BJC: Annual Report 2015

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VISION To be a provider of integrated supply chain solution in the region, providing top quality products and services that are involved in the everyday life of people

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Content

3

133 Years of BJC Great Tree Great Expansion

22

Building a Legacy

26

Financial Highlights

30

Operational Results and Financial Status

36

Message from the Chairman of the Board of Directors

38

-ESSAGE FROM THE #HIEF %XECUTIVE /FÚCER AND 0RESIDENT

46

Board of Directors and Management Board

69

Management Board

74

Revenue Structure

76

0OLICY AND /VERALL "USINESS /PERATIONS

82

0ACKAGING 3UPPLY #HAIN

94

Consumer Supply Chain

120

Healthcare and Technical Supply Chain

136

Other Business Group

150

Our Brand

156

2EPORT OF 2ISK -ANAGEMENT #OMMITTEE

162

Shareholding and Management Structure

180

Corporate Governance

224

$IVIDEND 0AYMENT 0OLICY

226

)NTERNAL #ONTROL AND 2ISK -ANAGEMENT

232

Human Resources

235

General Information and Other Information

Annual Report 2015

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Annual Report 2015

ĒĨĒĨČĔĥćąřöěĈıõŖě ć ĎėĨĝĥċġĬĉĞĦğõėėĕċĽĦİøėīĸġûıõŖěĴċĖ üĽĦõĥĈ OĕğĦþčP $ FRPSDQ\ KLVWRULFDO JODVV PXVHXP DW 7KDL *ODVV ,QGXVWULHV 3&/

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Annual Report 2015

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Annual Report 2015

ĎėĨĝĥċ İüÿĩ ēĭőĈĞř ďėĤİċĜĕĦİęİÿĩĖ -DF\ )RRGV RI 0DOD\VLD

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The store name was later changed to â&#x20AC;&#x153;Bâ&#x20AC;&#x2122;s martâ&#x20AC;?.

At the same time, BJC focused on Laos through a joint investment in BJC-M Point International Limited, to operate wholesale and retail businesses in order to boost trade channels in Laos and other nations in the region.

In Thailand, BJC launched a chain of retails stores named Ogenki to sell health products including vitamins, dietary supplements and beauty-related products.

Accordingly, BJC Healthcare Limited cooperated with Mahe Holding GMBH, a medical devices manufacturer in Germany, to establish BJC Medical Limited.

In 2014, BJC acquired Vietnamâ&#x20AC;&#x2122;s second largest wholesaler with an investment value of Baht 2.4 thousand million. The wholesaler comprises 19 branches, 2 warehouses and 2 cross dock centres throughout Vietnam. In addition to two distribution companies owned by BJC -- Thai Corp (for southern Vietnam) and Thai An (for northern and central Vietnam), there were retail stores trademarked â&#x20AC;&#x153;Bâ&#x20AC;&#x2122;s Martâ&#x20AC;? with 90 branches across Vietnam (under Thai An). The network supported a full-scale distribution of Thai products in Vietnam.

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Annual Report 2015

ČĬėõĨüĈŖĦčõĦėüĥĈõĦėIJęüĨĞĉĨõĞř %-& /RJLVWLFV

ďō 477: öĦĖğĬŖčĎėĨĝĥċ ċĩÿĩÿĩ IJęüĨĞĉĨõĞř ıġčĈř ıěėřİĢŖĦĞř øīčijğŖĎėĨĝĥċıĕŕøīġ ċĩÿĩÿĩ IJĢęĈĨĹû O, P ıęĤďęĦĖďō 477: ĎĩİüÿĩėŕěĕċĬčõŕġĉĥĹûõĨüõĦėøęĦěĈřİĒīĸġėġûėĥĎIJęõĖĬøĈĨüĨċĥę ĞĨûĸ ĉŕĦûĶ İğęŕĦčĩİĹ ďŝčõĦėĞĤċŖġčěĨĞĖĥ ċĥĜčřöġûĎĩİüÿĩċİĩĸ öŖĦijü õĦėİďęĩĸĖčıďęûijčIJęõČĬėõĨü üĦõĞĨčøŖĦġĬďIJĔøĎėĨIJĔøĴĕŕõĩĸ þčĨĈİĕīĸġ 35< õěŕĦďōõŕġč İþŕč ĞĎĭŕ ġĦğĦė öčĕ ĕĦĞĭŕĞĨčøŖĦ ğęĦõğęĦĖċĩĸġĦĜĥĖİċøIJčIJęĖĩÿĥĎÿŖġčĕĦõĖĨĸûöĪĹčijčõĦėĐęĨĉ İþŕč õĦėĐęĨĉĎėėüĬĔĥćąřöěĈıõŖě õėĤďœġûġĤęĭĕĨİčĩĖĕ ğėīġ ČĬėõĨüIJęüĨĞĉĨõĞřċĉĸĩ ġŖ ûĕĩõĦėěĦûıĐčėĤĎĎ ğėīġİöŖĦĞĭõŕ ĦėęûċĬč ijčČĬėõĨüİċøIJčIJęĖĩĞĦėĞčİċĜ ğėīġõĦėęûċĬčijčĔĦøöġû ġĩøġĕİĕĨėřÿċĩĸĞġĈøęŖġûõĥĎõĦėİďęĩĸĖčıďęûöġûIJęõĈĨüĨċĥę ıęĤċĥĹûğĕĈİďŝčİøėīġöŕĦĖċĩĸĞčĥĎĞčĬčõĥčıęĤõĥčijğŖıöķûıėû İĕīĸġĕĩIJøėûĞėŖĦûČĬėõĨüċĩĸıöķûıõėŕû õĦėċĩĸďėĤİċĜĴċĖİöŖĦ Ğĭŕİġġĩÿĩ üĪûİďŝčIJġõĦĞöġûĎĩİüÿĩ IJĈĖõĦėęûċĬčijčďėĤİċĜ İĒīĸ ġ čĎŖ Ħ čİġġĩ ÿĩ ċĥĹ û ċĩĸ Đ ŕ Ħ čĕĦıęĤċĩĸ ü ĤİõĨ Ĉ öĪĹ č ijčġčĦøĉ ĎĩİüÿĩøĽĦčĪûĊĪûøěĦĕĞĕĈĬęöġûõĦėĒĥĆčĦČĬėõĨü İĜėĝĄõĨü ıęĤĞĥûøĕċŖġûĊĨĸčċĩĸİöŖĦĴďęûċĬčĈŖěĖ İþŕčİĈĩĖěõĥĎıčěċĦû õĦėċĽĦČĬėõĨüijčďėĤİċĜĴċĖċĩøĸ ĦĽ čĪûĊĪûøěĦĕõŖĦěğčŖĦċĦûČĬėõĨü IJĈĖĴĕŕęĤċĨĹûõĦėĒĥĆčĦĞĥûøĕċĩĸĕĩøĬćĔĦĒ ġûøřõėüĪûĞĦĕĦėĊ İĉĨĎIJĉĴĈŖġĖŕĦûĖĥĸûĖīč

,Q %-& VROG WKH VKDUHV RI 7&& /RJLVWLFV DQG :DUHKRXVHV EDFN WR 7&& +ROGLQJ 7&&+ DQG proceeded a joint venture by establishing a cloud busi QHVV GXULQJ WKH ODWH WR VXSSRUW WKH GLJLWDO DJH %-& DFWLRQV UHÁHFW RQ LWV LQVLJKWIXO YLVLRQ WKDW XQGHUVWDQGV RQJRLQJ FKDQJHV LQ WKH EXVLQHVV ZRUOG IURP D IHZ FRQVXPHU VXSSO\ SURGXFWV PDUNHWHG DERXW \HDUV DJR WR WKH FXUUHQW VRSKLVWLFDWHG SURGXFWV ZKLFK UHTXLUH FRPSOH[ PDQXIDFWXULQJ WHFKQRORJ\ 0DQXIDFWXULQJ VXFK SURGXFWV DV JODVV SDFNDJLQJV DQG DOXPLQLXP FDQV RU RSHUDWLQJ ORJLVWLF EXVLQHVVHV UHTXLUHV LQYHVWPHQWV LQ V\VWHPDWLF SODQQLQJ LQIRU PDWLRQ WHFKQRORJ\ H FRPPHUFH $OO WKHVH DUH PDGH LQ SDUDOOHO WR FKDQJHV LQ GLJLWDO ZRUOG DQG EHFRPLQJ VXSSRUWLQJ QHWZRUN IRU HDFK RWKHU 7KH VWUHQJWK RI %-& EXVLQHVV VWUXFWXUH DQG 7KDL ODQG·V LQWHJUDWLRQ LQWR $(& KDV EURXJKW YDULRXV RS SRUWXQLWLHV WR WKH FRPSDQ\ ,WV LQYHVWPHQWV LQ $(& QHLJKERULQJ FRXQWULHV DUH FRPPLWWHG WR D EDODQFH LQ GHYHORSLQJ EXVLQHVV HFRQRP\ DQG ORFDO VRFLHW\ LQ WKH FRXQWU\ LQYHVWHG &RQVLVWHQW ZLWK %-&·V EXVLQHVV concepts in Thailand, by virtue of its concern about GULYLQJ WKH EXVLQHVV SURJUHVV WRJHWKHU ZLWK GHYHORS LQJ TXDOLW\ VRFLHW\ WKH FRPSDQ\ FDQ PDLQWDLQ LWV VXVWDLQDEOH JURZWK

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øďÄ&#x2021;ÄĄÄĽÄ&#x153;Ä&#x203A;ĨÄ? Ä°Ä&#x2030;ÞĤİßÄ&#x2014;Ä¨Ä Ä&#x203A;ĨþďÄ&#x2122; Ä?Ä&#x2014;ĤÄ&#x152;ÄŚÄ?Ä°ĂźĹ&#x2013;ÄŚÄ&#x;Ä?Ĺ&#x2013;ÄŚÄ&#x2039;ĊĸÄ&#x17D;Ä&#x2014;ĨÄ&#x;ÄŚÄ&#x2014;ÄąÄ&#x2122;ĤþÄ&#x2014;Ä&#x2014;Ä&#x2022;þČÄ&#x2014;Ä?Ä­Ĺ&#x2013;ßļÄ&#x2C6;þČÄ&#x2014;ÄłÄ&#x;Ä Ĺ&#x2022; ÄłÄ?ÝČÄ?Ä?Ä&#x2014;ĤÞďÄ&#x2022;Ä?Ä­Ĺ&#x2013;Ä&#x17D;Ä&#x2014;ĨÄ&#x;ÄŚÄ&#x2014;ĂľÄ&#x2122;ÄŹĹ&#x2022;Ä&#x2022;Ä&#x17D;Ä&#x2014;ĨÄ?ÄĽÄ&#x2039; Ä&#x17D;ĊİßÿĊ Ä?Ä&#x2014;Ĥ߼ČÄ?Ĺ? 477: 0U $VZLQ 7HFKDMDUHRQYLNXO &KLHI ([HFXWLYH 2IĂ&#x20AC;FHU DQG 3UHVLGHQW LQ %-& 0DQDJHPHQW 6\PSKRQ\

(-I CQ9-=Q%3Ä&#x17E;>*%= >% 9 &AI AI'ÄĽ%#A-#AQ A#AQ6D 9L7Ä&#x;*%= >% #D %,E-@L J1< Ä&#x17E;3. =%#V>L7Ä&#x;9 Ģ /%ARI!@&K! 6@Q #AQI/>#V>I/>M-Ä&#x17E;M Ä&#x; J Ä&#x17E; =&!1> 9.Ä&#x17E;> I A.3 J!Ä&#x17E;I/>J Ä&#x17E; =% =&!=3I9 9.> L7Ä&#x;I/> Ä&#x17E;3. =%#V>L7Ä&#x;9 Ģ /%ARI!@&K!I'ÄĽ%9 Ģ /#AQI/>#D %!Ä&#x17E;> ,> ,E-@L I trust the best team is BJC employee, I would like all employee to be proud of ourselves and cooperate our corporate to be growth. Actually, we do not only compete with any others in the market, but we compete with ourselves also.

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133 Years BJC

Great Tree – Great Expansion

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2425 | 1882 čĦĖġĥęİĎĨėřĉ ĖĬøİõġėř ıęĤčĦĖİĢčėĩĸ ÿĨõõř þĦěĞěĨĞ ĴĈŖėŕěĕõĥč õŕġĉĥĹû ğŖĦûĖĬøİõġėř ıġčĈř ÿĨõõřıġčĈřIJõ ĈĽĦİčĨčČĬėõĨüğęĥõøīġõĦė ĞŕûġġõöŖĦěıęĤĴĕŖĞĥõ $OEHUW -XFNHU DQG +HQU\ 6LJJ ZKR DUH 6ZLVV FLWL]HQV HVWDEOLVKHG -XFNHU 6LJJ &R WR H[SRUW ULFH DQG WHDN ZRRG

2439 | 1896

2456 | 1913

čĦĖġĥęİĎĨėĉř İĎġėřę ĩĸ ėĥĎþŕěûõĨüõĦėĉŕġüĦõčĦĖġĥęİĎĨėĉř ĖĬøİõġėřıęĤ ijčĞĕĥĖėĥþõĦęċĩĸ 7 ĴĈŖĕĩ ĒėĤėĦþĎĥāāĥĉĨõĦėċĽĦİğĕīġûıėŕ ė^Ĝ^ İĢčėĩĸ ÿĨõõř ċĩĸİĞĩĖþĩěĨĉĴďıęŖě İďęĩĸĖčþīĸġõĨüõĦėİďŝčğŖĦûİġ İĎġėřęĩĸ 34<y öĪĹč ıęĤİďŌĈijğŖĞĥĕďċĦčİğĕīġûıėŕ čĦĖġĥęİĎĨėřĉ İĎġėřęĩĸ ıġčĈřIJõ čġõüĦõČĬėõĨüĞŕûġġõıęŖě ĖĥûėĨİėĨĸĕõĦėčĽĦİöŖĦĞĨčøŖĦüĦõ üĪûöĖĦĖõĨüõĦėĴďĞĭŕõĨüõĦėİğĕīġûıėŕĉĤõĥĸěıęĤċĥûĞİĉčċĩĸüĥûğěĥĈ ĖĬIJėďĕĦüĽĦğčŕĦĖijčďėĤİċĜĴċĖ čøėĜėĩČėėĕėĦþ $OEHUW %HUOL WRRN RYHU WKH EXVLQHVV DIWHU WKH GHDWKV RI $OEHUW -XFNHU DQG +HQU\ 6LJJ FKDQJLQJ WKH FRPSDQ\ QDPH WR $ %HUOL DQG &R ,QDGGLWLRQ WR H[SRUW DFWLYLWLHV WKH FRPSDQ\ LPSRUWHG JRRGV IURP (XURSH IRU GLVWULEXWLRQ LQ 7KDLODQG

