
ƌĞŐƵůĂƟŽŶƐ͕ ƐƚĂŶĚĂƌĚƐ ĂƉƉůŝĐĂďůĞ ƚŽ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ in 2018 as
ŽŵƉĂŶǇ>ŝŵŝƚĞĚ;͚ƚŚĞŽŵƉĂŶǇ͛ͿŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ ϱ͘ tŚĞƌĞǀĞƌƌĞƋƵŝƌĞĚ͕ǁĞŚĂǀĞŽďƚĂŝŶĞĚƚŚĞŵĂŶĂŐĞŵĞŶƚ ĐŽŵƉĂƌĞĚƚŽ
ƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶǇ͘KƵƌĞǆĂŵŝŶĂƟŽŶǁĂƐ ƌĞƉƌĞƐĞŶƚĂƟŽŶĂďŽƵƚƚŚĞĐŽŵƉůŝĂŶĐĞŽĨůĂǁƐ͕ƌƵůĞƐĂŶĚ 2017
ůŝŵŝƚĞĚƚŽƚŚĞǀĞƌŝĮĐĂƟŽŶŽĨƌĞĐŽƌĚƐĂŶĚƉƌŽĐĞĚƵƌĞƐŽŶ ƌĞŐƵůĂƟŽŶƐĂŶĚŵĂũŽƌĞǀĞŶƚƐĚƵƌŝŶŐƚŚĞĂƵĚŝƚƉĞƌŝŽĚ͘ Dƌ͘WƵŶĞĞƚŚŚĂƚǁĂůͲDΘKϭ ϭϳϭ͘ϵϬ E E ϰϭ͘ϳϳ
ƚĞƐƚĐŚĞĐŬďĂƐŝƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝƐƐƵĞŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂů Dƌ͘ZĂŬĞƐŚ^ĂƌŶĂͲDΘKϮ ϭϱϴϲ͘ϲϳ ϳϵϯ͘ϱϳ ϭϬϬй ϯϴϱ͘ϱϯ
ƵĚŝƚZĞƉŽƌƚ͘ ϲ͘ dŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚŝƐŶĞŝƚŚĞƌĂŶĂƐƐƵƌĂŶĐĞĂƐ Dƌ͘ŶŝůW͘'ŽĞůͲΘ&Kϯ ϲϲ͘ϳϳ Ϯϵϭ͘ϳϬ Ͳϳϳй ϭϲ͘ϮϮ
ƚŽƚŚĞĨƵƚƵƌĞǀŝĂďŝůŝƚǇŽĨƚŚĞŽŵƉĂŶǇŶŽƌŽĨƚŚĞĞĸĐĂĐǇ Dƌ͘DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂͲͲŽƌƉŽƌĂƚĞīĂŝƌƐ ϮϳϮ͘ϴϭ ϮϯϮ͘ϰϴ ϭϳй ϲϲ͘Ϯϵ
Ϯ͘ DĂŝŶƚĞŶĂŶĐĞ ŽĨ ƐĞĐƌĞƚĂƌŝĂů ĂŶĚ ŽƚŚĞƌ ƌĞĐŽƌĚƐ ŽĨ Žƌ ĞīĞĐƟǀĞŶĞƐƐ ǁŝƚŚ ǁŚŝĐŚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ Dƌ͘'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝͲsWΘ&Kϰ ϮϬϮ͘ϴϴ E E ϰϵ͘ϯϬ
ĂƉƉůŝĐĂďůĞůĂǁƐŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ ĐŽŶĚƵĐƚĞĚƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶǇ͘ Dƌ͘ĞĞũĂůĞƐĂŝ͕^ĞŶŝŽƌsWͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ ϭϮϰ͘ϴϴ ϭϬϬ͘ϳϳ Ϯϰй ϯϬ͘ϯϰ
ŽĨƚŚĞŽŵƉĂŶǇ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚǇŝƐƚŽŝƐƐƵĞ^ĞĐƌĞƚĂƌŝĂů ϭ
ƉƉŽŝŶƚĞĚǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϲ͕ϮϬϭϳ
ƵĚŝƚZĞƉŽƌƚ͕ďĂƐĞĚŽŶƚŚĞĂƵĚŝƚŽĨƚŚĞƌĞůĞǀĂŶƚƌĞĐŽƌĚƐ &ŽƌEWΘƐƐŽĐŝĂƚĞƐ Ϯ
ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ
ŵĂŝŶƚĂŝŶĞĚĂŶĚĨƵƌŶŝƐŚĞĚƚŽƵƐďǇƚŚĞŽŵƉĂŶǇ͕ĂůŽŶŐ Company Secretaries ϯ
ZĞƟƌĞĚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϭϱ͕ϮϬϭϲ
ǁŝƚŚĞǆƉůĂŶĂƟŽŶƐǁŚĞƌĞƐŽƌĞƋƵŝƌĞĚ͘ ΀&ŝƌŵZĞŐŶ͘EŽ͘WϮϬϭϰD,ϬϯϳϰϬϬ΁ ϰ
ƉƉŽŝŶƚĞĚǁ͘Ğ͘Ĩ͘DĂǇϰ͕ϮϬϭϳ
ϯ͘ t
ĞŚĂǀĞĨŽůůŽǁĞĚƚŚĞĂƵĚŝƚƉƌĂĐƟĐĞƐĂŶĚƉƌŽĐĞƐƐĞƐĂƐ EŽŶͲǆĞĐƵƟǀĞĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ ZĞŵƵŶĞƌĂƟŽŶ ZĞŵƵŶĞƌĂƟŽŶ йŝŶĐƌĞĂƐĞŽĨ ZĂƟŽƚŽŵĞĚŝĂŶ
ǁĞƌĞĂƉƉƌŽƉƌŝĂƚĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚ WůĂĐĞ͗DƵŵďĂŝ WƌĂŬĂƐŚ<͘WĂŶĚǇĂ ŝŶϮϬϭϳͬϮϬϭϴ ŝŶϮϬϭϲͬϮϬϭϳ ZĞŵƵŶĞƌĂƟŽŶ ZĞŵƵŶĞƌĂƟŽŶ
ƚŚĞ ĐŽƌƌĞĐƚŶĞƐƐ ŽĨ ƚŚĞ ĐŽŶƚĞŶƚƐ ŽĨ ƚŚĞ ƐĞĐƌĞƚĂƌŝĂů ĂŶĚ ĂƚĞ͗DĂǇϮϱ͕ϮϬϭϴ WĂƌƚŶĞƌ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ in 2018 as
ŽƚŚĞƌ ůĞŐĂů ƌĞĐŽƌĚƐ͕ ůĞŐĂů ĐŽŵƉůŝĂŶĐĞ ŵĞĐŚĂŶŝƐŵ ĂŶĚ &^ϯϵϬϭͬWEŽ͘Ϯϯϭϭ ĐŽŵƉĂƌĞĚƚŽ
ĐŽƌƉŽƌĂƚĞ ĐŽŶĚƵĐƚ͘ dŚĞ ǀĞƌŝĮĐĂƟŽŶ ǁĂƐ ĚŽŶĞ ŽŶ ƚĞƐƚ 2017
Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶϭ ϯ͘ϬϬ Ϭ͘ϲϬ ϰϬϬй Ϭ͘ϳϯ
Dƌ͘ǇƌƵƐDŝƐƚƌǇϮ E ϭ͘ϱϬ ͲϭϬϬй E
Dƌ͘<͘͘ĂĚŝƐĞƚŚϯ ϳϲ͘ϳϭ ϳϯ͘ϵϲ ϰй ϭϴ͘ϲϰ
Dƌ͘ĞĞƉĂŬWĂƌĞŬŚ ϱϲ͘ϳϮ ϱϴ͘ϯϰ Ͳϯй ϭϯ͘ϳϴ
Dƌ͘^ŚĂƉŽŽƌDŝƐƚƌǇϰ ϴ͘ϬϬ ϭϱ͘ϯϰ Ͳϰϴй ϭ͘ϵϰ
Dƌ͘EĂĚŝƌ'ŽĚƌĞũ ϲϱ͘Ϭϴ ϯϱ͘ϭϵ ϴϱй ϭϱ͘ϴϭ
DƐ͘/ƌĞĞŶĂsŝƩĂů ϰϭ͘ϱϲ ϰϴ͘ϲϭ Ͳϭϱй ϭϬ͘ϭϬ
Dƌ͘'ĂƵƚĂŵĂŶĞƌũĞĞ Ϯϯ͘ϳϵ ϭϵ͘ϲϰ Ϯϭй ϱ͘ϳϴ
ƌ͘E͘^͘ZĂũĂŶϱ ϱ͘ϯϯ ϰ͘ϲϴ ϭϰй ϭ͘ϯϬ
DƐ͘sŝďŚĂWĂƵůZŝƐŚŝ ϰϮ͘ϵϭ ϯϲ͘ϭϰ ϭϵй ϭϬ͘ϰϯ
ϭ
ƉƉŽŝŶƚĞĚǁ͘Ğ͘Ĩ͘:ĂŶƵĂƌǇϮϳ͕ϮϬϭϳ
Ϯ
ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘ĞĐĞŵďĞƌϭϵ͕ϮϬϭϲ
ϯ
ϰ
ϱ
Đ͘ dŚĞƉĞƌĐĞŶƚĂŐĞŝŶĐƌĞĂƐĞŝŶƚŚĞŵĞĚŝĂŶZĞŵƵŶĞƌĂƟŽŶŽĨĞŵƉůŽǇĞĞƐŝŶƚŚĞĮŶĂŶĐŝĂůǇĞĂƌǁĂƐϲй
Ě͘ dŚĞŶƵŵďĞƌŽĨƉĞƌŵĂŶĞŶƚĞŵƉůŽǇĞĞƐŽŶƚŚĞƌŽůůƐŽĨƚŚĞŽŵƉĂŶǇĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴǁĂƐϱ͕ϲϮϭ
Ğ͘ ǀĞƌĂŐĞWĞƌĐĞŶƟůĞŝŶĐƌĞĂƐĞĂůƌĞĂĚǇŵĂĚĞŝŶƚŚĞƐĂůĂƌŝĞƐŽĨĞŵƉůŽǇĞĞƐŽƚŚĞƌƚŚĂŶƚŚĞDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůŝŶƚŚĞůĂƐƚ

ĮŶĂŶĐŝĂůǇĞĂƌǁĂƐϵй͘
Ĩ͘ /ƚŝƐĂĸƌŵĞĚƚŚĂƚƚŚĞZĞŵƵŶĞƌĂƟŽŶŝƐĂƐƉĞƌƚŚĞZĞŵƵŶĞƌĂƟŽŶWŽůŝĐǇĨŽƌŝƌĞĐƚŽƌƐ͕<ĞǇDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů͕ĂŶĚŽƚŚĞƌ
ĞŵƉůŽǇĞĞƐĂĚŽƉƚĞĚďǇƚŚĞŽŵƉĂŶǇ͘

DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůǇƐŝƐ ĐĐŽƌĚŝŶŐƚŽƚŚĞ/D&͕ĞŵĞƌŐŝŶŐĂŶĚĚĞǀĞůŽƉŝŶŐĞĐŽŶŽŵŝĞƐ
ĂƌĞ ůŝŬĞůǇ ƚŽ ŐƌŽǁ Ăƚ ϱй ďĞǇŽŶĚ ϮϬϭϵ͘ dŚŝƐ ƐŚŽǁƐ ƚŚĂƚ
ƉĞŐŐĞĚ Ăƚ ϱͲϳй ĂŶĚ ϱͲϲй͕ ƌĞƐƉĞĐƟǀĞůǇ͘ dŚŝƐ ŵĞƚƌŝĐ ĐŽƵůĚ
ŐƌŽǁďǇϰͲϲйĨŽƌƚŚĞDŝĚĚůĞĂƐƚĂŶĚϯ͘ϱͲϰ͘ϱйĨŽƌƵƌŽƉĞ
ƚŚĞƌĞ ǁŝůů ďĞ ŵŽĚĞƐƚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ŽĨ ĂƐǁĞůůĂƐƚŚĞŵĞƌŝĐĂƐ͘
zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ďĞĞŶ ƌĞƉŽƌƚŝŶŐ ĐŽŶƐŽůŝĚĂƚĞĚ ƌĞƐƵůƚƐ͕ ĂŶĚ ĞŶĐŽƵƌĂŐŝŶŐ ĞǆƉŽƌƚ ĚĞŵĂŶĚ ĨƌŽŵ ƚŚĞ ƵƌŽǌŽŶĞ ĂƌĞ
ĐŽŵŵŽĚŝƚǇ ĞǆƉŽƌƚĞƌƐ ʹ ƚŚŽƵŐŚ ƚŚŝƐ ŐƌŽǁƚŚ ǁŝůů ďĞ ŵƵĐŚ
ĚƌĂǁŶƵƉďĂƐĞĚƵƉŽŶƚŚĞƌĞƐƵůƚƐŽĨŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚ ĞǆƉĞĐƚĞĚ ƚŽ ĚƌŝǀĞ ŐƌŽǁƚŚ ĨŽƌ ĞŵĞƌŐŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ
ůŽǁĞƌƚŚĂŶƚŚĂƚǁŝƚŶĞƐƐĞĚŽǀĞƌƚŚĞƉƌĞĐĞĚŝŶŐƚǁŽĚĞĐĂĚĞƐ͘ ĂĐŬŚŽŵĞŝŶ/ŶĚŝĂ͕ƚŚĞdƌĂǀĞůΘdŽƵƌŝƐŵƐĞĐƚŽƌĐŽŶƚƌŝďƵƚĞĚ
sĞŶƚƵƌĞƐ ĂŶĚ ƐƐŽĐŝĂƚĞƐ ;ƚŽŐĞƚŚĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƚŚĞ ƵƌŽƉĞ͕ŐŽŝŶŐĨŽƌǁĂƌĚ͘
tŚŝůĞ ŚŝŶĂ͛Ɛ ŐƌŽǁƚŚ ƌĂƚĞ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ĚĞĐůŝŶĞ͕ ŝƚ ǁŝůů `ϭϱ͕Ϯϯϵ͘ϲ ďŝůůŝŽŶ ;h^ Ϯϯϰ͘Ϭ ďŝůůŝŽŶͿ Žƌ ϵ͘ϰй ƚŽ /ŶĚŝĂ͛Ɛ 'W
͚/,>͛ Žƌ ͚'ƌŽƵƉ͛Ϳ͘ dŚŝƐ ĚŝƐĐƵƐƐŝŽŶ͕ ƚŚĞƌĞĨŽƌĞ͕ ĐŽǀĞƌƐ ƚŚĞ
ƐƟůů ŽƵƚŐƌŽǁ ƚŚĞ ĂǀĞƌĂŐĞ ŐƌŽǁƚŚ ƌĂƚĞ ŽĨ ĞŵĞƌŐŝŶŐ ĂŶĚ ŝŶ ϮϬϭϳ͘ dŚŝƐ ƐĞĐƚŽƌ ĐƌĞĂƚĞĚ ϰϭ͕ϲϮϮ͕ϱϬϬ ũŽďƐ Žƌ ϴй ŽĨ ƚŽƚĂů
ĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐĂŶĚŽƚŚĞƌĚĞǀĞůŽƉŵĞŶƚƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ ůƚŚŽƵŐŚŐƌŽǁƚŚŝŶƚŚĞDŝĚĚůĞĂƐƚ͕EŽƌƚŚĨƌŝĐĂ͕ĨŐŚĂŶŝƐƚĂŶ
ĚĞǀĞůŽƉĞĚĞĐŽŶŽŵŝĞƐ͘ ĞŵƉůŽǇŵĞŶƚ;ĚŝƌĞĐƚĂŶĚŝŶĚŝƌĞĐƚͿŝŶƚŚĞĐŽƵŶƚƌǇŝŶƚŚĞǇĞĂƌĂŶĚ
Ɖƌŝů͕ ϮϬϭϳ ƚŽ DĂƌĐŚ͕ ϮϬϭϴ͕ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ /,>͘ ^ŽŵĞ ĂŶĚ WĂŬŝƐƚĂŶ ŝƐ ĞǆƉĞĐƚĞĚ ƚŽ ŝŵƉƌŽǀĞ ŝŶ ϮϬϭϴ ĂŶĚ ϮϬϭϵ͕
ƚŚŝƐŵĞƚƌŝĐĐŽƵůĚƌŝƐĞďǇϯ͘ϭйŝŶϮϬϭϴ͘sŝƐŝƚŽƌĞǆƉŽƌƚƐĨŽƌŵĞĚ
ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƚŚŝƐ ĚŝƐĐƵƐƐŝŽŶ ĚĞƐĐƌŝďŝŶŐ ƚŚĞ ƉƌŽũĞĐƚŝŽŶƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞƐĞ ĞĐŽŶŽŵŝĞƐ ǁŝůů ƐƟůů ďĞ ŵŽĚĞƌĂƚĞ
/ŶĚŝĂŶ ĞĐŽŶŽŵǇ ƚŚŽƵŐŚ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ǁŝƚŶĞƐƐ ŐƌĂĚƵĂů ϱ͘ϴй ŽĨ ƚŽƚĂů ĞǆƉŽƌƚƐ͕ ŐĞŶĞƌĂƟŶŐ ĞǆƉŽƌƚƐ ǁŽƌƚŚ ` ϭ͕ϳϳϳ͘ϭ
ĞƐƚŝŵĂƚĞƐ͕ ĞǆƉĞĐƚĂƚŝŽŶƐ Žƌ ŽƵƚůŽŽŬ ŵĂǇ ďĞ ĨŽƌǁĂƌĚ ;Εϯ͘ϱйͿ͘&Žƌ^ĂƵĚŝƌĂďŝĂ͕ŐĂŝŶƐĨƌŽŵƐƚƌŽŶŐĞƌŽŝůƉƌŝĐĞƐĂŶĚ
ŝŵƉƌŽǀĞŵĞŶƚ͕ ĂŵŝĚ ŝŶĐƌĞĂƐŝŶŐ ŽƵƚƉƵƚ͘ KƚŚĞƌ ĐŽŵŵŽĚŝƚǇ ďŝůůŝŽŶ;h^Ϯϳ͘ϯďŝůůŝŽŶͿ͘/ŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞƐĞĐƚŽƌƐƚŽŽĚĂƚ
ůŽŽŬŝŶŐ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂǇ͕ ŚŽǁĞǀĞƌ͕ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůǇ ĐŽŶƐĞƋƵĞŶƚŝŵƉƌŽǀĞŵĞŶƚŝŶĚŽŵĞƐƟĐĚĞŵĂŶĚǁŝůůďĞŽīƐĞƚ
ŝŵƉŽƌƟŶŐ ĞĐŽŶŽŵŝĞƐ ĐŽƵůĚ ĂůƐŽ ǁŝƚŶĞƐƐ ŚĞĂůƚŚǇ ƚƌĂĐƟŽŶ ŝŶ ` Ϯ͕ϳϬϲ͘ϭďŝůůŝŽŶ͕ƌĞƉƌĞƐĞŶƟŶŐϲ͘ϯйŽĨƚŽƚĂůŝŶǀĞƐƚŵĞŶƚƐĂŶĚ
ĨƌŽŵ ƚŚŽƐĞ ƐƚĂƚĞĚ͕ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ǀĂƌŝŽƵƐ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ƉĂƌƚůǇ ďǇ ƚŚĞ ĮƐĐĂů ĂĚũƵƐƚŵĞŶƚƐ ŶĞĞĚĞĚ ƚŽ ĂůŝŐŶ ǁŝƚŚ ƚŚĞ
ƚŚŝƐ ƉĞƌŝŽĚ͘ WƌŽƐƉĞĐƚƐ ĨŽƌ ĂĚǀĂŶĐĞĚ ĞĐŽŶŽŵŝĞƐ ĂƉƉĞĂƌ ƚŽ ĐĂŶŐƌŽǁďǇϲ͘ϳйŝŶϮϬϭϴ͘
ĐŚĂŶŐĞƐŝŶŐŽǀĞƌŶŵĞŶƚƌĞŐƵůĂƚŝŽŶƐ͕ƚĂǆƌĞŐŝŵĞƐ͕ĞĐŽŶŽŵŝĐ ƐĂŵĞ͘ /ŵƉƌŽǀŝŶŐ ƉƌŽƐƉĞĐƚƐ ŽĨ ĐŽŵŵŽĚŝƚǇ ĞǆƉŽƌƚĞƌƐ ĐŽƵůĚ
ďĞ ŵƵƚĞĚ ĂƐ ƚŚĞ ĐǇĐůŝĐĂů ƵƉƐǁŝŶŐ ĂŶĚ ĮƐĐĂů ƐƟŵƵůƵƐ ŽĨ ƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚƐǁŝƚŚŝŶ/ŶĚŝĂĂŶĚƚŚĞĐŽƵŶƚƌŝĞƐǁŝƚŚŝŶǁŚŝĐŚ ďŽůƐƚĞƌ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ŝŶ ^ƵďͲ^ĂŚĂƌĂŶ ĨƌŝĐĂ͘ 'ƌŽǁƚŚ ŝŶ
h^ &ĞĚĞƌĂů ZĞƐĞƌǀĞ ŵĂǇ ŐƌĂĚƵĂůůǇ ůŽƐĞ ƐƚĞĂŵ͘ KǀĞƌĂůů͕ ϰϬ KǀĞƌ ƚŚĞ ŶĞǆƚ ĚĞĐĂĚĞ ĞŶĚŝŶŐ ϮϬϮϴ͕ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƚŚĞ
ǇŽƵƌ ŽŵƉĂŶǇ ĐŽŶĚƵĐƚƐ ŝƚƐ ďƵƐŝŶĞƐƐ͕ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ ĂŶĚ ^ŽƵƚŚĨƌŝĐĂ͕ƚŽŽ͕ŝƐĞǆƉĞĐƚĞĚƚŽƐƚƌĞŶŐƚŚĞŶĨƌŽŵϭ͘ϯйŝŶϮϬϭϳ
ĞŵĞƌŐŝŶŐ ŵĂƌŬĞƚ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ĞĐŽŶŽŵŝĞƐ ĂƌĞ ĞƐƟŵĂƚĞĚ ƐĞĐƚŽƌ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ŐƌŽǁ Ăƚ Ă ĐŽŵƉŽƵŶĚĞĚ ĂŶŶƵĂů
ŝŶƚĞƌĞƐƚƌĂƚĞƐĨůƵĐƚƵĂƚŝŽŶƐ͕ŝŵƉĂĐƚŽĨĐŽŵƉĞƚŝƚŝŽŶ͕ĚĞŵĂŶĚ ƚŽϭ͘ϱйŝŶϮϬϭϴĂŶĚϭ͘ϳйŝŶϮϬϭϵ͘
ƚŽ ŐƌŽǁ ŵŽƌĞ ƐůŽǁůǇ ŝŶ ƉĞƌ ĐĂƉŝƚĂ ƚĞƌŵƐ ǀŝƐͲăͲǀŝƐ ĂĚǀĂŶĐĞĚ ŐƌŽǁƚŚ ƌĂƚĞ ;Ζ'ZΖͿ ŽĨ ϲ͘ϳй ƚŽ h^ ϴϱ͘Ϯ ďŝůůŝŽŶ͘ &ŽƌĞŝŐŶ
ĂŶĚƐƵƉƉůǇĐŽŶƐƚƌĂŝŶƚƐ͕ĞƚĐ͘
ĞĐŽŶŽŵŝĞƐ͕ĨĂŝůŝŶŐƚŽŶĂƌƌŽǁŝŶĐŽŵĞŐĂƉƐǀŝƐͲăͲǀŝƐƚŚĞŐƌŽƵƉ ƚŽƵƌŝƐƚ ĂƌƌŝǀĂůƐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƉƌŽƉŽƌƚŝŽŶ ŽĨ ĚŽŵĞƐƚŝĐ
ŵĞƌŐŝŶŐ ƐŝĂ ǁŝůů ƉůĂǇ Ă ƉŝǀŽƚĂů ƌŽůĞ ŝŶ ƐĐƵůƉƟŶŐ ŐůŽďĂů
ŽĨŵŽƌĞƉƌŽƐƉĞƌŽƵƐĐŽƵŶƚƌŝĞƐ͘ ƚƌĂǀĞůůĞƌƐ ŐƌĞǁ ƐŝŐŶŝĨŝĐĂŶƚůǇ ĚƵƌŝŶŐ &ŝŶĂŶĐŝĂů zĞĂƌ ϮϬϭϳͲ
'ůŽďĂůĐŽŶŽŵŝĐŶǀŝƌŽŶŵĞŶƚĂŶĚKƵƚůŽŽŬ ŐƌŽǁƚŚ ĂŶĚ ŝƐ ĞƐƟŵĂƚĞĚ ƚŽ ŐƌŽǁ ďǇ ϲ͘ϱй ĚƵƌŝŶŐ ϮϬϭϴͲϭϵ͘
ϭϴ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ DŝŶŝƐƚƌǇ ŽĨ dŽƵƌŝƐŵ͕ /ŶĚŝĂ͛Ɛ ĨŽƌĞŝŐŶ
ĐŽŶŽŵŝĞƐ ĂĐƌŽƐƐ ŐĞŽŐƌĂƉŚŝĞƐ ĂƌĞ ĞƐƟŵĂƚĞĚ ƚŽ ŚĂǀĞ Ɛ ƚŚĞ ǁŽƌůĚ͛Ɛ ƐĞĐŽŶĚ ůĂƌŐĞƐƚ ĞĐŽŶŽŵǇ͕ ŚŝŶĂ͕ ƵŶĚĞƌŐŽĞƐ
KǀĞƌǀŝĞǁŽĨƚŚĞ'ůŽďĂůΘ/ŶĚŝĂŶdŽƵƌŝƐŵ/ŶĚƵƐƚƌǇ ƚŽƵƌŝƐƚ ĂƌƌŝǀĂůƐ ŐƌĞǁ ϭϱ͘ϲй ŽǀĞƌ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ǇĞĂƌ ƚŽ
ŐƌŽǁŶ Ăƚ ĂŶ ĂĐĐĞůĞƌĂƚĞĚ ƉĂĐĞ ƐŝŶĐĞ ϮϬϭϭ͕ ŽǁŝŶŐ ƚŽ ƚƌĂŶƐĨŽƌŵĂƟŽŶ ĨƌŽŵ ďĞŝŶŐ ŝŶǀĞƐƚŵĞŶƚͲĚƌŝǀĞŶ ƚŽ ďĞŝŶŐ
ZŽďƵƐƚ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ĂŶĚ ďƵŽǇĂŶƚ ĐŽŶƐƵŵĞƌ ƐƉĞŶĚŝŶŐ ϭϬϭ͘ϳϳůĂŬŚƉĞŽƉůĞ͘
ďƌŽĂĚͲďĂƐĞĚŝŵƉƌŽǀĞŵĞŶƚŝŶŵŽƐƚĐŽƵŶƚƌŝĞƐďĞůŽŶŐŝŶŐƚŽƚŚĞ ĚƌŝǀĞŶ ďǇ ƉƌŝǀĂƚĞ ĐŽŶƐƵŵƉƟŽŶ͖ ĂŶĚ ĨƌŽŵ ŝŶĚƵƐƚƌŝĞƐ ƚŽ
ĂĐƌŽƐƐƚŚĞǁŽƌůĚǁĂƐĂĚĞƋƵĂƚĞůǇƌĞŇĞĐƚĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ
ĂĚǀĂŶĐĞĚĂŶĚĞŵĞƌŐŝŶŐǁŽƌůĚ͘ĐĐŽƌĚŝŶŐƚŽĞƐƟŵĂƚĞƐŽĨƚŚĞ ƐĞƌǀŝĐĞƐ͕ŝƚƐŐƌŽǁƚŚĐŽƵůĚǁŝƚŶĞƐƐƐůŝŐŚƚŵŽĚĞƌĂƟŽŶ͘ZŝƐŝŶŐ
ŽĨƚŚĞŐůŽďĂůƚƌĂǀĞůĂŶĚƚŽƵƌŝƐŵŝŶĚƵƐƚƌǇŝŶϮϬϭϳ͘ĐĐŽƌĚŝŶŐ ZŝƐŝŶŐ ŝŶŇƵǆ ŽĨ ĨŽƌĞŝŐŶ ǀŝƐŝƚŽƌƐ ǀŝĂ ƚŚĞ ĞͲǀŝƐĂ ĨĂĐŝůŝƚǇ ǁĂƐ Ă
/ŶƚĞƌŶĂƟŽŶĂů DŽŶĞƚĂƌǇ &ƵŶĚ ;Ζ/D&ΖͿ͕ ŐůŽďĂů ĞĐŽŶŽŵǇ ŐƌĞǁ ŶŽŶͲĮŶĂŶĐŝĂů ĚĞďƚ ĐŽƵůĚ ĞǆĞƌƚ ĨƵƌƚŚĞƌ ƉƌĞƐƐƵƌĞ ŽŶ ŚŝŶĂ͛Ɛ
ƚŽ ƚŚĞ tŽƌůĚ dƌĂǀĞů Θ dŽƵƌŝƐŵ ŽƵŶĐŝů ;ΖtddΖͿ ĞƐƟŵĂƚĞƐ͕ ŬĞǇŐƌŽǁƚŚĞŶĂďůĞƌ͘/ŵƉůĞŵĞŶƚĂƟŽŶŽĨĂŚŽƐƚŽĨŵĞĂƐƵƌĞƐ
ϯ͘ϴйŝŶϮϬϭϳ͕ǁŚŝĐŚǁĂƐЪйƉŽŝŶƚŚŝŐŚĞƌ͕ĐŽŵƉĂƌĞĚƚŽϮϬϭϲ͘ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ͘ /D& ĞƐƟŵĂƚĞƐ ƉĞŐ ŚŝŶĂ͛Ɛ ŐƌŽǁƚŚ Ăƚ
ƚŚĞ ƐĞĐƚŽƌ͛Ɛ ĚŝƌĞĐƚ ŐƌŽǁƚŚ ƐƚŽŽĚ Ăƚ ϰ͘ϲй ŝŶ ƚŚĞ ǇĞĂƌ ĂŶĚ ůŝŬĞ ĞǆƚĞŶƐŝŽŶ ŽĨ ĞͲǀŝƐĂ ĨĂĐŝůŝƚǇ ƚŽ ϭϳϯ ĐŽƵŶƚƌŝĞƐ ĨƌŽŵ ϭϲϭ
ůƚŚŽƵŐŚƵƌŽƉĞĂŶĚƐŝĂǁŝƚŶĞƐƐĞĚĐŽŵŵĞŶĚĂďůĞĞĐŽŶŽŵŝĐ ϲ͘ϵйŝŶϮϬϭϳ͕ϲ͘ϲйŝŶϮϬϭϴĂŶĚϲ͘ϰйŝŶϮϬϭϵ͘dŚĞĨŽƌĞĐĂƐƚ
ŽƵƚƉĞƌĨŽƌŵĞĚŐůŽďĂůĞĐŽŶŽŵŝĐŐƌŽǁƚŚĨŽƌƚŚĞƐĞǀĞŶƚŚǇĞĂƌ ĐŽƵŶƚƌŝĞƐĞĂƌůŝĞƌ͕ŝŶĐƌĞĂƐĞŝŶƚŚĞǁŝŶĚŽǁĨŽƌĂƉƉůŝĐĂƟŽŶŽĨ
ĞǆƉĂŶƐŝŽŶĚƵƌŝŶŐƚŚĞǇĞĂƌ͕ŐƌŽǁƚŚŝŶĞŵĞƌŐŝŶŐĂŶĚĚĞǀĞůŽƉĞĚ ŝƐŚŝŐŚĞƌ;ďǇϬ͘ϭйƉŽŝŶƚŝŶďŽƚŚϮϬϭϴĂŶĚϮϬϭϵͿƌĞůĂƟǀĞƚŽ
ŝŶĂƌŽǁ͘ ĞͲǀŝƐĂĨƌŽŵϯϬĚĂǇƐƚŽϭϮϬĚĂǇƐ͕ŝŶĐƌĞĂƐĞŝŶĚƵƌĂƟŽŶŽĨƐƚĂǇ
ĞĐŽŶŽŵŝĞƐ͕ƚŽŽ͕ĞǆĐĞĞĚĞĚ/D&͛ƐĨŽƌĞĐĂƐƚƐŵĂƌŐŝŶĂůůǇ͘ ƚŚĞKĐƚŽďĞƌĨŽƌĞĐĂƐƚƐĂŶĚƌĞŇĞĐƚŵĂƌŐŝŶĂůŝŵƉƌŽǀĞŵĞŶƚŝŶ
ŽŶ ĞͲǀŝƐĂ ĨƌŽŵ ϯϬ ĚĂǇƐ ƚŽ ϲϬ ĚĂǇƐ ĂŶĚ ĂůůŽǁŝŶŐ ŽĨ ĚŽƵďůĞ
ĞǆƚĞƌŶĂůĚĞŵĂŶĚŽƵƚůŽŽŬ͘
ŽŶƟŶƵŝŶŐƚŚĞŵŽŵĞŶƚƵŵƐĞĞŶŝŶƌĞĐĞŶƚǇĞĂƌƐ͕ƐŝĂǁĂƐĂƚ ĞŶƚƌǇ ŽŶ ĞͲƚŽƵƌŝƐƚ ĂŶĚ ĞͲďƵƐŝŶĞƐƐ ǀŝƐĂ͕ ĂŶĚ ƚƌŝƉůĞ ĞŶƚƌǇ ŽŶ
tŝĚĞͲƌĂŶŐŝŶŐ ƌĞǀŝǀĂů ŝŶ ŝŶǀĞƐƚŵĞŶƚ ƐƉĞŶĚƐ ŝŶ ĂĚǀĂŶĐĞĚ
ƚŚĞĨŽƌĞĨƌŽŶƚŽĨƚŚĞƐĞĐƚŽƌŐƌŽǁƚŚŝŶϮϬϭϳĂƐǁĞůů͘dŚĞdƌĂǀĞů ĞͲŵĞĚŝĐĂůǀŝƐĂƉƌŽƉĞůůĞĚƚŚŝƐƐĞŐŵĞŶƚƐŝŐŶŝĮĐĂŶƚůǇ͘
ĞĐŽŶŽŵŝĞƐ ĂŶĚ ƐƚĂďŝůŝƐŝŶŐ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐĞůĞĐƚ /ŶĚŝĂ ĐŽŶƟŶƵĞƐ ƚŽ ďĞ ĂŵŽŶŐ ƚŚĞ ǁŽƌůĚ͛Ɛ ĨĂƐƚĞƐƚ ŐƌŽǁŝŶŐ
ĂŶĚdŽƵƌŝƐŵƐĞĐƚŽƌŝƐĞƐƟŵĂƚĞĚƚŽďĞϭϬ͘ϰйŽĨŐůŽďĂů'W
ĐŽŵŵŽĚŝƚǇͲĞǆƉŽƌƟŶŐĞĐŽŶŽŵŝĞƐǁĞƌĞŵĂũŽƌĐĂƚĂůǇƐƚƐďĞŚŝŶĚ ŵĂũŽƌ ĞĐŽŶŽŵŝĞƐ͕ ĚĞƐƉŝƚĞ ƚĞŵƉŽƌĂƌǇ ŚŝĐĐƵƉƐ ĐĂƵƐĞĚ
ĂŶĚ ϵ͘ϵй ŽĨ ƚŽƚĂů ĞŵƉůŽǇŵĞŶƚ ;ϯϭϯ ŵŝůůŝŽŶ ũŽďƐͿ ŝŶ ϮϬϭϳ͘ ĞƚǁĞĞŶ :ĂŶƵĂƌǇ ƚŽ KĐƚŽďĞƌ ϮϬϭϳ͕ ĨŽƌĞŝŐŶ ƚŽƵƌŝƐƚƐ ĂƌƌŝǀĂůƐ
ƚŚŝƐďƌŽĂĚͲďĂƐĞĚŝŵƉƌŽǀĞŵĞŶƚ͘hƉƐǁŝŶŐŝŶŝŶǀĞƐƚŵĞŶƚƐƉĞŶĚƐ͕ ďǇ ĚĞŵŽŶĞƟƐĂƟŽŶ ĂŶĚ 'ŽŽĚƐ ĂŶĚ ^ĞƌǀŝĐĞƐ dĂǆ ;Ζ'^dΖͿ
dŚĞƐĞĐƚŽƌƚŚƵƐĐŽŶƟŶƵĞĚƚŽƉůĂǇĂĐƌƵĐŝĂůƌŽůĞŝŶĐƌĞĂƟŶŐ ƵƐŝŶŐĞͲǀŝƐĂŐƌĞǁďǇϱϵйƚŽϭϮ͘ϰϯůĂŬŚƉĞŽƉůĞ͕ĐŽŵƉĂƌĞĚƚŽ
ŝŶƚƵƌŶ͕ǁĞƌĞĚƌŝǀĞŶďǇƐƚƌŽŶŐĞƌŐƌŽƐƐĐĂƉŝƚĂůĨŽƌŵĂƟŽŶĂŶĚ ŝŵƉůĞŵĞŶƚĂƟŽŶ͘ dŚĞ ĐŽƵŶƚƌǇ͛Ɛ 'W ŐƌŽǁƚŚ ŝƐ ƉĞŐŐĞĚ Ăƚ
ũŽďƐ͕ ĨƵĞůůŝŶŐ ĞǆƉŽƌƚƐ ĂŶĚ ĨŽƐƚĞƌŝŶŐ ƉƌŽƐƉĞƌŝƚǇ ĂƌŽƵŶĚ ƚŚĞ ϳ͘ϴϭůĂŬŚƉĞŽƉůĞŝŶƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƉĞƌŝŽĚŽĨϮϬϭϲ͘dŽƵƌŝƐƚƐ
ĂĐĐĞůĞƌĂƟŽŶ ŝŶ ƐƚŽĐŬďƵŝůĚŝŶŐ͘ &ĂǀŽƵƌĂďůĞ ŵŽŶĞƚĂƌǇƉŽůŝĐŝĞƐ ϲ͘ϳй ŝŶ ϮϬϭϳ͖ ĂŶĚ ŝƐ ůŝŬĞůǇ ƚŽ ĂĐĐĞůĞƌĂƚĞ ƚŽ ϳ͘ϰй ŝŶ ϮϬϭϴ
ǁŽƌůĚ͘ ĂƌƌŝǀŝŶŐ ĨƌŽŵ ƚŚĞ h< ƵƐĞĚ ƚŚŝƐ ĨĂĐŝůŝƚǇ ƚŚĞ ŵŽƐƚ ĚƵƌŝŶŐ ƚŚŝƐ
ďǇ ĐĞŶƚƌĂů ďĂŶŬƐ͕ ƐƚƌŽŶŐĞƌ ĐŽƌƉŽƌĂƚĞ ďĂůĂŶĐĞ ƐŚĞĞƚƐ ĂŶĚ ĂŶĚ ϳ͘ϴй ŝŶ ϮϬϭϵ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ĐŽŶƟŶƵĞĚ ƚƌĂĐƟŽŶ ŝŶ
ƉĞƌŝŽĚ͘dŚĞƐĞĚĞǀĞůŽƉŵĞŶƚƐƌĞŇĞĐƚƚŚĞŝŵƉƌŽǀŝŶŐƉƌŽƐƉĞĐƚƐ
ŚĞĂůƚŚŝĞƌŐƌŽǁƚŚƉƌŽƐƉĞĐƚƐĂůƐŽƵŶůĞĂƐŚĞĚƉĞŶƚͲƵƉĚĞŵĂŶĚ ƉƌŝǀĂƚĞ ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ŐƌĂĚƵĂů ĞĂƐŝŶŐ ŽĨ ƚŚĞ ƚĞĞƚŚŝŶŐ
ĐĐŽƌĚŝŶŐ ƚŽ tdd ĞƐƟŵĂƚĞƐ͕ ŝŶ ϮϬϭϴ͕ ĚŝƌĞĐƚ ĐŽŶƚƌŝďƵƟŽŶ ĂŶĚ ƐƚĂƌƚ ŽĨ ƚŚĞ ƵƉĐǇĐůĞ ĂŶĚ ǁŝůů ďŽůƐƚĞƌ ƉƌŽƐƉĞĐƚƐ ŽĨ ƚŚĞ
ĨŽƌĐĂƉŝƚĂůŐŽŽĚƐ͘ ŝƐƐƵĞƐĨŽůůŽǁŝŶŐƚŚĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞƐĞƌĞĨŽƌŵƐ͘dŚĞ
ŽĨ ƚŚŝƐ ƐĞĐƚŽƌ ƚŽ ŐůŽďĂů 'W ŝƐ ƐĞƚ ƚŽ ƌŝƐĞ ďǇ ϰ͘Ϭй ĨƌŽŵ dƌĂǀĞůĂŶĚdŽƵƌŝƐŵƐĞĐƚŽƌŝŶ/ŶĚŝĂ͘
ĞĐŽŶŽŵǇ ŐƌĞǁ ϳ͘ϳй ĚƵƌŝŶŐ ƚŚĞ :ĂŶƵĂƌǇͲDĂƌĐŚ ƉĞƌŝŽĚ͕
h^Ϯ͕ϱϳϬ͘ϭďŝůůŝŽŶŝŶϮϬϭϳ͘tddĞƐƟŵĂƚĞƐƚŚĂƚƚŚĞƐĞĐƚŽƌ͛Ɛ
/ŵƉƌŽǀŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƐƉĞŶĚƐ ŝŶ ĂĚǀĂŶĐĞĚ ĞĐŽŶŽŵŝĞƐ ǁĞƌĞ ƐƵƌƉĂƐƐŝŶŐŚŝŶĂ͛ƐŐƌŽǁƚŚŽĨϲ͘ϴйĚƵƌŝŶŐƚŚĞƐĂŵĞƉĞƌŝŽĚ͘
ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ŐůŽďĂů 'W ǁŝůů ŝŶĐƌĞĂƐĞ ďǇ ϯ͘ϴй ĂŶŶƵĂůůǇ Future Trends
ĞŶĐŽƵƌĂŐŝŶŐ͕ŐŝǀĞŶƚŚĞǁĞĂŬƐĞŶƟŵĞŶƚƐŝŶĐĞϮϬϬϴͲϬϵ͘,ŝŐŚĞƌ
ďĞƚǁĞĞŶϮϬϭϴĂŶĚϮϬϮϴ͖ĂŶĚĐŽƵůĚƌĞĂĐŚh^ϯ͕ϴϵϬ͘ϬďŝůůŝŽŶ /ŶĚŝĂ͛Ɛ ƚŽƵƌŝƐŵ ĂŶĚ ŚŽƐƉŝƚĂůŝƚǇ ŝŶĚƵƐƚƌǇ ŝƐ ŽŶ ƚŚĞ ĐƵƐƉ ŽĨ
ŵŽŵĞŶƚƵŵŝŶƉƌŝǀĂƚĞĐŽŶƐƵŵƉƟŽŶĂŶĚƌĞǀŝǀĂůŝŶŶĞƚĞǆƉŽƌƚƐ '^d ŝŵƉůĞŵĞŶƚĂƟŽŶ ŵĂǇ ŚĞůƉ ƌĞĚƵĐĞ ŝŶƚĞƌŶĂů ďĂƌƌŝĞƌƐ ƚŽ
;ϯ͘ϲйŽĨƚŽƚĂů'WĨƌŽŵϯ͘ϮйŝŶϮϬϭϳͿŝŶϮϬϮϴ͘ ĂŶ ƵƉĐǇĐůĞ ĂŶĚ ŝƐ ĐŽŶƐƚĂŶƚůǇ ĞǀŽůǀŝŶŐ ŝŶ ůŝŶĞ ǁŝƚŚ ĐŚĂŶŐŝŶŐ
ĨƵƌƚŚĞƌĨƵĞůůĞĚƚŚĞŐƌŽǁƚŚŽĨĞŵĞƌŐŝŶŐĞĐŽŶŽŵŝĞƐŽĨŚŝŶĂ ƚƌĂĚĞ͕ĞŶŚĂŶĐĞĞĸĐŝĞŶĐǇ͕ĂŶĚŝŵƉƌŽǀĞƚĂǆĐŽŵƉůŝĂŶĐĞŽǀĞƌ
ĐŽŶƐƵŵƉƟŽŶ ŚĂďŝƚƐ ĂŶĚ ƉƌĞĨĞƌĞŶĐĞƐ͘ dŚĞ ƐĞĐƚŽƌ ƉůĂǇƐ Ă
ĂŶĚ/ŶĚŝĂŝŶƚŚĞǇĞĂƌŐŽŶĞďǇ͘ ƚŚĞ ŵĞĚŝƵŵ ƚĞƌŵ͘ dŚĞ 'ŽǀĞƌŶŵĞŶƚ ŽĨ /ŶĚŝĂ͛Ɛ ĐŽŶƟŶƵĞĚ
/ŶϮϬϭϳ͕ƚŚĞĚĞŵĂŶĚĨŽƌŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐƚƐŐƌĞǁĂƚĂƌĂƉŝĚ ƐŝŐŶŝĮĐĂŶƚƌŽůĞŝŶĚƌŝǀŝŶŐŽǀĞƌĂůůĞĐŽŶŽŵŝĐŐƌŽǁƚŚĂŶĚŽĨƚŚĞ
ĞŵƉŚĂƐŝƐ ŽŶ ǁŝĚĞͲƌĂŶŐŝŶŐ ƌĞĨŽƌŵƐ ĂƌĞ ĂŝŵĞĚ Ăƚ ŝŵƉƌŽǀŝŶŐ
ƉĂĐĞŽĨϳйƚŽϭ͕ϯϮϮŵŝůůŝŽŶĂĐĐŽƌĚŝŶŐƚŽƚŚĞůĂƚĞƐƚhEtdK ƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌǇ͘
'ůŽďĂů ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ŝƐ ůŝŬĞůǇ ƚŽ ďĞ ŚĞĂůƚŚǇ ŝŶ ϮϬϭϴ ĂŶĚ ƉƌŽĚƵĐƟǀŝƚǇ ĂŶĚ ŝŶĐĞŶƟǀŝƐŝŶŐ ƉƌŝǀĂƚĞ ŝŶǀĞƐƚŵĞŶƚƐ͘ 'ŽŝŶŐ
tŽƌůĚ dŽƵƌŝƐŵ ĂƌŽŵĞƚĞƌ͘ tŚŝůĞ ƚŚĞ ŐƌŽǁƚŚ ŝƐ ůŝŬĞůǇ ƚŽ
ϮϬϭϵ͕ ĚĞƐƉŝƚĞ ƵŶƉƌĞĚŝĐƚĂďůĞ ŚĞĂĚǁŝŶĚƐ͘ /D& ƌĂŝƐĞĚ ŝƚƐ ĨŽƌǁĂƌĚ͕ ƚŚĞƐĞ ŝŶŝƟĂƟǀĞƐ ǁŝůů ďĞ ĂŵŽŶŐ ƚŚĞ ƉƌŽŵŝŶĞŶƚ
ĚŝŵŝŶŝƐŚĨƌŽŵŚĞƌĞŽŶ͕ŝƚŝƐƐƟůůĞƐƟŵĂƚĞĚƚŽƌĞŵĂŝŶŚĞĂůƚŚǇ tĞ ŚŝŐŚůŝŐŚƚ ƐŽŵĞ ŽĨ ƚŚĞ ĨƵƚƵƌĞ ƚƌĞŶĚƐ ŝŶ ƚŚĞ ŚŽƐƉŝƚĂůŝƚǇ
ĞƐƟŵĂƚĞƐ ĨŽƌ ŐůŽďĂů ŐƌŽǁƚŚ ƚŽ ϯ͘ϵй ŝŶ ĞĂĐŚ ŽĨ ƚŚĞƐĞ ƚǁŽ ŐƌŽǁƚŚ ĞŶĂďůĞƌƐ ĨŽƌ /ŶĚŝĂ͘ dŚĞ 'ŽǀĞƌŶŵĞŶƚ ŝƐ ĨŽĐƵƐŝŶŐ ŽŶ
ĂƚϰͲϱйŝŶϮϬϭϴ͘ ŝŶĚƵƐƚƌǇ͗
ǇĞĂƌƐ͘ /ŵƉƌŽǀŝŶŐ ƉƌŽƐƉĞĐƚƐ ĨŽƌ ĐŽŵŵŽĚŝƚǇ ĞǆƉŽƌƚĞƌƐ ŝƐ ďƌŽĂĚͲďĂƐŝŶŐ ŐƌŽǁƚŚ ŝŶ ǁŚŝĐŚ ĞǀĞƌǇ ƐĞĐƟŽŶ ŽĨ ƐŽĐŝĞƚǇ ŚĂƐ
ůŝŬĞůǇ ƚŽ ďŽůƐƚĞƌ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ŝŶ ƐŝĂ ĂŌĞƌ ƚŚƌĞĞ ǇĞĂƌƐ Ă ƉĂƌƟĐŝƉĂƚŽƌǇ ƌŽůĞ͘ >ŽǁĞƌŝŶŐ ĐŽŶƐƚƌĂŝŶƚƐ ŽŶ ũŽď ĐƌĞĂƟŽŶ
dŚŝƐ ŝƐ ĐŽŵŵĞŶĚĂďůĞ ĂŶĚ ƌĞŇĞĐƚƐ ƚŚĞ ƐƚĞĂĚǇ ĞǆƉĂŶƐŝŽŶ ϭ͘ ,ŝŐŚĞƌĨŽĐƵƐŽŶĐƵƐƚŽŵĞƌͲĐĞŶƚƌŝĐŝƚǇ
ŽĨ ǁĞĂŬŶĞƐƐ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ŐƌŽǁƚŚ ŝŶ ĞŵĞƌŐŝŶŐ ĂŶĚ ďǇůŝďĞƌĂůŝƐŝŶŐ ůĂďŽƵƌ ŵĂƌŬĞƚ ŶŽƌŵƐ͕ ƌĞĚƵĐŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ
ƐĞĞŶŝŶƚŚŝƐƐĞĐƚŽƌŽǀĞƌƚŚĞƉĂƐƚĞŝŐŚƚǇĞĂƌƐ͘'ŽŝŶŐĨŽƌǁĂƌĚ͕ ǀĞƌ ƚŚĞ ƌĞĐĞŶƚ ǇĞĂƌƐ͕ ƚŚĞ ƚĞƌŵ ĐƵƐƚŽŵĞƌͲĐĞŶƚƌŝĐŝƚǇ
K
ĚĞǀĞůŽƉŝŶŐ ƵƌŽƉĞ ŝƐ ƉƌŽũĞĐƚĞĚ ƚŽ ƐůŽǁ ĚŽǁŶ ƚŽ ϰ͘ϯй ŝŶ ďŽƩůĞŶĞĐŬƐ ĂŶĚ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ƚŚĞ ĞĚƵĐĂƟŽŶĂů ĨƌĂŵĞǁŽƌŬ
ƚŚĞĚĞŵĂŶĚĨŽƌŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐƚƐŝƐĞƐƟŵĂƚĞĚƚŽŐƌŽǁ ŚĂƐ ĂƐƐƵŵĞĚ Ă ǁŚŽůĞ ŶĞǁ ŵĞĂŶŝŶŐ͘ ,ŽƚĞůƐ ĂƌĞ ĚŽŝŶŐ
ϮϬϭϴ;ĨƌŽŵΕϲйŝŶϮϬϭϳͿĂŶĚϯ͘ϳйŝŶϮϬϭϵ͘&ĂĐƚŽƌƐƐƵĐŚĂƐ ĂƌĞŬĞǇĞŶĂďůĞƌƐƚŽĚƌŝǀĞ/ŶĚŝĂ͛ƐŝŶĐůƵƐŝǀĞŐƌŽǁƚŚ͘
Ăƚ ƚŚĞ ĨĂƐƚĞƐƚ ƉĂĐĞ ĨŽƌ ĨƌŝĐĂ͕ ƐŝĂ ĂŶĚ ƚŚĞ WĂĐŝĮĐ ĂŶĚ ŝƐ ĞǀĞƌǇƚŚŝŶŐ ƚŚĞǇ ĐĂŶ ƚŽ ŝŵƉƌŽǀĞ ĐƵƐƚŽŵĞƌ ĞǆƉĞƌŝĞŶĐĞƐ
ĨĂǀŽƵƌĂďůĞ ĞǆƚĞƌŶĂů ĞŶǀŝƌŽŶŵĞŶƚ͕ ĞĂƐǇ ĮŶĂŶĐŝŶŐ ĐŽŶĚŝƟŽŶƐ

ĂŶĚĚĞůŝŐŚƚƚŚĞŝƌĐƵƐƚŽŵĞƌƐ͘dŚĞƐĞŵŽǀĞƐĂƌĞĂŝŵĞĚŶŽƚ /ŶϮϬϭϳ͕ƌŽŽŵƐƐƵƉƉůǇ;ĞǆŝƐƟŶŐƌŽŽŵƐͿŐƌĞǁϲ͘ϴйŽǀĞƌϮϬϭϲ ĂƌĞ ŐĞŶĞƌĂƟŶŐ ƚŚĞ ŵŽƐƚ ƉĂƚĞŶƚƐ͕ ϴ ^ŚĞŶǌŚĞŶʹ,ŽŶŐ <ŽŶŐ ZĞƐƚƌƵĐƚƵƌŝŶŐ
ũƵƐƚĂƚĐƵƐƚŽŵĞƌĂĐƋƵŝƐŝƟŽŶ͕ďƵƚĂůƐŽƚŽĂĐŚŝĞǀĞŚŝŐŚĞƌ ƚŽƚŽƚĂůϭ͕ϭϵ͕ϮϭϵƌŽŽŵƐ;^ŽƵƌĐĞ͗,s^ͲdƌĞŶĚƐΘKƉƉŽƌƚƵŶŝƟĞƐ ĐŽŵĞƐŝŶĂƚƐĞĐŽŶĚƉůĂĐĞďĞƚǁĞĞŶdŽŬǇŽͲzŽŬŽŚĂŵĂĂŶĚ^ĂŶ ZĞƐƚƌƵĐƚƵƌŝŶŐĞŶƚĂŝůƐĂĐŽŶƟŶƵŽƵƐĂŶĚĐĂƌĞĨƵůƌĞͲĞǆĂŵŝŶĂƟŽŶ
ĐƵƐƚŽŵĞƌůŽǇĂůƚǇ͘ Report 2017 & BW Hotelier.com)͘ :ŽƐĞʹ^ĂŶ &ƌĂŶĐŝƐĐŽ ǁŚŝůĞ ĞŝũŝŶŐ ĐŽŵĞƐ Ăƚ ƚŚĞ ϳth ƉŽƐŝƟŽŶ͘ ŽĨ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ĞǆŝƐƟŶŐ ƉŽƌƞŽůŝŽ ƚŽ ƵŶůŽĐŬ ǀĂůƵĞ ĨƌŽŵ
/Ŷ ďŽƚŚ ĐĂƐĞƐ ĂĐƟǀŝƚǇ ŝƐ ĐŽŶĐĞŶƚƌĂƚĞĚ ŝŶ ƚŚĞ ĮĞůĚ ŽĨ ĚŝŐŝƚĂů ĞĸĐŝĞŶĐŝĞƐŝŶƐĐĂůĞĂŶĚƐŝŵƉůŝĨǇŝŶŐƚŚĞŚŽůĚŝŶŐƐƚƌƵĐƚƵƌĞĨŽƌ
Ϯ͘ ZŝƐŝŶŐƌŽůĞŽĨŽŶůŝŶĞƉůĂƞŽƌŵƐ tŝƚŚ ŵƵůƟƉůĞ ĚĞŵĂŶĚ ĞŶĂďůĞƌƐ͕ ĮƌŵůǇ ŝŶ ƉůĂĐĞ͕ ƚŚĞƌĞ ĐŽŵŵƵŶŝĐĂƟŽŶƐ͘ dŚƌĞĞ /ŶĚŝĂŶ ůŽĐĂƟŽŶƐ ĂƉƉĞĂƌ ŝŶ ƚŚĞ ƚŽƉ ŐƌĞĂƚĞƌƉƌŽĮƚĂďŝůŝƚǇ͘
KŶůŝŶĞƚƌĂǀĞůďŽŽŬŝŶŐĂŶĚŚŽƚĞůƐĞůĞĐƟŽŶǁĞďƐŝƚĞƐ͕ĂƉƉƐ ŝƐ ĂĚĞƋƵĂƚĞ ƵŶĂĐĐŽŵŵŽĚĂƚĞĚ ŝŶĚƵƐƚƌǇ ĚĞŵĂŶĚ͕ ďĞŝŶŐ ϭϬϬ ŽĨ ƚŚĞ ĐůƵƐƚĞƌ ƐƚƵĚǇ͗ ĞŶŐĂůƵƌƵ Ăƚ ϰϯƌĚ ;ǁŝƚŚ ƉĂƚĞŶƚ
ƚŚĂƚ ŚĞůƉ ƚƌĂǀĞůůĞƌƐ ƉůĂŶ ƚŚĞŝƌ ĞŶƟƌĞ ƚŽƵƌ͕ ĂŶĚ ƐŝŵŝůĂƌ ĂĚĚƌĞƐƐĞĚ ďǇ ƵŶŽƌŐĂŶŝƐĞĚ ŚŽƚĞů ƉůĂǇĞƌƐ͘ /Ŷ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ĂĐƟǀŝƚǇ ĨŽĐƵƐĞĚ ŽŶ ĐŽŵƉƵƚĞƌ ƚĞĐŚŶŽůŽŐǇͿ͕ DƵŵďĂŝ Ăƚ ϵϱth͕ ZĞͲĞŶŐŝŶĞĞƌŝŶŐ
ƉůĂƞŽƌŵƐ ĂƌĞ ŐĂŝŶŝŶŐ ƉƌŽŵŝŶĞŶĐĞ ĂŵŽŶŐ ĐƵƐƚŽŵĞƌƐ͘ ĨĞǁǇĞĂƌƐ͕ƚŚĞŵŝĚͲŵĂƌŬĞƚĂŶĚďƵĚŐĞƚƐĞŐŵĞŶƚƐŚĂǀĞŐĂŝŶĞĚ ĂŶĚWƵŶĞĂƚϵϲth (Source: World Economic Forum- The Global /,>ǁŝůůďĞƚŚĞǀĂŶŐƵĂƌĚŽĨĐŚĂŶŐĞŝŶƚŚĞŚŽƐƉŝƚĂůŝƚǇŝŶĚƵƐƚƌǇ
&ƌŽŵ ďŽŽŬŝŶŐ ŇŝŐŚƚ ƟĐŬĞƚƐ ƚŽ ƐĞůĞĐƟŶŐ ƚŚĞ ŚŽƚĞůƐ ƉƌŽŵŝŶĞŶĐĞŝŶ/ŶĚŝĂŽŶƚŚĞďĂĐŬŽĨƚŚƌŝǀŝŶŐŚŽƚĞůĂŐŐƌĞŐĂƚŽƌƐ ŽŵƉĞƟƟǀĞŶĞƐƐZĞƉŽƌƚϮϬϭϳʹϮϬϭϴͿ͘ ĂƐŝƚŐŽĞƐĂďŽƵƚƌĞͲĞŶŐŝŶĞĞƌŝŶŐŝƚƐƐǇƐƚĞŵƐĂŶĚƉƌŽĐĞƐƐĞƐĂŶĚ
ĂŶĚ ƉůĂŶŶŝŶŐ ƚŚĞ ĞŶƟƌĞ ƚŽƵƌ͕ ƚŚĞƐĞ ƉůĂƞŽƌŵƐ ĚĞůŝǀĞƌ ŝŶ ƚŚĞƐĞ ƐĞŐŵĞŶƚƐ͘ ^ƵĐŚ ĂŐŐƌĞŐĂƚŽƌƐ ŚĂǀĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƚŚĞ ĞŵďƌĂĐŝŶŐ ďĞƐƚͲŝŶͲĐůĂƐƐ ƚĞĐŚŶŽůŽŐǇ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ůĞǀĞƌĂŐŝŶŐ
ďĞŶĞĮƚƐ ůŝŬĞ ĐŽŶǀĞŶŝĞŶĐĞ ĂŶĚ ďĞƐƚ ĚĞĂůƐ ƚŽ ĐƵƐƚŽŵĞƌƐ͘ ƐŝŐŶŝĮĐĂŶƚ ĂŶĚ ƵŶŽƌŐĂŶŝƐĞĚ ŚŽƚĞů ŵĂƌŬĞƚ͘ KŶůŝŶĞ ƉůĂƞŽƌŵƐ tŝƚŚĂƉŽƐŝƟǀĞŽƵƚůŽŽŬŽĨƚŚĞ/ŶĚŝĂŶŚŽƐƉŝƚĂůŝƚǇƐĞĐƚŽƌǇŽƵƌ ĚĂƚĂ ĂŶĂůǇƟĐƐ ƚŽ ĐĂƉƚƵƌĞ ĐƵƐƚŽŵĞƌ ƉƌĞĨĞƌĞŶĐĞƐ ĂŶĚ ĚĞůŝǀĞƌ
ŶĞǁŐĞŶĞƌĂƟŽŶŽĨƉĂƐƐŝŽŶĂƚĞ͕ŵŝůůĞŶŶŝĂůƚƌĂǀĞůůĞƌƐĂŶĚ ĨŽƌďƵĚŐĞƚĂĐĐŽŵŵŽĚĂƟŽŶŚĂǀĞƉĂƌƚŶĞƌĞĚǁŝƚŚƐƚĂŶĚĂůŽŶĞ ŽŵƉĂŶǇŝƐǁĞůůƉŽŝƐĞĚƚŽŚĂŶĚůĞƚŚŝƐĐƌŝƟĐĂůĚĞŵĂŶĚĂƐǁĞůů ŐƌĞĂƚĞƌƉĞƌƐŽŶĂůŝƐĂƟŽŶƚŽǀĂůƵĞĚƉĂƚƌŽŶƐ͘^ƵĐŚƌĞͲĞŶŐŝŶĞĞƌŝŶŐ
ŝŶĐƌĞĂƐŝŶŐ ĐŽŵƉĞƟƟǀĞ ŝŶƚĞŶƐŝƚǇ ĂƌĞ ĐŚĂŶŐŝŶŐ ƚŚĞ ƌƵůĞƐ ŚŽƚĞůƐ ĂŶĚ ŐƵĞƐƚŚŽƵƐĞƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞŵ ǁŝƚŚ ŵĂƌŬĞƟŶŐ͕ ĂƐĐĂƚĞƌƚŽƐŽŵĞŽĨƚŚĞŐƌŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŵŽĚĞƌŶ ǁŝůů ƌĞŝŶĨŽƌĐĞ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ƉĞŽƉůĞ ƉƌŽĐĞƐƐĞƐ ƚŽ ďƵŝůĚ Ă
ŽĨƚŚĞŝŶĚƵƐƚƌǇƌĂƉŝĚůǇ͘ ĚŝƐƚƌŝďƵƟŽŶ ĂŶĚ ƋƵĂůŝƚǇ ĂƐƐĞƐƐŵĞŶƚƐ͘ dŚĞƐĞ ĐŽŵƉĂŶŝĞƐ ƚƌĂǀĞůůĞƌ͘ KƵƌ WĂŶͲ/ŶĚŝĂ ƉƌĞƐĞŶĐĞ ĂŶĚ ƐƚƌŽŶŐ ƉƌŝĐŝŶŐ ƉŽǁĞƌ ŵŽƌĞƌŽďƵƐƚƉĞƌĨŽƌŵĂŶĐĞͲŽƌŝĞŶƚĞĚĐƵůƚƵƌĞ͘
ĂƌĞ ƌĂŝƐŝŶŐ ǀĞŶƚƵƌĞ ĨƵŶĚŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƟŶŐ ĂŵďŝƟŽƵƐ ǁŝůůƉůĂǇĂƐŝŐŶŝĮĐĂŶƚƌŽůĞŝŶƐŚĂƉŝŶŐŽƵƌĨƵƚƵƌĞ͘
ϯ͘ DĂŬŝŶŐƌŽŽŵƐŵŽƌĞƚĞĐŚͲƐĂǀǀǇ ĞǆƉĂŶƐŝŽŶƉůĂŶƐ͘ ZĞͲŝŵĂŐŝŶŝŶŐ
ŶŚĂŶĐĞĚ ƵƐĞ ŽĨ ƚĞĐŚŶŽůŽŐŝĞƐ ůŝŬĞ /ŶƚĞƌŶĞƚ ŽĨ dŚŝŶŐƐ͕ /,>ʹ^ƚƌŽŶŐWƌŝĐŝŶŐWŽǁĞƌ dŚĞ ƚŚŝƌĚ ƉŝůůĂƌ͕ ZĞͲŝŵĂŐŝŶŝŶŐ ǁŝůů ŵĞĂŶ ůĞǀĞƌĂŐŝŶŐ /,>͛Ɛ
ǀŽŝĐĞͲĂĐƟǀĂƟŽŶ ĂŶĚ tŝͲ&ŝ͕ ĂŵŽŶŐ ŽƚŚĞƌƐ ĂƌĞ ĂĐƟŶŐ ĂƐ ĐĐŽƌĚŝŶŐ ƚŽ Ă ƌĞĐĞŶƚ ƌĞƉŽƌƚ ďǇ ĞƵƚƐĐŚĞ ĂŶŬ͕ ŐƌŽƐƐ ƐƚƌĞŶŐƚŚƐ ĂŶĚ ƐƚƌŽŶŐ ďƌĂŶĚ ĞƋƵŝƚǇ ƚŽ ŵƵůƟƉůǇ ŝƚƐ ƉŽƌƞŽůŝŽ͕
ƚŚĞŬĞǇĚŝīĞƌĞŶƟĂƚŽƌƐĨŽƌŚŽƚĞůƐ͘,ŽƚĞůƐĂƌĞĂůƐŽůŽŽŬŝŶŐ ŚŽƚĞů ďŽŽŬŝŶŐƐ ĂƌĞ ƉŽŝƐĞĚ ƚŽ ŐƌŽǁ ĨƌŽŵ Ψϳ͘Ϯ ďŝůůŝŽŶ ƚŽ sZ'ZKKDZd^Έ`Ή ǁŚŝůƐƚ ĂůŝŐŶŝŶŐ ƚŽ ŚŝŐŚͲŐƌŽǁƚŚ ƐĞŐŵĞŶƚƐ͘ dŚŝƐ ǁŝůů ŝŶĐůƵĚĞ
ƚŽ ƉƌŽǀŝĚĞ ĂƉƉƐ ƚŚĂƚ ǁŝůů ĂůůŽǁ ŐƵĞƐƚƐ ƚŽ ĂĚũƵƐƚ ƚŚĞŝƌ ΨϭϬ͘ϵ ďŝůůŝŽŶ ďǇ ϮϬϮϬ͘ /ƚ ĞǆƉĞĐƚƐ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŽŶůŝŶĞ ŵĂŶŽĞƵǀƌŝŶŐĞǆĐĞůůĞŶĐĞĂŶĚƌĞŝŶǀŝŐŽƌĂƟŶŐŝƚƐƉŽƌƞŽůŝŽĂĐƌŽƐƐ
ƌŽŽŵůŝŐŚƟŶŐ͕ƚĞŵƉĞƌĂƚƵƌĞĂŶĚŽƚŚĞƌĨĞĂƚƵƌĞƐĨƌŽŵƚŚĞŝƌ ďŽŽŬŝŶŐƐƚŽŝŶĐƌĞĂƐĞĨƌŽŵϭϵйƚŽϮϴйŝŶƚŚŝƐƉĞƌŝŽĚ͘ƐƉĞƌ &zϭϳ ĂůůďƌĂŶĚƐ͘
ƐŵĂƌƚƉŚŽŶĞƐ͘ DŽƐƚ ůĞĂĚŝŶŐ ŚŽƚĞůƐ ĂƌĞ ůŽŽŬŝŶŐ ƚŽ ŵĂŬĞ ƚŚĞƌĞƉŽƌƚ͕ĂƌŽƵŶĚϳϴйŽĨƚŚĞŽǀĞƌĂůůŽŶůŝŶĞŚŽƚĞůďŽŽŬŝŶŐƐ
&zϭϱ
ƚŚĞŝƌ ƌŽŽŵƐ ƚĞĐŚͲƐĂǀǀǇ ƚŽ ĚƌŝǀĞ ĐƵƐƚŽŵĞƌ ĐŽŶǀĞŶŝĞŶĐĞ ǁŝůů ďĞ ƌŽƵƚĞĚ ƚŚƌŽƵŐŚ ŽŶůŝŶĞ ƚƌĂǀĞů ĂŐĞŶƚƐ ;ΖKdΖƐͿ͘ /ƚ ŚĂƐ dŚĞ ďƌĂŶĚ ƉŽƌƞŽůŝŽ ǁŝůů ĐŽŵƉƌŝƐĞ ƚŚĞ ŝĐŽŶŝĐ dĂũ ŚŽƚĞůƐ ĂŶĚ
ĂŶĚĞǆƉĞƌŝĞŶĐĞƐ͘ ƚŚĞƉŽƚĞŶƟĂůƚŽŐĞŶĞƌĂƚĞĂďŽƵƚΨϮ͘ϯďŝůůŝŽŶŝŶŐƌŽƐƐďŽŽŬŝŶŐƐ &zϭϯ sŝǀĂŶƚĂ ;ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ĚŽŵŝŶĂŶƚ ďƌĂŶĚ ŝŶ ƚŚĞ ƵƉƐĐĂůĞ
ďǇ ϮϬϮϬ ĨŽƌ KdƐ ƐƵĐŚ ĂƐ DĂŬĞDǇdƌŝƉ >ƚĚ͕ zĂƚƌĂ͘ĐŽŵ ĂŶĚ &zϭϭ
ƐĞŐŵĞŶƚͿ͘'ŝŶŐĞƌǁŝůůŚĂǀĞĂƐŝŐŶŝĮĐĂŶƚƉƌĞƐĞŶĐĞŝŶƚŚĞ/,>
ϰ͘ >ŽĐĂůŝƐŝŶŐĐƵƐƚŽŵĞƌĞǆƉĞƌŝĞŶĐĞƐ ůĞĂƌƚƌŝƉ͘ĐŽŵ͘ ƉŽƌƞŽůŝŽĂŶĚǁŝůůĂĚĚƌĞƐƐǇŽƵƌŽŵƉĂŶǇ͛ƐƌĞƋƵŝƌĞŵĞŶƚƚŽďĞ
,ŽƚĞůƐ ŶŽǁ ĚĞƐŝŐŶ ĚĞƐƟŶĂƟŽŶͲƐƉĞĐŝĮĐ ĞǆƉĞƌŝĞŶĐĞƐ ƚŽ &zϬϵ
ƉƌĞƐĞŶƚŝŶƚŚĞĨĂƐƚĞƐƚŐƌŽǁŝŶŐƐĞŐŵĞŶƚ͘dŚĞďƌĂŶĚǁŝůůƚĂŬĞ
ĞŶŚĂŶĐĞĐƵƐƚŽŵĞƌĚĞůŝŐŚƚ͘&ŽƌŝŶƐƚĂŶĐĞ͕ĐĂŵĞůƌŝĚĞƐĂŶĚ KĐĐƵƉĂŶĐǇ ƌĂƚĞƐ ŝŶ ƉƌŽŵŝŶĞŶƚ /ŶĚŝĂŶ ĐŝƟĞƐ ŚĂǀĞ ŝŵƉƌŽǀĞĚ Ϭ Ϯ͕ϬϬϬ ϰ͕ϬϬϬ ϲ͕ϬϬϬ ϴ͕ϬϬϬ ϭϬ͕ϬϬϬ ŽŶĂŶĞǁĂǀĂƚĂƌƚŽĂĚĚƌĞƐƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚĂƐƉŝƌĂƟŽŶƐ
ĚĞƐĞƌƚ ƐĂĨĂƌŝƐ ĂƌĞ ĂƌƌĂŶŐĞĚ ŝŶ ŚŽƚĞůƐ ůŽĐĂƚĞĚ ŝŶ ĚĞƐĞƌƚ ŝŶƚŚĞůĂƐƚǇĞĂƌĂŶĚĐŽŵƉĂŶŝĞƐǁŝƚŚWĂŶͲ/ŶĚŝĂƉƌĞƐĞŶĐĞĂƌĞ /ŶĚƵƐƚƌǇĂǀĞƌĂŐĞĨŽƌϱͲƐƚĂƌŚŽƚĞůƐ /,>
ŽĨƚŚĞŶĞǁĂŶĚǇŽƵŶŐĞƌĐƵƐƚŽŵĞƌƐĞŐŵĞŶƚƐ͘
ƌĞŐŝŽŶƐ Žƌ ŐƵŝĚĞĚ ƚŽƵƌƐ ĂƌĞ ŽƌŐĂŶŝƐĞĚ ĨŽƌ ŵŽƵŶƚĂŝŶ ǁĞůůͲƉŽŝƐĞĚƚŽďĞŶĞĮƚĨƌŽŵƚŚŝƐƚƌĞŶĚ͕ŐŽŝŶŐĨŽƌǁĂƌĚ͘
ƉĞĂŬƐĂƚŚŝůůƐƚĂƟŽŶƐ͘ /ŶƚĞŐƌĂů ƚŽ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ƐƚƌĂƚĞŐǇ ŽĨ ƌĞŝŶĨŽƌĐŝŶŐ ƚŚĞ
KĐĐƵƉĂŶĐǇZĂƚĞƐ;йͿ ^ƚƌĂƚĞŐǇ ŵƵůƟͲƉƌŽĚƵĐƚ͕ ŵƵůƟͲƐĞŐŵĞŶƚ ďƌĂŶĚƐĐĂƉĞ ŝƐ ƚŚĞ ĐƵƐƚŽŵĞƌ͘
/ŶĚŝĂŶ,ŽƐƉŝƚĂůŝƚǇ/ŶĚƵƐƚƌǇ>ĂŶĚƐĐĂƉĞĂŶĚKƵƚůŽŽŬ dĂũ'ƌŽƵƉ
/Ŷ&zϮϬϭϳͲϭϴ͕ǇŽƵƌŽŵƉĂŶǇĂƌƟĐƵůĂƚĞĚŝƚƐĮǀĞͲǇĞĂƌƉůĂŶĂŶĚ zŽƵƌŽŵƉĂŶǇǁŝůůĂŝŵƚŽŚĂǀĞĂǀĂůƵĞƉƌŽƉŽƐŝƟŽŶĨŽƌĞĂĐŚ
/ŶĚŝĂ͛ƐǀĂƐƚƉŽƉƵůĂƟŽŶŽīĞƌƐĂĐŽŶƐŝĚĞƌĂďůĞŐƌŽǁƚŚƉŽƚĞŶƟĂů ŝƚǇ FY 2018
Hotels
ƵŶĚĞƌůǇŝŶŐ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐǇ ƚĂƌŐĞƚĞĚ Ăƚ ŝŵƉƌŽǀŝŶŐ /d ĐƵƐƚŽŵĞƌ Ăƚ ĚŝīĞƌĞŶƚ ƉŽŝŶƚƐ ŝŶ ƚŚĞŝƌ ůŝĨĞĐǇĐůĞ͘ dŚĞ ƐĞƌǀŝĐĞ
ĨŽƌ ƚŚĞ ŚŽƐƉŝƚĂůŝƚǇ ŝŶĚƵƐƚƌǇ͘ dŚĞ ƚƌĂǀĞů ĂŶĚ ƚŽƵƌŝƐŵ ŝŶĚƵƐƚƌǇ Business
ŵĂƌŐŝŶƐďǇϴϬϬďƉƐ͘hŶĚĞƌƚŚĞƉůĂŶʹ͚ƐƉŝƌĂƟŽŶϮϬϮϮ͕͛ your ĞƚŚŽƐ͕ĞƉŝƚŽŵŝƐĞĚďǇǁŚĂƚǁĞĐĂůů͚dĂũͲŶĞƐƐ͕͛ǁŝůůĐŽŶƟŶƵĞƚŽ
ŝƐ Ă ŵĂũŽƌ ĐŽŶƚƌŝďƵƚŽƌ ƚŽ ƚŚĞ ĐŽƵŶƚƌǇ͛Ɛ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ĂŶŐĂůŽƌĞ ϲϳ͘ϴй ϴ
ŽŵƉĂŶǇ ǁŝůů ƌĞƐƚƌƵĐƚƵƌĞ ŝƚƐ ŽƉĞƌĂƟŽŶƐ ĂŶĚ ƌĞͲĞŶŐŝŶĞĞƌ ŝƚƐ ďĞƚŚĞŽŵƉĂŶǇ͛ƐƐŽƵů͘
ĂŶĚ ĞŵƉůŽǇŵĞŶƚ ŐĞŶĞƌĂƟŽŶ͘ ŐƌŽǁŝŶŐ ŵŝĚĚůĞ ĐůĂƐƐ͕ ƌŝƐŝŶŐ Chennai ϲϮ͘ϭй ϳ
ƉƌŽĐĞƐƐĞƐŝŶĂůĂƌŐĞƌĞīŽƌƚƚŽƌĞͲŝŵĂŐŝŶĞŝƚƐĞŶŐĂŐĞŵĞŶƚǁŝƚŚ
ĚŝƐƉŽƐĂďůĞ ŝŶĐŽŵĞƐ ĂŶĚ ƐŚŝŌ ĨƌŽŵ ĨŽƌĞŝŐŶ ƚŽ ĚŽŵĞƐƟĐ ĞůŚŝΘEZ ϳϬ͘Ϭй ϭϯ
ĂůůŝƚƐƐƚĂŬĞŚŽůĚĞƌƐ͕ůĞĂĚŝŶŐƚŽĂůůͲƌŽƵŶĚŝŵƉƌŽǀĞĚƉƌŽĮƚĂďŝůŝƚǇ͖ <ĞǇĞǀĞůŽƉŵĞŶƚƐŝŶϮϬϭϳͲϭϴ
ƚŽƵƌŝƐŵĂƌĞĨĞǁŵĂĐƌŽŐƌŽǁƚŚĞŶĂďůĞƌƐĨŽƌƚŚĞŝŶĚƵƐƚƌǇ͘dŚĞ ,ǇĚĞƌĂďĂĚ ϲϲ͘Ϯй ϱ
ĂŶĚŵĂƌŬĞƚůĞĂĚĞƌƐŚŝƉŝŶĞĂĐŚŽĨƚŚĞƐĞŐŵĞŶƚƐŝƚŽƉĞƌĂƚĞƐŝŶ͘ ,ŽƚĞů>ĂƵŶĐŚĞƐ
ŝŶĚƵƐƚƌǇĐŽŶƚƌŝďƵƚĞĚϴйŽĨƚŚĞƚŽƚĂůĞŵƉůŽǇŵĞŶƚ;ďŽƚŚĚŝƌĞĐƚ <ŽůŬĂƚĂ ϲϳ͘ϵй Ϯ
/,>ĐŽŶƟŶƵĞĚŝƚƐĞǆƉĂŶƐŝŽŶŝŶ/ŶĚŝĂĂƐǁĞůůĂƐŝŶƚĞƌŶĂƟŽŶĂůůǇ
ĂŶĚŝŶĚŝƌĞĐƚͿŝŶϮϬϭϳ͖ĂŶĚǁĂƐƚŚĞĨĂƐƚĞƐƚŐƌŽǁŝŶŐĂŵŽŶŐƚŚĞ DƵŵďĂŝ ϳϱ͘ϭй ϭϬ
ƐƉŝƌĂƟŽŶϮϬϮϮǁĂƐĐƌĞĂƚĞĚǁŝƚŚĂŶĞǇĞƚŽǁĂƌĚƐŵĂǆŝŵŝǌŝŶŐ ŝŶϮϬϭϳͲϭϴ͘zŽƵƌŽŵƉĂŶǇĞŶĚĞĚƚŚĞǇĞĂƌǁŝƚŚĂƉŽƌƞŽůŝŽŽĨ
'ϮϬĐŽƵŶƚƌŝĞƐ͕ŐƌŽǁŝŶŐďǇϵ͘ϰйŝŶϮϬϭϳ͘ WƵŶĞ ϲϴ͘ϰй ϰ
ƐƚĂŬĞŚŽůĚĞƌǀĂůƵĞŽǀĞƌƚŚĞŶĞǆƚĮǀĞǇĞĂƌƐ͘dŚĞƉůĂŶĂŝŵƐƚŽ ϰϲdĂũ,ŽƚĞůƐ͕ϮϳsŝǀĂŶƚĂ,ŽƚĞůƐ͕Ϯϳ'ĂƚĞǁĂǇ,ŽƚĞůƐĂŶĚϰϮ
>ĞŝƐƵƌĞ
ďƵŝůĚŽŶƚŚĞĐĞŶƚƵƌǇͲŽůĚůĞŐĂĐǇŽĨ/,>ĂŶĚďĞĐŽŵĞƚŚĞ ‘Most 'ŝŶŐĞƌ,ŽƚĞůƐ͘dŚĞĞŶĚŽĨƚŚĞǇĞĂƌǁŝƚŶĞƐƐĞĚƚŚĞŽƉĞŶŝŶŐŽĨ
ŽŶƐŝĚĞƌĂďůĞŐƌŽǁƚŚŝŶ/ŶĚŝĂ͛ƐƚƌĂǀĞůĂŶĚƚŽƵƌŝƐŵƐĞĐƚŽƌŚĂƐ
/ĐŽŶŝĐ Θ WƌŽĮƚĂďůĞ ,ŽƐƉŝƚĂůŝƚǇ ŽŵƉĂŶǇ͛͘ ŬĞǇ ĚĞĐŝƐŝŽŶ ŝƐ ƚŚĞdĂũǆŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕ŶĚĂŵĂŶƐ͘dŚĞŽŵƉĂŶǇ͛ƐŶĞǁ
ƉĞƌĐŽůĂƚĞĚ ƚŽ ƚŚĞ ŚŽƐƉŝƚĂůŝƚǇ ƐĞĐƚŽƌ ĂƐ ǁĞůů͘ dŚĞ ŝŶĚƵƐƚƌǇ ŐƌĂ ϲϴ͘ϲй ϭ
ƚŽŵĂŬĞ/,>ƚŚĞƵŶŝĨǇŝŶŐĐŽƌƉŽƌĂƚĞŝĚĞŶƟƚǇƵŶĚĞƌǁŚŝĐŚĂůů ŚŽƚĞůŽƉĞŶŝŶŐĂƐǁĞůůĂƐƌĞͲůĂƵŶĐŚĞƐŽĨƌĞŶŽǀĂƚĞĚƉƌŽƉĞƌƟĞƐ
ŚĂƐǁŝƚŶĞƐƐĞĚƌŽďƵƐƚŐƌŽǁƚŚŝŶƌĞĐĞŶƚǇĞĂƌƐŽŶƚŚĞďĂĐŬŽĨ ŚŵĞĚĂďĂĚ ϲϰ͘Ϯй ϯ
ďƌĂŶĚƐǁŝůůĞǆŝƐƚ͘dŚŝƐǁŝůůŶŽƚŽŶůǇŐƌŽǁǀĂůƵĞĨŽƌĐŽƌƉŽƌĂƚĞ ǁĞƌĞĂďůǇƐƵƉƉŽƌƚĞĚƚŚƌŽƵŐŚŚŝŐŚͲǀŝƐŝďŝůŝƚǇŵĂƌŬĞƟŶŐĂŶĚWZ
ŝŶĐƌĞĂƐĞĚ ƚƌĂĸĐ ŽĨ ĚŽŵĞƐƟĐ ƚƌĂǀĞůůĞƌƐ͕ ƌŝƐŝŶŐ ĐŽŵŵĞƌĐŝĂů 'ŽĂ ϲϵ͘ϲй ϲ
ďƌĂŶĚ/,>ĂŶĚŝƚƐƐƚĂŬĞŚŽůĚĞƌƐ͕ďƵƚĂůƐŽĐƌĞĂƚĞĂŵĞĂŶŝŶŐĨƵů ĐĂŵƉĂŝŐŶƐ͘
ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĨŽƌĞŝŐŶ ƚŽƵƌŝƐƚ ĂƌƌŝǀĂůƐ͕ Ă ŐƌŽǁŝŶŐ ĂŝƌůŝŶĞ :ĂŝƉƵƌ ϲϴ͘ϱй ϱ
ĞŶŐĂŐĞŵĞŶƚǁŝƚŚĐƵƐƚŽŵĞƌƐƵŶĚĞƌŽŶĞƉĂƌĞŶƚŝĚĞŶƟƚǇ͘
ŝŶĚƵƐƚƌǇ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚͲůĞĚ ŝŶŝƟĂƟǀĞƐ ĂŝŵŝŶŐ ƚŽ ƐƟŵƵůĂƚĞ <ĞƌĂůĂ ϲϯ͘ϴй ϵ
Pan-India
dĂũ ǆŽƟĐĂ ZĞƐŽƌƚ Θ ^ƉĂ͕ ŶĚĂŵĂŶƐ͗ KĐĐƵƉǇŝŶŐ ϰϲ ĂĐƌĞƐ
ƚŚĞƐĞĐƚŽƌ͚͘/ŶĐƌĞĚŝďůĞ/ŶĚŝĂ͛ĂŶĚ͚ƟƚŚŝĞǀŽŚĂǀĂ͛ŝŶŝƟĂƟǀĞƐ
Total 64.7% 143
zŽƵƌ ŽŵƉĂŶǇ͛Ɛ ƐƚƌĂƚĞŐǇ ŝƐ ƚŚƌĞĞ ƉƌŽŶŐĞĚ͗ ZĞƐƚƌƵĐƚƵƌŝŶŐ͕ ŽŶ ƚŚĞ ĨĂŵĞĚ ZĂĚŚĂŶĂŐĂƌ ĞĂĐŚ Ăƚ ,ĂǀĞůŽĐŬ /ƐůĂŶĚ͕ dĂũ
ďǇƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂŚĂǀĞďŽůƐƚĞƌĞĚƉƌŽƐƉĞĐƚƐŽĨƚŚĞ
ZĞͲĞŶŐŝŶĞĞƌŝŶŐĂŶĚZĞͲŝŵĂŐŝŶŝŶŐŝƚƐƉŽƌƞŽůŝŽƚŽĂĐŚŝĞǀĞϴй ǆŽƟĐĂZĞƐŽƌƚĂŶĚ^ƉĂ͕ŶĚĂŵĂŶƐŝƐĂůƵǆƵƌŝŽƵƐŐĂƚĞǁĂǇƚŽĂ
ƐĞĐƚŽƌ͘īŽƌƚƐƚŽďŽŽƐƚŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞƚŽƵƌŝƐŵƐĞĐƚŽƌďǇ
/dŵĂƌŐŝŶŝŵƉƌŽǀĞŵĞŶƚ͕ĚƌŝǀĞŶďǇĂĚĞĞƉĐŽŵŵŝƚŵĞŶƚ ďŝŽĚŝǀĞƌƐŝƚǇŚŽƚƐƉŽƚŝŶƚŚĞĂǇŽĨĞŶŐĂů͘
ĂůůŽǁŝŶŐϭϬϬй&/ƚŚƌŽƵŐŚƚŚĞĂƵƚŽŵĂƟĐƌŽƵƚĞ͕ƉŽƐŝƟŽŶŝŶŐ ŵĞƌŐŝŶŐ ŵĂƌŬĞƚƐ ƐƵĐŚ ĂƐ ŚŝŶĂ͕ /ŶĚŝĂ ĂŶĚ /ŶĚŽŶĞƐŝĂ ĂƌĞ
ƚŽ ƐĞƌǀĞ ŝƚƐ ĞƐƚĞĞŵĞĚ ƉĂƚƌŽŶƐ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƌĞůĞǀĂŶƚ
/ŶĚŝĂĂƐĂŶŝŵƉŽƌƚĂŶƚǁĞůůŶĞƐƐĚĞƐƟŶĂƟŽŶĂƌĞŽƚŚĞƌŐƌŽǁƚŚ ďĞĐŽŵŝŶŐ ŝŶŶŽǀĂƟŽŶ ĐĞŶƚƌĞƐ͕ ĐĂƚĐŚŝŶŐ ƵƉ ǁŝƚŚ ĂĚǀĂŶĐĞĚ
ŝŶŝƟĂƟǀĞƐƚŽƐƚƌĞŶŐƚŚĞŶŵĂƌŐŝŶƐ͘
ĚƌŝǀĞƌƐĨŽƌƚŚĞƐĞĐƚŽƌ͘ ĞĐŽŶŽŵŝĞƐ͘ /Ŷ Ă ƌĞĐĞŶƚ ƐƚƵĚǇ ŽŶ ǁŚŝĐŚ ŐĞŽŐƌĂƉŚŝĐ ĐůƵƐƚĞƌƐ

dŚŝƐ ůŽĐĂƟŽŶ ŚĂƐ ĞĂƌŶĞĚ ŐůŽďĂů ƐŝŐŶŝĮĐĂŶĐĞ ĂŶĚ ĂƩƌĂĐƚƐ sĂƌĂŶĂƐŝĂŶĚdĂũ^ĂŵƵĚƌĂ͕ŽůŽŵďŽ͘dŚĞǀĂƌŝŽƵƐĂƌĞĂƐƵŶĚĞƌ ĐŽŵŵƵŶŝĐĂƟŽŶƐĐĂŵƉĂŝŐŶĂĐƌŽƐƐƉƌŝŶƚ͕ĚŝŐŝƚĂůĂŶĚƐŽĐŝĂů ͻ ,͘͘Dƌ͘WƌĂǀŝŶĚ<ƵŵĂƌ:ƵŐŶĂƵƚŚ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ
ƐŝŐŶŝĮĐĂŶƚƚŽƵƌŝƐƚĨŽŽƞĂůůƐ͘&ƌŝŶŐĞĚďǇƐƚƌŝƉŽĨŵĂŶŐƌŽǀĞƐĂŶĚ ƌĞŶŽǀĂƟŽŶ ŝŶĐůƵĚĞ ŐƵĞƐƚƌŽŽŵƐ ĂŶĚ ƐƵŝƚĞƐ͕ ƌĞƐƚĂƵƌĂŶƚƐ ĂŶĚ ŵĞĚŝĂ ƚŽ ŝŵƉƌŽǀĞ ĐŽƐƚͲĞīĞĐƟǀĞ ĐƵƐƚŽŵĞƌ ĂĐƋƵŝƐŝƟŽŶƐ DĂƵƌŝƟƵƐ
ĂƌŝǀĞƌŽǀĞƌůŽŽŬŝŶŐƚŚĞďĞĂĐŚ͕ƚŚŝƐƌĞƐŽƌƚŝƐĂŚŽŵĂŐĞƚŽƚŚĞ ŽƚŚĞƌĂƐƐŽĐŝĂƚĞĚĂƌĞĂƐŽĨƚŚĞŚŽƚĞů͘ ĂĐƌŽƐƐĂůůĐŚĂŶŶĞůƐ͘ ͻ WƌŝŶĐĞĚǁĂƌĚ͕ĂƌůŽĨtĞƐƐĞǆ
ƐĞĐůƵĚĞĚŶĚĂŵĂŶĂŶĚEŝĐŽďĂƌĂƌĐŚŝƉĞůĂŐŽ͘
^ĂůĞƐΘDĂƌŬĞƟŶŐ/ŶŝƟĂƟǀĞƐ ͻ WĂƌƚŶĞƌƐŚŝƉ DĂƌŬĞƟŶŐ͗ zŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞĚ ƚŽ ͻ DƐ͘,ŝůůĂƌǇŝĂŶĞZŽĚŚĂŵůŝŶƚŽŶ͕^ĞŶĂƚŽƌ͕h^
EĞǁDĂŶĂŐĞŵĞŶƚŽŶƚƌĂĐƚƐ ƌŝǀŝŶŐĞŵĂŶĚ'ƌŽǁƚŚ ƉĂƌƚŶĞƌ ǁŝƚŚ ĂŝƌůŝŶĞƐ ĂŶĚ ĨƌĞƋƵĞŶƚ ŇǇĞƌ ƉƌŽŐƌĂŵŵĞƐ
zŽƵƌ ŽŵƉĂŶǇ ƐƵĐĐĞĞĚĞĚ ŝŶ ƐŝŐŶŝŶŐ ƚǁŽ ŶĞǁ ŵĂŶĂŐĞŵĞŶƚ ͻ dĂũ,ŽůŝĚĂǇƐ͗zŽƵƌŽŵƉĂŶǇĐŽŶƟŶƵĞĚƚŽĞŶŚĂŶĐĞĨŽĐƵƐŽŶ ĂĐƌŽƐƐ ƚŚĞ ǁŽƌůĚ͕ ŽīĞƌŝŶŐ ŐƵĞƐƚƐ ƚŚĞ ŇĞǆŝďŝůŝƚǇ ĂŶĚ dĂƚĂƵƐŝŶĞƐƐǆĐĞůůĞŶĐĞDŽĚĞů;ΖdDΖͿ
ĐŽŶƚƌĂĐƚƐ Ͳ Ă ϭϱϬ ŬĞǇ dĂũ ,ŽƚĞů ŝŶ DƵŵďĂŝ ĂŶĚ Ă ϭϱϬ ŬĞǇ ƌĞƐŽƌƚĚĞƐƟŶĂƟŽŶƐĨŽƌĚŽŵĞƐƟĐƚƌĂǀĞůůĞƌƐƚŚƌŽƵŐŚƚŚĞdĂũ ŽƉƉŽƌƚƵŶŝƚǇƚŽĞĂƌŶĨƌĞƋƵĞŶƚŇǇĞƌŵŝůĞƐĨŽƌƚŚĞŝƌƐƚĂǇƐ͘/ƚ zŽƵƌŽŵƉĂŶǇĐŽŶƟŶƵĞĚŝƚƐƋƵĞƐƚĨŽƌĞǆĐĞůůĞŶĐĞďǇƵŶĚĞƌŐŽŝŶŐ
sŝǀĂŶƚĂ,ŽƚĞůŝŶŚŽƉĂů͖ĂŶĚŝƐŝŶĚŝƐĐƵƐƐŝŽŶƐĨŽƌŵĂŶǇŵŽƌĞ ,ŽůŝĚĂǇƐƉůĂƞŽƌŵŝŶůŝŶĞǁŝƚŚƚŚĞƐƚƌĂƚĞŐǇƚŽĚƌŝǀĞĚŽŵĞƐƟĐ ƌĂŶŵƵůƟƉůĞŵĂƌŬĞƟŶŐĐĂŵƉĂŝŐŶƐǁŝƚŚĂŝƌůŝŶĞƉĂƌƚŶĞƌƐ͕ ĂŶ ĞǆƚĞƌŶĂů dD ĂƐƐĞƐƐŵĞŶƚ ŝŶ ϮϬϭϳ͘ ǆƉĞƌŝĞŶĐĞĚ dD
ŽƉƉŽƌƚƵŶŝƟĞƐ͘ KƚŚĞƌ ŵĂŶĂŐĞŵĞŶƚ ĐŽŶƚƌĂĐƚ ŽƉƉŽƌƚƵŶŝƟĞƐ ĚŽŵŝŶĂŶĐĞ͘ ^ƵŵŵĞƌ͕ DŽŶƐŽŽŶ ĂŶĚ tŝŶƚĞƌ ĐĂŵƉĂŝŐŶƐ ŝŶĐůƵĚŝŶŐ dĂƚĂ ^/ ŝƌůŝŶĞƐ ;sŝƐƚĂƌĂͿ ĂŶĚ ĨƌĞƋƵĞŶƚ ŇǇĞƌ ĂƐƐĞƐƐŽƌƐ ĨƌŽŵ ƚŚĞ dĂƚĂ 'ƌŽƵƉ ƐƚƵĚŝĞĚ ĂŶ ͚ĂƉƉůŝĐĂƟŽŶ͛
ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ƐŝŐŶĞĚ ĞĂƌůŝĞƌ ĂƌĞ ƵŶĚĞƌ ĚŝīĞƌĞŶƚ ƐƚĂŐĞƐ ŽĨ ǁĞƌĞ ůĂƵŶĐŚĞĚ ƚŽ ƚĂƌŐĞƚ ƚŚĞ ĚŽŵĞƐƟĐ ůĞŝƐƵƌĞ ƐĞŐŵĞŶƚ͕ ƉĂƌƚŶĞƌĚĂƚĂďĂƐĞƐŝŶEŽƌƚŚŵĞƌŝĐĂ͕ƐŝĂWĂĐŝĮĐ͕ƵƌŽƉĞ͕ ĚŽĐƵŵĞŶƟŶŐ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ĂĐƟŽŶƐ ŝŶ
ĞǆĞĐƵƟŽŶ͘ĞƐŝĚĞƐ͕ĐŽŶƚƌĂĐƚƌĞŶĞǁĂůƐͬĞǆƚĞŶƐŝŽŶƐǁĞƌĞĚŽŶĞ ǁŚŝĐŚŚĂƐďĞĞŶŐƌŽǁŝŶŐĐŽŶƐŝƐƚĞŶƚůǇƐŝŶĐĞůĂƐƚǇĞĂƌ͘ ƚŚĞDŝĚĚůĞĂƐƚĂŶĚĨƌŝĐĂ͕ĞŶĐŽƵƌĂŐŝŶŐĚŝƌĞĐƚďŽŽŬŝŶŐƐ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ dD ƌŝƚĞƌŝĂ͘ dŚĞǇ ŝŶƚĞƌĂĐƚĞĚ ǁŝƚŚ ƐĞŶŝŽƌ
ĨŽƌĞǆŝƐƟŶŐŚŽƚĞůƐĂƚEĞǁzŽƌŬ͕>ĂŶŐŬĂǁŝĂŶĚ^ƵƌĂƚ͘ ĨƌŽŵŝŶƚĞƌŶĂƟŽŶĂůƚƌĂǀĞůůĞƌƐĂŶĚĚƌŝǀŝŶŐĚŽƵďůĞͲĚŝŐŝƚZK/ ůĞĂĚĞƌƐĂŶĚƚŚĞŝƌƚĞĂŵƐŽǀĞƌĂƚŚƌĞĞͲŵŽŶƚŚƉĞƌŝŽĚ͕ĐƵůŵŝŶĂƟŶŐ
dŚŝƐ ǁĂƐ ƉƌŽŵŽƚĞĚ ĂŐŐƌĞƐƐŝǀĞůǇ ƚŚƌŽƵŐŚ Ă ϯϲϬͲĚĞŐƌĞĞ ŐƌŽǁƚŚĨƌŽŵĨƌĞƋƵĞŶƚŇǇĞƌƉĂƌƚŶĞƌƐŚŝƉƐ͘ ŝŶĂϭϬͲĚĂǇƐŝƚĞǀŝƐŝƚŽĨŚŽƚĞůƐĂƐǁĞůůĂƐƚŚĞĐŽƌƉŽƌĂƚĞŽĸĐĞ͘
WƌŽĚƵĐƚhƉŐƌĂĚĞͬZĞŶŽǀĂƟŽŶ ƐĂůĞƐ ĂŶĚ ŵĂƌŬĞƟŶŐ ƉůĂŶ͕ ĂůŽŶŐ ǁŝƚŚ ƌŽĂĚƐŚŽǁƐ͘ 'ŝǀĞŶ dŚĞĂƐƐĞƐƐŵĞŶƚĮŶĚŝŶŐƐǁĞƌĞƐŚĂƌĞĚǁŝƚŚƚŚĞDΘǆĞĐƵƟǀĞ
dŽŬĞĞƉƚŚĞŚŽƚĞůƐƵƉĚĂƚĞĚĂŶĚŝŶůŝŶĞǁŝƚŚŽƚŚĞƌĐŽŵƉĞƟƟŽŶ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƚŚĞ ůĞŝƐƵƌĞ ŵĂƌŬĞƚ͕ ǇŽƵƌ ŽŵƉĂŶǇ ͻ zŽƵƌ ŽŵƉĂŶǇ ĂůƐŽ ƉĂƌƚŶĞƌĞĚ ǁŝƚŚ ůĞĂĚŝŶŐ ŶĞƚǁŽƌŬƐ͕ ŽŵŵŝƩĞĞĂƐǁĞůůĂƐƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘
ŚŽƚĞůƐ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͕ ǇŽƵƌ ŽŵƉĂŶǇ ĞŵďĂƌŬĞĚ ƵƉŽŶ ĂŶ ŝŵƉƌŽǀĞĚŽŶƚŚĞĚĞĚŝĐĂƚĞĚŵŝĐƌŽƐŝƚĞĨŽƌdĂũŚŽůŝĚĂǇƐ͘dŚŝƐ ŝŶĐůƵĚŝŶŐ ŵĞƌŝĐĂŶ ǆƉƌĞƐƐΠ͕ DĂƐƚĞƌĐĂƌĚ ĂŶĚ sŝƐĂ ĂƐ
ĂŵďŝƟŽƵƐƌĞŶŽǀĂƟŽŶƉůĂŶĨŽƌŵƵůƟƉůĞŚŽƚĞůƐ͘dŚĞƐĞŝŶĐůƵĚĞ ŚĂƐďĞĞŶǁĞůůͲƌĞĐĞŝǀĞĚďǇŐƵĞƐƚƐĂŶĚǁĞďƐŝƚĞǀŝƐŝƚŽƌƐ͘ ǁĞůůĂƐďĂŶŬƐƚŽƉƌŽŵŽƚĞĚŝƌĞĐƚďŽŽŬŝŶŐƐ͕ĚƌŝǀĞůŽǇĂůƚǇ zŽƵƌŽŵƉĂŶǇǁĂƐŝĚĞŶƟĮĞĚĂƐĂŶ͚ŵĞƌŐŝŶŐ/ŶĚƵƐƚƌǇ>ĞĂĚĞƌ͛
dĂũ DĂŚĂů WĂůĂĐĞ ĂŶĚ dŽǁĞƌ͕ DƵŵďĂŝ͖ dĂũ ǆŽƟĐĂ ZĞƐŽƌƚ Θ ĂŶĚ ĞŶŚĂŶĐĞ ƐƉĞŶĚƐ ŽŶ ĚŝŶŝŶŐ͕ ĂĐĐŽŵŵŽĚĂƟŽŶ ĂŶĚ ǁŝƚŚ Ă ƐĐŽƌĞ ŽĨ ϱϳϯ ŽƵƚ ŽĨ Ă ƉŽƐƐŝďůĞ ϭϬϬϬ ƉŽŝŶƚƐ͘ dŚƌĞĞ
^ƉĂ͕'ŽĂ͖dĂũĞŶŐĂů͕<ŽůŬĂƚĂ͖dĂũ&ŽƌƚŐƵĂĚĂZĞƐŽƌƚΘ^ƉĂ͕ ͻ dĂũ ǆƉĞƌŝĞŶĐĞƐ 'ŝŌ ĂƌĚ͗ dŽ ŝŵƉƌŽǀĞ ƌĞǀĞŶƵĞƐ ĂŶĚ ŚŽůŝĚĂǇƐ͘ dŚŝƐ ĞŶĂďůĞĚ ǇŽƵƌ ŽŵƉĂŶǇ ƚŽ ƌĞĂĐŚ ŶĞǁ ƉƌŽŵŝƐŝŶŐ ƉƌĂĐƟĐĞƐ dĂũ͘>ŝǀĞ ;ƚŚĞ ^ŽĐŝĂů DĞĚŝĂ ŽŵŵĂŶĚ
'ŽĂ͖dĂũŝƉůŽŵĂƟĐŶĐůĂǀĞ͕EĞǁĞůŚŝĂŶĚdĂũŽŶŶĞŵĂƌĂ͕ ĚƌŝǀĞ ĂĚǀŽĐĂĐǇ͕ ǇŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞĚ ƚŽ ƉƌŽŵŽƚĞ ĂƵĚŝĞŶĐĞƐǁŝƚŚĐƵƌĂƚĞĚŽīĞƌƐƚŚƌŽƵŐŚŵĂŝŶƐƚƌĞĂŵĂŶĚ ĞŶƚƌĞͿ͕dĂũ^ǁĂŐĂƚ;EĞǁŵƉůŽǇĞĞKƌŝĞŶƚĂƟŽŶWƌŽŐƌĂŵŵĞͿ
ŚĞŶŶĂŝ͕ĂŵŽŶŐŽƚŚĞƌƐ͘ ƚŚĞ dĂũ ǆƉĞƌŝĞŶĐĞƐ 'ŝŌ ĂƌĚ͕ ƌĞĚĞĞŵĂďůĞ ĂŐĂŝŶƐƚ ĚŝŐŝƚĂůŵĂƌŬĞƟŶŐĐĂŵƉĂŝŐŶƐĂŶĚŝŶĐƌĞĂƐĞĚƌĞǀĞŶƵĞĨƌŽŵ ĂŶĚ ƌŽƐƐ ǆƉŽƐƵƌĞ dƌĂŝŶŝŶŐ ǁĞƌĞ ŝĚĞŶƟĮĞĚ ĚƵƌŝŶŐ ƚŚĞ
ƐƉĞŶĚƐ ĂĐƌŽƐƐ dĂũ ŚŽƚĞůƐ ŝŶ /ŶĚŝĂ ŽŶ ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ĂĸůŝĂƚĞƐĂŶĚŶĞƚǁŽƌŬƉƌŽŐƌĂŵŵĞƐ͘ ĂƐƐĞƐƐŵĞŶƚ͘
ͻ ƚ ƚŚĞ ŇĂŐƐŚŝƉ ŚŽƚĞů dĂũ DĂŚĂů WĂůĂĐĞ͕ DƵŵďĂŝ͕ ĚŝŶŝŶŐĂŶĚƐƉĂƐĞƌǀŝĐĞƐ͘ƐĂƉƌĞƉĂŝĚŝŶƐƚƌƵŵĞŶƚ͕ƚŚĞdĂũ
ŐƵĞƐƚƌŽŽŵƐ ŝŶ ƚŚĞ ƚŽǁĞƌ ǁŝŶŐ ǁĞƌĞ ƌĞŶŽǀĂƚĞĚ ĂŶĚ ǆƉĞƌŝĞŶĐĞƐ'ŝŌĂƌĚŝƐĂŶŝŶŶŽǀĂƟǀĞďƵƐŝŶĞƐƐƐƚƌĂƚĞŐǇ ,ĞĂĚƐŽĨ^ƚĂƚĞĂŶĚWƌŽŵŝŶĞŶƚWĞƌƐŽŶĂůŝƟĞƐ zŽƵƌŽŵƉĂŶǇĐŽŶĚƵĐƚĞĚĂŶĂĐƟŽŶͲƉůĂŶŶŝŶŐǁŽƌŬƐŚŽƉǁŝƚŚ
ƌĞŽƉĞŶĞĚƚŽŐƌĞĂƚƌĞǀŝĞǁƐĨƌŽŵŽƵƌŐƵĞƐƚƐ͘ ĨŽƌĂĚǀĂŶƚĂŐĞŽƵƐĐĂƐŚŇŽǁƐĂŶĚĚƌŝǀĞƐďƌĂŶĚƐĂůŝĞŶĐĞ͘ zŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ŝƚƐ ůĞŐĂĐǇ ŽĨ ŚŽƐƟŶŐ ƚŚĞ ǁŽƌůĚ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐŽĨĂůůĨƵŶĐƟŽŶƐ͘dŚŝƐůĞĚƚŽƚŚĞŝĚĞŶƟĮĐĂƟŽŶ
/Ŷ ĂĚĚŝƟŽŶ ƚŽ Ă ĚĞĚŝĐĂƚĞĚ ŵŝĐƌŽƐŝƚĞ ĂŶĚ ƌĞƚĂŝů ƐĂůĞƐ Ăƚ ƉƌĞŵŝĞƌ ůĞĂĚĞƌƐ͕ ƌŽǇĂůƚǇ ĂŶĚ ĐĞůĞďƌŝƟĞƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ŽĨƉƌŽũĞĐƚƐƚŽŚĞůƉĞŶŚĂŶĐĞƐƚƌĞŶŐƚŚƐĂŶĚŵŝƟŐĂƚĞĂƌĞĂƐŽĨ
ͻ ƚ dĂũ ǆŽƟĐĂ ZĞƐŽƌƚ Θ ^ƉĂ͕ 'ŽĂ͕ ƌĞŶŽǀĂƟŽŶ ŽĨ ƚŚĞ ƐĞůĞĐƚŚŽƚĞůƐ͕dĂũǆƉĞƌŝĞŶĐĞƐ'ŝŌĂƌĚƐǁĞƌĞĂůƐŽŵĂĚĞ ĞƐƚĞĞŵĞĚ ,ĞĂĚƐ ŽĨ ^ƚĂƚĞ ǁŚŽ ǀŝƐŝƚĞĚ ŽƵƌ ƉƌŽƉĞƌƟĞƐ ĚƵƌŝŶŐ ĐŽŶĐĞƌŶ͘ KŶĞ ƐƵĐŚ ĂĐƟŽŶ ƉƌŽũĞĐƚ ŝŶǀŽůǀĞĚ ŝĚĞŶƟĨǇŝŶŐ ĂŶĚ
ƌŽŽŵƐŝŶƚŚĞŵĂŝŶďůŽĐŬŽĨƚŚĞŚŽƚĞůǁĞƌĞĐŽŵƉůĞƚĞĚ ĂǀĂŝůĂďůĞŽŶŵĂǌŽŶ͘ĐŽŵĂŶĚŚĂǀĞďĞĞŶĂƩƌĂĐƟŶŐŶĞǁ &zϮϬϭϳͲϭϴǁĞƌĞ͗ ƐŚĂƌŝŶŐŽƉĞƌĂƟŶŐďĞƐƚƉƌĂĐƟĐĞƐ͘^ƉĞĂƌŚĞĂĚĞĚďǇŽƌƉŽƌĂƚĞ
ŝŶƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͖ƚŚŝƐǇĞĂƌϰϰǀŝůůĂƐǁĞƌĞƌĞŶŽǀĂƚĞĚ͘ ĂŶĚǇŽƵŶŐĞƌƌĞƚĂŝůĐƵƐƚŽŵĞƌƐ͘ ƵƐŝŶĞƐƐ ǆĐĞůůĞŶĐĞ ŵŽƌĞ ƚŚĂŶ ϰϬ ĐŽŵŵĞŶĚĂďůĞ ƉƌĂĐƟĐĞƐ
ƚ dĂũ &Žƌƚ ŐƵĂĚĂ ZĞƐŽƌƚ Θ ^ƉĂ͕ 'ŽĂ͕ ƌĞĨƵƌďŝƐŚŵĞŶƚ ͻ Zƚ͘,ŽŶ͘:ƵƐƟŶdƌƵĚĞĂƵ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨĂŶĂĚĂ ŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚĂĐƌŽƐƐŚŽƚĞůƐ͕ƵƐŝŶŐĂƐƚƌŝŶŐĞŶƚƐĞůĞĐƟŽŶ
ŽĨ ƌŽŽŵƐ ĂŶĚ ĐŽƩĂŐĞƐ ǁĂƐ ĐŽŵƉůĞƚĞĚ͘ Ɛ ƉĂƌƚ ŽĨ ƚŚĞ ͻ <ĞƌĂůĂ ĂŵƉĂŝŐŶ͗ zŽƵƌ ŽŵƉĂŶǇ ŵŝŐƌĂƚĞĚ ĨŽƵƌ ŽĨ ŝƚƐ ͻ ,͘͘DƌŵŵĂŶƵĞůDĂĐƌŽŶ͕WƌĞƐŝĚĞŶƚŽĨ&ƌĂŶĐĞ ĐƌŝƚĞƌŝŽŶĂŶĚƐŚĂƌĞĚĨŽƌŝŵƉůĞŵĞŶƚĂƟŽŶ͘
ŽŶŐŽŝŶŐŵĂƐƚĞƌƉůĂŶ͕ƌĞŶŽǀĂƟŽŶĂŶĚƌĞĚĞƐŝŐŶŝŶŐǁŽƌŬƐ <ĞƌĂůĂŚŽƚĞůƐƚŽƚŚĞdĂũƌĂŶĚ͘dŚŝƐŝŶǀŽůǀĞĚƐƚƵĚǇŝŶŐĂŶĚ ͻ ,͘͘Dƌ͘DĂůĐŽŵdƵƌŶďƵů͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨƵƐƚƌĂůŝĂ
ĐŽŶƟŶƵĞĂƚdĂũǆŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕'ŽĂĂŶĚdĂũ&Žƌƚ ŵĂƉƉŝŶŐ<ĞƌĂůĂĨŽƌĂůůĐŽŵƉĞƟƟǀĞŽīĞƌŝŶŐƐĂŶĚĐŽŵŝŶŐ dĂũ͘>ŝǀĞǁĂƐ ƐƚƵĚŝĞĚ ďǇĐŽůůĞĂŐƵĞƐ ĨƌŽŵ dŚĞ dŝƚĂŶ ŽŵƉĂŶǇ
ŐƵĂĚĂ ZĞƐŽƌƚ Θ ^ƉĂ͕ 'ŽĂ͘ dŚĞ ƌĞŶŽǀĂƚĞĚ ƉƌŽĚƵĐƚƐ ƵƉǁŝƚŚĂƐƚƌĂƚĞŐǇƚŽƌĞŐĂŝŶůĞĂĚĞƌƐŚŝƉŝŶƚŚĞŵĂƌŬĞƚ͘/ƚ ͻ ,͘͘Dƌ͘&ƌĂŶŬͲtĂůƚĞƌ^ƚĞŝŶŵĞŝĞƌ͕WƌĞƐŝĚĞŶƚŽĨ'ĞƌŵĂŶǇ >ŝŵŝƚĞĚ ŝŶ ĂŶ ĞŶĚĞĂǀŽƵƌ ƚŽ ƌĞƉůŝĐĂƚĞ ƚŚĞ ŵŽĚĞů͘ zŽƵƌ
ǁĞƌĞ ǁĞůĐŽŵĞĚ ďǇ ďŽƚŚ ǇŽƵƌ ůŽǇĂů ĂƐ ǁĞůů ĂƐ ŶĞǁ ǁĂƐ Ă ŵĂũŽƌ ƌĞƉŽƐŝƟŽŶŝŶŐ ĞǆĞƌĐŝƐĞ ƚŽ ƌĞͲĞƐƚĂďůŝƐŚ ǇŽƵƌ ͻ ,͘͘Dƌ͘WĂŽůŽ'ŝŶƟůŝŶŝ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ/ƚĂůǇ ŽŵƉĂŶǇ͛Ɛ ĐƵƐƚŽŵĞƌ ƐĂƟƐĨĂĐƟŽŶ ŵĞĂƐƵƌĞŵĞŶƚ ƉƌŽĐĞƐƐ
ĐƵƐƚŽŵĞƌƐ͘ ŚŽƚĞůƐ ĂƐ ŵĂƌŬĞƚ ůĞĂĚĞƌƐ ĂŶĚ ĚƌŝǀĞ ďƵƐŝŶĞƐƐ ŝŶƚŽ ƚŚĞƐĞ ͻ ,͘͘Dƌ͘ĞŶũĂŵŝŶEĞƚĂŶǇĂŚƵ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ/ƐƌĂĞů ǁĂƐ ĂůƐŽ ƐŚĂƌĞĚ ǁŝƚŚ dĂƚĂ ^ƚĞĞů Ͳ ƵƌŽƉĞ͘ &ŽƵƌ ŵĞŵďĞƌƐ ŽĨ
ŚŽƚĞůƐ͘ dŚĞƌĞĂŌĞƌ͕ ǇŽƵƌ ŽŵƉĂŶǇ ůĂƵŶĐŚĞĚ Ă ƌŽďƵƐƚ ƚŚĞ ĞŶƚƌĂů DĂƚĞƌŝĂůƐ 'ƌŽƵƉ ĂůƐŽ ƉĂƌƟĐŝƉĂƚĞĚ ŝŶ Ă ůĞĂƌŶŝŶŐ
ͻ /Ŷ EĞǁ ĞůŚŝ͕ Ăƚ ƚŚĞ dĂũ WĂůĂĐĞ͕ ǁŽƌŬ ŽŶ ƚŚĞ ƌĞĐĞƉƟŽŶ ŽŵŶŝͲĐŚĂŶŶĞů ƉƌŽŵŽƟŽŶĂů ĐĂŵƉĂŝŐŶ Ͳ ŝŶĐůƵĚŝŶŐ ƉƌŝŶƚ͕ ͻ ,͘͘Dƌ͘>ĞĞ,ƐŝĞŶ>ŽŽŶŐ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ^ŝŶŐĂƉŽƌĞ ŵŝƐƐŝŽŶƚŽdĂƚĂDŽƚŽƌƐŽŶƐƵƉƉůǇĐŚĂŝŶŵĂŶĂŐĞŵĞŶƚ͘
ĂƌĞĂ͕ƚĞĂůŽƵŶŐĞ͕ĂƐǁĞůůĂƐĞǆƚĞƌŶĂůĚĞǀĞůŽƉŵĞŶƚǁŽƌŬƐ ƐŽĐŝĂůĂŶĚĚŝŐŝƚĂůŵĞĚŝĂƚŽŝŵƉƌŽǀĞĂǁĂƌĞŶĞƐƐĂŶĚƐŚĂƌĞ ͻ ,Z,WƌŝŶĐĞŚĂƌůĞƐ͕dŚĞWƌŝŶĐĞŽĨtĂůĞƐ
ǁĞƌĞĐŽŵƉůĞƚĞĚĂŶĚǁĞůůƌĞĐĞŝǀĞĚ͘ ŽĨǁĂůůĞƚŝŶƚŚŝƐŵĂƌŬĞƚ͘ ͻ ,ŝƐDĂũĞƐƚǇ<ŝŶŐWŚŝůůŝƉ͕<ŝŶŐŽĨĞůŐŝƵŵ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͕ ĂĚĚŝƟŽŶĂů ƉƌĂĐƟĐĞƐ ĨƌŽŵ ǇŽƵƌ ŽŵƉĂŶǇ
ƐƵĐŚĂƐ͚DĂŶĂŐŝŶŐƵƐŝŶĞƐƐŝŶĂŶKŵŶŝͲŚĂŶŶĞůŝƐƚƌŝďƵƟŽŶ
ͻ ƚ dĂũ ĞŶŐĂů͕ <ŽůŬĂƚĂ͕ ƚŚĞ ƌĞŶŽǀĂƟŽŶ ƉƌŽĐĞƐƐ ŚĂƐ ͻ
'
ŽĂ ĂŵƉĂŝŐŶ͗ zŽƵƌ ŽŵƉĂŶǇ ŵŝŐƌĂƚĞĚ ƚǁŽ ŽĨ ŝƚƐ ͻ ,ŝƐDĂũĞƐƚǇ<ŝŶŐ:ŝŐŵĞ<ŚĞƐĂƌEĂŵŐǇĞůtĂŶŐĐŚƵĐŬ͕ ^ĐĞŶĂƌŝŽ͛ ĂŶĚ ͚/,>͛Ɛ ,Z ĂŶĚ >Θ ^ƚƌĂƚĞŐǇ͛ ĨĞĂƚƵƌĞĚ ĂƐ Ă
ĐŽŵŵĞŶĐĞĚ͖ ĂŶĚ ƚŚĞ ĮƌƐƚ ƉŚĂƐĞ ŽĨ ƌŽŽŵƐ ǁĞƌĞ EŽƌƚŚ'ŽĂƌĞƐŽƌƚƐƚŽƚŚĞdĂũƌĂŶĚ͘dŚŝƐǁĂƐůĞǀĞƌĂŐĞĚ <ŝŶŐŽĨŚƵƚĂŶ ĞƐƚWƌĂĐƟĐĞŽŶdĂƚĂƵƐŝŶĞƐƐǆĐĞůůĞŶĐĞ'ƌŽƵƉ͛Ɛ͚WƌŽŵŝƐŝŶŐ
ƌĞŶŽǀĂƚĞĚ͘ ƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞƌĂŶĚ͛ƐƉŽƐŝƟŽŶŝŶ'ŽĂĂŶĚǁŝƚŚƚŚĞ ͻ WƌŝŶĐĞďĚƵůůĂŚŝŶdƵƌŬŝů^ĂƵĚ͕^ĂƵĚŝZƵůŝŶŐ&ĂŵŝůǇ WƌĂĐƟĐĞƐ͛ƉůĂƞŽƌŵ͘
ŚĞůƉŽĨĐŽŶƐƵŵĞƌŝŶƐŝŐŚƚƐĂŶĚƌĞƐĞĂƌĐŚŝŶǀŽůǀŝŶŐĂůůĨŽƵƌ ͻ ,͘͘ƌ,ĂƐƐĂŶZŽƵŚĂŶŝ͕WƌĞƐŝĚĞŶƚŽĨ/ƌĂŶ
ͻ ŽƌŬƐĂƌĞƵŶĚĞƌǁĂǇĂƚdĂũŽŶŶĞŵĂƌĂ͕ŚĞŶŶĂŝ͕ǁŚŝĐŚ
t ŚŽƚĞůƐ ŝŶ 'ŽĂ͕ Ă ŵƵůƟĐŚĂŶŶĞů ĐĂŵƉĂŝŐŶ ǁĂƐ ůĂƵŶĐŚĞĚ >ĞĂĚĞƌƐŚŝƉŽĨƵƐŝŶĞƐƐƚŚŝĐƐ^ƵƌǀĞǇϮϬϭϳ
ͻ ,͘͘Dƌ͘:ŽŬŽtŝĚŽĚŽ͕WƌĞƐŝĚĞŶƚ/ŶĚŽŶĞƐŝĂ
ŚĂƐ ďĞĞŶ ĐůŽƐĞĚ ĨŽƌ ĐŽŵƉůĞƚĞ ƌĞŶŽǀĂƟŽŶ͘ dŚĞ ŚŽƚĞů ŝƐ ǁŝƚŚĂƌŽďƵƐƚƉƌĞƐĞŶĐĞĂĐƌŽƐƐƐŽĐŝĂůĂŶĚĚŝŐŝƚĂůŵĞĚŝĂ͘ zŽƵƌŽŵƉĂŶǇŚĂƐĂĐƟǀĞůǇĂĚŽƉƚĞĚĂŶĚŚĂƐŝŶƐƟƚƵƟŽŶĂůŝƐĞĚ
ƐĐŚĞĚƵůĞĚƚŽƌĞŽƉĞŶƚŚŝƐǇĞĂƌ͘ dŚŝƐ ƌĞƐƵůƚĞĚ ŝŶ Ă ƉŽƐŝƟǀĞ ŐĂŝŶ ŝŶ ŵĂƌŬĞƚ ƐŚĂƌĞ ĂŵŽŶŐ ͻ ,͘͘Dƌ͘EĂũŝďZĂǌĂŬ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨDĂůĂǇƐŝĂ ƚŚĞdĂƚĂŽĚĞŽĨŽŶĚƵĐƚ͘&ŽƌƚŚĞƚŚŝƌĚǇĞĂƌ͕ǇŽƵƌŽŵƉĂŶǇ
ǇŽƵŶŐ ĐŽŶƐƵŵĞƌƐ͕ ŝŵƉƌŽǀĞĚ ďƌĂŶĚ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ͻ ,͘͘Dƌ͘EŝĐŽƐŶĂƐƚĂƐŝĂĚĞƐ͕WƌĞƐŝĚĞŶƚŽĨǇƉƌƵƐ ŚĂƐ ƉĂƌƟĐŝƉĂƚĞĚ ŝŶ Ă ǀŽůƵŶƚĂƌǇ ĚŝƐĐůŽƐƵƌĞ ŽĨ ĂĐƟǀŝƟĞƐ
ZĞŶŽǀĂƟŽŶ Ăƚ ƚŚĞ ŚŽƚĞůƐͬƵŶŝƚƐ ŽĨ ǇŽƵƌ ƐƐŽĐŝĂƚĞ ĂŶĚ ƌĞǀĞŶƵĞƐ͘ ƐƵƌƌŽƵŶĚŝŶŐĞƚŚŝĐƐƚŚƌŽƵŐŚƚŚĞ>ĞĂĚĞƌƐŚŝƉŽĨƵƐŝŶĞƐƐƚŚŝĐƐ
ͻ ,͘͘Dƌ͘ZĞĐĞƉdĂǇǇŝƉƌĚŽŐĂŶ͕WƌĞƐŝĚĞŶƚŽĨdƵƌŬĞǇ
^ƵďƐŝĚŝĂƌǇ ŽŵƉĂŶŝĞƐ ŝŶĐůƵĚĞ ǁŽƌŬƐ Ăƚ ǀĂƌŝŽƵƐ ƐƚĂŐĞƐ ŽĨ ^ƵƌǀĞǇ͘ dŚĞ ĨĞĞĚďĂĐŬ ƌĞŇĞĐƚƐ Ă ŽŵƉĂŶǇ͛Ɛ ŽŶŐŽŝŶŐ ũŽƵƌŶĞǇ
ĚĞƐŝŐŶĂŶĚĞǆĞĐƵƟŽŶĂƚsŝǀĂŶƚĂWƌĞƐŝĚĞŶƚ͕DƵŵďĂŝ͖sŝǀĂŶƚĂ ͻ d Ăũ ^ĂĨĂƌŝƐ ĂŵƉĂŝŐŶ͗ zŽƵƌ ŽŵƉĂŶǇ ƌĞǀĂŵƉĞĚ ƚŚĞ ͻ ,͘͘Dƌ͘ZĂŶŝůtŝĐŬƌĂŵĂƐŝŶŐŚĂ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ ƚŽǁĂƌĚƐ ĐƌĞĂƟŶŐ Ă ƌŽďƵƐƚ ĞǀĂůƵĂƟŽŶ ƐǇƐƚĞŵ ĨŽƌ ďƵƐŝŶĞƐƐ
ŵďĂƐƐĂĚŽƌ͕ EĞǁ ĞůŚŝ͖ sŝǀĂŶƚĂ 'ŽŵƟ EĂŐĂƌ͕ >ƵĐŬŶŽǁ͖ ^ĂĨĂƌŝƐ ǁĞďƐŝƚĞ ƚŽ ŝŵƉƌŽǀĞ ĚŝƐĐŽǀĞƌǇ ĂŶĚ ŶĂǀŝŐĂďŝůŝƚǇ͘ ^ƌŝ>ĂŶŬĂ ĞƚŚŝĐƐ͘
sŝǀĂŶƚĂ D' ZŽĂĚ Ͳ ĞŶŐĂůƵƌƵ͖ dŚĞ 'ĂƚĞǁĂǇ ,ŽƚĞů 'ĂŶŐĞƐ dŚŝƐǁĂƐŵĂĚĞŵŽƌĞŝŵƉĂĐƞƵůǁŝƚŚƚŚĞŚĞůƉŽĨĂƐƚƌŽŶŐ

dŚĞ ƐƵƌǀĞǇ ĮŶĚŝŶŐƐ ĂƌĞ ŵĂƉƉĞĚ ƚŽ ͚ĨŽƵƌ ƉŝůůĂƌƐ͛ ŽĨ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĐŽŶƚƌĂĐƚ ǁŝƚŚ ĂŶ ŝŶǀĞŶƚŽƌǇ ŽĨ ϱϱϯ ƌŽŽŵƐ ĂŶĚ ϮϱϮ͕ϲϳϳ͕ϲϱϴ ŵĞŐĂũŽƵůĞ ;D:Ϳ ŽĨ ĞŶĞƌŐǇ ǁĂƐ ƉƌŽĐƵƌĞĚ ĨƌŽŵ ĚĂǇͲƚŽͲĚĂǇŽƉĞƌĂƟŽŶƐ͘DŽƌĞƚŚĂŶϲϬĂƐƐŽĐŝĂƚĞƐŝŶDƵŵďĂŝ͕
ďƵƐŝŶĞƐƐ ĞƚŚŝĐƐ ĨƌĂŵĞǁŽƌŬ͕ ĞŵďĞĚĚĞĚ ŝŶ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŵĂŶĂŐĞƐƚŚƌĞĞƚƌĂŶƐŝƚŐƵĞƐƚŚŽƵƐĞƐǁŝƚŚĂŶŝŶǀĞŶƚŽƌǇŽĨϮϮϰ ƌĞŶĞǁĂďůĞ ƐŽƵƌĐĞƐ͕ ďŽƚŚ ƚŚƌŽƵŐŚ 'ƌĞĞŶ WŽǁĞƌ ŐƌĞĞŵĞŶƚƐ ĂŶŐĂůŽƌĞĂŶĚĞůŚŝƉĂƌƟĐŝƉĂƚĞĚŝŶϯǁŽƌŬƐŚŽƉƐŽŶƚŚĞƚŽƉŝĐ
ƉƌŽŐƌĂŵŵĞ͘ zŽƵƌ ŽŵƉĂŶǇ͛Ɛ ƌĞůĂƟǀĞ ƉŽƐŝƟŽŶ ŝŶ ƚĞƌŵƐ ŽĨ ƌŽŽŵƐ͘dŚĞƚŽƚĂůŝŶǀĞŶƚŽƌǇŝƐϯ͕ϵϱϲƌŽŽŵƐ͘ ǁŝƚŚ ĞůĞĐƚƌŝĐŝƚǇ ƉƌŽǀŝĚĞƌƐ ĂƐ ǁĞůů ĂƐ ŽŶƐŝƚĞ ĂŶĚ ŽīƐŝƚĞ ŽĨƐƵƐƚĂŝŶĂďŝůŝƚǇŝŶƚŚĞŚŽƐƉŝƚĂůŝƚǇƐĞĐƚŽƌĂŶĚϭϬϬнĂƐƐŽĐŝĂƚĞƐ
ƉƌŽĐĞƐƐĚĞƉůŽǇŵĞŶƚͬŝŵƉůĞŵĞŶƚĂƟŽŶŵĂƚƵƌŝƚǇĨŽƌďƵƐŝŶĞƐƐ ƌĞŶĞǁĂďůĞĞŶĞƌŐǇ͕ŝŶĐůƵĚŝŶŐǁŝŶĚĨĂƌŵƐĂŶĚƐŽůĂƌƉĂŶĞůƐ͘Ɛ ƉĂƌƟĐŝƉĂƚĞĚŝŶĂǁĞďŝŶĂƌŽŶƚŚĞƐĂŵĞƚŽƉŝĐ͘
ĞƚŚŝĐƐŝƐŽƵƚůŝŶĞĚďĞůŽǁ͕ďĂƐĞĚŽŶƚŚĞĨŽƵƌƉŝůůĂƌƐ͗ dĂũ^ĂĨĂƌŝƐ ĂƌĞƐƵůƚ͕ϱϴ͘ϱϴ<dKϮǁĂƐĂǀŽŝĚĞĚ͕ƐŝŐŶŝĮĐĂŶƚůǇƌĞĚƵĐŝŶŐǇŽƵƌ
Four Pillars DĂƚƵƌŝƚǇ DĂƚƵƌŝƚǇ
dĂũ ^ĂĨĂƌŝƐ >ŝŵŝƚĞĚ ;Ă ũŽŝŶƚ ǀĞŶƚƵƌĞͿ ŽƉĞƌĂƚĞƐ ĨŽƵƌ ůŽĚŐĞƐ ŝŶ ŽŵƉĂŶǇ͛Ɛ ĐĂƌďŽŶ ĨŽŽƚƉƌŝŶƚ͘ dŚŝƐ ŝƐ ĐŽŵƉĂƌĂďůĞ ƚŽ ƚĂŬŝŶŐ ǆƚĞƌŶĂů ĞǆƉĞƌƚƐ ĐŽŶĚƵĐƚĞĚ ƚŚĞƐĞ ƐĞƐƐŝŽŶƐ͘ ƐƐŽĐŝĂƚĞƐ ĂŶĚ
ƌĂƟŶŐ;&zϭϳͿ ƌĂƟŶŐ;&zϭϲͿ
DĂĚŚǇĂ WƌĂĚĞƐŚ Ăƚ ĂŶĚŚĂǀŐĂƌŚ͕ WĞŶĐŚ͕ WĂŶŶĂ ĂŶĚ <ĂŶŚĂ ϭϵ͕ϲϱϴĐĂƌƐŽīƚŚĞƌŽĂĚ͘zŽƵƌŽŵƉĂŶǇ͛ƐƌĞŶĞǁĂďůĞĞŶĞƌŐǇ ŐƵĞƐƚƐĂĐƌŽƐƐϳϱŚŽƚĞůƐƉĂƌƟĐŝƉĂƚĞĚŝŶĂƌƚŚ,ŽƵƌƚŚŝƐǇĞĂƌ͕
ϭ͘ >ĞĂĚĞƌƐŚŝƉ ƐƚĂďůŝƐŚĞĚ ƐƚĂďůŝƐŚĞĚ
EĂƟŽŶĂů WĂƌŬƐ͖ ĂŶĚ ŽŶĞ ůŽĚŐĞ ŝŶ EĞƉĂů͘ dŚĞƐĞ ƉƌŽƉĞƌƟĞƐ ĐŽŶƐƵŵƉƟŽŶŶŽǁƐƚĂŶĚƐĂƚϮϭйŽĨƚŚĞƚŽƚĂůĞŶĞƌŐǇŵŝǆ͘ ĐƌĞĂƟŶŐĂǁĂƌĞŶĞƐƐĂďŽƵƚĞŶǀŝƌŽŶŵĞŶƚĂůŝƐƐƵĞƐĂƐƉĂƌƚŽĨƚŚĞ
Ϯ͘ ŽŵƉůŝĂŶĐĞ^ƚƌƵĐƚƵƌĞ ǀŽůǀŝŶŐ ǀŽůǀŝŶŐ
ĐŽŶƟŶƵĞƚŽĚĞůŝŐŚƚŐƵĞƐƚƐďǇŽīĞƌŝŶŐĚŝƐƟŶĐƟǀĞĞǆƉĞƌŝĞŶĐĞƐ ŐůŽďĂů ĂƌƚŚ ,ŽƵƌ ŵŽǀĞŵĞŶƚ͘ dŚĞƐĞ ŵĞĂƐƵƌĞƐ ŚĂǀĞ ŚĞůƉĞĚ
ϯ͘ ŽŵŵƵŶŝĐĂƟŽŶΘdƌĂŝŶŝŶŐ ǀŽůǀŝŶŐ ǀŽůǀŝŶŐ
ŝŶŶĂƚƵƌĂůƐƵƌƌŽƵŶĚŝŶŐƐ͘ tĂƐƚĞDĂŶĂŐĞŵĞŶƚ ǇŽƵƌ ŽŵƉĂŶǇ ƚŽ ĐŽŶƐŽůŝĚĂƚĞ ŝƚƐĞůĨ ĂƐ Ă ĨƵƚƵƌĞͲĨŽĐƵƐĞĚ
ϰ͘ DĞĂƐƵƌĞŵĞŶƚŽĨīĞĐƟǀĞŶĞƐƐ ǀŽůǀŝŶŐ ǀŽůǀŝŶŐ
zŽƵƌ ŽŵƉĂŶǇ ƉƌŽŵŽƚĞƐ ǁĂƐƚĞ ƌĞĚƵĐƟŽŶ ĂƐ ǁĞůů ĂƐ ďƵƐŝŶĞƐƐĂŶĚĂƌĞƐƉŽŶƐŝďůĞĐŽƌƉŽƌĂƚĞĐŝƟǌĞŶ͘
:ŝǀĂ^ƉĂ ƐĞŐƌĞŐĂƟŽŶĂŶĚƌĞĐǇĐůŝŶŐ͘KĨƚŚĞϳϵŚŽƚĞůƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞ
dŚĞ ƉŚŝůŽƐŽƉŚǇ ŽĨ :ŝǀĂ ƐƉĂƐ ŝƐ ƌŽŽƚĞĚ ŝŶ /ŶĚŝĂ͛Ɛ ĂŶĐŝĞŶƚ ĂƌƚŚŚĞĐŬƉƌŽŐƌĂŵŵĞ͕ϭϴŚĂǀĞĂĐŚŝĞǀĞĚϭϬϬйƌĞĐǇĐůŝŶŐŽĨ ^ĂĨĞƚǇ
dĂũ ĂƉƉƌŽĂĐŚ ƚŽ ǁĞůůŶĞƐƐ͘ dŚĞ ĞƚŚŽƐ ŽĨ ŽƵƌ ĐĂƌĞĨƵůůǇ ƌĞĐƌĞĂƚĞĚ ŽƌŐĂŶŝĐǁĂƐƚĞ͘dŚĞŽƵƚĐŽŵĞ͗ϱ͕ϯϮϵƚŽŶŶĞƐŽĨŽƌŐĂŶŝĐǁĂƐƚĞ ^ĂĨĞƚǇŝƐŝŶƚĞŐƌĂůƚŽǇŽƵƌŽŵƉĂŶǇ͛ƐŽǀĞƌĂůůŽƉĞƌĂƟŽŶĂůĨĂďƌŝĐ͘
dĂũŚŽƚĞůƐĐŽŶƟŶƵĞĚƚŽĨŽĐƵƐŽŶŚŽŶŝŶŐƐĞƌǀŝĐĞŽīĞƌŝŶŐƐĨŽƌ ƚƌĞĂƚŵĞŶƚƐŝƐĚƌĂǁŶŽŶƚŚĞƌŝĐŚĂŶĚĂŶĐŝĞŶƚǁĞůůŶĞƐƐŚĞƌŝƚĂŐĞ ǁĂƐ ƉƌĞǀĞŶƚĞĚ ĨƌŽŵ ŐŽŝŶŐ ŝŶƚŽ ůĂŶĚĮůůƐ͕ ƚŚĞ ĞƋƵŝǀĂůĞŶƚ ŽĨ zŽƵƌŽŵƉĂŶǇŚĂƐĂƚǁŽͲƉƌŽŶŐĞĚĂƉƉƌŽĂĐŚƚŽƐĂĨĞƚǇ͗&ŝƌĞΘ
ŚŝŐŚůĞǀĞůƐŽĨĐƵƐƚŽŵĞƌƐĂƟƐĨĂĐƟŽŶ͘ ŽĨ/ŶĚŝĂ͕ƚŚĞĨĂďůĞĚůŝĨĞƐƚǇůĞĂŶĚĐƵůƚƵƌĞŽĨ/ŶĚŝĂŶƌŽǇĂůƚǇĂŶĚ ϱϯϳ ƐŚŝƉƉŝŶŐ ĐŽŶƚĂŝŶĞƌƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ŽƚŚĞƌ ŶŽƚĂďůĞ ǁĂƐƚĞ >ŝĨĞ^ĂĨĞƚǇĂŶĚ&ŽŽĚ^ĂĨĞƚǇ͕,ǇŐŝĞŶĞĂŶĚůĞĂŶůŝŶĞƐƐ͘
ƚŚĞŚĞĂůŝŶŐƚŚĞƌĂƉŝĞƐƚŚĂƚĞŵďƌĂĐĞ/ŶĚŝĂŶƐƉŝƌŝƚƵĂůŝƚǇ͘ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽũĞĐƚƐ ŝŵƉůĞŵĞŶƚĞĚ ďǇ ǇŽƵƌ ŽŵƉĂŶǇ
ZŽŽƚĞĚŝŶŚŝƐƚŽƌǇĂŶĚƚƌĂĚŝƟŽŶƚŚĂƚĚĞůŝǀĞƌƚƌƵůǇƵŶĨŽƌŐĞƩĂďůĞ ŝŶĐůƵĚĞƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨǁĂƐƚĞŬŝƚĐŚĞŶŽŝůƚŽďŝŽĚŝĞƐĞů͖ĂŶĚ &ŝƌĞΘ>ŝĨĞ^ĂĨĞƚǇ
ĞǆƉĞƌŝĞŶĐĞ͕ĞĂĐŚdĂũŚŽƚĞůƌĞŇĞĐƚƐƚŚĞƚƌĂĚŝƟŽŶŽĨŚŽƐƉŝƚĂůŝƚǇ :ŝǀĂŝƐĂŶĞĐŽͲƐĞŶƐŝƟǀĞƐƉĂďƌĂŶĚ͖ŚĞŶĐĞĂůůƐƉĂƉƌŽĚƵĐƚƐĂƌĞ ƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨŽƌŐĂŶŝĐǁĂƐƚĞƚŽĐŽŵƉŽƐƚĂŶĚďŝŽŐĂƐ͘ zŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ƚŽ ĐĂƌƌǇ ŽƵƚ &ŝƌĞ ĂŶĚ >ŝĨĞ ^ĂĨĞƚǇ
ƚŽĐƌĞĂƚĞůŝĨĞůŽŶŐŵĞŵŽƌŝĞƐ͘ ŶĂƚƵƌĂů͕ŶĂƟǀĞƚŽ/ŶĚŝĂĂŶĚĐŽŶƚĂŝŶŚĞƌďƐ͕ƉƵƌĞĞƐƐĞŶƟĂůŽŝůƐ͕ ĂƵĚŝƚƐ ƚŚƌŽƵŐŚ Ă ƌĞƉƵƚĞĚ ĂƵĚŝƚ ĐŽŵƉĂŶǇ ʹ Es '>͘ ĂƐĞĚ
ůŝƉŝĚƐ͕ĐůĂǇƐ͕ŵƵĚ͕ƐĂůƚƐĂŶĚŇŽǁĞƌǁĂƚĞƌ͘:ŝǀĂ^ƉĂƵƐĞƐŽƌŐĂŶŝĐ dŚŝƐ ǇĞĂƌ͕ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ ŐůŽďĂů ĐŽŶĐĞƌŶƐ ĂďŽƵƚ ƉůĂƐƟĐ ŽŶĨĞĞĚďĂĐŬĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͕ƚŚĞĂƵĚŝƚƉƌŽƚŽĐŽůǁĂƐ
zŽƵƌŽŵƉĂŶǇĐŽŶƟŶƵĞĚƚŚĞƚŚƌƵƐƚŽŶŝŶĚŝǀŝĚƵĂůĐĂŵƉĂŝŐŶƐ ůŝŶĞŶĂŶĚĞĐŽͲĨƌŝĞŶĚůǇƚŽǆŝŶͲĨƌĞĞƉŽƩĞƌǇ͘ ƉŽůůƵƟŽŶ ĂŶĚ ŵĂƌŝŶĞ ŵŝĐƌŽͲƉůĂƐƟĐƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ƌĞǀŝƐĞĚ͘/ŶƉƵƚƐǁĞƌĞƐŽƵŐŚƚĨƌŽŵĞǆƉĞƌƚƐĂƚƚŚĞdĂƚĂ'ƌŽƵƉ
ŝŶ/ŶĚŝĂĂŶĚƚŚĞdĂũWĂůĂĐĞƐĂŵƉĂŝŐŶŝŶŬĞǇŐůŽďĂůŵĂƌŬĞƚƐ ĐŽŵŵŝƩĞĚ ƚŽ ƉŚĂƐŝŶŐ ŽƵƚ ƐŝŶŐůĞͲƵƐĞ ƉůĂƐƟĐƐ͕ ƐĞƫŶŐ ^ĂĨĞƚǇKĸĐĞĂŶĚƚŚĞĂƵĚŝƚƉƌŽƚŽĐŽůǁĂƐĂůŝŐŶĞĚǁŝƚŚƚŚĞdĂƚĂ
ƚŚŝƐǇĞĂƌ͘dŚĞĐĂŵƉĂŝŐŶĐĞůĞďƌĂƚĞƐƚŚĞƵŶŝƋƵĞŶĞƐƐŽĨĞĂĐŚŽĨ ƵƌŝŶŐϮϬϭϳͲϭϴ͕ǇŽƵƌŽŵƉĂŶǇůĂƵŶĐŚĞĚŽŶĞŶĞǁ:ŝǀĂ^ƉĂĂƚ Ă ďĞŶĐŚŵĂƌŬ ĨŽƌ /ŶĚŝĂ͛Ɛ ŚŽƐƉŝƚĂůŝƚǇ ŝŶĚƵƐƚƌǇ͘ ^ŝŶŐůĞͲ 'ƌŽƵƉ^ĂĨĞƚǇ^ƚĂŶĚĂƌĚƐ͘
ƚŚĞ'ƌĂŶĚWĂůĂĐĞƐĂŶĚŚĂƐŚĞůƉĞĚĞŶŚĂŶĐĞǇŽƵƌŽŵƉĂŶǇ͛Ɛ dĂũǆŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕ŶĚĂŵĂŶƐ͘ ƵƐĞ ƉůĂƐƟĐƐ ƐƵĐŚ ĂƐ ƚŚĞ ƉůĂƐƟĐ ƉĂĐŬĂŐŝŶŐ ŽĨ ŝŶͲƌŽŽŵ
ďƌĂŶĚŝŵĂŐĞ͘ ĂŵĞŶŝƟĞƐ ŚĂƐ ĂůƌĞĂĚǇ ďĞĞŶ ĞůŝŵŝŶĂƚĞĚ ŝŶ ϯϬ ůƵǆƵƌǇ dŚĞ ĂƵĚŝƚ ƉƌŽƚŽĐŽů ĞŶĐŽŵƉĂƐƐĞƐ >ĞĂĚĞƌƐŚŝƉ Θ 'ŽǀĞƌŶĂŶĐĞ͕
Ɛ ŽŶ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ƚŚĞƌĞ ǁĞƌĞ ϰϯ :ŝǀĂ ^ƉĂƐ ŽƉĞƌĂƟŶŐ ƉƌŽƉĞƌƟĞƐĂĐƌŽƐƐ/ŶĚŝĂ͘ ZŝƐŬƐƐĞƐƐŵĞŶƚ͕&ŝƌĞ^ĂĨĞƚǇ͕ůĞĐƚƌŝĐĂů^ĂĨĞƚǇ͕'ĞŶĞƌĂů^ĂĨĞƚǇ
sŝǀĂŶƚĂ ĂĐƌŽƐƐ /,>͘ :ŝǀĂ ^ƉĂ ĂůƐŽ ƌƵŶƐ ŶŽŶͲďƌĂŶĚĞĚ ƐƉĂƐ ŝ͘Ğ͘ ͚dŚĞ ĂŶĚ >ĞŐĂů ZĞƋƵŝƌĞŵĞŶƚƐ͘ hƐŝŶŐ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͛Ɛ ĂƵĚŝƚ
zŽƵƌŽŵƉĂŶǇ͛ƐsŝǀĂŶƚĂďƌĂŶĚĞǆƉĞƌŝĞŶĐĞŝƐĚĞƐŝŐŶĞĚĂƌŽƵŶĚ ^ƉĂ͛ĂŶĚŝƐŽƉĞƌĂƟŶŐϭϰƐƵĐŚƐƉĂƐŝŶǀĂƌŝŽƵƐŚŽƚĞůƐĂĐƌŽƐƐƚŚĞ tĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ĮŶĚŝŶŐƐ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĚĞǀĞůŽƉĞĚ ŽŶƚƌĂĐƚŽƌ ^ĂĨĞƚǇ
ƚŚĞ ĐŽƐŵŽƉŽůŝƚĂŶ͕ ǁŽƌŬͲŚĂƌĚ ƉůĂǇͲŚĂƌĚ ƚƌĂǀĞůůĞƌ ƐĞĞŬŝŶŐ /ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ͘ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ŝŶŝƟĂƚĞĚ Ă ǁĂƚĞƌ ƐĞĐƵƌŝƚǇ ĂƐƐĞƐƐŵĞŶƚ ^ƚĂŶĚĂƌĚƐ͕ &ŝƌĞ ^ĂĨĞƚǇ /ŶƐƉĞĐƟŽŶ ĐŚĞĐŬůŝƐƚƐ͕ ƐƚĂŶĚĂƌĚŝƐĞĚ
Ă ǀŝǀĂĐŝŽƵƐ͕ ƌĞŝŶǀŝŐŽƌĂƟŶŐ ŚŽƚĞů ĞǆƉĞƌŝĞŶĐĞ͘ /ƚ ƉƌŽŵŝƐĞƐ Ă ŽĨ ŚŽƚĞůƐ ŝŶ ŬĞǇ ĐŝƟĞƐ ƚŽ ŝĚĞŶƟĨǇ ǁĂƚĞƌͲƌĞůĂƚĞĚ ƌŝƐŬƐ ĂŶĚ ƚŚĞ ,ĂǌĂƌĚ /ĚĞŶƟĮĐĂƟŽŶ ĂŶĚ ZŝƐŬ ƐƐĞƐƐŵĞŶƚ ƉƌŽĐĞƐƐ ĂŶĚ
ƐĞŶƐŽƌŝĂů ũŽƵƌŶĞǇĨŽƌƚŚĞƵƌďĂŶƐŽƉŚŝƐƟĐĂƚĞ͕ŚĂǀŝŶŐŝƚƐŽǁŶ ŶǀŝƌŽŶŵĞŶƚĂů/ŶŝƟĂƟǀĞƐ ƐƚƌĞŶŐƚŚĞŶ ƉƌĞƉĂƌĞĚŶĞƐƐ ƚŽ ŵĂŶĂŐĞ ƚŚĞŵ͘ ŽŶĐƵƌƌĞŶƚůǇ͕ ŝŵƉůĞŵĞŶƚĞĚ ZŽĂĚ ^ĂĨĞƚǇ ^ƚĂŶĚĂƌĚƐ͘ ĚĚŝƟŽŶĂůůǇ͕ ƚŚĞ dĂƚĂ
ĚŝƐƟŶĐƚ ƉůĂǇ ŽŶ ĞůĞŵĞŶƚƐ ŽĨ ƚŽƵĐŚ͕ ƐŵĞůů͕ ǀŝƐƵĂů ŝĚŝŽŵƐ͕ zŽƵƌ ŽŵƉĂŶǇ͛Ɛ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽŐƌĂŵŵĞƐ ĨŽĐƵƐ ŽŶ ǇŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ŝƚƐ ĞīŽƌƚƐ ƚŽ ĐŽŶƐĞƌǀĞ ĂŶĚ ƌĞĐǇĐůĞ ^ĂĨĞƚǇĞůŝĞĨƐŚĂǀĞďĞĞŶƌŽůůĞĚŽƵƚĂƚĂůůŚŽƚĞůƐ͘
ƚŽŶĂůŝƚǇĂŶĚƚĂƐƚĞ͘ ƌĞƐŽƵƌĐĞ ĞĸĐŝĞŶĐǇ ;ǁĂƚĞƌ͕ ĞŶĞƌŐǇ ĂŶĚ ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚͿ ǁĂƚĞƌ͘ƚŽƚĂůŽĨϯ͕Ϯϳϲ͕ϵϮϯ<>ŽĨǁĂƚĞƌǁĂƐĐŽŶƐƵŵĞĚĨƌŽŵ
ĂŶĚďŝŽĚŝǀĞƌƐŝƚǇ͘KƵƌŐƌĞĞŶŝŶŝƟĂƟǀĞƐĂƌĞĂůŝŐŶĞĚǁŝƚŚŐůŽďĂů ƌĞĐǇĐůĞĚ ĂŶĚ ƌĞƵƐĞĚ ƐŽƵƌĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ŚĂƌǀĞƐƚĞĚ ƌĂŝŶǁĂƚĞƌ dŽ ƌĞŝŶĨŽƌĐĞ Ă ƐĂĨĞƚǇ ĐƵůƚƵƌĞ͕ Ă ^ĂĨĞƚǇ ǁĂƌĞŶĞƐƐ ĂƐĐĂĚĞ
dŚĞ'ĂƚĞǁĂǇ ĂŶĚ ŶĂƟŽŶĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶĐĞƌŶƐ͕ ǁŚŝůĞ ĂůƐŽ ƐĞƫŶŐ ĂŶĚ ƌĞĐǇĐůĞĚ ^ĞǁĂŐĞ dƌĞĂƚŵĞŶƚ WůĂŶƚ ;Ζ^dWΖͿ ǁĂƚĞƌ͘ dŚŝƐ ŚĂƐ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ͕ ĂŝŵĞĚ Ăƚ ŝŶĐƌĞĂƐŝŶŐ ĞŵƉůŽǇĞĞ
dŚĞ 'ĂƚĞǁĂǇ ƌĂŶĚ ŝƐ ƚŚĞ ĨƵůů ƐĞƌǀŝĐĞ ƵƉƐĐĂůĞ ŚŽƐƉŝƚĂůŝƚǇ ďĞŶĐŚŵĂƌŬƐĨŽƌĞŶǀŝƌŽŶŵĞŶƚĂůƉƌĂĐƟĐĞǁŝƚŚŝŶƚŚĞŚŽƐƉŝƚĂůŝƚǇ ŝƐ ĐŽŵƉĂƌĂďůĞ ƚŽ ĐŽŶƐĞƌǀŝŶŐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ǁĂƚĞƌ ŝŶ ϭϯϭϭ ĂǁĂƌĞŶĞƐƐŽŶƐĂĨĞƚǇŚĂǌĂƌĚƐŝŶĚĂŝůǇŽƉĞƌĂƟŽŶƐ͘dŽďƵŝůĚĂ
ďƌĂŶĚ͘ zŽƵƌ ŽŵƉĂŶǇ͛Ɛ ͚'ĂƚĞǁĂǇ͛ ďƌĂŶĚ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŝŶĚƵƐƚƌǇ͘ KůǇŵƉŝĐƐǁŝŵŵŝŶŐƉŽŽůƐ͘ ƌĞůŝĂďůĞƉŽŽůŽĨƚƌĂŝŶĞĚƐĂĨĞƚǇĐŚĂŵƉŝŽŶƐƚŽůĞŶĚĞǆƉĞƌƟƐĞ
ƉƌŽǀŝĚĞĐŽŶƐŝƐƚĞŶƚ͕ĐŽƵƌƚĞŽƵƐĂŶĚĐƌŝƐƉƐĞƌǀŝĐĞĨŽƌďƵƐŝŶĞƐƐ ŽŶƐĂĨĞƚǇƐǇƐƚĞŵƐĂƚƚŚĞŝƌŚŽƚĞůƐĂƐǁĞůůĂƐƐŝƐƚĞƌdĂũŚŽƚĞůƐ͕
ĂŶĚ ůĞŝƐƵƌĞ ƚƌĂǀĞůĞƌƐ ƐĞĞŬŝŶŐ ĐŽŶƚĞŵƉŽƌĂƌǇ ĂŶĚ ƌĞĨƌĞƐŚŝŶŐ ĞƌƟĮĐĂƟŽŶƐĂŶĚǁĂƌĚƐ ^ƵƐƚĂŝŶĂďůĞƐŽƵƌĐŝŶŐ ƚŚĞdĂũĞƌƟĮĞĚ^ĂĨĞƚǇŚĂŵƉŝŽŶƐdƌĂŝŶŝŶŐWƌŽŐƌĂŵŵĞǁĂƐ
ĞǆƉĞƌŝĞŶĐĞƐ͘zŽƵƌŽŵƉĂŶǇ͛ƐďƌĂŶĚ͚'ĂƚĞǁĂǇ͛ŚĂƐŐƌŽǁŶďǇ zŽƵƌ ŽŵƉĂŶǇ ŶŽǁ ŚĂƐ ϳϵ ĂƌƚŚŚĞĐŬ ĐĞƌƟĮĞĚ ŚŽƚĞůƐ͕ ŽĨ zŽƵƌ ŽŵƉĂŶǇ ĞŵƉŚĂƐŝƐĞƐ ŽŶ ůŽĐĂů ƉƌŽĐƵƌĞŵĞŶƚ ĂŶĚ ĐŽŶĚƵĐƚĞĚ ĂŶĚ ĂƩĞŶĚĞĚ ďǇ ŽǀĞƌ ϱϬ ,ĞĂĚƐ ŽĨ ŶŐŝŶĞĞƌŝŶŐ
ĞƐƚĂďůŝƐŚŝŶŐŝƚƐĞůĨĂƐƚŚĞƉƌĞĨĞƌƌĞĚĐŚŽŝĐĞŝŶƚŚĞŵĂƌŬĞƚƐƚŚĂƚ ǁŚŝĐŚ ϲϳ ĂƌĞ 'ŽůĚ ĞƌƟĮĞĚ͕ ϵ ĂƌĞ ^ŝůǀĞƌ ĐĞƌƟĮĞĚ ĂŶĚ ϯ ĂƌĞ ƉƌŽŵŽƚĞƐ ǀĞŶĚŽƌƐ ĨƌŽŵ ƵŶĚĞƌƉƌŝǀŝůĞŐĞĚ ƐĞĐƟŽŶƐ ŽĨ ƐŽĐŝĞƚǇ͘ ĂŶĚ^ĞĐƵƌŝƚǇ͘
ŝƚŽƉĞƌĂƚĞƐ͘ ƌŽŶǌĞ ĞƌƟĮĞĚ͘ dŚŝƐ ŝƐ ƚŚĞ ŚŝŐŚĞƐƚ ŶƵŵďĞƌ ŽĨ ĂƌƚŚŚĞĐŬ dŚŝƐ ŝŶĐůƵĚĞƐ ƐƵƉƉŽƌƟŶŐ ǀĞŶĚŽƌ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂĐƟǀĞůǇ
'ŽůĚĐĞƌƟĮĞĚŚŽƚĞůƐĨŽƌĂŶǇŚŽƐƉŝƚĂůŝƚǇĐŽŵƉĂŶǇŝŶƚŚĞǁŽƌůĚ͘ ƐĞĞŬŝŶŐŽƵƚǀĞŶĚŽƌƐĨƌŽŵƌƵƌĂůĐŽŵŵƵŶŝƟĞƐĂŶĚE'KƐ͘dŚŝƐ zŽƵƌ ŽŵƉĂŶǇ ƌĞŐƌĞƚƐ ƚŽ ŝŶĨŽƌŵ ǇŽƵ ŽĨ ƚǁŽ ĨĂƚĂůŝƟĞƐ ƚŚĂƚ
'ŝŶŐĞƌ,ŽƚĞůƐ ǇĞĂƌ͕ǇŽƵƌŽŵƉĂŶǇĐŽŵƉůĞƚĞĚĂŶĂƐƐĞƐƐŵĞŶƚŽĨŝƚƐƐĞĂĨŽŽĚ ŽĐĐƵƌƌĞĚ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ Ăƚ dĂũ ĞĐĐĂŶ ĂŶĚ sŝǀĂŶƚĂ ďǇ dĂũ
zŽƵƌ ŽŵƉĂŶǇ͛Ɛ ^ƵďƐŝĚŝĂƌǇ͕ ZŽŽƚƐ ŽƌƉŽƌĂƟŽŶ >ŝŵŝƚĞĚ͕ zŽƵƌ ŽŵƉĂŶǇ͛Ɛ ŚŽƚĞů dĂũ <ƌŝƐŚŶĂ ,ǇĚĞƌĂďĂĚ ǁŽŶ ƚŚĞ ƐƵƉƉůǇĐŚĂŝŶ͕ŝĚĞŶƟĨǇŝŶŐĂƌĞĂƐĨŽƌŽƉƟŵŝƐĂƟŽŶĂŶĚŝŶĐƌĞĂƐŝŶŐ DĂůĂďĂƌ͘ ŽƚŚ ƵŶĨŽƌƚƵŶĂƚĞ ŝŶĐŝĚĞŶĐĞƐ ŝŶǀŽůǀĞĚ ĐŽŶƚƌĂĐƚŽƌƐ͘
ŽƉĞƌĂƟŶŐŚŽƚĞůƐƵŶĚĞƌƚŚĞ͚'ŝŶŐĞƌ͛ďƌĂŶĚ͕ŚĂƐϰϮŽƉĞƌĂƟŽŶĂů //EĂƟŽŶĂůǁĂƌĚĨŽƌǆĐĞůůĞŶĐĞŝŶŶĞƌŐǇDĂŶĂŐĞŵĞŶƚϮϬϭϳ͕ ůŽĐĂů ƉƌŽĐƵƌĞŵĞŶƚ͘ KƚŚĞƌ ŝŶŝƟĂƟǀĞƐ ŝŶĐůƵĚĞ ŝĚĞŶƟĨǇŝŶŐ ĚĞƚĂŝůĞĚ ŝŶǀĞƐƟŐĂƟŽŶ ŝŶƚŽ ƚŚĞ ĨĂƚĂůŝƟĞƐ ǁĂƐ ĐŽŶĚƵĐƚĞĚ
ŚŽƚĞůƐ͘ EŝŶĞ ŚŽƚĞůƐ ŚĂǀĞ ďĞĞŶ ĂĚĚĞĚ ĚƵƌŝŶŐ ƚŚĞ &ŝŶĂŶĐŝĂů ŝŶ ƚŚĞ ƵŝůĚŝŶŐƐ ĂƚĞŐŽƌǇ͘ /Ŷ ƚŚĞ W /ŶĚŝĂ ůŝŵĂƚĞ ŚĂŶŐĞ ĞĐŽͲĨƌŝĞŶĚůǇ ĂůƚĞƌŶĂƟǀĞƐ ƚŽ ƉůĂƐƟĐ ƉƌŽĚƵĐƚƐ ĂŶĚ ŵŝŶŝŵŝƐŝŶŐ ďǇ ĂŶ ŝŶƚĞƌŶĂů ƚĞĂŵ ŽĨ ŝŶǀĞƐƟŐĂƚŽƌƐ ůĞĚ ďǇ Ă ŵĞŵďĞƌ ŽĨ
zĞĂƌ Ăƚ ŶĚŚĞƌŝ ĂƐƚ͕ ƵƌĂŶŐĂďĂĚ͕ >ƵĐŬŶŽǁ͕ 'ƵƌŐĂŽŶ ;DͿ͕ ZĞƉŽƌƚ ϮϬϭϳ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂĐŚŝĞǀĞĚ Ă ƐĐŽƌĞ ďĂŶĚ ͕ ƉůĂƐƟĐƉĂĐŬĂŐŝŶŐ͘ ƚŚĞ dĂƚĂ 'ƌŽƵƉ ^ĂĨĞƚǇ KĸĐĞ͘ dŚĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ŽĨ ƚŚĞ
^͘'͘ ZŽĂĚ͕ ŚŵĞĚĂďĂĚ ;DͿ͕ ^ĂƚĞůůŝƚĞ͕ ŚŵĞĚĂďĂĚ ;DͿ͕ ƌĂŶŬŝŶŐĂŵŽŶŐ/ŶĚŝĂ͛ƐƚŽƉϮϬϬĐŽŵƉĂŶŝĞƐĂĐƌŽƐƐϭϬƐĞĐƚŽƌƐ͘ ŝŶǀĞƐƟŐĂƟŽŶƐŚĂǀĞďĞĞŶĂĐƚĞĚƵƉŽŶĂŶĚŚĂǀĞĂůƐŽďĞĞŶƐŚĂƌĞĚ
sĂĚŽĚĂƌĂ ;DͿ͕ 'ŽĂ ŽŶĂ WĂƵůĂ ;DͿ ĂŶĚ dƌĂŶƐŝƚ ŐƵĞƐƚ ƵůƚƵƌĞƵŝůĚŝŶŐ ĂĐƌŽƐƐ Ăůů ŚŽƚĞůƐ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƟŽŶ͘ Ŷ ŝŵƉůĞŵĞŶƚĂƟŽŶ
ŚŽƵƐĞ<ŽĐŚŝ͘DŽƌĞƉƌŽũĞĐƚƐĂƌĞĂƚǀĂƌŝŽƵƐƐƚĂŐĞƐŽĨĞǆĞĐƵƟŽŶ ŶĞƌŐǇDĂŶĂŐĞŵĞŶƚ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ƵŶĚĞƌƚĂŬĞŶ ǁŝĚĞͲƌĂŶŐŝŶŐ ƐƚĞƉƐ ƚŽ ĂƵĚŝƚŚĂƐĂůƐŽďĞĞŶĐŽŶĚƵĐƚĞĚƚŽĞŶƐƵƌĞĞīĞĐƟǀĞĐůŽƐƵƌĞŽĨ
ŝŶWĂƚŶĂ͕^ƵƌĂƚĂŶĚ/ƌŝƐWĂƌŬ͕^ĂĨĚĂƌũƵŶŐŶĐůĂǀĞ͕EĞǁĞůŚŝ͘ ŶĞƌŐǇĞĸĐŝĞŶĐǇĐŽŶƟŶƵĞĚƚŽďĞĂŵĂũŽƌĨŽĐƵƐĂƌĞĂĨŽƌǇŽƵƌ ŝŶƚĞŐƌĂƚĞƐƵƐƚĂŝŶĂďŝůŝƚǇĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŝŶŝƟĂƟǀĞƐŝŶƚŽŝƚƐ ƚŚĞĂĐƟŽŶƐƚĂŬĞŶ͘
Ɛ ŽŶ DĂƌĐŚ Ϭϵ͕ ϮϬϭϴ͕ 'ŝŶŐĞƌ ,ŽƚĞůƐ ŚĂƐ ϯϮ ŽǁŶĞĚͬůĞĂƐĞĚ ŽŵƉĂŶǇŝŶϮϬϭϳͲϭϴ͕ƚŚƌŽƵŐŚĂĐŽŵďŝŶĂƟŽŶŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞ
ŚŽƚĞůƐ ǁŝƚŚ ĂŶ ŝŶǀĞŶƚŽƌǇ ŽĨ ϯ͕ϭϳϵ ƌŽŽŵƐ͕ ϵ ŚŽƚĞůƐ ƵŶĚĞƌ ƵƉŐƌĂĚĞƐ ĂŶĚ ŽƉĞƌĂƟŽŶĂů ŝŵƉƌŽǀĞŵĞŶƚƐ͘ ƚŽƚĂů ŽĨ

&ŽŽĚ^ĂĨĞƚǇ͕,ǇŐŝĞŶĞĂŶĚůĞĂŶůŝŶĞƐƐ ŽŵƉĂŶǇĂůƐŽĨƵƌƚŚĞƌůĞǀĞƌĂŐĞĚƚĞĐŚŶŽůŽŐǇďǇĂĐƟǀĞůǇƵƐŝŶŐ ƵůƚƵƌĞtŽƌŬƐŚŽƉ ĨƌŽŵ Ă ƉĞƌƐƉĞĐƟǀĞ ŽĨ ƐǇƐƚĞŵ ƵƉƟŵĞƐ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ
zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĐŽŶƟŶƵĞĚ ƚŽ ŝŶƐƟƚƵƟŽŶĂůŝƐĞ ĨŽŽĚ ƐĂĨĞƚǇ ŽŶůŝŶĞ ƚƌĂŝŶŝŶŐ ŽƉƟŽŶƐ ĨŽƌ ĞǆĞĐƵƟǀĞƐ ĂŶĚ ŵĂŶĂŐĞƌƐ ŝŶ ƚŚĞ dŽ ŵĂƉ ĂŶĚ ŐĂƌŶĞƌ ŝŶƉƵƚƐ ĂďŽƵƚ ƚŚĞ ĞǆŝƐƟŶŐ ĐƵůƚƵƌĞ ĂƐ ŽĨ ƌĞŐƵůĂƚŽƌǇ ŶĂƚƵƌĞ͘ tĞ ŚĂǀĞ ũƵƐƚ ĐŽŵƉůĞƚĞĚ ŽŶĞ ƐƵĐŚ
ŵĂŶĂŐĞŵĞŶƚƐǇƐƚĞŵƐĂĐƌŽƐƐŝƚƐŚŽƚĞůƐ͘DŝĐƌŽďŝŽůŽŐŝĐĂůƚĞƐƚƐ ŽƌŐĂŶŝƐĂƟŽŶ͘dŚĞŵĂŶĂŐĞƌƐŚĂǀĞĂĐĐĞƐƐƚŽĐŽƵƌƐĞƐƚŚĂƚĂƌĞ ƉĞƌĐĞŝǀĞĚ ďǇ ŽƵƌ ĞŵƉůŽǇĞĞƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ ĐŽŶĚƵĐƚĞĚ ĐŽŵƉůŝĂŶĐĞ ŽĨ '^d ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ĂŶŽƚŚĞƌ ŽŶĞ ŝƐ ŝŶ
ŽĨǁĂƚĞƌ͕ƌĂǁŵĂƚĞƌŝĂůƐ͕ĐŽŽŬĞĚĨŽŽĚ͕Ăŝƌ͕ůŝŶĞŶĂŶĚĞƋƵŝƉŵĞŶƚ ĐƌĞĂƚĞĚďǇϱϬнƚŚŽƵŐŚƚůĞĂĚĞƌƐĨƌŽŵůĞĂĚŝŶŐďƵƐŝŶĞƐƐƐĐŚŽŽůƐ Ă ƵůƚƵƌĞ ^ƵƌǀĞǇ͕ ƐƵƉƉŽƌƚĞĚ ďǇ Ă ƌĞƐĞĂƌĐŚ ƐĐŚŽůĂƌ ĨƌŽŵ ƉƌŽŐƌĞƐƐŽŶ'WZŐůŽďĂůůǇ͘
ĂƌĞĐŽŶĚƵĐƚĞĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŚŝŐŚĞƐƚůĞǀĞůƐŽĨƐĂŶŝƚĂƟŽŶ ƐƵĐŚĂƐ^ƚĂŶĨŽƌĚhŶŝǀĞƌƐŝƚǇ͕,ĂƌǀĂƌĚƵƐŝŶĞƐƐ^ĐŚŽŽů͕/E^ //DͲŚŵĞĚĂďĂĚ͘ dŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚŝƐ ƐƵƌǀĞǇ ǁĞƌĞ ƚŚĞŶ
ĂŶĚŚǇŐŝĞŶĞĂƌĞŵĂŝŶƚĂŝŶĞĚ͘ ĂŶĚŵĂŶǇŵŽƌĞ͘ ƉƌĞƐĞŶƚĞĚƚŽƚŚĞƐĞŶŝŽƌůĞĂĚĞƌƐŚŝƉƚŽĨŽƐƚĞƌĐƌŝƟĐĂůƚŚŝŶŬŝŶŐ ŽŵƉůŝĂŶĐĞ
ĂŶĚďƵŝůĚĨƵƌƚŚĞƌŽŶŽƵƌƐƚƌĞŶŐƚŚƐĂŶĚĨŽĐƵƐŽŶŝŵƉƌŽǀĞŵĞŶƚ ƌŽďƵƐƚ ŝŶƚĞƌŶĂů ĐŚĞĐŬ ƉƌŽĐĞƐƐ ŝƐ ĚĞƉůŽǇĞĚ ƚŽ ƉƌĞǀĞŶƚ ĂŶĚ
DĞĚŝĐĂů ƚĞƐƚƐ ĨŽƌ ĨŽŽĚ ŚĂŶĚůĞƌƐ ŚĂǀĞ ďĞĞŶ ƐƚĂŶĚĂƌĚŝƐĞĚ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂůƐŽ ůĂƵŶĐŚĞĚ ƚŚĞ dƌĂŝŶŝŶŐ ŶĂďůĞŵĞŶƚ ĂƌĞĂƐĂƐƐĞĞŶŝŶƚŚĞƐƵƌǀĞǇ͘ ůŝŵŝƚ ƌŝƐŬ ŽĨ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ͘ zŽƵƌ ŽŵƉĂŶǇ ĂƉƉƌŽĂĐŚĞƐ
ĂĐƌŽƐƐ ŚŽƚĞůƐ ĂŶĚ ŵĂĚĞ ŵŽƌĞ ƌŽďƵƐƚ͘ &ŽŽĚ ƐĂĨĞƚǇ͕ ŚǇŐŝĞŶĞ ΘĞǀĞůŽƉŵĞŶƚ;dZEͿWƌŽŐƌĂŵŵĞƐ͕ƐƉĂŶŶŝŶŐϰϴнŚŽƚĞůƐ ĐŽŵƉůŝĂŶĐĞ ĨƌŽŵ ƚŚĞ ƐƚĂŶĚƉŽŝŶƚ ŽĨ ƌĞĂĐƟǀĞ ĂƐ ǁĞůů ĂƐ
ĂŶĚ ĐůĞĂŶůŝŶĞƐƐ ĂƵĚŝƚƐ ĂƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ďǇ Ă ƌĞƉƵƚĞĚ ĂĐƌŽƐƐ ƚŚĞ ŽƌŐĂŶŝƐĂƟŽŶ͕ ĞŶƐƵƌŝŶŐ ĐŽŶƐŝƐƚĞŶƚ ƌŽůůͲŽƵƚ ŽĨ ^ŝŶĐĞ ƚŚĞ ^ĞŶŝŽƌ DĂŶĂŐĞƌƐ͛ ŵŽƟŽŶĂů DĂƚƵƌŝƚǇ ůĂƌŐĞůǇ ƉƌŽĂĐƟǀĞŝŶƚĞƌǀĞŶƟŽŶ͘
ĂŐĞŶĐǇ ʹ ^ĞĂůĞĚ ŝƌ͘ dŚĞ ĂƵĚŝƚƐ ĐŽǀĞƌ Ăůů ƐƚĂŐĞƐ ŽĨ ĨŽŽĚ ŵĂŶĚĂƚŽƌǇ ƉƌŽŐƌĂŵŵĞƐ ŽŶ ďĞŚĂǀŝŽƵƌƐ͕ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐƵůƚƵƌĞ ŝŶ ƚŚĞ ŽƌŐĂŶŝƐĂƟŽŶ͕ ǇŽƵƌ ŽŵƉĂŶǇ
ƉƌŽĚƵĐƟŽŶĨƌŽŵƌĞĐĞŝƉƚŽĨƌĂǁŵĂƚĞƌŝĂůƐƚŽĨŽŽĚƐĞƌǀŝĐĞĂŶĚ ƐŬŝůůƐ͘ ĐŽŶĚƵĐƚĞĚ Ă ĨƵůůͲĚĂǇ ǁŽƌŬƐŚŽƉ ŽŶ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞ͕ ZŝƐŬ'ŽǀĞƌŶĂŶĐĞ
ƚŚĞƐƵďƐĞƋƵĞŶƚǁĂƐƚĞĚŝƐƉŽƐĂů͘ ĂŌĞƌ ĚƵůǇ ĂƐƐĞƐƐŝŶŐ ƚŚĞŝƌ ĐƵƌƌĞŶƚ ůĞǀĞůƐ ŽĨ ŵŽƟŽŶĂů /ŶĚƵƐƚƌǇZŝƐŬ
,ŽƚĞůŝĞƌ ĞǀĞůŽƉŵĞŶƚ WƌŽŐƌĂŵŵĞ ;,WͿ ĂŶĚ 'ŽůĚĞŶ /ŶƚĞůůŝŐĞŶĐĞ;YͿƚŚƌŽƵŐŚĂƐĐŝĞŶƟĮĐƚŽŽů͘dŚŝƐǁĂƐĐŽŶĚƵĐƚĞĚ 'ĞŶĞƌĂůĞĐŽŶŽŵŝĐĐŽŶĚŝƟŽŶƐ
,ŝŐŚƌŝƐŬĂƌĞĂƐƐƵĐŚĂƐĐƌŽƐƐͲĐŽŶƚĂŵŝŶĂƟŽŶ͕ĐŚĞŵŝĐĂůƐƚŽƌĂŐĞ͕ dŚƌĞƐŚŽůĚWƌŽŐƌĂŵŵĞ;'dWͿ ďǇǇŽƵƌŽŵƉĂŶǇ͛ƐsWΘ'ůŽďĂů,ĞĂĚʹ,ƵŵĂŶZĞƐŽƵƌĐĞƐ͘ dŚĞ ŚŽƐƉŝƚĂůŝƚǇ ŝŶĚƵƐƚƌǇ ŝƐ ƉƌŽŶĞ ƚŽ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ĐŚĂŶŐĞƐ
ŶŽƌŵƐ ĨŽƌ ĞǆƉŝƌĞĚ ƉƌŽĚƵĐƚƐ͕ ŐůĂƐƐ ƉŽůŝĐǇ ĂŶĚ ƉĞƐƚƐ ĂƌĞ zŽƵƌ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ,ŽƚĞůŝĞƌ &ŽůůŽǁͲƵƉĐŽĂĐŚŝŶŐƐĞƐƐŝŽŶƐǁŝƚŚƚŚĞƐĞůĞĂĚĞƌƐĂƌĞďĞŝŶŐŚĞůĚ ŝŶ ŐůŽďĂů ĂŶĚ ĚŽŵĞƐƟĐ ĞĐŽŶŽŵŝĞƐ͕ ůŽĐĂů ŵĂƌŬĞƚ ĐŽŶĚŝƟŽŶƐ͕
ĂƵĚŝƚĞĚƚŚŽƌŽƵŐŚůǇ͘dŚĞŚǇŐŝĞŶĞĂŶĚĐůĞĂŶůŝŶĞƐƐŽĨƚŚĞĞŶƟƌĞ ĞǀĞůŽƉŵĞŶƚ WƌŽŐƌĂŵŵĞ ƚŽ ĐƌĞĂƚĞ Ă ƚĂůĞŶƚ ƉŝƉĞůŝŶĞ ĨŽƌ ƚŽĨƵƌƚŚĞƌĚĞǀĞůŽƉƚŚĞŵ͘ ŚŽƚĞů ƌŽŽŵ ƐƵƉƉůǇ͕ ŝŶƚĞƌŶĂƟŽŶĂů Žƌ ůŽĐĂů ĚĞŵĂŶĚ ĨŽƌ ŚŽƚĞů
ŚŽƚĞů͕ ŝŶĐůƵĚŝŶŐ ŐƵĞƐƚ ƌŽŽŵƐ͕ ƚŚĞ ƉĞƌŝƉŚĞƌǇ ĂƐ ǁĞůů ĂƐ ŚŽƚĞůƐĂŶĚďƵŝůĚĨƵƚƵƌĞůĞĂĚĞƌƐĨŽƌƚŚĞďƌĂŶĚďǇƐĞůĞĐƟŶŐƚŚĞ ƌŽŽŵƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ƐĞƌǀŝĐĞƐ͕ ĐŽŵƉĞƟƟŽŶ ŝŶ ƚŚĞ ŝŶĚƵƐƚƌǇ͕
ŚĞĂƌƚͲŽĨͲƚŚĞͲŚŽƵƐĞĂƌĞĂůƐŽĂƵĚŝƚĞĚ͘ ƌŝŐŚƚĮƚŽĨƚŚĞďĞƐƚĂǀĂŝůĂďůĞƚĂůĞŶƚŝŶ/ŶĚŝĂ͘dĂůĞŶƚŝƐƌĞƋƵŝƌĞĚ /ŶĨŽƌŵĂƟŽŶdĞĐŚŶŽůŽŐǇ ŐŽǀĞƌŶŵĞŶƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƌĞŐƵůĂƟŽŶƐ͕ ŇƵĐƚƵĂƟŽŶ ŝŶ ŝŶƚĞƌĞƐƚ
ĨŽƌ ŚŽƚĞů ŽƉĞƌĂƟŽŶƐ ĂŶĚ ŽƚŚĞƌ ĚŽŵĂŝŶƐ ƐƵĐŚ ĂƐ ĮŶĂŶĐĞ͕ /ŶĨŽƌŵĂƟŽŶƚĞĐŚŶŽůŽŐǇ;Ζ/dΖͿŝƐĂĐƌŝƟĐĂůĞŶĂďůĞƌŽĨďƵƐŝŶĞƐƐ ƌĂƚĞƐ ĂŶĚ ĨŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ ĂŶĚ ŽƚŚĞƌ ƐŽĐŝĂů ĨĂĐƚŽƌƐ͘
&ŽŽĚ ƐĂĨĞƚǇ͕ ĐůĞĂŶůŝŶĞƐƐ ĂŶĚ ŚǇŐŝĞŶĞ ĂƵĚŝƚƐ ŽĨ ǀĞŶĚŽƌƐ ƐĂůĞƐ Θ ŵĂƌŬĞƟŶŐ ĂŶĚ ,Z͘ zŽƵƌ ŽŵƉĂŶǇ ĂůƐŽ ĨŽĐƵƐĞƐ ŽŶ ǀĂůƵĞŝŶƚŚĞŚŽƐƉŝƚĂůŝƚǇƐĞĐƚŽƌ͘tĞĂƌĞƐƚĞĂĚŝůǇĞŶŚĂŶĐŝŶŐŽƵƌ ĞŵĂŶĚĨŽƌŚŽƚĞůƐŝƐĂīĞĐƚĞĚďǇŐůŽďĂůĞĐŽŶŽŵŝĐƐĞŶƟŵĞŶƚƐ
ƐƵƉƉůǇŝŶŐ ƉĞƌŝƐŚĂďůĞ ƌĂǁ ŵĂƚĞƌŝĂůƐ ĂƌĞ ĂůƐŽ ĐĂƌƌŝĞĚ ŽƵƚ Ăƚ ŐƌŽŽŵŝŶŐ ŝŶƚĞƌŶĂů ƚĂůĞŶƚ ĂŶĚ ĐƌĞĂƟŶŐ ďĞŶĐŚ ƐƚƌĞŶŐƚŚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚƐŝŶŝŶĨŽƌŵĂƟŽŶƚĞĐŚŶŽůŽŐǇƉůĂƞŽƌŵƐĂŶĚĚŝŐŝƚĂů ĂŶĚ ƚŚĞƌĞĨŽƌĞ͕ ĂŶǇ ĐŚĂŶŐĞ ŝŵƉĂĐƟŶŐ ƚŚĞ ŽƚŚĞƌ ƐĞŐŵĞŶƚƐ
ƚŚĞŝƌƉƌĞŵŝƐĞƐ͘dŚŝƐǇĞĂƌ͕ǇŽƵƌŽŵƉĂŶǇŝŶĐůƵĚĞĚŬĞǇĂƐƉĞĐƚƐ ĨƵƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ ƚƌĂŶƐĨŽƌŵĂƟŽŶƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ŽƵƌ ŽīĞƌŝŶŐƐ ;ƉƌŽĚƵĐƚƐ Θ ͬ ŝŶĚƵƐƚƌŝĞƐ ͬ ŐĞŽŐƌĂƉŚŝĞƐ ǁŝůů ŝŶǀĂƌŝĂďůǇ ŝŵƉĂĐƚ ƚŚĞ ŚŽƚĞů
ŽĨĨŽŽĚƐĂĨĞƚǇ͕ĐůĞĂŶůŝŶĞƐƐĂŶĚŚǇŐŝĞŶĞĂƐƉĂƌƚŽĨĐŽŶƚƌĂĐƚƐĨŽƌ ƐĞƌǀŝĐĞƐͿĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŵĞĞƚƚŚĞŶĞĞĚƐŽĨ ŝŶĚƵƐƚƌǇƚŽŽ͘
ǀĞŶĚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐǁŝƚŚƚŚĞĞŶƚƌĂůDĂƚĞƌŝĂůƐdĞĂŵ͘ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂůƐŽ ĂĐĐĞƉƚĞĚ ĮǀĞ ŝŶƚĞƌŶĂů ĐĂŶĚŝĚĂƚĞƐ ƚŚĞĚŝŐŝƚĂůĂŐĞ͘
ŝŶƚŽ ƚŚĞ ƉƌŽŐƌĂŵŵĞ ƚŚŝƐ ǇĞĂƌ ƚŽ ƉƌŽŵŽƚĞ ŝŶƚĞƌŶĂů ƚĂůĞŶƚ ŝŶ ^ŽĐŝŽͲƉŽůŝƟĐĂůƌŝƐŬƐ
,ƵŵĂŶĂƉŝƚĂů/ŶŝƟĂƟǀĞƐ ƚŚĞ ŽŵƉĂŶǇ͕ ǁŚŝĐŚ ƵŶĚĞƌƐĐŽƌĞƐ ŽƵƌ ƚĂůĞŶƚ ƐƚƌĂƚĞŐǇ͘ /ƚ ŚĂƐ ƐƚĞĐŚŶŽůŽŐǇĞŶƌŝĐŚĞƐĞǀĞƌǇƐƚŽƉŝŶƚŚĞĐƵƐƚŽŵĞƌ͛ƐũŽƵƌŶĞǇ͕ /Ŷ ĂĚĚŝƟŽŶ ƚŽ ĞĐŽŶŽŵŝĐ ƌŝƐŬƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ ĨĂĐĞƐ
/ŶƚŚĞƉƌĞĐĞĚŝŶŐǇĞĂƌ͕ƚŚĞŬĞǇĨŽĐƵƐŽĨŚƵŵĂŶĐĂƉŝƚĂůŝŶŝƟĂƟǀĞƐ ĨŽĐƵƐĞĚ ŽŶ ŝŶǀĞƌƟŶŐ ƚŚĞ ƉǇƌĂŵŝĚ͕ ŝ͘Ğ͘ ƉƵƫŶŐ ĨŽĐƵƐ ŽŶ ƚŚĞ ƚŚĞŽŶͲƐŝƚĞĞǆƉĞƌŝĞŶĐĞŝƐŶŽĞǆĐĞƉƟŽŶ͘tĞŵĂŬĞĂƉƉƌŽƉƌŝĂƚĞ ƌŝƐŬƐ ĨƌŽŵ ƚŚĞ ƐŽĐŝŽͲƉŽůŝƟĐĂů ĞŶǀŝƌŽŶŵĞŶƚ ŶĂƟŽŶĂůůǇ
ŚĂƐ ĐŽŶƟŶƵĞĚ ƚŽ ďĞ ŽŶ ďƵŝůĚŝŶŐ ĐĂƉĂďŝůŝƚǇ ĂŶĚ ĐƌĞĂƟŶŐ Ă ĨƌŽŶƚůŝŶĞ͘ƟĞͲƵƉǁŝƚŚd/^^;ΖdĂƚĂ/ŶƐƟƚƵƚĞŽĨ^ŽĐŝĂů^ĐŝĞŶĐĞƐΖͿ ŝŶǀĞƐƚŵĞŶƚƐŝŶƚĞĐŚŶŽůŽŐǇƚŽĞŶŚĂŶĐĞƚŚĞĞǆƉĞƌŝĞŶĐĞŽĨŽƵƌ ĂŶĚ ŝŶƚĞƌŶĂƟŽŶĂůůǇ͘ /ƚ ŝƐ ĂīĞĐƚĞĚ ďǇ ĞǀĞŶƚƐ ůŝŬĞ ƉŽůŝƟĐĂů
ƉĞƌĨŽƌŵĂŶĐĞͲŽƌŝĞŶƚĞĚ ĐƵůƚƵƌĞ ƚŽ ƐƵƉƉŽƌƚ ĂŶĚ ĂĐĐĞůĞƌĂƚĞ ǁĂƐĚŽŶĞƚŽŝŶŝƟĂƚĞƚŚĞ'dW͘ ŐƵĞƐƚƐ͘ KǀĞƌ ƚŚĞ ƉĂƐƚ ĨĞǁ ǇĞĂƌƐ͕ ǁĞ ŚĂǀĞ ďĞĞŶ ĐĞŶƚƌĂůŝƐŝŶŐ ŝŶƐƚĂďŝůŝƚǇ͕ ĐŽŶŇŝĐƚ ďĞƚǁĞĞŶ ŶĂƟŽŶƐ͕ ƚŚƌĞĂƚ ŽĨ ƚĞƌƌŽƌŝƐƚ
ďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞ͘ ƚŚĞƐǇƐƚĞŵƐŽĨŽƵƌŚŽƚĞůƐ͕ǁŝƚŚƚŚĞŚĞůƉŽĨŽƵƌǀĞŶĚŽƌƐ͘tĞ ĂĐƟǀŝƟĞƐ͕ ŽĐĐƵƌƌĞŶĐĞ ŽĨ ŝŶĨĞĐƟŽƵƐ ĚŝƐĞĂƐĞƐ͕ ĞǆƚƌĞŵĞ
dŚĞ'dWǁŝůůŚĞůƉƵƐĐƌĞĂƚĞĂƉŝƉĞůŝŶĞŽĨĨƌŽŶƚůŝŶĞdĂůĞŶƚĨŽƌ ĂƌĞŶŽǁŵŝŐƌĂƟŶŐŽƵƌƐǇƐƚĞŵƐŝŶƚŽƚŚĞĐůŽƵĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ǁĞĂƚŚĞƌĐŽŶĚŝƟŽŶƐĂŶĚŶĂƚƵƌĂůĐĂůĂŵŝƟĞƐ͘dŚĞƐĞŵĂǇĂīĞĐƚ
<ĞǇ ŝŶŝƟĂƟǀĞƐ ǁŚŝĐŚ ǇŽƵƌ ŽŵƉĂŶǇ ƵŶĚĞƌƚŽŽŬ ĚƵƌŝŶŐ ƚŚĞ dĂũ ĂŶĚ ĂůƐŽ ĨŽƌ ƚŚĞ ŝŶĚƵƐƚƌǇ͘ dŚŝƐ ŝƐ Ă ƚŚƌĞĞͲǇĞĂƌ ǀŽĐĂƟŽŶĂů tĞďĞůŝĞǀĞ͕ĂŌĞƌĚƵĞĚŝůŝŐĞŶĐĞƚŚĂƚĐůŽƵĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝůů ƚƌĂǀĞůĂŶĚďƵƐŝŶĞƐƐĂĐƟǀŝƚǇĐŽŶƐŝĚĞƌĂďůǇ͘
ǇĞĂƌĐŽŵƉƌŝƐĞƚŚĞĨŽůůŽǁŝŶŐ͗ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵŵĞ ǁŚĞƌĞŝŶ ƐƚƵĚĞŶƚƐ ĂƌĞ ĂǁĂƌĚĞĚ Ă ͘sŽĐ ŚĞůƉƵƐďƵŝůĚƌĞƐŝůŝĞŶĐĞ͘
ŝŶ ,ŽƐƉŝƚĂůŝƚǇ DĂŶĂŐĞŵĞŶƚ ďǇ d/^^͘ zŽƵƌ ŽŵƉĂŶǇ ŝƐ ƚŚĞ ŽŵƉĂŶǇƐƉĞĐŝĮĐƌŝƐŬƐ
>ĞĂĚĞƌƐŚŝƉĞǀĞůŽƉŵĞŶƚĂŶĚĂƉĂďŝůŝƚǇƵŝůĚŝŶŐ ^Ŭŝůů<ŶŽǁůĞĚŐĞWƌŽǀŝĚĞƌĨŽƌƚŚĞƉƌŽŐƌĂŵŵĞ͘ƵƌƌĞŶƚůǇ͕ǇŽƵƌ ƐǁĞŵŽǀĞƚŽǁĂƌĚƐĚŝŐŝƚĂůƚƌĂŶƐĨŽƌŵĂƟŽŶƐ͕ŽƵƌŽƌŐĂŶŝƐĂƟŽŶ͛Ɛ dŚĞŽŵƉĂŶǇƐƉĞĐŝĮĐƌŝƐŬƐŚĂǀĞďĞĞŶƌĞǀŝĞǁĞĚĂŶĚƐŽŵĞŽĨ
ŽŚŽƌƚ//ŽĨƚŚĞ'ĞŶĞƌĂůDĂŶĂŐĞƌĞǀĞůŽƉŵĞŶƚWƌŽŐƌĂŵŵĞ ŽŵƉĂŶǇŚĂƐĂƚŽƚĂůŽĨϭϮϬ'ŽůĚĞŶdŚƌĞƐŚŽůĚƚƌĂŝŶĞĞƐĂĐƌŽƐƐ ĞŶƟƌĞŽŶůŝŶĞƉƌĞƐĞŶĐĞŶĞĞĚƐĐŽŵƉƌĞŚĞŶƐŝǀĞ͕ƌŽƵŶĚͲƚŚĞͲĐůŽĐŬ ƚŚĞĐƌŝƟĐĂůƌŝƐŬƐĂƌĞĂƐƵŶĚĞƌ͘
ǁĂƐ ĐŽŶĚƵĐƚĞĚ ĨŽƌ ϯϬ 'ĞŶĞƌĂů DĂŶĂŐĞƌƐ ƚŽ ďƵŝůĚ ƚŚĞŝƌ ϱĐŝƟĞƐĂŶĚϭϬŚŽƚĞůƐ͘ ƐĞĐƵƌŝƚǇƚŚĂƚǁĞĐĂŶƌĞůǇŽŶƚŽƉƌŽƚĞĐƚŽƵƌĂƐƐĞƚƐ͕ŽƉĞƌĂƟŽŶƐ͕
ĐĂƉĂďŝůŝƚǇĂŶĚŐƌŽŽŵƚŚĞŵĨŽƌĨƵƚƵƌĞůĞĂĚĞƌƐŚŝƉƌŽůĞƐ͘ ĂŶĚƌĞƉƵƚĂƟŽŶ͘tĞŚĂǀĞŵŽǀĞĚƚŽ^ĞĐƵƌŝƚǇͲĂƐͲĂͲ^ĞƌǀŝĐĞǁŝƚŚ KǀĞƌƐĞĂƐŝŶǀĞƐƚŵĞŶƚƐ
dĂƌŐĞƚĞĚ^ĞůĞĐƟŽŶ ŽŶĞŽĨƚŚĞƚŽƉĮƌŵƐŝŶƚŚŝƐďƵƐŝŶĞƐƐŝŶ/ŶĚŝĂ͘ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ŵĂĚĞ ƐŝŐŶŝĮĐĂŶƚ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ŚŽƚĞů
dŚĞ ƉĂƌƟĐŝƉĂŶƚƐ ĨƌŽŵ ŽŚŽƌƚ / ĐŽŶƟŶƵĞ ƚŽ ǁŽƌŬ ŽŶ ƚŚĞŝƌ dŽ ƐƚƌĞŶŐƚŚĞŶ ŽƵƌ ŚŝƌŝŶŐ ƉƌŽĐĞƐƐ͕ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂƐƐĞƚƐ͕ ĂĐƌŽƐƐ ĚŝǀĞƌƐĞ ŐĞŽŐƌĂƉŚŝĞƐ͘ ^ƵĐŚ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ
ĐƟŽŶ >ĞĂƌŶŝŶŐ WƌŽũĞĐƚƐ ;Ζ>WΖƐͿ͕ ǁŚŝĐŚ ŚĂǀĞ ŐĞŶĞƌĂƚĞĚ ŝŶƚƌŽĚƵĐĞĚ ƚŚĞ ƚĞĐŚŶŝƋƵĞ ŽĨ ͚ƚĂƌŐĞƚĞĚ ƐĞůĞĐƟŽŶ͛ ;d^Ϳ͕ ĂŶ <ĞĞƉŝŶŐ ĐƵƐƚŽŵĞƌƐ ŚĂƉƉǇ ŝƐ ŬĞǇ ƚŽ ŽƵƌ ŝŶĚƵƐƚƌǇ͕ ǁĞ ŚĂǀĞ ůŽŶŐ ƚĞƌŵĂŶĚ ƐƚƌĂƚĞŐŝĐŝŶ ŶĂƚƵƌĞ͘dŚĂŶŬƐ ƚŽ ĂƐůŽǁĚŽǁŶ ŝŶ
ƐŝŐŶŝĮĐĂŶƚZK/ĨŽƌƚŚĞŝƌŚŽƚĞůƐĂŶĚĨŽƌƚŚĞŽƌŐĂŶŝƐĂƟŽŶ͕ĂƉĂƌƚ ŝŶƚĞƌŶĂƟŽŶĂůůǇ ĂĐĐůĂŝŵĞĚ ƐĞůĞĐƟŽŶ ƚĞĐŚŶŝƋƵĞ͕ ĨŽƌ ŚŝƌŝŶŐ Ăƚ ĐƵƐƚŽŵĞƌĚĂƚĂƚŚĂƚǁĞĐŽŶƐƚĂŶƚůǇŵĂŶĂŐĞ͕ĐŽƌƌĞĐƚĂŶĚŬĞĞƉŝƚ ŽǀĞƌƐĞĂƐ ŵĂƌŬĞƚƐ ĂƐ ǁĞůů͕ ƐƵĐŚ ŝŶǀĞƐƚŵĞŶƚƐ ǁŝůů ŶĞĞĚ ƚŽ ďĞ
ĨƌŽŵ ĨŽƐƚĞƌŝŶŐ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚ ŽĨ ĐŽŶƟŶƵŽƵƐ ůĞĂƌŶŝŶŐ ĂŶĚ ƐĞŶŝŽƌůĞǀĞůƐŝŶƚŚĞŽƌŐĂŶŝƐĂƟŽŶ͘dĂƌŐĞƚĞĚƐĞůĞĐƟŽŶƉƌŽǀŝĚĞƐ ŝŶĂƵƐĂďůĞĨŽƌŵ͘tĞŚĂǀĞŽŶůǇĂƐŚŽƌƚǁŝŶĚŽǁŽĨŽƉƉŽƌƚƵŶŝƚǇ ŶƵƌƐĞĚŽǀĞƌĂůŽŶŐĞƌŐĞƐƚĂƟŽŶƉĞƌŝŽĚ͘
ŝŵƉƌŽǀĞŵĞŶƚ͘ dŚĞ >WƐ ƌĞǀŽůǀĞĚ ŽŶ ƚŚĞŵĞƐ ůŝŬĞ &ŝŶĂŶĐŝĂů Ă ĐŽŶƐŝƐƚĞŶƚ ĂŶĚ ŽďũĞĐƟǀĞ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ƐĞůĞĐƟŽŶ ĐƌŝƚĞƌŝĂ ƚŽ ƚƵƌŶ ĂƌŽƵŶĚ Ă ĐƵƐƚŽŵĞƌ ĞǆƉĞƌŝĞŶĐĞ ǁŝƚŚ ƚŚĂƚ ĚĂƚĂ͘ ĂƚĂ
DĂŶĂŐĞŵĞŶƚ͕'ƵĞƐƚΘŵƉůŽǇĞĞĞŶƚƌŝĐŝƚǇ͕'ĞŶĚĞƌŝǀĞƌƐŝƚǇ͕ ĂĐƌŽƐƐ ƚŚĞ ŽƌŐĂŶŝǌĂƟŽŶ ĂŶĚ ƌĂŝƐĞ ƚŚĞ ĐĂƉĂďŝůŝƚǇ ŽĨ ŚŝƌŝŶŐ ĂŶĂůǇƟĐƐƉƌŽǀŝĚĞŽƵƌďƵƐŝŶĞƐƐƚŚĞĂďŝůŝƚǇƚŽĐŽůůĞĐƚĐƵƐƚŽŵĞƌ 'ĞŽŐƌĂƉŚŝĐĐŽŶĐĞŶƚƌĂƟŽŶ
ZĞĚƵĐƟŽŶŽĨĂƌďŽŶ&ŽŽƚƉƌŝŶƚ͕^ŚĂƌĞĚ^ĞƌǀŝĐĞƐĂŶĚ,ĞƌŝƚĂŐĞ ŵĂŶĂŐĞƌƐ͘ /ƚ ƉƌŽǀŝĚĞƐ ŵĂŶĂŐĞƌƐ ĂŶĚ ŚŝƌŝŶŐ ĚĞĐŝƐŝŽŶͲŵĂŬĞƌƐ ĚĂƚĂ͕ ĂƉƉůǇ ĂŶĂůǇƟĐƐ ĂŶĚ ŝĚĞŶƟĨǇ ƉŽƚĞŶƟĂů ƉƌŽďůĞŵƐ ĂŶĚ ƐŝŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶ ŽĨ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ƌĞǀĞŶƵĞƐ ĂƌĞ
DĂŶĂŐĞŵĞŶƚ͘ dŚĞ >W ŽŶ ƌĞĚƵĐŝŶŐ ĐĂƌďŽŶ ĨŽŽƚƉƌŝŶƚ Ăƚ dĂũ ǁŝƚŚ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ͕ ĨƌĂŵĞǁŽƌŬ͕ ƚŽŽůƐ͕ ƐŬŝůůƐ ĂŶĚ ƉƌĂĐƟĐĞƐ ĂƌĞĂƐ ƚŚĂƚ ĐĂŶ ŚĞůƉ ƚŚĞ ďƵƐŝŶĞƐƐ͘ ŶĂůǇƟĐƐ ĂůƐŽ ŚĞůƉƐ ƵƐ ƌĞĂůŝƐĞĚ ĨƌŽŵ ŚŽƚĞů ƉƌŽƉĞƌƟĞƐ ůŽĐĂƚĞĚ ŝŶ ĮǀĞ ŬĞǇ ĐŝƟĞƐ ŝŶ
ĂŶŐĂůŽƌĞ ĂůŽŶĞ ŐĞŶĞƌĂƚĞĚ ƐĂǀŝŶŐƐ ƵƉǁĂƌĚ ŽĨ ` ϱϬ ůĂĐƐ ĨŽƌ ƌĞƋƵŝƌĞĚƚŽĐŽŶĮĚĞŶƚůǇĂŶĚĞīĞĐƟǀĞůǇĂƐƐĞƐƐĂŶĚƐĞůĞĐƚƚŚĞ ƚĂŬŝŶŐŵŽƌĞŝŶĨŽƌŵĞĚĚĞĐŝƐŝŽŶƐďĞŝƚƌĞǀĞŶƵĞŵĂŶĂŐĞŵĞŶƚ͕ /ŶĚŝĂ͕ ŵĂŬŝŶŐ ŝƚ ƐƵƐĐĞƉƟďůĞ ƚŽ ĚŽŵĞƐƟĐ ƐŽĐŝŽͲƉŽůŝƟĐĂů
ǇŽƵƌŽŵƉĂŶǇŝŶĂƐƉĂŶŽĨůĞƐƐƚŚĂŶĂǇĞĂƌ͘ ďĞƐƚƚĂůĞŶƚ͘/ƚĂůƐŽŚĞůƉƐƚŽĐŽŶĚƵĐƚĨĂŝƌ͕ĂĐĐƵƌĂƚĞĂŶĚůĞŐĂůůǇ ďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚŽƌũƵƐƚĚĂŝůǇƌĞƉŽƌƟŶŐ͘ ĐŽŶĚŝƟŽŶƐŝŶƐƵĐŚŵĂƌŬĞƚƐ͘
ĚĞĨĞŶƐŝďůĞŝŶƚĞƌǀŝĞǁƐ͘ƵƌƌĞŶƚůǇ͕ƚŚŝƐƚŽŽůŝƐƵƐĞĚĨŽƌƐĞůĞĐƟŽŶ
KƵƌ >ĞĂƌŶŝŶŐ Θ ĞǀĞůŽƉŵĞŶƚ ƉŽƌƚĂů ;dĂũ>Ϳ ĐŽŶƟŶƵĞƐ ƚŽ ŽĨ ,ŽƚĞů DĂŶĐŽŵ ĂŶĚ ŽƌƉŽƌĂƚĞ ƐƐŽĐŝĂƚĞ sŝĐĞ WƌĞƐŝĚĞŶƚƐ KƵƌ /d ƐĞƌǀŝĐĞƐ ĂƌĞ ŽƵƚƐŽƵƌĐĞĚ ƚŽ dĂƚĂ ŽŶƐƵůƟŶŐ ^ĞƌǀŝĐĞƐ ŽŵƉĞƟƟŽŶĨƌŽŵŐůŽďĂůŚŽƚĞůĐŚĂŝŶƐ
ƉƌŽǀŝĚĞǁŽƌůĚͲĐůĂƐƐůĞĂƌŶŝŶŐĐŽŶƚĞŶƚƚŽŽƵƌƐĞŶŝŽƌĞǆĞĐƵƟǀĞƐ ĂŶĚĂďŽǀĞ͘ ĂŶĚŵĂŶĂŐĞĚďǇĂƐŵĂůůŝŶŚŽƵƐĞ/dƚĞĂŵƵŶĚĞƌƚŚĞ,ĞĂĚ dŚĞ /ŶĚŝĂŶ ƐƵďĐŽŶƟŶĞŶƚ͕ ^ŽƵƚŚĞĂƐƚ ƐŝĂ ĂŶĚ ƐŝĂ WĂĐŝĮĐ͕
ĂĐƌŽƐƐĂǁŝĚĞƌĂŶŐĞŽĨŽƉĞƌĂƟŽŶĂůĂŶĚĨƵŶĐƟŽŶĂůƚŽƉŝĐƐ͘zŽƵƌ ŽĨ /d ƚŚĂƚ ŝŶƚĞƌĨĂĐĞƐ ďĞƚǁĞĞŶ ďƵƐŝŶĞƐƐ ƐƚĂŬĞŚŽůĚĞƌƐ ĂŶĚ ǁŝƚŚŚŝŐŚŐƌŽǁƚŚƌĂƚĞƐŚĂǀĞďĞĐŽŵĞƚŚĞĨŽĐƵƐĂƌĞĂŽĨŵĂũŽƌ
ŽƵƚƐŽƵƌĐŝŶŐ ƉĂƌƚŶĞƌƐ͘ /ƚ ĂůƐŽ ĚŽĞƐ ƚŚĞ ŽǀĞƌĂůů ŐŽǀĞƌŶĂŶĐĞ ŝŶƚĞƌŶĂƟŽŶĂůĐŚĂŝŶƐ͘^ĞǀĞƌĂůŽĨƚŚĞƐĞĐŚĂŝŶƐŚĂǀĞĂŶŶŽƵŶĐĞĚ

