AAPICO’s Vision

Our vision is to become a lean green happy and digital world class organization with 4 fundamental values of Happy Customers, Happy Employees, Happy Shareholders, and Happy Public.

MANUFACTURING LEAN, GREEN, HAPPY, AND CAR RETAILING DIGITAL WORLD-CLASS RESEARCH & DEVELOPMENT CORPORATION

President’s Message 2

AAPICO Products & Technology 4

Global Manufacturing Footprints 8

Long-Term Plan 9

Financial Highlights 10

AAPICO Milestones 12

Major Developments in past 3 years 14

Sustainability Development 17

Company Holding Structure 18

Main Businesses 19

Business Operations 25

Competition and Industry Trends 30

Risk Factors 32

Shareholding Structure 35

Board of Directors 37

Organization and Management 39

Corporate Governance 47

Internal Control 65

Related Transaction 68

Management Discussion and Analysis 71

Report of Audit Committee 77

Report of Nomination and Remuniration Committee 79

Report of Risk Management Committee 80

Report of Board of Diretors’ Responsibility for Financial Report 81

Company Contact Information 82

Reference 86

AAPICO HITECH PUBLIC COMPANY LIMITED  President’s Message

The year 2019 represents a significant inflection point in the global growth trajectory of AAPICO Hitech, with the company flag now firmly planted in Europe, thanks to the former Sakthi plants in Portugal coming under 100% AAPICO control. Portugal is a member state of the European Union (EU), providing this newly- renamed AAPICO Maia subsidiary company with tariff-free access to a trading bloc that recorded sales of 15.3 million new passenger vehicles during 2019, the highest volume in more than a decade. The Portuguese subsidiary operates state of the art facilities, using the most advanced Smart Factory technology, which further enhances the strategic value of this acquisition.

That said, rapid growth is often accompanied by temporary growing pains. I am pleased to confirm that we have been able to achieve more clarity on the Sakthi joint venture during 2019. In Q3, AAPICO took 100% control of SGAH, namely Sakthi Global Auto Holdings Limited (UK), our London-based joint venture investment vehicle. As a reminder, SGAH directly holds operating companies in the USA and India. In brief, the outcome of that process has been the welcome addition of the Portuguese operations to the AAPICO Group as a 100%-owned subsidiary. We are also in the process of taking control of the 77% equity of Indian operations, Sakthi Automotive Component Limited (India) (SACL). Meanwhile, the loss-making US operations, Sakthi Automotive Group USA, Inc. (SAGUSA), had been negatively impacting the performance of AAPICO Hitech over the past two financial years. However, I now believe this issue to now also be behind us, following the entry of SAGUSA into receivership. Furthermore we have made all reasonable provisions in the 2019 accounts for the conclusion of this matter, which now allows us to renew our focus entirely on moving our growing group forwards in 2020 and the years ahead.

Closer to home, 2019 also saw the expansion of our Car Dealership pillar. The Company acquired two Mitsubishi dealerships located at Pak Kret and Pathum Thani area and established two new subsidiaries for their respective management. In Malaysia, we also began to retail Proton cars with rapid sales results. Furthermore, we have also diversified the scope of our dealership activity to now include motorcycle distribution and retail in Thailand via a 40% investment in Vroom Co., Ltd., a joint venture with Sojitz Corporation Japan. Vroom will be the exclusive Thai distributor for the third largest global motorcycle group, managing the KTM, Husqvarna and Bajaj brands in the Kingdom. Thailand is the world’s sixth largest motorcycle market by unit volume, with particularly strong consumer interest in the sports motorcycle segment in which these three brands operate.

Even though many of the above transactions took place in the latter half of the year, we can already see a clear benefit in the Company’s top line numbers. Total Revenues increased 8.83% year on year to THB 19.3 billion. Sales of automotive parts were up by 21.30% for the year, which was partially attributable to sales contributions from AAPICO Maia, beginning in Q4, and to overseas orders for tooling.

In terms of overall automotive industry performance, the clouds of the US-China trade war were looming over all three markets in which AAPICO operates. The Thai situation was made worse by the strengthening of the baht. Total Thai industry production dropped 7.1% to 2.01 million cars in 2019. Export volumes dropped by 7.6% year on year to 1.05 million units, almost double the 3.4% decline in output for the domestic market to 1.01 million units. Domestic sales have been impacted by the increasingly strict screening process for consumer auto loans by Thai financial institutions. The industry forecast for 2020 is a further slight decline of 0.7% to 2 million units, evenly split between 1 million units for the domestic market and another 1 million for export. We expect to outperform the market.

In Malaysia, there was in fact a slight increase of 1% in total industry volume to 604,287 units. Of particular note were the contrasting fortunes of the two brands for which we operate Malaysian dealerships. Proton experienced a 54.7% increase in sales volume for the year, propelling this national brand to second place in the industry rankings. Sales volumes for Honda, conversely, slipped 16.5% and took third place. For 2020, the Malaysia Automotive Association forecasts a further slight volume increase to 607,000 units.

 ANNUAL REPORT 2019

AAPICO HITECH PUBLIC COMPANY LIMITED 1 Mr. Yeap Swee Chuan President and CEO AAPICO Hitech Public Company Limited

The Chinese market meanwhile contracted quite significantly compared to 2018, with a 7.5% decrease in total production to 25.7 million units and an 8.2% drop in retail automotive sales to 25.8 million units. The passenger car segment fared even worse, with year-on-year declines to 21.4 million units for both retail sales and production, representing drops of 9.6% and 9.2% respectively. At the time of writing, China remains badly affected by the outbreak of COVID-19 coronavirus, negatively impacting both consumer sentiment and manufacturing operations. The outlook for this market in 2020 is negative.

Overall, however, 2019 was still a year of growth for AAPICO Hitech, both geographically and in terms of increasing revenues. Gross Profit also surged 32.2% year on year to reach THB 1.69 billion. As I alluded to above, this expansion for the long term has of course come at some short-term cost. The Company has swung to a slight net loss for the year of THB 181 million, largely due to the short-term accounting expenses from our expansion, including a considerable portion of non-cash expenses.

While we were able to consolidate Q4 sales from AAPICO Maia, we also had to consolidate that subsidiary’s debt for the full financial year. Accounting rules regarding interest-bearing loans to the former Sakthi operating companies resulted in higher impairment for the year. Our associate company Hyundai Motor (Thailand) also contributed a smaller share of profits than in the past, but the share of profits from Associates and Joint Ventures still increased overall from THB 104 million to THB 115 million.

To sum up, I believe we have come out of 2019 stronger than we started, with growing revenues and gross profits. At the time of writing, the shock to the global economy from the COVID-19 virus is dominating headlines around the world. On this note, I would like to remind that our company has survived numerous political events, the financial crises of 1997 and 2008, the Great Flood of 2011 and the SARS epidemic of 2003. While we are far from complacent about the threat that COVID-19 poses to our business, we are confident that our experience in crisis management, combined with our strengthened corporate position and the continuing support of our valued stakeholders present a considerable combined arsenal to fight any future challenges on the horizon. I thank all associates and shareholders in advance, once again, for your continued support – now more than ever.

AAPICO HITECH PUBLIC COMPANY LIMITED  Protector H EL Door Trim AX Door Check Arm Steel Fuel Tank Rear AXEL Housing Side Sill Inner Chassis Frame Component Door Trim Plastics Fuel Tank Seat Component Quarter Trim Cover Pass Air Bag Reinf Seat Belt Body Side Molding Trim Pillar A,B,C e Water Tank System k o Y be u Tube Shaft Yoke Weld TubeT Yoke 3URS 6KDIW Water Tank System Reinf Assy Tunnel Arm-Pitman Arm-Pitman Socket Link Center 6XVSHQVLRQ Socket Link Center 6XVSHQVLRQ Lock Pillar Door Check Arm 0DQXIDFWXUH RI 2(0 $XWR 3DUWV  3LFNXS WUXFN 0DQXIDFWXUH RI 2(0 $XWR 3DUWV  3DVVHQJHU FDU Sill-Side Outer Piston %UDNH Wheel Hub CV Joint Link Center Piston %UDNH Floor parts Connecting Rod Shaft Balance Input Shaft Companion Flange Gear, Clutch Wheel Hub Knuckle Connecting Rod Shaft Balance Crossmember 'ULYH :KHHO 3RZHU 7UDLQ (QJLQH 7UDQVPLVVLRQ (QJLQH 3RZHU 7UDLQ 'ULYH :KHHO Radiator Cover

 ANNUAL REPORT 2019 H EL AX Door Check Arm Steel Fuel Tank Rear AXEL Housing Side Sill Inner Chassis Frame Component Door Trim Reinf Seat Belt Trim Pillar A,B,C e k o Y be u Tube Shaft Yoke Weld T Tube Yoke 3URS 6KDIW Water Tank System Arm-Pitman Socket Link Center 6XVSHQVLRQ Lock Pillar 0DQXIDFWXUH RI 2(0 $XWR 3DUWV  3LFNXS WUXFN Sill-Side Outer Piston %UDNH Wheel Hub CV Joint Link Center Floor parts Connecting Rod Shaft Balance Crossmember (QJLQH 3RZHU 7UDLQ 'ULYH :KHHO

AAPICO HITECH PUBLIC COMPANY LIMITED  Lower     Axle Housing Banjo Weld  eÒĹŸčÒîŰŸŠúŃčp+eŸŰŃŠÒŠŰŧȣXĚĎŧʒ%Ěúŧ   Upper STAMPING DIES ASSEMBLY JIGS IoT Connectivity & IoT Connectivity Mobility Frame Side Assembly Member                       

 ANNUAL REPORT 2019        IoT Connectivity & IoT Connectivity Mobility                      

AAPICO HITECH PUBLIC COMPANY LIMITED  Dealers Dealers , Thailand , Thailand Proton Mitsubishi Dealers Mitsubishi AAPICO Ford Dealers Ford AAPICO and Pakkret and AAPICO AAPICO AAPICO Honda Dealers Dealers Honda AAPICO AAPICO AAPICO Kajang & Petaling Jaya, Malaysia Malaysia Jaya, & Petaling Kajang New Era Sales Ramindra, Samutprakarn Samutprakarn Ramindra, EraSales New Able Motors Navanakorn, Pathumthani Pathumthani Navanakorn, Motors Able AAPICO Motors Jalan Cheras, Malaysia Malaysia Cheras, Jalan Motors AAPICO Japan Taiwan Facilities China Bangpli, Thailand Thailand Bangpli, facilities Rushan, Rushan, AAPICO Plastic Facility Facility Plastic AAPICO China AAPICO Thailand Malaysia Malaysia Singapore Singapore Kunshan, Kunshan, AAPICO Representative Office AAPICO Representative JV Other India Coimbatore, Coimbatore, Germany Stamping and Plastic Facilities and Stamping Amata City Rayong, Thailand Thailand Rayong, Amata City AAPICO AAPICO London, UK Porto, Portugal s New York,New USA (Jigs&Dies) Facilities Facilities (Jigs&Dies) AAPICO Stamping and and Tooling Stamping AAPICO Hitech Industrial Estate, Thailand Estate,Thailand Industrial Hitech and a Maia gued , Thailand Á  SAKTHI India SAKTHI AAPICO Porto Portugal Porto Kunshan, China Kunshan, Porto Portugal Porto AAPICO AAPICO Amata City AAPICO Stamping AAPICO AAPICO Global Footprints Global AAPICO Forging & Machining Facilities Facilities & Machining Forging AAPICO Forging & Machining Facility Facility Machining & Forging AAPICO

 ANNUAL REPORT 2019 AAPICO HITECH PUBLIC COMPANY LIMITED  Financial Highlights

 Financial Position (Unit: THB Billion) TOTAL REVENUE +18.8 % up from 17,738 in 2018 19,304 +21.5% THB Million 5.856 Gross Profit 8.399 5.524 5.482

4.083 4.590 up from 1,275 in 2018 8.028 1,685 5.215 4.462 5.367 THB Million 4.861 2.948

4.484 6.444 7.947 7.480 Net Profit to Equity Holders 5.206 7.183 2.878 0.571 0.708 down from 1,299 in 2018 2017 2018 2019 -181 Other non-Current Assets Investments & Loan to THB Million Property & Equipment Current Assets Net Profit to Equity Holders (exclude other Total Equity Non-current Liabilities expenses)* at 902 THB Million Current Liabilities

*Other expenses included loss on change in status of investment, doubtful accounts and loss on impairment of investments 

Manufacture of OEM Auto Parts Car Dealerships IoT Connectivity & Mobility  Total Revenue Total Revenue Total Revenue (Unit: THB Million) (Unit: THB Million) (Unit: THB Million) 13,690 49 6,172 6,201  11,517 5,606 10,453 5,280 5,479 9,664 9,628  32

 17 19 9 

 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 

 Chassis IoT Connectivity & Mobility IoT Connectivity & Mobility Frame 0% IoT Connectivity & Mobility 0% 20% Proton 0% 1%  Press Honda Car OEM Auto Car Parts & 17% OEM Auto Dealerships Parts Dealerships Welding Parts 29% 71% 29% 20% 71% Mitsubishi  7% Ford Interest Forged, 4% income & Casting Others Jigs & and 2% Dies Plastics 9% 20%

10 ANNUAL REPORT 2019 Total Revenues Net Profit Attributable to Equity Holders and Net profit Margin

(THB Billion) Total revenue (THB Billion) Net profit to equity holders Net Profit Margin (%) 1.5 1.3 20% 25 1.2 0.9 15% 19.3 1.0 20 17.7 16.8 16.1 16.6 0.6 0.5 15.2 15.1 10% 15.0 0.4 0.4 15 0.5 0.3 11.8 5% 10.8 7.0% 7.3% 10 0.0 5.5% 3.8% 3.6% 0% 3.0% 2.4% 2.1% -0.2 -0.5 5 -0.4 -0.9% -5% -3.6% 0 -1.0 -10% '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

Sales and Service Income and Gross Profit Margin EBITDA and EBITDA Margin

(THB Billion) Sales Gross Profit Margin (%) (THB Billion) EBITDA EBITDA Margin (%)

20 9.2% 10% 4.0 16% 9% 3.5 12.6% 14% 7.6% 12.0% 7.3% 7.4% 8% 11.9% 6.9% 10.9% 15 6.6% 6.3% 3.0 12% 5.9% 7% 9.7% 9.9% 2.5 8.8% 8.5% 10% 4.9% 6% 10 4.2% 5% 2.0 8% 4% 1.5 6% 3% 3.7% 5.4% 5 1.0 4% 2% 0.5 2% 11.3 10.4 16.1 15.6 14.6 14.5 14.7 15.8 16.7 18.4 1% 1.1 0.4 2.0 1.7 1.3 1.3 1.5 2.0 2.1 1.0 0 0% 0.0 0% '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

Interest-Bearing Debt and IBD to Equity Ratio Dividend per Share and Dividend Payout Ratio

(THB Billion) Interest-Bearing Debt IBD/Equity (Time) (THB) DPS Payout Ratio (%)

10 1.4 1.20 3.0 60% 1.11 1.07 1.2 2.5 42.5% 50% 8 38.9% 0.93 32.8% 32.8% 0.85 1.0 2.0 30.9% 31.7% 40% 0.80 25.9% 26.4% 1.5 30% 6 0.67 0.69 0.8 0.55 1.0 20% 0.6 N/A 4 0.40 0.5 10% 0.4 0.5 0.2 0.9 0.5 0.3 0.3 0.7 1.2 1.3 0.4 0.0 0% 2 -13.2% 0.2 -0.5 -10% 4.3 5.0 5.3 4.6 3.8 3.3 2.5 4.9 6.4 8.3 0 0.0 -1.0 -20% '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 In 2019, the Company paid dividend 0.36 Baht per share, but EPS is negative.

Total Assets and Return on Assets (ROA) Total Equity and Return on Equity (ROE)

(THB Billion) Total Assets ROA (%) (THB Billion) Total Equity ROE (%) 20.8% 25 20% 20 17.8% 17.7% 21.2 20% 20 17.9 15% 15 12.0% 15% 13.8 14.7 9.2% 15 12.6 9.1% 10 8.2% 11.5 11.6 12.1 11.5 8.2% 6.8% 10% 7.3% 11.1 10% 5.5% 10 4.8% 5.0% 5 7.0 7.7 7.2 5% 3.8% 5.5 5.8 6.0 3.1% 2.9% 5% 4.5 4.0 4.8 5.3 5 0 0% 0% 0 -3.4% -5 -5% -2.4% -0.9% -5 -5% -10 -9.2% -10% '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

AAPICO HITECH PUBLIC COMPANY LIMITED 11 žÒīĚĹĎ”ŰúŝŧŰŃƑÒŠô>ĮŃíÒĮĚƠÒŰĚŃĹȺȺŠJ pĕÒŧķÒôúŧŰúÒôƗŝŠŃžÒīĚĹĎ”ŰúŝŧŰŃƑÒŠô>ĮŃíÒĮĚƠÒŰĚŃĹȺȺŠJ pĕÒŧķÒôúŧŰúÒôƗŝŠŃĎŠúŧŧŃƐúŠŰĕúƗúÒŠŧÒĹôĎŠúŧŧŃƐúŠŰĕúƗúÒŠŧÒĹô ŠJ peĚĮúŧŰŃĹúŧ ƑĚĮĮîŃĹŰĚĹŸúŰŃîĕÒĮĮúĹĎúŰŃŧŰŠúĹĎŰĕúĹŰĕúDzîŃŠúŝĚĮĮÒŠŧŃčƑĚĮĮîŃĹŰĚĹŸúŰŃîĕÒĮĮúĹĎúŰŃŧŰŠúĹĎŰĕúĹŰĕúDzîŃŠúŝĚĮĮÒŠŧŃčĚŰŧŃŝúŠÒŰĚŃĹŧȣĚŰŧŃŝúŠÒŰĚŃĹŧȣ eÒĹŸčÒîŰŸŠúŃčp+eŸŰŃķŃŰĚƐúŠÒŠŰŧȢ ÒŠŧ%úÒĮúŠŧĕĚŝŧȢÒĹôJўeÒĹŸčÒîŰŸŠúŃčp+eŸŰŃķŃŰĚƐúŠÒŠŰŧȢ ÒŠŧ%úÒĮúŠŧĕĚŝŧȢÒĹôJў ŃĹĹúîŰĚƐĚŰƗʒeŃíĚĮĚŰƗŸŧĚĹúŧŧ ŃĹĹúîŰĚƐĚŰƗʒeŃíĚĮĚŰƗŸŧĚĹúŧŧ

ǰǸǷǴ DZǯǯdz DZǯǯǸ DZǯǰDz DZǯǰDz DZǯǰǶ DZǯǰǶ úĎĚŧŰúŠúôíĮúŸŰŃŝÒŠŰŧ +ƖŝÒĹôúôŰŃ ĕĚĹÒíƗÒîşŸĚŠĚĹĎZŸĹŧĕÒĹ ŧĚÒĹ=ĚĹÒĹîĚÒĮ ŠĚŧĚŧ =ĚŠŧŰîÒŠŧîĕúķú=ĚŠŧŰîÒŠŧîĕúķú îşŸĚŠúôDZǴȡǰɿŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ\ĚķĚŰúôȲ”>EȳȲ¥îşŸĚŠúôDZǴȡǰɿŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ\ĚķĚŰúôȲ”>EȳȲ¥ZȳÒĹôčŃŠķÒZȳÒĹôčŃŠķÒ JĹôŸŧŰŠĚúŧ ŃȡȢ\ŰôȡÒĹôŧŰÒŠŰúôÒŧ ĕÒĚŰÒĚȺÃĚĹîĕúĹĎŠŠúîĚŧĚŃĹ=ŃŠĎĚĹĎ ŃȡȢ +ŧŰÒíĮĚŧĕúôŠJ p”ŰŠŸîŰŸŠÒĮ +ŧŰÒíĮĚŧĕúôdzX½ŧƑĚŰĕ+ŧŰÒíĮĚŧĕúôdzX½ŧƑĚŰĕ ŧŰŠÒŰúĎĚîŝÒŠŰĹúŠŧĕĚŝƑĚŰĕ”ÒīŰĕĚ>ŠŃŸŝŰŃúƖŝÒĹôŰĕúÒŸŰŃķŃŰĚƐŧŰŠÒŰúĎĚîŝÒŠŰĹúŠŧĕĚŝƑĚŰĕ”ÒīŰĕĚ>ŠŃŸŝŰŃúƖŝÒĹôŰĕúÒŸŰŃķŃŰĚƐúŝÒŠŰíŸŧĚĹúŧŧúŝÒŠŰíŸŧĚĹúŧŧ =ŃŠôÒŧŧúķíĮúŠÒĹôôĚŧŰŠĚíŸŰŃŠȡ \Űôȡ ŠŠŃôŸîŰŧ ŃȡȢ\ŰôȡŰŃķÒĹŸčÒîŰŸŠú \úķŰúîĕEŃĮôĚĹĎȲžÒĚƑÒĹȳȢ\úķŰúîĕEŃĮôĚĹĎȲžÒĚƑÒĹȳȢ ĎĮŃíÒĮĮƗȡĎĮŃíÒĮĮƗȡ DZǯǯǵ îĕÒŧŧĚŧčŠÒķúŧȡ   +ŧŰÒíĮĚŧĕúôŠJ pEĚŰúîĕŠÒŠŰŧ ŃȡȢ\Űôȡ +ôŧîĕÒEŃĮôĚĹĎȲ>úŠķÒĹƗȳȢ+ôŧîĕÒEŃĮôĚĹĎȲ>úŠķÒĹƗȳȢ %ĚŧŝŃŧúôĚĹƐúŧŰķúĹŰĚĹXÒîīŧŝúúô ŃŠŝŃŠÒŰĚŃĹȲ”>ȳÒĹôŒŸÒĹŰŸķJ%ĚŧŝŃŧúôĚĹƐúŧŰķúĹŰĚĹXÒîīŧŝúúô ŃŠŝŃŠÒŰĚŃĹȲ”>ȳÒĹôŒŸÒĹŰŸķJĹƐúĹŰĚŃĹŧȲŒJȳȡĹƐúĹŰĚŃĹŧȲŒJȳȡ ǰǸǸǶ DZǯǰǯ JĹƐúŧŰúôĚĹÒîÒŠĹÒƐĚĎÒŰĚŃĹîŃķŝÒĹƗȢŠJ p ”ŸķĚĹŃZŃĎƗŃȲXÒŝÒĹȳȢÒĹô”ŸķĚĹŃZŃĎƗŃȲXÒŝÒĹȳȢÒĹô >ĮŃíÒĮ=ĚĹÒĹîĚÒĮ ŠĚŧĚŧ úĮúíŠÒŰúôŠJ pDZǴŰĕĹĹĚƐúŠŧÒŠƗÒĹô DZǯǰǷ DZǯǰǷ Jž” ŃȡȢ\ŰôȡȲǵǯɿúşŸĚŰƗȳȡ ”ŃôúîĚÒ”>Š”ȲŠŃŠŰŸĎÒĮȳȡ”ŃôúîĚÒ”>Š”ȲŠŃŠŰŸĎÒĮȳȡ ŃķŝĮúŰúôŰĕúčĚŠŧŰŠJ pčÒîŰŃŠƗ îŃķķúĹîúôŃŝúŠÒŰĚŃĹŧŃčŠJ p îşŸĚŠúôDZǯȡDzǵɿúşŸĚŰƗĚĹgŸŠŃžúîĕĹŃĮŃĎƗJĹîȡȲžÒĚƑÒĹȳȡîşŸĚŠúôDZǯȡDzǵɿúşŸĚŰƗĚĹgŸŠŃžúîĕĹŃĮŃĎƗJĹîȡȲžÒĚƑÒĹȳȡ JĹƐúŧŰúôĚĹXÒîīŧŝúúô ŃŠŝŃŠÒŰĚŃĹ ÒŰEĚŰúîĕJĹôŸŧŰŠĚÒĮ+ŧŰÒŰúȢ EĚŰúîĕɇŧDZĹôčÒîŰŃŠƗĚōÒƗŃĹĎȡ +ŧŰÒíĮĚŧĕúôX½ƑĚŰĕ½Jg=”žŰŃŧúŰŸŝŝŠúŧŧŧĕŃŝÒĹôÒŧŧúķíĮƗŝ+ŧŰÒíĮĚŧĕúôX½ƑĚŰĕ½Jg=”žŰŃŧúŰŸŝŝŠúŧŧŧĕŃŝÒĹôÒŧŧúķíĮƗŝĮÒĹŰŰŃŝŠŃôŸîúĮÒĹŰŰŃŝŠŃôŸîú Ȳ”ĚĹĎÒŝŃŠúȳȡ DZǯǰdz DZǯǰdz ƗŸŰŰĕÒƗÒȢÒĹôúŧŰÒíĮĚŧĕúôŰĕúčĚŠŧŰ +ŧŰÒíĮĚŧĕúôX½ƑĚŰĕžÒīÒĎĚ”úĚīŃ íŃôƗȺĚĹȺƑĕĚŰúŝÒŠŰŧčŃŠŰĕúčĚŠŧŰDZķŃôúĮŧŃč½Jg=”žƐúĕĚîĮúŧíŃôƗȺĚĹȺƑĕĚŰúŝÒŠŰŧčŃŠŰĕúčĚŠŧŰDZķŃôúĮŧŃč½Jg=”žƐúĕĚîĮúŧĚĹ½ĚúŰĹÒķȡĚĹ½ĚúŰĹÒķȡ +ŧŰÒíĮĚŧĕúôX½ƑĚŰĕeĚŰŧŸĚīú ŃŠŝŃŠÒŰĚŃĹ îşŸĚŠúôDZǴɿúşŸĚŰƗĚĹŒŸÒĹŰŸķJĹƐúĹŰĚŃĹŧîşŸĚŠúôDZǴɿúşŸĚŰƗĚĹŒŸÒĹŰŸķJĹƐúĹŰĚŃĹŧ X½ƑĚŰĕ”ÒĹŃĕȲXÒŝÒĹȳĹÒķúôíĮú ȲXÒŝÒĹȳȡ îşŸĚŠúôDZdzȡǷǸɿÒôôĚŰĚŃĹÒĮúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎîşŸĚŠúôDZdzȡǷǸɿÒôôĚŰĚŃĹÒĮúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ\ĚķĚŰúôȲ”>Eȳŧ\ĚķĚŰúôȲ”>Eȳ ȲXÒŝÒĹȳ ȲŒJȳ”ĚĹĎÒŝŃŠúȡȲŒJȳ”ĚĹĎÒŝŃŠúȡ ”ÒĹŃĕJĹôŸŧŰŠĚúŧȲǰǸǸǵȳ ŃȡȢ\Űôȡ ŰŃŧŸŝŝŃŠŰÒĹôŧŰŠúĹĎŰĕúĹŰĕúŝÒŠŰĹúŠŧĕĚŝŧŰŃĎŠŃƑĚĹĎíŸŧĚĹúŧŧŰŃŧŸŝŝŃŠŰÒĹôŧŰŠúĹĎŰĕúĹŰĕúŝÒŠŰĹúŠŧĕĚŝŧŰŃĎŠŃƑĚĹĎíŸŧĚĹúŧŧŰĕúÒŸŰŃķŃŰĚƐúŰĕúÒŸŰŃķŃŰĚƐú DZǯǯǶ +ŧŰÒíĮĚŧĕúôŠJ pžŠÒĚĹĚĹĎ úĹŰúŠ ŃȡȢ+ŧŰÒíĮĚŧĕúôŠJ pžŠÒĚĹĚĹĎ úĹŰúŠ ŃȡȢ Ȳ”J pȳ DZǯǰǰ ŝÒŠŰíŸŧĚĹúŧŧĚĹŰĕúĎĮŃíÒĮķÒŠīúŰȡŝÒŠŰíŸŧĚĹúŧŧĚĹŰĕúĎĮŃíÒĮķÒŠīúŰȡ îşŸĚŠúôčŃŠĎĚĹĎÒĹôŝĮÒŧŰĚîíŸŧĚĹúŧŧúŧčŠŃķ \Űôȡ \Űôȡ >ŠúÒŰ=ĮŃŃô DZǯǯDZ ZŠgŠ\ ÒĹôŠúĹÒķúôĚŰŠJ p=ŃŠĎĚĹĎŠ\  ŃķŝĮúŰúôŰĕúDz”ŧĕŃƑŠŃŃķčŃŠ DZǯǰǴ DZǯǰǴ \ĚŧŰúôŃĹŰĕú”+žȡ ÒĹôŠJ pŠĮÒŧŰĚîŧŠ\ ȡ DZǯǰǸ DZǯǰǸ EŃĹôÒôúÒĮúŠŧĚĹeÒĮÒƗŧĚÒȡ JĹĚŰĚÒŰúôž¥pžÒŠĎúŰŰŃĚĹîŠúÒŧúŠúƐúĹŸúÒĹôJĹĚŰĚÒŰúôž¥pžÒŠĎúŰŰŃĚĹîŠúÒŧúŠúƐúĹŸúÒĹô ”ĚĎĹúôŰúîĕĹĚîÒĮÒĎŠúúķúĹŰƑĚŰĕ+ôŧîĕÒ x îşŸĚŠúôǰǯǯɿúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮEŃĮôĚĹĎ\ĚķĚŰúôȲ”>Eȳx îşŸĚŠúôǰǯǯɿúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮEŃĮôĚĹĎ\ĚķĚŰúôȲ”>Eȳ ŝŠŃčĚŰčŃŠDZǯDZǯȡŝŠŃčĚŰčŃŠDZǯDZǯȡ Ȳ>úŠķÒĹƗȳŰŃŝŠŃôŸîúôŃŃŠîĕúîīŧȢĕĚĹĎúȢÒĹô x îşŸĚŠúôx îşŸĚŠúô ǰǯǯɿ ǰǯǯɿ ŧĕÒŠúŧ ŧĕÒŠúŧ Ńč ŠJ p Ńč ŠJ p eÒĚÒȢ eÒĚÒȢ ”ȡȡ ȲŠŃŠŰŸĎÒĮȳ ”ȡȡ ȲŠŃŠŰŸĎÒĮȳ ÒĹô ŰƑŃ ÒĹô ŰƑŃ DZǯǯDz DZǯǰDZ úŃŠĎÒĹĚƠúôĹŃĹȺîŃŠúíŸŧĚĹúŧŧúŧȡúŃŠĎÒĹĚƠúôĹŃĹȺîŃŠúíŸŧĚĹúŧŧúŧȡ ŝÒŠīĚĹĎíŠÒīúŧȡ ŧŸíŧĚôĚÒŠĚúŧȢĹÒķúĮƗŠJ pĎŸúôÒȢ”ȡȡȲŠŃŠŰŸĎÒĮȳÒĹô”ÒīŰĕĚŧŸíŧĚôĚÒŠĚúŧȢĹÒķúĮƗŠJ pĎŸúôÒȢ”ȡȡȲŠŃŠŰŸĎÒĮȳÒĹô”ÒīŰĕĚŠŃŠŰŸĎÒĮŠŃŠŰŸĎÒĮ ŠŸŠîĕÒŧúôÒîĕÒŧŧĚŧčŠÒķúîŃķŝÒĹƗ =ĚŠŧŰ ÒŠ”îĕúķú îĕĚúƐúôɪžJ”ÒŰĚĹĎÒĹôĚŧŧŸúôôúíúĹŰŸŠúȡîĕĚúƐúôɪžJ”ÒŰĚĹĎÒĹôĚŧŧŸúôôúíúĹŰŸŠúȡ DZǯǯǷ >ķíEȲ>úŠķÒĹƗȳ>ķíEȲ>úŠķÒĹƗȳ čŠŃķ%ÒĹÒ ŃŠŝȡÒĹôŠúĹÒķúôĚŰ ŃķķúĹîúôŃŝúŠÒŰĚŃĹŧÒŰŰĕúĹúƑ +ŧŰÒíĮĚŧĕúôX½ƑĚŰĕeĚĹŰĕ ŃŠŝŃŠÒŰĚŃĹ x pŝúĹúôŠŠŃŰŃĹŧĕŃƑŠŃŃķÒĹôŧúŠƐĚîúîúĹŰŠúĚĹ ĕúŠÒŧȢZŸÒĮÒ\Ÿķŝx pŝúĹúôŠŠŃŰŃĹŧĕŃƑŠŃŃķÒĹôŧúŠƐĚîúîúĹŰŠúĚĹ ĕúŠÒŧȢZŸÒĮÒ\ŸķŝŸŠ ŸŠ ŠJ pķÒŰÒ ŃȡȢ\Űôȡ DZǯȢǯǯǯŧşŸÒŠúķúŰúŠŧčÒîŰŃŠƗĚĹ ĕĚĹÒȡ Ȳ ĕĚĹÒȳȡ DZǯǰǵ DZǯǰǵ +ƖŝĮŃŠúŃŝŝŃŠŰŸĹĚŰƗĚĹŧŰÒŠŰȺŸŝíŸŧĚĹúŧŧúŧȡ+ƖŝĮŃŠúŃŝŝŃŠŰŸĹĚŰƗĚĹŧŰÒŠŰȺŸŝíŸŧĚĹúŧŧúŧȡ

ŠJ púƐúĹŸúÒĹôŠŠŃčĚŰÒíĚĮŰƗžŠúĹô

;hŶŝƚ͗d,DŝůůŝŽŶͿ žŃŰÒĮúƐúĹŸú gúŰŠŠŃčĚŰeÒŠĎĚĹȲɿȳ p+Ȳɿȳ Ȳ¥ĹĚŰȣɿȳȲ¥ĹĚŰȣɿȳ

DZǴȢǯǯǯ Ǵǯɿ Ǵǯɿ

DZǯȢǯǯǯ dzǯɿ dzǯɿ

ǰǴȢǯǯǯ Dzǯɿ Dzǯɿ

ǰǯȢǯǯǯ DZǯɿ DZǯɿ

ǴȢǯǯǯ ǰǯɿ ǰǯɿ

Ⱥ ǯɿ ǯɿ

ȲǴȢǯǯǯȳ Ⱥǰǯɿ Ⱥǰǯɿ DZǯǯǯ DZǯǯǰ DZǯǯDZ DZǯǯDz DZǯǯdz DZǯǯǴ DZǯǯǵ DZǯǯǶ DZǯǯǷ DZǯǯǸ DZǯǰǯDZǯǰǯ DZǯǰǰ DZǯǰǰ DZǯǰDZ DZǯǰDZ DZǯǰDz DZǯǰDz DZǯǰdz DZǯǰdz DZǯǰǴ DZǯǰǴ DZǯǰǵ DZǯǰǵ DZǯǰǶ DZǯǰǶ DZǯǰǷ DZǯǰǷ DZǯǰǸ DZǯǰǸ

ǰdz  gg¥\+ŠpžDZǯǰǸ Ǹ ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ǰǴ ǰǴ 12 ANNUAL REPORT 2019 žÒīĚĹĎ”ŰúŝŧŰŃƑÒŠô>ĮŃíÒĮĚƠÒŰĚŃĹȺȺŠJ pĕÒŧķÒôúŧŰúÒôƗŝŠŃžÒīĚĹĎ”ŰúŝŧŰŃƑÒŠô>ĮŃíÒĮĚƠÒŰĚŃĹȺȺŠJ pĕÒŧķÒôúŧŰúÒôƗŝŠŃžÒīĚĹĎ”ŰúŝŧŰŃƑÒŠô>ĮŃíÒĮĚƠÒŰĚŃĹȺȺŠJ pĕÒŧķÒôúŧŰúÒôƗŝŠŃĎŠúŧŧŃƐúŠŰĕúƗúÒŠŧÒĹôĎŠúŧŧŃƐúŠŰĕúƗúÒŠŧÒĹôĎŠúŧŧŃƐúŠŰĕúƗúÒŠŧÒĹô ƑĚĮĮîŃĹŰĚĹŸúŰŃîĕÒĮĮúĹĎúŰŃŧŰŠúĹĎŰĕúĹŰĕúDzîŃŠúŝĚĮĮÒŠŧŃčƑĚĮĮîŃĹŰĚĹŸúŰŃîĕÒĮĮúĹĎúŰŃŧŰŠúĹĎŰĕúĹŰĕúDzîŃŠúŝĚĮĮÒŠŧŃčƑĚĮĮîŃĹŰĚĹŸúŰŃîĕÒĮĮúĹĎúŰŃŧŰŠúĹĎŰĕúĹŰĕúDzîŃŠúŝĚĮĮÒŠŧŃčĚŰŧŃŝúŠÒŰĚŃĹŧȣĚŰŧŃŝúŠÒŰĚŃĹŧȣĚŰŧŃŝúŠÒŰĚŃĹŧȣ eÒĹŸčÒîŰŸŠúŃčp+eŸŰŃķŃŰĚƐúŠÒŠŰŧȢ ÒŠŧ%úÒĮúŠŧĕĚŝŧȢÒĹôJўeÒĹŸčÒîŰŸŠúŃčp+eŸŰŃķŃŰĚƐúŠÒŠŰŧȢ ÒŠŧ%úÒĮúŠŧĕĚŝŧȢÒĹôJўeÒĹŸčÒîŰŸŠúŃčp+eŸŰŃķŃŰĚƐúŠÒŠŰŧȢ ÒŠŧ%úÒĮúŠŧĕĚŝŧȢÒĹôJў ŃĹĹúîŰĚƐĚŰƗʒeŃíĚĮĚŰƗŸŧĚĹúŧŧ ŃĹĹúîŰĚƐĚŰƗʒeŃíĚĮĚŰƗŸŧĚĹúŧŧ ŃĹĹúîŰĚƐĚŰƗʒeŃíĚĮĚŰƗŸŧĚĹúŧŧ

DZǯǰDz DZǯǰDz DZǯǰDz DZǯǰǶ DZǯǰǶ DZǯǰǶ =ĚŠŧŰîÒŠŧîĕúķú=ĚŠŧŰîÒŠŧîĕúķú=ĚŠŧŰîÒŠŧîĕúķú îşŸĚŠúôDZǴȡǰɿŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ\ĚķĚŰúôȲ”>EȳȲ¥îşŸĚŠúôDZǴȡǰɿŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ\ĚķĚŰúôȲ”>EȳȲ¥îşŸĚŠúôDZǴȡǰɿŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ\ĚķĚŰúôȲ”>EȳȲ¥ZȳÒĹôčŃŠķÒZȳÒĹôčŃŠķÒZȳÒĹôčŃŠķÒ +ŧŰÒíĮĚŧĕúôdzX½ŧƑĚŰĕ+ŧŰÒíĮĚŧĕúôdzX½ŧƑĚŰĕ+ŧŰÒíĮĚŧĕúôdzX½ŧƑĚŰĕ ŧŰŠÒŰúĎĚîŝÒŠŰĹúŠŧĕĚŝƑĚŰĕ”ÒīŰĕĚ>ŠŃŸŝŰŃúƖŝÒĹôŰĕúÒŸŰŃķŃŰĚƐŧŰŠÒŰúĎĚîŝÒŠŰĹúŠŧĕĚŝƑĚŰĕ”ÒīŰĕĚ>ŠŃŸŝŰŃúƖŝÒĹôŰĕúÒŸŰŃķŃŰĚƐŧŰŠÒŰúĎĚîŝÒŠŰĹúŠŧĕĚŝƑĚŰĕ”ÒīŰĕĚ>ŠŃŸŝŰŃúƖŝÒĹôŰĕúÒŸŰŃķŃŰĚƐúŝÒŠŰíŸŧĚĹúŧŧúŝÒŠŰíŸŧĚĹúŧŧúŝÒŠŰíŸŧĚĹúŧŧ \úķŰúîĕEŃĮôĚĹĎȲžÒĚƑÒĹȳȢ\úķŰúîĕEŃĮôĚĹĎȲžÒĚƑÒĹȳȢ\úķŰúîĕEŃĮôĚĹĎȲžÒĚƑÒĹȳȢ ĎĮŃíÒĮĮƗȡĎĮŃíÒĮĮƗȡ ĎĮŃíÒĮĮƗȡ  +ôŧîĕÒEŃĮôĚĹĎȲ>úŠķÒĹƗȳȢ+ôŧîĕÒEŃĮôĚĹĎȲ>úŠķÒĹƗȳȢ+ôŧîĕÒEŃĮôĚĹĎȲ>úŠķÒĹƗȳȢ %ĚŧŝŃŧúôĚĹƐúŧŰķúĹŰĚĹXÒîīŧŝúúô ŃŠŝŃŠÒŰĚŃĹȲ”>ȳÒĹôŒŸÒĹŰŸķJ%ĚŧŝŃŧúôĚĹƐúŧŰķúĹŰĚĹXÒîīŧŝúúô ŃŠŝŃŠÒŰĚŃĹȲ”>ȳÒĹôŒŸÒĹŰŸķJ%ĚŧŝŃŧúôĚĹƐúŧŰķúĹŰĚĹXÒîīŧŝúúô ŃŠŝŃŠÒŰĚŃĹȲ”>ȳÒĹôŒŸÒĹŰŸķJĹƐúĹŰĚŃĹŧȲŒJȳȡĹƐúĹŰĚŃĹŧȲŒJȳȡĹƐúĹŰĚŃĹŧȲŒJȳȡ ”ŸķĚĹŃZŃĎƗŃȲXÒŝÒĹȳȢÒĹô”ŸķĚĹŃZŃĎƗŃȲXÒŝÒĹȳȢÒĹô”ŸķĚĹŃZŃĎƗŃȲXÒŝÒĹȳȢÒĹô DZǯǰǷ DZǯǰǷ DZǯǰǷ ”ŃôúîĚÒ”>Š”ȲŠŃŠŰŸĎÒĮȳȡ”ŃôúîĚÒ”>Š”ȲŠŃŠŰŸĎÒĮȳȡ”ŃôúîĚÒ”>Š”ȲŠŃŠŰŸĎÒĮȳȡ îşŸĚŠúôDZǯȡDzǵɿúşŸĚŰƗĚĹgŸŠŃžúîĕĹŃĮŃĎƗJĹîȡȲžÒĚƑÒĹȳȡîşŸĚŠúôDZǯȡDzǵɿúşŸĚŰƗĚĹgŸŠŃžúîĕĹŃĮŃĎƗJĹîȡȲžÒĚƑÒĹȳȡîşŸĚŠúôDZǯȡDzǵɿúşŸĚŰƗĚĹgŸŠŃžúîĕĹŃĮŃĎƗJĹîȡȲžÒĚƑÒĹȳȡ +ŧŰÒíĮĚŧĕúôX½ƑĚŰĕ½Jg=”žŰŃŧúŰŸŝŝŠúŧŧŧĕŃŝÒĹôÒŧŧúķíĮƗŝ+ŧŰÒíĮĚŧĕúôX½ƑĚŰĕ½Jg=”žŰŃŧúŰŸŝŝŠúŧŧŧĕŃŝÒĹôÒŧŧúķíĮƗŝ+ŧŰÒíĮĚŧĕúôX½ƑĚŰĕ½Jg=”žŰŃŧúŰŸŝŝŠúŧŧŧĕŃŝÒĹôÒŧŧúķíĮƗŝĮÒĹŰŰŃŝŠŃôŸîúĮÒĹŰŰŃŝŠŃôŸîúĮÒĹŰŰŃŝŠŃôŸîú DZǯǰdz DZǯǰdz DZǯǰdz íŃôƗȺĚĹȺƑĕĚŰúŝÒŠŰŧčŃŠŰĕúčĚŠŧŰDZķŃôúĮŧŃč½Jg=”žƐúĕĚîĮúŧíŃôƗȺĚĹȺƑĕĚŰúŝÒŠŰŧčŃŠŰĕúčĚŠŧŰDZķŃôúĮŧŃč½Jg=”žƐúĕĚîĮúŧíŃôƗȺĚĹȺƑĕĚŰúŝÒŠŰŧčŃŠŰĕúčĚŠŧŰDZķŃôúĮŧŃč½Jg=”žƐúĕĚîĮúŧĚĹ½ĚúŰĹÒķȡĚĹ½ĚúŰĹÒķȡĚĹ½ĚúŰĹÒķȡ îşŸĚŠúôDZǴɿúşŸĚŰƗĚĹŒŸÒĹŰŸķJĹƐúĹŰĚŃĹŧîşŸĚŠúôDZǴɿúşŸĚŰƗĚĹŒŸÒĹŰŸķJĹƐúĹŰĚŃĹŧîşŸĚŠúôDZǴɿúşŸĚŰƗĚĹŒŸÒĹŰŸķJĹƐúĹŰĚŃĹŧ îşŸĚŠúôDZdzȡǷǸɿÒôôĚŰĚŃĹÒĮúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎîşŸĚŠúôDZdzȡǷǸɿÒôôĚŰĚŃĹÒĮúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎîşŸĚŠúôDZdzȡǷǸɿÒôôĚŰĚŃĹÒĮúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ\ĚķĚŰúôȲ”>Eȳŧ\ĚķĚŰúôȲ”>Eȳŧ\ĚķĚŰúôȲ”>Eȳ ȲŒJȳ”ĚĹĎÒŝŃŠúȡȲŒJȳ”ĚĹĎÒŝŃŠúȡȲŒJȳ”ĚĹĎÒŝŃŠúȡ ŰŃŧŸŝŝŃŠŰÒĹôŧŰŠúĹĎŰĕúĹŰĕúŝÒŠŰĹúŠŧĕĚŝŧŰŃĎŠŃƑĚĹĎíŸŧĚĹúŧŧŰŃŧŸŝŝŃŠŰÒĹôŧŰŠúĹĎŰĕúĹŰĕúŝÒŠŰĹúŠŧĕĚŝŧŰŃĎŠŃƑĚĹĎíŸŧĚĹúŧŧŰŃŧŸŝŝŃŠŰÒĹôŧŰŠúĹĎŰĕúĹŰĕúŝÒŠŰĹúŠŧĕĚŝŧŰŃĎŠŃƑĚĹĎíŸŧĚĹúŧŧŰĕúÒŸŰŃķŃŰĚƐúŰĕúÒŸŰŃķŃŰĚƐúŰĕúÒŸŰŃķŃŰĚƐú +ŧŰÒíĮĚŧĕúôŠJ pžŠÒĚĹĚĹĎ úĹŰúŠ ŃȡȢ+ŧŰÒíĮĚŧĕúôŠJ pžŠÒĚĹĚĹĎ úĹŰúŠ ŃȡȢ+ŧŰÒíĮĚŧĕúôŠJ pžŠÒĚĹĚĹĎ úĹŰúŠ ŃȡȢ ŝÒŠŰíŸŧĚĹúŧŧĚĹŰĕúĎĮŃíÒĮķÒŠīúŰȡŝÒŠŰíŸŧĚĹúŧŧĚĹŰĕúĎĮŃíÒĮķÒŠīúŰȡŝÒŠŰíŸŧĚĹúŧŧĚĹŰĕúĎĮŃíÒĮķÒŠīúŰȡ \Űôȡ \Űôȡ \Űôȡ

DZǯǰǴ DZǯǰǴ DZǯǰǴ DZǯǰǸ DZǯǰǸ DZǯǰǸ JĹĚŰĚÒŰúôž¥pžÒŠĎúŰŰŃĚĹîŠúÒŧúŠúƐúĹŸúÒĹôJĹĚŰĚÒŰúôž¥pžÒŠĎúŰŰŃĚĹîŠúÒŧúŠúƐúĹŸúÒĹôJĹĚŰĚÒŰúôž¥pžÒŠĎúŰŰŃĚĹîŠúÒŧúŠúƐúĹŸúÒĹô x îşŸĚŠúôǰǯǯɿúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮEŃĮôĚĹĎ\ĚķĚŰúôȲ”>Eȳx îşŸĚŠúôǰǯǯɿúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮEŃĮôĚĹĎ\ĚķĚŰúôȲ”>Eȳx îşŸĚŠúôǰǯǯɿúşŸĚŰƗŃč”ÒīŰĕĚ>ĮŃíÒĮEŃĮôĚĹĎ\ĚķĚŰúôȲ”>Eȳ ŝŠŃčĚŰčŃŠDZǯDZǯȡŝŠŃčĚŰčŃŠDZǯDZǯȡŝŠŃčĚŰčŃŠDZǯDZǯȡ x îşŸĚŠúôx îşŸĚŠúôx ǰǯǯɿ îşŸĚŠúô ǰǯǯɿ ŧĕÒŠúŧ ǰǯǯɿ ŧĕÒŠúŧ Ńč ŠJ p ŧĕÒŠúŧ Ńč ŠJ p ŃčeÒĚÒȢ ŠJ p eÒĚÒȢ ”ȡȡ ȲŠŃŠŰŸĎÒĮȳ eÒĚÒȢ”ȡȡ ȲŠŃŠŰŸĎÒĮȳ ”ȡȡ ÒĹô ȲŠŃŠŰŸĎÒĮȳ ŰƑŃ ÒĹô ŰƑŃ ÒĹô ŰƑŃ úŃŠĎÒĹĚƠúôĹŃĹȺîŃŠúíŸŧĚĹúŧŧúŧȡúŃŠĎÒĹĚƠúôĹŃĹȺîŃŠúíŸŧĚĹúŧŧúŧȡúŃŠĎÒĹĚƠúôĹŃĹȺîŃŠúíŸŧĚĹúŧŧúŧȡ ŧŸíŧĚôĚÒŠĚúŧȢĹÒķúĮƗŠJ pĎŸúôÒȢ”ȡȡȲŠŃŠŰŸĎÒĮȳÒĹô”ÒīŰĕĚŧŸíŧĚôĚÒŠĚúŧȢĹÒķúĮƗŠJ pĎŸúôÒȢ”ȡȡȲŠŃŠŰŸĎÒĮȳÒĹô”ÒīŰĕĚŧŸíŧĚôĚÒŠĚúŧȢĹÒķúĮƗŠJ pĎŸúôÒȢ”ȡȡȲŠŃŠŰŸĎÒĮȳÒĹô”ÒīŰĕĚŠŃŠŰŸĎÒĮŠŃŠŰŸĎÒĮŠŃŠŰŸĎÒĮ îĕĚúƐúôɪžJ”ÒŰĚĹĎÒĹôĚŧŧŸúôôúíúĹŰŸŠúȡîĕĚúƐúôɪžJ”ÒŰĚĹĎÒĹôĚŧŧŸúôôúíúĹŰŸŠúȡîĕĚúƐúôɪžJ”ÒŰĚĹĎÒĹôĚŧŧŸúôôúíúĹŰŸŠúȡ >ķíEȲ>úŠķÒĹƗȳ>ķíEȲ>úŠķÒĹƗȳ>ķíEȲ>úŠķÒĹƗȳ x pŝúĹúôŠŠŃŰŃĹŧĕŃƑŠŃŃķÒĹôŧúŠƐĚîúîúĹŰŠúĚĹ ĕúŠÒŧȢZŸÒĮÒ\Ÿķŝx pŝúĹúôŠŠŃŰŃĹŧĕŃƑŠŃŃķÒĹôŧúŠƐĚîúîúĹŰŠúĚĹ ĕúŠÒŧȢZŸÒĮÒ\Ÿķŝx pŝúĹúôŠŠŃŰŃĹŧĕŃƑŠŃŃķÒĹôŧúŠƐĚîúîúĹŰŠúĚĹ ĕúŠÒŧȢZŸÒĮÒ\ŸķŝŸŠ ŸŠ ŸŠ DZǯǰǵ DZǯǰǵ DZǯǰǵ +ƖŝĮŃŠúŃŝŝŃŠŰŸĹĚŰƗĚĹŧŰÒŠŰȺŸŝíŸŧĚĹúŧŧúŧȡ+ƖŝĮŃŠúŃŝŝŃŠŰŸĹĚŰƗĚĹŧŰÒŠŰȺŸŝíŸŧĚĹúŧŧúŧȡ+ƖŝĮŃŠúŃŝŝŃŠŰŸĹĚŰƗĚĹŧŰÒŠŰȺŸŝíŸŧĚĹúŧŧúŧȡ

Ȳ¥ĹĚŰȣɿȳȲ¥ĹĚŰȣɿȳȲ¥ĹĚŰȣɿȳ

Ǵǯɿ Ǵǯɿ Ǵǯɿ

dzǯɿ dzǯɿ dzǯɿ

Dzǯɿ Dzǯɿ Dzǯɿ

DZǯɿ DZǯɿ DZǯɿ

ǰǯɿ ǰǯɿ ǰǯɿ

ǯɿ ǯɿ ǯɿ

Ⱥǰǯɿ Ⱥǰǯɿ Ⱥǰǯɿ DZǯǰǯDZǯǰǯ DZǯǰǰDZǯǰǯ DZǯǰǰ DZǯǰDZ DZǯǰǰ DZǯǰDZ DZǯǰDz DZǯǰDZ DZǯǰDz DZǯǰdz DZǯǰDz DZǯǰdz DZǯǰǴ DZǯǰdz DZǯǰǴ DZǯǰǵ DZǯǰǴ DZǯǰǵ DZǯǰǶ DZǯǰǵ DZǯǰǶ DZǯǰǷ DZǯǰǶ DZǯǰǷ DZǯǰǸ DZǯǰǷ DZǯǰǸ DZǯǰǸ

Ǹ Ǹ Ǹ ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%   ǰǴ ǰǴ ǰǴ AAPICO HITECH PUBLIC COMPANY LIMITED 13 Major Developments in past 3 years 

 2019 

AWARDS RECEIVED IN 2019   DECEMBER 2019 x AAPICO Hitech PLC received the Drive Award 2019 AAPICO Hitech PLC established Able Motors Pakkret Excellence “Industrial Category” from MBA Chula Company Limited and Able Motors Pathumthani   Alumni Association. Company Limited, 100% subsidiaries of the Company x AAPICO Hitech PLC received Best Delivery Award that operate Mitsubishi car dealership business.  of Year 2019 from Ford Thailand Manufacturing x AAPICO Plastics PLC received 100% Delivery   Performance of Year 2019 from Ford Thailand NOVEMBER 2019  Manufacturing AAPICO Hitech PLC acquired 100% shares of AAPICO  Maia, S.A. (Portugal) and two subsidiaries, namely AAPICO Águeda, S.A. (Portugal) and Sakthi Portugal GmbH (Germany). 

 OCTOBER 2019 AAPICO Hitech PLC’s shareholding in Sakthi Global Auto Holdings Limited (SGAH) increased from 49.99% to 100%.  x AAPICO Forging PLC received Green Industry Level  3 Certificate from Ministry of Industry SEPTEMBER 2019  x AAPICO Precision Co., Ltd. received Green Industry AAPICO Hitech PLC sold its shares in Aapico Vinfast Level 3 Certificate from Ministry of Industry Auto Parts Company Limited (AVAP), a 51% joint  x AAPICO Precision Co., Ltd. received Supplier venture of the Company to Vinfast Trading and Excellence Award (Quality Performance) from Production LLC.  American Axle & Manufacturing (Thailand) Co., Ltd.

  AUGUST 2019 AAPICO Hitech PLC decreased its shareholding in Hyundai Motor (Thailand) Company Limited (HMTH)  from 30% to 20%.





 x Able Sanoh Industries (1996) Co., Ltd. received certificate of 2019 TCC Risk Management Activity  Business Continuity Plan (BCP) Step 1-10 and Exercise Plan from Toyota Co-operation Club. 

MAY 2019  AAPICO Hitech PLC established Vroom Company Limited a 40% joint venture of the Company. Vroom’s business is the distribution & retail of KTM, Husqvarna and Bajaj brand motorcycles.

 AAPICO HITECH PUBLIC COMPANY LIMITED   11 14 ANNUAL REPORT 2019 

2018

AWARDS RECEIVED IN 2018  New Era Sales (M) SDN. BHD. and Tenaga Setia Resources SDN. BHD., the Company’s subsidiaries in Malaysia, received the Honda CEO Awards from  Honda Malaysia for 5 consecutive years as follows: x 2018 Elite Dealer Award x Top 3 Body & Paint Award  x Top 4 Sales Award AWARDS RECEIVED IN 2018 AAPICO Hitech PLC received Thailand Sustainability  Investment Award from the Stock Exchange of Thailand.   OCTOBER 2018         AAPICO Hitech PLC increased its investment in Sakthi Global Auto Holdings Limited (SGAH) to 49.99%  x AAPICO Precision Co., Ltd. received Q1 Award equity holding in order to support and strengthen  from Auto Alliances (Thailand) Co., Ltd. strategic partnership and enhance synergies between x AAPICO Hitech PLC was awarded the 1st Runner the Company and SGAH to grow their business in the  up at 2018 TCC TPS Activity from Toyota. global market. x AAPICO Structural Products Co., Ltd. received Zero Accident Award from Ministry of Labor.  JULY 2018 AAPICO Hitech PLC acquired 20.36% of registered  share capital of Nuro Technology Incorporated (Taiwan), which is engaged in the provision of  electronic information services.

JUNE 2018 AAPICO Hitech PLC signed a JV MOU with VinFast Trading & Production LLC, a member of VINGROUP to AAPICO Structural Products Co., Ltd. received awards set up a press shop and assembly operations in from Isuzu Motors (Thailand) Co., Ltd. at the ISG VinFast’s Supplier Park in Vietnam to supply body in Annual General Meeting as follows: white (BIW) parts for the first two models of VinFast x The Best in Quality-Cost-Delivery (QCD) vehicles to be produced in the third quarter of 2019. x The Winner of LRP Project Group A

12  ANNUAL REPORT 2019

AAPICO HITECH PUBLIC COMPANY LIMITED 15  2017

AWARDS RECEIVED IN 2017 x Q-Award from Auto Alliances (Thailand) Co., Ltd. in recognition for excellent quality to AAPICO Hitech PLC. x 2016 Supplier Excellence Quality Award from General Motors. AWARDS RECEIVED IN 2017 x 2017 Best Support Award from Ford Manufacturing Thailand.  AAPICO Hitech PLC was awarded the TPS winner of 2017 TCC Competition from Toyota Cooperation Cl b ů ď

JUNE 2017

ϭ͘ Sojitz Corporation, the second largest shareholder, had entered into a MOU to sell all of its shares in AAPICO Hitech PLC to the Company’s major shareholders. This change of shareholding structure has no impact to the New Era Sales (M) SDN. BHD. and Tenaga Setia Company’s core businesses, its policy, and its Resources SDN. BHD., the Company’s subsidiaries in management structure. Malaysia, received the Honda CEO Awards from  Honda Malaysia as follows: Ϯ͘ AAPICO Hitech PLC disposed its 25% equity x 2017 Elite Dealer Award holding in Quantum Inventions Pte. Ltd. (QI) in x Top 5 Sales Award Singapore and its 60% equity holding in AAPICO x Top 7 Accessories Sales Award QI SDN. BHD. to Continental Automotive Holding Netherlands BV.

MAY 2017 AAPICO Hitech PLC invested in 25.1% equity share of Sakthi Global Auto Holdings (SGAH) and formed a strategic partnership with Sakthi Automotive Group, the world leading supplier of critical safety components in iron and aluminum castings with AAPICO Structural Products Co., Ltd. received awards global manufacturing footprints in the United from ISUZU at the ISG Annual General Meeting as States, China, Europe, and India. follows: x The Best in Delivery Award x The Winner of LRP Project Group B MARCH 2017 AAPICO Hitech PLC sold its 14.95% equity holding in Jackspeed Corporation Limited in Singapore to unrelated party.

FEBRUARY 2017 AAPICO Hitech PLC announced the resale of Share Repurchase on SET for a period of 3 years, starting from March 2017 until September 2019.

