'SHISJ&YWMRIWW'SRHYGX-RXIKVMX]`,SRIWX]`*EMVRIWW7TMVMXSJ;MTVS%HSDVVLRQDWHDERXWFOLHQWVńVXFFHVV
7UHDWHDFKSHUVRQZLWKUHVSHFW%HJOREDODQGUHVSRQVLEOH
8Q\LHOGLQJLQWHJULW\LQHYHU\WKLQJZHGR'LEMVQERɱWQIWWEKI'HDU:LSURLWHV
2XUXQůLQFKLQJFRPPLWPHQWWRLQWHJULW\IDLUQHVVDQGWUDQVSDUHQF\KDVPDGHXVDJOREDOO\WUXVWHGEUDQG7KH
6SLULWRI:LSURRXUYDOXHVKDVEHHQRXUEHDFRQDQGKHOSHGXVDFKLHYHKLJKVWDQGDUGVRIJRYHUQDQFHDQG
EXVLQHVVFRQGXFW$VZHFRQWLQXHWRH[SORUHRSSRUWXQLWLHVDQGH[SDQGRXUJOREDOIRRWSULQWZHPXVWHQVXUHQRQQHJRWLDEOH
DGKHUHQFHWRJOREDOO\DFFHSWHGVWDQGDUGVRIFRPSOLDQFH7RIXUWKHUVWUHQJWKHQRXUSROLFLHVDQGPDNHRXU
V\VWHPVDQGSURFHVVHVPRUHUREXVWZHKDYHXSGDWHGRXU&RGHRI%XVLQHVV&RQGXFW &2%& DORQJZLWKRXUHWKLFVDQGFRPSOLDQFHLQLWLDWLYHV
7KHXSGDWHG&2%&SURYLGHVNH\GHWDLOVDERXWRXUUHVSRQVLELOLWLHVDQGREOLJDWLRQWRFRPSO\ZLWKODZVDQG:LSURńV
HWKLFDOVWDQGDUGV,WDOVRVHUYHVDVDKHOSIXOUHIHUHQFHWRROWKDWFDQJXLGHXVZKHQZHDUHFRQIURQWHGZLWKHWKLFDOGLOHPPDVRUTXHVWLRQV
,WLVLPSHUDWLYHZHXSKROGWKH&2%&DQGPDQLIHVWLWLQDOORXUDFWLRQV7KLVZLOOEHDFULWLFDOHOHPHQWWKDWZLOOKHOSXVVKDSHDQRUJDQL]DWLRQDOFXOWXUHZLWKDJURZWKPLQGVHW$WWKHFRUHRIWKLVFKDQJHZRXOGEHJUHDWHUDFFRXQWDELOLW\GHHSHUFRPPLWPHQWVWURQJRZQHUVKLSDQGFROODERUDWLRQSXWWLQJ:LSURDQGLWVVXFFHVVŮUVW
EHIRUHLQGLYLGXDOXQLWVDQGWHDPV7KLVFXOWXUHZLOOEHGHŮQHGE\GHFLVLYHQHVVUHVSRQVLYHQHVVPXWXDOUHVSHFWDQGLQFOXVLYHQHVV,DPFRQŮGHQWWKDWZHZLOOFRQWLQXHWREHDFRUSRUDWHPRGHOIRUWUDQVSDUHQF\HWKLFDOEXVLQHVVSUDFWLFHVDQG
JRRGJRYHUQDQFH
/HWXVPDNH:LSURWKHPRVWSUHIHUUHGFRPSDQ\WRZRUNZLWKŁIRULWVHPSOR\HHVFXVWRPHUVDQGRWKHUVWDNHKROGHUV
/LYHWKH6SLULWRI:LSUR

5LVKDG3UHPML8EFPISJGSRXIRXW$ERXWRXU&RGHDQG\RXUUHVSRQVLELOLWLHV

7RZKRPWKH&RGHDSSOLHV+RZWRXVHWKH&RGHRI%XVLQHVV&RQGXFW"(PSOR\HHUHVSRQVLELOLWLHV&RRSHUDWLQJZLWKVXUYH\VLQYHVWLJDWLRQVDQGLQTXLULHV(WKLFDOOHDGHUVKLS
0DNLQJWKHULJKWFKRLFH$VNLQJTXHVWLRQVDQGUDLVLQJFRQFHUQV
3UHYHQWLQJUHWDOLDWLRQ$FFRXQWDELOLW\DQGGLVFLSOLQH$FWLQJLQWKHEHVWLQWHUHVWRIRXUFXVWRPHUVEXVLQHVVSDUWQHUVDQGWKHSXEOLF&XVWRPHUUHODWLRQV
0DUNHWLQJDQGDGYHUWLVLQJ
3URWHFWLQJFXVWRPHULQIRUPDWLRQ
6XSSOLHUVHOHFWLRQ*RYHUQPHQWFRQWUDFWLQJ&RQůLFWVRILQWHUHVW&RPPXQLFDWLQJZLWKWKHSXEOLF
6RFLDOPHGLDDQGQHWZRUNLQJ

3URWHFWLQJRXULQIRUPDWLRQDQGDVVHWV





&RQŮGHQWLDOLQIRUPDWLRQ,QWHOOHFWXDOSURSHUW\&RPSHWLWLYHEXVLQHVVLQWHOOLJHQFH
3URWHFWLQJWKHSULYDF\RIHPSOR\HHDQGSHUVRQDOLQIRUPDWLRQ%XVLQHVVUHFRUGVDQGLQWHUQDOFRQWUROV'RFXPHQWPDQDJHPHQWDQGOHJDOKROGV
6DIHJXDUGLQJFRPSDQ\DVVHWV)ROORZLQJWKHOHWWHUDQGWKHVSLULWRIODZVDQGUHJXODWLRQV,QVLGHUWUDGLQJ$QWLWUXVWDQGIDLUFRPSHWLWLRQ$QWLFRUUXSWLRQ$QWLPRQH\ODXQGHULQJ
3ROLWLFDOLQYROYHPHQWOREE\LQJ*OREDOWUDGH

3HUIRUPDQFHWKURXJKWHDPZRUNDQGUHVSHFW+XPDQULJKWV'LYHUVLW\DQGQRQGLVFULPLQDWLRQ+DUDVVPHQWIUHHZRUNSODFH
6DIHDQGKHDOWK\ZRUNHQYLURQPHQW
6XVWDLQDELOLW\DQGFRUSRUDWHFLWL]HQVKLS$GGLWLRQDOUHVRXUFHVDQGOLQNV







%FSYXSYVGSHIERH
]SYVVIWTSRWMFMPMXMIW
8S[LSQXLIGSHIETTPMIW
7KH&RGHRI%XVLQHVV&RQGXFW &2%& SURYLGHVWKH
HWKLFDOJXLGHOLQHVDQGH[SHFWDWLRQVIRUFRQGXFWLQJ
EXVLQHVVRQEHKDOIRI:LSUR/LPLWHGLWVVXEVLGLDULHVDQGDIŮOLDWHFRPSDQLHV,QWKH&2%&WKHVHDUH
FRPPRQO\UHIHUUHGWRDVņ:LSURŇRUņWKH&RPSDQ\Ň
7KH&2%&DSSOLHVWRDOOHPSOR\HHVDQGPHPEHUVRI
WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\,WDOVRDSSOLHVWRLQGLYLGXDOVZKRVHUYHWKH&RPSDQ\RQ
FRQWUDFWVXEFRQWUDFWUHWDLQHUFRQVXOWDQWRUDQ\
RWKHUVXFKEDVLV6XSSOLHUVVHUYLFHSURYLGHUVH[WHUQDOSURIHVVLRQDOVDJHQWVFKDQQHOSDUWQHUV GHDOHUVGLVWULEXWRUVDQG
RWKHUV VHUYHDVDQH[WHQVLRQRIWKH&RPSDQ\DQG
WKHLUFRQGXFWDQGEHKDYLRUZKLOHFDUU\LQJRXW
EXVLQHVVGHDOLQJVZLWK:LSURRURQEHKDOIRI:LSUR
FDQKDYHDQLPSDFWRQ:LSURDQGLWVUHSXWDWLRQ)RUWKLVUHDVRQWKH\DUHH[SHFWHGWRFRQGXFWWKHLU
EXVLQHVVHVLQDOHJDODQGHWKLFDOPDQQHUDQGWRDGKHUHWRWKHVSLULWRIWKH&2%&DVZHOODVDQ\DSSOLFDEOHFRQWUDFWXDOREOLJDWLRQVZKHQZRUNLQJ
IRU:LSUR
)QTPS]IIVIWTSRWMFMPMXMIW

4 ,QP\FRXQWU\RXUORFDOODZVGLIIHUIURP
VRPHRIWKHVWDQGDUGVLQWKH&2%&:KDW

:LSURLVPDGHXSRIWKRXVDQGVRILQGLYLGXDOVHDFKZLWKXQLTXHSHUVSHFWLYHVDQGDVSLUDWLRQV7KRXJKZH
DUHDOOGLIIHUHQWZHDOOVKDUHDQXQGHUVWDQGLQJRIWKHLPSRUWDQFHRIņ8Q\LHOGLQJ,QWHJULW\Ň:LWKRXWDUHSXWDWLRQIRULQWHJULW\ZHZRXOGIDLOZLWKFXVWRPHUVZLWKLQYHVWRUVDQGLQRXURZQH\HV:HPXVWVWULYHWRPDLQWDLQWKHKLJKHVWHWKLFDOVWDQGDUGVVKRXOG,GR",QSDUWLFXODUŋ $OZD\VDFWLQDSURIHVVLRQDOKRQHVWDQGHWKLFDOPDQQHUZKHQDFWLQJRQEHKDOIRIWKHFRPSDQ\ŋ %HIDPLOLDUZLWKWKHLQIRUPDWLRQFRQWDLQHGLQWKH&2%&DQGSROLFLHVDQGSD\SDUWLFXODUDWWHQWLRQWR
WKHSROLFLHVWKDWSHUWDLQWR\RXUMREUHVSRQVLELOLWLHVŋ &RPSOHWHDOOUHTXLUHGHPSOR\HHWUDLQLQJVLQD
WLPHO\PDQQHUDQGNHHSXSWRGDWHRQFXUUHQW
VWDQGDUGVDQGH[SHFWDWLRQV&RPSOHWLRQVWDWXVRIWKHVHWUDLQLQJVZLOOEHWUDFNHGDQGGLVFORVHGWRSDUWLHVDXWKRUL]HGWRUHYLHZLWVXFKDVDXGLWWHDPVZLWKLQ:LSURDQGWKLUGSDUWLHVVXFKDVFOLHQWVZKHUH:LSURńVWUDLQLQJDQGFHUWLŮFDWLRQLVEHLQJ
UHOLHGRQLQVWHDGRIFOLHQWWUDLQLQJVRUSROLFLHV
ŋ 3URPSWO\UHSRUWFRQFHUQVDERXWSRVVLEOH
YLRODWLRQVRIODZVUHJXODWLRQVRUWKH&2%&WR\RXU
PDQDJHUPDQDJHUńVPDQDJHU+5PDQDJHUKHDG
RIWKHEXVLQHVVDQ\PHPEHURI6HQLRU
0DQDJHPHQWDQ\PHPEHURIWKH/HJDO&RPSOLDQFH'HSDUWPHQWRUWKH2PEXGVSHUVRQŋ &RRSHUDWHDQGWHOOWKHZKROHWUXWKZKHQUHVSRQGLQJWRDQLQYHVWLJDWLRQRUDXGLWDQGQHYHU
DOWHURUGHVWUR\UHFRUGVLQUHVSRQVHWRDQ
LQYHVWLJDWLRQRUZKHQDQLQYHVWLJDWLRQLV
DQWLFLSDWHG
5HPHPEHU1RUHDVRQLQFOXGLQJWKHGHVLUHWRPHHW
EXVLQHVVJRDOVVKRXOGHYHUEHDQH[FXVHIRU
YLRODWLQJODZVUHJXODWLRQVWKH&2%&RUSROLFLHV

4 ,XQGHUVWDQGWKDWVRPHOHDGHUVDW:LSURKDYHDVHSDUDWHFRGH,VWKDWWUXHDQGGRWKH\DOVR
KDYHWRDELGHE\WKH&2%&"$ $OO:LSURLWHVDUHJRYHUQHGE\WKHSULQFLSOHVDQG
YDOXHVHPERGLHGLQWKHņ6SLULWRI:LSURŇ7KHUHLV
QRVHSDUDWHFRGHIRUOHDGHUVDQGWKH\PXVWDOVR
DELGHE\WKH&2%&:LSURńV3ULQFLSDO([HFXWLYH2IŮFHU
DQG6HQLRU)LQDQFLDO2IŮFHUVKDYHDQDGGLWLRQDO&RGH
RI(WKLFVWRVXSSRUWUHTXLUHPHQWVRIFRPSOHWHDQG
DFFXUDWHŮQDQFLDOUHFRUGVDQGUHSRUWLQJ$ :LSURGRHVEXVLQHVVLQDQXPEHURIFRXQWULHVZRUOGZLGHDQGZHDUHFRPPLWWHGWRIROORZLQJWKHODZVDQGUHJXODWLRQVHYHU\ZKHUHZHRSHUDWH
6RPHWLPHVWKHVHODZVPD\YDU\RUFRQůLFWZLWKWKH
&2%&:KHUHWKH\GRWKHODZVRIWKHODQGZLOO
SUHYDLO+RZHYHULQVRPHVLWXDWLRQV&2%&PD\WDNH
DPRUHFRQVHUYDWLYHVWDQGWRDYRLGFRQůLFWVZLWKFHUWDLQRWKHUFRXQWU\ODZV,I\RXEHOLHYHORFDOODZVFRQůLFWZLWKWKH&2%&RUUHODWHGSROLFLHVGLVFXVVWKHLVVXHZLWK\RXUPDQDJHURUFRQWDFWWKH+5
PDQDJHURU2PEXGVSHUVRQIRUFODULŮFDWLRQ,S[XSYWIXLI'SHISJ&YWMRIWW'SRHYGX#
7KH&2%&LVGHVLJQHGWRKHOSHPSOR\HHVUHFRJQL]HDQGGHDOZLWKHWKLFDOLVVXHVLQWKHLUZRUN:LSURńVSROLF\LVWRFRPSO\ZLWKDOODSSOLFDEOHODZVDQGUHJXODWLRQVWREH
FRPPLWWHGWRFRQGXFWLQJEXVLQHVVLQDQHWKLFDOPDQQHUDQGWRDFWZLWKLQWHJULW\LQ
GHDOLQJZLWKRXUFXVWRPHUVVXSSOLHUVSDUWQHUVFRPSHWLWRUVHPSOR\HHVDQGRWKHUVWDNHKROGHUV
Code of Business Conduct (COBC) is a guideto help whenever you have a question about
ethics or if you are faced with an ethicaldilemma. COBC may not address all thesituations which you may encounter andsometimes, because of the highly complex
rules and regulations that govern ourbusiness, you may need additional help. In
these situations, refer Wipro policies
mentioned in the COBC. They provide moredetailed information on seeking help. You canalso discuss the matter with your manager,
Human Resources (HR) or other designatedpersons mentioned in the COBC.

4 :K\DUHZHH[SHFWHGWRFRRSHUDWHZLWKLQYHVWLJDWLRQVDQGLQTXLULHV",ZRXOGUDWKHUQRWJHWLQYROYHG

$ :KHQWKHFRPSDQ\FRQGXFWVDQLQYHVWLJDWLRQLW
LVEHFDXVHWKHUHLVWKHSRVVLELOLW\RIDEUHDFKRIRXUSROLFLHVRUOHJDOUHTXLUHPHQWV7KHLQYHVWLJDWLRQLVQHFHVVDU\WRSURWHFWLQGLYLGXDOV:LSURDQGLQ
VRPHFDVHVWKHSXEOLF,IHPSOR\HHVGRQRWFRRSHUDWHLWPD\EHLPSRVVLEOHWRJHWDOOWKHIDFWVDQGWDNHWKHULJKWDFWLRQV$OVRWKHLQYHVWLJDWLRQZLOOKHOSWKHFRPSDQ\WRSURFHVVFRUUHFWLRQVZKLFKZRXOGKHOSLQDYRLGLQJUHSHDWYLRODWLRQV:LWKKROGLQJLQIRUPDWLRQRUNQRZLQJO\JLYLQJIDOVHRUPLVOHDGLQJLQIRUPDWLRQRUVKDULQJLQIRUPDWLRQDERXWDQ
LQYHVWLJDWLRQLVDVHULRXVYLRODWLRQRI\RXUGXWLHVDVDQHPSOR\HHDQGFRXOGUHVXOWLQGLVFLSOLQDU\DFWLRQ)XLMGEPPIEHIVWLMT,I\RXDUHLQDOHDGHUVKLSSRVLWLRQDW:LSUR\RXDUH
DOVRH[SHFWHGWRPHHWWKHIROORZLQJDGGLWLRQDOUHVSRQVLELOLWLHVŋ /HDGE\H[DPSOH0DQDJHUVDUHH[SHFWHGWR
H[HPSOLI\WKHKLJKHVWVWDQGDUGVRIHWKLFDOEXVLQHVVFRQGXFWDQGWRPRGHOWKH
ņ6SLULWRI:LSURŇŋ 6XSSRUWLPSOHPHQWDWLRQRIHWKLFVDQGEXVLQHVV
FRQGXFWSURJUDPPHVDQGPRQLWRUFRPSOLDQFHRI:LSURńVYDOXHVDQGHWKLFDOEXVLQHVVFRQGXFWJXLGHOLQHVWKURXJKVXFKSURJUDPPHVŋ +HOSFUHDWHDZRUNHQYLURQPHQWWKDWIRFXVHVRQ
EXLOGLQJUHODWLRQVKLSV5HFRJQL]HHIIRUWDQGYDOXHPXWXDOUHVSHFWDQGRSHQFRPPXQLFDWLRQŋ &RPPXQLFDWHWRHPSOR\HHVDQGEXVLQHVVSDUWQHUVVXFKDVGHDOHUVGLVWULEXWRUVDJHQWV DERXWKRZ
WKH&2%&DQGSROLFLHVDSSO\WRWKHLUGDLO\ZRUNŋ %HSURDFWLYH/RRNIRURSSRUWXQLWLHVWRGLVFXVVDQG
DGGUHVVHWKLFVDQGHWKLFDOO\FKDOOHQJLQJVLWXDWLRQVZLWKWHDPPHPEHUV'SSTIVEXMRK[MXLWYVZI]WMRZIWXMKEXMSRWERHMRUYMVMIW
7KHFRPSDQ\ZLOOSURPSWO\LQYHVWLJDWHDOOFUHGLEOHUHSRUWVRIPLVFRQGXFW$OVRXVLQJERWKLQWHUQDODQGH[WHUQDOUHVRXUFHV:LSURFRQGXFWVVXUYH\VDQGDXGLWVWRDVVHVVULVNV
DQGHQKDQFHFRPSOLDQFH
$OOHPSOR\HHVDUHUHTXLUHGWRFRRSHUDWHIXOO\DQGWUXWKIXOO\ZLWKGHVLJQDWHGDXGLWDQG
LQYHVWLJDWLRQVSURIHVVLRQDOV5HJXODUSXUJLQJRIGRFXPHQWVLVLQRUGHUH[FHSWLIDQ
LQYHVWLJDWLRQLVLQSURJUHVVDQGDGRFXPHQW
SUHVHUYDWLRQRUKROGQRWLFHLVLVVXHG1HYHU
PLVOHDGDQ\LQYHVWLJDWRUDQGQHYHUDOWHURUGHVWUR\GRFXPHQWVRUUHFRUGVLQUHVSRQVHWR
DQLQYHVWLJDWLRQŋ 7UDLQHGH[SHUWVZLOOEHDVVLJQHGWR
FRQGXFWWKHLQYHVWLJDWLRQŋ 7KHIDFWVRIWKHFDVHZLOOEHXQFRYHUHG
WKURXJKLQWHUYLHZVDQGGRFXPHQWUHYLHZVŋ 8QOHVVDXWKRUL]HG\RXVKRXOGQHYHU
FRQGXFWDQLQYHVWLJDWLRQ\RXUVHOIŋ 8QOHVVDXWKRUL]HGGRQRWGLVFORVHDQ\
LQIRUPDWLRQDERXWDQLQYHVWLJDWLRQŋ ,QYHVWLJDWRUVUHFRPPHQGDSSURSULDWHDFWLRQLIQHHGHGWRPDQDJHPHQW,IDFWLRQ
LVQHFHVVDU\WRFRUUHFWWKHVLWXDWLRQDQG
SUHYHQWDUHFXUUHQFHWKHFRPSDQ\ZLOO
WDNHFRUUHFWLYHVWHSVLQFOXGLQJGLVFLSOLQDU\DFWLRQDJDLQVWWKHHUULQJHPSOR\HHXSWR
DQGLQFOXGLQJGLVPLVVDO