ƚŚĞŝƌ ƉůĂŶƐ ƚŽ ĞƐƚĂďůŝƐŚ ŚŽƚĞůƐ ŝŶ ƐƵĐŚ ŵĂƌŬĞƚƐ ƚŽ ƚĂŬĞ ͻ zŽƵƌ ŽŵƉĂŶǇ ĐŽŶƐƚĂŶƚůǇ ƌĞǀŝĞǁƐ ĂŶĚ ŝŵƉůĞŵĞŶƚƐ dŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽǀĞƌƐĞĞƐ ƚŚĞ ĂĚĞƋƵĂĐǇ ZĞƐƵůƚƐŽĨKƉĞƌĂƟŽŶƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
ĂĚǀĂŶƚĂŐĞŽĨƚŚĞĚĞŵĂŶĚͲƐƵƉƉůǇŝŵďĂůĂŶĐĞ͘dŚĞƐĞĞŶƚƌĂŶƚƐ ǀĂƌŝŽƵƐƐĞĐƵƌŝƚǇŵĞĂƐƵƌĞƐĂƚĂůůŝƚƐƉƌŽƉĞƌƟĞƐƚŽĐŽƵŶƚĞƌ ŽĨƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůĞŶǀŝƌŽŶŵĞŶƚƚŚƌŽƵŐŚƌĞŐƵůĂƌƌĞǀŝĞǁƐ Standalone Financial Results
ĂƌĞĞǆƉĞĐƚĞĚƚŽŝŶƚĞŶƐŝĨǇƚŚĞĐŽŵƉĞƟƟǀĞĞŶǀŝƌŽŶŵĞŶƚ͕ǁŚŝĐŚ ƚŚĞƐĞĐƵƌŝƚǇͬƚĞƌƌŽƌŝƐŵƌŝƐŬ͘ ŽĨ ƚŚĞ ĂƵĚŝƚ ĮŶĚŝŶŐƐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƟŽŶƐ ŽĨ dŚĞĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐĞƚƐĨŽƌƚŚ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ĨŽƌǇŽƵƌ
ŵĂǇŝŶĐůƵĚĞĐŽŶƐŽůŝĚĂƟŽŶƐĂŶĚŵĞƌŐĞƌƐ͘ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ƚŚƌŽƵŐŚ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽŵƉĂŶǇĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
ͻ tŝƚŚƚŚĞĂĚǀĞŶƚĂŶĚŝŶĐƌĞĂƐŝŶŐƵƐĞŽĨŽŶůŝŶĞƚƌĂŶƐĂĐƟŽŶƐ͕ ƌĞƉŽƌƚƐƐƵďŵŝƩĞĚƚŽƚŚĞŵ͘ ` / crores
dŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ /,> ǁŝůů ďĞ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ ŝƚƐ ƚŚĞƐŚĂƌĞŽĨǇŽƵƌŽŵƉĂŶǇ͛ƐƌĞǀĞŶƵĞƐĨƌŽŵKŶůŝŶĞdƌĂǀĞů Year ended
ĂďŝůŝƚǇ ƚŽ ĐŽŵƉĞƚĞ ŝŶ ĂƌĞĂƐ ƐƵĐŚ ĂƐ ƌŽŽŵ ƌĂƚĞƐ͕ ƋƵĂůŝƚǇ ŽĨ ŐĞŶƚƐŝƐĂůƐŽƉƌŽƉŽƌƟŽŶĂƚĞůǇŝŶĐƌĞĂƐŝŶŐ͘zŽƵƌŽŵƉĂŶǇ dŚĞ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐŽĨǇŽƵƌŽŵƉĂŶǇŚĂǀĞŽƉŝŶĞĚŝŶƚŚĞŝƌ WĂƌƟĐƵůĂƌƐ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ďƌĂŶĚ ƉƵůů͕ ƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͕ ĐŽŶǀĞŶŝĞŶĐĞ ŚĂƐ ƚĂŬĞŶ ĂĚĞƋƵĂƚĞ ŵĞĂƐƵƌĞƐ ƚŽ ĞĚƵĐĂƚĞ ĐƵƐƚŽŵĞƌƐ ƌĞƉŽƌƚ ƚŚĂƚ ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ Income
ŽĨ ůŽĐĂƟŽŶ ĂŶĚ ƚŽ Ă ůĞƐƐĞƌ ĞǆƚĞŶƚ͕ ƚŚĞ ƋƵĂůŝƚǇ ĂŶĚ ƐĐŽƉĞ ŽĨ ŽŶ ƚŚĞ ďĞŶĞĮƚƐ ŽĨ ďŽŽŬŝŶŐ ĚŝƌĞĐƚůǇ ŽŶ ƚŚĞ dĂũ ǁĞďƐŝƚĞ͘ ŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘ ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ
ŽƚŚĞƌĂŵĞŶŝƟĞƐ͘dŚĞƐĞĂŵĞŶŝƟĞƐŝŶĐůƵĚĞĨŽŽĚĂŶĚďĞǀĞƌĂŐĞ dŚĞ ǁĞďƐŝƚĞ ŚĂƐ ĂůƐŽ ďĞĞŶ ƌĞǀĂŵƉĞĚ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ KƚŚĞƌ/ŶĐŽŵĞ ϱϱ͘ϯϵ ϱϴ͘ϬϮ
ĨĂĐŝůŝƟĞƐ͕ĂůŽŶŐǁŝƚŚĐŽƐƚͲƌĞĚƵĐƟŽŶĂďŝůŝƚǇ͘ ĐƵƐƚŽŵĞƌ ĞǆƉĞƌŝĞŶĐĞ͘ ĚĚŝƟŽŶĂůůǇ͕ ŵŽďŝůĞ ƉůĂƞŽƌŵƐ KƚŚĞƌ/ŶŝƟĂƟǀĞƐ Total Income Ϯ͕ϲϯϵ͘ϯϰ Ϯ͕ϰϱϵ͘ϱϴ
ŚĂǀĞ ďĞĞŶ ĚĞǀĞůŽƉĞĚ ĨŽƌ ĐƵƐƚŽŵĞƌƐ͕ ƐƉĞĐŝĂůůǇ ƚĂƌŐĞƚĞĚ dĂũWƵďůŝĐ^ĞƌǀŝĐĞtĞůĨĂƌĞdƌƵƐƚ ǆƉĞŶĚŝƚƵƌĞ
,ŝŐŚŽƉĞƌĂƟŶŐůĞǀĞƌĂŐĞ ĂƚƚŚĞůŽǇĂůƚǇĂŶĚ͞ŽŶͲƚŚĞͲŐŽ͟ƐĞŐŵĞŶƚƐ͘ zŽƵƌ ŽŵƉĂŶǇ ĞƐƚĂďůŝƐŚĞĚ ƚŚĞ dĂũ WƵďůŝĐ ^ĞƌǀŝĐĞ tĞůĨĂƌĞ &ŽŽĚĂŶĚĞǀĞƌĂŐĞƐ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ
dŚĞŝŶĚƵƐƚƌǇŝŶŐĞŶĞƌĂůŚĂƐĂŚŝŐŚŽƉĞƌĂƟŶŐůĞǀĞƌĂŐĞ͕ǁŚŝĐŚ dƌƵƐƚŝŶĞĐĞŵďĞƌϮϬϬϴŝŶƚŚĞĂŌĞƌŵĂƚŚŽĨƚŚĞϮϲͬϭϭƚĞƌƌŽƌ ŽŶƐƵŵĞĚ
ŚĂƐ ĨƵƌƚŚĞƌ ŝŶĐƌĞĂƐĞĚ ǁŝƚŚ ŽŶͲŐŽŝŶŐ ƌĞŶŽǀĂƟŽŶƐ͕ ŝŶĐƌĞĂƐĞĚ /ŶƚĞƌŶĂůĐŽŶƚƌŽůƐǇƐƚĞŵƐĂŶĚƚŚĞŝƌĂĚĞƋƵĂĐǇ ĂƩĂĐŬƚŽƉƌŽǀŝĚĞƌĞůŝĞĨƚŽŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĂīĞĐƚĞĚďǇ ŵƉůŽǇĞĞĞŶĞĮƚǆƉĞŶƐĞƐ ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ
ƐƚĂī ĐŽƐƚƐ ĂŶĚ ĐŽƐƚ ŽĨ ůŝŐŚƚ͕ ƉŽǁĞƌ ĂŶĚ ĨƵĞů͘ ,ŽǁĞǀĞƌ͕ zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ŝŶ ƉůĂĐĞ ĂŶ ĂĚĞƋƵĂƚĞ ƐǇƐƚĞŵ ŽĨ ŝŶƚĞƌŶĂů ƚĞƌƌŽƌ ĂƩĂĐŬƐ͕ ŶĂƚƵƌĂů ĐĂůĂŵŝƟĞƐ ĂŶĚ ŽƚŚĞƌ ƚƌĂŐŝĐ ĞǀĞŶƚƐ ŝŶ ĞƉƌĞĐŝĂƟŽŶĂŶĚ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ
ǇŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ďĞĞŶ ĂďůĞ ƚŽ ĞĂƌŶ ŚŝŐŚĞƌ ƌĞǀĞŶƵĞƐ ǁŝƚŚ ĐŽŶƚƌŽůƐ͕ǁŝƚŚĚŽĐƵŵĞŶƚĞĚƉƌŽĐĞĚƵƌĞƐĐŽǀĞƌŝŶŐĂůůĐŽƌƉŽƌĂƚĞ ƚŚĞĨƵƚƵƌĞ͘ ŵŽƌƟƐĂƟŽŶǆƉĞŶƐĞ
KƚŚĞƌǆƉĞŶĚŝƚƵƌĞ ϭ͕ϬϳϮ͘ϵϬ ϭ͕ϬϮϴ͘ϲϱ
ĂĐĐĞƉƚĂŶĐĞ ŽĨ ŝƚƐ ƉƌŽĚƵĐƚƐ ĂŶĚ ŝŵƉƌŽǀĞĚ ZĞǀWZ ;ƌĞǀĞŶƵĞ ĨƵŶĐƟŽŶƐ ĂŶĚ ŚŽƚĞů ŽƉĞƌĂƟŶŐ ƵŶŝƚƐ͘ ^ǇƐƚĞŵƐ ŽĨ ŝŶƚĞƌŶĂů
dŽƚĂůǆƉĞŶĚŝƚƵƌĞ Ϯ͕ϭϬϲ͘ϰϵ Ϯ͕Ϭϯϯ͘ϭϵ
ƉĞƌĂǀĂŝůĂďůĞƌŽŽŵͿŝŶƚŚĞŵĂƌŬĞƚƐŝƚŽƉĞƌĂƚĞƐŝŶ͘ ĐŽŶƚƌŽůƐ ĂƌĞ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ dŚĞdƌƵƐƚŚĂƐƌĞĂĐŚĞĚŽƵƚƚŽŶƵŵĞƌŽƵƐŝŶĚŝǀŝĚƵĂůƐ͕ĨĂŵŝůŝĞƐ
WƌŽĮƚďĞĨŽƌĞ&ŝŶĂŶĐĞŽƐƚƐ 532.85 426.39
ƌĞŐĂƌĚŝŶŐƚŚĞĞīĞĐƟǀĞŶĞƐƐĂŶĚĞĸĐŝĞŶĐǇŽĨŽƉĞƌĂƟŽŶƐ͕ƚŚĞ ĂŶĚ ĐŽŵŵƵŶŝƟĞƐ͕ ƐƵƉƉŽƌƟŶŐ ƚŚŽƐĞ ĂīĞĐƚĞĚ ďǇ ŶĂƚƵƌĂů ĂŶĚ ĂŶĚdĂǆ
,ŽƚĞůƐŽŶůĞĂƐĞͬůŝĐĞŶƐĞ ĂĚĞƋƵĂĐǇŽĨƐĂĨĞŐƵĂƌĚƐĨŽƌĂƐƐĞƚƐ͕ƚŚĞƌĞůŝĂďŝůŝƚǇŽĨĮŶĂŶĐŝĂů ŵĂŶŵĂĚĞ ĐĂůĂŵŝƟĞƐ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ƚŚĞ dƌƵƐƚ ŚĂƐ Ă ƐƉĞĐŝĂů &ŝŶĂŶĐĞĐŽƐƚƐ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ
^ŽŵĞ ŽĨ ŽƵƌ ŚŽƚĞůƐ ŽƉĞƌĂƚĞ ƵŶĚĞƌ ůĞĂƐĞ ͬ ůŝĐĞŶƐĞ ĐŽŶƚƌŽůƐ͕ĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚƌĞŐƵůĂƟŽŶƐ͘ ŵĂŶĚĂƚĞ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ĐŽƵŶƚƌǇ͛Ɛ ƵŶŝĨŽƌŵĞĚ WƌŽĮƚďĞĨŽƌĞǆĐĞƉƟŽŶĂů 339.42 228.53
ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ƚŚŝƌĚ ƉĂƌƟĞƐ͕ ŝŶĐůƵĚŝŶŐ ŐŽǀĞƌŶŵĞŶƚ ĨŽƌĐĞƐ͕ǁŚŽŚĂǀĞƐŚŽǁŶďƌĂǀĞƌǇĂŶĚƐƵƐƚĂŝŶĞĚŝŶũƵƌŝĞƐŝŶƚŚĞ /ƚĞŵƐĂŶĚdĂǆ
ďŽĚŝĞƐ͘ ^ƵĐŚ ĂƌƌĂŶŐĞŵĞŶƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ǀĂƌŝŽƵƐ ƌŝƐŬƐ ĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůŵĞĂƐƵƌĞƐĂƌĞŝŶƚŚĞĨŽƌŵŽĨǀĂƌŝŽƵƐ ůŝŶĞŽĨĚƵƚǇ͘ ǆĐĞƉƟŽŶĂů/ƚĞŵƐ ;ϱϱ͘ϭϵͿ ϯϯ͘ϱϭ
ŝŶĐůƵĚŝŶŐ ƵŶĨĂǀŽƌĂďůĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ŽŶ ƌĞŶĞǁĂů Žƌ ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŝƐƐƵĞĚďǇƚŚĞŵĂŶĂŐĞŵĞŶƚĐŽǀĞƌŝŶŐ WƌŽĮƚďĞĨŽƌĞdĂǆ 284.23 262.04
ŶŽŶͲƌĞŶĞǁĂů͕ǁŚŝĐŚŚĂǀĞĂƉŽƚĞŶƟĂůƚŽŝŵƉĂĐƚŽƵƌďƵƐŝŶĞƐƐ͘ ĂůůĐƌŝƟĐĂůĂŶĚŝŵƉŽƌƚĂŶƚĂĐƟǀŝƟĞƐǀŝǌ͘ZĞǀĞŶƵĞDĂŶĂŐĞŵĞŶƚ͕ /ŶϮϬϭϳͲϭϴ͕ƚŚƌŽƵŐŚƚŚĞdĂũWƵďůŝĐ^ĞƌǀŝĐĞtĞůĨĂƌĞdƌƵƐƚ͕ǇŽƵƌ dĂǆǆƉĞŶƐĞ ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ
zŽƵƌ ŽŵƉĂŶǇ ŚĂƐ ĂƩĞŵƉƚĞĚ ƚŽ ŵŝƟŐĂƚĞ ƐƵĐŚ ƌŝƐŬƐ ďǇ ,ŽƚĞůKƉĞƌĂƟŽŶƐ͕WƵƌĐŚĂƐĞ͕&ŝŶĂŶĐĞ͕,ƵŵĂŶZĞƐŽƵƌĐĞƐĂŶĚ ŽŵƉĂŶǇŚĂƐĞŶĂďůĞĚ͗ WƌŽĮƚĂŌĞƌdĂǆ 147.77 143.18
ĞŶƚĞƌŝŶŐŝŶƚŽƌĞůĂƟǀĞůǇůŽŶŐͲƚĞƌŵĂƌƌĂŶŐĞŵĞŶƚƐ͘ ^ĂĨĞƚǇ ĂŵŽŶŐ ŽƚŚĞƌƐ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĂƌĞ
EŽƚĞ͗ &ŝŐƵƌĞƐ ŽĨ ďŽƚŚ ǇĞĂƌƐ ŝŶĐůƵĚĞ ƚŚĞ ĮŐƵƌĞƐ ĂƌŝƐŝŶŐ ŽƵƚ
ƵƉĚĂƚĞĚĨƌŽŵƟŵĞƚŽƟŵĞĂŶĚĐŽŵƉůŝĂŶĐĞŝƐŵŽŶŝƚŽƌĞĚďǇ ͻ 36 children ĨƌŽŵ ƚĞƌƌŽƌͲĂīĞĐƚĞĚ ĨĂŵŝůŝĞƐ ƚŽ ĐŽŶƟŶƵĞ
1
ŽĨ ĂŵĂůŐĂŵĂƟŽŶ ŽĨ d/&K ,ŽůĚŝŶŐƐ >ƚĚ͕ Ă ǁŚŽůůǇͲŽǁŶĞĚ
&ŽƌĞŝŐŶĞǆĐŚĂŶŐĞŇƵĐƚƵĂƟŽŶƌŝƐŬƐ 'ƌŽƵƉ /ŶƚĞƌŶĂů ƵĚŝƚ͘ dŚĞ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ŝƚƐ ĞīŽƌƚƐ ƚŽ ƚŚĞŝƌĞĚƵĐĂƟŽŶ
ŝŶǀĞƐƚŵĞŶƚ ŚŽůĚŝŶŐ ƐƵďƐŝĚŝĂƌǇ͕ ǁŚŝĐŚ ŚĂƐ ďĞĞŶ ĂŵĂůŐĂŵĂƚĞĚ
zŽƵƌ ŽŵƉĂŶǇ ĂůƐŽ ŚĂƐ Ă ƉŽƌƞŽůŝŽ ŽĨ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ĂůŝŐŶĂůůŝƚƐƉƌŽĐĞƐƐĞƐĂŶĚĐŽŶƚƌŽůƐǁŝƚŚŝŶĚƵƐƚƌǇďĞƐƚƉƌĂĐƟĐĞƐ͘
ǁŝƚŚƚŚĞŽŵƉĂŶǇ;ZĞĨĞƌEŽƚĞϮϴŽĨƚŚĞ^ƚĂŶĚĂůŽŶĞ&ŝŶĂŶĐŝĂůƐͿ͘
ĚĞďƚĂŶĚĚĞƌŝǀĂƟǀĞƐŝŶƌĞƐƉĞĐƚŽĨǁŚŝĐŚŝƚĨĂĐĞƐĞǆƉŽƐƵƌĞƚŽ ͻ ϮϯƐƵƌǀŝǀŽƌƐŽĨƚĞƌƌŽƌĂƩĂĐŬƐƚŽĂĐĐĞƐƐůŝĨĞͲƐĂǀŝŶŐŵĞĚŝĐĂů
ŇƵĐƚƵĂƟŽŶƐŝŶĐƵƌƌĞŶĐǇ͘ dŚĞ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƉƌŽĐĞƐƐ ƚŚƌŽƵŐŚ ŝƚƐ ƵŶŝƋƵĞ ͚dĂũ WŽƐŝƟǀĞ care dŚĞĂŶĂůǇƐŝƐŽĨŵĂũŽƌŝƚĞŵƐŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŐŝǀĞŶ
ƐƐƵƌĂŶĐĞDŽĚĞů͛ŝƐĂŶŽďũĞĐƟǀĞŵĞƚŚŽĚŽůŽŐǇŽĨƉƌŽǀŝĚŝŶŐĂ
ďĞůŽǁ͗
ZŝƐŬŵŝƟŐĂƟŽŶŝŶŝƟĂƟǀĞƐ ƉŽƐŝƟǀĞĂƐƐƵƌĂŶĐĞďĂƐĞĚŽŶƚŚĞĂƵĚŝƚƐŽĨŽƉĞƌĂƟŶŐƵŶŝƚƐĂŶĚ ͻ ϭϬϳ ǁŝĚŽǁƐ͕ ƐĞŶŝŽƌ ĐŝƟǌĞŶƐ ĂŶĚ ƉĞƌƐŽŶƐ ŝŶ ƐĞǀĞƌĞ
zŽƵƌŽŵƉĂŶǇĞŵƉůŽǇƐǀĂƌŝŽƵƐƉŽůŝĐŝĞƐ͕ƉƌŽĐĞƐƐĞƐĂŶĚŵĞƚŚŽĚƐ ĐŽƌƉŽƌĂƚĞĨƵŶĐƟŽŶƐ͘/ƚŝƐĂĐŽŶǀĞƌŐĞŶĐĞŽĨWƌŽĐĞƐƐ&ƌĂŵĞǁŽƌŬ͕ ƉŽǀĞƌƚǇƚŽůŝǀĞǁŝƚŚĚŝŐŶŝƚǇĂŌĞƌƐƵƌǀŝǀŝŶŐƚŚĞϮϲͬϭϭĂŶĚ ĂͿ ZĞǀĞŶƵĞƐ
ƚŽĐŽƵŶƚĞƌƚŚĞƐĞƌŝƐŬƐĞīĞĐƟǀĞůǇ͕ĂƐĞŶƵŵĞƌĂƚĞĚďĞůŽǁ͗ ZŝƐŬ ĂŶĚ ŽŶƚƌŽů DĂƚƌŝǆ ĂŶĚ Ă ^ĐŽƌŝŶŐ DĂƚƌŝǆ͘ ĨƌĂŵĞǁŽƌŬ ϭϯͬϳĂƩĂĐŬƐ dŚĞ ƐƵŵŵĂƌǇ ŽĨ ƚŽƚĂů ŝŶĐŽŵĞ ŝƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ ƚĂďůĞ
ĚĞǀĞůŽƉĞĚĨŽƌĞĂĐŚĨƵŶĐƟŽŶĂůĂƌĞĂŝƐŝĚĞŶƟĮĞĚŽŶƚŚĞďĂƐŝƐ ďĞůŽǁ͗
ͻ zŽƵƌ ŽŵƉĂŶǇ ŝƐ ĐŽŶƟŶƵŽƵƐůǇ ĞǀĂůƵĂƟŶŐ ŽƉƟŽŶƐ ĨŽƌ ŽĨĂŶĂƐƐĞƐƐŵĞŶƚŽĨƌŝƐŬĂŶĚĐŽŶƚƌŽůĂƐĂůƐŽƉƌŽǀŝĚŝŶŐĂƐĐŽƌĞ͕ ` / crores
ͻ ϮĚŝƐĂďůĞĚĂŶĚŝŶũƵƌĞĚƐŽůĚŝĞƌƐƚŽůĞĂƌŶƐŬŝůůƐƚŚĂƚǁŝůů
ϳ
ŝŵƉƌŽǀŝŶŐ ƉƌŽĮƚĂďŝůŝƚǇ ŽĨ ŽǀĞƌƐĞĂƐ ĂƐƐĞƚƐ͕ ŝŶĐůƵĚŝŶŐ ĂůůŽǁŝŶŐƚŚĞƵŶŝƚƚŽŝĚĞŶƟĨǇĂŶĚŵŝƟŐĂƚĞŚŝŐŚͲƌŝƐŬĂƌĞĂƐ͘ zĞĂƌŶĚĞĚ
ƐĞĐƵƌĞĂĚŝŐŶŝĮĞĚůŝǀĞůŝŚŽŽĚƚŚƌŽƵŐŚƚŚĞhŶƐƵŶŐ,ĞƌŽĞƐ
ƌĞƐƚƌƵĐƚƵƌŝŶŐ ŽĨ ŽƉĞƌĂƟŽŶƐ ĂŶĚ ĂƌƌĂŶŐĞŵĞŶƚƐ ĂŶĚ WĂƌƟĐƵůĂƌƐ March DĂƌĐŚ ŚĂŶŐĞ
WƌŽŐƌĂŵŵĞ
ĞǆŝƟŶŐĨƌŽŵŶŽŶͲƉĞƌĨŽƌŵŝŶŐĂƐƐĞƚƐ͘ dŚĞ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ ŝƐ ƌĞǀŝĞǁĞĚ ƚŚƌŽƵŐŚ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ й
ƚŚĞ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŝƐ ƵŶĚĞƌƚĂŬĞŶ ĨŽƌ ĞǀĞƌǇ ZŽŽŵ/ŶĐŽŵĞ ϭ͕Ϭϵϰ͘ϲϵ ϭ͕Ϭϱϴ͘ϭϴ ϯ
ͻ Ǉ ĞǆƚĞŶƐŝǀĞůǇ ŝŵƉƌŽǀŝŶŐ ŝƚƐ ƐĞƌǀŝĐĞ ƐƚĂŶĚĂƌĚƐ͕ ĂƐ ĂůƐŽ ŽƉĞƌĂƟŽŶĂůƵŶŝƚĂŶĚĂůůŵĂũŽƌĐŽƌƉŽƌĂƚĞĨƵŶĐƟŽŶƐƵŶĚĞƌƚŚĞ ͻ ŽƌĞ ƚŚĂŶ ϮϬ͕ϬϬϬ ŇŽŽĚͲĂīĞĐƚĞĚ ĨĂŵŝůŝĞƐ ŝŶ 'ƵũĂƌĂƚ͕
D
&ŽŽĚ͕ĞǀĞƌĂŐĞΘ ϭ͕ϬϮϳ͘ϴϬ ϵϰϮ͘ϭϴ ϵ
ƉƌŽŐƌĞƐƐŝǀĞůǇƌĞŶŽǀĂƟŶŐŝƚƐƉƌŽƉĞƌƟĞƐ͕ĂĐƌŽƐƐƚŚĞŵƵůƟͲ ĚŝƌĞĐƟŽŶŽĨƚŚĞ'ƌŽƵƉ/ŶƚĞƌŶĂůƵĚŝƚĚĞƉĂƌƚŵĞŶƚ͘dŚĞĨŽĐƵƐ ŝŚĂƌĂŶĚZĂũĂƐƚŚĂŶƚŽĂĐĐĞƐƐĞŵĞƌŐĞŶĐǇƌĞůŝĞĨ͕ŝŶĐůƵĚŝŶŐ ĂŶƋƵĞƟŶŐ/ŶĐŽŵĞ
ďƌĂŶĚ ƉŽƌƞŽůŝŽ͕ ǇŽƵƌ ŽŵƉĂŶǇ ĐŽƵŶƚĞƌƐ ƚŚĞ ƌŝƐŬ ĨƌŽŵ ŽĨƚŚĞƐĞƌĞǀŝĞǁƐŝƐ͗ ƐĂĨĞ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ͕ ŵĞĚŝĐĂů ĂƩĞŶƟŽŶ͕ ĞŵĞƌŐĞŶĐǇ KƚŚĞƌKƉĞƌĂƟŶŐ/ŶĐŽŵĞ ϰϲϭ͘ϰϲ ϰϬϭ͘ϮϬ ϭϱ
ŐƌŽǁŝŶŐ ĐŽŵƉĞƟƟŽŶ ĂŶĚ ŶĞǁ ƐƵƉƉůǇ͘ &ƵƌƚŚĞƌ͕ ŝƚ ŐĂŝŶƐ ͻ /ĚĞŶƟĨǇǁĞĂŬŶĞƐƐĞƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚĂƌĞĂƐ ƐŚĞůƚĞƌĂŶĚďĂƐŝĐĂŵĞŶŝƟĞƐ EŽŶͲKƉĞƌĂƟŶŐ/ŶĐŽŵĞ ϱϱ͘ϯϵ ϱϴ͘ϬϮ ;ϱͿ
ŽƉĞƌĂƟŶŐ ĂŶĚ ĮŶĂŶĐŝĂů ůĞǀĞƌĂŐĞ ďǇ ĞǆƉĂŶƐŝŽŶ ƚŚƌŽƵŐŚ Total Income Ϯ͕ϲϯϵ͘ϯϰ Ϯ͕ϰϱϵ͘ϱϴ ϳ
ŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌĂĐƚƐ͘ ͻ ŽŵƉůǇǁŝƚŚĚĞĮŶĞĚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞƐƐĞƐ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůǇƐŝƐŽĨKƉĞƌĂƟŶŐZĞƐƵůƚƐ
^ƚĂƟƐƟĐĂůŝŶĨŽƌŵĂƟŽŶ
ĂŶĚ&ŝŶĂŶĐŝĂůWŽƐŝƟŽŶƐ
ǀĞƌĂŐĞƌĂƚĞƉĞƌƌŽŽŵ;`Ϳ ϭϬ͕ϳϮϮ ϭϬ͕Ϯϭϯ ϱ
ͻ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ĞǆƉŽƐƵƌĞƐ ĂŶĚ ŚĞĚŐĞƐ ĂƌĞ ĐůŽƐĞůǇ ͻ ^ĂĨĞŐƵĂƌĚƚĂŶŐŝďůĞĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ dŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĐŽŶƚĂŝŶƐ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ ǇŽƵƌ
KĐĐƵƉĂŶĐǇ;йͿ ϲϳ ϲϲ ϭ
ŵŽŶŝƚŽƌĞĚ ďǇ ǇŽƵƌ ŽŵƉĂŶǇ ŝŶ ĐŽŶƐƵůƚĂƟŽŶ ǁŝƚŚ ͻ ŽŵƉĂŶǇ͕ ďŽƚŚ ŽŶ Ă ƐƚĂŶĚĂůŽŶĞ ĂŶĚ ĐŽŶƐŽůŝĚĂƚĞĚ ďĂƐŝƐ͘
DĂŶĂŐĞďƵƐŝŶĞƐƐĂŶĚŽƉĞƌĂƟŽŶĂůƌŝƐŬƐ ͻ ŽŽŵ ƐĂůĞƐ ŝŶĐƌĞĂƐĞĚ ďǇ ϯй͕ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ
Z
ĂĚǀŝƐŽƌƐ͘EĞƚĞǆƉŽƐƵƌĞƐ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞĨƌŽŵĚĞƌŝǀĂƟǀĞ Ŷ ĂŶĂůǇƐŝƐ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂīĂŝƌƐ ŝƐ ĚŝƐĐƵƐƐĞĚ ďĞůŽǁ ƵŶĚĞƌ
ƐƵŵŵĂƌŝƐĞĚŚĞĂĚŝŶŐƐ͘ ƉƌĞǀŝŽƵƐǇĞĂƌ͕ƉƌŝŵĂƌŝůǇĚƌŝǀĞŶďǇŝŵƉƌŽǀĞĚĂǀĞƌĂŐĞ
ŝŶƐƚƌƵŵĞŶƚƐ͕ ĂƌĞ ŬĞƉƚ Ăƚ ĂĐĐĞƉƚĂďůĞ ůĞǀĞůƐ ĂŶĚ ǁŝƚŚŝŶ ͻ ŽŵƉůǇǁŝƚŚĂƉƉůŝĐĂďůĞƐƚĂƚƵƚĞƐ
ƌĂƚĞƉĞƌƌŽŽŵ;͚ZZ͛ͿĂĐƌŽƐƐŚŽƚĞůƐ͘
ŽǀĞƌĂůůůŝŵŝƚƐĂƉƉƌŽǀĞĚďǇƚŚĞŽĂƌĚ͕ǁŚŝĐŚĂƌĞƐƵďũĞĐƚ
ͻ ŽŶĨŽƌŵƚŽƚŚĞdĂƚĂŽĚĞŽĨŽŶĚƵĐƚ
ƚŽƌĞŐƵůĂƌƌĞǀŝĞǁƐ͘
ͻ & ŽŽĚ Θ ĞǀĞƌĂŐĞ ;͚&Θ͛Ϳ ŝŶĐŽŵĞ ŝŶĐƌĞĂƐĞĚ ďǇ ϵй ŽǀĞƌ ĂŶĚŵŝŶŝŵƵŵǁĂŐĞŝŶĐƌĞĂƐĞƐŝŶƐŽŵĞŽĨƚŚĞƐƚĂƚĞƐ͕ ĚͿ ǆĐĞƉƟŽŶĂůŝƚĞŵƐ ĂƐŚ&ůŽǁĂƚĂ
ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͕ ĚƌŝǀĞŶ ďǇ ŝŶĐƌĞĂƐĞ ŝŶ ƌĞƐƚĂƵƌĂŶƚ ǁŚĞƌĞǇŽƵƌŽŵƉĂŶǇŚĂƐŚŽƚĞůŽƉĞƌĂƟŽŶƐ͘ ǆĐĞƉƟŽŶĂůŝƚĞŵƐŝŶĐůƵĚĞƐŝƚĞŵƐĂƐƵŶĚĞƌ͗ ` / crores
ƐĂůĞƐ ĂŶĚ ďĂŶƋƵĞƟŶŐ ďƵƐŝŶĞƐƐ ďǇ ` ϯϲ͘ϰ ĐƌŽƌĞƐ ĂŶĚ ` / crores
`ϰϵ͘ϮĐƌŽƌĞƐƌĞƐƉĞĐƟǀĞůǇ͘ WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ
ŝŝŝͿ ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞǆƉĞŶƐĞƐ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕
` / crores WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ
ͻ ƚŚĞƌ KƉĞƌĂƟŶŐ /ŶĐŽŵĞ ƉƌŝŵĂƌŝůǇ ĐŽŵƉƌŝƐĞƐ ŝŶĐŽŵĞ
K 2018 ϮϬϭϳ
DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ EĞƚĂƐŚĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ ϰϴϭ͘ϭϮ ϰϱϴ͘ϯϮ
ĨƌŽŵ ŵĂŶĂŐĞŵĞŶƚ ĨĞĞƐ͕ ůĂƵŶĚƌǇ͕ ƐƉĂ Θ ŚĞĂůƚŚ ĐůƵď͕ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ EĞƚĂƐŚĨƌŽŵͬ;ƵƐĞĚŝŶͿ
2018 ϮϬϭϳ ;йͿ 2018 ϮϬϭϳ ;ϭ͕ϯϴϳ͘ϲϯͿ ;ϵϱ͘ϴϯͿ
ƚĞůĞƉŚŽŶĞ͕ďƵƐŝŶĞƐƐĐĞŶƚĞƌƌĞŶƚƐ͕ĂŵŽŶŐŽƚŚĞƌƐ͘KƚŚĞƌ ŝŶǀĞƐƟŶŐĂĐƟǀŝƟĞƐ
ŽƉĞƌĂƟŶŐ ŝŶĐŽŵĞ ŝŶĐƌĞĂƐĞĚ ďǇ ϭϱй ŽǀĞƌ ƚŚĞ ƉƌĞǀŝŽƵƐ ĞƉƌĞĐŝĂƟŽŶ ǆĐĞƉƟŽŶĂů/ƚĞŵƐͲǆĐŚĂŶŐĞ'ĂŝŶ EĞƚĂƐŚĨƌŽŵͬ;ƵƐĞĚŝŶͿ
ǆĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶůŽŶŐ ϭ͕ϬϭϮ͘ϳϵ ;ϯϲϴ͘ϵϮͿ
ǇĞĂƌ ƉƌŝŵĂƌŝůǇ ĚƌŝǀĞŶ ďǇ ŵĂŶĂŐĞŵĞŶƚ Θ ŽƉĞƌĂƟŶŐ ĂŶĚ ;Ϭ͘ϮϬͿ ϭ͘ϵϬ ĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ Ͳ ƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ EĞƚ/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿ
ĨĞĞ ĨƌŽŵ ŝŶƚĞƌŶĂƟŽŶĂů ŚŽƚĞůƐ ŽŶ ĂƐƐŝŐŶŵĞŶƚ ŽĨ ŚŽƚĞů ĂŵŽƌƟƐĂƟŽŶ 106.28 ;ϲ͘ϰϯͿ
ŽƉĞƌĂƟŶŐĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚĞŽŵƉĂŶǇ;`ϱϭ͘ϳĐƌŽƌĞƐͿ͕ ĞǆƉĞŶƐĞƐ ŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ǆĐĞƉƟŽŶĂů/ƚĞŵƐͲĞƌŝǀĂƟǀĞ
ǆƉŽƌƚ ŝŶĐĞŶƟǀĞ ŝŶĐŽŵĞ ;` ϴ͘ϴ ĐƌŽƌĞƐͿ͕ ^ƉĂ ĂŶĚ ŚĞĂůƚŚ Contracts
dŚĞ ĚĞƉƌĞĐŝĂƟŽŶ ĐŚĂƌŐĞ ǁĂƐ Ăƚ ƚŚĞ ƐĂŵĞ ůĞǀĞů ĂƐ KƉĞƌĂƟŶŐĐƟǀŝƟĞƐ
ĐůƵď ŝŶĐŽŵĞ ;` Ϯ͘Ϭ ĐƌŽƌĞƐͿ͕ ƵƐŝŶĞƐƐ ĞŶƚƌĞ ŝŶĐŽŵĞ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƌŝǀĂƟǀĞ
ƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ ƵƌŝŶŐƚŚĞǇĞĂƌ͕ŶĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ
;` ϭ͘ϴ ĐƌŽƌĞƐͿ͕ ^ŚŽƉ ƌĞŶƚĂůƐ ĂŶĚ KƚŚĞƌƐ ;` ϯ͘ϰ ĐƌŽƌĞƐͿ͘ contracts at `ϰϴϭ͘ϭϮĐƌŽƌĞƐǁĂƐŚŝŐŚĞƌĐŽŵƉĂƌĞĚƚŽ`ϰϱϴ͘ϯϮĐƌŽƌĞƐŝŶ
^ƵĐŚŝŶĐƌĞĂƐĞǁĂƐ͕ŚŽǁĞǀĞƌ͕ƉĂƌƟĂůůǇŽīƐĞƚďǇĂĚĞĐůŝŶĞ
ŝǀͿ KƚŚĞƌǆƉĞŶĚŝƚƵƌĞ ǆĐĞƉƟŽŶĂů/ƚĞŵƐͲ/ŶǀĞƐƚŵĞŶƚ ƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌŵĂŝŶůǇĚƵĞƚŽŚŝŐŚĞƌĂƐŚŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͘
ŝŶƉŝĐƵƌĞDĞŵďĞƌƐŚŝƉĨĞĞ;`ϳ͘ϯĐƌŽƌĞƐͿ͘
` / crores
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽĨ
/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ
ͻ ŽŶͲKƉĞƌĂƟŶŐ/ŶĐŽŵĞĚĞĐůŝŶĞĚďǇ`Ϯ͘ϲĐƌŽƌĞƐ͕ĐŽŵƉĂƌĞĚ
E DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ ŝŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌǇƚŚĂƚ ;ϴϬ͘ϱϬͿ ;ϲϰ͘ϯϯͿ
2018 ϮϬϭϳ ;йͿ ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞŶĞƚĐĂƐŚŽƵƞůŽǁĨƌŽŵŝŶǀĞƐƟŶŐĂĐƟǀŝƟĞƐ
ƚŽ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͘ tŝƚŚŝŶ EŽŶͲKƉĞƌĂƟŶŐ /ŶĐŽŵĞ͕ ŝŶĐƵƌƌĞĚůŽƐƐĞƐ
KƚŚĞƌ ĂŵŽƵŶƚĞĚƚŽ`ϭϯϴϳ͘ϲϯĐƌŽƌĞƐ͕ĐŽŵƉĂƌĞĚƚŽ`ϵϱ͘ϴϯĐƌŽƌĞƐŝŶ
ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ǁĞƌĞ ŚŝŐŚĞƌ ďǇ ` ϭϭ͘ϰ ĐƌŽƌĞƐ ĂƐ ZŝŐŚƚƐ ǆĐĞƉƟŽŶĂů/ƚĞŵƐͲKƚŚĞƌƐ
KƉĞƌĂƟŶŐ ϱϭϯ͘Ϯϱ ϱϬϯ͘ϱϬ Ϯ ƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘
/ƐƐƵĞ ƉƌŽĐĞĞĚƐ ƉĞŶĚŝŶŐ ƵƟůŝƐĂƟŽŶ ǁĞƌĞ ƚĞŵƉŽƌĂƌŝůǇ
ŝŶǀĞƐƚĞĚŝŶĮǆĞĚĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ŚŽǁĞǀĞƌƚŚŝƐǁĂƐ ǆƉĞŶƐĞƐ ZĞĐŽǀĞƌǇŽĨĐŽƐƚƐŝŶĐůƵĚŝŶŐ
Ͳ Ϯϰ͘ϯϯ zŽƵƌ ŽŵƉĂŶǇ ŵĂĚĞ ŝŶǀĞƐƚŵĞŶƚ ŽĨ ` ϴϵϯ ĐƌŽƌĞƐ ŝŶ ŝƚƐ
ŽīƐĞƚ ďǇ ůŽǁĞƌ ĚŝǀŝĚĞŶĚ ŝŶĐŽŵĞ ;` ϭϯ͘ϴ ĐƌŽƌĞƐͿ ĚƵƌŝŶŐ 'ĞŶĞƌĂů ŝŶƚĞƌĞƐƚŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ
ϱϱϵ͘ϲϱ ϱϮϱ͘ϭϱ ϳ ^ƵďƐŝĚŝĂƌǇ^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͕
ƚŚŝƐĐƵƌƌĞŶƚǇĞĂƌ͘ ĞǆƉĞŶƐĞƐ ZĞĨƵŶĚŽĨDƵŶŝĐŝƉĂůdĂǆ
- ϲ͘ϭϲ ǁŚŝĐŚǁĂƐůĂƌŐĞůǇĨƵŶĚĞĚŽƵƚŽĨZŝŐŚƚƐ/ƐƐƵĞƉƌŽĐĞĞĚƐ͘
Total 1072.90 1028.65 4 ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚ
ďͿ KƉĞƌĂƟŶŐǆƉĞŶƐĞƐ Total ;ϱϱ͘ϭϵͿ 33.51
dŚĞ KƚŚĞƌ ǆƉĞŶĚŝƚƵƌĞ ŝŶĐƌĞĂƐĞĚ ďǇ ϰй ĨƌŽŵ dŚĞŽŵƉĂŶǇĂůƐŽŝŶĐƵƌƌĞĚ `ϯϭϭ͘ϯϯĐƌŽƌĞƐƚŽǁĂƌĚƐĐĂƉŝƚĂů
dŚĞKƉĞƌĂƟŶŐǆƉĞŶƐĞŝŶĐƌĞĂƐĞĚďǇϰйĨƌŽŵ`Ϯ͕Ϭϯϯ͘ϭϵ
`ϭ͕ϬϮϴ͘ϲϱĐƌŽƌĞƐŝŶϮϬϭϲͲϭϳƚŽ`ϭ͕ϬϳϮ͘ϵϬĐƌŽƌĞƐŝŶ ĞǆƉĞŶĚŝƚƵƌĞ͕ Ă ŵĂũŽƌŝƚǇ ŽĨ ǁŚŝĐŚ ǁĂƐ ƚŽǁĂƌĚƐ ƚŚĞ dĂũ
ĐƌŽƌĞƐŝŶϮϬϭϲͲϭϳƚŽ`Ϯ͕ϭϬϲ͘ϰϵĐƌŽƌĞƐŝŶϮϬϭϳͲϭϴ͘
ϮϬϭϳͲϭϴ͘ ĞͿ 'ƌŽƐƐĞďƚĂŶĚEĞƚĞďƚ ŶĚĂŵĂŶ ƉƌŽũĞĐƚ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŽŶŐŽŝŶŐ ƌĞŶŽǀĂƟŽŶƐ Ăƚ
` / crores ĐĞƌƚĂŝŶŚŽƚĞůƐ͘dŚŝƐǁĂƐůĂƌŐĞůǇĨƵŶĚĞĚŽƵƚŽĨĐĂƐŚŐĞŶĞƌĂƚĞĚ
ŝͿ &ŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĐŽŶƐƵŵĞĚ
dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ŽƚŚĞƌ ŽƉĞƌĂƟŶŐ ĞǆƉĞŶƐĞƐ ĨƌŽŵ ĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ͘
` / crores DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ
`ϱϬϯ͘ϱϬĐƌŽƌĞƐŝŶƉƌĞǀŝŽƵƐǇĞĂƌƚŽ `ϱϭϯ͘ϮϱĐƌŽƌĞƐ
DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ 2018 ϮϬϭϳ ;йͿ
ǁĂƐƉƌŝŵĂƌŝůǇĚƵĞƚŽĂŶŝŶĐƌĞĂƐĞŝŶďƵƐŝŶĞƐƐǀŽůƵŵĞƐ͘ ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͕`ϯϬϭ͘ϰϱĐƌŽƌĞƐǁĞƌĞŝŶǀĞƐƚĞĚŝŶ>ŝƋƵŝĚ
2018 ϮϬϭϳ ;йͿ 'ƌŽƐƐĞďƚ ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϴ͘ϵϴ ;ϭϯͿ DƵƚƵĂů&ƵŶĚƐ͘
&ŽŽĚĂŶĚ dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ 'ĞŶĞƌĂů ĞǆƉĞŶƐĞƐ ĨƌŽŵ ` ϱϮϱ͘ϭϱ
ďĞǀĞƌĂŐĞƐ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ ϲ >ĞƐƐ͗ĂƐŚĂŶĚ ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ ϳϬϵ
ĐŽŶƐƵŵĞĚ
crores in the previous year to `ϱϱϵ͘ϲϱĐƌŽƌĞƐǁĂƐ ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ &ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ
ƉƌŝŵĂƌŝůǇĚƵĞƚŽĂŶŝŶĐƌĞĂƐĞŝŶ>ŝĐĞŶĐĞ&ĞĞƐǁŚŝĐŚŝƐ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͕ ƚŚĞ ŶĞƚ ĐĂƐŚ ĨƌŽŵ ĮŶĂŶĐŝŶŐ ĂĐƟǀŝƟĞƐ ǁĂƐ
dŚĞŝŶĐƌĞĂƐĞŝŶĐŽŶƐƵŵƉƟŽŶŽĨĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐ ůŝŶŬĞĚƚŽƌĞǀĞŶƵĞƐĂŶĚǁĂƐĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƚŚĞ >ĞƐƐ͗ƵƌƌĞŶƚ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ ϯϲϯ `ϭϬϭϮ͘ϳϵĐƌŽƌĞƐǀŝƐͲĂͲǀŝƐ`;ϯϲϴ͘ϵϮͿĐƌŽƌĞƐŝŶƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘
ŝƐ ůŝŶŬĞĚ ƚŽ ĂŶ ĞƐĐĂůĂƟŽŶ ŝŶ ŝŶĐŽŵĞ ĨƌŽŵ ĨŽŽĚ͕ ŝŶĐƌĞĂƐĞŝŶƚŚĞƵŶĚĞƌůǇŝŶŐƌĞǀĞŶƵĞƐŽĨƚŚĞƌĞůĞǀĂŶƚ /ŶǀĞƐƚŵĞŶƚƐ
ďĞǀĞƌĂŐĞƐ ĂŶĚ ďĂŶƋƵĞƟŶŐ ďƵƐŝŶĞƐƐ͕ ǁŚŝĐŚ ƉƌŽƉĞƌƟĞƐ͘ ůƐŽ ŝŶĐƌĞĂƐĞ ŝŶ ĂĚǀĞƌƟƐŝŶŐ ĐŽƐƚƐ ĚƵĞ EĞƚĚĞďƚ ϭ͕ϯϲϭ͘ϭϱ ϭ͕ϵϲϴ͘ϴϲ ƵƌŝŶŐƚŚĞǇĞĂƌ͕ǇŽƵƌŽŵƉĂŶǇƌĂŝƐĞĚ`ϭϱϬϬĐƌŽƌĞƐďǇǁĂǇŽĨ
;ϯϭͿ
ŝŶĐƌĞĂƐĞĚďǇϵйŽǀĞƌƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘ ƚŽ ŚŝŐŚĞƌ ƐƉĞŶĚƐ ŽŶ ĚŝŐŝƚĂů ĂŶĚ ƉƌŽŵŽƟŽŶƐ ĂŶĚ ƌŝŐŚƚƐŝƐƐƵĞ͘dŚŝƐĐŽƵƉůĞĚǁŝƚŚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵŽƉĞƌĂƟŽŶƐ
ŝŶĐƌĞĂƐĞ ŝŶ ŽƵƚƐŽƵƌĐĞĚ ƐƵƉƉŽƌƚ ĐŽƐƚƐ ŽŶ ŚŝŐŚĞƌ ƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚǇĞĂƌ͕ŐƌŽƐƐĚĞďƚĚĞĐƌĞĂƐĞĚƉƌŝŵĂƌŝůǇ ǁĂƐƵƐĞĚƚŽŵĂŬĞůŽŶŐͲƚĞƌŵŝŶǀĞƐƚŵĞŶƚƐĂŶĚƌĞƉĂǇƐŚŽƌƚͲƚĞƌŵ
ŝŝͿ ŵƉůŽǇĞĞ ďĞŶĞĮƚ ĞǆƉĞŶƐĞƐ ĂŶĚ ƉĂǇŵĞŶƚ ƚŽ ďƵƐŝŶĞƐƐĂĐƟǀŝƚǇ͘ ĚƵĞƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ĂŶĚůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐĂŶĚŝŶƚĞƌĞƐƚĂŶĚĚŝǀŝĚĞŶĚƉĂǇŵĞŶƚƐ͘
contractors
` / crores ĐͿ &ŝŶĂŶĐĞŽƐƚƐ ͻ ĞƉĂǇŵĞŶƚ ŽĨ ǆƚĞƌŶĂů ĐŽŵŵĞƌĐŝĂů ďŽƌƌŽǁŝŶŐ ŽĨ ` ϮϬϱ &ŝŶĂŶĐŝĂůZĂƟŽƐĨŽƌ^ƚĂŶĚĂůŽŶĞ&ŝŶĂŶĐŝĂůƐ
Z
DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ
` / crores ĐƌŽƌĞƐ͘ ` / crores
2018 ϮϬϭϳ ;йͿ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ WĂƌƟĐƵůĂƌs zĞĂƌŶĚĞĚ
ŵƉůŽǇĞĞ 2018 ϮϬϭϳ ;йͿ ͻ ZĞƉĂǇŵĞŶƚŽĨĚĞďĞŶƚƵƌĞƐŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕
ďĞŶĞĮƚ `ϮϵϯĐƌŽƌĞƐǁŚŝĐŚǁĂƐƌĞĮŶĂŶĐĞĚďǇƚŚĞŽŵƉĂŶǇďǇůŽǁ 2018 ϮϬϭϳ
&ŝŶĂŶĐĞŽƐƚƐ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ ;ϮͿ
ĞǆƉĞŶƐĞƐĂŶĚ ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ ϯ ĐŽƐƚĚĞďƚ`ϮϬϬĐƌŽƌĞƐďŽƌƌŽǁĞĚĂƚϳ͘ϴϱй͘ EĞƚĞďƚƚŽdŽƚĂůĂƉŝƚĂů;ƚŽƚĂůĚĞďƚ
payment to ůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚ Ϭ͘Ϯϳ Ϭ͘ϰϮ
contractors &ŝŶĂŶĐĞ ĐŽƐƚƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ Ăƚ &ƵƌƚŚĞƌ ĂƐŚ ĂŶĚ ƵƌƌĞŶƚ ŝŶǀĞƐƚŵĞŶƚƐ ǁĞƌĞ ŚŝŐŚĞƌ ĂƐ ďǇƚŚĞƐƵŵŽĨŶĞƚĚĞďƚĂŶĚŶĞƚǁŽƌƚŚͿ
` ϭϵϯ͘ϰϯ ĐƌŽƌĞƐ ǁĞƌĞ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ ďǇ ĐŽŵƉĂƌĞĚƚŽƉƌĞǀŝŽƵƐǇĞĂƌ͕ƚŚĞƌĞďǇƌĞƐƵůƟŶŐŝŶĚĞĐƌĞĂƐĞŝŶ EĞƚĞďƚƚŽƋƵŝƚǇ;ƚŽƚĂůĚĞďƚůĞƐƐ
dŚĞ ŵƉůŽǇĞĞ ďĞŶĞĮƚ ĞǆƉĞŶƐĞƐ ǁĞƌĞ ŚŝŐŚĞƌ ƚŚĂŶ `ϰ͘ϰϯĐƌŽƌĞƐŵĂŝŶůǇĚƵĞƚŽƌĞƉĂǇŵĞŶƚŽĨĚĞďƚƐŽƵƚŽĨ ƚŚĞŶĞƚĚĞďƚ͘ ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚďǇ Ϭ͘ϯϴ Ϭ͘ϳϰ
ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ͕ ŵĂŝŶůǇ ĚƵĞ ƚŽ ƐĂůĂƌǇ ƌĞǀŝƐŝŽŶƐ ZŝŐŚƚƐ/ƐƐƵĞƉƌŽĐĞĞĚƐ͘ ƋƵŝƚǇĂŶĚZĞƐĞƌǀĞƐͿ

Consolidated Financials KƉĞƌĂƟŶŐǆƉĞŶƐĞƐ ĂƐŚ&ůŽǁĂƚĂ /ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ

dŚĞŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐĞƚŚĞŽŵƉĂŶǇ dŚĞŽƉĞƌĂƟŶŐĞǆƉĞŶƐĞƐǁĞƌĞĐŽŵŵĞŶƐƵƌĂƚĞƚŽƚŚĞŝŶĐƌĞĂƐĞ dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐĞƚƐ ĨŽƌƚŚ ƐĞůĞĐƚĞĚ ŝƚĞŵƐ ĨƌŽŵ ƚŚĞ ĂƐŚ ĨƌŽŵ ŝŶǀĞƐƟŶŐ ĂĐƟǀŝƟĞƐ ǁĂƐ ` ;ϱϮϴ͘ϳϯͿ ĐƌŽƌĞƐ ŝŶ ƚŚĞ
ĂŶĚŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ;ƌĞĨĞƌƌĞĚĐŽůůĞĐƟǀĞůǇĂƐƚŚĞΖ'ƌŽƵƉ͛ͿĂŶĚ ŝŶƚŚĞƐĐĂůĞĂŶĚƐŝǌĞŽĨƚŚĞďƵƐŝŶĞƐƐĂŶĚŝŶĐƌĞĂƐĞĚĐĂƉĂĐŝƚǇ ĐŽŶƐŽůŝĚĂƚĞĚĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚƐ͗ ĐƵƌƌĞŶƚ ǇĞĂƌ͕ ĐŽŵƉĂƌĞĚ ƚŽ ` ϴϱϰ͘ϵϴ ĐƌŽƌĞƐ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ
ƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚŝŶƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐƉƌĞƉĂƌĞĚ ĚƵĞ ƚŽ ĞǆƉĂŶƐŝŽŶƐ ĂŶĚ ĂĚĚŝƟŽŶ ŽĨ ŶĞǁ ŚŽƚĞůƐ ĚƵƌŝŶŐ ƚŚĞ `ͬĐƌŽƌĞs ǇĞĂƌ͕ŵĂŝŶůǇŽǁŝŶŐƚŽĞǆƉĂŶƐŝŽŶƐĂŶĚƌĞŶŽǀĂƟŽŶƐĂƚǀĂƌŝŽƵƐ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ĂƐĂƉƉůŝĐĂďůĞƚŽǇŽƵƌŽŵƉĂŶǇ͘dŚĞ ǇĞĂƌ͘ dŚŽƵŐŚ ĞŵƉůŽǇĞĞ ďĞŶĞĮƚ ĞǆƉĞŶƐĞ ŝƐ Ăƚ ƚŚĞ ƐĂŵĞ ƉƌŽƉĞƌƟĞƐĐĂƌƌŝĞĚŽƵƚĚƵƌŝŶŐƚŚĞǇĞĂƌ͘
ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ĮŶĂŶĐŝĂů ƉŽƐŝƟŽŶ ŽĨ ůĞǀĞůŽĨƉƌĞǀŝŽƵƐǇĞĂƌ͕ŝŶĂĐƚƵĂůƚŚĞƌĞŚĂƐďĞĞŶĂŶŝŶĐƌĞĂƐĞ WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ
^ƵďƐŝĚŝĂƌŝĞƐŽŶůŝŶĞďǇůŝŶĞďĂƐŝƐĂŶĚĨŽƌ:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚ ;ǁŝƚŚŽƵƚĐŽŶƐŝĚĞƌŝŶŐdĂũŽƐƚŽŶͿŝŶƐƚĂīĐŽƐƚĐŽŵŵĞŶƐƵƌĂƚĞ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ &ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ
ƐƐŽĐŝĂƚĞƐďǇĂƉƉůǇŝŶŐĞƋƵŝƚǇŵĞƚŚŽĚŽĨĂĐĐŽƵŶƟŶŐ͘ ƚŽ ŝŶĚƵƐƚƌǇ ƚƌĞŶĚƐ ĂƐ ĂůƐŽ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ŽƚŚĞƌ ĞǆƉĞŶƐĞƐ 2018 ϮϬϭϳ zŽƵƌ ŽŵƉĂŶǇ Ăƚ Ă ĐŽŶƐŽůŝĚĂƚĞĚ ůĞǀĞů ŚĂƐ ƌĞƉĂŝĚ ůŽŶŐͲƚĞƌŵ
ůŝŶŬĞĚ ƚŽ ďƵƐŝŶĞƐƐ ĂĐƟǀŝƟĞƐ͘ dŚĞ ĚĞƉƌĞĐŝĂƟŽŶ ĐŚĂƌŐĞ ĨŽƌ ďŽƌƌŽǁŝŶŐƐŽĨ `ϭ͕Ϯϴϱ͘ϱϭĐƌŽƌĞƐ͕ƉƌŝŵĂƌŝůǇĨƌŽŵZŝŐŚƚƐ/ƐƐƵĞ
Consolidated Results ƚŚĞ ǇĞĂƌ ǁĂƐ ŵĂƌŐŝŶĂůůǇ ŚŝŐŚĞƌ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ ǇĞĂƌ ĚƵĞ ƚŽ EĞƚĂƐŚĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ ϰϵϮ͘Ϭϱ ϱϯϰ͘ϱϮ ƉƌŽĐĞĞĚƐ͕ ĂƐ ĂůƐŽ Ă ĐŽŵďŝŶĂƟŽŶ ŽĨ ĐĂƐŚ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ
dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐĞƚƐ ĨŽƌƚŚ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ŽŶŐŽŝŶŐƌĞŶŽǀĂƟŽŶƐ͘ EĞƚĂƐŚŐĞŶĞƌĂƚĞĚͬ;ƵƐĞĚͿŝŶ ŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐĂŶĚĨƌĞƐŚďŽƌƌŽǁŝŶŐƐ
ƌĞƐƵůƚƐĨŽƌǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ ;ϱϮϴ͘ϳϯͿ ϴϱϰ͘ϵϴ
ŝŶǀĞƐƟŶŐĂĐƟǀŝƟĞƐ
` /crores Finance Costs EĞƚĂƐŚŐĞŶĞƌĂƚĞĚͬ;ƵƐĞĚͿŝŶ
&ŝŶĂŶĐŝĂůZĂƟŽƐĨŽƌŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂůƐ
&ŝŶĂŶĐĞ ŽƐƚƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ Ăƚ ĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
ϵϱ͘ϳϮ ;ϭϯϴϭ͘ϯϲͿ ` / crores
WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ
` Ϯϲϵ͘Ϭϰ ĐƌŽƌĞƐ ǁĞƌĞ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ǇĞĂƌ ďǇ WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ
DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ EĞƚ/ŶĐƌĞĂƐĞŝŶĂƐŚĂŶĚĐĂƐŚ
` ϱϰ͘ϳϵ ĐƌŽƌĞƐ ŵĂŝŶůǇ ĚƵĞ ƚŽ ƌĞƟƌĞŵĞŶƚ ŽĨ ĚĞďƚ ŽƵƚ ŽĨ ƚŚĞ 59.04 8.14 DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕
2018 ϮϬϭϳ ĞƋƵŝǀĂůĞŶƚƐ
ƉƌŽĐĞĞĚƐĨƌŽŵZŝŐŚƚƐ/ƐƐƵĞĚƵƌŝŶŐƚŚĞǇĞĂƌ͘ 2018 ϮϬϭϳ
Income
ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ ǆĐĞƉƟŽŶĂů/ƚĞŵƐ KƉĞƌĂƟŶŐĐƟǀŝƟĞƐ EĞƚĞďƚƚŽdŽƚĂůĂƉŝƚĂů;ƚŽƚĂůĚĞďƚ Ϭ͘ϯϴ Ϭ͘ϵϳ
KƚŚĞƌ/ŶĐŽŵĞ ϲϭ͘ϳϯ ϱϰ͘ϵϰ ǆĐĞƉƟŽŶĂů/ƚĞŵƐŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐ͗ EĞƚ ĂƐŚ ĨƌŽŵ ŽƉĞƌĂƟŶŐ ĂĐƟǀŝƟĞƐ ǁĂƐ ƌĞĚƵĐĞĚ ĨƌŽŵ ůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚ
Total Income ϰ͕ϭϲϱ͘Ϯϴ ϰ͕Ϭϳϱ͘ϱϭ ` ϱϯϰ͘ϱϮ ĐƌŽƌĞƐ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ ƚŽ ` ϰϵϮ͘Ϭϱ ĐƌŽƌĞƐ ŝŶ ďǇƚŚĞƐƵŵŽĨŶĞƚĚĞďƚĂŶĚŶĞƚǁŽƌƚŚͿ
ǆƉĞŶĚŝƚƵƌĞ ` / crores ƚŚĞĐƵƌƌĞŶƚǇĞĂƌ͕ŵĂŝŶůǇĚƵĞƚŽŚŝŐŚĞƌƉĂǇŵĞŶƚŽĨƚĂǆĞƐĂŶĚ EĞƚĞďƚƚŽƋƵŝƚǇ;ƚŽƚĂůĚĞďƚůĞƐƐ Ϭ͘ϰϱ ϭ͘Ϯϱ
&ŽŽĚĂŶĚĞǀĞƌĂŐĞƐŽŶƐƵŵĞĚ ϯϳϲ͘ϰϰ ϯϲϯ͘ϵϱ ŝŶĐƌĞĂƐĞŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂůĚƵƌŝŶŐƚŚĞǇĞĂƌ͘ ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚďǇ
WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ
ŵƉůŽǇĞĞĞŶĞĮƚƐǆƉĞŶƐĞƐ ϭ͕ϯϰϲ͘ϲϮ ϭ͕ϯϲϰ͘ϲϱ ƋƵŝƚǇĂŶĚKƚŚĞƌƋƵŝƚǇͿ
ĞƉƌĞĐŝĂƟŽŶĂŶĚŵŽƌƟƐĂƟŽŶ ϯϬϭ͘ϮϬ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕
ǆƉĞŶƐĞ Ϯϵϵ͘ϯϳ 2018 ϮϬϭϳ
KƚŚĞƌǆƉĞŶĚŝƚƵƌĞ ϭ͕ϳϭϬ͘ϭϰ ϭ͕ϲϴϮ͘ϯϱ ǆĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶ>ŽŶŐͲƚĞƌŵ Ϭ͘Ϭϳ Ϭ͘ϰϰ
dŽƚĂůǆƉĞŶĚŝƚƵƌĞ ϯ͕ϳϯϰ͘ϰϬ ϯ͕ϳϭϬ͘ϯϮ ŽƌƌŽǁŝŶŐƐͬƐƐĞƚƐ;EĞƚͿ
WƌŽĮƚďĞĨŽƌĞ&ŝŶĂŶĐĞŽƐƚƐĂŶĚdĂǆ 430.88 365.19 ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ
&ŝŶĂŶĐĞŽƐƚƐ Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ contracts
WƌŽĮƚďĞĨŽƌĞdĂǆ͕ǆĐĞƉƟŽŶĂů ϭϲϭ͘ϴϰ ϰϭ͘ϯϲ
ǆƉĞŶĚŝƚƵƌĞŽŶƉƌŽũĞĐƚƐǁƌŝƩĞŶŽīĨŽƌ ;Ϯ͘ϱϳͿ Ͳ
/ƚĞŵƐĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚǇ
commercial reasons
ĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ
ǆĐĞƉƟŽŶĂů/ƚĞŵƐ ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ WƌŽǀŝƐŝŽŶĨŽƌĮŶĂŶĐŝĂůĞǆƉŽƐƵƌĞŝŶĂŶ ;Ϭ͘ϱϲͿ ;ϱ͘ϬϱͿ
WƌŽĮƚďĞĨŽƌĞdĂǆ͕ďĞĨŽƌĞEŽŶͲ associate
ŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚΘƐŚĂƌĞŽĨƉƌŽĮƚ 184.29 30.58 ZĞĐŽǀĞƌǇŽĨĐŽƐƚƐĂůŽŶŐǁŝƚŚŝŶƚĞƌĞƐƚ Ͳ Ϯϰ͘ϯϯ
ŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ
WƌŽǀŝƐŝŽŶĨŽƌdĂǆĞƐ ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ ZĞĨƵŶĚŽĨŵƵŶŝĐŝƉĂůƚĂǆ Ͳ ϲ͘ϭϲ
WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂǆ͕ďĞĨŽƌĞEŽŶͲ 63.23 ;ϴϯ͘ϭϲͿ
WƌŽĮƚŽŶĐŽŵƉƵůƐŽƌǇĂĐƋƵŝƐŝƟŽŶŽĨ Ͳ Ϭ͘ϵϳ
ŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚΘƐŚĂƌĞŽĨƉƌŽĮƚ
ůĂŶĚďǇŐŽǀĞƌŶŵĞŶƚ
ŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ
ĚĚ͗^ŚĂƌĞŽĨWƌŽĮƚŽĨƐƐŽĐŝĂƚĞƐĂŶĚ EĞƚ>ŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƐƵďƐŝĚŝĂƌǇ Ͳ ;ϭϬϯ͘ϬϴͿ
ϰϬ͘Ϯϵ ϯϳ͘ϱϲ
:ŽŝŶƚsĞŶƚƵƌĞƐ 22.45 ;ϭϬ͘ϳϴͿ
>ĞƐƐ͗DŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐ Ϯ͘ϲϱ ϭϳ͘ϲϬ
WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂǆĂƩƌŝďƵƚĂďůĞƚŽ WƌŽĮƚ ͬ ;>ŽƐƐͿ ĂŌĞƌ dĂǆ ĂƩƌŝďƵƚĂďůĞ ƚŽ KǁŶĞƌƐ ŽĨ ƚŚĞ
100.87 ;ϲϯ͘ϮϬͿ
KǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶǇ ŽŵƉĂŶǇ
WƌŽĮƚͬ ;>ŽƐƐͿ ĂŌĞƌ dĂǆ͕ DŝŶŽƌŝƚǇ /ŶƚĞƌĞƐƚ ĂŶĚ ^ŚĂƌĞ ŽĨ
Income :ŽŝŶƚ sĞŶƚƵƌĞƐ ĂŶĚ ƐƐŽĐŝĂƚĞƐ ĂƩƌŝďƵƚĂďůĞ ƚŽ KǁŶĞƌƐ ŽĨ
dŚĞ ƌĞǀĞŶƵĞ ĨƌŽŵ ŽƉĞƌĂƟŽŶƐ ŝŶĐƌĞĂƐĞĚ ďǇ ϰй ;ŽŶ Ă ƚŚĞ ŽŵƉĂŶǇ ĨŽƌ ƚŚĞ ǇĞĂƌ ǁĂƐ ŚŝŐŚĞƌ Ăƚ ` ϭϬϬ͘ϴϳ ĐƌŽƌĞƐ ĂƐ
ƐĂŵĞ ƐƚŽƌĞ ďĂƐŝƐ͕ ǁŝƚŚŽƵƚ dĂũ ŽƐƚŽŶ ǁŚŝĐŚ ǁĂƐ ƐŽůĚ ŝŶ ĐŽŵƉĂƌĞĚ ƚŽ ` ;ϲϯ͘ϮϬͿ ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ǇĞĂƌ ŽŶ
ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌͿ ĨƌŽŵ ` ϯ͕ϵϰϰ͘ϮϬ ĐƌŽƌĞƐ ƚŽ ` ϰ͕ϭϬϯ͘ϱϱ ĂĐĐŽƵŶƚŽĨƌĞĚƵĐĞĚĮŶĂŶĐĞĐŽƐƚƐĂƐĂůƐŽŝŵƉƌŽǀĞĚŽƉĞƌĂƟŽŶĂů
ĐƌŽƌĞƐ͕ ƉƌŝŵĂƌŝůǇ ĚƌŝǀĞŶ ďǇ ŝŵƉƌŽǀĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͛ƐƌĞƐƵůƚƐǁĞƌĞĂůƐŽŝŵƉĂĐƚĞĚ
ĚŽŵĞƐƟĐƉŽƌƞŽůŝŽ͘ ĚƵĞƚŽůŽƐƐŽŶƐĂůĞŽĨdĂũŽƐƚŽŶ͘

Report on Corporate Governance ŝƌĞĐƚŽƌƐ͕EƐĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŝƐϲϱǇĞĂƌƐ͕

ϳϬǇĞĂƌƐĂŶĚϳϱǇĞĂƌƐ͕ƌĞƐƉĞĐƟǀĞůǇ͘
ŽŵŵŝƩĞĞ ĂŶĚ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƩĞĞ͘ ĞƐŝĚĞƐ
ƚŚĞĂĨŽƌĞƐĂŝĚ͕ŶŽŶĞŽĨƚŚĞEƐŚĂĚĂŶǇŽƚŚĞƌƉĞĐƵŶŝĂƌǇ
ƌĞůĂƟŽŶƐŚŝƉŽƌƚƌĂŶƐĂĐƟŽŶǁŝƚŚƚŚĞŽŵƉĂŶǇ͘
Philosophy on Code of Corporate Governance ;͚EƐ͛Ϳ͘ KƵƚ ŽĨ ƚŚĞƐĞ Ɛŝǆ EƐ͕ ĮǀĞ ĂƌĞ /ŶĚĞƉĞŶĚĞŶƚ
ŽĂƌĚDĞĞƟŶŐƐ
As a Tata Company, Corporate Governance is a way of life at ŝƌĞĐƚŽƌƐŽĨǁŚŝĐŚƚǁŽĂƌĞtŽŵĂŶŝƌĞĐƚŽƌƐ͘dŚĞŽĂƌĚ͛Ɛ
ϴ͘ dŚĞ ŽĂƌĚ DĞĞƟŶŐ ĚĂƚĞƐ ĨŽƌ ƚŚĞ ĞŶƐƵŝŶŐ ǇĞĂƌ ĂƌĞ As a policy, Mr. N. Chandrasekaran, Chairman, has
The Indian Hotels Company Limited (‘IHCL’). Our philosophy ĐŽŵƉŽƐŝƟŽŶŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ
ĚĞĐŝĚĞĚ ŝŶ ĂĚǀĂŶĐĞ ĂŶĚ ĐŝƌĐƵůĂƚĞĚ ƚŽ Ăůů ŝƌĞĐƚŽƌƐ͘ dŚĞ ĂďƐƚĂŝŶĞĚĨƌŽŵƌĞĐĞŝǀŝŶŐĐŽŵŵŝƐƐŝŽŶĨƌŽŵƚŚĞŽŵƉĂŶǇ͘
ŽŶŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĮŶĚƐŝƚƐƌŽŽƚƐŝŶƚŚĞƌŝĐŚůĞŐĂĐǇŽĨ ZĞŐƵůĂƟŽŶ ϭϳ;ϭͿ ŽĨ ƚŚĞ >ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ ƌĞĂĚ ǁŝƚŚ
ŐĞŶĚĂĨŽƌĞĂĐŚŵĞĞƟŶŐ͕ĂůŽŶŐǁŝƚŚĚĞƚĂŝůĞĚŶŽƚĞƐ͕ŝƐ
ĞƚŚŝĐĂů ŐŽǀĞƌŶĂŶĐĞ ƉƌĂĐƟĐĞƐ͕ ŵĂŶǇ ŽĨ ǁŚŝĐŚ ǁĞƌĞ ŝŶ ƉůĂĐĞ ^ĞĐƟŽŶϭϰϵŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͚ƚŚĞĐƚ͛Ϳ͘dŚĞ
ĂůƐŽ ĐŝƌĐƵůĂƚĞĚ ŝŶ ĂĚǀĂŶĐĞ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ ĂƐ ƉĞƌ ƚŚĞ DĞĞƟŶŐŽĨ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ
even before they were mandated. The Company seeks to ŝƌĞĐƚŽƌƐ ƉŽƐƐĞƐƐ ĞǆƉĞƌŝĞŶĐĞ ŝŶ ĚŝǀĞƌƐĞ ĮĞůĚƐ ŝŶĐůƵĚŝŶŐ
ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ Đƚ ĂŶĚ ^ĞĐƌĞƚĂƌŝĂů ^ƚĂŶĚĂƌĚͲϭ ŽŶ ϭϱ͘ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͕ Ă ƐĞƉĂƌĂƚĞ ŵĞĞƟŶŐ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ
ĨŽĐƵƐ ŽŶ ĞŶŚĂŶĐĞŵĞŶƚ ŽĨ ůŽŶŐͲƚĞƌŵ ǀĂůƵĞ ĐƌĞĂƟŽŶ ĨŽƌ Ăůů ďĂŶŬŝŶŐ͕ ĮŶĂŶĐĞ͕ ƌĞĂů ĞƐƚĂƚĞ͕ ŵĂƌŬĞƟŶŐ͕ ĐŽŶƐƵŵĞƌ
ŽĂƌĚDĞĞƟŶŐƐ͘ ŝƌĞĐƚŽƌƐ ǁĂƐ ŚĞůĚ ŽŶ DĂƌĐŚ ϭϵ͕ ϮϬϭϴ͕ ǁŝƚŚŽƵƚ ƚŚĞ
ƐƚĂŬĞŚŽůĚĞƌƐ ǁŝƚŚŽƵƚ ĐŽŵƉƌŽŵŝƐŝŶŐ ŽŶ ŝŶƚĞŐƌŝƚǇ͕ ƐŽĐŝĂů ŝŶĚƵƐƚƌǇ ĂŶĚ ŚŽƚĞůŝĞƌŝŶŐ ƚŽ ƐŽĐŝĂů ƐĞƌǀŝĐĞ͘ dŚĞ ƐŬŝůů
ƉƌĞƐĞŶĐĞŽĨ ǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ĂŶĚ ŽƚŚĞƌ ŵĞŵďĞƌƐ ŽĨ
ŽďůŝŐĂƟŽŶƐĂŶĚƌĞŐƵůĂƚŽƌǇĐŽŵƉůŝĂŶĐĞƐ͘ƐĂŽŵƉĂŶǇǁŝƚŚ ĂŶĚ ŬŶŽǁůĞĚŐĞ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌƐ ŚĂǀĞ ƉƌŽǀĞĚ ƚŽ ďĞ ŽĨ
ϵ͘ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ƚŚĞ ŽĂƌĚ ŵĞƚ Ɛŝǆ ƚŚĞDĂŶĂŐĞŵĞŶƚ͘ƚƚŚĞƐĂŝĚŵĞĞƟŶŐ͕ƚŚĞ/ŶĚĞƉĞŶĚĞŶƚ
Ă ƐƚƌŽŶŐ ƐĞŶƐĞ ŽĨ ǀĂůƵĞƐ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚ͕ ǁĞ ďĞůŝĞǀĞ ƚŚĂƚ ŝŵŵĞŶƐĞǀĂůƵĞƚŽƚŚĞŽŵƉĂŶǇ͘dŚĞĚĞƚĂŝůƐŽĨŝƌĞĐƚŽƌƐ
ƟŵĞƐ ĂŶĚ ƚŚĞ ŐĂƉ ďĞƚǁĞĞŶ ĂŶǇ ƚǁŽ ŵĞĞƟŶŐƐ ĚŝĚ ŝƌĞĐƚŽƌƐƌĞǀŝĞǁĞĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨEŽŶͲ/ŶĚĞƉĞŶĚĞŶƚ
ƉƌŽĮƚĂďŝůŝƚǇŵƵƐƚŐŽŚĂŶĚŝŶŚĂŶĚǁŝƚŚĂƐĞŶƐĞŽĨƌĞƐƉŽŶƐŝďŝůŝƚǇ ƐĞĞŬŝŶŐƌĞͲĂƉƉŽŝŶƚŵĞŶƚŚĂǀĞďĞĞŶĂƩĂĐŚĞĚĂůŽŶŐǁŝƚŚ
ŶŽƚ ĞǆĐĞĞĚ ϭϮϬ ĚĂǇƐ͘ dŚĞ ŽĂƌĚ DĞĞƟŶŐ ĚĂƚĞƐ ǁĞƌĞ͗ ŝƌĞĐƚŽƌƐ͕ ƚŚĞ ŽĂƌĚ ĂƐ Ă ǁŚŽůĞ ĂŶĚ ƚŚĞ ŚĂŝƌŵĂŶ ŽĨ
ƚŽǁĂƌĚƐ Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ͘ dŚŝƐ ŝƐ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ŽƵƌ ƚŚĞEŽƟĐĞŽĨƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ;͚'D͛Ϳ͘
DĂǇ Ϯϲ͕ ϮϬϭϳ͖ ƵŐƵƐƚ ϰ͕ ϮϬϭϳ͖ ƵŐƵƐƚ Ϯϭ͕ ϮϬϭϳ͖ ƵŐƵƐƚ ƚŚĞŽŵƉĂŶǇĂŌĞƌƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞǀŝĞǁƐŽĨƚŚĞ
Company’s business philosophy. The cardinal principles such
Ϯϵ͕ϮϬϭϳ͖EŽǀĞŵďĞƌϭϯ͕ϮϬϭϳĂŶĚ&ĞďƌƵĂƌǇϭϮ͕ϮϬϭϴ͘dŚĞ ǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ĂŶĚ EŽŶͲǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ͘ dŚĞ
as independence, accountability, responsibility, transparency, Ϯ͘ ͚/ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͛ ĂƌĞ ŝƌĞĐƚŽƌƐ ǁŚŽ ĂƉĂƌƚ ĨƌŽŵ
ŶĞĐĞƐƐĂƌǇ ƋƵŽƌƵŵ ǁĂƐ ƉƌĞƐĞŶƚ ĨŽƌ Ăůů ƚŚĞ ŵĞĞƟŶŐƐ͘ ƉƌŽĐĞƐƐ ĨŽƌ ĞǀĂůƵĂƟŽŶ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽĂƌĚ͕
ƚƌƵƐƚĞĞƐŚŝƉĂŶĚĚŝƐĐůŽƐƵƌĞƐĞƌǀĞĂƐĂŵĞĂŶƐĨŽƌŝŵƉůĞŵĞŶƟŶŐ ƌĞĐĞŝǀŝŶŐŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƟŽŶ͕ĚŽŶŽƚŚĂǀĞĂŶǇŵĂƚĞƌŝĂů
ĚĞƚĂŝůĞĚĞǆƉůĂŶĂƟŽŶ͕ŝŶƚŚĞĨŽƌŵŽĨĂƚĂďůĞŝůůƵƐƚƌĂƟŶŐƚŚĞ EŽŶͲ/ŶĚĞƉĞŶĚĞŶƚ EŽŶͲǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ
the philosophy of Corporate Governance. ƉĞĐƵŶŝĂƌǇƌĞůĂƟŽŶƐŚŝƉƐŽƌƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚƚŚĞŽŵƉĂŶǇ͕
ĂďŽǀĞŵĂƩĞƌƐŝƐŐŝǀĞŶŽŶƉĂŐĞŶŽ͘ϭϬϱĨŽƌƌĞĂĚǇƌĞĨĞƌĞŶĐĞ͘ Board Chairman is detailed in the Board’s Report. They
ŝƚƐWƌŽŵŽƚĞƌƐ͕ŝƚƐŝƌĞĐƚŽƌƐ͕ŝƚƐ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚŽƌŝƚƐ
ĂůƐŽ ĂƐƐĞƐƐĞĚ ƚŚĞ ƋƵĂůŝƚǇ ĂŶĚ ĂĚĞƋƵĂĐǇ ŽĨ ŝŶĨŽƌŵĂƟŽŶ
dŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞƉŚŝůŽƐŽƉŚǇŝƐĨƵƌƚŚĞƌƐƚƌĞŶŐƚŚĞŶĞĚ ŚŽůĚŝŶŐ ĐŽŵƉĂŶǇ͕ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ͕ ǁŚŝĐŚ
ϭϬ͘ dŚĞŽĂƌĚŚĂƐƵŶƌĞƐƚƌŝĐƚĞĚĂĐĐĞƐƐƚŽĂůůŽŵƉĂŶǇͲƌĞůĂƚĞĚ ďĞƚǁĞĞŶƚŚĞŽŵƉĂŶǇ͛ƐDĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŽĂƌĚ͘
with the adherence to the Tata Business Excellence Model as ŵĂǇĂīĞĐƚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨƚŚĞŝƌĞĐƚŽƌ͘
ŝŶĨŽƌŵĂƟŽŶ Ăƚ ŽĂƌĚ ͬ ŽŵŵŝƩĞĞ DĞĞƟŶŐƐ͘ &ƵŶĐƟŽŶ
ĂŵĞĂŶƐƚŽĚƌŝǀĞĞǆĐĞůůĞŶĐĞĨŽƌƚƌĂĐŬŝŶŐƉƌŽŐƌĞƐƐŽŶůŽŶŐƚĞƌŵ
ŚĞĂĚƐ ĂŶĚ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐ ǁŚŽ ĐĂŶ ƉƌŽǀŝĚĞ ĂĚĚŝƟŽŶĂů &ĂŵŝůŝĂƌŝǌĂƟŽŶWƌŽŐƌĂŵŵĞƐĨŽƌŝƌĞĐƚŽƌƐ
ƐƚƌĂƚĞŐŝĐ ŽďũĞĐƟǀĞ ĂƐ ĂůƐŽ ƚŚĞ ŽŵƉĂŶǇΖƐ ŽĚĞ ŽĨ ŽŶĚƵĐƚ͕ ϯ͘ dŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŽŶƚŚĞŽĂƌĚŽĨƚŚĞŽŵƉĂŶǇ͕
ŝŶƐŝŐŚƚƐ ŝŶƚŽ ƚŚĞ ŝƚĞŵƐ ďĞŝŶŐ ĚŝƐĐƵƐƐĞĚ͕ ĂƌĞ ŝŶǀŝƚĞĚ͘ ϭϲ͘ dŚĞŽŵƉĂŶǇŚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞŝŶĚƵĐƟŽŶƉƌŽŐƌĂŵŵĞĨŽƌ
ŽĚĞĨŽƌWƌĞǀĞŶƟŽŶŽĨ/ŶƐŝĚĞƌdƌĂĚŝŶŐ͕ŽĚĞŽĨŽŶĚƵĐƚĨŽƌ ƵƉŽŶĂƉƉŽŝŶƚŵĞŶƚ͕ĂƌĞŐŝǀĞŶĂĨŽƌŵĂůĂƉƉŽŝŶƚŵĞŶƚůĞƩĞƌ
dŚĞ ŽŵƉĂŶǇ ƉůĂĐĞƐ Ăůů ƚŚĞ ŶĞĐĞƐƐĂƌǇ ŝŶĨŽƌŵĂƟŽŶ ĂƐ ŶĞǁŝƌĞĐƚŽƌƐĂŶĚĂŶŽŶŐŽŝŶŐĨĂŵŝůŝĂƌŝƐĂƟŽŶƉƌŽŐƌĂŵŵĞ
EŽŶͲǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ;ΖEΖƐͿ Θ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŝŶƚĞƌͲĂůŝĂ ĐŽŶƚĂŝŶŝŶŐ ƚŚĞ ƚĞƌŵƐ ŽĨ ĂƉƉŽŝŶƚŵĞŶƚ͕ ƌŽůĞ͕
ƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐďĞĨŽƌĞƚŚĞŽĂƌĚ ĨŽƌ Ăůů ŝƌĞĐƚŽƌƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞŝƌ ƌŽůĞƐ͕ ƌŝŐŚƚƐ͕
;Ζ/ΖƐͿĂŶĚŽĚĞŽĨŽƌƉŽƌĂƚĞŝƐĐůŽƐƵƌĞWƌĂĐƟĐĞƐ;ΖWΖͿ͘ ĚƵƟĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͕ ƟŵĞ ĐŽŵŵŝƚŵĞŶƚ͕ ĐŽĚĞ ŽĨ
ĨƌŽŵƟŵĞƚŽƟŵĞ͘ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ŝŶ ƚŚĞ ŽŵƉĂŶǇ͕ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ŝŶĚƵƐƚƌǇ
ĐŽŶĚƵĐƚ͕ĞƚĐ͘dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐŽĨĂƉƉŽŝŶƚŵĞŶƚ
in which the Company operates, business model of the
Governance Guidelines are disclosed on the website of the Company
ϭϭ͘ dŚĞ ŝŵƉŽƌƚĂŶƚ ĚĞĐŝƐŝŽŶƐ ƚĂŬĞŶ Ăƚ ŽĂƌĚ ͬ ŽŵŵŝƩĞĞ Company, etc. All the Board members of the Company
The Company has adopted Governance Guidelines to help under URL ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƚĞƌŵƐͲ
DĞĞƟŶŐƐ ĂƌĞ ĐŽŵŵƵŶŝĐĂƚĞĚ ƚŽ ƚŚĞ ĐŽŶĐĞƌŶĞĚ ĂƌĞĂīŽƌĚĞĚĞǀĞƌǇŽƉƉŽƌƚƵŶŝƚǇƚŽĨĂŵŝůŝĂƌŝƐĞƚŚĞŵƐĞůǀĞƐ
ĨƵůĮůŝƚƐĐŽƌƉŽƌĂƚĞƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽǁĂƌĚƐŝƚƐƐƚĂŬĞŚŽůĚĞƌƐ͘dŚĞ ĂŶĚͲĐŽŶĚŝƚŝŽŶƐͲŽĨͲĂƉƉŽŝŶƚŵĞŶƚͲŽĨͲŝŶĚĞƉĞŶĚĞŶƚͲ
ĚĞƉĂƌƚŵĞŶƚƐ ƉƌŽŵƉƚůǇ͘ Ŷ ĂĐƟŽŶ ƚĂŬĞŶ ͬ ƐƚĂƚƵƐ ƌĞƉŽƌƚ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͕ ŝƚƐ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŝƚƐ ŽƉĞƌĂƟŽŶƐ
'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐĐŽǀĞƌĂƐƉĞĐƚƐƌĞůĂƚĞĚƚŽĐŽŵƉŽƐŝƟŽŶ directors.pdf͘ ůů ƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŚĂǀĞ
ŽŶ ƚŚĞ ĚĞĐŝƐŝŽŶƐ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ŵĞĞƟŶŐ;ƐͿ ŝƐ ƉůĂĐĞĚ ĂŶĚ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ͬ ĚŽĐƵŵĞŶƚƐ ƐŽƵŐŚƚ ďǇ ƚŚĞŵ
ĂŶĚƌŽůĞŽĨƚŚĞŽĂƌĚ͕ŚĂŝƌŵĂŶĂŶĚŝƌĞĐƚŽƌƐ͕ŽĂƌĚĚŝǀĞƌƐŝƚǇ͕ ĐŽŶĮƌŵĞĚƚŚĂƚƚŚĞǇŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂŽĨŝŶĚĞƉĞŶĚĞŶĐĞ
Ăƚ ƚŚĞ ŶĞǆƚ ŵĞĞƟŶŐ ŽĨ ƚŚĞ ŽĂƌĚ ĨŽƌ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ŝƐͬĂƌĞ ƐŚĂƌĞĚ ǁŝƚŚ ƚŚĞŵ ĨŽƌ ĞŶĂďůŝŶŐ Ă ŐŽŽĚ
ĚĞĮŶŝƟŽŶ ŽĨ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ ŝƌĞĐƚŽƌ͛Ɛ ƚĞƌŵ͕ ƌĞƟƌĞŵĞŶƚ ĂŐĞ ĂƐůĂŝĚĚŽǁŶƵŶĚĞƌƚŚĞĐƚĂŶĚƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘
ĨƵƌƚŚĞƌƌĞĐŽŵŵĞŶĚĞĚĂĐƟŽŶ;ƐͿ͕ŝĨĂŶǇ͘ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͕ ŝƚƐ ǀĂƌŝŽƵƐ ŽƉĞƌĂƟŽŶƐ
ĂŶĚŽŵŵŝƩĞĞƐŽĨƚŚĞŽĂƌĚ͘/ƚĂůƐŽĐŽǀĞƌƐĂƐƉĞĐƚƐƌĞůĂƟŶŐ
and the industry of which it is a part. The details of
ƚŽ ŶŽŵŝŶĂƟŽŶ͕ ĂƉƉŽŝŶƚŵĞŶƚ͕ ŝŶĚƵĐƟŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ϰ͘ EŽŶĞ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌƐ ŚŽůĚ ĚŝƌĞĐƚŽƌƐŚŝƉƐ ŝŶ ŵŽƌĞ ƚŚĂŶ
ϭϮ͘ tŝƚŚĂǀŝĞǁƚŽůĞǀĞƌĂŐĞƚĞĐŚŶŽůŽŐǇĂŶĚƌĞĚƵĐŝŶŐƉĂƉĞƌ ƚŚĞ ĨĂŵŝůŝĂƌŝƐĂƟŽŶ ƉƌŽŐƌĂŵŵĞ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŽŶ ƚŚĞ
ŽĨ ŝƌĞĐƚŽƌƐ͕ ŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƟŽŶ͕ ƐƵďƐŝĚŝĂƌǇ ŽǀĞƌƐŝŐŚƚ͕ ƚǁĞŶƚǇ /ŶĚŝĂŶ ŽŵƉĂŶŝĞƐ ŝŶĐůƵĚŝŶŐ ƚĞŶ ƉƵďůŝĐ ůŝŵŝƚĞĚ
ĐŽŶƐƵŵƉƟŽŶ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ĂĚŽƉƚĞĚ Ă ǁĞďͲďĂƐĞĚ ŽŵƉĂŶǇ͛Ɛ ǁĞďƐŝƚĞ ƵŶĚĞƌ ƚŚĞ ǁĞďůŝŶŬ͗ ŚƩƉƐ͗ͬͬǁǁǁ͘
ŽĚĞŽĨŽŶĚƵĐƚ͕ŽĂƌĚĞīĞĐƟǀĞŶĞƐƐƌĞǀŝĞǁĂŶĚŵĂŶĚĂƚĞƐ ĐŽŵƉĂŶŝĞƐ͘ &ƵƌƚŚĞƌ͕ ŶŽŶĞ ŽĨ ƚŚĞŵ ƐĞƌǀĞ ĂƐ DĞŵďĞƌƐ
ĂƉƉůŝĐĂƟŽŶĨŽƌƚƌĂŶƐŵŝƫŶŐŽĂƌĚͬŽŵŵŝƩĞĞŐĞŶĚĂ ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬĨĂŵŝůŝĂƌŝǌĂƟŽŶͲƉƌŽŐƌĂŵŵĞͲĨŽƌͲ
ŽĨ ŽĂƌĚ ŽŵŵŝƩĞĞƐ͘ dŚĞƐĞ ŐƵŝĚĞůŝŶĞƐ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ŽĨ ŵŽƌĞ ƚŚĂŶ ƚĞŶ ŽĂƌĚ ŽŵŵŝƩĞĞƐ ŶŽƌ ĂƌĞ ĂŶǇ ŽĨ
ĂŶĚ ƉĂƉĞƌƐ͘ dŚĞ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ƌĞĐĞŝǀĞ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚͲĚŝƌĞĐƚŽƌƐ͘ƉĚĨ
Board will have the necessary authority and processes to ƚŚĞŵ ƐĞƌǀŝŶŐ ĂƐ ŚĂŝƌƉĞƌƐŽŶ ŽĨ ŵŽƌĞ ƚŚĂŶ ĮǀĞ ŽĂƌĚ
ŐĞŶĚĂ ŝŶ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵ ƚŚƌŽƵŐŚ ƚŚŝƐ ĂƉƉůŝĐĂƟŽŶ͕
ƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƚĞŽƵƌŽƉĞƌĂƟŽŶƐǁŚĞŶƌĞƋƵŝƌĞĚ͘&ƵƌƚŚĞƌ͕ ŽŵŵŝƩĞĞƐ͕ĂĐƌŽƐƐĂůůƚŚĞĐŽŵƉĂŶŝĞƐŝŶǁŚŝĐŚƚŚĞǇĂƌĞ
ǁŚŝĐŚ ĐĂŶ ďĞ ĂĐĐĞƐƐĞĚ ƚŚƌŽƵŐŚ ƌŽǁƐĞƌƐ Žƌ ŝWĂĚƐ͘ /ŶĂĚĚŝƟŽŶƚŽƚŚĞĂďŽǀĞ͕ƚŚĞŽŵƉĂŶǇŚĂƐĂŶĞǆĐůƵƐŝǀĞ
ƚŚĞƐĞŐƵŝĚĞůŝŶĞƐĂůůŽǁƚŚĞŽĂƌĚƚŽŵĂŬĞĚĞĐŝƐŝŽŶƐƚŚĂƚĂƌĞ ŝƌĞĐƚŽƌƐ͘ ͚ŽĂƌĚ ŽŵŵŝƩĞĞƐ͛ ĨŽƌ ƚŚŝƐ ƉƵƌƉŽƐĞ ŝŶĐůƵĚĞ
dŚĞ ĂƉƉůŝĐĂƟŽŶ ŵĞĞƚƐ ŚŝŐŚ ƐƚĂŶĚĂƌĚƐ ŽĨ ƐĞĐƵƌŝƚǇ ĂŶĚ ǁĞďďĂƐĞĚŝŶĨŽƌŵĂƟŽŶƉŽƌƚĂů͕ǁŚŝĐŚŝƐŵĂĚĞĂǀĂŝůĂďůĞ
ŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ͘ ƚŚĞƵĚŝƚŽŵŵŝƩĞĞĂŶĚƚŚĞ^ƚĂŬĞŚŽůĚĞƌƐZĞůĂƟŽŶƐŚŝƉ
ŝŶƚĞŐƌŝƚǇƚŚĂƚŝƐƌĞƋƵŝƌĞĚĨŽƌƐƚŽƌĂŐĞĂŶĚƚƌĂŶƐŵŝƐƐŝŽŶŽĨ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ ĐŽŶƚĂŝŶŝŶŐ ŝŶĨŽƌŵĂƟŽŶ ŽŶ ŽŵƉĂŶǇ
ŽŵŵŝƩĞĞĂƐƉĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘
ŽĂƌĚͬŽŵŵŝƩĞĞŐĞŶĚĂŝŶĞůĞĐƚƌŽŶŝĐĨŽƌŵ͘ KǀĞƌǀŝĞǁ͕,ŽƐƉŝƚĂůŝƚǇĂŶĚ/ŶĚƵƐƚƌǇ/ŶƐŝŐŚƚƐ͕DĂŶĂŐĞŵĞŶƚ
dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĂĚŽƉƚĞĚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ŽƌƉŽƌĂƚĞ
ĂŶĚ ^ƚƌĂƚĞŐǇ hƉĚĂƚĞƐ͕ EĞǁƐ ĂŶĚ ŶŶŽƵŶĐĞŵĞŶƚƐ͕
'ŽǀĞƌŶĂŶĐĞ ĂƐ ƐƉĞĐŝĮĞĚ ƵŶĚĞƌ ƚŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ϱ͘ EŽŶĞ ŽĨ ƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ
ϭϯ͘ sŝĚĞŽ ͬ ƚĞůĞͲĐŽŶĨĞƌĞŶĐŝŶŐ ĨĂĐŝůŝƟĞƐ ĂƌĞ ĂůƐŽ ƵƐĞĚ ƚŽ 'ŽǀĞƌŶĂŶĐĞΘZŝƐŬ͕ĞƚĐ͘
ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ƐĞƌǀĞĂƐ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŝŶŵŽƌĞƚŚĂŶƐĞǀĞŶůŝƐƚĞĚ
ĨĂĐŝůŝƚĂƚĞ ŝƌĞĐƚŽƌƐ ǁŚŽ ĂƌĞ ƚƌĂǀĞůůŝŶŐ ͬ ƌĞƐŝĚŝŶŐ ĂďƌŽĂĚ
ZĞƋƵŝƌĞŵĞŶƚƐͿ ZĞŐƵůĂƟŽŶƐ͕ ϮϬϭϱ ;͚>ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ͛Ϳ͕ ƚŚĞ ĐŽŵƉĂŶŝĞƐĂŶĚŶŽŶĞŽĨƚŚĞtŚŽůĞͲƟŵĞŝƌĞĐƚŽƌƐŽĨĂŶǇ
ŽƌĂƚŽƚŚĞƌůŽĐĂƟŽŶƐƚŽƉĂƌƟĐŝƉĂƚĞŝŶƚŚĞŵĞĞƟŶŐƐ͘ Tata Code of Conduct
ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨǁŚŝĐŚĂƌĞŐŝǀĞŶďĞůŽǁ͗ ůŝƐƚĞĚĐŽŵƉĂŶǇƐĞƌǀĞĂƐ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŝŶŵŽƌĞ
ϭϳ͘ ĞŝŶŐ Ă dĂƚĂ ŽŵƉĂŶǇ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ĂĚŽƉƚĞĚ ƚŚĞ
than three listed companies.
ϭϰ͘ ƐƉĞƌƚŚĞŽŵƉĂŶǇΖƐƉŽůŝĐǇ͕EƐŽĨƚŚĞŽŵƉĂŶǇĂƌĞ dĂƚĂŽĚĞŽĨŽŶĚƵĐƚ;͚dK͛Ϳ͕ǁŚŝĐŚĐůĞĂƌůǇĂƌƟĐƵůĂƚĞƐ
Board of Directors ƉĂŝĚ͕ŝŶĂĚĚŝƟŽŶƚŽĐŽŵŵŝƐƐŝŽŶ͕ƐŝƫŶŐĨĞĞƐĂƚƚŚĞƌĂƚĞŽĨ the ethical principles and desired behaviours. The TCOC
^ŝǌĞĂŶĚĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŽĂƌĚ͗ ϲ͘ EŽŶĞŽĨƚŚĞŝƌĞĐƚŽƌƐĂƌĞƌĞůĂƚĞĚƚŽĞĂĐŚŽƚŚĞƌ͘
`ϯϬ͕ϬϬϬƉĞƌŵĞĞƟŶŐĨŽƌĂƩĞŶĚŝŶŐŵĞĞƟŶŐƐŽĨƚŚĞŽĂƌĚ ƌĞƋƵŝƌĞƐƚŚĞdĂƚĂĐŽŵƉĂŶŝĞƐĂŶĚĞŵƉůŽǇĞĞƐƚŽĂĐƚǁŝƚŚ
ϭ͘ ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͕ƚŚĞŽŵƉĂŶǇ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
ŽĨ ŝƌĞĐƚŽƌƐ͕ ƵĚŝƚ ŽŵŵŝƩĞĞ͕ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͕ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ͕ ŚŽŶĞƐƚǇ ĂŶĚ ŝŶƚĞŐƌŝƚǇ ĂŶĚ ƚŽ ƉƌĞƐĞƌǀĞ
;͚ŽĂƌĚ͛Ϳ ĐŽŵƉƌŝƐĞƐ ĞŝŐŚƚ ŵĞŵďĞƌƐ͕ ƚǁŽ ŽĨ ǁŚŽŵ ĂƌĞ ϳ͘ Ɛ ƉĞƌ ƚŚĞ 'ŽǀĞƌŶĂŶĐĞ 'ƵŝĚĞůŝŶĞƐ ĂĚŽƉƚĞĚ ďǇ ƚŚĞ
EŽŵŝŶĂƟŽŶ Θ ZĞŵƵŶĞƌĂƟŽŶ ŽŵŵŝƩĞĞ͕ ^ƚĂŬĞŚŽůĚĞƌƐ ƚŚĞŚƵŵĂŶƌŝŐŚƚƐŽĨĞǀĞƌǇŝŶĚŝǀŝĚƵĂůĂŶĚƚŚĞĐŽŵŵƵŶŝƚǇ͘
ǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚƐŝǆĂƌĞEŽŶͲǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐ ŽĂƌĚ͕ ƚŚĞ ƌĞƟƌĞŵĞŶƚ ĂŐĞ ĨŽƌ DĂŶĂŐŝŶŐ ͬ ǆĞĐƵƟǀĞ
ZĞůĂƟŽŶƐŚŝƉŽŵŵŝƩĞĞ͕ŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ dŚĞƉƌŝŶĐŝƉůĞƐŽĨƚŚĞdKĂƉƉůǇƚŽĂůůŽƵƌĚĞĂůŝŶŐƐǁŝƚŚ

ŽƵƌ ďƵƐŝŶĞƐƐ ƉĂƌƚŶĞƌƐ ǁŚŽ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ĂĚŚĞƌĞ z ĂƩĞƌƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ
D ǆŝŝŝ͘ Z
ĞǀŝĞǁŝŶŐ͕ǁŝƚŚƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ƉĞƌĨŽƌŵĂŶĐĞŽĨ dŚĞ /ŶƚĞƌŶĂů ƵĚŝƚŽƌƐ ĂŶĚ ^ƚĂƚƵƚŽƌǇ ƵĚŝƚŽƌƐ ŽĨ ƚŚĞ
ƚŽ ƐŝŵŝůĂƌ ƐƚĂŶĚĂƌĚƐ͘ dŚĞ dK ĐŽǀĞƌƐ ǀĂƌŝŽƵƐ ƐƵďũĞĐƚƐ ŝƌĞĐƚŽƌ͛Ɛ ZĞƐƉŽŶƐŝďŝůŝƚǇ ^ƚĂƚĞŵĞŶƚ ĂƐ ^ƚĂƚƵƚŽƌǇ ĂŶĚ /ŶƚĞƌŶĂů ĂƵĚŝƚŽƌƐ͕ ĂĚĞƋƵĂĐǇ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĚŝƐĐƵƐƐ ƚŚĞŝƌ ĂƵĚŝƚ ĮŶĚŝŶŐƐ ĂŶĚ ƵƉĚĂƚĞƐ
ůŝŬĞ ĞƋƵĂů ŽƉƉŽƌƚƵŶŝƚǇ ĞŵƉůŽǇĞƌ͕ ĚŝŐŶŝƚǇ Θ ƌĞƐƉĞĐƚ͕ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ^ĞĐƟŽŶ ϭϯϰ;ϱͿ ŽĨ ƚŚĞ Đƚ ĂƌĞ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐǇƐƚĞŵƐ͖ ǁŝƚŚƚŚĞŽŵŵŝƩĞĞĂŶĚƐƵďŵŝƚƚŚĞŝƌǀŝĞǁƐĚŝƌĞĐƚůǇƚŽ
ŚƵŵĂŶƌŝŐŚƚƐ͕ƉƌŽŚŝďŝƟŽŶŽĨďƌŝďĞƌǇΘĐŽƌƌƵƉƟŽŶ͕ŐŝŌƐ included in the Board’s report in terms of ƚŚĞŽŵŵŝƩĞĞ͘^ĞƉĂƌĂƚĞĚŝƐĐƵƐƐŝŽŶƐĂƌĞŚĞůĚǁŝƚŚƚŚĞ
ĂŶĚ ŚŽƐƉŝƚĂůŝƚǇ͕ ĐŽŶŇŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ͕ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĐůĂƵƐĞ ;ĐͿ ŽĨ ƐƵďͲƐĞĐƟŽŶ ϯ ŽĨ ^ĞĐƟŽŶ ϭϯϰ ŽĨ ǆŝǀ͘ Z
ĞǀŝĞǁŝŶŐƚŚĞĂĚĞƋƵĂĐǇŽĨŝŶƚĞƌŶĂůĂƵĚŝƚĨƵŶĐƟŽŶ͕ Internal Auditors to focus on compliance issues and to
ĂŶĚ ƌĞĐŽƌĚƐ ĂŵŽŶŐ ŽƚŚĞƌƐ͘ dŚĞ dK ŝƐ ĂƵŐŵĞŶƚĞĚ ďǇ the Act ŝĨĂŶǇ͕ŝŶĐůƵĚŝŶŐƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞŝŶƚĞƌŶĂůĂƵĚŝƚ conduct detailed reviews of the processes and internal
Ă ŶƵŵďĞƌ ŽĨ ƉŽůŝĐŝĞƐ ƚŚĂƚ ŚĞůƉ ƐƚƌĞŶŐƚŚĞŶ ŐŽǀĞƌŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ͕ ƐƚĂĸŶŐ ĂŶĚ ƐĞŶŝŽƌŝƚǇ ŽĨ ƚŚĞ ŽĸĐŝĂů ĐŽŶƚƌŽůƐ ŝŶ ƚŚĞ ŽŵƉĂŶǇ͘ dŚĞ ƉĞƌŵŝƐƐŝďůĞ ŶŽŶͲĂƵĚŝƚ
ƉƌĂĐƟĐĞƐ Ăƚ ƚŚĞ ŽŵƉĂŶǇ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ŝŶĐůƵĚĞ ƚŚĞ z ŚĂŶŐĞƐ͕ ŝĨ ĂŶǇ͕ ŝŶ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ Θ
ŚĞĂĚŝŶŐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͕ ƌĞƉŽƌƟŶŐ ƐƚƌƵĐƚƵƌĞ ƌĞůĂƚĞĚƐĞƌǀŝĐĞƐƵŶĚĞƌƚĂŬĞŶďǇƚŚĞ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐ
ŽŶŇŝĐƚ ŽĨ /ŶƚĞƌĞƐƚ WŽůŝĐǇ͕ dŚĞ WŽůŝĐǇ ĨŽƌ ZĞĐĞŝƉƚ ŽĨ ƉƌĂĐƟĐĞƐĂŶĚƌĞĂƐŽŶƐĨŽƌƚŚĞƐĂŵĞ ĐŽǀĞƌĂŐĞĂŶĚĨƌĞƋƵĞŶĐǇŽĨŝŶƚĞƌŶĂůĂƵĚŝƚ͖ ĂƌĞĂůƐŽƉƌĞͲĂƉƉƌŽǀĞĚďǇƚŚĞŽŵŵŝƩĞĞ͘
'ŝŌƐĂŶĚ,ŽƐƉŝƚĂůŝƚǇ͕dŚĞtŚŝƐƚůĞůŽǁĞƌWŽůŝĐǇĂŶĚƚŚĞ
WƌĞǀĞŶƟŽŶŽĨ^ĞǆƵĂů,ĂƌĂƐƐŵĞŶƚĂƚtŽƌŬƉůĂĐĞWŽůŝĐǇ͘ z ĂũŽƌ ĂĐĐŽƵŶƟŶŐ ĞŶƚƌŝĞƐ ŝŶǀŽůǀŝŶŐ ĞƐƟŵĂƚĞƐ
D ǆǀ͘
ŝƐĐƵƐƐŝŽŶǁŝƚŚŝŶƚĞƌŶĂůĂƵĚŝƚŽƌƐŽĨĂŶǇƐŝŐŶŝĮĐĂŶƚ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞŽĂƌĚ
ďĂƐĞĚ ŽŶ ƚŚĞ ĞǆĞƌĐŝƐĞ ŽĨ ũƵĚŐŵĞŶƚ ďǇ ĮŶĚŝŶŐƐĂŶĚĨŽůůŽǁƵƉƚŚĞƌĞŽŶ͖ ŽĨ/ŶĚŝĂ;WƌŽŚŝďŝƟŽŶŽĨ/ŶƐŝĚĞƌdƌĂĚŝŶŐͿZĞŐƵůĂƟŽŶƐ͕
ϭϴ͘ /ŶĂĚĚŝƟŽŶƚŽƚŚĞĂďŽǀĞ͕ƚŚĞŽŵƉĂŶǇŚĂƐĂůƐŽĂĚŽƉƚĞĚ DĂŶĂŐĞŵĞŶƚ ϮϬϭϱ;͚ƚŚĞZĞŐƵůĂƟŽŶƐ͛Ϳ͕ƚŚĞŽĂƌĚŚĂƐĂĚŽƉƚĞĚƚŚĞ
Ă ŽĚĞ ŽĨ ŽŶĚƵĐƚ ĨŽƌ ŝƚƐ EƐ ;͚ŽĚĞ͛Ϳ͘ ůů EƐ ĂŶĚ ǆǀŝ͘ Z
ĞǀŝĞǁŝŶŐƚŚĞĮŶĚŝŶŐƐŽĨĂŶǇŝŶƚĞƌŶĂůŝŶǀĞƐƟŐĂƟŽŶƐ W ƚŽ ďĞ ĨŽůůŽǁĞĚ ďǇ ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽǇĞĞƐ ĂŶĚ
/ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŚĂǀĞ ĂĸƌŵĞĚ ĐŽŵƉůŝĂŶĐĞ z ^ ŝŐŶŝĮĐĂŶƚ ĂĚũƵƐƚŵĞŶƚƐ ŵĂĚĞ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ďǇ ƚŚĞ /ŶƚĞƌŶĂů ƵĚŝƚŽƌƐ ŝŶƚŽ ŵĂƩĞƌƐ ǁŚĞƌĞ ƚŚĞƌĞ ŽƚŚĞƌĐŽŶŶĞĐƚĞĚƉĞƌƐŽŶƐ͘dŚĞWŝƐďĂƐĞĚŽŶƚŚĞ
ǁŝƚŚ ƚŚĞ ƐĂŝĚ ŽĚĞ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ ĞŶĚĞĚ ƐƚĂƚĞŵĞŶƚƐĂƌŝƐŝŶŐŽƵƚŽĨĂƵĚŝƚĮŶĚŝŶŐƐ ŝƐ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ Žƌ ŝƌƌĞŐƵůĂƌŝƚǇ Žƌ Ă ĨĂŝůƵƌĞ ŽĨ ƉƌŝŶĐŝƉůĞƚŚĂƚŝƌĞĐƚŽƌƐĂŶĚƚŚĞĞŵƉůŽǇĞĞƐŽĨĂdĂƚĂ
DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŶĚ Ăůů ^ĞŶŝŽƌ DĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ internal control systems of a material nature and ŽŵƉĂŶǇ ŽǁĞ Ă ĮĚƵĐŝĂƌǇ ĚƵƚǇ ƚŽ ƚŚĞ ƐƚĂŬĞŚŽůĚĞƌƐ
ŽŵƉĂŶǇ ŚĂǀĞ ĂĸƌŵĞĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ dK͘ z ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ůŝƐƟŶŐ ĂŶĚ ŽƚŚĞƌ ůĞŐĂů
ƌĞƉŽƌƟŶŐƚŚĞŵĂƩĞƌƚŽƚŚĞŽĂƌĚ͖ ĂŶĚƉƵďůŝĐĂƚůĂƌŐĞ͘dŚĞŽŵƉĂŶǇƚŽƉůĂĐĞƚŚĞŝŶƚĞƌĞƐƚ
The above Codes are also displayed on the Company’s ƌĞƋƵŝƌĞŵĞŶƚƐƌĞůĂƟŶŐƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ of the Members above their own and conduct their
website under the weblink ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ ǆǀŝŝ͘ ŝƐĐƵƐƐŝŽŶǁŝƚŚ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐďĞĨŽƌĞƚŚĞĂƵĚŝƚ ƉĞƌƐŽŶĂů ƐĞĐƵƌŝƟĞƐ ƚƌĂŶƐĂĐƟŽŶƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ
ƉŽůŝĐŝĞƐͬĐŽĚĞͲŽĨͲĐŽŶĚƵĐƚͲĨŽƌͲŶŽŶͲĞǆĞĐƵƚŝǀĞͲĚŝƌĞĐƚŽƌƐ͘ z ŝƐĐůŽƐƵƌĞŽĨĂŶǇZĞůĂƚĞĚWĂƌƚǇdƌĂŶƐĂĐƟŽŶƐ commences, about the nature and scope of audit as ĚŽĞƐŶŽƚĐƌĞĂƚĞĂŶǇĐŽŶŇŝĐƚŽĨŝŶƚĞƌĞƐƚƐŝƚƵĂƟŽŶ͘dŚĞ
pdf. The Annual Report of the Company contains ǁĞůůĂƐƉŽƐƚͲĂƵĚŝƚĚŝƐĐƵƐƐŝŽŶƚŽĂƐĐĞƌƚĂŝŶĂŶǇĂƌĞĂ WĐŽŶƚĂŝŶƐƌĞŐƵůĂƟŽŶƐĨŽƌƉƌĞƐĞƌǀĂƟŽŶŽĨƉƌŝĐĞ
Ă ĞƌƟĮĐĂƚĞ ĚƵůǇ ƐŝŐŶĞĚ ďǇ ƚŚĞ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ z YƵĂůŝĮĐĂƟŽŶƐŝŶƚŚĞĚƌĂŌƵĚŝƚZĞƉŽƌƚ ŽĨĐŽŶĐĞƌŶ͖ ƐĞŶƐŝƟǀĞ ŝŶĨŽƌŵĂƟŽŶ͕ ƉƌĞͲĐůĞĂƌĂŶĐĞ ŽĨ ƚƌĂĚĞ ĂŶĚ
ĂŶĚ ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ ;͚D Θ K͛Ϳ ĐŽŶĮƌŵŝŶŐ ŵŽŶŝƚŽƌŝŶŐĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞW͘hŶĚĞƌ
adherence to the Codes of Conduct. ǀ͘ Z
ĞǀŝĞǁŝŶŐ͕ ǁŝƚŚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ƋƵĂƌƚĞƌůǇ ǆǀŝŝŝ͘dŽůŽŽŬŝŶƚŽƚŚĞƌĞĂƐŽŶƐĨŽƌƐƵďƐƚĂŶƟĂůĚĞĨĂƵůƚƐŝŶ ƚŚĞW͕ƚŚĞŽŵŵŝƩĞĞŝƐĞŵƉŽǁĞƌĞĚƚŽ͗
ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďĞĨŽƌĞ ƐƵďŵŝƐƐŝŽŶ ƚŽ ƚŚĞ the payment to the depositors, debenture holders,
ŽŵŵŝƩĞĞƐŽĨƚŚĞŽĂƌĚ͗ ŽĂƌĚĨŽƌĂƉƉƌŽǀĂů͖ ƐŚĂƌĞŚŽůĚĞƌƐ ;ŝŶ ĐĂƐĞ ŽĨ ŶŽŶͲƉĂǇŵĞŶƚ ŽĨ ĚĞĐůĂƌĞĚ z Ă ƉƉƌŽǀĞ ƉŽůŝĐŝĞƐ ŝŶ ƌĞůĂƟŽŶ ƚŽ ƚŚĞ
dŚĞŵĂŶĚĂƚŽƌǇŽŵŵŝƩĞĞƐĐŽŶƐƟƚƵƚĞĚďǇƚŚĞŽĂƌĚĂƌĞĂƐ ĚŝǀŝĚĞŶĚƐͿĂŶĚĐƌĞĚŝƚŽƌƐ͖ ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞŽĚĞĂŶĚƚŽƐƵƉĞƌǀŝƐĞ
ƵŶĚĞƌ͗ ǀŝ͘ Z
ĞǀŝĞǁŝŶŐ͕ ǁŝƚŚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞŽĚĞ͘
ŽĨ ƵƐĞƐ ͬ ĂƉƉůŝĐĂƟŽŶ ŽĨ ĨƵŶĚƐ ƌĂŝƐĞĚ ƚŚƌŽƵŐŚ ĂŶ ǆŝǆ͘ d Ž ƌĞǀŝĞǁ ƚŚĞ ĨƵŶĐƟŽŶŝŶŐ ŽĨ ƚŚĞ tŚŝƐƚůĞ ůŽǁĞƌ
ϭ͘ ƵĚŝƚŽŵŵŝƩĞĞ͗ ŝƐƐƵĞ;WƵďůŝĐŝƐƐƵĞ͕ZŝŐŚƚƐŝƐƐƵĞ͕WƌĞĨĞƌĞŶƟĂůŝƐƐƵĞ͕ ŵĞĐŚĂŶŝƐŵ͖ z note and take on record the status reports
dŚĞ ŽŵƉĂŶǇ͛Ɛ ƵĚŝƚ ŽŵŵŝƩĞĞ ĐŽŵƉƌŝƐĞƐ ĞŶƟƌĞůǇ ŽĨ ĞƚĐ͘Ϳ͕ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨƵŶĚƐ ƵƟůŝǌĞĚ ĨŽƌ ƉƵƌƉŽƐĞƐ ĚĞƚĂŝůŝŶŐ ƚŚĞ ĚĞĂůŝŶŐƐ ďǇ ĞƐŝŐŶĂƚĞĚ WĞƌƐŽŶƐ
ƚŚƌĞĞ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͕ ǀŝǌ͘ Dƌ͘ ĞĞƉĂŬ WĂƌĞŬŚ Ͳ ŽƚŚĞƌ ƚŚĂŶ ƚŚŽƐĞ ƐƚĂƚĞĚ ŝŶ ƚŚĞ ŽīĞƌ ĚŽĐƵŵĞŶƚ ͬ ǆǆ͘
ƉƉƌŽǀĂů ŽĨ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ &K ;ŝ͘Ğ͕͘ ƚŚĞ ǁŚŽůĞͲ ŝŶƐĞĐƵƌŝƟĞƐŽĨƚŚĞŽŵƉĂŶǇ͕ĂƐƐƵďŵŝƩĞĚďǇ
ŚĂŝƌŵĂŶ͕DƐ͘/ƌĞĞŶĂsŝƩĂůĂŶĚDƌ͘EĂĚŝƌ'ŽĚƌĞũ͘ĂĐŚ ƉƌŽƐƉĞĐƚƵƐ ͬ ŶŽƟĐĞ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚ ƐƵďŵŝƩĞĚ ďǇ ƟŵĞ&ŝŶĂŶĐĞŝƌĞĐƚŽƌŽƌĂŶǇŽƚŚĞƌƉĞƌƐŽŶŚĞĂĚŝŶŐ ƚŚĞŽŵƉůŝĂŶĐĞKĸĐĞƌŽŶĂƋƵĂƌƚĞƌůǇďĂƐŝƐ͘
DĞŵďĞƌŽĨƚŚĞŽŵŵŝƩĞĞŚĂƐƚŚĞƌĞůĞǀĂŶƚĞǆƉĞƌŝĞŶĐĞ ƚŚĞ ŵŽŶŝƚŽƌŝŶŐ ĂŐĞŶĐǇ ŵŽŶŝƚŽƌŝŶŐ ƚŚĞ ƵƟůŝƐĂƟŽŶ ƚŚĞ ĮŶĂŶĐĞ ĨƵŶĐƟŽŶ Žƌ ĚŝƐĐŚĂƌŐŝŶŐ ƚŚĂƚ ĨƵŶĐƟŽŶͿ
ŝŶƚŚĞĮĞůĚŽĨĮŶĂŶĐĞ͕ďĂŶŬŝŶŐĂŶĚĂĐĐŽƵŶƟŶŐ͕ǁŝƚŚƚŚĞ ŽĨƉƌŽĐĞĞĚƐŽĨĂƉƵďůŝĐŽƌƌŝŐŚƚƐŝƐƐƵĞ͕ĂŶĚŵĂŬŝŶŐ ĂŌĞƌ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ĞǆƉĞƌŝĞŶĐĞ ĂŶĚ z ƌŽǀŝĚĞ ĚŝƌĞĐƟŽŶƐ ŽŶ ĂŶǇ ƉĞŶĂů ĂĐƟŽŶ ƚŽ
Ɖ
ŚĂŝƌŵĂŶďĞŝŶŐĂŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚ͘dŚĞŽŵŵŝƩĞĞ ĂƉƉƌŽƉƌŝĂƚĞƌĞĐŽŵŵĞŶĚĂƟŽŶƐƚŽƚŚĞŽĂƌĚƚŽƚĂŬĞ ďĂĐŬŐƌŽƵŶĚ͕ĞƚĐ͘ŽĨƚŚĞĐĂŶĚŝĚĂƚĞ͘ ďĞ ŝŶŝƟĂƚĞĚ͕ ŝŶ ĐĂƐĞ ŽĨ ĂŶǇ ǀŝŽůĂƟŽŶ ŽĨ ƚŚĞ
ŚĂƐ͕ŝŶƚĞƌͲĂůŝĂ͕ƚŚĞĨŽůůŽǁŝŶŐƚĞƌŵƐŽĨƌĞĨĞƌĞŶĐĞ͗ ƵƉƐƚĞƉƐŝŶƚŚŝƐŵĂƩĞƌ͖ ZĞŐƵůĂƟŽŶƐďǇĂŶǇƉĞƌƐŽŶ͘
dŚĞ ŽŵŵŝƩĞĞ ŵĞƚ ĮǀĞ ƟŵĞƐ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ
ŝ͘ ǀĞƌƐŝŐŚƚ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ
K ǀŝŝ͘ Z
ĞǀŝĞǁĂŶĚŵŽŶŝƚŽƌƚŚĞƵĚŝƚŽƌ͛ƐŝŶĚĞƉĞŶĚĞŶĐĞΘ ƵŶĚĞƌ ƌĞǀŝĞǁ ǀŝǌ͘ DĂǇ Ϯϲ͕ ϮϬϭϳ͖ ƵŐƵƐƚ ϯ͕ ϮϬϭϳ͖ /ŶƚĞƌŵƐŽĨƚŚŝƐW͕Dƌ͘'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ͕sW
ƉƌŽĐĞƐƐ ĂŶĚ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ŽĨ ŝƚƐ ĮŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞīĞĐƟǀĞŶĞƐƐŽĨĂƵĚŝƚƉƌŽĐĞƐƐ͖ EŽǀĞŵďĞƌ ϭϯ͕ ϮϬϭϳ͖ &ĞďƌƵĂƌǇ ϭϮ͕ ϮϬϭϴ ĂŶĚ Θ&KĐŽŶƟŶƵĞƐƚŽďĞƚŚĞ͚ŽŵƉůŝĂŶĐĞKĸĐĞƌ͛͘
ŝŶĨŽƌŵĂƟŽŶƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ DĂƌĐŚ ϭϵ͕ ϮϬϭϴ͖ ƚŚĞ ĚĞƚĂŝůƐ ŽĨ ĂƩĞŶĚĂŶĐĞ ĂƌĞ ŽŶ
ŝƐĐŽƌƌĞĐƚ͕ƐƵĸĐŝĞŶƚĂŶĚĐƌĞĚŝďůĞ͖ ǀŝŝŝ͘
ƉƉƌŽǀĂů Žƌ ĂŶǇ ƐƵďƐĞƋƵĞŶƚ ŵŽĚŝĮĐĂƟŽŶ ŽĨ ƉĂŐĞ ŶŽ͘ ϭϬϱ ĨŽƌ ƌĞĂĚǇ ƌĞĨĞƌĞŶĐĞ͘ dŚĞ ŶĞĐĞƐƐĂƌǇ Ϯ͘ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ͗
ƚƌĂŶƐĂĐƟŽŶƐŽĨƚŚĞŽŵƉĂŶǇǁŝƚŚƌĞůĂƚĞĚƉĂƌƟĞƐ͖ ƋƵŽƌƵŵǁĂƐƉƌĞƐĞŶƚĨŽƌĂůůƚŚĞŵĞĞƟŶŐƐ͘ dŚĞ ŽŵƉĂŶǇ ŚĂƐ Ă EŽŵŝŶĂƟŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ
ŝŝ͘ dŚĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶ ĨŽƌ ĂƉƉŽŝŶƚŵĞŶƚ͕ ŽŵŵŝƩĞĞ ;͚EZ͛Ϳ ƌĞƋƵŝƌĞĚ ĂƐ ƉĞƌ ƚŚĞ >ŝƐƟŶŐ
ƌĞŵƵŶĞƌĂƟŽŶĂŶĚƚĞƌŵƐŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨƵĚŝƚŽƌƐ ŝǆ͘ ^ĐƌƵƟŶǇŽĨŝŶƚĞƌͲĐŽƌƉŽƌĂƚĞůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ͖ dŚĞ ŽŵŵŝƩĞĞ ŝŶǀŝƚĞƐ ƐƵĐŚ ŽĨ ƚŚĞ ĞǆĞĐƵƟǀĞƐ ZĞŐƵůĂƟŽŶƐĂŶĚƚŚĞĐƚ͘EZĐŽŶƐŝƐƚƐŽĨĨŽƵƌEƐǀŝǌ͘
ŽĨƚŚĞŽŵƉĂŶǇ͖ as it considers appropriate to be present at its Dƌ͘ĞĞƉĂŬWĂƌĞŬŚʹŚĂŝƌŵĂŶ͕Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ͕
ǆ͘ ĂůƵĂƟŽŶŽĨƵŶĚĞƌƚĂŬŝŶŐƐŽƌĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶǇ͕
s ŵĞĞƟŶŐƐ͘ƵĚŝƚŽŵŵŝƩĞĞŵĞĞƟŶŐƐĂƌĞĂƩĞŶĚĞĚ Dƌ͘ EĂĚŝƌ 'ŽĚƌĞũ͕ ĂŶĚ DƐ͘ sŝďŚĂ WĂƵů ZŝƐŚŝ͘ EZ ŝƐ
ŝŝŝ͘ ƉƉƌŽǀĂůŽĨƉĂǇŵĞŶƚƚŽ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐĨŽƌĂŶǇ ǁŚĞƌĞǀĞƌŝƚŝƐŶĞĐĞƐƐĂƌǇ͖ ďǇ ŝŶǀŝƚĂƟŽŶ ďǇ ƚŚĞ D Θ K͕ ǆĞĐƵƟǀĞ sŝĐĞͲ ŐŽǀĞƌŶĞĚďǇĂEZŚĂƌƚĞƌǁŚŝĐŚŚĂƐďĞĞŶĂĚŽƉƚĞĚďǇ
ŽƚŚĞƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďǇƚŚĞ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐ͖ WƌĞƐŝĚĞŶƚ Θ &K͕ 'ƌŽƵƉ /ŶƚĞƌŶĂů ƵĚŝƚ ĂŶĚ ƚŚĞ ƚŚĞ ŽĂƌĚ͘ dŚĞ ďƌŽĂĚ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽĨ EZ ŝŶƚĞƌͲ
ǆŝ͘ ǀĂůƵĂƟŽŶ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ĂŶĚ ƌŝƐŬ ^ƚĂƚƵƚŽƌǇ ƵĚŝƚŽƌƐ͘ dŚĞ ŽŵƉĂŶǇ ^ĞĐƌĞƚĂƌǇ ĂĐƚƐ ĂůŝĂ͕ŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗
ŝǀ͘ ZĞǀŝĞǁŝŶŐ͕ ǁŝƚŚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ĂŶŶƵĂů ŵĂŶĂŐĞŵĞŶƚƐǇƐƚĞŵƐ͖ ĂƐ ƚŚĞ ^ĞĐƌĞƚĂƌǇ ƚŽ ƚŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ͘ dŚĞ
ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƵĚŝƚŽƌ͛Ɛ ƌĞƉŽƌƚ ƚŚĞƌĞŽŶ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ͕ Dƌ͘ ĞĞƉĂŬ i. Recommend to the Board the set up and
before submission to the Board for approval, with ǆŝŝ͘ ǆĂŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ĂŶĚ ƚŚĞ Parekh was present at the last AGM. ĐŽŵƉŽƐŝƟŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ĂŶĚ ŝƚƐ ŽŵŵŝƩĞĞƐ
ƉĂƌƟĐƵůĂƌƌĞĨĞƌĞŶĐĞƚŽ͗ ƵĚŝƚŽƌƐ͛ZĞƉŽƌƚƚŚĞƌĞŽŶ͖ ŝŶĐůƵĚŝŶŐ ƚŚĞ ͚ĨŽƌŵƵůĂƟŽŶ ŽĨ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ

ĚĞƚĞƌŵŝŶŝŶŐ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ƉŽƐŝƟǀĞ ĂƩƌŝďƵƚĞƐ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶWŽůŝĐǇ͗ Dƌ͘<ĂƉĂĚŝĂŚĂƐĐĞĂƐĞĚƚŽďĞƚŚĞǆĞĐƵƟǀĞŝƌĞĐƚŽƌ ŽĨĂůůĐŽŵƉůĂŝŶƚƐƌĞĐĞŝǀĞĚ͕ĞŶĂďůĞƐƵƉůŽĂĚŝŶŐŽĨĐƟŽŶ

ŝŶĚĞƉĞŶĚĞŶĐĞ ŽĨ Ă ŝƌĞĐƚŽƌ͛͘ dŚĞ ŽŵŵŝƩĞĞ ǁŝůů As recommended by the NRC, the Board has ŽĨƚŚĞŽŵƉĂŶǇǁ͘Ğ͘Ĩ͘DĂǇϮϯ͕ϮϬϭϴ͘ Taken Reports (‘ATRs’) by the concerned companies and
ĐŽŶƐŝĚĞƌ ƉĞƌŝŽĚŝĐĂůůǇ ƌĞǀŝĞǁŝŶŐ ƚŚĞ ĐŽŵƉŽƐŝƟŽŶ ĂĚŽƉƚĞĚ Ă ZĞŵƵŶĞƌĂƚŝŽŶ WŽůŝĐǇ ĨŽƌ ŝƌĞĐƚŽƌƐ͕ ŽŶůŝŶĞǀŝĞǁŝŶŐďǇƚŚĞŝŶǀĞƐƚŽƌƐŽĨĂĐƟŽŶƐƚĂŬĞŶŽŶƚŚĞ
ŽĨ ƚŚĞ ŽĂƌĚ ǁŝƚŚ ƚŚĞ ŽďũĞĐƟǀĞ ŽĨ ĂĐŚŝĞǀŝŶŐ ĂŶ <DWĂŶĚŽƚŚĞƌĞŵƉůŽǇĞĞƐ͘dŚĞWŽůŝĐǇĞŶǀŝƐĂŐĞƐ Dƌ͘ ZĂŬĞƐŚ ^ĂƌŶĂ͛Ɛ ĐŽŶƚƌĂĐƚ ĂƐ ƚŚĞ D Θ K complaint and its current status. All valid share transfers
ŽƉƟŵƵŵ ďĂůĂŶĐĞ ŽĨ ƐŝǌĞ͕ ƐŬŝůůƐ͕ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ ƉĂǇŵĞŶƚ ŽĨ ƌĞŵƵŶĞƌĂƚŝŽŶ ĂĐĐŽƌĚŝŶŐ ƚŽ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ǁĂƐ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ĮǀĞ ǇĞĂƌƐ ůŽĚŐĞĚ ƵƉƚŽ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ŚĂǀĞ ďĞĞŶ ƉƌŽĐĞƐƐĞĚ
ŬŶŽǁůĞĚŐĞ͕ĂŐĞ͕ŐĞŶĚĞƌĂŶĚĞǆƉĞƌŝĞŶĐĞ͖ ƋƵĂůŝĨŝĐĂƚŝŽŶ͕ĞǆƉĞƌŝĞŶĐĞĂŶĚƉĞƌĨŽƌŵĂŶĐĞĂŶĚŝƐ ĨƌŽŵ ^ĞƉƚĞŵďĞƌ ϭ͕ ϮϬϭϰ ƵƉƚŽ ƵŐƵƐƚ ϯϭ͕ ϮϬϭϵ ďǇ ƚŚĞ ŽŵŵŝƩĞĞ͘ dŚĞ ƐƚĂƚƵƐ ŽĨ ƚŚĞ ĐŽŵƉůĂŝŶƚƐ
ďĂƐĞĚŽŶƚŚĞĐŽŵŵŝƚŵĞŶƚŽĨĨŽƐƚĞƌŝŶŐĂĐƵůƚƵƌĞ ƚĞƌŵŝŶĂďůĞ ďǇ ϲ ŵŽŶƚŚƐ͛ ŶŽƟĐĞ ŽŶ ĞŝƚŚĞƌ ƐŝĚĞ͘ ƌĞĐĞŝǀĞĚ ;ŝŶĐůƵƐŝǀĞ ŽĨ ^KZ^Ϳ ĨƌŽŵ ƐŚĂƌĞŚŽůĚĞƌƐ ĨƌŽŵ
ii. Recommend to the Board the appointment or of leadership with trust. The remuneration of /Ŷ ĂĚĚŝƟŽŶ ƚŽ ƚŚĞ ĂĨŽƌĞƐĂŝĚ͕ Dƌ͘ ^ĂƌŶĂ ŚĂĚ ďĞĞŶ Ɖƌŝůϭ͕ϮϬϭϳƚŽDĂƌĐŚϯϭ͕ϮϬϭϴŝƐĂƐƵŶĚĞƌ͗
ƌĞĂƉƉŽŝŶƚŵĞŶƚŽĨŝƌĞĐƚŽƌƐ͖ ƚŚĞ tŚŽůĞͲƚŝŵĞ ŝƌĞĐƚŽƌ;ƐͿ ŝƐ ƌĞĐŽŵŵĞŶĚĞĚ appointed as an employee of United Overseas
by the NRC based on factors such as industry ,ŽůĚŝŶŐ /ŶĐ͘ ;hK, /ŶĐͿ ;ĞƌƐƚǁŚŝůĞ /ŶƚĞƌŶĂƟŽŶĂů /ŶǀĞƐƚŽƌĐŽŵƉůĂŝŶƚƐ WĞŶĚŝŶŐĂƐŽŶ
ŝŝŝ͘ ĞǀŝƐĞĂƉŽůŝĐǇŽŶŽĂƌĚĚŝǀĞƌƐŝƚǇ͖ ďĞŶĐŚŵĂƌŬƐ͕ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ǀŝƐͲ ,ŽƚĞů DĂŶĂŐĞŵĞŶƚ ^ĞƌǀŝĐĞƐ /ŶĐ͕͘ h^Ϳ͕ Ă ǁŚŽůůǇͲ received DĂƌĐŚϯϭ͕ϮϬϭϴ
ăͲǀŝƐ ƚŚĞ ŝŶĚƵƐƚƌǇ͕ ƉĞƌĨŽƌŵĂŶĐĞ ͬ ƚƌĂĐŬ ƌĞĐŽƌĚ owned subsidiary of the Company, for a period
ϴ Nil
iv. Recommend to the Board appointment of Key ŽĨ ƚŚĞ tŚŽůĞͲƚŝŵĞ ŝƌĞĐƚŽƌ;ƐͿ ǁŚŝĐŚ ŝƐ ĚĞĐŝĚĞĚ ŽĨ ĮǀĞ ǇĞĂƌƐ ĨƌŽŵ ^ĞƉƚĞŵďĞƌ ϭ͕ ϮϬϭϰ ƵƉƚŽ
DĂŶĂŐĞƌŝĂů WĞƌƐŽŶŶĞů ;͚<DW͛ ĂƐ ĚĞĮŶĞĚ ďǇ ƚŚĞ by the Board. Remuneration comprises a fixed ƵŐƵƐƚ ϯϭ͕ ϮϬϭϵ͕ ƚŽ ďĞ ŝŶ ĐŚĂƌŐĞ ŽĨ ƚŚĞ ŽǀĞƌĂůů
ĐƚͿ ĂŶĚ ^ĞŶŝŽƌ DĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ;ĂƐ ĐŽŵƉŽŶĞŶƚ ǀŝǌ͘ ƐĂůĂƌǇ͕ ďĞŶĞĨŝƚƐ͕ ƉĞƌƋƵŝƐŝƚĞƐ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ h^ͬ /ŶƚĞƌŶĂƟŽŶĂů d ƌĂŶƐĨĞƌŽĨƵŶĐůĂŝŵĞĚͬƵŶƉĂŝĚĂŵŽƵŶƚƐƚŽƚŚĞ/ŶǀĞƐƚŽƌ
ĚĞĮŶĞĚďǇƚŚŝƐŽŵŵŝƩĞĞͿ͖ ĂŶĚ ĂůůŽǁĂŶĐĞƐ ĂŶĚ Ă ǀĂƌŝĂďůĞ ĐŽŵƉŽŶĞŶƚ ǀŝǌ͘ ,ŽƚĞůƐ͛ͬďƵƐŝŶĞƐƐƉŽƌƞŽůŝŽ͘dŚĞŐƌĞĞŵĞŶƚĞŶƚĞƌĞĚ ĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ&ƵŶĚ͗
ƉĞƌĨŽƌŵĂŶĐĞ ůŝŶŬĞĚ ďŽŶƵƐ ͬ ĐŽŵŵŝƐƐŝŽŶ͘ dŚĞ ŝŶƚŽ ďĞƚǁĞĞŶ Dƌ͘ ^ĂƌŶĂ ĂŶĚ hK, /ŶĐ ǁĂƐ ĐŽͲ WƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶƐϭϮϰĂŶĚϭϮϱŽĨƚŚĞĐƚƌĞĂĚǁŝƚŚ
ǀ͘
ĂƌƌǇŽƵƚĞǀĂůƵĂƟŽŶŽĨĞǀĞƌǇŝƌĞĐƚŽƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞ NRC also recommends the annual increments ƚĞƌŵŝŶƵƐ ǁŝƚŚ ƚŚĞ ŐƌĞĞŵĞŶƚ ďĞƚǁĞĞŶ Dƌ͘ ^ĂƌŶĂ ƚŚĞ /ŶǀĞƐƚŽƌ ĚƵĐĂƟŽŶ ĂŶĚ WƌŽƚĞĐƟŽŶ &ƵŶĚ ƵƚŚŽƌŝƚǇ
ĂŶĚƐƵƉƉŽƌƚƚŚĞŽĂƌĚĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ within the salary scale approved by the Members ĂŶĚƚŚĞŽŵƉĂŶǇ͘Dƌ͘^ĂƌŶĂŚĂĚƐƚĞƉƉĞĚĚŽǁŶĂƐ ;ĐĐŽƵŶƟŶŐ͕ ƵĚŝƚ͕ dƌĂŶƐĨĞƌ ĂŶĚ ZĞĨƵŶĚͿ ZƵůĞƐ͕ ϮϬϭϲ
ŝŶĞǀĂůƵĂƟŽŶŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽĂƌĚ͕ŝƚƐ as also the performance linked incentive payable ƚŚĞDΘKŽĨƚŚĞŽŵƉĂŶǇǁ͘Ğ͘Ĩ͘ƚŚĞĐůŽƐĞŽĨ ;Ζ/W&ZƵůĞƐΖͿ͕ĚŝǀŝĚĞŶĚƐ͕ŝĨŶŽƚĐůĂŝŵĞĚĨŽƌĂĐŽŶƐĞĐƵƟǀĞ
ŽŵŵŝƩĞĞƐ ĂŶĚ ŝŶĚŝǀŝĚƵĂů ŝƌĞĐƚŽƌƐ͘ dŚŝƐ ƐŚĂůů ƚŽ ƚŚĞ tŚŽůĞͲƚŝŵĞ ŝƌĞĐƚŽƌ;ƐͿ ŽŶ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ďƵƐŝŶĞƐƐŚŽƵƌƐŽŶ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘ƐƐƵĐŚƚŚĞ ƉĞƌŝŽĚ ŽĨ ϳ ǇĞĂƌƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ŽĨ ƚƌĂŶƐĨĞƌ ƚŽ hŶƉĂŝĚ
ŝŶĐůƵĚĞ ͚ĨŽƌŵƵůĂƟŽŶ ŽĨ ĐƌŝƚĞƌŝĂ ĨŽƌ ĞǀĂůƵĂƟŽŶ ŽĨ ŽĨƉƌŽĨŝƚƐĨŽƌƚŚĞĨŝŶĂŶĐŝĂůǇĞĂƌ͕ǁŝƚŚŝŶƚŚĞĐĞŝůŝŶŐƐ aforesaid contracts with the Company and UOH Inc. ŝǀŝĚĞŶĚ ĐĐŽƵŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͕ ĂƌĞ ůŝĂďůĞ ƚŽ ďĞ
ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ prescribed under the Act. ĐĞĂƐĞĚĂƵƚŽŵĂƟĐĂůůǇ͘ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ /ŶǀĞƐƚŽƌ ĚƵĐĂƟŽŶ ĂŶĚ WƌŽƚĞĐƟŽŶ
ŽĂƌĚ͖͛ &ƵŶĚ;Ζ/W&ΖͿ͘
dŚĞĐŽŵŵŝƐƐŝŽŶƉĂǇĂďůĞƚŽEƐŝƐƌĞĐŽŵŵĞŶĚĞĚ dŚĞŽŵƉĂŶǇŚĂƐŶŽƐĐŚĞŵĞĨŽƌƐƚŽĐŬŽƉƟŽŶƐ͘
ǀŝ͘ Z
ĞĐŽŵŵĞŶĚƚŽƚŚĞŽĂƌĚƚŚĞƌĞŵƵŶĞƌĂƟŽŶƉŽůŝĐǇ ďǇƚŚĞEZƚŽƚŚĞŽĂƌĚƵƉƚŽϭйŽĨƚŚĞŶĞƚƉƌŽĮƚƐ & ƵƌƚŚĞƌ͕ƐŚĂƌĞƐŝŶƌĞƐƉĞĐƚŽĨƐƵĐŚĚŝǀŝĚĞŶĚƐǁŚŝĐŚŚĂǀĞ
ĨŽƌŝƌĞĐƚŽƌƐ͕ĞǆĞĐƵƟǀĞƚĞĂŵŽƌ<DWĂƐǁĞůůĂƐƚŚĞ of the Company calculated in accordance with the ϯ͘ ^ƚĂŬĞŚŽůĚĞƌƐZĞůĂƟŽŶƐŚŝƉŽŵŵŝƩĞĞ͗ ŶŽƚďĞĞŶĐůĂŝŵĞĚĨŽƌĂƉĞƌŝŽĚŽĨϳĐŽŶƐĞĐƵƟǀĞǇĞĂƌƐĂƌĞ
ƌĞƐƚŽĨƚŚĞĞŵƉůŽǇĞĞƐ͖ ƉƌŽǀŝƐŝŽŶŽĨ^ĞĐƟŽŶϭϵϴŽĨƚŚĞĐƚĂŶĚŝƐĚŝƐƚƌŝďƵƚĞĚ dŚĞ ŽŵƉĂŶǇ͛Ɛ ^ƚĂŬĞŚŽůĚĞƌƐ ZĞůĂƟŽŶƐŚŝƉ ŽŵŵŝƩĞĞ also liable to be transferred to the demat account of the
ďĂƐĞĚŽŶĂŶƵŵďĞƌŽĨĨĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐĂƩĞŶĚĂŶĐĞ ;͚^Z͛Ϳ ĐŽŵƉƌŝƐĞƐ ŽĨ Dƌ͘ EĂĚŝƌ 'ŽĚƌĞũ ʹ ŚĂŝƌŵĂŶ Θ /W& ƵƚŚŽƌŝƚǇ͘ dŚĞ ƐĂŝĚ ƌĞƋƵŝƌĞŵĞŶƚ ĚŽĞƐ ŶŽƚ ĂƉƉůǇ
vii. On an annual basis, recommend to the Board the ĂŶĚĐŽŶƚƌŝďƵƟŽŶĂƚŽĂƌĚĂŶĚŽŵŵŝƩĞĞŵĞĞƟŶŐƐ͕ / ĂŶĚ Dƌ͘ WƵŶĞĞƚ ŚŚĂƚǁĂů ǁŚŽ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ Ă ƚŽ ƐŚĂƌĞƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ǁŚŝĐŚ ƚŚĞƌĞ ŝƐ Ă ƐƉĞĐŝĮĐ ŽƌĚĞƌ
ƌĞŵƵŶĞƌĂƟŽŶƉĂǇĂďůĞƚŽƚŚĞŝƌĞĐƚŽƌƐĂŶĚŽǀĞƌƐĞĞ ĂƐǁĞůůĂƐƟŵĞƐƉĞŶƚŽŶŽƉĞƌĂƟŽŶĂůŵĂƩĞƌƐŽƚŚĞƌ ŵĞŵďĞƌŽĨƚŚĞŽŵŵŝƩĞĞŝŶƉůĂĐĞŽĨDƌ͘ZĂŬĞƐŚ^ĂƌŶĂ ŽĨ ŽƵƌƚ͕ dƌŝďƵŶĂů Žƌ ^ƚĂƚƵƚŽƌǇ ƵƚŚŽƌŝƚǇ͕ ƌĞƐƚƌĂŝŶŝŶŐ
ƚŚĞƌĞŵƵŶĞƌĂƟŽŶƚŽĞǆĞĐƵƟǀĞƚĞĂŵŽƌ<DWŽĨƚŚĞ ƚŚĂŶĂƚŵĞĞƟŶŐƐ͘dŚĞŽŵƉĂŶǇĂůƐŽƌĞŝŵďƵƌƐĞƐƚŚĞ ĐŽŶƐĞƋƵĞŶƚƚŽŚŝƐƌĞƐŝŐŶĂƟŽŶĂƐƚŚĞDΘKŽĨƚŚĞ ĂŶǇ ƚƌĂŶƐĨĞƌ ŽĨ ƚŚĞ ƐŚĂƌĞƐ͘ dŚĞ ƉƌŽǀŝƐŝŽŶƐ ƌĞůĂƟŶŐ ƚŽ
ŽŵƉĂŶǇ͖ ŽƵƚŽĨƉŽĐŬĞƚĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇƚŚĞŝƌĞĐƚŽƌƐĨŽƌ ŽŵƉĂŶǇ͘ dŚĞ ƐĐŽƉĞ ŽĨ ƚŚĞ ^Z ŝŶĐůƵĚĞƐ ƌĞƉŽƌƟŶŐ ŽĨ ƚƌĂŶƐĨĞƌ ŽĨ ƐŚĂƌĞƐ ǁĞƌĞ ŵĂĚĞ ĞīĞĐƟǀĞ ďǇ ƚŚĞ DŝŶŝƐƚƌǇ
ĂƩĞŶĚŝŶŐƚŚĞŵĞĞƟŶŐƐ͘ ƚŚĞƐƚĂƚƵƐŽĨƐŚĂƌĞŚŽůĚĞƌƐ͕ĚĞďĞŶƚƵƌĞŚŽůĚĞƌƐ͕ĚĞƉŽƐŝƚͲ ŽĨŽƌƉŽƌĂƚĞīĂŝƌƐ͕ǀŝĚĞŝƚƐEŽƟĮĐĂƟŽŶĚĂƚĞĚKĐƚŽďĞƌ
ǀŝŝŝ͘ KǀĞƌƐĞĞĨĂŵŝůŝĂƌŝƐĂƟŽŶƉƌŽŐƌĂŵŵĞƐĨŽƌŝƌĞĐƚŽƌƐ͖ ŚŽůĚĞƌƐ ĂŶĚ ĂŶǇ ŽƚŚĞƌ ƐĞĐƵƌŝƚǇ ŚŽůĚĞƌƐ ŝŶ ĂĚĚŝƟŽŶ ƚŽ ϭϯ͕ϮϬϭϳƌĞĂĚǁŝƚŚƚŚĞĐŝƌĐƵůĂƌĚĂƚĞĚKĐƚŽďĞƌϭϲ͕ϮϬϭϳ͕
dŚĞĚĞƚĂŝůƐŽĨƚŚĞWŽůŝĐǇĂƌĞĨƵƌƚŚĞƌŚŝŐŚůŝŐŚƚĞĚŝŶ ĞƋƵŝƚǇ ƐŚĂƌĞŚŽůĚĞƌƐ͘ dŚĞ ďƌŝĞĨ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽĨ ǁŚĞƌĞŝŶ ŝƚ ǁĂƐ ƉƌŽǀŝĚĞĚ ƚŚĂƚ ǁŚĞƌĞ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ϳ
ix. Oversee the human resource philosophy, human the Board’s Report. ƚŚĞ ŽŵŵŝƩĞĞ ŝŶĐůƵĚĞƐ ƌĞƐŽůǀŝŶŐ ŐƌŝĞǀĂŶĐĞƐ ŽĨ Ăůů ƚŚĞ ĐŽŶƐĞĐƵƟǀĞ ǇĞĂƌƐ͕ ĂƐ ĂďŽǀĞ͕ ǁĂƐ ĐŽŵƉůĞƚĞĚ Žƌ ďĞŝŶŐ
ƌĞƐŽƵƌĐĞ ĂŶĚ ƉĞŽƉůĞ ƐƚƌĂƚĞŐǇ ĂŶĚ ŚƵŵĂŶ ƐĞĐƵƌŝƚǇ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ŝŶĐůƵĚŝŶŐ ĐŽŵƉůĂŝŶƚƐ ĐŽŵƉůĞƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ ^ĞƉƚĞŵďĞƌ ϳ͕ ϮϬϭϲ
ƌĞƐŽƵƌĐĞ ƉƌĂĐƟĐĞƐ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ĨŽƌ ůĞĂĚĞƌƐŚŝƉ ^ĞƌǀŝĐĞ ŽŶƚƌĂĐƚ͕ EŽƟĐĞ WĞƌŝŽĚ ĂŶĚ ^ĞǀĞƌĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌ ŽĨ ƐŚĂƌĞƐ͕ ŶŽŶͲƌĞĐĞŝƉƚ ŽĨ ďĂůĂŶĐĞ ƚŽ KĐƚŽďĞƌ ϯϭ͕ ϮϬϭϳ͕ ƚŚĞ ĚƵĞ ĚĂƚĞ ŽĨ ƚƌĂŶƐĨĞƌ ĨŽƌ ƐƵĐŚ
ĚĞǀĞůŽƉŵĞŶƚ͕ ƌĞǁĂƌĚƐ ĂŶĚ ƌĞĐŽŐŶŝƟŽŶ͕ ƚĂůĞŶƚ &ĞĞƐ ŽĨ ƚŚĞ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ĂŶĚ ƚŚĞ ǆĞĐƵƟǀĞ ƐŚĞĞƚ͕ŶŽŶͲƌĞĐĞŝƉƚŽĨĚĞĐůĂƌĞĚĚŝǀŝĚĞŶĚ͕ĞƚĐ͘ ƐŚĂƌĞƐǁĂƐKĐƚŽďĞƌϯϭ͕ϮϬϭϳ͘
ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƐƵĐĐĞƐƐŝŽŶ ƉůĂŶŶŝŶŐ ;ƐƉĞĐŝĮĐĂůůǇ Directors
ĨŽƌ ƚŚĞ ŽĂƌĚ͕ <ĞǇ DĂŶĂŐĞƌŝĂů WĞƌƐŽŶŶĞů ĂŶĚ Dƌ͘WƵŶĞĞƚŚŚĂƚǁĂů͛ƐĐŽŶƚƌĂĐƚĂƐDΘKŽĨƚŚĞ dŚĞ ŽŵŵŝƩĞĞ ŵĞƚ ƚǁŝĐĞ ŽŶ ƵŐƵƐƚ ϯ͕ ϮϬϭϳ ĂŶĚ In the interest of the shareholders, the Company sends
ĞǆĞĐƵƟǀĞƚĞĂŵͿ͖ ŽŵƉĂŶǇŝƐĨŽƌĂƉĞƌŝŽĚŽĨĮǀĞǇĞĂƌƐĨƌŽŵEŽǀĞŵďĞƌ &ĞďƌƵĂƌǇϭϮ͕ϮϬϭϴĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƵŶĚĞƌƌĞǀŝĞǁ͕ĂŶĚ periodical reminders to the shareholders to claim
ϲ͕ ϮϬϭϳ ƵƉƚŽ ƚŽ EŽǀĞŵďĞƌ ϱ͕ ϮϬϮϮ ƚĞƌŵŝŶĂďůĞ ĂƐ ǁĂƐĂƩĞŶĚĞĚďǇĂůůƚŚĞŵĞŵďĞƌƐ͘ ƚŚĞŝƌĚŝǀŝĚĞŶĚƐŝŶŽƌĚĞƌƚŽĂǀŽŝĚƚƌĂŶƐĨĞƌŽĨĚŝǀŝĚĞŶĚƐͬ
ǆ͘ ƌŽǀŝĚĞŐƵŝĚĞůŝŶĞƐĨŽƌƌĞŵƵŶĞƌĂƟŽŶŽĨŝƌĞĐƚŽƌƐŽŶ
W ƉĞƌƚŚĞĚĞƚĂŝůƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞŐƌĞĞŵĞŶƚ͕ƐƵďũĞĐƚ ƐŚĂƌĞƐ ƚŽ /W& ƵƚŚŽƌŝƚǇ͘ EŽƟĐĞƐ ŝŶ ƚŚŝƐ ƌĞŐĂƌĚ ĂƌĞ
ŵĂƚĞƌŝĂůƐƵďƐŝĚŝĂƌŝĞƐ͖ to the approval of the Members. ĞƚĂŝůƐŽĨĐŽŵƉůĂŝŶƚƐƌĞĐĞŝǀĞĚĂŶĚƌĞƐŽůǀĞĚĚƵƌŝŶŐƚŚĞ also published in the newspapers and the details of
ĮŶĂŶĐŝĂůǇĞĂƌϮϬϭϳͲϭϴ unclaimed dividends and shareholders whose shares
ǆŝ͘ W
ĞƌĨŽƌŵŝŶŐ ƐƵĐŚ ŽƚŚĞƌ ĚƵƟĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ Dƌ͘ DĞŚĞƌŶŽƐŚ <ĂƉĂĚŝĂ͛Ɛ ĐŽŶƚƌĂĐƚ ĂƐ ǆĞĐƵƟǀĞ ^ŚĂƌĞ ƚƌĂŶƐĨĞƌƐ ĂƌĞ ƉƌŽĐĞƐƐĞĚ ǁĞĞŬůǇ ĂŶĚ ĂƉƉƌŽǀĞĚ ĂƌĞ ůŝĂďůĞ ƚŽ ďĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ /W& ƵƚŚŽƌŝƚǇ͕ ĂƌĞ
as may be consistent with the provisions of NRC ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ǁĂƐ ĨŽƌ Ă ƉĞƌŝŽĚ ďǇ ƚŚĞ ^Z͘ /ŶǀĞƐƚŽƌ ŐƌŝĞǀĂŶĐĞƐ ĂƌĞ ƉůĂĐĞĚ ďĞĨŽƌĞ uploaded on the Company’s website (ŚƩƉƐ͗ͬͬǁǁǁ͘
charter. ĐŽŵŵĞŶĐŝŶŐ ĨƌŽŵ ƵŐƵƐƚ ϭϬ͕ ϮϬϭϲ ƵƉƚŽ ĂŶĚ ƚŚĞ ^Z͘ dŚĞƌĞ ǁĞƌĞ ŶŽ ƉĞŶĚŝŶŐ ŝŶǀĞƐƚŽƌ ĐŽŵƉůĂŝŶƚƐ ƚĂũŚŽƚĞůƐ͘ĐŽŵ).
ŝŶĐůƵĚŝŶŐ DĂǇ ϮϮ͕ ϮϬϭϴ ;ŝ͘Ğ͘ ƵƉŽŶ ŚŝƐ ƌĞĂĐŚŝŶŐ which remained unresolved. The Company has also
ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞŽŵŵŝƩĞĞŵĞƚĨŽƵƌƟŵĞƐŽŶ ϲϱ ǇĞĂƌƐ ŽĨ ĂŐĞ ǁŚŝĐŚ ŝƐ ƚŚĞ ĚĂƚĞ ŽĨ ƌĞƟƌĞŵĞŶƚ ƌĞƐŽůǀĞĚ Ăůů ĐŽŵƉůĂŝŶƚƐ ƌĞĐĞŝǀĞĚ ƚŚƌŽƵŐŚ ^ĞĐƵƌŝƟĞƐ The members who have a claim on above dividends
DĂǇϮϲ͕ϮϬϭϳ͖ƵŐƵƐƚϮϵ͕ϮϬϭϳ͖&ĞďƌƵĂƌǇϭϮ͕ϮϬϭϴ ŽĨ ǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ĂƐ ƉĞƌ ƚŚĞ 'ŽǀĞƌŶĂŶĐĞ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ŽŵƉůĂŝŶƚƐ ZĞĚƌĞƐƐ ŵĂǇĐůĂŝŵƚŚĞƐĂŵĞĨƌŽŵ/W&ƵƚŚŽƌŝƚǇďǇƐƵďŵŝƫŶŐ
ĂŶĚDĂƌĐŚϭϵ͕ϮϬϭϴ͘dŚĞĚĞƚĂŝůƐŽĨĂƩĞŶĚĂŶĐĞĂƌĞ Guidelines adopted by the Board) terminable ^ǇƐƚĞŵ;͚^KZ^͛ͿͲĂĐĞŶƚƌĂůŝǌĞĚǁĞďďĂƐĞĚĐŽŵƉůĂŝŶƚƐ ĂŶŽŶůŝŶĞĂƉƉůŝĐĂƟŽŶŝŶƚŚĞƉƌĞƐĐƌŝďĞĚ&ŽƌŵEŽ͘/W&Ͳϱ
ŽŶƉĂŐĞŶŽ͘ϭϬϱĨŽƌƌĞĂĚǇƌĞĨĞƌĞŶĐĞ͘ ďǇ ϲ ŵŽŶƚŚƐ͛ ŶŽƟĐĞ ŽŶ ĞŝƚŚĞƌ ƐŝĚĞ͘ ĐĐŽƌĚŝŶŐůǇ͕ redress system which serves as a Centralised database available on the website ǁǁǁ͘ŝĞƉĨ͘ŐŽǀ͘ŝŶĂŶĚƐĞŶĚŝŶŐĂ

ƉŚǇƐŝĐĂůĐŽƉǇŽĨƚŚĞƐĂŵĞ͕ĚƵůǇƐŝŐŶĞĚƚŽƚŚĞŽŵƉĂŶǇ͕ ŽŵƉůŝĂŶĐĞKĸĐĞƌ z ƵŝĚŝŶŐ ĂŶĚ ƐƵŐŐĞƐƟŶŐ ƐƚƌĂƚĞŐŝĞƐ ƚŽ

' ĞƚĂŝůƐŽŶ'ĞŶĞƌĂůDĞĞƟŶŐƐ͗
ĂůŽŶŐǁŝƚŚƌĞƋƵŝƐŝƚĞĚŽĐƵŵĞŶƚƐĞŶƵŵĞƌĂƚĞĚŝŶƚŚĞ&Žƌŵ Mr. Beejal Desai ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ŝŶƚĞƌŶĂů >ŽĐĂƟŽŶ͕ĚĂƚĞ͕ƟŵĞĂŶĚ^ƉĞĐŝĂůZĞƐŽůƵƟŽŶƐƉĂƐƐĞĚ
EŽ͘ /W&Ͳϱ͘ EŽ ĐůĂŝŵƐ ƐŚĂůů ůŝĞ ĂŐĂŝŶƐƚ ƚŚĞ ŽŵƉĂŶǇ ŝŶ ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ competencies, inspire employees and suppliers ĂƚƚŚĞ'DŚĞůĚŝŶƚŚĞůĂƐƚƚŚƌĞĞǇĞĂƌƐĂƌĞĂƐƵŶĚĞƌ͗
ƌĞƐƉĞĐƚŽĨƚŚĞĚŝǀŝĚĞŶĚͬƐŚĂƌĞƐƐŽƚƌĂŶƐĨĞƌƌĞĚ͘ The Indian Hotels Company Limited ĞŶŐĂŐĞŵĞŶƚĂŶĚĐƵůƚƵƌĞĨŽƌƌĞƐƉŽŶƐŝďůĞďƵƐŝŶĞƐƐ͖
ĚĚƌĞƐƐ͗DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕ >ŽĐĂƟŽŶ Date Time ^ƉĞĐŝĂůZĞƐŽůƵƟŽŶƐ
Given below are the proposed dates for transfer of the DƵŵďĂŝʹϰϬϬϬϬϭ z ĚǀŝƐŝŶŐƚŚĞŵĂŶĂŐĞŵĞŶƚŽŶƉŽƚĞŶƟĂůďƵƐŝŶĞƐƐ
passed
ƵŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚƚŽƚŚĞ/W&ďǇƚŚĞŽŵƉĂŶǇ͗Ͳ WŚŽŶĞ͗ϬϮϮͲϲϲϯϵϱϱϭϱ͖&Ăǆ͗ϬϮϮͲϮϮϬϮϳϰϰϮ ŝŵƉůŝĐĂƟŽŶƐŽĨƐƵƐƚĂŝŶĂďŝůŝƚǇƉĞƌĨŽƌŵĂŶĐĞǀŝƐͲăͲ Birla Matushri ƵŐƵƐƚ ϯ͘ϬϬW͘D͘ z Private
ͲŵĂŝů͗ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ ǀŝƐĐŽƌƉŽƌĂƚĞƌĞůĂƟŽŶƐΘďƌĂŶĚƉĞƌĐĞƉƟŽŶ͘ ^ĂďŚĂŐĂƌ͕ϭϵ͕ Ϯϭ͕ϮϬϭϳ Placement
^ŝƌsŝƚŚĂůĚĂƐ ŽĨEŽŶͲ
Financial ĂƚĞŽĨĚĞĐůĂƌĂƟŽŶ Proposed Date of Thackersey ŽŶǀĞƌƟďůĞ
Year of Dividend ƚƌĂŶƐĨĞƌƚŽ/W&1 ϰ͘ KƚŚĞƌŽŵŵŝƩĞĞƐ͗ ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞŽŵŵŝƩĞĞŵĞƚƚǁŝĐĞŽŶ
DĂƌŐ͕DƵŵďĂŝ ĞďĞŶƚƵƌĞƐ
ŝ͘ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ZĞƐƉŽŶƐŝďŝůŝƚǇ ;͚^Z͛Ϳ ĂŶĚ DĂǇ Ϯϲ͕ ϮϬϭϳ ĂŶĚ EŽǀĞŵďĞƌ ϭϯ͕ ϮϬϭϳ͘ dŚĞ
ϮϬϭϬͲϭϭ ƵŐƵƐƚϱ͕ϮϬϭϭ ^ĞƉƚĞŵďĞƌϰ͕ϮϬϭϴ ʹϰϬϬϬϮϬ
^ƵƐƚĂŝŶĂďŝůŝƚǇŽŵŵŝƩĞĞ͗ ĚĞƚĂŝůƐŽĨĂƩĞŶĚĂŶĐĞĂƌĞŽŶƉĂŐĞŶŽ͘ϭϬϱĨŽƌ z Payment of
ϮϬϭϭͲϭϮ ƵŐƵƐƚϯ͕ϮϬϭϮ ^ĞƉƚĞŵďĞƌϮ͕ϮϬϭϵ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ƌĞĂĚǇ ƌĞĨĞƌĞŶĐĞ͘ dŚĞ ŶĞĐĞƐƐĂƌǇ ƋƵŽƌƵŵ ǁĂƐ Minimum
ϭϯϱ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ĐŽŶƐƟƚƵƚĞĚ Ă ƉƌĞƐĞŶƚĨŽƌĂůůƚŚĞŵĞĞƟŶŐƐ͘ ZĞŵƵŶĞƌĂƟŽŶ
ϮϬϭϮͲϭϯ ƵŐƵƐƚϯ͕ϮϬϭϯ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϮϬ ^Z ĂŶĚ ^ƵƐƚĂŝŶĂďŝůŝƚǇ ŽŵŵŝƩĞĞ ĐŽŵƉƌŝƐŝŶŐ ŽĨ to Mr. Rakesh
ϮϬϭϱͲϭϲ ƵŐƵƐƚϮϲ͕ϮϬϭϲ ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϮϯ Dƌ͘ WƵŶĞĞƚ ŚŚĂƚǁĂů Ͳ ŚĂŝƌŵĂŶ ;ǁŚŽ ǁĂƐ ŝŝ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞ͗ ^ĂƌŶĂ͕
ĂƉƉŽŝŶƚĞĚŝŶƉůĂĐĞŽĨDƌ͘ZĂŬĞƐŚ^ĂƌŶĂĐŽŶƐĞƋƵĞŶƚ dŚĞ ŽĂƌĚ ŚĂƐ ĐŽŶƐƟƚƵƚĞĚ Ă ZŝƐŬ DĂŶĂŐĞŵĞŶƚ DĂŶĂŐŝŶŐ
ϮϬϭϲͲϭϳ ƵŐƵƐƚϮϭ͕ϮϬϭϳ ^ĞƉƚĞŵďĞƌϭϴ͕ϮϬϮϰ ŝƌĞĐƚŽƌĂŶĚ
ƚŽ ŚŝƐ ƌĞƐŝŐŶĂƟŽŶ ĂƐ ƚŚĞ D Θ K ŽĨ ƚŚĞ ŽŵŵŝƩĞĞ ;͚ZD͛Ϳ ƚŽ ĨƌĂŵĞ͕ ŝŵƉůĞŵĞŶƚ ĂŶĚ
ŽŵƉĂŶǇͿ͕Dƌ͘EĂĚŝƌ'ŽĚƌĞũĂŶĚDƐ͘/ƌĞĞŶĂsŝƩĂů͘ ŵŽŶŝƚŽƌ ƚŚĞ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉůĂŶ ŽĨ ƚŚĞ ŚŝĞĨǆĞĐƵƟǀĞ
/ŶĚŝĐĂƟǀĞĚĂƚĞƐ͕ĂĐƚƵĂůĚĂƚĞƐŵĂǇǀĂƌǇ
ϭ
KĸĐĞƌ
dŚĞ ďƌŽĂĚ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽĨ ƚŚĞ ^Z ĂŶĚ ŽŵƉĂŶǇ͘ ZD ĐŽŵƉƌŝƐĞƐ ĞŶƟƌĞůǇ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ
^ƵƐƚĂŝŶĂďŝůŝƚǇŽŵŵŝƩĞĞĂƌĞĂƐƵŶĚĞƌ͗ ŝƌĞĐƚŽƌƐ͕ ǀŝǌ͘ Dƌ͘ ĞĞƉĂŬ WĂƌĞŬŚ Ͳ ŚĂŝƌŵĂŶ͕ ƵŐƵƐƚ ϯ͘ϬϬW͘D͘ z Private
/ŶůŝŐŚƚŽĨƚŚĞĂĨŽƌĞƐĂŝĚƉƌŽǀŝƐŝŽŶƐ͕ƚŚĞŽŵƉĂŶǇŚĂƐĚƵƌŝŶŐ Ϯϯ͕ϮϬϭϲ Placement
DƐ͘ /ƌĞĞŶĂ sŝƩĂů ĂŶĚ Dƌ͘ EĂĚŝƌ 'ŽĚƌĞũ͘ ZD ŚĂƐ
ƚŚĞ ǇĞĂƌ͕ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ /W& ƚŚĞ ƵŶĐůĂŝŵĞĚ ĚŝǀŝĚĞŶĚƐ͕ ŽĨEŽŶͲ
z & ŽƌŵƵůĂƟŶŐĂŶĚƌĞĐŽŵŵĞŶĚŝŶŐƚŽƚŚĞŽĂƌĚ͕ ĨŽƌŵƵůĂƚĞĚĂZŝƐŬDĂŶĂŐĞŵĞŶƚWŽůŝĐǇ͕ǁŚŝĐŚůĂǇƐĚŽǁŶ
ŽƵƚƐƚĂŶĚŝŶŐ ĨŽƌ ϳ ĐŽŶƐĞĐƵƟǀĞ ǇĞĂƌƐ͘ &ƵƌƚŚĞƌ͕ ƐŚĂƌĞƐ ŽĨ ŽŶǀĞƌƟďůĞ
ĂŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇWŽůŝĐǇǁŚŝĐŚ Ă ǀŝŐŽƌŽƵƐ ĂŶĚ ĂĐƟǀĞ ƉƌŽĐĞƐƐ ĨŽƌ ŝĚĞŶƟĮĐĂƟŽŶ ĂŶĚ
the Company, in respect of which dividend has not been ĞďĞŶƚƵƌĞƐ
ƐŚĂůů ŝŶĚŝĐĂƚĞ ƚŚĞ ĂĐƟǀŝƟĞƐ ƚŽ ďĞ ƵŶĚĞƌƚĂŬĞŶ ŵŝƟŐĂƟŽŶŽĨƌŝƐŬƐ͘ZDƌĞǀŝĞǁƐĂŶĚŵŽŶŝƚŽƌƐƚŚĞƌŝƐŬ
ĐůĂŝŵĞĚĨŽƌϳĐŽŶƐĞĐƵƟǀĞǇĞĂƌƐŽƌŵŽƌĞ͕ŚĂǀĞĂůƐŽďĞĞŶ ƵŐƵƐƚ ϯ͘ϬϬW͘D͘ z ƌĞĂƟŽŶŽĨ
ďǇƚŚĞŽŵƉĂŶǇ͖ ŵĂŶĂŐĞŵĞŶƚĂŶĚŵŝƟŐĂƟŽŶƉůĂŶĨƌŽŵƟŵĞƚŽƟŵĞ͘
ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞĚĞŵĂƚĂĐĐŽƵŶƚŽĨ/W&ƵƚŚŽƌŝƚǇ͘ ϭϬ͕ϮϬϭϱ ŚĂƌŐĞ
z ĞĐŽŵŵĞŶĚŝŶŐƚŚĞĂŵŽƵŶƚŽĨĞǆƉĞŶĚŝƚƵƌĞƚŽ
Z dŚĞ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽĨ ƚŚĞ ZD ŝŶƚĞƌͲĂůŝĂ͕
d ŚĞŽŵƉĂŶǇƚƌĂŶƐĨĞƌƌĞĚƚŚĞĨŽůůŽǁŝŶŐĂŵŽƵŶƚƐƚŽ/W&ŽĨ
ďĞŝŶĐƵƌƌĞĚŽŶƚŚĞĂĨŽƌĞƐĂŝĚĂĐƟǀŝƟĞƐ͖ ŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐ͗ ůů^ƉĞĐŝĂůZĞƐŽůƵƟŽŶƐƉĂƐƐĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƚŚƌĞĞ
ƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚĚƵƌŝŶŐƚŚĞĮŶĂŶĐŝĂůǇĞĂƌϮϬϭϳͲϭϴ͘
z dŽƌĞǀŝĞǁƚŚĞZŝƐŬDĂŶĂŐĞŵĞŶƚWůĂŶͬWŽůŝĐǇ 'DƐŽĨƚŚĞŽŵƉĂŶǇǁĞƌĞƉĂƐƐĞĚǁŝƚŚƌĞƋƵŝƐŝƚĞ
z ŽŶŝƚŽƌŝŶŐƚŚĞŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ
D ĂŶĚŝƚƐĚĞƉůŽǇŵĞŶƚǁŝƚŚŝŶƚŚĞŽŵƉĂŶǇ͖ ŵĂũŽƌŝƚǇ͘
WĂƌƟĐƵůĂƌƐ ` WŽůŝĐǇŽĨƚŚĞŽŵƉĂŶǇĨƌŽŵƟŵĞƚŽƟŵĞ͖
ŵŽƵŶƚƐƚƌĂŶƐĨĞƌƌĞĚƵƉƚŽDĂƌĐŚϯϭ͕ϮϬϭϳ;ĂͿ ϰ͕ϳϴ͕ϯϲ͕ϭϱϮ͘ϲϳ z d Ž ŵŽŶŝƚŽƌ ƚŚĞ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ƚŚĞ ZŝƐŬ ƵƌŝŶŐƚŚĞǇĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ƚŚĞƌĞǁĞƌĞŶŽ^ƉĞĐŝĂů
z ƌŽǀŝĚŝŶŐ ǀŝƐŝŽŶ ĂŶĚ ŐƵŝĚĂŶĐĞ ƚŽ ƚŚĞ
W DĂŶĂŐĞŵĞŶƚWůĂŶͬWŽůŝĐǇ͖ ZĞƐŽůƵƟŽŶƐƉĂƐƐĞĚďǇWŽƐƚĂůĂůůŽƚďǇƚŚĞŽŵƉĂŶǇ͘
ŵŽƵŶƚƐƚƌĂŶƐĨĞƌƌĞĚĚƵƌŝŶŐĮŶĂŶĐŝĂůǇĞĂƌ DĂŶĂŐĞŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ůŽŶŐͲƚĞƌŵ ƵƌƌĞŶƚůǇ͕ ŶŽ ^ƉĞĐŝĂů ZĞƐŽůƵƟŽŶƐ ĂƌĞ ƉƌŽƉŽƐĞĚ ƚŽ
ϮϬϭϳͲϭϴ͗ business proposals made to the Board are z d Ž ĚĞĐŝĚĞ ƚŚĞ ŵĂǆŝŵƵŵ ƌŝƐŬ ƚĂŬŝŶŐ ĂďŝůŝƚǇ ŽĨ ďĞĐŽŶĚƵĐƚĞĚƚŚƌŽƵŐŚWŽƐƚĂůĂůůŽƚ͘
Ͳ hŶƉĂŝĚͬƵŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚǁŝƚŚƚŚĞ Ϯϴ͕ϯϵ͕Ϭϵϴ͘ϬϬ ĂƐƐĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞůĞŶƐŽĨ^Z͕ŶǀŝƌŽŶŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶǇ ƚŽ ŐƵŝĚĞ ƚŚĞ ŽĂƌĚ ŝŶ ŵĂŬŝŶŐ
Company ^ĂĨĞƚǇ͕ ,ĞĂůƚŚ͕ ĂŶĚ ƌĞƉƵƚĂƟŽŶĂů ŝŵƉůŝĐĂƟŽŶƐ ŶĞǁŝŶǀĞƐƚŵĞŶƚƐ͖ ŝƐĐůŽƐƵƌĞƐ͗
ŝŶĐůƵĚŝŶŐĂƐƐŽĐŝĂƚĞĚƌŝƐŬƐĂŶĚŽƉƉŽƌƚƵŶŝƟĞƐ͖ i. The Company has not entered into any materially
Ͳ hŶƉĂŝĚͬƵŶĐůĂŝŵĞĚĂƉƉůŝĐĂƟŽŶŵŽŶĞǇ Ͳ
z dŽƌĞǀŝĞǁƚŚĞŵĂũŽƌƌŝƐŬƐŽĨƚŚĞŽŵƉĂŶǇĂŶĚ ƐŝŐŶŝĮĐĂŶƚ ZĞůĂƚĞĚ WĂƌƚǇ dƌĂŶƐĂĐƟŽŶƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ
with the Company
z ƵŝĚŝŶŐ ƚŚĞ DĂŶĂŐĞŵĞŶƚ ŝŶ ĞŶƐƵƌŝŶŐ
' ĂĚǀŝƐĞŽŶŝƚƐŵŝƟŐĂƟŽŶƚŽƚŚĞŽĂƌĚ͖ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ǁŚŝĐŚ ĐŽƵůĚ ŚĂǀĞ Ă ƉŽƚĞŶƟĂů ĐŽŶŇŝĐƚ
Ͳ hŶƉĂŝĚͬƵŶĐůĂŝŵĞĚŵĂƚƵƌĞĚĚĞƉŽƐŝƚƐ Ͳ ƐƚĂŬĞŚŽůĚĞƌ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ŵĂƚĞƌŝĂůŝƚǇ of interest between the Company and its Promoters,
with the Company ĂŶĂůǇƐŝƐďĂƐĞĚŽŶŬĞǇƐƵƐƚĂŝŶĂďŝůŝƚǇŝƐƐƵĞƐ͖ z ^ƵĐŚŽƚŚĞƌĨƵŶĐƟŽŶƐĂƐŵĂǇďĞĚĞůĞŐĂƚĞĚďǇ ŝƌĞĐƚŽƌƐ͕DĂŶĂŐĞŵĞŶƚĂŶĚͬŽƌƌĞůĂƟǀĞƐ͘dŚĞǆĞĐƵƟǀĞ
Ͳ Interest accrued on the unpaid matured ϰ͕ϲϴ͕ϯϰϱ͘ϬϬ ƚŚĞŽĂƌĚĨƌŽŵƟŵĞƚŽƟŵĞ͘ ŝƌĞĐƚŽƌƐ ĂŶĚ ^ĞŶŝŽƌ DĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶǇ
z ƵŝĚŝŶŐ ƚŚĞ DĂŶĂŐĞŵĞŶƚ ŝŶ ĨŽƌŵƵůĂƟŶŐ Ă
' ŚĂǀĞ ŵĂĚĞ ĚŝƐĐůŽƐƵƌĞƐ ƚŽ ƚŚĞ ŽĂƌĚ ĐŽŶĮƌŵŝŶŐ ƚŚĂƚ
deposits
ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐƵƐƚĂŝŶĂďŝůŝƚǇ ƐƚƌĂƚĞŐǇ ĨŽƌ ƵƌŝŶŐƚŚĞǇĞĂƌ͕ZDŵĞƚƚǁŝĐĞŽŶEŽǀĞŵďĞƌϭϯ͕ ƚŚĞƌĞ ĂƌĞ ŶŽ ŵĂƚĞƌŝĂů͕ ĮŶĂŶĐŝĂů ĂŶĚ ͬ Žƌ ĐŽŵŵĞƌĐŝĂů
Ͳ Interest accrued on the unpaid matured ϭ͕ϲϵ͕ϴϱϯ͘ϬϬ ƚŚĞ ŽŵƉĂŶǇ͖ ĚĞĮŶĞ ĂƉƉƌŽƉƌŝĂƚĞ ŐŽĂůƐ͕ ϮϬϭϳĂŶĚDĂƌĐŚϭϵ͕ϮϬϭϴǁŚŝĐŚǁĂƐĂƩĞŶĚĞĚďǇĂůů ƚƌĂŶƐĂĐƟŽŶƐ ďĞƚǁĞĞŶ ƚŚĞŵ ĂŶĚ ƚŚĞ ŽŵƉĂŶǇ ƚŚĂƚ
debentures ƚĂƌŐĞƚƐ͕ <ĞǇ WĞƌĨŽƌŵĂŶĐĞ /ŶĚŝĐĂƚŽƌƐ͕ ĂĐƟŽŶ the Members. ĐŽƵůĚ ŚĂǀĞ ƉŽƚĞŶƟĂů ĐŽŶŇŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ ǁŝƚŚ ƚŚĞ
dŽƚĂů;ďͿ ϯϰ͕ϳϳ͕Ϯϵϲ͘ϬϬ ƉůĂŶƐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚƐ͘ WůĂǇ ĂŶ ĂĐƟǀĞ ƌŽůĞ ŽŵƉĂŶǇ Ăƚ ůĂƌŐĞ͘ ůů ƚƌĂŶƐĂĐƟŽŶƐ ĞŶƚĞƌĞĚ ŝŶƚŽ ǁŝƚŚ
ĞƚĂŝůƐŽĨĞƋƵŝƚǇƐŚĂƌĞƐŽĨƚŚĞŽŵƉĂŶǇŚĞůĚďǇƚŚĞEƐ
ŝŶ ƌĞĐŽŵŵĞŶĚŝŶŐ ĂŶĚ ƉĞƌŝŽĚŝĐĂůůǇ ƌĞǀŝĞǁŝŶŐ ZĞůĂƚĞĚ WĂƌƟĞƐ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ ǁĞƌĞ ŝŶ ƚŚĞ
ŵŽƵŶƚƚƌĂŶƐĨĞƌƌĞĚƵƉƚŽDĂƌĐŚϯϭ͕ϮϬϭϴ;ĂнďͿ ϱ͕ϭϯ͕ϭϯ͕ϰϰϴ͘ϲϳ ĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂƌĞĂƐƵŶĚĞƌ͗
ĂĐŚŝĞǀĞŵĞŶƚǀŝƐͲăͲǀŝƐĂďŽǀĞƐƚƌĂƚĞŐǇ͖ ŽƌĚŝŶĂƌǇ ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ ĂŶĚ ŽŶ ĂŶ ƌŵ͛Ɛ >ĞŶŐƚŚ
Name of the Director EŽ͘ŽĨƋƵŝƚǇ^ŚĂƌĞƐ WƌŝĐŝŶŐ ďĂƐŝƐ ĂŶĚ ĚŽ ŶŽƚ ĂƩƌĂĐƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ
d ŚĞŽŵƉĂŶǇŚĂƐƚƌĂŶƐĨĞƌƌĞĚϭϯ͕ϴϴ͕ϰϴϬƋƵŝƚǇ^ŚĂƌĞƐŽĨ z ƵŝĚŝŶŐ ĂŶĚ ƌĞĐŽŵŵĞŶĚŝŶŐ ƐƵƐƚĂŝŶĂďŝůŝƚǇ
' held ^ĞĐƟŽŶϭϴϴŽĨƚŚĞĐƚ͘^ƵŝƚĂďůĞĚŝƐĐůŽƐƵƌĞĂƐƌĞƋƵŝƌĞĚďǇ
&zϮϬϬϵͲϭϬƚŽƚŚĞ/W&ƵƚŚŽƌŝƚǇ͘ ĚŝƐĐůŽƐƵƌĞƐďǇƚŚĞŽŵƉĂŶǇŝŶůŝŶĞǁŝƚŚŐůŽďĂů Mr. Deepak Parekh ϯ͕ϭϬϬ
ƚŚĞĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ;/E^ͲϮϰͿŚĂƐďĞĞŶŵĂĚĞŝŶ
ƌĞƉŽƌƟŶŐĨƌĂŵĞǁŽƌŬƐ͖ ƚŚĞŶŽƚĞƐƚŽƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

d ŚĞ WŽůŝĐǇ ĨŽƌ ĚĞĂůŝŶŐ ǁŝƚŚ ZĞůĂƚĞĚ WĂƌƚǇ dƌĂŶƐĂĐƟŽŶƐ ĞǀĞŶƚƐͲĂŶĚͲĚŝƐĐůƐŽƵƌĞƐ͘ƉĚĨͿ͕ tĞďƐŝƚĞ ƌĐŚŝǀĂů WŽůŝĐǇ ĞƚĂŝůƐŽĨŝƌĞĐƚŽƌƐΖZĞŵƵŶĞƌĂƟŽŶ͕ŽĂƌĚĂŶĚŽŵŵŝƩĞĞDĞŵďĞƌƐŚŝƉƐĂŶĚƩĞŶĚĂŶĐĞ
has been uploaded on the Company’s website at (ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬǁĞďƐŝƚĞͲĂƌĐŚŝǀĂůͲ Names ĂƚĞŐŽƌǇ ZĞŵƵŶĞƌĂƟŽŶƉĂŝĚ No. of outside No. of outside No. of No. of No. of NRC No. of CSR ƩĞŶĚĂŶĐĞ
ƚŚĞĨŽůůŽǁŝŶŐůŝŶŬ͗ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬ policy.pdfͿ͕ ŝǀŝĚĞŶĚ ŝƐƚƌŝďƵƟŽŶ WŽůŝĐǇ ;ŚƩƉƐ͗ͬͬǁǁǁ͘ Directorships ŽŵŵŝƩĞĞWŽƐŝƟŽŶƐ Board Audit ŽŵŵŝƩĞĞ ŽŵŵŝƩĞĞ at the last
as at Held 2
DĞĞƟŶŐƐ ŽŵŵŝƩĞĞ DĞĞƟŶŐƐ DĞĞƟŶŐƐ AGM
ƌƉƚͲƉŽůŝĐǇͲƉŽƐƚͲĂŵĞŶĚŵĞŶƚͲĂĐƚ͘ƉĚĨ. ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬĚŝǀŝĚĞŶĚͲĚŝƐƚƌŝďƵƟŽŶͲƉŽůŝĐǇ͘ƉĚĨ) DĂƌĐŚϯϭ͕ϮϬϭϴ ĂƩĞŶĚĞĚ DĞĞƟŶŐƐ ĂƩĞŶĚĞĚ ĂƩĞŶĚĞĚ
ĂŶĚƚŚĞWŽůŝĐǇĨŽƌWƌĞƐĞƌǀĂƟŽŶŽĨŽĐƵŵĞŶƚƐ͘ ^ĂůĂƌǇΘ ^ŝƫŶŐ Commission / /ŶĚŝĂŶ1 &ŽƌĞŝŐŶ as as
ĂƩĞŶĚĞĚ
ŝŝ͘ d ŚĞ ŽŵƉĂŶǇ ŚĂƐ ĨŽůůŽǁĞĚ ƚŚĞ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐ Perks Fees Performance DĞŵďĞƌ Chairman
ůĂŝĚ ĚŽǁŶ ďǇ ƚŚĞ DŝŶŝƐƚƌǇ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ ŝŶ ƚŚĞ ǀŝ͘ /ŶƚĞƌŵƐŽĨZĞŐƵůĂƟŽŶϭϳ;ϴͿŽĨƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ ϮϬϭϳͲϮϬϭϴ ϮϬϭϳͲ >ŝŶŬĞĚŽŶƵƐ
ϮϬϭϴ ϮϬϭϲʹϮϬϭϳ
ƉƌĞƉĂƌĂƟŽŶŽĨŝƚƐ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘ ƚŚĞDΘKĂŶĚ&KŚĂǀĞŝƐƐƵĞĚĂĐĞƌƟĮĐĂƚĞƚŽƚŚĞ
ŽĂƌĚƌĞŐĂƌĚŝŶŐƚŚĞƉƌŽƉƌŝĞƚǇŽĨƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ Mr. N. EŽŶͲǆĞĐƵƟǀĞ Ͳ ϯ͕ϬϬ͕ϬϬϬ Ͳ 6 ϭ Ͳ Ͳ 6 Ͳ ϰ zĞƐ
Chandrasekaran Ͳ
ŝŝŝ͘ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĐŽŵƉůŝĞĚ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ (Chairman)*
ƚŚĞ ^ƚŽĐŬ ǆĐŚĂŶŐĞƐ ͬ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ Dƌ͘ĞĞƉĂŬWĂƌĞŬŚ EŽŶͲǆĞĐƵƟǀĞ Ͳ ϱ͕ϭϬ͕ϬϬϬ ϱϭ͕ϲϮ͕ϬϬϬ ϴ ϰ ϯ ϭ 6 ϱ ϯ Ͳ zĞƐ
ŽĨ /ŶĚŝĂ ͬ ^ƚĂƚƵƚŽƌǇ ƵƚŚŽƌŝƟĞƐ ŽŶ Ăůů ŵĂƩĞƌƐ ƌĞůĂƟŶŐ ^ƵďƐŝĚŝĂƌǇŽŵƉĂŶŝĞƐ͗ Independent
ƚŽ ĐĂƉŝƚĂů ŵĂƌŬĞƚƐ͕ ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ ƚŚƌĞĞ ǇĞĂƌƐ͘ EŽ ƵƌŝŶŐƚŚĞǇĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ƚŚĞŽŵƉĂŶǇŚĂƐŝĚĞŶƟĮĞĚƚǁŽ Dƌ͘EĂĚŝƌ'ŽĚƌĞũ EŽŶͲǆĞĐƵƟǀĞ Ͳ ϲ͕ϲϬ͕ϬϬϬ ϱϴ͕ϰϴ͕ϬϬϬ ϵ Ϯ Ϯ Ϯ 6 ϱ ϰ Ϯ zĞƐ
ƉĞŶĂůƟĞƐŽƌƐƚƌŝĐƚƵƌĞƐŚĂǀĞďĞĞŶŝŵƉŽƐĞĚďǇƚŚĞŵŽŶ ŵĂƚĞƌŝĂůƵŶůŝƐƚĞĚƐƵďƐŝĚŝĂƌŝĞƐ͕ǀŝǌ͘>>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ Independent
the Company. >ŝŵŝƚĞĚΘWŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ͘dŚĞƵĚŝƚŽŵŵŝƩĞĞƌĞǀŝĞǁƐ DƐ͘/ƌĞĞŶĂsŝƩĂů EŽŶͲǆĞĐƵƟǀĞ Ͳ ϯ͕ϵϬ͕ϬϬϬ ϯϳ͕ϲϲ͕ϬϬϬ ϱ ϭ 6 Ͳ ϰ ϰ Ͳ Ϯ No
ƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶǇ͛ƐƵŶůŝƐƚĞĚƐƵďƐŝĚŝĂƌǇ Independent
ŝǀ͘ dŚĞŽŵƉĂŶǇŚĂƐĂǁĞůůͲĚĞĮŶĞĚtŚŝƐƚůĞůŽǁĞƌWŽůŝĐǇ ĐŽŵƉĂŶŝĞƐ͘ dŚĞ DŝŶƵƚĞƐ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌǇ ĐŽŵƉĂŶŝĞƐ ĂůŽŶŐ Mr. Gautam EŽŶͲǆĞĐƵƟǀĞ Ͳ ϭ͕ϴϬ͕ϬϬϬ Ϯϭ͕ϵϵ͕ϬϬϬ ϭ ϱ Ͳ Ͳ ϱ Ͳ Ͳ Ͳ zĞƐ
ĂŶĞƌũĞĞ Independent
pursuant to which employees can raise their concerns ǁŝƚŚ Ă ƌĞƉŽƌƚ ŽŶ ƐŝŐŶŝĮĐĂŶƚ ĚĞǀĞůŽƉŵĞŶƚƐ ĂƌĞ ƉĞƌŝŽĚŝĐĂůůǇ
ƌĞůĂƟŶŐ ƚŽ ĨƌĂƵĚ͕ ŵĂůƉƌĂĐƟĐĞ Žƌ ĂŶǇ ŽƚŚĞƌ ĂĐƟǀŝƚǇ placed before and reviewed by the Board. DƐ͘sŝďŚĂWĂƵů EŽŶͲǆĞĐƵƟǀĞ Ͳ Ϯ͕ϳϬ͕ϬϬϬ ϰϬ͕Ϯϭ͕ϬϬϬ ϵ Ͳ ϱ ϭ ϱ Ͳ ϯ Ͳ zĞƐ
Rishi Independent
Žƌ ĞǀĞŶƚ ǁŚŝĐŚ ŝƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŝŶƚĞƌĞƐƚ ďǇ
Dƌ͘DĞŚĞƌŶŽƐŚ^͘ ǆĞĐƵƟǀĞ ϭ͕ϰϲ͕ϴϬ͕ϵϬϯ Ͳ ϭ͕Ϯϲ͕ϬϬ͕ϬϬϬ 6 Ϯ Ϯ Ͳ 6 Ͳ Ͳ Ͳ zĞƐ
ĂƉƉƌŽĂĐŚŝŶŐ ƚŚĞ ƚŚŝĐƐ ŽƵŶƐĞůůŽƌ Žƌ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĂƉƉŽŝŶƚĞĚ DƐ͘ sŝďŚĂ WĂƵů ZŝƐŚŝ͕ Kapadiaϯ
ƵĚŝƚŽŵŵŝƩĞĞ͕ĂƐĂƉƉůŝĐĂďůĞ͘EŽƉĞƌƐŽŶŶĞůŚĂǀĞďĞĞŶ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ŽŶ ƚŚĞ ŽĂƌĚ ŽĨ ŝƚƐ Mr. Puneet ǆĞĐƵƟǀĞ ϭ͕ϳϭ͕ϴϵ͕ϵϲϱ Ͳ NA 6 ϭ ϭ Ͳ Ϯ Ͳ Ͳ Ͳ NA
ĚĞŶŝĞĚĂĐĐĞƐƐƚŽƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞƵĚŝƚŽŵŵŝƩĞĞ͘ ŵĂƚĞƌŝĂůƵŶůŝƐƚĞĚƐƵďƐŝĚŝĂƌŝĞƐĂƐƉĞƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ Chhatwalϰ
The policy has been disclosed on the website of the >ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘ Dƌ͘ZĂŬĞƐŚ^ĂƌŶĂϱ ǆĞĐƵƟǀĞ ϭϮ͕ϳϴ͕Ϯϱ͕ϯϵϱ Ͳ ϯ͕Ϭϴ͕ϰϭ͕ϵϵϱ NA NA NA NA ϰ Ͳ Ͳ ϭ zĞƐ
Company under the link ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ Mr. Niddodi
ƉŽůŝĐŝĞƐͬǁŚŝƐƚůĞͲďůŽǁĞƌͲƉŽůŝĐǇ͘ƉĚĨ͘ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĨŽƌŵƵůĂƚĞĚ Ă ƉŽůŝĐǇ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ^ƵďƌĂŽZĂũĂŶ6
EŽŶͲǆĞĐƵƟǀĞ Ͳ Ͳ ϱ͕ϯϯ͕ϬϬϬ NA NA NA NA NA Ͳ Ͳ Ͳ NA
‘material’ subsidiaries which has been disclosed on the EŽŶͲǆĞĐƵƟǀĞ
Dƌ͘<͘͘ĂĚŝƐĞƚŚϳ Ͳ Ͳ ϳϲ͕ϳϭ͕ϬϬϬ NA NA NA NA NA NA NA Ͳ NA
v. The Company has also adopted the policy on website of the Company under the link ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ Independent
ĚĞƚĞƌŵŝŶĂƟŽŶ ŽĨ DĂƚĞƌŝĂůŝƚǇ ĨŽƌ ŝƐĐůŽƐƵƌĞƐ ;ŚƩƉƐ͗ͬͬ ĐŽŵͬƉŽůŝĐŝĞƐͬƉŽůŝĐǇͲĨŽƌͲĚĞƚĞƌŵŝŶŝŶŐͲŵĂƚĞƌŝĂůͲƐƵďƐĚŝĂƌŝĞƐ͘ Dƌ͘^ŚĂƉŽŽƌ
EŽŶͲǆĞĐƵƟǀĞ Ͳ Ͳ ϴ͕ϬϬ͕ϬϬϬ NA NA NA NA NA Ͳ Ͳ Ͳ NA
ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƉŽůŝĐǇͲŽŶͲŵĂƚĞƌŝĂůŝƚǇͲŽĨͲ docx Mistryϴ
Mr. Anil P. Goel ϵ
ǆĞĐƵƟǀĞ Ͳ Ͳ ϲϲ͕ϳϳ͕ϯϵϬ NA NA NA NA NA Ͳ Ͳ Ͳ NA
ϭ
Includes only Public Limited Companies
Ϯ
/ŶĐůƵĚĞƐŽŶůǇƵĚŝƚŽŵŵŝƩĞĞƐĂŶĚ^ƚĂŬĞŚŽůĚĞƌƐZĞůĂƟŽŶƐŚŝƉŽŵŵŝƩĞĞƐŽĨWƵďůŝĐ>ŝŵŝƚĞĚŽŵƉĂŶŝĞƐ
ϯ
ZĞƟƌĞĚǁ͘Ğ͘Ĩ͘DĂǇϮϯ͕ϮϬϭϴĂƐƉĞƌŐŽǀĞƌŶĂŶĐĞŐƵŝĚĞůŝŶĞƐĂĚŽƉƚĞĚďǇƚŚĞŽĂƌĚ͘
ϰ
ƉƉŽŝŶƚĞĚĂƐDΘKǁŝƚŚǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϲ͕ϮϬϭϳ
ϱ
ZĞƐŝŐŶĞĚ ǁ͘Ğ͘Ĩ͘ ƚŚĞ ĐůŽƐĞ ŽĨ ďƵƐŝŶĞƐƐ ŚŽƵƌƐ ŽŶ ^ĞƉƚĞŵďĞƌ ϯϬ͕ ϮϬϭϳ͘ Dƌ͘ ^ĂƌŶĂ ĂůƐŽ ƌĞĐĞŝǀĞĚ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ h^Ψϭ͕ϲϭϵ͕ϲϲϰĨƌŽŵ hŶŝƚĞĚ ,ŽůĚŝŶŐƐ /ŶĐ͕ Ă
^ƵďƐŝĚŝĂƌǇŽĨƚŚĞŽŵƉĂŶǇ
6
ϳ
ϴ
ϵ
ZĞƟƌĞŵĞŶƚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϭϱ͕ϮϬϭϲ
ΎƐĂƉŽůŝĐǇ͕Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ͕ŚĂŝƌŵĂŶ͕ŚĂƐĂďƐƚĂŝŶĞĚĨƌŽŵƌĞĐĞŝǀŝŶŐĐŽŵŵŝƐƐŝŽŶĨƌŽŵƚŚĞŽŵƉĂŶǇ͘
dƌĂĚŝƟŽŶĂůůǇ͕ƚŚĞŝƌĞĐƚŽƌƐĂƌĞƉĂŝĚĐŽŵŵŝƐƐŝŽŶĞĂĐŚǇĞĂƌĂŌĞƌƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĂƌĞĂƉƉƌŽǀĞĚďǇƚŚĞDĞŵďĞƌƐĂƚƚŚĞ'D͘
DĞĂŶƐŽĨŽŵŵƵŶŝĐĂƟŽŶ͗ YƵĂƌƚĞƌůǇ͕ŚĂůĨͲǇĞĂƌůǇĂŶĚĂŶŶƵĂůƌĞƐƵůƚƐŽĨƚŚĞŽŵƉĂŶǇĂƌĞ
īĞĐƟǀĞ ĐŽŵŵƵŶŝĐĂƟŽŶ ŽĨ ŝŶĨŽƌŵĂƟŽŶ ŝƐ ĂŶ ĞƐƐĞŶƟĂů ƉƵďůŝƐŚĞĚŝŶůĞĂĚŝŶŐŶŐůŝƐŚĂŶĚǀĞƌŶĂĐƵůĂƌŶĞǁƐƉĂƉĞƌƐǀŝǌ͘
component of Corporate Governance. It is a process of &ŝŶĂŶĐŝĂů ǆƉƌĞƐƐ ĂŶĚ >ŽŬƐĂƩĂ͘ ĚĚŝƟŽŶĂůůǇ͕ ƚŚĞ ƌĞƐƵůƚƐ ĂŶĚ
ƐŚĂƌŝŶŐ ŝŶĨŽƌŵĂƟŽŶ͕ ŝĚĞĂƐ͕ ƚŚŽƵŐŚƚƐ͕ ŽƉŝŶŝŽŶƐ ĂŶĚ ƉůĂŶƐ ƚŽ ŽƚŚĞƌŝŵƉŽƌƚĂŶƚŝŶĨŽƌŵĂƟŽŶĂƌĞĂůƐŽƉĞƌŝŽĚŝĐĂůůǇƵƉĚĂƚĞĚŽŶ
Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ ǁŚŝĐŚ ƉƌŽŵŽƚĞƐ ŵĂŶĂŐĞŵĞŶƚͲƐŚĂƌĞŚŽůĚĞƌ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ǁĞďƐŝƚĞ ǀŝǌ͘ ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ͕ ǁŚŝĐŚ ĂůƐŽ
ƌĞůĂƟŽŶƐ͘dŚĞŽŵƉĂŶǇƌĞŐƵůĂƌůǇŝŶƚĞƌĂĐƚƐǁŝƚŚƐŚĂƌĞŚŽůĚĞƌƐ ĐŽŶƚĂŝŶƐĂƐĞƉĂƌĂƚĞĚĞĚŝĐĂƚĞĚƐĞĐƟŽŶ͚/ŶǀĞƐƚŽƌZĞůĂƟŽŶƐ͛͘
ƚŚƌŽƵŐŚŵƵůƟƉůĞĐŚĂŶŶĞůƐŽĨĐŽŵŵƵŶŝĐĂƟŽŶƐƵĐŚĂƐƌĞƐƵůƚƐ
announcement, annual report, media releases, Company’s &ƵƌƚŚĞƌ͕ ƚŚĞ ŽŵƉĂŶǇ ĂůƐŽ ŚŽůĚƐ ĂŶ ŶĂůǇƐƚƐ͛ DĞĞƚ ĂŌĞƌ
ǁĞďƐŝƚĞĂŶĚƐƵďũĞĐƚƐƉĞĐŝĮĐĐŽŵŵƵŶŝĐĂƟŽŶƐ͘ ƚŚĞ ŚĂůĨͲǇĞĂƌůǇ ĂŶĚ ŶŶƵĂů &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ

ĂĚŽƉƚĞĚ ďǇ ƚŚĞ ŽĂƌĚ͕ ǁŚĞƌĞ ŝŶĨŽƌŵĂƟŽŶ ŝƐ ĂŶĂůǇƐĞĚ ĂŶĚ ϯ͘ dŚĞ /ŶƚĞƌŶĂů ƵĚŝƚŽƌ ƌĞƉŽƌƚƐ ƚŽ ƚŚĞ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ DĂƌŬĞƚWƌŝĐĞĂƚĂ͗,ŝŐŚ͕>ŽǁĂŶĚǀŽůƵŵĞĚƵƌŝŶŐĞĂĐŚŵŽŶƚŚŝŶůĂƐƚĮŶĂŶĐŝĂůǇĞĂƌ
ĚŝƐƐĞŵŝŶĂƚĞĚ͘ dŚĞ ǁĞďƐŝƚĞ ĂůƐŽ ĚŝƐƉůĂǇƐ ǀŝƚĂů ŝŶĨŽƌŵĂƟŽŶ ƵĚŝƚŽŵŵŝƩĞĞ͘ Months ^>ŝŵŝƚĞĚ EĂƟŽŶĂů^ƚŽĐŬǆĐŚĂŶŐĞŽĨ/ŶĚŝĂ>ŝŵŝƚĞĚ;ΖE^ΖͿ
ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ŽŵƉĂŶǇ ĂŶĚ ŝƚƐ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŽĸĐŝĂů ƉƌĞƐƐ
ƌĞůĞĂƐĞƐĂŶĚƉƌĞƐĞŶƚĂƟŽŶƚŽĂŶĂůǇƐƚƐ͘ ƐƌĞŐĂƌĚƐƚŚĞŽƚŚĞƌŶŽŶͲŵĂŶĚĂƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŚĞŽĂƌĚ ,ŝŐŚ;`Ϳ >Žǁ Volume ,ŝŐŚ >Žǁ Volume
ŚĂƐƚĂŬĞŶĐŽŐŶŝǌĂŶĐĞŽĨƚŚĞƐĂŵĞĂŶĚƐŚĂůůĐŽŶƐŝĚĞƌĂĚŽƉƟŶŐ ;`Ϳ ;EŽ͘ŽĨ^ŚĂƌĞƐͿ ;`Ϳ ;`Ϳ ;EŽ͘ŽĨ^ŚĂƌĞƐͿ
dŚĞ /ŶǀĞƐƚŽƌ ZĞůĂƟŽŶ ƉĂŐĞ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ǁĞďƐŝƚĞ ŽīĞƌƐ the same as and when necessary.
&ƌĞƋƵĞŶƚůǇƐŬĞĚYƵĞƐƟŽŶƐŽŶǀĂƌŝŽƵƐƚŽƉŝĐƐƌĞůĂƚĞĚƚŽƚƌĂŶƐĨĞƌƐ ƉƌŝůϮϬϭϳ ϭϯϭ͘ϴϬ ϭϮϯ͘ϴϬ ϭϲ͕ϳϯ͕ϬϬϭ ϭϯϮ͘ϬϬ ϭϮϯ͘ϲϱ ϴϬ͕ϭϵ͕ϳϬϳ
ĂŶĚ ƚƌĂŶƐŵŝƐƐŝŽŶ ŽĨ ƐŚĂƌĞƐ͕ ĚĞŵĂƚĞƌŝĂůŝƐĂƟŽŶ͕ ŶŽŵŝŶĂƟŽŶ͕ 'ĞŶĞƌĂů^ŚĂƌĞŚŽůĚĞƌ/ŶĨŽƌŵĂƟŽŶ DĂǇϮϬϭϳ ϭϰϱ͘ϲϬ ϭϮϱ͘ϬϬ ϭϲ͕ϯϭ͕ϲϭϭ ϭϰϱ͘ϱϬ ϭϮϱ͘ϴϬ ϭ͕Ϯϱ͕ϳϮ͕Ϯϳϴ
ĐŚĂŶŐĞŽĨĂĚĚƌĞƐƐ͕ůŽƐƐŽĨƐŚĂƌĞĐĞƌƟĮĐĂƚĞƐ͕ĚŝǀŝĚĞŶĚĂŶĚƐƵďͲ ŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ :ƵŶĞϮϬϭϳ ϭϯϵ͘ϱϬ ϭϮϰ͘ϳϱ ϱϮ͕ϳϴ͕ϲϱϯ ϭϰϬ͘ϬϬ ϭϮϰ͘ϳϬ ϳϭ͕ϴϰ͕ϳϬϮ
ĚŝǀŝƐŝŽŶŽĨƐŚĂƌĞĐĞƌƟĮĐĂƚĞƐ͘/ŶĂĚĚŝƟŽŶ͕ǀĂƌŝŽƵƐĚŽǁŶůŽĂĚĂďůĞ Date and Time :ƵůǇϭϵ͕ϮϬϭϴĂƚϯƉ͘ŵ͘ :ƵůǇϮϬϭϳ ϭϯϯ͘ϬϬ ϭϮϭ͘ϯϬ ϮϬ͕ϱϰ͕ϮϲϮ ϭϯϱ͘ϬϬ ϭϮϭ͘Ϯϱ ϰϯ͕ϲϵ͕Ϭϯϱ
ĨŽƌŵƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ĞǆĞĐƵƚĞĚ ďǇ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŚĂǀĞ ĂůƐŽ Venue ŝƌůĂDĂƚƵƐŚƌŝ^ĂďŚĂŐĂƌϭϵ͕
been provided on the website of the Company. ^ŝƌsŝƚŚĂůĚĂƐdŚĂĐŬĞƌƐĞǇDĂƌŐ͕ ƵŐƵƐƚϮϬϭϳ ϭϯϰ͘ϯϬ ϭϬϴ͘ϯϱ ϯϬ͕ϭϯ͕ϯϲϲ ϭϯϭ͘ϯϱ ϭϬϴ͘ϱϬ ϴϲ͕Ϭϯ͕ϵϴϯ
DƵŵďĂŝϰϬϬϬϮϬ ^ĞƉƚĞŵďĞƌϮϬϭϳ ϭϮϲ͘ϲϬ ϭϭϬ͘ϱϱ ϰϱ͕Ϯϴ͕ϵϮϵ ϭϮϳ͘ϬϬ ϭϭϬ͘ϱϱ ϭ͕ϰϵ͕Ϭϲ͕ϭϲϲ
dŚĞ YƵĂƌƚĞƌůǇ ZĞƐƵůƚƐ͕ ^ŚĂƌĞŚŽůĚŝŶŐ WĂƩĞƌŶ ĂŶĚ Ăůů ŽƚŚĞƌ ZĞŐŝƐƚĞƌĞĚKĸĐĞ Mandlik House, Mandlik Road,
DƵŵďĂŝϰϬϬϬϬϭ KĐƚŽďĞƌϮϬϭϳ ϭϮϮ͘ϴϬ ϭϬϯ͘ϬϬ Ϯϱ͕ϲϭ͕ϭϱϬ ϭϮϯ͘ϬϬ ϭϬϯ͘ϰϬ ϭ͕ϳϱ͕ϱϭ͕ϳϵϴ
ĐŽƌƉŽƌĂƚĞ ĐŽŵŵƵŶŝĐĂƟŽŶ ƚŽ ƚŚĞ ^ƚŽĐŬ ǆĐŚĂŶŐĞƐ ĂƌĞ ĮůĞĚ
Telephone No. ϵϭͲϮϮͲϲϲϯϵϱϱϭϱ EŽǀĞŵďĞƌϮϬϭϳ ϭϮϱ͘Ϭϱ ϭϬϵ͘ϮϬ ϯϵ͕ϳϬ͕ϭϮϴ ϭϮϰ͘ϵϱ ϭϬϵ͘ϭϬ Ϯ͕ϭϯ͕ϲϮ͕ϳϯϬ
ƚŚƌŽƵŐŚ E^ ůĞĐƚƌŽŶŝĐ ƉƉůŝĐĂƟŽŶ WƌŽĐĞƐƐŝŶŐ ^ǇƐƚĞŵ
Facsimile No. ϵϭͲϮϮͲϮϮϬϮϳϰϰϮ ĞĐĞŵďĞƌϮϬϭϳ ϭϮϱ͘ϯϬ ϭϭϲ͘ϱϬ ϭϮ͕ϳϲ͕ϱϲϳ ϭϮϱ͘ϬϬ ϭϭϲ͘ϯϱ ϭ͕ϱϴ͕ϲϲ͕ϱϳϴ
;͚EW^͛ͿĂŶĚ^>ŝƐƟŶŐĞŶƚƌĞ͕ĨŽƌĚŝƐƐĞŵŝŶĂƟŽŶŽŶƚŚĞŝƌ
tĞďƐŝƚĞ ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ
ƌĞƐƉĞĐƟǀĞǁĞďƐŝƚĞƐ͘ ĞĚŝĐĂƚĞĚͲŵĂŝů ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ
:ĂŶƵĂƌǇϮϬϭϴ ϭϲϬ͘ϲϬ ϭϭϳ͘Ϯϱ ϲϭ͕ϭϭ͕ϮϮϴ ϭϲϬ͘ϵϱ ϭϭϲ͘ϵϱ ϱ͕Ϭϭ͕Ϯϵ͕ϱϮϲ
Book Closure :ƵůǇϭϯ͕ϮϬϭϴƚŽ:ƵůǇϭϵ͕ϮϬϭϴ &ĞďƌƵĂƌǇϮϬϭϴ ϭϰϰ͘Ϯϱ ϭϮϰ͘ϬϬ Ϯϱ͕ϲϳ͕ϱϴϬ ϭϰϰ͘ϱϱ ϭϮϱ͘ϭϬ Ϯ͕ϰϳ͕ϳϵ͕ϬϲϬ
ĐĞŶƚƌĂůŝǌĞĚǁĞďďĂƐĞĚĐŽŵƉůĂŝŶƚƐƌĞĚƌĞƐƐƐǇƐƚĞŵ͚^ĐŽƌĞƐ͛ (both days inclusive) DĂƌĐŚϮϬϭϴ ϭϯϴ͘ϰϱ ϭϮϰ͘Ϯϱ ϴ͕ϯϱ͕ϭϰ͕ϲϵϴ ϭϯϴ͘ϲϬ ϭϮϱ͘Ϭϱ Ϯ͕ϱϮ͕Ϯϴ͕ϴϲϬ
which serves as a centralised database of all complaints Dividend Payment Date KŶŽƌĂŌĞƌ:ƵůǇϮϳ͕ϮϬϭϴ
ƌĞĐĞŝǀĞĚ͕ĞŶĂďůĞƐƵƉůŽĂĚŝŶŐŽĨĐƟŽŶdĂŬĞŶZĞƉŽƌƚƐ;dZƐͿďǇ &ŝŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĨŽƌ
ƚŚĞĐŽŶĐĞƌŶĞĚĐŽŵƉĂŶŝĞƐĂŶĚŽŶůŝŶĞǀŝĞǁŝŶŐďǇƚŚĞŝŶǀĞƐƚŽƌƐ &zϮϬϭϴͲϭϵ͗ /,>ŽŵƉĂƌĂƟǀĞ,ŝŐŚͲ>ŽǁWƌŝĐĞŽŶ^ΘE^ Performance in Comparison to broad-based indices such as BSE Sensex
ŽĨĂĐƟŽŶƐƚĂŬĞŶŽŶƚŚĞĐŽŵƉůĂŝŶƚĂŶĚŝƚƐĐƵƌƌĞŶƚƐƚĂƚƵƐ͘ ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ ƵŐƵƐƚϮϬϭϴ 200
190
200 38000
:ƵŶĞϯϬ͕ϮϬϭϴ 190 36000

180 180 34000
ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ EŽǀĞŵďĞƌϮϬϭϴ
170
'ƌĞĞŶ/ŶŝƟĂƟǀĞ
170 32000
160 160
^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϴ
30000
150
/ŶƐƵƉƉŽƌƚŽĨƚŚĞ͚'ƌĞĞŶ/ŶŝƟĂƟǀĞ͛ƵŶĚĞƌƚĂŬĞŶďǇƚŚĞDŝŶŝƐƚƌǇ
150
IHCL Closing Price on BSE

28000
140
ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ &ĞďƌƵĂƌǇϮϬϭϵ
140 26000
ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂĚ ĚƵƌŝŶŐ &z ϮϬϭϳͲϭϴ

130 130 24000
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ
Rupees
120 120
BSE Sensex
22000
ƐĞŶƚǀĂƌŝŽƵƐĐŽŵŵƵŶŝĐĂƟŽŶƐŝŶĐůƵĚŝŶŐŝŶƟŵĂƟŽŶŽĨĚŝǀŝĚĞŶĚ
110 110
ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ DĂǇϮϬϭϵ
20000
100 100
18000
ĂŶĚ,ĂůĨzĞĂƌůǇŽŵŵƵŶŝƋƵĠďǇĞŵĂŝůƚŽƚŚŽƐĞƐŚĂƌĞŚŽůĚĞƌƐ DĂƌĐŚϯϭ͕ϮϬϭϵ 90 90
16000
80 80
14000
ǁŚŽƐĞĞŵĂŝůĂĚĚƌĞƐƐĞƐǁĞƌĞƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇͬ >ŝƐƟŶŐ͗ dŚĞ^>ŝŵŝƚĞĚ 70 70

60
12000
ƋƵŝƚǇ^ŚĂƌĞƐ EĂƟŽŶĂů^ƚŽĐŬǆĐŚĂŶŐĞŽĨ/ŶĚŝĂ>ƚĚ͘
60
depositories.
10000
50
50 8000
40
^ŚĂƌĞdƌĂŶƐĨĞƌŐĞŶƚ dŚĞŽŵƉĂŶǇŚĂƐďĞĞŶŐƌĂŶƚĞĚ 40
30
30 6000
ĞƌƟĮĐĂƚĞŽĨWĞƌŵĂŶĞŶƚZĞŐŝƐƚƌĂƟŽŶĂƐ 20 4000
/Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ >ŝƐƚŝŶŐ ZĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ

20 2000
10
ĂƚĞŐŽƌǇ//^ŚĂƌĞdƌĂŶƐĨĞƌŐĞŶƚďǇ^/ 10 0 0
emailed soft copies of its Annual Report to all those

Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18
17 7 17 7 17 17 7 17 17 18 18 18
^/ZĞŐŝƐƚƌĂƟŽŶEŽ͘ /EZϬϬϬϬϬϯϳϰϲ l-1 -1
r- -1 c- -
Months ay n- g- p- ct v- n- b- ar
Ap Ju Ju Au Se O No De Ja Fe M
ƐŚĂƌĞŚŽůĚĞƌƐ ǁŚŽ ŚĂǀĞ ƌĞŐŝƐƚĞƌĞĚ ƚŚĞŝƌ ĞŵĂŝů ĂĚĚƌĞƐƐ
M
BSE/NSE High BSE/NSE Low IHCL SHARE PRICE
ĨŽƌ ƚŚĞ ƐĂŝĚ ƉƵƌƉŽƐĞ͘ tĞ ǁŽƵůĚ ŐƌĞĂƚůǇ ĂƉƉƌĞĐŝĂƚĞ ĂŶĚ dŚĞŽŵƉĂŶǇŚĂƐƉĂŝĚĂŶŶƵĂůůŝƐƟŶŐĨĞĞƐƚŽĞĂĐŚŽĨƚŚĞĂďŽǀĞ
ĞŶĐŽƵƌĂŐĞŵŽƌĞDĞŵďĞƌƐƚŽƌĞŐŝƐƚĞƌƚŚĞŝƌĞŵĂŝůĂĚĚƌĞƐƐ ^ƚŽĐŬǆĐŚĂŶŐĞƐŝŶƌĞƐƉĞĐƚŽĨ&zϮϬϭϳͲϭϴ͘ Share Transfer System
ǁŝƚŚƚŚĞŝƌĞƉŽƐŝƚŽƌǇWĂƌƚŝĐŝƉĂŶƚŽƌƚŚĞŽŵƉĂŶǇ͕ƚŽƌĞĐĞŝǀĞ
EŽŶĞŽĨƚŚĞŽŵƉĂŶǇ͛ƐƐĞĐƵƌŝƟĞƐŚĂǀĞďĞĞŶƐƵƐƉĞŶĚĞĚĨƌŽŵ ^ŚĂƌĞdƌĂŶƐĨĞƌŝŶƉŚǇƐŝĐĂůĨŽƌŵĐĂŶďĞůŽĚŐĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇďǇƉƌŽǀŝĚŝŶŐƚŚĞŶĞĐĞƐƐĂƌǇĚŽĐƵŵĞŶƚƐ͘dŚĞƚƌĂŶƐĨĞƌƐĂƌĞ
soft copies of the Annual Report, Postal Ballot Notices
ƚƌĂĚŝŶŐ͘ ŶŽƌŵĂůůǇƉƌŽĐĞƐƐĞĚǁŝƚŚŝŶϭϱĚĂǇƐĨƌŽŵƚŚĞĚĂƚĞŽĨƌĞĐĞŝƉƚŽĨĚƵůǇĐŽŵƉůĞƚĞĚĚŽĐƵŵĞŶƚƐ͘
and other information disseminated by the Company, on
Ă ƌĞĂůͲƚŝŵĞ ďĂƐŝƐ ǁŝƚŚŽƵƚ ĂŶǇ ĚĞůĂǇ͘ dŚĞ ŶŶƵĂů ZĞƉŽƌƚƐ
Stock Codes dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚͲŝƐƚƌŝďƵƟŽŶŽĨ^ŚĂƌĞŚŽůĚŝŶŐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ
are also available in the Investor Relations section on the
ŽŵƉĂŶǇ͛ƐǁĞďƐŝƚĞǀŝǌǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ. ^dK<y,E' ^dK<K ĂƚĞŐŽƌǇŽĨ^ŚĂƌĞŚŽůĚĞƌƐ No. of Shares held % to Paid up capital
dŚĞ^>ŝŵŝƚĞĚ ϱϬϬϴϱϬ
ŽŵƉůŝĂŶĐĞǁŝƚŚŶŽŶͲŵĂŶĚĂƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐ EĂƟŽŶĂů^ƚŽĐŬǆĐŚĂŶŐĞŽĨ/ŶĚŝĂ>ŝŵŝƚĞĚ /E,Kd>Y Promoters ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ ϯϵ͘Ϭϵ
ϭ͘ d ŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚŝƐĂEŽŶͲǆĞĐƵƟǀĞŝƌĞĐƚŽƌ ZĞƐŝĚĞŶƚ/ŶĚŝǀŝĚƵĂůƐΘ,h& ϭϰ͕ϵϯ͕Ϭϳ͕ϭϴϯ ϭϮ͘ϱϱ
ĂŶĚŚŝƐƉŽƐŝƟŽŶŝƐƐĞƉĂƌĂƚĞĨƌŽŵƚŚĂƚŽĨƚŚĞDΘK͘
WĂƌƟĐƵůĂƌƐŽĨĞďĞŶƚƵƌĞdƌƵƐƚĞĞƐ &ŝŶĂŶĐŝĂů/ŶƐƟƚƵƟŽŶƐͬĂŶŬƐ ϴ͕ϭϳ͕ϯϳ͕ϯϯϯ ϲ͘ϴϳ
EdE<&/EE/>^Zs/^>/D/d &ŽƌĞŝŐŶ/ŶƐƟƚƵƟŽŶĂů/ŶǀĞƐƚŽƌƐ ϭϵ͕Ϭϵ͕ϰϭ͕Ϯϳϭ ϭϲ͘Ϭϲ
Ϯ͘
ƵĚŝƚ ƋƵĂůŝĮĐĂƟŽŶƐ͗ &Žƌ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ ϮϬϭϳͲϭϴ͕ Corporate Bodies ϴ͕Ϭϰ͕ϳϮ͕ϭϱϳ ϲ͘ϳϳ
ƚŚĞƌĞĂƌĞŶŽĂƵĚŝƚƋƵĂůŝĮĐĂƟŽŶƐĂŶĚƚŚĞƵĚŝƚŽƌƐŚĂǀĞ ZĞŐĚ͘KĸĐĞ͗ĞŶƚƌĂůĂŶŬŽĨ/ŶĚŝĂ
Insurance Companies ϯ͕ϰϯ͕ϲϬ͕ϮϬϱ Ϯ͘ϴϵ
ŐŝǀĞŶĂŶƵŶŵŽĚŝĮĞĚŽƉŝŶŝŽŶƚŽƚŚĞŽŵƉĂŶǇ͛ƐĮŶĂŶĐŝĂů DDKƵŝůĚŝŶŐ͕ϯƌĚŇŽŽƌ;ĂƐƚtŝŶŐͿ
DƵƚƵĂů&ƵŶĚƐͬhd/ ϭϳ͕ϰϵ͕ϲϴ͕ϭϳϯ ϭϰ͘ϳϭ
ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ŽŵƉĂŶǇ ĐŽŶƟŶƵĞƐ ƚŽ ĂĚŽƉƚ ďĞƐƚ ϱϱDĂŚĂƚŵĂ'ĂŶĚŚŝZŽĂĚ͕&Žƌƚ͕DƵŵďĂŝͲϰϬϬϬϬϭ͘
Others ϲϴ͕ϯϬ͕ϴϰϰ Ϭ͘ϱϳ
ƉƌĂĐƟĐĞƐ ƚŽ ĞŶƐƵƌĞ Ă ƌĞŐŝŵĞ ŽĨ ƵŶƋƵĂůŝĮĞĚ ĮŶĂŶĐŝĂů dĞů͗ϬϮϮϮϮϲϭϲϮϭϳ&Ăǆ͗ϬϮϮϮϮϲϭϲϮϬϴ EŽŶͲZĞƐŝĚĞŶƚ/ŶĚŝĂŶƐ ϱϳ͕ϴϰ͕ϯϬϬ Ϭ͘ϰϵ
statements. ŵĂŝů͗ŝŶĨŽΛĐĨƐů͘ŝŶtĞďƐŝƚĞ͗ǁǁǁ͘ĐĨƐů͘ŝŶ Total ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϬϬ͘ϬϬ
/E͗hϲϳϭϭϬD,ϭϵϮϵ'ϬϭϬϬϭϰϴϰ
^ŚĂƌĞŚŽůĚŝŶŐƉĂƩĞƌŶŽĨƚŚĞŽŵƉĂŶǇĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ ĞƋƵŝƚǇƐŚĂƌĞƐŝŶƐƵƐƉĞŶƐĞĂĐĐŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ
Sl. WĂƌƟĐƵůĂƌƐ No. of No. of
ĞĐůĂƌĂƟŽŶďǇƚŚĞDΘKƵŶĚĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ
ƌĞŐĂƌĚŝŶŐĂĚŚĞƌĞŶĐĞƚŽƚŚĞŽĚĞŽĨŽŶĚƵĐƚ
Promoters 39.09
No. ƐŚĂƌĞͲ equity
Resident
Individuals & ...
12.55
holders shares held
Financial 6.87 ϭ ŐŐƌĞŐĂƚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ƚŚĞ ϰϳ ϰ͕ϳϯϰ
Institutions / ...
ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ůǇŝŶŐ ŝŶ ƚŚĞ hŶĐůĂŝŵĞĚ ƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕/ŚĞƌĞďǇĐŽŶĮƌŵƚŚĂƚ͕ĂůůƚŚĞŝƌĞĐƚŽƌƐĂŶĚƚŚĞ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨ
Foreign
Institutions / ...
16.06 ^ƵƐƉĞŶƐĞĐĐŽƵŶƚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ƚŚĞŽŵƉĂŶǇŚĂǀĞĂĸƌŵĞĚĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝƌƌĞƐƉĞĐƟǀĞŽĚĞƐŽĨŽŶĚƵĐƚ͕ĂƐĂƉƉůŝĐĂďůĞƚŽƚŚĞŵ͕ĨŽƌƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ
Ϯ Number of shareholders who approached the Ͳ Ͳ
Corporate
Bodies
6.77
ŽŵƉĂŶǇ ;ǁŝƚŚ ĐŽŵƉůĞƚĞ ĚŽĐƵŵĞŶƚĂƟŽŶͿ ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘
Insurance 2.89 for transfer of shares from the Unclaimed
Companies
^ƵƐƉĞŶƐĞĐĐŽƵŶƚĚƵƌŝŶŐƚŚĞǇĞĂƌ &ŽƌdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ
Mutual Funds /
UTI
14.71
ϯ Number of shareholders to whom shares were Ͳ Ͳ
ƚƌĂŶƐĨĞƌƌĞĚ ĨƌŽŵ ƚŚĞ hŶĐůĂŝŵĞĚ ^ƵƐƉĞŶƐĞ
Others 0.57
ĐĐŽƵŶƚĚƵƌŝŶŐƚŚĞǇĞĂƌ
Puneet Chhatwal
Non-Resident
Indians 0.49 ϰ EƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ /W& ϮϬ ϭ͕ϱϮϮ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘŚŝĞĨǆĞĐƵƟǀĞKĸĐĞƌ
0 5 10 15 20 25 30 35 40
ƵƚŚŽƌŝƚǇ ĨƌŽŵ ƚŚĞ hŶĐůĂŝŵĞĚ ^ƵƐƉĞŶƐĞ
% of Holding ĐĐŽƵŶƚĚƵƌŝŶŐƚŚĞǇĞĂƌ
ϱ ŐŐƌĞŐĂƚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ƚŚĞ Ϯϳ ϯ͕ϮϭϮ
EŽƚĞ͚͗KƚŚĞƌƐ͛ŝŶĐůƵĚĞdƌƵƐƚƐ͕ůĞĂƌŝŶŐDĞŵďĞƌƐ͕ŝƌĞĐƚŽƌƐΘƚŚĞŝƌ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ůǇŝŶŐ ŝŶ ƚŚĞ hŶĐůĂŝŵĞĚ
Annexure
ZĞůĂƟǀĞƐ͕ĞŶƚƌĂůͬ^ƚĂƚĞ'ŽǀĞƌŶŵĞŶƚƐ͕&ŽƌĞŝŐŶĂŶŬƐ͕ůƚĞƌŶĂƚĞ ^ƵƐƉĞŶƐĞĐĐŽƵŶƚĂƚƚŚĞĞŶĚŽĨƚŚĞǇĞĂƌ
To
/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ͕/ŶǀĞƐƚŽƌĚƵĐĂƟŽŶΘWƌŽƚĞĐƟŽŶ&ƵŶĚ͘ dŚĞǀŽƟŶŐƌŝŐŚƚƐŽŶƚŚĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐŝŶƚŚĞƐƵƐƉĞŶƐĞ
ĂĐĐŽƵŶƚ ĂƐ ŽŶ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ƐŚĂůů ƌĞŵĂŝŶ ĨƌŽǌĞŶ Ɵůů ƚŚĞ dŚĞDĞŵďĞƌƐ
ŝƐƚƌŝďƵƟŽŶŽĨ^ŚĂƌĞŚŽůĚŝŶŐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ ƌŝŐŚƞƵůŽǁŶĞƌŽĨƐƵĐŚƐŚĂƌĞƐĐůĂŝŵƐƚŚĞƐŚĂƌĞƐ͘ dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ
No. of Shares held Total No. of Total No. of Total % to
DĞŵďĞƌƐ Shares Paid up ŽŵŵŽĚŝƚǇ ƉƌŝĐĞ ƌŝƐŬ Žƌ ĨŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ƌŝƐŬ ĂŶĚ tĞ ŚĂǀĞ ĞǆĂŵŝŶĞĚ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽĨ ĐŽŶĚŝƟŽŶƐ ŽĨ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ďǇ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ;ƚŚĞ
Capital ŚĞĚŐŝŶŐĂĐƟǀŝƟĞƐ͗ ͚ŽŵƉĂŶǇ͛ͿĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂƐƉƌĞƐĐƌŝďĞĚŝŶZĞŐƵůĂƟŽŶƐϭϳƚŽϮϳ͕ĐůĂƵƐĞƐ;ďͿƚŽ;ŝͿŽĨƐƵďͲƌĞŐƵůĂƟŽŶ;ϮͿŽĨ
hƉƚŽϭϬϬ ϱϵ͕ϲϱϵ Ϯϰ͕ϯϭ͕ϵϮϯ Ϭ͘ϮϬ dŚĞĚĞƚĂŝůƐĂƌĞƉƌŽǀŝĚĞĚŝŶƚŚĞDĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚ ZĞŐƵůĂƟŽŶϰϲĂŶĚƉĂƌĂƐ͕ĂŶĚŽĨ^ĐŚĞĚƵůĞsƚŽ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞ
Analysis Report. ZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ;͚>KZ͛Ϳ͘
ϭϬϭƚŽϭϬϬϬ ϱϯ͕ϰϱϵ Ϯ͕ϬϮ͕ϴϯ͕ϳϭϵ ϭ͘ϳϭ
ϭϬϬϭƚŽϮϱϬϬ ϭϮ͕ϭϭϲ ϭ͕ϵϱ͕ϲϮ͕ϴϳϰ ϭ͘ϲϰ ĞŵĂƚĞƌŝĂůŝƐĂƟŽŶŽĨ^ŚĂƌĞƐΘ>ŝƋƵŝĚŝƚǇ tĞ ƐƚĂƚĞ ƚŚĂƚ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽĨ ĐŽŶĚŝƟŽŶƐ ŽĨ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŝƐ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ŽĨ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ŽƵƌ
dŚĞ ŽŵƉĂŶǇ͛Ɛ ĞƋƵŝƚǇ ƐŚĂƌĞƐ ĂƌĞ ƚƌĂĚĞĂďůĞ ĐŽŵƉƵůƐŽƌŝůǇ
ϮϱϬϭƚŽϱϬϬϬ ϱ͕ϲϵϵ Ϯ͕Ϭϯ͕ϲϰ͕ϰϱϰ ϭ͘ϳϭ ĞǆĂŵŝŶĂƟŽŶǁĂƐůŝŵŝƚĞĚƚŽƉƌŽĐĞĚƵƌĞƐĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶƚŚĞƌĞŽĨĂĚŽƉƚĞĚďǇƚŚĞŽŵƉĂŶǇĨŽƌĞŶƐƵƌŝŶŐƚŚĞĐŽŵƉůŝĂŶĐĞŽĨ
in electronic form. The Company has established
ϱϬϬϭƚŽϭϬϬϬϬ ϯ͕ϯϱϰ Ϯ͕ϯϳ͕ϵϱ͕ϮϬϰ Ϯ͘ϬϬ ƚŚĞĐŽŶĚŝƟŽŶƐŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ͘/ƚŝƐŶĞŝƚŚĞƌĂŶĂƵĚŝƚŶŽƌĂŶĞǆƉƌĞƐƐŝŽŶŽĨŽƉŝŶŝŽŶŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ
ĐŽŶŶĞĐƚŝǀŝƚǇ ǁŝƚŚ ďŽƚŚ ĚĞƉŽƐŝƚŽƌŝĞƐ ŝ͘Ğ͘ E^> ĂŶĚ ^>͘
Company.
ϭϬϬϬϭƚŽϮϬϬϬϬ ϭ͕ϲϳϱ Ϯ͕ϯϮ͕ϭϲ͕ϱϲϭ ϭ͘ϵϱ dŚĞ/ŶƚĞƌŶĂƚŝŽŶĂů^ĞĐƵƌŝƚŝĞƐ/ĚĞŶƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌ;͚/^/E͛Ϳ
allotted to the shares under the depository system is
ϮϬϬϬϭƚŽϯϬϬϬϬ ϰϰϯ ϭ͕Ϭϳ͕ϭϭ͕ϴϯϴ Ϭ͘ϵϬ /ŶŽƵƌŽƉŝŶŝŽŶ͕ĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ǁĞĐĞƌƟĨǇƚŚĂƚƚŚĞŽŵƉĂŶǇ
/EϬϱϯϬϭϬϮϵ͘
ϯϬϬϬϭƚŽϰϬϬϬϬ ϭϳϬ ϱϴ͕ϱϲ͕Ϯϳϵ Ϭ͘ϰϵ ŚĂƐĐŽŵƉůŝĞĚǁŝƚŚƚŚĞĐŽŶĚŝƟŽŶƐŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂƐƐƟƉƵůĂƚĞĚŝŶƚŚĞĂĨŽƌĞƐĂŝĚƉƌŽǀŝƐŝŽŶƐŽĨ>KZ͘
ϰϬϬϬϭƚŽϱϬϬϬϬ ϵϳ ϰϰ͕Ϭϳ͕ϭϰϯ Ϭ͘ϯϳ
dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϵϴ͘ϴϰй ŽĨ ŝƚƐ
ĞƋƵŝƚǇ ƐŚĂƌĞ ĐĂƉŝƚĂů ŝŶ ĚĞŵĂƚĞƌŝĂůŝƐĞĚ ĨŽƌŵ ĂƐ ŽŶ tĞĨƵƌƚŚĞƌƐƚĂƚĞƚŚĂƚƐƵĐŚĐŽŵƉůŝĂŶĐĞŝƐŶĞŝƚŚĞƌĂŶĂƐƐƵƌĂŶĐĞĂƐƚŽƚŚĞĨƵƚƵƌĞǀŝĂďŝůŝƚǇŽĨƚŚĞŽŵƉĂŶǇŶŽƌƚŚĞĞĸĐŝĞŶĐǇŽƌ
ϱϬϬϬϭƚŽϭϬϬϬϬϬ ϭϱϭ ϭ͕ϬϮ͕ϲϭ͕ϯϬϭ Ϭ͘ϴϲ DĂƌĐŚϯϭ͕ϮϬϭϴ͘dŚĞDĞŵďĞƌƐǁŚŽƐĞƐŚĂƌĞƐĂƌĞŝŶƉŚǇƐŝĐĂů ĞīĞĐƟǀĞŶĞƐƐǁŝƚŚǁŚŝĐŚƚŚĞŵĂŶĂŐĞŵĞŶƚŚĂƐĐŽŶĚƵĐƚĞĚƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶǇ͘
ϭϬϬϬϬϭΘĂďŽǀĞ Ϯϳϴ ϭϬϰ͕ϴϯ͕ϲϳ͕ϭϰϵ ϴϴ͘ϭϱ ĨŽƌŵĂƌĞƌĞƋƵĞƐƚĞĚƚŽĚĞŵĂƚĞƌŝĂůŝƐĞƚŚĞŝƌƐŚĂƌĞƐĂŶĚƵƉĚĂƚĞ
Total ϭ͕ϯϳ͕ϭϬϭ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϬϬ͘ϬϬ ƚŚĞŝƌďĂŶŬĂĐĐŽƵŶƚĂŶĚĞŵĂŝůĂĚĚƌĞƐƐĞƐǁŝƚŚƚŚĞĞƉŽƐŝƚŽƌǇ͘ &ŽƌEWΘƐƐŽĐŝĂƚĞƐ
ŽŵƉĂŶǇ^ĞĐƌĞƚĂƌŝĞƐ
KƵƚƐƚĂŶĚŝŶŐ 'ZƐͬtĂƌƌĂŶƚƐ͕ ĐŽŶǀĞƌƐŝŽŶ ĚĂƚĞ ĂŶĚ
ZĞĐŽŶĐŝůŝĂƟŽŶŽĨ^ŚĂƌĞĂƉŝƚĂůƵĚŝƚ likely impact on equity
/ŶŬĞĞƉŝŶŐǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ^/ĂŶĚƚŚĞ^ƚŽĐŬ dŚĞƌĞ ĂƌĞ ŶŽ ŽƵƚƐƚĂŶĚŝŶŐ 'ZƐͬtĂƌƌĂŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ Prakash K. Pandya
ǆĐŚĂŶŐĞƐ͕ Ă ZĞĐŽŶĐŝůŝĂƟŽŶ ŽĨ ^ŚĂƌĞ ĂƉŝƚĂů ƵĚŝƚ ďǇ Ă ĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͘ Partner
WƌĂĐƟĐŝŶŐ ŽŵƉĂŶǇ ^ĞĐƌĞƚĂƌǇ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ Ăƚ ƚŚĞ ĞŶĚ
ŽĨ ĞǀĞƌǇ ƋƵĂƌƚĞƌ ƚŽ ƌĞĐŽŶĐŝůĞ ƚŚĞ ƚŽƚĂů ĂĚŵŝƩĞĚ ĐĂƉŝƚĂů Report on Corporate Governance &ÊŽ͗͘ϯϵϬϭͬWEŽ͗͘Ϯϯϭϭ
ǁŝƚŚ EĂƟŽŶĂů ^ĞĐƵƌŝƟĞƐ ĞƉŽƐŝƚŽƌǇ >ŝŵŝƚĞĚ ;͚E^>͛Ϳ ĂŶĚ dŚĞ ŽŵƉĂŶǇ ƌĞŐƵůĂƌůǇ ƐƵďŵŝƚƐ ƚŽ ƚŚĞ ^ƚŽĐŬ ǆĐŚĂŶŐĞƐ͕
ĞŶƚƌĂů ĞƉŽƐŝƚŽƌǇ ^ĞƌǀŝĐĞƐ ;/ŶĚŝĂͿ >ŝŵŝƚĞĚ ;͚^>͛Ϳ ĂŶĚ ƚŚĞ ǁŝƚŚŝŶ ƚŚĞ ƉƌĞƐĐƌŝďĞĚ ƉĞƌŝŽĚ͕ ƋƵĂƌƚĞƌůǇ ƌĞƉŽƌƚƐ ŽŶ ŽƌƉŽƌĂƚĞ
'ŽǀĞƌŶĂŶĐĞĞůĞĐƚƌŽŶŝĐĂůůǇƚŚƌŽƵŐŚƚŚĞŽŶůŝŶĞƉŽƌƚĂůŽĨƚŚĞ^ DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ
ƚŽƚĂůŝƐƐƵĞĚĂŶĚůŝƐƚĞĚĐĂƉŝƚĂů͘dŚĞƐĂŝĚĂƵĚŝƚĐŽŶĮƌŵƐƚŚĂƚƚŚĞ
ƚŽƚĂůŝƐƐƵĞĚͬƉĂŝĚƵƉĐĂƉŝƚĂůƚĂůůŝĞƐǁŝƚŚƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨ ΘEW^͘ĐĞƌƟĮĐĂƚĞĨƌŽŵĂWƌĂĐƟƐŝŶŐŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇŽŶ
shares in physical form and the total number of dematerialised ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŝƐĂƩĂĐŚĞĚĂƐĂŶĂŶŶĞǆƵƌĞƚŽƚŚŝƐZĞƉŽƌƚ͘
ƐŚĂƌĞƐŚĞůĚǁŝƚŚE^>ĂŶĚ^>͘ /ŶǀĞƐƚŽƌŽƌƌĞƐƉŽŶĚĞŶĐĞ
&ŽƌĂŶǇƋƵĞƌŝĞƐ͕ŝŶǀĞƐƚŽƌƐĂƌĞƌĞƋƵĞƐƚĞĚƚŽŐĞƚŝŶƚŽƵĐŚǁŝƚŚƚŚĞ
ƋƵŝƚǇƐŚĂƌĞƐŝŶƚŚĞƐƵƐƉĞŶƐĞĂĐĐŽƵŶƚ ŽŵƉĂŶǇ͛Ɛ^ŚĂƌĞĞƉĂƌƚŵĞŶƚĂƚDĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕
/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨZĞŐƵůĂƟŽŶϯϰ;ϯͿĂŶĚ DƵŵďĂŝϰϬϬϬϬϭ͘ĚĞĚŝĐĂƚĞĚĞͲŵĂŝůĂĚĚƌĞƐƐŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛ
WĂƌƚ&ŽĨ^ĐŚĞĚƵůĞsƚŽƚŚĞ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ĚĞƚĂŝůƐŽĨ ƚĂũŚŽƚĞůƐ͘ĐŽŵ has been set up for investor complaints.