 16 AAPICO HITECH PUBLIC COMPANY LIMITED   ANNUAL REPORT 2019 13 Sustainability Development Sustainability   Sustainability Development Sustainability  

AAPICO HITECH PUBLIC COMPANY LIMITED 17   Company Holding Structure   $$3,&2+,7(&+&203$1<+2/',1*6758&785(   $$3,&2+,7(&+38%/,&&203$1</,0,7(' 3$571(56 

$662&,$7(6$1'-9 7+$,/$1'68%6,',$5,(6 29(56($668%6,',$5,(6  3,//$5,0$18)$&785(2)2(0$872027,9(3$576%86,1(66  62'(&,$$872027,9((8523(  $$3,&262'(&,$ 7+$,/$1'   $$3,&26758&785$/352'8&76   *PE+ *(50$1< &2/7' &2/7' .816+$1&+$,7$,;,1&+(1*35(&,6,21 )25*,1*&2/7' &+,1$ 

('6&+$+2/',1**PE+  ('6&+$$$3,&2$872027,9(   $$3,&2$0$7$&2/7' *(50$1< &2/7' 

680,12.2*<2  680,12$$3,&2 7+$,/$1'    6$.7+,*/2%$/$872  $$3,&2+,7(&+3$576&2/7'  -$3$1 &2/7' +2/',1*6/,0,7(' 8.   7$.$*,6(,.2&25325$7,21  7+$,7$.$*,6(,.2  $$3,&2+,7(&+722/,1*6&2   $$3,&20$,$6$ 32578*$/ -$3$1 &2/7' /7'   $%/(6$12+,1'8675,(6     $$3,&2É*8('$6$  $$3,&2)25*,1*3/& &2/7' 32578*$/ 6$12+,1'8675,$/  -$3$1  6$12+,1'8675,(6 7+$,/$1'   $$3,&235(&,6,21  6$.7+,32578*$/*PE+  &2/7' &2/7' *(50$1< 

0,17+*5283  0,17+$$3,&2 7+$,/$1' &2   $$3,&23/$67,&63/&  +21*.21*&+,1$ /7'

 .$768<$ 7+$,/$1' &2/7'   LQWKHSURFHVVRIOLTXLGDWLRQ  /(07(&+7(&+12/2*</,0,7('  $$3,&2/(07(&+ 7+$,/$1'   7$,:$1+21*.21* &2/7' 

0,768,.(&25325$7,21  $$3,&20,768,.( 7+$,/$1'   -$3$1 &2/7'   3,//$5,,&$5'($/(56+,36%86,1(66  62-,7=&25325$7,21  +<81'$,02725   $%/(027256&2/7' -$3$1 7+$,/$1' &2/7'

62-,7=$875$16&25325$7,21     95220&2/7' 1(:(5$6$/(6&2/7' -$3$1  62-,7=&25325$7,21  $%/(0272563$..5(7  -$3$1 &2/7'  $%/(0272563$7+807+$1,  &2/7'

  $$3,&20272566'1%+' 0$/$<6,$

7(1$*$6(7,$(17(535,6(6'1  1(:(5$6$/(6 0   %+' 0$/$<6,$ 6'1%+' 0$/$<6,$

 $$3,&2(1*,1((5,1*6'1  %+' 0$/$<6,$

3,//$5,,,,R7&211(&7,9,7< 02%,/,7<%86,1(66

 $$3,&2(/(&7521,&6   $8721$9,6'1%+' 0$/$<6,$ $$3,&2,76&2/7' &2/7'

 18527(&+12/2*<,1&   $$3,&2,76&26'1%+' 7$,:$1 0$/$<6,$

 $(53&2/7'

27+(5%86,1(66(67268332577+(&25(3,//$56

$$3,&27(&+12/2*<  $$3,&2,19(670(1737(/7'  &2/7' 6,1*$325(

$$3,&275$,1,1*&(17(5  &2/7'

 $$3,&29(1785(&2/7'

60227+/$1(  &2/7'

)27213$66(1*(59(+,&/(6  ',675,%87,21 7+$,/$1'  &2/7'

 AAPICO HITECH PUBLIC COMPANY LIMITED  17 18 ANNUAL REPORT 2019 Main Businesses

OEM Auto Parts IoT Car Dealership Manufacturing Connectivity & Business Business Mobility Business

AAPICO Hitech Public Company Limited [AH]  AAPICO Hitech PLC was established in 1996 and was listed on the Stock Exchange of Thailand in 2002. The Company’s main business initially was to design, produce, and install car assembly jigs and stamping dies, and to manufacture OEM automotive parts, including floor parts, cross members, pillars, brackets, clips, and fuel tanks for leading automobile assemblers in Thailand. The Company has since progressed by adding the production of chassis frame components, forging & machining parts, plastic parts and plastic fuel tanks to its manufacturing portfolio.  AAPICO Hitech PLC is operated under the management of Mr. Yeap Swee Chuan, President & CEO and founder of AAPICO Group. The Company’s two factories are located at Hitech Industrial Estate in Ayutthaya province and Amata City Rayong Industrial Estate in Rayong province. Its main customers are Auto Alliance Thailand (AAT), Ford, Isuzu and Toyota.  AAPICO Hitech PLC is comprised of three pillars, namely the OEM Auto Parts Manufacturing Business, Car Dealership Business and the IoT Connectivity & Mobility Business. As of today, the Group comprises 43 subsidiary and associate companies, of which 31 companies are operating in Thailand and 12 companies are located oversea. 

18  ANNUAL REPORT 2019

AAPICO HITECH PUBLIC COMPANY LIMITED 19 PILLAR I: OEM AUTOMOTIVE PARTS MANUFACTURING BUSINESS  THAILAND Hitech Industrial Estate – Ayutthaya % Company Abbrv. Main Products Main Customers Capital (THB Million) Equity AAPICO Hitech PLC AH x Metal Stamping parts e.g. floor x Auto Alliance Thailand 322.58 100  parts, brackets, cross members, x Ford pillars x Isuzu x Toyota x Vinfast x Nissan

AAPICO Hitech Parts Co., Ltd. AHP x Metal Stamping parts e.g. floor x Auto Alliance Thailand 120 100 parts, brackets, cross members, x Nissan pillars x Toyota

AAPICO Hitech Tooling Co., Ltd. AHT x Assembly Jigs x Auto Alliance Thailand 65 100 x Stamping Dies x Mercedes Benz x Ford x Isuzu x Vinfast x Volvo

AAPICO Lemtech (Thailand) Co., AL x Metal Stamping parts for x Edscha AAPICO 40 60 Ltd. automotive and electronic x Fujikura Electronics components

AAPICO Mitsuike (Thailand) Co., AMK x Metal Stamping parts x Nissan 33 51 Ltd.

Able Sanoh Industries (1996) Co., ASICO x Fuel lines x Auto Alliance Thailand 117.7 46 Ltd. x Brake lines x Honda x Engine parts x Mitsubishi x Nissan x Toyota

Edscha AAPICO Automotive Co., EA x Door checks x AAPICO Hitech PLC 52 49 Ltd. x Door hinges x Mitsubishi x Parking brake levers x Nissan

Bangpli Industrial Estate – Samutprakarn % Company Abbrv. Main Products Main Customers Capital (THB Million) Equity AAPICO Plastics PLC AP x Plastic parts for automotive and x Auto Alliance Thailand 255 100 (Headquarter office) other components x Ford (held by   x  AF)  Honda  x Isuzu x Thai Yamaha Motor

Thai Takagi Seiko Co., Ltd. TTSC x Plastic moulding x Honda 101.2 49 x Plastic parts x Kawasaki x Suzuki

 20AAPICO HITECH PUBLIC COMPANY LIMITED  ANNUAL REPORT 201919 Ampur Bangsaothong - Samutprakarn % Company Abbrv. Main Products Main Customers Capital (THB Million) Equity Katsuya (Thailand) Co., Ltd. KT x Surface treatment-water printing for - 28.5 76 plastic fabric flocking for automotive interior panels (In the process of liquidation)

Amata City Chonburi Industrial Estate – Chonburi % Company Abbrv. Main Products Main Customers Capital (THB Million) Equity AAPICO Amata Co., Ltd. AA x Metal Stamping and Welding e.g. x American Axle (AAM) 800 100  Chassis frame (D-Max), Complete x Isuzu axle housing

AAPICO Forging PLC AF x Forging parts for transmission x Auto Alliance Thailand 500 100  systems, power train systems, x Dana Spicer steering & suspension systems, x GKN Driveline  wheel hubs x NTN x THK Rhythm x Yamaha

AAPICO Precision Co., Ltd. APC x Machining parts for transmission x American Axle (AAM) 205 100 systems, power train systems, x Auto Alliance Thailand (held by AF) steering & suspension systems, x Dana Spicer  wheel hubs x Ford x GKN Driveline

AAPICO Structural Products Co., ASP x Welding and Assembly for Chassis x Isuzu 200 100 Ltd. frames (D-Max)

Sumino AAPICO (Thailand) Co., Ltd. SA x Metal Stamping and Welding parts x Auto Alliance Thailand 350 49 for medium and small articles of x Mazda cars for cars with high durability 

AAPICO Sodecia (Thailand) Co., Ltd. ASD x Cradles for passenger cars - 300 50 x Cross car beams and welded assemblies for Body in White (BIW)

Amata City Rayong Industrial Estate – Rayong % Company Abbrv. Main Products Main Customers Capital (THB Million) Equity AAPICO Hitech PLC AH x Metal Stamping parts e.g. floor x Auto Alliance Thailand Ͳ 100 (Branch office) parts, brackets, cross members, x Ford  pillars

AAPICO Plastics PLC AP x Plastic fuel tanks x Auto Alliance Thailand Ͳ 100 (Branch office) x Ford (held by  AF) x SAIC

Minth AAPICO (Thailand) Co., Ltd. MA x Roof ditch moulding x General Motors 288.5 40 x Belt line moulding x Isuzu x Door sashes x Nissan

Sanoh Industries (Thailand) Co., SI x Brazed steel tubings x Hitachi 146.25 20 Ltd. x Fuel lines x EŝƐƐĂŶ x Toyota

20AAPICO  HITECH PUBLIC COMPANY LIMITED ANNUAL REPORT 201921 EJg  ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ Ȳ¥”%eĚĮĮĚŃĹȳ +şŸĚŰƗ ZŸĹŧĕÒĹ ĕÒĚŰÒĚȺÃĚĹîĕúĹĎ Z à x +ĹĎĚĹúîŃĹĹúîŰĚĹĎŠŃôŧ x ĕúŠƗ ɚǷȡǰ ǰǯǯ ŠŠúîĚŧĚŃĹ=ŃŠĎĚĹĎ ŃȡȢ\Űôȡ x ŃŝŝúŠčŃŠĎúôŝÒŠŰŧúȡĎȡúĮúîŰŠĚîÒĮ x =e+ ŧƑĚŰîĕîŃĹŰÒîŰŃŠ x ”îĕĹúĚôúŠ+ĮúîŰŠĚî x ”>e¾ x ”J  x ½ĚŧŰúŃĹ

¥gJž+%ZJg>%peȲ¥Zȳ  ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ Ȳ¥”%eĚĮĮĚŃĹȳ +şŸĚŰƗ ”ÒīŰĕĚ>ĮŃíÒĮŸŰŃEŃĮôĚĹĎŧ ”>E x ĮŸķĚĹĚŸķîÒŧŰĚĹĎÒĹôķÒîĕĚĹĚĹĎ x =ŃŠô ɚǸǯ ǰǯǯ \ĚķĚŰúô x ”ÒčúŰƗîŠĚŰĚîÒĮîŃķŝŃĹúĹŰŧúȡĎȡ x >úĹúŠÒĮeŃŰŃŠŧ ȲĕúĮôíƗ Ͳ ¥ZȲEŃĮôĚĹĎĕúÒôşŸÒŠŰúŠŧȳ EÒĹô ŧŰúúŠĚĹĎīĹŸîīĮúŧȢíŠÒīúôĚŧîŧȢ x EƗŸĹôÒĚ  Ͳ   JŠ\ȳ JĹôĚÒ íŠÒīúôŠŸķŧȢúŰîȡ x ”ŸƠŸīĚ  Ͳ  ¥” x ½ŃĮīŧƑÒĎúĹ Ͳ ĕĚĹÒ Špž¥>\  ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ Ȳ+ŸŠŃeĚĮĮĚŃĹȳ +şŸĚŰƗ ŠJ peÒĚÒȢ”ȡȡ eJ x JŠŃĹîÒŧŰĚĹĎÒĹôķÒîĕĚĹĚĹĎ x½ŃĮīŧƑÒĎúĹ ɜǵ ǰǯǯ  xŠúŸĎúŃŰ x ĚŰŠŃĄĹ xe¾ x=ŃŠô xeúŠîúôúŧ xúĹÒŸĮŰ x ŃĹŰĚĹúĹŰÒĮ x%ÒĹÒ”ŝĚîúŠ

ŠJ pĎŸúôÒȢ”ȡȡ > x JŠŃĹîÒŧŰĚĹĎÒĹôķÒîĕĚĹĚĹĎ xeúŠîúôúŧ ɜǷ ǰǯǯ x½ŃĮīŧƑÒĎúĹ ȲĕúĮôíƗ  x  eJȳ ŠúŸĎúŃŰ  x ĚŰŠŃĄĹ x=ŃŠô

>+egÄ       ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ Ȳ+ŸŠŃeĚĮĮĚŃĹȳ +şŸĚŰƗ

”ÒīŰĕĚŠŃŠŰŸĎÒĮ>ķíE ”Š> x čŰúŠŧÒĮúŧÒĹôŰúîĕĹĚîÒĮŧŸŝŝŃŠŰ xĮĮîŸŧŰŃķúŠŧŃčeJ ɜǯȡǯDZǴ ǰǯǯ čŃŠeJ>ŠŃŸŝ ĎŠŃŸŝ ȲĕúĮôíƗ eJȳ

ŠJ\\JJȣ %+\+”EJŠ¥”Jg+””  žEJ\g%

ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ ȲžEeĚĮĮĚŃĹȳ +şŸĚŰƗ

íĮúeŃŰŃŠŧ ŃȡȢ\Űôȡ e x ”ĕŃƑŠŃŃķȢŃôƗʒŠÒĚĹŰÒĹô x ŃĹŧŸķúŠŧ DZǯ ǰǯǯ  ”úŠƐĚîúîúĹŰŠúčŃŠeĚŰŧŸíĚŧĕĚ ƐúĕĚîĮúŧ íĮúeŃŰŃŠŧŠÒīīŠúŰ ŃȡȢ\Űôȡ eŠZ x ”ĕŃƑŠŃŃķÒĹô”úŠƐĚîúîúĹŰŠúčŃŠ x ŃĹŧŸķúŠŧ ǰǴ ǰǯǯ eĚŰŧŸíĚŧĕĚƐúĕĚîĮúŧ

íĮúeŃŰŃŠŧŠÒŰĕŸķŰĕÒĹĚ ŃȡȢ\Űôȡ eŠž x ”ĕŃƑŠŃŃķȢŃôƗʒŠÒĚĹŰÒĹô x ŃĹŧŸķúŠŧ ǰǴ ǰǯǯ ”úŠƐĚîúîúĹŰŠúčŃŠeĚŰŧŸíĚŧĕĚ ƐúĕĚîĮúŧ

 22ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20DZǰ19 gúƑ+ŠÒ”ÒĮúŧ ŃȡȢ\Űôȡ g+”  x ”ĕŃƑŠŃŃķÒĹô”úŠƐĚîúîúĹŰŠúčŃŠ x ŃĹŧŸķúŠŧ DZǯ ǰǯǯ =ŃŠôƐúĕĚîĮúŧ

EƗŸĹôÒĚeŃŰŃŠȲžĕÒĚĮÒĹôȳ ŃȡȢ\Űôȡ Ee x %ĚŧŰŠĚíŸŰŃŠŃčEƗŸĹôÒĚƐúĕĚîĮúŧ x ÒŠôúÒĮúŠŧ ǴǴǯ DZǯ

½ŠŃŃķ ŃȡȢ\Űôȡ ½ppe x JķŝŃŠŰúŠÒĹôôĚŧŰŠĚíŸŰŃŠŃčÒĨÒĨȢ x ŃĹŧŸķúŠŧʒ ǰǯǯ dzǯ EŸŧşƐÒŠĹÒÒĹôZžeķŃŰŃŠîƗîĮúŧ ķŃŰŃŠîƗîĮúôúÒĮúŠŧ

e\ĔJ

ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ ȲeeĚĮĮĚŃĹȳ +şŸĚŰƗ

ŠJ peŃŰŃŠŧ”ôĹȡĕôȡ ee x ”ĕŃƑŠŃŃķÒĹô”úŠƐĚîúîúĹŰŠúčŃŠ x ŃĹŧŸķúŠŧ eDZ dzǸ  ŠŠŃŰŃĹƐúĕĚîĮúŧ

gúƑ+ŠÒ”ÒĮúŧȲeȳ”ôĹȡĕôȡ g+”e x ”ĕŃƑŠŃŃķÒĹô”úŠƐĚîúîúĹŰŠúčŃŠ x ŃĹŧŸķúŠŧ eǰȡǴ dzǸ EŃĹôÒƐúĕĚîĮúŧ

žúĹÒĎÒ”úŰĚҍúŧŃŸŠîúŧ”ôĹȡĕôȡ ž” x ”ĕŃƑŠŃŃķÒĹô”úŠƐĚîúîúĹŰŠúčŃŠ x ŃĹŧŸķúŠŧ eǵ dzǸ EŃĹôÒƐúĕĚîĮúŧ

 ŠJ\\JJJȣJў pgg+ žJ½JžÄg%epJ\JžÄ¥”Jg+””  žEJ\g%

ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ ȲžEeĚĮĮĚŃĹȳ +şŸĚŰƗ

ŠJ p+ĮúîŰŠŃĹĚîŧ ŃȡȢ\Űôȡ +  x >ўŠúîôÒŧĕîÒķúŠÒÒĹôŃŰĕúŠ x ŃĹŧŸķúŠŧ DZǴ Ǵǰ îÒŠúĮúîŰŠŃĹĚîŝŠŃôŸîŰŧ

+Š ŃȡȢ\Űôȡ +Š x ”úŠƐĚîúÒĹôŧŸŝŝŃŠŰŃčp \+ x JĹŰúŠĹÒĮîŸŧŰŃķúŠŧ Ǵ Ǹdz

ŠJ pJž” ŃȡȢ\Űôȡ Jž” x %ĚĎĚŰÒĮeÒŝŝĚĹĎ x ŃĹŧŸķúŠŧ ǰǯǯ ǵǯ x ŃŸŰĚĹĎʒgÒƐĚĎÒŰĚŃĹŧŃčŰƑÒŠú x ŃŠŝŃŠÒŰúŧ ŧŃĮŸŰĚŃĹŧ x >úŃĎŠÒŝĕĚîJĹčŃŠķÒŰĚŃĹ”ƗŧŰúķŧ îŃĹŧŸĮŰÒĹîƗŧúŠƐĚîúŧ x \ŃîÒŰĚŃĹȺÒŧúôĚĎ%ÒŰÒ x JĹôŸŧŰŠĚÒĮĚĎ%ÒŰÒ x =ĮúúŰeÒĹÒĎúķúĹŰ x ŧŧúŰžŠÒîīĚĹĎ e\ĔJ

ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ ȲeeĚĮĮĚŃĹȳ +şŸĚŰƗ ŠJ pJž””ôĹȡĕôȡ Jž”Ȳeȳ Ͳ Ͳ eǯȡǴ dzǸ ȲĕúĮôíƗ Jž”ȳ

žJ¾g

ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ Ȳž¾%eĚĮĮĚŃĹȳ +şŸĚŰƗ

gŸŠŃžúîĕĹŃĮŃĎƗJĹîŃŠŝŃŠÒŰúô g¥p x ŠŠŃƐĚôúŠŃčúĮúîŰŠŃĹĚîĚĹčŃŠķÒŰĚŃĹ x ŃĹŧŸķúŠŧ ž¾%DZǯǯ DZǯȡDzǵ ŧúŠƐĚîúŧ

   

DZDZAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ23  pžE+”¥ŠŠpžJg> žJ½JžJ+”p=žE+DzŠJ\\”  žEJ\g%

ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ ȲžEeĚĮĮĚŃĹȳ +şŸĚŰƗ ŠJ pžúîĕĹŃĮŃĎƗ ŃķŝÒĹƗ ž Ͳ Ͳ ǰ ǰǯǯ \ĚķĚŰúô

ŠJ pžŠÒĚĹĚĹĎ úĹŰúŠ ŃȡȢ\Űôȡ ž  x pŠĎÒĹĚƠúÒĹôķÒĹÒĎúŰŠÒĚĹĚĹĎ x JĹŰúŠĹÒĮîŸŧŰŃķúŠŧ Dz ǰǯǯ ÒîŰĚƐĚŰĚúŧčŃŠŠJ p>ŠŃŸŝ

ŠJ p½úĹŰŸŠú ŃȡȢ\Űôȡ ½ x eÒĹÒĎúĚĹƐúŧŰķúĹŰŧĚĹŧŰÒŠŰȺŸŝ Ͳ DZǯ ǰǯǯ îŃķŝÒĹĚúŧ

”ķŃŃŰĕĮÒĹú ŃȡȢ\Űôȡ ”e\ x ŸŰŃŧŰÒŰĚŃĹȡîŃķîŃĹŧŸķúŠ x ÒŠîŃķŝÒĹĚúŧ Ƕ ǰǰȡǸ ÒŸŰŃķŃŰĚƐúĹúƑŧʒŠúƐĚúƑŧŝŃŠŰÒĮ x eŃŰŃŠîƗîĮú ȲĕúĮôíƗ ½ȳ x %ĚĎĚŰÒĮíÒĹĹúŠÒôƐúŠŰĚŧĚĹĎ îŃķŝÒĹĚúŧ x ôƐúŠŰŃŠĚÒĮ x îîúŧŧŃŠĚúŧ x ŃĹŰúĹŰîŠúÒŰĚŃĹ îŃķŝÒĹĚúŧ x ŠĕŃŰŃÒĹôƐĚôúŃŝŠŃôŸîŰĚŃĹ x eúôĚÒĎúĹîĚúŧ x ”ŃîĚÒĮķúôĚÒÒĹôŃĹĮĚĹúķúôĚÒ x úĮÒŰúôíŸŧĚĹúŧŧ ķÒĹÒĎúķúĹŰŧúŠƐĚîú îŃķŝÒĹĚúŧ x ¾úíŧĚŰúôúƐúĮŃŝķúĹŰŧúŠƐĚîú =ŃŰŃĹŠÒŧŧúĹĎúŠ½úĕĚîĮúŧ =ŃŰŃĹ x JķŝŃŠŰúŠŃč=ŃŰŃĹƐúĕĚîĮúŧ Ͳ ǰǯǯ ǸǶ %ĚŧŰŠĚíŸŰĚŃĹȲžĕÒĚĮÒĹôȳ ŃȡȢ\Űôȡ

e\ĔJ ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ ȲeeĚĮĮĚŃĹȳ +şŸĚŰƗ ŠJ p+ĹĎĚĹúúŠĚĹĎ”ôĹȡĕôȡ +e x \ÒĹôŠúĹŰÒĮíŸŧĚĹúŧŧčŃŠEŃĹôÒ x žúĹÒĎÒ”úŰĚÒ eDZ ǰǯǯ ôúÒĮúŠŧĕĚŝɇŧŧĕŃƑŠŃŃķ úŧŃŸŠîúŧ”ôĹȡĕôȡ ȲĕúĮôíƗ g+”eÒĹô ž”ȳ

”Jg>Šp+

ɿ ŃķŝÒĹƗ ííŠƐȡ eÒĚĹŠŠŃôŸîŰŧ eÒĚĹ ŸŧŰŃķúŠŧ ÒŝĚŰÒĮ Ȳ”>%eĚĮĮĚŃĹȳ +şŸĚŰƗ

ŠJ pJĹƐúŧŰķúĹŰŠŰúȡ\Űôȡ JŠ\ x eÒĹÒĎúíŸŧĚĹúŧŧĚĹƐúŧŰķúĹŰŧ Ͳ ”>%ǵȡǸǶ ǰǯǯ ÒĹôeʒŰŠÒĹŧÒîŰĚŃĹŧ

  

 ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  DZDz

24 ANNUAL REPORT 2019 ŸŧĚĹúŧŧpŝúŠÒŰĚŃĹŧ

  p+eŸŰŃķŃŰĚƐúŠÒŠŰŧeÒĹŸčÒîŰŸŠĚĹĎŸŧĚĹúŧŧ  ŠJ pɇŧ ķÒĚĹ íŸŧĚĹúŧŧ Ěŧ Űĕú ķÒĹŸčÒîŰŸŠú ÒĹô ôĚŧŰŠĚíŸŰĚŃĹ Ńč ÒŸŰŃķŃŰĚƐú ŝÒŠŰŧ ŰŃ ÒŸŰŃķŃíĚĮú ķÒĹŸčÒîŰŸŠúŠŧ ÒĹô ÒŧŧúķíĮúŠŧ ĚĹ žĕÒĚĮÒĹôÒĹôŃƐúŠŧúÒŧȡžĕú ŃķŝÒĹƗŝŠŃôŸîúŧÒíŠŃÒôŠÒĹĎúŃčŝŠŃôŸîŰŧ ƑĚŰĕ ôĚččúŠúĹŰ ŝŠŃîúŧŧúŧ ÒĹô ŰúîĕĹŃĮŃĎĚúŧ čŃŠ ƐúĕĚîĮúŧȢ ĚĹîĮŸôĚĹĎ ŝÒŧŧúĹĎúŠ îÒŠŧȢ ŝĚîīȺŸŝ ŰŠŸîīŧȢ ÒĎŠĚîŸĮŰŸŠÒĮ ķÒîĕĚĹúŠƗ ÒĹô Űĕú úĮúîŰŠŃĹĚîŧ ĚĹôŸŧŰŠƗȡžĕú ŃķŝÒĹƗɇŧ ŝŠŃôŸîŰŧÒŠú ŧŰÒķŝúô ŃŠŝŠúŧŧúô ŝÒŠŰŧȢčŃŠĎúôÒĹô ķÒîĕĚĹúôŝÒŠŰŧȢ ŝĮÒŧŰĚî ŝÒŠŰŧȢ ŝĮÒŧŰĚî čŸúĮŰÒĹīŧȢ ÒĹô ĨĚĎŧÒĹôôĚúŧȡ  ”ŰÒķŝúôŃŠŠŠúŧŧúôŠÒŠŰŧ  ”ŰÒķŝúô ŃŠ ŝŠúŧŧúô ŝÒŠŰŧ ÒŠú Űĕú īúƗ p+e ŝŠŃôŸîŰŧȢ îŃĹŰŠĚíŸŰĚĹĎ ÒŝŝŠŃƖĚķÒŰúĮƗdzǰɿŃčŰŃŰÒĮÒĹĹŸÒĮŠúƐúĹŸúŧȡžĕúķÒĚĹŝŠŃôŸîŰŧĚĹîĮŸôú îĕÒŧŧĚŧčŠÒķúŧčŃŠŝĚîīȺŸŝƐúĕĚîĮúŧÒĹôíŃôƗŝÒŠŰŧŧŸîĕÒŧčĮŃŃŠŝÒŠŰŧȢ îŠŃŧŧķúķíúŠŧȢŝĚĮĮÒŠŧȢíŠÒîīúŰŧȢîĮĚŝŧȢÒĹôŧŸíȺÒŧŧúķíĮƗŝÒŠŰŧčŃŠp+e îŸŧŰŃķúŠŧȡ 

ĕÒŧŧĚŧ=ŠÒķú ŃķŝŃĹúĹŰŧ ŠJ p Ěŧ ŰĕúŧŃĮú ŧŸŝŝĮĚúŠ Ńč îĕÒŧŧĚŧ čŠÒķú îŃķŝŃĹúĹŰŧŰŃJŧŸƠŸ čŃŠ ŝĚîīȺŸŝ ƐúĕĚîĮúŧȡ žĕú ŃķŝÒĹƗ ĕÒŧ Ò čŸĮĮƗ ĚĹŰúĎŠÒŰúô ķÒĹŸčÒîŰŸŠĚĹĎ ŝŠŃîúŧŧ čŃŠķúŰÒĮŧŰÒķŝĚĹĎŝÒŠŰŧ ŸŧĚĹĎ îŃĚĮŧȢ ŧŰÒŠŰĚĹĎ čŠŃķôĚú ôúŧĚĎĹȢ ŧĚķŸĮÒŰĚŃĹȢÒĹôķÒīĚĹĎȢŰĕŠŃŸĎĕŰŃŝŠŃôŸîŰĚŃĹŃčŰĕúîŃķŝĮúŰúÒŧŧúķíĮƗ ŝÒŠŰŧȡJĹŰĕĚŧŝĮÒĹŰȢŰĕúŠúÒŠúŃƐúŠDzǯǯŠŃíŃŰŧôúŝĮŃƗúôŃĹŰĕúŝŠŃôŸîŰĚŃĹ ĮĚĹúŧȡ  ŠJ pĕÒŧÒŝŠŃôŸîŰĚŃĹîÒŝÒîĚŰƗŃčÒŝŝŠŃƖĚķÒŰúĮƗdzǯǯȢǯǯǯčŠÒķúŧúŰŧ ŝúŠƗúÒŠȡJĹDZǯǰǸȢŰĕú ŃķŝÒĹƗŠÒĹĚŰŧŝŠŃôŸîŰĚŃĹÒŰčŸĮĮîÒŝÒîĚŰƗƑĚŰĕ ŰƑŃƑŃŠīŧĕĚčŰŧ Ńčǰǯ ĕŃŸŠŧ úÒîĕȡ JŰÒĮŧŃ ĚĹîŠúÒŧúô Űĕú îÒŝÒîĚŰƗ ŃčĚŰŧ íĮÒĹīĚĹĎ ĮĚĹú ÒĹô ŝŠúŧŧ ŧĕŃŝ íƗ ŃŸŰŧŃŸŠîĚĹĎ ŰŃ îŃķŝÒĹĚúŧ ƑĚŰĕĚĹ Űĕú ŠJ p>ŠŃŸŝÒĹôŰŃŃŰĕúŠŰĕĚŠôȺŝÒŠŰƗîŃķŝÒĹĚúŧĚĹŃŠôúŠŰŃķúúŰŰĕú ŠúşŸĚŠúôƐŃĮŸķúŧȡ  EŃŸŧĚĹĎƖĮúŠÒŠŰŧǰ EŃŸŧĚĹĎ ÒƖĮúŧ ÒŠú îŃķŝŃĹúĹŰŧ čŃŠ ŠúÒŠ ÒƖĮú ÒŧŧúķíĮƗȡ žĕú ŝŠŃôŸîŰĚŃĹ ŝŠŃîúŧŧ ŧŰÒŠŰŧ ƑĚŰĕ ŠŃĮĮ čŃŠķĚĹĎ ŧŰúúĮ ŧĕúúŰŧ ĚĹŰŃ ŧŸíȺÒŧŧúķíĮƗ ŝÒŠŰŧȡ +ÒîĕŝÒŠŰĚŧŰĕúĹƑúĮôúôĚĹŰŃÒƖĮúŝÒŠŰŧÒĹôôúĮĚƐúŠúôŰŃŰĕúîŸŧŰŃķúŠȢ ķúŠĚîÒĹ ƖĮú ʒ eÒĹŸčÒîŰŸŠĚĹĎȢ ŰŃ ÒŧŧúķíĮú Űĕú îŃķŝĮúŰú ŠúÒŠ ÒƖĮú ŝÒŠŰŧȡ  

DZDZ  gg¥\+ŠpžDZǯǰǸ AAPICO HITECH PUBLIC COMPANY LIMITED 25 ŠŠúŧŧúôÒĹô”ŰÒķŝúôŃôƗŠÒŠŰŧ ŠJ pķÒĹŸčÒîŰŸŠúŧĕĚĎĕȺşŸÒĮĚŰƗķúŰÒĮŧŰÒķŝĚĹĎíŃôƗŝÒŠŰŧčŃŠŝÒŧŧúĹĎúŠ ÒĹô ŝĚîīȺŸŝ ƐúĕĚîĮúŧȢ ĚĹîĮŸôĚĹĎ čĮŃŃŠ ŝÒŠŰŧȢ îŠŃŧŧ ķúķíúŠŧȢ ŧĚôú ŧĚĮĮŧȢ íŠÒîīúŰŧȢ îĮĚŝŧ ÒĹô ŃŰĕúŠ ĚĹĹúŠ ŝÒŠŰŧ ĚĹîĮŸôĚĹĎ ŧŸíȺÒŧŧúķíĮĚúŧ čŃŠ p+e îŸŧŰŃķúŠŧȡ eÒĚĹ îŸŧŰŃķúŠŧčŃŠŰĕúŧú ŝŠŃôŸîŰŧ ÒŠúŸŰŃĮĮĚÒĹîú žĕÒĚĮÒĹô ȲžȳȢJŧŸƠŸȢgĚŧŧÒĹȢÒĹôžŃƗŃŰÒȡ 

%ŃŃŠ ĕúîī\ĚĹīŧ ŠJ pķÒĹŸčÒîŰŸŠúŧÒĹôŧŸŝŝĮĚúŧôŃŃŠîĕúîīĮĚĹīŧŸĹôúŠÒĎŠúúķúĹŰƑĚŰĕ +ôŧîĕÒȢ >úŠķÒĹƗȡ žĕú ôŃŃŠ îĕúîī ŝŠŃôŸîŰĚŃĹ ŝŠŃîúŧŧ Ÿŧúŧ ÒôƐÒĹîúô ķÒĹŸčÒîŰŸŠĚĹĎ ŰúîĕĹŃĮŃĎƗ ŰŃ ŝŠŃôŸîú ĕĚĎĕȺşŸÒĮĚŰƗ ÒĹô ĕĚĎĕȺôŸŠÒíĚĮĚŰƗ ŝŠŃôŸîŰŧ ôúŧĚĎĹúô ŰŃĮÒŧŰ Űĕú ĮĚčúŰĚķú Ńč Űĕú ƐúĕĚîĮúŧȡ eÒĚĹ îŸŧŰŃķúŠŧ Ńč ôŃŃŠîĕúîīŝÒŠŰŧÒŠú=ŃŠôȢ>eȢJŧŸƠŸȢÒĹôeĚŰŧŸíĚŧĕĚȡ  =ŃŠĎúôÒĹôeÒîĕĚĹúôŠÒŠŰŧ  ŠJ pķÒĹŸčÒîŰŸŠúŧÒĹôŧŸŝŝĮĚúŧÒŸŰŃķŃŰĚƐúčŃŠĎúôŝÒŠŰŧÒĹôķÒîĕĚĹúô ŝÒŠŰŧŰŃÒŸŰŃķŃíĚĮúķÒĹŸčÒîŰŸŠúŠŧĚĹžĕÒĚĮÒĹôÒĹôŃƐúŠŧúÒŧȡžĕú ŃķŝÒĹƗɇŧ ŝŠŃôŸîŰŧÒŠúŝÒŠŰŧčŃŠŰŠÒĹŧķĚŧŧĚŃĹŧƗŧŰúķŧȢŝŃƑúŠŰŠÒĚĹŧƗŧŰúķŧȢŧŰúúŠĚĹĎ ÒĹôŧŸŧŝúĹŧĚŃĹŧƗŧŰúķŧȢúĹĎĚĹúŝÒŠŰŧȢŧĕÒčŰŧȢƑĕúúĮĕŸíŧȢÒĹôŃŰĕúŠŧȡeÒĚĹ îŸŧŰŃķúŠŧ ÒŠú ŸŰŃ ĮĮĚÒĹîú žĕÒĚĮÒĹô ȲžȳȢ ķúŠĚîÒĹ ƖĮúȢ %ÒĹÒ ”ŝĚîúŠȢ =ŃŠôȢ>Zg%ŠĚƐúĮĚĹúȢeÒƠôÒȢÒĹôgžgȡ  ŠJ p ŝŠŃôŸîúŧ íŃŰĕ ĕŃŰ čŃŠĎĚĹĎ ÒĹô îŃĮô čŃŠĎĚĹĎ ŝŠŃôŸîŰŧȡ žĕú ķÒĹŸčÒîŰŸŠúŃččŃŠĎúôŝÒŠŰŧĚŧÒķúŰÒĮȺƑŃŠīĚĹĎŝŠŃîúŧŧƑĕúŠúíƗŧŰúúĮíĚĮĮúŰŧ ÒŠúĕúÒŰúôƑĚŰĕÒĹĚĹôŸîŰĚŃĹĕúÒŰúŠȢŃŠôúčŃŠķúôÒŰŠŃŃķŰúķŝúŠÒŰŸŠúÒĹô îŃķŝŠúŧŧúô ŸĹôúŠ úƖŰŠúķú ŝŠúŧŧŸŠúȢ ŰŃ čŃŠķ ķúŰÒĮ ĚĹŰŃôĚččúŠúĹŰ ŧĕÒŝúŧȡ =ŃŠĎúôŝÒŠŰŧÒŠúîŃķŝĮúŰúôƐĚÒķÒîĕĚĹĚĹĎŝŠŃîúŧŧúŧ ŸŧĚĹĎ g ķÒîĕĚĹúŧ îĕŃŧúĹčŃŠŰĕúĚŠŝŠúîĚŧĚŃĹíúčŃŠúôúĮĚƐúŠƗŰŃîŸŧŰŃķúŠŧȡ”ŃķúŝŠŃôŸîŰŧķÒƗ ŸĹôúŠĎŃ Ò čĚĹÒĮ ĕúÒŰ ŰŠúÒŰķúĹŰ ŰŃ ĕÒŠôúĹ Űĕú ŧŰúúĮȢ ŃŠ íú ŧŝŠÒƗ ŝÒĚĹŰúô ÒîîŃŠôĚĹĎŰŃîŸŧŰŃķúŠŧɇŠúşŸĚŠúķúĹŰŧȡ  JĹÒôôĚŰĚŃĹŰŃĚŰŧžĕÒĚŃŝúŠÒŰĚŃĹŧȢŠJ pĕÒŧÒčŃŠĎĚĹĎʒķÒîĕĚĹĚĹĎčÒîĚĮĚŰƗ ĚĹ ĕĚĹÒȢƑĕĚîĕŝŠŃôŸîúŧîŃŝŝúŠčŃŠĎĚĹĎŝŠŃôŸîŰŧĚĹîĮŸôĚĹĎîŃĹĹúîŰĚĹĎŠŃôŧ ÒĹô îŃŝŝúŠ čŃŠĎúô ŝÒŠŰŧ ŧŸîĕ Òŧ ŧƑĚŰîĕ îŃĹŰÒîŰŃŠŧȢ ÒĹô ƑĕĚîĕ ŧŸŝŝĮĚúŧ ķÒĚĹĮƗĮŃîÒĮîŸŧŰŃķúŠŧĚĹ ĕĚĹÒȡJŰŧķÒĚĹîŸŧŰŃķúŠŧĚĹîĮŸôú ĕúŠƗȢ =e+Ȣ eÒƠôÒȢ”îĕĹúĚôúŠȢ”>e¾Ȣ”J Ȣ½ĚŧŰúŃĹȢÒĹôŃŰĕúŠŧȡ  ŠĮÒŧŰĚîŠÒŠŰŧÒĹôŠĮÒŧŰĚî=ŸúĮžÒĹīŧ  ŠJ p ŝŠŃôŸîúŧ ÒĹô ŧŸŝŝĮĚúŧ ŝĮÒŧŰĚî čŸúĮ ŰÒĹīŧ ÒĹô ŝĮÒŧŰĚî ŝÒŠŰŧ čŃŠ ÒŸŰŃķŃíĚĮúŧʒúĮúîŰŠĚîÒĮÒŝŝĮĚÒĹîúŧƑĚŰĕŰĕúŰúîĕĹĚîÒĮîŃŃŝúŠÒŰĚŃĹŃčZÒŸŰúƖ žúƖŰŠŃĹ ¥”ȡ JŰŧ ķÒĚĹ îŸŧŰŃķúŠŧ ÒŠú ŸŰŃ ĮĮĚÒĹîú žĕÒĚĮÒĹô ȲžȳȢ ŧĚÒĹ EŃĹôÒeŃŰŃŠȢ=ŃŠôȢJŧŸƠŸȢžĕÒĚÄÒķÒĕÒeŃŰŃŠȢÒĹôŃŰĕúŠŧȡ 

 ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  DZDz 26 ANNUAL REPORT 2019 Stamping Dies   AAPICO provides full-service die design and development. The Company designs, develops, and manufactures cold stamping dies for sheet metal forming applications. The majority of its stamping dies are made for use by in-house production facilities. The stamping die production process starts with the design of the mould by a die engineer using CAD computer software. A foam moulding is created according to the die design for casting the metal die, which is then passed to the CNC Machining Center to machine and finish the stamping die. A team of engineers performs quality checks and product testing before commencing the production of parts. The Company applies the Autoform process to simulate the formability of parts and to conduct feasibility studies with customers to ensure that product quality meets customer requirements.  Assembly Jigs  Assembly Jig is an integral part of the production and assembly of automobiles. These Assembly Jigs are the equipment that guarantees the accuracy, productivity, and efficiency of the assembly of the vehicle body by accurately fixing each panel to be welded when assembling the vehicle body by welding. Assembly jig is a made-to-order product for a specific line of production or model of vehicle. AAPICO provides a full service for design, manufacture, and installation of jigs, from concept to commissioning, including design, simulation, welding, ergonomics and time studies, and manufacture of tooling. Prior to delivery, a team of engineers conducts assembly trials and validation measurements at the try- out facility. The Company also provides on- site support at the customers’ assembly locations. The installation and commissioning team have supported customer launches globally in China, India, South America, Southeast Asia, and other countries.  Casting Parts s AAPICO Maia, S.A. and AAPICO Águeda, S.A., large companies in Portugal, are specialized in the production of safety critical components in nodular cast iron, serving primarily the automotive industry in the European market. Over the past years, AAPICO Maia, S.A. and AAPICO Águeda, S.A. have demonstrated technical and environmental excellence, being considered as benchmark companies in the foundry industry. These companies are developing and producing Lightweight casting solutions, grouped as follows: powertrain (48%), brakes (34%), engine (11%) and suspension (6%). AAPICO Maia, S.A. and AAPICO Águeda, S.A. do offer approximately 50 million components yearly.

24  ANNUAL REPORT 2019 AAPICO HITECH PUBLIC COMPANY LIMITED 27 Currently, AAPICO Maia, S.A. and AAPICO Águeda, S.A. are supplying safety critical components in ductile iron as Tier 1 to Mercedes-Benz, BMW, Volkswagen, Renault, PSA Group, Daimler Trucks and Ford and as Tier 2 to Continental, Dana, Linamar, and CIE Automotive.

The Companies most important markets are located in Europe, mainly in Germany, Spain, Slovakia, Hungary, Italy, Sweden and France. Furthermore, exports for the overseas markets like American continent (10%), followed by Asiatic (3%) and African (1%) continents.

Market and Competition for the OEM Automotive Parts Business AAPICO manufactures and supplies original equipment manufacturer (OEM) automotive parts in Thailand and abroad. Sales from this business contribute around 71% of total annual revenue. As a large Tier-1 auto parts manufacturer in Thailand, AAPICO focuses on high standards of operations (quality-cost-delivery) and high productivity. Strong relationships with customers are key growth drivers that guarantee continuing orders from automakers for new automobile models – both for currently produced parts and possible new parts that the Company may invest in, while also increasing the value per car set for business growth. The Company’s long track record of producing high-quality auto parts has ensured its continued growth.  Car Dealership Business  AAPICO operates car dealerships in Thailand and Malaysia. Its showrooms and service centres are equipped with modern facilities and provide excellent sales and service support to customers. In Thailand, the Company has dealerships for Ford and Mitsubishi vehicles. The Ford showrooms and service centres are located at Ramindra road and Sri Nakarin Road. The Mitsubishi showrooms and service centres are located at Navanakorn, Pakkret and Pathumthani. The Pakkret and Pathumthani locations are 3S centres (showroom, service, and spare parts), while the Navanakorn location is a 4S centre (showroom, service, spare parts, and body shop).

In Malaysia, the Company has dealerships for Honda and Proton vehicles. There are two Honda showrooms – one in Kajang, which is a 3S centre (showroom, service, and spare parts) – and another one in Petaling Jaya, which is 4S centre (showroom, service, spare parts, and body shop). In April 2019, the company incorporated a new company as a 3S Proton dealer in Cheras, Kuala Lumpur.  Market and Competition of Car Dealership Business The car dealership business contributes approximately 29% of total annual revenue. The Company focuses on excellent service and customer satisfaction as the key success factors of this business. The Company evaluates its services from surveys of customers visiting its showrooms & service facilities and benchmarks its performance against other dealers. The Company ensures sufficient trainings and appropriate incentives for its employees. All these measures are tools designed to improve service level in order to increase customer satisfaction and promote better sales. 

 28AAPICO HITECH PUBLIC COMPANY LIMITED  ANNUAL REPORT 202519 Internet of Things (IoT) Connectivity & Mobility Business  AAPICO has world-class expertise in location-based data, as evidenced by our successful partnerships with HERE, TomTom, Grab and GH Bank. Moreover, automotive OEMs including Mitsubishi, Nissan, MG and Hyundai have chosen our digital maps to power their on-board navigation systems in Thailand and/ or Malaysia. As the importance and relevance of location-based data has increased in recent years, thanks to the rise of the Internet and Big Data, AAPICO has been able to build upon its original core competence in location-based data and digital mapping to expand into GPS Tracking, Smart Logistics, Industrial Asset Tracking for Smart Factories and even Smart Farm analytics. From its beginnings as a player in the navigation space, AAPICO has developed into a data company, dedicated to driving smart decisions.  Market and Competition of IoT Connectivity & Mobility Business AAPICO’s Big Data & Internet of Things (IoT) business operates in a niche, but fast-growing market. In 2019, sales of this business contributed less than 1% of annual revenue. The Company has broadened its offering of Logistics & Industrial Asset tracking products and services to better leverage its reputation and connections in the manufacturing industry and to support the Company’s core businesses. The digital transformation of Thailand, and South East Asia in general, has created increasing demand for the Company’s location-based data and also opened new doors for the Company to commercialize its digital assets and expertise.

26AAPICO  HITECH PUBLIC COMPANY LIMITED ANNUAL REPORT 201929  Competition and Industry Trends   2019 has been another exciting year for the automotive industry. Trading conditions have been tough due to the ongoing trade war between the US and China but, at the same time, automakers have also been launching some new technological innovations which may transform the industry in the near future. Regarding the three markets in which AAPICO operates, the Malaysian automotive market still continued to show a slight positive trend, while the Thai and Chinese automotive markets were unfortunately more adversely affected by the global situation and have consequently shown lower growth compared to the previous year. 

The automotive industry in Thailand, where AAPICO’s major operations are located, saw its total automotive production decrease by 7.1% to 2.01 million cars in 2019. Output for the domestic market decreased by 3.4%, while exports also dropped by 7.6%.

dŚĂŝůĂŶĚsĞŚŝĐůĞWƌŽĚƵĐƚŝŽŶŝŶϮϬϬϱͲϮϬϭϵ

hŶŝƚ͗DŝůůŝŽŶ WĂƐƐĞŶŐĞƌĂƌ ϭdŽŶWŝĐŬͲƵƉͬWWsĂŶĚŽƚŚĞƌƐ

Ϯ͘ϱ ϭ͘ϱϬ ϭ͘ϯϵ Ϯ͘Ϭ ϭ͘Ϯϴ ϭ͘ϭϲ ϭ͘Ϯϭ ϭ͘ϭϰ ϭ͘ϭϰ ϭ͘ϭϯ ϭ͘ϱ ϭ͘Ϭϵ Ϭ͘ϵϵ Ϭ͘ϵϮ ϭ͘Ϭ Ϭ͘ϵϳ Ϭ͘ϴϱ Ϭ͘ϴϵ Ϭ͘ϲϵ Ϭ͘ϱ Ϭ͘ϵϲ ϭ͘Ϭϳ Ϭ͘ϳϰ Ϭ͘ϳϳ Ϭ͘ϴϭ Ϭ͘ϴϯ Ϭ͘ϴϵ Ϭ͘ϴϬ Ϭ͘ϱϱ Ϭ͘ϱϰ Ϭ͘Ϯϴ Ϭ͘ϯϬ Ϭ͘ϯϮ Ϭ͘ϰϬ Ϭ͘ϯϭ Ϭ͘Ϭ ϮϬϬϱ ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ^ŽƵƌĐĞ͗dŚĞ&ĞĚĞƌĂƚŝŽŶ ŽĨdŚĂŝ/ŶĚƵƐƚƌŝĞƐ  Domestic sales saw a slight decline of 3.4%, with barely 1 million units sold in 2019, which is attributable to heightened scrutiny by financial institutions during the auto loan approval process. Domestic car sales decreased to 1.01 million cars, which was not unexpected given the previous year’s stellar performance of 1.04 million cars; while export volume decreased to 1.05 million cars, representing a year-on-year decline of 7.6%.

dŚĂŝůĂŶĚdŽƚĂů/ŶĚƵƐƚƌLJsŽůƵŵĞŝŶϮϬϬϱͲϮϬϭϵ WĂƐƐĞŶŐĞƌĂƌ ϭdŽŶWŝĐŬͲƵƉͬWWsĂŶĚŽƚŚĞƌƐ hŶŝƚ͗DŝůůŝŽŶ

ϭ͘ϲ ϭ͘ϰ ϭ͘Ϯ Ϭ͘ϳϲ ϭ͘Ϭ Ϭ͘ϳϬ Ϭ͘ϴ Ϭ͘ϲϰ Ϭ͘ϲϭ Ϭ͘ϲ Ϭ͘ϱϭ Ϭ͘ϱϯ Ϭ͘ϰϱ Ϭ͘ϰϯ Ϭ͘ϱϬ Ϭ͘ϰϵ Ϭ͘ϰ Ϭ͘ϱϮ Ϭ͘ϰϵ Ϭ͘ϰϲ Ϭ͘ϯϵ Ϭ͘ϯϮ Ϭ͘ϲϳ Ϭ͘ϲϯ Ϭ͘Ϯ Ϭ͘ϯϱ Ϭ͘ϯϲ Ϭ͘ϯϳ Ϭ͘ϯϬ Ϭ͘ϯϱ Ϭ͘ϰϬ Ϭ͘ϰϬ Ϭ͘ϭϵ Ϭ͘ϭϵ Ϭ͘ϭϳ Ϭ͘Ϯϯ Ϭ͘Ϯϯ Ϭ͘Ϯϴ Ϭ͘Ϭ ϮϬϬϱ ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϱ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ^ŽƵƌĐĞ͗dŚĞ&ĞĚĞƌĂƚŝŽŶŽĨdŚĂŝ/ŶĚƵƐƚƌŝĞƐ

For 2020, the Thai automotive industry forecasts a decreased production output of 0.7% to 2.00 million units, of which 1.00 million units are expected to be sold locally and 1.00 million units will be exported.

  ANNUAL REPORT 2019 30 ANNUAL REPORT 2019 Export volumes are expected to remain static in 2020 as In 2019, passenger car production reached 21.4 million the trade war between the US and China will continue to units, representing a year-on-year decrease of 9.2%. Sales have a widespread negative impact on exports and the of passenger vehicles totaled 21.4 million units, global economy; but this will be countered somewhat by representing a year-on-year decrease of 9.6%. Sales of the strengthening of overseas sales due to the passenger cars declined in all body type categories. Sales acceleration of eco-car exports, which is a required of Sedan cars fell by 10.7%, SUV cars declined by 6.3%, condition for auto manufacturer applications for BOI MPV cars dropped by 20.2% and Mini Van cars were down investment privileges. For the domestic market, local car by 11.7%. As with the previous year, this continuously sales are expected to rebound in 2020 due to the release declining sales trend remains a source of pressure for of new models – be it for traditional internal combustion domestic car brands. engine-powered or electric vehicles – which will likely result in an increase in sales. In addition, demand from Volkswagen was the top performer amongst automotive consumers who wish to replace 6 or 7-year-old cars bought brands in China with sales of 3.11 million vehicles, which under the first-time car buyer scheme in 2012-2013 may included sales of the top automotive model in China – The also have a hand in stimulating sales. Volkswagen Lavida – which sold a total of 0.53 million vehicles in 2019. Despite this, the brand experienced an Overall, Malaysia’s total industry volume for 2019 ended at overall decrease in sales of 2.0% from the previous year. 604,287 vehicles, an increase of 1% compared to the The second-ranked brand was Honda with sales of 1.54 volumes of 598,714 vehicles achieved in 2018. While the million units, a 6.3% increase from the previous year. total industry volume may not have increased by a very Toyota took third place with an 8.8% increase in sales of large margin, the fact that it has not decreased, unlike in 1.50 million units in 2019. Compared to the previous year, many other countries, is welcome news in itself. the market share of German and Japanese brands continued to increase; while those of Chinese, American, In 2019, Perodua continued to dominate the market with and French brands all continued to decrease. Korean sales of 240,341 units, which was an increase of 5.8% brands also experienced a decrease in market share, compared to the 227,243 units sold in 2018. Proton – representing a reversal of fortune when compared with the another national car brand – rose from fourth to second increase recorded in the previous year. place with 100,183 units sold in 2019, an impressive increase of 54.7% compared to the 64,744 units sold in Along with the overall decline in automotive sales, the new- 2018. Honda dropped to third place with a total volume of energy vehicle (NEV) sector also saw a minor decline when 85,418 units, a decrease of 16.5% from the 102,282 units in compared to the previous year. The production and sales 2018. Toyota took fourth place with 69,091 units, an of new-energy vehicles dropped to 1,242,000 vehicles and increase of 5.4% from the 65,551 units sold in 2018. 1,206,000 vehicles respectively; thus representing decreases of 2.3% and 4.0% respectively. Among them, the The Malaysian automotive industry may find 2020 to be a production of battery electric vehicles increased to challenging – but still manageable – year. The Malaysia 1,020,000 vehicles, while sales decreased to 972,000 Automotive Association (MAA) has predicted a slight vehicles, which represented an increase of 3.4% and a increase in total industry volume for 2020 to 607,000 decrease of 1.2% respectively. The production and sales of  units. plug-in hybrid vehicles were 220,000 vehicles and 232,000 vehicles respectively, which represented respective China, the world’s largest automotive market, saw its declines of 22.5% and 14.5%. China's new energy vehicle production and vehicle sales decrease in 2019 – a market is likely to see a sales rebound next year as continuation from the decline in 2018 – with total automakers roll out more new products to lure buyers, production volumes of 25.7 million units, a year-on-year provided that more supportive government policies are decrease of 7.5%; and vehicle sales of 25.8 million units, a announced. decrease of 8.2% from the previous year.