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Annual Report 2015

2457 | 1914 öĖĦĖõĨüõĦėĴďĉŕĦûďėĤİċĜ IJĈĖĉĥĹûĞĦöĦİĒīĸġõėĤüĦĖĞĨčøŖĦċĩĸÿĭėĨø ĞěĨĉİÿġėřıęčĈř ıęĤďōĉŕġĕĦ Ē^Ĝ^ 467: İďŌĈĞĦöĦİĒĨĸĕċĩĸ Ĵÿŕûŕġč İěĩĖĈčĦĕ ıęĤĞĨûøIJďėř 7KH EXVLQHVV ZDV H[SDQGHG RYHUVHDV ZLWK D QHZ GLVWUL EXWLRQ EUDQFK LQ =XULFK 6ZLW]HUODQG ,Q DGGLWLRQDO EUDQFKHV ZHUH RSHQHG LQ 6DLJRQ 9LHWQDP DQG 6LQJDSRUH

2467 | 1924 čĦĖġĥęİĎĨėřĉ İĎġėřęĩĸ þĥõþěčijğŖčĦĖİġķĈİěĨėřĈ ĖĬøİõġėř OĎĬĉėþĦĖ čĦĖġĥęİĎĨėĉř ĖĬøİõġėřP ĕĦİďŝčğĬčŖ ĞŕěčõĨüõĦė ıęĤİďęĩĖĸ čþīġĸ õĨüõĦė İďŝč İĎġėřęĩĸ ĖĬøİõġėřıġčĈřIJõy $OEHUW %HUOL LQYLWHG (GZDUG -XFNHU VRQ RI $OEHUW -XFNHU

WR EH D VKDUHKROGHU LQ WKH EXVLQHVV DQG WKH FRPSDQ\·V QDPH ZDV FKDQJHG WR %HUOL -XFNHU &R

2489 | 1946 ďėĤİċĜĴċĖİĒĨûĸ ĐŕĦčĒŖčĞûøėĦĕIJęõøėĥûĹ ċĩĞĸ ġû čĦĖġĥęİĎĨėĉř İĎġėřęĩĸ ĞĬöĔĦĒĴĕŕİġīġĹ ġĽĦčěĖ čĦĖİġķĈěĦėřĈ ĖĬøİõġėř OčŖġûþĦĖöġûİġķĈİěĨėĈř ĖĬøİõġėřP üĪûİöŖĦĕĦėŕěĕĈĭıęõĨüõĦė ıęĤİďŌĈĞĽĦčĥõûĦčijğĕŕċĩĸĊčč İüėĨāõėĬû 7KDLODQG KDG MXVW HPHUJHG IURP :RUOG :DU ,, DQG $OEHUW %HUOL·V KHDOWK ZDV DLOLQJ (GZDUG -XFNHU \RXQJHU EURWKHU RI -XFNHU )DPLO\ DVVXPHG D PDQDJHPHQW UROH DQG KH RSHQHG D QHZ KHDG RIÀFH RQ &KDURHQ .UXQJ 5RDG

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2491 | 1948 üĦõČĬėõĨüĉĥĹûĉŖčċĩĸİčŖčõĦėĞŕûġġõıęĤčĽĦİöŖĦ öĖĦĖĕĦĞĭŕõĦėİďŝč ĐĭŖĐęĨĉĞĨčøŖĦĈŖěĖĉĥěİġû İėĨĸĕĉŖčĈŖěĖõĦėĉĥĹûIJėûûĦčĐęĨĉĞĎĭŕċĩĸıĊě ěĥĈĒęĥĎĒęĦĴþĖ )URP D EXVLQHVV ZLWK WKH IRFXV RQ H[SRUWV DQG LPSRUWV %HUOL -XFNHU EHJDQ LWV UROH DV D PDQXIDFWXUHU ,W EHJDQ E\ HVWDEOLVKLQJ D VRDS IDFWRU\ QHDU :DW 3ODESODFKDL

2494 | 1951 e õŕġĉĥĹûĎėĨĝĥċ ėĭİĎĩĖ ġĬĉĞĦğõėėĕ üĽĦõĥĈ İõĨĈĞĎĭŕıĎėčĈřčõıõŖě öĪĹčİďŝčøėĥĹûıėõ ĉĦĕĕĦĈŖěĖĞĎĭŕğġĕıĎėčĈř * Ų Ų e öĖĦĖõĨüõĦėĴďĞĭŕČĬėõĨüĎėėüĬĔĥćąř IJĈĖõŕġĉĥĹûIJėûûĦčĐęĨĉıõŖě öĪĹčċĩĸėĨĕđśŞûıĕŕčĽĹĦİüŖĦĒėĤĖĦ OIJėûûĦčığŕûčĩĹ ĉŕġĕĦøīġ ĎėĨĝĥċ ġĬĉĞĦğõėėĕċĽĦİøėīĸġûıõŖěĴċĖ üĽĦõĥĈ OĕğĦþčPP 5XELD ,QGXVWULHV &R /WG ZDV VHW XS DQG WKH VRDS EUDQG ´1RN .DHZµ 3DUURW FDPH LQWR EHLQJ IROORZHG E\ WKH ´5RVHWWHµ EUDQG RI VRDS 7KH EXVLQHVV ZDV H[SDQGHG WR SURGXFW SDFNDJLQJ ZLWK WKH HVWDEOLVKPHQW RI D JODVV SURGXFWLRQ IDF WRU\ RQ WKH EDQNV RI WKH &KDR 3KUD\D 5LYHU WKLV IDFLOLW\ ZRXOG EHFRPH 7KDL *ODVV ,QGXVWULHV 3XEOLF &RPSDQ\ /LPLWHG

2508 | 1965 İďęĩĸĖčıďęûõĦėĈĽĦİčĨčûĦčıĎĎğĬŖčĞŕěčĔĦĖijčøėġĎøėĥěİďŝč ėĭďĎėĨĝĥċ ĔĦĖijĉŖþīĸġ ĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř üĽĦõĥĈ 7KH FRPSDQ\ PDUNHG WKH FKDQJH IURP D IDPLO\ SDUW QHUVKLS LQWR D FRPSDQ\ HQWLW\ QDPHG %HUOL -XFNHU &R /WG

2510 | 1967 ďōĕğĦĕûøęöġûĎėĨĝĥċ İĕīĸġĒėĤĎĦċĞĕİĈķüĒėĤİüŖĦġĖĭŕğĥěċėûĕĩ ĒėĤĕğĦõėĬćĦČĨøĬćIJďėĈİõęŖĦģ ĒėĤėĦþċĦčĉėĦĉĥĹû OĒėĤøėĬą ĒŕĦğřP ijğŖıõŕĎėĨĝĥċ +LV 0DMHVW\ WKH .LQJ %KXPLEKRO JUDFLRXVO\ DZDUGHG D /HWWHU RI $SSRLQWPHQW WR %HUOL -XFNHU &R /WG DOORZLQJ WKH FRPSDQ\ WR XVH WKH 5R\DO *DUXGD HPEOHP

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Annual Report 2015

2518 | 1975 ĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř üĽĦõĥĈ İďŝčğčĪĸûijčİüķĈĎėĨĝĥċıėõċĩĸüĈ ċĤİĎĩĖčijčĉęĦĈğęĥõċėĥĒĖřığŕûďėĤİċĜĴċĖ İĕīġĸ ěĥčċĩ ĸ 47 İĕĝĦĖč Ē^Ĝ^ 473: %HUOL -XFNHU &R /WG PDGH KLVWRU\ RQFH DJDLQ DV RQH RI WKH ÀUVW VHYHQ FRPSDQLHV WR EH OLVWHG RQ WKH 6WRFN ([FKDQJH RI 7KDLODQG 6(7 RQ $SULO

2521 | 1978 öĖĦĖõĨüõĦėĞĭŕġĦİÿĩĖč õŕġĉĥĹûĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř OĞĨûøIJďėřP üĽĦõĥĈ ıęĤöĖĦĖĎėĨĝĥċĴďĖĥûēŌęĨďďŌčĞř ĕĦİęİÿĩĖ ıęĤġĨčIJĈčĩİÿĩĖ 7KH FRPSDQ\ H[SDQGHG LQWR $6($1 ZLWK WKH HVWDE OLVKPHQW RI %HUOL -XFNHU 6LQJDSRUH &R /WG ,W DOVR HVWDEOLVKHG D IRRWKROG LQ WKH 3KLOLSSLQHV 0DOD\VLD DQG ,QGRQHVLD

2525 | 1982 ėŕěĕċĬčõĥĎ ĎėĨĝċĥ İďŒďÿĩIJĸ ø ĞğėĥĄġİĕėĨõĦ õŕġĉĥûĹ ĎėĨĝċĥ ĞĖĦĕĞıčķø üĽĦõĥĈ ĕĩIJėûûĦčĐęĨĉöčĕċĩĸĎĦûĒęĩ üĥûğěĥĈĞĕĬċėďėĦõĦė OĉŕġĕĦ İďęĩĸĖčþīĸġİďŝč ĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř ēĭőĈĞř üĽĦõĥĈP 7KH FRPSDQ\ MRLQHG ZLWK 3HSVL&R IURP WKH 8QLWHG 6WDWHV WR HVWDEOLVK 6LDP 6QDFN &R /WG ZLWK D VQDFN SURGXFWLRQ IDFWRU\ DW %DQJ 3OHH 6DPXWSUDNDUQ ODWHU UHQDPHG %HUOL -XFNHU )RRGV &R /WG

2528 | 1985 ğęĨĕ ÿĭ İğęĩĖû ĐĭŖĎėĨğĦėõęĬŕĕİēŌėřĞ ıďÿĨēŌõ ġĨčİĉġėřİčþĥĸčıčę İöŖĦÿīġĹ ğĬčŖ ijč İĎġėřę ĩĸ ĖĬøİõġėř üčõęĦĖİďŝčĐĭĊŖ ġī ğĬčŖ ijğāŕġčĥ ĈĥĎğčĪûĸ ĊīġøėġûğĬŖč 7<^:ų /LP ;X /LDQJ DQ H[HFXWLYH RI )LUVW 3DFLÀF ,QWHUQDWLRQDO SXUFKDVHG VKDUHV RI %HUOL -XFNHU DQG EHFDPH WKH ODUJHVW VKDUHKROGHU ZLWK D VWDNH

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2530 | 1987 öĖĦĖõĨüõĦėĞĭŕõĦėĐęĨĉıęĤüĽĦğčŕĦĖõėĤĈĦĝþĽĦėĤġčĦĕĥĖ OĉŕġĕĦ øīġ ĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř İÿęęķġõÿř üĽĦõĥĈP 7KH FRPSDQ\ H[SDQGHG LWV PDQXIDFWXULQJ FDSDFLW\ WR HQFRPSDVV WRLOHW WLVVXH DQG VDQLWDWLRQ SDSHU SURGXFWV ODWHU EHFRPLQJ %HUOL -XFNHU &HOOR[ &R /WG

2536 | 1993 ďō Ē^Ĝ^ 4757 ĕĩ ĒėĤėĦþĎĥāāĥĉĨĎėĨĝĥċĕğĦþč üĽĦõĥĈ Ē^Ĝ^ 4757y ijčďōĊĈĥ ĕĦĎėĨĝċĥ üĪûĴĈŖİďęĩĖĸ čþīġĸ İďŝčĎėĨĝċĥ İĎġėřę ĩĸ ĖĬøİõġėř üĽĦõĥĈ OĕğĦþčP ,Q WKH ´3XEOLF &RPSDQLHV $FW RI % ( µ ZDV HQDFWHG 7KH IROORZLQJ \HDU WKH FRPSDQ\ FKDQJHG LWV QDPH WR %HUOL -XFNHU 3XEOLF &RPSDQ\ /LPLWHG

2543 | 2000 ıĖõõĦėĈĽĦİčĨčûĦčijčĞŕěčöġûõĦėĎėĨğĦėüĥĈõĦėğŕěûIJÿŕġĬďċĦč ıęĤõĦėüĥĈõĦėĈŖĦčIJęüĨĞĉĨõĞř ġġõĕĦİďŝčĎėĨĝċĥ þīġĸ ĎėĨĝċĥ İĎġėřęĩĸ ĖĬøİõġėř IJęüĨĞĉĨõĞř üĽĦõĥĈ 7KH FRPSDQ\ VHW XS D VHSDUDWH XQLW %HUOL -XFNHU /RJLVWLFV &R /WG WR PDQDJH LWV VXSSO\ FKDLQV DQG ORJLVWLFV

2544 | 2001 õęĬĕŕ ĎėĨĝċĥ ĴċĖİüėĨāøġĕİĕġėřİþĩĖę O, P İöŖĦİďŝčĐĭĊŖ ġī ğĬčŖ ėĦĖijğāŕ öġûĎĩİüÿĩ IJĈĖÿīġĹ ğĬčŖ ĉŕġüĦõõęĬĕŕ İēŌėĞř ıďÿĨēõŌ ġĨčİĉġėřİčþĥčĸ ıčę õęĬŕĕĎėĨĝĥċĴċĖİüėĨāøġĕİĕġėřİþĩĖę ĔĦĖijĉŖõĦėĎėĨğĦėöġûčĦĖ İüėĨā ıęĤøĬćğāĨûěėėćĦ ĞĨėĨěĥĆčĔĥõĈĩ 7KDL &KDURHQ &RUSRUDWLRQ *URXS 7&& GLUHFWHG E\ 0U &KDURHQ DQG .KXQ\LQJ :DQQD 6LULYDGKDQDEKDNGL EHFDPH WKH FRPSDQ\·V PDMRULW\ VKDUHKROGHU E\ EX\LQJ RXW VKDUHV KHOG E\ )LUVW 3DFLÀF ,QWHUQDWLRQDO 7KH 7KDL &KDURHQ &RPPHUFLDO JURXS RI FRPSDQLHV D OHDGLQJ 7KDL FRQJORPHUDWH PDLQWDLQHG EXVLQHVVHV LQ 7KDLODQG DQG overseas, controlling diverse entities engaged in beer and EHYHUDJH SURGXFWLRQ KRWHOV DQG UHDO HVWDWH GHYHORSPHQW LQVXUDQFH DJULFXOWXUDO DFWLYLWLHV DQG PRUH

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2549 | 2006 ĎĩİüÿĩĴĈŖİĒĨĕĸ õĽĦęĥûõĦėĐęĨĉöġûIJėûûĦčõėĤĈĦĝġčĦĕĥĖİÿęęķġõÿřİďŝč 7<]<<< ĉĥčĉŕġďō ĞŕûĐęijğŖĎĩİüÿĩĕĩõĽĦęĥûõĦėĐęĨĉõėĤĈĦĝġčĦĕĥĖ ĕĦõċĩĸĞĬĈijčďėĤİċĜĴċĖ %-& LQFUHDVHG LWV &HOOR[ SDSHU SURGXFWLRQ FDSDFLW\ WR WRQV SHU \HDU ZKLFK PDUNHG %HUOL -XFNHU·V VWDWXV DV WKH ODUJHVW SURGXFHU RI WLVVXH SDSHU LQ 7KDLODQG

