Upgrade to Pro — share decks privately, control downloads, hide ads and more …

FY2022 Sustainability Report EN

Mercari, Inc.
August 09, 2022

FY2022 Sustainability Report EN

Mercari, Inc.

August 09, 2022
Tweet

More Decks by Mercari, Inc.

Other Decks in Business

Transcript

  1. FY2022.6

  2. 4VTUBJOBCJMJUZ 3FQPSU 2 5BCMFPGDPOUFOUT 1VCMJTIFE "VHVTU 
 3FQPSUJOH1FSJPE 
 5IJTSFQPSUNPTUMZDPWFSTJOJUJBUJWFTGPS':

    +VMZ UP+VOF   CVUBMTPDPOUBJOTJOGPSNBUJPOPOTPNFBDUJWJUJFTXIJDIIBQQFOFE PVUTJEFUIJTQFSJPE Material Topic 1: Creating a Circular Economy/Mitigating Climate Change 
 Material Topic 2: Diversity & Inclusion Material Topic 3: Local Empowerment Material Topic 4: Safe, Secure, and Fair Transactions 
 Material Topic 5: Corporate Governance and Compliance 
 Recognition by External Organizations ESG Data Appendix Sustainability at Merc a ri "NFTTBHFGSPNUIFMFBEFSTIJQ &YDMVTJWFJOUFSWJFX3FQSFTFOUBUJWF%JSFDUPS$&04IJOUBSP:BNBEB BOE1SPGFTTPSBU5IF6OJWFSTJUZPG5PLZPT(SBEVBUF4DIPPMPG &OHJOFFSJOH:PTIJIJSP,BXBIBSB 'JWFNBUFSJBMUPQJDT 0VSBQQSPBDIUPNBUFSJBMJUZBTTFTTNFOU .JEUPMPOHUFSNPQQPSUVOJUJFTSJTLTGPSFBDINBUFSJBMUPQJD 7BMVFDSFBUJPOQSPDFTT p3 Q Q   Q Q Q Q p11 p23 p33 p37 p45 p56 p59 p61
  3. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY Sustainability at Merc a ri 3 $JSDVMBUFPVSMJNJUFESFTPVSDFTUPCVJME BGVUVSFXIFSFBOZPOFDBOVOMFBTI UIFJSQPUFOUJBM #FGPSF*GPVOEFEUIJTDPNQBOZ *UPPLBUSJQBSPVOEUIFXPSME*TBXGJSTUIBOEIPX QFPQMFMJWJOHJOEFWFMPQJOHDPVOUSJFTMBDLFEUIFGSFFEPNUPMJWFUIFXBZUIFZXBOU  BOE*GFMUUIBUXJUIUIJTQMBOFU`TMJNJUFESFTPVSDFT JUXPVMECFEJGGJDVMUUPDSFBUFB XPSMEXIFSFQFPQMFJOEFWFMPQFEBOEEFWFMPQJOHDPVOUSJFTFOKPZUIFTBNF TUBOEBSEPGMJWJOH *GXFDBOVUJMJ[FTNBSUQIPOFTBOEPUIFSUFDIOPMPHZUPTFBNMFTTMZDJSDVMBUFUIF QMBOFU`TMJNJUFESFTPVSDFT DBO`UXFFYQBOEXIBUJTQPTTJCMFGPSFBDIPGVT 5IBU MJOFPGRVFTUJPOJOHMFENFUPDSFBUJOH.FSD a SJ .FSD a SJJTBNBSLFUQMBDFXIFSFJUFNTUIBUTPNFPOFOPMPOHFSOFFETBSFQBTTFE POUPTPNFPOFFMTFXIPOFFETUIFN(SPXJOHUIJTCVTJOFTTJOUPBTFSWJDFVTFE BSPVOEUIFXPSMEXJMMMFBEUPBlDJSDVMBSFDPOPNZ zXIFSFBMMPGVTVTFPVSMJNJUFE SFTPVSDFTNPSFTNBSUMZ "DIJFWJOHUIBUDJSDVMBSFDPOPNZJTFTTFOUJBMŠUIFGPVOEBUJPOPOXIJDIXFDBO BDIJFWF.FSD a SJ`TESFBNPGCVJMEJOHBXPSMEXIFSFBOZPOFDBOEFNPOTUSBUFUIFJS QPUFOUJBM 5IFDPODFQUPGlQMBOFUBSZCPVOEBSJFTzŠUIBUJT UIFMJNJUUPPVSQMBOFU`TSFTPVSDFTŠ JTHBJOJOHUSBDUJPO8FBSFQVSTVJOHXIBUXFDBMMlQMBOFUQPTJUJWF zPSBXPSME XIFSFXFDBOTPMWFFOWJSPONFOUBMJTTVFTUISPVHICVTJOFTT XIFSFUIFQMBOFU`T MJNJUFESFTPVSDFTBSFTIBSFEBDSPTTHFOFSBUJPOT BOEQFPQMFDPOUJOVFUPDSFBUF OFXWBMVF .FSD a SJ *OD 3FQSFTFOUBUJWF%JSFDUPS  $IJFG&YFDVUJWF0GGJDFS
  4. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 4 .FSD a SJ *OD 3FQSFTFOUBUJWF%JSFDUPSBOE$&0 1SPGFTTPSBU5IF6OJWFSTJUZPG5PLZPT (SBEVBUF4DIPPMPG&OHJOFFSJOH .FSD a SJ3%)FBEPG3FTFBSDI :PTIJIJSP,BXBIBSB 4IJOUBSP:BNBEB "JNJOHGPSlQMBOFUQPTJUJWFzUISPVHICVTJOFTTBDUJWJUJFT Š8IBU`TUIFJOUFOUJPOCFIJOEBQISBTFMJLFlQMBOFUQPTJUJWFz  4IJOUBSP8FIBECFFOXPOEFSJOHGPSBXIJMFJGUIFSFXBTBXPSEUIBUDPVME CFUUFSDPOWFZPVSNJTTJPOPGCFDPNJOHFTTFOUJBMUPBDJSDVMBSFDPOPNZ l1MBOFUBSZCPVOEBSJFTzEFOPUFTUIFUISFTIPMETPGUIFFBSUI`TMJNJUFESFTPVSDFT XJUIJOXIJDIIVNBOLJOEDBOTVSWJWFTBGFMZ*ODPOUSBTUXJUIUIJTJEFB .FSD a SJ EFDJEFEUPBEPQUUIFUFSNlQMBOFUQPTJUJWFzUPJOTUJMMUIFJEFBPGCFJOHBDPNQBOZ UIBUIBTBQPTJUJWFJNQBDUPOUIFFOWJSPONFOUUISPVHIPVSHSPXUI #ZQVSTVJOHQMBOFUQPTJUJWFJEFBMT XFXJMMSFBMJ[FBDJSDVMBSFDPOPNZ BMMPXJOHUIF QMBOFU`TMJNJUFESFTPVSDFTUPCFTIBSFEBDSPTTHFOFSBUJPOT"OEPOUIFCFESPDLPG UIBUGPVOEBUJPO XFBJNUPDSFBUFBXPSMEXIFSFBOZPOFDBOEFNPOTUSBUFUIFJS QPUFOUJBM &YDMVTJWF*OUFSWJFX 8IFSFEPFT.FSD a SJGJUJOZPVSJEFBMGVUVSF 8IBUTIPVME.FSD a SJEPJOQVSTVJU PGlQMBOFUQPTJUJWFz  8FBTLFE.FSD a SJ3FQSFTFOUBUJWF%JSFDUPSBOE$&04IJOUBSP:BNBEBBOE 5PLZP6OJWFSTJUZ(SBEVBUF4DIPPMPG&OHJOFFSJOH1SPGFTTPS.FSD a SJ3%)FBE PG3FTFBSDI:PTIJIJSP,BXBIBSBUIFJSUIPVHIUT .FSD a SJ`T"JNl1MBOFU1PTJUJWFz"OFYDMVTJWFJOUFSWJFXXJUI:PTIJIJSP,BXBIBSBBOE4IJOUBSP:BNBEB
  5. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 5 .FSD a SJ`T"JNl1MBOFU1PTJUJWFz"OFYDMVTJWFJOUFSWJFXXJUI:PTIJIJSP,BXBIBSBBOE4IJOUBSP:BNBEB Š8IBUJNQSFTTJPOEPZPVHFUGSPNUIFQISBTFlQMBOFUQPTJUJWF z :PTIJIJSP  :PTIJIJSP5IFGJSTUUIJOHUIBUSFBMMZTUSVDLNFXIFO*IFBSEPGUIFDPODFQU XBTJUTlTDJFOUJGJDOFTT zCBDLFECZRVBOUJUBUJWFNFUSJDT8FUISPXBSPVOE XPSETMJLFlXBTUFGVMzBOElHSFFOzBMPU CVU*UIJOLJU`THSFBUUIBUlQMBOFU QPTJUJWFzCSJOHTJUTTDJFOUJGJDTUBODFPOUIFNBUUFS Š5IFSFBSFBMPUPGFYUFSOBMGBDUPST MJLFTPDJBMDPOEJUJPOT FOUBOHMFEXJUI UIJTJEFBPGQMBOFUQPTJUJWF CVUXIBUDIBOHFTIBWFZPVTFFOPWFSUIFMBTU ZFBS  4IJOUBSP5IF$07*%QBOEFNJD 3VTTJB`TJOWBTJPOPG6LSBJOF BOE FDPOPNJDJOGMBUJPOIBWFDBVTFETXFFQJOHDIBOHFTUPPVSXPSME)PXFWFS  *EPO`UUIJOLUIBUXIBU.FSD a SJJTEPJOHIBTDIBOHFENVDI *U`TDMFBSUIBUPVSQMBOFU`TSFTPVSDFTBSFMJNJUFE BOEQFPQMFJOEFWFMPQFE OBUJPOTBSFBCMFUPFOKPZUIFTFMJNJUFESFTPVSDFTGVMMZ4PXF`SFEFBMJOH XJUIUIJTLJOEPGTUSVDUVSBMEJTQBSJUZ/PXBTTPDJBMJOUFSFTUJOTVTUBJOBCJMJUZ DPOUJOVFTUPJODSFBTF XF`SFNPWJOHJOFBSOFTUUPDSFBUFBOFYQFSJFODF XIFSFVTFSTDBOUSVMZGFFMlQMBOFUQPTJUJWFzJOUIFJSVTFPG.FSD a SJ`TQSPEVDU Š8IBUEPZPVUIJOLBCPVUUIFDIBOHFTUPPVSXPSMEXF`WFTFFOJOSFDFOU ZFBST :PTIJIJSP  :PTIJIJSP5IFSFIBTMPOHCFFOBQVTIUPNBLFCFUUFSVTFPGPVSSFTPVSDFT  CVUUIJTBSHVNFOUJTNPSFPGUFOMJOLFEUPBOFWFSDMFBSFSBOENPSFQSFTFOU EBOHFSOPXBEBZT.BTTQSPEVDUJPOBOENBTTDPOTVNQUJPOXFSFPODF TFFOBTUIFESJWJOHGPSDFTCFIJOECVJMEJOHBCFUUFSXPSME MFBEJOHVTBT IVNBOTUPEJSFDUMZBTTPDJBUFFOFSHZDPOTVNQUJPOXJUIFDPOPNJDHSPXUI
  6. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 6 "DJSDVMBSFDPOPNZJTUIFNFBOTUPBOFOE BGPVOEBUJPO Š8IFOZPVJNBHJOFUIJTJEFBMlQMBOFUQPTJUJWF zIPXGBSBIFBEBSFZPVJNBHJOJOH  4IJOUBSP3BUIFSUIBOlCZXIFO z*TFFUIFQSPNPUJPOPG.FSD a SJ`TCVTJOFTTJUTFMGCFJOH MJOLFEUPlQMBOFUQPTJUJWFz.FSD a SJ`TCVTJOFTTQSPNPUFTSFVTF BOEUIBUQPTJUJWF JNQBDUXJMMMFBEUPUIFDSFBUJPOPGBDJSDVMBSFDPOPNZ5IBUXJMMBMTPIFMQNJUJHBUF DMJNBUFDIBOHF NBLJOHJUVMUJNBUFMZFTTFOUJBMUPBDIJFWJOHlQMBOFUQPTJUJWFz Š8IBUJT.FSD a SJ`TQMBOCFZPOEBDIJFWJOHBDJSDVMBSFDPOPNZ  4IJOUBSP"DJSDVMBSFDPOPNZJTUIFGPVOEBUJPO TPNFUIJOHXFOFFEUPBDIJFWFOP NBUUFSXIBU8IBUXF`SFCVJMEJOHPOUIBUGPVOEBUJPOJTUIFBCJMJUZGPSBOZPOFUP BDIJFWFUIFJSESFBNT%SBXJOHPVUQFPQMF`TQPUFOUJBMJTVMUJNBUFMZXIBU.FSD a SJJT BJNJOHGPS BOEUIFDJSDVMBSFDPOPNZJTKVTUUIFNFBOTUPUIBUFOE#VJMEJOHUIBUGVUVSF JTUIFXIPMFSFBTPO.FSD a SJJTQVSTVJOHlQMBOFUQPTJUJWFz :PVDBOSFBEUIJTGVMMJOUFSWJFXPOPVSDPNQBOZCMPH .FSDBO MJOL :PTIJIJSP,BXBIBSB 1SPGFTTPSBU5IF6OJWFSTJUZPG5PLZPT(SBEVBUF4DIPPMPG&OHJOFFSJOH%S ,BXBIBSBDPNQMFUFEIJTEPDUPSBMUIFTJTBU5IF6OJWFSTJUZPG5PLZPT(SBEVBUF 4DIPPMPG*OGPSNBUJPO4DJFODFBOE5FDIOPMPHZJO)FPCUBJOFE1I%JO *OGPSNBUJPO4DJFODFBOE5FDIOPMPHZ"GUFSBDUJOHBTBTTJTUBOU BEKVODUQSPGFTTPS  MFDUVSFS BOEBTTPDJBUFQSPGFTTPSPG5IF6OJWFSTJUZPG5PLZP`T(SBEVBUF4DIPPMPG *OGPSNBUJPO4DJFODFBOE5FDIOPMPHZ IFXBTBQQPJOUFE1SPGFTTPSPGUIF(SBEVBUF 4DIPPMPG&OHJOFFSJOHJO)FBMTPTFSWFEBT1SPKFDU%JSFDUPSPGUIF+45&3"50 ,BXBIBSB6OJWFSTBM*OGPSNBUJPO/FUXPSL1SPKFDUGSPNUP)FCFDBNF %JSFDUPSPGUIF3FTFBSDI*OTUJUVUFGPSBO*ODMVTJWF4PDJFUZUISPVHI&OHJOFFSJOH 3**4& JO)FIBTBMTPTFSWFEBTBNFNCFSPG.FSD a SJ3%`T"EWJTPSZ#PBSE TJODF)FXBTBQQPJOUFE.FSD a SJ3%`T)FBEPG3FTFBSDIJO .FSD a SJ`T"JNl1MBOFU1PTJUJWFz"OFYDMVTJWFJOUFSWJFXXJUI:PTIJIJSP,BXBIBSBBOE4IJOUBSP:BNBEB :PTIJIJSP5IFSFXBTEFGJOJUFMZBUJNFXIFSFJUGFMUHPPEUPKVTUlQVUUIFQFEBMUPUIF NFUBM zTPUPTQFBL/PXBEBSLDMPVEIBTEFTDFOEFEVQPOUIBUUIJOLJOH BOEXF IBWFBSJTJOHTFOTFPGVSHFODZUPDSFBUFUIJTDJSDVMBSFDPOPNZ)PXFWFS UIFSF`TB TFOTFPGIFTJUBUJPOBCPVUQVUUJOHPOUIFCSBLFT BOEUIJOHTXPO`UDIBOHF ESBNBUJDBMMZKVTUZFU"UUIFTBNFUJNFUIPVHI XFFJUIFSXFQVUPOUIFCSBLFT PSXF CBSSFMIFBEGJSTUJOUPBXBMM8F`SFTUBSUJOHUPTFFQFPQMF`TWBMVFTPSHBOJDBMMZCFHJOUP DIBOHF XJUIBTFOTFUIBUXFDBOMFUPGGUIFHBTBOETUJMMFOKPZGVMGJMMJOHMJWFT
  7. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 7 .FSD a SJTNBUFSJBMUPQJDTBSFUIPTFUIBUXFNVTUUBLFPOJOPSEFSUPSFBMJ[FPVSMPOHUFSNWJTJPO 'PMMPXJOHJOUFSOBMBOEFYUFSOBMDIBOHFT .FSD a SJ`TNBUFSJBMJUZXBTVQEBUFEJOGSPNIPXJUXBTPSJHJOBMMZEFGJOFEJO .FSD a SJIBTEFGJOFEUIFGPMMPXJOHGJWFUPQJDTBTPVSNBUFSJBMJUZ BTUIFZSFMBUFUPDSFBUJOHWBMVFUPDPOUSJCVUFUPSFTPMWJOHTPDJBMBOE FOWJSPONFOUBMJTTVFTUISPVHIPVSCVTJOFTT BOEDSFBUJOHUIFNBOBHFNFOUGPVOEBUJPOOFDFTTBSZGPSDPOUJOVPVTHSPXUI .FSD a SJ`TGJWFNBUFSJBMUPQJDT NBUFSJBMJUZ $SFBUJOHB$JSDVMBS &DPOPNZ.JUJHBUJOH $MJNBUF$IBOHF 8FXJMMDPOUJOVFUPQVSTVFPVS JEFBPGQMBOFUQPTJUJWF XIFSF .FSD a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
  8. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY ⁢ ⁡ ⁠   ⁞ 8 8FIBWFBTTFTTFEPVSNBUFSJBMJUZ UIFNPTUJNQPSUBOUJTTVFT.FSD a SJIBTUPSFTPMWFUISPVHIJUTCVTJOFTT BDUJWJUJFT CZSFGFSSJOHUPBMMUZQFTPG&4(EPDVNFOUBUJPO TVDIBTHVJEFMJOFT BOEFWBMVBUJPOT CZUIFDPNQBOZBOEPVSTUBLFIPMEFST 0VSBQQSPBDIUPNBUFSJBMJUZBTTFTTNFOU *EFOUJGZQPUFOUJBMJTTVFT *NQBDUBTTFTTNFOUCZ .FSD a SJ "TTFTTNFOUCZTUBLFIPMEFST 1SJPSJUZBTTFTTNFOUCZ .FSD a SJ %FUFSNJOFNBUFSJBMJUZ .BUFSJBMUPQJDT )JHI )JHI .FSD a SJ`TJNQBDUPOTPDJFUZ UIFFDPOPNZ BOEUIFFOWJSPONFOU *NQBDUPOTUBLFIPMEFST`EFDJTJPONBLJOH 8
  9. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 9 .JEUPMPOHUFSNPQQPSUVOJUJFTSJTLTGPSFBDINBUFSJBMUPQJD .BUFSJBMUPQJDT 0QQPSUVOJUJFT 3JTLT  $SFBUJOHBDJSDVMBS FDPOPNZNJUJHBUJOH DMJNBUFDIBOHF w (SPXUIPG.FSD a SJVTFSTBTTPDJBUFEXJUITQSFBEJOHBQMBOFUQPTJUJWFXBZPGDPOTVNQUJPO w $SFBUJOHOFXSFBTPOTUPVTF.FSD a SJ DPOUSJCVUJOHUPUIFFOWJSPONFOU ˠ&YQBOEUIFSBOHFPG VTFSTBOEJODSFBTFVTBHFGSFRVFODZ w *NQSPWJOHDPSQPSBUFWBMVFBOENJUJHBUJOHDBQJUBMQSPDVSFNFOUDPTUTUISPVHIQSPBDUJWFFGGPSUT UPTIPXDPOTJEFSBUJPOGPSUIFFOWJSPONFOU 5SBOTJUJPOSJTL w *ODSFBTFJOJUFNUSBOTQPSUDPTUTEVFUPJODSFBTFEGVFMQSJDFTGPMMPXJOHUIF JOUSPEVDUJPOPGDBSCPOQSJDJOH w %BNBHFUPSFQVUBUJPOBNPOHGJOBODJBMJOTUJUVUJPOTJOWFTUPSTEVFUP JOTVGGJDJFOUFGGPSUTUPNJUJHBUFDMJNBUFDIBOHF 1IZTJDBMSJTL w %BUBDFOUFST FUD HPJOHEPXOEVFUPJODSFBTJOHMZWPMBUJMFOBUVSBM EJTBTUFST  %JWFSTJUZJODMVTJPO w *ODSFBTFJOVTBHFPQQPSUVOJUJFTBOEOFXVTFSBDRVJTJUJPOTUIBOLTUPPGGFSJOHQSPEVDUTBOE TFSWJDFTUIBUBSFFBTJFSGPSVTFSTGSPNEJWFSTFCBDLHSPVOETUPVUJMJ[F w *NQSPWFEJNBHFPGUIFDPNQBOZCSBOE w "CJMJUZUPBDDFMFSBUFNJTTJPODPNQMFUJPOCZBDRVJSJOHQSPGFTTJPOBMUBMFOUGSPNBXJEFWBSJFUZPG MPDBMFTXPSMEXJEFBOEVTFFNQMPZFFT`DPNCJOFELOPXMFEHF w 3FEVDFEIJSJOHDPTUTBOEEFDSFBTFEUVSOPWFSUIBOLTUPJODSFBTFEFOHBHFNFOU w -JNJUJOHUIFVTFSCBTFPSEBNBHJOHTBMFTCFDBVTFXF`WFPGGFSFEB QSPEVDUPSTFSWJDFUIBUJTEJGGJDVMUGPSTQFDJGJDVTFSTUPVUJMJ[F w %BNBHFUPCSBOEWBMVFEVFUPCJBTFEDPSQPSBUFNFTTBHJOHPSNBSLFUJOH JOJUJBUJWFT w -PTTPGFNQMPZFFT JNQFEJOHXPSLUIBUEFNPOTUSBUFTWBMVFT BOEGBMMJOH CFIJOEPOQSPEVDUEFWFMPQNFOUEVFUPBGBJMVSFUPBEESFTTBOPGGJDF FOWJSPONFOUUIBUNBLFTJUIBSEGPSTPNFFNQMPZFFTUPFYDFM  -PDBMFNQPXFSNFOU w *NQSPWFEDPNQBOZJNBHFBOEBDRVJTJUJPOPGTUBLFIPMEFSUSVTUUIBOLTUPXPSLJOHUP DPMMBCPSBUFXJUIMPDBMHPWFSONFOUTBOETPMWFTPDJBMJTTVFT w &NQPXFSNFOUPGMPDBMDPNNVOJUJFTBOEJODSFBTFEUSBOTBDUJPOWPMVNFUIBOLTUP.FSD a SJ 4IPQTIFMQJOHCSJOHTNBMMMPDBMCVTJOFTTFTPOMJOF w &NQPXFSNFOUPGMPDBMDPNNVOJUJFTBOEJODSFBTFEPQQPSUVOJUJFTUPVTF.FSQ a ZUIBOLTUPUIF TFSWJDFIFMQJOHNBLFMPDBMUSBOTBDUJPOTDBTIMFTT w -PTTPGTUBLFIPMEFST`USVTUBOEBDDPNQBOZJOHEBNBHFUPCVTJOFTT PQQPSUVOJUJFTEVFUPBGBJMVSFUPDPMMBCPSBUFXJUIMPDBMDPNNVOJUJFTBOE HPWFSONFOUT w -PTTPG,BTIJNB"OUMFSTGBOTBOEQSPGJUEVFUPEBNBHFEUSVTUXJUIMPDBM SFTJEFOUTBOEQBSUOFSDPNQBOJFTGPMMPXJOHBGBJMVSFUPDPMMBCPSBUFXJUI MPDBMDPNNVOJUJFT  4BGF TFDVSF BOEGBJS USBOTBDUJPOT w *ODSFBTFEVTBHFPQQPSUVOJUJFTBOEOFXVTFSBDRVJTJUJPOTUIBOLTUPFBSOJOHVTFST`USVTU w &BSOJOHUIFQVCMJD`TUSVTUBOESBJTJOHDPSQPSBUFWBMVF w 'BMMJOHVTFSOVNCFSTTBMFTBOEEBNBHFUPDPSQPSBUFWBMVFGPMMPXJOHB MPTTPGUSVTU w *ODSFBTFESFTQPOTFDPTUTEVFUPJODJEFOUTBOEPDDVSSFODFTPG VOBVUIPSJ[FEUSBOTBDUJPOT  $PSQPSBUFHPWFSOBODF BOEDPNQMJBODF w 0CUBJOJOHTUBLFIPMEFST`USVTU TVDIBTVTFST TPDJFUZ TIBSFIPMEFST BOEJOWFTUPST  w &OTVSJOHUSBOTQBSFODZPGEFDJTJPONBLJOHBOEFTUBCMJTIJOHTUBCMFNBOBHFNFOUTUSVDUVSF UISPVHIJODSFBTFESFTJMJFODF w #VTJOFTTTMVNQ GBMMGSPNQVCMJDGBWPS BOEEBNBHFUPDPSQPSBUFWBMVFEVF UPDPNQMJBODFWJPMBUJPOT w #VTJOFTTDPOUJOVJUZSJTLBOEEBNBHFUPDPSQPSBUFWBMVFBMPOHTJEFOPO GVODUJPOJOHHPWFSOBODFTUSVDUVSF 8PSLUPNBYJNJ[FPQQPSUVOJUJFTBOENJOJNJ[FSJTLGPSFBDINBUFSJBMUPQJD BJNJOHGPSTVTUBJOBCMFHSPXUI
  10. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 10 7BMVFDSFBUJPOQSPDFTT $JSDVMBUFPVSMJNJUFESFTPVSDFTUPCVJMEBGVUVSFXIFSFBOZPOFDBOVOMFBTIUIFJSQPUFOUJBM /POGJOBODJBMWBMVF $SFBUJOHFOWJSPONFOUBMWBMVF w 1MBOFU1PTJUJWF w $SFBUJOHBDJSDVMBSFDPOPNZNJUJHBUJOHDMJNBUF DIBOHF NBUFSJBMUPQJD  $SFBUJOHTPDJBMWBMVF w %JWFSTJUZ*ODMVTJPO0GGFSPQQPSUVOJUJFTUP DSFBUFEJWFSTFWBMVF NBUFSJBMUPQJD  w *OWJHPSBUFMPDBMDPNNVOJUJFT NBUFSJBMUPQJD  1SPWJEFTBGF TFDVSF BOEGBJSUSBOTBDUJPOT NBUFSJBMUPQJD  'JOBODJBMWBMVF /FU4BMFT DPOTPMJEBUFE CJMMJPO+1:  *OQVU )VNBODBQJUBM 5BMFOUXJUIFYQFSULOPXMFEHFGSPNEJWFSTF CBDLHSPVOET0WFSEJGGFSFOU OBUJPOBMJUJFTSFQSFTFOUFE 'JOBODJBMDBQJUBM 'JOBODJBMCFESPDLBOEHSPXUIJOWFTUNFOUUP BDIJFWFNJEUPMPOHUFSNWBMVFDSFBUJPO" IJHIMZMJRVJEQPSUGPMJPDFOUFSFEPODBTIBOE EFQPTJUT)JHIQSPGJUBCJMJUZGPS.FSD a SJ+1 *OUFMMFDUVBMDBQJUBM *OWFTUNFOUJO"*BOEPUIFSTUBUFPGUIFBSU UFDIOPMPHJFT1BUFOUFEUFDIOPMPHJFT3% 
 7BMVFFYDIBOHFFOHJOFFSJOH+PJOUSFTFBSDI XJUIVOJWFSTJUJFTBOEEFEJDBUFESFTFBSDI PSHBOJ[BUJPOT &OWJSPONFOUBMDBQJUBM &OFSHZDBQJUBMVTFECZEBUBDFOUFST  PGGJDFT ,BTIJNB4UBEJVN FUD 4PDJBMJOUFSQFSTPOBMDBQJUBM 3FMBUJPOTIJQXJUINBKPSTUBLFIPMEFST1SJNBSZ EJTUSJCVUPST-PHJTUJDTTFSWJDFQSPWJEFST .FSQ a ZNFSDIBOUT-PDBMHPWFSONFOUTBDSPTT +BQBO*OEVTUSZHSPVQT3FMBUJPOTBOETQPSUT CVTJOFTTPGGJDFJOUIF,BTIJNBBSFB #VTJOFTTPQFSBUJPOT .JTTJPO$SFBUFWBMVFJOB HMPCBMNBSLFUQMBDFXIFSF BOZPOFDBOCVZTFMM %JWFSTFUBMFOU UIBUDBOFNCPEZ .FSD a SJ`T7BMVFT 5SVTU 0QFOOFTT DVMUVSF &OHJOFFSJOH TLJMM .FSD a SJ (SPVQ 4USFOHUIT $PNQMJBODFBOE3JTL.BOBHFNFOU .BSLFUQMBDF w .FSD a SJ+1 w 4PV[PI w .FSMPHJ 'JOUFDI w .FSQ a Z w .FSDPJO 0UIFS w ,BTIJNB"OUMFST w $FOUFSPG &YDFMMFODFJO *OEJB 0VUQVU 0VUDPNF 4PDJBMFOWJSPONFOUBMJTTVFT w .JUJHBUJOHFOWJSPONFOUBMCVSEFO DSFBUJOHBDJSDVMBSFDPOPNZ w 3FTQPOTFUPBHJOHQPQVMBUJPO BOEQPQVMBUJPOEFDMJOFEFDMJOJOH CJSUISBUFJOMPDBMDPNNVOJUJFT w 1SPWJEJOHBQQSPQSJBUFBOETBGF TFSWJDFT NBUFSJBMUPQJD 8FXPSLUPTVTUBJOBCMZJODSFBTFDPSQPSBUFWBMVFCZTUSBUFHJDBMMZBMMPDBUJOHSFTPVSDFTUPNBYJNJ[FPQQPSUVOJUJFTBOE NJOJNJ[FSJTLTBTTPDJBUFEXJUIFBDINBUFSJBMUPQJD ': +VMZr+VOF 64 w .FSD a SJ64 +BQBO3FHJPO NBUFSJBMUPQJD (PWFSOBODF
  11. .BUFSJBM5PQJD $SFBUJOHB$JSDVMBS &DPOPNZ .JUJHBUJOH$MJNBUF $IBOHF