 AAPICO HITECHHITECH PUBLICPUBLIC COMPANY COMPANY LIMITED LIMITED   31  RiskRisk Factor Factorss       AAPICOAAPICO considers considers its its risk risk management management and and risk risk includingincluding the the Company’s Company’s investment investment values values and and reputation reputation assessmentassessment processes processes as as being being mission mission critical critical in in order order to to withwith its its customers customers and and business business partners. partners. The The formation formation of of drivedrive sustainable sustainable growth growth of of the the organization. organization. In In2019, 2019, the the jointjoint business business ventures ventures and and business business operations operations in in foreign foreign RiskRisk Management Management Committee Committee reviewed reviewed the the Company’s Company’s countriescountries may may pose pose risks risks from from political political uncertainties uncertainties and and internalinternal control control processes, processes, in in line line with with quality quality management management policiespolicies that that may may affect affect business business operations operations and and profits. profits.  standards,standards, and and has has evaluated evaluated and and identified identified the the Company’s Company’s   potentialpotential risk risk factors. factors. With With reference reference to to developments developments and and TheThe Board Board of of Directors Directors has has defined defined criteria criteria and and guidelines guidelines changeschanges in in the the business business environment, environment, the the Risk Risk forfor the the management management to to perform perform a afeasibility feasibility study study for for each each ManagementManagement Committee Committee has has assessed assessed the the likelihood likelihood of of projectproject to to ensure ensure that that the the management management evaluate evaluate new new occurrenceoccurrence and and financial financial impact impact of of each each risk risk and and investmentsinvestments carefully. carefully. The The agreements agreements with with business business determineddetermined the the appropriateness appropriateness of of internal internal control control to to partnerspartners must must be be clear clear and and agreed agreed upon upon by by the the mitigatemitigate these these risks risks to to an an acceptable acceptable level. level. The The Company Company management,management, including including the the roles roles and and responsibilities responsibilities of of hashas identified identified its its key key risk risk factors factors as as follows: follows:  eacheach party party in in the the joint joint venture. venture.      StrategicStrategic Risk Risk  NewNew investments investments that that are are significant significant in in value value or or which which are are GovernmentGovernment Policy Policy Risk Risk  consideredconsidered an an important important part part of of the the organization organization must must be be GovernmentGovernment Policy Policy is is a acrucial crucial risk risk factor factor of of the the Company Company consideredconsidered and and approved approved by by the the Board Board of of Directors Directors duedue to to the the fact fact that that Government Government Policy Policy can can play play a apart part in in accordingaccording to to the the values values set set out out in in the the notice notice from from the the Stock Stock eithereither increasing increasing or or decreasing decreasing the the Company’s Company’s revenue revenue – – ExchangeExchange of of Thailand. Thailand. Subsequently, Subsequently, the the management management bebe it itdirectly directly or or indirectly. indirectly. In In the the event event that that the the Government Government shouldshould engage engage in in the the performance performance review review process process to to implementsimplements policies policies that that support support investment investment for for car car provideprovide necessary necessary support support and and ensure ensure that that operations operations are are manufacturersmanufacturers or or increase increase spending spending within within the the country, country, the the carriedcarried out out smoothly smoothly and and generate generate the the appropriate appropriate returns returns totaltotal orders orders for for the the Company’s Company’s automotive automotive parts parts may may rise rise toto shareholders. shareholders.  asas a aresult. result. On On the the other other hand, hand, if ifthe the Government Government does does not not   havehave any any supportive supportive policies policies or or introduce introduce policies policies that that BusinessBusiness Risk Risk  affectaffect the the demand demand for for automobiles automobiles inside inside and and outside outside the the AutomotiveAutomotive Industry Industry Competitive Competitive Risk Risk  country,country, the the total total orders orders for for the the Company’s Company’s automotive automotive CompetitionCompetition in in the the automotive automotive parts parts industry industry runs runs partsparts may may reduce reduce as as a aresult result – –thus thus subsequently subsequently reducing reducing relativelyrelatively high high during during the the change change of of car car models. models. thethe Company’s Company’s revenue. revenue.  AutomotiveAutomotive part part suppliers suppliers compete compete to to win win orders orders from from OEM OEM   automakersautomakers in in order order to to secure secure the the guaranteed guaranteed income income from from InIn any any case, case, Government Government Policy Policy undeniably undeniably has has a ahand hand in in thethe production production cycle cycle of of a a car car model. model. Therefore, Therefore, the the causingcausing the the demand demand for for automotive automotive parts parts to to increase increase or or CompanyCompany is is exposed exposed to to the the risk risk that that it itmay may lose lose customer customer decrease.decrease. Therefore, Therefore, the the Company Company preemptively preemptively plans plans its its ordersorders to to other other automotive automotive parts parts suppliers. suppliers. This This could could have have productionproduction – –including including materials materials and and manpower manpower – –to to match match a asignificant significant impact impact on on the the Company’s Company’s operations operations and and its its marketmarket demand demand in in each each period, period, and and to to be be able able to to supply supply reputationreputation in in the the market. market.  enoughenough products products to to meet meet market market demand. demand.      BeingBeing a a large large Tier Tier 1 automotive1 automotive part part supplier supplier in inThailand, Thailand, OverseasOverseas Investment Investment Risk Risk  withwith high high standards standards of of operations operations and and commitment commitment to to its its GivenGiven the the Company’s Company’s strategic strategic goal goal of of becoming becoming a aglobal global stakeholders;stakeholders; the the chances chances of of the the Company Company losing losing orders orders is is company,company, the the Company Company must must therefore therefore evaluate evaluate the the risks risks veryvery slim. slim. However, However, the the Company Company still still ensures ensures that that it it arisingarising from from business business ventures ventures with with partners partners and and managesmanages good good relationship relationship with with customers customers and and maintains maintains investmentsinvestments in in other other countries countries – –as as conflicts conflicts with with business business highhigh standards standards of of operations, operations, good good product product quality, quality, partnerspartners may may affect affect the the Company’s Company’s operations operations and and profits, profits, competitivecompetitive price, price, and and punctual punctual delivery delivery to to build build up up the the

2828    ANNUALANNUAL REPORT REPORT 2019 2019  32 ANNUAL REPORT 2019  customers’ confidence and trust and ensure the the early stages of development and it will take time before RiskRisk Factor Factorss continuation of orders for future models. Awards and they will be commercially available at scale. As for   achievements from customers over the years are proof of electrical vehicles, the increasing demand for new energy   the Company’s excellent performance. vehicles will not have a significant impact on the business    either because the demand for the Company’s automotive AAPICOAAPICO considers considers its its risk risk management management and and risk risk includingincluding the the Company’s Company’s investment investment values values and and reputation reputation Customer Concentration Risk products, which are mainly body stamping and frame assessmentassessment processes processes as as being being mission mission critical critical in in order order to to withwith its its customers customers and and business business partners. partners. The The formation formation of of The Company is inevitably exposed to the risk of customer components, will endure regardless of changes in demand drivedrive sustainable sustainable growth growth of of the the organization. organization. In In2019, 2019, the the jointjoint business business ventures ventures and and business business operations operations in in foreign foreign concentration due to a relatively limited number of major for any particular vehicle powertrain e.g. electrical vehicles, RiskRisk Management Management Committee Committee reviewed reviewed the the Company’s Company’s countriescountries may may pose pose risks risks from from political political uncertainties uncertainties and and automakers in Thailand. Although the Company supplies hybrid electrical, or traditional internal combustion engine internalinternal control control processes, processes, in in line line with with quality quality management management policiespolicies that that may may affect affect business business operations operations and and profits. profits.  automotive parts to various automakers, the majority of its vehicles. standards,standards, and and has has evaluated evaluated and and identified identified the the Company’s Company’s   revenue was contributed by three major customers, which  potentialpotential risk risk factors. factors. With With reference reference to to developments developments and and TheThe Board Board of of Directors Directors has has defined defined criteria criteria and and guidelines guidelines are Isuzu, Auto Alliance (AAT), and Nissan. This implies that In any case, the Company is fully aware of the risk to its changeschanges in in the the business business environment, environment, the the Risk Risk forfor the the management management to to perform perform a afeasibility feasibility study study for for each each the Company’s performance is largely related to the competitiveness in the long run. Therefore, it has ManagementManagement Committee Committee has has assessed assessed the the likelihood likelihood of of projectproject to to ensure ensure that that the the management management evaluate evaluate new new performance and market share of these major customers established a Research and Development function within occurrenceoccurrence and and financial financial impact impact of of each each risk risk and and investmentsinvestments carefully. carefully. The The agreements agreements with with business business and losing orders from any of these customers could the organization to assess the impact of these changing determineddetermined the the appropriateness appropriateness of of internal internal control control to to partnerspartners must must be be clear clear and and agreed agreed upon upon by by the the significantly impact the Company’s profit. trends in order to support the growth of the core mitigatemitigate these these risks risks to to an an acceptable acceptable level. level. The The Company Company management,management, including including the the roles roles and and responsibilities responsibilities of of  businesses in the OEM automotive part and the car hashas identified identified its its key key risk risk factors factors as as follows: follows:  eacheach party party in in the the joint joint venture. venture.  For the year 2019, the Company evaluated that the dealership sectors. The Company has also set up the     chances of losing orders and the impact of this risk were “Internet-of-Things (IoT) Connectivity & Mobility” business StrategicStrategic Risk Risk  NewNew investments investments that that are are significant significant in in value value or or which which are are relatively low because its major customers performed well as its third core business pillar to ensure that it is able to GovernmentGovernment Policy Policy Risk Risk  consideredconsidered an an important important part part of of the the organization organization must must be be in the past year; and this year, the Company has increased follow the industry’s changing trends going forward. GovernmentGovernment Policy Policy is is a acrucial crucial risk risk factor factor of of the the Company Company consideredconsidered and and approved approved by by the the Board Board of of Directors Directors sales from tooling sales to Vinfast, which is a customer  duedue to to the the fact fact that that Government Government Policy Policy can can play play a apart part in in accordingaccording to to the the values values set set out out in in the the notice notice from from the the Stock Stock from Vietnam. Additionally, the Company has set up plans Operational Risks eithereither increasing increasing or or decreasing decreasing the the Company’s Company’s revenue revenue – – ExchangeExchange of of Thailand. Thailand. Subsequently, Subsequently, the the management management to increase revenue from every product line and to expand Raw Material Price Fluctuation Risk bebe it itdirectly directly or or indirectly. indirectly. In In the the event event that that the the Government Government shouldshould engage engage in in the the performance performance review review process process to to its customer base to diversify its product portfolio and The Company is exposed to the risk of fluctuation in steel implementsimplements policies policies that that support support investment investment for for car car provideprovide necessary necessary support support and and ensure ensure that that operations operations are are customer base in order to alleviate the risk of relying on a prices for its automotive part business. The volatility of manufacturersmanufacturers or or increase increase spending spending within within the the country, country, the the carriedcarried out out smoothly smoothly and and generate generate the the appropriate appropriate returns returns few customers and to maintain the Company’s long-term steel prices can have a significant impact on the totaltotal orders orders for for the the Company’s Company’s automotive automotive parts parts may may rise rise toto shareholders. shareholders.  profit. Company’s profitability, as steel is the primary raw asas a aresult. result. On On the the other other hand, hand, if ifthe the Government Government does does not not    material which accounts for approximately 70-80 % of the havehave any any supportive supportive policies policies or or introduce introduce policies policies that that BusinessBusiness Risk Risk  Automotive Industry Trend Risk product costs. The Company has therefore taken actions affectaffect the the demand demand for for automobiles automobiles inside inside and and outside outside the the AutomotiveAutomotive Industry Industry Competitive Competitive Risk Risk  The Company always pays close attention to the impact of to mitigate this risk by adopting a centralized purchasing country,country, the the total total orders orders for for the the Company’s Company’s automotive automotive CompetitionCompetition in in the the automotive automotive parts parts industry industry runs runs changing trends within the automotive industry in order to policy. Under this policy, the Company has negotiated with partsparts may may reduce reduce as as a aresult result – –thus thus subsequently subsequently reducing reducing relativelyrelatively high high during during the the change change of of car car models. models. determine the appropriate strategy for driving the its customers to purchase steel from approved suppliers at thethe Company’s Company’s revenue. revenue.  AutomotiveAutomotive part part suppliers suppliers compete compete to to win win orders orders from from OEM OEM continuous growth of the business. These trends include a mutually agreed price. When the steel prices changes, the   automakersautomakers in in order order to to secure secure the the guaranteed guaranteed income income from from the development and production of electric vehicles, for part price paid by customers will then be adjusted InIn any any case, case, Government Government Policy Policy undeniably undeniably has has a ahand hand in in thethe production production cycle cycle of of a a car car model. model. Therefore, Therefore, the the which the industry received investment promotion support according to the change in price of the raw material. The causingcausing the the demand demand for for automotive automotive parts parts to to increase increase or or CompanyCompany is is exposed exposed to to the the risk risk that that it itmay may lose lose customer customer from the government ; advances in material science Company therefore passes on this risk to car automakers decrease.decrease. Therefore, Therefore, the the Company Company preemptively preemptively plans plans its its ordersorders to to other other automotive automotive parts parts suppliers. suppliers. This This could could have have technology geared towards producing pliable, lightweight and reduces its potential impact on profitability of the productionproduction – –including including materials materials and and manpower manpower – –to to match match a asignificant significant impact impact on on the the Company’s Company’s operations operations and and its its products that can still meet tensile strength safety Company to a low level. marketmarket demand demand in in each each period, period, and and to to be be able able to to supply supply reputationreputation in in the the market. market.  standards; the development of new digital technology such      enoughenough products products to to meet meet market market demand. demand. as on-demand mobility applications; the increasing Labour Shortage Risk   BeingBeing a a large large Tier Tier 1 automotive1 automotive part part supplier supplier in inThailand, Thailand, connectedness of cars; autonomous vehicles, and The Company has assessed the risk of labour issues due to   OverseasOverseas Investment Investment Risk Risk withwith high high standards standards of of operations operations and and commitment commitment to to its its changing consumer mobility behavior with less demand for the shortage of skilled labour and issues with the Labour GivenGiven the the Company’s Company’s strategic strategic goal goal of of becoming becoming a aglobal global stakeholders;stakeholders; the the chances chances of of the the Company Company losing losing orders orders is is car ownership. All these trends and developments present Unions, which can have a significant impact on production company,company, the the Company Company must must therefore therefore evaluate evaluate the the risks risks veryvery slim. slim. However, However, the the Company Company still still ensures ensures that that it it risks that may impact the Company’s operations. and the delivery of products to customers – hence arisingarising from from business business ventures ventures with with partners partners and and managesmanages good good relationship relationship with with customers customers and and maintains maintains  damaging the Company’s reputation and credibility and investmentsinvestments in in other other countries countries – –as as conflicts conflicts with with business business highhigh standards standards of of operations, operations, good good product product quality, quality, The Company has assessed that these disruptive trends disrupting automotive production supply chain. The partnerspartners may may affect affect the the Company’s Company’s operations operations and and profits, profits, competitivecompetitive price, price, and and punctual punctual delivery delivery to to build build up up the the will not significantly impact the Company’s operations in Company places great importance on its employees and the short term, as these technological changes are still in  2828    ANNUALANNUAL REPORT REPORT 2019 2019  AAPICOAAPICO HITECH PUBLIC COMPANYCOMPANY LIMITEDLIMITED  2933 values them as an important foundation of the Company, Company does not have a policy of trading in derivative which fosters improved quality of life for employees via financial instruments for speculative purposes. remuneration, welfare, and training. The Company is careful in its management of issues relating to the Labor Compliance Risks Unions in order to be fair and avoid conflict. Thanks to the Safety, Environmental & Social Risks Management’s care and good relations with the employees, The Company is aware of the issues concerning safety, the the risk of labour conflict and its impact on business environment, and the surrounding community and has operations is currently at a low level. In addition, the established policies and procedures to ensure good management of employees’ health and safety, and Company plans to utilize automation and artificial compliance with environmental laws and regulations. The intelligence in the production process in order to replace Company has promoted safety awareness to all employees and reduce its dependency on its labour workforce, while and has initiated activities and campaigns related to health also increasing long-term production efficiency.  and safety throughout the organization. These activities include Safety Week, the Completely Check Completely Product Quality Risk Find out (CCCF) initiative to search for and eliminate The Company places great importance on maintaining an harmful activities, the 5S initiative to create a safe, clean, excellent standard in producing and delivering quality and easy to environmentally friendly workplace, the white products to its customers. The Company has been certified factory campaign for a drug-free workplace, the equipment and operates in accordance with the quality management maintenance schedule and annual health checks for all standard IATF16949. The Company has set a target of zero employees. The Company has initiated kaizen activities defect delivery to its customers and has motivated and and projects to reduce waste and energy consumption. encouraged employees regarding quality awareness, which These projects includes the study of solar power usage and ensures that risks relating to product quality are well the use of LEDs in all factories to reduce electricity managed and controlled. Furthermore, the Company also consumption. The Company’s ISO14001 certification and provides a warranty for defective parts and product liability safety requirements are both a testament to its insurance coverage to mitigate any related financial risk to commitment and credibility on its safety and the Company. environmental management.   Financial Risks Corruption Risk Foreign Exchange Risk The Company is well aware of risks related to bribery and The Company is exposed to the risk of fluctuation in foreign corruption arising from a lack of transparency, which can currency exchange rates due to revenues from its export significantly and negatively impact the Company’s business being in foreign currencies. For its normal operations and result in unnecessary costs to the operations, this risk is considered insignificant, despite the organization. The Company is committed to conducting high volatility of currency movements during the year, due business with integrity, honesty and fairness and has to affected revenues being less than 5% of total revenue. expressed its intention to fight corruption. The Company However, the Company is still impacted by foreign has issued an anti-corruption policy as a guideline for exchange risk on its US Dollar loan to Sakthi Global Auto operational transactions across the organization including Holdings (SGAH), which incurred a net unrealized loss in sales, services, purchasing, recruitment, donations, 2019. support services and the offer & acceptance of hospitality  events, entertainments and gifts. The Company has The Company has a policy to match income and expense in reviewed its activities in compliance with working the same currency to naturally hedge its foreign exchange procedures and audits them on an annual basis. The rate risk. This policy is applied to all transactions including Company also encourages employees and third-party loans to related parties. Where the risk cannot be stakeholders to report their suspicions of wrong doings or completely hedged, the Company considers using forward inappropriate actions directly to the Audit Committee via  or option contracts to mitigate the risk. However, the the Whistle Blowing Policy.

3430  ANNUALANNUAL REPORT REPORT 20 201919   values them as an important foundation of the Company, Company does not have a policy of trading in derivative ”ĕÒŠúĕŃĮôĚĹϔۊŸîŰŸŠú which fosters improved quality of life for employees via financial instruments for speculative purposes.  remuneration, welfare, and training. The Company is  careful in its management of issues relating to the Labor Compliance Risks  Safety, Environmental & Social Risks Unions in order to be fair and avoid conflict. Thanks to the pŠôĚĹÒŠƗ”ĕÒŠúŧ The Company is aware of the issues concerning safety, the Management’s care and good relations with the employees, ŠJ pEĚŰúîĕŠ\ ĕÒŧŠúĎĚŧŰúŠúôîÒŝĚŰÒĮŃč environment, and the surrounding community and has the risk of labour conflict and its impact on business ÒĕŰ DzDZDZȢǵdzǸȢǰǵǯȡ ŠÒĚôȺŸŝ îÒŝĚŰÒĮ Ńč established policies and procedures to ensure good operations is currently at a low level. In addition, the ÒĕŰDzDZDZȢǴǷDzȢǷdzdzȢîŃĹŧĚŧŰĚĹĎŃčDzDZDZȢǴǷDzȢǷdzdz management of employees’ health and safety, and Company plans to utilize automation and artificial ŃŠôĚĹÒŠƗŧĕÒŠúŧ ÒŰŝÒŠƐÒĮŸúŃčÒĕŰǰúÒîĕȡ compliance with environmental laws and regulations. The intelligence in the production process in order to replace žĕúŠúĚŧĹŃĚŧŧŸÒĹîúŃčŃŰĕúŠŰƗŝúŃčŧĕÒŠúŧȡ Company has promoted safety awareness to all employees and reduce its dependency on its labour workforce, while   and has initiated activities and campaigns related to health also increasing long-term production efficiency. JĹ DZǯǰǵȢ Űĕú ŃķŝÒĹƗ ĕÒô ŠúŝŸŠîĕÒŧúô  and safety throughout the organization. These activities include Safety Week, the Completely Check Completely ǵȢǯǯǶȢǶǯǯ Ńč ĚŰŧ ŧĕÒŠúŧ ŸĹôúŠ Űĕú ”ĕÒŠú Product Quality Risk Find out (CCCF) initiative to search for and eliminate úŝŸŠîĕÒŧú ŠŠŃĎŠÒķȡ JĹ DZǯǰǶȢ Űĕú ŃÒŠô Ńč The Company places great importance on maintaining an harmful activities, the 5S initiative to create a safe, clean, %ĚŠúîŰŃŠŧĕÒôŠúŧŃĮƐúôŰŃÒŝŝŠŃƐúŰĕúŠúŧÒĮú excellent standard in producing and delivering quality and easy to environmentally friendly workplace, the white Ńč ŠúŝŸŠîĕÒŧúô ŧĕÒŠúŧ ŃĹ Űĕú ”ŰŃîī products to its customers. The Company has been certified factory campaign for a drug-free workplace, the equipment +ƖîĕÒĹĎú ŃčžĕÒĚĮÒĹô ôŸŠĚĹĎeÒŠîĕǰǴȢDZǯǰǶ and operates in accordance with the quality management maintenance schedule and annual health checks for all ŰŃ”úŝŰúķíúŠǰDzȢDZǯǰǸȡJĹDZǯǰǸȢŰĕú ŃķŝÒĹƗ standard IATF16949. The Company has set a target of zero employees. The Company has initiated kaizen activities ĕÒô ŧŃĮô ÒĮĮ ŠúķÒĚĹĚĹĎ ŰŠúÒŧŸŠƗ ŧĕÒŠúŧȢ defect delivery to its customers and has motivated and and projects to reduce waste and energy consumption. ŠúŧŸĮŰĚĹĎĚĹĹŃŠúķÒĚĹĚĹĎŰŠúÒŧŸŠƗŧĕÒŠúŧȡ encouraged employees regarding quality awareness, which These projects includes the study of solar power usage and  ensures that risks relating to product quality are well the use of LEDs in all factories to reduce electricity žĕú ŃķŝÒĹƗɇŧ ķÒĨŃŠ ŧĕÒŠúĕŃĮôúŠŧ ÒŠú eŠȡ managed and controlled. Furthermore, the Company also consumption. The Company’s ISO14001 certification and ÄúÒŝ”Ƒúú ĕŸÒĹÒĹôeŠŧȡžúŃ\úúgĎŃȢƑĕŃ provides a warranty for defective parts and product liability safety requirements are both a testament to its ÒŠúÒĮŧŃŰĕú ŃķŝÒĹƗɇŧÒŸŰĕŃŠĚƠúôôĚŠúîŰŃŠŧȡ insurance coverage to mitigate any related financial risk to commitment and credibility on its safety and  the Company.  environmental management. žĕú ŃķŝÒĹƗ ôŃúŧ ĹŃŰ ĕÒƐú ÒĹƗ   ŧĕÒŠúĕŃĮôúŠŧɇ ÒĎŠúúķúĹŰ ÒķŃĹĎ ķÒĨŃŠ Financial Risks Corruption Risk ŧĕÒŠúĕŃĮôúŠŧȢ ƑĕĚîĕ ķĚĎĕŰ ÒččúîŰ ĚŰŧ Foreign Exchange Risk The Company is well aware of risks related to bribery and ķÒĹÒĎúķúĹŰŃŠŰĕúĚŧŧŸÒĹîúÒĹôŃččúŠĚĹĎŃč The Company is exposed to the risk of fluctuation in foreign corruption arising from a lack of transparency, which can ŧúĚŰĚúŧȡ currency exchange rates due to revenues from its export significantly and negatively impact the Company’s  business being in foreign currencies. For its normal operations and result in unnecessary costs to the \ĚķĚŰÒŰĚŃĹŃč=ŃŠúĚĎĹ”ĕÒŠúĕŃĮôúŠŧ operations, this risk is considered insignificant, despite the organization. The Company is committed to conducting žĕú ŃķŝÒĹƗ ĕÒŧ Űĕú ŰĕŠúŧĕŃĮô ĮĚķĚŰ Ńč high volatility of currency movements during the year, due business with integrity, honesty and fairness and has čŃŠúĚĎĹ ĕŃĮôĚĹĎ ÒŰ dzǸɿ Ńč ŰŃŰÒĮ ŧĕÒŠúŧ Òŧ to affected revenues being less than 5% of total revenue. expressed its intention to fight corruption. The Company ŠúşŸĚŠúôíƗĮÒƑȡŧÒŰ%úîúķíúŠDZdzȢDZǯǰǸȢŰĕú However, the Company is still impacted by foreign has issued an anti-corruption policy as a guideline for ŃķŝÒĹƗ ĕÒô Űĕú čŃŠúĚĎĹ ĕŃĮôĚĹĎ Ńč ĚŰŧ exchange risk on its US Dollar loan to Sakthi Global Auto operational transactions across the organization including  sales, services, purchasing, recruitment, donations, ŧĕÒŠúŧÒŰdzǷȡǸDzɿȡ Holdings (SGAH), which incurred a net unrealized loss in  2019. support services and the offer & acceptance of hospitality  events, entertainments and gifts. The Company has   The Company has a policy to match income and expense in reviewed its activities in compliance with working the same currency to naturally hedge its foreign exchange procedures and audits them on an annual basis. The rate risk. This policy is applied to all transactions including Company also encourages employees and third-party loans to related parties. Where the risk cannot be stakeholders to report their suspicions of wrong doings or completely hedged, the Company considers using forward inappropriate actions directly to the Audit Committee via  or option contracts to mitigate the risk. However, the the Whistle Blowing Policy.

DzDZ  gg¥\+ŠpžDZǯǰǸ

30  ANNUAL REPORT 2019 AAPICO HITECH PUBLIC COMPANY LIMITED 35 %úíúĹŰŸŠúŧ  ŧŃč%úîúķíúŠDzǰȢDZǯǰǸȢŠJ pEĚŰúîĕŠ\ ĕÒŧÒĕŰDZȢǴǯǯķĚĮĮĚŃĹŃčîŃŠŝŃŠÒŰúôúíúĹŰŸŠúŧȢÒĮĮŃčƑĕĚîĕĕÒƐúíúúĹĮĚŧŰúô ÒĹôíúĚĹĎŰŠÒôúôŃĹžĕÒĚŃĹôeÒŠīúŰȲžĕÒĚeȳȢÒŧčŃĮĮŃƑȡ 

JŧŧŸú”ĚƠú ŃŸŝŃōÒŰú ”ƗķíŃĮ ŠÒƗķúĹŰ=ŠúşŸúĹîƗ žúĹŃŠ eÒŰŸŠĚŰƗ%ÒŰú ȲžEeĚĮĮĚŃĹȳ Ȳɿȳ

EDZǯǯ Dzǯǯ DzȡǯǸɿ +ƐúŠƗǵķŃĹŰĕŧ DZÄúÒŠŧǰǰeŃĹŰĕŧǰǷ%ÒƗŧ pîŰŃíúŠǵȢDZǯDZǯ

EDZDzǶ Dzǯǯ DzȡǴǯɿ +ƐúŠƗDzķŃĹŰĕŧ ǴÄúÒŠŧ XŸĮƗDZǵȢDZǯDZDz

EDZǰǸ ǵǯǯ DzȡǶǴɿ +ƐúŠƗǵķŃĹŰĕŧ DzÄúÒŠŧ ”úŝŰúķíúŠDZǵȢDZǯDZǰ

EDZDZDz Ǵǯǯ DzȡǸǴɿ +ƐúŠƗǵķŃĹŰĕŧ DzÄúÒŠŧ eÒŠîĕDZǸȢDZǯDZDZ

EDZdzǵ Ƿǯǯ dzȡǰǯɿ +ƐúŠƗǵķŃĹŰĕŧ ǴÄúÒŠŧ XŸĹúDZǷȢDZǯDZdz

žŃŰÒĮ DZȢǴǯǯ       %ĚƐĚôúĹôŠŃĮĚîƗ  EĚŧŰŃŠƗŃč%ĚƐĚôúĹôŠÒƗķúĹŰĚĹŰĕúŝÒŧŰǴƗúÒŠŧ

¥ĹĚŰȣĚĹžEŃŠĚĹŝúŠîúĹŰÒĎú DZǯǰǴ DZǯǰǵ DZǯǰǶ DZǯǰǷ DZǯǰǸ

+ÒŠĹĚĹĎŧŝúŠŧĕÒŠúȲ+Š”ȳ ǯȡǸǶ ǰȡǶǯ Dzȡǵǵ dzȡǰǯ ȺǯȡǴǶ

%ĚƐĚôúĹôŝúŠŧĕÒŠúȲ%Š”ȳ ǯȡDzǯ ǯȡǵǵ ǰȡDZǯ ǰȡDzǯ ǯȡDzǵ

%ĚƐĚôúĹôŠÒƗŃŸŰÒŰĚŃȲɿȳ DzǯȡǸɿ DzǷȡǸɿ DzDZȡǷɿ DzǰȡǶɿ gȮ 

ŠJ pEĚŰúîĕŠ\  ”ŸíŧĚôĚÒŠĚúŧ ŠJ pĕÒŧÒŝŃĮĚîƗŰŃŝÒƗôĚƐĚôúĹôŰŃĚŰŧŧĕÒŠúĕŃĮôúŠŧÒŰ JĹ îÒŧú Ńč ŧŸíŧĚôĚÒŠĚúŧ ŰĕÒŰ Űĕú ŃķŝÒĹƗ úƖúŠîĚŧúŧ ĚŰŧ Űĕú ŠÒŰú Ńč ĹŃŰ Įúŧŧ ŰĕÒĹ ǰǯɿ Ńč ĹúŰ ŝŠŃčĚŰ ÒčŰúŠ ŰÒƖúŧȡ îŃĹŰŠŃĮȢŰĕúôĚƐĚôúĹôŝÒƗķúĹŰĚŧŰŃíúîŃĹŧĚôúŠúôíÒŧúôŃĹ EŃƑúƐúŠȢŰĕúôúîĚŧĚŃĹčŃŠôĚƐĚôúĹôŝÒƗķúĹŰĚŧŧŸíĨúîŰúôŰŃ ŰĕúĚŠ ŃŝúŠÒŰĚĹĎ ŝŠŃčĚŰȢ îÒŝĚŰÒĮ ŧŰŠŸîŰŸŠúȢ ĮĚşŸĚôĚŰƗȢ ÒĹô čŸŰŸŠú ĚĹƐúŧŰķúĹŰ ŝĮÒĹŧ ÒĹô ŃŰĕúŠ ĹúîúŧŧĚŰĚúŧ Òŧ Űĕú čĚĹÒĹîĚÒĮ ŝŃŧĚŰĚŃĹĚĹîŃĹŧĚôúŠÒŰĚŃĹ ƑĚŰĕčŸŰŸŠúĚĹƐúŧŰķúĹŰ ŃķŝÒĹƗôúúķŧÒŝŝŠŃŝŠĚÒŰúȡžĕú ŃķŝÒĹƗķŸŧŰÒĮŧŃčŸĮĮƗ ŝĮÒĹÒĹôŃŰĕúŠĹúîúŧŧĚŰĚúŧŃčŰĕúĚŠíŸŧĚĹúŧŧȢĎĚƐúĹŰĕÒŰŰĕú ÒĮĮŃîÒŰúô ĚŰŧ ŠúŰÒĚĹúô úÒŠĹĚĹĎŧ Ÿŝ ŰŃ ǰǯɿ Ńč ŠúĎĚŧŰúŠúô ŃķŝÒĹƗĕÒƐúčŸĮĮƗÒĮĮŃîÒŰúô ĚŰŧ ŠúŰÒĚĹúôúÒŠĹĚĹĎŧ ŸŝŰŃ îÒŝĚŰÒĮ čŃŠ ĮúĎÒĮ ŠúŧúŠƐúŧ ĚĹ îŃķŝĮĚÒĹîú ƑĚŰĕ Űĕú ŠŸíĮĚî ǰǯɿ ŃčŠúĎĚŧŰúŠúôîÒŝĚŰÒĮ čŃŠĮúĎÒĮ ŠúŧúŠƐúȡžĕú ŃķŝÒĹƗ \ĚķĚŰúô ŃķŝÒĹƗîŰȡ ĕÒŧ ĹŃ ŝŃĮĚîƗ Ńč ŰŠÒĹŧčúŠŠĚĹĎ Űĕú ĚĹŰúŠúŧŰŧ ŰĕÒŰ ķÒƗ  îŃĹŰŠÒƐúĹúƑĚŰĕĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúĚĹÒĹƗƑÒƗȡ %ĚƐĚôúĹôŝÒƗķúĹŰķŸŧŰíúÒŝŝŠŃƐúôíƗŰĕúŧĕÒŠúĕŃĮôúŠŧɇ  ķúúŰĚĹĎȡĹúƖîúŝŰĚŃĹĚŧčŃŠĚĹŰúŠĚķôĚƐĚôúĹôŝÒƗķúĹŰȢčŃŠ ƑĕĚîĕ ŰĕúŃÒŠô Ńč %ĚŠúîŰŃŠŧ îÒĹ ÒŝŝŠŃƐú ŧŸîĕ ŝÒƗķúĹŰ ÒĹôŠúŝŃŠŰŰŃŰĕúĹúƖŰŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȡ  

 36ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20DzDz19 Board of Directors

Mr. Yeap Swee Chuan Mrs. Teo Lee Ngo Mr. Pipat R. Punya Mr. John Parker

President and CEO Executive Director Independent Director Independent Director

Authorized Director Authorized Director Chairman of Audit Committee Chairman of Chairman of Risk Management Chairman of the Board of Directors Nomination & Remuneration Committee Committee

Age: 71 Age: 69 Age: 71 Age: 72 Appointed from: August 1, 2002 Appointed from: August 1, 2002 Appointed from: August 1, 2002 Appointed from: April 26, 2011

AH Shareholding: 23.5% AH Shareholding: 23.5% AH Shareholding: None AH Shareholding: None (Owner 13.68%, Spouse 9.86%) (Owner 9.86%, Spouse 13.68%)

Education: Education: Education Education

. Bachelor Degree in Technology . Bachelor of Commerce Industrial . Master Degree in Public and Private . Master Degree in Cost Management (Industrial Management), Massey and Business Management, Management, NIDA Accounting, University of South University, New Zealand Nanyang University, Singapore . Bachelor of Laws, Africa, Republic of South Africa

Thammasat University . Bachelor of Manufacturing Engineer, Port Elizabeth College of Education, Republic of South Africa

Training: Training: Training: Training:

. Certificate from Thai Institute of None . Certificate from Thai Institute of None Directors (IOD) Directors (IOD) Director Certification Program Director Accreditation Program (DCP108/2008) (DAP11/2004) . Capital Market Academy Leadership Role of Chairman Program Program (CMA8) (RCP35/2014)

Work Experience: Work Experience: Work Experience: Work Experience:

Board Member/Management in Listed Board Member/Management in Listed Board Member/Management in Listed Board Member/Management in Listed Company Company Company Company 1996-Present 1996-Present 2002-Present 2011-Present President / CEO Executive Director Independent Director / Chairman of Audit Independent Director / Chairman of Risk AAPICO Hitech PLC AAPICO Hitech PLC Committee / Chairman of Nomination & Management Committee Remuneration Committee 2000-Present Position in Other AAPICO Hitech PLC Director / Audit Committee Company/Organization/Institution AAPICO Hitech PLC Position in Other Goodyear (Thailand) PLC 2003-Present Position in Other Company/Organization/Institution Company/Organization/Institution Position in Other Authorized Director 2008-Present 2014-2019 Company/Organization/Institution AAPICO Forging PLC Director Director, Asian Advisory Board 2010-Present 1996-Present Friendship Beach Co., Ltd. Pinnacle Engines Inc. Vice Chairman Director Thailand Peace Network Foundation Able Sanoh Industries (1996) Co., Ltd. 2005-Present Director 2010-Present 1994-Present Arlymear Travel Co., Ltd. Director Authorized Director Board of Trade of Thailand AAPICO Plastics PLC 2004-Present Director 2005-2017 1992-Present Villa Comforta Co., Ltd. Chairman Director Malaysian-Thai Chamber of Commerce AAPICO Amata Co., Ltd. 1995-Present Director U & V INTERTRADE Co., Ltd.

1988-Present Director Go Thailand Tour Co., Ltd.

1983-Present Partner and Managing Director Nitipat Law Office Co., Ltd.

AAPICO HITECH PUBLIC COMPANY LIMITED 37

Mr. Kenneth Ng Mr. Kai Taraporevala Mr. Wichian Mektrakarn Mrs. Vachira Na Ranong

Independent Director Independent Director Independent Director Independent Director

Member of Audit Committee Member of Audit Committee Member of Risk Management Member of Risk Management Member of Nomination & Remuneration Member of Nomination & Remuneration Committee Committee Committee Committee

Age: 50 Age: 54 Age: 65 Age: 65 Appointed from: December 1, 2008 Appointed from: August 14, 2017 Appointed from: April 27, 2015 Appointed from: August 14, 2017

AH Shareholding: None AH Shareholding: None AH Shareholding: None AH Shareholding: None

Education: Education: Education: Education:

. Bachelor of Science (Honor), . Master of Science (Physics), Indian . Bachelor of Science in Electrical . Master Degree in Finance and Business Biotechnology, Graduated Institute of Technology, New Delhi, Engineering (Honor), California State Administration, Marshall University, Uppersecond, King’s College London India Polytechnic University, Pomona, USA USA University, UK . Master of Science (Materials Science), . Bachelor Degree in Finance and . Qualified Chartered Accountant University of Dundee, Scotland, UK Banking, Chulalongkorn University (Institute of English & Wales) . MBA, INSEAD, France

Training: Training: Training: Training:

. Certificate from Thai Institute of . Listed Company Director Program, . Certificate from Thai Institute of . Certificate from Thai Institute of Directors (IOD) Singapore Institute of Directors (SID) Directors (IOD) Directors (IOD) Director Certification Program . Master Class for Directors, Institute of Role of Chairman (RCP 40/2017) Director Accreditation Program (DCP189/2014) Directors (IOD) India Director Certification Program (DAP61/2007) . Corporate Governance & Board (DCP107/2008) Role of Compensation Committee Leadership, Masterclass by Ram Board that Make a Difference (RCC2/2007) Charan (BMD3/2016) Director Certification Program . Capital Market Academy Leadership (DCP124/2009)

Program (CMA8) . Capital Market Academy Leadership Program (CMA8)

Work Experience: Work Experience: Work Experience: Work Experience:

Board Member/Management in Listed Board Member/Management in Listed Board Member/Management in Listed Board Member/Management in Listed Company Company Company Company 2008-Present 2017-Present 2015-Present 2017-Present Independent Director / Member of Audit Independent Non-Executive Director / Independent Director / Member of Risk Independent Director / Member of Risk Committee / Member of Nomination & Member of Audit Committee / Member of Management Committee Management Committee Remuneration Committee Nomination & Remuneration Committee AAPICO Hitech PLC AAPICO Hitech PLC

AAPICO Hitech PLC AAPICO Hitech PLC 2016-Present 2016-Present 2015-Present Position in Other Director / Executive Director / Member of Independent Director / Chairman of Audit Commissioner Company/Organization/Institution Nomination and Remuneration Committee Committee PT Catur Sentosa Adiprana, Indonesia 2019-Present Pruksa Holding PLC S11 Group PLC.

Position in Other Independent Non-Executive Director 2014-2018 Position in Other Company/Organization/Institution Ishan Infotech Ltd and Ishan Netsol Pvt Ltd Director Company/Organization/Institution 2018-Present 2015-Present Pruksa Real Estate PLC 2019-Present Chairman of the Board Managing Director Position in Other Advisor Holmusk, Singapopre Tethys Ventures (Singapore) Pte. Ltd. Company/Organization/Institution Thai Investors Association

2005-Present 2014-2015 2015-Present 2012-2019 Director President Chairman of the Board of Directors President and Director KNKN Co., Ltd. Managing Director AIRA & AIFUL PLC Thai Investors Association

2005-Present Investment Banking and Securities 2014-Present Director Tata Capital Limited Director, Member of Audit Committee NTAsset (Thailand) Co., Ltd. Tata Securities Limited Thanachart Insurance PLC 2011-2014 2016-2018 Managing Director Chairman of the Board of Directors Tethys Ventures (Singapore) Pte. Ltd. CS LoxInfo PLC

38 ANNUAL REPORT 2019

Organization and Management

Organization Structure  

Mr. Kenneth Ng Mr. Kai Taraporevala Mr. Wichian Mektrakarn Mrs. Vachira Na Ranong

Independent Director Independent Director Independent Director Independent Director The Board of Directors AAPICO HITECH PLC Member of Audit Committee Member of Audit Committee Member of Risk Management Member of Risk Management Member of Nomination & Remuneration Member of Nomination & Remuneration Committee Committee Committee Committee

Age: 50 Age: 54 Age: 65 Age: 65 Nomination and Remuneration Committee Audit Committee Appointed from: December 1, 2008 Appointed from: August 14, 2017 Appointed from: April 27, 2015 Appointed from: August 14, 2017

AH Shareholding: None AH Shareholding: None AH Shareholding: None AH Shareholding: None Internal Auditor Education: Education: Education: Education: Risk Management Committee

. Bachelor of Science (Honor), . Master of Science (Physics), Indian . Bachelor of Science in Electrical . Master Degree in Finance and Business Biotechnology, Graduated Institute of Technology, New Delhi, Engineering (Honor), California State Administration, Marshall University, Uppersecond, King’s College London India Polytechnic University, Pomona, USA USA University, UK . Master of Science (Materials Science), . Bachelor Degree in Finance and 1 President and CEO . Qualified Chartered Accountant University of Dundee, Scotland, UK Banking, Chulalongkorn University (Institute of English & Wales) . MBA, INSEAD, France

Training: Training: Training: Training:  Human Resources 3 Manufacturing and . Certificate from Thai Institute of . Listed Company Director Program, . Certificate from Thai Institute of . Certificate from Thai Institute of and Administration Operations Directors (IOD) Singapore Institute of Directors (SID) Directors (IOD) Directors (IOD) Director Certification Program . Master Class for Directors, Institute of Role of Chairman (RCP 40/2017) Director Accreditation Program (DCP189/2014) Directors (IOD) India Director Certification Program (DAP61/2007) Project 4 Finance & 5 Sales and 6 . Corporate Governance & Board (DCP107/2008) Role of Compensation Committee Accounting Marketing Engineering Leadership, Masterclass by Ram Board that Make a Difference (RCC2/2007) Charan (BMD3/2016) Director Certification Program . Capital Market Academy Leadership (DCP124/2009) HR Accounting Die Making Production Program (CMA8) . Capital Market Academy Leadership Program (CMA8) Training Purchasing Production Maintenance Work Experience: Work Experience: Work Experience: Work Experience: Support Board Member/Management in Listed Board Member/Management in Listed Board Member/Management in Listed Board Member/Management in Listed Treasury Logistics Company Company Company Company 2008-Present 2017-Present 2015-Present 2017-Present Independent Director / Member of Audit Independent Non-Executive Director / Independent Director / Member of Risk Independent Director / Member of Risk IR Quality Committee / Member of Nomination & Member of Audit Committee / Member of Management Committee Management Committee Remuneration Committee Nomination & Remuneration Committee AAPICO Hitech PLC AAPICO Hitech PLC 1 6 are the management according to the SEC definition. AAPICO Hitech PLC AAPICO Hitech PLC 2016-Present 2016-Present 2015-Present Position in Other Director / Executive Director / Member of Independent Director / Chairman of Audit Commissioner Company/Organization/Institution Nomination and Remuneration Committee Committee Subsidiary Companies PT Catur Sentosa Adiprana, Indonesia 2019-Present Pruksa Holding PLC S11 Group PLC.

Position in Other Independent Non-Executive Director 2014-2018 Position in Other Company/Organization/Institution Ishan Infotech Ltd and Ishan Netsol Pvt Ltd Director Company/Organization/Institution OEM Automotive Parts Car Dealerships IoT Connectivity & Mobility 2018-Present 2015-Present Pruksa Real Estate PLC 2019-Present Chairman of the Board Managing Director Position in Other Advisor Holmusk, Singapopre Tethys Ventures (Singapore) Pte. Ltd. Company/Organization/Institution Thai Investors Association Thailand China Thailand Malaysia Thailand 2005-Present 2014-2015 2015-Present 2012-2019 Director President Chairman of the Board of Directors President and Director KNKN Co., Ltd. Managing Director AIRA & AIFUL PLC Thai Investors Association Portugal United Kingdom Taiwan

2005-Present Investment Banking and Securities 2014-Present Director Tata Capital Limited Director, Member of Audit Committee Germany Malaysia NTAsset (Thailand) Co., Ltd. Tata Securities Limited Thanachart Insurance PLC 2011-2014 2016-2018 Managing Director Chairman of the Board of Directors ANNUAL REPORT 2019 Tethys Ventures (Singapore) Pte. Ltd. CS LoxInfo PLC 36

AAPICO HITECH PUBLIC COMPANY LIMITED 39

Board of Directors Composition of the Board  AAPICO Hitech PLC’s structure comprises the Board of The Board of Directors consists of 8 directors, namely two Directors and three committees to consider significant executive directors and six independent directors. The matters, namely the Audit Committee, the Nomination and executive directors are Mr. Yeap Swee Chuan and Mrs. Teo Remuneration Committee, and the Risk Management Lee Ngo, who are authorized to jointly sign on behalf of the Committee. The Board of Directors plays an important role Company. The six independent directors are diverse in in overseeing and monitoring business performance and terms of gender, culture, skills, knowledge and experience. ensuring the sustainable growth of the AAPICO Group in line The proportion of independent directors is more than half of with the Company’s strategic direction. the Board, in compliance with good corporate governance principles.  Board of Directors of AAPICO Hitech PLC as at December 31, 2019

Nomination & Risk Name Board of Directors Audit Committee Remuneration Management Committee Committee

1 Mr. Yeap Swee Chuan* Chairman and Executive Director

2 Mrs. Teo Lee Ngo* Executive Director

3 Mr. Pipat R. Punya Independent Director Chairman Chairman

4 Mr. Kenneth Ng Independent Director Member Member

5 Mr. John Parker Independent Director Chairman

6 Mr. Wichian Mektrakarn Independent Director Member

7 Mrs. Vachira Na Ranong Independent Director Member

8 Mr. Kaikhushru (Kai) Taraporevala Independent Director Member Member

Note: * Mr. Yeap Swee Chuan and Mrs. Teo Lee Ngo are the authorized directors who can jointly sign on behalf of the Company and affix the Company’s

seal.  Board Meetings  Board meetings are planned for the entire year. Every year, In 2019, AAPICO held 4 meetings of the Board of Directors. the Company schedules meetings for the Board of Directors Audit Committee met 4 times, on a quarterly basis, to and its committees to perform their duties on a regular consider and approve the disclosure of the Company’s basis. These regular meetings in 2019 consist of: financial statements, of which one meeting was conducted x 4 Board of Directors meetings with the Company’s auditor in the absence of management x 4 Audit Committee meetings to allow independent discussions on the Company’s x 2 Nomination and Remuneration meeting performance. The Risk Management Committee held 1 x 1 Risk Management meetings meeting to assess and review key risk factors and the risk Additional meetings may be called to discuss special items. assessment process according to IATF 16949 standards. In addition to these meetings, the Company also invites The Nomination and Remuneration Committee held 2 directors to join the annual performance review meetings meetings to consider directors’ nomination and which are held twice a year to monitor and advise on its remuneration and to advise on the succession plan for key operations as necessary. Directors are informed of these management positions in the Company. meetings in advance and are responsible for managing their attendance at these meetings accordingly.

 40AAPICO HITECH PUBLIC COMPANY LIMITED  ANNUAL REPORT 203719 Attendance Record of the Board of Directors’ meetings in 2019

Meeting Attendance in 2019

Nomination & Risk Annual General Board of Audit Name Remuneration Management Meeting of Directors Committee Committee Committee Shareholders (Total 4) (Total 4) (Total 2) (Total 1) (Total 1)

1 Mr. Yeap Swee Chuan 4/4 - - - 1/1

2 Mrs. Teo Lee Ngo 4/4 - - - 0/1

3 Mr. Pipat R. Punya 3/4 4/4 2/2 - 1/1

4 Mr. Kenneth Ng 4/4 4/4 2/2 - 1/1

5 Mr. John Parker 1/4 - - 0/1 0/1

6 Mr. Wichian Mektrakarn 4/4 - - 1/1 1/1

7 Mrs. Vachira Na Ranong 4/4 - - 1/1 1/1

8 Mr. Kaikhushru (Kai) Taraporevala 4/4 4/4 2/2 - 1/1   Management

AAPICO Hitech PLC AAPICO Hitech PLC’s operations are managed by teams of professional top executives, headed by the President and President and CEO CEO of the AAPICO Group. Top executives are empowered AAPICO Group with the authority to operate and manage the business in line with the policies, strategies, and goals which have been agreed with the Board of Directors. Their duties encompass controlling and keeping expenses and capital expenditures AAPICO Hitech PLC within the limits approved in the annual operating plan, managing human resources in line with Company policy, resolving problems or conflicts that affect the Company, and maintaining effective communication with related parties to ensure that operations are carried out smoothly and efficiently.

Subsidiaries For subsidiaries under the Company’s control, the Company

assigns duties and responsibilities to the head of each Parts Machined

company to carry out its operations and to be accountable Parts Plastic Car Dealerships rged&

for its performance and reporting to the Board of Directors. &(Jigs Dies) Toolings Stamped or Press PartsStamped Press or Fo IoT Connectivity &Connectivity Mobility IoT The management of subsidiaries shall ensure that they Frame componentsChassis apply the same policies and regulations as the Company and operate in compliance with good corporate governance principles.

38AAPICO HITECH PUBLIC COMPANY LIMITED ANNUAL REPORT 201941 Management Team of AAPICO Hitech PLC according to SEC definition

Name Position and Functions

1 Mr. Yeap Swee Chuan President and CEO

2 Mrs. Teo Lee Ngo Executive Director , Human Resources and Administration

3 Ms. Yeap Xin Rhu Chief Financial Officer (Thailand operations) , Director - Purchasing

4 Mr. Yao Chia Chen General Manager , Manufacturing and Operations

5 Mr. Sattha Peth-in Assistant General Manager , Sales and Marketing

6 Mr. Kawee Wasaruchareekul General Manager , Project Engineering

Management of Major Subsidiaries

Name Position Company

Manufacture of OEM Automotive Parts

x AAPICO Hitech Public Company Limited (Rayong) x AAPICO Hitech Parts Company Limited 1 Mr. Yaochia Chen General Manager x AAPICO Lemtech Company Limited x AAPICO Plastics Public Company Limited (Rayong)

x AAPICO Amata Company Limited 2 Mr. Yong Prathuangsukh Chief Operating Officer (COO) x AAPICO Structural Products Company Limited

3 Mr. Chew Kherk Weng Plant Director x AAPICO Plastics Public Company Limited

x AAPICO Forging Public Company Limited x AAPICO Precision Company Limited 4 Mr. Gao Xue Guang Chief Operating Officer (COO) x Kunshan Chaitai-Xincheng Precision Forging Company Limited (China)

x AAPICO Maia, S.A. (Portugal) 5 Mr. Jorge Fesch Chief Executive Officer (CEO) x AAPICO Águeda, S.A. (Portugal) x Sakthi Portugal GmbH (Germany)

Car Dealerships

x New Era Sales (M) Sdn. Bhd. (Malaysia) 6 Ms. Tang Kim Koh General Manager x Tenaga Setia Resources Sdn. Bhd. (Malaysia) x AAPICO Motors Sdn. Bhd. (Malaysia)

x New Era Sales Company Limited x Able Motors Company Limited 7 Ms. Yeap Xin Yi General Manager x Able Motors Pakkret Company Limited x Able Motors Pathumthani Company Limited

IoT Connectivity & Mobility Business

8 Mr. Jonathan McKeever Assistant General Manager x AAPICO ITS Company Limited      

 AAPICO HITECH PUBLIC COMPANY LIMITED  39

42 ANNUAL REPORT 2019   ComCopmanpyanSyecSrectarerytary TheThe Board Board of Directors of Directors has has appointed appointed Ms. Ms.Yeap Yeap Xin XinRhu Rhu as theas thecompany company secretary secretary and and assistant assistant secretary secretary to the to theBoard Board of of Directors,Directors, responsible responsible for fororganizing organizing meetings meetings of the of theBoard Board of Directorsof Directors and and shareholders. shareholders. The The company company secretary secretary is also is also in chargein charge of preparingof preparing the themeeting meeting notices notices and and minutes, minutes, annual annual reports, reports, and and public public disclosures, disclosures, as wellas well as preparingas preparing and and maintainingmaintaining documents documents as stipulatedas stipulated by laws,by laws, the theSET SET and and the theSEC. SEC.

MsM. Yse. aYpeaXpinXRinhuRhu Age:Age: 41 Years 41 Years AppointedAppointed from from 14 August 14 August 2019 2019

PosiPtioosnitsi:ons: AAPICOAAPICO Hitech Hitech Public Public Company Company Limited Limited ƒ ƒChiefChief Financial Financial Officer Officer ƒ ƒP.A. P.A.to the to thePresident President & CEO & CEO ƒ ƒDirectorDirector – F&A, – F&A, Purchasing Purchasing and andIT Department IT Department

EduEcadtuiocant:ion: ƒ ƒBachelorBachelor Degree Degree in Business in Business Administration Administration (BBA), (BBA), Accounting Accounting and and Finance, Finance, Thammasat Thammasat University University

TraiTnirnaginCinoguCrsoeusr:ses: ƒ ƒExecutiveExecutive Development Development Program Program (EDP6), (EDP6), Thai Thai Listed Listed Companies Companies Association, Association, The TheStock Stock Exchange Exchange of Thailand of Thailand ƒ ƒLeadershipLeadership Development Development Program Program 4: Enhancing 4: Enhancing the theCompetitiveness Competitiveness of Thai of Thai Companies, Companies, IMD IMD program, program, Thai Thai Listed Listed CompaniesCompanies Association, Association, The TheStock Stock Exchange Exchange of Thailand of Thailand ƒ ƒStrategicStrategic CFO CFO in Capital in Capital Markets Markets Program, Program, Thailand Thailand Securities Securities Institute, Institute, The TheStock Stock Exchange Exchange of Thailand of Thailand ƒ ƒCertificateCertificate in Investor in Investor Relations Relations 2017, 2017, Thai Thai Listed Listed Companies Companies Association, Association, Thai Thai Investor Investor Relations Relations Club, Club, CFA CFA Society Society ThailandThailand

WorWk EoxrkpeErxiepnecrie:nce: AAPICOAAPICO Hitech Hitech Public Public Company Company Limited Limited 2002 2002 – Present – Present Chief Chief Financial Financial Officer Officer P.A. P.A.to the to thePresident President & CEO & CEO Purchasing Purchasing Director Director 2014 2014 – Present – Present Director: Director: Financial Financial & Accounting, & Accounting, Information Information Technology Technology Department Department

PositionPosition in other in other Organizations Organizations 20142014 – Present – Present Vice Vice President President of Thai of Thai Autoparts Autoparts Manufacturers Manufacturers Association Association (TAPMA) (TAPMA) 2012 2012 – 2019 – 2019 Chief Chief Operating Operating Officer Officer of AAPICO of AAPICO Forging Forging PLC PLC

4040 ANNUALANNUAL REPORT REPORT 2019 2019 AAPICO HITECH PUBLIC COMPANY LIMITED 43 Remuneration

Board of Directors AAPICO sets remuneration for its directors at rates comparable to other listed companies engaged in the same industry and with similar business size, performance, and accountability of directors. The Nomination and Remuneration Committee considers directors’ remuneration based on appropriateness, corporate financial status and duties and responsibilities of directors to propose to the Board of Directors and concurrence to the shareholders’ meeting for approval.  The directors’ remuneration is composed of annual remuneration, attendance fee, and incentive bonus. The Annual General Meeting of Shareholders for the year 2019 passed a resolution concerning the remuneration of the Board of Directors and committees as follow.  Directors’ Remuneration Structure for the year 2019

Annual Attendance Incentive Board of Directors / Committees Position Remuneration Fee Bonus (Baht) (Baht) (Baht)

Chairman Ͳ Ͳ Ͳ

Executive Director Ͳ Ͳ Ͳ Board of Directors 0.2% of net profit Independent 275,000 20,000 but not exceeding Director Baht 3 million

Chairman 50,000 15,000  Audit Committee Member 25,000 15,000 

Chairman Ͳ 10,000  Nomination & Remuneration Committee Member Ͳ 10,000 

Risk Management Committee Chairman Ͳ 10,000   Member Ͳ 10,000    Remuneration for Directors in 2019

Annual Attendance Incentive Total Remuneration Directors Remuneration Fee Bonus (Baht) (Baht) (Baht) (Baht)

1 Mr. Yeap Swee Chuan a/ Ͳ Ͳ Ͳ Ͳ

2 Mrs. Teo Lee Ngo a/ Ͳ Ͳ Ͳ Ͳ

3 Mr. Pipat R. Punya 325,000 140,000 - 465,000

4 Mr. Kenneth Ng 300,000 160,000 - 460,000

5 Mr. John Parker 275,000 20,000 - 295,000

6 Mr. Wichian Mektrakarn 275,000 90,000 - 365,000

7 Mrs. Vachira Na Ranong 275,000 90,000 - 365,000

8 Mr. Kaikhushru (Kai) Taraporevala 300,000 160,000 - 460,000

 Total 1,750,000 660,000 - 2,410,000

ĂͬMr. Yeap Swee Chuan and Mrs. Teo Lee Ngo are executive directors, hence their remuneration is classed as management compensation

 44 AAPICO HITECH PUBLIC COMPANY LIMITED  ANNUAL REPORT 204119  Remuneration Independent directors receive annual remuneration and Vehicles are also provided to top executives to facilitate attendance fees according to the performance and their duties. Board of Directors individual responsibilities of members of the Board. The In 2019, the Company paid compensation to 28 executives AAPICO sets remuneration for its directors at rates comparable to other listed companies engaged in the same industry incentive bonus is calculated at 0.2% of consolidated net in manager-level positions and above which amounted to and with similar business size, performance, and accountability of directors. The Nomination and Remuneration Committee profit attributable to equity holders, with a maximum limit of Baht 40.47 million. considers directors’ remuneration based on appropriateness, corporate financial status and duties and responsibilities of Baht 3 million to be distributed equally among independent Remuneration 2018 2019 directors to propose to the Board of Directors and concurrence to the shareholders’ meeting for approval. directors. Executive directors are not entitled to receive Board of Directors 32.38 32.67  remuneration for their directorships because their Bonus  5.59 6.26 The directors’ remuneration is composed of annual remuneration, attendance fee, and incentive bonus. The Annual General compensations are classed as management compensation. Provident Fund  1.37 1.44 Meeting of Shareholders for the year 2019 passed a resolution concerning the remuneration of the Board of Directors and The Company does not grant other special privileges to Total (in THB million) 39.34 40.37   committees as follow. directors. Number of executives 24 people 28 people   Directors’ Remuneration Structure for the year 2019 Management & Employees Employee AAPICO sets appropriate compensation and welfare Salaries, wages, and benefits paid to employees in 2019 Annual Attendance Incentive Board of Directors / Committees Position Remuneration Fee Bonus benefits for management and employees based on the cost amounted to Baht 1,719 million, increase from Baht 1,545 (Baht) (Baht) (Baht) of living, economic conditions, and benchmarking against million in 2018.

Chairman Ͳ Ͳ Ͳ other companies in the automotive industry. The Company ensures fairness to employees and considers compensation  Executive Director Ͳ Ͳ Ͳ Provident Fund Contribution Board of Directors based on capability, skill, and experience, and scope of The Company has jointly established a provident fund with 0.2% of net profit Independent 275,000 20,000 but not exceeding responsibilities and accountabilities to be in line with peer its employees, whereby the Company and employees who Director Baht 3 million companies. are members of the funds made monthly contributions at

Chairman 50,000 15,000   the rate of 3% - 7% of wages or basic salary. Employees will Audit Committee Remuneration to management and employees is in the form Member 25,000 15,000  be compensated upon termination according to the fund of salary, wages, bonus, social security contributions and rules. In 2019, the Group contributed Baht 32 million to the Chairman Ͳ 10,000  Nomination & Remuneration Committee provident fund. The Company also provides incentives for provident fund, as compared to Baht 32 million in 2018. Member Ͳ 10,000  long services as well as post-employment compensation  Chairman Ͳ 10,000  Risk Management Committee and gratuity benefits to employees upon retirement in Long-term Employee Benefit  Member Ͳ 10,000  compliance with labor laws and the long-term employee The Company has obligations in respect of severance  retirement benefit plan. Other than these monetary payment to employees upon retirement under labor law. It  remunerations, other welfare benefits provided to also provides other long-term benefit plans, namely long Remuneration for Directors in 2019 employees include lunch, medical, transportation, uniform, service awards. and others.   Annual Attendance Incentive Total Remuneration Directors Remuneration Fee Bonus  (Baht) (Baht) (Baht) (Baht) Management

1 Mr. Yeap Swee Chuan a/ Ͳ Ͳ Ͳ Ͳ Management compensation is determined in accordance

2 Mrs. Teo Lee Ngo a/ Ͳ Ͳ Ͳ Ͳ with Company policy and corresponding to the duties and responsibilities of individual management positions. 3 Mr. Pipat R. Punya 325,000 140,000 - 465,000

4 Mr. Kenneth Ng 300,000 160,000 - 460,000

5 Mr. John Parker 275,000 20,000 - 295,000 Country Thailand Malaysia China Total Product/Business  6 Mr. Wichian Mektrakarn 275,000 90,000 - 365,000 2018 2019 2018 2019 2018 2019 2018 2019

7 Mrs. Vachira Na Ranong 275,000 90,000 - 365,000 Jigs and Dies 153 137 Ͳ Ͳ Ͳ Ͳ 153 137 Automotive Parts 3,038 2,919 Ͳ Ͳ 295 278 3,333 3,197 8 Mr. Kaikhushru (Kai) Taraporevala 300,000 160,000 - 460,000 Car Dealerships 210 312 204 237 Ͳ Ͳ 414 549  Total 1,750,000 660,000 - 2,410,000 Technology (IoT) and Others1 128 136 Ͳ Ͳ Ͳ Ͳ 128 136 ĂͬMr. Yeap Swee Chuan and Mrs. Teo Lee Ngo are executive directors, hence their remuneration is classed as management compensation Total Employees 3,529 3,504 204 237 295 278 4,023 4,019

Note: 1 Other businesses include employees in support departments i.e. purchasing, finance and accounting, sales and marketing, and others.  42 ANNUAL REPORT 2019 AAPICO HITECH PUBLIC COMPANY LIMITED  41 AAPICO HITECH PUBLIC COMPANY LIMITED 45 HUMAN RESOURCES DEVELOPMENT 4. Safety and Environment Training is related to  quality and environment management standards, Consistent with its Company vision, AAPICO places great and safety practices for operations. Topics are value and emphasis on its employees. The Company has related to safety operations, ISO/IATF standards, established and improved its human resource management relevant laws and regulations, and others. processes and encourages employees to fully participate 5. Language Training focuses on developing and with their skills and knowledge in order to contribute to the improving employees’ communication skills in Company’s success. foreign languages.  6. Computer Training aims to educate employees in The Company has focused on developing the skills and the use of computers and technology, enabling abilities of employees at all levels. Employees shall perform them to manage their work efficiently and their duties safely and efficiently and continuously improve effectively. their capabilities to quickly adapt and respond to changes 7. Quality of Life Training is an essential part of the in business needs, technology and industry requirements. HR development program of AAPICO Group. The Company has defined training and development Employees gain a better understanding of the programs based on business objectives and learning needs. success factors for personal wellbeing, such as In cases where the Company does not have in-house refraining from vices, identifying the root cause of expertise, employees can attend training courses organized problems and finding ways to resolve such by other reputable organizations that are relevant to their problems, and fostering the bond of love and functions. relationships within the family. This program  places great importance on the development of AAPICO Training Center has been assigned to coordinate self-discipline, teamwork and good leadership, as and manage the overall human resource development well as continuous personal development. The program and training courses for the AAPICO Group. The Company aims to create awareness of and Company has more than 290 in-house training courses encourage employees to enjoy a good quality of made available under 7 training topics, which are as follows: living. The Company believes that good quality of 1. Technical Training educates and trains employees life will result in good quality of work and hence to have sufficient knowledge and skills to perform sustainable growth. These courses include Happy their functions & duties safely and sufficiently Workplace, Quality of Life Training, and Virtue according to operating procedures and quality Camp. standards. The Company has more than 150  technical training courses covering areas of The Company encourages employees to attend any production, design, systems and technology, training programs that may interest them. In addition to purchasing, accounting, and others. regular training courses, the Company also organizes 2. Management Training aims to increase knowledge seminars for management twice a year. These are and develop supervising and coaching skills for events where the Board of Directors and executives of managers and supervisors. Topics include strong major subsidiaries join together for networking and team building, supervisory skill development, roles sharing business updates. and skills for leaders in the automotive industry,  and others. 3. Participative Management Training aims to develop skills and knowledge related to the automotive industry. The topics covered include TPS, TPM, 5S for productivity, QCC for productivity, and others.