4 0\EXVLQHVVXQLWVHWVYDULRXVJRDOVWKDWZHDUH
DVNHGWRDFKLHYH6RPHWLPHV,ŮQGWKDW,FDQ

ŋ &UHDWHDQHQYLURQPHQWZKHUHHYHU\RQHIHHOVFRPIRUWDEOHDVNLQJTXHVWLRQVDQGUHSRUWLQJ
SRWHQWLDOYLRODWLRQVRIWKH&2%&DQGSROLFLHVDFKLHYHVRPHRIWKHJRDOVRQO\LI,YLRODWHWKH&2%&,VWKLVDFFHSWDEOH"

ŋ 1HYHUDVNDQRWKHURUSUHVVXUHDQ\RQHWRGR
VRPHWKLQJWKDWLVLQYLRODWLRQRIWKH&2%&$ 1R:KLOHVXFFHVVIXOEXVLQHVVHVVHWKLJKJRDOVDQGHPSOR\HHVVWULYHWRDFKLHYHWKHP\RX

ŋ %HDZDUHRIWKHOLPLWVRI\RXUDXWKRULW\DQGGRQRW
WDNHDQ\DFWLRQWKDWH[FHHGVWKRVHOLPLWV'HOHJDWHDXWKRULW\RQO\ZKHUHSHUPLVVLEOHDQG
QHYHUGHOHJDWHDXWKRULW\WRDQ\LQGLYLGXDOZKR\RX
EHOLHYHPD\HQJDJHLQXQODZIXOFRQGXFWRU
XQHWKLFDODFWLYLWLHVVKRXOGQHYHUYLRODWHWKH&2%&RU:LSURńVSROLFLHVLQD
TXHVWWRDFKLHYH\RXUJRDOVŋ ,I\RXVXSHUYLVHWKLUGSDUWLHVHQVXUHWKDWWKH\
XQGHUVWDQGWKHLUHWKLFVDQGFRPSOLDQFH

4 ,ńPDPDQDJHUDQG,ńPQRWFOHDUZKDWP\REOLJDWLRQVDUHLIVRPHRQHFRPHVWRPHZLWKDQ

4 ,ńPDPDQDJHU,I,REVHUYHPLVFRQGXFWLQDQDUHDQRWXQGHUP\VXSHUYLVLRQDP,VWLOOUHTXLUHGWRDFFXVDWLRQłDQGZKDWLILWLQYROYHVDVHQLRUOHDGHU"UHSRUWWKHLVVXH"$ 1RPDWWHUZKRWKHDOOHJDWLRQLQYROYHV\RXPXVWUHSRUWLWZLWKRXWH[FHSWLRQ:LSURSURYLGHV$ 7KRXJK\RXDUHFKLHů\UHVSRQVLEOHIRUSHUVRQQHOXQGHU\RXUVXSHUYLVLRQDOO:LSURLWHVDUHUHTXLUHG

VHYHUDODYHQXHVIRUUHSRUWLQJFRQFHUQV,IIRUDQ\
UHDVRQ\RXDUHXQFRPIRUWDEOHPDNLQJDUHSRUWWRDSDUWLFXODUSHUVRQ\RXPD\WDONWRWKH
2PEXGVSHUVRQWRUHSRUWDQ\PLVFRQGXFWWKH\EHFRPHDZDUHRIDQG
DVDOHDGHU\RXDUHHVSHFLDOO\REOLJHGWRWDNHDFWLRQ
7KHEHVWDSSURDFKLVWRŮUVWWDONZLWK\RXUPDQDJHUZKRRYHUVHHVWKHDUHDZKHUHWKHSUREOHPLVRFFXUULQJEXWLIWKLVGRHVQńWZRUNRULVQńWIHDVLEOH
\RXVKRXOGXVHRWKHUUHVRXUFHVOLVWHGLQWKH&2%&

1EOMRKXLIVMKLXGLSMGI
0DNLQJWKHULJKWGHFLVLRQLVQRWDOZD\VHDV\7KHUH
ZLOOEHWLPHVZKHQ\RXZLOOEHXQGHUSUHVVXUHRUXQVXUHRIZKDWWRGR$OZD\VUHPHPEHUZKHQ\RX
KDYHDWRXJKFKRLFHWRPDNH\RXDUHQRWDORQH<RXUIHOORZ:LSURLWHVDUHDYDLODEOHWRKHOSDQG\RXKDYHRWKHUUHVRXUFHVWRWXUQWRLQFOXGLQJWKH&2%&:KHQIDFHGZLWKDWRXJKHWKLFDOGHFLVLRQLWPD\KHOSWRSDXVHDQGDVNWKHVHTXHVWLRQV,I\RXJLYHD
QHJDWLYHDQVZHUWRHYHQRQHTXHVWLRQFRQVLGHUDGLIIHUHQWDFWLRQRUVHHNKHOSŋ ,VLWWKHULJKWWKLQJWRGR",VLWOHJDO",VLWFRQVLVWHQWZLWKRXUSROLFLHV"
ŋ +DYH,FRQVLGHUHGDOOWKHRSWLRQV"
ŋ :LOOP\DFWLRQVEHFRQVLVWHQWZLWKWKHņ6SLULWRI:LSUR"Ň
ŋ :LOO,EHFRPIRUWDEOHWHOOLQJRWKHUVDERXWP\GHFLVLRQ"
ŋ &DQ,KRQHVWO\VD\,ńGEHSURXGRIWKHFKRLFH,PDGH"
ŋ :KDWLVWKHSRVVLEOHLPSDFWRIP\DFWLRQVRQRWKHUVLQFOXGLQJIHOORZHPSOR\HHVDQGVWDNHKROGHUV"%WOMRKUYIWXMSRWERH
VEMWMRKGSRGIVRW,QWRGD\ńVFRPSOH[EXVLQHVVHQYLURQPHQWLWLV
LQHYLWDEOHWKDWTXHVWLRQVDQGHWKLFVDQGFRPSOLDQFH
FRQFHUQVZLOODULVH7KHVRRQHU:LSUROHDGHUVKLSNQRZVDERXWSRVVLEOHSUREOHPVWKHVRRQHUWKH\FDQ
EHDGGUHVVHG(DFKRQHRIXVLVUHVSRQVLEOHWR
SURPSWO\UDLVHLVVXHVRUFRQFHUQVDERXWPLVFRQGXFW,I\RXEHFRPHDZDUHRIFRQGXFWWKDW\RXEHOLHYH
YLRODWHV:LSURńVSROLFLHVUHJXODWLRQVRUWKHODZWDONWR\RXUPDQDJHU,IWKLVVHHPVLQDSSURSULDWHRULI\RXGRQńWEHOLHYHWKHSHUVRQWRZKRP\RXńYHUHSRUWHG
\RXUFRQFHUQKDVWDNHQDSSURSULDWHDFWLRQ\RXKDYH
VHYHUDODGGLWLRQDORSWLRQVŋ 6SHDNZLWK\RXUPDQDJHUńVPDQDJHURUDQ\
PHPEHURI6HQLRU0DQDJHPHQWŋ &RQWDFWWKH/HJDO &RPSOLDQFH'HSDUWPHQWRU\RXU+5PDQDJHUŋ 8VHWKHFRPSDQ\ńV2PEXGVSURFHVVZKLFKLVD
ZKLVWOHEORZHUSURFHVVE\FRQWDFWLQJ
RPEXGVSHUVRQ#ZLSURFRP
,QDGGLWLRQLI\RXKDYHDTXHVWLRQDERXWD:LSUR
SROLF\\RXFDQVHQG\RXUTXHU\WRSROLF\FOHDULQJKRXVH#ZLSURFRP<RXDOVRKDYHWKH
RSWLRQWRXVH:LSURńV+RWOLQH7RDFFHVVWKH+RWOLQH
SOHDVHYLVLWZZZZLSURRPEXGVFRP&DOOVWRWKH
+RWOLQHPD\EHPDGHDQRQ\PRXVO\KRZHYHU
:LSURLWHVDUHHQFRXUDJHGWRSURYLGHWKHLUQDPH$QRQ\PRXVFDOOVZLOOEHFRQVLGHUHGIRUIXUWKHUDFWLRQDWWKHVROHGLVFUHWLRQRI:LSURDQG
DQRQ\PRXVFDOOHUVPD\QHHGWRSURYLGHDGGLWLRQDO
LQIRUPDWLRQEHIRUHDQHIIHFWLYHLQYHVWLJDWLRQFDQ

WDNHSODFH<RXDOVRKDYHDQRSWLRQWRUDLVH\RXU
FRQFHUQVGLUHFWO\WRWKH&KDLUPDQRIWKH$XGLW&RPPLWWHH DXGLWFRPPLWWHH#ZLSURFRP 1RIRUP
RIUHWDOLDWRU\DFWLRQZLOOEHWDNHQDJDLQVWWKDWHPSOR\HHUDLVLQJDFRQFHUQHYHQLIWKHVDPHGRHVQRWWXUQRXWWREHWUXH%XWLQUDLVLQJWKHFRQFHUQWKH
HPSOR\HHLVDGYLVHGWRH[HUFLVHGXHFDUHWRHQVXUHJRRGIDLWK%GGSYRXEFMPMX]ERHHMWGMTPMRI

4:LSURZLOOWDNHDSSURSULDWHGLVFLSOLQDU\DFWLRQLQFOXGLQJXSWRWHUPLQDWLRQDJDLQVWDQ\HPSOR\HH
DJHQWFRQWUDFWRURUFRQVXOWDQWZKRVHDFWLRQVDUH
IRXQGWRYLRODWHWKHVHSROLFLHVRUDQ\RWKHUSROLFLHV
RI:LSUR2XUPDQDJHUW\SLFDOO\GRHVQRWKLQJZKHQFRQFHUQVDERXWSRWHQWLDOPLVFRQGXFWDUHEURXJKWWRKHUDWWHQWLRQDQG,EHOLHYHVKHKDVPDGHWKLQJVGLIŮFXOWIRUFRZRUNHUVZKRKDYHUDLVHG
LVVXHV1RZ,KDYHDSUREOHP$FRZRUNHULVGRLQJ
VRPHWKLQJWKDW,EHOLHYHWREHHWKLFDOO\ZURQJ:KDWVKRXOG,GR"$ 7DNHDFWLRQDQGVSHDNXS<RXDUHUHTXLUHGWRUHSRUWPLVFRQGXFW7KRXJKUDLVLQJLWZLWK\RXU

9LRODWLQJUHOHYDQWODZVUHJXODWLRQVRUWKH&2%&RU
H[SHFWLQJRUHQFRXUDJLQJRWKHUVWRGRVRH[SRVHVWKHFRPSDQ\WROLDELOLW\DQGSXWVWKHFRPSDQ\ńVUHSXWDWLRQDWULVN,IDQHWKLFVRUFRPSOLDQFHSUREOHP
GRHVRFFXU\RXKDYHDQREOLJDWLRQWRFRQWDFWRQHRIWKHUHVRXUFHVOLVWHGLQWKH&2%&VRWKDWDQHIIHFWLYH
VROXWLRQFDQEHGHYHORSHG

7KH&RPSOLDQFHSURFHVVDW:LSURKDVWKHRYHUVLJKWRIWKH%RDUGRI'LUHFWRUV$XGLW&RPPLWWHHDQG
&RUSRUDWH&RPSOLDQFH&RPPLWWHHVFRPSULVLQJRI%RDUG0HPEHUVPDQDJHULVRIWHQWKHEHVWZD\WRHIŮFLHQWO\DGGUHVVDFRQFHUQLI\RXGRQRWEHOLHYHWKDWLWLVDSSURSULDWH
RUGRQRWIHHOFRPIRUWDEOHGRLQJVR\RXVKRXOGWDONWR\RXUPDQDJHUńVPDQDJHURUDQ\RIWKHUHVRXUFHVOLVWHGLQWKH&2%&

4VIZIRXMRKVIXEPMEXMSR
0DQDJHUVPXVWOLVWHQRSHQO\WRFRQFHUQVDERXWPLVFRQGXFWUHVSRQGDSSURSULDWHO\DQGQHYHUUHWDOLDWHDJDLQVWWKRVHZKRUDLVHLVVXHVLQJRRGIDLWK/DFNRIFRQWHQWH[SHUWNQRZOHGJHFRXOGFDXVH
DQ[LHW\RQDQHPSOR\HHńVSDUWWREHOLHYHLWWREH
ZURQJłWKDWńVŮQH,WLVDYLRODWLRQRIRXUSROLF\DQG
FRQWUDU\WRRXUYDOXHVWRHQJDJHLQUHWDOLDWRU\DFWVDJDLQVWDQ\HPSOR\HHZKRUHSRUWVZURQJGRLQJRIDQ\
W\SHRUDQ\HPSOR\HHZKRWHVWLŮHVDVVLVWVRUSDUWLFLSDWHVLQDSURFHHGLQJLQYHVWLJDWLRQRUKHDULQJUHODWLQJWRDOOHJDWLRQVRIPLVFRQGXFW:LSURWDNHVFODLPVRIUHWDOLDWLRQVHULRXVO\$OOVXFKFODLPVZLOOEHWKRURXJKO\LQYHVWLJDWHGDQGLIVXEVWDQWLDWHGUHWDOLDWRUVZLOOEHGLVFLSOLQHGXSWRDQGLQFOXGLQJWHUPLQDWLRQ,I\RXEHOLHYH\RXKDYHEHHQUHWDOLDWHG
DJDLQVW\RXVKRXOGUHSRUWVXFKDFWLRQWRWKH
2PEXGVSHUVRQRUXVHDQ\RIWKHUHSRUWLQJPHWKRGVGHVFULEHGLQWKH&2%&

%GXMRKMRXLIFIWXMRXIVIWXSJSYVGYWXSQIVWFYWMRIWWTEVXRIVWERHXLITYFPMG
7KHņ6SLULWRI:LSURŇEHJLQVZLWKWKHLQWHQVLW\WRZLQ
DQGWKHFRPPLWPHQWWRPDNLQJRXUFXVWRPHUVVXFFHVVIXO:LSURLWHVNQRZWKDWZLQQLQJDQG
VXFFHVVDUHRQO\SRVVLEOHLIZHFRQVLVWHQWO\DFWLQ

WKHEHVWLQWHUHVWVRIRXUFXVWRPHUVEXVLQHVVSDUWQHUVDQGWKHSXEOLF:KHQZHPDNHWKHLU
LQWHUHVWVRXUSULRULW\ZHHDUQDQGNHHSWKHLUWUXVW'YWXSQIVVIPEXMSRW
2XUVWDQGDUG

1EVOIXMRKERHEHZIVXMWMRK&XVWRPHUVSXUFKDVHRXUVHUYLFHVDQGSURGXFWVEHFDXVHWKH\WUXVWWKHP7KH\WUXVWWKHTXDOLW\RI
RXUVHUYLFHVDQGSURGXFWVWKH\WUXVWWKHLUYDOXHDQG
WKH\WUXVWWKDWZHZLOOVWDQGEHKLQGZKDWZHVHOODQG
GHOLYHU:HPXVWSUHVHUYHWKDWWUXVW$GYHUWLVLQJLVDQHVVHQWLDOLQVWUXPHQWIRU
HIIHFWLYHEUDQGEXLOGLQJDQGFRPPXQLFDWLQJZLWKFXVWRPHUV:HVWULYHWRHQVXUHWKDWDOO
DGYHUWLVHPHQWVRI:LSURńVVHUYLFHVDQG
SURGXFWVDUHGRQHHWKLFDOO\:LSURKDVDIXQGDPHQWDOUHVSRQVLELOLW\WRHQVXUHWKDWFXVWRPHUVKDYHIDLWKLQWKHTXDOLW\RIRXU
VHUYLFHVDQGSURGXFWV,WLVWKHSULPDU\UHVSRQVLELOLW\RIHYHU\HPSOR\HHWRPDNHVXUHWKDWRXUVHUYLFHVDQGSURGXFWVDUHFRQVLVWHQWO\RIWKH
KLJKHVWTXDOLW\2XUDGYHUWLVLQJPXVWQHYHUPLVUHSUHVHQWGHFHLYHRUEHOLNHO\WRPLVOHDGFXVWRPHUV
0DUNHWLQJDQGDGYHUWLVLQJRI:LSURVHUYLFHVDQGSURGXFWVPXVWEHWUXWKIXODQGDFFXUDWH
)DOVHRUXQVXEVWDQWLDWHGFODLPVDERXWFRPSHWLWRUVńRIIHULQJVPXVWQHYHUEHPDGH
2XUDGYHUWLVLQJSDFNDJLQJGLVSOD\VDQG
SURPRWLRQVPXVWDOZD\VEHDSSURSULDWHDQG
VHQVLWLYHWRWKHFXOWXUHRIFXVWRPHUVDQGWKH
SXEOLFLQWKHFRXQWU\LQZKLFKWKHDGYHUWLVLQJLVVKRZQDQGZHZLOODYRLGSROLWLFDORUUHOLJLRXVUHPDUNVLQDGYHUWLVHPHQWVWKDWPD\EHRIIHQVLYH

2XUUHVSRQVLELOLWLHV
ŋ (DFKRIXVPXVWHQVXUHWKDWZHIROORZRXUULJRURXVSURGXFWVDIHW\DQGTXDOLW\VWDQGDUGVŋ $Q\FRQFHUQVDERXWSURGXFWVDIHW\RUTXDOLW\PXVW
EHLPPHGLDWHO\UHSRUWHG,WLVWKHMRERIHYHU\HPSOR\HHWRPDNHVXUHWKDWFRQVXPHUVJHWZKDW
WKH\H[SHFWłDQGSD\IRU
ŋ 'RQRWFUHDWHPLVOHDGLQJLPSUHVVLRQVLQDQ\
DGYHUWLVLQJPDUNHWLQJVDOHVPDWHULDOVRU
SUHVHQWDWLRQVŋ 'RQRWPDNHIDOVHRULOOHJDOFODLPVDERXWFRPSHWLWRUVRUWKHLUVHUYLFHVDQGSURGXFWVŋ 3URPLVHZKDW\RXFDQGHOLYHUDQGGHOLYHURQZKDW\RXSURPLVH
ŋ ,I\RXDUHLQDOHDGHUVKLSSRVLWLRQDW:LSUR\RX
KDYHDQREOLJDWLRQWRPRQLWRUWKHTXDOLW\RIRXU
VXSSO\FKDLQWRHQVXUHWKDWWKHSURGXFWVZHVHOO
PHHWDOOH[WHUQDOVDIHW\DQGTXDOLW\VWDQGDUGVDVZHOODVRXURZQKLJKVWDQGDUGV4VSXIGXMRKGYWXSQIVMRJSVQEXMSR
2XUVWDQGDUG'XULQJWKHFRXUVHRIRXUEXVLQHVVRSHUDWLRQVZH
RIWHQKDYHDFFHVVWRSHUVRQDOLQIRUPDWLRQUHODWHGWRFXVWRPHUVDQGRWKHUV:KLOHSURWHFWLQJWKLVLQIRUPDWLRQPD\QRZEHDOHJDOUHTXLUHPHQWIRUXV
DW:LSURGDWDSULYDF\KDVDOZD\VEHHQDPDWWHURIWUXVWDQGUHVSHFWIRURWKHUV:HUHVSHFWWKHSHUVRQDOLQIRUPDWLRQRIRXUFXVWRPHUVDQGRWKHUV3URWHFWLQJWKHLUSULYDF\LV
YHU\LPSRUWDQWWRXV
2XUUHVSRQVLELOLWLHV
ŋ 3URWHFWWKHFRQŮGHQWLDOLW\RISHUVRQDOLQIRUPDWLRQRIFXUUHQWDQGIRUPHUFXVWRPHUVDVZHOODVMRE
DSSOLFDQWVEXVLQHVVSDUWQHUVDQGFXVWRPHUVŋ $FFHVVDQGXVHSHUVRQDOLQIRUPDWLRQVROHO\IRU
OHJLWLPDWHEXVLQHVVSXUSRVHVDQGRQO\LI\RXKDYH
DQHHGWRNQRZ
ŋ 5HWXUQRUGHVWUR\SHUVRQDOLQIRUPDWLRQWKDWLVQR
ORQJHUUHTXLUHGE\\RXIRUEXVLQHVVUHDVRQVLQDFFRUGDQFHZLWKRXUGRFXPHQWUHWHQWLRQSROLFLHVŋ :KHQVHQGLQJSHUVRQDOLQIRUPDWLRQDFURVVERUGHUVRUWRWKLUGSDUWLHVPDNHVXUHWKDWVXFK
WUDQVPLVVLRQVDUHIRUOHJLWLPDWHEXVLQHVVUHDVRQV
DQGWKDWWKH\FRPSO\ZLWKORFDOODZ$OVRHQVXUHWKDWWKHUHFLSLHQWZLOOVDIHJXDUGWKHLQIRUPDWLRQŋ 6HQVLWLYHSHUVRQDOLQIRUPDWLRQVXFKDVVRFLDOVHFXULW\QXPEHUVPHGLFDOUHFRUGVFUHGLWFDUGDQG
EDQNDFFRXQWQXPEHUVUHTXLUHVSHFLDOKDQGOLQJ
EDVHGRQORFDOODZŋ 'RQRWIRUZDUGFXVWRPHURURWKHUEXVLQHVV
LQIRUPDWLRQDQGGRFXPHQWVWRSHUVRQDOHPDLO,'V
VXFKDV*PDLORU+RWPDLO 
ŋ 'RQRWXVHSXEOLFŮOHKRVWLQJVHUYLFHV VXFKDV'URSER[6N\'ULYHL&ORXG$PD]RQ&ORXG'ULYH WREDFNXSFXVWRPHURURWKHUEXVLQHVVLQIRUPDWLRQ
DQGGRFXPHQWV,I\RXQRWLFHDEUHDFKRIWKLVSROLF\RUUHFHLYHDFXVWRPHULQTXLU\RUFRPSODLQWDERXW:LSURńVKDQGOLQJRISHUVRQDOLQIRUPDWLRQIRUZDUGWKHLQTXLU\RUFRPSODLQWWR6HFXULW\,QFLGHQW5HSRUWLQJ 6,5 
WKURXJKWKHFRPSDQ\ńVLQWUDQHWV\VWHP)XUWKHULQIRUPDWLRQ3ROLF\RQ&RQŮGHQWLDO,QIRUPDWLRQ+SZIVRQIRXGSRXVEGXMRK:LSURńVSROLF\LVWRFRPSO\IXOO\ZLWKDOOODZVDQGUHJXODWLRQVWKDWDSSO\WRJRYHUQPHQW
FRQWUDFWLQJDQGWUDQVDFWLRQV,WLVDOVRQHFHVVDU\WRVWULFWO\DGKHUHWRDOOWHUPVDQG
FRQGLWLRQVRIDQ\FRQWUDFWZLWKFHQWUDOORFDOVWDWHIHGHUDOIRUHLJQRURWKHUDSSOLFDEOH
JRYHUQPHQWV:LSURńV/HJDO &RPSOLDQFH
'HSDUWPHQWPXVWUHYLHZDQGDSSURYHDOOFRQWUDFWVZLWKDQ\JRYHUQPHQWHQWLW\WRFRQŮUPWKLV