  12. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 12 "JNJOHGPSBlQMBOFUQPTJUJWFzXPSME 4PVSDF-JWJOH1MBOFU3FQPSU 88' &MFDUSJDQPXFS OBUVSBMMZPDDVSSJOHNBUFSJBMT BOEUIFQMBOFU`TPUIFS SFTPVSDFTGPSNBOFTTFOUJBMGPVOEBUJPOOPUPOMZGPS.FSD a SJUPDPOUJOVF JUTCVTJOFTT CVUGPSUIFDPOUJOVFEMJWFMJIPPETPGQFPQMFBMMPWFSUIF XPSME)PXFWFS JU`TTBJEUIBUIVNBOLJOEJTDVSSFOUMZDPOTVNJOHPVS OBUVSBMSFTPVSDFTBUBSBUFUJNFTGBTUFSUIBOUIFZDBOSFOFX8F CFMJFWFUIBUDSFBUJOHBDJSDVMBSFDPOPNZ XIFSFXFVTFPVSMJNJUFE SFTPVSDFTTNBSUMZ JTBGVOEBNFOUBMNJTTJPOXFNVTUDPNQMFUF .FSD a SJJTBNBSLFUQMBDFXIFSFJUFNTUIBUTPNFPOFOPMPOHFSOFFET BSFQBTTFEPOUPTPNFPOFFMTFXIPOFFETUIFN5IBUNFBOTUIBUUIF NPSF.FSD a SJVTFSTXFIBWF UIFNPSFBCMFXFBSFUPBGGFDUQPTJUJWF JNQBDUPOUIFFOWJSPONFOU'SPNUIFFYQFSJFODFPGSFVTJOHJUFNTBOE JODSFBTJOHJOUFSFTUJOTVTUBJOBCJMJUZ QFPQMFXJMMHSBEVBMMZUBLFPOB NPSFTVTUBJOBCMFBQQSPBDIUPCVZJOH VTJOH BOEEJTQPTJOHPGJUFNT  VMUJNBUFMZMFBEJOHUPBOFXGPSNPGQSPEVDUJPOTBMFTBOEDIBOHFTBMM BMPOHUIFWBMVFDIBJO8FCFMJFWFUIBUCZFODPVSBHJOHUIJTDIBOHF BSPVOEUIFXPSME XFOPUPOMZIFMQBDIJFWFBDJSDVMBSFDPOPNZ CVU IFMQSFEVDFFOWJSPONFOUBMCVSEFOBOENJUJHBUFDMJNBUFDIBOHF 5IFDPODFQUPGlQMBOFUBSZCPVOEBSJFT zSFGFSSJOHUPUIFMJNJUTPGPVS FBSUI`TSFTPVSDFT JTCFDPNJOHNPSFXJEFTQSFBE8FVTFUIFXPSE lQMBOFUQPTJUJWFzUPFYQSFTTPVSEFTJSFUPIFMQTPMWFFOWJSPONFOUBM JTTVFTCZDPOUJOVJOHUPHFOFSBUFQPTJUJWFJNQBDUPOUIFFOWJSPONFOU UISPVHIPVSCVTJOFTT.FSD a SJXJMMDPOUJOVFUPQVSTVFlQMBOFU QPTJUJWFzBDUJPOUPDSFBUFBXPSMEXIFSFBOZPOFDBOEFNPOTUSBUFUIFJS WBMVF
  13. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 13 5IFSPBEUPQMBOFUQPTJUJWF 8FBSFBJNJOHUPCFQMBOFUQPTJUJWFCPUIJOUFSNTPGDSFBUJOHBDJSDVMBSFDPOPNZBOENJUJHBUJOHDMJNBUF DIBOHF8FBMTPTFUOFX4DPQFUBSHFUTGPSNJUJHBUJOHDMJNBUFDIBOHFUIJTZFBS JOBDDPSEBODFXJUI4#5 8IBUXFXBOUUPBDIJFWF Planet Positive 4IPSUGPSlTDJFODFCBTFEUBSHFUTz5IFHSFFOIPVTFHBTFNJTTJPOTSFEVDUJPOUBSHFUTFUCZPVSDPNQBOZJOBDDPSEBODFXJUIUIFTUBOEBSETDBMMFEGPSCZUIF1BSJT"DDPSE MJNJUJOHHMPCBMXBSNJOHUP˃$r˃$GSPNQSFJOEVTUSJBMMFWFMT UPCF BDIJFWFEJOrZFBST`UJNFɹ4DPQF%JSFDUFNJTTJPOTGSPNGVFMVTFCZPVSDPNQBOZ4DPQF*OEJSFDUFNJTTJPOTBDDPNQBOZJOHVTFPGFMFDUSJDJUZIFBUQSPWJEFECZBOPUIFSDPNQBOZɹ4DPQF*OEJSFDUFNJTTJPOTBDDPNQBOZJOHVTFPG FMFDUSJDJUZIFBUQSPWJEFECZBOPUIFSDPNQBOZɹɹ4DPQF4VQQMZDIBJOFNJTTJPOTGSPNDPNQBOZBDUJWJUJFT FYDMVEJOHUIPTFDPWFSFEJO4DPQFBOE4DPQF0VSUBSHFUTGBMMVOEFSDBUFHPSZ l1VSDIBTFE(PPETBOE4FSWJDFT Expand positive impact Create a circular economy Reduce negative impact Mitigate climate change )FMQTQSFBEQMBOFUQPTJUJWFMJGFTUZMFT Strengthen coordination for the entire value chain 0CUBJO4#5DFSUJGJDBUJPO &YQBOESFVTFUISPVHI.FSD a SJ Achieve 75% reduction target (Use renewable energy for 100% of our o ff i ce electricity) Scope 1+2: Reduce emissions by a total of 100% by 2030 Scope 3: Reduce added value-related emissions by 51.6% by 2030 /&8 +VOF  +VOF  +VOF 
  14. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 14 $SFBUJOHBDJSDVMBSFDPOPNZ "QQSPY,UPOT$0  "QQSPY DPWFSFE CBTFCBMMTUBEJVNT $0 FRVJWBMFOUUPBQQSPYDPWFSFE CBTFCBMMTUBEJVNT 2019 2020 2021 81,641 108,357 55,615 400,157 381,004 352,696 JP US  UPOT  UPOT  UPOT .UPOT PWFSZFBST "QQSPY  *ODMVEFT TFDPOEIBOE JUFNT UIBU IBE CFFO TPME VOEFS UIF 8PNFO`T  .FO`T  BOE ,JET` DBUFHPSJFTGPSCPUI.FSD a SJ+1BOE.FSD a SJ64PWFSUIFUISFFZFBSTGSPN"QSJMUP.BSDI $0 FNJTTJPOTBWPJEFEPOUIFBTTVNQUJPOUIBUJUFNTCPVHIUBOETPMEVOEFSUIFDBUFHPSJFTJO RVFTUJPOBSFVTFEJOQMBDFPGOFXJUFNT DBMDVMBUFECZBQQMZJOHBOBEKVTUNFOUGBDUPSBOEXJUI DPOTJEFSBUJPOGPSUIFJUFNMJGFDZDMF JUFNQSPEVDUJPO EJTUSJCVUJPO VTF BOEEJTQPTBM  $0 UIBU DBOCFBWPJEFE $0 FNJTTJPOTXIFOOFXJUFNTBSFVTFEUPBOFRVJWBMFOUMFWFMPGUIBUPG TFDPOEIBOEJUFNT  $0 FNJTTJPOTGSPNVTFPGTFDPOEIBOEJUFNT 1FSVOJU$0 FNJTTJPOT GPSDMPUIJOHUBLFOGSPNUIF.JOJTUSZPGUIF&OWJSPONFOU`TEBUB 4PVSDF.JOJTUSZPGUIF &OWJSPONFOUl3FTVMUTPG4VSWFZPO'BTIJPOUIF&OWJSPONFOUz "MTPVTFE.JOJTUSZPGUIF &OWJSPONFOUGPSFTUJNBUFTGPVOEJOUIFSFTVMUTPGPVSBOBMZTJTPG$0 FNJTTJPOTGPS.FSD a SJ64 $BMDVMBUJPOTMPPLFEPOMZBUUIFDMPUIJOHDBUFHPSJFTBTB fi STUTVSWFZ TJODFDMPUIJOHNBLFTVQUIF MBSHFTUWPMVNFPGUSBOTBDUJPOTPO.FSD a SJBOEUIFEBUBXBTSFBEJMZBWBJMBCMF 4VQFSWJTFECZ .PPO%BNJ 1SPKFDU3FTFBSDIFSBU5PLZP6OJWFSTJUZ`T7BMVF&YDIBOHF&OHJOFFSJOH4PDJBM 3FTFBSDI%JWJTJPO "TBMPOHUFSNQSPKFDU XFQMBOUPDPOUJOVFUPSFTFBSDIUIFFOWJSPONFOUBM JNQBDUPGTFDPOEIBOEJUFNVTFGPSFBDINBOVGBDUVSJOHDBUFHPSZ  $0  FRVJWBMFOU UP POF DPWFSFE CBTFCBMM TUBEJVN  U$0  DPWFSFE CBTFCBMM TUBEJVN WPMVNF.,-NPM-H$0 4PVSDF5PLZP%PNF  $0 FNJTTJPOTBWPJEFE BTTVNJOHJUFNT XFSFCPVHIUPO.FSD a SJJOTUFBEPGCVZJOH OFXQSPEVDUT GPSDMPUIJOHPOMZ *ODMPUIJOHBMPOF BQQSPYJNBUFMZ ,UPOTPG$0 FNJTTJPOT BWPJEFECZUSBOTBDUJPOTPO.FSD a SJ "GUFSDBMDVMBUJOH$0 FNJTTJPOTFYDMVTJWFMZGPSDMPUIJOHDBUFHPSJFT GPSUIF fi STUUJNF BTUIFDBUFHPSZUZQFXJUIUIFMBSHFTUOVNCFSPG USBOTBDUJPOTPOUIFTFSWJDF XFGPVOEUIBUVTFST`USBOTBDUJPOTPO .FSD a SJXFSFBCMFUPBWPJEBQQSPYJNBUFMZ,UPOTPG$0  FNJTTJPOTJO*OUIFMBTUUISFFZFBST XFTBXBUPUBMPG BQQSPYJNBUFMZ.UPOTPGBWPJEFE$0 FNJTTJPOTJOUIFDMPUIJOH DBUFHPSJFTBMPOF8FCFMJFWFUIBUXFBSFTUFBEJMZDPOUSJCVUJOHUPUIF DSFBUJPOPGBDJSDVMBSFDPOPNZXIJMFDPOUJOVJOHUPHSPXPVSCVTJOFTT 5IFQPTJUJWFJNQBDUPGPVS.FSD a SJNBSLFUQMBDFCVTJOFTTPOUIF FOWJSPONFOUJODSFBTFTUIFNPSFVTFSTVTFPVSTFSWJDF"TBSFTVMU UIF HSPXUIPGPVSCVTJOFTTJUTFMGIFMQTTPMWFFOWJSPONFOUBMJTTVFT
  15. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 15 $SFBUJOHBDJSDVMBSFDPOPNZ "QQSPYJNBUFMZ,UPOTPG DMPUIJOHJO+BQBOFBDIZFBSJTBCMF UPGJOEBOFXIBQQZIPNFBGUFS CFJOHMJTUFEPO.FSD a SJ +VTUJO+BQBO VTFSTBWPJEFEBQQSPYJNBUFMZ,UPOTPGDMPUIJOH XBTUF CZXFJHIU CZMJTUJOHJUFNTPO.FSD a SJ5IJTJTBQQSPYJNBUFMZ PGUIFUPUBM,UPOTPGDMPUIJOHUISPXOBXBZZFBSMZJO+BQBO #ZCVZJOHBOETFMMJOHDMPUIJOHUIBUJTOPMPOHFSXPSOPO.FSD a SJ JOTUFBEPGUISPXJOHJUBXBZ VTFSTDBOSFEVDFUIFCVSEFOPOUIF FOWJSPONFOUBOENPWFDMPTFSUPDSFBUJOHBDJSDVMBSFDPOPNZ $BMDVMBUFECBTFEPOUIFOVNCFSPGJUFNTMJTUFEJOUIF8PNFO`T .FO`T BOE,JET`DBUFHPSJFTGPSCPUI.FSD a SJ+1BOE.FSD a SJ64GSPN"QSJMUP.BSDI8FJHIUPGDMPUIJOHUBLFOGSPNUIF.JOJTUSZPG&DPOPNZ 5SBEFBOE *OEVTUSZ`TEBUB 4PVSDF.JOJTUSZPG&DPOPNZ 5SBEFBOE*OEVTUSZl4VSWFZPO.FBTVSFTUP3FWJUBMJ[FUIF5FYUJMFBOE$MPUIJOH*OEVTUSZz "MTPVTFEUIF.JOJTUSZPG&DPOPNZ 5SBEFBOE*OEVTUSZ`TEBUBGPSXFJHIUPGDMPUIJOHGPS.FSD a SJ 64ɹ4PVSDF.JOJTUSZPGUIF&OWJSPONFOU l4VTUBJOBCMF'BTIJPOz 17,186 tons 42,178 tons JP US +1 64   UPOT BQQSPY  UPOUSVDLT "QQSPY ,UPOT DMPUIJOHXBTUF &RVJWBMFOUUPBQQSPY UPOUSVDLT 8FJHIUPGDMPUIJOHXBTUFBWPJEFEUIBOLT UPJUTMJTUJOHPO.FSD a SJ POMZDMPUIJOH
  16. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 16 $SFBUJOHBDJSDVMBSFDPOPNZ #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZPONFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOE CPUIJO+VOF  QFPQMF BOE+VMZ  QFPQMF  0GUIBUOVNCFS QFPQMFXIPTBJEUIFZIBWFFYQFSJFODFVTJOH.FSD a SJ    ˋ ˋ ˋ ˋ     $IBOHFTJOQFPQMF`TBUUJUVEFT UPXBSECVZJOH $IBOHFTJOIPXQFPQMFHFUSJEPG VOXBOUFEJUFNT )PXIBTZPVSMJGFPSNJOETFUDIBOHFEBGUFS VTJOH.FSD a SJ            /PUBUBMM /PUSFBMMZ 4PNFXIBU 7FSZNVDI         *`WFTUBSUFEUPUBLF CFUUFSDBSFPGNZ CFMPOHJOHT *`NOPMPOHFS QBSUJDVMBSBCPVU CVZJOHCSBOEOFX UIJOHT *`WFTUBSUFEUPGFFMMJLF* DBODPOUSJCVUFUP SFEVDJOHFOWJSPONFOUBM JNQBDUCZMJTUJOHUIJOHT JOTUFBEPGUISPXJOH UIFNBXBZ *BNOPXBCMFUP MFBEBTVTUBJOBCMF MJGFTUZMFXJUIPVU XBTUJOHUIJOHT   1FPQMFXIPIBWFQVSDIBTFEBO JUFNTFDPOEIBOEJOUIFMBTUZFBS *NTPNFPOFXIPDIPPTFTUPUISPXBXBZ JUFNTUIBU*OPMPOHFSVTF 5IFOVNCFSPGQFPQMFXIPIBWFQVSDIBTFEBTFDPOEIBOEJUFNJTVQQQUTGSPNBTUVEZDPOEVDUFEMBTUZFBS  XJUIUIFOVNCFSPGQFPQMFXIPUISPXBXBZVOOFDFTTBSZJUFNTESPQQJOHCZQQUTJOUIFTBNFTUVEZ 5IBOLTUPDPOUJOVFEVTFPG.FSD a SJ UIFQPQVMBUJPO`TBQQSPBDIUPDPOTVNFSBDUJWJUZJTCFDPNJOHNPSFTVTUBJOBCMF
  17. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 17 *OUIFNJEUPMPOHUFSN XFBSFXPSLJOHUPDIBOHFQFPQMF`TNJOETFUXIFOJUDPNFT UPUIFDZDMFPGCVZJOH VTJOH BOEUISPXJOHBXBZUIFJSJUFNT "XBSFOFTT .BLFBMUFSOBUJWFTUPUISPXJOH JUFNTBXBZGFFMFBTJFS w %FWFMPQJOHUIF.FSD a SJ&DP1BDL w %FWFMPQJOHUIF.FSD a SJ&DPCPY w 0QFOJOHUIF4VTUBJOB4UPSF w 4FMMJOHJUFNTVQDZDMFEGSPNUIF ,BTIJNB"OUMFSTBOOJWFSTBSZCBOOFS w $IBOHJOHPVSXBUFSCPUUMFTGPSHVFTUT w 3FVTJOHFRVJQNFOUOFFEFEUPGJMN DPNNFSDJBMT &EVDBUJPO 1SPWJEFBOFOWJSPONFOUGPS MFBSOJOHTVTUBJOBCMFCFIBWJPS w 1SPWJEJOHFEVDBUJPOBMQSPHSBNTUISPVHI DMBTTSPPNWJTJUT w 3FMFBTJOHTJYQSPHSBNTGPSGSFFPOPVS FEVDBUJPOQPSUBM $PMMBCPSBUJPO $SFBUFBDJSDVMBSFDPOPNZ UISPVHIPVUBMMMJOLTPG UIFWBMVFDIBJO w "OOPVODJOHUIF.FSD a SJ1SJDF*OEFY w &YQBOEJOH.FSD a SJ8PSLTIPQT w *OTUBMMJOH.FSD a SJ1PTUNBJMCPYFT w &YQBOEJOH.FSD a SJ4UBUJPOT w $BSSZJOHPVUBQSPPGPGDPODFQUGPSPVS QJDLVQBOEQBDLBHFTFSWJDF $SFBUJOHBDJSDVMBSFDPOPNZ':JOJUJBUJWFT
  18. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
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a SJVTFSTBSFOPUHPPETQVSDIBTFE  PCUBJOFE PSTPMECZ.FSD a SJ.FSD a SJBMTPEPFTOPUCFBSUIFUSBOTQPSU DPTUTPGUIPTFJUFNT'PSUIBUSFBTPO XFVOEFSTUBOEUIBUFNJTTJPOT SFMBUFEUPUIFUSBOTQPSUPGJUFNTJOUSBOTBDUJPOTCFUXFFO.FSD a SJVTFST EPOPUGBMMVOEFSUIFDBMDVMBUJPOTPG4DPQF`TDBUFHPSZPS CBTFEPO UIF.JOJTUSZPGUIF&OWJSPONFOU`Tl#BTJD(VJEFMJOFTSFHBSEJOH $BMDVMBUJPOPG(SFFOIPVTF(BT&NJTTJPOTJOUIF4VQQMZ$IBJOz #Z+VOF #Z+VOF "DIJFWFESFEVDUJPOUBSHFU 
 6TFSFOFXBCMFFOFSHZGPSPG PVSPGGJDFFMFDUSJDJUZ 3FEVDFFNJTTJPOTCZBUPUBMPGCZ 4FUUBSHFUTBJNJOHGPS4#5 DFSUJGJDBUJPOCZ+VOF 4DPQF   4DPQF  0VSUBSHFUTGBMMVOEFSDBUFHPSZ l1VSDIBTFEHPPETBOETFSWJDFTzɹ4DPQF%JSFDUFNJTTJPOTGSPNGVFMVTFCZPVSDPNQBOZɹ4DPQF*OEJSFDUFNJTTJPOTBDDPNQBOZJOHVTFPGFMFDUSJDJUZIFBUQSPWJEFE CZBOPUIFSDPNQBOZɹ4DPQF4VQQMZDIBJOFNJTTJPOTGSPNDPNQBOZBDUJWJUJFT FYDMVEJOHUIPTFDPWFSFEJO4DPQFBOE4DPQF 6QTUSFBN 4DPQF  1VSDIBTFEHPPET BOETFSWJDFT  $BQJUBMHPPET 0UIFS  'VFMBOEFOFSHZSFMBUFEBDUJWJUJFT   6QTUSFBNUSBOTQPSUBUJPOEJTUSJCVUJPO  8BTUF   #VTJOFTTUSBWFM  &NQMPZFFDPNNVUJOH   6QTUSFBNMFBTFEBTTFUT 4DPQF 4DPQF 4DPQF 'VFMCVSOJOH &MFDUSJDJUZVTBHF 0UIFS  %PXOTUSFBNUSBOTQPSUBUJPO EJTUSJCVUJPO  1SPDFTTJOHPGTPME QSPEVDUT  6TFPGTPMEQSPEVDUT   %PXOTUSFBNMFBTFEBTTFUT   'SBODIJTFT  *OWFTUNFOUT  %JTQPTBMPGQSPEVDUT .FSD a SJ(SPVQ %PXOTUSFBN 3FEVDFFNJTTJPOTSFMBUFEUPBEEFEWBMVF CZCZ /&8 5IFOVNCFSTBCPWFDPSSFTQPOEUPFBDI4DPQFDBUFHPSZ #Z BJNUPSFEVDF4DPQF FNJTTJPOTCZ BOEFNJTTJPOTSFMBUFEUPBEEFEWBMVFGPS4DPQFCZ
  19. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 19 .JUJHBUJOHDMJNBUFDIBOHF':HSFFOIPVTFHBTFNJTTJPOT "OOVBMHSFFOIPVTFHBTFNJTTJPOTGPS.FSD a SJ(SPVQBTBXIPMFUPUBMBQQSPY,UPOT4JODFMBTUGJTDBMZFBS  XFIBWFSFEVDFE4DPQF FNJTTJPOTCZBOE4DPQFFNJTTJPOTCZPOBTQFDJGJDDPOTVNQUJPOCBTJT $BMDVMBUFECBTFEPOUIFl#BTJD(VJEFMJOFTPO"DDPVOUJOHGPS(SFFOIPVTF(BT&NJTTJPOT5ISPVHIPVUUIF4VQQMZ$IBJOzPGUIF.JOJTUSZPGUIF&OWJSPONFOU.JOJTUSZPG&DPOPNZ 5SBEFBOE*OEVTUSZBOESFMBUFESFHVMBUJPOTɹ 1FSJPE': +VMZ r+VOF  BOE': +VMZ r+VOF  ɹ4DPQF.FSD a SJ *OD.FSQ a Z *OD,BTIJNB"OUMFST'$$P -UE.FSD a SJ *OD 64 .FSDPJO *OD4PV[PI *ODBOE.FSMPHJ *ODɹ $BUFHPSJFT     BOEBSFJODMVEFEJOUIFl0UIFSzDBUFHPSZ 4DPQFJODMVEFTFNJTTJPOTGSPNUIF,BTIJNB"OUMFST'$`TDPNQBOZPXOFEWFIJDMFT  IFBUJOHBUSFMBUFEGBDJMJUJFT FUD4DPQFJODMVEFTFNJTTJPOTSFTVMUJOHGSPNFMFDUSJDJUZ VTBHFBUPVSPGGJDFPSGBDJMJUJFTSFMBUFEUPUIF,BTIJNB"OUMFST'$.PSFFNQMPZFFT XFSFXPSLJOHGSPNUIFPGGJDFUIJTGJTDBMZFBSBOEVTJOHPGGJDFFRVJQNFOU SBJTJOH FNJTTJPOTTMJHIUMZPWFSMBTUZFBS`TUPUBM)PXFWFS XFXJMMDPOUJOVFUPFYBNQMF PQUJPOTGPSTXJUDIJOHUPSFOFXBCMFFOFSHZBOEVTFPGQMBOFUQPTJUJWFGVFMT 3FHBSEJOHPVS4DPQFFNJTTJPOTGPS': XFJNQMFNFOUFEDBSCPOPGGTFUUJOH 4DPQF  $BUFHPSZFNJTTJPOTNBLFVQPGPVS4DPQFFNJTTJPOT XIJDI NBLFTTFOTFHJWFOUIFQBSUJDVMBSGFBUVSFTPGPVSCVTJOFTTQSJNBSJMZCFJOH JOUIFJOUFSOFUJOEVTUSZ'PSUIJTSFBTPO XFBSFBJNJOHUPSFEVDF FNJTTJPOTSFMBUFEUPBEEFEWBMVFJO$BUFHPSZ l1VSDIBTFEHPPETBOE TFSWJDFTz NBOBHJOHUPSFEVDFFNJTTJPOTGPS':UP U$0  NJMMJPO+1: GSPNUIFTFFOEVSJOHCFODINBSLZFBS': B SFEVDUJPOGSPNMBTUZFBS  4DPQF Category 1: Purchased goods and services (emissions accompanying use of advertising, software, ɹdata centers, etc) Category 2: Capital goods (emissions accompanying construction/transport, etc. of capital goods purchased or obtained by our company) Category 8: Upstream leased assets (CO2 emissions related to use of fuel, electricity, or other energy sources at Kashima Antlers-related facilities) ': ':      4DPQF 4DPQF 4DPQF          4DPQFNBLFTVQ  PGPVSUPUBM ()(FNJTTJPOT 4DPQF&NJTTJPOT#SFBLEPXO $BUFHPSZ $BUFHPSZ $BUFHPSZ 0UIFS           ':  ':  ':  ':  ':  ':  ':  ':  ':  ':  &NJTTJPOTSFMBUFEUPBEEFEWBMVFPO QVSDIBTFEHPPETBOETFSWJDFT 5BSHFU *OU$0 QFSNJMMJPOZFO 6OJUU$0
  20. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 8FXJMMDPOUJOVFUPUBLFBDUJPO UPBDIJFWFPVSUBSHFUT 20 .JUJHBUJOHDMJNBUFDIBOHF':JOJUJBUJWFT 1MBOOFEGVUVSFBDUJPOTGPS$0 SFEVDUJPO • Carbon o ff setting for Scope 2 emissions • Submitting our commitment letter for the Science Based Targets initiative • Starting communications with suppliers involved in Scope 3 emissions • Renewable energy for our o ffi ce electricity • Carbon o ff setting • Reviewing the fuel consumption of company cars, etc. • Expanding supplier engagement • Rolling out reusable packing materials • Considering package-less transactions • Looking into low-carbon shipping methods • O ff ering a no-rush delivery option • Spreading awareness of sustainable shopping • Promoting more reusable and recyclable packaging, and less plastic packaging • Promoting item upcycling and recycling .FSD a SJXJMMXPSLPOSFEVDJOH$0 FNJTTJPOTCBTFEPOUIF BDUJPOJEFBTCFMPX0VS&4($PNNJUUFFXJMMIPMEEJTDVTTJPOT UPEFDJEFPOBOEFYFDVUFTQFDJGJDBDUJPOT XIJMFUBLJOHJOUP BDDPVOUIPXNVDIFBDIBDUJPOXPVMEDPOUSJCVUFUPHSPXJOH PVSCVTJOFTTBOEBDIJFWJOHPVSSFEVDUJPOUBSHFUTJOUIFNJE UPMPOHUFSN
  21. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 21 *OGPSNBUJPOEJTDMPTVSFCBTFEPOUIF5$'%SFDPNNFOEBUJPOT .FSD a SJ(SPVQSFDPHOJ[FTDMJNBUFDIBOHFUPCFPOFPGUIFLFZDIBMMFOHFTGBDFECZPVS CVTJOFTT0VSFOUJSF(SPVQJTBDUJWFMZXPSLJOHUPNJUJHBUFDMJNBUFDIBOHF BOEXFIBWF BMTPNBEFUIFTFFGGPSUTQBSUPGPVSNBOBHFNFOUTUSBUFHZ*O+VOF XFBOOPVODFE PVSTVQQPSUGPS5$'% 5BTL'PSDFPO$MJNBUFSFMBUFE'JOBODJBM%JTDMPTVSFT  5IF5$'%IBTGJOBODJBMEJTDMPTVSFSFDPNNFOEBUJPOTGPSBMMDPNQBOJFTTUSVDUVSFEBSPVOE UIFGPVSBSFBTPGHPWFSOBODF TUSBUFHZ SJTLNBOBHFNFOU BOENFUSJDTBOEUBSHFUT .FSD a SJ(SPVQXJMMEJTDMPTFDMJNBUFSFMBUFEJOGPSNBUJPOJOBDDPSEBODFXJUIUIFTFGPVS BSFBTSFDPNNFOEFECZUIF5$'% (PWFSOBODF *OPSEFSUPCFUUFSJODPSQPSBUF&4(QFSTQFDUJWFTJOUPNBOBHFNFOUEFDJTJPOTBOE FYFDVUJPOQSPDFTTFT JO%FDFNCFS .FSD a SJFTUBCMJTIFEBO&4($PNNJUUFFUPBEWJTF PVS4FOJPS&YFDVUJWF$PNNJUUFF .FSD a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a SJ(SPVQBTNFNCFSTPGUIF&4($PNNJUUFF"O PWFSWJFXPGUIFQBTUUISFF&4($PNNJUUFFNFFUJOHTBSFBWBJMBCMFPOPVSXFCTJUF 3PMFPGFYFDVUJWFT 8JUI.FSD a SJ$&04IJOUBSP:BNBEBBTDIBJSQFSTPO UIF&4($PNNJUUFFJTDPNQPTFEPG UIF$&0TPGFBDI.FSD a SJ(SPVQDPNQBOZ BTXFMMBT&4(PGGJDFSTBOEPUIFSNFNCFST OPNJOBUFECZUIFDIBJSQFSTPO5IFZNFFUGPVSUJNFTQFSZFBSUPGPSNVMBUF&4(SFMBUFE JNQMFNFOUBUJPOQMBOTBOENPOJUPSQSPHSFTTPOFBDIPGUIFNBUFSJBMUPQJDT 4USBUFHZ 8FDPOEVDUFEBTDFOBSJPBOBMZTJTUPJEFOUJGZUIFDMJNBUFSFMBUFEUSBOTJUJPOSJTLT QIZTJDBM SJTLT BOEPQQPSUVOJUJFTGPS.FSD a SJ(SPVQBTBXIPMF *OUIJTBOBMZTJT XFTFUUXPTDFOBSJPTŠBˆˆTDFOBSJPBOEˆTDFOBSJPŠBDDPSEJOHUP TDJFOUJGJDCBTFTQSPWJEFECZPSHBOJ[BUJPOTMJLFUIF*OUFSHPWFSONFOUBM1BOFMPO$MJNBUF $BUFHPSZ *NQBDUPGDMJNBUFDIBOHFPO.FSD a SJ (SPVQ #VTJOFTT NQMJDBUJPO T 0VSQMBOPGBDUJPO 3JTLT 1IZTJDBM SJTL "DVUF w %BUBDFOUFST FUD HPJOHEPXOEVFUP JODSFBTJOHMZWPMBUJMFOBUVSBMEJTBTUFST w *GBOZEBUBDFOUFSTPSQPXFSDPNQBOJFT TV ff FSEBNBHFGSPNJODSFBTJOHMZWPMBUJMF OBUVSBMEJTBTUFST JUXJMMDBVTFUIF FMFDUSJDJUZBOEOFUXPSLUPCFTVTQFOEFE BTXFMMBTEBUBDFOUFSTUPHPEPXO BOE PVSVTFST CPUITFMMFSTBOECVZFST XJMM OPUCFBCMFUPTFMMBOECVZUIJOHTPOMJOF .FEJVN $SFBUFB#$1UP TIPSUFOUIFMFOHUI PGTIVUEPXOQFSJPE $POTJEFSEJTBTUFS SFDPWFSZQMBOT 5SBOTJUJPO SJTL 1PMJDZ BOE -FHBM w *ODSFBTFJOJUFNUSBOTQPSUDPTUTEVFUP JODSFBTFEGVFMQSJDFTGPMMPXJOHUIF JOUSPEVDUJPOPGDBSCPOQSJDJOH w "OJODSFBTFJOJUFNUSBOTQPSUDPTUTEVF UPJODSFBTFEGVFMQSJDFTGSPNUIF JOUSPEVDUJPOPGDBSCPOQSJDJOHXJMMJNQBDU PVSVTFST CPUITFMMFSTBOECVZFST BOE BMTPJNQBDUUIFEFNBOEGPSJUFNTTPME POPVSNBSLFUQMBDF -PX 8PSLUP TUSFOHUIFOTVQQMJFS FOHBHFNFOU 5SBOTJUJPO SJTL 3FQVUBUJ PO w %BNBHFUPSFQVUBUJPOBNPOH fi OBODJBM JOTUJUVUJPOTJOWFTUPSTEVFUPJOTV ff i DJFOU F ff PSUTUPNJUJHBUFDMJNBUFDIBOHF w "TUIFSFBSFJODSFBTFEEFNBOETGSPN JOWFTUPSTBOE fi OBODJBMJOTUJUVUJPOTGPS JOGPSNBUJPOEJTDMPTVSFBOEBDUJPOTUP NJUJHBUFDMJNBUFDIBOHF JGDPNQBOJFT GBJMUPNFFUUIPTFEFNBOET JUXJMMMJLFMZ JNQBDUGVOEJOHPSDBVTFBESPQJOTUPDL QSJDFT .FEJVN &OTVSFDPNQMFUF BOETV ff i DJFOU JOGPSNBUJPO EJTDMPTVSF &MJNJOBUFPG 4DPQF  FNJTTJPOTCZ 3FEVDFFNJTTJPOT SFMBUFEUPBEEFE WBMVFGPS4DPQFCZ CZ 0QQPSUVOJUJFT 3FQVUBUJ PO w $PNQFUJUJWFBEWBOUBHFGSPNDIBOHFTJO DPOTVNFSQSFGFSFODFTEVFUPJODSFBTFE FOWJSPONFOUBMBXBSFOFTT w 8FDBOJODSFBTFUIFOVNCFSPG.FSD a SJ VTFSTJOBDDPSEBODFXJUIUIFTQSFBEPGB QMBOFUQPTJUJWFXBZPGDPOTVNQUJPOBOE DSFBUFOFXNPUJWFT DPOUSJCVUJOHUPUIF FOWJSPONFOU GPSQFPQMFUPVTF.FSD a SJ )JHI *ODSFBTFUIF OVNCFSPG.FSD a SJ VTFSTJOBDDPSEBODF XJUIUIFTQSFBEPGB QMBOFUQPTJUJWFXBZ PGDPOTVNQUJPO 0VSUBSHFUTGBMMVOEFSDBUFHPSZ lQVSDIBTFEHPPETBOETFSWJDFTz $IBOHF *1$$ BOE*OUFSOBUJPOBM&OFSHZ"HFODZ *&"  -PPLJOHBIFBE XFBSFFYBNJOJOHIPXCPUI.FSD a SJ(SPVQBOEUIFTPDJFUZTVSSPVOEJOH VTXJMMMPPLJOBOECFZPOE#FMPXBSFUIFNBJODMJNBUFSFMBUFESJTLTBOE PQQPSUVOJUJFTXFGPVOECBTFEPOUIFTDFOBSJPBOBMZTJT
  22. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 22 *OGPSNBUJPOEJTDMPTVSFCBTFEPOUIF5$'%SFDPNNFOEBUJPOT $POUJOVFEGSPNQSFWJPVTQBHF  &WBMVBUJPOPGCVTJOFTTJNQMJDBUJPOTGJOBODJBMJNQBDU w )JHI CJMMJPOZFOPSNPSF &YQFDUFEUPIBWFTJHOJGJDBOUJNQBDUPOGJOBODFTPS CVTJOFTTTUSBUFHJFT w .FEJVN NJMMJPOZFOPSNPSF CVUMFTTUIBOCJMMJPOZFO &YQFDUFEUPIBWFNJE MFWFMJNQBDUPOGJOBODFTPSCVTJOFTTTUSBUFHJFT w -PX MFTTUIBONJMMJPOZFO &YQFDUFEUPIBWFMJUUMFJNQBDUPOGJOBODFTPSCVTJOFTT TUSBUFHJFT "TTIPXOBCPWF BTJUSFMBUFTUP.FSD a SJ(SPVQ`TCVTJOFTTBDUJWJUJFT XFIBWFBTTFTTFEUIF NBSLFUPQQPSUVOJUJFTDSFBUFEGSPNDIBOHFTJOUIFXBZQFPQMFDPOTVNFBOEUIFJS JODSFBTFEFOWJSPONFOUBMBXBSFOFTTEVFUPDMJNBUFDIBOHFUPCFMBSHFSUIBOUIFQPUFOUJBM JNQBDUPGDMJNBUFSFMBUFESJTLT8JUISFHBSEUPUIFlDPNQFUJUJWFBEWBOUBHFGSPNDIBOHFT JODPOTVNFSQSFGFSFODFTEVFUPJODSFBTFEFOWJSPONFOUBMBXBSFOFTT zXFTFFUIJTBTBO PQQPSUVOJUZUPJODSFBTFUIFOVNCFSPG.FSD a SJVTFSTJOBDDPSEBODFXJUIUIFTQSFBEPGB QMBOFUQPTJUJWFXBZPGDPOTVNQUJPOBOEDSFBUFOFXNPUJWFT DPOUSJCVUJOHUPUIF FOWJSPONFOU GPSQFPQMFUPVTF.FSD a SJ 3JTLNBOBHFNFOU .FSD a SJ(SPVQIBTDPOEVDUFEBTDFOBSJPBOBMZTJTUPVOEFSTUBOEBOEBTTFTTUIFJNQBDUPG DMJNBUFDIBOHFPOPVS(SPVQ`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ɹ 4DPQF*OEJSFDUFNJTTJPOTBDDPNQBOZJOHVTFPGFMFDUSJDJUZIFBUQSPWJEFECZBOPUIFSDPNQBOZɹ 4DPQF4VQQMZDIBJOFNJTTJPOTGSPNDPNQBOZBDUJWJUJFT FYDMVEJOHUIPTFDPWFSFEJO4DPQFBOE4DPQF 0VSUBSHFUTGBMMVOEFSDBUFHPSZ lQVSDIBTFEHPPETBOETFSWJDFTz   .FUSJDTBOEUBSHFUT #Z XFXJMMBJNUPFMJNJOBUFPG4DPQF  FNJTTJPOT BOESFEVDFFNJTTJPOT SFMBUFEUPBEEFEWBMVFGPS4DPQF CZDPNQBSFEUPUIFBNPVOUJO8FBSF QMBOOJOHUPPCUBJO4#5DFSUJGJDBUJPOGPSUIFTFUBSHFUTCZ+VOF "DUVBM"NPVOUPG&NJTTJPOTJO': +VMZr+VOF  *O': .FSD a SJ(SPVQBTBXIPMFIBEBCPVU UPOTPGHSFFOIPVTFHBTFNJTTJPOT TFFCFMPX 4JODFMBTUGJTDBMZFBS XFXFSFBCMFUPSFEVDF4DPQF FNJTTJPOTCZ BOEUIFJOUFOTJUZPG4DPQFFNJTTJPOTCZ8FXJMMDPOUJOVFUPXPSLPOWBSJPVT JOJUJBUJWFTUPBDIJFWFPVSUBSHFUT 6OJUU$0
  23. .BUFSJBM5PQJD %JWFSTJUZ *ODMVTJPO