 46AAPICO HITECH PUBLIC COMPANY LIMITED  ANNUAL REPORT 204319 

  ŃŠŝŃŠÒŰú>ŃƐúŠĹÒĹîú  ŰŠJ pȢƑúÒŠúîŃķķĚŰŰúôŰŃîŃĹôŸîŰĚĹĎŃŸŠíŸŧĚĹúŧŧ žĕúĕŃŰúĮƑÒŧĮŃîÒŰúôŃōÒĨôÒķŠĚŃÒôƑĚŰĕúÒŧƗÒîîúŧŧ ŠúŧŝŃĹŧĚíĮƗÒĹôƑĚŰĕĚĹŰúĎŠĚŰƗȢĕŃĹúŧŰƗȢŰŠÒĹŧŝÒŠúĹîƗȢÒĹô ŰŃŝŸíĮĚîŰŠÒĹŧŝŃŠŰȲúȡĎȡŰÒƖĚȢíŸŧȢíŃÒŰȢŧīƗŰŠÒĚĹȢúŰîȡȳÒĹô čÒĚŠĹúŧŧȡ ŠJ pɇŧ íŸŧĚĹúŧŧ ŝŠĚĹîĚŝĮúŧ ÒŠú ôúčĚĹúô íƗ ĚŰŧ ĕÒôŧŸččĚîĚúĹŰîÒŝÒîĚŰƗŰŃÒîîŃķķŃôÒŰúŰĕúŧĕÒŠúĕŃĮôúŠŧ úŰĕĚîÒĮ čŠÒķúƑŃŠī ÒĹô îŃĹŰĚĹŸŃŸŧ ĚķŝŠŃƐúķúĹŰ ĚĹ ÒŰŰúĹôĚĹĎŰĕúķúúŰĚĹĎȡ ŠúŧŝŃĹŧú ŰŃ îĕÒĹĎúŧ ĚĹ Űĕú úîŃĹŃķƗȢ ŧŃîĚúŰƗȢ  úĹƐĚŠŃĹķúĹŰȢÒĹôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúîĚŠîŸķŧŰÒĹîúŧȡ gŃŰĚîúŃč”ĕÒŠúĕŃĮôúŠŧɇeúúŰĚĹĎ  žĕú ŃķŝÒĹƗôĚŧîĮŃŧúôŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧɇôúîĚŧĚŃĹŃĹ ŃŠŝŃŠÒŰú>ŃƐúŠĹÒĹîúŠŃĮĚîƗ Űĕú>eôÒŰúȢŰĕú>eÒĎúĹôÒȢÒĹôŰĕúŃÒŠôɇŧŃŝĚĹĚŃĹŧ  ƐĚÒŰĕú”+žƑúíŧĚŰúĚĹŃŠôúŠŰŃĹŃŰĚčƗŧĕÒŠúĕŃĮôúŠŧŝŠĚŃŠŰŃ ŠJ pŝĮÒîúŧĎŠúÒŰĚķŝŃŠŰÒĹîúŃĹĕÒƐĚĹĎĎŃŃôîŃŠŝŃŠÒŰú ŧúĹôĚĹĎ ŃŸŰķúúŰĚĹĎĹŃŰĚîúŧȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúô ŰĕÒŰ ĎŃƐúŠĹÒĹîúȡpƐúŠŰĕúƗúÒŠŧȢŰĕú ŃķŝÒĹƗĕÒŧîŃĹŰĚĹŸÒĮĮƗ Űĕú ŧĕÒŠúĕŃĮôúŠŧɇ ķúúŰĚĹĎ ĹŃŰĚîú îŃĹŰÒĚĹúô îŃŠŠúîŰ ÒĹô ĚķŝŠŃƐúô ĚŰŧ ĎŃƐúŠĹÒĹîú ŝŠÒîŰĚîúŧ ÒĹô ŧŰÒĹôÒŠôŧ ÒîŠŃŧŧ îŃķŝĮúŰúĚĹčŃŠķÒŰĚŃĹŠúĎÒŠôĚĹĎŰĕúŰĚķúȢôÒŰúȢƐúĹŸúȢÒĹô ŰĕúŃŠĎÒĹĚƠÒŰĚŃĹŰŃĎÒĚĹ ÒĹôķÒĚĹŰÒĚĹŧĕÒŠúĕŃĮôúŠŧɇ ŰŠŸŧŰ ÒĎúĹôÒŃčŰĕúķúúŰĚĹĎȢÒĹôŝŠŃƐĚôúôŰĕúčÒîŰŧÒĹôŃŝĚĹĚŃĹŧ ÒĹôîŃĹčĚôúĹîúĚĹĚŰŧŃŝúŠÒŰĚŃĹŧȡžĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĚŧ ŃčŰĕúŃÒŠôeúúŰĚĹĎčŃŠúÒîĕÒĎúĹôÒĚŰúķȡžĕúĹŃŰĚîúŃč ŠúŧŝŃĹŧĚíĮú čŃŠ ôúƐúĮŃŝĚĹĎ îŃŠŝŃŠÒŰú ĎŃƐúŠĹÒĹîú ŝŃĮĚîƗȢ ŧĕÒŠúĕŃĮôúŠŧɇ ķúúŰĚĹĎ ÒĹô ŧŸŝŝŃŠŰĚĹĎ ôŃîŸķúĹŰŧȢ ŃƐúŠŧúúĚĹĎŰĕúôŠÒčŰĚĹĎŝŠŃîúŧŧŰĕúŠúŃčÒĹôÒŝŝŠŃƐĚĹĎŰĕú ĚĹîĮŸôĚĹĎŰĕúķĚĹŸŰúŧŃčŰĕúŝŠúƐĚŃŸŧķúúŰĚĹĎȢŰĕúÒĹĹŸÒĮ čĚĹÒĮ ƐúŠŧĚŃĹȡ žĕú ŃÒŠô ÒĮŧŃ úĹŧŸŠúŧ ŰĕÒŰ Űĕú ŃķŝÒĹƗ ŠúŝŃŠŰ ÒĹô ŝŠŃƖƗ čŃŠķŧ ƑĚŰĕ îŃķŝĮúŰú ĚĹŧŰŠŸîŰĚŃĹŧȢ ƑúŠú ÒôĕúŠúŧŰŃĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŠĚĹîĚŝĮúŧÒĹôÒîŰŧ ķÒôú ÒƐÒĚĮÒíĮú ĚĹ íŃŰĕ žĕÒĚ ÒĹô +ĹĎĮĚŧĕ ŃĹ ŠJ pɇŧ ĚĹîŃķŝĮĚÒĹîúƑĚŰĕĚŰŧîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŃĮĚîƗĚĹŰĕú ƑúíŧĚŰú Dzǯ ôÒƗŧ ŝŠĚŃŠ ŰŃ Űĕú ķúúŰĚĹĎ ôÒŰúȡ žĕú ŧÒķú čŃĮĮŃƑĚĹĎǵīúƗÒŠúÒŧȣ ôŃîŸķúĹŰŧƑúŠúķÒĚĮúôŰŃŧĕÒŠúĕŃĮôúŠŧǰdzôÒƗŧĚĹÒôƐÒĹîú  ŃčŰĕúķúúŰĚĹĎôÒŰúŰŃÒĮĮŃƑúĹŃŸĎĕŰĚķúčŃŠŧĕÒŠúĕŃĮôúŠŧ ǰȡ ĚĎĕŰŧŃč”ĕÒŠúĕŃĮôúŠŧ ŰŃŝŠúŝÒŠúčŃŠķúúŰĚĹĎȡ   ŠJ pĕĚĎĕĮƗŠúŧŝúîŰŧŰĕúŠĚĎĕŰŧŃčŧĕÒŠúĕŃĮôúŠŧȡŧŰĕú ŝŝŃĚĹŰĚĹĎŠŠŃƖĚúŧ ŃƑĹúŠŧ ŃčŰĕú ŃķŝÒĹƗȢ ŧĕÒŠúĕŃĮôúŠŧ ÒŠú úĹŰĚŰĮúô ŰŃ ŧúŰ =ŃŠŧĕÒŠúĕŃĮôúŠŧƑĕŃƑúŠúŸĹÒíĮúŰŃÒŰŰúĹôŰĕúķúúŰĚĹĎĚĹ Űĕú ŃķŝÒĹƗɇŧôĚŠúîŰĚŃĹÒĹôôúîĚôúŃĹŰĕúķúŠĚŰŧķÒŰŰúŠŧ ŝúŠŧŃĹȢŰĕú ŃķŝÒĹƗŝŠŃƐĚôúôÒĹŃŝŝŃŠŰŸĹĚŰƗčŃŠŰĕúķŰŃ ƑĚŰĕŧĚĎĹĚčĚîÒĹŰĚķŝÒîŰŃĹŰĕú ŃķŝÒĹƗɇŧŃŝúŠÒŰĚŃĹŧȡŝÒŠŰ ÒŝŝŃĚĹŰ ŝŠŃƖĚúŧ ŃŠ ôúĮúĎÒŰú ŰĕúĚŠ ƐŃŰúŧ ŰŃ ĚĹôúŝúĹôúĹŰ čŠŃķŰĕúúĮúîŰĚŃĹŃčôĚŠúîŰŃŠŧŰŃŧŸŝúŠƐĚŧúŰĕú ŃķŝÒĹƗɇŧ ôĚŠúîŰŃŠŧȡ žĕú ŃķŝÒĹƗ ĕÒô ŧŝúîĚčĚúô ĚĹôúŝúĹôúĹŰ ŃŝúŠÒŰĚŃĹŧŃĹŰĕúĚŠíúĕÒĮčȢŧĕÒŠúĕŃĮôúŠŧÒŠúúĹîŃŸŠÒĎúôŰŃ ôĚŠúîŰŃŠŧɇĹÒķúŧĚĹŰĕúŝŠŃƖƗčŃŠķŧôúčĚĹúôíƗŰĕúeĚĹĚŧŰŠƗ ÒŰŰúĹôŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎŰŃúƖŝŠúŧŧŰĕúĚŠŃŝĚĹĚŃĹŧȢÒŧī Ńč ŃķķúŠîúȡ ”ĕÒŠúĕŃĮôúŠŧ îŃŸĮô úƖúŠîĚŧú ŰĕúĚŠ ƐŃŰĚĹĎ şŸúŧŰĚŃĹŧȢÒĹôƐŃŰúŃĹĚķŝŃŠŰÒĹŰÒččÒĚŠŧŃčŰĕú ŃķŝÒĹƗȡ ŠĚĎĕŰŧ ƑĚŰĕŃŸŰ îŃĹôĚŰĚŃĹŧ íƗ ŸŧĚĹĎ Űĕú ŠŠŃƖƗ =ŃŠķ   ÒŰŰÒîĕúô ŰŃ Űĕú ķúúŰĚĹĎ ĹŃŰĚîú ŃŠ ôŃƑĹĮŃÒô ŃŰĕúŠ ŝŠŃƖƗ ”îĕúôŸĮĚĹĎ”ĕÒŠúĕŃĮôúŠŧɇeúúŰĚĹĎŧ čŃŠķŧȼĚĹîĮŸôĚĹĎŰĕŃŧúŝŠŃƖƗčŃŠķŧŠúşŸĚŠúôčŃŠĚĹƐúŧŰŃŠŧ žĕú ŃķŝÒĹƗĕÒŧķÒôúúččŃŠŰŧŰŃúĹîŃŸŠÒĎúÒĹôčÒîĚĮĚŰÒŰú ƑĕŃ ÒŸŰĕŃŠĚƠú îŸŧŰŃôĚÒĹŧ ĚĹ žĕÒĚĮÒĹô ȼ čŠŃķ ŠJ pɇŧ ŧĕÒŠúĕŃĮôúŠŧĚĹúƖúŠîĚŧĚĹĎŰĕúĚŠŠĚĎĕŰŧÒĹôĕÒŧúķŝĕÒŧĚƠúô ƑúíŧĚŰúȡžĕú ŃķŝÒĹƗîŃĹŧĚôúŠúôÒĹôŰŠúÒŰúôŝŠŃƖĚúŧÒŧĚč ŰĕúíúŧŰŝŠÒîŰĚîúÒĹôĕĚĎĕŧŰÒĹôÒŠôŧčŃŠĚŰŧŧĕÒŠúĕŃĮôúŠŧɇ ŰĕúƗƑúŠúŧĕÒŠúĕŃĮôúŠŧÒĹôĕÒôĚĹîĮŸôúôŰĕúĚŠƐŃŰúŧĚĹŰĕú ķúúŰĚĹĎŧȡ žĕú ŃķŝÒĹƗ ŧîĕúôŸĮúŧ Űĕú ŧĕÒŠúĕŃĮôúŠŧɇ ƐŃŰĚĹĎŧƗŧŰúķĚĹÒîîŃŠôÒĹîúƑĚŰĕŰĕúĚŠƑĚŧĕúŧȡ ÒĹĹŸÒĮ ĎúĹúŠÒĮ ķúúŰĚĹĎ ƑĚŰĕĚĹ dz ķŃĹŰĕŧ Ńč Űĕú ÒĹĹŸÒĮ  îĮŃŧĚĹĎŃčĚŰŧÒîîŃŸĹŰŧȡžĕú ŃķŝÒĹƗŧúĮúîŰŧŰĕúƐúĹŸúŃč ŰŰĕúeúúŰĚĹĎ ŰĕúķúúŰĚĹĎĚĹ ÒŠúÒŧ ŰĕÒŰÒŠúúÒŧĚĮƗÒîîúŧŧĚíĮú íƗŝŸíĮĚî %ŸŠĚĹĎ ŠúĎĚŧŰŠÒŰĚŃĹȢ Űĕú ŃķŝÒĹƗ Ÿŧúô ŰúîĕĹŃĮŃĎƗ ŰŃ ŰŠÒĹŧŝŃŠŰÒĹôčĚƖúŧŰĕúôÒŰúÒĹôŰĚķúƑĚŰĕîŃĹŧĚôúŠÒŰĚŃĹčŃŠ čÒîĚĮĚŰÒŰú ÒĹô ŧķŃŃŰĕúĹ Űĕú ŧĕÒŠúĕŃĮôúŠ ŠúĎĚŧŰŠÒŰĚŃĹ Űĕú îŃĹƐúĹĚúĹîú Ńč ŧĕÒŠúĕŃĮôúŠŧȡ žĕú ĹĹŸÒĮ >úĹúŠÒĮ ŝŠŃîúŧŧȡ žĕú ŃķŝÒĹƗ ŝŠŃƐĚôúô ÒôúşŸÒŰú ŧŰÒččŧ ÒĹô eúúŰĚĹĎȲ>eȳŃčŧĕÒŠúĕŃĮôúŠŧčŃŠŰĕúƗúÒŠDZǯǰǸƑÒŧĕúĮô čÒîĚĮĚŰÒŰúô Űĕú ÒččĚƖĚĹĎ Ńč ŧŰÒķŝ ôŸŰƗ ŃĹ ŝŠŃƖƗ čŃŠķŧ ŰŃ ÒŰŠĹŃķÒ>ŠÒĹôÒĹĎīŃīEŃŰúĮŃĹŝŠĚĮDZDzȢDZǯǰǸÒŰǰǯȣǯǯ ÒŧŧĚŧŰŧĕÒŠúĕŃĮôúŠŧÒŰŰĕúŠúĎĚŧŰŠÒŰĚŃĹŰÒíĮúȡ ȡeȡ 

 ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  dzDz AAPICO HITECH PUBLIC COMPANY LIMITED 47  

účŃŠúŰĕúķúúŰĚĹĎȢŰĕú ŃķŝÒĹƗ”úîŠúŰÒŠƗĚĹŰŠŃôŸîúôŰĕú čŰúŠŰĕú ķúúŰĚĹĎȢ Űĕú ŃķŝÒĹƗôĚŧîĮŃŧúô ŰĕúŠúŧŃĮŸŰĚŃĹ ŃķŝÒĹƗ Ÿŧúô ÒĹ ŃĹĮĚĹú ŰŃŃĮ ŰŃ ŧŸŝŝŃŠŰ ŰĕúŠúĎĚŧŰŠÒŰĚŃĹ ŃčŰĕú ŃķŝÒĹƗɇŧŧúĚŰĚúŧŰŃŰĕú”+ ƑĚŰĕĚĹDzǯôÒƗŧ ŃÒŠôŃč%ĚŠúîŰŃŠŧȢeÒĹÒĎúķúĹŰȢÒĹôúƖŰúŠĹÒĮÒŸôĚŰŃŠŧŰŃ ƑĚŰĕ ŰĕúƐŃŰĚĹĎ ŠúŧŸĮŰŧ čŃŠúÒîĕ ÒĎúĹôÒ ĚŰúķ ŃĹŰĕú ”+ž ÒĹôƐŃŰĚĹĎȡ ŃčŰĕúĚŠÒŝŝŃĚĹŰķúĹŰȡ ŰĕúķúúŰĚĹĎȡ ŰŰĕúDZǯǰǸ >eķúúŰĚĹĎȢ úƐúŠƗķúķíúŠŃč ƑúíŧĚŰúÒŰŰĕúúĹôŃčŰĕúŧÒķúôÒƗȡžĕúķúúŰĚĹĎķĚĹŸŰúŧ  ƒ úŝŃŠŰĚĹĎŃčîĕÒĹĎúŧĚĹŧúĚŰĚúŧĕŃĮôĚĹĎŧȲ=ŃŠķǴǸȺ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧȢ ĚĹîĮŸôĚĹĎ Űĕú ĕÒĚŠķÒĹ Ńč úƐúŠƗ ƑúŠú îŃķŝĮúŰúĮƗ ÒĹô ÒîÒŰúĮƗ ŠúîŃŠôúô ƑĚŰĕ ôúŰÒĚĮŧ Ńč žĕúDZǯǰǸ>eƑÒŧîŃĹôŸîŰúôĚĹžĕÒĚÒŧķŃŧŰŧĕÒŠúĕŃĮôúŠŧ DZȳȣ %ĚŠúîŰŃŠŧ ÒĹô úƖúîŸŰĚƐúŧ Òŧ ôúčĚĹúô íƗ Űĕú ”+ Ȣ îŃķķĚŰŰúúȢƑÒŧŝŠúŧúĹŰÒŰŰĕúķúúŰĚĹĎȡ ŰĕúĹŸķíúŠŃčŧĕÒŠúĕŃĮôúŠŧÒĹôŝŠŃƖĚúŧĚĹÒŰŰúĹôÒĹîúȢŰĕú ÒŠúžĕÒĚȡEŃƑúƐúŠȢčŃŠŰĕúíúĹúčĚŰŃččŃŠúĚĎĹôĚŠúîŰŃŠŧÒĹô ĚĹîĮŸôĚĹĎ ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧȢ ÒŠú ÒĮŧŃ ŠúşŸĚŠúô ŰŃ  ƐŃŰĚĹĎŠúŧŸĮŰŧȢŧĕÒŠúĕŃĮôúŠŧɇîŃķķúĹŰŧÒĹôşŸúŧŰĚŃĹŧȢÒĹô ŧĕÒŠúĕŃĮôúŠŧȢ Űĕú ŃķŝÒĹƗ ÒŠŠÒĹĎúô čŃŠ ŧŸŝŝĮúķúĹŰÒŠƗ ŠúŝŃŠŰÒĹƗîĕÒĹĎúŧ ĚĹŰĕúĚŠŧúĚŰĚúŧĕŃĮôĚĹĎŧȢ ÒŧÒ žĕú ŃķŝÒĹƗ ”úîŠúŰÒŠƗ úĮÒíŃŠÒŰúô ŃĹ Űĕú ƐŃŰĚĹĎ úƖŝĮÒĹÒŰĚŃĹŧčŠŃķŰĕúôĚŠúîŰŃŠŧÒĹôŰĕúķÒĹÒĎúķúĹŰȡžĕú ôŃîŸķúĹŰŧ ÒĹô ŝŠúŧúĹŰÒŰĚŃĹŧ ŰŃ íú ķÒôú ÒƐÒĚĮÒíĮú ĚĹ ŠúŧŸĮŰŃčŰĕúŧÒĮúȢŝŸŠîĕÒŧúȢŰŠÒĹŧčúŠȢŃŠÒîîúŝŰÒĹîúŃč ŝŠŃîúôŸŠúȢŰĕúƐŃŰúîŃŸĹŰȢÒĹôŰĕúÒĹĹŃŸĹîúķúĹŰŃčƐŃŰĚĹĎ ķĚĹŸŰúŧ Ńč Űĕú DZǯǰǸ >e ķúúŰĚĹĎ ƑúŠú ŝŠúŝÒŠúô ÒĹô +ĹĎĮĚŧĕÒĮŧŃȡ+ĹĎĮĚŧĕȺŧŝúÒīĚĹĎķúķíúŠŧŃčŧŰÒččƑúŠúÒĮŧŃ ŰĕúŰŠÒĹŧčúŠŃčŧúĚŰĚúŧȢƑĚŰĕĚĹDzƑŃŠīĚĹĎôÒƗŧȢƑĚŰĕ ŠúŧŸĮŰŧȡ½ŃŰúŧÒŠúŰŃíúîÒŧŰŃŝúĹĮƗíƗŸŧĚĹĎƐŃŰĚĹĎîÒŠôŧ ŧŸíķĚŰŰúôŰŃŰĕú”+žƑĚŰĕĚĹǰdzôÒƗŧčŠŃķŰĕúôÒŰúŃčŰĕú ŃĹĕÒĹô ŰŃ ŝŠŃƐĚôú ÒĹƗ ĹúîúŧŧÒŠƗ ŰŠÒĹŧĮÒŰĚŃĹ ôŸŠĚĹĎ Űĕú ŰĕúúƖîúŝŰĚŃĹŃčîĕÒĹĎúŧŠúŧŸĮŰĚĹĎčŠŃķŰĕú+ķŝĮŃƗúú íúÒŠĚĹĎ Ò ƐŃŰú ÒĹô Űĕú ŧĕÒŠúĕŃĮôúŠɇŧɇ ŧĚĎĹÒŰŸŠúȡ žĕú ķúúŰĚĹĎÒŧŝúŠŰĕú”+žŠŸĮúȢÒĹôƑÒŧķÒôúÒƐÒĚĮÒíĮúŰŃŰĕú ôĚŧîŸŧŧĚŃĹ ÒĹô şŸúŧŰĚŃĹ ŧúŧŧĚŃĹŧ čŃŠŰĕúîŃĹƐúĹĚúĹîú Ńč XŃĚĹŰJĹƐúŧŰķúĹŰŠŠŃĎŠÒķȲ+XJŠȳŃŠÒĹƗŃŰĕúŠŝŠŃĎŠÒķ ŃķŝÒĹƗ ŰĕúĹ îŃĮĮúîŰŧ ÒĹô îŃŸĹŰŧ Űĕú ôĚŧÒŝŝŠŃƐÒĮ ÒĹô ŝŸíĮĚîŃĹŠJ pɇŧƑúíŧĚŰúĚĹíŃŰĕžĕÒĚÒĹô+ĹĎĮĚŧĕȡ ŧĕÒŠúĕŃĮôúŠŧȡ ƑĕĚîĕĕÒŧŠúîúĚƐúôÒĹ”+ úƖúķŝŰĚŃĹȡ ÒíŧŰúĹŰĚŃĹƐŃŰúŧÒĹôôúôŸîŰŧŰĕúŧúčŠŃķŰĕúŰŃŰÒĮŰŃôúŠĚƐú    Űĕú ÒŝŝŠŃƐÒĮ ƐŃŰúŧȡ čŰúŠ Űĕú ƐŃŰĚĹĎ îŃŸĹŰ ĕÒŧ íúúĹ DZȡ +şŸĚŰÒíĮúžŠúÒŰķúĹŰŃč”ĕÒŠúĕŃĮôúŠŧ žĕú ŃķŝÒĹƗŝŠŃƐĚôúôôĚŧîĮŃŧŸŠúŧŃčĚĹčŃŠķÒŰĚŃĹĚĹíŃŰĕ =ÒĚĮŸŠúŰŃîŃķŝĮƗƑĚŰĕȢŃŠƐĚŃĮÒŰĚŃĹŃčȢŰĕĚŧŝŃĮĚîƗķÒƗŠúŧŸĮŰ îŃķŝĮúŰúôȢŰĕúŠúŧŸĮŰĚŧÒĹĹŃŸĹîúôčŃŠúÒîĕÒĎúĹôÒĚŰúķȡ  žĕÒĚÒĹô+ĹĎĮĚŧĕÒĹôķÒôúŰĕĚŧĚĹčŃŠķÒŰĚŃĹÒƐÒĚĮÒíĮúŰŃŰĕú ĚĹôúŠŃĎÒŰĚŃĹŃŠôÒķÒĎúŰŃŰĕú ŃķŝÒĹƗÒĹôĚŧŰĕúŠúčŃŠú JĹŰĕúúƐúĹŰŰĕÒŰŰĕúƐŃŰĚĹĎîŃŸĹŰķÒƗŰÒīúŧŃķúŰĚķúȢŰĕú Ű ŠJ pȢ Ƒú ŰŠúÒŰúƐúŠƗŧĕÒŠúĕŃĮôúŠ čÒĚŠĮƗ ÒĹô úşŸÒĮĮƗ ŝŸíĮĚîƐĚÒŰĕúŠJ pƑúíŧĚŰúȢŰĕú”+žƑúíŧĚŰúȢÒĹôŃŰĕúŠ ŧŸíĨúîŰŰŃŝúĹÒĮŰƗķúÒŧŸŠúŧŧŸîĕÒŧƑÒŠĹĚĹĎŧȢŧŸŧŝúĹŧĚŃĹ ŠúĮúƐÒĹŰîĕÒĹĹúĮŧŰŃúĹŧŸŠúÒĮĮŧĕÒŠúĕŃĮôúŠŧŰŃĕÒôŠúÒôƗ ƑĚŰĕŃŸŰŝÒƗȢŰúŠķĚĹÒŰĚŃĹÒĹôŝŃŧŧĚíĮúĮúĎÒĮÒîŰĚŃĹŰÒīúĹíƗ ĕÒĚŠķÒĹķÒƗŝŠŃîúúôŰŃŰĕúĹúƖŰÒĎúĹôÒĚŰúķĚĹŃŠôúŠŰŃ ŠúĎÒŠôĮúŧŧ Ńč ŰĕúĚŠ ŧĕÒŠúĕŃĮôĚĹĎ ŝŠŃŝŃŠŰĚŃĹŧ ÒĹô Ńč ŰĕúĚŠ Òîîúŧŧ ŰŃ ŰĕĚŧ ĚĹčŃŠķÒŰĚŃĹ ĚĹ ÒĹ úşŸĚŰÒíĮú ÒĹô ŰĚķúĮƗ ŠúĮúƐÒĹŰŠúĎŸĮÒŰŃŠƗÒŸŰĕŃŠĚŰĚúŧȡžĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒĹô ÒƐŃĚôôĚŧŠŸŝŰĚĹĎŰĕúeúúŰĚĹĎÒĹôÒĹĹŃŸĹîúŰĕúŠúŧŸĮŰƑĕúĹ ĎúĹôúŠȢ ÒĎúȢ ŠÒîúȢ ĹÒŰĚŃĹÒĮĚŰƗȢ ŠúĮĚĎĚŃĹȢ íúĮĚúčŧȢ ŧŃîĚÒĮ čÒŧĕĚŃĹȡ ŰŃŝúƖúîŸŰĚƐúŧ ŧĕÒĮĮŠúŝŃŠŰÒĹƗîĕÒĹĎúŧ ŃčŰĕúĚŠĕŃĮôĚĹĎŧ ŰĕúƐŃŰúîŃŸĹŰĕÒŧčĚĹĚŧĕúôȡ”ĕÒŠúĕŃĮôúŠŧÒŠúŠúşŸúŧŰúôŰŃ ŧŰÒŰŸŧȢŝĕƗŧĚîÒĮÒíĚĮĚŰĚúŧȢÒĹôŝŃĮĚŰĚîÒĮƐĚúƑŧȡ”ĕÒŠúĕŃĮôúŠŧ  Ńč Űĕú ŃķŝÒĹƗɇŧ ŧúĚŰĚúŧ ŰŃ Űĕú ŃķŝÒĹƗȡ žĕú ŠúŰŸŠĹŰĕúĚŠŧĚĎĹúôƐŃŰĚĹĎîÒŠôŧŰŃŰĕú ŃķŝÒĹƗÒčŰúŠŰĕú ŠúîúĚƐúúşŸÒĮƐŃŰĚĹĎŠĚĎĕŰŧȣŃĹúŧĕÒŠúĚŧúşŸÒĮŰŃŃĹúƐŃŰúȡ žĕú¥ŧúŃčJĹŰúŠĹÒĮJĹčŃŠķÒŰĚŃĹ ķŃƐúķúĹŰŧ Ńč ŧúĚŰĚúŧ ĕúĮô íƗ ôĚŠúîŰŃŠŧ ÒĹô ŰŃŝ ķúúŰĚĹĎĕÒŧíúúĹÒôĨŃŸŠĹúôȡ gŃ ŧĕÒŠúŧ ĕÒƐú úƖŰŠÒ ŝŠĚƐĚĮúĎúŧ ŃƐúŠ ŃŰĕúŠ ŧĕÒŠúŧȡ  ŠJ p Ěŧ ÒƑÒŠú Ńč Űĕú ŝŃŧŧĚíĚĮĚŰƗ Ńč ŰĕÒŰ ĚĹŰúŠĹÒĮ úƖúîŸŰĚƐúŧÒŠúÒĮŧŃôĚŧîĮŃŧúôĚĹŰĕúĹĹŸÒĮúŝŃŠŰȡ  ŧĕÒŠúĕŃĮôúŠɇŧ ƐŃŰĚĹĎ ŝŃƑúŠ Ěŧ úşŸÒĮ ŰŃ Űĕú ĹŸķíúŠ Ńč ĚĹčŃŠķÒŰĚŃĹîŃŸĮôíúķĚŧŸŧúôŃŠÒíŸŧúôÒĹôĕÒŧÒŝŃĮĚîƗ  žĕú >e ķúúŰĚĹĎ ĚĹ DZǯǰǸ ŝŠŃîúúôúô ÒîîŃŠôĚĹĎ ŰŃ Űĕú ŧĕÒŠúŧŰĕúƗĕŃĮôȡ ŰŃŝŠŃŰúîŰŰĕúîŃĹčĚôúĹŰĚÒĮĚŰƗŃččĚĹÒĹîĚÒĮÒĹôîŃķķúŠîĚÒĮ eÒĹÒĎĚĹĎ ŃĹčĮĚîŰŧŃčJĹŰúŠúŧŰŧ ÒĎúĹôÒ ŝŸíĮĚŧĕúô ŃĹ Űĕú ķúúŰĚĹĎ ĹŃŰĚîúȡ žĕúŠú ƑúŠú ĹŃ  ĚĹčŃŠķÒŰĚŃĹ ÒĹô ŰŠÒĹŧÒîŰĚŃĹŧ ŰĕÒŰ ĕÒƐú ĹŃŰ ƗúŰ íúúĹ ŧÒĎŠŃŸŝŃčîŃķŝÒĹĚúŧȢŠJ pĚŧƑúĮĮÒƑÒŠúŃčķÒŰŰúŠŧ îĕÒĹĎúŧ ĚĹ Űĕú ŃŠôúŠ Ńč Űĕú ÒĎúĹôÒ ÒĹô ĹŃ ŠúşŸúŧŰ ŰŃ ŠŠŃŝŃŧĚĹĎĎúĹôÒJŰúķŧÒĹôgŃķĚĹÒŰĚĹĎ%ĚŠúîŰŃŠŧ ŝŸíĮĚîĮƗôĚŧîĮŃŧúôÒĹôƑĕĚîĕîŃŸĮôĕÒƐúÒĹĚķŝÒîŰŃĹŰĕú ŠúĮÒŰĚĹĎŰŃîŃĹčĮĚîŰŧŃčĚĹŰúŠúŧŰÒķŃĹĎúĹŰĚŰĚúŧÒĹôŠúĮÒŰúô îŃĹŧĚôúŠ ÒĹƗ ŃŰĕúŠ ķÒŰŰúŠŧȡ =ŃŠ úÒîĕ ÒĎúĹôÒ ĚŰúķȢ Űĕú žĕú ŃķŝÒĹƗŝŠŃŰúîŰŧŰĕúĚĹŰúŠúŧŰŧŃčúƐúŠƗŧĕÒŠúĕŃĮôúŠȢ ŧĕÒŠú ŝŠĚîúȡ žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ÒĹô ŝÒŠŰĚúŧȡžĕú ŃķŝÒĹƗĕÒŧŝŸíĮĚŧĕúôĎŸĚôúĮĚĹúŧŃĹôúÒĮĚĹĎ ĕÒĚŠķÒĹúĹŧŸŠúôŰĕÒŰŧĕÒŠúĕŃĮôúŠŧĕÒôÒôúşŸÒŰúŰĚķúŰŃ ƑĕúŰĕúŠŰĕúƗíúķÒĨŃŠŃŠķĚĹŃŠȢĚĹôĚƐĚôŸÒĮŃŠĚĹŧŰĚŰŸŰĚŃĹÒĮȢ úķŝĮŃƗúúŧ ƑĕŃ ĕÒƐúÒîîúŧŧ ŰŃŧŸîĕĚĹŰúŠĹÒĮĚĹčŃŠķÒŰĚŃĹ ƑĚŰĕ ŧŸîĕ ķÒŰŰúŠŧ ĚĹ Ò ŝŠŸôúĹŰȢ čÒĚŠȢ ÒĹô ŰŠÒĹŧŝÒŠúĹŰ čŠúúĮƗ úƖŝŠúŧŧ ŰĕúĚŠ ŃŝĚĹĚŃĹŧ ÒĹô ŠÒĚŧú şŸúŧŰĚŃĹŧȡ žĕú ÒĹôžĕÒĚŃŠčŃŠúĚĎĹĚĹƐúŧŰŃŠŧȡĮĮŧĕÒŠúĕŃĮôúŠŧĕÒƐúúşŸÒĮ ķŸŧŰīúúŝŰĕĚŧĚĹčŃŠķÒŰĚŃĹŧŰŠĚîŰĮƗîŃĹčĚôúĹŰĚÒĮÒĹôķŸŧŰ ķÒĹĹúŠȡžĕúŧúŝŠÒîŰĚîúŧĚĹîĮŸôúŰĕúčŃĮĮŃƑĚĹĎȣ ĕÒĚŠķÒĹ ÒĮŧŃ ƑúĮîŃķúô ÒôôĚŰĚŃĹÒĮ îŃķķúĹŰŧ ÒĹô ŠĚĎĕŰŧŰŃúƖŝŠúŧŧŰĕúĚŠŃŝĚĹĚŃĹŧȢŝŠŃŝŃŧúÒĎúĹôÒĚŰúķŧȢÒĹô íúîŃĹŧîĚŃŸŧĹŃŰŰŃôĚŧîĮŃŧúĚĹčŃŠķÒŰĚŃĹŰŃÒĹƗŝÒŠŰƗĹŃŰ ƒ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŰĕÒŰ Űĕú ŧĕÒŠúĕŃĮôĚĹĎ ĚĹşŸĚŠĚúŧ ŠúĎÒŠôĚĹĎ ŧĕÒŠúĕŃĮôúŠŧɇ ĚĹŰúŠúŧŰŧ ÒĹô ÒŠŠÒĹĎúô ĹŃķĚĹÒŰúŰĕú ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧȡžĕú ŃķŝÒĹƗôúčĚĹúô ĚĹƐŃĮƐúôĚĹŰĕúŰŠÒĹŧÒîŰĚŃĹŧȡ ŧŰŠŸîŰŸŠú ĚĹ ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧȢ ĨŃĚĹŰ ƐúĹŰŸŠú čŃŠ Űĕú ķÒĹÒĎúķúĹŰ ŰŃ ÒĹŧƑúŠ ÒĮĮ şŸúŧŰĚŃĹŧ îĮúÒŠĮƗ ÒĹô Űĕú îŠĚŰúŠĚÒ ÒĹô ŝŠŃîúôŸŠúŧ čŃŠ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ŝŠŃŝŃŧú ÒĎúĹôÒĚŰúķŧŃŠĹŃķĚĹÒŰúôĚŠúîŰŃŠŧȢŃŠíŃŰĕȢĚĹÒôƐÒĹîúčŃŠ  îŃķŝÒĹĚúŧȢ ÒĹô ŃŰĕúŠ ĚĹƐúŧŰķúĹŰŧ Ěŧ îĮúÒŠ ÒĹô ŰĕŃŠŃŸĎĕĮƗȡ ŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧŰŃôúĮĚíúŠÒŰúÒĹôĚĹîĮŸôúĚĹŰĕú>e žĕú ŃķŝÒĹƗŝŠŃĕĚíĚŰŧŰĕúŸŧúŃčĚĹŰúŠĹÒĮĚĹčŃŠķÒŰĚŃĹčŃŠ ŰŠÒĹŧŝÒŠúĹŰ ÒĹôôĚŧîĮŃŧúô ŰŃŰĕúŝŸíĮĚîȡžĕúŠúĚŧĹŃ  ķúúŰĚĹĎ ÒĎúĹôÒȡ žĕĚŧĚĹčŃŠķÒŰĚŃĹĚŧ ŝŸíĮĚîĮƗÒƐÒĚĮÒíĮú ŃĹ ŝúŠŧŃĹÒĮ íúĹúčĚŰȡ JĹ îŃķŝĮĚÒĹîú ƑĚŰĕ ĎŃŃô îŃŠŝŃŠÒŰú îŠŃŧŧȺĕŃĮôĚĹĎÒķŃĹĎķÒĨŃŠŧĕÒŠúĕŃĮôúŠŧȡ žĕúŝŃĮĚîƗŠúĎÒŠôĚĹĎîŃĹčĮĚîŰŃčĚĹŰúŠúŧŰķÒŰŰúŠŧĚŧŰĕÒŰÒĹƗ ƒ ŠJ pɇŧ ƑúíŧĚŰú ĚĹ íŃŰĕ žĕÒĚ ÒĹô +ĹĎĮĚŧĕ ÒĹô ƑÒŧ ÒĮŧŃ ĎŃƐúŠĹÒĹîú ŝŠÒîŰĚîúŧȢ Űĕú ŃķŝÒĹƗ ĕÒŧ úŧŰÒíĮĚŧĕúô žĕú ŃķŝÒĹƗÒôƐĚŧúŧ ŰĕÒŰôĚŠúîŰŃŠŧÒĹôúƖúîŸŰĚƐúŧȢ ôĚŠúîŰŃŠ ƑĚŰĕ ƐúŧŰúô ĚĹŰúŠúŧŰŧ ŃŠ ĚĹƐŃĮƐúķúĹŰ ŃĹ ÒĹƗ ÒĹĹŃŸĹîúô ƐĚÒ Űĕú ”+ž ƑúíŧĚŰúȡ =ŃŠ Űĕú DZǯǰǸ >eȢ Űĕú ĎŸĚôúĮĚĹúŧ čŃŠ ôĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ŠúĮúƐÒĹŰ úķŝĮŃƗúúŧ ĚĹîĮŸôĚĹĎ ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧ ŧĕÒĮĮ ŠúŝŃŠŰ ŰĕúĚŠ ÒĎúĹôÒĚŰúķķŸŧŰĚĹčŃŠķŰĕúķúúŰĚĹĎȢŠúîŸŧúŰĕúķŧúĮƐúŧ ŃķŝÒĹƗ ĚĹƐĚŰúô ÒĮĮ úĮĚĎĚíĮú ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ŝŠŃŝŃŧú ÒĹô ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧȢ ĚĹîĮŸôĚĹĎ ŧŝŃŸŧúŧ ÒĹô ķĚĹŃŠ ƐúŧŰúô ĚĹŰúŠúŧŰŧ ŰŃ Űĕú ŃķŝÒĹƗ ŸŝŃĹ ŰĕúĚŠ ÒĹôÒíŧŰÒĚĹčŠŃķƐŃŰĚĹĎŃĹŰĕÒŰÒĎúĹôÒĚŰúķȡŰŰĕúDZǯǰǸ ÒĎúĹôÒĚŰúķŧÒĹôȮŃŠĹŃķĚĹÒŰúôĚŠúîŰŃŠŧôŸŠĚĹĎŰĕúŝúŠĚŃô îĕĚĮôŠúĹȢ îŃĹîúŠĹĚĹĎ Űĕú ŰŠÒĹŧčúŠ Ńč ŃķŝÒĹƗ ŧúĚŰĚúŧ ÒŝŝŃĚĹŰķúĹŰÒĹôÒĎÒĚĹÒŰúƐúŠƗƗúÒŠȺúĹôȡ >eȢ ĹŃķĚĹÒŰúô ôĚŠúîŰŃŠŧ ƑúŠú ŠúşŸúŧŰúô ŰŃ ĮúÒƐú Űĕú ƒ čŠŃķgŃƐúķíúŠDZǯǰǷŰŃXÒĹŸÒŠƗDZǯǰǸȡEŃƑúƐúŠȢŰĕúŠúƑúŠú ƑĕĚîĕÒŠúÒŧčŃĮĮŃƑȣ Ű ôĚŠúîŰŃŠŧɇ ķúúŰĚĹĎȢ ôĚŠúîŰŃŠŧ ŃŠ úƖúîŸŰĚƐúŧ ƑĕŃ ķúúŰĚĹĎ ŠŃŃķ čŃŠ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ôŸĮƗ îŃĹŧĚôúŠ Űĕú ƒ ĹŃŝŠŃŝŃŧÒĮŧ čŠŃķŧĕÒŠúĕŃĮôúŠŧ ŰŃíúîŃĹŧĚôúŠúô čŃŠŰĕú ĮÒîī ŃŸŰ ŝúŠĚŃôȣ %ĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ÒĹô ĕÒƐú ƐúŧŰúô ĚĹŰúŠúŧŰŧ ĚĹ Űĕú ÒĎúĹôÒ ķŸŧŰ ÒíŧŰÒĚĹ ÒŝŝŃĚĹŰķúĹŰŃčôĚŠúîŰŃŠŧÒĹôƐŃŰúŃĹĚĹôĚƐĚôŸÒĮíÒŧĚŧȡ DZǯǰǸ>eȡ úķŝĮŃƗúúŧ ȼ ĚĹîĮŸôĚĹĎ ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧȢ ŧĕÒĮĮ čŠŃķƐŃŰĚĹĎŃĹŧŸîĕ ÒĎúĹôÒĚŰúķŧȡžĕĚŧĚŧŰŃúĹŧŸŠú   ŠúčŠÒĚĹ čŠŃķ ŰŠÒôĚĹĎ ĚĹ ŃķŝÒĹƗ ŧúĚŰĚúŧ ȲĚȳ čŃŠ Ò ŰĕÒŰ ôúîĚŧĚŃĹŧ ÒŠú ķÒôú ĚĹ Ò čÒĚŠ ÒĹô ŰŠÒĹŧŝÒŠúĹŰ žĕú ŃķŝÒĹƗĕŃĹŃŸŠúôŰĕúŠĚĎĕŰŃčŧĕÒŠúĕŃĮôúŠŧŰŃÒŰŰúĹô %ĚŠúîŰŃŠŧ=ÒîĚĮĚŰÒŰĚĹĎ”ĕÒŠúĕŃĮôúŠŧÒŰŰĕúeúúŰĚĹĎ ŝúŠĚŃô Ńč Dzǯ ôÒƗŧ ŝŠĚŃŠ ŰŃ Űĕú ŠúĮúÒŧú Ńč čĚĹÒĹîĚÒĮ ķÒĹĹúŠčŃŠŰĕúíúŧŰíúĹúčĚŰŃčŧĕÒŠúĕŃĮôúŠŧȡ ÒĹô ƐŃŰú ÒŰ Űĕú ŧĕÒŠúĕŃĮôúŠŧɇ ķúúŰĚĹĎ úƐúĹ ÒčŰúŠ Űĕú ƒ žĕú ŃķŝÒĹƗÒĚķŧŰŃķÒīúĚŰÒŧîŃĹƐúĹĚúĹŰÒŧŝŃŧŧĚíĮúčŃŠ ŧŰÒŰúķúĹŰŧ ŃŠ ŝŸíĮĚî ôĚŧîĮŃŧŸŠúŧ Ńč ŧĚĎĹĚčĚîÒĹŰ žŠÒĹŧÒîŰĚŃĹŧƑĚŰĕŠúĮÒŰúôŝÒŠŰĚúŧŧĕÒĮĮíúîŃĹôŸîŰúô ķúúŰĚĹĎ ĕÒô ÒĮŠúÒôƗ îŃķķúĹîúôȡ žĕúĚŠ ÒŰŰúĹôÒĹîú úƐúŠƗŧĕÒŠúĕŃĮôúŠŰŃÒŰŰúĹôŰĕúŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȼíú ķÒŰŰúŠŧ ÒĹô ȲĚĚȳ čŃŠ ÒŰ ĮúÒŧŰ Ò čŸŠŰĕúŠ DZdz ĕŃŸŠŧ čÒĚŠĮƗȢ ŃĹ ÒĹ ÒŠķɇŧ ĮúĹĎŰĕ íÒŧĚŧȢ ŸĹôúŠ ĹŃŠķÒĮ îŃĹŧŰĚŰŸŰúôŝÒŠŰŃčŰĕúşŸŃŠŸķȢŧŰÒŠŰĚĹĎčŠŃķŰĕúÒĎúĹôÒ ŰĕúƗĚĹôĚƐĚôŸÒĮŧȢĨŸŠĚŧŰĚîŝúŠŧŃĹŧȢŃŠĚĹŧŰĚŰŸŰĚŃĹÒĮĚĹƐúŧŰŃŠŧȡ ŰĕúŠúÒčŰúŠȢôúŝúĹôĚĹĎŃĹŰĕúôúĎŠúúŃčķÒŰúŠĚÒĮĚŰƗ îŃķķúŠîĚÒĮ ŰúŠķŧȢ ŃŠ íÒŧúô ŸŝŃĹ ÒĎŠúúķúĹŰŧ ĚŰúķ čŃŠ ƑĕĚîĕ ŰĕúƗ ƑúŠú čĚŠŧŰ ĚĹ ÒŰŰúĹôÒĹîú ÒĹô îŃŸĮô ƒ  úŝŃŠŰĚĹĎŃčŧúĚŰĚúŧĕŃĮôĚĹĎŧȲ=ŃŠķǴǸȺǰȳȣ%ĚŠúîŰŃŠŧ íúŰƑúúĹŰĕú ŃķŝÒĹƗÒĹôÒĹƗŠúĮÒŰúôŝÒŠŰƗŰĕÒŰƑĚĮĮ úƖúŠîĚŧú ŰĕúĚŠ ŠĚĎĕŰŧ ŝŠŃƐĚôúô ŰĕÒŰ Űĕú ŠúŧŃĮŸŰĚŃĹ ĚĹ ŰŰĕúDZǯǰǸ>eȢŰĕú ŃķŝÒĹƗÒŠŠÒĹĎúôčŃŠŠúĎĚŧŰŠÒŰĚŃĹŰŃ ÒĹôúƖúîŸŰĚƐúŧÒŧôúčĚĹúôíƗŰĕú”+ ȢĚĹîĮŸôĚĹĎŰĕúĚŠ íúĹúčĚŰŰĕú ŃķŝÒĹƗÒŧÒĎŠŃŸŝȡ şŸúŧŰĚŃĹĕÒôƗúŰŰŃíúîŃĹîĮŸôúôȡ íúĎĚĹÒŰĮúÒŧŰŃĹúĕŃŸŠŝŠĚŃŠŰŃŰĕúŧîĕúôŸĮúôķúúŰĚĹĎŰĚķú ŠúĮÒŰúôŝúŠŧŃĹŧȢÒŠúŠúşŸĚŠúôŰŃŠúŝŃŠŰŰĕúĚŠĕŃĮôĚĹĎŧ  ÒĹôŰŃŠúķÒĚĹŃŝúĹŸĹŰĚĮŰĕúĮÒŧŰķúúŰĚĹĎÒĎúĹôÒĚŰúķȡžĕú   48ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20Ǵǰ19 ǴDZ  gg¥\+ŠpžDZǯǰǸ  