7YTTPMIVWIPIGXMSR
2XUVWDQGDUG:LSURńVVXSSOLHUVPDNHVLJQLŮFDQWFRQWULEXWLRQVWRRXUVXFFHVV7RFUHDWHDQHQYLURQPHQWZKHUHRXU
VXSSOLHUVKDYHDQLQFHQWLYHWRZRUNZLWK:LSURWKH\
PXVWEHFRQŮGHQWWKDWWKH\ZLOOEHWUHDWHGODZIXOO\DQGLQDQHWKLFDOPDQQHU
2XUSROLF\LVWRVHOHFWVXSSOLHUVDQGPDNHSXUFKDVHVEDVHGRQQHHGTXDOLW\VHUYLFHSULFHDQGRWKHUWHUPVDQGFRQGLWLRQV:HVHOHFWVLJQLŮFDQWVXSSOLHUVWKURXJKDFRPSHWLWLYHELGSURFHVVZKHUHDOOVXSSOLHUUHODWLRQVKLSVDUHFRQGXFWHGE\ZD\RIDSSURSULDWHZULWWHQFRQWUDFWV:HEHOLHYHLQGRLQJEXVLQHVVZLWKVXSSOLHUVDQG
EXVLQHVVSDUWQHUVZKRHPEUDFHDQGGHPRQVWUDWHKLJKVWDQGDUGVRIHWKLFDOEXVLQHVVEHKDYLRUDQGZKRVKDUHRXUFRPPLWPHQWWRHQYLURQPHQWDOO\VXVWDLQDEOHSUDFWLFHVDQGKXPDQULJKWV:LSURZLOOQRWHVWDEOLVKDEXVLQHVVUHODWLRQVKLSZLWKDQ\VXSSOLHULILWVEXVLQHVVSUDFWLFHVYLRODWHORFDOODZVDQGGRHVQRWFRPSO\ZLWKRXU6XSSOLHU&RGHRI&RQGXFW
2XUUHVSRQVLELOLWLHV
ŋ ,I\RXDUHLQDOHDGHUVKLSSRVLWLRQDW:LSURDQG
ZRUNZLWKRXUVXSSOLHUVDQGEXVLQHVVSDUWQHUV\RXPXVWHQVXUHWKDWWKH\KDYHUHFHLYHGDFRS\RI
WKH6XSSOLHU&RGHRI&RQGXFW&RPPXQLFDWHWRRXU
VXSSOLHUVRXUVWDQGDUGVIRUKLJKSHUIRUPDQFHLQ
HWKLFVDQWLFRUUXSWLRQKXPDQULJKWVKHDOWKVDIHW\DQGWKHHQYLURQPHQWŋ %HYLJLODQWDQGZDWFKRXWIRUDQ\VLJQVRIRXU
EXVLQHVVSDUWQHUVYLRODWLQJDSSOLFDEOHODZRU
UHJXODWLRQVLQFOXGLQJORFDOHPSOR\PHQW
DQWLFRUUXSWLRQHQYLURQPHQWDOKHDOWKDQG
VDIHW\ODZVŋ (DFKRIXVZKRZRUNVZLWKVXSSOLHUVPXVWPDNH
GHFLVLRQVLQWKHEHVWLQWHUHVWRI:LSURDQGRXUFXVWRPHUVEDVHGRQSHUIRUPDQFHFULWHULDQRWIRU
DQ\SHUVRQDOEHQHŮWRUJDLQŋ &RRSHUDWHZLWKDXGLWVRIVXSSOLHUVDQGVWRSSXUFKDVLQJIURPWKRVHQRWPDNLQJUHDOSURJUHVVWRZDUGVPHHWLQJRXUVWDQGDUGV
ŋ 5HVSHFWDQGSURWHFWWKHFRQŮGHQWLDODQG
SURSULHWDU\LQIRUPDWLRQRIVXSSOLHUVŋ 'RFXPHQWDOOVXSSOLHUUHODWLRQVKLSVLQDSSURSULDWHZULWWHQFRQWUDFWVŋ 'LVFORVHDQ\VLWXDWLRQWKDWPD\DSSHDUWRLQYROYHDFRQůLFWDQGUHPRYH\RXUVHOIIURPPDNLQJRULQůXHQFLQJDSXUFKDVLQJGHFLVLRQ)XUWKHULQIRUPDWLRQ6XSSOLHU&RGHRI&RQGXFW'SRζMGXWSJMRXIVIWX:KDWLVFRQIOLFWRILQWHUHVW"$FRQIOLFWRILQWHUHVWRFFXUVZKHQ\RXU RUWKRVHRI\RXUIDPLO\DQGIULHQGńV LQWHUHVWV ZKHWKHURQWKH
MRERULQ\RXUIUHHWLPH DUHFRQIOLFWLQJZLWKRUKDYH
WKHSRWHQWLDOWRFRQIOLFWZLWK:LSURńVLQWHUHVWVRUFDQ
DIIHFW\RXUDELOLW\WRPDNHREMHFWLYHGHFLVLRQVIRU
:LSURRUFDQKDUP:LSURńVUHSXWDWLRQ&RQIOLFWVRILQWHUHVWPD\EHDFWXDORUSHUFHLYHGDQG
FDQDULVHLQPDQ\GLIIHUHQWVLWXDWLRQV+RZZLOO,NQRZ,KDYHDFRQIOLFWRILQWHUHVW"
7RDYRLGVLWXDWLRQVZKLFKPD\KDUP:LSURńVLQWHUHVWDQGUHSXWDWLRQDQGWRSURYLGH\RXZLWKFOHDUJXLGHOLQHV:LSURUHTXLUHVWKDW\RXGLVFORVHDOOVLWXDWLRQVZKLFKPD\SUHVHQWDQDFWXDORUSRWHQWLDOFRQIOLFWDQGVHHNSULRUFRQVHQWRI\RXU+50DQDJHU
WRHPEDUNXSRQRUFRQWLQXHWKHVDPH<RXU+5
0DQDJHUVKDOOFRQVXOWZLWK\RXU5HSRUWLQJ0DQDJHUDERYH&%DQG DQGUHVSHFWLYH608&HQWUDO&RPSOLDQFH/HDGHULQFDVHRIGRXEW
:KHUHFDQ,GLVFORVHP\FRQIOLFWRILQWHUHVW"
$FRQIOLFWRILQWHUHVWLVQRWQHFHVVDULO\DYLRODWLRQRI
:LSURńV &RGH RI %XVLQHVV &RQGXFW EXW GLVFORVXUH LV
DQ RSSRUWXQLW\ WR LGHQWLI\ DQ\ SRVVLEOH YLRODWLRQV ,Q
FDVH RI GRXEW FRQVXOW \RXU +5 0DQDJHU IRU UHTXLUHG
JXLGDQFH 3OHDVH GLVFORVH DQ\ &RQIOLFW RI ,QWHUHVWVLWXDWLRQRQWKHSDWK7KH'RW}$SSV}&RPSOLDQFH}
&RQIOLFWRI,QWHUHVW0\UHVSRQVLELOLWLHV'LVFORVHSHUVRQDOFRQIOLFWVRILQWHUHVWVJHWUHTXLUHG
DSSURYDOVDQGIROORZDQ\UHVWULFWLRQV)\EQTPIWSJGSRJPMGXWSJMRXIVIWXɮKYMHERGI&RQIOLFWVZKLFKDUHQRWVLJQLILFDQWDUH
JHQHUDOO\SHUPLWWHG
v 3DUWWLPHHQJDJHPHQWLQDFWLYLW\XQUHODWHGWR\RXUIXQFWLRQDOVNLOOVDW:LSURLQ\RXUVSDUHWLPH HYHQIRU
UHPXQHUDWLRQ
v 9ROXQWHHULQJIRUDQRWIRUSURILWRUJDQL]DWLRQLQ\RXUIUHHWLPH
v 3DUWLFLSDWLRQLQORFDOFRPPXQLWLHVRU
VRFLDOFDXVHVLQ\RXUSHUVRQDOFDSDFLW\&RQIOLFWVZKLFKSUHVHQWDSRWHQWLDORUSHUFHLYHGFRQIOLFWPD\EHSHUPLWWHG
GHSHQGLQJXSRQWKHIDFWVRIHDFKFDVHDQG
PD\EHVXEMHFWWRUHVWULFWLRQV
v +ROGLQJDQRQH[HFXWLYHRIILFHLQD
IDPLO\EXVLQHVVZKLFKKDVQRGHDOLQJVZLWK:LSURv 3XUVXLQJHQJDJHPHQWVKREELHVWKDW
GHPDQGVLJQLILFDQWWLPHDQGHIIRUW VZKLFKPD\LQWHUIHUHZLWK\RXU:LSUR
UHVSRQVLELOLWLHV
v $SSRLQWPHQWDV'LUHFWRUFRQVXOWDQWRUDGYLVRU
v :RUNLQJIRUHVWDEOLVKLQJ6WDUW8SVLQ\RXUVSDUHWLPH
v 5XQQLQJIRUSXEOLFRIILFH
v $FFHSWLQJJLIWVHQWHUWDLQPHQWRURWKHU
EXVLQHVVFRXUWHVLHVRWKHUWKDQSHUPLWWHGXQGHU:LSURńV*LIWVDQG%XVLQHVV&RXUWHVLHVSROLF\
v &ORVHSHUVRQDOUHODWLRQVKLSVZLWKRWKHU:LSURHPSOR\HHVFXVWRPHUVYHQGRUVDQGFRPSHWLWRUVZKLFKPD\LPSDLU
DIIHFW\RXUDELOLW\WRPDNHREMHFWLYH
GHFLVLRQVRQEHKDOIRI:LSUR$FWXDOFRQIOLFWVZKLFKDUHSURKLELWHG
RUQRWXVXDOO\SHUPLWWHG v (PSOR\PHQWRUDVVLJQPHQWV HYHQLI
SDUWWLPH  L ZKLFKUHTXLUHXVHRIVNLOOVVLPLODUWRWKRVH\RXXVHIRU:LSURRU LL
IRU:LSURFRPSHWLWRUVYHQGRUVDQG
FXVWRPHUVRU LLL ZKHUHWKHUHLVDULVN
WKDWWKHRXWVLGHDFWLYLW\PD\FDXVH\RXWRGLVFORVH:LSURńVFRQILGHQWLDORU
SURSULHWDU\LQIRUPDWLRQRUWUDGH
VHFUHWV:KHWKHU\RXUHFHLYH
UHPXQHUDWLRQLVQRWDGHFLGLQJIDFWRU
v +LULQJRUFRQGXFWLQJEXVLQHVVZLWKUHODWLYHV RUFORVHIULHQGV LQ\RXU
GHSDUWPHQWRULQ\RXUFKDLQRI
FRPPDQGZKHUH\RXKDYHGHFLVLRQPDNLQJDXWKRULW\v )LQDQFLDOWUDQVDFWLRQVZLWKRWKHU:LSUR
HPSOR\HHVFXVWRPHUVYHQGRUVDQG
FRPSHWLWRUVZKLFKPD\LPSDLUDIIHFW\RXUDELOLW\WRPDNHREMHFWLYHGHFLVLRQV
RQEHKDOIRI:LSUR

'SQQYRMGEXMRK[MXL
XLITYFPMG
2XUVWDQGDUG:HDUHFRPPLWWHGWRWUDQVSDUHQF\LQRXUGLVFORVXUHVDQGSXEOLFFRPPXQLFDWLRQV:LSURQHHGVDFOHDUFRQVLVWHQWYRLFHZKHQSURYLGLQJLQIRUPDWLRQWRWKH
SXEOLFDQGWKHPHGLD)RUWKLVUHDVRQLWLVLPSRUWDQWWKDWRQO\DXWKRUL]HGSHUVRQVVSHDNRQEHKDOIRIWKH
FRPSDQ\1HYHUJLYHWKHLPSUHVVLRQWKDW\RXDUH
VSHDNLQJRQEHKDOIRIWKHFRPSDQ\LQDQ\
FRPPXQLFDWLRQWKDWPD\EHFRPHSXEOLFLI\RXDUH
QRWDXWKRUL]HGWRGRVR
2XUUHVSRQVLELOLWLHV
ŋ ,I\RXUHFHLYHDQLQTXLU\UHJDUGLQJ:LSURńVDFWLYLWLHVUHVXOWVSODQVRULWVSRVLWLRQRQSXEOLF
LVVXHVDQG\RXDUHQRWVSHFLŮFDOO\DXWKRUL]HGWRUHVSRQGUHIHUWKHUHTXHVWWR&RUSRUDWH&RPPXQLFDWLRQVRU,QYHVWRU5HODWLRQVŋ 1RSHUVRQRWKHUWKDQWKHPHPEHUVRIWKH&RPPXQLFDWLRQV'HSDUWPHQWZKLFKLVSDUWRIWKH
6WUDWHJLF0DUNHWLQJ'HSDUWPHQW,QYHVWRU
5HODWLRQV'HSDUWPHQWDQGVHOHFWHGSHUVRQVZKR
DUHDXWKRUL]HGWRVSHDNIURP%XVLQHVV8QLWVRI:LSURVKRXOGFRPPXQLFDWHDQ\QRQSXEOLF
LQIRUPDWLRQUHJDUGLQJ:LSURZLWKWKHPHGLDDQDO\VWVLQYHVWRUVRUDQ\RQHRXWVLGH:LSUR
ŋ ,I\RXLQWHQGWRZULWHRUSXEOLVKDERRNDUWLFOHRUPDQXVFULSWRUGHOLYHUDSUHVHQWDWLRQZKLFKUHODWHV
LQDQ\ZD\WR:LSURńVEXVLQHVV\RXPXVWUHFHLYH
SULRUDSSURYDORI\RXUPDQDJHUDQG+5PDQDJHU
,IWKHSXEOLFDWLRQRUSUHVHQWDWLRQLGHQWLŮHV\RXDV
DQHPSOR\HHRI:LSURLWPXVWVWDWHWKDW
ņ7KHYLHZVH[SUHVVHGLQWKLVDUWLFOHSUHVHQWDWLRQ
DUHPLQHDQG:LSURGRHVQRWVXEVFULEHWRWKH
VXEVWDQFHYHUDFLW\RUWUXWKIXOQHVVRIP\YLHZVŇ,I\RXDUHDZDUHRIDQ\XQDXWKRUL]HGHPSOR\HH
FRQWDFWZLWKPHGLDRUDQDO\VWVRQUHFRUGRU
RIIUHFRUGLPPHGLDWHO\LQIRUPWKH&RPPXQLFDWLRQV
RU,QYHVWRU5HODWLRQV'HSDUWPHQWV

7SGMEPQIHMEERHRIX[SVOMRK
2XUVWDQGDUG
6RFLDOPHGLDVLWHVDQGVHUYLFHVDUHDSRSXODUPHWKRGRIFRPPXQLFDWLRQDQGLQWHUDFWLRQ:LSURVXSSRUWVWKHULJKWVRILWVHPSOR\HHVWRH[SUHVVWKHPVHOYHVIUHHO\WKURXJKVRFLDOQHWZRUNVEORJVZLNLVFKDWURRPVFRPPHQWIRUXPVDQGRWKHURQOLQH
ORFDOHV+RZHYHUHPSOR\HHVPXVWUHPHPEHUWREH
FDXWLRXVZKHQVXFKDFWLYLW\LQYROYHVLQIRUPDWLRQDERXWRUPD\DIIHFWWKHSHUFHSWLRQRI:LSURLWVFXVWRPHUVDQGEXVLQHVVSDUWQHUV$OO:LSURHPSOR\HHVDUHH[SHFWHGWRFRQGXFWWKHPVHOYHVSURIHVVLRQDOO\LQWKHLURQOLQHDFWLYLWLHVDQGWRUHVSHFWDQGSURWHFWWKHUHSXWDWLRQRI:LSURLWVFXVWRPHUVDQGEXVLQHVVSDUWQHUV$OOUXOHVZKLFKDSSO\WRRIůLQHFRQGXFWDOVRDSSO\WRRQOLQH
FRPPHQWVSRVWLQJVDQGRWKHUFRPPXQLFDWLRQV
:LSURUHVHUYHVWKHULJKWWRUHYLHZDQGPRQLWRUWKH
RQOLQHDFWLYLWLHVRILWVHPSOR\HHVZKHQWKH\DUH
UHOHYDQWWRWKHFRPSDQ\DVZHOODVDQ\RQOLQH
FRPPXQLFDWLRQVPDGHXVLQJFRPSDQ\UHVRXUFHVFRPSXWHUVSKRQHVWDEOHWVGDWDFDUGVHWF ,I
:LSURSHUFHLYHVWKDWVXFKRQOLQHDFWLYLW\LVLQYLRODWLRQRIFRPSDQ\SROLFLHVDSSURSULDWH
LQYHVWLJDWLRQDQGDFWLRQZLOOEHWDNHQ

7SGMEPRIX[SVOMRK%HHVSHFLDOO\FDUHIXOZKHQZULWLQJFRPPXQLFDWLRQVWKDWPLJKWEHSXEOLVKHG
7KLVLQFOXGHVSRVWLQJVWRWKHLQWHUQHW,I\RXSDUWLFLSDWHLQRQOLQHIRUXPVEORJVQHZVJURXSVFKDWURRPVRUEXOOHWLQERDUGVQHYHUJLYHWKHLPSUHVVLRQWKDW\RXDUH
VSHDNLQJRQEHKDOIRI:LSURXQOHVV\RXDUHDXWKRUL]HGWRGRVR$QGEHIRUH\RXKLWWKH
ņ6HQGŇEXWWRQWKLQNFDUHIXOO\7KHVHW\SHVRIFRPPXQLFDWLRQVOLYHIRUHYHU)XUWKHULQIRUPDWLRQ3ROLF\RQ6RFLDO0HGLDDQG1HWZRUNLQJ