ŽŵƉĂŶǇͲǁŝƐĞ>ŝƐƚŽĨ,ŽƚĞůƐͬhŶŝƚƐ ŽŵƉĂŶǇͲǁŝƐĞ>ŝƐƚŽĨ,ŽƚĞůƐͬhŶŝƚƐ
Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ ^ƵďƐŝĚŝĂƌǇŽŵƉĂŶŝĞƐ Joint Venture Companies DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ d>>ĂŶŬĂ,ŽƚĞůƐW>
dŚĞdĂũDĂŚĂůWĂůĂĐĞ͕DƵŵďĂŝ ϱϰϯ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ŝŵŝƚĞĚ /ŵƉĞƌŝĂůůƵďďǇdĂũ͕DƵŵďĂŝ ϵ dĂũD'ZŽĂĚ͕ĞŶŐĂůƵƌƵ ϭϲϳ dĂũ^ĂŵƵĚƌĂ͕ŽůŽŵďŽ ϯϬϬ
dĂũ>ĂŶĚƐŶĚ͕DƵŵďĂŝ ϰϵϯ 'ŝŶŐĞƌ,ŽƚĞůͲŐĂƌƚĂůĂ ϵϴ dĂũ<ƌŝƐŚŶĂ͕,ǇĚĞƌĂďĂĚ ϮϲϬ ^D^,ŽƚĞů͕:ĂŝƉƵƌ ϮϬ dĂũ^ǁĂƌŶĂ͕ŵƌŝƚƐĂƌ ϭϱϳ
dĂũtĞůůŝŶŐƚŽŶDĞǁƐ͕DƵŵďĂŝ ϳϴ 'ŝŶŐĞƌ,ŽƚĞůͲŚŵĞĚĂďĂĚ ϵϯ dĂũĂŶũĂƌĂ͕,ǇĚĞƌĂďĂĚ ϭϮϮ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲŵďĂĚ͕EĂƐŚŝŬ ϭϰϴ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ
dĂũDĂŚĂů,ŽƚĞů͕EĞǁĞůŚŝ ϮϵϮ 'ŝŶŐĞƌ,ŽƚĞůͲĞŶŐĂůƵƌƵ;tŚŝƚĞĮĞůĚͿ ϭϬϭ dĂũĞĐĐĂŶ͕,ǇĚĞƌĂďĂĚ ϭϱϭ dĂũƵďĂŝ Ϯϵϲ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲ&ĂƚĞŚĂďĂĚZŽĂĚ͕ŐƌĂ ϭϬϬ sŝǀĂŶƚĂĞŶƚŽƚĂ͕^ƌŝ>ĂŶŬĂ ϭϲϬ
dĂũWĂůĂĐĞ͕EĞǁĞůŚŝ ϰϬϯ 'ŝŶŐĞƌ,ŽƚĞůͲĞŶŐĂůƵƌƵ;/ŶŶĞƌZŝŶŐZŽĂĚͿ ϴϳ dĂũůƵď,ŽƵƐĞ͕ŚĞŶŶĂŝ ϮϮϬ dĂũWĂŵŽĚǌŝͲ>ƵƐĂŬĂ ϭϵϮ sŝǀĂŶƚĂWƌĞƐŝĚĞŶƚ͕DƵŵďĂŝ Ϯϴϳ
dĂũĞŶŐĂů͕<ŽůŬĂƚĂ ϮϮϵ 'ŝŶŐĞƌ,ŽƚĞůʹŚƵďĂŶĞƐŚǁĂƌ ϭϲϭ dĂũŚĂŶĚŝŐĂƌŚ͕ŚĂŶĚŝŐĂƌŚ ϭϰϵ dĂũdĂƐŚŝͲŚƵƚĂŶ 66 sŝǀĂŶƚĂůƵĞŝĂŵŽŶĚ͕WƵŶĞ ϭϭϬ
dĂũtĞƐƚŶĚ͕ĞŶŐĂůƵƌƵ ϭϭϳ 'ŝŶŐĞƌ,ŽƚĞůͲŚĞŶŶĂŝ;sĂĚĂƉĂůĂŶŝͿ ϳϵ sŝǀĂŶƚĂĞŐƵŵƉĞƚ͕,ǇĚĞƌĂďĂĚ ϭϴϭ dĂũŽƐƚŽŶ Ϯϳϯ sŝǀĂŶƚĂ'ŽŵƟEĂŐĂƌ͕>ƵĐŬŶŽǁ ϭϭϬ
dĂũ>ĂŬĞWĂůĂĐĞ͕hĚĂŝƉƵƌ ϴϯ 'ŝŶŐĞƌ,ŽƚĞůͲŚĞŶŶĂŝ;//dDͿ ϴϱ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲŝƌƉŽƌƚ'ĂƌĚĞŶ͕ŽůŽŵďŽ ϮϬϴ
dĂũ&ĂůĂŬŶƵŵĂWĂůĂĐĞ͕,ǇĚĞƌĂďĂĚ ϲϬ 'ŝŶŐĞƌ,ŽƚĞůʹ&ĂƌŝĚĂďĂĚ ϵϭ dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ŝŵŝƚĞĚ sŝǀĂŶƚĂZĞďĂŬ/ƐůĂŶĚͲ>ĂŶŐŬĂǁŝ ϵϰ hŶŝƚĞĚ,ŽƚĞůƐ>ŝŵŝƚĞĚ
dĂũǆŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕'ŽĂ ϭϰϬ 'ŝŶŐĞƌ,ŽƚĞůʹ'ŽĂ ϭϯϱ dĂũ<ƵŵĂƌĂŬŽŵZĞƐŽƌƚΘ^ƉĂ͕<ĞƌĂůĂ Ϯϴ sŝǀĂŶƚĂŵďĂƐƐĂĚŽƌ͕EĞǁĞůŚŝ ϴϴ
dĂũ&ŽƌƚŐƵĂĚĂZĞƐŽƌƚΘ^ƉĂ͕'ŽĂ ϭϰϯ 'ŝŶŐĞƌ,ŽƚĞůʹ'ƵǁĂŚĂƟ ϳϬ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲDĂƌŝŶĞƌŝǀĞ͕ƌŶĂŬƵůĂŵ ϭϬϴ
dĂũ,ŽůŝĚĂǇsŝůůĂŐĞZĞƐŽƌƚΘ^ƉĂ͕'ŽĂ ϭϰϮ 'ŝŶŐĞƌ,ŽƚĞůʹ/ŶĚŽƌĞ ϵϱ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲ:ĂŶĂƌĚŚĂŶĂƉƵƌĂŵ͕sĂƌŬĂůĂ ϯϬ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ
dĂũzĞƐŚǁĂŶƚƉƵƌ͕ĞŶŐĂůƵƌƵ ϯϮϳ 'ŝŶŐĞƌ,ŽƚĞůʹ:ĂŝƉƵƌ ϭϬϯ Amritsar Ͳ
dĂũ:ĂŝDĂŚĂůWĂůĂĐĞ͕:ĂŝƉƵƌ ϭϬϬ 'ŝŶŐĞƌ,ŽƚĞůʹ:ĂŵƐŚĞĚƉƵƌ ϵϰ <ĂǀĞƌŝZĞƚƌĞĂƚƐĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ ĂŶŐĂůŽƌĞ Ͳ
dĂũhƐŚĂ<ŝƌĂŶWĂůĂĐĞ͕'ǁĂůŝŽƌ ϰϬ 'ŝŶŐĞƌ,ŽƚĞůʹDĂŶŐĂůŽƌĞ ϳϵ dĂũDĂĚŝŬĞƌŝZĞƐŽƌƚΘ^ƉĂ͕ŽŽƌŐ ϲϯ ĞůŚŝ Ͳ
dĂũǆŽƟĐĂZĞƐŽƌƚĂŶĚ^ƉĂ͕ŶĚĂŵĂŶƐ ϱϬ 'ŝŶŐĞƌ,ŽƚĞůͲDƵŵďĂŝ;ŶĚŚĞƌŝĂƐƚͿ ϭϭϲ Goa Ͳ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲZĞƐŝĚĞŶĐǇZŽĂĚĞŶŐĂůƵƌƵ ϵϴ 'ŝŶŐĞƌ,ŽƚĞůʹDǇƐŽƌĞ ϵϴ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ Kolkata Ͳ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲĞĂĐŚZŽĂĚĂůŝĐƵƚ ϳϰ 'ŝŶŐĞƌ,ŽƚĞůʹEĂƐŚŝŬ ϵϮ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲ<DZŽĂĚ͕ŚŝŬŵĂŐĂůƵƌ Ϯϵ Mumbai Ͳ
sŝǀĂŶƚĂƵƌĂŶŐĂďĂĚ͕DĂŚĂƌĂƐŚƚƌĂ ϲϯ 'ŝŶŐĞƌ,ŽƚĞůͲĞůŚŝ;ZĂŝůzĂƚƌŝEŝǁĂƐͿ ϭϭϱ
sŝǀĂŶƚĂŽŶŶĞŵĂƌĂ͕ŚĞŶŶĂŝ ϭϱϬ 'ŝŶŐĞƌ,ŽƚĞůͲĂƐƚĞůŚŝ ϴϭ dĂũ^ĂĨĂƌŝƐ>ŝŵŝƚĞĚ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ
sŝǀĂŶƚĂǁĂƌŬĂ͕EĞǁĞůŚŝ ϮϱϬ 'ŝŶŐĞƌ,ŽƚĞůʹEŽŝĚĂ ϴϯ DĂŚƵĂ<ŽƚŚŝ͕dĂũ^ĂĨĂƌŝ͕ĂŶĚŚĂǀŐĂƌŚEĂƟŽŶĂůWĂƌŬ ϭϮ dŚĞWŝĞƌƌĞ͕dĂũ,ŽƚĞů͕EĞǁzŽƌŬ ϭϴϵ
sŝǀĂŶƚĂ,ĂƌŝDĂŚĂů͕:ŽĚŚƉƵƌ ϵϯ 'ŝŶŐĞƌ,ŽƚĞůʹWĂŶƚŶĂŐĂƌ ϵϴ ĂŶũĂĂƌdŽůĂ͕dĂũ^ĂĨĂƌŝ͕<ĂŶŚĂEĂƟŽŶĂůWĂƌŬ ϭϴ dĂũĂŵƉƚŽŶWůĂĐĞ͕^ĂŶ&ƌĂŶĐŝƐĐŽ ϭϭϬ
sŝǀĂŶƚĂtŚŝƚĞĮĞůĚ͕ĞŶŐĂůƵƌƵ ϭϵϵ 'ŝŶŐĞƌ,ŽƚĞůʹWŽŶĚŝĐŚĞƌƌǇ ϵϰ WĂƐŚĂŶ'ĂƌŚ͕dĂũ^ĂĨĂƌŝ͕WĂŶŶĂEĂƟŽŶĂůWĂƌŬ ϭϮ
sŝǀĂŶƚĂ'ƵǁĂŚĂƟ͕ƐƐĂŵ ϭϱϬ 'ŝŶŐĞƌ,ŽƚĞůͲWƵŶĞ;tĂŬĂĚͿ ϭϮϴ ĂŐŚǀĂŶ͕dĂũ^ĂĨĂƌŝ͕WĞŶĐŚEĂƟŽŶĂůWĂƌŬ ϭϮ ^ƚ:ĂŵĞƐŽƵƌƚ,ŽƚĞůƐ>ŝŵŝƚĞĚ
^ĂǀŽǇ,ŽƚĞů͕KŽƚǇ ϰϬ 'ŝŶŐĞƌ,ŽƚĞůͲWƵŶĞ;WŝŵƉƌŝͿ ϵϳ dĂũϱϭƵĐŬŝŶŐŚĂŵ'ĂƚĞ^ƵŝƚĞƐĂŶĚ ϴϱ
'ŝŶŐĞƌ,ŽƚĞůʹ^ƵƌĂƚ ϵϴ DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐͲ^ĂĨĂƌŝƐ Residences, London
DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐ 'ŝŶŐĞƌ,ŽƚĞůʹdŚĂŶĞ ϰϱ DĞŐŚĂƵůŝ^ĞƌĂŝ͕dĂũ^ĂĨĂƌŝ͕ŚŝƚǁĂŶEĂƟŽŶĂůWĂƌŬ Ϯϵ ^ƚ͘:ĂŵĞƐ͛ŽƵƌƚ͕dĂũ,ŽƚĞů͕>ŽŶĚŽŶ ϯϯϴ
dĂũ^ĂŶƚĂĐƌƵǌ͕DƵŵďĂŝ Ϯϳϵ 'ŝŶŐĞƌ,ŽƚĞůʹdƌŝǀĂŶĚƌƵŵ ϭϬϭ
dĂũĂŶŐĂůŽƌĞ͕ĞŶŐĂůƵƌƵ ϭϱϰ 'ŝŶŐĞƌ,ŽƚĞůʹsĂĚŽĚĂƌĂ ϵϵ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ŝŵŝƚĞĚ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ
dĂũĞŬĂůZĞƐŽƌƚΘ^ƉĂ͕<ĞƌĂůĂ 66 'ŝŶŐĞƌ,ŽƚĞůʹEŽŝĚĂǆƚĞŶƐŝŽŶ ϵϲ Chennai Ͳ Bombay Brasserie Ͳ
dĂũŝƚǇĞŶƚƌĞ͕'ƵƌƵŐƌĂŵ ϮϬϴ 'ŝŶŐĞƌ,ŽƚĞůʹsĂƉŝ ϵϬ Quilon Ͳ
dĂũ'ƌĞĞŶŽǀĞZĞƐŽƌƚΘ^ƉĂ͕<ŽǀĂůĂŵ ϱϵ 'ŝŶŐĞƌ,ŽƚĞůʹDƵŵďĂŝdĞůŝ'Ăůůŝ ϭϰϮ /,D^;^ͿWƚǇ>ŝŵŝƚĞĚ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲŬŽƚĂ'ĂƌĚĞŶƐ͕sĂĚŽĚĂƌĂ ϴϲ 'ŝŶŐĞƌ,ŽƚĞůʹ'ŽŵƟEĂŐĂƌ͕>ƵĐŬŶŽǁ ϳϮ dĂũĂƉĞdŽǁŶ͕^ŽƵƚŚĨƌŝĐĂ ϭϱϵ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲƚŚǁĂůŝŶĞƐ͕^ƵƌĂƚ ϮϬϲ 'ŝŶŐĞƌ,ŽƚĞůʹƵƌĂŶŐĂďĂĚ ϲϯ
dŚĞ'ĂƚĞǁĂǇZĞƐŽƌƚͲĂŵĚĂŵĂ>ĂŬĞ͕'ƵƌŐĂŽŶ ϳϴ DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐͲ'ŝŶŐĞƌ d>DĂůĚŝǀĞƐZĞƐŽƌƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲDǇƉĂƐƐ͕<ŽůŬĂƚĂ ϳϵ 'ŝŶŐĞƌ,ŽƚĞůͲ'ƵƌƵŐƌĂŵ;DĂŶĞƐĂƌͿ ϵϮ dĂũǆŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕DĂůĚŝǀĞƐ ϲϰ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲ'ŝƌ&ŽƌĞƐƚ͕:ƵŶĂŐĂĚŚ Ϯϴ 'ŝŶŐĞƌ,ŽƚĞůͲ<ĂƚƌĂ͕:ĂŵŵƵ ϴϬ sŝǀĂŶƚĂŽƌĂůZĞĞĨ͕DĂůĚŝǀĞƐ ϲϮ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲ,ŝŶũĂǁĂĚŝ͕WƵŶĞ ϭϱϬ 'ŝŶŐĞƌ,ŽƚĞůͲdŝƌƵƉƵƌ ϵϭ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲ/dǆƉƌĞƐƐǁĂǇ͕ŚĞŶŶĂŝ ϮϬϬ 'ŝŶŐĞƌ,ŽƚĞůͲsŝǌĂŐ ϲϴ Associate Companies
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲD'ZŽĂĚ͕sŝũĂǇĂǁĂĚĂ ϭϬϴ 'ŝŶŐĞƌ,ŽƚĞůͲŚŵĞĚĂďĂĚ;^ŝůǀĞƌ>ĞĂĨͿ ϯϲ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ
dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲZĂŵŐĂƌŚ>ŽĚŐĞ͕:ĂŝƉƵƌ ϭϰ 'ŝŶŐĞƌ,ŽƚĞůͲŚŵĞĚĂďĂĚ;tŚŝƚĞ>ĞĂĨͿ ϰϰ dĂũŽƌŽŵĂŶĚĞů͕ŚĞŶŶĂŝ ϮϭϮ
dŚĞ'ĂƚĞǁĂǇZĞƐŽƌƚͲWƵƐŚŬĂƌǇƉĂƐƐ͕ũŵĞƌ ϴϭ 'ŝŶŐĞƌ,ŽƚĞůͲ'ƵƌƵŐƌĂŵ ϳϳ dĂũDĂůĂďĂƌZĞƐŽƌƚΘ^ƉĂ͕<ŽĐŚŝ ϵϱ
dŚĞ'ĂƚĞǁĂǇZĞƐŽƌƚͲŽƌďĞƩEĂƟŽŶĂůWĂƌŬ ϲϭ 'ŝŶŐĞƌ,ŽƚĞůͲsĂĚŽĚĂƌĂ;ZZͿ ϳϮ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲĞĂĐŚZŽĂĚ͕sŝƐĂŬŚĂƉĂƚŶĂŵ ϵϱ
sŝǀĂŶƚĂĂůsŝĞǁ͕^ƌŝŶĂŐĂƌ ϴϰ 'ŝŶŐĞƌ,ŽƚĞůͲ'ŽĂ͕ŽŶĂWĂƵůĂ Ϯϰ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲŚƵƌĐŚZŽĂĚ͕ŽŽŶŽŽƌ ϯϮ
sŝǀĂŶƚĂWĂŶĂũŝ͕'ŽĂ ϭϳϮ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲKůĚWŽƌƚZŽĂĚ͕DĂŶŐĂůŽƌĞ ϵϲ
sŝǀĂŶƚĂ^ĂǁĂŝDĂĚŚŽƉƵƌ>ŽĚŐĞ ϯϲ ĞŶĂƌĞƐ,ŽƚĞůƐ>ŝŵŝƚĞĚ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲWĂƐƵŵĂůĂŝ͕DĂĚƵƌĂŝ ϲϯ
sŝǀĂŶƚĂ^ƵƌĂũŬƵŶĚ͕EZ Ϯϴϲ dĂũEĂĚĞƐĂƌWĂůĂĐĞ͕sĂƌĂŶĂƐŝ ϭϬ sŝǀĂŶƚĂ&ŝƐŚĞƌŵĂŶ͛ƐŽǀĞ͕ŚĞŶŶĂŝ ϭϱϬ
Umaid Bhawan Palace, Jodhpur ϲϰ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲ'ĂŶŐĞƐ͕sĂƌĂŶĂƐŝ ϭϯϬ sŝǀĂŶƚĂ^ƵƌǇĂ͕ŽŝŵďĂƚŽƌĞ ϭϳϴ
ZĂŵďĂŐŚWĂůĂĐĞ͕:ĂŝƉƵƌ ϳϴ dŚĞ'ĂƚĞǁĂǇ,ŽƚĞůͲĂůĂŐŚĂƚZŽĂĚ͕'ŽŶĚŝĂ ϯϰ sŝǀĂŶƚĂdƌŝǀĂŶĚƌƵŵ͕<ĞƌĂůĂ ϭϯϳ

ƵƐŝŶĞƐƐZĞƐƉŽŶƐŝďŝůŝƚǇZĞƉŽƌƚ ^ĞĐƟŽŶ͗Z/ŶĨŽƌŵĂƟŽŶ
ϭ͘ ĞƚĂŝůƐŽĨŝƌĞĐƚŽƌͬŝƌĞĐƚŽƌƐƌĞƐƉŽŶƐŝďůĞĨŽƌZ͗
Ϯ͘ W
ƌŝŶĐŝƉůĞͲǁŝƐĞ;ĂƐƉĞƌEs'ƐͿZWŽůŝĐǇͬƉŽůŝĐŝĞƐ;ZĞƉůǇ
ŝŶzͬEͿ͗
;WƵƌƐƵĂŶƚƚŽZĞŐƵůĂƟŽŶϯϰŽĨƚŚĞ^/;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ ĂͿ ĞƚĂŝůƐ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌͬŝƌĞĐƚŽƌƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ dŚĞ EĂƟŽŶĂů sŽůƵŶƚĂƌǇ 'ƵŝĚĞůŝŶĞƐ ŽŶ ^ŽĐŝĂů͕
ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞZƉŽůŝĐǇͬƉŽůŝĐŝĞƐ͗ ŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĐŽŶŽŵŝĐZĞƐƉŽŶƐŝďŝůŝƟĞƐŽĨƵƐŝŶĞƐƐ
dŚĞ ^Z ĂŶĚ ^ƵƐƚĂŝŶĂďŝůŝƚǇ ŽŵŵŝƩĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ;͚Es'͛ƐͿ ƌĞůĞĂƐĞĚ ďǇ ƚŚĞ DŝŶŝƐƚƌǇ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ
^ĞĐƟŽŶ͗'ĞŶĞƌĂů/ŶĨŽƌŵĂƟŽŶĂďŽƵƚƚŚĞŽŵƉĂŶǇ ^ĞĐƟŽŶ͗&ŝŶĂŶĐŝĂůĞƚĂŝůƐŽĨƚŚĞŽŵƉĂŶǇ
ŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝŵƉůĞŵĞŶƚĂƟŽŶŽĨZƉŽůŝĐŝĞƐ͘ are based on nine principles in the realm of Business
ϭ͘
ŽƌƉŽƌĂƚĞ /ĚĞŶƟƚǇ EƵŵďĞƌ ;͚/E͛Ϳ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͗ `/crores
dŚĞDĞŵďĞƌƐŽĨƚŚĞ^ZŽŵŵŝƩĞĞĂƌĞĂƐĨŽůůŽǁƐ͗ ZĞƐƉŽŶƐŝďŝůŝƚǇ͘dŚĞƐĞĂƌĞĂƐƵŶĚĞƌ͗
L74999MH1902PLC000183
^ƌ͘ WĂƌƟĐƵůĂƌƐ &zϮϬϭϳͲϭϴ P1 Businesses should conduct and govern themselves with
EŽ /E EĂŵĞ ĞƐŝŐŶĂƟŽŶ
Ϯ͘ E
ĂŵĞ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͗ The Indian Hotels Company EƵŵďĞƌ Ethics, Transparency and Accountability
Limited (‘IHCL’) 1. Paid up capital 118.93 P2 Businesses should provide goods and services that are
07624616 Mr. Puneet DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK
safe and contribute to sustainability throughout their life
Chhatwal and Chairman of CSR
ϯ͘ Z
ĞŐŝƐƚĞƌĞĚ ĂĚĚƌĞƐƐ͗ Mandlik House, Mandlik Road, 2. Total turnover (net of excise) 2639.34 cycle.
ŽŵŵŝƩĞĞ
Mumbai- 400001 P3 Businesses should promote the well-being of all
3. dŽƚĂůƉƌŽĮƚĂŌĞƌƚĂǆĞƐ͕ƐŚĂƌĞŽĨůŽƐƐŽĨ 00066195 Mr. Nadir B. Godrej /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ
147.77 employees
ϰ͘ tĞďƐŝƚĞ͗www.tajhotels.com associate and minority interest 05195656 DƐ͘/ƌĞĞŶĂsŝƩĂů /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ P4 Businesses should respect the interests of, and be
4. Total spending on Corporate Social 5.27 responsive towards all stakeholders, especially those
ϱ͘ ͲŵĂŝůĂĚĚƌĞƐƐ͗ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚǇ;^ZͿĂƐƉĞƌĐĞŶƚĂŐĞŽĨƉƌŽĮƚ ďͿ ĞƚĂŝůƐŽĨƚŚĞZŚĞĂĚ͗ who are disadvantaged, vulnerable and marginalized.
ĂŌĞƌƚĂǆ;йͿ ^ƌ͘ WĂƌƟĐƵůĂƌƐ ĞƚĂŝůƐ P5 Businesses should respect and promote human rights.
ϲ͘ &ŝŶĂŶĐŝĂůzĞĂƌƌĞƉŽƌƚĞĚ͗ April 1, 2017 to March 31, 2018
EŽ P6 ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƌĞƐƉĞĐƚ͕ ƉƌŽƚĞĐƚ͕ ĂŶĚ ŵĂŬĞ ĞīŽƌƚƐ ƚŽ
1. Name ƌ͘WsZĂŵĂŶĂDƵƌƚŚǇ restore the environment.
ϳ͘ ^ ĞĐƚŽƌ;ƐͿ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶǇ ŝƐ ĞŶŐĂŐĞĚ ŝŶ ;ŝŶĚƵƐƚƌŝĂů ϱ͘ >ŝƐƚ ŽĨ ĂĐƟǀŝƟĞƐ ŝŶ ǁŚŝĐŚ ĞǆƉĞŶĚŝƚƵƌĞ ŝŶ ϰ ĂďŽǀĞ ŚĂƐ
ĂĐƟǀŝƚǇĐŽĚĞͲǁŝƐĞͿ͗ ďĞĞŶŝŶĐƵƌƌĞĚ͗ P7 ƵƐŝŶĞƐƐĞƐ͕ ǁŚĞŶ ĞŶŐĂŐĞĚ ŝŶ ŝŶŇƵĞŶĐŝŶŐ ƉƵďůŝĐ ĂŶĚ
2. ĞƐŝŐŶĂƟŽŶ ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚʹ'ůŽďĂů regulatory policy, should do so in a responsible manner.
ĂͿ ŵƉůŽǇŵĞŶƚĞŶŚĂŶĐŝŶŐǀŽĐĂƟŽŶĂůƐŬŝůůƐƚƌĂŝŶŝŶŐ Head Human Resources
b) Livelihood enhancement projects P8 Businesses should support inclusive growth and
'ƌŽƵƉ ĞƐĐƌŝƉƟŽŶ 3. Telephone 022-61371637
ĐͿ WƌŽŵŽƟŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨƚƌĂĚŝƟŽŶĂůĂƌƚƐĂŶĚ equitable development.
551 ^ŚŽƌƚdĞƌŵĐĐŽŵŵŽĚĂƟŽŶĂĐƟǀŝƟĞƐ Number P9 Businesses should engage with and provide value to
ŚĂŶĚŝĐƌĂŌƐ
561 ZĞƐƚĂƵƌĂŶƚƐĂŶĚŵŽďŝůĞĨŽŽĚƐĞƌǀŝĐĞĂĐƟǀŝƟĞƐ ĚͿ WƌĞƐĞƌǀĂƟŽŶĂŶĚƉƌŽŵŽƟŽŶŽĨŚĞƌŝƚĂŐĞƐŝƚĞƐ 4. Email Ws͘DƵƌƚŚǇΛƚĂũŚŽƚĞůƐ͘ĐŽŵ their customers and consumers in a responsible manner.
ĞͿ ŽŶĂƟŽŶƐƚŽŽƚŚĞƌŝŶƐƟƚƵƟŽŶƐŝŶĐůƵĚŝŶŐĨŽƌǁĞůĨĂƌĞ
ϴ͘ >ŝƐƚ ƚŚƌĞĞ ŬĞǇ ƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶǇ ŝŶŝƟĂƟǀĞƐ WƌŝŶĐŝƉůĞͲǁŝƐĞ;ĂƐƉĞƌEs'ƐͿZWŽůŝĐǇͬƉŽůŝĐŝĞƐ;ZĞƉůǇŝŶzͬEͿ͗
ŵĂŶƵĨĂĐƚƵƌĞƐͬƉƌŽǀŝĚĞƐ;ĂƐŝŶďĂůĂŶĐĞƐŚĞĞƚͿ͗ ^ƌ͘ YƵĞƐƟŽŶƐ P1 P2 P3 P4 P5 P6 P7 P8 P9
a) Rooms ^ĞĐƟŽŶ͗KƚŚĞƌĞƚĂŝůƐ EŽ
b) Food and beverage services ϭ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶǇ ŚĂǀĞ ĂŶǇ ^ƵďƐŝĚŝĂƌǇ ĐŽŵƉĂŶǇͬ 1. ŽǇŽƵŚĂǀĞĂƉŽůŝĐǇͬƉŽůŝĐŝĞƐĨŽƌ͙͘͘ z z z z z z N z z
ĐŽŵƉĂŶŝĞƐ͍ 2. ,ĂƐƚŚĞƉŽůŝĐǇďĞĞŶĨŽƌŵƵůĂƚĞĚŝŶĐŽŶƐƵůƚĂƟŽŶǁŝƚŚƚŚĞ z z z z z z N z z
ϵ͘ dŽƚĂů ŶƵŵďĞƌ ŽĨ ůŽĐĂƟŽŶƐ ǁŚĞƌĞ ďƵƐŝŶĞƐƐ ĂĐƟǀŝƚǇ ŝƐ relevant stakeholders?
ƵŶĚĞƌƚĂŬĞŶďǇƚŚĞŽŵƉĂŶǇ͗ zĞƐ͘dŚĞŽŵƉĂŶǇŚĂƐϮϭ^ƵďƐŝĚŝĂƌŝĞƐ͕ϴ:ŽŝŶƚsĞŶƚƵƌĞƐ 3. ŽĞƐ ƚŚĞ ƉŽůŝĐǇ ĐŽŶĨŽƌŵ ƚŽ ĂŶǇ ŶĂƟŽŶĂů ͬ ŝŶƚĞƌŶĂƟŽŶĂů z z z z z z N z z
standards? Industry hE'Θ UNGC hE'Θ
EƵŵďĞƌŽĨ/ŶƚĞƌŶĂƟŽŶĂů>ŽĐĂƟŽŶƐ͗ϭϯ and 6 Associates as at March 31, 2018.
benchmarks Industry ITP
EƵŵďĞƌŽĨEĂƟŽŶĂů>ŽĐĂƟŽŶƐ͗ϱϭ Benchmarks
Ϯ͘ Ž ƚŚĞ ^ƵďƐŝĚŝĂƌǇ ĐŽŵƉĂŶǇͬĐŽŵƉĂŶŝĞƐ ƉĂƌƟĐŝƉĂƚĞ ŝŶ 4. Has the policy been approved by the Board? z z z z z z N z z
ϭϬ͘ DĂƌŬĞƚƐƐĞƌǀĞĚďǇƚŚĞŽŵƉĂŶǇͲ>ŽĐĂůͬ^ƚĂƚĞͬEĂƟŽŶĂů ƚŚĞZ/ŶŝƟĂƟǀĞƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇ͍/ĨǇĞƐ͕ƚŚĞŶ /Ĩ ǇĞƐ͕ ŚĂƐ ŝƚ ďĞĞŶ ƐŝŐŶĞĚ ďǇ D ͬ KǁŶĞƌ ͬ K ͬ
ͬ/ŶƚĞƌŶĂƟŽŶĂů͗ ŝŶĚŝĐĂƚĞƚŚĞŶƵŵďĞƌŽĨƐƵĐŚ^ƵďƐŝĚŝĂƌǇĐŽŵƉĂŶǇ;ƐͿ͘ ĂƉƉƌŽƉƌŝĂƚĞŽĂƌĚŝƌĞĐƚŽƌ͍
/ŶƚĞƌŶĂƟŽŶĂů͗ 5. ŽĞƐ ƚŚĞ ŽŵƉĂŶǇ ŚĂǀĞ Ă ƐƉĞĐŝĮĞĚ ĐŽŵŵŝƩĞĞ ŽĨ ƚŚĞ z z z z z z N z z
hŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͗EĞǁzŽƌŬ͕^ĂŶ&ƌĂŶĐŝƐĐŽĂŶĚ zĞƐ͘^ŽŵĞŽĨƚŚĞŵĂũŽƌƐƵďƐŝĚŝĂƌŝĞƐƐƵĐŚĂƐW/D,ŽƚĞůƐ ŽĂƌĚͬŝƌĞĐƚŽƌͬKĸĐŝĂůƚŽŽǀĞƌƐĞĞƚŚĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨ
Boston Limited, Benaras Hotels Limited and some managed the policy?
hŶŝƚĞĚ<ŝŶŐĚŽŵ͗>ŽŶĚŽŶ ƉƌŽƉĞƌƟĞƐ ůŝŬĞ KƌŝĞŶƚĂů ,ŽƚĞůƐ >ŝŵŝƚĞĚ͕ dĂũ 's< ,ŽƚĞůƐ 6. Indicate the link for the policy to be viewed online? dŚĞƉŽůŝĐŝĞƐĂƌĞĂǀĂŝůĂďůĞŽŶůŝŶĞŽŶ͗
hŶŝƚĞĚƌĂďŵŝƌĂƚĞƐ͗ƵďĂŝ ĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚƉĂƌƟĐŝƉĂƚĞĚ͘ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬĞŶͲŝŶͬĂďŽƵƚͲƚĂũͲŐƌŽƵƉͬŝŶǀĞƐƚŽƌƐͬƉŽůŝĐŝĞƐͬ
^ŽƵƚŚĨƌŝĐĂ͗ĂƉĞdŽǁŶ 7. Has the policy been formally communicated to all relevant z z z z z z N z z
ĂŵďŝĂ͗>ƵƐĂŬĂ ϯ͘ ŽĂŶǇŽƚŚĞƌĞŶƟƚǇͬĞŶƟƟĞƐ;Ğ͘Ő͘ƐƵƉƉůŝĞƌƐ͕ĚŝƐƚƌŝďƵƚŽƌƐ͕ internal and external stakeholders?
^ƌŝ>ĂŶŬĂ͗ŽůŽŵďŽĂŶĚĞŶƚŽƚĂ ĞƚĐ͘ͿƚŚĂƚƚŚĞŽŵƉĂŶǇĚŽĞƐďƵƐŝŶĞƐƐǁŝƚŚ͖ƉĂƌƟĐŝƉĂƚĞ 8. ŽĞƐƚŚĞŽŵƉĂŶǇŚĂǀĞŝŶŚŽƵƐĞƐƚƌƵĐƚƵƌĞƚŽŝŵƉůĞŵĞŶƚ z z z z z z N z z
ŚƵƚĂŶ͗dŚŝŵƉƵ ŝŶ ƚŚĞ Z ŝŶŝƟĂƟǀĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͍ /Ĩ ǇĞƐ͕ ƚŚĞŶ the policy/policies?
EĞƉĂů͗ŚŝƚǁĂŶ ŝŶĚŝĐĂƚĞ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƐƵĐŚ ĞŶƟƚǇͬĞŶƟƟĞƐ͍ ΀>ĞƐƐ 9. ŽĞƐƚŚĞŽŵƉĂŶǇŚĂǀĞĂŐƌŝĞǀĂŶĐĞƌĞĚƌĞƐƐĂů z z z z z z N z z
Maldives ƚŚĂŶϯϬй͕ϯϬͲϲϬй͕DŽƌĞƚŚĂŶϲϬй΁ mechanism related to the policy/policies to address
stakeholders’ grievances related to the policy/policies?
DĂůĂǇƐŝĂ͗>ĂŶŐŬĂǁŝ
10. Has the Company carried out independent audit / z z z z z z N z z
/ŶĚŝĂ͗ DƵŵďĂŝ͕ ĞůŚŝ͕ ,ǇĚĞƌĂďĂĚ͕ ŚĞŶŶĂŝ͕ <ŽůŬĂƚĂ͕ No.
ĞǀĂůƵĂƟŽŶŽĨƚŚĞǁŽƌŬŝŶŐŽĨƚŚŝƐƉŽůŝĐǇďǇĂŶŝŶƚĞƌŶĂůŽƌ
Bangalore, Goa, Rajasthan, Bengal external agency?

ϮĂ͘ / Ĩ ĂŶƐǁĞƌ ƚŽ ^ƌ͘ EŽ͘ ϭ ĂŐĂŝŶƐƚ ĂŶǇ ƉƌŝŶĐŝƉůĞ͕ ŝƐ ͚EŽ͕͛ ^ĞĐƟŽŶ͗WƌŝŶĐŝƉůĞͲǁŝƐĞWĞƌĨŽƌŵĂŶĐĞ d ŚĞŚŽƚĞůƐƉĂƌƟĐŝƉĂƟŶŐŝŶƚŚĞĂƌƚŚŚĞĐŬƉƌŽŐƌĂŵŝŶ&z system. In the new system, orders from hotels are
ƉůĞĂƐĞĞǆƉůĂŝŶǁŚǇ͗ WƌŝŶĐŝƉůĞϭ 2017-18 together recycled and reused a total of 3,276,923 consolidated, leading to full truck load shipments from
^ƌ͘EŽ WĂƌƟĐƵůĂƌƐ P7 ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ĐŽŶĚƵĐƚ ĂŶĚ ŐŽǀĞƌŶ ƚŚĞŵƐĞůǀĞƐ <>ŽĨǁĂƚĞƌƚŚƌŽƵŐŚƌĂŝŶǁĂƚĞƌŚĂƌǀĞƐƟŶŐĂŶĚƌĞĐǇĐůŝŶŐŽĨ vendors to warehouse and from warehouse to hotels.
1. The Company has not ǁŝƚŚƚŚŝĐƐ͕dƌĂŶƐƉĂƌĞŶĐǇĂŶĚĐĐŽƵŶƚĂďŝůŝƚǇ grey water through onsite waste water treatment plants. dŚŝƐŚĂƐƌĞĚƵĐĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶĚƵĞƚŽĐŽŶƐŽůŝĚĂƟŽŶŽĨ
understood the Principles ϭ͘
ŽĞƐƚŚĞƉŽůŝĐǇƌĞůĂƟŶŐƚŽĞƚŚŝĐƐ͕ďƌŝďĞƌǇĂŶĚĐŽƌƌƵƉƟŽŶ The amount of recycled and reused water is equivalent to shipments.
ĐŽǀĞƌŽŶůǇƚŚĞŽŵƉĂŶǇ͍ ϭϯϭϭKůǇŵƉŝĐƐŝǌĞĚ^ǁŝŵŵŝŶŐWŽŽůƐ͘
2. The Company is not at a
EŽ͕ƚŚĞƉŽůŝĐǇƌĞůĂƟŶŐƚŽĞƚŚŝĐƐ͕ďƌŝďĞƌǇĂŶĚĐŽƌƌƵƉƟŽŶŝƐ dŚŝƐ ŝŶŝƟĂƟǀĞ ŚĂƐ ŚĞůƉĞĚ ƚŚĞ ŽŵƉĂŶǇ ŝŵƉƌŽǀĞ ŝƚƐ
ƐƚĂŐĞ ǁŚĞƌĞ ŝƚ ĮŶĚƐ ŝƚƐĞůĨ ŝŶ
extended to all stakeholders. ĂͿ Z ĞĚƵĐƟŽŶ ĚƵƌŝŶŐ ƐŽƵƌĐŝŶŐͬƉƌŽĚƵĐƟŽŶͬ ƐƵƉƉůǇ ĐŚĂŝŶ ĞĸĐŝĞŶĐǇ ĂŶĚ ůŽǁĞƌ ŝƚƐ ĐĂƌďŽŶ ĨŽŽƚƉƌŝŶƚ͕
Ă ƉŽƐŝƟŽŶ ƚŽ ĨŽƌŵƵůĂƚĞ ĂŶĚ
ĚŝƐƚƌŝďƵƟŽŶ ĂĐŚŝĞǀĞĚ ƐŝŶĐĞ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ ƌĞĚƵĐĞ ƐƚŽĐŬ ŝŶǀĞŶƚŽƌŝĞƐ ĂŶĚ ŽƉƟŵŝǌĞ ůŽŐŝƐƟĐƐ ďǇ
implement the policies on
Ϯ͘
ŽĞƐŝƚĞǆƚĞŶĚƚŽƚŚĞ'ƌŽƵƉͬ:ŽŝŶƚsĞŶƚƵƌĞƐͬ^ƵƉƉůŝĞƌƐͬ ƚŚƌŽƵŐŚŽƵƚƚŚĞǀĂůƵĞĐŚĂŝŶ͍ serving the hotel needs through regional hubs. The
ƐƉĞĐŝĮĞĚWƌŝŶĐŝƉůĞƐ
ŽŶƚƌĂĐƚŽƌƐͬE'KƐͬKƚŚĞƌƐ͍ The steps implemented to improve resource Central Warehousing programme covers 40 vendors and
3. The Company does not zĞƐ͘ ĞĸĐŝĞŶĐǇ ĂŶĚ ƐƚƌĞŶŐƚŚĞŶ ƐƵƐƚĂŝŶĂďŝůŝƚǇ ŝŶ ƚŚĞ 600 stock keeping units with the business turnover of
ŚĂǀĞ ĮŶĂŶĐŝĂů Žƌ ŵĂŶƉŽǁĞƌ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŽƉĞƌĂƟŽŶ ŽĨ ŽƵƌ ŚŽƚĞůƐ ŝŶĐůƵĚĞ ` 60 crores.
resources available for the ϯ͘ ,
ŽǁŵĂŶǇƐƚĂŬĞŚŽůĚĞƌĐŽŵƉůĂŝŶƚƐŚĂǀĞďĞĞŶƌĞĐĞŝǀĞĚ ƐŽƵƌĐŝŶŐ>ůŝŐŚƚƐĨŽƌŝŶĐƌĞĂƐĞĚĞŶĞƌŐǇĞĸĐŝĞŶĐǇ͕
task ŝŶ ƚŚĞ ƉĂƐƚ ĮŶĂŶĐŝĂů ǇĞĂƌ ĂŶĚ ǁŚĂƚ ƉĞƌĐĞŶƚĂŐĞ ǁĂƐ ŝŶƐƚĂůůŝŶŐůŽǁͲŇŽǁĮǆƚƵƌĞƐŝŶƚŽŝůĞƚƐĂŶĚŽƚŚĞƌĂƌĞĂƐ ϰ͘ ,ĂƐ ƚŚĞ ĐŽŵƉĂŶǇ ƚĂŬĞŶ ĂŶǇ ƐƚĞƉƐ ƚŽ ƉƌŽĐƵƌĞ ŐŽŽĚƐ
4. It is planned to be done within ƐĂƟƐĨĂĐƚŽƌŝůǇ ƌĞƐŽůǀĞĚ ďǇ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͍ /Ĩ ƐŽ͕ ŽĨ ŚŝŐŚ ǁĂƚĞƌ ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ƚŚĞ ƵƐĞ ŽĨ ƐŽůĂƌ ĂŶĚ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ůŽĐĂů Θ ƐŵĂůů ƉƌŽĚƵĐĞƌƐ͕ ŝŶĐůƵĚŝŶŐ
next six months ƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽʹ hot water systems. Further, we encourage the use ĐŽŵŵƵŶŝƟĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞŝƌ ƉůĂĐĞ ŽĨ ǁŽƌŬ͍ /Ĩ ǇĞƐ͕
5. It is planned to be done within 33 of building materials that are recycled and locally ǁŚĂƚƐƚĞƉƐŚĂǀĞďĞĞŶƚĂŬĞŶƚŽŝŵƉƌŽǀĞƚŚĞŝƌĐĂƉĂĐŝƚǇ
next one year extracted or manufactured wherever possible. ĂŶĚĐĂƉĂďŝůŝƚǇŽĨůŽĐĂůĂŶĚƐŵĂůůǀĞŶĚŽƌƐ͍
6. Any other reason (please The Company will WƌŝŶĐŝƉůĞϮ ƵƌŝŶŐ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ƉƌŽĐĞƐƐ͕ ǁĞ ĞŶƐƵƌĞ ƚŚĂƚ The Company encourages its hotels to locally source
specify) plan to incorporate ƵƐŝŶĞƐƐĞƐƐŚŽƵůĚƉƌŽǀŝĚĞŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞ ǁĂƐƚĞĂŶĚĚĞďƌŝƐŝƐĚŝǀĞƌƚĞĚĨƌŽŵƚŚĞůĂŶĚĮůůƐĂŶĚ products from small scale farmers, marginalized
formal policy in ƐĂĨĞĂŶĚĐŽŶƚƌŝďƵƚĞƚŽƐƵƐƚĂŝŶĂďŝůŝƚǇƚŚƌŽƵŐŚŽƵƚƚŚĞŝƌ ƐĞŶƚƚŽĐĞƌƟĮĞĚƌĞĐǇĐůŝŶŐĂŐĞŶĐŝĞƐ͘ vendors and women self-help groups. Some of the
coming years ůŝĨĞĐǇĐůĞ ƉƌŽĚƵĐƚƐ ƐŽƵƌĐĞĚ ďǇ ŽƵƌ ŚŽƚĞůƐ ŝŶĐůƵĚĞ ĨƌĞƐŚ ĮƐŚ͕
ϭ͘ > ŝƐƚƵƉƚŽϯŽĨǇŽƵƌƉƌŽĚƵĐƚƐŽƌƐĞƌǀŝĐĞƐǁŚŽƐĞĚĞƐŝŐŶ ďͿ ZĞĚƵĐƟŽŶ ĚƵƌŝŶŐ ƵƐĂŐĞ ďǇ ĐŽŶƐƵŵĞƌƐ ;ĞŶĞƌŐǇ͕ ǀĞŐĞƚĂďůĞƐ͕ůĂƵŶĚƌǇďĂŐƐ͕ŚŽŶĞǇ͕ĐĂŶĚůĞƐ͕ŐŝŌŝƚĞŵƐĨŽƌ
ϯ͘ '
ŽǀĞƌŶĂŶĐĞƌĞůĂƚĞĚƚŽZ ŚĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƐŽĐŝĂů Žƌ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶĐĞƌŶƐ͕ ǁĂƚĞƌͿŚĂƐďĞĞŶĂĐŚŝĞǀĞĚƐŝŶĐĞƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͍ guests, table napkins, dusters, dry snacks and pickles.
Indicate the frequency with which the Board of ƌŝƐŬƐĂŶĚͬŽƌŽƉƉŽƌƚƵŶŝƟĞƐ͘ /Ŷ &z ϮϬϭϳͲϭϴ͕ ƚŚĞ ŚŽƚĞůƐ ƉĂƌƟĐŝƉĂƟŶŐ ŝŶ ƚŚĞ ĚĚŝƟŽŶĂůůǇ͕ ůŽĐĂů Ăƌƚ ĂŶĚ ĐƵůƚƵƌĞ ƚƌŽƵƉĞƐ͕ ĂƌƟƐƚƐ ĂŶĚ
ŝƌĞĐƚŽƌƐ͕ŽŵŵŝƩĞĞŽĨƚŚĞŽĂƌĚŽƌKĂƐƐĞƐƐĞƐƚŚĞ ƐĂŚŽƐƉŝƚĂůŝƚǇĐŽŵƉĂŶǇ͕ƚŚĞƌŽŽŵƐĂŶĚ&ΘĞǆƉĞƌŝĞŶĐĞ EarthCheck program together used a total of ĂƌƟƐĂŶƐ ĂƌĞ ƉƌŽǀŝĚĞĚ Ă ƉůĂƞŽƌŵ ŝŶ ŚŽƚĞůƐ ƚŽ ƉĞƌĨŽƌŵ
BR performance of the Company. Within 3 months, provided to guests is our product and service. We ϮϱϮ͕ϲϳϳ͕ϲϱϴ D: ĨƌŽŵ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐǇ ƐŽƵƌĐĞƐ to guests and sell their products. This generates the
ϯͲϲŵŽŶƚŚƐ͕ŶŶƵĂůůǇ͕DŽƌĞƚŚĂŶϭǇĞĂƌ͗ endeavour to integrate measures entailing energy and both through Green Power Agreements with ĚƵĂů ŝŵƉĂĐƚ ŽĨ ƐƵƉƉŽƌƟŶŐ ƚŚĞ ůŝǀĞůŝŚŽŽĚ ŽĨ ƚŚĞƐĞ
ǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶ͕ǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ͕ĐƵůƚƵƌĂůůǇ ĂŶĚ their electricity providers as well as onsite and ĂƌƟƐĂŶƐĂŶĚĞŶĐŽƵƌĂŐŝŶŐƚŚĞƉƌĞƐĞƌǀĂƟŽŶŽĨƚƌĂĚŝƟŽŶĂů
The Company has a Board level CSR and Sustainability ƌĞŐŝŽŶĂůůǇ ƐĞŶƐŝƟǀĞ ĚĞƐŝŐŶƐ ĂŶĚ ŝŶƚĞƌŝŽƌƐ ŽĨ ŽƵƌ ŚŽƚĞůƐ͕ ŽīƐŝƚĞƌĞŶĞǁĂďůĞĞŶĞƌŐǇŝŶĐůƵĚŝŶŐǁŝŶĚĨĂƌŵƐĂŶĚ art forms.
ŽŵŵŝƩĞĞ ŚĞĂĚĞĚ ďǇ ƚŚĞ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ Θ responsible purchases from local and marginalized ƐŽůĂƌ ƉĂŶĞůƐ͘ dŚĞƌĞďǇ͕ ϱϴ͘ϱϴ <d KϮ ǁĂƐ ĂǀŽŝĚĞĚ͕
ŚŝĞĨǆĞĐƵƟǀĞKĸĐĞƌ;͚DΘK͛ͿĂŶĚƚǁŽ/ŶĚĞƉĞŶĚĞŶƚ ĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ĂƌƟƐĂŶƐ ĂŶĚ ĐƌĂŌƐŵĞŶĂŶĚ ůŽĐĂů ŚŝƌŝŶŐ͘ ĐŽŵƉĂƌĂďůĞƚŽƚĂŬŝŶŐϭϵ͕ϲϱϴĐĂƌƐŽīƚŚĞƌŽĂĚ͘ ^ŽŵĞŽĨƚŚĞŽŵƉĂŶǇ͛ƐŬĞǇE'KƉĂƌƚŶĞƌƐŝŶĐůƵĚĞĂŶĐĞƌ
ŝƌĞĐƚŽƌƐ͘ dŚŝƐ ŽŵŵŝƩĞĞ ŵĞĞƚƐ ďŝͲĂŶŶƵĂůůǇ ƚŽ ĂƐƐĞƐƐ These are implemented right from the development WĂƟĞŶƚƐŝĚƐƐŽĐŝĂƟŽŶ͕^Z/^,d/͘/Ŷ&zϮϬϭϳͲϭϴ͕ŚŽƚĞůƐ
ƚŚĞ^ZŝŶŝƟĂƟǀĞƐĂŶĚŽŶĂŶĞĞĚďĂƐŝƐ͘ĚĚŝƟŽŶĂůůǇ͕ĂŶ ƐƚĂŐĞ ƚŽ ŽƉĞƌĂƟŽŶƐ ŽĨ ŬĞǇ ŚŽƚĞůƐ͕ ƉĂƌƟĐƵůĂƌůǇ ŝŶ dŚĞŚŽƚĞůƐƉĂƌƟĐŝƉĂƟŶŐŝŶƚŚĞĂƌƚŚŚĞĐŬƉƌŽŐƌĂŵ sourced ` 885 lakhs worth of products and services from
ŝŶƚĞƌŶĂů ^ƵƐƚĂŝŶĂďŝůŝƚǇ ĚǀŝƐŽƌǇ ŽŵŵŝƩĞĞ ůĞĚ ďǇ ƚŚĞ ĞĐŽůŽŐŝĐĂůĂŶĚƐŽĐŝĂůůǇƐĞŶƐŝƟǀĞƌĞŐŝŽŶƐ͘ ŝŶ &z ϮϬϭϳͲϭϴ ƚŽŐĞƚŚĞƌ ƌĞĐǇĐůĞĚ ĂŶĚ ƌĞƵƐĞĚ Ă farmers, less privileged vendor’s women self-help groups
^ĞŶŝŽƌ sŝĐĞ WƌĞƐŝĚĞŶƚ ʹ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ͕ ŚĂƐ ďĞĞŶ total of 3,276,923 KL of water through rain water ĂŶĚ E'KƐƚŚĂƚƐƵƉƉŽƌƚ ůŽĐĂůĐŽŵŵƵŶŝƟĞƐŝŶ ĞĂƌŶŝŶŐĂ
ĐŽŶƐƟƚƵƚĞĚ͘dŚŝƐŽŵŵŝƩĞĞŵĞĞƚƐƋƵĂƌƚĞƌůǇƚŽƌĞǀŝĞǁ Ϯ͘ &ŽƌĞĂĐŚƐƵĐŚƉƌŽĚƵĐƚ͕ƉƌŽǀŝĚĞƚŚĞĨŽůůŽǁŝŶŐĚĞƚĂŝůƐŝŶ ŚĂƌǀĞƐƟŶŐ Žƌ ƌĞĐǇĐůŝŶŐ ŽĨ ŐƌĞǇ ǁĂƚĞƌ ƚŚƌŽƵŐŚ livelihood.
and assess the BR performance of the Company. ƌĞƐƉĞĐƚ ŽĨ ƌĞƐŽƵƌĐĞ ƵƐĞ ;ĞŶĞƌŐǇ͕ ǁĂƚĞƌ͕ ƌĂǁ ŵĂƚĞƌŝĂů͕ onsite waste water treatment plants. The amount
ĞƚĐ͘ͿƉĞƌƵŶŝƚŽĨƉƌŽĚƵĐƚ;ŽƉƟŽŶĂůͿ͗ of recycled and reused water is equivalent to 1311 dŚŝƐ ŝŶŝƟĂƟǀĞ ŝƐ ĨĂĐŝůŝƚĂƚĞĚ ďǇ ƚŚĞ ŽƌƉŽƌĂƚĞ DĂƚĞƌŝĂůƐ
ŽĞƐ ƚŚĞ ŽŵƉĂŶǇ ƉƵďůŝƐŚ Ă Z Žƌ Ă ^ƵƐƚĂŝŶĂďŝůŝƚǇ dŚĞĐŽŶƐƵŵƉƟŽŶŽĨĞŶĞƌŐǇ͕ǁĂƚĞƌĂŶĚŽƚŚĞƌƌĞƐŽƵƌĐĞƐ KůǇŵƉŝĐƐŝǌĞĚ^ǁŝŵŵŝŶŐWŽŽůƐ͘ Group and hotel Materials team along with the CSR team.
Report? What is the hyperlink for viewing this report? in our hotels is measured per guest night, in terms of /ŶƚŚĞŝŶŝƟĂůƐƚĂŐĞƐ͕ƚŚĞŽŵƉĂŶǇǀŽůƵŶƚĞĞƌƐŚĞůƉďƵŝůĚ
How frequently it is published? ƵƐĂŐĞƉĞƌĐŽŶƐƵŵĞƌ͘dŚĞŽŵƉĂŶǇĨŽĐƵƐĞƐŽŶŽƉƟŵŝǌŝŶŐ ϯ͘ ŽĞƐ ƚŚĞ ĐŽŵƉĂŶǇ ŚĂǀĞ ƉƌŽĐĞĚƵƌĞƐ ŝŶ ƉůĂĐĞ ĨŽƌ ƚŚĞ ĐĂƉĂĐŝƟĞƐ ŽĨ ƐŵĂůů ƐĐĂůĞ ǀĞŶĚŽƌƐ ďǇ ŚĂŶĚŚŽůĚŝŶŐ
ƌĞƐŽƵƌĐĞĐŽŶƐƵŵƉƟŽŶƚŽĂǀŽŝĚǁĂƐƚĂŐĞƐĂŶĚŵŝŶŝŵŝǌĞ ƐƵƐƚĂŝŶĂďůĞ ƐŽƵƌĐŝŶŐ ;ŝŶĐůƵĚŝŶŐ ƚƌĂŶƐƉŽƌƚĂƟŽŶͿ͍ /Ĩ ƚŚĞŵ͘ dŚĞ ŽŵƉĂŶǇ͛Ɛ ƚĞĂŵƐ ŚĞůƉ ƚŚĞ ǀĞŶĚŽƌƐ ƌĞĮŶĞ
zĞƐ͘ dŚĞ ŽŵƉĂŶǇ ƉƵďůŝƐŚĞƐ ĂŶŶƵĂůůǇ ƚŽ ƚŚĞ hŶŝƚĞĚ our environmental impact. ǇĞƐ͕ ǁŚĂƚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ǇŽƵƌ ŝŶƉƵƚƐ ǁĂƐ ƐŽƵƌĐĞĚ their product and quality control measures to meet Taj
EĂƟŽŶĂů'ůŽďĂůŽŵƉĂĐƚ;͚hE'͛Ϳ͕ƚŚĞĂƌďŽŶŝƐĐůŽƐƵƌĞ ƐƵƐƚĂŝŶĂďůǇ͍ůƐŽ͕ƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬ standards. They also provide the vendors with market
WƌŽũĞĐƚ ;͚W͛Ϳ ĂŶĚ ǁŝůů ƉƵďůŝƐŚ Ă ^ƵƐƚĂŝŶĂďŝůŝƚǇ ZĞƉŽƌƚ /Ŷ&zϮϬϭϳͲϭϴ͕ƚŚĞŚŽƚĞůƐƉĂƌƟĐŝƉĂƟŶŐŝŶƚŚĞĂƌƚŚŚĞĐŬ ǁŽƌĚƐŽƌƐŽ͘ linkages both within the Taj network and externally.
ĂĐĐŽƌĚŝŶŐƚŽƚŚĞ'Z/^ƚĂŶĚĂƌĚƐĨŽƌ&zϮϬϭϳͲϭϴ͘ ƉƌŽŐƌĂŵƚŽŐĞƚŚĞƌƵƐĞĚĂƚŽƚĂůŽĨϮϱϮ͕ϲϳϳ͕ϲϱϴD:ĨƌŽŵ The Company constantly endeavours to integrate ĚĚŝƟŽŶĂůůǇ͕ ƚƌĂŝŶŝŶŐ ŝƐ ŐŝǀĞŶ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ŚǇŐŝĞŶĞ͕
renewable energy sources both through Green Power ƐƵƐƚĂŝŶĂďůĞ ƉƌĂĐƟĐĞƐ ŝŶƚŽ ŝƚƐ ƐƵƉƉůǇ ĐŚĂŝŶ͘ 'ŝǀĞŶ ƚŚĞ ƐĂŶŝƚĂƟŽŶ ĂŶĚ ĨŽŽĚ ƐĂĨĞƚǇ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƟĐĞƐ ĨŽƌ
The UNGC report can be accessed at Agreements with their electricity providers as well as widespread network of hotels, the Company understands budding entrepreneurs dealing in food products. Ethics,
ŚƩƉƐ͗ͬͬŐŽŽ͘ŐůͬtEŝĐŬ. ŽŶƐŝƚĞĂŶĚŽīƐŝƚĞƌĞŶĞǁĂďůĞĞŶĞƌŐǇŝŶĐůƵĚŝŶŐǁŝŶĚĨĂƌŵƐ ƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨĞĸĐŝĞŶƚůǇŵĂŶĂŐŝŶŐŝƚƐƐƵƉƉůǇĐŚĂŝŶ͘ ĂŶƟͲĐŽƌƌƵƉƟŽŶ ĂŶĚ ŚƵŵĂŶ ƌŝŐŚƚƐ ĂƌĞ ĂůƐŽ ĂƌĞĂƐ ƚŚĂƚ
ĂŶĚ ƐŽůĂƌ ƉĂŶĞůƐ͘ dŚĞƌĞďǇ͕ ϱϴ͘ϱϴ <d KϮ ǁĂƐ ĂǀŽŝĚĞĚ͕ In this regard, the Company has revamped its sourcing are emphasized on during the training. The Company’s
The Sustainability Report 2017-18 will be uploaded on ĐŽŵƉĂƌĂďůĞƚŽƚĂŬŝŶŐϭϵ͕ϲϱϴĐĂƌƐŽīƚŚĞƌŽĂĚ͘ ĂŶĚ ĚŝƐƚƌŝďƵƟŽŶ ŵŽĚĞů͘ dŚĞ ƚƌĂĚŝƟŽŶĂů ŵŽĚĞů ŽĨ ŽƌƉŽƌĂƚĞ DĂƚĞƌŝĂůƐ ƚĞĂŵ ĂůƐŽ ĂƐƐŝƐƚ ŝŶ ĨĂĐŝůŝƚĂƟŶŐ
the website www.tajhotels.com once it is published. procurement by individual hotels has been replaced by ĮŶĂŶĐŝĂůƐƵƉƉŽƌƚƚŽůĞƐƐƉƌŝǀŝůĞŐĞĚǀĞŶĚŽƌ͛ƐĂŶĚƐƵƉƉŽƌƚ
Ă ƵŶŝĮĞĚ ǁĂƌĞŚŽƵƐŝŶŐ ĂŶĚ ĚŝƐƚƌŝďƵƟŽŶ ŵĂŶĂŐĞŵĞŶƚ in building capacity.

ϱ͘
ŽĞƐ ƚŚĞ ĐŽŵƉĂŶǇ ŚĂǀĞ Ă ŵĞĐŚĂŶŝƐŵ ƚŽ ƌĞĐǇĐůĞ ϱ͘ ŽǇŽƵŚĂǀĞĂŶĞŵƉůŽǇĞĞĂƐƐŽĐŝĂƟŽŶƚŚĂƚŝƐƌĞĐŽŐŶŝǌĞĚ WƌŝŶĐŝƉůĞϰ ůĞĂƌŶŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨŽƌŽƵƌ^ZƉƌŽŐƌĂŵŵĞƐ͘KƵƌ^Z
ƉƌŽĚƵĐƚƐĂŶĚǁĂƐƚĞ͍/ĨǇĞƐ͕ǁŚĂƚŝƐƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨ ďǇŵĂŶĂŐĞŵĞŶƚ͍ ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƌĞƐƉĞĐƚ ƚŚĞ ŝŶƚĞƌĞƐƚƐ ŽĨ͕ ĂŶĚ ďĞ skill training centers are located in key clusters around
ƌĞĐǇĐůŝŶŐ ŽĨ ƉƌŽĚƵĐƚƐ ĂŶĚ ǁĂƐƚĞ ;ƐĞƉĂƌĂƚĞůǇ ĂƐ фϱй͕ ƌĞƐƉŽŶƐŝǀĞ ƚŽǁĂƌĚƐ Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ͕ ĞƐƉĞĐŝĂůůǇ ƚŚŽƐĞ ŽƵƌ ŽƉĞƌĂƟŽŶƐ ŝŶ DƵŵďĂŝ͕ ŝƌŽůŝ͕ >ŽŶĂǀĂůĂ͕ :ĂŝƉƵƌ͕
ϱͲϭϬй͕хϭϬйͿ͘ůƐŽ͕ƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬ In 17 hotels we have registered trade union which the ǁŚŽĂƌĞĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ǀƵůŶĞƌĂďůĞĂŶĚŵĂƌŐŝŶĂůŝǌĞĚ ŚŚŝŶĚǁĂƌĂ͕ sĂƌĂŶĂƐŝ͕ ĂŶŐĂůŽƌĞ͕ ,ǇĚĞƌĂďĂĚ͕ 'ŽĂ Θ
ǁŽƌĚƐŽƌƐŽ͘ ŵĂŶĂŐĞŵĞŶƚ ƌĞĐŽŐŶŝƐĞƐ ĂƐ ƚŚĞ ƐƚĂī ƌĞƉƌĞƐĞŶƚĂƟǀĞ 1. Has the Company mapped its internal and external Trivandrum. We also support Tata Strive centers in remote
Waste management is an integral part of our environment council. ƐƚĂŬĞŚŽůĚĞƌƐ͍zĞƐͬEŽ ďĞůƚƐ͕ ďĞǇŽŶĚ ŽƵƌ ĂƌĞĂƐ ŽĨ ŽƉĞƌĂƟŽŶƐ ŝŶ ŐĂƌƚĂůĂ͕ hƌŝ
ŵĂŶĂŐĞŵĞŶƚ ĞŶĚĞĂǀŽƵƌƐ͘ KĨ ƚŚĞ ϳϵ ŚŽƚĞůƐ ĐŽǀĞƌĞĚ Θ WŝƚŚŽƌĂŐĂƌŚ͘ /Ŷ &z ϮϬϭϳͲϭϴ͖ ŽǀĞƌ ϭϭϬϬ ůĞĂƌŶĞƌƐ ŚĂǀĞ
under the EarthCheck programme, 18 have achieved ϲ͘ tŚĂƚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ǇŽƵƌ ƉĞƌŵĂŶĞŶƚ ĞŵƉůŽǇĞĞƐ ŝƐ z ĞƐ͕ƚŚĞŽŵƉĂŶǇŚĂƐŵĂƉƉĞĚŝƚƐŝŶƚĞƌŶĂůĂŶĚĞǆƚĞƌŶĂů ďĞĞŶƚƌĂŝŶĞĚΘĐĞƌƟĮĞĚĨƌŽŵƚŚĞƐĞdĂũ^ZƐŬŝůůƚƌĂŝŶŝŶŐ
ϭϬϬй ƌĞĐǇĐůŝŶŐ ŽĨ ŽƌŐĂŶŝĐ ǁĂƐƚĞ͘ dŚŝƐ ŚĂƐ ƉƌĞǀĞŶƚĞĚ ŵĞŵďĞƌƐŽĨƚŚŝƐƌĞĐŽŐŶŝǌĞĚĞŵƉůŽǇĞĞĂƐƐŽĐŝĂƟŽŶ͍ stakeholders. ĐĞŶƚƌĞƐǁŝƚŚƚŚĞƉůĂĐĞŵĞŶƚƌĂƟŽŽĨϳϵйŝŶƚŚĞŚŽƐƉŝƚĂůŝƚǇ
ϱ͕ϯϮϵƚŽŶŶĞƐŽĨŽƌŐĂŶŝĐǁĂƐƚĞĨƌŽŵŐŽŝŶŐŝŶƚŽůĂŶĚĮůůƐŝŶ KƵƚŽĨƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƉĞƌŵĂŶĞŶƚĞŵƉůŽǇĞĞƐ͕ϰϬ͘ϴϰй ŝŶĚƵƐƚƌǇ͘zŽƵƚŚĨƌŽŵĚŝƐƚƌŝĐƚƐŽĨŚĂůĂŝΘ'ŽŵĂƟŝŶ^ƚĂƚĞ
&zϮϬϭϳͲϭϴ͕ƚŚĞĞƋƵŝǀĂůĞŶƚŽĨϱϯϳƐŚŝƉƉŝŶŐĐŽŶƚĂŝŶĞƌƐ͘ ĂƌĞƉĂƌƚŽĨƚŚĞƐĞƌĞĐŽŐŶŝǌĞĚĞŵƉůŽǇĞĞĂƐƐŽĐŝĂƟŽŶ͘ Ϯ͘ K
Ƶƚ ŽĨ ƚŚĞ ĂďŽǀĞ͕ ŚĂƐ ƚŚĞ ŽŵƉĂŶǇ ŝĚĞŶƟĮĞĚ ŽĨŐĂƌƚĂůĂŝŶĂƐƚ͕DǇƐŽƌĞΘhƩĂƌĂ<ĂŶŶĂĚĂĨƌŽŵ^ƚĂƚĞ
ƚŚĞ ĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ ǀƵůŶĞƌĂďůĞ ĂŶĚ ŵĂƌŐŝŶĂůŝǌĞĚ ŽĨ <ĂƌŶĂƚĂŬĂ ŝŶ ^ŽƵƚŚ͕ ^ĂŶŐůŝ Θ ^ŝŶĚŚƵĚƵƌŐ ŝŶ ^ƚĂƚĞ ŽĨ
Some of the other notable waste management projects ϳ͘ WůĞĂƐĞ ŝŶĚŝĐĂƚĞ ƚŚĞ EƵŵďĞƌ ŽĨ ĐŽŵƉůĂŝŶƚƐ ƌĞůĂƟŶŐ ƚŽ ƐƚĂŬĞŚŽůĚĞƌƐ͍ DĂŚĂƌĂƐŚƚƌĂŝŶtĞƐƚ͕ũŵĞƌΘĂƵƐĂŝŶ^ƚĂƚĞŽĨZĂũĂƐƚŚĂŶ
implemented by the Company include the conversion ĐŚŝůĚ ůĂďŽƵƌ͕ ĨŽƌĐĞĚ ůĂďŽƵƌ͕ ŝŶǀŽůƵŶƚĂƌǇ ůĂďŽƵƌ͕ ƐĞǆƵĂů zĞƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŝĚĞŶƟĮĞĚ ƚŚĞ ĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ ŝŶ EŽƌƚŚ͕ ĂůĂŐŚĂƚ Θ ŚŚŝŶĚǁĂƌĂ ŝŶ ^ƚĂƚĞ ŽĨ DĂĚŚǇĂ
of waste kitchen oil to biodiesel and the conversion ŚĂƌĂƐƐŵĞŶƚŝŶƚŚĞůĂƐƚĮŶĂŶĐŝĂůǇĞĂƌĂŶĚƉĞŶĚŝŶŐ͕ĂƐŽŶ vulnerable and marginalized stakeholders. Based on WƌĂĚĞƐŚ ŝŶ ĞŶƚƌĂů /ŶĚŝĂ͘ KǀĞƌ ϭϱϬϬ ŝŶĚŝǀŝĚƵĂůƐ ǁĞƌĞ
of organic waste to compost and biogas. Hotels safely ƚŚĞĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ͗ ƚŚŝƐ ŝĚĞŶƟĮĐĂƟŽŶ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŵĂƉƉĞĚ ŝƚƐ ƚĂƌŐĞƚ ƚƌĂŝŶĞĚƚŚƌŽƵŐŚƐƉĞĐŝĂůĞĚƵĐĂƟŽŶƉƌŽŐƌĂŵŵĞĨŽƌǁŽƌŬŝŶŐ
dispose hazardous waste like burnt oil and waste ĂƚĞŐŽƌǇ EŽ͘ŽĨ EŽ͘ŽĨĐŽŵƉůĂŝŶƚƐ ďĞŶĞĮĐŝĂƌǇ ŐƌŽƵƉƐ ĨŽƌ ŝƚƐ ^Z ƉƌŽŐƌĂŵƐ͘ dŚĞƐĞ ŝŶĐůƵĚĞ people (‘RPL’) in the current year. This include people from
lubricant oil by giving it to authorized vendors. All ĐŽŵƉůĂŝŶƚƐ ƉĞŶĚŝŶŐĂƐŽŶĞŶĚ ƌƵƌĂů͕ ůĞƐƐͲƉƌŝǀŝůĞŐĞĚ͕ ƐĐŚŽŽů ĚƌŽƉŽƵƚ͕ ĚŝīĞƌĞŶƚůǇ ĂďůĞĚ͕ ĚŝǀĞƌƐĞďĂĐŬŐƌŽƵŶĚƐ͖ŝŶĐůƵĚŝŶŐĞŵƉůŽǇĞĞƐŽĨZĂƐŚƚƌĂƉĂƟ
ĞͲǁĂƐƚĞŐĞŶĞƌĂƚĞĚŝŶŽƵƌƉƌŽƉĞƌƟĞƐŝƐŐŝǀĞŶƚŽƌĞĐǇĐůĞƌƐ ĮůĞĚĚƵƌŝŶŐƚŚĞ ŽĨƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ ŵĂƌŐŝŶĂůŝǌĞĚ ǇŽƵƚŚ ĂŶĚ ǁŽŵĞŶ͖ ŝŶĚŝŐĞŶŽƵƐ ĂƌƟƐĂŶƐ͕ Bhavan, Raj Bhavan and CRPF - Gurgaon, etc.
ĐĞƌƟĮĞĚ ďǇ ƚŚĞ WŽůůƵƟŽŶ ŽŶƚƌŽů ŽĂƌĚ͘ ,ŽƚĞůƐ ĞŶƐƵƌĞ ĮŶĂŶĐŝĂůǇĞĂƌ ĚŝƐĂƐƚĞƌ ǀŝĐƟŵƐ ĂŶĚ ŽƚŚĞƌ ƐƵĐŚ ŐƌŽƵƉƐ ʹ ĨƌŽŵ ƚĂƌŐĞƚ
sewage treatment before disposing water into municipal Child labour/forced ŐĞŽŐƌĂƉŚŝĞƐ ŝĚĞŶƟĮĞĚ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ͘ ĚĚŝƟŽŶĂůůǇ͕ ǀĞƌ Θ ĂďŽǀĞ ƚŚŝƐ ŇĂŐƐŚŝƉ ƉƌŽŐƌĂŵŵĞ͕ ŽƵƌ ŚŽƚĞůƐ ŝŶ
K
sewers and also reuse treated water, as appropriate. labour/involuntary ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ dĂƚĂ 'ƌŽƵƉ ĸƌŵĂƟǀĞ ĐƟŽŶ WƌŽŐƌĂŵ͕ ǀĂƌŝŽƵƐ ŽƚŚĞƌ ůŽĐĂƟŽŶƐ ŽīĞƌ ŝŶĚƵƐƚƌŝĂů ĞǆƉŽƐƵƌĞ Θ
labour ƚŚĞ ŽŵƉĂŶǇ ĂůƐŽ ƐƵƉƉŽƌƚƐ ĐŽŵŵƵŶŝƟĞƐ ĨƌŽŵ ůĞƐƐͲ ƚƌĂŝŶŝŶŐ ƚŽ ĚĞƐĞƌǀŝŶŐ ǇŽƵƚŚ͕ ĚŝīĞƌĞŶƚůǇ ĂďůĞĚ͕ ůĞƐƐͲ
d ŚŝƐǇĞĂƌ͕ŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞŐůŽďĂůĐŽŶĐĞƌŶƐĂďŽƵƚƉůĂƐƟĐ NIL NIL ƉƌŝǀŝůĞŐĞĚ ƐĞĐƟŽŶƐ ŽĨ ^ĐŚĞĚƵůĞĚ ĂƐƚĞƐ ĂŶĚ ^ĐŚĞĚƵůĞĚ privileged women to acquire skills in house-keeping,
ƉŽůůƵƟŽŶ ĂŶĚ ŵĂƌŝŶĞ ŵŝĐƌŽͲƉůĂƐƟĐƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ Sexual harassment Tribes. ĐŽŽŬŝŶŐ͕ďĂŬĞƌǇ͕ĨŽŽĚΘďĞǀĞƌĂŐĞƐĞƌǀŝĐĞ͕ĞŶŐŝŶĞĞƌŝŶŐΘ
15 NIL
ĐŽŵŵŝƩĞĚ ƚŽ ƉŚĂƐŝŶŐ ŽƵƚ ƐŝŶŐůĞͲƵƐĞ ƉůĂƐƟĐƐ͕ ƐĞƫŶŐ Ă ŝƐĐƌŝŵŝŶĂƚŽƌǇ allied trades, further adding to our impact in terms of
benchmark for the hospitality industry in India. Single- employment ϯ͘
ƌĞƚŚĞƌĞĂŶǇƐƉĞĐŝĂůŝŶŝƟĂƟǀĞƐƚĂŬĞŶďǇƚŚĞŽŵƉĂŶǇ building livelihoods for youth from families in need. Taj
ƵƐĞ ƉůĂƐƟĐƐ ƐƵĐŚ ĂƐ ƚŚĞ ƉůĂƐƟĐ ƉĂĐŬĂŐŝŶŐ ŽĨ ŝŶͲƌŽŽŵ NIL NIL ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ƚŚĞ ĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ ǀƵůŶĞƌĂďůĞ ĂŶĚ ĂůƐŽƌĞĐƌƵŝƚƐĂŶĂǀĞƌĂŐĞŽĨϭϱͲϮϬйŽĨƚƌĂŝŶĞĚĐĂŶĚŝĚĂƚĞƐ
ĂŵĞŶŝƟĞƐ ŚĂƐ ĂůƌĞĂĚǇ ďĞĞŶ ĞůŝŵŝŶĂƚĞĚ ŝŶ ϯϬ ůƵǆƵƌǇ ŵĂƌŐŝŶĂůŝǌĞĚ ƐƚĂŬĞŚŽůĚĞƌƐ͍ /Ĩ ƐŽ͕ ƉƌŽǀŝĚĞ ĚĞƚĂŝůƐ from these talent pools, on mutual feasibility basis,
ƉƌŽƉĞƌƟĞƐĂĐƌŽƐƐ/ŶĚŝĂ͘ ϴ͘ t
ŚĂƚƉĞƌĐĞŶƚĂŐĞŽĨǇŽƵƌƵŶĚĞƌŵĞŶƟŽŶĞĚĞŵƉůŽǇĞĞƐ ƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽ͘ ŵĂŬŝŶŐ ƚŚŝƐ ĂŶ ĂƐƉŝƌĂƟŽŶĂů ƉƌŽŐƌĂŵŵĞ ĨŽƌ ƚŚĞ ƚĂƌŐĞƚ
ǁĞƌĞ ŐŝǀĞŶ ƐĂĨĞƚǇ Θ ƐŬŝůů ƵƉͲŐƌĂĚĂƟŽŶ ƚƌĂŝŶŝŶŐ ŝŶ ƚŚĞ Giving back to the local community is an integral part ŐƌŽƵƉƐΘĞŶĂďůŝŶŐĂƚĂůĞŶƚƉŝƉĞͲůŝŶĞĨŽƌƚŚĞůĂƌŐĞƌŚŽƚĞůƐ͕
WƌŝŶĐŝƉůĞϯ ůĂƐƚǇĞĂƌ͍ of the way the Company does business. This philosophy ƌĞƐƚĂƵƌĂŶƚƐΘƐĞƌǀŝĐĞŝŶĚƵƐƚƌǇ͘
ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƉƌŽŵŽƚĞ ƚŚĞ ǁĞůůͲďĞŝŶŐ ŽĨ Ăůů Safety training is conducted at all hotels and includes ƐƚĞŵƐĨƌŽŵƚŚĞdĂƚĂůĞŐĂĐǇŽĨƌĞĐŽŐŶŝǌŝŶŐĐŽŵŵƵŶŝƟĞƐ
ĞŵƉůŽǇĞĞƐ training of both permanent as well as contractual as a key stakeholder in the way business is conducted. d ŚƌŽƵŐŚ ƐƵƐƚĂŝŶĞĚ ĞīŽƌƚƐ ǁĞ ĞŶĐŽƵƌĂŐĞ ƚŽ ƉƌĞƐĞƌǀĞ
ϭ͘ WůĞĂƐĞŝŶĚŝĐĂƚĞƚŚĞdŽƚĂůŶƵŵďĞƌŽĨĞŵƉůŽǇĞĞƐ͗ ǁŽƌŬĨŽƌĐĞ͘ ĚĚŝƟŽŶĂůůǇ͕ ƚŚĞ ŽŵƉĂŶǇ ƐƚƌŝǀĞƐ ƚŽ dŚĞ dĂƚĂ ^ƵƐƚĂŝŶĂďŝůŝƚǇ 'ƌŽƵƉ ĂŶĚ dĂƚĂ ĸƌŵĂƟǀĞ ƚŚĞ Ăƌƚ ŽĨ ƚƌĂĚŝƟŽŶĂů ĞŶĂƌĂƐŝ ŚĂŶĚůŽŽŵ ǁĞĂǀŝŶŐ͘ dŚĞ
WĞƌŵĂŶĞŶƚ ŽŶƚƌĂĐƚƵĂů dŽƚĂů ĐŽŶƟŶƵŽƵƐůǇ ŝŵƉƌŽǀĞ ƚŚĞ &ŽŽĚ ^ĂĨĞƚǇ DĂŶĂŐĞŵĞŶƚ ĐƟŽŶWƌŽŐƌĂŵŐƵŝĚĞƚŚĞŽŵƉĂŶǇ͛Ɛ^ZĂƉƉƌŽĂĐŚĂŶĚ ŽďũĞĐƟǀĞŽĨƚŚŝƐƉƌŽŐƌĂŵŝƐƚŽƉƌĞƐĞƌǀĞƚŚĞĚǇŝŶŐĂƌƚĨŽƌŵ
^ǇƐƚĞŵďǇƚƌĂŝŶŝŶŐĂŶĚŽƉƟŵŝǌŝŶŐĐĂƉĂĐŝƟĞƐŽĨƉĞŽƉůĞ͕ strategy. of handloom weaving and help build livelihoods for youth
5621 2822 8443 processes and technologies within the system and ΘǁŽŵĞŶĨƌŽŵǁĞĂǀŝŶŐĐŽŵŵƵŶŝƟĞƐ͘dŚĞŽŵƉĂŶǇŚĂƐ
ĞŶƐƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ /^K ϮϮϬϬϬ &ŽŽĚ ^ĂĨĞƚǇ Ƶƌ ĨŽĐƵƐ ŚĂƐ ďĞĞŶ ŽŶ ƚƌĂŝŶŝŶŐ Θ ĐĞƌƟĮĐĂƟŽŶ ŽĨ ůĞƐƐͲ
K ŝŶŝƟĂƚĞĚ Ă ƉƌŽŵŝƐŝŶŐ ƉƌŽŐƌĂŵ ƚŚĂƚ ŚĂƐ ƚƌĂŝŶĞĚ ŽǀĞƌ ϯϮ
Ϯ͘ WůĞĂƐĞŝŶĚŝĐĂƚĞƚŚĞdŽƚĂůŶƵŵďĞƌŽĨĞŵƉůŽǇĞĞƐŚŝƌĞĚŽŶ Management System, Codex Standards and other ƉƌŝǀŝůĞŐĞĚ ǇŽƵƚŚ ǁŚŽ ĚƌŽƉ ŽƵƚ ĨƌŽŵ ĨŽƌŵĂů ĞĚƵĐĂƟŽŶ ŐŝƌůƐĨƌŽŵĐŽŶƐĞƌǀĂƟǀĞĐŽŵŵƵŶŝƟĞƐĂƌŽƵŶĚsĂƌĂŶĂƐŝŝŶ
ƚĞŵƉŽƌĂƌǇͬĐŽŶƚƌĂĐƚƵĂůͬĐĂƐƵĂůďĂƐŝƐ͗ ĂƉƉůŝĐĂďůĞŝŶƚĞƌŶĂůΘĞǆƚĞƌŶĂůŵĂŶĂŐĞŵĞŶƚƐǇƐƚĞŵƐ͘ ƐǇƐƚĞŵ ƚŽ ĞŶĂďůĞ ƚŚĞŵ ƚŽ ďĞ ǁŽƌŬͲƌĞĂĚǇ Θ ĞŶŐĂŐĞ ŝŶ ƚŚŝƐƐƚƌŽŶŐůǇŵĂůĞͲĚŽŵŝŶĂƚĞĚŽĐĐƵƉĂƟŽŶ͘dŚĞĂďŝůŝƚǇƚŽ
dŽƚĂůŚŝƌŝŶŐĚŽŶĞŝŶ&zϮϬϭϳͲϭϴ͗ϭ͕ϰϯϲ ƉƌŽĚƵĐƟǀĞ ůŝǀĞůŝŚŽŽĚƐ͘ tĞ ĂĐĐŽŵƉůŝƐŚ ƚŚŝƐ ƚŚƌŽƵŐŚ earn a livelihood through weaving will go a long way in
^ƌ͘ ĂƚĞŐŽƌǇ ^ĂĨĞƚǇ ĐŽůůĂďŽƌĂƟŶŐ ǁŝƚŚ Θ ďƵŝůĚŝŶŐ ĐĂƉĂĐŝƟĞƐ ŽĨ ŝŶƐƟƚƵƟŽŶƐ empowering these women, while also preserving the
ϯ͘ W
ůĞĂƐĞ ŝŶĚŝĐĂƚĞ ƚŚĞ EƵŵďĞƌ ŽĨ ƉĞƌŵĂŶĞŶƚ ǁŽŵĞŶ EŽ dƌĂŝŶŝŶŐ that serve the youth from low socio-economic ĐƌĂŌ͘
ĞŵƉůŽǇĞĞƐ͗ ZĞĐĞŝǀĞĚ ďĂĐŬŐƌŽƵŶĚƐ Θ ƌĞŵŽƚĞ ŚŝŶƚĞƌůĂŶĚƐ͘ dĂũ ƚĞĂŵƐ ƐƵƉƉŽƌƚ
887 ƚŚĞƐĞƉƌŽŐƌĂŵƐƚŚƌŽƵŐŚĐŽŶƚĞŶƚΘĐůĂƐƐͲƌŽŽŵƐĚĞƐŝŐŶ͕ WƌŝŶĐŝƉůĞϱ
1. Permanent Employees ϭϬϬй ĨĂĐƵůƚǇĚĞǀĞůŽƉŵĞŶƚ͕ŽŶͲƚŚĞͲũŽďƚƌĂŝŶŝŶŐƐ͕ĞǀĂůƵĂƟŽŶŽĨ ƵƐŝŶĞƐƐĞƐƐŚŽƵůĚƌĞƐƉĞĐƚĂŶĚƉƌŽŵŽƚĞŚƵŵĂŶƌŝŐŚƚƐ
ϰ͘ W ůĞĂƐĞ ŝŶĚŝĐĂƚĞ ƚŚĞ EƵŵďĞƌ ŽĨ ƉĞƌŵĂŶĞŶƚ ĞŵƉůŽǇĞĞƐ 2. Permanent Women Employees ϭϬϬй ůĞĂƌŶŝŶŐ ŽƵƚĐŽŵĞƐ͕ ũŽŝŶƚ ĐĞƌƟĮĐĂƟŽŶ Θ ĂůůŝĞĚ ƐƵƉƉŽƌƚ ϭ͘ ŽĞƐ ƚŚĞ ƉŽůŝĐǇ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ŽŶ ŚƵŵĂŶ ƌŝŐŚƚƐ
ǁŝƚŚĚŝƐĂďŝůŝƟĞƐ͗ 3. Casual/Temporary/Contractual Employees ϭϬϬй through our industry networks. ĐŽǀĞƌŽŶůǇƚŚĞŽŵƉĂŶǇŽƌĞǆƚĞŶĚƚŽƚŚĞ'ƌŽƵƉͬ:ŽŝŶƚ
dŚĞĚĞĐůĂƌĂƟŽŶŽĨĚŝƐĂďŝůŝƚǇŝƐǀŽůƵŶƚĂƌǇŽŶƚŚĞƉĂƌƚŽĨ sĞŶƚƵƌĞƐͬ^ƵƉƉůŝĞƌƐͬŽŶƚƌĂĐƚŽƌƐͬE'KƐͬŽƚŚĞƌƐ͍
the employee. There are currently 3 employees who 4. ŵƉůŽǇĞĞƐǁŝƚŚŝƐĂďŝůŝƟĞƐ ϭϬϬй tĞ ŚĂǀĞ ŝŶǀĞƐƚĞĚ ŝŶ ĚĞǀĞůŽƉŝŶŐ ŚŝŐŚ ƋƵĂůŝƚǇ͕ ƉƌĂĐƟĐĂů The Policy is applicable to the Company, its Subsidiaries
ŚĂǀĞĚĞĐůĂƌĞĚŚĂǀŝŶŐĚŝƐĂďŝůŝƟĞƐ͘ ůĞĂƌŶŝŶŐ ůĂďŽƌĂƚŽƌŝĞƐ ŝŶ ƐĞǀĞŶ ŬĞǇ ůŽĐĂƟŽŶƐ ĂƌŽƵŶĚ and other stakeholders.
ŽƵƌ ŽƉĞƌĂƟŽŶƐ ƚŽ ĞŶĂďůĞ ƵƐ ƚŽ ŽīĞƌ ĞīĞĐƟǀĞ ƚĞĂĐŚŝŶŐͲ

Ϯ͘ , ŽǁŵĂŶǇƐƚĂŬĞŚŽůĚĞƌĐŽŵƉůĂŝŶƚƐŚĂǀĞďĞĞŶƌĞĐĞŝǀĞĚ ϳ͘ EƵŵďĞƌ ŽĨ ƐŚŽǁ ĐĂƵƐĞͬůĞŐĂů ŶŽƟĐĞƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ŝŶƐƟƚƵƟŽŶƐĂŶĚŵŽƌĞ͘dŚĞŽďũĞĐƟǀĞƐŽĨ/WŝŶĐůƵĚĞƚŚĞ ŝŶ^ƚĂƚĞŽĨDĂŚĂƌĂƐŚƚƌĂŝŶtĞƐƚ͕ũŵĞƌΘĂƵƐĂŝŶ^ƚĂƚĞ
ŝŶ ƚŚĞ ƉĂƐƚ ĮŶĂŶĐŝĂů ǇĞĂƌ ĂŶĚ ǁŚĂƚ ƉĞƌĐĞŶƚ ǁĂƐ Wͬ^W ǁŚŝĐŚ ĂƌĞ ƉĞŶĚŝŶŐ ;ŝ͘Ğ͘ ŶŽƚ ƌĞƐŽůǀĞĚ ƚŽ ĚĞǀĞůŽƉŵĞŶƚŽĨĐŽŶĨĞƌĞŶĐĞƚƌĂĸĐƚŽ/ŶĚŝĂƐƵƉƉŽƌƚĞĚďǇ ŽĨ ZĂũĂƐƚŚĂŶ ŝŶ EŽƌƚŚ͕ ĂůĂŐŚĂƚ Θ ŚŚŝŶĚǁĂƌĂ ŝŶ ^ƚĂƚĞ
ƐĂƟƐĨĂĐƚŽƌŝůǇƌĞƐŽůǀĞĚďǇƚŚĞŵĂŶĂŐĞŵĞŶƚ͍ ƐĂƟƐĨĂĐƟŽŶͿĂƐŽŶĞŶĚŽĨ&ŝŶĂŶĐŝĂůzĞĂƌ͘ ĐŽŶƟŶƵŝŶŐƉƌŽŐƌĂŵƐŽĨĐƌĞĂƟŶŐďĞƩĞƌĂǁĂƌĞŶĞƐƐŽĨƚŚĞ of Madhya Pradesh in Central India. The Company also
ƵƌŝŶŐƚŚĞǇĞĂƌϮϬϭϲͲϭϳ͕ϲϳĐŽŵƉůĂŝŶƚƐǁĞƌĞƌĞĐĞŝǀĞĚŽĨ Nil ƌŽůĞĂŶĚďĞŶĞĮƚƐŽĨĐŽŶŐƌĞƐƐĞƐĂŶĚĐŽŶǀĞŶƟŽŶƐŝŶƚŚĞ endeavours to promote an inclusive value chain by
which none are pending. ĐŽŶƚĞǆƚ ŽĨ ŶĂƟŽŶĂů ŽďũĞĐƟǀĞƐ͘ dŚĞ ĞŶĚĞĂǀŽƵƌ ŽĨ /W ĞŵďĞĚĚŝŶŐĂĸƌŵĂƟǀĞĂĐƟŽŶĨŽƌƌĞůĞǀĂŶƚǀĞŶĚŽƌƐ͘
WƌŝŶĐŝƉůĞϳ ŝƐƚŽŚĂǀĞŚŝŐŚůǇĚĞǀĞůŽƉĞĚĐŽŶǀĞŶƟŽŶĐĞŶƚƌĞƐĂůůŽǀĞƌ
WƌŝŶĐŝƉůĞϲ ƵƐŝŶĞƐƐĞƐ͕ ǁŚĞŶ ĞŶŐĂŐĞĚ ŝŶ ŝŶŇƵĞŶĐŝŶŐ ƉƵďůŝĐ ĂŶĚ ƚŚĞ ĐŽƵŶƚƌǇ ƚŽ ŵĂŬĞ /ŶĚŝĂ ƚŚĞ ƉƌĞĨĞƌƌĞĚ ĚĞƐƟŶĂƟŽŶ ŽĨ d ŚĞŽŵƉĂŶǇŚĂƐŝŶŝƟĂƚĞĚĂƉƌŽŵŝƐŝŶŐƉƌŽŐƌĂŵƚŚƌŽƵŐŚ
ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƌĞƐƉĞĐƚ͕ ƉƌŽƚĞĐƚ͕ ĂŶĚ ŵĂŬĞ ĞīŽƌƚƐ ƌĞŐƵůĂƚŽƌǇƉŽůŝĐǇ͕ƐŚŽƵůĚĚŽƐŽŝŶĂƌĞƐƉŽŶƐŝďůĞŵĂŶŶĞƌ the world. ƐƵƐƚĂŝŶĞĚĞīŽƌƚƐǁŚŝĐŚĞŶĐŽƵƌĂŐĞƚŽƉƌĞƐĞƌǀĞƚŚĞĂƌƚŽĨ
ƚŽƌĞƐƚŽƌĞƚŚĞĞŶǀŝƌŽŶŵĞŶƚ ϭ͘ /ƐǇŽƵƌŽŵƉĂŶǇĂŵĞŵďĞƌŽĨĂŶǇƚƌĂĚĞĂŶĚĐŚĂŵďĞƌ ƚƌĂĚŝƟŽŶĂů ĞŶĂƌĂƐŝ ŚĂŶĚůŽŽŵ ǁĞĂǀŝŶŐ͘ dŚĞ ŽďũĞĐƟǀĞ
ϭ͘
ŽĞƐ ƚŚĞ ƉŽůŝĐǇ ƌĞůĂƚĞĚ ƚŽ WƌŝŶĐŝƉůĞ ϲ ĐŽǀĞƌ ŽŶůǇ ƚŚĞ ŽƌĂƐƐŽĐŝĂƟŽŶ͍/ĨzĞƐ͕ŶĂŵĞŽŶůǇƚŚŽƐĞŵĂũŽƌŽŶĞƐƚŚĂƚ ^ŽĐŝĞƚǇĨŽƌ/ŶĐĞŶƟǀĞdƌĂǀĞůǆĐĞůůĞŶĐĞ;͚^/d͛ͿŵĞŵďĞƌƐ of this program is to preserve the dying art form of
ŽŵƉĂŶǇ Žƌ ĞǆƚĞŶĚƐ ƚŽ ƚŚĞ 'ƌŽƵƉͬ:ŽŝŶƚ sĞŶƚƵƌĞƐͬ ǇŽƵƌďƵƐŝŶĞƐƐĚĞĂůƐǁŝƚŚ͗ ĂƌĞ ŝŶĐĞŶƟǀĞ ƚƌĂǀĞů ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŚŽ ŬŶŽǁ ĨƌŽŵ handloom weaving and help build livelihoods for youth
^ƵƉƉůŝĞƌƐͬŽŶƚƌĂĐƚŽƌƐͬE'KƐͬKƚŚĞƌƐ͍ zĞƐ͕ƚŚĞŽŵƉĂŶǇŝƐƉĂƌƚŽĨĂŶƵŵďĞƌŽĨĂƐƐŽĐŝĂƟŽŶƐĂƐ ĞǆƉĞƌŝĞŶĐĞ ƚŚĂƚ ŝŶĐĞŶƟǀĞ ƚƌĂǀĞů ǁŽƌŬƐ͘ /ƚ ǁŽƌŬƐ ƚŽ ΘǁŽŵĞŶĨƌŽŵǁĞĂǀŝŶŐĐŽŵŵƵŶŝƟĞƐ͘
ŶŽƚĞĚďĞůŽǁ͗ ƌĞǁĂƌĚ͕ƌĞƚĂŝŶĂŶĚŵŽƟǀĂƚĞĞŵƉůŽǇĞĞƐ͘dŚĞ^/dŐůŽďĂů
The Company’s environmental vision is extended to its ĂͿ ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨ/ŶĚŝĂ member community, which represents 84 countries is Ϯ͘ ƌĞ ƚŚĞ ƉƌŽŐƌĂŵŵĞƐͬƉƌŽũĞĐƚƐ ƵŶĚĞƌƚĂŬĞŶ ƚŚƌŽƵŐŚ
partners and subsidiary companies. All hotels within the ďͿ tŽƌůĚdƌĂǀĞůdŽƵƌŝƐŵŽƵŶĐŝů/ŶĚŝĂ/ŶŝƟĂƟǀĞͲtdd// on a mission to strengthen and inspire this extraordinary ŝŶͲŚŽƵƐĞ ƚĞĂŵͬŽǁŶ ĨŽƵŶĚĂƟŽŶͬĞǆƚĞƌŶĂů E'Kͬ
ŽŵƉĂŶǇ͛Ɛ ƉŽƌƞŽůŝŽ ƉƌĞƐĐƌŝďĞ ĂŶĚ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ c) Experience India Society industry. ŐŽǀĞƌŶŵĞŶƚƐƚƌƵĐƚƵƌĞƐͬĂŶǇŽƚŚĞƌŽƌŐĂŶŝǌĂƟŽŶ͍
adhere to the Company’s environmental vision. ĚͿ tŽƌůĚdŽƵƌŝƐŵKƌŐĂŶŝƐĂƟŽŶͲhEtdK The Company’s CSR programs are implemented by
ĞͿ dŚĞ&ĞĚĞƌĂƟŽŶŽĨ,ŽƚĞůΘZĞƐƚĂƵƌĂŶƚƐƐŽĐŝĂƟŽŶŽĨ WƌŝŶĐŝƉůĞϴ in-house CSR and HR teams, volunteers and in partnership
Ϯ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶǇ ŚĂǀĞ ƐƚƌĂƚĞŐŝĞƐͬŝŶŝƟĂƟǀĞƐ ƚŽ India - FHRAI ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƐƵƉƉŽƌƚ ŝŶĐůƵƐŝǀĞ ŐƌŽǁƚŚ ĂŶĚ ǁŝƚŚ E'KƐ͕ ŽƚŚĞƌ dĂƚĂ ĐŽŵƉĂŶŝĞƐ ĂŶĚ 'ŽǀĞƌŶŵĞŶƚ
ĂĚĚƌĞƐƐ ŐůŽďĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ŝƐƐƵĞƐ ƐƵĐŚ ĂƐ ĐůŝŵĂƚĞ ĨͿ ůů/ŶĚŝĂƐƐŽĐŝĂƟŽŶŽĨ/ŶĚƵƐƚƌŝĞƐ ĞƋƵŝƚĂďůĞĚĞǀĞůŽƉŵĞŶƚ͘ ďŽĚŝĞƐŝŶǀĂƌŝŽƵƐůŽĐĂƟŽŶƐ͘
ĐŚĂŶŐĞ͕ ŐůŽďĂů ǁĂƌŵŝŶŐ͕ ĞƚĐ͍͘ zͬE͘ /Ĩ ǇĞƐ͕ ƉůĞĂƐĞ ŐŝǀĞ g) Indo - German Chamber of Commerce ϭ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶǇ ŚĂǀĞ ƐƉĞĐŝĮĞĚ ƉƌŽŐƌĂŵŵĞƐͬ
ŚǇƉĞƌůŝŶŬĨŽƌǁĞďƉĂŐĞ͕ĞƚĐ͘ h) Indian Merchant Chambers ŝŶŝƟǀĞƐͬƉƌŽũĞĐƚƐ ŝŶ ƉƵƌƐƵŝƚ ŽĨ ƚŚĞ ƉŽůŝĐǇ ƌĞůĂƚĞĚ ƚŽ ϯ͘ ,ĂǀĞ ǇŽƵ ĚŽŶĞ ĂŶǇ ŝŵƉĂĐƚ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ǇŽƵƌ
zĞƐ͘dŚĞŽŵƉĂŶǇŚĂƐŝĚĞŶƟĮĞĚŽƉƉŽƌƚƵŶŝƟĞƐƚŽƌĞĚƵĐĞ ŝͿ dƌĂǀĞůŐĞŶƚƐƐƐŽĐŝĂƟŽŶŽĨ/ŶĚŝĂ WƌŝŶĐŝƉůĞϴ͍/ĨǇĞƐ͕ĚĞƚĂŝůƐƚŚĞƌĞŽĨര͍ ŝŶŝƟĂƟǀĞ͍
its environment footprint and therefore reduce the ũͿ dƌĂǀĞůŐĞŶƚ&ĞĚĞƌĂƟŽŶŽĨ/ŶĚŝĂ zĞƐ͘ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ƉƌŽŐƌĂŵŵĞƐ ƚŚĂƚ ƌĞĂĐŚ ŽƵƚ ƚŽ An impact assessment was conducted three years ago
ŝŵƉĂĐƚŽĨŽƉĞƌĂƟŽŶƐŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ŬĞǇŝŶŝƟĂƟǀĞ ŬͿ dŚĞŽŶĨĞĚĞƌĂƟŽŶŽĨ/ŶĚŝĂŶ/ŶĚƵƐƚƌǇ ƌĞŵŽƚĞ͕ ŝŶƚĞƌŝŽƌ ĂƌĞĂƐ ǁŝƚŚ ĐŽŵŵƵŶŝƟĞƐ ĂŶĚ ƚĂƌŐĞƚ through TISS. Following the launch of certain new CSR
in this regard is switching to renewable energy sources. ůͿ &ĞĚĞƌĂƟŽŶ ŽĨ /ŶĚŝĂŶ ŚĂŵďĞƌƐ ŽĨ ŽŵŵĞƌĐĞ ĂŶĚ groups on the peripheries of the development journey of ƉƌŽŐƌĂŵŵĞƐůĂƐƚǇĞĂƌĂŶĚŵŽĚŝĮĞĚƉƌŽĐĞƐƐĞƐĨŽƌŽƚŚĞƌƐ͕
ƚƉƌĞƐĞŶƚ͕ϮϭйŽĨƚŚĞŽŵƉĂŶǇ͛ƐĞŶĞƌŐǇĐŽŶƐƵŵƉƟŽŶ Industry /ŶĚŝĂ͘dŚŝƐŝƐůĂƌŐĞůǇĚƌŝǀĞŶƚŚƌŽƵŐŚƚŚĞdĂƚĂĸƌŵĂƟǀĞ ĂŶĞǆƚƌŽƵŶĚŽĨŝŵƉĂĐƚĂƐƐĞƐƐŵĞŶƚǁŝůůďĞŝŶŝƟĂƚĞĚĂŌĞƌ
is from renewable sources. m) U.S. India Business Council ĐƟŽŶĂŐĞŶĚĂ͘ two years.
ŶͿ ^ŽĐŝĞƚǇĨŽƌ/ŶĐĞŶƟǀĞdƌĂǀĞůǆĐĞůůĞŶĐĞ
The UNGC report can be accessed at ŽͿ /ŶƚĞƌŶĂƟŽŶĂůŽŶǀĞŶƟŽŶWƌŽŵŽƟŽŶƵƌĞĂƵ d ŚĞ dĂũ dĂƚĂ ^dZ/s ,ŽƐƉŝƚĂůŝƚǇ ^Ŭŝůů ƚƌĂŝŶŝŶŐ WƌŽŐƌĂŵ ϰ͘ tŚĂƚ ŝƐ ǇŽƵƌ ŽŵƉĂŶǇ͛Ɛ ĚŝƌĞĐƚ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ
ŚƩƉƐ͗ͬͬŐŽŽ͘ŐůͬtEŝĐŬ ƚƌĂŝŶƐ ĂŶĚ ĐĞƌƟĮĞƐ ƵŶĚĞƌƉƌŝǀŝůĞŐĞĚ ǇŽƵƚŚ ĨƌŽŵ ǀĂƌŝŽƵƐ ĐŽŵŵƵŶŝƚǇĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͍ŵŽƵŶƚŝŶ/EZĂŶĚ
ƉĂƌƚƐ ŽĨ /ŶĚŝĂ͘ zŽƵƚŚ ĨƌŽŵ ĚŝƐƚƌŝĐƚƐ ŽĨ ŚĂůĂŝ Θ 'ŽŵĂƟ ƚŚĞĚĞƚĂŝůƐŽĨƚŚĞƉƌŽũĞĐƚƐƵŶĚĞƌƚĂŬĞŶ͘
Ϯ͘ ,
ĂǀĞ ǇŽƵ ĂĚǀŽĐĂƚĞĚͬůŽďďŝĞĚ ƚŚƌŽƵŐŚ ĂďŽǀĞ
d ŚĞ&zϮϬϭϳͲϭϴ^ƵƐƚĂŝŶĂďŝůŝƚǇZĞƉŽƌƚǁŝůůďĞƵƉůŽĂĚĞĚƚŽ ŝŶ ^ƚĂƚĞ ŽĨ ŐĂƌƚĂůĂ ŝŶ ĂƐƚ͕ DǇƐŽƌĞ Θ hƩĂƌĂ <ĂŶŶĂĚĂ The manner in which the amount was spent during the
ĂƐƐŽĐŝĂƟŽŶƐ ĨŽƌ ƚŚĞ ĂĚǀĂŶĐĞŵĞŶƚ Žƌ ŝŵƉƌŽǀĞŵĞŶƚ ŽĨ
the website www.tajhotels.com once it is published. ĨƌŽŵ ^ƚĂƚĞ ŽĨ <ĂƌŶĂƚĂŬĂ ŝŶ ^ŽƵƚŚ͕ ^ĂŶŐůŝ Θ ^ŝŶĚŚƵĚƵƌŐ &zϮϬϭϳͲϭϴŝƐĚĞƚĂŝůĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͗
ƉƵďůŝĐŐŽŽĚ͍zĞƐͬEŽ͘/ĨǇĞƐƐƉĞĐŝĨǇƚŚĞďƌŽĂĚĂƌĞĂƐ
DĞĞƟŶŐƐ ǁŝƚŚ ƚŚĞƐĞ ĂƐƐŽĐŝĂƟŽŶƐ ĂƌĞ ƉĞƌŝŽĚŝĐ ĂŶĚ ƚŚĞ
ϯ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶǇ ŝĚĞŶƟĨǇ ĂŶĚ ĂƐƐĞƐƐ ƉŽƚĞŶƟĂů dĂũ^Z&ŽĐƵƐ ^ĞĐƚŽƌŝŶǁŚŝĐŚ EĂƚƵƌĞŽĨWƌŽŐƌĂŵ ŝƌĞĐƚͬ >ŽĐĂƟŽŶƐ WƌŽŐƌĂŵŵĂƟĐ ŵŽƵŶƚŽĨ
ŵĂŝŶŽďũĞĐƟǀĞŝƐƚŽƉƌŽŵŽƚĞ/ŶĚŝĂĂƐĂƉƌĞĨĞƌƌĞĚΘƐĂĨĞ
ĞŶǀŝƌŽŶŵĞŶƚĂůƌŝƐŬƐ͍zͬE͘ ƌĞĂƐ ƚŚĞWƌŽũĞĐƚŝƐ WĂƌƚŶĞƌƐŚŝƉ KƵƚůĂǇ DŽŶĞǇ^ƉĞŶƚ
ĚĞƐƟŶĂƟŽŶĨŽƌďƵƐŝŶĞƐƐΘůĞŝƐƵƌĞ͘^ŽŵĞĞǆĂŵƉůĞƐĂƌĞĂƐ
zĞƐ͘ ĐŽǀĞƌĞĚ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ
ƵŶĚĞƌ͗
Building Livelihoods sŽĐĂƟŽŶĂůƐŬŝůůŝŶŐ ĞƌƟĮĞĚ^ŬŝůůdƌĂŝŶŝŶŐǁŝƚŚ ŝƌĞĐƚнǁŝƚŚ Mumbai, Airoli, 124.23 173.11
ϰ͘
ŽĞƐ ƚŚĞ ĐŽŵƉĂŶǇ ŚĂǀĞ ĂŶǇ ƉƌŽũĞĐƚ ƌĞůĂƚĞĚ ƚŽ ůĞĂŶ ΘƉƌŽŵŽƟŽŶŽĨ embedded on-the-job partners Lonavala,
ǆƉĞƌŝĞŶĐĞ /ŶĚŝĂ ^ŽĐŝĞƚǇ ;͚/^͛Ϳ ŝƐ ĂŶ ŝŶŝƟĂƟǀĞ ŽĨ ƚŚĞ
ĞǀĞůŽƉŵĞŶƚ DĞĐŚĂŶŝƐŵ͍ /Ĩ ƐŽ͕ ƉƌŽǀŝĚĞ ĚĞƚĂŝůƐ livelihoods ĞǆƉŽƐƵƌĞ͕^ƉŽŬĞŶŶŐůŝƐŚΘ :ĂŝƉƵƌ͕
leading hotel chains and tour operators to promote India
ƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽ͘ůƐŽ͕ŝĨǇĞƐ͕ǁŚĞƚŚĞƌ work-readiness inputs Chhindwara,
through a public- private partnership with the Ministry sĂƌĂŶĂƐŝ͕
ĂŶǇĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŵƉůŝĂŶĐĞƌĞƉŽƌƚŝƐĮůĞĚ͍
of Tourism. The Experience India Society co-hosts food Bengaluru,
No.
ĨĞƐƟǀĂůƐ͕ ƉƌŽĚƵĐĞƐ ƉƌŽŵŽƟŽŶĂů ĮůŵƐ ĨŽƌ ŝŶƚĞƌŶĂƟŽŶĂů Hyderabad,
audiences as a part of the Incredible India campaign, Goa,
ϱ͘ ,
ĂƐƚŚĞŽŵƉĂŶǇƵŶĚĞƌƚĂŬĞŶĂŶǇŽƚŚĞƌŝŶŝƟĂƟǀĞƐŽŶ Trivandrum,
ƉĂƌƟĐŝƉĂƚĞƐ ŝŶ ƐƉĞĐŝĂů ĞǀĞŶƚƐ ƚŽ ƉƌŽŵŽƚĞ /ŶĚŝĂ ĂƐ Ă
ĐůĞĂŶƚĞĐŚŶŽůŽŐǇ͕ĞŶĞƌŐǇĞĸĐŝĞŶĐǇ͕ƌĞŶĞǁĂďůĞĞŶĞƌŐǇ͕ ŐĂƌƚĂůĂ͕hƌŝΘ
ƵŶŝƋƵĞ ƚŽƵƌŝƐƚ ĚĞƐƟŶĂƟŽŶ ĂŶĚ ĨƵƌƚŚĞƌ ƚŚĞ ĐĂƵƐĞ ŽĨ
ĞƚĐ͘zͬE͘/ĨǇĞƐ͕ƉůĞĂƐĞŐŝǀĞŚǇƉĞƌůŝŶŬĨŽƌǁĞďƉĂŐĞ͕ĞƚĐ͘ Pithoragarh
Brand India
zĞƐ͘dŚĞŽŵƉĂŶǇŝƐƐŽƵƌĐŝŶŐϮϭйŽĨƚŽƚĂůĞŶĞƌŐǇĨƌŽŵ
renewable sources of energy.
/ŶĚŝĂŽŶǀĞŶƟŽŶWƌŽŵŽƟŽŶƵƌĞĂƵ;͚/W͛ͿŝƐƚŚĞŽŶůǇ
ƚƌĂǀĞů ŝŶĚƵƐƚƌǇ ďŽĚǇ ǁŝƚŚ ƉĂƌƟĐŝƉĂƟŽŶ ĨƌŽŵ ƚŚĞ ĞŶƟƌĞ
ϲ͘
ƌĞ ƚŚĞ ŵŝƐƐŝŽŶƐͬtĂƐƚĞ ŐĞŶĞƌĂƚĞĚ ďǇ ƚŚĞ ŽŵƉĂŶǇ
MICE industry, with members from State Governments,
ǁŝƚŚŝŶ ƚŚĞ ƉĞƌŵŝƐƐŝďůĞ ůŝŵŝƚƐ ŐŝǀĞŶ ďǇ Wͬ^W ĨŽƌ
hotels, airlines, tour operators, travel agents, professional
ƚŚĞĮŶĂŶĐŝĂůǇĞĂƌďĞŝŶŐƌĞƉŽƌƚĞĚ͍
ĐŽŶĨĞƌĞŶĐĞ ŽƌŐĂŶŝƐĞƌƐ͕ ĞǀĞŶƚ ŵĂŶĂŐĞƌƐ͕ ĞĚƵĐĂƟŽŶĂů
zĞƐ͘

dĂũ^Z&ŽĐƵƐ ^ĞĐƚŽƌŝŶǁŚŝĐŚ EĂƚƵƌĞŽĨWƌŽŐƌĂŵ ŝƌĞĐƚͬ >ŽĐĂƟŽŶƐ WƌŽŐƌĂŵŵĂƟĐ ŵŽƵŶƚŽĨ BREAK UP OF TOTAL EXPENSES
ƌĞĂƐ ƚŚĞWƌŽũĞĐƚŝƐ WĂƌƚŶĞƌƐŚŝƉ KƵƚůĂǇ DŽŶĞǇ^ƉĞŶƚ
ĐŽǀĞƌĞĚ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ #DIV/0!Staī Cost 27%
#DIV/0!
Being a Responsible WƌŽŵŽƟŽŶĂŶĚ ĚƵĐĂƟŽŶ͕ƚƌĂŝŶŝŶŐĂŶĚ ŝƌĞĐƚнǁŝƚŚ ĐƌŽƐƐŵƵůƟƉůĞ 48.26
#DIV/0!
Neighbour development of ƉƌŽŵŽƟŽŶƚŽƉƌĞƐĞƌǀĞ partners Taj hotel sites
Food & Beverage
#DIV/0!consumed 10%
ƚƌĂĚŝƟŽŶĂůĂƌƚƐ unique art forms
#DIV/0!
ĂŶĚŚĂŶĚŝĐƌĂŌƐ
#DIV/0!
Environmental ĚŽƉƟŽŶŽƌŵĂŝŶƚĞŶĂŶĐĞ 58.00 Fuel Power & Light 7%
#DIV/0!
sustainability of public spaces such
#DIV/0!
as gardens, bus stops
and roads, cleanliness, #DIV/0!
License Fees 7%
ďĞĂƵƟĮĐĂƟŽŶĂŶĚ #DIV/0!
ŚŽƌƟĐƵůƚƵƌĞĂŶĚ #DIV/0!
ĐŽŵŵƵŶŝƚǇĞĚƵĐĂƟŽŶ Other OperaƟng Expense 7%
for public hygiene and 265.39
cleanliness
ZĞƐƚŽƌĂƟŽŶŽĨ ^ƵƉƉŽƌƚĨŽƌďĞĂƵƟĮĐĂƟŽŶ͕ 119.70 Finance Cost 8%
buildings and ĐůĞĂŶůŝŶĞƐƐĂŶĚƉƌŽŵŽƟŽŶ
sites of historical of Gateway of India,
importance DƵŵďĂŝΘEĂƟŽŶĂůZĂŝů Repairs & Maintenance 4%
DƵƐĞƵŵ͕ĞůŚŝ
Support towards tĞůĨĂƌĞĂĐƟǀŝƟĞƐĨŽƌůŽĐĂů 27.00 Provision for Tax 6%
ĞƌĂĚŝĐĂƟŶŐ charity homes, orphanages,
ƉŽǀĞƌƚǇΘ other such community
ŵĂůŶƵƚƌŝƟŽŶ ƌĞƋƵĞƐƚƐͲďĂƐĞĚĂĐƟǀŝƟĞƐ Stores & OperaƟng Supplies 3%
Community WƌŽŵŽƟŶŐ ^ĐŚŽůĂƌƐŚŝƉƐĨŽƌĞĚƵĐĂƟŽŶ ŝƌĞĐƚнǁŝƚŚ Mumbai, 146.3 88.77
Welfare ĚƵĐĂƟŽŶ in hospitality partners <ŽůŬĂƚĂ͕ĞůŚŝ͕
Bengaluru Other Expenditure 21%
dKd> 523.49 527.27
&ŽŽƚŶŽƚĞ͗ǆĐůƵĚĞƐǆĐĞƉƟŽŶĂů/ƚĞŵƐŽĨ` (55.19) crores.

ϱ͘ , ĂǀĞ ǇŽƵ ƚĂŬĞŶ ƐƚĞƉƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚŝƐ ĐŽŵŵƵŶŝƚǇ ĂƐ ƉĞƌ ůŽĐĂů ůĂǁƐ͍ zĞƐͬEŽͬEͬZĞŵĂƌŬƐ ;ĂĚĚŝƟŽŶĂů
ĚĞǀĞůŽƉŵĞŶƚ ŝŶŝƟĂƟǀĞ ŝƐ ƐƵĐĐĞƐƐĨƵůůǇ ĂĚŽƉƚĞĚ ďǇ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶͿ
ĐŽŵŵƵŶŝƚǇ͍WůĞĂƐĞĞǆƉůĂŝŶŝŶϱϬǁŽƌĚƐ͕ŽƌƐŽ͘ Not Applicable.
dŚĞŽŵƉĂŶǇƌĞƉƌĞƐĞŶƚĂƟǀĞƐĂŶĚǀŽůƵŶƚĞĞƌƐƵŶĚĞƌƚĂŬĞ
direct community engagements and support with ϯ͘ /Ɛ ƚŚĞƌĞ ĂŶǇ ĐĂƐĞ ĮůĞĚ ďǇ ĂŶǇ ƐƚĂŬĞŚŽůĚĞƌ ĂŐĂŝŶƐƚ ƚŚĞ
counselling, exposure visits and regular hand-holding, ŽŵƉĂŶǇ ƌĞŐĂƌĚŝŶŐ ƵŶĨĂŝƌ ƚƌĂĚĞ ƉƌĂĐƟĐĞƐ͕ ŝƌƌĞƐƉŽŶƐŝďůĞ
ĂƐ ĂŶĚ ǁŚĞƌĞ ƌĞƋƵŝƌĞĚ ĨŽƌ ƐƵƐƚĂŝŶĂďůĞ ĂŶĚ ĞīĞĐƟǀĞ ĂĚǀĞƌƟƐŝŶŐĂŶĚͬŽƌĂŶƟͲĐŽŵƉĞƟƟǀĞďĞŚĂǀŝŽƵƌĚƵƌŝŶŐƚŚĞ
ƉƌŽŐƌĂŵŵĞ ŵĂŶĂŐĞŵĞŶƚ͘ zĞĂƌ ŽŶ ǇĞĂƌ͕ ĂƐ Ă ƉĂƌƚ ŽĨ ůĂƐƚĮǀĞǇĞĂƌƐĂŶĚƉĞŶĚŝŶŐĂƐŽŶĞŶĚŽĨĮŶĂŶĐŝĂůǇĞĂƌ͘/Ĩ
our social responsibility immersion programme, a set ƐŽ͕ƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽ͘ BREAK UP OF OTHER EXPENDITURE
of our sharp and young management graduates spend No
ŽǀĞƌ ϰϱ ĚĂǇƐ ŽŶͲƐŝƚĞ ǁŝƚŚ ŝĚĞŶƟĮĞĚ ^Z ƉƌŽŐƌĂŵŵĞ DepreciaƟon 28%
partners and community clusters making our community ϰ͘ ŝĚ ǇŽƵƌ ŽŵƉĂŶǇ ĐĂƌƌǇ ŽƵƚ ĂŶǇ ĐŽŶƐƵŵĞƌ ƐƵƌǀĞǇͬ

ĚĞǀĞůŽƉŵĞŶƚŝŶŝƟĂƟǀĞƐŵŽƌĞƌŽďƵƐƚ͘ ĐŽŶƐƵŵĞƌƐĂƟƐĨĂĐƟŽŶƚƌĞŶĚƐ͍ AdverƟƐŝng & Publicity 17%
The Company carried out Consumer engagement survey
WƌŝŶĐŝƉůĞ ϵ ƚŽ ŵĞĂƐƵƌĞ ƚŚĞ ĞŵŽƟŽŶĂů ĐŽŶŶĞĐƚ ďĞƚǁĞĞŶ ƚŚĞ ďƌĂŶĚ Rent, Rates, Taxes & Insurance 19%
ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ĞŶŐĂŐĞ ǁŝƚŚ ĂŶĚ ƉƌŽǀŝĚĞ ǀĂůƵĞ and the customer’s purchasing decisions. Customers
ƚŽ ƚŚĞŝƌ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ĐŽŶƐƵŵĞƌƐ ŝŶ Ă ƌĞƐƉŽŶƐŝďůĞ ĨŽƌŵ ƐƚƌŽŶŐ ĞŵŽƟŽŶƐ ĂďŽƵƚ ƚŚĞ ďƌĂŶĚ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ Professional Fees 6%
ŵĂŶŶĞƌ͗ ĞǆƉĞƌŝĞŶĐĞƐĂŶĚƚŚĞƐĞĞŵŽƟŽŶƐƐƚƌŽŶŐůǇŝŶŇƵĞŶĐĞƚŚĞŝƌ
ϭ͘ t ŚĂƚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐƵƐƚŽŵĞƌ ĐŽŵƉůĂŝŶƚƐͬĐŽŶƐƵŵĞƌ buying decisions.
Outsourced Support Services 12%
ĐĂƐĞƐĂƌĞƉĞŶĚŝŶŐĂƐŽŶƚŚĞĞŶĚŽĨĮŶĂŶĐŝĂůǇĞĂƌ͍
ƉƉƌŽǆŝŵĂƚĞůǇ ϯ͘ϱй ŽĨ ƚŚĞ ĐŽŶƐƵŵĞƌ ĐĂƐĞƐͬĐŽŵƉůĂŝŶƚƐ The Company also carried out a Brand Equity track to
are pending as on March 31, 2018. ŐĂƵŐĞƚŚĞĚƌŝǀĞƌƐŽĨďƌĂŶĚĂĸŶŝƚǇĂŶĚďƵƐŝŶĞƐƐŝŵƉĂĐƚŽĨ Miscellaneous Expenses 18%
ďƌĂŶĚĂƐƐŽĐŝĂƟŽŶ͘dŚŝƐŐŝǀĞƐƵƐŝŶƐŝŐŚƚƐŝŶƚŽƚŚĞŽǀĞƌĂůů
Ϯ͘
ŽĞƐ ƚŚĞ ŽŵƉĂŶǇ ĚŝƐƉůĂǇ ƉƌŽĚƵĐƚ ŝŶĨŽƌŵĂƟŽŶ ŽŶ ͚ƚƌŝŐŐĞƌƐŽĨƌĞƚĞŶƟŽŶ͛ĨŽƌĐƵƌƌĞŶƚĐƵƐƚŽŵĞƌƐĂŶĚ͚ƚƌŝŐŐĞƌƐ
ƚŚĞ ƉƌŽĚƵĐƚ ůĂďĞů͕ ŽǀĞƌ ĂŶĚ ĂďŽǀĞ ǁŚĂƚ ŝƐ ŵĂŶĚĂƚĞĚ ŽĨĂƩƌĂĐƟŽŶ͛ĨŽƌƉŽƚĞŶƟĂůĐŽŵƉĞƟƟŽŶĐƵƐƚŽŵĞƌƐ͘

Independent Auditor’s Report

dŽƚŚĞDĞŵďĞƌƐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ
Report on the Audit of the Standalone Ind AS Financial Ŷ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ Report on Other Legal and Regulatory Requirements ;ŐͿ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ŽƚŚĞƌ ŵĂƩĞƌƐ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ
Statements ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂŵŽƵŶƚƐ ĂŶĚ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ ŝŶ ƚŚĞ ƐƌĞƋƵŝƌĞĚďǇƚŚĞŽŵƉĂŶŝĞƐ;ƵĚŝƚŽƌ͛ƐZĞƉŽƌƚͿKƌĚĞƌ͕ϮϬϭϲ ƚŚĞƵĚŝƚŽƌƐ͛ZĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚZƵůĞϭϭŽĨƚŚĞ
tĞ ŚĂǀĞ ĂƵĚŝƚĞĚ ƚŚĞ ĂĐĐŽŵƉĂŶǇŝŶŐ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ƉƌŽĐĞĚƵƌĞƐ ;͚ƚŚĞ KƌĚĞƌ͛Ϳ͕ ŝƐƐƵĞĚ ďǇ ƚŚĞ ĞŶƚƌĂů 'ŽǀĞƌŶŵĞŶƚ ŽĨ /ŶĚŝĂ ŝŶ ŽŵƉĂŶŝĞƐ ;ƵĚŝƚ ĂŶĚ ƵĚŝƚŽƌƐͿ ZƵůĞƐ͕ ϮϬϭϰ͕ ŝŶ ŽƵƌ
ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ƐĞůĞĐƚĞĚ ĚĞƉĞŶĚ ŽŶ ƚŚĞ ĂƵĚŝƚŽƌƐ͛ ũƵĚŐĞŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ƚĞƌŵƐŽĨƐĞĐƟŽŶϭϰϯ;ϭϭͿŽĨƚŚĞĐƚ͕ǁĞŐŝǀĞŝŶ͞ŶŶĞǆƵƌĞ͕͟Ă ŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐ
;͞ƚŚĞ ŽŵƉĂŶǇ͟Ϳ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ĂůĂŶĐĞ ƐŚĞĞƚ ĂƐ Ăƚ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ƌŝƐŬƐ ŽĨ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƐƚĂƚĞŵĞŶƚŽŶƚŚĞŵĂƩĞƌƐƐƉĞĐŝĮĞĚŝŶƚŚĞƉĂƌĂŐƌĂƉŚƐϯĂŶĚϰ ƚŽƚŚĞĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͗
DĂƌĐŚϯϭ͕ϮϬϭϴ͕ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ǁŚĞƚŚĞƌ ĚƵĞ ŽĨƚŚĞKƌĚĞƌ͘
KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞͿ͕ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͘ /Ŷ ŵĂŬŝŶŐ ƚŚŽƐĞ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ͕ ƚŚĞ ŝ͘ ƚŚĞŽŵƉĂŶǇŚĂƐĚŝƐĐůŽƐĞĚƚŚĞŝŵƉĂĐƚŽĨƉĞŶĚŝŶŐ
ŝŶĞƋƵŝƚǇĂŶĚƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁƐĨŽƌƚŚĞǇĞĂƌƚŚĞŶ ĂƵĚŝƚŽƌ ĐŽŶƐŝĚĞƌƐ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƐƌĞƋƵŝƌĞĚďǇƐĞĐƟŽŶϭϰϯ;ϯͿŽĨƚŚĞĐƚ͕ǁĞƌĞƉŽƌƚƚŚĂƚ͗ ůŝƟŐĂƟŽŶƐŽŶŝƚƐĮŶĂŶĐŝĂůƉŽƐŝƟŽŶŝŶŝƚƐƐƚĂŶĚĂůŽŶĞ
ĞŶĚĞĚ͕ĂŶĚĂƐƵŵŵĂƌǇŽĨƚŚĞ^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ ŽŵƉĂŶǇ͛Ɛ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐʹZĞĨĞƌEŽƚĞϮϵĂŶĚEŽƚĞ
ĂŶĚKƚŚĞƌĞǆƉůĂŶĂƚŽƌǇŝŶĨŽƌŵĂƟŽŶ;ŚĞƌĞŝŶĂŌĞƌƌĞĨĞƌƌĞĚƚŽĂƐ ƐƚĂƚĞŵĞŶƚƐƚŚĂƚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶ ;ĂͿ ǁĞ ŚĂǀĞ ƐŽƵŐŚƚ ĂŶĚ ŽďƚĂŝŶĞĚ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ϯϲƚŽƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖
͞ƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͟Ϳ͘ ĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ĞǆƉůĂŶĂƟŽŶƐ͕ ǁŚŝĐŚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŽƵƌ ŬŶŽǁůĞĚŐĞ ĂŶĚ
Ŷ ĂƵĚŝƚ ĂůƐŽ ŝŶĐůƵĚĞƐ ĞǀĂůƵĂƟŶŐ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ďĞůŝĞĨ͕ǁĞƌĞŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨŽƵƌĂƵĚŝƚ͖ ŝŝ͘ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŵĂĚĞ ƉƌŽǀŝƐŝŽŶ͕ ĂƐ ƌĞƋƵŝƌĞĚ
Management’s Responsibility for the Standalone Ind AS ƚŚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƵƐĞĚĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨƚŚĞ ƵŶĚĞƌƚŚĞĂƉƉůŝĐĂďůĞůĂǁŽƌĂĐĐŽƵŶƟŶŐƐƚĂŶĚĂƌĚƐ͕
Financial Statements ĂĐĐŽƵŶƟŶŐ ĞƐƟŵĂƚĞƐ ŵĂĚĞ ďǇ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŝƌĞĐƚŽƌƐ͕ ĂƐ ;ďͿ ŝŶŽƵƌŽƉŝŶŝŽŶ͕ƉƌŽƉĞƌďŽŽŬƐŽĨĂĐĐŽƵŶƚĂƐƌĞƋƵŝƌĞĚďǇ ĨŽƌŵĂƚĞƌŝĂůĨŽƌĞƐĞĞĂďůĞůŽƐƐĞƐ͕ŝĨĂŶǇ͕ŽŶůŽŶŐͲƚĞƌŵ
dŚĞ ŽŵƉĂŶǇ͛Ɛ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ǁĞůůĂƐĞǀĂůƵĂƟŶŐƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ ůĂǁŚĂǀĞďĞĞŶŬĞƉƚďǇƚŚĞŽŵƉĂŶǇƐŽĨĂƌĂƐŝƚĂƉƉĞĂƌƐ ĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ͖
ŵĂƩĞƌƐƐƚĂƚĞĚŝŶƐĞĐƟŽŶϭϯϰ;ϱͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ĨƌŽŵŽƵƌĞǆĂŵŝŶĂƟŽŶŽĨƚŚŽƐĞďŽŽŬƐ͖
;͞ƚŚĞĐƚ͟ͿǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞƐĞƐƚĂŶĚĂůŽŶĞ ŝŝŝ͘ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ŶŽ ĚĞůĂǇ ŝŶ ƚƌĂŶƐĨĞƌƌŝŶŐ ĂŵŽƵŶƚƐ͕
/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ŝƐ ;ĐͿ ƚŚĞƐƚĂŶĚĂůŽŶĞĂůĂŶĐĞƐŚĞĞƚ͕ƚŚĞƐƚĂŶĚĂůŽŶĞ^ƚĂƚĞŵĞŶƚ ƌĞƋƵŝƌĞĚƚŽďĞƚƌĂŶƐĨĞƌƌĞĚ͕ƚŽƚŚĞ/ŶǀĞƐƚŽƌĚƵĐĂƟŽŶ
ƚŚĞ ƐƚĂƚĞ ŽĨ ĂīĂŝƌƐ͕ ƉƌŽĮƚ ;ŝŶĐůƵĚŝŶŐ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ƐƵĸĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ĂƵĚŝƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ;ŝŶĐůƵĚŝŶŐ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂŶĚ WƌŽƚĞĐƟŽŶ &ƵŶĚ ďǇ ƚŚĞ ŽŵƉĂŶǇ ĚƵƌŝŶŐ ƚŚĞ
/ŶĐŽŵĞͿ͕ĐŚĂŶŐĞƐŝŶĞƋƵŝƚǇĂŶĚĐĂƐŚŇŽǁƐŽĨƚŚĞŽŵƉĂŶǇŝŶ ŽƉŝŶŝŽŶŽŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ŝŶĐŽŵĞͿ͕ƚŚĞƐƚĂŶĚĂůŽŶĞ^ƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁƐĂŶĚƚŚĞ ǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͖ĂŶĚ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚ ƐƚĂŶĚĂůŽŶĞ^ƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚǇĚĞĂůƚǁŝƚŚďǇ
ŝŶ /ŶĚŝĂ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ /ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐ ;/ŶĚ ^Ϳ Opinion ƚŚŝƐƌĞƉŽƌƚĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞďŽŽŬƐŽĨĂĐĐŽƵŶƚ͖ ŝǀ͘ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ŝŶ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů
ƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͘ /ŶŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ŚŽůĚŝŶŐƐ ĂƐ ǁĞůů ĂƐ ĚĞĂůŝŶŐƐ
ƚŽƚŚĞĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞĂĨŽƌĞƐĂŝĚƐƚĂŶĚĂůŽŶĞ/ŶĚ ;ĚͿ ŝŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĂĨŽƌĞƐĂŝĚƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂů ŝŶ ^ƉĞĐŝĮĞĚ ĂŶŬ EŽƚĞƐ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ
dŚŝƐ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ĂůƐŽ ŝŶĐůƵĚĞƐ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂĚĞƋƵĂƚĞ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŐŝǀĞ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ƌĞƋƵŝƌĞĚ ďǇ ƐƚĂƚĞŵĞŶƚƐĐŽŵƉůǇǁŝƚŚƚŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ EŽǀĞŵďĞƌϴ͕ϮϬϭϲƚŽĞĐĞŵďĞƌϯϬ͕ϮϬϭϲŚĂǀĞŶŽƚ
ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ Đƚ ŝŶ ƚŚĞ ŵĂŶŶĞƌ ƐŽ ƌĞƋƵŝƌĞĚ ĂŶĚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ;/ŶĚ^ͿƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͖ ďĞĞŶŵĂĚĞƐŝŶĐĞƚŚĞǇĚŽŶŽƚƉĞƌƚĂŝŶƚŽƚŚĞĮŶĂŶĐŝĂů
ƚŚĞĐƚĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶǇĂŶĚĨŽƌ ǀŝĞǁ ŝŶ ĐŽŶĨŽƌŵŝƚǇ ǁŝƚŚ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƉƌŝŶĐŝƉůĞƐ ŐĞŶĞƌĂůůǇ ǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘
ƉƌĞǀĞŶƟŶŐ ĂŶĚ ĚĞƚĞĐƟŶŐ ĨƌĂƵĚƐ ĂŶĚ ŽƚŚĞƌ ŝƌƌĞŐƵůĂƌŝƟĞƐ͖ ĂĐĐĞƉƚĞĚŝŶ/ŶĚŝĂŽĨƚŚĞƐƚĂƚĞŽĨĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶǇĂƐĂƚ ;ĞͿ ŽŶƚŚĞďĂƐŝƐŽĨƚŚĞǁƌŝƩĞŶƌĞƉƌĞƐĞŶƚĂƟŽŶƐƌĞĐĞŝǀĞĚĨƌŽŵ For B S R & Co. LLP
ƐĞůĞĐƟŽŶĂŶĚĂƉƉůŝĐĂƟŽŶŽĨĂƉƉƌŽƉƌŝĂƚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͖ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ŝƚƐ ƉƌŽĮƚ ;ŝŶĐůƵĚŝŶŐ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ƚŚĞĚŝƌĞĐƚŽƌƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴƚĂŬĞŶŽŶƌĞĐŽƌĚďǇƚŚĞ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
ŵĂŬŝŶŐ ũƵĚŐĞŵĞŶƚƐ ĂŶĚ ĞƐƟŵĂƚĞƐ ƚŚĂƚ ĂƌĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ /ŶĐŽŵĞͿ͕ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚǇ ĂŶĚ ŝƚƐ ĐĂƐŚ ŇŽǁƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ͕ŶŽŶĞŽĨƚŚĞĚŝƌĞĐƚŽƌƐŝƐĚŝƐƋƵĂůŝĮĞĚĂƐŽŶ &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͗ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ
ƉƌƵĚĞŶƚ͖ ĂŶĚ ĚĞƐŝŐŶ͕ ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĨƌŽŵ ďĞŝŶŐ ĂƉƉŽŝŶƚĞĚ ĂƐ Ă ĚŝƌĞĐƚŽƌ ŝŶ
ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ƚŚĂƚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ƚĞƌŵƐŽĨƐĞĐƟŽŶϭϲϰ;ϮͿŽĨƚŚĞĐƚ͖ sŝũĂǇŚĂƩ
ĞīĞĐƟǀĞůǇ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĞ ĂĐĐƵƌĂĐǇ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ ŽĨ KƚŚĞƌDĂƩĞƌƐ WĂƌƚŶĞƌ
ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ͕ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƉƌĞƉĂƌĂƟŽŶ ĂŶĚ dŚĞ ĂƵĚŝƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ;ĨͿ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĂĚĞƋƵĂĐǇ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů DĞŵďĞƌƐŚŝƉEŽ͗Ϭϯϲϲϰϳ
ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽŵƉĂŶǇ ĨŽƌ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ǇĞĂƌ ĞŶĚĞĚ ĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽƚŚĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ
ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ǀŝĞǁ ĂŶĚ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů DĂƌĐŚϯϭ͕ϮϬϭϳŝŶĐůƵĚĞĚŝŶƚŚĞƐĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂů ŽĨƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƐƵĐŚ
ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ ƐƚĂƚĞŵĞŶƚƐ͕ŚĂǀĞďĞĞŶĂƵĚŝƚĞĚďǇƚŚĞƉƌĞĚĞĐĞƐƐŽƌĂƵĚŝƚŽƌƐ ĐŽŶƚƌŽůƐ͕ƌĞĨĞƌƚŽŽƵƌƐĞƉĂƌĂƚĞZĞƉŽƌƚŝŶ͞ŶŶĞǆƵƌĞ͖͟
ǁŚŽƐĞ ĂƵĚŝƚ ƌĞƉŽƌƚ ĚĂƚĞĚ DĂǇ Ϯϲ͕ ϮϬϭϳ ĞǆƉƌĞƐƐĞĚ ĂŶ ĂŶĚ
Auditors’ Responsibility ƵŶŵŽĚŝĮĞĚ ŽƉŝŶŝŽŶ ŽŶ ƚŚŽƐĞ ĂƵĚŝƚĞĚ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚǇŝƐƚŽĞǆƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƐĞƐƚĂŶĚĂůŽŶĞ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘KƵƌŽƉŝŶŝŽŶŝƐŶŽƚŵŽĚŝĮĞĚŝŶƌĞƐƉĞĐƚ
/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďĂƐĞĚŽŶŽƵƌĂƵĚŝƚ͘ ŽĨƚŚŝƐŵĂƩĞƌ͘
tĞ ŚĂǀĞ ƚĂŬĞŶ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ dŚĞ ĮŐƵƌĞƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϳ ŝŶĐůƵĚĞĚ ŝŶ
ĂĐĐŽƵŶƟŶŐ ĂŶĚ ĂƵĚŝƟŶŐ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŵĂƩĞƌƐ ǁŚŝĐŚ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ
ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĂƵĚŝƚ ƌĞƉŽƌƚ ƵŶĚĞƌ ƚŚĞ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ŚĂǀĞ ďĞĞŶ ƌĞƐƚĂƚĞĚ ƚŽ ŐŝǀĞ ĞīĞĐƚƐ ƚŽ ƚŚĞ
ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚƚŚĞZƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌ͘ ƐĐŚĞŵĞŽĨĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ;ĂǁŚŽůůǇ
ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌǇͿ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ ƉƵƌƐƵĂŶƚ ƚŽ ĂŶ ŽƌĚĞƌ
tĞ ĐŽŶĚƵĐƚĞĚ ŽƵƌ ĂƵĚŝƚ ŽĨ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ŽĨ EĂƟŽŶĂů ŽŵƉĂŶǇ >Ăǁ dƌŝďƵŶĂů ĚĂƚĞĚ DĂƌĐŚ ϴ͕ ϮϬϭϴ͕
ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ^ƚĂŶĚĂƌĚƐ ŽŶ ƵĚŝƟŶŐ ĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉƌĞĐĞĚŝŶŐǇĞĂƌ;ŝ͘ĞƉƌŝůϭ͕ϮϬϭϲͿ
ƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͘dŚŽƐĞ^ƚĂŶĚĂƌĚƐ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/ŶĚ^͘KƵƌŽƉŝŶŝŽŶŝƐŶŽƚŵŽĚŝĮĞĚŝŶ
ƌĞƋƵŝƌĞ ƚŚĂƚ ǁĞ ĐŽŵƉůǇ ǁŝƚŚ ĞƚŚŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƉůĂŶ ƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞŵĂƩĞƌ͘
ĂŶĚƉĞƌĨŽƌŵƚŚĞĂƵĚŝƚƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚ
ǁŚĞƚŚĞƌƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨƌĞĞ
ĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘

Annexure ‘A’ to the Independent Auditor’s Report

ĂŶĚ^ĞƌǀŝĐĞƐdĂǆĂŶĚsĂůƵĞĚĚĞĚdĂǆĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ǁŚŝĐŚŚĂǀĞŶŽƚďĞĞŶĚĞƉŽƐŝƚĞĚǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ
ĂƵƚŚŽƌŝƟĞƐŽŶĂĐĐŽƵŶƚŽĨĂŶǇĚŝƐƉƵƚĞ͕ĞǆĐĞƉƚĂƐƐƚĂƚĞĚďĞůŽǁ͗
tŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ŶŶĞǆƵƌĞ ƌĞĨĞƌƌĞĚ ƚŽ ŝŶ ƚŚĞ ƐƚŽĐŬƐĂŶĚƚŚĞďŽŽŬƌĞĐŽƌĚƐǁĞƌĞŶŽƚŵĂƚĞƌŝĂůĂŶĚŚĂǀĞ
/ŶĚĞƉĞŶĚĞŶƚ ƵĚŝƚŽƌƐ͛ ZĞƉŽƌƚ ƚŽ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďĞĞŶƉƌŽƉĞƌůǇĚĞĂůƚǁŝƚŚŝŶďŽŽŬƐŽĨĂĐĐŽƵŶƚ͘ (`ŝŶĐƌŽƌĞƐͿ
ŽŵƉĂŶǇŽŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌ ;ŝŝŝͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞǆƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ
ƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ǁĞƌĞƉŽƌƚƚŚĞĨŽůůŽǁŝŶŐ͗ ƚŽƵƐƚŚĞŽŵƉĂŶǇŚĂƐŶŽƚŐƌĂŶƚĞĚĂŶǇůŽĂŶƐ͕ƐĞĐƵƌĞĚ Name of Act Nature of Dues Amount Amount not Period to Forum where dispute is pending
Demanded Deposited which amount
;ŝͿ ;ĂͿ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ŵĂŝŶƚĂŝŶĞĚ ƉƌŽƉĞƌ ƌĞĐŽƌĚƐ Žƌ ƵŶƐĞĐƵƌĞĚ͕ ƚŽ ĐŽŵƉĂŶŝĞƐ͕ ĮƌŵƐ͕ ůŝŵŝƚĞĚ ůŝĂďŝůŝƚǇ / Under relates
ƐŚŽǁŝŶŐ ĨƵůů ƉĂƌƟĐƵůĂƌƐ͕ ŝŶĐůƵĚŝŶŐ ƋƵĂŶƟƚĂƟǀĞ ƉĂƌƚŶĞƌƐŚŝƉƐ Žƌ ŽƚŚĞƌ ƉĂƌƟĞƐ ĐŽǀĞƌĞĚ ŝŶ ƚŚĞ ƌĞŐŝƐƚĞƌ Disputes (Financial
ĚĞƚĂŝůƐĂŶĚƐŝƚƵĂƟŽŶŽĨĮǆĞĚĂƐƐĞƚƐ͘ ŵĂŝŶƚĂŝŶĞĚ ƵŶĚĞƌ ƐĞĐƟŽŶ ϭϴϵ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ Year)
;ďͿ dŚĞŽŵƉĂŶǇŚĂƐĂƌĞŐƵůĂƌƉƌŽŐƌĂŵŵĞŽĨƉŚǇƐŝĐĂů ϮϬϭϯ ;͚ƚŚĞ Đƚ͛Ϳ͘ ĐĐŽƌĚŝŶŐůǇ͕ ƉĂƌĂŐƌĂƉŚƐ ϯ ;ŝŝŝͿ;ĂͿ͕ ;ďͿ ^ĂůĞƐdĂǆĂŶĚsĂůƵĞ dĂǆ͕WĞŶĂůƚǇĂŶĚ ϲ͘Ϭϲ ϰ͘ϳϲ ϭϵϵϳʹϭϵϵϴƚŽ :ŽŝŶƚŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ
ǀĞƌŝĮĐĂƟŽŶŽĨŝƚƐĮǆĞĚĂƐƐĞƚƐďǇǁŚŝĐŚĂůůƚŚĞĮǆĞĚ ĂŶĚ;ĐͿŽĨƚŚĞKƌĚĞƌĂƌĞŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇ͘ ĚĚĞĚdĂǆ /ŶƚĞƌĞƐƚ ϮϬϬϰͲϮϬϬϱ
ĂƐƐĞƚƐĂƌĞǀĞƌŝĮĞĚŝŶĂƉŚĂƐĞĚŵĂŶŶĞƌŽǀĞƌĂƉĞƌŝŽĚ ;ŝǀͿ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ϭϬ͘ϭϬ ϵ͘ϯϬ ϮϬϬϱͲϮϬϬϵΘ
ŽĨ ƚŚƌĞĞ ǇĞĂƌƐ͘ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ƉƌŽŐƌĂŵ͕ ĞǆƉůĂŶĂƟŽŶ ŐŝǀĞŶ ƚŽ ƵƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŶŽƚ ŐƌĂŶƚĞĚ ϮϬϭϬͲϮϬϭϭ
Ϭ͘ϭϴ Ϭ͘ϭϴ ϮϬϬϲͲϮϬϬϴ ĚĚŝƟŽŶĂůŽŵŵŝƐƐŝŽŶĞƌ
Ă ƉŽƌƟŽŶ ŽĨ ƚŚĞ ĮǆĞĚ ĂƐƐĞƚƐ ŚĂƐ ďĞĞŶ ƉŚǇƐŝĐĂůůǇ ĂŶǇ ůŽĂŶƐ͕ Žƌ ƉƌŽǀŝĚĞĚ ĂŶǇ ŐƵĂƌĂŶƚĞĞƐ Žƌ ƐĞĐƵƌŝƚǇ ƚŽ
Ϭ͘ϲϲ Ͳ ϮϬϭϬͲϮϬϭϭƚŽ
ǀĞƌŝĮĞĚ ďǇ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ĂŶĚ ƚŚĞƉĂƌƟĞƐĐŽǀĞƌĞĚƵŶĚĞƌƐĞĐƟŽŶϭϴϱŽĨƚŚĞĐƚ͘dŚĞ ϮϬϭϱͲϮϬϭϲ
ŶŽ ŵĂƚĞƌŝĂů ĚŝƐĐƌĞƉĂŶĐŝĞƐ ŚĂǀĞ ďĞĞŶ ŶŽƟĐĞĚ ŽŶ ŽŵƉĂŶǇŚĂƐĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƐĞĐƟŽŶϭϴϲ Ϭ͘ϯϰ Ϭ͘ϯϰ ϭϵϵϮʹϭϵϵϯƚŽ ŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ
ƐƵĐŚǀĞƌŝĮĐĂƟŽŶ͘/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚŝƐƉĞƌŝŽĚŝĐŝƚǇŽĨ ŽĨƚŚĞĐƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƐĂŶĚŐƵĂƌĂŶƚĞĞƐ ϭϵϵϱͲϭϵϵϲ
ƉŚǇƐŝĐĂůǀĞƌŝĮĐĂƟŽŶŝƐƌĞĂƐŽŶĂďůĞŚĂǀŝŶŐƌĞŐĂƌĚƚŽ ŵĂĚĞ͘dŚĞŽŵƉĂŶǇŚĂƐŶŽƚƉƌŽǀŝĚĞĚĂŶǇƐĞĐƵƌŝƚǇƚŽƚŚĞ 1.91 1.91 ϮϬϬϱͲϮϬϬϲƚŽ
ƚŚĞƐŝǌĞŽĨƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞŶĂƚƵƌĞŽĨŝƚƐĂƐƐĞƚƐ͘ ƉĂƌƟĞƐĐŽǀĞƌĞĚƵŶĚĞƌƐĞĐƟŽŶϭϴϲŽĨƚŚĞĐƚ͘ ϮϬϭϮͲϮϬϭϯ
;ĐͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞǆƉůĂŶĂƟŽŶƐ ;ǀͿ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ Ϭ͘ϬϮ Ϭ͘ϬϮ ϮϬϬϱʹϮϬϬϲ ƐƐŝƐƚĂŶƚͬĞƉƵƚǇŽŵŵŝƐƐŝŽŶĞƌ
Ϯ͘ϵϴ Ϯ͘ϱϰ ϮϬϭϭʹϮϬϭϮƚŽ
ŐŝǀĞŶ ƚŽ ƵƐ ĂŶĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ŽƵƌ ĞǆĂŵŝŶĂƟŽŶ ĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞŽŵƉĂŶǇŚĂƐŶŽƚĂĐĐĞƉƚĞĚ
ϮϬϭϳͲϮϬϭϴ
ŽĨ ƚŚĞ ƌĞĐŽƌĚƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͕ ƚŚĞ ƟƚůĞ ĚĞĞĚƐ͕ ĚĞƉŽƐŝƚƐĂƐƉĞƌƚŚĞĚŝƌĞĐƟǀĞƐŝƐƐƵĞĚďǇƚŚĞZĞƐĞƌǀĞĂŶŬ
ĐŽŵƉƌŝƐŝŶŐ Ăůů ƚŚĞ ŝŵŵŽǀĂďůĞ ƉƌŽƉĞƌƟĞƐ ŽĨ ůĂŶĚ ŽĨ/ŶĚŝĂĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƐĞĐƟŽŶƐϳϯƚŽϳϲŽƌĂŶǇ
ĂŶĚďƵŝůĚŝŶŐƐ͕ĂƌĞŚĞůĚŝŶƚŚĞŶĂŵĞŽĨƚŚĞŽŵƉĂŶǇ ŽƚŚĞƌƌĞůĞǀĂŶƚƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚƚŚĞƌƵůĞƐĨƌĂŵĞĚ dŚĞ/ŶĐŽŵĞdĂǆĐƚ͕ dĂǆĂŶĚ/ŶƚĞƌĞƐƚ ϭϮϱ͘ϱϭ ϭϬϮ͘ϵϯ ϮϬϭϮʹϮϬϭϯ ŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ
ϭϵϲϭ Ϯ͘Ϯϱ Ϯ͘Ϯϱ ϮϬϬϵʹϮϬϭϬƚŽ ƐƐĞƐƐŝŶŐKĸĐĞƌ
ĂƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞĞǆĐĞƉƚŝŶƌĞƐƉĞĐƚŽĨ͗ ƚŚĞƌĞƵŶĚĞƌ͘ĐĐŽƌĚŝŶŐůǇ͕ƉĂƌĂŐƌĂƉŚϯ;ǀͿŽĨƚŚĞKƌĚĞƌŝƐ
ϮϬϭϯͲϮϬϭϰ
z ŽŶĞƉůŽƚŽĨůĞĂƐĞŚŽůĚůĂŶĚĂŐŐƌĞŐĂƟŶŐ` 1.91 ŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇ͘ ϱϭ͘ϬϬ ϯϰ͘Ϯϰ ϮϬϬϵʹϮϬϭϬΘ dƌŝďƵŶĂů
ĐƌŽƌĞ ;'ƌŽƐƐ ůŽĐŬ ` ϭ͘ϵϭ ĐƌŽƌĞƐͿ ǁŚŝĐŚ ŝƐ ŝŶ ;ǀŝͿ dŚĞ ĞŶƚƌĂů 'ŽǀĞƌŶŵĞŶƚ ŚĂƐ ŶŽƚ ƉƌĞƐĐƌŝďĞĚ ϮϬϭϭʹϮϬϭϮ
ƉŚǇƐŝĐĂů ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĂŶĚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐŽƐƚ ƌĞĐŽƌĚƐ ƵŶĚĞƌ ƐĞĐƟŽŶ ϭϰϴ;ϭͿ ŽĨ dŚĞ&ŝŶĂŶĐĞĐƚ͕ dĂǆ͕WĞŶĂůƚǇĂŶĚ Ϭ͘ϭϲ Ϭ͘ϭϲ ϮϬϬϮͲϮϬϬϯ ŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ
ƐĞƩůĞŵĞŶƚŽĨƚŚĞůĞĂƐĞĚĞĞĚŝŶĨĂǀŽƵƌŽĨƚŚĞ ƚŚĞĐƚ͘ĐĐŽƌĚŝŶŐůǇ͕ƉĂƌĂŐƌĂƉŚϯ;ǀŝͿŽĨƚŚĞKƌĚĞƌŝƐŶŽƚ ϭϵϵϰ /ŶƚĞƌĞƐƚ ϯ͘ϵϱ ϯ͘ϳϮ ϮϬϬϲʹϮϬϬϳƚŽ
ŽŵƉĂŶǇŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚ͘ ĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇ͘ ϮϬϭϲͲϮϬϭϳ
Ϭ͘ϭϮ Ϭ͘ϭϭ ϮϬϭϮͲϮϬϭϯ ĚĚŝƟŽŶĂůŽŵŵŝƐƐŝŽŶĞƌ
z ŽŶĞŚŽƚĞůďƵŝůĚŝŶŐĂŐŐƌĞŐĂƟŶŐ`ϭϲ͘ϱϰĐƌŽƌĞƐ ;ǀŝŝͿ ;ĂͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞǆƉůĂŶĂƟŽŶƐ Ϭ͘ϴϴ Ϭ͘ϴϳ ϮϬϬϲʹϮϬϬϳƚŽ :ŽŝŶƚŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ
;'ƌŽƐƐůŽĐŬ`ϭϴ͘ϱϯĐƌŽƌĞƐͿ͕ǁŚŝĐŚŝƐďƵŝůƚŽŶ ŐŝǀĞŶƚŽƵƐĂŶĚŽŶƚŚĞďĂƐŝƐŽĨŽƵƌĞǆĂŵŝŶĂƟŽŶŽĨ ϮϬϭϲͲϮϬϭϳ
ůĂŶĚƚĂŬĞŶŽŶůĞĂƐĞĂŶĚĚŝƐĐůŽƐĞĚĂƐĂƉĂƌƚŽĨ ƚŚĞ ƌĞĐŽƌĚƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͕ ĂŵŽƵŶƚƐ ĚĞĚƵĐƚĞĚ ϴ͘ϭϲ Ϯ͘ϳϲ ϮϬϬϲͲϮϬϬϳƚŽ dƌŝďƵŶĂů
ƚŚĞĮǆĞĚĂƐƐĞƚƐŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ ͬ ĂĐĐƌƵĞĚ ŝŶ ƚŚĞ ďŽŽŬƐ ŽĨ ĂĐĐŽƵŶƚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ϮϬϭϮʹϮϬϭϯ
ůĞĂƐĞĂŐƌĞĞŵĞŶƚŚĂƐĞǆƉŝƌĞĚ͕ďƵƚƚŚĞŽŵƉĂŶǇ ƵŶĚŝƐƉƵƚĞĚ ƐƚĂƚƵƚŽƌǇ ĚƵĞƐ ŝŶĐůƵĚŝŶŐ WƌŽǀŝĚĞŶƚ WƌŽƉĞƌƚǇ ĞŵĂŶĚ͕WĞŶĂůƚǇ Ϭ͘ϭϬ Ͳ ϭϵϵϬʹϭϵϵϭ ,ŝŐŚŽƵƌƚ
ŝƐ ƉĞƌŵŝƩĞĚ ƚŽ ĐĂƌƌǇ ŽƵƚ ŝƚƐ ŽƉĞƌĂƟŽŶƐ ƵŶƟů &ƵŶĚ͕ŵƉůŽǇĞĞƐ^ƚĂƚĞ/ŶƐƵƌĂŶĐĞ͕/ŶĐŽŵĞͲƚĂǆ͕ƵƚǇ dĂǆ ĂŶĚ ϯϭϱ͘ϰϮ Ϯϰϰ͘ϵϮ ϮϬϬϵʹϮϬϭϬƚŽ
ƚŚĞ ƉƌŽĐĞƐƐ ŽĨ ĂƵĐƟŽŶ ďǇ ƚŚĞ ŽǁŶĞƌƐ ŽĨ ƚŚĞ ŽĨ ƵƐƚŽŵƐ͕ ƵƚǇ ŽĨ ǆĐŝƐĞ͕ ^ĂůĞƐͲƚĂǆ͕ ^ĞƌǀŝĐĞ dĂǆ͕ /ŶƚĞƌĞƐƚ ϮϬϭϳʹϮϬϭϴ
ƐĂŝĚ ůĂŶĚ ŝƐ ĐŽŵƉůĞƚĞĚ ĂŶĚ ƚŚĞ ƉƌĞŵŝƐĞƐ ŝƐ sĂůƵĞĚĚĞĚdĂǆ͕'ŽŽĚƐĂŶĚ^ĞƌǀŝĐĞƐdĂǆ͕ĞƐƐĂŶĚ Ϭ͘ϯϬ Ϭ͘ϯϬ ϮϬϬϵʹϮϬϭϬ ^ƵƉƌĞŵĞŽƵƌƚ
ŚĂŶĚĞĚŽǀĞƌƚŽƚŚĞǁŝŶŶŝŶŐďŝĚĚĞƌ͘ ŽƚŚĞƌŵĂƚĞƌŝĂůƐƚĂƚƵƚŽƌǇĚƵĞƐŚĂǀĞďĞĞŶŐĞŶĞƌĂůůǇ
z ŽŶĞ ĐŽŵŵĞƌĐŝĂů ͬ ƌĞƐŝĚĞŶƟĂů ďƵŝůĚŝŶŐ ĂŶĚ ƌĞŐƵůĂƌůǇ ĚĞƉŽƐŝƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ǁŝƚŚ ƚŚĞ
;ǀŝŝŝͿ/Ŷ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ǁŚŝĐŚ ƚŚĞǇ ǁĞƌĞ ƌĂŝƐĞĚ͘ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ŶŽƚ ƌĂŝƐĞĚ
ĂŐŐƌĞŐĂƟŶŐƚŽ`Ϭ͘ϴϭĐƌŽƌĞƐ;'ƌŽƐƐůŽĐŬ`ϭ͘ϯϬ ĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝƟĞƐ͘
ĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞŽŵƉĂŶǇŚĂƐŶŽƚĚĞĨĂƵůƚĞĚ ŵŽŶĞǇ ďǇ ǁĂǇ ŽĨ ŝŶŝƟĂů ƉƵďůŝĐ ŽīĞƌ ;ŝŶĐůƵĚŝŶŐ ĚĞďƚ
ĐƌŽƌĞƐͿ ĐŽŶƐƚƌƵĐƚĞĚ ŽŶ ƚŚĞ ůĞĂƐĞĚ ůĂŶĚ͕ ǁŚŝĐŚ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶ ŝŶƌĞƉĂǇŵĞŶƚŽĨůŽĂŶƐƚŽďĂŶŬƐĂŶĚĚƵĞƐƚŽĚĞďĞŶƚƵƌĞ ŝŶƐƚƌƵŵĞŶƚƐͿĚƵƌŝŶŐƚŚĞǇĞĂƌ͘
ŝƐ ŝŶ ƚŚĞ ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĂĐƋƵŝƌĞĚ ƚŽ ƵƐ͕ ŶŽ ƵŶĚŝƐƉƵƚĞĚ ĂŵŽƵŶƚƐ ƉĂǇĂďůĞ ŝŶ ƌĞƐƉĞĐƚ ŚŽůĚĞƌƐ͘ dŚĞ ŽŵƉĂŶǇ ĚŝĚ ŶŽƚ ŚĂǀĞ ĂŶǇ ŽƵƚƐƚĂŶĚŝŶŐ
ƉƵƌƐƵĂŶƚƚŽĂƐĐŚĞŵĞŽĨĂŵĂůŐĂŵĂƟŽŶŽĨd/&K ŽĨ WƌŽǀŝĚĞŶƚ &ƵŶĚ͕ ŵƉůŽǇĞĞƐ ^ƚĂƚĞ /ŶƐƵƌĂŶĐĞ͕ ĚƵĞƐƚŽĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐĂŶĚŐŽǀĞƌŶŵĞŶƚĚƵƌŝŶŐƚŚĞ ;ǆͿ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽ
,ŽůĚŝŶŐ >ŝŵŝƚĞĚ ;Ă ǁŚŽůůǇ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌǇͿ͘ WƌŽĨĞƐƐŝŽŶdĂǆ͕/ŶĐŽŵĞͲƚĂǆ͕ƵƚǇŽĨƵƐƚŽŵƐ͕ƵƚǇ ǇĞĂƌ͘ ƵƐ͕ŶŽŵĂƚĞƌŝĂůĨƌĂƵĚďǇƚŚĞŽŵƉĂŶǇŽƌŽŶƚŚĞŽŵƉĂŶǇ
dŚĞůĞĂƐĞŽĨƚŚĞƐĂŝĚůĂŶĚŚĂƐĞǆƉŝƌĞĚŝŶƚŚĞǇĞĂƌ ŽĨǆĐŝƐĞ͕^ĂůĞƐͲƚĂǆ͕^ĞƌǀŝĐĞdĂǆ͕'ŽŽĚƐĂŶĚ^ĞƌǀŝĐĞƐ ďǇŝƚƐŽĸĐĞƌƐŽƌĞŵƉůŽǇĞĞƐŚĂƐďĞĞŶŶŽƟĐĞĚŽƌƌĞƉŽƌƚĞĚ
ϮϬϬϬ͘ d/&K ,ŽůĚŝŶŐƐ >ŝŵŝƚĞĚ ŚĂƐ ĮůĞĚ Ă ǁƌŝƚ dĂǆ͕ sĂůƵĞ ĚĚĞĚ dĂǆ͕ ĞƐƐ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂů ;ŝǆͿ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨŽƵƌĂƵĚŝƚ͘
WĞƟƟŽŶŝŶ,ŝŐŚŽƵƌƚŽĨDƵŵďĂŝŽŶ:ĂŶƵĂƌǇϭϱ͕ ƐƚĂƚƵƚŽƌǇĚƵĞƐǁĞƌĞŝŶĂƌƌĞĂƌƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐĂŶĚďĂƐĞĚŽŶŽƵƌĞǆĂŵŝŶĂƟŽŶ
ϮϬϭϯĨŽƌƌĞŶĞǁĂůŽĨůĞĂƐĞ͘ ĨŽƌĂƉĞƌŝŽĚŽĨŵŽƌĞƚŚĂŶƐŝǆŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞ ŽĨƚŚĞƌĞĐŽƌĚƐŽĨƚŚĞŽŵƉĂŶǇ͕ƚŚĞŽŵƉĂŶǇŚĂƐƵƟůŝƐĞĚ ;ǆŝͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞǆƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ
;ŝŝͿ dŚĞ ŝŶǀĞŶƚŽƌǇ ŚĂƐ ďĞĞŶ ƉŚǇƐŝĐĂůůǇ ǀĞƌŝĮĞĚ ďǇ ƚŚĞ ƚŚĞǇďĞĐĂŵĞƉĂǇĂďůĞ͘ ƚŚĞŵŽŶĞǇƌĂŝƐĞĚďǇǁĂǇŽĨƌŝŐŚƚƐŝƐƐƵĞŽĨĞƋƵŝƚǇƐŚĂƌĞƐ ƚŽ ƵƐ ĂŶĚ ďĂƐĞĚ ŽŶ ŽƵƌ ĞǆĂŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ƌĞĐŽƌĚƐ
ŵĂŶĂŐĞŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͘ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ;ďͿ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶ ĚƵƌŝŶŐƚŚĞǇĞĂƌ͕ĞǆĐĞƉƚĨŽƌƵŶƵƟůŝƐĞĚĂŵŽƵŶƚŽĨ`ϱϭ͘ϴϭ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ƉĂŝĚ ͬ ƉƌŽǀŝĚĞĚ
ĨƌĞƋƵĞŶĐǇ ŽĨ ƐƵĐŚ ǀĞƌŝĮĐĂƟŽŶ ŝƐ ƌĞĂƐŽŶĂďůĞ͘ dŚĞ ƚŽ ƵƐ͕ ƚŚĞƌĞ ĂƌĞ ŶŽ ĚƵĞƐ ŽĨ /ŶĐŽŵĞͲƚĂǆ͕ ^ĂůĞƐͲƚĂǆ͕ ĐƌŽƌĞƐ͕ǁŚŝĐŚŚĂƐďĞĞŶŬĞƉƚŝŶĮǆĞĚĚĞƉŽƐŝƚ͘DŽƌĞŽǀĞƌ͕ ĨŽƌ ŵĂŶĂŐĞƌŝĂů ƌĞŵƵŶĞƌĂƟŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ
ĚŝƐĐƌĞƉĂŶĐŝĞƐŶŽƟĐĞĚŽŶǀĞƌŝĮĐĂƟŽŶďĞƚǁĞĞŶƚŚĞƉŚǇƐŝĐĂů ^ĞƌǀŝĐĞdĂǆ͕ƵƚǇŽĨƵƐƚŽŵƐ͕ƵƚǇŽĨǆĐŝƐĞ͕'ŽŽĚƐ ƚŚĞƚĞƌŵůŽĂŶƐƚĂŬĞŶďǇƚŚĞŽŵƉĂŶǇŚĂǀĞďĞĞŶĂƉƉůŝĞĚ ƌĞƋƵŝƐŝƚĞ ĂƉƉƌŽǀĂůƐ ŵĂŶĚĂƚĞĚ ďǇ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ
ďǇ ƚŚĞ ŽŵƉĂŶǇ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ĨŽƌ ƐĞĐƟŽŶϭϵϳƌĞĂĚǁŝƚŚ^ĐŚĞĚƵůĞsƚŽƚŚĞĐƚ͘

Annexure ‘B’ to the Independent Auditor’s Report

;ZĞĨĞƌƌĞĚƚŽŝŶŽƵƌƌĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞͿ
;ǆŝŝͿ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ;ǆǀͿ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽ
ĞǆƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ ƚŽ ƵƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŝƐ ŶŽƚ Ă EŝĚŚŝ ƵƐĂŶĚďĂƐĞĚŽŶŽƵƌĞǆĂŵŝŶĂƟŽŶŽĨƚŚĞƌĞĐŽƌĚƐŽĨƚŚĞ
Report on the Internal Financial Controls under Clause (i) of sub- tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ŝƐ
ĐŽŵƉĂŶǇ ĂŶĚ ƚŚĞ EŝĚŚŝ ZƵůĞƐ͕ ϮϬϭϰ ĂƌĞ ŶŽƚ ĂƉƉůŝĐĂďůĞ ŽŵƉĂŶǇ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŶŽƚ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶǇ ŶŽŶͲ
ƐĞĐƟŽŶϯŽĨƐĞĐƟŽŶϭϰϯŽĨƚŚĞĐƚ ƐƵĸĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ĂƵĚŝƚ
ƚŽ ŝƚ͘ ĐĐŽƌĚŝŶŐůǇ͕ ƉĂƌĂŐƌĂƉŚ ϯ;ǆŝŝͿ ŽĨ ƚŚĞ KƌĚĞƌ ŝƐ ŶŽƚ ĐĂƐŚ ƚƌĂŶƐĂĐƟŽŶƐ ǁŝƚŚ ĚŝƌĞĐƚŽƌƐ Žƌ ƉĞƌƐŽŶƐ ĐŽŶŶĞĐƚĞĚ
tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂů ŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶǇ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐǇƐƚĞŵ
ĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇ͘ ǁŝƚŚƚŚĞŵ͘ĐĐŽƌĚŝŶŐůǇ͕ƉĂƌĂŐƌĂƉŚϯ;ǆǀͿŽĨƚŚĞKƌĚĞƌŝƐ
ƌĞƉŽƌƟŶŐ ŽĨ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ;͞ƚŚĞ ŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘
ŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇ͘
ŽŵƉĂŶǇ͟Ϳ ĂƐ ŽĨ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ŝŶ ĐŽŶũƵŶĐƟŽŶ ǁŝƚŚ ŽƵƌ
;ǆŝŝŝͿĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞǆƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ DĞĂŶŝŶŐŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ
ĂƵĚŝƚ ŽĨ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ
ƚŽ ƵƐ ĂŶĚ ďĂƐĞĚ ŽŶ ŽƵƌ ĞǆĂŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ƌĞĐŽƌĚƐ ŽĨ ;ǆǀŝͿ/Ŷ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĐŽŵƉĂŶǇ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ
ŽŵƉĂŶǇĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘
ƚŚĞ ŽŵƉĂŶǇ͕ ƚƌĂŶƐĂĐƟŽŶƐ ǁŝƚŚ ƚŚĞ ƌĞůĂƚĞĚ ƉĂƌƟĞƐ ĞǆƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ ƚŽ ƵƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŝƐ ŶŽƚ ƌĞƋƵŝƌĞĚ ŝƐ Ă ƉƌŽĐĞƐƐ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ
ĂƌĞ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐĞĐƟŽŶƐ ϭϳϳ ĂŶĚ ϭϴϴ ŽĨ ƚŚĞ ƚŽďĞƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌƐĞĐƟŽŶϰϱͲ/ŽĨƚŚĞZĞƐĞƌǀĞĂŶŬ Management’s Responsibility for Internal Financial Controls ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞůŝĂďŝůŝƚǇ ŽĨ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƚŚĞ
Đƚ͘ dŚĞ ĚĞƚĂŝůƐ ŽĨ ƐƵĐŚ ƌĞůĂƚĞĚ ƉĂƌƚǇ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ/ŶĚŝĂĐƚ͕ϭϵϯϰ͘ĐĐŽƌĚŝŶŐůǇ͕ƉĂƌĂŐƌĂƉŚϯ;ǆǀŝͿŽĨƚŚĞ dŚĞ ŽŵƉĂŶǇ͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞƐƚĂďůŝƐŚŝŶŐ ƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌĞǆƚĞƌŶĂůƉƵƌƉŽƐĞƐŝŶ
ŚĂǀĞ ďĞĞŶ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ KƌĚĞƌŝƐŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶǇ͘ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͘
ĂƐ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ /ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĐƌŝƚĞƌŝĂ ĞƐƚĂďůŝƐŚĞĚ ĐŽŵƉĂŶǇ͛Ɛ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ
;/ŶĚ^ͿϮϰ͘ ďǇ ƚŚĞ ŽŵƉĂŶǇ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞƐƐĞŶƟĂů ĐŽŵƉŽŶĞŶƚƐ ŽĨ ŝŶĐůƵĚĞƐƚŚŽƐĞƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƚŚĂƚ;ϭͿƉĞƌƚĂŝŶƚŽƚŚĞ
For B S R & Co. LLP
Chartered Accountants ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐƚĂƚĞĚ ŝŶ ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ŽŶ ͚͚ƵĚŝƚ ŽĨ ŵĂŝŶƚĞŶĂŶĐĞŽĨƌĞĐŽƌĚƐƚŚĂƚ͕ŝŶƌĞĂƐŽŶĂďůĞĚĞƚĂŝů͕ĂĐĐƵƌĂƚĞůǇ
;ǆŝǀͿĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽ &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͗ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů ZĞƉŽƌƟŶŐ͛͛ ŝƐƐƵĞĚ ĂŶĚ ĨĂŝƌůǇ ƌĞŇĞĐƚ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶƐ ĂŶĚ ĚŝƐƉŽƐŝƟŽŶƐ ŽĨ ƚŚĞ
ƵƐĂŶĚďĂƐĞĚŽŶŽƵƌĞǆĂŵŝŶĂƟŽŶŽĨƚŚĞƌĞĐŽƌĚƐŽĨƚŚĞ ďǇƚŚĞ/ŶƐƟƚƵƚĞŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽĨ/ŶĚŝĂ;͚ƚŚĞ//͛Ϳ͘ ĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶǇ͖;ϮͿƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚ
ŽŵƉĂŶǇ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŶŽƚ ŵĂĚĞ ĂŶǇ ƉƌĞĨĞƌĞŶƟĂů dŚĞƐĞ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƐŝŐŶ͕ ŝŵƉůĞŵĞŶƚĂƟŽŶ ƚƌĂŶƐĂĐƟŽŶƐĂƌĞƌĞĐŽƌĚĞĚĂƐŶĞĐĞƐƐĂƌǇƚŽƉĞƌŵŝƚƉƌĞƉĂƌĂƟŽŶ
ĂůůŽƚŵĞŶƚŽƌƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚŽĨƐŚĂƌĞƐŽƌĨƵůůǇŽƌƉĂƌƚůǇ sŝũĂǇŚĂƩ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚ
Partner
ĐŽŶǀĞƌƟďůĞ ĚĞďĞŶƚƵƌĞƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͘ ĐĐŽƌĚŝŶŐůǇ͕ ƚŚĂƚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůǇ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĞ ŽƌĚĞƌůǇ ĂĐĐŽƵŶƟŶŐ ƉƌŝŶĐŝƉůĞƐ͕ ĂŶĚ ƚŚĂƚ ƌĞĐĞŝƉƚƐ ĂŶĚ ĞǆƉĞŶĚŝƚƵƌĞƐ
DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͗Ϭϯϲϲϰϳ
ƉĂƌĂŐƌĂƉŚ ϯ ;ǆŝǀͿ ŽĨ ƚŚĞ KƌĚĞƌ ŝƐ ŶŽƚ ĂƉƉůŝĐĂďůĞ ƚŽ ƚŚĞ ĂŶĚ ĞĸĐŝĞŶƚ ĐŽŶĚƵĐƚ ŽĨ ŝƚƐ ďƵƐŝŶĞƐƐ͕ ŝŶĐůƵĚŝŶŐ ĂĚŚĞƌĞŶĐĞ ŽĨ ƚŚĞ ĐŽŵƉĂŶǇ ĂƌĞ ďĞŝŶŐ ŵĂĚĞ ŽŶůǇ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ
ŽŵƉĂŶǇ͘ ƚŽ ĐŽŵƉĂŶǇ͛Ɛ ƉŽůŝĐŝĞƐ͕ ƚŚĞ ƐĂĨĞŐƵĂƌĚŝŶŐ ŽĨ ŝƚƐ ĂƐƐĞƚƐ͕ ƚŚĞ ĂƵƚŚŽƌŝƐĂƟŽŶƐŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚĚŝƌĞĐƚŽƌƐŽĨƚŚĞĐŽŵƉĂŶǇ͖
ƉƌĞǀĞŶƟŽŶĂŶĚĚĞƚĞĐƟŽŶŽĨĨƌĂƵĚƐĂŶĚĞƌƌŽƌƐ͕ƚŚĞĂĐĐƵƌĂĐǇ ĂŶĚ ;ϯͿ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƌĞŐĂƌĚŝŶŐ ƉƌĞǀĞŶƟŽŶ
ĂŶĚĐŽŵƉůĞƚĞŶĞƐƐŽĨƚŚĞĂĐĐŽƵŶƟŶŐƌĞĐŽƌĚƐ͕ĂŶĚƚŚĞƟŵĞůǇ Žƌ ƟŵĞůǇ ĚĞƚĞĐƟŽŶ ŽĨ ƵŶĂƵƚŚŽƌŝƐĞĚ ĂĐƋƵŝƐŝƟŽŶ͕ ƵƐĞ͕ Žƌ
ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƌĞůŝĂďůĞ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ͕ ĂƐ ƌĞƋƵŝƌĞĚ ĚŝƐƉŽƐŝƟŽŶŽĨƚŚĞĐŽŵƉĂŶǇ͛ƐĂƐƐĞƚƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂů
ƵŶĚĞƌƚŚĞĐƚ͘ ĞīĞĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
Auditors’ Responsibility /ŶŚĞƌĞŶƚ >ŝŵŝƚĂƟŽŶƐ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚǇŝƐƚŽĞǆƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶǇ͛Ɛ &ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ
ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ďĂƐĞĚ ŽŶ ĞĐĂƵƐĞ ŽĨ ƚŚĞ ŝŶŚĞƌĞŶƚ ůŝŵŝƚĂƟŽŶƐ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů
ŽƵƌ ĂƵĚŝƚ͘ tĞ ĐŽŶĚƵĐƚĞĚ ŽƵƌ ĂƵĚŝƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉŽƐƐŝďŝůŝƚǇ
'ƵŝĚĂŶĐĞEŽƚĞŽŶ͚͚ƵĚŝƚŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ ŽĨ ĐŽůůƵƐŝŽŶ Žƌ ŝŵƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌƌŝĚĞ ŽĨ ĐŽŶƚƌŽůƐ͕
&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ͛͛;ƚŚĞ͞'ƵŝĚĂŶĐĞEŽƚĞ͟ͿĂŶĚƚŚĞ^ƚĂŶĚĂƌĚƐ ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐĚƵĞƚŽĞƌƌŽƌŽƌĨƌĂƵĚŵĂǇŽĐĐƵƌĂŶĚ
ŽŶƵĚŝƟŶŐ͕ŝƐƐƵĞĚďǇƚŚĞ//ĂŶĚĚĞĞŵĞĚƚŽďĞƉƌĞƐĐƌŝďĞĚ ŶŽƚ ďĞ ĚĞƚĞĐƚĞĚ͘ ůƐŽ͕ƉƌŽũĞĐƟŽŶƐ ŽĨ ĂŶǇĞǀĂůƵĂƟŽŶ ŽĨ ƚŚĞ
ƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͕ƚŽƚŚĞĞǆƚĞŶƚĂƉƉůŝĐĂďůĞ͕ƚŽ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ƚŽ ĨƵƚƵƌĞ
ĂŶĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ͕ďŽƚŚĂƉƉůŝĐĂďůĞƚŽĂŶ ƉĞƌŝŽĚƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞƌŝƐŬƚŚĂƚƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽů
ĂƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ ĂŶĚ ďŽƚŚ ŝƐƐƵĞĚ ďǇ ƚŚĞ ŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐŵĂǇďĞĐŽŵĞŝŶĂĚĞƋƵĂƚĞďĞĐĂƵƐĞŽĨ
//͘ dŚŽƐĞ ^ƚĂŶĚĂƌĚƐ ĂŶĚ ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ƌĞƋƵŝƌĞ ƚŚĂƚ ĐŚĂŶŐĞƐŝŶĐŽŶĚŝƟŽŶƐ͕ŽƌƚŚĂƚƚŚĞĚĞŐƌĞĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚ
ǁĞĐŽŵƉůǇǁŝƚŚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉůĂŶĂŶĚƉĞƌĨŽƌŵ ƚŚĞƉŽůŝĐŝĞƐŽƌƉƌŽĐĞĚƵƌĞƐŵĂǇĚĞƚĞƌŝŽƌĂƚĞ͘
ƚŚĞ ĂƵĚŝƚ ƚŽ ŽďƚĂŝŶ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂďŽƵƚ ǁŚĞƚŚĞƌ
Opinion
ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ
/Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ͕ ŝŶ Ăůů ŵĂƚĞƌŝĂů ƌĞƐƉĞĐƚƐ͕
ǁĂƐĞƐƚĂďůŝƐŚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĂŶĚŝĨƐƵĐŚĐŽŶƚƌŽůƐŽƉĞƌĂƚĞĚ
ĂŶĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐǇƐƚĞŵŽǀĞƌĮŶĂŶĐŝĂů
ĞīĞĐƟǀĞůǇŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͘
ƌĞƉŽƌƟŶŐ ĂŶĚ ƐƵĐŚ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů
KƵƌ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ ƌĞƉŽƌƟŶŐ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůǇ ĂƐ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕
ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂĚĞƋƵĂĐǇ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ďĂƐĞĚŽŶƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĐƌŝƚĞƌŝĂ
ĐŽŶƚƌŽůƐƐǇƐƚĞŵŽǀĞƌĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐĂŶĚƚŚĞŝƌŽƉĞƌĂƟŶŐ ĞƐƚĂďůŝƐŚĞĚ ďǇ ƚŚĞ ŽŵƉĂŶǇ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞƐƐĞŶƟĂů
ĞīĞĐƟǀĞŶĞƐƐ͘ KƵƌ ĂƵĚŝƚ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐƚĂƚĞĚ ŝŶ ƚŚĞ 'ƵŝĚĂŶĐĞ
ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŝŶĐůƵĚĞĚ ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ EŽƚĞ ŽŶ ƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů
ŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͕ĂƐƐĞƐƐŝŶŐ ZĞƉŽƌƟŶŐŝƐƐƵĞĚďǇƚŚĞ//͘
ƚŚĞ ƌŝƐŬ ƚŚĂƚ Ă ŵĂƚĞƌŝĂů ǁĞĂŬŶĞƐƐ ĞǆŝƐƚƐ͕ ĂŶĚ ƚĞƐƟŶŐ ĂŶĚ For B S R & Co. LLP
ĞǀĂůƵĂƟŶŐƚŚĞĚĞƐŝŐŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨŝŶƚĞƌŶĂů Chartered Accountants
&ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͗ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ
ĐŽŶƚƌŽůďĂƐĞĚŽŶƚŚĞĂƐƐĞƐƐĞĚƌŝƐŬ͘dŚĞƉƌŽĐĞĚƵƌĞƐƐĞůĞĐƚĞĚ
ĚĞƉĞŶĚŽŶƚŚĞĂƵĚŝƚŽƌƐ͛ũƵĚŐĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚ sŝũĂǇŚĂƩ
ŽĨƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ Partner
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͗Ϭϯϲϲϰϳ

Balance Sheet ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ

Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Assets Income
Non-current assets
WƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ϯ Ϯ͕ϯϲϳ͘ϴϮ Ϯ͕ϭϰϵ͘ϰϭ ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ Ϯϭ Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ
ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ ϲϯ͘ϰϬ ϭϬϳ͘ϴϴ KƚŚĞƌŝŶĐŽŵĞ ϮϮ ϱϱ͘ϯϵ ϱϴ͘ϬϮ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ϰ ϯϬ͘ϲϴ ϯϴ͘ϭϮ Total Ϯ͕ϲϯϵ͘ϯϰ Ϯ͕ϰϱϵ͘ϱϴ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ ϭ͘ϲϭ Ϭ͘Ϭϯ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
/ŶǀĞƐƚŵĞŶƚƐ 5 (a) ϯ͕ϴϲϬ͘Ϭϭ Ϯ͕ϵϲϰ͘Ϭϯ Expenses
>ŽĂŶƐ 6 (a) ϱ͘ϯϱ ϯϳ͘ϳϴ &ŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĐŽŶƐƵŵĞĚ Ϯϯ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ
KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ 7 (a) ϱϱ͘ϴϰ ϱϳ͘Ϭϭ
ĚǀĂŶĐĞŝŶĐŽŵĞƚĂǆ;ŶĞƚͿ ϭϭϮ͘ϲϲ ϲϱ͘ϵϲ ŵƉůŽǇĞĞďĞŶĞĮƚĞǆƉĞŶƐĞƐĂŶĚƉĂǇŵĞŶƚƚŽĐŽŶƚƌĂĐƚŽƌƐ Ϯϰ ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϴ;ĂͿ Ϯϳϲ͘ϭϮ Ϯϱϳ͘ϱϲ &ŝŶĂŶĐĞĐŽƐƚƐ Ϯϱ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ
ϲ͕ϳϳϯ͘ϰϵ ϱ͕ϲϳϳ͘ϳϴ
ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞǆƉĞŶƐĞƐ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ
Current assets
/ŶǀĞŶƚŽƌŝĞƐ ϵ ϱϭ͘ϰϳ ϰϳ͘ϱϲ KƚŚĞƌŽƉĞƌĂƟŶŐĂŶĚŐĞŶĞƌĂůĞǆƉĞŶƐĞƐ Ϯϲ ϭ͕ϬϳϮ͘ϵϬ ϭ͕ϬϮϴ͘ϲϱ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ Total Ϯ͕Ϯϵϵ͘ϵϮ Ϯ͕Ϯϯϭ͘Ϭϱ
/ŶǀĞƐƚŵĞŶƚƐ 5 (b) ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭϬ Ϯϱϲ͘ϴϭ Ϯϭϯ͘ϳϰ WƌŽĮƚďĞĨŽƌĞĞǆĐĞƉƟŽŶĂůŝƚĞŵƐĂŶĚƚĂǆ ϯϯϵ͘ϰϮ ϮϮϴ͘ϱϯ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϭ ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ ǆĐĞƉƟŽŶĂůŝƚĞŵƐ Ϯϳ (55.19) ϯϯ͘ϱϭ
KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ ϭϮ ϳ͘ϳϯ ϳ͘ϲϯ WƌŽĮƚďĞĨŽƌĞƚĂǆ Ϯϴϰ͘Ϯϯ ϮϲϮ͘Ϭϰ
>ŽĂŶƐ 6 (b) ϮϬ͘ϲϲ ϱϮ͘ϲϴ
KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ 7 (b) ϭϮϯ͘ϯϱ ϭϮϬ͘ϰϮ Tax expense ϯϴ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ϴ;ďͿ ϰϳ͘ϰϵ ϯϳ͘Ϭϰ ƵƌƌĞŶƚƚĂǆ ϭϭϱ͘ϲϰ 111.19
ϵϯϬ͘Ϯϰ ϱϱϵ͘ϭϵ
ĞĨĞƌƌĞĚƚĂǆ ϮϬ͘ϴϮ ϳ͘ϲϳ
Total ϳ͕ϳϬϯ͘ϳϯ ϲ͕Ϯϯϲ͘ϵϳ
Total ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ
ƋƵŝƚǇĂŶĚ>ŝĂďŝůŝƟĞƐ WƌŽĮƚĂŌĞƌƚĂǆ ϭϰϳ͘ϳϳ ϭϰϯ͘ϭϴ
Equity
ƋƵŝƚǇƐŚĂƌĞĐĂƉŝƚĂů ϭϯ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ Other comprehensive income
KƚŚĞƌĞƋƵŝƚǇ ϭϰ ϰ͕Ϯϳϱ͘Ϭϯ Ϯ͕ϲϲϴ͘Ϯϳ
Total Equity ϰ͕ϯϵϯ͘ϵϲ Ϯ͕ϳϲϳ͘ϮϬ
/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůǇƚŽƉƌŽĮƚŽƌůŽƐƐ
>ŝĂďŝůŝƟĞƐ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϵ͘ϭϰͿ ϳ͘ϱϴ
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůǇĂƐ ϯϭ͘ϯϯ ϭϭϳ͘ϭϱ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
ŽƌƌŽǁŝŶŐƐ ϭϱ;ĂͿ ϭ͕ϳϯϯ͘ϴϴ ϭ͕ϰϵϰ͘ϱϰ &ĂŝƌsĂůƵĞdŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϲ;ĂͿ ϮϱϮ͘ϱϰ Ϯϲϯ͘ϱϯ >ĞƐƐͬ;ĚĚͿ͗ͲŝŶĐŽŵĞƚĂǆĞǆƉĞŶƐĞͬ;ĐƌĞĚŝƚͿ ;ϳ͘ϬϰͿ Ϭ͘ϯϬ
WƌŽǀŝƐŝŽŶƐ ϭϳ;ĂͿ ϱϲ͘ϵϬ ϰϴ͘ϳϴ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌ͕ŶĞƚŽĨƚĂǆ Ϯϵ͘Ϯϯ ϭϮϰ͘ϰϯ
ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐ;ŶĞƚͿ ϭϴ ϯϰϴ͘ϴϭ ϮϵϬ͘ϵϰ
Ϯ͕ϯϵϮ͘ϭϯ Ϯ͕Ϭϵϳ͘ϳϵ Total comprehensive Income for the year ϭϳϳ͘ϬϬ Ϯϲϳ͘ϲϭ
ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͗ ϰϭ
ŽƌƌŽǁŝŶŐƐ ϭϱ;ďͿ Ͳ ϳ͘ϯϭ
dƌĂĚĞƉĂǇĂďůĞƐ ϭϵ ϮϬϴ͘ϬϮ ϭϳϳ͘ϭϵ ĂƐŝĐĂŶĚŝůƵƚĞĚͲ;`) ϭ͘ϯϰ ϭ͘ϯϳ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϲ;ďͿ ϰϬϱ͘ϴϭ ϴϳϯ͘Ϭϳ &ĂĐĞǀĂůƵĞƉĞƌĞƋƵŝƚǇƐŚĂƌĞͲ;`) ϭ͘ϬϬ ϭ͘ϬϬ
WƌŽǀŝƐŝŽŶƐ ϭϳ;ďͿ ϭϬϴ͘Ϯϯ ϴϲ͘ϵϭ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϮϬ ϭϵϱ͘ϱϴ ϮϮϳ͘ϱϬ
ϵϭϳ͘ϲϰ ϭ͕ϯϳϭ͘ϵϴ dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂů ϭͲϰϱ
Total ϳ͕ϳϬϯ͘ϳϯ ϲ͕Ϯϯϲ͘ϵϳ ƐƚĂƚĞŵĞŶƚƐ
dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭͲϰϱ
/ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ
For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ
For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ //&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK
//&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK /E͗ϬϳϲϮϰϲϭϲ
/E͗ϬϳϲϮϰϲϭϲ
sŝũĂǇŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ
sŝũĂǇŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ
WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ
Statement of Changes in Equity ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ Statement of Cash Flows ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ

` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
WĂƌƟĐƵůĂƌƐ a) Equity b) Other Equity Total ` crores ` crores
Share Equity
Capital ĂƐŚ&ůŽǁ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ
Equity Reserves and Surplus Items of Other Other WƌŽĮƚďĞĨŽƌĞƚĂǆ Ϯϴϰ͘Ϯϯ ϮϲϮ͘Ϭϰ
Share Comprehensive Equity ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŶĞƚƉƌŽĮƚƚŽŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚďǇŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ͗
Capital Income
Subscribed 'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ ;ϱ͘ϯϰͿ ;ϰ͘ϳϯͿ
Capital ^ĞĐƵƌŝƟĞƐ General Other Retained Equity WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌǇ ϴϬ͘ϱϬ ϲϰ͘ϯϯ
Reserve Premium Reserve Reserves Earnings Instruments
ǆĐŚĂŶŐĞ;'ĂŝŶͿͬ>ŽƐƐŽŶ>ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐͬƐƐĞƚƐ;ŶĞƚͿ Ϭ͘ϮϬ ;ϭ͘ϵϬͿ
Account through Other
Comprehensive &ĂŝƌǀĂůƵĂƟŽŶ;'ĂŝŶͿͬ>ŽƐƐŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ;Ϯϱ͘ϱϭͿ ;ϲϱ͘ϰϱͿ
Income ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞǆƉĞŶƐĞƐ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ
ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ;ƐƌĞƉŽƌƚĞĚ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭ͕ϮϯϬ͘ϲϱ ϰϵϰ͘Ϭϱ ϯϴϲ͘ϰϳ ϵ͘ϲϰ ϭϭϭ͘ϵϯ Ϯ͕Ϯϳϲ͘ϲϱ Ϯ͕ϯϳϱ͘ϱϴ
earlier) EĞƚ;'ĂŝŶͿͬ>ŽƐƐŽŶĚŝƐƉŽƐĂůŽĨWƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ Ϭ͘ϭϰ ;Ϯ͘ϬϵͿ
ĐĐƵŵƵůĂƚĞĚƉƌŽĮƚƐŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ Ͳ Ͳ Ͳ Ͳ ϰϮ͘ϰϮ ϭϭϮ͘ϵϬ ϰ͘ϰϭ ϭϱϵ͘ϳϯ ϭϱϵ͘ϳϯ ƐƐĞƚƐǁƌŝƩĞŶŽī 1.19 ϵ͘ϴϱ
ŽŶĂŵĂůŐĂŵĂƟŽŶ;ZĞĨĞƌEŽƚĞϮϴͿ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐĂŶĚĂĚǀĂŶĐĞƐ ϭϱ͘Ϭϯ Ϭ͘ϵϱ
Restated balance at the beginning of the ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭ͕ϮϯϬ͘ϲϱ ϰϵϰ͘Ϭϱ ϰϮϴ͘ϴϵ ϭϮϮ͘ϱϰ ϭϭϲ͘ϯϰ Ϯ͕ϰϯϲ͘ϯϴ Ϯ͕ϱϯϱ͘ϯϭ
ƌĞƉŽƌƟŶŐƉĞƌŝŽĚ ŝǀŝĚĞŶĚŝŶĐŽŵĞ ;ϴ͘ϵϵͿ ;ϮϮ͘ϳϱͿ
WƌŽĮƚĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϰϯ͘ϭϴ Ͳ ϭϰϯ͘ϭϴ ϭϰϯ͘ϭϴ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ;Ϯϲ͘ϭϱͿ ;ϭϰ͘ϳϵͿ
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌ Ͳ Ͳ Ͳ Ͳ Ͳ ϰ͘ϲϱ ϭϭϵ͘ϳϴ ϭϮϰ͘ϰϯ ϭϮϰ͘ϰϯ /ŶƚĞƌĞƐƚĞǆƉĞŶƐĞ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ
ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ŶĞƚŽĨƚĂǆĞƐ
WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ 19.99 ϲ͘ϱϴ
Total Comprehensive Income for the year Ͳ Ͳ Ͳ Ͳ Ͳ ϭϰϳ͘ϴϯ ϭϭϵ͘ϳϴ Ϯϲϳ͘ϲϭ Ϯϲϳ͘ϲϭ
ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽǇĞĞĞŶĞĮƚƐ ϵ͘ϰϱ Ϯ͘ϭϳ
ŝǀŝĚĞŶĚƐ Ͳ Ͳ Ͳ ;Ϯϵ͘ϲϴͿ Ͳ Ͳ Ͳ ;Ϯϵ͘ϲϴͿ ;Ϯϵ͘ϲϴͿ ϰϬϱ͘Ϯϴ ϯϮϭ͘ϯϰ
dĂǆŽŶŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ ;ϰ͘ϯϴͿ Ͳ ;ϭ͘ϲϲͿ Ͳ ;ϲ͘ϬϰͿ ;ϲ͘ϬϰͿ ĂƐŚKƉĞƌĂƟŶŐWƌŽĮƚďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ ϲϴϵ͘ϱϭ ϱϴϯ͘ϯϴ
ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭ͕ϮϯϬ͘ϲϱ ϰϱϵ͘ϵϵ ϰϮϴ͘ϴϵ Ϯϲϴ͘ϳϭ Ϯϯϲ͘ϭϮ Ϯ͕ϲϲϴ͘Ϯϳ Ϯ͕ϳϲϳ͘ϮϬ
WƌŽĮƚĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϰϳ͘ϳϳ Ͳ ϭϰϳ͘ϳϳ ϭϰϳ͘ϳϳ
ĚũƵƐƚŵĞŶƚƐĨŽƌ;ŝŶĐƌĞĂƐĞͿͬĚĞĐƌĞĂƐĞŝŶŽƉĞƌĂƟŶŐĂƐƐĞƚƐ͗
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϱ͘ϴϬͿ ϯϱ͘Ϭϯ Ϯϵ͘Ϯϯ Ϯϵ͘Ϯϯ
ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ŶĞƚŽĨƚĂǆĞƐ /ŶǀĞŶƚŽƌŝĞƐ ;ϯ͘ϵϭͿ ;Ϯ͘ϰϴͿ
Total Comprehensive Income for the year - - - - - ϭϰϭ͘ϵϳ ϯϱ͘Ϭϯ ϭϳϳ͘ϬϬ ϭϳϳ͘ϬϬ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ;ϱϲ͘ϰϭͿ ;ϱϯ͘ϯϴͿ
ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ;ϭ͘ϰϰͿ ϰ͘ϭϴ
ůůŽĐĂƟŽŶŽĨ^ŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϮϬ͘ϬϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϮϬ͘ϬϬ
WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐ Ͳ Ͳ ϭ͕ϰϳϵ͘ϴϴ Ͳ Ͳ Ͳ Ͳ ϭ͕ϰϳϵ͘ϴϴ ϭ͕ϰϳϵ͘ϴϴ KƚŚĞƌĂƐƐĞƚƐ ;ϱϭ͘ϲϱͿ ;ϯϬ͘ϲϱͿ
ďĂƐŝƐ ;ϭϭϯ͘ϰϭͿ ;ϴϮ͘ϯϯͿ
/ƐƐƵĞĞǆƉĞŶƐĞƐǁƌŝƩĞŶŽīĂŐĂŝŶƐƚ^ĞĐƵƌŝƟĞƐ Ͳ Ͳ ;ϴ͘ϰϱͿ Ͳ Ͳ Ͳ Ͳ ;ϴ͘ϰϱͿ ;ϴ͘ϰϱͿ
WƌĞŵŝƵŵ
dƌĂŶƐĨĞƌĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚƚŽZĞƚĂŝŶĞĚ Ͳ Ͳ Ͳ Ͳ ;ϰϮ͘ϰϮͿ ϰϮ͘ϰϮ Ͳ Ͳ Ͳ ĚũƵƐƚŵĞŶƚƐĨŽƌŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶŽƉĞƌĂƟŶŐůŝĂďŝůŝƟĞƐ͗
ĂƌŶŝŶŐƐ dƌĂĚĞƉĂǇĂďůĞƐ ϯϬ͘ϴϯ ϰ͘Ϭϳ
ZĞĂůŝƐĞĚŐĂŝŶŽŶƐĂůĞŽĨƐŚĂƌĞƐŽĨ Ͳ Ͳ Ͳ Ͳ Ͳ Ϭ͘ϰϭ ;Ϭ͘ϰϭͿ Ͳ Ͳ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϭ͘ϱϰ ϯϰ͘ϴϯ
dŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘
ƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ KƚŚĞƌůŝĂďŝůŝƟĞƐ ;ϭϵ͘ϭϬͿ ;Ϯ͘ϬϬͿ
/ŶĐŽŵĞƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ Ϯϯ͘Ϯϳ ϯϲ͘ϵϬ
ŝǀŝĚĞŶĚƐ;ZĞĨĞƌEŽƚĞϰϰͿ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϯϰ͘ϲϮͿ Ͳ ;ϯϰ͘ϲϮͿ ;ϯϰ͘ϲϮͿ
dĂǆŽŶŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϳ͘ϬϱͿ Ͳ ;ϳ͘ϬϱͿ ;ϳ͘ϬϱͿ
ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϭϴ͘ϵϯ ϰϯ͘ϵϭ Ϯ͕ϳϬϮ͘Ϭϴ ϰϱϵ͘ϵϵ ϯϴϲ͘ϰϳ ϰϭϭ͘ϴϰ ϮϳϬ͘ϳϰ ϰ͕Ϯϳϱ͘Ϭϯ ϰ͕ϯϵϯ͘ϵϲ ĂƐŚ'ĞŶĞƌĂƚĞĚĨƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ ϱϵϵ͘ϯϳ ϱϯϳ͘ϵϱ
dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ;ZĞĨĞƌEŽƚĞƐϭͲϰϱͿ͘ /ŶĐŽŵĞƚĂǆĞƐƉĂŝĚ ;ϭϭϴ͘ϮϱͿ ;ϳϵ͘ϲϯͿ
/ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ;Ϳ ϰϴϭ͘ϭϮ ϰϱϴ͘ϯϮ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ĂƐŚ&ůŽǁ&ƌŽŵ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ
//&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK WĂǇŵĞŶƚƐĨŽƌƉƵƌĐŚĂƐĞŽĨƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ;ϯϭϭ͘ϯϯͿ ;Ϯϱϱ͘ϮϯͿ
WƌŽĐĞĞĚƐĨƌŽŵĚŝƐƉŽƐĂůŽĨƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ Ϯ͘ϲϰ ϯ͘ϴϮ
sŝũĂǇŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ
WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ WƵƌĐŚĂƐĞŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ;ϭ͕ϯϵϴ͘ϵϯͿ ;Ϯ͕ϭϬϱ͘ϰϭͿ
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ ^ĂůĞŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϭϲϳ͘ϵϰ Ϯ͕ϭϴϳ͘ϭϮ
DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ Carried over ;ϱϯϵ͘ϲϴͿ ;ϭϲϵ͘ϳϬͿ

Statement of Cash Flows ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ;ŽŶƚĚ͘Ϳ Notes to Financial Statements for the year ended March 31, 2018
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϭ͗ ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƟŽŶ ƉƌŝŶĐŝƉůĞƐ ŽĨ /ŶĚ ^ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ
` crores ` crores ũƵĚŐĞŵĞŶƚƐ͕ĞƐƟŵĂƚĞƐĂŶĚĂƐƐƵŵƉƟŽŶƐ͕ƚŚĂƚĂīĞĐƚƚŚĞ
dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ;͞/,>͟ Žƌ ƚŚĞ
Brought over ;ϱϯϵ͘ϲϴͿ ;ϭϲϵ͘ϳϬͿ ƌĞƉŽƌƚĞĚ ďĂůĂŶĐĞƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ͕ ĚŝƐĐůŽƐƵƌĞƐ
͞ŽŵƉĂŶǇ͟Ϳ͕ŝƐƉƌŝŵĂƌŝůǇĞŶŐĂŐĞĚŝŶƚŚĞďƵƐŝŶĞƐƐŽĨŽǁŶŝŶŐ͕
ƌĞůĂƟŶŐ ƚŽ ĐŽŶƟŶŐĞŶƚ ůŝĂďŝůŝƟĞƐ ĂƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ
WƵƌĐŚĂƐĞŽĨŶŽŶͲĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ;ϵϰϰ͘ϳϮͿ ;ϭϬ͘ϬϬͿ ŽƉĞƌĂƟŶŐΘŵĂŶĂŐŝŶŐŚŽƚĞůƐ͕ƉĂůĂĐĞƐĂŶĚƌĞƐŽƌƚƐ͘
ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ
^ĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶŽƚŚĞƌĐŽŵƉĂŶŝĞƐ Ϭ͘ϱϮ Ͳ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ ĨŽƌ ƚŚĞ ǇĞĂƌƐ ƉƌĞƐĞŶƚĞĚ͘ ĐƚƵĂů
dŚĞŽŵƉĂŶǇŝƐĚŽŵŝĐŝůĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂŝŶϭϵϬϮ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ ϮϮ͘ϴϱ ϭϮ͘ϲϱ ƌĞƐƵůƚƐŵĂǇĚŝīĞƌĨƌŽŵƚŚĞƐĞĞƐƟŵĂƚĞƐ͘
ĂŶĚŚĂƐŝƚƐƌĞŐŝƐƚĞƌĞĚŽĸĐĞĂƚDĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕
ŝǀŝĚĞŶĚƌĞĐĞŝǀĞĚ ϴ͘ϵϵ ϮϮ͘ϳϱ DƵŵďĂŝʹϰϬϬϬϬϭ͕/ŶĚŝĂ͘/ƚŝƐƉƌŽŵŽƚĞĚďǇdĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ͕
ƐƟŵĂƚĞƐ ĂŶĚ ƵŶĚĞƌůǇŝŶŐ ĂƐƐƵŵƉƟŽŶƐ ĂƌĞ ƌĞǀŝĞǁĞĚ
>ŽŶŐͲƚĞƌŵĚĞƉŽƐŝƚƐƉůĂĐĞĚǁŝƚŚĂ^ƵďƐŝĚŝĂƌǇ;ĐŽŶǀĞƌƚĞĚŝŶƚŽƋƵŝƚǇƐƵďƐĞƋƵĞŶƚůǇͿ Ͳ ;ϭϯϱ͘ϭϵͿ ǁŚŝĐŚŚŽůĚƐĂƐŝŐŶŝĮĐĂŶƚƐƚĂŬĞŝŶƚŚĞŽŵƉĂŶǇ͘
ŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ZĞǀŝƐŝŽŶƐƚŽĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐ
>ŽŶŐͲƚĞƌŵĚĞƉŽƐŝƚƐƌĞƉĂŝĚďǇĂ^ƵďƐŝĚŝĂƌǇ ϯϮ͘ϭϱ ϭϲϳ͘ϵϯ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐĂƌĞ
dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐƉůĂĐĞĚǁŝƚŚƌĞůĂƚĞĚƉĂƌƟĞƐ ;ϳϬ͘ϱϬͿ ;ϰϲ͘ϱϬͿ ƌĞǀŝƐĞĚĂŶĚŝŶĂŶǇĨƵƚƵƌĞƉĞƌŝŽĚƐĂīĞĐƚĞĚ͘
ǁĞƌĞĂƉƉƌŽǀĞĚďǇƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚĂƵƚŚŽƌŝƐĞĚĨŽƌ
^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐƌĞƉĂŝĚďǇƌĞůĂƚĞĚƉĂƌƟĞƐ ϭϬϮ͘ϰϯ ϲϭ͘ϰϵ ŝƐƐƵĞŽŶDĂǇϮϱ͕ϮϬϭϴ͘
/Ŷ ƉĂƌƟĐƵůĂƌ͕ ŝŶĨŽƌŵĂƟŽŶ ĂďŽƵƚ ƐŝŐŶŝĮĐĂŶƚ ĂƌĞĂƐ ŽĨ
^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐƌĞƉĂŝĚďǇŽƚŚĞƌƐ Ϭ͘Ϭϵ Ϭ͘ϯϮ ĞƐƟŵĂƟŽŶ͕ƵŶĐĞƌƚĂŝŶƚǇĂŶĚĐƌŝƟĐĂůũƵĚŐŵĞŶƚƐŝŶĂƉƉůǇŝŶŐ
ĂŶŬĂůĂŶĐĞƐŶŽƚĐŽŶƐŝĚĞƌĞĚĂƐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ϭ͘Ϯϰ Ϭ͘ϰϮ EŽƚĞϮ͗ĂƐŝƐ ŽĨ WƌĞƉĂƌĂƟŽŶ͕ ƌŝƟĐĂů ĐĐŽƵŶƟŶŐ ĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƚŚĂƚŚĂǀĞƚŚĞŵŽƐƚƐŝŐŶŝĮĐĂŶƚĞīĞĐƚ
EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ;Ϳ ;ϭ͕ϯϴϳ͘ϲϯͿ ;ϵϱ͘ϴϯͿ ƐƟŵĂƚĞƐ ĂŶĚ :ƵĚŐĞŵĞŶƚƐ͕ ^ŝŐŶŝĮĐĂŶƚ ŽŶ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ
ĐĐŽƵŶƟŶŐ WŽůŝĐŝĞƐ ĂŶĚ ZĞĐĞŶƚ ĐĐŽƵŶƟŶŐ ƉĞƌƚĂŝŶƚŽ͗
Pronouncements
ĂƐŚ&ůŽǁ&ƌŽŵ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ͻ hƐĞĨƵůůŝǀĞƐŽĨƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚ
ŝǀŝĚĞŶĚĂŶĚdĂǆŽŶĚŝǀŝĚĞŶĚ;ŝŶĐůƵĚŝŶŐhŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚͿ ;ϰϭ͘ϱϴͿ ;ϯϱ͘ϲϯͿ dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ͗ dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĞƐƟŵĂƚĞĚ
^ŚĂƌĞŝƐƐƵĞĞǆƉĞŶƐĞƐ ;ϴ͘ϰϱͿ Ͳ ďĂƐŝƐ͗ ƵƐĞĨƵů ůŝĨĞ ŽĨ ĞĂĐŚ ĐůĂƐƐ ŽĨ ĂƐƐĞƚƐ ďĂƐĞĚ ŽŶ ƚŚĞ
/ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌďŽƌƌŽǁŝŶŐĐŽƐƚƐƉĂŝĚ ;Ϯϯϱ͘ϵϬͿ ;ϭϭϳ͘ϳϰͿ
ŶĂƚƵƌĞŽĨĂƐƐĞƚƐ͕ƚŚĞĞƐƟŵĂƚĞĚƵƐĂŐĞŽĨƚŚĞĂƐƐĞƚ͕
(a) Statement of compliance ƚŚĞ ŽƉĞƌĂƟŶŐ ĐŽŶĚŝƟŽŶ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƉĂƐƚ ŚŝƐƚŽƌǇ
^ĞƩůĞŵĞŶƚŽĨĐƌŽƐƐĐƵƌƌĞŶĐǇ/ŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉ;ŶĞƚͿ ϭϭ͘ϴϬ ;Ϯϲ͘ϵϲͿ dŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ŽĨƌĞƉůĂĐĞŵĞŶƚ͕ĂŶƟĐŝƉĂƚĞĚƚĞĐŚŶŽůŽŐŝĐĂůĐŚĂŶŐĞƐ͕
WƌŽĐĞĞĚƐĨƌŽŵůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϯϬϬ͘ϬϬ ϱϮϬ͘ϬϬ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ĂƐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯ ĞƚĐ͘dŚĞŽŵƉĂŶǇƌĞǀŝĞǁƐƚŚĞƵƐĞĨƵůůŝĨĞŽĨƉƌŽƉĞƌƚǇ͕
ZĞƉĂǇŵĞŶƚŽĨůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ;ϱϬϱ͘ϯϬͿ ;ϳϬϴ͘ϬϴͿ ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯƌĞĂĚǁŝƚŚŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶ ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƐĂƚƚŚĞ
WƌŽĐĞĞĚƐĨƌŽŵƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϲϬϵ͘Ϭϳ ϭϲϬ͘ϬϬ
ĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿZƵůĞƐ͕ϮϬϭϱĂŶĚŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ƉĞƌŝŽĚ͘ dŚŝƐ ƌĞĂƐƐĞƐƐŵĞŶƚ
ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ĂƐ ĂŵĞŶĚĞĚ ĨƌŽŵ ƟŵĞ ƚŽ ŵĂǇ ƌĞƐƵůƚ ŝŶ ĐŚĂŶŐĞ ŝŶ ĚĞƉƌĞĐŝĂƟŽŶ ĞǆƉĞŶƐĞ ŝŶ
ZĞƉĂǇŵĞŶƚŽĨƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ;ϲϬϵ͘ϬϳͿ ;ϭϲϬ͘ϬϬͿ ƟŵĞ͘ ĨƵƚƵƌĞƉĞƌŝŽĚƐ͘
ZĞƉĂǇŵĞŶƚŽĨůŽĂŶƌĞƉĂǇĂďůĞŽŶĚĞŵĂŶĚĨƌŽŵďĂŶŬ ;ϳ͘ϯϭͿ ;Ϭ͘ϭϰͿ
WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĞŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϵϵ͘ϴϴ Ͳ ;ďͿ ĂƐŝƐŽĨƉƌĞƉĂƌĂƟŽŶ ͻ / ŵƉĂŝƌŵĞŶƚ ƚĞƐƟŶŐ͗ WƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ
dŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŽŶ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ƐƵďũĞĐƚ
hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚͬĚĞƉŽƐŝƚƐͬŝŶƚĞƌĞƐƚƚƌĂŶƐĨĞƌƌĞĚƚŽ/ŶǀĞƐƚŽƌƐĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ ;Ϭ͘ϯϱͿ ;Ϭ͘ϯϳͿ
Ă ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ͕ ĞǆĐĞƉƚ ĨŽƌ ĐĞƌƚĂŝŶ ĮŶĂŶĐŝĂů ƚŽ ĚĞƉƌĞĐŝĂƟŽŶͬĂŵŽƌƟƐĂƟŽŶ ĂƌĞ ƚĞƐƚĞĚ ĨŽƌ
Fund
ŝŶƐƚƌƵŵĞŶƚƐ ǁŚŝĐŚ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ƉĞƌŝŽĚŝĐĂůůǇ ŝŶĐůƵĚŝŶŐ ǁŚĞŶ ĞǀĞŶƚƐ
EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ;Ϳ ϭ͕ϬϭϮ͘ϳϵ ;ϯϲϴ͘ϵϮͿ ĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůǇ ŽĐĐƵƌ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ
ďĂƐĞĚ ŽŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŐŝǀĞŶ ŝŶ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĐĂƐŚ ŐĞŶĞƌĂƟŶŐ
Net Increase/ (Decrease) In Cash and cash equivalents (A + B + C) ϭϬϲ͘Ϯϴ ;ϲ͘ϰϯͿ ĞǆĐŚĂŶŐĞĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘&ĂŝƌǀĂůƵĞŝƐƚŚĞƉƌŝĐĞ ƵŶŝƚŝƐůĞƐƐƚŚĂŶŝƚƐĐĂƌƌǇŝŶŐǀĂůƵĞ͘dŚĞƌĞĐŽǀĞƌĂďůĞ
ƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚŽƌƉĂŝĚƚŽƚƌĂŶƐĨĞƌ ĂŵŽƵŶƚ ŽĨ ĐĂƐŚ ŐĞŶĞƌĂƟŶŐ ƵŶŝƚƐ ŝƐ ŚŝŐŚĞƌ ŽĨ
Cash and Cash Equivalents - Opening ϭϱ͘ϬϬ Ϯϭ͘ϭϮ
Ă ůŝĂďŝůŝƚǇ ŝŶ ĂŶ ŽƌĚĞƌůǇ ƚƌĂŶƐĂĐƟŽŶ ďĞƚǁĞĞŶ ŵĂƌŬĞƚ ǀĂůƵĞͲŝŶͲƵƐĞ ĂŶĚ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚ ƚŽ ƐĞůů͘ dŚĞ
ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐͲŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘;ZĞĨĞƌŶŽƚĞ͘ϮϴͿ Ͳ Ϭ͘ϯϭ ƉĂƌƟĐŝƉĂŶƚƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘ ĐĂůĐƵůĂƟŽŶ ŝŶǀŽůǀĞƐ ƵƐĞ ŽĨ ƐŝŐŶŝĮĐĂŶƚ ĞƐƟŵĂƚĞƐ
Cash and Cash Equivalents - Closing ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ ĂŶĚ ĂƐƐƵŵƉƟŽŶƐ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƚƵƌŶŽǀĞƌ ĂŶĚ
dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ůů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ĐƵƌƌĞŶƚ ĂŶĚ
ĞĂƌŶŝŶŐƐŵƵůƟƉůĞƐ͕ŐƌŽǁƚŚƌĂƚĞƐĂŶĚŶĞƚŵĂƌŐŝŶƐ
;ZĞĨĞƌEŽƚĞƐϭͲϰϱͿ͘ ŶŽŶͲĐƵƌƌĞŶƚĂƐƉĞƌĐŽŵƉĂŶǇ͛ƐŶŽƌŵĂůŽƉĞƌĂƟŶŐĐǇĐůĞŽĨ ƵƐĞĚ ƚŽ ĐĂůĐƵůĂƚĞ ƉƌŽũĞĐƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ŇŽǁƐ͕
ϭϮŵŽŶƚŚƐǁŚŝĐŚŝƐďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨďƵƐŝŶĞƐƐŽĨ ƌŝƐŬͲĂĚũƵƐƚĞĚ ĚŝƐĐŽƵŶƚ ƌĂƚĞ͕ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ĂŶĚ
/ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ ƚŚĞŽŵƉĂŶǇ͘ƵƌƌĞŶƚƐƐĞƚƐĚŽŶŽƚŝŶĐůƵĚĞĞůĞŵĞŶƚƐ ŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͘
ǁŚŝĐŚ ĂƌĞ ŶŽƚ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĂůŝƐĞĚ ǁŝƚŚŝŶ ϭ ǇĞĂƌ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ĂŶĚƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐĚŽŶŽƚŝŶĐůƵĚĞŝƚĞŵƐǁŚŝĐŚĂƌĞ ͻ / ŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚƐ͗dŚĞŽŵƉĂŶǇƌĞǀŝĞǁƐ
//&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ĚƵĞ ĂŌĞƌ ϭ ǇĞĂƌ͕ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ϭ ǇĞĂƌ ďĞŝŶŐ ƌĞĐŬŽŶĞĚ ŝƚƐ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ĐĂƌƌŝĞĚ Ăƚ ĐŽƐƚ
/E͗ϬϳϲϮϰϲϭϲ ĨƌŽŵƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘ Žƌ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ĂŶŶƵĂůůǇ Žƌ ŵŽƌĞ ĨƌĞƋƵĞŶƚůǇ
sŝũĂǇŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ ǁŚĞŶ ƚŚĞƌĞ ŝƐ ŝŶĚŝĐĂƟŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘ /Ĩ ƚŚĞ
WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ ;ĐͿ ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐůĞƐƐƚŚĂŶŝƚƐĐĂƌƌǇŝŶŐĂŵŽƵŶƚ͕
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ dŚĞ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĂĐĐŽƵŶƚĞĚĨŽƌ͘
ĐŽŶĨŽƌŵŝƚǇ ǁŝƚŚ ƚŚĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018
ͻ / ŶĐŽŵĞ dĂǆĞƐ͗ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĞĂĐŚĂĐĐŽƵŶƟŶŐƉĞƌŝŽĚĂŶĚƌĞǀŝƐŝŽŶƐŵĂĚĞĨŽƌƚŚĞ Dividend ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƚŚĞ ĞůŝŐŝďůĞ ĞŵƉůŽǇĞĞ͛Ɛ ĂŶŶƵĂů
ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƌĞŐĂƌĚĞĚ ĂƐ ƉƌŽďĂďůĞ ĐŚĂŶŐĞƐŝŶĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ŝǀŝĚĞŶĚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ďĂƐŝĐ ƐĂůĂƌǇ ƚŽ Ă ĨƵŶĚ ĂĚŵŝŶŝƐƚĞƌĞĚ ďǇ ƚŚĞ
ƚŚĂƚ ĚĞĚƵĐƟďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞƐ ĐĂŶ ďĞ ƌŝŐŚƚƚŽƌĞĐĞŝǀĞƚŚĞĂŵŽƵŶƚŝƐĞƐƚĂďůŝƐŚĞĚ͘ ƚƌƵƐƚĞĞƐ͘ dŚĞ ŽŵƉĂŶǇ ƌĞĐŽŐŶŝƐĞƐ ƐƵĐŚ
ƌĞĂůŝǌĞĚ͘ dŚĞ ŽŵƉĂŶǇ ĞƐƟŵĂƚĞƐ ĚĞĨĞƌƌĞĚ ƚĂǆ ͻ ĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶƐ͗ dŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƐ ĂŶ ĞǆƉĞŶƐĞ ŝŶ ƚŚĞ ǇĞĂƌ ŝŶ
ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ƚĂǆ ůĂǁƐ ďĞŶĞĮƚƉůĂŶƐĂŶĚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚ ;ĞͿ ŵƉůŽǇĞĞĞŶĞĮƚƐ ǁŚŝĐŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƐĞƌǀŝĐĞƐĂƌĞƌĞĐĞŝǀĞĚ
ĂŶĚ ƌĂƚĞƐ ĂŶĚ ŝŶ ĐĞƌƚĂŝŶ ĐĂƐĞƐ͕ ďƵƐŝŶĞƐƐ ƉůĂŶƐ͕ ďĞŶĞĮƚŽďůŝŐĂƟŽŶĂƌĞďĂƐĞĚŽŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ ŝ͘ ^ŚŽƌƚͲƚĞƌŵŵƉůŽǇŵĞŶƚĞŶĞĮƚƐ͗ ĨƌŽŵƚŚĞĞŵƉůŽǇĞĞ͘
ŝŶĐůƵĚŝŶŐ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞǆƉĞĐƚĂƟŽŶƐ ƌĞŐĂƌĚŝŶŐ ƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ŶĂĐƚƵĂƌŝĂů dŚĞĐŽƐƚƐŽĨĂůůƐŚŽƌƚͲƚĞƌŵĞŵƉůŽǇĞĞďĞŶĞĮƚƐ;ƚŚĂƚ
ƚŚĞ ŵĂŶŶĞƌ ĂŶĚ ƟŵŝŶŐ ŽĨ ƌĞĐŽǀĞƌǇ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ǀĂůƵĂƟŽŶ ŝŶǀŽůǀĞƐ ŵĂŬŝŶŐ ǀĂƌŝŽƵƐ ĂƐƐƵŵƉƟŽŶƐ ĂƌĞĞǆƉĞĐƚĞĚƚŽďĞƐĞƩůĞĚǁŚŽůůǇǁŝƚŚŝŶϭϮŵŽŶƚŚƐ ĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ
ĂƐƐĞƚƐ͘ ŚĂŶŐĞƐ ŝŶ ƚŚĞƐĞ ĞƐƟŵĂƚĞƐ ŵĂǇ ĂīĞĐƚ ƚŚĞ ƚŚĂƚ ŵĂǇ ĚŝīĞƌ ĨƌŽŵ ĂĐƚƵĂů ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ĂŌĞƌƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞŵƉůŽǇĞĞƐ ĚĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶ ŝƐ Ă ƉŽƐƚͲĞŵƉůŽǇŵĞŶƚ
ĂŵŽƵŶƚ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƟĞƐ Žƌ ƚŚĞ ǀĂůƵĂƟŽŶ ƚŚĞ ĨƵƚƵƌĞ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƚĞƌŵŝŶĂƟŽŶ ŽĨ ƌĞŶĚĞƌ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞͿ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĚƵƌŝŶŐ ďĞŶĞĮƚƉůĂŶŽƚŚĞƌƚŚĂŶĂĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶ
ŽĨĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂŶĚƚŚĞƌĞďǇƚŚĞƚĂǆĐŚĂƌŐĞŝŶ ƚŚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞ͕ ĨƵƚƵƌĞ ƐĂůĂƌǇ ŝŶĐƌĞĂƐĞƐ ĂŶĚ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞ ĞŵƉůŽǇĞĞ ƌĞŶĚĞƌƐ ƚŚĞ ƉůĂŶ͘dŚĞŽŵƉĂŶǇ͛ƐŶĞƚŽďůŝŐĂƟŽŶŝŶƌĞƐƉĞĐƚ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŵŽƌƚĂůŝƚǇ ƌĂƚĞƐ͘ ƵĞ ƚŽ ƚŚĞ ĐŽŵƉůĞǆŝƟĞƐ ŝŶǀŽůǀĞĚ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞ͘ dŚĞ ĂĐĐƌƵĂůƐ ĨŽƌ ĞŵƉůŽǇĞĞ ŽĨ ĚĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶƐ ŝƐ ĐĂůĐƵůĂƚĞĚ ďǇ
ŝŶƚŚĞǀĂůƵĂƟŽŶĂŶĚŝƚƐůŽŶŐƚĞƌŵŶĂƚƵƌĞ͕ĂĚĞĮŶĞĚ ĞŶƟƚůĞŵĞŶƚƐ ƚŽ ďĞŶĞĮƚƐ ƐƵĐŚ ĂƐ ƐĂůĂƌŝĞƐ͕ ďŽŶƵƐĞƐ ĞƐƟŵĂƟŶŐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĨƵƚƵƌĞ ďĞŶĞĮƚ ƚŚĂƚ
WƌŽǀŝƐŝŽŶ ĨŽƌ ƚĂǆ ůŝĂďŝůŝƟĞƐ ƌĞƋƵŝƌĞ ũƵĚŐĞŵĞŶƚƐ ŽŶ ďĞŶĞĮƚŽďůŝŐĂƟŽŶŝƐŚŝŐŚůǇƐĞŶƐŝƟǀĞƚŽĐŚĂŶŐĞƐŝŶ ĂŶĚ ĂŶŶƵĂů ůĞĂǀĞ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĂŵŽƵŶƚƐ ǁŚŝĐŚ ĞŵƉůŽǇĞĞƐ ŚĂǀĞ ĞĂƌŶĞĚ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ
ƚŚĞŝŶƚĞƌƉƌĞƚĂƟŽŶŽĨƚĂǆůĞŐŝƐůĂƟŽŶ͕ĚĞǀĞůŽƉŵĞŶƚƐ ƚŚĞƐĞĂƐƐƵŵƉƟŽŶƐ͘ůůĂƐƐƵŵƉƟŽŶƐĂƌĞƌĞǀŝĞǁĞĚ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ Ă ƉƌĞƐĞŶƚ ŽďůŝŐĂƟŽŶ ƚŽ ƉĂǇ ĂƐ Ă ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĚŝƐĐŽƵŶƟŶŐ ƚŚĂƚ ĂŵŽƵŶƚ ĂŶĚ
ŝŶĐĂƐĞůĂǁĂŶĚƚŚĞƉŽƚĞŶƟĂůŽƵƚĐŽŵĞƐŽĨƚĂǆĂƵĚŝƚƐ ĂƚĞĂĐŚĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ ƌĞƐƵůƚŽĨƚŚĞĞŵƉůŽǇĞĞ͛ƐƐĞƌǀŝĐĞƐĂŶĚƚŚĞŽďůŝŐĂƟŽŶ ĚĞĚƵĐƟŶŐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶǇ ƉůĂŶ ĂƐƐĞƚƐ͘
ĂŶĚ ĂƉƉĞĂůƐ ǁŚŝĐŚ ŵĂǇ ďĞ ƐƵďũĞĐƚ ƚŽ ƐŝŐŶŝĮĐĂŶƚ ĐĂŶ ďĞ ŵĞĂƐƵƌĞĚ ƌĞůŝĂďůǇ͘ dŚĞ ĂĐĐƌƵĂůƐ ŚĂǀĞ ďĞĞŶ dŚĞ ĐĂůĐƵůĂƟŽŶ ŽĨ ĚĞĮŶĞĚ ďĞŶĞĮƚ ŽďůŝŐĂƟŽŶ
ƵŶĐĞƌƚĂŝŶƚǇ͘ dŚĞƌĞĨŽƌĞ ƚŚĞ ĂĐƚƵĂů ƌĞƐƵůƚƐ ŵĂǇ ǀĂƌǇ ^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ ĐĂůĐƵůĂƚĞĚ Ăƚ ƵŶĚŝƐĐŽƵŶƚĞĚ ĂŵŽƵŶƚƐ ďĂƐĞĚ ŽŶ ŝƐ ƉĞƌĨŽƌŵĞĚ ĂŶŶƵĂůůǇ ďǇ Ă ƋƵĂůŝĮĞĚ ĂĐƚƵĂƌǇ
ĨƌŽŵ ĞǆƉĞĐƚĂƟŽŶƐ ƌĞƐƵůƟŶŐ ŝŶ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ĐƵƌƌĞŶƚƐĂůĂƌǇůĞǀĞůƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ ƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘
ƉƌŽǀŝƐŝŽŶƐ͕ ƚŚĞ ǀĂůƵĂƟŽŶ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ͕ ;ĚͿ ZĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ
ĐĂƐŚƚĂǆƐĞƩůĞŵĞŶƚƐĂŶĚƚŚĞƌĞĨŽƌĞƚŚĞƚĂǆĐŚĂƌŐĞŝŶ /ŶĐŽŵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ ŝŝ͘ WŽƐƚͲŵƉůŽǇŵĞŶƚĞŶĞĮƚƐ͗ a) Gratuity Fund
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ZĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ ĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƐ dŚĞŽŵƉĂŶǇŵĂŬĞƐĂŶŶƵĂůĐŽŶƚƌŝďƵƟŽŶƐ
ƌĞĐĞŝǀĞĚ Žƌ ƌĞĐĞŝǀĂďůĞ͘ ZĞǀĞŶƵĞ ĐŽŵƉƌŝƐĞƐ ƐĂůĞ ŽĨ ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ƉůĂŶ ŝƐ Ă ƉŽƐƚͲĞŵƉůŽǇŵĞŶƚ ƚŽ ŐƌĂƚƵŝƚǇ ĨƵŶĚƐ ĂĚŵŝŶŝƐƚĞƌĞĚ ďǇ ƚŚĞ
ͻ >ŽǇĂůƚǇ ƉƌŽŐƌĂŵŵĞ͗ dŚĞ ŽŵƉĂŶǇ ĞƐƟŵĂƚĞƐ ƚŚĞ ƌŽŽŵƐ͕ ĨŽŽĚ ĂŶĚ ďĞǀĞƌĂŐĞƐ ĂŶĚ ĂůůŝĞĚ ƐĞƌǀŝĐĞƐ ƌĞůĂƟŶŐ ďĞŶĞĮƚ ƉůĂŶ ƵŶĚĞƌ ǁŚŝĐŚ ĂŶ ĞŶƟƚǇ ƉĂǇƐ ĮǆĞĚ ƚƌƵƐƚĞĞƐ ĨŽƌ ĂŵŽƵŶƚƐ ŶŽƟĮĞĚ ďǇ ƚŚĞ
ĨĂŝƌ ǀĂůƵĞ ŽĨ ƉŽŝŶƚƐ ĂǁĂƌĚĞĚ ƵŶĚĞƌ ƚŚĞ >ŽǇĂůƚǇ ƚŽŚŽƚĞůŽƉĞƌĂƟŽŶƐ͕ŝŶĐůƵĚŝŶŐŵĂŶĂŐĞŵĞŶƚĨĞĞƐĨŽƌƚŚĞ ĐŽŶƚƌŝďƵƟŽŶƐ ŝŶƚŽ Ă ƐĞƉĂƌĂƚĞ ĞŶƟƚǇ ĂŶĚ ǁŝůů ŚĂǀĞ ĨƵŶĚƐ͘ dŚĞ 'ƌĂƚƵŝƚǇ ƉůĂŶ ƉƌŽǀŝĚĞƐ ĨŽƌ
ƉƌŽŐƌĂŵŵĞ ďǇ ĂƉƉůǇŝŶŐ ƐƚĂƟƐƟĐĂů ƚĞĐŚŶŝƋƵĞƐ͘ ŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŚŽƚĞůƐ͘ ŶŽ ůĞŐĂů Žƌ ĐŽŶƐƚƌƵĐƟǀĞ ŽďůŝŐĂƟŽŶ ƚŽ ƉĂǇ ĨƵƌƚŚĞƌ ůƵŵƉƐƵŵƉĂǇŵĞŶƚƚŽǀĞƐƚĞĚĞŵƉůŽǇĞĞƐ
/ŶƉƵƚƐŝŶĐůƵĚĞŵĂŬŝŶŐĂƐƐƵŵƉƟŽŶƐĂďŽƵƚĞǆƉĞĐƚĞĚ ĂŵŽƵŶƚƐ͘ ŽŶ ƌĞƟƌĞŵĞŶƚ͕ ĚĞĂƚŚ Žƌ ƚĞƌŵŝŶĂƟŽŶ ŽĨ
ďƌĞĂŬĂŐĞƐ͕ƚŚĞŵŝǆŽĨƉƌŽĚƵĐƚƐƚŚĂƚǁŝůůďĞĂǀĂŝůĂďůĞ ZĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ƵƉŽŶ ƌĞŶĚĞƌŝŶŐ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞ͕ ĞŵƉůŽǇŵĞŶƚŽĨĂŶĂŵŽƵŶƚďĂƐĞĚŽŶƚŚĞ
ĨŽƌ ƌĞĚĞŵƉƟŽŶ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ĂŶĚ ĐƵƐƚŽŵĞƌ ƉƌŽǀŝĚĞĚ ƉĞƌƐƵĂƐŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ĂŶ ĂƌƌĂŶŐĞŵĞŶƚ a) Provident and Family Pension Fund ƌĞƐƉĞĐƟǀĞ ĞŵƉůŽǇĞĞ͛Ɛ ůĂƐƚ ĚƌĂǁŶ ƐĂůĂƌǇ
ƉƌĞĨĞƌĞŶĐĞƐ͕ ƌĞĚĞŵƉƟŽŶ Ăƚ ŽǁŶ ŚŽƚĞůƐ ĂŶĚ ŽƚŚĞƌ ĞǆŝƐƚƐ͕ ƚĂƌŝī ͬ ƌĂƚĞƐ ĂƌĞ ĮǆĞĚ Žƌ ĂƌĞ ĚĞƚĞƌŵŝŶĂďůĞ ĂŶĚ dŚĞ ĞůŝŐŝďůĞ ĞŵƉůŽǇĞĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĂƌĞ ĂŶĚƚĞŶƵƌĞŽĨĞŵƉůŽǇŵĞŶƚ͘dŚĞŽŵƉĂŶǇ
ƉĂƌƟĐŝƉĂƟŶŐŚŽƚĞůƐ͘ ĐŽůůĞĐƚĂďŝůŝƚǇ ŝƐ ƌĞĂƐŽŶĂďůǇ ĐĞƌƚĂŝŶ͘ ZĞǀĞŶƵĞ ĨƌŽŵ ƐĂůĞƐ ĞŶƟƚůĞĚ ƚŽ ƌĞĐĞŝǀĞ ƉŽƐƚͲĞŵƉůŽǇŵĞŶƚ ďĞŶĞĮƚƐ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨŝƚƐ
ŽĨŐŽŽĚƐŽƌƌĞŶĚĞƌŝŶŐŽĨƐĞƌǀŝĐĞƐŝƐŶĞƚŽĨ/ŶĚŝƌĞĐƚƚĂǆĞƐ͕ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƉƌŽǀŝĚĞŶƚ ĂŶĚ ĨĂŵŝůǇ ƉĞŶƐŝŽŶ ŽďůŝŐĂƟŽŶƐ ĨŽƌ ŐƌĂƚƵŝƚǇ ďĞŶĞĮƚƐ͕ ďĂƐĞĚ
ͻ &Ăŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĚĞƌŝǀĂƟǀĞ ĂŶĚ ŽƚŚĞƌ ƌĞƚƵƌŶƐĂŶĚĚŝƐĐŽƵŶƚƐ͘ ĨƵŶĚ͕ ŝŶ ǁŚŝĐŚ ďŽƚŚ ƚŚĞ ĞŵƉůŽǇĞĞƐ ĂŶĚ ƚŚĞ ŽŶ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ͕
ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĮŶĂŶĐŝĂů ŽŵƉĂŶǇ ŵĂŬĞ ŵŽŶƚŚůǇ ĐŽŶƚƌŝďƵƟŽŶƐ Ăƚ Ă ĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƉƌŽũĞĐƚĞĚ
ŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚƚƌĂĚĞĚŝŶĂŶĂĐƟǀĞŵĂƌŬĞƚ dŚĞ ŽŵƉĂŶǇ ŽƉĞƌĂƚĞƐ ůŽǇĂůƚǇ ƉƌŽŐƌĂŵŵĞ͕ ǁŚŝĐŚ ƐƉĞĐŝĮĞĚƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞĞŵƉůŽǇĞĞ͛ƐĞůŝŐŝďůĞ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͕ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐ Ăƚ
ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďǇ ƵƐŝŶŐ ǀĂůƵĂƟŽŶ ƚĞĐŚŶŝƋƵĞƐ͘ dŚŝƐ ĂůůŽǁƐ ŝƚƐ ĞůŝŐŝďůĞ ĐƵƐƚŽŵĞƌƐ ƚŽ ĞĂƌŶ ƉŽŝŶƚƐ ďĂƐĞĚ ŽŶ ƐĂůĂƌǇ ;ĐƵƌƌĞŶƚůǇ ϭϮй ŽĨ ĞŵƉůŽǇĞĞ͛Ɛ ĞůŝŐŝďůĞ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ͘ dŚĞ ŽďůŝŐĂƟŽŶ
ŝŶǀŽůǀĞƐ ƐŝŐŶŝĮĐĂŶƚ ũƵĚŐĞŵĞŶƚƐ ŝŶ ƚŚĞ ƐĞůĞĐƟŽŶ ŽĨ ƚŚĞŝƌ ƐƉĞŶĚŝŶŐ Ăƚ ƚŚĞ ŚŽƚĞůƐ͘ dŚĞ ƉŽŝŶƚƐ ƐŽ ĞĂƌŶĞĚ ƐĂůĂƌǇͿ͘ dŚĞ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƌĞ ŵĂĚĞ ƚŽ ƚŚĞ ĚĞƚĞƌŵŝŶĞĚ ĂƐ ĂĨŽƌĞƐĂŝĚ ůĞƐƐ ƚŚĞ ĨĂŝƌ
Ă ŵĞƚŚŽĚ ŝŶ ŵĂŬŝŶŐ ĂƐƐƵŵƉƟŽŶƐ ƚŚĂƚ ĂƌĞ ŵĂŝŶůǇ ďǇ ƐƵĐŚ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ĂĐĐƵŵƵůĂƚĞĚ͘ dŚĞ ƌĞǀĞŶƵĞƐ ƉƌŽǀŝĚĞŶƚ ĨƵŶĚ ŵĂŶĂŐĞĚ ďǇ ƚŚĞ ƚƌƵƐƚ ƐĞƚ ƵƉ ǀĂůƵĞ ŽĨ ƚŚĞ ƉůĂŶ ĂƐƐĞƚƐ ŝƐ ƌĞƉŽƌƚĞĚ ĂƐ Ă
ďĂƐĞĚŽŶŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĞǆŝƐƟŶŐĂƚƚŚĞĂůĂŶĐĞ ƌĞůĂƚĞĚƚŽĂǁĂƌĚƉŽŝŶƚƐŝƐĚĞĨĞƌƌĞĚĂŶĚŽŶƌĞĚĞŵƉƟŽŶ ďǇƚŚĞŽŵƉĂŶǇ͕ŽƌƚŽƚŚĞZĞŐŝŽŶĂůWƌŽǀŝĚĞŶƚ ůŝĂďŝůŝƚǇŽƌĂƐƐĞƚĂƐŽĨƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘
^ŚĞĞƚĚĂƚĞĂŶĚŝŶŝĚĞŶƟĨǇŝŶŐƚŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞ ŽĨ ƐƵĐŚ ĂǁĂƌĚ ƉŽŝŶƚƐ ƌĞǀĞŶƵĞ ŝƐ ŵĞĂƐƵƌĞĚ ďĂƐĞĚ &ƵŶĚŽŵŵŝƐƐŝŽŶĞƌ;ZW&ͿǁŚŝĐŚĂƌĞĐŚĂƌŐĞĚ ĐƚƵĂƌŝĂůŐĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚ
ĞƐƟŵĂƚĞ ŽĨ ĨĂŝƌ ǀĂůƵĞ ǁŚĞŶ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĨĂŝƌ ŽŶ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞƐƟŵĂƚĞ ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĂƐŝŶĐƵƌƌĞĚ͘ ŝŵŵĞĚŝĂƚĞůǇ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ
ǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞƉŽƐƐŝďůĞ͘ ĞǆƉĞĐƚĞĚĂǁĂƌĚƐĨŽƌǁŚŝĐŚƚŚĞƉŽŝŶƚƐǁŝůůďĞƌĞĚĞĞŵĞĚ͘ /ŶĐŽŵĞĂŶĚƌĞŇĞĐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ
DĞŵďĞƌƐŚŝƉ ĨĞĞƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ůŽǇĂůƚǇ ƉƌŽŐƌĂŵ ŝƐ /Ŷ ƌĞƐƉĞĐƚ ŽĨ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ZW&͕ ƚŚĞ ĂŶĚ ǁŝůů ŶŽƚ ďĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ƚŚĞ
ͻ >ŝƟŐĂƟŽŶ͗ &ƌŽŵ ƟŵĞ ƚŽ ƟŵĞ͕ ƚŚĞ ŽŵƉĂŶǇ ŝƐ ƌĞĐŽŐŶŝƐĞĚĂƐƌĞǀĞŶƵĞŽŶƟŵĞͲƉƌŽƉŽƌƟŽŶďĂƐŝƐ͘ ŽŵƉĂŶǇ ŚĂƐ ŶŽ ĨƵƌƚŚĞƌ ŽďůŝŐĂƟŽŶƐ ďĞǇŽŶĚ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ƐƵďũĞĐƚƚŽůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐƚŚĞƵůƟŵĂƚĞŽƵƚĐŽŵĞ ŵĂŬŝŶŐ ƚŚĞ ĐŽŶƚƌŝďƵƟŽŶ͕ ĂŶĚ ŚĞŶĐĞ͕ ƐƵĐŚ
ŽĨĞĂĐŚďĞŝŶŐĂůǁĂǇƐƐƵďũĞĐƚƚŽŵĂŶǇƵŶĐĞƌƚĂŝŶƟĞƐ DĂŶĂŐĞŵĞŶƚ ĨĞĞƐ ĞĂƌŶĞĚ ĨƌŽŵ ŚŽƚĞůƐ ŵĂŶĂŐĞĚ ďǇ ĞŵƉůŽǇĞĞďĞŶĞĮƚƉůĂŶŝƐĐůĂƐƐŝĮĞĚĂƐĞĮŶĞĚ ďͿ WŽƐƚͲZĞƟƌĞŵĞŶƚ WĞŶƐŝŽŶ ^ĐŚĞŵĞ ĂŶĚ
ŝŶŚĞƌĞŶƚ ŝŶ ůŝƟŐĂƟŽŶ͘ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ůŝƟŐĂƟŽŶ ƚŚĞ ŽŵƉĂŶǇ ĂƌĞ ƵƐƵĂůůǇ ƵŶĚĞƌ ůŽŶŐͲƚĞƌŵ ĐŽŶƚƌĂĐƚƐ ŽŶƚƌŝďƵƟŽŶWůĂŶ͘dŚĞŽŵƉĂŶǇ͛ƐĐŽŶƚƌŝďƵƟŽŶ DĞĚŝĐĂůĞŶĞĮƚƐ
ŝƐ ŵĂĚĞ ǁŚĞŶ ŝƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƉƌŽďĂďůĞ ƚŚĂƚ Ă ǁŝƚŚƚŚĞŚŽƚĞůŽǁŶĞƌĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶĞĂƌŶĞĚ ŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞǆƉĞŶƐĞŝŶƚŚĞ^ƚĂƚĞŵĞŶƚ dŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ
ƉĂǇŵĞŶƚǁŝůůďĞŵĂĚĞĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŚĞŶ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽďůŝŐĂƟŽŶ ƚŽǁĂƌĚƐ ƉŽƐƚ ƌĞƟƌĞŵĞŶƚ
ĐĂŶďĞƌĞĂƐŽŶĂďůǇĞƐƟŵĂƚĞĚ͘^ŝŐŶŝĮĐĂŶƚũƵĚŐĞŵĞŶƚ ĐŽůůĞĐƚĂďŝůŝƚǇŝƐĐĞƌƚĂŝŶ͘ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ĨŽƌ ƌĞƟƌĞĚ ǁŚŽůĞ ƟŵĞ
ŝƐŵĂĚĞǁŚĞŶĞǀĂůƵĂƟŶŐ͕ĂŵŽŶŐŽƚŚĞƌĨĂĐƚŽƌƐ͕ƚŚĞ ďͿ ^ƵƉĞƌĂŶŶƵĂƟŽŶ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƉŽƐƚͲĞŵƉůŽǇŵĞŶƚ ŵĞĚŝĐĂů
ƉƌŽďĂďŝůŝƚǇŽĨƵŶĨĂǀŽƌĂďůĞŽƵƚĐŽŵĞĂŶĚƚŚĞĂďŝůŝƚǇ Interest dŚĞŽŵƉĂŶǇŚĂƐĂĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶ ďĞŶĞĮƚƐ ƚŽ ƋƵĂůŝĨǇŝŶŐ ĞŵƉůŽǇĞĞƐ ŝƐ
ƚŽ ŵĂŬĞ Ă ƌĞĂƐŽŶĂďůĞ ĞƐƟŵĂƚĞ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ĂĐĐƌƵĞĚ ŽŶ Ă ƟŵĞ ƉƌŽƉŽƌƟŽŶ ďĂƐŝƐ ĨŽƌ ĞůŝŐŝďůĞ ĞŵƉůŽǇĞĞƐ͕ ǁŚĞƌĞŝŶ ŝƚ ĂŶŶƵĂůůǇ ĂĐƚƵĂƌŝĂůůǇ ĚĞƚĞƌŵŝŶĞĚ͕ ďĂƐĞĚ ŽŶ ƚŚĞ
ƉŽƚĞŶƟĂůůŽƐƐ͘>ŝƟŐĂƟŽŶƉƌŽǀŝƐŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚ ƵƐŝŶŐƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ĐŽŶƚƌŝďƵƚĞƐ Ă ƐƵŵ ĞƋƵŝǀĂůĞŶƚ ƚŽ Ă ĚĞĮŶĞĚ ƉƌŽũĞĐƚĞĚ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͘ ĐƚƵĂƌŝĂů

ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ƚŚĞůŽĐĂƟŽŶĂŶĚĐŽŶĚŝƟŽŶŶĞĐĞƐƐĂƌǇĨŽƌŵĂŬŝŶŐƚŚĞŵ &ƌĞĞŚŽůĚůĂŶĚŝƐŶŽƚĚĞƉƌĞĐŝĂƚĞĚ͘ ŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚŝƐĚĞͲƌĞĐŽŐŶŝƐĞĚŽŶĚŝƐƉŽƐĂů͕ŽƌǁŚĞŶ