účŃŠúŰĕúķúúŰĚĹĎȢŰĕú ŃķŝÒĹƗ”úîŠúŰÒŠƗĚĹŰŠŃôŸîúôŰĕú čŰúŠŰĕú ķúúŰĚĹĎȢ Űĕú ŃķŝÒĹƗôĚŧîĮŃŧúô ŰĕúŠúŧŃĮŸŰĚŃĹ ŃķŝÒĹƗ Ÿŧúô ÒĹ ŃĹĮĚĹú ŰŃŃĮ ŰŃ ŧŸŝŝŃŠŰ ŰĕúŠúĎĚŧŰŠÒŰĚŃĹ ŃčŰĕú ŃķŝÒĹƗɇŧŧúĚŰĚúŧŰŃŰĕú”+ ƑĚŰĕĚĹDzǯôÒƗŧ ŃÒŠôŃč%ĚŠúîŰŃŠŧȢeÒĹÒĎúķúĹŰȢÒĹôúƖŰúŠĹÒĮÒŸôĚŰŃŠŧŰŃ ƑĚŰĕ ŰĕúƐŃŰĚĹĎ ŠúŧŸĮŰŧ čŃŠúÒîĕ ÒĎúĹôÒ ĚŰúķ ŃĹŰĕú ”+ž ÒĹôƐŃŰĚĹĎȡ ŃčŰĕúĚŠÒŝŝŃĚĹŰķúĹŰȡ ŰĕúķúúŰĚĹĎȡ ŰŰĕúDZǯǰǸ >eķúúŰĚĹĎȢ úƐúŠƗķúķíúŠŃč ƑúíŧĚŰúÒŰŰĕúúĹôŃčŰĕúŧÒķúôÒƗȡžĕúķúúŰĚĹĎķĚĹŸŰúŧ  ƒ úŝŃŠŰĚĹĎŃčîĕÒĹĎúŧĚĹŧúĚŰĚúŧĕŃĮôĚĹĎŧȲ=ŃŠķǴǸȺ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧȢ ĚĹîĮŸôĚĹĎ Űĕú ĕÒĚŠķÒĹ Ńč úƐúŠƗ ƑúŠú îŃķŝĮúŰúĮƗ ÒĹô ÒîÒŰúĮƗ ŠúîŃŠôúô ƑĚŰĕ ôúŰÒĚĮŧ Ńč žĕúDZǯǰǸ>eƑÒŧîŃĹôŸîŰúôĚĹžĕÒĚÒŧķŃŧŰŧĕÒŠúĕŃĮôúŠŧ DZȳȣ %ĚŠúîŰŃŠŧ ÒĹô úƖúîŸŰĚƐúŧ Òŧ ôúčĚĹúô íƗ Űĕú ”+ Ȣ îŃķķĚŰŰúúȢƑÒŧŝŠúŧúĹŰÒŰŰĕúķúúŰĚĹĎȡ ŰĕúĹŸķíúŠŃčŧĕÒŠúĕŃĮôúŠŧÒĹôŝŠŃƖĚúŧĚĹÒŰŰúĹôÒĹîúȢŰĕú ÒŠúžĕÒĚȡEŃƑúƐúŠȢčŃŠŰĕúíúĹúčĚŰŃččŃŠúĚĎĹôĚŠúîŰŃŠŧÒĹô ĚĹîĮŸôĚĹĎ ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧȢ ÒŠú ÒĮŧŃ ŠúşŸĚŠúô ŰŃ  ƐŃŰĚĹĎŠúŧŸĮŰŧȢŧĕÒŠúĕŃĮôúŠŧɇîŃķķúĹŰŧÒĹôşŸúŧŰĚŃĹŧȢÒĹô ŧĕÒŠúĕŃĮôúŠŧȢ Űĕú ŃķŝÒĹƗ ÒŠŠÒĹĎúô čŃŠ ŧŸŝŝĮúķúĹŰÒŠƗ ŠúŝŃŠŰÒĹƗîĕÒĹĎúŧ ĚĹŰĕúĚŠŧúĚŰĚúŧĕŃĮôĚĹĎŧȢ ÒŧÒ žĕú ŃķŝÒĹƗ ”úîŠúŰÒŠƗ úĮÒíŃŠÒŰúô ŃĹ Űĕú ƐŃŰĚĹĎ úƖŝĮÒĹÒŰĚŃĹŧčŠŃķŰĕúôĚŠúîŰŃŠŧÒĹôŰĕúķÒĹÒĎúķúĹŰȡžĕú ôŃîŸķúĹŰŧ ÒĹô ŝŠúŧúĹŰÒŰĚŃĹŧ ŰŃ íú ķÒôú ÒƐÒĚĮÒíĮú ĚĹ ŠúŧŸĮŰŃčŰĕúŧÒĮúȢŝŸŠîĕÒŧúȢŰŠÒĹŧčúŠȢŃŠÒîîúŝŰÒĹîúŃč ŝŠŃîúôŸŠúȢŰĕúƐŃŰúîŃŸĹŰȢÒĹôŰĕúÒĹĹŃŸĹîúķúĹŰŃčƐŃŰĚĹĎ ķĚĹŸŰúŧ Ńč Űĕú DZǯǰǸ >e ķúúŰĚĹĎ ƑúŠú ŝŠúŝÒŠúô ÒĹô +ĹĎĮĚŧĕÒĮŧŃȡ+ĹĎĮĚŧĕȺŧŝúÒīĚĹĎķúķíúŠŧŃčŧŰÒččƑúŠúÒĮŧŃ ŰĕúŰŠÒĹŧčúŠŃčŧúĚŰĚúŧȢƑĚŰĕĚĹDzƑŃŠīĚĹĎôÒƗŧȢƑĚŰĕ ŠúŧŸĮŰŧȡ½ŃŰúŧÒŠúŰŃíúîÒŧŰŃŝúĹĮƗíƗŸŧĚĹĎƐŃŰĚĹĎîÒŠôŧ ŧŸíķĚŰŰúôŰŃŰĕú”+žƑĚŰĕĚĹǰdzôÒƗŧčŠŃķŰĕúôÒŰúŃčŰĕú ŃĹĕÒĹô ŰŃ ŝŠŃƐĚôú ÒĹƗ ĹúîúŧŧÒŠƗ ŰŠÒĹŧĮÒŰĚŃĹ ôŸŠĚĹĎ Űĕú ŰĕúúƖîúŝŰĚŃĹŃčîĕÒĹĎúŧŠúŧŸĮŰĚĹĎčŠŃķŰĕú+ķŝĮŃƗúú íúÒŠĚĹĎ Ò ƐŃŰú ÒĹô Űĕú ŧĕÒŠúĕŃĮôúŠɇŧɇ ŧĚĎĹÒŰŸŠúȡ žĕú ķúúŰĚĹĎÒŧŝúŠŰĕú”+žŠŸĮúȢÒĹôƑÒŧķÒôúÒƐÒĚĮÒíĮúŰŃŰĕú ôĚŧîŸŧŧĚŃĹ ÒĹô şŸúŧŰĚŃĹ ŧúŧŧĚŃĹŧ čŃŠŰĕúîŃĹƐúĹĚúĹîú Ńč XŃĚĹŰJĹƐúŧŰķúĹŰŠŠŃĎŠÒķȲ+XJŠȳŃŠÒĹƗŃŰĕúŠŝŠŃĎŠÒķ ŃķŝÒĹƗ ŰĕúĹ îŃĮĮúîŰŧ ÒĹô îŃŸĹŰŧ Űĕú ôĚŧÒŝŝŠŃƐÒĮ ÒĹô ŝŸíĮĚîŃĹŠJ pɇŧƑúíŧĚŰúĚĹíŃŰĕžĕÒĚÒĹô+ĹĎĮĚŧĕȡ ŧĕÒŠúĕŃĮôúŠŧȡ ƑĕĚîĕĕÒŧŠúîúĚƐúôÒĹ”+ úƖúķŝŰĚŃĹȡ ÒíŧŰúĹŰĚŃĹƐŃŰúŧÒĹôôúôŸîŰŧŰĕúŧúčŠŃķŰĕúŰŃŰÒĮŰŃôúŠĚƐú    Űĕú ÒŝŝŠŃƐÒĮ ƐŃŰúŧȡ čŰúŠ Űĕú ƐŃŰĚĹĎ îŃŸĹŰ ĕÒŧ íúúĹ DZȡ +şŸĚŰÒíĮúžŠúÒŰķúĹŰŃč”ĕÒŠúĕŃĮôúŠŧ žĕú ŃķŝÒĹƗŝŠŃƐĚôúôôĚŧîĮŃŧŸŠúŧŃčĚĹčŃŠķÒŰĚŃĹĚĹíŃŰĕ =ÒĚĮŸŠúŰŃîŃķŝĮƗƑĚŰĕȢŃŠƐĚŃĮÒŰĚŃĹŃčȢŰĕĚŧŝŃĮĚîƗķÒƗŠúŧŸĮŰ îŃķŝĮúŰúôȢŰĕúŠúŧŸĮŰĚŧÒĹĹŃŸĹîúôčŃŠúÒîĕÒĎúĹôÒĚŰúķȡ  žĕÒĚÒĹô+ĹĎĮĚŧĕÒĹôķÒôúŰĕĚŧĚĹčŃŠķÒŰĚŃĹÒƐÒĚĮÒíĮúŰŃŰĕú ĚĹôúŠŃĎÒŰĚŃĹŃŠôÒķÒĎúŰŃŰĕú ŃķŝÒĹƗÒĹôĚŧŰĕúŠúčŃŠú JĹŰĕúúƐúĹŰŰĕÒŰŰĕúƐŃŰĚĹĎîŃŸĹŰķÒƗŰÒīúŧŃķúŰĚķúȢŰĕú Ű ŠJ pȢ Ƒú ŰŠúÒŰúƐúŠƗŧĕÒŠúĕŃĮôúŠ čÒĚŠĮƗ ÒĹô úşŸÒĮĮƗ ŝŸíĮĚîƐĚÒŰĕúŠJ pƑúíŧĚŰúȢŰĕú”+žƑúíŧĚŰúȢÒĹôŃŰĕúŠ ŧŸíĨúîŰŰŃŝúĹÒĮŰƗķúÒŧŸŠúŧŧŸîĕÒŧƑÒŠĹĚĹĎŧȢŧŸŧŝúĹŧĚŃĹ ŠúĮúƐÒĹŰîĕÒĹĹúĮŧŰŃúĹŧŸŠúÒĮĮŧĕÒŠúĕŃĮôúŠŧŰŃĕÒôŠúÒôƗ ƑĚŰĕŃŸŰŝÒƗȢŰúŠķĚĹÒŰĚŃĹÒĹôŝŃŧŧĚíĮúĮúĎÒĮÒîŰĚŃĹŰÒīúĹíƗ ĕÒĚŠķÒĹķÒƗŝŠŃîúúôŰŃŰĕúĹúƖŰÒĎúĹôÒĚŰúķĚĹŃŠôúŠŰŃ ŠúĎÒŠôĮúŧŧ Ńč ŰĕúĚŠ ŧĕÒŠúĕŃĮôĚĹĎ ŝŠŃŝŃŠŰĚŃĹŧ ÒĹô Ńč ŰĕúĚŠ Òîîúŧŧ ŰŃ ŰĕĚŧ ĚĹčŃŠķÒŰĚŃĹ ĚĹ ÒĹ úşŸĚŰÒíĮú ÒĹô ŰĚķúĮƗ ŠúĮúƐÒĹŰŠúĎŸĮÒŰŃŠƗÒŸŰĕŃŠĚŰĚúŧȡžĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒĹô ÒƐŃĚôôĚŧŠŸŝŰĚĹĎŰĕúeúúŰĚĹĎÒĹôÒĹĹŃŸĹîúŰĕúŠúŧŸĮŰƑĕúĹ ĎúĹôúŠȢ ÒĎúȢ ŠÒîúȢ ĹÒŰĚŃĹÒĮĚŰƗȢ ŠúĮĚĎĚŃĹȢ íúĮĚúčŧȢ ŧŃîĚÒĮ čÒŧĕĚŃĹȡ ŰŃŝúƖúîŸŰĚƐúŧ ŧĕÒĮĮŠúŝŃŠŰÒĹƗîĕÒĹĎúŧ ŃčŰĕúĚŠĕŃĮôĚĹĎŧ ŰĕúƐŃŰúîŃŸĹŰĕÒŧčĚĹĚŧĕúôȡ”ĕÒŠúĕŃĮôúŠŧÒŠúŠúşŸúŧŰúôŰŃ ŧŰÒŰŸŧȢŝĕƗŧĚîÒĮÒíĚĮĚŰĚúŧȢÒĹôŝŃĮĚŰĚîÒĮƐĚúƑŧȡ”ĕÒŠúĕŃĮôúŠŧ  Ńč Űĕú ŃķŝÒĹƗɇŧ ŧúĚŰĚúŧ ŰŃ Űĕú ŃķŝÒĹƗȡ žĕú ŠúŰŸŠĹŰĕúĚŠŧĚĎĹúôƐŃŰĚĹĎîÒŠôŧŰŃŰĕú ŃķŝÒĹƗÒčŰúŠŰĕú ŠúîúĚƐúúşŸÒĮƐŃŰĚĹĎŠĚĎĕŰŧȣŃĹúŧĕÒŠúĚŧúşŸÒĮŰŃŃĹúƐŃŰúȡ žĕú¥ŧúŃčJĹŰúŠĹÒĮJĹčŃŠķÒŰĚŃĹ ķŃƐúķúĹŰŧ Ńč ŧúĚŰĚúŧ ĕúĮô íƗ ôĚŠúîŰŃŠŧ ÒĹô ŰŃŝ ķúúŰĚĹĎĕÒŧíúúĹÒôĨŃŸŠĹúôȡ gŃ ŧĕÒŠúŧ ĕÒƐú úƖŰŠÒ ŝŠĚƐĚĮúĎúŧ ŃƐúŠ ŃŰĕúŠ ŧĕÒŠúŧȡ  ŠJ p Ěŧ ÒƑÒŠú Ńč Űĕú ŝŃŧŧĚíĚĮĚŰƗ Ńč ŰĕÒŰ ĚĹŰúŠĹÒĮ úƖúîŸŰĚƐúŧÒŠúÒĮŧŃôĚŧîĮŃŧúôĚĹŰĕúĹĹŸÒĮúŝŃŠŰȡ  ŧĕÒŠúĕŃĮôúŠɇŧ ƐŃŰĚĹĎ ŝŃƑúŠ Ěŧ úşŸÒĮ ŰŃ Űĕú ĹŸķíúŠ Ńč ĚĹčŃŠķÒŰĚŃĹîŃŸĮôíúķĚŧŸŧúôŃŠÒíŸŧúôÒĹôĕÒŧÒŝŃĮĚîƗ  žĕú >e ķúúŰĚĹĎ ĚĹ DZǯǰǸ ŝŠŃîúúôúô ÒîîŃŠôĚĹĎ ŰŃ Űĕú ŧĕÒŠúŧŰĕúƗĕŃĮôȡ ŰŃŝŠŃŰúîŰŰĕúîŃĹčĚôúĹŰĚÒĮĚŰƗŃččĚĹÒĹîĚÒĮÒĹôîŃķķúŠîĚÒĮ eÒĹÒĎĚĹĎ ŃĹčĮĚîŰŧŃčJĹŰúŠúŧŰŧ ÒĎúĹôÒ ŝŸíĮĚŧĕúô ŃĹ Űĕú ķúúŰĚĹĎ ĹŃŰĚîúȡ žĕúŠú ƑúŠú ĹŃ  ĚĹčŃŠķÒŰĚŃĹ ÒĹô ŰŠÒĹŧÒîŰĚŃĹŧ ŰĕÒŰ ĕÒƐú ĹŃŰ ƗúŰ íúúĹ ŧÒĎŠŃŸŝŃčîŃķŝÒĹĚúŧȢŠJ pĚŧƑúĮĮÒƑÒŠúŃčķÒŰŰúŠŧ îĕÒĹĎúŧ ĚĹ Űĕú ŃŠôúŠ Ńč Űĕú ÒĎúĹôÒ ÒĹô ĹŃ ŠúşŸúŧŰ ŰŃ ŠŠŃŝŃŧĚĹĎĎúĹôÒJŰúķŧÒĹôgŃķĚĹÒŰĚĹĎ%ĚŠúîŰŃŠŧ ŝŸíĮĚîĮƗôĚŧîĮŃŧúôÒĹôƑĕĚîĕîŃŸĮôĕÒƐúÒĹĚķŝÒîŰŃĹŰĕú ŠúĮÒŰĚĹĎŰŃîŃĹčĮĚîŰŧŃčĚĹŰúŠúŧŰÒķŃĹĎúĹŰĚŰĚúŧÒĹôŠúĮÒŰúô îŃĹŧĚôúŠ ÒĹƗ ŃŰĕúŠ ķÒŰŰúŠŧȡ =ŃŠ úÒîĕ ÒĎúĹôÒ ĚŰúķȢ Űĕú žĕú ŃķŝÒĹƗŝŠŃŰúîŰŧŰĕúĚĹŰúŠúŧŰŧŃčúƐúŠƗŧĕÒŠúĕŃĮôúŠȢ ŧĕÒŠú ŝŠĚîúȡ žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ÒĹô ŝÒŠŰĚúŧȡžĕú ŃķŝÒĹƗĕÒŧŝŸíĮĚŧĕúôĎŸĚôúĮĚĹúŧŃĹôúÒĮĚĹĎ ĕÒĚŠķÒĹúĹŧŸŠúôŰĕÒŰŧĕÒŠúĕŃĮôúŠŧĕÒôÒôúşŸÒŰúŰĚķúŰŃ ƑĕúŰĕúŠŰĕúƗíúķÒĨŃŠŃŠķĚĹŃŠȢĚĹôĚƐĚôŸÒĮŃŠĚĹŧŰĚŰŸŰĚŃĹÒĮȢ úķŝĮŃƗúúŧ ƑĕŃ ĕÒƐúÒîîúŧŧ ŰŃŧŸîĕĚĹŰúŠĹÒĮĚĹčŃŠķÒŰĚŃĹ ƑĚŰĕ ŧŸîĕ ķÒŰŰúŠŧ ĚĹ Ò ŝŠŸôúĹŰȢ čÒĚŠȢ ÒĹô ŰŠÒĹŧŝÒŠúĹŰ čŠúúĮƗ úƖŝŠúŧŧ ŰĕúĚŠ ŃŝĚĹĚŃĹŧ ÒĹô ŠÒĚŧú şŸúŧŰĚŃĹŧȡ žĕú ÒĹôžĕÒĚŃŠčŃŠúĚĎĹĚĹƐúŧŰŃŠŧȡĮĮŧĕÒŠúĕŃĮôúŠŧĕÒƐúúşŸÒĮ ķŸŧŰīúúŝŰĕĚŧĚĹčŃŠķÒŰĚŃĹŧŰŠĚîŰĮƗîŃĹčĚôúĹŰĚÒĮÒĹôķŸŧŰ ķÒĹĹúŠȡžĕúŧúŝŠÒîŰĚîúŧĚĹîĮŸôúŰĕúčŃĮĮŃƑĚĹĎȣ ĕÒĚŠķÒĹ ÒĮŧŃ ƑúĮîŃķúô ÒôôĚŰĚŃĹÒĮ îŃķķúĹŰŧ ÒĹô ŠĚĎĕŰŧŰŃúƖŝŠúŧŧŰĕúĚŠŃŝĚĹĚŃĹŧȢŝŠŃŝŃŧúÒĎúĹôÒĚŰúķŧȢÒĹô íúîŃĹŧîĚŃŸŧĹŃŰŰŃôĚŧîĮŃŧúĚĹčŃŠķÒŰĚŃĹŰŃÒĹƗŝÒŠŰƗĹŃŰ ƒ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŰĕÒŰ Űĕú ŧĕÒŠúĕŃĮôĚĹĎ ĚĹşŸĚŠĚúŧ ŠúĎÒŠôĚĹĎ ŧĕÒŠúĕŃĮôúŠŧɇ ĚĹŰúŠúŧŰŧ ÒĹô ÒŠŠÒĹĎúô ĹŃķĚĹÒŰúŰĕú ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧȡžĕú ŃķŝÒĹƗôúčĚĹúô ĚĹƐŃĮƐúôĚĹŰĕúŰŠÒĹŧÒîŰĚŃĹŧȡ ŧŰŠŸîŰŸŠú ĚĹ ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧȢ ĨŃĚĹŰ ƐúĹŰŸŠú čŃŠ Űĕú ķÒĹÒĎúķúĹŰ ŰŃ ÒĹŧƑúŠ ÒĮĮ şŸúŧŰĚŃĹŧ îĮúÒŠĮƗ ÒĹô Űĕú îŠĚŰúŠĚÒ ÒĹô ŝŠŃîúôŸŠúŧ čŃŠ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ŝŠŃŝŃŧú ÒĎúĹôÒĚŰúķŧŃŠĹŃķĚĹÒŰúôĚŠúîŰŃŠŧȢŃŠíŃŰĕȢĚĹÒôƐÒĹîúčŃŠ  îŃķŝÒĹĚúŧȢ ÒĹô ŃŰĕúŠ ĚĹƐúŧŰķúĹŰŧ Ěŧ îĮúÒŠ ÒĹô ŰĕŃŠŃŸĎĕĮƗȡ ŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧŰŃôúĮĚíúŠÒŰúÒĹôĚĹîĮŸôúĚĹŰĕú>e žĕú ŃķŝÒĹƗŝŠŃĕĚíĚŰŧŰĕúŸŧúŃčĚĹŰúŠĹÒĮĚĹčŃŠķÒŰĚŃĹčŃŠ ŰŠÒĹŧŝÒŠúĹŰ ÒĹôôĚŧîĮŃŧúô ŰŃŰĕúŝŸíĮĚîȡžĕúŠúĚŧĹŃ  ķúúŰĚĹĎ ÒĎúĹôÒȡ žĕĚŧĚĹčŃŠķÒŰĚŃĹĚŧ ŝŸíĮĚîĮƗÒƐÒĚĮÒíĮú ŃĹ ŝúŠŧŃĹÒĮ íúĹúčĚŰȡ JĹ îŃķŝĮĚÒĹîú ƑĚŰĕ ĎŃŃô îŃŠŝŃŠÒŰú îŠŃŧŧȺĕŃĮôĚĹĎÒķŃĹĎķÒĨŃŠŧĕÒŠúĕŃĮôúŠŧȡ žĕúŝŃĮĚîƗŠúĎÒŠôĚĹĎîŃĹčĮĚîŰŃčĚĹŰúŠúŧŰķÒŰŰúŠŧĚŧŰĕÒŰÒĹƗ ƒ ŠJ pɇŧ ƑúíŧĚŰú ĚĹ íŃŰĕ žĕÒĚ ÒĹô +ĹĎĮĚŧĕ ÒĹô ƑÒŧ ÒĮŧŃ ĎŃƐúŠĹÒĹîú ŝŠÒîŰĚîúŧȢ Űĕú ŃķŝÒĹƗ ĕÒŧ úŧŰÒíĮĚŧĕúô žĕú ŃķŝÒĹƗÒôƐĚŧúŧ ŰĕÒŰôĚŠúîŰŃŠŧÒĹôúƖúîŸŰĚƐúŧȢ ôĚŠúîŰŃŠ ƑĚŰĕ ƐúŧŰúô ĚĹŰúŠúŧŰŧ ŃŠ ĚĹƐŃĮƐúķúĹŰ ŃĹ ÒĹƗ ÒĹĹŃŸĹîúô ƐĚÒ Űĕú ”+ž ƑúíŧĚŰúȡ =ŃŠ Űĕú DZǯǰǸ >eȢ Űĕú ĎŸĚôúĮĚĹúŧ čŃŠ ôĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ŠúĮúƐÒĹŰ úķŝĮŃƗúúŧ ĚĹîĮŸôĚĹĎ ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧ ŧĕÒĮĮ ŠúŝŃŠŰ ŰĕúĚŠ ÒĎúĹôÒĚŰúķķŸŧŰĚĹčŃŠķŰĕúķúúŰĚĹĎȢŠúîŸŧúŰĕúķŧúĮƐúŧ ŃķŝÒĹƗ ĚĹƐĚŰúô ÒĮĮ úĮĚĎĚíĮú ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ŝŠŃŝŃŧú ÒĹô ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧȢ ĚĹîĮŸôĚĹĎ ŧŝŃŸŧúŧ ÒĹô ķĚĹŃŠ ƐúŧŰúô ĚĹŰúŠúŧŰŧ ŰŃ Űĕú ŃķŝÒĹƗ ŸŝŃĹ ŰĕúĚŠ ÒĹôÒíŧŰÒĚĹčŠŃķƐŃŰĚĹĎŃĹŰĕÒŰÒĎúĹôÒĚŰúķȡŰŰĕúDZǯǰǸ ÒĎúĹôÒĚŰúķŧÒĹôȮŃŠĹŃķĚĹÒŰúôĚŠúîŰŃŠŧôŸŠĚĹĎŰĕúŝúŠĚŃô îĕĚĮôŠúĹȢ îŃĹîúŠĹĚĹĎ Űĕú ŰŠÒĹŧčúŠ Ńč ŃķŝÒĹƗ ŧúĚŰĚúŧ ÒŝŝŃĚĹŰķúĹŰÒĹôÒĎÒĚĹÒŰúƐúŠƗƗúÒŠȺúĹôȡ >eȢ ĹŃķĚĹÒŰúô ôĚŠúîŰŃŠŧ ƑúŠú ŠúşŸúŧŰúô ŰŃ ĮúÒƐú Űĕú ƒ čŠŃķgŃƐúķíúŠDZǯǰǷŰŃXÒĹŸÒŠƗDZǯǰǸȡEŃƑúƐúŠȢŰĕúŠúƑúŠú ƑĕĚîĕÒŠúÒŧčŃĮĮŃƑȣ Ű ôĚŠúîŰŃŠŧɇ ķúúŰĚĹĎȢ ôĚŠúîŰŃŠŧ ŃŠ úƖúîŸŰĚƐúŧ ƑĕŃ ķúúŰĚĹĎ ŠŃŃķ čŃŠ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ôŸĮƗ îŃĹŧĚôúŠ Űĕú ƒ ĹŃŝŠŃŝŃŧÒĮŧ čŠŃķŧĕÒŠúĕŃĮôúŠŧ ŰŃíúîŃĹŧĚôúŠúô čŃŠŰĕú ĮÒîī ŃŸŰ ŝúŠĚŃôȣ %ĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ÒĹô ĕÒƐú ƐúŧŰúô ĚĹŰúŠúŧŰŧ ĚĹ Űĕú ÒĎúĹôÒ ķŸŧŰ ÒíŧŰÒĚĹ ÒŝŝŃĚĹŰķúĹŰŃčôĚŠúîŰŃŠŧÒĹôƐŃŰúŃĹĚĹôĚƐĚôŸÒĮíÒŧĚŧȡ DZǯǰǸ>eȡ úķŝĮŃƗúúŧ ȼ ĚĹîĮŸôĚĹĎ ŰĕúĚŠ ŠúĮÒŰúô ŝúŠŧŃĹŧȢ ŧĕÒĮĮ čŠŃķƐŃŰĚĹĎŃĹŧŸîĕ ÒĎúĹôÒĚŰúķŧȡžĕĚŧĚŧŰŃúĹŧŸŠú   ŠúčŠÒĚĹ čŠŃķ ŰŠÒôĚĹĎ ĚĹ ŃķŝÒĹƗ ŧúĚŰĚúŧ ȲĚȳ čŃŠ Ò ŰĕÒŰ ôúîĚŧĚŃĹŧ ÒŠú ķÒôú ĚĹ Ò čÒĚŠ ÒĹô ŰŠÒĹŧŝÒŠúĹŰ žĕú ŃķŝÒĹƗĕŃĹŃŸŠúôŰĕúŠĚĎĕŰŃčŧĕÒŠúĕŃĮôúŠŧŰŃÒŰŰúĹô %ĚŠúîŰŃŠŧ=ÒîĚĮĚŰÒŰĚĹĎ”ĕÒŠúĕŃĮôúŠŧÒŰŰĕúeúúŰĚĹĎ ŝúŠĚŃô Ńč Dzǯ ôÒƗŧ ŝŠĚŃŠ ŰŃ Űĕú ŠúĮúÒŧú Ńč čĚĹÒĹîĚÒĮ ķÒĹĹúŠčŃŠŰĕúíúŧŰíúĹúčĚŰŃčŧĕÒŠúĕŃĮôúŠŧȡ ÒĹô ƐŃŰú ÒŰ Űĕú ŧĕÒŠúĕŃĮôúŠŧɇ ķúúŰĚĹĎ úƐúĹ ÒčŰúŠ Űĕú ƒ žĕú ŃķŝÒĹƗÒĚķŧŰŃķÒīúĚŰÒŧîŃĹƐúĹĚúĹŰÒŧŝŃŧŧĚíĮúčŃŠ ŧŰÒŰúķúĹŰŧ ŃŠ ŝŸíĮĚî ôĚŧîĮŃŧŸŠúŧ Ńč ŧĚĎĹĚčĚîÒĹŰ žŠÒĹŧÒîŰĚŃĹŧƑĚŰĕŠúĮÒŰúôŝÒŠŰĚúŧŧĕÒĮĮíúîŃĹôŸîŰúô ķúúŰĚĹĎ ĕÒô ÒĮŠúÒôƗ îŃķķúĹîúôȡ žĕúĚŠ ÒŰŰúĹôÒĹîú úƐúŠƗŧĕÒŠúĕŃĮôúŠŰŃÒŰŰúĹôŰĕúŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȼíú ķÒŰŰúŠŧ ÒĹô ȲĚĚȳ čŃŠ ÒŰ ĮúÒŧŰ Ò čŸŠŰĕúŠ DZdz ĕŃŸŠŧ čÒĚŠĮƗȢ ŃĹ ÒĹ ÒŠķɇŧ ĮúĹĎŰĕ íÒŧĚŧȢ ŸĹôúŠ ĹŃŠķÒĮ îŃĹŧŰĚŰŸŰúôŝÒŠŰŃčŰĕúşŸŃŠŸķȢŧŰÒŠŰĚĹĎčŠŃķŰĕúÒĎúĹôÒ ŰĕúƗĚĹôĚƐĚôŸÒĮŧȢĨŸŠĚŧŰĚîŝúŠŧŃĹŧȢŃŠĚĹŧŰĚŰŸŰĚŃĹÒĮĚĹƐúŧŰŃŠŧȡ ŰĕúŠúÒčŰúŠȢôúŝúĹôĚĹĎŃĹŰĕúôúĎŠúúŃčķÒŰúŠĚÒĮĚŰƗ îŃķķúŠîĚÒĮ ŰúŠķŧȢ ŃŠ íÒŧúô ŸŝŃĹ ÒĎŠúúķúĹŰŧ ĚŰúķ čŃŠ ƑĕĚîĕ ŰĕúƗ ƑúŠú čĚŠŧŰ ĚĹ ÒŰŰúĹôÒĹîú ÒĹô îŃŸĮô ƒ  úŝŃŠŰĚĹĎŃčŧúĚŰĚúŧĕŃĮôĚĹĎŧȲ=ŃŠķǴǸȺǰȳȣ%ĚŠúîŰŃŠŧ íúŰƑúúĹŰĕú ŃķŝÒĹƗÒĹôÒĹƗŠúĮÒŰúôŝÒŠŰƗŰĕÒŰƑĚĮĮ úƖúŠîĚŧú ŰĕúĚŠ ŠĚĎĕŰŧ ŝŠŃƐĚôúô ŰĕÒŰ Űĕú ŠúŧŃĮŸŰĚŃĹ ĚĹ ŰŰĕúDZǯǰǸ>eȢŰĕú ŃķŝÒĹƗÒŠŠÒĹĎúôčŃŠŠúĎĚŧŰŠÒŰĚŃĹŰŃ ÒĹôúƖúîŸŰĚƐúŧÒŧôúčĚĹúôíƗŰĕú”+ ȢĚĹîĮŸôĚĹĎŰĕúĚŠ íúĹúčĚŰŰĕú ŃķŝÒĹƗÒŧÒĎŠŃŸŝȡ şŸúŧŰĚŃĹĕÒôƗúŰŰŃíúîŃĹîĮŸôúôȡ íúĎĚĹÒŰĮúÒŧŰŃĹúĕŃŸŠŝŠĚŃŠŰŃŰĕúŧîĕúôŸĮúôķúúŰĚĹĎŰĚķú ŠúĮÒŰúôŝúŠŧŃĹŧȢÒŠúŠúşŸĚŠúôŰŃŠúŝŃŠŰŰĕúĚŠĕŃĮôĚĹĎŧ  ÒĹôŰŃŠúķÒĚĹŃŝúĹŸĹŰĚĮŰĕúĮÒŧŰķúúŰĚĹĎÒĎúĹôÒĚŰúķȡžĕú   ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  Ǵǰ ǴDZAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ49 

ƒ ŃĹĹúîŰúô ŰŠÒĹŧÒîŰĚŃĹŧ ŠúşŸĚŠĚĹĎ ŧĕÒŠúĕŃĮôúŠŧɇ ŠJ p ôĚŧîĮŃŧúŧ čĚĹÒĹîĚÒĮ ÒĹô ĹŃĹȺčĚĹÒĹîĚÒĮ ĚĹčŃŠķÒŰĚŃĹ ÒŝŝŠŃƐÒĮķŸŧŰíúôŸĮƗîÒŠŠĚúôŃŸŰĚĹîŃķŝĮĚÒĹîúƑĚŰĕ ĚĹ Ò čÒîŰŸÒĮȢ îŃķŝĮúŰúȢ ÒôúşŸÒŰúȢ îŃĹŧŰÒĹŰȢ ÒĹô ŰĚķúĮƗ ŰĕúŠúĎŸĮÒŰĚŃĹŧÒĹôŠúşŸĚŠúķúĹŰŧŃčŰĕú”+ ÒĹô”+žȡ ķÒĹĹúŠȡ”ĕÒŠúĕŃĮôúŠŧÒŠúƑúĮĮĚĹčŃŠķúôŃččĚĹÒĹîĚÒĮŠúŧŸĮŰŧ  ÒĹôŝŸíĮĚî ôĚŧîĮŃŧŸŠúŧ ƐĚÒŠJ pɇŧƑúíŧĚŰú ÒĹôŰĕú”+ž Dzȡ ŃĮúŃč”ŰÒīúĕŃĮôúŠŧ ƑúíŧĚŰúȡ žĕú ŃķŝÒĹƗ ķŃĹĚŰŃŠŧ Òîîúŧŧ ŰŃ ĚĹŰúŠĹÒĮ  ĚĹčŃŠķÒŰĚŃĹŰŃŝŠúƐúĹŰÒĹƗŃĹúčŠŃķŸŧĚĹĎŧŸîĕĚĹčŃŠķÒŰĚŃĹ ŠJ p ÒôĕúŠúŧ ŰŃ úŰĕĚîÒĮ íŸŧĚĹúŧŧ ŝŠÒîŰĚîúŧ ÒĹô čŃŠ ŝúŠŧŃĹÒĮ ĎÒĚĹȢ ƑĕĚîĕ îŃŸĮô íú ôÒķÒĎĚĹĎ ŰŃ Űĕú îŃĹôŸîŰŧ ĚŰŧ íŸŧĚĹúŧŧúŧ ĚĹ ŃŠôúŠ ŰŃ îŠúÒŰú ĨŃĚĹŰ ƐÒĮŸú ŃŠĎÒĹĚƠÒŰĚŃĹȡžĕú ŃķŝÒĹƗÒŧŧĚĎĹŧJĹƐúŧŰŃŠúĮÒŰĚŃĹŧȲJȳ ŰŃĎúŰĕúŠ ƑĚŰĕ ĚŰŧ ŧŰÒīúĕŃĮôúŠŧ čŃŠ Űĕú ķŸŰŸÒĮ ÒĹô ŰŃíúĚŰŧŝŠĚķÒŠƗîŃĹŰÒîŰƑĚĹôŃƑȢŰŃîŃķķŸĹĚîÒŰúíŸŧĚĹúŧŧ ŧŸŧŰÒĚĹÒíĮúíúĹúčĚŰŃčÒĮĮŝÒŠŰĚúŧȡžĕú ŃķŝÒĹƗŠúîŃĎĹĚƠúŧ ĚĹčŃŠķÒŰĚŃĹ ÒĹô îĮÒŠĚčƗ şŸúŧŰĚŃĹŧ ÒĹô îŃĹîúŠĹŧ Ńč ŰĕúŠĚĎĕŰŧŃčŧŰÒīúĕŃĮôúŠŧȢŰĕúĚŠĚĹŰúŠúŧŰŧÒĹôŰĕúôĚččúŠúĹŰ ŧĕÒŠúĕŃĮôúŠŧ ÒĹô Űĕú ŝŸíĮĚîȢ ĕúĹîú ŠúôŸîĚĹĎ Űĕú ĹúúôŧŃčúÒîĕĎŠŃŸŝȡ čĮŸîŰŸÒŰĚŃĹŃčÒĹôĚķŝÒîŰŃĹŰĕú ŃķŝÒĹƗɇŧŧĕÒŠúŝŠĚîúȡ   žĕú ŃķŝÒĹƗúĹôúÒƐŃŸŠŧŰŃŝŠŃŰúîŰŰĕúíÒŧĚîŠĚĎĕŰŧŃčĚŰŧ ŸŧŰŃķúŠŧ ŧŰÒīúĕŃĮôúŠŧ ĚĹ ÒîîŃŠôÒĹîú ƑĚŰĕ ŠúĮúƐÒĹŰ ĮÒƑŧ ÒĹô ŠJ p čŃîŸŧúŧ ŃĹ Űĕú ŝŠĚĹîĚŝĮú Ńč ”Œ %+e Òŧ Űĕú īúƗ ŠúĎŸĮÒŰĚŃĹŧȢ ÒĹô ĕÒŧ îÒŠúčŸĮĮƗ ôúčĚĹúô Űĕú ŝŃĮĚîƗȢ ŧŸîîúŧŧ čÒîŰŃŠ čŃŠ Ò ĕĚĎĕ ŧŰÒĹôÒŠô Ńč ŃŝúŠÒŰĚŃĹŧ ÒĹô ĎŸĚôúĮĚĹúŧ ÒĹô ŝŠÒîŰĚîúŧ ŰĕÒŰ ÒŝŝŠŃŝŠĚÒŰúĮƗ ÒôôŠúŧŧ Űĕú îŸŧŰŃķúŠ ŧÒŰĚŧčÒîŰĚŃĹȡ ŠJ p úķŝĕÒŧĚƠúŧ úƖŝúŠŰ ĹúúôŧŃčúÒîĕŧŰÒīúĕŃĮôúŠȡŠJ pɇŧīúƗŧŰÒīúĕŃĮôúŠŧÒŠú ŝŠŃôŸîŰĚŃĹÒĹôŰĕúôúĮĚƐúŠƗŃčĕĚĎĕşŸÒĮĚŰƗŝŠŃôŸîŰŧŰŃĚŰŧ ÒŧčŃĮĮŃƑŧȣ îŸŧŰŃķúŠŧȢ ĚĹ Ò ŰĚķúĮƗ ķÒĹĹúŠ ÒĹô ÒŰ Ò îŃķŝúŰĚŰĚƐú ÒĹô  ŠúÒŧŃĹÒíĮú ŝŠĚîúȡ úĚĹĎ Ò ŠúŧŝŃĹŧĚíĮú ŝÒŠŰĹúŠ ĚĹ Űĕú ”ĕÒŠúĕŃĮôúŠŧ ÒŸŰŃķŃŰĚƐú ŝÒŠŰ ŧŸŝŝĮƗ îĕÒĚĹȢ Űĕú ŃķŝÒĹƗ úĹŧŸŠúŧ Űĕú ”ĕÒŠúĕŃĮôúŠŧ ÒŠú Űĕú ŃƑĹúŠŧ Ńč ŠJ pɇŧ íŸŧĚĹúŧŧȡ žĕú îŃĹŰĚĹŸĚŰƗŃčĚŰŧŝŠŃôŸîŰĚŃĹÒĹôŃĹȺŰĚķúôúĮĚƐúŠƗŰŃŧŸŝŝŃŠŰ ŃķŝÒĹƗŧĕÒĮĮŃŝúŠÒŰúĚŰŧíŸŧĚĹúŧŧúŧŰŃîŠúÒŰúĮŃĹĎȺŰúŠķ ŰĕúŃƐúŠÒĮĮŧŸŝŝĮƗîĕÒĚĹŃčŰĕúÒŸŰŃķŃíĚĮúĚĹôŸŧŰŠƗȡ îŃŠŝŃŠÒŰú ŧŸŧŰÒĚĹÒíĚĮĚŰƗȢ ĚĹîŠúÒŧú Űĕú ŃķŝÒĹƗɇŧ  úîŃĹŃķĚî ƐÒĮŸúȢ ÒĹô ĎúĹúŠÒŰú ĎŃŃô ŠúŰŸŠĹŧ ŰŃ ŠJ p ƐÒĮŸúŧ ĎŃŃô ŠúĮÒŰĚŃĹŧĕĚŝŧ ƑĚŰĕ îŸŧŰŃķúŠŧȡ ŧ Ò ŧĕÒŠúĕŃĮôúŠŧȡ žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒîŰŧ Òŧ Űĕú ĮÒŠĎúŰĚúŠǰŧŸŝŝĮĚúŠĚĹžĕÒĚĮÒĹôȢ Űĕú ŃķŝÒĹƗîŃķķĚŰŧŰŃ ŧĕÒŠúĕŃĮôúŠŧɇŠúŝŠúŧúĹŰÒŰĚƐúȡ%ĚŠúîŰŃŠŧÒĹôúƖúîŸŰĚƐúŧÒŠú îŃĹŰĚĹŸŃŸŧĮƗôúƐúĮŃŝĚĹĎÒĹôĚķŝŠŃƐĚĹĎĚŰŧŝŠŃôŸîŰşŸÒĮĚŰƗ ŰŃ ŝúŠčŃŠķ ŰĕúĚŠ ôŸŰĚúŧ ƑĚŰĕ ĕŃĹúŧŰƗ ÒĹô ĚĹŰúĎŠĚŰƗȢ ŰŃ ÒĹôŧúŠƐĚîúŧÒîîŃŠôĚĹĎŰŃŰĕú”Œ %+eŝŠĚĹîĚŝĮúĚĹŃŠôúŠŰŃ ŧŸŝúŠƐĚŧú ÒĹô ķÒĹÒĎú ŠJ pɇŧ íŸŧĚĹúŧŧúŧ ŰŃ ŃŝúŠÒŰú ķúúŰ ÒĹô úƖîúúô Űĕú úƖŝúîŰÒŰĚŃĹŧ Ńč ĚŰŧ îŸŧŰŃķúŠŧȡ žĕú úččúîŰĚƐúĮƗȢ úččĚîĚúĹŰĮƗ ÒĹô ĚĹ Ò ŰŠÒĹŧŝÒŠúĹŰ ÒĹô ÒŸôĚŰÒíĮú îŃĹŧĚŧŰúĹŰŠúîŃĎĹĚŰĚŃĹŃčĚŰŧşŸÒĮĚŰƗķÒĹÒĎúķúĹŰŧƗŧŰúķȢ ķÒĹĹúŠȡ žĕúƗ ŧĕÒĮĮ ÒîŰ ĚĹ îŃĹŧĚôúŠÒŰĚŃĹ Ńč Űĕú íúŧŰ Òŧ ƑúĮĮ Òŧ ĹŸķúŠŃŸŧ ÒƑÒŠôŧ ÒĹô ÒîîŃĮÒôúŧ čŠŃķ ķÒĹƗ ĚĹŰúŠúŧŰŧŃčŰĕúŧĕÒŠúĕŃĮôúŠŧÒĹôĚĹîŃķŝĮĚÒĹîúƑĚŰĕĎŃŃô îŸŧŰŃķúŠŧȢ ÒŠú Ò îĮúÒŠ îŃĹčĚŠķÒŰĚŃĹ Ńč ŠJ pɇŧ îŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŠĚĹîĚŝĮúŧȡ îŃķķĚŰķúĹŰŰŃúƖîúĮĮúĹîúȡ   ŠJ pÒŠŠÒĹĎúŧÒîŰĚƐĚŰĚúŧƑĚŰĕŧĕÒŠúĕŃĮôúŠŧÒĹôŝŠŃƐĚôúŧ ŠJ p ĕÒŧ Ò ŝŃĮĚîƗ Ńč īúúŝĚĹĎ úÒîĕ îŸŧŰŃķúŠɇŧ úşŸÒĮÒîîúŧŧčŃŠŧĕÒŠúĕŃĮôúŠŧŰŃîŃĹŰÒîŰŰĕú ŃķŝÒĹƗȡJŰŧ ĚĹčŃŠķÒŰĚŃĹ ŧŰŠĚîŰĮƗ îŃĹčĚôúĹŰĚÒĮȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ īúƗ ÒîŰĚƐĚŰƗ Ěŧ Űĕú ŧĕÒŠúĕŃĮôúŠŧɇ čÒîŰŃŠƗ ƐĚŧĚŰ ƑĕĚîĕ Ěŧ ŰĕÒŰ úķŝĮŃƗúúŧ ÒŠú ÒƑÒŠú ĹŃŰ ŰŃ ŧĕÒŠú ÒĹƗ íŸŧĚĹúŧŧ ÒŠŠÒĹĎúôŃĹÒĹÒĹĹŸÒĮíÒŧĚŧȡžĕú ŃķŝÒĹƗŝŠŃƐĚôúŧúşŸÒĮ ĚĹčŃŠķÒŰĚŃĹƑĚŰĕĚŰŧŝÒŠŰĹúŠŧŃŠŃŰĕúŠŝÒŠŰĚúŧȡžĕú ŃķŝÒĹƗ ŃŝŝŃŠŰŸĹĚŰƗ čŃŠ ÒĮĮ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ŧĚĎĹ Ÿŝ čŃŠ ÒĹô ƑŃŠīŧ îĮŃŧúĮƗ ƑĚŰĕ úÒîĕ îŸŧŰŃķúŠ ÒĹô ŃŝúŠÒŰúŧ ĚĹ ŝÒŠŰĚîĚŝÒŰúĚĹŰĕĚŧÒîŰĚƐĚŰƗȡ”ĕÒŠúĕŃĮôúŠŧîÒĹŠúĎĚŧŰúŠŰĕúĚŠ îŃķŝĮĚÒĹîúƑĚŰĕîŸŧŰŃķúŠĎŸĚôúĮĚĹúŧÒĹôŝŃĮĚîĚúŧčŃŠĎŃŃô ĹÒķúŧĚĹŝúŠŧŃĹÒŰŰĕú>eŃŠíƗŰúĮúŝĕŃĹúîÒĮĮŃŠúķÒĚĮȡ ķÒĹÒĎúķúĹŰÒĹôĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúȡ žĕú ŃķŝÒĹƗŧúĮúîŰŧŰĕúŝÒŠŰĚîĚŝÒĹŰŧŃĹÒčĚŠŧŰîŃķúčĚŠŧŰ  ŧúŠƐúôíÒŧĚŧȢŠúĎÒŠôĮúŧŧŃčŰĕúĹŸķíúŠŃčŧĕÒŠúŧĕúĮôȢíŸŰ ŠJ pƐÒĮŸúŧ ĚĹĹŃƐÒŰĚŃĹȡžĕú ŃķŝÒĹƗôŃúŧĹŃŰƐĚŃĮÒŰú ŧŸíĨúîŰúôŰŃŰĕúÒƐÒĚĮÒíĚĮĚŰƗŃčŝĮÒîúŧŃĹŰĕúŰŃŸŠȡJĹDZǯǰǸȢ ÒĹƗŠúĎŸĮÒŰĚŃĹŧŃŠîŃĹŰŠÒîŰŸÒĮŠĚĎĕŰŧŠúĎÒŠôĚĹĎŰĕúŸŧúŃč Űĕú ŃķŝÒĹƗÒŠŠÒĹĎúôčŃŠÒŧĕÒŠúĕŃĮôúŠŧɇƐĚŧĚŰȢƑĚŰĕÒŰŃŰÒĮ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ÒĹô îŃŝƗŠĚĎĕŰŧȡ žĕú Ÿŧú Ńč ŃčDzǯŧĕÒŠúĕŃĮôúŠŝÒŠŰĚîĚŝÒĹŰŧȢŰŃĚŰŧčÒîŰŃŠƗÒŰķÒŰÒ ĚŰƗ ĚĹčŃŠķÒŰĚŃĹ ŰúîĕĹŃĮŃĎƗ îŃķŝĮĚúŧ ƑĚŰĕ Űĕú ŃķŝŸŰúŠ ÒƗŃĹĎJĹôŸŧŰŠĚÒĮ+ŧŰÒŰúĚōÒƗŃĹĎŝŠŃƐĚĹîúŃĹžĕŸŠŧôÒƗ ŠĚķúŧ îŰ ÒĹô ŃŰĕúŠ ĮŃîÒĮ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ÒĹô XŸĹúǵȢDZǯǰǸȡ îŃŝƗŠĚĎĕŰĮÒƑŧȡ    50ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǴDz19    ƒ  ŃĹĹúîŰúô ŰŠÒĹŧÒîŰĚŃĹŧ ŠúşŸĚŠĚĹĎ ŧĕÒŠúĕŃĮôúŠŧɇ ŠJ p ôĚŧîĮŃŧúŧ čĚĹÒĹîĚÒĮ ÒĹô ĹŃĹȺčĚĹÒĹîĚÒĮ ĚĹčŃŠķÒŰĚŃĹ ”ŸŝŝĮĚúŠŧ ŠJ p ĕÒŧ Ò ŧĚķŝĮú ŝĕĚĮŃŧŃŝĕƗ ƑĕúŠúíƗ Űĕú ŃķŝÒĹƗ ÒŝŝŠŃƐÒĮķŸŧŰíúôŸĮƗîÒŠŠĚúôŃŸŰĚĹîŃķŝĮĚÒĹîúƑĚŰĕ ĚĹ Ò čÒîŰŸÒĮȢ îŃķŝĮúŰúȢ ÒôúşŸÒŰúȢ îŃĹŧŰÒĹŰȢ ÒĹô ŰĚķúĮƗ ŠJ pîŃĹôŸîŰŧíŸŧĚĹúŧŧƑĚŰĕĚŰŧŧŸŝŝĮĚúŠŧ ĚĹÒčÒĚŠÒĹô îĮúÒŠĮƗ ôúčĚĹúŧ ĚŰŧ ķÒĹÒĎúķúĹŰ îŃĹŰŠŃĮ ŰŃ ÒƐŃĚô ÒĹƗ ŰĕúŠúĎŸĮÒŰĚŃĹŧÒĹôŠúşŸĚŠúķúĹŰŧŃčŰĕú”+ ÒĹô”+žȡ ķÒĹĹúŠȡ”ĕÒŠúĕŃĮôúŠŧÒŠúƑúĮĮĚĹčŃŠķúôŃččĚĹÒĹîĚÒĮŠúŧŸĮŰŧ ŰŠÒĹŧŝÒŠúĹŰƑÒƗȡžĕú ŃķŝÒĹƗĕÒŧÒŝŃĮĚîƗŃčŧúĮúîŰĚĹĎĚŰŧ îŃĹčĮĚîŰŧȡ JĹ ÒĮĮ ĚŰŧ íŸŧĚĹúŧŧ ŝÒŠŰĹúŠŧĕĚŝŧȢ ŠJ p ĕÒŧ  ÒĹôŝŸíĮĚî ôĚŧîĮŃŧŸŠúŧ ƐĚÒŠJ pɇŧƑúíŧĚŰú ÒĹôŰĕú”+ž ŧŸŝŝĮĚúŠŧĚĹÒčÒĚŠÒĹôŃŝúĹķÒĹĹúŠȢƑĕúŠúĹŃŝÒŠŰĚúŧĕÒƐú ŧŸîîúŧŧčŸĮĮƗ úŧŰÒíĮĚŧĕúô ĮŃĹĎȺŰúŠķ ŠúĮÒŰĚŃĹŧĕĚŝŧ ŰĕÒŰ Dzȡ ŃĮúŃč”ŰÒīúĕŃĮôúŠŧ ƑúíŧĚŰúȡ žĕú ŃķŝÒĹƗ ķŃĹĚŰŃŠŧ Òîîúŧŧ ŰŃ ĚĹŰúŠĹÒĮ Űĕú ŸĹčÒĚŠ ÒôƐÒĹŰÒĎú Ńč Ò ŧúŝÒŠÒŰúȢ ŝŠĚŃŠȢ îĮŃŧúô ôŃŃŠ úĹÒíĮú íŃŰĕ îŃķŝÒĹĚúŧ ŰŃ úĹĨŃƗ ŧƗĹúŠĎĚúŧ ÒĹô ķŸŰŸÒĮ  ĚĹčŃŠķÒŰĚŃĹŰŃŝŠúƐúĹŰÒĹƗŃĹúčŠŃķŸŧĚĹĎŧŸîĕĚĹčŃŠķÒŰĚŃĹ ĹúĎŃŰĚÒŰĚŃĹčŃŠÒîŃĹŰŠÒîŰȡžĕúŝŸŠîĕÒŧúŃčķÒŰúŠĚÒĮŧÒĹô íúĹúčĚŰŧÒĹôŰŃÒîĕĚúƐúĮŃĹĎȺŰúŠķŧŸŧŰÒĚĹÒíĮúĎŠŃƑŰĕȡ ŠJ p ÒôĕúŠúŧ ŰŃ úŰĕĚîÒĮ íŸŧĚĹúŧŧ ŝŠÒîŰĚîúŧ ÒĹô čŃŠ ŝúŠŧŃĹÒĮ ĎÒĚĹȢ ƑĕĚîĕ îŃŸĮô íú ôÒķÒĎĚĹĎ ŰŃ Űĕú ĕĚŠú Ńč ŧúŠƐĚîúŧ ÒŠú ôúîĚôúô íÒŧúô ŃĹ Űĕú şŸÒĮĚŰƗȢ ŝŠĚîúȢ  îŃĹôŸîŰŧ ĚŰŧ íŸŧĚĹúŧŧúŧ ĚĹ ŃŠôúŠ ŰŃ îŠúÒŰú ĨŃĚĹŰ ƐÒĮŸú ŃŠĎÒĹĚƠÒŰĚŃĹȡžĕú ŃķŝÒĹƗÒŧŧĚĎĹŧJĹƐúŧŰŃŠúĮÒŰĚŃĹŧȲJȳ ŧúŠƐĚîúȢ ÒĹô ŝŸĹîŰŸÒĮ ôúĮĚƐúŠƗ ŝŠŃƐĚôúô ÒîîŃŠôĚĹĎ ŰŃ Űĕú ŠúôĚŰŃŠŧ ŰŃĎúŰĕúŠ ƑĚŰĕ ĚŰŧ ŧŰÒīúĕŃĮôúŠŧ čŃŠ Űĕú ķŸŰŸÒĮ ÒĹô ŰŃíúĚŰŧŝŠĚķÒŠƗîŃĹŰÒîŰƑĚĹôŃƑȢŰŃîŃķķŸĹĚîÒŰúíŸŧĚĹúŧŧ ÒĎŠúúķúĹŰ ÒĹô ŝŠŃôŸîŰ ŠúşŸĚŠúķúĹŰŧȡ ŠŠŃúķúĹŰ ŠJ pîŃķķĚŰŧŰŃŃŝúŠÒŰĚĹĎĚŰŧíŸŧĚĹúŧŧúŧĚĹîŃķŝĮĚÒĹîú ŧŸŧŰÒĚĹÒíĮúíúĹúčĚŰŃčÒĮĮŝÒŠŰĚúŧȡžĕú ŃķŝÒĹƗŠúîŃĎĹĚƠúŧ ĚĹčŃŠķÒŰĚŃĹ ÒĹô îĮÒŠĚčƗ şŸúŧŰĚŃĹŧ ÒĹô îŃĹîúŠĹŧ Ńč ŃččĚîúŠŧ ŧĕÒĮĮ ŠúčŠÒĚĹ čŠŃķ ôúķÒĹôĚĹĎ ŃŠ ÒîîúŝŰĚĹĎȢ ÒĹô ƑĚŰĕ ĎŃŃô îŃŠŝŃŠÒŰú ĎŃƐúŠĹÒĹîú ŝŠÒîŰĚîúŧ ƑĕĚîĕ îŠúÒŰúŧ ŰĕúŠĚĎĕŰŧŃčŧŰÒīúĕŃĮôúŠŧȢŰĕúĚŠĚĹŰúŠúŧŰŧÒĹôŰĕúôĚččúŠúĹŰ ŧĕÒŠúĕŃĮôúŠŧ ÒĹô Űĕú ŝŸíĮĚîȢ ĕúĹîú ŠúôŸîĚĹĎ Űĕú ŧĕÒĮĮ ĹŃŰ íú ĚĹčĮŸúĹîúô íƗȢ Űĕú ŃččúŠ Ńč ĎĚčŰŧȢ čÒƐŃŸŠŧȢ ŃŠ îŃĹčĚôúĹîú ŃĹ Űĕú ŝÒŠŰ Ńč ĚŰŧ îŠúôĚŰŃŠŧȡ žĕú ŃķŝÒĹƗ ĹúúôŧŃčúÒîĕĎŠŃŸŝȡ čĮŸîŰŸÒŰĚŃĹŃčÒĹôĚķŝÒîŰŃĹŰĕú ŃķŝÒĹƗɇŧŧĕÒŠúŝŠĚîúȡ íúĹúčĚŰŧ Ńč ÒĹƗ īĚĹô čŠŃķ ŧŸŝŝĮĚúŠŧȡ +ķŝĮŃƗúúŧ ķŸŧŰ čŃĮĮŃƑŧ ÒĮĮ ŰúŠķŧ ÒĹô îŃĹôĚŰĚŃĹŧ Òŧ ÒĎŠúúô ŸŝŃĹ ƑĚŰĕ   ÒôĕúŠú ŰŃ Űĕú ŃķŝÒĹƗɇŧ ŝŃĮĚîƗ ŠúĎÒŠôĚĹĎ Űĕú ŠúîúĚŝŰ Ńč îŠúôĚŰŃŠŧȢ ĚĹîĮŸôĚĹĎ ŰŠÒôú îŠúôĚŰŃŠŧȢ ĎŸÒŠÒĹŰúúô îŠúôĚŰŃŠŧȢ žĕú ŃķŝÒĹƗúĹôúÒƐŃŸŠŧŰŃŝŠŃŰúîŰŰĕúíÒŧĚîŠĚĎĕŰŧŃčĚŰŧ ŸŧŰŃķúŠŧ ĎĚčŰŧÒĹôŰĕúÒĹŰĚȺîŃŠŠŸŝŰĚŃĹŝŃĮĚîƗŰŃÒƐŃĚôÒĹƗĚĹîĚôúĹŰŧ čĚĹÒĹîĚÒĮ ĚĹŧŰĚŰŸŰĚŃĹŧȢ ÒĹô ôúíúĹŰŸŠú ĕŃĮôúŠŧȡ ŠJ p ŧŰÒīúĕŃĮôúŠŧ ĚĹ ÒîîŃŠôÒĹîú ƑĚŰĕ ŠúĮúƐÒĹŰ ĮÒƑŧ ÒĹô ŠJ p čŃîŸŧúŧ ŃĹ Űĕú ŝŠĚĹîĚŝĮú Ńč ”Œ %+e Òŧ Űĕú īúƗ ĮúÒôĚĹĎŰŃîŃŠŠŸŝŰĚŃĹȡ ķÒĚĹŰÒĚĹŧ îŃĹŧĚŧŰúĹŰ îŃķķŸĹĚîÒŰĚŃĹ ƑĚŰĕ îŠúôĚŰŃŠŧȡ žĕú ŠúĎŸĮÒŰĚŃĹŧȢ ÒĹô ĕÒŧ îÒŠúčŸĮĮƗ ôúčĚĹúô Űĕú ŝŃĮĚîƗȢ ŧŸîîúŧŧ čÒîŰŃŠ čŃŠ Ò ĕĚĎĕ ŧŰÒĹôÒŠô Ńč ŃŝúŠÒŰĚŃĹŧ ÒĹô ”ŸŝŝĮĚúŠŧÒŠúŰĕú ŃķŝÒĹƗɇŧƐÒĮŸúôíŸŧĚĹúŧŧŝÒŠŰĹúŠŧȡžĕú ŃķŝÒĹƗŠúŝŃŠŰŧŰŃĚŰŧîŠúôĚŰŃŠŧƑĚŰĕčŸĮĮŰŠÒĹŧŝÒŠúĹîƗÒĹô ĎŸĚôúĮĚĹúŧ ÒĹô ŝŠÒîŰĚîúŧ ŰĕÒŰ ÒŝŝŠŃŝŠĚÒŰúĮƗ ÒôôŠúŧŧ Űĕú îŸŧŰŃķúŠ ŧÒŰĚŧčÒîŰĚŃĹȡ ŠJ p úķŝĕÒŧĚƠúŧ úƖŝúŠŰ ŃķŝÒĹƗĚŧîŃķķĚŰŰúôŰŃŝŠŃķŃŰĚĹĎîŃŃŝúŠÒŰĚŃĹíúŰƑúúĹ ŧŸččĚîĚúĹŰôĚŧîĮŃŧŸŠúĚĹÒŰĚķúĮƗķÒĹĹúŠȢƑĕĚĮúÒĮŧŃŧŰŠĚƐĚĹĎ ĹúúôŧŃčúÒîĕŧŰÒīúĕŃĮôúŠȡŠJ pɇŧīúƗŧŰÒīúĕŃĮôúŠŧÒŠú ŝŠŃôŸîŰĚŃĹÒĹôŰĕúôúĮĚƐúŠƗŃčĕĚĎĕşŸÒĮĚŰƗŝŠŃôŸîŰŧŰŃĚŰŧ Űĕú ŃķŝÒĹƗÒĹôĚŰŧŧŸŝŝĮĚúŠŧŰŃîŠúÒŰúĎŃŃôŠúĮÒŰĚŃĹŧĕĚŝŧ ŰŃčŸĮčĚĮĮĚŰŧŃíĮĚĎÒŰĚŃĹŧŸĹôúŠĚŰŧîŠúôĚŰÒĎŠúúķúĹŰŧȡJĹŰĕú ÒŧčŃĮĮŃƑŧȣ îŸŧŰŃķúŠŧȢ ĚĹ Ò ŰĚķúĮƗ ķÒĹĹúŠ ÒĹô ÒŰ Ò îŃķŝúŰĚŰĚƐú ÒĹô ÒĹô ŰŃ ĚķŝŠŃƐú Űĕú úččĚîĚúĹîƗȢ îÒŝÒíĚĮĚŰĚúŧȢ ŧīĚĮĮŧȢ ÒĹô úƐúĹŰŃčîĚŠîŸķŧŰÒĹîúŧŰĕÒŰķÒƗĕÒƐúÒķÒŰúŠĚÒĮĚķŝÒîŰŃĹ  ŠúÒŧŃĹÒíĮú ŝŠĚîúȡ úĚĹĎ Ò ŠúŧŝŃĹŧĚíĮú ŝÒŠŰĹúŠ ĚĹ Űĕú īĹŃƑĮúôĎú Ńč ŧŸŝŝĮĚúŠŧ ŰŃ úĹŧŸŠú ŰĕÒŰ ŰĕúƗ ŃŝúŠÒŰú ĚĹ ĚŰŧ čĚĹÒĹîĚÒĮ ŝŃŧĚŰĚŃĹȢ Űĕú ŃķŝÒĹƗ úĹôúÒƐŃŸŠŧ ŰŃ ”ĕÒŠúĕŃĮôúŠŧ ÒŸŰŃķŃŰĚƐú ŝÒŠŰ ŧŸŝŝĮƗ îĕÒĚĹȢ Űĕú ŃķŝÒĹƗ úĹŧŸŠúŧ Űĕú îŃķŝĮĚÒĹîúƑĚŰĕĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŠÒîŰĚîúŧÒĹô îŃķķŸĹĚîÒŰúÒĹôŠúÒîĕÒĮĚĎĹķúĹŰƑĚŰĕĚŰŧîŠúôĚŰŃŠŧčŃŠÒ ”ĕÒŠúĕŃĮôúŠŧ ÒŠú Űĕú ŃƑĹúŠŧ Ńč ŠJ pɇŧ íŸŧĚĹúŧŧȡ žĕú îŃĹŰĚĹŸĚŰƗŃčĚŰŧŝŠŃôŸîŰĚŃĹÒĹôŃĹȺŰĚķúôúĮĚƐúŠƗŰŃŧŸŝŝŃŠŰ îŃĹŧĚŧŰúĹŰĮƗÒîĕĚúƐúŰĕúşŸÒĮĚŰƗŧŰÒĹôÒŠôŧÒŧŠúşŸĚŠúôíƗ ƑÒĚƐúŠŃŠŃŰĕúŠŧŸĚŰÒíĮúŧŃĮŸŰĚŃĹŧŰŃŠúŧŃĮƐúŧŸîĕķÒŰŰúŠŧȡ ŃķŝÒĹƗŧĕÒĮĮŃŝúŠÒŰúĚŰŧíŸŧĚĹúŧŧúŧŰŃîŠúÒŰúĮŃĹĎȺŰúŠķ ŰĕúŃƐúŠÒĮĮŧŸŝŝĮƗîĕÒĚĹŃčŰĕúÒŸŰŃķŃíĚĮúĚĹôŸŧŰŠƗȡ Űĕú îŸŧŰŃķúŠŧȡ îŰĚƐĚŰĚúŧ ĚĹ DZǯǰǸ ĚĹîĮŸôú Űĕú ÒĹĹŸÒĮ  îŃŠŝŃŠÒŰú ŧŸŧŰÒĚĹÒíĚĮĚŰƗȢ ĚĹîŠúÒŧú Űĕú ŃķŝÒĹƗɇŧ  ŧŸŝŝĮĚúŠķúúŰĚĹĎȢŰĕúŧŸŝŝĮĚúŠÒŸôĚŰȢ ”ÒîŰĚƐĚŰĚúŧȢúŰîȡ ŃķŝúŰĚŰŃŠŧ úîŃĹŃķĚî ƐÒĮŸúȢ ÒĹô ĎúĹúŠÒŰú ĎŃŃô ŠúŰŸŠĹŧ ŰŃ ŠJ p ƐÒĮŸúŧ ĎŃŃô ŠúĮÒŰĚŃĹŧĕĚŝŧ ƑĚŰĕ îŸŧŰŃķúŠŧȡ ŧ Ò  ŠJ pŃŝúŠÒŰúŧƑĚŰĕŃŝúĹĹúŧŧÒĹôĚĹŰúĎŠĚŰƗíƗÒôĕúŠĚĹĎ ŧĕÒŠúĕŃĮôúŠŧȡ žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒîŰŧ Òŧ Űĕú ĮÒŠĎúŰĚúŠǰŧŸŝŝĮĚúŠĚĹžĕÒĚĮÒĹôȢ Űĕú ŃķŝÒĹƗîŃķķĚŰŧŰŃ žĕú ŃķŝÒĹƗ ŧŸŝŝŃŠŰŧ úĹƐĚŠŃĹķúĹŰÒĮĮƗ čŠĚúĹôĮƗ ŰŃ Űĕú ŝŠĚĹîĚŝĮú Ńč čÒĚŠ ÒĹô ĕŃĹúŧŰ îŃķŝúŰĚŰĚŃĹȡ žĕú ŧĕÒŠúĕŃĮôúŠŧɇŠúŝŠúŧúĹŰÒŰĚƐúȡ%ĚŠúîŰŃŠŧÒĹôúƖúîŸŰĚƐúŧÒŠú îŃĹŰĚĹŸŃŸŧĮƗôúƐúĮŃŝĚĹĎÒĹôĚķŝŠŃƐĚĹĎĚŰŧŝŠŃôŸîŰşŸÒĮĚŰƗ ŝŠŃúķúĹŰ ÒĹô ĚĹŰúĹôŧ ŰŃ ÒƐŃĚô ôŃĚĹĎ íŸŧĚĹúŧŧ ƑĚŰĕ ŃķŝÒĹƗîŃĹôŸîŰŧĚŰŧíŸŧĚĹúŧŧŃŝúŠÒŰĚŃĹŧĚĹîŃķŝĮĚÒĹîú ŰŃ ŝúŠčŃŠķ ŰĕúĚŠ ôŸŰĚúŧ ƑĚŰĕ ĕŃĹúŧŰƗ ÒĹô ĚĹŰúĎŠĚŰƗȢ ŰŃ ÒĹôŧúŠƐĚîúŧÒîîŃŠôĚĹĎŰŃŰĕú”Œ %+eŝŠĚĹîĚŝĮúĚĹŃŠôúŠŰŃ ŧŸŝŝĮĚúŠŧƑĕŃôŃĹŃŰŃŝúŠÒŰúĚĹîŃķŝĮĚÒĹîúƑĚŰĕĮÒƑŧÒĹô ƑĚŰĕ ĮÒƑŧ ÒĹô ŠúĮúƐÒĹŰ ŠúĎŸĮÒŰĚŃĹŧȢ ÒĹô ƑĚŰĕ îŃĹîúŠĹ čŃŠ ŧŸŝúŠƐĚŧú ÒĹô ķÒĹÒĎú ŠJ pɇŧ íŸŧĚĹúŧŧúŧ ŰŃ ŃŝúŠÒŰú ķúúŰ ÒĹô úƖîúúô Űĕú úƖŝúîŰÒŰĚŃĹŧ Ńč ĚŰŧ îŸŧŰŃķúŠŧȡ žĕú ŠúĎŸĮÒŰĚŃĹŧŠúĮÒŰúôŰŃĕŸķÒĹŠĚĎĕŰŧȢ ĚĹŰúĮĮúîŰŸÒĮŝŠŃŝúŠŰƗȢ ŰŠÒôú úŰĕĚîŧ ÒĹô ŰŠÒĹŧŝÒŠúĹîƗȡ žĕú ŃķŝÒĹƗ ŧĕÒĮĮ ĹŃŰ úččúîŰĚƐúĮƗȢ úččĚîĚúĹŰĮƗ ÒĹô ĚĹ Ò ŰŠÒĹŧŝÒŠúĹŰ ÒĹô ÒŸôĚŰÒíĮú îŃĹŧĚŧŰúĹŰŠúîŃĎĹĚŰĚŃĹŃčĚŰŧşŸÒĮĚŰƗķÒĹÒĎúķúĹŰŧƗŧŰúķȢ úŰîȡ ŃŝúŠÒŰú ĚĹ ÒĹƗ ķÒĹĹúŠ ŃŠ ŸĹôúŠ ÒĹƗ îĚŠîŸķŧŰÒĹîúŧ ŰĕÒŰ ķÒĹĹúŠȡ žĕúƗ ŧĕÒĮĮ ÒîŰ ĚĹ îŃĹŧĚôúŠÒŰĚŃĹ Ńč Űĕú íúŧŰ Òŧ ƑúĮĮ Òŧ ĹŸķúŠŃŸŧ ÒƑÒŠôŧ ÒĹô ÒîîŃĮÒôúŧ čŠŃķ ķÒĹƗ  ķÒƗîÒŸŧú ŃŠŠúŧŸĮŰĚĹÒĹƗƐĚŃĮÒŰĚŃĹŃčĎúĹúŠÒĮŃŠŧŝúîĚÒĮ ĚĹŰúŠúŧŰŧŃčŰĕúŧĕÒŠúĕŃĮôúŠŧÒĹôĚĹîŃķŝĮĚÒĹîúƑĚŰĕĎŃŃô îŸŧŰŃķúŠŧȢ ÒŠú Ò îĮúÒŠ îŃĹčĚŠķÒŰĚŃĹ Ńč ŠJ pɇŧ XŃĚĹŰ½úĹŰŸŠúŠÒŠŰĹúŠŧ îŃķŝúŰĚŰĚŃĹŠúĎŸĮÒŰĚŃĹŧȡJŰŠúčŸŧúŧŰŃĎÒĚĹŸĹčÒĚŠÒôƐÒĹŰÒĎú îŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŠĚĹîĚŝĮúŧȡ îŃķķĚŰķúĹŰŰŃúƖîúĮĮúĹîúȡ ŠJ pŰŠúÒŰŧĚŰŧĨŃĚĹŰƐúĹŰŸŠúÒĹôíŸŧĚĹúŧŧŝÒŠŰĹúŠŧƑĚŰĕ ŃƐúŠĚŰŧîŃķŝúŰĚŰŃŠŧŰĕŠŃŸĎĕĚĹÒŝŝŠŃŝŠĚÒŰúȢŸĹúŰĕĚîÒĮȢÒĹô   ŠúŧŝúîŰȢ ĚķŝÒŠŰĚÒĮĚŰƗ ÒĹô čÒĚŠĹúŧŧȡ žĕú ŃķŝÒĹƗ ĕŃĹŃŸŠŧ ŸĹĮÒƑčŸĮ ÒîŰĚƐĚŰĚúŧȢ ŧŸîĕ Òŧ ĚĮĮúĎÒĮ ķÒŠīúŰ ŧĕÒŠĚĹĎ ÒĹô ŠJ pÒŠŠÒĹĎúŧÒîŰĚƐĚŰĚúŧƑĚŰĕŧĕÒŠúĕŃĮôúŠŧÒĹôŝŠŃƐĚôúŧ ŠJ p ĕÒŧ Ò ŝŃĮĚîƗ Ńč īúúŝĚĹĎ úÒîĕ îŸŧŰŃķúŠɇŧ ĚŰŧ íŸŧĚĹúŧŧ ÒĎŠúúķúĹŰŧ ÒĹô ÒîŰŧ ĚĹ îŃķŝĮĚÒĹîú ƑĚŰĕ ĚĮĮúĎÒĮŝŠĚîĚĹĎîŃŃŝúŠÒŰĚŃĹȢŃŠŰŃúĹĎÒĎúĚĹÒĹƗÒîŰĚŃĹŧŰĕÒŰ úşŸÒĮÒîîúŧŧčŃŠŧĕÒŠúĕŃĮôúŠŧŰŃîŃĹŰÒîŰŰĕú ŃķŝÒĹƗȡJŰŧ ĚĹčŃŠķÒŰĚŃĹ ŧŰŠĚîŰĮƗ îŃĹčĚôúĹŰĚÒĮȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ íŸŧĚĹúŧŧ úŰĕĚîŧȢ ŠúŧŰŠĚîŰĚŃĹŧȢ ÒĹô ÒŝŝĮĚîÒíĮú ŠúĎŸĮÒŰĚŃĹŧ ƐĚŃĮÒŰúŠúĮúƐÒĹŰîŃķŝúŰĚŰĚŃĹĮÒƑŧȢîŃķŝúŰĚŰŃŠŧɇĚĹŰúĮĮúîŰŸÒĮ īúƗ ÒîŰĚƐĚŰƗ Ěŧ Űĕú ŧĕÒŠúĕŃĮôúŠŧɇ čÒîŰŃŠƗ ƐĚŧĚŰ ƑĕĚîĕ Ěŧ ŰĕÒŰ úķŝĮŃƗúúŧ ÒŠú ÒƑÒŠú ĹŃŰ ŰŃ ŧĕÒŠú ÒĹƗ íŸŧĚĹúŧŧ ÒĹô ĮÒƑŧ Ńč Űĕú îŃŸĹŰŠĚúŧ ĚĹ ƑĕĚîĕ ĚŰ ŃŝúŠÒŰúŧȡ žĕú ŝŠŃŝúŠŰƗ ŠĚĎĕŰŧȢ ŃŠ ŰĕÒŰ  ķÒƗ ôÒķÒĎú îŃķŝúŰĚŰŃŠŧɇ ÒŠŠÒĹĎúôŃĹÒĹÒĹĹŸÒĮíÒŧĚŧȡžĕú ŃķŝÒĹƗŝŠŃƐĚôúŧúşŸÒĮ ĚĹčŃŠķÒŰĚŃĹƑĚŰĕĚŰŧŝÒŠŰĹúŠŧŃŠŃŰĕúŠŝÒŠŰĚúŧȡžĕú ŃķŝÒĹƗ ŃķŝÒĹƗ îŃĮĮÒíŃŠÒŰúŧ ƑĚŰĕ ĚŰŧ ŝÒŠŰĹúŠŧ ŰŃ ŝŠŃķŃŰú ÒĹô ŠúŝŸŰÒŰĚŃĹŧ ƐĚÒ ŸĹŰŠŸŰĕčŸĮ ŧŰÒŰúķúĹŰŧȡ žĕú ŃķŝÒĹƗ ŃŝŝŃŠŰŸĹĚŰƗ čŃŠ ÒĮĮ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ŧĚĎĹ Ÿŝ čŃŠ ÒĹô ƑŃŠīŧ îĮŃŧúĮƗ ƑĚŰĕ úÒîĕ îŸŧŰŃķúŠ ÒĹô ŃŝúŠÒŰúŧ ĚĹ ŧŸŝŝŃŠŰ Űĕú ĨŃĚĹŰ ƐúĹŰŸŠú íŸŧĚĹúŧŧ ŃŝúŠÒŰĚŃĹŧ ÒĹô ÒččĚŠķŧĚŰŧŧŸŝŝŃŠŰčŃŠčŠúúŰŠÒôúÒĹôÒƐŃĚôŧÒĹƗÒîŰŧŰĕÒŰ ŝÒŠŰĚîĚŝÒŰúĚĹŰĕĚŧÒîŰĚƐĚŰƗȡ”ĕÒŠúĕŃĮôúŠŧîÒĹŠúĎĚŧŰúŠŰĕúĚŠ îŃķŝĮĚÒĹîúƑĚŰĕîŸŧŰŃķúŠĎŸĚôúĮĚĹúŧÒĹôŝŃĮĚîĚúŧčŃŠĎŃŃô úĹîŃŸŠÒĎúŧ Űĕú úƖîĕÒĹĎú Ńč ĚôúÒŧȢ ŃŝĚĹĚŃĹŧ ÒĹô ķÒƗŠúŧŸĮŰĚĹÒķÒŠīúŰķŃĹŃŝŃĮƗŃŠĮĚķĚŰčÒĚŠîŃķŝúŰĚŰĚŃĹȡ ĹÒķúŧĚĹŝúŠŧŃĹÒŰŰĕú>eŃŠíƗŰúĮúŝĕŃĹúîÒĮĮŃŠúķÒĚĮȡ ķÒĹÒĎúķúĹŰÒĹôĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúȡ ŧŸĎĎúŧŰĚŃĹŧŰŃôŠĚƐúŰĕúíŸŧĚĹúŧŧŰŃƑÒŠôŰĕúŧĕÒŠúôĎŃÒĮŧȡ  žĕú ŃķŝÒĹƗŧúĮúîŰŧŰĕúŝÒŠŰĚîĚŝÒĹŰŧŃĹÒčĚŠŧŰîŃķúčĚŠŧŰ   +ķŝĮŃƗúúŧ ŧúŠƐúôíÒŧĚŧȢŠúĎÒŠôĮúŧŧŃčŰĕúĹŸķíúŠŃčŧĕÒŠúŧĕúĮôȢíŸŰ ŠJ pƐÒĮŸúŧ ĚĹĹŃƐÒŰĚŃĹȡžĕú ŃķŝÒĹƗôŃúŧĹŃŰƐĚŃĮÒŰú XŃĚĹŰ ƐúĹŰŸŠú ŝÒŠŰĹúŠŧĕĚŝ Ěŧ Ò ĮŃĹĎȺŰúŠķ íŸŧĚĹúŧŧ ŠJ pƐÒĮŸúŧĚŰŧúķŝĮŃƗúúŧɇƑúĮĮȺíúĚĹĎÒĹôşŸÒĮĚŰƗŃčĮĚčúȡ ŧŸíĨúîŰúôŰŃŰĕúÒƐÒĚĮÒíĚĮĚŰƗŃčŝĮÒîúŧŃĹŰĕúŰŃŸŠȡJĹDZǯǰǸȢ ÒĹƗŠúĎŸĮÒŰĚŃĹŧŃŠîŃĹŰŠÒîŰŸÒĮŠĚĎĕŰŧŠúĎÒŠôĚĹĎŰĕúŸŧúŃč ŠúĮÒŰĚŃĹŧĕĚŝȡ žĕú ŃķŝÒĹƗ ĮŃŃīŧ čŃŠ ĚĹŰúĎŠĚŰƗ ÒĹô žĕú ŃķŝÒĹƗúĹŧŸŠúŧŰĕÒŰúķŝĮŃƗúúŧŠúîúĚƐúŰĕúĚŠíÒŧĚî Űĕú ŃķŝÒĹƗÒŠŠÒĹĎúôčŃŠÒŧĕÒŠúĕŃĮôúŠŧɇƐĚŧĚŰȢƑĚŰĕÒŰŃŰÒĮ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ÒĹô îŃŝƗŠĚĎĕŰŧȡ žĕú Ÿŧú Ńč îŃķŝúŰúĹîú Òŧ Űĕú īúƗ şŸÒĮĚčĚîÒŰĚŃĹŧ Ńč ĚŰŧ íŸŧĚĹúŧŧ ŠĚĎĕŰŧÒĹôÒŠúŝŠŃƐĚôúôƑĚŰĕÒŝŝŠŃŝŠĚÒŰúîŃķŝúĹŧÒŰĚŃĹÒĹô ŃčDzǯŧĕÒŠúĕŃĮôúŠŝÒŠŰĚîĚŝÒĹŰŧȢŰŃĚŰŧčÒîŰŃŠƗÒŰķÒŰÒ ĚŰƗ ĚĹčŃŠķÒŰĚŃĹ ŰúîĕĹŃĮŃĎƗ îŃķŝĮĚúŧ ƑĚŰĕ Űĕú ŃķŝŸŰúŠ ŝÒŠŰĹúŠŧȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŰĕÒŰ ĚŰŧ ŝÒŠŰĹúŠŧ ÒŠú íúĹúčĚŰŧ ÒîîŃŠôĚĹĎ ŰŃ ŰĕúĚŠ īĹŃƑĮúôĎú ÒĹô îÒŝÒíĚĮĚŰĚúŧȢ ÒƗŃĹĎJĹôŸŧŰŠĚÒĮ+ŧŰÒŰúĚōÒƗŃĹĎŝŠŃƐĚĹîúŃĹžĕŸŠŧôÒƗ ŠĚķúŧ îŰ ÒĹô ŃŰĕúŠ ĮŃîÒĮ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ÒĹô îŃķŝúŰúĹŰ ÒĹô ŠúŝŸŰÒíĮú ÒĹô  ÒƐŃĚôŧ Űĕú ŠĚŧī Ńč Űĕú ƑĚŰĕŠúčúŠúĹîúŰŃŰĕúŧŰÒĹôÒŠôîŃŧŰŃčĮĚƐĚĹĎȢÒĹôĚĹĮĚĹúƑĚŰĕ XŸĹúǵȢDZǯǰǸȡ îŃŝƗŠĚĎĕŰĮÒƑŧȡ ŃķŝÒĹƗ íúĚĹĎ ÒŧŧŃîĚÒŰúô ƑĚŰĕ ÒĹƗ ŸĹúŰĕĚîÒĮȢ ĚĮĮúĎÒĮȢ ŃŠ ŃŰĕúŠîŃķŝÒĹĚúŧĚĹŰĕúŧÒķúĚĹôŸŧŰŠƗȡ   îŃŠŠŸŝŰÒîŰĚƐĚŰĚúŧȡ 

  ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ǴDz ǴdzAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ51 

úķŸĹúŠÒŰĚŃĹ ŝŠŃķŃŰĚĹĎ ķŸŰŸÒĮ ŠúŧŝúîŰ ÒĹô ŃŝúĹĹúŧŧ ĚĹ ĚŰŧ îŃŠŝŃŠÒŰú +ķŝĮŃƗúúŧÒŠúŠúķŸĹúŠÒŰúôÒîîŃŠôĚĹĎŰŃŰĕúĚŠôŸŰĚúŧÒĹô îŸĮŰŸŠúȢÒĹôÒĚķĚĹĎŰŃîŠúÒŰúÒĕÒŝŝƗƑŃŠīŝĮÒîúčŃŠúƐúŠƗ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ÒŧƑúĮĮÒŧĚĹôĚƐĚôŸÒĮŝúŠčŃŠķÒĹîúĚĹŰĕúĚŠ úķŝĮŃƗúúȡžĕú ŃķŝÒĹƗîŃķķĚŰŧŰŃķÒĚĹŰÒĚĹĚĹĎŰĕúƑúĮĮȺ ŠŃĮúŧȡ +ķŝĮŃƗúúŧɇ ŝúŠčŃŠķÒĹîú Ěŧ čÒĚŠĮƗ úƐÒĮŸÒŰúô íÒŧúô íúĚĹĎ Ńč ĚŰŧ úķŝĮŃƗúúŧ ÒĹô ĕÒŧ ŧĕÒŠúô ĚŰŧ úččŃŠŰŧ ÒĹô ŸŝŃĹŰĕúÒîĕĚúƐúķúĹŰŃčÒĎŠúúôīúƗŝúŠčŃŠķÒĹîúŰÒŠĎúŰŧȡ îŃķķĚŰķúĹŰ ŰŃƑÒŠôŧ ŧŸŧŰÒĚĹÒíĚĮĚŰƗ ƑĚŰĕ ŧŸŝŝĮĚúŠŧ ÒĹô žĕú ŃķŝÒĹƗ ôúŰúŠķĚĹúŧ úķŝĮŃƗúúŧɇ ŠúķŸĹúŠÒŰĚŃĹ ÒĹô îŸŧŰŃķúŠŧŰĕŠŃŸĎĕŃŸŰŰĕúÒŸŰŃķŃŰĚƐúŝÒŠŰŧŸŝŝĮƗîĕÒĚĹȡ íúĹúčĚŰŧÒîîŃŠôĚĹĎŰŃŰĕúĚŠŝŃŧĚŰĚŃĹŧȢÒŧŠúşŸĚŠúôíƗĮÒƑŧ  ÒĹô ŠúĎŸĮÒŰĚŃĹŧȢ ÒĹô ƑĚŰĕ îŃĹŧĚôúŠÒŰĚŃĹ čŃŠ  ĚŰŧ čĚĹÒĹîĚÒĮ ŃķķŸĹĚŰƗ ŝŃŧĚŰĚŃĹȢ ŝŠŃčĚŰÒíĚĮĚŰƗ ŝúŠčŃŠķÒĹîúȢ ÒĹô úîŃĹŃķĚî ŠJ pîÒŠŠĚúŧŃŸŰĚŰŧíŸŧĚĹúŧŧúŧƑĚŰĕîŃĹŧĚôúŠÒŰĚŃĹčŃŠĚŰŧ îĚŠîŸķŧŰÒĹîúŧȢĚȡúȡîŃĹŧŸķúŠŝŠĚîúĚĹčĮÒŰĚŃĹȢķĚĹĚķŸķƑÒĎú ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ ŰŃ îŃķķŸĹĚŰĚúŧ ŧŸŠŠŃŸĹôĚĹĎ ĚŰŧ čÒîĚĮĚŰĚúŧȡ ŠúşŸĚŠúķúĹŰŧȢúŰîȡ ŧŝÒŠŰŃčŰĕúķÒĹÒĎúķúĹŰÒĎúĹôÒȢŰĕú ŃķŝÒĹƗŧŸŝŝŃŠŰŧ  ÒĹô îŃĹŰŠĚíŸŰúŧ ŰŃ ķÒĹƗ ÒîŰĚƐĚŰĚúŧ ÒĹô îŃķķŸĹĚŰƗ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ÒŝŝŠŃŝŠĚÒŰú îŃķŝúĹŧÒŰĚŃĹ ÒĹô ŝŠŃĨúîŰŧȡ JŰ ÒĮŧŃ úĹîŃŸŠÒĎúŧ úķŝĮŃƗúúŧ ŰŃíú ĚĹƐŃĮƐúô ĚĹ íúĹúčĚŰŧÒŧŧŃîĚÒŰúôƑĚŰĕúÒîĕĨŃíčŸĹîŰĚŃĹȡžĕúŧúíúĹúčĚŰŧ ĚķŝŠŃƐĚĹĎŰĕúĮĚƐúŧŃčŝúŃŝĮúĚĹŰĕúîŃķķŸĹĚŰƗȡ ĚĹîĮŸôúƑŃŠīȺŠúĮÒŰúôíúĹúčĚŰŧÒĹôčĚƖúôÒĮĮŃƑÒĹîúŧȢŰŠÒƐúĮ úƖŝúĹŧúŧȢÒîîŃķķŃôÒŰĚŃĹȢŸĹĚčŃŠķȢŰŠÒĹŧŝŃŠŰÒŰĚŃĹȢÒĹĹŸÒĮ  îĕúîīȺŸŝÒĹôķúôĚîÒĮíúĹúčĚŰŧȢŧŝŃŠŰŧ ôÒƗÒĹôgúƑ ÄúÒŠ žĕú ŃķŝÒĹƗ ŃŝúŠÒŰúŧ ĚĹ îŃķŝĮĚÒĹîú ƑĚŰĕ ŧŃîĚÒĮ ÒĹô ÒîŰĚƐĚŰĚúŧȢÒĹôčĚĹÒĹîĚÒĮÒŧŧĚŧŰÒĹîú ŧŸîĕÒŧķŃŠŰĎÒĎúÒĹô úĹƐĚŠŃĹķúĹŰÒĮŝŠŃŰúîŰĚŃĹĮÒƑŧÒĹôŠúĮÒŰúôŠúĎŸĮÒŰĚŃĹŧȢÒĹô ĮŃÒĹ ŧŸŝŝŃŠŰ čŃŠ úķŝĮŃƗúúŧȡ žĕú ŃķŝÒĹƗ ĕÒŧ ÒĮŧŃ ŰĕúŠúşŸĚŠúķúĹŰŧŃčŰĕú\ÒíŃŠÒĹô”ŃîĚÒĮ¾úĮčÒŠúeĚĹĚŧŰŠƗȢ úŧŰÒíĮĚŧĕúô Ò ŝŠŃƐĚôúĹŰ čŸĹôȢ ƑĕúŠú Űĕú ŃķŝÒĹƗ ÒĹô Űĕú JĹôŸŧŰŠĚÒĮ eĚĹĚŧŰŠƗȢ Űĕú JĹôŸŧŰŠĚÒĮ +ŧŰÒŰú ŸŰĕŃŠĚŰƗ Ńč úķŝĮŃƗúúŧƑĕŃÒŠúķúķíúŠŧŃčŰĕúčŸĹôîŃĹŰŠĚíŸŰúŰŃŰĕú žĕÒĚĮÒĹôÒĹôŃŰĕúŠŠúĮúƐÒĹŰÒĎúĹîĚúŧȡ čŸĹôŃĹÒķŃĹŰĕĮƗíÒŧĚŧȡ   žĕú ŃķŝÒĹƗ ĕÒŧ Ò ŝŃĮĚîƗ čŃŠ ÒĮĮ îŃķŝÒĹĚúŧ Ńč ŠJ p žŠÒĚĹĚĹĎÒĹô%úƐúĮŃŝķúĹŰ >ŠŃŸŝ ŰŃ ķÒĹÒĎú ÒĹô Ÿŧú ŰĕúĚŠ ŠúŧŃŸŠîúŧ ĚĹ Űĕú ķŃŧŰ žĕú ŃķŝÒĹƗ ĕÒŧ čŃîŸŧúô ŃĹ ĕŸķÒĹ ŠúŧŃŸŠîú úččĚîĚúĹŰ ƑÒƗŧ ÒĹô ÒĚķŧ čŃŠ úĹƐĚŠŃĹķúĹŰÒĮ ŝŠŃŰúîŰĚŃĹ ĚĹ ôúƐúĮŃŝķúĹŰÒŧŃĹúŃčĚŰŧķÒĹÒĎúķúĹŰŝŠĚŃŠĚŰĚúŧĚĹDZǯǰǸȡ úƐúŠƗ ŝÒŠŰ Ńč ĚŰŧ ŃŝúŠÒŰĚŃĹŧȡ ¾ĚŰĕ ĚŰŧ Ʉ>ŠúúĹɅ ƐĚŧĚŃĹȢ Űĕú žĕú ŃķŝÒĹƗ ĕÒŧ ŧŰŠŸîŰŸŠúô ÒĹ ŠJ p ŰŠÒĚĹĚĹĎ ÒĹô ŃķŝÒĹƗŝŠŃķŃŰúŧÒƑÒŠúĹúŧŧŃčúĹúŠĎƗîŃĹŧúŠƐÒŰĚŃĹÒĹô ôúƐúĮŃŝķúĹŰŝŠŃĎŠÒķčŃŠúķŝĮŃƗúúŧÒŰôĚččúŠúĹŰĮúƐúĮŧÒĹô îŃĹŰĚĹŸŃŸŧĮƗ ĚķŝĮúķúĹŰŧ Űĕú îŃĹîúŝŰ Ńč ŸŧĚĹĎ ķĚĹĚķŸķ čŸĹîŰĚŃĹŧ ƑĚŰĕĚĹ Űĕú ŠJ p >ŠŃŸŝȡ +Òîĕ úķŝĮŃƗúú îÒĹ ĚĹŝŸŰŃčĹÒŰŸŠÒĮŠúŧŃŸŠîúŧŰŃÒîĕĚúƐúķÒƖĚķŸķŃŸŰŝŸŰȡ îĕŃŃŧúŰŃÒŰŰúĹôŰŠÒĚĹĚĹĎŝŠŃĎŠÒķŧŰĕÒŰŧúŠƐúŰĕúĚŠŧīĚĮĮŧ  ôúƐúĮŃŝķúĹŰ ĹúúôŧȢ úĹÒíĮĚĹĎ Űĕúķ ŰŃ ÒôƐÒĹîú ĚĹ ŰĕúĚŠ ôôĚŰĚŃĹÒĮĚĹčŃŠķÒŰĚŃĹŃĹŰĕú ŃķŝÒĹƗɇŧîŃŠŝŃŠÒŰúŧŃîĚÒĮ îÒŠúúŠŰŃŰĕúĹúƖŰĮúƐúĮŃčŠúŧŝŃĹŧĚíĚĮĚŰƗÒĹôĮúÒôúŠŧĕĚŝȡ ŠúŧŝŃĹŧĚíĚĮĚŰƗÒîŰĚƐĚŰĚúŧîÒĹíúčŃŸĹôĚĹŰĕúŧŸŧŰÒĚĹÒíĚĮĚŰƗ  ŠúŝŃŠŰŧúîŰĚŃĹȡ EúÒĮŰĕÒĹô”ÒčúŰƗ  +ķŝĮŃƗúúĕúÒĮŰĕÒĹôŧÒčúŰƗĚŧÒŰŃŝŝŠĚŃŠĚŰƗÒŰŠJ pȡžĕú JĹŰúĮĮúîŰŸÒĮŠŠŃŝúŠŰƗŠŃĮĚîĚúŧ ŃķŝÒĹƗĕÒŧúŧŰÒíĮĚŧĕúôŰĕúǴ”ŝŠĚĹîĚŝĮúŧÒĹôŝŠÒîŰĚîúŧ JĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ŠúčúŠŧ ŰŃ îŠúÒŰĚŃĹŧ Ńč Űĕú ķĚĹô ŰĕÒŰ ŰŃŝŠŃķŃŰúÒîĮúÒĹÒĹôŝŠŃŝúŠƑŃŠīŝĮÒîúúĹƐĚŠŃĹķúĹŰȡžĕú ŠúŧŸĮŰčŠŃķŰĕúĚĹĹŃƐÒŰĚƐúĹúŧŧÒĹôîŠúÒŰĚƐĚŰƗŃčĚĹôĚƐĚôŸÒĮ ŃķŝÒĹƗÒŠŠÒĹĎúŧŠúĎŸĮÒŠŧÒčúŰƗŰŠÒĚĹĚĹĎŧÒĹôŃŠĎÒĹĚƠúŧ ŃŠ ŰúÒķȢ ÒĹô ƑĕĚîĕ ÒŠú ƑĚŰĕĚĹ Űĕú ĮúĎÒĮ ŠĚĎĕŰŧ Ńč ŰĕÒŰ Űĕú ”ÒčúŰƗ ¾úúī ÒîŰĚƐĚŰƗ ŰŃ čŃŧŰúŠ ÒĹô ŝŠŃķŃŰú ŧÒčúŰƗ ĚĹôĚƐĚôŸÒĮŃŠŰúÒķŰŃķÒĹÒĎúƑĚŰĕÒŧŰĕúƗŧúúčĚŰȡ¾ĚŰĕŰĕĚŧ ÒƑÒŠúĹúŧŧ ÒķŃĹĎ úķŝĮŃƗúúŧ ĚĹ ŃŠôúŠ ŰŃ ķÒĚĹŰÒĚĹ ĕĚĎĕ ĚĹ ķĚĹôȢ Űĕú îŃķŝÒĹƗ ĕÒŧ ŰĕúŠúčŃŠú ŧúŰ ŃŸŰ îŃķŝÒĹƗ ŧŰÒĹôÒŠôŧŃčŧÒčúŰƗÒĹôôĚŧîĚŝĮĚĹúƑĚŰĕĚĹŰĕúŃŠĎÒĹĚƠÒŰĚŃĹ ŝŃĮĚîĚúŧ ŰŃŝŠŃķŃŰúŠúŧŝúîŰ čŃŠ íŃŰĕŰĕú ŃķŝÒĹƗɇŧ ŃƑĹ ÒĹôŠúôŸîúŰĕúŠĚŧīŃčƑŃŠīŝĮÒîúÒîîĚôúĹŰŧȡ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ŠĚĎĕŰŧ ÒĹô Űĕú ŠĚĎĕŰŧ Ńč ŃŰĕúŠŧ ȼ  ŝŃĮĚîĚúŧƑĕĚîĕŰĕú ŃķŝÒĹƗŧŰŠĚîŰĮƗŠúşŸĚŠúŧúƐúŠƗôĚŠúîŰŃŠȢ ĕĚĮô\ÒíŃŸŠÒĹôEŸķÒōĚĎĕŰŧ ķÒĹÒĎúŠȢÒĹôúķŝĮŃƗúúŰŃčŃĮĮŃƑȡ ŠJ pŠúŧŝúîŰŧĕŸķÒĹŠĚĎĕŰŧĚĹÒĮĮĚŰŧÒîŰĚƐĚŰĚúŧÒĹôƑĚĮĮ ǰȡ ŠúÒŰĚŃĹŧȢ īĹŃƑĮúôĎúȢ ŃŠ ĚôúÒŧ íŃŠĹ čŠŃķ ĹŃŰÒîŰĚĹƐĚŃĮÒŰĚŃĹŃčĮŃîÒĮ ŃŠĚĹŰúŠĹÒŰĚŃĹÒĮ ĕŸķÒĹŠĚĎĕŰŧ îŠúÒŰĚƐĚŰƗ ƑĚĮĮ íú ŰŠúÒŰúô Òŧ ŝŠŃŝúŠŰƗ Ńč Űĕú ĮÒƑŧŃŠîĕĚĮôĮÒíŃŸŠŝŠŃŰúîŰĚŃĹŠúĎŸĮÒŰĚŃĹŧȡžĕú ŃķŝÒĹƗ ŃķŝÒĹƗȡ +ķŝĮŃƗúúŧ ÒŠú čŃŠíĚôôúĹ čŠŃķ úĹŧŸŠúŧŰĕÒŰĚŰŧúķŝĮŃƗúúŧÒŠúŰŠúÒŰúôčÒĚŠĮƗÒĹôúşŸÒĮĮƗȢ ôŸŝĮĚîÒŰĚĹĎȢ ķŃôĚčƗĚĹĎȢ ŃŠ ôŃ ÒĹƗŰĕĚĹĎ ƑĚŰĕ ŧÒĚô  52ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǴǴ19  

úķŸĹúŠÒŰĚŃĹ ŝŠŃķŃŰĚĹĎ ķŸŰŸÒĮ ŠúŧŝúîŰ ÒĹô ŃŝúĹĹúŧŧ ĚĹ ĚŰŧ îŃŠŝŃŠÒŰú ŝŠŃŝúŠŰƗȼíúĚŰčŃŠŰĕúĚŠŃƑĹíúĹúčĚŰȢŃŠŰĕúíúĹúčĚŰ ŰĕÒŰ Űĕú íŸŧĚĹúŧŧ ÒĹô ĚŰŧ ŝÒŠŰĹúŠŧ ȼ ĚĹîĮŸôĚĹĎ ŧŸŝŝĮĚúŠŧȢ +ķŝĮŃƗúúŧÒŠúŠúķŸĹúŠÒŰúôÒîîŃŠôĚĹĎŰŃŰĕúĚŠôŸŰĚúŧÒĹô îŸĮŰŸŠúȢÒĹôÒĚķĚĹĎŰŃîŠúÒŰúÒĕÒŝŝƗƑŃŠīŝĮÒîúčŃŠúƐúŠƗ ŃčŃŰĕúŠŧȼƑĚŰĕŃŸŰŝúŠķĚŧŧĚŃĹčŠŃķŰĕú ŃķŝÒĹƗȤ îŃĹŰŠÒîŰŃŠŧȢÒĹôÒĎúĹŰŧȼÒîŰĚĹîŃķŝĮĚÒĹîúƑĚŰĕŠúĮúƐÒĹŰ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ÒŧƑúĮĮÒŧĚĹôĚƐĚôŸÒĮŝúŠčŃŠķÒĹîúĚĹŰĕúĚŠ úķŝĮŃƗúúȡžĕú ŃķŝÒĹƗîŃķķĚŰŧŰŃķÒĚĹŰÒĚĹĚĹĎŰĕúƑúĮĮȺ úƖîúŝŰĚĹŰĕúîÒŧúŰĕÒŰŰĕú ŃķŝÒĹƗĕÒŧÒĮŠúÒôƗ ĮÒƑŧÒĹôŠúĎŸĮÒŰĚŃĹŧȢÒĹôŠúčŸŧúŰŃúĹĎÒĎúĚĹÒĹƗÒîŰŰĕÒŰ ŠŃĮúŧȡ +ķŝĮŃƗúúŧɇ ŝúŠčŃŠķÒĹîú Ěŧ čÒĚŠĮƗ úƐÒĮŸÒŰúô íÒŧúô íúĚĹĎ Ńč ĚŰŧ úķŝĮŃƗúúŧ ÒĹô ĕÒŧ ŧĕÒŠúô ĚŰŧ úččŃŠŰŧ ÒĹô ĎĚƐúĹ ŝúŠķĚŧŧĚŃĹ čŃŠ Űĕú îŠúÒŰĚŃĹ ŰŃ íú Űĕú ķÒƗ ĚĹƐŃĮƐú ĚĹÒŝŝŠŃŝŠĚÒŰú ŃŠ ŸĹĮÒƑčŸĮ ôúúôŧȢ ƑĚŰĕ Űĕú ŸŝŃĹŰĕúÒîĕĚúƐúķúĹŰŃčÒĎŠúúôīúƗŝúŠčŃŠķÒĹîúŰÒŠĎúŰŧȡ îŃķķĚŰķúĹŰ ŰŃƑÒŠôŧ ŧŸŧŰÒĚĹÒíĚĮĚŰƗ ƑĚŰĕ ŧŸŝŝĮĚúŠŧ ÒĹô ŝŠŃŝúŠŰƗŃčĚŰŧĚĹĹŃƐÒŰŃŠȲŧȳȡ čŃĮĮŃƑĚĹĎĚķŝŃŠŰÒĹŰĎŸĚôúĮĚĹúŧȣ žĕú ŃķŝÒĹƗ ôúŰúŠķĚĹúŧ úķŝĮŃƗúúŧɇ ŠúķŸĹúŠÒŰĚŃĹ ÒĹô îŸŧŰŃķúŠŧŰĕŠŃŸĎĕŃŸŰŰĕúÒŸŰŃķŃŰĚƐúŝÒŠŰŧŸŝŝĮƗîĕÒĚĹȡ DZȡ žĕú ŃķŝÒĹƗôĚŧÒŝŝŠŃƐúŧŃčÒĹƗÒîŰŃčƐĚŃĮÒŰĚŃĹ ǰȡ %ĚŠúîŰŃŠŧȢ eÒĹÒĎúķúĹŰȢ ÒĹô +ķŝĮŃƗúúŧ Ńč Űĕú íúĹúčĚŰŧÒîîŃŠôĚĹĎŰŃŰĕúĚŠŝŃŧĚŰĚŃĹŧȢÒŧŠúşŸĚŠúôíƗĮÒƑŧ  ŃčŃŰĕúŠŧɇĚĹŰúĮĮúîŰŸÒĮŝŠŃŝúŠŰƗŠĚĎĕŰŧŝúŠŝúŰŠÒŰúô ŃķŝÒĹƗ ķŸŧŰ ŧŰŠĚîŰĮƗ ÒôĕúŠú ŰŃ Űĕú ĹŰĚȺ ÒĹô ŠúĎŸĮÒŰĚŃĹŧȢ ÒĹô ƑĚŰĕ îŃĹŧĚôúŠÒŰĚŃĹ čŃŠ  ĚŰŧ čĚĹÒĹîĚÒĮ ŃķķŸĹĚŰƗ íƗúķŝĮŃƗúúŧŃŠÒĹƗŃŰĕúŠĚĹôĚƐĚôŸÒĮŧÒŧŧŃîĚÒŰúô ŃŠŠŸŝŰĚŃĹŠŃĮĚîƗȢÒĹô ÒŠúîŃķŝĮúŰúĮƗŝŠŃĕĚíĚŰúô ŝŃŧĚŰĚŃĹȢ ŝŠŃčĚŰÒíĚĮĚŰƗ ŝúŠčŃŠķÒĹîúȢ ÒĹô úîŃĹŃķĚî ŠJ pîÒŠŠĚúŧŃŸŰĚŰŧíŸŧĚĹúŧŧúŧƑĚŰĕîŃĹŧĚôúŠÒŰĚŃĹčŃŠĚŰŧ ƑĚŰĕ Űĕú ŃķŝÒĹƗȢ ÒĹô ĕÒŧ ôúîŠúúô ŰĕÒŰ úƐúŠƗ čŠŃķĚĹƐŃĮƐĚĹĎŰĕúķŧúĮƐúŧĚĹÒĹƗÒîŰŃčîŃŠŠŸŝŰĚŃĹȡ îĚŠîŸķŧŰÒĹîúŧȢĚȡúȡîŃĹŧŸķúŠŝŠĚîúĚĹčĮÒŰĚŃĹȢķĚĹĚķŸķƑÒĎú ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ ŰŃ îŃķķŸĹĚŰĚúŧ ŧŸŠŠŃŸĹôĚĹĎ ĚŰŧ čÒîĚĮĚŰĚúŧȡ úķŝĮŃƗúú ĕÒŧ ÒôŸŰƗŰŃĚĹčŃŠķŰĕúĚŠŧŸŝúŠƐĚŧŃŠŧ DZȡ JĹ Űĕú úƐúĹŰ ŰĕÒŰ ÒĹƗ +ķŝĮŃƗúú ĕÒŝŝúĹŧ ŰŃ ŠúşŸĚŠúķúĹŰŧȢúŰîȡ ŧŝÒŠŰŃčŰĕúķÒĹÒĎúķúĹŰÒĎúĹôÒȢŰĕú ŃķŝÒĹƗŧŸŝŝŃŠŰŧ ŧĕŃŸĮô ŰĕúƗ ĕÒŝŝúĹ ŰŃ îŃķú ÒîŠŃŧŧ ÒĹƗ ÒîŰ Ńč ƑĚŰĹúŧŧ ÒĹ ÒîŰ Ńč îŃŠŠŸŝŰĚŃĹȢ ŰĕúƗ ÒŠú ŰŃ  ÒĹô îŃĹŰŠĚíŸŰúŧ ŰŃ ķÒĹƗ ÒîŰĚƐĚŰĚúŧ ÒĹô îŃķķŸĹĚŰƗ ƐĚŃĮÒŰĚŃĹŃčĚĹŰúĮĮúîŰŸÒĮŝŠŃŝúŠŰƗŠĚĎĕŰŧȡ ĚķķúôĚÒŰúĮƗŠúŝŃŠŰĚŰŰŃŰĕúŸôĚŰ ŃķķĚŰŰúúȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ÒŝŝŠŃŝŠĚÒŰú îŃķŝúĹŧÒŰĚŃĹ ÒĹô ŝŠŃĨúîŰŧȡ JŰ ÒĮŧŃ úĹîŃŸŠÒĎúŧ úķŝĮŃƗúúŧ ŰŃíú ĚĹƐŃĮƐúô ĚĹ Dzȡ JŰ Ěŧ Űĕú ôŸŰƗ Ńč úƐúŠƗ úķŝĮŃƗúú ŰŃ ŝŠúƐúĹŰ ÒĹƗ Dzȡ žĕú ŃķŝÒĹƗƑĚĮĮÒŠŠÒĹĎúčŃŠŝŠŃŰúîŰĚƐúķúÒŧŸŠúŧ íúĹúčĚŰŧÒŧŧŃîĚÒŰúôƑĚŰĕúÒîĕĨŃíčŸĹîŰĚŃĹȡžĕúŧúíúĹúčĚŰŧ ĚķŝŠŃƐĚĹĎŰĕúĮĚƐúŧŃčŝúŃŝĮúĚĹŰĕúîŃķķŸĹĚŰƗȡ ƐĚŃĮÒŰĚŃĹ Ńč Űĕú ŃķŝÒĹƗɇŧ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ŰŃ ŧÒčúĎŸÒŠô Űĕú ŠúŝŃŠŰúŠŧ Ńč ÒîŰŧ Ńč îŃŠŠŸŝŰĚŃĹ ĚĹîĮŸôúƑŃŠīȺŠúĮÒŰúôíúĹúčĚŰŧÒĹôčĚƖúôÒĮĮŃƑÒĹîúŧȢŰŠÒƐúĮ ŠĚĎĕŰŧčŠŃķîŃķĚĹĎŰŃŝÒŧŧȡ čŠŃķŠúŰÒĮĚÒŰĚŃĹȢĕÒŠÒŧŧķúĹŰŃŠĕÒŠķȡ úƖŝúĹŧúŧȢÒîîŃķķŃôÒŰĚŃĹȢŸĹĚčŃŠķȢŰŠÒĹŧŝŃŠŰÒŰĚŃĹȢÒĹĹŸÒĮ  dzȡ ”ĕŃŸĮô ÒĹ úķŝĮŃƗúú íú ôĚŧîŃƐúŠúô íƗ Űĕú dzȡ JĹôĚƐĚôŸÒĮŧ ƑĕŃ ÒŠú ôúúķúô ĎŸĚĮŰƗ Ńč îŃŠŠŸŝŰĚŃĹ îĕúîīȺŸŝÒĹôķúôĚîÒĮíúĹúčĚŰŧȢŧŝŃŠŰŧ ôÒƗÒĹôgúƑ ÄúÒŠ žĕú ŃķŝÒĹƗ ŃŝúŠÒŰúŧ ĚĹ îŃķŝĮĚÒĹîú ƑĚŰĕ ŧŃîĚÒĮ ÒĹô ÒîŰĚƐĚŰĚúŧȢÒĹôčĚĹÒĹîĚÒĮÒŧŧĚŧŰÒĹîú ŧŸîĕÒŧķŃŠŰĎÒĎúÒĹô úĹƐĚŠŃĹķúĹŰÒĮŝŠŃŰúîŰĚŃĹĮÒƑŧÒĹôŠúĮÒŰúôŠúĎŸĮÒŰĚŃĹŧȢÒĹô ŃķŝÒĹƗ ŰŃ íú ƐĚŃĮÒŰĚĹĎ Űĕú ŃķŝÒĹƗɇŧ ƑĚĮĮ íú ŝŸĹĚŧĕúô ƐĚÒ ôĚŧîĚŝĮĚĹÒŠƗ ŃŠ ĮúĎÒĮ ĮŃÒĹ ŧŸŝŝŃŠŰ čŃŠ úķŝĮŃƗúúŧȡ žĕú ŃķŝÒĹƗ ĕÒŧ ÒĮŧŃ ŰĕúŠúşŸĚŠúķúĹŰŧŃčŰĕú\ÒíŃŠÒĹô”ŃîĚÒĮ¾úĮčÒŠúeĚĹĚŧŰŠƗȢ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗŠĚĎĕŰŧȢ ÒĹô Űĕú úķŝĮŃƗúúĚŧ ŝŠŃîúŧŧúŧȢÒŧÒŝŝŠŃŝŠĚÒŰúȡ úŧŰÒíĮĚŧĕúô Ò ŝŠŃƐĚôúĹŰ čŸĹôȢ ƑĕúŠú Űĕú ŃķŝÒĹƗ ÒĹô Űĕú JĹôŸŧŰŠĚÒĮ eĚĹĚŧŰŠƗȢ Űĕú JĹôŸŧŰŠĚÒĮ +ŧŰÒŰú ŸŰĕŃŠĚŰƗ Ńč ĚĹôúúô čŃŸĹô ŰŃ íú ĎŸĚĮŰƗȢ Űĕú ŃķŝÒĹƗ ƑĚĮĮ Ǵȡ žĕú ŃķŝÒĹƗƑĚĮĮÒŠŠÒĹĎúčŃŠŰĕúĹŰĚȺ ŃŠŠŸŝŰĚŃĹ úķŝĮŃƗúúŧƑĕŃÒŠúķúķíúŠŧŃčŰĕúčŸĹôîŃĹŰŠĚíŸŰúŰŃŰĕú žĕÒĚĮÒĹôÒĹôŃŰĕúŠŠúĮúƐÒĹŰÒĎúĹîĚúŧȡ îŃĹŧĚôúŠ ŰÒīĚĹĎ ÒĹƗ ôĚŧîĚŝĮĚĹÒŠƗ ŃŠĮúĎÒĮ ÒîŰĚŃĹŧ ŠŃĮĚîƗ ŰŃ íú îŃĹŧĚŧŰúĹŰĮƗ îŃķķŸĹĚîÒŰúô ŰŃ čŸĹôŃĹÒķŃĹŰĕĮƗíÒŧĚŧȡ  ŰĕÒŰĚŰķÒƗôúúķÒŝŝŠŃŝŠĚÒŰúȡ +ķŝĮŃƗúúŧ ŰŃ ŧúŠƐú Òŧ Ò îŃĹŧŰÒĹŰ ŠúķĚĹôúŠ ŰŃ  žĕú ŃķŝÒĹƗ ĕÒŧ Ò ŝŃĮĚîƗ čŃŠ ÒĮĮ îŃķŝÒĹĚúŧ Ńč ŠJ p Ǵȡ JĹ Űĕú úƐúĹŰ ŰĕÒŰ ÒĹ úķŝĮŃƗúúɇŧ úķŝĮŃƗķúĹŰ ŠúķÒĚĹƐĚĎĚĮÒĹŰȡ žŠÒĚĹĚĹĎÒĹô%úƐúĮŃŝķúĹŰ >ŠŃŸŝ ŰŃ ķÒĹÒĎú ÒĹô Ÿŧú ŰĕúĚŠ ŠúŧŃŸŠîúŧ ĚĹ Űĕú ķŃŧŰ ŧŰÒŰŸŧ ƑĚŰĕ Űĕú ŃķŝÒĹƗ ĕÒŧ îúÒŧúôȢ Űĕú  žĕú ŃķŝÒĹƗ ĕÒŧ čŃîŸŧúô ŃĹ ĕŸķÒĹ ŠúŧŃŸŠîú úččĚîĚúĹŰ ƑÒƗŧ ÒĹô ÒĚķŧ čŃŠ úĹƐĚŠŃĹķúĹŰÒĮ ŝŠŃŰúîŰĚŃĹ ĚĹ úķŝĮŃƗúú ķŸŧŰ ŠúŰŸŠĹ ÒĹƗ ÒĹô ÒĮĮ ŃķŝÒĹƗ ¾ĕĚŧŰĮúĮŃƑúŠŠŃĮĚîƗ ôúƐúĮŃŝķúĹŰÒŧŃĹúŃčĚŰŧķÒĹÒĎúķúĹŰŝŠĚŃŠĚŰĚúŧĚĹDZǯǰǸȡ úƐúŠƗ ŝÒŠŰ Ńč ĚŰŧ ŃŝúŠÒŰĚŃĹŧȡ ¾ĚŰĕ ĚŰŧ Ʉ>ŠúúĹɅ ƐĚŧĚŃĹȢ Űĕú ĚĹŰúĮĮúîŰŸÒĮŝŠŃŝúŠŰƗíÒîīŰŃŰĕú ŃķŝÒĹƗȡ žĕú ŃķŝÒĹƗúĹîŃŸŠÒĎúŧúķŝĮŃƗúúŧÒĹôŧŰÒīúĕŃĮôúŠŧŰŃ žĕú ŃķŝÒĹƗ ĕÒŧ ŧŰŠŸîŰŸŠúô ÒĹ ŠJ p ŰŠÒĚĹĚĹĎ ÒĹô ŃķŝÒĹƗŝŠŃķŃŰúŧÒƑÒŠúĹúŧŧŃčúĹúŠĎƗîŃĹŧúŠƐÒŰĚŃĹÒĹô ǵȡ žĕú ŃķŝÒĹƗ ĕÒŧ ŝŠŃƐĚôúô Ò îŃĹŰÒîŰ îĕÒĹĹúĮȢ ĎĚƐú îŃķķúĹŰŧȢ ŠÒĚŧú îŃĹîúŠĹŧ ÒíŃŸŰ ÒĹƗ ĚŧŧŸúŧ ŃŠ ôúƐúĮŃŝķúĹŰŝŠŃĎŠÒķčŃŠúķŝĮŃƗúúŧÒŰôĚččúŠúĹŰĮúƐúĮŧÒĹô îŃĹŰĚĹŸŃŸŧĮƗ ĚķŝĮúķúĹŰŧ Űĕú îŃĹîúŝŰ Ńč ŸŧĚĹĎ ķĚĹĚķŸķ ĹÒķúĮƗ Űĕú îŃŠŝŃŠÒŰú úķÒĚĮ ÒôôŠúŧŧ ŧŸŧŝĚîĚŃĹŃčķÒĮŝŠÒîŰĚîúŧŰŃŰĕú ŃķŝÒĹƗÒŰÒĹƗŰĚķúčŃŠ čŸĹîŰĚŃĹŧ ƑĚŰĕĚĹ Űĕú ŠJ p >ŠŃŸŝȡ +Òîĕ úķŝĮŃƗúú îÒĹ ĚĹŝŸŰŃčĹÒŰŸŠÒĮŠúŧŃŸŠîúŧŰŃÒîĕĚúƐúķÒƖĚķŸķŃŸŰŝŸŰȡ Ʉ ʑÒÒŝĚîŃȡîŃķɅčŃŠÒĹƗŧŰÒīúĕŃĮôúŠŧŧúúīĚĹĎŰŃ Űĕú ŃķŝÒĹƗ ŰŃ ŰÒīú ĚķķúôĚÒŰú ĹúîúŧŧÒŠƗ ÒîŰĚŃĹŧ ŰŃ îĕŃŃŧúŰŃÒŰŰúĹôŰŠÒĚĹĚĹĎŝŠŃĎŠÒķŧŰĕÒŰŧúŠƐúŰĕúĚŠŧīĚĮĮŧ  ŠúŝŃŠŰ ƐĚŃĮÒŰĚŃĹŧ Ńč ŰĕúĚŠ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ŠúŧŃĮƐú ŧŸîĕ ĚŧŧŸúŧ ŃŠ ŝŠúƐúĹŰ ŧúƐúŠú ôÒķÒĎúŧ ŰŃ ĚŰŧ ôúƐúĮŃŝķúĹŰ ĹúúôŧȢ úĹÒíĮĚĹĎ Űĕúķ ŰŃ ÒôƐÒĹîú ĚĹ ŰĕúĚŠ ôôĚŰĚŃĹÒĮĚĹčŃŠķÒŰĚŃĹŃĹŰĕú ŃķŝÒĹƗɇŧîŃŠŝŃŠÒŰúŧŃîĚÒĮ ŠĚĎĕŰŧíƗŃŰĕúŠŝÒŠŰĚúŧȡ ŃŝúŠÒŰĚŃĹŧŃŠŠúŝŸŰÒŰĚŃĹȡ+ķŝĮŃƗúúŧÒĹôŧŰÒīúĕŃĮôúŠŧîÒĹ îÒŠúúŠŰŃŰĕúĹúƖŰĮúƐúĮŃčŠúŧŝŃĹŧĚíĚĮĚŰƗÒĹôĮúÒôúŠŧĕĚŝȡ ŠúŧŝŃĹŧĚíĚĮĚŰƗÒîŰĚƐĚŰĚúŧîÒĹíúčŃŸĹôĚĹŰĕúŧŸŧŰÒĚĹÒíĚĮĚŰƗ  čĚĮúŠúŝŃŠŰŰŃôúŧĚĎĹÒŰúôîĕÒĹĹúĮŧŃŠŧúĹôúķÒĚĮôĚŠúîŰĮƗŰŃ  ŠúŝŃŠŰŧúîŰĚŃĹȡ ĹŰĚȺ ŃŠŠŸŝŰĚŃĹŠŃĮĚîƗ  ʑÒÒŝĚîŃȡîŃķĚčŰĕúîÒŧúķĚĎĕŰíúŠúĮÒŰúôŰŃúƖúîŸŰĚƐúŧȡ EúÒĮŰĕÒĹô”ÒčúŰƗ  ŠJ pîŃĹôŸîŰŧĚŰŧíŸŧĚĹúŧŧƑĚŰĕĕŃĹúŧŰƗȢĚĹŰúĎŠĚŰƗȢÒĹô žĕúŸôĚŰ ŃķķĚŰŰúúÒŧŧĚĎĹúô íƗ ŰĕúŃÒŠô Ńč%ĚŠúîŰŃŠŧ +ķŝĮŃƗúúĕúÒĮŰĕÒĹôŧÒčúŰƗĚŧÒŰŃŝŝŠĚŃŠĚŰƗÒŰŠJ pȡžĕú JĹŰúĮĮúîŰŸÒĮŠŠŃŝúŠŰƗŠŃĮĚîĚúŧ ŰŠÒĹŧŝÒŠúĹîƗ ŰŃƑÒŠôŧ ĚŰŧ ŧŰÒīúĕŃĮôúŠŧȡ žĕú ŃķŝÒĹƗ ŠúîúĚƐúŧ îŃķŝĮÒĚĹŰŧȢ ƐúŠĚčƗ Űĕú ƐÒĮĚôĚŰƗȢ ÒĹô îŃĹôŸîŰ ŃķŝÒĹƗĕÒŧúŧŰÒíĮĚŧĕúôŰĕúǴ”ŝŠĚĹîĚŝĮúŧÒĹôŝŠÒîŰĚîúŧ JĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ŠúčúŠŧ ŰŃ îŠúÒŰĚŃĹŧ Ńč Űĕú ķĚĹô ŰĕÒŰ čĚŠķĮƗ ŃŝŝŃŧúŧ ÒĮĮ čŃŠķŧ Ńč îŃŠŠŸŝŰĚŃĹ ÒĹô ŰÒīúŧ Ò ƠúŠŃ ŝŠúĮĚķĚĹÒŠƗ ĚĹƐúŧŰĚĎÒŰĚŃĹ ŰŃĎúŰĕúŠ ƑĚŰĕ Űĕú ķÒĹÒĎúķúĹŰȡ ŰŃŝŠŃķŃŰúÒîĮúÒĹÒĹôŝŠŃŝúŠƑŃŠīŝĮÒîúúĹƐĚŠŃĹķúĹŰȡžĕú ŠúŧŸĮŰčŠŃķŰĕúĚĹĹŃƐÒŰĚƐúĹúŧŧÒĹôîŠúÒŰĚƐĚŰƗŃčĚĹôĚƐĚôŸÒĮ ŰŃĮúŠÒĹîú ÒŝŝŠŃÒîĕ ŰŃƑÒŠôŧ íŠĚíúŠƗ ÒĹô îŃŠŠŸŝŰĚŃĹȡ žĕú žĕú îÒŧúŧ ŃčŠĚĎĕŰŧ ƐĚŃĮÒŰĚŃĹȢ îŃŠŠŸŝŰĚŃĹȢĹŃĹȺîŃķŝĮĚÒĹîú ŃķŝÒĹƗÒŠŠÒĹĎúŧŠúĎŸĮÒŠŧÒčúŰƗŰŠÒĚĹĚĹĎŧÒĹôŃŠĎÒĹĚƠúŧ ŃŠ ŰúÒķȢ ÒĹô ƑĕĚîĕ ÒŠú ƑĚŰĕĚĹ Űĕú ĮúĎÒĮ ŠĚĎĕŰŧ Ńč ŰĕÒŰ ŃķŝÒĹƗŧŸŝŝŃŠŰŧÒĹôúĹîŃŸŠÒĎúŧúķŝĮŃƗúúŧÒŰÒĮĮĮúƐúĮŧ ƑĚŰĕĮÒƑŧÒĹôúŰĕĚîÒĮŝŠÒîŰĚîúŧÒŠúŠúŝŃŠŰúôŰŃŰĕúŃÒŠô Űĕú ”ÒčúŰƗ ¾úúī ÒîŰĚƐĚŰƗ ŰŃ čŃŧŰúŠ ÒĹô ŝŠŃķŃŰú ŧÒčúŰƗ ĚĹôĚƐĚôŸÒĮŃŠŰúÒķŰŃķÒĹÒĎúƑĚŰĕÒŧŰĕúƗŧúúčĚŰȡ¾ĚŰĕŰĕĚŧ ŰŃ čĚĎĕŰ îŃŠŠŸŝŰĚŃĹ ƑĚŰĕ Ò îŃĹŧîĚŃŸŧ ķĚĹôȡ JŰ ĕÒŧ Ńč%ĚŠúîŰŃŠŧȡ ÒƑÒŠúĹúŧŧ ÒķŃĹĎ úķŝĮŃƗúúŧ ĚĹ ŃŠôúŠ ŰŃ ķÒĚĹŰÒĚĹ ĕĚĎĕ ĚĹ ķĚĹôȢ Űĕú îŃķŝÒĹƗ ĕÒŧ ŰĕúŠúčŃŠú ŧúŰ ŃŸŰ îŃķŝÒĹƗ úŧŰÒíĮĚŧĕúô Ò ŝŃĮĚîƗ ĎŃƐúŠĹĚĹĎ íŸŧĚĹúŧŧ ôúîĚŧĚŃĹŧ ÒĹô  ŧŰÒĹôÒŠôŧŃčŧÒčúŰƗÒĹôôĚŧîĚŝĮĚĹúƑĚŰĕĚĹŰĕúŃŠĎÒĹĚƠÒŰĚŃĹ ŝŃĮĚîĚúŧ ŰŃŝŠŃķŃŰúŠúŧŝúîŰ čŃŠ íŃŰĕŰĕú ŃķŝÒĹƗɇŧ ŃƑĹ îŃŠŝŃŠÒŰúÒîŰĚŃĹŧÒĹôŰĕúíúĕÒƐĚŃŠŃčúķŝĮŃƗúúŧȡ žĕú ŃķŝÒĹƗ úĹîŃŸŠÒĎúŧ ÒîŸĮŰŸŠúŃčŃŝúĹĹúŧŧ ÒĹô ƑĚĮĮ ÒĹôŠúôŸîúŰĕúŠĚŧīŃčƑŃŠīŝĮÒîúÒîîĚôúĹŰŧȡ ĚĹŰúĮĮúîŰŸÒĮ ŝŠŃŝúŠŰƗ ŠĚĎĕŰŧ ÒĹô Űĕú ŠĚĎĕŰŧ Ńč ŃŰĕúŠŧ ȼ  ŧŸŝŝŃŠŰÒĹƗŃĹúƑĕŃŠÒĚŧúŧĎúĹŸĚĹúîŃĹîúŠĹŧĚĹĎŃŃôčÒĚŰĕȡ  ŝŃĮĚîĚúŧƑĕĚîĕŰĕú ŃķŝÒĹƗŧŰŠĚîŰĮƗŠúşŸĚŠúŧúƐúŠƗôĚŠúîŰŃŠȢ žĕú ÒĹŰĚȺîŃŠŠŸŝŰĚŃĹ ŝŃĮĚîƗ ŃŸŰĮĚĹúŧ Űĕú ŠúşŸĚŠúô îŃĹôŸîŰ žĕú ŃķŝÒĹƗ ĕÒŧ ŝŸŰ ĚĹ ŝĮÒîú ƑĕĚŧŰĮúíĮŃƑúŠ ŝŠŃŰúîŰĚŃĹ ĕĚĮô\ÒíŃŸŠÒĹôEŸķÒōĚĎĕŰŧ ķÒĹÒĎúŠȢÒĹôúķŝĮŃƗúúŰŃčŃĮĮŃƑȡ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ čŃŠ ŝŠúƐúĹŰĚĹĎ čŠÒŸôȡ žĕú ŃķŝÒĹƗ ķúÒŧŸŠúŧ ÒĹô ôŃúŧ ĹŃŰ ŠúşŸĚŠú čŃŠ Űĕú ĹÒķú Ńč Űĕú ŠJ pŠúŧŝúîŰŧĕŸķÒĹŠĚĎĕŰŧĚĹÒĮĮĚŰŧÒîŰĚƐĚŰĚúŧÒĹôƑĚĮĮ ǰȡ ŠúÒŰĚŃĹŧȢ īĹŃƑĮúôĎúȢ ŃŠ ĚôúÒŧ íŃŠĹ čŠŃķ îĮúÒŠĮƗ ÒôƐĚŧúŧ ÒĹô ŰŠÒĚĹŧ ĚŰŧ úķŝĮŃƗúúŧ ĚĹ ŠúĮúƐÒĹŰ ĚĹčŃŠķÒĹŰŃŠŰĕúĚĹčŃŠķÒŰĚŃĹ ŧŃŸŠîú ŰŃ íú ôĚŧîĮŃŧúôȡ žĕú ĹŃŰÒîŰĚĹƐĚŃĮÒŰĚŃĹŃčĮŃîÒĮ ŃŠĚĹŰúŠĹÒŰĚŃĹÒĮ ĕŸķÒĹŠĚĎĕŰŧ îŠúÒŰĚƐĚŰƗ ƑĚĮĮ íú ŰŠúÒŰúô Òŧ ŝŠŃŝúŠŰƗ Ńč Űĕú čŸĹîŰĚŃĹŧ ȼ úŧŝúîĚÒĮĮƗ ŰĕŃŧú ƑĕŃ ŃŝúŠÒŰú ĚĹ ÒŠúÒŧ ŃķŝÒĹƗîŃķķĚŰŧŰŃúĹŧŸŠĚĹĎŰĕÒŰĹŃŃĹúƑĚĮĮŧŸččúŠÒĹƗ ĮÒƑŧŃŠîĕĚĮôĮÒíŃŸŠŝŠŃŰúîŰĚŃĹŠúĎŸĮÒŰĚŃĹŧȡžĕú ŃķŝÒĹƗ ŃķŝÒĹƗȡ +ķŝĮŃƗúúŧ ÒŠú čŃŠíĚôôúĹ čŠŃķ ŝúŠîúĚƐúôŰŃíúĕĚĎĕŠĚŧīȼĚĹŠúîŃĎĹĚƠĚĹĎÒĹôôúÒĮĚĹĎƑĚŰĕ ŸĹčÒĚŠŰŠúÒŰķúĹŰÒŧÒŠúŧŸĮŰŃčŠúčŸŧĚĹĎŰŃŰÒīúŝÒŠŰĚĹÒîŰŧ úĹŧŸŠúŧŰĕÒŰĚŰŧúķŝĮŃƗúúŧÒŠúŰŠúÒŰúôčÒĚŠĮƗÒĹôúşŸÒĮĮƗȢ ôŸŝĮĚîÒŰĚĹĎȢ ķŃôĚčƗĚĹĎȢ ŃŠ ôŃ ÒĹƗŰĕĚĹĎ ƑĚŰĕ ŧÒĚô íŠĚíúŠƗÒĹô îŃŠŠŸŝŰĚŃĹúččúîŰĚƐúĮƗȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŃčíŠĚíúŠƗŃŠîŃŠŠŸŝŰĚŃĹȢŃŠôŸúŰŃŠúŝŃŠŰĚĹĎŰĕúĚŠŧŸŧŝĚîĚŃĹ   ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ǴǴ ǴǵAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ53  