2XUUHVSRQVLELOLWLHV
ŋ $OZD\VEHPLQGIXORI:LSURńVHWKLFDOVWDQGDUGVDQG
FRPSRUW\RXUVHOISURIHVVLRQDOO\LQDOO:LSURUHODWHGFRPPXQLFDWLRQV
5HPHPEHUłWKLQJV\RXSRVWRQOLQHZLOOEHSXEOLFO\DYDLODEOHIRUDORQJWLPHVREHIRUH\RXFOLFN
ņ6HQGŇRUņ6XEPLWŇWKLQNFDUHIXOO\ŋ $OZD\VREH\DQ\ODZVJRYHUQLQJ\RXURQOLQHDFWLYLWLHVŋ 1HYHUJLYHWKHLPSUHVVLRQWKDW\RXDUHVSHDNLQJRQEHKDOIRI:LSURXQOHVV\RXDUHDXWKRUL]HGWRGRVRŋ $OZD\VLGHQWLI\\RXUVHOIDQGEHFOHDUZKHQ\RXU
RQOLQHDFWLYLWLHVDUHUHOHYDQWWR:LSURWKDWWKH
YLHZV\RXDUHH[SUHVVLQJDUH\RXURZQDQGGRQRW
UHSUHVHQWWKHRSLQLRQRI:LSUR
ŋ 5HIUDLQIURPSRVWLQJFRQŮGHQWLDOQRQSXEOLFRU
SURSULHWDU\LQIRUPDWLRQRQOLQH
ŋ 1HYHUSRVWDQ\GHWDLOVRQOLQHDERXW:LSURńVFXVWRPHUVRUEXVLQHVVSDUWQHUVLQFOXGLQJRQ
SURIHVVLRQDOQHWZRUNLQJVLWHVVXFKDV/LQNHG,Qŋ 'RQńWXVHVRFLDOPHGLDIRUDQ\DFWLYLW\WRZKLFKRWKHUVDUHOLNHO\WRREMHFWRUZKLFKYLRODWHVWKH



&2%&RULWVYDOXHVDVH[SODLQHGLQWKHņ6SLULWRI
:LSURŇ,QSDUWLFXODUGRQRW
ŋ 6SDPXVLQJHPDLORUVHQGXQVROLFLWHGPHVVDJHVŋ 'HIDPHDEXVHKDUDVVVWDONWKUHDWHQRU
RWKHUZLVHYLRODWHWKHOHJDODQGSULYDF\ULJKWVRIFRPSDQLHVRUSHRSOH
ŋ 3RVWPHVVDJHVZKLFKFRQWDLQUDFLDOO\RUVH[XDOO\RIIHQVLYHPDWHULDOSROLWLFDORUUHOLJLRXVVROLFLWDWLRQVRUDQ\WKLQJHOVHZKLFKLV
LQDSSURSULDWHRUKDVWKHSRWHQWLDOWRFDXVHKDUP
WR:LSURRULWVFXVWRPHUVDQGEXVLQHVVSDUWQHUVŋ 5HPHPEHUWKDWVRPHLQIRUPDWLRQRUVWDWHPHQWV
DUHFRQVLGHUHGņPDWHULDOQRQSXEOLFLQIRUPDWLRQŇņXQSXEOLVKHGSULFHVHQVLWLYHLQIRUPDWLRQŇRU
ņIRUZDUGORRNLQJVWDWHPHQWVŇ6KDULQJRUSRVWLQJ
VXFKLQIRUPDWLRQPD\EHDYLRODWLRQRIDSSOLFDEOH
LQVLGHUWUDGLQJODZV([DPSOHVRIVXFKLQIRUPDWLRQLQFOXGHGDWDRQ:LSURńVEXVLQHVVSHUIRUPDQFH
QHZPDUNHWVQHZFXVWRPHUVPDQDJHPHQW
FKDQJHVHWF)XUWKHULQIRUPDWLRQ3ROLF\RQ,QWHOOHFWXDO3URSHUW\
3ROLF\RQ,QVLGHU7UDGLQJ

4VSXIGXMRKSYVMRJSVQEXMSRERHEWWIXW
2QHRIWKHPDMRUFRQFHUQVLQWKHSUHVHQWLQIRUPDWLRQWHFKQRORJ\HUDLVSURWHFWLRQRIFRQŮGHQWLDODQG
SHUVRQDOLQIRUPDWLRQWKDWLVFROOHFWHGDQG
GLVVHPLQDWHG)RU:LSURLWHVSURWHFWLRQRI
FRQŮGHQWLDOLQIRUPDWLRQUHVWVRQRXUSOHGJHWRDFWZLWKVHQVLWLYLW\DQGWRGHPRQVWUDWHUHVSHFWIRUWKH
LQGLYLGXDO

,WLVVLPSOHZKHQZHWDNHDFWLRQWRVDIHJXDUGFRQŮGHQWLDOLQIRUPDWLRQDQGFRPSDQ\DVVHWVWKDWKDYHEHHQHQWUXVWHGWRXVZHDUHGHOLYHULQJRQRXU
FRPPLWPHQWVDQGOLYLQJXSWRWKHDVVXUDQFHVZH
KDYHPDGHWRRWKHUV

'SRεHIRXMEPMRJSVQEXMSR

2XUUHVSRQVLELOLWLHV

2XUVWDQGDUG

ŋ 8VHDQGGLVFORVHFRQŮGHQWLDOLQIRUPDWLRQRQO\IRU
OHJLWLPDWHEXVLQHVVSXUSRVHV

2QHRIRXUPRVWYDOXDEOHDVVHWVLVLQIRUPDWLRQ,QIRUPDWLRQWKDWLVQRWJHQHUDOO\GLVFORVHGDQGFRXOG
EHKHOSIXOWR:LSURRUZRXOGEHWRFRPSHWLWRUVPXVWEHSURWHFWHG

ŋ 3URSHUO\ODEHOFRQŮGHQWLDOLQIRUPDWLRQWRLQGLFDWH
KRZLWVKRXOGEHKDQGOHGGLVWULEXWHGDQG
GHVWUR\HG

7KHXQDXWKRUL]HGUHOHDVHRIFRQŮGHQWLDOLQIRUPDWLRQFDQFDXVH:LSURWRORVHDFULWLFDOFRPSHWLWLYHDGYDQWDJHHPEDUUDVVWKHFRPSDQ\DQGGDPDJHRXU
UHODWLRQVKLSVZLWKFXVWRPHUVDQGRWKHUV)RUWKHVH
UHDVRQVFRQŮGHQWLDOLQIRUPDWLRQPXVWEHDFFHVVHGVWRUHGDQGWUDQVPLWWHGLQDPDQQHUFRQVLVWHQWZLWK:LSURńVSROLFLHVDQGSURFHGXUHV(DFKRIXVPXVWEHYLJLODQWWRVDIHJXDUG:LSURńVFRQŮGHQWLDOLQIRUPDWLRQDVZHOODVWKLUGSDUWLHVńFRQŮGHQWLDOLQIRUPDWLRQWKDWLVHQWUXVWHGWRXV:H
PXVWNHHSLWVHFXUHOLPLWDFFHVVWRWKRVHZKRKDYHD
QHHGWRNQRZLQRUGHUWRGRWKHLUMREDQGDYRLGGLVFXVVLRQRIFRQŮGHQWLDOLQIRUPDWLRQLQSXEOLFDUHDVɴ'SRεHIRXMEPMRJSVQEXMSRɵMRGPYHIWFYXMWRSXPMQMXIHXSXLIJSPPS[MRKŋ &OLHQWOLVWVYHQGRUOLVWVFOLHQWDJUHHPHQWVDQG
YHQGRUDJUHHPHQWV
ŋ 7UDGHVHFUHWVDQGLQYHQWLRQV
ŋ &RPSXWHUSURJUDPVDQGUHODWHGGDWDDQG
PDWHULDOVŋ 'UDZLQJVŮOHGDWDGRFXPHQWDWLRQGLDJUDPVDQG
VSHFLŮFDWLRQV
ŋ .QRZKRZSURFHVVHVIRUPXODVPRGHOV
DQGůRZFKDUWVŋ 6RIWZDUHFRPSOHWHGRULQYDULRXVVWDJHVRIGHYHORSPHQWVRXUFHFRGHVDQGREMHFWFRGHV
ŋ 5HVHDUFKDQGGHYHORSPHQWSURFHGXUHVDQG
WHVWUHVXOWV
ŋ 0DUNHWLQJWHFKQLTXHVPDWHULDOVDQGGHYHORSPHQW
SODQVSULFHOLVWVSULFLQJSROLFLHVEXVLQHVVSODQVŋ )LQDQFLDOLQIRUPDWLRQDQGSURMHFWLRQV
ŋ (PSOR\HHŮOHVDQGRWKHULQIRUPDWLRQUHODWHG
WRKXPDQUHVRXUFHVDQGEHQHŮWVV\VWHPV
DQGFRQWHQW
7KHREOLJDWLRQWRSUHVHUYH:LSURńVFRQŮGHQWLDOLQIRUPDWLRQLVRQJRLQJHYHQDIWHUHPSOR\PHQWHQGVŋ 3URWHFWLQWHOOHFWXDOSURSHUW\DQGFRQŮGHQWLDOLQIRUPDWLRQE\VKDULQJLWRQO\ZLWKDXWKRUL]HGSDUWLHVŋ 1HYHUGLVFXVVFRQŮGHQWLDOLQIRUPDWLRQZKHQ
RWKHUVPLJKWEHDEOHWRRYHUKHDUZKDWLVEHLQJ
VDLGHJRQSODQHVHOHYDWRUVDQGZKHQXVLQJPRELOHSKRQHVŋ %HFDUHIXOQRWWRVHQGFRQŮGHQWLDOLQIRUPDWLRQWR
XQDWWHQGHGID[PDFKLQHVRUSULQWHUV

4 ,DPXQDEOHWRFRPSOHWHP\SURMHFWDWWKH
'HYHORSPHQW&HQWUH&DQ,IRUZDUGWKHSURMHFWPDWHULDORUHPDLOWRP\SHUVRQDOHPDLODFFRXQWVR
WKDW,FDQFRQWLQXHDQGFRPSOHWHWKDWZRUNIURPKRPH"$ 1R<RXFDQQRWIRUZDUGDQ\:LSURRUFXVWRPHU
LQIRUPDWLRQWR\RXUSHUVRQDOHPDLODFFRXQW7R
GRVRZRXOGEHDVHULRXVEUHDFKRIFRQŮGHQWLDOLW\

4 ,ZRXOGOLNHWRKDYHDEDFNXSRIDOOLQIRUPDWLRQWKDW,FUHDWHIRU:LSURDQGRXUFXVWRPHUV,IHHOWKHVDIHVWDQGPRVWVHFXUHZD\WRSUHVHUYHWKHPLV
E\XVLQJDVHFXUHFORXGKRVWLQJVHUYLFH&DQ,GRVR"$ 1R<RXFDQQRWXVHDQ\SXEOLFFORXGKRVWLQJVHUYLFHVXFKDV'URSER[6N\'ULYHL&ORXG
$PD]RQ&ORXG'ULYHIRUEDFNXSRUVWRUDJHRILQIRUPDWLRQEHORQJLQJWR:LSURRULWVFXVWRPHUV<RX
PXVWFRQWDFWWKH,QIRUPDWLRQ6HFXULW\WHDPIRUDQDSSURSULDWHVROXWLRQ)XUWKHULQIRUPDWLRQ3ROLF\RQ,QWHOOHFWXDO3URSHUW\-RXIPPIGXYEPTVSTIVX]
2XUVWDQGDUG:HKDYHDQREOLJDWLRQWRLGHQWLI\DQGSURWHFWWKH
LQWHOOHFWXDOSURSHUW\WUDGHVHFUHWVDQGRWKHUFRQŮGHQWLDOLQIRUPDWLRQRZQHGE\:LSURRXUFXVWRPHUVDQGEXVLQHVVSDUWQHUV'RLQJVRLV
FULWLFDOWRRXUVXFFHVV,QWHOOHFWXDOSURSHUW\RU,3UHIHUVWRSDWHQWHGRU
SRWHQWLDOO\SDWHQWDEOHLQYHQWLRQVEXVLQHVVPHWKRGVWUDGHPDUNVVHUYLFHPDUNVWUDGHQDPHVFRS\ULJKWDEOHVXEMHFWPDWWHUDQGWUDGHVHFUHWV:H
PXVWDOOEHDZDUHRIDQGFRPSO\ZLWK:LSUR
SURFHGXUHVQHFHVVDU\WRVDIHJXDUGWKHVHDVVHWVLQFOXGLQJFRPSO\LQJZLWKDQ\DJUHHPHQWUHODWLQJWR,3DQGFRQŮGHQWLDOLW\DJUHHPHQWVVLJQHGXSRQWKH
FRPPHQFHPHQWRIRUGXULQJHPSOR\PHQW
,QDGGLWLRQWRSURWHFWLQJ:LSURńVRZQLQWHOOHFWXDOSURSHUW\ULJKWV:LSURUHVSHFWVWKHYDOLGLQWHOOHFWXDOSURSHUW\ULJKWVRIRWKHUV
2XUUHVSRQVLELOLWLHV
ŋ $OOHPSOR\HHVDUHUHVSRQVLEOHIRUFRPSO\LQJZLWK
WKHUHTXLUHPHQWVRIVRIWZDUHFRS\ULJKWOLFHQVHVŋ (PSOR\HHVPXVWXVHSURSULHWDU\PDWHULDORIRWKHUVRQO\XQGHUYDOLGOLFHQVHDQGRQO\LQDFFRUGDQFH
ZLWKWKHWHUPVRIVXFKDOLFHQVHłWKLVLQFOXGHV
WKHXVHRIVRIWZDUH
ŋ 2QO\XVHVRIWZDUHWKDWKDVEHHQSURSHUO\OLFHQVHG
LQOLQHZLWKWKHXVDJHWHUPVDQGFRQGLWLRQVLQWKH
OLFHQVHDJUHHPHQW7KHFRS\LQJRUXVHRI
XQOLFHQVHGRUņSLUDWHGŇRUņFUDFNHGŇVRIWZDUHRQFRPSDQ\FRPSXWHUVRURWKHUHTXLSPHQWWRFRQGXFWFRPSDQ\EXVLQHVVLVVWULFWO\SURKLELWHG
ŋ 8QDXWKRUL]HGUHFHLSWRUXVHRIWKHLQWHOOHFWXDOSURSHUW\RIRWKHUVPD\H[SRVH:LSURWRFLYLOODZVXLWVDQGGDPDJHV(PSOR\HHVDUHDGYLVHGWR
VWULFWO\IROORZDOO:LSURSURFHGXUHVLQFOXGLQJWKRVHJRYHUQLQJWKHDSSURSULDWHKDQGOLQJRIXQVROLFLWHGLQWHOOHFWXDOSURSHUW\ŋ 'RQRWXVHFRS\ULJKWHGPDWHULDOVZLWKRXWDSSURSULDWHSHUPLVVLRQ.HHSLQPLQGWKDWDOO
FRQWHQWVXFKDVSLFWXUHVYLGHRVDQGDUWLFOHVDYDLODEOHRQOLQHFRXOGEHFRS\ULJKWHGDQGFDQQRW
EHFRSLHGRUXVHGZLWKRXWZULWWHQDSSURYDOIURP
WKHFRS\ULJKWRZQHUVHYHQLILWLVIRULQWHUQDOWUDLQLQJSXUSRVHVŋ $OZD\VFRQVXOWWKH/HJDO &RPSOLDQFH'HSDUWPHQWZKHQHYHUDQ,3LVVXHLVLQYROYHGRU
ZKHQHYHU\RXDUHQRWFOHDURQWKHFRXUVHRIDFWLRQ
WREHWDNHQ

ŋ 'RQRWGRZQORDGXQDXWKRUL]HGPXVLFRUYLGHRRQ:LSURUHVRXUFHVRUVWUHDPXQDXWKRUL]HGPXVLFRU
YLGHRXVLQJ:LSURńVQHWZRUNVRURXUFXVWRPHUVńŋ 7KHSULRUDSSURYDORIWKH/HJDO &RPSOLDQFH'HSDUWPHQWLVUHTXLUHGWRGRZQORDGņIUHHZDUHŇRU
ņIUHHWULDOŇWKLUGSDUW\VRIWZDUHRUņVKDUHZDUHSURJUDPVŇIURPWKHLQWHUQHW)XUWKHULQIRUPDWLRQ3ROLF\RQ&RQŮGHQWLDO,QIRUPDWLRQ'SQTIXMXMZIFYWMRIWWMRXIPPMKIRGI
2XUVWDQGDUG,QIRUPDWLRQDERXWFRPSHWLWRUVLVDYDOXDEOHDVVHWLQ
WKHKLJKO\FRPSHWLWLYHPDUNHWVLQZKLFK:LSUR
RSHUDWHV:KHQFROOHFWLQJFRPSHWLWLYHLQWHOOLJHQFH
:LSURHPSOR\HHVDQGRWKHUVZKRDUHZRUNLQJRQRXU
EHKDOIPXVWDOZD\VOLYHXSWR:LSURńVVWDQGDUGRIņ8Q\LHOGLQJ,QWHJULW\Ň:HPXVWQHYHUHQJDJHLQIUDXGPLVUHSUHVHQWDWLRQRU
GHFHSWLRQWRREWDLQLQIRUPDWLRQ1RUVKRXOGZHXVH
LQYDVLYHWHFKQRORJ\WRņVS\ŇRQRWKHUV&DUHVKRXOG
EHWDNHQZKHQDFFHSWLQJLQIRUPDWLRQIURPWKLUGSDUWLHV<RXVKRXOGNQRZDQGWUXVWWKHLUVRXUFHVDQG
EHVXUHWKDWWKHNQRZOHGJHWKH\SURYLGHLVQRW
SURWHFWHGE\WUDGHVHFUHWODZVRUQRQGLVFORVXUHRUFRQŮGHQWLDOLW\DJUHHPHQWV:KLOH:LSURHPSOR\VIRUPHUHPSOR\HHVRIFRPSHWLWRUVZHUHFRJQL]HDQGUHVSHFWWKH
REOLJDWLRQVRIWKRVHHPSOR\HHVQRWWRXVHRUGLVFORVH
WKHFRQŮGHQWLDOLQIRUPDWLRQRIWKHLUIRUPHUHPSOR\HUV
2XUUHVSRQVLELOLWLHV
ŋ 1HYHUDFFHSWLQIRUPDWLRQRIIHUHGE\DWKLUGSDUW\
HJFRPSHWLWRULQIRUPDWLRQGXULQJUHTXHVWIRU
LQIRUPDWLRQRU5),VWDJH WKDWLVUHSUHVHQWHGDVFRQŮGHQWLDORUZKLFKDSSHDUVIURPWKHFRQWH[WRU
FLUFXPVWDQFHVWREHFRQŮGHQWLDOXQOHVVDQDSSURSULDWHQRQGLVFORVXUHFRQŮGHQWLDOLW\
DJUHHPHQWKDVEHHQVLJQHGZLWKWKHSDUW\RIIHULQJ
WKHLQIRUPDWLRQ7KH/HJDO &RPSOLDQFH'HSDUWPHQWFDQSURYLGHQRQGLVFORVXUH
DJUHHPHQWVWRŮWDQ\SDUWLFXODUVLWXDWLRQŋ 2EWDLQFRPSHWLWLYHLQIRUPDWLRQRQO\WKURXJKOHJDO
DQGHWKLFDOPHDQVQHYHUWKURXJKPLVUHSUHVHQWDWLRQŋ 1HYHUFRQWDFWFRPSHWLWRUVWRVHHNWKHLUFRQŮGHQWLDOLQIRUPDWLRQŋ 'RQRWLQGXFHRUUHFHLYHFRQŮGHQWLDOLQIRUPDWLRQ
RIRWKHUFRPSDQLHV4VSXIGXMRKTIVWSREPMRJSVQEXMSRERHXLITVMZEG]SJIQTPS]IIWŋ 0DNHVXUHWKDWWKLUGSDUWLHVDFWLQJRQRXUEHKDOIOLYHXSWRRXUVWDQGDUGVRIFRQŮGHQWLDOLW\2XUVWDQGDUG

ŋ 5HVSHFWWKHREOLJDWLRQVRIRWKHUVWRNHHS
FRPSHWLWLYHLQIRUPDWLRQNQRZQWRWKHPDVFRQŮGHQWLDOŋ 'RQRWGLVFORVHVXSSOLHUVńQRQSXEOLFSULFLQJ
LQIRUPDWLRQWRWKLUGSDUWLHV

6IHζEKW3FXEMRMRKGSQTIXMXMZIMRXIPPMKIRGI
ŋ 5HWDLQLQJSDSHUVRUFRPSXWHUUHFRUGVIURPSULRUHPSOR\HUVLQYLRODWLRQRIODZFRQWUDFWŋ 8VLQJRWKHUVńFRQŮGHQWLDOLQIRUPDWLRQZLWKRXWDSSURSULDWHDSSURYDOV
ŋ 8VLQJMRELQWHUYLHZVWRFROOHFWFRQŮGHQWLDOLQIRUPDWLRQRIFRPSHWLWRUVDQGRWKHUVŋ $VNLQJHPSOR\HHVWRGLVFXVVFRQŮGHQWLDOLQIRUPDWLRQSHUWDLQLQJWRWKHLUSUHYLRXVHPSOR\PHQW
ŋ :RUNLQJRQVXJJHVWLRQVIURPWKLUGSDUWLHVIRUQHZVHUYLFHVSURGXFWVSURGXFWIHDWXUHVZKHQWKHVRXUFHRIWKHRULJLQDO
LGHDLVQRWIXOO\NQRZQ
ŋ 2EWDLQLQJLQIRUPDWLRQWKURXJKDQ\
EHKDYLRUWKDWFRXOGEHFRQVWUXHGDVņHVSLRQDJHŇņVS\LQJŇRUZKLFK\RXZRXOG
QRWEHZLOOLQJWRIXOO\GLVFORVH
ŋ 5HO\LQJZLWKRXWYHULŮFDWLRQRQWKLUGSDUWLHVńFODLPVWKDWFRPSHWLWLYH
LQWHOOLJHQFHZDVREWDLQHGSURSHUO\