  24. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 5IFSFJTNPSFEJWFSTJUZJOUIFXPSMEUIBOBOZPGVTDBOJNBHJOF (FOEFSJEFOUJUZ HFOEFSFYQSFTTJPO TFYVBMPSJFOUBUJPO SFMJHJPO PSDSFFE OFVSPMPHJDBMDIBSBDUFSJTUJDT QIZTJDBMBCJMJUZ FUIOJDJUZ  OBUJPOBMJUZ SBDF BOEBHFBSFKVTUBGFXPGBDPVOUMFTTOVNCFSPG EJWFSTFCBDLHSPVOETQFPQMFDBOIBWF .FSD a SJJOUFOETUPSFBMJ[FBXPSMEXIFSFOPPOFTQPTTJCJMJUJFT BSFMJNJUFECZUIFJSCBDLHSPVOE BOEFWFSZPOFJTBCMFUPIBWF USBOTBDUJPOTXJUIFWFSZPOFFMTF IBWJOHUIFNFBOTUPDSFBUF WBMVFGSFFMZ5PUIBUFOE .FSD a SJ(SPVQTUSJWFTUPEFWFMPQ JODMVTJWFQSPEVDUTBOETFSWJDFT "OEJOPSEFSUPEFWFMPQQSPEVDUTBOETFSWJDFTUIBUBSFFBTZUP VTFGPSBTNBOZQFPQMFBTQPTTJCMF UIFQFPQMFCVJMEJOHUIFN NVTUCFEJWFSTF BOEUIFDPNQBOZNVTUIBWFBDVMUVSFPG JODMVTJPO5IBUJTXIZXFGPDVTPOEJWFSTJUZBOEJODMVTJPOJOTJEF UIFDPNQBOZBTXFMM DPOTJEFSJOHEJWFSTJUZCFZPOEXIBUNFFUT UIFFZFŠQSPNPUJOH.FSD a SJ`TUBLFPOIPXUPBDIJFWF%* 24 4USJWFUPBDIJFWFBXPSMEXIFSFFWFSZPOFDBOFYQBOEUIFJSQPTTJCJMJUJFTBOEDSFBUFWBMVF
  25. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 25 *NQSPWFTVQQPSUNFDIBOJTNT )PMETUVEZTFTTJPOT FUDBCPVUQSPEVDU BDDFTTJCJMJUZ JODMVTJPO BOEJOUFSOBUJPOBMTUBOEBSET *NQSPWFGFBUVSFT ,FFQSFGJOJOHPVSQSPEVDUTBOETFSWJDFTTPUIBU UIFZNBZTFSWFUIFOFFETPGNPSFBOENPSFVTFST -JTUFOUPVTFST %JWFEFFQJOUPVTFSOFFETCZDPOEVDUJOHVTFSJOUFSWJFXTBOEDPMMFDUJOHGFFECBDLGSPNNVMUJQMFUPVDIQPJOUT "NPSFSPCVTUCVZJOH TFMMJOHFYQFSJFODF 6OEFSTUBOEOFFETPGVTFSTGSPNWBSJPVT CBDLHSPVOETBOEJNQSPWFGFBUVSFT *OTJHIUGSPNEJWFSTFQFSTQFDUJWFT PQJOJPOTGSPNEJWFSTFVTFST Users %FWFMPQJOHJODMVTJWFQSPEVDUTBOETFSWJDFT *OPSEFSUPBDIJFWFPVSNJTTJPO  .FSD a SJ(SPVQSFMFBTFTQSPEVDUTBOETFSWJDFTUIBUBSFFBTZUPVTFBOEEFWFMPQGPSNPSFBOENPSFQFPQMF Merc a ri
  26. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 26 #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZJO+VOFPO NFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOE UIFTFSFTQPOTFTBSFGSPNUIF SFTQPOEFOUTXIPIBWFVTFE.FSD a SJ CFGPSF %FWFMPQJOHJODMVTJWFQSPEVDUTBOETFSWJDFT .FSD a SJDSFBUFTPQQPSUVOJUJFTGPSQFPQMF XJUIWBSZJOHCBDLHSPVOETUPDPNFUPHFUIFS JOFYDIBOHJOHWBMVF I am able to buy the things I want, regardless of my situation (injury/illness disability pregnancy/ medical care/etc.)  I can buy things that I felt uncomfortable buying at physical shops without worry  6TFSDPNNFOUTDPMMFDUFEUISPVHITVSWFZT I am now able to buy the things I want, regardless of my situation • I live outside of the city and am battling illness, which prevents me from going outside. Pain used to cloud my every thought, but since Merc a ri came into my life, I can now buy things for my hobbies, and even go shopping online as a hobby. It has given me something to enjoy in life. (Man, 40s) I can buy things that I felt uncomfortable buying at physical shops without worry • It's easier to shop for clothing, as the whole process is anonymous. (Woman, 20s) Other user feedback • It’s almost like communicating with people I don’t know has opened up a new world for me. I feel like Merc a ri supports my values of not letting things go to waste. (Woman, 60s) • I am more comfortable communicating with strangers online now. (Man, 40s) • Sometimes the item that arrives is wrapped so delicately, and sometimes there is even a little letter attached. It makes me happy to see so many kind-hearted people out there. (Woman, 50s) • When I put in the extra e ff ort to provide a good experience for the other person, a word of thanks makes it all worth it. When someone does the same for me, I also feel gratitude and positivity. (Woman, 50s)
  27. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 27 %FWFMPQJOHJODMVTJWFQSPEVDUTBOETFSWJDFT':JOJUJBUJWFT ,FFQSFGJOJOHPVSQSPEVDUTBOETFSWJDFTTP UIBUUIFZNBZTFSWFUIFOFFETPGNPSFBOENPSFVTFST *NQSPWFNFOUTUPEFWFMPQNFOUBOETVQQPSUTUSVDUVSFT w )FMETUVEZTFTTJPOT FUDBCPVUQSPEVDUBDDFTTJCJMJUZ JODMVTJPO BOE JOUFSOBUJPOBMTUBOEBSET w *OJUJBUJWFTGPS$VTUPNFS4FSWJDF$VSSFOUMZSVOOJOHBQSPKFDUUPSFXSJUFBMMVTFS EJSFDUFE$4NFTTBHFTJOl:BTBTIJJz+BQBOFTF XIJDIJT+BQBOFTFFBTZUP VOEFSTUBOEGPSQFPQMFXIPEPO`UTQFBLJUBTBGJSTUMBOHVBHF w *OJUJBUJWFTVOEFSNBSLFUJOHTUSBUFHJFT w 3FWJTFECSBOEHVJEFMJOFT "EEFE%*DIFDLMJTUGPSNBSLFUJOHDPOUFOU  w #VJMUQSPDFTTFTGPSSFWJFXJOHNBSLFUJOHTUSBUFHJFTGSPNB%*TUBOEQPJOU  BOENBEFUIFSFWJFXTNBOEBUPSZ w )FMEJOIPVTFTUVEZTFTTJPOTGPSJNQMFNFOUJOH%*JOPVSNBSLFUJOH 'FBUVSFJNQSPWFNFOUTɹ w /PXDPOTJEFSJOHBGFBUVSFGPS.FSD a SJ8FC UIBUBMMPXTVTFSTXIPGJOEJUEJGGJDVMUUPVTF BNPVTFUPOBWJHBUFUIFTJUFXJUITJNQMF LFZTUSPLFT TVDIBTUIF5BCLFZ 6OEFSTUBOEJOHEJWFSTFOFFET w $POEVDUJOHJOUFSWJFXTXJUIVTFSTXIP IBWFMPXWJTJPOPSDPMPSCMJOEOFTT
  28. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 28 &NQMPZFFTSFHJTUFSFEVOEFSUIF5PLZP0GGJDF /VNCFSPGDPVOUSJFT.FSD a SJFNQMPZFFTDPNFGSPN BTPG+VMZ  %JWFSTJUZBOEJODMVTJPOJOUIFDPNQBOZ *OPVSFGGPSUTGPSQSPNPUJOH%* POFUIJOHXFEPOPUEPJT TFUUJOHRVPUBTPSOVNCFSTBTPCKFDUJWFT5IJTJTCFDBVTFXF CFMJFWFUIBUNBLJOHEFDJTJPOTPWFSOVNCFSTEPFTOPU OFDFTTBSJMZHFUUPUIFNPTUFTTFOUJBMPGTPMVUJPOT *OPSEFSUPQSPNPUFTVCTUBOUJBM%*JOJUJBUJWFTUIBUBDUVBMMZMFBE UPUIFHSPXUIPGUIFPSHBOJ[BUJPOBOEUIFCVTJOFTT XFCFMJFWF UIBUFBDINFNCFS`TKPVSOFZGSPNSFDSVJUNFOUUPQFSGPSNJOHJO UIFDPNQBOZ BTXFMMBTUIFTUBUFPGUIFPSHBOJ[BUJPO TIPVMECF WJTVBMJ[FEWJB)3EBUB BOETZTUFNBUJDVOGBJSOFTTNVTUCF DPOUJOVPVTMZBEESFTTFE8FDPNNJUUPTVCTUBOUJBMBDUJPOTCZ DPMMFDUJOHUIFFYQFSJFODFT LOPXMFEHF BOEPQJOJPOTPGPVS EJWFSTFDBTUPGNFNCFSTUISPVHIUIFBDUTPGFBDIFNQMPZFF $VSSFOUMZ JO.FSD a SJT5PLZPPGGJDFBMPOF XFIBWFNFNCFST IBJMJOHGSPNNPSFUIBODPVOUSJFT8FJNQMFNFOUQSPHSBNT TVDIBTMBOHVBHFUSBJOJOH :BTBTIJJ$PNNVOJDBUJPO5SBJOJOH  BOE6ODPOTDJPVT#JBT8PSLTIPQTUPIFMQGBDJMJUBUFBO FOWJSPONFOUXIFSFFNQMPZFFTDBODPNFUPHFUIFSBOEQFSGPSN UPHFUIFS XJUIPVUGBDJOHPCTUBDMFTTUFNNJOHGSPNEJGGFSFODFTJO DVMUVSF MBOHVBHF BOEWBMVFT
  29. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 29 1FSDFOUBHFPGFMJHJCMFFNQMPZFFT CZHFOEFS XIPUPPLDIJMEDBSFMFBWFJOUIFPOFZFBSQFSJPEGSPN+VMZUP+VOFɹ1FSDFOUBHFPGQFPQMF CZHFOEFS XIPSFUVSOFEGSPNDIJMEDBSFMFBWFJOUIFPOFZFBSQFSJPEGSPN +VMZUP+VOFɹl:PVS$IPJDFzJT.FSD a SJ`TOFXOPSNBMXPSLTUZMF8JUIl:PVS$IPJDF zFBDIFNQMPZFFJTBCMFUPTFMFDUUIFXPSLTUZMFUIBUNBYJNJ[FTQFSGPSNBODFBOEWBMVFGPSCPUIUIFNTFMWFTBOEUIFJSPSHBOJ[BUJPO 5IFQPMJDZHJWFTFNQMPZFFTUIFGSFFEPNUPEFDJEFXIFUIFSUPXPSLSFNPUFMZPSJOUIFP ff i DF XIBULJOEPGFOWJSPONFOUUPXPSLJO BOEPUIFSXPSLJOHDPOEJUJPOTɹ'SPNBTVSWFZPGFNQMPZFFTXIPKPJOFETJODF4FQUFNCFS   SFTQPOEFOUT ɹ'SPNBOFNQMPZFFTVSWFZDPOEVDUFEJO.BZ SFTQPOEFOUT  %JWFSTJUZBOEJODMVTJPOJOUIFDPNQBOZ #VJMEJOHBDPNGPSUBCMFXPSLFOWJSPONFOUJTDPOEVDJWFUPIJHIFSQFSGPSNBODFGPSBMM .FO 8PNFO   1FSDFOUBHFPGDIJMEDBSFMFBWFVTBHF .FO 8PNFO   1FSDFOUBHFPGFNQMPZFFT XIPSFUVSOUPXPSLBGUFSDIJMEDBSFMFBWF  5IFQFSDFOUBHFPGFNQMPZFFTXIP BOTXFSFEUIBUUIF:PVS$IPJDF TZTUFN BTZTUFNUIBUBMMPXT NFNCFSTUPDIPPTFXIFSFUIFZ XPVMEMJLFUPXPSLGSPN XBTB QPTJUJWFJOGMVFODFPWFSPSUIFLFZ GBDUPSJOUIFJSEFDJTJPOPGKPJOJOH .FSD a SJ 5IFQFSDFOUBHFPGFNQMPZFFTXIP BOTXFSFEUIBUUIF:PVS$IPJDF TZTUFN BTZTUFNUIBUBMMPXT NFNCFSTUPDIPPTFXIFSFUIFZ XPVMEMJLFUPXPSLGSPN IFMQFE JODSFBTFUIFJSQFSGPSNBODF 
  30. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 30 %JWFSTJUZBOEJODMVTJPOJOUIFDPNQBOZ .FDIBOJTNTUPQSPWJEFBXPSLFOWJSPONFOUXIFSFPVSEJWFSTFNFNCFSTDBOUISJWF  NBYJNJ[JOHUIFQFSGPSNBODFPGCPUIUIFPSHBOJ[BUJPOBOEUIFXPSLGPSDF 4FFUIFGVMMQBDLBHFPOUIF#FOFGJUTQBHFPO.FSD a SJ$BSFFSTɹ&YDMVEJOHDFSUBJOKPCQPTJUJPOT w *OUSPEVDUJPOPGGVMMGMFYUJNF OPDPSFIPVST  w 5IFl:PVS$IPJDFzTZTUFN 8JUIl:PVS$IPJDF zFBDIFNQMPZFFJTBCMFUPTFMFDUUIFXPSLTUZMFUIBUNBYJNJ[FTQFSGPSNBODFBOEWBMVFGPSCPUIUIFNTFMWFTBOEUIFJSPSHBOJ[BUJPO 5IFQPMJDZHJWFTFNQMPZFFTUIFGSFFEPNUPEFDJEFXIFUIFSUPXPSLSFNPUFMZPSJOUIFPGGJDF XIBULJOEPGFOWJSPONFOUUPXPSLJO BOEPUIFSXPSLJOHDPOEJUJPOT w &ODPVSBHJOHTJEFKPCT 8FFODPVSBHFNFNCFSTUPUBLFPOTJEFKPCTMJLFXSJUJOH FWFOUBQQFBSBODFT BOHFMJOWFTUJOH PVUTJEFEJSFDUPSQPTJUJPOTDPOTVMUBOUQPTJUJPOT FUD w .FSDJ#PY BCFOFGJUTQBDLBHFJOUSPEVDFEJO'FCSVBSZJOPSEFSUPQSPWJEFBOFOWJSPONFOUXIFSFFNQMPZFFTDBOQFSGPSNUPUIFJSGVMMFTU 1SPWJEJOHGJOBODJBMTVQQPSUGPSFHHGSFF[JOH 8FQSPWJEFGJOBODJBMTVQQPSUUPDPWFSUIFDPTUPGFHHGSFF[JOH TVDI BTPWBSJBOTUJNVMBUJPO FHHSFUSJFWBM BOFTUIFUJD DSZPQSFTFSWBUJPO  GSP[FOFHHUIBXJOH BOEDSZPQSFTFSWBUJPOFYUFOTJPOUPFYUFOEUIF FHHTUPSBHFQFSJPE5PDPVOUFSTJUVBUJPOTXIFSFNFNCFSTNJHIU HJWFVQPOQSFHOBODZBOEDIJMECJSUIUPQSJPSJUJ[FUIFJSDBSFFST UIJT CFOFGJUQSPWJEFTTVQQPSUUPNJUJHBUFPVSFNQMPZFFT`VOFBTJOFTTGPS UIFGVUVSFCZPGGFSJOHUIFNBTTJTUBODFUPFYQBOEUIFJSMJGFQMBO PQUJPOT.PSFPWFS BMM.FSD a SJFNQMPZFFT BTXFMMBTTQPVTFTPS QBSUOFSTPG.FSD a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`TGJSTUCJSUIEBZ#ZPGGFSJOH GJOBODJBMTVQQPSUGPSDIJMEDBSFDPTUT UIJTCFOFGJUJODSFBTFTUIF PQUJPOTBWBJMBCMFUPFNQMPZFFTXIFOUIFZXBOUUPSFUVSO GSPNDIJMECJSUIMFBWFFBSMZBOEQSPWJEFTUIFNXJUINPSF GMFYJCJMJUZJOCVJMEJOHUIFJSDBSFFSBOEMJGFQMBO.PSFPWFS BMM .FSD a SJFNQMPZFFT BTXFMMBTTQPVTFTPSQBSUOFSTPG.FSD a SJ FNQMPZFFT BSFFMJHJCMFGPSUIJTCFOFGJU GPSXIJDIXFNBLF BWBJMBCMFBNBYJNVNPG ZFOQFSNPOUI 'JOBODJBMTVQQPSUGPS OPOSFHJTUFSFEEBZDBSF *GZPVSDIJMEJTVOBCMFUPHFU JOUPSFHJTUFSFEEBZDBSF XF XJMMQBZUIFEJGGFSFODFXIFO FOSPMMJOHUIFNJOUPBOPO SFHJTUFSFEPOF Work environment bene fi ts (excerpted1) Support for life events (excerpted1)
  31. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY z z Resignation 31 Joining Onboarding Work Growth Evaluation Appointments & Transfers 3FDSVJUJOH $BSFFSTVQQPSU 5SBDLJOH,1*TCZHFOEFS EJWJTJPO  +BQBOFTFOPO+BQBOFTF FUDUPDBUDI BOEDPSSFDUJNCBMBODFTCFGBMMJOHBOZ DFSUBJOHSPVQ $BSFFS8FFLFWFOUT BQSPHSBNUP FODPVSBHFTFMGSFGMFDUJPOBOEEJBMPHVF XJUIPUIFST GPSBMMNFNCFST BOESFHVMBS EJTDVTTJPOTBCPVUDBSFFSEVSJOH FWBMVBUJPOQFSJPET "OBMZTJTPGUIFDPNQBOZ`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
  32. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 32 Internal-facing activities (HR systems, culture building) w *OUSPEVDFE:PVS$IPJDFBT.FSD a SJ`TOFXOPSNBMXPSLTUZMFQPMJDZ XIJDIBMMPXTFBDI JOEJWJEVBMBOEUFBNUPDIPPTFUIFXPSLTUZMFUIBUCFTUFOBCMFTUIFNUPEFNPOTUSBUF HSFBUFSWBMVFBOEUIBUMFBETUPUIFIJHIFTUQFSGPSNBODFGPSUIFNTFMWFTUIFJSPSHBOJ[BUJPO w 6QEBUFE.FSDJ#PY "EEFEGJOBODJBMTVQQPSUGPSFHHGSFF[JOHBOEFBSMZDIJMEDBSF  w 1VCMJTIFEUIFl.FSD a SJ$VMUVSF%PD zXIJDITVNNBSJ[FTUIFWBMVFTBOEQFSTQFDUJWFTTIBSFE CZ.FSD a SJBOEJUTNFNCFST External-facing activities w )FMEl#VJME!.FSD a SJ zBTPGUXBSFFOHJOFFSJOHUSBJOJOHQSPHSBNGPSNJOPSJUJFTJOUIFUFDI JOEVTUSZ w 4VQQPSUGPSHFOEFSNJOPSJUJFTJO45&.GJFMET4QPOTPSFEUIF#VJME:PVS'VUVSFQSPHSBN w 4UBSUFEUIF.FSD a SJ3FTUBSU1SPHSBN BTVQQPSUQSPHSBNGPSQFPQMFXIPUFNQPSBSJMZMFGUUIF XPSLGPSDFGPSSFBTPOTTVDIBTDIJMEDBSFPSOVSTJOHBOEBSFOPXMPPLJOHUPSFTUBSUUIFJSDBSFFS w *NQMFNFOUFEl.FSD a SJ1SJEFF-FBSOJOH zJOUFSOBMUSBJOJOHSFHBSEJOH-(#5 UPQJDT w $BSSJFEPVU1SJEF.POUIJOJUJBUJWFTPO.FSD a SJBOE.FSD a SJ4IPQT w 4QPOTPSFEBOEPQFOFECPPUIBU5PLZP3BJOCPX1SJEF External acknowledgements w 3FDFJWFEBHPMESBUJOHJOUIF13*%&*OEFY BOJOEFYVTFEUPFWBMVBUF-(#5 GSJFOEMZ DPNQBOJFTJO+BQBO w 3FDFJWFEUIFHSBOEQSJ[FJOUIF4UBSUVQ$PNQBOZDBUFHPSZJOUIF%JWFSTJUZ*ODMVTJPO"XBSET %JWFSTJUZBOEJODMVTJPOJOUIFDPNQBOZ':JOJUJBUJWFT
  33. .BUFSJBM5PQJD -PDBM Empowerment