ŝŵŵĞĚŝĂƚĞůǇ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ŽƉĞƌĂƟŽŶĂů ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ ĂŶĚ͕ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ ŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐĂƌĞĞǆƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵ
/ŶĐŽŵĞĂŶĚƌĞŇĞĐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ ƋƵĂůŝĨǇŝŶŐĂƐƐĞƚƐ͕ƚŚĞĂƩƌŝďƵƚĂďůĞďŽƌƌŽǁŝŶŐĐŽƐƚƐ;ƌĞĨĞƌ ƚŚĞ ĐŽŶƟŶƵĞĚ ƵƐĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͘ 'ĂŝŶƐ Žƌ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ
dŚĞĂƐƐĞƚƐ͛ƵƐĞĨƵůůŝǀĞƐĂŶĚƌĞƐŝĚƵĂůǀĂůƵĞƐĂƌĞƌĞǀŝĞǁĞĚ
ĂŶĚ ǁŝůů ŶŽƚ ďĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ƚŚĞ ŶŽƚĞŶŽ͘Ϯ;ŽͿͿ͘/ŶŝƟĂůĞƐƟŵĂƚĞŽĨĐŽƐƚƐŽĨĚŝƐŵĂŶƚůŝŶŐĂŶĚ ĨƌŽŵĚĞͲƌĞĐŽŐŶŝƟŽŶŽĨĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚ͕ŵĞĂƐƵƌĞĚĂƐ
ĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞĂŶĚƚŚĞĞīĞĐƚŽĨĂŶǇĐŚĂŶŐĞƐ
^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƌĞŵŽǀŝŶŐƚŚĞŝƚĞŵĂŶĚƌĞƐƚŽƌŝŶŐƚŚĞƐŝƚĞŽŶǁŚŝĐŚŝƚŝƐ ƚŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ŶĞƚ ĚŝƐƉŽƐĂů ƉƌŽĐĞĞĚƐ ĂŶĚ
ŝŶĞƐƟŵĂƚĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂƉƌŽƐƉĞĐƟǀĞďĂƐŝƐ͘
ůŽĐĂƚĞĚŝƐĂůƐŽŝŶĐůƵĚĞĚŝĨƚŚĞƌĞŝƐĂŶŽďůŝŐĂƟŽŶƚŽƌĞƐƚŽƌĞ ƚŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ͕ĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ
dŚĞ ŽŵƉĂŶǇ ĂůƐŽ ŚĂƐ ƐĞƉĂƌĂƚĞ ĨƵŶĚĞĚ ŝƚ͘&ŝƌƐƚƟŵĞŝƐƐƵĞƐŽĨŽƉĞƌĂƟŶŐƐƵƉƉůŝĞƐĨŽƌĂŶĞǁŚŽƚĞů ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐǁŚĞŶƚŚĞĂƐƐĞƚŝƐĚĞͲ
Ŷ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝƐ ĚĞͲ
ĂŶĚƵŶĨƵŶĚĞĚƐĐŚĞŵĞƐ͕ǁŚŝĐŚŐƵĂƌĂŶƚĞĞ ƉƌŽƉĞƌƚǇ͕ ĐŽŶƐŝƐƟŶŐ ŽĨ ůŝŶĞŶ ĂŶĚ ĐŚŝŶĂǁĂƌĞ͕ ŐůĂƐƐǁĂƌĞ ƌĞĐŽŐŶŝƐĞĚ͘
ƌĞĐŽŐŶŝƐĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐ
ĂŵŝŶŝŵƵŵƉĞŶƐŝŽŶƚŽĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐ ĂŶĚ ƐŝůǀĞƌǁĂƌĞ ;'^Ϳ ĂƌĞ ĐĂƉŝƚĂůŝƐĞĚ ĂŶĚ ĚĞƉƌĞĐŝĂƚĞĚ
ďĞŶĞĮƚƐĂƌĞĞǆƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƟŶƵĞĚƵƐĞ
ŽĨĞŵƉůŽǇĞĞƐ͘dŚĞŽŵƉĂŶǇĂĐĐŽƵŶƚƐĨŽƌ ŽǀĞƌƚŚĞŝƌĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞ͘ & Žƌ ƚƌĂŶƐŝƟŽŶ ƚŽ /ŶĚ ^͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ
ŽĨƚŚĞĂƐƐĞƚ͘ŶǇŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶƚŚĞĚŝƐƉŽƐĂůŽƌ
ƚŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ŝƚƐ ŽďůŝŐĂƟŽŶƐ ĐŽŶƟŶƵĞǁŝƚŚĐĂƌƌǇŝŶŐǀĂůƵĞŽĨĂůůŽĨŝƚƐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ƌĞƟƌĞŵĞŶƚŽĨĂŶŝƚĞŵŽĨƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ƚŚĞƌĞŝŶ͕ ďĂƐĞĚ ŽŶ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ^ ƵďƐĞƋƵĞŶƚĞǆƉĞŶĚŝƚƵƌĞƌĞůĂƟŶŐƚŽƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚ ƌĞĐŽŐŶŝƐĞĚĂƐŽĨƉƌŝůϭ͕ϮϬϭϱ;ƚƌĂŶƐŝƟŽŶĚĂƚĞͿŵĞĂƐƵƌĞĚ
ŝƐ ĚĞƚĞƌŵŝŶĞĚ ĂƐ ƚŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ƐĂůĞƐ
ĞǆƚĞƌŶĂů ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ͕ ĐĂƌƌŝĞĚ ŽƵƚ ĞƋƵŝƉŵĞŶƚ ŝƐ ĐĂƉŝƚĂůŝƐĞĚ ŽŶůǇ ǁŚĞŶ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĂƐƉĞƌƚŚĞƉƌĞǀŝŽƵƐ'WĂŶĚƵƐĞƚŚĂƚĐĂƌƌǇŝŶŐǀĂůƵĞĂƐ
ƉƌŽĐĞĞĚƐ ĂŶĚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ĂŶĚ
ĂƐ Ăƚ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ͕ ǁŚŝĐŚ ŝƐ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƐĞ ǁŝůů ŝƚƐĚĞĞŵĞĚĐŽƐƚĂƐŽĨƚŚĞƚƌĂŶƐŝƟŽŶĚĂƚĞ͘
ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͘
ĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƉƌŽũĞĐƚĞĚ ŇŽǁ ƚŽ ƚŚĞ ŽŵƉĂŶǇ ĂŶĚ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ŝƚĞŵ ĐĂŶ ďĞ
WƌŽƉŽƌƟŽŶĂƚĞĚĞƉƌĞĐŝĂƟŽŶŝƐĐŚĂƌŐĞĚĨŽƌƚŚĞĂĚĚŝƟŽŶ
ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͘ ĐƚƵĂƌŝĂů ŐĂŝŶƐ ŵĞĂƐƵƌĞĚƌĞůŝĂďůǇ͘ (h) Impairment of Assets
ĂŶĚĚŝƐƉŽƐĂůŵĂĚĞĚƵƌŝŶŐƚŚĞǇĞĂƌ͘
ĂŶĚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŵŵĞĚŝĂƚĞůǇ ƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂŵŽƌƟƐĂƟŽŶ ĂƌĞ ƌĞǀŝĞǁĞĚ
ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ĂŶĚ ŶĂƐƐĞƚ͛ƐĐĂƌƌǇŝŶŐĂŵŽƵŶƚŝƐǁƌŝƩĞŶĚŽǁŶŝŵŵĞĚŝĂƚĞůǇ
ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ƉĞƌŝŽĚŝĐĂůůǇ ŝŶĐůƵĚŝŶŐ ǁŚĞŶĞǀĞƌ ĞǀĞŶƚƐ
&Žƌ ƚƌĂŶƐŝƟŽŶ ƚŽ /ŶĚ ^͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ
ƌĞŇĞĐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚǁŝůůŶŽƚ ƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝĨƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌǇŝŶŐĂŵŽƵŶƚ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌǇŝŶŐ
ĐŽŶƟŶƵĞ ǁŝƚŚ ƚŚĞ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŽĨ Ăůů ŽĨ ŝƚƐ ƉƌŽƉĞƌƚǇ͕
ďĞƌĞĐůĂƐƐŝĮĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚ ŝƐŐƌĞĂƚĞƌƚŚĂŶŝƚƐĞƐƟŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ ĂŵŽƵŶƚŵĂǇŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ͘ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐ
ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ŽĨ Ɖƌŝů ϭ͕ ϮϬϭϱ
ĂŶĚ>ŽƐƐ͘ ƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞĂŵŽƵŶƚďǇǁŚŝĐŚƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌǇŝŶŐ
;ƚƌĂŶƐŝƟŽŶ ĚĂƚĞͿ ŵĞĂƐƵƌĞĚ ĂƐ ƉĞƌ ƚŚĞ ƉƌĞǀŝŽƵƐ 'W
ĞƉƌĞĐŝĂƟŽŶ ŝƐ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ
ĂŵŽƵŶƚĞǆĐĞĞĚƐŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
ĂŶĚƵƐĞƚŚĂƚĐĂƌƌǇŝŶŐǀĂůƵĞĂƐŝƚƐĚĞĞŵĞĚĐŽƐƚĂƐŽĨƚŚĞ
c) Provident Fund Trust >ŽƐƐ ƐŽ ĂƐ ƚŽ ĞǆƉĞŶƐĞ ƚŚĞ ĐŽƐƚ ŽĨ ĂƐƐĞƚƐ ;ŽƚŚĞƌ ƚŚĂŶ
ƚƌĂŶƐŝƟŽŶĚĂƚĞ͘
/ŶƌĞƐƉĞĐƚŽĨĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞƚƌƵƐƚƐĞƚ ĨƌĞĞŚŽůĚ ůĂŶĚ ĂŶĚ ƉƌŽƉĞƌƟĞƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƟŽŶͿ ůĞƐƐ ĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐƚŚĞŚŝŐŚĞƌŽĨĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐ
Z
ƵƉ ďǇ ƚŚĞ ŽŵƉĂŶǇ͕ ƐŝŶĐĞ ƚŚĞ ŽŵƉĂŶǇ ƚŚĞŝƌ ƌĞƐŝĚƵĂů ǀĂůƵĞƐ ŽǀĞƌ ƚŚĞŝƌ ƵƐĞĨƵů ůŝǀĞƐ͕ ƵƐŝŶŐ ƚŚĞ ŽĨ ĚŝƐƉŽƐĂů ĂŶĚ ǀĂůƵĞ ŝŶ ƵƐĞ͘ /Ŷ ĂƐƐĞƐƐŝŶŐ ǀĂůƵĞ ŝŶ ƵƐĞ͕
ĂƉŝƚĂůǁŽƌŬŝŶƉƌŽŐƌĞƐƐƌĞƉƌĞƐĞŶƚƐƉƌŽũĞĐƚƐƵŶĚĞƌǁŚŝĐŚ
ŝƐ ŽďůŝŐĂƚĞĚ ƚŽ ŵĞĞƚ ŝŶƚĞƌĞƐƚ ƐŚŽƌƞĂůů͕ ŝĨ ƐƚƌĂŝŐŚƚůŝŶĞŵĞƚŚŽĚ͕ĂƐƉĞƌƚŚĞƵƐĞĨƵůůŝĨĞƉƌĞƐĐƌŝďĞĚŝŶ ƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌ
ƚŚĞƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞŶŽƚǇĞƚƌĞĂĚǇĨŽƌ
ĂŶǇ͕ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ĐŽǀĞƌĞĚ ĞŵƉůŽǇĞĞƐ͕ ^ĐŚĞĚƵůĞ//ƚŽƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĞǆĐĞƉƚŝŶƌĞƐƉĞĐƚ ƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂǆĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚƌĞŇĞĐƚƐ
ƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞĂŶĚĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚĚĞƚĞƌŵŝŶĞĚĂƐ
ƐƵĐŚ ĞŵƉůŽǇĞĞ ďĞŶĞĮƚ ƉůĂŶ ŝƐ ĐůĂƐƐŝĮĞĚ ŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨĂƐƐĞƚƐ͕ŝŶǁŚŽƐĞĐĂƐĞƚŚĞ ĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƟŵĞǀĂůƵĞŽĨŵŽŶĞǇ
ĂĨŽƌĞƐĂŝĚ͘
ĂƐĞĮŶĞĚĞŶĞĮƚWůĂŶ͘ŶǇŽďůŝŐĂƟŽŶŝŶ ůŝĨĞŽĨƚŚĞĂƐƐĞƚƐŚĂĚďĞĞŶƌĞͲĂƐƐĞƐƐĞĚĂƐƵŶĚĞƌďĂƐĞĚŽŶ ĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĮĐƚŽƚŚĞĂƐƐĞƚĨŽƌǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐ
ƚŚŝƐ ƌĞƐƉĞĐƚ ŝƐ ŵĞĂƐƵƌĞĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƟŽŶ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐŚĂǀĞŶŽƚďĞĞŶĂĚũƵƐƚĞĚ͘
(g) Intangible Assets
ŝŶĚĞƉĞŶĚĞŶƚĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘ ƚŚĞĂƐƐĞƚ͕ƚŚĞĞƐƟŵĂƚĞĚƵƐĂŐĞŽĨƚŚĞĂƐƐĞƚ͕ƚŚĞŽƉĞƌĂƟŶŐ
/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ŝŶĐůƵĚĞ ĐŽƐƚ ŽĨ ĂĐƋƵŝƌĞĚ ƐŽŌǁĂƌĞ
ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƉĂƐƚ ŚŝƐƚŽƌǇ ŽĨ ƌĞƉůĂĐĞŵĞŶƚ͕ / Ĩ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ ;Žƌ ĐĂƐŚͲ
ĂŶĚ ĚĞƐŝŐŶƐ͕ ĂŶĚ ĐŽƐƚ ŝŶĐƵƌƌĞĚ ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ
ƚŚĞƌ >ŽŶŐͲƚĞƌŵ ŵƉůŽǇĞĞ ĞŶĞĮƚƐ ʹ
K ĂŶƟĐŝƉĂƚĞĚ ƚĞĐŚŶŽůŽŐŝĐĂů ĐŚĂŶŐĞƐ͕ ŵĂŶƵĨĂĐƚƵƌĞƌƐ͛ ŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝƐĞƐƟŵĂƚĞĚƚŽďĞůĞƐƐƚŚĂŶŝƚƐĐĂƌƌǇŝŶŐ
ŽŵƉĂŶǇ͛Ɛ ǁĞďƐŝƚĞ ĂŶĚ ĐĞƌƚĂŝŶ ĐŽŶƚƌĂĐƚ ĂĐƋƵŝƐŝƟŽŶ
dŚĞ ŽŵƉĂŶǇ ƉƌŽǀŝĚĞƐ ĨŽƌ ĞŶĐĂƐŚŵĞŶƚ ǁĂƌƌĂŶƟĞƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞƐƵƉƉŽƌƚ͕ĞƚĐ͘ ĂŵŽƵŶƚ͕ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ;Žƌ ĐĂƐŚͲ
ĐŽƐƚƐ͘ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ĂƌĞ ŝŶŝƟĂůůǇ ŵĞĂƐƵƌĞĚ Ăƚ
ŽĨ ůĞĂǀĞ Žƌ ůĞĂǀĞ ǁŝƚŚ ƉĂǇ ƐƵďũĞĐƚ ŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝƐƌĞĚƵĐĞĚƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
ĂĐƋƵŝƐŝƟŽŶĐŽƐƚŝŶĐůƵĚŝŶŐĂŶǇĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞĐŽƐƚƐ
ƚŽ ĐĞƌƚĂŝŶ ƌƵůĞƐ͘ dŚĞ ĞŵƉůŽǇĞĞƐ ĂƌĞ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŵŵĞĚŝĂƚĞůǇ ŝŶ ƚŚĞ
ŽĨƉƌĞƉĂƌŝŶŐƚŚĞĂƐƐĞƚĨŽƌŝƚƐŝŶƚĞŶĚĞĚƵƐĞ͘
ĞŶƟƚůĞĚ ƚŽ ĂĐĐƵŵƵůĂƚĞ ůĞĂǀĞ ƐƵďũĞĐƚ ƚŽ ƵŝůĚŝŶŐƐ ϲϬƚŽϴϬǇĞĂƌƐ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ĐĞƌƚĂŝŶ ůŝŵŝƚƐ ĨŽƌ ĨƵƚƵƌĞ ĞŶĐĂƐŚŵĞŶƚ ͬ
WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϱƚŽϮϬǇĞĂƌƐ ǆƉĞŶĚŝƚƵƌĞ ŽŶ ƉƌŽũĞĐƚƐ ǁŚŝĐŚ ĂƌĞ ŶŽƚ ǇĞƚ ƌĞĂĚǇ ĨŽƌ
ĂǀĂŝůŵĞŶƚ͘dŚĞŽŵƉĂŶǇŵĂŬĞƐƉƌŽǀŝƐŝŽŶ ŚĞŶ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ƐƵďƐĞƋƵĞŶƚůǇ ƌĞǀĞƌƐĞƐ͕ ƚŚĞ
t
ůĞĐƚƌŝĐĂů/ŶƐƚĂůůĂƟŽŶĂŶĚƋƵŝƉŵĞŶƚ ϮϬǇĞĂƌƐ ŝŶƚĞŶĚĞĚ ƵƐĞ ĂƌĞ ĐĂƌƌŝĞĚ ĂƐ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ƵŶĚĞƌ
ĨŽƌ ĐŽŵƉĞŶƐĂƚĞĚ ĂďƐĞŶĐĞƐ ďĂƐĞĚ ŽŶ ĂŶ ĐĂƌƌǇŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ;ŽƌĂĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿ
,ŽƚĞůtŽŽĚĞŶ&ƵƌŶŝƚƵƌĞ ϭϱǇĞĂƌƐ ĚĞǀĞůŽƉŵĞŶƚ͘
ŝŶĚĞƉĞŶĚĞŶƚ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ ĐĂƌƌŝĞĚ ŝƐ ŝŶĐƌĞĂƐĞĚ ƚŽ ƚŚĞ ƌĞǀŝƐĞĚ ĞƐƟŵĂƚĞ ŽĨ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ
ŽƵƚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ǇĞĂƌ͘ ĐƚƵĂƌŝĂů ŶĚhƐĞƌĚĞǀŝĐĞƐʹŽŵƉƵƚĞƌƐ͕ ϲǇĞĂƌƐ ĂŵŽƵŶƚ͕ďƵƚƐŽƚŚĂƚƚŚĞŝŶĐƌĞĂƐĞĚĐĂƌƌǇŝŶŐĂŵŽƵŶƚĚŽĞƐ
/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ǁŝƚŚ ĮŶŝƚĞ ůŝǀĞƐ ĂƌĞ ĂŵŽƌƟƐĞĚ ŽǀĞƌ
ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ >ĂƉƚŽƉƐĞƚĐ͘ ŶŽƚĞǆĐĞĞĚƚŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶ
ƚŚĞŝƌ ĞƐƟŵĂƚĞĚ ƵƐĞĨƵů ĞĐŽŶŽŵŝĐ ůŝĨĞ ĂŶĚ ĂƐƐĞƐƐĞĚ ĨŽƌ
^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ KƉĞƌĂƟŶŐƐƵƉƉůŝĞƐ;ŝƐƐƵĞĚŽŶ ϮƚŽϯǇĞĂƌƐ ĚĞƚĞƌŵŝŶĞĚ ŚĂĚ ŶŽ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ďĞĞŶ ƌĞĐŽŐŶŝƐĞĚ
ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶĞǀĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƟŽŶ ƚŚĂƚ ƚŚĞ
ŽƉĞŶŝŶŐŽĨĂŶĞǁŚŽƚĞůƉƌŽƉĞƌƚǇͿ ĨŽƌƚŚĞĂƐƐĞƚ;ŽƌĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝŶƉƌŝŽƌǇĞĂƌƐ͘
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚŵĂǇďĞŝŵƉĂŝƌĞĚ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚ
;ĨͿ WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ƌĞǀĞƌƐĂůŽĨĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůǇ
KƚŚĞƌDŝƐĐĞůůĂŶĞŽƵƐ,ŽƚĞů ϰǇĞĂƌƐ ŝŶĚĞĮŶŝƚĞƵƐĞĨƵůůŝǀĞƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚ
WƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ͕ ůĞƐƐ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ƐƐĞƚƐ ĂŶŶƵĂůůǇ͕ ĂŶĚ ǁŚĞŶĞǀĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƟŽŶ ƚŚĂƚ ƚŚĞ
ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƟŽŶ ;ŽƚŚĞƌ ƚŚĂŶ ĨƌĞĞŚŽůĚ ůĂŶĚͿ
ĂƐƐĞƚŵĂǇďĞŝŵƉĂŝƌĞĚ͘dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞƵƐĞĚĨŽƌ
ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝĨĂŶǇ͘ ;ŝͿ &ŽƌĞŝŐŶƵƌƌĞŶĐǇdƌĂŶƐůĂƟŽŶ
ĂŵŽƌƟƐŝŶŐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝƐĂƐƵŶĚĞƌ͗
/Ŷ ƌĞƐƉĞĐƚ ŽĨ ďƵŝůĚŝŶŐƐ ŽŶ ůĞĂƐĞŚŽůĚ ůĂŶĚ͕ ĚĞƉƌĞĐŝĂƟŽŶ dŚĞĨƵŶĐƟŽŶĂůĐƵƌƌĞŶĐǇŽĨƚŚĞŽŵƉĂŶǇŝƐ/ŶĚŝĂŶZƵƉĞĞ
ůůƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞŝŶŝƟĂůůǇƌĞĐŽƌĚĞĚ
ŝƐďĂƐĞĚŽŶƚŚĞƚĞŶƵƌĞǁŚŝĐŚŝƐůŽǁĞƌŽĨƚŚĞůŝĨĞŽĨƚŚĞ (`).
Ăƚ ĐŽƐƚ͘ ŽƐƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ĐŽƐƚ Žƌ ƚŚĞ ĐŽƐƚ ďƵŝůĚŝŶŐƐŽƌƚŚĞĞǆƉĞĐƚĞĚůĞĂƐĞƉĞƌŝŽĚ͘/ŵƉƌŽǀĞŵĞŶƚƐƚŽ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ
ŽĨ ĐŽŶƐƚƌƵĐƟŽŶ͕ ŝŶĐůƵĚŝŶŐ ĚƵƟĞƐ ĂŶĚ ŶŽŶͲƌĞĨƵŶĚĂďůĞ ůĞĂƐĞŚŽůĚďƵŝůĚŝŶŐƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŝƌ tĞďƐŝƚĞĞǀĞůŽƉŵĞŶƚŽƐƚ ϱǇĞĂƌƐ /ŶŝƟĂůZĞĐŽŐŶŝƟŽŶ
ƚĂǆĞƐ͕ĞǆƉĞŶƐĞƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽďƌŝŶŐŝŶŐƚŚĞĂƐƐĞƚƚŽ ĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽƌƚŚĞĞǆƉĞĐƚĞĚůĞĂƐĞƉĞƌŝŽĚ͘ ^ŽŌǁĂƌĞĂŶĚ>ŝĐĞŶĐĞƐ ϲǇĞĂƌƐ KŶ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ͕ Ăůů ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ƚƌĂŶƐĂĐƟŽŶƐ
^ĞƌǀŝĐĞĂŶĚKƉĞƌĂƟŶŐZŝŐŚƚƐ ϭϬǇĞĂƌƐ ĂƌĞƌĞĐŽƌĚĞĚďǇĂƉƉůǇŝŶŐƚŽƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇĂŵŽƵŶƚ

ƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞƌĞƉŽƌƟŶŐĐƵƌƌĞŶĐǇĂŶĚ (m) Income Taxes Ăƚ ƚŚĞ ƚĂǆ ƌĂƚĞƐ ƚŚĂƚ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ĂƉƉůǇ ŝŶ ƚŚĞ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĞĂƌŶĞĚ ŽŶ ƚĞŵƉŽƌĂƌǇ ŝŶǀĞƐƚŵĞŶƚ
ƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ /ŶĐŽŵĞ ƚĂǆ ĞǆƉĞŶƐĞ ĐŽŵƉƌŝƐĞƐ ĐƵƌƌĞŶƚ ƚĂǆ ĞǆƉĞŶƐĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞ ůŝĂďŝůŝƚǇ ŝƐ ƐĞƩůĞĚ Žƌ ƚŚĞ ĂƐƐĞƚ ŽĨ ƐƉĞĐŝĮĐ ďŽƌƌŽǁŝŶŐƐ ƉĞŶĚŝŶŐ ƚŚĞŝƌ ĞǆƉĞŶĚŝƚƵƌĞ ŽŶ
ĂŶĚ ƚŚĞ ŶĞƚ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚ Žƌ ƌĞĂůŝƐĞĚ͕ďĂƐĞĚŽŶƚĂǆƌĂƚĞƐ;ĂŶĚƚĂǆůĂǁƐͿƚŚĂƚŚĂǀĞ ƋƵĂůŝĨǇŝŶŐĂƐƐĞƚƐŝƐĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞďŽƌƌŽǁŝŶŐĐŽƐƚƐ
^ƵďƐĞƋƵĞŶƚZĞĐŽŐŶŝƟŽŶ ůŝĂďŝůŝƚǇ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͘ ƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƌĞ ďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƟĂůůǇĞŶĂĐƚĞĚďǇƚŚĞĞŶĚŽĨ ĞůŝŐŝďůĞ ĨŽƌ ĐĂƉŝƚĂůŝǌĂƟŽŶ͘ ŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ
Ɛ Ăƚ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͕ ŶŽŶͲŵŽŶĞƚĂƌǇ ŝƚĞŵƐ ǁŚŝĐŚ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͕ ĞǆĐĞƉƚ ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞƚŽĂƋƵĂůŝĨǇŝŶŐĂƐƐĞƚĂƌĞƌĞĐŽŐŶŝƐĞĚ
ĂƌĞ ĐĂƌƌŝĞĚ Ăƚ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ĂŶĚ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ Ă ǁŚĞŶƚŚĞǇƌĞůĂƚĞƚŽŝƚĞŵƐƚŚĂƚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ ĞīĞĐƟǀĞ
ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůǇ ŝŶ ĞƋƵŝƚǇ͕ ŝŶ ǁŚŝĐŚ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ŽīƐĞƚ ǁŚĞŶ ŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘
Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶ͘ ůů ŶŽŶͲŵŽŶĞƚĂƌǇ ŝƚĞŵƐ ĐĂƐĞ͕ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƌĞ ĂůƐŽ ƌĞĐŽŐŶŝƐĞĚ ƚŚĞƌĞŝƐĂůĞŐĂůůǇĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽƐĞƚŽīĐƵƌƌĞŶƚ
ǁŚŝĐŚĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĚĞŶŽŵŝŶĂƚĞĚŝŶĂĨŽƌĞŝŐŶ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůǇ ŝŶ ĞƋƵŝƚǇ͕ ƚĂǆ ĂƐƐĞƚƐ ĂŐĂŝŶƐƚ ĐƵƌƌĞŶƚ ƚĂǆ ůŝĂďŝůŝƟĞƐ ĂŶĚ ǁŚĞŶ (p) Statement of Cash Flows
ĐƵƌƌĞŶĐǇ ĂƌĞ ƌĞƚƌĂŶƐůĂƚĞĚ Ăƚ ƚŚĞ ƌĂƚĞƐ ƉƌĞǀĂŝůŝŶŐ Ăƚ ƚŚĞ ƌĞƐƉĞĐƟǀĞůǇ͘ ƚŚĞǇ ƌĞůĂƚĞ ƚŽ ŝŶĐŽŵĞ ƚĂǆĞƐ ůĞǀŝĞĚ ďǇ ƚŚĞ ƐĂŵĞ ĂƐŚ ŇŽǁƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ŝŶĚŝƌĞĐƚ ŵĞƚŚŽĚ͕

ĚĂƚĞǁŚĞŶƚŚĞĨĂŝƌǀĂůƵĞǁĂƐĚĞƚĞƌŵŝŶĞĚ͘ ƚĂǆĂƟŽŶ ĂƵƚŚŽƌŝƚǇ ĂŶĚ ƚŚĞ ŽŵƉĂŶǇ ŝŶƚĞŶĚƐ ƚŽ ǁŚĞƌĞďǇ ƉƌŽĮƚ ͬ ;ůŽƐƐͿ ďĞĨŽƌĞ ƚĂǆ ŝƐ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ
;ŝͿ ƵƌƌĞŶƚƚĂǆ͗ ƐĞƩůĞŝƚƐĐƵƌƌĞŶƚƚĂǆĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŽŶĂŶĞƚ ĞīĞĐƚƐ ŽĨ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ ŶŽŶ ĐĂƐŚ ŶĂƚƵƌĞ ĂŶĚ ĂŶǇ
/ŶĐŽŵĞĂŶĚĞǆƉĞŶƐĞƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƌĞĐŽƌĚĞĚ ƵƌƌĞŶƚ ƚĂǆ ĞǆƉĞŶƐĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ŝŶ ƚŚĞ ƐĂŵĞ ďĂƐŝƐ͘ ĚĞĨĞƌƌĂůƐ Žƌ ĂĐĐƌƵĂůƐ ŽĨ ƉĂƐƚ Žƌ ĨƵƚƵƌĞ ĐĂƐŚ ƌĞĐĞŝƉƚƐ
Ăƚ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ ƉƌĞǀĂŝůŝŶŐ ŽŶ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƉĞƌŝŽĚ ƚŽ ǁŚŝĐŚ ƚŚĞ ƌĞǀĞŶƵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ ƌĞůĂƚĞ͘ Žƌ ƉĂǇŵĞŶƚƐ͘ ĂƐŚ ŇŽǁ ĨŽƌ ƚŚĞ ǇĞĂƌ ĂƌĞ ĐůĂƐƐŝĮĞĚ ďǇ
ƚƌĂŶƐĂĐƟŽŶ͘ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ĚĞŶŽŵŝŶĂƚĞĚ ŵŽŶĞƚĂƌǇ WƌŽǀŝƐŝŽŶĨŽƌĐƵƌƌĞŶƚŝŶĐŽŵĞƚĂǆŝƐŵĂĚĞĨŽƌƚŚĞƚĂǆ DŝŶŝŵƵŵ ůƚĞƌŶĂƟǀĞ dĂǆ ;͞Dd͟Ϳ ĐƌĞĚŝƚ ĨŽƌŵŝŶŐ ŽƉĞƌĂƟŶŐ͕ŝŶǀĞƐƟŶŐĂŶĚĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͘
ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞ ůŝĂďŝůŝƚǇƉĂǇĂďůĞŽŶƚĂǆĂďůĞŝŶĐŽŵĞĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐ ƉĂƌƚŽĨĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĂƐƐĞƚ
ƉƌĞǀĂŝůŝŶŐŽŶƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞĂŶĚĞǆĐŚĂŶŐĞŐĂŝŶƐ ƚĂǆ ĂůůŽǁĂŶĐĞƐ͕ ĚĞĚƵĐƟŽŶƐ ĂŶĚ ĞǆĞŵƉƟŽŶƐ ŽŶůǇ ǁŚĞŶ ĂŶĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĞƌĞ ŝƐ ĐŽŶǀŝŶĐŝŶŐ (q) Earnings per Share
ĂŶĚ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ ŽŶ ƐĞƩůĞŵĞŶƚ ĂŶĚ ƌĞƐƚĂƚĞŵĞŶƚ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĂƉƉůŝĐĂďůĞ ƚĂǆ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶǇ ǁŝůů ƉĂǇ ŶŽƌŵĂů ĂƐŝĐ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďǇ ĚŝǀŝĚŝŶŐ ƚŚĞ
ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƌĂƚĞƐĂŶĚƚŚĞƉƌĞǀĂŝůŝŶŐƚĂǆůĂǁƐ͘ ŝŶĐŽŵĞƚĂǆĚƵƌŝŶŐƚŚĞƐƉĞĐŝĮĞĚƉĞƌŝŽĚ͘^ƵĐŚĂƐƐĞƚ ƉƌŽĮƚŽƌůŽƐƐĂŌĞƌƚĂǆďǇƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌ
ŝƐ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ƚŚĞ ŽĨ ĞƋƵŝƚǇ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ĂĚũƵƐƟŶŐ
(j) Assets taken on lease ƵƌƌĞŶƚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ĐƵƌƌĞŶƚ ƚĂǆ ůŝĂďŝůŝƟĞƐ ĂƌĞ ĐĂƌƌǇŝŶŐĂŵŽƵŶƚŽĨƚŚĞDdĐƌĞĚŝƚĂƐƐĞƚŝƐǁƌŝƩĞŶ ƚŚĞďŽŶƵƐĞůĞŵĞŶƚĨŽƌĂůůƚŚĞƌĞƉŽƌƚĞĚƉĞƌŝŽĚĂƌŝƐŝŶŐŽŶ
KƉĞƌĂƟŶŐ>ĞĂƐĞ ŽīƐĞƚ ǁŚĞŶ ƚŚĞƌĞ ŝƐ Ă ůĞŐĂůůǇ ĞŶĨŽƌĐĞĂďůĞ ƌŝŐŚƚ ƚŽ ĚŽǁŶƚŽƚŚĞĞǆƚĞŶƚƚŚĞƌĞŝƐŶŽůŽŶŐĞƌĂƌĞĂƐŽŶĂďůĞ ĂĐĐŽƵŶƚŽĨŝƐƐƵĞŽĨĞƋƵŝƚǇƐŚĂƌĞƐŽŶƌŝŐŚƚƐĂŶĚŝŶĐůƵĚŝŶŐ
ůĞĂƐĞ ŝŶ ǁŚŝĐŚ Ă ƐŝŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶ ŽĨ ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƐĞƚ Žī ƚŚĞ ƌĞĐŽŐŶŝƐĞĚ ĂŵŽƵŶƚƐ ĂŶĚ ƚŚĞƌĞ ŝƐ ĂŶ ĐĞƌƚĂŝŶƚǇ ƚŽ ƚŚĞ ĞīĞĐƚ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶǇ ǁŝůů ƉĂǇ ƉŽƚĞŶƟĂů ĞƋƵŝƚǇ ƐŚĂƌĞƐ ŽŶ ĐŽŵƉƵůƐŽƌǇ ĐŽŶǀĞƌƟďůĞ
ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂƌĞŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞŽŵƉĂŶǇ ŝŶƚĞŶƟŽŶ ƚŽ ƐĞƩůĞ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ƚŚĞ ůŝĂďŝůŝƚǇ ŽŶ Ă ŶŽƌŵĂůŝŶĐŽŵĞƚĂǆĚƵƌŝŶŐƚŚĞƐƉĞĐŝĮĞĚƉĞƌŝŽĚ͘ ĚĞďĞŶƚƵƌĞƐ͘ ŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ
ŝƐĐůĂƐƐŝĮĞĚĂƐĂŶŽƉĞƌĂƟŶŐůĞĂƐĞ͘WĂǇŵĞŶƚƐŵĂĚĞƵŶĚĞƌ ŶĞƚďĂƐŝƐ͘ ďǇ ĚŝǀŝĚŝŶŐ ƚŚĞ ƉƌŽĮƚ ͬ ;ůŽƐƐͿ ĂŌĞƌ ƚĂǆ ĂƐ ĂĚũƵƐƚĞĚ ĨŽƌ
ŽƉĞƌĂƟŶŐůĞĂƐĞƐĂƌĞĐŚĂƌŐĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚ (n) Provisions ĚŝǀŝĚĞŶĚ͕ ŝŶƚĞƌĞƐƚ ĂŶĚ ŽƚŚĞƌ ĐŚĂƌŐĞƐ ƚŽ ĞǆƉĞŶƐĞ Žƌ
ĂŶĚ>ŽƐƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞ ;ŝŝͿ ĞĨĞƌƌĞĚƚĂǆ͗ WƌŽǀŝƐŝŽŶƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ Ă ŝŶĐŽŵĞ ;ŶĞƚ ŽĨ ĂŶǇ ĂƩƌŝďƵƚĂďůĞ ƚĂǆĞƐͿ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ
ůĞĂƐĞƵŶůĞƐƐƚŚĞƉĂǇŵĞŶƚƐĂƌĞƐƚƌƵĐƚƵƌĞĚƚŽŝŶĐƌĞĂƐĞŝŶ ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂǆŝƐƌĞĐŽŐŶŝƐĞĚƵƐŝŶŐƚŚĞďĂůĂŶĐĞ ďŝŶĚŝŶŐ ƉƌĞƐĞŶƚ ŽďůŝŐĂƟŽŶ͘ dŚŝƐ ŵĂǇ ďĞ ĞŝƚŚĞƌ ůĞŐĂů ĚŝůƵƟǀĞƉŽƚĞŶƟĂůĞƋƵŝƚǇƐŚĂƌĞƐ͕ďǇƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ůŝŶĞǁŝƚŚƚŚĞĞǆƉĞĐƚĞĚŐĞŶĞƌĂůŝŶŇĂƟŽŶƚŽĐŽŵƉĞŶƐĂƚĞ ƐŚĞĞƚ ĂƉƉƌŽĂĐŚ͘ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ďĞĐĂƵƐĞ ŝƚ ĚĞƌŝǀĞƐ ĨƌŽŵ Ă ĐŽŶƚƌĂĐƚ͕ ůĞŐŝƐůĂƟŽŶ Žƌ ŽƚŚĞƌ ŶƵŵďĞƌ ŽĨ ĞƋƵŝƚǇ ƐŚĂƌĞƐ ĐŽŶƐŝĚĞƌĞĚ ĨŽƌ ĚĞƌŝǀŝŶŐ ďĂƐŝĐ
ĨŽƌƚŚĞůĞƐƐŽƌ͛ƐĞǆƉĞĐƚĞĚŝŶŇĂƟŽŶĂƌǇĐŽƐƚŝŶĐƌĞĂƐĞƐ͘ ĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĚĞĚƵĐƟďůĞĂŶĚƚĂǆĂďůĞƚĞŵƉŽƌĂƌǇ ŽƉĞƌĂƟŽŶŽĨůĂǁ͕ŽƌĐŽŶƐƚƌƵĐƟǀĞďĞĐĂƵƐĞƚŚĞŽŵƉĂŶǇ ĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘
ĚŝīĞƌĞŶĐĞƐĂƌŝƐŝŶŐďĞƚǁĞĞŶƚŚĞƚĂǆďĂƐĞŽĨĂƐƐĞƚƐ ĐƌĞĂƚĞĚ ǀĂůŝĚ ĞǆƉĞĐƚĂƟŽŶƐ ŽŶ ƚŚĞ ƉĂƌƚ ŽĨ ƚŚŝƌĚ ƉĂƌƟĞƐ
(k) Inventories ĂŶĚůŝĂďŝůŝƟĞƐĂŶĚƚŚĞŝƌĐĂƌƌǇŝŶŐĂŵŽƵŶƚŝŶĮŶĂŶĐŝĂů ďǇ ĂĐĐĞƉƟŶŐ ĐĞƌƚĂŝŶ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘ dŽ ƌĞĐŽƌĚ ƐƵĐŚ ;ƌͿ ǆĐĞƉƟŽŶĂůŝƚĞŵƐ
^ƚŽĐŬ ŽĨ ĨŽŽĚ ĂŶĚ ďĞǀĞƌĂŐĞƐ ĂŶĚ ƐƚŽƌĞƐ ĂŶĚ ŽƉĞƌĂƟŶŐ ƐƚĂƚĞŵĞŶƚƐ͕ ĞǆĐĞƉƚ ǁŚĞŶ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƌŝƐĞƐ ĂŶ ŽďůŝŐĂƟŽŶ ŝƚ ŵƵƐƚ ďĞ ƉƌŽďĂďůĞ ƚŚĂƚ ĂŶ ŽƵƞůŽǁ ŽĨ dŚĞ ŽŵƉĂŶǇ ĚŝƐĐůŽƐĞƐ ĐĞƌƚĂŝŶ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ
ƐƵƉƉůŝĞƐĂƌĞĐĂƌƌŝĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚ;ĐŽŵƉƵƚĞĚŽŶ ĨƌŽŵ ƚŚĞ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ŐŽŽĚǁŝůů͕ ĂŶ ĂƐƐĞƚ ƌĞƐŽƵƌĐĞƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƩůĞ ƚŚĞ ŽďůŝŐĂƟŽŶ ĂŶĚ ďŽƚŚ ŝŶĐůƵĚŝŶŐ ĂŶĚ ĞǆĐůƵĚŝŶŐ ĞǆĐĞƉƟŽŶĂů ŝƚĞŵƐ͘ dŚĞ
Ă tĞŝŐŚƚĞĚ ǀĞƌĂŐĞ ďĂƐŝƐͿ Žƌ ŶĞƚ ƌĞĂůŝƐĂďůĞ ǀĂůƵĞ͘ EĞƚ Žƌ ůŝĂďŝůŝƚǇ ŝŶ Ă ƚƌĂŶƐĂĐƟŽŶ ƚŚĂƚ ŝƐ ŶŽƚ Ă ďƵƐŝŶĞƐƐ ĂƌĞůŝĂďůĞĞƐƟŵĂƚĞĐĂŶďĞŵĂĚĞĨŽƌƚŚĞĂŵŽƵŶƚŽĨƚŚĞ ƉƌĞƐĞŶƚĂƟŽŶŽĨŝŶĨŽƌŵĂƟŽŶĞǆĐůƵĚŝŶŐĞǆĐĞƉƟŽŶĂůŝƚĞŵƐ
ƌĞĂůŝƐĂďůĞ ǀĂůƵĞ ŝƐ ƚŚĞ ĞƐƟŵĂƚĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ŝŶ ƚŚĞ ĐŽŵďŝŶĂƟŽŶ ĂŶĚ ĂīĞĐƚƐ ŶĞŝƚŚĞƌ ĂĐĐŽƵŶƟŶŐ ŶŽƌ ŽďůŝŐĂƟŽŶ͘dŚĞĂŵŽƵŶƚƌĞĐŽŐŶŝƐĞĚĂƐĂƉƌŽǀŝƐŝŽŶĂŶĚƚŚĞ ĂůůŽǁƐĂďĞƩĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƵŶĚĞƌůǇŝŶŐŽƉĞƌĂƟŶŐ
ŽƌĚŝŶĂƌǇĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐůĞƐƐƚŚĞĞƐƟŵĂƚĞĚĐŽƐƚƐŽĨ ƚĂǆĂďůĞƉƌŽĮƚƐŽƌůŽƐƐĂƚƚŚĞƟŵĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ ŝŶĚŝĐĂƚĞĚƟŵĞƌĂŶŐĞŽĨƚŚĞŽƵƞůŽǁŽĨĞĐŽŶŽŵŝĐďĞŶĞĮƚƐ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŵƉĂŶǇĂŶĚƉƌŽǀŝĚĞƐĐŽŶƐŝƐƚĞŶĐǇ
ĐŽŵƉůĞƟŽŶĂŶĚƐĞůůŝŶŐĞǆƉĞŶƐĞƐ͘ŽƐƚŝŶĐůƵĚĞƐƚŚĞĨĂŝƌ ĂƌĞ ƚŚĞ ďĞƐƚ ĞƐƟŵĂƚĞ ;ŵŽƐƚ ƉƌŽďĂďůĞ ŽƵƚĐŽŵĞͿ ŽĨ ƚŚĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŝŶƚĞƌŶĂů ŵĂŶĂŐĞŵĞŶƚ ƌĞƉŽƌƟŶŐ͘
ǀĂůƵĞ ŽĨ ĐŽŶƐŝĚĞƌĂƟŽŶ ƉĂŝĚ ŝŶĐůƵĚŝŶŐ ĚƵƟĞƐ ĂŶĚ ƚĂǆĞƐ ĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂǆ ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ƚŽ ƚŚĞ ĞǆƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞĚƚŽƐĞƩůĞƚŚĞƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶĂƚ ǆĐĞƉƟŽŶĂůŝƚĞŵƐĂƌĞŝĚĞŶƟĮĞĚďǇǀŝƌƚƵĞŽĨĞŝƚŚĞƌƚŚĞŝƌ
;ŽƚŚĞƌƚŚĂŶƚŚŽƐĞƌĞĨƵŶĚĂďůĞͿ͕ŝŶǁĂƌĚĨƌĞŝŐŚƚ͕ĂŶĚŽƚŚĞƌ ĞǆƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚĂǆĂďůĞƉƌŽĮƚǁŝůůďĞ ƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƌŝƐŬƐĂŶĚ ƐŝǌĞ Žƌ ŶĂƚƵƌĞ ƐŽ ĂƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĐŽŵƉĂƌŝƐŽŶ ǁŝƚŚ ƉƌŝŽƌ
ĞǆƉĞŶĚŝƚƵƌĞĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞƚŽƚŚĞƉƵƌĐŚĂƐĞ͘dƌĂĚĞ ĂǀĂŝůĂďůĞ ĂŐĂŝŶƐƚ ǁŚŝĐŚ ƚŚĞ ĚĞĚƵĐƟďůĞ ƚĞŵƉŽƌĂƌǇ ƵŶĐĞƌƚĂŝŶƟĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ ŽďůŝŐĂƟŽŶ͘ EŽŶͲĐƵƌƌĞŶƚ ƉĞƌŝŽĚƐĂŶĚƚŽĂƐƐĞƐƐƵŶĚĞƌůǇŝŶŐƚƌĞŶĚƐŝŶƚŚĞĮŶĂŶĐŝĂů
ĚŝƐĐŽƵŶƚƐĂŶĚƌĞďĂƚĞƐĂƌĞĚĞĚƵĐƚĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ ĚŝīĞƌĞŶĐĞƐ ĂŶĚ ƚŚĞ ĐĂƌƌǇ ĨŽƌǁĂƌĚ ŽĨ ƵŶƵƐĞĚ ƚĂǆ ƉƌŽǀŝƐŝŽŶƐĂƌĞĚŝƐĐŽƵŶƚĞĚŝĨƚŚĞŝŵƉĂĐƚŝƐŵĂƚĞƌŝĂů͘ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͘ ǆĐĞƉƟŽŶĂů ŝƚĞŵƐ ĐĂŶ
ĐŽƐƚŽĨƉƵƌĐŚĂƐĞ͘ ĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂǆůŽƐƐĞƐĐĂŶďĞƵƟůŝƐĞĚ͘ ŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚƌĞƐƚƌŝĐƚĞĚƚŽ͕ŐĂŝŶƐĂŶĚůŽƐƐĞƐŽŶƚŚĞ
(o) Borrowing Costs ĚŝƐƉŽƐĂů ŽĨ ĂƐƐĞƚƐ ͬ ŝŶǀĞƐƚŵĞŶƚƐ͕ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞƐ͕
(l) Government Grants ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐĂƌĞŐĞŶĞƌĂůůǇƌĞĐŽŐŶŝƐĞĚĨŽƌ 'ĞŶĞƌĂů ĂŶĚ ƐƉĞĐŝĮĐ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĚŝƌĞĐƚůǇ ĞǆĐŚĂŶŐĞŐĂŝŶͬ;ůŽƐƐͿŽŶůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉĞƌŝŽĚƚŽǁŚŝĐŚ ĂůůƚĂǆĂďůĞƚĞŵƉŽƌĂƌǇĚŝīĞƌĞŶĐĞƐĞǆĐĞƉƚŝŶƌĞƐƉĞĐƚ ĂƩƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ Žƌ ĐŽŶƐƚƌƵĐƟŽŶ ŽĨ ĂŶĚĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ͘
ƚŚĞǇƌĞůĂƚĞǁŚĞŶƚŚĞƌĞŝƐƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ ŽĨ ƚĂǆĂďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƋƵĂůŝĨǇŝŶŐ ĂƐƐĞƚƐ ƚŚĂƚ ŶĞĐĞƐƐĂƌŝůǇ ƚĂŬĞƐ ƐƵďƐƚĂŶƟĂů
ŐƌĂŶƚǁŝůůďĞƌĞĐĞŝǀĞĚĂŶĚƚŚĂƚƚŚĞŽŵƉĂŶǇǁŝůůĐŽŵƉůǇ ŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƐ ƉĞƌŝŽĚ ŽĨ ƟŵĞ ƚŽ ŐĞƚ ƌĞĂĚǇ ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ Žƌ (s) Financial Instruments
ǁŝƚŚƚŚĞĂƩĂĐŚĞĚĐŽŶĚŝƟŽŶƐ͘ ŝŶũŽŝŶƚǀĞŶƚƵƌĞƐǁŚĞƌĞƚŚĞƟŵŝŶŐŽĨƚŚĞƌĞǀĞƌƐĂůŽĨ ƐĂůĞ͕ĂƌĞĂĚĚĞĚƚŽƚŚĞĐŽƐƚŽĨƚŚŽƐĞĂƐƐĞƚƐ͕ƵŶƟůƐƵĐŚ (I) Financial assets
ƚŚĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞ ĐĂŶ ďĞ ĐŽŶƚƌŽůůĞĚ ĂŶĚ ŝƚ ƟŵĞ ĂƐ ƚŚĞ ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐƚĂŶƟĂůůǇ ƌĞĂĚǇ ĨŽƌ ƚŚĞŝƌ /ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ
ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ
' ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞ ǁŝůů ŶŽƚ ŝŶƚĞŶĚĞĚƵƐĞŽƌƐĂůĞ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐĐŽŶƐŝƐƚŽĨŝŶƚĞƌĞƐƚ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ ŽŶůǇ
WƌŽĮƚĂŶĚ>ŽƐƐŽŶĂƐǇƐƚĞŵĂƟĐďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚƐŝŶ ƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ ĂŶĚŽƚŚĞƌĐŽƐƚƐƚŚĂƚƚŚĞŽŵƉĂŶǇŝŶĐƵƌƐŝŶĐŽŶŶĞĐƟŽŶ ǁŚĞŶ͕ ƚŚĞ ŽŵƉĂŶǇ ďĞĐŽŵĞƐ Ă ƉĂƌƚǇ ƚŽ ƚŚĞ
ǁŚŝĐŚƚŚĞŽŵƉĂŶǇƌĞĐŽŐŶŝƐĞƐĂƐĞǆƉĞŶƐĞƐƚŚĞƌĞůĂƚĞĚ ǁŝƚŚƚŚĞďŽƌƌŽǁŝŶŐŽĨĨƵŶĚƐ͘ ĐŽŶƚƌĂĐƚƵĂů ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͘
ĐŽƐƚƐĨŽƌǁŚŝĐŚƚŚĞŐƌĂŶƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞ͘ ĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƟĞƐ ĂŶĚ ĂƐƐĞƚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ dŚĞ ŽŵƉĂŶǇ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ ŽĨ ŝƚƐ

ĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ŝŶƚĞƌĞƐƚ ƌĞǀĞŶƵĞ ĂŶĚ ĨŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ƌĞĐĞŝǀĞ ĐĂƐŚ ŇŽǁƐ ĨƌŽŵ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ ĨŽƌ ƐƵďƐĞƋƵĞŶƚ ĐŚĂŶŐĞƐ ŝŶ ĨĂŝƌ ǀĂůƵĞ ĚĞƉĞŶĚƐ ŽŶ
ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ ǁŚŝĐŚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ tŚĞƌĞ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ĂŶ ǁŚĞƚŚĞƌ ƚŚĞ ĚĞƌŝǀĂƟǀĞ ŝƐ ĚĞƐŝŐŶĂƚĞĚ ĂƐ Ă ŚĞĚŐŝŶŐ
tŚĞŶ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶŝƟĂůůǇ͕ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͘ tŚĞŶ ĂƐƐĞƚ͕ ƚŚĞ ŽŵƉĂŶǇ ĞǀĂůƵĂƚĞƐ ǁŚĞƚŚĞƌ ŝƚ ŚĂƐ ŝŶƐƚƌƵŵĞŶƚ͕ ĂŶĚ ŝĨ ƐŽ͕ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ŝƚĞŵ
ƚŚĞǇ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ƉůƵƐ͕ ŝŶ ƚŚĞ ĐĂƐĞ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ͕ ƚƌĂŶƐĨĞƌƌĞĚ ƐƵďƐƚĂŶƟĂůůǇ Ăůů ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ďĞŝŶŐ ŚĞĚŐĞĚ ĂŶĚ ƚŚĞ ƚǇƉĞ ŽĨ ŚĞĚŐĞ ƌĞůĂƟŽŶƐŚŝƉ
ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ŶŽƚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĮƚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůǇ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ /Ŷ ƐƵĐŚ ĚĞƐŝŐŶĂƚĞĚ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ĚĞƌŝǀĂƟǀĞƐ
Žƌ ůŽƐƐ ĚŝƌĞĐƚůǇ ĂƩƌŝďƵƚĂďůĞ ƚƌĂŶƐĂĐƟŽŶ ĐŽƐƚƐ͘ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ĐĂƐĞƐ͕ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ͘ ǁŚŝĐŚĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐĂŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚ
dƌĂŶƐĂĐƟŽŶ ĐŽƐƚƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĐĂƌƌŝĞĚ Ăƚ ĨĂŝƌ /ŶĐŽŵĞ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ ĨƌŽŵ KƚŚĞƌ tŚĞƌĞ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ŶŽƚ ƚƌĂŶƐĨĞƌƌĞĚ ĂƌĞĂĐĐŽƵŶƚĞĚƚŚƌŽƵŐŚ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĮƚ Žƌ ůŽƐƐ ĂƌĞ ĞǆƉĞŶƐĞĚ ŝŶ ƚŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞƚŽƚŚĞ^ƚĂƚĞŵĞŶƚ ƐƵďƐƚĂŶƟĂůůǇĂůůƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌƐ ƌĞƉŽƌƚĞĚ͕ ŶŽ ŚĞĚŐĞ ƌĞůĂƟŽŶƐŚŝƉ
^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶƐƵĐŚ ŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͕ƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚŝƐŶŽƚ ǁĂƐĚĞƐŝŐŶĂƚĞĚ͘
ĮŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŶĐůƵĚĞĚĂƐĂƉĂƌƚŽĨƚŚĞ ĚĞͲƌĞĐŽŐŶŝƐĞĚ͘ tŚĞƌĞ ƚŚĞ ŽŵƉĂŶǇ ƌĞƚĂŝŶƐ
ůĂƐƐŝĮĐĂƟŽŶ ŽŵƉĂŶǇ͛Ɛ ŝŶĐŽŵĞ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͕ ƚŚĞ ĂƐƐĞƚ ŝƐ Equity instruments
ͻ ĂƐŚ ĂŶĚ ĂƐŚ ƋƵŝǀĂůĞŶƚƐ ʹ ĂƐŚ ĐŽŵƉƌŝƐĞƐ WƌŽĮƚĂŶĚ>ŽƐƐƵƐŝŶŐƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚ ĐŽŶƟŶƵĞĚ ƚŽ ďĞ ƌĞĐŽŐŶŝƐĞĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ŽĨ ŶĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚŝƐĂŶǇĐŽŶƚƌĂĐƚƚŚĂƚĞǀŝĚĞŶĐĞƐ
ĐĂƐŚŽŶŚĂŶĚĂŶĚĚĞŵĂŶĚĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͘ ƌĂƚĞŵĞƚŚŽĚ͘ ĐŽŶƟŶƵŝŶŐŝŶǀŽůǀĞŵĞŶƚŝŶƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͘ Ă ƌĞƐŝĚƵĂů ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĂƐƐĞƚƐ ŽĨ ĂŶ ĞŶƟƚǇ ĂŌĞƌ
ĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ĂƌĞ ƐŚŽƌƚͲƚĞƌŵ ďĂůĂŶĐĞƐ ĚĞĚƵĐƟŶŐ Ăůů ŽĨ ŝƚƐ ůŝĂďŝůŝƟĞƐ͘ ƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚƐ
;ǁŝƚŚĂŶŽƌŝŐŝŶĂůŵĂƚƵƌŝƚǇŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌ (iii) Financial assets at fair value through ;//Ϳ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ŝƐƐƵĞĚ ďǇ ƚŚĞ ŽŵƉĂŶǇ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ƚŚĞ
ůĞƐƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƟŽŶͿ͕ŚŝŐŚůǇůŝƋƵŝĚ ƉƌŽĮƚŽƌůŽƐƐ;&sdW>Ϳ /ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͕ŶĞƚŽĨĚŝƌĞĐƚŝƐƐƵĞĐŽƐƚƐ͘
ŝŶǀĞƐƚŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƌĞĂĚŝůǇ ĐŽŶǀĞƌƟďůĞ ŝŶƚŽ ƐƐĞƚƐ ƚŚĂƚ ĚŽ ŶŽƚ ŵĞĞƚ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ
ŬŶŽǁŶĂŵŽƵŶƚƐŽĨĐĂƐŚĂŶĚǁŚŝĐŚĂƌĞƐƵďũĞĐƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ Žƌ &sK/ ĂƌĞ ŵĞĂƐƵƌĞĚ ŽŶůǇ ǁŚĞŶ͕ ƚŚĞ ŽŵƉĂŶǇ ďĞĐŽŵĞƐ Ă ƉĂƌƚǇ ƚŽ ƚŚĞ ZĞƉƵƌĐŚĂƐĞ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŽǁŶ ĞƋƵŝƚǇ
ƚŽŝŶƐŝŐŶŝĮĐĂŶƚƌŝƐŬŽĨĐŚĂŶŐĞƐŝŶǀĂůƵĞ͘ ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ͘ŐĂŝŶ ĐŽŶƚƌĂĐƚƵĂů ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͘ ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĂŶĚ ĚĞĚƵĐƚĞĚ ĚŝƌĞĐƚůǇ
Žƌ ůŽƐƐ ŽŶ ƐƵĐŚ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚ ƚŚĂƚ ŝƐ dŚĞ ŽŵƉĂŶǇ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ ŽĨ ŝƚƐ ŝŶ ĞƋƵŝƚǇ͘ EŽ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ
ͻ D
ebt Instruments -dŚĞŽŵƉĂŶǇĐůĂƐƐŝĮĞƐŝƚƐ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ Ăƚ &sdW> ĂŶĚ ŝƐ ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐŽŶƚŚĞƉƵƌĐŚĂƐĞ͕ƐĂůĞ͕
ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ĂƐ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ ŶŽƚƉĂƌƚŽĨĂŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉĂƐǁĞůů ŝƐƐƵĞŽƌĐĂŶĐĞůůĂƟŽŶŽĨƚŚĞŽŵƉĂŶǇ͛ƐŽǁŶĞƋƵŝƚǇ
Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ͕ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ KƚŚĞƌ ĂƐ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ůůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŝƟĂůůǇĂƚĨĂŝƌ ŝŶƐƚƌƵŵĞŶƚƐ͘
ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ǀĂůƵĞ͕ƉůƵƐ͕ŝŶƚŚĞĐĂƐĞŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐŶŽƚĂƚ
ƉƌŽĮƚ Žƌ ůŽƐƐ ďĂƐĞĚ ŽŶ ŝƚƐ ďƵƐŝŶĞƐƐ ŵŽĚĞů ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞ ;///Ϳ /ŵƉĂŝƌŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ
ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ƚŚĞ ͻ E quity Instruments - dŚĞ ŽŵƉĂŶǇ ƚƌĂŶƐĂĐƟŽŶĐŽƐƚƐ͘ dŚĞ ŽŵƉĂŶǇ ĂƐƐĞƐƐĞƐ͕ Ăƚ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͕
ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁ ĐŚĂƌĂĐƚĞƌŝƐƟĐƐ ŽĨ ƚŚĞ ƐƵďƐĞƋƵĞŶƚůǇŵĞĂƐƵƌĞƐĂůůĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐ ǁŚĞƚŚĞƌ Ă ĮŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ Ă ŐƌŽƵƉ ŽĨ ĮŶĂŶĐŝĂů
ĮŶĂŶĐŝĂůĂƐƐĞƚ͘ ;ŽƚŚĞƌ ƚŚĂŶ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ͕ Subsequent measurement ĂƐƐĞƚƐ ŝƐ ŝŵƉĂŝƌĞĚ͘ /ŶĚ ^ͲϭϬϵ ŽŶ &ŝŶĂŶĐŝĂů
ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ ǁŚŝĐŚ ĂƌĞ ŌĞƌŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͕ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞ /ŶƐƚƌƵŵĞŶƚƐ͕ ƌĞƋƵŝƌĞƐ ĞǆƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ ƚŽ
(i) &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚͿ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘ tŚĞƌĞ ƚŚĞ ŶŽƚ ĐĂƌƌŝĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĮƚ Žƌ ůŽƐƐ ĂƌĞ ďĞ ŵĞĂƐƵƌĞĚ ƚŚƌŽƵŐŚ Ă ůŽƐƐ ĂůůŽǁĂŶĐĞ͘ &Žƌ ƚƌĂĚĞ
&ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůǇ ŽŵƉĂŶǇ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ ƉƌĞƐĞŶƚ ĨĂŝƌ ǀĂůƵĞ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ƵƐŝŶŐ ƌĞĐĞŝǀĂďůĞƐŽŶůǇ͕ƚŚĞŽŵƉĂŶǇƌĞĐŽŐŶŝƐĞƐĞǆƉĞĐƚĞĚ
ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ŝĨ ƚŚĞƐĞ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ŽŶ ĞƋƵŝƚǇ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐ ůŝĨĞƟŵĞ ůŽƐƐĞƐ ƵƐŝŶŐ ƚŚĞ ƐŝŵƉůŝĮĞĚ ĂƉƉƌŽĂĐŚ
ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ĨŽƌ ĐŽůůĞĐƟŽŶ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;͞&sK/͟Ϳ͕ƚŚĞƌĞ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ƉĞƌŵŝƩĞĚďǇ/ŶĚ^ͲϭϬϵ͕ĨƌŽŵŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶŽĨ
ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ǁŚĞƌĞ ƚŚŽƐĞ ŝƐ ŶŽ ƐƵďƐĞƋƵĞŶƚ ƌĞĐůĂƐƐŝĮĐĂƟŽŶ ŽĨ ĨĂŝƌ ǀĂůƵĞ ǁŚĞŶƚŚĞůŝĂďŝůŝƟĞƐĂƌĞĚĞͲƌĞĐŽŐŶŝƐĞĚ͕ĂŶĚƚŚƌŽƵŐŚ ƚŚĞƌĞĐĞŝǀĂďůĞƐ͘&ŽƌŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ;ŶŽƚďĞŝŶŐ
ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůǇ ƉĂǇŵĞŶƚƐ ŽĨ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ƚŽ ƉƌŽĮƚ Žƌ ůŽƐƐ͘ ŝǀŝĚĞŶĚƐ ƚŚĞĂŵŽƌƟƐĂƟŽŶƉƌŽĐĞƐƐ͘ ĞƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚƐ Žƌ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ŵĞĂƐƵƌĞĚ
ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĨƌŽŵ ƐƵĐŚ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ƐƵďƐĞƋƵĞŶƚůǇ Ăƚ &sdW>Ϳ ƚŚĞ ĞǆƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ
ĨƌŽŵƚŚĞƐĞĮŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŶĐůƵĚĞĚĂƐ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĂƐŽƚŚĞƌŝŶĐŽŵĞ ĞͲƌĞĐŽŐŶŝƟŽŶ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ϭϮ ŵŽŶƚŚ ĞǆƉĞĐƚĞĚ ĐƌĞĚŝƚ
Ă ƉĂƌƚ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ŝŶĐŽŵĞ ŝŶ ƚŚĞ ǁŚĞŶƚŚĞŽŵƉĂŶǇ͛ƐƌŝŐŚƚƚŽƌĞĐĞŝǀĞƉĂǇŵĞŶƚ ĮŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ ůŽƐƐĞƐŽƌĂŶĂŵŽƵŶƚĞƋƵĂůƚŽƚŚĞůŝĨĞƟŵĞĞǆƉĞĐƚĞĚ
^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ ŝƐĞƐƚĂďůŝƐŚĞĚ͘ ŽďůŝŐĂƟŽŶ ƵŶĚĞƌ ƚŚĞ ůŝĂďŝůŝƚǇ ŝƐ ĚŝƐĐŚĂƌŐĞĚ Žƌ ĐƌĞĚŝƚůŽƐƐĞƐŝĨƚŚĞƌĞŚĂƐďĞĞŶĂƐŝŐŶŝĮĐĂŶƚŝŶĐƌĞĂƐĞ
ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ĐĂŶĐĞůůĞĚ Žƌ ĞǆƉŝƌĞƐ͘ tŚĞŶ ĂŶ ĞǆŝƐƟŶŐ ĮŶĂŶĐŝĂů ŝŶĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘
dŚĞŽŵƉĂŶǇŚĂƐŵĂĚĞĂŶŝƌƌĞǀŽĐĂďůĞĞůĞĐƟŽŶ ůŝĂďŝůŝƚǇ ŝƐ ƌĞƉůĂĐĞĚ ďǇ ĂŶŽƚŚĞƌ ĨƌŽŵ ƚŚĞ ƐĂŵĞ
(ii) Financial assets at fair value through ƚŽ ƉƌĞƐĞŶƚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ůĞŶĚĞƌŽŶƐƵďƐƚĂŶƟĂůůǇĚŝīĞƌĞŶƚƚĞƌŵƐ͕ŽƌƚŚĞƚĞƌŵƐ (t) Financial guarantee contracts
Other Comprehensive Income (FVOCI) ƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚǇ ŽĨ ĂŶ ĞǆŝƐƟŶŐ ůŝĂďŝůŝƚǇ ĂƌĞ ƐƵďƐƚĂŶƟĂůůǇ ŵŽĚŝĮĞĚ͕ ĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚŝƐĂĐŽŶƚƌĂĐƚƚŚĂƚƌĞƋƵŝƌĞƐ
&ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůǇ ŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐ͘ ƐƵĐŚ ĂŶ ĞǆĐŚĂŶŐĞ Žƌ ŵŽĚŝĮĐĂƟŽŶ ŝƐ ƚƌĞĂƚĞĚ ĂƐ ƚŚĞŝƐƐƵĞƌƚŽŵĂŬĞƐƉĞĐŝĮĞĚƉĂǇŵĞŶƚƐƚŽƌĞŝŵďƵƌƐĞƚŚĞ
ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ KƚŚĞƌ Ă ĚĞͲƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ůŝĂďŝůŝƚǇ ĂŶĚ ƚŚĞ ŚŽůĚĞƌĨŽƌĂůŽƐƐŝƚŝŶĐƵƌƐďĞĐĂƵƐĞĂƐƉĞĐŝĮĞĚĚĞďƚŽƌĨĂŝůƐ
ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŝĨ ƚŚĞƐĞ tŚĞŶƚŚĞĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚŝƐĚĞͲƌĞĐŽŐŶŝƐĞĚ͕ ƌĞĐŽŐŶŝƟŽŶŽĨĂŶĞǁůŝĂďŝůŝƚǇ͕ĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŝŶ ƚŽ ŵĂŬĞ ƉĂǇŵĞŶƚƐ ǁŚĞŶ ĚƵĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ
ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ĨŽƌ ĐŽůůĞĐƟŽŶ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůǇ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚĞƌŵƐŽĨĂĚĞďƚŝŶƐƚƌƵŵĞŶƚ͘
ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ĂŶĚ ĨŽƌ ƐĞůůŝŶŐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ǁŚĞƌĞ ƚŚĞ ĂƐƐĞƚƐ͛ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ ĨƌŽŵ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐŝƐƐƵĞĚďǇƚŚĞŽŵƉĂŶǇĂƌĞ
ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůǇ ƉĂǇŵĞŶƚƐ ŽĨ /ŶĐŽŵĞƚŽƚŚĞZĞƚĂŝŶĞĚĂƌŶŝŶŐƐĚŝƌĞĐƚůǇ͘ ĞƌŝǀĂƟǀĞƐ ŵĞĂƐƵƌĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐĂŶĚƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐŽŵĞ
ƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ͘DŽǀĞŵĞŶƚƐŝŶƚŚĞ ĞƌŝǀĂƟǀĞƐĂƌĞŝŶŝƟĂůůǇƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞŽŶ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ĂƌĞ ƚĂŬĞŶ ƚŚƌŽƵŐŚ KƚŚĞƌ ĞͲƌĞĐŽŐŶŝƟŽŶ ƚŚĞ ĚĂƚĞ Ă ĚĞƌŝǀĂƟǀĞ ĐŽŶƚƌĂĐƚ ŝƐ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ
ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ͕ ĞǆĐĞƉƚ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ ŽŶůǇ ǁŚĞŶ ĂƌĞƐƵďƐĞƋƵĞŶƚůǇƌĞͲŵĞĂƐƵƌĞĚƚŽƚŚĞŝƌĨĂŝƌǀĂůƵĞĂƚ tŚĞƌĞŐƵĂƌĂŶƚĞĞƐŝŶƌĞůĂƟŽŶƚŽůŽĂŶƐŽƌŽƚŚĞƌƉĂǇĂďůĞƐ
ƌĞĐŽŐŶŝƟŽŶŽĨŝŵƉĂŝƌŵĞŶƚŐĂŝŶƐŽƌůŽƐƐĞƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŚĞ ƌŝŐŚƚƐ ƚŽ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ƉĞƌŝŽĚ͘ dŚĞ ĂĐĐŽƵŶƟŶŐ ŽĨŐƌŽƵƉĐŽŵƉĂŶŝĞƐĂƌĞƉƌŽǀŝĚĞĚĨŽƌŶŽĐŽŵƉĞŶƐĂƟŽŶ͕

ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĐŽŶƚƌŝďƵƟŽŶƐ ĂŶĚ ĂŵŽƵŶƚ͕ ƟŵŝŶŐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚǇ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ ĐĂƐŚ EŽƚĞϯ͗WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ;KǁŶĞĚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
ƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨĐŽƐƚŽĨŝŶǀĞƐƚŵĞŶƚ͘ ŇŽǁƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĞŶƟƚǇ͛ƐĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͘ Freehold Buildings Plant and Furniture KĸĐĞ Vehicles Total
Land (Refer Equipment and Fixtures Equipment
;ƵͿ ƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐ d ŚĞŽŵƉĂŶǇŚĂƐĐŽŵƉůĞƚĞĚŝƚƐƉƌĞůŝŵŝŶĂƌǇĞǀĂůƵĂƟŽŶ Footnote (i)
ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƟŽŶƐ ŽĨ ĞŶƟƟĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ŽĨ ƚŚĞ ƉŽƐƐŝďůĞ ŝŵƉĂĐƚ ŽĨ /ŶĚ ^ ϭϭϱ ĂŶĚ ǁŝůů ĂĚŽƉƚ ŝƚ & (iii))
ĐŽŶƚƌŽů ĂƌĞ ĂĐĐŽƵŶƚĞĚ ƵƐŝŶŐ ƚŚĞ ͞ƉŽŽůŝŶŐ ŽĨ ŝŶƚĞƌĞƐƚƐ͟ ƌĞƚƌŽƐƉĞĐƟǀĞůǇ ǁŝƚŚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ĞīĞĐƚ ŽĨ ŝŶŝƟĂůůǇ ` crores ` crores ` crores ` crores ` crores ` crores ` crores
ŵĞƚŚŽĚ ĂŶĚ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ƌĞŇĞĐƚĞĚ Ăƚ ƚŚĞ ĂƉƉůǇŝŶŐ ƚŚŝƐ ƐƚĂŶĚĂƌĚ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ĂŶ ĂĚũƵƐƚŵĞŶƚ ƚŽ Cost
ƉƌĞĚĞĐĞƐƐŽƌ ĐĂƌƌǇŝŶŐ ǀĂůƵĞƐ ĂŶĚ ƚŚĞ ŽŶůǇ ĂĚũƵƐƚŵĞŶƚƐ ƚŚĞ ŽƉĞŶŝŶŐ ďĂůĂŶĐĞ ŽĨ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ Ăƚ ƚŚĞ ĚĂƚĞ ƚƉƌŝůϭ͕ϮϬϭϲ ϭϯϰ͘Ϯϱ ϭ͕Ϯϱϱ͘ϬϮ ϲϮϱ͘ϵϯ ϭϲϱ͘Ϭϵ ϯϯ͘Ϭϯ 6.57 Ϯ͕Ϯϭϵ͘ϴϵ
ƚŚĂƚĂƌĞŵĂĚĞĂƌĞƚŽŚĂƌŵŽŶŝƐĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͘dŚĞ ŽĨ ŝŶŝƟĂů ĂƉƉůŝĐĂƟŽŶ ŝ͘Ğ͘ Ɖƌŝů ϭ͕ ϮϬϭϴ ĂŶĚ ĂĐĐŽƌĚŝŶŐůǇ ĚĚŝƟŽŶƐ Ͳ ϵϭ͘ϲϬ ϳϯ͘ϭϬ Ϯϳ͘ϰϱ ϱ͘ϳϰ Ϭ͘ϱϯ ϭϵϴ͘ϰϮ
ĮŐƵƌĞƐ ĨŽƌ ƚŚĞ ƉƌĞǀŝŽƵƐ ƉĞƌŝŽĚƐ ĂƌĞ ƌĞƐƚĂƚĞĚ ĂƐ ŝĨ ƚŚĞ ĐŽŵƉĂƌĂƟǀĞƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ǁŝůů ŝƐƉŽƐĂůƐ Ͳ ϴ͘ϵϬ ϳ͘ϰϴ ϭ͘Ϯϯ Ϭ͘ϱϬ Ϭ͘ϱϵ ϭϴ͘ϳϬ
ďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶŚĂĚŽĐĐƵƌƌĞĚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨ ŶŽƚďĞƌĞƚƌŽƐƉĞĐƟǀĞůǇĂĚũƵƐƚĞĚ͘dŚŝƐƐƚĂŶĚĂƌĚŝƐĂƉƉůŝĞĚ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϯϰ͘Ϯϱ ϭ͕ϯϯϳ͘ϳϮ ϲϵϭ͘ϱϱ ϭϵϭ͘ϯϭ ϯϴ͘Ϯϳ ϲ͘ϱϭ Ϯ͕ϯϵϵ͘ϲϭ
ƚŚĞ ƉƌĞĐĞĚŝŶŐ ƉĞƌŝŽĚ ŝƌƌĞƐƉĞĐƟǀĞ ŽĨ ƚŚĞ ĂĐƚƵĂů ĚĂƚĞ ŽĨ ƌĞƚƌŽƐƉĞĐƟǀĞůǇ ŽŶůǇ ƚŽ ƚŚĞ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ĚĚŝƟŽŶƐ Ͳ ϭϱϬ͘ϲϲ ϭϮϬ͘ϵϲ ϴϬ͘ϲϱ ϵ͘ϵϴ Ϭ͘ϳϴ ϯϲϯ͘Ϭϯ
ƚŚĞĐŽŵďŝŶĂƟŽŶ͘ ĐŽŵƉůĞƚĞĚĐŽŶƚƌĂĐƚƐĂƚƚŚĞĚĂƚĞŽĨŝŶŝƟĂůĂƉƉůŝĐĂƟŽŶ͘dŚĞ ŝƐƉŽƐĂůƐ Ͳ ϰ͘ϮϬ Ϯ͘ϳϬ Ϭ͘ϰϵ Ϭ͘Ϭϰ Ϭ͘ϴϮ ϴ͘Ϯϱ
ŽŵƉĂŶǇĚŽĞƐŶŽƚĞǆƉĞĐƚƚŚĞŝŵƉĂĐƚŽĨƚŚĞĂĚŽƉƟŽŶŽĨ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϯϰ͘Ϯϱ ϭ͕ϰϴϰ͘ϭϴ ϴϬϵ͘ϴϭ Ϯϳϭ͘ϰϳ ϰϴ͘Ϯϭ ϲ͘ϰϳ Ϯ͕ϳϱϰ͘ϯϵ
;ǀͿ ZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ŶĞǁƐƚĂŶĚĂƌĚƚŽďĞŵĂƚĞƌŝĂůŽŶŝƚƐƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚ ĞƉƌĞĐŝĂƟŽŶ
^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚǇĞƚĞīĞĐƟǀĞ ŽŶŝƚƐŶĞƚŝŶĐŽŵĞŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ ƚƉƌŝůϭ͕ϮϬϭϲ Ͳ ϯϱ͘Ϭϰ ϱϱ͘ϭϯ ϭϵ͘ϱϬ ϳ͘ϯϬ ϭ͘ϭϱ ϭϭϴ͘ϭϮ
DŝŶŝƐƚƌǇ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ ;͞D͟Ϳ͕ ŽŶ DĂƌĐŚ Ϯϴ͕ ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ Ͳ ϰϴ͘ϴϮ ϲϭ͘ϯϬ ϮϬ͘ϴϱ ϳ͘ϱϲ Ϭ͘ϴϬ ϭϯϵ͘ϯϯ
ϮϬϭϴ͕ƚŚƌŽƵŐŚŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿ / ŶĚ^ϮϭʹdŚĞĞīĞĐƚŽĨĐŚĂŶŐĞƐŝŶ&ŽƌĞŝŐŶǆĐŚĂŶŐĞ ŝƐƉŽƐĂůƐ Ͳ Ϯ͘ϵϵ Ϯ͘ϵϯ Ϭ͘ϱϭ Ϭ͘ϳϭ Ϭ͘ϭϭ ϳ͘Ϯϱ
ŵĞŶĚŵĞŶƚZƵůĞƐ͕ϮϬϭϴŚĂƐŶŽƟĮĞĚƚŚĞŶĞǁƐƚĂŶĚĂƌĚ rates (Appendix B) ƚDĂƌĐŚϯϭ͕ϮϬϭϳ - ϴϬ͘ϴϳ ϭϭϯ͘ϱϬ ϯϵ͘ϴϰ ϭϰ͘ϭϱ ϭ͘ϴϰ ϮϱϬ͘ϮϬ
ĨŽƌ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ĂŵĞŶĚĞĚ ĐĞƌƚĂŝŶ ĞǆŝƐƟŶŐ dŚĞ ĂŵĞŶĚŵĞŶƚ ĐůĂƌŝĮĞƐ ŽŶ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ŽĨ ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ ϰϯ͘ϵϮ ϲϱ͘Ϭϲ Ϯϯ͘ϴϬ ϳ͘ϱϲ Ϭ͘ϯϭ ϭϰϬ͘ϲϱ
/ŶĚ^ƐǁŚŝĐŚĂƌĞĞīĞĐƟǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐ ƚƌĂŶƐĂĐƟŽŶƐ ƚŚĂƚ ŝŶĐůƵĚĞ ƚŚĞ ƌĞĐĞŝƉƚ Žƌ ƉĂǇŵĞŶƚ ŝƐƉŽƐĂůƐ Ϯ͘ϴϴ ϭ͘Ϭϲ Ϭ͘ϭϳ Ϭ͘Ϭϯ Ϭ͘ϭϰ ϰ͘Ϯϴ
ŽŶŽƌĂŌĞƌƉƌŝůϭ͕ϮϬϭϴ͘ ŽĨ ĂĚǀĂŶĐĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŝŶ Ă ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ͘ dŚĞ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ - ϭϮϭ͘ϵϭ ϭϳϳ͘ϱϬ ϲϯ͘ϰϳ Ϯϭ͘ϲϴ Ϯ͘Ϭϭ ϯϴϲ͘ϱϳ
ĂƉƉĞŶĚŝǆ ĞǆƉůĂŝŶƐ ƚŚĂƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶ͕ ĨŽƌ Net Block
/ŶĚ^ϭϭϱͲZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚǁŝƚŚƵƐƚŽŵĞƌƐ͗ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ͕ ŝƐ ƚŚĞ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϯϰ͘Ϯϱ ϭ͕Ϯϱϲ͘ϴϱ ϱϳϴ͘Ϭϱ ϭϱϭ͘ϰϳ Ϯϰ͘ϭϮ ϰ͘ϲϳ Ϯ͕ϭϰϵ͘ϰϭ
/ŶĚ^ϭϭϱǁŝůůƐƵƉĞƌƐĞĚĞƚŚĞĞǆŝƐƟŶŐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ ĚĂƚĞ ŽĨ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŶŽŶͲŵŽŶĞƚĂƌǇ ĂƐƐĞƚ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϯϰ͘Ϯϱ ϭ͕ϯϲϮ͘Ϯϳ ϲϯϮ͘ϯϭ ϮϬϴ͘ϬϬ Ϯϲ͘ϱϯ ϰ͘ϰϲ Ϯ͕ϯϲϳ͘ϴϮ
ƐƚĂŶĚĂƌĚ͚/ŶĚ^ϭϴʹZĞǀĞŶƵĞ͛͘dŚĞĐŽƌĞƉƌŝŶĐŝƉůĞŽĨƚŚĞ Žƌ ŶŽŶͲŵŽŶĞƚĂƌǇ ůŝĂďŝůŝƚǇ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ƉĂǇŵĞŶƚ Žƌ &ŽŽƚŶŽƚĞƐ͗
ŶĞǁƐƚĂŶĚĂƌĚŝƐƚŚĂƚĂŶĞŶƟƚǇƐŚŽƵůĚƌĞĐŽŐŶŝǌĞƌĞǀĞŶƵĞ ƌĞĐĞŝƉƚŽĨĂĚǀĂŶĐĞĐŽŶƐŝĚĞƌĂƟŽŶ͘ ;ŝͿ ŽƐƚŝŶĐůƵĚĞƐŝŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐƐĐŽŶƐƚƌƵĐƚĞĚŽŶůĞĂƐĞŚŽůĚůĂŶĚͲ`ϵϵϴ͘ϳϭĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϵϯϯ͘ϯϱĐƌŽƌĞƐͿ͘
ƚŽĚĞƉŝĐƚƚŚĞƚƌĂŶƐĨĞƌŽĨƉƌŽŵŝƐĞĚŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƚŽ ;ŝŝͿ &ŽƌĚĞƚĂŝůƐŽĨƉůĞĚŐĞĚĂƐƐĞƚƐƌĞĨĞƌEŽƚĞϭϱ͕&ŽŽƚŶŽƚĞ;ŝŝͿ͘
ĐƵƐƚŽŵĞƌƐŝŶĂŶĂŵŽƵŶƚƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ d ŚĞĂŵĞŶĚŵĞŶƚǁŝůůĐŽŵĞŝŶƚŽĨŽƌĐĞĨƌŽŵƉƌŝůϭ͕ϮϬϭϴ͘ ;ŝŝŝͿ /ŶĐůƵĚĞƐƵŝůĚŝŶŐĂŵŽƵŶƟŶŐƚŽ`Ϭ͘ϴϯĐƌŽƌĞĂĐƋƵŝƌĞĚŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ŝƐƉĞŶĚŝŶŐƚŽďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞ
ƚŽ ǁŚŝĐŚ ƚŚĞ ĞŶƟƚǇ ĞǆƉĞĐƚƐ ƚŽ ďĞ ĞŶƟƚůĞĚ ŝŶ ĞǆĐŚĂŶŐĞ dŚĞ ŽŵƉĂŶǇ ĚŽĞƐ ŶŽƚ ĞǆƉĞĐƚ ƚŚĞ ĞīĞĐƚ ŽĨ ƚŚŝƐ ŽŶ ƚŚĞ ŶĂŵĞŽĨƚŚĞŽŵƉĂŶǇ͘
ĨŽƌ ƚŚŽƐĞ ŐŽŽĚƐ Žƌ ƐĞƌǀŝĐĞƐ͘ &ƵƌƚŚĞƌ ƚŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽďĞŵĂƚĞƌŝĂůďĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌǇ
ƌĞƋƵŝƌĞƐ ĞŶŚĂŶĐĞĚ ĚŝƐĐůŽƐƵƌĞƐ ĂďŽƵƚ ƚŚĞ ŶĂƚƵƌĞ͕ ĞǀĂůƵĂƟŽŶ͘ EŽƚĞϰ͗/ŶƚĂŶŐŝďůĞƐƐĞƚƐ;ĐƋƵŝƌĞĚͿ
Website ^ŽŌǁĂƌĞ Service and Total
Development (Refer KƉĞƌĂƟŶŐ
Cost Footnote (i)) Rights
Cost
ƚƉƌŝůϭ͕ϮϬϭϲ ϭϰ͘Ϭϰ ϯϭ͘Ϯϯ ϯ͘Ϭϵ ϰϴ͘ϯϲ
ĚĚŝƟŽŶƐ ϰ͘Ϯϯ ϰ͘ϲϯ Ͳ ϴ͘ϴϲ
ŝƐƉŽƐĂůƐ Ͳ Ϭ͘Ϯϱ Ͳ Ϭ͘Ϯϱ
ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϴ͘Ϯϳ ϯϱ͘ϲϭ ϯ͘Ϭϵ ϱϲ͘ϵϳ
ĚĚŝƟŽŶƐ ϭ͘Ϯϯ ϭ͘ϵϴ Ϭ͘Ϭϰ ϯ͘Ϯϱ
ŝƐƉŽƐĂůƐ Ͳ Ͳ Ͳ Ͳ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϵ͘ϱϬ ϯϳ͘ϱϵ ϯ͘ϭϯ ϲϬ͘ϮϮ
ŵŽƌƟƐĂƟŽŶ
ƚƉƌŝůϭ͕ϮϬϭϲ Ϭ͘ϯϴ ϲ͘Ϭϯ Ϭ͘ϱϵ ϳ͘ϬϬ
ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ ϯ͘ϲϰ ϲ͘ϯϳ ϭ͘ϵϳ ϭϭ͘ϵϴ
ŝƐƉŽƐĂůƐ Ͳ Ϭ͘ϭϯ Ͳ Ϭ͘ϭϯ
ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϰ͘ϬϮ ϭϮ͘Ϯϳ Ϯ͘ϱϲ ϭϴ͘ϴϱ
ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ ϰ͘ϵϲ ϱ͘ϱϳ Ϭ͘ϭϲ ϭϬ͘ϲϵ
ŝƐƉŽƐĂůƐ Ͳ Ͳ Ͳ Ͳ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϴ͘ϵϴ ϭϳ͘ϴϰ Ϯ͘ϳϮ Ϯϵ͘ϱϰ
Net Block
ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϰ͘Ϯϱ Ϯϯ͘ϯϰ Ϭ͘ϱϯ ϯϴ͘ϭϮ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϬ͘ϱϮ ϭϵ͘ϳϱ Ϭ͘ϰϭ ϯϬ͘ϲϴ
&ŽŽƚŶŽƚĞ͗
ŝͿ ^ŽŌǁĂƌĞŝŶĐůƵĚĞƐƵƐƚŽŵĞƌZĞƐĞƌǀĂƟŽŶ^ǇƐƚĞŵĂŶĚŽƚŚĞƌůŝĐĞŶƐĞĚƐŽŌǁĂƌĞ͘
EŽƚĞϱ͗/ŶǀĞƐƚŵĞŶƚƐ EŽƚĞϱ͗/ŶǀĞƐƚŵĞŶƚƐ;ŽŶƚĚ͘Ϳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ &ĂĐĞ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
&ĂĐĞ sĂůƵĞ Holdings ` crores ,ŽůĚŝŶŐƐ ` crores
sĂůƵĞ Holdings ,ŽůĚŝŶŐƐ As at ƐĂƚ
` crores ` crores
As at ƐĂƚ Brought over ϯ͕ϯϲϴ͘ϯϳ Ϯ͕ϱϬϯ͘ϮϬ
(a) Non-current Investments
Fully Paid Unquoted Equity Investments
Fully Paid Unquoted Equity Investments Investments in Other Companies (Refer Footnote (vi))
Investments in Subsidiary Companies (at cost) ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗
<d,ŽƚĞůƐ>ƚĚ͘ ` ϭϬ ϲ͕Ϭϰ͕ϬϬϬ Ϭ͘ϳϬ ϲ͕Ϭϰ͕ϬϬϬ Ϭ͘ϳϬ ,ŽƚĞůƐĂŶĚZĞƐƚĂƵƌĂŶƚŽͲŽƉ͘^ĞƌǀŝĐĞ^ŽĐŝĞƚǇ>ƚĚ͘ ` ϱϬ ϮϬ Ͳ ϮϬ Ͳ
(`ϭ͕ϬϬϬͬͲͿ
ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ` ϭϬ ϱ͕ϭϬ͕ϬϬ͕ϬϬϬ ϱϭ͘ϬϬ ϱ͕ϭϬ͕ϬϬ͕ϬϬϬ ϱϭ͘ϬϬ
dĂƚĂ^ĞƌǀŝĐĞƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀŝŝͿͿ ` ϭ͕ϬϬϬ ϰϮϭ Ϭ͘Ϭϯ ϰϮϭ Ϭ͘Ϭϯ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ h^Ψ 1 Ϯϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭ͕ϭϭϭ͘ϵϴ Ϯϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭ͕ϭϭϭ͘ϵϴ dĂƚĂ^ŽŶƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀŝŝͿͿ ` ϭ͕ϬϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ
/,KKs;ϱ͕ϵϳ͕ϵϬϳƐŚĂƌĞƐĂůůŽƩĞĚĚƵƌŝŶŐƚŚĞ h^Ψ 1 Ϯ͕ϭϱ͕ϲϬ͕Ϯϯϭ ϭ͕ϵϲϰ͘ϲϯ Ϯ͕Ϭϵ͕ϲϮ͕ϯϮϰ ϭ͕ϵϭϮ͘ϲϬ dZ/>/ŶĨŽƉĂƌŬ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿĂŶĚ;ǀŝŝͿͿ ` ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ
ǇĞĂƌͿ <ƵŵĂƌĂŬƌƵƉƉĂ&ƌŽŶƟĞƌ,ŽƚĞůƐWƌŝǀĂƚĞ>ƚĚ͘ ` ϭϬ ϵϲ͕ϰϯϮ ϲ͘ϰϭ ϵϲ͕ϰϯϮ ϲ͘Ϭϯ
dĂũŝƌ>ƚĚ͘ΎΛ ` ϭϬ ϭ͕ϱϵ͕ϵϬ͕ϮϬϬ ϯ͘ϵϱ ϭ͕ϱϵ͕ϵϬ͕ϮϬϬ Ͳ
hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ΎΛ ` ϭϬ ϰϲ͕ϮϬ͕ϬϬϬ ϭ͘ϱϬ ϰϲ͕ϮϬ͕ϬϬϬ ϭ͘ϱϬ DWŽǁĞƌ/ŶĨŽƌŵĂƟŽŶ^ǇƐƚĞŵƐWǀƚ͘>ƚĚ͘ΎΛ ` ϭϬ ϰ͕ϵϴ͕ϬϬϬ Ͳ ϰ͕ϵϴ͕ϬϬϬ Ͳ
WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ΎΛ ` ϭϬ ϭϵ͕ϲϰ͕ϳϳϬ ϴϵ͘ϴϳ ϭϵ͕ϲϰ͕ϳϳϬ ϴϵ͘ϴϳ dĂƚĂĞƌĂŵŝĐƐ>ƚĚ͘ΎΛ ` Ϯ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ Ͳ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ ϭ͘ϳϬ
/ŶĚŝƚƌĂǀĞů>ƚĚ͘ΎΛ ` ϭϬ ϯ͕ϯϵ͕ϬϬϵ Ϭ͘ϯϰ ϯ͕ϯϵ͕ϬϬϵ Ϭ͘ϯϰ dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀŝŝͿͿΎ ` ϭϬϬ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ
dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ΎΛ ` ϭϬϬ ϮϮ͕Ϯϵϴ Ϭ͘ϯϬ ϮϮ͕Ϯϵϴ Ϭ͘ϯϬ dĂƚĂ/ŶƚĞƌŶĂƟŽŶĂů>ƚĚ͘ΎΛ ` ϭ͕ϬϬϬ ϴ͕ϬϬϬ ϮϮ͘ϵϲ ϴ͕ϬϬϬ ϮϬ͘ϴϬ
ϭϴϱ͘ϭϴ ϭϴϬ͘ϯϵ
dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚŽ͘>ƚĚ͘ΎΛ ` ϭϬ ϭϲ͕ϭϲ͕ϵϵϵ ϯ͘ϮϬ ϭϲ͕ϭϲ͕ϵϵϵ ϯ͘ϮϬ &ƵůůǇWĂŝĚYƵŽƚĞĚƋƵŝƚǇ/ŶǀĞƐƚŵĞŶƚƐ͗
^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘ ` ϭϬ ϴϵ͕ϯϬ͕ϯϮ͕ϭϲϬ ϭ͕ϭϲϴ͘ϴϴ ϵϴ͕Ϯϴϴ Ϯϳϱ͘ϵϰ Investments in Other Companies (Refer Footnote (vi))
;ϴϵ͕Ϯϵ͕ϯϯ͕ϴϳϮƐŚĂƌĞƐĂůůŽƩĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌͿ ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗
ϰ͕ϯϵϮ͘ϰϬ ϯ͕ϰϰϳ͘ϰϯ dŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘ ` ϭϬ Ͳ Ͳ ϱϬ͕ϬϬϬ Ϭ͘ϰϭ
;ϱϬ͕ϬϬϬƐŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞǇĞĂƌͿ
/ŶǀĞƐƚŵĞŶƚƐŝŶ:ŽŝŶƚsĞŶƚƵƌĞƐ;ĂƚĐŽƐƚͿ ,&ĂŶŬ>ƚĚ͘ ` Ϯ Ϯ͕ϱϬϬ Ϭ͘ϰϳ Ϯ͕ϱϬϬ Ϭ͘ϯϲ
dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ΎΛ ` ϭϬ ϭϬ͕ϵϴ͕ϳϰϬ ϭ͘ϭϬ ϭϬ͕ϵϴ͕ϳϰϬ ϭ͘ϭϬ /ŶĚŝĂdŽƵƌŝƐŵĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ` ϭϬ ϲϳ͕ϱϬ͕Ϯϳϱ ϯϬϱ͘ϵϵ ϲϳ͕ϱϬ͕Ϯϳϱ Ϯϳϵ͘ϲϳ
dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ` ϭϬ ϭ͕ϰϭ͕ϱϭ͕ϲϲϯ ϭϱ͘ϲϳ ϭ͕ϰϭ͕ϱϭ͕ϲϲϯ ϭϱ͘ϲϳ ƐŝĂŶ,ŽƚĞůƐ;EŽƌƚŚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ
dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ ` ϭϬ ϴϴ͕ϳϰ͕ϬϬϬ ϲϭ͘ϴϮ ϴϴ͕ϳϰ͕ϬϬϬ ϲϭ͘ϴϮ ƐŝĂŶ,ŽƚĞůƐ;ĂƐƚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ
ƐŝĂŶ,ŽƚĞůƐ;tĞƐƚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ
dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ƚĚ͘ ` ϭϬ ϳϵ͕ϰϰ͕ϭϭϮ ϴ͘ϱϲ ϳϵ͕ϰϰ͕ϭϭϮ ϴ͘ϱϲ /,>ƚĚ͘Ύ ` Ϯ ϯϳ Ͳ ϯϳ Ͳ
dĂũ^ĂĨĂƌŝƐ>ƚĚ͘;ϯϰ͕ϴϳ͕ϱϱϰƐŚĂƌĞƐĂůůŽƩĞĚ ` ϭϬ ϵϰ͕Ϭϰ͕ϮϮϭ ϴ͘ϲϮ ϱϵ͕ϭϲ͕ϲϲϳ ϳ͘ϵϮ ,ŽƚĞů>ĞĞůĂsĞŶƚƵƌĞ>ƚĚ͘Ύ ` Ϯ Ϯϱ Ͳ Ϯϱ Ͳ
ĚƵƌŝŶŐƚŚĞǇĞĂƌͿΎΛ ϯϬϲ͘ϰϲ ϮϴϬ͘ϰϰ
<ĂǀĞƌŝZĞƚƌĞĂƚƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ΎΛ ` ϭϬ ϭ͕ϯϭ͕ϳϲ͕ϰϲϳ ϰϰ͘ϴϬ ϭ͕ϯϭ͕ϳϲ͕ϰϲϳ ϰϰ͘ϴϬ
Total Investment in Equity Instruments ϯ͕ϴϲϬ͘Ϭϭ Ϯ͕ϵϲϰ͘Ϭϯ
ϭϰϬ͘ϱϳ ϭϯϵ͘ϴϳ
Investments in Associate Companies (at cost) /ŶǀĞƐƚŵĞŶƚŝŶWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ
:d^WƚĞ>ƚĚ͘ h^Ψ 1 Ϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭϬϮ͘ϱϵ Ϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭϬϮ͘ϱϵ ĞŶƚƌĂů/ŶĚŝĂ^ƉŝŶŶŝŶŐtĞĂǀŝŶŐΘDĂŶƵĨĂĐƚƵƌŝŶŐŽ͘>ƚĚ͘ ` ϱϬϬ ϱϬ - ϱϬ Ͳ
;ϭϬйƵŶƋƵŽƚĞĚƵŵƵůĂƟǀĞWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐͿ
dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ ` ϭϬϬ Ϯϲ͕ϵϭϮ Ϭ͘Ϯϳ Ϯϲ͕ϵϭϮ Ϭ͘Ϯϳ
(`Ϯϳ͕ϴϴϴͬͲͿ
dĂũDĂĚƵƌĂŝ>ƚĚ͘ ` ϭϬ ϵ͕ϭϮ͕ϬϬϬ Ϭ͘ϵϱ ϵ͕ϭϮ͕ϬϬϬ Ϭ͘ϵϱ
ϭϬϯ͘ϴϭ ϭϬϯ͘ϴϭ /ŶǀĞƐƚŵĞŶƚŝŶKƚŚĞƌƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ
EĂƟŽŶĂů^ĂǀŝŶŐƐĞƌƟĮĐĂƚĞ;`ϰϱ͕ϬϬϬͿ Ͳ Ͳ
&ƵůůǇWĂŝĚYƵŽƚĞĚƋƵŝƚǇ/ŶǀĞƐƚŵĞŶƚƐ͗ ,ŝŶĚƵƐƚŚĂŶŶŐŝŶĞĞƌŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ;`ϳϬͬͲͿΎ ` ϭϬ 7 Ͳ ϳ Ͳ
Investments in Subsidiary Company (at cost) - -
ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘Ύ ` ϭϬ ϲϰϯ͕ϴϮϱ Ϯ͘ϲϲ ϲ͕ϰϯ͕ϴϮϱ Ϯ͘ϲϲ
Total Non-current Investments - Net ϯ͕ϴϲϬ͘Ϭϭ Ϯ͕ϵϲϰ͘Ϭϯ
Ϯ͘ϲϲ Ϯ͘ϲϲ ΎĚĚŝƟŽŶĂůƐŚĂƌĞƐĂĐƋƵŝƌĞĚŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘
/ŶǀĞƐƚŵĞŶƚƐŝŶ:ŽŝŶƚsĞŶƚƵƌĞƐ;ĂƚĐŽƐƚͿ ΛĚĚŝƟŽŶĂůƐŚĂƌĞƐĂĐƋƵŝƌĞĚŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ĂƌĞƉĞŶĚŝŶŐƚŽďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞŶĂŵĞŽĨƚŚĞŽŵƉĂŶǇ͘
dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘Ύ ` Ϯ ϭ͕ϲϬ͕ϬϬ͕ϰϬϬ ϰϬ͘ϯϰ ϭ͕ϲϬ͕ϬϬ͕ϰϬϬ ϰϬ͘ϯϰ &ŽŽƚŶŽƚĞƐ͗
;ŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϵϵ͘ϴϯ ϯϳϯ͘ϴϭ
ϰϬ͘ϯϰ ϰϬ͘ϯϰ
DĂƌŬĞƚǀĂůƵĞŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϴϱϱ͘ϵϬ ϳϴϴ͘ϲϭ
Investments in Associate Companies (at cost) ;ŝŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϰ͕ϴϮϭ͘ϵϲ ϯ͕ϴϳϭ͘ϱϬ
KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘Ύ ` 1 ϱ͕Ϭϵ͕ϳϮ͕ϵϭϬ ϱϬ͘ϯϳ ϱ͕Ϭϵ͕ϳϮ͕ϵϭϬ ϱϬ͘ϯϳ ;ŝŝŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϯϲϭ͘ϳϴ ϭ͕Ϯϴϭ͘Ϯϴ
ϱϬ͘ϯϳ ϱϬ͘ϯϳ ;ŝǀͿ dƌĂŶƐĨĞƌŽĨƐŚĂƌĞƐŝƐƌĞƐƚƌŝĐƚĞĚĚƵĞƚŽŽƉƟŽŶŐƌĂŶƚĞĚĨŽƌϭϬǇĞĂƌƐƵƉƚŽ:ƵůǇ͕ϮϬϮϭƚŽdĂƚĂZĞĂůƚǇĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ĨŽƌƌĞƉƵƌĐŚĂƐĞŽĨƚŚĞƐŚĂƌĞƐĂƚƉĂƌ
ǀĂůƵĞ͘dĂƚĂZĞĂůƚǇĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ŚĂƐĚĞƉŽƐŝƚĞĚĂƐƵŵŽĨ`ϳϭ͘ϭϬĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϳϭ͘ϭϬĐƌŽƌĞƐͿĂƐKƉƟŽŶĞƉŽƐŝƚ;ZĞĨĞƌEŽƚĞϭϲ;ďͿͿ͕ǁŚŝĐŚ
'ƌŽƐƐ/ŶǀĞƐƚŵĞŶƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚ ϰ͕ϳϯϬ͘ϭϱ ϯ͕ϳϴϰ͘ϰϴ ƐŚĂůůďĞĂĚũƵƐƚĞĚƵƉŽŶĞǆĞƌĐŝƐĞŽĨƚŚĞŽƉƟŽŶŽƌƌĞĨƵŶĚĞĚ͘
Ventures and Associates ;ǀͿ dŚĞĐŽŶƟŶƵŝŶŐůŽƐƐĞƐĂƚŝƚƐƉƌŽƉĞƌƟĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ŚĂƐůĞĚƚŚĞŽŵƉĂŶǇƚŽƌĞĂƐƐĞƐƐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶ
>ĞƐƐ͗WƌŽǀŝƐŝŽŶĨŽƌ/ŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨ ϭ͕ϯϲϭ͘ϳϴ ϭ͕Ϯϴϭ͘Ϯϴ /,KKs͕ĂǁŚŽůůǇŽǁŶĞĚƐƵďƐŝĚŝĂƌǇ͘ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞŽŵƉĂŶǇƌĞĐŽŐŶŝƐĞĚĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŽĨ`ϴϬ͘ϱϬĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϲϰ͘ϯϯĐƌŽƌĞƐͿŝŶƚŚĞ
/ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿͿ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐǁŚŝĐŚŚĂƐďĞĞŶĐůĂƐƐŝĮĞĚƵŶĚĞƌ͞ǆĐĞƉƟŽŶĂů/ƚĞŵƐ͟;ZĞĨĞƌEŽƚĞϮϳͿ͘
;ǀŝͿ &ŽƌƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͕ƚŚĞŽŵƉĂŶǇŚĂƐĞůĞĐƚĞĚƚŚĞĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŝƌƌĞǀŽĐĂďůĞŽƉƟŽŶƐŝŶĐĞƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐĂƌĞŶŽƚ
EĞƚ/ŶǀĞƐƚŵĞŶƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐ ϯ͕ϯϲϴ͘ϯϳ Ϯ͕ϱϬϯ͘ϮϬ ŚĞůĚĨŽƌƚƌĂĚŝŶŐ͘
and Associates ;ǀŝŝͿ&ŽƌƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͕ĐŽƐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚ
ĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶƚŚĂƚƌĂŶŐĞ͘
Carried over ϯ͕ϯϲϴ͘ϯϳ Ϯ͕ϱϬϯ͘ϮϬ ;ǀŝŝŝͿdŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϯ͘

EŽƚĞϱ͗/ŶǀĞƐƚŵĞŶƚƐ;ŽŶƚĚ͘Ϳ EŽƚĞϳ͗KƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
Units ` crores hŶŝƚƐ ` crores
(a) Non Current Financial Assets
As at ƐĂƚ
>ŽŶŐͲƚĞƌŵƐĞĐƵƌŝƚǇĚĞƉŽƐŝƚƐƉůĂĐĞĚĨŽƌ,ŽƚĞůWƌŽƉĞƌƟĞƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ
(b) Current Investments ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ Ϭ͘Ϭϵ Ϭ͘Ϭϴ
ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ͗ ǆƚĞƌŶĂůWĂƌƟĞƐ ϯϱ͘Ϯϲ ϯϮ͘ϴϴ
ϯϱ͘ϯϱ ϯϮ͘ϵϲ
Investments in Mutual Fund Units (Unquoted )
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϯ͘ϬϬ Ϯ͘ϬϬ
ĚŝƚǇĂŝƌůĂ^ƵŶ>ŝĨĞĂƐŚWůƵƐͲĂŝůǇŝǀŝĚĞŶĚ ϰϭ͕ϲϱ͕ϮϴϬ ϰϭ͘ϳϯ ϴ͕ϱϮ͕Ϭϳϰ ϴ͘ϱϰ ϯϯ͘ϯϱ ϯϬ͘ϵϲ
ĚŝƚǇĂŝƌůĂ^ƵŶ>ŝĨĞĂƐŚWůƵƐͲ'ƌŽǁƚŚ Ϯ͕Ϯϲ͕ϭϲϱ ϲ͘ϯϮ Ͳ Ͳ ĞƉŽƐŝƚƐǁŝƚŚWƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ
ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ Ϭ͘ϱϳ Ϭ͘ϱϳ
///WƌƵĚĞŶƟĂůDŽŶĞǇDĂƌŬĞƚ&ƵŶĚͲ'ƌŽǁƚŚ ϭϭ͕Ϯϰ͕ϵϮϲ Ϯϳ͘Ϭϱ Ͳ Ͳ
WƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ ϭϵ͘ϲϬ ϮϮ͘ϭϵ
>Θd>ŝƋƵŝĚ&ƵŶĚͲ'ƌŽǁƚŚ ϱ͕Ϭϱ͕ϴϵϱ ϭϮϬ͘ϯϯ Ͳ Ͳ ϮϬ͘ϭϳ ϮϮ͘ϳϲ
<ŽƚĂŬ&ůŽĂƚĞƌͲ^ŚŽƌƚdĞƌŵͲ'ƌŽǁƚŚ Ϯ͕ϯϳ͕Ϭϰϭ ϲϳ͘ϲϬ Ͳ Ͳ >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϭ͘ϭϬ Ϭ͘ϭϬ
ϮϬ͘Ϭϳ ϮϮ͘ϲϲ
dĂƚĂDŽŶĞǇDĂƌŬĞƚ&ƵŶĚZĞŐƵůĂƌWůĂŶͲ'ƌŽǁƚŚ ϴϭ͕ϰϰϰ ϮϮ͘Ϯϭ Ϯ͕Ϭϳ͕ϭϴϰ ϱϯ͘ϭϬ
ĞƉŽƐŝƚƐǁŝƚŚĂŶŬƐ;ZĞĨĞƌEŽƚĞϭϮͿ Ϭ͘ϳϬ ϭ͘Ϭϰ
<ŽƚĂŬ&ůŽĂƚĞƌͲ^ŚŽƌƚdĞƌŵͲĂŝůǇŝǀŝĚĞŶĚ ϭ͕ϲϬ͕Ϯϲϱ ϭϲ͘Ϯϭ ϯϰ͕ϯϲϬ ϯ͘ϰϴ Others ϭ͘ϳϮ Ϯ͘ϯϱ
ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ ϱϱ͘ϴϰ ϱϳ͘Ϭϭ
(b) Current Financial Assets
&ŽŽƚŶŽƚĞ͗
ĞƉŽƐŝƚǁŝƚŚWƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ
;ŝͿŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ͗ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϭ͘Ϯϯ ϭ͘Ϯϯ
Others ϭϮ͘Ϯϯ ϳ͘ϵϭ
ϭϯ͘ϰϲ ϵ͘ϭϰ
EŽƚĞϲ͗>ŽĂŶ
Other Advances
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϱ͘ϰϮ ϴ͘ϲϰ
` crores ` crores ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϯ͘ϵϮ Ϯ͘Ϯϯ
(a) Non Current Loans ϵ͘ϯϰ ϭϬ͘ϴϳ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂĚǀĂŶĐĞƐ ϯ͘ϵϮ Ϯ͘Ϯϯ
;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐƐƚĂƚĞĚŽƚŚĞƌǁŝƐĞͿ
ϱ͘ϰϮ ϴ͘ϲϰ
Interest Receivable
>ŽĂŶƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϭ͘Ϭϴ ϭ͘ϯϰ
ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ Ͳ ϯϮ͘ϰϯ Others Ϭ͘ϲϱ Ϭ͘ϯϴ
ϭ͘ϳϯ ϭ͘ϳϮ
>ŽĂŶƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ Other Receivables
Considered good ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϴϵ͘ϬϬ ϴϲ͘ϯϴ
ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϱ͘ϯϱ ϱ͘ϯϱ Others ϭϯ͘ϳϰ ϭϰ͘ϱϰ
ϭϬϮ͘ϳϰ ϭϬϬ͘ϵϮ
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů
ϭϮϯ͘ϯϱ ϭϮϬ͘ϰϮ
ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϯ͘ϭϳ ϯ͘ϭϳ
ϴ͘ϱϮ ϴ͘ϱϮ EŽƚĞϴ͗KƚŚĞƌƐƐĞƚƐ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶƐ ϯ͘ϭϳ ϯ͘ϭϳ ` crores ` crores
(a) Other Non Current Assets
ϱ͘ϯϱ ϱ͘ϯϱ
ĂƉŝƚĂůĚǀĂŶĐĞƐ ϭϬ͘ϱϭ ϮϬ͘ϯϲ
WƌĞƉĂŝĚǆƉĞŶƐĞƐ ϳϮ͘ϳϬ ϳϭ͘ϭϮ
ϱ͘ϯϱ ϯϳ͘ϳϴ ĞƉŽƐŝƚƐĂĚũƵƐƚĂďůĞĂŐĂŝŶƐƚĨƵƚƵƌĞƌĞŶƚƉĂǇŵĞŶƚƐ ϳ͘ϱϭ ϳ͘ϴϴ
/ŶĐĞŶƟǀĞƌĞĐĞŝǀĂďůĞ ϵϭ͘ϬϬ ϭϬϯ͘Ϭϴ
ĞƉŽƐŝƚƐǁŝƚŚ'ŽǀĞƌŶŵĞŶƚƵƚŚŽƌŝƟƚĞƐ ϵϰ͘ϰϬ ϱϱ͘ϭϮ
(b) Current Loans
Ϯϳϲ͘ϭϮ Ϯϱϳ͘ϱϲ
;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐƐƚĂƚĞĚŽƚŚĞƌǁŝƐĞͿ (b) Other Current Assets
WƌĞƉĂŝĚǆƉĞŶƐĞƐ Ϯϵ͘ϲϱ ϮϮ͘ϵϳ
ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϮϬ͘ϲϱ ϱϮ͘ϱϴ /ŶĚŝƌĞĐƚƚĂǆƌĞĐŽǀĞƌĂďůĞ Ϯ͘ϵϴ Ϭ͘ϴϯ
ĚǀĂŶĐĞƚŽ^ƵƉƉůŝĞƌƐ ϭϮ͘ϱϳ ϭϭ͘ϯϵ
Others Ϭ͘Ϭϭ Ϭ͘ϭϬ
ĚǀĂŶĐĞƚŽŵƉůŽǇĞĞƐ Ϯ͘Ϭϰ ϭ͘ϲϬ
ϮϬ͘ϲϲ ϱϮ͘ϲϴ ĞƉŽƐŝƚƐĂĚũƵƐƚĂďůĞĂŐĂŝŶƐƚĨƵƚƵƌĞƌĞŶƚƉĂǇŵĞŶƚƐ Ϭ͘Ϯϱ Ϭ͘Ϯϱ
ϰϳ͘ϰϵ ϯϳ͘Ϭϰ

EŽƚĞϵ͗/ŶǀĞŶƚŽƌŝĞƐ;ƚůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞͿ EŽƚĞϭϯ͗ƋƵŝƚǇ^ŚĂƌĞĂƉŝƚĂů
&ŽŽĚĂŶĚĞǀĞƌĂŐĞƐ Ϯϱ͘Ϯϴ Ϯϰ͘ϭϮ Authorised Share Capital
^ƚŽƌĞƐĂŶĚKƉĞƌĂƟŶŐ^ƵƉƉůŝĞƐ Ϯϲ͘ϭϵ Ϯϯ͘ϰϰ ϮϬϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚǇ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ ϮϬϬ͘ϬϬ ϮϬϬ͘ϬϬ
ϱϭ͘ϰϳ ϰϳ͘ϱϲ ϮϬϬ͘ϬϬ ϮϬϬ͘ϬϬ
&ŽŽƚŶŽƚĞ͗ Issued Share Capital
ŝͿ dŚĞĐŽƐƚŽĨŝŶǀĞŶƚŽƌŝĞƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞǆƉĞŶƐĞĂŵŽƵŶƚĞĚƚŽ`ϯϮϬ͘ϮϯĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌ`ϯϬϲ͘ϮϲĐƌŽƌĞƐͿ͘
ϭϭϴ͕ϵϯ͕Ϭϳ͕ϰϳϮ;WƌĞǀŝŽƵƐzĞĂƌͲϵϴ͕ϵϯ͕Ϭϳ͕ϰϳϮͿƋƵŝƚǇ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ
ŝŝͿ dŚĞĐŽƐƚŽĨŝŶǀĞŶƚŽƌŝĞƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞǆƉĞŶƐĞŝŶĐůƵĚĞƐ`Ϭ͘ϳϴĐƌŽƌĞ;WƌĞǀŝŽƵƐzĞĂƌ`Ϭ͘ϮϵĐƌŽƌĞͿŝŶƌĞƐƉĞĐƚŽĨǁƌŝƚĞĚŽǁŶŽĨŝŶǀĞŶƚŽƌŝĞƐ
ƚŽŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ
Subscribed and Paid Up
EŽƚĞϭϬ͗dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ;WƌĞǀŝŽƵƐzĞĂƌͲϵϴ͕ϵϮ͕ϳϰ͕ϬϭϱͿƋƵŝƚǇ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ͕&ƵůůǇWĂŝĚ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿΘ;ǀŝͿͿ
` crores ` crores ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ
Unsecured
ŽŶƐŝĚĞƌĞĚŐŽŽĚ Ϯϱϲ͘ϴϭ Ϯϭϯ͘ϳϰ &ŽŽƚŶŽƚĞƐ͗
;ŝͿ dŚĞŽŵƉĂŶǇŚĂƐŽŶĞĐůĂƐƐŽĨĞƋƵŝƚǇƐŚĂƌĞƐŚĂǀŝŶŐĂƉĂƌǀĂůƵĞŽĨ`ϭƉĞƌƐŚĂƌĞ͘ĂĐŚƐŚĂƌĞŚŽůĚĞƌŝƐĞůŝŐŝďůĞĨŽƌŽŶĞǀŽƚĞƉĞƌƐŚĂƌĞŚĞůĚ͘
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů Ϯϭ͘ϳϯ ϭϭ͘ϳϬ
dŚĞĚŝǀŝĚĞŶĚƉƌŽƉŽƐĞĚďǇƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌƐŝŶƚŚĞĞŶƐƵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ͕
Ϯϳϴ͘ϱϰ ϮϮϱ͘ϰϰ
ĞǆĐĞƉƚŝŶĐĂƐĞŽĨŝŶƚĞƌŝŵĚŝǀŝĚĞŶĚ͘/ŶƚŚĞĞǀĞŶƚŽĨůŝƋƵŝĚĂƟŽŶ͕ƚŚĞĞƋƵŝƚǇƐŚĂƌĞŚŽůĚĞƌƐĂƌĞĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƚŚĞƌĞŵĂŝŶŝŶŐĂƐƐĞƚƐŽĨƚŚĞ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ Ϯϭ͘ϳϯ ϭϭ͘ϳϬ ŽŵƉĂŶǇĂŌĞƌĚŝƐƚƌŝďƵƟŽŶŽĨĂůůƉƌĞĨĞƌĞŶƟĂůĂŵŽƵŶƚƐ͕ŝŶƉƌŽƉŽƌƟŽŶƚŽƚŚĞŝƌƐŚĂƌĞŚŽůĚŝŶŐ͘
Ϯϱϲ͘ϴϭ Ϯϭϯ͘ϳϰ
;ŝŝͿ KŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞŽŵƉĂŶǇĂůůŽƩĞĚϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬƋƵŝƚǇ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ`ϭĞĂĐŚĨŽƌĐĂƐŚ͕ĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌĞƋƵŝƚǇ
&ŽŽƚŶŽƚĞ͗ ƐŚĂƌĞ;ŝŶĐůƵĚŝŶŐƉƌĞŵŝƵŵŽĨ`ϳϰƉĞƌƐŚĂƌĞͿ͕ĂŐŐƌĞŐĂƟŶŐƚŽ`ϭϰϵϵ͘ϴϴĐƌŽƌĞƐƚŽƚŚĞĞǆŝƐƟŶŐƐŚĂƌĞŚŽůĚĞƌƐŽŶĂ͞ƌŝŐŚƚƐ͟ďĂƐŝƐŝŶƚŚĞƌĂƟŽ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ŽĨϭƋƵŝƚǇ^ŚĂƌĞĨŽƌĞǀĞƌǇϱĞƋƵŝƚǇƐŚĂƌĞƐŚĞůĚďǇĞƋƵŝƚǇƐŚĂƌĞŚŽůĚĞƌƐ͘
` crores ` crores ;ŝŝŝͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĂƚƚŚĞĞŶĚŽĨƚŚĞǇĞĂƌ
ŝͿ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ
KƉĞŶŝŶŐĂůĂŶĐĞ ϭϭ͘ϳϬ ϭϭ͘Ϭϱ
ĚĚ͗ůůŽǁĂŶĐĞĚƵƌŝŶŐƚŚĞǇĞĂƌ ϭϮ͘ϭϴ ϭ͘ϵϳ No. of shares ` crores EŽ͘ŽĨƐŚĂƌĞƐ ` crores
Ϯϯ͘ϴϴ ϭϯ͘ϬϮ ƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ
>ĞƐƐ͗ĂĚĞďƚƐǁƌŝƩĞŶŽīĂŐĂŝŶƐƚƉĂƐƚĂůůŽǁĂŶĐĞƐ ϭ͘ϲϵ Ϭ͘ϳϳ ĚĚ͗^ŚĂƌĞƐŝƐƐƵĞĚŽŶZŝŐŚƚƐďĂƐŝƐ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ϮϬ͘ϬϬ Ͳ Ͳ
>ĞƐƐ͗ZĞǀĞƌƐĂůŽĨĂůůŽǁĂŶĐĞƐŶŽůŽŶŐĞƌƌĞƋƵŝƌĞĚ Ϭ͘ϰϲ Ϭ͘ϱϱ ƐĂƚƚŚĞĞŶĚŽĨƚŚĞǇĞĂƌ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϭϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ
ůŽƐŝŶŐĂůĂŶĐĞ Ϯϭ͘ϳϯ ϭϭ͘ϳϬ
;ŝŝͿ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐŝŶĐůƵĚĞĚĞďƚƐĚƵĞĨƌŽŵŝƌĞĐƚŽƌƐͲ`ϲϯ͕ϭϰϱ;WƌĞǀŝŽƵƐzĞĂƌͲÈŝůͿŝŶƚŚĞŽƌĚŝŶĂƌǇĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘ ;ŝǀͿ ^ŚĂƌĞŚŽůĚĞƌƐŚŽůĚŝŶŐŵŽƌĞƚŚĂŶϱйƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶǇ͗
;ŝŝŝͿ&ŽƌƌĞůĂƚĞĚƉĂƌƚǇďĂůĂŶĐĞƐƌĞĨĞƌEŽƚĞϯϵ͘
EŽƚĞϭϭ͗ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƋƵŝƚǇƐŚĂƌĞƐŽĨ`ϭĞĂĐŚĨƵůůǇƉĂŝĚ
` crores ` crores dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ
ĂƐŚŽŶŚĂŶĚ Ϯ͘ϮϬ ϭ͘ϲϱ >ŝĨĞ/ŶƐƵƌĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ ϴ͕ϵϬ͕ϮϮ͕ϳϮϮ ϵ͘ϬϬ
ŚĞƋƵĞƐ͕ƌĂŌƐŽŶŚĂŶĚƐ͕&ƵŶĚƐŝŶƚƌĂŶƐŝƚ ϭϲ͘Ϭϵ ϯ͘Ϯϱ ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ - - ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ
ĂůĂŶĐĞƐǁŝƚŚďĂŶŬŝŶĐƵƌƌĞŶƚĂĐĐŽƵŶƚ ϱϭ͘ϭϬ ϭϬ͘ϭϬ ZĞůŝĂŶĐĞĂƉŝƚĂůdƌƵƐƚĞĞŽŵƉĂŶǇ>ŝŵŝƚĞĚ ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ ϳ͕ϬϮ͕ϯϲ͕ϵϰϴ ϳ͘ϭϬ
ĂůĂŶĐĞƐǁŝƚŚďĂŶŬŝŶĐĂůůĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ;ŽƌŝŐŝŶĂůŵĂƚƵƌŝƚǇůĞƐƐƚŚĂŶϯŵŽŶƚŚƐͿ ϱϭ͘ϴϵ Ͳ
ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ ;ǀͿ ϰϵ͕ϬϮϳ;WƌĞǀŝŽƵƐzĞĂƌͲϯϯ͕ϰϱϳͿƋƵŝƚǇ^ŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚďƵƚŶŽƚƐƵďƐĐƌŝďĞĚƚŽĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƐƉĞĐƟǀĞǇĞĂƌƐĂŶĚŚĂǀĞďĞĞŶ
ŬĞƉƚŝŶĂďĞǇĂŶĐĞƉĞŶĚŝŶŐƌĞƐŽůƵƟŽŶŽĨůĞŐĂůĚŝƐƉƵƚĞ͘
EŽƚĞϭϮ͗KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ
;ǀŝͿ ŐŐƌĞŐĂƚĞŶƵŵďĞƌĂŶĚĐůĂƐƐŽĨƐŚĂƌĞƐĂůůŽƩĞĚĂƐĨƵůůǇƉĂŝĚƵƉƉƵƌƐƵĂŶƚƚŽĐŽŶƚƌĂĐƚ;ƐͿǁŝƚŚŽƵƚƉĂǇŵĞŶƚďĞŝŶŐƌĞĐĞŝǀĞĚŝŶĐĂƐŚ͕ďŽŶƵƐ
ƐŚĂƌĞƐĂŶĚƐŚĂƌĞƐďŽƵŐŚƚďĂĐŬĨŽƌƚŚĞƉĞƌŝŽĚŽĨϱǇĞĂƌƐŝŵŵĞĚŝĂƚĞůǇƉƌĞĐĞĚŝŶŐƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞEŝů;WƌĞǀŝŽƵƐzĞĂƌͲEŝůͿ
` crores ` crores
ĂůůĂŶĚ^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ ϱ͘ϭϬ 5.11 ;ǀŝŝͿ ƋƵŝƚǇ^ŚĂƌĞƐŚĞůĚďǇĂƐƐŽĐŝĂƚĞƐ
ĞƉŽƐŝƚƐƉůĞĚŐĞĚǁŝƚŚŽƚŚĞƌƐ Ϭ͘ϲϱ Ϭ͘ϲϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
DĂƌŐŝŶŵŽŶĞǇĚĞƉŽƐŝƚƐ Ϭ͘ϳϴ Ϭ͘ϳϵ
ĂƌŵĂƌŬĞĚďĂůĂŶĐĞƐ ϭ͘ϵϬ Ϯ͘ϭϱ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ
ϴ͘ϰϯ ϴ͘ϲϳ ƋƵŝƚǇƐŚĂƌĞƐŽĨ`ϭĞĂĐŚĨƵůůǇƉĂŝĚ
>ĞƐƐ͗dĞƌŵĞƉŽƐŝƚǁŝƚŚĂŶŬŵĂƚƵƌŝŶŐĂŌĞƌϭϮŵŽŶƚŚƐĨƌŽŵƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞĂŶĚ
KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ
ŽƚŚĞƌĂƌŵĂƌŬĞĚͬDĂƌŐŝŶDŽŶĞǇͬWůĞĚŐĞĚĚĞƉŽƐŝƚƐĐůĂƐƐŝĮĞĚĂƐEŽŶͲƵƌƌĞŶƚ&ŝŶĂŶĐŝĂůƐƐĞƚ
dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ
;ZĞĨĞƌEŽƚĞϳ;ĂͿͿ Ϭ͘ϳϬ ϭ͘Ϭϰ
ϳ͘ϳϯ ϳ͘ϲϯ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ

EŽƚĞϭϰ͗KƚŚĞƌƋƵŝƚǇ EŽƚĞϭϰ͗KƚŚĞƌƋƵŝƚǇ;ĐŽŶƚĚ͘Ϳ
(a) Reserves & Surplus (b) Other Comprehensive Income
Equity Instruments fair valued through Other Comprehensive Income
Capital Reserve KƉĞŶŝŶŐĂůĂŶĐĞ Ϯϯϲ͘ϭϮ ϭϭϭ͘ϵϯ
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϰϯ͘ϵϭ ϰϯ͘ϵϭ ĚĚ͗ĐĐƵŵƵůĂƚĞĚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘
ŽŶĂŵĂůŐĂŵĂƟŽŶ;ZĞĨĞƌEŽƚĞϮϴͿ Ͳ ϰ͘ϰϭ
ZĞƐĞƌǀĞŽŶdƌĂŶƐĨĞƌŽĨƋƵŝƚǇƚŽŶƟƟĞƐƵŶĚĞƌŽŵŵŽŶŽŶƚƌŽů
ZĞƐƚĂƚĞĚKƉĞŶŝŶŐĂůĂŶĐĞ Ϯϯϲ͘ϭϮ ϭϭϲ͘ϯϰ
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϳϵ͘ϯϴ ϳϵ͘ϯϴ ĚĚ͗ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůǇĂƐĨĂŝƌ ϯϱ͘Ϭϯ ϭϮϳ͘ϳϵ
ĂƉŝƚĂůZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ ǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
ĚĚ͗ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůǇĂƐĨĂŝƌ Ͳ ;ϴ͘ϬϭͿ
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϭ͘ϭϮ ϭ͘ϭϮ
ǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌd/&K,ŽůĚŝŶŐƐ>ƚĚ͘
^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵĐĐŽƵŶƚ >ĞƐƐ͗ZĞĂůŝƐĞĚŐĂŝŶŽŶƐĂůĞŽĨƐŚĂƌĞƐŽĨdŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ ;Ϭ͘ϰϭͿ Ͳ
KƉĞŶŝŶŐĂůĂŶĐĞ ϭ͕ϮϯϬ͘ϲϱ ϭ͕ϮϯϬ͘ϲϱ >ƚĚ͘ƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
ůŽƐŝŶŐĂůĂŶĐĞ ϮϳϬ͘ϳϰ Ϯϯϲ͘ϭϮ
ĚĚ͗WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϳϵ͘ϴϴ Ͳ
>ĞƐƐ͗/ƐƐƵĞĞǆƉĞŶƐĞƐǁƌŝƩĞŶŽī ;ϴ͘ϰϱͿ Ͳ ϰ͕Ϯϳϱ͘Ϭϯ Ϯ͕ϲϲϴ͘Ϯϳ
ůŽƐŝŶŐĂůĂŶĐĞ Ϯ͕ϳϬϮ͘Ϭϴ ϭ͕ϮϯϬ͘ϲϱ Footnote:
^ƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞƌŐĞƌŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͕͘ƚŚĞŽŵƉĂŶǇŚĂƐƚƌĂŶƐĨĞƌƌĞĚ`ϰϮ͘ϰϮĐƌŽƌĞƐĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ
ĞďĞŶƚƵƌĞZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ
ĚƵƌŝŶŐƚŚĞǇĞĂƌ͘d/&K,ŽůĚŝŶŐƐ>ƚĚ͘ǁĂƐĂEŽŶͲĂŶŬŝŶŐ&ŝŶĂŶĐŝĂůŽŵƉĂŶǇ;E&ͿĂŶĚŚĂƐĮůĞĚŝŶƟŵĂƟŽŶǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇĂƵƚŚŽƌŝƟĞƐ
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϯϬϱ͘ϵϳ ϯϬϱ͘ϵϳ ĨŽƌƐƵƌƌĞŶĚĞƌŽĨƚŚĞE&ůŝĐĞŶƐĞ͘
Reserve Fund
KƉĞŶŝŶŐĂůĂŶĐĞĂƐƌĞƉŽƌƚĞĚĞĂƌůŝĞƌ - -
EŽƚĞϭϱ͗ŽƌƌŽǁŝŶŐƐ
(a) Long term borrowings
ĚĚ͗ĚĚŝƟŽŶŽŶĂĐĐŽƵŶƚŽĨĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ ϰϮ͘ϰϮ ϰϮ͘ϰϮ
ZĞƐƚĂƚĞĚKƉĞŶŝŶŐĂůĂŶĐĞ ϰϮ͘ϰϮ ϰϮ͘ϰϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
>ĞƐƐ͗dƌĂŶƐĨĞƌƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ ϰϮ͘ϰϮ Ͳ īĞĐƟǀĞ DĂƚƵƌŝƚǇ Face ŵŽƌƟƐĞĚ &ĂĐĞ ŵŽƌƟƐĞĚ
ůŽƐŝŶŐĂůĂŶĐĞ - ϰϮ͘ϰϮ ZĂƚĞŽĨ Value cost sĂůƵĞ cost
General Reserve /ŶƚĞƌĞƐƚ
;йͿ
KƉĞŶŝŶŐĂůĂŶĐĞ ϰϱϵ͘ϵϵ ϰϵϰ͘Ϭϱ
EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ;EƐͿ
>ĞƐƐ͗&ŝŶĂůŝǀŝĚĞŶĚ Ͳ ;Ϯϵ͘ϲϴͿ ^ĞĐƵƌĞĚ
>ĞƐƐ͗dĂǆŽŶŝǀŝĚĞŶĚ Ͳ ;ϰ͘ϯϴͿ ĂͿ ϳ͘ϴϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ Ɖƌŝůϭϱ͕ϮϬϮϮ ϰϵϱ͘ϬϬ ϰϵϯ͘ϴϲ ϰϵϱ͘ϬϬ ϰϵϯ͘ϲϱ
ďͿ ϭϬ͘ϭϬйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϭϬ͘ϭϬ EŽǀĞŵďĞƌϭϴ͕ϮϬϮϭ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ
ůŽƐŝŶŐĂůĂŶĐĞ ϰϱϵ͘ϵϵ ϰϱϵ͘ϵϵ
ĐͿ ϵ͘ϵϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ 9.95 :ƵůǇϮϳ͕ϮϬϮϭ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ
Retained Earnings ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϴϲ ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϲϱ
KƉĞŶŝŶŐĂůĂŶĐĞĂƐƌĞƉŽƌƚĞĚĞĂƌůŝĞƌ - ϵ͘ϲϰ hŶƐĞĐƵƌĞĚ
ĂͿ ϳ͘ϴϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ ƉƌŝůϮϬ͕ϮϬϮϬ ϮϬϬ͘ϬϬ ϭϵϵ͘ϳϳ Ͳ Ͳ
ĚĚ͗ĐĐƵŵƵůĂƚĞĚƉƌŽĮƚƐŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ŽŶĂŵĂůŐĂŵĂƟŽŶ;ZĞĨĞƌEŽƚĞϮϴͿ Ͳ ϭϭϮ͘ϵϬ ďͿ ϮйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϵ͘ϴϲ ĞĐĞŵďĞƌϵ͕ϮϬϭϵ ϮϱϬ͘ϬϬ ϰϴϲ͘Ϯϭ ϮϱϬ͘ϬϬ ϰϰϲ͘ϴϳ
ZĞƐƚĂƚĞĚKƉĞŶŝŶŐĂůĂŶĐĞ Ϯϲϴ͘ϳϭ ϭϮϮ͘ϱϰ ĐͿ ϮйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϵ͘ϳϲ ƉƌŝůϮϯ͕ϮϬϭϳ Ͳ Ͳ ϮϬϬ͘ϬϬ ϮϵϮ͘ϳϯ
ĚĚ͗ƵƌƌĞŶƚǇĞĂƌƉƌŽĮƚƐ ϭϰϳ͘ϳϳ ϭϰϯ͘ϭϴ ϰϱϬ͘ϬϬ ϲϴϱ͘ϵϴ ϰϱϬ͘ϬϬ ϳϯϵ͘ϲϬ
ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϮϵ͘ϴϰ ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϴϯ͘Ϯϱ
ĚĚ͗dƌĂŶƐĨĞƌĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ ϰϮ͘ϰϮ Ͳ Term Loan from Banks
ĚĚ͗ZĞĂůŝƐĞĚŐĂŝŶŽŶƐĂůĞŽĨƐŚĂƌĞƐŽĨdŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘
Ϭ͘ϰϭ Ͳ ^ĞĐƵƌĞĚ - -
ƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ hŶƐĞĐƵƌĞĚ
&ŽƌĞŝŐŶƵƌƌĞŶĐǇdĞƌŵ>ŽĂŶ&ƌŽŵĂŶŬƐ EŽǀĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳ ϮϬϰ͘ϱϮ
ĚĚ͗ZĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚĞŵƉůŽǇŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶ͕ŶĞƚŽĨƚĂǆ;ŝƚĞŵ
;ϱ͘ϴϬͿ ϰ͘ϲϱ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬ ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿ;ďͿ ϱϬ͘ϬϬ ϰϵ͘ϴϴ
ŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůǇŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͿ ϱϬ͘ϬϬ Ϯϱϰ͘ϰϬ
>ĞƐƐ͗&ŝŶĂůŝǀŝĚĞŶĚ ;ϯϰ͘ϲϮͿ Ͳ Loans (Unsecured)
&ƌŽŵZĞůĂƚĞĚWĂƌƚǇ;ZĞĨĞƌEŽƚĞϯϵͿ ϰ͘Ϭϰ ϰ͘ϬϮ
>ĞƐƐ͗dĂǆŽŶŝǀŝĚĞŶĚ ;ϳ͘ϬϱͿ ;ϭ͘ϲϲͿ
ϰ͘Ϭϰ ϰ͘ϬϮ
ůŽƐŝŶŐĂůĂŶĐĞ ϰϭϭ͘ϴϰ Ϯϲϴ͘ϳϭ ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϭ͘ϲϳ
>ĞƐƐ͗ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨ>ŽŶŐƚĞƌŵ ϱϬ͘ϬϬ ϱϰϳ͘ϭϯ
ďŽƌƌŽǁŝŶŐƐ;ƐŚŽǁŶƵŶĚĞƌKƚŚĞƌ
ϰ͕ϬϬϰ͘Ϯϵ Ϯ͕ϰϯϮ͘ϭϱ
ƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ
ϭ͕ϳϯϯ͘ϴϴ ϭ͕ϰϵϰ͘ϱϰ

EŽƚĞϭϱ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ EŽƚĞϭϱ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ &ŽŽƚŶŽƚĞƐ͗
` crores ` crores ǀͿ ŝƐĐůŽƐƵƌĞŽĨĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƟĞƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ;ƌĞĂĚǁŝƚŚĐĂƐŚŇŽǁƐƚĂƚĞŵĞŶƚͿ
īĞĐƟǀĞ DĂƚƵƌŝƚǇ Face ŵŽƌƟƐĞĚ &ĂĐĞ ŵŽƌƟƐĞĚ dŚŝƐƐĞĐƟŽŶƐĞƚƐŽƵƚĂŶĂŶĂůǇƐŝƐŽĨŶĞƚĚĞďƚĂŶĚƚŚĞŵŽǀĞŵĞŶƚŝŶŶĞƚĚĞďƚĨŽƌĞĂĐŚŽĨƚŚĞƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͘
ZĂƚĞŽĨ Value cost sĂůƵĞ cost
/ŶƚĞƌĞƐƚ Financial liability statement DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
;йͿ ` crores ` crores
b) Short term borrowings a) Net debt
Loans repayable on demand from ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ
Bank
ƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ
^ĞĐƵƌĞĚ Ͳ ϳ͘ϯϭ
hŶƐĞĐƵƌĞĚ Ͳ Ͳ Total Liquid investment (a) ϰϮϮ͘ϳϯ ϴϬ͘ϭϮ
- ϳ͘ϯϭ
&ŽŽƚŶŽƚĞƐ͗ > ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐƐŚŽǁŶƵŶĚĞƌKƚŚĞƌƵƌƌĞŶƚ ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϭ͘ϲϳ
;ŝͿ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐͲ^ĞĐƵƌĞĚŝŶĐůƵĚĞ͗ ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ
ĂͿ ϰ͕ϵϱϬ͕ϳ͘ϴϱй^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϰϵϱĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ĂŶƵĂƌǇϮϬ͕ϮϬϭϳĂƌĞ ^ŚŽƌƚƚĞƌŵďŽƌƌŽǁŝŶŐƐ Ͳ ϳ͘ϯϭ
ƌĞƉĂǇĂďůĞĂƚƉĂƌĂŌĞƌƚŚĞĞŶĚŽĨϱƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚŝ͘ĞŽŶƉƌŝůϭϱ͕ϮϬϮϮ͘ Gross Debt (b) ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϴ͘ϵϴ
ďͿ ϯ͕ϬϬϬ͕ϭϬ͘ϭϬй^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϯϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϭϭ Net Debt ( (b) - (a) ) ϭ͕ϯϲϭ͘ϭϱ ϭ͕ϵϲϴ͘ϴϲ
ĂƌĞƌĞƉĂǇĂďůĞĂƚƉĂƌŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϮϭŝ͘ĞĂƚƚŚĞĞŶĚŽĨϭϬƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘
ĐͿ Ϯ͕ϱϬϬ͕ϵ͘ϵϱй^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ƵůǇϮϳ͕ϮϬϭϭĂƌĞ ďͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ

ƌĞƉĂǇĂďůĞĂƚƉĂƌŽŶ:ƵůǇϮϳ͕ϮϬϮϭŝ͘ĞĂƚƚŚĞĞŶĚŽĨϭϬƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘ >ŝĂďŝůŝƚǇŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϯϬ͘ϱϲ Ϯϰϰ͘Ϯϳ
/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞͬhŶĐůĂŝŵĞĚŝŶƚĞƌĞƐƚ ϱϮ͘ϲϵ ϰϮ͘ϳϵ
(ii) ůůƚŚĞ^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐĂƌĞƌĂƚĞĚ͕ůŝƐƚĞĚĂŶĚƐĞĐƵƌĞĚďǇĂƉĂƌŝƉĂƐƐƵĮƌƐƚĐŚĂƌŐĞĐƌĞĂƚĞĚŽŶĂůůƚŚĞƉƌŽƉĞƌƚǇ͕ƉůĂŶƚ
ĂŶĚĞƋƵŝƉŵĞŶƚŽĨƚŚĞŽŵƉĂŶǇ͕ďŽƚŚƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞ͘ dŽƚĂůKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ϯϴϯ͘Ϯϱ Ϯϴϳ͘Ϭϲ
Grand Total ϭ͕ϲϰϰ͘ϰϬ Ϯ͕Ϯϱϱ͘ϵϮ
;ŝŝŝͿ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐͲhŶƐĞĐƵƌĞĚŝŶĐůƵĚĞ͗
ĂͿ Ϯ͕ϬϬϬ͕ϳ͘ϴϱйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶƉƌŝůϮϬ͕ϮϬϭϳĂƌĞ
ƌĞƉĂǇĂďůĞŽŶƉƌŝůϮϬ͕ϮϬϮϬ͕ŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϯƌĚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘
` crores
ďͿ Ϯ͕ϱϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶĞĐĞŵďĞƌϵ͕ϮϬϬϵĂƌĞ Liquid Assets >ŝĂďŝůŝƟĞƐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ Total
ƌĞƉĂǇĂďůĞŽŶĞĐĞŵďĞƌϵ͕ϮϬϭϵŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϭϬƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͕ĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵŽĨ Cash Current Gross Net Debt ĞƌŝǀĂƟǀĞƐ Interest
`ϭϮ͘ϰϯůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘ and cash Investments Debt accrued but
ĐͿ Ϯ͕ϬϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶƉƌŝůϮϯ͕ϮϬϭϮǁĞƌĞ equivalents not due /
ƌĞƉĂǇĂďůĞŽŶƉƌŝůϮϯ͕ϮϬϭϳ͕ŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϱƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵŽĨ`ϰ͘ϳϭ Unclaimed
ůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞŽŵƉĂŶǇŚĂƐƌĞƉĂŝĚƚŚĞƐĞĚĞďĞŶƚƵƌĞƐŽŶƚŚĞĚƵĞĚĂƚĞ͘ interest
(a) (b) (c) (d) = (c)-(a)-(b) (e) (f) (g) =(d)+(e)+(f)
;ŝǀͿ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ;hŶƐĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗
ĂͿ ǆƚĞƌŶĂůĐŽŵŵĞƌĐŝĂůďŽƌƌŽǁŝŶŐŽĨh^ΨϵϱŵŝůůŝŽŶǁĂƐƚĂŬĞŶŽŶEŽǀĞŵďĞƌϮϯ͕ϮϬϭϭ͘dŚĞůŽĂŶǁĂƐƌĞƉĂǇĂďůĞĂƚƚŚĞĞŶĚŽĨϱϬƚŚ͕
EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϱ͘ϬϬ ϲϱ͘ϭϮ Ϯ͕Ϭϰϴ͘ϵϴ ϭ͕ϵϲϴ͘ϴϲ Ϯϰϰ͘Ϯϳ ϰϮ͘ϳϵ Ϯ͕Ϯϱϱ͘ϵϮ
ϲϬƚŚ͕ĂŶĚϳϮŶĚŵŽŶƚŚĨƌŽŵEŽǀĞŵďĞƌϮϯ͕ϮϬϭϭŝŶĞƋƵĂůŝŶƐƚĂůŵĞŶƚƐƚŽĂĐŚŝĞǀĞƚŚĞĂǀĞƌĂŐĞŵĂƚƵƌŝƚǇŽĨϱ͘ϬϱǇĞĂƌƐĂŶĚĐĂƌƌŝĞƐĂŶ
ŝŶƚĞƌĞƐƚǁŚŝĐŚŝƐďĂƐĞĚŽŶĂƐƉƌĞĂĚŽǀĞƌ>/KZ͘dŚĞĮƌƐƚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳŵŝůůŝŽŶĂŶĚƚŚĞƐĞĐŽŶĚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳ
ŵŝůůŝŽŶǁĞƌĞƌĞƉĂŝĚŽŶ:ĂŶƵĂƌǇϮϱ͕ϮϬϭϲĂŶĚEŽǀĞŵďĞƌϮϯ͕ϮϬϭϲƌĞƐƉĞĐƟǀĞůǇ͘ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞŽŵƉĂŶǇŚĂƐƌĞƉĂŝĚƚŚĞůĂƐƚ ĂƐŚŇŽǁƐ ϭϬϲ͘Ϯϴ ϮϯϬ͘ϵϵ ;ϮϭϮ͘ϲϬͿ ;ϱϰϵ͘ϴϳͿ ϭϭ͘ϴϬ ;Ϭ͘ϬϭͿ ;ϱϯϴ͘ϬϴͿ
ŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϲŵŝůůŝŽŶ;`ϮϬϱ͘ϮϵĐƌŽƌĞƐͿĚƵĞŽŶEŽǀĞŵďĞƌϮϮ͕ϮϬϭϳ͘
&ŽƌĞŝŐŶĞǆĐŚĂŶŐĞĂĚũƵƐƚŵĞŶƚƐ Ͳ Ͳ ;Ϭ͘ϬϱͿ ;Ϭ͘ϬϱͿ Ͳ Ͳ ;Ϭ͘ϬϱͿ
ďͿ hŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϰϵ͘ϴϴĐƌŽƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌǁĂƐƌĞƉĂŝĚŽŶĚƵĞĚĂƚĞ͘dŚĞ
/ŶƚĞƌĞƐƚĞǆƉĞŶƐĞ Ͳ Ͳ ϰϭ͘ϭϯ ϰϭ͘ϭϯ Ͳ ϭϱϭ͘ϯϰ ϭϵϮ͘ϰϳ
ŽŵƉĂŶǇŚĂĚĨƵƌƚŚĞƌĂǀĂŝůĞĚĂŶƵŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϭϬϬĐƌŽƌĞƐƌĞƉĂǇĂďůĞĂƚƚŚĞĞŶĚŽĨϭϴŵŽŶƚŚƐĨƌŽŵ
/ŶƚĞƌĞƐƚƉĂŝĚ Ͳ Ͳ ;ϵϰ͘ϱϰͿ ;ϵϰ͘ϱϰͿ Ͳ ;ϭϰϭ͘ϯϲͿ ;Ϯϯϱ͘ϵϬͿ
ƚŚĞĚĂƚĞŽĨĚƌĂǁĚŽǁŶ͘dŚĞůŽĂŶǁĂƐĚƌĂǁŶŝŶϯƚƌĂŶĐŚĞƐŽĨ`ϱϬĐƌŽƌĞƐ͕`ϰϬĐƌŽƌĞƐĂŶĚ`ϭϬĐƌŽƌĞƐŽŶ^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϳ͕
^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳĂŶĚ^ĞƉƚĞŵďĞƌϮϬ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇ͘dŚĞŽŵƉĂŶǇŚĂƐƉƌĞƉĂŝĚĂŶĂŵŽƵŶƚŽĨ`ϱϬĐƌŽƌĞƐĚƵƌŝŶŐƚŚĞǇĞĂƌ͘ dƌĂŶƐĨĞƌƌĞĚƚŽ/W& Ͳ Ͳ Ͳ - Ͳ ;Ϭ͘ϬϳͿ ;Ϭ͘ϬϳͿ
dŚĞŶĞƚůŽĂŶŶŽǁƐƚĂŶĚƐĂƚ`ϱϬĐƌŽƌĞƐ͕ŽĨǁŚŝĐŚ`ϰϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚϭϱ͕ϮϬϭϵĂŶĚ`ϭϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚϮϬ͕ϮϬϭϵ KƚŚĞƌŶŽŶͲĐĂƐŚŵŽǀĞŵĞŶƚƐ͗
ĂŶĚŚĂƐďĞĞŶĐůĂƐƐŝĮĞĚƵŶĚĞƌĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ͘dŚĞŽŵƉĂŶǇŚĂƐƉƌĞƉĂŝĚƚŚĞŽƵƚƐƚĂŶĚŝŶŐůŽĂŶŽĨ ĚĚĞĚƚŽŽƌƌŽǁŝŶŐƐ
`ϱϬĐƌŽƌĞƐŝŶƉƌŝů͕ϮϬϭϴ͘ ŵŽƌƟǌĂƟŽŶŽƐƚƐ Ͳ Ͳ Ϭ͘ϵϲ Ϭ͘ϵϲ Ͳ Ͳ Ϭ͘ϵϲ
&ĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ Ͳ ϱ͘ϯϰ Ͳ ;ϱ͘ϯϰͿ ;Ϯϱ͘ϱϭͿ Ͳ ;ϯϬ͘ϴϱͿ
EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϮϭ͘Ϯϴ ϯϬϭ͘ϰϱ ϭ͕ϳϴϯ͘ϴϴ ϭ͕ϯϲϭ͘ϭϱ ϮϯϬ͘ϱϲ ϱϮ͘ϲϵ ϭ͕ϲϰϰ͘ϰϬ

EŽƚĞϭϲ͗KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ EŽƚĞϭϳ͗WƌŽǀŝƐŝŽŶƐ
;ĂͿ KƚŚĞƌEŽŶƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ (a) Non Current provisions
>ŝĂďŝůŝƚǇŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϯϬ͘ϱϲ Ϯϰϰ͘Ϯϳ ŵƉůŽǇĞĞĞŶĞĮƚKďůŝŐĂƟŽŶ
Deposits from others
ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ Ϯϱ͘ϯϲ Ϯϱ͘ϱϯ
hŶƐĞĐƵƌĞĚ ϭϯ͘ϯϭ ϭϯ͘ϱϬ
'ƌĂƚƵŝƚǇ;ZĞĨĞƌEŽƚĞϯϱͿ ϵ͘ϱϰ Ͳ
Creditors for capital expenditure Ͳ ϭ͘ϳϱ
WŽƐƚͲĞŵƉůŽǇŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϱͿ ϱ͘Ϯϴ ϱ͘Ϯϳ
ŵƉůŽǇĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϴ͘ϲϳ ϰ͘Ϭϭ
WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ;ZĞĨĞƌEŽƚĞϯϱͿ ϭϲ͘ϳϮ ϭϳ͘ϵϴ
ϮϱϮ͘ϱϰ Ϯϲϯ͘ϱϯ
ϱϲ͘ϵϬ ϰϴ͘ϳϴ
;ďͿ KƚŚĞƌƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ (b) Current provisions
ĞďĞŶƚƵƌĞƐ Ͳ ϮϵϮ͘ϳϯ ŵƉůŽǇĞĞĞŶĞĮƚKďůŝŐĂƟŽŶ
dĞƌŵ>ŽĂŶ&ƌŽŵĂŶŬƐ ϱϬ͘ϬϬ Ϯϱϰ͘ϰϬ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϭϵ͘ϱϳ ϭϴ͘ϯϯ
ϱϬ͘ϬϬ ϱϰϳ͘ϭϯ WŽƐƚͲĞŵƉůŽǇŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϱͿ Ϭ͘ϯϲ Ϭ͘Ϯϴ
WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ;ZĞĨĞƌEŽƚĞϯϱͿ ϭ͘ϲϭ ϭ͘ϲϬ
Liability towards Loyalty Programmes ϰϭ͘ϵϰ ϯϱ͘Ϯϴ
Ϯϭ͘ϱϰ ϮϬ͘Ϯϭ
Other Payables WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿͿ ϴϲ͘ϲϵ ϲϲ͘ϳϬ

ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϭϱ͘ϯϭ ϴ͘ϱϬ ϭϬϴ͘Ϯϯ ϴϲ͘ϵϭ
Others ϲ͘ϱϱ ϱ͘ϴϯ
&ŽŽƚŶŽƚĞ͗
Ϯϭ͘ϴϲ ϭϰ͘ϯϯ
;ŝͿ WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐ͗
Deposits from others
KƉƟŽŶĞƉŽƐŝƚƌĞĐĞŝǀĞĚĂŐĂŝŶƐƚƉƵƌĐŚĂƐĞŽĨƐŚĂƌĞƐ;^ĞĐƵƌĞĚͿ ϳϭ͘ϭϬ ϳϭ͘ϭϬ Opening ĚĚŝƟŽŶͬ Closing
;ZĞĨĞƌEŽƚĞϱ͕&ŽŽƚŶŽƚĞ;ŝǀͿͿ Balance ;ĞůĞƟŽŶͿ Balance
hŶƐĞĐƵƌĞĚ ϭϳ͘ϰϴ ϭϰ͘ϴϰ ` crores ` crores ` crores
ϴϴ͘ϱϴ ϴϱ͘ϵϰ &ŽƌƚĂǆĞƐ͕ůĞǀŝĞƐĂŶĚĚƵƟĞƐ ϲϲ͘Ϯϵ ϭϵ͘ϵϵ ϴϲ͘Ϯϴ
59.44 6.85 66.29
/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞŽŶďŽƌƌŽǁŝŶŐƐ ϱϭ͘ϴϯ ϰϭ͘ϴϱ
&ŽƌĐŽŶƚƌĂĐƚƵĂůŵĂƩĞƌƐ Ϭ͘ϰϭ - Ϭ͘ϰϭ
ƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞ ϯϳ͘ϭϴ ϯϯ͘Ϯϯ
0.41 - 0.41
hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ ϭ͘ϲϭ ϭ͘ϴϬ
&ŽƌĞŵƉůŽǇĞĞƌĞůĂƚĞĚŵĂƩĞƌƐ - - -
hŶĐůĂŝŵĞĚŵĂƚƵƌĞĚĚĞƉŽƐŝƚƐĂŶĚŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚƚŚĞƌĞŽŶ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ Ϭ͘ϴϲ Ϭ͘ϵϰ
0.27 (0.27) -
hŶĐůĂŝŵĞĚŵĂƚƵƌĞĚĚĞďĞŶƚƵƌĞƐĂŶĚŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚƚŚĞƌĞŽŶ`Ϯϱ͕ϭϱϯ - -
;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϯϱ͕ϭϱϯͿ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϲϲ͘ϳϬ ϭϵ͘ϵϵ ϴϲ͘ϲϵ
ŵƉůŽǇĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϳϬ͘ϲϴ ϳϰ͘Ϭϲ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ 60.12 6.58 66.70
Others ϰϭ͘Ϯϳ ϯϴ͘ϱϭ
ĂͿ d ŚĞĂďŽǀĞŵĂƩĞƌƐĂƌĞƵŶĚĞƌůŝƟŐĂƟŽŶͬŶĞŐŽƟĂƟŽŶĂŶĚƚŚĞƵůƟŵĂƚĞŽƵƚĐŽŵĞĂŶĚƟŵŝŶŐŽĨƚŚĞĐĂƐŚŇŽǁƐ͕ŝĨĂŶǇ͕ĐĂŶŶŽƚďĞĐƵƌƌĞŶƚůǇ
ϰϬϱ͘ϴϭ ϴϳϯ͘Ϭϳ ĚĞƚĞƌŵŝŶĞĚ͘
&ŽŽƚŶŽƚĞƐ͗
ďͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŝŶƌĞƐƉĞĐƚŽĨƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐ͘
;ŝͿ dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϯ͘
;ŝŝͿ
ƐƵŵŽĨ`Ϭ͘ϯϱĐƌŽƌĞ;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϭ͘ϯϳĐƌŽƌĞͿĚƵĞĨŽƌƚƌĂŶƐĨĞƌƚŽƚŚĞ/ŶǀĞƐƚŽƌĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ&ƵŶĚĚƵƌŝŶŐƚŚĞǇĞĂƌ
ŚĂƐďĞĞŶƚƌĂŶƐĨĞƌƌĞĚĂŶĚƚŚĞƌĞĂƌĞŶŽĚƵĞƐŝŶƚŚŝƐƌĞƐƉĞĐƚǁŚŝĐŚŚĂǀĞƌĞŵĂŝŶĞĚƵŶƉĂŝĚĂƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘

EŽƚĞϭϴ͗ĞĨĞƌƌĞĚdĂǆ>ŝĂďŝůŝƟĞƐ;EĞƚͿ EŽƚĞϮϬ͗KƚŚĞƌƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ
ĞĨĞƌƌĞĚdĂǆ>ŝĂďŝůŝƟĞƐ͗ /ŶĐŽŵĞƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ ϮϮ͘ϳϭ Ϯϭ͘ϳϭ
WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ϰϰϰ͘ϵϯ ϰϮϲ͘Ϯϵ ĞĨĞƌƌĞĚZĞǀĞŶƵĞ ϴϲ͘ϴϱ ϭϯϭ͘ϴϭ
hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ Ϭ͘ϰϱ Ϭ͘ϯϯ ĚǀĂŶĐĞƐĐŽůůĞĐƚĞĚĨƌŽŵĐƵƐƚŽŵĞƌƐ ϰϱ͘ϯϰ ϰϭ͘ϱϯ
&ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϬ͘ϴϴ ϭϱ͘ϵϰ ^ƚĂƚƵƚŽƌǇĚƵĞƐ ϰϬ͘ϲϴ ϯϮ͘ϰϱ
hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚǇƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ Ͳ ϯ͘ϳϬ ϭϵϱ͘ϱϴ ϮϮϳ͘ϱϬ
/ŶĐŽŵĞ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ
ϰϲϲ͘Ϯϲ ϰϰϲ͘Ϯϲ EŽƚĞϮϭ͗ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ
ĞĨĞƌƌĞĚdĂǆƐƐĞƚƐ͗ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽǇĞĞĞŶĞĮƚƐ Ϯϴ͘ϰϴ Ϯϲ͘Ϭϳ ` crores ` crores
DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϯϯ͘ϱϲ ϳϳ͘ϲϱ ZŽŽŵ/ŶĐŽŵĞ͕&ŽŽĚ͕ZĞƐƚĂƵƌĂŶƚƐĂŶĚĂŶƋƵĞƚ/ŶĐŽŵĞ Ϯ͕ϭϮϮ͘ϰϵ Ϯ͕ϬϬϬ͘ϯϲ
ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ ϳ͘ϲϬ ϰ͘Ϭϰ ^ŚŽƉƌĞŶƚĂůƐ ϯϭ͘ϲϵ ϯϬ͘ϰϲ
ZĞǁĂƌĚWŽŝŶƚƐ ϭϯ͘Ϯϳ ϭϳ͘ϵϬ
DĞŵďĞƌƐŚŝƉĨĞĞƐ ϴϱ͘ϳϮ 95.15
WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ Ϯϲ͘ϱϭ Ϯϭ͘ϭϮ
DĂŶĂŐĞŵĞŶƚĂŶĚŽƉĞƌĂƟŶŐĨĞĞƐ ϮϭϬ͘ϰϳ ϭϱϴ͘ϴϭ
Others ϴ͘Ϭϯ ϴ͘ϱϰ
ϭϭϳ͘ϰϱ ϭϱϱ͘ϯϮ KƚŚĞƌKƉĞƌĂƟŶŐ/ŶĐŽŵĞ ϭϯϯ͘ϱϴ ϭϭϲ͘ϳϴ
ϯϰϴ͘ϴϭ ϮϵϬ͘ϵϰ Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ
&ŽŽƚŶŽƚĞ͗
ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐŽŶĂĐĐŽƵŶƚŽĨĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐƌŽƵƚĞĚƚŚƌŽƵŐŚK/ŚĂƐďĞĞŶƌĞƐƚƌŝĐƚĞĚƚŽƚŚĞĞǆƚĞŶƚŽĨĚĞĨĞƌƌĞĚ
EŽƚĞϮϮ͗KƚŚĞƌ/ŶĐŽŵĞ
ƚĂǆůŝĂďŝůŝƚǇŽŶƚŚŝƐĂĐĐŽƵŶƚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
EŽƚĞϭϵ͗dƌĂĚĞWĂǇĂďůĞƐ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞĨƌŽŵĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ
ĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ ϭϯ͘ϵϭ ϰ͘ϯϱ
ĞƉŽƐŝƚƐǁŝƚŚZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϴͿ ϰ͘ϲϴ ϲ͘ϲϬ
` crores ` crores
ŵŽƌƟƐĂƟŽŶŽĨ/ŶƚĞƌĞƐƚŽŶƐĞĐƵƌŝƚǇĚĞƉŽƐŝƚƐ ϯ͘Ϯϵ Ϯ͘ϵϲ
DŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿĂŶĚ;ŝŝͿͿ ϭ͘ϴϲ ϭ͘ϯϭ
Others ϭ͘Ϭϵ Ϭ͘ϵϰ
sĞŶĚŽƌWĂǇĂďůĞƐ ϭϬϳ͘ϳϮ ϵϮ͘Ϭϵ
ϮϮ͘ϵϳ ϭϰ͘ϴϱ
ĐĐƌƵĞĚĞǆƉĞŶƐĞƐĂŶĚŽƚŚĞƌƐ ϵϴ͘ϰϰ ϴϯ͘ϳϵ
Interest on Income Tax Refunds ϯ͘ϭϴ ;Ϭ͘ϬϲͿ
ϮϬϴ͘ϬϮ ϭϳϳ͘ϭϵ
Ϯϲ͘ϭϱ ϭϰ͘ϳϵ
&ŽŽƚŶŽƚĞƐ͗
Dividend Income from Investments
;ŝͿ d ŚĞĂŵŽƵŶƚĚƵĞƚŽDŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐĂƐĚĞĮŶĞĚŝŶƚŚĞ͞dŚĞDŝĐƌŽ͕^ŵĂůůĂŶĚDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐĞǀĞůŽƉŵĞŶƚĐƚ͕ϮϬϬϲ͟ Ͳ ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐŝŶ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚƐƐŽĐŝĂƚĞƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚ ϲ͘Ϯϱ ϭϯ͘ϴϴ
ŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚƚŽƚŚĞĞǆƚĞŶƚƐƵĐŚƉĂƌƟĞƐŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚŽŶƚŚĞďĂƐŝƐŽĨŝŶĨŽƌŵĂƟŽŶĐŽůůĞĐƚĞĚďǇƚŚĞDĂŶĂŐĞŵĞŶƚ͘ ĂƚĐŽƐƚ
;ŝŝͿ dŚĞĚŝƐĐůŽƐƵƌĞƐƌĞůĂƟŶŐƚŽDŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐĂƌĞĂƐƵŶĚĞƌ͗ Ͳ ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ 1.51 ϭ͘ϲϮ
Ͳ ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚWƌŽĮƚĂŶĚ>ŽƐƐ ϭ͘Ϯϯ ϳ͘Ϯϱ
` crores ` crores WƌŽĮƚŽŶĚŝƐƉŽƐĂůŽĨWƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ͳ Ϯ͘Ϭϵ
;ĂͿ d ŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚƚŽƐƵƉƉůŝĞƌĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞ ϭ͘ϴϲ ϭ͘ϮϮ 'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ ϱ͘ϯϰ ϰ͘ϳϯ
ĂĐĐŽƵŶƟŶŐǇĞĂƌ Others ϭϰ͘ϵϭ ϭϯ͘ϲϲ
;ďͿ dŚĞŝŶƚĞƌĞƐƚĚƵĞƚŚĞƌĞŽŶƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚƚŽƐƵƉƉůŝĞƌĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞ Ͳ Ϭ͘Ϭϵ ϱϱ͘ϯϵ ϱϴ͘ϬϮ
ĂĐĐŽƵŶƟŶŐǇĞĂƌ
;ĐͿ dŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚƉĂŝĚŝŶƚĞƌŵƐŽĨ^ĞĐƟŽŶϭϲ͕ĂůŽŶŐǁŝƚŚƚŚĞĂŵŽƵŶƚ Ͳ Ͳ
EŽƚĞϮϯ͗&ŽŽĚĂŶĚĞǀĞƌĂŐĞƐŽŶƐƵŵĞĚ
ŽĨƉĂǇŵĞŶƚŵĂĚĞƚŽƚŚĞƐƵƉƉůŝĞƌďĞǇŽŶĚƚŚĞĂƉƉŽŝŶƚĞĚĚĂǇĚƵƌŝŶŐƚŚĞǇĞĂƌ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
;ĚͿ dŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚĚƵĞĂŶĚƉĂǇĂďůĞĨŽƌƚŚĞǇĞĂƌ Ͳ Ϭ͘ϬϮ ` crores ` crores
;ĞͿ dŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚĂŶĚƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚĂƚƚŚĞĞŶĚŽĨƚŚĞ Ͳ Ϭ͘Ϭϵ KƉĞŶŝŶŐ^ƚŽĐŬ Ϯϰ͘ϭϯ ϮϮ͘ϯϮ
ĂĐĐŽƵŶƟŶŐǇĞĂƌ ĚĚ͗WƵƌĐŚĂƐĞƐ Ϯϯϯ͘ϳϵ ϮϮϭ͘ϴϬ
;ĨͿ dŚĞĂŵŽƵŶƚŽĨĨƵƌƚŚĞƌŝŶƚĞƌĞƐƚĚƵĞĂŶĚƉĂǇĂďůĞĞǀĞŶŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐ Ͳ Ϭ͘ϬϮ Ϯϱϳ͘ϵϮ Ϯϰϰ͘ϭϮ
ǇĞĂƌ͕ƵŶƟůƐƵĐŚĚĂƚĞǁŚĞŶƚŚĞŝŶƚĞƌĞƐƚĚƵĞƐĂƐĂďŽǀĞĂƌĞĂĐƚƵĂůůǇƉĂŝĚ
>ĞƐƐ͗ůŽƐŝŶŐ^ƚŽĐŬ Ϯϱ͘Ϯϴ Ϯϰ͘ϭϯ
;ŝŝŝͿ &ŽƌƌĞůĂƚĞĚƉĂƌƚǇďĂůĂŶĐĞƐƌĞĨĞƌEŽƚĞϯϵ͘ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ

EŽƚĞϮϰ͗ŵƉůŽǇĞĞĞŶĞĮƚǆƉĞŶƐĞƐĂŶĚWĂǇŵĞŶƚƚŽŽŶƚƌĂĐƚŽƌƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores
` crores ` crores Brought over ϯϵϬ͘Ϭϲ ϯϱϱ͘ϵϬ
^ĂůĂƌŝĞƐ͕tĂŐĞƐ͕ŽŶƵƐĞƚĐ͘ ϰϴϬ͘ϳϭ ϰϲϰ͘ϬϬ ǆƉĞŶĚŝƚƵƌĞŽŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿͿ ϱ͘Ϯϳ ϰ͘ϯϲ
ŽŵƉĂŶǇ͛ƐŽŶƚƌŝďƵƟŽŶƚŽWƌŽǀŝĚĞŶƚĂŶĚKƚŚĞƌ&ƵŶĚƐ;ZĞĨĞƌEŽƚĞϯϱͿ Ϯϲ͘ϴϲ ϯϰ͘ϰϬ WƌŽĨĞƐƐŝŽŶĂů&ĞĞƐ ϯϯ͘Ϭϳ ϯϮ͘ϴϬ
ZĞŝŵďƵƌƐĞŵĞŶƚŽĨǆƉĞŶƐĞƐŽŶWĞƌƐŽŶŶĞůĞƉƵƚĞĚƚŽƚŚĞŽŵƉĂŶǇ ϭϱ͘ϳϵ ϭϱ͘ϳϲ KƵƚƐŽƵƌĐĞĚ^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐ ϲϱ͘ϬϬ ϱϯ͘ϲϱ
WĂǇŵĞŶƚƚŽŽŶƚƌĂĐƚŽƌƐ ϰϳ͘Ϭϵ ϰϰ͘Ϭϰ ǆĐŚĂŶŐĞ>ŽƐƐ;EĞƚͿ Ϭ͘ϭϭ Ϭ͘ϮϮ
^ƚĂītĞůĨĂƌĞǆƉĞŶƐĞƐ ϳϵ͘ϭϲ ϳϱ͘Ϭϰ >ŽƐƐŽŶ^ĂůĞŽĨWƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ϭ͘ϭϰ Ͳ
ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ WĂǇŵĞŶƚŵĂĚĞƚŽ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝŝͿͿ ϯ͘ϭϰ ϯ͘ϵϱ
ŝƌĞĐƚŽƌƐ͛&ĞĞƐĂŶĚŽŵŵŝƐƐŝŽŶ ϰ͘ϭϬ ϯ͘ϯϯ
Footnote:
KƚŚĞƌǆƉĞŶƐĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ ϱϴ͘ϳϲ ϳϬ͘ϵϰ
ŵƉůŽǇĞĞ ďĞŶĞĮƚ ĞǆƉĞŶƐĞƐ ŽĨ ` ϰ͘ϵϯ ĐƌŽƌĞƐ ;WƌĞǀŝŽƵƐ zĞĂƌ ` Ϯ͘ϲϵ ĐƌŽƌĞƐͿ ĨŽƌ ƚŚĞ ǇĞĂƌ ĂŶĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ĂƩƌŝďƵƚĂďůĞ ƚŽ ĐŽŶƐƚƌƵĐƟŽŶ Žƌ
ƌĞŶŽǀĂƟŽŶŽĨŚŽƚĞůďƵŝůĚŝŶŐƐŚĂƐďĞĞŶĐĂƉŝƚĂůŝƐĞĚ͘ ϱϱϵ͘ϲϱ ϱϮϱ͘ϭϱ
ϭ͕ϬϳϮ͘ϵϬ ϭ͕ϬϮϴ͘ϲϱ
EŽƚĞϮϱ͗&ŝŶĂŶĐĞŽƐƚƐ Footnotes:
;ŝͿ dŚĞĨŽůůŽǁŝŶŐĚŝƌĞĐƚĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌĂŶĚƚŽƚŚĞĞǆƚĞŶƚĂƩƌŝďƵƚĂďůĞƚŽĐŽŶƐƚƌƵĐƟŽŶŽƌƌĞŶŽǀĂƟŽŶŽĨŚŽƚĞůďƵŝůĚŝŶŐƐ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ŚĂǀĞďĞĞŶĐĂƉŝƚĂůŝƐĞĚ͗
` crores ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
/ŶƚĞƌĞƐƚǆƉĞŶƐĞĂƚĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶďŽƌƌŽǁŝŶŐƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚ ϭϴϰ͘ϱϬ ϭϵϰ͘ϵϵ ` crores ` crores
ĂŵŽƌƟƐĞĚĐŽƐƚ &ƵĞů͕ƉŽǁĞƌĂŶĚůŝŐŚƚ Ϭ͘ϭϮ Ϭ͘ϭϭ
ĚĚ͗^ĞƩůĞŵĞŶƚƐŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉĐŽŶƚƌĂĐƚƐ Ϭ͘Ϭϱ ;Ϭ͘ϰϭͿ KƚŚĞƌĞǆƉĞŶƐĞƐ;EĞƚͿ ϭϲ͘ϵϭ ϭϭ͘ϭϰ
ϭϴϰ͘ϱϱ ϭϵϰ͘ϱϴ ϭϳ͘Ϭϯ ϭϭ͘Ϯϱ
KŶdĂǆĞŵĂŶĚƐ ϳ͘ϴϳ ϭ͘ϲϭ
KƚŚĞƌďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϭ͘Ϭϭ ϭ͘ϲϳ ;ŝŝͿ KƚŚĞƌĞǆƉĞŶƐĞƐŝŶĐůƵĚĞƐƐĞƚƐǁƌŝƩĞŶŽīͲ`ϭ͘ϭϵĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϵ͘ϴϱĐƌŽƌĞƐͿ͘
ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ ;ŝŝŝͿ WĂǇŵĞŶƚŵĂĚĞƚŽ^ƚĂƚƵƚŽƌǇƵĚŝƚŽƌƐ͗

EŽƚĞϮϲ͗KƚŚĞƌKƉĞƌĂƟŶŐĂŶĚ'ĞŶĞƌĂůǆƉĞŶƐĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƐĂƵĚŝƚŽƌƐ Ϯ͘ϬϮ Ϯ͘ϳϱ
` crores ` crores ƐƚĂǆĂƵĚŝƚŽƌƐ Ϭ͘ϰϬ Ϭ͘ϯϴ
(i) KƉĞƌĂƟŶŐĞǆƉĞŶƐĞƐĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ &ŽƌŽƚŚĞƌƐĞƌǀŝĐĞƐ Ϭ͘ϲϯ Ϭ͘ϱϱ
>ŝŶĞŶĂŶĚZŽŽŵ^ƵƉƉůŝĞƐ ϰϮ͘ϳϭ ϰϭ͘ϵϵ &ŽƌŽƵƚͲŽĨƉŽĐŬĞƚĞǆƉĞŶƐĞƐ Ϭ͘Ϭϴ Ϭ͘ϭϳ
ĂƚĞƌŝŶŐ^ƵƉƉůŝĞƐ ϭϵ͘Ϯϳ ϮϬ͘ϳϱ ^ĞƌǀŝĐĞƚĂǆͬ'^dŽŶĂďŽǀĞ΀EĞƚŽĨĐƌĞĚŝƚĂǀĂŝůĞĚͲ`Ϭ͘ϮϴĐƌŽƌĞ;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϭ͘ϰϵ Ϭ͘Ϭϭ Ϭ͘ϭϬ
KƚŚĞƌ^ƵƉƉůŝĞƐ 5.19 ϱ͘ϮϮ crore)]
&ƵĞů͕WŽǁĞƌĂŶĚ>ŝŐŚƚ ϭϲϱ͘ϱϱ ϭϲϲ͘ϴϳ ϯ͘ϭϰ ϯ͘ϵϱ
ZĞƉĂŝƌƐƚŽƵŝůĚŝŶŐƐ ϰϬ͘Ϯϵ ϰϬ͘ϯϲ &ŽŽƚŶŽƚĞ͗
ZĞƉĂŝƌƐƚŽDĂĐŚŝŶĞƌǇ ϰϯ͘Ϯϳ ϰϱ͘ϬϮ Excludes `ϭ͘ϯϲĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲÈŝůͿĂĚũƵƐƚĞĚĂŐĂŝŶƐƚ^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵĐĐŽƵŶƚ;ŝŶĐůƵĚŝŶŐƉĂǇŵĞŶƚŽĨ`Ϭ͘ϲϮĐƌŽƌĞƚŽĞƌƐƚǁŚŝůĞƵĚŝƚŽƌͿ
ZĞƉĂŝƌƐƚŽKƚŚĞƌƐ ϭϬ͘ϴϯ ϭϭ͘ϯϳ ;ŝǀͿ >ŝĐĞŶĐĞ&ĞĞƐŝŶĐůƵĚĞƐ`ϯ͘ϴϮĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϯ͘ϱϵĐƌŽƌĞƐͿƚŽǁĂƌĚƐĂŵŽƌƟƐĂƟŽŶŽĨ>ĞĂƐĞƉƌĞŵŝƵŵŽŶĂĐĐŽƵŶƚŽĨŵĞĂƐƵƌĞŵĞŶƚ
>ŝŶĞŶĂŶĚhŶŝĨŽƌŵtĂƐŚŝŶŐĂŶĚ>ĂƵŶĚƌǇǆƉĞŶƐĞƐ ϭϮ͘ϭϱ ϭϬ͘ϴϲ ŽĨŝŶƚĞƌĞƐƚĨƌĞĞƌĞĨƵŶĚĂďůĞƐĞĐƵƌŝƚǇĚĞƉŽƐŝƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
^ĞĐƵƌŝƚǇĐŚĂƌŐĞƐĂŶĚKƚŚĞƌƐ Ϯϵ͘ϮϮ Ϯϳ͘ϱϵ ;ǀͿ dŚĞŐƌŽƐƐĂŵŽƵŶƚƌĞƋƵŝƌĞĚƚŽďĞƐƉĞŶƚďǇƚŚĞŽŵƉĂŶǇĚƵƌŝŶŐƚŚĞǇĞĂƌŝƐ `ϱ͘ϮϯĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ `ϰ͘ϮϲĐƌŽƌĞƐͿ͘ŐĂŝŶƐƚƚŚŝƐ
'ƵĞƐƚdƌĂŶƐƉŽƌƚĂƟŽŶ ϯϱ͘Ϯϱ ϯϯ͘ϯϮ ƐƵŵ͕ƚŚĞŽŵƉĂŶǇŚĂƐƐƉĞŶƚ `ϱ͘ϮϳĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ `ϰ͘ϯϲĐƌŽƌĞƐͿŽŶƉƌŽũĞĐƚƐŽƚŚĞƌƚŚĂŶĐŽŶƐƚƌƵĐƟŽŶͬĂĐƋƵŝƐŝƟŽŶŽĨĂƐƐĞƚƐ͘
dƌĂǀĞůŐĞŶƚƐ͛ŽŵŵŝƐƐŝŽŶ ϯϴ͘ϴϲ ϯϳ͘Ϯϲ dŚĞĞŶƟƌĞĂŵŽƵŶƚŚĂƐďĞĞŶĚŝƐďƵƌƐĞĚͬĐŽŵŵŝƩĞĚƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ͘
ŝƐĐŽƵŶƚƚŽŽůůĞĐƟŶŐŐĞŶƚƐ Ϯϭ͘ϭϭ ϮϬ͘Ϭϯ
KƚŚĞƌKƉĞƌĂƟŶŐǆƉĞŶƐĞƐ ϰϵ͘ϱϱ ϰϮ͘ϴϲ
EŽƚĞϮϳ͗ǆĐĞƉƟŽŶĂů/ƚĞŵƐ
ϱϭϯ͘Ϯϱ ϱϬϯ͘ϱϬ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
(ii) 'ĞŶĞƌĂůĞǆƉĞŶƐĞƐĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ` crores ` crores
ZĞŶƚ ϰϯ͘ϳϭ ϰϳ͘Ϭϴ ǆĐĞƉƟŽŶĂů/ƚĞŵƐĐŽŵƉƌŝƐĞƐƚŚĞĨŽůůŽǁŝŶŐ͗
>ŝĐĞŶĐĞ&ĞĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿͿ ϭϲϭ͘ϭϰ ϭϱϴ͘ϭϯ ǆĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶ>ŽŶŐͲƚĞƌŵŽƌƌŽǁŝŶŐƐͬƐƐĞƚƐ;EĞƚͿ ;Ϭ͘ϮϬͿ ϭ͘ϵϬ
ZĂƚĞƐĂŶĚdĂǆĞƐ ϱϯ͘Ϭϲ ϰϮ͘ϰϴ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ
/ŶƐƵƌĂŶĐĞ ϲ͘ϱϱ ϲ͘ϱϯ WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌǇƚŚĂƚŝŶĐƵƌƌĞĚůŽƐƐĞƐ ;ϴϬ͘ϱϬͿ ;ϲϰ͘ϯϯͿ
ĚǀĞƌƟƐŝŶŐĂŶĚWƵďůŝĐŝƚǇ ϵϯ͘Ϭϵ ϴϬ͘ϵϱ ;ZĞĨĞƌEŽƚĞϱ;ĂͿ͕&ŽŽƚŶŽƚĞ;ǀͿͿ
WƌŝŶƟŶŐĂŶĚ^ƚĂƟŽŶĞƌǇ ϴ͘ϳϵ ϴ͘ϯϯ ZĞĐŽǀĞƌǇŽĨĐŽƐƚƐĂůŽŶŐǁŝƚŚŝŶƚĞƌĞƐƚ;`ϭϰ͘ϳϬĐƌŽƌĞƐͿŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ Ͳ Ϯϰ͘ϯϯ
WĂƐƐĂŐĞĂŶĚdƌĂǀĞůůŝŶŐ ϭϬ͘ϯϴ ϭϬ͘ϴϯ ZĞĨƵŶĚŽĨDƵŶŝĐŝƉĂůƚĂǆ;ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚ`Ϯ͘ϯϴĐƌŽƌĞƐͿ Ͳ ϲ͘ϭϲ
WƌŽǀŝƐŝŽŶĨŽƌŽƵďƞƵůĞďƚƐͬĂĚĚĞďƚƐǁƌŝƩĞŶŽī ϭϯ͘ϯϰ ϭ͘ϱϳ ;ϱϱ͘ϭϵͿ ϯϯ͘ϱϭ
Carried over ϯϵϬ͘Ϭϲ ϯϱϱ͘ϵϬ
EŽƚĞϮϴ͗ĐĐŽƵŶƟŶŐĂŶĚŝƐĐůŽƐƵƌĞƐĨŽƌ^ĐŚĞŵĞŽĨŵĂůŐĂŵĂƟŽŶ &ŽŽƚŶŽƚĞ͗
ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞEĂƟŽŶĂůŽŵƉĂŶǇ>ĂǁdƌŝďƵŶĂů;͞E>d͟Ϳ͕DƵŵďĂŝďĞŶĐŚǀŝĚĞŝƚƐKƌĚĞƌĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϴŚĂƐĂƉƉƌŽǀĞĚƚŚĞ^ĐŚĞŵĞ ŝͿ /ŶƌĞƐƉĞĐƚŽĨ/ŶĐŽŵĞdĂǆŵĂƩĞƌƐ͕ƚŚĞŽŵƉĂŶǇŚĂƐŽŶŐŽŝŶŐĚŝƐƉƵƚĞƐǁŝƚŚ/ŶĐŽŵĞdĂǆƵƚŚŽƌŝƟĞƐƌĞůĂƟŶŐƚŽƚƌĞĂƚŵĞŶƚŽĨĐĞƌƚĂŝŶ
ŽĨ ŵĂůŐĂŵĂƟŽŶ ŽĨ d/&K ,ŽůĚŝŶŐƐ >ƚĚ ;͞d/&K͟Ϳ͕ Ă ǁŚŽůůǇ ŽǁŶĞĚ ŝŶǀĞƐƚŵĞŶƚ ŚŽůĚŝŶŐ ƐƵďƐŝĚŝĂƌǇ͕ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͘ dŚĞ ^ĐŚĞŵĞ ǁĂƐ ŝƚĞŵƐͬĂĚũƵƐƚŵĞŶƚƐĐĂƌƌŝĞĚŽƵƚďǇƚŚĞĞƉĂƌƚŵĞŶƚ͘dŚĞŽŵƉĂŶǇ͛ƐĂƉƉĞĂůƐĂƌĞƉĞŶĚŝŶŐďĞĨŽƌĞǀĂƌŝŽƵƐƉƉĞůůĂƚĞƵƚŚŽƌŝƟĞƐ͘
ĂƉƉƌŽǀĞĚďǇƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶDĂǇϮϲ͕ϮϬϭϳ͘ŽŶƐĞƋƵĞŶƚƚŽƚŚĞƐĂŝĚKƌĚĞƌĂŶĚĮůŝŶŐŽĨƚŚĞĮŶĂůĐĞƌƟĮĞĚKƌĚĞƌƐǁŝƚŚƚŚĞZĞŐŝƐƚƌĂƌ DŽƐƚŽĨƚŚĞƐĞĚŝƐĂůůŽǁĂŶĐĞƐͬĂĚũƵƐƚŵĞŶƚƐ͕ďĞŝŶŐƌĞƉĞƟƟǀĞŝŶŶĂƚƵƌĞ͕ŚĂǀĞďĞĞŶƌĂŝƐĞĚďǇƚŚĞŝŶĐŽŵĞƚĂǆĂƵƚŚŽƌŝƟĞƐĐŽŶƐŝƐƚĞŶƚůǇ
ŽĨƚŚĞŽŵƉĂŶŝĞƐ͕DĂŚĂƌĂƐŚƚƌĂŽŶƉƌŝůϭϭ͕ϮϬϭϴ͕ƚŚĞ^ĐŚĞŵĞŚĂƐďĞĐŽŵĞĞīĞĐƟǀĞƵƉŽŶƚŚĞĐŽŵƉůĞƟŽŶŽĨƚŚĞĮůŝŶŐǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞ ŝŶŵŽƐƚŽĨƚŚĞǇĞĂƌƐ͘ĂƐŚŽƵƞůŽǁƐĨŽƌƚŚĞĂďŽǀĞĂƌĞĚĞƚĞƌŵŝŶĂďůĞŽŶůǇŽŶƌĞĐĞŝƉƚŽĨũƵĚŐĞŵĞŶƚƐƉĞŶĚŝŶŐǁŝƚŚǀĂƌŝŽƵƐĂƵƚŚŽƌŝƟĞƐ
ƉƉŽŝŶƚĞĚĂƚĞŽĨƉƌŝůϭ͕ϮϬϭϳ͘
ͬdƌŝďƵŶĂůƐ͘dŚĞŽŵƉĂŶǇĞǆƉĞĐƚƐƚŽƐƵƐƚĂŝŶŝƚƐƉŽƐŝƟŽŶŽŶƵůƟŵĂƚĞƌĞƐŽůƵƟŽŶŽĨƚŚĞĂƉƉĞĂůƐ͘
hƉŽŶĐŽŵŝŶŐŝŶƚŽĞīĞĐƚŽĨƚŚĞ^ĐŚĞŵĞ͕ƚŚĞƵŶĚĞƌƚĂŬŝŶŐŽĨd/&KƐƚĂŶĚƐƚƌĂŶƐĨĞƌƌĞĚƚŽĂŶĚǀĞƐƚĞĚŝŶƚŚĞŽŵƉĂŶǇǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞ
ƉƉŽŝŶƚĞĚĂƚĞ͘ ŝŝͿ /ŶƌĞƐƉĞĐƚŽĨƌĞŐƵůĂƚŽƌǇŵĂƩĞƌƐƉůĞĂƐĞƌĞĨĞƌŶŽƚĞŶŽ͘ϯϲ
ƐƚŚŝƐŝƐĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶŽĨĞŶƟƚǇƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽů͕ƚŚĞĂŵĂůŐĂŵĂƟŽŶŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚƵƐŝŶŐƚŚĞ͚ƉŽŽůŝŶŐŽĨŝŶƚĞƌĞƐƚ͛ ;ďͿ KŶĂĐĐŽƵŶƚŽĨůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͗

ŵĞƚŚŽĚ ;ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĂƉƉƌŽǀĞĚ ^ĐŚĞŵĞͿ͘ dŚĞ ĮŐƵƌĞƐ ĨŽƌ ƚŚĞ ƉƌĞǀŝŽƵƐ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ ƌĞĐĂƐƚ ĂƐ ŝĨ ƚŚĞ ĂŵĂůŐĂŵĂƟŽŶ ŚĂĚ /ŶƌĞƐƉĞĐƚŽĨĂƉůŽƚŽĨůĂŶĚƉƌŽǀŝĚĞĚƚŽƚŚĞŽŵƉĂŶǇƵŶĚĞƌĂůĞĂƐĞĂŐƌĞĞŵĞŶƚ͕ŽŶǁŚŝĐŚƚŚĞŽŵƉĂŶǇŚĂƐĐŽŶƐƚƌƵĐƚĞĚĂŚŽƚĞů͕
ŽĐĐƵƌƌĞĚĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉƌĞĐĞĚŝŶŐƉĞƌŝŽĚƚŽŚĂƌŵŽŶŝƐĞƚŚĞĂĐĐŽƵŶƟŶŐĨŽƌƚŚĞ^ĐŚĞŵĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƉƉĞŶĚŝǆ
ƚŚĞůĞƐƐŽƌŚĂƐŵĂĚĞĂĐůĂŝŵŽĨ`ϯϴϳ͘ϵϱĐƌŽƌĞƐƚŽĚĂƚĞ͕;ϭϯƟŵĞƐƚŚĞƉƌĞǀŝŽƵƐĂŶŶƵĂůƌĞŶƚĂůͿĨŽƌŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞŶƚĂůƐǁŝƚŚĞīĞĐƚ
ŽĨ/ŶĚ^ϭϬϯŽŶƵƐŝŶĞƐƐŽŵďŝŶĂƟŽŶƐ͘dŚĞĨŽůůŽǁŝŶŐƐƐĞƚƐĂŶĚ>ŝĂďŝůŝƟĞƐĂŶĚ/ŶĐŽŵĞĂŶĚǆƉĞŶƐĞĂƌĞŝŶĐůƵĚĞĚ;ĂŌĞƌĞůŝŵŝŶĂƟŶŐƚŚĞ
ĨƌŽŵϮϬϬϲͲϬϳ͘dŚĞŽŵƉĂŶǇďĞůŝĞǀĞƐƚŚĞƐĞĐůĂŝŵƐƚŽďĞƵŶƚĞŶĂďůĞ͘dŚĞŽŵƉĂŶǇŚĂƐĐŽŶƚĞƐƚĞĚƚŚĞĐůĂŝŵďĂƐĞĚƵƉŽŶůĞŐĂůĂĚǀŝĐĞ͕
ŝŶƚĞƌĐŽŵƉĂŶǇďĂůĂŶĐĞƐͿŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶǇĨŽƌƚŚĞƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͗
ďǇĮůŝŶŐĂƐƵŝƚŝŶƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂǇŽŶŐƌŽƵŶĚƐŽĨƚŚĞůĞƐƐŽƌ͛ƐŝŶĐŽŶƐŝƐƚĞŶƚƐƚĂŶĚŽŶĂƵƚŽŵĂƟĐ
ƌĞŶĞǁĂůŽĨůĞĂƐĞ͕ůĞǀǇŽĨůĞĂƐĞƌĞŶƚĂůƐĂŶĚŵĞƚŚŽĚŽĨĐŽŵƉƵƟŶŐƐƵĐŚůĞĂƐĞƌĞŶƚ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞƚŚĞŶĞǆŝƐƟŶŐůĞƐƐŽƌƐ͛Ɛ
` crores ` crores ƉŽůŝĐǇĂƐĂůƐŽĂ^ƵƉƌĞŵĞŽƵƌƚũƵĚŐŵĞŶƚŽŶƌĞůĂƚĞĚŵĂƩĞƌƐ͘ǀĞŶƚĂŬŝŶŐƌĞĐĞŶƚĞŶĂĐƚŵĞŶƚƐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶ͕ŝŶƚŚĞŽƉŝŶŝŽŶŽĨ
ƐƐĞƚƐ ϭϲϯ͘ϵϬ ϭϱϱ͘ϭϳ ƚŚĞŽŵƉĂŶǇ͕ƚŚĞĐŽŵƉƵƚĂƟŽŶĐĂŶŶŽƚƐƚƌĞƚĐŚďĞǇŽŶĚ`ϭϬϬ͘ϰϭĐƌŽƌĞƐ;ĞǆĐůƵĚŝŶŐŝŶƚĞƌĞƐƚͬƉĞŶĂůƚǇͿ͕ĂŶĚƚŚŝƐƚŽŽŝƐďĞŝŶŐĐŽŶƚĞƐƚĞĚ
>ŝĂďŝůŝƟĞƐ ϰ͘ϭϰ ϯ͘ϴϳ ďǇƚŚĞŽŵƉĂŶǇŽŶŵĞƌŝƚ͘
Net Assets ϭϱϵ͘ϳϲ ϭϱϭ͘ϯϬ
/ŶĐŽŵĞ 5.59 ϰ͘ϭϳ &ƵƌƚŚĞƌ͕Ă͞EŽƟĐĞŽĨDŽƟŽŶ͟ŚĂƐďĞĞŶĮůĞĚďǇƚŚĞĐŽŵƉĂŶǇďĞĨŽƌĞďǇƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂǇ͕ŝŶƚĞƌĂůŝĂ͕
Expense ϭ͘ϱϰ Ϯ͘ϵϯ ĨŽƌĂƐƚĂǇĂŐĂŝŶƐƚĂŶǇĨƵƌƚŚĞƌƉƌŽĐĞĞĚŝŶŐƐďǇƚŚĞůĞƐƐŽƌ͕ƉĞŶĚŝŶŐĂƌĞƐŽůƵƟŽŶŽĨƚŚŝƐĚŝƐƉƵƚĞďǇƚŚĞ,ŽŶŽƵƌĂďůĞŽŵďĂǇ,ŝŐŚŽƵƌƚ͘/Ŷ
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϰ͘ϰϭ ;ϴ͘ϬϭͿ ǀŝĞǁŽĨƚŚŝƐ͕ĂŶĚďĂƐĞĚŽŶůĞŐĂůĂĚǀŝĐĞ͕ƚŚĞŽŵƉĂŶǇƌĞŐĂƌĚƐƚŚĞůŝŬĞůŝŚŽŽĚŽĨƐƵƐƚĂŝŶĂďŝůŝƚǇŽĨƚŚĞůĞƐƐŽƌ͛ƐĐůĂŝŵƚŽďĞƌĞŵŽƚĞĂŶĚƚŚĞ
ĂŵŽƵŶƚŽĨĂŶǇƉŽƚĞŶƟĂůůŝĂďŝůŝƚǇ͕ŝĨĂƚĂůů͕ƚŽďĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘
ůůĞƋƵŝƚǇƐŚĂƌĞƐŽĨd/&KŚĞůĚďǇƚŚĞŽŵƉĂŶǇǁĞƌĞĐĂŶĐĞůůĞĚǁŝƚŚŽƵƚĂŶǇĨƵƌƚŚĞƌĂƉƉůŝĐĂƟŽŶ͕ĂĐƚŽƌĚĞĞĚ͘ĐĐŽƌĚŝŶŐůǇ͕ƚŚĞŝŶǀĞƐƚŵĞŶƚ
ŚĞůĚďǇƚŚĞŽŵƉĂŶǇŝŶd/&KĂŐŐƌĞŐĂƟŶŐƚŽ`ϴϭ͘ϱϬĐƌŽƌĞƐŚĂƐďĞĞŶĞůŝŵŝŶĂƚĞĚĂŶĚƚŚĞƌĞƐĞƌǀĞƐĂŶĚƐƵƌƉůƵƐŽĨd/&KĂŐŐƌĞŐĂƟŶŐƚŽ dŚĞůĞƐƐŽƌ͛ƐůĂǁǇĞƌŚĂĚŐŝǀĞŶĂƐƚĂƚĞŵĞŶƚďĞĨŽƌĞƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂǇƚŚĂƚŝƚƐŚĂůůŶŽƚŐŝǀĞĞīĞĐƚƚŽŝƚƐ
`ϭϱϵ͘ϳϲĐƌŽƌĞƐĂŶĚ`ϭϱϭ͘ϯϬĐƌŽƌĞƐĨŽƌǇĞĂƌƐĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇǁĞƌĞĂĚĚĞĚŽŶůŝŶĞďǇůŝŶĞďĂƐŝƐ ŶŽƟĐĞŽĨƚĞƌŵŝŶĂƟŽŶĚƵƌŝŶŐƚŚĞƉĞŶĚĞŶĐǇŽĨƚŚĞƐƵŝƚĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚĐŽŶƟŶƵĞƐƚŽďĞŝŶĨŽƌĐĞƟůůĚĂƚĞ͘
ǁŝƚŚƚŚĞƌĞƐƉĞĐƟǀĞƌĞƐĞƌǀĞƐŽĨƚŚĞŽŵƉĂŶǇĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚĞĚŝīĞƌĞŶĐĞŽĨĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͘dŚŝƐĂŵĂůŐĂŵĂƟŽŶ
ĚŝĚŶŽƚŝŶǀŽůǀĞĂŶǇĐĂƐŚŽƵƞůŽǁ;ĞǆĐĞƉƚĨŽƌƚŚĞƚƌĂŶƐĂĐƟŽŶĐŽƐƚƐǁŚŝĐŚǁĂƐĞǆƉĞŶƐĞĚŽƵƚͿĂƐd/&KǁĂƐĂǁŚŽůůǇŽǁŶĞĚƐƵďƐŝĚŝĂƌǇĂŶĚ ;ĐͿ KƚŚĞƌƐ͗
ƚŚĞĂŵĂůŐĂŵĂƟŽŶŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚƵƐŝŶŐƚŚĞ͚ƉŽŽůŝŶŐŽĨŝŶƚĞƌĞƐƚ͛ŵĞƚŚŽĚ͘KƉĞŶŝŶŐĐĂƐŚďĂůĂŶĐĞƐĂŐŐƌĞŐĂƟŶŐƚŽ`Ϭ͘ϯϭĐƌŽƌĞǁĞƌĞ DĂŶĂŐĞŵĞŶƚŝƐŐĞŶĞƌĂůůǇƵŶĂďůĞƚŽƌĞĂƐŽŶĂďůǇĞƐƟŵĂƚĞĂƌĂŶŐĞŽĨƉŽƐƐŝďůĞůŽƐƐĨŽƌƉƌŽĐĞĞĚŝŶŐƐŽƌĚŝƐƉƵƚĞƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞŝŶĐůƵĚĞĚ
ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞŽŵƉĂŶǇ͘
ŝŶƚŚĞĞƐƟŵĂƚĞĂďŽǀĞ͕ŝŶĐůƵĚŝŶŐǁŚĞƌĞ͗
EŽƚĞϮϵ͗ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐ;ƚŽƚŚĞĞǆƚĞŶƚŶŽƚƉƌŽǀŝĚĞĚĨŽƌͿĂŶĚŽŶƟŶŐĞŶƚƐƐĞƚƐ͗
;ŝͿ ƉůĂŝŶƟīƐͬƉĂƌƟĞƐŚĂǀĞŶŽƚĐůĂŝŵĞĚĂŶĂŵŽƵŶƚŽĨŵŽŶĞǇĚĂŵĂŐĞƐ͕ƵŶůĞƐƐŵĂŶĂŐĞŵĞŶƚĐĂŶŽƚŚĞƌǁŝƐĞĚĞƚĞƌŵŝŶĞĂŶĂƉƉƌŽƉƌŝĂƚĞ
dŚĞŽŵƉĂŶǇŝƐŝŶǀŽůǀĞĚŝŶĂŶƵŵďĞƌŽĨĂƉƉĞůůĂƚĞ͕ũƵĚŝĐŝĂůĂŶĚĂƌďŝƚƌĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐ;ŝŶĐůƵĚŝŶŐƚŚŽƐĞĚĞƐĐƌŝďĞĚďĞůŽǁͿĐŽŶĐĞƌŶŝŶŐŵĂƩĞƌƐ ĂŵŽƵŶƚ͖
ĂƌŝƐŝŶŐŝŶƚŚĞĐŽƵƌƐĞŽĨĐŽŶĚƵĐƚŽĨƚŚĞŽŵƉĂŶǇ͛ƐďƵƐŝŶĞƐƐĞƐĂŶĚŝƐĞǆƉŽƐĞĚƚŽŽƚŚĞƌĐŽŶƟŶŐĞŶĐŝĞƐĂƌŝƐŝŶŐĨƌŽŵŚĂǀŝŶŐŝƐƐƵĞĚŐƵĂƌĂŶƚĞĞƐ
ƚŽůĞŶĚĞƌƐŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚŽƚŚĞƌĞŶƟƟĞƐ͘^ŽŵĞŽĨƚŚĞƐĞƉƌŽĐĞĞĚŝŶŐƐŝŶƌĞƐƉĞĐƚŽĨŵĂƩĞƌƐƵŶĚĞƌůŝƟŐĂƟŽŶĂƌĞŝŶĞĂƌůǇƐƚĂŐĞƐ͕ĂŶĚŝŶ ;ŝŝͿ ƚŚĞƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶĞĂƌůǇƐƚĂŐĞƐ͖
ƐŽŵĞŽƚŚĞƌĐĂƐĞƐ͕ƚŚĞĐůĂŝŵƐĂƌĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘
;ŝŝŝͿ ƚŚĞƌĞŝƐƵŶĐĞƌƚĂŝŶƚǇĂƐƚŽƚŚĞŽƵƚĐŽŵĞŽĨƉĞŶĚŝŶŐĂƉƉĞĂůƐŽƌŵŽƟŽŶƐŽƌŶĞŐŽƟĂƟŽŶƐ͖ĂŶĚ
;ĂͿ KŶĂĐĐŽƵŶƚŽĨŵĂƩĞƌƐŝŶĚŝƐƉƵƚĞ͗
ŵŽƵŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐůĂŝŵƐ;ĞǆĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĂŶĚƉĞŶĂůƟĞƐͿĂƐƐĞƌƚĞĚďǇǀĂƌŝŽƵƐƌĞǀĞŶƵĞĂƵƚŚŽƌŝƟĞƐŽŶƚŚĞŽŵƉĂŶǇ͕ŝŶƌĞƐƉĞĐƚŽĨ ;ŝǀͿ ƚŚĞƌĞĂƌĞƐŝŐŶŝĮĐĂŶƚĨĂĐƚƵĂůŝƐƐƵĞƐƚŽďĞƌĞƐŽůǀĞĚ͖ĂŶĚͬŽƌƚŚĞƌĞĂƌĞŶŽǀĞůůĞŐĂůŝƐƐƵĞƐƉƌĞƐĞŶƚĞĚ͘
ƚĂǆĞƐ͕ĞƚĐ͕͘ǁŚŝĐŚĂƌĞŝŶĚŝƐƉƵƚĞ͕ĂƌĞĂƐƵŶĚĞƌ͗
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ dŚĞŽŵƉĂŶǇ͛ƐŵĂŶĂŐĞŵĞŶƚĚŽĞƐŶŽƚďĞůŝĞǀĞ͕ďĂƐĞĚŽŶĐƵƌƌĞŶƚůǇĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƟŽŶ͕ƚŚĂƚƚŚĞŽƵƚĐŽŵĞƐŽĨƚŚĞĂďŽǀĞŵĂƩĞƌƐ
` crores ` crores ǁŝůůŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞīĞĐƚŽŶƚŚĞŽŵƉĂŶǇ͛ƐĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ͕ƚŚŽƵŐŚƚŚĞŽƵƚĐŽŵĞƐĐŽƵůĚďĞŵĂƚĞƌŝĂůƚŽƚŚĞŽŵƉĂŶǇ͛Ɛ
/ŶĐŽŵĞƚĂǆ ϭϲϲ͘ϰϭ ϭϬϵ͘Ϯϱ ŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌĂŶǇƉĂƌƟĐƵůĂƌƉĞƌŝŽĚ͕ĚĞƉĞŶĚŝŶŐ͕ŝŶƉĂƌƚ͕ƵƉŽŶƚŚĞŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌƐƵĐŚƉĞƌŝŽĚ͘/ƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞĨŽƌ
ŶƚĞƌƚĂŝŶŵĞŶƚƚĂǆ Ϯ͘ϮϮ Ϯ͘Ϯϭ ƚŚĞŽŵƉĂŶǇƚŽĞƐƟŵĂƚĞƚŚĞƟŵŝŶŐƐŽĨĐĂƐŚŇŽǁƐ͕ŝĨĂŶǇ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞ͘
^ĂůĞƐƚĂǆͬ^ƚĂƚĞsĂůƵĞĂĚĚĞĚƚĂǆ ϭϵ͘ϵϲ ϭϳ͘ϰϳ
;ĚͿ <ĞǇĚĞǀĞůŽƉŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨĂƉƌŽƉĞƌƚǇ͗
WƌŽƉĞƌƚǇƚĂǆ ϭϰϰ͘Ϯϰ 55.95
ŌĞƌĞǆƉŝƌǇŽĨƚŚĞůŝĐĞŶƐĞƉĞƌŝŽĚŽĨdĂũDĂŚĂů,ŽƚĞů͕EĞǁĞůŚŝ͕ƚŚĞƌĞǁĂƐĂŶŽŶŐŽŝŶŐůŝƟŐĂƟŽŶďĞƚǁĞĞŶƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞůŝĐĞŶƐŽƌ͕
^ĞƌǀŝĐĞƚĂǆ ϱ͘ϯϲ ϭϬ͘ϲϳ
EĞǁĞůŚŝDƵŶŝĐŝƉĂůŽƵŶĐŝů;EDͿ͘KŶƉƌŝůϮϬ͕ϮϬϭϳ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐƉĞƌŵŝƩĞĚEDƚŽĐŽŶĚƵĐƚĞͲĂƵĐƟŽŶŽĨůŝĐĞŶƐĞ
Others Ϯϳ͘ϯϰ ϭϲ͘ϵϵ
ƌŝŐŚƚƐ͕ ĂŶĚ ŚĂƐ ĂůƐŽ ĂůůŽǁĞĚ ƚŚĞ ŽŵƉĂŶǇ Ɛŝǆ ŵŽŶƚŚƐ͛ ƟŵĞ ƚŽ ŚĂŶĚŽǀĞƌ ƚŚĞ ƉƌĞŵŝƐĞƐ ŝŶ ĐĂƐĞ ƚŚĞ ŽŵƉĂŶǇ ŝƐ ƵŶƐƵĐĐĞƐƐĨƵů ŝŶ ƚŚĞ

ĞͲĂƵĐƟŽŶ͘dŚĞŚŽƚĞůĂƚƚŚĞƉƌĞŵŝƐĞƐƐŚĂůůĐŽŶƟŶƵĞƚŽĐĂƌƌǇŽƵƚŝƚƐŽƉĞƌĂƟŽŶƐŝŶƚŚĞŵĞĂŶƟŵĞ͘dŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐĚŝƌĞĐƚĞĚƚŚĂƚĂƚ dŚĞŵŝŶŝŵƵŵĨƵƚƵƌĞůĞĂƐĞƌĞŶƚĂůƐƉĂǇĂďůĞŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĐĂŶĐĞůůĂďůĞůĞĂƐĞƐĞŶƚĞƌĞĚŝŶƚŽďǇƚŚĞŽŵƉĂŶǇƚŽƚŚĞĞǆƚĞŶƚŽĨŵŝŶŝŵƵŵ
ƚŚĞƟŵĞŽĨĐŽŶĚƵĐƟŶŐƐƵĐŚĞͲĂƵĐƟŽŶ͕EDƐŚĂůůƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƵŶďůĞŵŝƐŚĞĚƌĞĐŽƌĚŽĨƚŚĞŽŵƉĂŶǇĂƐǁĞůůĂƐŝƚƐĐĂƉĂďŝůŝƟĞƐ͘ ŐƵĂƌĂŶƚĞĞĂŵŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ͗Ͳ
EDŚĂƐďĞĞŶĚŝƌĞĐƚĞĚƚŽƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐĞĨĂĐƚƐǁŚŝůĞƚĂŬŝŶŐĂĮŶĂůĚĞĐŝƐŝŽŶŝŶƚŚĞŵĂƩĞƌ͘KŶƚŚĞϵƚŚŽĨĞĐĞŵďĞƌ͕ϮϬϭϳ͕
EDƉƵďůŝƐŚĞĚĂdĞŶĚĞƌĨŽƌƚŚĞŚŽƚĞůĂŶĚůĂŶĚ͕ǁŝƚŚĐĞƌƚĂŝŶƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐ͕ǀŝĚĞǁŚŝĐŚƚŚĞĂƵĐƟŽŶǁĂƐƐĐŚĞĚƵůĞĚƚŽƚĂŬĞ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ƉůĂĐĞ ŽŶ ƚŚĞ ϯϬƚŚ ŽĨ :ĂŶƵĂƌǇ͕ ϮϬϭϴ͘ /ŶƚĞƌĞƐƚĞĚ ďŝĚĚĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŽŵƉĂŶǇ͕ ŚĂǀĞ ƐƵďŵŝƩĞĚ ƋƵĞƌŝĞƐ ŽŶ ƚŚĞ ƐĂŝĚ ƚĞƌŵƐ͕ ǁŚŝĐŚ ` crores ` crores
ǁĞƌĞƐƵƉƉŽƐĞĚƚŽďĞƌĞƐƉŽŶĚĞĚŽŶƚŚĞϯƌĚŽĨ:ĂŶƵĂƌǇ͕ϮϬϭϴ͘,ŽǁĞǀĞƌ͕ƚŚĞƐĂŝĚƌĞƐƉŽŶƐĞƐǁĞƌĞŶĞǀĞƌƉƵďůŝƐŚĞĚ͕ĂƐƚŚĞĚĂƚĞƐǁĞƌĞ EŽƚůĂƚĞƌƚŚĂŶŽŶĞǇĞĂƌ ϱϳ͘ϳϬ ϱϲ͘ϵϭ
ƉŽƐƚƉŽŶĞĚŝŶĚĞĮŶŝƚĞůǇ͘^ƵďƐĞƋƵĞŶƚůǇ͕ŽŶƚŚĞϮϱƚŚŽĨƉƌŝů͕ϮϬϭϴ͕ĂŶĞǁdĞŶĚĞƌŚĂƐďĞĞŶƉƵďůŝƐŚĞĚ͘dŚĞŽŵƉĂŶǇŝƐĞǀĂůƵĂƟŶŐŝƚƐ >ĂƚĞƌƚŚĂŶŽŶĞǇĞĂƌďƵƚŶŽƚůĂƚĞƌƚŚĂŶĮǀĞǇĞĂƌƐ ϮϬϬ͘ϱϰ ϮϬϵ͘ϵϰ
ŽƉƟŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĂŵĞ͘ >ĂƚĞƌƚŚĂŶĮǀĞǇĞĂƌƐ ϭϮϭϯ͘ϯϰ ϭϮϭϲ͘ϱϭ
ϭϰϳϭ͘ϱϴ ϭϰϴϯ͘ϯϲ
;ĞͿ ůĂŝŵƐĮůĞĚďǇƚŚĞŽŵƉĂŶǇ͗
/ŶĂĚĚŝƟŽŶ͕ŝŶĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĞŽŵƉĂŶǇŝƐĐŽŵŵŝƩĞĚƚŽŵĂŬŝŶŐĂĚĚŝƟŽŶĂůůĞĂƐĞƉĂǇŵĞŶƚƐƚŚĂƚĂƌĞĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ
dŚĞŽŵƉĂŶǇŚĂƐĮůĞĚĂĐůĂŝŵĨŽƌ'ŽǀĞƌŶŵĞŶƚƐƵďƐŝĚǇǁŝƚŚƚŚĞĞƉĂƌƚŵĞŶƚŽĨ/ŶĚƵƐƚƌŝĂůWŽůŝĐǇĂŶĚWƌŽŵŽƟŽŶĨŽƌĂŶĞǁŐƌĞĞŶĮĞůĚ
ǀŝǌ͘ŐƌŽƐƐŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘
ŚŽƚĞůƉƌŽũĞĐƚǁŚŝĐŚŚĂƐĐŽŵŵĞŶĐĞĚŽƉĞƌĂƟŽŶƐ͘dŚĞĐůĂŝŵŝƐŝŶƚŚĞŝŶŝƟĂůƐƚĂŐĞŽĨǀĞƌŝĮĐĂƟŽŶĂŶĚŝŶƚŚĞĂďƐĞŶĐĞŽĨƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚǇ
ĂƚƚŚŝƐƐƚĂŐĞŽŶƚŚĞĂŵŽƵŶƚƚŚĂƚŵĂǇďĞƵůƟŵĂƚĞůǇĂƉƉƌŽǀĞĚ͕ŶŽĚĞĨĞƌƌĞĚŝŶĐŽŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚ͘
ǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͗
EŽƚĞϯϬ͗ĂƉŝƚĂůŽŵŵŝƚŵĞŶƚƐ ` crores ` crores
ƐƟŵĂƚĞĚ ĂŵŽƵŶƚ ŽĨ ĐŽŶƚƌĂĐƚƐ ƌĞŵĂŝŶŝŶŐ ƚŽ ďĞ ĞǆĞĐƵƚĞĚ ŽŶ ĐĂƉŝƚĂů ĂĐĐŽƵŶƚ ŶĞƚ ŽĨ ĐĂƉŝƚĂů ĂĚǀĂŶĐĞƐ ĂŶĚ ŶŽƚ ƉƌŽǀŝĚĞĚ ĨŽƌ ŝƐ DŝŶŝŵƵŵ>ĞĂƐĞWĂǇŵĞŶƚƐͬ&ŝǆĞĚZĞŶƚĂůƐ ϰϯ͘ϰϯ ϯϵ͘ϭϵ
`ϭϬϭ͘ϲϮĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌʹ`ϲϮ͘ϰϳĐƌŽƌĞƐͿ͘ ŽŶƟŶŐĞŶƚƌĞŶƚƐΎ ϵϴ͘Ϭϲ ϭϮϳ͘ϴϳ
ϭϳϯ͘ϱϴ ϭϲϳ͘Ϭϲ
EŽƚĞϯϭ͗ZŝŐŚƚƐ/ƐƐƵĞŽĨƋƵŝƚǇ^ŚĂƌĞƐ ΎĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞǀŝǌ͘ŐƌŽƐƐŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘
KŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞŽŵƉĂŶǇĂůůŽƩĞĚϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬƋƵŝƚǇ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ`ϭĞĂĐŚĨŽƌĐĂƐŚ͕ĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌĞƋƵŝƚǇƐŚĂƌĞ
;ŝŶĐůƵĚŝŶŐĂƉƌĞŵŝƵŵŽĨ`ϳϰƉĞƌƐŚĂƌĞͿ͕ĂŐŐƌĞŐĂƟŶŐƚŽ`ϭϰϵϵ͘ϴϴĐƌŽƌĞƐƚŽƚŚĞĞǆŝƐƟŶŐƐŚĂƌĞŚŽůĚĞƌƐŽŶĂ͞ƌŝŐŚƚƐ͟ďĂƐŝƐŝŶƚŚĞƌĂƟŽŽĨϭ EŽƚĞϯϯ͗&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞƐ
ƋƵŝƚǇ^ŚĂƌĞĨŽƌĞǀĞƌǇϱĞƋƵŝƚǇƐŚĂƌĞƐŚĞůĚďǇĞƋƵŝƚǇƐŚĂƌĞŚŽůĚĞƌƐ͘
ĂͿ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐďǇĐĂƚĞŐŽƌǇ͗
dŚĞĨƵŶĚƐƌĂŝƐĞĚďǇǁĂǇŽĨƌŝŐŚƚƐŝƐƐƵĞǁĞƌĞƵƟůŝƐĞĚĂƐƵŶĚĞƌ͗
ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ
` crores FVTPL FVTOCI ŵŽƌƟƐĞĚ Total carrying
cost value
ŵŽƵŶƚƐƌĂŝƐĞĚƚŚƌŽƵŐŚZŝŐŚƚƐ/ƐƐƵĞ ϭϰϵϵ͘ϴϴ ` crores ` crores ` crores ` crores
hƟůŝƐĂƟŽŶ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
Measured at fair value
ZĞƉĂǇŵĞŶƚŽĨĞďƚƐ ϳϴϵ͘ϬϬ
/ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ͗
/ŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶǇ ϰϴϰ͘ϬϬ
ƋƵŝƚǇƐŚĂƌĞƐ Ͳ ϰϵϭ͘ϲϰ Ͳ ϰϵϭ͘ϲϰ
'ĞŶĞƌĂůĐŽƌƉŽƌĂƚĞƉƵƌƉŽƐĞƐ ϭϲϲ͘ϴϰ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϬϭ͘ϰϱ Ͳ Ͳ ϯϬϭ͘ϰϱ
/ƐƐƵĞǆƉĞŶƐĞƐ ϴ͘ϰϱ ϯϬϭ͘ϰϱ ϰϵϭ͘ϲϰ - ϳϵϯ͘Ϭϵ

Not measured at fair value
Total ϭϰϰϴ͘Ϯϵ
dƌĂĚĞZĞĐĞŝǀĂďůĞƐ Ͳ Ͳ Ϯϱϲ͘ϴϭ Ϯϱϲ͘ϴϭ
hŶƵƟůŝƐĞĚŬĞƉƚŝŶ&ŝǆĞĚĞƉŽƐŝƚƐǁŝƚŚĂŶŬƐ ϱϭ͘ϱϵ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ͳ Ͳ ϭϮϭ͘Ϯϴ ϭϮϭ͘Ϯϴ
KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ Ͳ Ͳ ϳ͘ϳϯ ϳ͘ϳϯ
EŽƚĞϯϮ͗KƉĞƌĂƟŶŐ>ĞĂƐĞƐ >ŽĂŶƐ Ͳ Ͳ Ϯϲ͘Ϭϭ Ϯϲ͘Ϭϭ
dŚĞŽŵƉĂŶǇŚĂƐƚĂŬĞŶĐĞƌƚĂŝŶǀĞŚŝĐůĞƐ͕ůĂŶĚĂŶĚŝŵŵŽǀĂďůĞƉƌŽƉĞƌƟĞƐŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͘dŚĞůĞĂƐĞŽĨŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƌĞŐĞŶĞƌĂůůǇ ^ĞĐƵƌŝƚǇĞƉŽƐŝƚƐ Ͳ Ͳ ϲϲ͘ϴϴ ϲϲ͘ϴϴ
ůŽŶŐƚĞƌŵŝŶŶĂƚƵƌĞǁŝƚŚǀĂƌǇŝŶŐƚĞƌŵƐ͕ĞƐĐĂůĂƟŽŶĐůĂƵƐĞƐĂŶĚƌĞŶĞǁĂůƌŝŐŚƚƐĞǆƉŝƌŝŶŐǁŝƚŚŝŶĮǀĞƚŽŽŶĞŚƵŶĚƌĞĚĂŶĚŶŝŶĞƚǇĞŝŐŚƚǇĞĂƌƐ͘KŶ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ Ͳ Ͳ ϭϭϮ͘ϯϭ ϭϭϮ͘ϯϭ
ƌĞŶĞǁĂů͕ƚŚĞƚĞƌŵƐŽĨƚŚĞůĞĂƐĞƐĂƌĞƌĞŶĞŐŽƟĂƚĞĚ͘dŚĞƚŽƚĂůůĞĂƐĞƌĞŶƚƉĂŝĚŽŶƚŚĞƐĂŵĞŝƐŝŶĐůƵĚĞĚƵŶĚĞƌZĞŶƚĂŶĚ>ŝĐĞŶĐĞ&ĞĞƐĨŽƌŵŝŶŐ
Ͳ Ͳ ϱϵϭ͘ϬϮ ϱϵϭ͘ϬϮ
ƉĂƌƚŽĨKƚŚĞƌǆƉĞŶƐĞƐ;ZĞĨĞƌEŽƚĞϮϲ͕&ŽŽƚŶŽƚĞ;ŝǀͿͿ͘
Total ϯϬϭ͘ϰϱ ϰϵϭ͘ϲϰ ϱϵϭ͘ϬϮ ϭϯϴϰ͘ϭϭ

FVTPL FVTOCI ŵŽƌƟƐĞĚ Total carrying b) Fair value hierarchy
cost value dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐ͕ŝƚĂůƐŽŝŶĐůƵĚĞƐ
` crores ` crores ` crores ` crores ƚŚĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞƐĂƌĞĚŝƐĐůŽƐĞĚ͘
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗
As on DĂƌĐŚϯϭ͕ϮϬϭϴ
ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ ϮϯϬ͘ϱϲ Ͳ Ͳ ϮϯϬ͘ϱϲ >ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total
Not measured at fair value ` crores ` crores ` crores ` crores
ŽƌƌŽǁŝŶŐƐ Ͳ Ͳ ϭϳϴϯ͘ϴϴ ϭϳϴϯ͘ϴϴ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
dƌĂĚĞWĂǇĂďůĞƐŝŶĐůƵĚŝŶŐƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞ Ͳ Ͳ Ϯϰϱ͘ϮϬ Ϯϰϱ͘ϮϬ Measured at fair value
ĞƉŽƐŝƚƐ Ͳ Ͳ ϭϬϭ͘ϴϵ ϭϬϭ͘ϴϵ /ŶǀĞƐƚŵĞŶƚƐ͗
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ͳ Ͳ Ϯϯϴ͘ϳϮ Ϯϯϴ͘ϳϮ ƋƵŝƚǇƐŚĂƌĞƐ ϯϬϲ͘ϰϲ Ͳ ϭϴϱ͘ϭϴ ϰϵϭ͘ϲϰ
Total ϮϯϬ͘ϱϲ - Ϯϯϲϵ͘ϲϵ ϮϲϬϬ͘Ϯϱ
DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϬϭ͘ϰϱ Ͳ Ͳ ϯϬϭ͘ϰϱ
&ŽŽƚŶŽƚĞ͗ ϲϬϳ͘ϵϭ - ϭϴϱ͘ϭϴ ϳϵϯ͘Ϭϵ
dŚĞĂďŽǀĞĞǆĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŵŽƵŶƟŶŐƚŽ`ϯϯϲϴ͘ϯϳĐƌŽƌĞƐ͘ůƐŽ͕ƌĞĨĞƌEŽƚĞEŽ͘ϰϮ Not measured at fair value (Refer Footnotes) Ͳ Ͳ Ͳ Ͳ
ĨŽƌŐƵĂƌĂŶƚĞĞƐŐŝǀĞŶďǇƚŚĞŽŵƉĂŶǇ͘
ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϳ Total ϲϬϳ͘ϵϭ - ϭϴϱ͘ϭϴ ϳϵϯ͘Ϭϵ
Total carrying
FVTPL FVTOCI ŵŽƌƟƐĞĚĐŽƐƚ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗
value
` crores ` crores ` crores ` crores Measured at fair value
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ͳ ϮϯϬ͘ϱϲ Ͳ ϮϯϬ͘ϱϲ
Measured at fair value Not measured at fair value (Refer Footnotes)
/ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ͗ ŽƌƌŽǁŝŶŐƐ
ƋƵŝƚǇƐŚĂƌĞƐ Ͳ ϰϲϬ͘ϴϯ Ͳ ϰϲϬ͘ϴϯ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ Ͳ ϭϳϲϯ͘Ϯϴ Ͳ ϭϳϲϯ͘Ϯϴ
DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϲϱ͘ϭϮ Ͳ Ͳ ϲϱ͘ϭϮ &ŽƌĞŝŐŶƵƌƌĞŶĐǇdĞƌŵ>ŽĂŶƐ Ͳ Ͳ Ͳ Ͳ
>ŽĂŶƐƚŽ^ƵďƐŝĚŝĂƌǇĐŽŵƉĂŶŝĞƐ ϯϮ͘ϰϯ Ͳ Ͳ ϯϮ͘ϰϯ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ Ͳ ϱϬ͘ϬϬ Ͳ ϱϬ͘ϬϬ
ϵϳ͘ϱϱ ϰϲϬ͘ϴϯ - ϱϱϴ͘ϯϴ Total - ϮϬϰϯ͘ϴϰ - ϮϬϰϯ͘ϴϰ
&ŽŽƚŶŽƚĞƐ͗
dƌĂĚĞZĞĐĞŝǀĂďůĞƐ Ͳ Ͳ Ϯϭϯ͘ϳϰ Ϯϭϯ͘ϳϰ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ͳ Ͳ ϭϱ͘ϬϬ ϭϱ͘ϬϬ ;ŝͿ dŚĞŽŵƉĂŶǇŚĂƐŶŽƚĚŝƐĐůŽƐĞĚƚŚĞĨĂŝƌǀĂůƵĞŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂǇĂďůĞƐ͕ƐŚŽƌƚƚĞƌŵůŽĂŶƐ͕
KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ Ͳ Ͳ ϳ͘ϲϯ ϳ͘ϲϯ ĚĞƉŽƐŝƚƐĞƚĐ͘ďĞĐĂƵƐĞƚŚĞŝƌĐĂƌƌǇŝŶŐĂŵŽƵŶƚƐĂƌĞĂƌĞĂƐŽŶĂďůĞĂƉƉƌŽǆŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͘
>ŽĂŶƐ Ͳ Ͳ ϱϴ͘Ϭϯ ϱϴ͘Ϭϯ ;ŝŝͿ dŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ;ĞǆĐůƵĚŝŶŐŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͿƚŚĂƚĂƌĞŶŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞƌĞĂƐŽŶĂďůĞ
^ĞĐƵƌŝƚǇĞƉŽƐŝƚƐ Ͳ Ͳ ϲϮ͘ϳϲ ϲϮ͘ϳϲ ĂƉƉƌŽǆŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͕ĂƐƚŚĞǇĂƌĞŇŽĂƟŶŐƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞƌĞͲƉƌŝĐĞĚƚŽŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶŽƌŶĞĂƌƚŚĞĞŶĚŽĨ
KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ Ͳ Ͳ ϭϭϰ͘ϲϳ ϭϭϰ͘ϲϳ ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
Ͳ Ͳ ϰϳϭ͘ϴϯ ϰϳϭ͘ϴϯ
As on DĂƌĐŚϯϭ͕ϮϬϭϳ
Total ϵϳ͘ϱϱ ϰϲϬ͘ϴϯ ϰϳϭ͘ϴϯ ϭϬϯϬ͘Ϯϭ
>ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total
Measured at fair value ` crores ` crores ` crores ` crores
ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ϯϰϰ͘Ϯϳ Ͳ Ͳ Ϯϰϰ͘Ϯϳ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
ŽƌƌŽǁŝŶŐƐ Ͳ Ͳ ϮϬϰϴ͘ϵϴ ϮϬϰϴ͘ϵϴ
/ŶǀĞƐƚŵĞŶƚƐ͗
dƌĂĚĞWĂǇĂďůĞƐŝŶĐůƵĚŝŶŐƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞ Ͳ Ͳ ϮϭϮ͘ϭϳ ϮϭϮ͘ϭϳ
ƋƵŝƚǇƐŚĂƌĞƐ ϮϴϬ͘ϰϰ Ͳ ϭϴϬ͘ϯϵ ϰϲϬ͘ϴϯ
ĞƉŽƐŝƚƐ Ͳ Ͳ ϵϵ͘ϰϰ ϵϵ͘ϰϰ
DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϲϱ͘ϭϮ Ͳ Ͳ ϲϱ͘ϭϮ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ͳ Ͳ ϮϭϬ͘ϳϴ ϮϭϬ͘ϳϴ
Total Ϯϰϰ͘Ϯϳ - Ϯϱϳϭ͘ϯϳ Ϯϴϭϱ͘ϲϰ >ŽĂŶƐƚŽ^ƵďƐŝĚŝĂƌǇĐŽŵƉĂŶŝĞƐ Ͳ Ͳ ϯϮ͘ϰϯ ϯϮ͘ϰϯ
ϯϰϱ͘ϱϲ - ϮϭϮ͘ϴϮ ϱϱϴ͘ϯϴ
&ŽŽƚŶŽƚĞ͗
dŚĞĂďŽǀĞĞǆĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŵŽƵŶƟŶŐƚŽ`ϮϱϬϯ͘ϮϬĐƌŽƌĞƐ͘ůƐŽ͕ƌĞĨĞƌEŽƚĞŶŽ͘ϰϮ Not measured at fair value (Refer Footnotes) Ͳ Ͳ Ͳ Ͳ
ĨŽƌŐƵĂƌĂŶƚĞĞƐŐŝǀĞŶďǇƚŚĞŽŵƉĂŶǇ͘ Total ϯϰϱ͘ϱϲ - ϮϭϮ͘ϴϮ ϱϱϴ͘ϯϴ

>ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total z ƚŚĞĨĂŝƌǀĂůƵĞŽĨŶŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŝƐǀĂůƵĞĚƵƐŝŶŐ&/DDŐƵŝĚĞůŝŶĞƐ͖
z ƚŚĞĨĂŝƌǀĂůƵĞĨŽƌƚŚĞĐƌŽƐƐĐƵƌƌĞŶĐǇƐǁĂƉƐͬƉƌŝŶĐŝƉĂůƐǁĂƉŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĨŽƌǁĂƌĚĞǆĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞ͖
Measured at fair value z ƚŚĞĨĂŝƌǀĂůƵĞŽĨĐĞƌƚĂŝŶƵŶůŝƐƚĞĚƐŚĂƌĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚŽƌƚŚĞĐŽŵƉĂƌĂďůĞŵĂƌŬĞƚĂƉƉƌŽĂĐŚ͘&Žƌ
ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ͳ Ϯϰϰ͘Ϯϳ Ͳ Ϯϰϰ͘Ϯϳ ƚŚĞƐĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĐĂƚĞŐŽƌŝƐĞĚƵŶĚĞƌ>ĞǀĞůϯ͕ƚŚĞŝƌƌĞƐƉĞĐƟǀĞĐŽƐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨ
Not measured at fair value (Refer Footnotes) ĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶ
ƚŚĂƚƌĂŶŐĞ͖
ŽƌƌŽǁŝŶŐƐ
EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ Ͳ ϭϴϰϴ͘ϱϬ Ͳ ϭϴϰϴ͘ϱϬ z ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƌĞŵĂŝŶŝŶŐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĚŝƐĐŽƵŶƚĞĚĐĂƐŚŇŽǁĂŶĂůǇƐŝƐ͘
&ŽƌĞŝŐŶƵƌƌĞŶĐǇdĞƌŵ>ŽĂŶƐ Ͳ ϮϬϰ͘ϱϮ Ͳ ϮϬϰ͘ϱϮ
ĨͿ ZĞĐŽŶĐŝůŝĂƟŽŶƐŽĨůĞǀĞůϯĨĂŝƌǀĂůƵĞƐ
dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ Ͳ ϰϵ͘ϴϴ Ͳ ϰϵ͘ϴϴ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƌĞĐŽŶĐŝůŝĂƟŽŶĨƌŽŵƚŚĞŽƉĞŶŝŶŐďĂůĂŶĐĞƐƚŽĐůŽƐŝŶŐďĂůĂŶĐĞƐĨŽƌ>ĞǀĞůϯĨĂŝƌǀĂůƵĞƐ͗
Total - Ϯϯϰϳ͘ϭϳ - Ϯϯϰϳ͘ϭϳ
` crores
Assets
&ŽŽƚŶŽƚĞƐ͗
Equity Loans
;ŝͿ dŚĞŽŵƉĂŶǇŚĂƐŶŽƚĚŝƐĐůŽƐĞĚƚŚĞĨĂŝƌǀĂůƵĞŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂǇĂďůĞƐ͕ƐŚŽƌƚƚĞƌŵůŽĂŶƐ͕ Instruments
ĚĞƉŽƐŝƚƐĞƚĐ͘ďĞĐĂƵƐĞƚŚĞŝƌĐĂƌƌǇŝŶŐĂŵŽƵŶƚƐĂƌĞĂƌĞĂƐŽŶĂďůĞĂƉƉƌŽǆŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͘ ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ ϭϵϬ͘ϱϭ ϭϬϱϭ͘ϵϰ
ŚĂŶŐĞƐŽŶĂĐĐŽƵŶƚŽĨĨŽƌĞǆŇƵĐƚƵĂƟŽŶƐ Ͳ ϰ͘ϯϳ
;ŝŝͿ dŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ;ĞǆĐůƵĚŝŶŐŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͿƚŚĂƚĂƌĞŶŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞƌĞĂƐŽŶĂďůĞ
EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝǌĞĚͿ ;ϭϬ͘ϭϮͿ Ͳ
ĂƉƉƌŽǆŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͕ĂƐƚŚĞǇĂƌĞŇŽĂƟŶŐƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞƌĞͲƉƌŝĐĞĚƚŽŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶŽƌŶĞĂƌƚŚĞĞŶĚŽĨ
>ŽĂŶƐŐŝǀĞŶ Ͳ ϭϯϱ͘ϭϵ
ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
>ŽĂŶƐƌĞƉĂŝĚ Ͳ ;ϭϲϳ͘ϵϯͿ
ĐͿ &ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇ͗ ŽŶǀĞƌƐŝŽŶŝŶƚŽƋƵŝƚǇ Ͳ ;ϵϵϭ͘ϭϰͿ
dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇŝƐďĂƐĞĚŽŶŝŶƉƵƚƐƚŽǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƚŚĂƚĂƌĞƵƐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞƚŚĂƚĂƌĞĞŝƚŚĞƌŽďƐĞƌǀĂďůĞŽƌ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϴϬ͘ϯϵ ϯϮ͘ϰϯ
ƵŶŽďƐĞƌǀĂďůĞĂŶĚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞĞůĞǀĞůƐ͗ ŚĂŶŐĞƐŽŶĂĐĐŽƵŶƚŽĨĨŽƌĞǆŇƵĐƚƵĂƟŽŶƐ Ͳ ;Ϭ͘ϮϴͿ
EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝǌĞĚͿ ϰ͘ϳϵ
(a) >ĞǀĞůϭ͗>ĞǀĞůϭŚŝĞƌĂƌĐŚǇŝŶĐůƵĚĞƐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚƵƐŝŶŐƋƵŽƚĞĚƉƌŝĐĞƐŝŶĂŶĂĐƟǀĞŵĂƌŬĞƚ͘dŚŝƐŝŶĐůƵĚĞƐůŝƐƚĞĚ
>ŽĂŶƐŐŝǀĞŶ Ͳ Ͳ
ĞƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚƐ͕ ƚƌĂĚĞĚ ĚĞďĞŶƚƵƌĞƐ ĂŶĚ ŵƵƚƵĂů ĨƵŶĚƐ ƚŚĂƚ ŚĂǀĞ ƋƵŽƚĞĚ ƉƌŝĐĞͬ ĚĞĐůĂƌĞĚ Es͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ Ăůů ĞƋƵŝƚǇ
ŝŶƐƚƌƵŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĚĞďĞŶƚƵƌĞƐͿǁŚŝĐŚĂƌĞƚƌĂĚĞĚŝŶƚŚĞƐƚŽĐŬĞǆĐŚĂŶŐĞƐŝƐǀĂůƵĞĚƵƐŝŶŐƚŚĞĐůŽƐŝŶŐƉƌŝĐĞĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐ >ŽĂŶƐƌĞƉĂŝĚ - ;ϯϮ͘ϭϱͿ
ƉĞƌŝŽĚ͘ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϴϱ͘ϭϴ Ͳ
(b) >ĞǀĞů Ϯ͗ >ĞǀĞů Ϯ ŚŝĞƌĂƌĐŚǇ ŝŶĐůƵĚĞƐ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƚƌĂĚĞĚ ŝŶ ĂŶ ĂĐƟǀĞ ŵĂƌŬĞƚ ;ĨŽƌ ĞǆĂŵƉůĞ͕ ƚƌĂĚĞĚ ďŽŶĚƐͬ EŽƚĞϯϰ͗&ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ĚĞďĞŶƚƵƌĞƐ͕ŽǀĞƌƚŚĞĐŽƵŶƚĞƌĚĞƌŝǀĂƟǀĞƐͿ͘dŚĞĨĂŝƌǀĂůƵĞŝŶƚŚŝƐŚŝĞƌĂƌĐŚǇŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐǁŚŝĐŚŵĂǆŝŵŝǌĞ
Risk management framework
ƚŚĞƵƐĞŽĨŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂĂŶĚƌĞůǇĂƐůŝƩůĞĂƐƉŽƐƐŝďůĞŽŶĞŶƟƚǇͲƐƉĞĐŝĮĐĞƐƟŵĂƚĞƐ͘/ĨĂůůƐŝŐŶŝĮĐĂŶƚŝŶƉƵƚƐƌĞƋƵŝƌĞĚƚŽĨĂŝƌ
ǀĂůƵĞĂŶŝŶƐƚƌƵŵĞŶƚĂƌĞŽďƐĞƌǀĂďůĞ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϮ͘ dŚĞŽŵƉĂŶǇ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐƚŚĞŽǀĞƌĂůůƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚŽǀĞƌƐŝŐŚƚŽĨƚŚĞŽŵƉĂŶǇ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ĨƌĂŵĞǁŽƌŬ͘dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĞƐƚĂďůŝƐŚĞĚĂZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞ͕ǁŚŝĐŚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞǀĞůŽƉŝŶŐĂŶĚŵŽŶŝƚŽƌŝŶŐƚŚĞ
(c) >ĞǀĞůϯ͗/ĨŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐŝŐŶŝĮĐĂŶƚ/ŶƉƵƚƐŝƐŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϯ͘&Ăŝƌ ŽŵƉĂŶǇ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐ͘dŚĞŽŵŵŝƩĞĞƌĞƉŽƌƚƐƌĞŐƵůĂƌůǇƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶŝƚƐĂĐƟǀŝƟĞƐ͘
ǀĂůƵĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚƵƐŝŶŐĂǀĂůƵĂƟŽŶŵŽĚĞůďĂƐĞĚŽŶĂƐƐƵŵƉƟŽŶƐƚŚĂƚĂƌĞŶĞŝƚŚĞƌƐƵƉƉŽƌƚĞĚďǇƉƌŝĐĞƐ
ĨƌŽŵ ŽďƐĞƌǀĂďůĞ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ƚƌĂŶƐĂĐƟŽŶƐ ŝŶ ƚŚĞ ƐĂŵĞ ŝŶƐƚƌƵŵĞŶƚ ŶŽƌ ĂƌĞ ƚŚĞǇ ďĂƐĞĚ ŽŶ ĂǀĂŝůĂďůĞ ŵĂƌŬĞƚ ĚĂƚĂ͘ &ŝŶĂŶĐŝĂů dŚĞŽŵƉĂŶǇ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂƌĞĞƐƚĂďůŝƐŚĞĚƚŽŝĚĞŶƟĨǇĂŶĚĂŶĂůǇƐĞƚŚĞƌŝƐŬĨĂĐĞĚďǇƚŚĞŽŵƉĂŶǇ͕ƚŽƐĞƚĂƉƉƌŽƉƌŝĂƚĞƌŝƐŬůŝŵŝƚƐ
ŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƵŶůŝƐƚĞĚĞƋƵŝƚǇƐŚĂƌĞƐ͕ůŽĂŶƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚŝƐŚŝĞƌĂƌĐŚǇ͘ ĂŶĚĐŽŶƚƌŽůƐĂŶĚƚŽŵŽŶŝƚŽƌƌŝƐŬƐĂŶĚĂĚŚĞƌĞŶĐĞƚŽůŝŵŝƚƐ͘ZŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚƐǇƐƚĞŵƐĂƌĞƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůǇƚŽƌĞŇĞĐƚĐŚĂŶŐĞƐŝŶ
ŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĂŶĚƚŚĞŽŵƉĂŶǇ͛ƐĂĐƟǀŝƟĞƐ͘dŚĞŽŵƉĂŶǇ͛ƐƵĚŝƚŽŵŵŝƩĞĞŽǀĞƌƐĞĞƐŚŽǁŵĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ
ĚͿ /ŶƚĞƌůĞǀĞůƚƌĂŶƐĨĞƌƐ͗ ŽŵƉĂŶǇ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ĂŶĚƌĞǀŝĞǁƐƚŚĞĂĚĞƋƵĂĐǇŽĨƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬŝŶƌĞůĂƟŽŶƚŽƚŚĞƌŝƐŬƐ
dŚĞƌĞĂƌĞŶŽƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐϭĂŶĚϮĂƐĂůƐŽďĞƚǁĞĞŶůĞǀĞůƐϮĂŶĚϯĚƵƌŝŶŐƚŚĞǇĞĂƌ͘ ĨĂĐĞĚďǇƚŚĞŽŵƉĂŶǇ͘dŚĞƵĚŝƚŽŵŵŝƩĞĞŝƐĂƐƐŝƐƚĞĚŝŶŝƚƐŽǀĞƌƐŝŐŚƚƌŽůĞďǇƚŚĞŝŶƚĞƌŶĂůĂƵĚŝƚƚĞĂŵ͘dŚĞŝŶƚĞƌŶĂůĂƵĚŝƚƚĞĂŵƵŶĚĞƌƚĂŬĞƐ
ďŽƚŚƌĞŐƵůĂƌĂŶĚĂĚŚŽĐƌĞǀŝĞǁƐŽĨƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽůƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ƚŚĞƌĞƐƵůƚƐŽĨǁŚŝĐŚĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞĂƵĚŝƚĐŽŵŵŝƩĞĞ͘
ĞͿ sĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞĨĂŝƌǀĂůƵĞ
^ƉĞĐŝĮĐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚƚŽǀĂůƵĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞ͗ dŚĞŽŵƉĂŶǇŚĂƐĞǆƉŽƐƵƌĞƚŽƚŚĞĨŽůůŽǁŝŶŐƌŝƐŬƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͗
ƌĞĚŝƚƌŝƐŬ͖
z ƚŚĞƵƐĞŽĨƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĨŽƌƚŚĞĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐ͖
>ŝƋƵŝĚŝƚǇƌŝƐŬ͖
z ƚŚĞĨĂŝƌǀĂůƵĞŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐŝƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞǇŝĞůĚ
DĂƌŬĞƚƌŝƐŬ
ĐƵƌǀĞƐ͖

a) Credit risk ŝŝͿ DĂƚƵƌŝƟĞƐŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
ƌĞĚŝƚƌŝƐŬĂƌŝƐĞƐĨƌŽŵƚŚĞƉŽƐƐŝďŝůŝƚǇƚŚĂƚĐƵƐƚŽŵĞƌƐŽƌĐŽƵŶƚĞƌƉĂƌƚǇƚŽĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĂǇŶŽƚďĞĂďůĞƚŽŵĞĞƚƚŚĞŝƌŽďůŝŐĂƟŽŶƐ͘ dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůŵĂƚƵƌŝƟĞƐŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘dŚĞĂŵŽƵŶƚƐĂƌĞŐƌŽƐƐĂŶĚ
dŽŵĂŶĂŐĞƚŚŝƐ͕ƚŚĞŽŵƉĂŶǇƉĞƌŝŽĚŝĐĂůůǇĂƐƐĞƐƐĞƐƚŚĞĮŶĂŶĐŝĂůƌĞůŝĂďŝůŝƚǇŽĨĐƵƐƚŽŵĞƌƐ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĮŶĂŶĐŝĂůĐŽŶĚŝƟŽŶ͕ ƵŶĚŝƐĐŽƵŶƚĞĚ͕ĂŶĚŝŶĐůƵĚĞĐŽŶƚƌĂĐƚƵĂůƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵƉĂǇŵĞŶƚƐŽŶůŽǁĐŽƵƉŽŶĚĞďĞŶƚƵƌĞƐ͘
ĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐƚƌĞŶĚƐ͕ĂŶĂůǇƐŝƐŽĨŚŝƐƚŽƌŝĐĂůďĂĚĚĞďƚƐĂŶĚĂŐĞŝŶŐŽĨĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͘ƌĞĚŝƚƌŝƐŬƐĂƌŝƐĞƐĨƌŽŵĐĂƐŚĂŶĚĐĂƐŚ DĂƌĐŚϯϭ͕ϮϬϭϴ ƵĞŝŶϭƐƚǇĞĂƌ ƵĞŝŶϮŶĚǇĞĂƌ ƵĞŝŶϯƌĚƚŽ ƵĞĂŌĞƌ Total
ĞƋƵŝǀĂůĞŶƚƐ͕ ĚĞƉŽƐŝƚƐ ǁŝƚŚ ďĂŶŬƐ͕ ĮŶĂŶĐŝĂů ŝŶƐƟƚƵƟŽŶƐ ĂŶĚ ŽƚŚĞƌƐ͕ ĂƐ ǁĞůů ĂƐ ĐƌĞĚŝƚ ĞǆƉŽƐƵƌĞƐ ƚŽ ĐƵƐƚŽŵĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ŽƵƚƐƚĂŶĚŝŶŐ 5th year 5th year
ƌĞĐĞŝǀĂďůĞƐ͘ ` crores ` crores ` crores ` crores ` crores
EŽŶͲĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗
dŚĞŽŵƉĂŶǇ͛ƐƉŽůŝĐǇŝƐƚŽƉůĂĐĞĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚƐŚŽƌƚƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚƌĞƉƵƚĂďůĞďĂŶŬƐĂŶĚĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐ͘ ŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶ ϱϬ͘ϬϬ ϱϲϬ͘ϴϰ ϭϮϰϱ͘ϬϬ ϰ͘Ϭϰ ϭϴϱϵ͘ϴϴ
ƉƌĞŵŝƵŵͿ
dŚĞ ŽŵƉĂŶǇ ŚĂƐ ĞƐƚĂďůŝƐŚĞĚ Ă ĐƌĞĚŝƚ ƉŽůŝĐǇ ƵŶĚĞƌ ǁŚŝĐŚ ĞĂĐŚ ŶĞǁ ĐƵƐƚŽŵĞƌ ŝƐ ĂŶĂůǇƐĞĚ ŝŶĚŝǀŝĚƵĂůůǇ ĨŽƌ ĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐ ďĞĨŽƌĞ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ ϮϬϴ͘ϬϮ Ͳ Ͳ Ͳ ϮϬϴ͘ϬϮ
ĞŶƚĞƌŝŶŐŝŶƚŽĐŽŶƚƌĂĐƚ͘ƌĞĚŝƚůŝŵŝƚƐĂƌĞĞƐƚĂďůŝƐŚĞĚĨŽƌĞĂĐŚĐƵƐƚŽŵĞƌ͕ƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůǇĂŶĚĂŶǇƐĂůĞƐĞǆĐĞĞĚŝŶŐƚŚŽƐĞůŝŵŝƚƐƌĞƋƵŝƌĞ /ŶƚĞƌĞƐƚŽŶƚŚĞďŽƌƌŽǁŝŶŐƐ ϭϭϴ͘ϳϬ ϭϭϯ͘ϭϳ ϭϲϮ͘ϲϱ Ͳ ϯϵϰ͘ϱϮ
ĂƉƉƌŽǀĂůĨƌŽŵƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝƚǇ͘dŚĞƌĞĂƌĞŶŽƐŝŐŶŝĮĐĂŶƚĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬǁŝƚŚŝŶƚŚĞŽŵƉĂŶǇ͘ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϯϬϯ͘ϵϴ ϴ͘Ϯϴ Ϭ͘ϱϱ ϭϬ͘ϰϲ ϯϮϯ͘Ϯϳ
Total ϲϴϬ͘ϳϬ ϲϴϮ͘Ϯϵ ϭϰϬϴ͘ϮϬ ϭϰ͘ϱϬ Ϯϳϴϱ͘ϲϵ
b) Liquidity risk
ĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ - ϭϬϰ͘ϴϭ ϭϮϱ͘ϳϱ - ϮϯϬ͘ϱϲ
>ŝƋƵŝĚŝƚǇƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞŽŵƉĂŶǇǁŝůůĞŶĐŽƵŶƚĞƌĚŝĸĐƵůƚǇŝŶŵĞĞƟŶŐƚŚĞŽďůŝŐĂƟŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚ
ĂƌĞƐĞƩůĞĚďǇĚĞůŝǀĞƌŝŶŐĐĂƐŚŽƌĂŶŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚ͘dŚĞŽŵƉĂŶǇ͛ƐĂƉƉƌŽĂĐŚƚŽŵĂŶĂŐŝŶŐůŝƋƵŝĚŝƚǇŝƐƚŽĞŶƐƵƌĞ͕ĂƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ Financial guarantee contracts ϮϬ͘ϵϱ ϯϬ͘Ϯϲ ϮϬϭ͘ϲϳ - ϮϱϮ͘ϴϴ
ƚŚĂƚ ŝƚ ǁŝůů ŚĂǀĞ ƐƵĸĐŝĞŶƚ ůŝƋƵŝĚŝƚǇ ƚŽ ŵĞĞƚ ŝƚƐ ůŝĂďŝůŝƟĞƐ ǁŚĞŶ ƚŚĞǇ ĂƌĞ ĚƵĞ͕ ƵŶĚĞƌ ďŽƚŚ ŶŽƌŵĂů ĂŶĚ ƐƚƌĞƐƐĞĚ ĐŽŶĚŝƟŽŶƐ͕ ǁŝƚŚŽƵƚ
ŝŶĐƵƌƌŝŶŐƵŶĂĐĐĞƉƚĂďůĞůŽƐƐĞƐŽƌƌŝƐŬŝŶŐĚĂŵĂŐĞƚŽŽŵƉĂŶǇ͛ƐƌĞƉƵƚĂƟŽŶ͘ dŽƚĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϳϬϭ͘ϲϱ ϴϭϳ͘ϯϲ ϭϳϯϱ͘ϲϮ ϭϰ͘ϱϬ ϯϮϲϵ͘ϭϯ
DĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐƌŽůůŝŶŐĨŽƌĞĐĂƐƚƐŽĨƚŚĞŽŵƉĂŶǇ͛ƐůŝƋƵŝĚŝƚǇƉŽƐŝƟŽŶĂŶĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŽŶƚŚĞďĂƐŝƐŽĨĞǆƉĞĐƚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϳ ƵĞŝŶϭƐƚǇĞĂƌ ƵĞŝŶϮŶĚǇĞĂƌ ƵĞŝŶϯƌĚƚŽ ƵĞĂŌĞƌ Total

ĐĂƐŚŇŽǁƐƚŽĞŶƐƵƌĞŝƚŚĂƐƐƵĸĐŝĞŶƚĐĂƐŚƚŽŵĞĞƚŽƉĞƌĂƟŽŶĂůŶĞĞĚƐǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐƐƵĸĐŝĞŶƚŚĞĂĚƌŽŽŵŽŶŝƚƐƵŶĚƌĂǁŶĐŽŵŵŝƩĞĚ 5th year 5th year
` crores ` crores ` crores ` crores ` crores
ďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚĂůůƟŵĞƐƐŽƚŚĂƚƚŚĞŽŵƉĂŶǇĚŽĞƐŶŽƚďƌĞĂĐŚďŽƌƌŽǁŝŶŐůŝŵŝƚƐŽƌĐŽǀĞŶĂŶƚƐŽŶĂŶǇŽĨŝƚƐďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐ͕
EŽŶͲĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗
^ƵĐŚ ĨŽƌĞĐĂƐƟŶŐ ƚĂŬĞƐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ĚĞďƚ ĮŶĂŶĐŝŶŐ ƉůĂŶƐ͕ ĐŽǀĞŶĂŶƚ ĐŽŵƉůŝĂŶĐĞ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ŝŶƚĞƌŶĂů ŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶ ϱϱϱ͘ϴϯ Ͳ ϭϭϭϬ͘ϴϰ ϰϵϵ͘ϬϮ Ϯϭϲϱ͘ϲϵ
ƐƚĂƚĞŵĞŶƚŽĨĮŶĂŶĐŝĂůƉŽƐŝƟŽŶƌĂƟŽƚĂƌŐĞƚƐ͘ ƉƌĞŵŝƵŵͿ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ ϭϳϳ͘ϭϵ Ͳ Ͳ Ͳ ϭϳϳ͘ϭϵ
i) Financing arrangements /ŶƚĞƌĞƐƚŽŶƚŚĞďŽƌƌŽǁŝŶŐƐ ϭϬϳ͘ϭϳ ϵϵ͘Ϭϯ Ϯϱϳ͘ϲϴ ϭ͘ϲϬ ϰϲϱ͘ϰϴ
dŚĞŽŵƉĂŶǇŚĂĚĂĐĐĞƐƐƚŽƚŚĞĨŽůůŽǁŝŶŐƵŶĚƌĂǁŶďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͗ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ϯϴϰ͘Ϭϵ ϭ͘ϳϱ ϰ͘ϯϳ ϭϬ͘ϰϱ ϯϬϬ͘ϲϲ
Total ϭϭϮϰ͘Ϯϴ ϭϬϬ͘ϳϴ ϭϯϳϮ͘ϴϵ ϱϭϭ͘Ϭϳ ϯϭϬϵ͘ϬϮ
` crores ` crores ĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ - - Ϯϰϰ͘ϯϴ - Ϯϰϰ͘ϯϴ
ǆƉŝƌŝŶŐǁŝƚŚŝŶŽŶĞǇĞĂƌ͗
ĂŶŬŽǀĞƌĚƌĂŌ ϴϬ͘ϬϬ ϴϬ͘ϬϬ Financial guarantee contracts ϰϬ͘ϰϲ ϴ͘ϬϮ ϭϬϴ͘Ϯϳ ϭϰϭ͘Ϯϰ Ϯϵϳ͘ϵϵ
ĂŶŬ>ŽĂŶƐ Ͳ ϭϬϬ͘ϬϬ
dŽƚĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϭϲϰ͘ϳϰ ϭϬϴ͘ϴϬ ϭϳϮϱ͘ϱϰ ϲϱϮ͘ϯϭ ϯϲϱϭ͘ϯϵ
ǆƉŝƌŝŶŐďĞǇŽŶĚŽŶĞǇĞĂƌ Ͳ Ͳ
Total ϴϬ͘ϬϬ ϭϴϬ͘ϬϬ iii) Capital Risk Management
dŚĞ ŽŵƉĂŶǇ ŵĂŶĂŐĞƐ ŝƚƐ ĐĂƉŝƚĂů ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ŝƚ ǁŝůů ďĞ ĂďůĞ ƚŽ ĐŽŶƟŶƵĞ ĂƐ Ă ŐŽŝŶŐ ĐŽŶĐĞƌŶ͘ dŚĞ ƐƚƌƵĐƚƵƌĞ ŝƐ ŵĂŶĂŐĞĚ ƚŽ
dŚĞďĂŶŬŽǀĞƌĚƌĂŌĨĂĐŝůŝƟĞƐŵĂǇďĞĚƌĂǁŶĂƚĂŶǇƟŵĞďǇƚŚĞŽŵƉĂŶǇ͘dŚĞƌĞǁĞƌĞŶŽďĂŶŬůŽĂŶĨĂĐŝůŝƟĞƐĂǀĂŝůĂďůĞĂƐŽŶDĂƌĐŚϯϭ͕ ŵĂŝŶƚĂŝŶĂŶŝŶǀĞƐƚŵĞŶƚŐƌĂĚĞĐƌĞĚŝƚƌĂƟŶŐ͕ƚŽƉƌŽǀŝĚĞŽŶŐŽŝŶŐƌĞƚƵƌŶƐƚŽƐŚĂƌĞŚŽůĚĞƌƐĂŶĚƚŽƐĞƌǀŝĐĞĚĞďƚŽďůŝŐĂƟŽŶƐ͕ǁŚŝůƐƚ
ϮϬϭϴ;WƌĞǀŝŽƵƐzĞĂƌͲƚŚĞďĂŶŬůŽĂŶĨĂĐŝůŝƟĞƐǁĞƌĞĂǀĂŝůĂďůĞƵƉƚŽ:ƵůǇϯϭ͕ϮϬϭϳĂŶĚŚĂĚĂŵĂƚƵƌŝƚǇŽĨϭϴŵŽŶƚŚƐĨƌŽŵĚƌĂǁĚŽǁŶͿ͘ ŵĂŝŶƚĂŝŶŝŶŐŵĂǆŝŵƵŵŽƉĞƌĂƟŽŶĂůŇĞǆŝďŝůŝƚǇ͘
dŚĞďƌĞĂŬƵƉŽĨƚŚĞďŽƌƌŽǁŝŶŐƐŝŶƚŽĮǆĞĚĂŶĚŇŽĂƟŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐŝƐĂƐĨŽůůŽǁƐ͗ ŽŶƐŝƐƚĞŶƚǁŝƚŚŽƚŚĞƌƐŝŶƚŚĞŝŶĚƵƐƚƌǇ͕ƚŚĞŽŵƉĂŶǇŵŽŶŝƚŽƌƐĐĂƉŝƚĂůŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŐĞĂƌŝŶŐƌĂƟŽ͘dŚŝƐƌĂƟŽŝƐĐĂůĐƵůĂƚĞĚĂƐ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ŶĞƚĚĞďƚĚŝǀŝĚĞĚďǇƋƵŝƚǇ͘EĞƚĚĞďƚŝƐĐĂůĐƵůĂƚĞĚĂƐƚŽƚĂůďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐ͚ĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚƚĞƌŵůŽĂŶƐ͛ĂƐƐŚŽǁŶŝŶ
` crores ` crores ƚŚĞďĂůĂŶĐĞƐŚĞĞƚͿůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘
&ŝǆĞĚŝŶƚĞƌĞƐƚƌĂƚĞ ϭϳϯϯ͘ϴϴ ϭϵϮϯ͘ϲϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Note
&ůŽĂƟŶŐŝŶƚĞƌĞƐƚƌĂƚĞ ϱϬ͘ϬϬ ϭϮϱ͘ϯϲ ` crores ` crores
Borrowings ϭϱ ϭϳϴϯ͘ϴϴ ϮϬϰϴ͘ϵϴ
Total ϭϳϴϯ͘ϴϴ ϮϬϰϴ͘ϵϴ
>ĞƐƐ͗ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ 11 ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ
>ĞƐƐ͗ƵƌƌĞŶƚ/ŶǀĞƐƚŵĞŶƚƐ ϱ;ďͿ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ
Net debt ϭϯϲϭ͘ϭϱ ϭϵϲϴ͘ϴϲ
ƋƵŝƚǇ ϭϯͬϭϰ ϰϯϵϯ͘ϵϲ Ϯϳϲϳ͘ϮϬ
'ĞĂƌŝŶŐƌĂƟŽ Ϭ͘ϯϭ Ϭ͘ϳϭ

c) Market risk ii) Interest rate risk
DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐƐƵĐŚĂƐĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƌĂƚĞƐ͕ŝŶƚĞƌĞƐƚƌĂƚĞƐĂŶĚĞƋƵŝƚǇƉƌŝĐĞƐǁŝůůĂīĞĐƚƚŚĞ dŚĞŽŵƉĂŶǇĂĚŽƉƚƐĂƉŽůŝĐǇƚŽŚĞĚŐĞƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŵŽǀĞŵĞŶƚŝŶŽƌĚĞƌƚŽŵŝƟŐĂƚĞƚŚĞƌŝƐŬǁŝƚŚƌĞŐĂƌĚƐƚŽŇŽĂƟŶŐƌĂƚĞůŝŶŬĞĚ
ŽŵƉĂŶǇ͛ƐŝŶĐŽŵĞŽƌƚŚĞǀĂůƵĞŽĨŝƚƐŚŽůĚŝŶŐƐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞŽďũĞĐƟǀĞŽĨŵĂƌŬĞƚƌŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐƚŽŵĂŶĂŐĞĂŶĚ ůŽĂŶƐďĂƐĞĚŽŶƚŚĞŵĂƌŬĞƚŽƵƚůŽŽŬŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚŝƐŝƐĂĐŚŝĞǀĞĚƉĂƌƚůǇďǇĞŶƚĞƌŝŶŐŝŶƚŽĮǆĞĚƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚƉĂƌƚůǇďǇ
ĐŽŶƚƌŽůŵĂƌŬĞƚƌŝƐŬĞǆƉŽƐƵƌĞƐǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞƉĂƌĂŵĞƚĞƌƐ͕ǁŚŝůĞŽƉƟŵŝƐŝŶŐƚŚĞƌĞƚƵƌŶ͘ ďŽƌƌŽǁŝŶŐĂƚĂŇŽĂƟŶŐƌĂƚĞĂŶĚƵƐŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂƐŚĞĚŐĞƐŽĨƚŚĞǀĂƌŝĂďŝůŝƚǇŝŶĐĂƐŚŇŽǁƐĂƩƌŝďƵƚĂďůĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘
dŚĞŽŵƉĂŶǇƵƐĞƐĚĞƌŝǀĂƟǀĞƐƚŽŵĂŶĂŐĞŝƚƐĞǆƉŽƐƵƌĞƚŽĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇƌŝƐŬĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘ůůƐƵĐŚƚƌĂŶƐĂĐƟŽŶƐĂƌĞĐĂƌƌŝĞĚ dŚĞƚŽƚĂůďŽƌƌŽǁŝŶŐĂƚǀĂƌŝĂďůĞƌĂƚĞǁĂƐ`ϱϬ͘ϬϬĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭϮϱ͘ϯϲĐƌŽƌĞƐͿ͘dŚĞĐĂƌƌǇŝŶŐǀĂůƵĞ
ŽƵƚǁŝƚŚŝŶƚŚĞŐƵŝĚĞůŝŶĞƐƐĞƚďǇƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŵŵŝƩĞĞ͘ ŽĨƚŚĞůŽŶŐƚĞƌŵĚĞďƚĂƉƉƌŽǆŝŵĂƚĞƐĨĂŝƌǀĂůƵĞƐŝŶĐĞƚŚĞĐƵƌƌĞŶƚŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉƌŽǆŝŵĂƚĞƐƚŚĞŵĂƌŬĞƚƌĂƚĞ͘
i) Foreign Currency risk iii) Other market price risks

dŚĞƉƌĞĚŽŵŝŶĂŶƚĐƵƌƌĞŶĐǇŽĨƚŚĞŽŵƉĂŶǇ͛ƐƌĞǀĞŶƵĞĂŶĚŽƉĞƌĂƟŶŐĐĂƐŚŇŽǁƐŝƐ/ŶĚŝĂŶZƵƉĞĞ;/EZͿ͘dŚĞŽŵƉĂŶǇ͛ƐƌĞƉŽƌƚĞĚ dŚĞŽŵƉĂŶǇ͛ƐĞǆƉŽƐƵƌĞƚŽĞƋƵŝƚǇƐĞĐƵƌŝƟĞƐƉƌŝĐĞƌŝƐŬĂƌŝƐĞƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐŚĞůĚďǇƚŚĞŽŵƉĂŶǇĂŶĚĐůĂƐƐŝĮĞĚŝŶƚŚĞďĂůĂŶĐĞ
ĚĞďƚŚĂƐĂŶĞǆƉŽƐƵƌĞƚŽďŽƌƌŽǁŝŶŐƐŚĞůĚŝŶh^ŽůůĂƌƐ͘&ƵƌƚŚĞƌ͕ƚŚĞŽŵƉĂŶǇŚĂƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇĞǆƉŽƐƵƌĞĨŽƌŝƚƐŝŶǀĞƐƚŵĞŶƚƐ ƐŚĞĞƚĂƐĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘/ĨƚŚĞĞƋƵŝƚǇƉƌŝĐĞƐŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĂƌĞϯйŚŝŐŚĞƌͬůŽǁĞƌ͕ƚŚĞ
;ĞƋƵŝƚǇĂŶĚƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶͿŝŶŝƚƐŝŶƚĞƌŶĂƟŽŶĂůƐƵďƐŝĚŝĂƌŝĞƐ͘DŽǀĞŵĞŶƚƐŝŶĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƌĂƚĞƐĐĂŶĂīĞĐƚƚŚĞŽŵƉĂŶǇ͛Ɛ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴǁŽƵůĚŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞďǇϯϭ͘ϭϲй;ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚ
ƌĞƉŽƌƚĞĚƉƌŽĮƚ͕ŶĞƚĂƐƐĞƚƐ͘ ϯϭ͕ϮϬϭϳ͗ŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞďǇϲ͘ϳϲйͿ͘
dŚĞŽŵƉĂŶǇ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶĨŽƌĞŝŐŶƐƵďƐŝĚŝĂƌŝĞƐŝƐŽīƐĞƚƉĂƌƟĂůůǇďǇh^ŽůůĂƌĚĞŶŽŵŝŶĂƚĞĚĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚďĂŶŬ
EŽƚĞϯϱ͗ŵƉůŽǇĞĞĞŶĞĮƚƐ
ůŽĂŶǁŚŝĐŚŵŝƟŐĂƚĞƐƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇƌŝƐŬĂƌŝƐŝŶŐĨƌŽŵƚŚĞƐƵďƐŝĚŝĂƌǇ͛ƐŶĞƚĂƐƐĞƚƐ͘
;ĂͿ dŚĞŽŵƉĂŶǇŚĂƐƌĞĐŽŐŶŝƐĞĚƚŚĞĨŽůůŽǁŝŶŐĞǆƉĞŶƐĞƐĂƐĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƵŶĚĞƌƚŚĞŚĞĂĚ͞ŽŵƉĂŶǇ͛ƐŽŶƚƌŝďƵƟŽŶ
dŚĞ ŽŵƉĂŶǇ ƵƐĞƐ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƐǁĂƉƐ ĂŶĚ ĐƵƌƌĞŶĐǇ ƐǁĂƉƐ ƚŽ ŚĞĚŐĞ ŝƚƐ ĞǆƉŽƐƵƌĞ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ĂŶĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘ dŚĞ
ƚŽWƌŽǀŝĚĞŶƚ&ƵŶĚĂŶĚKƚŚĞƌ&ƵŶĚƐ͟;ŶĞƚŽĨƌĞĐŽǀĞƌŝĞƐͿ͗
ŝŶĨŽƌŵĂƟŽŶŽŶĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐŝƐĂƐĨŽůůŽǁƐ͗Ͳ
` crores ` crores
ĞƌŝǀĂƟǀĞ/ŶƐƚƌƵŵĞŶƚƐŽƵƚƐƚĂŶĚŝŶŐ͗
WƌŽǀŝĚĞŶƚ&ƵŶĚ ϴ͘ϲϲ 9.11
EĂƚƵƌĞŽĨĞƌŝǀĂƟǀĞ DĂƌĐŚϯϭ͕ ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϰ͘ϵϵ ϱ͘ϭϳ
EŽƟŽŶĂů Fair values EŽƟŽŶĂů &ĂŝƌǀĂůƵĞƐ
Total ϭϯ͘ϲϱ ϭϰ͘Ϯϴ
principal (US$ (` crores) ƉƌŝŶĐŝƉĂů;h^Ψ (` crores)
million) ŵŝůůŝŽŶͿ
;ďͿ dŚĞŽŵƉĂŶǇŽƉĞƌĂƚĞƐƉŽƐƚƌĞƟƌĞŵĞŶƚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐĂƐĨŽůůŽǁƐ͗Ͳ
ƌŽƐƐĐƵƌƌĞŶĐǇ/ŶƚĞƌĞƐƚƌĂƚĞ^ǁĂƉ ϭϬϴ͘ϰϮ ϮϯϬ͘ϱϲ ϭϬϴ͘ϰϮ Ϯϰϰ͘ϯϴ
Ă͘ &ƵŶĚĞĚ͗
/ŶƚĞƌĞƐƚZĂƚĞ^ǁĂƉ Ͳ Ͳ Ϯϭ͘ϭϭ ;Ϭ͘ϭϭͿ
ŝ͘ WƌŽǀŝĚĞŶƚ&ƵŶĚ
Total ϭϬϴ͘ϰϮ ϮϯϬ͘ϱϲ ϭϮϵ͘ϱϯ Ϯϰϰ͘Ϯϳ
ŝŝ͘ WŽƐƚZĞƟƌĞŵĞŶƚ'ƌĂƚƵŝƚǇ
^ĞŶƐŝƟǀŝƚǇ ŝŝŝ͘ WĞŶƐŝŽŶƚŽŵƉůŽǇĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽǇĞĞƐ͕ǁŚŝĐŚ
&Žƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŶĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϳ͕ ĞǀĞƌǇ ϯй ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ ďĞƚǁĞĞŶ ƚŚĞ /ŶĚŝĂŶ ŝƐĨƵŶĚĞĚďǇƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞĞŵƉůŽǇĞĞƐ͘
ƌƵƉĞĞĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůƌĞĚƵĐĞƚŚĞŽŵƉĂŶǇ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϭϱ͘ϴϴйĂŶĚϭϰ͘ϳϮйƌĞƐƉĞĐƟǀĞůǇĂŶĚĞǀĞƌǇ
ϯйŝŶĐƌĞĂƐĞŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂůůƌĞĚƵĐĞͬ;ŝŶĐƌĞĂƐĞͿƚŚĞŽŵƉĂŶǇ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϵ͘ϵϮйĂŶĚϱ͘ϴϮй ď͘ hŶĨƵŶĚĞĚ͗
ƌĞƐƉĞĐƟǀĞůǇ͘ ŝ͘ WĞŶƐŝŽŶƚŽǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚŵƉůŽǇĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌƐĞůĞĐƚĞǆŝƐƟŶŐ
ĂŶĚƌĞƟƌĞĚĞǆĞĐƵƟǀĞĚŝƌĞĐƚŽƌƐĂŶĚĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽǇĞĞƐ͕ǁŚŝĐŚŝƐƵŶĨƵŶĚĞĚ͘
&ŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌǇϯйĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ/ŶĚŝĂŶZƵƉĞĞ ŝŝ͘ WŽƐƚŵƉůŽǇŵĞŶƚDĞĚŝĐĂůĞŶĞĮƚƐƚŽƋƵĂůŝĨǇŝŶŐĞŵƉůŽǇĞĞƐ͘
ĂŶĚ h^ ŽůůĂƌ͕ ƐŚĂůů ŝŶĐƌĞĂƐĞ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ƉƌŽĮƚ ďĞĨŽƌĞ ƚĂǆ ďǇ ĂƉƉƌŽǆŝŵĂƚĞůǇ ϭ͘ϬϬй ĂŶĚ ϯ͘ϵϲй ƌĞƐƉĞĐƟǀĞůǇ ĂŶĚ ĞǀĞƌǇ ϯй
ĚĞĐƌĞĂƐĞ ŝŶ ƚŚĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƐŚĂůů ŝŶĐƌĞĂƐĞ ͬ ;ƌĞĚƵĐĞͿ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ƉƌŽĮƚ ďĞĨŽƌĞ ƚĂǆ ďǇ ĂƉƉƌŽǆŝŵĂƚĞůǇ ;ϵ͘ϭϬͿй ĂŶĚ ;ϰ͘ϵϰͿй ;ĐͿ WƌŽǀŝĚĞŶƚ&ƵŶĚ͗
ƌĞƐƉĞĐƟǀĞůǇ͘
dŚĞŽŵƉĂŶǇŽƉĞƌĂƚĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ^ĐŚĞŵĞƚŚƌŽƵŐŚĂƚƌƵƐƚʹ͚/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚŵƉůŽǇĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ͛
;͚ƚŚĞWůĂŶ͛Ϳ͕ƐĞƚƵƉďǇƚŚĞŽŵƉĂŶǇĂŶĚĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐĐŽŶƚƌŝďƵƟŽŶƐĂƌĞŵĂĚĞƚŽ^ƚĂƚĞWůĂŶ͘
hŶͲ,ĞĚŐĞĚ&ŽƌĞŝŐŶĐƵƌƌĞŶĐǇĞǆƉŽƐƵƌĞƌĞĐĞŝǀĂďůĞͬ;ƉĂǇĂďůĞͿ͗
dŚĞWůĂŶŐƵĂƌĂŶƚĞĞƐŵŝŶŝŵƵŵŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞŶŽƟĮĞĚďǇƚŚĞWƌŽǀŝĚĞŶƚ&ƵŶĚƵƚŚŽƌŝƟĞƐ͘dŚĞĐŽŶƚƌŝďƵƟŽŶďǇƚŚĞĞŵƉůŽǇĞƌĂŶĚ
ƵƌƌĞŶĐǇ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ĞŵƉůŽǇĞĞƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŝŶƚĞƌĞƐƚĂĐĐƵŵƵůĂƚĞĚƚŚĞƌĞŽŶĂƌĞƉĂǇĂďůĞƚŽĞŵƉůŽǇĞĞƐĂƚƚŚĞƟŵĞŽĨƐĞƉĂƌĂƟŽŶĨƌŽŵƚŚĞŽŵƉĂŶǇ
hŶŝƚĞĚ^ƚĂƚĞƐŽůůĂƌ;DŝůůŝŽŶͿ ;Ϭ͘ϲϮͿ ;Ϯϳ͘ϮϵͿ ŽƌƌĞƟƌĞŵĞŶƚ͕ǁŚŝĐŚĞǀĞƌŝƐĞĂƌůŝĞƌ͘dŚĞďĞŶĞĮƚǀĞƐƚƐŝŵŵĞĚŝĂƚĞůǇŽŶƌĞŶĚĞƌŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐďǇƚŚĞĞŵƉůŽǇĞĞ͘/ŶƚĞƌŵƐŽĨƚŚĞ
ŐƵŝĚĂŶĐĞŶŽƚĞŝƐƐƵĞĚďǇƚŚĞ/ŶƐƟƚƵƚĞŽĨĐƚƵĂƌŝĞƐŽĨ/ŶĚŝĂĨŽƌŵĞĂƐƵƌĞŵĞŶƚŽĨƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƟĞƐ͕ƚŚĞĂĐƚƵĂƌǇŚĂƐƉƌŽǀŝĚĞĚ
^ĞŶƐŝƟǀŝƚǇ ĂǀĂůƵĂƟŽŶŽĨƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƚǇĂŶĚďĂƐĞĚŽŶƚŚĞĂƐƐƵŵƉƟŽŶƐƉƌŽǀŝĚĞĚďĞůŽǁ͕ƚŚĞƌĞŝƐŶŽƐŚŽƌƞĂůůĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚ
&ŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌǇϯйĚĞƉƌĞĐŝĂƟŽŶͬĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ DĂƌĐŚϯϭ͕ϮϬϭϳ͘
/ŶĚŝĂŶZƵƉĞĞĂŶĚh^ŽůůĂƌ͕ƐŚĂůůĂīĞĐƚƚŚĞŽŵƉĂŶǇ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϬ͘ϬϰйĂŶĚϮ͘ϬϯйƌĞƐƉĞĐƟǀĞůǇ͘

dŚĞĚĞƚĂŝůƐŽĨĨƵŶĚĂŶĚƉůĂŶĂƐƐĞƚƉŽƐŝƟŽŶĂƌĞŐŝǀĞŶďĞůŽǁ͗ ĞĮŶĞĚĞŶĞĮƚWůĂŶƐʹƐƉĞƌĐƚƵĂƌŝĂůsĂůƵĂƟŽŶŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͗Ͳ
(i) Amount to be recognised in Balance Sheet and movement in net liability
` crores ` crores
Post
WůĂŶƐƐĞƚƐĂƐĂƚƉĞƌŝŽĚĞŶĚ ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ Employment Pension Pension Pension
Gratuity
WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶĂƚƉĞƌŝŽĚĞŶĚ ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ Medical Top-up Director ^ƚĂī
Funded
ĞŶĞĮƚƐ Unfunded Unfunded Funded
ŵŽƵŶƚƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĂůĂŶĐĞ^ŚĞĞƚ Ͳ Ͳ Unfunded
ƐƐƵŵƉƟŽŶƐƵƐĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽďůŝŐĂƟŽŶŽĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŐƵĂƌĂŶƚĞĞƵŶĚĞƌƚŚĞĞƚĞƌŵŝŶŝƐƟĐƉƉƌŽĂĐŚ͗ WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶƐ ϭϳϬ͘Ϭϳ - - - ϳ͘Ϯϴ
163.60 - - - 7.15
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WƌĞƐĞŶƚsĂůƵĞŽĨhŶĨƵŶĚĞĚKďůŝŐĂƟŽŶƐ - ϱ͘ϲϯ Ϯ͘ϳϱ ϭϱ͘ϲϭ -
` crores ` crores - 5.55 4.25 15.33 -
'ƵĂƌĂŶƚĞĞĚZĂƚĞŽĨZĞƚƵƌŶ ϴ͘ϱϱй ϴ͘ϲϱй &ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ ϭϲϬ͘ϱϯ - - - ϵ͘ϳϬ
(167.49) - - - (8.95)
ŝƐĐŽƵŶƚĞĚZĂƚĞĨŽƌƌĞŵĂŝŶŝŶŐƚĞƌŵƚŽDĂƚƵƌŝƚǇŽĨ/ŶǀĞƐƚŵĞŶƚ ϳ͘ϳϱй ϳ͘ϮϬй ŵŽƵŶƚŶŽƚƌĞĐŽŐŶŝƐĞĚĚƵĞƚŽĂƐƐĞƚůŝŵŝƚ - - - - Ϭ͘ϴϮ
- - - - 0.61
ǆƉĞĐƚĞĚZĂƚĞŽĨZĞƚƵƌŶŽŶ/ŶǀĞƐƚŵĞŶƚ ϵ͘ϭϲй ϵ͘ϱϬй
Net (Asset) / Liability ϵ͘ϱϰ ϱ͘ϲϯ Ϯ͘ϳϱ ϭϱ͘ϲϭ ;ϭ͘ϱϵͿ
(3.89) 5.55 4.25 15.33 (1.19)
dŚĞŽŵƉĂŶǇĐŽŶƚƌŝďƵƚĞĚ`ϵ͘ϵϴĐƌŽƌĞƐĂŶĚ`ϵ͘ϴϬĐƌŽƌĞƐƚŽǁĂƌĚƐƉƌŽǀŝĚĞŶƚĨƵŶĚƚŽƚŚĞWůĂŶĚƵƌŝŶŐƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
ĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇĂŶĚƚŚĞƐĂŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͘ ;ŝŝͿ ǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ
Post
;ĚͿ WĞŶƐŝŽŶ^ĐŚĞŵĞĨŽƌŵƉůŽǇĞĞƐ͗ Employment Pension Pension Pension
Gratuity
dŚĞŽŵƉĂŶǇŚĂƐĨŽƌŵƵůĂƚĞĚĂĨƵŶĚĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĞŵƉůŽǇĞĞƐ͘dŚĞĂĐƚƵĂƌŝĂůůŝĂďŝůŝƚǇĂƌŝƐŝŶŐŽŶƚŚĞĂďŽǀĞ͕ĂŌĞƌĂůůŽǁŝŶŐ Medical Top-up Director ^ƚĂī
Funded
ĨŽƌĞŵƉůŽǇĞĞƐ͛ĐŽŶƚƌŝďƵƟŽŶŝƐĚĞƚĞƌŵŝŶĞĚĂƐĂƚƚŚĞǇĞĂƌĞŶĚ͕ŽŶƚŚĞďĂƐŝƐŽĨƵŶŝĨŽƌŵĂĐĐƌƵĂůďĞŶĞĮƚ͕ǁŝƚŚĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ
Unfunded
ƚĂŬĞŶĂƐEŝů͘ ` crores ` crores ` crores ` crores ` crores
ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ϵ͘ϭϵ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ
;ĞͿ dŚĞĂďŽǀĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐƚǇƉŝĐĂůůǇĞǆƉŽƐĞƚŚĞŽŵƉĂŶǇƚŽĂĐƚƵĂƌŝĂůƌŝƐŬƐƐƵĐŚĂƐ͗ŝŶǀĞƐƚŵĞŶƚƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͕ůŽŶŐĞǀŝƚǇ 9.00 0.10 0.32 0.33 0.14
WĂƐƚƐĞƌǀŝĐĞŽƐƚ ;ϰ͘ϭϮͿ - ;ϭ͘ϰϳͿ - -
ƌŝƐŬĂŶĚƐĂůĂƌǇƌŝƐŬ͘ Ͳ Ͳ Ͳ Ͳ Ͳ
/ŶƚĞƌĞƐƚŽƐƚ ;Ϭ͘ϴϯͿ Ϭ͘ϯϵ Ϭ͘Ϯϳ ϭ͘ϭϬ ;Ϭ͘ϬϵͿ
/ŶǀĞƐƚŵĞŶƚƌŝƐŬ dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚǇŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞ 0.30 0.35 0.33 0.97 (0.09)
ǁŚŝĐŚŝƐĚĞƚĞƌŵŝŶĞĚďǇƌĞĨĞƌĞŶĐĞƚŽŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚǇǇŝĞůĚƐƉƌĞǀĂŝůŝŶŐĂƐĂƚƚŚĞĂůĂŶĐĞ Total ϰ͘Ϯϰ Ϭ͘ϰϳ ;Ϭ͘ϵϮͿ ϭ͘Ϯϱ Ϭ͘Ϭϱ
9.30 0.45 0.65 1.30 0.05
^ŚĞĞƚĚĂƚĞ͘/ĨƚŚĞƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚŝƐďĞůŽǁƚŚŝƐƌĂƚĞ͕ŝƚǁŝůůĐƌĞĂƚĞĂƉůĂŶĚĞĮĐŝƚ͘dŚĞ
&ŽŽƚŶŽƚĞ͗
ĐƵƌƌĞŶƚƉůĂŶŚĂƐĂƌĞůĂƟǀĞůǇďĂůĂŶĐĞĚŵŝǆŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚǇ͕ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƟĞƐ͕ ŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐŝŶƌĞƐƉĞĐƚŽĨŐƌĂƚƵŝƚǇŝƐŶĞƚŽĨƌĞĐŽǀĞƌǇ`ϭ͘ϬϱĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭ͘ϰϯ
ďŽŶĚƐĂŶĚŽƚŚĞƌĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͘ƵĞƚŽƚŚĞůŽŶŐͲƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƉůĂŶůŝĂďŝůŝƟĞƐ͕ƚŚĞ crores).
dƌƵƐƚĞĞƐŽĨƚŚĞ&ƵŶĚĐŽŶƐŝĚĞƌŝƚĂƉƉƌŽƉƌŝĂƚĞƚŚĂƚĂƌĞĂƐŽŶĂďůĞƉŽƌƟŽŶŽĨƚŚĞƉůĂŶĂƐƐĞƚƐ
ƐŚŽƵůĚďĞŝŶǀĞƐƚĞĚŝŶĞƋƵŝƚǇƐĞĐƵƌŝƟĞƐƚŽůĞǀĞƌĂŐĞƚŚĞƌĞƚƵƌŶŐĞŶĞƌĂƚĞĚďǇƚŚĞ&ƵŶĚ͘ (iii) Expenses recognised in Other Comprehensive Income (OCI)
/ŶƚĞƌĞƐƚƌŝƐŬ ĚĞĐƌĞĂƐĞŝŶƚŚĞďŽŶĚŝŶƚĞƌĞƐƚƌĂƚĞǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶůŝĂďŝůŝƚǇ͖ŚŽǁĞǀĞƌ͕ƚŚŝƐǁŝůůďĞ Post
ƉĂƌƟĂůůǇŽīƐĞƚďǇĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞƚƵƌŶŽŶƚŚĞƉůĂŶ͛ƐĚĞďƚŝŶǀĞƐƚŵĞŶƚƐ͘ Employment Pension Pension Pension
Gratuity
Medical Top-up Director ^ƚĂī
>ŽŶŐĞǀŝƚǇƌŝƐŬ dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚǇŝƐĐĂůĐƵůĂƚĞĚďǇƌĞĨĞƌĞŶĐĞƚŽƚŚĞďĞƐƚ Funded
ĞƐƟŵĂƚĞ ŽĨ ƚŚĞ ŵŽƌƚĂůŝƚǇ ŽĨ ƉůĂŶ ƉĂƌƟĐŝƉĂŶƚƐ ďŽƚŚ ĚƵƌŝŶŐ ĂŶĚ ĂŌĞƌ ƚŚĞŝƌ ĞŵƉůŽǇŵĞŶƚ͘ Unfunded
ŶŝŶĐƌĞĂƐĞŝŶƚŚĞůŝĨĞĞǆƉĞĐƚĂŶĐǇŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶ͛ƐůŝĂďŝůŝƚǇ͘ ` crores ` crores ` crores ` crores ` crores
Remeasurements due to actuarial loss/
^ĂůĂƌǇƌŝƐŬ dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚǇŝƐĐĂůĐƵůĂƚĞĚďǇƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨƵƚƵƌĞ ;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗
ƐĂůĂƌŝĞƐŽĨƉůĂŶƉĂƌƟĐŝƉĂŶƚƐ͘ƐƐƵĐŚ͕ĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƐĂůĂƌǇŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůů ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ;Ϯ͘ϲϳͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ
ŝŶĐƌĞĂƐĞƚŚĞƉůĂŶ͛ƐůŝĂďŝůŝƚǇ͘ 2.78 0.14 0.19 0.39 0.15
ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ ϰ͘ϳϵ - ;Ϭ͘ϬϯͿ - -
Ͳ Ͳ Ͳ Ͳ Ͳ
ǆƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ ϲ͘ϭϱ Ϭ͘Ϭϲ Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ
(1.28) 0.53 (0.13) 1.01 0.21
ĐƚƵĂůƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚƐůĞƐƐŝŶƚĞƌĞƐƚŽŶ Ϭ͘ϵϮ - - - ;Ϭ͘ϯϵͿ
ƉůĂŶĂƐƐĞƚƐ (11.16) - - - (0.33)
ĚũƵƐƚŵĞŶƚƚŽƌĞĐŽŐŶŝƐĞƚŚĞĞīĞĐƚŽĨĂƐƐĞƚ - - - - Ϭ͘ϭϳ
ĐĞŝůŝŶŐ - - - - (0.08)
Total ϵ͘ϭϵ ;Ϭ͘ϬϴͿ Ϭ͘ϳϱ ;Ϭ͘ϯϵͿ ;Ϭ͘ϯϰͿ
(9.66) 0.67 0.06 1.40 (0.05)

;ŝǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ (vi) ĐƚƵĂƌŝĂůƐƐƵŵƉƟŽŶƐ
Gratuity Post Pension Pension Pension Gratuity Post Pension Pension Pension
Funded Employment Top-up Director ^ƚĂī Funded Employment Top-up Director ^ƚĂī
Medical Unfunded Unfunded Funded Medical Unfunded Unfunded Funded
ĞŶĞĮƚƐ ĞŶĞĮƚƐ
Unfunded Unfunded
KƉĞŶŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ ϭϲϯ͘ϲϬ 5.55 ϰ͘Ϯϱ ϭϱ͘ϯϯ ϳ͘ϭϱ
163.00 4.75 4.64 12.98 6.49 ŝƐĐŽƵŶƚƌĂƚĞ;Ɖ͘Ă͘ͿŝŶй 7.55% 7.55% 7.55% 7.55% 7.55%
ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ϵ͘ϭϵ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ 7.30% 7.30% 7.30% 7.30% 7.30%
9.00 0.10 0.32 0.33 0.14 ^ĂůĂƌǇƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй ϰйͲϱй - ϰ͘ϬϬй ϭϬ͘ϬϬй -
WĂƐƚ^ĞƌǀŝĐĞŽƐƚ ;ϰ͘ϭϮͿ - ;ϭ͘ϰϳͿ - - 4%-5% - 4.00% 10.00% -
Ͳ Ͳ Ͳ Ͳ Ͳ WĞŶƐŝŽŶƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй - - - ϰ͘ϬϬй -
/ŶƚĞƌĞƐƚŽƐƚ ϭϬ͘ϵϯ Ϭ͘ϯϵ Ϭ͘Ϯϳ ϭ͘ϭϬ Ϭ͘ϱϭ - - - 4.00% -
11.36 0.35 0.33 0.97 0.48 ŶŶƵĂůŝŶĐƌĞĂƐĞŝŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ;Ɖ͘Ă͘ͿŝŶй - ϲ͘ϬϬй - - -
ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽĂĐƚƵĂƌŝĂůůŽƐƐͬ;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗ - 6.00% - - -
ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ;Ϯ͘ϲϳͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ DŽƌƚĂůŝƚǇdĂďůĞΎ
2.78 0.14 0.19 0.39 0.15 DŽƌƚĂůŝƚǇƚĂďůĞŝŶƐĞƌǀŝĐĞ;>/Ϳ dĂďůĞϭ dĂďůĞϭ dĂďůĞϭ NA NA
ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ ϰ͘ϳϵ - ;Ϭ͘ϬϯͿ - - Table 1 Table 1 Table 1 NA NA
Ͳ Ͳ Ͳ Ͳ Ͳ DŽƌƚĂůŝƚǇƚĂďůĞŝŶƌĞƟƌĞŵĞŶƚ;>/Ϳ NA dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ
ǆƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ ϲ͘ϭϱ Ϭ͘Ϭϲ Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ NA Table 2 Table 2 Table 2 Table 2
(1.28) 0.53 (0.13) 1.01 0.21
ĞŶĞĮƚƐWĂŝĚ ;ϭϴ͘ϳϱͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ ΎdĂďůĞϭʹ/ŶĚŝĂŶƐƐƵƌĞĚ>ŝǀĞƐDŽƌƚĂůŝƚǇ;ϮϬϬϲͲϬϴͿhůƚƚĂďůĞͲ
(21.26) (0.32) (1.10) (0.35) (0.32) dĂďůĞϮʹh<WƵďůŝƐŚĞĚW;ϵϬͿĂŶŶƵŝƚǇƌĂƚĞĚĚŽǁŶďǇϰǇĞĂƌƐ
>ŝĂďŝůŝƟĞƐĂƐƐƵŵĞĚͬ;ƐĞƩůĞĚͿ Ϭ͘ϵϱ - - - - (vii) ŝƐĂŐŐƌĞŐĂƟŽŶŽĨWůĂŶƐƐĞƚƐ;DĂŶĂŐĞĚďǇĂŶ/ŶƐƵƌĂŶĐĞŽŵƉĂŶǇͿ
Ͳ Ͳ Ͳ Ͳ Ͳ
ůŽƐŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ ϭϳϬ͘Ϭϳ ϱ͘ϲϯ Ϯ͘ϳϱ ϭϱ͘ϲϭ ϳ͘Ϯϴ a) Gratuity Funded
163.60 5.55 4.25 15.33 7.15 DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Quoted Unquoted Total % YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů й
;ǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ
Gratuity Post Pension Pension Pension 'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϲ͘ϴϮ Ͳ ϱϲ͘ϴϮ ϯϲй ϯϯ͘ϱϰ Ͳ ϯϯ͘ϱϰ ϮϬй
Funded Employment Top-up Director ^ƚĂī
Medical Unfunded Unfunded Funded
ĞŶĞĮƚƐ KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϭ͘ϰϲ Ͳ ϱϭ͘ϰϲ ϯϮй ϲϴ͘ϲϱ Ͳ ϲϴ͘ϲϱ ϰϭй
Unfunded
` crores ` crores ` crores ` crores ` crores KƚŚĞƌƋƵŝƚǇ/ŶƐƚƌƵŵĞŶƚƐ ϯϮ͘ϲϱ Ͳ ϯϮ͘ϲϱ ϮϬй ϯϬ͘ϲϮ Ͳ ϯϬ͘ϲϮ ϭϴй
KƉĞŶŝŶŐ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ ϭϲϳ͘ϰϵ - - - ϴ͘ϵϱ
156.53 - - - 8.37
/ŶƚĞƌĞƐƚŽŶWůĂŶƐƐĞƚƐ ϭϭ͘ϳϲ - - - Ϭ͘ϲϰ Others ϭϵ͘Ϯϱ Ϭ͘ϯϱ ϭϵ͘ϲϬ ϭϮй ϯϯ͘ϴϴ Ϭ͘ϴϬ ϯϰ͘ϲϴ Ϯϭй
11.06 - - - 0.62
ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽ͗ Total ϭϲϬ͘ϭϴ Ϭ͘ϯϱ ϭϲϬ͘ϱϯ ϭϬϬй ϭϲϲ͘ϲϵ Ϭ͘ϴϬ ϭϲϳ͘ϰϵ ϭϬϬй
ĐƚƵĂůƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚƐůĞƐƐŝŶƚĞƌĞƐƚ
;Ϭ͘ϵϮͿ - - - Ϭ͘ϯϵ
ŽŶƉůĂŶĂƐƐĞƚƐ ďͿ WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ
11.16 - - - 0.33
ŽŶƚƌŝďƵƟŽŶďǇŵƉůŽǇĞƌ - Ϭ͘ϯϭ ϭ͘ϯϯ Ϭ͘ϱϴ Ϭ͘ϭϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
10.00 0.32 1.10 0.35 (0.05)
ĞŶĞĮƚƐWĂŝĚ ;ϭϴ͘ϳϱͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ Quoted Unquoted Total % YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů й
(21.26) (0.32) (1.10) (0.35) (0.32) 'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϰ͘ϭϬ Ͳ ϰ͘ϭϬ ϰϯй ϯ͘ϳϮ Ͳ ϯ͘ϳϮ ϰϮй
ƐƐĞƚƐĂĐƋƵŝƌĞĚͬ;ƐĞƩůĞĚͿ Ϭ͘ϵϱ - - - - KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱ͘Ϯϲ Ͳ ϱ͘Ϯϲ ϱϰй ϰ͘ϵϲ Ͳ ϰ͘ϵϲ ϱϱй
Ͳ Ͳ Ͳ Ͳ Ͳ
KƚŚĞƌƋƵŝƚǇ/ŶƐƚƌƵŵĞŶƚƐ Ϭ͘Ϯϰ Ͳ Ϭ͘Ϯϰ Ϯй Ϭ͘ϭϰ Ͳ Ϭ͘ϭϰ Ϯй
Closing Fair Value of Plan Assets ϭϲϬ͘ϱϯ - - - ϵ͘ϳϬ
167.49 - - - 8.95 Others Ͳ Ϭ͘ϭϬ Ϭ͘ϭϬ ϭй Ͳ Ϭ͘ϭϯ Ϭ͘ϭϯ ϭй
ǆƉĞĐƚĞĚŵƉůŽǇĞƌ͛ƐĐŽŶƚƌŝďƵƟŽŶͬŽƵƞůŽǁ ϭϱ͘ϬϬ - - - - Total ϵ͘ϲϬ Ϭ͘ϭϬ ϵ͘ϳϬ ϭϬϬй ϴ͘ϴϮ Ϭ͘ϭϯ ϴ͘ϵϱ ϭϬϬй
ŶĞǆƚǇĞĂƌ 15.00 - - - -

;ǀŝŝŝͿ ^ĞŶƐŝƟǀŝƚǇŶĂůǇƐŝƐ;ĨŽƌĞĂĐŚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶͿ Post- Employment Medical Pension Director Unfunded
ĞŶĞĮƚƐhŶĨƵŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϴ Gratuity Pension Top up WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϴ Discount Life Health Discount Life Pension
Discount Salary Discount Life Discount Life Pension rate Expectancy care Cost rate Expectancy rate
rate ƐĐĂůĂƟŽŶ rate Expectancy rate Expectancy rate /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϱ͘ϬϱͿ ;ϰ͘ϵϲͿ
rate /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϱ͘ϱϯ ϱ͘ϰϮ
(%) (%) /ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌĚĞĐƌĞĂƐĞ ;ϯ͘ϮϰͿ ;Ϯ͘ϳϬͿ
/ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϯ͘ϬϬͿ ϯ͘Ϯϱ (5.51) ;ϯ͘ϵϯͿ /ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ/ŶĐƌĞĂƐĞ ϯ͘Ϭϲ Ϯ͘ϲϮ
/ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϯ͘ϭϳ ;ϯ͘ϬϵͿ ϲ͘ϬϬ ϰ͘ϮϬ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ (9.55)
ƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ ;ϭ͘ϴϯͿ
ĚĞĐƌĞĂƐĞ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ ϭϭ͘Ϯϭ
ƌĂƚĞƉůƵƐϭϬϬďƉƐ
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ ϭ͘ϴϮ
/ŶĐƌĞĂƐĞ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ;ϲ͘ϬϲͿ
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ϳ͘Ϯϳ
Post- Employment Medical Pension Director Unfunded ƌĂƚĞƉůƵƐϭϬϬďƉƐ
ĞŶĞĮƚƐhŶĨƵŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϴ (x) Movement in Asset Ceiling
Discount Life Health care Discount Life Pension DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
rate Expectancy Cost rate Expectancy rate ` crores ` crores
/ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϰ͘ϳϵͿ ;ϰ͘ϱϵͿ KƉĞŶŝŶŐǀĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϲϭ Ϭ͘ϲϰ
/ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϱ͘Ϯϯ ϰ͘ϵϵ /ŶƚĞƌĞƐƚŽŶKƉĞŶŝŶŐďĂůĂŶĐĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘Ϭϰ Ϭ͘Ϭϱ
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌĚĞĐƌĞĂƐĞ ;ϯ͘ϮϲͿ ;ϯ͘ϬϰͿ ZĞŵĞĂƐƵƌĞŵĞŶƚĚƵĞƚŽ:
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ/ŶĐƌĞĂƐĞ ϯ͘Ϭϳ Ϯ͘ϵϮ ŚĂŶŐĞŝŶ^ƵƌƉůƵƐͬ;ĚĞĮĐŝƚͿ Ϭ͘ϭϳ ;Ϭ͘ϬϴͿ
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ ;ϵ͘ϭϴͿ
ůŽƐŝŶŐǀĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϴϮ Ϭ͘ϲϭ
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ ϭϬ͘ϳϭ &ŽŽƚŶŽƚĞ͗&ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐƵŶĚĞƌ;ŝͿƚŽ;ǀŝŝͿĂƌĞŽĨƚŚĞWƌĞǀŝŽƵƐzĞĂƌ͘
ƌĂƚĞƉůƵƐϭϬϬďƉƐ
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ;ϱ͘ϳϲͿ ;ǆŝͿ ǆƉĞĐƚĞĚĨƵƚƵƌĞďĞŶĞĮƚƉĂǇŵĞŶƚƐ:
ƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ Gratuity Post Employment Pension Top-up Pension WĞŶƐŝŽŶ^ƚĂī
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ϲ͘ϴϲ DĞĚŝĐĂůĞŶĞĮƚƐ Unfunded Director funded
ƌĂƚĞƉůƵƐϭϬϬďƉƐ Unfunded Unfunded
;ŝǆͿ ^ĞŶƐŝƟǀŝƚǇŶĂůǇƐŝƐ;ĨŽƌĞĂĐŚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶͿ tŝƚŚŝŶŽŶĞǇĞĂƌ ϯϬ͘ϮϬ Ϭ͘ϰϬ Ϭ͘ϲϬ ϭ͘ϭϬ Ϭ͘ϱϭ
27.78 0.28 0.98 0.62 0.45
DĂƌĐŚϯϭ͕ϮϬϭϳ Gratuity Pension Top up WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϳ ĞƚǁĞĞŶŽŶĞĂŶĚĮǀĞǇĞĂƌƐ ϳϳ͘ϯϬ ϭ͘ϲϬ ϭ͘ϯϬ ϰ͘ϱϬ Ϯ͘ϮϬ
Discount Salary Discount Life Discount Life Pension 69.11 1.49 2.52 4.29 1.93
rate ƐĐĂůĂƟŽŶ rate Expectancy rate Expectancy rate ŌĞƌĮǀĞǇĞĂƌƐ ϭϵϲ͘ϲϬ ϭϯ͘ϴϬ Ϯ͘ϭϬ ϯϱ͘ϯϬ ϭϮ͘ϴϬ
rate 214.52 13.87 2.16 36.71 12.98
(%) (%) tĞŝŐŚƚĞĚĂǀĞƌĂŐĞĚƵƌĂƟŽŶŽĨƚŚĞ ϲ͘ϭϳ ϭϬ͘Ϭϭ ϯ͘ϴϰ ϵ͘ϱϳ ϳ͘ϲϵ
/ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϯ͘ϯϱͿ ϯ͘ϲϱ ;ϱ͘ϯϮͿ ;ϰ͘ϮϬͿ
ĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ;ŝŶǇĞĂƌƐͿ 6.91 10.57 11.26 10.05 8.21
/ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶ ϯ͘ϱϳ ;ϯ͘ϰϱͿ ϱ͘ϴϭ ϰ͘ϱϬ
K ƵĞƚŽƚŚĞƌĞƐƚƌŝĐƟŽŶƐŝŶƚŚĞƚǇƉĞŽĨŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĐĂŶďĞŚĞůĚďǇƚŚĞŐƌĂƚƵŝƚǇĂŶĚƉĞŶƐŝŽŶĨƵŶĚĂƐƉĞƌƚŚĞƉƌĞǀĂůĞŶƚƌĞŐƵůĂƟŽŶƐ͕
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ ;ϭ͘ϴϬͿ ŝƚŝƐŶŽƚƉŽƐƐŝďůĞƚŽĞǆƉůŝĐŝƚůǇĨŽůůŽǁĂŶĂƐƐĞƚͲůŝĂďŝůŝƚǇŵĂƚĐŚŝŶŐƐƚƌĂƚĞŐǇƚŽŵĂŶĂŐĞƌŝƐŬĂĐƟǀĞůǇ͘
ĚĞĐƌĞĂƐĞ
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ ϭ͘ϳϳ dŚĞĞƐƟŵĂƚĞŽĨĨƵƚƵƌĞƐĂůĂƌǇŝŶĐƌĞĂƐĞƐ͕ĐŽŶƐŝĚĞƌĞĚŝŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͕ƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚŝŶŇĂƟŽŶ͕ƐĞŶŝŽƌŝƚǇ͕ƉƌŽŵŽƟŽŶƐĂŶĚ
/ŶĐƌĞĂƐĞ ŽƚŚĞƌƌĞůĞǀĂŶƚĨĂĐƚŽƌƐ͘dŚĞĂďŽǀĞŝŶĨŽƌŵĂƟŽŶŚĂƐďĞĞŶĐĞƌƟĮĞĚďǇƚŚĞĂĐƚƵĂƌǇĂŶĚŚĂƐďĞĞŶƌĞůŝĞĚƵƉŽŶďǇƚŚĞƵĚŝƚŽƌƐ.

EŽƚĞϯϲ͗KƚŚĞƌƌĞŐƵůĂƚŽƌǇŵĂƩĞƌƐ ŝŝͿ ƌĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂǆƉƌŽǀŝƐŝŽŶƚŽƚŚĞĂŵŽƵŶƚĐŽŵƉƵƚĞĚďǇĂƉƉůǇŝŶŐƚŚĞƐƚĂƚƵƚŽƌǇŝŶĐŽŵĞƚĂǆƌĂƚĞƚŽƚŚĞƉƌŽĮƚďĞĨŽƌĞ

ƚĂǆŝƐƐƵŵŵĂƌŝƐĞĚďĞůŽǁ͗
dŚĞŽŵƉĂŶǇ͕ŽŶĂƌĞǀŝĞǁŽĨŝƚƐĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐŚĂĚ͕ŝŶƚŚĞƉĂƐƚ͕ŵĂĚĞǀŽůƵŶƚĂƌǇĚŝƐĐůŽƐƵƌĞƐƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞƌĞŐƵůĂƚŽƌ͕ŽĨǁŚĂƚŝƚ
ĐŽŶƐŝĚĞƌĞĚƚŽďĞƉŽƐƐŝďůĞŝƌƌĞŐƵůĂƌŝƟĞƐ͕ŝŶƌĞůĂƟŽŶƚŽĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƚƌĂŶƐĂĐƟŽŶƐƌĞůĂƟŶŐƚŽƚŚĞƉĞƌŝŽĚƉƌŝŽƌƚŽϭϵϵϴ͘ƌŝƐŝŶŐŽƵƚŽĨƐƵĐŚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ĚŝƐĐůŽƐƵƌĞƐ͕ ƚŚĞ ŽŵƉĂŶǇ ƌĞĐĞŝǀĞĚ ƐŚŽǁ ĐĂƵƐĞ ŶŽƟĐĞƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶǇ ŚĂĚ ƌĞƉůŝĞĚ ƚŽ ƚŚĞ ŶŽƟĐĞƐ͘ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ ` crores ` crores
ƌĞĐĞŝǀĞĚĂĚũƵĚŝĐĂƟŽŶĐƵŵĚĞŵĂŶĚŽĨ`ϭϬ͘ϴϵĐƌŽƌĞƐŽŶĐĞƌƚĂŝŶŵĂƩĞƌƐǁŚŝĐŚŚĂƐďĞĞŶĚŝƐƉƵƚĞĚďǇƚŚĞŽŵƉĂŶǇ͘dŚŝƐŚĂƐďĞĞŶĚŝƐĐůŽƐĞĚ WƌŽĮƚďĞĨŽƌĞƚĂǆĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ;ĂͿ Ϯϴϰ͘Ϯϯ ϮϲϮ͘Ϭϰ
ĂƐŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƚǇ͘&ŽƌƚŚĞďĂůĂŶĐĞ^ŚŽǁĂƵƐĞEŽƟĐĞƐ͕ĂĚũƵĚŝĐĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶƉƌŽŐƌĞƐƐ͘ /ŶĐŽŵĞƚĂǆƌĂƚĞĂƐĂƉƉůŝĐĂďůĞ;ďͿ ϯϰ͘ϲϭй ϯϰ͘ϲϭй
ĂůĐƵůĂƚĞĚƚĂǆĞƐďĂƐĞĚŽŶĂďŽǀĞ͕ǁŝƚŚŽƵƚĂŶǇĂĚũƵƐƚŵĞŶƚƐĨŽƌĚĞĚƵĐƟŽŶƐ΀;ĂͿǆ;ďͿ΁ ϵϴ͘ϯϲ ϵϬ͘ϲϵ
EŽƚĞϯϳ͗ĞƉŽƐŝƚƐĂŶĚĚǀĂŶĐĞƐŝŶƚŚĞŶĂƚƵƌĞŽĨůŽĂŶƐƚŽ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚƐƐŽĐŝĂƚĞƐ WĞƌŵĂŶĞŶƚƚĂǆĚŝīĞƌĞŶĐĞƐĚƵĞƚŽ:
īĞĐƚŽŶĂĐĐŽƵŶƚŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚǁŚŝĐŚǁĂƐĂŵĂůŐĂŵĂƚĞĚĐŽŶƐĞƋƵĞŶƚƚŽ
WĂƌƟĐƵůĂƌƐ Maximum amount Balance DĂǆŝŵƵŵĂŵŽƵŶƚ ĂůĂŶĐĞ ^ĐŚĞŵĞŽĨŵĂůŐĂŵĂƟŽŶ Ͳ Ϭ͘ϴϰ
outstanding during Outstanding as on ŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐ KƵƚƐƚĂŶĚŝŶŐĂƐ
īĞĐƚŽĨŝŶĐŽŵĞƚŚĂƚŝƐĞǆĞŵƉƚĨƌŽŵƚĂǆĂƟŽŶ ;ϯ͘ϭϭͿ ;ϴ͘ϯϱͿ
the year DĂƌĐŚϯϭ͕ϮϬϭϴ ƚŚĞWƌĞǀŝŽƵƐzĞĂƌ ŽŶDĂƌĐŚϯϭ͕
ϮϬϭϳ /ŶĐŽŵĞĐŽŶƐŝĚĞƌĞĚƚŽďĞĐĂƉŝƚĂůŝŶŶĂƚƵƌĞƵŶĚĞƌƚĂǆĂŶĚƚĂǆƉƌŽǀŝƐŝŽŶƐ ;Ϭ͘ϬϮͿ ;Ϯ͘ϰϵͿ
` crores ` crores ` crores ` crores īĞĐƚŽĨĞǆƉĞŶƐĞƐƚŚĂƚĂƌĞŶŽƚĚĞĚƵĐƟďůĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚĂǆĂďůĞƉƌŽĮƚ ϵ͘ϯϵ ϲ͘ϰϬ
Subsidiaries /ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŽŶŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚĚĞĚƵĐƟďůĞ Ϯϳ͘ϴϲ ϮϮ͘Ϯϲ
/,KKsΎ Ͳ Ͳ ϵϯϵ͘ϰϴ Ͳ ǆƉĞŶƐĞĐŽŶƐŝĚĞƌĞĚƚŽďĞĐĂƉŝƚĂůŝŶŶĂƚƵƌĞƵŶĚĞƌƚĂǆĂŶĚƚĂǆƉƌŽǀŝƐŝŽŶƐ Ϭ͘ϭϬ Ϭ͘ϴϲ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘Ύ ϯϮ͘ϰϯ Ͳ ϮϬϮ͘ϲϮ ϯϮ͘ϰϯ īĞĐƚŽŶĚĞĨĞƌƌĞĚƚĂǆďĂůĂŶĐĞƐĚƵĞƚŽƚŚĞĐŚĂŶŐĞŝŶŝŶĐŽŵĞƚĂǆƌĂƚĞĨƌŽŵϯϰ͘ϲϭй
ƚŽϯϰ͘ϵϰй;ĞīĞĐƟǀĞƉƌŝůϭ͕ϮϬϭϴͿ ϯ͘ϱϰ Ͳ
ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ϯϱ͘ϬϬ ϭϳ͘ϬϬ ϭϵ͘ϬϬ ϭϵ͘ϬϬ
Others Ϭ͘Ϭϴ ϳ͘ϲϭ
:ŽŝŶƚsĞŶƚƵƌĞƐ
ϭϯϲ͘ϮϬ ϭϭϳ͘ϴϮ
dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ϱ͘ϯϱ ϱ͘ϯϱ ϱ͘ϯϱ ϱ͘ϯϱ
WƌŝŽƌǇĞĂƌƚĂǆĞƐĂƐƐŚŽǁŶĂďŽǀĞ Ϭ͘Ϯϲ ϭ͘Ϭϰ
dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ Ϯ͘Ϯϴ Ϯ͘Ϯϴ ϭ͘ϵϴ ϭ͘ϵϴ
/ŶĐŽŵĞƚĂǆĞǆƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ
Associates
dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ ϰ͘ϱϰ ϰ͘ϱϰ ϰ͘ϱϰ ϰ͘ϱϰ
ΎEŽŝŶƚĞƌĞƐƚŝƐƉĂǇĂďůĞ͘ ŝŝŝͿ /ŶĐŽŵĞƚĂǆƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗
EŽƚĞϯϴ͗dĂǆŝƐĐůŽƐƵƌĞƐ ` crores ` crores
Current Tax
ŝͿ /ŶĐŽŵĞdĂǆƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͗
dĂǆŝŵƉĂĐƚŽŶƉƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶĞƋƵŝƚǇƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ - Ͳ
WĂƌƟĐƵůĂƌƐ
` crores ` crores
Deferred tax
Current Tax
;ĂͿ ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗
/ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚǇĞĂƌ ϭϭϱ͘ϯϴ 111.19
EĞƚĨĂŝƌǀĂůƵĞŐĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚǇƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ
/ŶƌĞƐƉĞĐƚŽĨĞĂƌůŝĞƌǇĞĂƌƐ Ϭ͘Ϯϲ Ͳ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϯ͘ϳϬͿ ;Ϯ͘ϱϰͿ
ϭϭϱ͘ϲϰ ϭϭϭ͘ϭϵ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϯ͘ϯϰͿ Ϯ͘ϴϰ
Deferred Tax ;ϳ͘ϬϰͿ Ϭ͘ϯϬ
/ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚǇĞĂƌ ϭϳ͘Ϯϴ ϲ͘ϲϯ ;ďͿ ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞǆƉĞŶƐĞƐƌĞĐůĂƐƐŝĮĞĚĨƌŽŵĞƋƵŝƚǇƚŽƉƌŽĮƚŽƌůŽƐƐ͗
ĚũƵƐƚŵĞŶƚƚŽĚĞĨĞƌƌĞĚƚĂǆĂƩƌŝďƵƚĂďůĞƚŽĐŚĂŶŐĞƐŝŶƚĂǆƌĂƚĞƐĂŶĚůĂǁƐ ϯ͘ϱϰ Ͳ ZĞůĂƟŶŐƚŽĮŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌ
/ŶƌĞƐƉĞĐƚŽĨĞĂƌůŝĞƌǇĞĂƌƐ Ͳ ϭ͘Ϭϰ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ - Ͳ
ϮϬ͘ϴϮ 7.67 KŶĚŝƐƉŽƐĂůŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶ - Ͳ
dŽƚĂůƚĂǆĞǆƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚǇĞĂƌƌĞůĂƟŶŐƚŽĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ Others - Ͳ
Total income tax recognised in other comprehensive income ;ϳ͘ϬϰͿ Ϭ͘ϯϬ
;ĐͿ ŝĨƵƌĐĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂǆƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶƚŽ͗
/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ ;ϳ͘ϬϰͿ Ϭ͘ϯϬ
/ƚĞŵƐƚŚĂƚŵĂǇďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ Ͳ Ͳ
;ϳ͘ϬϰͿ Ϭ͘ϯϬ

ŝǀͿ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞĂŶĂůǇƐŝƐŽĨĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿƉƌĞƐĞŶƚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͗ EŽƚĞϯϵ͗ZĞůĂƚĞĚWĂƌƚǇŝƐĐůŽƐƵƌĞƐ
WĂƌƟĐƵůĂƌƐ ;ĂͿ dŚĞŶĂŵĞƐŽĨƌĞůĂƚĞĚƉĂƌƟĞƐŽĨƚŚĞŽŵƉĂŶǇĂƌĞĂƐƵŶĚĞƌ͗
` crores ` crores
ĞĨĞƌƌĞĚdĂǆĂƐƐĞƚƐ ϭϭϳ͘ϰϲ ϭϱϱ͘ϯϮ ŝ͘ ŽŵƉĂŶǇŚĂǀŝŶŐƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞ
ĞĨĞƌƌĞĚdĂǆůŝĂďŝůŝƟĞƐ ;ϰϲϲ͘ϮϳͿ ;ϰϰϲ͘ϮϲͿ Name of the Company ŽƵŶƚƌǇŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ
Net Deferred Tax Liability ;ϯϰϴ͘ϴϭͿ ;ϮϵϬ͘ϵϰͿ dĂƚĂ^ŽŶƐ>ƚĚ͘;ŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐͿ /ŶĚŝĂ
^ŝŐŶŝĮĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞĂƐĨŽůůŽǁƐ͗ ii. Subsidiary Companies
DĂƌĐŚϯϭ͕ϮϬϭϴ Opening Recognised in Recognised MAT credit Closing Name of the Company ŽƵŶƚƌǇŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ
Balance the state- in other com- ƵƟůŝƐĞĚ Balance ŽŵĞƐƟĐ
ŵĞŶƚŽĨƉƌŽĮƚ prehensive
d/&K,ŽůĚŝŶŐƐ>ƚĚ͘1 /ŶĚŝĂ
and loss income
ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿ͗ <d,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ
hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ
WƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ ;ϰϮϲ͘ϮϵͿ ;ϭϴ͘ϲϰͿ Ͳ Ͳ ;ϰϰϰ͘ϵϯͿ
/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ /ŶĚŝĂ
hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚ ;Ϭ͘ϯϯͿ ;Ϭ͘ϭϮͿ Ͳ Ͳ ;Ϭ͘ϰϱͿ dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ /ŶĚŝĂ
&ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ;ϭϱ͘ϵϰͿ ;ϰ͘ϵϰͿ Ͳ Ͳ ;ϮϬ͘ϴϴͿ dĂũdƌĂĚĞĂŶĚdƌĂŶƐƉŽƌƚŽ>ƚĚ͘ /ŶĚŝĂ
hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚǇƐŚĂƌĞƐ ;ϯ͘ϳϬͿ Ͳ ϴ͘ϱϰ Ͳ ϰ͘ϴϰ ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ
ĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ /ŶĚŝƚƌĂǀĞů>ƚĚ͘ /ŶĚŝĂ
ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ
WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽǇĞĞĞŶĞĮƚƐ Ϯϲ͘Ϭϳ ;Ϭ͘ϵϯͿ ϯ͘ϯϰ Ͳ Ϯϴ͘ϰϴ
EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ
DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϳϳ͘ϲϱ Ͳ Ͳ ;ϰϰ͘ϬϵͿ ϯϯ͘ϱϲ
^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ /ŶĚŝĂ
ZĞǁĂƌĚWŽŝŶƚƐ ϭϳ͘ϵϬ ;ϰ͘ϲϯͿ Ͳ Ͳ ϭϯ͘Ϯϳ
WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ Ϯϭ͘ϭϮ ϱ͘ϯϵ Ͳ Ͳ Ϯϲ͘ϱϭ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ /ŶĚŝĂ
ůůŽǁĂŶĐĞĨŽƌŽƵďƞƵůĞďƚƐ ϰ͘Ϭϰ ϯ͘ϱϲ Ͳ Ͳ ϳ͘ϲϬ >>,ŽƚĞůƐΘ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ /ŶĚŝĂ
hŶƌĞĂůŝƐĞĚůŽƐƐŽŶĞƋƵŝƚǇƐŚĂƌĞƐĐĂƌƌŝĞĚ Ͳ Ͳ ;ϰ͘ϴϰͿ Ͳ ;ϰ͘ϴϰͿ >ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůΘWƌŽƉĞƌƟĞƐWǀƚ͘>ƚĚ͘ /ŶĚŝĂ
ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶͲ 1
ŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇǀŝĚĞE>dŽƌĚĞƌĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϴ;ǁ͘Ğ͘Ĩ͘ĂƉƉŽŝŶƚĞĚĚĂƚĞƉƌŝůϭ͕ϮϬϭϳͿ
ƐŝǀĞ/ŶĐŽŵĞ
Others ϴ͘ϱϰ ;Ϭ͘ϱϭͿ Ͳ Ͳ ϴ͘Ϭϯ /ŶƚĞƌŶĂƟŽŶĂů
Total Deferred Tax Liability ;ϮϵϬ͘ϵϰͿ ;ϮϬ͘ϴϮͿ ϳ͘Ϭϰ ;ϰϰ͘ϬϵͿ ;ϯϰϴ͘ϴϭͿ ƉĞǆ,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘1 ^ŝŶŐĂƉŽƌĞ
^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚ͘Ϯ ƌŝƟƐŚsŝƌŐŝŶ/ƐůĂŶĚƐ
^ŝŐŶŝĮĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗
/,KKs EĞƚŚĞƌůĂŶĚƐ
Recognised Recognised hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ hŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ
Opening in the state- in other MAT credit Closing ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ
DĂƌĐŚϯϭ͕ϮϬϭϳ
Balance ŵĞŶƚŽĨƉƌŽĮƚ comprehensive ƵƟůŝƐĞĚ Balance dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ
and loss income
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ
ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿ͗ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ
WƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ 1
>ŝƋƵŝĚĂƚĞĚŽŶƵŐƵƐƚϳ͕ϮϬϭϳ
;ϰϰϮ͘ϳϳͿ ϭϲ͘ϰϴ Ͳ Ͳ ;ϰϮϲ͘ϮϵͿ
/ŶƚĂŶŐŝďůĞƐƐĞƚƐ Ϯ
>ŝƋƵŝĚĂƚĞĚŽŶ:ƵŶĞϲ͕ϮϬϭϳ
hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚ ;Ϭ͘ϵϬͿ Ϭ͘ϱϳ Ͳ Ͳ ;Ϭ͘ϯϯͿ
&ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ;Ϭ͘ϮϭͿ ;ϭϱ͘ϳϯͿ Ͳ Ͳ ;ϭϱ͘ϵϰͿ ŝŝŝ͘ :ŽŝŶƚsĞŶƚƵƌĞƐ
hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚǇƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚ Name of the Company ŽƵŶƚƌǇŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ
ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ;ϲ͘ϮϰͿ Ͳ Ϯ͘ϱϰ Ͳ ;ϯ͘ϳϬͿ ŽŵĞƐƟĐ
/ŶĐŽŵĞ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWǀƚ͘>ƚĚ͘ /ŶĚŝĂ
WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽǇĞĞĞŶĞĮƚƐ Ϯϯ͘Ϭϴ ϱ͘ϴϯ ;Ϯ͘ϴϰͿ Ͳ Ϯϲ͘Ϭϳ
dĂũ^ĂƚƐŝƌĂƚĞƌŝŶŐ>ƚĚ͘ /ŶĚŝĂ
hŶƵƐĞĚƚĂǆůŽƐƐĞƐ;ƵƐŝŶĞƐƐͿ Ϯϭ͘ϳϰ ;Ϯϭ͘ϳϰͿ Ͳ Ͳ -
dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ
DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϭϮϲ͘ϱϴ Ͳ Ͳ ;ϰϴ͘ϵϯͿ 77.65
dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ
ZĞǁĂƌĚWŽŝŶƚƐ ϭϵ͘Ϯϱ ;ϭ͘ϯϱͿ Ͳ Ͳ ϭϳ͘ϵϬ
WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ ϭϴ͘ϲϬ Ϯ͘ϱϮ Ͳ Ͳ Ϯϭ͘ϭϮ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ
ůůŽǁĂŶĐĞĨŽƌŽƵďƞƵůĞďƚƐ ϯ͘ϴϮ Ϭ͘ϮϮ Ͳ Ͳ ϰ͘Ϭϰ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ /ŶĚŝĂ
Others ϯ͘ϬϬ ϱ͘ϱϰ Ͳ Ͳ ϴ͘ϱϰ <ĂǀĞƌŝZĞƚƌĞĂƚƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ
Total Deferred Tax Liability ;Ϯϯϰ͘ϬϱͿ (7.66) ;Ϭ͘ϯϬͿ ;ϰϴ͘ϵϯͿ ;ϮϵϬ͘ϵϰͿ

Name of the Company ŽƵŶƚƌǇŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ Company Post
Key
having :ŽŝŶƚ ZĞƟƌĞŵĞŶƚ
WĂƌƟĐƵůĂƌƐ Management Subsidiaries Associates #
/ŶƚĞƌŶĂƟŽŶĂů ƐŝŐŶŝĮĐĂŶƚ Ventures# ďĞŶĞĮƚ
Personnel
d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ĂŶĚŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ ,ŽŶŐ<ŽŶŐ ŝŶŇƵĞŶĐĞΎ plans
` crores ` crores ` crores ` crores ` crores ` crores
/,D^,ŽƚĞůƐ;^Ϳ;WƌŽƉƌŝĞƚĂƌǇͿ>ƚĚ͘ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌǇ ^ŽƵƚŚĨƌŝĐĂ
^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ Ϯϯ͘ϵϱ - Ϯ͘ϯϵ Ϭ͘Ϭϳ Ϭ͘ϲϳ -
iv. Associates
17.77 - 2.55 - 0.61 -
Name of the Company ŽƵŶƚƌǇŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ ĞƉƵƚĞĚ^ƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚƐ - - ϳ͘ϮϮ ϯ͘Ϯϵ ϯ͘ϲϴ -
ŽŵĞƐƟĐ - - 6.05 3.03 5.23 -
KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ /ŶĚŝĂ KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϯϰ - ϯ͘ϲϳ Ϭ͘ϵϮ ϭ͘Ϭϲ -
dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ /ŶĚŝĂ 0.12 - 2.80 0.88 0.53 -
dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ /ŶĚŝĂ >ŽǇĂůƚǇĞǆƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶ
Ϭ͘ϭϵ - ϴ͘ϴϲ ϲ͘Ϭϱ ϯ͘ϳϮ -
/ŶƚĞƌŶĂƟŽŶĂů ĐƌĞĚŝƚͿ
>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚ>ƚĚ͘ ^ƌŝ>ĂŶŬĂ 0.12 - 9.38 5.28 2.70 -
d>>ĂŶŬĂ,ŽƚĞůƐW> ^ƌŝ>ĂŶŬĂ ĞƉƵƚĞĚ^ƚĂīKƵƚ Ϭ͘ϰϮ - Ϯϯ͘ϱϯ ϭϲ͘ϴϴ ϭϳ͘ϵϮ -
:d^WƚĞ>ƚĚ͕͘^ŝŶŐĂƉŽƌĞĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ ^ŝŶŐĂƉŽƌĞ 0.42 - 22.11 14.91 17.09 -
v. Key Management Personnel ŽŶƚƌŝďƵƟŽŶƚŽ&ƵŶĚƐ - - - - - ϭϰ͘ϵϯ
- - - - - 24.78
WĂƌƟĐƵůĂƌƐ ZĞůĂƟŽŶ
/ŶƚĞƌŽƌƉŽƌĂƚĞĞƉŽƐŝƚ;͞/͟Ϳ
WƵŶĞĞƚŚŚĂƚǁĂůη DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ϮϬ͘ϬϬ - ϱϬ͘ϮϬ - Ϭ͘ϯϬ -
WůĂĐĞĚ
ZĂŬĞƐŚ^ĂƌŶĂΎ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK
22.00 - 17.00 7.50 - -
DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ ǆĞĐƵƟǀĞŝƌĞĐƚŽƌͲŽƌƉŽƌĂƚĞīĂŝƌƐ
/ŶĐĂƐŚĞĚ ϱϬ͘Ϯϰ - ϱϮ͘ϮϬ - - -
ΎĨŽƌƉĂƌƚŽĨƚŚĞǇĞĂƌƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘ 13.06 - - 32.75 15.68 -
η
ĂƉƉŽŝŶƚĞĚǁŝƚŚĞīĞĐƚĨƌŽŵEŽǀĞŵďĞƌϬϲ͕ϮϬϭϳ͘ WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ - - ϵϰϰ͘ϬϮ - Ϭ͘ϳϬ -
- - - - - -
ǀŝ͘ WŽƐƚŵƉůŽǇŵĞŶƚďĞŶĞĮƚƉůĂŶƐ
ĞƉŽƐŝƚŽŶǀĞƌƚĞĚŝŶƚŽƋƵŝƚǇ - - - - - -
WĂƌƟĐƵůĂƌƐ - - 991.14 - 10.00 -
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚŵƉůŽǇĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ ^ŚĂƌĞŚŽůĚĞƌƐ͛ĞƉŽƐŝƚƉůĂĐĞĚ - - - - - -
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ^ƵƉĞƌĂŶŶƵĂƟŽŶ^ĐŚĞŵĞ - - 135.19 - - -
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŵƉůŽǇĞĞƐ'ƌĂƚƵŝƚǇdƌƵƐƚ ^ŚĂƌĞŚŽůĚĞƌƐ͛ĞƉŽƐŝƚĞŶĐĂƐŚĞĚ - - ϯϮ͘ϭϱ - - -
- - 167.93 - - -
;ďͿ dŚĞĚĞƚĂŝůƐŽĨƌĞůĂƚĞĚƉĂƌƚǇƚƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗ ZĞŵƵŶĞƌĂƟŽŶWĂŝĚͬWĂǇĂďůĞ - ϮϬ͘ϵϴ - - - -
;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ - 13.18 - - - -
Company Post
Key
having :ŽŝŶƚ ZĞƟƌĞŵĞŶƚ
WĂƌƟĐƵůĂƌƐ Management Subsidiaries Associates # 'ƵĂƌĂŶƚĞĞƐͬ>ĞƩĞƌŽĨŽŵĨŽƌƚ
ƐŝŐŶŝĮĐĂŶƚ Ventures# ďĞŶĞĮƚ - - ϱ͘ϬϬ - ϭϭ͘Ϭϲ -
Personnel ǁŝƚŚĚƌĂǁŶ
ŝŶŇƵĞŶĐĞΎ plans
- - 977.93 - 17.61 -
dŚĞĚĞƚĂŝůƐŽĨĂŵŽƵŶƚƐĚƵĞƚŽŽƌĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ Ϭ͘ϵϱ - Ϯ͘ϲϬ Ϭ͘ϰϱ Ϭ͘ϲϳ -
2.34 - 1.14 1.37 1.75 -
dƌĂĚĞZĞĐĞŝǀĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϬͿ ϱ͘ϯϬ - ϭϲ͘ϰϲ ϭϮ͘ϵϰ ϱϲ͘ϰϱ -
ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ - ϭ͘ϱϵ Ϭ͘ϭϰ Ϭ͘ϵϮ -
2.57 - 11.43 8.61 35.75 -
0.12 - 11.99 1.24 0.64 -
dƌĂĚĞWĂǇĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϵͿ ϭϯ͘ϵϳ - ϭ͘ϰϴ ϭ͘ϭϬ Ϭ͘Ϭϯ -
ŝǀŝĚĞŶĚWĂŝĚ ϭϬ͘Ϯϱ - - Ϭ͘Ϭϲ - -
6.08 - 1.92 0.07 0.05 -
8.78 - - 0.05 - -
KƚŚĞƌZĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌWĂǇĂďůĞƐͿ Ϭ͘ϯϬ - ϴϭ͘Ϯϵ ϯ͘ϮϬ ;ϭϭ͘ϭϬͿ -
KƉĞƌĂƟŶŐͬ>ŝĐĞŶĐĞĨĞĞƐĞǆƉĞŶƐĞ - - Ϭ͘ϯϭ - - - ;ZĞĨĞƌEŽƚĞϳĂŶĚEŽƚĞϭϲͿ 0.35 - 81.09 1.75 (5.30) -
- - 0.32 - - - /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ - - - Ϭ͘ϯϱ Ϭ͘ϳϯ -
KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϯ͘Ϯϵ - ϱϳ͘ϯϯ ϯϭ͘ϰϳ ϯϲ͘ϭϮ - ;ZĞĨĞƌEŽƚĞϳͿ 0.39 - - 0.35 0.60 -
- - 44. 20 26.90 29.75 - ĞƉŽƐŝƚƐZĞĐĞŝǀĂďůĞ ϭ͘ϯϮ - ϮϬ͘ϵϴ ϰ͘ϱϰ ϳ͘ϲϯ -
WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϱϲ͘ϭϳ - ϭϲ͘ϯϱ Ϭ͘ϭϴ Ϭ͘ϭϭ - ;ZĞĨĞƌEŽƚĞϲĂŶĚEŽƚĞϳͿ 31.56 - 55.41 4.54 7.33 -
55.65 - 19.47 0.48 0.16 - ĞƉŽƐŝƚƐWĂǇĂďůĞ Ϭ͘Ϯϴ - ϰ͘Ϭϰ - - -
;ZĞĨĞƌEŽƚĞϭϱͿ - - 4.02 - - -

Company Post DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Key Name of the Company
having :ŽŝŶƚ ZĞƟƌĞŵĞŶƚ ` crores ` crores
WĂƌƟĐƵůĂƌƐ Management Subsidiaries Associates #
ƐŝŐŶŝĮĐĂŶƚ Ventures# ďĞŶĞĮƚ
Personnel
ŝŶŇƵĞŶĐĞΎ plans ZĞŵƵŶĞƌĂƟŽŶƚŽ<ĞǇDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů
` crores ` crores ` crores ` crores ` crores ` crores WƵŶĞĞƚŚŚĂƚǁĂů;ǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϬϲ͕ϮϬϭϳͿ ϭ͘ϳϮ Ͳ
KƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ - - - - - ZĂŬĞƐŚ^ĂƌŶĂ;ƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳͿ ϭϱ͘ϴϳ ϳ͘ϵϰ
;ZĞĨĞƌEŽƚĞϱ;ŝǀͿͿ 71.10 - - - - - DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ Ϯ͘ϳϯ Ϯ͘ϯϮ
'ƵĂƌĂŶƚĞĞƐͬ>ĞƩĞƌŽĨŽŵĨŽƌƚŐŝǀĞŶ
- ϭϳϬ͘ϲϴ - Ϯϯϯ͘ϱϱ -
ŽŶďĞŚĂůĨ - ^ƵďƐŝĚŝĂƌŝĞƐ͗
;ZĞĨĞƌEŽƚĞϰϮͿ - - 175.68 - 244.61 -
ΎŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ KTC Hotels Ltd.
ηŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ KƉĞƌĂƟŶŐͬ>ŝĐĞŶĐĞ&ĞĞƐĞǆƉĞŶƐĞ Ϭ͘ϯϭ Ϭ͘ϯϮ
ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϯ͘ϱϬ ϯ͘ϱϬ
&ŽŽƚŶŽƚĞƐ͗
;ŝͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐƉĞƌŝŽĚ͘ Benares Hotels Ltd.
;ŝŝͿ DĂŶĂŐĞƌŝĂůƌĞŵƵŶĞƌĂƟŽŶĞǆĐůƵĚĞƐƉƌŽǀŝƐŝŽŶĨŽƌŐƌĂƚƵŝƚǇĂŶĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͕ƐŝŶĐĞƚŚĞƐĞĂƌĞƉƌŽǀŝĚĞĚŽŶƚŚĞďĂƐŝƐŽĨĂŶ ŝǀŝĚĞŶĚŝŶĐŽŵĞ Ϭ͘ϵϳ ϭ͘Ϯϵ
ĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶĨŽƌƚŚĞŽŵƉĂŶǇĂƐĂǁŚŽůĞĂŶĚůŽŶŐƚĞƌŵŝŶĐĞŶƟǀĞ͘ŽŵŵŝƐƐŝŽŶƚŽǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚ
ŽŶƉĂǇŵĞŶƚďĂƐŝƐ͘ Piem Hotels Ltd.
dƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϭϭ͘Ϭϳ ϵ͘ϵϴ
;ĐͿ ^ƚĂƚĞŵĞŶƚŽĨDĂƚĞƌŝĂůdƌĂŶƐĂĐƟŽŶƐ
/WůĂĐĞĚ ϭϬ͘ϬϬ Ͳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ /ŶĐĂƐŚĞĚ ϭϬ͘ϬϬ Ͳ
Name of the Company
` crores ` crores KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϯϬ͘ϴϭ ϯϬ͘ϭϰ
ŽŵƉĂŶǇŚĂǀŝŶŐƐƵďƐƚĂŶƟĂůŝŶƚĞƌĞƐƚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͗
ĞƉƵƚĞĚ^ƚĂīKƵƚ ϭϵ͘ϯϮ ϭϳ͘ϯϰ
ĞƉƵƚĞĚ^ƚĂīZĞŝŵďƵƌƐĞŵĞŶƚ ϱ͘ϴϯ ϰ͘ϴϳ
Tata Sons Ltd.
>ŽǇĂůƚǇĞǆƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ ϰ͘ϭϮ ϰ͘Ϭϯ
ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ Ͳ
KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ 1.11 ϭ͘ϯϳ
ŝǀŝĚĞŶĚƉĂŝĚ ϵ͘ϳϬ ϴ͘ϯϭ
dƌĂĚĞWĂǇĂďůĞƐ ϯ͘ϱϮ ϯ͘ϯϳ
^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ
^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϲ͘ϯϰ ϱ͘ϴϰ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌƉĂǇĂďůĞƐͿ ϳϵ͘ϴϰ ϳϵ͘ϴϬ
WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ ϴϵϮ͘ϵϯ Ͳ
Tata Consultancy Services Ltd.
/WůĂĐĞĚ ϳ͘ϮϬ Ͳ
dƌĂĚĞWĂǇĂďůĞƐ ϲ͘ϴϬ Ϯ͘ϰϵ
/ŶĐĂƐŚĞĚ ϳ͘ϮϬ Ͳ
WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϯϲ͘ϭϮ ϯϮ͘ϵϰ
^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϯ͘ϬϬ Ϯ͘ϴϱ
United Overseas Holdings Inc.
WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϭϭ͘ϯϵ ϭϭ͘ϰϳ
Taj Air Ltd.
'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶŽŶďĞŚĂůĨʹůŽƐŝŶŐƉŽƐŝƟŽŶ ϭϳϬ͘ϲϴ ϭϳϱ͘ϲϴ
/WůĂĐĞĚ ϮϬ͘ϬϬ ϮϮ͘ϬϬ
'ƵĂƌĂŶƚĞĞǁŝƚŚĚƌĂǁŶ ϱ͘ϬϬ ϳϰϬ͘ϳϲ
/ŶĐĂƐŚĞĚ ϱϬ͘Ϯϰ ϭϯ͘Ϭϲ
KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚ ϭ͘ϯϳ Ϭ͘ϳϴ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ Ϭ͘ϵϱ Ϯ͘ϯϰ
dƌĂĚĞWĂǇĂďůĞƐ ϯ͘ϮϮ Ͳ
^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘
>ŽǇĂůƚǇĞǆƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ Ϯ͘ϲϵ ϯ͘ϳϱ
Tata Realty and Infrastructure Ltd.
ĞƉŽƐŝƚůŽƐŝŶŐƉŽƐŝƟŽŶʹKƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ ϳϭ͘ϭϬ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘
ĞƉŽƐŝƚWĂǇĂďůĞ ϰ͘Ϭϰ ϰ͘ϬϮ
Tata AIG General Insurance Company Ltd.
^ŚĂƌĞŚŽůĚĞƌƐ͛ĞƉŽƐŝƚŶĐĂƐŚĞĚ ϯϮ͘ϭϱ ϭϲϳ͘ϵϯ
WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϴ͘ϳϬ ϴ͘ϰϮ
IHOCO BV
Tata SIA Airlines Ltd.
WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ ϱϭ͘Ϭϴ Ͳ
^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϵ͘Ϭϯ ϰ͘ϳϮ

Name of the Company Name of the Company
ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ WŽƐƚͲĞŵƉůŽǇŵĞŶƚďĞŶĞĮƚƉůĂŶƐ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ 1.99 ϭ͘ϭϰ ŽŶƚƌŝďƵƟŽŶƚŽ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϰ͘ϵϵ ϱ͘Ϭϭ
/WůĂĐĞĚ ϯϯ͘ϬϬ ϭϳ͘ϬϬ ŽŶƚƌŝďƵƟŽŶƚŽWƌŽǀŝĚĞŶƚ&ƵŶĚ ϵ͘ϵϰ ϵ͘ϳϴ
/ŶĐĂƐŚĞĚ ϯϱ͘ϬϬ Ͳ ŽŶƚƌŝďƵƟŽŶƚŽ'ƌĂƚƵŝƚǇ&ƵŶĚ Ͳ ϭϬ͘ϬϬ
ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϭϳ͘ϬϬ ϭϵ͘ϬϬ
EŽƚĞϰϬ͗^ĞŐŵĞŶƚ/ŶĨŽƌŵĂƟŽŶ
:ŽŝŶƚsĞŶƚƵƌĞƐ͗
KƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘dŚĞ
Taj GVK Hotels & Resorts Ltd. DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ ǁŚŽ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂůůŽĐĂƟŶŐ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂƐƐĞƐƐŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽƉĞƌĂƟŶŐ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌƉĂǇĂďůĞƐͿ (11.91) ;Ϭ͘ϵϮͿ ƐĞŐŵĞŶƚƐ͕ ŚĂƐ ďĞĞŶ ŝĚĞŶƟĮĞĚ ĂƐ ƚŚĞ ĐŚŝĞĨ ŽƉĞƌĂƟŶŐ ĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘ &ƌŽŵ ƚŚĞ ŝŶƚĞƌŶĂů ŽƌŐĂŶŝƐĂƟŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ĂĐƟǀŝƟĞƐ ĂŶĚ
ŝǀŝĚĞŶĚŝŶĐŽŵĞ Ϭ͘ϲϰ Ϭ͘ϲϰ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌĂŶĚĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐƚŚĞŶĂƚƵƌĞŽĨŝƚƐƐĞƌǀŝĐĞƐ͕ƚŚĞ
KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϭϲ͘ϭϰ ϭϰ͘ϭϳ ƵůƟŵĂƚĞĐƵƐƚŽŵĞƌĂǀĂŝůŝŶŐƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚƚŚĞŵĞƚŚŽĚƐƵƐĞĚďǇŝƚƐƚŽƉƌŽǀŝĚĞƚŚŽƐĞƐĞƌǀŝĐĞƐ͕͞,ŽƚĞů^ĞƌǀŝĐĞƐ͟ŚĂƐďĞĞŶŝĚĞŶƟĮĞĚƚŽ
ĞƉƵƚĞĚ^ƚĂīKƵƚ ϵ͘Ϯϳ ϴ͘ϯϴ ďĞƚŚĞŽŵƉĂŶǇ͛ƐƐŽůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͘,ŽƚĞů^ĞƌǀŝĐĞƐŝŶĐůƵĚĞ͞ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ͟ŝŶĐůƵĚŝŶŐDĂŶĂŐĞŵĞŶƚĂŶĚKƉĞƌĂƟŶŐ&ĞĞƐ
ĞƉƵƚĞĚ^ƚĂīZĞŝŵďƵƌƐĞŵĞŶƚ Ϯ͘ϱϭ ϯ͘ϰϬ ǁŚĞƌĞ ŚŽƚĞůƐ ĂƌĞ ŶŽƚ ŽǁŶĞĚ Žƌ ůĞĂƐĞĚ ďǇ ƚŚĞ ŽŵƉĂŶǇ͘ dŚĞ ŽƌŐĂŶŝƐĂƟŽŶ ŝƐ ůĂƌŐĞůǇ ŵĂŶĂŐĞĚ ƐĞƉĂƌĂƚĞůǇ ďǇ ƉƌŽƉĞƌƚǇ ďĂƐĞĚ ŽŶ ĐĞŶƚƌĂůůǇ
KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚ Ϭ͘ϴϯ Ϭ͘ϭϴ ĚƌŝǀĞŶƉŽůŝĐŝĞƐĂŶĚƚŚĞƌĞƐƵůƚƐĂŶĚĐĂƐŚŇŽǁƐŽĨƚŚĞƉĞƌŝŽĚ͕ĮŶĂŶĐŝĂůƉŽƐŝƟŽŶĂƐŽĨĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞĂŐŐƌĞŐĂƚĞĚĨŽƌƚŚĞĂƐƐĞƐƐŵĞŶƚďǇ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϰϯ͘ϳϯ Ϯϴ͘Ϭϯ ƚŚĞDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨǆĞĐƵƟǀĞKĸĐĞƌ͘dŚĞŽŵƉĂŶǇ͛ƐŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƟŶŐĂŶĚĐŽŶƚƌŽůůŝŶŐƐǇƐƚĞŵƐƉƌŝŶĐŝƉĂůůǇƵƐĞĂĐĐŽƵŶƟŶŐ
ƉŽůŝĐŝĞƐƚŚĂƚĂƌĞƚŚĞƐĂŵĞĂƐƚŚŽƐĞĚĞƐĐƌŝďĞĚŝŶEŽƚĞϮŝŶƚŚĞƐƵŵŵĂƌǇŽĨƐŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƵŶĚĞƌ/ŶĚ^͘ƐƚŚĞŽŵƉĂŶǇŝƐ
Taj Karnataka Hotels & Resorts Ltd. ĞŶŐĂŐĞĚŝŶĂƐŝŶŐůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͕ƐĞŐŵĞŶƚŝŶĨŽƌŵĂƟŽŶƚŚĂƚŚĂƐďĞĞŶƚĂďƵůĂƚĞĚďĞůŽǁŝƐŽŵƉĂŶǇͲǁŝĚĞ͗
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ Ϭ͘ϰϴ Ϭ͘ϰϴ
ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϱ͘ϯϱ ϱ͘ϯϱ Revenue from Hotel Services by Non-current assets
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ Ϭ͘ϱϵ Ϭ͘ϱϵ ůŽĐĂƟŽŶŽĨĐƵƐƚŽŵĞƌƐ (see footnote below)
Country
Taj Safaris Ltd. ` crores ` crores ` crores ` crores
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ Ϭ͘ϭϰ Ϭ͘Ϭϭ /ŶĚŝĂ Ϯ͕ϱϯϴ͘Ϭϴ Ϯ͕ϯϴϲ͘ϱϮ Ϯ͕ϴϱϰ͘ϴϴ Ϯ͕ϲϭϳ͘ϯϳ
WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ Ϭ͘ϳϬ Ͳ KǀĞƌƐĞĂƐůŽĐĂƟŽŶƐ ϰϱ͘ϴϳ ϭϱ͘Ϭϰ Ͳ Ͳ
Total Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ Ϯ͕ϴϱϰ͘ϴϴ Ϯ͕ϲϭϳ͘ϯϳ
TAL Hotels & Resorts Limited
&ŽŽƚŶŽƚĞ͗
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌƉĂǇĂďůĞƐͿ ;Ϯ͘ϰϭͿ ;ϲ͘ϱϮͿ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐĞǆĐůƵĚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐ͕ĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐ͕ƉŽƐƚͲĞŵƉůŽǇŵĞŶƚďĞŶĞĮƚĂƐƐĞƚƐĂŶĚƌŝŐŚƚƐƵŶĚĞƌŝŶƐƵƌĂŶĐĞĐŽŶƚƌĂĐƚƐ͘
>ŽǇĂůƚǇĞǆƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ Ϯ͘ϭϭ 1.91
EŽ ƐŝŶŐůĞ ĐƵƐƚŽŵĞƌ ĐŽŶƚƌŝďƵƚĞƐ ŵŽƌĞ ƚŚĂŶ ϭϬй Žƌ ŵŽƌĞ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ƚŽƚĂů ƌĞǀĞŶƵĞ ĨŽƌ ƚŚĞ ǇĞĂƌƐ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŶĚ
DĂƌĐŚϯϭ͕ϮϬϭϳ͘
IHMS Hotels (SA) (Proprietary) Ltd.
'ƵĂƌĂŶƚĞĞǁŝƚŚĚƌĂǁŶ ϭϭ͘Ϭϲ ϭϳ͘ϲϭ
>ĞƩĞƌŽĨŽŵĨŽƌƚŐŝǀĞŶŽŶďĞŚĂůĨʹůŽƐŝŶŐƉŽƐŝƟŽŶΎ Ϯϯϯ͘ϱϱ Ϯϰϰ͘ϲϭ
EŽƚĞϰϭ͗ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ;W^Ϳ͗
Ύ>ŝĂďŝůŝƚǇƌĞƐƚƌŝĐƚĞĚƚŽ`ϭϭϲ͘ϳϳĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭϮϮ͘ϯϭĐƌŽƌĞƐͿĂƐĐŽƵŶƚĞƌ ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ϯϯʹ͚ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ͛͘
ŝŶĚĞŵŶŝƚǇĨŽƌϱϬйŚĂƐďĞĞŶŽďƚĂŝŶĞĚĨƌŽŵ:sƉĂƌƚŶĞƌ͘
WĂƌƟĐƵůĂƌƐ
ƐƐŽĐŝĂƚĞƐ͗ ` crores ` crores
WƌŽĮƚĂŌĞƌƚĂǆ;` crores) ϭϰϳ͘ϳϳ ϭϰϯ͘ϭϴ
Taida Trading & Industries Ltd.
/ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ϭ͘ϯϱ Ϭ͘ϯϱ KƉĞŶŝŶŐďĂůĂŶĐĞ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ
ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϰ͘ϱϰ ϰ͘ϱϰ īĞĐƚŽĨĨƌĞƐŚŝƐƐƵĞŽĨƐŚĂƌĞƐĨŽƌĐĂƐŚ ϭϭ͕ϯϳ͕Ϭϰ͕ϲϬϴ ϱ͕ϲϴ͕ϯϴ͕ϯϲϭ
Weighted average number of Equity Shares ϭ͕ϭϬ͕Ϯϵ͕ϳϴ͕ϲϮϯ ϭ͕Ϭϰ͕ϲϭ͕ϭϮ͕ϯϳϲ
Oriental Hotels Ltd. ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ͗
KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ Ϯϳ͘ϲϰ Ϯϲ͘ϵϬ
ĂƐŝĐĂŶĚŝůƵƚĞĚ;`) ϭ͘ϯϰ ϭ͘ϯϳ
ĞƉƵƚĞĚ^ƚĂīKƵƚ ϭϲ͘ϴϴ ϭϰ͘ϵϭ
&ĂĐĞsĂůƵĞƉĞƌƋƵŝƚǇ^ŚĂƌĞ;`) 1 1
>ŽǇĂůƚǇĞǆƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ ϰ͘ϵϬ ϰ͘ϯϳ
ĞƉƵƚĞĚ^ƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ ϯ͘Ϯϵ ϯ͘Ϭϯ EŽƚĞ͗
KƚŚĞƌĐŽƐƚƐƌĞŝŵďƵƌƐĞŵĞŶƚ Ϭ͘ϵϬ Ϭ͘ϴϴ ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳŚĂƐďĞĞŶƌĞƚƌŽƐƉĞĐƟǀĞůǇĂĚũƵƐƚĞĚĨŽƌƚŚĞďŽŶƵƐĞůĞŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞZŝŐŚƚƐŝƐƐƵĞ͘

EŽƚĞϰϮ͗'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶ b. :ŽŝŶƚsĞŶƚƵƌĞƐ
ŝͿ ƵĂƌĂŶƚĞĞƐͬ>ĞƩĞƌƐŽĨŽŵĨŽƌƚŐŝǀĞŶďǇƚŚĞŽŵƉĂŶǇŝŶƌĞƐƉĞĐƚŽĨůŽĂŶƐŽďƚĂŝŶĞĚďǇŽƚŚĞƌĐŽŵƉĂŶŝĞƐĂŶĚŽƵƚƐƚĂŶĚŝŶŐĂƐŽŶDĂƌĐŚ
'
ϯϭ͕ϮϬϭϴͲ`ϰϬϰ͘ϮϯĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϰϮϬ͘ϮϵĐƌŽƌĞƐͿ͘KƵƚŽĨƚŚŝƐ͕ĐŽƵŶƚĞƌŝŶĚĞŵŶŝƚǇĨŽƌ`ϭϭϲ͘ϳϳĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭϮϮ͘ϯϭ Principal place ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ
of business/
ĐƌŽƌĞƐͿŚĂƐďĞĞŶŽďƚĂŝŶĞĚĨƌŽŵĂ:sƉĂƌƚŶĞƌĨŽƌŚŝƐϱϬйƐŚĂƌĞ͘ Held directly īĞĐƟǀĞ ,ĞůĚĚŝƌĞĐƚůǇ īĞĐƟǀĞ
Country of
by Parent or Holding ďǇWĂƌĞŶƚŽƌ ,ŽůĚŝŶŐ
ŝŝͿ dŚĞŽŵƉĂŶǇŚĂƐŐŝǀĞŶůĞƩĞƌƐŽĨƐƵƉƉŽƌƚƚŽƐĞůĞĐƚƐƵďƐŝĚŝĂƌŝĞƐ͕ĂũŽŝŶƚǀĞŶƚƵƌĞĂŶĚĂŶĂƐƐŽĐŝĂƚĞĚƵƌŝŶŐƚŚĞǇĞĂƌ͘ ŝŶĐŽƌƉŽƌĂƟŽŶ
through its ƚŚƌŽƵŐŚŝƚƐ
subsidiaries ƐƵďƐŝĚŝĂƌŝĞƐ
EŽƚĞϰϯ͗dŚĞůŝƐƚŽĨŝŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂƌĞĂƐŐŝǀĞŶďĞůŽǁ͗ (%) (%) ;йͿ ;йͿ
ŽŵĞƐƟĐ
a. Subsidiary Companies
dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ /ŶĚŝĂ ϱϭ͘ϬϬ ϱϭ͘ϬϬ ϱϭ͘ϬϬ ϱϭ͘ϬϬ
Principal ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ
place of Held directly ,ĞůĚĚŝƌĞĐƚůǇ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ƚĚ͘ /ŶĚŝĂ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ
business/ by Parent or īĞĐƟǀĞ ďǇWĂƌĞŶƚŽƌ īĞĐƟǀĞ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ ϰϵ͘ϰϬ ϰϰ͘Ϯϳ ϰϵ͘ϰϬ ϰϰ͘Ϯϳ
Country of through its Holding ƚŚƌŽƵŐŚŝƚƐ ,ŽůĚŝŶŐ
dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ Ϯϴ͘ϯϬ Ϯϴ͘ϯϬ Ϯϴ͘ϯϬ Ϯϴ͘ϯϬ
ŝŶĐŽƌƉŽƌĂƟŽŶ subsidiaries (%) (%) ƐƵďƐŝĚŝĂƌŝĞƐ;йͿ ;йͿ
ŽŵĞƐƟĐ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ Ϯϱ͘ϱϮ Ϯϱ͘ϱϮ Ϯϱ͘ϱϮ Ϯϱ͘ϱϮ
ĞŶĂƌĞƐ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϱϯ͘ϳϬ ϱϭ͘ϲϴ ϱϯ͘ϳϬ ϱϭ͘ϲϴ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ /ŶĚŝĂ ϰϮ͘ϭϬ ϯϴ͘ϭϱ ϯϮ͘ϵϭ Ϯϴ͘ϵϲ
/ŶĚŝƚƌĂǀĞů>ŝŵŝƚĞĚ /ŶĚŝĂ ϵϲ͘ϲϳ ϳϳ͘ϭϵ ϵϲ͘ϲϳ ϳϳ͘ϭϵ
<ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ
<d,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ
EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϵϰ͘ϭϲ ϰϴ͘ϱϲ ϵϯ͘ϭϰ ϰϴ͘Ϭϯ
WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϱϭ͘ϱϳ /ŶƚĞƌŶĂƟŽŶĂů
ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ /ŶĚŝĂ ϲϲ͘ϵϯ ϲϯ͘Ϯϱ ϲϲ͘ϵϯ ϲϯ͘Ϯϱ
d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ Ϯϴ͘Ϯϲ Ϯϳ͘ϰϵ Ϯϴ͘Ϯϲ Ϯϳ͘ϰϵ
dĂũŶƚĞƌƉƌŝƐĞƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϵϬ͘ϱϵ ϳϰ͘ϳϬ ϵϬ͘ϱϵ ϳϰ͘ϳϬ
dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚ>ŝŵŝƚĞĚ /ŶĚŝĂ ϴϵ͘ϱϭ ϳϮ͘ϳϯ ϴϵ͘ϱϭ ϳϮ͘ϳϯ /,D^,ŽƚĞůƐ;^Ϳ;WƚǇͿ>ƚĚ͘ ^ŽƵƚŚĨƌŝĐĂ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ
d/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ
/ŶĚŝĂ Ͳ Ͳ Ͳ Ͳ
;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿͿ
c. Associates
hŶŝƚĞĚ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϱϱ͘ϬϬ ϱϱ͘ϬϬ ϱϱ͘ϬϬ ϱϱ͘ϬϬ
^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐΘĞǀĞůŽƉĞƌƐ
/ŶĚŝĂ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ
WƌŝǀĂƚĞ>ŝŵŝƚĞĚ
^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ /ŶĚŝĂ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Principal place Held directly īĞĐƟǀĞ ,ĞůĚĚŝƌĞĐƚůǇ īĞĐƟǀĞ
>>,ŽƚĞůƐΘ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϴϱ͘ϳϮ ϴϱ͘ϳϮ ϴϱ͘ϳϮ ϴϱ͘ϳϮ of business/ by Parent or Holding ďǇWĂƌĞŶƚŽƌ ,ŽůĚŝŶŐ
>ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůƐĂŶĚ Country of through its ƚŚƌŽƵŐŚŝƚƐ
/ŶĚŝĂ ϴϳ͘ϭϱ ϴϳ͘ϭϱ ϴϳ͘ϭϱ ϴϳ͘ϭϱ
WƌŽƉĞƌƟĞƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ ŝŶĐŽƌƉŽƌĂƟŽŶ subsidiaries ƐƵďƐŝĚŝĂƌŝĞƐ
(%) (%) ;йͿ ;йͿ
ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ
ŽŵĞƐƟĐ
Principal
place of Held directly ,ĞůĚĚŝƌĞĐƚůǇ KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ ϯϳ͘Ϭϱ ϯϱ͘ϲϳ ϯϳ͘Ϭϱ ϯϱ͘ϲϳ
business/ by Parent or īĞĐƟǀĞ ďǇWĂƌĞŶƚŽƌ īĞĐƟǀĞ
Country of through its Holding ƚŚƌŽƵŐŚŝƚƐ ,ŽůĚŝŶŐ dĂũDĂĚƵƌĂŝ>ƚĚ͘ /ŶĚŝĂ Ϯϲ͘ϬϬ Ϯϲ͘ϬϬ Ϯϲ͘ϬϬ Ϯϲ͘ϬϬ
ŝŶĐŽƌƉŽƌĂƟŽŶ subsidiaries (%) (%) ƐƵďƐŝĚŝĂƌŝĞƐ;йͿ ;йͿ dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ /ŶĚŝĂ ϰϴ͘ϳϰ ϯϰ͘ϳϲ ϰϴ͘ϳϰ ϯϰ͘ϳϲ
/ŶƚĞƌŶĂƟŽŶĂů
/,KKs EĞƚŚĞƌůĂŶĚƐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ
hŶŝƚĞĚ^ƚĂƚĞƐŽĨ /ŶƚĞƌŶĂƟŽŶĂů
hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ
ŵĞƌŝĐĂ
WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϭϬϬ͘ϬϬ ϱϭ͘ϱϳ ϭϬϬ͘ϬϬ ϱϭ͘ϱϳ :d^WƚĞ>ƚĚ͘ ^ŝŶŐĂƉŽƌĞ ϰϱ͘ϲϵ ϰϱ͘ϲϵ ϰϱ͘ϲϵ ϰϱ͘ϲϵ
^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ ϴϵ͘ϯϵ ϳϮ͘Ϯϱ ϴϵ͘ϯϵ ϳϮ͘Ϯϱ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϲ Ϯϰ͘ϲϲ Ϯϰ͘ϲϲ Ϯϰ͘ϲϲ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ d>>ĂŶŬĂ,ŽƚĞůƐW> ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϮ Ϯϰ͘ϲϮ Ϯϰ͘ϲϮ Ϯϰ͘ϲϮ
&ŽŽƚŶŽƚĞ͗
&ŽŽƚŶŽƚĞ͗
ůůƚŚĞĂďŽǀĞŝŶǀĞƐƚŵĞŶƚƐŚĂǀĞďĞĞŶĂĐĐŽƵŶƚĞĚĂƚĐŽƐƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ/ŶĚ^ʹϮϳ͞^ĞƉĂƌĂƚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘͟
;ŝͿ dŚŝƐƐƵďƐŝĚŝĂƌǇŚĂƐďĞĞŶĂŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇĚƵƌŝŶŐƚŚĞǇĞĂƌĂƐƉĞƌƚŚĞĐŽƵƌƚŽƌĚĞƌ;ZĞĨĞƌEŽƚĞϮϴͿ͘

Notes to Financial Statements for the year ended March 31, 2018 &ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ Capital Accounts
EŽƚĞϰϰ͗ŝǀŝĚĞŶĚƐ Year Share Reserves and Borrowings Gross Block Net Block Investments
Capital Surplus
ŝǀŝĚĞŶĚƐƉĂŝĚĚƵƌŝŶŐƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴŽƵƚŽĨZĞƚĂŝŶĞĚĂƌŶŝŶŐƐǁĂƐ`Ϭ͘ϯϱƉĞƌĞƋƵŝƚǇƐŚĂƌĞĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕
ϮϬϭϳ͘ ϭϵϳϱͲϳϲ Ϯ͘ϯϱ Ϯ͘Ϯϭ ϰ͘Ϯϭ ϭϭ͘ϴϮ ϴ͘ϰϮ Ϭ͘ϮϬ
ϭϵϳϲͲϳϳ η ϯ͘Ϭϳ Ϯ͘ϯϴ ϯ͘ϵϴ ϭϮ͘Ϯϭ ϴ͘ϯϬ Ϭ͘Ϯϱ
dŚĞĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚďǇƚŚĞŽŵƉĂŶǇĂƌĞďĂƐĞĚŽŶƚŚĞƉƌŽĮƚƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶĂƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭϵϳϳͲϳϴ ϯ͘Ϭϳ ϯ͘ϯϵ ϰ͘ϳϯ ϭϯ͘ϭϰ ϴ͘ϲϵ Ϭ͘ϯϰ
ŽĨƚŚĞŽŵƉĂŶǇ͘ĐĐŽƌĚŝŶŐůǇ͕ƚŚĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŵĂǇŶŽƚďĞĨƵůůǇĚŝƐƚƌŝďƵƚĂďůĞ͘ƐŽĨDĂƌĐŚϯϭ͕ ϭϵϳϴͲϳϵ ϯ͘Ϭϳ ϱ͘ϰϭ ϲ͘ϭϳ ϭϳ͘ϴϭ ϭϮ͘ϲϴ Ϭ͘ϱϱ
ϮϬϭϴ͕ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƐĞƌǀĞƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶǁĂƐ`ϰϭϭ͘ϴϰĐƌŽƌĞƐ͘ ϭϵϳϵͲϴϬ Ύ ϱ͘Ϭϵ ϱ͘ϱϴ ϱ͘ϱϲ ϮϬ͘ϰϴ ϭϰ͘ϯϭ Ϭ͘ϳϰ
ϭϵϴϬͲϴϭ ϱ͘Ϭϵ ϴ͘ϱϯ ϳ͘ϳϲ Ϯϱ͘Ϭϭ ϭϳ͘ϲϬ ϭ͘ϭϬ
KŶDĂǇϮϱ͕ϮϬϭϴ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶǇŚĂǀĞƉƌŽƉŽƐĞĚĂĮŶĂůĚŝǀŝĚĞŶĚŽĨ`Ϭ͘ϰϬƉĞƌĞƋƵŝƚǇƐŚĂƌĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞǇĞĂƌ ϭϵϴϭͲϴϮ ΎΎ ϲ͘ϵϬ ϵ͘ϮϬ ϴ͘ϴϳ Ϯϴ͘ϳϵ ϮϬ͘Ϭϲ ϭ͘ϭϯ
ϭϵϴϮͲϴϯ ΎΎΎ ϲ͘ϯϱ ϭϮ͘ϯϰ Ϯϲ͘ϳϭ ϰϵ͘ϱϰ ϯϵ͘ϮϮ Ϯ͘ϲϱ
ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƐŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ͘/ĨĂƉƉƌŽǀĞĚ͕ƚŚĞĚŝǀŝĚĞŶĚǁŽƵůĚƌĞƐƵůƚŝŶĂ ϭϵϴϯͲϴϰ ϲ͘ϯϱ ϭϳ͘ϰϱ ϯϮ͘Ϯϱ ϱϴ͘ϰϴ ϰϰ͘ϰϬ ϯ͘ϳϳ
ĐĂƐŚŽƵƞůŽǁŽĨ`ϱϳ͘ϯϱĐƌŽƌĞƐ͕ŝŶĐůƵƐŝǀĞŽĨĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂǆŽĨ`ϵ͘ϳϴĐƌŽƌĞƐ͘ ϭϵϴϰͲϴϱ ϲ͘ϯϱ ϮϮ͘Ϯϯ ϰϮ͘ϮϬ ϲϳ͘ϳϳ ϰϰ͘ϱϱ ϭϭ͘ϳϬ
ϭϵϴϱͲϴϲ Ă ϳ͘ϴϱ Ϯϴ͘ϳϬ ϯϴ͘ϴϮ ϳϭ͘ϲϵ ϱϯ͘ϳϮ ϲ͘Ϯϭ
EŽƚĞϰϱ͗KƚŚĞƌEŽƚĞƐ ϭϵϴϲͲϴϳ ϳ͘ϴϱ ϯϮ͘ϳϯ ϱϯ͘ϱϴ ϴϵ͘ϳϯ ϲϳ͘ϱϲ ϱ͘ϱϯ
ϭϵϴϳͲϴϴ + ϵ͘ϴϲ ϰϭ͘ϵϳ ϲϯ͘ϰϳ ϭϬϳ͘ϳϬ ϴϬ͘Ϭϴ ϲ͘ϵϬ
WƌĞǀŝŽƵƐzĞĂƌ͛ƐĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƵĚŝƚĞĚďǇĂĮƌŵŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽƚŚĞƌƚŚĂŶ^ZΘŽ͘>>W͘ ϭϵϴϴͲϴϵ ϵ͘ϴϲ ϰϴ͘ϱϰ ϳϰ͘Ϭϲ ϭϮϳ͘ϯϵ ϵϯ͘ϱϲ ϵ͘ϯϰ
ϭϵϴϵͲϵϬ !! ϭϰ͘ϳϴ ϱϭ͘ϰϰ ϵϳ͘ϭϯ ϭϲϭ͘Ϯϴ 119.95 11.19
ϭϵϵϬͲϵϭ ϭϰ͘ϳϴ ϱϲ͘ϳϳ ϭϮϭ͘Ϭϳ ϭϳϴ͘ϲϭ ϭϮϴ͘ϰϯ ϭϮ͘ϯϳ
ϭϵϵϭͲϵϮ ϭϰ͘ϳϴ ϳϯ͘ϳϮ ϭϮϯ͘ϱϯ ϭϵϰ͘ϰϰ ϭϯϱ͘ϴϵ ϭϯ͘ϳϲ
/ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ ϭϵϵϮͲϵϯ !!! ϭϵ͘ϵϲ ϭϮϰ͘ϰϰ ϭϬϲ͘ϴϲ ϮϭϬ͘ϲϴ ϭϰϮ͘ϱϯ ϭϲ͘ϵϯ
ϭϵϵϯͲϵϰ ϭϵ͘ϵϲ ϭϲϱ͘ϲϱ ϭϬϬ͘ϴϲ Ϯϯϰ͘ϲϰ ϭϱϲ͘Ϯϭ ϯϮ͘ϱϰ
For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ϭϵϵϰͲϵϱ æ ϯϵ͘ϵϮ ϮϬϱ͘ϴϰ Ϯϰϱ͘Ϭϱ Ϯϵϯ͘ϱϵ ϮϬϭ͘ϵϮ ϯϲ͘Ϭϰ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ϭϵϵϱͲϵϲ = ϰϱ͘ϭϮ ϱϲϳ͘ϭϲ ϮϬϬ͘ϭϴ ϯϴϰ͘Ϭϭ Ϯϳϯ͘Ϯϭ ϭϰϮ͘Ϭϵ
//&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ ϭϵϵϲͲϵϳ ϰϱ͘ϭϮ ϲϳϭ͘ϴϲ Ϯϭϵ͘ϳϱ ϱϬϬ͘ϭϬ ϯϲϰ͘Ϭϴ Ϯϭϰ͘ϴϬ
Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ϭϵϵϳͲϵϴ ϰϱ͘ϭϮ ϳϲϳ͘ϲϴ ϭϵϳ͘ϯϭ ϱϴϭ͘ϰϴ ϰϭϰ͘ϱϳ Ϯϭϴ͘Ϭϵ
/E͗ϬϳϲϮϰϲϭϲ ϭϵϵϴͲϵϵ ϰϱ͘ϭϮ ϴϰϰ͘ϯϱ ϭϳϴ͘ϰϮ ϲϲϱ͘ϲϳ ϰϲϲ͘ϳϳ Ϯϱϵ͘Ϭϵ
ϭϵϵϵͲϬϬ ϰϱ͘ϭϮ ϵϭϯ͘ϵϲ ϰϯϮ͘ϯϮ ϴϰϮ͘Ϭϭ ϲϬϲ͘ϴϲ ϯϯϳ͘ϳϱ
Deepak Parekh ŝƌĞĐƚŽƌ ϮϬϬϬͲϬϭ ϰϱ͘ϭϮ ϵϴϬ͘ϭϬ ϱϱϱ͘ϯϭ ϵϰϮ͘ϭϲ ϲϲϱ͘Ϭϲ ϰϮϮ͘ϭϯ
sŝũĂǇŚĂƩ /E͗ϬϬϬϬϵϬϳϴ ϮϬϬϭͲϬϮ ϰϱ͘ϭϮ ϴϰϰ͘ϭϯ ϴϬϵ͘Ϯϭ ϵϰϲ͘ϭϱ ϲϱϱ͘Ϭϴ ϱϰϭ͘ϯϰ
WĂƌƚŶĞƌ ϮϬϬϮͲϬϯ ϰϱ͘ϭϮ ϴϰϮ͘ϭϳ ϳϵϵ͘ϱϬ ϵϴϱ͘ϳϭ ϲϳϳ͘ϳϳ ϱϳϭ͘ϲϰ
ϮϬϬϯͲϬϰ ϰϱ͘ϭϮ ϴϰϰ͘ϳϵ ϭϰϭϮ͘ϰϲ ϭϭϱϵ͘ϲϵ ϴϭϯ͘ϭϯ ϲϬϬ͘ϴϯ
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
ϮϬϬϰͲϬϱ ¶ ϱϬ͘Ϯϱ ϭϬϴϭ͘ϴϬ ϭϬϱϮ͘Ϭϯ ϭϮϵϬ͘ϳϬ ϴϴϱ͘ϮϬ ϲϬϳ͘Ϭϭ
ϮϬϬϱͲϬϲ ¶ ϱϴ͘ϰϭ ϭϲϱϳ͘ϴϯ ϱϰϰ͘ϯϰ ϭϯϬϴ͘ϯϰ ϴϰϯ͘Ϭϭ ϲϱϲ͘ϱϳ
DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ ϮϬϬϲͲϬϳ ` ϲϬ͘Ϯϵ ϭϳϯϴ͘ϯϵ ϵϰϯ͘ϵϰ ϮϬϭϰ͘ϯϰ ϭϯϲϬ͘Ϭϱ ϵϲϮ͘ϴϭ
ϮϬϬϳͲϬϴ ϲϬ͘Ϯϵ ϭϵϱϲ͘Ϯϵ ϭϭϯϰ͘ϭϴ ϮϬϳϮ͘ϭϲ ϭϯϳϭ͘ϲϬ ϵϳϳ͘ϱϴ
ϮϬϬϴͲϬϵ ё ϳϮ͘ϯϰ Ϯϵϳϱ͘Ϯϵ ϭϳϲϲ͘ϰϳ ϮϯϲϮ͘Ϯϯ ϭϱϴϱ͘ϰϬ ϮϬϮϲ͘ϴϴ
ϮϬϬϵͲϭϬ ϳϮ͘ϯϱ Ϯϲϭϲ͘ϴϳ ϮϲϱϬ͘ϱϱ ϮϰϬϴ͘ϯϮ ϭϱϲϭ͘Ϯϲ Ϯϰϰϱ͘ϲϯ
ϮϬϭϬͲϭϭ Θ ϳϱ͘ϵϱ ϯϬϮϴ͘ϱϵ Ϯϯϰϭ͘ϰϰ ϮϲϬϱ͘ϭϴ ϭϳϮϱ͘ϳϰ ϯϬϮϲ͘ϳϴ
ϮϬϭϭͲϭϮ ϳϱ͘ϵϱ ϯϭϳϲ͘ϳϬ Ϯϲϳϵ͘ϯϴ ϮϴϯϬ͘ϲϲ ϭϴϯϴ͘ϳϱ ϯϲϮϮ͘ϭϵ
ϮϬϭϮͲϭϯ § ϴϬ͘ϳϱ ϯϮϮϲ͘ϵϬ ϮϱϮϮ͘Ϯϳ Ϯϴϲϭ͘ϲϱ ϭϳϱϲ͘ϰϲ ϯϯϲϵ͘ϭϰ
ϮϬϭϯͲϭϰ ϴϬ͘ϳϱ Ϯϲϭϯ͘Ϭϵ ϮϲϵϬ͘ϲϬ ϮϵϭϬ͘Ϯϳ ϭϲϵϳ͘ϰϭ Ϯϳϲϭ͘ϲϰ
ϮϬϭϰͲϭϱ ϴϬ͘ϳϱ Ϯϱϯϰ͘ϰϬ ϯϮϬϴ͘ϵϵ ϯϯϮϵ͘ϯϯ ϮϬϭϭ͘ϴϬ Ϯϵϳϳ͘ϵϲ
ϮϬϭϱͲϭϲ ± ϵϴ͘ϵϯ ϮϮϳϲ͘ϲϱ Ϯϭϱϳ͘ϲϱ ϮϮϲϳ͘ϯϳ ϮϭϰϮ͘Ϯϳ ϭϵϱϰ͘ϳϭ
ϮϬϭϲͲϭϳ ϵϴ͘ϵϯ Ϯϲϲϴ͘Ϯϳ ϮϬϰϴ͘ϵϴ Ϯϰϱϲ͘ϱϴ Ϯϭϴϳ͘ϱϯ ϯϬϮϵ͘ϭϱ
ϮϬϭϳͲϭϴ ¥ ϭϭϴ͘ϵϯ ϰϮϳϱ͘Ϭϯ ϭϳϴϯ͘ϴϴ Ϯϴϭϰ͘ϲϭ Ϯϯϵϴ͘ϱϬ ϰϭϲϭ͘ϰϲ
η /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽϮ͗ϱ с /ƐƐƵĞŽĨ'ůŽďĂůĞƉŽƐŝƚŽƌǇ^ŚĂƌĞƐ
Ύ /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽϰ͗ϱ Β ŽŶǀĞƌƐŝŽŶŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇďŽŶĚƐŝŶƚŽƐŚĂƌĞĐĂƉŝƚĂů͘
ΎΎ /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽϮ͗ϱ ` ^ƉůŝƚŽĨ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞ`ϭϬͬͲĞĂĐŚƚŽƐŚĂƌĞŽĨ&ĂĐĞǀĂůƵĞ
ΎΎΎ ŌĞƌƌĞĚĞŵƉƟŽŶŽĨWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞŽĨ`Ϭ͘ϱϱĐƌŽƌĞ `ϭͬͲĞĂĐŚ
Ă ŌĞƌĐŽŶǀĞƌƐŝŽŶŽĨĂƉĂƌƚŽĨƚŚĞϭϱ͕ϬϬϬ͕ϬϬϬŽŶǀĞƌƟďůĞ ё ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϱ
ĚĞďĞŶƚƵƌĞĂƚĂƉƌĞŵŝƵŵŽĨ`ϭϱͬͲƉĞƌƐŚĂƌĞ Θ ůůŽƚŵĞŶƚŽĨ^ŚĂƌĞƐŽŶƉƌĞĨĞƌĞŶƟĂůďĂƐŝƐƚŽƉƌŽŵŽƚĞƌƐ
н ŌĞƌĐŽŶǀĞƌƐŝŽŶŽĨĂƉĂƌƚŽĨƚŚĞϮϬ͕Ϭϭ͕ϭϮϭŽŶǀĞƌƟďůĞ Α ŽŶǀĞƌƐŝŽŶŽĨtĂƌƌĂŶƚƐŝŶƚŽƋƵŝƚǇŽŶĞǆĞƌĐŝƐĞŽĨǁĂƌƌĂŶƚƐ
ĚĞďĞŶƚƵƌĞĂƚĂƉƌĞŵŝƵŵŽĨ`ϭϱͬͲƉĞƌƐŚĂƌĞ ц ŌĞƌĐŽŶǀĞƌƐŝŽŶŽĨϭϴ͕ϭϴ͕Ϭϭ͕ϮϮϴŽŵƉƵůƐŽƌŝůǇŽŶǀĞƌƟďůĞ
͊͊ ŌĞƌŝƐƐƵĞŽĨďŽŶƵƐƐŚĂƌĞŝŶƚŚĞZĂƟŽϭ͗Ϯ ĞďĞŶƚƵƌĞƐĂƚĂƉƌĞŵŝƵŵŽĨ`ϱϰͬͲƉĞƌƐŚĂƌĞ
͊͊͊ ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϯ ί ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϱ
č /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϭ
&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ Revenue accounts

Independent Auditor’s Report
Year Gross Expenditure ĞƉƌĞĐŝĂƟŽŶ WƌŽĮƚ Tax WƌŽĮƚ Other Total Net Dividend Rate of
dŽƚŚĞDĞŵďĞƌƐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚ
Revenue (including before Expenses ĂŌĞƌ Comprehensive Comprehensive Transfer Dividend
Report on the Audit of Consolidated Ind AS Financial Auditors’ Responsibility
Interest) Taxes Tax Income Income to General on
Statements KƵƌƌĞƐƉŽŶƐŝďŝůŝƚǇŝƐƚŽĞǆƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚ
Ordinary
Reserves Shares We have audited the accompanying consolidated Ind AS ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďĂƐĞĚŽŶŽƵƌĂƵĚŝƚ͘tŚŝůĞĐŽŶĚƵĐƟŶŐƚŚĞ
` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores % ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ĂƵĚŝƚ͕ǁĞŚĂǀĞƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕
ϭϵϳϱͲϳϲ ϴ͘ϲϭ ϲ͘ϳϯ Ϭ͘ϱϬ ϭ͘ϯϴ Ϭ͘ϯϯ ϭ͘Ϭϱ Ϭ͘ϲϰ â Ϭ͘ϰϭ ϮϬ͘ϬϬ ;ŚĞƌĞŝŶĂŌĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶǇ͟Ϳ ĂŶĚ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ĂŶĚ ĂƵĚŝƟŶŐ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŵĂƩĞƌƐ ǁŚŝĐŚ
ϭϵϳϲͲϳϳ ϭϬ͘ϳϳ ϴ͘ϰϱ Ϭ͘ϱϮ ϭ͘ϴϬ Ϭ͘ϳϱ ϭ͘Ϭϱ Ϭ͘ϰϵ â Ϭ͘ϱϲ ϮϬ͘ϬϬ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ;ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶǇ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĂƵĚŝƚ ƌĞƉŽƌƚ ƵŶĚĞƌ ƚŚĞ
ϭϵϳϳͲϳϴ ϭϯ͘ϵϮ ϵ͘ϳϲ Ϭ͘ϱϯ ϯ͘ϲϯ ϭ͘ϵϰ ϭ͘ϲϵ ϭ͘Ϭϭ â Ϭ͘ϲϴ Ϯϱ͘ϬϬ ƚŽŐĞƚŚĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ 'ƌŽƵƉ͟Ϳ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚƚŚĞZƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌ͘
ϭϵϳϴͲϳϵ ϭϴ͘ϰϮ ϭϯ͘ϲϯ Ϭ͘ϲϵ ϰ͘ϭϬ ϭ͘ϰϬ Ϯ͘ϳϬ Ϯ͘ϬϮ â Ϭ͘ϲϴ Ϯϱ͘ϬϬ
ϭϵϳϵͲϴϬ Ϯϲ͘ϰϵ ϭϴ͘ϱϵ ϭ͘Ϭϰ ϲ͘ϴϲ ϯ͘ϲϯ ϯ͘Ϯϯ Ϯ͘ϭϴ â ϭ͘Ϭϱ Ϯϱ͘ϬϬ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂůĂŶĐĞ
ϭϵϴϬͲϴϭ ϯϭ͘ϱϰ Ϯϯ͘ϭϯ ϭ͘Ϯϰ ϳ͘ϭϳ ϯ͘ϭϳ ϰ͘ϬϬ Ϯ͘ϵϱ â ϭ͘ϰϱ ϮϮ͘ϬϬ ^ŚĞĞƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨ tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƚĂŶĚĂƌĚƐŽŶ
ϭϵϴϭͲϴϮ ϯϲ͘Ϭϵ Ϯϲ͘ϳϮ ϭ͘ϯϯ ϴ͘Ϭϰ ϰ͘ϭϬ ϯ͘ϵϰ Ϯ͘ϰϵ â ϭ͘ϰϱ ϮϮ͘ϬϬ WƌŽĮƚ ĂŶĚ >ŽƐƐ ;ŝŶĐůƵĚŝŶŐ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞͿ͕ ƵĚŝƟŶŐ ƐƉĞĐŝĮĞĚ ƵŶĚĞƌ ^ĞĐƟŽŶ ϭϰϯ ;ϭϬͿ ŽĨ ƚŚĞ Đƚ͘ dŚŽƐĞ
ϭϵϴϮͲϴϯ ϰϮ͘ϵϴ ϯϲ͘ϴϳ ϭ͘ϲϮ ϰ͘ϰϵ Ϭ͘ϬϬ ϰ͘ϰϵ Ϯ͘ϵϵ â ϭ͘ϱϬ Ϯϯ͘ϬϬ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŚĂŶŐĞƐ ŝŶ ƋƵŝƚǇ ĂŶĚ ƚŚĞ ^ƚĂŶĚĂƌĚƐƌĞƋƵŝƌĞƚŚĂƚǁĞĐŽŵƉůǇǁŝƚŚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐ
ϭϵϴϯͲϴϰ ϱϰ͘ϲϵ ϰϯ͘ϳϵ ϯ͘ϴϬ ϳ͘ϭϬ Ϭ͘ϰϬ ϲ͘ϳϬ 5.11 1.59 Ϯϱ͘ϬϬ
ϭϵϴϰͲϴϱ ϲϱ͘ϱϬ ϱϱ͘ϯϵ Ϯ͘ϲϲ ϳ͘ϰϱ ϭ͘Ϭϴ ϲ͘ϯϳ ϰ͘ϳϴ 1.59 Ϯϱ͘ϬϬ ŽŶƐŽůŝĚĂƚĞĚĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚ͕ĨŽƌƚŚĞǇĞĂƌƚŚĞŶĞŶĚĞĚ͕ ĂŶĚƉůĂŶĂŶĚƉĞƌĨŽƌŵƚŚĞĂƵĚŝƚƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ
ϭϵϴϱͲϴϲ ϳϴ͘ϰϴ ϲϵ͘ϯϮ ϯ͘ϰϰ ϳ͘ϲϲ ϭ͘ϲϬ ϲ͘Ϭϲ ϰ͘ϮϮ ϭ͘ϴϰ Ϯϱ͘ϬϬ ŝŶĐůƵĚŝŶŐ Ă ƐƵŵŵĂƌǇ ŽĨ ƐŝŐŶŝĮĐĂŶƚ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨƌĞĞ
ϭϵϴϲͲϴϳ ϵϯ͘Ϭϱ ϳϵ͘ϲϴ ϰ͘Ϯϱ ϵ͘ϭϮ Ϯ͘ϳϱ ϲ͘ϯϳ ϰ͘ϬϮ Ϯ͘ϯϱ ϯϬ͘ϬϬ ŽƚŚĞƌĞǆƉůĂŶĂƚŽƌǇŝŶĨŽƌŵĂƟŽŶ;ŚĞƌĞŝŶĂŌĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞ƚŚĞ ĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘
ϭϵϴϳͲϴϴ ϭϬϱ͘ϲϵ ϵϬ͘ϵϴ 5.55 ϵ͘ϭϲ Ϯ͘ϰϬ ϲ͘ϳϲ ϰ͘Ϯϯ Ϯ͘ϱϯ ϯϬ͘ϬϬ ĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͟Ϳ͘
ϭϵϴϴͲϴϵ ϭϭϳ͘ϳϮ ϭϬϬ͘ϲϭ ϲ͘Ϯϰ ϭϬ͘ϴϳ ϭ͘ϱϬ ϵ͘ϯϳ ϲ͘ϰϮ Ϯ͘ϵϲ ϯϬ͘ϬϬ Ŷ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ
ϭϵϴϵͲϵϬ ϭϰϭ͘ϱϬ ϭϮϬ͘ϵϯ ϳ͘ϴϬ ϭϮ͘ϳϳ ϭ͘Ϯϱ ϭϭ͘ϱϮ ϳ͘ϴϯ ϯ͘ϳϬ Ϯϱ͘ϬϬ
ϭϵϵϬͲϵϭ 159.11 ϭϯϵ͘ϰϮ 9.11 ϭϬ͘ϱϴ 1.55 ϵ͘Ϭϯ ϱ͘ϯϯ ϯ͘ϳϬ Ϯϱ͘ϬϬ Management’s Responsibility for the Consolidated Ind AS evidence about the amounts and the disclosures in the
ϭϵϵϭͲϵϮ ϮϬϲ͘ϳϵ ϭϲϵ͘ϱϮ ннϴ͘ϴϱ Ϯϳ͘ϱϴ ϲ͘ϱϬ Ϯϭ͘Ϭϴ ϭϲ͘ϳϱ ϱ͘ϭϳ ϯϱ͘ϬϬ Financial Statements ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ƉƌŽĐĞĚƵƌĞƐ ƐĞůĞĐƚĞĚ
ϭϵϵϮͲϵϯ Ϯϯϵ͘Ϯϭ ϭϴϴ͘Ϯϰ ϵ͘ϳϳ ϰϭ͘ϮϬ ϵ͘ϬϬ ϯϮ͘ϮϬ Ϯϰ͘ϴϲ ϴ͘ϲϴ ϱϬ͘ϬϬ dŚĞ,ŽůĚŝŶŐŽŵƉĂŶǇ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌ ĚĞƉĞŶĚŽŶƚŚĞĂƵĚŝƚŽƌ͛ƐũƵĚŐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚ
ϭϵϵϯͲϵϰ ϯϬϭ͘ϵϮ ϮϮϯ͘ϰϵ ϭϬ͘ϵϬ ϲϳ͘ϱϯ ϭϱ͘ϱϬ ϱϮ͘Ϭϯ ϰϭ͘Ϯϭ ϭϯ͘ϵϳ ϳϬ͘ϬϬ ƚŚĞ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ƌŝƐŬƐ ŽĨ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ
ϭϵϵϰͲϵϱ ϯϴϭ͘ϴϴ Ϯϲϯ͘ϮϬ ϭϯ͘ϲϳ ϭϬϱ͘ϭϭ Ϯϯ͘ϬϬ ϴϮ͘ϭϭ ϲϬ͘ϭϱ Ϯϭ͘ϵϲ ϱϱ͘ϬϬ
ϭϵϵϱͲϵϲ ϱϰϳ͘ϯϲ ϯϰϳ͘ϰϮ ϮϬ͘ϯϳ ϭϳϵ͘ϱϳ ϯϵ͘ϬϬ ϭϰϬ͘ϱϳ ϭϬϳ͘ϭϬ ϯϯ͘ϰϳ ϳϱ͘ϬϬ ŝŶ ƚĞƌŵƐ ŽĨ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘/ŶŵĂŬŝŶŐ
ϭϵϵϲͲϵϳ ϲϭϯ͘ϯϯ ϰϬϱ͘ϲϳ Ϯϳ͘ϭϴ ϭϴϬ͘ϰϴ ϯϯ͘ϲϬ ϭϰϲ͘ϰϴ ϭϬϰ͘ϳϬ ϯϴ͘ϯϱ ϴϱ͘ϬϬ ;ŚĞƌĞŝŶĂŌĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ Đƚ͟Ϳ ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ƚŚŽƐĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐ͕ƚŚĞĂƵĚŝƚŽƌĐŽŶƐŝĚĞƌƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů
ϭϵϵϳͲϵϴ ϲϮϯ͘ϵϭ ϰϮϳ͘ϱϯ ϯϮ͘ϰϮ ϭϲϯ͘ϵϲ Ϯϲ͘ϬϬ ϭϯϳ͘ϵϲ ϵϱ͘ϳϴ ϯϴ͘ϯϱ ϴϱ͘ϬϬ ĨĂŝƌ ǀŝĞǁ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞ ŽĨ ĂīĂŝƌƐ͕ ĐŽŶƐŽůŝĚĂƚĞĚ ĐŽŶƚƌŽůƌĞůĞǀĂŶƚƚŽƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶǇ͛ƐƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞ
ϭϵϵϴͲϵϵ ϲϮϯ͘ϯϰ ϰϯϱ͘ϯϲ ϯϯ͘ϴϰ ϭϱϰ͘ϭϰ ϯϱ͘ϬϬ ϭϭϵ͘ϭϰ ϳϲ͘ϱϳ ϯϴ͘ϯϱ ϴϱ͘ϬϬ ƉƌŽĮƚ;ŝŶĐůƵĚŝŶŐŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿ͕ĐŽŶƐŽůŝĚĂƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ
ϭϵϵϵͲϬϬ ϲϱϬ͘ϵϭ ϰϴϮ͘ϰϵ ϯϳ͘ϲϵ ϭϯϬ͘ϳϯ ϭϳ͘ϱϬ ϭϭϯ͘Ϯϯ ϳϬ͘ϲϲ Λ ϯϴ͘ϯϱ ϴϱ͘ϬϬ
ϮϬϬϬͲϬϭ ϳϰϮ͘ϵϮ ϱϲϬ͘ϰϳ ϰϱ͘ϭϲ ϭϯϳ͘Ϯϵ ϮϬ͘ϱϬ ϭϭϲ͘ϳϵ ϲϳ͘Ϭϳ ϰϱ͘ϭϮ ϭϬϬ͘ϬϬ ƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚǇĂŶĚĐŽŶƐŽůŝĚĂƚĞĚĐĂƐŚŇŽǁƐ ǀŝĞǁŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞ
ϮϬϬϭͲϬϮ ϲϭϳ͘ϱϱ ϱϴϵ͘ϴϭ ϰϳ͘ϰϵ ϵϴ͘ϭϰ ϭϳ͘ϰϰ ϴϬ͘ϳϬ ϰϬ͘ϬϬ ϯϲ͘Ϭϵ ϴϬ͘ϬϬ ŽĨ ƚŚĞ 'ƌŽƵƉ ŝŶĐůƵĚŝŶŐ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ŝŶ ŝŶ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ Ŷ ĂƵĚŝƚ ĂůƐŽ ŝŶĐůƵĚĞƐ ĞǀĂůƵĂƟŶŐ ƚŚĞ
ϮϬϬϮͲϬϯ ϲϬϵ͘ϵϭ ϱϳϱ͘ϰϯ ϯϴ͘ϵϴ ϱϯ͘ϴϬ ϭϯ͘ϳϮ ϰϬ͘ϰϴ ϳ͘ϱϬ ϯϭ͘ϱϴ ϳϬ͘ϬϬ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ƵƐĞĚ ĂŶĚ ƚŚĞ
ϮϬϬϯͲϬϰ ϳϮϳ͘Ϭϵ ϲϰϲ͘ϴϵ ϰϴ͘ϱϴ ϴϬ͘ϮϬ 19.55 ϲϬ͘ϲϱ ϴ͘ϱϳ ϯϲ͘Ϭϵ ϴϬ͘ϬϬ ŝŶ /ŶĚŝĂ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ /ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐ ;/ŶĚ ^Ϳ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ĞƐƟŵĂƚĞƐ ŵĂĚĞ͕ ĂƐ ǁĞůů
ϮϬϬϰͲϬϱ ϴϵϲ͘Ϯϯ ϳϱϰ͘ϱϱ ϱϲ͘ϳϳ ϭϰϭ͘ϲϴ ϯϱ͘ϴϮ ϭϬϱ͘ϴϲ ϭϭ͘ϬϬ ϱϬ͘Ϯϱ ϭϬϬ͘ϬϬ
ƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͘dŚĞƌĞƐƉĞĐƟǀĞŽĂƌĚ ĂƐ ĞǀĂůƵĂƟŶŐ ƚŚĞ ŽǀĞƌĂůů ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ
ϮϬϬϱͲϬϲ ϭϭϱϰ͘ϴϬ ϴϵϬ͘ϵϬ ϲϱ͘ϵϬ ϮϳϮ͘ϬϬ ϴϴ͘ϮϮ ϭϴϯ͘ϳϴ ϮϬ͘ϬϬ ϳϳ͘ϵϱ ϭϯϬ͘ϬϬ
ϮϬϬϲͲϬϳ ϭϲϭϴ͘ϴϯ ϭϭϰϲ͘ϰϳ ϵϭ͘ϰϰ ϰϳϰ͘ϲϰ ϭϱϮ͘Ϯϱ ϯϮϮ͘ϯϵ ϯϱ͘ϬϬ ϵϲ͘ϰϲ ϭϲϬ͘ϬϬ ŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞĐŽŵƉĂŶŝĞƐŝŶĐůƵĚĞĚŝŶƚŚĞ'ƌŽƵƉĂŶĚŽĨŝƚƐ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ϮϬϬϳͲϬϴ ϭϴϮϯ͘ϭϲ ϭϮϱϰ͘ϭϭ ϴϱ͘ϰϴ ϱϴϬ͘ϰϳ ϮϬϯ͘Ϭϭ ϯϳϳ͘ϰϲ ϯϴ͘ϬϬ ϭϭϰ͘ϱϰ ϭϵϬ͘ϬϬ ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŝŶƚĞŶĂŶĐĞ
ϮϬϬϴͲϬϵ ϭϳϬϲ͘ϱϮ ϭϯϰϴ͘ϰϮ ϵϰ͘ϰϲ ϯϲϮ͘ϯϬ ϭϮϴ͘Ϯϳ Ϯϯϰ͘Ϭϯ ϯϬ͘ϬϬ ϴϲ͘ϴϭ ϭϮϬ͘ϬϬ ŽĨ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ We believe that the audit evidence obtained by us and the
ϮϬϬϵͲϭϬ ϭϱϮϬ͘ϯϲ ϭϯϱϴ͘ϰϴ ϭϬϰ͘ϭϰ Ϯϭϴ͘Ϯϱ ϲϱ͘ϭϱ ϭϱϯ͘ϭϬ ϭϱ͘ϯϭ ϳϮ͘ϯϱ ϭϬϬ͘ϬϬ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ŽďƚĂŝŶĞĚ ďǇ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ŝŶ ƚĞƌŵƐ ŽĨ
ϮϬϭϬͲϭϭ ϭϳϯϳ͘ϭϰ ϭϱϬϵ͘ϵϬ ϭϬϴ͘ϰϬ ϮϮϭ͘ϰϱ ϴϬ͘ϮϬ ϭϰϭ͘Ϯϱ ϭϰ͘ϭϯ ϳϱ͘ϵϱ ϭϬϬ͘ϬϬ
ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞĂƐƐĞƚƐŽĨƚŚĞ'ƌŽƵƉ
ϮϬϭϭͲϭϮ ϭϴϲϰ͘ϳϮ ϭϲϮϴ͘ϲϵ ϭϭϯ͘ϵϬ ϮϮϵ͘ϵϮ ϴϰ͘ϱϳ ϭϰϱ͘ϯϱ ϭϰ͘ϱϰ ϳϱ͘ϵϱ ϭϬϬ͘ϬϬ ĂŶĚ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂŶĚ ĨŽƌ ƉƌĞǀĞŶƟŶŐ ƚŚĞŝƌƌĞƉŽƌƚƐƌĞĨĞƌƌĞĚƚŽŝŶƐƵďͲƉĂƌĂŐƌĂƉŚϭ;ďͿŽĨƚŚĞKƚŚĞƌ
ϮϬϭϮͲϭϯ ϭϵϮϰ͘ϳϵ ϭϳϬϭ͘ϲϳ ϭϮϱ͘ϬϮ ;ϮϬϵ͘ϳϵͿ ϲϲ͘ϴϮ ;Ϯϳϲ͘ϲϭͿ Ͳ Ύ ϲϵ͘ϰϬ ϴϬ͘ϬϬ ĂŶĚ ĚĞƚĞĐƟŶŐ ĨƌĂƵĚƐ ĂŶĚ ŽƚŚĞƌ ŝƌƌĞŐƵůĂƌŝƟĞƐ͖ ƚŚĞ ƐĞůĞĐƟŽŶ DĂƩĞƌƐ ƉĂƌĂŐƌĂƉŚ ďĞůŽǁ͕ ŝƐ ƐƵĸĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ
ϮϬϭϯͲϭϰ ϭϵϳϳ͘ϯϯ ϭϳϲϭ͘ϭϯ ϭϮϮ͘Ϯϲ ;ϱϮϬ͘ϵϬͿ ϲϵ͘ϱϵ ;ϱϵϬ͘ϰϵͿ Ͳ Ͳ Ͳ ĂŶĚ ĂƉƉůŝĐĂƟŽŶ ŽĨ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ͖ ŵĂŬŝŶŐ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ĂƵĚŝƚ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ
ϮϬϭϰͲϭϱ ϮϭϬϯ͘ϲϬ ϭϴϳϯ͘ϬϮ ϭϭϳ͘ϴϱ ϭ͘ϴϴ ϴϯ͘ϵϬ ;ϴϮ͘ϬϮͿ Ͳ Ͳ Ͳ ũƵĚŐŵĞŶƚƐ ĂŶĚ ĞƐƟŵĂƚĞƐ ƚŚĂƚ ĂƌĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ ƉƌƵĚĞŶƚ͖ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ϮϬϭϱͲϭϲ Ϯϯϳϰ͘ϭϮ ϮϬϴϴ͘ϯϮ ϭϮϲ͘ϬϮ ϭϱϮ͘ϴϵ ϲϴ͘ϳϰ ϴϰ͘ϭϱ ϳϭ͘ϰϬ 155.55 Ͳ Ϯϵ͘ϲϴ ϯϬ͘ϬϬ
ϮϬϭϲͲϭϳ Ϯϰϱϵ͘ϱϴ ϮϬϳϵ͘ϳϰ ϭϱϭ͘ϯϭ ϮϲϮ͘Ϭϰ ϭϭϴ͘ϴϲ ϭϰϯ͘ϭϴ ϭϮϰ͘ϰϯ Ϯϲϳ͘ϲϭ Ͳ ϯϰ͘ϲϮ ϯϱ͘ϬϬ ĂŶĚƚŚĞĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨĂĚĞƋƵĂƚĞ
ϮϬϭϳͲϭϴ Ϯϲϯϵ͘ϯϰ Ϯϭϰϴ͘ϱϴ ϭϱϭ͘ϯϰ Ϯϴϰ͘Ϯϯ ϭϯϲ͘ϰϲ ϭϰϳ͘ϳϳ Ϯϵ͘Ϯϯ ϭϳϳ͘ϬϬ Ͳ ΨΨ ϰϳ͘ϱϳ ϰϬ͘ϬϬ ŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƚŚĂƚǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůǇĨŽƌ Opinion
ĞŶƐƵƌŝŶŐ ƚŚĞ ĂĐĐƵƌĂĐǇ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ /ŶŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐ
ƌĞĐŽƌĚƐ͕ƌĞůĞǀĂŶƚƚŽƚŚĞƉƌĞƉĂƌĂƟŽŶĂŶĚƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞ ƚŽƚŚĞĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐĂŶĚďĂƐĞĚŽŶƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ
ą WƌĞĨĞƌĞŶĐĞĂŶĚKƌĚŝŶĂƌǇŝǀŝĚĞŶĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ŽĨƌĞƉŽƌƚƐŽĨŽƚŚĞƌĂƵĚŝƚŽƌƐŽŶƐĞƉĂƌĂƚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
нн ŌĞƌĚĞĚƵĐƟŶŐ`Ϭ͘ϴϰĐƌŽƌĞƐƚŽǁĂƌĚƐĞǆĐĞƐƐƉƌŽǀŝƐŝŽŶŽĨĚĞƉƌĞĐŝĂƟŽŶĨŽƌƉƌĞǀŝŽƵƐǇĞĂƌ͘ ǀŝĞǁĂŶĚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞ ĂŶĚ ŽŶ ƚŚĞ ŽƚŚĞƌ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ͕
Λ KƌĚŝŶĂƌǇͬ/ŶƚĞƌŝŵĚŝǀŝĚĞŶĚĨŽƌƚŚĞǇĞĂƌ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ĐŽŶƐŽůŝĚĂƚĞĚ
ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͕ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ƵƐĞĚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ
Ύ /ŶĐůƵĚĞƐ`ϰ͘ϴϬĐƌŽƌĞƐĚŝǀŝĚĞŶĚƉĂŝĚĨŽƌƉƌĞǀŝŽƵƐǇĞĂƌ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŐŝǀĞƚŚĞŝŶĨŽƌŵĂƟŽŶƌĞƋƵŝƌĞĚďǇƚŚĞĐƚ
ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďǇ ƚŚĞ
ΨΨ ŝǀŝĚĞŶĚWƌŽƉŽƐĞĚ ŝŶ ƚŚĞ ŵĂŶŶĞƌ ƐŽ ƌĞƋƵŝƌĞĚ ĂŶĚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ǀŝĞǁ ŝŶ
ŝƌĞĐƚŽƌƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶǇ͕ĂƐĂĨŽƌĞƐĂŝĚ͘
ĐŽŶĨŽƌŵŝƚǇǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚ
ŝŶ/ŶĚŝĂ͕ŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŽĨĂīĂŝƌƐŽĨƚŚĞ'ƌŽƵƉ͕ŝƚƐ
ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂŶĚƚŚĞŝƌ

ĐŽŶƐŽůŝĚĂƚĞĚƉƌŽĮƚ;ŝŶĐůƵĚŝŶŐŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿ͕ Ă͘ Ğ ŚĂǀĞ ƐŽƵŐŚƚ ĂŶĚ ŽďƚĂŝŶĞĚ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ
ǁ ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ incorporated in India during the year ended March
ĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚǇĂŶĚĐŽŶƐŽůŝĚĂƚĞĚ ĞǆƉůĂŶĂƟŽŶƐ ǁŚŝĐŚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŽƵƌ ŬŶŽǁůĞĚŐĞ ĂŶĚ ǀĞŶƚƵƌĞƐ͕ĂƐŶŽƚĞĚŝŶƚŚĞ͚KƚŚĞƌŵĂƩĞƌƐ͛ƉĂƌĂŐƌĂƉŚ͗ ϯϭ͕ϮϬϭϴ͖ĂŶĚ
ĐĂƐŚŇŽǁƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘ ďĞůŝĞĨ ǁĞƌĞ ŶĞĐĞƐƐĂƌǇ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ŽƵƌ ĂƵĚŝƚ ŽĨ
ƚŚĞĂĨŽƌĞƐĂŝĚĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ ŝ͘ ƚ ŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĚŝƐĐůŽƐĞ ƚŚĞ ŝǀ͘ ƚ ŚĞ ĚŝƐĐůŽƐƵƌĞŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů
KƚŚĞƌDĂƩĞƌƐ ŝŵƉĂĐƚ ŽĨ ƉĞŶĚŝŶŐ ůŝƟŐĂƟŽŶƐ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ŚŽůĚŝŶŐƐ ĂƐ ǁĞůů ĂƐ ĚĞĂůŝŶŐƐ
Ă͘ dŚĞ ĐŽŵƉĂƌĂƟǀĞ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ͕ ď͘ ŝŶŽƵƌŽƉŝŶŝŽŶ͕ƉƌŽƉĞƌďŽŽŬƐŽĨĂĐĐŽƵŶƚĂƐƌĞƋƵŝƌĞĚďǇ ĮŶĂŶĐŝĂů ƉŽƐŝƟŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝŶ ^ƉĞĐŝĮĞĚ ĂŶŬ EŽƚĞƐ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ
ŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚϯϭ ůĂǁƌĞůĂƟŶŐƚŽƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĂĨŽƌĞƐĂŝĚĐŽŶƐŽůŝĚĂƚĞĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͘ ZĞĨĞƌ EŽƚĞ ϯϬ ĂŶĚ EŽƚĞ ϯϵ ƚŽ ƚŚĞ EŽǀĞŵďĞƌϴ͕ϮϬϭϲƚŽĞĐĞŵďĞƌϯϬ͕ϮϬϭϲŚĂǀĞŶŽƚ
DĂƌĐŚ ϮϬϭϳ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶŬĞƉƚƐŽĨĂƌĂƐŝƚĂƉƉĞĂƌƐ ĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ďĞĞŶŵĂĚĞƐŝŶĐĞƚŚĞǇĚŽŶŽƚƉĞƌƚĂŝŶƚŽƚŚĞĮŶĂŶĐŝĂů
statements have been audited by the predecessor ĨƌŽŵŽƵƌĞǆĂŵŝŶĂƟŽŶŽĨƚŚŽƐĞďŽŽŬƐĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨ ǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘
ĂƵĚŝƚŽƌǁŚŽƐĞĂƵĚŝƚƌĞƉŽƌƚĚĂƚĞĚϮϲDĂǇϮϬϭϳĞǆƉƌĞƐƐĞĚ ƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐ͖ ŝŝ͘ ƚ ŚĞ'ƌŽƵƉ͕ŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĚŝĚŶŽƚ
ĂŶ ƵŶŵŽĚŝĮĞĚ ŽƉŝŶŝŽŶ ŽŶ ƚŚŽƐĞ ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ŚĂǀĞĂŶǇŵĂƚĞƌŝĂůĨŽƌĞƐĞĞĂďůĞůŽƐƐĞƐŽŶůŽŶŐͲƚĞƌŵ &ŽƌB S R & Co. LLP
ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ KƵƌ ŽƉŝŶŝŽŶ ŝƐ ŶŽƚ ŵŽĚŝĮĞĚ ŝŶ Đ͘ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂůĂŶĐĞ ^ŚĞĞƚ͕ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĐŽŶƚƌĂĐƚƐŝŶĐůƵĚŝŶŐĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐĚƵƌŝŶŐƚŚĞ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
ƌĞƐƉĞĐƚŽĨƚŚŝƐŵĂƩĞƌ͘ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ;ŝŶĐůƵĚŝŶŐ ŽƚŚĞƌ ǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͖ &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ
ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞͿ͕ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂƐŚ &ůŽǁ
ď͘ tĞ ĚŝĚ ŶŽƚ ĂƵĚŝƚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ^ƚĂƚĞŵĞŶƚ ĂŶĚ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŚĂŶŐĞƐ ŝŝŝ͘ ƚ ŚĞƌĞ ŚĂƐ ďĞĞŶ ŶŽ ĚĞůĂǇ ŝŶ ƚƌĂŶƐĨĞƌƌŝŶŐ ĂŵŽƵŶƚƐ
ĞŝŐŚƚĞĞŶ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ǁŚŽƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƋƵŝƚǇ ĚĞĂůƚ ǁŝƚŚ ďǇ ƚŚŝƐ ZĞƉŽƌƚ ĂƌĞ ŝŶ ĂŐƌĞĞŵĞŶƚ ƚŽ ƚŚĞ /ŶǀĞƐƚŽƌ ĚƵĐĂƟŽŶ ĂŶĚ WƌŽƚĞĐƟŽŶ &ƵŶĚ sŝũĂǇŚĂƩ
ƌĞŇĞĐƚ ƚŽƚĂů ĂƐƐĞƚƐ ŽĨ ` ϲ͕Ϯϵϲ͘ϯϵ ĐƌŽƌĞƐ ĂƐ Ăƚ DĂƌĐŚ ǁŝƚŚ ƚŚĞ ƌĞůĞǀĂŶƚ ďŽŽŬƐ ŽĨ ĂĐĐŽƵŶƚ ŵĂŝŶƚĂŝŶĞĚ ĨŽƌ ƚŚĞ ďǇ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶǇ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌǇ WůĂĐĞ͗DƵŵďĂŝ WĂƌƚŶĞƌ
ĂƚĞര͗DĂǇϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ
ϯϭ͕ ϮϬϭϴ͕ ƚŽƚĂů ƌĞǀĞŶƵĞƐ ŽĨ ` ϭ͕ϰϰϵ͘ϰϮ ĐƌŽƌĞƐ ĂŶĚ ŶĞƚ ƉƵƌƉŽƐĞ ŽĨ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ĐŽŵƉĂŶŝĞƐ͕ĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ
ĐĂƐŚŽƵƞůŽǁƐĂŵŽƵŶƟŶŐƚŽ`ϰϬ͘ϮϰĐƌŽƌĞƐĨŽƌƚŚĞǇĞĂƌ ƐƚĂƚĞŵĞŶƚƐ͖
ĞŶĚĞĚ ŽŶ ƚŚĂƚ ĚĂƚĞ͕ ĂƐ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ
ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů Ě͘ ŝŶ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂůƐŽŝŶĐůƵĚĞƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨŶĞƚƉƌŽĮƚŽĨ ƐƚĂƚĞŵĞŶƚƐĐŽŵƉůǇǁŝƚŚƚŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ
` ϯϰ͘ϴϲ ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ ϯϭ DĂƌĐŚ͕ ϮϬϭϴ͕ ĂƐ ƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͖
ĐŽŶƐŝĚĞƌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕
ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚŝƌƚĞĞŶ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ Ğ͘ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ǁƌŝƩĞŶ ƌĞƉƌĞƐĞŶƚĂƟŽŶƐ ƌĞĐĞŝǀĞĚ
ǁŚŽƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞŶŽƚďĞĞŶĂƵĚŝƚĞĚďǇƵƐ͘ ĨƌŽŵƚŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶǇĂƐŽŶDĂƌĐŚ
dŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶĂƵĚŝƚĞĚďǇŽƚŚĞƌ ϯϭ͕ϮϬϭϴƚĂŬĞŶŽŶƌĞĐŽƌĚďǇƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞ
ĂƵĚŝƚŽƌƐ ǁŚŽƐĞ ƌĞƉŽƌƚƐ ŚĂǀĞ ďĞĞŶ ĨƵƌŶŝƐŚĞĚ ƚŽ ƵƐ ďǇ ,ŽůĚŝŶŐŽŵƉĂŶǇĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨƚŚĞƐƚĂƚƵƚŽƌǇĂƵĚŝƚŽƌƐ
the Management and our opinion on the consolidated ŽĨŝƚƐƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂŵŽƵŶƚƐ ũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ŶŽŶĞŽĨƚŚĞĚŝƌĞĐƚŽƌƐ
ĂŶĚĚŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞƐĞƐƵďƐŝĚŝĂƌŝĞƐ͕ ŽĨ ƚŚĞ 'ƌŽƵƉ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ͕ ĂŶĚ
ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŶĚŽƵƌƌĞƉŽƌƚŝŶƚĞƌŵƐŽĨ ũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂŝƐĚŝƐƋƵĂůŝĮĞĚĂƐŽŶ
ƐƵďͲƐĞĐƟŽŶ ;ϯͿ ŽĨ ^ĞĐƟŽŶ ϭϰϯ ŽĨ ƚŚĞ Đƚ͕ ŝŶƐŽĨĂƌ ĂƐ ŝƚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĨƌŽŵ ďĞŝŶŐ ĂƉƉŽŝŶƚĞĚ ĂƐ Ă ĚŝƌĞĐƚŽƌ ŝŶ
ƌĞůĂƚĞƐƚŽƚŚĞĂĨŽƌĞƐĂŝĚƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚ ƚĞƌŵƐŽĨ^ĞĐƟŽŶϭϲϰ;ϮͿŽĨƚŚĞĐƚ͖
ĂƐƐŽĐŝĂƚĞƐ ŝƐ ďĂƐĞĚ ƐŽůĞůǇ ŽŶ ƚŚĞ ƌĞƉŽƌƚƐ ŽĨ ƚŚĞ ŽƚŚĞƌ
ĂƵĚŝƚŽƌƐ͘ Ĩ͘ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĂĚĞƋƵĂĐǇ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů
ĐŽŶƚƌŽůƐ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ
KƵƌ ŽƉŝŶŝŽŶ ĂďŽǀĞ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ,ŽůĚŝŶŐŽŵƉĂŶǇ͕ŝƚƐƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞ
ƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚŽƵƌƌĞƉŽƌƚŽŶKƚŚĞƌ>ĞŐĂůĂŶĚZĞŐƵůĂƚŽƌǇ companies and joint ventures incorporated in India and
ZĞƋƵŝƌĞŵĞŶƚƐ ďĞůŽǁ͕ ŝƐ ŶŽƚ ŵŽĚŝĮĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ƚŚĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƐƵĐŚĐŽŶƚƌŽůƐ͕ƌĞĨĞƌƚŽŽƵƌ
ĂďŽǀĞŵĂƩĞƌƐǁŝƚŚƌĞƐƉĞĐƚƚŽŽƵƌƌĞůŝĂŶĐĞŽŶƚŚĞǁŽƌŬ ƐĞƉĂƌĂƚĞZĞƉŽƌƚŝŶ͞ŶŶĞǆƵƌĞ͖͟
ĚŽŶĞĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐ͘
Ő͘ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ŽƚŚĞƌ ŵĂƩĞƌƐ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ
Report on Other Legal and Regulatory Requirements ƚŚĞ ƵĚŝƚŽƌƐ͛ ZĞƉŽƌƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ZƵůĞ ϭϭ ŽĨ
ƐƌĞƋƵŝƌĞĚďǇ^ĞĐƟŽŶϭϰϯ;ϯͿŽĨƚŚĞĐƚ͕ďĂƐĞĚŽŶŽƵƌĂƵĚŝƚ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ƵĚŝƚ ĂŶĚ ƵĚŝƚŽƌ͛ƐͿ ZƵůĞƐ͕ ϮϬϭϰ͕ ŝŶ
ĂŶĚ ŽŶ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŽĨ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŽƵƌ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ
ŽŶ ƐĞƉĂƌĂƚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ŽƚŚĞƌ ĮŶĂŶĐŝĂů ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞǆƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐĂŶĚďĂƐĞĚŽŶ
ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ͕ ƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶŽĨƚŚĞƌĞƉŽƌƚŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐŽŶ
ĂƐŶŽƚĞĚŝŶƚŚĞ͚ŽƚŚĞƌŵĂƩĞƌƐ͛ƉĂƌĂŐƌĂƉŚ͕ǁĞƌĞƉŽƌƚ͕ƚŽƚŚĞ ƐĞƉĂƌĂƚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂůƐŽƚŚĞŽƚŚĞƌĮŶĂŶĐŝĂů
ĞǆƚĞŶƚĂƉƉůŝĐĂďůĞ͕ƚŚĂƚ͗

Annexure ‘A’ to the Independent Auditor’s Report

ZĞƉŽƌƚŽŶƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂů KƵƌ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ /ŶŚĞƌĞŶƚ >ŝŵŝƚĂƟŽŶƐ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ĂƌĞ
ƌĞƉŽƌƟŶŐƵŶĚĞƌĐůĂƵƐĞ;ŝͿŽĨƐƵďͲƐĞĐƟŽŶϯŽĨ^ĞĐƟŽŶϭϰϯŽĨ ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂĚĞƋƵĂĐǇ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů &ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ /ŶĚŝĂ͕ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞƐƐĞŶƟĂů
ƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞ƚŚĞĐƚ͟Ϳ ĐŽŶƚƌŽů ƐǇƐƚĞŵ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƚŚĞŝƌ ŽƉĞƌĂƟŶŐ ĞĐĂƵƐĞ ŽĨ ƚŚĞ ŝŶŚĞƌĞŶƚ ůŝŵŝƚĂƟŽŶƐ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŵƉŽŶĞŶƚƐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚĂƚĞĚŝŶƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞ
/Ŷ ĐŽŶũƵŶĐƟŽŶ ǁŝƚŚ ŽƵƌ ĂƵĚŝƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĞīĞĐƟǀĞŶĞƐƐ͘ KƵƌ ĂƵĚŝƚ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉŽƐƐŝďŝůŝƚǇ ŝƐƐƵĞĚďǇƚŚĞ//͘
ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶǇ ĂƐ ŽĨ ĂŶĚ ĨŽƌ ƌĞƉŽƌƟŶŐ ŝŶĐůƵĚĞĚ ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŝŶƚĞƌŶĂů ŽĨ ĐŽůůƵƐŝŽŶ Žƌ ŝŵƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌƌŝĚĞ ŽĨ ĐŽŶƚƌŽůƐ͕
ƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ǁĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͕ĂƐƐĞƐƐŝŶŐƚŚĞƌŝƐŬ ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐĚƵĞƚŽĞƌƌŽƌŽƌĨƌĂƵĚŵĂǇŽĐĐƵƌĂŶĚ KƚŚĞƌDĂƩĞƌƐ
ĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐ ƚŚĂƚ Ă ŵĂƚĞƌŝĂů ǁĞĂŬŶĞƐƐ ĞǆŝƐƚƐ͕ ĂŶĚ ƚĞƐƟŶŐ ĂŶĚ ĞǀĂůƵĂƟŶŐ ŶŽƚ ďĞ ĚĞƚĞĐƚĞĚ͘ ůƐŽ͕ ƉƌŽũĞĐƟŽŶƐ ŽĨ ĂŶǇ ĞǀĂůƵĂƟŽŶ ŽĨ ƚŚĞ KƵƌĂĨŽƌĞƐĂŝĚƌĞƉŽƌƚƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ;ϯͿ;ŝͿŽĨƚŚĞĐƚŽŶƚŚĞ
ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ;͞ŚĞƌĞŝŶĂŌĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ ,ŽůĚŝŶŐ ƚŚĞ ĚĞƐŝŐŶ ĂŶĚ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ƚŽ ĨƵƚƵƌĞ ĂĚĞƋƵĂĐǇĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů
ŽŵƉĂŶǇ͟ͿŝƚƐƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐ ďĂƐĞĚŽŶƚŚĞĂƐƐĞƐƐĞĚƌŝƐŬ͘dŚĞƉƌŽĐĞĚƵƌĞƐĞůĞĐƚĞĚĚĞƉĞŶĚŽŶ ƉĞƌŝŽĚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŝŶ ƐŽ ĨĂƌ ĂƐ ŝƚ ƌĞůĂƚĞƐ ƚŽ ŝƚƐ
ĂŶĚŝƚƐũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ĂƐŽĨƚŚĂƚĚĂƚĞ͘ ƚŚĞĂƵĚŝƚŽƌ͛ƐũƵĚŐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌŝƐŬƐ ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŵĂǇ ďĞĐŽŵĞ ŝŶĂĚĞƋƵĂƚĞ ƚŚŝƌƚĞĞŶ ƐƵďƐŝĚŝĂƌǇ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ƚŚƌĞĞ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ
ŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ ďĞĐĂƵƐĞ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĐŽŶĚŝƟŽŶƐ͕ Žƌ ƚŚĂƚ ƚŚĞ ĚĞŐƌĞĞ ŽĨ ƐĞǀĞŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ǁŚŝĐŚ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ
Management’s Responsibility for Internal Financial Controls ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŽƌƉƌŽĐĞĚƵƌĞƐŵĂǇĚĞƚĞƌŝŽƌĂƚĞ͘ /ŶĚŝĂ͕ŝƐďĂƐĞĚŽŶƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞƉŽƌƚƐŽĨƚŚĞĂƵĚŝƚŽƌƐ
dŚĞ ƌĞƐƉĞĐƟǀĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶǇ ŽĨƐƵĐŚĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͘
ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌǇ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ ĂŶĚ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ Opinion
ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ /ŶĚŝĂ͕ ĂŶĚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ŽďƚĂŝŶĞĚ ďǇ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ŽĨ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶǇ͕ ŝƚƐ ƐƵďƐŝĚŝĂƌǇ &ŽƌB S R & Co. LLP
ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞƐƚĂďůŝƐŚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ŝŶƚĞƌŶĂů ƚŚĞ ƐƵďƐŝĚŝĂƌǇ ĐŽŵƉĂŶŝĞƐ͕ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ũŽŝŶƚ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ŽǀĞƌ ǀĞŶƚƵƌĞƐ͕ǁŚŝĐŚĂƌĞĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ŝŶƚĞƌŵƐ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ /ŶĚŝĂ͕ ŚĂǀĞ ŝŶ Ăůů ŵĂƚĞƌŝĂů &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ
ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĐƌŝƚĞƌŝĂ ĞƐƚĂďůŝƐŚĞĚ ďǇ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ŽĨ ƚŚĞŝƌ ƌĞƉŽƌƚƐ ƌĞĨĞƌƌĞĚ ƚŽ ŝŶ ƚŚĞ KƚŚĞƌ DĂƩĞƌƐ ƉĂƌĂŐƌĂƉŚ ƌĞƐƉĞĐƚƐ͕ĂŶĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐǇƐƚĞŵŽǀĞƌ
ĐŽŵƉĂŶŝĞƐĐŽŶƐŝĚĞƌŝŶŐƚŚĞĞƐƐĞŶƟĂůĐŽŵƉŽŶĞŶƚƐŽĨŝŶƚĞƌŶĂů ďĞůŽǁ͕ŝƐƐƵĸĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƐƵĐŚ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ
ĐŽŶƚƌŽůƐ ƐƚĂƚĞĚ ŝŶ ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ŽŶ ƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů ĂƵĚŝƚŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶǇ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐǇƐƚĞŵƐŽǀĞƌ ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůǇĂƐĂƚDĂƌĐŚϯϭ͕ sŝũĂǇŚĂƩ
&ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů ZĞƉŽƌƟŶŐ ;͚ƚŚĞ 'ƵŝĚĂŶĐĞ ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘ ϮϬϭϴ͕ďĂƐĞĚŽŶƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ WůĂĐĞ͗DƵŵďĂŝ WĂƌƚŶĞƌ
EŽƚĞ͛Ϳ ŝƐƐƵĞĚ ďǇ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ŽĨ ĐƌŝƚĞƌŝĂ ĞƐƚĂďůŝƐŚĞĚ ďǇ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶǇ͕ ŝƚƐ ƐƵďƐŝĚŝĂƌǇ ĂƚĞര͗DĂǇϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ
/ŶĚŝĂ ;͞//͟Ϳ͘ dŚĞƐĞ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƐŝŐŶ͕ DĞĂŶŝŶŐ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů
ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ZĞƉŽƌƟŶŐ
ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ͕ ƚŚĂƚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůǇ ĨŽƌ ĐŽŵƉĂŶǇ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ
ĞŶƐƵƌŝŶŐ ƚŚĞ ŽƌĚĞƌůǇ ĂŶĚ ĞĸĐŝĞŶƚ ĐŽŶĚƵĐƚ ŽĨ ŝƚƐ ďƵƐŝŶĞƐƐ͕ is a process designed to provide reasonable assurance
ŝŶĐůƵĚŝŶŐĂĚŚĞƌĞŶĐĞƚŽŽŵƉĂŶǇ͛ƐƉŽůŝĐŝĞƐ͕ƚŚĞƐĂĨĞŐƵĂƌĚŝŶŐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞůŝĂďŝůŝƚǇ ŽĨ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƚŚĞ
ŽĨŝƚƐĂƐƐĞƚƐ͕ƚŚĞƉƌĞǀĞŶƟŽŶĂŶĚĚĞƚĞĐƟŽŶŽĨĨƌĂƵĚƐĂŶĚĞƌƌŽƌƐ͕ ƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌĞǆƚĞƌŶĂůƉƵƌƉŽƐĞƐŝŶ
ƚŚĞ ĂĐĐƵƌĂĐǇ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ͕ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͘
ĂŶĚƚŚĞƟŵĞůǇƉƌĞƉĂƌĂƟŽŶŽĨƌĞůŝĂďůĞĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĂƐ ĐŽŵƉĂŶǇ͛Ɛ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ
ƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞĐƚ͘ ŝŶĐůƵĚĞƐƚŚŽƐĞƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƚŚĂƚ͗
Auditors’ Responsibility ;ϭͿ ƉĞƌƚĂŝŶƚŽƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƌĞĐŽƌĚƐƚŚĂƚ͕ŝŶƌĞĂƐŽŶĂďůĞ

KƵƌƌĞƐƉŽŶƐŝďŝůŝƚǇŝƐƚŽĞǆƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶǇ͛Ɛ ĚĞƚĂŝů͕ĂĐĐƵƌĂƚĞůǇĂŶĚĨĂŝƌůǇƌĞŇĞĐƚƚŚĞƚƌĂŶƐĂĐƟŽŶƐĂŶĚ
ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŽĨ ƚŚĞ ĚŝƐƉŽƐŝƟŽŶƐŽĨƚŚĞĂƐƐĞƚƐŽĨƚŚĞĐŽŵƉĂŶǇ͖
,ŽůĚŝŶŐŽŵƉĂŶǇĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚ
ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ /ŶĚŝĂ ďĂƐĞĚ ;ϮͿ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƚƌĂŶƐĂĐƟŽŶƐ ĂƌĞ
ŽŶŽƵƌĂƵĚŝƚ͘ ƌĞĐŽƌĚĞĚĂƐŶĞĐĞƐƐĂƌǇƚŽƉĞƌŵŝƚƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŐĞŶĞƌĂůůǇ ĂĐĐĞƉƚĞĚ
tĞ ĐŽŶĚƵĐƚĞĚ ŽƵƌ ĂƵĚŝƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ 'ƵŝĚĂŶĐĞ ĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͕ĂŶĚƚŚĂƚƌĞĐĞŝƉƚƐĂŶĚĞǆƉĞŶĚŝƚƵƌĞƐ
EŽƚĞĂŶĚƚŚĞ^ƚĂŶĚĂƌĚƐŽŶƵĚŝƟŶŐ͕ŝƐƐƵĞĚďǇƚŚĞ//ĂŶĚ ŽĨƚŚĞĐŽŵƉĂŶǇĂƌĞďĞŝŶŐŵĂĚĞŽŶůǇŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
ĚĞĞŵĞĚƚŽďĞƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͕ ĂƵƚŚŽƌŝǌĂƟŽŶƐ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĚŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ
ƚŽ ƚŚĞ ĞǆƚĞŶƚ ĂƉƉůŝĐĂďůĞ ƚŽ ĂŶ ĂƵĚŝƚ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŵƉĂŶǇ͖ĂŶĚ
ĐŽŶƚƌŽůƐ͕ ďŽƚŚ ĂƉƉůŝĐĂďůĞ ƚŽ ĂŶ ĂƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů
ŽŶƚƌŽůƐĂŶĚ͕ďŽƚŚŝƐƐƵĞĚďǇƚŚĞ//͘dŚŽƐĞ^ƚĂŶĚĂƌĚƐĂŶĚ ;ϯͿ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƌĞŐĂƌĚŝŶŐ ƉƌĞǀĞŶƟŽŶ Žƌ
ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ƌĞƋƵŝƌĞ ƚŚĂƚ ǁĞ ĐŽŵƉůǇ ǁŝƚŚ ĞƚŚŝĐĂů ƟŵĞůǇ ĚĞƚĞĐƟŽŶ ŽĨ ƵŶĂƵƚŚŽƌŝǌĞĚ ĂĐƋƵŝƐŝƟŽŶ͕ ƵƐĞ͕ Žƌ
ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƉůĂŶ ĂŶĚ ƉĞƌĨŽƌŵ ƚŚĞ ĂƵĚŝƚ ƚŽ ŽďƚĂŝŶ ĚŝƐƉŽƐŝƟŽŶ ŽĨ ƚŚĞ ĐŽŵƉĂŶǇ͛Ɛ ĂƐƐĞƚƐ ƚŚĂƚ ĐŽƵůĚ ŚĂǀĞ Ă
ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂďŽƵƚ ǁŚĞƚŚĞƌ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ŵĂƚĞƌŝĂůĞīĞĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ
ĂŶĚŵĂŝŶƚĂŝŶĞĚĂŶĚŝĨƐƵĐŚĐŽŶƚƌŽůƐŽƉĞƌĂƚĞĚĞīĞĐƟǀĞůǇŝŶ
ĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͘

Consolidated Balance Sheet ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ

Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Assets Income
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ Ϯϯ ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ
WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϯ ϰ͕ϵϳϳ͘ϵϲ ϰ͕ϲϭϴ͘ϰϴ KƚŚĞƌŝŶĐŽŵĞ Ϯϰ ϲϭ͘ϳϯ ϱϰ͘ϵϰ
ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ ϭϵϱ͘ϯϭ ϮϮϮ͘Ϯϱ Total income ϰ͕ϭϲϱ͘Ϯϴ ϰ͕Ϭϳϱ͘ϱϭ
'ŽŽĚǁŝůů ϰ ϱϲϱ͘ϱϮ ϱϱϱ͘ϱϲ
KƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ 5 ϲϭϵ͘ϭϱ ϲϰϭ͘ϯϱ Expenses
Intangible assets under development ϭ͘ϲϳ Ϭ͘ϰϮ &ŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĐŽŶƐƵŵĞĚ ϯϳϲ͘ϰϰ ϯϲϯ͘ϵϱ
/ŶǀĞƐƚŵĞŶƚƐĂĐĐŽƵŶƚĞĚƵƐŝŶŐƚŚĞĞƋƵŝƚǇŵĞƚŚŽĚ 6 ϲϰϬ͘ϰϮ ϲϬϳ͘ϴϭ ŵƉůŽǇĞĞďĞŶĞĮƚĞǆƉĞŶƐĞĂŶĚƉĂǇŵĞŶƚƚŽĐŽŶƚƌĂĐƚŽƌƐ 25 ϭ͕ϯϰϲ͘ϲϮ ϭ͕ϯϲϰ͘ϲϱ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ &ŝŶĂŶĐĞĐŽƐƚƐ 26 Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ
Investments ϳ;ĂͿ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞǆƉĞŶƐĞƐ ϯĂŶĚϱ ϯϬϭ͘ϮϬ Ϯϵϵ͘ϯϳ
>ŽĂŶƐ ϴ;ĂͿ ϭϱ͘ϭϯ ϭϱ͘Ϭϵ KƚŚĞƌŽƉĞƌĂƟŶŐĂŶĚŐĞŶĞƌĂůĞǆƉĞŶƐĞƐ 27 ϭ͕ϳϭϬ͘ϭϰ ϭ͕ϲϴϮ͘ϯϱ
KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ϵ;ĂͿ ϲϵ͘ϵϰ ϳϭ͘ϲϯ Total expenses ϰ͕ϬϬϯ͘ϰϰ ϰ͕Ϭϯϰ͘ϭϱ
ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐ;ŶĞƚͿ ϭϬ;ĂͿ ϲϬ͘ϭϰ ϯϱ͘Ϯϭ
ĚǀĂŶĐĞŝŶĐŽŵĞƚĂǆ;ŶĞƚͿ ϭϯϬ͘ϴϵ ϴϮ͘ϱϳ WƌŽĮƚďĞĨŽƌĞĞǆĐĞƉƟŽŶĂůŝƚĞŵƐ͕ƚĂǆĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ϭϲϭ͘ϴϰ ϰϭ͘ϯϲ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭϭ;ĂͿ ϯϯϴ͘ϰϭ ϯϭϮ͘ϰϳ ǆĐĞƉƟŽŶĂůŝƚĞŵƐ Ϯϴ ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ
ϴ͕ϭϱϱ͘Ϭϭ ϳ͕ϳϬϳ͘ϵϰ WƌŽĮƚďĞĨŽƌĞƚĂǆĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ϭϴϰ͘Ϯϵ ϯϬ͘ϱϴ
Current assets Tax expense
Inventories ϭϮ ϴϱ͘ϳϮ ϴϬ͘ϰϰ ƵƌƌĞŶƚƚĂǆ ϭϯϴ͘ϯϳ ϭϮϱ͘ϳϲ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ ĞĨĞƌƌĞĚƚĂǆĐƌĞĚŝƚ ;ϭϳ͘ϯϭͿ ;ϭϮ͘ϬϮͿ
Investments ϳ;ďͿ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Total tax expense ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭϯ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ WƌŽĮƚͬ;ůŽƐƐͿĂŌĞƌƚĂǆďĞĨŽƌĞƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚǇĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ϲϯ͘Ϯϯ ;ϴϯ͘ϭϲͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϰ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ^ŚĂƌĞŽĨWƌŽĮƚŽĨĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞ;ŶĞƚŽĨƚĂǆͿ ϰϬ͘Ϯϵ ϯϳ͘ϱϲ
KƚŚĞƌďĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐ ϭϱ ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞǇĞĂƌ ϭϬϯ͘ϱϮ ;ϰϱ͘ϲϬͿ
>ŽĂŶƐ ϴ;ďͿ ϵ͘ϭϰ ϰϵ͘ϬϮ
KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ϵ;ďͿ ϭϭϰ͘ϵϴ ϭϬϴ͘ϲϱ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭϭ;ďͿ ϴϬ͘Ϯϴ ϳϴ͘ϯϭ /ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůǇƚŽƉƌŽĮƚŽƌůŽƐƐ
ϭ͕Ϯϭϵ͘ϱϯ ϵϮϲ͘ϯϰ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϭϭ͘ϴϲͿ ϳ͘ϴϮ
Total ϵ͕ϯϳϰ͘ϱϰ ϴ͕ϲϯϰ͘Ϯϴ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůǇĂƐĨĂŝƌǀĂůƵĞ ϳϴ͘ϵϴ ϭϰϰ͘Ϭϳ
ƋƵŝƚǇĂŶĚůŝĂďŝůŝƟĞƐ through other comprehensive income
Equity ^ŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ;ŶĞƚŽĨƚĂǆͿ ϳ͘Ϯϯ ;ϭ͘ϭϱͿ
ƋƵŝƚǇƐŚĂƌĞĐĂƉŝƚĂů ϭϲ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ ĚĚͬ;>ĞƐƐͿ͗/ŶĐŽŵĞƚĂǆ;ĞǆƉĞŶƐĞͿͬĐƌĞĚŝƚŽŶƚŚĞĂďŽǀĞ ϳ͘ϰϰ ;Ϭ͘ϰϰͿ
KƚŚĞƌĞƋƵŝƚǇ ϭϳ ϰ͕ϬϲϮ͘ϭϳ Ϯ͕ϰϭϴ͘ϳϲ EĞƚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŶŽƚƚŽďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůǇƚŽƉƌŽĮƚŽƌůŽƐƐ ϴϭ͘ϳϵ ϭϱϬ͘ϯϬ
ƋƵŝƚǇĂƩƌŝďƵƚĂďůĞƚŽŽǁŶĞƌƐŽĨƚŚĞĐŽŵƉĂŶǇ ϰ͕ϭϴϭ͘ϭϬ Ϯ͕ϱϭϳ͘ϲϵ /ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůǇƚŽƉƌŽĮƚŽƌůŽƐƐ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϳϳϳ͘ϯϵ ϳϯϳ͘ϴϮ ǆĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƟŶŐƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐ ϳϱ͘ϯϴ ;ϭϭϳ͘ϭϱͿ
Total equity ϰ͕ϵϱϴ͘ϰϵ ϯ͕Ϯϱϱ͘ϱϭ ^ŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ;ŶĞƚŽĨƚĂǆͿ ;ϭ͘ϭϳͿ ;ϵ͘ϰϰͿ
>ŝĂďŝůŝƟĞƐ >ĞƐƐ͗/ŶĐŽŵĞƚĂǆĞǆƉĞŶƐĞŽŶƚŚĞĂďŽǀĞ Ͳ Ͳ
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ EĞƚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƚŽďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůǇƚŽƉƌŽĮƚŽƌůŽƐƐ ϳϰ͘Ϯϭ ;ϭϮϲ͘ϱϵͿ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌ͕ŶĞƚŽĨƚĂǆ ϭϱϲ͘ϬϬ Ϯϯ͘ϳϭ
ŽƌƌŽǁŝŶŐƐ ϭϴ;ĂͿ Ϯ͕ϯϮϵ͘Ϯϭ Ϯ͕ϳϴϵ͘ϴϲ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϮϬ;ĂͿ Ϯϱϯ͘ϱϱ ϯϱϲ͘ϴϯ dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌ 259.52 ;Ϯϭ͘ϴϵͿ
Provisions Ϯϭ;ĂͿ ϴϯ͘ϱϱ ϳϱ͘ϱϲ
ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐ;ŶĞƚͿ ϭϬ;ďͿ ϯϱϲ͘ϯϬ ϯϭϳ͘Ϯϱ
ϯ͕ϬϮϮ͘ϲϭ ϯ͕ϱϯϵ͘ϱϬ WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞǇĞĂƌĂƩƌŝďƵƚĂďůĞƚŽ͗
ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ KǁŶĞƌƐŽĨƚŚĞĐŽŵƉĂŶǇ ϭϬϬ͘ϴϳ ;ϲϯ͘ϮϬͿ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ Ϯ͘ϲϱ ϭϳ͘ϲϬ
ŽƌƌŽǁŝŶŐƐ ϭϴ;ďͿ ϱ͘ϬϬ ϭϴ͘ϭϲ ϭϬϯ͘ϱϮ ;ϰϱ͘ϲϬͿ
dƌĂĚĞƉĂǇĂďůĞƐ ϭϵ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌĂƩƌŝďƵƚĂďůĞƚŽ͗
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϮϬ;ďͿ ϲϬϱ͘Ϯϳ ϭ͕Ϭϲϱ͘ϰϲ KǁŶĞƌƐŽĨƚŚĞĐŽŵƉĂŶǇ Ϯϭϴ͘ϭϮ ;Ϯϴ͘ϱϬͿ
Provisions Ϯϭ;ďͿ ϭϯϴ͘ϰϬ ϭϭϭ͘ϭϭ EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϰϭ͘ϰϬ ϲ͘ϲϭ
ƵƌƌĞŶƚŝŶĐŽŵĞƚĂǆůŝĂďŝůŝƟĞƐ;ŶĞƚͿ Ϯϰ͘ϱϲ Ϯϰ͘ϯϱ 259.52 ;Ϯϭ͘ϴϵͿ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 22 Ϯϲϴ͘ϵϭ ϯϮϳ͘ϭϯ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͗ ϰϰ
ϭ͕ϯϵϯ͘ϰϰ ϭ͕ϴϯϵ͘Ϯϳ ĂƐŝĐĂŶĚŝůƵƚĞĚͲ;`Ϳ Ϭ͘ϵϭ ;Ϭ͘ϲϬͿ
dŽƚĂůůŝĂďŝůŝƟĞƐ ϰ͕ϰϭϲ͘Ϭϱ ϱ͕ϯϳϴ͘ϳϳ &ĂĐĞǀĂůƵĞƉĞƌĞƋƵŝƚǇƐŚĂƌĞͲ;`Ϳ ϭ͘ϬϬ ϭ͘ϬϬ
Total ϵ͕ϯϳϰ͘ϱϰ ϴ͕ϲϯϰ͘Ϯϴ
dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭͲϰϲ dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭͲϰϲ
/ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ
&Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ &Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ
&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ
WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK
/E͗ϬϳϲϮϰϲϭϲ /E͗ϬϳϲϮϰϲϭϲ
Deepak Parekh ŝƌĞĐƚŽƌ Deepak Parekh ŝƌĞĐƚŽƌ
sŝũĂǇŚĂƩ /E͗ϬϬϬϬϵϬϳϴ sŝũĂǇŚĂƩ /E͗ϬϬϬϬϵϬϳϴ
Partner Partner
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ

200
Consolidated Statement of Changes in Equity ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
A. Equity B. Other Equity
Share Capital
Equity /ƚĞŵƐŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ Total Equity Non Total
ZĞƐĞƌǀĞƐĂŶĚƐƵƌƉůƵƐ
Share income Other ĂƩƌŝďƵƚĂďůĞ Controlling Equity
Capital Capital Capital ^ĞĐƵƌŝƟĞƐ General Other Retained Equity Exchange Equity ƚŽŽǁŶĞƌƐŽĨ Interests
Subscribed ZĞƐĞƌǀĞ ZĞƐĞƌǀĞŽŶ Premium ZĞƐĞƌǀĞ ƌĞƐĞƌǀĞƐ Earnings Instruments ĚŝīĞƌĞŶĐĞƐ the company
ŽŶƐŽůŝĚĂƟŽŶ Account through Other ŽŶƚƌĂŶƐůĂƟŶŐ
ŽŵƉƌĞŚĞŶƐŝǀĞ ƚŚĞĮŶĂŶĐŝĂů
Income statement
of foreign
ŽƉĞƌĂƟŽŶƐ
Annual Report 2017-18

` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores
ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭϭϰ͘ϰϮ ϭ͕ϮϯϬ͘ϲϱ ϱϵϲ͘Ϭϰ ϯϱϴ͘ϵϴ ;ϭϭ͘ϯϴͿ ϯϳ͘ϲϰ ϭϭϭ͘Ϭϲ Ϯ͕ϰϴϭ͘ϯϮ Ϯ͕ϱϴϬ͘Ϯϱ ϳϰϮ͘ϵϯ ϯ͕ϯϮϯ͘ϭϴ
>ŽƐƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϲϯ͘ϮϬͿ Ͳ Ͳ ;ϲϯ͘ϮϬͿ ;ϲϯ͘ϮϬͿ ϭϳ͘ϲϬ ;ϰϱ͘ϲϬͿ
ϯϭ͕ϮϬϭϳ
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ
ƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϰ͘Ϯϯ ϭϯϱ͘Ϭϰ ;ϭϬϰ͘ϱϳͿ ϯϰ͘ϳϬ ϯϰ͘ϳϬ ;ϭϬ͘ϵϵͿ Ϯϯ͘ϳϭ
ŶĞƚŽĨƚĂǆĞƐ
dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϱϴ͘ϵϳͿ ϭϯϱ͘Ϭϰ ;ϭϬϰ͘ϱϳͿ ;Ϯϴ͘ϱϬͿ ;Ϯϴ͘ϱϬͿ ϲ͘ϲϭ ;Ϯϭ͘ϴϵͿ
ƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ
ŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ Ͳ ;Ϯϵ͘ϲϴͿ Ͳ Ͳ Ͳ Ͳ ;Ϯϵ͘ϲϴͿ ;Ϯϵ͘ϲϴͿ ;ϭϬ͘ϲϳͿ ;ϰϬ͘ϯϱͿ
dĂǆŽŶŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ Ͳ ;ϰ͘ϯϴͿ Ͳ Ͳ Ͳ Ͳ ;ϰ͘ϯϴͿ ;ϰ͘ϯϴͿ ;ϭ͘ϬϱͿ ;ϱ͘ϰϯͿ
dƌĂŶƐĨĞƌƚŽͬĨƌŽŵƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϭϮϯ͘ϮϴͿ ϭϮϯ͘Ϯϴ Ͳ Ͳ Ͳ Ͳ Ͳ
ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭϭϰ͘ϰϮ ϭ͕ϮϯϬ͘ϲϱ ϱϲϭ͘ϵϴ ϯϱϴ͘ϵϴ ;ϭϵϯ͘ϲϯͿ 295.96 ϲ͘ϰϵ Ϯ͕ϰϭϴ͘ϳϲ Ϯ͕ϱϭϳ͘ϲϵ ϳϯϳ͘ϴϮ ϯ͕Ϯϱϱ͘ϱϭ
WƌŽĮƚĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϴϳ Ͳ Ͳ ϭϬϬ͘ϴϳ ϭϬϬ͘ϴϳ Ϯ͘ϲϱ ϭϬϯ͘ϱϮ
ϯϭ͕ϮϬϭϴ
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ
ƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϳ͘ϭϭͿ ϲϱ͘ϳϰ ϱϴ͘ϲϮ ϭϭϳ͘Ϯϱ ϭϭϳ͘Ϯϱ ϯϴ͘ϳϱ ϭϱϲ͘ϬϬ
ŶĞƚŽĨƚĂǆĞƐ
dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϵϯ͘ϳϲ ϲϱ͘ϳϰ ϱϴ͘ϲϮ Ϯϭϴ͘ϭϮ Ϯϭϴ͘ϭϮ ϰϭ͘ϰϬ 259.52
ƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
ŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϯϰ͘ϲϮͿ Ͳ Ͳ ;ϯϰ͘ϲϮͿ ;ϯϰ͘ϲϮͿ ;ϭ͘ϰϭͿ ;ϯϲ͘ϬϯͿ
dĂǆŽŶŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϳ͘ϲϯͿ Ͳ Ͳ ;ϳ͘ϲϯͿ ;ϳ͘ϲϯͿ ;Ϭ͘ϮϵͿ ;ϳ͘ϵϮͿ
dƌĂŶƐĨĞƌƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϰϮ͘ϰϮͿ ϴϱ͘Ϯϲ ;ϰϮ͘ϴϰͿ Ͳ Ͳ Ͳ Ͳ Ͳ
ůůŽĐĂƟŽŶŽĨ^ŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϮϬ͘ϬϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϮϬ͘ϬϬ Ͳ ϮϬ͘ϬϬ
WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐ
Ͳ Ͳ Ͳ ϭ͕ϰϳϵ͘ϴϴ Ͳ Ͳ Ͳ Ͳ Ͳ ϭ͕ϰϳϵ͘ϴϴ ϭ͕ϰϳϵ͘ϴϴ Ͳ ϭ͕ϰϳϵ͘ϴϴ
ŽŶZŝŐŚƚƐďĂƐŝƐ
ƋƵŝƚǇŝƐƐƵĞĞǆƉĞŶƐĞƐ Ͳ Ͳ Ͳ ;ϴ͘ϰϱͿ Ͳ ;ϯ͘ϴϵͿ Ͳ Ͳ Ͳ ;ϭϮ͘ϯϰͿ ;ϭϮ͘ϯϰͿ Ͳ ;ϭϮ͘ϯϰͿ
ŚĂŶŐĞŝŶŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐŝŶ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;Ϭ͘ϭϯͿ ;Ϭ͘ϭϯͿ
subsidiaries
ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϭϴ͘ϵϯ ϰϯ͘ϵϭ ϭϭϰ͘ϰϮ Ϯ͕ϳϬϮ͘Ϭϴ ϱϲϭ͘ϵϴ ϯϭϮ͘ϲϳ ;ϱϲ͘ϴϲͿ ϯϭϴ͘ϴϲ ϲϱ͘ϭϭ ϰ͕ϬϲϮ͘ϭϳ ϰ͕ϭϴϭ͘ϭϬ ϳϳϳ͘ϯϵ ϰ͕ϵϱϴ͘ϰϵ
dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘;ZĞĨĞƌEŽƚĞϭͲϰϲͿ
&Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ

ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ
&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ
WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK
Deepak Parekh ŝƌĞĐƚŽƌ

sŝũĂǇŚĂƩ /E͗ϬϬϬϬϵϬϳϴ
Partner
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
ĂƌƌŝĞĚŽǀĞƌ
Inventories
Corporate Overview
&ŝŶĂŶĐĞŽƐƚ
Interest Income
ŝǀŝĚĞŶĚ/ŶĐŽŵĞ
WƌŽĮƚĞĨŽƌĞdĂǆ
/ŶƚĞƌĞƐƚZĞĐĞŝǀĞĚ
/ŶĐŽŵĞdĂǆĞƐWĂŝĚ
Short term loan realised

01-49
&ŝŶĂŶĐŝĂůĂŶĚKƚŚĞƌƐƐĞƚƐ
WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ
WƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚƐ
&ŝŶĂŶĐŝĂůĂŶĚKƚŚĞƌ>ŝĂďŝůŝƟĞƐ
ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶ
ĂƐŚ&ůŽǁ&ƌŽŵ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ
>ŽƐƐŽŶƐĂůĞŽĨĂŚŽƚĞůƉƌŽƉĞƌƚǇ
WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽǇĞĞĞŶĞĮƚƐ
ĂƐŚ&ůŽǁ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ
WƵƌĐŚĂƐĞŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨŚŽƚĞůƉƌŽƉĞƌƟĞƐ
ĂƐŚ'ĞŶĞƌĂƚĞĚĨƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ
'ĂŝŶŽŶĨĂŝƌǀĂůƵĂƟŽŶŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ
Statutory Reports
ǆƉĞŶĚŝƚƵƌĞŽŶĚŝƐĐŽŶƟŶƵĞĚƉƌŽũĞĐƚƐǁƌŝƩĞŶŽī
EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ;Ϳ
EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ;Ϳ
ǆĐŚĂŶŐĞ'ĂŝŶŽŶůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ;ŶĞƚͿ
ĂƐŚKƉĞƌĂƟŶŐWƌŽĮƚďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ
ĚĚŝƟŽŶĂů/ŶǀĞƐƚŵĞŶƚŝŶĂũŽŝŶƚǀĞŶƚƵƌĞĂŶĚƐƵďƐŝĚŝĂƌǇ
ĞƉŽƐŝƚƐZĞĨƵŶĚĞĚďǇͬ;WůĂĐĞĚǁŝƚŚͿKƚŚĞƌŽŵƉĂŶŝĞƐ
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞͬƌĞĚĞŵƉƟŽŶŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ
ĂŶŬĂůĂŶĐĞƐŶŽƚĐŽŶƐŝĚĞƌĞĚĂƐĂƐŚΘĂƐŚƋƵŝǀĂůĞŶƚƐ
'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ
50-120
ĚũƵƐƚŵĞŶƚƐĨŽƌŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŝŶŽƉĞƌĂƟŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ͗
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨƉƌŽƉĞƌƚǇ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ŝǀŝĚĞŶĚZĞĐĞŝǀĞĚ;ŝŶĐůƵĚĞƐĚŝǀŝĚĞŶĚĨƌŽŵũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐͿ
ůůŽǁĂŶĐĞĨŽƌŽƵďƞƵůĞďƚƐĂŶĚĂĚǀĂŶĐĞƐ;/ŶĐůƵĚŝŶŐĚǀĂŶĐĞƐǁƌŝƩĞŶŽīͿ
ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŶĞƚƉƌŽĮƚƚŽŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚďǇŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ͗
>ŽƐƐŽŶƐĂůĞŽĨĂƐƐĞƚƐ;ŝŶĐůƵĚŝŶŐĐŽŵƉƵůƐŽƌǇĂĐƋƵŝƐŝƟŽŶŽĨůĂŶĚͿĂŶĚƐƐĞƚƐǁƌŝƩĞŶŽī
WĂǇŵĞŶƚƐĨŽƌƉƵƌĐŚĂƐĞŽĨƉƌŽƉĞƌƚǇ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ;ŝŶĐůƵĚŝŶŐt/WͿ
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
Financial Statements
121-268
` crores
;ϭ͘ϬϬͿ
;Ϯϵ͘ϰϮͿ
;ϴ͘ϮϬͿ
DĂƌĐŚϯϭ͕ϮϬϭϴ
;Ϯϱ͘ϱϭͿ
;ϲ͘ϯϲͿ
;ϭϳ͘ϱϱͿ
;ϭ͘ϯϱͿ
;ϰ͘ϮϵͿ
;ϭϮϰ͘ϭϰͿ
;ϱϬϵ͘ϲϵͿ
;ϭϰϮ͘ϰϵͿ
;ϭϬϯ͘ϯϭͿ
;ϭ͕ϰϬϰ͘ϳϯͿ
;ϯϲ͘ϲϴͿ
;ϱϮϴ͘ϳϯͿ
ϭϲ͘ϴϮ
Ϯ͘ϱϳ
ϭ͘ϵϲ
Ͳ
Ͳ
ϯϬϭ͘ϮϬ
ϭϴϰ͘Ϯϵ
Ϯϲϵ͘Ϭϰ
ϭϮ͘ϰϳ
ϭϵ͘ϵϵ
ϳϯϳ͘ϴϱ
ϱϱϯ͘ϱϲ
ϲϯϰ͘ϱϰ
Ϯϱ͘ϭϮ
Ͳ
ϱϵ͘ϴϳ
ϰϮ͘ϵϱ
ϭϲ͘Ϭϰ
Ϯϱ͘ϴϳ
ϴϯ͘ϲϯ
ϭ͕ϭϳϭ͘ϰϴ
ϰ͘ϳϱ
ϰϵϮ͘Ϭϱ
ŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ
;Ϭ͘ϭϳͿ
;ϮϮ͘ϯϴͿ
;ϭϬ͘ϳϬͿ
` crores
DĂƌĐŚϯϭ͕ϮϬϭϳ
;ϲϱ͘ϰϱͿ
;ϰ͘ϳϰͿ
;Ϭ͘ϰϰͿ
;ϯϰ͘ϭϴͿ
;ϭ͘ϳϴͿ
;Ϯϯ͘ϵϬͿ
;ϲϮ͘ϭϳͿ
;ϭϬ͘ϬϬͿ
;ϯϵϵ͘ϰϬͿ
;ϴϲ͘ϳϵͿ
;ϱϵ͘ϴϱͿ
ϭ͕ϯϴϵ͘ϱϬ
;Ϯ͕ϭϬϳ͘ϰϭͿ
ϳ͘ϵϴ
Ͳ
ϴ͘ϭϮ
ϭϬϯ͘Ϯϱ
Ϯϵϵ͘ϯϳ
ϯϬ͘ϱϴ
ϯϮϯ͘ϴϯ
ϯ͘ϰϭ
ϴ͘ϱϬ
ϲϴϭ͘ϭϲ
ϲϱϬ͘ϱϴ
ϲϮϭ͘ϯϭ
ϴϱϰ͘ϵϴ
ϰ͘ϬϬ
ϴϭϯ͘Ϯϯ
ϭϴ͘ϴϵ
ϭϲ͘ϯϲ
Ϯϲ͘ϭϯ
ϯϱϬ͘ϬϬ
Ϯ͕ϭϵϵ͘ϵϭ
ϱ͘ϰϰ
ϱϯϰ͘ϱϮ
201
ŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ;ŽŶƚĚ͘Ϳ Notes to Consolidated Financial Statements for year ended March 31, 2018
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϭ͗ŽƌƉŽƌĂƚĞŝŶĨŽƌŵĂƟŽŶ ;ĐͿ WƌŝŶĐŝƉůĞƐŽĨĐŽŶƐŽůŝĚĂƟŽŶĂŶĚĞƋƵŝƚǇĂĐĐŽƵŶƟŶŐ
` crores ` crores dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ >ŝŵŝƚĞĚ ;͞/,>͟ Žƌ ƚŚĞ ;ŝͿ ^ƵďƐŝĚŝĂƌŝĞƐ
ƌŽƵŐŚƚŽǀĞƌ ;ϯϲ͘ϲϴͿ ϭ͕ϯϴϵ͘ϱϬ ͞ŽŵƉĂŶǇ͟Ϳ͕ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ;ƌĞĨĞƌƌĞĚ ĐŽůůĞĐƚŝǀĞůǇ ^ƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ĞŶƟƟĞƐ ;ŝŶĐůƵĚŝŶŐ ƐƚƌƵĐƚƵƌĞĚ
ĂƐŚ&ůŽǁ&ƌŽŵ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ĂƐ ƚŚĞ ͞'ƌŽƵƉ͟Ϳ ŝƐ ƉƌŝŵĂƌŝůǇ ĞŶŐĂŐĞĚ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ĞŶƟƟĞƐͿ ŽǀĞƌ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ĐŽŶƚƌŽů͘ dŚĞ
^ŚĂƌĞŝƐƐƵĞĞǆƉĞŶƐĞƐͬĞďĞŶƚƵƌĞŝƐƐƵĞĞǆƉĞŶƐĞƐ ;ϭϮ͘ϯϴͿ ;ϰ͘ϴϭͿ
ŽĨ ŽǁŶŝŶŐ͕ ŽƉĞƌĂƚŝŶŐ Θ ŵĂŶĂŐŝŶŐ ŚŽƚĞůƐ͕ ƉĂůĂĐĞƐ ĂŶĚ 'ƌŽƵƉ ĐŽŶƚƌŽůƐ ĂŶ ĞŶƟƚǇ ǁŚĞŶ ƚŚĞ 'ƌŽƵƉ ŝƐ
ƌĞƐŽƌƚƐ͘ dŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ĞǆƉŽƐĞĚƚŽ͕ŽƌŚĂƐƌŝŐŚƚƐƚŽ͕ǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵ
/ŶƚĞƌĞƐƚWĂŝĚ;ŝŶĐůƵĚŝŶŐĐƵŵƵůĂƟǀĞŝŶƚĞƌĞƐƚƉĂŝĚŽŶŵĂƚƵƌŝƚǇͬƌĞƉĂǇŵĞŶƚŽĨůŽĂŶͿ ;ϰϬϴ͘ϵϯͿ ;ϭϲϯ͘ϲϳͿ
'ƌŽƵƉĂůƐŽŝŶĐůƵĚĞƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚ ŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞĞŶƟƚǇĂŶĚŚĂƐƚŚĞĂďŝůŝƚǇ
ZĞƉĂǇŵĞŶƚŽĨůŽŶŐƚĞƌŵ>ŽĂŶƐĂŶĚĞďĞŶƚƵƌĞƐ ;ϭ͕Ϯϴϱ͘ϱϭͿ ;ϭ͕ϵϱϰ͘ϯϴͿ ũŽŝŶƚǀĞŶƚƵƌĞƐ͘ ƚŽĂīĞĐƚƚŚŽƐĞƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌƚŽĚŝƌĞĐƚ
WƌŽĐĞĞĚƐĨƌŽŵůŽŶŐƚĞƌŵ>ŽĂŶƐĂŶĚĞďĞŶƚƵƌĞƐ ϯϱϬ͘ϬϬ ϴϵϬ͘ϭϭ ƚŚĞƌĞůĞǀĂŶƚĂĐƟǀŝƟĞƐŽĨƚŚĂƚĞŶƟƚǇ͘^ƵďƐŝĚŝĂƌŝĞƐĂƌĞ
^ŚŽƌƚdĞƌŵ>ŽĂŶƐZĂŝƐĞĚ ϲϳϳ͘ϯϰ Ϯϱϳ͘ϳϵ dŚĞŽŵƉĂŶǇŝƐĚŽŵŝĐŝůĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂŝŶϭϵϬϮ ĨƵůůǇĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞŽŶǁŚŝĐŚĐŽŶƚƌŽůŝƐ
^ŚŽƌƚdĞƌŵ>ŽĂŶƐZĞƉĂŝĚ ;ϲϵϭ͘ϲϱͿ ;ϯϯϯ͘ϲϱͿ
ĂŶĚ ŚĂƐ ŝƚƐ ƌĞŐŝƐƚĞƌĞĚ ŽĸĐĞ Ăƚ DĂŶĚůŝŬ ,ŽƵƐĞ͕ DĂŶĚůŝŬ ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉ͘
ZŽĂĚ͕DƵŵďĂŝʹϰϬϬϬϬϭ͕/ŶĚŝĂ͘/ƚŝƐƉƌŽŵŽƚĞĚďǇdĂƚĂ^ŽŶƐ
WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĞŽĨƋƵŝƚǇƐŚĂƌĞƐŽŶƌŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϵϵ͘ϴϴ Ͳ
>ŝŵŝƚĞĚ͕ǁŚŝĐŚŚŽůĚƐĂƐŝŐŶŝĮĐĂŶƚƐƚĂŬĞŝŶƚŚĞŽŵƉĂŶǇ͘ dŚĞ 'ƌŽƵƉ ĐŽŵďŝŶĞƐ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ
^ĞƩůĞŵĞŶƚŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϭϭ͘ϲϲ ;Ϯϲ͘ϵϳͿ the parent and its subsidiaries line by line adding
ŝǀŝĚĞŶĚWĂŝĚ;/ŶĐůƵĚŝŶŐƚĂǆŽŶĚŝǀŝĚĞŶĚͿ ;ϰϰ͘ϲϵͿ ;ϰϱ͘ϳϴͿ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ ƚŽŐĞƚŚĞƌ ůŝŬĞ ŝƚĞŵƐ ŽĨ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƟĞƐ͕ ĞƋƵŝƚǇ͕
EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ;Ϳ 95.72 ;ϭ͕ϯϴϭ͘ϯϲͿ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ǁĞƌĞ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ͘ /ŶƚƌĂͲ'ƌŽƵƉ ƚƌĂŶƐĂĐƟŽŶƐ͕
ĂŶĚĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞŽŶDĂǇϮϱ͕ϮϬϭϴ͘ ďĂůĂŶĐĞƐ ĂŶĚ ƵŶƌĞĂůŝƐĞĚ ŐĂŝŶƐ ŽŶ ƚƌĂŶƐĂĐƟŽŶƐ
ďĞƚǁĞĞŶĞŶƟƟĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉĂƌĞĞůŝŵŝŶĂƚĞĚ͘
EĞƚ/ŶĐƌĞĂƐĞ/ŶĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ;ннͿ ϱϵ͘Ϭϰ ϴ͘ϭϰ
EŽƚĞϮ͗ĂƐŝƐŽĨƉƌĞƉĂƌĂƟŽŶ͕WƌŝŶĐŝƉůĞƐŽĨĐŽŶƐŽůŝĚĂƟŽŶ Unrealised losses are also eliminated unless the
ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐͲKƉĞŶŝŶŐ ϭϰϭ͘ϯϭ ϭϯϵ͘ϴϯ ĂŶĚĞƋƵŝƚǇĂĐĐŽƵŶƟŶŐ͕ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐ ƚƌĂŶƐĂĐƟŽŶ ƉƌŽǀŝĚĞƐ ĞǀŝĚĞŶĐĞ ŽĨ ĂŶ ŝŵƉĂŝƌŵĞŶƚ
ǆĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶƚƌĂŶƐůĂƟŽŶŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϳ͘ϰϵ ;ϲ͘ϲϲͿ ĞƐƟŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ͕^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐ ŽĨ ƚŚĞ ƚƌĂŶƐĨĞƌƌĞĚ ĂƐƐĞƚ͘ ĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ŽĨ
ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐͲůŽƐŝŶŐ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ƉŽůŝĐŝĞƐĂŶĚZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ŚĂǀĞ ďĞĞŶ ĐŚĂŶŐĞĚ ǁŚĞƌĞ ŶĞĐĞƐƐĂƌǇ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶ ƚŽĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐǇǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂĚŽƉƚĞĚďǇ
ƚŚĞĨŽůůŽǁŝŶŐďĂƐŝƐ͗ ƚŚĞ 'ƌŽƵƉ͘ EŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ŝŶ ƚŚĞ ƌĞƐƵůƚƐ
ZĞĨĞƌEŽƚĞϭϴ;ŝǆͿĨŽƌŵŽǀĞŵĞŶƚŝŶ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ
ĂŶĚ ĞƋƵŝƚǇ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ƐŚŽǁŶ ƐĞƉĂƌĂƚĞůǇ
dŚĞĂĐĐŽŵƉĂŶǇŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ;ZĞĨĞƌEŽƚĞͿϭͲϰϲ ;ĂͿ ^ƚĂƚĞŵĞŶƚŽĨĐŽŵƉůŝĂŶĐĞ ŝŶ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͕
dŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŚĂŶŐĞƐ ŝŶ ƋƵŝƚǇ ĂŶĚ
ƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ĂƐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ ƚŚĞŽŶƐŽůŝĚĂƚĞĚĂůĂŶĐĞ^ŚĞĞƚƌĞƐƉĞĐƟǀĞůǇ͘
&Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ƐĞĐƟŽŶ ϭϯϯ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ƌĞĂĚ ǁŝƚŚ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ŽŵƉĂŶŝĞƐ ;/ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐͿ ZƵůĞƐ͕ ϮϬϭϱ ;ŝŝͿ :ŽŝŶƚǀĞŶƚƵƌĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚĞƋƵŝƚǇŵĞƚŚŽĚ
&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ ĂŶĚ ŽƚŚĞƌ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ĂƐ ĂĐĐŽƵŶƟŶŐ
/E͗ϬϳϲϮϰϲϭϲ ĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽƟŵĞ͘ :ŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐǁŚĞƌĞďǇƚŚĞ
ƉĂƌƟĞƐƚŚĂƚŚĂǀĞũŽŝŶƚĐŽŶƚƌŽůŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚƐ
Deepak Parekh ŝƌĞĐƚŽƌ ;ďͿ ĂƐŝƐŽĨƉƌĞƉĂƌĂƟŽŶ ŚĂǀĞƌŝŐŚƚƐƚŽƚŚĞŶĞƚĂƐƐĞƚƐĂŶĚŽďůŝŐĂƟŽŶƐĨŽƌƚŚĞ
sŝũĂǇŚĂƩ /E͗ϬϬϬϬϵϬϳϴ
Partner d ŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ůŝĂďŝůŝƟĞƐ͕ƌĞůĂƟŶŐƚŽƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘/ŶƚĞƌĞƐƚƐŝŶ
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ ƉƌĞƉĂƌĞĚ ŽŶ ƚŚĞ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ͕ ĞǆĐĞƉƚ ĨŽƌ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĞƋƵŝƚǇ
ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŵĞĂƐƵƌĞĚ ŵĞƚŚŽĚ͕ ĂŌĞƌ ŝŶŝƟĂůůǇ ďĞŝŶŐ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĐŽƐƚ ŝŶ
Ăƚ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͘ ƚŚĞŽŶƐŽůŝĚĂƚĞĚĂůĂŶĐĞƐŚĞĞƚ͘
,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůǇďĂƐĞĚŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨ
ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŐŝǀĞŶ ŝŶ ĞǆĐŚĂŶŐĞ ĨŽƌ ŐŽŽĚƐ ĂŶĚ ƐƐŽĐŝĂƚĞƐ ĂƌĞ ĞŶƟƟĞƐ ŽǀĞƌ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŚĂƐ
ƐĞƌǀŝĐĞƐ͘&ĂŝƌǀĂůƵĞŝƐƚŚĞƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚ ƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞďƵƚŶŽƚĐŽŶƚƌŽůŽƌũŽŝŶƚĐŽŶƚƌŽů͘
ƚŽ ƐĞůů ĂŶ ĂƐƐĞƚ Žƌ ƉĂŝĚ ƚŽ ƚƌĂŶƐĨĞƌ Ă ůŝĂďŝůŝƚǇ ŝŶ ĂŶ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ
ŽƌĚĞƌůǇ ƚƌĂŶƐĂĐƚŝŽŶ ďĞƚǁĞĞŶ ŵĂƌŬĞƚ ƉĂƌƚŝĐŝƉĂŶƚƐ Ăƚ ƚŚĞ ĞƋƵŝƚǇ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƟŶŐ͕ ĂŌĞƌ ŝŶŝƟĂůůǇ
ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘ ďĞŝŶŐƌĞĐŽŐŶŝƐĞĚĂƚĐŽƐƚ͘
ůů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ĐƵƌƌĞŶƚ ĂŶĚ hŶĚĞƌ ƚŚĞ ĞƋƵŝƚǇ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƟŶŐ͕ ƚŚĞ
ŶŽŶͲĐƵƌƌĞŶƚĂƐƉĞƌĐŽŵƉĂŶǇ͛ƐŶŽƌŵĂůŽƉĞƌĂƟŶŐĐǇĐůĞŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ŝŶŝƟĂůůǇ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĐŽƐƚ ĂŶĚ
ϭϮŵŽŶƚŚƐǁŚŝĐŚŝƐďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨďƵƐŝŶĞƐƐŽĨ ĂĚũƵƐƚĞĚ ƚŚĞƌĞĂŌĞƌ ƚŽ ƌĞĐŽŐŶŝƐĞ ƚŚĞ 'ƌŽƵƉ͛Ɛ
ƚŚĞŽŵƉĂŶǇ͘ƵƌƌĞŶƚƐƐĞƚƐĚŽŶŽƚŝŶĐůƵĚĞĞůĞŵĞŶƚƐ ƐŚĂƌĞ ŽĨ ƚŚĞ ƉŽƐƚͲĂĐƋƵŝƐŝƟŽŶ ƉƌŽĮƚƐ Žƌ ůŽƐƐĞƐ ŽĨ
ǁŚŝĐŚ ĂƌĞ ŶŽƚ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĂůŝƐĞĚ ǁŝƚŚŝŶ ϭ ǇĞĂƌ ƚŚĞ ŝŶǀĞƐƚĞĞ ŝŶ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ
ĂŶĚƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐĚŽŶŽƚŝŶĐůƵĚĞŝƚĞŵƐǁŚŝĐŚĂƌĞ WƌŽĮƚ ĂŶĚ >ŽƐƐ͕ ĂŶĚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŽĨ KƚŚĞƌ
ĚƵĞ ĂŌĞƌ ϭ ǇĞĂƌ͕ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ϭ ǇĞĂƌ ďĞŝŶŐ ƌĞĐŬŽŶĞĚ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŽĨ ƚŚĞ ŝŶǀĞƐƚĞĞ ŝŶ KƚŚĞƌ
ĨƌŽŵƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ͘ ŝǀŝĚĞŶĚƐ ƌĞĐĞŝǀĞĚ Žƌ
ƌĞĐĞŝǀĂďůĞ ĨƌŽŵ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂƌĞ

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018
ƌĞĐŽŐŶŝƐĞĚ ĂƐ Ă ƌĞĚƵĐƟŽŶ ŝŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽŶůǇ Ă ƉƌŽƉŽƌƟŽŶĂƚĞ ƐŚĂƌĞ ŽĨ ƚŚĞ ĂŵŽƵŶƚƐ ĞƐƟŵĂƚĞĚ ƵƐĂŐĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƚŚĞ ŽƉĞƌĂƟŶŐ ĐŽŶĚŝƟŽŶ ͻ & Ăŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĚĞƌŝǀĂƟǀĞ ĂŶĚ ŽƚŚĞƌ
ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ͘ tŚĞŶ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŽĨ ƉƌĞǀŝŽƵƐůǇ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƉĂƐƚ ŚŝƐƚŽƌǇ ŽĨ ƌĞƉůĂĐĞŵĞŶƚ͕ ĂŶƟĐŝƉĂƚĞĚ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĮŶĂŶĐŝĂů
ůŽƐƐĞƐ ŝŶ ĂŶ ĞƋƵŝƚǇͲĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚŵĞŶƚ ĞƋƵĂůƐ /ŶĐŽŵĞ ĂƌĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ƚĞĐŚŶŽůŽŐŝĐĂů ĐŚĂŶŐĞƐ͕ ĞƚĐ͘ dŚĞ 'ƌŽƵƉ ƌĞǀŝĞǁƐ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƚƌĂĚĞĚ ŝŶ ĂŶ ĂĐƟǀĞ ŵĂƌŬĞƚ
Žƌ ĞǆĐĞĞĚƐ ŝƚƐ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĞŶƟƚǇ͕ ŝŶĐůƵĚŝŶŐ ĂŶǇ ĂŶĚ>ŽƐƐǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͘ ƵƐĞĨƵů ůŝĨĞ ŽĨ ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďǇ ƵƐŝŶŐ ǀĂůƵĂƟŽŶ ƚĞĐŚŶŝƋƵĞƐ͘ dŚŝƐ
ŽƚŚĞƌƵŶƐĞĐƵƌĞĚůŽŶŐͲƚĞƌŵƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞ'ƌŽƵƉ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ŝŶǀŽůǀĞƐ ƐŝŐŶŝĮĐĂŶƚ ũƵĚŐĞŵĞŶƚƐ ŝŶ ƚŚĞ ƐĞůĞĐƟŽŶ ŽĨ Ă
ĚŽĞƐ ŶŽƚ ƌĞĐŽŐŶŝƐĞ ĨƵƌƚŚĞƌ ůŽƐƐĞƐ͕ ƵŶůĞƐƐ ŝƚ ŚĂƐ ;ŝǀͿ 'ŽŽĚǁŝůů dŚŝƐƌĞĂƐƐĞƐƐŵĞŶƚŵĂǇƌĞƐƵůƚŝŶĐŚĂŶŐĞŝŶĚĞƉƌĞĐŝĂƟŽŶ ŵĞƚŚŽĚŝŶŵĂŬŝŶŐĂƐƐƵŵƉƟŽŶƐƚŚĂƚĂƌĞŵĂŝŶůǇďĂƐĞĚ
ŝŶĐƵƌƌĞĚ ŽďůŝŐĂƟŽŶƐ Žƌ ŵĂĚĞ ƉĂǇŵĞŶƚƐ ŽŶ ďĞŚĂůĨ Ă͘ 'ŽŽĚǁŝůů ĐŽŵƉƌŝƐĞƐ ƚŚĞ ƉŽƌƟŽŶ ŽĨ ƚŚĞ ĞǆƉĞŶƐĞŝŶĨƵƚƵƌĞƉĞƌŝŽĚƐ͘ ŽŶŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĞǆŝƐƟŶŐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĂƚĞ
ŽĨƚŚĞŽƚŚĞƌĞŶƟƚǇ͘hŶƌĞĂůŝƐĞĚŐĂŝŶƐŽŶƚƌĂŶƐĂĐƟŽŶƐ ƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌĂŶĂĐƋƵŝƐŝƟŽŶƚŚĂƚĞǆĐĞĞĚƐ ĂŶĚŝŶŝĚĞŶƟĨǇŝŶŐƚŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌ
ďĞƚǁĞĞŶ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŝƚƐ ƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŝŶ ƚŚĞ ŝĚĞŶƟĮĂďůĞ ĂƐƐĞƚƐ͕ ͻ / ŵƉĂŝƌŵĞŶƚ ƚĞƐƟŶŐ͗ WƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǀĂůƵĞ ǁŚĞŶ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚƐ
:ŽŝŶƚsĞŶƚƵƌĞƐĂƌĞĞůŝŵŝŶĂƚĞĚƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ ǁŝƚŚ ĚĞĚƵĐƟŽŶƐ ĨŽƌ ůŝĂďŝůŝƟĞƐ͕ ĐĂůĐƵůĂƚĞĚ ŽŶ ĂŶĚ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂŵŽƌƟƐĂƟŽŶͬ ĂƌĞƉŽƐƐŝďůĞ͘
'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞƐĞĞŶƟƟĞƐ͘hŶƌĞĂůŝƐĞĚůŽƐƐĞƐ ƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƟŽŶ͘ ĚĞƉƌĞĐŝĂƟŽŶ ĂƌĞ ƚĞƐƚĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶ ĞǀĞŶƚƐ
ĂƌĞĂůƐŽĞůŝŵŝŶĂƚĞĚƵŶůĞƐƐƚŚĞƚƌĂŶƐĂĐƟŽŶƉƌŽǀŝĚĞƐ occur or changes in circumstances indicate that the ͻ > ŝƚŝŐĂƚŝŽŶ͗ &ƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͕ ƚŚĞ 'ƌŽƵƉ ŝƐ ƐƵďũĞĐƚ
ĞǀŝĚĞŶĐĞŽĨĂŶŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞĂƐƐĞƚƚƌĂŶƐĨĞƌƌĞĚ͘ ď͘ '
ŽŽĚǁŝůů ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ŽĨ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĐĂƐŚ ŐĞŶĞƌĂƟŶŐ ƵŶŝƚ ŝƐ ůĞƐƐ ƚŽ ůĞŐĂů ƉƌŽĐĞĞĚŝŶŐƐ ƚŚĞ ƵůƚŝŵĂƚĞ ŽƵƚĐŽŵĞ ŽĨ ĞĂĐŚ
ĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ŽĨ ĞƋƵŝƚǇ ĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚĞĞƐ associates and joint ventures is included in the ƚŚĂŶŝƚƐĐĂƌƌǇŝŶŐǀĂůƵĞ͘dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĐĂƐŚ ďĞŝŶŐĂůǁĂǇƐƐƵďũĞĐƚƚŽŵĂŶǇƵŶĐĞƌƚĂŝŶƚŝĞƐŝŶŚĞƌĞŶƚ
ŚĂǀĞ ďĞĞŶ ĐŚĂŶŐĞĚ ǁŚĞƌĞ ŶĞĐĞƐƐĂƌǇ ƚŽ ĞŶƐƵƌĞ ĐĂƌƌǇŝŶŐǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶĂƐƐŽĐŝĂƚĞƐ ŐĞŶĞƌĂƟŶŐƵŶŝƚƐŝƐŚŝŐŚĞƌŽĨǀĂůƵĞͲŝŶͲƵƐĞĂŶĚĨĂŝƌǀĂůƵĞ ŝŶ ůŝƚŝŐĂƚŝŽŶ͘ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ůŝƚŝŐĂƚŝŽŶ ŝƐ ŵĂĚĞ ǁŚĞŶ
ĐŽŶƐŝƐƚĞŶĐǇ ǁŝƚŚ ƚŚĞ ƉŽůŝĐŝĞƐ ĂĚŽƉƚĞĚ ďǇ ƚŚĞ ĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͘ ůĞƐƐĐŽƐƚƚŽƐĞůů͘dŚĞĐĂůĐƵůĂƟŽŶŝŶǀŽůǀĞƐƵƐĞŽĨƐŝŐŶŝĮĐĂŶƚ ŝƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƉƌŽďĂďůĞ ƚŚĂƚ Ă ƉĂǇŵĞŶƚ ǁŝůů ďĞ
'ƌŽƵƉ͘ dŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ĞƋƵŝƚǇ ĂĐĐŽƵŶƚĞĚ ĞƐƟŵĂƚĞƐĂŶĚĂƐƐƵŵƉƟŽŶƐǁŚŝĐŚŝŶĐůƵĚĞƐƚƵƌŶŽǀĞƌĂŶĚ ŵĂĚĞĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐĐĂŶďĞƌĞĂƐŽŶĂďůǇ
ŝŶǀĞƐƚŵĞŶƚƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚ͘ Đ͘ ŽŽĚǁŝůů ŝƐ ĚĞĞŵĞĚ ƚŽ ŚĂǀĞ ĂŶ ŝŶĚĞĮŶŝƚĞ
' ĞĂƌŶŝŶŐƐ ŵƵůƟƉůĞƐ͕ ŐƌŽǁƚŚ ƌĂƚĞƐ ĂŶĚ ŶĞƚ ŵĂƌŐŝŶƐ ƵƐĞĚ ĞƐƚŝŵĂƚĞĚ͘ ^ŝŐŶŝĨŝĐĂŶƚ ũƵĚŐĞŵĞŶƚ ŝƐ ŵĂĚĞ ǁŚĞŶ
ƵƐĞĨƵůůŝĨĞĂŶĚŝƐƌĞƉŽƌƚĞĚĂƚĂĐƋƵŝƐŝƟŽŶǀĂůƵĞ ƚŽ ĐĂůĐƵůĂƚĞ ƉƌŽũĞĐƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ŇŽǁƐ͕ ƌŝƐŬͲĂĚũƵƐƚĞĚ ĞǀĂůƵĂƚŝŶŐ͕ ĂŵŽŶŐ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ƚŚĞ ƉƌŽďĂďŝůŝƚǇ
dŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ũŽŝŶƚ ǁŝƚŚĚĞĚƵĐƟŽŶĨŽƌĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚƐ͘ ĚŝƐĐŽƵŶƚƌĂƚĞ͕ĨƵƚƵƌĞĞĐŽŶŽŵŝĐĂŶĚŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͘ ŽĨ ƵŶĨĂǀŽƌĂďůĞ ŽƵƚĐŽŵĞ ĂŶĚ ƚŚĞ ĂďŝůŝƚǇ ƚŽ ŵĂŬĞ Ă
ǀĞŶƚƵƌĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĂƌĞ ĚƌĂǁŶ Ŷ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ŽĨ ŐŽŽĚǁŝůů ŝƐ ĐŽŶĚƵĐƚĞĚ ƌĞĂƐŽŶĂďůĞĞƐƚŝŵĂƚĞŽĨƚŚĞĂŵŽƵŶƚŽĨƉŽƚĞŶƚŝĂůůŽƐƐ͘
ƵƉƚŽ ƚŚĞ ƐĂŵĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ ĂƐ ƚŚĂƚ ŽĨ ƚŚĞ ŽŶĐĞ ĞǀĞƌǇ ǇĞĂƌ Žƌ ŵŽƌĞ ŽŌĞŶ ŝĨ ƚŚĞƌĞ ŝƐ ͻ / ŵƉĂŝƌŵĞŶƚ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ͗ dŚĞ 'ƌŽƵƉ ƌĞǀŝĞǁƐ >ŝƚŝŐĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚĞĂĐŚĂĐĐŽƵŶƚŝŶŐ
ŽŵƉĂŶǇĞǆĐĞƉƚŽŶĞŽĨƚŚĞĂƐƐŽĐŝĂƚĞǁŚŝĐŚŚĂƐƚŚĞ ĂŶ ŝŶĚŝĐĂƟŽŶ ŽĨ Ă ĚĞĐƌĞĂƐĞ ŝŶ ǀĂůƵĞ͘ dŚĞ ŝƚƐ ĐĂƌƌǇŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ĂŶŶƵĂůůǇ͕ Žƌ ŵŽƌĞ ƉĞƌŝŽĚ ĂŶĚ ƌĞǀŝƐŝŽŶƐ ŵĂĚĞ ĨŽƌ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ĨĂĐƚƐ
ƌĞƉŽƌƟŶŐĚĂƚĞŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘ ŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶŐŽŽĚǁŝůůŝƐƌĞƉŽƌƚĞĚŝŶƚŚĞ ĨƌĞƋƵĞŶƚůǇ ǁŚĞŶ ƚŚĞƌĞ ŝƐ ŝŶĚŝĐĂƟŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘ /Ĩ ĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘
^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐůĞƐƐƚŚĂŶŝƚƐĐĂƌƌǇŝŶŐĂŵŽƵŶƚ͕
;ŝŝŝͿ ŚĂŶŐĞƐŝŶŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐ ƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĂĐĐŽƵŶƚĞĚĨŽƌ͘ ͻ
ĞĨŝŶĞĚ ďĞŶĞĨŝƚ ƉůĂŶƐ͗ dŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ
dŚĞ'ƌŽƵƉƚƌĞĂƚƐƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐ Ě͘ '
ŽŽĚǁŝůů ŽŶ ĂĐƋƵŝƐŝƟŽŶ ŽĨ ƚŚĞ ĨŽƌĞŝŐŶ ďĞŶĞĨŝƚ ƉůĂŶƐ ĂŶĚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ
ŝŶƚĞƌĞƐƚƐ ƚŚĂƚ ĚŽ ŶŽƚ ƌĞƐƵůƚ ŝŶ Ă ůŽƐƐ ŽĨ ĐŽŶƚƌŽů ĂƐ subsidiaries is restated at the rate prevailing at ͻ / ŶĐŽŵĞdĂǆĞƐ͗ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ ĂƌĞ ďĂƐĞĚ ŽŶ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƚŝŽŶ
ƚƌĂŶƐĂĐƟŽŶƐ ǁŝƚŚ ĞƋƵŝƚǇ ŽǁŶĞƌƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ ƚŚĞĞŶĚŽĨƚŚĞǇĞĂƌ͘ ĞǆƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƌĞŐĂƌĚĞĚ ĂƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĚĞĚƵĐƟďůĞ ƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ŶĂĐƚƵĂƌŝĂů
ĐŚĂŶŐĞ ŝŶ ŽǁŶĞƌƐŚŝƉ ŝŶƚĞƌĞƐƚ ƌĞƐƵůƚƐ ŝŶ ĂŶ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞƐ ĐĂŶ ďĞ ƌĞĂůŝƐĞĚ͘ dŚĞ 'ƌŽƵƉ ǀĂůƵĂƚŝŽŶ ŝŶǀŽůǀĞƐ ŵĂŬŝŶŐ ǀĂƌŝŽƵƐ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ
ĂĚũƵƐƚŵĞŶƚ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚƐ ŽĨ ;ĚͿ ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ ĞƐƟŵĂƚĞƐ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ďĂƐĞĚ ŽŶ ŵĂǇ ĚŝĨĨĞƌ ĨƌŽŵ ĂĐƚƵĂů ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘
ƚŚĞ ĐŽŶƚƌŽůůŝŶŐ ĂŶĚ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ƚŽ d ŚĞ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĐƵƌƌĞŶƚƚĂǆůĂǁƐĂŶĚƌĂƚĞƐĂŶĚŝŶĐĞƌƚĂŝŶĐĂƐĞƐ͕ďƵƐŝŶĞƐƐ dŚĞƐĞ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ĚŝƐĐŽƵŶƚ
ƌĞŇĞĐƚƚŚĞŝƌƌĞůĂƟǀĞŝŶƚĞƌĞƐƚƐŝŶƚŚĞƐƵďƐŝĚŝĂƌǇ͘ŶǇ ŝŶ ĐŽŶĨŽƌŵŝƚǇ ǁŝƚŚ ƚŚĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ ƉůĂŶƐ͕ ŝŶĐůƵĚŝŶŐ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞǆƉĞĐƚĂƟŽŶƐ ƌĞŐĂƌĚŝŶŐ ƌĂƚĞ͕ĨƵƚƵƌĞƐĂůĂƌǇŝŶĐƌĞĂƐĞƐĂŶĚŵŽƌƚĂůŝƚǇƌĂƚĞƐ͘ƵĞ
ĚŝīĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĂŵŽƵŶƚŽĨƚŚĞĂĚũƵƐƚŵĞŶƚ ƉƌŝŶĐŝƉůĞƐ ŽĨ /ŶĚ ^ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ƚŚĞŵĂŶŶĞƌĂŶĚƟŵŝŶŐŽĨƌĞĐŽǀĞƌǇŽĨƚŚĞƌĞůĂƚĞĚĂƐƐĞƚƐ͘ to the complexities involved in the valuation and
ƚŽ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ĂŶĚ ĂŶǇ ĐŽŶƐŝĚĞƌĂƟŽŶ ũƵĚŐĞŵĞŶƚƐ͕ĞƐƟŵĂƚĞƐĂŶĚĂƐƐƵŵƉƟŽŶƐ͕ƚŚĂƚĂīĞĐƚƚŚĞ ŚĂŶŐĞƐ ŝŶ ƚŚĞƐĞ ĞƐƟŵĂƚĞƐ ŵĂǇ ĂīĞĐƚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŝƚƐ ůŽŶŐ ƚĞƌŵ ŶĂƚƵƌĞ͕ Ă ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ ŝƐ
ƉĂŝĚŽƌƌĞĐĞŝǀĞĚŝƐƌĞĐŽŐŶŝƐĞĚǁŝƚŚŝŶĞƋƵŝƚǇ͘ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ͕ ĚŝƐĐůŽƐƵƌĞƐ ĚĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƟĞƐ Žƌ ƚŚĞ ǀĂůƵĂƟŽŶ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂǆ ŚŝŐŚůǇ ƐĞŶƐŝƚŝǀĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞƐĞ ĂƐƐƵŵƉƚŝŽŶƐ͘
ŽĨ ĐŽŶƟŶŐĞŶƚ ůŝĂďŝůŝƟĞƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐĂŶĚƚŚĞƚĂǆĐŚĂƌŐĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ ůů ĂƐƐƵŵƉƚŝŽŶƐ ĂƌĞ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ĂůĂŶĐĞ ^ŚĞĞƚ
tŚĞŶ ƚŚĞ 'ƌŽƵƉ ĐĞĂƐĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞ Žƌ ĞƋƵŝƚǇ ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ >ŽƐƐ͘ ĂƚĞ͘
ĂĐĐŽƵŶƚ ĨŽƌ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ďĞĐĂƵƐĞ ŽĨ Ă ůŽƐƐ ŽĨ ĞǆƉĞŶƐĞƐ ĨŽƌ ƚŚĞ ǇĞĂƌƐ ƉƌĞƐĞŶƚĞĚ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂǇ
ĐŽŶƚƌŽů͕ ũŽŝŶƚ ĐŽŶƚƌŽů Žƌ ƐŝŐŶŝĮĐĂŶƚ ŝŶŇƵĞŶĐĞ͕ ĂŶǇ ĚŝīĞƌĨƌŽŵƚŚĞƐĞĞƐƟŵĂƚĞƐ͘ ƌŽǀŝƐŝŽŶ ĨŽƌ ƚĂǆ ůŝĂďŝůŝƟĞƐ ƌĞƋƵŝƌĞ ũƵĚŐĞŵĞŶƚƐ ŽŶ ͻ
W
ĞƚĞƌŵŝŶĂƟŽŶŽĨĐŽŶƚƌŽů͗dŚĞŐƌŽƵƉŚĂƐĞǆĞƌĐŝƐĞĚŝƚƐ
ƌĞƚĂŝŶĞĚ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĞŶƟƚǇ ŝƐ ƌĞͲŵĞĂƐƵƌĞĚ ƚŽ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƟŽŶ ŽĨ ƚĂǆ ůĞŐŝƐůĂƟŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ũƵĚŐĞŵĞŶƚ ŶŽƚ ƚŽ ĐŽŶƐŽůŝĚĂƚĞ ĞŶƟƟĞƐ ǁŝƚŚ ŵĂũŽƌŝƚǇ
ŝƚƐ ĨĂŝƌ ǀĂůƵĞ ǁŝƚŚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ƐƟŵĂƚĞƐ ĂŶĚ ƵŶĚĞƌůǇŝŶŐ ĂƐƐƵŵƉƟŽŶƐ ĂƌĞ ƌĞǀŝĞǁĞĚ ĐĂƐĞ ůĂǁ ĂŶĚ ƚŚĞ ƉŽƚĞŶƟĂů ŽƵƚĐŽŵĞƐ ŽĨ ƚĂǆ ĂƵĚŝƚƐ ĂŶĚ ŚŽůĚŝŶŐǁŚĞƌĞƚŚĞŐƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂŶǇƉŽǁĞƌŽƌ
ƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĮƚŽƌůŽƐƐ͘dŚŝƐĨĂŝƌǀĂůƵĞďĞĐŽŵĞƐ ŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ZĞǀŝƐŝŽŶƐƚŽĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐ ĂƉƉĞĂůƐǁŚŝĐŚŵĂǇďĞƐƵďũĞĐƚƚŽƐŝŐŶŝĮĐĂŶƚƵŶĐĞƌƚĂŝŶƚǇ͘ ĐŽŶƚƌŽů ŽǀĞƌ Žƌ ĞǆƉŽƐƵƌĞ ƚŽ ĞŶƟƚǇ ĂŶĚ ĚŽĞƐ ŶŽƚ ŚĂǀĞ
ƚŚĞ ŝŶŝƟĂů ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐĂƌĞ dŚĞƌĞĨŽƌĞƚŚĞĂĐƚƵĂůƌĞƐƵůƚƐŵĂǇǀĂƌǇĨƌŽŵĞǆƉĞĐƚĂƟŽŶƐ ĂŶǇƌŝŐŚƚƐƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚ
ƐƵďƐĞƋƵĞŶƚůǇ ĂĐĐŽƵŶƟŶŐ ĨŽƌ ƚŚĞ ƌĞƚĂŝŶĞĚ ŝŶƚĞƌĞƐƚ ƌĞǀŝƐĞĚĂŶĚŝŶĂŶǇĨƵƚƵƌĞƉĞƌŝŽĚƐĂīĞĐƚĞĚ͘ ƌĞƐƵůƟŶŐ ŝŶ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ƉƌŽǀŝƐŝŽŶƐ͕ ƚŚĞǀĂůƵĂƟŽŶ ŽĨ ƚŚĞĞŶƟƚǇ͘ůƐŽ͕ĨŽƌĂůůƐƚƌĂƚĞŐŝĐŝŶǀĞƐƚŵĞŶƚƐŝŶĞŶƟƟĞƐ
ĂƐ ĂŶ ĂƐƐŽĐŝĂƚĞ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞ Žƌ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ͕ ĐĂƐŚ ƚĂǆ ƐĞƩůĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƚĂǆ ǁŚĞƌĞ ƚŚĞƌĞ ŝƐ Ă ĐŽŶƚƌĂĐƚƵĂů ĂŐƌĞĞŵĞŶƚ ŝŶ ƚŚĞ ĨŽƌŵ
/Ŷ ĂĚĚŝƟŽŶ͕ ĂŶǇ ĂŵŽƵŶƚƐ ƉƌĞǀŝŽƵƐůǇ ƌĞĐŽŐŶŝƐĞĚ ŝŶ /Ŷ ƉĂƌƟĐƵůĂƌ͕ ŝŶĨŽƌŵĂƟŽŶ ĂďŽƵƚ ƐŝŐŶŝĮĐĂŶƚ ĂƌĞĂƐ ŽĨ ĐŚĂƌŐĞŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽĨ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂŐƌĞĞŵĞŶƚ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ũŽŝŶƚ
KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĂƚ ĞƐƟŵĂƟŽŶ͕ƵŶĐĞƌƚĂŝŶƚǇĂŶĚĐƌŝƟĐĂůũƵĚŐŵĞŶƚƐŝŶĂƉƉůǇŝŶŐ ǀĞŶƚƵƌĞ͘
ĞŶƟƚǇĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐŝĨƚŚĞ'ƌŽƵƉŚĂĚĚŝƌĞĐƚůǇ ĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƚŚĂƚŚĂǀĞƚŚĞŵŽƐƚƐŝŐŶŝĮĐĂŶƚĞīĞĐƚ ͻ > ŽǇĂůƚǇƉƌŽŐƌĂŵŵĞ͗dŚĞ'ƌŽƵƉĞƐƟŵĂƚĞƐƚŚĞĨĂŝƌǀĂůƵĞ
ĚŝƐƉŽƐĞĚ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƟĞƐ͘ dŚŝƐ ŽŶ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƉŽŝŶƚƐ ĂǁĂƌĚĞĚ ƵŶĚĞƌ ƚŚĞ >ŽǇĂůƚǇ ƉƌŽŐƌĂŵŵĞ ďǇ ͻ Recognition of deferred tax liability on undistributed
may mean that amounts previously recognised in ƉĞƌƚĂŝŶƚŽ͗ ĂƉƉůǇŝŶŐ ƐƚĂƟƐƟĐĂů ƚĞĐŚŶŝƋƵĞƐ͘ /ŶƉƵƚƐ ŝŶĐůƵĚĞ ŵĂŬŝŶŐ ƉƌŽĨŝƚƐ͗ dŚĞ ĞǆƚĞŶƚ ƚŽ ǁŚŝĐŚ ƚŚĞ ŐƌŽƵƉ ĐĂŶ ĐŽŶƚƌŽů
KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ĂƌĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ĂƐƐƵŵƉƟŽŶƐ ĂďŽƵƚ ĞǆƉĞĐƚĞĚ ďƌĞĂŬĂŐĞƐ͕ ƚŚĞ ŵŝǆ ŽĨ ƚŚĞ ƚŝŵŝŶŐ ŽĨ ƌĞǀĞƌƐĂů ŽĨ ĚĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƚǇ ŽŶ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ĨƚŚĞŽǁŶĞƌƐŚŝƉ ͻ ƐĞĨƵů ůŝǀĞƐ ŽĨ ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŶĚ
h ƉƌŽĚƵĐƚƐ ƚŚĂƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ƌĞĚĞŵƉƟŽŶ ŝŶ ƚŚĞ ƵŶĚŝƐƚƌŝďƵƚĞĚ ƉƌŽĨŝƚ ŽĨ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ƌĞƋƵŝƌĞƐ
interest in a joint venture or an associate is reduced ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͗dŚĞ'ƌŽƵƉŚĂƐĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨ ĨƵƚƵƌĞ ĂŶĚ ĐƵƐƚŽŵĞƌ ƉƌĞĨĞƌĞŶĐĞƐ͕ ƌĞĚĞŵƉƟŽŶ Ăƚ ŽǁŶ ũƵĚŐĞŵĞŶƚ͘
ďƵƚũŽŝŶƚĐŽŶƚƌŽůŽƌƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞŝƐƌĞƚĂŝŶĞĚ͕ ĞĂĐŚĐůĂƐƐŽĨĂƐƐĞƚƐďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨĂƐƐĞƚƐ͕ƚŚĞ ŚŽƚĞůƐĂŶĚŽƚŚĞƌƉĂƌƟĐŝƉĂƟŶŐŚŽƚĞůƐ͘

^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ ŝŝ͘ WŽƐƚͲŵƉůŽǇŵĞŶƚĞŶĞĮƚƐ͗ ƚŚĞ ǇĞĂƌ ŝŶ ǁŚŝĐŚ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƐĞƌǀŝĐĞƐ ĨŽƌ ƌĞƟƌĞĚ ǁŚŽůĞ ƟŵĞ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƉŽƐƚͲ
;ĞͿ ZĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ ĞĮŶĞĚŽŶƚƌŝďƵƟŽŶWůĂŶƐ ĂƌĞƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞĞŵƉůŽǇĞĞƐ͘ ĞŵƉůŽǇŵĞŶƚ ŵĞĚŝĐĂů ďĞŶĞĮƚƐ ƚŽ ƋƵĂůŝĨǇŝŶŐ
/ŶĐŽŵĞĨƌŽŵŽƉĞƌĂƟŽŶ ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ƉůĂŶ ŝƐ Ă ƉŽƐƚͲĞŵƉůŽǇŵĞŶƚ ĞŵƉůŽǇĞĞƐ ŝƐ ĂĐƚƵĂƌŝĂůůǇ ĚĞƚĞƌŵŝŶĞĚ͕ ďĂƐĞĚ
ZĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ ďĞŶĞĮƚ ƉůĂŶ ƵŶĚĞƌ ǁŚŝĐŚ ĂŶ ĞŶƟƚǇ ƉĂǇƐ ĮǆĞĚ ĐͿ KƚŚĞƌƐ ŽŶƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ĐƚƵĂƌŝĂů
ƌĞĐĞŝǀĞĚŽƌƌĞĐĞŝǀĂďůĞ͘ZĞǀĞŶƵĞĐŽŵƉƌŝƐĞƐƐĂůĞŽĨƌŽŽŵ ĐŽŶƚƌŝďƵƟŽŶƐ ŝŶƚŽ Ă ƐĞƉĂƌĂƚĞ ĞŶƟƚǇ ĂŶĚ ǁŝůů ŚĂǀĞ dŚĞ 'ƌŽƵƉ ĂůƐŽ ŚĂƐ ƐĞƉĂƌĂƚĞ ĨƵŶĚĞĚ ĂŶĚ gains and losses are recognised immediately
ŶŝŐŚƚƐ͕ ĨŽŽĚ ĂŶĚ ďĞǀĞƌĂŐĞƐ ĂŶĚ ĂůůŝĞĚ ƐĞƌǀŝĐĞƐ ƌĞůĂƟŶŐ ŶŽ ůĞŐĂů Žƌ ĐŽŶƐƚƌƵĐƟǀĞ ŽďůŝŐĂƟŽŶ ƚŽ ƉĂǇ ĨƵƌƚŚĞƌ ƵŶĨƵŶĚĞĚ ƐĐŚĞŵĞƐ͕ ǁŚŝĐŚ ŐƵĂƌĂŶƚĞĞ Ă ŝŶ ƚŚĞ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ĂŶĚ
ƚŽŚŽƚĞůŽƉĞƌĂƟŽŶƐ͕ŝŶĐůƵĚŝŶŐŵĂŶĂŐĞŵĞŶƚĨĞĞƐĨŽƌƚŚĞ ĂŵŽƵŶƚƐ͘ ŵŝŶŝŵƵŵ ƉĞŶƐŝŽŶ ƚŽ ĐĞƌƚĂŝŶ ĐĂƚĞŐŽƌŝĞƐ ŽĨ ƌĞŇĞĐƚĞĚ ŝŵŵĞĚŝĂƚĞůǇ ŝŶ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ
ŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŚŽƚĞůƐ͘ ĞŵƉůŽǇĞĞƐ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ŶĞƚ ĂŶĚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ
ĂͿ WƌŽǀŝĚĞŶƚĂŶĚĨĂŵŝůǇƉĞŶƐŝŽŶĨƵŶĚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ŝƚƐ ŽďůŝŐĂƟŽŶ ƚŚĞƌĞŝŶ͕ ďĂƐĞĚ WƌŽĮƚĂŶĚ>ŽƐƐ͘
ZĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ƵƉŽŶ ƌĞŶĚĞƌŝŶŐ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞ͕ dŚĞĞůŝŐŝďůĞĞŵƉůŽǇĞĞƐŽĨĚŽŵĞƐƟĐĐŽŵƉŽŶĞŶƚƐ ŽŶ ŝŶĚĞƉĞŶĚĞŶƚ ĞǆƚĞƌŶĂů ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶƐ
ƉƌŽǀŝĚĞĚ ƉĞƌƐƵĂƐŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ĂŶ ĂƌƌĂŶŐĞŵĞŶƚ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ĞŶƟƚůĞĚ ƚŽ ƌĞĐĞŝǀĞ ƉŽƐƚͲ ĐĂƌƌŝĞĚŽƵƚĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ dŚĞ 'ƌŽƵƉ ĂůƐŽ ƉĂƌƟĐŝƉĂƚĞƐ ŝŶ ĂŶ ŝŶĚƵƐƚƌǇͲ
ĞǆŝƐƚƐ͕ ƚĂƌŝī ͬ ƌĂƚĞƐ ĂƌĞ ĮǆĞĚ Žƌ ĂƌĞ ĚĞƚĞƌŵŝŶĂďůĞ ĂŶĚ ƌĞƟƌĞŵĞŶƚ ďĞŶĞĮƚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƉƌŽǀŝĚĞŶƚ ǁŝĚĞ ĚĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ
ĐŽůůĞĐƚĂďŝůŝƚǇ ŝƐ ƌĞĂƐŽŶĂďůǇ ĐĞƌƚĂŝŶ͘ ZĞǀĞŶƵĞ ĨƌŽŵ ƐĂůĞƐ ĨƵŶĚ ĂŶĚ ĨĂŵŝůǇ ƉĞŶƐŝŽŶ ĨƵŶĚ Ă ĚĞĮŶĞĚ ĞƌƚĂŝŶ ŝŶƚĞƌŶĂƟŽŶĂů ƐƵďƐŝĚŝĂƌŝĞƐ ŽƉĞƌĂƚĞ Ă ƉĞŶƐŝŽŶ ůŝŶŬĞĚ ƚŽ ĮŶĂů ƐĂůĂƌŝĞƐ ŝŶ ƌĞƐƉĞĐƚ
ŽĨŐŽŽĚƐŽƌƌĞŶĚĞƌŝŶŐŽĨƐĞƌǀŝĐĞƐŝƐŶĞƚŽĨ/ŶĚŝƌĞĐƚƚĂǆĞƐ͕ ĐŽŶƚƌŝďƵƟŽŶƉůĂŶ͕ŝŶǁŚŝĐŚďŽƚŚĞŵƉůŽǇĞĞƐĂŶĚ ĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉĞŶƐŝŽŶƐĐŚĞŵĞĂŶĚƚŚĞ ŽĨ ĞŵƉůŽǇĞĞƐ ŽĨ ĐĞƌƚĂŝŶ ŽǀĞƌƐĞĂƐ ŚŽƚĞů
ƌĞƚƵƌŶƐĂŶĚĚŝƐĐŽƵŶƚƐ͘ ƚŚĞŽŵƉĂŶǇŵĂŬĞŵŽŶƚŚůǇĐŽŶƚƌŝďƵƟŽŶƐĂƚĂ ƉĞŶƐŝŽŶĐŚĂƌŐĞƌĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚƐƉĂŝĚͬ ƉƌŽƉĞƌƟĞƐ͘ dŚĞ ƉůĂŶ ŝƐ ĨƵŶĚĞĚ ŝŶ Ă ŵĂŶŶĞƌ
ƐƉĞĐŝĮĞĚƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞĐŽǀĞƌĞĚĞŵƉůŽǇĞĞƐ͛ ƉĂǇĂďůĞďǇƚŚĞŵƚŽƚŚĞ&ƵŶĚŝŶƚŚĞƉĞƌŝŽĚŝŶ ƐƵĐŚ ƚŚĂƚ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƌĞ ƐĞƚ Ăƚ Ă ůĞǀĞů
d ŚĞ 'ƌŽƵƉ ŽƉĞƌĂƚĞƐ ůŽǇĂůƚǇ ƉƌŽŐƌĂŵŵĞ͕ ǁŚŝĐŚ ĂůůŽǁƐ ŝƚƐ ƐĂůĂƌǇ ;ĐƵƌƌĞŶƚůǇ ϭϮй ŽĨ ĞŵƉůŽǇĞĞƐ͛ ĞůŝŐŝďůĞ ǁŚŝĐŚƚŚĞĞŵƉůŽǇĞĞƌĞŶĚĞƌƐƐĞƌǀŝĐĞƐ͘ ƚŚĂƚ ŝƐ ĞǆƉĞĐƚĞĚ ƚŽ ďĞ ƐƵĸĐŝĞŶƚ ƚŽ ƉĂǇ ƚŚĞ
eligible customers to earn points based on their spending ƐĂůĂƌǇͿ͘ dŚĞ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƌĞ ŵĂĚĞ ƚŽ ƚŚĞ ďĞŶĞĮƚƐ ĨĂůůŝŶŐ ĚƵĞ ŝŶ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ͘ /ƚ ŝƐ
Ăƚ ƚŚĞ ŚŽƚĞůƐ͘ dŚĞ ƉŽŝŶƚƐ ƐŽ ĞĂƌŶĞĚ ďǇ ƐƵĐŚ ĐƵƐƚŽŵĞƌƐ ƉƌŽǀŝĚĞŶƚĨƵŶĚŵĂŶĂŐĞĚďǇƚŚĞƚƌƵƐƚƐĞƚƵƉďǇ ĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ ŶŽƚ ƉƌĂĐƟĐĂďůĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƉƌĞƐĞŶƚ
ĂƌĞ ĂĐĐƵŵƵůĂƚĞĚ͘ dŚĞ ƌĞǀĞŶƵĞ ƌĞůĂƚĞĚ ƚŽ ĂǁĂƌĚ ƉŽŝŶƚƐ ŝƐ ƚŚĞ 'ƌŽƵƉ͕ Žƌ ƚŽ ƚŚĞ ZĞŐŝŽŶĂů WƌŽǀŝĚĞŶƚ &ƵŶĚ ĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶŝƐĂƉŽƐƚͲĞŵƉůŽǇŵĞŶƚďĞŶĞĮƚ ǀĂůƵĞƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽďůŝŐĂƟŽŶƐ ĂƐ ƚŚĞ
ĚĞĨĞƌƌĞĚĂŶĚŽŶƌĞĚĞŵƉƟŽŶŽĨƐƵĐŚĂǁĂƌĚƉŽŝŶƚƐ͕ƌĞǀĞŶƵĞ ŽŵŵŝƐƐŝŽŶĞƌ;ZW&ͿǁŚŝĐŚĂƌĞĐŚĂƌŐĞĚƚŽƚŚĞ ƉůĂŶ ŽƚŚĞƌ ƚŚĂŶ Ă ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ƉůĂŶ͘ dŚĞ ĐŽǀĞƌĞĚ ŚŽƚĞů ƉƌŽƉĞƌƟĞƐ ŚĂǀĞ ŶŽƚ ƌĞĐĞŝǀĞĚ
ŝƐŵĞĂƐƵƌĞĚďĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚ͛ƐĞƐƟŵĂƚĞŽĨƚŚĞĨĂŝƌ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĂƐŝŶĐƵƌƌĞĚ͘ 'ƌŽƵƉ͛ƐŶĞƚŽďůŝŐĂƟŽŶŝŶƌĞƐƉĞĐƚŽĨĚĞĮŶĞĚďĞŶĞĮƚ ŝŶĨŽƌŵĂƟŽŶ ĨƌŽŵ ƚŚĞ ƉůĂŶ͛Ɛ ĂĚŵŝŶŝƐƚƌĂƚŽƌ͘
ǀĂůƵĞŽĨƚŚĞĞǆƉĞĐƚĞĚĂǁĂƌĚƐĨŽƌǁŚŝĐŚƚŚĞƉŽŝŶƚƐǁŝůůďĞ ƉůĂŶƐ ŝƐ ĐĂůĐƵůĂƚĞĚ ďǇ ĞƐƟŵĂƟŶŐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ /Ŷ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ƐƵĸĐŝĞŶƚ ŝŶĨŽƌŵĂƟŽŶ ƚŚĞ
ƌĞĚĞĞŵĞĚ͘ DĞŵďĞƌƐŚŝƉ ĨĞĞƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ůŽǇĂůƚǇ ŵƉůŽǇĞĞďĞŶĞĮƚƐĂƌŝƐŝŶŐŽƵƚŽĨĐŽŶƚƌŝďƵƟŽŶƐ ĨƵƚƵƌĞ ďĞŶĞĮƚ ƚŚĂƚ ĞŵƉůŽǇĞĞƐ ŚĂǀĞ ĞĂƌŶĞĚ ŝŶ ƚŚĞ ƉůĂŶŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚĂƐŝĨŝƚǁĂƐĂĚĞĮŶĞĚ
ƉƌŽŐƌĂŵŝƐƌĞĐŽŐŶŝƐĞĚĂƐƌĞǀĞŶƵĞŽŶƟŵĞͲƉƌŽƉŽƌƟŽŶďĂƐŝƐ͘ ƚŽǁĂƌĚƐ WƌŽǀŝĚĞŶƚ &ƵŶĚ ĂŶĚ &ĂŵŝůǇ WĞŶƐŝŽŶ ĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌƉĞƌŝŽĚƐ͕ĚŝƐĐŽƵŶƟŶŐƚŚĂƚĂŵŽƵŶƚ ĐŽŶƚƌŝďƵƟŽŶƉůĂŶ͘
^ĐŚĞŵĞ ƚŽ ZĞŐŝŽŶĂů WƌŽǀŝĚĞŶƚ &ƵŶĚ ĂŶĚ ĚĞĚƵĐƟŶŐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶǇ ƉůĂŶ ĂƐƐĞƚƐ͘
ĂŶĂŐĞŵĞŶƚ ĨĞĞƐ ĞĂƌŶĞĚ ĨƌŽŵ ŚŽƚĞůƐ ŵĂŶĂŐĞĚ ďǇ
D ŽŵŵŝƐƐŝŽŶĞƌ Žƌ ƚŚĞ ĞŶƚƌĂů WƌŽǀŝĚĞŶƚ dŚĞ ĐĂůĐƵůĂƟŽŶ ŽĨ ĚĞĮŶĞĚ ďĞŶĞĮƚ ŽďůŝŐĂƟŽŶ ŝƐ dŚĞ 'ƌŽƵƉ ĂůƐŽ ŚĂƐ ƐĞƉĂƌĂƚĞ ĨƵŶĚĞĚ ĂŶĚ
ƚŚĞ 'ƌŽƵƉ ĂƌĞ ƵƐƵĂůůǇ ƵŶĚĞƌ ůŽŶŐͲƚĞƌŵ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ŽŵŵŝƐƐŝŽŶĞƌ ĂŶĚ ^ŽĐŝĂů ^ĞĐƵƌŝƚǇ ĞƚĐ͘ ƉĂŝĚͬ ƉĞƌĨŽƌŵĞĚĂŶŶƵĂůůǇďǇĂƋƵĂůŝĮĞĚĂĐƚƵĂƌǇƵƐŝŶŐƚŚĞ ƵŶĨƵŶĚĞĚ ƐĐŚĞŵĞƐ͕ ǁŚŝĐŚ ŐƵĂƌĂŶƚĞĞ Ă
ƚŚĞ ŚŽƚĞů ŽǁŶĞƌ ĂŶĚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ĞĂƌŶĞĚ payable during the year are recognised as ƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ ŵŝŶŝŵƵŵ ƉĞŶƐŝŽŶ ƚŽ ĐĞƌƚĂŝŶ ĐĂƚĞŐŽƌŝĞƐ ŽĨ
ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŚĞŶ ĞǆƉĞŶƐĞ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ĞŵƉůŽǇĞĞƐ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ
ĐŽůůĞĐƚĂďŝůŝƚǇŝƐĐĞƌƚĂŝŶ͘ ĂĐĐŽƵŶƚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞŵƉůŽǇĞĞ ĂͿ 'ƌĂƚƵŝƚǇ ŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƚŚĞƌĞŝŶ͕
ƌĞŶĚĞƌƐƐĞƌǀŝĐĞƐ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ based on an independent external actuarial
Interest ŽĨŝƚƐŽďůŝŐĂƟŽŶƐĨŽƌŐƌĂƚƵŝƚǇďĞŶĞĮƚƐ͕ďĂƐĞĚŽŶ ǀĂůƵĂƚŝŽŶ͕ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐ Ăƚ ƚŚĞ ĂůĂŶĐĞ
/ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ĂĐĐƌƵĞĚ ŽŶ Ă ƟŵĞ ƉƌŽƉŽƌƟŽŶ ďĂƐŝƐ ůŝŐŝďůĞ ĞŵƉůŽǇĞĞƐ ŽĨ ƐŽŵĞ ŽĨ ƚŚĞ ŽǀĞƌƐĞĂƐ ŝŶĚĞƉĞŶĚĞŶƚ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶƐ͕ ĚĞƚĞƌŵŝŶĞĚ ^ŚĞĞƚ ĚĂƚĞ͕ ǁŚŝĐŚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ŽŶ ƚŚĞ
ƵƐŝŶŐƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ŵĞŵďĞƌƐ ŽĨ ŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͕ ďĂƐŝƐ ŽĨ ƚŚĞ ƉƌŽũĞĐƚĞĚ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͘
ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ƉůĂŶƐ͘ dŚĞƐĞ ƉůĂŶƐ͕ ŝŶ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐ Ăƚ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ͘ dŚĞ Actuarial gains and losses are recognised
ŝǀŝĚĞŶĚ ĂĚĚŝƟŽŶ ƚŽ ĞŵƉůŽǇĞĞ ĐŽŶƚƌŝďƵƟŽŶ͕ ƌĞƋƵŝƌĞ ŽďůŝŐĂƟŽŶĚĞƚĞƌŵŝŶĞĚĂƐĂĨŽƌĞƐĂŝĚůĞƐƐƚŚĞĨĂŝƌ ŝŵŵĞĚŝĂƚĞůǇ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ
ŝǀŝĚĞŶĚŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉ͛ƐƌŝŐŚƚƚŽ ƚŚĞ 'ƌŽƵƉ ƚŽ ŵĂŬĞ ĐŽŶƚƌŝďƵƟŽŶƐ ĞƋƵŝǀĂůĞŶƚ ǀĂůƵĞŽĨƚŚĞƉůĂŶĂƐƐĞƚƐŝƐƌĞƉŽƌƚĞĚĂƐĂůŝĂďŝůŝƚǇ /ŶĐŽŵĞ ĂŶĚ ƌĞĨůĞĐƚĞĚ ŝŶ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ
ƌĞĐĞŝǀĞƚŚĞĂŵŽƵŶƚŝƐĞƐƚĂďůŝƐŚĞĚ͘ ƚŽ Ă ƉƌĞͲĚĞĮŶĞĚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĞĂĐŚ ĞůŝŐŝďůĞ Žƌ ĂƐƐĞƚ ĂƐ ŽĨ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͘ ĐƚƵĂƌŝĂů ĂŶĚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚ
ƉĂƌƟĐŝƉĂŶƚ͛ƐƉůĂŶĐŽŵƉĞŶƐĂƟŽŶĨŽƌĞĂĐŚǇĞĂƌ͘ gains and losses are recognised immediately in ŽĨWƌŽĨŝƚĂŶĚ>ŽƐƐ͘
;ĨͿ ŵƉůŽǇĞĞĞŶĞĮƚƐ dŚĞ 'ƌŽƵƉ ŵĂǇ ĂůƐŽ ŵĂŬĞ Ă ƉƌŽĮƚ ƐŚĂƌŝŶŐ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂŶĚƌĞŇĞĐƚĞĚŝŶ
ŝ͘ ^ŚŽƌƚƚĞƌŵŵƉůŽǇĞĞĞŶĞĮƚƐ ĐŽŶƚƌŝďƵƟŽŶŽĨƵŶŝĨŽƌŵƉĞƌĐĞŶƚĂŐĞŽĨĞůŝŐŝďůĞ ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽ ĐͿ WƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ
dŚĞĐŽƐƚƐŽĨĂůůƐŚŽƌƚͲƚĞƌŵĞŵƉůŽǇĞĞďĞŶĞĮƚƐ;ƚŚĂƚ ƉĂƌƟĐŝƉĂŶƚ͛Ɛ ƉůĂŶ ĐŽŵƉĞŶƐĂƟŽŶ ďĂƐĞĚ ŽŶ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ /Ŷ ƌĞƐƉĞĐƚ ŽĨ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ƚŚĞ ƚƌƵƐƚ ƐĞƚ ƵƉ
ĂƌĞĞǆƉĞĐƚĞĚƚŽďĞƐĞƩůĞĚǁŚŽůůǇǁŝƚŚŝŶϭϮŵŽŶƚŚƐ ƉƌŽĮƚ ĂƐ ĚĞĮŶĞĚ͘ dŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝƐĞĚ ƐƵĐŚ ďǇƚŚĞ'ƌŽƵƉ͕ƐŝŶĐĞƚŚĞ'ƌŽƵƉŝƐŽďůŝŐĂƚĞĚƚŽ
ĂŌĞƌƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞŵƉůŽǇĞĞƐ ĐŽŶƚƌŝďƵƟŽŶĂƐĂŶĞǆƉĞŶƐĞŝŶƚŚĞǇĞĂƌŝŶǁŚŝĐŚ /Ŷ ĐĂƐĞ ŽĨ ĨƵŶĚĞĚ ƐĐŚĞŵĞ͕ ƚŚĞ 'ƌŽƵƉ ŵĂŬĞƐ ŵĞĞƚŝŶƚĞƌĞƐƚƐŚŽƌƞĂůů͕ŝĨĂŶǇ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽ
ƌĞŶĚĞƌ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞͿ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĚƵƌŝŶŐ ƚŚĞĞŵƉůŽǇĞĞƌĞŶĚĞƌƐƐĞƌǀŝĐĞ͘ ĂŶŶƵĂů ĐŽŶƚƌŝďƵƟŽŶƐ ƚŽ ŐƌĂƚƵŝƚǇ ĨƵŶĚƐ ĐŽǀĞƌĞĚ ĞŵƉůŽǇĞĞƐ͕ ƐƵĐŚ ĞŵƉůŽǇĞĞ ďĞŶĞĮƚ
ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞ ĞŵƉůŽǇĞĞ ƌĞŶĚĞƌƐ ƚŚĞ ĂĚŵŝŶŝƐƚĞƌĞĚ ďǇ ƚŚĞ ƚƌƵƐƚĞĞƐ ĨŽƌ ĂŵŽƵŶƚƐ ƉůĂŶŝƐĐůĂƐƐŝĮĞĚĂƐĞĮŶĞĚĞŶĞĮƚWůĂŶ͘ŶǇ
ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞ͘ dŚĞ ĂĐĐƌƵĂůƐ ĨŽƌ ĞŵƉůŽǇĞĞ ďͿ ^ƵƉĞƌĂŶŶƵĂƟŽŶ ŶŽƟĮĞĚ ďǇ ƚŚĞ ĨƵŶĚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĞůŝŐŝďůĞ ŽďůŝŐĂƟŽŶ ŝŶ ƚŚŝƐ ƌĞƐƉĞĐƚ ŝƐ ŵĞĂƐƵƌĞĚ ŽŶ ƚŚĞ
ĞŶƟƚůĞŵĞŶƚƐ ƚŽ ďĞŶĞĮƚƐ ƐƵĐŚ ĂƐ ƐĂůĂƌŝĞƐ͕ ďŽŶƵƐĞƐ dŚĞ 'ƌŽƵƉ ŚĂƐ Ă ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ĞŵƉůŽǇĞĞ ŝŶ ĐĂƐĞ ŽĨ ĐĞƌƚĂŝŶ ĚŽŵĞƐƟĐ ďĂƐŝƐŽĨŝŶĚĞƉĞŶĚĞŶƚĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘
ĂŶĚ ĂŶŶƵĂů ůĞĂǀĞ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĂŵŽƵŶƚƐ ǁŚŝĐŚ ƉůĂŶ ĨŽƌ ĞůŝŐŝďůĞ ĞŵƉůŽǇĞĞƐ ŽĨ ŝƚƐ ĚŽŵĞƐƟĐ ĐŽŵƉŽŶĞŶƚƐĂŶĚƚŚĞƉĂƌĞŶƚͬĐŽŵƉĂŶǇ͘
ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ Ă ƉƌĞƐĞŶƚ ŽďůŝŐĂƟŽŶ ƚŽ ƉĂǇ ĂƐ Ă ĐŽŵƉŽŶĞŶƚƐ͕ ǁŚĞƌĞŝŶ ŝƚ ĂŶŶƵĂůůǇ ĐŽŶƚƌŝďƵƚĞƐ KƚŚĞƌ>ŽŶŐͲƚĞƌŵŵƉůŽǇĞĞĞŶĞĮƚƐ
ƌĞƐƵůƚŽĨƚŚĞĞŵƉůŽǇĞĞ͛ƐƐĞƌǀŝĐĞƐĂŶĚƚŚĞŽďůŝŐĂƟŽŶ Ă ƐƵŵ ĞƋƵŝǀĂůĞŶƚ ƚŽ Ă ĚĞĮŶĞĚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ďͿ W ŽƐƚͲZĞƟƌĞŵĞŶƚWĞŶƐŝŽŶ^ĐŚĞŵĞĂŶĚ dŚĞ 'ƌŽƵƉ ƉƌŽǀŝĚĞƐ ĨŽƌ ĞŶĐĂƐŚŵĞŶƚ ŽĨ ůĞĂǀĞ
ĐĂŶ ďĞ ŵĞĂƐƵƌĞĚ ƌĞůŝĂďůǇ͘ dŚĞ ĂĐĐƌƵĂůƐ ŚĂǀĞ ďĞĞŶ ƚŚĞĞůŝŐŝďůĞĞŵƉůŽǇĞĞ͛ƐĂŶŶƵĂůďĂƐŝĐƐĂůĂƌǇƚŽĂ DĞĚŝĐĂůĞŶĞĮƚƐ Žƌ ůĞĂǀĞ ǁŝƚŚ ƉĂǇ ƐƵďũĞĐƚ ƚŽ ĐĞƌƚĂŝŶ ƌƵůĞƐ͘ dŚĞ
calculated at undiscounted amounts based on ĨƵŶĚĂĚŵŝŶŝƐƚĞƌĞĚďǇƚŚĞƚƌƵƐƚĞĞƐ͘dŚĞ'ƌŽƵƉ dŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞ'ƌŽƵƉ͛ƐŽďůŝŐĂƟŽŶ employees are entitled to accumulate leave
ĐƵƌƌĞŶƚƐĂůĂƌǇůĞǀĞůƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ ƌĞĐŽŐŶŝƐĞƐƐƵĐŚĐŽŶƚƌŝďƵƟŽŶƐĂƐĂŶĞǆƉĞŶƐĞŝŶ ƚŽǁĂƌĚƐ ƉŽƐƚ ƌĞƟƌĞŵĞŶƚ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ƐƵďũĞĐƚ ƚŽ ĐĞƌƚĂŝŶ ůŝŵŝƚƐ ĨŽƌ ĨƵƚƵƌĞ ĞŶĐĂƐŚŵĞŶƚ

ͬ ĂǀĂŝůŵĞŶƚ͘ dŚĞ ŽŵƉĂŶǇ ŵĂŬĞƐ ƉƌŽǀŝƐŝŽŶ ĨŽƌ dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨƚŚĞĂƐƐĞƚƐĂƌĞĂƐĨŽůůŽǁƐ͗ Class of Asset ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ ŝŵƉĂŝƌŵĞŶƚ͘ƐƐĞƚƐƚŚĂƚĂƌĞƐƵďũĞĐƚƚŽĂŵŽƌƟƐĂƟŽŶĂƌĞ
compensated absences based on an independent >ŽŶŐƚĞƌŵůĞĂƐĞŚŽůĚƉƌŽƉĞƌƚǇ KǀĞƌƚŚĞƚĞƌŵŽĨůĞĂƐĞ ƌĞǀŝĞǁĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚǁŚĞŶĞǀĞƌĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶ
ĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶĐĂƌƌŝĞĚŽƵƚĂƚƚŚĞĞŶĚŽĨƚŚĞ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϱƚŽϮϬǇĞĂƌƐ circumstances indicate that the carrying amount may not
ǇĞĂƌ͘ĐƚƵĂƌŝĂůŐĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ ďĞƌĞĐŽǀĞƌĂďůĞ͘ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĨŝƚĂŶĚ>ŽƐƐ͘ ƵŝůĚŝŶŐ ϲϬƚŽϴϬǇĞĂƌƐ ůĞĐƚƌŝĐĂů/ŶƐƚĂůůĂƟŽŶĂŶĚ ϮϬǇĞĂƌƐ ĂŵŽƵŶƚďǇǁŚŝĐŚƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌǇŝŶŐĂŵŽƵŶƚĞǆĐĞĞĚƐŝƚƐ
WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϱƚŽϮϬǇĞĂƌƐ ƋƵŝƉŵĞŶƚ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
;ŐͿ WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ůĞĐƚƌŝĐĂů/ŶƐƚĂůůĂƟŽŶĂŶĚ ϮϬǇĞĂƌƐ
WƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ƋƵŝƉŵĞŶƚ /Ŷ ƌĞƐƉĞĐƚ ŽĨ >ĞĂƐĞŚŽůĚ ƵŝůĚŝŶŐƐ͕ ĚĞƉƌĞĐŝĂƟŽŶ ŽŶ ĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐƚŚĞŚŝŐŚĞƌŽĨĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐ
Z
ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƟŽŶ ;ŽƚŚĞƌ ƚŚĂŶ ĨƌĞĞŚŽůĚ ůĂŶĚͿ ,ŽƚĞůtŽŽĚĞŶ&ƵƌŶŝƚƵƌĞ ϭϱǇĞĂƌƐ ďƵŝůĚŝŶŐƐ ŽŶ ůĞĂƐĞĚ ƉƌŽƉĞƌƟĞƐ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ƚĞŶƵƌĞ ŽĨ ĚŝƐƉŽƐĂů ĂŶĚ ǀĂůƵĞ ŝŶ ƵƐĞ͘ /Ŷ ĂƐƐĞƐƐŝŶŐ ǀĂůƵĞ ŝŶ ƵƐĞ͕
ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝĨĂŶǇ͘ ǁŚŝĐŚŝƐůŽǁĞƌŽĨƚŚĞůŝĨĞŽĨƚŚĞďƵŝůĚŝŶŐƐŽƌƚŚĞĞǆƉĞĐƚĞĚ ƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌ
ŶĚhƐĞƌĚĞǀŝĐĞƐʹŽŵƉƵƚĞƌƐ͕ ϲǇĞĂƌƐ
>ĂƉƚŽƉƐĞƚĐ͘ ůĞĂƐĞƉĞƌŝŽĚ͘/ŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚ ƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂǆĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚƌĞŇĞĐƚƐ
ůů ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ŝŶŝƚŝĂůůǇ
ŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŝƌĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͘&ƌĞĞŚŽůĚůĂŶĚ ĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƟŵĞǀĂůƵĞŽĨŵŽŶĞǇ
ƌĞĐŽƌĚĞĚ Ăƚ ĐŽƐƚ͘ ŽƐƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĐŽƐƚ KƉĞƌĂƟŶŐƐƵƉƉůŝĞƐ;ŝƐƐƵĞĚŽŶ ϮƚŽϯǇĞĂƌƐ ŝƐŶŽƚĚĞƉƌĞĐŝĂƚĞĚ͘ ĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĮĐƚŽƚŚĞĂƐƐĞƚĨŽƌǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐ
ŽƌƚŚĞĐŽƐƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐĚƵƚŝĞƐĂŶĚŶŽŶͲ ŽƉĞŶŝŶŐŽĨĂŶĞǁŚŽƚĞůƉƌŽƉĞƌƚǇͿ ŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐŚĂǀĞŶŽƚďĞĞŶĂĚũƵƐƚĞĚ͘
ƌĞĨƵŶĚĂďůĞƚĂǆĞƐ͕ĞǆƉĞŶƐĞƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽďƌŝŶŐŝŶŐ KƚŚĞƌŵŝƐĐĞůůĂŶĞŽƵƐŚŽƚĞůĂƐƐĞƚƐ ϰǇĞĂƌƐ ;ŚͿ /ŶƚĂŶŐŝďůĞƐƐĞƚƐ
the asset to the location and condition necessary /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝŶĐůƵĚĞĐŽƐƚŽĨĂĐƋƵŝƌĞĚƐŽŌǁĂƌĞĂŶĚ /ĨƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĂŶĂƐƐĞƚ;ŽƌĐĂƐŚͲŐĞŶĞƌĂƟŶŐ
ĨŽƌ ŵĂŬŝŶŐ ƚŚĞŵ ŽƉĞƌĂƚŝŽŶĂů ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ / ŶƌĞƐƉĞĐƚŽĨďƵŝůĚŝŶŐƐŽŶůĞĂƐĞŚŽůĚůĂŶĚ͕ĚĞƉƌĞĐŝĂƚŝŽŶ ĚĞƐŝŐŶƐ͕ĐŽƐƚŝŶĐƵƌƌĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŽŵƉĂŶǇ͛Ɛ ƵŶŝƚͿŝƐĞƐƟŵĂƚĞĚƚŽďĞůĞƐƐƚŚĂŶŝƚƐĐĂƌƌǇŝŶŐĂŵŽƵŶƚ͕ƚŚĞ
ĂŶĚ͕ŝŶƚŚĞĐĂƐĞŽĨƋƵĂůŝĨǇŝŶŐĂƐƐĞƚƐ͕ƚŚĞĂƚƚƌŝďƵƚĂďůĞ ŝƐďĂƐĞĚŽŶƚŚĞƚĞŶƵƌĞǁŚŝĐŚŝƐůŽǁĞƌŽĨƚŚĞůŝĨĞŽĨƚŚĞ ǁĞďƐŝƚĞĂŶĚĐĞƌƚĂŝŶĐŽŶƚƌĂĐƚĂĐƋƵŝƐŝƟŽŶĐŽƐƚƐŝŶĐůƵĚŝŶŐ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ;Žƌ ĐĂƐŚͲŐĞŶĞƌĂƟŶŐ ƵŶŝƚͿ ŝƐ
ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ;ƌĞĨĞƌ ŶŽƚĞ ŶŽ͘ Ϯ;ƉͿ ďĞůŽǁͿ͘ /ŶŝƚŝĂů ďƵŝůĚŝŶŐƐŽƌƚŚĞĞǆƉĞĐƚĞĚůĞĂƐĞƉĞƌŝŽĚ͘/ŵƉƌŽǀĞŵĞŶƚƐ ƚŚĞ ůĞĂƐĞ ƌŝŐŚƚƐ ĂĐƋƵŝƐŝƟŽŶ ĐŽƐƚƐ͘ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ĂƌĞ ƌĞĚƵĐĞĚƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐ
ĞƐƚŝŵĂƚĞ ŽĨ ĐŽƐƚƐ ŽĨ ĚŝƐŵĂŶƚůŝŶŐ ĂŶĚ ƌĞŵŽǀŝŶŐ ƚŚĞ to leasehold buildings are depreciated on the basis ŝŶŝƟĂůůǇ ŵĞĂƐƵƌĞĚ Ăƚ ĂĐƋƵŝƐŝƟŽŶ ĐŽƐƚ ŝŶĐůƵĚŝŶŐ ĂŶǇ ƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůǇŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ŝƚĞŵ ĂŶĚ ƌĞƐƚŽƌŝŶŐ ƚŚĞ ƐŝƚĞ ŽŶ ǁŚŝĐŚ ŝƚ ŝƐ ůŽĐĂƚĞĚ ŝƐ ŽĨƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽƌƚŚĞĞǆƉĞĐƚĞĚůĞĂƐĞ ĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞĐŽƐƚƐŽĨƉƌĞƉĂƌŝŶŐƚŚĞĂƐƐĞƚĨŽƌŝƚƐ
ĂůƐŽ ŝŶĐůƵĚĞĚ ŝĨ ƚŚĞƌĞ ŝƐ ĂŶ ŽďůŝŐĂƚŝŽŶ ƚŽ ƌĞƐƚŽƌĞ ŝƚ͘ ƉĞƌŝŽĚ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ůŽǁĞƌ͘ &ƌĞĞŚŽůĚ ůĂŶĚ ŝƐ ŶŽƚ ŝŶƚĞŶĚĞĚƵƐĞ͘ ŚĞŶ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ƐƵďƐĞƋƵĞŶƚůǇ ƌĞǀĞƌƐĞƐ͕ ƚŚĞ
t
&ŝƌƐƚƚŝŵĞŝƐƐƵĞƐŽĨŽƉĞƌĂƚŝŶŐƐƵƉƉůŝĞƐĨŽƌĂŶĞǁŚŽƚĞů ĚĞƉƌĞĐŝĂƚĞĚ͘ ĐĂƌƌǇŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ;ŽƌĂĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿ
ƉƌŽƉĞƌƚǇ͕ĐŽŶƐŝƐƚŝŶŐŽĨůŝŶĞŶĂŶĚĐŚŝŶĂǁĂƌĞ͕ŐůĂƐƐǁĂƌĞ ǆƉĞŶĚŝƚƵƌĞ ŽŶ ƉƌŽũĞĐƚƐ ǁŚŝĐŚ ĂƌĞ ŶŽƚ ǇĞƚ ƌĞĂĚǇ ĨŽƌ ŝƐ ŝŶĐƌĞĂƐĞĚ ƚŽ ƚŚĞ ƌĞǀŝƐĞĚ ĞƐƟŵĂƚĞ ŽĨ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ
ĂŶĚƐŝůǀĞƌǁĂƌĞ;'^ͿĂƌĞĐĂƉŝƚĂůŝƐĞĚĂŶĚĚĞƉƌĞĐŝĂƚĞĚ d ŚĞ ĂƐƐĞƚƐ͛ ƵƐĞĨƵů ůŝǀĞƐ ĂŶĚ ƌĞƐŝĚƵĂů ǀĂůƵĞƐ ĂƌĞ intended use are carried as intangible assets under ĂŵŽƵŶƚ͕ ƐŽ ƚŚĂƚ ƚŚĞ ŝŶĐƌĞĂƐĞĚ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ĚŽĞƐ
ŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞ͘ ƌĞǀŝĞǁĞĚ Ăƚ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ƚŚĞ ĞĨĨĞĐƚƐ ĚĞǀĞůŽƉŵĞŶƚ͘ ŶŽƚĞǆĐĞĞĚƚŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶ
ŽĨ ĂŶǇ ĐŚĂŶŐĞƐ ŝŶ ĞƐƚŝŵĂƚĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ŽŶ Ă determined had no impairment loss been recognised
^ ƵďƐĞƋƵĞŶƚĞǆƉĞŶĚŝƚƵƌĞƌĞůĂƟŶŐƚŽƉƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚ ƉƌŽƐƉĞĐƚŝǀĞďĂƐŝƐ͘ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ǁŝƚŚ ĮŶŝƚĞ ůŝǀĞƐ ĂƌĞ ĂŵŽƌƟƐĞĚ ŽǀĞƌ ĨŽƌƚŚĞĂƐƐĞƚ;ŽƌĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝŶƉƌŝŽƌǇĞĂƌƐ͘
ĞƋƵŝƉŵĞŶƚ ŝƐ ĐĂƉŝƚĂůŝƐĞĚ ŽŶůǇ ǁŚĞŶ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞŝƌ ĞƐƟŵĂƚĞĚ ƵƐĞĨƵů ĞĐŽŶŽŵŝĐ ůŝĨĞ ĂŶĚ ĂƐƐĞƐƐĞĚ ĨŽƌ ƌĞǀĞƌƐĂůŽĨĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůǇ
ĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƐĞǁŝůůŇŽǁ Ŷ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝƐ
ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶĞǀĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƟŽŶ ƚŚĂƚ ƚŚĞ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
ƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞĐŽƐƚŽĨƚŚĞŝƚĞŵĐĂŶďĞŵĞĂƐƵƌĞĚ ĚĞƌĞĐŽŐŶŝƐĞĚ ƵƉŽŶ ĚŝƐƉŽƐĂů Žƌ ǁŚĞŶ ŶŽ ĨƵƚƵƌĞ ŝŶƚĂŶŐŝďůĞĂƐƐĞƚŵĂǇďĞŝŵƉĂŝƌĞĚ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚ
ƌĞůŝĂďůǇ͘ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ĂƌŝƐĞ ĨƌŽŵ ƚŚĞ ŝŶĚĞĮŶŝƚĞƵƐĞĨƵůůŝǀĞƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚ ;ũͿ &ŽƌĞŝŐŶƵƌƌĞŶĐǇdƌĂŶƐůĂƟŽŶ
ĐŽŶƚŝŶƵĞĚ ƵƐĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͘ ŶǇ ŐĂŝŶ Žƌ ůŽƐƐ ĂƌŝƐŝŶŐ ĂŶŶƵĂůůǇ͕ ĂŶĚ ǁŚĞŶĞǀĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƟŽŶ ƚŚĂƚ ƚŚĞ &ƵŶĐƟŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƟŽŶĐƵƌƌĞŶĐǇ
Ŷ ĂƐƐĞƚ͛Ɛ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŝƐ ǁƌŝƚƚĞŶ ĚŽǁŶ
ŽŶƚŚĞĚŝƐƉŽƐĂůŽƌƌĞƚŝƌĞŵĞŶƚŽĨĂŶŝƚĞŵŽĨƉƌŽƉĞƌƚǇ͕ ĂƐƐĞƚŵĂǇďĞŝŵƉĂŝƌĞĚ͘dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞƵƐĞĚĨŽƌ dŚĞ ĨƵŶĐƟŽŶĂů ĐƵƌƌĞŶĐǇ ĂŶĚ ƉƌĞƐĞŶƚĂƟŽŶ ĐƵƌƌĞŶĐǇ ŽĨ
ŝŵŵĞĚŝĂƚĞůǇ ƚŽ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŝĨ ƚŚĞ ĂƐƐĞƚ͛Ɛ ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ ĂŵŽƌƟƐŝŶŐĨŽƌŽƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝƐĂƐƵŶĚĞƌ͗ ƚŚĞŽŵƉĂŶǇŝƐ/ŶĚŝĂŶZƵƉĞĞ;`Ϳ͘
carrying amount is greater that its estimated ďĞƚǁĞĞŶƚŚĞƐĂůĞƐƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚ
ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ ŽĨ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ /ŶŝƟĂůZĞĐŽŐŶŝƟŽŶ
WƌŽĨŝƚ ĂŶĚ >ŽƐƐ͘ WƌŽƉŽƌƚŝŽŶĂƚĞ ĚĞƉƌĞĐŝĂƚŝŽŶ ŝƐ KŶ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ͕ Ăůů ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ƚƌĂŶƐĂĐƟŽŶƐ
/ŶĚŝĂŶŶƟƟĞƐ ĐŚĂƌŐĞĚ ĨŽƌ ƚŚĞ ĂĚĚŝƚŝŽŶ ĂŶĚ ĚŝƐƉŽƐĂů ŵĂĚĞ ĚƵƌŝŶŐ tĞďƐŝƚĞĞǀĞůŽƉŵĞŶƚŽƐƚ ϱǇĞĂƌƐ
ĂƌĞƌĞĐŽƌĚĞĚďǇĂƉƉůǇŝŶŐƚŽƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇĂŵŽƵŶƚ
ĞƉƌĞĐŝĂƚŝŽŶ ŝƐ ĐŚĂƌŐĞĚ ƚŽ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĨŝƚ ĂŶĚ ƚŚĞǇĞĂƌ͘ ^ŽŌǁĂƌĞĂŶĚ>ŝĐĞŶĐĞƐ ϲǇĞĂƌƐ ƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞƌĞƉŽƌƟŶŐĐƵƌƌĞŶĐǇĂŶĚ
>ŽƐƐ ƐŽ ĂƐ ƚŽ ĞǆƉĞŶƐĞ ƚŚĞ ĐŽƐƚ ŽĨ ĂƐƐĞƚƐ ;ŽƚŚĞƌ ƚŚĂŶ ^ĞƌǀŝĐĞĂŶĚKƉĞƌĂƟŶŐZŝŐŚƚƐ ϭϬǇĞĂƌƐ ƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘
ĨƌĞĞŚŽůĚůĂŶĚĂŶĚƉƌŽƉĞƌƚŝĞƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶͿůĞƐƐ ĂƉŝƚĂůǁŽƌŬŝŶƉƌŽŐƌĞƐƐƌĞƉƌĞƐĞŶƚƐƉƌŽũĞĐƚƐƵŶĚĞƌǁŚŝĐŚ
>ĞĂƐĞŚŽůĚƉƌŽƉĞƌƚǇƌŝŐŚƚƐ KǀĞƌƚŚĞƚĞƌŵŽĨůĞĂƐĞ
ƚŚĞŝƌƌĞƐŝĚƵĂůǀĂůƵĞƐŽǀĞƌƚŚĞŝƌƵƐĞĨƵůůŝǀĞƐ͕ƵƐŝŶŐƚŚĞ ƚŚĞ ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͛Ɛ ĂƌĞ ŶŽƚ ǇĞƚ ƌĞĂĚǇ ^ƵďƐĞƋƵĞŶƚZĞĐŽŐŶŝƟŽŶ
ƐƚƌĂŝŐŚƚůŝŶĞŵĞƚŚŽĚ͕ĂƐƉĞƌƚŚĞƵƐĞĨƵůůŝĨĞƉƌĞƐĐƌŝďĞĚ ĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞĂŶĚĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚĚĞƚĞƌŵŝŶĞĚ Ɛ Ăƚ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͕ ŶŽŶͲŵŽŶĞƚĂƌǇ ŝƚĞŵƐ ǁŚŝĐŚ
ŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝƐĚĞƌĞĐŽŐŶŝƐĞĚŽŶĚŝƐƉŽƐĂů͕ŽƌǁŚĞŶ

ŝŶ ^ĐŚĞĚƵůĞ // ƚŽ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ĞǆĐĞƉƚ ŝŶ ĂƐĂĨŽƌĞƐĂŝĚ͘ are carried at historical cost and denominated in a
ŶŽ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚƐ ĂƌĞ ĞǆƉĞĐƚĞĚ ƚŽ ĂƌŝƐĞ ĨƌŽŵ
ƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨĂƐƐĞƚƐ͕ŝŶǁŚŽƐĞ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ
ƚŚĞ ĐŽŶƟŶƵĞĚ ƵƐĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͘ 'ĂŝŶƐ Žƌ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ
ĐĂƐĞ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ŚĂĚ ďĞĞŶ ƌĞͲĂƐƐĞƐƐĞĚ ĂƐ /ŶƚĞƌŶĂƟŽŶĂůŶƟƟĞƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶ͘ ůů ŶŽŶͲŵŽŶĞƚĂƌǇ ŝƚĞŵƐ
ĨƌŽŵ ĚĞƌĞĐŽŐŶŝƟŽŶ ŽĨ ĂŶ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚ͕ ŵĞĂƐƵƌĞĚ ĂƐ
ƵŶĚĞƌ ďĂƐĞĚ ŽŶ ƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƚŝŽŶ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĞƉƌĞĐŝĂƟŽŶŽŶĂƐƐĞƚƐŝƐƉƌŽǀŝĚĞĚĂƚ^ƚƌĂŝŐŚƚ>ŝŶĞDĞƚŚŽĚ ǁŚŝĐŚĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĚĞŶŽŵŝŶĂƚĞĚŝŶĂĨŽƌĞŝŐŶ
ƚŚĞĚŝīĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞ
ĂĐĐŽƵŶƚƚŚĞŶĂƚƵƌĞŽĨƚŚĞĂƐƐĞƚ͕ƚŚĞĞƐƚŝŵĂƚĞĚƵƐĂŐĞ ;^>DͿďĂƐĞĚŽŶƚŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞĚĞƚĂŝůĞĚďĞůŽǁ͘ currency are retranslated at the rates prevailing at
ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ĂŶĚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ
ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƚŚĞ ŽƉĞƌĂƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ /Ŷ ƌĞƐƉĞĐƚ ŽĨ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƐƚƌƵĐƚƵƌĂů ƚŚĞ ĚĂƚĞ ǁŚĞŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ǁĂƐ ĚĞƚĞƌŵŝŶĞĚ͘ &ŽƌĞŝŐŶ
^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐǁŚĞŶƚŚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
ƉĂƐƚŚŝƐƚŽƌǇŽĨƌĞƉůĂĐĞŵĞŶƚ͕ĂŶƚŝĐŝƉĂƚĞĚƚĞĐŚŶŽůŽŐŝĐĂů ĐŚĂŶŐĞƐĂŶĚŵĂũŽƌƌĞĨƵƌďŝƐŚŵĞŶƚƚŽďƵŝůĚŝŶŐƐŽĐĐƵƉŝĞĚ ĐƵƌƌĞŶĐǇ ĚĞŶŽŵŝŶĂƚĞĚ ŵŽŶĞƚĂƌǇ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ
ĐŚĂŶŐĞƐ͕ŵĂŶƵĨĂĐƚƵƌĞƌƐ͛ǁĂƌƌĂŶƚŝĞƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ŽŶůĞĂƐĞ͕ĚĞƉƌĞĐŝĂƟŽŶŝƐƉƌŽǀŝĚĞĚĨŽƌŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨ are translated at the exchange rate prevailing on the
;ŝͿ /ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ
ƐƵƉƉŽƌƚ͕ĞƚĐ͘ ƚŚĞůĞĂƐĞ͘ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ĞǆĐŚĂŶŐĞ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ
'ŽŽĚǁŝůů ǁŚŝĐŚ ŚĂƐ ĂŶ ŝŶĚĞĮŶŝƚĞ ƵƐĞĨƵů ůŝĨĞ ŝƐ ŶŽƚ
ĂƌŝƐŝŶŐŽŶƐĞƩůĞŵĞŶƚĂŶĚƌĞƐƚĂƚĞŵĞŶƚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ
ƐƵďũĞĐƚ ƚŽ ĂŵŽƌƟƐĂƟŽŶ ĂŶĚ ŝƐ ƚĞƐƚĞĚ ĂŶŶƵĂůůǇ ĨŽƌ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ŶĐŽŵĞĂŶĚĞǆƉĞŶƐĞƐ

ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ ĂƌĞ ƌĞĐŽƌĚĞĚ Ăƚ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ ŽƌĚŝŶĂƌǇĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐůĞƐƐƚŚĞĞƐƟŵĂƚĞĚĐŽƐƚƐŽĨ ĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚǇŝŶĂƚƌĂŶƐĂĐƟŽŶŽƚŚĞƌƚŚĂŶĂďƵƐŝŶĞƐƐ ŽĨůĂǁ͕ŽƌĐŽŶƐƚƌƵĐƟǀĞďĞĐĂƵƐĞƚŚĞ'ƌŽƵƉĐƌĞĂƚĞĚǀĂůŝĚ
ƉƌĞǀĂŝůŝŶŐŽŶƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ ĐŽŵƉůĞƟŽŶĂŶĚƐĞůůŝŶŐĞǆƉĞŶƐĞƐ͘ŽƐƚŝŶĐůƵĚĞƐƚŚĞĐŽƐƚ ĐŽŵďŝŶĂƟŽŶ ƚŚĂƚ Ăƚ ƚŚĞ ƟŵĞ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶ ĂīĞĐƚƐ ĞǆƉĞĐƚĂƟŽŶƐ ŽŶ ƚŚĞ ƉĂƌƚ ŽĨ ƚŚŝƌĚ ƉĂƌƟĞƐ ďǇ ĂĐĐĞƉƟŶŐ
ŽĨĨĂŝƌǀĂůƵĞŽĨĐŽŶƐŝĚĞƌĂƟŽŶƉĂŝĚŝŶĐůƵĚŝŶŐ ĚƵƟĞƐĂŶĚ ŶĞŝƚŚĞƌĂĐĐŽƵŶƟŶŐƉƌŽĮƚŶŽƌƚĂǆĂďůĞƉƌŽĮƚƐͬ;ƚĂǆĂďůĞůŽƐƐͿ͘ ĐĞƌƚĂŝŶ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘ dŽ ƌĞĐŽƌĚ ƐƵĐŚ ĂŶ ŽďůŝŐĂƟŽŶ ŝƚ
d ƌĂŶƐůĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĨŽƌĞŝŐŶ ƚĂǆĞƐ;ŽƚŚĞƌƚŚĂŶƚŚŽƐĞƌĞĨƵŶĚĂďůĞͿ͕ŝŶǁĂƌĚĨƌĞŝŐŚƚ͕ĂŶĚ ŵƵƐƚ ďĞ ƉƌŽďĂďůĞ ƚŚĂƚ ĂŶ ŽƵƞůŽǁ ŽĨ ƌĞƐŽƵƌĐĞƐ ǁŝůů ďĞ
ŽƉĞƌĂƟŽŶƐ ŽƚŚĞƌĞǆƉĞŶĚŝƚƵƌĞĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞƚŽƚŚĞƉƵƌĐŚĂƐĞ͘ ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞǆƚĞŶƚƚŚĂƚŝƚŝƐ
ƌĞƋƵŝƌĞĚƚŽƐĞƩůĞƚŚĞŽďůŝŐĂƟŽŶĂŶĚĂƌĞůŝĂďůĞĞƐƟŵĂƚĞ
ƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŽĨĨŽƌĞŝŐŶĞŶƟƟĞƐĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽ dƌĂĚĞĚŝƐĐŽƵŶƚƐĂŶĚƌĞďĂƚĞƐĂƌĞĚĞĚƵĐƚĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐ ƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞƚĂǆĂďůĞƉƌŽĮƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚ ĐĂŶ ďĞ ŵĂĚĞ ĨŽƌ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽďůŝŐĂƟŽŶ͘ dŚĞ
/ŶĚŝĂŶZƵƉĞĞƐŽŶƚŚĞďĂƐŝƐŽĨƚŚĞĐůŽƐŝŶŐĞǆĐŚĂŶŐĞƌĂƚĞƐĂƐ ƚŚĞĐŽƐƚŽĨƉƵƌĐŚĂƐĞ͘ ǁŚŝĐŚƚŚĞĚĞĚƵĐƟďůĞƚĞŵƉŽƌĂƌǇĚŝīĞƌĞŶĐĞƐĂŶĚƚŚĞĐĂƌƌǇ amount recognised as a provision and the indicated
ĂƚƚŚĞĞŶĚŽĨƚŚĞǇĞĂƌ͘/ŶĐŽŵĞĂŶĚĞǆƉĞŶĚŝƚƵƌĞĂŶĚĐĂƐŚ ĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂǆĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂǆůŽƐƐĞƐĐĂŶďĞ ƟŵĞ ƌĂŶŐĞ ŽĨ ƚŚĞ ŽƵƞůŽǁ ŽĨ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚƐ ĂƌĞ
ŇŽǁĂƌĞŐĞŶĞƌĂůůǇƚƌĂŶƐůĂƚĞĚƵƐŝŶŐĂǀĞƌĂŐĞĞǆĐŚĂŶŐĞƌĂƚĞƐ ;ŵͿ 'ŽǀĞƌŶŵĞŶƚ'ƌĂŶƚƐ ƵƟůŝƐĞĚ͘dŚĞƌĞĨŽƌĞ͕ŝŶĐĂƐĞŽĨĂŚŝƐƚŽƌǇŽĨƌĞĐĞŶƚůŽƐƐĞƐ͕ƚŚĞ ƚŚĞ ďĞƐƚ ĞƐƟŵĂƚĞ ;ŵŽƐƚ ƉƌŽďĂďůĞ ŽƵƚĐŽŵĞͿ ŽĨ ƚŚĞ
ĨŽƌƚŚĞƉĞƌŝŽĚƵŶůĞƐƐƚŚŽƐĞƌĂƚĞƐĚŽŶŽƚĂƉƉƌŽǆŝŵĂƚĞƚŚĞ ŽǀĞƌŶŵĞŶƚ ŐƌĂŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ƚŽ
' 'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚŽŶůǇƚŽƚŚĞĞǆƚĞŶƚ ĞǆƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞĚƚŽƐĞƩůĞƚŚĞƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶĂƚ
ĂĐƚƵĂůĞǆĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĚĂƚĞƐŽĨƐƉĞĐŝĮĐƚƌĂŶƐĂĐƟŽŶƐ͕ ǁŚŝĐŚ ƚŚĞǇ ƌĞůĂƚĞ ǁŚĞŶ ƚŚĞƌĞ ŝƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚŝƚŚĂƐƐƵĸĐŝĞŶƚƚĂǆĂďůĞƚĞŵƉŽƌĂƌǇĚŝīĞƌĞŶĐĞƐŽƌƚŚĞƌĞ ƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƌŝƐŬƐĂŶĚ
ŝŶ ǁŚŝĐŚ ĐĂƐĞ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ ĂƐ Ăƚ ƚŚĞ ĚĂƚĞƐ ŽĨ ƚŚĂƚƚŚĞŐƌĂŶƚǁŝůůďĞƌĞĐĞŝǀĞĚĂŶĚƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůů ŝƐŽƚŚĞƌĐŽŶǀŝŶĐŝŶŐĞǀŝĚĞŶĐĞƚŚĂƚƐƵĸĐŝĞŶƚƚĂǆĂďůĞƉƌŽĮƚ ƵŶĐĞƌƚĂŝŶƟĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ ŽďůŝŐĂƟŽŶ͘ EŽŶͲĐƵƌƌĞŶƚ
ƚƌĂŶƐĂĐƟŽŶ ĂƌĞ ƵƐĞĚ͘ ůů ƌĞƐƵůƟŶŐ ĞǆĐŚĂŶŐĞ ĚŝīĞƌĞŶĐĞƐ ĐŽŵƉůǇǁŝƚŚƚŚĞĂƩĂĐŚĞĚĐŽŶĚŝƟŽŶƐ͘ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĂŐĂŝŶƐƚ ǁŚŝĐŚ ƐƵĐŚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ƉƌŽǀŝƐŝŽŶƐĂƌĞĚŝƐĐŽƵŶƚĞĚŝĨƚŚĞŝŵƉĂĐƚŝƐŵĂƚĞƌŝĂů͘
ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘ ĐĂŶďĞƌĞĂůŝƐĞĚ͘ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐƉŽƐŝƟŽŶƐĂƌĞƌĞǀŝĞǁĞĚ
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ ĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚͬƌĞĚƵĐĞĚƚŽƚŚĞ ;ƉͿ ŽƌƌŽǁŝŶŐŽƐƚƐ
KŶ ĐŽŶƐŽůŝĚĂƟŽŶ͕ ĞǆĐŚĂŶŐĞ ĚŝīĞƌĞŶĐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ WƌŽĮƚ ĂŶĚ >ŽƐƐ ŽŶ Ă ƐǇƐƚĞŵĂƟĐ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚƐ ĞǆƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞͬŶŽůŽŶŐĞƌƉƌŽďĂďůĞƌĞƐƉĞĐƟǀĞůǇ ĞŶĞƌĂůĂŶĚƐƉĞĐŝĮĐďŽƌƌŽǁŝŶŐĐŽƐƚƐĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞ
'
ƚŚĞƚƌĂŶƐůĂƟŽŶŽĨĂŶǇŶĞƚŝŶǀĞƐƚŵĞŶƚŝŶĨŽƌĞŝŐŶĞŶƟƟĞƐ ŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂƐĞǆƉĞŶƐĞƐƚŚĞƌĞůĂƚĞĚ ƚŚĂƚƚŚĞƌĞůĂƚĞĚƚĂǆďĞŶĞĮƚǁŝůůďĞƌĞĂůŝƐĞĚ͘ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ Žƌ ĐŽŶƐƚƌƵĐƟŽŶ ŽĨ ƋƵĂůŝĨǇŝŶŐ ĂƐƐĞƚƐ
ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘tŚĞŶ ĐŽƐƚƐĨŽƌǁŚŝĐŚƚŚĞŐƌĂŶƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞ͘ ƚŚĂƚ ŶĞĐĞƐƐĂƌŝůǇ ƚĂŬĞƐ ƐƵďƐƚĂŶƟĂů ƉĞƌŝŽĚ ŽĨ ƟŵĞ ƚŽ
Ă ĨŽƌĞŝŐŶ ŽƉĞƌĂƟŽŶ ŝƐ ƐŽůĚ͕ ƚŚĞ ĂƐƐŽĐŝĂƚĞĚ ĞǆĐŚĂŶŐĞ ĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƟĞƐ ĂƌĞ ŐĞŶĞƌĂůůǇ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ŐĞƚ ƌĞĂĚǇ ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ Žƌ ƐĂůĞ͕ ĂƌĞ ĂĚĚĞĚ ƚŽ
ĚŝīĞƌĞŶĐĞƐ ĂƌĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ;ŶͿ /ŶĐŽŵĞdĂǆĞƐ Ăůů ƚĂǆĂďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞƐ ĞǆĐĞƉƚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚŽƐĞ ĂƐƐĞƚƐ͕ ƵŶƟů ƐƵĐŚ ƟŵĞ ĂƐ ƚŚĞ ĂƐƐĞƚƐ
ĂŶĚ>ŽƐƐ͕ĂƐĂƉĂƌƚŽĨŐĂŝŶŽƌůŽƐƐŽŶƐĂůĞ͘ /ŶĐŽŵĞ ƚĂǆ ĞǆƉĞŶƐĞ ĐŽŵƉƌŝƐĞƐ ŽĨ ĐƵƌƌĞŶƚ ƚĂǆ ĞǆƉĞŶƐĞ ƚĂǆĂďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂƌĞ ƐƵďƐƚĂŶƟĂůůǇ ƌĞĂĚǇ ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ Žƌ ƐĂůĞ͘
ĂŶĚ ƚŚĞ ŶĞƚ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚ Žƌ ĂŵŽƵŶƚĂŶĚƚŚĞƚĂǆďĂƐĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ ŽƌƌŽǁŝŶŐĐŽƐƚƐĐŽŶƐŝƐƚŽĨŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĐŽƐƚƐƚŚĂƚ
;ŬͿ ƐƐĞƚƐƚĂŬĞŶŽŶůĞĂƐĞ ůŝĂďŝůŝƚǇ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͘ ƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƌĞ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚƐ ŝŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ǁŚĞƌĞ ƚŚĞ ƚŚĞ 'ƌŽƵƉ ŝŶĐƵƌƐ ŝŶ ĐŽŶŶĞĐƟŽŶ ǁŝƚŚ ƚŚĞ ďŽƌƌŽǁŝŶŐ ŽĨ
KƉĞƌĂƟŶŐ>ĞĂƐĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͕ ĞǆĐĞƉƚ ƟŵŝŶŐ ŽĨ ƚŚĞ ƌĞǀĞƌƐĂů ŽĨ ƚŚĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞ ĐĂŶ ĨƵŶĚƐ͘
>ĞĂƐĞƐ ŝŶ ǁŚŝĐŚ Ă ƐŝŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶ ŽĨ ƚŚĞ ƌŝƐŬƐ ĂŶĚ ǁŚĞŶƚŚĞǇƌĞůĂƚĞƚŽŝƚĞŵƐƚŚĂƚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌ be controlled and it is probable that the temporary
ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂƌĞŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉĂƐ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůǇ ŝŶ ĞƋƵŝƚǇ͕ ŝŶ ǁŚŝĐŚ ĚŝīĞƌĞŶĐĞǁŝůůŶŽƚƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ Interest income earned on temporary investment
ůĞƐƐĞĞĂƌĞĐůĂƐƐŝĮĞĚĂƐŽƉĞƌĂƟŶŐůĞĂƐĞ͘WĂǇŵĞŶƚƐŵĂĚĞ ĐĂƐĞ͕ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƌĞ ĂůƐŽ ƌĞĐŽŐŶŝƐĞĚ ŽĨ ƐƉĞĐŝĮĐ ďŽƌƌŽǁŝŶŐƐ ƉĞŶĚŝŶŐ ƚŚĞŝƌ ĞǆƉĞŶĚŝƚƵƌĞ ŽŶ
ƵŶĚĞƌ ŽƉĞƌĂƟŶŐ ůĞĂƐĞƐ ĂƌĞ ĐŚĂƌŐĞĚ ƚŽ ^ƚĂƚĞŵĞŶƚ ŽĨ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůǇ ŝŶ ĞƋƵŝƚǇ͕ ĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƟĞƐ ĂŶĚ ĂƐƐĞƚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƋƵĂůŝĨǇŝŶŐĂƐƐĞƚƐŝƐĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞďŽƌƌŽǁŝŶŐĐŽƐƚƐ
WƌŽĮƚĂŶĚ>ŽƐƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨ ƌĞƐƉĞĐƟǀĞůǇ͘ tax rates that are expected to apply in the period in ĞůŝŐŝďůĞ ĨŽƌ ĐĂƉŝƚĂůŝǌĂƟŽŶ͘ ŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ
the lease unless the payments are structured to increase ǁŚŝĐŚƚŚĞůŝĂďŝůŝƚǇŝƐƐĞƩůĞĚŽƌƚŚĞĂƐƐĞƚƌĞĂůŝƐĞĚ͕ďĂƐĞĚ ĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞƚŽĂƋƵĂůŝĨǇŝŶŐĂƐƐĞƚĂƌĞƌĞĐŽŐŶŝƐĞĚ
ŝŶůŝŶĞǁŝƚŚƚŚĞĞǆƉĞĐƚĞĚŐĞŶĞƌĂůŝŶŇĂƟŽŶƚŽĐŽŵƉĞŶƐĂƚĞ Current tax ŽŶ ƚĂǆ ƌĂƚĞƐ ;ĂŶĚ ƚĂǆ ůĂǁƐͿ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ĞŶĂĐƚĞĚ Žƌ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ ĞīĞĐƟǀĞ
ĨŽƌƚŚĞůĞƐƐŽƌ͛ƐĞǆƉĞĐƚĞĚŝŶŇĂƟŽŶĂƌǇĐŽƐƚŝŶĐƌĞĂƐĞƐ͘ ƵƌƌĞŶƚdĂǆĞǆƉĞŶƐĞƐĂƌĞĂĐĐŽƵŶƚĞĚŝŶƚŚĞƐĂŵĞƉĞƌŝŽĚ ƐƵďƐƚĂŶƟǀĞůǇĞŶĂĐƚĞĚďǇƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘
ƚŽǁŚŝĐŚƚŚĞƌĞǀĞŶƵĞĂŶĚĞǆƉĞŶƐĞƐƌĞůĂƚĞ͘WƌŽǀŝƐŝŽŶĨŽƌ
Finance Lease ĐƵƌƌĞŶƚŝŶĐŽŵĞƚĂǆŝƐŵĂĚĞĨŽƌƚŚĞƚĂǆůŝĂďŝůŝƚǇƉĂǇĂďůĞ ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞŽīƐĞƚǁŚĞŶƚŚĞƌĞ ;ƋͿ ^ƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁƐ

>ĞĂƐĞƐ ŝŶ ǁŚŝĐŚ ƐƵďƐƚĂŶƟĂůůǇ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽŶ ƚĂǆĂďůĞ ŝŶĐŽŵĞ ĂŌĞƌ ĐŽŶƐŝĚĞƌŝŶŐ ƚĂǆ ĂůůŽǁĂŶĐĞƐ͕ ŝƐĂůĞŐĂůůǇĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽƐĞƚŽīĐƵƌƌĞŶƚƚĂǆĂƐƐĞƚƐ ĂƐŚ ŇŽǁƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ŝŶĚŝƌĞĐƚ ŵĞƚŚŽĚ͕

ŽĨŽǁŶĞƌƐŚŝƉĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉĂƐůĞƐƐĞĞĂƌĞ ĚĞĚƵĐƟŽŶƐ ĂŶĚ ĞǆĞŵƉƟŽŶƐ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ĂŐĂŝŶƐƚ ĐƵƌƌĞŶƚ ƚĂǆ ůŝĂďŝůŝƟĞƐ ĂŶĚ ǁŚĞŶ ƚŚĞǇ ƌĞůĂƚĞ ƚŽ ǁŚĞƌĞďǇ ƉƌŽĮƚͬ ;ůŽƐƐͿ ďĞĨŽƌĞ ƚĂǆ ŝƐ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ
ĐůĂƐƐŝĮĞĚĂƐĮŶĂŶĐĞůĞĂƐĞ͘&ŝŶĂŶĐĞůĞĂƐĞĂƌĞĐĂƉŝƚĂůŝƐĞĚ ǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƚĂǆƌĂƚĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐ ŝŶĐŽŵĞƚĂǆĞƐůĞǀŝĞĚďǇƚŚĞƐĂŵĞƚĂǆĂƟŽŶĂƵƚŚŽƌŝƚǇĂŶĚ ĞīĞĐƚƐ ŽĨ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ ŶŽŶͲĐĂƐŚ ŶĂƚƵƌĞ ĂŶĚ ĂŶǇ
ĂƚƚŚĞŝŶĐĞƉƟŽŶŽĨƚŚĞůĞĂƐĞĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůĞĂƐĞĚ ƉĞƌŝŽĚ ŝŶ ƚŚĞ ĐŽƵŶƚƌŝĞƐ ǁŚĞƌĞ ƚŚĞ ĐŽŵƉĂŶǇ ĂŶĚ ŝƚƐ ƚŚĞ 'ƌŽƵƉ ŝŶƚĞŶĚƐ ƚŽ ƐĞƩůĞ ŝƚƐ ĐƵƌƌĞŶƚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ĚĞĨĞƌƌĂůƐ Žƌ ĂĐĐƌƵĂůƐ ŽĨ ƉĂƐƚ Žƌ ĨƵƚƵƌĞ ĐĂƐŚ ƌĞĐĞŝƉƚƐ Žƌ
ĂƐƐĞƚƐ Žƌ͕ ŝĨ ůŽǁĞƌ͕ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ŵŝŶŝŵƵŵ subsidiaries and its associates and joint ventures operate ůŝĂďŝůŝƟĞƐŽŶĂŶĞƚďĂƐŝƐ͘ ƉĂǇŵĞŶƚƐ͘ ĂƐŚ ŇŽǁƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĂƌĞ ĐůĂƐƐŝĮĞĚ ďǇ
ůĞĂƐĞ ƉĂǇŵĞŶƚƐ͘ dŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƌĞŶƚĂů ŽďůŝŐĂƟŽŶƐ͕ ĂŶĚŐĞŶĞƌĂƚĞƚĂǆĂďůĞŝŶĐŽŵĞ͘ ŽƉĞƌĂƟŶŐ͕ŝŶǀĞƐƟŶŐĂŶĚĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͘
ŶĞƚŽĨĮŶĂŶĐĞĐŚĂƌŐĞƐ͕ĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞďŽƌƌŽǁŝŶŐƐŽƌ DŝŶŝŵƵŵ ůƚĞƌŶĂƟǀĞ dĂǆ ;͞Dd͟Ϳ ĐƌĞĚŝƚ ĨŽƌŵŝŶŐ ƉĂƌƚ
ŽƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐĂƉƉƌŽƉƌŝĂƚĞ͘ ƵƌƌĞŶƚ ƚĂǆ ĂƐƐĞƚƐ ĂŶĚ ĐƵƌƌĞŶƚ ƚĂǆ ůŝĂďŝůŝƟĞƐ ĂƌĞ ŽīƐĞƚ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ĂŶ ĂƐƐĞƚ ŽŶůǇ ;ƌͿ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
ǁŚĞŶ ƚŚĞƌĞ ŝƐ Ă ůĞŐĂůůǇ ĞŶĨŽƌĐĞĂďůĞ ƌŝŐŚƚ ƚŽ ƐĞƚ Žī ƚŚĞ ǁŚĞŶ ĂŶĚ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĞƌĞ ŝƐ ĐŽŶǀŝŶĐŝŶŐ ĞǀŝĚĞŶĐĞ ĂƐŝĐ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďǇ ĚŝǀŝĚŝŶŐ ƚŚĞ
>ĞĂƐĞƉĂǇŵĞŶƚƐĂƌĞĂƉƉŽƌƟŽŶĞĚďĞƚǁĞĞŶƚŚĞƌĞĚƵĐƟŽŶŽĨ ƌĞĐŽŐŶŝƐĞĚ ĂŵŽƵŶƚƐ ĂŶĚ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶƚĞŶƟŽŶ ƚŽ ƐĞƩůĞ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶǇ ǁŝůů ƉĂǇ ŶŽƌŵĂů ŝŶĐŽŵĞ ƚĂǆ ĚƵƌŝŶŐ WƌŽĮƚŽƌ>ŽƐƐĂŌĞƌƚĂǆďǇƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌ
ƚŚĞůĞĂƐĞůŝĂďŝůŝƚǇĂŶĚĮŶĂŶĐĞĐŚĂƌŐĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ ƚŚĞĂƐƐĞƚĂŶĚƚŚĞůŝĂďŝůŝƚǇŽŶĂŶĞƚďĂƐŝƐ͘ ƚŚĞ ƐƉĞĐŝĮĞĚ ƉĞƌŝŽĚ͘ ^ƵĐŚ ĂƐƐĞƚ ŝƐ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ŽĨ ĞƋƵŝƚǇ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ĂĚũƵƐƟŶŐ
WƌŽĮƚĂŶĚ>ŽƐƐƐŽĂƐƚŽĂĐŚŝĞǀĞĂĐŽŶƐƚĂŶƚƌĂƚĞŽĨŝŶƚĞƌĞƐƚ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ƚŚĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƚŚĞďŽŶƵƐĞůĞŵĞŶƚĨŽƌĂůůƚŚĞƌĞƉŽƌƚĞĚƉĞƌŝŽĚĂƌŝƐŝŶŐŽŶ
ŽŶƚŚĞƌĞŵĂŝŶŝŶŐďĂůĂŶĐĞŽĨƚŚĞůŝĂďŝůŝƚǇ͘ƐƐĞƚƐŚĞůĚƵŶĚĞƌ Deferred tax Dd ĐƌĞĚŝƚ ĂƐƐĞƚ ŝƐ ǁƌŝƩĞŶ ĚŽǁŶ ƚŽ ƚŚĞ ĞǆƚĞŶƚ ƚŚĞƌĞ ĂĐĐŽƵŶƚŽĨŝƐƐƵĞŽĨĞƋƵŝƚǇƐŚĂƌĞƐŽŶƌŝŐŚƚƐĂŶĚŝŶĐůƵĚŝŶŐ
ĮŶĂŶĐĞ ůĞĂƐĞƐ ĂƌĞ ĚĞƉƌĞĐŝĂƚĞĚ ŽǀĞƌ ƚŚĞ ƐŚŽƌƚĞƌ ŽĨ ƚŚĞ ĞĨĞƌƌĞĚ ƚĂǆ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ƵƐŝŶŐ ƚŚĞ ďĂůĂŶĐĞ ƐŚĞĞƚ ŝƐ ŶŽ ůŽŶŐĞƌ Ă ƌĞĂƐŽŶĂďůĞ ĐĞƌƚĂŝŶƚǇ ƚŽ ƚŚĞ ĞīĞĐƚ ƚŚĂƚ ƉŽƚĞŶƟĂů ĞƋƵŝƚǇ ƐŚĂƌĞƐ ŽŶ ĐŽŵƉƵůƐŽƌǇ ĐŽŶǀĞƌƟďůĞ
ĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚĂŶĚƚŚĞůĞĂƐĞƚĞƌŵ͘ ĂƉƉƌŽĂĐŚ͘ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚ ƚŚĞ ŽŵƉĂŶǇ ǁŝůů ƉĂǇ ŶŽƌŵĂů ŝŶĐŽŵĞ ƚĂǆ ĚƵƌŝŶŐ ƚŚĞ ĚĞďĞŶƚƵƌĞƐ͘ ŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ
ĨŽƌ ĚĞĚƵĐƟďůĞ ĂŶĚ ƚĂǆĂďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞƐ ĂƌŝƐŝŶŐ ƐƉĞĐŝĮĞĚƉĞƌŝŽĚ͘ ďǇ ĚŝǀŝĚŝŶŐ ƚŚĞ ƉƌŽĮƚ ͬ ;ůŽƐƐͿ ĂŌĞƌ ƚĂǆ ĂƐ ĂĚũƵƐƚĞĚ ĨŽƌ
;ůͿ /ŶǀĞŶƚŽƌŝĞƐ ďĞƚǁĞĞŶ ƚŚĞ ƚĂǆ ďĂƐĞ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂŶĚ ƚŚĞŝƌ ĚŝǀŝĚĞŶĚ͕ ŝŶƚĞƌĞƐƚ ĂŶĚ ŽƚŚĞƌ ĐŚĂƌŐĞƐ ƚŽ ĞǆƉĞŶƐĞ Žƌ
^ƚŽĐŬ ŽĨ ĨŽŽĚ ĂŶĚ ďĞǀĞƌĂŐĞƐ ĂŶĚ ƐƚŽƌĞƐ ĂŶĚ ŽƉĞƌĂƟŶŐ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚ ŝŶ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ,ŽǁĞǀĞƌ͕ ;ŽͿ WƌŽǀŝƐŝŽŶƐ ŝŶĐŽŵĞ ;ŶĞƚ ŽĨ ĂŶǇ ĂƩƌŝďƵƚĂďůĞ ƚĂǆĞƐͿ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ
ƐƵƉƉůŝĞƐĂƌĞĐĂƌƌŝĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚ;ĐŽŵƉƵƚĞĚŽŶ ĚĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚŝĨƚŚĞǇĂƌŝƐĞĨƌŽŵ WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐĂďŝŶĚŝŶŐ ĚŝůƵƟǀĞƉŽƚĞŶƟĂůĞƋƵŝƚǇƐŚĂƌĞƐ͕ďǇƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
Ă tĞŝŐŚƚĞĚ ǀĞƌĂŐĞ ďĂƐŝƐͿ Žƌ ŶĞƚ ƌĞĂůŝƐĂďůĞ ǀĂůƵĞ͘ EĞƚ ƚŚĞŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶŽĨƚŚĞŐŽŽĚǁŝůů͘dŚĞĚĞĨĞƌƌĞĚƚĂǆŝƐ ƉƌĞƐĞŶƚ ŽďůŝŐĂƟŽŶ͘ dŚŝƐ ŵĂǇ ďĞ ĞŝƚŚĞƌ ůĞŐĂů ďĞĐĂƵƐĞ ŝƚ ŶƵŵďĞƌ ŽĨ ĞƋƵŝƚǇ ƐŚĂƌĞƐ ĐŽŶƐŝĚĞƌĞĚ ĨŽƌ ĚĞƌŝǀŝŶŐ ďĂƐŝĐ
ƌĞĂůŝƐĂďůĞ ǀĂůƵĞ ŝƐ ƚŚĞ ĞƐƟŵĂƚĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ŝŶ ƚŚĞ ĂůƐŽ ŶŽƚ ĂĐĐŽƵŶƚĞĚ ŝĨ ŝƚ ĂƌŝƐĞƐ ĨƌŽŵ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ĚĞƌŝǀĞƐ ĨƌŽŵ Ă ĐŽŶƚƌĂĐƚ͕ ůĞŐŝƐůĂƟŽŶ Žƌ ŽƚŚĞƌ ŽƉĞƌĂƟŽŶ ĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘

;ƐͿ ǆĐĞƉƟŽŶĂůŝƚĞŵƐ i. &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ŽŶĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ĐŽŶƚƌĂĐƚƵĂů ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͘
d ŚĞ 'ƌŽƵƉ ĚŝƐĐůŽƐĞƐ ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůǇ /ŶĐŽŵĞ͕ƚŚĞƌĞŝƐŶŽƐƵďƐĞƋƵĞŶƚƌĞĐůĂƐƐŝĮĐĂƟŽŶ dŚĞ 'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ ŽĨ ŝƚƐ
ďŽƚŚ ŝŶĐůƵĚŝŶŐ ĂŶĚ ĞǆĐůƵĚŝŶŐ ĞǆĐĞƉƚŝŽŶĂů ŝƚĞŵƐ͘ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ŝĨ ƚŚĞƐĞ ŽĨ ĨĂŝƌ ǀĂůƵĞ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ƚŽ ^ƚĂƚĞŵĞŶƚ ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘
dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ĞǆĐůƵĚŝŶŐ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ĨŽƌ ĐŽůůĞĐƟŽŶ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͘ ŝǀŝĚĞŶĚƐ ĨƌŽŵ ƐƵĐŚ
ĞǆĐĞƉƚŝŽŶĂů ŝƚĞŵƐ ĂůůŽǁƐ Ă ďĞƚƚĞƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ǁŚĞƌĞ ƚŚŽƐĞ investments are recognised in the Statement ůůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŝƟĂůůǇĂƚĨĂŝƌ
ŽĨ ƚŚĞ ƵŶĚĞƌůǇŝŶŐ ŽƉĞƌĂƚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůǇ ƉĂǇŵĞŶƚƐ ŽĨ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ĂƐ ŽƚŚĞƌ ŝŶĐŽŵĞ ǁŚĞŶ ƚŚĞ ǀĂůƵĞ ƉůƵƐ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ ĮŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ ŶŽƚ Ăƚ
'ƌŽƵƉ ĂŶĚ ƉƌŽǀŝĚĞƐ ĐŽŶƐŝƐƚĞŶĐǇ ǁŝƚŚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ 'ƌŽƵƉ͛ƐƌŝŐŚƚƚŽƌĞĐĞŝǀĞƉĂǇŵĞŶƚŝƐĞƐƚĂďůŝƐŚĞĚ͘ ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ͕ĚŝƌĞĐƚůǇĂƩƌŝďƵƚĂďůĞ
ŝŶƚĞƌŶĂů ŵĂŶĂŐĞŵĞŶƚ ƌĞƉŽƌƚŝŶŐ͘ ǆĐĞƉƚŝŽŶĂů ŝƚĞŵƐ ĨƌŽŵ ƚŚĞƐĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝƐ ŝŶĐůƵĚĞĚ ƚƌĂŶƐĂĐƟŽŶĐŽƐƚƐ͘
ĂƌĞŝĚĞŶƚŝĨŝĞĚďǇǀŝƌƚƵĞŽĨĞŝƚŚĞƌƚŚĞŝƌƐŝǌĞŽƌŶĂƚƵƌĞ ĂƐ Ă ƉĂƌƚ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŝŶĐŽŵĞ ŝŶ ƚŚĞ dŚĞ 'ƌŽƵƉ ŚĂƐ ŵĂĚĞ ĂŶ ŝƌƌĞǀŽĐĂďůĞ ĞůĞĐƟŽŶ
ƐŽ ĂƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĐŽŵƉĂƌŝƐŽŶ ǁŝƚŚ ƉƌŝŽƌ ƉĞƌŝŽĚƐ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ ƚŽ ƉƌĞƐĞŶƚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Subsequent measurement
ĂŶĚ ƚŽ ĂƐƐĞƐƐ ƵŶĚĞƌůǇŝŶŐ ƚƌĞŶĚƐ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚǇ ŌĞƌŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͕ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞ
ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ ǆĐĞƉƚŝŽŶĂů ŝƚĞŵƐ ĐĂŶ ŝŶǀĞƐƚŵĞŶƚƐŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐ͘ ŶŽƚ ĐĂƌƌŝĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĮƚ Žƌ ůŽƐƐ ĂƌĞ
ŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚƌĞƐƚƌŝĐƚĞĚƚŽ͕ŐĂŝŶƐĂŶĚůŽƐƐĞƐŽŶ ii. Financial assets at Fair Value through ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ƵƐŝŶŐ
ƚŚĞ ĚŝƐƉŽƐĂů ŽĨ ƉƌŽƉĞƌƚŝĞƐͬƐŝŐŶŝĨŝĐĂŶƚ ƵŶĚĞƌƚĂŬŝŶŐƐ͕ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;͞&sK/͟Ϳ tŚĞŶƚŚĞĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͕ ƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐ
ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞƐ͕ ĞǆĐŚĂŶŐĞ ŐĂŝŶͬ ;ůŽƐƐͿ ŽŶ ůŽŶŐ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞƐƵďƐĞƋƵĞŶƚůǇŵĞĂƐƵƌĞĚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůǇ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ
ƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐĂŶĚĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨ ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ǁŚĞŶƚŚĞůŝĂďŝůŝƟĞƐĂƌĞĚĞƌĞĐŽŐŶŝƐĞĚ͕ĂŶĚƚŚƌŽƵŐŚ
ĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐ͘ /ŶĐŽŵĞ ŝĨ ƚŚĞƐĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ ĨƌŽŵ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ƚŚĞĂŵŽƌƟƐĂƟŽŶƉƌŽĐĞƐƐ͘
ĨŽƌ ĐŽůůĞĐƟŽŶ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ /ŶĐŽŵĞƚŽƚŚĞZĞƚĂŝŶĞĚĂƌŶŝŶŐƐĚŝƌĞĐƚůǇ͘
;ƚͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ ĂŶĚĨŽƌƐĞůůŝŶŐƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐ͕ǁŚĞƌĞ ĞͲƌĞĐŽŐŶŝƟŽŶ
a. Financial assets ƚŚĞ ĂƐƐĞƚƐ͛ ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůǇ ĞͲƌĞĐŽŐŶŝƟŽŶ ĮŶĂŶĐŝĂů ůŝĂďŝůŝƚǇ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ
/ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ƉĂǇŵĞŶƚƐ ŽĨ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ͘ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞƌĞĐŽŐŶŝƐĞĚ ŽŶůǇ ǁŚĞŶ ƚŚĞ ŽďůŝŐĂƟŽŶ ƵŶĚĞƌ ƚŚĞ ůŝĂďŝůŝƚǇ ŝƐ ĚŝƐĐŚĂƌŐĞĚ Žƌ
&ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ ŽŶůǇ DŽǀĞŵĞŶƚƐŝŶƚŚĞĐĂƌƌǇŝŶŐǀĂůƵĞĂƌĞƚĂŬĞŶ 'ƌŽƵƉ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŚĞ ƌŝŐŚƚƐ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĐĂŶĐĞůůĞĚ Žƌ ĞǆƉŝƌĞƐ͘ tŚĞŶ ĂŶ ĞǆŝƐƟŶŐ ĮŶĂŶĐŝĂů
ǁŚĞŶ͕ƚŚĞ'ƌŽƵƉďĞĐŽŵĞƐĂƉĂƌƚǇƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂů ƚŚƌŽƵŐŚ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ͕ ŇŽǁƐ ĨƌŽŵ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ tŚĞƌĞ ƚŚĞ 'ƌŽƵƉ ůŝĂďŝůŝƚǇ ŝƐ ƌĞƉůĂĐĞĚ ďǇ ĂŶŽƚŚĞƌ ĨƌŽŵ ƚŚĞ ƐĂŵĞ
ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ĞǆĐĞƉƚ ĨŽƌ ƚŚĞ ƌĞĐŽŐŶŝƟŽŶ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ĂŶ ĂƐƐĞƚ͕ ƚŚĞ 'ƌŽƵƉ ĞǀĂůƵĂƚĞƐ ůĞŶĚĞƌŽŶƐƵďƐƚĂŶƟĂůůǇĚŝīĞƌĞŶƚƚĞƌŵƐ͕ŽƌƚŚĞƚĞƌŵƐ
ĚĞƚĞƌŵŝŶĞƐƚŚĞĐůĂƐƐŝĮĐĂƟŽŶŽĨŝƚƐĮŶĂŶĐŝĂůĂƐƐĞƚƐ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ͕ ŝŶƚĞƌĞƐƚ ƌĞǀĞŶƵĞ ĂŶĚ ǁŚĞƚŚĞƌŝƚŚĂƐƚƌĂŶƐĨĞƌƌĞĚƐƵďƐƚĂŶƟĂůůǇĂůůƌŝƐŬƐĂŶĚ ŽĨ ĂŶ ĞǆŝƐƟŶŐ ůŝĂďŝůŝƚǇ ĂƌĞ ƐƵďƐƚĂŶƟĂůůǇ ŵŽĚŝĮĞĚ͕
ĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ĨŽƌĞŝŐŶ ĞǆĐŚĂŶŐĞ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ ǁŚŝĐŚ ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͘/ŶƐƵĐŚ ƐƵĐŚ ĂŶ ĞǆĐŚĂŶŐĞ Žƌ ŵŽĚŝĮĐĂƟŽŶ ŝƐ ƚƌĞĂƚĞĚ ĂƐ
ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĐĂƐĞƐ͕ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞƌĞĐŽŐŶŝƐĞĚ͘ tŚĞƌĞ Ă ĚĞͲƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ůŝĂďŝůŝƚǇ ĂŶĚ ƚŚĞ
tŚĞŶ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶŝƚŝĂůůǇ͕ ĂŶĚ >ŽƐƐ͘ tŚĞŶ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ƚŚĞ'ƌŽƵƉŚĂƐŶŽƚƚƌĂŶƐĨĞƌƌĞĚƐƵďƐƚĂŶƟĂůůǇĂůůƌŝƐŬƐ ƌĞĐŽŐŶŝƟŽŶŽĨĂŶĞǁůŝĂďŝůŝƚǇ͕ĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŝŶ
ƚŚĞǇĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ƉůƵƐ͕ŝŶƚŚĞĐĂƐĞ ĚĞƌĞĐŽŐŶŝƐĞĚ͕ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͕ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ĐĂƌƌǇŝŶŐ ĂŵŽƵŶƚƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ
ŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŶŽƚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚ ůŽƐƐ ƉƌĞǀŝŽƵƐůǇ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚŝƐŶŽƚĚĞƌĞĐŽŐŶŝƐĞĚ͘tŚĞƌĞƚŚĞ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘
Žƌ ůŽƐƐ͕ ĚŝƌĞĐƚůǇ ĂƚƚƌŝďƵƚĂďůĞ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ 'ƌŽƵƉ ƌĞƚĂŝŶƐ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͕ ƚŚĞ
dƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĐĂƌƌŝĞĚ Ăƚ ĨƌŽŵ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ƚŽ ĂƐƐĞƚŝƐĐŽŶƟŶƵĞĚƚŽďĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞǆƚĞŶƚŽĨ ĞƌŝǀĂƟǀĞƐĐŽŶƚƌĂĐƚƐ
ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞĞǆƉĞŶƐĞĚŝŶ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ŶƚĞƌĞƐƚ ĐŽŶƟŶƵŝŶŐŝŶǀŽůǀĞŵĞŶƚŝŶƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͘ ĞƌŝǀĂƟǀĞƐ ĂƌĞ ŝŶŝƟĂůůǇ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ŽŶ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĨŝƚĂŶĚ>ŽƐƐ͘ ŝŶĐŽŵĞŽŶƐƵĐŚĮŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŶĐůƵĚĞĚ ƚŚĞ ĚĂƚĞ Ă ĚĞƌŝǀĂƟǀĞ ĐŽŶƚƌĂĐƚ ŝƐ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ
ĂƐĂƉĂƌƚŽĨƚŚĞŽŵƉĂŶǇ͛ƐŝŶĐŽŵĞŝŶƚŚĞ /ŵƉĂŝƌŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůǇ ƌĞͲŵĞĂƐƵƌĞĚ ƚŽ ƚŚĞŝƌ ĨĂŝƌ ǀĂůƵĞ Ăƚ
ůĂƐƐŝĮĐĂƟŽŶ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐ͕ĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ͕ǁŚĞƚŚĞƌ ƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘dŚĞĂĐĐŽƵŶƟŶŐĨŽƌ
ͻ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲĂƐŚĐŽŵƉƌŝƐĞƐ ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ Ă ĮŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ Ă ŐƌŽƵƉ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝƐ ƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞĚĞƉĞŶĚƐŽŶǁŚĞƚŚĞƌ
ĐĂƐŚ ŽŶ ŚĂŶĚ ĂŶĚ ĚĞŵĂŶĚ ĚĞƉŽƐŝƚƐ ǁŝƚŚ ŝŵƉĂŝƌĞĚ͘ /ŶĚ ^ͲϭϬϵ ŽŶ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ ƚŚĞĚĞƌŝǀĂƟǀĞŝƐĚĞƐŝŐŶĂƚĞĚĂƐĂŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚ͕
ďĂŶŬƐ͘ ĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ĂƌĞ ƐŚŽƌƚͲƚĞƌŵ iii. Financial assets at Fair Value through ƌĞƋƵŝƌĞƐ ĞǆƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ ƚŽ ďĞ ŵĞĂƐƵƌĞĚ ĂŶĚŝĨƐŽ͕ƚŚĞŶĂƚƵƌĞŽĨƚŚĞŝƚĞŵďĞŝŶŐŚĞĚŐĞĚĂŶĚƚŚĞ
ďĂůĂŶĐĞƐ ;ǁŝƚŚ ĂŶ ŽƌŝŐŝŶĂů ŵĂƚƵƌŝƚǇ ŽĨ ƚŚƌĞĞ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ;͞&sdW>͟Ϳ ƚŚƌŽƵŐŚ Ă ůŽƐƐ ĂůůŽǁĂŶĐĞ͘ &Žƌ ƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ ƚǇƉĞŽĨŚĞĚŐĞƌĞůĂƟŽŶƐŚŝƉĚĞƐŝŐŶĂƚĞĚ͘dŚĞĨĂŝƌǀĂůƵĞ
ŵŽŶƚŚƐŽƌůĞƐƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƟŽŶͿ͕ ƐƐĞƚƐ ƚŚĂƚ ĚŽ ŶŽƚ ŵĞĞƚ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ŽŶůǇ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĞǆƉĞĐƚĞĚůŝĨĞƟŵĞůŽƐƐĞƐ ĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞƐǁŚŝĐŚĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐĂ
ŚŝŐŚůǇ ůŝƋƵŝĚ ŝŶǀĞƐƚŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƌĞĂĚŝůǇ ĂŵŽƌƟƐĞĚ ĐŽƐƚ Žƌ &sK/ ĂƌĞ ŵĞĂƐƵƌĞĚ ƵƐŝŶŐƚŚĞƐŝŵƉůŝĮĞĚĂƉƉƌŽĂĐŚƉĞƌŵŝƩĞĚďǇ/ŶĚ^Ͳ hedging instrument are accounted through Statement
ĐŽŶǀĞƌƟďůĞ ŝŶƚŽ ŬŶŽǁŶ ĂŵŽƵŶƚƐ ŽĨ ĐĂƐŚ ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ͘ŐĂŝŶ ϭϬϵ͕ĨƌŽŵŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶŽĨƚŚĞƌĞĐĞŝǀĂďůĞƐ͘&Žƌ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ƵƌŝŶŐƚŚĞǇĞĂƌƐƌĞƉŽƌƚĞĚ͕ŶŽŚĞĚŐĞ
ĂŶĚǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽŝŶƐŝŐŶŝĮĐĂŶƚƌŝƐŬŽĨ or loss on such debt instrument that is ŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ;ŶŽƚďĞŝŶŐĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐ ƌĞůĂƟŽŶƐŚŝƉǁĂƐĚĞƐŝŐŶĂƚĞĚ͘
ĐŚĂŶŐĞƐŝŶǀĂůƵĞ͘ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ Ăƚ &sdW> ĂŶĚ ŝƐ Žƌ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ŵĞĂƐƵƌĞĚ ƐƵďƐĞƋƵĞŶƚůǇ Ăƚ
ŶŽƚƉĂƌƚŽĨĂŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉĂƐǁĞůů &sdW>ͿƚŚĞĞǆƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚ Equity instruments
ͻ Ğďƚ /ŶƐƚƌƵŵĞŶƚƐ Ͳ dŚĞ 'ƌŽƵƉ ĐůĂƐƐŝĮĞƐ ŝƚƐ
as interest income is recognised in the ƚŚĞϭϮŵŽŶƚŚĞǆƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŽƌĂŶĂŵŽƵŶƚ ŶĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚŝƐĂŶǇĐŽŶƚƌĂĐƚƚŚĂƚĞǀŝĚĞŶĐĞƐ
ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ĂƐ ƐƵďƐĞƋƵĞŶƚůǇ ŵĞĂƐƵƌĞĚ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ĞƋƵĂůƚŽƚŚĞůŝĨĞƟŵĞĞǆƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŝĨƚŚĞƌĞ Ă ƌĞƐŝĚƵĂů ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĂƐƐĞƚƐ ŽĨ ĂŶ ĞŶƟƚǇ ĂŌĞƌ
Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ͕ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ KƚŚĞƌ ŚĂƐ ďĞĞŶ Ă ƐŝŐŶŝĮĐĂŶƚ ŝŶĐƌĞĂƐĞ ŝŶ ĐƌĞĚŝƚ ƌŝƐŬ ƐŝŶĐĞ ĚĞĚƵĐƟŶŐ Ăůů ŽĨ ŝƚƐ ůŝĂďŝůŝƟĞƐ͘ ƋƵŝƚǇ ŝŶƐƚƌƵŵĞŶƚƐ
ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŽƌĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚ ͻ ƋƵŝƚǇ/ŶƐƚƌƵŵĞŶƚƐͲdŚĞ'ƌŽƵƉƐƵďƐĞƋƵĞŶƚůǇ ŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ŝƐƐƵĞĚ ďǇ ƚŚĞ ŽŵƉĂŶǇ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ƚŚĞ
ƉƌŽĮƚ Žƌ ůŽƐƐ ďĂƐĞĚ ŽŶ ŝƚƐ ďƵƐŝŶĞƐƐ ŵŽĚĞů ŵĞĂƐƵƌĞƐ Ăůů ĞƋƵŝƚǇ ŝŶǀĞƐƚŵĞŶƚƐ ;ŽƚŚĞƌ ƚŚĂŶ ƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͕ŶĞƚŽĨĚŝƌĞĐƚŝƐƐƵĞĐŽƐƚƐ͘
ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ƚŚĞ the investment in joint ventures and associates ď͘ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁ ĐŚĂƌĂĐƚĞƌŝƐƟĐƐ ŽĨ ƚŚĞ ǁŚŝĐŚ ĂƌĞ ŵĞĂƐƵƌĞĚ ƵƐŝŶŐ ĞƋƵŝƚǇ ŵĞƚŚŽĚ ŽĨ /ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ZĞƉƵƌĐŚĂƐĞŽĨƚŚĞŽŵƉĂŶǇ͛ƐŽǁŶĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐ
ĮŶĂŶĐŝĂůĂƐƐĞƚ͗ ĂĐĐŽƵŶƟŶŐͿĂƚĨĂŝƌǀĂůƵĞ͘tŚĞƌĞƚŚĞ'ƌŽƵƉŚĂƐ &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ ŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚĚĞĚƵĐƚĞĚĚŝƌĞĐƚůǇŝŶĞƋƵŝƚǇ͘EŽŐĂŝŶ
ĞůĞĐƚĞĚ ƚŽ ƉƌĞƐĞŶƚ ĨĂŝƌ ǀĂůƵĞ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ŽŶůǇ ǁŚĞŶ͕ ƚŚĞ 'ƌŽƵƉ ďĞĐŽŵĞƐ Ă ƉĂƌƚǇ ƚŽ ƚŚĞ ŽƌůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ

ŽŶ ƚŚĞ ƉƵƌĐŚĂƐĞ͕ ƐĂůĞ͕ ŝƐƐƵĞ Žƌ ĐĂŶĐĞůůĂƟŽŶ ŽĨ ƚŚĞ ĂƌĞ ƚŽ ŚĂƌŵŽŶŝƐĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ͘ dŚĞ ĮŐƵƌĞƐ ĨŽƌ ƚŚĞ EŽƚĞϯ͗WƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;KǁŶĞĚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
ŽŵƉĂŶǇ͛ƐŽǁŶĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐ͘ ƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐĂƌĞƌĞƐƚĂƚĞĚĂƐŝĨƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ
Freehold Buildings Plant and Furniture KĸĐĞ Vehicles Total
ŚĂĚ ŽĐĐƵƌƌĞĚ Ăƚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ƉĞƌŝŽĚ
land ;ZĞĨĞƌ machinery ΘĮǆƚƵƌĞƐ equipment
;ƵͿ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ ŝƌƌĞƐƉĞĐƟǀĞŽĨƚŚĞĂĐƚƵĂůĚĂƚĞŽĨƚŚĞĐŽŵďŝŶĂƟŽŶ͘
ĨŽŽƚŶŽƚĞŝͿ ;ZĞĨĞƌ ;ZĞĨĞƌ
ĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚŝƐĂĐŽŶƚƌĂĐƚƚŚĂƚƌĞƋƵŝƌĞƐ
ĨŽŽƚŶŽƚĞŝŝͿ ĨŽŽƚŶŽƚĞŝŝͿ
ƚŚĞŝƐƐƵĞƌƚŽŵĂŬĞƐƉĞĐŝĮĞĚƉĂǇŵĞŶƚƐƚŽƌĞŝŵďƵƌƐĞƚŚĞ ;ǁͿ ZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ
ŚŽůĚĞƌĨŽƌĂůŽƐƐŝƚŝŶĐƵƌƐďĞĐĂƵƐĞĂƐƉĞĐŝĮĞĚĚĞďƚŽƌĨĂŝůƐ ^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚǇĞƚĞīĞĐƟǀĞ͗ ` crores ` crores ` crores ` crores ` crores ` crores ` crores
ƚŽ ŵĂŬĞ ƉĂǇŵĞŶƚƐ ǁŚĞŶ ĚƵĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ DŝŶŝƐƚƌǇ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ ;͞D͟Ϳ͕ ŽŶ DĂƌĐŚ Ϯϴ͕ Cost
ƚĞƌŵƐŽĨĂĚĞďƚŝŶƐƚƌƵŵĞŶƚ͘ ϮϬϭϴ͕ƚŚƌŽƵŐŚŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿ 'ƌŽƐƐĐĂƌƌǇŝŶŐǀĂůƵĞ
ŵĞŶĚŵĞŶƚZƵůĞƐ͕ϮϬϭϴŚĂƐŶŽƟĮĞĚƚŚĞŶĞǁƐƚĂŶĚĂƌĚ ƚƉƌŝůϭ͕ϮϬϭϲ ϱϮϱ͘ϵϭ ϯ͕ϵϵϮ͘ϵϲ ϴϱϴ͘ϲϳ ϯϱϱ͘ϵϭ ϰϴ͘ϱϯ ϴ͘ϯϱ ϱ͕ϳϵϬ͘ϯϯ
&ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐŝƐƐƵĞĚďǇƚŚĞŽŵƉĂŶǇĂƌĞ ĨŽƌ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ĂŵĞŶĚĞĚ ĐĞƌƚĂŝŶ ĞǆŝƐƟŶŐ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ ;ϳ͘ϲϲͿ ;ϭϲϭ͘ϱϲͿ ;ϰ͘ϰϲͿ ;ϭϭ͘ϱϭͿ ;Ϭ͘ϮϮͿ Ͳ ;ϭϴϱ͘ϰϭͿ
ŵĞĂƐƵƌĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐĂŶĚƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐŽŵĞ /ŶĚ^ƐǁŚŝĐŚĂƌĞĞīĞĐƟǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ
ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽŶŽƌĂŌĞƌƉƌŝůϭ͕ϮϬϭϴ͘ ĚĚŝƟŽŶƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ Ͳ Ϯϭϵ͘ϭϵ ϭϱϵ͘Ϯϱ ϳϭ͘ϭϭ ϭϬ͘ϯϰ Ϭ͘ϱϯ ϰϲϬ͘ϰϮ
ŝƐƉŽƐĂůƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀͿ Ϯϱϵ͘ϰϰ ϲϳϰ͘ϰϯ ϭϲ͘Ϯϳ ϭϯ͘Ϭϭ ϯ͘ϱϰ Ϭ͘ϱϵ ϵϲϳ͘Ϯϴ
;ǀͿ ƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ / ŶĚ^ϭϭϱͲZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚǁŝƚŚƵƐƚŽŵĞƌƐ͗
ƚDĂƌĐŚϯϭ͕ϮϬϭϳ Ϯϱϴ͘ϴϭ ϯ͕ϯϳϲ͘ϭϲ ϵϵϳ͘ϭϵ ϰϬϮ͘ϱϬ ϱϱ͘ϭϭ ϴ͘Ϯϵ ϱ͕Ϭϵϴ͘Ϭϲ
dŚĞ'ƌŽƵƉƵƐĞƐƚŚĞ͞ĂĐƋƵŝƐŝƟŽŶŵĞƚŚŽĚ͟ŽĨĂĐĐŽƵŶƟŶŐ /ŶĚ^ϭϭϱǁŝůůƐƵƉĞƌƐĞĚĞƚŚĞĞǆŝƐƟŶŐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ
ƚŽĂĐĐŽƵŶƚĨŽƌŝƚƐďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐĂƐƉĞƌǁŚŝĐŚƚŚĞ ƐƚĂŶĚĂƌĚ͚/ŶĚ^ϭϴʹZĞǀĞŶƵĞ͛͘dŚĞĐŽƌĞƉƌŝŶĐŝƉůĞŽĨƚŚĞ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ Ϭ͘ϯϵ ϵϲ͘ϴϯ ϰ͘ϭϵ ϳ͘ϵϳ Ϭ͘Ϭϯ Ͳ ϭϬϵ͘ϰϭ
ŝĚĞŶƟĮĂďůĞĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐ;ĂŶĚĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐͿ ŶĞǁƐƚĂŶĚĂƌĚŝƐƚŚĂƚĂŶĞŶƟƚǇƐŚŽƵůĚƌĞĐŽŐŶŝǌĞƌĞǀĞŶƵĞ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ
ĂƐƐƵŵĞĚĂƌĞƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ;ǁŝƚŚůŝŵŝƚĞĚ ƚŽĚĞƉŝĐƚƚŚĞƚƌĂŶƐĨĞƌŽĨƉƌŽŵŝƐĞĚŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƚŽ ĚĚŝƟŽŶƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ Ͳ Ϯϯϯ͘ϱϵ ϭϳϭ͘ϭϯ ϭϮϰ͘Ϭϭ ϭϭ͘ϵϵ Ϭ͘ϴϯ ϱϰϭ͘ϱϱ
ĞǆĐĞƉƟŽŶƐͿ͘'ŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞĞǆĐĞƐƐŽĨƚŚĞ ĐƵƐƚŽŵĞƌƐŝŶĂŶĂŵŽƵŶƚƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ ŝƐƉŽƐĂůƐ Ͳ ϭϴ͘ϬϮ ϭϬ͘Ϯϵ ϯ͘ϯϯ Ϭ͘ϭϮ Ϭ͘ϴϮ ϯϮ͘ϱϴ
ƐƵŵ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚƌĂŶƐĨĞƌƌĞĚ͕ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŽ ǁŚŝĐŚ ƚŚĞ ĞŶƟƚǇ ĞǆƉĞĐƚƐ ƚŽ ďĞ ĞŶƟƚůĞĚ ŝŶ ĞǆĐŚĂŶŐĞ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ 259.20 ϯ͕ϲϴϴ͘ϱϲ ϭ͕ϭϲϮ͘ϮϮ ϱϯϭ͘ϭϱ ϲϳ͘Ϭϭ ϴ͘ϯϬ ϱ͕ϳϭϲ͘ϰϰ
ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ŽĨ ƚŚĞ ĂĐƋƵŝƌĞ͕ ĂŶĚ ƚŚĞ ĨĂŝƌ ĨŽƌ ƚŚŽƐĞ ŐŽŽĚƐ Žƌ ƐĞƌǀŝĐĞƐ͘ &ƵƌƚŚĞƌ ƚŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ
ǀĂůƵĞ ŽĨ ƚŚĞ ĂĐƋƵŝƌĞƌ͛Ɛ ƉƌĞǀŝŽƵƐůǇ ŚĞůĚ ĞƋƵŝƚǇ ŝŶƚĞƌĞƐƚƐ ƌĞƋƵŝƌĞƐ ĞŶŚĂŶĐĞĚ ĚŝƐĐůŽƐƵƌĞƐ ĂďŽƵƚ ƚŚĞ ŶĂƚƵƌĞ͕ ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƟŽŶ
ŝŶ ƚŚĞ ĂĐƋƵŝƌĞĞ ŽǀĞƌ ƚŚĞ ŶĞƚ ŽĨ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ĚĂƚĞ ĂŵŽƵŶƚ͕ ƟŵŝŶŐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚǇ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ ĐĂƐŚ
ƚƉƌŝůϭ͕ϮϬϭϲ Ͳ ϭϭϵ͘ϲϳ ϳϳ͘ϱϰ ϱϭ͘ϴϭ ϭϬ͘ϱϲ ϭ͘ϱϲ Ϯϲϭ͘ϭϰ
ĂŵŽƵŶƚƐŽĨŝĚĞŶƟĮĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚƚŚĞůŝĂďŝůŝƟĞƐ ŇŽǁƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĞŶƟƚǇ͛ƐĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͘
dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ Ͳ ;ϲ͘ϮϰͿ ;Ϭ͘ϳϴͿ ;Ϯ͘ϴϲͿ ;Ϭ͘ϭϭͿ Ͳ ;ϵ͘ϵϵͿ
ĂƐƐƵŵĞĚ͘/ĨƚŚŽƐĞĂŵŽƵŶƚƐĂƌĞůĞƐƐƚŚĂŶƚŚĞĨĂŝƌǀĂůƵĞŽĨ
;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ
ƚŚĞŶĞƚŝĚĞŶƟĮĂďůĞĂƐƐĞƚƐŽĨƚŚĞďƵƐŝŶĞƐƐĂĐƋƵŝƌĞĚ͕ƚŚĞ d ŚĞŽŵƉĂŶǇŚĂƐĐŽŵƉůĞƚĞĚŝƚƐƉƌĞůŝŵŝŶĂƌǇĞǀĂůƵĂƟŽŶ
ĚŝīĞƌĞŶĐĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ŽĨ ƚŚĞ ƉŽƐƐŝďůĞ ŝŵƉĂĐƚ ŽĨ /ŶĚ ^ ϭϭϱ ĂŶĚ ǁŝůů ĂĚŽƉƚ ŝƚ ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ Ͳ ϭϮϬ͘ϰϱ ϴϴ͘ϭϲ ϱϭ͘ϰϵ ϭϬ͘ϱϲ ϭ͘ϭϬ Ϯϳϭ͘ϳϲ
ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŶĞƋƵŝƚǇĂƐĂƉŝƚĂůZĞƐĞƌǀĞƉƌŽǀŝĚĞĚ ƌĞƚƌŽƐƉĞĐƟǀĞůǇ ǁŝƚŚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ĞīĞĐƚ ŽĨ ŝŶŝƟĂůůǇ ŝƐƉŽƐĂůƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀͿ Ͳ Ϯϵ͘ϳϲ ϳ͘ϰϰ ϰ͘ϱϮ ϭ͘ϱϬ Ϭ͘ϭϭ ϰϯ͘ϯϯ
ƚŚĞƌĞ ŝƐ ĐůĞĂƌ ĞǀŝĚĞŶĐĞ ŽĨ ƚŚĞ ƵŶĚĞƌůǇŝŶŐ ƌĞĂƐŽŶƐ ĨŽƌ applying this standard recognised as an adjustment to ƚDĂƌĐŚϯϭ͕ϮϬϭϳ Ͳ ϮϬϰ͘ϭϮ ϭϱϳ͘ϰϴ 95.92 ϭϵ͘ϱϭ 2.55 ϰϳϵ͘ϱϴ
ĐůĂƐƐŝĨǇŝŶŐ ƚŚĞ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƟŽŶ ĂƐ Ă ďĂƌŐĂŝŶ ƚŚĞ ŽƉĞŶŝŶŐ ďĂůĂŶĐĞ ŽĨ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ Ăƚ ƚŚĞ ĚĂƚĞ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ Ͳ ϱ͘ϵϬ Ϭ͘ϵϱ Ϯ͘ϴϵ Ϭ͘Ϭϯ Ͳ ϵ͘ϳϳ
ƉƵƌĐŚĂƐĞ͘ /Ŷ ŽƚŚĞƌ ĐĂƐĞƐ͕ ƚŚĞ ďĂƌŐĂŝŶ ƉƵƌĐŚĂƐĞ ŐĂŝŶ ŝƐ ŽĨ ŝŶŝƟĂů ĂƉƉůŝĐĂƟŽŶ ŝ͘Ğ͘ Ɖƌŝů ϭ͕ ϮϬϭϴ ĂŶĚ ĂĐĐŽƌĚŝŶŐůǇ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ
ƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůǇŝŶĞƋƵŝƚǇĂƐĂƉŝƚĂůZĞƐĞƌǀĞ͘ ĐŽŵƉĂƌĂƟǀĞƐ ĨŽƌ ƚŚĞ ǇĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ǁŝůů ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ Ͳ ϭϭϬ͘ϲϳ ϵϳ͘ϰϭ ϱϰ͘ϳϰ ϭϬ͘ϱϭ Ϭ͘ϲϬ Ϯϳϯ͘ϵϯ
ŶŽƚďĞƌĞƚƌŽƐƉĞĐƟǀĞůǇĂĚũƵƐƚĞĚ͘dŚŝƐƐƚĂŶĚĂƌĚŝƐĂƉƉůŝĞĚ ŝƐƉŽƐĂůƐ Ͳ ϭϰ͘ϵϯ ϳ͘ϴϰ ϭ͘ϴϲ Ϭ͘Ϭϰ Ϭ͘ϭϯ Ϯϰ͘ϴϬ
d ƌĂŶƐĂĐƟŽŶ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ;ŽƚŚĞƌ ƚŚĂŶ ĚĞďƚ ͬ ĞƋƵŝƚǇ ƌĞƚƌŽƐƉĞĐƟǀĞůǇ ŽŶůǇ ƚŽ ƚŚĞ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ Ͳ ϯϬϱ͘ϳϲ Ϯϰϴ͘ϬϬ ϭϱϭ͘ϲϵ ϯϬ͘Ϭϭ ϯ͘ϬϮ ϳϯϴ͘ϰϴ
ŝŶƐƚƌƵŵĞŶƚ ƌĞůĂƚĞĚͿ ŝŶ ĐŽŶŶĞĐƟŽŶ ǁŝƚŚ Ă ďƵƐŝŶĞƐƐ ĐŽŵƉůĞƚĞĚĐŽŶƚƌĂĐƚƐĂƚƚŚĞĚĂƚĞŽĨŝŶŝƟĂůĂƉƉůŝĐĂƟŽŶ͘dŚĞ
ĐŽŵďŝŶĂƟŽŶ͕ƐƵĐŚĂƐůĞŐĂůĨĞĞƐ͕ĚƵĞĚŝůŝŐĞŶĐĞĨĞĞƐĂŶĚ ŽŵƉĂŶǇĚŽĞƐŶŽƚĞǆƉĞĐƚƚŚĞŝŵƉĂĐƚŽĨƚŚĞĂĚŽƉƟŽŶŽĨ
ŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůĂŶĚĐŽŶƐƵůƟŶŐĨĞĞƐĂƌĞĞǆƉĞŶƐĞĚĂƐ ŶĞǁƐƚĂŶĚĂƌĚƚŽďĞŵĂƚĞƌŝĂůŽŶŝƚƐƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚ Net Block
ŝŶĐƵƌƌĞĚ͘ ƚŽŝƚƐŶĞƚŝŶĐŽŵĞŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ Ϯϱϴ͘ϴϭ ϯ͕ϭϳϮ͘Ϭϰ ϴϯϵ͘ϳϭ ϯϬϲ͘ϱϴ ϯϱ͘ϲϬ ϱ͘ϳϰ ϰ͕ϲϭϴ͘ϰϴ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ 259.20 ϯ͕ϯϴϮ͘ϴϬ ϵϭϰ͘ϮϮ ϯϳϵ͘ϰϲ ϯϳ͘ϬϬ ϱ͘Ϯϴ ϰ͕ϵϳϳ͘ϵϲ
/Ĩ ƚŚĞ 'ƌŽƵƉ ŽďƚĂŝŶƐ ĐŽŶƚƌŽů ŽǀĞƌ ŽŶĞ Žƌ ŵŽƌĞ ĞŶƟƟĞƐ /ŶĚ^ϮϭʹdŚĞĞīĞĐƚŽĨĐŚĂŶŐĞƐŝŶ&ŽƌĞŝŐŶǆĐŚĂŶŐĞ
ƚŚĂƚ ĂƌĞ ŶŽƚ ďƵƐŝŶĞƐƐĞƐ͕ ƚŚĞŶ ƚŚĞ ďƌŝŶŐŝŶŐ ƚŽŐĞƚŚĞƌ ŽĨ ƌĂƚĞƐ;ƉƉĞŶĚŝǆͿ &ŽŽƚŶŽƚĞƐ͗
ƚŚŽƐĞĞŶƟƟĞƐĂƌĞŶŽƚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐ͘dŚĞĐŽƐƚŽĨ dŚĞ ĂŵĞŶĚŵĞŶƚ ĐůĂƌŝĮĞƐ ŽŶ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ŽĨ ;ŝͿ ŽƐƚŝŶĐůƵĚĞƐŝŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐƐĐŽŶƐƚƌƵĐƚĞĚŽŶůĞĂƐĞŚŽůĚůĂŶĚͲ`ϮϮϳϵ͘ϮϴĐƌŽƌĞƐ;WƌĞǀŝŽƵƐǇĞĂƌͲ`Ϯϭϯϵ͘ϮϳĐƌŽƌĞƐͿ͘
ĂĐƋƵŝƐŝƟŽŶŝƐĂůůŽĐĂƚĞĚĂŵŽŶŐƚŚĞŝŶĚŝǀŝĚƵĂůŝĚĞŶƟĮĂďůĞ ƚƌĂŶƐĂĐƟŽŶƐ ƚŚĂƚ ŝŶĐůƵĚĞ ƚŚĞ ƌĞĐĞŝƉƚ Žƌ ƉĂǇŵĞŶƚ ;ŝŝͿ &ƵƌŶŝƚƵƌĞ͕ &ŝǆƚƵƌĞƐ ĂŶĚ KĸĐĞ ƋƵŝƉŵĞŶƚ ĂƐ Ăƚ ƚŚĞ ǇĞĂƌ ĞŶĚ ŝŶĐůƵĚĞ ĂƐƐĞƚƐ ŽŶ ĮŶĂŶĐĞ ůĞĂƐĞ͗ ŽƐƚ Ͳ ` Ϭ͘ϲϴ ĐƌŽƌĞ ;WƌĞǀŝŽƵƐ ǇĞĂƌ Ͳ
ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ŽĨ ƐƵĐŚ ĞŶƟƟĞƐ͕ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ŽĨ ĂĚǀĂŶĐĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŝŶ Ă ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ͘ dŚĞ `Ϭ͘ϲϬĐƌŽƌĞͿ͕ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƟŽŶͲ`Ϭ͘ϱϯĐƌŽƌĞ;WƌĞǀŝŽƵƐǇĞĂƌ`Ϭ͘ϯϱĐƌŽƌĞͿ͕ĞƉƌĞĐŝĂƟŽŶĨŽƌƚŚĞǇĞĂƌͲ`Ϭ͘ϭϯĐƌŽƌĞ;WƌĞǀŝŽƵƐǇĞĂƌͲ
ƌĞůĂƟǀĞ ĨĂŝƌ ǀĂůƵĞƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ĂĐƋƵŝƐŝƟŽŶ͘ ^ƵĐŚ ĂƉƉĞŶĚŝǆ ĞǆƉůĂŝŶƐ ƚŚĂƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶ͕ ĨŽƌ `Ϭ͘ϮϴĐƌŽƌĞͿĂŶĚĐĂƌƌǇŝŶŐǀĂůƵĞĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞŽĨ`Ϭ͘ϭϱĐƌŽƌĞ;WƌĞǀŝŽƵƐǇĞĂƌ`Ϭ͘ϮϱĐƌŽƌĞͿ͘
ƚƌĂŶƐĂĐƟŽŶƐ ĚŽ ŶŽƚ ŐŝǀĞ ƌŝƐĞ ƚŽ ŐŽŽĚǁŝůů ĂŶĚ ŶŽ ŶŽŶͲ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĞǆĐŚĂŶŐĞ ƌĂƚĞ͕ ŝƐ ƚŚĞ
ĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚŝƐƌĞĐŽŐŶŝƐĞĚ͘ ĚĂƚĞ ŽĨ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŶŽŶͲŵŽŶĞƚĂƌǇ ĂƐƐĞƚ ;ŝŝŝͿ ĚũƵƐƚŵĞŶƚŽŶĂĐĐŽƵŶƚŽĨĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞŽŶŽƉĞŶŝŶŐďĂůĂŶĐĞĂŶĚĚĞƉƌĞĐŝĂƟŽŶĐŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌŝƐƌĞŇĞĐƚĞĚ
Žƌ ŶŽŶͲŵŽŶĞƚĂƌǇ ůŝĂďŝůŝƚǇ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ƉĂǇŵĞŶƚ Žƌ ĂƐ͞dƌĂŶƐůĂƟŽŶĚũƵƐƚŵĞŶƚ͘͟
/Ŷ ĐĂƐĞ ŽĨ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƟŽŶƐ ŝŶǀŽůǀŝŶŐ ĞŶƟƟĞƐ ƌĞĐĞŝƉƚŽĨĂĚǀĂŶĐĞĐŽŶƐŝĚĞƌĂƟŽŶ͘ ;ŝǀͿ ĚĚŝƟŽŶ ŝŶĐůƵĚĞƐ ` Ϭ͘ϳϬ ĐƌŽƌĞƐ ;DĂƌĐŚ ϯϭ͕ ϮϬϭϳ Ͳ ` ϰ͘Ϯϵ ĐƌŽƌĞƐͿ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ŝŶƚĞƌĞƐƚ ĐŽƐƚ ŽŶ ďŽƌƌŽǁŝŶŐƐ ĐĂƉŝƚĂůŝƐĞĚ ŽŶ ĐĞƌƚĂŝŶ
ƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽů͕ƚŚĞĂďŽǀĞƉŽůŝĐǇĚŽĞƐŶŽƚĂƉƉůǇ͘ ƋƵĂůŝĨǇŝŶŐĂƐƐĞƚƐ;ZĞĨĞƌEŽƚĞϮϲͿ͘
ƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐŽĨĞŶƟƟĞƐƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽů d ŚĞĂŵĞŶĚŵĞŶƚǁŝůůĐŽŵĞŝŶƚŽĨŽƌĐĞĨƌŽŵƉƌŝůϭ͕ϮϬϭϴ͘
;ǀͿ ŝƐƉŽƐĂů ŝŶĐůƵĚĞƐ ĂƐƐĞƚƐ ƐŽůĚ ĐŽŶƐĞƋƵĞŶƚ ƚŽ ĚŝǀĞƐƚŵĞŶƚ ŽĨ Ă ƉƌŽƉĞƌƚǇ ŝŶ ŽŶĞ ƐƵďƐŝĚŝĂƌǇ ĚƵƌŝŶŐ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ ĂŵŽƵŶƟŶŐ ƚŽ
ĂƌĞ ĂĐĐŽƵŶƚĞĚ ƵƐŝŶŐ ƚŚĞ ͞ƉŽŽůŝŶŐ ŽĨ ŝŶƚĞƌĞƐƚƐ͟ ŵĞƚŚŽĚ dŚĞŽŵƉĂŶǇĚŽĞƐŶŽƚĞǆƉĞĐƚƚŚĞĞīĞĐƚŽĨƚŚŝƐŽŶƚŚĞ
`ϵϭϮ͘ϬϭĐƌŽƌĞƐ;ĐŽƐƚ`ϵϰϯ͘ϯϰĐƌŽƌĞƐĂŶĚĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƟŽŶ`ϯϭ͘ϯϯĐƌŽƌĞƐ͘Ϳ͘
ĂŶĚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞƌĞŇĞĐƚĞĚĂƚƚŚĞƉƌĞĚĞĐĞƐƐŽƌ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽďĞŵĂƚĞƌŝĂůďĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌǇ
carrying values and the only adjustments that are made ĞǀĂůƵĂƟŽŶ͘ ;ǀŝͿ &ŽƌĚĞƚĂŝůƐŽĨƉůĞĚŐĞĚĂƐƐĞƚƐƌĞĨĞƌEŽƚĞϭϴ͕ĨŽŽƚŶŽƚĞ;ŝŝͿ͘

EŽƚĞϰ͗'ŽŽĚǁŝůů EŽƚĞϲ͗/ŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ
DĂƌĐϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores Face
Holdings ,ŽůĚŝŶŐƐ
KƉĞŶŝŶŐĂůĂŶĐĞ ϱϱϱ͘ϱϲ ϱϳϯ͘ϲϱ Value
As at ` crores As at ` crores
ĚĚͬ;>ĞƐƐͿ͗&ŽƌĞŝŐŶǆĐŚĂŶŐĞŇƵĐƚƵĂƟŽŶĨŽƌƚŚĞǇĞĂƌ ϵ͘ϵϲ ;ϭϴ͘ϬϵͿ
ůŽƐŝŶŐĂůĂŶĐĞ 565.52 555.56 ƌĞĂŬƵƉŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞ
;ĐĂƌƌǇŝŶŐǀĂůƵĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĞƋƵŝƚǇŵĞƚŚŽĚŽĨ
&ŽŽƚŶŽƚĞ͗ ĂĐĐŽƵŶƟŶŐͿĂƐďĞůŽǁ͗Ͳ
dŚĞ'ƌŽƵƉƚĞƐƚƐŐŽŽĚǁŝůůĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚĂŶŶƵĂůůǇ͕ŽƌŵŽƌĞĨƌĞƋƵĞŶƚůǇŝĨĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚŝƚŵŝŐŚƚďĞ
;ĂͿ ƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐ
ŝŵƉĂŝƌĞĚ͘&ŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŵƉĂŝƌŵĞŶƚƚĞƐƟŶŐ͕ŐŽŽĚǁŝůů͕ǁŚŝĐŚĂƌŽƐĞŽŶĂĐƋƵŝƐŝƟŽŶŽĨƚŚĞĂƐƐĞƚƐͬĞŶƟƟĞƐ͕ŝƐĂůůŽĐĂƚĞĚƚŽĂĐĂƐŚŐĞŶĞƌĂƟŶŐ
;ZĞĨĞƌEŽƚĞϯϯ;ĐͿͿ
ƵŶŝƚ;͞'h͟ͿƌĞƉƌĞƐĞŶƟŶŐƚŚĞůŽǁĞƐƚůĞǀĞůǁŝƚŚƚŚĞ'ƌŽƵƉĂƚǁŚŝĐŚŐŽŽĚǁŝůůŝƐŵŽŶŝƚŽƌĞĚĨŽƌŝŶƚĞƌŶĂůŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƟŶŐƉƵƌƉŽƐĞƐ͘
&ƵůůǇƉĂŝĚƵŶƋƵŽƚĞĚĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐ
dŚĞƌĞĐŽǀĞƌĂďůĞǀĂůƵĞŽĨƚŚĞ'hŝƐĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨ͚ĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƚŽƐĞůů͛͘dŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞĚĨĂŝƌǀĂůƵĞƐƵƐŝŶŐƚŚĞŵĂƌŬĞƚ
ĂƉƉƌŽĂĐŚ͕ǁŚĞŶĂǀĂŝůĂďůĞĂŶĚĂƉƉƌŽƉƌŝĂƚĞ͕ŽƌƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚ͕ŽƌĂĐŽŵďŝŶĂƟŽŶŽĨďŽƚŚ͘dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐƚŚĞǀĂůƵĂƟŽŶŵĞƚŚŽĚŽůŽŐǇ dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ` ϭϬ ϭϰ͕ϭϱϭ͕ϲϲϰ ϭϲ͘ϲϴ ϭϰ͕ϭϱϭ͕ϲϲϰ ϭϲ͘ϳϬ
ďĂƐĞĚƵƉŽŶƚŚĞƌĞůĞǀĂŶĐĞĂŶĚĂǀĂŝůĂďŝůŝƚǇŽĨƚŚĞĚĂƚĂĂƚƚŚĞƟŵĞƚŚĞǀĂůƵĂƟŽŶŝƐƉĞƌĨŽƌŵĞĚ͘/ĨŵƵůƟƉůĞǀĂůƵĂƟŽŶŵĞƚŚŽĚŽůŽŐŝĞƐĂƌĞƵƐĞĚ͕ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ ` ϭϬ ϴ͕ϴϳϰ͕ϬϬϬ ϱϵ͘ϵϰ ϴ͕ϴϳϰ͕ϬϬϬ ϰϴ͘ϱϮ
ƚŚĞƌĞƐƵůƚƐĂƌĞǁĞŝŐŚƚĞĚĂƉƉƌŽƉƌŝĂƚĞůǇ͘ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝŝŝͿͿ ` ϭϬ ϭ͕ϯϵϴ͕ϳϰϬ Ͳ ϭ͕ϯϵϴ͕ϳϰϬ Ͳ
sĂůƵĂƟŽŶƐ ƵƐŝŶŐ ƚŚĞ ŵĂƌŬĞƚ ĂƉƉƌŽĂĐŚ ĂƌĞ ĚĞƌŝǀĞĚ ĨƌŽŵ ŵĞƚƌŝĐƐ ŽĨ ƉƵďůŝĐůǇ ƚƌĂĚĞĚ ĐŽŵƉĂŶŝĞƐ Žƌ ŚŝƐƚŽƌŝĐĂůůǇ ĐŽŵƉůĞƚĞĚ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWǀƚ>ƚĚ͘ ` ϭϬ ϳ͕ϵϰϰ͕ϭϭϮ Ϯϯ͘ϴϳ ϳ͕ϵϰϰ͕ϭϭϮ Ϯϯ͘ϳϲ
ĐŽŵƉĂƌĂďůĞ ďƵƐŝŶĞƐƐĞƐ͘ dŚĞ ƐĞůĞĐƟŽŶ ŽĨ ĐŽŵƉĂƌĂďůĞ ďƵƐŝŶĞƐƐĞƐ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŵĂƌŬĞƚƐ ŝŶ ǁŚŝĐŚ ƚŚĞ ƌĞƉŽƌƟŶŐ ƵŶŝƚƐ ŽƉĞƌĂƚĞ ŐŝǀŝŶŐ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘
ĐŽŶƐŝĚĞƌĂƟŽŶƚŽƌŝƐŬƉƌŽĮůĞƐ͕ƐŝǌĞ͕ŐĞŽŐƌĂƉŚǇ͕ĂŶĚĚŝǀĞƌƐŝƚǇŽĨƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͘ ` ϭϬ ϭϱ͕ϵϴϰ͕ϮϮϭ Ϭ͘ϳϬ ϭϮ͕ϰϵϲ͕ϲϲϳ ϭ͘ϬϮ
;ϯϰϴϳϱϱϰƐŚĂƌĞƐ;WƌĞǀŝŽƵƐǇĞĂƌEŝůͿĂĐƋƵŝƌĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ
'ŽŽĚǁŝůůŵĂŝŶůǇĐŽŵƉƌŝƐĞƐŽĨ`ϯϴϭ͘ϯϮĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϯϳϭ͘ϴϲĐƌŽƌĞƐͿĂůůŽĐĂƚĞĚƚŽƚŚĞ/ŶƚĞƌŶĂƟŽŶĂůďƵƐŝŶĞƐƐ;hŶŝƚĞĚ<ŝŶŐĚŽŵͿ <ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ͘ ` ϭϬ ϭϯ͕ϭϳϲ͕ϰϲϳ ϯϵ͘ϴϱ ϭϯ͕ϭϳϲ͕ϰϲϳ ϯϴ͘ϭϰ
and `ϭϯϬ͘ϵϵĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϭϯϬ͘ϵϵĐƌŽƌĞƐͿĂůůŽĐĂƚĞĚƚŽĂĐŽŵƉŽŶĞŶƚŽĨĚŽŵĞƐƟĐďƵƐŝŶĞƐƐ͘dŚĞĞƐƟŵĂƚĞĚĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞ /,D^,ŽƚĞůƐ;^Ϳ;WƌŽƉƌŝĞƚĂƌǇͿ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝŝŝͿͿ Zar 1 ϴϲ͕ϳϯϵ͕ϵϱϴ Ͳ ϴϲ͕ϳϯϵ͕ϵϱϴ Ͳ
'hƐŝƐďĂƐĞĚŽŶĐŽŵƉĂƌĂďůĞďƵƐŝŶĞƐƐĞƐ͘dŚĞƌĞŵĂŝŶŝŶŐĂŵŽƵŶƚŽĨŐŽŽĚǁŝůůŽĨ`ϱϯ͘ϮϮĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϱϮ͘ϳϭĐƌŽƌĞƐͿƌĞůĂƚĞƐƚŽ d>,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ US $ 1 ϰ͕ϵϰϲ͕ϮϴϮ ϭϮϮ͘ϲϳ ϰ͕ϵϰϲ͕ϮϴϮ ϭϭϴ͘ϴϲ
ĚŝīĞƌĞŶƚ'hƐǁŚŝĐŚŝƐŝŶĚŝǀŝĚƵĂůůǇŝŵŵĂƚĞƌŝĂů͘
dŽƚĂůŐŐƌĞŐĂƚĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ Ϯϲϯ͘ϳϭ Ϯϰϳ͘ϬϬ
EŽƚĞϱ͗KƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ &ƵůůǇƉĂŝĚƋƵŽƚĞĚĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐ
Leasehold Website ^ŽŌǁĂƌĞĂŶĚ ^ĞƌǀŝĐĞĂŶĚ Total dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ` ϭϬ ϭϲ͕ϬϬϬ͕ϰϬϬ ϭϭϰ͘ϵϭ ϭϲ͕ϬϬϬ͕ϰϬϬ ϭϭϬ͘ϰϭ
property rights ĚĞǀĞůŽƉŵĞŶƚ licences ŽƉĞƌĂƟŶŐ dŽƚĂůŐŐƌĞŐĂƚĞƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ϭϭϰ͘ϵϭ ϭϭϬ͘ϰϭ
;ZĞĨĞƌ cost ;ZĞĨĞƌ rights dŽƚĂů/ŶǀĞƐƚŵĞŶƚƐĐĂƌƌǇŝŶŐǀĂůƵĞ ϯϳϴ͘ϲϮ ϯϱϳ͘ϰϭ
&ŽŽƚŶŽƚĞŝŝŝͿ &ŽŽƚŶŽƚĞŝͿ
` crores ` crores ` crores ` crores ` crores ;ďͿ ƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐ
Cost
;ZĞĨĞƌEŽƚĞϯϯ;ĐͿͿ
'ƌŽƐƐĐĂƌƌǇŝŶŐǀĂůƵĞ
ƚƉƌŝůϭ͕ϮϬϭϲ ϲϮϯ͘ϲϯ ϭϰ͘ϯϰ ϰϯ͘Ϯϰ ϯ͘ϱϱ ϲϴϰ͘ϳϲ &ƵůůǇƉĂŝĚƵŶƋƵŽƚĞĚĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐ
dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ ;Ϭ͘ϮϮͿ Ͳ Ͳ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϬͿ dĂũDĂĚƵƌĂŝ>ƚĚ͘ ` ϭϬ ϵϭϮ͕ϬϬϬ ϱ͘Ϯϵ ϵϭϮ͕ϬϬϬ ϰ͘ϴϭ
ĚĚŝƟŽŶƐ Ϭ͘ϭϭ ϰ͘Ϯϯ ϱ͘ϳϰ Ͳ ϭϬ͘Ϭϴ dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝǀͿͿ ` ϭϬϬ ϲϱ͕ϵϵϮ Ͳ ϲϱ͕ϵϵϮ Ͳ
ŝƐƉŽƐĂůƐ Ͳ Ͳ Ϭ͘Ϯϳ Ͳ Ϭ͘Ϯϳ
>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ ><Z ϭϬ ϭϵ͕ϵϲϱ͕ϱϮϰ ϯϯ͘Ϯϰ ϭϵ͕ϵϲϱ͕ϱϮϰ ϯϯ͘ϯϮ
ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϲϮϯ͘ϱϮ ϭϴ͘ϱϳ ϰϴ͘ϳϭ ϯ͘ϰϳ ϲϵϰ͘Ϯϳ
dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ Ϭ͘Ϭϰ Ͳ Ͳ Ϭ͘Ϭϭ Ϭ͘Ϭϱ ũĞƚƐWƚĞ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝǀͿͿ US $ 1 ϮϬ͕ϬϬϬ͕ϬϬϬ Ͳ ϮϬ͕ϬϬϬ͕ϬϬϬ Ͳ
ĚĚŝƟŽŶƐ Ϭ͘Ϭϲ ϭ͘Ϯϯ ϯ͘ϳϴ Ͳ ϱ͘Ϭϳ dŽƚĂůŐŐƌĞŐĂƚĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ϯϴ͘ϱϯ ϯϴ͘ϭϯ
ŝƐƉŽƐĂůƐ Ͳ Ͳ Ϭ͘Ϭϭ Ͳ Ϭ͘Ϭϭ &ƵůůǇƉĂŝĚƋƵŽƚĞĚĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϲϮϯ͘ϲϮ ϭϵ͘ϴϬ ϱϮ͘ϰϴ ϯ͘ϰϴ ϲϵϵ͘ϯϴ KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ǀͿͿ ` ϭϬ ϲϲ͕ϭϲϲ͕ϱϯϬ ϮϬϳ͘ϭϲ ϲϲ͕ϭϲϲ͕ϱϯϬ ϭϵϲ͘ϳϮ
ĐĐƵŵƵůĂƚĞĚŵŽƌƟƐĂƟŽŶ
ƚƉƌŝůϭ͕ϮϬϭϲ ϭϰ͘ϲϴ Ϭ͘ϯϵ ϳ͘ϯϲ ϯ͘ϱϱ Ϯϱ͘ϵϴ d>>ĂŶŬĂ,ŽƚĞůƐWůĐ ><Z ϭϬ ϯϰ͕ϯϳϱ͕ϲϰϬ ϭϲ͘ϭϭ ϯϰ͕ϯϳϱ͕ϲϰϬ ϭϱ͘ϱϱ
dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ ;Ϭ͘ϭϭͿ Ͳ ;Ϭ͘ϯϳͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϱϲͿ dŽƚĂůŐŐƌĞŐĂƚĞƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ϮϮϯ͘Ϯϳ ϮϭϮ͘Ϯϳ
ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ ϭϱ͘ϱϲ ϯ͘ϲϲ ϴ͘ϯϵ Ͳ Ϯϳ͘ϲϭ dŽƚĂů/ŶǀĞƐƚŵĞŶƚƐĐĂƌƌǇŝŶŐǀĂůƵĞ Ϯϲϭ͘ϴϬ ϮϱϬ͘ϰϬ
ŝƐƉŽƐĂůƐ Ͳ Ͳ Ϭ͘ϭϭ Ͳ Ϭ͘ϭϭ dŽƚĂů/ŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ϲϰϬ͘ϰϮ ϲϬϳ͘ϴϭ
ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϯϬ͘ϭϯ ϰ͘Ϭϱ ϭϱ͘Ϯϳ ϯ͘ϰϳ 52.92
dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ Ϭ͘Ϭϯ Ͳ Ϭ͘Ϭϭ Ϭ͘Ϭϭ Ϭ͘Ϭϱ &ŽŽƚŶŽƚĞƐ͗
ŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌ ϭϯ͘ϳϭ ϰ͘ϵϳ ϴ͘ϱϵ Ͳ Ϯϳ͘Ϯϳ ;ŝͿ ŐŐƌĞŐĂƚĞĐĂƌƌǇŝŶŐǀĂůƵĞŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϯϴ͘ϭϴ ϯϮϮ͘ϲϴ
ŝƐƉŽƐĂůƐ Ͳ Ͳ Ϭ͘Ϭϭ Ͳ Ϭ͘Ϭϭ DĂƌŬĞƚǀĂůƵĞŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϱϲϯ͘Ϭϵ ϱϭϰ͘ϭϯ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϰϯ͘ϴϳ 9.02 Ϯϯ͘ϴϲ ϯ͘ϰϴ ϴϬ͘Ϯϯ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐ Ͳ Ͳ
Net Block
ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϱϵϯ͘ϯϵ ϭϰ͘ϱϮ ϯϯ͘ϰϰ Ͳ ϲϰϭ͘ϯϱ ;ŝŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϬϮ͘Ϯϰ Ϯϴϱ͘ϭϯ
ƚDĂƌĐŚϯϭ͕ϮϬϭϴ 579.75 ϭϬ͘ϳϴ Ϯϴ͘ϲϮ Ͳ ϲϭϵ͘ϭϱ ;ŝŝŝͿdŚĞĐĂƌƌǇŝŶŐǀĂůƵĞŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝƐĐĂƌƌŝĞĚĂƚŶŝůǀĂůƵĞĂƐƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚƵƐŝŶŐĞƋƵŝƚǇŵĞƚŚŽĚŝŶƚŚĞƐĞĞŶƟƟĞƐĂƌĞƌĞĚƵĐĞĚ
&ŽŽƚŶŽƚĞƐ͗ ƚŽǌĞƌŽ͘dŚĞ'ƌŽƵƉŚĂƐƉƌŽǀŝĚĞĚĨŽƌĂĚĚŝƟŽŶĂůůŽƐƐĞƐĂŶĚŚĂƐƌĞĐŽŐŶŝƐĞĚůŝĂďŝůŝƚǇƚŽƚŚĞĞǆƚĞŶƚƚŚĞ'ƌŽƵƉŚĂƐĐŽŶƐƚƌƵĐƟǀĞŽďůŝŐĂƟŽŶ
;ŝͿ ^ŽŌǁĂƌĞŝŶĐůƵĚĞƐƵƐƚŽŵĞƌZĞƐĞƌǀĂƟŽŶ^ǇƐƚĞŵĂŶĚŽƚŚĞƌůŝĐĞŶƐĞĚƐŽŌǁĂƌĞ͘ ĂŶĚͬŽƌƚŽŵĂŬĞƉĂǇŵĞŶƚƐŽŶďĞŚĂůĨŽĨƚŚĞũŽŝŶƚǀĞŶƚƵƌĞƐ͘;ZĞĨĞƌEŽƚĞŶŽϮϬ;ďͿͿ͘
;ŝŝͿ ĚũƵƐƚŵĞŶƚŽŶĂĐĐŽƵŶƚŽĨĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞŽŶŽƉĞŶŝŶŐďĂůĂŶĐĞĂŶĚĚĞƉƌĞĐŝĂƟŽŶĐŚĂƌŐĞĨŽƌƚŚĞǇĞĂƌŝƐƌĞŇĞĐƚĞĚ ;ŝǀͿdŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŚĂƐďĞĞŶƌĞƉŽƌƚĞĚĂƐEŝů͕ĂƐƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨůŽƐƐĞƐĞǆĐĞĞĚƐƚŚĞĐŽƐƚͬĐĂƌƌǇŝŶŐǀĂůƵĞ͘
ĂƐ͞dƌĂŶƐůĂƟŽŶĚũƵƐƚŵĞŶƚ͘͟ ;ǀͿ /ŶĐůƵĚĞƐϱ͘ϰϬй;WƌĞǀŝŽƵƐǇĞĂƌϱ͘ϰϬйͿ͕ŽĨƚŚĞƐŚĂƌĞƐŚĞůĚŝŶƚŚĞĨŽƌŵŽĨ'ůŽďĂůĞƉŽƐŝƚŽƌǇZĞĐĞŝƉƚƐ;'ZͿ͘
;ŝŝŝͿ >ĞĂƐĞŚŽůĚƉƌŽƉĞƌƚǇƌŝŐŚƚƐŵĂŝŶůǇĐŽŶƐŝƐƚƐŽĨůĞĂƐĞĂĐƋƵŝƐŝƟŽŶƌŝŐŚƚƐĨŽƌƚŚĞŚŽƚĞůƉƌŽƉĞƌƚǇŝŶĐůƵĚŝŶŐůĂŶĚ͘ZĞĨĞƌEŽƚĞϮ;ŚͿĨŽƌĂĐĐŽƵŶƟŶŐƉŽůŝĐǇ͘

EŽƚĞϳ͗/ŶǀĞƐƚŵĞŶƚƐ EŽƚĞϳ͗/ŶǀĞƐƚŵĞŶƚƐ
Face ` crores ` crores
Holdings ,ŽůĚŝŶŐƐ
Value ;ďͿ ƵƌƌĞŶƚ
As at ` crores As at ` crores
;ĂͿ EŽŶĐƵƌƌĞŶƚ /ŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ͗
ƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐŝŶŽƚŚĞƌĐŽŵƉĂŶŝĞƐ;EŽŶĐƵƌƌĞŶƚͿ /ŶǀĞƐƚŵĞŶƚƐŝŶŵƵƚƵĂůĨƵŶĚƵŶŝƚƐ;ƵŶƋƵŽƚĞĚͿ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ
ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ
&ƵůůǇƉĂŝĚƵŶƋƵŽƚĞĚĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐ /ŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗
ĂŵĂŶŝĂŝƌǁĂǇƐ>ƚĚ͘Ύ ` ϭϬ ϱϬϬ Ͳ ϱϬϬ Ͳ ƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐŝŶŽƚŚĞƌĞŶƟƟĞƐ;ƵŶƋƵŽƚĞĚͿ
,ŽƚĞůƐĂŶĚZĞƐƚĂƵƌĂŶƚŽͲŽƉ͘^ĞƌǀŝĐĞ^ŽĐŝĞƚǇ>ƚĚ͘Ύ ` ϱϬ ϮϬ Ͳ ϮϬ Ͳ ,ϱWƚĞ>ƚĚ͘;ZĞĨĞƌEŽƚĞŝŝͿ Ͳ Ͳ
<ƵŵĂƌĂŬƌƵƉƉĂ&ƌŽŶƟĞƌ,ŽƚĞůƐWƌŝǀĂƚĞ>ƚĚ͘ ` ϭϬ ϵϲ͕ϰϯϮ ϲ͘ϰϭ ϵϲ͕ϰϯϮ ϲ͘Ϭϯ ϭ;WƌĞǀŝŽƵƐǇĞĂƌͲϭͿĞƋƵŝƚǇƐŚĂƌĞƐŽĨh^ΨϭĞĂĐŚ;`ϲϱ;WƌĞǀŝŽƵƐǇĞĂƌ`ϲϱͿͿ
DWKtZ/ŶĨŽƌŵĂƟŽŶ^ǇƐƚĞŵƐWƌŝǀĂƚĞ>ƚĚ͘Ύ ` ϭϬ ϱ͕Ϯϴ͕ϬϬϬ Ͳ ϱ͕Ϯϴ͕ϬϬϬ Ͳ Ͳ Ͳ
^ŵŝůĞĂŶĚĂƌĞWƌŽĚƵĐƚƐWƌŝǀĂƚĞ>ƚĚ͘Ύ ` ϭϬ ϰϵ͕ϴϬϬ Ͳ ϰϵ͕ϴϬϬ Ͳ dŽƚĂůƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ
dĂƚĂĞƌĂŵŝĐƐ>ƚĚ͘ ` Ϯ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ Ͳ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ ϭ͘ϳϬ &ŽŽƚŶŽƚĞ͗
dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿ ` ϭϬϬ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ ;ŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ͗ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ
dĂƚĂ/ŶƚĞƌŶĂƟŽŶĂů>ƚĚ͘ ` ϭϬϬϬ ϴ͕ϬϬϬ ϮϮ͘ϵϳ ϴ͕ϬϬϬ ϮϬ͘ϴϬ ;ŝŝͿ dŚŝƐŝŶǀĞƐƚŵĞŶƚĂƌĞƚĞŵƉŽƌĂƌŝůǇŚĞůĚĨŽƌĚŝƐƉŽƐĂůŝŶŶĞĂƌĨƵƚƵƌĞ;ZĞĨĞƌEŽƚĞϯϯ;ĂͿ;ŝŝͿ;ďͿͿ
dĂũŝƌ>ƚĚ͘ ` ϭϬ Ϯ͕ϮϮ͕ϰϬ͕ϮϬϬ ϱ͘ϰϵ Ϯ͕ϮϮ͕ϰϬ͕ϮϬϬ Ͳ
dĂƚĂ^ĞƌǀŝĐĞƐ>ƚĚ͘ ` ϭϬϬϬ ϰϮϭ Ϭ͘Ϭϰ ϰϮϭ Ϭ͘Ϭϰ
dĂƚĂ^ŽŶƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿ ` ϭϬϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ EŽƚĞϴ͗>ŽĂŶƐ
dZ/>/ŶĨŽƉĂƌŬ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ` ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ŽŵďĂǇDĞƌĐĂŶƟůĞŽͲŽƉĞƌĂƟǀĞĂŶŬ>ƚĚ͘Ύ ` ϯϬ 333 Ͳ 333 Ͳ ` crores ` crores
,ŝŶĚƵƐƚĂŶŶŐŝŶĞĞƌŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘Ύ ` ϭϬ ϳ Ͳ ϳ Ͳ ;ĂͿ EŽŶĐƵƌƌĞŶƚ;ĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ;hŶƐĞĐƵƌĞĚͿ
^ĂƌĂƐǁĂƚŽͲŽƉĞƌĂƟǀĞĂŶŬ>ƚĚ͘Ύ ` ϭϬ Ϯ͕ϬϬϬ Ͳ Ϯ͕ϬϬϬ Ͳ >ŽĂŶƐƚŽƌĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ
ϭϴϲ͘ϳϰ ϭϴϬ͘ϰϬ ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϭϱ͘ϭϯ ϭϱ͘Ϭϵ
&ƵůůǇƉĂŝĚƋƵŽƚĞĚĞƋƵŝƚǇŝŶǀĞƐƚŵĞŶƚƐ͗ ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϭϰϭ͘Ϭϰ ϭϯϵ͘ϵϱ
/ŶĚŝĂdŽƵƌŝƐŵĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ` ϭϬ ϲϳ͕ϱϬ͕Ϯϳϱ ϯϬϱ͘ϵϵ ϲϳ͕ϱϬ͕Ϯϳϱ Ϯϳϵ͘ϲϲ ϭϱϲ͘ϭϳ ϭϱϱ͘Ϭϰ
dŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘ ` ϭϬ Ͳ Ͳ ϱϬ͕ϬϬϬ Ϭ͘ϰϭ >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶƐ ϭϰϭ͘Ϭϰ ϭϯϵ͘ϵϱ
;ϱϬ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞǇĞĂƌͿ ϭϱ͘ϭϯ ϭϱ͘Ϭϵ
dƵůŝƉ^ƚĂƌ,ŽƚĞůƐ>ƚĚ͘ ` ϭϬ ϯϱ͕ϴϬϬ Ϭ͘ϭϵ ϯϱ͕ϴϬϬ Ϭ͘ϭϵ
ƐŝĂŶ,ŽƚĞůƐ;EŽƌƚŚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ ;ďͿ ƵƌƌĞŶƚ;ĂƚĂŵŽƌƟƐĞĚĐŽƐƚͿ;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚͿ
ƐŝĂŶ,ŽƚĞůƐ;ĂƐƚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ Loans
ƐŝĂŶ,ŽƚĞůƐ;tĞƐƚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϴ͘ϱϱ ϰϳ͘ϵϲ
/,>ƚĚ͘Ύ ` Ϯ ϯϳ Ͳ ϯϳ Ͳ KƚŚĞƌƐ Ϭ͘ϱϵ ϭ͘Ϭϲ
,ŽƚĞů>ĞĞůĂsĞŶƚƵƌĞ>ƚĚ͘Ύ ` Ϯ Ϯϱ Ͳ Ϯϱ Ͳ ϵ͘ϭϰ ϰϵ͘ϬϮ
'ƌĂǀŝƐƐ,ŽƐƉŝƚĂůŝƚǇ>ƚĚ͘ ` Ϯ ϰ͕ϱϬϬ Ϭ͘Ϭϭ ϰ͕ϱϬϬ Ϭ͘Ϭϭ
ƌĞƐƚsĞŶƚƵƌĞƐ>ƚĚ͘;ϰϮ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞǇĞĂƌͿ ` ϭϬ Ͳ Ͳ ϰϮ͕ϬϬϬ Ϭ͘ϳϱ
,&ĂŶŬ>ƚĚ͘ ` Ϯ Ϯ͕ϱϬϬ Ϭ͘ϰϳ Ϯ͕ϱϬϬ Ϭ͘ϯϲ EŽƚĞϵ͗KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ
dŝŵĞǆ'ƌŽƵƉ/ŶĚŝĂ>ƚĚ͘;ϭ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞǇĞĂƌͿ ` 1 Ͳ Ͳ ϭ͕ϬϬϬ Ϭ͘Ϭϭ
dŝƚĂŶŽŵƉĂŶǇ>ƚĚ͘;ϭϯ͕Ϭϲ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞǇĞĂƌͿ ` 1 ϱ͕ϬϬ͕ϬϬϬ ϰϳ͘Ϭϲ ϭϴ͕Ϭϲ͕ϬϬϬ ϴϯ͘ϯϬ
` crores ` crores
ϯϱϯ͘ϳϮ ϯϲϰ͘ϲϵ
/ŶǀĞƐƚŵĞŶƚŝŶWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ ;ĂͿ EŽŶĐƵƌƌĞŶƚ
ĞŶƚƌĂů/ŶĚŝĂ^ƉŝŶŶŝŶŐtĞĂǀŝŶŐΘDĂŶƵĨĂĐƚƵƌŝŶŐŽŵƉĂŶǇ >ŽŶŐͲƚĞƌŵƐĞĐƵƌŝƚǇĚĞƉŽƐŝƚƐƉůĂĐĞĚĨŽƌŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ
` ϱϬϬ ϱϬ Ͳ ϱϬ Ͳ >ŽŶŐͲƚĞƌŵƐĞĐƵƌŝƚǇĚĞƉŽƐŝƚƐƉůĂĐĞĚĨŽƌŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ ϯϵ͘ϲϱ ϯϲ͘ϴϳ
>ƚĚ͘Ύ;ϭϬйƵŶƋƵŽƚĞĚƵŵƵůĂƟǀĞWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐͿ
/ŶǀĞƐƚŵĞŶƚŝŶKƚŚĞƌƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ ϯϵ͘ϲϱ ϯϲ͘ϴϳ
EĂƟŽŶĂů^ĂǀŝŶŐƐĞƌƟĮĐĂƚĞ Ϭ͘Ϭϭ Ϭ͘Ϭϭ >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϯ͘ϬϬ Ϯ͘ϬϬ
dŽƚĂů/ŶǀĞƐƚŵĞŶƚƐĐĂƌƌǇŝŶŐǀĂůƵĞ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ ϯϳ͘ϲϱ ϯϰ͘ϴϳ
ΎഩsĂůƵĞŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶĚŝǀŝĚƵĂůůǇŝƐůĞƐƐƚŚĂŶ`Ϯϱ͕ϬϬϬ ĞƉŽƐŝƚƐǁŝƚŚWƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ
&ŽŽƚŶŽƚĞƐ͗ ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ Ϭ͘Ϭϵ Ϭ͘Ϭϵ
;ŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϱϯ͘ϳϮ ϯϲϰ͘ϲϵ WƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ Ϯϲ͘ϯϲ ϯϬ͘Ϭϱ
DĂƌŬĞƚǀĂůƵĞŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϱϯ͘ϳϮ ϯϲϰ͘ϲϵ
Ϯϲ͘ϰϱ ϯϬ͘ϭϰ
;ŝŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϭϴϲ͘ϳϱ ϭϴϬ͘ϰϭ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϭ͘ϭϬ Ϭ͘ϯϴ
(ŝŝŝͿdƌĂŶƐĨĞƌŽĨƐŚĂƌĞƐŝƐƌĞƐƚƌŝĐƚĞĚĚƵĞƚŽŽƉƟŽŶŐƌĂŶƚĞĚĨŽƌϭϬǇĞĂƌƐƵƉƚŽ:ƵůǇ͕ϮϬϮϭƚŽdĂƚĂZĞĂůƚǇĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ĨŽƌƌĞƉƵƌĐŚĂƐĞ Ϯϲ͘ϯϱ 29.76
ŽĨƚŚĞƐŚĂƌĞƐĂƚƉĂƌǀĂůƵĞ͘dĂƚĂZĞĂůƚǇĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ŚĂƐĚĞƉŽƐŝƚĞĚĂƐƵŵŽĨ`ϳϭ͘ϭϬĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳ`ϳϭ͘ϭϬĐƌŽƌĞƐͿĂƐ ĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ;ZĞĨĞƌEŽƚĞϭϱͿ ϯ͘ϵϵ ϯ͘ϵϭ
KƉƟŽŶĞƉŽƐŝƚ͕ǁŚŝĐŚƐŚĂůůďĞĂĚũƵƐƚĞĚƵƉŽŶĞǆĞƌĐŝƐĞŽĨƚŚĞŽƉƟŽŶŽƌƌĞĨƵŶĚĞĚ͘ /ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ Ͳ Ͳ
;ŝǀͿdŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϰ;ďͿ͘ Others ϭ͘ϵϱ ϯ͘Ϭϵ
;ǀͿ &ŽƌƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͕ĐŽƐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞ ϲϵ͘ϵϰ ϳϭ͘ϲϯ
ŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶƚŚĂƚƌĂŶŐĞ͘

EŽƚĞϵ͗KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ EŽƚĞϭϬ͗ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐ;ŶĞƚͿ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
;ďͿ ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐ͗
` crores ` crores WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ϰϱϯ͘ϭϳ ϰϱϯ͘ϳϮ
;ďͿ ƵƌƌĞŶƚ hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ Ϭ͘ϰϱ Ϭ͘ϯϯ
ĞƉŽƐŝƚǁŝƚŚƉƵďůŝĐďŽĚŝĞƐĂŶĚŽƚŚĞƌƐ &ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϬ͘ϴϵ ϭϱ͘ϵϰ
hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚǇƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ Ͳ ϯ͘ϳϬ
ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ Ͳ ϭ͘Ϯϯ dŽƚĂů;Ϳ ϰϳϰ͘ϱϭ ϰϳϯ͘ϲϵ
WƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ ϭϱ͘Ϯϵ ϭϬ͘ϬϮ ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐ͗
ϭϱ͘Ϯϵ ϭϭ͘Ϯϱ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ ϳ͘ϲϲ ϰ͘ϰϭ
WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽǇĞĞďĞŶĞĮƚƐ Ϯϴ͘ϱϵ Ϯϳ͘ϳϱ
KƚŚĞƌĂĚǀĂŶĐĞƐ DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚ ϯϯ͘ϱϳ ϳϳ͘ϲϲ
ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϵ͘Ϯϯ ϭϭ͘ϳϭ ZĞǁĂƌĚWŽŝŶƚƐ ϭϯ͘Ϯϳ ϭϳ͘ϵϬ
WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ Ϯϲ͘ϱϭ Ϯϭ͘ϭϮ
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϱ͘Ϭϳ ϯ͘ϯϳ
KƚŚĞƌƐ ϴ͘ϲϭ ϳ͘ϲϬ
ϭϰ͘ϯϬ ϭϱ͘Ϭϴ dŽƚĂů;Ϳ ϭϭϴ͘Ϯϭ ϭϱϲ͘ϰϰ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂĚǀĂŶĐĞƐ ϱ͘Ϭϳ ϯ͘ϯϳ EĞƚĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐ;ͲͿ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝͿ ϯϱϲ͘ϯϬ ϯϭϳ͘Ϯϱ
&ŽŽƚŶŽƚĞƐ͗
ϵ͘Ϯϯ ϭϭ͘ϳϭ
;ŝͿ ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐĂŶĚĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐŽĨĞŶƟƟĞƐǁŝƚŚŝŶƚŚĞŐƌŽƵƉŚĂǀĞďĞĞŶŽīƐĞƚĂƐƚŚĞǇƌĞůĂƚĞƚŽƚŚĞƐĂŵĞŐŽǀĞƌŶŝŶŐƚĂǆĂƟŽŶůĂǁƐ͘
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ ;ŝŝͿ &ŽƌƚŚĞŵŽǀĞŵĞŶƚŝŶĚĞĨĞƌƌĞĚƚĂǆďĂůĂŶĐĞƐ͕ZĞĨĞƌEŽƚĞϯϳ͘
ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϭ͘ϯϴ Ϯ͘ϰϬ
EŽƚĞϭϭ͗KƚŚĞƌĂƐƐĞƚƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
KƚŚĞƌƐ ϯ͘ϭϳ ϭ͘ϳϯ ` crores ` crores
ϰ͘ϱϱ ϰ͘ϭϯ ;ĂͿ EŽŶĐƵƌƌĞŶƚ
KƚŚĞƌƌĞĐĞŝǀĂďůĞ ĂƉŝƚĂůĂĚǀĂŶĐĞƐ ϭϴ͘ϯϴ Ϯϱ͘ϳϬ
Prepaid expenses ϭϭϳ͘ϲϲ ϭϭϰ͘Ϯϭ
ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϳϬ͘ϰϰ ϲϯ͘ϴϱ ĞƉŽƐŝƚƐǁŝƚŚŐŽǀĞƌŶŵĞŶƚĂƵƚŚŽƌŝƟĞƐ ϵϴ͘ϰϴ ϱϳ͘Ϯϳ
KƚŚĞƌƐ ϭϱ͘ϰϳ ϭϳ͘ϳϭ /ŶĐĞŶƟǀĞƌĞĐĞŝǀĂďůĞƐ ϵϲ͘ϯϴ ϭϬϳ͘ϰϭ
ϴϱ͘ϵϭ ϴϭ͘ϱϲ KƚŚĞƌƐ ϳ͘ϱϭ ϳ͘ϴϴ
ϯϯϴ͘ϰϭ ϯϭϮ͘ϰϳ
ϭϭϰ͘ϵϴ ϭϬϴ͘ϲϱ ;ďͿ ƵƌƌĞŶƚ
Prepaid expenses ϱϱ͘Ϭϴ ϰϯ͘ϯϬ
EŽƚĞϭϬ͗ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐ;ŶĞƚͿ Indirect tax recoverable ϰ͘ϱϰ ϭϱ͘ϭϬ
Advances to suppliers ϭϱ͘ϲϭ ϭϲ͘ϲϵ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ >ŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐƚŽĞŵƉůŽǇĞĞ ϯ͘ϯϭ Ϯ͘ϵϳ
` crores ` crores /ŶĐĞŶƟǀĞƌĞĐĞŝǀĂďůĞƐ ϭ͘ϰϵ Ͳ
;ĂͿ ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐ͗ KƚŚĞƌƐ Ϭ͘Ϯϱ Ϭ͘Ϯϱ
ϴϬ͘Ϯϴ ϳϴ͘ϯϭ
ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ Ϭ͘ϰϰ Ϭ͘Ϭϰ
WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽǇĞĞďĞŶĞĮƚƐ ϯ͘ϯϲ Ϭ͘ϭϱ EŽƚĞϭϮ͗/ŶǀĞŶƚŽƌŝĞƐ;ƚůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞͿ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
hŶƵƐĞĚƚĂǆůŽƐƐĞƐ;ƵƐŝŶĞƐƐͿ ϲϮ͘ϱϲ ϯϰ͘ϭϴ ` crores ` crores
&ŽŽĚĂŶĚĞǀĞƌĂŐĞƐ ϰϭ͘ϲϭ ϯϵ͘ϲϳ
DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚ ϭϲ͘ϯϵ Ϭ͘ϯϳ ^ƚŽƌĞƐĂŶĚKƉĞƌĂƟŶŐ^ƵƉƉůŝĞƐ ϰϰ͘ϭϭ ϰϬ͘ϳϳ
KƚŚĞƌƐ ϯ͘ϳϭ ϭ͘Ϭϯ ϴϱ͘ϳϮ ϴϬ͘ϰϰ
dŽƚĂů;Ϳ ϴϲ͘ϰϲ ϯϱ͘ϳϳ
EŽƚĞϭϯ͗dƌĂĚĞZĞĐĞŝǀĂďůĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐ͗ ` crores ` crores
WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ Ϯϱ͘ϵϬ Ϭ͘ϱϲ ;hŶƐĞĐƵƌĞĚͿ;ZĞĨĞƌEŽƚĞϰϬĨŽƌZĞůĂƚĞĚWĂƌƚǇŝƐĐůŽƐƵƌĞƐͿ
hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚǇƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ
ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ Ϭ͘ϰϮ Ͳ ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů Ϯϱ͘ϲϲ ϭϯ͘ϵϳ
ϯϱϰ͘ϮϮ Ϯϴϲ͘Ϭϯ
dŽƚĂů;Ϳ Ϯϲ͘ϯϮ 0.56 >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞƐ Ϯϱ͘ϲϲ ϭϯ͘ϵϳ
EĞƚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐ;ͲͿ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝͿ ϲϬ͘ϭϰ ϯϱ͘Ϯϭ ϯϮϴ͘ϱϲ 272.06
&ŽŽƚŶŽƚĞ͗
&ŽŽƚŶŽƚĞƐ͗
ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞƐ
;ŝͿ ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐŽĨĞŶƟƟĞƐǁŝƚŚŝŶƚŚĞŐƌŽƵƉŚĂǀĞďĞĞŶŽīƐĞƚĂƐƚŚĞǇƌĞůĂƚĞƚŽƚŚĞƐĂŵĞŐŽǀĞƌŶŝŶŐ KƉĞŶŝŶŐďĂůĂŶĐĞ ϭϯ͘ϵϳ ϭϯ͘Ϭϭ
ƚĂǆĂƟŽŶůĂǁƐ͘ ĚĚ͗ůůŽǁĂŶĐĞĚƵƌŝŶŐƚŚĞǇĞĂƌ ϭϱ͘ϰϵ Ϯ͘ϵϯ
Ϯϵ͘ϰϲ ϭϱ͘ϵϰ
;ŝŝͿ &ŽƌƚŚĞŵŽǀĞŵĞŶƚŝŶĚĞĨĞƌƌĞĚƚĂǆďĂůĂŶĐĞƐ͕ZĞĨĞƌEŽƚĞϯϳ͘ >ĞƐƐ͗ĂĚĚĞďƚƐǁƌŝƩĞŶŽīͬƌĞǀĞƌƐĞĚŶŽůŽŶŐĞƌƌĞƋƵŝƌĞĚ ;ϯ͘ϴϬͿ ;ϭ͘ϵϳͿ
ůŽƐŝŶŐďĂůĂŶĐĞ 25.66 ϭϯ͘ϵϳ

EŽƚĞϭϰ͗ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ &ŽŽƚŶŽƚĞƐ͗
;ŝͿ dŚĞŽŵƉĂŶǇŚĂƐŽŶĞĐůĂƐƐŽĨĞƋƵŝƚǇƐŚĂƌĞƐŚĂǀŝŶŐĂƉĂƌǀĂůƵĞŽĨ`ϭƉĞƌƐŚĂƌĞ͘ĂĐŚƐŚĂƌĞŚŽůĚĞƌŝƐĞůŝŐŝďůĞĨŽƌŽŶĞǀŽƚĞ
` crores ` crores ƉĞƌ ƐŚĂƌĞ ŚĞůĚ͘ dŚĞ ĚŝǀŝĚĞŶĚ ƉƌŽƉŽƐĞĚ ďǇ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŝŶ ƚŚĞ
ĞŶƐƵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͕ĞǆĐĞƉƚŝŶĐĂƐĞŽĨŝŶƚĞƌŝŵĚŝǀŝĚĞŶĚ͘/ŶƚŚĞĞǀĞŶƚŽĨůŝƋƵŝĚĂƚŝŽŶ͕ƚŚĞĞƋƵŝƚǇƐŚĂƌĞŚŽůĚĞƌƐĂƌĞ
ĂƐŚŽŶŚĂŶĚ ϰ͘ϮϮ ϯ͘ϯϬ ĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƚŚĞƌĞŵĂŝŶŝŶŐĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶǇĂĨƚĞƌĚŝƐƚƌŝďƵƚŝŽŶŽĨĂůůƉƌĞĨĞƌĞŶƚŝĂůĂŵŽƵŶƚƐ͕ŝŶƉƌŽƉŽƌƚŝŽŶƚŽƚŚĞŝƌ
ŚĞƋƵĞƐ͕ĚƌĂŌƐŽŶŚĂŶĚƐ ϭϳ͘ϭϵ ϯ͘ϵϰ ƐŚĂƌĞŚŽůĚŝŶŐ͘
ĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐŝŶĐƵƌƌĞŶƚĂĐĐŽƵŶƚ ϭϮϬ͘Ϭϲ ϭϭϵ͘ϰϳ
;ŝŝͿ KŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞŽŵƉĂŶǇĂůůŽƚƚĞĚϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬƋƵŝƚǇ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ`ϭĞĂĐŚĨŽƌĐĂƐŚ͕ĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌ
ĂůĂŶĐĞƐǁŝƚŚďĂŶŬŝŶĐĂůůĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ ĞƋƵŝƚǇƐŚĂƌĞ;ŝŶĐůƵĚŝŶŐĂƉƌĞŵŝƵŵŽĨ`ϳϰƉĞƌƐŚĂƌĞͿ͕ĂŐŐƌĞŐĂƚŝŶŐƚŽ`ϭϰϵϵ͘ϴϴĐƌŽƌĞƐƚŽƚŚĞĞǆŝƐƚŝŶŐƐŚĂƌĞŚŽůĚĞƌƐŽŶĂ͞ƌŝŐŚƚƐ͟
ϲϲ͘ϯϳ ϭϰ͘ϲϬ
;ŽƌŝŐŝŶĂůŵĂƚƵƌŝƚǇůĞƐƐƚŚĂŶϯŵŽŶƚŚƐͿ ďĂƐŝƐŝŶƚŚĞƌĂƚŝŽŽĨϭƋƵŝƚǇ^ŚĂƌĞĨŽƌĞǀĞƌǇϱĞƋƵŝƚǇƐŚĂƌĞƐŚĞůĚďǇĞƋƵŝƚǇƐŚĂƌĞŚŽůĚĞƌƐ͘
ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ
;ŝŝŝͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĂƚƚŚĞĞŶĚŽĨƚŚĞǇĞĂƌ
EŽƚĞϭϱ͗KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ No. of shares ` crores EŽ͘ŽĨƐŚĂƌĞƐ ` crores

` crores ` crores ƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ
ĂůůĂŶĚ^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ ϰϰ͘ϱϴ ϯϯ͘ϯϬ ĚĚ͗^ŚĂƌĞƐŝƐƐƵĞĚŽŶZŝŐŚƚƐďĂƐŝƐ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ϮϬ͘ϬϬ Ͳ Ͳ
ĞƉŽƐŝƚƐƉůĞĚŐĞĚǁŝƚŚŽƚŚĞƌƐ Ϭ͘ϲϱ Ϭ͘ϲϮ
ƐĂƚƚŚĞĞŶĚŽĨƚŚĞǇĞĂƌ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϭϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ
Margin money deposits ϳ͘ϴϲ ϳ͘ϲϵ
ĂƌŵĂƌŬĞĚďĂůĂŶĐĞƐΎ ϭϯ͘ϯϴ ϲϴ͘Ϭϱ ;ŝǀͿ ^ŚĂƌĞŚŽůĚĞƌƐŚŽůĚŝŶŐŵŽƌĞƚŚĂŶϱйƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶǇ͗
ϲϲ͘ϰϳ ϭϬϵ͘ϲϲ
>ĞƐƐ ͗ dĞƌŵ ĚĞƉŽƐŝƚ ǁŝƚŚ ďĂŶŬƐ ŵĂƚƵƌŝŶŐ ĂŌĞƌ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ
ĂŶĚ ŽƚŚĞƌ ĞĂƌŵĂƌŬĞĚ ͬ ŵĂƌŐŝŶ ŵŽŶĞǇ ͬ ƉůĞĚŐĞĚ ĚĞƉŽƐŝƚƐ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĐƵƌƌĞŶƚ ϯ͘ϵϵ ϯ͘ϵϭ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ
͚KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚ͛;ZĞĨĞƌEŽƚĞϵ;ĂͿͿ ƋƵŝƚǇƐŚĂƌĞŽĨ`ϭĞĂĐŚĨƵůůǇƉĂŝĚ
ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ
>ŝĨĞ/ŶƐƵƌĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ ϴ͕ϵϬ͕ϮϮ͕ϳϮϮ ϵ͘ϬϬ
ΎഩĂƌŵĂƌŬĞĚďĂůĂŶĐĞŝŶƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌŝŶĐůƵĚĞƐĐĂƐŚŚĞůĚŝŶĞƐĐƌŽǁĂŐŐƌĞŐĂƟŶŐƚŽ`ϲϬ͘ϬϴĐƌŽƌĞƐ;Ψϵ͘ϯϴŵŝůůŝŽŶͿĂƌŝƐŝŶŐŽƵƚŽĨƉƌŽĐĞĞĚƐĨƌŽŵ ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ Ͳ Ͳ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ
ƐĂůĞŽĨdĂũŽƐƚŽŶŚŽƚĞůďǇĂǁŚŽůůǇŽǁŶĞĚƐƵďƐŝĚŝĂƌǇǁŚŝĐŚĐŽƵůĚŽŶůǇďĞĚƌĂǁŶŽŶĂŶĚĂŌĞƌ:ĂŶƵĂƌǇϭϮ͕ϮϬϭϴ͘ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞ'ƌŽƵƉ
ǁŝƚŚĚƌĞǁ`ϱϯ͘ϴϯĐƌŽƌĞƐ;Ψϴ͘ϯϭŵŝůůŝŽŶͿĨƌŽŵƚŚĞĞƐĐƌŽǁ͘KŶƉƌŝůϯ͕ϮϬϭϴ͕ƚŚĞ'ƌŽƵƉǁŝƚŚĚƌĞǁƚŚĞƌĞŵĂŝŶŝŶŐďĂůĂŶĐĞĨƌŽŵƚŚĞĞƐĐƌŽǁ͘ ZĞůŝĂŶĐĞĂƉŝƚĂůdƌƵƐƚĞĞŽŵƉĂŶǇ>ŝŵŝƚĞĚ ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ ϳ͕ϬϮ͕ϯϲ͕ϵϰϴ ϳ͘ϭϬ
EŽƚĞϭϲ͗ƋƵŝƚǇ^ŚĂƌĞĐĂƉŝƚĂů ;ǀͿ ϰϵ͕ϬϮϳ;DĂƌĐŚϯϭ͕ϮϬϭϳͲϯϯ͕ϰϱϳͿƋƵŝƚǇ^ŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚďƵƚŶŽƚƐƵďƐĐƌŝďĞĚƚŽĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƐƉĞĐƟǀĞǇĞĂƌƐĂŶĚŚĂǀĞďĞĞŶ

ŬĞƉƚŝŶĂďĞǇĂŶĐĞƉĞŶĚŝŶŐƌĞƐŽůƵƟŽŶŽĨůĞŐĂůĚŝƐƉƵƚĞ͘
` crores ` crores ;ǀŝͿ ŐŐƌĞŐĂƚĞ ŶƵŵďĞƌ ĂŶĚ ĐůĂƐƐ ŽĨ ƐŚĂƌĞƐ ĂůůŽƚƚĞĚ ĂƐ ĨƵůůǇ ƉĂŝĚ ƵƉ ƉƵƌƐƵĂŶƚ ƚŽ ĐŽŶƚƌĂĐƚ;ƐͿ ǁŝƚŚŽƵƚ ƉĂǇŵĞŶƚ ďĞŝŶŐ ƌĞĐĞŝǀĞĚ
Authorised share capital ŝŶ ĐĂƐŚ͕ ďŽŶƵƐ ƐŚĂƌĞƐ ĂŶĚ ƐŚĂƌĞƐ ďŽƵŐŚƚ ďĂĐŬ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ϱ ǇĞĂƌƐ ŝŵŵĞĚŝĂƚĞůǇ ƉƌĞĐĞĚŝŶŐ ƚŚĞ ďĂůĂŶĐĞ ƐŚĞĞƚ ĚĂƚĞ Eŝů
;DĂƌĐŚϯϭ͕ϮϬϭϳͲEŝůͿ
ϮϬϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚǇ^ŚĂƌĞƐŽĨ` 1 each ϮϬϬ͘ϬϬ ϮϬϬ͘ϬϬ
200.00 200.00 ;ǀŝŝͿƋƵŝƚǇ^ŚĂƌĞƐŚĞůĚďǇĂƐƐŽĐŝĂƚĞƐ͗
Issued share capital
ϭϭϴ͕ϵϯ͕Ϭϳ͕ϰϳϮ;WƌĞǀŝŽƵƐǇĞĂƌͲϵϴ͕ϵϯ͕Ϭϳ͕ϰϳϮͿƋƵŝƚǇ^ŚĂƌĞƐŽĨ` 1 each ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ
ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ ƋƵŝƚǇƐŚĂƌĞƐŽĨ`ϭĞĂĐŚĨƵůůǇƉĂŝĚ

KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ
Subscribed and paid up dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ
ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ;WƌĞǀŝŽƵƐzĞĂƌͲϵϴ͕ϵϮ͕ϳϰ͕ϬϭϱͿƋƵŝƚǇ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ͕&ƵůůǇWĂŝĚ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ
ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ
;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿ͕;ŝŝŝͿΘ;ǀͿͿ
ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ

EŽƚĞϭϳ͗KƚŚĞƌĞƋƵŝƚǇ EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ
` crores ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ĂͿ ZĞƐĞƌǀĞƐĂŶĚƐƵƌƉůƵƐ ` crores ` crores
ĂƉŝƚĂůZĞƐĞƌǀĞ ;ĂͿ EŽŶĐƵƌƌĞŶƚ
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϰϯ͘ϵϭ ϰϯ͘ϵϭ
ĂƉŝƚĂůZĞƐĞƌǀĞŽŶŽŶƐŽůŝĚĂƟŽŶ Debentures
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϭϭϰ͘ϰϮ ϭϭϰ͘ϰϮ EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ
^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵZĞƐĞƌǀĞ
KƉĞŶŝŶŐĂůĂŶĐĞ ϭ͕ϮϯϬ͘ϲϱ ϭ͕ϮϯϬ͘ϲϱ ^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ ϭ͕Ϭϰϯ͘ϴϲ ϭ͕Ϭϰϯ͘ϲϱ
ĚĚ͗WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϳϵ͘ϴϴ Ͳ hŶƐĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ϲϴϱ͘ϵϳ ϳϯϵ͘ϲϬ
>ĞƐƐ͗/ƐƐƵĞĞǆƉĞŶƐĞƐǁƌŝƩĞŶŽī ;ϴ͘ϰϱͿ Ͳ
ůŽƐŝŶŐĂůĂŶĐĞ Ϯ͕ϳϬϮ͘Ϭϴ ϭ͕ϮϯϬ͘ϲϱ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϳϴϯ͘Ϯϱ
Term loans
KƚŚĞƌZĞƐĞƌǀĞƐ
ĂƉŝƚĂůZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ From Banks
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϭϬ͘ϱϵ ϭϬ͘ϱϵ
^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ ϲϰϮ͘ϰϰ ϱϳϴ͘ϰϱ
ZĞƐĞƌǀĞ&ƵŶĚ;/ŶƚĞƌŵƐŽĨ^ĞĐƟŽŶϰϱͲ/ŽĨƚŚĞZĞƐĞƌǀĞĂŶŬŽĨ/ŶĚŝĂĐƚ͕ϭϵϯϰͿ
KƉĞŶŝŶŐĂůĂŶĐĞ ϰϮ͘ϰϮ ϰϮ͘ϰϮ hŶƐĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀŝͿ ϱϬ͘ϬϬ Ϯϱϰ͘ϰϬ
>ĞƐƐ͗dƌĂŶƐĨĞƌƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿďĞůŽǁͿ ;ϰϮ͘ϰϮͿ Ͳ ϲϵϮ͘ϰϰ ϴϯϮ͘ϴϱ
ůŽƐŝŶŐĂůĂŶĐĞ Ͳ ϰϮ͘ϰϮ
ĞďĞŶƚƵƌĞZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ &ƌŽŵKƚŚĞƌƉĂƌƟĞƐ
KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϯϬϱ͘ϵϳ ϯϬϱ͘ϵϳ ^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀͿ Ͳ ϳϰϴ͘ϰϱ
KƚŚĞƌZĞƐĞƌǀĞ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿďĞůŽǁͿ
KƉĞŶŝŶŐĂůĂŶĐĞ Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ
ĚĚ͗/ƐƐƵĞĞǆƉĞŶƐĞƐŝŶĂƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶǇ ;ϯ͘ϴϵͿ Ͳ ϲϵϮ͘ϰϰ ϭ͕ϱϴϭ͘ϯϬ
ůŽƐŝŶŐĂůĂŶĐĞ ;ϯ͘ϴϵͿ Ͳ
ϯϭϮ͘ϲϳ ϯϱϴ͘ϵϴ
'ĞŶĞƌĂůZĞƐĞƌǀĞ Others Ϭ͘ϭϲ Ϭ͘Ϯϳ
KƉĞŶŝŶŐĂůĂŶĐĞ ϱϲϭ͘ϵϴ ϱϵϲ͘Ϭϰ
>ĞƐƐ͗ŝǀŝĚĞŶĚ Ͳ ;Ϯϵ͘ϲϴͿ
>ĞƐƐ͗dĂǆŽŶŝǀŝĚĞŶĚ Ͳ ;ϰ͘ϯϴͿ Total Ϯ͕ϰϮϮ͘ϰϯ ϯ͕ϯϲϰ͘ϴϮ
ůŽƐŝŶŐĂůĂŶĐĞ ϱϲϭ͘ϵϴ ϱϲϭ͘ϵϴ
Retained Earnings
KƉĞŶŝŶŐĂůĂŶĐĞ ;ϭϵϯ͘ϲϯͿ ;ϭϭ͘ϯϴͿ >ĞƐƐ͗ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨ>ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϵϯ͘ϮϮ ϱϳϰ͘ϵϲ
ĚĚ͗WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞǇĞĂƌ ϭϬϬ͘ϴϳ ;ϲϯ͘ϮϬͿ ;ƐŚŽǁŶƵŶĚĞƌKƚŚĞƌĐƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ
ĚĚ͗dƌĂŶƐĨĞƌĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚ ϰϮ͘ϰϮ Ͳ
>ĞƐƐ͗&ŝŶĂůŝǀŝĚĞŶĚ ;ϯϰ͘ϲϮͿ Ͳ
>ĞƐƐ͗dĂǆŽŶŝǀŝĚĞŶĚ ;ϳ͘ϲϯͿ Ͳ dŽƚĂůŶŽŶĐƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ Ϯ͕ϯϮϵ͘Ϯϭ Ϯ͕ϳϴϵ͘ϴϲ
ĚĚͬ;>ĞƐƐͿ͗ZĞĂůŝƐĞĚŐĂŝŶͬ;ůŽƐƐͿŽŶĞƋƵŝƚǇƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌ
ϰϮ͘ϴϰ ;ϭϮϯ͘ϮϴͿ
comprehensive income
ĚĚͬ;>ĞƐƐͿ͗ZĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚĞŵƉůŽǇŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶ;ŝƚĞŵŽĨŽƚŚĞƌ ;ďͿ ƵƌƌĞŶƚ
;ϭϬ͘ϴϳͿ ϳ͘Ϯϯ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůǇŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͿ Loans repayable on demand
ĚĚͬ;>ĞƐƐͿ͗dĂǆŽŶƌĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚĞŵƉůŽǇŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϯ͘ϳϲ ;ϯ͘ϬϬͿ
ůŽƐŝŶŐĂůĂŶĐĞ ;ϱϲ͘ϴϲͿ ;ϭϵϯ͘ϲϯͿ From Bank
Total ϯ͕ϲϳϴ͘ϮϬ Ϯ͕ϭϭϲ͘ϯϭ ^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀŝŝͿ Ͳ ϳ͘ϯϭ

Unsecured Ͳ ϯ͘ϴϱ
ďͿ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
;ZĞĨĞƌ^ƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚǇĨŽƌƚŚĞƌĞĐůĂƐƐŝĮĐĂƟŽŶĂĚũƵƐƚŵĞŶƚƐƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͿ
ƋƵŝƚǇ/ŶƐƚƌƵŵĞŶƚƐĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϯϭϴ͘ϴϲ Ϯϵϱ͘ϵϲ Ͳ ϭϭ͘ϭϲ
ǆĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƟŶŐƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐ ϲϱ͘ϭϭ ϲ͘ϰϵ
ϯϴϯ͘ϵϳ ϯϬϮ͘ϰϱ KƚŚĞƌƐŚŽƌƚͲƚĞƌŵůŽĂŶƐ
ϰ͕ϬϲϮ͘ϭϳ Ϯ͕ϰϭϴ͘ϳϲ &ƌŽŵZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ
&ŽŽƚŶŽƚĞ͗
hŶƐĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀŝŝŝͿ ϱ͘ϬϬ ϳ͘ϬϬ
;ŝͿ ^ƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞƌŐĞƌŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ;ĂǁŚŽůůǇŽǁŶĞĚƐƵďƐŝĚŝĂƌǇͿ͕ƚŚĞŽŵƉĂŶǇŚĂƐƚƌĂŶƐĨĞƌĞĚ`ϰϮ͘ϰϮĐƌŽƌĞƐĨƌŽŵ
ZĞƐĞƌǀĞ&ƵŶĚƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐĚƵƌŝŶŐƚŚĞǇĞĂƌ͘d/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚǁĂƐĂEŽŶͲĂŶŬŝŶŐ&ŝŶĂŶĐŝĂůŽŵƉĂŶǇ;E&ͿĂŶĚŚĂĚĮůĞĚ 5.00 7.00
ŝŶƟŵĂƟŽŶǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇĂƵƚŚŽƌŝƚǇĨŽƌƐƵƌƌĞŶĚĞƌŽĨƚŚĞE&ůŝĐĞŶĐĞ͘
;ŝŝͿ dŚĞƐĞĞǆƉĞŶƐĞƐƌĞůĂƚĞƐƚŽƐŚĂƌĞŝƐƐƵĞĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇŽŶĞŽĨŝƚƐƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶǇĂŶĚŚĂƐďĞĞŶĚŝƌĞĐƚůǇƌĞĐŽŐŶŝƐĞĚĂƐ͞KƚŚĞƌ dŽƚĂůĐƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ 5.00 ϭϴ͘ϭϲ
ZĞƐĞƌǀĞ͟ƵŶĚĞƌ͞KƚŚĞƌƋƵŝƚǇ͟ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/E^ϯϮ͗&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐWƌĞƐĞŶƚĂƟŽŶ

EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ
&ŽŽƚŶŽƚĞƐ͗ ;ŝŝŝͿ EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͲƵŶƐĞĐƵƌĞĚŝŶĐůƵĚĞ͗
;ŝͿ ĞƚĂŝůƐŽĨďŽƌƌŽǁŝŶŐƐĂƐĂƚ͗ ĂͿ Ϯ͕ϬϬϬ͕ϳ͘ϴϱйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶƉƌŝůϮϬ͕ϮϬϭϳĂƌĞ
īĞĐƟǀĞ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƌĞƉĂǇĂďůĞŽŶƉƌŝůϮϬ͕ϮϬϮϬ͕ŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϯƌĚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘
Rate of Maturity Face ŵŽƌƟƐĞĚ &ĂĐĞ ŵŽƌƟƐĞĚ
Interest ďͿ Ϯ͕ϱϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶĞĐĞŵďĞƌϵ͕ϮϬϬϵĂƌĞ
ǀĂůƵĞ cost value cost
ƌĞƉĂǇĂďůĞŽŶĞĐĞŵďĞƌϵ͕ϮϬϭϵŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨƚŚĞϭϬƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͕ĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵŽĨ
;йͿ ` crores ` crores ` crores ` crores
`ϭϮ͘ϰϯůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘
Debentures
EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ;EƐͿ ĐͿ Ϯ͕ϬϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƚŝďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƚŝŶŐ`ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƚƚĞĚŽŶƉƌŝůϮϯ͕ϮϬϭϮ
ĂƌĞƌĞƉĂǇĂďůĞŽŶƉƌŝůϮϯ͕ϮϬϭϳ͕ŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨƚŚĞϱƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƚŝŽŶƉƌĞŵŝƵŵ
Secured
ŽĨ`ϰ͘ϳϭůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞĐŽŵƉĂŶǇŚĂƐƌĞƉĂŝĚƚŚĞƐĞĚĞďĞŶƚƵƌĞŽŶƚŚĞĚƵĞĚĂƚĞ͘
ϳ͘ϴϱйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ Ɖƌŝůϭϱ͕ϮϬϮϮ ϰϵϱ͘ϬϬ ϰϵϯ͘ϴϲ ϰϵϱ͘ϬϬ ϰϵϯ͘ϲϱ
ϭϬ͘ϭϬйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϭϬ͘ϭϬ EŽǀĞŵďĞƌϭϴ͕ϮϬϮϭ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ;ŝǀͿ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ;^ĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗
ϵ͘ϵϱйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϵ͘ϵϱ :ƵůǇϮϳ͕ϮϬϮϭ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ĂͿ ZŽŽƚƐŽƌƉŽƌĂƚŝŽŶ>ŝŵŝƚĞĚ;Z>Ϳ͕ĂĚŽŵĞƐƚŝĐƐƵďƐŝĚŝĂƌǇŽĨƚŚĞŽŵƉĂŶǇĂǀĂŝůĞĚĂƚĞƌŵůŽĂŶĨĂĐŝůŝƚǇŽĨ`ϳϱĐƌŽƌĞƐĨƌŽŵ
ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϴϲ ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϲϱ ĂďĂŶŬŽŶDĂƌĐŚϯϬ͕ϮϬϭϱ;ďĂůĂŶĐĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ`ϲϵĐƌŽƌĞƐͿ͕ĐĂƌƌǇŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞŽĨϭϬйƉĞƌ
Unsecured ĂŶŶƵŵ ƉĂǇĂďůĞ Ăƚ ŵŽŶƚŚůǇ ƌĞƐƚƐ͘ dŚŝƐ ůŽĂŶ ŝƐ ƌĞƉĂǇĂďůĞ ŝŶ ϰ ĞƋƵĂů ƋƵĂƌƚĞƌůǇ ŝŶƐƚĂůŵĞŶƚƐ ŽĨ ϴй͕ ϭϲй͕ ϮϬй͕ Ϯϲй ĂŶĚ
ϳ͘ϴϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ ƉƌŝůϮϬ͕ϮϬϮϬ ϮϬϬ͘ϬϬ ϭϵϵ͘ϳϳ Ͳ Ͳ ϯϬйŽĨƚŚĞůŽĂŶĂŵŽƵŶƚƐƚĂƌƚŝŶŐĨƌŽŵƚŚĞϯƌĚǇĞĂƌƚŝůůƚŚĞϳƚŚǇĞĂƌ͘Z>ŚĂƐĐƌĞĂƚĞĚĂĐŚĂƌŐĞŝŶƉƌŝůϮϬϭϲďǇǁĂǇŽĨ
ϮйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϵ͘ϴϲ ĞĐĞŵďĞƌϵ͕ϮϬϭϵ ϮϱϬ͘ϬϬ ϰϴϲ͘ϮϬ ϮϱϬ͘ϬϬ ϰϰϲ͘ϴϳ ŚǇƉŽƚŚĞĐĂƚŝŽŶ ŽĨ ŵŽǀĞĂďůĞ ĂƐƐĞƚƐ ƚŚĞƌĞŝŶ ĂŶĚ ŵŽƌƚŐĂŐĞ ŽĨ ϰ ŚŽƚĞů ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ƉƌŽƉĞƌƚǇ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚƐ
ϮйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϵ͘ϳϲ ƉƌŝůϮϯ͕ϮϬϭϳ Ͳ Ͳ ϮϬϬ͘ϬϬ ϮϵϮ͘ϳϯ ĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͘
ϰϱϬ͘ϬϬ ϲϴϱ͘ϵϳ ϰϱϬ͘ϬϬ ϳϯϵ͘ϲϬ &ƵƌƚŚĞƌ͕ůŽĂŶŽĨ`ϭϮĐƌŽƌĞƐ;ďĂůĂŶĐĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ`ϳ͘ϮϬĐƌŽƌĞƐͿĐĂƌƌǇŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞŽĨϵ͘ϮϱйƉĞƌĂŶŶƵŵ
ƉĂǇĂďůĞĂƚŵŽŶƚŚůǇƌĞƐƚƐŝƐƌĞƉĂǇĂďůĞŝŶĞƋƵĂůƋƵĂƌƚĞƌůǇŝŶƐƚĂůŵĞŶƚƐŽĨ`ϭ͘ϮϬĐƌŽƌĞƐĞŶĚŝŶŐŝŶDĂǇϮϬϭϵ͘dŚĞ>ŽĂŶŝƐƐĞĐƵƌĞĚďǇ
ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϴϯ͘Ϯϱ ǁĂǇŽĨŚǇƉŽƚŚĞĐĂƟŽŶŽĨĐĞƌƚĂŝŶŚŽƚĞůƉƌŽƉĞƌƟĞƐŽĨZ>͘
ƵƌŝŶŐƚŚĞǇĞĂƌ͕ĂĨƌĞƐŚůŽĂŶŽĨ`ϱϬĐƌŽƌĞƐǁĂƐŽďƚĂŝŶĞĚǁŚŝĐŚĐĂƌƌŝĞƐŝŶƚĞƌĞƐƚŽĨϴ͘ϮϬйƉĞƌĂŶŶƵŵƉĂǇĂďůĞĂƚŵŽŶƚŚůǇƌĞƐƚ͘dŚĞ
Term loan from banks
ůŽĂŶŝƐƉĂǇĂďůĞŝŶϭϮĞƋƵĂůƋƵĂƌƚĞƌůǇŝŶƐƚĂůŵĞŶƚƐŽĨ`ϭĐƌŽƌĞĂŶĚϭϲƋƵĂƌƚĞƌůǇŝŶƐƚĂůŵĞŶƚƐŽĨ`ϯĐƌŽƌĞĞĂĐŚ͘Z>ŝƐŝŶƚŚĞƉƌŽĐĞƐƐ
Secured Ͳ ϲϰϮ͘ϰϰ Ͳ ϱϳϴ͘ϰϱ ŽĨĐŽŵƉůĞƟŶŐŝƚƐŵŽƌƚŐĂŐĞĨŽƌŵĂůŝƟĞƐĂŐĂŝŶƐƚƚŚĞƐĂŝĚůŽĂŶ͘
Unsecured Ͳ ϱϬ͘ϬϬ Ͳ Ϯϱϰ͘ϰϬ
ďͿ ^ƚ:ĂŵĞƐŽƵƌƚ,ŽƚĞůƐ>ŝŵŝƚĞĚ͕ĂŶŽǀĞƌƐĞĂƐƐƵďƐŝĚŝĂƌǇŽĨƚŚĞĐŽŵƉĂŶǇ͕ŚĂĚƵŶĚĞƌƚĂŬĞŶĂŶĞǁůŽĂŶŽĨάϰϰ͘ϱŵŝůůŝŽŶŝŶƚŚĞƉƌĞǀŝŽƵƐ
Ͳ ϲϵϮ͘ϰϰ Ͳ ϴϯϮ͘ϴϱ
ǇĞĂƌĂƚĂŇŽĂƟŶŐƌĂƚĞŽĨϭŵŽŶƚŚ^ƚĞƌůŝŶŐ>/KZнϭ͘ϲϱй͘ZĞƉĂǇŵĞŶƚƐŽŶƚŚŝƐůŽĂŶĂƌĞάϭ͘ϱŵŝůůŝŽŶƉĞƌĂŶŶƵŵ;ƉĂǇĂďůĞƋƵĂƌƚĞƌůǇͿ
dĞƌŵůŽĂŶƐĨƌŽŵŽƚŚĞƌƉĂƌƟĞƐ
ǁŝƚŚƚŚĞďĂůĂŶĐĞƌĞƉĂǇĂďůĞŝŶƵŐƵƐƚϮϬϮϭ͘^ƵďƐĞƋƵĞŶƚƚŽƚŚĞǇĞĂƌĞŶĚ͕ĂƌĞǀŽůǀŝŶŐůŽĂŶĨĂĐŝůŝƚǇǁĂƐƚĂŬĞŶŽƵƚĨŽƌάϭϱŵŝůůŝŽŶ͘dŚĞ
Secured Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ
>ŽĂŶŝƐƐĞĐƵƌĞĚďǇǁĂǇŽĨŚǇƉŽƚŚĞĐĂƟŽŶŽĨŚŽƚĞůƉƌŽƉĞƌƚǇŽĨ^ƚ:ĂŵĞƐŽƵƌƚ>ŝŵŝƚĞĚ͘
Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ
ĐͿ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘;hK,Ϳ͕ĂǁŚŽůůǇŽǁŶĞĚŽǀĞƌƐĞĂƐƐƵďƐŝĚŝĂƌǇ͕ŚĂĚĂƚĞƌŵůŽĂŶĨĂĐŝůŝƚǇĨŽƌh^ΨϭϮϬŵŝůůŝŽŶǁŝƚŚ
Others Ͳ Ϭ͘ϭϲ Ͳ Ϭ͘Ϯϳ ^ƚĂƚĞĂŶŬŽĨ/ŶĚŝĂ͕>ŽŶĚŽŶƌĂŶĐŚǁŚŝĐŚŚĂĚƚŚĞŽƌŝŐŝŶĂůůǇŵĂƚƵƌŝƚǇĚĂƚĞŽĨ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϮϮ͘ƵƌŝŶŐƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͕
hK,ŚĂƐƉƌĞƉĂŝĚh^ΨϵϴŵŝůůŝŽŶŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐůŽĂŶďĂůĂŶĐĞƵƐŝŶŐƚŚĞƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞƐĂůĞŽĨŽŶĞŽĨŝƚƐƐƵďƐŝĚŝĂƌǇ
ϭ͕ϰϵϱ͘ϬϬ Ϯ͕ϰϮϮ͘ϰϯ ϭ͕ϰϵϱ͘ϬϬ ϯ͕ϯϲϰ͘ϴϮ
ǁŚŝĐŚŚŽƵƐĞĚdĂũŽƐƚŽŶ͘dŚŝƐůŽĂŶƌĞƋƵŝƌĞƐŵŽŶƚŚůǇŝŶƚĞƌĞƐƚŽŶůǇƉĂǇŵĞŶƚƐĐŽŵƉƵƚĞĚĂƚ>/KZƉůƵƐϯ͘ϴϭй͕ĂƐĚĞĨŝŶĞĚ
ƚŚƌŽƵŐŚDĂƌĐŚϭϱ͕ϮϬϭϳ;ϱ͘ϮϰйĂŶĚϰ͘ϳϮйĂƚDĂƌĐŚϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůǇͿ͘dŚĞƌĞĂĨƚĞƌ͕ƉƌŝŶĐŝƉĂůƉĂǇŵĞŶƚƐĂƌĞ
^ŚŽƌƚƚĞƌŵďŽƌƌŽǁŝŶŐƐ Ͳ ϱ͘ϬϬ Ͳ ϭϴ͘ϭϲ
ĚƵĞĞǀĞƌǇƐŝǆŵŽŶƚŚƐ͕ĂƐĚĞĨŝŶĞĚ͘dŚĞdĞƌŵ>ŽĂŶ&ĂĐŝůŝƚǇŝƐƐĞĐƵƌĞĚ͕ďǇĂŵŽŶŐƐƚŽƚŚĞƌƚŚŝŶŐƐ͕ƚŚĞ^ĂŶ&ƌĂŶĐŝƐĐŽ>>͛ƐŚŽƚĞů
dŽƚĂůŽƌƌŽǁŝŶŐƐ ϭ͕ϰϵϱ͘ϬϬ Ϯ͕ϰϮϳ͘ϰϯ ϭ͕ϰϵϱ͘ϬϬ ϯ͕ϯϴϮ͘ϵϴ
ƉƌŽƉĞƌƚǇ͘dŚĞďĂůĂŶĐĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴŝƐΨϮϬ͘ϵϬŵŝůůŝŽŶ;`ϭϯϱ͘ϱϯĐƌŽƌĞƐͿ͘
;ŝŝͿ EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͲƐĞĐƵƌĞĚŝŶĐůƵĚĞ͗
;ǀͿ dĞƌŵ>ŽĂŶĨƌŽŵŽƚŚĞƌƐ;^ĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗
ĂͿ ϰ͕ϵϱϬ͕ϳ͘ϴϱй^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϰϵϱĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ĂŶƵĂƌǇϮϬ͕ϮϬϭϳĂƌĞ
ƌĞƉĂǇĂďůĞĂƚƉĂƌĂŌĞƌƚŚĞĞŶĚŽĨϱƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚŝ͘Ğ͘Ɖƌŝůϭϱ͕ϮϬϮϮ͘ ƵƌŝŶŐƚŚĞǇĞĂƌ͕^ŬǇĚĞĐŬWƌŽƉĞƌƚŝĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͕ĂǁŚŽůůǇŽǁŶĞĚĚŽŵĞƐƚŝĐƐƵďƐŝĚŝĂƌǇ͕ĞǆĞƌĐŝƐĞĚŝƚƐŽƉƚŝŽŶ