4 ,DPDPDQDJHURIDVDOHVIRUFH2QHRIP\WHDP
PHPEHUVZKRUHFHQWO\MRLQHG:LSURIURPD
FRPSHWLWRUKDVZLWKKLPDFXVWRPHUOLVWDQGSULFH
OLVWRIWKHFRPSHWLWRU+HVD\VKHSODQVWRXVHLWWR
:LSURńVDGYDQWDJH6KRXOG,MXVWLJQRUHWKLV"$ 1R,IDQHPSOR\HHUHWDLQVFRPSHWLWRU
LQIRUPDWLRQWKLVFDQUHVXOWLQOHJDODFWLRQE\WKH
FRPSHWLWRU<RXPXVWSURPSWO\UHSRUWWKLVWRWKH
/HJDO &RPSOLDQFH'HSDUWPHQWIRUDSSURSULDWHDFWLRQZKLFKFRXOGLQFOXGHFROOHFWLQJOLVWVDQG
GHVWUR\LQJWKHPRUUHWXUQLQJWKHPWRWKHFRPSHWLWRU,QUHFHQW\HDUVLQGLYLGXDOVFRPSDQLHVDQG
JRYHUQPHQWVKDYHJURZQLQFUHDVLQJO\FRQFHUQHG
DERXWWKHSULYDF\DQGVHFXULW\RISHUVRQDO
LQIRUPDWLRQ,QPDQ\FRXQWULHVDQGFXOWXUHVDURXQG
WKHZRUOGSHRSOHKDYHGHHSO\KHOGEHOLHIVRQWKHWRSLFDQGDVDUHVXOWODZVSURWHFWLQJWKHSULYDF\RISHUVRQDOLQIRUPDWLRQDQGKRZLWPD\EHFROOHFWHGVKDUHGDQGXVHGDUHEHFRPLQJPRUHFRPPRQ:LSURLVFRPPLWWHGWRFROOHFWLQJKDQGOLQJDQG
SURWHFWLQJSHUVRQDOLQIRUPDWLRQLQOLQHZLWKDSSOLFDEOHGDWDSULYDF\OHJLVODWLRQVDQGUHJXODWLRQVDFURVVWKHJOREH
:HKDYHDUHVSRQVLELOLW\WRSURWHFWWKHFRQŮGHQWLDODQGSHUVRQDOLQIRUPDWLRQRIRXUIHOORZ:LSURLWHV
DQGRWKHUV2XUUHVSRQVLELOLWLHV
ŋ $OOHPSOR\HHVDQGFRQWUDFWRUVDUHDFFRXQWDEOHIRU
SURWHFWLQJSHUVRQDOLQIRUPDWLRQDQGIRUKDQGOLQJ
LWVHFXUHO\ŋ &ROOHFWSHUVRQDOLQIRUPDWLRQRQO\IRUOHJLWLPDWH
EXVLQHVVSXUSRVHVDQGNHHSLWRQO\DVORQJ
DVQHFHVVDU\ŋ 7DNHDGHTXDWHSUHFDXWLRQVWRVDIHJXDUGSHUVRQDO
LQIRUPDWLRQZKHQFROOHFWLQJSURFHVVLQJVWRULQJ
DQGWUDQVIHUULQJLWŋ 2QO\VKDUHSHUVRQDOLQIRUPDWLRQZLWKRWKHUHPSOR\HHVZKRKDYHDOHJLWLPDWHQHHGWRNQRZ
DQGWDNHVWHSVWRHQVXUHWKDWWKH\XQGHUVWDQGWKH
LPSRUWDQFHRISURSHUO\KDQGOLQJWKHGDWD\RX
VKDUHZLWKWKHPŋ :KHQZHXVHWKLUGSDUWLHVWRSURYLGHVHUYLFHVIRU
XVPDNHVXUHWKDWWKH\XQGHUVWDQGWKH
LPSRUWDQFHZHSODFHRQSULYDF\DQGWKDWWKH\
PXVWXSKROGRXUVWDQGDUGVŋ :KHQDSSURSULDWHDOORZHPSOR\HHVZKRVHSHUVRQDOGDWDLVKHOGE\WKHFRPSDQ\WRUHYLHZ
DQGFRUUHFWVXFKLQIRUPDWLRQŋ )ROORZDOOGRFXPHQWUHWHQWLRQDQGGRFXPHQW
GHVWUXFWLRQUHTXLUHPHQWV&YWMRIWWVIGSVHWERH
MRXIVREPGSRXVSPW
2XUVWDQGDUG,QYHVWRUVJRYHUQPHQWRIŮFLDOVDQGRWKHUVQHHGWR
EHDEOHWRUHO\RQWKHDFFXUDF\DQGFRPSOHWHQHVVRI
RXUEXVLQHVVUHFRUGV$FFXUDWHLQIRUPDWLRQLVDOVRHVVHQWLDOZLWKLQWKHFRPSDQ\VRWKDWZHFDQPDNHJRRGGHFLVLRQV,QDFFXUDWHUHFRUGVFDQDGYHUVHO\LPSDFW:LSURLQPDQ\ZD\VLQFOXGLQJZHDNHQLQJRI
RXULQWHUQDOFRQWUROVRYHUŮQDQFLDOUHSRUWLQJ
:LSURLVFRPPLWWHGWRPDNLQJIXOOIDLUDFFXUDWHWLPHO\DQGXQGHUVWDQGDEOHGLVFORVXUHRQDOOPDWHULDODVSHFWVRIRXUEXVLQHVVLQFOXGLQJSHULRGLFŮQDQFLDOUHSRUWVWKDWDUHŮOHGZLWKRUVXEPLWWHGWRUHJXODWRU\DXWKRULWLHV(PSOR\HHVZLWKDUROHLQWKHSUHSDUDWLRQRIRXUSXEOLFŮQDQFLDODQGUHJXODWRU\GLVFORVXUHVKDYHD
VSHFLDOUHVSRQVLELOLW\LQWKLVDUHDEXWDOORIXVFRQWULEXWHWRWKHSURFHVVRIUHFRUGLQJEXVLQHVVUHVXOWVDQGPDLQWDLQLQJGRFXPHQWV(DFKRIXVLVUHVSRQVLEOHIRUKHOSLQJWRHQVXUHWKHLQIRUPDWLRQZHUHFRUGLVDFFXUDWHFRPSOHWHDQGPDLQWDLQHG
FRQVLVWHQWO\ZLWKRXUV\VWHPRILQWHUQDOFRQWUROVŋ 1HYHUPDNHIDOVHFODLPVRQDQH[SHQVHUHSRUWRU
WLPHVKHHW

4 ,ńPQRWVXUHZKDWLVPHDQWE\SHUVRQDO
LQIRUPDWLRQ"ŋ $OZD\VEHDFFXUDWHFRPSOHWHDQGWUXWKIXOZKHQ
VXEPLWWLQJŮQDQFLDOTXDOLW\RUVDIHW\UHVXOWV$ 3HUVRQDOLQIRUPDWLRQPHDQVDQ\
LQIRUPDWLRQUHODWLQJGLUHFWO\RULQGLUHFWO\

ŋ 'RQRWUHFRUGIDOVHVDOHVRUUHFRUGWKHPHDUO\RU
ODWHXQGHUVWDWHRURYHUVWDWHNQRZQOLDELOLWLHVDQG
DVVHWVRUGHIHUUHFRUGLQJLWHPVWKDWVKRXOGEH
H[SHQVHG

WRDQLGHQWLŮDEOHSHUVRQH[DPSOHVLQFOXGH
QDPHHPDLODGGUHVVSKRQHQDWLRQDOLGHQWLŮHU
FUHGLWFDUGQXPEHUHWF)XUWKHULQIRUPDWLRQ3ROLF\RQ&RQŮGHQWLDO,QIRUPDWLRQ

ŋ 0DNHVXUHWKDWŮQDQFLDOHQWULHVDUHFOHDUDQG
FRPSOHWHDQGGRQRWKLGHRUGLVJXLVHWKHWUXH
QDWXUHRIDQ\WUDQVDFWLRQŋ 'RQRWPDLQWDLQXQGLVFORVHGRUXQUHFRUGHGIXQGV
DVVHWVRUOLDELOLWLHV2XUUHVSRQVLELOLWLHV
ŋ &UHDWHEXVLQHVVUHFRUGVWKDWDFFXUDWHO\UHůHFW
WKHWUXWKRIWKHXQGHUO\LQJWUDQVDFWLRQRUHYHQWŋ %HDVFOHDUFRQFLVHWUXWKIXODQGDFFXUDWHZKHQUHFRUGLQJDQ\LQIRUPDWLRQ$YRLGH[DJJHUDWLRQFRORUIXOODQJXDJHJXHVVZRUNOHJDOFRQFOXVLRQV
DQGGHURJDWRU\FKDUDFWHUL]DWLRQVRISHRSOHDQG
WKHLUPRWLYHV
ŋ &UHDWHŮQDQFLDOUHFRUGVWKDWFRQIRUPERWKWRDSSOLFDEOHVWDQGDUGVRIDFFRXQWLQJDQGUHSRUWLQJ
DQGWR:LSURńVDFFRXQWLQJSROLFLHVDQGSURFHGXUHVŋ 'RQRWVLJQGRFXPHQWVLQFOXGLQJFRQWUDFWVZLWKRXWDXWKRULW\6LJQRQO\WKDWZKLFK\RXDUHDXWKRUL]HGWRVLJQDQGWKDW\RXEHOLHYHDUHDFFXUDWHDQGWUXWKIXOŋ 'RQRWUHFRUGRUDSSURYHIDOVHRUPLVOHDGLQJ
HQWULHVXQUHFRUGHGIXQGVRUDVVHWVRUSD\PHQWVZLWKRXWDSSURSULDWHVXSSRUWLQJGRFXPHQWDWLRQ(SGYQIRXQEREKIQIRXERH
PIKEPLSPHW(DFKRIXVLVUHVSRQVLEOHIRULQIRUPDWLRQDQG
UHFRUGVXQGHURXUFRQWURO:HPXVWEHIDPLOLDUZLWKWKHUHFRUGNHHSLQJSURFHGXUHVWKDWDSSO\WRRXUMREVDQGZHDUH
DFFRXQWDEOHIRUWKHDFFXUDF\DQG
WUXWKIXOQHVVRIWKHUHFRUGVZHSURGXFH,WLV
DOVRRXUUHVSRQVLELOLW\WRNHHSRXUUHFRUGVRUJDQL]HGVRWKDWWKH\FDQEHORFDWHGDQG
UHWULHYHGZKHQQHHGHG
'RFXPHQWVVKRXOGQHYHUEHGHVWUR\HGLQUHVSRQVHWRRULQDQWLFLSDWLRQRIDQ
LQYHVWLJDWLRQRUDXGLW&RQWDFWWKH/HJDO &RPSOLDQFH'HSDUWPHQWLIWKHUHLVDQ\GRXEWDERXWWKHDSSURSULDWHQHVVRIGRFXPHQW
GHVWUXFWLRQ$ņOHJDOKROGŇVXVSHQGVDOOGRFXPHQW
GHVWUXFWLRQSURFHGXUHVLQRUGHUWRSUHVHUYHDSSURSULDWHUHFRUGVXQGHUFHUWDLQFLUFXPVWDQFHVVXFKDVOLWLJDWLRQRUJRYHUQPHQWLQYHVWLJDWLRQV7KH/HJDO &RPSOLDQFH'HSDUWPHQWGHWHUPLQHVDQG
LGHQWLŮHVZKDWW\SHVRI:LSURUHFRUGVRUGRFXPHQWVDUHUHTXLUHGWREHSODFHGXQGHUDOHJDOKROG(YHU\:LSURHPSOR\HHDJHQWDQG
FRQWUDFWRUPXVWFRPSO\ZLWKWKLVUHTXLUHPHQW7KH/HJDO &RPSOLDQFH
'HSDUWPHQWZLOOQRWLI\HPSOR\HHVLIDOHJDOKROGLVSODFHGRQUHFRUGVIRUZKLFKWKH\DUH
UHVSRQVLEOH,IHPSOR\HHVKDYHDQ\TXHVWLRQVDERXWWKLVWKH\VKDOOFRQWDFWWKH/HJDO &RPSOLDQFH'HSDUWPHQW

4 $WWKHHQGRIWKHODVWTXDUWHUUHSRUWLQJSHULRGP\PDQDJHUDVNHGPHWRUHFRUGDGGLWLRQDOH[SHQVHVHYHQWKRXJK,KDGQRW\HWUHFHLYHGWKH
LQYRLFHVIURPWKHVXSSOLHUDQGWKHZRUNKDGQRW\HW
VWDUWHG,DJUHHGWRGRLWPRVWO\EHFDXVH,GLGQńWWKLQNLWUHDOO\PDGHDGLIIHUHQFHVLQFHZHZHUHDOO
VXUHWKDWWKHZRUNZRXOGEHFRPSOHWHGLQWKHQH[WTXDUWHU1RZ,ZRQGHULI,GLGWKHULJKWWKLQJ$ 1R\RXGLGQRWGRWKHULJKWWKLQJ&RVWVPXVWEHUHFRUGHGLQWKHSHULRGLQZKLFKWKH\DUH
LQFXUUHG7KHZRUNKDGQRWVWDUWHGDQGWKHFRVWVKDGQRWLQFXUUHGE\WKHGDWH\RXUHFRUGHGWKH
WUDQVDFWLRQ,WZDVWKHUHIRUHDPLVUHSUHVHQWDWLRQ
DQGGHSHQGLQJRQWKHFLUFXPVWDQFHVFRXOGDPRXQWWRIUDXG7EJIKYEVHMRKGSQTER]EWWIXW
2XUVWDQGDUG
7REHVWVHUYHRXUFXVWRPHUVDQGVKDUHKROGHUVZHDOO
KDYHDUHVSRQVLELOLW\WRXVH:LSURńVDVVHWVDQG
UHVRXUFHVZLVHO\DQGZLWKFDUH$OOHPSOR\HHVDUH
UHVSRQVLEOHIRUXVLQJJRRGMXGJPHQWWRVDIHJXDUGWKHWDQJLEOHDQGLQWDQJLEOHDVVHWVRI:LSURDQGWRHQVXUHWKDWRXUDVVHWVDUHQRWPLVXVHGGDPDJHG
ORVWVWROHQRUZDVWHG
&RPSDQ\DVVHWVLQFOXGH:LSURńVSK\VLFDOIDFLOLWLHVSURSHUW\DQGHTXLSPHQWHOHFWURQLFFRPPXQLFDWLRQGHYLFHVLQWHOOHFWXDOSURSHUW\FRQŮGHQWLDOLQIRUPDWLRQŮOHVDQGGRFXPHQWVDVZHOODV
LQYHQWRU\FRPSXWHUQHWZRUNVDQGVXSSOLHV2XUUHVSRQVLELOLWLHV
ŋ 8VH:LSURDVVHWVIRUOHJLWLPDWHEXVLQHVV
SXUSRVHVŋ 3HUVRQDOXVHRIFRPSDQ\DVVHWVVKRXOGEH
LQFLGHQWDODQGNHSWWRDPLQLPXPDQGVKRXOGKDYH
QRDGYHUVHWKHZRUNHQYLURQPHQWŋ 'RQRWXVH:LSURHTXLSPHQWRUV\VWHPVLQFOXGLQJHPDLODQGWKHLQWHUQHWWRGRZQORDGFUHDWHVWRUH
RUVHQGFRQWHQWWKDWRWKHUVPLJKWŮQGRIIHQVLYHŋ 'RQRWVKDUHSDVVZRUGVŋ &RPSO\ZLWK:LSURńVSDVVZRUGVHFXULW\UHTXLUHPHQWVVXFKDVSHULRGLFDOO\FKDQJLQJDFFHVVSDVVZRUGV
ŋ 5HSRUWDQ\VXVSLFLRQV\RXPD\KDYHFRQFHUQLQJWKHIWHPEH]]OHPHQWRUPLVDSSURSULDWLRQRIDQ\
FRPSDQ\SURSHUW\
ŋ $Q\VXVSHFWHGORVVPLVXVHRUWKHIWRI:LSURńV
DVVHWVPXVWEHUHSRUWHGWR\RXUPDQDJHURU+5PDQDJHUŋ $Q\VXVSLFLRXVDFWZKLFKLPSDFWVRQSURGXFWLYLW\

4IVWSREPYWISJ;MTVSɱW
IPIGXVSRMGGSQQYRMGEXMSRHIZMGIWQE]FITIVQMXXIH
[MXLMRXLIJSPPS[MRKKYMHIPMRIW
ŋ 7KHXVHLVUHDVRQDEOH
ŋ 7KHUHLVQRLQFUHPHQWDOFRVWWR:LSURRU
VXFKFRVWLVPLQLPDOŋ &KDUJHVIRUFHUWDLQSHUVRQDOXVHRI
WHOHSKRQHV HJORQJGLVWDQFHFDOOV DUH
GHFODUHGDQGSDLGXSE\HPSOR\HH
ŋ 7KHXVHGRHVQRWUHVXOWLQDQ\LOOHJDODFWLYLW\ŋ 7KHXVHGRHVQRWKDUPWKHEXVLQHVVRUUHSXWDWLRQRIWKHFRPSDQ\RUDQ\
LQGLYLGXDODVVRFLDWHGZLWKWKHFRPSDQ\

6IHζEKW1MWYWISJ;MTVSEWWIXWŋ FRPSDQ\SURSHUW\WKDWLVQRWVHFXUHG
ZKHQQRWLQXVH
ŋ $OORZLQJRWKHUVWRERUURZRUXVH:LSUR
HTXLSPHQWZLWKRXWDSSURYDO
ŋ $GPLWWLQJXQNQRZQLQGLYLGXDOVZLWKRXWSURSHUFUHGHQWLDOVLQWRRXUIDFLOLWLHV
ŋ 0LVXVHHQIRUFHPHQWRIHOHFWURQLFDFFHVVFRQWUROFDUGV

4 ,EURXJKWKRPHIURPRIŮFHD&'FRQWDLQLQJ
VRPHFXVWRPHULQIRUPDWLRQVR,FRXOGZRUNRQLWDWKRPHRQP\RZQFRPSXWHU,GLGQńWGRZQORDGWKH
GDWDDQG,UHWXUQHGWKH&'WRZRUNWKHQH[WGD\:DVWKDWRND\"$ 1R<RXVKRXOGQRWXVH\RXURZQFRPSXWHUHTXLSPHQWWRGR:LSURZRUNRUFDUU\KRPHFRPSDQ\LQIRUPDWLRQRQSRUWDEOHPHGLDEHFDXVHWKH
GDWDPD\EHFRPHFRUUXSWHGORVWRUGLVFORVHGWRXQDXWKRUL]HGSHUVRQV)XUWKHULQIRUPDWLRQ3ROLF\RQ&RQŮGHQWLDO,QIRUPDWLRQ*SPPS[MRKXLIPIXXIVERH
XLIWTMVMXSJPE[WERH
VIKYPEXMSRW&RPSOLDQFHZLWKODZVUHJXODWLRQVDQGFRQWUDFWXDOREOLJDWLRQVLVWKHEHGURFNRQZKLFKRUJDQL]DWLRQVDUHEXLOW&RPSOLDQFHZLWKWKHKLJKHVWRUGHURIJRYHUQDQFHDQGHWKLFVKDVEHHQDKDOOPDUNRI:LSURDQGZLOOFRQWLQXHWREHQRQQHJRWLDEOH
:HSULGHRXUVHOYHVLQXSKROGLQJWKHņ6SLULWRI:LSURŇ
DQGZHFRQVLVWHQWO\GHPRQVWUDWHRXUYDOXHVLQ
RXUDFWLRQV$OORXUDFWLRQVVKRXOGSDVVWKH7ULSOH7HVW
,VLWOHJDO",VLWHWKLFDO"'RHVLWPDLQWDLQDQGEXLOGRXUUHSXWDWLRQ"

-RWMHIVXVEHMRK
2XUVWDQGDUG&RQŮGHQWLDOLQIRUPDWLRQPD\QRWEHXVHGIRUSHUVRQDOEHQHŮWDWWKHVWRFNPDUNHW(DFKRIXVLVSURKLELWHGIURPWUDGLQJVHFXULWLHVRUSDVVLQJ
LQIRUPDWLRQRQWRRWKHUVZKRWKHQWUDGH ņWLSSLQJŇ 
RQWKHEDVLVRIPDWHULDOLQIRUPDWLRQEHIRUHLWLV
PDGHSXEOLFO\DYDLODEOHWRRUGLQDU\LQYHVWRUV