  34. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 8FCFMJFWFUIBU.FSD a SJDBOFNQPXFSJOEJWJEVBMTBOE CVTJOFTTFT TUJNVMBUFSFHJPOBMFDPOPNJFT BOEIFMQTPMWFUIF JTTVFTUIBUTPDJFUZGBDFT .FSD a SJBMMPXTQFPQMFUPCVZBOETFMMUIJOHTFBTJMZ SFHBSEMFTTPG XIBUSFHJPOUIFZMJWFJO.FSD a SJHJWFTQFPQMFUIFPQQPSUVOJUZUP PQFOVQOFXTPVSDFTPGJODPNFGSPNTFMMJOHJUFNT VTFUIFJS TLJMMTUPNBLFBOETFMMIBOENBEFJUFNT BOEGJOETFMGGVMGJMMNFOU CZUBLJOHPOOFXDIBMMFOHFT 5ISPVHI.FSD a SJ4IPQT XFBSFOPXBCMFUPTVQQPSUUIFF DPNNFSDFFYQFSJFODFPGOPUKVTUJOEJWJEVBMT CVUBMTPMPDBM CVTJOFTTFTCZDPPQFSBUJOHXJUIMPDBMHPWFSONFOUTBOEPUIFS JOTUJUVUJPOT "T.FSQ a Z`TDPWFSBHFHSPXTXJEFS DBTIMFTTQBZNFOUTIFMQ TUJNVMBUFMPDBMFDPOPNJFT5ISPVHIUIFFGGPSUTPG,BTIJNB "OUMFST UIFUFDIOPMPHJFTBOEBTTFUTPXOFECZ.FSD a SJ(SPVQ BSFVUJMJ[FEUPNBYJNVNFGGFDU FTUBCMJTIJOHUIFDMVCBTB TVQQPSUJWFGPSDFJOTPMWJOHSFHJPOBMDIBMMFOHFT 34 $POUSJCVUFUPTPMWJOHSFHJPOBMJTTVFTUISPVHIFNQPXFSJOHJOEJWJEVBMTBOECVTJOFTTFT
  35. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 35 1SPNPUFSFHJPOBMFDPOPNJFTBOEDSFBUFPQQPSUVOJUJFTGPSMPDBMFNQPXFSNFOU 'SPNBTVSWFZDPOEVDUFECZBSFTFBSDIDPNQBOZJO+VOFUBSHFUJOHUIFHFOFSBMQVCMJD  SFTQPOEFOUT  8FBSFDSFBUJOHPQQPSUVOJUJFTGPSFNQPXFSNFOUUISPVHIUIFVTFPG.FSD a SJ  BOEUSJHHFSJOHQPTJUJWFDIBOHFTJOUIFMJWFTPGJOEJWJEVBMT *OBTVSWFZDPOEVDUFECZ.FSD a SJJO XIFOBTLFEl)PXIBTZPVSMJGFPSNJOETFU DIBOHFEBGUFSVTJOH.FSD a SJ z BQQSPYPGSFTQPOEFOUTBOTXFSFEl*`WFCFFO BCMFUPCVZUIFUIJOHT*XBOU SFHBSEMFTTPGXIFSF*MJWFz XIJDITIPXTUIBUUIF OVNCFSPGQFPQMFFYQFSJFODJOHUIJTQPTJUJWFDIBOHFJTHSPXJOHZFBSCZZFBS5IJT JOEJDBUFTUIBU.FSD a SJDPOUSJCVUFTUPFOSJDIJOHQFPQMF`TMJWFTCZDSFBUJOHPQQPSUVOJUJFT GPSFNQPXFSNFOU             *`WFCFFOBCMFUPDSFBUFB OFXTPVSDFPGJODPNF *`WFGPVOEOFXNFBOJOH JOMJGFPSOFXIPCCJFT *`WFCFFOBCMFUPCVZUIF UIJOHT*XBOU SFHBSEMFTT PGXIFSF*MJWF
  36. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 36 -PDBMFNQPXFSNFOU':JOJUJBUJWFT "HSFFNFOUTBOEQBSUOFSTIJQT XJUIMPDBMHPWFSONFOUT 'SPNBTVSWFZDPOEVDUFEPO.FSD a SJ4IPQTTIPQPXOFSTJO+VMZ w &ODPVSBHJOHSFVTFPOUIFXBTUFDPMMFDUJPODBMFOEBSTBOE PUIFSNBUFSJBMTEJTUSJCVUFECZMPDBMHPWFSONFOUT w 3VOOJOH.FSD a SJ8PSLTIPQT w 8FMDPNJOHMPDBMHPWFSONFOUFNQMPZFFT 
 BTEJTQBUDIFEXPSLFST w )BOEJOHPVUGSFF.FSD a SJ&DPCPYFTUP 
 MPDBMSFTJEFOUTBTBQSPPGPGDPODFQU 4VQQPSUJOHMPDBMCVTJOFTTFTUPPQFOPOMJOFTIPQT XJUI.FSD a SJ4IPQT w "GUFSUIFGVMMTDBMFMBVODIPO0DUPCFS  UIFSFXFSFPWFS  TIPQTPQFOFEJOUIFGJSTUTJYNPOUIT w 1FSDFOUBHFPGGJSTUUJNFPOMJOFTUPSFPQFOJOHT w )PMEJOHPWFSTFNJOBSTUPTVQQPSUCVTJOFTT 
 PXOFSTPQFOJOHPOMJOFTIPQTPO.FSD a SJ4IPQT w 'FBUVSJOHTIPQTGSPNUISFF5PIPLVQSFGFDUVSFT 
 UPTVQQPSUUIFJSEJTBTUFSSFMJFGFGGPSUT w )FMQJOHMPDBMHPWFSONFOUTTFMMPWFSTJ[FE HBSCBHF FUD &YQBOEFE.FSD a SJ%POBUJPOGFBUVSF w MPDBMHPWFSONFOUT w DIBSJUJFT w PSHBOJ[BUJPOTQSPNPUJOH BDJSDVMBSFDPOPNZ $POUSJCVUJPOTUPSFHJPOBMHSPXUI UISPVHI,BTIJNB"OUMFST w 4FUUJOHVQBQFSNBOFOUSFDZDMJOHESPQPGGGBDJMJUZ w $POEVDUJOHCFBDIDMFBOVQT w 0GGFSJOHDBSFFSTVQQPSUGPSNJEEMFTDIPPMFST 
 JOUIFDPNNVOJUZ w $IPPTJOHFDPGSJFOEMZQSPEVDUTUIBUBSFHPPE 
 GPSUIFPDFBO
  37. .BUFSJBM5PQJD 4BGF 4FDVSF BOE 'BJS5SBOTBDUJPOT

