Indian Singers' Rights Association

CERTIFICATE OF REGISTRATION

INDIAN SINGERS’ RIGHTS ASSOCIATION

Registered Office : 2208, Lantana, Nahar Amrit Shakti, Chandivali, Andheri (E), Mumbai - 400 072. Corporate Office : 818, Crystal Paradise, Next to Janki Centre, Link Road, Andheri (W), Mumbai 400 053 Tel : 022 4010 4666 / 022 4012 3666 • Email : [email protected] • www.isracopyright.com CIN : U91100MH2013NPL242907

Printed & Designed by : S K Enterprise • 168/170 Modi Street, Opp. Fort Market, Fort, Mumbai - 400001 • Mob : 9930520421 Annual Report 2019-20 Community of Sing ntire ers o e e f In th di om a t i fr o BOARD OF ADVISORS al ou nj r a B h e d lo a v r e h d S

Padma Bhushan Shri S. P. Balasubrahmanyamji

LATA MANGESHKAR ASHA BHOSLE SURESH WADKAR (1946-2020) “Yaadein....”

TALAT AZIZ A HARIHARAN PANKAJ UDHAS ALKA YAGNIK SHAILENDRA SINGH

SPB Sir at the last ISRA AGM on 30-9-2019

SONU NIGAM KAVITA KRISHNAMURTHY D SRINIVAS SHAANTANU MUKHERJEE SANJAY TANDON

SPB Sir at the 1st Royalty Distribution of ISRA in Chennai on 13-4-2018 SPB Sir at the ISRA Bangalore BOARD OF DIRECTORS Chapter Meet in Bengaluru on 14-11-2019 Behind the Curtains –

SPB sir’s commitment towards Singers Rights being always present at meetings to bless ISRA with his wisdom and guidance

ANUP JALOTA SURESH WADKAR S P BALASUBRAHMANYAM UDIT NARAYAN KUMAR SANU

SPB Sir at the last ISRA Board meeting before lockdown on 17-03-2020 at Mumbai

SONU NIGAM SUDESH BHOSLE KAILASH KHER MAHALAXMI IYER SANJAY TANDON ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ INDIAN SINGERS’ RIGHTS ASSOCIATION /DQWDQD1DKDU$PULW6KDNWL&KDQGLYDOL$QGKHUL ( 0XPEDL &,180+13/7HO(PDLOLQIR#LVUDFRS\ULJKWFRP 127,&( 127,&(LVKHUHE\JLYHQWKDWWKH0HHWLQJRIWKH*HQHUDO%RG\RIWKH6RFLHW\ ZLOO EH KHOG DW ³(GHQ+DOO´7KH&ODVVLTXH&OXE%HKLQG,QILQLW\0DOO/LQN5RDG2VKLZDUD$QGKHUL : 0XPEDL RQ0RQGD\WK'HFHPEHUDWSPWRWUDQVDFWWKHIROORZLQJEXVLQHVV 25',1$5<%86,1(66 7RUHFHLYHFRQVLGHUDQGDGRSWWKH$XGLWHG%DODQFH6KHHWDVRQVW0DUFK6WDWHPHQWRI ,QFRPHDQG([SHQGLWXUHIRUWKH\HDUHQGHGRQWKDWGDWHDQGWKH$XGLWRUV5HSRUWWKHUHRQWRJHWKHU ZLWK WKH 'LUHFWRUV¶ 5HSRUW DV DSSURYHG E\ WKH %RDUG RI 'LUHFWRUV IRU WKH SHULRG HQGLQJ VW0DUFK 7RFRQVLGHUDQGLIWKRXJKWILWWRSDVVZLWKRUZLWKRXWPRGLILFDWLRQ V WKHIROORZLQJDV2UGLQDU\ 5HVROXWLRQ ³5(62/9('7+$7SXUVXDQWWR$UWLFOHRIWKH$UWLFOHVRI$VVRFLDWLRQRIWKH,QGLDQ6LQJHUV¶ 5LJKWV$VVRFLDWLRQ ³,65$´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´ 7KH0HPEHUVDUHUHTXHVWHGWRUHFRUGWKH5HJLVWUDWLRQRIVXFK1HZ PHPEHUV DQG &HVVDWLRQ RI PHPEHUOLVWRIZKLFKLVWREHIRXQGDWWKHHQGRIWKH$QQXDO5HSRUW 7RDSSRLQWD'LUHFWRULQSODFHRI0U6XUHVK:DGNDU ',1 WRWKHGLUHFWRUVKLSRIWKH &RPSDQ\ZKRUHWLUHVDWWKHHQGRIKLVWHUPEHLQJQRWHOLJLEOHIRUUHDSSRLQWPHQWSXUVXDQWWRWKH SURYLVLRQVRIWKH$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\