2550 | 2007 öĖĦĖČĬėõĨüĎėėüĬĔć ĥ ąřijğŖøėġĎøęĬĕĐęĨĉĔĥćąřĉĦŕ ûĶ ijğŖĕĦõöĪčĹ IJĈĖ ĴĈŖÿīĹġğĬŖčėŖġĖęĤ 7< ijčĎėĨĝĥċ ĴċĖ İĎİěġėřİėü ıøč üĽĦõĥĈ ÿĪĸû İďŝčĎėĨĝĥċĐĭŖĐęĨĉõėĤďœġûıęĤđĦġĤęĭĕĨİčĩĖĕþĥĹččĽĦijčďėĤİċĜĴċĖ 7KH FRPSDQ\ H[SDQGHG LWV SDFNDJLQJ EXVLQHVV WR LQFOXGH RWKHU SURGXFWV E\ DFTXLULQJ D VWDNH LQ 7KDL %HYHUDJH &DQ &R /WG D OHDGLQJ PDQXIDFWXUHU RI DOXPLQLXP FDQV DQG OLGV LQ 7KDLODQG

2551 | 2008 ÿīĹġõĨüõĦėöġûĎėĨĝĥċ İüÿĩ ēĭőĈĞř İġĞĈĩİġčĎĩİġþĈĩ ÿĪĸûİďŝčĐĭŖĐęĨĉ ĕĥčđėĥûĸ ċġĈõėġĎıęĤöčĕöĪčĹ ėĭďijčďėĤİċĜĕĦİęİÿĩĖ IJĈĖĐęĨĉıęĤ üĽĦğčŕĦĖĕĥčđėĥĸûċġĈõėġĎċĥĹûijčďėĤİċĜĕĦİęİÿĩĖ ıęĤĞŕûġġõĴď ĖĥûďėĤİċĜijčıĊĎİġİþĩĖ İþŕč ďėĤİċĜĞĨûøIJďėř Ģŕġûõû ēŌęĨďďŌčĞř ıęĤĎėĭĴč ÿĪûĸ õĦėİöŖĦÿīġĹ õĨüõĦėijčøėĥûĹ čĩĴĹ ĈŖþěŕ ĖöĖĦĖĉęĦĈıęĤĄĦč õĦėĐęĨĉĞĨčøŖĦijčõęĬŕĕöčĕöĎİøĩĹĖěöġûĎĩİüÿĩ ġġõĞĭŕĉęĦĈijčıĊĎ ĔĭĕĨĔĦøİġİÿĩĖĉĤěĥčġġõİýĩĖûijĉŖ ıęĤĉĤěĥčġġõõęĦû 7KH FRPSDQ\ DFTXLUHG D VWDNH LQ -DF\ )RRGV 6GQ %KG D 0DOD\VLDQ PDQXIDFWXUHU DQG GLVWULEXWRU RI SRWDWR FKLSV DQG RWKHU SURFHVVHG VQDFN IRRGV LQ ERWK LWV GRPHVWLF PDUNHW DQG RWKHU $VLDQ FRXQWULHV LQFOXGLQJ 6LQJDSRUH +RQJ .RQJ WKH 3KLOLSSLQHV DQG %UXQHL 7KLV DFTXLVLWLRQ HQDEOHG %-& WR H[SDQG LWV VQDFN PDUNHW DQG PDQXIDF WXULQJ EDVH LQ 6RXWKHDVW $VLD DQG WKH 0LGGOH (DVW

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2553 | 2010 e Ďĩİüÿĩ ėŕěĕċĬčõĥĎ IJġİěŕč ġĨęęĨčġĖĞř ĐĭŖĐęĨĉıõŖěėĦĖijğāŕöġûIJęõ ĞŕûĐęijğŖ , ! İďŝč ĐĭŖĐęĨĉĎėėüĬĔĥćąřıõŖěėĦĖijğāŕċĩĸĞĬĈijčİġİþĩĖĉĤěĥčġġõİýĩĖûijĉŖ ĕĩõĽĦęĥûõĦėĐęĨĉėěĕ 5]5<< ĉĥčĉŕġěĥč e õŕġĉĥûĹ ĎėĨĝċĥ ĴċĖøġėřď ġĨčİĉġėřİčþĥčĸ ıčę OİěĩĖĈčĦĕP İĒīġĸ ĈĽĦİčĨčČĬėõĨüčĽĦİöŖĦ Ğŕûġġõ ıęĤüĥĈüĽĦğčŕĦĖĞĨčøŖĦijčďėĤİċĜİěĩĖĈčĦĕĉġčijĉŖ %-& IRUPHG D MRLQW YHQWXUH ZLWK 2ZHQ ,OOLQRLV WKH ODUJHVW JODVV PDQXIDFWXUHU LQ WKH ZRUOG ZKLFK KHOSHG 7*, EHFRPH WKH ODUJHVW JODVV FRQWDLQHU SURGXFHU LQ 6RXWKHDVW $VLD ZLWK D SURGXFWLRQ FDSDFLW\ RI WRQV SHU GD\ 7KH FRPSDQ\ VHW XS 7KDL &RUS ,QWHUQDWLRQDO 9LHWQDP WR KDQGOH LPSRUW H[SRUWDQG GLVWULEXWLRQ DFWLYLWLHV LQ VRXWKHUQ 9LHWQDP

2554 | 2011 Ďĩİüÿĩ ėŕěĕċĬčõĥĎ Ďġęęř øġėřďġİėþĥĸč ĐĭŖĐęĨĉĎėėüĬĔĥćąřõėĤďœġûġĤęĭĕĨİčĩĖĕ ėĦĖijğāŕ öġûIJęõ %-& HQWHUHG LQWR D MRLQW YHQWXUH ZLWK %DOO &RUSRUDWLRQ WKH ZRUOG·V ODUJHVW SURGXFHU RI DOXPLQLXP FDQV

2555 | 2012 Ďĩİüÿĩ ĴĈŖİďŝčĎėĨĝĥċþĥĹččĽĦijčĈĥþčĩğęĥõċėĥĒĖř + , 7< %-& EHFDPH D OHDGHU LQ WKH 6(7 LQGH[ RI WRS 7KDL FRPSDQLHV

2556 | 2013 e öĖĦĖõĨüõĦėijčİěĩĖĈčĦĕ Ďĩİüÿĩ İöŖĦÿīĹġğĬŖčėŖġĖęĤ 87 öġûĴċġĥč İěĩĖĈčĦĕ üġĖĞř Ğĉŗġõ øĥĕďĤčĩ O ĴċġĥčyP e ĎėĨĝĥċĴĈŖėŕěĕęûċĬčõĥĎĒĥčČĕĨĉėijčďėĤİċĜęĦěüĥĈĉĥĹûĎėĨĝĥċ ĎĩİüÿĩNİġķĕĒķġĖċř ġĨčİĉġėř İčþĥĸčıčę üĽĦõĥĈ ĈĽĦİčĨčČĬėõĨüøŖĦĞŕûıęĤøŖĦďęĩõ e öĖĦĖõĨüõĦėijčďėĤİċĜĴċĖ IJĈĖİďŌĈĉĥě ' Ų ėŖĦčøŖĦďęĩõİĒīġĸ ĞĬöĔĦĒ ėěĕĊĪûġĦğĦė İĞėĨĕıęĤĐęĨĉĔĥćąřİõĩĸĖěõĥĎøěĦĕûĦĕ %-& H[SDQGHG LWV EXVLQHVV LQ 9LHWQDP E\ DFTXLULQJ D VWDNH LQ 7KDL $Q 9LHWQDP -RLQW 6WRFN &RPSDQ\ ´7KDL $Qµ

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2557 | 2014

2558 | 2015

e õŕġĉĥĹû ĎėĨĝĥċ Ďĩİüÿĩ ġĨčİĉġėřİčþĥĸčıčęIJĢęĈĨĹû Ēĩċĩġĩ ıġęċĩĈĩ e IJėûûĦčĐęĨĉöěĈıõŖěijčĴċĖĞĥûĸ İøėīġĸ ûüĥõėİĒĨĕĸ ġĩõ 3 İĉĦ ĞŕûĐęijğŖ ĕĩõĽĦęĥûĐęĨĉİĒĨĸĕġĩõ 5<< ĉĥčĉŕġěĥč üĽĦõĥĈ O "! P ijčĞĨûøIJďėř e õŕġĉĥĹû ĎėĨĝĥċ Ďĩİüÿĩ øġĕİĕĨėřÿ üĽĦõĥĈ İĒīĸġöĖĦĖûĦčĈŖĦčõĦė e ČĬėõĨüĎėėüĬĔĥćąř ĒĥĆčĦčěĥĉõėėĕõĦėĐęĨĉüčĞĦĕĦėĊĐęĨĉ üĽĦğčŕĦĖĞĨčøŖĦġġčĴęčř IJĈĖĕĩ 4 İěķĎĴÿĉř øīġ ^ Ų^ öěĈıõŖěĞĩİöĩĖěĕėõĉĴĈŖ ÿĪûĸ ĕĩøĦŕ -. ( Ųŭ ĈĩõěŕĦöěĈİöĩĖě ċĥĸěĴďijčĉęĦĈ ġĩõċĥĹûĞĦĕĦėĊĐęĨĉĴĈŖďėĨĕĦćĕĦõıęĤĉŕġİčīĸġû ŭ ıęĤ ^ū ūŬ ^ŭ e ĎėĨĝĥċ ċĩ^ÿĩ^ÿĩ İċøIJčIJęĖĩ O, ,P ċĽĦĞĥāāĦėŕěĕċĬčõĥĎ ĎėĨĝĥċ ġĨčİĉġėřİčķĉ ġĨččĨþİĨ ġċĩē İüıďč İĒīġĸ ĈĽĦİčĨčČĬėõĨüĎėĨõĦė Ñ ıęĤĎėĨõĦėġīĸčĶ ċĩĸİõĩĸĖěöŖġû IJĈĖĕĬŕûİďŝčĐĭŖčĽĦċĦûĈŖĦččěĥĉõėėĕ 7KH FRPSDQ\ IRXQGHG %-& &RPPHUFH &R /WG WR ČĬėõĨü Ñ %-& IRXQGHG %-& ,QWHUQDWLRQDO +ROGLQJV 3WH /WG %-,+ LQ 6LQJDSRUH

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3 Year Financial Highlights DESCRIPTION

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ĞĽĦğėĥĎďō 477: ĎėĨĝĥċıęĤĎėĨĝĥċĖŕġĖĕĩėĦĖĴĈŖüĦõõĦėöĦĖ ıęĤ õĦėijğŖĎėĨõĦė 64]:;5 ęŖĦčĎĦċ İĒĨĸĕöĪĹčėŖġĖęĤ 4^; üĦõ ďōõŕġč IJĈĖõĦėİĉĨĎIJĉöġûĖġĈöĦĖĕĦüĦõõęĬŕĕĞĨčøŖĦıęĤĎėĨõĦė ċĦûĎėėüĬĔĥćąřİďŝčğęĥõ IJĈĖİĉĨĎIJĉüĦõċĥĹûČĬėõĨüıõŖěıęĤČĬėõĨü õėĤďœġûċĩĸĕĩĖġĈöĦĖİĒĨĸĕöĪĹčġĖŕĦûĉŕġİčīĸġûċĥĹûijčıęĤĉŕĦûďėĤİċĜ ĞĽĦğėĥĎďō 477: ĎėĨĝċĥ ıęĤĎėĨĝċĥ ĖŕġĖĕĩõĦĽ ĴėöĥčĹ ĉŖčİċŕĦõĥĎ ;]:44 ęŖĦčĎĦċ İĒĨĕĸ öĪčĹ ėŖġĖęĤ 7^4 üĦõďōõġŕ č ĞŕěčġĥĉėĦõĽĦĴėöĥčĹ ĉŖčöġû ďō 477: İċŕĦõĥĎėŖġĖęĤ 44^; İĒĨĕĸ öĪčĹ ėŖġĖęĤ <^7 üĦõþŕěûİĈĩĖěõĥč öġûďōõŕġč İčīĸġûüĦõĉŖčċĬčěĥĉĊĬĈĨĎęĈęû İþŕč İĜĝıõŖě čĽĹĦĕĥč ďĦęřĕ ıęĤĉŖčċĬčĒęĥûûĦčċĩĸęĈęû üĦõõęĬŕĕĞĨčøŖĦıęĤĎėĨõĦėċĦû ĎėėüĬĔĥćąřıęĤõęĬŕĕĞĨčøŖĦıęĤĎėĨõĦėċĦûġĬďIJĔøĎėĨIJĔø ĞĽĦğėĥĎďō 477: ĎėĨĝċĥ ıęĤĎėĨĝċĥ ĖŕġĖĕĩėĦĖĴĈŖġčīĸ İċŕĦõĥĎ 3]69; ęŖĦčĎĦċ ÿĪûĸ ėĦĖĴĈŖċİĩĸ õĨĈöĪčĹ ĞŕěčijğāŕĕĦüĦõėĦĖõĦėĒĨİĜĝüĦõõĦė ĉŕġėġûėĦøĦõĦėÿīĹġğĬŖčijčĎėĨĝċĥ ĴċĖ ıĈėĩĸ üĽĦõĥĈ üĽĦčěčİûĨč 57< ęŖĦčĎĦċ ıęĤėĦĖĴĈŖġīĸčüĦõõĦėęĈęûöġûğčĩĹĞĨčċĩĸĎėĨĝĥċĖŕġĖċĦû ġŖġĕüĤĉŖġûüŕĦĖþĽĦėĤijğŖõĥĎĐĭŖĊīġğĬŖčijğāŕİĈĨĕĔĦĖijĉŖĞĥāāĦÿīĹġöĦĖ ČĬėõĨü üĽĦčěčİûĨč 589 ęŖĦčĎĦċ ĞĽĦğėĥĎďō 477: ĎėĨĝċĥ ĕĩøĦŕ ijþŖüĦŕ ĖijčõĦėöĦĖıęĤĎėĨğĦėİċŕĦõĥĎ 9]39; ęŖĦčĎĦċ İĒĨĸĕöĪĹčėŖġĖęĤ 4^6 üĦõďōõŕġč ıęĤĕĩġĥĉėĦĞŕěč øŕĦijþŖüŕĦĖijčõĦėöĦĖıęĤĎėĨğĦėĉŕġĖġĈöĦĖ İċŕĦõĥĎėŖġĖęĤ 38^9 ęĈęûėŖġĖęĤ <^3 üĦõďōõŕġč IJĈĖĞĦİğĉĬğęĥõĕĦüĦõõĦėęĈęû öġûøŕĦijþŖüŕĦĖijčõĦėĞŕûİĞėĨĕõĦėöĦĖijčõęĬŕĕĞĨčøŖĦıęĤĎėĨõĦėċĦû ġĬďIJĔøĎėĨIJĔø õĽĦĴėüĦõõĦėĈĽĦİčĨčûĦčďō 477: İċŕĦõĥĎ 6]568 ęŖĦčĎĦċ İĒĨĸĕöĪĹčėŖġĖęĤ 66^; üĦõďōõŕġč İčīĸġûüĦõĕĩėĦĖĴĈŖġīĸčİĒĨĸĕöĪĹč ďėĤõġĎõĥĎõĽĦĴėöĥĹčĉŖčċĩĸİĒĨĸĕöĪĹčüĦõĉŖčċĬčěĥĉĊĬĈĨĎ İþŕč İĜĝıõŖě čĽĹĦĕĥčďĦęřĕ ıęĤĉŖčċĬčĒęĥûûĦčċĩĸęĈęû õĽĦĴėĞĬċČĨõŕġčğĥõĞŕěčĴĈŖİĞĩĖċĩĸĴĕŕĕĩġĽĦčĦüøěĎøĬĕĞĽĦğėĥĎďō 477: İċŕĦõĥĎ 5]675 ęŖĦčĎĦċ İĒĨĸĕöĪĹčėŖġĖęĤ 8:^: üĦõďōõŕġč ıęĤõĽĦĴėĞĬċČĨĞĽĦğėĥĎĐĭŖĊīġğĬŖčĞĽĦğėĥĎďō 477: İċŕĦõĥĎ 4]9;4 ęŖĦčĎĦċ İĒĨĸĕöĪĹčėŖġĖęĤ 88^4 üĦõďōõŕġč IJĈĖġĥĉėĦõĽĦĴėĞĬċČĨ ĞĽĦğėĥĎĐĭŖĊīġğĬŖčİċŕĦõĥĎėŖġĖęĤ 8^7 İĒĨĸĕöĪĹčėŖġĖęĤ 4^7 üĦõďōõŕġč İčīĸġûüĦõėĦĖĴĈŖġīĸčİĒĨĸĕöĪĹč ďėĤõġĎõĥĎõĽĦĴėöĥĹčĉŖčċĩĸİĒĨĸĕöĪĹčüĦõ ĉŖčċĬčěĥĉĊĬĈĨĎıęĤĒęĥûûĦčċĩĸęĈęû ĎėĨĝċĥ ıęĤĎėĨĝċĥ ĖŕġĖ ĕĩõĦĽ ĴėĉŕġğĬčŖ öĥčĹ ĒīčĹ ĄĦčďō 477: İċŕĦõĥĎ 3^97 ĎĦċ İďėĩĖĎİċĩĖĎõĥĎďōõŕġč ÿĪĸûĕĩõĽĦĴėĉŕġğĬŖčöĥĹčĒīĹčĄĦč İċŕĦõĥĎ 3^<8 ĎĦċ