  38. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 8FCFMJFWFUIBUGPSPVSTFSWJDFTUPCFVTFECZNBOZ JUJT JNQPSUBOUOPUPOMZUIBUXFNBJOUBJOBGBJSNBSLFUQMBDFXIFSF JOEJWJEVBMTBOEPSHBOJ[BUJPOTDBOGSFFMZCVZBOETFMM CVUFWFO NPSFTPUIBUXFFTUBCMJTIBTBGFFOWJSPONFOUGPSUSBOTBDUJPOT UIBUBMMPGPVSTUBLFIPMEFSTŠVTFST NFSDIBOUT CVTJOFTT QBSUOFST BOENPSFŠ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
  39. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 39 1FSDFOUBHFPGTVSWFZSFTQPOEFOUTXIP BOTXFSFEUIBUUIFZUIJOL.FSD a SJQSPWJEFTB TBGF TFDVSF BOEGBJSTFSWJDF 'SPNBTVSWFZPG.FSD a SJVTFSTJO+VOF  SFTQPOEFOUT    QU:P: *OJUJBUJWFTGPSSFBMJ[JOHTBGF TFDVSFBOEGBJSUSBOTBDUJPOT *OBTVSWFZDBSSJFEPVUCZ.FSD a SJJO+VOF PG.FSD a SJ VTFSTTVSWFZFEBOTXFSFEUIBUUIFZUIJOL.FSD a SJQSPWJEFTBTBGF  TFDVSF BOEGBJSTFSWJDF 8FCFMJFWFUIFEFDSFBTFDPNQBSFEUPMBTUZFBSJTCFDBVTFPGUIF GPMMPXJOHJODJEFOUTUIBUIBWFPDDVSSFETJODF  6TFSJOGPSNBUJPOFYQPTVSFEVFUPUIF$PEFDPWVOBVUIPSJ[FE UIJSEQBSUZBDDFTTJODJEFOUBOEJUTJNQBDUPO.FSD a SJ  1IJTIJOHFNBJMTBOE4.4DMBJNJOHUPCF.FSD a SJ.FSQ a Z 5IFJODJEFOUTBCPWFBSFEFUBJMFEPOQBHF
  40. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 6UJMJ[JOHUFDIOPMPHZUPDSFBUFTBGFBOETFDVSFTZTUFNT 40 *OJUJBUJWFTGPSSFBMJ[JOHTBGF TFDVSFBOEGBJSUSBOTBDUJPOT "OUJGSBVENFBTVSFT 8FVTFBGSBVEEFUFDUJPOTZTUFNUPJEFOUJGZ GSBVEVMFOUUSBOTBDUJPOTBOEQSFWFOUUIFN CFGPSFEBNBHFJTEPOF#ZDPNCJOJOHCJH EBUBXJUI"*UFDIOPMPHZ XFDPOUJOVPVTMZ JNQSPWFUIFBDDVSBDZPGPVSEFUFDUJPO TZTUFNT "DPOTUBOUMZFWPMWJOHGSBVE EFUFDUJPOTZTUFN .FSD a SJVTFTBOFTDSPXTZTUFNGPSBMM USBOTBDUJPOT8FIPMEPOUPGVOETEVSJOHUIF USBOTBDUJPO FOTVSJOHCPUIQBSUJFTIPMEVQ UIFJSFOEPGUIFEFBMCFGPSFNPOFZDIBOHFT IBOET 4FDVSFIBOEMJOHPGNPOFZ 8JUI.FSD a SJ`TPSJHJOBMTIJQQJOHNFUIPET  3BLV3BLV.FSD a SJ4IJQQJOHBOE:V:V.FSD a SJ 4IJQQJOH TFMMFSTDBOTIJQJUFNTXJUIPVUFJUIFS QBSUZOFFEJOHUPTFFUIFPUIFS`TOBNFBOE BEESFTT.FSD a SJBMTPQSPWJEFTTVQQPSUJG JUFNTBSFMPTUPSEBNBHFEEVSJOHTIJQQJOH "OPOZNPVTTIJQQJOH  -JTUJOH  #VZJOHBOEQBZNFOU  1BZNFOUDPNQMFUF OPUJGJDBUJPO  3BUJOHBOE CBMBODFHSBOUJOH  (JWJOHBOE SFDFJWJOHSBUJOHT  4IJQQJOH  3FDFJWJOHJUFN %FMJWFSZ
  41. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
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
  42. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 42 *OJUJBUJWFTGPSSFBMJ[JOHTBGF TFDVSFBOEGBJSUSBOTBDUJPOT .FSD a SJIBTDSFBUFEB.BSLFU1PMJDZ$PNNJUUFFUPFOTVSFJMMFHBMBOE JOBQQSPQSJBUFJUFNTTUBZPGGPGPVSQMBUGPSN5IJTDPNNJUUFFGPSNVMBUFT BOEBDUTPOQPMJDJFTBOEEFUFDUJPOSVMFTGPSQSPIJCJUFEMJTUJOHTBOE CFIBWJPS 3FMFBTFEUIFQSJDFBMFSUGFBUVSF &OEPG"VH 3FMFBTFEBQSJDFBMFSUGFBUVSFUIBUOPUJGJFTVTFSTPGUFNQPSBSZKVNQT JOQSJDF UPFOTVSFUIBUUIFZEPO`UJOBEWFSUFOUMZCVZJUFNTBUIJHI QSJDFTJODBTFTXIFSFEFNBOEUFNQPSBSJMZPVUQBDFTTVQQMZGPSBO JUFN DBVTJOHQSJDFTUPTVSHF )FMEUIF"EWJTPSZ#PBSEPOUIF*EFBM'PSNPGB.BSLFUQMBDF .BS 5IF#PBSEFWBMVBUFEIPX.FSD a SJIBTPQFSBUFEUIFNBSLFUQMBDF CBTFEPOUIF.BSLFUQMBDF1SJODJQMFTFTUBCMJTIFE BOEIFME EJTDVTTJPOTPOIPXUPGVSUIFSJNQSPWFUIF.BSLFUQMBDF 5PQJDT $PODMVTJPO w *UXBTBHSFFEUIBUUIF1SJODJQMFTEPOPUOFFEUPCF SFWJTFEBUUIJTUJNF w &WBMVBUJOHIPXUIFNBSLFUQMBDFJTPQFSBUFE w 5BLJOHBDUJPOTUPCVJMEBCFUUFSNBSLFUQMBDF w 3FWJFXJOHCBTJDQPMJDJFT ,FFQJOHPVSQPMJDJFTVQUPEBUFXJUITPDJBMDIBOHF .BJOBDUJWJUJFTJO':
  43. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 43 *OJUJBUJWFTGPSSFBMJ[JOHTBGF TFDVSFBOEGBJSUSBOTBDUJPOT.BJOBDUJWJUJFTJO': "DDFQUFETFDPOENFOUTGSPN/*5& /BUJPOBM*OTUJUVUFPG5FDIOPMPHZBOE &WBMVBUJPO BOEMBVODIFEJOJUJBUJWFTUPVQEBUF.FSD a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l"EEFOEVNGPS $P#VJMEJOHB.BSLFUQMBDF zXIJDIJODMVEFTWBSJPVTDPPQFSBUJWF JOJUJBUJWFTUPFTUBCMJTIBTBGFBOETFDVSFUSBOTBDUJPOFOWJSPONFOU &OUFSFEJOUPDPNQSFIFOTJWFQBSUOFSTIJQBHSFFNFOUT XJUITFWFODPNQBOJFT *OUFMMFDUVBM1SPQFSUZ *1 1SPUFDUJPO1SPHSBN .FSD a SJ`T1SPEVDU4BGFUZ4VQQPSU1SPHSBN $POUJOVFEQSPHSBNTBTQBSUPGTBGFBOETFDVSFJOJUJBUJWFT *OGPSNBUJPODPMMFDUFEUISPVHIBOFUXPSLPGBVUIPSJUJFT PSHBOJ[BUJPOT BOECVTJOFTTFT
  44. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 44 $PVOUFSNFBTVSFTUPQSFWFOUSFPDDVSSFODFTPGJODJEFOUTGSPNUIFQBTUGJTDBMZFBS 3FMBUFEBOOPVODFNFOUT w .FSD a SJ`T3FTQPOTFUPUIF$PEFDPW7VMOFSBCJMJUZBOE3FMBUFE/PUJ fi DBUJPOPO1FSTPOBM *OGPSNBUJPO&YQPTVSF w <*OWFTUJHBUJPO3FQPSU>.FSD a SJ`T3FTQPOTFUPUIF$PEFDPW7VMOFSBCJMJUZBOE3FMBUFE /PUJ fi DBUJPOPO1FSTPOBM*OGPSNBUJPO&YQPTVSF  6TFSJOGPSNBUJPOFYQPTVSFEVFUPUIF $PEFDPWVOBVUIPSJ[FEUIJSEQBSUZBDDFTT JODJEFOUBOEJUTJNQBDUPO.FSD a SJ 3FMBUFEBOOPVODFNFOUT w 3FHBSEJOHTVTQJDJPVTFNBJMTBOE4.4DMBJNJOHUPCFGSPN.FSD a SJBOEUFNQPSBSZVTBHFSFTUSJDUJPOTPO DFSUBJONFSDIBOUT w "QPMPHZSFHBSEJOHUIFJORVJSJFTNBEFUP.FSQ a ZBOEBOOPVODFNFOUGPSGVUVSFQMBOT w 8BUDIPVUGPSQIJTIJOHFNBJMBOEBEWFSUJTFNFOUTDMBJNJOHUPCF.FSD a SJ.FSQ a Z w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w4USFOHUIFOJOHTFDVSJUZJOUIFTPGUXBSFEFWFMPQNFOUMJGFDZDMF 4%-$ UPQSPWJEFTBGFBOETFDVSFTFSWJDFT w*NQSPWJOHBXBSFOFTTBOEFEVDBUJOHFNQMPZFFTBCPVUTFDVSJUZ BOEQSJWBDZ w4USFOHUIFOJOHTFDVSJUZBDSPTTUIFDPNQBOZ NBLJOHGVSUIFS JNQSPWFNFOUTPOUIFJODJEFOUSFTQPOTFQSPDFTTFT  JOWFTUJHBUJOHTVQQMZDIBJOSJTLTPOUIFDPEFCBTF FUD  1IJTIJOHFNBJMTBOE4.4DMBJNJOHUPCF .FSD a SJ.FSQ a Z #BTJDQPMJDZ 5IFSFBTPOGPSBVUIFOUJDBUJPOJTOPXTUBUFEJOUIFCPEZPGUIFBVUIFOUJDBUJPO4.4 NFTTBHFTTFOUUPUIFQIPOFOVNCFSSFHJTUFSFEUPUIF.FSD a SJBDDPVOU.FSD a SJ.FSQ a Z JNQMFNFOUTWBSJPVTTFDVSJUZNFBTVSFTUPFOTVSFTBGFBOETFDVSFVTFPGPVSTFSWJDFT w .POJUPSJOHWJBBTZTUFNDPNCJOFEXJUIFYQFSUTPOTUBGG w .FBTVSFTTVDIBTVTBHFSFTUSJDUJPOTPOBDDPVOUTEFFNFEIJHIMZMJLFMZUPCFGSBVEVMFOU w &BSMZEFUFDUJPOPGBOETIVUEPXOSFRVFTUTGPSQIJTIJOHTJUFT 8FXJMMDPOUJOVFUPUBLFNFBTVSFTTVDIBTGVSUIFSTUSFOHUIFOJOHBVUIFOUJDBUJPOBOEPUIFSTFDVSJUZ JOJUJBUJWFTUPQSFWFOUGSBVEVMFOUVTF $PODSFUFFYBNQMFTPGQSFWFOUJWFDPVOUFSNFBTVSFT w *NQMFNFOUFE4%,VTJOH&.7%4FDVSF w 4USFOHUIFOFEGSBVEEFUFDUJPOTZTUFNT w "EEFETBGFQBZNFOUTFUUJOHT w 4FOUPVUXBSOJOHTUPVTFST w %FUFDUFEBOEUPPLEPXOQIJTIJOHTJUFT w &TUBCMJTIFEBDPVOUFSNFBTVSFUFBN w *NQMFNFOUFEBEEJUJPOBMBVUIFOUJDBUJPO WJB QIPOFOVNCFSPSFNBJM XIFONBLJOH QBZNFOUTPSDIBOHJOHTFUUJOHT w 4USFOHUIFOFEQIPOFOVNCFSWFSJGJDBUJPO UIF SFBTPOGPSBVUIFOUJDBUJPOJTOPXJODMVEFEJOUIF 4.4 BEEJUJPOBMBVUIFOUJDBUJPOJTVOBWBJMBCMFGPS BDFSUBJOQFSJPEPGUJNFBGUFSMPHJO FUD
  45. .BUFSJBM5PQJD $PSQPSBUF (PWFSOBODFBOE $PNQMJBODF

  46. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 5PBDIJFWFPVSNJTTJPOPGDSFBUFWBMVFJOBHMPCBMNBSLFUQMBDF XIFSFBOZPOFDBOCVZTFMM .FSD a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
  47. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY &TUBCMJTIJOHBNBOBHFNFOUTUSVDUVSFUPTVQQPSUHMPCBMJ[BUJPO BQQSPBDI 47 #ZEFGJOJOHFYFDVUJPOTUSVDUVSFT DPOUJOVPVTMZDPOTJEFSJOHTUSBUFHJFT  BOEFOIBODJOHUIFFGGFDUJWFOFTTPGUIFTFGPVSBSFBT XFXPSLUPSFBMJ[F UIFGPMMPXJOH w .BLJOHRVJDLEFDJTJPOTUIBUBDDVSBUFMZSFGMFDUGJOBODJBMBOETPDJBM DPOEJUJPOT w .BJOUBJOJOHUIFMFHJUJNBDZ IFBMUI BOEUSBOTQBSFODZPGNBOBHFNFOU w "QQSPQSJBUFMZQSPUFDUJOHBOEVUJMJ[JOHVTFSJOGPSNBUJPO w 3FEVDJOHUIFSJTLBOEJNQBDUPGJODJEFOUTUIBUNBZBGGFDU NBOBHFNFOU "DIJFWFUIFUSVTUPG.FSD a SJ(SPVQTUBLFIPMEFST TVDIBTVTFST TPDJFUZ TIBSFIPMEFST BOEJOWFTUPST  *NQSPWFUIFSFTJMJFODFPG.FSD a SJ(SPVQ BEBQUBCJMJUZUPTPDJFUBMDIBOHFTBOEVOQSFEJDUBCMFTJUVBUJPOT $PSQPSBUF(PWFSOBODF $PNQMJBODF 4FDVSJUZ %BUB1SJWBDZ
  48. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
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w $SFBUJOHBOEBOOPVODJOHBTLJMMNBUSJYGPSEJSFDUPST w 6QMJTUJOHUPUIF54&1SJNF.BSLFU w 'PSNVMBUJOHBOEBOOPVODJOHUIF#BTJD$PSQPSBUF(PWFSOBODF1PMJDZ w $BSSZJOHPVUBOEBOOPVODJOHBOFWBMVBUJPOPGUIFFGGFDUJWFOFTTPGUIF #PBSEPG%JSFDUPST w &TUBCMJTIJOHUIF&4($PNNJUUFF 5IF#PBSEPG%JSFDUPSTEFUFSNJOFTUIFDPOUFOUPGUIFTLJMMNBUSJYCZ EF fi OJOHTLJMMBSFBTJOXIJDIEJSFDUPSTBSFFYQFDUFEUPNBLFB QBSUJDVMBSDPOUSJCVUJPOBOEBGUFSEFMJCFSBUJPOCZUIF/PNJOBUJPO BOE3FNVOFSBUJPO"EWJTPSZ$PNNJUUFF*OPSEFSUPJNQSPWFUIF F ff FDUJWFOFTTPGJOGPSNBUJPOEJTDMPTVSFUPTUBLFIPMEFST UIFTLJMM NBUSJYJTEJTDMPTFEJOCPUIUIF$PSQPSBUF(PWFSOBODF3FQPSUBOE UIF/PUJDFPGUIF"OOVBM(FOFSBM.FFUJOHPG4IBSFIPMEFSTBT JOGPSNBUJPOSFHBSEJOHDBOEJEBUFTGPSEJSFDUPSQPTJUJPOT 4USVDUVSFBOETUSBUFHJFTGPSDPSQPSBUFHPWFSOBODF
  49. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 49 4USVDUVSFBOETUSBUFHJFTGPSDPNQMJBODF 3FGPSNJOHUIF(SPVQ$PNQMJBODFBOE3JTL.BOBHFNFOU$PNNJUUFF w &TUBCMJTIJOHBQSPDFEVSFGPSTJHOJGJDBOUJODJEFOUT JODMVEJOHSFQPSUJOHUPUIF#PBSEPG %JSFDUPST w *NQSPWJOHSJTLBTTFTTNFOUBOESFQPSUJOH NBKPSSFWJTJPOTUPSJTLTDFOBSJPT TFMFDUJPOPG MBSHFTUSJTLT FUD  w *NQSPWJOHSJTLTVSWFZNFUIPEPMPHZ TUSFOHUIFOJOHTVSWFZTBOEIFBSJOHT FUD  w *NQSPWJOHUIFSFQPSUDPOUFOUBOEGSFRVFODZPG(SPVQ$PNQMJBODFBOE3JTL.BOBHFNFOU $PNNJUUFFNFFUJOHT $SFBUJOHDPNQMJBODFQSPHSBNTBOEDBSSZJOHPVUNPOJUPSJOH w $BSSZJOHPVUDPNQMJBODFUSBJOJOH NPOUIMZFMFBSOJOHQSPHSBNTGPSBMMFNQMPZFFT USBJOJOH QSPHSBNTGPSDFSUBJOMFWFMTUBTLT  w $BSSZJOHPVUNPOJUPSJOHPGBEIFSFODFUPMBXTBOEPSEJOBODFT FUD DBSSJFEPVUBDDPSEJOH UPSFHVMBUJPOTSFMFWBOUUPUIFCVTJOFTT  w $BSSZJOHPVUDPNQMJBODFDIFDLTBOESJTLBTTFTTNFOUTXIFOSFMFBTJOHOFXTFSWJDFT w $BSSZJOHPVUMFHBMDPNQMJBODFDIFDLTPGBEWFSUJTFNFOUDPOUFOUXIFOSVOOJOHQSPNPUJPOT w $BSSZJOHPVUQFSJPEJDSJTLNBOBHFNFOU DPNQSFIFOTJWFWFSJGJDBUJPOCBTFEPOBSJTL NBUSJY (JWFOUIFSFDFOUIFJHIUFOFESJTLPGGSBVEVMFOUVTF QFSTPOBMJOGPSNBUJPO FYQPTVSF BOEOBUVSBMEJTBTUFST XFMJTUFEVQSJTLTGBDFECZ.FSD a SJ(SPVQ  JEFOUJ fi FEUIFMBSHFTUSJTLTBNPOHUIFN BOEFTUBCMJTIFEBQSPDFEVSFGPS SFQPSUJOHUIFNUPUIF#PBSEPG%JSFDUPST 'PSVTUPGVMGJMMPVSTPDJBMSFTQPOTJCJMJUJFT BDIJFWFDPOUJOVPVTHSPXUI BOEFOIBODFPVSDPSQPSBUFWBMVF XFDPOTJEFSTFDVSJOHBOEUSBJOJOHUBMFOUBOE BEIFSJOHUPDPNQMJBODFUPCFNBKPSUPQJDTGPSUIFGVUVSFHSPXUIPGPVSCVTJOFTTFT8FTUSJWFGPSUIPSPVHIBEIFSFODFUPDPNQMJBODFUISPVHIOPU POMZUIFSFDSVJUNFOUPGXFMMFYQFSJFODFEFYQFSUTJOFBDIGJFME CVUBMTPDPOUJOVPVTUSBJOJOHGPSPVSFNQMPZFFT .BJOJOJUJBUJWFTJO':
  50. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 50 4USVDUVSFBOETUSBUFHJFTGPSTFDVSJUZ w 3FTQPOTFUPUIFFYQPTVSFPGBQPSUJPOPGVTFSJOGPSNBUJPOEVFUP VOBVUIPSJ[FEBDDFTTUPUIFFYUFSOBMUPPM$PEFDPW w 4USFOHUIFOJOHPVSTFDVSJUZJODJEFOUSFTQPOTFTUSVDUVSFBDSPTTUIF(SPVQ $4*35  w 4USFOHUIFOJOHTFDVSJUZJOUIFTPGUXBSFTVQQMZDIBJO w $BSSZJOHPVUTFDVSJUZSJTLBTTFTTNFOUTBOETFDVSJUZNFBTVSFTCBTFEPOSFWJFXT PGJOGPSNBUJPOBTTFUT w $BSSZJOHPVUTFDVSJUZUSBJOJOHGPSBMMFNQMPZFFTBOEGPSFOHJOFFST *O.BZ QBSUPGPVSTPVSDFDPEFXBTBDDFTTFEXJUIPVUBVUIPSJ[BUJPO CZBUIJSEQBSUZEVFUPBWVMOFSBCJMJUZJEFOUJ fi FEJO$PEFDPW SFTVMUJOHJOB MJNJUFETFUPGPVSVTFST`QFSTPOBMJOGPSNBUJPOCFJOHFYQPTFE"GUFSUIF JODJEFOUXBTEJTDPWFSFE XFTXJGUMZFTUBCMJTIFEBOJODJEFOUSFTQPOTF TUSVDUVSFBDSPTTUIF(SPVQ JOWFTUJHBUFEUIFJNQBDU XPSLFEUPTPMWFUIF QSPCMFN BOEBOOPVODFEUIFJODJEFOUQVCMJDMZ8FUIFOFTUBCMJTIFENJE UPMPOHUFSNTFDVSJUZJOJUJBUJWFTBDSPTTUIF(SPVQUPQSFWFOUTJNJMBS JODJEFOUTGSPNIBQQFOJOHBHBJOJOUIFGVUVSF 0VSSFTQPOTF *OWFTUJHBUJOHBOESFTFUUJOHDSFEFOUJBMT BTXFMMBTNJHSBUJOHUPBNPSF TFDVSFNFUIPEPGDSFEFOUJBMNBOBHFNFOU 4USFOHUIFOJOHTFDVSJUZJOUIFTPGUXBSFEFWFMPQNFOUMJGFDZDMF 4%-$  *NQSPWJOHBXBSFOFTTBOEFEVDBUJOHFNQMPZFFTBCPVUTFDVSJUZBOE QSJWBDZ 5PMJWFVQUPUIFUSVTUQMBDFEJOVTCZPVSVTFSTBOETPDJFUZBUMBSHF BOEQSPWJEFBTFSWJDFXIJDIQFPQMFDBOGFFMBUFBTFVTJOH XFIBWFBOOPVODFE BOEBEIFSFUPPVS*OGPSNBUJPO4FDVSJUZ1PMJDZ4QFDJGJDBMMZ XFUBLFPOJOJUJBUJWFTUPDPOUJOVPVTMZJNQSPWFTFDVSJUZNFBTVSFTBOETFOEPVUBMFSUTGPS TFDVSJUZNBUUFSTBDSPTTUIF(SPVQ .BJOJOJUJBUJWFTJO':
  51. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 51 4USVDUVSFBOETUSBUFHJFTGPSEBUBQSJWBDZ w $IFDLJOHDPNQMJBODFXJUIUIFSFWJTFE"DUPOUIF1SPUFDUJPOPG1FSTPOBM *OGPSNBUJPO w 4USFOHUIFOJOHQSPUFDUJPOPGQFSTPOBMJOGPSNBUJPOBOETUSFOHUIFOJOHPVSEBUB HPWFSOBODFTUSVDUVSF w 6QEBUJOHPVS1SJWBDZ1PMJDJFTBOE1SJWBDZ(VJEF w $BSSZJOHPVUUSBJOJOHSFHBSEJOHQSPUFDUJPOPGQFSTPOBMJOGPSNBUJPO FMFBSOJOH 5IFSFWJTFE"DUPOUIF1SPUFDUJPOPG1FSTPOBM*OGPSNBUJPO XIJDIXFOU JOUPF ff FDUJO"QSJM FYQBOEFEUIFSJHIUTIFMECZJOEJWJEVBMTBOEUIF PCMJHBUJPOTSFRVJSFEPGCVTJOFTTFT.FSD a SJ(SPVQMBVODIFEB(SPVQ XJEFQSPKFDUUPSFDIFDLIPXXFNBOBHFVTFSJOGPSNBUJPOBOEVQEBUF JOUFSOBMNBOBHFNFOUSVMFTBOEQSPDFTTFTUPNBUDIUIFSFWJTFE"DUPO UIF1SPUFDUJPOPG1FSTPOBM*OGPSNBUJPO 0VSSFTQPOTF 3FDIFDLJOHIPXXFNBOBHFVTFSJOGPSNBUJPOBU.FSD a SJ(SPVQ 6QEBUJOHJOUFSOBMSFHVMBUJPOTBOENBOVBMTUPNBUDIUIFSFWJTFE"DUPO UIF1SPUFDUJPOPG1FSTPOBM*OGPSNBUJPO 3FWJTJOHPVS1SJWBDZ1PMJDJFTBOE1SJWBDZ(VJEF $BSSZJOHPVUDPNQBOZXJEFFNQMPZFFUSBJOJOHSFHBSEJOHUIFSFWJTFE "DUPOUIF1SPUFDUJPOPG1FSTPOBM*OGPSNBUJPO FUD #ZDPMMFDUJOHJOGPSNBUJPOBCPVUUIFVTFSTPGUIFWBSJPVTTFSWJDFTPGGFSFECZ.FSD a SJ(SPVQ XFDBOBEBQUPVSTFSWJDFTUPQSPWJEFBCFUUFSFYQFSJFODF"U UIFTBNFUJNF .FSD a SJ(SPVQJTBXBSFPGUIFNBKPSSFTQPOTJCJMJUZUIBUDPNFTXJUIDPMMFDUJOHVTFSJOGPSNBUJPO8FBEIFSFUPBMMMBXT PSEJOBODFT BOE HVJEFMJOFT TVDIBTUIF"DUPOUIF1SPUFDUJPOPG1FSTPOBM*OGPSNBUJPO BOEIBWFUIFVUNPTUSFHBSEGPSVTFSQSJWBDZXIJMFDPMMFDUJOHTBJEJOGPSNBUJPO .BJOJOJUJBUJWFTJO':
  52. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 52 0VSTUSVDUVSFGPSQSPNPUJOH&4( #PBSEPG%JSFDUPST /PNJOBUJPOBOE3FNVOFSBUJPO"EWJTPSZ 4FOJPS&YFDVUJWF$PNNJUUFF &4($PNNJUUFF %*$PVODJM "EWJTPSZ#PBSEPOUIF*EFBM'PSNPGB .BSLFUQMBDF .FSD a SJ+1 .FSD a SJ64 .FSQ a Z ,BTIJNB "OUMFST 4PV[PI .FSDPJO .FSMPHJ &4(P ffi DFSBQQPJOUFEGSPNFBDICVTJOFTTEJWJTJPO "EWJTFT 3FQPSUTUP 3FQPSUTUP "QQSPWFT 4VCDPNNJUUFFTPGUIF&4($PNNJUUFF *OPSEFSUPCFUUFSJODPSQPSBUF&4(QFSTQFDUJWFTJOUPNBOBHFNFOUEFDJTJPOTBOEFYFDVUJPOQSPDFTTFT .FSD a SJFTUBCMJTIFEBO&4($PNNJUUFFJO %FDFNCFSUPBEWJTFPVS4FOJPS&YFDVUJWF$PNNJUUFF8FIBWFBMTPBQQPJOUFE&4(PGGJDFSTGPSFBDIPGPVSDPNQBOJFT)BWJOHUIFTFPGGJDFST PGGFSBO&4(QFSTQFDUJWFJOCVTJOFTTSFMBUFENBOBHFNFOUEFDJTJPOTBMMPXTVTUPCBMBODFPVSCVTJOFTTFTBOENBUFSJBMJUZGPDVTFE&4(JOJUJBUJWFT  BOEFOTVSFTBTUSVDUVSFUIBUBMMPXTVTUPTXJGUMZJNQMFNFOUBOEQSPNPUFUIFTFJOJUJBUJWFT
  53. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 5PQJDTEJTDVTTFE .FSD a SJ`TBJNTGPS&4(NBOBHFNFOU 3FTVMUTPGFBDICVTJOFTTTNBUFSJBMJUZCBTFESJTLPQQPSUVOJUZ BTTFTTNFOU )PXUPSFGMFDU&4(JOFBDIDPNQBOZTSPBENBQ TU&4($PNNJUUFF.FFUJOH 'FCSVBSZ   &4($PNNJUUFF 53 0VSTUSVDUVSFGPSQSPNPUJOH&4( .FSD a SJDPOTJEFST&4(UPCFBOJNQPSUBOUNBOBHFNFOUUPQJD5IF&4($PNNJUUFFBJNTUPFOTVSFTVGGJDJFOUUJNFGPSSFHVMBSEJTDVTTJPOT SFHBSEJOH&4(JOPSEFSUPFOBCMFCFUUFSEJTDVTTJPOTBOEFOIBODFUIFRVBMJUZPGEFDJTJPOTNBEFCZUIF4FOJPS&YFDVUJWF$PNNJUUFF8JUI.FSD a SJ $&04IJOUBSP:BNBEBBTDIBJSQFSTPO UIJTDPNNJUUFFJTDPNQPTFEPGUIF$&0TPGFBDI.FSD a SJ(SPVQDPNQBOZ BTXFMMBT&4(PGGJDFSTBOEPUIFS NFNCFSTOPNJOBUFECZUIFDIBJSQFSTPO5IFZNFFUGPVSUJNFTQFSZFBSUPGPSNVMBUF&4(SFMBUFEJNQMFNFOUBUJPOQMBOTBOENPOJUPSQSPHSFTTPO FBDIPGUIFNBUFSJBMUPQJDT 5PQJDTEJTDVTTFE )PXUPSFGMFDU&4(JOFBDIDPNQBOZ`TSPBENBQ (SFFOIPVTFHBTFNJTTJPODBMDVMBUJPOSFTVMUTBOEFBDI DPNQBOZ`TQMBOPGBDUJPOUPSFEVDFFNJTTJPOT $MJNBUFDIBOHFSJTLTPQQPSUVOJUJFTBOEPVSBQQSPBDICBTFEPO UIF5$'%SFDPNNFOEBUJPOT 0VSQPMJDZGPSDBMDVMBUJOHQPTJUJWFJNQBDU OE&4($PNNJUUFF.FFUJOH .BZ   .FSD a SJ`T*EFBM&4(.BOBHFNFOU"#FIJOEUIF4DFOFT-PPLBUUIF&4($PNNJUUFF`T'PSNBUJPOBOE'JSTU.FFUJOH +BQBOFTF  r4FFPVSXFCTJUFGPSBOPWFSWJFXPGUIFEJTDVTTJPOT
  54. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 54 $PSQPSBUFHPWFSOBODFTUSVDUVSF .FSD a SJBEPQUTUIFl$PNQBOZXJUIUIF"VEJUBOE4VQFSWJTPSZ#PBSEzTUSVDUVSFBTEFGJOFEJOUIF$PNQBOJFT"DU5IFDPNQBOZJODPSQPSBUFTBCPBSEPGEJSFDUPST  NBEFVQPGEJSFDUPSTXIPIBWFUIPSPVHILOPXMFEHFPG.FSD a SJ`TCVTJOFTTBOEPVUTJEFEJSFDUPSTXIPQSPWJEFPCKFDUJWFQFSTQFDUJWFT5IFCPBSENBLFTEFDJTJPOT SFHBSEJOHCBTJDNBOBHFNFOUQPMJDJFTBOEFYFDVUJPOPGFTTFOUJBMCVTJOFTTPQFSBUJPOT XIJMFTFQBSBUJOHTVQFSWJTJPOBOEFYFDVUJPOBOEQSPNPUJOHUIFUSBOTGFSPG CVTJOFTTFYFDVUJPOBVUIPSJUZUPUIFFYFDVUJWFEJWJTJPODFOUFSFEBSPVOETFOJPSWJDFQSFTJEFOUT'VSUIFSNPSF .FSD a SJFOTVSFTGBJSOFTT USBOTQBSFODZ BOEPCKFDUJWJUZ JOQSPDFEVSFTSFHBSEJOHEFDJTJPOTPGOPNJOBUJPO SFNVOFSBUJPO FUD PGEJSFDUPSTBOETFOJPSWJDFQSFTJEFOUTCZFTUBCMJTIJOHBWPMVOUBSZBEWJTPSZDPNNJUUFFXJUI JOEFQFOEFOUPVUTJEFEJSFDUPSTBTNBJONFNCFST (FOFSBM.FFUJOHPG4IBSFIPMEFST /PNJOBUJPOBOE 3FNVOFSBUJPO"EWJTPSZ $PNNJUUFF  JODMVEJOH0VUTJEF%JSFDUPST "DDPVOUJOH "VEJUPST 3FQSFTFOUBUJWF %JSFDUPS 4FOJPS&YFDVUJWF $PNNJUUFF &BDIEJWJTJPO *OUFSOBM"VEJU 0 ffi DF "QQPJOUTEJTNJTTFT #VTJOFTT FYFDVUJPO 1SPQPTFT 3FQPSUTUP %JSFDUT 3FQPSUTUP %JSFDUT 3FQPSUTUP $PMMBCPSBUFTXJUI "QQPJOUTEJTNJTTFT "QQPJOUTEJTNJTTFT $PMMBCPSBUFTXJUI $POEVDUTJOUFSOBMBVEJUPG "VEJUT "VEJUT $POEVDUTBDDPVOUJOHBOEJOUFSOBMDPOUSPMBVEJUTPG $PMMBCPSBUFTXJUI "QQPJOUTEJTNJTTFTTVQFSWJTFT #PBSEPG%JSFDUPST  JODMVEJOH0VUTJEF %JSFDUPST "VEJUBOE 4VQFSWJTPSZ#PBSE  JODMVEJOHPVUTJEFBVEJUPST
  55. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY "UUSJCVUFT 4LJMMT 55 %JSFDUPSTLJMMNBUSJY $PSQPSBUFHPWFSOBODF DPNQMJBODF 'JOBODFBDDPVOUJOH #VTJOFTT (MPCBMNBOBHFNFOU 5FDIOPMPHZ &4( $PSQPSBUFNBOBHFNFOU *OEFQFOEFOU0VUTJEF %JSFDUPS 3FBQQPJOUNFOUPS OFXBQQPJOUNFOU /BNF ˔ ˔ ˔ ˔ ˔ 4IJOUBSP :BNBEB 3FBQQPJOUNFOU (FOFSBM ˔ ˔ ˔ ˔ ˔ 3FBQQPJOUNFOU (FOFSBM 'VNJBLJ ,PJ[VNJ ˔ ˔ ˔ ˔ ˔ ˔ 3FBQQPJOUNFOU (FOFSBM ,FO 5BLBZBNB ˔ ˔ ˔ ˔ ˔ ˔ 3FBQQPJOUNFOU *OUFSOFU GJOBODF .BLJLP 4IJOPEB ˔ ˔ ˔ ˔ ˔ /FXBQQPJOUNFOU *OUFSOFU /PSJP .VSBLBNJ *UFN 0WFSWJFX $PSQPSBUF NBOBHFNFOU (FOFSBM NBOBHFNFOU TUSBUFHZ &4( 4VTUBJOBCJMJUZ TUSBUFHZBOE&4( JOJUJBUJWFT 5FDIOPMPHZ 3%BOEUFDIOJDBM TUSBUFHZJOUIFUFDI JOEVTUSZ (MPCBM NBOBHFNFOU *OUFSOBUJPOBM FYQBOTJPOPG CVTJOFTT #VTJOFTT .FSD a SJ`TCVTJOFTT PQFSBUJPOT TVDIBT UIFJOUFSOFU  DPNNFSDF BOE fi OBODF 'JOBODF BDDPVOUJOH 'JOBODFBOE BDDPVOUJOH $PSQPSBUF HPWFSOBODF DPNQMJBODF $PSQPSBUF HPWFSOBODF SJTL NBOBHFNFOU  JOUFSOBMDPOUSPM BOE DPNQMJBODF 4LJMMEFGJOJUJPOT "TPG+VOF 'PSUIFNPTUVQUPEBUFJOGPSNBUJPOSFHBSEJOHPVSMFBEFSTIJQ TFF.FSD a SJ`TDPSQPSBUFTJUF
  56. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 56 "QQFOEJY ໢ཏతʹϑΝΫτ͚͕ͩೖΔ "QQFOEJY 3FDPHOJUJPOCZ 
 &YUFSOBM0SHBOJ[BUJPOT &4(%BUB
  57. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
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a SJ *OD*/"/:.4$**/%&9 "/%5)&64&0'.4$*-0(04 53"%&."3,4 4&37*$&."3,403*/%&9/".&4)&3&*/ %0/05$0/45*565&"410/4034)*1 &/%034&.&/503130.05*0/0'.FSD a SJ *OD #:.4$*03"/:0'*54"''*-*"5&45)&.4$**/%&9&4"3&5)&&9$-64*7&1301&35:0'.4$*.4$*"/%5)&.4$**/%&9/".&4"/%-0(04"3&53"%&."3,4034&37*$&."3,40'.4$*03*54"''*-*"5&4 .FSD a SJJTJODMVEFEJOUIF.4$*+BQBO&4(4FMFDU-FBEFST*OEFY BOEUIF.4$*+BQBO&NQPXFSJOH8PNFO*OEFY
  58. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 8FXFSFSFDPHOJ[FECZNBOZFWBMVBUJPOPSHBOJ[BUJPOTGPSPVSJOJUJBUJWFTJO': 58 3FDPHOJUJPOCZFYUFSOBMPSHBOJ[BUJPOT .BUFSJBM5PQJD$SFBUJOHB$JSDVMBS&DPOPNZ.JUJHBUJOH$MJNBUF$IBOHF w 3FDFJWFEUIF4QFDJBM"XBSEJOUIF&OWJSPONFOUBM4VTUBJOBCMF$PNQBOZ$BUFHPSZ 
 JOUIFSE&4('JOBODF"XBSET+BQBO .BUFSJBM5PQJD%JWFSTJUZ*ODMVTJPO w 3FDFJWFEBHPMESBUJOHJOUIF13*%&*OEFY BOJOEFYVTFEUPFWBMVBUF-(#5 GSJFOEMZDPNQBOJFT JO+BQBO w 3FDFJWFEUIFHSBOEQSJ[FJOUIF4UBSUVQ$PNQBOZDBUFHPSZJOUIF%JWFSTJUZ*ODMVTJPO"XBSET .BUFSJBM5PQJD4BGF 4FDVSF BOE'BJS5SBOTBDUJPOT w 3FDFJWFEBOBXBSEBUUIFUI*OGPSNBUJPO4FDVSJUZ*ODJEFOU3FTQPOTF"XBSET
  59. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 59 &OWJSPONFOUBMJOGPSNBUJPO ܦ೥มԽΛهࡌ $BMDVMBUFECBTFEPOUIFl#BTJD(VJEFMJOFTPO"DDPVOUJOHGPS(SFFOIPVTF(BT&NJTTJPOT5ISPVHIPVUUIF4VQQMZ$IBJOzPGUIF.JOJTUSZPGUIF&OWJSPONFOU.JOJTUSZPG&DPOPNZ 5SBEFBOE*OEVTUSZBOESFMBUFESFHVMBUJPOT1FSJPE ': +VMZ r+VOF  BOE': +VMZ r+VOF  4DPQFPGDBMDVMBUJPOT.FSD a SJ *OD.FSQ a Z *OD,BTIJNB"OUMFST'$$P -UE.FSD a SJ *OD 64 4PV[PI *OD.FSDPJO *ODBOE.FSMPHJ *OD4PNF ':DBMDVMBUJPOSFTVMUTIBWFCFFOSFWJTFEGSPNUIFOVNCFSTQVCMJTIFEMBTUZFBSEVFUPSFWJTJOHUIFDBMDVMBUJPOTDPQF DIBOHJOHDBMDVMBUJPONFUIPET BOESFGJOJOHQBSUPGDBUFHPSZ$BMDVMBUJPOTFYDMVEFDBUFHPSJFTJOXIJDIXF IBWFOPSFMFWBOUBDUJWJUJFT BTXFMMBTBSFBTUIBUNFFU()(QSPUPDPMTUBOEBSETTVDIBTNBLJOHVQBOFHMJHJCMFQSPQPSUJPOPG4DPQFBOEIBWJOHGFXJUFNTUPXIJDIXFDBODPOUSJCVUFUPSFEVDJOH4PNFQBSUTPG4DPQFBSF FTUJNBUFT$BUFHPSZOVNCFSTDBMDVMBUFEVTJOHBOJOEFQFOEFOUVOJUUIBUNFFUTUIF.JOJTUSZPGUIF&OWJSPONFOU`THVJEFMJOFT ': ': 4DPQF   4DPQF    4VCUPUBM 4DPQF 4DPQF  ʣ    4DPQF $BUFHPSZ 1VSDIBTFEHPPETBOETFSWJDFT     $BUFHPSZ $BQJUBMHPPET     $BUFHPSZ 'VFMBOEFOFSHZSFMBUFEBDUJWJUJFT   $BUFHPSZ 6QTUSFBNUSBOTQPSUBUJPOEJTUSJCVUJPO   $BUFHPSZ 8BTUF   $BUFHPSZ #VTJOFTTUSBWFM   $BUFHPSZ &NQMPZFFDPNNVUJOH   $BUFHPSZ 6QTUSFBNMFBTFEBTTFUT     $BUFHPSZ %PXOTUSFBNUSBOTQPSUBUJPOEJTUSJCVUJPO /" /" $BUFHPSZ 1SPDFTTJOHPGTPMEQSPEVDUT /" /" $BUFHPSZ 6TFPGTPMEQSPEVDUT /" /" $BUFHPSZ %JTQPTBMPGTPMEQSPEVDUT   $BUFHPSZ %PXOTUSFBNMFBTFEBTTFUT /" /" $BUFHPSZ 'SBODIJTFT /" /" $BUFHPSZ *OWFTUNFOUT /" /" 4VCUPUBM 4DPQF     5PUBM 4DPQF       6OJUU$0 (SFFOIPVTFHBTFNJTTJPOT
  60. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 60 )VNBODBQJUBMJOGPSNBUJPO .FSD a SJ(SPVQFNQMPZFFEBUBGPS': *ODMVEFT.FSD a SJ *OD.FSQ a Z *OD4PV[PI *OD.FSDPJO *OD,BTIJNB"OUMFST'$$P -UEBOE.FSD a SJ *OD 64 1FSDFOUBHFPGMFBEFSTIJQ EJSFDUPST "VEJUBOE4VQFSWJTPSZ#PBSENFNCFST JO.FSD a SJ *OD EPFTOPUJODMVEF BOZPUIFS.FSD a SJ(SPVQDPNQBOJFT 0OMZBQQMJFTUP.FSD a SJ *OD EPFTOPUJODMVEFBOZPUIFS.FSD a SJ(SPVQDPNQBOJFT .FSD a SJ *OD.FSQ a Z *OD4PV[PI *ODBOE.FSDPJO *OD (BUIFSJOHEJWFSTFFYQFSJFODFT  LOPXMFEHF BOEPQJOJPOT ˔$POTPMJEBUFEIFBEDPVOU   ˔"HFSBOHFT TTTTT ˔1FSDFOUBHFPGXPNFOFNQMPZFFT  ˔1FSDFOUBHFPGXPNFOJOMFBEFSTIJQ  ˔1FSDFOUBHFPGXPNFOJONBOBHFNFOUQPTJUJPOT  ˔5ZQFTPGFNQMPZFFQSPHSBNTFODPVSBHJOHJODMVTJPO • -BOHVBHFTUVEZQSPHSBNT • :BTBTIJJ$PNNVOJDBUJPO5SBJOJOH • 6ODPOTDJPVT#JBT8PSLTIPQ • %JWFSTJUZ*ODMVTJPOFMFBSOJOHT HFOFSBMEJWFSTJUZJODMVTJPO1SJEF& -FBSOJOH  • %FEJDBUFEUSBOTMBUJPOBOEJOUFSQSFUBUJPOUFBN 1SPWJEJOH fl FYJCMFDIPJDFT ˔3BUFPGDIJMEDBSFMFBWFVTBHF CZHFOEFS  NFO PGFMJHJCMFNFO XPNFO PGFMJHJCMFXPNFO  ˔1FSDFOUBHFPGFNQMPZFFTXIPSFUVSOFEUPXPSLBGUFSDIJMEDBSF MFBWF CZHFOEFS  NFO PGFMJHJCMFNFO XPNFO PGFMJHJCMFXPNFO  ˔1FSDFOUBHFPGFNQMPZFFTXIPGFFMSFBDDMJNBUFEUPUIF DPNQBOZNPOUITBGUFSSFUVSOJOHGSPNDIJMEDBSFMFBWF CZ HFOEFS  NFO PGFMJHJCMFNFO XPNFO PGFMJHJCMFXPNFO  )FMQJOHFNQMPZFFT EFNPOTUSBUFSFTVMUTBTQSPT ˔4LJMMTEFWFMPQNFOUQSPHSBNTGPSFNQMPZFFT • Leadership training • Problem-solving training • OKR training • New manager training • Evaluation feedback training • Team management training • 1-on-1 training • Coaching training • Project management • E ff ective remote work • Lunch & Learns • Merc a ri values • Well-being • Positive psychology
  61. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 61 "QQFOEJY ໢ཏతʹϑΝΫτ͚͕ͩೖΔ "QQFOEJY "QQFOEJY
  62. 4VTUBJOBCJMJUZ 3FQPSU 62 .BUFSJBM5PQJD $SFBUJOHB$JSDVMBS &DPOPNZ .JUJHBUJOH$MJNBUF $IBOHF