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

2019Ǧ20AnnualReportͳ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 63(&,$/%86,1(66 7RDPHQGDQGDSSURYHWKHIROORZLQJ7DULII6FKHPHVRIWKH&RPSDQ\7KH%RDUGUHFRPPHQGVWKH IROORZLQJ7DULIIVIRUEHLQJUHFHLYHGFRQVLGHUHGDQGDSSURYHGE\WKHPHPEHUVRIWKH&RPSDQ\ 7DULII1R$LUOLQHV 6FRSH 7KLV 7DULII LV DSSOLFDEOH WR WKH XWLOL]DWLRQH[SORLWDWLRQFRPPHUFLDO XVDJH RI WKH 3HUIRUPHUV 3HUIRUPDQFHVLQ$LUFUDIWV SXEOLFRUSULYDWHRUZKHWKHUIRUSXEOLFWUDQVSRUWDWLRQRUSULYDWHKLUHRU RWKHUZLVHRUZKHWKHUIRU6WDIIPHPEHUV E\$XGLRDQGRU$XGLR9LVXDOPHDQVWKURXJKDQ\0HGLXP RU DQ\ PHFKDQLFDO RU HOHFWURQLF GHYLFH RU WKURXJK :L)L LQFOXGLQJ WKURXJK UDGLR WHOHYLVLRQ7DEOHWIRUPVFUHHQUHFRUG&'WDSHSOD\HUVDQGGLJLWDOPXVLFVHUYLFH 5R\DOW\5DWHV 5R\DOW\3HU$LUFUDIWEDVHGRQWKH7RWDO)OHHWLUUHVSHFWLYHRILWVXVHRFFXSDQF\DVSHUEHORZ 5HJLVWHUHG3DVVHQJHU&DUU\LQJ&DSDFLW\)HH 5V *HQHUDO&RQGLWLRQV 7KHHDUOLHU7DULIIVWDQGVHIIHFWLYHIRUDOO5R\DOWLHVIDOOLQJGXHEHWZHHQWKHSHULRGVW-XQH WRVW0DUFK 7KLV7DULIIFRPHVLQWRIRUFHIURPVW$SULODQGDSSOLHVWRDOO5R\DOWLHVIDOOLQJGXHRQRU DIWHUVW$SULOWLOOWK-XQHXQOHVVDPHQGHGHDUOLHU 7KHUHZLOOEHDQXSZDUGUHYLVLRQE\HYHU\\HDURQDOOWKHVODEVWLOOWK-XQH 5R\DOW\VKDOOEHSDLGLQDGYDQFH,QFDVHRIDQQXDOUHQHZDOWKH5R\DOW\GXHVKDOOEHSDLG GD\VEHIRUHWKHVWDUWRIWKHSHULRGRIFOHDUDQFHDJUHHPHQWRQWKH7RWDO)OHHWDVH[LVWVDWWKH EHJLQQLQJRIWKHFOHDUDQFHDJUHHPHQWSHULRG$WWKHHQGRIWKHPRQWKSHULRGWKH8VHUVKDOO GHFODUHVXEPLWDQGSD\IRUWKHDGGLWLRQVPDGHGXULQJWKH\HDU,QWHUHVWRISDVKDOOEH OHYLHGIRUDQ\ODWHSD\PHQWV $OO5R\DOWLHVDUHH[FOXVLYHRIDOO9$7*677D[HV/HYLHV 1RQ&RPSOLDQW/LFHQVHHVZKRVHHNWRUHJXODUL]HSDVWLQIULQJHPHQWVYLRODWLRQVEUHDFKRI 6RFLHW\¶V ULJKWV DQG OLFHQVHV LQFOXGLQJ QRQFRPSOLDQFH ZLWK DJUHHPHQWV XVDJH ZLWKRXW FOHDUDQFHYH[DWLRXVOLWLJDWLRQVHWF DSHQDOW\RIRYHUWKHH[LVWLQJ7DULIIVKDOOEHDSSOLHG DWWKHGLVFUHWLRQRI6RFLHW\ 7KH8VHUQHHGVWRVXEPLWWKH3OD\OLVWXWLOL]HGGXULQJWKH\HDUWR,65$ZLWKLQGD\VRIWKH HQGRIWKHSHULRGRIWKH$JUHHPHQW7KLVLVDPDWHULDOFRQGLWLRQZKLFKPXVWEHIXOILOOHGE\WKH 8VHU 7KLV7DULIIVKDOODOZD\VEHJRYHUQHGE\6HFWLRQ$RIWKH&RS\ULJKW$FWUHDGZLWK5XOH RI WKH &RS\ULJKW 5XOHV DV DPHQGHG LQ DQG DV DPHQGHGIURPWLPHWRWLPH WKHUHDIWHU C 2019Ǧ20AnnualReportʹ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±5HWDLO2XWOHWV%DQNV 2IILFHV'RFWRU¶V&OLQLF&RQVXOWLQJ5RRPV+RVSLWDOV 1XUVLQJ+RPHV0HGLFDO5HVHDUFK&HQWHUV)DFWRULHV :RUNVKRSV([KLELWLRQV DQGDOOVXFK3UHPLVHVRIVXFKQDWXUH 6FRSH 7KLV 7DULII LV DSSOLFDEOH WR WKH XWLOL]DWLRQH[SORLWDWLRQFRPPHUFLDO XVDJH RI 3HUIRUPHUV 3HUIRUPDQFHVE\ZD\RIEDFNJURXQGIRUJHQHUDOHQWHUWDLQPHQWZLWKLQ5HWDLO2XWOHWVRIDQ\QDWXUH %DQNV 2IILFHV'RFWRUV&OLQLF&RQVXOWLQJ5RRPV+RVSLWDOV1XUVLQJ+RPHV0HGLFDO5HVHDUFK &HQWHUV)DFWRULHV:RUNVKRSV([KLELWLRQVDQGDOOVXFKSUHPLVHVRIVXFKQDWXUHE\$XGLRDQGRU $XGLR9LVXDOPHDQVWKURXJKDQ\0HGLXPRUDQ\PHFKDQLFDORUHOHFWURQLFGHYLFHRUWKURXJK :L)LLQFOXGLQJWKURXJKUDGLRWHOHYLVLRQ7DEOHWIRUPVFUHHQUHFRUG&'WDSHSOD\HUVDQG GLJLWDOPXVLFVHUYLFHHLWKHUIRUVWDIIPHPEHUVRUJHQHUDOSXEOLF 5HWDLO 2XWOHWV VKDOO PHDQ 6KRSV 6WRUHV $UFDGHV $PXVHPHQW $UFDGHV 0DOOV 0XOWLSOH[HV 6KRSSLQJ3OD]DV'HSDUWPHQWDOVWRUHV,7,QIRWHFK&HQWHUV3DUNV,QGXVWULHV6KRZURRPVDQGVXFK RWKHUFRPPHUFLDOSUHPLVHVRIVXFKQDWXUH 5R\DOW\5DWHV 5R\DOW\VKDOOEHFDOFXODWHG#5VSHUVTXDUHIHHWRIFDUSHWIORRUDUHDSHUDQQXPVXEMHFW WRDPLQLPXPRI5V )RU (YHQWV &RQFHUWV 3URJUDPV HWF RUJDQL]HG DQ\ZKHUH ZLWKLQ WKH 3UHPLVHV IRU VSHFLDO RFFDVLRQVOLNH+ROL&KULVWPDV1HZ