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Annual Report 2015

e ęĭõğčĩġĹ čīĸ üĽĦčěč 3]366 ęŖĦčĎĦċ ęĈęû 4<< ęŖĦčĎĦċ øĨĈİďŝč ėŖġĖęĤ 36^; IJĈĖĞŕěčijğāŕęĈęûüĦõęĭõğčĩĹġīĸč õĨüõĦėċĩĸ İõĩĸĖěöŖġûõĥčüĦõõĦėüĽĦğčŕĦĖėĤĎĎĞĦėĞčİċĜıęĤġĬďõėćř ijğŖıõŕõüĨ õĦėċĩİĸ õĩĖĸ ěöŖġûõĥčijčďō 4779 IJĈĖęĭõğčĩġĹ čīĸ Ğŕěčijğāŕ ďėĤõġĎĈŖěĖ İûĨčċĈėġûüŕĦĖ ıęĤĔĦĝĩİûĨčĴĈŖčĉĨ ĎĨ øĬ øęėġöġøīč e ĞĨčøŖĦøûİğęīġ üĽĦčěč 9]466 ęŖĦčĎĦċ ęĈęû 389 ęŖĦčĎĦċ øĨĈİďŝčėŖġĖęĤ 4^5 IJĈĖĞŕěčijğāŕĞčĨ øŖĦøûİğęīġċĩęĸ ĈęûĕĦüĦõ õęĬŕĕĞĨčøŖĦıęĤĎėĨõĦėċĦûĎėėüĬĔĥćąř ÿĪĸûĕĩõĦėĎėĨğĦėĞĨčøŖĦ øûøęĥûijğŖĕĩďėĤĞĨċČĨĔĦĒĈĩöĹĪč ċĥĹûčĩĹġĥĉėĦĞŕěčğĕĬčİěĩĖčöġû ĞĨčøŖĦøûİğęīġijčďō 477: øĨĈİďŝčİċŕĦõĥĎ 6^73 İċŕĦ İďėĩĖĎİċĩĖĎ õĥĎďōõŕġčċĩĸøĨĈİďŝčİċŕĦõĥĎ 6^43 İċŕĦ e ĞĨčċėĥĒĖřğĕĬčİěĩĖčġīčĸ üĽĦčěč 338 ęŖĦčĎĦċ İĒĨĕĸ öĪčĹ :9 ęŖĦč ĎĦċ øĨĈİďŝčėŖġĖęĤ 5<7^7 IJĈĖĞŕěčijğāŕĕĦüĦõĎėĨĝĥċĖŕġĖ öġûõęĬĕŕ ĎėĨĝċĥ ĴĈŖĕõĩ ĦėċĽĦĞĥāāĦÿīġĹ öĦĖİûĨčĉėĦĉŕĦûďėĤİċĜ ęŕěûğčŖĦĞĽĦğėĥĎõĦėÿīĹġěĥĉĊĬĈĨĎ ÿĪĸûĕĩõĽĦĴėċĩĸĖĥûĴĕŕİõĨĈöĪĹčüėĨû üĦõõĦėďėĥĎĕĭęøŕĦĖĬĉĨČėėĕöġûĞĥāāĦĈĥûõęŕĦě IJĈĖĞĨčċėĥĒĖř ğĕĬčİěĩĖčġīĸč ĞŕěčijğāŕďėĤõġĎĈŖěĖ İûĨčďėĤõĥčĐęûĦčöġû ČĬėõĨüĐęĨĉIJøėûĞėŖĦûİğęķõþĬĎĞĥûõĤĞĩ ıęĤõĽĦĴėċĩĸĖĥûĴĕŕİõĨĈöĪĹč üėĨûüĦõõĦėďėĥĎĕĭęøŕĦĖĬĉĨČėėĕöġûĞĥāāĦÿīĹġöĦĖİûĨčĉėĦĉŕĦû ďėĤİċĜęŕěûğčŖĦ e İûĨčęûċĬčijčõĦėėŕěĕøŖĦ üĽĦčěč 5]535 ęŖĦčĎĦċ ęĈęû :8 ęŖĦčĎĦċ øĨĈİďŝčėŖġĖęĤ 4^7 İčīġĸ ûüĦõĎėĨĝċĥ ĖŕġĖığŕûğčĪûĸ öġû õęĬŕĕĎėĨĝĥċĴĈŖÿīĹġİûĨčęûċĬčİĒĨĸĕİĉĨĕijčĎėĨĝĥċ ĴċĖ ıĈėĩĸ üĽĦõĥĈ üĪûĞŕûĐęijğŖĕõĩ ĦėİďęĩĖĸ čıďęûĞĥĈĞŕěčõĦėĊīġğĬčŖ üĦõėŖġĖęĤ 73 İďŝčėŖġĖęĤ 3<< ĈĥûčĥĹč üĪûüĥĈďėĤİĔċİûĨčęûċĬčijğĕŕüĦõõĦė ėŕěĕøŖĦİďŝčĎėĨĝĥċĖŕġĖ e İûĨčęûċĬčėĤĖĤĖĦěġīĸč üĽĦčěč 44 ęŖĦčĎĦċ ęĈęû 5< ęŖĦč ĎĦċ øĨĈİďŝčėŖġĖęĤ 79^5 İčīĸġûüĦõöĦĖİûĨčęûċĬčijčČĬėõĨü õėĤüĦĖĞĨčøŖĦ e ġĞĥûğĦėĨĕċėĥĒĖřİĒīĸġõĦėęûċĬč üĽĦčěč 335 ęŖĦčĎĦċ ęĈęû 3< ęŖĦčĎĦċ øĨĈİďŝčėŖġĖęĤ :^< IJĈĖġĞĥûğĦėĨĕċėĥĒĖřİĒīĸġ õĦėęûċĬč ďėĤõġĎĈŖěĖ ċĩĸĈĨč ıęĤġĦøĦė ċĩĸõĨüõĦėĕĩĴěŖİĒīĸġ ğĦďėĤIJĖþčřüĦõėĦĖĴĈŖøŕĦİþŕĦ ğėīġüĦõõĦėİĒĨĸĕöĪĹčöġûĕĭęøŕĦ ĞĨčċėĥĒĖř ċĥûĹ čĩ Ĺ ĴĕŕĴĈŖĕĴĩ ěŖİĒīġĸ öĦĖĉĦĕďõĉĨČėĬ õĨü ğėīġijþŖijčõĦė ĐęĨĉğėīġüĥĈğĦĞĨčøŖĦğėīġijğŖĎėĨõĦėğėīġijþŖijčõĦėĎėĨğĦėûĦč e ċĩĸĈĨč ġĦøĦėıęĤġĬďõėćř üĽĦčěč 3:]7:; ęŖĦčĎĦċ İĒĨĸĕöĪĹč 769 ęŖĦčĎĦċ øĨĈİďŝčėŖġĖęĤ 5^< ĞŕěčijğāŕİčīĸġûüĦõĎėĨĝĥċ ıęĤĎėĨĝĥċĖŕġĖĕĩõĦėęûċĬčİĒĨĸĕöĪĹč 3];98 ęŖĦčĎĦċ IJĈĖĕĦ üĦõõęĬĕŕ ČĬėõĨüğęĥõ øīġ õęĬĕŕ ĞĨčøŖĦıęĤĎėĨõĦėċĦûĎėėüĬĔć ĥ ąř 3]6<: ęŖĦčĎĦċ ıęĤõęĬĕŕ ĞĨčøŖĦıęĤĎėĨõĦėċĦûġĬďIJĔøĎėĨIJĔø 5<6 ęŖĦčĎĦċ ġĩõċĥĹûĕĦüĦõõĦėÿīĹġČĬėõĨüIJĈĖĕĩėĦøĦċĬčėěĕ İďŝčüĽĦčěčİûĨč 737 ęŖĦčĎĦċ ijčöćĤİĈĩĖěõĥčĎėĨĝĥċıęĤ ĎėĨĝĥċĖŕġĖĕĩøŕĦİĞīĸġĕėĦøĦĞĤĞĕİĒĨĸĕöĪĹčüĦõõĦėĉĥĈøŕĦİĞīĸġĕ ėĦøĦ 4]<36 ęŖĦčĎĦċ ċĥĹûčĩĹ ĎėĨĝĥċĕĩġĥĉėĦĐęĉġĎıċčüĦõ ĞĨčċėĥĒĖřĊĦěėijčďō 477: øĨĈİďŝčėŖġĖęĤ 48^5 İďėĩĖĎİċĩĖĎ õĥĎďōõŕġč ÿĪĸûøĨĈİďŝčėŖġĖęĤ 4<^8