ŰĕÒŰÒîŰŸÒĮŃŠŝŃŰúĹŰĚÒĮíŠĚíúŠƗŃŠŃŰĕúŠîŃŠŠŸŝŰĚŃĹŃččúĹîúŧ ŰŃĕÒĹôĮúŰĕúôĚŧîĮŃŧŸŠúŃčĚĹčŃŠķÒŰĚŃĹŰŃŰĕúŝŸíĮĚîȢÒĮŧŃ ŠúşŸĚŠúôȡ %úŰÒĚĮŧ Ńč ôĚŠúîŰŃŠŧȢ ŰĕúĚŠ ôŸŰĚúŧ ÒĹô ƒ žĕúpŝŝŃŠŰŸĹĚŰƗ%ÒƗĕúĮôÒŰŰĕú”+žúƐúŠƗşŸÒŠŰúŠčŃŠ ĕÒƐú ŰÒīúĹ ŝĮÒîú ŃŠ ķÒƗ ŰÒīú ŝĮÒîúȡ JĹ DZǯǰǸȢ Űĕú ŸôĚŰ úŧŰÒíĮĚŧĕúô ĎŸĚôúĮĚĹúŧ čŃŠ Űĕú ôĚŧîĮŃŧŸŠú Ńč ƐÒŠĚŃŸŧ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢŰĕúĚŠÒŰŰúĹôÒĹîúÒŰķúúŰĚĹĎŧȢŰŠÒĚĹĚĹĎȢÒĹô ĮŃîÒĮĚĹôĚƐĚôŸÒĮŧÒĹôĚĹŧŰĚŰŸŰĚŃĹÒĮĚĹƐúŧŰŃŠŧ ŃķķĚŰŰúú ôĚô ĹŃŰ ŠúîúĚƐú ÒĹƗ îŃķķúĹŰŧ ŃŠ îŃĹîúŠĹŧ ôĚččúŠúĹŰ ŰƗŝú Ńč ĚĹčŃŠķÒŰĚŃĹȢ ÒĹô ĕÒŧ Ò ôúčĚĹúô ŝŸíĮĚî ôĚŠúîŰŃŠŧɇŠúķŸĹúŠÒŰĚŃĹŧÒŠúôĚŧîĮŃŧúôĚĹŰĕúŝŸíĮĚîôŃķÒĚĹ ƒ ŃÒôŧĕŃƑŧÒĹô ŃŠŝŃŠÒŰú%ÒƗîŃĹčúŠúĹîúŧÒŠŠÒĹĎúôíƗ ŠúĎÒŠôĚĹĎ ķÒĮŝŠÒîŰĚîú ŃŠ ķĚŧîŃĹôŸîŰ ƑĚŰĕĚĹ Űĕú ôĚŧîĮŃŧŸŠúŝúŠĚŃôȡȡžĕú ŃķŝÒĹƗčŃĮĮŃƑŧŰĕúĮÒƑŧȢŠŸĮúŧÒĹô ÒĹôŃĹŰĕúŠJ pƑúíŧĚŰúȡ ŧúĚŰĚúŧîŃķŝÒĹĚúŧĚĹžĕÒĚĮÒĹôȢƑĕúŠúŰĕúŠŠúŧĚôúĹŰʒ ŃŠĎÒĹĚƠÒŰĚŃĹčŃŠŰĕúĚŠîŃĹŧĚôúŠÒŰĚŃĹȡ ŠúĎŸĮÒŰĚŃĹŧȢÒĹôŃíĮĚĎÒŰĚŃĹŧŠúşŸĚŠúôíƗŰĕú”+ Ȣ”+žȢÒĹô  +pȢ =pȢ ÒĹô J ŰúÒķ ķúŰ ÒĹÒĮƗŧŰŧ ÒĹô ĚĹŧŰĚŰŸŰĚŃĹÒĮ  ŃŰĕúŠŠúĮúƐÒĹŰĎŃƐúŠĹķúĹŰíŃôĚúŧȡ JĹčŃŠķÒŰĚŃĹŃĹŰĕúŃŝúŠÒŰĚŃĹŧÒĹôĚĹƐúŧŰķúĹŰŧŰŠŸîŰŸŠúŃč ĚĹƐúŧŰŃŠŧȺDZŰĚķúŧȡ žÒƖŠŃĮĚîƗ  ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧȢ ĨŃĚĹŰ ƐúĹŰŸŠúŧȢ ÒĹô ŃŰĕúŠ ƒ ĹÒĮƗŧŰķúúŰĚĹĎŧȼǰŰĚķú ŧ Ò ĎŃŃô îŃŠŝŃŠÒŰú îĚŰĚƠúĹȢ ŠJ p ŧúúŧ ŰÒƖ Òŧ ÒĹ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŰĕÒŰ ÒĹƗ ôĚŧîĮŃŧŸŠú Ńč čĚĹÒĹîĚÒĮ îŃķŝÒĹĚúŧ Ěŧ ôĚŧîĮŃŧúô ĚĹ Űĕú ĹĹŸÒĮ úŝŃŠŰ ÒĹô ŃĹ Űĕú ƒ žĕúÒĹĹŸÒĮŧĕÒŠúĕŃĮôúŠčÒîŰŃŠƗƐĚŧĚŰȼDZŰĚķúŧȡ ĚķŝŃŠŰÒĹŰ ŝÒŠŰ Ńč ĚŰŧ ŠúŧŝŃĹŧĚíĚĮĚŰƗ ŰŃ ŧŰÒīúĕŃĮôúŠŧȡ žĕú ŠúŧŸĮŰŧ ĕÒŧ íúúĹ ŠúƐĚúƑúô ÒĹô ÒŸôĚŰúô íƗ ÒĹ úƖŰúŠĹÒĮ ŠJ p ƑúíŧĚŰúȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŰĕÒŰ ĚŰŧ īúƗ ƒ ŒŸÒŠŰúŠĮƗ ŃķŝÒĹƗ ƐĚŧĚŰŧ ŰŃ ķúúŰ ƑĚŰĕ ķÒĹÒĎúķúĹŰȢ ŃķŝÒĹƗĕÒŧúŧŰÒíĮĚŧĕúôŰĕúŠJ pŰÒƖŝŃĮĚîƗŰŃŝŠŃƐĚôú ÒŸôĚŰŃŠȢ ÒĹô îúŠŰĚčĚúô íƗ Űĕú ŸôĚŰ ŃķķĚŰŰúú ÒĹô Űĕú ŧŰÒīúĕŃĮôúŠŧȢ ĚĹƐúŧŰŃŠŧȢ ŧĕÒŠúĕŃĮôúŠŧȢ ÒĹô Űĕú ĎúĹúŠÒĮ ĚĹîĮŸôĚĹĎŃĹúȺŃĹȺŃĹúķúúŰĚĹĎŧÒĹôîŃĹčúŠúĹîúîÒĮĮŧŰŃ ĎŸĚôúĮĚĹúŧ ÒĹô ŝŠÒîŰĚîúŧ čŃŠ Űĕú >ŠŃŸŝɇŧ ŃŝúŠÒŰĚŃĹŧȡ ŃÒŠôŃč%ĚŠúîŰŃŠŧŝŠĚŃŠŰŃŝŸíĮĚîŠúĮúÒŧúȡžĕúşŸÒŠŰúŠĮƗʒ ŝŸíĮĚî ÒŠú ƑúĮĮ ĚĹčŃŠķúô ÒĹô ŰĕÒŰ ôúŰÒĚĮŧ Ńč ŧĚĎĹĚčĚîÒĹŰ ÒĮĮŃƑ ĚĹƐúŧŰŃŠŧ ŰŃ ĚĹşŸĚŠú ÒíŃŸŰ Űĕú íŸŧĚĹúŧŧ ÒĹô ŠJ p ÒĚķŧŰŃíúÒŰÒƖîŃķŝĮĚÒĹŰîŃķŝÒĹƗÒĹôŃŸŠŰÒƖ ÒĹĹŸÒĮčĚĹÒĹîĚÒĮŧŰÒŰúķúĹŰŧÒĹôĹĹŸÒĮúŝŃŠŰȲ=ŃŠķǴǵȺǰ ŝŠŃĨúîŰŧÒĹôôúƐúĮŃŝķúĹŰŧÒŠúÒîÒŰúĮƗÒĹôŧŸččĚîĚúĹŰĮƗ ŃŝúŠÒŰĚŃĹŧȢŃŠŧúúīîĮÒŠĚčĚîÒŰĚŃĹŧŃččĚĹÒĹîĚÒĮŧȡ ŝŃĮĚîƗŠúčĮúîŰŧÒĹôŧŸŝŝŃŠŰŧŃŸŠíŸŧĚĹúŧŧȡĮĮŰÒƖúŧÒŠúŝÒĚô ÒĹô =ŃŠķ ǴǵȺDZȳ ƑúŠú ŝŠúŝÒŠúô čÒĚŠĮƗ ÒĹô ÒîÒŰúĮƗ ŝŠŃƐĚôúôȢÒŧŠúşŸĚŠúôíƗŰĕú”+žȡ  ĚĹ Ò ŰĚķúĮƗ ķÒĹĹúŠ ÒĹô ÒîîŃŠôĚĹĎ ŰŃ Űĕú ĮÒƑŧ ÒĹô ÒîîŃŠôĚĹĎŰŃĎúĹúŠÒĮĮƗÒîîúŝŰúôÒîîŃŸĹŰĚĹĎŝŠĚĹîĚŝĮúŧȢĚĹÒ  Ǵȡ JĹčŃŠķÒŰĚŃĹŃĹŰĕúŠŠúŧĚôúĹŰʒ +pŠŃŧĚŰĚŃĹ ŠúĎŸĮÒŰĚŃĹŧ Ńč Űĕú ĮŃîÒĮ ĨŸŠĚŧôĚîŰĚŃĹ ƑĕúŠú Űĕú ŃķŝÒĹƗ îŃķŝĮúŰúÒĹôÒîÒŰúķÒĹĹúŠÒĹôƑúŠúķÒôúÒƐÒĚĮÒíĮúĚĹ žĕú ŃķŝÒĹƗôĚŧîĮŃŧúŧĚĹčŃŠķÒŰĚŃĹƐĚÒķŸĮŰĚŝĮúîĕÒĹĹúĮŧȢ  ŃŝúŠÒŰúŧȡ Űĕú ŝŸíĮĚî ôŃķÒĚĹ Òŧ ŠúşŸĚŠúô íƗ Űĕú ”úĚŰĚúŧ ÒĹô ĚĹ íŃŰĕ žĕÒĚ ÒĹô +ĹĎĮĚŧĕȢ ŰŃ úĹŧŸŠú úşŸÒĮ Òîîúŧŧ ŰŃ ŃĮúŧÒĹôúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕú +p  +ƖîĕÒĹĎú ŃķķĚŧŧĚŃĹ Ȳ”+ ȳ ÒĹô Űĕú ”ŰŃîī +ƖîĕÒĹĎú Ńč ĚĹčŃŠķÒŰĚŃĹčŃŠĚŰŧŧŰÒīúĕŃĮôúŠŧȡJĹÒôôĚŰĚŃĹŰŃŝŸíĮĚîĹúƑŧ žĕúîŃķŝÒĹƗĕÒŧÒŸŰĕŃŠĚƠúôŰĕú ĕĚúč+ƖúîŸŰĚƐúpččĚîúŠ  dzȡ %ĚŧîĮŃŧŸŠúÒĹôžŠÒĹŧŝÒŠúĹîƗ žĕÒĚĮÒĹôȲ”+žȳȡ ŠúĮúÒŧúŧ ƐĚÒ Űĕú”+ž ŠŃŠŰÒĮÒĹô Űĕú ŠJ p ƑúíŧĚŰúȢ Űĕú Ȳ +pȳŰŃíúŰĕúĮúÒôúŠŃčŰĕúîŃķŝÒĹƗɇŧķÒĹÒĎúķúĹŰÒĹô   ŃķŝÒĹƗ ÒĮŧŃ Ÿŧúŧ ŧúƐúŠÒĮ ŃŰĕúŠ ÒƐÒĚĮÒíĮú îĕÒĹĹúĮŧ ŰŃ ÒôķĚĹĚŧŰŠÒŰĚŃĹÒččÒĚŠŧȡJĹŰŸŠĹȢŰĕú +pĚŧÒîîŃŠôĚĹĎĮƗ ŠJ p ĕÒŧ ôúčĚĹúô ÒĹô ĚķŝĮúķúĹŰúô ķúÒŧŸŠúŧ žĕú ŃķŝÒĹƗîŃķŝĚĮúŧÒĹôŧŸíķĚŰŧŠúŝŃŠŰŧŠúĮÒŰúôŰŃŰĕú ôĚŧîĮŃŧú ĚĹčŃŠķÒŰĚŃĹ ŰŃ Űĕú ĎúĹúŠÒĮ ŝŸíĮĚî ÒĹô ŰŃ Űĕú ŰÒŧīúôƑĚŰĕŰĕúčŃĮĮŃƑĚĹĎŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȣ îŃĹîúŠĹĚĹĎôĚŧîĮŃŧŸŠúŧŰŃĚĹƐúŧŰŃŠŧÒĹôŧŰÒīúĕŃĮôúŠŧȡžĕú ôĚŠúîŰŃŠŧÒĹôúƖúîŸŰĚƐúŧÒŧŠúşŸĚŠúôíƗĮÒƑȡžĕú ŃķŝÒĹƗ ĚĹƐúŧŰŃŠîŃķķŸĹĚŰƗȡžĕúŧúîĕÒĹĹúĮŧĚĹîĮŸôúȣ ǰȡ eÒĹÒĎúÒĹôŃƐúŠŧúúŰĕú ŃķŝÒĹƗɇŧĎúĹúŠÒĮ ôĚŧîĮŃŧŸŠúŃčĚĹčŃŠķÒŰĚŃĹȢíŃŰĕčĚĹÒĹîĚÒĮÒĹôĹŃĹȺčĚĹÒĹîĚÒĮȢ ĕÒŧ Ò ŝŃĮĚîƗ ŠúşŸĚŠĚĹĎ ôĚŠúîŰŃŠŧ ÒĹô úƖúîŸŰĚƐúŧ ŰŃ ŠúŝŃŠŰ ƒ žĕúpŝŝŃŠŰŸĹĚŰƗ%ÒƗîŃĹčúŠúĹîúĕúĮôÒŰŰĕú”+ž ÒôķĚĹĚŧŰŠÒŰĚŃĹŃŝúŠÒŰĚŃĹŧŰŃíúĚĹĮĚĹúƑĚŰĕŰĕú ŧĕŃŸĮôíúîŃķŝĮúŰúȢŧŸččĚîĚúĹŰȢŰŠÒĹŧŝÒŠúĹŰȢŠúĮĚÒíĮúʒŸŝȺ ŰĕúĚŠĚĹŰúŠúŧŰŧŠúĮÒŰĚĹĎŰŃŰĕúķÒĹÒĎúķúĹŰŃčŰĕú ŃķŝÒĹƗ ŃĹşŸÒŠŰúŠĮƗíÒŧĚŧȡ îŃķŝÒĹƗɇŧŰÒŠĎúŰŧȢŝŃĮĚîĚúŧȢÒĹôŠúĎŸĮÒŰĚŃĹŧȡ ŰŃȺôÒŰúÒĹôŧĕŃŸĮôŠúčĮúîŰŰĕúŰŠŸúÒĹôÒîŰŸÒĮŧŰÒŰŸŧŃčŰĕú ŃŠĚŰŧŧŸíŧĚôĚÒŠĚúŧ ÒĹôŠúŝŃŠŰŧÒĹƗîĕÒĹĎúŧĚĹŰĕúĕŃĮôĚĹĎ ƒ ŃķŝÒĹƗƐĚŧĚŰŧ čŃŠŧĕÒŠúĕŃĮôúŠŧȢ ĚĹƐúŧŰŃŠŧȢ ÒĹô DZȡ +ĹŧŸŠúŰĕÒŰŰĕú ŃķŝÒĹƗɇŧôÒƗȺíƗȺôÒƗ ŃķŝÒĹƗȡ ”ŸîĕĚĹčŃŠķÒŰĚŃĹĚŧôĚŧŰŠĚíŸŰúô ĚĹÒĹúşŸĚŰÒíĮú ŃčŰĕú ŃķŝÒĹƗɇŧŧĕÒŠúŧȢŸĹôúŠŰĕúĚŠŃƑĹĹÒķúŧŃŠŰĕŃŧú ÒĹÒĮƗŧŰŧŃĹÒĹÒĹĹŸÒĮíÒŧĚŧÒĹôŸŝŃĹŠúşŸúŧŰȡ ŃŝúŠÒŰĚŃĹŧÒŠúŠŸĹĹĚĹĎŧķŃŃŰĕĮƗȡ ÒĹôŰĚķúĮƗķÒĹĹúŠȡžĕú ŃķŝÒĹƗĕÒŧôúŧĚĎĹÒŰúô ŝÒŠŰĚúŧ ŃčŰĕúĚŠŠúĮÒŰúôŝÒŠŰĚúŧȢŰŃŰĕú”+ ĚĹÒŰĚķúĮƗķÒĹĹúŠÒŧ ƒ ŃÒôŧĕŃƑŧ ÒĹôȮŃŠ îŃĹčúŠúĹîú ķúúŰĚĹĎŧ ƑĚŰĕ Dzȡ úŃĹŰĕúĮŃŃīŃŸŰčŃŠĹúƑíŸŧĚĹúŧŧŃŝŝŃŠŰŸĹĚŰĚúŧ

gŸķíúŠŃčŧĕÒŠúŧ ÒĹÒĮƗŧŰŧ ÒĹô ĚĹƐúŧŰŃŠŧȢ íŃŰĕ ĮŃîÒĮ ÒĹô ÒĹôîŃĹŧĚôúŠĹúƑĚĹƐúŧŰķúĹŰŧŝúŠŰÒĚĹĚĹĎŰŃŰĕú ŰŰĕúíŃŃīȺîĮŃŧĚĹĎ ĚĹŰúŠĹÒŰĚŃĹÒĮȡ ŃķŝÒĹƗɇŧîŃŠúíŸŧĚĹúŧŧĚĹŃŠôúŠŰŃčĚĹôƑÒƗŧŰŃ  gÒķú ŠŃŧĚŰĚŃĹ ŰŰĕúíŃŃīȺîĮŃŧĚĹĎ JĹîŠúÒŧú ôÒŰú%úîúķíúŠDZdzȢ ôÒŰúeÒŠîĕǰǴȢDZǯǰǸ Ȳ%úîŠúÒŧúȳĚĹDZǯǰǸ ƒ =ŃŠŸķŧŃŠŝÒĹúĮôĚŧîŸŧŧĚŃĹúƐúĹŰŧčŃŠīĹŃƑĮúôĎú ŝŃŧŧĚíĮƗĚĹîŠúÒŧúŰĕú ŃķŝÒĹƗɇŧŠúƐúĹŸúȡ DZǯǰǸ ŧĕÒŠĚĹĎȡ dzȡ %ŠÒƑŸŝíŸŧĚĹúŧŧŝĮÒĹŧÒĹôŧŰŠÒŰúĎĚúŧŰŃŝŠúŧúĹŰ ǰ eŠȡÄúÒŝ”Ƒúú ĕŸÒĹ ŠŠúŧĚôúĹŰÒĹô +p dzdzȢǰDZDZȢǶǶDz Ⱥ dzdzȢǰDZDZȢǶǶDz ƒ ŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧčŃŠŰĕúîŃĹčĚŠķÒŰĚŃĹŰŃ DZ eŠŧȡžúŃ\úúgĎŃ +ƖúîŸŰĚƐú%ĚŠúîŰŃŠ DzǰȢǷǰǰȢDzdzǵ Ⱥ DzǰȢǷǰǰȢDzdzǵ ŃķķŸĹĚîÒŰĚŃĹ ƐĚÒ úķÒĚĮȢ ĚĹŰŠÒĹúŰȢ ĚĹŰúŠĹÒĮ

Dz eŠȡŠĚŝÒۍȡŠŸĹƗÒ JĹôúŝúĹôúĹŰ%ĚŠúîŰŃŠ Ⱥ Ⱥ Ⱥ íŸĮĮúŰĚĹ íŃÒŠôŧȢ ÒĹô ÒîŰĚƐĚŰĚúŧ čŃŠ ŝŠŃîúúôȡ  dz eŠȡZúĹĹúŰĕgĎ JĹôúŝúĹôúĹŰ%ĚŠúîŰŃŠ Ⱥ Ⱥ Ⱥ îŃķķŸĹĚîÒŰĚŃĹŧƑĚŰĕúķŝĮŃƗúúŧ Ǵȡ ”ĚĎĹÒĹƗĮúĎÒĮŝŠŃîúúôĚĹĎŧȢîŃĹŰŠÒîŰŧȢŃŠ ƒ Ǵ eŠȡ¾ĚîĕĚÒĹeúīŰŠÒīÒŠĹ JĹôúŝúĹôúĹŰ%ĚŠúîŰŃŠ Ⱥ Ⱥ Ⱥ  žĕú ŃķŝÒĹƗ ƑúíŧĚŰú ƑƑƑȡÒÒŝĚîŃȡîŃķ ÒĹô ôŃîŸķúĹŰŧƑĕĚîĕĚĹƐŃĮƐúŃŸŰŧĚôúŃŠĎÒĹĚƠÒŰĚŃĹŧ

ǵ eŠȡXŃĕĹŠÒŠīúŠ JĹôúŝúĹôúĹŰ%ĚŠúîŰŃŠ Ⱥ Ⱥ Ⱥ úķÒĚĮÒôôŠúŧŧÒÒŝĚîŃĕĚŰúîĕʑÒÒŝĚîŃȡîŃķȡ ŃŠĚĹôĚƐĚôŸÒĮŧĚĹŃŠôúŠŰŃúĹŧŸŠúŰĕÒŰŰĕú

Ƕ eŧȡ½ÒîĕĚŠÒgҍÒĹŃĹĎ JĹôúŝúĹôúĹŰ%ĚŠúîŰŃŠ Ⱥ Ⱥ Ⱥ  ŃķŝÒĹƗɇŧŃŝúŠÒŰĚŃĹŧÒŠúŧúúÒĹô

Ƿ eŠȡZÒĚīĕŸŧĕŠŸȲZÒĚȳžÒŠÒŝŃŠúƐÒĮÒ JĹôúŝúĹôúĹŰ%ĚŠúîŰŃŠ Ⱥ Ⱥ Ⱥ žĕú JĹƐúŧŰŃŠ úĮÒŰĚŃĹŧ ȲJȳ %úŝÒŠŰķúĹŰ Ěŧ Űĕú ôúŧĚĎĹÒŰúô ŰŠŸŧŰƑŃŠŰĕƗȡ

Ǹ eŧȡÄúÒŝÃĚōĕŸ ĕĚúč=ĚĹÒĹîĚÒĮpččĚîúŠ DZǴȢǷDzǸȢǶǵǯ ǰDZǯȢǯǯǯ DZǴȢǸǴǸȢǶǵǯ ŝŠĚķÒŠƗ îŃĹŰÒîŰ ƑĚĹôŃƑ čŃŠ îŃķķŸĹĚîÒŰĚŃĹ ƑĚŰĕ ǵȡ +ĹîŃŸŠÒĎúŰĕúôúƐúĮŃŝķúĹŰŃč+ķŝĮŃƗúúŧɇŧīĚĮĮŧ

>úĹúŠÒĮeÒĹÒĎúŠ ŧĕÒŠúĕŃĮôúŠŧȢ ĚĹƐúŧŰŃŠŧȢ ÒĹÒĮƗŧŰŧȢ Űĕú ”+ Ȣ ”+ž ÒĹô ŃŰĕúŠ ÒĹôīĹŃƑĮúôĎúĚĹŃŠôúŠŰŃŧŸíŧúşŸúĹŰĮƗĚķŝŠŃƐú

ǰǯ eŠȡÄÒŃ ĕĚÒ ĕúĹ ȲeÒĹŸčÒîŰŸŠĚĹĎÒĹô Ⱥ Ⱥ Ⱥ ŠúĮúƐÒĹŰ ÒŸŰĕŃŠĚŰĚúŧȡ žĕú J ôúŝÒŠŰķúĹŰ úĹŧŸŠúŧ ŰĕÒŰ ÒĹƗ Űĕú ŃķŝÒĹƗɇŧúččĚîĚúĹîƗȡ pŝúŠÒŰĚŃĹŧȳ ôĚŧîĮŃŧŸŠúŧ Ńč îŃŠŝŃŠÒŰú ĹúƑŧ ÒĹô ĚĹčŃŠķÒŰĚŃĹ ÒŠú ĚĹ Ƕȡ ŸŰĕŃŠĚƠúÒĹƗķÒŰúŠĚÒĮŰŠÒĹŧÒîŰĚŃĹŧîŃĹîúŠĹĚĹĎ ŧŧĚŧŰÒĹŰ>úĹúŠÒĮ îŃķŝĮĚÒĹîú ƑĚŰĕ ”+ž ŠúĎŸĮÒŰĚŃĹŧȡ žĕú J ôúŝÒŠŰķúĹŰ ÒĮŧŃ Űĕú ŃķŝÒĹƗɇŧŃŝúŠÒŰĚŃĹŧȡ ǰǰ eŠȡ”ÒŰŰĕÒŠúŰĕȺĚĹ eÒĹÒĎúŠȢ”ÒĮúŧÒĹô ǷǴ Ⱥ ǷǴ eÒŠīúŰĚĹĎ ÒŠŠÒĹĎúŧ ÒîŰĚƐĚŰĚúŧ ÒĹô ķÒĹÒĎúŧ úƖúîŸŰĚƐúŧɇ ŧîĕúôŸĮúŧ ŰŃ Ƿȡ ŸŰĕŃŠĚƠúŰĕúÒŝŝŃĚĹŰķúĹŰȢŰŠÒĹŧčúŠȢŃŠ >úĹúŠÒĮeÒĹÒĎúŠȲŠŠŃĨúîŰ ǰDZ eŠȡZÒƑúú¾ÒŧÒŠŸîĕÒŠúúīŸĮ Ⱥ Ⱥ Ⱥ ÒŰŰúĹô ķúúŰĚĹĎŧ ÒĹô úƐúĹŰŧȢ íŃŰĕ ĮŃîÒĮ ÒĹô ŃƐúŠŧúÒŧȢ ŰŃ ŰúŠķĚĹÒŰĚŃĹŃčķÒĹÒĎĚĹĎŃččĚîúŠŧȡ +ĹĎĚĹúúŠĚĹĎȳ ĚĹîŠúÒŧú ÒîîúŧŧĚíĚĮĚŰƗ ÒĹô ĚĹŰúŠÒîŰĚŃĹ ƑĚŰĕ Űĕú ŃķŝÒĹƗɇŧ  žŃŰÒĮ  ǰǯǰȢǶǶDzȢǸǵdz ǰDZǯȢǯǯǯ ǰǯǰȢǷǸDzȢǸǵdz ŧŰÒīúĕŃĮôúŠŧȡžĕúŧúÒîŰĚƐĚŰĚúŧĚĹDZǯǰǸĚĹîĮŸôúô   54ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǴǶ19 ǴǷ  gg¥\+ŠpžDZǯǰǸ 

ŠúşŸĚŠúôȡ %úŰÒĚĮŧ Ńč ôĚŠúîŰŃŠŧȢ ŰĕúĚŠ ôŸŰĚúŧ ÒĹô ƒ žĕúpŝŝŃŠŰŸĹĚŰƗ%ÒƗĕúĮôÒŰŰĕú”+žúƐúŠƗşŸÒŠŰúŠčŃŠ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢŰĕúĚŠÒŰŰúĹôÒĹîúÒŰķúúŰĚĹĎŧȢŰŠÒĚĹĚĹĎȢÒĹô ĮŃîÒĮĚĹôĚƐĚôŸÒĮŧÒĹôĚĹŧŰĚŰŸŰĚŃĹÒĮĚĹƐúŧŰŃŠŧ ôĚŠúîŰŃŠŧɇŠúķŸĹúŠÒŰĚŃĹŧÒŠúôĚŧîĮŃŧúôĚĹŰĕúŝŸíĮĚîôŃķÒĚĹ ƒ ŃÒôŧĕŃƑŧÒĹô ŃŠŝŃŠÒŰú%ÒƗîŃĹčúŠúĹîúŧÒŠŠÒĹĎúôíƗ ÒĹôŃĹŰĕúŠJ pƑúíŧĚŰúȡ ŧúĚŰĚúŧîŃķŝÒĹĚúŧĚĹžĕÒĚĮÒĹôȢƑĕúŠúŰĕúŠŠúŧĚôúĹŰʒ  +pȢ =pȢ ÒĹô J ŰúÒķ ķúŰ ÒĹÒĮƗŧŰŧ ÒĹô ĚĹŧŰĚŰŸŰĚŃĹÒĮ JĹčŃŠķÒŰĚŃĹŃĹŰĕúŃŝúŠÒŰĚŃĹŧÒĹôĚĹƐúŧŰķúĹŰŧŰŠŸîŰŸŠúŃč ĚĹƐúŧŰŃŠŧȺDZŰĚķúŧȡ ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧȢ ĨŃĚĹŰ ƐúĹŰŸŠúŧȢ ÒĹô ŃŰĕúŠ ƒ ĹÒĮƗŧŰķúúŰĚĹĎŧȼǰŰĚķú îŃķŝÒĹĚúŧ Ěŧ ôĚŧîĮŃŧúô ĚĹ Űĕú ĹĹŸÒĮ úŝŃŠŰ ÒĹô ŃĹ Űĕú ƒ žĕúÒĹĹŸÒĮŧĕÒŠúĕŃĮôúŠčÒîŰŃŠƗƐĚŧĚŰȼDZŰĚķúŧȡ ŠJ p ƑúíŧĚŰúȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŰĕÒŰ ĚŰŧ īúƗ ƒ ŒŸÒŠŰúŠĮƗ ŃķŝÒĹƗ ƐĚŧĚŰŧ ŰŃ ķúúŰ ƑĚŰĕ ķÒĹÒĎúķúĹŰȢ ŧŰÒīúĕŃĮôúŠŧȢ ĚĹƐúŧŰŃŠŧȢ ŧĕÒŠúĕŃĮôúŠŧȢ ÒĹô Űĕú ĎúĹúŠÒĮ ĚĹîĮŸôĚĹĎŃĹúȺŃĹȺŃĹúķúúŰĚĹĎŧÒĹôîŃĹčúŠúĹîúîÒĮĮŧŰŃ ŝŸíĮĚî ÒŠú ƑúĮĮ ĚĹčŃŠķúô ÒĹô ŰĕÒŰ ôúŰÒĚĮŧ Ńč ŧĚĎĹĚčĚîÒĹŰ ÒĮĮŃƑ ĚĹƐúŧŰŃŠŧ ŰŃ ĚĹşŸĚŠú ÒíŃŸŰ Űĕú íŸŧĚĹúŧŧ ÒĹô ŝŠŃĨúîŰŧÒĹôôúƐúĮŃŝķúĹŰŧÒŠúÒîÒŰúĮƗÒĹôŧŸččĚîĚúĹŰĮƗ ŃŝúŠÒŰĚŃĹŧȢŃŠŧúúīîĮÒŠĚčĚîÒŰĚŃĹŧŃččĚĹÒĹîĚÒĮŧȡ ŝŠŃƐĚôúôȢÒŧŠúşŸĚŠúôíƗŰĕú”+žȡ   Ǵȡ JĹčŃŠķÒŰĚŃĹŃĹŰĕúŠŠúŧĚôúĹŰʒ +pŠŃŧĚŰĚŃĹ žĕú ŃķŝÒĹƗôĚŧîĮŃŧúŧĚĹčŃŠķÒŰĚŃĹƐĚÒķŸĮŰĚŝĮúîĕÒĹĹúĮŧȢ  ĚĹ íŃŰĕ žĕÒĚ ÒĹô +ĹĎĮĚŧĕȢ ŰŃ úĹŧŸŠú úşŸÒĮ Òîîúŧŧ ŰŃ ŃĮúŧÒĹôúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕú +p ĚĹčŃŠķÒŰĚŃĹčŃŠĚŰŧŧŰÒīúĕŃĮôúŠŧȡJĹÒôôĚŰĚŃĹŰŃŝŸíĮĚîĹúƑŧ žĕúîŃķŝÒĹƗĕÒŧÒŸŰĕŃŠĚƠúôŰĕú ĕĚúč+ƖúîŸŰĚƐúpččĚîúŠ ŠúĮúÒŧúŧ ƐĚÒ Űĕú”+ž ŠŃŠŰÒĮÒĹô Űĕú ŠJ p ƑúíŧĚŰúȢ Űĕú Ȳ +pȳŰŃíúŰĕúĮúÒôúŠŃčŰĕúîŃķŝÒĹƗɇŧķÒĹÒĎúķúĹŰÒĹô ŃķŝÒĹƗ ÒĮŧŃ Ÿŧúŧ ŧúƐúŠÒĮ ŃŰĕúŠ ÒƐÒĚĮÒíĮú îĕÒĹĹúĮŧ ŰŃ ÒôķĚĹĚŧŰŠÒŰĚŃĹÒččÒĚŠŧȡJĹŰŸŠĹȢŰĕú +pĚŧÒîîŃŠôĚĹĎĮƗ ôĚŧîĮŃŧú ĚĹčŃŠķÒŰĚŃĹ ŰŃ Űĕú ĎúĹúŠÒĮ ŝŸíĮĚî ÒĹô ŰŃ Űĕú ŰÒŧīúôƑĚŰĕŰĕúčŃĮĮŃƑĚĹĎŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȣ ĚĹƐúŧŰŃŠîŃķķŸĹĚŰƗȡžĕúŧúîĕÒĹĹúĮŧĚĹîĮŸôúȣ ǰȡ eÒĹÒĎúÒĹôŃƐúŠŧúúŰĕú ŃķŝÒĹƗɇŧĎúĹúŠÒĮ ƒ žĕúpŝŝŃŠŰŸĹĚŰƗ%ÒƗîŃĹčúŠúĹîúĕúĮôÒŰŰĕú”+ž ÒôķĚĹĚŧŰŠÒŰĚŃĹŃŝúŠÒŰĚŃĹŧŰŃíúĚĹĮĚĹúƑĚŰĕŰĕú ŃĹşŸÒŠŰúŠĮƗíÒŧĚŧȡ îŃķŝÒĹƗɇŧŰÒŠĎúŰŧȢŝŃĮĚîĚúŧȢÒĹôŠúĎŸĮÒŰĚŃĹŧȡ ƒ ŃķŝÒĹƗƐĚŧĚŰŧ čŃŠŧĕÒŠúĕŃĮôúŠŧȢ ĚĹƐúŧŰŃŠŧȢ ÒĹô DZȡ +ĹŧŸŠúŰĕÒŰŰĕú ŃķŝÒĹƗɇŧôÒƗȺíƗȺôÒƗ ÒĹÒĮƗŧŰŧŃĹÒĹÒĹĹŸÒĮíÒŧĚŧÒĹôŸŝŃĹŠúşŸúŧŰȡ ŃŝúŠÒŰĚŃĹŧÒŠúŠŸĹĹĚĹĎŧķŃŃŰĕĮƗȡ ƒ ŃÒôŧĕŃƑŧ ÒĹôȮŃŠ îŃĹčúŠúĹîú ķúúŰĚĹĎŧ ƑĚŰĕ Dzȡ úŃĹŰĕúĮŃŃīŃŸŰčŃŠĹúƑíŸŧĚĹúŧŧŃŝŝŃŠŰŸĹĚŰĚúŧ ÒĹÒĮƗŧŰŧ ÒĹô ĚĹƐúŧŰŃŠŧȢ íŃŰĕ ĮŃîÒĮ ÒĹô ÒĹôîŃĹŧĚôúŠĹúƑĚĹƐúŧŰķúĹŰŧŝúŠŰÒĚĹĚĹĎŰŃŰĕú ĚĹŰúŠĹÒŰĚŃĹÒĮȡ ŃķŝÒĹƗɇŧîŃŠúíŸŧĚĹúŧŧĚĹŃŠôúŠŰŃčĚĹôƑÒƗŧŰŃ ƒ =ŃŠŸķŧŃŠŝÒĹúĮôĚŧîŸŧŧĚŃĹúƐúĹŰŧčŃŠīĹŃƑĮúôĎú ŝŃŧŧĚíĮƗĚĹîŠúÒŧúŰĕú ŃķŝÒĹƗɇŧŠúƐúĹŸúȡ ŧĕÒŠĚĹĎȡ dzȡ %ŠÒƑŸŝíŸŧĚĹúŧŧŝĮÒĹŧÒĹôŧŰŠÒŰúĎĚúŧŰŃŝŠúŧúĹŰ ƒ ŃķķŸĹĚîÒŰĚŃĹ ƐĚÒ úķÒĚĮȢ ĚĹŰŠÒĹúŰȢ ĚĹŰúŠĹÒĮ ŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧčŃŠŰĕúîŃĹčĚŠķÒŰĚŃĹŰŃ íŸĮĮúŰĚĹ íŃÒŠôŧȢ ÒĹô ÒîŰĚƐĚŰĚúŧ čŃŠ ŝŠŃîúúôȡ îŃķķŸĹĚîÒŰĚŃĹŧƑĚŰĕúķŝĮŃƗúúŧ Ǵȡ ”ĚĎĹÒĹƗĮúĎÒĮŝŠŃîúúôĚĹĎŧȢîŃĹŰŠÒîŰŧȢŃŠ ƒ žĕú ŃķŝÒĹƗ ƑúíŧĚŰú ƑƑƑȡÒÒŝĚîŃȡîŃķ ÒĹô ôŃîŸķúĹŰŧƑĕĚîĕĚĹƐŃĮƐúŃŸŰŧĚôúŃŠĎÒĹĚƠÒŰĚŃĹŧ úķÒĚĮÒôôŠúŧŧÒÒŝĚîŃĕĚŰúîĕʑÒÒŝĚîŃȡîŃķȡ ŃŠĚĹôĚƐĚôŸÒĮŧĚĹŃŠôúŠŰŃúĹŧŸŠúŰĕÒŰŰĕú  ŃķŝÒĹƗɇŧŃŝúŠÒŰĚŃĹŧÒŠúŧúúÒĹô žĕú JĹƐúŧŰŃŠ úĮÒŰĚŃĹŧ ȲJȳ %úŝÒŠŰķúĹŰ Ěŧ Űĕú ôúŧĚĎĹÒŰúô ŰŠŸŧŰƑŃŠŰĕƗȡ ŝŠĚķÒŠƗ îŃĹŰÒîŰ ƑĚĹôŃƑ čŃŠ îŃķķŸĹĚîÒŰĚŃĹ ƑĚŰĕ ǵȡ +ĹîŃŸŠÒĎúŰĕúôúƐúĮŃŝķúĹŰŃč+ķŝĮŃƗúúŧɇŧīĚĮĮŧ ŧĕÒŠúĕŃĮôúŠŧȢ ĚĹƐúŧŰŃŠŧȢ ÒĹÒĮƗŧŰŧȢ Űĕú ”+ Ȣ ”+ž ÒĹô ŃŰĕúŠ ÒĹôīĹŃƑĮúôĎúĚĹŃŠôúŠŰŃŧŸíŧúşŸúĹŰĮƗĚķŝŠŃƐú ŠúĮúƐÒĹŰ ÒŸŰĕŃŠĚŰĚúŧȡ žĕú J ôúŝÒŠŰķúĹŰ úĹŧŸŠúŧ ŰĕÒŰ ÒĹƗ Űĕú ŃķŝÒĹƗɇŧúččĚîĚúĹîƗȡ ôĚŧîĮŃŧŸŠúŧ Ńč îŃŠŝŃŠÒŰú ĹúƑŧ ÒĹô ĚĹčŃŠķÒŰĚŃĹ ÒŠú ĚĹ Ƕȡ ŸŰĕŃŠĚƠúÒĹƗķÒŰúŠĚÒĮŰŠÒĹŧÒîŰĚŃĹŧîŃĹîúŠĹĚĹĎ îŃķŝĮĚÒĹîú ƑĚŰĕ ”+ž ŠúĎŸĮÒŰĚŃĹŧȡ žĕú J ôúŝÒŠŰķúĹŰ ÒĮŧŃ Űĕú ŃķŝÒĹƗɇŧŃŝúŠÒŰĚŃĹŧȡ ÒŠŠÒĹĎúŧ ÒîŰĚƐĚŰĚúŧ ÒĹô ķÒĹÒĎúŧ úƖúîŸŰĚƐúŧɇ ŧîĕúôŸĮúŧ ŰŃ Ƿȡ ŸŰĕŃŠĚƠúŰĕúÒŝŝŃĚĹŰķúĹŰȢŰŠÒĹŧčúŠȢŃŠ ÒŰŰúĹô ķúúŰĚĹĎŧ ÒĹô úƐúĹŰŧȢ íŃŰĕ ĮŃîÒĮ ÒĹô ŃƐúŠŧúÒŧȢ ŰŃ ŰúŠķĚĹÒŰĚŃĹŃčķÒĹÒĎĚĹĎŃččĚîúŠŧȡ ĚĹîŠúÒŧú ÒîîúŧŧĚíĚĮĚŰƗ ÒĹô ĚĹŰúŠÒîŰĚŃĹ ƑĚŰĕ Űĕú ŃķŝÒĹƗɇŧ ŧŰÒīúĕŃĮôúŠŧȡžĕúŧúÒîŰĚƐĚŰĚúŧĚĹDZǯǰǸĚĹîĮŸôúô  ǴǷAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ55 

Ǹȡ ŝŝŃĚĹŰîŃĹŧŸĮŰÒĹŰŧÒŧĹúîúŧŧÒŠƗÒĹôÒîîŃŠôĚĹĎ ôĚŠúîŰŃŠŧȡžĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒĮŧŃîŃķŝŠĚŧúŧ ŰƑŃčúķÒĮú ŰŃŰĕúŠúşŸĚŠúķúĹŰŧŃčŰĕú ŃķŝÒĹƗɇŧ ķúķíúŠŧȡ žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ĚŰŧ ŃÒŠô îŃķŝŃŧĚŰĚŃĹ ŃŝúŠÒŰĚŃĹŧȡ ŠúčĮúîŰŧôĚƐúŠŧĚŰƗŃčĎúĹôúŠÒĹôŧīĚĮĮŧúŰȢÒŧƑúĮĮÒŧúƖŝúŠĚúĹîú ǰǯȡ úÒŠŃĮúķŃôúĮĚĹŝŠÒîŰĚîĚĹĎĎŃŃôîŃŠŝŃŠÒŰú ĚĹôĚččúŠúĹŰÒŠúÒŧŃčŰĕú ŃķŝÒĹƗɇŧíŸŧĚĹúŧŧȡ ĎŃƐúŠĹÒĹîúÒĹôčŃĮĮŃƑĚĹĎŰĕú ŃķŝÒĹƗɇŧîŃôúŃč žĕú ŃķŝÒĹƗ úĹŧŸŠúŧ ŰĕÒŰ Űĕú ĹŸķíúŠ Ńč ĚĹôúŝúĹôúĹŰ îŃĹôŸîŰȢÒĹôÒĹŰĚȺčŠÒŸôÒĹôÒĹŰĚȺîŃŠŠŸŝŰĚŃĹ ôĚŠúîŰŃŠŧ îŃĹŧŰĚŰŸŰúŧ ķŃŠúŰĕÒĹ ĕÒĮč Ńč Űĕú ŰŃŰÒĮ ĹŸķíúŠ Ńč ŝŃĮĚîĚúŧčŃŠŃŰĕúŠŧĚĹŰĕú ŃķŝÒĹƗȡ ôĚŠúîŰŃŠŧȡ +Òîĕ ôĚŠúîŰŃŠ ĕŃĮôŧ Űĕú ĹúîúŧŧÒŠƗ şŸÒĮĚčĚîÒŰĚŃĹŧ ǰǰȡ eÒĚĹŰÒĚĹĎŃŃôŠúĮÒŰĚŃĹŧĕĚŝŧƑĚŰĕŰĕú ŃķŝÒĹƗɇŧ ŠúşŸĚŠúôíƗĮÒƑÒĹôôŃúŧĹŃŰĚĹôĚîÒŰú ÒĹƗôĚŧşŸÒĮĚčĚîÒŰĚŃĹŧ ŧŰÒīúĕŃĮôúŠŧȡ ÒĎÒĚĹŧŰ íúĚĹĎ úĹŰŠŸŧŰúô ƑĚŰĕ Űĕú ÒôķĚĹĚŧŰŠÒŰĚŃĹ Ńč Űĕú ǰDZȡ ĹÒĮƗƠúŰĕúŠúĹŰÒĹôŝŃŰúĹŰĚÒĮŃƐúŠÒĮĮĎĮŃíÒĮ ŃķŝÒĹƗȡ ĚĹôŸŧŰŠƗŰŠúĹôŧčŃŠŧĚĎĹŧŃččŸŰŸŠúîĕÒĹĎúŧƑĚŰĕĚĹ  ŰĕúĚĹôŸŧŰŠƗȢÒĹôÒôĨŸŧŰŰĕú ŃķŝÒĹƗɇŧŧŰŠÒŰúĎƗ ŒŸÒĮĚčĚîÒŰĚŃĹŃč%ĚŠúîŰŃŠŧ ÒîîŃŠôĚĹĎĮƗȡ žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĕÒŧôúčĚĹúôŰĕúŠúşŸĚŠúôşŸÒĮĚčĚîÒŰĚŃĹŧ ǰDzȡ ”úŰŸŝúķŝĮŃƗúúŝúŠčŃŠķÒĹîúúƐÒĮŸÒŰĚŃĹ ŃčŰĕú ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧÒŧčŃĮĮŃƑŧȣ ŧŰÒĹôÒŠôŧÒĹôŠúƐĚúƑŧŸîĕŧŰÒĹôÒŠôŧ ǰȡ ŠŃŧŧúŧŧ şŸÒĮĚčĚîÒŰĚŃĹŧ ÒîîŃŠôĚĹĎ ŰŃ Űĕú ŠŸĮúŧ ÒĹô ŝúŠĚŃôĚîÒĮĮƗȡ ŠúĎŸĮÒŰĚŃĹŧŃčŰĕú”úĚŰĚúŧÒĹô+ƖîĕÒĹĎúîŰȢŰĕú”ŰŃîī ǰdzȡ pŝúŠÒŰúÒîîŃŠôĚĹĎŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧɇ +ƖîĕÒĹĎúŃčžĕÒĚĮÒĹôȢŰĕúŠŸíĮĚî ŃķŝÒĹƗîŰȡ+ȡDZǴDzǴȢ ôúîĚŧĚŃĹŧȢčŃĮĮŃƑĚĹĎŰĕúŠúŧŃĮŸŰĚŃĹŧŃčŰĕú ÒĹô íú Ńč ŧŸččĚîĚúĹŰĮƗ ĎŃŃô îĕÒŠÒîŰúŠ ŰŃ ķÒĹÒĎú Űĕú íŃÒŠôɇŧķúúŰĚĹĎŧȡ ŃķŝÒĹƗčŠŃķŰĕúŝŃĚĹŰŃčƐĚúƑŃčŧĕÒŠúĕŃĮôúŠŧȢŰĕúĮÒƑȢ  ÒĹôŰĕúŠŰĚîĮúŧŃčŧŧŃîĚÒŰĚŃĹȡ ŠúŠčŃŠķÒĹîú+ƐÒĮŸÒŰĚŃĹ DZȡ gŃŰôĚŧşŸÒĮĚčĚúôŸĹôúŠ”úîŰĚŃĹǵǷŃčŰĕúŠŸíĮĚî ŃķŝÒĹƗ žĕú +pɇŧ ŝúŠčŃŠķÒĹîú úƐÒĮŸÒŰĚŃĹ ƑÒŧ Òŧŧúŧŧúô íƗ Űĕú îŰȡ+ȡDZǴDzǴȡ ŃķŝÒĹƗɇŧĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠŧȡžĕúŧîŃŠĚĹĎƑúŠúíÒŧúô Dzȡ EÒƐúīĹŃƑĮúôĎúȢŧīĚĮĮŧȢÒĹôúƖŝúŠĚúĹîúĚĹŰĕúÒŸŰŃķŃŰĚƐú ŃĹ Űĕú +pɇŧ ŧīĚĮĮŧ ÒĹô īĹŃƑĮúôĎúȢ ƗúÒŠĮƗ ĚĹôŸŧŰŠƗÒĹôȮŃŠíúîÒŝÒíĮúŃčŝúŠčŃŠķĚĹĎôĚŠúîŰŃŠŧɇôŸŰĚúŧ ÒîîŃķŝĮĚŧĕķúĹŰŧȢ ÒĹô Űĕú ŝĮÒĹĹĚĹĎ ÒĹô úƖúîŸŰĚŃĹ ŃčŰĕú íƗƐĚŠŰŸúŃčÒôĚƐúŠŧĚčĚúôíÒîīĎŠŃŸĹôƑĕĚîĕĚŧíúĹúčĚîĚÒĮŰŃ ŃķŝÒĹƗɇŧ ĮŃĹĎȺŰúŠķ ŝĮÒĹȡ žĕú ŠúŧŸĮŰŧ Ńč Űĕú +pɇŧ Űĕú ŃķŝÒĹƗɇŧíŸŧĚĹúŧŧȡ ŝúŠčŃŠķÒĹîúúƐÒĮŸÒŰĚŃĹƑúŠúŰĕúĹŰÒīúĹĚĹŰŃîŃĹŧĚôúŠÒŰĚŃĹ dzȡ íĮúŰŃôúƐŃŰúŰĚķúȢúŧŝúîĚÒĮĮƗčŃŠķÒīĚĹĎīúƗôúîĚŧĚŃĹŧȢ čŃŠíŃŰĕŰĕú +pɇŧŧĕŃŠŰȺŰúŠķÒĹôĮŃĹĎȺŰúŠķŠúķŸĹúŠÒŰĚŃĹȡ ÒĹôŰŃĕÒĹôĮúôŸŰĚúŧčŃŠŰĕúíúŧŰĚĹŰúŠúŧŰŃčŰĕú ŃķŝÒĹƗ =ŃŠ ŰĕĚŧ ƗúÒŠ Ńč DZǯǰǸȢ Űĕú ÒƐúŠÒĎú ŧîŃŠú Ńč Űĕú +pɇŧ ÒĹôÒíĮúŰŃÒŰŰúĹôÒĮĮíŃÒŠôķúúŰĚĹĎŧ ÒĹôŧĕÒŠúĕŃĮôúŠŧɇ ŝúŠčŃŠķÒĹîúúƐÒĮŸÒŰĚŃĹŠúŧŸĮŰŧĕÒŧĚĹîŠúÒŧúôčŠŃķǷǴɿĚĹ ķúúŰĚĹĎŧȡ DZǯǰǷŰŃǸǯɿ Ǵȡ účŠÒĚĹ čŠŃķ ÒĹƗ ÒîŰĚŃĹŧ îŃĹŰŠÒŠƗ ŰŃ Űĕú ĚĹŰúŠúŧŰ ŃŠ  íúĹúčĚŰŃčŰĕú ŃķŝÒĹƗȡ ǵȡ úŧŝŃĹŧĚíĚĮĚŰĚúŧŃč%ĚŠúîŰŃŠŧ   ŒŸÒĮĚčĚîÒŰĚŃĹŧŃčJĹôúŝúĹôúĹŰ%ĚŠúîŰŃŠ žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧŝĮÒƗŧÒĹĚķŝŃŠŰÒĹŰŠŃĮúĚĹŃƐúŠŧúúĚĹĎ ĹĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠĚŧÒôĚŠúîŰŃŠƑĕŃôŃúŧĹŃŰĕÒƐúÒĹƗ ÒĹôÒôƐĚŧĚĹĎŰĕúíŸŧĚĹúŧŧŰŃúĹŧŸŠúŰĕÒŰŰĕúŃŝúŠÒŰĚŃĹĚŧŠŸĹ ŠúĮÒŰúô íŸŧĚĹúŧŧ ŃŠ ƑŃŠī ŰĕÒŰ ķÒƗ ÒččúîŰ ĕĚŧ ŃŠ ĕúŠ čŃŠŰĕúíúŧŰíúĹúčĚŰŃčŧĕÒŠúĕŃĮôúŠŧĚĹŰĕúĮŃĹĎŠŸĹȡžĕúŃÒŠô ĚĹôúŝúĹôúĹŰôúîĚŧĚŃĹķÒīĚĹĎȡžĕúŃÒŠôŃč%ĚŠúîŰŃŠŧôúčĚĹúŧ Ńč %ĚŠúîŰŃŠŧ îŃķŝŠĚŧúŧ ŠúŧŝúîŰÒíĮúȢ īĹŃƑĮúôĎúÒíĮúȢ ÒĹô Űĕú ŠúşŸĚŠúô şŸÒĮĚčĚîÒŰĚŃĹŧ Ńč ĚĹôúŝúĹôúĹŰ ôĚŠúîŰŃŠ ĚĹ îŃķŝúŰúĹŰ ŝúŠŧŃĹŧ ƑĚŰĕ ŧīĚĮĮŧ ÒĹô úƖŝúŠĚúĹîú ĚĹ ÒŠúÒŧ ŰĕÒŰ îŃķŝĮĚÒĹîú ƑĚŰĕ Űĕú ķĚĹĚķŸķ ŠúşŸĚŠúķúĹŰ Ńč Űĕú ”+  ÒĹô ÒŠúŠúĮúƐÒĹŰÒĹôíúĹúčĚîĚÒĮŰŃŰĕú ŃķŝÒĹƗȡ ”+žȡžĕú ŃķŝÒĹƗɇŧĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠŧŧĕÒĮĮîŃķŝĮƗƑĚŰĕ  ŰĕúčŃĮĮŃƑĚĹĎĹŃĹȺúƖĕÒŸŧŰĚƐúĮĚŧŰŃčŠúşŸĚŠúķúĹŰŧȣ ”ŰŠŸîŰŸŠúŃčŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧ ǰȡ ”ĕÒĮĮĹŃŰĕŃĮôŧĕÒŠúŧúƖîúúôĚĹĎ ŃĹúŝúŠîúĹŰŃčŰĕúŰŃŰÒĮ žĕú ŃķŝÒĹƗ ŧúŰŧ Űĕú ŧĚƠú Ńč ĚŰŧ ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ŰŃ íú ĹŸķíúŠŃčƐŃŰĚĹĎŧĕÒŠúŧŃčŰĕú ŃķŝÒĹƗȢĚŰŧŧŸíŧĚôĚÒŠĚúŧȢ ÒŝŝŠŃŝŠĚÒŰúŰŃŰĕúŧĚƠúŃčĚŰŧíŸŧĚĹúŧŧȡžĕúŠJ pŃÒŠôŃč ÒŧŧŃîĚÒŰúŧÒĹôķÒĨŃŠŧĕÒŠúĕŃĮôúŠŧȡ”ĕÒŠúŧĕúĮôíƗŠúĮÒŰúô %ĚŠúîŰŃŠŧîŃĹŧĚŧŰŧ ŃčúĚĎĕŰķúķíúŠŧȢ ŃčƑĕĚîĕŰƑŃķúķíúŠŧ ŝúŠŧŃĹŧ ŃčŧŸîĕĚĹôúŝúĹôúĹŰ ôĚŠúîŰŃŠŧ ÒŠúÒĮŧŃĚĹîĮŸôúô ÒŠú úƖúîŸŰĚƐú ôĚŠúîŰŃŠŧ ÒĹô ŧĚƖ ķúķíúŠŧ ÒŠú ĚĹôúŝúĹôúĹŰ čŃŠŰĕúŝŸŠŝŃŧúŧŃčŰĕĚŧŰĕŠúŧĕŃĮôîÒĮîŸĮÒŰĚŃĹȡ  56ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǴǸ19 