2019Ǧ20AnnualReport͵ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±+HDOWK&OXEV*\PV$HURELF&HQWHUV6DXQD%DWKV%HDXW\3DUORUV&OLQLFV +DLUGUHVVLQJ6DORQVDQGVXFKRWKHU3UHPLVHV 6FRSH 7KLV 7DULII LV DSSOLFDEOH WR WKH XWLOL]DWLRQH[SORLWDWLRQFRPPHUFLDO XVDJH RI 3HUIRUPHUV 3HUIRUPDQFHVE\ZD\RIEDFNJURXQGIRUJHQHUDOHQWHUWDLQPHQWZLWKLQ+HDOWK&OXEV*\PV$HURELF &HQWHUV6DXQD%DWKV%HDXW\3DUORUV&OLQLFV+DLUGUHVVLQJ6DORQVDQGVXFKRWKHU3UHPLVHVE\ $XGLRDQGRU$XGLR9LVXDOPHDQVWKURXJKDQ\0HGLXPRUDQ\PHFKDQLFDORUHOHFWURQLFGHYLFH RUWKURXJK:L)LLQFOXGLQJWKURXJKUDGLRWHOHYLVLRQ7DEOHWIRUPVFUHHQUHFRUG&'WDSH SOD\HUVDQGGLJLWDOPXVLFVHUYLFHHLWKHUIRUVWDIIPHPEHUVFOXEPHPEHUVRUJHQHUDOSXEOLF 5R\DOW\5DWHV 5R\DOW\VKDOOEHFDOFXODWHG#5HSHUVTXDUHIHHWRIFDUSHWIORRUDUHDSHUDQQXPVXEMHFWWRD PLQLPXPRI5V *HQHUDO&RQGLWLRQV 7KHHDUOLHU7DULIIVWDQGVHIIHFWLYHIRUDOO5R\DOWLHVIDOOLQJGXHEHWZHHQWKHSHULRGVW-XQH WRVW'HFHPEHU 7KLV7DULIIFRPHVLQWRIRUFHIURPVW-DQXDU\DQGDSSOLHVWRDOO5R\DOWLHVIDOOLQJGXHRQ RUDIWHUVW-DQXDU\WLOOWK-XQHXQOHVVDPHQGHGHDUOLHU 7KHUHZLOOEHDQXSZDUGUHYLVLRQE\HYHU\\HDURQDOOWKHVODEVWLOOWK-XQH 5R\DOW\VKDOOEHSDLGLQDGYDQFH,QFDVHRIDQQXDOUHQHZDOWKH5R\DOW\GXHVKDOOEHSDLG GD\VEHIRUHWKHVWDUWRIWKHSHULRGRIFOHDUDQFHDJUHHPHQW,QWHUHVWRISDVKDOOEHOHYLHG IRUDQ\ODWHSD\PHQWV $OO5R\DOWLHVDUHH[FOXVLYHRIDOO9$7*677D[HV/HYLHV 1RQ&RPSOLDQW/LFHQVHHVZKRVHHNWRUHJXODUL]HSDVWLQIULQJHPHQWVYLRODWLRQVEUHDFKRI 6RFLHW\¶V ULJKWV DQG OLFHQVHV LQFOXGLQJ QRQFRPSOLDQFH ZLWK DJUHHPHQWV XVDJH ZLWKRXW FOHDUDQFHYH[DWLRXVOLWLJDWLRQVHWF DSHQDOW\RIRYHUWKHH[LVWLQJ7DULIIVKDOOEHDSSOLHG DWWKHGLVFUHWLRQRI6RFLHW\ 7KH8VHUQHHGVWRVXEPLWWKH3OD\OLVWXWLOL]HGGXULQJWKH\HDUWR,65$ZLWKLQGD\VRIWKH HQGRIWKHSHULRGRIWKH$JUHHPHQW7KLVLVDPDWHULDOFRQGLWLRQZKLFKKDVWREHIXOILOOHGE\ WKH8VHU 7KLV7DULIIVKDOODOZD\VEHJRYHUQHGE\6HFWLRQ$RIWKH&RS\ULJKW$FWUHDGZLWK5XOH RI WKH &RS\ULJKW 5XOHV DV DPHQGHG LQ DQG DV DPHQGHGIURPWLPHWRWLPH WKHUHDIWHU

2019Ǧ20AnnualReportͶ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±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

2019Ǧ20AnnualReportͷ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±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¶V ULJKWV DQG OLFHQVHV LQFOXGLQJ QRQFRPSOLDQFH ZLWK DJUHHPHQWV XVDJH ZLWKRXW FOHDUDQFHYH[DWLRXVOLWLJDWLRQVHWF DSHQDOW\RIRYHUWKHH[LVWLQJ7DULIIVKDOOEHDSSOLHG DWWKHGLVFUHWLRQRI6RFLHW\ 7KH8VHUQHHGVWRVXEPLWWKH3OD\OLVWXWLOL]HGGXULQJWKH\HDUWR,65$ZLWKLQGD\VRIWKHHQG RIWKHSHULRGRIWKH$JUHHPHQW7KLVLVDPDWHULDOFRQGLWLRQZKLFKPXVWEHIXOILOOHGE\WKH8VHU 7KLV7DULIIVKDOODOZD\VEHJRYHUQHGE\6HFWLRQ$RIWKH&RS\ULJKW$FWUHDGZLWK5XOH RI WKH &RS\ULJKW 5XOHV DV DPHQGHG LQ DQG DV DPHQGHG IURP WLPH WR WLPH WKHUHDIWHU