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Annual Report 2015

Ğŕ ě čöġûĐĭ Ŗ Ċī ġ ğĬ Ŗ č ėěĕöġûĎėĨ ĝĥ ċ ıęĤĎėĨ ĝĥ ċ Ėŕ ġ Ė ć ěĥ č ċĩ ĸ 53 ČĥčěĦøĕ 477: ĕĩüĽĦčěčċĥĹûĞĨĹč 4<]97< ęŖĦčĎĦċ İĒĨĸĕöĪĹč üĦõĞĨĹčďōõŕġčüĽĦčěč 4]955 ęŖĦčĎĦċ øĨĈİďŝčėŖġĖęĤ 37^4 ÿĪĸûĕĩ ėĦĖęĤİġĩĖĈõĦėİďęĩĸĖčıďęû ĈĥûčĩĹ e İĒĨĸĕöĪĹčĈŖěĖĐęõĽĦĴėĞĬċČĨüĦõõĦėĈĽĦİčĨčûĦč ďėĤüĽĦďō 477: üĽĦčěč 5]675 ęŖĦčĎĦċ e ęĈęûĈŖěĖĐęüĦõõĦėüŕĦĖİûĨčďśčĐęüĽĦčěč ;77 ęŖĦčĎĦċ IJĈĖıĖõİďŝčõĦėüŕĦĖİûĨčďśčĐęüĽĦčěč 5;: ęŖĦčĎĦċğėīġ ğĬŖčęĤ <^47 ĎĦċ ĞĽĦğėĥĎĐęďėĤõġĎõĦėûěĈ 8 İĈīġčğęĥû öġûďō 4779 İĕīġĸ ěĥčċĩ ĸ 37 ĒĘĝĔĦøĕ 477: ĉĦĕĕĉĨċďĩĸ ėĤþĬĕ ĞĦĕĥāĐĭĊŖ ġī ğĬčŖ İĕīġĸ ěĥčċĩ ĸ 39 İĕĝĦĖč 477: ıęĤüŕĦĖİûĨčďśčĐę ėĤğěŕĦûõĦęüĽĦčěč 779 ęŖĦčĎĦċ ğėīġğĬŖčęĤ <^57 ĎĦċ ĞĽĦğėĥĎĐęďėĤõġĎõĦėûěĈ 8 İĈīġčıėõöġûďō 477: İĕīġĸ ěĥčċĩ ĸ 33 õĥčĖĦĖč 477: ĉĦĕĕĉĨċďĩĸ ėĤþĬĕøćĤõėėĕõĦėĎėĨĝċĥ İĕīġĸ ěĥčċĩĸ 35 ĞĨûğĦøĕ 477: e ęĈęûüĽĦčěč 3:9 ęŖĦčĎĦċ ĈŖěĖĐęüĦõİûĨčďśčĐęöġû ĎėĨĝĥċĖŕġĖċĩĸüŕĦĖijğŖıõŕĞŕěčĴĈŖİĞĩĖċĩĸĴĕŕĕĩġĽĦčĦüøěĎøĬĕ ġĥĉėĦĞŕěčğčĩĹĞĨčĉŕġĞŕěčöġûĐĭŖĊīġğĬŖč ĞĽĦğėĥĎďō 477: İċŕĦõĥĎ 3^37 İċŕĦ ęĈęûİĕīĸġİďėĩĖĎİċĩĖĎõĥĎďōõŕġč ÿĪĸûİċŕĦõĥĎ 3^63 İċŕĦ ıęĤġĥĉėĦĞŕěčğčĩĞĹ čĨ ċĩĕĸ Ĕĩ ĦėĤĈġõİĎĩĖĹ ĉŕġĞŕěčöġûĐĭĊŖ ġī ğĬčŖ İċŕĦõĥĎ <^94 İċŕĦ ęĈęûİĕīĸġİďėĩĖĎİċĩĖĎõĥĎďōõŕġč ÿĪĸûİċŕĦõĥĎ <^;< İċŕĦ ĞĦİğĉĬğęĥõĕĦüĦõİûĨčõĭĖŖ ĕī ėĤĖĤĞĥčĹ üĦõĞĊĦĎĥčõĦėİûĨčęĈęû ĉĦĕ ċĩĸĴĈŖõęŕĦěĴěŖijčğĥěöŖġğčĩĹĞĨčėěĕöġûĎėĨĝĥċıęĤĎėĨĝĥċĖŕġĖ ċĥĹûčĩĹ ĞĔĦĒøęŕġûöġûĎėĨĝĥċĖĥûġĖĭŕijčİõćąřċĩĸĈĩ IJĈĖĕĩġĥĉėĦĞŕěčğčĩĹĞĨč ċĩĸĕĩĔĦėĤĈġõİĎĩĹĖĉŕġĞŕěčöġûĐĭŖĊīġğĬŖčĴĕŕİõĨčġĥĉėĦĞŕěčċĩĸõĽĦğčĈ ĴěŖijčõĦėġġõğĬŖčõĭŖċĩĸ 3^97 İċŕĦ õĦėõĭŖĖīĕİûĨčijčĉŕĦûďėĤİċĜ İďŝčõĦėõĭŖĖīĕİûĨčöġûĎėĨĝĥċĖŕġĖ ijčĉŕĦûďėĤİċĜ İĒīĸġijþŖİďŝčİûĨčċĬčğĕĬčİěĩĖč ıęĤİĒīĸġõĦėöĖĦĖ ČĬėõĨü IJĈĖĎėĨĝċĥ ĖŕġĖüĤĕĩėĦĖĴĈŖüĦõõĦėĈĽĦİčĨčČĬėõĨüİďŝčĞõĬęİûĨč İĈĩĖěõĥčõĥĎĞõĬęċĩĸõĭŖĖīĕİûĨč ġĥĉėĦĞŕěčĞĔĦĒøęŕġûöġûĎėĨĝĥċĕĩġĥĉėĦİċŕĦõĥĎ 3^4< ÿĪĸûĴĕŕĕĩ ĐęõėĤċĎĉŕġõĦėĈĽĦİčĨčČĬėõĨüöġûĎėĨĝĥċıĉŕġĖŕĦûijĈ İčīĸġûüĦõ ĞĨčċėĥĒĖřğĕĬčİěĩĖčöġûĎėĨĝĥċĕĩøĬćĔĦĒċĩĸĈĩ İþŕč ęĭõğčĩĹõĦėøŖĦ ĞĨčøŖĦøûİğęīġ İďŝčĉŖč üĪûĞŕûĐęijğŖĎėĨĝċĥ ĕĩİûĨčċĬčğĕĬčİěĩĖčijčõĦė üŕĦĖþĽĦėĤğčĩċĹ Ċĩĸ ûĪ õĽĦğčĈþĽĦėĤĔĦĖijčğčĪûĸ ďō IJĈĖċĩğĸ čĩĞĹ čĨ ğĕĬčİěĩĖč öġûĎėĨĝċĥ ĞŕěčijğāŕİďŝčİûĨčõĭĖŖ ĕī ėĤĖĤĞĥčĹ ıęĤİûĨčõĭĖŖ ĕī ėĤĖĤĖĦěċĩĸ ĊĪûõĽĦğčĈþĽĦėĤĔĦĖijčğčĪĸûďō üĦõõĦėďėĥĎIJøėûĞėŖĦûõĦėõĭŖĖīĕİûĨč ĔĦėĤĐĭõĒĥčöġûĎėĨĝĥċ ďėĤõġĎĈŖěĖ ĔĦėĤĐĭõĒĥčėĦĖüŕĦĖ đŐĦĖċĬč ĔĦėĤĐĭõĒĥčĉĦĕĞĥāāĦİþŕĦĈĽĦİčĨčûĦčċĩĖĸ õİęĨõĴĕŕĴĈŖ ıęĤ ĔĦėĤĐĭõĒĥčġīĸč Ķ IJĈĖĔĦėĤĐĭõĒĥčöġûĎėĨĝĥċ İõĨĈüĦõõĦėĈĽĦİčĨč ûĦčIJĈĖďõĉĨöġûČĬėõĨü İþŕč ĔĦėĤĐĭõĒĥčüĦõõĦėĞĥûĸ ÿīġĹ ĞĨčøŖĦ ĔĦėĤ ĐĭõĒĥčüĦõõĦėęûċĬčijčİøėīĸġûüĥõė ĔĦėĤĐĭõĒĥčĉĦĕĞĥāāĦİþŕĦ ĈĽĦİčĨčûĦčijčõĦėİþŕĦġĦøĦė ıęĤĖĦčĒĦğčĤ İďŝčĉŖč

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Annual Report 2015

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Message from the Chairman of the Board of Directors İėĩĖč ċŕĦčĐĭŖĊīġğĬŖč ďō 477: ċĩĸĐŕĦčĕĦ čĥĎİďŝčďōığŕûõĦėğęġĕėěĕċĦûİĜėĝĄõĨü ĞĭŕõĦėİďŝčďėĤþĦøĕġĦİÿĩĖč O + & ŭ ŭ W P ġĖŕĦûİďŝčċĦûõĦė čĽĦĕĦÿĪĸûIJġõĦĞċĩĸİďŌĈõěŖĦûĞĽĦğėĥĎċĬõĔĦø ČĬėõĨüċĩĸüĤėŕěĕõĥčöĥĎİøęīĸġčİĜėĝĄõĨüöġûďėĤİċĜĴċĖ čĥĎİďŝčġĩõ øěĦĕĔĦøĔĭĕĨijüğčĪĸû ċĩĸĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř üĽĦõĥĈ OĕğĦþčP ğėīġ Ďĩİüÿĩ öġûİėĦ ĴĈŖĕĩõĦėėŕěĕöĥĎİøęīĸġčďėĤİċĜĴċĖĞĭŕġčĦøĉĴď ĒėŖġĕĶ õĥĎĔĦøČĬėõĨüġĬĉĞĦğõėėĕ IJĈĖİėĦĴĈŖĕõĩ ĦėöĖĦĖõĦėęûċĬč ijčõęĬŕĕďėĤİċĜġĦİÿĩĖčġĖŕĦûĉŕġİčīĸġû IJĈĖİýĒĦĤġĖŕĦûĖĨĸû . $ øīġ İěĩĖĈčĦĕ õĥĕĒĭþĦ ıęĤĞĦČĦėćėĥĄďėĤþĦČĨďĴĉĖďėĤþĦþčęĦě ĈŖěĖøěĦĕĕĬŕûĕĥĸčċĩĸüĤõŖĦěĞĭŕøěĦĕİďŝčĐĭŖčĽĦijčõęĬŕĕďėĤİċĜġĦİÿĩĖč ĉĦĕěĨĞĥĖċĥĜčřċĩĸĴĈŖĉĥĹûĴěŖ öŖĦĒİüŖĦĕĩøěĦĕĖĨčĈĩċĩĸĴĈŖİğķčõĦėİüėĨāİĉĨĎIJĉöĖĦĖĉĥěöġûõęĬŕĕ Ďĩİüÿĩ IJĈĖİýĒĦĤõĦėĒĥĆčĦġĖŕĦûĉŕġİčīġĸ ûöġûĞĦĖČĬėõĨüĎėėüĬĔć ĥ ąř čĥĎĴĈŖěĦŕ İėĦİďŝčğčĪĸûijčõęĬŕĕĎėĨĝĥċĐĭŖĐęĨĉĎėėüĬĔĥćąřıõŖěċĩĸijğāŕıęĤ ċĥčĞĕĥĖċĩĸĞĬĈijčĔĭĕĨĔĦøİġİþĩĖĉĤěĥčġġõİýĩĖûijĉŖ IJĈĖĕĩĄĦčõĦė ĐęĨĉijč 5 ďėĤİċĜ ĴĈŖıõŕ ďėĤİċĜĴċĖ ĕĦİęİÿĩĖ ıęĤİěĩĖĈčĦĕ IJĈĖijčĞŕěčöġûĎėĨĝĥċ ĴċĖ ĕĦęĦĖĦ õęĦĞ üĽĦõĥĈ ĴĈŖĕĩõĦėĞėŖĦû IJėûûĦčĐęĨĉöěĈıõŖěığŕûċĩĸ 4 O,% 4P öĪĹč İĕīĸġďęĦĖďō 477: ċĩĸ üĥûğěĥĈĞėĤĎĬė ĩ ÿĪûĸ ĎėĨĝċĥ ĕĩıĐčċĩüĸ ĤöĖĦĖõĽĦęĥûõĦėĐęĨĉġĖŕĦûĉŕġİčīġĸ û İĒīĸġėġûėĥĎøěĦĕĉŖġûõĦėöġûęĭõøŖĦċĩĸİĒĨĸĕĕĦõöĪĹč ıęĤijčďō 477: čĩĹ İďŝčġĩõďōċĩĸċŖĦċĦĖıęĤĔĦøĔĭĕĨijüġĖŕĦûĖĨĸûijčøěĦĕĞĽĦİėķüöġûõĦė ĐęĨĉöěĈıõŖěĕėõĉ ċĽĦijğŖİėĦİďŝčĐĭŖĐęĨĉĎėėüĬĔĥćąřİĒĩĖûėĦĖİĈĩĖě ijčďėĤİċĜĴċĖċĩĞĸ ĦĕĦėĊĐęĨĉöěĈİöĩĖěĴĈŖ ďėĤõġĎõĥĎõĦėİĉĨĎIJĉċĩĸ ıöķûıõėŕûöġûĖġĈöĦĖĎėėüĬĔć ĥ ąřõėĤďœġûġĤęĭĕİĨ čĩĖĕċĥûĹ ijčĴċĖıęĤ İěĩĖĈčĦĕ ĞŕûĐęijğŖĉěĥ İęöĐęďėĤõġĎõĦėöġûĞĦĖČĬėõĨüĎėėüĬĔć ĥ ąřĈĩ ĖĨûĸ öĪčĹ čġõüĦõčĥčĹ ijčĈŖĦčøěĦĕėĥĎĐĨĈþġĎĉŕġĞĥûøĕıęĤĞĨûĸ ıěĈęŖġĕ ĖĥûĕĬŕûİčŖčõėĤĎěčõĦėĐęĨĉċĩĸĴĈŖĕĦĉėĄĦčċĥĹûĈŖĦčþĩěġčĦĕĥĖ ıęĤ ĞĨĸûıěĈęŖġĕ IJĈĖIJėûûĦčĎĦûĒęĩĴĈŖėĥĎėĦûěĥęďėĤõĦĜİõĩĖėĉĨøĬć ČėėĕĦĔĨĎĦęĞĨĸûıěĈęŖġĕ ıęĤġĬĉĞĦğõėėĕĞĩİöĩĖě ďėĤüĽĦďō 477: O ŲŲ ūŭ ėĤĈĥĎ 6P ÿĪûĸ ijčďėĤİċĜĴċĖĕĩİĒĩĖûĴĕŕõėĩĸ ĦĖċĩĴĸ ĈŖėĎĥ ėĦûěĥęčĩ Ĺ ıęĤĕĩõĦėüĥĈõĦėĈŖĦčĞĨûĸ ıěĈęŖġĕċĩİĸ ďŝčėĤĎĎĴĈŖėĎĥ ĕĦĉėĄĦč ėĤĎĎõĦėüĥĈõĦėĞĨĸûıěĈęŖġĕ !+' 36<<3W4<37 öŖĦĒİüŖĦöġöġĎøĬćĐĭĊŖ ġī ğĬčŖ ęĭõøŖĦ ĒĥčČĕĨĉėċĦûõĦėøŖĦ ıęĤğčŕěĖ ûĦčĉŕĦûĶ ċĩĸĴĈŖijğŖõĦėĞčĥĎĞčĬčõĨüõĦėöġûõęĬŕĕ Ďĩİüÿĩ İďŝčġĖŕĦûĈĩ ıęĤöġöġĎøĬćøćĤĐĭĎŖ ėĨğĦėıęĤĒčĥõûĦčċĬõċŕĦč ċĩijĸ ğŖøěĦĕėŕěĕĕīġ ıęĤċĬŕĕİċġĖŕĦûİĉķĕċĩĸ þŕěĖõĥčċĽĦijğŖõĨüõĦėĒĥĆčĦõŖĦěğčŖĦĕĦõöĪĹč ċĽĦijğŖİėĦĞĦĕĦėĊĈĽĦİčĨčČĬėõĨüĞġĈøęŖġûõĥĎěĨĞĖĥ ċĥĜčř ċĨĜċĦû čIJĖĎĦĖ ıęĤĎėėęĬİďőĦğĕĦĖċĩĸěĦûĴěŖėŕěĕõĥčİďŝčĞĽĦøĥā