ďͿ ϯ͕ϬϬϬ͕ϭϬ͘ϭϬй^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϯϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϭϭ ƚŽƉƌĞƉĂǇŵĞŶƚŽĨƚŚĞĞŶƚŝƌĞůŽĂŶĂŵŽƵŶƚŽĨ`ϳϱϬĐƌŽƌĞƐŝŶƚǁŽŝŶƐƚĂůŵĞŶƚƐŽĨ`ϯϱϬĐƌŽƌĞƐĂŶĚ`ϰϬϬĐƌŽƌĞƐŽŶ:ƵůǇϮϳ͕ϮϬϭϴ
ĂƌĞƌĞƉĂǇĂďůĞĂƚƉĂƌŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϮϭŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨϭϬƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘ ĂŶĚ:ĂŶƵĂƌǇϮϴ͕ϮϬϭϴƌĞƐƉĞĐƚŝǀĞůǇĨƌŽŵƚŚĞƉƌŽĐĞĞĚƐŽĨŝƐƐƵĞŽĨĞƋƵŝƚǇƐŚĂƌĞƐƚŽƚŚĞŽŵƉĂŶǇ͘dŚŝƐůŽĂŶĐĂƌƌŝĞĚŝŶƚĞƌĞƐƚĂƚƚŚĞ
ƌĂƚĞŽĨϭϬйƉĞƌĂŶŶƵŵĐŽŵƉŽƵŶĚĞĚŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͘dŚŝƐůŽĂŶŝƐƐĞĐƵƌĞĚďǇǁĂǇŽĨƉůĞĚŐĞŽĨƚŚĞŐƌŽƵƉ͛ƐƚŽƚĂůŝŶǀĞƐƚŵĞŶƚ
ĐͿ Ϯ͕ϱϬϬ͕ϵ͘ϵϱй^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ƵůǇϮϳ͕ϮϬϭϭĂƌĞ
ŝŶ>>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚ>ŝŵŝƚĞĚĂŶĚ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘
ƌĞƉĂǇĂďůĞĂƚƉĂƌŽŶ:ƵůǇϮϳ͕ϮϬϮϭŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨϭϬƚŚǇĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘
ůůƚŚĞ^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐĂƌĞƌĂƚĞĚ͕ůŝƐƚĞĚĂŶĚƐĞĐƵƌĞĚďǇĂƉĂƌŝƉĂƐƐƵĮƌƐƚĐŚĂƌŐĞĐƌĞĂƚĞĚŽŶĂůůƚŚĞƉƌŽƉĞƌƚǇ͕
ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŽĨƚŚĞŽŵƉĂŶǇ͕ďŽƚŚƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞ͘

EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ
;ǀŝͿ dĞƌŵůŽĂŶĨƌŽŵďĂŶŬƐ;hŶƐĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗ Liquid Assets >ŝĂďŝůŝƟĞƐĨƌŽŵ&ŝŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ Total
ĂͿ ǆƚĞƌŶĂů ĐŽŵŵĞƌĐŝĂů ďŽƌƌŽǁŝŶŐ ŽĨ h^ Ψ ϵϱ ŵŝůůŝŽŶ ǁĂƐ ƚĂŬĞŶ ŽŶ EŽǀĞŵďĞƌ Ϯϯ͕ ϮϬϭϭ͘ dŚĞ ůŽĂŶ ŝƐ ƌĞƉĂǇĂďůĞ Ăƚ ƚŚĞ Cash Current Gross Net Debt ĞƌŝǀĂƟǀĞƐ Interest
ĞŶĚ ŽĨ ϱϬƚŚ͕ ϲϬƚŚ͕ ĂŶĚ ϳϮŶĚ ŵŽŶƚŚ ĨƌŽŵ EŽǀĞŵďĞƌ Ϯϯ͕ ϮϬϭϭ ŝŶ ĞƋƵĂů ŝŶƐƚĂůŵĞŶƚƐ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ĂǀĞƌĂŐĞ ŵĂƚƵƌŝƚǇ ŽĨ and cash /ŶǀĞƐƚŵĞŶƚƐ Debt accrued
ϱ͘ϬϱǇĞĂƌƐĂŶĚĐĂƌƌŝĞƐĂŶŝŶƚĞƌĞƐƚǁŚŝĐŚŝƐďĂƐĞĚŽŶĂƐƉƌĞĂĚŽǀĞƌ>/KZ͘dŚĞĮƌƐƚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳŵŝůůŝŽŶĂŶĚƚŚĞ ĞƋƵŝǀĂůĞŶƚƐ ďƵƚŶŽƚĚƵĞͬ
ƐĞĐŽŶĚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳŵŝůůŝŽŶŚĂƐďĞĞŶƌĞƉĂŝĚŽŶ:ĂŶƵĂƌǇϮϱ͕ϮϬϭϲĂŶĚEŽǀĞŵďĞƌϮϯ͕ϮϬϭϲƌĞƐƉĞĐƟǀĞůǇ͘ƵƌŝŶŐƚŚĞ hŶĐůĂŝŵĞĚ
ǇĞĂƌ͕ƚŚĞŽŵƉĂŶǇŚĂƐƌĞƉĂŝĚƚŚĞůĂƐƚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϲŵŝůůŝŽŶ;`ϮϬϱ͘ϮϵĐƌŽƌĞƐͿĚƵĞŽŶEŽǀĞŵďĞƌϮϮ͕ϮϬϭϳ͘ interest
ďͿ hŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϰϵ͘ϴϴĐƌŽƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞǇĞĂƌǁĂƐƌĞƉĂŝĚŽŶĚƵĞĚĂƚĞ͘dŚĞ ;ĂͿ ;ďͿ ;ĐͿ ;ĚͿс;ĐͿͲ ;ĞͿ ;ĨͿ ;ŐͿс

;ĂͿͲ;ďͿ ;ĚͿн;ĞͿн;ĨͿ
ŽŵƉĂŶǇŚĂĚĨƵƌƚŚĞƌĂǀĂŝůĞĚĂŶƵŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϭϬϬĐƌŽƌĞƐƌĞƉĂǇĂďůĞĂƚƚŚĞĞŶĚŽĨϭϴŵŽŶƚŚƐĨƌŽŵ
ƚŚĞĚĂƚĞŽĨĚƌĂǁĚŽǁŶ͘dŚĞůŽĂŶǁĂƐĚƌĂǁŶŝŶϯƚƌĂŶĐŚĞƐŽĨ`ϱϬĐƌŽƌĞƐ͕`ϰϬĐƌŽƌĞƐĂŶĚ`ϭϬĐƌŽƌĞƐŽŶ^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϳ͕ ` crores ` crores ` crores ` crores ` crores ` crores ` crores
^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳĂŶĚ^ĞƉƚĞŵďĞƌϮϬ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇ͘dŚĞŽŵƉĂŶǇŚĂƐƉƌĞƉĂŝĚĂŶĂŵŽƵŶƚŽĨ`ϱϬĐƌŽƌĞƐĚƵƌŝŶŐƚŚĞ EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϰϭ͘ϯϭ ϵϬ͘ϴϬ ϯ͕ϯϴϮ͘ϵϴ ϯ͕ϭϱϬ͘ϴϳ Ϯϱϴ͘ϯϴ ϭϯϯ͘ϳϵ ϯ͕ϱϰϯ͘Ϭϰ
ǇĞĂƌ͘dŚĞŶĞƚůŽĂŶŶŽǁƐƚĂŶĚƐĂƚ`ϱϬĐƌŽƌĞƐ͕ŽĨǁŚŝĐŚ`ϰϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚϭϱ͕ϮϬϭϵĂŶĚ`ϭϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚ
ĂƐŚŇŽǁƐ ϱϵ͘Ϭϱ ϮϯϮ͘ϬϮ ;ϵϰϵ͘ϴϮͿ ;ϭ͕ϮϰϬ͘ϴϵͿ ϭϭ͘ϴϬ ;Ϭ͘ϬϭͿ ;ϭ͕ϮϮϵ͘ϭϬͿ
ϮϬ͕ϮϬϭϵĂŶĚŚĂƐďĞĞŶĐůĂƐƐŝĮĞĚƵŶĚĞƌĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ͘dŚĞŽŵƉĂŶǇŚĂƐƉƌĞƉĂŝĚƚŚĞŽƵƚƐƚĂŶĚŝŶŐ
ůŽĂŶŽĨ`ϱϬĐƌŽƌĞƐŝŶƉƌŝů͕ϮϬϭϴ͘ Interest expense Ͳ Ͳ Ϯ͘ϵϬ 2.90 ;ϭϬ͘ϮϯͿ Ϯϳϲ͘ϯϳ Ϯϲϵ͘Ϭϰ
Interest paid Ͳ Ͳ ;ϱϯ͘ϰϭͿ ;ϱϯ͘ϰϭͿ Ͳ ;ϯϱϱ͘ϱϮͿ ;ϰϬϴ͘ϵϯͿ
;ǀŝŝͿ >ŽĂŶƐƌĞƉĂǇĂďůĞŽŶĚĞŵĂŶĚ
> ŽĂŶƐƌĞƉĂǇĂďůĞŽŶĚĞŵĂŶĚĨƌŽŵďĂŶŬ͕ŝŶƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͕ĐŽŶƐŝƐƚƐŽĨŽǀĞƌĚƌĂŌĨĂĐŝůŝƚǇ͘dŚĞƐĞĐƵƌĞĚƉŽƌƟŽŶŽĨƚŚŝƐĨĂĐŝůŝƚǇǁĞƌĞ dƌĂŶƐĨĞƌƌĞĚƚŽ/W& Ͳ Ͳ Ͳ Ͳ Ͳ ;Ϭ͘ϬϳͿ ;Ϭ͘ϬϳͿ
ƐĞĐƵƌĞĚďǇŚǇƉŽƚŚĞĐĂƟŽŶŽĨŽƉĞƌĂƟŶŐƐƵƉůŝĞƐ͕ƐƚŽƌĞƐ͕ĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͘ KƚŚĞƌŶŽŶͲĐĂƐŚŵŽǀĞŵĞŶƚƐ͗
;ǀŝŝŝͿ KƚŚĞƌƐŚŽƌƚͲƚĞƌŵůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐ &ĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ Ͳ ϳ͘ϳϭ Ͳ ;ϳ͘ϳϭͿ ;Ϯϱ͘ϱϭͿ Ͳ ;ϯϯ͘ϮϮͿ
> ŽĂŶĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐĐŽŶƐŝƐƚƐŽĨĂŶŝŶƚĞƌͲĐŽƌƉŽƌĂƚĞĚĞƉŽƐŝƚƐŽďƚĂŝŶĞĚďǇŽŶĞŽĨƚŚĞƐƵďƐŝĚŝĂƌǇǁŚŝĐŚĐĂƌƌŝĞƐŝŶƚĞƌĞƐƚŽĨϭϬ͘ϱϬйƉ͘Ă͘ &ŽƌĞŝŐŶƵƌƌĞŶĐǇdƌĂŶƐůĂƟŽŶŝīĞƌĞŶĐĞ ϳ͘ϰϴ Ͳ ϰϰ͘ϳϴ ϯϳ͘ϯϬ ϭ͘ϳϭ Ϭ͘Ϯϯ ϯϵ͘Ϯϰ
ƌĞƉĂǇĂďůĞŽŶĚĞŵĂŶĚ͘
;ŝǆͿ ŝƐĐůŽƐƵƌĞŽĨĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƟĞƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ;ƌĞĂĚǁŝƚŚĐĂƐŚŇŽǁƐƚĂƚĞŵĞŶƚͿ EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϮϬϳ͘ϴϰ ϯϯϬ͘ϱϯ Ϯ͕ϰϮϳ͘ϰϯ ϭ͕ϴϴϵ͘Ϭϲ Ϯϯϲ͘ϭϱ ϱϰ͘ϳϵ Ϯ͕ϭϴϬ͘ϬϬ
dŚŝƐƐĞĐƟŽŶƐĞƚƐŽƵƚĂŶĂŶĂůǇƐŝƐŽĨŶĞƚĚĞďƚĂŶĚƚŚĞŵŽǀĞŵĞŶƚŝŶŶĞƚĚĞďƚĨŽƌĞĂĐŚŽĨƚŚĞƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͘
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϭϵ͗dƌĂĚĞWĂǇĂďůĞƐ;ZĞĨĞƌEŽƚĞϰϬĨŽƌZĞůĂƚĞĚWĂƌƚǇŝƐĐůŽƐƵƌĞƐͿ

` crores ` crores
ĂͿ Net debt DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ
sĞŶĚŽƌƉĂǇĂďůĞƐ ϮϮϭ͘ϭϬ ϭϳϴ͘ϴϳ
ƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ
Accrued expenses and others ϭϯϬ͘ϮϬ ϭϭϰ͘ϭϵ
dŽƚĂů>ŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚ;ĂͿ ϱϯϴ͘ϯϳ ϮϯϮ͘ϭϭ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ
>ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐƐŚŽǁŶƵŶĚĞƌKƚŚĞƌƵƌƌĞŶƚ Ϯ͕ϰϮϮ͘ϰϯ ϯ͕ϯϲϰ͘ϴϮ
ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ EŽƚĞϮϬ͗KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
^ŚŽƌƚƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϱ͘ϬϬ ϭϴ͘ϭϲ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
'ƌŽƐƐĞďƚ;ďͿ Ϯ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ ` crores ` crores
EĞƚĞďƚ;;ďͿͲ;ĂͿͿ ϭ͕ϴϴϵ͘Ϭϲ ϯ͕ϭϱϬ͘ϴϳ ;ĂͿ EŽŶĐƵƌƌĞŶƚ
ďͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ >ŝĂďŝůŝƚǇŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϯϬ͘ϱϲ Ϯϱϳ͘Ϯϭ
>ŝĂďŝůŝƚǇŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ ĞƉŽƐŝƚƐĨƌŽŵŽƚŚĞƌƐ ϭϮ͘ϴϯ Ϯ͘ϵϱ

ƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞ ϭ͘ϰϵ ϯ͘ϱϰ
/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞͬhŶĐůĂŝŵĞĚŝŶƚĞƌĞƐƚΎ ϱϰ͘ϳϵ ϭϯϯ͘ϳϵ
ŵƉůŽǇĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϴ͘ϲϳ ϰ͘Ϭϭ
dŽƚĂůKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϮϵϬ͘ϵϰ ϯϵϮ͘ϭϳ
KƚŚĞƌůŝĂďŝůŝƟĞƐ Ͳ ϴϵ͘ϭϮ
Grand Total Ϯ͕ϭϴϬ͘ϬϬ ϯ͕ϱϰϯ͘Ϭϰ
Ϯϱϯ͘ϱϱ ϯϱϲ͘ϴϯ
Ύഩ/ŶĐůƵĚĞƐŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚŽĨ`ϴϵ͘ϭϮĐƌŽƌĞƐŝŶƉƌĞǀŝŽƵƐǇĞĂƌĨŽƌŝŶƚĞƌĞƐƚĚƵĞďĞǇŽŶĚŽŶĞǇĞĂƌĂŶĚŝŶĐůƵĚĞĚŝŶKƚŚĞƌ&ŝŶĂŶĐŝĂů
>ŝĂďŝůŝƚǇ

EŽƚĞϮϬ͗KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ EŽƚĞϮϭ͗WƌŽǀŝƐŝŽŶƐ
;ďͿ ƵƌƌĞŶƚ
;ďͿ ƵƌƌĞŶƚ
WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽǇĞĞďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϴͿ
ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ;ZĞĨĞƌEŽƚĞϭϴ;ŝͿͿ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϮϬ͘ϴϵ ϭϵ͘ϯϭ
ĞďĞŶƚƵƌĞƐ Ͳ ϮϵϮ͘ϳϯ 'ƌĂƚƵŝƚǇ ϯ͘ϳϯ Ϭ͘ϳϲ
dĞƌŵůŽĂŶĨƌŽŵďĂŶŬƐ ϵϯ͘Ϭϳ ϮϴϮ͘ϭϬ WŽƐƚͲĞŵƉůŽǇŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ Ϭ͘ϯϲ Ϭ͘Ϯϴ
KƚŚĞƌƐ Ϭ͘ϭϱ Ϭ͘ϭϯ WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ ϭ͘ϲϭ ϭ͘ϲϬ
ϵϯ͘ϮϮ ϱϳϰ͘ϵϲ KƚŚĞƌĞŵƉůŽǇĞĞďĞŶĞĮƚƐ ϭ͘ϰϯ ϭ͘ϰϴ
>ŝĂďŝůŝƚǇŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϱ͘ϱϵ ϭ͘ϭϳ Ϯϴ͘ϬϮ Ϯϯ͘ϰϯ
>ŝĂďŝůŝƚǇƚŽǁĂƌĚƐůŽǇĂůƚǇƉƌŽŐƌĂŵŵĞƐ ϰϭ͘ϵϰ ϯϱ͘Ϯϴ WƌŽǀŝƐŝŽŶĨŽƌŽƚŚĞƌƐ
Other payables WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞƐĚƵĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿͿ ϭϭϬ͘ϯϴ ϴϲ͘ϵϱ
&ƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϭϰ͘ϱϮ ϳ͘ϵϲ dĂǆŽŶĚŝǀŝĚĞŶĚ Ͳ Ϭ͘ϳϯ
ϭϭϬ͘ϯϴ ϴϳ͘ϲϴ
&ƌŽŵŽƚŚĞƌƉĂƌƟĞƐ ϲ͘ϳϯ ϲ͘Ϭϰ
ϭϯϴ͘ϰϬ ϭϭϭ͘ϭϭ
Ϯϭ͘Ϯϱ ϭϰ͘ϬϬ
ĚĚŝƟŽŶĂůůŝĂďŝůŝƚǇŽŶĂĐĐŽƵŶƚŽĨůŽƐƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐ;ZĞĨĞƌEŽƚĞϲ;ĂͿ;ŝŝŝͿͿ ϳϱ͘ϲϭ ϳϵ͘ϵϰ &ŽŽƚŶŽƚĞƐ͗
Deposits from others ;ŝͿ WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĚƵĞƐŝŶĐůƵĚĞƉƌŽǀŝƐŝŽŶƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐ͗
KƉƟŽŶĞƉŽƐŝƚƌĞĐĞŝǀĞĚĂŐĂŝŶƐƚƉƵƌĐŚĂƐĞŽĨƐŚĂƌĞƐ;^ĞĐƵƌĞĚͿ;ZĞĨĞƌEŽƚĞϳ;ĂͿ;ŝŝŝͿͿ ϳϭ͘ϭϬ ϳϭ͘ϭϬ Opening Balance ĚĚŝƟŽŶƐ hƟůŝƐĂƟŽŶ Closing Balance
Unsecured Ϯϭ͘ϯϬ Ϯϳ͘Ϭϯ ` crores ` crores ` crores ` crores
ϵϮ͘ϰϬ ϵϴ͘ϭϯ ŝƐƉƵƚĞĚĐůĂŝŵƐĨŽƌƚĂǆĞƐ͕ůĞǀŝĞƐĂŶĚĚƵƟĞƐ ϴϰ͘ϯϱ Ϯϰ͘ϲϰ ϭ͘ϭϵ ϭϬϳ͘ϴϬ
/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞŽŶďŽƌƌŽǁŝŶŐƐ ϱϯ͘ϵϯ ϰϯ͘ϳϯ ϳϲ͘ϳϱ ϴ͘ϳϵ ϭ͘ϭϵ ϴϰ͘ϯϱ
ƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞ ϰϴ͘ϴϲ ϰϯ͘ϵϮ ŝƐƉƵƚĞŽŶĐŽŶƚƌĂĐƚƵĂůŵĂƩĞƌƐ Ϭ͘ϰϯ Ͳ 0.02 Ϭ͘ϰϭ
Ϭ͘ϰϯ Ͳ Ͳ Ϭ͘ϰϯ
Unclaimed dividends Ϯ͘Ϭϴ Ϯ͘Ϯϲ
ŝƐƉƵƚĞŝŶƌĞƐƉĞĐƚŽĨĞŵƉůŽǇĞĞďĞŶĞĮƚƐ Ϯ͘ϭϳ Ͳ Ͳ Ϯ͘ϭϳ
Unclaimed matured deposits and interest accrued thereon Ϭ͘ϴϲ Ϭ͘ϵϰ
Ϯ͘ϰϰ Ͳ Ϭ͘Ϯϳ Ϯ͘ϭϳ
Unclaimed matured debentures and interest accrued thereon `Ϯϱ͕ϭϱϯ;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϯϱ͕ϭϱϯͿ Ͳ Ͳ
Total ϴϲ͘ϵϱ Ϯϰ͘ϲϰ ϭ͘Ϯϭ ϭϭϬ͘ϯϴ
ŵƉůŽǇĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϵϴ͘ϭϳ ϭϬϳ͘ϭϬ ϳϵ͘ϲϮ ϴ͘ϳϵ ϭ͘ϰϲ ϴϲ͘ϵϱ
KƚŚĞƌůŝĂďŝůŝƟĞƐ ϳϭ͘ϯϲ ϲϰ͘Ϭϯ
ĂͿ d ŚĞĂďŽǀĞŵĂƩĞƌƐĂƌĞƵŶĚĞƌůŝƟŐĂƟŽŶͬŶĞŐŽƟĂƟŽŶĂŶĚƚŚĞƵůƟŵĂƚĞŽƵƚĐŽŵĞĂŶĚƟŵŝŶŐŽĨƚŚĞĐĂƐŚŇŽǁƐ͕ŝĨĂŶǇĐĂŶŶŽƚďĞ
605.27 ϭ͕Ϭϲϱ͘ϰϲ
ĐƵƌƌĞŶƚůǇĚĞƚĞƌŵŝŶĞĚ͘
&ŽŽƚŶŽƚĞ͗
ďͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŝŶƌĞƐƉĞĐƚŽĨƉƌĞǀŝŽƵƐǇĞĂƌ͘
dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϰ͘
EŽƚĞϮϭ͗WƌŽǀŝƐŝŽŶƐ EŽƚĞϮϮ͗KƚŚĞƌůŝĂďŝůŝƟĞƐ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores
` crores ` crores Current
;ĂͿ EŽŶĐƵƌƌĞŶƚ Income received in advance Ϯϱ͘Ϭϴ Ϯϱ͘ϱϮ
WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽǇĞĞďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϴͿ ĞĨĞƌƌĞĚZĞǀĞŶƵĞ ϴϲ͘ϴϱ ϭϯϭ͘ϴϭ
ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϱϬ͘ϱϰ ϱϬ͘Ϭϲ ĚǀĂŶĐĞƐĐŽůůĞĐƚĞĚĨƌŽŵĐƵƐƚŽŵĞƌƐ ϭϬϲ͘ϵϱ ϭϭϯ͘ϵϭ
Statutory dues ϱϬ͘Ϭϯ ϱϱ͘ϴϵ
'ƌĂƚƵŝƚǇ ϭϭ͘Ϭϭ ϭ͘Ϭϲ
Ϯϲϴ͘ϵϭ ϯϮϳ͘ϭϯ
WŽƐƚͲĞŵƉůŽǇŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ ϱ͘Ϯϴ ϱ͘Ϯϳ
WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ ϭϲ͘ϳϮ ϭϳ͘ϵϴ EŽƚĞϮϯ͗ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ
ϴϯ͘ϱϱ ϳϰ͘ϯϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĚƵĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ Ͳ ϭ͘ϭϵ ZŽŽŵƐ͕ƌĞƐƚĂƵƌĂŶƚƐĂŶĚďĂŶƋƵĞƚƐŝŶĐŽŵĞ ϯ͕ϱϴϭ͘ϳϭ ϯ͕ϱϯϯ͘Ϯϴ
Shop rentals ϰϬ͘ϵϮ ϯϵ͘ϴϬ
ϴϯ͘ϱϱ 75.56
DĞŵďĞƌƐŚŝƉĨĞĞƐ ϴϱ͘ϴϬ ϵϱ͘ϭϲ
&ŽŽƚŶŽƚĞ͗ DĂŶĂŐĞŵĞŶƚĂŶĚŽƉĞƌĂƟŶŐĨĞĞƐ ϮϬϰ͘Ϯϱ ϭϳϳ͘ϯϴ
/ŶƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͕ĂƉƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĚƵĞƐŽŶƐƚĂŶĚĂƌĚĂƐƐĞƚƐŚĂƐďĞĞŶŵĂĚĞďǇĂƐƵďƐŝĚŝĂƌǇĞŶŐĂŐĞĚŝŶďƵƐŝŶĞƐƐŽĨŶŽŶͲ KƚŚĞƌŽƉĞƌĂƟŶŐŝŶĐŽŵĞ ϭϵϬ͘ϴϳ ϭϳϰ͘ϵϱ
ďĂŶŬŝŶŐĮŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ͘ Total ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ

EŽƚĞϮϰ͗KƚŚĞƌŝŶĐŽŵĞ EŽƚĞϮϳ͗KƉĞƌĂƟŶŐĂŶĚŐĞŶĞƌĂůĞǆƉĞŶƐĞƐ
/ŶƚĞƌĞƐƚ/ŶĐŽŵĞĨƌŽŵĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ
;ĂͿ KƉĞƌĂƟŶŐĞǆƉĞŶƐĞƐĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗
/ŶƚĞƌͲĐŽƌƉŽƌĂƚĞĚĞƉŽƐŝƚƐ Ϭ͘ϭϯ ϰ͘ϳϳ
>ŝŶĞŶĂŶĚƌŽŽŵƐƵƉƉůŝĞƐ ϳϯ͘ϱϭ ϳϳ͘ϯϭ
ĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ ϭϲ͘ϴϲ ϳ͘ϴϵ
ĂƚĞƌŝŶŐƐƵƉƉůŝĞƐ Ϯϴ͘Ϯϲ Ϯϵ͘ϲϴ
KƚŚĞƌƐ ϵ͘ϮϮ ϵ͘ϬϬ
KƚŚĞƌƐƵƉƉůŝĞƐ ϳ͘Ϭϲ ϳ͘ϯϭ
Ϯϲ͘Ϯϭ Ϯϭ͘ϲϲ
&ƵĞů͕ƉŽǁĞƌĂŶĚůŝŐŚƚ Ϯϱϵ͘ϭϭ Ϯϱϴ͘ϲϭ
/ŶƚĞƌĞƐƚŽŶŝŶĐŽŵĞƚĂǆƌĞĨƵŶĚƐ ϯ͘Ϯϭ Ϭ͘ϳϮ
ZĞƉĂŝƌƐƚŽďƵŝůĚŝŶŐƐ ϱϴ͘Ϯϰ ϲϬ͘ϴϵ
Ϯϵ͘ϰϮ ϮϮ͘ϯϴ
ZĞƉĂŝƌƐƚŽŵĂĐŚŝŶĞƌǇ ϲϳ͘ϴϰ ϲϵ͘ϵϯ
ŝǀŝĚĞŶĚ/ŶĐŽŵĞĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ
ZĞƉĂŝƌƐƚŽŽƚŚĞƌƐ ϯϬ͘ϱϬ ϯϭ͘ϱϭ
ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϱ͘ϴϳ Ϯ͘ϭϵ
>ŝŶĞŶĂŶĚƵŶŝĨŽƌŵǁĂƐŚŝŶŐĂŶĚůĂƵŶĚƌǇĞǆƉĞŶƐĞƐ ϰϭ͘ϱϳ ϰϭ͘ϭϯ
ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚWƌŽĮƚĂŶĚ>ŽƐƐ Ϯ͘ϯϯ ϴ͘ϱϭ
^ĞĐƵƌŝƚǇĐŚĂƌŐĞƐĂŶĚKƚŚĞƌƐ ϯϴ͘ϱϬ ϯϲ͘ϰϴ
WƌŽĮƚŽŶĚŝƐƉŽƐĂůŽĨWƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ϭ͘Ϭϭ Ϭ͘ϳϲ
'ƵĞƐƚƚƌĂŶƐƉŽƌƚĂƟŽŶ ϯϵ͘Ϭϭ ϯϳ͘ϯϲ
'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ ϲ͘ϯϲ ϰ͘ϳϰ
dƌĂǀĞůĂŐĞŶƚƐ͛ĐŽŵŵŝƐƐŝŽŶ ϴϰ͘ϰϳ ϴϰ͘ϳϬ
ǆĐŚĂŶŐĞŐĂŝŶ;EĞƚͿ ϭ͘ϮϮ Ͳ
ŝƐĐŽƵŶƚƚŽĐŽůůĞĐƟŶŐĂŐĞŶƚƐ ϰϲ͘ϳϯ ϰϴ͘ϭϬ
KƚŚĞƌƐ ϭϲ͘ϱϮ ϭϲ͘ϯϲ
KƚŚĞƌŽƉĞƌĂƟŶŐĞǆƉĞŶƐĞƐ ϴϳ͘ϴϬ ϴϮ͘ϲϱ
Total ϲϭ͘ϳϯ ϱϰ͘ϵϰ
Total ϴϲϮ͘ϲϬ ϴϲϱ͘ϲϲ
&ŽŽƚŶŽƚĞ͗
WƌĞǀŝŽƵƐǇĞĂƌŝŶĐůƵĚĞƐĚŝǀŝĚĞŶĚŝŶĐŽŵĞƌĞůĂƟŶŐƚŽŽŶĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚĚĞƐŝŐŶĂƚĞĚĂƚ&ĂŝƌsĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂŶĚ ;ďͿ 'ĞŶĞƌĂůĞǆƉĞŶƐĞĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗
derecognised during the previous year `Ϭ͘ϰϱĐƌŽƌĞ͘ ZĞŶƚ ϲϰ͘ϴϮ ϲϲ͘ϭϰ
>ŝĐĞŶĐĞĨĞĞƐ;ZĞĨĞƌEŽƚĞϯϲͿ Ϯϱϰ͘ϯϳ ϮϱϬ͘ϭϲ
EŽƚĞϮϱ͗ŵƉůŽǇĞĞďĞŶĞĮƚĞǆƉĞŶƐĞƐĂŶĚƉĂǇŵĞŶƚƚŽĐŽŶƚƌĂĐƚŽƌƐ ZĂƚĞƐĂŶĚƚĂǆĞƐ ϵϱ͘ϭϮ ϴϵ͘Ϯϴ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Insurance ϭϰ͘ϲϳ ϭϱ͘Ϯϱ
` crores ` crores ĚǀĞƌƟƐŝŶŐĂŶĚƉƵďůŝĐŝƚǇ ϭϮϭ͘ϯϮ ϭϭϭ͘ϲϵ
^ĂůĂƌŝĞƐ͕ǁĂŐĞƐ͕ďŽŶƵƐĞƚĐ͘ ϭ͕Ϭϱϴ͘ϲϯ ϭ͕Ϭϳϳ͘Ϯϴ WƌŝŶƟŶŐĂŶĚƐƚĂƟŽŶĞƌǇ ϭϰ͘ϭϮ ϭϯ͘ϵϴ
ŽŵƉĂŶǇ͛ƐĐŽŶƚƌŝďƵƟŽŶƚŽƉƌŽǀŝĚĞŶƚĂŶĚŽƚŚĞƌĨƵŶĚƐ;ZĞĨĞƌEŽƚĞϮϭ͕ϯϴͿ ϰϬ͘ϲϬ ϰϳ͘ϰϳ Passage and travelling ϭϴ͘ϮϬ ϭϴ͘ϵϲ
ZĞŝŵďƵƌƐĞŵĞŶƚŽĨĞǆƉĞŶƐĞƐŽŶƉĞƌƐŽŶŶĞůĚĞƉƵƚĞĚƚŽƚŚĞĐŽŵƉĂŶǇ ϯϵ͘Ϭϰ ϯϴ͘Ϭϲ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐĂŶĚĂĚĚĞďƚƐǁƌŝƩĞŶŽī ϭϱ͘ϰϵ Ϯ͘ϵϯ
Payment to contractors ϵϭ͘ϱϮ ϴϴ͘ϭϳ ǆƉĞŶĚŝƚƵƌĞŽŶĐŽƌƉŽƌĂƚĞƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚǇ ϲ͘ϰϳ ϲ͘ϬϬ
^ƚĂīǁĞůĨĂƌĞĞǆƉĞŶƐĞƐ ϭϭϲ͘ϴϯ ϭϭϯ͘ϲϳ WƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ ϰϲ͘ϱϳ ϱϬ͘ϵϮ
Total ϭ͕ϯϰϲ͘ϲϮ ϭ͕ϯϲϰ͘ϲϱ Support services ϲϳ͘ϱϴ ϱϲ͘Ϭϵ
ǆĐŚĂŶŐĞůŽƐƐ;EĞƚͿ Ͳ ϭ͘ϲϰ
EŽƚĞϮϲ͗&ŝŶĂŶĐĞĐŽƐƚƐ
>ŽƐƐŽŶ^ĂůĞŽĨWƌŽƉĞƌƚǇ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ϭ͘ϳϳ Ͳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WĂǇŵĞŶƚŵĂĚĞƚŽƐƚĂƚƵƚŽƌǇĂƵĚŝƚŽƌƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ ϴ͘ϭϮ ϴ͘ϳϰ
` crores ` crores
ŝƌĞĐƚŽƌƐ͛ĨĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶ ϰ͘ϳϳ ϯ͘ϵϲ
Interest expense
KƚŚĞƌĞǆƉĞŶƐĞƐ ϭϭϱ͘ϭϱ ϭϮϬ͘ϵϱ
/ŶƚĞƌĞƐƚĞǆƉĞŶƐĞĂƚĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶďŽƌƌŽǁŝŶŐƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚ ϮϳϬ͘ϭϰ ϯϮϬ͘ϲϯ
Total ϴϰϳ͘ϱϰ ϴϭϲ͘ϲϵ
cost
ϭ͕ϳϭϬ͘ϭϰ ϭ͕ϲϴϮ͘ϯϱ
ĚĚ͗^ĞƩůĞŵĞŶƚƐŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉĐŽŶƚƌĂĐƚƐ ;ϵ͘ϱϯͿ ;ϳ͘ϵϲͿ
ϮϲϬ͘ϲϭ ϯϭϮ͘ϲϳ &ŽŽƚŶŽƚĞ͗
KŶŝŶĐŽŵĞƚĂǆĚĞŵĂŶĚ ϳ͘ϴϲ ϭ͘ϲϬ WĂǇŵĞŶƚŵĂĚĞƚŽƐƚĂƚƵƚŽƌǇĂƵĚŝƚŽƌƐ͗
KƚŚĞƌďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϭ͘Ϯϳ ϭϯ͘ϴϱ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Ϯϲϵ͘ϳϰ ϯϮϴ͘ϭϮ ` crores ` crores
>ĞƐƐ͗/ŶƚĞƌĞƐƚĐĂƉŝƚĂůŝƐĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ Ϭ͘ϳϬ ϰ͘Ϯϵ As auditors ϲ͘ϰϱ ϳ͘ϲϬ
Total Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ &ŽƌŽƚŚĞƌƐĞƌǀŝĐĞƐ;ŝŶĐůƵĚŝŶŐƚĂǆĂƵĚŝƚĂŶĚĐŽŵƉĂŶǇůĂǁŵĂƩĞƌƐͿ ϭ͘ϱϮ ϭ͘Ϭϯ
ǆƉĞŶƐĞƐĂŶĚŝŶĐŝĚĞŶƚĂůƐ Ϭ͘ϭϱ Ϭ͘ϭϭ
&ŽŽƚŶŽƚĞ͗ ϴ͘ϭϮ ϴ͘ϳϰ
dŚĞ'ƌŽƵƉŚĂƐĐĂƉŝƚĂůŝƐĞĚƚŚĞŝŶƚĞƌĞƐƚĐŽƐƚŽŶďŽƌƌŽǁŝŶŐƐƌĞůĂƟŶŐƚŽƋƵĂůŝĨǇŝŶŐĂƐƐĞƚƐŝŶĐůƵĚŝŶŐǁŝƚŚŝŶĐĂƉŝƚĂůǁŽƌŬŝŶƉƌŽŐƌĞƐƐ͘
ǆĐůƵĚĞƐ`ϭ͘ϯϲĐƌŽƌĞƐ;WƌĞǀŝŽƵƐǇĞĂƌÈŝůͿĂĚũƵƐƚĞĚĂŐĂŝŶƐƚ^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵĐĐŽƵŶƚ

;ďͿ KŶĂĐĐŽƵŶƚŽĨůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͗
EŽƚĞϮϴ͗ǆĐĞƉƟŽŶĂů/ƚĞŵƐ
/ ŶƌĞƐƉĞĐƚŽĨĂƉůŽƚŽĨůĂŶĚƉƌŽǀŝĚĞĚƚŽƚŚĞŽŵƉĂŶǇƵŶĚĞƌĂůĞĂƐĞĂŐƌĞĞŵĞŶƚ͕ŽŶǁŚŝĐŚƚŚĞŽŵƉĂŶǇŚĂƐĐŽŶƐƚƌƵĐƚĞĚĂŚŽƚĞů͕
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƚŚĞůĞƐƐŽƌŚĂƐŵĂĚĞĂĐůĂŝŵŽĨ`ϯϴϳ͘ϵϱĐƌŽƌĞƐƚŽĚĂƚĞ͕;ϭϯƚŝŵĞƐƚŚĞƉƌĞǀŝŽƵƐĂŶŶƵĂůƌĞŶƚĂůͿĨŽƌŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞŶƚĂůƐǁŝƚŚ
` crores ` crores ĞĨĨĞĐƚĨƌŽŵϮϬϬϲͲϬϳ͘dŚĞŽŵƉĂŶǇďĞůŝĞǀĞƐƚŚĞƐĞĐůĂŝŵƐƚŽďĞƵŶƚĞŶĂďůĞ͘dŚĞŽŵƉĂŶǇŚĂƐĐŽŶƚĞƐƚĞĚƚŚĞĐůĂŝŵďĂƐĞĚƵƉŽŶ
ǆĐĞƉƟŽŶĂů/ƚĞŵƐĐŽŵƉƌŝƐĞƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ůĞŐĂůĂĚǀŝĐĞ͕ďǇĨŝůŝŶŐĂƐƵŝƚŝŶƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂǇŽŶŐƌŽƵŶĚƐŽĨƚŚĞůĞƐƐŽƌŝŶĐŽŶƐŝƐƚĞŶƚƐƚĂŶĚ
ŽŶĂƵƚŽŵĂƚŝĐƌĞŶĞǁĂůŽĨůĞĂƐĞ͕ůĞǀǇŽĨůĞĂƐĞƌĞŶƚĂůƐĂŶĚŵĞƚŚŽĚŽĨĐŽŵƉƵƚŝŶŐƐƵĐŚůĞĂƐĞƌĞŶƚ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞƚŚĞŶ
ǆĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ;ŶĞƚͿ Ϭ͘Ϭϳ Ϭ͘ϰϰ
ĞǆŝƐƚŝŶŐůĞƐƐŽƌƐƉŽůŝĐǇĂƐĂůƐŽĂ^ƵƉƌĞŵĞŽƵƌƚũƵĚŐŵĞŶƚŽŶƌĞůĂƚĞĚŵĂƚƚĞƌƐ͘ǀĞŶƚĂŬŝŶŐƌĞĐĞŶƚĞŶĂĐƚŵĞŶƚƐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͕
ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ ŝŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞŽŵƉĂŶǇ͕ƚŚĞĐŽŵƉƵƚĂƚŝŽŶĐĂŶŶŽƚƐƚƌĞƚĐŚďĞǇŽŶĚ`ϭϬϬ͘ϰϭĐƌŽƌĞƐ;ĞǆĐůƵĚŝŶŐŝŶƚĞƌĞƐƚͬƉĞŶĂůƚǇͿ͕ĂŶĚƚŚŝƐ
ZĞĐŽǀĞƌǇŽĨĐŽƐƚƐĂůŽŶŐǁŝƚŚŝŶƚĞƌĞƐƚ;`ϭϰ͘ϳϬĐƌŽƌĞƐͿŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ Ͳ Ϯϰ͘ϯϯ ƚŽŽŝƐďĞŝŶŐĐŽŶƚĞƐƚĞĚďǇƚŚĞŽŵƉĂŶǇŽŶŵĞƌŝƚ͘
WƌŽǀŝƐŽŶŽĨĮŶĂŶĐŝĂůĞǆƉŽƐƵƌĞŝŶĂŶĂƐƐŽĐŝĂƚĞ ;Ϭ͘ϱϲͿ ;ϱ͘ϬϱͿ & ƵƌƚŚĞƌ͕Ă͞EŽƟĐĞŽĨDŽƟŽŶ͟ŚĂƐďĞĞŶĮůĞĚďǇƚŚĞĐŽŵƉĂŶǇďĞĨŽƌĞďǇƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂǇ͕ŝŶƚĞƌĂůŝĂ͕
EĞƚůŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƐƵďƐŝĚŝĂƌŝĞƐ Ͳ ;ϭϬϯ͘ϬϴͿ ĨŽƌĂƐƚĂǇĂŐĂŝŶƐƚĂŶǇĨƵƌƚŚĞƌƉƌŽĐĞĞĚŝŶŐƐďǇƚŚĞůĞƐƐŽƌ͕ƉĞŶĚŝŶŐĂƌĞƐŽůƵƟŽŶŽĨƚŚŝƐĚŝƐƉƵƚĞďǇƚŚĞ,ŽŶŽƵƌĂďůĞŽŵďĂǇ,ŝŐŚŽƵƌƚ͘/Ŷ
ǀŝĞǁŽĨƚŚŝƐ͕ĂŶĚďĂƐĞĚŽŶůĞŐĂůĂĚǀŝĐĞ͕ƚŚĞŽŵƉĂŶǇƌĞŐĂƌĚƐƚŚĞůŝŬĞůŝŚŽŽĚŽĨƐƵƐƚĂŝŶĂďŝůŝƚǇŽĨƚŚĞůĞƐƐŽƌ͛ƐĐůĂŝŵƚŽďĞƌĞŵŽƚĞĂŶĚƚŚĞ
ZĞĨƵŶĚŽĨDƵŶŝĐŝƉĂůƚĂǆ;ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚ`Ϯ͘ϯϴĐƌŽƌĞƐͿ Ͳ ϲ͘ϭϲ ĂŵŽƵŶƚŽĨĂŶǇƉŽƚĞŶƟĂůůŝĂďŝůŝƚǇ͕ŝĨĂƚĂůů͕ƚŽďĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘
WƌŽĮƚŽŶĐŽŵƉƵůƐŽƌǇĂĐƋƵŝƐŝƟŽŶŽĨůĂŶĚďǇŐŽǀĞƌŶŵĞŶƚ Ͳ Ϭ͘ϵϳ
dŚĞůĞƐƐŽƌ͛ƐůĂǁǇĞƌŚĂĚŐŝǀĞŶĂƐƚĂƚĞŵĞŶƚďĞĨŽƌĞƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂǇƚŚĂƚŝƚƐŚĂůůŶŽƚŐŝǀĞĞīĞĐƚƚŽŝƚƐ
WƌŽũĞĐƚƐǁƌŝƩĞŶŽīĨŽƌĐŽŵŵĞƌĐŝĂůƌĞĂƐŽŶƐ ;Ϯ͘ϱϳͿ Ͳ ŶŽƟĐĞŽĨƚĞƌŵŝŶĂƟŽŶĚƵƌŝŶŐƚŚĞƉĞŶĚĞŶĐǇŽĨƚŚĞƐƵŝƚĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚĐŽŶƟŶƵĞƐƚŽďĞŝŶĨŽƌĐĞƟůůĚĂƚĞ͘
Total ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ
;ĐͿ KƚŚĞƌĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ'ƌŽƵƉŶŽƚĂĐŬŶŽǁůĞĚŐĞĂƐĚĞďƚ͗
EŽƚĞϮϵ͗^ĐŚĞŵĞŽĨƌƌĂŶŐĞŵĞŶƚ ;ŝͿ >ĞŐĂůĂŶĚƐƚĂƚƵƚŽƌǇŵĂƩĞƌƐ`ϰ͘ϵϴĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϰ͘ϵϴĐƌŽƌĞƐͿ
ƵƌŝŶŐƚŚĞǇĞĂƌ͕ƚŚĞEĂƟŽŶĂůŽŵƉĂŶǇ>ĂǁdƌŝďƵŶĂů;͞E>d͟Ϳ͕DƵŵďĂŝďĞŶĐŚǀŝĚĞŝƚƐKƌĚĞƌĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϳŚĂƐĂƉƉƌŽǀĞĚƚŚĞ^ĐŚĞŵĞ ;ŝŝͿ D
ĂŶĂŐĞŵĞŶƚŝƐŐĞŶĞƌĂůůǇƵŶĂďůĞƚŽƌĞĂƐŽŶĂďůǇĞƐƟŵĂƚĞĂƌĂŶŐĞŽĨƉŽƐƐŝďůĞůŽƐƐĨŽƌƉƌŽĐĞĞĚŝŶŐƐŽƌĚŝƐƉƵƚĞƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞ
ŽĨŵĂůŐĂŵĂƟŽŶǁŚŝĐŚŝŶƚĞƌĂůŝĂŝŶĐůƵĚĞƐƚŚĞĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ;͞d/&K͟Ϳ͕ĂǁŚŽůůǇŽǁŶĞĚŝŶǀĞƐƚŵĞŶƚŚŽůĚŝŶŐƐƵďƐŝĚŝĂƌǇ͕ ŝŶĐůƵĚĞĚŝŶƚŚĞĞƐƟŵĂƚĞƐĂďŽǀĞ͕ŝŶĐůƵĚŝŶŐǁŚĞƌĞ͗
ǁŝƚŚƚŚĞŽŵƉĂŶǇ͘dŚĞ^ĐŚĞŵĞǁĂƐĂƉƉƌŽǀĞĚďǇƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶDĂǇϮϲ͕ϮϬϭϳ͘ŽŶƐĞƋƵĞŶƚƚŽƚŚĞƐĂŝĚKƌĚĞƌĂŶĚĮůŝŶŐŽĨƚŚĞĮŶĂů
ĐĞƌƟĮĞĚKƌĚĞƌƐǁŝƚŚƚŚĞZĞŐŝƐƚƌĂƌŽĨƚŚĞŽŵƉĂŶŝĞƐ͕DĂŚĂƌĂƐŚƚƌĂ͕ŽŶƉƌŝůϭϭ͕ϮϬϭϴ͕ƚŚĞ^ĐŚĞŵĞŚĂƐďĞĐŽŵĞĞīĞĐƟǀĞƵƉŽŶƚŚĞĐŽŵƉůĞƟŽŶ ĂͿ ůĂŝŶƟīƐ ͬ ƉĂƌƟĞƐ ŚĂǀĞ ŶŽƚ ĐůĂŝŵĞĚ ĂŶ ĂŵŽƵŶƚ ŽĨ ŵŽŶĞǇ ĚĂŵĂŐĞƐ͕ ƵŶůĞƐƐ ŵĂŶĂŐĞŵĞŶƚ ĐĂŶ ŽƚŚĞƌǁŝƐĞ ĚĞƚĞƌŵŝŶĞ ĂŶ
Ɖ
ŽĨƚŚĞĮůŝŶŐǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞƉƉŽŝŶƚĞĚĂƚĞŽĨƉƌŝůϭ͕ϮϬϭϳ͘hƉŽŶĐŽŵŝŶŐŝŶƚŽĞīĞĐƚŽĨƚŚĞ^ĐŚĞŵĞĂŶĚǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞƉƉŽŝŶƚĞĚ ĂƉƉƌŽƉƌŝĂƚĞĂŵŽƵŶƚ͖
ĂƚĞ͕ƚŚĞƵŶĚĞƌƚĂŬŝŶŐŽĨd/&KŚĂǀĞďĞĞŶƚƌĂŶƐĨĞƌƌĞĚƚŽĂŶĚǀĞƐƚĞĚŝŶƚŚĞŽŵƉĂŶǇ͘
ďͿ ƚŚĞƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶĞĂƌůǇƐƚĂŐĞƐ͖
dŚĞ ĂďŽǀĞ ƐĐŚĞŵĞ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĂŶǇ ŝŵƉĂĐƚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͕ ĂƐ d/&K ǁĂƐ Ă ǁŚŽůůǇ ŽǁŶĞĚ
ĐͿ ƚŚĞƌĞŝƐƵŶĐĞƌƚĂŝŶƚǇĂƐƚŽƚŚĞŽƵƚĐŽŵĞŽĨƉĞŶĚŝŶŐĂƉƉĞĂůƐŽƌŵŽƟŽŶƐŽƌŶĞŐŽƟĂƟŽŶƐ͖
ƐƵďƐŝĚŝĂƌǇǁŚŝĐŚǁĂƐĐŽŶƐŽůŝĚĂƚĞĚŽŶĂůŝŶĞďǇůŝŶĞďĂƐŝƐƉƌŝŽƌƚŽĂŵĂůŐĂŵĂƟŽŶ͘
ĚͿ ƚŚĞƌĞĂƌĞƐŝŐŶŝĮĐĂŶƚĨĂĐƚƵĂůŝƐƐƵĞƐƚŽďĞƌĞƐŽůǀĞĚ͖ĂŶĚͬŽƌƚŚĞƌĞĂƌĞŶŽǀĞůůĞŐĂůŝƐƐƵĞƐƉƌĞƐĞŶƚĞĚ
EŽƚĞϯϬ͗ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐ;ƚŽƚŚĞĞǆƚĞŶƚŶŽƚƉƌŽǀŝĚĞĚĨŽƌͿĂŶĚĐŽŶƟŶŐĞŶƚĂƐƐĞƚƐ
d ŚĞ'ƌŽƵƉ͛ƐDĂŶĂŐĞŵĞŶƚĚŽĞƐŶŽƚďĞůŝĞǀĞ͕ďĂƐĞĚŽŶĐƵƌƌĞŶƚůǇĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƟŽŶ͕ƚŚĂƚƚŚĞŽƵƚĐŽŵĞƐŽĨƚŚĞĂďŽǀĞŵĂƩĞƌƐǁŝůůŚĂǀĞ
dŚĞ'ƌŽƵƉŝƐŝŶǀŽůǀĞĚŝŶĂŶƵŵďĞƌŽĨĂƉƉĞůůĂƚĞ͕ũƵĚŝĐŝĂůĂŶĚĂƌďŝƚƌĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐ;ŝŶĐůƵĚŝŶŐƚŚŽƐĞĚĞƐĐƌŝďĞĚďĞůŽǁͿĐŽŶĐĞƌŶŝŶŐŵĂƩĞƌƐ
ĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞīĞĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ͕ƚŚŽƵŐŚƚŚĞŽƵƚĐŽŵĞƐĐŽƵůĚďĞŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉ͛ƐŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌ
ĂƌŝƐŝŶŐŝŶƚŚĞĐŽƵƌƐĞŽĨĐŽŶĚƵĐƚŽĨƚŚĞ'ƌŽƵƉ͛ƐďƵƐŝŶĞƐƐĞƐĂŶĚŝƐĞǆƉŽƐĞĚƚŽŽƚŚĞƌĐŽŶƟŶŐĞŶĐŝĞƐĂƌŝƐŝŶŐĨƌŽŵŚĂǀŝŶŐŝƐƐƵĞĚŐƵĂƌĂŶƚĞĞƐƚŽ
ĂŶǇƉĂƌƟĐƵůĂƌƉĞƌŝŽĚ͕ĚĞƉĞŶĚŝŶŐ͕ŝŶƉĂƌƚ͕ƵƉŽŶƚŚĞŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌƐƵĐŚƉĞƌŝŽĚ͘/ƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞĨŽƌƚŚĞŽŵƉĂŶǇƚŽĞƐƟŵĂƚĞ
ůĞŶĚĞƌƐŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚŽƚŚĞƌĞŶƟƟĞƐ͘^ŽŵĞŽĨƚŚĞƐĞƉƌŽĐĞĞĚŝŶŐƐŝŶƌĞƐƉĞĐƚŽĨŵĂƩĞƌƐƵŶĚĞƌůŝƟŐĂƟŽŶĂƌĞŝŶĞĂƌůǇƐƚĂŐĞƐ͕ĂŶĚŝŶƐŽŵĞ
ƚŚĞƟŵŝŶŐƐŽĨĐĂƐŚŇŽǁƐ͕ŝĨĂŶǇ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞ͘
ŽƚŚĞƌĐĂƐĞƐ͕ƚŚĞĐůĂŝŵƐĂƌĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘
;ĚͿ hƉĚĂƚĞŝŶƌĞƐƉĞĐƚŽĨĂƉƌŽƉĞƌƚǇ͗
;ĂͿ KŶĂĐĐŽƵŶƚŽĨŵĂƩĞƌƐŝŶĚŝƐƉƵƚĞƐ͗
ŌĞƌĞǆƉŝƌǇŽĨƚŚĞůŝĐĞŶƐĞƉĞƌŝŽĚŽĨdĂũDĂŚĂů,ŽƚĞů͕EĞǁĞůŚŝ͕ƚŚĞƌĞǁĂƐĂŶŽŶŐŽŝŶŐůŝƟŐĂƟŽŶďĞƚǁĞĞŶƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞůŝĐĞŶƐŽƌ͕

ŵŽƵŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐůĂŝŵƐ;ĞǆĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĂŶĚƉĞŶĂůƟĞƐͿĂƐƐĞƌƚĞĚďǇǀĂƌŝŽƵƐƌĞǀĞŶƵĞĂƵƚŚŽƌŝƟĞƐŽŶƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞ'ƌŽƵƉ͕

EĞǁĞůŚŝDƵŶŝĐŝƉĂůŽƵŶĐŝů;EDͿ͘KŶƉƌŝůϮϬ͕ϮϬϭϳ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐƉĞƌŵŝƩĞĚEDƚŽĐŽŶĚƵĐƚĞͲĂƵĐƟŽŶŽĨůŝĐĞŶƐĞ
ŝŶƌĞƐƉĞĐƚŽĨƚĂǆĞƐ͕ĞƚĐ͕͘ǁŚŝĐŚĂƌĞŝŶĚŝƐƉƵƚĞ͕ĂŶĚŶŽƚƉƌŽǀŝĚĞĚĨŽƌ͕ĂƌĞĂƐƵŶĚĞƌ͗
ƌŝŐŚƚƐ͕ ĂŶĚ ŚĂƐ ĂůƐŽ ĂůůŽǁĞĚ ƚŚĞ ŽŵƉĂŶǇ Ɛŝǆ ŵŽŶƚŚƐ͛ ƟŵĞ ƚŽ ŚĂŶĚŽǀĞƌ ƚŚĞ ƉƌĞŵŝƐĞƐ ŝŶ ĐĂƐĞ ƚŚĞ ŽŵƉĂŶǇ ŝƐ ƵŶƐƵĐĐĞƐƐĨƵů ŝŶ ƚŚĞ
ĞͲĂƵĐƟŽŶ͘dŚĞŚŽƚĞůĂƚƚŚĞƉƌĞŵŝƐĞƐƐŚĂůůĐŽŶƟŶƵĞƚŽĐĂƌƌǇŽƵƚŝƚƐŽƉĞƌĂƟŽŶƐŝŶƚŚĞŵĞĂŶƟŵĞ͘dŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐĚŝƌĞĐƚĞĚƚŚĂƚĂƚ
ƚŚĞƟŵĞŽĨĐŽŶĚƵĐƟŶŐƐƵĐŚĞͲĂƵĐƟŽŶ͕EDƐŚĂůůƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƵŶďůĞŵŝƐŚĞĚƌĞĐŽƌĚŽĨƚŚĞŽŵƉĂŶǇĂƐǁĞůůĂƐŝƚƐĐĂƉĂďŝůŝƟĞƐ͘
` crores ` crores
EDŚĂƐďĞĞŶĚŝƌĞĐƚĞĚƚŽƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐĞĨĂĐƚƐǁŚŝůĞƚĂŬŝŶŐĂĮŶĂůĚĞĐŝƐŝŽŶŝŶƚŚĞŵĂƩĞƌ͘KŶƚŚĞϵƚŚŽĨĞĐĞŵďĞƌ͕ϮϬϭϳ͕
/ŶĐŽŵĞdĂǆ ϭϳϳ͘ϱϲ ϭϭϵ͘Ϯϭ EDƉƵďůŝƐŚĞĚĂdĞŶĚĞƌĨŽƌƚŚĞŚŽƚĞůĂŶĚůĂŶĚ͕ǁŝƚŚĐĞƌƚĂŝŶƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐ͕ǀŝĚĞǁŚŝĐŚƚŚĞĂƵĐƟŽŶǁĂƐƐĐŚĞĚƵůĞĚƚŽƚĂŬĞ
>ƵǆƵƌǇƚĂǆ ϭϱ͘ϰϵ ϯ͘ϳϵ ƉůĂĐĞŽŶƚŚĞϯϬƚŚŽĨ:ĂŶƵĂƌǇ͕ϮϬϭϴ͘/ŶƚĞƌĞƐƚĞĚďŝĚĚĞƌƐ͕ŝŶĐůƵĚŝŶŐ/,>ƐƵďŵŝƩĞĚƋƵĞƌŝĞƐŽŶƚŚĞƐĂŝĚƚĞƌŵƐ͕ǁŚŝĐŚǁĞƌĞƐƵƉƉŽƐĞĚƚŽďĞ
ƌĞƐƉŽŶĚĞĚŽŶƚŚĞϯƌĚŽĨ:ĂŶƵĂƌǇ͕ϮϬϭϴ͘,ŽǁĞǀĞƌ͕ƚŚĞƐĂŝĚƌĞƐƉŽŶƐĞƐǁĞƌĞŶĞǀĞƌƉƵďůŝƐŚĞĚ͕ĂƐƚŚĞĚĂƚĞƐǁĞƌĞƉŽƐƚƉŽŶĞĚŝŶĚĞĮŶŝƚĞůǇ͘
ŶƚĞƌƚĂŝŶŵĞŶƚƚĂǆ Ϯ͘Ϯϯ Ϯ͘ϮϮ
^ƵďƐĞƋƵĞŶƚůǇ͕ŽŶƚŚĞϮϱƚŚŽĨƉƌŝů͕ϮϬϭϴ͕ĂŶĞǁdĞŶĚĞƌŚĂƐďĞĞŶƉƵďůŝƐŚĞĚ͘/,>ŝƐĞǀĂůƵĂƟŶŐŝƚƐŽƉƟŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĂŵĞ͘
^ĂůĞƐƚĂǆͬsd ϯϬ͘ϱϲ Ϯϴ͘ϭϲ
Property and Water tax ϭϳϬ͘ϳϵ ϴϰ͘ϭϯ ;ĞͿ ůĂŝŵƐĮůĞĚďǇƚŚĞ'ƌŽƵƉ͗
Service tax ϭϵ͘Ϭϵ Ϯϱ͘ϯϳ d ŚĞŽŵƉĂŶǇŚĂƐĮůĞĚĂĐůĂŝŵĨŽƌ'ŽǀĞƌŶŵĞŶƚƐƵďƐŝĚǇǁŝƚŚƚŚĞĞƉĂƌƚŵĞŶƚŽĨ/ŶĚƵƐƚƌŝĂůWŽůŝĐǇĂŶĚWƌŽŵŽƟŽŶĨŽƌĂŶĞǁŐƌĞĞŶĮĞůĚ

ŚŽƚĞůƉƌŽũĞĐƚǁŚŝĐŚŚĂƐĐŽŵŵĞŶĐĞĚŽƉĞƌĂƟŽŶƐ͘dŚĞĐůĂŝŵŝƐŝŶƚŚĞŝŶŝƟĂůƐƚĂŐĞŽĨǀĞƌŝĮĐĂƟŽŶĂŶĚŝŶƚŚĞĂďƐĞŶĐĞŽĨǀŝƌƚƵĂůĐĞƌƚĂŝŶƚǇĂƚ
KƚŚĞƌƐ Ϯϳ͘ϭϰ ϭϳ͘ϭϮ ƚŚŝƐƐƚĂŐĞŽŶƚŚĞĂŵŽƵŶƚƚŚĂƚŵĂǇďĞƵůƟŵĂƚĞůǇĂƉƉƌŽǀĞĚ͕ŶŽĚĞĨĞƌƌĞĚŝŶĐŽŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚ͘
dŚĞ'ƌŽƵƉŝƐĂĚĞĨĞŶĚĂŶƚŝŶǀĂƌŝŽƵƐůĞŐĂůĂĐƟŽŶƐĂŶĚĂƉĂƌƚǇƚŽĐůĂŝŵƐĂƐĂďŽǀĞ͕ƉůƵƐŝŶƚĞƌĞƐƚƚŚĞƌĞŽŶ͕ǁŚŝĐŚĂƌŽƐĞĚƵƌŝŶŐƚŚĞŽƌĚŝŶĂƌǇ
ĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞ'ƌŽƵƉ͛ƐŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐďĂƐĞĚŽŶƚŚĞĨĂĐƚƐƉƌĞƐĞŶƚůǇŬŶŽǁŶ͕ƚŚĂƚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƐĞĂĐƟŽŶƐǁŝůůŶŽƚ EŽƚĞϯϭ͗ĂƉŝƚĂůŽŵŵŝƚŵĞŶƚƐ
ŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞŽŵƉĂŶǇ͛ƐĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘/ƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞĨŽƌƚŚĞ'ƌŽƵƉƚŽĞƐƟŵĂƚĞƚŚĞƟŵŝŶŐƐŽĨĐĂƐŚŇŽǁƐ͕ ƐƟŵĂƚĞĚĂŵŽƵŶƚŽĨĐŽŶƚƌĂĐƚƐƌĞŵĂŝŶŝŶŐƚŽďĞĞǆĞĐƵƚĞĚŽŶĐĂƉŝƚĂůĂĐĐŽƵŶƚ;ŶĞƚŽĨĐĂƉŝƚĂůĂĚǀĂŶĐĞƐͿĂŶĚŶŽƚƉƌŽǀŝĚĞĚĨŽƌŝƐ`ϭϳϳ͘ϯϴĐƌŽƌĞƐ
ŝĨĂŶǇ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞ͘ ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϭϭϰ͘ϴϲĐƌŽƌĞƐͿ͘

EŽƚĞϯϮ͗'ƵĂƌĂŶƚĞĞƐĂŶĚhŶĚĞƌƚĂŬŝŶŐƐŐŝǀĞŶ ŝŝͿ ^ŝŐŶŝĮĐĂŶƚũƵĚŐĞŵĞŶƚƐĂŶĚĂƐƐƵŵƉƟŽŶƐ͗
;ĂͿ 'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶďǇƚŚĞ'ƌŽƵƉĂŶĚŽƵƚƐƚĂŶĚŝŶŐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴͲ`ϭϮ͘ϵϰĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϭϲ͘ϰϮĐƌŽƌĞƐͿ͘ Ă͘ dŚĞŵĂŶĂŐĞŵĞŶƚŚĂǀĞĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞŐƌŽƵƉĐŽŶƚƌŽůƐEŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚ͕ĞǀĞŶƚŚŽƵŐŚŝƚŚŽůĚƐůĞƐƐƚŚĂŶŚĂůĨ

ŽĨƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚŽĨƚŚŝƐƐƵďƐŝĚŝĂƌǇ͘dŚŝƐŝƐďĞĐĂƵƐĞƚŚĞŐƌŽƵƉŝƐƚŚĞůĂƌŐĞƐƚƐŚĂƌĞŚŽůĚĞƌĂŶĚƚŚĞĚŝƌĞĐƚŽǁŶĞƌƐŚŝƉŝŶ
;ďͿ dŚĞ'ƌŽƵƉŚĂƐŐŝǀĞŶůĞƩĞƌƐŽĨƐƵƉƉŽƌƚƚŽĨĞǁĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐĚƵƌŝŶŐƚŚĞǇĞĂƌ͘ ƚŚŝƐĐŽŵƉĂŶǇŝƐϵϰ͘ϭϱйƚŚƌŽƵŐŚWŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ͕ĂƐƵďƐŝĚŝĂƌǇŝŶǁŚŝĐŚƚŚĞŐƌŽƵƉŚŽůĚƐϱϭ͘ϱϳй͘
;ĐͿ d ŚĞ'ƌŽƵƉ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂŶĂƐƐŽĐŝĂƚĞĂŶĚĂƚŚŝƌĚƉĂƌƚǇĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞďĂŶŬ͕ŝŶĐŽŶƐŝĚĞƌĂƟŽŶĨŽƌƚŚĞůĞŶĚĞƌ
ŽƌŝŐŝŶĂůůǇƉƌŽǀŝĚĞĚĂĐƌĞĚŝƚĨĂĐŝůŝƚǇŽĨƵƉƚŽh^ΨϵŵŝůůŝŽŶƚŽ>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ͕ĂŶĂƐƐŽĐŝĂƚĞŽĨƚŚĞ'ƌŽƵƉ͘dŚĞŽƵƚƐƚĂŶĚŝŶŐ ď͘ dŚĞŝŶǀĞƐƚŵĞŶƚŝŶ,ϱ͕ĂĐŽŵƉĂŶǇŝŶĐŽƌƉŽƌĂƚĞĚŝŶ^ŝŶŐĂƉŽƌĞŝŶǁŚŝĐŚƚŚĞŐƌŽƵƉŚŽůĚƐϭϬϬйŝƐƐƵĞĚĞƋƵŝƚǇƐŚĂƌĞƐ͕ŝƐ
ďĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ`ϴ͘ϳϱĐƌŽƌĞƐ;h^Ψϭ͘ϯϰŵŝůůŝŽŶͿ;DĂƌĐŚϯϭ͕ϮϬϭϳ`ϮϬ͘ϰϯĐƌŽƌĞƐ;h^Ψϯ͘ϭϱŵŝůůŝŽŶͿͿ͘dŚĞ'ƌŽƵƉŚĂƐ ĂƚĞŵƉŽƌĂƌǇŝŶǀĞƐƚŵĞŶƚƚŚĂƚŝƐƉƌĞƐĞŶƚůǇŚĞůĚĨŽƌĚŝƐƉŽƐĂů͘/ŶƚŚĞǀŝĞǁŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂŶǇ
ĂŐƌĞĞĚƚŽĞǆĞĐƵƚĞĂƐŚŽƌƞĂůůƵŶĚĞƌƚĂŬŝŶŐĂŶĚĂŶŽŶͲĚŝƐƉŽƐĂůƵŶĚĞƌƚĂŬŝŶŐĨŽƌƐŚĂƌĞƐŝŶ>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚŝŶĨĂǀŽƌŽĨƚŚĞ ƉŽǁĞƌŽƌĐŽŶƚƌŽůŽǀĞƌŽƌĞǆƉŽƐƵƌĞƚŽƚŚŝƐĞŶƟƚǇ͘/ƚĚŽĞƐŶŽƚŚĂǀĞĂŶǇƌŝŐŚƚƐƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚŝƐ
ďĂŶŬĂƐƐĞĐƵƌŝƚǇĨŽƌƌĞƉĂǇŵĞŶƚŽĨĐƌĞĚŝƚĨĂĐŝůŝƟĞƐĂŶĚŵŽŶŝĞƐƉĂǇĂďůĞďǇƚŚĞĂƐƐŽĐŝĂƚĞƚŽƚŚĞďĂŶŬƵŶĚĞƌƚŚĞĨĂĐŝůŝƚǇĂŐƌĞĞŵĞŶƚĂŶĚ ĞŶƟƚǇĂŶĚƚŚƵƐƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚŝƐĞŶƟƚǇĂƌĞŶŽƚĐŽŶƐŽůŝĚĂƚĞĚ͘
ƉĞƌĨŽƌŵĂŶĐĞĂŶĚŽďƐĞƌǀĂŶĐĞďǇƚŚĞďĂŶŬŽĨĂůůŝƚƐŽďůŝŐĂƟŽŶƐĂŶĚĐŽǀĞŶĂŶƚƐƵŶĚĞƌƚŚĞ&ĂĐŝůŝƚǇŐƌĞĞŵĞŶƚ͘ Đ͘ dŚĞ'ƌŽƵƉŚŽůĚƐŵŽƌĞƚŚĂŶϱϭйŽĨƚŚĞĞƋƵŝƚǇƐŚĂƌĞĐĂƉŝƚĂůŽĨdĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘,ŽǁĞǀĞƌ͕ĂƐƉĞƌƚŚĞĐŽŶƚƌĂĐƚƵĂů
ĂƌƌĂŶŐĞŵĞŶƚŝŶƚŚĞĨŽƌŵŽĨũŽŝŶƚǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚ͕ƚŚĞŐƌŽƵƉĐŽŶƐŝĚĞƌƐŝƚŚĂƐũŽŝŶƚĐŽŶƚƌŽůŽǀĞƌƚŚĞŶĞƚĂƐƐĞƚƐŽĨƚŚŝƐĞŶƟƚǇ
EŽƚĞϯϯ͗/ŶƚĞƌĞƐƚŝŶŽƚŚĞƌĞŶƟƟĞƐ ĂŶĚŚĂƐďĞĞŶƌĞĐůĂƐƐŝĮĞĚĂƐũŽŝŶƚǀĞŶƚƵƌĞ͘
ĂͿ ^ƵďƐŝĚŝĂƌŝĞƐ
ďͿ EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ;͚E/͛Ϳ
ŝͿ d ŚĞƉĂƌĞŶƚ͛ƐƐƵďƐŝĚŝĂƌŝĞƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞƐĞƚŽƵƚďĞůŽǁ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͕ƚŚĞǇŚĂǀĞƐŚĂƌĞĐĂƉŝƚĂůĐŽŶƐŝƐƟŶŐƐŽůĞůǇŽĨ
ĞƋƵŝƚǇƐŚĂƌĞƐƚŚĂƚĂƌĞŚĞůĚďǇƚŚĞŐƌŽƵƉĂŶĚƚŚĞĞīĞĐƟǀĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞŐƌŽƵƉŝƐĞŶƵŵĞƌĂƚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘dŚĞĐŽƵŶƚƌǇ ŝͿ dŚĞƐƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĨŽƌĞĂĐŚƐƵďƐŝĚŝĂƌǇƚŚĂƚŚĂƐŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐƚŚĂƚĂƌĞŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉĂƌĞƐĞƚ
ŽĨŝŶĐŽƌƉŽƌĂƟŽŶŽƌƌĞŐŝƐƚƌĂƟŽŶŝƐĂůƐŽƚŚĞŝƌƉƌŝŶĐŝƉĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐ͘ ŽƵƚďĞůŽǁ͘dŚĞĂŵŽƵŶƚƐĚŝƐĐůŽƐĞĚĨŽƌĞĂĐŚƐƵďƐŝĚŝĂƌǇĂƌĞďĞĨŽƌĞŝŶƚĞƌͲĐŽŵƉĂŶǇĞůŝŵŝŶĂƟŽŶƐ͘
īĞĐƟǀĞKǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŚĞůĚ KǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŚĞůĚďǇŶŽŶͲ PIEM Hotels Limited ZŽŽƚƐŽƌƉŽƌĂƟŽŶ ELEL Hotels and ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů
Country of by the Group controlling interests Limited /ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ Limited
/ŶĐŽƌƉŽƌĂƟŽŶ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Summarised Balance
Sheet DĂƌĐŚϯϭ͕ March March March March DĂƌĐŚϯϭ͕ March March
;йͿ ;йͿ ;йͿ ;йͿ
ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ
ŽŵĞƐƟĐ
ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ India ϱϭ͘ϲϴ ϱϭ͘ϲϴ ϰϴ͘ϯϮ ϰϴ͘ϯϮ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores
>>,ŽƚĞůƐΘ/ŶǀĞƐƚŵĞŶƚƐ>ƚĚ͘ India ϴϱ͘ϳϮ ϴϱ͘ϳϮ ϭϰ͘Ϯϴ ϭϰ͘Ϯϴ ƵƌƌĞŶƚƐƐĞƚƐ ϱϲ͘ϳϬ ϰϵ͘ϰϵ ϰϬ͘ϱϲ Ϯϵ͘ϰϳ ϭϳ͘ϲϭ ϭϵ͘ϱϲ ϰϱ͘ϳϴ ϲϳ͘ϵϵ
/ŶĚŝƚƌĂǀĞů>ƚĚ͘ India ϳϳ͘ϭϵ ϳϳ͘ϭϵ ϮϮ͘ϴϭ ϮϮ͘ϴϭ
<d,ŽƚĞůƐ>ƚĚ͘ India ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ ƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ ϴϳ͘Ϭϰ ϴϯ͘ϴϬ ϳϴ͘ϵϭ ϴϭ͘ϱϳ ϰϭ͘ϯϬ ϰϬ͘ϯϭ ϴϬ͘ϵϵ ϳϬ͘ϲϵ
>ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůƐĂŶĚWƌŽƉĞƌƟĞƐ Net Current Assets ;ϯϬ͘ϯϰͿ ;ϯϰ͘ϯϭͿ ;ϯϴ͘ϯϱͿ ;ϱϮ͘ϭϬͿ ;Ϯϯ͘ϲϵͿ ;ϮϬ͘ϳϱͿ ;ϯϱ͘ϮϭͿ ;Ϯ͘ϳϬͿ
India ϴϳ͘ϭϱ ϴϳ͘ϭϱ ϭϮ͘ϴϱ ϭϮ͘ϴϱ
WƌŝǀĂƚĞ>ƚĚ͘
EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘Λ India ϰϴ͘ϱϲ ϰϴ͘Ϭϯ ϱϭ͘ϰϰ ϱϭ͘ϵϳ
WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ India ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϰϴ͘ϰϯ ϰϴ͘ϰϯ EŽŶͲƵƌƌĞŶƚƐƐĞƚƐ ϲϲϬ͘ϯϯ ϲϰϬ͘ϴϲ ϰϬϳ͘ϱϰ ϰϬϵ͘ϯϴ ϲϮϭ͘ϴϯ ϲϯϮ͘ϴϰ ϵϳϵ͘ϮϬ ϴϯϵ͘ϰϰ
ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ India ϲϯ͘Ϯϱ ϲϯ͘Ϯϱ ϯϲ͘ϳϱ ϯϲ͘ϳϱ
^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ƚĚ͘ India ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ EŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ ϲ͘ϭϲ ϮϮ͘ϱϱ ϭϬϵ͘ϱϳ ϳϴ͘ϱϵ Ͳ Ͳ ϯϲϵ͘Ϭϴ ϯϱϮ͘ϳϮ
^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐΘĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘ India ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ EĞƚEŽŶͲƵƌƌĞŶƚƐƐĞƚƐ ϲϱϰ͘ϭϳ ϲϭϴ͘ϯϭ 297.97 ϯϯϬ͘ϳϵ ϲϮϭ͘ϴϯ ϲϯϮ͘ϴϰ ϲϭϬ͘ϭϮ ϰϴϲ͘ϳϮ
dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ India ϳϰ͘ϳϬ ϳϰ͘ϳϬ Ϯϱ͘ϯϬ Ϯϱ͘ϯϬ
dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚ>ƚĚ͘ India ϳϮ͘ϳϯ ϳϮ͘ϳϯ Ϯϳ͘Ϯϳ Ϯϳ͘Ϯϳ
d/&K,ŽůĚŝŶŐƐ>ƚĚ͘η India Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ Net Assets ϲϮϯ͘ϴϯ ϱϴϰ͘ϬϬ 259.62 Ϯϳϴ͘ϲϵ ϱϵϴ͘ϭϰ ϲϭϮ͘Ϭϵ ϱϳϰ͘ϵϭ ϰϴϰ͘ϬϮ
hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ India ϱϱ͘ϬϬ ϱϱ͘ϬϬ ϰϱ͘ϬϬ ϰϱ͘ϬϬ
Accumulated NCI ϯϬϮ͘ϭϮ ϮϴϮ͘ϴϯ ϵϱ͘ϰϭ ϭϬϮ͘ϰϮ ϴϱ͘ϰϭ ϴϳ͘ϰϭ ϭϱϵ͘ϱϯ ϭϯϰ͘ϯϭ
/ŶƚĞƌŶĂƟŽŶĂů
ƉĞǆ,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘Ύ Singapore Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ
EĞƚŚĞƌůĂŶĚ
ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsΎ Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ
ŶƟůůĞƐ PIEM Hotels Limited ZŽŽƚƐŽƌƉŽƌĂƟŽŶ ELEL Hotels and ^ƚ͘:ĂŵĞƐŽƵƌƚ
/,KKs EĞƚŚĞƌůĂŶĚƐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ Limited /ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ Hotel Limited
WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,<Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϰϴ͘ϰϯ ϰϴ͘ϰϯ Summarised Statement
ƌŝƟƐŚsŝƌŐŝŶ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ March March March March March March March March
^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚΎ Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ
Island
United ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores
^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ ϳϮ͘Ϯϱ ϳϮ͘Ϯϱ Ϯϳ͘ϳϱ Ϯϳ͘ϳϱ
<ŝŶŐĚŽŵ
ZĞǀĞŶƵĞ ϯϱϴ͘ϰϯ ϯϲϱ͘ϮϮ ϭϴϲ͘ϲϴ ϭϱϴ͘Ϭϵ Ϭ͘ϴϴ ϭ͘ϭϰ Ϯϳϵ͘Ϯϵ ϯϭϭ͘ϳϴ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,<Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ
United WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞǇĞĂƌ ;ϰ͘ϯϮͿ ϭϲ͘ϭϵ ;ϭϵ͘ϬϲͿ ;ϯ͘ϳϲͿ ;ϭϯ͘ϵϱͿ ;ϭϮ͘ϬϮͿ ϯϬ͘ϰϳ ϰϳ͘ϱϱ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ
<ŝŶŐĚŽŵ
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ϰϰ͘ϭϲ Ϯϯ͘Ϭϰ Ͳ ;Ϭ͘ϬϴͿ Ͳ Ͳ ϲϬ͘ϰϭ ;ϳϳ͘ϳϱͿ
United States
hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ Income
ŽĨŵĞƌŝĐĂ
Λഩ/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĚŝƌĞĐƟǀĞƐŝƐƐƵĞĚďǇ^/ǀŝĂŝƚƐĐŝƌĐƵůĂƌ^/ͬ,KͬDZͬ^ͬ/ZͬWͬϮϬϭϲͬϭϭϬĚĂƚĞĚKĐƚŽďĞƌϬϮ͕ϮϬϭϲƚŚĞ'ƌŽƵƉ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ
ϯϵ͘ϴϰ ϯϵ͘Ϯϯ ;ϭϵ͘ϬϲͿ ;ϯ͘ϴϰͿ ;ϭϯ͘ϵϱͿ ;ϭϮ͘ϬϮͿ ϵϬ͘ϴϴ ;ϯϬ͘ϮϬͿ
ƉƌŽǀŝĚĞĚĂŶĞǆŝƚŽƉƟŽŶƚŽƚŚĞƉƵďůŝĐƐŚĂƌĞŚŽůĚĞƌƐŽĨEŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚ;E/,>Ϳ͕ĂŶŝŶĚŝƌĞĐƚƐƵďƐŝĚŝĂƌǇ͘hŶĚĞƌƚŚĞŽīĞƌϰ͕ϰϲϲ Income
ƐŚĂƌĞƐǁĞƌĞƚĞŶĚĞƌĞĚďǇǀĂƌŝŽƵƐƉƵďůŝĐƐŚĂƌĞŚŽůĚĞƌƐĂŶĚĂĐƋƵŝƌĞĚďǇƚŚĞ'ƌŽƵƉĂƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂƐĂƌĞƐƵůƚŽĨǁŚŝĐŚƚŚĞ'ƌŽƵƉ͛Ɛ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ
ϭϵ͘Ϯϵ ϭϵ͘ϬϬ ;ϳ͘ϬϬͿ ;ϭ͘ϰϮͿ ;ϭ͘ϵϵͿ ;ϭ͘ϳϮͿ Ϯϱ͘ϮϮ ;ϴ͘ϯϴͿ
ŚŽůĚŝŶŐŝŶE/,>ŚĂƐŝŶĐƌĞĂƐĞĚĨƌŽŵϵϯ͘ϭϰйƚŽϵϰ͘ϭϱй͘ /ŶĐŽŵĞĂůůŽĐĂƚĞĚƚŽE/
Ύഩ>ŝƋƵŝĚĂƚĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ͘ ŝǀŝĚĞŶĚƉĂŝĚƚŽE/ Ͳ ϳ͘ϯϴ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
ηഩŵĂůŐĂŵĂƚĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ;ZĞĨĞƌEŽƚĞϮϵͿ͘

PIEM Hotels Limited ZŽŽƚƐŽƌƉŽƌĂƟŽŶ ELEL Hotels and ^ƚ͘:ĂŵĞƐŽƵƌƚ ŝŝͿ ŽŵŵŝƚŵĞŶƚƐĂŶĚĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐŝŶƌĞƐƉĞĐƚŽĨĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ
Limited /ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ Hotel Limited
Summarised Statement
ŽĨĂƐŚ&ůŽǁƐ March March March March March March March March DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ` Crores `ƌŽƌĞƐ
` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores
ĂƐŚ&ůŽǁƐĨƌŽŵ ŽŵŵŝƚŵĞŶƚƚŽƉƌŽǀŝĚĞĨƵŶĚŝŶŐĨŽƌũŽŝŶƚǀĞŶƚƵƌĞƐĐĂƉŝƚĂůĐŽŵŵŝƚŵĞŶƚƐ͕ŝĨĐĂůůĞĚ ϭϭϲ͘ϳϳ ϭϮϮ͘ϯϭ
KƉĞƌĂƟŶŐĐƟǀŝƟĞƐ Ϯϱ͘ϰϭ ϯϲ͘ϱϯ ϭ͘Ϭϱ Ϯϯ͘ϵϯ ;Ϯ͘ϲϵͿ ;Ϯ͘ϬϴͿ ϱϭ͘ϴϭ ϳϱ͘ϲϲ
ĂƐŚ&ůŽǁƐĨƌŽŵ ĂƉŝƚĂůŽŵŵŝƚŵĞŶƚĨŽƌũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞ ϭϭ͘ϵϭ ϴ͘ϱϲ
/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ ;ϭϭ͘ϯϴͿ ;ϯϴ͘ϭϵͿ ;ϭϵ͘ϯϭͿ ;ϰϯ͘ϮϴͿ Ϯ͘ϲϲ ϭ͘ϵϴ ;ϰϵ͘ϰϯͿ ;ϭϵ͘ϱϯͿ
'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶďǇũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ϯ͘ϱϰ Ϯ͘ϰϯ
ĂƐŚ&ůŽǁƐĨƌŽŵ
&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ;ϭϲ͘ϬϴͿ ;Ϯ͘ϱϯͿ ϭϴ͘ϵϵ ϭϳ͘ϱϬ Ͳ Ͳ ;ϯϭ͘ϳϬͿ ;ϯϭ͘ϬϯͿ
^ŚĂƌĞŽĨĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ϰϮ͘ϱϭ ϰϬ͘ϱϴ
EĞƚ/ŶĐƌĞĂƐĞͬ;ĞĐƌĞĂƐĞͿ
in Cash & cash ;Ϯ͘ϬϱͿ ;ϰ͘ϭϵͿ Ϭ͘ϳϯ ;ϭ͘ϴϱͿ ;Ϭ͘ϬϯͿ ;Ϭ͘ϭϬͿ ;Ϯϵ͘ϯϮͿ Ϯϱ͘ϭϬ
ƋƵŝǀĂůĞŶƚƐ ŝŝŝͿ ^ƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĨŽƌĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ
ŝŝͿ /ŶĚŝǀŝĚƵĂůůǇŝŵŵĂƚĞƌŝĂůŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ͗ d ŚĞƐƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĨŽƌƚŚŽƐĞũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐƚŚĂƚĂƌĞŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉĂƌĞƐĞƚŽƵƚďĞůŽǁ͘
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ dŚĞŝŶĨŽƌŵĂƟŽŶĚŝƐĐůŽƐĞĚƌĞŇĞĐƚƐƚŚĞĂŵŽƵŶƚƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞƌĞůĞǀĂŶƚĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ
` Crores `ƌŽƌĞƐ ĂŶĚŶŽƚŽĨƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŚŽƐĞĂŵŽƵŶƚ͘dŚĞǇŚĂǀĞĂŵĞŶĚĞĚƚŽƌĞŇĞĐƚĂĚũƵƐƚŵĞŶƚƐŵĂĚĞǁŚĞŶƵƐŝŶŐĞƋƵŝƚǇŵĞƚŚŽĚĨŽƌ
ŐŐƌĞŐĂƚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚŽĨŝŶĚŝǀŝĚƵĂůůǇŝŵŵĂƚĞƌŝĂů ϭϯϰ͘ϵϮ ϭϯϬ͘ϴϱ ƚŚĞĚŝīĞƌĞŶĐĞƐŝŶĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͘
ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƉƌŽĮƚƐͬůŽƐƐ ϱ͘Ϯϴ ;Ϭ͘ϯϮͿ Summarised Taj GVK Hotels & Taj SATS TAL Hotels and Oriental Hotels
ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ Ϭ͘ϲϭ ;Ϭ͘ϱϰͿ Balance Sheet Resorts Limited Air Catering Limited Resorts Limited Limited
ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϱ͘ϴϵ ;Ϭ͘ϴϲͿ
DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31
ĐͿ /ŶƚĞƌĞƐƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ
ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ
ŝͿ ĞƚĂŝůƐŽĨƚŚĞĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŽĨƚŚĞŐƌŽƵƉĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚϮϬϭϳĂƌĞƐĞƚŽƵƚďĞůŽǁ͘dŚĞĞŶƟƟĞƐďĞůŽǁŚĂǀĞ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores
ƐŚĂƌĞĐĂƉŝƚĂůĐŽŶƐŝƐƟŶŐƐŽůĞůǇŽĨĞƋƵŝƚǇƐŚĂƌĞƐ͕ǁŚŝĐŚĂƌĞŚĞůĚĚŝƌĞĐƚůǇďǇƚŚĞŐƌŽƵƉ͘dŚĞĐŽƵŶƚƌǇŽĨŝŶĐŽƌƉŽƌĂƟŽŶŽƌƌĞŐŝƐƚƌĂƟŽŶŝƐ
ĂůƐŽƚŚĞŝƌƉƌŝŶĐŝƉĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞ'ƌŽƵƉĨŽůůŽǁƐĞƋƵŝƚǇŵĞƚŚŽĚŽĨĂĐĐŽƵŶƟŶŐĨŽƌƚŚĞŵĞĂƐƵƌŝŶŐŝƚƐŝŶǀĞƐƚŵĞŶƚƐͬŝŶƚĞƌĞƐƚƐ Current assets
ŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͕ƚŚĞĚĞƚĂŝůƐŽĨǁŚŝĐŚĂƌĞĂƐďĞůŽǁ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϰ͘ϲϭ ϯ͘ϮϬ ϴ͘ϰϮ ϭϳ͘ϵϬ ϲϲ͘ϳϮ ϲϳ͘Ϯϭ ϱ͘ϱϯ ϭϮ͘ϭϯ
Country of īĞĐƟǀĞ Carrying amount YƵŽƚĞĚĨĂŝƌǀĂůƵĞ
/ŶĐŽƌƉŽƌĂƟŽŶ Holding DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ KƚŚĞƌĂƐƐĞƚƐ ϰϰ͘ϯϲ ϰϭ͘Ϭϵ ϭϳϯ͘ϱϵ ϭϮϴ͘ϲϮ ϰϴ͘ϱϱ ϱϬ͘ϴϭ ϳϭ͘ϱϴ ϳϬ͘ϯϵ
͞й͟η ` crores ` crores ` crores ` crores ϱϴ͘ϵϳ ϰϰ͘Ϯϵ ϭϴϮ͘Ϭϭ ϭϰϲ͘ϱϮ ϭϭϱ͘Ϯϳ ϭϭϴ͘ϬϮ ϳϳ͘ϭϭ ϴϮ͘ϱϮ
dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ India ϱϭ͘ϬϬ ϱϵ͘ϵϰ ϰϴ͘ϱϮ Ύ Ύ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϲϳϳ͘ϱϬ ϲϴϮ͘ϴϱ ϭϴϯ͘Ϯϲ ϭϵϵ͘ϯϴ ϰϱϲ͘ϰϵ ϰϱϯ͘ϴϳ ϳϱϬ͘ϭϮ ϳϮϲ͘ϳϳ
dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ƚĚ͘ India ϱϬ͘ϬϬ Ϯϯ͘ϴϳ Ϯϯ͘ϳϲ Ύ Ύ
Total assets ϳϯϲ͘ϰϳ ϳϮϳ͘ϭϰ ϯϲϱ͘Ϯϳ ϯϰϱ͘ϵϬ ϱϳϭ͘ϳϲ ϱϳϭ͘ϴϵ ϴϮϳ͘Ϯϯ ϴϬϵ͘Ϯϵ
dĂũ <ĂƌŶĂƚĂŬĂ ,ŽƚĞůƐ Θ ZĞƐŽƌƚƐ >ƚĚ͘
India ϰϰ͘Ϯϳ Ͳ Ͳ Ύ Ύ
;ZĞĨĞƌEŽƚĞŶŽϮϬ;ďͿͿ
dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ India Ϯϴ͘ϯϬ ϭϲ͘ϲϴ ϭϲ͘ϳϬ Ύ Ύ
dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ India Ϯϱ͘ϱϮ ϭϭϰ͘ϵϭ ϭϭϬ͘ϰϭ ϮϲϮ͘ϯϯ Ϯϰϳ͘ϭϯ ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ
dĂũ^ĂĨĂƌŝƐ>ƚĚ͘η India ϯϴ͘ϭϱ Ϭ͘ϳϬ ϭ͘ϬϮ Ύ Ύ
<ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ͘ India ϱϬ͘ϬϬ ϯϵ͘ϴϱ ϯϴ͘ϭϰ Ύ Ύ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
ϯϱ͘ϴϰ ϯϮ͘ϴϭ ϵ͘ϴϳ ϭϯ͘ϭϵ ϮϮ͘ϭϰ Ϯϳ͘ϴϲ ϰϬ͘ϲϲ ϰϱ͘ϬϮ
d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ Ϯϳ͘ϰϵ ϭϮϮ͘ϲϳ ϭϭϴ͘ϴϲ Ύ Ύ ;ĞǆĐůƵĚŝŶŐƚƌĂĚĞƉĂǇĂďůĞƐͿ
/,D^,ŽƚĞůƐ;^Ϳ;WƚǇͿ>ƚĚ͘ KƚŚĞƌůŝĂďŝůŝƟĞƐ ϳϬ͘ϭϲ ϱϱ͘Ϭϵ ϲϱ͘ϵϬ ϲϱ͘Ϯϲ ϯϯ͘Ϭϲ ϯϱ͘ϵϯ ϰϯ͘ϳϰ ϰϯ͘ϱϱ
^ŽƵƚŚĨƌŝĐĂ ϱϬ͘ϬϬ Ͳ Ͳ Ύ Ύ
;ZĞĨĞƌEŽƚĞŶŽϮϬ;ďͿͿ
ϯϳϴ͘ϲϮ ϯϱϳ͘ϰϭ ϮϲϮ͘ϯϯ Ϯϰϳ͘ϭϯ ϭϬϲ͘ϬϬ ϴϳ͘ϵϬ 75.77 ϳϴ͘ϰϱ 55.20 ϲϯ͘ϳϵ ϴϰ͘ϰϬ ϴϴ͘ϱϳ
Associates
KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ India ϯϱ͘ϲϳ ϮϬϳ͘ϭϲ ϭϵϲ͘ϳϮ Ϯϳϲ͘ϱϴ Ϯϯϰ͘Ϯϯ EŽŶͲĐƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ
dĂũDĂĚƵƌĂŝ>ƚĚ͘ India Ϯϲ͘ϬϬ ϱ͘Ϯϵ ϰ͘ϴϭ Ύ Ύ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ India ϯϰ͘ϳϲ Ͳ Ͳ Ύ Ύ ϭϵϴ͘ϯϲ ϮϮϴ͘ϳϭ Ͳ Ͳ ϳϱ͘ϵϳ ϴϮ͘Ϭϰ Ϯϵϲ͘ϯϲ ϯϬϯ͘ϳϮ
;ĞǆĐůƵĚŝŶŐƚƌĂĚĞƉĂǇĂďůĞƐͿ
:ĞƚƐWƚĞ>ƚĚ Singapore ϰϱ͘ϲϵ Ͳ Ͳ Ύ Ύ
>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϲ ϯϯ͘Ϯϰ ϯϯ͘ϯϮ Ύ Ύ KƚŚĞƌůŝĂďŝůŝƟĞƐ ϲϮ͘ϵϱ ϱϵ͘ϬϬ Ϯϳ͘ϵϮ Ϯϴ͘Ϯϰ ϰϬ͘Ϯϱ ϯϵ͘ϱϱ ϰ͘ϵϭ ϰ͘ϳϬ
d>>ĂŶŬĂ,ŽƚĞůƐW> ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϮ ϭϲ͘ϭϭ ϭϱ͘ϱϱ Ϯϰ͘ϭϴ ϯϮ͘ϳϳ
Ϯϲϭ͘ϴϬ ϮϱϬ͘ϰϬ ϯϬϬ͘ϳϲ 267.00 Ϯϲϭ͘ϯϭ Ϯϴϳ͘ϳϭ 27.92 Ϯϴ͘Ϯϰ ϭϭϲ͘ϮϮ ϭϮϭ͘ϱϵ ϯϬϭ͘Ϯϳ ϯϬϴ͘ϰϮ
Total ϲϰϬ͘ϰϮ ϲϬϳ͘ϴϭ ϱϲϯ͘Ϭϵ ϱϭϰ͘ϭϯ dŽƚĂůůŝĂďŝůŝƟĞƐ ϯϲϲ͘ϯϭ ϯϳϱ͘ϲϭ ϭϬϯ͘ϲϵ ϭϬϲ͘ϲϵ ϭϳϭ͘ϰϮ ϭϴϱ͘ϯϴ ϯϴϱ͘ϲϳ ϯϵϲ͘ϵϵ
ΎഩhŶůŝƐƚĞĚĞŶƟƚǇʹŶŽƋƵŽƚĞĚƉƌŝĐĞĂǀĂŝůĂďůĞ
ηഩdŚĞƌĞǁĂƐŶŽĐŚĂŶŐĞŝŶƚŚĞĞīĞĐƟǀĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞ'ƌŽƵƉ͛Ɛ,ŽůĚŝŶŐйĚƵƌŝŶŐƚŚĞǇĞĂƌĞǆĐĞƉƚŝŶĐĂƐĞŽĨdĂũ^ĂĨĂƌŝƐ>ƚĚ͘ǁŚĞƌĞƚŚĞ Net assets ϯϲϵ͘ϭϲ ϯϱϭ͘ϱϯ Ϯϲϭ͘ϱϴ Ϯϯϵ͘Ϯϭ ϰϬϬ͘ϯϰ ϯϴϲ͘ϱϭ ϰϰϭ͘ϱϲ ϰϭϮ͘ϯϬ
ŐƌŽƵƉŚĂƐĂĐƋƵŝƌĞĚĂĚĚŝƟŽŶĂůϯϰ͕ϴϳ͕ϱϱϰƐŚĂƌĞƐĚƵƌŝŶŐƚŚĞǇĞĂƌĂŶĚƚŚĞĞīĞĐƟǀĞŽǁŶĞƌƐŚŝƉŚĂƐŝŶĐƌĞĂƐĞĚĨƌŽŵϮϴ͘ϵϲйƚŽϯϴ͘ϭϱй͘

ŝǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨĐĂƌƌǇŝŶŐĂŵŽƵŶƚƐ EŽƚĞϯϰ͗&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞƐ
ĂͿ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐďǇĐĂƚĞŐŽƌǇ͗
Taj GVK Hotels & Taj SATS TAL Hotels and Oriental Hotels
Resorts Limited Air Catering Limited Resorts Limited Limited
FVTPL FVOCI ŵŽƌƟƐĞĚĐŽƐƚ dŽƚĂůĐĂƌƌǇŝŶŐǀĂůƵĞ
DĂƌĐŚϯϭ March 31 March 31 March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31
ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31
` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ
EĞƚƐƐĞƚƐ ϯϲϵ͘ϭϲ ϯϱϭ͘ϱϯ Ϯϲϭ͘ϱϴ Ϯϯϵ͘Ϯϭ ϰϬϬ͘ϯϰ ϯϴϲ͘ϱϭ ϰϰϭ͘ϱϲ ϰϭϮ͘ϯϬ
'ƌŽƵƉ͛Ɛ^ŚĂƌĞ Ϯϱ͘ϱϮй Ϯϱ͘ϱϮй ϱϭ͘ϬϬй ϱϭ͘ϬϬй Ϯϳ͘ϰϵй Ϯϳ͘ϰϵй ϯϱ͘ϲϳй ϯϱ͘ϲϳй &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
^ŚĂƌĞŽĨEĞƚĂƐƐĞƚƐ ϵϰ͘Ϯϭ ϴϵ͘ϳϭ ϭϯϯ͘ϰϮ ϭϮϮ͘ϬϬ ϭϭϬ͘Ϭϱ ϭϬϲ͘Ϯϰ ϭϱϳ͘ϱϬ ϭϰϳ͘Ϭϲ DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ
'ŽŽĚǁŝůů ϮϬ͘ϳϬ ϮϬ͘ϳϬ Ͳ Ͳ ϭϮ͘ϲϮ ϭϮ͘ϲϮ ϰϵ͘ϲϲ ϰϵ͘ϲϲ /ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ
hŶƌĞĂůŝǌĞĚ'ĂŝŶ Ͳ Ͳ ;ϳϯ͘ϰϴͿΎ ;ϳϯ͘ϰϴͿΎ Ͳ Ͳ Ͳ Ͳ &ŽŽƚŶŽƚĞďĞůŽǁͿ͗
Carrying Amount ϭϭϰ͘ϵϭ ϭϭϬ͘ϰϭ ϱϵ͘ϵϰ ϰϴ͘ϱϮ ϭϮϮ͘ϲϳ ϭϭϴ͘ϴϲ ϮϬϳ͘ϭϲ ϭϵϲ͘ϳϮ ƋƵŝƚǇƐŚĂƌĞƐ Ͳ Ͳ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ Ͳ Ͳ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ
ΎഩhŶƌĞĂůŝƐĞĚŐĂŝŶƌĞƉƌĞƐĞŶƚƐƉƌŽĮƚŽŶƐĂůĞŽĨĂŝƌĐĂƚĞƌŝŶŐďƵƐŝŶĞƐƐďǇƚŚĞ'ƌŽƵƉƚŽdĂũ^d^ŽŶĂƐůƵŵƉƐĂůĞďĂƐŝƐŽŶKĐƚŽďĞƌϭ͕ϮϬϬϭ͘ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Ͳ Ͳ Ͳ Ͳ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ

ǀͿ ^ƵŵŵĂƌǇ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ Total ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ Ͳ Ͳ ϴϳϭ͘ϬϬ ϲϯϱ͘ϵϬ
Taj GVK Hotels & Taj SATS TAL Hotels and Oriental Hotels Not measured at fair
Resorts Limited Air Catering Limited Resorts Limited Limited ǀĂůƵĞ
Summarised statement
DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ Ͳ Ͳ Ͳ Ͳ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ
ŽĨƉƌŽĮƚĂŶĚůŽƐƐ
ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ
ĂƐŚĂŶĚĐĂƐŚ
` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores Ͳ Ͳ Ͳ Ͳ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ
ĞƋƵŝǀĂůĞŶƚƐ
ZĞǀĞŶƵĞ ϮϵϬ͘ϴϴ Ϯϲϵ͘ϳϳ ϯϴϳ͘ϯϮ ϯϱϬ͘ϰϴ Ϯϵϰ͘ϵϭ ϯϮϵ͘ϱϮ ϯϲϮ͘Ϯϳ ϯϯϵ͘ϳϰ
KƚŚĞƌďĂůĂŶĐĞƐǁŝƚŚ
ĞƉƌĞĐŝĂƟŽŶ ϭϳ͘Ϯϳ ϭϴ͘ϭϯ ϭϬ͘ϳϳ ϭϬ͘ϯϲ ϯϯ͘ϯϵ ϰϮ͘ϮϮ Ϯϳ͘ϲϲ Ϯϰ͘ϵϴ Ͳ Ͳ Ͳ Ͳ ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ
ďĂŶŬƐ
Interest Income Ϭ͘ϭϴ ϭ͘Ϯϵ ϰ͘Ϭϭ ϰ͘Ϭϱ Ϭ͘Ϭϵ Ϭ͘ϭϱ ϭ͘ϲϰ Ϯ͘ϮϬ
>ŽĂŶƐ Ͳ Ͳ Ͳ Ͳ Ϯϰ͘Ϯϳ ϲϰ͘ϭϭ Ϯϰ͘Ϯϳ ϲϰ͘ϭϭ
/ŶƚĞƌĞƐƚǆƉĞŶƐĞ Ϯϰ͘ϵϳ Ϯϵ͘Ϭϳ Ϭ͘ϬϮ Ϭ͘Ϯϭ ϲ͘Ϯϰ ϳ͘Ϯϳ ϯϬ͘ϴϵ ϯϮ͘ϭϵ
KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ Ͳ Ͳ Ͳ Ͳ ϭϴϰ͘ϵϮ ϭϴϬ͘Ϯϳ ϭϴϰ͘ϵϮ ϭϴϬ͘Ϯϳ
/ŶĐŽŵĞdĂǆǆƉĞŶƐĞ ϭϭ͘Ϭϭ ϴ͘Ϯϲ ϭϮ͘ϳϵ ϲ͘ϳϯ Ϯ͘ϳϴ ϯ͘Ϭϰ Ϯ͘ϱϯ Ϭ͘ϰϱ
WƌŽĮƚĨŽƌƚŚĞǇĞĂƌ ϮϬ͘ϯϵ ϰ͘Ϯϯ Ϯϭ͘ϳϬ ϭϰ͘Ϭϵ ϮϮ͘ϭϵ ϯϮ͘ϯϴ ϲ͘ϭϮ ϰ͘ϵϴ Ͳ Ͳ Ͳ Ͳ ϴϬϴ͘Ϭϳ ϳϲϯ͘ϱϬ ϴϬϴ͘Ϭϳ ϳϲϯ͘ϱϬ
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ Total ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ ϴϬϴ͘Ϭϳ ϳϲϯ͘ϱϬ ϭ͕ϲϳϵ͘Ϭϳ ϭ͕ϯϵϵ͘ϰϬ
Ϭ͘ϭϵ ;Ϭ͘ϭϱͿ Ϭ͘ϲϳ ;Ϭ͘ϯϱͿ ϭϳ͘ϳϭ ;ϲ͘ϮϬͿ Ϯϯ͘Ϯϭ ;ϴ͘ϲϯͿ
/ŶĐŽŵĞĨŽƌƚŚĞǇĞĂƌ
dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ
ϮϬ͘ϱϴ ϰ͘Ϭϴ ϮϮ͘ϯϳ ϭϯ͘ϳϰ ϯϵ͘ϵϬ Ϯϲ͘ϭϴ Ϯϵ͘ϯϯ ;ϯ͘ϲϱͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗
Income for the year
ŝǀŝĚĞŶĚZĞĐĞŝǀĞĚ Ϭ͘ϲϰ Ϭ͘ϲϰ Ͳ Ͳ ϳ͘Ϯϴ ϯ͘ϯϭ Ͳ ϭ͘ϯϮ DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ
ǀŝͿ /ŶĚŝǀŝĚƵĂůůǇŝŵŵĂƚĞƌŝĂůũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Ͳ Ͳ Ͳ Ͳ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ
Not measured at fair
ǀĂůƵĞ
` Crores ` ƌŽƌĞƐ
ŐŐƌĞŐĂƚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚŽĨŝŶĚŝǀŝĚƵĂůůǇŝŵŵĂƚĞƌŝĂů ϭϯϱ͘ϳϰ ϭϯϯ͘ϯϬ ŽƌƌŽǁŝŶŐƐ Ͳ Ͳ Ͳ Ͳ Ϯ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ Ϯ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ
dƌĂĚĞƉĂǇĂďůĞƐ Ͳ Ͳ Ͳ Ͳ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ
` Crores `ƌŽƌĞƐ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ͳ Ͳ Ͳ Ͳ ϱϮϵ͘ϰϱ ϱϴϴ͘ϵϴ ϱϮϵ͘ϰϱ ϱϴϴ͘ϵϴ
ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƉƌŽĮƚͬůŽƐƐ ϭϱ͘ϳϮ ϭϴ͘ϲϭ Total Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Ͳ Ͳ ϯ͕ϯϬϴ͘ϭϴ ϰ͕Ϯϲϱ͘ϬϮ ϯ͕ϱϰϰ͘ϯϯ ϰ͕ϱϮϯ͘ϰϬ
ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϳ͘ϰϴͿ ;ϱ͘ϱϵͿ
&ŽŽƚŶŽƚĞƐ͗
ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϴ͘Ϯϰ ϭϯ͘ϬϮ
Ă͘ d ŚĞĂďŽǀĞĞǆĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŵŽƵŶƟŶŐƚŽ`ϲϰϬ͘ϰϮĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϲϬϳ͘ϴϭĐƌŽƌĞƐͿ
&ŽŽƚŶŽƚĞ͗ ǁŚŝĐŚĂƌĞĂĐĐŽƵŶƚĞĚĂƐƉĞƌĞƋƵŝƚǇŵĞƚŚŽĚ͘
dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĐŽŶƐŽůŝĚĂƚĞĚĂƌĞĚƌĂǁŶƵƉƚŽƚŚĞƐĂŵĞƌĞƉŽƌƟŶŐĚĂƚĞĂƐŽĨƚŚĞĐŽŵƉĂŶǇĞǆĐĞƉƚŝŶ
ď͘ &sdW>с&ĂŝƌsĂůƵĞdŚƌŽƵŐŚWƌŽĮƚĂŶĚ>ŽƐƐĂŶĚ&sK/с&ĂŝƌsĂůƵĞdŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘
ĐĂƐĞŽĨĂŶƐƐŽĐŝĂƚĞĐŽŵƉĂŶǇǁŚĞƌĞƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶĚƌĂǁŶƵƉƚŽĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘

ďͿ &ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇ ĚͿ sĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞĨĂŝƌǀĂůƵĞ
d ŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐ͕ŝƚĂůƐŽŝŶĐůƵĚĞƐ ^ƉĞĐŝĮĐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚƚŽǀĂůƵĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞ͗
ƚŚĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞƐĂƌĞĚŝƐĐůŽƐĞĚ͘ ƚŚĞƵƐĞŽĨƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĨŽƌƚŚĞĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐ
>ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total ƚŚĞĨĂŝƌǀĂůƵĞŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐŝƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞǇŝĞůĚĐƵƌǀĞƐ
DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 ƚŚĞĨĂŝƌǀĂůƵĞŽĨŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŝƐǀĂůƵĞĚƵƐŝŶŐ&/DDŐƵŝĚĞůŝŶĞƐ
ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ƚŚĞĨĂŝƌǀĂůƵĞĨŽƌƚŚĞĐƌŽƐƐĐƵƌƌĞŶĐǇƐǁĂƉƐͬƉƌŝŶĐŝƉĂůƐǁĂƉŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĨŽƌǁĂƌĚĞǆĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĂƚĞ
Đ ĞƌƚĂŝŶůŽŶŐƚĞƌŵƵŶůŝƐƚĞĚƐŚĂƌĞƐŚĂǀĞďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƚƚŚĞŝƌƌĞƐƉĞĐƟǀĞĐŽƐƚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
ƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶƚŚĂƚƌĂŶŐĞ͘ůůŽƚŚĞƌƵŶůŝƐƚĞĚƐŚĂƌĞƐĂƌĞ
DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚŽƌƚŚĞĐŽŵƉĂƌĂďůĞŵĂƌŬĞƚĂƉƉƌŽĂĐŚ͘dŚĞƐĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĐĂƚĞŐŽƌŝƐĞĚƵŶĚĞƌ>ĞǀĞůϯ͘
/ŶǀĞƐƚŵĞŶƚƐ͗ ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƌĞŵĂŝŶŝŶŐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĚŝƐĐŽƵŶƚĞĚĐĂƐŚŇŽǁĂŶĂůǇƐŝƐ͘
ƋƵŝƚǇƐŚĂƌĞƐ ϯϱϯ͘ϳϯ ϯϲϰ͘ϳϬ Ͳ Ͳ ϭϴϲ͘ϳϰ ϭϴϬ͘ϰϬ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ
ĞͿ /ŶƚĞƌůĞǀĞůƚƌĂŶƐĨĞƌƐ͗
DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Ͳ Ͳ Ͳ Ͳ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ
Total ϲϴϰ͘Ϯϲ ϰϱϱ͘ϱϬ Ͳ Ͳ ϭϴϲ͘ϳϰ ϭϴϬ͘ϰϬ ϴϳϭ͘ϬϬ ϲϯϱ͘ϵϬ dŚĞƌĞĂƌĞŶŽƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐϭĂŶĚϮĂƐĂůƐŽďĞƚǁĞĞŶůĞǀĞůƐϮĂŶĚϯĚƵƌŝŶŐƚŚĞǇĞĂƌ͘
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ ĨͿ ZĞĐŽŶĐŝůŝĂƟŽŶƐŽĨůĞǀĞůϯĨĂŝƌǀĂůƵĞƐ
DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƌĞĐŽŶĐŝůŝĂƟŽŶĨƌŽŵƚŚĞŽƉĞŶŝŶŐďĂůĂŶĐĞƐƚŽĐůŽƐŝŶŐďĂůĂŶĐĞƐĨŽƌ>ĞǀĞůϯĨĂŝƌǀĂůƵĞƐ͗
ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ͳ Ͳ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Ͳ Ͳ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ
Equity instruments
EŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ` crores
;ZĞĨĞƌ&ŽŽƚŶŽƚĞƐďĞůŽǁͿ
ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ ϭϵϬ͘ϱϮ
ŽƌƌŽǁŝŶŐƐ
EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝǌĞĚͿ ;ϭϬ͘ϭϮͿ
EŽŶͲĐŽŶǀĞƌƟďůĞ
Ͳ Ͳ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϴϰϴ͘ϱϬ Ͳ Ͳ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϴϰϴ͘ϱϬ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϴϬ͘ϰϬ
debentures
EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝǌĞĚͿ ϲ͘ϯϰ
dĞƌŵůŽĂŶĨƌŽŵďĂŶŬƐ Ͳ Ͳ ϲϵϮ͘ϰϰ ϴϯϮ͘ϴϱ Ͳ Ͳ ϲϵϮ͘ϰϰ ϴϯϮ͘ϴϱ
ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϴϲ͘ϳϰ
dĞƌŵůŽĂŶĨƌŽŵŽƚŚĞƌƐ Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ
Total Ͳ Ͳ Ϯ͕ϲϱϴ͘ϰϮ ϯ͕ϲϴϴ͘ϭϴ Ͳ Ͳ Ϯ͕ϲϱϴ͘ϰϮ ϯ͕ϲϴϴ͘ϭϴ EŽƚĞϯϱ͗&ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
&ŽŽƚŶŽƚĞƐ͗ ZŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬ
Ă͘ d ŚĞŽŵƉĂŶǇŚĂƐŶŽƚĚŝƐĐůŽƐĞĚƚŚĞĨĂŝƌǀĂůƵĞŽĨĐĞƌƚĂŝŶƐŚŽƌƚƚĞƌŵĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂǇĂďůĞƐ͕ dŚĞŽŵƉĂŶǇ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐƚŚĞŽǀĞƌĂůůƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚŽǀĞƌƐŝŐŚƚŽĨƚŚĞŽŵƉĂŶǇ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ƐŚŽƌƚƚĞƌŵůŽĂŶƐ͕ĚĞƉŽƐŝƚƐĞƚĐ͘ĂƐƚŚĞŝƌĐĂƌƌǇŝŶŐĂŵŽƵŶƚƐĂƌĞĂƌĞĂƐŽŶĂďůĞĂƉƉƌŽǆŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͘ ĨƌĂŵĞǁŽƌŬ͘dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĞƐƚĂďůŝƐŚĞĚĂZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞ͕ǁŚŝĐŚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞǀĞůŽƉŝŶŐĂŶĚŵŽŶŝƚŽƌŝŶŐƚŚĞ
ď͘ dŚĞĐĂƌƌǇŝŶŐĂŵŽƵŶƚƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐĞǆĐůƵĚŝŶŐŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐƚŚĂƚĂƌĞŶŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞƌĞĂƐŽŶĂďůĞ 'ƌŽƵƉ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐ͘dŚĞŽŵŵŝƩĞĞƌĞƉŽƌƚƐƌĞŐƵůĂƌůǇƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶŝƚƐĂĐƟǀŝƟĞƐ͘
ĂƉƉƌŽǆŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͕ĂƐƚŚĞǇĂƌĞŇŽĂƟŶŐƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞƌĞͲƉƌŝĐĞĚƚŽŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶŽƌŶĞĂƌƚŚĞĞŶĚŽĨ dŚĞŽŵƉĂŶǇ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂƌĞĞƐƚĂďůŝƐŚĞĚƚŽŝĚĞŶƟĨǇĂŶĚĂŶĂůǇƐĞƚŚĞƌŝƐŬĨĂĐĞĚďǇƚŚĞ'ƌŽƵƉ͕ƚŽƐĞƚĂƉƉƌŽƉƌŝĂƚĞƌŝƐŬůŝŵŝƚƐ
ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ĂŶĚĐŽŶƚƌŽůƐĂŶĚƚŽŵŽŶŝƚŽƌƌŝƐŬƐĂŶĚĂĚŚĞƌĞŶĐĞƚŽůŝŵŝƚƐ͘ZŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚƐǇƐƚĞŵƐĂƌĞƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůǇƚŽƌĞŇĞĐƚĐŚĂŶŐĞƐ
Đ͘ dŚĞ /ŶǀĞƐƚŵĞŶƚƐ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ĨĂůůŝŶŐ ƵŶĚĞƌ ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚǇ ůĞǀĞů ϯ ĂƌĞ ǀĂůƵĞĚ ďĂƐĞĚ ŽŶ ǀĂůƵĂƟŽŶ ƌĞƉŽƌƚƐ ŝŶŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĂŶĚƚŚĞ'ƌŽƵƉ͛ƐĂĐƟǀŝƟĞƐ͘dŚĞŽŵƉĂŶǇ͛ƐƵĚŝƚŽŵŵŝƩĞĞŽǀĞƌƐĞĞƐŚŽǁŵĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ
ƉƌŽǀŝĚĞĚďǇĞǆƚĞƌŶĂůǀĂůƵĞƌƐǁŝƚŚƚŚĞĞǆĐĞƉƟŽŶŽĨƚǁŽŝŶǀĞƐƚŵĞŶƚƐ͕ǁŚĞƌĞĐŽƐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞ ŽŵƉĂŶǇ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ĂŶĚƌĞǀŝĞǁƐƚŚĞĂĚĞƋƵĂĐǇŽĨƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬŝŶƌĞůĂƟŽŶƚŽƚŚĞƌŝƐŬƐ
ŽĨĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞƐ ĨĂĐĞĚďǇƚŚĞŽŵƉĂŶǇ͘dŚĞƵĚŝƚŽŵŵŝƩĞĞŝƐĂƐƐŝƐƚĞĚŝŶŝƚƐŽǀĞƌƐŝŐŚƚƌŽůĞďǇƚŚĞŝŶƚĞƌŶĂůĂƵĚŝƚƚĞĂŵ͘dŚĞ/ŶƚĞƌŶĂůĂƵĚŝƚƚĞĂŵƵŶĚĞƌƚĂŬĞƐ
ǁŝƚŚŝŶƚŚĂƚƌĂŶŐĞ͘dŚĞŝŶǀĞƐƚŵĞŶƚƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞǁŚŽƐĞĨĂŝƌǀĂůƵĞƐĂƉƉƌŽǆŝŵĂƚĞĐŽƐƚĂƌĞŝŶĚŝǀŝĚƵĂůůǇŝŵŵĂƚĞƌŝĂů͘ ďŽƚŚƌĞŐƵůĂƌĂŶĚĂĚŚŽĐƌĞǀŝĞǁƐŽĨƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽůƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ƚŚĞƌĞƐƵůƚƐŽĨǁŚŝĐŚĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞĂƵĚŝƚĐŽŵŵŝƩĞĞ͘
ĐͿ &ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇ͗ dŚĞ'ƌŽƵƉŚĂƐĞǆƉŽƐƵƌĞƚŽƚŚĞĨŽůůŽǁŝŶŐƌŝƐŬƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͗
dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇŝƐďĂƐĞĚŽŶŝŶƉƵƚƐƚŽǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƚŚĂƚĂƌĞƵƐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞƚŚĂƚĂƌĞĞŝƚŚĞƌŽďƐĞƌǀĂďůĞŽƌ ƌĞĚŝƚƌŝƐŬ͖
ƵŶŽďƐĞƌǀĂďůĞĂŶĚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞĞůĞǀĞůƐ͗ >ŝƋƵŝĚŝƚǇƌŝƐŬ͖
Ă͘ > ĞǀĞůϭ͗>ĞǀĞůϭŚŝĞƌĂƌĐŚǇŝŶĐůƵĚĞƐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚƵƐŝŶŐƋƵŽƚĞĚƉƌŝĐĞƐŝŶĂŶĂĐƟǀĞŵĂƌŬĞƚ͘dŚŝƐŝŶĐůƵĚĞƐůŝƐƚĞĚĞƋƵŝƚǇ DĂƌŬĞƚƌŝƐŬ
ŝŶƐƚƌƵŵĞŶƚƐ͕ƚƌĂĚĞĚĚĞďĞŶƚƵƌĞƐĂŶĚŵƵƚƵĂůĨƵŶĚƐƚŚĂƚŚĂǀĞƋƵŽƚĞĚƉƌŝĐĞͬĚĞĐůĂƌĞĚEs͘dŚĞĨĂŝƌǀĂůƵĞŽĨĂůůĞƋƵŝƚǇŝŶƐƚƌƵŵĞŶƚƐ
;ŝŶĐůƵĚŝŶŐĚĞďĞŶƚƵƌĞƐͿǁŚŝĐŚĂƌĞƚƌĂĚĞĚŝŶƚŚĞƐƚŽĐŬĞǆĐŚĂŶŐĞŝƐǀĂůƵĞĚƵƐŝŶŐƚŚĞĐůŽƐŝŶŐƉƌŝĐĞĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ĂͿ ƌĞĚŝƚƌŝƐŬ
ď͘ > ĞǀĞů Ϯ͗ >ĞǀĞů ϮŚŝĞƌĂƌĐŚǇ ŝŶĐůƵĚĞƐ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚƚƌĂĚĞĚŝŶ ĂŶĂĐƟǀĞŵĂƌŬĞƚ;ĨŽƌĞǆĂŵƉůĞ͕ƚƌĂĚĞĚďŽŶĚƐͬ ƌĞĚŝƚƌŝƐŬĂƌŝƐĞƐĨƌŽŵƚŚĞƉŽƐƐŝďŝůŝƚǇƚŚĂƚĐƵƐƚŽŵĞƌƐŽƌĐŽƵŶƚĞƌƉĂƌƚǇƚŽĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĂǇŶŽƚďĞĂďůĞƚŽŵĞĞƚƚŚĞŝƌŽďůŝŐĂƟŽŶƐ͘

ĚĞďĞŶƚƵƌĞƐ͕ŽǀĞƌƚŚĞĐŽƵŶƚĞƌĚĞƌŝǀĂƟǀĞƐͿ͘dŚĞĨĂŝƌǀĂůƵĞŝŶƚŚŝƐŚŝĞƌĂƌĐŚǇŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐǁŚŝĐŚŵĂǆŝŵŝǌĞ dŽŵĂŶĂŐĞƚŚŝƐ͕ƚŚĞ'ƌŽƵƉƉĞƌŝŽĚŝĐĂůůǇĂƐƐĞƐƐĞƐƚŚĞĮŶĂŶĐŝĂůƌĞůŝĂďŝůŝƚǇŽĨĐƵƐƚŽŵĞƌƐ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĮŶĂŶĐŝĂůĐŽŶĚŝƟŽŶ͕ĐƵƌƌĞŶƚ
ƚŚĞƵƐĞŽĨŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂĂŶĚƌĞůǇĂƐůŝƩůĞĂƐƉŽƐƐŝďůĞŽŶĞŶƟƚǇͲƐƉĞĐŝĮĐĞƐƟŵĂƚĞƐ͘/ĨĂůůƐŝŐŶŝĮĐĂŶƚŝŶƉƵƚƐƌĞƋƵŝƌĞĚƚŽĨĂŝƌ ĞĐŽŶŽŵŝĐƚƌĞŶĚƐ͕ĂŶĂůǇƐŝƐŽĨŚŝƐƚŽƌŝĐĂůďĂĚĚĞďƚƐĂŶĚĂŐĞŝŶŐŽĨĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͘ƌĞĚŝƚƌŝƐŬƐĂƌŝƐĞƐĨƌŽŵĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕
ǀĂůƵĞĂŶŝŶƐƚƌƵŵĞŶƚĂƌĞŽďƐĞƌǀĂďůĞ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϮ͘ ĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐĂŶĚŽƚŚĞƌƐ͕ĂƐǁĞůůĂƐĐƌĞĚŝƚĞǆƉŽƐƵƌĞƐƚŽĐƵƐƚŽŵĞƌƐ͕ŝŶĐůƵĚŝŶŐŽƵƚƐƚĂŶĚŝŶŐƌĞĐĞŝǀĂďůĞƐ͘
Đ͘ > ĞǀĞůϯ͗/ĨŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐŝŐŶŝĮĐĂŶƚ/ŶƉƵƚƐŝƐŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϯ͘&Ăŝƌ dŚĞ'ƌŽƵƉ͛ƐƉŽůŝĐǇŝƐƚŽƉůĂĐĞĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚƐŚŽƌƚƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚƌĞƉƵƚĂďůĞďĂŶŬƐĂŶĚĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐ͘
ǀĂůƵĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚƵƐŝŶŐĂǀĂůƵĂƟŽŶŵŽĚĞůďĂƐĞĚŽŶĂƐƐƵŵƉƟŽŶƐƚŚĂƚĂƌĞŶĞŝƚŚĞƌƐƵƉƉŽƌƚĞĚďǇƉƌŝĐĞƐ d ŚĞ ŽŵƉĂŶǇ ŚĂƐ ĞƐƚĂďůŝƐŚĞĚ Ă ĐƌĞĚŝƚ ƉŽůŝĐǇ ƵŶĚĞƌ ǁŚŝĐŚ ĞĂĐŚ ŶĞǁ ĐƵƐƚŽŵĞƌ ŝƐ ĂŶĂůǇƐĞĚ ŝŶĚŝǀŝĚƵĂůůǇ ĨŽƌ ĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐ ďĞĨŽƌĞ
ĨƌŽŵ ŽďƐĞƌǀĂďůĞ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ƚƌĂŶƐĂĐƟŽŶƐ ŝŶ ƚŚĞ ƐĂŵĞ ŝŶƐƚƌƵŵĞŶƚ ŶŽƌ ĂƌĞ ƚŚĞǇ ďĂƐĞĚ ŽŶ ĂǀĂŝůĂďůĞ ŵĂƌŬĞƚ ĚĂƚĂ͘ &ŝŶĂŶĐŝĂů ĞŶƚĞƌŝŶŐŝŶƚŽĐŽŶƚƌĂĐƚ͘^ĂůĞůŝŵŝƚƐĂƌĞĞƐƚĂďůŝƐŚĞĚĨŽƌĞĂĐŚĐƵƐƚŽŵĞƌ͕ƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůǇĂŶĚĂŶǇƐĂůĞƐĞǆĐĞĞĚŝŶŐƚŚŽƐĞůŝŵŝƚƐƌĞƋƵŝƌĞ
ŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƵŶůŝƐƚĞĚĞƋƵŝƚǇƐŚĂƌĞƐ͕ůŽĂŶƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚŝƐŚŝĞƌĂƌĐŚǇ͘ ĂƉƉƌŽǀĂůĨƌŽŵƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝƚǇ͘dŚĞƌĞĂƌĞŶŽƐŝŐŶŝĮĐĂŶƚĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͘

ďͿ >ŝƋƵŝĚŝƚǇƌŝƐŬ d ŚĞ'ƌŽƵƉŵĂŶĂŐĞŵĞŶƚƉĞƌŝŽĚŝĐĂůůǇŵŽŶŝƚŽƌƐŝƚƐ/ŶƚĞƌĞƐƚ^ĞƌǀŝĐĞŽǀĞƌZĂƟŽƚŽŵĂŶĂŐĞƚŚĞůŝƋƵŝĚŝƚǇƌŝƐŬƚŽǁĂƌĚƐƚŚĞƌĞƉĂǇŵĞŶƚ
> ŝƋƵŝĚŝƚǇƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůĞŶĐŽƵŶƚĞƌĚŝĸĐƵůƚǇŝŶŵĞĞƟŶŐƚŚĞŽďůŝŐĂƟŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞ ŽĨƚŚĞŝŶƚĞƌĞƐƚůŝĂďŝůŝƚǇ͘dŚĞŝŶƚĞƌĞƐƚĐŽǀĞƌƌĂƟŽĨŽƌƚŚĞ'ƌŽƵƉĨŽƌƚŚĞǇĞĂƌĞŶĚŝŶŐDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳǁĂƐϯ͘Ϭϯ
ƐĞƩůĞĚďǇĚĞůŝǀĞƌŝŶŐĐĂƐŚŽƌĂŶŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚ͘dŚĞ'ƌŽƵƉ͛ƐĂƉƉƌŽĂĐŚƚŽŵĂŶĂŐŝŶŐůŝƋƵŝĚŝƚǇŝƐƚŽĞŶƐƵƌĞ͕ĂƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ƚŚĂƚ ĂŶĚϮ͘ϬϵƌĞƐƉĞĐƟǀĞůǇ͘
ŝƚǁŝůůŚĂǀĞƐƵĸĐŝĞŶƚůŝƋƵŝĚŝƚǇƚŽŵĞĞƚŝƚƐůŝĂďŝůŝƟĞƐǁŚĞŶƚŚĞǇĂƌĞĚƵĞ͕ƵŶĚĞƌďŽƚŚŶŽƌŵĂůĂŶĚƐƚƌĞƐƐĞĚĐŽŶĚŝƟŽŶƐ͕ǁŝƚŚŽƵƚŝŶĐƵƌƌŝŶŐ d ŚĞĨŽƌŵƵůĂƵƐĞĚĨŽƌƚŚĞĐĂůĐƵůĂƟŽŶŽĨ/ŶƚĞƌĞƐƚ^ĞƌǀŝĐĞŽǀĞƌƌĂƟŽ;ǁŚŝĐŚŚĂƐďĞĞŶĐŽŵƉƵƚĞĚŽŶĂƚƌĂŝůŝŶŐƚǁĞůǀĞͲŵŽŶƚŚďĂƐŝƐͿ
ƵŶĂĐĐĞƉƚĂďůĞůŽƐƐĞƐŽƌƌŝƐŬŝŶŐĚĂŵĂŐĞƚŽ'ƌŽƵƉ͛ƐƌĞƉƵƚĂƟŽŶ͘ ŝƐĂƐďĞůŽǁ͗
DĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐƌŽůůŝŶŐĨŽƌĞĐĂƐƚƐŽĨƚŚĞŽŵƉĂŶǇ͛ƐůŝƋƵŝĚŝƚǇƉŽƐŝƟŽŶĂŶĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŽŶƚŚĞďĂƐŝƐŽĨĞǆƉĞĐƚĞĚ /ŶƚĞƌĞƐƚ ^ĞƌǀŝĐĞ ŽǀĞƌĂŐĞ ZĂƟŽ с ;WƌŽĮƚ ďĞĨŽƌĞ ƚĂǆ н /ŶƚĞƌĞƐƚ ;EĞƚͿ н WƌŽǀŝƐŝŽŶ ĨŽƌ ĚŝŵŝŶƵƟŽŶ ŝŶ ůŽŶŐ ƚĞƌŵ ŝŶǀĞƐƚŵĞŶƚ н
ĐĂƐŚŇŽǁƐƚŽĞŶƐƵƌĞŝƚŚĂƐƐƵĸĐŝĞŶƚĐĂƐŚƚŽŵĞĞƚŽƉĞƌĂƟŽŶĂůŶĞĞĚƐǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐƐƵĸĐŝĞŶƚŚĞĂĚƌŽŽŵŽŶŝƚƐƵŶĚƌĂǁŶĐŽŵŵŝƩĞĚ ĞƉƌĞĐŝĂƟŽŶͿͬ/ŶƚĞƌĞƐƚ;EĞƚͿ
ďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚĂůůƟŵĞƐƐŽƚŚĂƚƚŚĞŽŵƉĂŶǇĚŽĞƐŶŽƚďƌĞĂĐŚďŽƌƌŽǁŝŶŐůŝŵŝƚƐŽƌĐŽǀĞŶĂŶƚƐŽŶĂŶǇŽĨŝƚƐďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐ͕
^ƵĐŚ ĨŽƌĞĐĂƐƟŶŐ ƚĂŬĞƐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ŽŵƉĂŶǇ͛Ɛ ĚĞďƚ ĮŶĂŶĐŝŶŐ ƉůĂŶƐ͕ ĐŽǀĞŶĂŶƚ ĐŽŵƉůŝĂŶĐĞ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ŝŶƚĞƌŶĂů ŝŝŝͿ Capital Risk Management
ƐƚĂƚĞŵĞŶƚŽĨĮŶĂŶĐŝĂůƉŽƐŝƟŽŶƌĂƟŽƚĂƌŐĞƚƐ͘ d ŚĞ'ƌŽƵƉŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƚŽĞŶƐƵƌĞƚŚĂƚŝƚǁŝůůďĞĂďůĞƚŽĐŽŶƟŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘dŚĞƐƚƌƵĐƚƵƌĞŝƐŵĂŶĂŐĞĚƚŽŵĂŝŶƚĂŝŶ
ĂŶŝŶǀĞƐƚŵĞŶƚŐƌĂĚĞĐƌĞĚŝƚƌĂƟŶŐ͕ƚŽƉƌŽǀŝĚĞŽŶŐŽŝŶŐƌĞƚƵƌŶƐƚŽƐŚĂƌĞŚŽůĚĞƌƐĂŶĚƚŽƐĞƌǀŝĐĞĚĞďƚŽďůŝŐĂƟŽŶƐ͕ǁŚŝůƐƚŵĂŝŶƚĂŝŶŝŶŐ
ŝͿ Financing arrangements
ŵĂǆŝŵƵŵŽƉĞƌĂƟŽŶĂůŇĞǆŝďŝůŝƚǇ͘
dŚĞ'ƌŽƵƉŚĂĚĂĐĐĞƐƐƚŽƚŚĞĨŽůůŽǁŝŶŐƵŶĚƌĂǁŶďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͗

ŽŶƐŝƐƚĞŶƚǁŝƚŚŽƚŚĞƌƐŝŶƚŚĞŝŶĚƵƐƚƌǇ͕ƚŚĞ'ƌŽƵƉŵŽŶŝƚŽƌƐĐĂƉŝƚĂůŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŐĞĂƌŝŶŐƌĂƟŽ͘dŚŝƐƌĂƟŽŝƐĐĂůĐƵůĂƚĞĚĂƐŶĞƚ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĚĞďƚĚŝǀŝĚĞĚďǇƋƵŝƚǇ͘EĞƚĚĞďƚŝƐĐĂůĐƵůĂƚĞĚĂƐƚŽƚĂůďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐ͚ĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚƚĞƌŵůŽĂŶƐ͛ĂƐƐŚŽǁŶŝŶƚŚĞ
` crores ` crores ďĂůĂŶĐĞƐŚĞĞƚͿůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚ͘
ǆƉŝƌŝŶŐǁŝƚŚŝŶŽŶĞǇĞĂƌ͗
ĂŶŬŽǀĞƌĚƌĂŌ ϭϳϳ͘ϲϴ ϭϳϳ͘Ϯϴ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Note
` crores ` crores
ĂŶŬ>ŽĂŶƐ Ͳ ϭϬϬ͘ϬϬ
ŽƌƌŽǁŝŶŐƐ ϭϴ Ϯ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ
ǆƉŝƌŝŶŐďĞǇŽŶĚŽŶĞǇĞĂƌ Ͳ Ͳ >ĞƐƐ͗ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϰ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ
Total ϭϳϳ͘ϲϴ Ϯϳϳ͘Ϯϴ >ĞƐƐ͗ƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϳ;ďͿ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ
Net debt ϭ͕ϴϴϴ͘Ϭϲ ϯ͕ϭϱϬ͘ϴϳ
d ŚĞ ďĂŶŬ ŽǀĞƌĚƌĂŌ ĨĂĐŝůŝƟĞƐ ŵĂǇ ďĞ ĚƌĂǁŶ Ăƚ ĂŶǇ ƟŵĞ ďǇ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ĐŽŵƉĂŶŝĞƐ ŝŶ ƚŚĞ 'ƌŽƵƉ͘ dŚĞƌĞ ǁĞƌĞ ŶŽ ďĂŶŬ ůŽĂŶ
ĨĂĐŝůŝƟĞƐĂǀĂŝůĂďůĞĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ;WƌĞǀŝŽƵƐǇĞĂƌͲƚŚĞďĂŶŬůŽĂŶĨĂĐŝůŝƟĞƐǁĞƌĞĂǀĂŝůĂďůĞƵƉƚŽ:ƵůǇϯϭ͕ϮϬϭϳĂŶĚŚĂĚĂ
dŽƚĂůƋƵŝƚǇ ϭϲͬϭϳ ϰ͕ϵϱϴ͘ϰϵ ϯ͕Ϯϱϱ͘ϱϭ
ŵĂƚƵƌŝƚǇŽĨϭϴŵŽŶƚŚƐĨƌŽŵĚƌĂǁĚŽǁŶͿ͘
'ĞĂƌŝŶŐƌĂƟŽй Ϭ͘ϯϴ Ϭ͘ϵϳ
ŝŝͿ DĂƚƵƌŝƟĞƐŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
d ŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ĐŽŶƚƌĂĐƚƵĂů ŵĂƚƵƌŝƟĞƐ ŽĨ ĮŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ Ăƚ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͘ dŚĞ ĂŵŽƵŶƚƐ ĂƌĞ ŐƌŽƐƐ͕ Ϳ DĂƌŬĞƚƌŝƐŬ
ƵŶĚŝƐĐŽƵŶƚĞĚĂŶĚĞǆĐůƵĚĞĨƵƚƵƌĞĐŽŶƚƌĂĐƚƵĂůŝŶƚĞƌĞƐƚƉĂǇŵĞŶƚƐ͘ DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐƐƵĐŚĂƐĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƌĂƚĞƐ͕ŝŶƚĞƌĞƐƚƌĂƚĞƐĂŶĚĞƋƵŝƚǇƉƌŝĐĞƐǁŝůůĂīĞĐƚƚŚĞ
'ƌŽƵƉ͛ƐŝŶĐŽŵĞŽƌƚŚĞǀĂůƵĞŽĨŝƚƐŚŽůĚŝŶŐƐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞŽďũĞĐƟǀĞŽĨŵĂƌŬĞƚƌŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐƚŽŵĂŶĂŐĞĂŶĚĐŽŶƚƌŽů
Due in Due in ƵĞŝŶϯƌĚ ƵĞĂŌĞƌ Total
ŵĂƌŬĞƚƌŝƐŬĞǆƉŽƐƵƌĞƐǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞƉĂƌĂŵĞƚĞƌƐ͕ǁŚŝůĞŽƉƟŵŝƐŝŶŐƚŚĞƌĞƚƵƌŶ͘
ϭƐƚǇĞĂƌ 2nd year to 5th year 5th year
` crores ` crores ` crores ` crores ` crores dŚĞŽŵƉĂŶǇƵƐĞƐĚĞƌŝǀĂƟǀĞƐƚŽŵĂŶĂŐĞŝƚƐĞǆƉŽƐƵƌĞƚŽĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇƌŝƐŬĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘ůůƐƵĐŚƚƌĂŶƐĂĐƟŽŶƐĂƌĞĐĂƌƌŝĞĚ
EŽŶͲĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ ŽƵƚǁŝƚŚŝŶƚŚĞŐƵŝĚĞůŝŶĞƐƐĞƚďǇƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŵŵŝƩĞĞ͘
ŽƌƌŽǁŝŶŐƐ 99.27 ϱϯϴ͘ϱϵ ϭ͕ϴϭϱ͘ϰϴ 55.07 Ϯ͕ϱϬϴ͘ϰϭ
;ŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵͿ ϱϴϰ͘ϱϰ ϳϵϮ͘ϳϱ ϭ͕ϱϰϮ͘ϵϳ ϱϲϳ͘ϱϬ ϯ͕ϰϴϳ͘ϳϲ ŝͿ Foreign Currency risk
d ŚĞƉƌĞĚŽŵŝŶĂŶƚĐƵƌƌĞŶĐǇŽĨƚŚĞ'ƌŽƵƉ͛ƐƌĞǀĞŶƵĞĂŶĚŽƉĞƌĂƟŶŐĐĂƐŚŇŽǁƐŝƐ/ŶĚŝĂŶZƵƉĞĞƐ;`Ϳ͘dŚĞŽŵƉĂŶǇ͛ƐƌĞƉŽƌƚĞĚĚĞďƚ
KƚŚĞƌ&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϱϬϲ͘ϰϲ ϭ͘ϰϵ Ϯϭ͘ϱϬ Ͳ ϱϮϵ͘ϰϱ
ŚĂƐĂŶĞǆƉŽƐƵƌĞƚŽďŽƌƌŽǁŝŶŐƐŚĞůĚŝŶh^ĚŽůůĂƌƐ͘DŽǀĞŵĞŶƚƐŝŶĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƌĂƚĞƐĐĂŶĂīĞĐƚƚŚĞŽŵƉĂŶǇ͛ƐƌĞƉŽƌƚĞĚƉƌŽĮƚƐ
ϰϴϵ͘ϰϲ ϵϵ͘ϲϮ Ͳ Ͳ ϱϴϵ͘Ϭϴ
ĂŶĚŶĞƚĂƐƐĞƚƐ͘
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ ϯϱϭ͘ϯϬ Ͳ Ͳ Ͳ ϯϱϭ͘ϯϬ
d ŚĞ'ƌŽƵƉƵƐĞƐĨŽƌǁĂƌĚĞǆĐŚĂŶŐĞĐŽŶƚƌĂĐƚƐ͕ŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐ͕ĐƵƌƌĞŶĐǇƐǁĂƉƐĂŶĚŽƉƟŽŶƐƚŽŚĞĚŐĞŝƚƐĞǆƉŽƐƵƌĞŝŶĨŽƌĞŝŐŶ
Ϯϵϯ͘Ϭϲ Ͳ Ͳ Ͳ Ϯϵϯ͘Ϭϲ
ĐƵƌƌĞŶĐǇĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚĞŝŶĨŽƌŵĂƟŽŶŽŶĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐŝƐĂƐĨŽůůŽǁƐ͗Ͳ
&ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚ ϭϲ͘ϭϭ ϭϲ͘ϭϭ ϭϭ͘ϲϬ Ͳ ϰϯ͘ϴϮ ĞƌŝǀĂƟǀĞ/ŶƐƚƌƵŵĞŶƚƐŽƵƚƐƚĂŶĚŝŶŐ͗
ϲ͘ϬϮ ϴ͘ϬϮ Ϯϴ͘ϯϯ Ͳ ϰϮ͘ϯϳ
Total ϵϳϯ͘ϭϰ ϱϱϲ͘ϭϵ ϭ͕ϴϰϴ͘ϱϴ 55.07 ϯ͕ϰϯϮ͘ϵϴ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Nature of
ϭ͕ϯϳϯ͘Ϭϴ ϵϬϬ͘ϯϵ ϭ͕ϱϳϭ͘ϯϬ ϱϲϳ͘ϱϬ ϰ͕ϰϭϮ͘Ϯϳ Currency Currency million &ĂŝƌǀĂůƵĞƐ ƵƌƌĞŶĐǇŵŝůůŝŽŶ &ĂŝƌǀĂůƵĞƐ
ĞƌŝǀĂƟǀĞ
` crores ` crores
ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ 5.59 ϭϬϰ͘ϴϭ ϭϮϱ͘ϳϱ Ͳ Ϯϯϲ͘ϭϱ
ƌŽƐƐĐƵƌƌĞŶĐǇ US$ ϭϬϴ͘ϰϮ ϮϯϬ͘ϱϲ ϭϬϴ͘ϰϮ Ϯϰϰ͘ϯϴ
ϭ͘ϭϳ ϭϮ͘ϴϯ Ϯϰϰ͘ϯϴ Ͳ Ϯϱϴ͘ϯϴ
ƐǁĂƉ
dŽƚĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϵϳϴ͘ϳϯ ϲϲϭ͘ϬϬ ϭ͕ϵϳϰ͘ϯϯ 55.07 ϯ͕ϲϲϵ͘ϭϯ /ŶƚĞƌĞƐƚZĂƚĞ^ǁĂƉ US$ Ͳ Ͳ Ϯϭ͘ϭϭ ;Ϭ͘ϭϭͿ
ϭ͕ϯϳϰ͘Ϯϱ ϵϭϯ͘ϮϮ ϭ͕ϴϭϱ͘ϲϴ ϱϲϳ͘ϱϬ ϰ͕ϲϳϬ͘ϲϱ /ŶƚĞƌĞƐƚZĂƚĞ^ǁĂƉ 'W ϯϬ͘ϬϬ ϱ͘ϱϵ ϯϬ͘ϬϬ ϭϰ͘ϭϭ
&ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘ Total Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ

^ĞŶƐŝƟǀŝƚǇ EŽƚĞϯϳ͗ഩ/ŶĐŽŵĞdĂǆŝƐĐůŽƐƵƌĞ
& ŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌǇϯйĚĞƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ/ŶĚŝĂŶƌƵƉĞĞ ŝͿ /ŶĐŽŵĞdĂǆƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚWƌŽĮƚĂŶĚ>ŽƐƐ͗
ĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůŝŶĐƌĞĂƐĞƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϮϰйĂŶĚϭϮϲйƌĞƐƉĞĐƟǀĞůǇĂŶĚĞǀĞƌǇϯйŝŶĐƌĞĂƐĞ
ŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂůůŝŶĐƌĞĂƐĞƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϮйĂŶĚϱϬйƌĞƐƉĞĐƟǀĞůǇ͘
& ŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌǇϯйĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ/ŶĚŝĂŶƌƵƉĞĞ ` crores ` crores
ĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůƌĞĚƵĐĞƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϭϱйĂŶĚϯϰйƌĞƐƉĞĐƟǀĞůǇĂŶĚĞǀĞƌǇϯйĚĞĐƌĞĂƐĞ
ŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂůůŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϭϰйĂŶĚϰϮйƌĞƐƉĞĐƟǀĞůǇ͘ Current Tax
dŚĞĂďŽǀĞƌĞůĂƚĞƐƚŽƚŚĞŽŵƉĂŶǇĂŶĚĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŝƐŝŶƐŝŐŶŝĮĐĂŶƚ͘ /ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚǇĞĂƌ ϭϯϴ͘ϰϲ ϭϮϴ͘Ϯϲ
hŶͲ,ĞĚŐĞĚ&ŽƌĞŝŐŶĐƵƌƌĞŶĐǇĞǆƉŽƐƵƌĞƉĂǇĂďůĞ͗ /ŶƌĞƐƉĞĐƚŽĨĞĂƌůŝĞƌǇĞĂƌƐ ;Ϭ͘ϬϵͿ ;Ϯ͘ϱϬͿ
Currency DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ϭϯϴ͘ϯϳ ϭϮϱ͘ϳϲ
hŶŝƚĞĚ^ƚĂƚĞƐŽůůĂƌ;DŝůůŝŽŶͿ Ϭ͘ϲϮ ϯϭ͘ϲϳ Deferred Tax
^ĞŶƐŝƟǀŝƚǇ /ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚǇĞĂƌ
& ŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌǇϯйĚĞƉƌĞĐŝĂƟŽŶͬĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞǆĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ DdĐƌĞĚŝƚ ;ϭϲ͘ϬϯͿ ;Ϭ͘ϬϳͿ

/ŶĚŝĂŶƌƵƉĞĞĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůĂīĞĐƚƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂǆďǇĂƉƉƌŽǆŝŵĂƚĞůǇϬ͘ϬϳйĂŶĚϮϭ͘ϭϱйƌĞƐƉĞĐƟǀĞůǇ͘ KƚŚĞƌŝƚĞŵƐ ;ϭ͘ϮϴͿ ;ϭϭ͘ϵϱͿ
ŝŝͿ Interest rate risk ;ϭϳ͘ϯϭͿ ;ϭϮ͘ϬϮͿ
d ŚĞ'ƌŽƵƉĂĚŽƉƚƐĂƉŽůŝĐǇƚŽŚĞĚŐĞƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŵŽǀĞŵĞŶƚŝŶŽƌĚĞƌƚŽŵŝƟŐĂƚĞƚŚĞƌŝƐŬǁŝƚŚƌĞŐĂƌĚƐƚŽŇŽĂƟŶŐƌĂƚĞůŝŶŬĞĚ
ůŽĂŶƐďĂƐĞĚŽŶƚŚĞŵĂƌŬĞƚŽƵƚůŽŽŬŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚŝƐŝƐĂĐŚŝĞǀĞĚƉĂƌƚůǇďǇĞŶƚĞƌŝŶŐŝŶƚŽĮǆĞĚƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚƉĂƌƚůǇďǇ Total tax expense recognised in the current year ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ
ďŽƌƌŽǁŝŶŐĂƚĂŇŽĂƟŶŐƌĂƚĞĂŶĚƵƐŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂƐŚĞĚŐĞƐŽĨƚŚĞǀĂƌŝĂďŝůŝƚǇŝŶĐĂƐŚŇŽǁƐĂƩƌŝďƵƚĂďůĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘ ŝŝͿ ƌĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂǆƉƌŽǀŝƐŝŽŶƚŽƚŚĞĂŵŽƵŶƚĐŽŵƉƵƚĞĚďǇĂƉƉůǇŝŶŐƚŚĞƐƚĂƚƵƚŽƌǇŝŶĐŽŵĞƚĂǆƌĂƚĞƚŽƚŚĞƉƌŽĮƚďĞĨŽƌĞ

d ŚĞƚŽƚĂůďŽƌƌŽǁŝŶŐĂƚǀĂƌŝĂďůĞƌĂƚĞǁĂƐ`ϱϳϭ͘ϯϴĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϴϯϮ͘ϴϱĐƌŽƌĞƐͿ͘dŚĞĐĂƌƌǇŝŶŐ ƚĂǆŝƐƐƵŵŵĂƌŝƐĞĚďĞůŽǁ͗
ǀĂůƵĞŽĨƚŚĞůŽŶŐƚĞƌŵĚĞďƚĂƉƉƌŽǆŝŵĂƚĞƐĨĂŝƌǀĂůƵĞƐŝŶĐĞƚŚĞĐƵƌƌĞŶƚŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉƌŽǆŝŵĂƚĞƐƚŚĞŵĂƌŬĞƚƌĂƚĞ͘
ŝŝŝͿ Other market price risks DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
` crores ` crores
d ŚĞ'ƌŽƵƉ͛ƐĞǆƉŽƐƵƌĞƚŽĞƋƵŝƚǇƐĞĐƵƌŝƟĞƐ͛ƉƌŝĐĞƌŝƐŬĂƌŝƐĞƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐŚĞůĚďǇƚŚĞ'ƌŽƵƉĂŶĚĐůĂƐƐŝĮĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ
ĂƐĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘/ĨƚŚĞĞƋƵŝƚǇƉƌŝĐĞƐŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĂƌĞϯйŚŝŐŚĞƌͬůŽǁĞƌ͕ƚŚĞĞƋƵŝƚǇ WƌŽĮƚďĞĨŽƌĞƚĂǆ;ĂͿ ϭϴϰ͘Ϯϵ ϯϬ͘ϱϴ
ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴǁŽƵůĚŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞďǇ`ϭϬϬ͘ϰϵĐƌŽƌĞƐ;ĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͗ŝŶĐƌĞĂƐĞͬ /ŶĐŽŵĞƚĂǆƌĂƚĞĂƐĂƉƉůŝĐĂďůĞŝŶ/ŶĚŝĂ;ďͿ ϯϰ͘ϲϭй ϯϰ͘ϲϭй
decrease by `ϭϬ͘ϵϰĐƌŽƌĞƐͿ͘
ĂůĐƵůĂƚĞĚƚĂǆĞƐďĂƐĞĚŽŶĂďŽǀĞ͕ǁŝƚŚŽƵƚĂŶǇĂĚũƵƐƚŵĞŶƚƐĨŽƌĚĞĚƵĐƟŽŶƐ΀;ĂͿǆ;ďͿ΁ ϲϯ͘ϳϴ ϭϬ͘ϱϴ
EŽƚĞϯϲ͗KƉĞƌĂƟŶŐ>ĞĂƐĞƐ WĞƌŵĂŶĞŶƚƚĂǆĚŝīĞƌĞŶĐĞƐĚƵĞƚŽ͗
dŚĞ'ƌŽƵƉŚĂƐƚĂŬĞŶĐĞƌƚĂŝŶǀĞŚŝĐůĞƐ͕ůĂŶĚĂŶĚŝŵŵŽǀĂďůĞƉƌŽƉĞƌƟĞƐŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͘dŚĞůĞĂƐĞŽĨŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƌĞŐĞŶĞƌĂůůǇůŽŶŐ
ƚĞƌŵŝŶŶĂƚƵƌĞǁŝƚŚǀĂƌǇŝŶŐƚĞƌŵƐ͕ĞƐĐĂůĂƟŽŶĐůĂƵƐĞƐĂŶĚƌĞŶĞǁĂůƌŝŐŚƚƐĞǆƉŝƌŝŶŐǁŝƚŚŝŶĮǀĞƚŽŽŶĞŚƵŶĚƌĞĚĂŶĚŶŝŶĞƚǇĞŝŐŚƚǇĞĂƌƐ͘KŶ īĞĐƚŽĨŝŶĐŽŵĞƚŚĂƚŝƐĞǆĞŵƉƚĨƌŽŵƚĂǆĂƟŽŶ ;ϭ͘ϰϰͿ ;Ϯ͘ϬϯͿ
ƌĞŶĞǁĂů͕ƚŚĞƚĞƌŵƐŽĨƚŚĞůĞĂƐĞƐĂƌĞƌĞŶĞŐŽƟĂƚĞĚ͘dŚĞƚŽƚĂůĞǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐŽŶůĞĂƐĞƌĞŶƚƉĂŝĚŝƐ Income considered to be capital in nature under tax and tax provisions ;Ϭ͘ϬϴͿ ;ϭ͘ϵϴͿ
ŝŶĐůƵĚĞĚƵŶĚĞƌZĞŶƚĂŶĚ>ŝĐĞŶĐĞ&ĞĞƐĨŽƌŵŝŶŐƉĂƌƚŽĨKƚŚĞƌǆƉĞŶƐĞƐ;ZĞĨĞƌEŽƚĞϮϳ;ďͿͿ͘
īĞĐƚŽĨĞǆƉĞŶƐĞƐƚŚĂƚĂƌĞŶŽƚĚĞĚƵĐƟďůĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚĂǆĂďůĞƉƌŽĮƚ Ϯϲ͘ϯϭ ϯϴ͘Ϭϴ
dŚĞŵŝŶŝŵƵŵĨƵƚƵƌĞůĞĂƐĞƌĞŶƚĂůƐƉĂǇĂďůĞŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĐĂŶĐĞůůĂďůĞůĞĂƐĞƐĞŶƚĞƌĞĚŝŶƚŽďǇƚŚĞŽŵƉĂŶǇƚŽƚŚĞĞǆƚĞŶƚŽĨŵŝŶŝŵƵŵ
ŐƵĂƌĂŶƚĞĞĂŵŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ͗Ͳ ǆƉĞŶƐĞĐŽŶƐŝĚĞƌĞĚƚŽďĞĐĂƉŝƚĂůŝŶŶĂƚƵƌĞƵŶĚĞƌƚĂǆĂŶĚƚĂǆƉƌŽǀŝƐŝŽŶƐ ϰ͘ϲϰ ϲ͘ϰϮ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚŶŽƚƌĞĐŽŐŶŝƐĞĚŝŶ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ϰϬ͘ϬϮ ϭϭϲ͘ϵϰ
` crores ` crores
īĞĐƚŽŶĚĞĨĞƌƌĞĚƚĂǆďĂůĂŶĐĞƐĚƵĞƚŽƚŚĞĐŚĂŶŐĞŝŶŝŶĐŽŵĞƚĂǆƌĂƚĞ ϭ͘ϴϱ ϯ͘ϰϵ
EŽƚůĂƚĞƌƚŚĂŶŽŶĞǇĞĂƌ ϭϮϵ͘ϱϮ ϭϮϳ͘ϳϭ
>ĂƚĞƌƚŚĂŶŽŶĞǇĞĂƌďƵƚŶŽƚůĂƚĞƌƚŚĂŶĮǀĞǇĞĂƌƐ ϰϲϳ͘ϲϵ ϰϲϴ͘ϵϱ īĞĐƚŽĨƉƌĞǀŝŽƵƐůǇƵŶƌĞĐŽŐŶŝƐĞĚĂŶĚƵŶƵƐĞĚƚĂǆůŽƐƐĞƐĂŶĚĚĞĚƵĐƟďůĞ ;ϮϮ͘ϭϭͿ ;ϯϯ͘ϰϬͿ
>ĂƚĞƌƚŚĂŶĮǀĞǇĞĂƌƐ ϯ͕ϲϬϬ͘ϭϮ ϯ͕ϯϱϰ͘ϲϯ ƚĞŵƉŽƌĂƌǇĚŝīĞƌĞŶĐĞƐŶŽǁƌĞĐŽŐŶŝƐĞĚĂƐĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐ
/ŶĂĚĚŝƟŽŶ͕ŝŶĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĞ'ƌŽƵƉŝƐĐŽŵŵŝƩĞĚƚŽƉĂǇĂĚĚŝƟŽŶĂůůĞĂƐĞƌĞŶƚĂůƐƚŚĂƚĂƌĞĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞǀŝǌ͘ŐƌŽƐƐ ŝīĞƌĞŶĐĞŝŶƚĂǆƌĂƚĞƐďĞƚǁĞĞŶƚŚĞĐŽŵƉĂŶǇĂŶĚĐŽŵƉŽŶĞŶƚƐͬ:ƵƌŝƐĚŝĐƟŽŶ ϭϬ͘ϵϰ ;ϯϮ͘ϳϳͿ
ŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘
KƚŚĞƌƐ ;Ϯ͘ϳϲͿ ϭϬ͘ϵϭ
ǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͗
ϭϮϭ͘ϭϱ ϭϭϲ͘Ϯϰ
` crores ` crores WƌŝŽƌǇĞĂƌƚĂǆĞƐĂƐƐŚŽǁŶĂďŽǀĞ ;Ϭ͘ϬϵͿ ;Ϯ͘ϱϬͿ
DŝŶŝŵƵŵ>ĞĂƐĞWĂǇŵĞŶƚƐͬ&ŝǆĞĚZĞŶƚĂůƐ ϭϰϭ͘ϳϭ ϭϯϱ͘ϳϰ /ŶĐŽŵĞƚĂǆĞǆƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ
ŽŶƟŶŐĞŶƚƌĞŶƚƐΎ ϭϯϯ͘ϭϲ ϭϮϵ͘Ϭϳ
Ϯϳϰ͘ϴϳ Ϯϲϰ͘ϴϭ
ΎഩĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞǀŝǌ͘ŐƌŽƐƐŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘

ŝŝŝͿ /ŶĐŽŵĞƚĂǆƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗ ^ŝŐŶŝĮĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞĂƐĨŽůůŽǁƐ͗
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Opening Recognised Recognised MAT credit Exchange Closing

` crores ` crores Balance in the in Other ƵƟůŝƐĞĚ ĚŝīĞƌĞŶĐĞ balance
Statement ŽŵƉƌĞͲ
Current Tax ŽĨWƌŽĮƚĂŶĚ ŚĞŶƐŝǀĞ
d ĂǆŝŵƉĂĐƚŽŶƉƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶĞƋƵŝƚǇƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ Ͳ Ͳ Loss Income
ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ` crores ` crores ` crores ` crores ` crores ` crores
ĞĨĞƌƌĞĚƚĂǆ;ůŝĂďŝůŝƟĞƐͿͬĂƐƐĞƚƐ͗
WƌŽƉĞƌƚǇ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞ ;ϰϱϴ͘ϭϴͿ ;ϮϬ͘ϳϳͿ Ͳ Ͳ ;Ϭ͘ϭϮͿ ;ϰϳϵ͘ϬϳͿ
Deferred tax Assets ;ϰϳϰ͘ϭϱͿ ϭϱ͘ϴϬ Ͳ Ͳ Ϭ͘ϭϳ ;ϰϱϴ͘ϭϴͿ
ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗
hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚ ;Ϭ͘ϯϯͿ ;Ϭ͘ϭϮͿ Ͳ Ͳ Ͳ ;Ϭ͘ϰϱͿ
ĞƚĨĂŝƌǀĂůƵĞŐĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚǇƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ
E ;ϯ͘ϮϴͿ ;Ϯ͘ϱϰͿ ;Ϭ͘ϵϬͿ Ϭ͘ϱϳ Ͳ Ͳ Ͳ ;Ϭ͘ϯϯͿ
ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽǇĞĞĞŶĞĮƚƐ 27.90 ;Ϭ͘ϭϭͿ ϰ͘ϭϲ Ͳ Ͳ ϯϭ͘ϵϱ
ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϰ͘ϭϲͿ Ϯ͘ϵϴ
Ϯϱ͘Ϭϰ ϱ͘ϴϰ ;Ϯ͘ϵϴͿ Ͳ Ͳ Ϯϳ͘ϵϬ
ĞǀĞƌƐĂůŽĨĞĨĞƌƌĞĚdĂǆ>ŝĂďŝůŝƚǇŽŶĂĐĐŽƵŶƚŽĨĂŝŶǀĞƐƚŵĞŶƚĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌ
Z Ͳ Ͳ
ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ &ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞ ;ϭϱ͘ϵϰͿ ;ϰ͘ϵϱͿ Ͳ Ͳ Ͳ ;ϮϬ͘ϴϵͿ
contracts ;Ϭ͘ϮϭͿ ;ϭϱ͘ϳϯͿ Ͳ Ͳ Ͳ ;ϭϱ͘ϵϰͿ
ZĞǀĞƌƐĂůŽĨĞĨĞƌƌĞĚdĂǆƐƐĞƚƐŽŶhŶƵƐĞĚdĂǆ>ŽƐƐĞƐ Ͳ Ͳ
;ϳ͘ϰϰͿ Ϭ͘ϰϰ hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚǇƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌ ;ϯ͘ϳϬͿ Ͳ ϯ͘Ϯϴ Ͳ Ͳ ;Ϭ͘ϰϮͿ
ǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϲ͘ϮϰͿ Ͳ Ϯ͘ϱϰ Ͳ Ͳ ;ϯ͘ϳϬͿ
dŽƚĂůŝŶĐŽŵĞƚĂǆƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϳ͘ϰϰͿ Ϭ͘ϰϰ
ŝĨƵƌĐĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂǆƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŝŶƚŽ͗ DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϳϴ͘Ϭϯ ϭϲ͘ϬϮ Ͳ ;ϰϰ͘ϬϵͿ Ͳ ϰϵ͘ϵϲ
ϭϮϵ͘ϱϳ Ϭ͘Ϭϳ Ͳ ;ϱϭ͘ϲϭͿ Ͳ ϳϴ͘Ϭϯ
/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ ;ϳ͘ϰϰͿ Ϭ͘ϰϰ
hŶƵƐĞĚƚĂǆůŽƐƐĞƐ;ƵƐŝŶĞƐƐͿ;ŶĞƚͿ ϯϰ͘ϭϴ Ϯϯ͘Ϭϰ Ͳ Ͳ ϱ͘ϯϰ 62.56
;ϳ͘ϰϰͿ Ϭ͘ϰϰ
ϯϵ͘ϬϬ ;Ϭ͘ϴϲͿ Ͳ Ͳ ;ϯ͘ϵϲͿ ϯϰ͘ϭϴ
ŝǀͿ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞĂŶĂůǇƐŝƐŽĨĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿƉƌĞƐĞŶƚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͗ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ ϰ͘ϰϱ ϯ͘ϲϱ Ͳ Ͳ Ͳ ϴ͘ϭϬ
ϰ͘ϭϰ Ϭ͘ϯϭ Ͳ Ͳ Ͳ ϰ͘ϰϱ
` crores ` crores ZĞǁĂƌĚWŽŝŶƚƐ ϭϳ͘ϵϬ ;ϰ͘ϲϯͿ Ͳ Ͳ Ͳ ϭϯ͘Ϯϳ
ĞĨĞƌƌĞĚdĂǆĂƐƐĞƚƐ;ŶĞƚͿ ϲϬ͘ϭϰ ϯϱ͘Ϯϭ ϭϵ͘Ϯϱ ;ϭ͘ϯϱͿ Ͳ Ͳ Ͳ ϭϳ͘ϵϬ
ĞĨĞƌƌĞĚdĂǆůŝĂďŝůŝƟĞƐ;ŶĞƚͿ ;ϯϱϲ͘ϯϬͿ ;ϯϭϳ͘ϮϱͿ WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ Ϯϭ͘ϭϮ ϱ͘ϯϵ Ͳ Ͳ Ͳ Ϯϲ͘ϱϭ

ϭϴ͘ϲϬ Ϯ͘ϱϮ Ͳ Ͳ Ͳ Ϯϭ͘ϭϮ
Net Deferred Tax Liability ;Ϯϵϲ͘ϭϲͿ ;ϮϴϮ͘ϬϰͿ
KƚŚĞƌƐ ϭϮ͘ϱϯ ;Ϭ͘ϮϭͿ Ͳ Ͳ Ͳ ϭϮ͘ϯϮ
ϳ͘ϲϴ ϰ͘ϴϱ Ͳ Ͳ Ͳ ϭϮ͘ϱϯ
Total Deferred Tax Liability ;ϮϴϮ͘ϬϰͿ ϭϳ͘ϯϭ ϳ͘ϰϰ ;ϰϰ͘ϬϵͿ 5.22 ;Ϯϵϲ͘ϭϲͿ
;Ϯϯϴ͘ϮϮͿ ϭϮ͘ϬϮ ;Ϭ͘ϰϰͿ ;ϱϭ͘ϲϭͿ ;ϯ͘ϳϵͿ ;ϮϴϮ͘ϬϰͿ
&ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘
ǀͿ ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚĂŵŽƵŶƟŶŐƚŽ`ϳϳϮ͘ϱϳĐƌŽƌĞƐĂŶĚ`ϵϴϭ͘ϵϲĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇŝŶƌĞƐƉĞĐƚ
ŽĨƵŶƵƐĞĚƚĂǆůŽƐƐĞƐŚĂǀĞŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚďǇƚŚĞ'ƌŽƵƉ͘dŚĞƚĂǆůŽƐƐĐĂƌƌǇͲĨŽƌǁĂƌĚƐŽĨ`Ϯ͕ϰϬϵ͘ϬϮĐƌŽƌĞƐĂŶĚ`Ϯ͕ϰϭϭ͘ϮϬĐƌŽƌĞƐĂƐ
ĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ƌĞƐƉĞĐƟǀĞůǇ͕ƌĞůĂƚĞƐƚŽĐĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐŽŶǁŚŝĐŚĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚŚĂƐŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚ
ďǇƚŚĞ'ƌŽƵƉ͕ďĞĐĂƵƐĞƚŚĞƌĞŝƐĂůĂĐŬŽĨƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚǇƚŚĂƚƚŚĞƐĞƐƵďƐŝĚŝĂƌŝĞƐŵĂǇŐĞŶĞƌĂƚĞĨƵƚƵƌĞƚĂǆĂďůĞƉƌŽĮƚƐ͘ƉƉƌŽǆŝŵĂƚĞůǇ͕
`ϭϭϬ͘ϳϮĐƌŽƌĞƐĂŶĚ`ϮϮϳ͘ϬϱĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇŽĨƚŚĞƐĞƚĂǆůŽƐƐĞƐŚĂƐĐĂƌƌǇͲĨŽƌǁĂƌĚƐŝƐŶŽƚ
ĐƵƌƌĞŶƚůǇƐƵďũĞĐƚƚŽĞǆƉŝƌĂƟŽŶĚĂƚĞƐ͘dŚĞƌĞŵĂŝŶŝŶŐƚĂǆůŽƐƐĐĂƌƌǇͲĨŽƌǁĂƌĚƐŽĨĂƉƉƌŽǆŝŵĂƚĞůǇ`Ϯ͕Ϯϴϲ͘ϭϳĐƌŽƌĞƐĂŶĚ`Ϯ͕ϭϳϭ͘ϵϯĐƌŽƌĞƐ
ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇ͕ĞǆƉŝƌĞƐŝŶǀĂƌŝŽƵƐǇĞĂƌƐƚŚƌŽƵŐŚĮƐĐĂůϮϬϯϳ͘ĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐŽŶƵŶƵƐĞĚ
ƚĂǆůŽƐƐĞƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚďǇĐĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐƚŽƚŚĞĞǆƚĞŶƚŽĨƉƌŽĮƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞƌĞǀĞƌƐĂůŽĨĞǆŝƐƟŶŐƚĂǆĂďůĞƚĞŵƉŽƌĂƌǇ
ĚŝīĞƌĞŶĐĞƐ͘

ǀŝͿ ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂǆůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůƚĂǆĂďůĞƚĞŵƉŽƌĂƌǇĚŝīĞƌĞŶĐĞƐĞǆĐĞƉƚŝŶƌĞƐƉĞĐƚŽĨƚĂǆĂďůĞƚĞŵƉŽƌĂƌǇĚŝīĞƌĞŶĐĞƐ Plans EIN Plan WĞŶƐŝŽŶWƌŽƚĞĐƟŽŶĐƚ &/WͬZW^ƚĂƚƵƐ ŽŶƚƌŝďƵƟŽŶďǇƚŚĞ
ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ǁŚĞƌĞ ƚŚĞ ƟŵŝŶŐ ŽĨ ƚŚĞ ƌĞǀĞƌƐĂů ŽĨ ƚŚĞ ƚĞŵƉŽƌĂƌǇ ĚŝīĞƌĞŶĐĞ ĐĂŶ ďĞ ĐŽŶƚƌŽůůĞĚ ĂŶĚ ŝƚ Number Number Zone Status WĞŶĚŝŶŐͬ Company for the year
ŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞƚĞŵƉŽƌĂƌǇĚŝīĞƌĞŶĐĞǁŝůůŶŽƚƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ĐĐŽƌĚŝŶŐůǇ͕ĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂǆůŝĂďŝůŝƟĞƐŽŶ Implemented ended
ĐƵŵƵůĂƟǀĞĞĂƌŶŝŶŐƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŵŽƵŶƟŶŐƚŽ`ϭ͕ϰϳϭ͘ϭϵĐƌŽƌĞƐĂŶĚ`ϭϰϲϯ͘ϳϲĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕
ƌĞƐƉĞĐƟǀĞůǇŚĂƐŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚ͘&ƵƌƚŚĞƌ͕ŝƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞƚŽĞƐƟŵĂƚĞƚŚĞĂŵŽƵŶƚŽĨƚŚĞƵŶƌĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƟĞƐ ϮϬϭϴ ϮϬϭϳ December December
ĨŽƌƚŚĞƐĞƵŶĚŝƐƚƌŝďƵƚĞĚĞĂƌŶŝŶŐƐ͘ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϲ
h^Ψ h^Ψ
EŽƚĞϯϴ͗ŵƉůŽǇĞĞĞŶĞĮƚƐ EĞǁzŽƌŬ>>
;ĂͿ d ŚĞ'ƌŽƵƉŚĂƐƌĞĐŽŐŶŝƐĞĚƚŚĞĨŽůůŽǁŝŶŐĞǆƉĞŶƐĞƐĂƐĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƵŶĚĞƌƚŚĞŚĞĂĚ͞ŽŵƉĂŶǇ͛ƐŽŶƚƌŝďƵƟŽŶƚŽWƌŽǀŝĚĞŶƚ WĞŶƐŝŽŶ&ƵŶĚ;ŝͿ ϭϯͲϭϳϲϰϮϰϮ ϬϬϭ Green 'ƌĞĞŶ zĞƐ Ϯ͕ϮϬϮ͕ϯϳϳ ϴϳϬ͕ϳϳϳ
&ƵŶĚĂŶĚKƚŚĞƌ&ƵŶĚƐ͟;ŶĞƚŽĨƌĞĐŽǀĞƌŝĞƐͿ͗ ,ĞĂůƚŚĞŶĞĮƚƐ ϭϯͲϲϭϮϲϵϮϯ ϱϬϭ NA E zĞƐ ϴ͕ϭϭϱ͕ϭϳϯ ϴ͕ϵϱϲ͕ϳϵϯ
&ƵŶĚ;ŝŝͿ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WƌĞƉĂŝĚ>ĞŐĂů ϭϯͲϯϰϭϴϰϭϰ ϱϬϴ NA E zĞƐ ϳϯ͕ϳϱϮ ϳϭ͕Ϯϳϴ
` crores ` crores ^ĞƌǀŝĐĞƐ&ƵŶĚ;ŝŝŝͿ
WƌŽǀŝĚĞŶƚ&ƵŶĚ ϮϬ͘ϱϳ Ϯϱ͘ϴϲ dŽƚĂůͲEĞǁzŽƌŬ>> ϭϬ͕ϯϵϭ͕ϯϬϮ ϵ͕ϴϵϴ͕ϴϰϴ
^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϱ͘ϬϮ ϱ͘Ϯϳ
Boston LLC
Total 25.59 ϯϭ͘ϭϯ
WĞŶƐŝŽŶ&ƵŶĚ;ŝǀͿ ϰϱͲϰϮϮϳϬϲϳ ϬϬϭ NA E zĞƐ Ͳ ΎϭϮϰ͕ϰϯϮ
DƵůƟͲŵƉůŽǇĞƌĞŶĞĮƚWůĂŶƐ ,ĞĂůƚŚĞŶĞĮƚƐ ϬϰͲϲϬϰϴϵϲϰ ϱϬϭ NA E zĞƐ Ͳ Ύϴϯϴ͕ϵϭϵ
ŶĞ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐƵďƐŝĚŝĂƌŝĞƐ͕ hŶŝƚĞĚ KǀĞƌƐĞĂƐ ,ŽůĚŝŶŐ /ŶĐ͕͘ ĂůŽŶŐ ǁŝƚŚ ŝƚƐ >>W͛Ɛ ŶĂŵĞůǇ ͞ƚŚĞ EĞǁ zŽƌŬ >>͟ ŝƐ Ă
K &ƵŶĚ;ǀͿ
ƉĂƌƚǇ ƚŽ ƚŚĞ /ŶĚƵƐƚƌǇǁŝĚĞ ŽůůĞĐƚŝǀĞ ĂƌŐĂŝŶŝŶŐ ŐƌĞĞŵĞŶƚ ďĞƚǁĞĞŶ ƚŚĞ EĞǁ zŽƌŬ ,ŽƚĞů dƌĂĚĞƐ ŽƵŶĐŝů ;͞Ez hŶŝŽŶ͟Ϳ ĂŶĚ KƚŚĞƌ&ƵŶĚ Ͳ Ύϭϯϯ͕Ϯϴϵ
ƚŚĞ,ŽƚĞůƐƐŽĐŝĂƚŝŽŶŽĨEĞǁzŽƌŬŝƚǇ͕/ŶĐ͘dŚĞŽƐƚŽŶ>>͕ĂůŽŶŐǁŝƚŚĐĞƌƚĂŝŶŽƚŚĞƌŚŽƚĞůŽƉĞƌĂƚŽƌƐĂŶĚŽǁŶĞƌƐŝŶŽƐƚŽŶ͕ dŽƚĂůͲŽƐƚŽŶ>> Ͳ ϭ͕Ϭϵϲ͕ϲϰϬ
DĂƐƐĂĐŚƵƐĞƚƚƐ͕ǁĂƐĂƉĂƌƚǇƚŽƚŚĞŽůůĞĐƚŝǀĞĂƌŐĂŝŶŝŶŐŐƌĞĞŵĞŶƚǁŝƚŚhE/d,Z>ŽĐĂůϮϲ;͞ŽƐƚŽŶhŶŝŽŶ͟Ϳ͘ƐƉĂƌƚŽĨƚŚĞ
^ĂůĞ͕ƚŚĞŶĞǁŽǁŶĞƌŽĨƚŚĞŽƐƚŽŶ,ŽƚĞůĂƐƐƵŵĞĚƚŚĞŽďůŝŐĂƚŝŽŶƐĨŽƌƚŚĞŽƐƚŽŶhŶŝŽŶ͕ĂĐĐŽƌĚŝŶŐůǇ͕ƚŚĞŽŵƉĂŶǇŝƐŶŽůŽŶŐĞƌ ϭϬ͕ϯϵϭ͕ϯϬϮ ϭϬ͕ϵϵϱ͕ϰϴϴ
ĂƉĂƌƚǇƚŽƚŚĞŽƐƚŽŶhŶŝŽŶ͘dŚĞĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚƉƌŽǀŝĚĞƐĨŽƌƵŶŝŽŶƐƉŽŶƐŽƌĞĚŵƵůƚŝͲĞŵƉůŽǇĞƌĚĞĨŝŶĞĚďĞŶĞĨŝƚ ΎͲƵƉƚŽƚŚĞƐĂůĞ͘
ƉůĂŶƐ;ƚŚĞ͞WůĂŶƐ͟ͿƚŽǁŚŝĐŚƚŚĞEĞǁzŽƌŬ>>ŵĂŬĞƐĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞŝƌĞŵƉůŽǇĞĞƐĐŽǀĞƌĞĚďǇƚŚĞĐŽůůĞĐƚŝǀĞ
ďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚƐ͘dŚĞEĞǁzŽƌŬ>>ŚĂƐŶŽƚƌĞĐĞŝǀĞĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞWůĂŶƐ͛ĂĚŵŝŶŝƐƚƌĂƚŽƌƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝƌƐŚĂƌĞ ;ŝͿ EĞǁzŽƌŬ,ŽƚĞůdƌĂĚĞƐŽƵŶĐŝůĂŶĚ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨEĞǁzŽƌŬŝƚǇ͕/ŶĐ͘WĞŶƐŝŽŶ&ƵŶĚ
ŽĨ ƵŶĨƵŶĚĞĚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶƐ͕ ŝĨ ĂŶǇ͘ dŚĞ EĞǁ zŽƌŬ >> ŚĂƐ ŶŽƚ ƵŶĚĞƌƚĂŬĞŶ ƚŽ ƚĞƌŵŝŶĂƚĞ͕ ǁŝƚŚĚƌĂǁ Žƌ ƉĂƌƚŝĂůůǇ ǁŝƚŚĚƌĂǁ ;ŝŝͿ EĞǁzŽƌŬ,ŽƚĞůdƌĂĚĞƐŽƵŶĐŝůĂŶĚ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨEĞǁzŽƌŬŝƚǇ͕/ŶĐ͘,ĞĂůƚŚĞŶĞĮƚƐ&ƵŶĚ
ĨƌŽŵƚŚĞWůĂŶƐ͘dŚĞƌŝƐŬƐŽĨƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞŵƵůƚŝͲĞŵƉůŽǇĞƌƉůĂŶĂƌĞĚŝĨĨĞƌĞŶƚĨƌŽŵĂƐŝŶŐůĞͲĞŵƉůŽǇĞƌƉůĂŶŝŶƚŚĞĨŽůůŽǁŝŶŐ
ĂƐƉĞĐƚƐ͗ ;ŝŝŝͿ EĞǁzŽƌŬ,ŽƚĞůdƌĂĚĞƐŽƵŶĐŝůĂŶĚ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨEĞǁzŽƌŬŝƚǇ͕/ŶĐ͘WƌĞƉĂŝĚ>ĞŐĂů^ĞƌǀŝĐĞƐ&ƵŶĚ
;ŝͿ ƐƐĞƚƐ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ŵƵůƟͲĞŵƉůŽǇĞƌ ƉůĂŶ ďǇ ŽŶĞ ĞŵƉůŽǇĞƌ ŵĂǇ ďĞ ƵƐĞĚ ƚŽ ƉƌŽǀŝĚĞ ďĞŶĞĮƚƐ ƚŽ ĞŵƉůŽǇĞĞƐ ŽĨ ŽƚŚĞƌ ;ŝǀͿ hŶŝƚĞ,ĞƌĞ>ŽĐĂůϮϲtŽƌŬĞƌƐΘ,ŽƐƉŝƚĂůŝƚǇŵƉůŽǇĞƌƐsWĞŶƐŝŽŶdƌƵƐƚ
ƉĂƌƟĐŝƉĂƟŶŐĞŵƉůŽǇĞƌƐ͘ ;ǀͿ 'ƌĞĂƚĞƌŽƐƚŽŶ,ŽƚĞůŵƉůŽǇĞĞƐ>ŽĐĂůϮϲ,ĞĂůƚŚĂŶĚtĞůĨĂƌĞWůĂŶ
;ŝŝͿ /ĨĂƉĂƌƟĐŝƉĂƟŶŐĞŵƉůŽǇĞƌƐƚŽƉƐĐŽŶƚƌŝďƵƟŶŐƚŽƚŚĞƉůĂŶ͕ƚŚĞƵŶĨƵŶĚĞĚŽďůŝŐĂƟŽŶƐŽĨƚŚĞƉůĂŶŵĂǇďĞďŽƌŶĞďǇƚŚĞƌĞŵĂŝŶŝŶŐ ;ǀŝͿ ƐƉĂƌƚŽĨƚŚĞ^ĂůĞ͕ƚŚĞŽŵƉĂŶǇŝƐŶŽůŽŶŐĞƌĂƉĂƌƚǇƚŽƚŚĞŽƐƚŽŶhŶŝŽŶ͘
ƉĂƌƟĐŝƉĂƟŶŐĞŵƉůŽǇĞƌƐ͘
ĞĮŶĞĚŽŶƚƌŝďƵƟŽŶϰϬϭ;ŬͿWůĂŶƐ
;ŝŝŝͿ /ĨĂŶĞŵƉůŽǇĞƌĐŚŽŽƐĞƐƚŽƐƚŽƉƉĂƌƟĐŝƉĂƟŶŐŝŶƐŽŵĞŽĨŝƚƐŵƵůƟͲĞŵƉůŽǇĞƌƉůĂŶƐ͕ƚŚĞĞŵƉůŽǇĞƌŵĂǇďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŚŽƐĞƉůĂŶƐ
ŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘ĂŶĚŝƚƐ>>͛Ɛ͕ǁŚŽůůǇŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ŚĂǀĞĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƐ
h
ĂŶĂŵŽƵŶƚďĂƐĞĚŽŶƚŚĞƵŶĚĞƌĨƵŶĚĞĚƐƚĂƚƵƐŽĨƚŚĞƉůĂŶ͕ƌĞĨĞƌƌĞĚƚŽĂƐĂǁŝƚŚĚƌĂǁĂůůŝĂďŝůŝƚǇ͘
ĨŽƌƚŚĞďĞŶĞĮƚŽĨƚŚĞŝƌĞůŝŐŝďůĞĞŵƉůŽǇĞĞƐƉƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϰϬϭ;ŬͿŽĨƚŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞ͘/ŶĂĚĚŝƟŽŶƚŽĞŵƉůŽǇĞĞϰϬϭ;ŬͿ
dŚĞEĞǁzŽƌŬ>>͛ƐĂŶĚƚŚĞŽƐƚŽŶ>>͛ƐƉĂƌƟĐŝƉĂƟŽŶŝŶƚŚĞWůĂŶƐĨŽƌϮϬϭϳĂŶĚϮϬϭϲŝƐŽƵƚůŝŶĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘dŚĞ͞/EEƵŵďĞƌ͟ ĐŽŶƚƌŝďƵƟŽŶƐ͕ ƚŚĞ ƉůĂŶƐ ƌĞƋƵŝƌĞ ĞŵƉůŽǇĞƌ ĐŽŶƚƌŝďƵƟŽŶƐ ŽĨ ϯй ŽĨ ĞĂĐŚ ĞůŝŐŝďůĞ ƉĂƌƟĐŝƉĂŶƚ͛Ɛ ƉůĂŶ ĐŽŵƉĞŶƐĂƟŽŶ ĨŽƌ ĞĂĐŚ ǇĞĂƌ͘ dŚĞ
ĐŽůƵŵŶƉƌŽǀŝĚĞƐƚŚĞŵƉůŽǇĞƌ/ĚĞŶƟĮĐĂƟŽŶEƵŵďĞƌ;/EͿ͘dŚĞŵŽƐƚƌĞĐĞŶƚWĞŶƐŝŽŶWƌŽƚĞĐƟŽŶĐƚ;WWͿǌŽŶĞƐƚĂƚƵƐĂǀĂŝůĂďůĞŝƐĨŽƌ ĞŵƉůŽǇĞƌŵĂǇĂůƐŽŵĂŬĞĂƉƌŽĮƚƐŚĂƌŝŶŐĐŽŶƚƌŝďƵƟŽŶŽĨĂƵŶŝĨŽƌŵƉĞƌĐĞŶƚĂŐĞŽĨĞůŝŐŝďůĞƉĂƌƟĐŝƉĂŶƚƐ͛ƉůĂŶĐŽŵƉĞŶƐĂƟŽŶďĂƐĞĚŽŶ
ƚŚĞWůĂŶƐ͛ǇĞĂƌͲĞŶĚĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘ ƉƌŽĮƚƐĂƐĚĞĮŶĞĚ͘dŚĞĞŵƉůŽǇĞƌĐŽŶƚƌŝďƵƟŽŶƐĐŚĂƌŐĞĚƚŽƚŚĞŽŵƉĂŶǇ͛ƐĂŶĚƚŚĞ^ƵďƐŝĚŝĂƌŝĞƐ͛ŽƉĞƌĂƟŽŶƐĨŽƌƚŚĞǇĞĂƌƐĞŶĚĞĚDĂƌĐŚ
ϯϭ͕ϮϬϭϴĂŶĚϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗
d ŚĞǌŽŶĞƐƚĂƚƵƐŝƐďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚƚŚĞEĞǁzŽƌŬ>>ĂŶĚƚŚĞŽƐƚŽŶ>>ƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞWůĂŶƐĂŶĚŝƐĐĞƌƚŝĨŝĞĚďǇ
ƚŚĞĂĐƚƵĂƌŝĞƐŽĨƚŚĞWůĂŶƐ͘ŵŽŶŐŽƚŚĞƌĨĂĐƚŽƌƐ͕ƉĞŶƐŝŽŶƉůĂŶƐŝŶƚŚĞƌĞĚǌŽŶĞĂƌĞŐĞŶĞƌĂůůǇůĞƐƐƚŚĂŶϲϱйĨƵŶĚĞĚ͕ƉĞŶƐŝŽŶ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ƉůĂŶƐŝŶƚŚĞǇĞůůŽǁǌŽŶĞĂƌĞůĞƐƐƚŚĂŶϴϬйĨƵŶĚĞĚ͕ĂŶĚƉĞŶƐŝŽŶƉůĂŶƐŝŶƚŚĞŐƌĞĞŶǌŽŶĞĂƌĞĂƚůĞĂƐƚϴϬйĨƵŶĚĞĚ͘dŚĞ͞&/WͬZW h^Ψ US $
^ƚĂƚƵƐWĞŶĚŝŶŐͬ/ŵƉůĞŵĞŶƚĞĚ͟ĐŽůƵŵŶŝŶĚŝĐĂƚĞƐƉĞŶƐŝŽŶƉůĂŶƐĨŽƌǁŚŝĐŚĂĨŝŶĂŶĐŝĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶ;&/WͿŽƌĂƌĞŚĂďŝůŝƚĂƚŝŽŶ
ƉůĂŶ;ZWͿŝƐƉĞŶĚŝŶŐŽƌŚĂƐďĞĞŶŝŵƉůĞŵĞŶƚĞĚ͘dŚĞEĞǁzŽƌŬ>>͛ƐĂŶĚƚŚĞŽƐƚŽŶ>>͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƚŽŝƚƐƌĞƐƉĞĐƚŝǀĞWůĂŶƐ ^ĂŶ&ƌĂŶĐŝƐĐŽ>> ϭϭϰ͕ϲϱϭ ϭϮϬ͕ϴϭϳ
ĚŝĚŶŽƚĞǆĐĞĞĚŵŽƌĞƚŚĂŶϱйŽĨƚŚĞƚŽƚĂůĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞWůĂŶƐďǇĂůůƉĂƌƚŝĐŝƉĂƚŝŶŐĞŵƉůŽǇĞƌƐ͘dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌǇ ŽƐƚŽŶ Ͳ Ύϱϱ͕ϯϱϲ
ŽĨƚŚĞWůĂŶƐƚŽǁŚŝĐŚƚŚĞEĞǁzŽƌŬ>>ĂŶĚƚŚĞŽƐƚŽŶ>>ŵĂŬĞĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞŝƌĞŵƉůŽǇĞĞƐĐŽǀĞƌĞĚďǇ EĞǁzŽƌŬ>> ϭϳϲ͕ϳϵϭ ϭϲϳ͕ϲϮϳ
ƚŚĞĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚƐ͘ ŽŵƉĂŶǇ ϳ͕Ϭϲϳ Ϯϲ͕ϰϬϬ
dŽƚĂůŵƉůŽǇĞƌŽŶƚƌŝďƵƟŽŶƐ Ϯϵϴ͕ϱϬϵ ϯϳϬ͕ϮϬϬ
ΎͲƵƉƚŽƚŚĞƐĂůĞ͘

;ďͿ dŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐƉŽƐƚƌĞƟƌĞŵĞŶƚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐĂƐĨŽůůŽǁƐ͗Ͳ b. Interest risk
;ŝͿ &ƵŶĚĞĚ͗
ĚĞĐƌĞĂƐĞŝŶƚŚĞďŽŶĚŝŶƚĞƌĞƐƚƌĂƚĞǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶůŝĂďŝůŝƚǇ͖ŚŽǁĞǀĞƌ͕ƚŚŝƐǁŝůůďĞƉĂƌƟĂůůǇŽīƐĞƚďǇĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞƚƵƌŶ
ͻ WŽƐƚZĞƟƌĞŵĞŶƚ'ƌĂƚƵŝƚǇ ŽŶƚŚĞƉůĂŶ͛ƐĚĞďƚŝŶǀĞƐƚŵĞŶƚƐ͘
ͻ ĞŶƐŝŽŶƚŽŵƉůŽǇĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽǇĞĞƐ͕ǁŚŝĐŚ
W Đ͘ >ŽŶŐĞǀŝƚǇƌŝƐŬ
ŝƐĨƵŶĚĞĚďǇƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞĞŵƉůŽǇĞĞƐ͘ d ŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚǇŝƐĐĂůĐƵůĂƚĞĚďǇƌĞĨĞƌĞŶĐĞƚŽƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨƚŚĞŵŽƌƚĂůŝƚǇŽĨƉůĂŶ
;ŝŝͿ hŶĨƵŶĚĞĚ͗ ƉĂƌƟĐŝƉĂŶƚƐďŽƚŚĚƵƌŝŶŐĂŶĚĂŌĞƌƚŚĞŝƌĞŵƉůŽǇŵĞŶƚ͘ŶŝŶĐƌĞĂƐĞŝŶƚŚĞůŝĨĞĞǆƉĞĐƚĂŶĐǇŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞ
ƉůĂŶ͛ƐůŝĂďŝůŝƚǇ͘
ͻ WŽƐƚZĞƟƌĞŵĞŶƚ'ƌĂƚƵŝƚǇ
ͻ ĞŶƐŝŽŶƚŽǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚŵƉůŽǇĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌƐĞůĞĐƚĞǆŝƐƟŶŐ
W d. Salary risk
ĂŶĚƌĞƟƌĞĚĞǆĞĐƵƟǀĞĚŝƌĞĐƚŽƌƐĂŶĚĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽǇĞĞƐ͕ǁŚŝĐŚŝƐƵŶĨƵŶĚĞĚ͘ d ŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚǇŝƐĐĂůĐƵůĂƚĞĚďǇƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨƵƚƵƌĞƐĂůĂƌŝĞƐŽĨƉůĂŶƉĂƌƟĐŝƉĂŶƚƐ͘ƐƐƵĐŚ͕
ͻ WŽƐƚŵƉůŽǇŵĞŶƚDĞĚŝĐĂůĞŶĞĮƚƐƚŽƋƵĂůŝĨǇŝŶŐĞŵƉůŽǇĞĞƐ ĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƐĂůĂƌǇŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶ͛ƐůŝĂďŝůŝƚǇ͘
;ĐͿ WƌŽǀŝĚĞŶƚ&ƵŶĚ͗ ;ĨͿ ĞĮŶĞĚĞŶĞĮƚWůĂŶƐʹƐƉĞƌĐƚƵĂƌŝĂůsĂůƵĂƟŽŶŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͗Ͳ

d ŚĞŽŵƉĂŶǇŽƉĞƌĂƚĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ^ĐŚĞŵĞƚŚƌŽƵŐŚĂƚƌƵƐƚʹ͚/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ŝŵŝƚĞĚŵƉůŽǇĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ͛ ;ŝͿ ŵŽƵŶƚƚŽďĞƌĞĐŽŐŶŝƐĞĚŝŶĂůĂŶĐĞ^ŚĞĞƚĂŶĚŵŽǀĞŵĞŶƚŝŶŶĞƚůŝĂďŝůŝƚǇ
;͚ƚŚĞWůĂŶ͛Ϳ͕ƐĞƚƵƉďǇƚŚĞŽŵƉĂŶǇĂŶĚĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐĐŽŶƚƌŝďƵƟŽŶƐĂƌĞŵĂĚĞƚŽ^ƚĂƚĞWůĂŶ͘ Gratuity Post Pension Pension Pension
d ŚĞWůĂŶŐƵĂƌĂŶƚĞĞƐŵŝŶŝŵƵŵŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞŶŽƚŝĨŝĞĚďǇƚŚĞWƌŽǀŝĚĞŶƚ&ƵŶĚƵƚŚŽƌŝƚŝĞƐ͘dŚĞĐŽŶƚƌŝďƵƚŝŽŶďǇƚŚĞĞŵƉůŽǇĞƌĂŶĚ Employment dŽƉͲƵƉ Director ^ƚĂī
ĞŵƉůŽǇĞĞƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŝŶƚĞƌĞƐƚĂĐĐƵŵƵůĂƚĞĚƚŚĞƌĞŽŶĂƌĞƉĂǇĂďůĞƚŽĞŵƉůŽǇĞĞƐĂƚƚŚĞƚŝŵĞŽĨƐĞƉĂƌĂƚŝŽŶĨƌŽŵƚŚĞŽŵƉĂŶǇŽƌ Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded
ƌĞƚŝƌĞŵĞŶƚ͕ǁŚŝĐŚĞǀĞƌŝƐĞĂƌůŝĞƌ͘dŚĞďĞŶĞĨŝƚǀĞƐƚƐŝŵŵĞĚŝĂƚĞůǇŽŶƌĞŶĚĞƌŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐďǇƚŚĞĞŵƉůŽǇĞĞ͘/ŶƚĞƌŵƐŽĨƚŚĞŐƵŝĚĂŶĐĞ ĞŶĞĮƚƐ
ŶŽƚĞŝƐƐƵĞĚďǇƚŚĞ/ŶƐƚŝƚƵƚĞŽĨĐƚƵĂƌŝĞƐŽĨ/ŶĚŝĂĨŽƌŵĞĂƐƵƌĞŵĞŶƚŽĨƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƚŝĞƐ͕ƚŚĞĂĐƚƵĂƌǇŚĂƐƉƌŽǀŝĚĞĚĂǀĂůƵĂƚŝŽŶŽĨ hŶĨƵŶĚĞĚ
ƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƚǇĂŶĚďĂƐĞĚŽŶƚŚĞĂƐƐƵŵƉƚŝŽŶƐƉƌŽǀŝĚĞĚďĞůŽǁ͕ƚŚĞƌĞŝƐŶŽƐŚŽƌƚĨĂůůĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͘ ` crores ` crores ` crores ` crores ` crores
dŚĞĚĞƚĂŝůƐŽĨĨƵŶĚĂŶĚƉůĂŶĂƐƐĞƚƉŽƐŝƟŽŶĂƌĞŐŝǀĞŶďĞůŽǁ͗ WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶƐ ϭϵϰ͘ϵϭ Ͳ Ͳ Ͳ ϳ͘Ϯϴ
ϭϴϱ͘ϰϳ Ͳ Ͳ Ͳ ϳ͘ϭϱ
` crores ` crores WƌĞƐĞŶƚsĂůƵĞŽĨhŶĨƵŶĚĞĚKďůŝŐĂƟŽŶƐ ϭ͘ϭϰ ϱ͘ϲϯ 2.75 ϭϱ͘ϲϭ Ͳ
Plan Assets as at period end ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ Ϭ͘ϵϴ ϱ͘ϱϱ ϰ͘Ϯϱ ϭϱ͘ϯϯ Ͳ
WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶĂƚƉĞƌŝŽĚĞŶĚ ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ &ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ ;ϭϴϴ͘ϯϭͿ Ͳ Ͳ Ͳ 9.70
ŵŽƵŶƚƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĂůĂŶĐĞ^ŚĞĞƚ Ͳ Ͳ ;ϭϴϴ͘ϲϭͿ Ͳ Ͳ Ͳ ;ϴ͘ϵϱͿ
ƐƐƵŵƉƟŽŶƐƵƐĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽďůŝŐĂƟŽŶŽĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŐƵĂƌĂŶƚĞĞƵŶĚĞƌƚŚĞĞƚĞƌŵŝŶŝƐƟĐƉƉƌŽĂĐŚ͗ Amount not recognised due to asset limit Ͳ Ͳ Ͳ Ͳ Ϭ͘ϴϮ
Ͳ Ͳ Ͳ Ͳ Ϭ͘ϲϭ
EĞƚ;ƐƐĞƚͿͬ>ŝĂďŝůŝƚǇ ϭϰ͘ϳϰ ϱ͘ϲϯ 2.75 ϭϱ͘ϲϭ ;ϭ͘ϱϵͿ
'ƵĂƌĂŶƚĞĞĚZĂƚĞŽĨZĞƚƵƌŶ ϴ͘ϱϱй ϴ͘ϲϱй
;Ϯ͘ϭϲͿ ϱ͘ϱϱ ϰ͘Ϯϱ ϭϱ͘ϯϯ ;ϭ͘ϭϵͿ
ŝƐĐŽƵŶƚĞĚZĂƚĞĨŽƌƌĞŵĂŝŶŝŶŐƚĞƌŵƚŽDĂƚƵƌŝƚǇŽĨ/ŶǀĞƐƚŵĞŶƚ ϳ͘ϳϱй ϳ͘ϮϬй
ǆƉĞĐƚĞĚZĂƚĞŽĨZĞƚƵƌŶŽŶ/ŶǀĞƐƚŵĞŶƚ ϵ͘ϭϲй ϵ͘ϱϬй ;ŝŝͿ ǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚΘ>ŽƐƐ
dŚĞŽŵƉĂŶǇĐŽŶƚƌŝďƵƚĞĚ`ϵ͘ϵϴĐƌŽƌĞƐĂŶĚ`ϵ͘ϴϬĐƌŽƌĞƐƚŽǁĂƌĚƐƉƌŽǀŝĚĞŶƚĨƵŶĚĚƵƌŝŶŐƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚ Gratuity Post Pension Pension Pension

ϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůǇĂŶĚƚŚĞƐĂŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͘ Employment dŽƉͲƵƉ Director ^ƚĂī
Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded
;ĚͿ WĞŶƐŝŽŶ^ĐŚĞŵĞĨŽƌŵƉůŽǇĞĞƐ͗ ĞŶĞĮƚƐ
dŚĞ'ƌŽƵƉŚĂƐĨŽƌŵƵůĂƚĞĚĂĨƵŶĚĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĞŵƉůŽǇĞĞƐ͘dŚĞĂĐƚƵĂƌŝĂůůŝĂďŝůŝƚǇĂƌŝƐŝŶŐŽŶƚŚĞĂďŽǀĞ͕ĂŌĞƌĂůůŽǁŝŶŐ hŶĨƵŶĚĞĚ
ĨŽƌĞŵƉůŽǇĞĞƐ͛ĐŽŶƚƌŝďƵƟŽŶŝƐĚĞƚĞƌŵŝŶĞĚĂƐĂƚƚŚĞǇĞĂƌĞŶĚ͕ŽŶƚŚĞďĂƐŝƐŽĨƵŶŝĨŽƌŵĂĐĐƌƵĂůďĞŶĞĮƚ͕ǁŝƚŚĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ ` crores ` crores ` crores ` crores ` crores
ƚĂŬĞŶĂƐEŝů͘ ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ϭϬ͘ϴϰ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ
;ĞͿ d ŚĞĂďŽǀĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐƚǇƉŝĐĂůůǇĞǆƉŽƐĞƚŚĞ'ƌŽƵƉƚŽĂĐƚƵĂƌŝĂůƌŝƐŬƐƐƵĐŚĂƐ͗ŝŶǀĞƐƚŵĞŶƚƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͕ůŽŶŐĞǀŝƚǇƌŝƐŬ ϭϬ͘ϰϰ Ϭ͘ϭϬ Ϭ͘ϯϮ Ϭ͘ϯϯ Ϭ͘ϭϰ
ĂŶĚƐĂůĂƌǇƌŝƐŬ͘
WĂƐƚƐĞƌǀŝĐĞŽƐƚ Ͳ Ͳ ;ϭ͘ϰϳͿ Ͳ Ͳ
Ă͘ /ŶǀĞƐƚŵĞŶƚƌŝƐŬ
Ͳ Ͳ Ͳ Ͳ Ͳ
d ŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶůŝĂďŝůŝƚǇŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞǁŚŝĐŚŝƐĚĞƚĞƌŵŝŶĞĚďǇƌĞĨĞƌĞŶĐĞ
ƚŽ ŐŽǀĞƌŶŵĞŶƚ ƐĞĐƵƌŝƚǇ ǇŝĞůĚƐ ƉƌĞǀĂŝůŝŶŐ ĂƐ Ăƚ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ͘ /Ĩ ƚŚĞ ƌĞƚƵƌŶ ŽŶ ƉůĂŶ ĂƐƐĞƚ ŝƐ ďĞůŽǁ ƚŚŝƐ ƌĂƚĞ͕ ŝƚ /ŶƚĞƌĞƐƚŽƐƚ ;Ϭ͘ϳϲͿ Ϭ͘ϯϵ 0.27 ϭ͘ϭϬ ;Ϭ͘ϬϵͿ
ǁŝůůĐƌĞĂƚĞĂƉůĂŶĚĞĨŝĐŝƚ͘dŚĞĐƵƌƌĞŶƚƉůĂŶŚĂƐĂƌĞůĂƚŝǀĞůǇďĂůĂŶĐĞĚŵŝǆŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚǇ͕ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͕ Ϭ͘ϯϲ Ϭ͘ϯϱ Ϭ͘ϯϯ Ϭ͘ϵϳ ;Ϭ͘ϬϵͿ
ďŽŶĚƐĂŶĚŽƚŚĞƌĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͘ƵĞƚŽƚŚĞůŽŶŐͲƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƉůĂŶůŝĂďŝůŝƚŝĞƐ͕ƚŚĞdƌƵƐƚĞĞƐŽĨƚŚĞ&ƵŶĚĐŽŶƐŝĚĞƌ Total 5.96 Ϭ͘ϰϳ ;Ϭ͘ϵϮͿ ϭ͘Ϯϱ 0.05
ŝƚĂƉƉƌŽƉƌŝĂƚĞƚŚĂƚĂƌĞĂƐŽŶĂďůĞƉŽƌƚŝŽŶŽĨƚŚĞƉůĂŶĂƐƐĞƚƐƐŚŽƵůĚďĞŝŶǀĞƐƚĞĚŝŶĞƋƵŝƚǇƐĞĐƵƌŝƚŝĞƐƚŽůĞǀĞƌĂŐĞƚŚĞƌĞƚƵƌŶ
ŐĞŶĞƌĂƚĞĚďǇƚŚĞ&ƵŶĚ͘ ϭϬ͘ϴϬ Ϭ͘ϰϱ Ϭ͘ϲϱ ϭ͘ϯϬ Ϭ͘Ϭϱ

;ŝŝŝͿ ǆƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;K/Ϳ ;ǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ
Gratuity Post Pension Pension Pension Gratuity Post Pension Pension Pension
Employment dŽƉͲƵƉ Director ^ƚĂī Employment dŽƉͲƵƉ Director ^ƚĂī
Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded
ĞŶĞĮƚƐ ĞŶĞĮƚƐ
hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ
` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores
Remeasurements due to actuarial
ϭϴϴ͘ϲϭ Ͳ Ͳ Ͳ ϴ͘ϵϱ
ůŽƐƐͬ;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗ KƉĞŶŝŶŐ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ
;Ϯ͘ϳϲͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ ϭϳϳ͘Ϯϲ Ͳ Ͳ Ͳ ϴ͘ϯϳ
ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ϭϯ͘Ϯϰ Ͳ Ͳ Ͳ Ϭ͘ϲϰ
ϯ͘ϯϴ Ϭ͘ϭϰ Ϭ͘ϭϵ Ϭ͘ϯϵ Ϭ͘ϭϱ Interest on Plan Assets
ϰ͘ϳϵ Ͳ ;Ϭ͘ϬϯͿ Ͳ Ͳ ϭϮ͘ϱϳ Ͳ Ͳ Ͳ Ϭ͘ϲϮ
ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ
Ͳ Ͳ Ͳ Ͳ Ͳ ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽ͗
ϴ͘ϯϲ 0.06 Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ Actual return on plan assets less interest ;ϭ͘ϬϲͿ Ͳ Ͳ Ͳ Ϭ͘ϯϵ
ǆƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ
;ϭ͘ϯϵͿ Ϭ͘ϱϯ ;Ϭ͘ϭϯͿ ϭ͘Ϭϭ Ϭ͘Ϯϭ on plan assets ϭϭ͘ϴϵ Ͳ Ͳ Ͳ Ϭ͘ϯϯ
Actual return on plan assets less interest ϭ͘Ϭϲ Ͳ Ͳ Ͳ ;Ϭ͘ϯϵͿ 0.97 Ϭ͘ϯϭ ϭ͘ϯϯ Ϭ͘ϱϴ Ϭ͘ϭϮ
on plan assets ;ϭϭ͘ϴϵͿ Ͳ Ͳ Ͳ ;Ϭ͘ϯϯͿ ŽŶƚƌŝďƵƟŽŶďǇŵƉůŽǇĞƌ
ϭϬ͘ϵϮ Ϭ͘ϯϮ ϭ͘ϭϬ Ϭ͘ϯϱ ;Ϭ͘ϬϱͿ
ĚũƵƐƚŵĞŶƚƚŽƌĞĐŽŐŶŝƐĞƚŚĞĞīĞĐƚŽĨ Ͳ Ͳ Ͳ Ͳ Ϭ͘ϭϳ ;Ϯϭ͘ϱϭͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ
asset ceiling Ͳ Ͳ Ͳ Ͳ ;Ϭ͘ϬϴͿ ĞŶĞĮƚƐWĂŝĚ
;Ϯϰ͘ϬϯͿ ;Ϭ͘ϯϮͿ ;ϭ͘ϭϬͿ ;Ϭ͘ϯϱͿ ;Ϭ͘ϯϮͿ
9.02 ;Ϭ͘ϬϴͿ 0.75 ;Ϭ͘ϯϵͿ ;Ϭ͘ϯϰͿ
Total ϭϴϭ͘ϯϭ Ͳ Ͳ Ͳ 9.70
;Ϯ͘ϵϬͿ Ϭ͘ϲϳ Ϭ͘Ϭϲ ϭ͘ϰϬ ;Ϭ͘ϬϱͿ Closing Fair Value of Plan Assets
ϭϴϴ͘ϲϭ Ͳ Ͳ Ͳ ϴ͘ϵϱ
;ŝǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ ϭϲ͘ϲϱ Ͳ Ͳ Ͳ Ͳ
ǆƉĞĐƚĞĚŵƉůŽǇĞƌ͛ƐĐŽŶƚƌŝďƵƟŽŶͬŽƵƞůŽǁ
Gratuity Post Pension Pension Pension next year ϭϲ͘ϱϱ Ͳ Ͳ Ͳ Ͳ
Employment dŽƉͲƵƉ Director ^ƚĂī
Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded ;ǀŝͿ ĐƚƵĂƌŝĂůƐƐƵŵƉƟŽŶƐ
ĞŶĞĮƚƐ
hŶĨƵŶĚĞĚ Gratuity Post Pension Pension Pension
Employment dŽƉͲƵƉ Director ^ƚĂī
Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded
ϭϴϲ͘ϰϱ 5.55 ϰ͘Ϯϱ ϭϱ͘ϯϯ ϳ͘ϭϱ ĞŶĞĮƚƐ
KƉĞŶŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ
ϭϴϱ͘ϭϭ ϰ͘ϳϱ ϰ͘ϲϰ ϭϮ͘ϵϴ ϲ͘ϰϵ hŶĨƵŶĚĞĚ
ϭϬ͘ϴϰ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ ϳ͘ϱϱͲϴ͘ϬϬй 7.55% 7.55% 7.55% 7.55%
ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ŝƐĐŽƵŶƚƌĂƚĞ;Ɖ͘Ă͘ͿŝŶй
ϭϬ͘ϰϰ Ϭ͘ϭϬ Ϭ͘ϯϮ Ϭ͘ϯϯ Ϭ͘ϭϰ ϳ͘ϮϬͲϳ͘ϯϬй ϳ͘ϯϬй ϳ͘ϯϬй ϳ͘ϯϬй ϳ͘ϯϬй
;ϰ͘ϭϮͿ Ͳ ;ϭ͘ϰϳͿ Ͳ Ͳ
WĂƐƚ^ĞƌǀŝĐĞŽƐƚ ϯ͘ϬϬͲϵ͘ϬϬй Ͳ ϰ͘ϬϬй ϭϬ͘ϬϬй Ͳ
Ͳ Ͳ Ͳ Ͳ Ͳ ^ĂůĂƌǇƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй
ϯ͘ϬϬͲϳ͘ϬϬй Ͳ ϰ͘ϬϬй ϭϬ͘ϬϬй Ͳ
ϭϮ͘ϰϴ Ϭ͘ϯϵ 0.27 ϭ͘ϭϬ Ϭ͘ϱϭ
/ŶƚĞƌĞƐƚŽƐƚ Ͳ Ͳ Ͳ ϰ͘ϬϬй Ͳ
ϭϮ͘ϵϰ Ϭ͘ϯϱ Ϭ͘ϯϯ Ϭ͘ϵϳ Ϭ͘ϰϴ WĞŶƐŝŽŶƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй
Ͳ Ͳ Ͳ ϰ͘ϬϬй Ͳ
ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽĂĐƚƵĂƌŝĂůůŽƐƐͬ
;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗ Ͳ 6.00% Ͳ Ͳ Ͳ
ŶŶƵĂůŝŶĐƌĞĂƐĞŝŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ;Ɖ͘Ă͘ͿŝŶй
;Ϯ͘ϳϲͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ Ͳ ϲ͘ϬϬй Ͳ Ͳ Ͳ
ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ
ϯ͘ϯϴ Ϭ͘ϭϰ Ϭ͘ϭϵ Ϭ͘ϯϵ Ϭ͘ϭϱ DŽƌƚĂůŝƚǇdĂďůĞ*
Ͳ Ͳ ;Ϭ͘ϬϯͿ Ͳ Ͳ dĂďůĞϭ dĂďůĞϭ dĂďůĞϭ NA NA
ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ DŽƌƚĂůŝƚǇƚĂďůĞŝŶƐĞƌǀŝĐĞ;>/Ϳ
Ͳ Ͳ Ͳ Ͳ Ͳ dĂďůĞϭ dĂďůĞϭ dĂďůĞϭ E E
ϴ͘ϯϲ 0.06 Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ NA Table 2 Table 2 Table 2 Table 2
ǆƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ DŽƌƚĂůŝƚǇƚĂďůĞŝŶƌĞƟƌĞŵĞŶƚ;>/Ϳ
;ϭ͘ϯϵͿ Ϭ͘ϱϯ ;Ϭ͘ϭϯͿ ϭ͘Ϭϭ Ϭ͘Ϯϭ E dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ
;Ϯϭ͘ϱϭͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ
ĞŶĞĮƚƐWĂŝĚ Ύ dĂďůĞϭʹ/ŶĚŝĂŶƐƐƵƌĞĚ>ŝǀĞƐDŽƌƚĂůŝƚǇ;ϮϬϬϲͲϬϴͿhůƚƚĂďůĞ
;Ϯϰ͘ϬϯͿ ;Ϭ͘ϯϮͿ ;ϭ͘ϭϬͿ ;Ϭ͘ϯϱͿ ;Ϭ͘ϯϮͿ
ϭϵϲ͘Ϭϱ ϱ͘ϲϯ 2.75 ϭϱ͘ϲϭ ϳ͘Ϯϴ dĂďůĞϮʹh<WƵďůŝƐŚĞĚW;ϵϬͿĂŶŶƵŝƚǇƌĂƚĞĚĚŽǁŶďǇϰǇĞĂƌƐ
ůŽƐŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ
ϭϴϲ͘ϰϱ ϱ͘ϱϱ ϰ͘Ϯϱ ϭϱ͘ϯϯ ϳ͘ϭϱ

;ǀŝŝͿ ŝƐĂŐŐƌĞŐĂƟŽŶŽĨWůĂŶƐƐĞƚƐ;DĂŶĂŐĞĚďǇĂŶ/ŶƐƵƌĂŶĐĞŽŵƉĂŶǇͿ WŽƐƚͲŵƉůŽǇŵĞŶƚDĞĚŝĐĂůĞŶĞĮƚƐhŶĨƵŶĚĞĚ
ĂͿ 'ƌĂƚƵŝƚǇ&ƵŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Discount Life Health ŝƐĐŽƵŶƚ >ŝĨĞ ,ĞĂůƚŚ
Quoted hŶƋƵŽƚĞĚ Total YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů rate Expectancy care Cost rate ǆƉĞĐƚĂŶĐǇ ĐĂƌĞŽƐƚ
` crores ` crores ` crores % ` crores ` crores ` crores й ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ
'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϭ͘ϵϭ Ͳ ϱϭ͘ϵϭ Ϯϵй ϯϰ͘ϬϬ Ͳ ϯϰ͘ϬϬ ϭϴй /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϰ͘ϳϵͿ Ͳ Ͳ ;ϱ͘ϬϱͿ Ͳ Ͳ
KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϲ͘ϴϮ Ϭ͘Ϭϵ ϱϲ͘ϵϭ ϯϭй ϲϴ͘ϲϱ Ϭ͘Ϭϵ ϲϴ͘ϳϰ ϯϲй /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϱ͘Ϯϯ Ͳ Ͳ ϱ͘ϱϯ Ͳ Ͳ
KƚŚĞƌƋƵŝƚǇ/ŶƐƚƌƵŵĞŶƚƐ ϯϮ͘ϲϱ Ͳ ϯϮ͘ϲϱ ϭϴй ϯϭ͘Ϯϰ Ͳ ϯϭ͘Ϯϰ ϭϳй /ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌĚĞĐƌĞĂƐĞ Ͳ ;ϯ͘ϮϲͿ Ͳ Ͳ ;ϯ͘ϮϰͿ Ͳ
/ŶƐƵƌĞƌŵĂŶĂŐĞĚĨƵŶĚƐ Ͳ ϭϳ͘ϴϮ ϭϳ͘ϴϮ ϭϬй Ͳ ϭϴ͘Ϯϰ ϭϴ͘Ϯϰ ϭϬй /ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ/ŶĐƌĞĂƐĞ Ͳ ϯ͘Ϭϳ Ͳ Ͳ ϯ͘Ϭϲ Ͳ
KƚŚĞƌƐ Ϭ͘ϲϯ Ϯϭ͘ϯϵ 22.02 ϭϮй ϯϯ͘ϴϴ Ϯ͘ϱϭ ϯϲ͘ϯϵ ϭϵй ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ
Ͳ Ͳ Ͳ Ͳ Ͳ ;ϲ͘ϬϲͿ
Total ϭϰϮ͘Ϭϭ ϯϵ͘Ϯϵ ϭϴϭ͘ϯϭ ϭϬϬй ϭϲϳ͘ϳϳ ϮϬ͘ϴϰ ϭϴϴ͘ϲϭ ϭϬϬй ŝŶĐƌĞĂƐĞƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ
ďͿ WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ
Ͳ Ͳ Ͳ Ͳ Ͳ ϳ͘Ϯϳ
ŝŶĐƌĞĂƐĞƌĂƚĞƉůƵƐϭϬϬďƉƐ
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ
Quoted hŶƋƵŽƚĞĚ Total YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů Ͳ Ͳ ;ϱ͘ϳϲͿ Ͳ Ͳ Ͳ
ĐŽƐƚƐƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ
` crores ` crores ` crores % ` crores ` crores ` crores й
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ
'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϰ͘ϭϬ Ͳ ϰ͘ϭϬ ϰϯй ϯ͘ϳϮ Ͳ ϯ͘ϳϮ ϰϮй Ͳ Ͳ ϲ͘ϴϲ Ͳ Ͳ Ͳ
ĐŽƐƚƐƌĂƚĞƉůƵƐϭϬϬďƉƐ
KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱ͘Ϯϲ Ͳ 5.26 ϱϰй ϰ͘ϵϲ Ͳ ϰ͘ϵϲ ϱϱй
KƚŚĞƌƋƵŝƚǇ/ŶƐƚƌƵŵĞŶƚƐ Ϭ͘Ϯϰ Ͳ Ϭ͘Ϯϰ Ϯй Ϭ͘ϭϰ Ͳ Ϭ͘ϭϰ Ϯй WĞŶƐŝŽŶŝƌĞĐƚŽƌhŶĨƵŶĚĞĚ
KƚŚĞƌƐ Ͳ Ϭ͘ϭϬ Ϭ͘ϭϬ ϭй Ͳ Ϭ͘ϭϯ Ϭ͘ϭϯ ϭй
Total 9.60 Ϭ͘ϭϬ 9.70 ϭϬϬй ϴ͘ϴϮ Ϭ͘ϭϯ ϴ͘ϵϱ ϭϬϬй
Discount Life Pension ŝƐĐŽƵŶƚ >ŝĨĞ Pension
;ǀŝŝŝͿ ^ĞŶƐŝƟǀŝƚǇŶĂůǇƐŝƐ;ĨŽƌĞĂĐŚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶͿ rate Expectancy rate rate ǆƉĞĐƚĂŶĐǇ rate
;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ
Gratuity Pension Top up
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϰ͘ϱϵͿ Ͳ Ͳ ;ϰ͘ϵϲͿ Ͳ Ͳ
Discount Salary ŝƐĐŽƵŶƚ Salary Discount Salary ŝƐĐŽƵŶƚ Salary /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϰ͘ϵϵ Ͳ Ͳ ϱ͘ϰϮ Ͳ Ͳ
rate ƐĐĂůĂƟŽŶ rate ƐĐĂůĂƟŽŶ rate ƐĐĂůĂƟŽŶ rate ƐĐĂůĂƟŽŶ /ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌĚĞĐƌĞĂƐĞ Ͳ ;ϯ͘ϬϰͿ Ͳ Ͳ ;Ϯ͘ϳϬͿ Ͳ
rate rate rate rate /ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ/ŶĐƌĞĂƐĞ Ͳ Ϯ͘ϵϮ Ͳ Ͳ Ϯ͘ϲϮ Ͳ
;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ
ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ
/ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞ Ͳ Ͳ ;ϵ͘ϭϴͿ Ͳ Ͳ ;ϵ͘ϱϱͿ
;ϯ͘ϬϬͿ ϯ͘Ϯϱ ;ϯ͘ϯϳͿ ϯ͘ϲϴ ;ϱ͘ϱϭͿ Ͳ ;ϱ͘ϯϮͿ Ͳ ŝŶĐƌĞĂƐĞƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ
ŝŶϱϬďƉƐŽŶK
/ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ
ϯ͘ϭϳ ;ϯ͘ϬϵͿ ϯ͘ϲϬ ;ϯ͘ϰϳͿ ϲ͘ϬϬ Ͳ ϱ͘ϴϭ Ͳ Ͳ Ͳ ϭϬ͘ϳϭ Ͳ Ͳ ϭϭ͘Ϯϭ
ŝŶϱϬďƉƐŽŶK ŝŶĐƌĞĂƐĞƌĂƚĞƉůƵƐϭϬϬďƉƐ
/ŵƉĂĐƚŽĨůŝĨĞ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
expectancy 1 year Ͳ Ͳ Ͳ Ͳ Ͳ ;ϭ͘ϴϯͿ Ͳ ;ϭ͘ϴϬͿ ĐŽƐƚƐƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ
decrease ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
/ŵƉĂĐƚŽĨůŝĨĞ ĐŽƐƚƐƌĂƚĞƉůƵƐϭϬϬďƉƐ
expectancy 1 year Ͳ Ͳ Ͳ Ͳ Ͳ ϭ͘ϴϮ Ͳ ϭ͘ϳϳ ;ŝǆͿ DŽǀĞŵĞŶƚŝŶƐƐĞƚĞŝůŝŶŐ
Increase
WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ ` crores ` crores
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ KƉĞŶŝŶŐsĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϲϭ Ϭ͘ϲϰ
Discount Life Pension ŝƐĐŽƵŶƚ >ŝĨĞ Pension /ŶƚĞƌĞƐƚŽŶKƉĞŶŝŶŐďĂůĂŶĐĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘Ϭϰ Ϭ͘Ϭϱ
rate Expectancy rate rate ǆƉĞĐƚĂŶĐǇ rate
ZĞŵĞĂƐƵƌĞŵĞŶƚĚƵĞƚŽ͗
;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ
/ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϯ͘ϵϯͿ Ͳ Ͳ ;ϰ͘ϮϬͿ Ͳ Ͳ ĐŚĂŶŐĞŝŶ^ƵƌƉůƵƐͬ;ĚĞĮĐŝƚͿ Ϭ͘ϭϳ ;Ϭ͘ϬϴͿ
/ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϰ͘ϮϬ Ͳ Ͳ ϰ͘ϱϬ Ͳ Ͳ ůŽƐŝŶŐǀĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϴϮ Ϭ͘ϲϭ
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌĚĞĐƌĞĂƐĞ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
&ŽŽƚŶŽƚĞ͗&ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐƵŶĚĞƌ;ŝͿƚŽ;ǀŝͿĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐǇĞĂƌ͘
/ŵƉĂĐƚŽĨůŝĨĞĞǆƉĞĐƚĂŶĐǇϭǇĞĂƌ/ŶĐƌĞĂƐĞ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ

;ǆͿ ǆƉĞĐƚĞĚĨƵƚƵƌĞďĞŶĞĮƚƉĂǇŵĞŶƚƐ͗ ;ŝǀͿ WŽƐƚŵƉůŽǇŵĞŶƚďĞŶĞĮƚƉůĂŶƐ
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ƚĚ͘ŵƉůŽǇĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ
Gratuity Post Pension Pension Pension
Employment dŽƉͲƵƉ Director ^ƚĂī dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶǇ>ƚĚ͘^ƵƉĞƌĂŶŶƵĂƟŽŶ^ĐŚĞŵĞ
Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ funded dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŵƉůŽǇĞĞƐ'ƌĂƚƵŝƚǇdƌƵƐƚ
ĞŶĞĮƚƐ dĂũZĞƐŝĚĞŶĐǇŵƉůŽǇĞĞƐWƌŽǀŝĚĞŶƚĨƵŶĚdƌƵƐƚ;ĂŶŐĂůŽƌĞƵŶŝƚͿ
hŶĨƵŶĚĞĚ
WŝĞŵ,ŽƚĞůŵƉůŽǇĞĞƐ'ƌĂƚƵŝƚǇdƌƵƐƚ
dĂũZĞƐŝĚĞŶĐǇ,ŽƚĞůŵƉůŽǇĞĞƐ'ƌĂƚƵŝƚǇdƌƵƐƚ
Within one year ϯϰ͘ϲϬ Ϭ͘ϰϬ 0.60 ϭ͘ϭϬ Ϭ͘ϱϭ
;ďͿ dŚĞĚĞƚĂŝůƐŽĨƌĞůĂƚĞĚƉĂƌƚǇƚƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗
ϯϬ͘ϵϲ Ϭ͘Ϯϴ Ϭ͘ϵϴ Ϭ͘ϲϮ Ϭ͘ϰϱ
ĞƚǁĞĞŶŽŶĞĂŶĚĮǀĞǇĞĂƌƐ ϵϬ͘ϭϬ ϭ͘ϲϬ ϭ͘ϯϬ ϰ͘ϱϬ 2.20 Company Key Associates and WŽƐƚZĞƟƌĞŵĞŶƚ
ϳϴ͘ϯϰ ϭ͘ϰϵ Ϯ͘ϱϮ ϰ͘Ϯϵ ϭ͘ϵϯ ŚĂǀŝŶŐ Management :ŽŝŶƚsĞŶƚƵƌĞƐη ďĞŶĞĮƚƉůĂŶƐ
ƐŝŐŶŝĮĐĂŶƚ Personnel
ŌĞƌĮǀĞǇĞĂƌƐ ϮϮϱ͘ϭϰ ϭϯ͘ϴϬ Ϯ͘ϭϬ ϯϱ͘ϯϬ ϭϮ͘ϴϬ
ŝŶŇƵĞŶĐĞΎ
Ϯϰϳ͘ϭϲ ϭϯ͘ϴϳ Ϯ͘ϭϲ ϯϲ͘ϳϭ ϭϮ͘ϵϴ ` crores ` crores ` crores ` crores
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞĚƵƌĂƟŽŶŽĨƚŚĞĞĮŶĞĚ ϲ͘ϭϱ ϭϬ͘Ϭϭ ϯ͘ϴϰ 9.57 7.69 Interest expense Ͳ Ͳ 0.67 Ͳ
ĞŶĞĮƚKďůŝŐĂƟŽŶ;ŝŶǇĞĂƌƐͿ ϲ͘ϵϲ ϭϬ͘ϱϳ ϭϭ͘Ϯϲ ϭϬ͘Ϭϱ ϴ͘Ϯϭ Ͳ Ͳ Ϭ͘ϱϱ Ͳ

ƵĞƚŽƚŚĞƌĞƐƚƌŝĐƟŽŶƐŝŶƚŚĞƚǇƉĞŽĨŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĐĂŶďĞŚĞůĚďǇƚŚĞŐƌĂƚƵŝƚǇĂŶĚƉĞŶƐŝŽŶĨƵŶĚĂƐƉĞƌƚŚĞƉƌĞǀĂůĞŶƚƌĞŐƵůĂƟŽŶƐ͕ Interest income 0.97 Ͳ Ϯ͘ϰϱ Ͳ
ŝƚŝƐŶŽƚƉŽƐƐŝďůĞƚŽĞǆƉůŝĐŝƚůǇĨŽůůŽǁĂŶĂƐƐĞƚͲůŝĂďŝůŝƚǇŵĂƚĐŚŝŶŐƐƚƌĂƚĞŐǇƚŽŵĂŶĂŐĞƌŝƐŬĂĐƟǀĞůǇ ϯ͘ϰϵ Ͳ ϰ͘ϳϵ Ͳ
ŝǀŝĚĞŶĚWĂŝĚ ϭϬ͘Ϯϱ Ͳ 0.07 Ͳ
d ŚĞĞƐƟŵĂƚĞŽĨĨƵƚƵƌĞƐĂůĂƌǇŝŶĐƌĞĂƐĞƐ͕ĐŽŶƐŝĚĞƌĞĚŝŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͕ƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚŝŶŇĂƟŽŶ͕ƐĞŶŝŽƌŝƚǇ͕ƉƌŽŵŽƟŽŶƐĂŶĚ ϴ͘ϳϴ Ͳ Ϭ͘Ϭϴ Ͳ
ŽƚŚĞƌƌĞůĞǀĂŶƚĨĂĐƚŽƌƐ͘dŚĞĂďŽǀĞŝŶĨŽƌŵĂƟŽŶŚĂƐďĞĞŶĐĞƌƟĮĞĚďǇƚŚĞĂĐƚƵĂƌǇĂŶĚŚĂƐďĞĞŶƌĞůŝĞĚƵƉŽŶďǇƚŚĞƵĚŝƚŽƌƐ͘
ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ Ͳ ϭϬ͘Ϭϭ Ͳ
EŽƚĞϯϵ͗KƚŚĞƌZĞŐƵůĂƚŽƌǇDĂƩĞƌƐ Ϭ͘ϭϮ Ͳ ϱ͘ϵϯ Ͳ
KƉĞƌĂƟŶŐͬ>ŝĐĞŶƐĞ&ĞĞƐĞǆƉĞŶƐĞƐ 0.27 Ͳ Ͳ Ͳ
dŚĞŽŵƉĂŶǇ͕ŽŶĂƌĞǀŝĞǁŽĨŝƚƐĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐŚĂĚ͕ŝŶƚŚĞƉĂƐƚ͕ŵĂĚĞǀŽůƵŶƚĂƌǇĚŝƐĐůŽƐƵƌĞƐƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞƌĞŐƵůĂƚŽƌ͕ŽĨǁŚĂƚŝƚ
Ϭ͘ϯϳ Ͳ Ͳ Ͳ
ĐŽŶƐŝĚĞƌĞĚƚŽďĞƉŽƐƐŝďůĞŝƌƌĞŐƵůĂƌŝƟĞƐ͕ŝŶƌĞůĂƟŽŶƚŽĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞƚƌĂŶƐĂĐƟŽŶƐƌĞůĂƟŶŐƚŽƉĞƌŝŽĚƉƌŝŽƌƚŽϭϵϵϴ͘ƌŝƐŝŶŐŽƵƚŽĨƐƵĐŚ
KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϯ͘ϱϱ Ͳ ϲϴ͘ϲϵ Ͳ
ĚŝƐĐůŽƐƵƌĞƐ͕ ƚŚĞ ŽŵƉĂŶǇ ƌĞĐĞŝǀĞĚ ƐŚŽǁ ĐĂƵƐĞ ŶŽƟĐĞƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶǇ ŚĂĚ ƌĞƉůŝĞĚ ƚŽ ƚŚĞ ŶŽƟĐĞƐ͘ ƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ
ƌĞĐĞŝǀĞĚĂĚũƵĚŝĐĂƟŽŶĐƵŵĚĞŵĂŶĚŽĨ`ϭϬ͘ϴϵĐƌŽƌĞƐŽŶĐĞƌƚĂŝŶŵĂƩĞƌƐǁŚŝĐŚŚĂƐďĞĞŶĚŝƐƉƵƚĞĚďǇƚŚĞŽŵƉĂŶǇ͘dŚŝƐŚĂƐďĞĞŶĚŝƐĐůŽƐĞĚ ϰ͘ϭϵ Ͳ ϲϱ͘ϯϰ Ͳ
ĂƐŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƚǇ͘&ŽƌƚŚĞďĂůĂŶĐĞ^ŚŽǁĂƵƐĞEŽƟĐĞƐ͕ĂĚũƵĚŝĐĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶƉƌŽŐƌĞƐƐ͘ WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϱϵ͘Ϭϰ Ͳ Ϭ͘ϰϮ Ͳ
ϱϲ͘ϯϮ Ͳ Ϭ͘ϵϴ Ͳ
EŽƚĞϰϬ͗ZĞůĂƚĞĚWĂƌƚǇŝƐĐůŽƐƵƌĞƐ ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϰϰ͘ϯϲ Ͳ Ϭ͘ϳϰ Ͳ
;ĂͿ dŚĞŶĂŵĞƐŽĨƌĞůĂƚĞĚƉĂƌƟĞƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĂƐƵŶĚĞƌ͗ ϯϱ͘ϰϯ Ͳ Ϭ͘ϲϰ Ͳ
^ƵďƐĐƌŝƉƟŽŶŝŶƌŝŐŚƚƐŝƐƐƵĞ Ͳ Ͳ 0.70 Ͳ
;ŝͿ ŽŵƉĂŶǇŚĂǀŝŶŐƐƵďƐƚĂŶƟĂůŝŶƚĞƌĞƐƚ
Ͳ Ͳ ϭϬ͘ϬϬ Ͳ
dĂƚĂ^ŽŶƐ>ƚĚ͘;ŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐͿ ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚƐ 0.02 Ͳ 6.97 Ͳ
;ŝŝͿ ƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐ Ͳ Ͳ ϴ͘ϵϱ Ͳ
ĞƉƵƚĞĚƐƚĂīŽƵƚ Ϭ͘ϰϮ Ͳ ϯϰ͘ϴϬ Ͳ
dŚĞŶĂŵĞƐŽĨĂůůƚŚĞĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞŐŝǀĞŶŝŶEŽƚĞϯϰ;ĐͿ Ϭ͘ϰϮ Ͳ ϯϮ͘ϱϱ Ͳ
;ŝŝŝͿ Key Management Personnel KƚŚĞƌĐŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϯϮ Ͳ Ϯ͘Ϭϭ Ͳ
Ϭ͘ϭϰ Ͳ ϭ͘Ϯϯ Ͳ
<
ĞǇ ŵĂŶĂŐĞƌŝĂů ƉĞƌƐŽŶŶĞů ĐŽŵƉƌŝƐĞ ƚŚĞ ǁŚŽůĞͲƟŵĞ ĚŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͕ ǁŚŽ ŚĂǀĞ ƚŚĞ ĂƵƚŚŽƌŝƚǇ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ĨŽƌ >ŽǇĂůƚǇĞǆƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ Ϭ͘ϭϵ Ͳ 9.77 Ͳ
ƉůĂŶŶŝŶŐ͕ĚŝƌĞĐƟŶŐĂŶĚĐŽŶƚƌŽůůŝŶŐƚŚĞĂĐƟǀŝƟĞƐŽĨƚŚĞŽŵƉĂŶǇĂŶĚƚŚĞ'ƌŽƵƉ͘
Ϭ͘ϭϮ Ͳ ϳ͘ϵϴ Ͳ
&ŽůůŽǁŝŶŐĂƌĞƚŚĞ<ĞǇDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů͗ ZĞůĂƟŽŶ ŽŶƚƌŝďƵƟŽŶƚŽĨƵŶĚƐ Ͳ Ͳ Ͳ ϭϱ͘Ϯϵ
Ͳ Ͳ Ͳ Ϯϱ͘ϰϵ
WƵŶĞĞƚŚŚĂƚǁĂůη DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK
/ŶƚĞƌŽƌƉŽƌĂƚĞĞƉŽƐŝƚ;͞/͟ͿZĂŝƐĞĚ Ͳ Ͳ ϭϬ͘ϬϬ Ͳ
ZĂŬĞƐŚ^ĂƌŶĂΎ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK Ͳ Ͳ ϳ͘ϬϬ Ͳ
DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ ǆĞĐƵƟǀĞŝƌĞĐƚŽƌͲŽƌƉŽƌĂƚĞīĂŝƌƐ /WůĂĐĞĚ 20.00 Ͳ Ϭ͘ϯϬ Ͳ
η
ഩരĂƉƉŽŝŶƚĞĚǁŝƚŚĞīĞĐƚĨƌŽŵEŽǀĞŵďĞƌϬϲ͕ϮϬϭϳ͘ Ϯϰ͘ϯϬ Ͳ ϳ͘ϱϬ Ͳ
/ŶĐĂƐŚĞĚ ϱϱ͘Ϯϰ Ͳ ϭϬ͘ϬϬ Ͳ
ΎഩĨŽƌƉĂƌƚŽĨƚŚĞǇĞĂƌƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘
ϭϳ͘Ϭϲ Ͳ ϰϴ͘ϰϯ Ͳ
ZĞŵƵŶĞƌĂƟŽŶƉĂŝĚͬƉĂǇĂďůĞ Ͳ ϮϬ͘ϵϴ Ͳ Ͳ
;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ Ͳ ϭϵ͘ϯϮ Ͳ Ͳ

dŚĞĚĞƚĂŝůƐŽĨĂŵŽƵŶƚƐĚƵĞƚŽŽƌĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗ Company Name DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
Company Key Associates and WŽƐƚZĞƟƌĞŵĞŶƚ ` crores ` crores
ŚĂǀŝŶŐ Management :ŽŝŶƚsĞŶƚƵƌĞƐη ďĞŶĞĮƚƉůĂŶƐ dĂƚĂŽŶƐƵůƚĂŶĐǇ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ
ƐŝŐŶŝĮĐĂŶƚ Personnel WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϯϴ͘ϳϯ ϯϰ͘Ϯϯ
ŝŶŇƵĞŶĐĞΎ ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϭϳ͘ϴϬ ϭϳ͘Ϯϴ
` crores ` crores ` crores ` crores dƌĂĚĞƉĂǇĂďůĞƐ ϲ͘ϵϱ ϱ͘Ϭϰ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϯͿ 5.69 Ͳ ϲϵ͘ϰϭ Ͳ Taj Air Limited
ϲ͘ϯϭ Ͳ ϰϳ͘Ϭϰ Ͳ Interest income Ϭ͘ϵϳ ϯ͘ϰϵ
dƌĂĚĞƉĂǇĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϵͿ ϭϰ͘ϭϰ Ͳ ϭ͘Ϯϰ Ͳ /ĞŶĐĂƐŚĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ ϱϱ͘Ϯϰ ϭϯ͘Ϭϲ
ϴ͘ϴϳ Ͳ ϭ͘Ϭϰ Ͳ /ƉůĂĐĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ ϮϬ͘ϬϬ Ϯϰ͘ϯϬ
KƚŚĞƌZĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌWĂǇĂďůĞͿ Ϭ͘ϯϬ Ͳ 55.76 Ͳ dƌĂĚĞWĂǇĂďůĞ ϯ͘ϮϮ Ͳ
;ZĞĨĞƌEŽƚĞϵĂŶĚϮϬͿ Ϭ͘ϯϲ Ͳ ϱϱ͘ϱϰ Ͳ
/ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ͳ Ͳ ϭ͘ϯϴ Ͳ ZĞŵƵŶĞƌĂƟŽŶƚŽ<ĞǇDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů
WƵŶĞĞƚŚŚĂƚǁĂů;ǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϬϲ͕ϮϬϭϳͿ ϭ͘ϳϮ Ͳ
;ZĞĨĞƌEŽƚĞϵͿ Ϭ͘ϱϭ Ͳ ϭ͘ϴϵ Ͳ
ZĂŬĞƐŚ^ĂƌŶĂ;ƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳͿ ϭϱ͘ϴϲ ϭϮ͘ϱϳ
>ŽĂŶZĞĐĞŝǀĂďůĞ ϭ͘Ϯϯ Ͳ ϭϱϵ͘ϳϭ Ͳ
DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ Ϯ͘ϳϯ Ϯ͘ϯϮ
;ZĞĨĞƌEŽƚĞϴͿ ϰϬ͘Ϯϳ Ͳ ϭϲϮ͘ϳϯ Ͳ
ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶ Ͳ Ͳ ϭϰϬ͘ϵϰ Ͳ Associates
;ZĞĨĞƌEŽƚĞϴͿ Ͳ Ͳ ϭϯϵ͘ϴϱ Ͳ Oriental Hotels Ltd.
KƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ Ͳ Ͳ Ͳ KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ Ϯϴ͘ϳϰ Ϯϲ͘ϵϬ
;ZĞĨĞƌEŽƚĞϮϬͿ ϳϭ͘ϭϬ Ͳ Ͳ Ͳ ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ ϯ͘Ϯϵ ϯ͘Ϯϰ
ĞƉŽƐŝƚƐWĂǇĂďůĞ Ϭ͘ϯϴ Ͳ 5.00 Ͳ ĞƉƵƚĞĚƐƚĂīŽƵƚ ϭϲ͘ϴϴ ϭϱ͘ϭϲ
;ZĞĨĞƌEŽƚĞϭϴͿ Ͳ Ͳ ϳ͘ϬϬ Ͳ >ŽǇĂůƚǇĞǆƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ ϰ͘ϵϬ ϰ͘ϯϳ
ĞƉŽƐŝƚƐZĞĐĞŝǀĂďůĞ 0.09 Ͳ ϰ͘ϵϬ Ͳ KƚŚĞƌĐŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϵϮ Ϭ͘ϳϬ
;ZĞĨĞƌEŽƚĞϵͿ ϭ͘ϯϮ Ͳ Ͳ Ͳ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϵ͘ϭϮ ϴ͘ϲϭ
Ύഩ/ŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ Taida Trading & Industries Ltd.