2019Ǧ20AnnualReport͸ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±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x 7DULII1RZRXOG$SSO\ LL )RU*\PV6SDV+HDOWK&OXEV$HURELF&HQWHUV6DXQD%DWKV%HDXW\&OLQLFVDQG DOOVXFK3UHPLVHVRIVXFKQDWXUH x 7DULII1RZRXOG$SSO\ LLL )RU'LVFRWKHTXHV&OXEV3XEV 1LJKW&OXEVDQGDOOVXFK3UHPLVHVRIVXFKQDWXUH x 7DULII1RZRXOG$SSO\ LY )RU(YHQWV&RQFHUWV3URJUDPVHWFLQFOXGLQJWKRVHKDYLQJ'-V x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¶3HUIRUPDQFHVYLDDQ\DQGHYHU\ PHDQVH[FHSW(YHQWV&RQFHUWV3URJUDPVHWFRUJDQL]HGE\UG3DUWLHVDQ\ZKHUHZLWKLQWKH +RWHO3UHPLVHVIRUZKLFKDSHUHYHQW&OHDUDQFHQHHGVWREHREWDLQHGDVSHU7DULII +RZHYHU IRU (YHQWV &RQFHUWV 3URJUDPV HWF RUJDQL]HG DQ\ZKHUH ZLWKLQ WKH +RWHO 3UHPLVHV IRU VSHFLDO RFFDVLRQV OLNH +ROL &KULVWPDV 1HZ

2019Ǧ20AnnualReport͹ ,QGLDQ6LQJHUV¶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¶V ULJKWV DQG OLFHQVHV LQFOXGLQJ QRQFRPSOLDQFH ZLWK DJUHHPHQWV XVDJH ZLWKRXW FOHDUDQFHYH[DWLRXVOLWLJDWLRQVHWF DSHQDOW\RIRYHUWKHH[LVWLQJ7DULIIVKDOOEHDSSOLHG DWWKHGLVFUHWLRQRI6RFLHW\ 7KH8VHUQHHGVWRVXEPLWWKH3OD\OLVWXWLOL]HGGXULQJWKH\HDUWR,65$ZLWKLQGD\VRIWKHHQG RIWKHSHULRGRIWKH$JUHHPHQW7KLVLVDPDWHULDOFRQGLWLRQZKLFKPXVWEHIXOILOOHGE\WKH8VHU 7KLV7DULIIVKDOODOZD\VEHJRYHUQHGE\6HFWLRQ$RIWKH&RS\ULJKW$FWUHDGZLWK5XOH RI WKH &RS\ULJKW 5XOHV DV DPHQGHG LQ DQG DV DPHQGHG IURP WLPH WR WLPH WKHUHDIWHU

2019Ǧ20AnnualReportͺ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±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in addition to payment of the Royalty as per (1) to (3) above, there will be an additional charge of Rs. 1,00,000/- per songVR8WLOL]HG *HQHUDO&RQGLWLRQV 7KHHDUOLHU7DULIIVWDQGVHIIHFWLYHIRUDOO5R\DOWLHVIDOOLQJGXHEHWZHHQWKHSHULRGVW-XQH WRVW'HFHPEHU 7KLV7DULIIFRPHVLQWRIRUFHIURPVW-DQXDU\DQGDSSOLHVWRDOO5R\DOWLHVIDOOLQJGXHRQ RUDIWHUVW-DQXDU\WLOOWK-XQHXQOHVVDPHQGHGHDUOLHU 7KHUHZLOOEHDQXSZDUGUHYLVLRQE\HYHU\\HDURQDOOWKHVODEVWLOOWK-XQH 5R\DOW\VKDOOEHSDLGLQDGYDQFHEHIRUHWKH(YHQW&RQFHUW3URJUDPHWFVWDUWV)RUDQ\XUJHQW DQG LPPHGLDWH DSSOLFDWLRQ PDGH RQ D 6DWXUGD\6XQGD\+ROLGD\ VKDOO DWWUDFW DQ DGGLWLRQDO ³8UJHQF\)HHV´RI5V$Q\(YHQW&RQFHUW3URJUDPHWFWKDWVWDUWVZLWKRXWDQ,65$ &ROOHFWLRQ&OHDUDQFH&HUWLILFDWH ³&´ VKDOOEHWUHDWHGDVDQ,QIULQJHPHQWRI&RS\ULJKWXQGHU WKH&RS\ULJKW$FWDQGD3HQDOW\RI5VIRUVXFK(YHQW&RQFHUW3URJUDPHWF VKDOOEHSD\DEOHE\WKH8VHURUWKH3UHPLVH2ZQHU,QWHUHVWRISDVKDOOEHOHYLHGIRUDQ\ ODWHSD\PHQWV $OO5R\DOWLHVDUHH[FOXVLYHRIDOO9$7*677D[HV/HYLHV 1RQ&RPSOLDQW/LFHQVHHVZKRVHHNWRUHJXODUL]HSDVWLQIULQJHPHQWVYLRODWLRQVEUHDFKRI 6RFLHW\¶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Ǧ20AnnualReportͻ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±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rice of the Least Priced Drink on the Menu Card of the Unit per dayVXEMHFWWRDPLQLPXPRI5VSD (J ,I WKH /HDVW 3ULFHG 'ULQN LV ³0LQHUDO :DWHU´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¶V ULJKWV DQG OLFHQVHV LQFOXGLQJ QRQFRPSOLDQFH ZLWK DJUHHPHQWV XVDJH ZLWKRXW FOHDUDQFHYH[DWLRXVOLWLJDWLRQVHWF DSHQDOW\RIRYHUWKHH[LVWLQJ7DULIIVKDOOEHDSSOLHG DWWKHGLVFUHWLRQRI6RFLHW\ 7KH8VHUQHHGVWRVXEPLWWKH3OD\OLVWXWLOL]HGGXULQJWKH\HDUWR,65$ZLWKLQGD\VRIWKH HQGRIWKHSHULRGRIWKH$JUHHPHQW7KLVLVDPDWHULDOFRQGLWLRQZKLFKPXVWEHIXOILOOHGE\WKH 8VHU 7KLV7DULIIVKDOODOZD\VEHJRYHUQHGE\6HFWLRQ$RIWKH&RS\ULJKW$FWUHDGZLWK5XOH RI WKH &RS\ULJKW 5XOHV DV DPHQGHG LQ DQG DV DPHQGHG IURP WLPH WR WLPH WKHUHDIWHU