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Annual Report 2015

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İėĩĖč ċŕĦčĐĭŖĊīġğĬŖč

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ďō 477: ċĩĸĐŕĦčĕĦ čĥĎİďŝčďōċĩĸ 355 öġû Ďĩİüÿĩ ċĩĸĴĈŖĈĽĦİčĨčČĬėõĨüijč ďėĤİċĜĴċĖ ijčĖĬøığŕûõĦėõŖĦěİöŖĦĞĭďŕ ėĤþĦøĕİĜėĝĄõĨüġĦİÿĩĖč O + & ŭ ŭ W P ċĩďĸ ėĤİċĜĞĕĦþĨõċĥûĹ 3< ďėĤİċĜ ĉŕĦûėěĕijü õĥčİďŝčğčĪĸûİĈĩĖě İĒīĸġėŕěĕõĥčöĥĎİøęīĸġčİĜėĝĄõĨüijčĔĭĕĨĔĦøġĦİÿĩĖčġĖŕĦû ıöķûöĥč ıęĤĞĽĦğėĥĎĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř üĽĦõĥĈ OĕğĦþčP ğėīġ Ďĩİüÿĩ ĴĈŖĕûŕĬ İčŖčõĦėöĖĦĖĉęĦĈ İĒīġĸ ijğŖĞġĈøęŖġûõĥĎõĦėİďŌĈ ijčďō 477: ċĩĸ ĐŕĦčĕĦġĖŕĦûİĉķĕċĩ ĸ IJĈĖõĦėėĬõİöŖĦĴďijčĉęĦĈ . $ ĴĈŖıõŕ İěĩĖĈčĦĕ õĥĕĒĭþĦ ıęĤĞĦČĦėćėĥĄďėĤþĦČĨďĴĉĖďėĤþĦþčęĦěİďŝčĉęĦĈĞĽĦøĥā ĉęġĈİěęĦ 355 ďō Ďĩİüÿĩ ĖĥûøûĕĬŕûĕĥĸčijčďćĨČĦčõĦėĈĽĦİčĨčČĬėõĨüĈŖěĖ øěĦĕÿīĸġĞĥĉĖř IJďėŕûijĞĈŖěĖğęĥõĎėėĝĥċĔĨĎĦę ıęĤĈŖěĖěĨĞĥĖċĥĜčřijčõĦė İďŝčĎėĨĝĥċþĥĹččĽĦöġûøčĴċĖċĩĸĕĬŕûĞėŖĦûĞėėøřıęĤĞŕûĕġĎĞĨčøŖĦıęĤĎėĨõĦė ċĩĸİďŝčİęĨĜİĒīĸġĉġĎĞčġûøěĦĕĉŖġûõĦėöġûĐĭŖĎėĨIJĔøċĩĸĴĕŕijþŕİĒĩĖûİýĒĦĤijč ďėĤİċĜĴċĖ ıĉŕěĥččĩĹĴĈŖõŖĦěĴõęĞĭŕėĤĈĥĎĔĭĕĨĔĦøĈŖěĖõęĖĬċČřõĦėĈĽĦİčĨč ČĬėõĨüıĎĎøėĎěûüė øīġ øėġĎøęĬĕČĬėõĨüĉŖččĽĹĦ õęĦûčĽĹĦ ďęĦĖčĽĹĦ Ďĩİüÿĩ ĉĥûĹ İďőĦijčõĦėİďŝčĎėĨĝċĥ ċĩĈĸ ijĩ čĔĭĕĔĨ ĦøġĦİÿĩĖč İĒīġĸ öĥĎİøęīġĸ čČĬėõĨüijčĔĭĕĔĨ Ħø ijğŖİĉĨĎIJĉõŖĦěğčŖĦ İďőĦğĕĦĖöġû Ďĩİüÿĩ ijčėĤĈĥĎĔĭĕĨĔĦøøīġõĦėĞėŖĦû İøėīġöŕĦĖõĦėõėĤüĦĖĞĨčøŖĦıęĤĎėĨõĦėċĩĸĕĩďėĤĞĨċČĨĔĦĒIJĈĖ Ďĩİüÿĩ üĤİďŝč ĐĭŖčĽĦõĦėĈĽĦİčĨčČĬėõĨüijčıĉŕęĤďėĤİċĜıęĤĒėŖġĕċĩĸüĤİþīĸġĕIJĖûİøėīġöŕĦĖ ĈĥûõęŕĦěėěĕĊĪûċĬõĞŕěčijčıĉŕęĤ + ū ijğŖĕøĩ ěĦĕĞġĈøęŖġû İþīġĸ ĕIJĖû ĞĥĕĒĥčČřıęĤİõīĹġğčĬčõĥčijčġčĦøĉ ĉĦĕĖĬċČĜĦĞĉėřċĩĸİėĦİėĩĖõěŕĦ +

Ų ( ū y ÿĪĸûüĤĞėŖĦûøěĦĕıöķûıõėŕûıęĤøěĦĕĞĦĕĦėĊijčõĦėıöŕûöĥčijğŖ õĥĎ Ďĩİüÿĩ İďŝčġĖŕĦûĕĦõ ďō 477: İďŝčġĩõďōċ ĩĸ Ďĩİüÿĩ ĴĈŖöĖĦĖõĽĦęĥûõĦėĐęĨĉijčĞĦĖČĬėõĨüĎėėüĬĔć ĥ ąř ÿĪĸûčĥĎİďŝčĉŖččĽĹĦ ĔĦĖijĉŖõĦėĈĽĦİčĨčûĦčöġûĎėĨĝĥċ ĴċĖ ĕĦęĦĖĦ õęĦĞ üĽĦõĥĈ ĴĈŖĞėŖĦûIJėûûĦčĐęĨĉĎėėüĬĔĥćąřıõŖěığŕûċĩĸ 4 O,% 4P öĪĹč İĕīĸġ ďęĦĖďō 477: ċĩĸüĥûğěĥĈĞėĤĎĬėĩ ÿĪĸûďśüüĬĎĥč Ďĩİüÿĩ ĕĩIJėûûĦčĐęĨĉ 5 ığŕû ėěĕċĥĹûĞĨĹč : İĉĦğęġĕ ıęĤĕĩõĽĦęĥûõĦėĐęĨĉėěĕ 4]957 ĉĥčĉŕġěĥč ıęĤ ĎėĨĝċĥ ģĕĩıĐčċĩüĸ ĤöĖĦĖõĽĦęĥûõĦėĐęĨĉġĖŕĦûĉŕġİčīġĸ û İĒīġĸ ėġûėĥĎøěĦĕĉŖġûõĦė öġûęĭõøŖĦċĩİĸ ĒĨĕĸ ĕĦõöĪčĹ İĒīġĸ øėġûøěĦĕİďŝčĐĭčŖ ĦĽ ijčõĦėĐęĨĉĎėėüĬĔć ĥ ąřıõŖě ijčİġİþĩĖĉĤěĥčġġõİýĩĖûijĉŖ čġõüĦõčĥĹčĖĥûĴĈŖėŕěĕõĥčøĨĈĞėŖĦûĞėėøř ěĨüĥĖ ĒĥĆčĦøŖčøěŖĦğĦěĨČĩõĦėċĩĸĈĩċĩĸĞĬĈijčõĦėĐęĨĉöěĈıõŖěİöĩĖěĕėõĉċĩĸĒėŖġĕ ĈŖěĖøĬćĔĦĒ øěĦĕıöķûıėû ďęġĈĔĥĖ ĞěĖûĦĕ ıęĤøěĦĕęĤİġĩĖĈďėĤćĩĉ ĈŖěĖõėĤĎěčõĦėĐęĨĉċĩĸĴĈŖĕĦĉėĄĦčċĥĹûĈŖĦčþĩěġčĦĕĥĖıęĤĞĨĸûıěĈęŖġĕ üč ďėĤĞĎøěĦĕĞĽĦİėķüijčõĦėİďŝčĐĭŖĐęĨĉĎėėüĬĔĥćąřİĒĩĖûėĦĖİĈĩĖěċĩĸĞĦĕĦėĊ ĐęĨĉöěĈıõŖěİöĩĖěĴĈŖ čĥĎİďŝčøěĦĕĔĭĕĨijüġĖŕĦûĖĨĸûöġûĐĭŖĎėĨğĦėıęĤċĩĕûĦč ċĩĸėŕěĕõŖĦěöŖĦĕøěĦĕċŖĦċĦĖĕĦĴĈŖġĖŕĦûİĉķĕĔĦøĔĭĕĨ čġõüĦõčĩ Ĺ İĒīġĸ İďŝčõĦėėġûėĥĎõĦėöĖĦĖĉĥěöġûõĦėĈĽĦİčĨčČĬėõĨüijčõęĬĕŕ

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Annual Report 2015

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Mr. Charoen Sirivadhanabhakdi

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Mr. Thapana Sirivadhanabhakdi Director

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Mr. Panote Sirivadhanabhakdi Director Executive Director

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Mr. Rungson Sriworasart Independent Director

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Police General Krisna Polananta Independent Director Audit Committee Member Nomination and Remuneration Committee Member

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Mr. Sithichai Chaikriangkrai Director Executive Director Risk Management Committee Member

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Annual Report 2015

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õęĬŕĕĞĨčøŖĦıęĤĎėĨõĦėċĦûġĬďIJĔøĎėĨIJĔøĴĈŖıĎŕûġġõİďŝč ČĬėõĨüĖŕġĖĶ 8 ČĬėõĨü øīġ 3^ ČĬėõĨüġĦğĦė ĈĽĦİčĨčČĬėõĨüĈŖĦčõĦėĐęĨĉıęĤüĥĈüĽĦğčŕĦĖ ĞĨčøŖĦďėĤİĔċöčĕöĎİøĩĹĖěĔĦĖijĉŖĉėĦĞĨčøŖĦĉŕĦûĶ İþŕč İċĞIJĉ ďĦėřĉ ĩĹ IJĈIJÿĤ ıøĕďśĞ ıęĤİøėīġĸ ûĈīĕĸ ġĦċĨ ıøĕďśĞ ĕġęĉř õĦIJĉĤ ėěĕĊĪûõĦėěĦûıĐčõĦėĉęĦĈıęĤõĦėüĥĈ üĽĦğčŕĦĖĞĨčøŖĦďėĤİĔċġĦğĦėċĩĐĸ ęĨĉĔĦĖijčõęĬĕŕ ĎėĨĝċĥ ċĥûĹ ijčıęĤĉŕĦûďėĤİċĜ ÿĪĸûĐęĨĉIJĈĖĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř ēĭĈő Ğř üĽĦõĥĈ ĎėĨĝċĥ ĖĥûĴĈŖöĖĦĖĉęĦĈĴďĞĭďŕ ėĤİċĜĕĦİęİÿĩĖ IJĈĖĕĩ Ďĩİüÿĩ ēĭőĈ OĕĦİęİÿĩĖP İġĞĈĩİġķčĎĩİġþĈĩ O " %P İďŝčĐĭŖĐęĨĉĞĨčøŖĦĕĥčđėĥĸûċġĈõėġĎĔĦĖijĉŖĉėĦĞĨčøŖĦĴěĞř İċĞIJĉ ıęĤøĦęĎĩĹ ÿĪĸû " % ėĥĎüŖĦûĐęĨĉijğŖõĥĎęĭõøŖĦ ĔĦĖčġõ čġõüĦõčĩĹ ĎėĨ ĝĥ ċ Ėĥ û ĐęĨ ĉ ıęĤüĥ Ĉ üĽ Ħ ğčŕ Ħ Ė ĐęĨĉĔĥćąřčĕİďėĩĖĹ ěĒėŖġĕĈīĕĸ ĉėĦ ďĦėřĉıĩĹ Ĉėĩıĸ ęĤIJĖİõĨėĉř ĊŖěĖĉėĦďĦėřĉĩĹıĈėĩĸĈŖěĖ 4^ ČĬėõĨüĞĨčøŖĦİøėīĸġûijþŖĞŕěčĉĥěıęĤİøėīĸġûijþŖijčøėĥěİėīġč ĈĽĦİčĨčČĬėõĨüijčõĦėĒĥĆčĦıęĤĐęĨĉĐęĨĉĔĥćąř ėěĕċĥĹû

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Annual Report 2015

ċĽĦõĦėĉęĦĈ ıęĤüĥĈüĽĦğčŕĦĖĐęĨĉĔĥćąřijčõęĬŕĕİøėīĸġû ijþŖĞŕěčĉĥě ÿĪĸûďėĤõġĎĈŖěĖĐęĨĉĔĥćąřĞĎĭŕ ĐęĨĉĔĥćąřİĈķõ ıďėûĞĩēčś ĐŖĦġŖġĕ ıęĤİøėīġĸ ûĞĽĦġĦû ĉęġĈüčĐęĨĉĔĥćąř ijčõęĬŕĕİøėīĸġûijþŖijčøėĥěİėīġč ÿĪĸûďėĤõġĎĈŖěĖ õėĤĈĦĝ ċĨþþĭŕ ĐęĨĉĔĥćąřċĽĦøěĦĕĞĤġĦĈ čĽĹĦĖĦďėĥĎġĦõĦĜ IJĈĖ ĕĩĎėĨĝĥċ ėĭİĎĩĖġĬĉĞĦğõėėĕ üĽĦõĥĈ İďŝčĐĭŖĐęĨĉĐęĨĉĔĥćąř ĞĎĭŕ ĐęĨĉĔĥćąřİĈķõ ıęĤİøėīĸġûĞĽĦġĦû ıęĤĎėĨĝĥċ İĎġėřęĩĸ ĖĬøİõġėř İÿęęķġõÿř üĽĦõĥĈ İďŝčĐĭŖĐęĨĉõėĤĈĦĝċĨþþĭŕ ġĩõ ċĥĹûĖĥûėĥĎüŖĦûüĥĈüĽĦğčŕĦĖĐęĨĉĔĥćąřijğŖõĥĎęĭõøŖĦĔĦĖčġõċĩĸ ĞġĈøęŖġûõĥĎõęĬŕĕĐęĨĉĔĥćąřċĩĸĎĩİüÿĩĈĽĦİčĨčČĬėõĨüġĖĭŕ 5^ ČĬėõĨüĈŖĦčõĦėüĥĈõĦėIJęüĨĞĉĨõĞř ĈĽĦİčĨčČĬėõĨüijğŖĎėĨõĦė ėĥĎđĦõıęĤĎėĨğĦėĞĨčøŖĦøûøęĥû ıęĤijğŖĎėĨõĦėöčĞŕûİĒīĸġ õėĤüĦĖĞĨčøŖĦċĥĸěďėĤİċĜ ėěĕĊĪûõĦėĈĽĦİčĨčõĦėİėīĸġû ĒĨČĩõĦėĜĬęõĦõėĞĽĦğėĥĎĞĨčøŖĦčĽĦİöŖĦıęĤĞŕûġġõ 6^ ČĬėõĨüijčďėĤİċĜİěĩĖĈčĦĕ ıĎŕûġġõİďŝč 5 õęĬŕĕøīġ e ĎėĨĝĥċ ġĨüĨĎĥû üĽĦõĥĈ ďėĤõġĎČĬėõĨüĐęĨĉĞĨčøŖĦġĦğĦė ďėĤİĔċİĉŖĦğĭŖþčĨĈĉŕĦûĶ ijčďėĤİċĜİěĩĖĈčĦĕ e ĎėĨĝċĥ ĴċĖøġėřď ġĨčİĉġėřİčþĥčĸ ıčę OİěĩĖĈčĦĕP üĽĦõĥĈ İďŝčĐĭüŖ Ĉĥ üĽĦğčŕĦĖİøėīġĸ ûĈīĕĸ õėĤċĨûıĈû ďęĦõėĤďœġûĉėĦ ĞĦĕıĕŕøėĥě õėĤĈĦĝċĨþþĭŕİÿęęķġõÿř ÿĨęøř čĕĞĈĉėĦ ğĕĩ čĕöŖčğěĦčøĦėřİčþĥĸč ģęģ ijčďėĤİċĜİěĩĖĈčĦĕ e Ĵċġĥč õėĬŗď O, P İďŝčĐĭŖüĥĈüĽĦğčŕĦĖıęĤõėĤüĦĖ ĞĨčøŖĦijčďėĤİċĜİěĩĖĈčĦĕ ĔĦĖijĉŖõęĬŕĕĞĨčøŖĦġĬďIJĔø ıęĤĎėĨIJĔø ĴĈŖıõŕ İøėīĸġûijþŖĴēēőĦ ĐęĨĉĔĥćąřÿĩİĕčĉř ĐęĨĉĔĥćąřċĦĽ øěĦĕĞĤġĦĈĔĦĖijčøėĥěİėīġč ĐęĨĉĔĥćąř İøėīĸġûijþŖĞŕěčĉĥě ĐęĨĉĔĥćąřčĕ ġĦğĦėıęĤöčĕ öĎİøĩĹĖě ģęģ 7^ ČĬėõĨüİøėīĸġûİöĩĖčıęĤİøėīĸġûijþŖĞĽĦčĥõûĦč ĈĽĦİčĨčČĬėõĨüüĥĈ üĽĦğčŕĦĖĞĨčøŖĦİøėīġĸ ûİöĩĖčıęĤİøėīġĸ ûijþŖĞĦĽ čĥõûĦčċĥûĹ ċĩĐĸ ęĨĉ ijčďėĤİċĜıęĤĉŕĦûďėĤİċĜ ĴĈŖıõŕ ĐęĨĉĔĥćąřĞĕĬĈıęĤ õėĤĈĦĝĔĦĖijĉŖĖĩĸğŖġ Ŭ Ų İøėīĸġûİöĩĖčıęĤİøėīĸġû ijþŖĞĽĦčĥõûĦč 5% ĔĦĖijĉŖĖĩĸğŖġ +ŭ ŭ ıęĤ ( N ėěĕ ċĥĹûĐęĨĉĔĥćąřİøėīĸġûİöĩĖč + ūŬ ıęĤĐęĨĉĔĥćąřõĦě - - üĦõďėĤİċĜİĖġėĕčĩ õęĬŕĕİøėīĸġûİöĩĖč ! üĦõ ďėĤİċĜđėĥĸûİĜĞ 8^ õęĬŕĕĞĨčøŖĦġĨİęķõċėġčĨõĞř ÿĪĸûĕĩğęĦõğęĦĖČĬėõĨüġĖĭŕėěĕ õĥč IJĈĖıĎŕûČĬėõĨüğęĥõġġõİďŝč 6 ďėĤİĔċ e ĞĨčøŖĦďėĤİĔċIJċėĜĥĒċřĕīġĊīġıęĤġĬďõėćřİĞėĨĕ e ĞĨčøŖĦďėĤİĔċİøėīĸġûijþŖĴēēőĦijčĎŖĦčıęĤijčĞĽĦčĥõûĦč e ĞĨčøŖĦďėĤİĔċİøėīĸġûĊŕĦĖėĭďıęĤõėĤĈĦĝ ıęĤĎėĨõĦė ĊŕĦĖėĭďĉĨĈĎĥĉė e ĎėĨõĦėİþŕĦİøėīġĸ ûďęŕġĖĞĥāāĦćġĨčİċġėřİčķĉıĎĎĒõĒĦ