4 ,ńPQRWVXUHZKDWNLQGRILQIRUPDWLRQLVFRYHUHG
E\WKHWHUPņPDWHULDO,QIRUPDWLRQŇ:KDWGRHVLWLQFOXGH"$ ņ0DWHULDO,QIRUPDWLRQŇLQFOXGHVDQ\LQIRUPDWLRQWKDWDUHDVRQDEOHLQYHVWRUZRXOGFRQVLGHULPSRUWDQWZKHQGHFLGLQJZKHWKHUWREX\VHOORUKROG
DVHFXULW\7KLVFDQLQFOXGH1HZVDERXWDFTXLVLWLRQVDQGGLYHVWXUHVŮQDQFLDOUHVXOWVVWUDWHJLFSODQVLPSRUWDQWPDQDJHPHQWFKDQJHVFRPPHQFHPHQWRUWHUPLQDWLRQRIFXVWRPHUFRQWUDFWVDVZHOODVQHZVDERXWWKHŮQDQFLDOSHUIRUPDQFHRIDFRPSDQ\

4 ,ńPXQFOHDUDERXWWKHWHUPņXQSXEOLVKHGSULFH
VHQVLWLYHLQIRUPDWLRQŇ:KDWGRHVWKLVPHDQ"$ ņ8QSXEOLVKHGSULFHVHQVLWLYHLQIRUPDWLRQŇLV
LQIRUPDWLRQZKLFKUHODWHVGLUHFWO\RULQGLUHFWO\WR
WKHFRPSDQ\ZKLFKLISXEOLVKHGRUSXEOLFL]HGLVOLNHO\WRPDWHULDOO\DIIHFWWKHSULFHRIVHFXULWLHVRI
WKHFRPSDQ\

2XUUHVSRQVLELOLWLHV
ŋ 'RQRWEX\RUVHOOVHFXULWLHVRI:LSURRQWKHEDVLVRIPDWHULDOQRQSXEOLFLQIRUPDWLRQŋ (PSOR\HHVKDYLQJNQRZOHGJHRIRUDFFHVVWRPDWHULDOQRQSXEOLFLQIRUPDWLRQZLOOEHņLQVLGHUVŇZKRKDYHDQREOLJDWLRQQRWWRPLVXVHVXFK
LQIRUPDWLRQŋ 1RHPSOR\HHIDOOLQJXQGHUWKHFDWHJRU\RIņLQVLGHUŇVKRXOGHQJDJHLQņVKRUWVDOHVŇRUWUDGH
LQSXWVFDOOVRURWKHURSWLRQVRUGHULYDWLYHVRQ:LSURńVVWRFNŋ .QRZWKDWPDWHULDOQRQSXEOLFLQIRUPDWLRQLQFOXGHVXQSXEOLVKHGSULFHVHQVLWLYHLQIRUPDWLRQ
6XFKLQIRUPDWLRQPXVWEHKDQGOHGRQO\RQDņQHHGWRNQRZŇEDVLVŋ %HFDUHIXOZKHQRWKHUVUHTXHVWFRQŮGHQWLDOLQIRUPDWLRQDERXW:LSURRU:LSURńVEXVLQHVV
SDUWQHUV(YHQFDVXDOFRQYHUVDWLRQVFRXOGEH
YLHZHGDVLOOHJDOņWLSSLQJŇRILQVLGHLQIRUPDWLRQŋ (PSOR\HHVPD\SXUFKDVHDQGVHOO:LSURVHFXULWLHVDVORQJDVWKH\DUHQRWEDVLQJGHFLVLRQV
RQLQVLGHLQIRUPDWLRQDQGGHŮQHGņLQVLGHUVŇFRPSO\ZLWKWKH&RGHIRU3UHYHQWLRQRI,QVLGHU
7UDGLQJ)XUWKHULQIRUPDWLRQ&RGHIRU3UHYHQWLRQRI,QVLGHU7UDGLQJ%RXMXVYWXERHJEMV
GSQTIXMXMSR
2XUVWDQGDUG:HEHOLHYHLQIUHHDQGRSHQFRPSHWLWLRQDQGZH
QHYHUHQJDJHLQLPSURSHUSUDFWLFHVWKDWPD\OLPLWFRPSHWLWLRQWKURXJKLOOHJDODQGXQIDLUPHDQV:HGR
QRWHQWHULQWRDJUHHPHQWVZLWKFRPSHWLWRUVWRHQJDJHLQDQ\DQWLFRPSHWLWLYHEHKDYLRULQFOXGLQJVHWWLQJSULFHVRUGLYLGLQJXSFXVWRPHUVVXSSOLHUVRUPDUNHWV
$V:LSURńVEXVLQHVVLQWHUHVWVDUHVSUHDGDFURVVWKH
ZRUOG:LSURPD\EHVXEMHFWWRFRPSHWLWLRQODZVRI
YDULRXVMXULVGLFWLRQV0RVWFRXQWULHVKDYHZHOOGHYHORSHGERGLHVRIODZGHVLJQHGWRHQFRXUDJH
DQGSURWHFWIUHHDQGIDLUFRPSHWLWLRQ:LSURLVFRPPLWWHGWRDGKHULQJWRWKHVHODZVERWKLQOHWWHU
DQGVSLULW7KHVHODZVRIWHQUHJXODWH:LSURńVUHODWLRQVKLSVZLWKRXUGLVWULEXWRUVUHVHOOHUVGHDOHUVDQGFXVWRPHUV2XUUHVSRQVLELOLWLHV
ŋ $QWLWUXVWODZVDUHYHU\FRPSOH[DQGWKHULVNV
DVVRFLDWHGZLWKQRQFRPSOLDQFHFDQEHVHYHUH
,I\RXKDYHTXHVWLRQVRULI\RXEHOLHYHDQDFWLYLW\
XQGHUWDNHQE\:LSURRURQHRIRXUEXVLQHVV
SDUWQHUVPD\EHYLHZHGDVUHVWUDLQLQJIDLU
FRPSHWLWLRQFRQVXOWZLWKWKH/HJDO&RPSOLDQFH'HSDUWPHQWŋ 1HYHUSDUWLFLSDWHLQFRQYHUVDWLRQVZLWKFRPSHWLWRUVWKDWFRXOGEHSHUFHLYHGDVOLPLWLQJ
FRPSHWLWLRQ LHQRVKDULQJRISURSRVDOVHVSHFLDOO\ZKHQUHVSRQGLQJWRUHTXHVWIRUSURSRVDOVRU
5)3V $VDJHQHUDOUXOHFRQWDFWZLWKFRPSHWLWRUVVKRXOGEHOLPLWHGDQGPXVWDOZD\VDYRLGFHUWDLQVXEMHFWVLQFOXGLQJDQ\PDWWHUUHODWLQJWRFRPSHWLWLRQEHWZHHQ:LSURDQGLWVFRPSHWLWRUVXFKDVVDOHVSULFHVPDUNHWLQJVWUDWHJLHVPDUNHWVKDUHVDQGDOORFDWLRQRIPDUNHWWHUULWRULHVVXSSO\DQGVRXUFHVRUFXVWRPHUV,IVXFKDFRQYHUVDWLRQEHJLQVOHDYHWKHPHHWLQJLPPHGLDWHO\DQGUHSRUWLWWRWKH/HJDO &RPSOLDQFH'HSDUWPHQWŋ 1HYHUGLVSDUDJHRXUFRPSHWLWRUVRUWKHLUSURGXFWV'RQRWPDNHIDOVHRUPLVOHDGLQJVWDWHPHQWVDERXW
WKHPDQGHQVXUHWKDWDOOVDOHVDQGSURPRWLRQDOHIIRUWVDUHIUHHIURPPLVUHSUHVHQWDWLRQVŋ 1HYHUHQWHULQWRDJUHHPHQWVZLWKFRPSHWLWRUVWKDW
DIIHFWSULFHVWKH\FKDUJHDVWKH\PD\FRQVWLWXWH
LOOHJDOSULFHŮ[LQJŋ 1HYHUHQWHULQWRDQ\DJUHHPHQWVWKDWDUHLQ
UHVWUDLQWRIWUDGHSULFHVTXDOLW\RISURGXFWVRU
VHUYLFHVRULQDQ\PDQQHUPRQRSROL]HDQ\SDUWRI
WUDGHRUFRPPHUFHE\FRQWUROOLQJWKHVXSSO\RID
SURGXFWRUVHUYLFHZLWKWKHLQWHQWLRQWRFRQWUROLWV
SULFHRUWRH[FOXGHFRPSHWLWRUVIURPWKHPDUNHWŋ ,I\RXRYHUVHHGLVWULEXWRUVRUDJHQWVZKRVHOO:LSURńVSURGXFWVHQVXUHWKDWWKHUHLVFOHDUZULWWHQ
SHUPLVVLRQIURP:LSUREHIRUHWKH\HQJDJHLQVXFK
DFWLYLWLHVDVEXQGOLQJRISURGXFWVGLVFRXQWVRQ
WKHPDUNHWSULFHRUIUHHJLIWVŋ 1HYHULQLWLDWHGLVFXVVRUHQFRXUDJHER\FRWWVRIVSHFLŮFSURGXFWVRUVHUYLFHVRIFXVWRPHUV
RUVXSSOLHUV;EVRMRKWMKRW%RXMXVYWXŋ )RUPDORULQIRUPDOXQGHUVWDQGLQJVRU
DJUHHPHQWVZLWKFRPSHWLWRUVWKDWVHW
SULFHVRUDOORFDWHSURGXFWLRQVDOHVWHUULWRULHVSURGXFWVFXVWRPHUV
RUVXSSOLHUVŋ 'HFLVLRQVWRWHUPLQDWHEXVLQHVVUHODWLRQVKLSVSULFLQJRIDSURGXFWEHORZFRVWDQGFHUWDLQRWKHUSULFLQJDQG
SURPRWLRQSROLFLHVHVSHFLDOO\ZKHQZH
KDYHDVXEVWDQWLDOVKDUHRIWKHPDUNHWŋ ([FKDQJLQJFRQŮGHQWLDOLQIRUPDWLRQZLWKFRPSHWLWRUVUHJDUGLQJSULFLQJPDUNHWLQJSURGXFWLRQRUFXVWRPHUVŋ &KDUJLQJGLIIHUHQWSULFHVWRVLPLODUO\VLWXDWHGFXVWRPHUVŋ 'LVFULPLQDWLQJXQIDLUO\EHWZHHQVLPLODUO\VLWXDWHGFXVWRPHUVŋ )RUPDORULQIRUPDOWHUULWRULDOUHVWULFWLRQV
RQFKDQQHOSDUWQHUVVXFKDVGHDOHUV
DQGGLVWULEXWRUV

4 ,UHFHLYHGVHQVLWLYHSULFLQJLQIRUPDWLRQIURPRQHRIRXUFRPSHWLWRUV:KDWVKRXOG,GR"$ 'RQRWXVHWKHLQIRUPDWLRQIRUDQ\SXUSRVH
&RQWDFWWKH/HJDO &RPSOLDQFH'HSDUWPHQWZLWKRXWGHOD\DQGKDQGRYHUWKHLQIRUPDWLRQ%RXMGSVVYTXMSR
2XUVWDQGDUG:LSURFRQGXFWVLWVEXVLQHVVIUHHIURPWKHLQIOXHQFH
RIFRUUXSWLRQDQGEULEHU\(PSOR\HHVDQGEXVLQHVVSDUWQHUVDUHH[SHFWHGWREHDZDUHRIDQGIROORZDOO
DQWLFRUUXSWLRQDQGDQWLEULEHU\ODZVHYHU\ZKHUHZH
GREXVLQHVV LQFOXGLQJWKH86)RUHLJQ&RUUXSW
3UDFWLFHV$FWRUņ)&3$ŇDQGWKH8.%ULEHU\$FW (PSOR\HHVPXVWEHFDUHIXOWRDYRLGHYHQWKH
DSSHDUDQFHRIRIIHULQJRUDFFHSWLQJDQLPSURSHU
SD\PHQWEULEHRUNLFNEDFN&RQWURORYHULQWHUPHGLDULHVDQGWKLUGSDUWLHVZKR
DUHRSHUDWLQJRQRXUEHKDOILVLPSRUWDQW:HPXVW
H[HUFLVHGXHGLOLJHQFHWRHQVXUHWKDWWKHLUUHSXWDWLRQEDFNJURXQGDQGDELOLWLHVDUHDSSURSULDWH
DQGPHHWRXUHWKLFDOVWDQGDUGV,QWHUPHGLDULHVDUH
H[SHFWHGWRDFWLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVVHWRXWLQWKLV&RGH:HPXVWQHYHUGRDQ\WKLQJWKURXJKDWKLUGSDUW\WKDWZHDUHQRWDOORZHGWRGR
E\RXUVHOYHV2XUUHVSRQVLELOLWLHV
ŋ 1RW RIIHU SURYLGH RU SURPLVH WR RIIHU
RU DXWKRUL]H EULEHV RU NLFNEDFNV XQGHU
DQ\ FLUFXPVWDQFHVŋ $OZD\VEHVXUHWRSHUIRUPGXHGLOLJHQFHDQGNQRZ
RXUEXVLQHVVSDUWQHUFRQVXOWDQWVDJHQWVDQGDOO
WKRVHWKURXJKZKRPZHFRQGXFWRXUEXVLQHVV.QRZZKRWKH\DUHZKDWWKH\GRZKHUHWKH\DUH
EDVHGDQGKRZWKH\ZLOOXVHRXUVHUYLFHVDQG
SURGXFWV3D\VSHFLDODWWHQWLRQWRWKRVHWKDWZRUN
ZLWKJRYHUQPHQWGHSDUWPHQWVDQGDJHQFLHVDQG
IROORZWKH:LSUR9HQGRU*RYHUQDQFH3ROLFLHVŋ 1HYHUPDLQWDLQņRIIERRNŇDFFRXQWVLQRUGHUWR
FRQFHDOLPSURSHUSD\PHQWV$OOH[SHQGLWXUHVDQG
DQ\RWKHUSD\PHQWVPXVWEHDFFXUDWHO\SUHVHQWHG
LQ:LSURńVERRNVDQGUHFRUGVŋ 3D\PHQWVWKDWDUHLQWHQGHGWRLPSURSHUO\LQIOXHQFHDJRYHUQPHQWRIILFLDOPXVWQHYHUEH
PDGH$Q\SD\PHQWVPDGHWRH[SHGLWHURXWLQHJRYHUQPHQWDFWLRQVH[FHSWWKRVHSHUPLVVLEOH
XQGHUUHOHYDQWOHJLVODWLRQZRXOGDOVREH
FRQVWUXHGDVLPSURSHUSD\PHQWVŋ :LSURGRHVQRWPDNHFRQWULEXWLRQVWRDQ\SROLWLFDOSDUW\$OVRQRHPSOR\HHPD\PDNHDSROLWLFDOFRQWULEXWLRQZKHWKHUFDVKRURWKHUZLVHRQEHKDOIRI:LSURas employees, service providers, consultants,
which may give an appearance of impropriety or
harm Wipro’s reputation and obtain necessary
approvals
Seek approvals before engaging in any
discussions related to possible employment orentering into a business opportunity with acurrent or former government employee.

Business courtesies and gifts are allowed provided

laws and regulations impose restrictions on
government employees as well as companies in theprivate sector regarding the solicitation for
employment and hiring of current and former
activities of government officials and employees
after they leave the government.Before engaging inany discussions related to possible employment orformer government official or employee, approval
from your SMU/GBL or Central Compliance Leader iscustomary or generally offered as a businesspractice or related to a bonafide business purpose.
Gifts and Business courtesies can never be given or
obtaining or retaining business, or as a means of
inducing a breach of trust or impartiality on the partof the recipient.
government officials and government customers asthese may be prohibited by local laws andregulations. If you must, you will need priorapprovals. Seek advice from your SMU/Central
Compliance Leader.

Red flags: Anti-corruption•

payments
in a different country to a third party orin cash.

•third
party and a government official or any
agent or third party whose past history
indicates unlawful behavior or practices
that may harm Wipro’s reputation.

•

madewithout written records.

•
personal gifts, entertainment, or businesscourtesies. Gifts received above the acceptable limit

or fees,
without valid written documentation.
•entertainment or business courtesy
that is unusual.

Manager who shall decide on what to do with the gift.

For further information, please refer to:•unusual to transaction and have nolegal basis.

DOT >> Policy hub >> Wipro's Policy on Gifts andBusiness Courtesies•

Charitable Contributions: Charitable contributions or
donations are permitted only to registered charitableorganizations as per internal guidelines and processes.
Do not commit to any donation requests from customers
without prior approvals even if the donation is for acharitable cause. You cannot make any donations fromyour own funds and claim for reimbursement.
For further information, please refer to:
DOT >> Policy hub >> Wipro Charitable Contribution Policy

government officials which are notallowed as per local regulations.
•facilitation or miscellaneous.
•Special perks or privileges which havemonetary effect and are perceived asillegal by any local law or regulation.

•
unusual items and do not haveevidence.

Engaging with, recruiting, and hiring of Current
and Former Government Employees
Wipro complies with all applicable laws, rules andregulations concerning the recruitment, hiring of orengaging with current and former government
officials and employees in any capacity, includingCountries have their own restrictions and regulations
relating to conduct of their government officials andgovernment employees and it may be that employees
and directors of government/state owned, managed orand directors of government/state owned, managed orinvested enterprises in areas such as aerospace anddefense manufacturing, banking and finance,
healthcare and life sciences, energy and utilities,
telecommunications, transportation, etc. may also be
included in the definition of “government officials”. It isbest to check with your SMU/GBL/Central Compliance
Leader even if they are not engaging
in governmental functions, but in commercial
enterprise as Wipro’s supplier, customer,
contractor etc.

Employees must always make it clear that theirviews and actions are their own and not those of thecompany and employees must never use Wipro resources
to support their personal choice of political parties, causes
or candidates. Employees, agents or contractors whose
work requires lobbying communication with any member or
employee of a legislative body or with any government
official in the formulation of legislation must have priorwritten approval of such activity from the General Counsel,
Wipro Limited.
Examples of lobbying activities

Anti-money laundering
Our standard

as welldo I prevent facilitation of money
Q How
laundering activities in Wipro?

A

thinking about running for local political
Q I’m
office. Do I need to get approval from the company?

A

Our responsibilities

Political involvement/ lobbying
Our standard

Wipro respects the rights of employees to voluntarily
participate in the political process. However, due tocomplex requirements, there are specific guidelinesthat must be followed before contributions may be madeand before campaigning for or holding public office.