2019Ǧ20AnnualReport ͳͲ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7DULII1R±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¶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

2019Ǧ20AnnualReport ͳͳ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 7RSODFHWKHIROORZLQJGRFXPHQWVIRUEHLQJUHFHLYHGFRQVLGHUHGDQGDSSURYHGE\WKHPHPEHUVRI WKH&RPSDQ\ D 7KH5HJLVWHURI3HUIRUPHU¶VDQG2WKHU2ZQHUVRI3HUIRUPHU¶V5LJKWPDLQWDLQHGE\,65$ DVSURYLGHGLQ5XOH L RIWKH&RS\ULJKW5XOHVWRJHWKHUZLWKDQXSWRGDWHOLVWRI WKH3HUIRUPHUVDQGRWKHU2ZQHUVRI3HUIRUPHU¶V5LJKWVIRUZKLFK,65$KDVEHHQDXWKRUL]HG WRLVVXHRUJUDQWOLFHQVHV&OHDUDQFHVWKDWDUHVRUHFRUGHGLQWKHVDLG5HJLVWHU E 7KH7DULII6FKHPHDQGWKH'LVWULEXWLRQ6FKHPHRUDQ\RWKHU6FKHPHLQFOXGLQJWKHGHFLVLRQ RIWKH&RS\ULJKW%RDUGRQWKHVDLG6FKHPHVLIDQ\ F 7KHDJUHHPHQWVLIDQ\HQWHUHGZLWKIRUHLJQFRS\ULJKWVRFLHWLHVXQGHU6HFWLRQ RIWKH &RS\ULJKW$FW G $Q\FKDQJHVPDGHLQWKHLQVWUXPHQWRIUHJLVWUDWLRQRI,65$ %\RUGHURIWKH%RDUG*RYHUQLQJ&RXQFLO )RU7KH,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 6G $QXS-DORWD &KDLUPDQ ',11R 3ODFH0XPEDL 'DWHWK1RYHPEHU 5HJLVWHUHG2IILFH ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ /DQWDQD%XLOGLQJ1DKDU$PULW6KDNWL&KDQGLYDOL$QGKHUL ( 0XPEDL &,180+13/ 7HO(PDLOLQIR#LVUDFRS\ULJKWFRP

2019Ǧ20AnnualReport ͳʹ ,QGLDQ6LQJHUV¶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¶5LJKWV$VVRFLDWLRQ /DQWDQD%XLOGLQJ1DKDU$PULW6KDNWL&KDQGLYDOL$QGKHUL ( 0XPEDL &,180+13/ 7HO(PDLOLQIR#LVUDFRS\ULJKWFRP 2019Ǧ20AnnualReport ͳ͵

,QGLDQ6LQJHUV¶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±'DWHGWK-XQH

2019Ǧ20AnnualReport ͳ͸ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ INDIAN SINGERS’ RIGHTS ASSOCIATION /DQWDQD1DKDU$PULW6KDNWL&KDQGLYDOL$QGKHUL ( 0XPEDL &,180+13/7HO(PDLOLQIR#LVUDFRS\ULJKWFRP ',5(&725¶65(3257 7R 7KH0HPEHUV ,1',$16,1*(5¶65,*+76$662&,$7,21 ',5(&7256¶5(325735(6(17('%<7+(&+$,50$1

2019Ǧ20AnnualReport ͳ͹ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ WKHFRS\ULJKWEXVLQHVVLQ3HUIRUPHUV¶5LJKWVRI6LQJHUVDQGRWKHUDFWLYLWLHVDQFLOODU\WKHUHWRIRUD SHULRG RI \HDUV ZHI WK -XQH ,65$ WKHQ UHFHLYHG WKH &HUWLILFDWH RI 5HQHZDO RI 5HJLVWUDWLRQ IURP WKH &HQWUDO *RYHUQPHQWGDWHGWK2FWREHUWKHUHE\DOORZLQJ,65$ WR FRQWLQXHFDUU\LQJRQWKHFRS\ULJKWEXVLQHVVLQ3HUIRUPHU¶V5LJKWRI6LQJHUVDQGRWKHUDFWLYLWLHV DQFLOODU\WKHUHWRIRUDIXUWKHUSHULRGRI\HDUV LHWLOO 67$7(2)7+(&203$1<¶6$))$,56 7KHWK$*0ZDVKHOGRQWK6HSWHPEHUDQGDWRWDORI 3UHYLRXV

2019Ǧ20AnnualReport ͳͺ ,QGLDQ6LQJHUV¶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¶VDZHOONQRZQIDFWWKDWIRUWKHQH[WPRQWKVHQWHUWDLQPHQWZLOOEHQHDU=HUR EXVLQHVVHVZRXOGEHEDGO\KLWPRQH\IRUHQWHUWDLQPHQWLVJRLQJWRVKULQN7KXV,65$¶VFXUUHQW UHYHQXHVWUHDPLVJRLQJWREHEDGO\DQGVHYHUHO\KLW,WLVIRUVXUHWKDWIRU<(VW0DUFK ,QFRPHRI,65$ZLOOQRWH[FHHG5V±/DFVEXWLWQHHGVWRNHHSRSHUDWLQJ