include soap, children products, toothbrush, diapers 'U\SHUV DQG FRVPHWLFV KRXVHKROG SURGXFWV ZKLFK include tissue paper, cleaning products and air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the distributor of Red Bull beverages, Three /DG\ &RRNV FDQQHG ÀVK &HOOR[ DQG =LON WLVVXH SDSHU %HDU %UDQG PLON &DUQDWLRQ FRQGHQVHG PLON HWF 7KDL $Q *URXS 7$* KDQGOHV VDOHV DQG GLVWUL EXWLRQ RI FRQVXPHU JRRGV LQ 9LHWQDP LQFOXGLQJ HOHFWULFDO JRRGV FHPHQW SURGXFWV KRXVHKROG FOHDQLQJ SURGXFWV SHUVRQDO FDUH SURGXFWV PLON SURGXFWV IRRGV DQG VQDFNV HWF 7KH 6WDWLRQHU\ DQG 2IÀFH (TXLSPHQW *URXS LV WKH GLVWULEXWRU RI VWDWLRQHU\ DQG RIÀFH VXSSOLHV WKDW DUH SURGXFHG ERWK LQVLGH DQG RXWVLGH 7KDLODQG 7KH SURGXFWV ZH GLVWULEXWH LQFOXGH WKH ´'RXEOH $µ SDSHU DQG QRWHERRNV 0·V VWDWLRQHU\ DQG RIÀFH HTXLSPHQW XQGHU WKH EUDQGV ´6FRWFKµ DQG ´3RVW LW µ WKH ´6WDELORµ VWDWLRQHU\ *HUPDQ\·V JOXH ´8+8µ DQG )UDQFH·V VWDWLRQHU\ ´%,&µ The electronic products division is a sales agent, PDUNHWHU DQG WKH GLVWULEXWRU RI HOHFWURQLF SURGXFWV that are used in a variety of business categories, LQFOXGLQJ WKH IROORZLQJ IRXU NH\ VHFWRUV 0RELOH SKRQHV DQG DFFHVVRULHV +RPH DQG RIÀFH HOHFWULFDO DSSOLDQFHV 3KRWRJUDSK\ UHODWHG PDFKLQHV DQG SDSHU DQG the photo ID service 3RUWDEOH LQWHUQHW WHWKHULQJ HTXLSPHQW IRU UHQW

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1. The Food Group

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Annual Report 2015

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Annual Report 2015

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Annual Report 2015

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ĞĽĦğėĥĎďō 477; ċĦûĎėĨĝĥċøĦĈěŕĦüĤĕĩøěĦĕĉŖġûõĦėİĞĦ ĞĦĖĞŕûĴēēőĦıėûĞĭû ıęĤİĞĦĞīġĸ ĞĦėIJċėøĕčĦøĕijčďėĤİċĜĴċĖ üĤĖĥûĞĭûġĖĭŕ ıĉŕĞĔĦĒõĦėıöŕûöĥččŕĦüĤėĬčıėûöĪĹčõěŕĦďō 477: İčīĸġûüĦõĐĭŖďėĤõġĎõĦėıĉŕęĤėĦĖĉŖġûõĦėċĩĸüĤĞĤĞĕøĽĦĞĥĸû ÿīĹġĞĽĦğėĥĎõĦėĐęĨĉijčďō 478< IJĈĖėĦøĦĞĨčøŖĦüĤİďŝčďśüüĥĖ ĞĽĦøĥāöġûõĦėıöŕûöĥč İĒėĦĤøěĦĕĞĦĕĦėĊijčõĦėĐęĨĉöġû ĐĭďŖ ėĤõġĎõĦėıĉŕęĤėĦĖĴĕŕĉĦŕ ûõĥčĕĦõčĥõ ijčďōċĐĩĸ Ħŕ čĕĦ ėĦøĦ ĞĨčøŖĦĴĈŖďėĥĎęĈęûijčþŕěûďęĦĖďō İčīĸġûüĦõėĦøĦİğęķõċĩĸďėĥĎ ĉĥěęĈęûġĖŕĦûĉŕġİčīĸġû ıĉŕøĦĈěŕĦėĦøĦĞĨčøŖĦijčďō 477; üĤ ĞĭûöĪĹčİęķõčŖġĖüĦõėĦøĦěĥĉĊĬĈĨĎċĩĸĕĩıčěIJčŖĕďėĥĎĉĥěİĒĨĸĕöĪĹč ijčĎĦûėĦĖõĦė ĞĽĦğėĥĎûĦčIJøėûĞėŖĦûİğęķõĞĽĦğėĥĎġĬĉĞĦğõėėĕċĥĸěĴď øĦĈěŕĦüĤÿĎİÿĦċĥĹûĉęĦĈijčďėĤİċĜıęĤĉŕĦûďėĤİċĜ üĦõ õĦėþĤęġĉĥěöġûõĦėęûċĬčijčIJøėûõĦėijğĕŕĶ IJĈĖİýĒĦĤûĦč ijčġĬĉĞĦğõėėĕďŌIJĉėİøĕĩċĩĸİďŝčĉęĦĈğęĥõöġûĎėĨĝĥċ ĞĽĦğėĥĎ ĉęĦĈĉŕĦûďėĤİċĜ ĐĭÿŖ ġīĹ ĞŕěčijğāŕĕûŕĬ ĴďċĩĐĸ ďŖĭ ėĤõġĎõĦėþĦěüĩč İčīĸġûüĦõėĦøĦĊĭõõěŕĦ ıęĤõĽĦęĥûõĦėĐęĨĉĕĦõõěŕĦ İĒīĸġİĒĨĸĕĜĥõĖĔĦĒijčõĦėıöŕûöĥč ijčďō 477; ĎėĨĝĥċĴĈŖ čĽĦğęĥõĞĭĉė $Ųū + + ū ĕĦďėĥĎijþŖijčõĦėċĽĦûĦč ÿĪĸûĕĩ üĬĈďėĤĞûøřİĒīĸġİĒĨĸĕďėĤĞĨċČĨĔĦĒijčõĦėċĽĦûĦč ęĈøŕĦijþŖüŕĦĖ ıęĤĒĥĆčĦøĬćĔĦĒĎĬøęĦõėöġûĎėĨĝċĥ İėĦüĤĖĪĈĕĥčĸ õĦėĒĥĆčĦ İďőĦğĕĦĖ õęĖĬċČřċĥĹûijčĈŖĦčõĦėĒĥĆčĦøĬćĔĦĒ õĦėıöŕûöĥč ċĦûėĦøĦõĥĎøĭŕıöŕû ıęĤõĦėĎėĨõĦėęĭõøŖĦ İĒīĸġėġûėĥĎøěĦĕ ĉŖġûõĦėċĩğĸ ęĦõğęĦĖ ıęĤĞėŖĦûøěĦĕĒĪûĒġijü ıęĤõĦėüĈüĽĦ ıõŕęĭõøŖĦijčİėīĸġûøĬćĔĦĒċĥĹûċĦûĈŖĦčĞĨčøŖĦıęĤĎėĨõĦė

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Annual Report 2015

Our Brand Brands We Own

Consumer Supply Chain

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The right of the minority shareholder in the selection of Director 7KH &RPSDQ\ DOORZHG RQH RU D JURXS RI VKDUHKROGHUV ZLWK FRPELQHG VKDUHKROGLQJ SURSRUWLRQ HTXLYDOHQW WR RU PRUH WKDQ ÀYH SHUFHQW RI WKH WRWDO YRWLQJ VKDUHV WR QRPLQDWH D GLUHFWRU UHSODFLQJ GLUHFWRUV ZKR UHWLUH E\ URWDWLRQ DW OHDVW PRQWKV DKHDG RI WKH $QQXDO *HQHUDO 6KDUHKROGHU 0HHWLQJ 7KH GHWDLOV DQG SULQFLSOHV DERXW GLUHFWRU QRPLQDWLRQ DUH SXEOLVKHG DQG SRVWHG RQ WKH &RPSDQ\·V ZHEVLWH 7KH 1RPLQDWLRQ DQG 5HPX QHUDWLRQ &RPPLWWHH ZRXOG WKHQ VHOHFW WKH TXDOLÀHG SHUVRQV IURP WKH QRPLQDWHG OLVWV DQG VHQG WKH QDPHV WR WKH %RDUG RI 'LUHFWRU IRU WKH DSSURYDO 7KH OLVWV RI ÀQDO FDQGLGDWHV DSSURYHG E\ WKH %RDUG RI 'LUHFWRU DQG WKH UHDVRQV IRU WKH VHOHFWLRQ IURP WKH %RDUG RI 'LUHFWRU ZRXOG EH UHFRUGHG LQ WKH VKDUHKROGHUV· PHHWLQJ DJHQGD 7KLV DOVR LQFOXGHV H[SODQDWLRQ IRU XQTXDOLÀHG FDQGLGDWHV

Principles on the Appointment of Directors by the Annual General Meeting of Shareholders 2QH VKDUH LV HTXLYDOHQW WR RQH YRWH (DFK VKDUHKROGHU PXVW FDVW KLV KHU YRWHV IRU RQH RU PRUH FDQGLGDWHV KRZHYHU KH VKH VKDOO QRW DVVLJQ YRWLQJ ULJKWV LQ SURSRUWLRQ IRU DQ\ QXPEHU RI FDQGLGDWHV )LQDO UHVXOWV ZLOO EH GHWHUPLQHG ZKHQ WKH QXPEHU RI YRWHV LV FRXQWHG IRU HDFK QRPLQDWHG FDQGLGDWH ZLWK WKH ZLQQLQJ FDQGLGDWHV EHLQJ WKRVH SHUVRQV ZLWK WKH KLJKHVW QXPEHU RI YRWHV LQ GHVFHQGLQJ RUGHU XQWLO DOO YDFDQW SRVLWLRQV DUH ÀOOHG ,Q FDVH PRUH WKDQ RQH FDQGLGDWH UHFHLYHV DQ HTXDO QXPEHU RI YRWHV DQG WKHUH DUH QRW HQRXJK YDFDQW SRVLWLRQV IRU DOO WKH FKDLUPDQ RI WKH PHHWLQJ ZLOO FDOO IRU DQRWKHU YRWH DPRQJ WKHVH FDQGLGDWHV WR GHWHUPLQH WKH ZLQQHU V RI WKH ÀQDO YDFDQW SRVLWLRQ V

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Annual Report 2015

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O3P ĎėĨĝċĥ õĽĦğčĈõĦėďėĤþĬĕıęĤěĦėĤõĦėďėĤþĬĕøėĤõėėĕõĦėİďŝčõĦėęŕěûğčŖĦ ıęĤĕġĎğĕĦĖijğŖĞĦĽ čĥõİęöĦčĬõĦėĎėĨĝċĥ ĈĽĦİčĨčõĦėıüŖûijğŖõėėĕõĦėıĉŕęĤċŕĦčċėĦĎõĽĦğčĈõĦėĈĥûõęŕĦě İĒīĸġijğŖõėėĕõĦėĞĦĕĦėĊüĥĈğĦİěęĦıęĤİöŖĦėŕěĕďėĤþĬĕĴĈŖ O4P ĎėĨĝċĥ üĥĈijğŖĕõĩ ĦėďėĤþĬĕøćĤõėėĕõĦėIJĈĖďõĉĨİďŝčďėĤüĽĦċĬõ 5 İĈīġč ğęĥûüĦõėĦĖûĦčċĦûõĦėİûĨčďėĤüĽĦĴĉėĕĦĞ İĞėķüĞĨĹč ıęĤüĤĕĩõĦėďėĤþĬĕİĒĨĸĕİĉĨĕĉĦĕøěĦĕüĽĦİďŝč IJĈĖijčďō 477: ĕĩõĦėďėĤþĬĕøėĤõėėĕõĦė ėěĕċĥĹûĞĨĹč ; øėĥĹû O5P ďėĤČĦčõėėĕõĦėıęĤõėėĕõĦėĐĭŖüĥĈõĦėijğāŕöġûĎėĨĝĥċĴĈŖėŕěĕõĥčĒĨüĦėćĦİęīġõİėīĸġûċĩĸĞĽĦøĥāİöŖĦěĦėĤõĦėďėĤþĬĕ øćĤõėėĕõĦė ıęĤİďŌĈIJġõĦĞijğŖõėėĕõĦėıĉŕęĤċŕĦčĕĩġĞĨ ėĤċĩüĸ ĤİĞčġİėīġĸ ûċĩİĸ ďŝčďėĤIJĖþčřĉġŕ ĎėĨĝċĥ İöŖĦĞĭěŕ ĦėĤõĦėďėĤþĬĕĴĈŖ O6P ĎėĨĝĥċĴĈŖĕġĎğĕĦĖijğŖĞĽĦčĥõİęöĦčĬõĦėĎėĨĝĥċĈĽĦİčĨčõĦėüĥĈĞŕûİġõĞĦėďėĤõġĎõĦėďėĤþĬĕijğŖıõŕõėėĕõĦėİďŝčõĦė ęŕěûğčŖĦõŕġčěĥčďėĤþĬĕ O7P õėėĕõĦėċĬõøčöġûĎėĨĝĥċİöŖĦėŕěĕďėĤþĬĕĴĕŕčŖġĖõěŕĦėŖġĖęĤ 97 öġûüĽĦčěčõĦėďėĤþĬĕøćĤõėėĕõĦėċĥĹûğĕĈċĩĸĴĈŖ üĥĈöĪĹčijčďō 477: O8P ďėĤČĦčõėėĕõĦėĴĈŖüĥĈĞėėİěęĦġĖŕĦûİĒĩĖûĒġċĩĸđŐĦĖüĥĈõĦėüĤİĞčġİėīĸġû ıęĤĕĦõĒġċĩĸüĤġĔĨďėĦĖďśāğĦĞĽĦøĥāõĥč ġĖŕĦûėġĎøġĎIJĈĖċĥĸěõĥč IJĈĖďõĉĨõĦėďėĤþĬĕüĤijþŖİěęĦďėĤĕĦć 4 5 þĥĸěIJĕû O9P øćĤõėėĕõĦėĞčĥĎĞčĬčijğŖĐĭŖĎėĨğĦėėĤĈĥĎĞĭûİöŖĦėŕěĕďėĤþĬĕøćĤõėėĕõĦėİĒīĸġijğŖĞĦėĞčİċĜıęĤėĦĖęĤİġĩĖĈİĒĨĸĕ İĉĨĕijčĄĦčĤċĩĸİõĩĸĖěöŖġûõĥĎďśāğĦIJĈĖĉėû O:P øćĤõėėĕõĦėĎėĨĝċĥ ĞĦĕĦėĊİöŖĦĊĪûĞĦėĞčİċĜċĩüĸ ĦĽ İďŝčİĒĨĕĸ İĉĨĕĴĈŖüĦõõėėĕõĦėĐĭüŖ Ĉĥ õĦėijğāŕ ğėīġİęöĦčĬõĦėĎėĨĝċĥ ıęĤijčõėćĩċüĩĸ ĦĽ İďŝčøćĤõėėĕõĦėġĦüüĥĈijğŖĕøĩ ěĦĕİğķčġĨĞėĤüĦõċĩďĸ ėĪõĝĦğėīġĐĭďŖ ėĤõġĎěĨþĦþĩĒĔĦĖčġõ IJĈĖĊīġİďŝčøŕĦijþŖüĦŕ Ė öġûĎėĨĝĥċĴĈŖ