4 :KDWW\SHVRIH[SHQGLWXUHVDUHFRYHUHG
E\WKH3ROLF\RQ/REE\LQJ"$

3ROLWLFDOFRQWULEXWLRQVLQFOXGHPRQHWDU\VSHQGLQJDVZHOODVLQGLUHFWFRQWULEXWLRQVVXFKDVWKHSXUFKDVHRIWLFNHWVWRDSROLWLFDOIXQGUDLVHU
7KHSROLF\DOVRDSSOLHVWRņLQNLQGŇFRQWULEXWLRQVVXFKDVWKHXVHRIFRUSRUDWHUHVRXUFHVLQFOXGLQJRXU
IDFLOLWLHVDQGHPSOR\HHWLPH

40\EURWKHULVFRQWHVWLQJIRUSROLWLFDORIŮFHDQG,EHOLHYHKHLVDQHOLJLEOHFDQGLGDWH&DQ,
FDPSDLJQIRUKLPDWRIŮFHDPRQJFROOHDJXHV"$ 1R\RXFDQQRW<RXPXVWNHHSWKHVHRIIOLPLWVIURPZRUNDW:LSUR)XUWKHULQIRUPDWLRQ3ROLF\RQ*LIWV(QWHUWDLQPHQW%XVLQHVV&RXUWHVLHV3ROLF\RQ$QWL&RUUXSWLRQ+PSFEPXVEHIVIWXVMGXMSRWERHGSRXVSPW(YHU\FRXQWU\SODFHVUHVWULFWLRQVDQG
FRQWUROVRQKRZWUDGHPXVWEHFRQGXFWHGZLWKLQDQGDFURVVLWVERUGHUV6SHFLŮFUHJXODWLRQVDQGUXOHVDSSO\WRFXVWRPVLPSRUWVDQGH[SRUWVWHFKQRORJ\WUDQVIHUVDVZHOODVKRZFRPSDQLHVVKRXOGUHVSRQGWRWUDGHER\FRWWVHQIRUFHGE\RQHVHWRIFRXQWULHVDJDLQVWDQRWKHU
7KHVHJOREDOWUDGHUHVWULFWLRQVDSSO\ZKHQZHVKLSSURGXFWVDFURVVQDWLRQDOERUGHUV
EXWLQVRPHFDVHVWKH\DOVRDSSO\ZKHQZH
VHQGGDWDDQGWHFKQRORJLFDOLQIRUPDWLRQWRFROOHDJXHVRUWKLUGSDUWLHVYLDHPDLORURYHU
WKHLQWHUQHW
6LQFHODZVFRQFHUQLQJLQWHUQDWLRQDOWUDGH
DUHFRPSOH[DQGDUHRIWHQVXEMHFWWRFKDQJHLWLVLPSRUWDQWWKDWHPSOR\HHVZKRWUDYHOLQWHUQDWLRQDOO\RUZKRSURYLGHVHUYLFHVRU
LQIRUPDWLRQDFURVVQDWLRQDOERUGHUVUHPDLQXSWRGDWHRQUHOHYDQWUHTXLUHPHQWV,I\RX
KDYHDQ\TXHVWLRQVFRQVXOWZLWKWKH/HJDO &RPSOLDQFH'HSDUWPHQW

+PSFEPXVEHI
2XUVWDQGDUG
0DQ\ODZVJRYHUQWKHFRQGXFWRIWUDGHDFURVVERUGHUVLQFOXGLQJODZVWKDWDUHGHVLJQHGWRHQVXUHWKDWWUDQVDFWLRQVDUHQRWEHLQJXVHGIRUPRQH\ODXQGHULQJRWKHUVWKDWSURKLELWFRPSDQLHVIURPLOOHJDOWUDGHER\FRWWVDVZHOODVODZVUHJXODWLQJH[SRUWV:HDUHFRPPLWWHGWRFRPSO\LQJZLWKDOOVXFKODZVWKDWDUHDSSOLFDEOHLQWKHFRXQWULHVLQZKLFKZH
RSHUDWH(DFKRIXVLVUHVSRQVLEOHIRUNQRZLQJWKH
ODZVWKDWDSSO\WRRXUMREVDQGVHHNLQJH[SHUWDGYLFH
LILQGRXEWDERXWWKHOHJDOLW\RIDQDFWLRQ2XUUHVSRQVLELOLWLHV
ŋ 0DLQWDLQDSSURSULDWHLPSRUWH[SRUWDQGFXVWRPVUHFRUGVDWHDFK:LSUREXVLQHVVORFDWLRQŋ 6HHNJXLGDQFHIURPWKH/HJDO &RPSOLDQFH'HSDUWPHQWWRHQVXUHWKDWVKLSPHQWVRI
LQIRUPDWLRQSURGXFWVJRRGVVRIWZDUHRU
WHFKQRORJ\DFURVVERUGHUVFRPSO\ZLWKODZV
JRYHUQLQJLPSRUWVDQGH[SRUWVŋ 7RKHOSSUHYHQWDQGGHWHFWPRQH\ODXQGHULQJDQG
WHUURULVWŮQDQFLQJZDWFKIRUDQ\VXVSLFLRXVSD\PHQWVZKLFKPD\LQFOXGHFDVKRUWKH
HTXLYDOHQW ZKHUHFKHTXHVFKHFNVRU
ZLUHWUDQVIHUVDUHWKHQRUPV SD\PHQWVPDGH
IURPSHUVRQDODFFRXQWVLQVWHDGRIEXVLQHVVDFFRXQWVŋ &DUU\RXWDVFUHHQLQJWRHQVXUHWKDWZHGRQRWGR
EXVLQHVVZLWKVDQFWLRQHGSHUVRQVJURXSVRU
HQWLWLHVWKDWDUHLGHQWLŮHGRQJRYHUQPHQWUHVWULFWHGSDUW\OLVWVŋ $OZD\VFRQVXOWWKH/HJDO &RPSOLDQFH'HSDUWPHQWEHIRUHLQLWLDWLQJEXVLQHVVLQDFRXQWU\
QHZWR:LSUR
$VSDUWRIDELGLQYLWDWLRQ,UHFHQWO\UHFHLYHG
4 DUHTXHVWWRVXSSRUWDWUDGHER\FRWW:KDWVKRXOG,GR"$ <RXVKRXOGFRQWDFW\RXUPDQDJHURUWKH/HJDO&RPSOLDQFH'HSDUWPHQW4IVJSVQERGIXLVSYKLXIEQ[SVOERHVIWTIGX$VDJOREDOFRPSDQ\ZHHPSOR\LQGLYLGXDOVDQGZH
ZRUNZLWKEXVLQHVVSDUWQHUVZKRUHSUHVHQWDULFKYDULHW\RIEDFNJURXQGVVNLOOVDQGFXOWXUHV&RPELQLQJWKLVZHDOWKRIUHVRXUFHVFUHDWHVWKH
GLYHUVHDQGFROODERUDWLYHWHDPVWKDWFRQVLVWHQWO\GULYHRXUDFKLHYHPHQWV
7RDWWUDFWDQGUHWDLQWDOHQWHGDQGG\QDPLF
LQGLYLGXDOVIURPDURXQGWKHZRUOGLWLVYLWDOWRKDYHDVXSSRUWLYHZRUNHQYLURQPHQWEDVHGRQPXWXDOUHVSHFW:LSURDOZD\VHQFRXUDJHVDQGSURPRWHVIDYRUDEOHHPSOR\PHQWFRQGLWLRQVDQGSRVLWLYHUHODWLRQVKLSVEHWZHHQHPSOR\HHVDQGPDQDJHUVDQGZHHQFRXUDJHRSHQFRPPXQLFDWLRQDQG
HPSOR\HHGHYHORSPHQW
/LYLQJRXUYDOXHVKHOSVRXUFRPSDQ\VXFFHHGDQGLW
DOVRFUHDWHVWKHVHWWLQJIRUHDFKRIXVWRWKULYHDQG
WRUHDFKRXUIXOOSRWHQWLDO)ROORZLQJDUHVRPHRIWKH
NH\DUHDVZKHUHZHPXVWEHJXLGHGE\LQRXU
FRPPLWPHQWWRWKHņ6SLULWRI:LSURŇ

,YQERVMKLXW
2XUVWDQGDUG:LSURSURKLELWVDQ\DFWRIKXPDQWUDIŮFNLQJVODYHU\VHUYLWXGHDQGIRUFHGRUFRPSXOVRU\ODERUWKURXJKRXWWKHRUJDQL]DWLRQLWVEXVLQHVVDQGLWV
VXSSO\FKDLQ2XUUHVSRQVLELOLWLHV
ŋ 8QGHUVWDQGUHOHYDQWODZVDQGUHJXODWLRQVWKDWDSSO\WR\RXUZRUNDQGQHYHULQWHQWLRQDOO\HQJDJHLQFRQGXFWWKDWYLRODWHVDSSOLFDEOHODZVDQG
UHJXODWLRQVŋ %HDOHUWWRFKDQJHVLQWKHODZRUQHZUHTXLUHPHQWV
WKDWPD\DIIHFW\RXUZRUN:HVXSSRUWIXQGDPHQWDOKXPDQULJKWVIRUDOOSHRSOH
:HZLOOOLYHXSWRDQGFKDPSLRQDFRPPLWPHQWWR
KXPDQULJKWVDPRQJRXUHPSOR\HHVEXVLQHVVSDUWQHUVDQGVXSSOLHUVDQGFRPSO\ZLWKWKHDSSOLFDEOHODZVLQHYHU\FRXQWU\LQZKLFKZHRSHUDWH

ŋ ,I\RXDUHLQDOHDGHUVKLSSRVLWLRQDW:LSURWDNH
VWHSVWRHQVXUHWKDWVXSSOLHUVNQRZRXUVWDQGDUGV
DQGOLYHXSWRWKHP&KLOGODERU

ŋ 5HSRUWWROHDGHUVKLSRQDQ\VXSSOLHURUEXVLQHVV
SDUWQHUZKRNHHSDOWHUQDWLYHVHWVRISD\UROO
UHFRUGVRUGRQRWZHOFRPHDXGLWVLQVSHFWLRQVRU
RQVLWHYLVLWV:LSURZLOOQRWXVHQRUGRZHVXSSRUWRWKHUVZKRXVH
FKLOGODERU:LSURDOVRUHFRJQL]HVWKDWWKLVHYLO
FDQQRWEHHUDGLFDWHGE\VLPSO\VHWWLQJXSUXOHV
RULQVSHFWLRQV7RZDUGVWKLVHQG:LSURLVFRPPLWWHGWRZRUNLQDSURDFWLYHPDQQHUWRHUDGLFDWHFKLOGODERUE\DFWLYHO\FRQWULEXWLQJWRWKHLPSURYHPHQWRIFKLOGUHQńVVRFLDOVLWXDWLRQ:LSURVXSSRUWVWKHXVHRIOHJLWLPDWHZRUNSODFHDSSUHQWLFHVKLSVLQWHUQVKLSVDQGRWKHUVLPLODUSURJUDPPHVWKDWFRPSO\ZLWKDOOODZVDQG
UHJXODWLRQVDSSOLFDEOHWRVXFKSURJUDPPHV:LSURHQFRXUDJHVLWVVXSSOLHUVWRDOVRZRUNWRZDUGV
DQRFKLOGODERUSROLF\DQGZHHQFRXUDJHWKH
HPSOR\PHQWRIWKHSDUHQWVRIVXFKFKLOGUHQWRVHFXUHWKHH[LVWHQFHRIWKHIDPLO\DQGWKHHGXFDWLRQRIWKHFKLOGUHQ)UHHGRPRIDVVRFLDWLRQ:LSURUHVSHFWVWKHULJKWRIHPSOR\HHVWRH[HUFLVH
WKHLUODZIXOULJKWRIIUHHDVVRFLDWLRQDQGZHUHFRJQL]HWKHULJKWVRIRXUHPSOR\HHVWRFKRRVHRUQRWFKRRVHWREHUHSUHVHQWHGE\WUDGHXQLRQV,WLV
:LSURńVH[SHFWDWLRQWKDWRXUVXSSOLHUVZRXOGDOVRGR
WKHVDPH
$EROLWLRQRIIRUFHGODERU:LSURSURKLELWVIRUFHGRUFRPSXOVRU\ODERULQFOXGLQJSULVRQRUERQGHGODERU:HZLOOQRWWROHUDWHSK\VLFDOSXQLVKPHQWRUDEXVHDQGZHDUHFRPPLWWHGWRHQVXULQJWKDWHPSOR\HHVHQWHULQWRHPSOR\PHQWDQG
VWD\RQLQ:LSURRXWRIWKHLURZQIUHHZLOO:HDOVRLQVLVWWKDWRXUVXSSOLHUVSURKLELWIRUFHGODERURURWKHUFRPSXOVRU\ODERULQDOORIWKHLURSHUDWLRQVŋ %HYLJLODQWDQGORRNRXWIRUDQ\VLJQVRIYLRODWLRQRI
KXPDQULJKWVRUHPSOR\PHQWODZV(MZIVWMX]ERH
RSRHMWGVMQMREXMSR,QFOXVLRQ 'LYHUVLW\DW:LSUR:LSURKDVEHHQEXLOWRQDIRXQGDWLRQRIXQůLQFKLQJFRPPLWPHQWWRRXUYDOXHV7KHņ6SLULWRI:LSURŇRXU
FRUHYDOXHVLVWKHFRUQHUVWRQHRIRXUSULQFLSOHVRI,QFOXVLRQDQG'LYHUVLW\,QFOXVLRQLVDņZD\RIOLIHŇDW:LSUR:HFRQWLQXRXVO\VWULYHWRIRVWHUDQLQFOXVLYHZRUNSODFHZKHUH
HPSOR\HHVKDYHWKHIUHHGRPWRH[SUHVVWKHPVHOYHVSDUWLFLSDWHDQGEHWKHLUDXWKHQWLFVHOYHV:H
HQFRXUDJHGLYHUVLW\RIWKRXJKWVDQGYDOXHSOXUDOLW\RILGHDV:HUHVSHFWXQLTXHQHVVDPRQJLQGLYLGXDOVZKLOHFHOHEUDWLQJDQGOHDUQLQJIURPGLYHUVHLGHDVEDFNJURXQGVSHUVSHFWLYHVDQGH[SHULHQFHV%UHDNLQJELDVHV$W:LSURZHHQFRXUDJHHDFKRQHRIXVWREUHDNELDV,PSOLFLWRUXQFRQVFLRXVELDVKDSSHQVZKHQRXUPLQGUXVKHVWRPDNHMXGJHPHQWVDERXWSHRSOHDQG
VLWXDWLRQVZLWKRXWXVUHDOL]LQJLW2XUEDFNJURXQGVH[SHULHQFHVDQGVRFLDOVWHUHRW\SHVFRXOGLPSDFWRXU
FKRLFHVDQGDFWLRQV$WWLPHVXQNQRZLQJO\ZHOHWD
ELDVFUHDWHEDUULHUVIRURXUVHOYHVRUIRURWKHUVDURXQGXV&RQVFLRXVO\HOLPLQDWLQJELDVHQFRXUDJHVXVWREHPRUHLQFOXVLYHDQGPDNHVXVEHWWHUSHRSOH
DWZRUNDQGEH\RQG



1RQGLVFULPLQDWLRQ:LSURLVDQHTXDORSSRUWXQLW\HPSOR\HU:HŮUPO\EHOLHYHWKDWDWDOHQWHGDQGGLYHUVHZRUNIRUFHLVDNH\FRPSHWLWLYHDGYDQWDJH:HIRFXVRQPHULWRFUDF\DQGGRQRWHQJDJHLQRUVXSSRUWGLVFULPLQDWLRQLQ
KLULQJFRPSHQVDWLRQDFFHVVWRWUDLQLQJSURPRWLRQWHUPLQDWLRQRUUHWLUHPHQWEDVHGRQHWKQLFDQG
QDWLRQDORULJLQUDFHFDVWHUHOLJLRQGLVDELOLW\DJH
JHQGHUFUHHGPDULWDOVWDWXVJHQGHULGHQWLW\JHQGHU
H[SUHVVLRQVH[XDORULHQWDWLRQSROLWLFDORULHQWDWLRQ
SURWHFWHGYHWHUDQVWDWXVRUDQ\RWKHUFKDUDFWHULVWLF
SURWHFWHGE\ODZ:HKLUHDQGSURPRWHSHRSOHEDVHGRQWKHLU
TXDOLŮFDWLRQVSHUIRUPDQFHDQGDELOLWLHVDQG
SURYLGHDZRUNHQYLURQPHQWIUHHRIDQ\IRUPRIGLVFULPLQDWLRQRUKDUDVVPHQW:HGRQRWLPSRVHDQ\
UHFUXLWPHQWIHHVRUFKDUJHVIURPWKHHPSOR\HHV
ZHKLUH2XUUHVSRQVLELOLWLHV
ŋ 7UHDWRWKHUVZLWKUHVSHFWŋ &RRSHUDWHZLWKDQ\PHDVXUHVLQWURGXFHGWRGHYHORSHTXDORSSRUWXQLWLHVŋ 1HYHUDFWLQDZD\ZKLFKLVFRQWUDU\WRWKHOHWWHURU
VSLULWRIWKLVSROLF\ŋ %XLOGDQGQXUWXUHDQLQFOXVLYHPLQGVHWZKLOHZRUNLQJZLWKFROOHDJXHVIURPGLYHUVHEDFNJURXQGVŋ &RQVWDQWO\FKDOOHQJHRXUEHOLHIVEHFRPH
VHOIDZDUHDFFHSWDQGHOLPLQDWHELDVHVEDVHGRQ
RXUSUHFRQFHLYHGQRWLRQVŋ 'RQRWHQFRXUDJHGHURJDWRU\FRPPHQWVRU
UHPDUNVEDVHGRQWKHLGHQWLW\RIDSHUVRQŋ ,I\RXVXSHUYLVHRWKHUV\RXKDYHDGGLWLRQDOUHVSRQVLELOLWLHVŋ (QVXUHWKDWWKRVHZKRZRUNLQ\RXUWHDPNQRZ
WKDW\RXDUHDYDLODEOHWRDGGUHVVDQ\FRQFHUQVWKDWWKH\PD\KDYHDERXWGLVFULPLQDWLRQRU
KDUDVVPHQWŋ 0DNHHPSOR\PHQWUHODWHGMXGJPHQWVVROHO\RQSHUIRUPDQFHDQGDELOLWLHV8VHREMHFWLYH
TXDQWLŮDEOHVWDQGDUGVŋ %HFRPHDZDUHRIFHUWDLQELDVHVWKDWPD\
LPSHGH\RXUGHFLVLRQPDNLQJŋ &UHDWHDQHTXLWDEOHZRUNLQJHQYLURQPHQWIRU\RXUWHDPPHPEHUVŋ 9DOXHLGHDVRSLQLRQVDQGSHUVSHFWLYHQRPDWWHU
ZKRLWFRPHVIURPŋ (QVXUH\RXGRDPHULWEDVHGDSSUDLVDORI\RXU
WHDPPHPEHUVŋ 5HYLHZ\RXUGHFLVLRQVWRHQVXUHWKDWEXVLQHVV
FRQVLGHUDWLRQVGULYH\RXUDFWLRQV

4 2QHRIP\FRZRUNHUVVHQGVHPDLOVFRQWDLQLQJMRNHVDQGGHURJDWRU\FRPPHQWVDERXWFHUWDLQQDWLRQDOLWLHV7KH\PDNHPHXQFRPIRUWDEOHEXWQR
RQHHOVHKDVVSRNHQXSDERXWWKHP:KDWVKRXOG,GR"$ <RXVKRXOGQRWLI\\RXULPPHGLDWHPDQDJHURU\RXU+5PDQDJHU6HQGLQJVXFKMRNHVYLRODWHVRXUYDOXHVDVZHOODVRXUSROLFLHVSHUWDLQLQJWRWKH
XVHRIHPDLODQGRXUVWDQGDUGVRQLQFOXVLRQKDUDVVPHQWDQGGLVFULPLQDWLRQ%\GRLQJQRWKLQJ\RXDUHFRQGRQLQJGLVFULPLQDWLRQDQGWROHUDWLQJEHOLHIVWKDWFDQVHULRXVO\HURGHWKHWHDPHQYLURQPHQWWKDWZHKDYHDOOZRUNHGWRFUHDWH

,EVEWWQIRXJVII[SVOTPEGI
2XUVWDQGDUG;LEXGSRWXMXYXIWLEVEWWQIRX#:LSURLVFRPPLWWHGWRPDLQWDLQLQJDZRUNSODFHZKHUHHDFKHPSOR\HHńVSHUVRQDOGLJQLW\LVUHVSHFWHG
DQGSURWHFWHGIURPRIIHQVLYHRUWKUHDWHQLQJEHKDYLRULQFOXGLQJYLROHQFH+DUDVVPHQWFDQEHYHUEDOSK\VLFDORUYLVXDOEHKDYLRUZKHUHWKHSXUSRVHRUHIIHFWLVWR
FUHDWHDQRIIHQVLYHKRVWLOHRULQWLPLGDWLQJHQYLURQPHQW7KHIROORZLQJDUHVLJQVWKDWDQDFWLRQPD\EHKDUDVVPHQW