Interest income Ϭ͘ϱϯ Ͳ
ηഩ/ŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
Interest receivable Ϭ͘ϯϱ Ϭ͘ϯϱ
&ŽŽƚŶŽƚĞƐ͗ ĞƉŽƐŝƚŐŝǀĞŶ Ϭ͘ϵϬ Ͳ
;ŝͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐ͘ Bjets Pte Limited, Singapore
;ŝŝͿ D
ĂŶĂŐĞƌŝĂůƌĞŵƵŶĞƌĂƟŽŶĞǆĐůƵĚĞƐƉƌŽǀŝƐŝŽŶĨŽƌŐƌĂƚƵŝƚǇĂŶĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͕ƐŝŶĐĞƚŚĞƐĞĂƌĞƉƌŽǀŝĚĞĚŽŶƚŚĞďĂƐŝƐŽĨĂŶ >ŽĂŶƌĞĐĞŝǀĂďůĞ ϭϯϳ͘ϳϳ ϭϯϲ͘ϲϴ
ĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶŽĨƚŚĞŽŵƉĂŶǇ͛ƐůŝĂďŝůŝƚǇƚŽĂůůŝƚƐĞŵƉůŽǇĞĞƐ͘ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶ ϭϯϳ͘ϳϳ ϭϯϲ͘ϲϴ
;ŝŝŝͿ & ƌŽŵƟŵĞƚŽƟŵĞŬĞǇŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨƚŚĞŐƌŽƵƉŝŶĐůƵĚŝŶŐĚŝƌĞĐƚŽƌƐŽĨĞŶƟƚĞƐǁŚŝĐŚƚŚĞǇŚĂǀĞĐŽŶƚƌŽůŽƌƐŝŐŶŝĮĐĂŶƚ Lanka Island Resorts Ltd.
ŝŶŇƵĞŶĐĞ͕ŵĂǇƉƵƌĐŚĂƐĞƐĞƌǀŝĐĞƐĨƌŽŵƚŚĞŐƌŽƵƉƚŚŽƐĞƉƵƌĐŚĂƐĞĂƌĞŽŶƚŚĞƐĂŵĞƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐĂƐƚŚŽƐĞĞŶƚĞƌĞĚŝŶƚŽǁŝƚŚ ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϭ͘ϲϳ Ͳ
ŽƚŚĞƌŐƌŽƵƉĞŵƉůŽǇĞĞƐŽƌĐƵƐƚŽŵĞƌƐ͘
;ĐͿ ^ƚĂƚĞŵĞŶƚŽĨDĂƚĞƌŝĂůdƌĂŶƐĂĐƟŽŶƐ Taj GVK Hotels & Resorts Ltd.
KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϭϲ͘ϭϰ ϭϰ͘ϭϳ
Company Name DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ Ϯ͘ϱϭ ϯ͘ϳϳ
` crores ` crores
ĞƉƵƚĞĚƐƚĂīŽƵƚ ϵ͘Ϯϳ ϴ͘ϲϯ
ŽŵƉĂŶǇŚĂǀŝŶŐƐƵďƐƚĂŶƟĂůŝŶƚĞƌĞƐƚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ KƚŚĞƌĐŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϴϯ Ϭ͘ϭϴ
Tata Sons Limited dƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϰϯ͘ϳϯ Ϯϴ͘Ϭϯ
ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ Ͳ
Taj Karnataka Hotels & Resorts Ltd.
ŝǀŝĚĞŶĚƉĂŝĚ ϵ͘ϳϬ ϴ͘ϯϭ Interest income Ϭ͘ϰϴ Ͳ
dƌĂĚĞƉĂǇĂďůĞƐ ϯ͘ϱϮ ϯ͘ϯϳ /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ϭ͘ϱϵ Ϭ͘ϱϵ
^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϵ͘ϳϵ ϱ͘ϴϰ
Taj Kerala Hotels & Resorts Ltd.
Tata SIA Airlines Limited ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ Ϭ͘ϳϰ Ͳ
^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϵ͘Ϭϯ ϰ͘ϳϱ Taj SATS Air Catering Ltd.
Interest expense Ϭ͘ϲϳ Ϭ͘ϱϱ
Tata AIG General Insurance Company Limited /ĞŶĐĂƐŚĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ ϭϬ͘ϬϬ Ͳ
WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϴ͘ϳϬ ϴ͘ϰϮ /ƌĂŝƐĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ ϭϬ͘ϬϬ ϳ͘ϬϬ
Tata Realty and Infrastructure Limited /,D^,ŽƚĞůƐ;^Ϳ;WƌŽƉƌŝĞƚĂƌǇͿ>ƚĚ͘
KƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ ϳϭ͘ϭϬ KƚŚĞƌZĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌWĂǇĂďůĞͿ ϲϯ͘ϰϬ ϱϵ͘ϯϳ

Company Name DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϰϯ͗ĚĚŝƟŽŶĂůŝŶĨŽƌŵĂƟŽŶĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌ^ĐŚĞĚƵůĞ///ƚŽƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ͕ŽĨĞŶƚĞƌƉƌŝƐĞƐ
` crores ` crores ĐŽŶƐŽůŝĚĂƚĞĚĂƐƐƵďƐŝĚŝĂƌǇͬĂƐƐŽĐŝĂƚĞƐͬũŽŝŶƚǀĞŶƚƵƌĞƐ
Taj Safaris Ltd. Net assets, i.e., total assets Share in other Share in total
^ŚĂƌĞŝŶƉƌŽĮƚŽƌůŽƐƐ
Interest income Ϭ͘ϱϳ Ϭ͘ϴϲ ŵŝŶƵƐƚŽƚĂůůŝĂďŝůŝƟĞƐ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
EĂŵĞŽĨƚŚĞĞŶƟƚǇ
WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ Ϭ͘ϳϬ Ͳ of the Group As % of As % of As % of As % of
/ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ϭ͘ϰϰ Ͳ consolidated consolidated consolidated consolidated
net assets ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores
ĞƉŽƐŝƚŐŝǀĞŶ ϰ͘ϬϬ Ͳ
Parent
dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐ
TAL Hotels & Resorts Ltd. ϴϯ͘ϵϯй ϰ͕ϭϲϭ͘ϳϰ ϭϰϲ͘ϱϬй ϭϰϳ͘ϳϳ Ϯϰ͘ϵϯй Ϯϵ͘Ϯϯ ϴϭ͘ϭϱй ϭϳϳ͘ϬϬ
ŽŵƉĂŶǇ>ƚĚ͘
ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϳ͘Ϯϴ ϯ͘ϯϭ
Interest income Ϭ͘ϴϳ Ϭ͘ϵϬ Subsidiaries
KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϵ͘ϱϵ ϭϬ͘Ϯϲ Indian
WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ ϭϮ͘ϰϯй ϲϭϲ͘Ϯϰ ;ϰ͘ϮϴͿй ;ϰ͘ϯϮͿ ϯϳ͘ϲϲй ϰϰ͘ϭϲ ϭϴ͘Ϯϳй ϯϵ͘ϴϰ
WŽƐƚͲĞŵƉůŽǇŵĞŶƚďĞŶĞĮƚƐƉůĂŶƐ ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ ϭ͘ϯϮй ϲϱ͘ϯϭ ϲ͘ϰϮй ϲ͘ϰϴ Ϭ͘Ϭϭй Ϭ͘Ϭϭ Ϯ͘ϵϴй ϲ͘ϰϵ
ŽŶƚƌŝďƵƟŽŶƚŽƐƵƉĞƌĂŶŶƵĂƟŽŶĨƵŶĚ ϰ͘ϵϵ ϱ͘Ϭϭ hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ Ϭ͘ϱϬй Ϯϰ͘ϱϴ ϭ͘ϳϰй ϭ͘ϳϲ ϭ͘Ϭϲй ϭ͘Ϯϰ ϭ͘ϯϴй ϯ͘ϬϬ
ŽŶƚƌŝďƵƟŽŶƚŽƉƌŽǀŝĚĞŶƚĨƵŶĚ ϵ͘ϵϰ ϵ͘ϳϴ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ϱ͘Ϯϰй Ϯϱϵ͘ϲϮ ;ϭϴ͘ϵϬͿй ;ϭϵ͘ϬϲͿ Ͳ Ͳ ;ϴ͘ϳϰͿй ;ϭϵ͘ϬϲͿ
/ŶĚŝƚƌĂǀĞů>ƚĚ͘ Ϭ͘Ϯϭй ϭϬ͘ϯϱ ;Ϭ͘ϴϲͿй ;Ϭ͘ϴϳͿ Ϭ͘ϬϮй Ϭ͘ϬϮ ;Ϭ͘ϯϵͿй ;Ϭ͘ϴϱͿ
EŽƚĞϰϭ͗^ŚĂƌĞŚŽůĚĞƌƐ͛ŐƌĞĞŵĞŶƚŽĨĂƐƵďƐŝĚŝĂƌǇ dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚ
Ϭ͘Ϯϲй ϭϮ͘ϲϱ Ϭ͘Ϯϴй Ϭ͘Ϯϴ ;Ϭ͘ϬϵͿй ;Ϭ͘ϭϬͿ Ϭ͘Ϭϴй Ϭ͘ϭϴ
ƐƉĞƌƚŚĞ^ŚĂƌĞ^ƵďƐĐƌŝƉƟŽŶŐƌĞĞŵĞŶƚĂŶĚ^ŚĂƌĞŚŽůĚĞƌƐ͛ŐƌĞĞŵĞŶƚĚĂƚĞĚDĂƌĐŚϭϲ͕ϮϬϭϭĞŶƚĞƌĞĚŝŶƚŽǁŝƚŚKŵĞŐĂdŚŽůĚŝŶŐWƚĞ ŽŵƉĂŶǇ>ƚĚ͘
>ŝŵŝƚĞĚ;͞/ŶǀĞƐƚŽƌ͟ͿďǇĂƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶǇ͕ƌĞĂĚǁŝƚŚĂĚĚĞŶĚƵŵƚŽ^ƵďƐĐƌŝƉƟŽŶŐƌĞĞŵĞŶƚĚĂƚĞĚDĂƌĐŚϮϱ͕ϮϬϭϰĂŶĚƐƵďũĞĐƚƚŽƚŚĞ <d,ŽƚĞůƐ>ƚĚ͘ Ϭ͘Ϭϲй ϯ͘ϮϬ Ϭ͘Ϯϲй Ϭ͘Ϯϲ Ͳ Ͳ Ϭ͘ϭϮй Ϭ͘Ϯϲ
ƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐƐƚĂƚĞĚƚŚĞƌĞŝŶ͕ƚŚĞŝŶǀĞƐƚŽƌŚĂƐĂŶŽƉƟŽŶďƵƚŶŽƚƚŚĞŽďůŝŐĂƟŽŶƚŽƐƵďƐĐƌŝďĞĨŽƌĨƵƌƚŚĞƌƐƵĐŚŶƵŵďĞƌŽĨƋƵŝƚǇ^ŚĂƌĞƐ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘ Ϭ͘ϱϰй Ϯϲ͘ϳϵ Ϯ͘ϯϭй Ϯ͘ϯϯ Ͳ Ͳ ϭ͘Ϭϳй Ϯ͘ϯϯ
ĂƐŝƐĞƋƵĂůƚŽƚŚĞĂŐŐƌĞŐĂƚĞĐŽŶƐŝĚĞƌĂƟŽŶŽĨƵƉƚŽ`ϭϬϬĐƌŽƌĞƐŽŶŽƌďĞĨŽƌĞĞĐĞŵďĞƌϯϭ͕ϮϬϭϴŽƌƐƵĐŚŽƚŚĞƌĚĂƚĞĂƐŵĂǇďĞŵƵƚƵĂůůǇĂŐƌĞĞĚ dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ Ϭ͘Ϭϴй ϰ͘Ϭϴ Ϭ͘ϭϭй Ϭ͘ϭϭ Ͳ Ͳ Ϭ͘Ϭϱй Ϭ͘ϭϭ
ďĞƚǁĞĞŶƉĂƌƟĞƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞƐƵďƐŝĚŝĂƌǇĐŽŵƉĂŶǇƌĞƋƵŝƌĞƐĂŶĂŵŽƵŶƚĞƋƵŝǀĂůĞŶƚƚŽƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶĂŶĚƐƵĐŚƌĞƋƵŝƌĞŵĞŶƚŝƐĂƉĂƌƚ ^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚ
ŽĨďƵƐŝŶĞƐƐƉůĂŶ͘ ϵ͘Ϭϲй ϰϰϵ͘ϰϰ ;ϱϬ͘ϱϬͿй ;ϱϬ͘ϵϰͿ Ͳ Ͳ ;Ϯϯ͘ϯϱͿй ;ϱϬ͘ϵϰͿ
ĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘
EŽƚĞϰϮ͗^ĞŐŵĞŶƚ/ŶĨŽƌŵĂƟŽŶ Sheena Investments
Ϭ͘Ϭϱй Ϯ͘ϲϯ Ϭ͘ϭϬй Ϭ͘ϭϬ Ͳ Ͳ Ϭ͘Ϭϱй Ϭ͘ϭϬ
WƌŝǀĂƚĞ>ƚĚ͘
KƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘dŚĞ
DĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨǆĞĐƵƟǀĞKĸĐĞƌŽĨƚŚĞŽŵƉĂŶǇǁŚŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŽĐĂƟŶŐƌĞƐŽƵƌĐĞƐĂŶĚĂƐƐĞƐƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ >>,ŽƚĞůƐĂŶĚ
ϭϮ͘Ϭϲй ϱϵϴ͘ϭϰ ;ϭϯ͘ϴϯͿй ;ϭϯ͘ϵϱͿ Ͳ Ͳ ;ϲ͘ϰϬͿй ;ϭϯ͘ϵϱͿ
ŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐ͕ŚĂƐďĞĞŶŝĚĞŶƟĮĞĚĂƐƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘&ƌŽŵƚŚĞŝŶƚĞƌŶĂůŽƌŐĂŶŝƐĂƟŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂĐƟǀŝƟĞƐĂŶĚ /ŶǀĞƐƚŵĞŶƚƐ>ƚĚ͘
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌĂŶĚĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐƚŚĞŶĂƚƵƌĞŽĨŝƚƐƐĞƌǀŝĐĞƐ͕ƚŚĞ >ƵƚŚƌŝĂĂŶĚ>ĂůĐŚĂŶĚĂŶŝ
ƵůƟŵĂƚĞĐƵƐƚŽŵĞƌĂǀĂŝůŝŶŐƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚƚŚĞŵĞƚŚŽĚƐƵƐĞĚďǇŝƚƐƚŽƉƌŽǀŝĚĞƚŚŽƐĞƐĞƌǀŝĐĞƐ͕͞,ŽƚĞů^ĞƌǀŝĐĞƐ͟ŚĂƐďĞĞŶŝĚĞŶƟĮĞĚƚŽďĞ ,ŽƚĞůĂŶĚWƌŽƉĞƌƟĞƐ Ͳ ;Ϭ͘ϬϯͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
ƚŚĞ'ƌŽƵƉ͛ƐƐŽůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͘,ŽƚĞů^ĞƌǀŝĐĞƐŝŶĐůƵĚĞ͞ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ͟ŝŶĐůƵĚŝŶŐDĂŶĂŐĞŵĞŶƚĂŶĚKƉĞƌĂƟŶŐ&ĞĞƐǁŚĞƌĞ WƌŝǀĂƚĞ>ƚĚ͘
ŚŽƚĞůƐĂƌĞŶŽƚŽǁŶĞĚŽƌůĞĂƐĞĚďǇƚŚĞ'ƌŽƵƉ͘dŚĞŽƌŐĂŶŝƐĂƟŽŶŝƐůĂƌŐĞůǇŵĂŶĂŐĞĚƐĞƉĂƌĂƚĞůǇďǇƉƌŽƉĞƌƚǇďĂƐĞĚŽŶĐĞŶƚƌĂůůǇĚƌŝǀĞŶƉŽůŝĐŝĞƐ
ĂŶĚƚŚĞƌĞƐƵůƚƐĂŶĚĐĂƐŚŇŽǁƐŽĨƚŚĞƉĞƌŝŽĚ͕ĮŶĂŶĐŝĂůƉŽƐŝƟŽŶĂƐŽĨĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞĂŐŐƌĞŐĂƚĞĚĨŽƌƚŚĞĂƐƐĞƐƐŵĞŶƚďǇƚŚĞDĂŶĂŐŝŶŐ Foreign
ŝƌĞĐƚŽƌĂŶĚŚŝĞĨǆĞĐƵƟǀĞKĸĐĞƌ͘dŚĞ'ƌŽƵƉ͛ƐŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƟŶŐĂŶĚĐŽŶƚƌŽůůŝŶŐƐǇƐƚĞŵƐƉƌŝŶĐŝƉĂůůǇƵƐĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƚŚĂƚĂƌĞ hŶŝƚĞĚKǀĞƌƐĞĂƐ
ϭϭ͘ϲϲй ϱϳϴ͘ϭϮ ;ϭϭϴ͘ϳϮͿй ;ϭϭϵ͘ϳϱͿ Ͳ Ͳ ;ϱϰ͘ϵϬͿй ;ϭϭϵ͘ϳϱͿ
ƚŚĞƐĂŵĞĂƐƚŚŽƐĞĚĞƐĐƌŝďĞĚŝŶEŽƚĞϮŝŶƚŚĞƐƵŵŵĂƌǇŽĨƐŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƵŶĚĞƌ/ŶĚ^͘ƐƚŚĞ'ƌŽƵƉŝƐĞŶŐĂŐĞĚŝŶĂƐŝŶŐůĞ ,ŽůĚŝŶŐƐ/ŶĐ͘
ŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͕ƐĞŐŵĞŶƚŝŶĨŽƌŵĂƟŽŶƚŚĂƚŚĂƐďĞĞŶƚĂďƵůĂƚĞĚďĞůŽǁŝƐ'ƌŽƵƉͲǁŝĚĞ͗ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ ϭϭ͘ϱϵй ϱϳϰ͘ϵϬ ϯϬ͘Ϯϭй ϯϬ͘ϰϳ Ͳ Ͳ ϭϯ͘ϵϳй ϯϬ͘ϰϳ
dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ Ϭ͘ϱϬй Ϯϰ͘ϵϵ ϰ͘ϰϭй ϰ͘ϰϱ Ͳ Ͳ Ϯ͘Ϭϰй ϰ͘ϰϱ
ZĞǀĞŶƵĞĨƌŽŵ,ŽƚĞů^ĞƌǀŝĐĞƐ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ
ďǇůŽĐĂƟŽŶŽĨŽƉĞƌĂƟŽŶƐ ;ƐĞĞĨŽŽƚŶŽƚĞďĞůŽǁͿ Ϯ͘ϰϬй ϭϭϴ͘ϵϮ ϭ͘ϭϵй ϭ͘ϮϬ Ͳ Ͳ Ϭ͘ϱϱй ϭ͘ϮϬ
Country ;,͘<͘Ϳ>ƚĚ͘
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚ͘
` crores ` crores ` crores ` crores Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝͿ
India ϯ͕ϭϲϬ͘Ϭϲ Ϯ͕ϵϱϱ͘ϲϴ ϰ͕ϰϴϮ͘ϯϴ ϰ͕ϭϳϵ͘Ϯϱ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,<Ϳ>ƚĚ͘ ϯ͘ϲϲй ϭϴϭ͘Ϯϱ ϭϭ͘ϮϬй ϭϭ͘ϯϬ Ͳ Ͳ ϱ͘ϭϴй ϭϭ͘ϯϬ
h͘^͘͘ ϱϴϱ͘ϯϬ ϲϱϳ͘Ϯϵ ϴϰϯ͘ϮϮ ϴϳϲ͘ϯϮ ƉĞǆ,ŽƚĞůDĂŶĂŐĞŵĞŶƚ
h͘<͘ ϯϱϴ͘ϭϵ ϯϴϱ͘ϭϱ ϵϯϳ͘ϳϵ ϴϮϭ͘ϵϳ ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘;ZĞĨĞƌ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
KƚŚĞƌKǀĞƌƐĞĂƐůŽĐĂƟŽŶƐ Ͳ ϮϮ͘ϰϱ Ͳ Ͳ &ŽŽƚŶŽƚĞŝŝͿ
Total ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ ϲ͕Ϯϲϯ͘ϯϵ ϱ͕ϴϳϳ͘ϱϰ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
Es͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ
&ŽŽƚŶŽƚĞ͗ EŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ ĞǆĐůƵĚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ͕ ƉŽƐƚͲĞŵƉůŽǇŵĞŶƚ ďĞŶĞĮƚ ĂƐƐĞƚƐ ĂŶĚ ƌŝŐŚƚƐ ƵŶĚĞƌ ŝŶƐƵƌĂŶĐĞ
/,KKs͘ ϯϰ͘ϵϲй ϭ͕ϳϯϯ͘ϯϰ ;ϭϱϰ͘ϵϭйͿ ;ϱϲ͘ϮϲͿ Ͳ Ͳ ϳϭ͘ϲϰй ;ϭϱϲ͘ϮϲͿ
ĐŽŶƚƌĂĐƚƐ͘
EŽ ƐŝŶŐůĞ ĐƵƐƚŽŵĞƌ ĐŽŶƚƌŝďƵƚĞƐ ŵŽƌĞ ƚŚĂŶ ϭϬй Žƌ ŵŽƌĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƚŽƚĂů ƌĞǀĞŶƵĞ ĨŽƌ ƚŚĞ ǇĞĂƌƐ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŶĚ EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϳϳϳ͘ϯϵ ;Ϯ͘ϲϱͿ ;ϯϴ͘ϳϲͿ ;ϰϭ͘ϰϭͿ
DĂƌĐŚϯϭ͕ϮϬϭϳ͘ in all subsidiaries

Net assets, i.e., total assets
^ŚĂƌĞŝŶƉƌŽĮƚŽƌůŽƐƐ
Share in other Share in total EŽƚĞϰϰ͗ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ;W^Ϳ
ŵŝŶƵƐƚŽƚĂůůŝĂďŝůŝƟĞƐ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
EĂŵĞŽĨƚŚĞĞŶƟƚǇ ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ϯϯʹ͚ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ͛͘
of the Group As % of As % of As % of As % of
consolidated consolidated consolidated consolidated
net assets ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ
ƐƐŽĐŝĂƚĞƐ;/ŶǀĞƐƚŵĞŶƚĂƐ
WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌƚĂǆ;ŽǁŶĞƌ͛ƐƐŚĂƌĞͿʹ;`ĐƌŽƌĞƐͿ ϭϬϬ͘ϴϳ ;ϲϯ͘ϮϬͿ
ƉĞƌƚŚĞĞƋƵŝƚǇŵĞƚŚŽĚͿ
Indian
KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ ϰ͘ϭϴй ϮϬϳ͘ϭϲ Ϯ͘ϭϲй Ϯ͘ϭϴ ϱ͘ϵϰй ϲ͘ϵϳ ϰ͘ϭϵй ϵ͘ϭϱ KƉĞŶŝŶŐďĂůĂŶĐĞ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ
dĂũDĂĚƵƌĂŝ>ƚĚ Ϭ͘ϭϭй ϱ͘Ϯϵ Ϭ͘ϯϲй Ϭ͘ϯϲ Ϭ͘Ϯϰй Ϭ͘Ϯϴ Ϭ͘Ϯϵй Ϭ͘ϲϰ
īĞĐƚŽĨĨƌĞƐŚŝƐƐƵĞŽĨƐŚĂƌĞƐĨŽƌĐĂƐŚ ϭϭ͕ϯϳ͕Ϭϰ͕ϲϬϴ ϱ͕ϲϴ͕ϯϴ͕ϯϲϭ
dĂŝĚĂdƌĂĚŝŶŐΘ
/ŶĚƵƐƚƌŝĞƐ>ƚĚ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚǇ^ŚĂƌĞƐη ϭϭϬ͕Ϯϵ͕ϳϴ͕ϲϮϯ ϭϬϰ͕ϲϭ͕ϭϮ͕ϯϳϲ
;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ
ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞͲĂƐŝĐĂŶĚŝůƵƚĞĚͲ;`Ϳ Ϭ͘ϵϭ ;Ϭ͘ϲϬͿ

Foreign
>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ Ϭ͘ϲϳй ϯϯ͘Ϯϰ ϭ͘ϳϬй ϭ͘ϳϭ ;Ϭ͘ϬϮͿй ;Ϭ͘ϬϮͿ Ϭ͘ϳϳй ϭ͘ϲϵ &ĂĐĞsĂůƵĞƉĞƌƋƵŝƚǇ^ŚĂƌĞ;`Ϳ 1 1
d>>ĂŶŬĂ,ŽƚĞůƐWůĐ Ϭ͘ϯϮй ϭϲ͘ϭϭ Ϭ͘ϵϲй Ϭ͘ϵϳ ;Ϭ͘ϮϮͿй ;Ϭ͘ϮϲͿ Ϭ͘ϯϯй Ϭ͘ϳϭ ηഩĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳŚĂƐďĞĞŶƌĞƚƌŽƐƉĞĐƟǀĞůǇĂĚũƵƐƚĞĚĨŽƌƚŚĞďŽŶƵƐĞůĞŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞƌŝŐŚƚƐŝƐƐƵĞ͘
ũĞƚƐWƚĞ>ƚĚ͘;ZĞĨĞƌ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
&ŽŽƚŶŽƚĞŝǀͿ EŽƚĞϰϱ͗ŝǀŝĚĞŶĚƐ
ŝǀŝĚĞŶĚƐƉĂŝĚĚƵƌŝŶŐƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴŽƵƚŽĨ'ĞŶĞƌĂůZĞƐĞƌǀĞǁĂƐ`Ϭ͘ϯϱƉĞƌĞƋƵŝƚǇƐŚĂƌĞĨŽƌƚŚĞǇĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͘
:ŽŝŶƚsĞŶƚƵƌĞƐ;/ŶǀĞƐƚŵĞŶƚ dŚĞĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚďǇƚŚĞŽŵƉĂŶǇĂƌĞďĂƐĞĚŽŶƚŚĞƉƌŽĮƚƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶĂƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
ĂƐƉĞƌƚŚĞĞƋƵŝƚǇŵĞƚŚŽĚͿ ŽĨƚŚĞŽŵƉĂŶǇ͘ĐĐŽƌĚŝŶŐůǇ͕ƚŚĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŵĂǇŶŽƚďĞĨƵůůǇĚŝƐƚƌŝďƵƚĂďůĞ͘ƐŽĨDĂƌĐŚϯϭ͕
Indian ϮϬϭϴ͕ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƐĞƌǀĞƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶǁĂƐ`ϰϭϭ͘ϴϰĐƌŽƌĞƐ͘
dĂũ's<,ŽƚĞůƐĂŶĚ
Ϯ͘ϯϮй ϭϭϰ͘ϵϭ ϱ͘ϭϲй ϱ͘ϮϬ Ϭ͘Ϭϰй Ϭ͘Ϭϱ Ϯ͘ϰϭй ϱ͘Ϯϱ KŶDĂǇϮϱ͕ϮϬϭϴ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶǇŚĂǀĞƉƌŽƉŽƐĞĚĂĮŶĂůĚŝǀŝĚĞŶĚŽĨ`Ϭ͘ϰϬƉĞƌƐŚĂƌĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞǇĞĂƌĞŶĚĞĚ
ZĞƐŽƌƚƐ>ƚĚ͘
DĂƌĐŚϯϭ͕ϮϬϭϴ͕ƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƐŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ͘/ĨĂƉƉƌŽǀĞĚ͕ƚŚĞĚŝǀŝĚĞŶĚǁŽƵůĚƌĞƐƵůƚŝŶĂĐĂƐŚ
dĂũ<ĞƌĂůĂ,ŽƚĞůƐĂŶĚ ŽƵƞůŽǁŽĨ`ϱϳ͘ϯϱĐƌŽƌĞƐ͕ŝŶĐůƵƐŝǀĞŽĨĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂǆŽĨ`ϵ͘ϳϴĐƌŽƌĞƐ͘
Ϭ͘ϯϰй ϭϲ͘ϲϴ Ϭ͘ϯϮй Ϭ͘ϯϮ Ϭ͘Ϭϭй Ϭ͘Ϭϭ Ϭ͘ϭϱй Ϭ͘ϯϯ
dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ ϭ͘Ϯϭй ϱϵ͘ϵϰ ϭϬ͘ϵϴй ϭϭ͘Ϭϴ Ϭ͘Ϯϵй Ϭ͘ϯϰ ϱ͘Ϯϰй ϭϭ͘ϰϮ EŽƚĞϰϲ͗KƚŚĞƌEŽƚĞƐ
dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐĂŶĚ WƌĞǀŝŽƵƐǇĞĂƌ͛ƐĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƵĚŝƚĞĚďǇĂĮƌŵŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽƚŚĞƌƚŚĂŶ^ZΘŽ͘>>W͘
;Ϭ͘ϬϱͿй ;Ϯ͘ϲϱͿ Ϭ͘ϭϮй Ϭ͘ϭϮ Ͳ Ͳ Ϭ͘Ϭϲй Ϭ͘ϭϮ
dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ Ϭ͘Ϭϭй Ϭ͘ϳϬ ;ϭ͘ϬϮͿй ;ϭ͘ϬϯͿ Ϭ͘ϬϮй Ϭ͘ϬϮ ;Ϭ͘ϰϲͿй ;ϭ͘ϬϭͿ
<ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ Ϭ͘ϴϬй ϯϵ͘ϴϱ ϭ͘ϳϬй ϭ͘ϳϭ Ͳ Ͳ Ϭ͘ϳϴй ϭ͘ϳϭ
dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶ
Ϭ͘ϰϴй Ϯϯ͘ϴϳ Ϭ͘Ϭϵй Ϭ͘Ϭϵ Ϭ͘ϬϮй Ϭ͘ϬϮ Ϭ͘Ϭϱй Ϭ͘ϭϭ &Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ
Wǀƚ͘>ƚĚ͘
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ
&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ
Foreign
/,D^,ŽƚĞůƐ;^Ϳ;WƚǇͿ>ƚĚ͘ ;ϭ͘ϰϳͿй ;ϳϮ͘ϵϲͿ ϭϭ͘ϯϴй ϭϭ͘ϰϴ Ͳ Ͳ ϱ͘Ϯϲй ϭϭ͘ϰϴ
d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ Ϯ͘ϰϳй ϭϮϮ͘ϲϳ ϲ͘Ϭϱй ϲ͘ϭϬ ;Ϭ͘ϭϰͿй ;Ϭ͘ϭϳͿ Ϯ͘ϳϮй ϱ͘ϵϯ
Deepak Parekh ŝƌĞĐƚŽƌ

ŽŶƐŽůŝĚĂƟŽŶĚũƵƐƚŵĞŶƚƐͬ
;ϭϭϳ͘ϱϴͿй ;ϱ͕ϴϮϵ͘ϵϳͿ Ϯϭϵ͘ϵϲй ϮϮϭ͘ϴϳ ϲϯ͘Ϯϵй ϳϰ͘Ϯϭ ϭϯϱ͘ϳϰй Ϯϵϲ͘Ϭϴ sŝũĂǇŚĂƩ /E͗ϬϬϬϬϵϬϳϴ
ůŝŵŝŶĂƟŽŶƐ
Partner
DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
Total ϭϬϬ͘ϬϬй ϰ͕ϵϱϴ͘ϰϵ ϭϬϬ͘ϬϬй ϭϬϬ͘ϴϳ ϭϬϬ͘ϬϬй ϭϭϳ͘Ϯϱ ϭϬϬ͘ϬϬй Ϯϭϴ͘ϭϮ
Footnotes͗ DƵŵďĂŝ͕DĂǇϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ

ŝͿ ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚ͘ĚŝƐƐŽůǀĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌŽŶ:ƵŶĞϲ͕ϮϬϭϳ͘
ŝŝͿ ƉĞǆ,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘ƐƚƌƵĐŬŽīǁ͘Ğ͘Ĩ͘ƵŐƵƐƚ͕ϳϮϬϭϳ͘
ŝŝŝͿ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsĚŝƐƐŽůǀĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌŽŶƉƌŝůϭϯ͕ϮϬϭϳ͘
ŝǀͿ dŚĞĐĂƌƌǇŝŶŐǀĂůƵĞŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐŚĂƐďĞĞŶƌĞƉŽƌƚĞĚĂƐEŝů͕ĂƐƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨůŽƐƐĞƐĞǆĐĞĞĚƐƚŚĞĐŽƐƚŽĨ
ŝŶǀĞƐƚŵĞŶƚƐ͘

&ŽƌŵKͲ/
266
;WƵƌƐƵĂŶƚƚŽĮƌƐƚƉƌŽǀŝƐŽƚŽƐƵďͲƐĞĐƟŽŶ;ϯͿŽĨƐĞĐƟŽŶϭϮϵŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ͕ƌĞĂĚǁŝƚŚƌƵůĞϱŽĨŽŵƉĂŶŝĞƐ;ĐĐŽƵŶƚƐͿZƵůĞƐ͕ϮϬϭϰͿ
^ƚĂƚĞŵĞŶƚĐŽŶƚĂŝŶŝŶŐƐĂůŝĞŶƚĨĞĂƚƵƌĞƐŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚŽĨƐƵďƐŝĚŝĂƌŝĞƐͬĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐͬũŽŝŶƚǀĞŶƚƵƌĞƐ
WĂƌƚ͗͟͞^ƵďƐŝĚŝĂƌŝĞƐ
Sr. Name of Subsidiary Company dŚĞĚĂƚĞƐŝŶĐĞǁŚĞŶ ZĞƉŽƌƟŶŐ Share ZĞƐĞƌǀĞƐ Total Total /ŶǀĞƐƚͲ Total
WƌŽĮƚͬ WƌŽͲ WƌŽĮƚͬ WƌŽͲ īĞĐƟǀĞ
No ƐƵďƐŝĚŝĂƌǇǁĂƐ Currency Capital & Assets >ŝĂďŝůŝƟĞƐ ments Income
;>ŽƐƐͿ ǀŝƐŝŽŶĨŽƌ ;>ŽƐƐͿ posed ƐŚĂƌĞͲ
acquired Surplus before ƚĂǆĂƟŽŶ ĂŌĞƌ ŝǀŝͲ holding
ƚĂǆĂƟŽŶ ƚĂǆĂƟŽŶ dend
` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ;йͿ
Indian
1 WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ DĂƌĐŚϭϯ͕ϭϵϲϴ /EZ ϯ͘ϴϭ ϲϮϬ͘ϬϮ ϳϭϳ͘Ϭϯ ϵϯ͘ϮϬ ϭϰϲ͘ϲϭ ϯϱϴ͘ϰϯ ;ϲ͘ϬϲͿ ;ϭ͘ϳϰͿ ;ϰ͘ϯϮͿ ϭϱ͘Ϯϰ ϱϭ͘ϱϳй
Ϯ ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ EŽǀĞŵďĞƌϬϯ͕ϭϵϳϭ /EZ ϭ͘ϯϬ ϲϰ͘Ϭϭ ϴϴ͘ϵϱ Ϯϯ͘ϲϰ Ͳ ϰϴ͘Ϯϳ ϳ͘ϴϱ ϭ͘ϯϳ ϲ͘ϰϴ ϭ͘ϵϱ ϱϭ͘ϲϴй
Annual Report 2017-18

3 hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ EŽǀĞŵďĞƌϬϳ͕ϭϵϱϬ /EZ ϴ͘ϰϬ ϭϲ͘ϭϴ ϯϰ͘ϵϬ ϭϬ͘ϯϮ ϭ͘ϱϱ ϰϭ͘ϯϲ Ϯ͘Ϭϭ Ϭ͘Ϯϱ ϭ͘ϳϲ Ϭ͘ϴϰ ϱϱ͘ϬϬй
ϰ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ĞĐĞŵďĞƌϮϰ͕ϮϬϬϯ /EZ ϴϱ͘ϵϳ ϭϳϯ͘ϲϲ ϰϰϴ͘ϭϭ ϭϴϴ͘ϰϴ Ͳ ϭϴϲ͘ϲϴ ;ϭϵ͘ϬϲͿ Ͳ ;ϭϵ͘ϬϲͿ Ͳ ϲϯ͘Ϯϱй
ϱ d/&K,ŽůĚŝŶŐƐ>ƚĚ͘;ZĞĨĞƌ ^ĞƉƚĞŵďĞƌϮϭ͕ϭϵϳϳ /EZ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘Ϭй
&ŽŽƚŶŽƚĞ;ŝŝŝͿͿ
ϲ /ŶĚŝƚƌĂǀĞů>ƚĚ͘ &ĞďƌƵĂƌǇϭϵ͕ϭϵϴϭ /EZ Ϭ͘ϳϮ ϭϲ͘Ϯϭ ϭϴ͘Ϭϰ ϭ͘ϭϭ ϴ͘ϯϬ Ϭ͘ϳϳ ;Ϭ͘ϴϴͿ ;Ϭ͘ϬϭͿ ;Ϭ͘ϴϳͿ Ͳ ϳϳ͘ϭϵй
ϳ dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚŽ>ƚĚ͘ EŽǀĞŵďĞƌϬϮ͕ϭϵϳϳ /EZ ϯ͘ϰϳ ϭϭ͘Ϭϰ Ϯϰ͘ϴϴ ϭϬ͘ϯϳ ϲ͘ϵϯ ϭϱ͘ϳϱ Ϭ͘Ϯϴ Ͳ Ϭ͘Ϯϴ Ͳ ϳϮ͘ϳϯй
ϴ <d,ŽƚĞůƐ>ƚĚ͘ ĞĐĞŵďĞƌϮϮ͕ϭϵϴϰ /EZ Ϭ͘ϲϬ Ϯ͘ϲϬ ϲ͘ϭϳ Ϯ͘ϵϳ Ͳ Ϭ͘ϱϬ Ϭ͘ϰϭ Ϭ͘ϭϱ Ϭ͘Ϯϲ Ϭ͘ϴϮ ϭϬϬ͘ϬϬй
ϵ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘ ƵŐƵƐƚϭϴ͕ϭϵϳϭ /EZ Ϭ͘ϰϰ Ϯϲ͘ϯϱ Ϯϲ͘ϵϱ Ϭ͘ϭϲ Ϭ͘ϭϬ ϯ͘ϰϬ ϯ͘Ϯϰ Ϭ͘ϵϭ Ϯ͘ϯϯ Ͳ ϰϴ͘ϱϲй
ϭϬ dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ :ƵůǇϭϴ͕ϭϵϳϵ /EZ Ϭ͘ϱϬ ϯ͘ϱϴ ϰ͘Ϭϵ Ϭ͘Ϭϭ Ϭ͘Ϭϳ Ϭ͘Ϯϰ Ϭ͘ϭϳ Ϭ͘Ϭϲ Ϭ͘ϭϭ Ͳ ϳϰ͘ϳϬй
11 ^ŬǇĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚ DĂǇϭϯ͕ϭϵϵϴ /EZ ϴϵϯ͘Ϭϯ ;ϰϰϯ͘ϱϵͿ ϱϮϵ͘ϯϭ ϳϵ͘ϴϳ ϱϮϴ͘ϲϭ Ͳ ;ϱϬ͘ϵϰͿ Ͳ ;ϱϬ͘ϵϰͿ Ͳ ϭϬϬ͘ϬϬй
ĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘
ϭϮ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ƚĚ͘ &ĞďƌƵĂƌǇϭϮ͕ϭϵϵϬ /EZ ϭ͘ϬϬ ϭ͘ϲϯ Ϯ͘ϲϴ Ϭ͘Ϭϱ Ϭ͘ϰϬ Ϭ͘ϭϱ Ϭ͘ϭϰ Ϭ͘Ϭϰ Ϭ͘ϭϬ Ͳ ϭϬϬ͘ϬϬй
13 >>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ>ƚĚ͘ :ƵůǇϬϵ͕ϭϵϳϵ /EZ Ϯ͘ϴϮ ϱϵϱ͘ϯϭ ϲϯϵ͘ϰϯ ϰϭ͘ϯϬ ϭϲ͘ϱϳ Ϭ͘ϴϴ ;ϭϯ͘ϵϱͿ Ͳ ;ϭϯ͘ϵϱͿ Ͳ ϴϱ͘ϳϮй
ϭϰ >ƵƚŚƌŝĂĂŶĚ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůĂŶĚ &ĞďƌƵĂƌǇϭϴ͕ϮϬϬϴ /EZ Ϭ͘Ϭϭ ;Ϭ͘ϬϰͿ Ϭ͘Ϭϭ Ϭ͘Ϭϰ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϴϳ͘ϭϱй
WƌŽƉĞƌƟĞƐWƌŝǀĂƚĞ>ƚĚ͘
Foreign
ϭϱ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐƐ/ŶĐ͘ ƵŐƵƐƚϮϰ͕ϮϬϭϱ h^ ϭ͕Ϭϲϲ͘ϭϳ ;ϰϴϴ͘ϬϱͿ ϴϵϵ͘ϯϲ ϯϮϭ͘Ϯϰ Ͳ ϱϵϲ͘ϴϴ ;ϭϭϵ͘ϳϭͿ Ϭ͘Ϭϰ ;ϭϭϵ͘ϳϱͿ Ͳ ϭϬϬ͘ϬϬй
ϭϲ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ &ĞďƌƵĂƌǇϭϳ͕ϮϬϬϬ 'W ϱϭϱ͘ϰϴ ϱϵ͘ϰϮ ϭ͕ϬϮϰ͘ϵϴ ϰϱϬ͘Ϭϴ Ͳ Ϯϳϵ͘Ϯϵ ϭϮ͘ϱϰ ;ϭϳ͘ϵϯͿ ϯϬ͘ϰϳ Ͳ ϳϮ͘Ϯϱй
ϭϳ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ :ƵůǇϱ͕ϭϵϵϱ 'W Ͳ Ϯϰ͘ϵϵ ϰϮ͘ϵϬ ϭϳ͘ϵϭ Ͳ ϴϮ͘Ϭϵ ϱ͘ϳϬ ϭ͘Ϯϱ ϰ͘ϰϱ Ͳ ϭϬϬ͘ϬϬй
ϭϴ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ ĞĐĞŵďĞƌϬϮ͕ϭϵϴϬ h^ ϭ͕ϰϵϳ͘ϳϲ ;ϭ͕ϯϳϴ͘ϴϰͿ ϭϭϵ͘Ϭϳ Ϭ͘ϭϱ Ͳ Ϯ͘ϳϱ ϭ͘ϮϬ Ͳ ϭ͘ϮϬ Ͳ ϭϬϬ͘ϬϬй
ϭϵ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,<Ϳ>ƚĚ͘ ^ĞƉƚĞŵďĞƌϬϴ͕ϭϵϵϰ h^ ϱϮ͘ϭϬ ϭϴϮ͘ϴϲ Ϯϯϱ͘ϬϮ Ϭ͘Ϭϲ ϮϬϲ͘ϵϯ Ϭ͘ϵϬ Ϭ͘ϱϮ Ͳ Ϭ͘ϱϮ Ͳ ϱϭ͘ϱϳй
ϮϬ /,KKs͘ ĞĐĞŵďĞƌϭϴ͕ϭϵϵϳ h^ ϭϰϬ͘ϰϬ ϭ͕ϰϲϮ͘ϵϭ ϭ͕ϲϬϰ͘ϯϴ ϭ͘Ϭϳ ϭ͕ϱϴϰ͘ϭϬ ϵ͘ϰϯ ;ϭϱϲ͘ϬϰͿ Ϭ͘ϮϮ ;ϭϱϲ͘ϮϲͿ Ͳ ϭϬϬ͘ϬϬй
Ϯϭ ^ĂŵƐĂƌĂ WƌŽƉĞƌƟĞƐ >ƚĚ͘ ;ZĞĨĞƌ :ĂŶƵĂƌǇϯϭ͕ϮϬϬϲ h^ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϬϬй
&ŽŽƚŶŽƚĞ;ŝǀͿͿ
ϮϮ ƉĞǆ,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ :ĂŶƵĂƌǇϭϱ͕ϭϵϵϵ ^' Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϬϬй
;WƚĞͿ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿͿ
Ϯϯ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEs͘ :ƵůǇϭϯ͕ϭϵϵϴ 'W Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϬϬй
;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿͿ
&ŽŽƚŶŽƚĞƐ͗
ŝͿ dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĂůůƐƵďƐŝĚŝĂƌŝĞƐĂƌĞĚƌĂǁŶƵƉƚŽƚŚĞƐĂŵĞƌĞƉŽƌƟŶŐĚĂƚĞĂƐƚŚĂƚŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇ͕ŝ͘Ğ͕͘DĂƌĐŚϯϭ͕ϮϬϭϴ
ŝŝͿ EĂŵĞƐŽĨƐƵďƐŝĚŝĂƌŝĞƐǁŚŝĐŚĂƌĞǇĞƚƚŽĐŽŵŵĞŶĐĞŽƉĞƌĂƟŽŶƐͲEŽŶĞ
ŝŝŝͿ dŚŝƐƐƵďƐŝĚŝĂƌǇŚĂƐďĞĞŶĂŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇ͘;ZĞĨĞƌEŽƚĞϮϵͿ
ŝǀͿ dŚĞƐĞƐƵďƐŝĚŝĂƌŝĞƐĂƌĞůŝƋƵŝĚĂƚĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ͘;ZĞĨĞƌEŽƚĞϯϯ;ĂͿͿ
ǀͿ ǆĐŚĂŶŐĞƌĂƚĞƐĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϴ͗ϭh^с`ϲϱ͘ϭϮ͖ϭ'Wс`ϵϭ͘ϭϵ͖
ǀŝͿ ǀĞƌĂŐĞĞǆĐŚĂŶŐĞƌĂƚĞĨŽƌƚŚĞǇĞĂƌ;ĨŽƌWƌŽĮƚΘ>ŽƐƐŝƚĞŵƐͿ͗ϭh^с`ϲϰ͘ϯϵϮϴ͖ϭ'Wс`ϴϱ͘ϯϵϵϭ͖
WĂƌƚ͗͟͞ƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐ
Sr. EĂŵĞŽĨƐƐŽĐŝĂƚĞƐͬ:ŽŝŶƚ Latest Audited ĂƚĞŽŶǁŚŝĐŚ Shares held by the company on the EĞƚǁŽƌƚŚ WƌŽĮƚͬůŽƐƐĨŽƌƚŚĞǇĞĂƌ ĞƐĐƌŝƉƟŽŶ Reason
No. Ventures Balance sheet the Associate year end ĂƩƌŝďƵƚĂďůĞ ŽĨŚŽǁ ǁŚǇƚŚĞ
date Žƌ:ŽŝŶƚsĞŶƚƵƌĞ No. of shares Amount of Extent of ƚŽƐŚĂƌĞͲ Considered in Not there is ĂƐƐŽĐŝĂƚĞͬ
Corporate Overview
ǁĂƐĂƐƐŽĐŝĂƚĞĚŽƌ ;ZĞĨĞƌEŽƚĞ /ŶǀĞƐƚŵĞŶƚ Holding holding as ŽŶƐŽůŝĚĂƟŽŶ Considered in ƐŝŐŶŝĮĐĂŶƚ joint

acquired ǀŝͿ per ;ƚŽƚŚĞĞǆƚĞŶƚ ŽŶƐŽůŝĚĂƟŽŶ ŝŶŇƵĞŶĐĞ ǀĞŶƚƵƌĞŝƐ
latest of Group’s ŶŽƚĐŽŶƐŽůŝͲ
audited ĞīĞĐƟǀĞ dated
Balance ƐŚĂƌĞͲ
Sheet
01-49
ŚŽůĚŝŶŐͿ
` crores % ` crores ` crores ` crores
Associates
Indian
1 KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ Ͳ
DĂƌĐŚϯϭ͕ϮϬϭϴ ^ĞƉƚĞŵďĞƌϭϴ͕ϭϵϳϬ ϲϲ͕ϭϲϲ͕ϱϯϬ ϭϭϱ͘ϭϯ ϯϱ͘ϲϳй ϭϱϳ͘ϱϬ Ϯ͘ϭϴ Ͳ EŽƚĞ;ŝŝŝͿ
;ZĞĨĞƌŶŽƚĞ;ǀŝŝͿͿ
Ϯ dĂũDĂĚƵƌĂŝ>ƚĚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϭϲ͕ϭϵϵϬ ϵϭϮ͕ϬϬϬ Ϭ͘ϵϱ Ϯϲ͘ϬϬй ϱ͘Ϯϰ Ϭ͘ϯϲ Ͳ EŽƚĞ;ŝŝŝͿ Ͳ
3 dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ Ͳ
Statutory Reports
DĂƌĐŚϯϭ͕ϮϬϭϴ :ƵůǇϬϵ͕ϭϵϱϵ ϲϱ͕ϵϵϮ Ϭ͘ϲϮ ϯϰ͘ϳϲй Ͳ Ͳ Ͳ EŽƚĞ;ŝŝŝͿ

>ƚĚ;ZĞĨĞƌŶŽƚĞ;ǀͿͿ
Foreign
ϰ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂǇϮϲ͕ϭϵϵϱ ϭϵ͕ϵϲϱ͕ϱϮϰ ϯϮ͘ϰϲ Ϯϰ͘ϲϲй ϭϭ͘ϱϮ ϭ͘ϳϭ Ͳ EŽƚĞ;ŝŝŝͿ Ͳ
ϱ d>>ĂŶŬĂ,ŽƚĞůƐWůĐ DĂƌĐŚϯϭ͕ϮϬϭϴ :ƵŶĞϭϰ͕ϭϵϴϬ ϯϰ͕ϯϳϱ͕ϲϰϬ ϭϴ͘ϳϮ Ϯϰ͘ϲϮй ϭϲ͘ϴϬ Ϭ͘ϵϳ Ͳ EŽƚĞ;ŝŝŝͿ Ͳ
ϲ ũĞƚƐWƚĞ>ƚĚ͘;ZĞĨĞƌŶŽƚĞ;ǀͿͿ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ EŽǀĞŵďĞƌϮϴ͕ϮϬϬϳ ϮϬ͕ϬϬϬ͕ϬϬϬ ϭϬϮ͘ϱϵ ϰϱ͘ϲϵй Ͳ Ͳ Ͳ EŽƚĞ;ŝŝŝͿ Ͳ
50-120
Indian
ϳ dĂũ's<,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ &ĞďƌƵĂƌǇϬϮ͕ϭϵϵϱ ϭϲ͕ϬϬϬ͕ϰϬϬ ϰϬ͘ϯϰ Ϯϱ͘ϱϮй ϵϰ͘Ϯϭ ϱ͘ϮϬ Ͳ EŽƚĞ;ŝǀͿ Ͳ
ϴ dĂũ<ĞƌĂůĂ,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂǇϬϳ͕ϭϵϵϭ ϭϰ͕ϭϱϭ͕ϲϲϰ ϭϱ͘ϲϳ Ϯϴ͘ϯϬй ϭϰ͘ϵϲ Ϭ͘ϯϮ Ͳ EŽƚĞ;ŝǀͿ Ͳ
ϵ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ ƵŐƵƐƚϮϴ͕ϮϬϬϭ ϴ͕ϴϳϰ͕ϬϬϬ ϲϭ͘ϴϮ ϱϭ͘ϬϬй ϭϯϯ͘ϰϮ ϭϭ͘Ϭϴ Ͳ
ϭϬ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐĂŶĚ
DĂƌĐŚϯϭ͕ϮϬϭϴ &ĞďƌƵĂƌǇϭϱ͕ϭϵϵϱ ϭ͕ϯϵϴ͕ϳϰϬ ϭ͘ϰϬ ϰϰ͘Ϯϳй ;Ϯ͘ϲϵͿ Ϭ͘ϭϮ Ͳ EŽƚĞ;ŝǀͿ Ͳ
11 dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ KĐƚŽďĞƌϬϳ͕ϮϬϬϰ ϭϱ͕ϵϴϰ͕ϮϮϭ ϭϱ͘ϮϬ ϯϴ͘ϭϱй Ϭ͘ϱϰ ;ϭ͘ϬϯͿ Ͳ EŽƚĞ;ŝǀͿ Ͳ
Financial Statements
ϭϮ <ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ DĂƌĐŚϯϭ͕ϮϬϭϴ KĐƚŽďĞƌϮϱ͕ϮϬϬϱ ϭϯ͕ϭϳϲ͕ϰϲϳ ϰϰ͘ϴϬ ϱϬ͘ϬϬй ϯϬ͘ϯϱ ϭ͘ϳϭ Ͳ EŽƚĞ;ŝǀͿ Ͳ
13 dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶ
DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϮϵ͕ϭϵϵϱ ϳ͕ϵϰϰ͕ϭϭϮ ϴ͘ϱϲ ϱϬ͘ϬϬй ϮϮ͘ϳϰ Ϭ͘Ϭϵ Ͳ EŽƚĞ;ŝǀͿ Ͳ
Wǀƚ͘>ƚĚ͘
Foreign
ϭϰ /,D^,ŽƚĞůƐ;^Ϳ;WƚǇͿ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ :ƵŶĞϬϳ͕ϮϬϬϲ ϴϲ͕ϳϯϵ͕ϵϱϴ ϱϳ͘Ϭϵ ϱϬ͘ϬϬй ;ϱϲ͘ϵϲͿ ϭϭ͘ϰϴ Ͳ EŽƚĞ;ŝǀͿ Ͳ
121-268
ϭϱ d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϭϲ͕ϮϬϬϭ ϰ͕ϵϰϲ͕ϮϴϮ ϯϴ͘Ϭϯ Ϯϳ͘ϰϵй ϭϭϬ͘Ϭϱ ϲ͘ϭϬ Ͳ EŽƚĞ;ŝǀͿ Ͳ
EŽƚĞƐ͗ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ
ŝͿ EĂŵĞƐŽĨƐƐŽĐŝĂƚĞƐͬ:ŽŝŶƚsĞŶƚƵƌĞǁŚŝĐŚĂƌĞǇĞƚƚŽĐŽŵŵĞŶĐĞŽƉĞƌĂƟŽŶƐͲEŽŶĞ
ŝŝͿ EĂŵĞƐŽĨƐƐŽĐŝĂƚĞƐͬ:ŽŝŶƚsĞŶƚƵƌĞǁŚŝĐŚŚĂǀĞďĞĞŶůŝƋƵŝĚĂƚĞĚŽƌƐŽůĚĚƵƌŝŶŐƚŚĞǇĞĂƌͲEŽŶĞ N. Chandrasekaran ŚĂŝƌŵĂŶ
/E͗ϬϬϭϮϭϴϲϯ
ŝŝŝͿ dŚĞƌĞŝƐƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞĚƵĞƚŽƉĞƌĐĞŶƚĂŐĞ;йͿŽĨƐŚĂƌĞŚŽůĚŝŶŐ;ŵŽƌĞƚŚĂŶϮϬйͿ͘
ŝǀͿ dŚĞƐĞĂƌĞũŽŝŶƚǀĞŶƚƵƌĞƐ͘ WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK
ǀͿ dŚĞĐĂƌƌǇŝŶŐǀĂůƵĞŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐŚĂƐďĞĞŶƌĞƉŽƌƚĞĚĂƐEŝů͕ĂƐƚŚĞ'ƌŽƵƉ͛Ɛ /E͗ϬϳϲϮϰϲϭϲ
ƐŚĂƌĞŽĨůŽƐƐĞƐĞǆĐĞĞĚƐƚŚĞĐŽƐƚŽĨŝŶǀĞƐƚŵĞŶƚƐ͘
ǀŝͿ EƵŵďĞƌŽĨƐŚĂƌĞƐŝŶĐůƵĚĞƐƐŚĂƌĞƐŚĞůĚĚŝƌĞĐƚůǇďǇWĂƌĞŶƚŽƌƚŚƌŽƵŐŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘ Deepak Parekh ŝƌĞĐƚŽƌ
ǀŝŝͿ dŚŝƐŝŶĐůƵĚĞƐϵϴ͕ϳϮ͕ϯϲϬŶƵŵďĞƌŽĨƐŚĂƌĞƐŚĞůĚŝŶƚŚĞĨŽƌŵŽĨ'ůŽďĂůĞƉŽƐŝƚŽƌǇZĞĐĞŝƉƚƐ;'ZͿ͘ /E͗ϬϬϬϬϵϬϳϴ
ǀŝŝŝͿǆĐŚĂŶŐĞƌĂƚĞƐĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϴ͗ഩϭh^с`ϲϱ͘ϭϮ͖ϭ><Zс`Ϭ͘ϰϭϲϮ͖ϭZс`ϱ͘ϱϬ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ ǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
ŝǆͿ ǀĞƌĂŐĞĞǆĐŚĂŶŐĞƌĂƚĞĨŽƌƚŚĞǇĞĂƌ;ĨŽƌWƌŽĮƚΘ>ŽƐƐŝƚĞŵƐͿ͗ഩϭh^с`ϲϰ͘ϯϵϮϴ͖
ϭ><Zс`Ϭ͘ϰϭϱϱ͖ϭZс`ϰ͘ϵϲϰϰ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶǇ^ĞĐƌĞƚĂƌǇ
267
EŽƟĐĞ
Ϭ͘ϵϭ
Ϭ͘Ϭϰ
Earning
In `
ϰ͘ϴϯ
Transfer Per Share Per Share
to ;ĂƐŝĐͿΎ ;ŝůƵƚĞĚͿΎ
ϲ͘ϮϮ
ϭϱ͘ϰϳ
ϮϮ͘ϰϳ
ϰϮ͘ϰϭ
ϲ͘ϭϰ
ϱ͘ϰϯ
Ϭ͘ϭϱ
;ϭ͘ϵϵͿ
;ϭ͘ϭϵͿ
;ϱ͘ϰϬͿ
;ϲ͘ϴϲͿ
;ϰ͘ϲϴͿ
;Ϯ͘ϯϰͿ
;Ϭ͘ϲϬͿ
NOTICE is hereby given that the HUNDRED AND provisions, if any, read together with Schedule V of the
Ϭ͘ϵϭ
Ϭ͘Ϭϰ
Earning
In `
ϰ͘ϴϯ
ϲ͘ϮϮ
ϭϱ͘ϵϲ
Ϯϱ͘ϱϱ
ϰϮ͘ϱϴ
ϲ͘ϭϰ
ϱ͘ϰϯ
Ϭ͘ϭϱ
;ϭ͘ϵϵͿ
;ϭ͘ϭϵͿ
;ϱ͘ϰϬͿ
;ϲ͘ϴϲͿ
;ϰ͘ϲϴͿ
;Ϯ͘ϯϰͿ
;Ϭ͘ϲϬͿ
SEVENTEENTH (117th) ANNUAL GENERAL MEETING of THE Companies Act, 2013 (‘the Act’) and the Companies
INDIAN HOTELS COMPANY LIMITED will be held on Thursday, ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ ŽĨ DĂŶĂŐĞƌŝĂů
July 19, 2018, at 3.00 p.m. at the Birla Matushri Sabhagar, WĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ͕ĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽƟŵĞ͕
Ͳ
ϭϴ͘ϵϰ
ϭϲ͘ϲϳ
Ϯϲ͘ϳϱ
ϱ͘Ϯϴ
ϯ͘ϰϱ
Ͳ
Ͳ
19, Sir Vithaldas Thackersey Marg, Mumbai 400 020, to and subject to the approval of the Central Government
` crores
Net
General
ϭϬ͘ϲϬ
ZĞƐĞƌǀĞƐ
ϱ͘ϵϱ
ϲ͘Ϭϳ
ϭϭ͘ϬϬ
ϮϬ͘ϬϬ
ϯϱ͘ϬϬ
ϯϴ͘ϬϬ
ϯϱ͘Ϭϵ
ϭ͘ϲϱ
transact the following business: ĂŶĚ ƐƵĐŚ ĐŽŶĚŝƟŽŶƐ ĂŶĚ ŵŽĚŝĮĐĂƟŽŶƐ ĂƐ ŵĂǇ ďĞ
prescribed or imposed by the Central Government while
KƌĚŝŶĂƌǇƵƐŝŶĞƐƐ͗ ŐƌĂŶƟŶŐƐƵĐŚĂƉƉƌŽǀĂůĂŶĚƐƵĐŚŽƚŚĞƌĂƉƉƌŽǀĂůƐŝĨĂŶǇ͕
Ϯϭϴ͘ϭϮ
Total
` crores
;>ŽƐƐͿ ĐŽŵƉƌĞͲ ĐŽŵƉƌĞͲ
ĂŌĞƌ ŚĞŶƐŝǀĞ ŚĞŶƐŝǀĞ
Tax @ Income Income
;ϭϴϱ͘ϱϰͿ
;Ϯϴ͘ϱϬͿ
1. To receive, consider and adopt the Audited Standalone the Company hereby approves the appointment of
&ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů Mr. Puneet Chhatwal (DIN : 07624616) as the Managing
year ended March 31, 2018, together with the Reports ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶǇ
ϭϭϳ͘Ϯϱ
ϯϰ͘ϳϬ
` crores
Other
ϰϱ͘ϱϰ
ŌĞƌĐŽŶǀĞƌƐŝŽŶŽĨϭϴ͕ϭϴ͕Ϭϭ͕ϮϮϴŽŵƉƵůƐŽƌŝůǇŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŝŶƚŽƋƵŝƚǇ^ŚĂƌĞƐĂƚĂƉƌĞŵŝƵŵŽĨ`ϱϰƉĞƌƐŚĂƌĞ
of the Board of Directors and the Auditors thereon. ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ĮǀĞ ǇĞĂƌƐ ǁ͘Ğ͘Ĩ͘ EŽǀĞŵďĞƌ ϲ͕ ϮϬϭϳ
ƵƉƚŽ EŽǀĞŵďĞƌ ϱ͕ ϮϬϮϮ ŽŶ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ͕
ZĞǀĞŶƵĞĐĐŽƵŶƚ
2. To receive, consider and adopt the Audited Consolidated ŝŶĐůƵĚŝŶŐƚŚŽƐĞƌĞůĂƟŶŐƚŽƌĞŵƵŶĞƌĂƟŽŶĂƐƐĞƚŽƵƚŝŶƚŚĞ
ϭϬϬ͘ϴϳ
ϯ͘Ϭϲ
` crores
WƌŽĮƚͬ
Ϯϭ͘ϴϬ
Ϯϴ͘Ϭϳ
ϳϭ͘ϵϵ
ϭϮϴ͘ϱϬ
Ϯϰϴ͘ϳϰ
ϯϳϬ͘ϯϭ
ϯϱϰ͘ϵϴ
ϭϮ͘ϰϲ
ϴϰ͘ϳϭ ;ϭϯϲ͘ϴϴͿ
;ϴϳ͘ϮϲͿ
ϵϴ͘ϵϲ ;ϰϯϬ͘ϮϰͿ
ϭϭϬ͘ϵϱ ;ϱϱϯ͘ϴϱͿ
;ϯϳϴ͘ϭϬͿ
;Ϯϯϭ͘ϬϴͿ
;ϲϯ͘ϮϬͿ
&ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů ǆƉůĂŶĂƚŽƌǇ^ƚĂƚĞŵĞŶƚĂŶŶĞǆĞĚƚŽƚŚĞEŽƟĐĞĐŽŶǀĞŶŝŶŐ
year ended March 31, 2018, together with the Report of 'D;ŝŶĐůƵĚŝŶŐƚŚĞƌĞŵƵŶĞƌĂƟŽŶƚŽďĞƉĂŝĚŝŶƚŚĞĞǀĞŶƚ
the Auditors thereon. ŽĨ ůŽƐƐ Žƌ ŝŶĂĚĞƋƵĂĐǇ ŽĨ ƉƌŽĮƚƐ ŝŶ ĂŶǇ ĮŶĂŶĐŝĂů ǇĞĂƌ
ϭϮϭ͘Ϭϲ
ϵϮ͘ϭϬ
ϭϮϭ͘ϳϱ
ϭϭϯ͘ϳϰ
` crores
Tax
;>ŽƐƐͿ Expenses
ϭϳ͘ϲϳ
ϭϴ͘Ϭϯ
Ϯϴ͘ϯϰ
ϲϬ͘Ϯϯ
ϵϬ͘ϯϱ
ϭϵϲ͘ϱϮ
Ϯϰϲ͘ϵϴ
ϭϱϱ͘ϳϳ
ϭϭϰ͘ϲϬ
ϵϬ͘ϲϯ
during the tenure of his appointment) with liberty to
ϯ͘ d ŽĚĞĐůĂƌĞĂĚŝǀŝĚĞŶĚŽŶƋƵŝƚǇ^ŚĂƌĞƐĨŽƌƚŚĞĮŶĂŶĐŝĂů the Board of Directors to alter and vary the terms and
year ended March 31, 2018. ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ ƐĂŝĚ ĂƉƉŽŝŶƚŵĞŶƚ ŝŶ ƐƵĐŚ ŵĂŶŶĞƌ ĂƐ
ϭϴϰ͘Ϯϵ
Ϯϯ͘Ϯϯ
ϭϰϳ͘ϱϳ
ϯϬ͘ϱϴ
WƌŽĮƚͬ
` crores
Tax
ϯϬ͘ϵϵ
before
Ϯϲ͘ϵϲ
ϴϬ͘ϱϭ
ϭϯϵ͘ϲϳ
ϯϭϰ͘Ϭϳ
ϱϯϮ͘ϱϱ
ϱϲϬ͘ϱϮ
ϭϱϴ͘ϱϭ
;ϯϯ͘ϲϵͿ
Ϯϴϴ͘ϰϮ ;Ϯϵϭ͘ϳϵͿ
ϯϬϴ͘ϭϯ ;ϰϭϮ͘ϭϲͿ
Ϯϵϭ͘Ϯϵ ;ϮϯϮ͘ϰϴͿ
;ϵϭ͘ϭϳͿ may be agreed to between the Board of Directors and

4. To appoint a Director in place of Mr. N. Chandrasekaran Mr. Chhatwal;
/ƐƐƵĞŽĨƋƵŝƚǇ^ŚĂƌĞƐ͕ďĞŝŶŐǁĂƌƌĂŶƚƐĞǆĞƌĐŝƐĞĚƉƵƌƐƵĂŶƚƚŽZŝŐŚƚƐ/ƐƐƵĞŽĨƋƵŝƚǇƐŚĂƌĞƐ
ZĞĚƵĐƟŽŶĚƵĞƚŽƋƵŝƚǇ^ŚĂƌĞƐŽǁŶĞĚďǇĞŶƟƟĞƐƉƌŝŽƌƚŽƚŚĞŝƌďĞĐŽŵŝŶŐƐƵďƐŝĚŝĂƌŝĞƐ
;/E͗ϬϬϭϮϭϴϲϯͿ ǁŚŽ ƌĞƟƌĞƐ ďǇ ƌŽƚĂƟŽŶ ĂŶĚ͕ ďĞŝŶŐ
` crores
ĞƉƌĞͲ
ĐŝĂƟŽŶ
ϳϴ͘ϴϱ
ϳϱ͘ϲϱ
ϴϳ͘ϴϯ
ϭϭϭ͘ϳϯ
ϯϬϭ͘ϮϬ
ϭϮϳ͘ϯϱ
ϭϲϬ͘ϲϳ
ϭϲϳ͘ϲϮ
ϭϴϴ͘ϱϯ
Ϯϭϴ͘ϱϰ
ϮϮϳ͘ϴϵ
Ϯϱϱ͘Ϭϳ
Ϯϴϰ͘ϴϮ
Ϯϵϵ͘ϯϳ
ĞůŝŐŝďůĞ͕ŽīĞƌƐŚŝŵƐĞůĨĨŽƌƌĞͲĂƉƉŽŝŶƚŵĞŶƚ͘ ^K>s&hZd,Zd,d any of the Directors of the
Z
Company or Mr. Beejal Desai, Senior Vice President –
^ƉĞĐŝĂůƵƐŝŶĞƐƐ͗ Legal & Company Secretary, be and are hereby authorized
;ŝŶĐůƵĚŝŶŐ
ǆƉĞŶͲ
/ŶƚĞƌĞƐƚͿ
` crores
diture
ϴϮϱ͘ϰϭ
ϴϴϳ͘ϱϭ
ϭϬϬϰ͘ϰϭ
ϭϭϵϴ͘ϱϯ
ϯϳϯϰ͘ϰϬ
ϭϱϳϬ͘ϭϵ
ϮϬϳϲ͘ϴϳ
Ϯϰϭϲ͘ϴϰ
Ϯϲϭϱ͘ϵϭ
Ϯϲϱϵ͘ϳϭ
ϮϵϮϬ͘ϵ
ϯϯϲϱ͘ϴϭ
ϯϲϲϰ͘ϴϴ
ϯϵϴϯ͘Ϯϲ
ϰϭϲϲ͘ϵϮ
ϯϳϱϱ͘ϲϴ
ϯϳϭϬ͘ϯϮ
^ƉůŝƚŽĨ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞ`ϭϬͬͲĞĂĐŚƚŽƐŚĂƌĞŽĨ&ĂĐĞǀĂůƵĞ`ϭͬͲĞĂĐŚ ϱ͘
ƉƉŽŝŶƚŵĞŶƚŽĨDƌ͘WƵŶĞĞƚŚŚĂƚǁĂůĂƐĂŝƌĞĐƚŽƌŽĨ ƐĞǀĞƌĂůůǇ ƚŽ ĚŽ Ăůů ƐƵĐŚ ŽƚŚĞƌ ĂĐƚƐ͕ ĚĞĞĚƐ͕ ŵĂƩĞƌƐ
ƚŚĞŽŵƉĂŶǇ͘ and things as may be necessary, proper, expedient or
ŝŶĐŝĚĞŶƚĂůĨŽƌŐŝǀŝŶŐĞīĞĐƚƚŽƚŚŝƐZĞƐŽůƵƟŽŶ͘”
ŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ
ŽŶǀĞƌƐŝŽŶŽĨtĂƌƌĂŶƚƐŝŶƚŽƋƵŝƚǇ^ŚĂƌĞƐŽŶĞǆĞƌĐŝƐĞŽĨǁĂƌƌĂŶƚƐ
d Ž ĐŽŶƐŝĚĞƌ ĂŶĚ ŝĨ͕ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ
Gross
ZĞǀĞŶƵĞ
` crores
ϴϮϲ͘ϵϳ
ϴϵϰ͘ϳϰ
ϭϬϯϵ͘ϳϲ
ϭϯϯϳ͘ϵϰ
ϰϭϲϱ͘Ϯϴ
ϭϴϳϰ͘ϳϯ
ϮϲϬϭ͘ϭϯ
ϯϬϭϮ͘ϲϮ
Ϯϳϱϲ͘ϲϯ
ϮϱϲϮ͘ϱϯ
ϮϵϯϮ͘ϮϬ
ϯϱϭϰ͘ϵϬ
ϯϴϬϯ͘ϱϮ
ϰϭϮϱ͘ϵϰ
ϰϮϴϳ͘ϯϱ
ϰϭϮϮ͘ϳϴ
ϰϬϳϱ͘ϱϭ
ƌĞƐŽůƵƟŽŶĂƐĂŶKƌĚŝŶĂƌǇZĞƐŽůƵƟŽŶ͗Ͳ
ϳ͘ Z
ĞǀŝƐŝŽŶŝŶƚŚĞƚĞƌŵƐŽĨƌĞŵƵŶĞƌĂƟŽŶŽĨDƌ͘DĞŚĞƌŶŽƐŚ
<ĂƉĂĚŝĂ͕ǆĞĐƵƟǀĞŝƌĞĐƚŽƌʹŽƌƉŽƌĂƚĞīĂŝƌƐ͘
͞ Z^K>sd,d Mr. Puneet Chhatwal (DIN: 07624616)
ŽŶǀĞŶƐŝŽŶŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐǇďŽŶĚƐŝŶƚŽƐŚĂƌĞĐĂƉŝƚĂů͘
` crores
/ŶǀĞƐƚͲ
ments
ϰϬϰ͘ϰϳ
ϯϵϬ͘ϮϮ
ϰϯϮ͘ϭϮ
ϭϱϭϭ͘ϰϮ
ϰϱϳ͘Ϭϲ
ϱϴϭ͘ϵϯ
ϱϭϰ͘Ϯϳ
ϭϱϰϭ͘ϵϰ
ϮϰϬϳ͘ϲϴ
ϭϵϬϱ͘ϰϮ
ϮϱϬϱ͘ϴϭ
ϭϵϬϯ͘ϵϬ
ϭϱϲϯ͘ϯϬ
ϭϰϮϳ͘Ϯϭ
ϭϱϴϲ͘ϵϬ
ϭϱϭϱ͘Ϯϰ
ϭϮϰϯ͘ϳϭ
ůůŽƚŵĞŶƚŽĨ^ŚĂƌĞƐŽŶWƌĞĨĞƌĞŶƟĂůďĂƐŝƐƚŽWƌŽŵŽƚĞƌƐ
who was appointed by the Board of Directors as an

d Ž ĐŽŶƐŝĚĞƌ ĂŶĚ͕ ŝĨ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ
ĚĚŝƟŽŶĂůŝƌĞĐƚŽƌŽĨƚŚĞŽŵƉĂŶǇǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϲ͕
ƌĞƐŽůƵƟŽŶĂƐĂŶKƌĚŝŶĂƌǇZĞƐŽůƵƟŽŶ͗Ͳ
ϮϬϭϳĂŶĚǁŚŽŚŽůĚƐŽĸĐĞƵƉƚŽƚŚĞĚĂƚĞŽĨƚŚŝƐŶŶƵĂů
Net
Block
` crores
ϭϱϯϴ͘ϰϳ
ϭϱϲϵ͘ϳϮ
ϭϲϰϲ͘Ϭϴ
ϱϱϵϳ͘ϭϭ
ϮϮϲϯ͘ϰϴ
Ϯϯϯϰ͘ϯϰ
ϯϯϴϮ͘Ϭϴ
ϯϱϭϰ͘ϯϳ
ϰϬϳϮ͘Ϭϯ
ϰϯϳϯ͘ϰϵ
ϰϱϮϵ͘ϱϭ
ϱϮϭϲ͘Ϭϵ
ϱϯϴϮ͘ϵϰ
ϱϲϯϰ͘ϳϬ
ϱϴϮϬ͘ϳϰ
ϲϭϴϳ͘ϵϳ
ϱϮϱϵ͘ϴϯ
'ĞŶĞƌĂůDĞĞƟŶŐŽĨƚŚĞŽŵƉĂŶǇƵŶĚĞƌ^ĞĐƟŽŶϭϲϭ;ϭͿ
ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϱ
ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϱ
ĂƌŶŝŶŐWĞƌ^ŚĂƌĞŝƐĂŌĞƌĞǆƚƌĂŽƌĚŝŶĂƌǇŝƚĞŵ
͞Z^K>s d,d ŝŶ ƉĂƌƟĂů ŵŽĚŝĮĐĂƟŽŶ ŽĨ ZĞƐŽůƵƟŽŶ
of the Companies Act, 2013, (‘the Act’) but who is eligible
No. 7 passed at the 115thŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐŽĨƚŚĞ
ƩƌŝďƵƚĂďůĞƚŽŽǁŶĞƌƐŽĨƚŚĞĐŽŵƉĂŶǇ
for appointment, and in respect of whom the Company

` crores
ϭϰϯϲ͘ϲϱ ϭϵϯϰ͘ϰϯ
Gross
Block
ϭϯϳϰ͘ϵϭ ϮϬϬϮ͘ϰϬ
ϮϬϳϰ͘ϵϳ Ϯϭϱϴ͘ϱϱ
ϮϰϮϳ͘ϰϯ ϲϰϭϱ͘ϴϮ
ϭϵϲϵ͘ϯϯ ϮϵϱϬ͘ϭϴ
ϭϱϬϬ͘ϵϱ ϯϭϲϬ͘ϳϯ
ϮϬϱϱ͘ϭϰ ϰϰϭϲ͘Ϭϵ
ϯϰϲϲ͘ϴϯ ϰϲϰϲ͘ϰϱ
ϰϲϰϲ͘ϴϴ ϱϯϳϲ͘ϭϭ
ϰϰϲϬ͘ϲϵ ϱϴϭϰ͘ϭϱ
ϰϮϰϯ͘Ϭϭ ϲϭϮϬ͘Ϯϱ
ϯϴϬϯ͘Ϯϴ ϳϮϳϲ͘ϵϰ
ϯϴϭϳ͘ϲϰ ϳϳϯϲ͘Ϭϭ
ϰϮϱϮ͘Ϭϭ ϴϯϱϳ͘ϵϬ
ϱϬϳϰ͘ϰϴ ϴϲϵϯ͘ϰϰ
ϰϱϮϲ͘Ϭϵ ϲϰϳϱ͘Ϭϵ
ϯϯϴϮ͘ϵϴ ϱϳϵϮ͘ϯϯ
Company held on August 23, 2016 and in accordance

Capital Account
ŚĂƐƌĞĐĞŝǀĞĚĂŶŽƟĐĞŝŶǁƌŝƟŶŐƵŶĚĞƌ^ĞĐƟŽŶϭϲϬ;ϭͿŽĨ
ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐϭϵϲ͕ϭϵϳ͕ϭϵϴ͕ϮϬϯĂŶĚ
the Act from a Member proposing his candidature for
such other applicable provisions, if any, of the Companies
ƚŚĞ ŽĸĐĞ ŽĨ ŝƌĞĐƚŽƌ͕ ďĞ ĂŶĚ ŝƐ ŚĞƌĞďǇ ĂƉƉŽŝŶƚĞĚ ĂƐ Ă
ings
` crores
ŽƌƌŽǁͲ
Act, 2013 (‘the Act’), read with Schedule V of the Act

ŝƌĞĐƚŽƌŽĨƚŚĞŽŵƉĂŶǇ͕ůŝĂďůĞƚŽƌĞƟƌĞďǇƌŽƚĂƟŽŶ͘”
ĂŶĚ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ
of Managerial Personnel) Rules, 2014, including any
ϲ͘
ƉƉŽŝŶƚŵĞŶƚĂŶĚĂƉƉƌŽǀĂůĨŽƌƚĞƌŵƐŽĨƌĞŵƵŶĞƌĂƟŽŶŽĨ
and
Surplus
` crores
ϵϴϭ͘Ϭϵ
Share ZĞƐĞƌǀĞƐ
ϭϬϮϯ͘Ϭϴ
ϭϬϮϱ͘ϰϬ
ϰϬϲϮ͘ϭϳ
ϭϮϲϵ͘ϵϮ
ϭϴϳϯ͘ϳϯ
ϮϬϯϲ͘ϯϯ
Ϯϭϴϴ͘ϴϯ
ϯϭϬϱ͘ϱϱ
ϮϯϱϮ͘ϴϬ
ϮϱϳϬ͘ϭϯ
Ϯϴϵϯ͘ϳϮ
Ϯϴϵϴ͘ϱϯ
Ϯϱϱϱ͘ϳϭ
Ϯϭϰϲ͘ϰϳ
Ϯϰϴϭ͘ϯϮ
Ϯϰϭϴ͘ϳϲ
ƐƚĂƚƵƚŽƌǇ ŵŽĚŝĮĐĂƟŽŶƐ ƚŚĞƌĞŽĨ͕ ĂŶĚ ƐƵďũĞĐƚ ƚŽ ƐƵĐŚ

Dƌ͘ WƵŶĞĞƚ ŚŚĂƚǁĂů ĂƐ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ
other approvals, if any, that may be required, the
ǆĞĐƵƟǀĞKĸĐĞƌŽĨƚŚĞŽŵƉĂŶǇ͘
Company hereby approves of:
Capital
` crores
ϰϱ͘ϭϮ
ϰϱ͘ϭϮ
ίϭϭϴ͘ϵϯ
ϰϱ͘ϭϮ
ΒϱϬ͘Ϯϱ
Βϱϴ͘ϰϭ
ϲϬ͘Ϯϵ
ϲϬ͘Ϯϵ
ёϳϮ͘ϯϰ
ηϳϮ͘ϯϱ
Θϳϱ͘ϵϱ
ɲϳϱ͘ϲϭ
ΑϴϬ͘ϳϱ
ϴϬ͘ϳϱ
ϴϬ͘ϳϱ
gϵϴ͘ϵϯ
ϵϴ͘ϵϯ
d Ž ĐŽŶƐŝĚĞƌ ĂŶĚ͕ ŝĨ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ

ƌĞƐŽůƵƟŽŶĂƐĂŶKƌĚŝŶĂƌǇZĞƐŽůƵƟŽŶ͗Ͳ ƌĞǀŝƐŝŽŶ
z ŝŶ ƚŚĞ ƚĞƌŵƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ
Dƌ͘ DĞŚĞƌŶŽƐŚ <ĂƉĂĚŝĂ͕ ǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌ ʹ
ϮϬϬϭͲϬϮ
ϮϬϬϮͲϬϯ
ϮϬϬϯͲϬϰ
ϮϬϬϰͲϬϱ
ϮϬϬϱͲϬϲ
ϮϬϬϲͲϬϳ
ϮϬϬϳͲϬϴ
ϮϬϬϴͲϬϵ
ϮϬϬϵͲϭϬ
ϮϬϭϬͲϭϭ
ϮϬϭϭͲϭϮ
ϮϬϭϮͲϭϯ
ϮϬϭϯͲϭϰ
ϮϬϭϰͲϭϱ
ϮϬϭϱͲϭϲ
ϮϬϭϲͲϭϳ
ϮϬϭϳͲϭϴ
͞ Z^K>s d,d pursuant to the provisions of ŽƌƉŽƌĂƚĞ īĂŝƌƐ ;/E͗ ϬϬϬϱϬϱϯϬͿ ǁ͘Ğ͘Ĩ͘ Ɖƌŝů
zĞĂƌ

^ĞĐƟŽŶƐ ϭϵϲ͕ ϭϵϳ͕ ϮϬϯ ĂŶĚ ƐƵĐŚ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ 1, 2018, for the remainder of the tenure of his
Θ
Λ
ё
ɲ
ί
η
Α
Β
Ύ
g

appointment i.e. upto May 22, 2018 (as per with or incidental thereto and that such borrowing is ϱ͘ W
ƵƌƐƵĂŶƚ ƚŽ ZĞŐƵůĂƟŽŶƐ Ϯϲ;ϰͿ ĂŶĚ ϯϲ;ϯͿ ŽĨ ^ĞĐƵƌŝƟĞƐ 8. Members holding shares in electronic form may please
Governance Guidelines adopted by the Board), within the overall borrowing limits of the Company; ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŶŽƚĞƚŚĂƚƚŚĞŝƌďĂŶŬĚĞƚĂŝůƐĂƐĨƵƌŶŝƐŚĞĚďǇƚŚĞƌĞƐƉĞĐƟǀĞ
by way of an increase in the maximum amount ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ ZĞŐƵůĂƟŽŶƐ͕ ϮϬϭϱ͕ ;͚>ŝƐƟŶŐ Depositories to the Company will be considered for
ŽĨ ŚŝƐ ĂƐŝĐ ^ĂůĂƌǇ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞŵƵŶĞƌĂƟŽŶ Z^K>s&hZd,Z d,dĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŐŝǀŝŶŐĞīĞĐƚ ZĞŐƵůĂƟŽŶƐ͛Ϳ ĂŶĚ ƚŚĞ ^ĞĐƌĞƚĂƌŝĂů ^ƚĂŶĚĂƌĚͲϮ ŽŶ ƌĞŵŝƩĂŶĐĞŽĨĚŝǀŝĚĞŶĚĂƐƉĞƌƚŚĞĂƉƉůŝĐĂďůĞƌĞŐƵůĂƟŽŶƐ
to be paid in the event of loss or inadequacy of ƚŽƚŚŝƐZĞƐŽůƵƟŽŶ͕ƚŚĞŽĂƌĚďĞĂŶĚŝƐŚĞƌĞďǇĂƵƚŚŽƌŝƐĞĚ ͚'ĞŶĞƌĂů DĞĞƟŶŐƐ͛ ŝƐƐƵĞĚ ďǇ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŽŵƉĂŶǇ of the Depositories and the Company will not entertain
ƉƌŽĮƚƐ ŝŶ Ă ĮŶĂŶĐŝĂů ǇĞĂƌ ĚƵƌŝŶŐ ƚŚĞ ƚĞŶƵƌĞ ŽĨ ƚŽ ĮŶĂůŝƐĞ͕ ƐĞƩůĞ ĂŶĚ ĞǆĞĐƵƚĞ ƐƵĐŚ ĚŽĐƵŵĞŶƚƐ͕ ĚĞĞĚƐ͕ ^ĞĐƌĞƚĂƌŝĞƐŽĨ/ŶĚŝĂ͕ƚŚĞƉĂƌƟĐƵůĂƌƐŽĨŝƌĞĐƚŽƌƐƐĞĞŬŝŶŐ ĂŶǇ ĚŝƌĞĐƚ ƌĞƋƵĞƐƚ ĨƌŽŵ ƐƵĐŚ DĞŵďĞƌƐ ĨŽƌ ĐŚĂŶŐĞͬ
his appointment), as set out in the Explanatory ǁƌŝƟŶŐƐ͕ ƉĂƉĞƌƐ Žƌ ĂŐƌĞĞŵĞŶƚƐ ĂƐ ŵĂǇ ďĞ ƌĞƋƵŝƌĞĚ ĂƉƉŽŝŶƚŵĞŶƚͬƌĞͲĂƉƉŽŝŶƚŵĞŶƚ Ăƚ ƚŚĞ 'D ĂƌĞ ĂŶŶĞǆĞĚ ĚĞůĞƟŽŶ ŝŶ ƐƵĐŚ ďĂŶŬ ĚĞƚĂŝůƐ͘ &ƵƌƚŚĞƌ͕ ŝŶƐƚƌƵĐƟŽŶƐ͕ ŝĨ
^ƚĂƚĞŵĞŶƚĂŶŶĞǆĞĚƚŽƚŚĞEŽƟĐĞĐŽŶǀĞŶŝŶŐ'D͕ ĂŶĚ ĚŽ Ăůů ƐƵĐŚ ĂĐƚƐ͕ ĚĞĞĚƐ͕ ŵĂƩĞƌƐ ĂŶĚ ƚŚŝŶŐƐ ĂƐ ŝƚ ƚŽƚŚĞEŽƟĐĞ͘ any, already given by them in respect of shares held in
ǁŝƚŚ ĂƵƚŚŽƌŝƚǇ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ƚŽ Įǆ ŚŝƐ ŵĂǇ ŝŶ ŝƚƐ ĂďƐŽůƵƚĞ ĚŝƐĐƌĞƟŽŶ ĚĞĞŵ ŶĞĐĞƐƐĂƌǇ͕ ƉƌŽƉĞƌ ƉŚǇƐŝĐĂů ĨŽƌŵ͕ ǁŝůů ŶŽƚ ďĞ ĂƵƚŽŵĂƟĐĂůůǇ ĂƉƉůŝĐĂďůĞ ƚŽ
salary within such maximum amount, increasing ĂŶĚĚĞƐŝƌĂďůĞĂŶĚƚŽƌĞƐŽůǀĞĂŶǇƋƵĞƐƟŽŶ͕ĚŝĸĐƵůƚǇŽƌ 6. The Dividend on Equity Shares, as recommended by the dividend paid on shares held in electronic form.
ƚŚĞƌĞďǇ͕ ƉƌŽƉŽƌƟŽŶĂƚĞůǇ͕ Ăůů ďĞŶĞĮƚƐ ůŝŶŬĞĚ ƚŽ ƚŚĞ ĚŽƵďƚ ƚŚĂƚ ŵĂǇ ĂƌŝƐĞ ŝŶ ƌĞůĂƟŽŶ ƚŚĞƌĞƚŽ Žƌ ŽƚŚĞƌǁŝƐĞ the Board of Directors, if approved at the AGM, will be DĞŵďĞƌƐ ŵĂǇ͕ ƚŚĞƌĞĨŽƌĞ͕ ŐŝǀĞ ŝŶƐƚƌƵĐƟŽŶƐ ƌĞŐĂƌĚŝŶŐ
quantum of Basic Salary; considered by the Board to be in the best interest of the ƉĂŝĚ ŽŶ Žƌ ĂŌĞƌ :ƵůǇ Ϯϳ͕ ϮϬϭϴ͕ ƚŽ ƚŚĞ DĞŵďĞƌƐ ǁŚŽƐĞ bank accounts in which they wish to receive dividend
Company.” names appear on the Company’s Register of Members ƚŽƚŚĞŝƌĞƉŽƐŝƚŽƌǇWĂƌƟĐŝƉĂŶƚƐ;ΖWƐΖͿ͘
z revision in the Performance Linked Bonus payable ŽŶ dŚƵƌƐĚĂǇ͕ :ƵůǇ ϭϮ͕ ϮϬϭϴ͕ ĂŌĞƌ ŐŝǀŝŶŐ ĞīĞĐƚ ƚŽ ǀĂůŝĚ
ƚŽDƌ͘DĞŚĞƌŶŽƐŚ<ĂƉĂĚŝĂ͕ĨŽƌƚŚĞǇĞĂƌϮϬϭϳͲϭϴĂƐ EŽƚĞƐ͗ transfers in respect of transfer requests lodged with ϵ͘ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ǆĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;͚^/͛Ϳ ŚĂƐ
set out in the Explanatory Statement annexed to ϭ͘ dŚĞ ǆƉůĂŶĂƚŽƌǇ ^ƚĂƚĞŵĞŶƚ͕ ƉƵƌƐƵĂŶƚ ƚŽ ^ĞĐƟŽŶ ϭϬϮ the Company on or before Thursday, July 12, 2018. As mandated the submission of Permanent Account
ƚŚĞEŽƟĐĞĐŽŶǀĞŶŝŶŐƚŚĞ'D͖ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ;͚ƚŚĞ Đƚ͛Ϳ ƐĞƫŶŐ ŽƵƚ ƚŚĞ regards shares held in electronic form, the dividend will EƵŵďĞƌ ;͚WE͛Ϳ ďǇ ĞǀĞƌǇ ƉĂƌƟĐŝƉĂŶƚ ŝŶ ƐĞĐƵƌŝƟĞƐ
material facts in respect of the business under Item Nos. ďĞƉĂǇĂďůĞƚŽƚŚĞ͚ďĞŶĞĮĐŝĂůŽǁŶĞƌƐ͛ŽĨƚŚĞƐŚĂƌĞƐǁŚŽƐĞ market. Members holding shares in electronic form are
Z^K>s &hZd,Z d,d any of the Directors ϱͲϴ ƚŽ ďĞ ƚƌĂŶƐĂĐƚĞĚ Ăƚ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƟŶŐ ŶĂŵĞƐĂƉƉĞĂƌŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĞŶĞĮĐŝĂůKǁŶĞƌƐŚŝƉ therefore, requested to submit their PAN to their DPs
of the Company or Mr. Beejal Desai, Senior Vice ('AGM') is annexed hereto. ĨƵƌŶŝƐŚĞĚďǇƚŚĞEĂƟŽŶĂů^ĞĐƵƌŝƟĞƐĞƉŽƐŝƚŽƌǇ>ŝŵŝƚĞĚ with whom they are maintaining their dematerialized
President – Legal & Company Secretary, be and (‘NSDL’) and the Central Depository Services (India) accounts. Members holding shares in physical form can
are hereby authorized severally to do all such 2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE Limited (‘CDSL’) as at the close of business hours on submit their PAN details to the Company along with the
ŽƚŚĞƌ ĂĐƚƐ͕ ĚĞĞĚƐ͕ ŵĂƩĞƌƐ ĂŶĚ ƚŚŝŶŐƐ ĂƐ ŵĂǇ ďĞ AGM IS ENTITLED TO APPOINT A PROXY TO ATTEND AND Thursday, July 12, 2018. proof thereof.
necessary, proper, expedient or incidental for giving sKd /E^d K& ,/D^>&ͬ,Z^>& E d, WZKyz
ĞīĞĐƚƚŽƚŚŝƐZĞƐŽůƵƟŽŶ͘” NEED NOT BE A MEMBER OF THE COMPANY. A person ϳ͘ d ƌĂŶƐĨĞƌŽĨhŶĐůĂŝŵĞĚͬhŶƉĂŝĚĂŵŽƵŶƚƐƚŽƚŚĞ/ŶǀĞƐƚŽƌ 10. Members holding shares in physical form are requested
can act as proxy on behalf of Members not exceeding 50 ĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ&ƵŶĚ;͚/W&͛Ϳ͗ to advise any change of address and are also requested to
ϴ͘ WƌŝǀĂƚĞWůĂĐĞŵĞŶƚŽĨEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ͘ and holding in the aggregate not more than ten percent ƐƵďŵŝƚƚŚĞŝƌƐƉĞĐŝŵĞŶƐŝŐŶĂƚƵƌĞƐĚƵůǇĂƩĞƐƚĞĚďǇƚŚĞŝƌ
ŽĨƚŚĞƚŽƚĂůƐŚĂƌĞĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶǇĐĂƌƌǇŝŶŐǀŽƟŶŐ Members are requested to note that, dividends if not Bank immediately to the Company. Members holding
dŽ ĐŽŶƐŝĚĞƌ ĂŶĚ͕ ŝĨ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ rights. A Member holding more than ten percent of ĞŶĐĂƐŚĞĚĨŽƌĂĐŽŶƐĞĐƵƟǀĞƉĞƌŝŽĚŽĨƐĞǀĞŶǇĞĂƌƐĨƌŽŵ shares electronically in dematerialized form must advice
ƌĞƐŽůƵƟŽŶĂƐĂ^ƉĞĐŝĂůZĞƐŽůƵƟŽŶ͗Ͳ ƚŚĞ ƚŽƚĂů ƐŚĂƌĞ ĐĂƉŝƚĂů ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĐĂƌƌǇŝŶŐ ǀŽƟŶŐ the date of transfer to Unpaid Dividend Account of the ĂŶǇĐŚĂŶŐĞŽĨĂĚĚƌĞƐƐƚŽƚŚĞŝƌƌĞƐƉĞĐƟǀĞWƐ͘
rights may appoint a single person as proxy and such Company, are liable to be transferred to the IEPF. The
͞Z^K>sd,dƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐ person shall not act as a proxy for any other person or shares in respect of such unclaimed dividend are also ϭϭ͘ EŽŵŝŶĂƟŽŶĨĂĐŝůŝƚǇ͗
42, 62, 71 and other applicable provisions, if any, of DĞŵďĞƌ͘dŚĞŝŶƐƚƌƵŵĞŶƚĂƉƉŽŝŶƟŶŐƚŚĞƉƌŽǆǇ͕ŝŶŽƌĚĞƌ liable to be transferred to the Demat Account of the Ɛ ƉĞƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϳϮ ŽĨ ƚŚĞ Đƚ͕ ĨĂĐŝůŝƚǇ
the Companies Act, 2013 (including any statutory ƚŽ ďĞ ĞīĞĐƟǀĞ͕ ŵƵƐƚ ďĞ ĚĞƉŽƐŝƚĞĚ Ăƚ ƚŚĞ ZĞŐŝƐƚĞƌĞĚ IEPF Authority. In view of this, Members are requested ĨŽƌ ŵĂŬŝŶŐ ŶŽŵŝŶĂƟŽŶ ŝƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ DĞŵďĞƌƐ ŝŶ
ŵŽĚŝĮĐĂƟŽŶŽƌƌĞͲĞŶĂĐƚŵĞŶƚƚŚĞƌĞŽĨĨŽƌƚŚĞƟŵĞďĞŝŶŐ KĸĐĞŽĨƚŚĞŽŵƉĂŶǇ͕ĚƵůǇĐŽŵƉůĞƚĞĚĂŶĚƐŝŐŶĞĚ͕ŶŽƚ to claim their dividends from the Company, within the respect of the shares held by them. Members holding
in force) and the Companies (Prospectus and Allotment less than 48 hours before the commencement of the ƐƟƉƵůĂƚĞĚƟŵĞůŝŶĞ͘ shares in single name and who have not yet registered
ŽĨ ^ĞĐƵƌŝƟĞƐͿ ZƵůĞƐ͕ ϮϬϭϰ ĂŶĚ ƚŚĞ ŽŵƉĂŶŝĞƐ ;^ŚĂƌĞ 'D͘WƌŽǆŝĞƐƐƵďŵŝƩĞĚŽŶďĞŚĂůĨŽĨůŝŵŝƚĞĚĐŽŵƉĂŶŝĞƐ͕ ƚŚĞŝƌŶŽŵŝŶĂƟŽŶĂƌĞƌĞƋƵĞƐƚĞĚƚŽƌĞŐŝƐƚĞƌƚŚĞƐĂŵĞďǇ
Capital and Debentures) Rules, 2014, both as amended ƐŽĐŝĞƟĞƐ͕ƉĂƌƚŶĞƌƐŚŝƉĮƌŵƐ͕ĞƚĐ͘ŵƵƐƚďĞƐƵƉƉŽƌƚĞĚďǇ dŚĞŽŵƉĂŶǇŚĂƐƐĞŶƚŶŽƟĐĞƚŽĂůůƚŚĞDĞŵďĞƌƐǁŚŽƐĞ ƐƵďŵŝƫŶŐ&ŽƌŵEŽ͘^,Ͳϭϯ͘/ĨĂDĞŵďĞƌĚĞƐŝƌĞƐƚŽĐĂŶĐĞů
ĨƌŽŵƟŵĞƚŽƟŵĞ͕ƚŚĞĐŽŶƐĞŶƚŽĨƚŚĞŽŵƉĂŶǇďĞĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƌĞƐŽůƵƟŽŶͬĂƵƚŚŽƌŝƚǇ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ ŝƐƐƵĞĚ Dividends are lying unclaimed against their name ƚŚĞĞĂƌůŝĞƌŶŽŵŝŶĂƟŽŶĂŶĚƌĞĐŽƌĚĨƌĞƐŚŶŽŵŝŶĂƟŽŶ͕ŚĞͬ
ŝƐŚĞƌĞďǇĂĐĐŽƌĚĞĚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ;ŚĞƌĞŝŶĂŌĞƌ ŽŶďĞŚĂůĨŽĨƚŚĞŶŽŵŝŶĂƟŶŐŽƌŐĂŶŝƐĂƟŽŶ͘ ĨŽƌ ƐĞǀĞŶ ĐŽŶƐĞĐƵƟǀĞ ǇĞĂƌƐ Žƌ ŵŽƌĞ͘ DĞŵďĞƌƐ ĂƌĞ ƐŚĞŵĂǇƐƵďŵŝƚƚŚĞƐĂŵĞŝŶ&ŽƌŵEŽ͘^,Ͳϭϰ͘DĞŵďĞƌƐ
referred to as the ‘Board’, which term shall be deemed requested to immediately claim the unclaimed dividend holding shares in physical form are requested to submit
ƚŽ ŝŶĐůƵĚĞ ĂŶǇ ŽŵŵŝƩĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ĐŽŶƐƟƚƵƚĞĚ ƚŽ ϯ͘ DĞŵďĞƌƐͬWƌŽǆŝĞƐ ĂŶĚ ƵƚŚŽƌŝƐĞĚ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐ amount due. In case the dividends are not claimed by the forms to the Company. Members holding shares in
exercise its powers, including the powers conferred ĂƌĞ ƌĞƋƵĞƐƚĞĚ ƚŽ ďƌŝŶŐ ƚŽ ƚŚĞ 'D͕ ƚŚĞ ĂƩĞŶĚĂŶĐĞ ƚŚĞ DĞŵďĞƌƐ͕ ŶĞĐĞƐƐĂƌǇ ĂĐƟŽŶ ǁŝůů ďĞ ŝŶŝƟĂƚĞĚ ďǇ ƚŚĞ dematerialised form are requested to submit their forms
ďǇ ƚŚŝƐ ZĞƐŽůƵƟŽŶͿ ĨŽƌ ŵĂŬŝŶŐ ŽīĞƌ;ƐͿ Žƌ ŝŶǀŝƚĂƟŽŶ;ƐͿ slips, enclosed herewith, duly completed and signed, Company to transfer such shares to IEPF in the prescribed to their DPs.
ƚŽ ƐƵďƐĐƌŝďĞ ƚŽ ĐƵŵƵůĂƟǀĞͬŶŽŶͲĐƵŵƵůĂƟǀĞ͕ ůŝƐƚĞĚ Žƌ ŵĞŶƟŽŶŝŶŐƚŚĞƌĞŝŶĚĞƚĂŝůƐŽĨƚŚĞŝƌW/ĂŶĚůŝĞŶƚ/ͬ manner.
ƵŶůŝƐƚĞĚ͕ ƌĞĚĞĞŵĂďůĞ ŶŽŶͲĐŽŶǀĞƌƟďůĞ ĚĞďĞŶƚƵƌĞƐͬ Folio No. Corporate Members intending to send their 12. Members holding shares in physical form are requested
bonds (NCDs) on private placement basis, in one or ĂƵƚŚŽƌŝƐĞĚƌĞƉƌĞƐĞŶƚĂƟǀĞƐƚŽĂƩĞŶĚƚŚĞ'DƉƵƌƐƵĂŶƚ dŚĞ DĞŵďĞƌƐ͕ ǁŚŽƐĞ ƵŶĐůĂŝŵĞĚ ĚŝǀŝĚĞŶĚƐͬƐŚĂƌĞƐ ƚŽĐŽŶƐŝĚĞƌĐŽŶǀĞƌƟŶŐƚŚĞŝƌŚŽůĚŝŶŐƐƚŽĚĞŵĂƚĞƌŝĂůŝǌĞĚ
ŵŽƌĞƐĞƌŝĞƐͬƚƌĂŶĐŚĞƐĚƵƌŝŶŐĂƉĞƌŝŽĚŽĨŽŶĞǇĞĂƌĨƌŽŵ ƚŽ ^ĞĐƟŽŶ ϭϭϯ ŽĨ ƚŚĞ Đƚ͕ ĂƌĞ ƌĞƋƵĞƐƚĞĚ ƚŽ ƐĞŶĚ ƚŽ have been transferred to IEPF, may claim the same by form to eliminate risks associated with physical shares
ƚŚĞĚĂƚĞŽĨƉĂƐƐŝŶŐƚŚŝƐZĞƐŽůƵƟŽŶ͕ƵƉƚŽĂŶĂŵŽƵŶƚŶŽƚ ƚŚĞ ŽŵƉĂŶǇ͕ Ă ĐĞƌƟĮĞĚ ĐŽƉǇ ŽĨ ƚŚĞ ŽĂƌĚ ZĞƐŽůƵƟŽŶ ŵĂŬŝŶŐ ĂŶĚ ĂƉƉůŝĐĂƟŽŶ ƚŽ ƚŚĞ /W& ƵƚŚŽƌŝƚǇ ŝŶ &Žƌŵ ĂŶĚĨŽƌĞĂƐĞŝŶƉŽƌƞŽůŝŽŵĂŶĂŐĞŵĞŶƚ͘
exceeding ` 500 crores (Rupees Five Hundred Crores) ĂƵƚŚŽƌŝƐŝŶŐ ƚŚĞ ƌĞƉƌĞƐĞŶƚĂƟǀĞ ƚŽ ĂƩĞŶĚ ĂŶĚ ǀŽƚĞ ŽŶ EŽ͘ /W&Ͳϱ ĂǀĂŝůĂďůĞ ŽŶ www.iepf.gov.in. Members
ŽŶ ƐƵĐŚ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ĂƐ ƚŚĞ ŽĂƌĚ ŵĂǇ͕ ĨƌŽŵ their behalf at the AGM. ĐĂŶ ĮůĞ ŽŶůǇ ŽŶĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĐůĂŝŵ ŝŶ Ă ĮŶĂŶĐŝĂů ϭϯ͘ hƉĚĂƟŽŶŽĨDĞŵďĞƌƐ͛ĞƚĂŝůƐ͗
ƟŵĞƚŽƟŵĞ͕ĚĞƚĞƌŵŝŶĞĂŶĚĐŽŶƐŝĚĞƌƉƌŽƉĞƌĂŶĚŵŽƐƚ year as per the IEPF Rules. For details, please refer to The format of the Register of Members prescribed by
ďĞŶĞĮĐŝĂů ƚŽ ƚŚĞ ŽŵƉĂŶǇ ŝŶĐůƵĚŝŶŐ ĂƐ ƚŽ ǁŚĞŶ ƚŚĞ 4. The Register of Members and the Share Transfer Corporate Governance Report which is a part of this ƚŚĞDŝŶŝƐƚƌǇŽĨŽƌƉŽƌĂƚĞīĂŝƌƐƵŶĚĞƌƚŚĞĐƚ͕ƌĞƋƵŝƌĞƐ
ƐĂŝĚ EƐ ďĞ ŝƐƐƵĞĚ͕ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ĨŽƌ ƚŚĞ ŝƐƐƵĞ͕ Books of the Company will remain closed from Friday, Annual Report. ƚŚĞ ŽŵƉĂŶǇ ƚŽ ƌĞĐŽƌĚ ĂĚĚŝƟŽŶĂů ĚĞƚĂŝůƐ ŽĨ DĞŵďĞƌƐ͕
ƵƟůŝǌĂƟŽŶ ŽĨ ŝƐƐƵĞ ƉƌŽĐĞĞĚƐ ĂŶĚ Ăůů ŵĂƩĞƌƐ ĐŽŶŶĞĐƚĞĚ July 13, 2018 to Thursday, July 19, 2018, both days inclusive,
for payment of dividend, if approved at the AGM.
including their PAN details, email address, bank details ŝŝ͘ d ŚĞ ĨĂĐŝůŝƚǇ ŽĨ ǀŽƟŶŐ ƚŚƌŽƵŐŚ ĞůĞĐƚƌŽŶŝĐ ǀŽƟŶŐ 4. Your User ID details are given below : ϲ͘ /Ĩ ǇŽƵ ĂƌĞ ĂůƌĞĂĚǇ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ E^> ĨŽƌ ĞͲǀŽƟŶŐ
for payment of dividend, etc. A form for capturing the system or poll papers shall also be made available Manner of holding shares Your User ID is:
ƚŚĞŶǇŽƵĐĂŶƵƐĞǇŽƵƌĞǆŝƐƟŶŐƵƐĞƌ/ĂŶĚƉĂƐƐǁŽƌĚĨŽƌ
ĂĚĚŝƟŽŶĂůĚĞƚĂŝůƐŝƐĂƉƉĞŶĚĞĚĂƚƚŚĞĞŶĚŽĨƚŚŝƐŶŶƵĂů at the AGM. Members holding shares as on i.e. Demat (NSDL or CDSL) or
ĐĂƐƟŶŐ ǇŽƵƌ ǀŽƚĞ͘ ^ŚĂƌĞŚŽůĚĞƌƐ ǁŚŽ ĨŽƌŐŽƚ ƚŚĞŝƌ hƐĞƌ
Report. Members holding shares in physical form are ĐƵƚͲŽī ĚĂƚĞ ŝ͘Ğ͘ dŚƵƌƐĚĂǇ͕ :ƵůǇ ϭϮ͕ ϮϬϭϴ ĂŶĚ Physical
ĞƚĂŝůƐͬĂƌĞƵŶĂďůĞƚŽƌĞƚƌŝĞǀĞŽƌŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚƚŚĞ
ƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚƚŚĞĮůůĞĚŝŶĨŽƌŵƚŽƚŚĞŽŵƉĂŶǇĂŶĚ ĂƩĞŶĚŝŶŐ ƚŚĞ 'D͕ ǁŚŽ ŚĂǀĞ ŶŽƚ ĐĂƐƚ ƚŚĞŝƌ ǀŽƚĞ ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͕ĐĂŶĂĐĐĞƐƐƚŚĞĞͲsŽƟŶŐďǇĨŽůůŽǁŝŶŐƚŚĞ
a) For Members who 8 Character DP ID followed
Members holding shares in electronic form are required ďǇ ƌĞŵŽƚĞ ĞͲǀŽƟŶŐ ƐŚĂůů ďĞ ĂďůĞ ƚŽ ĞǆĞƌĐŝƐĞ ƚŚĞŝƌ ďĞůŽǁŵĞŶƟŽŶĞĚŝŶƐƚƌƵĐƟŽŶƐ͗
hold shares in Demat by 8 Digit Client ID
ƚŽ ƐƵďŵŝƚ ƚŚĞ ĚĞƚĂŝůƐ ƚŽ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ ĞƉŽƐŝƚŽƌǇ right at the AGM.
Account with NSDL. For example if your DP ID
WĂƌƟĐŝƉĂŶƚƐ͘ ĂͿ
ůŝĐŬŽŶ͚&ŽƌŐŽƚhƐĞƌĞƚĂŝůƐͬWĂƐƐǁŽƌĚ͍͛;/ĨǇŽƵĂƌĞ
is IN300*** and Client ID is
iii. The Members who have cast their vote by remote holding shares in your Demat Account with NSDL or
12****** then your user ID
ϭϰ͘ /ŶĐĂƐĞŽĨũŽŝŶƚŚŽůĚĞƌƐĂƩĞŶĚŝŶŐƚŚĞ'D͕ƚŚĞDĞŵďĞƌ ĞͲǀŽƟŶŐ ƉƌŝŽƌ ƚŽ ƚŚĞ 'D ŵĂǇ ĂůƐŽ ĂƩĞŶĚ ^>ͿŽƉƟŽŶĂǀĂŝůĂďůĞŽŶǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ.
is IN300***12******
ǁŚŽƐĞ ŶĂŵĞ ĂƉƉĞĂƌƐ ĂƐ ƚŚĞ ĮƌƐƚ ŚŽůĚĞƌ ŝŶ ƚŚĞ ŽƌĚĞƌ ƚŚĞ 'D ďƵƚ ƐŚĂůů ŶŽƚ ďĞ ĞŶƟƚůĞĚ ƚŽ ĐĂƐƚ ƚŚĞŝƌ
b) For Members who ϭϲŝŐŝƚĞŶĞĮĐŝĂƌǇ/
of the names as per the Register of Members of the vote again. b) ‘PhysicaůhƐĞƌZĞƐĞƚWĂƐƐǁŽƌĚ͍͛;/ĨǇŽƵĂƌĞŚŽůĚŝŶŐ
hold shares in For example if your
ŽŵƉĂŶǇǁŝůůďĞĞŶƟƚůĞĚƚŽǀŽƚĞ͘ ƐŚĂƌĞƐ ŝŶ ƉŚǇƐŝĐĂů ŵŽĚĞͿ ŽƉƟŽŶ ĂǀĂŝůĂďůĞ ŽŶ
Demat Account ĞŶĞĮĐŝĂƌǇ/ŝƐ
ŝǀ͘ d ŚĞƌĞŵŽƚĞĞͲǀŽƟŶŐƉĞƌŝŽĚĐŽŵŵĞŶĐĞƐŽŶDŽŶĚĂǇ͕ ǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ.
with CDSL. 12**************
15. Members are requested to kindly bring their copies of July 16, 2018 (9:00 a.m. IST) and ends on Wednesday,
then your user ID is
the Annual Report to the AGM. As per the requirement July 18, 2018 (5:00 p.m. IST). During this period, ĐͿ /Ĩ ǇŽƵ ĂƌĞ ƐƟůů ƵŶĂďůĞ ƚŽ ŐĞƚ ƚŚĞ ƉĂƐƐǁŽƌĚ
12**************
ŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚʹϮŽŶ͚'ĞŶĞƌĂůDĞĞƟŶŐƐ͛ƚŚĞ Members of the Company, holding shares either in c) For Members EVEN Number followed by
ďǇ ĂĨŽƌĞƐĂŝĚ ƚǁŽ ŽƉƟŽŶƐ͕ ǇŽƵ ĐĂŶ ƐĞŶĚ Ă
ƌŽƵƚĞŵĂƉƐŚŽǁŝŶŐĚŝƌĞĐƟŽŶƐƚŽƌĞĂĐŚƚŚĞǀĞŶƵĞŽĨƚŚĞ physical form or in dematerialized form, as on the holding shares in Folio Number registered with
ƌĞƋƵĞƐƚ Ăƚ ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ ŵĞŶƟŽŶŝŶŐ ǇŽƵƌ
'DĂůŽŶŐǁŝƚŚŝŶĚŝĐĂƟŽŶŽĨƚŚĞƉƌŽŵŝŶĞŶƚůĂŶĚŵĂƌŬŝƐ ĐƵƚͲŽī ĚĂƚĞ ŝ͘Ğ͘ dŚƵƌƐĚĂǇ͕ :ƵůǇ ϭϮ͕ ϮϬϭϴ͕ ŵĂǇ ĐĂƐƚ Physical Form. the Company
ĞŵĂƚ ĐĐŽƵŶƚ ŶƵŵďĞƌͬ&ŽůŝŽ EƵŵďĞƌ͕ ǇŽƵƌ WE͕
ĂŶŶĞǆĞĚƚŽƚŚĞEŽƟĐĞ͘ ƚŚĞŝƌǀŽƚĞďǇƌĞŵŽƚĞĞͲǀŽƟŶŐ͘dŚĞƌĞŵŽƚĞĞͲǀŽƟŶŐ For example if Folio Number
your name and your registered address.
ŵŽĚƵůĞ ƐŚĂůů ďĞ ĚŝƐĂďůĞĚ ďǇ E^> ĨŽƌ ǀŽƟŶŐ is 001*** and EVEN is
ϭϲ͘ d ŚĞ EŽƟĐĞ ŽĨ ƚŚĞ 'D ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ƚŚĞƌĞĂŌĞƌ͘KŶĐĞƚŚĞǀŽƚĞŽŶĂƌĞƐŽůƵƟŽŶŝƐĐĂƐƚďǇ 101456 then user ID is
ϳ͘
ŌĞƌ ĞŶƚĞƌŝŶŐ ǇŽƵƌ ƉĂƐƐǁŽƌĚ͕ ƟĐŬ ŽŶ ŐƌĞĞ ƚŽ ͚dĞƌŵƐ
ĨŽƌ ϮϬϭϳͲϭϴ ŝƐ ďĞŝŶŐ ƐĞŶƚ ďǇ ĞůĞĐƚƌŽŶŝĐ ŵŽĚĞ ƚŽ ƚŚŽƐĞ the Member, the Member shall not be allowed to 101456001***
ĂŶĚŽŶĚŝƟŽŶƐ͛ďǇƐĞůĞĐƟŶŐŽŶƚŚĞĐŚĞĐŬďŽǆ͘
Members whose email addresses are registered with the change it subsequently.
ŽŵƉĂŶǇͬĞƉŽƐŝƚŽƌǇ WĂƌƟĐŝƉĂŶƚƐ͕ ƵŶůĞƐƐ ĂŶǇ DĞŵďĞƌ 5. Your password details are given below: ϴ͘ EŽǁ͕ǇŽƵǁŝůůŚĂǀĞƚŽĐůŝĐŬŽŶ͚>ŽŐŝŶ͛ďƵƩŽŶ͘
has requested for a physical copy of the same. For ǀ͘ d ŚĞ ƉƌŽĐĞƐƐ ĂŶĚ ŵĂŶŶĞƌ ĨŽƌ ƌĞŵŽƚĞ ĞͲǀŽƟŶŐ
Members who have not registered their email addresses, ĐŽŶƐŝƐƚƐŽĨ͚dǁŽ^ƚĞƉƐ͛ĂƐŵĞŶƟŽŶĞĚďĞůŽǁ͗ ĂͿ /ĨǇŽƵĂƌĞĂůƌĞĂĚǇƌĞŐŝƐƚĞƌĞĚĨŽƌĞͲǀŽƟŶŐ͕ƚŚĞŶǇŽƵ ϵ͘ ŌĞƌ ǇŽƵ ĐůŝĐŬ ŽŶ ƚŚĞ ͚>ŽŐŝŶ͛ ďƵƩŽŶ͕ ,ŽŵĞ ƉĂŐĞ ŽĨ
Ă ƉŚǇƐŝĐĂů ĐŽƉǇ ŝƐ ďĞŝŶŐ ƐĞŶƚ ďǇ ƉĞƌŵŝƩĞĚ ŵŽĚĞ͘ dŽ ĐĂŶ ƵƐĞ ǇŽƵƌ ĞǆŝƐƟŶŐ ƉĂƐƐǁŽƌĚ ƚŽ ůŽŐŝŶ ĂŶĚ ĐĂƐƚ ĞͲǀŽƟŶŐǁŝůůŽƉĞŶ͘
ƐƵƉƉŽƌƚ ƚŚĞ ͚'ƌĞĞŶ /ŶŝƟĂƟǀĞ͕͛ DĞŵďĞƌƐ ǁŚŽ ŚĂǀĞ ŶŽƚ ^ƚĞƉϭ͗>ŽŐͲŝŶ ƚŽ E^> ĞͲsŽƟŶŐ ƐǇƐƚĞŵ Ăƚ your vote.
registered their email addresses are required to register ŚƩƉƐ͗ͬͬǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵͬ ĞƚĂŝůƐŽŶ^ƚĞƉϮŝƐŐŝǀĞŶďĞůŽǁ͗
ƚŚĞƐĂŵĞǁŝƚŚƚŚĞŽŵƉĂŶǇͬĞƉŽƐŝƚŽƌǇ͘DĞŵďĞƌƐŵĂǇ ďͿ /ĨǇŽƵĂƌĞƵƐŝŶŐE^>ĞͲǀŽƟŶŐƐǇƐƚĞŵĨŽƌƚŚĞĮƌƐƚ ,ŽǁƚŽĐĂƐƚǇŽƵƌǀŽƚĞĞůĞĐƚƌŽŶŝĐĂůůǇŽŶE^>ĞͲǀŽƟŶŐƐǇƐƚĞŵ͍
ŶŽƚĞ ƚŚĂƚ ƚŚŝƐ EŽƟĐĞ ĂŶĚ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ϮϬϭϳͲϭϴ ^ƚĞƉϮ͗ĂƐƚǇŽƵƌǀŽƚĞĞůĞĐƚƌŽŶŝĐĂůůǇŽŶE^> ƟŵĞ͕ǇŽƵǁŝůůŶĞĞĚƚŽƌĞƚƌŝĞǀĞƚŚĞ͚ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͛
will also be available on the Company’s website viz. ĞͲsŽƟŶŐƐǇƐƚĞŵ͘ which was communicated to you. Once you retrieve ϭ͘ ŌĞƌƐƵĐĐĞƐƐĨƵůůŽŐŝŶĂƚ^ƚĞƉϭ͕ǇŽƵǁŝůůďĞĂďůĞƚŽƐĞĞ
www.tajhotels.com. ǇŽƵƌ ͚ŝŶŝƟĂů ƉĂƐƐǁŽƌĚ͕͛ ǇŽƵ ŶĞĞĚ ĞŶƚĞƌ ƚŚĞ ͚ŝŶŝƟĂů ƚŚĞ,ŽŵĞƉĂŐĞŽĨĞͲǀŽƟŶŐ͘ůŝĐŬŽŶĞͲǀŽƟŶŐ͘dŚĞŶ͕ĐůŝĐŬ
ĞƚĂŝůƐŽŶ^ƚĞƉϭŝƐŵĞŶƟŽŶĞĚďĞůŽǁ͗ password’ and the system will prompt you to ŽŶĐƟǀĞsŽƟŶŐǇĐůĞƐ͘
ϭϳ͘ ZĞůĞǀĂŶƚ ĚŽĐƵŵĞŶƚƐ ƌĞĨĞƌƌĞĚ ƚŽ ŝŶ ƚŚĞ EŽƟĐĞ ĂŶĚ ƚŚĞ ,ŽǁƚŽ>ŽŐͲŝŶƚŽE^>ĞͲsŽƟŶŐǁĞďƐŝƚĞ͍ change your password.
ǆƉůĂŶĂƚŽƌǇ ^ƚĂƚĞŵĞŶƚ ĂƌĞ ŽƉĞŶ ĨŽƌ ŝŶƐƉĞĐƟŽŶ ďǇ ƚŚĞ ϭ͘ sŝƐŝƚ ƚŚĞ ĞͲsŽƟŶŐ ǁĞďƐŝƚĞ ŽĨ E^>͘ KƉĞŶ ƚŚĞ Ϯ͘ ŌĞƌĐůŝĐŬůŝŶŐŽŶĐƟǀĞsŽƟŶŐǇĐůĞƐ͕ǇŽƵǁŝůůďĞĂďůĞƚŽ
DĞŵďĞƌƐĂƚƚŚĞZĞŐŝƐƚĞƌĞĚKĸĐĞŽĨƚŚĞŽŵƉĂŶǇŽŶĂůů internet web browser by typing the following URL: ĐͿ ,ŽǁƚŽƌĞƚƌŝĞǀĞǇŽƵƌ͚ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͍͛ see all the companies’ ‘EVEN’ in which you are holding
working days, except Saturdays, during business hours ŚƩƉƐ͗ͬͬǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵͬ either on a Personal ƐŚĂƌĞƐĂŶĚǁŚŽƐĞǀŽƟŶŐĐǇĐůĞŝƐŝŶĂĐƟǀĞƐƚĂƚƵƐ͘
up to the date of the AGM and also at the venue of the Computer or on a mobile. (i) If your email ID is registered in your Demat
AGM. ĐĐŽƵŶƚ Žƌ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͕ ǇŽƵƌ ͚ŝŶŝƟĂů 3. Select ‘EVEN’ of The Indian Hotels Company Limited.
Ϯ͘ KŶĐĞ ƚŚĞ ŚŽŵĞ ƉĂŐĞ ŽĨ ĞͲsŽƟŶŐ ƐǇƐƚĞŵ ŝƐ ůĂƵŶĐŚĞĚ͕ password’ is communicated to you on your
ϭϴ͘ sŽƟŶŐƚŚƌŽƵŐŚĞůĞĐƚƌŽŶŝĐŵĞĂŶƐ click on the icon ‘Login’ which is available under email ID. Open the email sent to you by NSDL ϰ͘ EŽǁǇŽƵĂƌĞƌĞĂĚǇĨŽƌĞͲǀŽƟŶŐĂƐƚŚĞsŽƟŶŐƉĂŐĞŽƉĞŶƐ͘
ŝ͘ /ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϬϴŽĨƚŚĞ ͚^ŚĂƌĞŚŽůĚĞƌƐ͛ƐĞĐƟŽŶ͘ ĂŶĚ ĂĐĐĞƐƐ ƚŚĞ ĂƩĂĐŚĞĚ W& ĮůĞ ǀŝǌ͘ ͚ƌĞŵŽƚĞ
Act, Rule 20 of the Companies (Management and ĞͲǀŽƟŶŐ͘ƉĚĨ͛͘ dŚĞ ƉĂƐƐǁŽƌĚ ƚŽ ŽƉĞŶ ƚŚĞ ͘ƉĚĨ ϱ͘ ĂƐƚ ǇŽƵƌ ǀŽƚĞ ďǇ ƐĞůĞĐƟŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ŽƉƟŽŶƐ ŝ͘Ğ͘
ĚŵŝŶŝƐƚƌĂƟŽŶͿZƵůĞƐ͕ϮϬϭϰĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞ 3. A new screen will open. You will have to enter your User ĮůĞŝƐǇŽƵƌϴĚŝŐŝƚůŝĞŶƚ/ĨŽƌE^>ĂĐĐŽƵŶƚ͕ ĂƐƐĞŶƚ Žƌ ĚŝƐƐĞŶƚ͕ ǀĞƌŝĨǇͬŵŽĚŝĨǇ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ
ƚŽƟŵĞĂŶĚZĞŐƵůĂƟŽŶϰϰŽĨƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ /͕ǇŽƵƌWĂƐƐǁŽƌĚĂŶĚĂsĞƌŝĮĐĂƟŽŶŽĚĞĂƐƐŚŽǁŶŽŶ last 8 digits of client ID for CDSL account or for which you wish to cast your vote and click on ‘Submit’
the Company is pleased to provide its Members the the screen. Folio Number for shares held in physical form. ĂŶĚĂůƐŽ͚ŽŶĮƌŵ͛ǁŚĞŶƉƌŽŵƉƚĞĚ͘
ĨĂĐŝůŝƚǇƚŽĞǆĞƌĐŝƐĞƚŚĞŝƌƌŝŐŚƚƚŽǀŽƚĞŽŶƌĞƐŽůƵƟŽŶƐ dŚĞ͘ƉĚĨĮůĞĐŽŶƚĂŝŶƐǇŽƵƌ͚hƐĞƌ/͛ĂŶĚǇŽƵƌ
proposed to be considered at the AGM by electronic ůƚĞƌŶĂƟǀĞůǇ͕ ŝĨ ǇŽƵ ĂƌĞ ƌĞŐŝƐƚĞƌĞĚ ĨŽƌ E^> ĞƐĞƌǀŝĐĞƐ ͚ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͛͘ ϲ͘ hƉŽŶĐŽŶĮƌŵĂƟŽŶ͕ƚŚĞŵĞƐƐĂŐĞ͚sŽƚĞĐĂƐƚƐƵĐĐĞƐƐĨƵůůǇ͛
ŵĞĂŶƐ ŽĨ ƌĞŵŽƚĞ ĞͲǀŽƟŶŐ ;ƚŽ ĐĂƐƚ ƚŚĞŝƌ ǀŽƚĞ ŝ͘Ğ͘/^͕ǇŽƵĐĂŶůŽŐͲŝŶĂƚŚƩƉƐ͗ͬͬĞƐĞƌǀŝĐĞƐ͘ŶƐĚů͘ĐŽŵͬ will be displayed.
electronically from a place other than the venue of ǁŝƚŚǇŽƵƌĞǆŝƐƟŶŐ/^ůŽŐŝŶ͘KŶĐĞǇŽƵůŽŐͲŝŶƚŽE^> ;ŝŝͿ /ĨǇŽƵƌĞŵĂŝů/ŝƐŶŽƚƌĞŐŝƐƚĞƌĞĚ͕ǇŽƵƌ͚ŝŶŝƟĂů
ƚŚĞ 'DͿ͕ ƚŚƌŽƵŐŚ ĞͲǀŽƟŶŐ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďǇ ĞƐĞƌǀŝĐĞƐ ĂŌĞƌ ƵƐŝŶŐ ǇŽƵƌ ůŽŐͲŝŶ ĐƌĞĚĞŶƟĂůƐ͕ ĐůŝĐŬ ŽŶ password’ is communicated to you on your 7. You can also take the printout of the votes cast by you by
E^>ŽŶĂůůƌĞƐŽůƵƟŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐEŽƟĐĞ͘ ĞͲsŽƟŶŐ ĂŶĚ ǇŽƵ ĐĂŶ ƉƌŽĐĞĞĚ ƚŽ ^ƚĞƉ Ϯ ŝ͘Ğ͘ ĂƐƚ ǇŽƵƌ postal address. ĐůŝĐŬŝŶŐŽŶƚŚĞƉƌŝŶƚŽƉƟŽŶŽŶƚŚĞĐŽŶĮƌŵĂƟŽŶƉĂŐĞ͘
vote electronically.

ϴ͘ K ŶĐĞǇŽƵĐŽŶĮƌŵǇŽƵƌǀŽƚĞŽŶƚŚĞƌĞƐŽůƵƟŽŶ͕ǇŽƵǁŝůů ϲ͘ DͬƐ EĞǀŝůůĞ ĂƌŽŐĂ Θ ƐƐŽĐŝĂƚĞƐ͕ WƌĂĐƟĐŝŶŐ ŽŵƉĂŶǇ
not be allowed to modify your vote. Secretary (Membership No. 8663) has been appointed as
ǆƉůĂŶĂƚŽƌǇ^ƚĂƚĞŵĞŶƚ
WƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϭϬϮŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ
ƚŚĞ^ĐƌƵƟŶŝǌĞƌďǇƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶǇ
'ĞŶĞƌĂů/ŶƐƚƌƵĐƟŽŶƐĨŽƌƐŚĂƌĞŚŽůĚĞƌƐ ƚŽƐĐƌƵƟŶŝǌĞƚŚĞƌĞŵŽƚĞĞͲǀŽƟŶŐĂŶĚƚŚĞǀŽƟŶŐĂƚƚŚĞ
ϭ͘ /ŶƐƟƚƵƟŽŶĂů ƐŚĂƌĞŚŽůĚĞƌƐ ;ŝ͘Ğ͘ ŽƚŚĞƌ ƚŚĂŶ ŝŶĚŝǀŝĚƵĂůƐ͕ AGM in a fair and transparent manner.
1. The following Explanatory Statement sets out the East, Africa and Asia. Mr. Chhatwal has launched and
,h&͕EZ/ĞƚĐ͘ͿĂƌĞƌĞƋƵŝƌĞĚƚŽƐĞŶĚƐĐĂŶŶĞĚĐŽƉǇ;W&ͬ
ŵĂƚĞƌŝĂůĨĂĐƚƐƌĞůĂƟŶŐƚŽƚŚĞďƵƐŝŶĞƐƐƵŶĚĞƌ/ƚĞŵEŽƐ͘ ƌĞͲůĂƵŶĐŚĞĚ ǀĂƌŝŽƵƐ ĐŽŶƐƵŵĞƌ ďƌĂŶĚƐ ;ŚŽƐƉŝƚĂůŝƚǇͿ ĂŶĚ
:W'&ŽƌŵĂƚͿŽĨƚŚĞƌĞůĞǀĂŶƚŽĂƌĚZĞƐŽůƵƟŽŶͬƵƚŚŽƌŝƚǇ ϳ͘ dŚĞ^ĐƌƵƟŶŝǌĞƌƐŚĂůůŝŵŵĞĚŝĂƚĞůǇĂŌĞƌƚŚĞĐŽŶĐůƵƐŝŽŶŽĨ
ϱͲϴŽĨƚŚĞĂĐĐŽŵƉĂŶǇŝŶŐEŽƟĐĞĚĂƚĞĚDĂǇϮϱ͕ϮϬϭϴ͘ umbrella brand (B2B).
ůĞƩĞƌ ĞƚĐ͘ ǁŝƚŚ ĂƩĞƐƚĞĚ ƐƉĞĐŝŵĞŶ ƐŝŐŶĂƚƵƌĞ ŽĨ ƚŚĞ ǀŽƟŶŐĂƚƚŚĞ'D͕ĮƌƐƚĐŽƵŶƚƚŚĞǀŽƚĞƐĐĂƐƚĂƚƚŚĞ'D
duly authorized signatory(ies) who are authorized to ĂŶĚ ƚŚĞƌĞĂŌĞƌ ƵŶďůŽĐŬ ƚŚĞ ǀŽƚĞƐ ĐĂƐƚ ƚŚƌŽƵŐŚ ƌĞŵŽƚĞ
ǀŽƚĞ͕ ƚŽ ƚŚĞ ^ĐƌƵƟŶŝǌĞƌ ďǇ ƐĞŶĚŝŶŐ ĂŶ ĞͲŵĂŝů ƚŽ
/ƚĞŵEŽƐ͘ϱΘϲ 7. In his association with Steigenberger Hotels AG,
ĞͲǀŽƟŶŐ ŝŶ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ Ăƚ ůĞĂƐƚ ƚǁŽ ǁŝƚŶĞƐƐĞƐ ŶŽƚ
Ϯ͘ ĂƐĞĚŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƟŽŶƐŽĨƚŚĞEŽŵŝŶĂƟŽŶĂŶĚ the group witnessed a growth of more than 50% in
ŶĞǀŝůůĞĚĂƌŽŐĂΛŐŵĂŝů͘ĐŽŵ ǁŝƚŚ Ă ĐŽƉǇ ŵĂƌŬĞĚ ƚŽ in the employment of the Company and shall make, not
ZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ;͚EZ͛Ϳ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ portfolio along with increased presence in gateway
ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ͘ later than two days from the conclusion of the AGM, a
ŽĨƚŚĞŽŵƉĂŶǇ;͚ŽĂƌĚ͛ͿĂƚƚŚĞŝƌŵĞĞƟŶŐŚĞůĚŽŶƵŐƵƐƚ destinations. During Mr. Chhatwal’s tenure, the hotel
ĐŽŶƐŽůŝĚĂƚĞĚ^ĐƌƵƟŶŝǌĞƌ͛ƐZĞƉŽƌƚŽĨƚŚĞƚŽƚĂůǀŽƚĞƐĐĂƐƚ
Ϯϵ͕ϮϬϭϳĂƉƉŽŝŶƚĞĚDƌ͘WƵŶĞĞƚŚŚĂƚǁĂůĂƐĂŶĚĚŝƟŽŶĂů was accredited amongst Germany’s Superbrands
2. It is strongly recommended not to share your password in favour or against, if any, to the Chairman or a person
Director of the Company w.e.f. November 6, 2017 under (among top 50 brands) and was the winner of 2016
with any other person and take utmost care to keep ĂƵƚŚŽƌŝǌĞĚďǇŚŝŵŝŶǁƌŝƟŶŐ͕ǁŚŽƐŚĂůůĐŽƵŶƚĞƌƐŝŐŶƚŚĞ
^ĞĐƟŽŶ ϭϲϭ;ϭͿ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ;͚ƚŚĞ Đƚ͛Ϳ Grand Prix for the most progressive company at
ǇŽƵƌ ƉĂƐƐǁŽƌĚ ĐŽŶĮĚĞŶƟĂů͘ >ŽŐŝŶ ƚŽ ƚŚĞ ĞͲǀŽƟŶŐ ƐĂŵĞĂŶĚĚĞĐůĂƌĞƚŚĞƌĞƐƵůƚŽĨƚŚĞǀŽƟŶŐĨŽƌƚŚǁŝƚŚ͘
ĂŶĚƌƟĐůĞϭϯϮŽĨƚŚĞŽŵƉĂŶǇ͛ƐƌƟĐůĞƐŽĨƐƐŽĐŝĂƟŽŶ͘ Worldwide Hospitality Awards in Paris besides being
ǁĞďƐŝƚĞǁŝůůďĞĚŝƐĂďůĞĚƵƉŽŶĮǀĞƵŶƐƵĐĐĞƐƐĨƵůĂƩĞŵƉƚƐ
The Board also appointed Mr. Chhatwal as the chosen as the Best Employer and Service Champion
to key in the correct password. In such an event, ϴ͘ dŚĞ ZĞƐƵůƚƐ ĚĞĐůĂƌĞĚ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ^ĐƌƵƟŶŝǌĞƌ͛Ɛ
DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ Θ ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ ;͚D Θ for five years in a row.
ǇŽƵ ǁŝůů ŶĞĞĚ ƚŽ ŐŽ ƚŚƌŽƵŐŚ ƚŚĞ ͚&ŽƌŐŽƚ hƐĞƌ ĞƚĂŝůƐͬ Report shall be placed on the Company’s website
KΖͿ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ĮǀĞ ǇĞĂƌƐ ĨƌŽŵ
WĂƐƐǁŽƌĚ͍͛ Žƌ WŚǇƐŝĐĂů hƐĞƌ ZĞƐĞƚ WĂƐƐǁŽƌĚ͍͛ ŽƉƟŽŶ www.tajhotels.com and on the website of NSDL
November 6, 2017 upto November 5, 2022, subject to ϴ͘ ĞĨŽƌĞ ƚŚŝƐ ĂƐƐŝŐŶŵĞŶƚ͕ ŚĞ ŚĞůĚ ƐĞǀĞƌĂů ƉŽƐŝƟŽŶƐ ƐƵĐŚ
ĂǀĂŝůĂďůĞŽŶǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵƚŽƌĞƐĞƚƚŚĞƉĂƐƐǁŽƌĚ͘ ŝŵŵĞĚŝĂƚĞůǇ ĂŌĞƌ ƚŚĞ ZĞƐƵůƚƐ ĂƌĞ ĚĞĐůĂƌĞĚ͘ dŚĞ
approval of the Members. Mr. Chhatwal will be based ĂƐǆĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨĞǀĞůŽƉŵĞŶƚKĸĐĞƌ
Company shall simultaneously forward the Results to
in India. and Vice President Development for The Rezidor Hotel
3. In case of any queries, you may refer the Frequently dŚĞ ^ >ŝŵŝƚĞĚ ĂŶĚ EĂƟŽŶĂů ^ƚŽĐŬ ǆĐŚĂŶŐĞ ŽĨ /ŶĚŝĂ
Group where he was responsible for driving strategy
ƐŬĞĚ YƵĞƐƟŽŶƐ ;͚&YƐ͛Ϳ ĨŽƌ ^ŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ Limited where the shares of the Company are listed. The
ϯ͘ /Ŷ ƚĞƌŵƐ ŽĨ ^ĞĐƟŽŶ ϭϲϭ;ϭͿ ŽĨ ƚŚĞ Đƚ͕ Dƌ͘ ŚŚĂƚǁĂů and branding. Prior to this, Mr. Chhatwal also served the
ĞͲǀŽƟŶŐ ƵƐĞƌ ŵĂŶƵĂů ĨŽƌ ^ŚĂƌĞŚŽůĚĞƌƐ ĂǀĂŝůĂďůĞ Ăƚ ƚŚĞ ZĞƐƵůƚƐƐŚĂůůĂůƐŽďĞĚŝƐƉůĂǇĞĚŽŶƚŚĞEŽƟĐĞŽĂƌĚĂƚƚŚĞ
ŚŽůĚƐ ŽĸĐĞ ŽŶůǇ ƵƉƚŽ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ĨŽƌƚŚĐŽŵŝŶŐ Feuring Group where he was involved in Feasibility Study
ĚŽǁŶůŽĂĚ ƐĞĐƟŽŶ ŽĨ ǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ Žƌ ĐĂůů ŽŶ ZĞŐŝƐƚĞƌĞĚKĸĐĞΘƚŚĞŽƌƉŽƌĂƚĞKĸĐĞŽĨƚŚĞŽŵƉĂŶǇ
ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƟŶŐ ;͚'D͛Ϳ ďƵƚ ŝƐ ĞůŝŐŝďůĞ ĨŽƌ ǁŽƌŬĂŶĚĐŽŵƉůĞƚĞĚĂďŽƵƚϱϬƚƌĂŶƐĂĐƟŽŶƐŝŶƵƌŽƉĞĂƐ
ƚŽůů ĨƌĞĞ ŶŽ͗͘ ϭϴϬϬͲϮϮϮͲϵϵϬ Žƌ ƐĞŶĚ Ă ƌĞƋƵĞƐƚ ďǇ ĞŵĂŝů for at least three days.
ĂƉƉŽŝŶƚŵĞŶƚ ĂƐ Ă ŝƌĞĐƚŽƌ͘ ŶŽƟĐĞ ƵŶĚĞƌ ^ĞĐƟŽŶ ǁĞůůĂƐEŽƌƚŚĨƌŝĐĂĨŽƌďƌĂŶĚƐůŝŬĞ>ĞDĞƌŝĚŝĞŶ͕DĂƌƌŝŽƩ͕
ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ͘
160(1) of the Act has been received from a Member Mövenpick, etc. Prior to this, he also worked with
By Order of the Board of Directors ƐŝŐŶŝĨǇŝŶŐ ŝƚƐ ŝŶƚĞŶƟŽŶ ƚŽ ƉƌŽƉŽƐĞ Dƌ͘ ŚŚĂƚǁĂů͛Ɛ The Ashok Group of Hotels in India.
ϰ͘ dŚĞǀŽƟŶŐƌŝŐŚƚƐŽĨƚŚĞDĞŵďĞƌƐƐŚĂůůďĞŝŶƉƌŽƉŽƌƟŽŶ
appointment as a Director.
ƚŽ ƚŚĞŝƌ ƐŚĂƌĞƐ ŝŶ ƚŚĞ ƉĂŝĚͲƵƉ ĞƋƵŝƚǇ ƐŚĂƌĞ ĐĂƉŝƚĂů
9. The Company is one of the leading hotel groups in India
ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĂƐ ŽŶ ƚŚĞ ĐƵƚͲŽī ĚĂƚĞ ŝ͘Ğ͘ dŚƵƌƐĚĂǇ͕
ĞĞũĂůĞƐĂŝ ϰ͘ Dƌ͘ŚŚĂƚǁĂůŚŽůĚƐĂŶDŝŶŝŶƚĞƌŶĂƟŽŶĂůŚŽƐƉŝƚĂůŝƚǇ with strategic presence in key global markets. In India,
July 12, 2018. A person whose name is recorded in the
Senior Vice President – Legal and Company Secretary ĨƌŽŵ /ŶƐƟƚƵƚĞ Ğ DĂŶĂŐĞŵĞŶƚ ,ŽƚĞůŝĞƌ /ŶƚĞƌŶĂƟŽŶĂů ĂŶĂƐƐŽƌƚŵĞŶƚŽĨŝŶŇƵĞŶĐĞƐŚĂĚƌĞƉƌĞƐƐĞĚƚŚĞƐĞĐƚŽƌ͛Ɛ
ZĞŐŝƐƚĞƌ ŽĨ DĞŵďĞƌƐ Žƌ ŝŶ ƚŚĞ ZĞŐŝƐƚĞƌ ŽĨ ĞŶĞĮĐŝĂů
;/D,/Ϳ ;ŽƌŶĞůůͲƐƐĞĐͿ &ƌĂŶĐĞ͘ ,Ğ ŚĂƐ ĂůƐŽ ĐŽŵƉůĞƚĞĚ endeavours to grow from 2009 to 2015, however,
KǁŶĞƌƐŵĂŝŶƚĂŝŶĞĚďǇƚŚĞĞƉŽƐŝƚŽƌŝĞƐĂƐŽŶƚŚĞĐƵƚͲŽī
his Advanced Management Program from INSEAD at ϮϬϭϲͲϭϳ ƉƌŽǀŝĚĞĚ ƐƵĸĐŝĞŶƚ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞ
ĚĂƚĞŽŶůǇƐŚĂůůďĞĞŶƟƚůĞĚƚŽĂǀĂŝůƚŚĞĨĂĐŝůŝƚǇŽĨǀŽƟŶŐ͕
Mumbai, May 25, 2018 Fountainbleau, France and Singapore and also holds ŶĞǆƚ ƵƉͲĐǇĐůĞ ǁĂƐ ŝŶ ƚŚĞ ŽĸŶŐ͘ Ɛ ƉĞƌ ,s^ ZĞƉŽƌƚ͕
ĞŝƚŚĞƌƚŚƌŽƵŐŚƌĞŵŽƚĞĞͲǀŽƟŶŐŽƌǀŽƟŶŐĂƚƚŚĞ'D͘
Ă ĚĞŐƌĞĞ ĨƌŽŵ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ,ŽƚĞů DĂŶĂŐĞŵĞŶƚ͕ ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ŽŶĂŶĂƟŽŶǁŝĚĞďĂƐŝƐ͕ŶĞǁďƌĂŶĚĞĚ
ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗ New Delhi. and organised supply grew by merely 5.9% while overall
5. Any person, who acquires shares of the Company and
demand increased by 9.6% in the same period. The
ďĞĐŽŵĞƐ Ă DĞŵďĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ĂŌĞƌ ĚĞƐƉĂƚĐŚ ŽĨ Mandlik House, Mandlik Road, Mumbai 400 001.
5. Mr. Chhatwal is a hospitality industry veteran, with an ůŽŶŐͲƚĞƌŵ ŽƵƚůŽŽŬ ĨŽƌ ƚŚĞ /ŶĚŝĂŶ ŚŽƐƉŝƚĂůŝƚǇ ďƵƐŝŶĞƐƐ
ƚŚĞEŽƟĐĞĂŶĚŚŽůĚŝŶŐƐŚĂƌĞƐĂƐŽĨƚŚĞĐƵƚͲŽīĚĂƚĞ͕ŵĂǇ CIN: L74999MH1902PLC000183 experience of over three decades. He was previously ƌĞŵĂŝŶƐ ƉŽƐŝƟǀĞ͕ ďŽƚŚ ĨŽƌ ƚŚĞ ďƵƐŝŶĞƐƐ ĂŶĚ ůĞŝƐƵƌĞ
obtain the login ID and password by sending a request to Tel.: 022 66395515 Fax: 022 22027442 ƚŚĞ ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ ŽĨ ĞƵƚƐĐŚĞ ,ŽƐƉŝƚĂůŝƚǇͬ ƐĞŐŵĞŶƚƐ ǁŝƚŚ ƚŚĞ ƉŽƚĞŶƟĂů ĨŽƌ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ͕
ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ ĂŶĚ ŵĂǇ ĐĂƐƚ ƚŚĞŝƌ ǀŽƚĞ ďǇ ƌĞŵŽƚĞ Email: ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ Steigenberger Hotels AG. increases in disposable incomes and the burgeoning
ĞͲǀŽƟŶŐŽƌĂƚƚŚĞ'D͘ Website: www.tajhotels.com middle class. India’s Travel & Tourism sector was also
ϲ͘ ,ĞŚĂƐďĞĞŶŝŶƐĞŶŝŽƌŝŶƚĞƌŶĂƟŽŶĂůůĞĂĚĞƌƐŚŝƉƌŽůĞƐĨŽƌ the fastest growing among the G20 countries, growing
almost 20 years. He was living in Europe for the past 28 by 8.5% in 2016.
ǇĞĂƌƐĂŶĚǁĂƐƚŚĞĮƌƐƚŶŽŶͲƵƌŽƉĞĂŶƚŽŚĞĂĚĂƵƌŽƉĞĂŶ
,ŽƐƉŝƚĂůŝƚǇ ŽƌŐĂŶŝƐĂƟŽŶ ǁŝƚŚ ŚŝƐ ŝŶŶŽǀĂƟǀĞ ůĞĂĚĞƌƐŚŝƉ͘ 10. Given this environment, sustaining and growing market
He is perceived as a recognised team builder focusing ƐŚĂƌĞŝƐĐŽŶƐŝĚĞƌĞĚĐƌŝƟĐĂůĨŽƌƚŚĞůŽŶŐͲƚĞƌŵƐƵĐĐĞƐƐŽĨ
ŽŶƌĞůĂƟŽŶƐŚŝƉƐ͕ƉĞŽƉůĞĂŶĚƚĞĂŵƐ͘,ĞŝƐĐƌĞĚŝƚĞĚǁŝƚŚ the Company. The Company is looking at various revenue
ŚĂǀŝŶŐ Ă ĚĞƚĂŝůĞĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ďŽĂƌĚ ĨƵŶĐƟŽŶ ŝŶ enhancement and cost containment measures so that it
minority and sliver equity partnerships, joint ventures can take advantage of the upswing in business as the
ŽƌŽƚŚĞƌƉĂƌƚŶĞƌƐŚŝƉƐ͘,ĞǁĂƐƐƵĐĐĞƐƐĨƵůŝŶĐŽŵƉůĞƟŶŐ economy recovers and the demand supply imbalance
over 500 contracts in the last 25 years in Europe, Middle gets corrected.

ϭϭ͘
ƉĂƌƚ ĨƌŽŵ ŝƚƐ ĐŽƌĞ ĚŽŵĞƐƟĐ ďƵƐŝŶĞƐƐ ŝŶ /ŶĚŝĂ͕ ƚŚĞ and separately communicated to him and exercise ͻ Ăƌ ǁŝƚŚ ĚƌŝǀĞƌ ƉƌŽǀŝĚĞĚ͕ ŵĂŝŶƚĂŝŶĞĚ ďǇ ƚŚĞ
Ϳ /ŶĐĞŶƟǀĞZĞŵƵŶĞƌĂƟŽŶ͗
ŽŵƉĂŶǇ ŽƉĞƌĂƚĞƐ ŚŽƚĞůƐ ŝŶ ƚĞŶ ŝŶƚĞƌŶĂƟŽŶĂů ŵĂƌŬĞƚƐ such powers as may be assigned to him, subject to ŽŵƉĂŶǇ ĨŽƌ ŽĸĐŝĂů ĂŶĚ ƉĞƌƐŽŶĂů ƵƐĞ ĂƐ ƉĞƌ
which include the United States, United Kingdom, ƚŚĞ ƐƵƉĞƌŝŶƚĞŶĚĞŶĐĞ͕ ĐŽŶƚƌŽů ĂŶĚ ĚŝƌĞĐƟŽŶƐ ŽĨ ƚŚĞ Rules of the Company. ^ƵĐŚ /ŶĐĞŶƟǀĞ ZĞŵƵŶĞƌĂƟŽŶ ŶŽƚ ĞǆĐĞĞĚŝŶŐ
South Africa, Zambia, Dubai, Maldives, Sri Lanka, Bhutan, ŽĂƌĚ ŝŶ ĐŽŶŶĞĐƟŽŶ ǁŝƚŚ ĂŶĚ ŝŶ ƚŚĞ ďĞƐƚ ŝŶƚĞƌĞƐƚƐ 200% of salary to be paid annually at the
EĞƉĂůĂŶĚDĂůĂǇƐŝĂ͘dĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐŝŐŶŝĮĐĂŶƚ of the business of the Company and the business of ͻ d ĞůĞĐŽŵŵƵŶŝĐĂƟŽŶ ĨĂĐŝůŝƟĞƐ ŝŶĐůƵĚŝŶŐ ĚŝƐĐƌĞƟŽŶ ŽĨ ƚŚĞ ŽĂƌĚ͕ ďĂƐĞĚ ŽŶ ĐĞƌƚĂŝŶ
investments that the Company has made in recent ĂŶǇŽŶĞŽƌŵŽƌĞŽĨŝƚƐĂƐƐŽĐŝĂƚĞĚĐŽŵƉĂŶŝĞƐĂŶĚͬŽƌ broadband, internet and mobile as per Rules performance criteria and such other
years in its overseas assets, the MD & CEO is expected ƐƵďƐŝĚŝĂƌŝĞƐ͕ŝŶĐůƵĚŝŶŐƉĞƌĨŽƌŵŝŶŐĚƵƟĞƐĂƐĂƐƐŝŐŶĞĚ of the Company. parameters as may be considered appropriate
ƚŽĚĞǀŽƚĞĂĨĂŝƌĂŵŽƵŶƚŽĨŚŝƐƟŵĞƚŽĂĚĚƌĞƐƐŵĂƩĞƌƐ ƚŽ ƚŚĞ D Θ K ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ ďǇ ƐĞƌǀŝŶŐ ŽŶ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ͘ /ŶĐĞŶƟǀĞ ZĞŵƵŶĞƌĂƟŽŶ
ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ŽǀĞƌƐĞĂƐ ĂĐƋƵŝƐŝƟŽŶƐ ĂŶĚ ŝŵƉƌŽǀĞ ƚŚĞ ƚŚĞ ďŽĂƌĚƐ ŽĨ ƐƵĐŚ ĂƐƐŽĐŝĂƚĞĚ ĐŽŵƉĂŶŝĞƐ ĂŶĚͬŽƌ ͻ ,ŽƵƐŝŶŐůŽĂŶĂƐƉĞƌZƵůĞƐŽĨƚŚĞŽŵƉĂŶǇ͘ would be payable only when the Company
ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐƉŽƌƞŽůŝŽ͘ ƐƵďƐŝĚŝĂƌŝĞƐ Žƌ ĂŶǇ ŽƚŚĞƌ ĞǆĞĐƵƟǀĞ ďŽĚǇ Žƌ ĂŶǇ cannot pay Commission.
ĐŽŵŵŝƩĞĞŽĨƐƵĐŚĂĐŽŵƉĂŶǇ͘dŚĞDΘKƐŚĂůů (d) Other perquisites and allowances given below
ϭϮ͘ '
ŝǀĞŶƚŚĞƐĞƉƌŝŽƌŝƟĞƐĂƐĞĂƌĐŚǁĂƐĐŽŶĚƵĐƚĞĚŽŶĂŐůŽďĂů not exceed the powers so delegated by the Board as subject to a maximum of 55% of salary per Ϳ ĚĚŝƟŽŶĂůWĞƌĨŽƌŵĂŶĐĞŽŶƵƐ͗
ďĂƐŝƐĨŽƌĂůĞĂĚĞƌǁŝƚŚŝŶƚĞƌŶĂƟŽŶĂůŚŽƐƉŝƚĂůŝƚǇĞǆƉĞƌŝĞŶĐĞ set out above. The MD & CEO undertakes to employ annum. This includes:
across various hospitality formats and markets (including the best of his skill and ability and to make his utmost dŽďĞƉĂŝĚĂƚƚŚĞĞŶĚŽĨƚǁŽ͕ĨŽƵƌĂŶĚĮǀĞǇĞĂƌƐ
the experience of overseeing the Indian market) and endeavours to promote the interests and welfare of ͻ DĞĚŝĐĂůĂůůŽǁĂŶĐĞ ϴ͘ϯϯй based on measurable improvement criteria set
ability to manage and build scale. The candidates the Company and to conform to and comply with out by the Board as detailed in the Agreement
were screened by the NRC which recommended ƚŚĞƉŽůŝĐŝĞƐĂŶĚƌĞŐƵůĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶǇĂŶĚĂůů ͻ >ĞĂǀĞdƌĂǀĞůŽŶĐĞƐƐŝŽŶͬůůŽǁĂŶĐĞϴ͘ϯϯй entered into between the Company and
Mr. Puneet Chhatwal to the Board. ƐƵĐŚ ŽƌĚĞƌƐ ĂŶĚ ĚŝƌĞĐƟŽŶƐ ĂƐ ŵĂǇ ďĞ ŐŝǀĞŶ ƚŽ Śŝŵ Mr. Chhatwal.
ĨƌŽŵƟŵĞƚŽƟŵĞďǇƚŚĞŽĂƌĚ͘Dƌ͘ŚŚĂƚǁĂůƐŚĂůů ͻ KƚŚĞƌůůŽǁĂŶĐĞƐ ϯϯ͘ϯϰй
13. The Board is of the view that, with Mr. Chhatwal’s ƵŶĚĞƌƚĂŬĞ ŚŝƐ ĚƵƟĞƐ ĨƌŽŵ ƐƵĐŚ ůŽĐĂƟŽŶ ĂƐ ŵĂǇ ďĞ Plan Period: Five years
ĞǆƉĞƌŝĞŶĐĞĂŶĚĞǆƉĞƌƟƐĞŝŶƚŚĞŐůŽďĂůŚŽƐƉŝƚĂůŝƚǇƐĞĐƚŽƌ͕ directed by the Board. ͻ ĞƌƐŽŶĂů ĐĐŝĚĞŶƚ /ŶƐƵƌĂŶĐĞ Λ ĂĐƚƵĂůƐ͕ ĂƐ
W
ƚŚĞŽŵƉĂŶǇǁŽƵůĚŐƌĞĂƚůǇďĞŶĞĮƚĨƌŽŵŚŝƐĂƉƉŽŝŶƚŵĞŶƚ ĂƉƉůŝĐĂďůĞ ĨŽƌ ƚŚĞ DĞŵďĞƌƐ ŽĨ ƚŚĞ ǆĞĐƵƟǀĞ ;ĂͿ & ŝƌƐƚ ƉĂǇŽƵƚ Ăƚ ƚŚĞ ĞŶĚ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ
ĂŶĚƚŚĞƌĞŵƵŶĞƌĂƟŽŶƉĂǇĂďůĞƚŽŚŝŵŝƐĐŽŵŵĞŶƐƵƌĂƚĞ (iv) WƌŽƉŽƐĞĚZĞŵƵŶĞƌĂƟŽŶ͗ ŽŵŵŝƩĞĞ >ĞǀĞů ŽĨ ƚŚĞ ŽŵƉĂŶǇ Θ ŶŶƵĂů ϮϬϭϵͲϮϬ ǁŚŝĐŚ ƐŚĂůů ŝŶĐůƵĚĞ ƚŚĞ ƉƌŽƌĂƚĞĚ
ǁŝƚŚ ŚŝƐ ƋƵĂůŝĮĐĂƟŽŶƐ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞ ĂŶĚ ĂůƐŽ ŝŶ ůŝŶĞ ĐůƵď ŵĞŵďĞƌƐŚŝƉͬũŽŝŶŝŶŐ ĨĞĞƐ ĨŽƌ ŽŶĞ ĐůƵď͕ ƉĂǇŽƵƚĨŽƌƚŚĞƉĞƌŝŽĚǁŽƌŬĞĚŝŶϮϬϭϳͲϭϴ
ǁŝƚŚƚŚĞƌĞŵƵŶĞƌĂƟŽŶƚŚĂƚǁĂƐĚƌĂǁŶďǇDƌ͘ŚŚĂƚǁĂů Ϳ ĂƐŝĐ ^ĂůĂƌǇ͗ Current Basic Salary of both subject to a cap of 5%.
in his preceding employment. ` 12.35 lakhs per month; upto a maximum of ;ďͿ ^ ĞĐŽŶĚƉĂǇŽƵƚĂƚƚŚĞĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂůǇĞĂƌ
` 22 lakhs per month. The annual increments ;ĞͿ ŽŶƚƌŝďƵƟŽŶ ƚŽ WƌŽǀŝĚĞŶƚ &ƵŶĚ͕ ϮϬϮϭͲϮϮ
ϭϰ͘ D
ƌ͘WƵŶĞĞƚŚŚĂƚǁĂůƐŚĂůůŚĞƌĞŝŶĂŌĞƌďĞƌĞĨĞƌƌĞĚƚŽĂƐ will be decided by the Board based on the ^ƵƉĞƌĂŶŶƵĂƟŽŶ &ƵŶĚ Žƌ ŶŶƵŝƚǇ &ƵŶĚ ĂŶĚ
'Mr. Chhatwal' or 'MD & CEO'. The principal terms and ƌĞĐŽŵŵĞŶĚĂƟŽŶ ŽĨ ƚŚĞ EZ ĂŶĚ ǁŝůů ďĞ Gratuity as per the Rules of the Company. ;ĐͿ & ŝŶĂů WĂǇŽƵƚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ
ĐŽŶĚŝƟŽŶƐŽĨƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨDƌ͘ŚŚĂƚǁĂůĂƐDΘ ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚĂŶĚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞ /Ŷ ĐĂƐĞ ŽĨ ŶŽ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ƚŚĞ ϮϬϮϮͲϮϯ
CEO are as under: Company’s performance as well, within the ^ƵƉĞƌĂŶŶƵĂƟŽŶ &ƵŶĚ͕ ƚŚĞ ƐĂŵĞ ǁŽƵůĚ ďĞ
said maximum amount. payable as an allowance as per the Rules of WůĂŶ͗
(i) dĞƌŵ͗&ŽƌĂƉĞƌŝŽĚŽĨĮǀĞǇĞĂƌƐĐŽŵŵĞŶĐŝŶŐĨƌŽŵ the Company.
November 6, 2017 upto November 5, 2022 Ϳ ĞŶĞĮƚƐ͕WĞƌƋƵŝƐŝƚĞƐΘůůŽǁĂŶĐĞƐ͗ The plan is linked to
;ĨͿ d ƌĂŶƐĨĞƌĂŶĚƌĞůŽĐĂƟŽŶĞǆƉĞŶƐĞƐĂƐƉĞƌŽĨƚŚĞ
(ii) d ĞƌŵŝŶĂƟŽŶ͗ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ ŽŵƉĂŶǇ ŝŶŝƟĂƚĞĚ ĞƚĂŝůƐŽĨĞŶĞĮƚƐ͕WĞƌƋƵŝƐŝƚĞƐĂŶĚůůŽǁĂŶĐĞƐ terms of the Agreement entered into between (a) EBITDA growth Year on Year,
ƚĞƌŵŝŶĂƟŽŶͲ are as follows: the Company and Mr. Chhatwal.
;ďͿ dŚĞƐƚƌĂƚĞŐŝĐƉůĂŶƚĂƌŐĞƚƐʹ͚ƐƉŝƌĂƟŽŶϮϬϮϮ͛
Ϳ t
ŝƚŚŽƵƚ ĐĂƵƐĞ͗ dŚĞ D Θ K ǁŝůů ďĞ ĞŶƟƚůĞĚ ƚŽ ;ĂͿ Z
ĞŶƚͲĨƌĞĞ ƌĞƐŝĚĞŶƟĂů ĂĐĐŽŵŵŽĚĂƟŽŶ Ϳ ŽŵŵŝƐƐŝŽŶ:
receive a severance package that comprises of (furnished or otherwise) with the Company ͻ dƵƌŶŽǀĞƌ;` crores),
ƚǁĞůǀĞŵŽŶƚŚƐŽĨ&ŝǆĞĚŽŵƉĞŶƐĂƟŽŶĂƐƌĞĨĞƌĞŶĐĞĚ bearing the cost of repairs, maintenance, /ŶĂĚĚŝƟŽŶƚŽƚŚĞ^ĂůĂƌǇ͕ĞŶĞĮƚƐ͕WĞƌƋƵŝƐŝƚĞƐ
in the Agreement executed between the Company ƐŽĐŝĞƚǇ ĐŚĂƌŐĞƐ ĂŶĚ ƵƟůŝƟĞƐ ;Ğ͘Ő͘ ŐĂƐ͕ and Allowances, Mr. Chhatwal would be paid ͻ Wd;` crores) and
and Mr. Chhatwal. electricity and water charges) for the said ƐƵĐŚ ƌĞŵƵŶĞƌĂƟŽŶ ďǇ ǁĂǇ ŽĨ ŽŵŵŝƐƐŝŽŶ͕
ĂĐĐŽŵŵŽĚĂƟŽŶ͘ ĐĂůĐƵůĂƚĞĚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽƚŚĞŶĞƚƉƌŽĮƚƐŽĨ ͻ ZĞƚƵƌŶŽŶƋƵŝƚǇ;йͿ
Ϳ With cause: No amount would be payable. ƚŚĞŽŵƉĂŶǇŝŶĂƉĂƌƟĐƵůĂƌĮŶĂŶĐŝĂůǇĞĂƌ͕ĂƐ
(b) Special Allowance at 85% of Basic Salary per may be determined by the Board, as per the EBITDA growth has a weightage of 40% and
/Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ ƚĞƌŵŝŶĂƟŽŶ ŝŶŝƟĂƚĞĚ ďǇ ƚŚĞ annum. terms of the agreement currently costed at ͚ƐƉŝƌĂƟŽŶ ϮϬϮϮ͛ ƚĂƌŐĞƚƐ ŚĂǀĞ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ϲϬй
DΘK͕ƚŚĞŶŽƟĐĞƉĞƌŝŽĚǁŝůůďĞƐŝǆŵŽŶƚŚƐŽƌ 24 months basic salary and will be within the weightage, with equal weightage to Turnover, PAT
ƉĂǇŝŶŐ Ɛŝǆ ŵŽŶƚŚƐ &ŝǆĞĚ ŽŵƉĞŶƐĂƟŽŶ ĂƐ ƐƚĂƚĞĚ ;ĐͿ ,
ŽƐƉŝƚĂůŝƐĂƟŽŶ͕ dƌĂŶƐƉŽƌƚ͕ dĞůĞͲĐŽŵͲ ŽǀĞƌĂůů ĐĞŝůŝŶŐƐ ƐƟƉƵůĂƚĞĚ ŝŶ ^ĞĐƟŽŶ ϭϵϳ ŽĨ and Return on Equity.
ĂďŽǀĞŝŶůŝĞƵŽĨŶŽƟĐĞƉĞƌŝŽĚ͘ ŵƵŶŝĐĂƟŽŶĂŶĚŽƚŚĞƌĨĂĐŝůŝƟĞƐĂƐƵŶĚĞƌ͗ ƚŚĞ Đƚ͘ dŚĞ ƐƉĞĐŝĮĐ ĂŵŽƵŶƚ ƉĂǇĂďůĞ ƚŽ ƚŚĞ
MD & CEO will be based on his performance dĂƌŐĞƚŵŽƵŶƚ͗
(iii) E
ĂƚƵƌĞ ŽĨ ƵƟĞƐ͗ The MD & CEO shall devote ͻ ŽƐƉŝƚĂůŝƐĂƟŽŶ ĂŶĚ ŵĂũŽƌ ŵĞĚŝĐĂů ĞǆƉĞŶƐĞƐ
, as evaluated by the Board or the NRC and
ŚŝƐ ǁŚŽůĞ ƟŵĞ ĂŶĚ ĂƩĞŶƟŽŶ ƚŽ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ incurred for self and family. approved by the Board and will be payable Dƌ͘ŚŚĂƚǁĂů͛ƐĂĚĚŝƟŽŶĂůƉĞƌĨŽƌŵĂŶĐĞďŽŶƵƐƚĂƌŐĞƚ
ƚŚĞ ŽŵƉĂŶǇ ĂŶĚ ƉĞƌĨŽƌŵ ƐƵĐŚ ĚƵƟĞƐ ĂƐ ŵĂǇ ďĞ ĂŶŶƵĂůůǇĂŌĞƌƚŚĞĂŶŶƵĂůĂĐĐŽƵŶƚƐŚĂǀĞďĞĞŶ amount is linked to his Cost to Company (‘CTC’).
ĞŶƚƌƵƐƚĞĚ ƚŽ Śŝŵ ďǇ ƚŚĞ ŽĂƌĚ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ approved by the Board and Members. ,ŝƐ ĐƵƌƌĞŶƚ d ŝƐ ĐŽŶƐƚƌƵĞĚ Ăƚ Ϯͬϯrd of his total

ĐŽŵƉĞŶƐĂƟŽŶ ĂŶĚ ƚŚĞ ďĂůĂŶĐĞ ϭͬϯrd is the target (ii) Mr. Chhatwal shall not become interested or (vii) The MD & CEO covenants with the Company that he ϭϵ͘ ĞƐŝĚĞƐ Dƌ͘ WƵŶĞĞƚ ŚŚĂƚǁĂů ĂŶĚ ŚŝƐ ƌĞůĂƟǀĞƐ ŶŽŶĞ ŽĨ
ĂŵŽƵŶƚĨŽƌƚŚĞĂĚĚŝƟŽŶĂůƉĞƌĨŽƌŵĂŶĐĞďŽŶƵƐ͘ otherwise concerned, directly or through his ǁŝůůŶŽƚ͕ĚƵƌŝŶŐƚŚĞĐŽŶƟŶƵĂŶĐĞŽĨŚŝƐĞŵƉůŽǇŵĞŶƚ the Directors or Key Managerial Personnel (‘KMP’) of
ƐƉŽƵƐĞĂŶĚͬŽƌĐŚŝůĚƌĞŶ͕ŝŶĂŶǇƐĞůůŝŶŐĂŐĞŶĐǇŽĨƚŚĞ with the Company, accept any other directorships ƚŚĞ ŽŵƉĂŶǇ Žƌ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ ƌĞůĂƟǀĞƐ ĂƌĞ͕ ŝŶ ĂŶǇ
As the current CTC is ` ϳ ĐƌŽƌĞƐ͕ ƚŚĞ ĂĚĚŝƟŽŶĂů Company. in any company or body corporate without the prior ǁĂǇ͕ĐŽŶĐĞƌŶĞĚŽƌŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞZĞƐŽůƵƟŽŶƐĂƚ/ƚĞŵ
performance bonus target amount is ` 3.5 crores ǁƌŝƩĞŶĐŽŶƐĞŶƚŽĨƚŚĞŽĂƌĚ͘ EŽƐ͘ϱΘϲŽĨƚŚĞĂĐĐŽŵƉĂŶǇŝŶŐEŽƟĐĞ͘
per annum1. (iii) The employment may be terminated by the
ŽŵƉĂŶǇǁŝƚŚŽƵƚŶŽƟĐĞ͗ (viii) The MD & CEO covenants with the Company that 20. Mr. Puneet Chhatwal is not related to any other Director
1
The target amount will change, if there is any he will not, for a period of one year immediately or KMP of the Company.
revision in the CTC. A) if the MD & CEO is found guilty of any gross ĨŽůůŽǁŝŶŐƚŚĞƚĞƌŵŝŶĂƟŽŶŽĨŚŝƐĞŵƉůŽǇŵĞŶƚƵŶĚĞƌ
ŶĞŐůŝŐĞŶĐĞ͕ ĚĞĨĂƵůƚ Žƌ ŵŝƐĐŽŶĚƵĐƚ ŝŶ ĐŽŶŶĞĐƟŽŶ ƚŚŝƐŐƌĞĞŵĞŶƚ͕ǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƩĞŶĐŽŶƐĞŶƚ /ƚĞŵEŽ͘ϳ
&Ϳ DŝŶŝŵƵŵZĞŵƵŶĞƌĂƟŽŶ ǁŝƚŚ Žƌ ĂīĞĐƟŶŐ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ Žƌ ŽĨ ƚŚĞ ŽĂƌĚ͕ ĞŶĚĞĂǀŽƵƌ Žƌ ĞŶƟĐĞ ĂǁĂǇ ĨƌŽŵ ƚŚĞ 21. At the AGM of the Company held on August 23,
Notwithstanding anything to the contrary any subsidiary or associated company to which he ŽŵƉĂŶǇ͕ĂŶǇĞŵƉůŽǇĞĞǁŚŽŚĂƐĂƚĂŶǇƟŵĞĚƵƌŝŶŐ 2016, the Members of the Company had approved
ŚĞƌĞŝŶ ĐŽŶƚĂŝŶĞĚ͕ ǁŚĞƌĞ ŝŶ ĂŶǇ ĮŶĂŶĐŝĂů is required by the Agreement to render services; or ŽŶĞ ǇĞĂƌ ŝŵŵĞĚŝĂƚĞůǇ ƉƌĞĐĞĚŝŶŐ ƐƵĐŚ ƚĞƌŵŝŶĂƟŽŶ ƚŚĞ ƌĞͲĂƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ƚĞƌŵƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ
year during the currency of the tenure of been employed or engaged by the Company or any Dƌ͘ DĞŚĞƌŶŽƐŚ <ĂƉĂĚŝĂ ĂƐ ƚŚĞ ǆĞĐƵƟǀĞ ŝƌĞĐƚŽƌ ʹ
Dƌ͘ŚŚĂƚǁĂů͕ƚŚĞŽŵƉĂŶǇŚĂƐŶŽƉƌŽĮƚƐŽƌ Ϳ ŝŶƚŚĞĞǀĞŶƚŽĨĂŶǇƐĞƌŝŽƵƐŽƌƌĞƉĞĂƚĞĚŽƌĐŽŶƟŶƵŝŶŐ ƐƵďƐŝĚŝĂƌŝĞƐ Žƌ ĂƐƐŽĐŝĂƚĞĚ ĐŽŵƉĂŶŝĞƐ Ăƚ ĂŶǇ ƟŵĞ ŽƌƉŽƌĂƚĞīĂŝƌƐŽĨƚŚĞŽŵƉĂŶǇĨƌŽŵƵŐƵƐƚϭϬ͕ϮϬϭϲ
ŝƚƐ ƉƌŽĮƚƐ ĂƌĞ ŝŶĂĚĞƋƵĂƚĞ͕ ƚŚĞ ŽŵƉĂŶǇ ǁŝůů ďƌĞĂĐŚ;ĂŌĞƌƉƌŝŽƌǁĂƌŶŝŶŐͿŽƌŶŽŶͲŽďƐĞƌǀĂŶĐĞďǇ ĚƵƌŝŶŐŽŶĞǇĞĂƌŝŵŵĞĚŝĂƚĞůǇƉƌĞĐĞĚŝŶŐƚĞƌŵŝŶĂƟŽŶ͘ upto him reaching the age of 65 years i.e. May 22, 2018
ƉĂǇ ƌĞŵƵŶĞƌĂƟŽŶ ďǇ ǁĂǇ ŽĨ ^ĂůĂƌǇ͕ ĞŶĞĮƚƐ͕ ƚŚĞDΘKŽĨĂŶǇŽĨƚŚĞƐƟƉƵůĂƟŽŶƐĐŽŶƚĂŝŶĞĚ ;ďĞŝŶŐƚŚĞƌĞƟƌĞŵĞŶƚĂŐĞĨŽƌǆĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂƐƉĞƌ
WĞƌƋƵŝƐŝƚĞƐ Θ ůůŽǁĂŶĐĞƐ ĂŶĚ /ŶĐĞŶƟǀĞ in the Agreement; or ;ŝǆͿ dŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ƚŚĞ'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐĂĚŽƉƚĞĚďǇƚŚĞŽĂƌĚͿ, which
ZĞŵƵŶĞƌĂƟŽŶ ĂƐ ƐƉĞĐŝĮĞĚ ĂďŽǀĞ͕ ƐƵďũĞĐƚ ƚŽ ĂŶĚ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ ƚŚĞ D Θ K ĂŶĚͬŽƌ ƚŚŝƐ ƉƌŽǀŝĚĞĚŝŶƚĞƌͲĂůŝĂĨŽƌƚŚĞĨŽůůŽǁŝŶŐƌĞŵƵŶĞƌĂƟŽŶ͗
further approvals as required under Schedule C) in the event, the Board expresses its loss of ŐƌĞĞŵĞŶƚ ŵĂǇ ďĞ ĂůƚĞƌĞĚ͕ ƌĞͲƐƚƌƵĐƚƵƌĞĚ ĂŶĚ
sƚŽƚŚĞĐƚ͕ŽƌĂŶǇŵŽĚŝĮĐĂƟŽŶ;ƐͿƚŚĞƌĞƚŽ͘ ĐŽŶĮĚĞŶĐĞŝŶƚŚĞDΘK͘ ǀĂƌŝĞĚ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ ďǇ ƚŚĞ ŽĂƌĚ ĂƐ ŝƚ ŵĂǇ͕ z Basic Salary of ` 5,00,000 per month, with Annual
ŝŶŝƚƐĚŝƐĐƌĞƟŽŶĚĞĞŵĮƚ͕ŝƌƌĞƐƉĞĐƟǀĞŽĨƚŚĞůŝŵŝƚƐ /ŶĐƌĞŵĞŶƚƐ ƚŽ ďĞ ĞīĞĐƟǀĞ ϭst April each year as
;ǀͿ ŽŵƉĂƌĂƟǀĞZĞŵƵŶĞƌĂƟŽŶWƌŽĮůĞ ;ŝǀͿ /ŶƚŚĞĞǀĞŶƚ͕ƚŚĞDΘKŝƐŶŽƚŝŶĂƉŽƐŝƟŽŶƚŽ ƐƟƉƵůĂƚĞĚ ƵŶĚĞƌ ^ĐŚĞĚƵůĞ s ƚŽ ƚŚĞ Đƚ Žƌ ĂŶǇ decided by the Board and recommended by the
dŚĞƌĞŵƵŶĞƌĂƟŽŶŽĨDƌ͘ŚŚĂƚǁĂůŝƐĐŽŵŵĞŶƐƵƌĂƚĞ ĚŝƐĐŚĂƌŐĞ ŚŝƐ ŽĸĐŝĂů ĚƵƟĞƐ ĚƵĞ ƚŽ ĂŶǇ ƉŚǇƐŝĐĂů Žƌ ĂŵĞŶĚŵĞŶƚƐŵĂĚĞŚĞƌĞĂŌĞƌŝŶƚŚŝƐƌĞŐĂƌĚŝŶƐƵĐŚ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ;ΖEZΖͿ͘
ǁŝƚŚ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ ĞǆƉĂƚƌŝĂƚĞƐ ĂƉƉŽŝŶƚĞĚ Ăƚ ŵĞŶƚĂů ŝŶĐĂƉĂĐŝƚǇ͕ ƚŚĞ ŽĂƌĚ ƐŚĂůů ďĞ ĞŶƟƚůĞĚ ƚŽ manner as may be agreed to between the Board
KͬDůĞǀĞůƐŽĨƐŝŵŝůĂƌƐŝǌĞĚŵƵůƟŶĂƟŽŶĂůƐ͕ƚĂŬŝŶŐ terminate his contract on such terms as the Board and the MD & CEO, subject to such approvals as z Performance Linked Bonus subject to maximum of
ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ƐŚŽƵůĚĞƌĞĚ may consider appropriate in the circumstances. may be required. 227.5% of the Annual Basic Salary payable subject
by him. The table below provides a summary of the to the achievement of certain performance criteria
ĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞKƌĞŵƵŶĞƌĂƟŽŶŝŶƚŚĞ'ůŽďĂů ;ǀͿ h
ƉŽŶ ƚŚĞ ƚĞƌŵŝŶĂƟŽŶ ďǇ ǁŚĂƚĞǀĞƌ ŵĞĂŶƐ ŽĨ ŚŝƐ ;ǆͿ ŶǇŵŽĚŝĮĐĂƟŽŶƐĂŶĚͬŽƌĐŽŶĚŝƟŽŶƐƐƟƉƵůĂƚĞĚďǇƚŚĞ and such other parameters a may be considered
Hospitality Industry. employment under the Agreement: ƐŚĂƌĞŚŽůĚĞƌƐͬƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚŝŶŐƌĂŶƟŶŐŝƚƐ ĂƉƉƌŽƉƌŝĂƚĞĨƌŽŵƟŵĞƚŽƟŵĞďǇƚŚĞŽĂƌĚ͘
ĂƉƉƌŽǀĂůƚŽƚŚĞĂƉƉŽŝŶƚŵĞŶƚĂŶĚƌĞŵƵŶĞƌĂƟŽŶŽĨ
(in US$) Ϳ ƚ ŚĞDΘKƐŚĂůůŝŵŵĞĚŝĂƚĞůǇĐĞĂƐĞƚŽŚŽůĚŽĸĐĞƐ Mr. Chhatwal shall be recorded by way of a 22. The Members may note that the Board had at their
25th
50th
75th
90th held by him in any holding company, subsidiaries or supplementary agreement which will form part of DĞĞƟŶŐŚĞůĚŽŶDĂǇϮϲ͕ϮϬϭϳ͕ƌĞǀŝƐĞĚƚŚĞĂƐŝĐ^ĂůĂƌǇ
WĞƌĐĞŶƟůĞ WĞƌĐĞŶƟůĞ WĞƌĐĞŶƟůĞ WĞƌĐĞŶƟůĞ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ ďǇ ǀŝƌƚƵĞ ŽĨ ^ĞĐƟŽŶ ϭϲϳ ;ϭͿ the Agreement. payable to Mr. Kapadia to ` 5,00,000 per month for the
6,199,751 10,470,366 10,926,084 12,459,557 ;ŚͿŽĨƚŚĞĐƚ͕ǁŝƚŚŽƵƚĐůĂŝŵĨŽƌĐŽŵƉĞŶƐĂƟŽŶĨŽƌ ǇĞĂƌ ϮϬϭϳͲϭϴ͘ ,ĂǀŝŶŐ ƚŽƵĐŚĞĚ ƚŚĞ ŽƵƚĞƌ ůŝŵŝƚ ŽĨ ĂƐŝĐ
ůŽƐƐŽĨŽĸĐĞĂŶĚƐŚĂůůƌĞƐŝŐŶĂƐƚƌƵƐƚĞĞŽĨĂŶǇƚƌƵƐƚƐ 16. Mr. Puneet Chhatwal is not a resident of India and Salary approved by the Members, any future revisions
connected with the Company. ƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϵϲƌĞĂĚƚŽŐĞƚŚĞƌ beyond ` 5,00,000 per month would require the approval
; ^ŽƵƌĐĞ͗ Ɛ ƉĞƌ ŽŶ ,ĞǁŝƩ K DĂƌŬĞƚ ƉƌŝĐŝŶŐ
with Schedule V to the Act, in respect of the appointment of the Board and Members.
ƌĞƉŽƌƚ ĨŽƌ ƚŚĞ 'ůŽďĂů ,ŽƐƉŝƚĂůŝƚǇ /ŶĚƵƐƚƌǇ͕ ϮϬϭϳ
B) the MD & CEO shall not without the consent of of managerial personnel, the Company may appoint
ĐŽǀĞƌŝŶŐϭϭ'ůŽďĂů,ŽƐƉŝƚĂůŝƚǇŵĂũŽƌƐͿ͘
ƚŚĞŽĂƌĚĂƚĂŶǇƟŵĞƚŚĞƌĞĂŌĞƌƌĞƉƌĞƐĞŶƚŚŝŵƐĞůĨ a person who is not a resident of India (i.e. in variance 23. Considering Mr. Kapadia’s longstanding commitment
as connected with the Company or any of its ǁŝƚŚ ƚŚĞ ĐŽŶĚŝƟŽŶƐ ƐƉĞĐŝĮĞĚ ŝŶ ^ĐŚĞĚƵůĞ sͿ ƉƌŽǀŝĚĞĚ ĂŶĚŝůůƵƐƚƌŝŽƵƐĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞŽŵƉĂŶǇ͕ƚŚĞŽĂƌĚ͕
EŽƚĞ͗ ƉĞƌĐĞŶƟůĞ ŝƐ Ă ŵĞĂƐƵƌĞ ƵƐĞĚ ŝŶ ƐƚĂƟƐƟĐƐ
subsidiaries and associated companies. the said appointment has been approved at the General ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ŽĨ ƚŚĞ EZ͕ Ăƚ ŝƚƐ
ŝŶĚŝĐĂƟŶŐƚŚĞǀĂůƵĞďĞůŽǁǁŚŝĐŚĂŐŝǀĞŶƉĞƌĐĞŶƚĂŐĞ
DĞĞƟŶŐĂŶĚďǇƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚ͘dŚĞŽŵƉĂŶǇ ŵĞĞƟŶŐ ŚĞůĚ ŽŶ DĂǇ Ϯϱ͕ ϮϬϭϴ ŚĂƐ ĂƉƉƌŽǀĞĚ ƌĞǀŝƐŝŽŶ
ŽĨŽďƐĞƌǀĂƟŽŶƐŝŶĂŐƌŽƵƉŽĨŽďƐĞƌǀĂƟŽŶƐĨĂůů͘&Žƌ
(vi) If and when this Agreement expires or is terminated ŚĂƐ ĂůƌĞĂĚǇ ƉƌĞĨĞƌƌĞĚ ĂŶ ĂƉƉůŝĐĂƟŽŶ ƚŽ ƚŚĞ ĞŶƚƌĂů in the Basic Salary of Mr. Kapadia from ` 5,00,000 per
example, the 25thƉĞƌĐĞŶƟůĞŝƐƚŚĞǀĂůƵĞ;ŽƌƐĐŽƌĞͿ
for any reason whatsoever, Mr. Chhatwal will 'ŽǀĞƌŶŵĞŶƚŝŶƚŚŝƐƌĞŐĂƌĚĂŶĚŝƐĂǁĂŝƟŶŐƚŚĞĂƉƉƌŽǀĂů͘ month to ` 6,00,000 per month from April 1, 2018,
ďĞůŽǁǁŚŝĐŚϮϱйŽĨƚŚĞŽďƐĞƌǀĂƟŽŶƐŵĂǇďĞĨŽƵŶĚ͘
cease to be the MD & CEO and also cease to be a for the remainder of the tenure of his appointment
ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶǇ͘ /Ĩ Ăƚ ĂŶǇ ƟŵĞ͕ ƚŚĞ D ϭϳ͘ /ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐϭϵϲ͕ϭϵϳ ŝ͘Ğ͘ ƵƉƚŽ DĂǇ ϮϮ͕ ϮϬϭϴ ǁŝƚŚ ƉƌŽƉŽƌƟŽŶĂƚĞ ŝŶĐƌĞĂƐĞ
ϭϱ͘ d ŚĞ ŽƚŚĞƌ ƉƌŝŶĐŝƉĂů ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ
& CEO ceases to be a Director of the Company for read with Schedule V to the Act, the appointment and ŝŶ ƚŚĞ ďĞŶĞĮƚƐ ůŝŶŬĞĚ ƚŽ ŚŝƐ ĂƐŝĐ ^ĂůĂƌǇ͕ ĂůŽŶŐ ǁŝƚŚ
appointment of Mr. Puneet Chhatwal as the MD & CEO
any reason whatsoever, he shall cease to be the ƚĞƌŵƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ Dƌ͘ ŚŚĂƚǁĂů ĂƌĞ ŶŽǁ ďĞŝŶŐ payment of ` 2,00,00,000 as Performance Linked Bonus
are as under:
MD & CEO and this Agreement shall forthwith placed before the Members for their approval. ĨŽƌƚŚĞǇĞĂƌϮϬϭϳͲϭϴ͘dŚĞƐĞƌĞǀŝƐŝŽŶƐďĞŝŶŐďĞǇŽŶĚƚŚĞ
ƚĞƌŵŝŶĂƚĞ͘ /Ĩ Ăƚ ĂŶǇ ƟŵĞ͕ ƚŚĞ D Θ K ĐĞĂƐĞƐ ĂĨŽƌĞƐĂŝĚ ŵĂǆŝŵƵŵ ƐƟƉƵůĂƚĞĚ ůŝŵŝƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ
(i) Adherence with the Tata Code of Conduct, no
to be in the employment of the Company for any 18. The NRC and the Board have accorded their approvals to approval of the Members.
ĐŽŶŇŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶǇ͕ ŝŶƚĞůůĞĐƚƵĂů
reason whatsoever, he shall cease to be a Director the above and in the interest of the Company commend
ƉƌŽƉĞƌƚǇ͕ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐŽŶĮĚĞŶƟĂůŝƚǇ ĂŶĚ Ăůů
and MD & CEO of the Company. ƚŚĞZĞƐŽůƵƟŽŶƐĂƚ/ƚĞŵEŽƐ͘ϱΘϲŽĨƚŚĞĂĐĐŽŵƉĂŶǇŝŶŐ 24. Accordingly, approval of the Members is sought for
Personnel Policies.
EŽƟĐĞĨŽƌĂƉƉƌŽǀĂůďǇƚŚĞDĞŵďĞƌƐŽĨƚŚĞŽŵƉĂŶǇ͘ revision in the Basic Salary Scale of Mr. Kapadia from

ĞƚĂŝůƐŽĨŝƌĞĐƚŽƌƐƐĞĞŬŝŶŐĂƉƉŽŝŶƚŵĞŶƚͬƌĞͲĂƉƉŽŝŶƚŵĞŶƚĂƚƚŚĞĨŽƌƚŚĐŽŵŝŶŐ
ŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐŽĨƚŚĞŽŵƉĂŶǇ
a maximum of ` 5,00,000 per month to ` 6,00,000 prior approval of the Members by way of a Special ;WƵƌƐƵĂŶƚƚŽƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĂŶĚ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚͲϮŽŶ'ĞŶĞƌĂůDĞĞƟŶŐƐͿ
ƉĞƌ ŵŽŶƚŚ͕ ĂůŽŶŐ ǁŝƚŚ ƉƌŽƉŽƌƟŽŶĂƚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ZĞƐŽůƵƟŽŶ͘ ^ƵĐŚ ĂŶ ĂƉƉƌŽǀĂů ĐĂŶ ďĞ ŽďƚĂŝŶĞĚ ŽŶĐĞ Ă
EĂŵĞŽĨŝƌĞĐƚŽƌ E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ WƵŶĞĞƚŚŚĂƚǁĂů
ďĞŶĞĮƚƐ ůŝŶŬĞĚ ƚŽ ŚŝƐ ĂƐŝĐ ^ĂůĂƌǇ ĂŶĚ ƌĞǀŝƐŝŽŶ ŝŶ ƚŚĞ ǇĞĂƌĨŽƌĂůůƚŚĞŽīĞƌƐĂŶĚŝŶǀŝƚĂƟŽŶƐŵĂĚĞĨŽƌƐƵĐŚEƐ ŐĞ 54 54
Performance Linked Bonus to ` 2,00,00,000; all other during the year. ĂƚĞŽĨŝƌƚŚ June 02, 1963 April 16, 1964
ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ĂƚĞŽĨ&ŝƌƐƚƉƉŽŝŶƚŵĞŶƚ January 27, 2017 November 6, 2017
Mr. Chandrasekaran is the Chairman of the Board of Tata Sons Mr. Chhatwal is presently the Managing Director and
ǆƉĞƌŝĞŶĐĞΘǆƉĞƌƟƐĞŝŶƐƉĞĐŝĮĐĨƵŶĐƟŽŶĂůĂƌĞĂƐͬ
of Mr. Kapadia as approved by the Members of the 33. The borrowing limit was approved by the Members on ďƌŝĞĨƌĞƐƵŵĞ >ŝŵŝƚĞĚ;͚d^>͛Ϳ͘,ĞĂůƐŽĐŚĂŝƌƐƚŚĞŽĂƌĚƐŽĨƐĞǀĞƌĂůŐƌŽƵƉŽƉĞƌĂƟŶŐ ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ ŽĨ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶǇ
ŽŵƉĂŶǇĂƚƚŚĞŵĞĞƟŶŐŚĞůĚŽŶƵŐƵƐƚϮϯ͕ϮϬϭϲďĞŝŶŐ ƵŐƵƐƚ Ϯϳ͕ ϮϬϭϰ͖ ƵŶĚĞƌ ^ĞĐƟŽŶ ϭϴϬ;ϭͿ;ĐͿ ŽĨ ƚŚĞ Đƚ ŝƐ companies, including Tata Steel Limited, Tata Motors Limited, Tata Limited. He is a global professional with over three
unchanged. ` 5,000 crores. As on March 31, 2018, the total debt of Power Limited, Tata Global Beverages Limited and Tata Consultancy ĚĞĐĂĚĞƐ ŽĨ ůĞĂĚĞƌƐŚŝƉ ĞǆƉĞƌŝĞŶĐĞ Ăƚ ŚŝŐŚůǇͲĂĐĐůĂŝŵĞĚ
^ĞƌǀŝĐĞƐ ;͚d^͛ͿͲ Ă ůĞĂĚŝŶŐ ŐůŽďĂů /d ƐŽůƵƟŽŶ ĂŶĚ ĐŽŶƐƵůƟŶŐ Įƌŵ hotel groups in Europe and North America.
the Company is ` 1,784 crores. The Company proposes ŽĨ ǁŚŝĐŚ ŚĞ ǁĂƐ Ă ŚŝĞĨ ǆĞĐƵƟǀĞ KĸĐĞƌ ĨƌŽŵ ϮϬϬϵͲϭϳ͘ hŶĚĞƌ WƌŝŽƌ ƚŽ ƚŚŝƐ͕ Dƌ͘ ŚŚĂƚǁĂů ǁĂƐ ƚŚĞ ŚŝĞĨ ǆĞĐƵƟǀĞ
25. Consequently, the Agreement between the Company to seek approval of the Members to raise NCDs of up to his leadership, TCS generated total revenues of US $16.5 billion in KĸĐĞƌ ĂŶĚ DĞŵďĞƌ ŽĨ ƚŚĞ ĞǆĞĐƵƟǀĞ ďŽĂƌĚ ŽĨ
ĂŶĚ Dƌ͘ <ĂƉĂĚŝĂ ƐŚĂůů ƐƚĂŶĚ ĂŵĞŶĚĞĚ ƚŽ ƌĞŇĞĐƚ `ϱϬϬĐƌŽƌĞƐĨŽƌĂŶǇƉŽƚĞŶƟĂůƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚŵĂǇĂƌŝƐĞ ϮϬϭϱͲϭϲĂŶĚĐŽŶƐŽůŝĚĂƚĞĚŝƚƐƉŽƐŝƟŽŶĂƐƚŚĞůĂƌŐĞƐƚƉƌŝǀĂƚĞƐĞĐƚŽƌ Steigenberger Hotels AG – Deutsche Hospitality. He was
employer in India and the country’s most valuable company. TCS
ƚŚĞ ƌĞǀŝƐĞĚ ƚĞƌŵƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ĂƐ ĂĨŽƌĞƐĂŝĚ͖ ĚƵƌŝŶŐƚŚĞŶĞǆƚǇĞĂƌĨŽƌ͕ŝŶƚĞƌͲĂůŝĂ͕ĐĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞ͕ has also been placed among the “Big 4” most valuable IT services
ĂůƐŽƚŚĞŚŝĞĨĞǀĞůŽƉŵĞŶƚKĸĐĞƌŽĨdŚĞZĞǌŝĚŽƌ,ŽƚĞů
ǁŝƚŚ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ƌĞŵĂŝŶŝŶŐ ƌĞŶŽǀĂƟŽŶƐ͕ ŝŶǀĞƐƚŵĞŶƚƐ ĂŶĚ ŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞ ďƌĂŶĚƐ ǁŽƌůĚǁŝĚĞ͕ ƌĂŶŬĞĚ ĂƐ ŽŶĞ ŽĨ ƚŚĞ tŽƌůĚ͛Ɛ DŽƐƚ /ŶŶŽǀĂƟǀĞ
Group – Carlson Hotels Worldwide.
Dƌ͘ŚŚĂƚǁĂůŚĂƐǁŽŶĂǁĂƌĚƐŝŶĐůƵĚŝŶŐƚŚĞƉƌĞƐƟŐŝŽƵƐ
valid and in force. purposes. Companies by Forbes and recognized as a Global Top Employer by
ƚŚĞdŽƉŵƉůŽǇĞƌƐ/ŶƐƟƚƵƚĞĂĐƌŽƐƐϮϰĐŽƵŶƚƌŝĞƐ͘ Carlson Fellowship and was rated as one of Europe’s 20
/Ŷ ĂĚĚŝƟŽŶ ƚŽ ŚŝƐ ƉƌŽĨĞƐƐŝŽŶĂů ĐĂƌĞĞƌ͕ Dƌ͘ ŚĂŶĚƌĂƐĞŬĂƌĂŶ ǁĂƐ ĞǆƚƌĂŽƌĚŝŶĂƌǇŵŝŶĚƐŝŶ^ĂůĞƐ͕DĂƌŬĞƟŶŐĂŶĚdĞĐŚŶŽůŽŐǇ
Ϯϲ͘ d ŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ƌĞǀŝƐĞĚ ƌĞŵƵŶĞƌĂƟŽŶ 34. The approval of the Members is being sought by way also appointed as a Director on the Board of India’s central bank, Ͳ,^D/ƵƌŽƉĞĂŶǁĂƌĚƐϮϬϭϰ͘,ĞǁĂƐĂůƐŽƚŚĞ&ŝƌƐƚ
as aforesaid shall be within the maximum limits as laid ŽĨ Ă ^ƉĞĐŝĂů ZĞƐŽůƵƟŽŶ ƵŶĚĞƌ ^ĞĐƟŽŶƐ ϰϮ ĂŶĚ ϳϭ ŽĨ The Reserve Bank of India, in 2016. He has been appointed on ůƵŵŶŝŝŶĐůƵĚĞĚŝŶƚŚĞ^^Ͳ/D,/,ĂůůŽĨ,ŽŶŽƌϮϬϭϰ͘
ĚŽǁŶƵŶĚĞƌ^ĞĐƟŽŶƐϭϵϳ͕ϭϵϴĂŶĚƐƵĐŚŽƚŚĞƌĂƉƉůŝĐĂďůĞ the Act read with the PAS Rules and the Companies ƚŚĞ /ŶƚĞƌŶĂƟŽŶĂů ĚǀŝƐŽƌǇ ŽƵŶĐŝů ŽĨ ^ŝŶŐĂƉŽƌĞ͛Ɛ ĐŽŶŽŵŝĐ
Development Board in 2018 and is also the Chairman of Indian
provisions, if any, of the Act read with Schedule V to the (Share Capital & Debentures) Rules, 2014, to enable the /ŶƐƟƚƵƚĞŽĨDĂŶĂŐĞŵĞŶƚ>ƵĐŬŶŽǁĂƐǁĞůůĂƐƚŚĞWƌĞƐŝĚĞŶƚŽĨƚŚĞ
ĐƚĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽƟŵĞ͘ ŽŵƉĂŶǇ ƚŽ ŽīĞƌ Žƌ ŝŶǀŝƚĞ ƐƵďƐĐƌŝƉƟŽŶƐ ŽĨ EƐ ŽŶ Ă ŽƵƌƚĂƚ/ŶĚŝĂŶ/ŶƐƟƚƵƚĞŽĨ^ĐŝĞŶĐĞĞŶŐĂůƵƌƵ͘
private placement basis, in one or more tranches, during ,Ğ ŝƐ ĂŶ ĂĐƟǀĞ ŵĞŵďĞƌ ŽĨ /ŶĚŝĂ͛Ɛ ďŝůĂƚĞƌĂů ďƵƐŝŶĞƐƐ ĨŽƌƵŵƐ
Ϯϳ͘ ĞƚĂŝůƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ƉĂŝĚ ƚŽ Dƌ͘ <ĂƉĂĚŝĂ ĚƵƌŝŶŐ the period of one year from the date of passing of the including USA, UK, Australia and Japan and has served as the
ŚĂŝƌŵĂŶŽĨE^^KD͕ƚŚĞĂƉĞǆƚƌĂĚĞďŽĚǇĨŽƌ/dƐĞƌǀŝĐĞƐĮƌŵƐ
ƚŚĞ ĮŶĂŶĐŝĂů ǇĞĂƌ ϮϬϭϳͲϭϴ ŚĂǀĞ ďĞĞŶ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ZĞƐŽůƵƟŽŶ Ăƚ /ƚĞŵ EŽ͘ ϴ ǁŝƚŚŝŶ ƚŚĞ ŽǀĞƌĂůů ďŽƌƌŽǁŝŶŐ ŝŶ/ŶĚŝĂŝŶϮϬϭϮͲϭϯ͘
annexure to the Board’s Report and in the Corporate limits of the Company, as approved by the Members. His business leadership has been recognized by several corporate
Governance Report. ĂŶĚ ĐŽŵŵƵŶŝƚǇ ŽƌŐĂŶŝǌĂƟŽŶƐ͕ ĂŶĚ ŚĞ ŚĂƐ ƌĞĐĞŝǀĞĚ ŶƵŵĞƌŽƵƐ
awards such as The Business Leader of the Year at the ET Awards
ϯϱ͘ dŚĞŽĂƌĚĐŽŵŵĞŶĚƐƚŚĞZĞƐŽůƵƟŽŶĂƚ/ƚĞŵEŽ͘ϴŽĨƚŚĞ ĨŽƌ ŽƌƉŽƌĂƚĞ ǆĐĞůůĞŶĐĞ ϮϬϭϲ͕ E ds ϭϴ Ͳ ͚/ŶĚŝĂŶ ƵƐŝŶĞƐƐ
Ϯϴ͘ /ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐϭϵϲ͕ϭϵϳ͕ ĂĐĐŽŵƉĂŶǇŝŶŐ EŽƟĐĞ ĨŽƌ ĂƉƉƌŽǀĂů ďǇ ƚŚĞ DĞŵďĞƌƐ ŽĨ /ĐŽŶΖ͕ ϮϬϭϰ͕ EEͲ/E /ŶĚŝĂŶ ŽĨ ƚŚĞ zĞĂƌ ϮϬϭϰ ;ďƵƐŝŶĞƐƐ ĐĂƚĞŐŽƌǇͿ͕
198 and other applicable provisions of the Act, read with the Company. ĞƐƚKĨŽƌϮϬϭϯĂŶĚϮϬϭϰďǇƵƐŝŶĞƐƐdŽĚĂǇ͕ĞƐƚKϮϬϭϬͲϭϱ
/ŶƐƟƚƵƟŽŶĂů /ŶǀĞƐƚŽƌ͛Ɛ ŶŶƵĂů ůůͲƐŝĂ ǆĞĐƵƟǀĞ dĞĂŵ ƌĂŶŬŝŶŐƐ͘
^ĐŚĞĚƵůĞsƚŽƚŚĞĐƚ͕ƚŚĞƌĞǀŝƐĞĚƚĞƌŵƐŽĨƌĞŵƵŶĞƌĂƟŽŶ Mr. Chandrasekaran has also been awarded several honorary
ŽĨDƌ͘<ĂƉĂĚŝĂĂƐƐƉĞĐŝĮĞĚĂďŽǀĞĂƌĞŶŽǁďĞŝŶŐƉůĂĐĞĚ 36. None of the Directors or Key Managerial Personnel of ĚŽĐƚŽƌĂƚĞƐďǇůĞĂĚŝŶŐƵŶŝǀĞƌƐŝƟĞƐŝŶ/ŶĚŝĂĂŶĚŝŶƚĞƌŶĂƟŽŶĂůůǇ͘
before the Members for their approval. ƚŚĞŽŵƉĂŶǇŽƌƚŚĞŝƌƌĞƐƉĞĐƟǀĞƌĞůĂƟǀĞƐĂƌĞ͕ŝŶĂŶǇǁĂǇ͕ YƵĂůŝĮĐĂƟŽŶƐ ͻ ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶƉƉůŝĞĚ^ĐŝĞŶĐĞ ͻ DŝŶ,ŽƐƉŝƚĂůŝƚǇĨƌŽŵ^^͕WĂƌŝƐ
ĐŽŶĐĞƌŶĞĚŽƌŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞZĞƐŽůƵƟŽŶĂƚ/ƚĞŵEŽ͘ϴ ͻ DĂƐƚĞƌ͛ƐĞŐƌĞĞŝŶŽŵƉƵƚĞƌƉƉůŝĐĂƟŽŶʹdƌŝĐŚǇ ͻ ĚǀĂŶĐĞĚDĂŶĂŐĞŵĞŶƚWƌŽŐƌĂŵĨƌŽŵ/E^
ĞƚĂŝůƐŽĨƐŚĂƌĞƐŚĞůĚŝŶƚŚĞŽŵƉĂŶǇ NIL NIL
Ϯϵ͘ dŚĞŽĂƌĚĐŽŵŵĞŶĚƐƚŚĞƌĞƐŽůƵƟŽŶĂƚ/ƚĞŵEŽ͘ϳŽĨƚŚĞ ŽĨƚŚĞĂĐĐŽŵƉĂŶǇŝŶŐEŽƟĐĞ͘ >ŝƐƚŽĨŽĚǇŽƌƉŽƌĂƚĞƐŝŶǁŚŝĐŚŽƵƚƐŝĚĞ ͻ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ͻ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ
ĂĐĐŽŵƉĂŶǇŝŶŐEŽƟĐĞĨŽƌĂĐĐĞƉƚĂŶĐĞďǇƚŚĞDĞŵďĞƌƐ͘ ĚŝƌĞĐƚŽƌƐŚŝƉƐŚĞůĚĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ ͻ dĂƚĂŽŶƐƵůƚĂŶĐǇ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ ͻ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ
ͻ dĂƚĂDŽƚŽƌƐ>ŝŵŝƚĞĚ ͻ >>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ
By Order of the Board of Directors ͻ dĂƚĂ^ƚĞĞů>ŝŵŝƚĞĚ ͻ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ
ϯϬ͘ ĞƐŝĚĞƐ Dƌ͘ <ĂƉĂĚŝĂ ĂŶĚ ŚŝƐ ƌĞůĂƟǀĞƐ͕ ŶŽŶĞ ŽĨ ƚŚĞ ͻ dŚĞdĂƚĂWŽǁĞƌŽŵƉĂŶǇ>ŝŵŝƚĞĚ ͻ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ŝŵŝƚĞĚ
other Directors, Key Managerial Personnel ('KMP') or ͻ d^&ŽƵŶĚĂƟŽŶ ͻ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ
ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ ƌĞůĂƟǀĞƐ ĂƌĞ ŝŶ ĂŶǇ ǁĂǇ ĐŽŶĐĞƌŶĞĚ Žƌ ͻ dĂƚĂ'ůŽďĂůĞǀĞƌĂŐĞƐ>ŝŵŝƚĞĚ ͻ /,DͲƵƌĂŶŐĂďĂĚ
ŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞZĞƐŽůƵƟŽŶŵĞŶƟŽŶĞĚĂƚ/ƚĞŵEŽ͘ϳŽĨ ĞĞũĂůĞƐĂŝ ͻ ZĞƐĞƌǀĞĂŶŬŽĨ/ŶĚŝĂ ͻ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ŝŵŝƚĞĚ
ƚŚĞĂĐĐŽŵƉĂŶǇŝŶŐEŽƟĐĞ͘ Senior Vice President – Legal and Company Secretary ͻ :ĂŐƵĂƌ>ĂŶĚZŽǀĞƌƵƚŽŵŽƟǀĞW>
ŚĂŝƌŵĂŶͬDĞŵďĞƌŽĨƚŚĞŽŵŵŝƩĞĞƐŽĨŽƚŚĞƌ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ ƵĚŝƚŽŵŵŝƩĞĞ
ŽŵƉĂŶŝĞƐŽŶǁŚŝĐŚŚĞŝƐĂŝƌĞĐƚŽƌ;ŽŵŵŝƩĞĞƐ ͻ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ͻ dĂũ's<,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ
31. Mr. Kapadia is not related to any Director or KMP of the Mumbai, May 25, 2018 ŝŶĐůƵĚĞƐƚŚĞ^ƚĂƚƵƚŽƌǇŽŵŵŝƩĞĞƐͿĂƐŽŶDĂƌĐŚ ͻ dĂƚĂŽŶƐƵůƚĂŶĐǇ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ
Company. ϯϭ͕ϮϬϭϴ ͻ dĂƚĂDŽƚŽƌƐ>ŝŵŝƚĞĚ ͻ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ
ͻ dĂƚĂ^ƚĞĞů>ŝŵŝƚĞĚ ͻ dĂũ's<,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ
ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗ ͻ dĂƚĂ'ůŽďĂůĞǀĞƌĂŐĞƐ>ŝŵŝƚĞĚ ͻ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ
/ƚĞŵEŽ͘ϴ ͻ dŚĞdĂƚĂWŽǁĞƌŽŵƉĂŶǇ>ŝŵŝƚĞĚ ͻ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ
ϯϮ͘
ƐƉĞƌ^ĞĐƟŽŶϰϮŽĨƚŚĞĐƚ͕ƌĞĂĚǁŝƚŚƚŚĞŽŵƉĂŶŝĞƐ Mandlik House, Mandlik Road, Mumbai 400 001. ͻ :ĂŐƵĂƌ>ĂŶĚZŽǀĞƌƵƚŽŵŽƟǀĞW>
ŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚǇ
;WƌŽƐƉĞĐƚƵƐ ĂŶĚ ůůŽƚŵĞŶƚ ŽĨ ^ĞĐƵƌŝƟĞƐͿ ZƵůĞƐ͕ ϮϬϭϰ CIN: L74999MH1902PLC000183 ͻ dĂƚĂŽŶƐƵůƚĂŶĐǇ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;ŚĂŝƌŵĂŶͿ
;͚W^ZƵůĞƐ͛Ϳ͕ĂĐŽŵƉĂŶǇŽīĞƌŝŶŐŽƌŵĂŬŝŶŐĂŶŝŶǀŝƚĂƟŽŶ Tel.: 022 66395515 Fax: 022 22027442 EƵŵďĞƌŽĨŽĂƌĚŵĞĞƟŶŐƐĂƩĞŶĚĞĚĚƵƌŝŶŐƚŚĞǇĞĂƌ 6 2 (for part of the year only)
ƚŽ ƐƵďƐĐƌŝďĞ ƚŽ EŽŶͲŽŶǀĞƌƟďůĞ ĞďĞŶƚƵƌĞƐ ;͚EƐ͛Ϳ Email: ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ dĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐŽĨĂƉƉŽŝŶƚŵĞŶƚͬ ŝƌĞĐƚŽƌůŝĂďůĞƚŽƌĞƟƌĞďǇƌŽƚĂƟŽŶ &ŽƌĂƉĞƌŝŽĚŽĨĮǀĞǇĞĂƌƐĂƐƉĞƌŚŝƐĐŽŶƚƌĂĐƚĂƐ
ƌĞͲĂƉƉŽŝŶƚŵĞŶƚ MD & CEO with the Company
on a private placement basis, is required to obtain the Website: www.tajhotels.com ZĞŵƵŶĞƌĂƟŽŶƚŽďĞƉĂŝĚ ^ŝƫŶŐĨĞĞƐ ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞŽƌƉŽƌĂƚĞ
Governance Report
>ĂƐƚĚƌĂǁŶƌĞŵƵŶĞƌĂƟŽŶ ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƉƌŽǀŝĚĞĚŝŶŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞŽƌƉŽƌĂƚĞ
Report Governance Report
ZĞůĂƟŽŶƐŚŝƉǁŝƚŚŽƚŚĞƌŝƌĞĐƚŽƌƐĂŶĚ<ĞǇ None None
DĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů

NOTES
Route Map to the AGM Venue
Venue: Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai 400020
Landmark: Next to Bombay Hospital (H)
Distance from Churchgate Station: 1 km
Distance from Chhatrapati Shivaji Terminus: 1.2 km
Distance from Marine Lines Station: 0.8 km
282 Annual Report 2017-18

NOTES
LEADERSHIP WITH TRUST
SINCE 1868
`
656,973 600
MILLION+
CRORE CONSUMERS
REVENUE
In a free enterprise,
the community is not just another
stakeholder in business, but is in fact
the very purpose of its existence.
- Jamsetji Tata
`
695,699
EMPLOYEES 27,346 CRORE
PROFIT
AFTER TAX
3.98
MILLION
SHAREHOLDERS
150 +
COUNTRIES
66 %
OF PARENT COMPANY 150
TATA SONS’ EQUITY
SHARE CAPITAL HELD BY YEARS
PHILANTHROPIC
TRUSTS
The f igures are aggregated

ed fo
for Tata companies for the f inancial year ended 31. 03. 2017.
From pioneering businesses, to pioneering welfare practices,

to pioneering national institutions,
the Tata Group remains committed to improving the lives of communities
we serve globally, based on leadership with trust.
Picture (left to right): The four partners - Jamsetji Tata, Founder of the Tata Group; R. D. Tata, father of J. R. D. Tata;
Sir Ratan Tata, younger son of the Founder; and Sir Dorabji Tata, elder son of the Founder. tata150.com

IHCL - Annual - Report-2017-18 - Webfile PDF

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

IHCL - Annual - Report-2017-18 - Webfile PDF

Încărcat de

Drepturi de autor:

Formate disponibile

117 TH ANNUAL REPORT 2017-18

“At IHCL, we have always

Read more on Page 24

02 Introduction 50 Board's Report Standalone

The future checks in at IHCL

In a renewed spirit of purpose and

Indian hospitality at its global best

India and select overseas

4 Annual Report 2017-18 5

What deﬁnes our thinking,

> India “For TCI, IHCL is the biggest

ROBUST EXPANSION DURING FY 2017-18 HIGH CUSTOMER-CENTRICITY

10 20 10 30% 40% 64% 30.56 Lakhs 5,530 8,634

8 Annual Report 2017-18 9

A history of milestones UNVEILS ‘ASPIRATION 2022’

1970 AWARD-WINNING PROGRAMME,

2000 2005 2010 2012

10 Annual Report 2017-18 11

12 Annual Report 2017-18 13

14 Annual Report 2017-18 15

Intellectual Property rights protection for

Key Performance Indicators

Delivering a robust performance

2,639.34 684.19 26% 4,165.28 732.08 18%

147.77 1.34 10% 100.87 0.91 6%

18 Annual Report 2017-18 19

Nomination and Remuneration

Corporate Social Responsibility

Puneet Chhatwal Deepak Parekh Mehernosh S. Kapadia Gautam Banerjee

20 Annual Report 2017-18 21

22 Annual Report 2017-18 23

MD and CEO's Message

24 Annual Report 2017-18 25

ASPIRATION 2022 ASPIRATION 2022

VALUES TRUST, AWARENESS, JOY INTEGRITY, EXCELLENCE, UNITY,

26 Annual Report 2017-18 27

3R Strategy for Aspiration 2022

RE-STRUCTURE RE-ENGINEER RE-IMAGINE

CULTURE. COMMERCE. CONNECTEDNESS.

TRUST. AWARENESS. JOY.

INTEGRITY. EXCELLENCE. UNITY.

How we will simplify

What we will sell

While IHCL is a market leader

Who we will engage

Re-engineering will focus

What we will manoeuvre What we will manage

What we will multiply

Strong sales offices network and Re-imagining a SMART approach

Re-imagining Our Future

A refreshed brandscape OUR NEW BRAND ARCHITECTURE

OUR NEW LOOK F&B SALON

To deﬁne our personality as a distinct identity and to eliminate

As the perfect metaphor for our corporate identity, we have

36 Annual Report 2017-18 37

38 Annual Report 2017-18 39

core operations faster, better streamlined and more efficient.

Hotelier Development Programme (HDP) Targeted Selection (TS)

Our people We continue to strengthen the Hotelier Development

42 Annual Report 2017-18 43

CSR and Sustainability Initiatives

Serving happiness to the world

H7 Crore+ At IHCL, we recruit an average of 15-20% of trained candidates from

WƌŽĮƚĞĨŽƌĞǆĐĞƉƟŽŶĂů/ƚĞŵƐĂŶĚdĂǆ 339.42 228.53 161.84 41.36

WƌŽĮƚĞĨŽƌĞdĂǆ 284.23 262.04 184.29 30.58

ǆƚƌĂĐƚŽĨŶŶƵĂůZĞƚƵƌŶ EŽ͘ ^ƵďƐŝĚŝĂƌǇͬ

ϭϮ >ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůΘWƌŽƉĞƌƟĞƐWƌŝǀĂƚĞ hϱϱϭϬϬD,ϮϬϬϴWdϭϳϴϵϲϯ ^ƵďƐŝĚŝĂƌǇ ϭϬϬ Ϯ;ϴϳͿ

;ǀͿ ^ŚĂƌĞŚŽůĚŝŶŐŽĨŝƌĞĐƚŽƌƐĂŶĚ<ĞǇDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů͗ ͘ ZĞŵƵŶĞƌĂƟŽŶƚŽŽƚŚĞƌŝƌĞĐƚŽƌƐ͗

;ǀͿ d ŚĞ ĨŽůůŽǁŝŶŐ ZĞŐƵůĂƟŽŶƐ ĂŶĚ 'ƵŝĚĞůŝŶĞƐ ƉƌĞƐĐƌŝďĞĚ ;ŝͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚǆĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;^ŚĂƌĞĂƐĞĚ

Consolidated Financials KƉĞƌĂƟŶŐǆƉĞŶƐĞƐ ĂƐŚ&ůŽǁĂƚĂ /ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ

Report on Corporate Governance ŝƌĞĐƚŽƌƐ͕EƐĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŝƐϲϱǇĞĂƌƐ͕

ĚĞƚĞƌŵŝŶŝŶŐ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ƉŽƐŝƟǀĞ ĂƩƌŝďƵƚĞƐ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶWŽůŝĐǇ͗ Dƌ͘<ĂƉĂĚŝĂŚĂƐĐĞĂƐĞĚƚŽďĞƚŚĞǆĞĐƵƟǀĞŝƌĞĐƚŽƌ ŽĨĂůůĐŽŵƉůĂŝŶƚƐƌĞĐĞŝǀĞĚ͕ĞŶĂďůĞƐƵƉůŽĂĚŝŶŐŽĨĐƟŽŶ

ƉŚǇƐŝĐĂůĐŽƉǇŽĨƚŚĞƐĂŵĞ͕ĚƵůǇƐŝŐŶĞĚƚŽƚŚĞŽŵƉĂŶǇ͕ ŽŵƉůŝĂŶĐĞKĸĐĞƌ z ƵŝĚŝŶŐ ĂŶĚ ƐƵŐŐĞƐƟŶŐ ƐƚƌĂƚĞŐŝĞƐ ƚŽ

ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂĚ ĚƵƌŝŶŐ &z ϮϬϭϳͲϭϴ

ǁŚŽƐĞĞŵĂŝůĂĚĚƌĞƐƐĞƐǁĞƌĞƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞŽŵƉĂŶǇͬ >ŝƐƟŶŐ͗ dŚĞ^>ŝŵŝƚĞĚ 70 70

/Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ >ŝƐƚŝŶŐ ZĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶǇ ŚĂƐ

&ŽŽƚŶŽƚĞ͗ǆĐůƵĚĞƐǆĐĞƉƟŽŶĂů/ƚĞŵƐŽĨ` (55.19) crores.