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P ıęĤijčĞŕěč öġûõĦėČĽĦėûėĥõĝĦĒčĥõûĦčċĩĸĕĩĜĥõĖĔĦĒĞĭûİğęŕĦčĩĹ Ďĩİüÿĩ ĖĥûøûĈĽĦİčĨčõĦėĈĭıęĐęĉġĎıċčijğŖĒčĥõûĦčijčõęĬŕĕčĩĹijğŖĴĈŖ ėĥĎĐęĉġĎıċčċĩĸĞĦĕĦėĊıöŕûöĥčõĥĎĎėĨĝĥċþĥĹččĽĦĔĦĖčġõĴĈŖ ıęĤüĭûijüijğŖġĖĭõŕ Ďĥ ĎėĨĝċĥ ijčėĤĖĤĖĦěĈŖěĖ üĪûĖĥûøûĕĩõĦėüĥĈĞėė ğĬčŖ ġĖŕĦûĕĩİûīġĸ čĴöĐŕĦčIJøėûõĦė ŲŲ + ŭ ' Ų ( ū O +'(P ijğŖĉŕġĴďĈŖěĖ ijčõĦėĞčġûĉġĎĉŕġõĦėöĖĦĖĉĥěċĦûČĬėõĨü Ďĩİüÿĩ ĴĈŖĕõĩ Ħė ĈĽĦİčĨčIJøėûõĦėĞėėğĦõęĬŕĕĒčĥõûĦčċĩĸöĦĈıøęč IJĈĖİýĒĦĤ ġĖŕĦûĖĨûĸ ijčėĤĈĥĎďėĤõĦĜčĩĖĎĥĉėěĨþĦþĩĒþĥčĹ Ğĭû OďěĞ^P ÿĪûĸ İďŝč ĞĦöĦċĩöĸ ĦĈıøęčijčĉęĦĈıėûûĦčöćĤčĩ Ĺ ijğŖİöŖĦĕĦėŕěĕûĦčõĥĎ ĎėĨĝċĥ ĕĦõĖĨûĸ öĪčĹ IJĈĖõĦėĞŕûİĞėĨĕõĦėĒĥĆčĦıęĤĞėŖĦûĎĬøęĦõė ėŕěĕõĥĎğčŕěĖĎĥāþĦõĦėėĥõĝĦĈĨčıĈč ĞĥûõĥĈõġûċĥĒĎõ ÿĪûĸ Ċīġİďŝč IJøėûõĦėĉŕġİčīġĸ ûİďŝčďōċ ĩĸ 4 İĒīġĸ ĞŕûİĞėĨĕõĦėĜĪõĝĦĉŕġ ĐŕĦčõĦė ijğŖċĬčõĦėĜĪõĝĦıęĤėĥĎİöŖĦċĽĦûĦčijčIJøėûõĦė IJėûİėĩĖčĐĭŖčĽĦ ďęĭõĉŖčõęŖĦėĥõĝĦĈĨčıĈčy ÿĪûĸ üĤċĽĦijğŖ Ďĩİüÿĩ ĕĩõĦĽ ęĥûøčėĬčŕ ijğĕŕ ijčĞĦöĦċĩĸöĦĈıøęčİöŖĦĕĦėŕěĕûĦčõĥĎĎėĨĝĥċĕĦõĖĨĸûöĪĹč

Annual Report 2015

Human Resources

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ĞĦĕĥā

8<]<<<]<<<

ĔĭĴċ õėĬŗď üġĖċř Ğĉķġõ øĥĕďĤčĩ ğŖġû 3:<3 ġĦøĦėĢĦčġĖ İÿķčİĉġėř ġġēēŌĜ 66Ďĩ ęĩ ċěû İøĩĖĈ ĖŕĦč ĉėĥč ĢĪû ĈĦě İöĉĢěč İøĩĖĕ ĢĦčġĖ ďėĤİċĜİěĩĖĈčĦĕ IJċėĜĥĒċř W O:6P 787 ;<;; IJċėĞĦė W O:6P 787 ;<::

üĽĦğčŕĦĖĞĨčøŖĦ 588]487]56<]<<< ġĬďIJĔø İěĩĖĈčĦĕĈġû ıęĤĎėĨIJĔø

ĞĦĕĥā

58]848]756

ĔĭĴċ İċİęøġĕĕĭčĨİøþĥĸč üġĖċř Ğĉķġõ øĥĕďĤčĩ ğŖġû 3:N<3 ġĦøĦėĢĦčġĖ İÿķčİĉġėř ġġēēŌĜ 66Ďĩ ęĩ ċěû İøĩĖĈ ĖŕĦč ĉėĥč ĢĪû ĈĦě İöĉĢěč İøĩĖĕ ĢĦčġĖ ďėĤİċĜİěĩĖĈčĦĕ IJċėĜĥĒċř W O:6P 787 ;<;; IJċėĞĦė W O:6P 787 ;<::

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Ĵċġĥč İěĩĖĈčĦĕ üġĖċř Ğĉķġõ øĥĕďĤčĩ ğŖġû 3:<5 ġĦøĦėĢĦčġĖ İÿķčİĉġėř ġġēēŌĜ 66Ďĩ ęĩ ċěû İøĩĖĈ ĖŕĦčĉėĥč ĢĪû ĈĦě İöĉĢěč İøĩĖĕ ĢĦčġĖ ďėĤİċĜİěĩĖĈčĦĕ

N

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ĔĭĴċ øġčĞĉėĥøþĥĸč ıġčĈř ġĨčİěĞċřİĕŖčċř üġĖċř Ğĉķġõ øĥĕďĤčĩ ğŖġû 3:N<3 ġĦøĦėĢĦčġĖ İÿķčİĉġėř ġġēēŌĜ 66Ďĩ ęĩ ċěû İøĩĖĈ ĖŕĦč ĉėĥč ĢĪû ĈĦě İöĉĢěč İøĩĖĕ ĢĦčġĖ ďėĤİċĜİěĩĖĈčĦĕ IJċėĜĥĒċř W O:6P 787 ;<9: IJċėĞĦė W O:6P 787 ;<9:

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3]<<<]<<<

ĔĭĴċ ĢĦčġĖ İċėĈĈĨûĹ üġĖċř Ğĉķġõ øĥĕďĤčĩ Ďĩ:NĎĩ3<aĈĩ43 İõĦ İüĖř İėĞĞĨİĈčċř ıġİėĩĖ üĽĦğčŕĦĖĞĨčøŖĦ 3;]<<<]<<<]<<< ĖŕĦčĈĨø ěû İĢĦ İöĉİõĦİüĖř ġĬďIJĔøıęĤ İěĩĖĈčĦĕĈġû ĢĦčġĖ ďėĤİċĜİěĩĖĈčĦĕ ĎėĨIJĔø IJċėĜĥĒċř W O:6P 659;7;369 N 36; N 374 IJċėĞĦė W O:6P 659;7;376

ĞĦĕĥā

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ĔĭĴċ øĥčİċġ ĈĨĞċėĨĎĨěþĥĸč üġĖċř Ğĉķġõ øĥĕďĤčĩ 354 Ĉĩ ĉėĥč øěû İĈġ ĖŕĦčġĥč ċġĖ İöĉĎĨč ċĬĖ İõĨĸč İċġ ďėĤİċĜİěĩĖĈčĦĕ

üĽĦğčŕĦĖĞĨčøŖĦ 37]<<<]<<<]<<< ġĬďIJĔøıęĤ İěĩĖĈčĦĕĈġû ĎėĨIJĔø

ĞĦĕĥā

3]7<<]<<<

ĔĭĴċ ēĭőĈĞř İěĩĖĈčĦĕ øĥĕďĤčĩ ęĨĕĨİĉķĈ 65 ġĦėřa49 IJĢ ěĦč İĢīġ ĖŕĦč ; İöĉĔĭ ûěč IJĢüĨĕĨčğř ďėĤİċĜİěĩĖĈčĦĕ

üĽĦğčŕĦĖĞĨčøŖĦ :9]5<<]<<<]<<< ġĬďIJĔøıęĤ İěĩĖĈčĦĕĈġû ĎėĨIJĔø

N

N

N

:9]5<<]<<<]<<< İěĩĖĈčĦĕĈġû

N

86^77

ĔĭĴċ ēĭőĈĞř İÿķčċėĥę İěĩĖĈčĦĕ ěĥč İĕĕİĎġėř øĥĕďĤčĩ ęĨĕĨİĉķĈ 56 İğěĩĖč Ģĭ IJċ ĖŕĦčĢĥě ċěč İċ İöĉĴĢ İþĦ ĈĦčĥû ďėĤİċĜİěĩĖĈčĦĕ

üĽĦğčŕĦĖĞĨčøŖĦ ġĬďIJĔø ıęĤĎėĨIJĔø

7]<<<]<<<]<<< İěĩĖĈčĦĕĈġû

N

N

N

7]<<<]<<<]<<< İěĩĖĈčĦĕĈġû

N

86^77

ĔĭĴċ ēĭőĈĞř čġėřČ øĥĕďĤčĩ ęĨĕĨİĉķĈ ĉėġõ 84 3:< İġa5 ĊččİğěĩĖč ęěû ĎĦû ĖŕĦčøěû ĉėĥû İöĉĈû ĈĦ ĢĦčġĖ ďėĤİċĜİěĩĖĈčĦĕ IJċėĜĥĒċř W <6^59:5585:] 59:5585; IJċėĞĦė W <6^59:55859

üĽĦğčŕĦĖĞĨčøŖĦ 8<]<<<]<<<]<<< ġĬďIJĔø İěĩĖĈčĦĕĈġû ıęĤĎėĨIJĔø

N

N

N

8<]<<<]<<<]<<< İěĩĖĈčĦĕĈġû

N

86^77

ĞĦĕĥā

3]<<<]<<<

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Ēĩċ ĩ ēĭĈő IJĢüĨĕčĨ üġĖċř Ğĉķġõ øĥĕďĤčĩ üĽĦğčŕĦĖĞĨčøŖĦ 574 Ĵü ēû ĖŕĦčēû İęĩĖĉ İöĉċĦč ÿěč 3<]<<<]<<<]<<< ġĬďIJĔø ĢĦčġĖ ďėĤİċĜİěĩĖĈčĦĕ İěĩĖĈčĦĕĈġû ıęĤĎėĨIJĔø IJċėĜĥĒċř W <6^46<97;6

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10,000,000,000 91'

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5,000,000,000 91'

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N

N

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86^77

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86^77

ĔĭĴċ ēĭĈő ĈĨĞċėĨĎěĨ þĥčĸ üġĖċř Ğĉķġõ øĥĕďĤčĩ üĽĦğčŕĦĖĞĨčøŖĦ 65 ġĦėřa49 IJĢ ěĦč İĢīġ ĖŕĦč ; İöĉûěč ġĬďIJĔø IJĢüĨĕĨčğř ďėĤİċĜİěĩĖĈčĦĕ ıęĤĎėĨIJĔø

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86^77

ĎėĨĝĥċ Ďĩİüİġþ ġĨčİěĞİĕčċř üĽĦõĥĈ ;; ÿġĖėĭİĎĩĖ ĊččĞĬöĬĕěĨċ 64 ıöěûĒėĤIJöčû İöĉøęġûİĉĖ õėĬûİċĒĕğĦčøė

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ĎėĨĝĥċęûċĬč

ĎėĨĝĥċ Ďĩİüÿĩ İĢęċřıøėř üĽĦõĥĈ ;; ÿġĖėĭİĎĩĖ ĊččĞĬöĬĕěĨċ 64 üĽĦğčŕĦĖİøėīĸġû ıöěûĒėĤIJöčû İöĉøęġûİĉĖ ĕīġ ġĬďõėćř õėĬûİċĒĕğĦčøė ċĦûõĦėıĒċĖř IJċėĜĥĒċř W < 4589 3333] < 45:3 674< ıęĤİěþĔĥćąř IJċėĞĦė W < 4589 3<<<] < 45:3 6767 ĎėĨĝĥċ ĕĥćąčĦ üĽĦõĥĈ ;; ÿġĖėĭİĎĩĖ ĊččĞĬöĬĕěĨċ 64 ıöěûĒėĤIJöčû İöĉøęġûİĉĖ õėĬûİċĒĕğĦčøė IJċėĞĥĒċř W < 4589 34<6

üĽĦğčŕĦĖ İěþĔĥćąř İøėīĸġûĕīġ ıęĤ ġĬďõėćřċĦûõĦė ıĒċĖř

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üĽĦğčŕĦĖ İěþĔĥćąř İøėīĸġûĕīġ ġĬďõėćřċĦûõĦė ıĒċĖř ıęĤ İĔĞĥþİĔĞĥþ Ĕĥćąř

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