2019Ǧ20AnnualReport ͳͻ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ DERUWHG%XWZLWKRXWEHLQJID]HGRUGHWHUUHGLQDQ\PDQQHUDQGDOVRWRNHHSXSLWVGXW\WRZDUGV WKHQDWLRQD/DUJHU%LJJHU1HZ2ULJLQDO6RQJZDVWDNHQXS&RPSRVHU±6KDQNDU0DKDGHYDQ /\ULFLVW±3UDVRRQ-RVKLZHUHDVNHGWRZRUNRQDQ2ULJLQDOWXQHZKLFKQRWEXW6LQJHUV ZRXOGVLQJ7KLVVRQJZDVDVWRILWVNLQGDQGVFDOHDQGZDVDJUHDWKLWDQGLWPDGHDUHFRUG ZLWK6LQJHUVVLQJLQJ2QH6RQJZKLFKWKHQRXU+RQ¶EOH3ULPH0LQLVWHU¶V7ZHHWHGDSSODXGLQJ WKLVHIIRUWWRR,65$DQGLWV%RDUGOLNHVWRSODFHRQUHFRUGLWVLPPHQVHDQGVLQFHUHJUDWLWXGHWR 0U6KDQNDU0DKDGHYDQDQG0U3UDVRRQ-RVKLWRFRPHXSZLWKDEHDXWLIXOVRQJ³-D\DWX-D\DWX %KDUDWDP´LQDVKRUWSHULRGRIWLPHWR0U6ULQLYDV0U6RQX1LJDP 0U6DQMD\7DQGRQWR KDYHVSHDUKHDGHGWKLVLQLWLDWLYHDQGWRDOOWKH6LQJHUVRI,65$ZKRZHUHDSDUWRIWKLVJUHDW $QWKHP .(<),1$1&,$/+,*+/,*+76 7KHILQDQFLDOSHUIRUPDQFHRIWKH&RPSDQ\IRUWKHILQDQFLDO\HDUHQGHGVW0DUFK LVVXPPDUL]HGEHORZ 3DUWLFXODUV )RUWKH )RUWKH

2019Ǧ20AnnualReport ʹͳ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ ',6&/2685(681'(56(&7,21 1RQHRIWKH'LUHFWRUVRIWKH&RPSDQ\DUHGLVTXDOLILHGIURPEHLQJDSSRLQWHGDV'LUHFWRUV DVVSHFLILHGXQGHU6HFWLRQ RIWKH&RPSDQLHV$FW ',5(&72565(63216,%,/,7<67$7(0(17 3XUVXDQWWRWKHSURYLVLRQVRIVXEVHFWLRQ RI6HFWLRQRIWKH&RPSDQLHV$FW DQG WR WKH EHVW RI WKHLU NQRZOHGJH DQG EHOLHI DQG DFFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQVREWDLQHGUHFHLYHGIURPWKHRSHUDWLQJPDQDJHPHQW\RXU'LUHFWRUVPDNHWKH IROORZLQJVWDWHPHQWDQGFRQILUPWKDW a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d WKHGLUHFWRUVKDGSUHSDUHGWKHDQQXDODFFRXQWVRQDJRLQJFRQFHUQEDVLVDQG e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ĞĂǀĞŽĨĂďƐĞŶĐĞǁĂƐ ŐƌĂŶƚĞĚ ϭ ϭϳƚŚ:ƵŶĞ͕͞ŽĂƌĚ ZŽŽŵ͕͟ xŶƵƉ:ĂůŽƚĂ xWĂŶŬĂũhĚŚĂƐ ϮϬϭϵ ƵƐŝŶĞƐƐ ĞŶƚƌĞ͕ xůŬĂzĂŐŶŝŬ x:ĂƐďŝƌ:ĂƐƐŝ ,ŽƚĞů :t x^ŚĂŝůĞŶĚƌĂ^ŝŶŐŚ x^ŽŶƵEŝŐĂŵ DĂƌƌŝŽƚƚ͕ :ƵŚƵ͕ x^W x^ƵƌĞƐŚtĂĚŬĂƌ DƵŵďĂŝ ĂůĂƐƵďŚƌĂŚŵĂŶŝǇĂŵ ϰϬϬϬϰϵΛϯƉŵ x<ƵŵĂƌ^ĂŶƵ x^ĂŶũĂǇdĂŶĚŽŶ Ϯ ϮϲƚŚƵŐƵƐƚ͕ ͞ŽĂƌĚ ZŽŽŵ͕͟ x^ĂŶũĂǇdĂŶĚŽŶ x:ĂƐďŝƌ:ĂƐƐŝ ϮϬϭϵ ƵƐŝŶĞƐƐ ĞŶƚƌĞ͕ xŶƵƉ:ĂůŽƚĂ xWĂŶŬĂũhĚŚĂƐ ,ŽƚĞů :t x^ŚĂŝůĞŶĚƌĂ^ŝŶŐŚ x^WĂůĂƐƵďƌĂŚŵĂŶŝǇĂŵ DĂƌƌŝŽƚƚ͕ :ƵŚƵ͕ x^ƵƌĞƐŚtĂĚŬĂƌ xůŬĂzĂŐŶŝŬ DƵŵďĂŝ ϰϬϬϬϰϵΛϯƉŵ x^ŽŶƵEŝŐĂŵ x <ƵŵĂƌ^ĂŶƵ ϯ ϯϬƚŚ ͞ŵďĂƐƐǇ͕͟ dŚĞ xŶƵƉ:ĂůŽƚĂ x:ĂƐďŝƌ:ĂƐƐŝ ^ĞƉƚĞŵďĞƌ͕ ůĂƐƐŝƋƵĞ ůƵď͕ x^ĂŶũĂǇdĂŶĚŽŶ xWĂŶŬĂũhĚŚĂƐ ϮϬϭϵ ĞŚŝŶĚ /ŶĨŝŶŝƚǇ x^ŚĂŝůĞŶĚƌĂ^ŝŶŐŚ xůŬĂzĂŐŶŝŬ DĂůů͕ >ŝŶŬ ZŽĂĚ͕ x^W x^ŽŶƵEŝŐĂŵ KƐŚŝǁĂƌĂ͕ ĂůĂƐƵďŚƌĂŚŵĂŶŝǇĂŵ x<ƵŵĂƌ^ĂŶƵ ŶĚŚĞƌŝ ;tͿ͕ x^ƵƌĞƐŚtĂĚŬĂƌ DƵŵďĂŝ ϰϬϬ ϬϱϯĂƚϭϭĂŵ ϰ ϭϮƚŚ ͞ŽĂƌĚ ZŽŽŵ͕͟ x^ĂŶũĂǇdĂŶĚŽŶ x<ƵŵĂƌ^ĂŶƵ EŽǀĞŵďĞƌ͕ dŚĞ ůƵď͕ E x<ĂŝůĂƐŚ<ŚĞƌ xDĂŚĂůĂǆŵŝ/ǇĞƌ ϮϬϭϵ EĂŐĂƌ͕ ŶĚŚĞƌŝ x^ƵƌĞƐŚtĂĚŬĂƌ xhĚŝƚEĂƌĂǇĂŶ ;tͿ͕DƵŵďĂŝϰϬϬ x^ŽŶƵEŝŐĂŵ ϬϱϯĂƚϱƉŵ x^ƵĚĞƐŚŚŽƐůĞ ϱ ϮϯƌĚ ͞ŽĂƌĚ ZŽŽŵ͕͟ xŶƵƉ:ĂůŽƚĂ x<ƵŵĂƌ^ĂŶƵ ĞĐĞŵďĞƌ͕ ƵƐŝŶĞƐƐ ĞŶƚƌĞ͕ x^ĂŶũĂǇdĂŶĚŽŶ x<ĂŝůĂƐŚ<ŚĞƌ ϮϬϭϵ ,ŽƚĞů :t xDĂŚĂůĂǆŵŝ/ǇĞƌ x^ƵƌĞƐŚtĂĚŬĂƌ DĂƌƌŝŽƚƚ͕ :ƵŚƵ͕ xhĚŝƚEĂƌĂǇĂŶ x^ŽŶƵEŝŐĂŵ DƵŵďĂŝ ϰϬϬϬϰϵΛϯƉŵ x^ƵĚĞƐŚŚŽƐůĞ ϲ ϭϳƚŚDĂƌĐŚ͕ ͞WƌŽǀĞŶĐĞ͕͟,ŽƚĞů x^ĂŶũĂǇdĂŶĚŽŶ xŶƵƉ:ĂůŽƚĂ ϮϬϮϬ EŽǀŽƚĞů ,ŽƚĞů͕ xDĂŚĂůĂǆŵŝ/ǇĞƌ x<ƵŵĂƌ^ĂŶƵ :ƵŚƵ͕ DƵŵďĂŝ x<ĂŝůĂƐŚ<ŚĞƌ x ^ŽŶƵEŝŐĂŵ ϰϬϬϬϰϵĂƚϯƉŵ x^ƵƌĞƐŚtĂĚŬĂƌ x^ƵĚĞƐŚŚŽƐůĞ xhĚŝƚEĂƌĂǇĂŶ