$W:LSURZHEHOLHYHWKDWHYHU\RQHKDVWKHULJKWWR
ZRUNLQDQHQYLURQPHQWWKDWLVIUHHIURPLQWLPLGDWLRQKDUDVVPHQWDQGDEXVH:HXQGHUVWDQG
WKDWKDUDVVPHQWDQGDEXVHXQGHUPLQHWKHLQWHJULW\RIHPSOR\PHQWUHODWLRQVKLSVDQGFDQFDXVH
VHULRXVKDUPWRSURGXFWLYLW\HIŮFLHQF\DQGDKDUPRQLRXVZRUNSODFH
)RUWKHVHUHDVRQV:LSURGRHVQRWWROHUDWHYHUEDORUSK\VLFDOFRQGXFWE\DQ\HPSOR\HHWKDWKDUDVVHVDQRWKHUGLVUXSWVDQRWKHUńVZRUNSHUIRUPDQFHRU
FUHDWHVDQLQWLPLGDWLQJRIIHQVLYHDEXVLYHRUKRVWLOH
ZRUNHQYLURQPHQW7KLVLQFOXGHVVXFKEHKDYLRUGLUHFWHGWRZDUGVWKLUGSDUWLHVGXULQJWKHFRXUVHRIFRQGXFWLQJ:LSUREXVLQHVV
$W:LSURZHGRQRWWROHUDWH
ŋ 7KUHDWHQLQJUHPDUNVREVFHQHSKRQHFDOOVVWDONLQJRUDQ\RWKHUIRUPRIKDUDVVPHQW
ŋ &DXVLQJSK\VLFDOLQMXU\WRDQRWKHUŋ ,QWHQWLRQDOO\GDPDJLQJVRPHRQHHOVHńVSURSHUW\RU
DFWLQJDJJUHVVLYHO\LQDPDQQHUWKDWFDXVHVVRPHRQHHOVHWRIHDULQMXU\ŋ 7KUHDWHQLQJLQWLPLGDWLQJRUFRHUFLQJRWKHUHPSOR\HHVRQRURIIWKHSUHPLVHVłDWDQ\WLPHIRU
DQ\SXUSRVHŋ &DUU\LQJZHDSRQVLQWKHZRUNSODFHWKLVLQFOXGHVQRWRQO\RXUIDFLOLWLHVEXWDOVRSDUNLQJORWVJXHVW
KRXVHVDQGDOWHUQDWHZRUNORFDWLRQVPDLQWDLQHG
E\:LSUR,I\RXEHFRPHDZDUHRIFRQGXFWUHODWLQJWRVH[XDOKDUDVVPHQW\RXKDYHWKHRSWLRQWRUDLVH\RXU
FRQFHUQZLWKWKH3UHYHQWLRQRI6H[XDO+DUDVVPHQW&RPPLWWHHŋ ,WLVXQZDQWHG
ŋ ,WKDVWKHSXUSRVHRUHIIHFWRIYLRODWLQJDQRWKHUńVGLJQLW\RUFUHDWLQJDQ
LQWLPLGDWLQJKRVWLOHGHJUDGLQJKXPLOLDWLQJRURIIHQVLYHHQYLURQPHQWIRU
DQRWKHU
ŋ 6XEPLVVLRQWRVXFKFRQGXFWLVLPSOLFLWO\RU
H[SOLFLWO\DWHUPRUFRQGLWLRQRIDQ
LQGLYLGXDOńVFRQWLQXHGHPSOR\PHQW5HSRUW
DOOLQFLGHQWVRILQWLPLGDWLRQKDUDVVPHQW
DQGDEXVHWKDWPD\FRPSURPLVHRXU
DELOLW\WRZRUNWRJHWKHUDQGEHSURGXFWLYH
ŋ 5HSRUWDOOLQFLGHQWVRILQWLPLGDWLRQKDUDVVPHQWDQGDEXVHWKDWPD\FRPSURPLVHRXUDELOLW\WRZRUNWRJHWKHU
DQGEHSURGXFWLYH
ŋ 6XEPLVVLRQWRVXFKFRQGXFWLVLPSOLFLWO\RU
H[SOLFLWO\DWHUPRUFRQGLWLRQIRUGHFLVLRQVZKLFKFRXOGDIIHFWSURPRWLRQVDODU\RUDQ\RWKHUMREFRQGLWLRQ
ŋ 6XFKEHKDYLRUFUHDWHVDQLQWLPLGDWLQJKRVWLOHRURIIHQVLYHZRUNHQYLURQPHQWIRU
RQHRUPRUHLQGLYLGXDOV
6H[XDOKDUDVVPHQWLQJHQHUDORFFXUVZKHQŋ $UHTXHVWIRUDGDWHDVH[XDOIDYRURU
RWKHUVLPLODUFRQGXFWRIDVH[XDOQDWXUH
WKDWLVXQZHOFRPHLVPDGHDFRQGLWLRQRI
HPSOR\PHQWRULWVFRQWLQXLW\RUXVHGDV
WKHEDVLVIRUHPSOR\PHQWGHFLVLRQVVXFK
DVVH[XDODGYDQFHPHQWDVDIDFWRULQ
HPSOR\PHQWHYDOXDWLRQVRUDVDFRQGLWLRQIRUUHFHLYLQJDQ\EHQHŮWSURYLGHGE\
WKHFRPSDQ\ŋ $QLQWLPLGDWLQJRIIHQVLYHRUKRVWLOHZRUN
HQYLURQPHQWLVFUHDWHGE\XQZHOFRPH
VH[XDODGYDQFHVLQVXOWLQJMRNHVRURWKHU
RIIHQVLYHYHUEDORUSK\VLFDOEHKDYLRURID
VH[XDOQDWXUH$KRVWLOHZRUNHQYLURQPHQWPD\EHFUHDWHGWKURXJKHLWKHUYHUEDORU
QRQYHUEDODFWV

2XUUHVSRQVLELOLWLHV
ŋ 6SHDNLQJRXWZKHQDFRZRUNHUńVFRQGXFWPDNHVRWKHUVXQFRPIRUWDEOH
ŋ 'RQRWWROHUDWHVH[XDOKDUDVVPHQWLQFOXGLQJUHTXHVWVIRUVH[XDOIDYRUVRURWKHUXQZHOFRPH
YHUEDORUSK\VLFDOFRQGXFWRIDVH[XDOQDWXUHŋ 'HPRQVWUDWHSURIHVVLRQDOLVPDWWKHZRUNSODFH
ŋ 3URPRWHDSRVLWLYHDWWLWXGHWRZDUGVSROLFLHV
GHVLJQHGWREXLOGDVDIHHWKLFDODQGSURIHVVLRQDOZRUNSODFH

4 :KLOHRQDEXVLQHVVWULSDPDOHFROOHDJXHRI
PLQHUHSHDWHGO\DVNHGPHRXWIRUDGULQNDQG
PDGHFRPPHQWVDERXWP\DSSHDUDQFHWKDWPDGH
PHXQFRPIRUWDEOH,DVNHGKLPWRVWRSEXWKH
ZRXOGQńW:HZHUHQńWLQWKHRIŮFHDQGLWZDVņDIWHUKRXUVŇVR,ZDVQńWVXUHZKDW,VKRXOGGR,VLWKDUDVVPHQW"$ <HVLWLV7KLVW\SHRIFRQGXFWLVQRWWROHUDWHGQRWRQO\GXULQJZRUNLQJKRXUVEXWLQDOOZRUNUHODWHGVLWXDWLRQVLQFOXGLQJEXVLQHVVWULSV7HOO
\RXUFROOHDJXHVXFKDFWLRQVDUHLQDSSURSULDWHDQG
PXVWEHVWRSSHGDQGLIWKH\FRQWLQXH\RXQHHGWRUHSRUWWKHSUREOHP

4,MXVWOHDUQHGWKDWDJRRGIULHQGRIPLQHKDV
EHHQDFFXVHGRIVH[XDOKDUDVVPHQWDQGWKDWDQ
LQYHVWLJDWLRQLVEHLQJODXQFKHG,FDQńWEHOLHYHLWńV
WUXHDQG,WKLQNLWńVRQO\IDLUWKDW,JLYHP\IULHQGDQ
DGYDQFHZDUQLQJRUDņKHDGVXSŇVRKHFDQGHIHQG
KLPVHOI'RQńW,KDYHDUHVSRQVLELOLW\
DVDIULHQGWRWHOOKLP"$ 8QGHUQRFLUFXPVWDQFHVVKRXOG\RXJLYHKLPDņKHDGVXSŇ<RXUIULHQGZLOOEHJLYHQWKHRSSRUWXQLW\WRUHVSRQGWRWKHVHDOOHJDWLRQVDQG
HYHU\HIIRUWZLOOEHPDGHWRFRQGXFWDIDLUDQG
LPSDUWLDOLQYHVWLJDWLRQ$QDOOHJDWLRQRIVH[XDOKDUDVVPHQWLVDYHU\VHULRXVPDWWHUZLWKLPSOLFDWLRQVQRWRQO\IRUWKHLQGLYLGXDOVLQYROYHGEXW
DOVRIRUWKHFRPSDQ\$OHUWLQJ\RXUIULHQGFRXOGMHRSDUGL]HWKHLQYHVWLJDWLRQDQGH[SRVHWKH
FRPSDQ\WRDGGLWLRQDOULVNDQGSRVVLEOHFRVWV

7EJIERHLIEPXL][SVOIRZMVSRQIRX
2XUVWDQGDUG:LSURSURPRWHVHPSOR\HHZHOOEHLQJDVDVWUDWHJLF
YDOXHDQGIXQGDPHQWDOFRPSRQHQWRILWVVXFFHVV
DQGZHGHŮQHZHOOEHLQJDVPRUHWKDQZKDWLVWUDGLWLRQDOO\WKRXJKWRIDVRFFXSDWLRQDOKHDOWKDQG
VDIHW\:LSURWDNHVDSSURSULDWHPHDVXUHVWRSUHYHQWZRUNSODFHLQMXULHVDQGLOOKHDOWKDQGWRSURYLGHHPSOR\HHVZLWKDVDIHDQGKHDOWK\ZRUNLQJHQYLURQPHQWE\FRQVLGHULQJHYROYLQJLQGXVWU\SUDFWLFHVDQGVRFLHWDOVWDQGDUGVRIFDUH:HDFWLYHO\PRQLWRUDQGFRPSO\ZLWKDOODSSOLFDEOHKHDOWKDQG
VDIHW\ODZV:LSURLVSURDFWLYHDQGDFWLYHO\DVVHVVHVDQG
PDQDJHVWKHKHDOWKDQGVDIHW\LPSDFWDQGSRVVLEOH
ULVNVDVVRFLDWHGZLWKRXUH[LVWLQJDFWLYLWLHVDVZHOODVZKHQSODQQLQJIRUQHZDFWLYLWLHVSURGXFWLRQRIVHUYLFHVDQGSURGXFWV:HDUHFRPPLWWHGWRSURYLGLQJDVDIHDQG
KHDOWK\ZRUNSODFHIRUFROOHDJXHVDQGYLVLWRUVWR
RXUIDFLOLWLHV2XUUHVSRQVLELOLWLHV
ŋ (DFKRIXVLVUHVSRQVLEOHIRUDFWLQJLQDZD\WKDW
SURWHFWVRXUVHOYHVDQGRWKHUV6LWXDWLRQVWKDWPD\
SRVHDKHDOWKVDIHW\RUHQYLURQPHQWDOKD]DUG
PXVWEHUHSRUWHGLPPHGLDWHO\ŋ 7DNHDSSURSULDWHPHDVXUHVWRKHOSLGHQWLI\DVVHVV
DQGPDQDJHWKHHQYLURQPHQWLPSDFWVRIRXU
H[LVWLQJDQGSODQQHGRSHUDWLRQVŋ 0DLQWDLQDQHDWVDIHZRUNLQJHQYLURQPHQWE\NHHSLQJZRUNVWDWLRQVDLVOHVDQGRWKHUZRUNVSDFHVIUHHIURPREVWDFOHVZLUHVDQGRWKHU
SRWHQWLDOKD]DUGVŋ 1RWLI\\RXUPDQDJHURU(PHUJHQF\5HVSRQVH
7HDP (57 PHPEHULQ\RXURIŮFHLPPHGLDWHO\DERXWDQ\XQVDIHHTXLSPHQWRUDQ\VLWXDWLRQWKDW
FRXOGSRVHDWKUHDWWRKHDOWKDQGVDIHW\RU
GDPDJHWKHHQYLURQPHQW$OOHPSOR\HHVKDYHWKHULJKWDQGUHVSRQVLELOLW\WRVWRSDQ\ZRUNWKH\IHHOPD\EHXQVDIHŋ $OZD\VGLVSOD\DQGVZLSH\RXUSHUVRQDO
LGHQWLŮFDWLRQEDGJHZKHQHQWHULQJDQGH[LWLQJ
VHFXUHDUHDVDQGGRQRWDOORZRWKHUVWRHQWHU
ņWDLOJDWHŇZLWKRXWSURSHUO\VZLSLQJWKHLUSHUVRQDO
LGHQWLŮFDWLRQEDGJHV'RQRWXVHVWRUHRUEHXQGHUWKHLQIOXHQFHRIDOFRKRORULOOHJDOGUXJVRUDQ\VXEVWDQFHRULPSURSHUO\XVHPHGLFDWLRQWKDWFRXOGLQWHUIHUHZLWKDVDIHDQGHIIHFWLYHZRUNHQYLURQPHQWRUWKDWFRXOGGLPLQLVK\RXUDELOLW\WRSHUIRUP\RXUMRE

4 ,ńYHQRWLFHGVRPHSUDFWLFHVWKDWZHGRLQP\DUHDWKDWGRQńWVHHPVDIH:KRPFDQ,

4 $UHVXEFRQWUDFWRUVH[SHFWHGWRIROORZWKHVDPH
KHDOWKVDIHW\DQGVHFXULW\SROLFLHVDQG

VSHDNWR"

SURFHGXUHVDVHPSOR\HHV"$ 'LVFXVV\RXUFRQFHUQVZLWK\RXUPDQDJHURUWKH
(PHUJHQF\5HVSRQVH7HDP (57 PHPEHULQ

$ $EVROXWHO\0DQDJHUVDUHUHVSRQVLEOHIRU
HQVXULQJWKDWVXEFRQWUDFWRUVDQGYHQGRUVDW

\RXURIŮFH7KHUHPD\EHYHU\JRRGUHDVRQVIRUWKH
SUDFWLFHV5DLVLQJDFRQFHUQDERXWVDIHW\GRHVQRW
FDXVHWURXEOHLWLVEHLQJUHVSRQVLEOHZRUNRQFRPSDQ\SUHPLVHVXQGHUVWDQGDQGFRPSO\ZLWKDOODSSOLFDEOHODZVDQGUHJXODWLRQVJRYHUQLQJWKHSDUWLFXODUIDFLOLW\DVZHOODVZLWKDGGLWLRQDOUHTXLUHPHQWVWKHFRPSDQ\PD\LPSRVH

7YWXEMREFMPMX]ERHGSVTSVEXIGMXM^IRWLMT:LSURVWULYHVIRUHQYLURQPHQWDOVXVWDLQDELOLW\DQGFRPSOLHVZLWKDOOHQYLURQPHQWDOODZVUHJXODWLRQVDQG
VWDQGDUGV:HFRQGXFWEXVLQHVVLQDZD\WKDWLVHQYLURQPHQWDOO\UHVSRQVLEOH2XUHIIRUWVWRPLQLPL]HQHJDWLYHHQYLURQPHQWDOLPSDFWVLQFOXGHZDVWHUHGXFWLRQPDWHULDOVUHF\FOLQJDQGLPSURYLQJRXUHQHUJ\HIŮFLHQF\LQWKHFRPPXQLWLHVZKHUHZHOLYHDQGZRUN:HGHPRQVWUDWHRXUFRPPLWPHQWWRZDUGWKH
HQYLURQPHQWDVDSDUWRIWKH,62FHUWLŮFDWLRQ:LWKVXSSOLHUVEHLQJDQLQWHJUDOSDUWRIRXU
EXVLQHVVZHH[SHFWWKHPWRDOVRFRPSO\ZLWKDOODSSOLFDEOHHQYLURQPHQWDOODZVDQGUHJXODWLRQV:LSUR
UHFRJQL]HVWKDWFRUSRUDWLRQVDUHVRFLRHFRQRPLFFLWL]HQVDQGWKDWWKHLUREMHFWLYHVKDYHWREHFRQJUXHQWZLWKVRFLHW\ńVJRDOV:HWKHUHIRUHXQGHUVWDQGWKDWLWLVRXUUHVSRQVLELOLW\DVDJOREDOFLWL]HQWRDVVHVVWKHVRFLRHFRORJLFDOLPSDFWRILWVEXVLQHVVDFWLYLWLHVDQGWRPLWLJDWHDQGLPSURYHWKLVLPSDFWZKLOH
VLPXOWDQHRXVO\UHPDLQLQJFRPPLWWHGWRLQFOXVLYHHFRQRPLFGHYHORSPHQW
2XUHQYLURQPHQWDOVWHZDUGVKLSDQGOHDGHUVKLSLQ&RUSRUDWH&LWL]HQVKLSDUHDQLQWHJUDOSDUWRIRXUņ6SLULW
RI:LSURŇ7RDFFRPSOLVKWKLVZHZLOOH[SHFWRXUHPSOR\HHVWRFRPSO\ZLWKWKHIROORZLQJŋ %XVLQHVVZLWKLQWHJULW\([HUFLVHJRRGJRYHUQDQFHWRDFKLHYHWKHKLJKHVWOHYHOVRIWUDQVSDUHQF\
DQGSURSULHW\ŋ (FRORJLFDOVXVWDLQDELOLW\&RQVHUYHHQHUJ\DQGZDWHUPDQDJHZDVWHDQGHQKDQFH
ELRGLYHUVLW\WKURXJKDPXOWLVWDNHKROGHUDSSURDFKŋ 6RFLDODQGFRPPXQLW\LQLWLDWLYHV:RUNWREULQJDERXWV\VWHPLFUHIRUPLQHGXFDWLRQDQGFRQWULEXWHWR
WKHFRPPXQLW\DQGWKHHQYLURQPHQWZKHUHZHRSHUDWH

%HHMXMSREPVIWSYVGIWERHPMROW
7YTTPMIVWIPIGXMSRKWWSVZZZZLSURFRPFRQWHQWGDPQH[XVHQLQYHVWRUFRUSRUDWHJRYHUQDQFHSROLFLHVDQG
JXLGHOLQHVHWKLFDOJXLGHOLQHVVXSSOLHUFRGHRIFRQGXFWSGIŋ &KLQDKWWSVZZZIPSUFJRYFQFHFJYLHQQDHQJGEW\ZMGZWFULPHODZWKWP
KWWSVZZZFKLQDODZLQVLJKWFRPWDJVDQWL XQIDLUFRPSHWLWLRQODZ

%RXMGSVVYTXMSRŋ 0DOD\VLDKWWSVZZZVSUPJRYP\LPDJHV$NWDDNWD6350BDFWB%,SGIŋ 7UDQVSDUHQF\,QWHUQDWLRQDO
ZZZWUDQVSDUHQF\RUJ

ŋ 6LQJDSRUHKWWSVVVRDJFJRYVJ$FW3&$ŋ 2(&'ńVZHESDJHUHODWLQJWRDQWLFRUUXSWLRQZZZRHFGRUJFRUUXSWLRQŋ &RXQWU\ZLVHJXLGHVWRUHOHYDQW
DQWLFRUUXSWLRQODZV
ŋ ,QGLDKWWSVOHJLVODWLYHJRYLQVLWHVGHIDXOWILOHV$SGI
ŋ 86)RUHLJQ&RUUXSW3UDFWLFHV$FW5HVRXUFH*XLGHKWWSVZZZMXVWLFHJRYFULPLQDOIUDXG
ILOHGRZQORDGŋ 8.%ULEHU\$FW*XLGDQFH
ZZZMXVWLFHJRYXNGRZQORDGVOHJLVODWLRQEULEHU\DFWJXLGDQFHSGIŋ $XVWUDOLD
KWWSZZZFRPODZJRYDX'HWDLOV&&'RZQORDG
ŋ %UD]LO
KWWSZZZFJXJRYEUHQJOLVK$UHD3UHYHQFDR&RUUXSFDR&RQYHQFRHV,QWHUQDFLRQDLVŋ &DQDGDKWWSODZVORLVMXVWLFHJFFDHQJ
DFWV&SDJHKWPO+03&%0430-'=3246):)28-32
3*7)<9%0,%6%771)28
KWWSVZZZZLSURFRPFRQWHQWGDPQH[XVHQLQYHVWRUFRUSRUDWHJRYHUQDQFHSROLFLHVDQG
JXLGHOLQHVHWKLFDOJXLGHOLQHVJOREDOSROLF\RQ
SUHYHQWLRQRIVH[XDOKDUDVVPHQWSGI

3QFYHWŋ 2PEXGVSURFHVVKWWSVZZZZLSURFRPFRQWHQWGDPQH[XV
HQLQYHVWRUFRUSRUDWHJRYHUQDQFHSROLFLHVDQGJXLGHOLQHVZLSURVRPEXGVSURFHVVRPEXGVSROLF\SGI
ŋ +RWOLQHZHESDJHKWWSZZZZLSURRPEXGVFRP
ŋ :LSURńV*5,UHSRUWVKWWSZZZZLSURFRPLQYHVWRUV

4VMZEG]4SPMG]

ŋ 3ULYDF\6WDWHPHQWKWWSVZZZZLSURFRPSULYDF\VWDWHPHQW

7+(&2'(2)%86,1(66&21'8&7 &2%& ,6,17(1'('62/(/<$6$1(7+,&6*8,'(7+(/$1*8$*(86('
6+$//127%(&216758('$6&5($7,1*$&2175$&72)(03/2<0(17%(7:((1:,352$1'$1<3(5621
:,352(;35(66/<5(7$,167+(5,*+77281,/$7(5$//<02',)<25$0(1'7+,6&2'($7:,352ń662/(',6&5(7,21:,7+25:,7+28735,25127,&(72(03/2<((6Ambitions Realized.

Wipro Limited
Doddakannelli
Sarjapur Road
Bengaluru – 560 035
India
Tel: +91 (80) 2844 0011
Fax: +91 (80) 2844 0256
wipro.com

TBS/ VERSIONCODE/VALIDITY
3 / JULY 2023
GEO/AGENCY

Wipro Limited (NYSE: WIT,
BSE: 507685, NSE: WIPRO) is aleading technology services andconsulting company focused onbuilding innovative solutions that
address clients’ most complex
digital transformation needs.
Leveraging our holistic portfolio of
capabilities in consulting, design,
engineering, and operations, we help

clients realize their boldest
ambitions and build future-ready,sustainable businesses. With over
230,000 employees and business
partners across 65 countries, wedeliver on the promise of helping ourclients, colleagues, and communities
thrive in an ever-changing world.
For additional information,
visit us at www.wipro.com