  63. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 63 $SFBUJOHBDJSDVMBSFDPOPNZ':JOJUJBUJWFT *OUIFNJEUPMPOHUFSN XFBSFXPSLJOHUPDIBOHFQFPQMF`TNJOETFUXIFOJUDPNFT UPUIFDZDMFPGCVZJOH VTJOH BOEUISPXJOHBXBZUIFJSJUFNT "XBSFOFTT .BLFBMUFSOBUJWFTUPUISPXJOH JUFNTBXBZGFFMFBTJFS w %FWFMPQJOHUIF.FSD a SJ&DP1BDL w %FWFMPQJOHUIF.FSD a SJ&DPCPY w 0QFOJOHUIF4VTUBJOB4UPSF w 4FMMJOHJUFNTVQDZDMFEGSPNUIF ,BTIJNB"OUMFSTBOOJWFSTBSZCBOOFS w $IBOHJOHPVSXBUFSCPUUMFTGPSHVFTUT w 3FVTJOHFRVJQNFOUOFFEFEUPGJMN DPNNFSDJBMT &EVDBUJPO 1SPWJEFBOFOWJSPONFOUGPS MFBSOJOHTVTUBJOBCMFCFIBWJPS w 1SPWJEJOHFEVDBUJPOBMQSPHSBNTUISPVHI DMBTTSPPNWJTJUT w 3FMFBTJOHTJYQSPHSBNTGPSGSFFPOPVS FEVDBUJPOQPSUBM $PMMBCPSBUJPO $SFBUFBDJSDVMBSFDPOPNZ UISPVHIPVUBMMMJOLTPG UIFWBMVFDIBJO w "OOPVODJOHUIF.FSD a SJ1SJDF*OEFY w &YQBOEJOH.FSD a SJ8PSLTIPQT w *OTUBMMJOH.FSD a SJ1PTUNBJMCPYFT w &YQBOEJOH.FSD a SJ4UBUJPOT w $BSSZJOHPVUBQSPPGPGDPODFQUGPSPVS QJDLVQBOEQBDLBHFTFSWJDF
  64. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 64 $IBOHFTJOQFPQMF`TBUUJUVEFTUPXBSECVZJOH #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZPONFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOEJO+VOF  QFPQMF +VMZ  QFPQMF BOE+VOF  QFPQMF 5IF SFTQPOTFTUIBUXFSFOPUJODMVEFEJOUIF':TVSWFZBSFOPUTIPXOIFSF 8IFOBTLFEXIBUBSFBTUIFZGPDVTPOXIFOCVZJOHQSPEVDUT OPUPOMZEJEUIFOVNCFSPGQFPQMFXIPSFTQPOEFElCSBOEOFXzHPEPXO UIF SFTVMUTTIPXFEUIBUNPSFQFPQMFDBSFBCPVUGJOEJOHJUFNTUIBUBSFlMPOHMBTUJOHzBOElFOWJSPONFOUBMMZBOETPDJBMMZSFTQPOTJCMFz "SFBTPGGPDVTXIFOCVZJOHBQSPEVDU άϥϑ 1SJDF -POHMBTUJOH .BJOUBJOTWBMVF &OWJSPONFOUBMMZBOETPDJBMMZSFTQPOTJCMF                                2VBMJUZBOEGFBUVSFT -PDBUJPOXIFSFJUJTFBTZUPTIPQ 3FMJBCJMJUZ PGUIFWFOEPSPSTIPQ  #FOFGJUT TVDIBTQPJOUDBSETPSGSFFHJWFBXBZT  #SBOEOFX
  65. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSDaSJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU

     4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 65 άϥϑ $IBOHFTJOQFPQMF`TBUUJUVEFTUPXBSECVZJOH 1FPQMFXIPBSFDPNGPSUBCMFCVZJOHTFDPOEIBOEQSPEVDUT          ˋ ˋ ˋ    QU JODSFBTF #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZPONFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOEJO+VOF  QFPQMF +VMZ  QFPQMF BOE+VOF  QFPQMF         1FPQMFXIPIBWFCPVHIUBTFDPOEIBOE QSPEVDUJOUIFQBTUZFBS 5IFQFSDFOUBHFPGQFPQMFXIPBSFDPNGPSUBCMFCVZJOHTFDPOEIBOEQSPEVDUTJODSFBTFECZQQUT:P:UP BOEJUJTPOBOJODSFBTJOHUSFOEPWFS UIFQBTUGFXZFBST*GXFMPPLBUUIFOVNCFST JUJTOPUKVTUUIBUUIFZBSFDPNGPSUBCMFXJUIUIFJEFBŠUIFQFSDFOUBHFPGQFPQMFXIPIBWFCPVHIUB TFDPOEIBOEQSPEVDUJOUIFQBTUZFBSSPTFGSPNUP JODSFBTFGSPNMBTUZFBS EFNPOTUSBUJOHUIBUNPSFQFPQMFBSFBDUVBMMZCVZJOH TFDPOEIBOEFBDIZFBS
  66. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
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
 JOPOMJOFBVDUJPOT BUSFVTFTIPQT FUD )BOEEPXOUPGBNJMZ GSJFOET FUD 4UPSFBUIPNFPSJOBTUPSBHFTQBDF                    
  67. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 67 $PMVNO 6TJOH.FSD a SJGPSBNPSFTVTUBJOBCMFMJGFTUZMF *TUBSUFEVTJOH.FSD a SJPWFSTFWFOZFBSTBHP BGUFSNZGSJFOEUPMENFBCPVUJUBOEIPXFBTZJUJTUPMJTUJUFNT .ZLJETXFSFTUJMMTNBMMBUUIFUJNF BOE*XBTXPOEFSJOHXIBUUPEPXJUIBMMUIFJSPVUHSPXODMPUIFT TP* TUBSUFEVTJOHUIFTFSWJDF'BTUGPSXBSEUPOPX BOE*`WFDPNQMFUFEPWFS USBOTBDUJPOTBOEVTF.FSD a SJ NPTUMZUPMJTUUIJOHT 4JODF*`WFTUBSUFEVTJOH.FSD a SJ *`WFOPUJDFE*`WFEFWFMPQFETPNFOFXIBCJUT'PSFYBNQMF *BNOPXNPSF NJOEGVMPGLFFQJOHNZCFMPOHJOHTDMFBOŠ*NBLFTVSFUPVTFBCPPLDPWFS BOE*UBLFPVUUIFCBUUFSJFTPGBOZ FMFDUSPOJDT*EPO`UVTFGPSBMPOHUJNFUPQSFWFOUMFBLBHF5IFUIJOHJT *XBTOPUBMXBZTMJLFUIJT*UIJOL* HSBEVBMMZTUBSUFEUPCVJMENPSFTVTUBJOBCMFIBCJUTBT*DPOUJOVFEUPVTF.FSD a SJ 0OFCJHSFBTPO*VTF.FSD a SJJTUPHJWFBOZVOXBOUFEJUFNTGSPNNZIPNFUPQFPQMFXIPOFFEUIFN.Z GBNJMZPGUFOSFDFJWFTGPPEGSPNPUIFSTCFDBVTFPGPVSKPCT'PPEJTEJ ff FSFOUGSPNPUIFSJUFNTJOUIBUJUDPNFT XJUIBOFYQJSBUJPOEBUF8IFONZLJETXFSFMJUUMF *PGUFOTIBSFEUIJTGPPEXJUIUIFJSGSJFOET CVUUIFSFBSF GFXFSPQQPSUVOJUJFTUPEPTPOPXUIBUUIFZ`WFHPUUFOPMEFS"OE JGOPPOFJTBCMFUPFBUUIJTGPPE JUXJMMUVSO JOUPGPPEXBTUF*ONPNFOUTMJLFUIFTF *BNUIBOLGVMGPS.FSD a SJ TJODF*DBOMJTUJUFNTUIBU*OPMPOHFSOFFE BOEQBTTUIFNPOUPQFPQMFXIPOFFEUIFN 
 3FDFOUMZ TJODF*BNDPNQMFUJOHNPSFUSBOTBDUJPOTPO.FSD a SJ *BNUSZJOHUPSFVTFNZQBDLJOHNBUFSJBMT* SFDFJWFBMPUPGDBMFOEBST TP*`WFCFFOVTJOHUIFNUPXSBQUIJOHT*`WFTPMEPO.FSD a SJ*UEPFTO`UUBLFBOZ ESBTUJDDIBOHFTUPNBLFBOJNQBDU*IPQFUPDPOUJOVFUIJOLJOHBCPVUTNBMMUIJOHT*DBOEPGPSUIF FOWJSPONFOU *OUFSWJFX.JIPDIJ 4FWFOZFBSTPGFYQFSJFODFVTJOH.FSD a SJ.BJOMZ GPDVTFTPOMJTUJOHJUFNTBOEIBTPWFS SBUJOHT 8IFOTIF`TOPUMJTUJOHUIJOHTPO.FSD a SJ TIFXPSLT BTBNJOJNBMJTNPSJFOUFEEFDMVUUFSJOHDPBDI 1JDUVSF.JIPDIJQBDLJOHVQBOJUFNTIFTPMEPO.FSD a SJVTJOHBDBMFOEBSTIFSFDFJWFE
  68. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 68 $IBOHFTJOQFPQMF`TBUUJUVEFTXIFOQBDLJOHVQJUFNTGPS.FSD a SJ 8PNBOJOIFST "NPOHUIFQFPQMFXIPIBWFVTFE.FSD a SJCFGPSF OBNFEl*`WFTUBSUFEUPUBLFCFUUFSDBSFPGNZCFMPOHJOHTzBTBDIBOHFUIFZOPUJDFEBGUFS TUBSUJOHUPVTF.FSD a SJPGUIFNTBJEl*`WFTUBSUFEUPGFFMMJLF*DBODPOUSJCVUFUPSFEVDJOHFOWJSPONFOUBMJNQBDU zBOEOPMPOHFSGFFMWFSZ QBSUJDVMBSBCPVUCVZJOHCSBOEOFXUIJOHT"EEJUJPOBMMZ BOJNQSFTTJWFSFTQPOEFEl*`NOPXBCMFUPMFBEBTVTUBJOBCMFMJGFTUZMFXJUIPVU XBTUJOHUIJOHTz5IFTFSFTVMUTTIPXIPXVTJOH.FSD a SJIBTIFMQFEQFPQMFCFDPNFNPSFDPOTDJPVTPGTVTUBJOBCJMJUZJOUIFJSFWFSZEBZMJWFT )PXIBTZPVSMJGFPSNJOETFUDIBOHFEBGUFSVTJOH.FSD a SJ #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZJO+VOFPO NFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOE5IFTFSFTQPOTFTBSFGSPNUIF SFTQPOEFOUTXIPIBWFVTFE.FSD a SJCFGPSF 5IFBCPWFHSBQITIPXTUIFUPQTFWFOSFTQPOTFTUPUIFRVFTUJPOl)PXTUSPOHMZEPZPVBHSFFXJUIUIFGPMMPXJOHTUBUFNFOUTBCPVUDIBOHFTJOZPVSMJGFMJGFTUZMFPSNJOETFUBGUFSVTJOH.FSD a SJ z *`WFCFFOBCMFUPTBWFNPOFZ *`WFCFFOBCMFUPCVZUIFUIJOHT* XBOU SFHBSEMFTTPGXIFSF*MJWF *`WFTUBSUFEUPUBLFCFUUFSDBSF PGNZCFMPOHJOHT *DBOCVZUIJOHTUIBU*GFMUVODPNGPSUBCMF CVZJOHBUQIZTJDBMTIPQTXJUIPVUXPSSZ *`WFTUBSUFEUPGFFMMJLF*DBODPOUSJCVUFUP SFEVDJOHFOWJSPONFOUBMJNQBDUCZMJTUJOH UIJOHTJOTUFBEPGUISPXJOHUIFNBXBZ *`NOPMPOHFSQBSUJDVMBSBCPVUCVZJOH CSBOEOFXUIJOHT *BNOPXBCMFUPMFBEBTVTUBJOBCMF MJGFTUZMFXJUIPVUXBTUJOHUIJOHT            I was able to realize that others may be looking for some of the things I no longer need, and I came to see the beauty of those items continuing to be used without going to waste.
  69. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 69 #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZPONFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOE CPUIJO+VOF  QFPQMF BOE+VMZ  QFPQMF $IBOHFTJOQFPQMF`TBUUJUVEFTXIFOQBDLJOHVQJUFNTGPS.FSD a SJ *O':  QQU:P: PGSFTQPOEFOUTTBJEUIBUUIFZSFVTFQBDLJOHNBUFSJBMTXIFOTIJQQJOHJUFNT BOEUIJTOVNCFSDPOUJOVFTUPHSPX 1FSDFOUBHFPGQFPQMFSFVTJOHQBDLJOHNBUFSJBMT            *O .FSD a SJMBVODIFEUIF.FSD a SJ&DP1BDLŠBSFVTBCMFQBDLUIBUDBOCF VTFEIVOESFETPGUJNFTŠUPQSPNPUFUIFSFVTFPGQBDLJOHNBUFSJBMT5BLJOH UIFGFFECBDLXFHPUPOUIJTGJSTUFEJUJPO XFSFMFBTFEBOFXBOEJNQSPWFE TFDPOEFEJUJPOJO+VOF'PSBMJNJUFEUJNF XFJOUSPEVDFEBTZTUFNUIBU BMMPXTVTFSTUPSFUVSOBOZVOVTFE.FSD a SJ&DP1BDLTBUOJOF.FSD a SJ4UBUJPOT OBUJPOXJEF JOBEEJUJPOUPPUIFSQSPNPUJPOTUPFODPVSBHFDJSDVMBUJPO8F BMTPVQEBUFEUIFEFTJHOCZBEEJOHUISFFJOOFSQPDLFUTPGEJGGFSFOUTJ[FT TP UIBUTFMMFSTDBOQBDLVQDPTNFUJDTBOEPUIFSTNBMMJUFNTXJUIPVUBOZFYUSB QBDLBHJOH %FWFMPQJOHUIF.FSD a SJ&DP1BDL
  70. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 70 
 #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZJO+VOFPO NFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOE ':JOJUJBUJWFT%FWFMPQJOHUIF.FSD a SJ&DPCPY &ODPVSBHJOHOFXIBCJUTBOENBLJOHSFVTFUIFOFXOPSNBM 5IF.FSD a SJ&DPCPYJTBQMBDFGPSQFPQMFUPUFNQPSBSJMZTUPSFBOEQFSJPEJDBMMZMPPLPWFSUIFDMPUIFT CPPLT USJOLFUT EJTIFT BOEPUIFSJUFNTUIFZOPMPOHFSVTFCVU DBOOPUCSJOHUIFNTFMWFTUPUISPXBXBZBTUSBTI*OBTVSWFZDPOEVDUFECZ.FSD a SJJO BCPVUPGQFPQMFSFTQPOEFEUIBUUIFZDIPPTFUPUISPXBXBZJUFNTUIFZ OPMPOHFSVTF)PXFWFS BNPOHUIFTFSFTQPOEFOUT BCPVUTBJEUIBUUIFZGFMUJUXBTBXBTUFUPUISPXUIFTFJUFNTBXBZ(JWFOUIFTFSFTVMUT XFXBOUFEUPGJOEB XBZUPIFMQQFPQMFNPWFBXBZGSPNEJTQPTJOHPGUIFVTBCMFJUFNTUIFZOPMPOHFSIBWFVTFGPS BOEUIBU`TIPXUIF.FSD a SJ&DPCPYDBNFUPCF SFMFBTFEJO.BZ %PZPVGFFMJU`TBXBTUFUPUISPX JUFNTBXBZ  /PUBUBMM  /PUSFBMMZ  4PNFUJNFT  :FT PGUFO 
  71. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 71 ':JOJUJBUJWFT.FSD a SJ&YQFSJNFOUT $SFBUJOHPQQPSUVOJUJFTUPMFBSOBOESFGMFDUPOXBZTUPSFBMJ[FBNPSFSJDIBOETVTUBJOBCMFMJGFTUZMF "U.FSD a SJ XFIBWFCVJMUBOFYQFSJNFOUBMGSBNFXPSLDBMMFE.FSD a SJ&YQFSJNFOUT"TQBSUPGUIJTQSPKFDU XFDPOEVDUWBSJPVTJOJUJBUJWFTUPDSFBUFPQQPSUVOJUJFTGPS FBDIJOEJWJEVBMUPMFBSOBOESFGMFDUPOUIFDJSDVMBSVTFPGNBUFSJBMT BTXFMMBTXBZTUPSFBMJ[FBNPSFSJDIBOETVTUBJOBCMFMJGFTUZMFJOXIJDIUIFFBSUI`TMJNJUFE SFTPVSDFTBSFVTFEFGGFDUJWFMZ5IJTQBTUZFBS XFXPSLFEPOTFWFSBMJOJUJBUJWFTXJUIUIFBJNPGNBLJOHTVTUBJOBCJMJUZGFFMFBTJFSBOENPSFSFMFWBOUUPPVSVTFST *O/PWFNCFS XFPQFOFE .FSD a SJ`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a SJBOEUIF,BTIJNB"OUMFST DPMMBCPSBUFEUPDSFBUFBOETFMM UPUFCBHTBOEPUIFSVQDZDMFE QSPEVDUTGSPNUIFNBUFSJBM5IBU XBZ GBOTDPVMEBMTPHFUUIFJS IBOETPOTQFDJBMJUFNTPGUIFJS GBWPSJUFUFBNUIBUDBO`UCF GPVOEBOZXIFSFFMTF
  72. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU $IBOHJOHPVSXBUFS CPUUMFTGPSHVFTUT 'PSPVSPGGJDF XF`WFDIBOHFEUIFXBUFS CPUUMFTUIBUXFQSPWJEFUPHVFTUTGSPN QMBTUJDCPUUMFTUPBMVNJOVN XIJDIIBWF BIJHIIPSJ[POUBMSFDZDMJOHSBUF QFSDFOUBHFDPOWFSUFEJOUPUIFTBNF QSPEVDUPODFDPMMFDUFEBOESFVTFE  72 ':JOJUJBUJWFT$IBOHFTNBEFXJUIJOUIFDPNQBOZ &ODPVSBHJOHFNQMPZFFTUPUIJOLBCPVUUIFJSPXOBUUJUVEFUPXBSECVZJOH VTJOH  BOEUISPXJOHUIJOHTBXBZ BOETUBSUXJUIUIFDIBOHFTUIFZDBONBLF 3FVTJOHFRVJQNFOU OFFEFEUPGJMN DPNNFSDJBMT 5IFQSPDFTTPGGJMNJOHBDPNNFSDJBM QSPEVDFTBMPUPGXBTUF TJODFJU`T DPNNPOUPCVJMEUIFTFUPGUIF DPNNFSDJBMGSPNTDSBUDI BOEUIFOHFUSJE PGJUPODFGJMNJOHJTEPOF*OPSEFSUP NJOJNJ[FUIFBNPVOUPGXBTUF XFBSF XPSLJOHPOJOJUJBUJWFTUPDJSDVMBUFPVS SFTPVSDFTBTNVDIBTQPTTJCMF TVDIBT SFVTJOHTFUTBOESFOUJOHUIFPVUGJUTXPSO
  73. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 73 ':JOJUJBUJWFT1SPWJEJOHFEVDBUJPOBMQSPHSBNT 5FBDIJOHDIJMESFOBCPVUUIFXPSMEUISPVHIGVO IBOETPOFEVDBUJPOBMQSPHSBNT *OPSEFSUPDIBOHFQFPQMF`TCFIBWJPS JU`TJNQPSUBOUUPGJSTUDIBOHFUIFXBZUIFZUIJOLBCPVUCVZJOH VTJOH BOEUISPXJOHUIJOHTBXBZ 5IBU`TXIZ.FSD a SJJTEFWFMPQJOHBOEQSPWJEJOHFEVDBUJPOBMQSPHSBNTUIBUQSPWJEFIBOETPOFYQFSJFODFTUPUFBDIMFTTPOTPOUIFWBMVFPGUIJOHTBOENPOFZUIBUHP CFZPOEUFYUCPPLT5IFFYDJUFNFOUPGCVZJOHBOETFMMJOHUIBUPVSVTFSTBSFFYQFSJFODJOHFWFSZEBZPO.FSD a SJBOE.FSQ a ZXJMMVMUJNBUFMZMFBEUPUIFDSFBUJPO PGBDJSDVMBSFDPOPNZ XIFSFOFXMJGFBOEWBMVFBSFGPVOEJOUIJOHTUIBUXPVMEIBWFPUIFSXJTFCFFOUISPXOBXBZBOEPVSMJNJUFESFTPVSDFTBSFVTFETQBSJOHMZ #ZTIBSJOHWBSJPVTMFBSOJOHTBSPVOEUIFCVZJOHBOETFMMJOHFYQFSJFODFPO.FSD a SJ XFIPQFUPHJWFLJETBGVO IBOETPOMFTTPOPOIPXUIJOHTUIBUUIFZOPMPOHFS OFFEDBOCFVTFGVMGPSTPNFPOFFMTFXIPOFFETUIFN ਤ
  74. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 74 ':JOJUJBUJWFT1SPWJEJOHFEVDBUJPOBMQSPHSBNT 1SPWJEJOH.FSD a SJ`TQSPHSBNTEJSFDUMZUPPWFS DIJMESFOJOPOFZFBS .FSD a SJQSPWJEFTTJYEJGGFSFOUQSPHSBNTUIBUBSFBWBJMBCMFUPBXJEFBHFSBOHF GSPNTUVEFOUTJOFMFNFOUBSZTDIPPMBMMUIFXBZVQUPIJHITDIPPM5IFTFQSPHSBNT DPWFSUISFFUIFNFTMFBSOJOHUIFWBMVFPGUIJOHTBOENPOFZ MFBSOJOHIPXUPVTFJOUFSOFUTFSWJDFTTBGFMZBOETFDVSFMZ BOEMFBSOJOHBCPVUTPDJBMJTTVFTBOEIPX DPNQBOJFTBSFBEESFTTJOHUIFN*OKVTUPOFZFBS XFIBEPWFS DIJMESFOBOETUVEFOUTQBSUJDJQBUFJOPVSFEVDBUJPOBMQSPHSBNT XIJDIXFSFNBJOMZEPOFJOUIF GPSNPGPOMJOFDMBTTSPPNWJTJUT ਤ .FSD a SJ0CTFSWBUJPO/PUFCPPL -FU`T-FBSO"CPVU.BSLFUQMBDF"QQTBOE)PXUP3FVTF5IJOHT 6TJOH.BSLFUQMBDF"QQT4BGFMZ4FDVSFMZ "4BGFBOE4FDVSF$BTIMFTT4PDJFUZ8JUI.FSQ a Z -FBSO"CPVU4VTUBJOBCMF%FWFMPQNFOU(PBMT 4%(T 6TJOHB.BSLFUQMBDF"QQ .BOBHJOH$SFEJUBOE)PVTFIPME'JOBODFT'SPNUIF1FSTQFDUJWFPG$BTI'MPX 1SPHSBNTQSPWJEFECZ.FSD a SJ
  75. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 75 ਤ ':JOJUJBUJWFT1SPWJEJOHFEVDBUJPOBMQSPHSBNT 
 "NPOHUIFQFPQMFXIPEPXOMPBEFEPVSQSPHSBNTGSPNPVSQPSUBMTJUFCFUXFFO'FCSVBSZ  BOE+VMZ  UIFUPUBMOVNCFSPGQFPQMFXIPTFMFDUFEl*XBOUUPVTFJUGPSNZMFTTPOTzPSl*XBOUUPVTFJUUPUFBDINZLJETBU IPNFzBTUIFQVSQPTFPGVTF $MJDLIFSFUPBDDFTTPVSFEVDBUJPOBMQPSUBMTJUF.FSD a SJ&EVDBUJPO 3FMFBTJOHTJYQSPHSBNTGPSGSFFPOPVSFEVDBUJPOQPSUBM *OPSEFSUPBMMPXFWFONPSFDIJMESFOUPMFBSOBCPVUUIFWBMVFPGUIJOHTBOENPOFZ JO'FCSVBSZ  XFSFMFBTFE.FSD a SJ`TFEVDBUJPOBMQSPHSBNTGPSGSFFPOPVSFEVDBUJPOQPSUBMTJUF.FSD a SJ&EVDBUJPO *OUIFTJYNPOUITBGUFSUIFSFMFBTF PWFSUFBDIFSTBOEQBSFOUTIBWFEPXOMPBEFE.FSD a SJ`TQSPHSBNTUPVTFUIFNGPSMFTTPOTBUIPNFPSBUTDIPPM
  76. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 76 $PMMBCPSBUJPOBDSPTTUIFFOUJSFWBMVFDIBJO  
 #BTFEPOBTVSWFZDBSSJFEPVUUISPVHIBOFYUFSOBMSFTFBSDIDPNQBOZJO+VOFPO NFOBOEXPNFOBDSPTT+BQBOCFUXFFOUIFBHFTPGBOE 8PSLJOHXJUIFYUFSOBMQBSUOFSTUPDSFBUFBOFDPTZTUFNGPSUIFSFBMJ[BUJPOPGBDJSDVMBSFDPOPNZ "DDPSEJOHUPBTVSWFZDPOEVDUFECZ.FSD a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a SJ B2C C2C
  77. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 77 ':JOJUJBUJWFT"OOPVODJOHUIF.FSD a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`TXIZXFBOOPVODFEUIF.FSD a SJ 1SJDF7PMVNF*OEFYJO.BZŠCZWJTVBMJ[JOHGMVDUVBUJPOTJOUIFQSJDFBOEEJTUSJCVUJPOWPMVNFPOPVS$$TFSWJDFVTJOHJOEJDFT XFBJNUPTIBSFJOGPSNBUJPOPODPOTVNFSCFIBWJPS BOEIFMQGVSUIFSJOWJHPSBUFSFTFBSDIBDUJWJUJFT#ZNBLJOHUIJTLJOEPGEBUBQVCMJD XFIPQFUPFODPVSBHFDPMMBCPSBUJPOBDSPTTUIFFOUJSFWBMVFDIBJOUPFOBCMFBDJSDVMBSFDPOPNZ 
 5IF3FVTF#VTJOFTT+PVSOBM l&TUJNBUFE.BSLFU4J[FPGUIF3FVTF*OEVTUSZz WFSTJPO 0WFSBMMQJDUVSFPGUIFQSJDFJOEFY
  78. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 78 3FTVMUTPG':JOJUJBUJWFT&YQBOEJOH.FSD a SJ8PSLTIPQT 5PHFUIFSXJUIPVSQBSUOFST NBLJOH.FSD a SJ8PSLTIPQTNPSFXJEFMZBWBJMBCMF 
 GPSQFPQMFUPMFBSOIPXUPVTF.FSD a SJ 8FPGGFS.FSD a SJ8PSLTIPQT XIFSFPVSDFSUJGJFEJOTUSVDUPSTUFBDIBOENBLFJUFBTZUPVTF.FSD a SJ*O': XFQBSUOFSFEXJUI/55%PDPNP %PDPNPTIPQT BOE 8FMDJBUPNBLFUIFTFXPSLTIPQTBWBJMBCMFBUBUPUBMPGBCPVU MPDBUJPOT4PGBS UIFZIBWFCFFOIFMEPWFS UJNFTBOEBUUFOEFECZBCPVU QFPQMF ڌ఺਺ ։࠵ճ਺ डߨऀ਺       "CPVU  MPDBUJPOT 0WFS  UJNFT "CPVU QFPQMF "CPVUMPDBUJPOT 0WFS UJNFT "CPVU QFPQMF "TPG"QSJM /VNCFSPGBUUFOEFFT /VNCFSPGUJNFTIFME /VNCFSPGMPDBUJPOT
  79. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 79 3FTVMUTPG':JOJUJBUJWFT*OTUBMMJOH.FSD a SJ1PTUT 4JODF XFIBWFCFFOJOTUBMMJOH.FSD a SJ1PTUTBUDPOWFOJFODFTUPSFT ESVHTUPSFT  
 BOEPUIFSMPDBUJPOTOBUJPOXJEFUPPGGFSVTFSTBDPOUBDUMFTTPQUJPOPGTIJQQJOHUIFJSJUFNT 4JODFJUTMBVODIJO XFIBWFCFFOFYQBOEJOHPVS.FSD a SJ1PTUTFSWJDFUPMPDBUJPOTOBUJPOXJEF JODMVEJOHDPOWFOJFODFTUPSFT ESVHTUPSFT BOETVQFSNBSLFUT 5IJTTFSWJDFPGGFSTBTJNQMFBOEDPOUBDUMFTTTIJQQJOHNFUIPEUPVTFST BMMPXJOHUIFNUPTIJQJUFNTXJUIPVUIBWJOHUPMJOFVQBUUIFDBTISFHJTUFS )BWJOHNPSF.FSD a SJ1PTUMPDBUJPOTJTOPUKVTUDPOWFOJFOUGPSPVSVTFSTŠCVTJOFTTFTMJLFTVQFSNBSLFUTBMTPCFOFGJU BTJUNFBOTNPSFDVTUPNFSTBSFWJTJUJOHUIFJSTUPSFT
  80. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 80 QIPUP QIPUP 3FTVMUTPG':JOJUJBUJWFT&YQBOEJOH.FSD a SJ4UBUJPOT 1BSUOFSJOHXJUIDPNQBOJFTUPJNQSPWFVTFSFYQFSJFODF 5IFSFBSFBWBSJFUZPGTFSWJDFTPGGFSFE BUEJGGFSFOU.FSD a SJ4UBUJPOT  JODMVEJOHTUBGGNFNCFSTXIPDBO IFMQWJTJUPSTSFHJTUFSPSMJTUJUFNTPO .FSD a SJ .FSD a SJ8PSLTIPQTUIBU TIBSFUIFEJGGFSFOUXBZTPGFOKPZJOH .FSD a SJ PS.FSD a SJ1PTUVOJUT BWBJMBCMFGPSDPOUBDUMFTTTIJQQJOH*O ': XFBMTPGPSNFEOFX QBSUOFSTIJQTXJUIDPNQBOJFTTVDIBT .JTUFS.JOJU /55%PDPNP BOE )BLVZPTIB BOEBSFDPOEVDUJOH QSPPGPGDPODFQUTTPUIBUXFDBO JNQSPWFUIFVTFSFYQFSJFODFBOE FODPVSBHFGVSUIFSVTFPGPVSTFSWJDF
  81. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 81 3FTVMUTPG':JOJUJBUJWFT1SPPGPGDPODFQUGPSPVSQJDLVQBOEQBDLVQTFSWJDF #BTFEPOBTVSWFZDBSSJFEPVUJO"QSJMCZ%FOUTV .BDSPNJMM*OTJHIUPO NFOBOEXPNFOCFUXFFOUIFBHFT PGBOE #BTFEPOBTVSWFZDBSSJFEPVUPOVTFSTXIPIBWFOFWFS MJTUFEJUFNTPOUIF.FSD a SJNBSLFUQMBDFBQQ O  1SPPGPGDPODFQUQFSJPE.BZ  UP+VOF  $BSSZJOHPVUBQSPPGPGDPODFQUUPJNQSPWFUIFMJTUJOHFYQFSJFODFGPSVTFST CZFMJNJOBUJOHUIFPCTUBDMFPGOFFEJOHUPQBDLVQBOETIJQJUFNT *OBTVSWFZDPOEVDUFECZ.FSD a SJ XFGPVOEUIBUUIF OVNCFSPGVTFSTXIPBSFJOUFSFTUFEJOMJTUJOHJUFNTCVU IBWFOFWFSUSJFEJUJODSFBTFEUPNJMMJPO5IFNPTU DPNNPOSFBTPOGPSOPUMJTUJOHJUFNTXBTUIBUUIF QSPDFTTPGQBDLJOHVQBOETIJQQJOHUIFJUFNTTFFNT EJGGJDVMU $POTJEFSJOHUIFTFGJOEJOHT XFMBVODIFEBQSPPGPG DPODFQUGPSBQJDLVQBOEQBDLVQTFSWJDFJO DPMMBCPSBUJPOXJUI:BNBUP5SBOTQPSUJOTPNFBSFBTPG 5PLZP8IFOVTJOHUIJTTFSWJDF BMMTFMMFSTOFFEUPEPJT XBJUBUIPNFVOUJMUIFJSJUFNHFUTQJDLFEVQBOE TIJQQFEGPSUIFN
  82. 4VTUBJOBCJMJUZ 3FQPSU 82 .BUFSJBM5PQJD %JWFSTJUZ *ODMVTJPO

  83. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 83 %FWFMPQJOHJODMVTJWFQSPEVDUTBOETFSWJDFT $PMVNO l5IBOLTUP.FSD a SJ XFIBWFNPSFPQUJPOTUPDIPPTFGSPNPOUIJTJTMBOEz $PPM5"2#*/JT:BNBUP5SBOTQPSU`TSFGSJHFSBUFEGSFJHIUTFSWJDF5IFSFJTBDIJMMFEUZQFUIBUTIJQTQSPEVDUTBUBUFNQFSBUVSFPGrˆBOEBGSP[FOUZQFUIBUTIJQTBUˆPSCFMPX 3FGSJHFSBUFE:V1BDLJT+BQBO1PTU`TSFGSJHFSBUFEGSFJHIUTFSWJDF*UEFMJWFST:V1BDLQBSDFMTUIBUTIPVMECFLFQUDPPMVOEFSBSFGSJHFSBUFEUFNQFSBUVSF The Ohiras are a couple living on Chichijima of the Ogasawara Islands. They often use Merc a ri to buy vegetables, and on the weekends, they enjoy planting seedlings they bought on Merc a ri. They also found their car on Merc a ri, which they use to move around the island. We asked these two avid Merc a ri users what kind of tips they have for using our service. How did you fi rst start buying vegetables on Merc a ri? I wanted to gift some fava beans to my mom for Mother’s Day, but most of the sites I found were selling them using Cool TA-Q-BIN1, which can’t be sent to Ogasawara. That’s when I found a farmer who sells fava beans on Merc a ri, and ships them without using Cool TA-Q- BIN. Some farmers I know told me that it shouldn’t be a problem to ship them at room temperature, so I asked the seller to do so, telling them I live on a remote island. I thought it was great how I could communicate directly with the seller and ask them for certain requests, and so from that point on, I started buying other vegetables on Merc a ri, as well as seedlings to farm. Why Merc a ri over your local supermarket? 
 The produce sold at supermarkets go through the long process of getting shipped out by the farmer, handled by some intermediaries, and then being put on a boat and delivered to the market—so they just aren’t very fresh. However, the vegetables I buy on Merc a ri get sent to me straight from the farmer without going through all those steps, so most of them are fresher than the produce sold at our local supermarkets. I’d say I can get vegetables on Merc a ri three to four days faster than if I were to get them at the market. So by using Merc a ri, I’ve been able to get my hands on great things that aren’t sold on the island. It’s nice that I now have options that otherwise were not available to me living on Chichijima. Many online shops won’t ship all the way to Ogasawara for reasons like reduced freshness, but on Merc a ri, if I negotiate with sellers and explain my situation, they do their best to send me their products. Another great thing is that I’m able to get reliable advice directly from the sellers, who are experts on the vegetables they are selling. *OUFSWJFXLeo Ohira + Ayako Ohira Over 7 years of experience using Merc a ri. Live on Chichijima of the Ogasawara Islands. Avid Merc a ri users, mainly buying vegetable seedlings and listing clothes and books they no longer need. Through communicating with sellers on Merc a ri and looking at their pro fi les, I’m able to meet dedicated farmers who are passionate about growing their vegetables, see which vegetables they recommend, and buy and enjoy those vegetables. Is there a transaction you had with a farmer that stood out to you in particular? There was one farmer who asked if they can send me their vegetables both at room temperature and using Refrigerated Yu-Pack2. They wanted to check how fresh the vegetables would be by the time they arrived in Ogasawara. There was also a farmer who sent me a bunch of their vegetables, saying they’d send me more if they were not fresh when they arrived. The boat that ships things to Ogasawara only departs once a week, so it takes any item at least a week to get here. These transactions made me realize how much the sellers care, and how considerate they are of the people who buy their products. I think it’s really something unique to C2C transactions. 
 There was another time where a farmer in Hokkaido sent me a lot more potatoes than I ordered, because they had some left over. They sent me these extra potatoes out of kindness, since on Merc a ri, the weight of the package doesn’t matter. It’s a fl at shipping fee no matter where you’re shipping to, as long as the size of the Merc a ri Shipping box is the same. I was really impressed that Merc a ri Shipping is o ff ered at such a reasonable and fl at fee nationwide, since other sites usually refuse or charge more to ship to remote islands. Through communicating with these farmers, I’ve been able to meet lots of nice, generous people and enjoy many heartwarming moments.
  84. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 84 Source: $SFBUJOHB#FOF fi UT4ZTUFNUP4IPX"QQSFDJBUJPOUP.FNCFST"O*OUFSWJFX8JUI'PVS.FSDJ#PY6TFST %JWFSTJUZBOEJODMVTJPOJOUIFDPNQBOZ $PMVNO "U.FSD a SJ XFIBWFWBSJPVT)3TZTUFNTUPIFMQPVSEJWFSTFNFNCFSTNBYJNJ[FUIFJSQPUFOUJBM Πϥετʁࣸਅʁ :VNB,VNBUB $SFBUJWF5FBN Below are some excerpts from an interview we had with four of our members who have taken childbirth/childcare leave using our bene fi ts system Merci Box, come back from leave, or are working remotely utilizing our Your Choice policy. ʔ Merci Box 
 Kumata: There are many options and it depends on each person, but I personally am very glad I took childcare leave, because I was able to be there for important milestones, like when my kid fi rst rolled over. A big reason I took childcare leave was because it was always a dream of mine to raise my own kids. Work is important, but I want to enjoy raising my kids, too! .BOBNJ)JSBUB 1SPEVDU.BOBHFNFOU5FBN )JTBP"LBHBXB $SFBUJWF5FBN /BUTVNJ0IZBNB 
 4VTUBJOBCJMJUZ5FBN ʔ Merci Box Hirata: I think Merc a ri is a very family-friendly workplace. There have been more bene fi ts to provide support not just for childbirth, but for fertility treatments as well. I feel that the company wants its employees to prioritize their own happiness. So as employees, we should feel comfortable making full use of the bene fi ts, and then fully support the business when we are working. ʔ Worries during childbirth/childcare leave 
 Akagawa: For me, both my wife and I were taking childcare leave at the same time, so I was worried if we’d have enough income. Before going on leave, I kept thinking to myself, “Am I really going to be able to commit myself fully to childcare, just because I take time o ff ?” or “Wouldn’t it be better for our family if I keep working and bring home money instead?” However, Merci Box helped me decide to take short-term leave, since it o ff ers some fi nancial support to parents after returning from childcare leave. Without this system, I might have not been comfortable taking leave. ʔ Your Choice policy Ohyama: Up until now, I thought moving to a remote island was not possible until after I retire. However, thanks to Your Choice, I was able to make this dream a reality, while also continuing to work at Merc a ri. I’m grateful for being able to work in this kind of environment, where I can take breaks during the day to decompress at the beach or in the mountains, without needing to travel far.
  85. 4VTUBJOBCJMJUZ 3FQPSU 4VTUBJOBCJMJUZBU.FSD a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO

     -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU .FSD a SJMBVODIFEUIFTPGUXBSFFOHJOFFSJOHUSBJOJOHQSPHSBN#VJME!.FSD a SJJO JOUIFIPQFTPGBEESFTTJOHTPNFPGUIFJTTVFTUIBUGBDFUIFUFDIJOEVTUSZ  TVDIBTIPXXPNFONBLFVQPOMZPGTPGUXBSFFOHJOFFST BTXFMMBTUIF PWFSBMMUFDIUBMFOUTIPSUBHFJO+BQBO8FIPQFUIJTQSPHSBNDBOCFBUMFBTUB TNBMMTUFQUPXBSEQSPNPUJOHEJWFSTJUZJODMVTJPOBDSPTTPVSJOEVTUSZ5IJTZFBS  XFXJMMBMTPCFQSPWJEJOHGSFFPOMJOFUSBJOJOHQSPHSBNTUPBCPVUQFPQMF )FME #VJME!.FSD a SJ   B TPGUXBSF FOHJOFFSJOH USBJOJOHQSPHSBNGPSNJOPSJUJFTJOUIFUFDIJOEVTUSZ 85 %JWFSTJUZBOEJODMVTJPOJOUIFDPNQBOZ +BQBO*OGPSNBUJPO5FDIOPMPHZ4FSWJDFT*OEVTUSZ"TTPDJBUJPO`Tl#BTJD4UBUJTUJDBM4VSWFZPOUIF*OGPSNBUJPO4FSWJDFT*OEVTUSZ &EJUJPOz .BSDI 5ISPVHIUIJTQBSUOFSTIJQ XFQMBOUPDSFBUFBDVSSJDVMVNGPS,BNJZBNB .BSVHPUP,PTFOUIBUJODPSQPSBUFTUIFLOPXMFEHFPG.FSD a SJ`T%*FGGPSUTUP IFMQUIFTDIPPMEFWFMPQlQFPQMFXIPNBLFBOJNQBDUUISPVHIUIFQPXFSPG DSFBUJOHUIJOHTz &YFDVUFEBQBSUOFSTIJQGPSFEVDBUJPOXJUI,BNJZBNB .BSVHPUP,PTFO UFOUBUJWFOBNF UPQSPNPUF%* • Initiatives completed so far: • Donated 100 million yen using the corporate Furusato Nozei program (Japan’s hometown tax donation program) • Held workshops and events for school stakeholders to share Merc a ri’s knowledge related to D&I • Jointly held unconscious bias workshops • Gave a lecture at the Schools of the Future Festival put on by Kamiyama Marugoto Kosen • Initiatives in the works: • Dispatch Merc a ri employees as lecturers at Kamiyama Marugoto Kosen’s Summer School Program • Jointly design special classes to promote D&I and invite employees to give lectures once the school opens • Hold regular meetings to exchange opinions • Note: This information is subject to change based on future discussions. •Program outline: • A software engineer training program made up of the Build Training Program and the Build Internship • In the fi rst half, trainees will participate in the Build Training Program, which covers topics such as data structures and algorithms. Once they learn the essential technical skills, those who pass the screening process will move on to the Build Internship. "QQMZJOH%*JOEFWFMPQJOHUIFOFYUHFOFSBUJPOPGUBMFOU
  86. 4VTUBJOBCJMJUZ 3FQPSU 86 .BUFSJBM5PQJD -PDBM Empowerment

  87. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 87 ':JOJUJBUJWFT"HSFFNFOUTBOEQBSUOFSTIJQTXJUIMPDBMHPWFSONFOUT QIPUP -JTUPGMPDBMHPWFSONFOUT ˔1SFGFDUVSFT   ,BOBHBXB1SFGFDUVSF .JF1SFGFDUVSF ,VNBNPUP1SFGFDUVSF (VONB1SFGFDUVSF 0JUB 1SFGFDUVSF 8BLBZBNB1SFGFDUVSF ˔$JUJFT   (JGV$JUZ (JGV 4FOEBJ$JUZ .JZBHJ $IJCB$JUZ $IJCB .JOPP$JUZ 0TBLB ,PCF$JUZ )ZPHP 'VLVPLB$JUZ 'VLVPLB ,BNBLVSB$JUZ ,BOBHBXB ,BTIJNB$JUZ *CBSBLJ  /BNFHBUB$JUZ *CBSBLJ 'VOBCBTIJ$JUZ $IJCB 4FUP$JUZ "JDIJ 6O[FO$JUZ /BHBTBLJ )PLVUP$JUZ :BNBOBTIJ :BNBHBUB$JUZ :BNBHBUB (BNBHPSJ$JUZ "JDIJ ,BNP$JUZ /JJHBUB 5PLVTIJNB$JUZ 5PLVTIJNB .JZBLPOPKP$JUZ .JZB[BLJ  ,VXBOB$JUZ .JF 3JLV[FOUBLBUB$JUZ *XBUF ,BXBOJTIJ$JUZ )ZPHP .BUTVTBLB$JUZ .JF 'VKJJEFSB$JUZ 0TBLB .BUTVEP$JUZ $IJCB 5PTIJNB$JUZ 5PLZP 4FUBHBZB$JUZ 5PLZP :BP$JUZ 0TBLB 5BOBCF$JUZ 8BLBZBNB "NBNJ$JUZ ,BHPTIJNB ,BOPZB $JUZ ,BHPTIJNB "OOBLB$JUZ (VONB  ˔5PXOTBOE7JMMBHFT   :BNBEB5PXO *XBUF ,BXBNBUB5PXO 'VLVTIJNB 5PNJPLB5PXO 'VLVTIJNB *JUBUF 7JMMBHF 'VLVTIJNB 0LVNB5PXO 'VLVTIJNB /BSBIB5PXO 'VLVTIJNBʣ 5IFTFBSFMPDBMHPWFSONFOUTUIBUIBWFFOUFSFEJOUPBOBHSFFNFOUPSTPNFLJOEPGCVTJOFTTQBSUOFSTIJQXJUI .FSD a SJ .FSQ a Z PS4PV[PIBTPG+VOF 4FFUIJTQBHFGPSUIFNPTUVQEBUFEMJTUPGQBSUOFSTIJQT .FSD a SJ(SPVQ .FSD a SJ .FSQ a Z BOE4PV[PI IBTFOUFSFEJOUPBHSFFNFOUTBOECVTJOFTTQBSUOFSTIJQT XJUIMPDBMHPWFSONFOUTBDSPTT+BQBO
  88. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY $PMVNO 88 "TLJOH(BNBHPSJ$JUZ8IBU`TJUMJLFUPXPSLXJUI.FSD a SJ  (BNBHPSJ$JUZBJNTUPCFDPNFBDJSDVMBSDJUZUIBUQSPNPUFTUIFUSBOTJUJPOUP BDJSDVMBSFDPOPNZ8FXBOUUPCVJMEBDJUZPGIPQFBOEIBQQJOFTTUIBUPVS SFTJEFOUTBSFQSPVEUPCFBQBSUPG XIJMFDPOUSJCVUJOHUPUIFSFBMJ[BUJPOPGB TVTUBJOBCMFTPDJFUZ *O"QSJM XFTJHOFEBDPNQSFIFOTJWFQBSUOFSTIJQBHSFFNFOUXJUI .FSD a SJ *ODBOE4PV[PI *OD BTXFGFMUUIBUCPUITJEFTBSFXPSLJOHUPXBSEB DPNNPOHPBM4JODFUIFO XFIBWFCFFOBCMFUPXPSLUPHFUIFSPOWBSJPVT JOJUJBUJWFTŠGPS;FSP8BTUF%BZ .BZ UIJTZFBS XFMJTUFEPWFSTJ[FEHBSCBHF PO.FSD a SJ4IPQTUPQSFWFOUJUGSPNHPJOHUPEJTQPTBMTJUFT BOEBMTPIBOEFE PVU.FSD a SJ&DPCPYFTUPSFTJEFOUTPGPVSDJUZ 5ISPVHIUIFTFJOJUJBUJWFT *UIJOLXFXFSFBCMFUPFODPVSBHFBSFVTFNJOETFU BOETVTUBJOBCMFCFIBWJPSBNPOHPVSSFTJEFOUT'PSNFQFSTPOBMMZ UISPVHI XPSLJOHXJUIFWFSZPOFBU.FSD a SJ(SPVQ *XBTBMTPSFNJOEFEPGUIF JNQPSUBODFPGDPOUJOVJOHUPUIJOLBCPVUBOEDSFBUFWBMVFGPSUIFGVUVSFXF BSFFOWJTJPOJOH )JSPOPSJ4VHJVSB 
 $JSDVMBS$JUZ1SPNPUJPO5FBN 1PMJDZ1MBOOJOH4FDUJPO  (BNBHPSJ$JUZ1MBOOJOH%JWJTJPO
  89. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
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a SJ&DPCPYFTUPSFTJEFOUT PG(BNBHPSJ$JUZ "JDIJ BOE,BNP$JUZ /JJHBUB  )BOEJOHPVUGSFF.FSD a SJ&DPCPYFTUPMPDBMSFTJEFOUTBTB QSPPGPGDPODFQU )FMEXPSLTIPQTJO,BOBHBXB1SFGFDUVSF ,PCF$JUZ )ZPHP $IJCB$JUZ $IJCB 'VOBCBTIJ$JUZ $IJCB BOE(BNBHPSJ$JUZ "JDIJ 3VOOJOH.FSD a SJ8PSLTIPQT
  90. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 90 QIPUP ':JOJUJBUJWFT4PDJBMDPOUSJCVUJPOVTJOH.FSD a SJTBMFTXJUI.FSD a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`T&NFSHFODZ 'VOE 4BWFUIF$IJMESFO IBWFBMTPCFFOBEEFEUPUIFTFMFDUJPOPGSFDJQJFOUT5IFNPOFZEPOBUFEUP UIFTFGVOETTVQQPSUDIJMESFOJO6LSBJOFBOEUIFJSGBNJMJFTXIPBSFGBDJOHBTFSJPVTIVNBOJUBSJBO DSJTJT IBWJOHCFFOGPSDFEUPFWBDVBUFPSIBWJOHMPTUBDDFTTUPCBTJDOFFETMJLFXBUFSBOEFMFDUSJDJUZ BTXFMMBTPQQPSUVOJUJFTUPFEVDBUJPO .FSD a SJQSPWJEFTBTFSWJDFDBMMFE.FSD a SJ%POBUJPOT XIFSFVTFSTDBOEPOBUFUIFJSTBMFTCBMBODF UPBOPSHBOJ[BUJPOTVDIBTBMPDBMHPWFSONFOUPGUIFJSDIPPTJOH $VSSFOUMZ UIFSFBSFQPUFOUJBMSFDJQJFOUTUPDIPPTFGSPNJOUIJTQSPHSBN
  91. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 91 QIPUP .FSD a SJ4IPQT "GUFSUIFGVMMTDBMFMBVODIPO0DUPCFS   UIFSFXFSFPWFS TIPQTPQFOFEJOUIFGJSTUTJYNPOUIT 'JSTUPOMJOFTIPQ 
 'PSPWFSIBMGPGTIPQPXOFST .FSD a SJ4IPQTXBTUIFJSGJSTUUJNF PQFOJOHBOPOMJOFTIPQ )FMEPWFSTFNJOBSTUPTVQQPSUCVTJOFTTPXOFST PQFOJOHPOMJOFTIPQTPO.FSD a SJ4IPQT "UUIFTFTFNJOBST XFHPPWFSUIFLFZQPJOUTBOEJNQPSUBODF PGPQFOJOHBOPOMJOFTIPQ BTXFMMBTUFBDIMPDBMTNBMMCVTJOFTTPXOFST IPXUPMJTUQSPEVDUTPSPQFOBTIPQPO.FSD a SJ4IPQT UPIFMQUIFNUBLFUIFJSCVTJOFTTFTPOMJOF 'SPNBTVSWFZDPOEVDUFEPG.FSD a SJ4IPQTTIPQPXOFSTJO+VMZ 4VQQPSUJOHMPDBMCVTJOFTTFTUPPQFOPOMJOFTIPQT XJUI.FSD a SJ4IPQT
  92. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 92 &YBNQMFTPGPVS.FSD a SJ4IPQTJOJUJBUJWFT  'FBUVSJOHTIPQTGSPNUISFF 5PIPLVQSFGFDUVSFTUPTVQQPSU UIFJSEJTBTUFSSFMJFGFGGPSUT "TBQBSUPGPVSFGGPSUTUPTVQQPSUBSFBTTUJMM SFDPWFSJOHGSPNUIF(SFBU&BTU+BQBO&BSUIRVBLF ZFBSTBHP XFMBVODIFEl'FBUVSFE4IPQT 4VQQPSUJOHUIF3FMJFG&GGPSUTPG5ISFF5PIPLV 1SFGFDUVSFTz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
  93. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 93 &YBNQMFTPGPVS.FSD a SJ4IPQTJOJUJBUJWFT  4FMMJOHQSPEVDUTNBEFBU WPDBUJPOBMDFOUFSTGPSQFPQMF XJUIEJTBCJMJUJFT /BOBJSP4IPQJTB4VQQPSUGPS$POUJOVPVT &NQMPZNFOU5ZQF"#VTJOFTTJO/JIPNNBUTV$JUZ  'VLVTIJNB UIBUTFMMTIBOENBEFBDDFTTPSJFTBOE QSPEVDUTNBEFCZUIFXPSLFSTXIPVTFUIFJSTFSWJDF 5IFTFXPSLFSTBSFJODIBSHFPGNPTUPGUIFQSPDFTT  GSPNUBLJOHUIFQIPUPTUPNBOBHJOHBDDPVOUMFEHFST 5IFJSTIPQJTMPWFECZNBOZ XJUIPWFSGPMMPXFST BOENPSFUIBOSBUJOHT )PMEJOHQSPNPUJPOTPO(PPE .FBU%BZBOE'JTI%BZ %VFUPUIF$07*%QBOEFNJD NFBUTVQQMJFSTIBE GFXFSPQQPSUVOJUJFTUPTFMMXIPMFTBMFUPSFTUBVSBOUT BOESFUBJM5PTVQQPSUUIFNFBUJOEVTUSZBOECPPTU UIFJSPOMJOFQSFTFODF XFIFMEQSPNPUJPOTUPDPJODJEF XJUI(PPE.FBU%BZ  "EEJUJPOBMMZ PO'JTI%BZ  XFMBVODIFE3FGSJHFSBUFE.FSD a SJ4IJQQJOHŠUIF GJSTUTFSWJDFPGJUTLJOEMBVODIFECZBOZPGUIFNBJOF DPNNFSDFTJUFTJO+BQBOŠUPTVQQPSUCVTJOFTT PQFSBUPSTJOUIFGJTIFSJFTJOEVTUSZFYQBOEUIFJSNBSLFU SFBDIXJUIBOPOMJOFQSFTFODF 0QFOJOHQPQVQTIPQTBUSFTU TUPQT 8FMJTUFEFRVJQNFOUPO.FSD a SJ4IPQTGSPNTDIPPMT UIBUDMPTFEEPXOJO:BNBEB5PXO *XBUF BOE4FUP $JUZ "JDIJ 'PSFYBNQMF XFMJTUFEBOETPMEWBSJPVTJUFNTUIBU XFOUVOVTFEBGUFSBOFMFNFOUBSZTDIPPMBOENJEEMF TDIPPMXFSFNFSHFEUPHFUIFSŠUIFTFJODMVEFETNBMM UBJLPESVNT XPPEFODIBJSTGSPNUIFBSUTBOEDSBGUT SPPNT CFBLFSTBOEPUIFSTDJFODFTVQQMJFT BOE CPPLTGSPNUIFMJCSBSZUIBUXFSFHPJOHUPCFUISPXO BXBZ BNPOHPUIFSJUFNT5IFTFTBMFTBSFCFJOH VTFEBTGVOETGPSUIFMPDBMHPWFSONFOU
  94. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 94 QIPUP *NZTFMGXBTBMSFBEZB.FSD a SJVTFS TPUIFSFHJTUSBUJPOQSPDFTTXBTTNPPUIBOE FBTZ0VSTIPQSFHJTUFSFETFWFSBMJUFNT CVUUIF5BDIJCBOB#BZ4OBDLTTFSJFT XBTUIFGJSTUUPHBJOQPQVMBSJUZ5IBOLTUPBMMUIFMJLFTUIFZXFSFHFUUJOH NBOZ QFPQMFGPVOEBOECPVHIUUIFTFTOBDLT0VS5FOZPNBSV3F/FUBMTPDPOUJOVFTUP CFPOFPGPVSCFTUTFMMFST8FBSFEPJOHPVSCFTUUPUIJOLPVUTJEFUIFCPYBOE OPUMJNJUPVSTFMWFTUPCFJOHKVTUBGJTIJOHCVTJOFTT.FSD a SJ4IPQTNBLFTJUFBTZ GPSTIPQTUPDPNNVOJDBUFEJSFDUMZXJUICVZFST TPJU`TOJDFUPCFBCMFUPHFU EJSFDUGFFECBDLGSPNUIFN*U`TWFSZSFXBSEJOHGPSVTTIPQPQFSBUPST BOE NPUJWBUFTVTUPEPPVSCFTUUPEFWFMPQOFXQSPEVDUT &SJ5BLFTIJUB  PXOFSPG5FOZPNBSV4IPQJO/BHBTBLJ $PMVNO 8FBSFBQSJWBUFDPNNVOJUZGPDVTFEUSBEJOHDPNQBOZUIBUBJNTUPDSFBUFWBMVF JOTJEFBOEPVUTJEFUIFDPNNVOJUZ0VSCVTJOFTTJTGPDVTFEPOUXPLFZXPSET 4FUPVDIJBOEVEPO8FEFDJEFEUPPQFOBTIPQPO.FSD a SJ4IPQT UIJOLJOHJU XPVMEIFMQVTSFBDIFWFONPSFQFPQMF*GFFMMJLFCVTJOFTTFTXIPPQFOVQPOMJOF TIPQTPOMZBDUBTTFMMFST#VUUIFZ`SFCVTJOFTTFT TPUIFZTIPVMELOPXBCPVUBMM LJOETPGHSFBUQSPEVDUTBOEGJOET*GUIFSFJTHSFBUFSDPMMBCPSBUJPOCFUXFFOUIF TFMMFSTPO.FSD a SJ4IPQT *`NIPQJOHJUXJMMDSFBUFBMBSHFSNPWFNFOUPGTQBSLJOH NPSFMJGFJOUPUIFJOEVTUSZ BOEFWFOUVBMMZ UIFDPNNVOJUZz 5PNPIJSP,JUBHBXB  PXOFSPG4FUPVDIJ-PDBM.BSLFUJO,BHBXB 5IFWPJDFTPG.FSD a SJ4IPQTTIPQPXOFST
  95. 4VTUBJOBCJMJUZ 3FQPSU  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU 4VTUBJOBCJMJUZBU.FSD

    a SJ  $SFBUJOHB$JSDVMBS&DPOPNZ .JUJHBUJOH$MJNBUF$IBOHF  %JWFSTJUZ*ODMVTJPO  -PDBM&NQPXFSNFOU  4BGF 4FDVSF BOE'BJS 5SBOTBDUJPOT  $PSQPSBUF(PWFSOBODFBOE $PNQMJBODF 
 3FDPHOJUJPOCZ&YUFSOBM 0SHBOJ[BUJPOT &4(%BUB "QQFOEJY 95 ':JOJUJBUJWFT&YBNQMFTGSPNUIF,BTIJNB"OUMFST 4FUUJOHVQBQFSNBOFOUSFDZDMJOHESPQPGGGBDJMJUZ 8FIBE5PZP4FJLBO(SPVQTFUVQBQFSNBOFOUlFDPTUBUJPOzBUUIF,BTIJNB "OUMFST5TVLVCB"DBEFNZ$FOUFS#ZTPSUJOHBOEDPMMFDUJOHSFTPVSDFTBUUIJTOFX GBDJMJUZ XFIPQFUPIBWFUIFLJETBUUFOEJOHUIFBDBEFNZ BTXFMMBTUIFJSQBSFOUT BOEPUIFSDPNNVOJUZSFTJEFOUT FYQFSJFODFIPXQMBTUJDHFUTSFDZDMFEBOESFVTFE $IPPTJOHFDPGSJFOEMZQSPEVDUTUIBUBSFHPPEGPSUIFPDFBO 8FDIPTFUPVTFFDPGSJFOEMZ,BOFLB#JPEFHSBEBCMF1PMZNFS(SFFO1MBOFUä DVUMFSZ TUSBXT TQPPOT BOEGPSLT BUPVSTUBEJVN $MVCQBSUOFS 5PZP4FJLBO(SPVQ)PMEJOHT 0GGJDJBMDMVCQBSUOFS ,BOFLB$PSQPSBUJPO $POEVDUJOHCFBDIDMFBOVQT 8FDPOEVDUFECFBDIDMFBOVQTBMPOHUIFDPBTUPG ,BTIJNB$JUZUPSFEVDFUIFBNPVOUPGQMBTUJD EFCSJTJOUIFPDFBO"CPVUQFPQMFQBSUJDJQBUFE GSPN,BOFLB`TIFBERVBSUFSTBOE,BTIJNBGBDUPSZ 0GGJDJBMDMVCQBSUOFS,BOFLB$PSQPSBUJPO 0GGFSJOHDBSFFSTVQQPSUGPSNJEEMF TDIPPMFSTJOUIFDPNNVOJUZ 8FDPMMBCPSBUFEXJUIUIF#PBSEPG&EVDBUJPOJOUIF 3PLLPBSFBUPIPMEBUPUBMPGUISFFDBSFFSEFTJHO XPSLTIPQTGPSNJEEMFTDIPPMTUVEFOUTBUGJWF EJGGFSFOUTDIPPMT 5IF,BTIJNB"OUMFSTJTBJNJOHUPEFWFMPQUIFDJUZPG,BTIJNBBOEDSFBUFBDJSDVMBSFDPOPNZ UPHFUIFSXJUIDJUZSFTJEFOUT JUTQBSUOFSDPNQBOJFT BOETPDDFSGBOT
  96. .FSD a SJ *OD 3PQQPOHJ)JMMT.PSJ5PXFS 3PQQPOHJ  .JOBUPLV 5PLZP +BQBO

    ˜.FSD a SJ *OD