2019Ǧ20AnnualReport ʹ͵ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ &+$1*(,1',5(&7256$1'.(<0$1$*(5,$/3(5621$/ &KDQJHVGXULQJWKH\HDUXQGHUUHYLHZLQ'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQDOVDUHDV IROORZV

6U 1DPHRI'LUHFWRU.H\ 3DUWLFXODUV 'DWHRI 1R 0DQDJHULDO3HUVRQQHO $SSRLQWPHQW 5HVLJQDWLRQ .DLODVK0HKDU6LQJK.KHU $SSRLQWPHQW $SSRLQWPHQW 6XGHVKFKDQGUD1DUHQGUD%KRVOH &HVVDWLRQ 63%DODVXEUDPDL\DP &HVVDWLRQ 6KDLOHQGUD6LQJK &HVVDWLRQ 3DQNDM8GKDV &HVVDWLRQ $OND

2019Ǧ20AnnualReport ʹͶ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ 2%/,*$7,21 2) &203$1< 81'(5 7+( 6(;8$/ +$5$660(17 2) :20(1$7:25.3/$&( 35(9(17,21352+,%,7,21$1'5('5(66$/ $&7

,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ $1(;85(72%2$5'¶65(3257 $QQH[XUH,$QQXDO5HWXUQ )RUP1R0*7 (;75$&72)$118$/5(7851 DVRQWKHILQDQFLDO\HDUHQGHGVW0DUFK >3XUVXDQWWR6HFWLRQ of the Companies Act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

1$ ,,, 3$57,&8/$562)+2/',1*68%6,',$5<$1'$662&,$7(&203$1,(6 7KHFRPSDQ\GRHVQRWKDYHDQ\+ROGLQJ6XEVLGLDU\DQG$VVRFLDWH&RPSDQLHV 6U 1$0($1' &,1*/1 +2/',1* RIVKDUHV $SSOLFDEOH 1R $''5(662) 68%6,',$5< KHOG 6HFWLRQ 7+( $662&,$7( &203$1<

2019Ǧ20AnnualReport ʹ͹ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ ,9 6+$5(+2/',1*3$77(51 (TXLW\6KDUH&DSLWDO%UHDNXSDVSHUFHQWDJHRI7RWDO (TXLW\ L Category-wise Share Holding: Not Applicable (ii) Shareholding of promoters: Not Applicable LLL &KDQJHLQ3URPRWHUV¶6KDUHKROGLQJ 3OHDVHVSHFLI\LIWKHUHLVQRFKDQJH Not Applicable LY 6KDUHKROGLQJ3DWWHUQRIWRSWHQ 6KDUHKROGHUV RWKHUWKDQ'LUHFWRUV 3URPRWHUVDQG+ROGHUVRI*'5VDQG$'5V 1ot Applicable Y 6KDUHKROGLQJRI'LUHFWRUVDQG.H\ 0DQDJHULDO3HUVRQQHO Not Applicable 9 ,1'(%7('1(66 ,QGHEWHGQHVVRIWKH&RPSDQ\LQFOXGLQJLQWHUHVW RXWVWDQGLQJDFFUXHGEXWQRWGXHIRUSD\PHQW 1,/ 9, 5(081(5$7,212)',5(&7256$1'.(<0$1$*(5,$/3(56211(/

$ 5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRU0DQDJHU1,/ % 5HPXQHUDWLRQWRRWKHUGLUHFWRUV1RW$SSOLFDEOH C. 5(081(5$7,2172.(<0$1$*(5,$/3(56211(/27+(57+$1 0'0$1$*(5:7'

6U 3DUWLFXODUVRI5HPXQHUDWLRQ .H\0DQDJHULDO3HUVRQQHO QR &(2 &RPSDQ\ &)2 7RWDO 6HFUHWDU\ *URVVVDODU\ D 6DODU\DVSHUSURYLVLRQV FRQWDLQHGLQVHFWLRQ RIWKH,QFRPHWD[$FW E 9DOXHRISHUTXLVLWHVXV ,QFRPHWD[$FW F 3URILWVLQOLHXRIVDODU\ XQGHUVHFWLRQ ,QFRPHWD[$FW 6WRFN2SWLRQ 6ZHDW(TXLW\ &RPPLVVLRQ RI7RWDO DVRISURILW FROOHFWLRQVPDGH RWKHUVVSHFLI\ E\WKH&RPSDQ\ H[FHHGLQJ5V &URUHHYHU\\HDU 2WKHUVSOHDVHVSHFLI\ 7RWDO

2019Ǧ20AnnualReport ʹͺ

,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ KOTHARIMEHTA&ASSOCIATES CHARTEREDACCOUNTANTS *ROG&UHVW%XVLQHVV&HQWUH /75RDG2SS0DQXEKDL-HZHOOHUV %RULYDOL :HVW 0XPEDL± 3K± 7R 7KH0HPEHUVRI ,1',$16,1*(565,*+76$662&,$7,21 ,1'(3(1'(17$8',7256¶5(3257 2SLQLRQ :H KDYH DXGLWHG WKH DFFRPSDQ\LQJ 6WDQGDORQH ILQDQFLDO VWDWHPHQWV RI ,1',$1 6,1*(56 5,*+76 $662&,$7,21 ³WKH &RPSDQ\´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¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWVVHFWLRQRIRXU$XGLW5HSRUW:H DUH LQGHSHQGHQW RI WKH FRPSDQ\ LQ DFFRUGDQFH ZLWK WKH FRGH RI HWKLFV LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG$FFRXQWVRI,QGLDWRJHWKHUZLWKWKHHWKLFDOUHTXLUHPHQWVWKDWDUHUHOHYDQWWRRXUDXGLWRIWKH ILQDQFLDOVWDWHPHQWVXQGHUWKHSURYLVLRQVRIWKH&RPSDQLHV$FWDQGWKH5XOHVWKHUHXQGHUDQG ZHKDYHIXOILOOHGRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQDFFRUGDQFHZLWKWKHVHUHTXLUHPHQWVDQGWKHFRGH RI(WKLFV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIILFLHQWDQGDSSURSULDWHWRSURYLGH DEDVLVRIRXUDXGLWRSLQLRQ 5HVSRQVLELOLW\RI0DQDJHPHQWIRUWKH6WDQGDORQH)LQDQFLDO6WDWHPHQWV 7KH &RPSDQ\¶V %RDUG RI 'LUHFWRUV LV UHVSRQVLEOH IRU WKH PDWWHUV VWDWHG LQ 6HFWLRQ RI WKH &RPSDQLHV$FW µWKH$FW¶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¶VDELOLW\WR FRQWLQXHDVDJRLQJFRQFHUQGLVFORVLQJDVDSSOLFDEOHPDWWHUVUHODWHGWRJRLQJFRQFHUQDQGXVLQJWKH JRLQJFRQFHUQEDVLVRIDFFRXQWLQJXQOHVVPDQDJHPHQWHLWKHULQWHQGVWROLTXLGDWHWKH&RPSDQ\RUWR FHDVHRSHUDWLRQVRUKDVQRUHDOLVWLFDOWHUQDWLYHEXWWRGRVR 7KRVH%RDUGRI'LUHFWRUVDUHUHVSRQVLEOHIRURYHUVHHLQJWKH&RPSDQ\¶VILQDQFLDOUHSRUWLQJSURFHVV 2019Ǧ20AnnualReport ͵Ͳ ,QGLDQ6LQJHUV¶5LJKWV$VVRFLDWLRQ $XGLWRUV¶5HVSRQVLELOLW\IRUWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV 2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHILQDQFLDOVWDWHPHQWVDVDZKROH DUHIUHHIURPPDWHULDOPLVVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQ$XGLWRU¶V5HSRUW WKDWLQFOXGHVRXURSLQLRQ5HDVRQDEOHDVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXWLVQRWDJXDUDQWHHWKDW DQDXGLWFRQGXFWHGLQDFFRUGDQFHZLWK6$VZLOODOZD\VGHWHFWDPDWHULDOPLVVWDWHPHQWZKHQLWH[LVWV 0LVVWDWHPHQWFDQDULVHIURPIUDXGRUHUURUDQGDUHFRQVLGHUHGPDWHULDOLILQGLYLGXDOO\RULQWKHDJJUHJDWH WKH\FRXOGUHDVRQDEO\EHH[SHFWHGWRLQIOXHQFHWKHHFRQRPLFGHFLVLRQRIXVHUVWDNHQRQWKHEDVLVRI WKHVHILQDQFLDOVWDWHPHQWV 5HSRUWRQRWKHUOHJDODQG5HJXODWRU\5HTXLUHPHQWV 7KH&RPSDQ\LVH[HPSWHGIURPUHSRUWLQJRQPDWWHUVVSHFLILHGLQ&RPSDQLHV $XGLWRU¶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¶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

2019Ǧ20AnnualReport ͵ͳ

Community of Sing ntire ers o e e f In th di om a t i fr o BOARD OF ADVISORS al ou nj r a B h e d lo a v r e h d S