DZȡ ”ĕÒĮĮĹŃŰíúŃŠĕÒƐúíúúĹÒĹúƖúîŸŰĚƐúôĚŠúîŰŃŠȢúķŝĮŃƗúúȢ ĹŸķíúŠ ŃčôĚŠúîŰŃŠŧ úƐúĹĮƗ íƗŰĕŠúúȢ Űĕú ĹŸķíúŠîĮŃŧúŧŰ ŰŃ ŧŰÒčč ķúķíúŠ ŃŠÒôƐĚŧŃŠ ƑĕŃ ŠúîúĚƐúŧ ÒŧÒĮÒŠƗ čŠŃķŰĕú ŃĹúȺŰĕĚŠôĚŧÒŝŝĮĚúôȡJĹîĕŃŃŧĚĹĎƑĕĚîĕôĚŠúîŰŃŠŧŧĕŃŸĮôŠúŰĚŠúȢ ŃķŝÒĹƗȢ ĚŰŧ ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧ ŃŠ ķÒĨŃŠ ŰĕúôĚŠúîŰŃŠŧƑĕŃĕÒƐúŧúŠƐúôŰĕúĮŃĹĎúŧŰŰúĹŸŠúÒŠúŰĕúķŃŧŰ ŧĕÒŠúĕŃĮôúŠŧȢ ŃŠčŠŃķÒĨŸŠĚŧŰĚî ŝúŠŧŃĹ ƑĚŰĕ Ò îŃĹčĮĚîŰ Ńč úĮĚĎĚíĮú ŰŃŠúŰĚŠúȡgúƐúŠŰĕúĮúŧŧȢ ŠúŰĚŠĚĹĎôĚŠúîŰŃŠŧ ÒŠúúĮĚĎĚíĮú ĚĹŰúŠúŧŰȡ čŃŠŠúȺúĮúîŰĚŃĹȡ Dzȡ ”ĕÒĮĮĹŃŰíúÒŝúŠŧŃĹŠúĮÒŰúôíƗíĮŃŃôŃŠĮúĎÒĮŠúĎĚŧŰŠÒŰĚŃĹ  Òŧ čÒŰĕúŠȢ ķŃŰĕúŠȢ ŧŝŃŸŧúȢ ŧĚíĮĚĹĎȢ ŃŠ îĕĚĮôȢ ĚĹîĮŸôĚĹĎ ŝÒŠŰ čŠŃķ Űĕú ÒčŃŠúķúĹŰĚŃĹúô ŠúŰĚŠúķúĹŰ íƗ ŠŃŰÒŰĚŃĹȢ ŧŝŃŸŧú Ńč îĕĚĮôȢ Ńč Űĕú ŃķŝÒĹƗɇŧ úƖúîŸŰĚƐúŧ ŃŠ ķÒĨŃŠ ôĚŠúîŰŃŠŧ ķÒƗ íú ŠúķŃƐúô čŠŃķ Űĕú ŃččĚîú čŃŠ Űĕú čŃĮĮŃƑĚĹĎ ŧĕÒŠúĕŃĮôúŠŧȡ ŠúÒŧŃĹŧȡ dzȡ ”ĕÒĮĮĹŃŰíúŃŠĕÒƐúíúúĹÒĹÒŸôĚŰŃŠŃčŰĕú ŃķŝÒĹƗȢĚŰŧ ƒ %úÒŰĕȡ ŧŸíŧĚôĚÒŠĚúŧȢÒŧŧŃîĚÒŰúŧŃŠķÒĨŃŠŧĕÒŠúĕŃĮôúŠŧȢŸĹĮúŧŧŰĕĚŧ ƒ úŧĚĎĹÒŰĚŃĹȲƑĚŰĕúččúîŰčŠŃķŰĕúôÒŰúŰĕú ŃķŝÒĹƗ ŠúĮÒŰĚŃĹŧĕĚŝ îúÒŧúô ĹŃŰĮúŧŧ ŰĕÒĹ ŰƑŃƗúÒŠŧ ŝŠĚŃŠŰŃŰĕú ŠúîúĚƐúŧŰĕúŠúŧĚĎĹÒŰĚŃĹĮúŰŰúŠȳȡ ôÒŰúŃčíúîŃķĚĹĎÒĹĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠȡ ƒ úĚĹĎ ôĚŧşŸÒĮĚčĚúô ŃŠ íúĚĹĎ ŧŸíĨúîŰ ŰŃ ÒĹƗ Ńč Űĕú Ǵȡ ”ĕÒĮĮĹŃŰíúŃŠĕÒƐúíúúĹÒŝŠŃƐĚôúŠŃčÒĹƗŝŠŃčúŧŧĚŃĹÒĮ ŝŠŃĕĚíĚŰĚŃĹŧ ŸĹôúŠ Űĕú ŠŸíĮĚî ŃķŝÒĹƗ îŰ ŃŠ ÒĹƗ ŧúŠƐĚîúŧ ĚĹîĮŸôĚĹĎ ĮúĎÒĮ ÒôƐĚŧŃŠ ŃŠčĚĹÒĹîĚÒĮ ÒôƐĚŧŃŠ ƑĕŃ ŃŰĕúŠĮÒƑŧĎŃƐúŠĹĚĹĎŧúĚŰĚúŧÒĹôŧŰŃîīúƖîĕÒĹĎúŧȡ ŠúîúĚƐúŧ ŧúŠƐĚîú čúúŧ úƖîúúôĚĹĎ ÒĕŰ DZ ķĚĮĮĚŃĹ ŝúŠ ƗúÒŠ ƒ úķŃƐÒĮíƗŠúŧŃĮŸŰĚŃĹŃčÒŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȡ čŠŃķ Űĕú ŃķŝÒĹƗȢ ĚŰŧ ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧ ŃŠķÒĨŃŠ ƒ úķŃƐÒĮíƗîŃŸŠŰŃŠôúŠȡ ŧĕÒŠúĕŃĮôúŠŧȢ ŸĹĮúŧŧ ŰĕĚŧ ŠúĮÒŰĚŃĹŧĕĚŝ  îúÒŧúô ĹŃŰ Įúŧŧ  ŰĕÒĹ ŰƑŃ ƗúÒŠŧ ŝŠĚŃŠ ŰŃ Űĕú ôÒŰú Ńč íúîŃķĚĹĎ ÒĹ gŸķíúŠŃč ŃĹŧúîŸŰĚƐúžúŠķŧŃč”úŠƐĚîú ĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠȡ žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĕÒŧíúúĹÒŝŝŠŃƐúôíƗÒŧĕÒŠúĕŃĮôúŠŧɇ ǵȡ ”ĕÒĮĮ ĹúĚŰĕúŠ ĕÒƐúȢ ĹŃŠ úƐúŠ ĕÒƐú ĕÒôȢ Ò íŸŧĚĹúŧŧ ķúúŰĚĹĎ ÒĹô îŃĹŧĚŧŰŧ Ńč ĕĚĎĕĮƗ şŸÒĮĚčĚúô ĚĹôĚƐĚôŸÒĮŧ ƑĚŰĕ ŠúĮÒŰĚŃĹŧĕĚŝ ƑĚŰĕ Űĕú ŃķŝÒĹƗȢ ĚŰŧ ŧŸíŧĚôĚÒŠĚúŧȢ īĹŃƑĮúôĎú ÒĹô úƖŝúŠŰĚŧú íúĹúčĚîĚÒĮ ŰŃ Űĕú ŃķŝÒĹƗɇŧ ÒŧŧŃîĚÒŰúŧŃŠķÒĨŃŠŧĕÒŠúĕŃĮôúŠŧȢŸĹĮúŧŧŰĕúŠúĮÒŰĚŃĹŧĕĚŝ íŸŧĚĹúŧŧȡ žĕúŧú ôĚŠúîŰŃŠŧ ÒŠú ÒĮŧŃ ŠúŧŝúîŰúô čŃŠŰĕúĚŠ ĎŃŃô îúÒŧúô ĹŃŰ Įúŧŧ ŰĕÒĹ ŰƑŃ ƗúÒŠŧ ŝŠĚŃŠ ŰŃ Űĕú ôÒŰú Ńč îĕÒŠÒîŰúŠ ÒĹô íŸŧĚĹúŧŧ úŰĕĚîŧȢ Òŧ ƑúĮĮÒŧ ŰĕúĚŠîŃĹŧĚŧŰúĹŰĮƗ íúîŃķĚĹĎ ÒĹ ĚĹôúŝúĹôúĹŰ ôĚŠúîŰŃŠȡ žĕú ŰúŠķ ɄíŸŧĚĹúŧŧ ĎŃŃôŝúŠčŃŠķÒĹîúŃčôŸŰĚúŧȡžĕú ŃķŝÒĹƗŠúŧŝúîŰŧŰĕúŠĚĎĕŰ ŠúĮÒŰĚŃĹŧĕĚŝɅŠúčúŠŧŰŃÒĹƗĹŃŠķÒĮíŸŧĚĹúŧŧŰŠÒĹŧÒîŰĚŃĹŧĚĹ ŃčŧĕÒŠúĕŃĮôúŠŧ ŰŃôúîĚôúŃĹŰĕúŠúÒŝŝŃĚĹŰķúĹŰ ŃčôĚŠúîŰŃŠŧ ŰĕúÒķŃŸĹŰķŃŠúŰĕÒĹÒĕŰDZǯķĚĮĮĚŃĹȢŃŠķŃŠúŰĕÒĹDzɿŃč ŰŃ Űĕú ŃÒŠôȡ žĕúŠúčŃŠúȢ Űĕú ŃķŝÒĹƗ ôŃúŧ ĹŃŰ ĮĚķĚŰ Űĕú ĹúŰ ŰÒĹĎĚíĮú ÒŧŧúŰŧ ÒčŰúŠ ôúôŸîŰĚĹĎ Űĕú ĮĚÒíĚĮĚŰĚúŧ ÒĹô ĹŸķíúŠ Ńč îŃĹŧúîŸŰĚƐú ŰúŠķ Ńč ŧúŠƐĚîú čŃŠ ôĚŠúîŰŃŠŧȡ žĕú úşŸĚŰƗŃčķĚĹŃŠĚŰƗŧĕÒŠúĕŃĮôúŠŧȢƑĕĚîĕúƐúŠĚŧĮŃƑúŠȡ ŃķŝÒĹƗ ôŃúŧ ĕŃƑúƐúŠ îŃķķĚŰ ŰŃ ĎŃŃô îŃŠŝŃŠÒŰú Ƕȡ ”ĕÒĮĮĹŃŰíúÒôĚŠúîŰŃŠÒŝŝŃĚĹŰúôÒŧÒŠúŝŠúŧúĹŰÒŰĚƐúŃčŰĕú ĎŃƐúŠĹÒĹîú ŝŠÒîŰĚîúŧ ÒĹô úĹîŃŸŠÒĎúŧ ŰúŠķŧ Ńč ŧúŠƐĚîú Ńč ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧŃŠķÒĨŃŠŧĕÒŠúĕŃĮôúŠŧȡ ôĚŠúîŰŃŠŧĚĹĮĚĹúƑĚŰĕŰĕú”+žĎŸĚôúĮĚĹúŃčĹŃŰķŃŠúŰĕÒĹĹĚĹú Ƿȡ ”ĕÒĮĮĹŃŰŃŝúŠÒŰúŃŠíúŝÒŠŰŃčÒíŸŧĚĹúŧŧŰĕÒŰŃŝúŠÒŰúŧĚĹ îŃĹŧúîŸŰĚƐúƗúÒŠŧȡ Űĕú ŧÒķú ĚĹôŸŧŰŠƗ ŃŠ ĚĹ ôĚŠúîŰ îŃķŝúŰĚŰĚŃĹ ƑĚŰĕ Űĕú  ŃķŝÒĹƗɇŧŃŝúŠÒŰĚŃĹŧȡ \ĚķĚŰŧŃĹ%ĚŠúîŰŃŠŧɇŠŃŧĚŰĚŃĹŧĚĹ\ĚŧŰúô ŃķŝÒĹĚúŧ Ǹȡ”ĕÒĮĮíúîÒŝÒíĮúŃčŝúŠčŃŠķĚĹĎôŸŰĚúŧȢĎĚƐĚĹĎŃŝĚĹĚŃĹŧȢÒĹô žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĕÒŧÒŝŃĮĚîƗŃčĮĚķĚŰĚĹĎŰĕúĹŸķíúŠŃč ŠúŝŃŠŰĚĹĎ ŠúŧŸĮŰŧ Ńč ƑŃŠī ŝúŠčŃŠķÒĹîú ÒîîŃŠôĚĹĎ ŰŃ Űĕú ŝŃŧĚŰĚŃĹŧĕúĮôŃĹŰĕúíŃÒŠôŃčĮĚŧŰúôîŃķŝÒĹĚúŧŃŰĕúŠŰĕÒĹŰĕú ôŸŰĚúŧ úĹŰŠŸŧŰúô íƗ Űĕú ŃÒŠôȢ ĚĹôúŝúĹôúĹŰĮƗ ÒĹô čŠúú ŃķŝÒĹƗɇŧ ŃƑĹ ŧŸíŧĚôĚÒŠĚúŧ ŰŃ ĹŃ ķŃŠú ŰĕÒĹ ŰĕŠúú čŠŃķŰĕúîŃĹŰŠŃĮŃčŰĕúķÒĹÒĎúķúĹŰŃŠķÒĨŃŠŧĕÒŠúĕŃĮôúŠŧ îŃķŝÒĹĚúŧȡ %ĚŠúîŰŃŠŧ ŧĕÒĮĮ ĹŃŰ ŧĚŰ ŃĹ Űĕú íŃÒŠô Ńč ÒĹƗ ŃčŰĕú ŃķŝÒĹƗȡ ŃķŝÒĹƗ ŰĕÒŰ ŃŝúŠÒŰúŧ ĚĹ Űĕú ŧÒķú ĚĹôŸŧŰŠƗ ŃŠ ŰĕÒŰ Ěŧ ĚĹ  ôĚŠúîŰ îŃķŝúŰĚŰĚŃĹ ƑĚŰĕ Űĕú ŃķŝÒĹƗɇŧ ŃŝúŠÒŰĚŃĹŧȡ žĕú žúŠķŧŃč”úŠƐĚîúčŃŠ%ĚŠúîŰŃŠŧ ĕŃĮôĚĹĎŃčŝŃŧĚŰĚŃĹŧÒŧôĚŠúîŰŃŠŧĚĹŃŰĕúŠîŃķŝÒĹĚúŧŧĕÒĮĮÒĮŧŃ ÄúÒŠŧŃč”úŠƐĚîúĚĹúÒîĕŠŃŰÒŰĚŃĹ íú ŠúŝŃŠŰúô ŰŃ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ čŃŠ ĚŰŧ žĕú ŃķŝÒĹƗɇŧŠŰĚîĮúŧŃčŧŧŃîĚÒŰĚŃĹĚĹôĚîÒŰúŰĕúĹŸķíúŠŃč ÒîīĹŃƑĮúôĎúķúĹŰȡ ƗúÒŠŧŧúŠƐúôŃĹŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĚĹÒîîŃŠôÒĹîúƑĚŰĕŰĕú  ŠŸíĮĚî\ĚķĚŰúô ŃķŝÒĹƗîŰȢƑĕĚîĕŧŝúîĚčĚúŧŰĕÒŰŃĹúȺŰĕĚŠôŃč ŃķŝÒĹƗ”úîŠúŰÒŠƗ Űĕú ŰŃŰÒĮ ĹŸķíúŠ ŃčôĚŠúîŰŃŠŧ ķŸŧŰŠúŰĚŠú čŠŃķ ŃččĚîú ÒŰ Űĕú žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒŧŧĚĎĹŧŰĕúôŸŰĚúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ ĹĹŸÒĮ>úĹúŠÒĮeúúŰĚĹĎȡJčĚŰĚŧĹŃŰŝŃŧŧĚíĮúŰŃôĚƐĚôúŰĕúŰŃŰÒĮ ŃčŰĕúîŃķŝÒĹƗŧúîŠúŰÒŠƗȣŰŃŃŠĎÒĹĚƠúķúúŰĚĹĎŧčŃŠŰĕúíŃÒŠôȢ

 ǵǯAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ57 

îŃķķĚŰŰúúŧʒŧĕÒŠúĕŃĮôúŠŧȢ ÒĹôŰŃîŃŃŠôĚĹÒŰúÒîŰĚƐĚŰĚúŧÒĹô ŃĮúŧÒĹôúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧ ŰŠÒĚĹĚĹĎŧčŃŠôĚŠúîŰŃŠŧȡžĕúîŃķŝÒĹƗŧúîŠúŰÒŠƗĚŧŠúŧŝŃĹŧĚíĮú žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧ ĕÒŧŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ îĮúÒŠĮƗ čŃŠ ŝŠúŝÒŠĚĹĎ ĹŃŰĚîúŧ Ńč ķúúŰĚĹĎŧȢ ķĚĹŸŰúŧ Ńč ķúúŰĚĹĎŧȢ ŧúŝÒŠÒŰúô čŠŃķŰĕú ŃķŝÒĹƗɇŧ ķÒĹÒĎúķúĹŰ ŰŃúĹŧŸŠú ŰĕÒŰ ÒĹĹŸÒĮŠúŝŃŠŰŧȢÒŧƑúĮĮÒŧŰĕúčĚĮĚĹĎŃčôŃîŸķúĹŰŧÒŧŠúşŸĚŠúô íŸŧĚĹúŧŧ Ěŧ îŃĹôŸîŰúô ĚĹ Ò ĮÒƑčŸĮ ÒĹô úŰĕĚîÒĮ ķÒĹĹúŠ ÒĹô íƗĮÒƑÒĹôŠúĮúƐÒĹŰŠúĎŸĮÒŰĚŃĹŧŃčŰĕú”+ ÒĹô”+žȡžĕúŃÒŠô ŃŝúŠÒŰĚŃĹŧ ÒŠú ŠŸĹ úččĚîĚúĹŰĮƗ ÒĹô úččúîŰĚƐúĮƗȡ žĕú ŃÒŠô Ńč Ńč%ĚŠúîŰŃŠŧĕÒŧôúŰúŠķĚĹúôŰĕúşŸÒĮĚčĚîÒŰĚŃĹŧŃčŰĕúîŃķŝÒĹƗ %ĚŠúîŰŃŠŧɇŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧĚĹîĮŸôúȢíŸŰÒŠúĹŃŰĮĚķĚŰúô ŧúîŠúŰÒŠƗŧĕŃŸĮôĚĹîĮŸôúȢíŸŰĹŃŰíúĮĚķĚŰúôŰŃȢīĹŃƑĮúôĎúŃč ŰŃȢŰĕúčŃĮĮŃƑĚĹĎȣ ĮÒƑÒĹôȮŃŠčĚĹÒĹîúÒĹôÒîîŃŸĹŰĚĹĎȡ ǰȡ ŃĹŧĚôúŠȢÒôƐĚŧúȢÒĹôÒŝŝŠŃƐúīúƗíŸŧĚĹúŧŧķÒŰŰúŠŧúȡĎȡ  Űĕú ŃķŝÒĹƗɇŧ ƐĚŧĚŃĹ ÒĹô ķĚŧŧĚŃĹȢ íŸŧĚĹúŧŧ ŧŰŠÒŰúĎƗȢ ŃĮúŧÒĹôúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕú ĕÒĚŠķÒĹŃčŰĕúŃÒŠôŃč čĚĹÒĹîĚÒĮŰÒŠĎúŰŧȢíŸŧĚĹúŧŧ ŠĚŧīŧȢÒĹĹŸÒĮŃŝúŠÒŰĚŃĹŝĮÒĹȢ %ĚŠúîŰŃŠŧ ÒĹô íŸôĎúŰȢ ÒĹô ÒĮŧŃ úĹŧŸŠú ŰĕÒŰ Űĕú ķÒĹÒĎúķúĹŰ žĕúîĕÒĚŠķÒĹŃčŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧĕÒŧŰĕúĚķŝŃŠŰÒĹŰŠŃĮú ŃŝúŠÒŰúŧĚĹÒĹúččúîŰĚƐúÒĹôúččĚîĚúĹŰķÒĹĹúŠȡ ŃčíúĚĹĎŰĕúĮúÒôúŠƑĕŃúĹŧŸŠúŧŰĕÒŰŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧĚŧ DZȡ ŃĹŧĚôúŠ ÒĹô ŠúƐĚúƑ Űĕú îŃŠŝŃŠÒŰú ĎŃƐúŠĹÒĹîú ŝŃĮĚîƗ ÒíĮú ŰŃƑŃŠīŧķŃŃŰĕĮƗ ÒĹôúččĚîĚúĹŰĮƗ ÒŧŝĮÒĹĹúôȡ žĕúŠŃĮúŧ ÒĹôķŃĹĚŰŃŠîŃķŝĮĚÒĹîúƑĚŰĕŰĕúŝŃĮĚîƗÒŰĮúÒŧŰŃĹîúÒ ÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕúîĕÒĚŠķÒĹŃčŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧ ƗúÒŠȡ ÒŠúÒŧčŃĮĮŃƑŧȣ Dzȡ ŠŠŃƐĚôú Űĕú ŃķŝÒĹƗɇŧ îŃôú Ńč îŃĹôŸîŰ ĚĹ ƑŠĚŰĚĹĎ čŃŠ ǰȡ ”ŸŝúŠƐĚŧúȢ ŠúĎŸĮÒŰúȢ ÒĹô čŃĮĮŃƑ Ÿŝ ŃĹ Űĕú ôĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ÒĹô úķŝĮŃƗúúŧȡ +ĹŧŸŠú ŰĕúƗ ÒŠú ÒôķĚĹĚŧŰŠÒŰĚƐúŝŠŃĎŠúŧŧŃčŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧÒĹô ÒƑÒŠúŃčŰĕú ŃķŝÒĹƗɇŧúŰĕĚîÒĮŧŰÒĹôÒŠôŧÒĹôŰĕÒŰŰĕúƗ ĚŰŧŧŸíȺîŃķķĚŰŰúúŧĚĹŃŠôúŠŰŃúĹŧŸŠúŰĕÒŰŰĕúƗƑĚĮĮ ÒîŰĚĹîŃķŝĮĚÒĹîúƑĚŰĕŰĕúîŃôúŃčîŃĹôŸîŰȡ íúÒíĮúŰŃķúúŰŝŠĚŃŠĮƗŧúŰŰÒŠĎúŰŧȡ dzȡ %účĚĹúĎŸĚôúĮĚĹúŧčŃŠŠúĮÒŰúôŰŠÒĹŧÒîŰĚŃĹŧƑĚŰĕîŃĹčĮĚîŰŧ DZȡ ÒĮĮ ķúúŰĚĹĎŧ Ńč Űĕú íŃÒŠô Ńč ôĚŠúîŰŃŠŧȢ ŃŠ ÒŧŧĚĎĹ Ńč ĚĹŰúŠúŧŰ čŃŠ Űĕú íúĹúčĚŰ Ńč Űĕú ŃķŝÒĹƗ ÒĹô ŧŃķúŃĹúúĮŧúŰŃôŃŧŃȡ ŧĕÒŠúĕŃĮôúŠŧȢ ƑĕúŠúíƗ ŝúŠŧŃĹŧ ƑĚŰĕ Ò ƐúŧŰúô ĚĹŰúŠúŧŰ Dzȡ ”úŠƐú Òŧ Űĕú ĕúÒô Ńč íŃÒŠô ķúúŰĚĹĎŧȢ ÒĹô Òŧ Űĕú îÒĹĹŃŰ ŝÒŠŰĚîĚŝÒŰú ĚĹ Űĕú ƐŃŰĚĹĎ ŃŠ ôúîĚŧĚŃĹȺķÒīĚĹĎ ĕúÒôŃčŰĕúîŃķŝÒĹƗɇŧŧĕÒŠúĕŃĮôúŠķúúŰĚĹĎŧȡ ŝŠŃîúŧŧ Ńč ŰĕÒŰ ķÒŰŰúŠȡ +ĹŧŸŠú ŰĕÒŰ Űĕú ŃķŝÒĹƗ dzȡ eÒĹÒĎú Űĕú ķúúŰĚĹĎŧ ŰŃ ŝŠŃĎŠúŧŧ úččĚîĚúĹŰĮƗ ÒĹô îŃķŝĮĚúŧ ƑĚŰĕ ŠúĎŸĮÒŰŃŠƗ ŠúşŸĚŠúķúĹŰŧ ÒĹô ŰĕÒŰ ŧķŃŃŰĕĮƗȢƑĕĚĮúÒĮŧŃúĹîŃŸŠÒĎĚĹĎÒĹôŧŸŝŝŃŠŰĚĹĎŰĕú ôĚŧîĮŃŧŸŠúŧŃčÒĹƗŰŠÒĹŧÒîŰĚŃĹŧƑĚŰĕîŃĹčĮĚîŰŧŃčĚĹŰúŠúŧŰ úƖŝŠúŧŧĚŃĹŃččŠúúŃŝĚĹĚŃĹŧȡ ÒŠúîŃŠŠúîŰÒĹôîŃķŝĮúŰúȡ Ǵȡ ”úŠƐú Òŧ Űĕú ôúîĚôĚĹĎ ƐŃĚîú ĚĹ Űĕú úƐúĹŰ Ńč Ò ŰĚú Ǵȡ +ĹŧŸŠúŰĕÒŰÒĹĚĹŰúŠĹÒĮîŃĹŰŠŃĮŧƗŧŰúķĚŧĚĹŝĮÒîúÒĹôĚĹ ôŸŠĚĹĎƐŃŰĚĹĎÒŰÒķúúŰĚĹĎȡ úččúîŰÒĹôŰĕÒŰčĚĹÒĹîĚÒĮŠúŝŃŠŰĚĹĎÒĹôŃŝúŠÒŰĚŃĹŧÒŠúĚĹ ǵȡ +ĹîŃŸŠÒĎú ÒĹô ŧŸŝŝŃŠŰ Űĕú íŃÒŠô Ńč ôĚŠúîŰŃŠŧ ŰŃ îŃķŝĮĚÒĹîú ƑĚŰĕ ŠŸĮúŧ ÒĹô ŠúĎŸĮÒŰĚŃĹŧȢ ÒĹô ÒŧŧĚĎĹ Ò čŸĮčĚĮĮŰĕúĚŠôŸŰĚúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŰŃŰĕúčŸĮĮúŧŰŃč ŝúŠŧŃĹŃŠŸĹĚŰŰŃĚĹôúŝúĹôúĹŰĮƗÒŸôĚŰÒĹôŠúŝŃŠŰŃĹŰĕú ŰĕúĚŠ ÒíĚĮĚŰĚúŧ ĚĹ ÒîîŃŠôÒĹîú ƑĚŰĕ Űĕú ŝŠĚĹîĚŝĮú Ńč ŃķŝÒĹƗɇŧ ĚĹŰúŠĹÒĮ îŃĹŰŠŃĮ ŧƗŧŰúķ ŰŃ Űĕú ŃÒŠô Ńč ĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúȡ %ĚŠúîŰŃŠŧÒŰĮúÒŧŰŃĹîúÒƗúÒŠȡ Ƕȡ %úŰúŠķĚĹú Űĕú îŃķŝŃŧĚŰĚŃĹȢ ŧĚƠú ÒĹô Űĕú ŃÒŠô ǵȡ +ŧŰÒíĮĚŧĕŰĕúŠĚŧīķÒĹÒĎúķúĹŰŝŃĮĚîƗÒĹôÒŧŧĚĎĹÒŰúÒķ ŧŰŠŸîŰŸŠú ĚĹ ŃŠôúŠ ŰŃ îŠúÒŰú Ò íÒĮÒĹîú íúŰƑúúĹ ŰŃķÒĹÒĎúŰĕú ŃķŝÒĹƗɇŧŠĚŧīŧÒĹôŰŃĮŃŃīčŃŠíŸŧĚĹúŧŧ úƖúîŸŰĚƐúôĚŠúîŰŃŠŧÒĹôĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠŧȡ ŃŝŝŃŠŰŸĹĚŰĚúŧŰĕÒŰķÒƗÒŠĚŧúčŠŃķŰĕúŧúŠĚŧīŧÒĹôŠúŝŃŠŰ Ƿȡ +ĹŧŸŠú îŃķŝŠúĕúĹŧĚƐú ĚĹôŸîŰĚŃĹ ŝŠŃĎŠÒķŧ čŃŠĹúƑ ŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧŃĹÒŠúĎŸĮÒŠíÒŧĚŧȡ ôĚŠúîŰŃŠŧȡ Ƕȡ ŠŠŃƐĚôúÒôúşŸÒŰúôĚŧîĮŃŧŸŠúŃčĚĹčŃŠķÒŰĚŃĹŰŃŰĕúŝŸíĮĚî Ǹȡ +ĹŧŸŠúŰĕÒŰŰĕúîŃķŝÒĹƗĕÒŧŧŸîîúŧŧĚŃĹ ŝĮÒĹŧ čŃŠ ÒĹô ŧŰÒīúĕŃĮôúŠŧ ÒĹô úĹŧŸŠú ŰĕÒŰ ôĚŧîĮŃŧŸŠúŧ Ńč ŧúĹĚŃŠúƖúîŸŰĚƐúŧȡ ĚĹčŃŠķÒŰĚŃĹ ÒŠú îŃŠŠúîŰȢ îŃĹîĚŧúȢ ŰŠÒĹŧŝÒŠúĹŰ ÒĹô ǰǯȡ ŝŝŃĚĹŰŰĕú ŃķŝÒĹƗ”úîŠúŰÒŠƗŰŃÒŧŧĚŧŰƑĚŰĕŃÒŠô ŠúĮĚÒíĮúȡ čŸĹîŰĚŃĹŧȡ Ƿȡ ¥ĹôúŠŧŰÒĹôŰĕúŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕúŃÒŠôŃč ǰǰȡ +ĹŧŸŠúŰĕÒŰŃÒŠôķúķíúŠŧŠúîúĚƐúÒîÒŰúȢŰĚķúĮƗȢ %ĚŠúîŰŃŠŧ ÒĹô Űĕú ŃķŝÒĹƗɇŧ ĹÒŰŸŠú Ńč íŸŧĚĹúŧŧ ÒĹô ÒĹôŧŸččĚîĚúĹŰĚĹčŃŠķÒŰĚŃĹčŃŠŃÒŠôķúúŰĚĹĎŧȡ ÒĮƑÒƗŧúƖŝŠúŧŧúŧĚĹôúŝúĹôúĹŰŃŝĚĹĚŃĹŧȡ ǰDZȡ +ĹĎÒĎú Űĕú íŃÒŠô ŠúĎŸĮÒŠĮƗ ĚĹ ÒŧŧúŧŧĚĹĎ ÒĹô Ǹȡ ŠúŠčŃŠķôŸŰĚúŧ ƑĚŰĕ ĕŃĹúŧŰƗ ÒĹô ôŸú îÒŠúȢ ŰÒīĚĹĎ ĚĹŰŃ ĚķŝŠŃƐĚĹĎĚŰŧŝúŠčŃŠķÒĹîúȡ ÒîîŃŸĹŰ Űĕú íúŧŰ ĚĹŰúŠúŧŰ Ńč Űĕú ŃķŝÒĹƗ ÒĹô čÒĚŠ  ŰŠúÒŰķúĹŰŃčŧĕÒŠúĕŃĮôúŠŧȡ  

 58 ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǵǰ19   

îŃķķĚŰŰúúŧʒŧĕÒŠúĕŃĮôúŠŧȢ ÒĹôŰŃîŃŃŠôĚĹÒŰúÒîŰĚƐĚŰĚúŧÒĹô ŃĮúŧÒĹôúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧ ǰǯȡ %úƐŃŰú ŧŸččĚîĚúĹŰ ŰĚķú ÒĹô úččŃŠŰŰŃŰĕú ŃķŝÒĹƗ ÒĹô ÒĹô Òŧ ĚĹôĚƐĚôŸÒĮŧȢ ÒĹô Űĕú ÒŧŧúŧŧķúĹŰ Ńč îŃķķĚŰŰúú ŰŠÒĚĹĚĹĎŧčŃŠôĚŠúîŰŃŠŧȡžĕúîŃķŝÒĹƗŧúîŠúŰÒŠƗĚŧŠúŧŝŃĹŧĚíĮú žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧ ĕÒŧŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ îĮúÒŠĮƗ ŃƐúŠŧúú ÒĹô ķŃĹĚŰŃŠ íŸŧĚĹúŧŧ ŃŝúŠÒŰĚŃĹŧ íƗ ŠúşŸĚŠĚĹĎ ŝúŠčŃŠķÒĹîúȡ žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒŠú Òŧŧúŧŧúô ĚĹ ǵ čŃŠ ŝŠúŝÒŠĚĹĎ ĹŃŰĚîúŧ Ńč ķúúŰĚĹĎŧȢ ķĚĹŸŰúŧ Ńč ķúúŰĚĹĎŧȢ ŧúŝÒŠÒŰúô čŠŃķŰĕú ŃķŝÒĹƗɇŧ ķÒĹÒĎúķúĹŰ ŰŃúĹŧŸŠú ŰĕÒŰ čĚĹÒĹîĚÒĮŠúŝŃŠŰŧŰĕÒŰÒŠúÒîÒŰúÒĹôîŃķŝĮúŰúȡ ÒŠúÒŧÒŧčŃĮĮŃƑŧȣ ÒĹĹŸÒĮŠúŝŃŠŰŧȢÒŧƑúĮĮÒŧŰĕúčĚĮĚĹĎŃčôŃîŸķúĹŰŧÒŧŠúşŸĚŠúô íŸŧĚĹúŧŧ Ěŧ îŃĹôŸîŰúô ĚĹ Ò ĮÒƑčŸĮ ÒĹô úŰĕĚîÒĮ ķÒĹĹúŠ ÒĹô  ǰȳ ”ŰŠŸîŰŸŠúÒĹôîĕÒŠÒîŰúŠĚŧŰĚîŧŃčŰĕúŃÒŠô íƗĮÒƑÒĹôŠúĮúƐÒĹŰŠúĎŸĮÒŰĚŃĹŧŃčŰĕú”+ ÒĹô”+žȡžĕúŃÒŠô ŃŝúŠÒŰĚŃĹŧ ÒŠú ŠŸĹ úččĚîĚúĹŰĮƗ ÒĹô úččúîŰĚƐúĮƗȡ žĕú ŃÒŠô Ńč ŃÒŠôŃč%ĚŠúîŰŃŠŧɇeúúŰĚĹĎŧ DZȳ ŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕúŃÒŠô Ńč%ĚŠúîŰŃŠŧĕÒŧôúŰúŠķĚĹúôŰĕúşŸÒĮĚčĚîÒŰĚŃĹŧŃčŰĕúîŃķŝÒĹƗ %ĚŠúîŰŃŠŧɇŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧĚĹîĮŸôúȢíŸŰÒŠúĹŃŰĮĚķĚŰúô žĕú ŃķŝÒĹƗŝĮÒĹŧŰĕúŧîĕúôŸĮúŃčíŃÒŠôķúúŰĚĹĎŧčŃŠŰĕú Dzȳ ŃÒŠôķúúŰĚĹĎŧ ŧúîŠúŰÒŠƗŧĕŃŸĮôĚĹîĮŸôúȢíŸŰĹŃŰíúĮĚķĚŰúôŰŃȢīĹŃƑĮúôĎúŃč ŰŃȢŰĕúčŃĮĮŃƑĚĹĎȣ ƗúÒŠ ĚĹ ÒôƐÒĹîúȡ žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ Ěŧ ŧîĕúôŸĮúô ŰŃ dzȳ žĕúŃÒŠôɇŧŝúŠčŃŠķÒĹîúŃčôŸŰĚúŧ ĮÒƑÒĹôȮŃŠčĚĹÒĹîúÒĹôÒîîŃŸĹŰĚĹĎȡ ǰȡ ŃĹŧĚôúŠȢÒôƐĚŧúȢÒĹôÒŝŝŠŃƐúīúƗíŸŧĚĹúŧŧķÒŰŰúŠŧúȡĎȡ ķúúŰÒŰĮúÒŧŰŧĚƖŰĚķúŧŝúŠƗúÒŠȢčŃŸŠŃčƑĕĚîĕÒŠúĎúĹúŠÒĮ Ǵȳ úĮÒŰĚŃĹŧĕĚŝƑĚŰĕķÒĹÒĎúķúĹŰ  Űĕú ŃķŝÒĹƗɇŧ ƐĚŧĚŃĹ ÒĹô ķĚŧŧĚŃĹȢ íŸŧĚĹúŧŧ ŧŰŠÒŰúĎƗȢ ķúúŰĚĹĎŧ ŰŃ îŃĹŧĚôúŠ ÒĹô ÒŝŝŠŃƐú čĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧ ǵȳ ”úĮčȺôúƐúĮŃŝķúĹŰŃčôĚŠúîŰŃŠŧ ŃĮúŧÒĹôúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕú ĕÒĚŠķÒĹŃčŰĕúŃÒŠôŃč čĚĹÒĹîĚÒĮŰÒŠĎúŰŧȢíŸŧĚĹúŧŧ ŠĚŧīŧȢÒĹĹŸÒĮŃŝúŠÒŰĚŃĹŝĮÒĹȢ ÒĹô ŰƑŃ ÒŠú ŝúŠčŃŠķÒĹîú ŠúƐĚúƑ ķúúŰĚĹĎŧ ŰŃ ŠúƐĚúƑ Űĕú  %ĚŠúîŰŃŠŧ ÒĹô íŸôĎúŰȢ ÒĹô ÒĮŧŃ úĹŧŸŠú ŰĕÒŰ Űĕú ķÒĹÒĎúķúĹŰ íŸŧĚĹúŧŧŃŝúŠÒŰĚŃĹŧÒĹôíŸŧĚĹúŧŧŝĮÒĹŧȡJĹîÒŧúŰĕúŠúÒŠú žĕúŧúĮčȺÒŧŧúŧŧķúĹŰŃčôĚŠúîŰŃŠŧɇŝúŠčŃŠķÒĹîúčŃŠŰĕúƗúÒŠ žĕúîĕÒĚŠķÒĹŃčŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧĕÒŧŰĕúĚķŝŃŠŰÒĹŰŠŃĮú ŃŝúŠÒŰúŧĚĹÒĹúččúîŰĚƐúÒĹôúččĚîĚúĹŰķÒĹĹúŠȡ ŃŰĕúŠ ķÒŰŰúŠŧ ŠúşŸĚŠĚĹĎ íŃÒŠô ÒŝŝŠŃƐÒĮȢ ŧŝúîĚÒĮ ķúúŰĚĹĎŧ DZǯǰǸƑÒŧîŃĹôŸîŰúôƑĚŰĕčŸĮĮŝÒŠŰĚîĚŝÒŰĚŃĹŃčŰĕúôĚŠúîŰŃŠŧȡ ŃčíúĚĹĎŰĕúĮúÒôúŠƑĕŃúĹŧŸŠúŧŰĕÒŰŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧĚŧ DZȡ ŃĹŧĚôúŠ ÒĹô ŠúƐĚúƑ Űĕú îŃŠŝŃŠÒŰú ĎŃƐúŠĹÒĹîú ŝŃĮĚîƗ ķÒƗ íú ÒŠŠÒĹĎúô ŃĹ ÒĹ Òô ĕŃî íÒŧĚŧȡ %ĚŠúîŰŃŠŧ ÒŠú īúŝŰ žĕúÒŧŧúŧŧķúĹŰ ŠúŧŸĮŰŧ ĕÒƐúŧĕŃƑĹĚķŝŠŃƐúķúĹŰčŃŠŰĕú ÒíĮú ŰŃƑŃŠīŧķŃŃŰĕĮƗ ÒĹôúččĚîĚúĹŰĮƗ ÒŧŝĮÒĹĹúôȡ žĕúŠŃĮúŧ ÒĹôķŃĹĚŰŃŠîŃķŝĮĚÒĹîúƑĚŰĕŰĕúŝŃĮĚîƗÒŰĮúÒŧŰŃĹîúÒ ĚĹčŃŠķúô Ńč Űĕú íŃÒŠô ķúúŰĚĹĎ ŧîĕúôŸĮú ŰŃ úĹŧŸŠú ŰĕúĚŠ ŝúŠčŃŠķÒĹîú Ńč Űĕú îŃĮĮúîŰĚƐú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒĹô ÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕúîĕÒĚŠķÒĹŃčŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧ ƗúÒŠȡ ÒƐÒĚĮÒíĚĮĚŰƗȡ ĚĹôĚƐĚôŸÒĮ ôĚŠúîŰŃŠŧȡ EŃƑúƐúŠȢ Űĕú ŠúŧŸĮŰŧ čŃŠ ĚĹôĚƐĚôŸÒĮ ÒŠúÒŧčŃĮĮŃƑŧȣ Dzȡ ŠŠŃƐĚôú Űĕú ŃķŝÒĹƗɇŧ îŃôú Ńč îŃĹôŸîŰ ĚĹ ƑŠĚŰĚĹĎ čŃŠ  îŃķķĚŰŰúúŧĕÒƐúôúîŠúÒŧúôčŠŃķŰĕúŝŠúƐĚŃŸŧƗúÒŠȡ ǰȡ ”ŸŝúŠƐĚŧúȢ ŠúĎŸĮÒŰúȢ ÒĹô čŃĮĮŃƑ Ÿŝ ŃĹ Űĕú ôĚŠúîŰŃŠŧȢ úƖúîŸŰĚƐúŧȢ ÒĹô úķŝĮŃƗúúŧȡ +ĹŧŸŠú ŰĕúƗ ÒŠú %ĚŠúîŰŃŠŧÒŠúúĹîŃŸŠÒĎúôŰŃÒŰŰúĹôŰĕúíŃÒŠôķúúŰĚĹĎŧÒĹô  ÒôķĚĹĚŧŰŠÒŰĚƐúŝŠŃĎŠúŧŧŃčŰĕúíŃÒŠôŃčôĚŠúîŰŃŠŧÒĹô ÒƑÒŠúŃčŰĕú ŃķŝÒĹƗɇŧúŰĕĚîÒĮŧŰÒĹôÒŠôŧÒĹôŰĕÒŰŰĕúƗ ŰĕúŝúŠčŃŠķÒĹîúŠúƐĚúƑķúúŰĚĹĎŧȢÒŧƑúĮĮÒŧŧĕÒŠúĕŃĮôúŠŧɇ žĕúŧúĮčȺÒŧŧúŧŧķúĹŰŠúŧŸĮŰŧŃčŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒŧÒ ĚŰŧŧŸíȺîŃķķĚŰŰúúŧĚĹŃŠôúŠŰŃúĹŧŸŠúŰĕÒŰŰĕúƗƑĚĮĮ ÒîŰĚĹîŃķŝĮĚÒĹîúƑĚŰĕŰĕúîŃôúŃčîŃĹôŸîŰȡ ķúúŰĚĹĎȡ žĕú ÒŰŰúĹôÒĹîú Ńč ôĚŠúîŰŃŠŧ ÒŰ ķúúŰĚĹĎŧ ĕúĮô îŃĮĮúîŰĚƐúíŃôƗĚķŝŠŃƐúôčŠŃķÒĹúƖîúĮĮúĹŰŠÒŰĚĹĎŃčǸǰɿĚĹ íúÒíĮúŰŃķúúŰŝŠĚŃŠĮƗŧúŰŰÒŠĎúŰŧȡ dzȡ %účĚĹúĎŸĚôúĮĚĹúŧčŃŠŠúĮÒŰúôŰŠÒĹŧÒîŰĚŃĹŧƑĚŰĕîŃĹčĮĚîŰŧ ôŸŠĚĹĎDZǯǰǸĚŧôĚŧîĮŃŧúôĚĹŰĕúeÒĹÒĎúķúĹŰŧúîŰĚŃĹĚĹŰĕú DZǯǰǷ ŰŃ ÒĹ úƐúĹ ĕĚĎĕúŠ ŠÒŰĚĹĎ Ńč ǸDZɿ ĚĹ DZǯǰǸȡ žĕú ŧúĮčȺ DZȡ ÒĮĮ ķúúŰĚĹĎŧ Ńč Űĕú íŃÒŠô Ńč ôĚŠúîŰŃŠŧȢ ŃŠ ÒŧŧĚĎĹ Ńč ĚĹŰúŠúŧŰ čŃŠ Űĕú íúĹúčĚŰ Ńč Űĕú ŃķŝÒĹƗ ÒĹô ĹĹŸÒĮúŝŃŠŰȡ ÒŧŧúŧŧķúĹŰ ŃĹ ÒĹ ĚĹôĚƐĚôŸÒĮ íÒŧĚŧ ĚķŝŠŃƐúô čŠŃķ ÒĹ ŧŃķúŃĹúúĮŧúŰŃôŃŧŃȡ ŧĕÒŠúĕŃĮôúŠŧȢ ƑĕúŠúíƗ ŝúŠŧŃĹŧ ƑĚŰĕ Ò ƐúŧŰúô ĚĹŰúŠúŧŰ  ÒƐúŠÒĎú Ńč Ǹǯɿ ĚĹ DZǯǰǷ ŰŃ ǸDZɿ ĚĹ DZǯǰǸȡ žĕú ŧúĮčȺ Dzȡ ”úŠƐú Òŧ Űĕú ĕúÒô Ńč íŃÒŠô ķúúŰĚĹĎŧȢ ÒĹô Òŧ Űĕú îÒĹĹŃŰ ŝÒŠŰĚîĚŝÒŰú ĚĹ Űĕú ƐŃŰĚĹĎ ŃŠ ôúîĚŧĚŃĹȺķÒīĚĹĎ %ĚŠúîŰŃŠŧ ÒŠú úĹîŃŸŠÒĎúô ŰŃ ŝŠŃŝŃŧú ŠúĮúƐÒĹŰ ÒĎúĹôÒ ÒŧŧúŧŧķúĹŰ Ńč îŃķķĚŰŰúú ŝúŠčŃŠķÒĹîúȢ ĕŃƑúƐúŠȢ ĕúÒôŃčŰĕúîŃķŝÒĹƗɇŧŧĕÒŠúĕŃĮôúŠķúúŰĚĹĎŧȡ ŝŠŃîúŧŧ Ńč ŰĕÒŰ ķÒŰŰúŠȡ +ĹŧŸŠú ŰĕÒŰ Űĕú ŃķŝÒĹƗ ĚŰúķŧ ŰŃ Űĕú ĕÒĚŠķÒĹ ŰŃ îŃĹŧĚôúŠ ÒĹô îŃĹîĮŸôú ĚĹ Űĕú ôúîŠúÒŧúôčŠŃķÒĹÒƐúŠÒĎúŃčǷǶɿĚĹDZǯǰǷŰŃǷǵɿĚĹDZǯǰǸȡ dzȡ eÒĹÒĎú Űĕú ķúúŰĚĹĎŧ ŰŃ ŝŠŃĎŠúŧŧ úččĚîĚúĹŰĮƗ ÒĹô îŃķŝĮĚúŧ ƑĚŰĕ ŠúĎŸĮÒŰŃŠƗ ŠúşŸĚŠúķúĹŰŧ ÒĹô ŰĕÒŰ ĹŃŰĚîú Ńč ķúúŰĚĹĎȡ žĕú ŃķŝÒĹƗ ŧúĹôŧ Űĕú ĹŃŰĚîú Ńč  ŧķŃŃŰĕĮƗȢƑĕĚĮúÒĮŧŃúĹîŃŸŠÒĎĚĹĎÒĹôŧŸŝŝŃŠŰĚĹĎŰĕú ôĚŧîĮŃŧŸŠúŧŃčÒĹƗŰŠÒĹŧÒîŰĚŃĹŧƑĚŰĕîŃĹčĮĚîŰŧŃčĚĹŰúŠúŧŰ ķúúŰĚĹĎ ÒĹô ŧŸŝŝŃŠŰĚĹĎ ôŃîŸķúĹŰŧ ŃŠ ĚĹčŃŠķÒŰĚŃĹ ŰŃ úķŸĹúŠÒŰĚŃĹŃč%ĚŠúîŰŃŠŧÒĹô+ƖúîŸŰĚƐúŧ úƖŝŠúŧŧĚŃĹŃččŠúúŃŝĚĹĚŃĹŧȡ ÒŠúîŃŠŠúîŰÒĹôîŃķŝĮúŰúȡ ôĚŠúîŰŃŠŧÒŰĮúÒŧŰŧúƐúĹôÒƗŧŝŠĚŃŠŰŃŰĕúķúúŰĚĹĎôÒŰúȡŰ žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒŝŝŠŃƐúôŰĕúŠúķŸĹúŠÒŰĚŃĹŃčŰĕú Ǵȡ ”úŠƐú Òŧ Űĕú ôúîĚôĚĹĎ ƐŃĚîú ĚĹ Űĕú úƐúĹŰ Ńč Ò ŰĚú Ǵȡ +ĹŧŸŠúŰĕÒŰÒĹĚĹŰúŠĹÒĮîŃĹŰŠŃĮŧƗŧŰúķĚŧĚĹŝĮÒîúÒĹôĚĹ ŰĕúķúúŰĚĹĎȢŰĕú ĕÒĚŠķÒĹîŃŸĹŰŧŰĕúĹŸķíúŠŃčÒŰŰúĹôĚĹĎ ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒĹô ĚŰŧ îŃķķĚŰŰúúŧ ÒîîŃŠôĚĹĎ ŰŃ Űĕú ôŸŠĚĹĎƐŃŰĚĹĎÒŰÒķúúŰĚĹĎȡ úččúîŰÒĹôŰĕÒŰčĚĹÒĹîĚÒĮŠúŝŃŠŰĚĹĎÒĹôŃŝúŠÒŰĚŃĹŧÒŠúĚĹ ôĚŠúîŰŃŠŧ ŰŃ čŃŠķ Ò şŸŃŠŸķ ŰŃ îŃĹƐúĹú Űĕú ķúúŰĚĹĎȢ Òŧ ŝŠĚĹîĚŝĮúŧ ÒĹô ŝŃĮĚîĚúŧ ŧúŰ íƗ Űĕú gŃķĚĹÒŰĚŃĹ ÒĹô ǵȡ +ĹîŃŸŠÒĎú ÒĹô ŧŸŝŝŃŠŰ Űĕú íŃÒŠô Ńč ôĚŠúîŰŃŠŧ ŰŃ îŃķŝĮĚÒĹîú ƑĚŰĕ ŠŸĮúŧ ÒĹô ŠúĎŸĮÒŰĚŃĹŧȢ ÒĹô ÒŧŧĚĎĹ Ò ŧŝúîĚčĚúô ĚĹ Űĕú ŠŰĚîĮúŧ Ńč ŧŧŃîĚÒŰĚŃĹȡȡ žĕú ĕÒĚŠķÒĹ úķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúúȢƑĕĚîĕÒŠúƑĚŰĕĚĹŰĕúčŠÒķúƑŃŠī čŸĮčĚĮĮŰĕúĚŠôŸŰĚúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŰŃŰĕúčŸĮĮúŧŰŃč ŝúŠŧŃĹŃŠŸĹĚŰŰŃĚĹôúŝúĹôúĹŰĮƗÒŸôĚŰÒĹôŠúŝŃŠŰŃĹŰĕú îŃĹŧĚôúŠŧ Űĕú ķúúŰĚĹĎ ÒĎúĹôÒ ĚĹ Űĕú ŃŠôúŠ ŧŰÒŰúô ĚĹ Űĕú ÒĹô ĮĚķĚŰŧ ÒŝŝŠŃƐúô ƐĚÒ ŧĕÒŠúĕŃĮôúŠŧɇ ķúúŰĚĹĎȡ %ĚŠúîŰŃŠŧɇ ŰĕúĚŠ ÒíĚĮĚŰĚúŧ ĚĹ ÒîîŃŠôÒĹîú ƑĚŰĕ Űĕú ŝŠĚĹîĚŝĮú Ńč ŃķŝÒĹƗɇŧ ĚĹŰúŠĹÒĮ îŃĹŰŠŃĮ ŧƗŧŰúķ ŰŃ Űĕú ŃÒŠô Ńč ĹŃŰĚîúŃčķúúŰĚĹĎȡ ŠúķŸĹúŠÒŰĚŃĹĚŧîŃĹŧĚôúŠúôíÒŧúôķÒĚĹĮƗŃĹŰĕúŧîŃŝúŃč ĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúȡ %ĚŠúîŰŃŠŧÒŰĮúÒŧŰŃĹîúÒƗúÒŠȡ  ôŸŰĚúŧ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ôĚŠúîŰŃŠŧɇ ŝúŠčŃŠķÒĹîú ÒĹô Ƕȡ %úŰúŠķĚĹú Űĕú îŃķŝŃŧĚŰĚŃĹȢ ŧĚƠú ÒĹô Űĕú ŃÒŠô ǵȡ +ŧŰÒíĮĚŧĕŰĕúŠĚŧīķÒĹÒĎúķúĹŰŝŃĮĚîƗÒĹôÒŧŧĚĎĹÒŰúÒķ žĕú ĕÒĚŠķÒĹ ÒĮĮŃîÒŰúŧ ŧŸččĚîĚúĹŰ ŰĚķú ŰŃ ôĚŧîŸŧŧ úÒîĕ íúĹîĕķÒŠīĚĹĎÒĎÒĚĹŧŰŃŰĕúŠĮĚŧŰúôîŃķŝÒĹĚúŧ úĹĎÒĎúôĚĹ ŧŰŠŸîŰŸŠú ĚĹ ŃŠôúŠ ŰŃ îŠúÒŰú Ò íÒĮÒĹîú íúŰƑúúĹ ŰŃķÒĹÒĎúŰĕú ŃķŝÒĹƗɇŧŠĚŧīŧÒĹôŰŃĮŃŃīčŃŠíŸŧĚĹúŧŧ ÒĎúĹôÒ ĚŰúķ îÒŠúčŸĮĮƗ ÒĹô ŰĕŃŠŃŸĎĕĮƗȡ %ĚŠúîŰŃŠŧ ÒŠú ŰĕúŧÒķú íŸŧĚĹúŧŧ ŠúĎÒŠôĚĹĎ ŝúŠčŃŠķÒĹîúȢíŸŧĚĹúŧŧ ŧĚƠúȢ úƖúîŸŰĚƐúôĚŠúîŰŃŠŧÒĹôĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠŧȡ ŃŝŝŃŠŰŸĹĚŰĚúŧŰĕÒŰķÒƗÒŠĚŧúčŠŃķŰĕúŧúŠĚŧīŧÒĹôŠúŝŃŠŰ úĹîŃŸŠÒĎúôŰŃĎĚƐúîŃķķúĹŰŧÒĹôúƖŝŠúŧŧ ŰĕúĚŠŃŝĚĹĚŃĹŧ Ƿȡ +ĹŧŸŠú îŃķŝŠúĕúĹŧĚƐú ĚĹôŸîŰĚŃĹ ŝŠŃĎŠÒķŧ čŃŠĹúƑ ŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧŃĹÒŠúĎŸĮÒŠíÒŧĚŧȡ čŠúúĮƗÒĹôŃŝúĹĮƗíúčŃŠúîÒŧŰĚĹĎŰĕúĚŠƐŃŰúŧȡ+ÒîĕôĚŠúîŰŃŠ ÒĹôôĚŠúîŰŃŠŧɇÒîîŃŸĹŰÒíĚĮĚŰƗȡžĕúôĚŠúîŰŃŠŧɇŠúķŸĹúŠÒŰĚŃĹ ôĚŠúîŰŃŠŧȡ Ƕȡ ŠŠŃƐĚôúÒôúşŸÒŰúôĚŧîĮŃŧŸŠúŃčĚĹčŃŠķÒŰĚŃĹŰŃŰĕúŝŸíĮĚî ĕÒŧŃĹúƐŃŰúȡžĕú ķúúŰĚĹĎŠúşŸĚŠúŧÒŰĮúÒŧŰŰƑŃȺŰĕĚŠôŧŃč ĚŧŝŠŃŝŃŧúôŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧčŃŠÒŝŝŠŃƐÒĮíúčŃŠú Ǹȡ +ĹŧŸŠúŰĕÒŰŰĕúîŃķŝÒĹƗĕÒŧŧŸîîúŧŧĚŃĹ ŝĮÒĹŧ čŃŠ ÒĹô ŧŰÒīúĕŃĮôúŠŧ ÒĹô úĹŧŸŠú ŰĕÒŰ ôĚŧîĮŃŧŸŠúŧ Ńč ŰĕúŰŃŰÒĮĹŸķíúŠŃčôĚŠúîŰŃŠŧ ŰŃíúŝŠúŧúĹŰčŃŠƐŃŰĚĹĎŃĹ ŝÒŧŧĚĹĎ čŃŠ ÒŝŝŠŃƐÒĮ ÒŰ Űĕú ĹĹŸÒĮ >úĹúŠÒĮ eúúŰĚĹĎ Ńč ŧúĹĚŃŠúƖúîŸŰĚƐúŧȡ ĚĹčŃŠķÒŰĚŃĹ ÒŠú îŃŠŠúîŰȢ îŃĹîĚŧúȢ ŰŠÒĹŧŝÒŠúĹŰ ÒĹô úÒîĕÒĎúĹôÒĚŰúķȡĹƗôĚŠúîŰŃŠƑĕŃĕÒŧÒƐúŧŰúôĚĹŰúŠúŧŰ ”ĕÒŠúĕŃĮôúŠŧȡ ǰǯȡ ŝŝŃĚĹŰŰĕú ŃķŝÒĹƗ”úîŠúŰÒŠƗŰŃÒŧŧĚŧŰƑĚŰĕŃÒŠô ŠúĮĚÒíĮúȡ ĚĹÒŝÒŠŰĚîŸĮÒŠÒĎúĹôÒĚŰúķĚŧúƖîŸŧúôŃŠŧĕÒĮĮÒíŧŰÒĚĹčŠŃķ  čŸĹîŰĚŃĹŧȡ Ƿȡ ¥ĹôúŠŧŰÒĹôŰĕúŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŃčŰĕúŃÒŠôŃč ƐŃŰĚĹĎŃĹŰĕÒŰÒĎúĹôÒĚŰúķȡ žĕú gŃķĚĹÒŰĚŃĹ ÒĹô úķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú Ěŧ ǰǰȡ +ĹŧŸŠúŰĕÒŰŃÒŠôķúķíúŠŧŠúîúĚƐúÒîÒŰúȢŰĚķúĮƗȢ %ĚŠúîŰŃŠŧ ÒĹô Űĕú ŃķŝÒĹƗɇŧ ĹÒŰŸŠú Ńč íŸŧĚĹúŧŧ ÒĹô  ŠúŧŝŃĹŧĚíĮú čŃŠ îŃĹŧĚôúŠĚĹĎ ÒĹô ÒŝŝŠŃƐĚĹĎ Űĕú ÒĹôŧŸččĚîĚúĹŰĚĹčŃŠķÒŰĚŃĹčŃŠŃÒŠôķúúŰĚĹĎŧȡ ÒĮƑÒƗŧúƖŝŠúŧŧúŧĚĹôúŝúĹôúĹŰŃŝĚĹĚŃĹŧȡ ŠúŠčŃŠķÒĹîú+ƐÒĮŸÒŰĚŃĹŧ ŠúķŸĹúŠÒŰĚŃĹŃčŰĕú +pȡžĕúîŃĹŧĚôúŠÒŰĚŃĹŝŠŃîúŧŧŰŃŃī ǰDZȡ +ĹĎÒĎú Űĕú íŃÒŠô ŠúĎŸĮÒŠĮƗ ĚĹ ÒŧŧúŧŧĚĹĎ ÒĹô Ǹȡ ŠúŠčŃŠķôŸŰĚúŧ ƑĚŰĕ ĕŃĹúŧŰƗ ÒĹô ôŸú îÒŠúȢ ŰÒīĚĹĎ ĚĹŰŃ žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧîŃĹôŸîŰŧÒŧúĮčȺÒŧŧúŧŧķúĹŰ ŃčĚŰŧ ĚĹŰŃÒîîŃŸĹŰŰĕúŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢŰĕúŝúŠčŃŠķÒĹîúȢÒĹôŰĕú ĚķŝŠŃƐĚĹĎĚŰŧŝúŠčŃŠķÒĹîúȡ ÒîîŃŸĹŰ Űĕú íúŧŰ ĚĹŰúŠúŧŰ Ńč Űĕú ŃķŝÒĹƗ ÒĹô čÒĚŠ ŃƑĹŝúŠčŃŠķÒĹîúŃĹÒĹÒĹĹŸÒĮíÒŧĚŧȡžĕú ŃķŝÒĹƗÒŝŝĮĚúŧ ŝúŠčŃŠķÒĹîú úƐÒĮŸÒŰĚŃĹ Ńč Űĕú +p Òŧ îŃĹŧĚôúŠÒŰĚŃĹ  ŰŠúÒŰķúĹŰŃčŧĕÒŠúĕŃĮôúŠŧȡ ÒŧŧúŧŧķúĹŰîŠĚŰúŠĚÒÒîîŃŠôĚĹĎŰŃŰĕúĎŸĚôúĮĚĹúŧŃčŰĕú”+žȡ čÒîŰŃŠŧčŃŠ +pŠúķŸĹúŠÒŰĚŃĹȡ  žĕúŠú ÒŠú ŰĕŠúú ŧúŰŧ Ńč ÒŧŧúŧŧķúĹŰ čŃŠķŧȢ čŃŠ Űĕú   úƐÒĮŸÒŰĚŃĹ ŃčŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒŧ ÒîŃĮĮúîŰĚƐú íŃôƗ   ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ǵǰ ǵDZAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ59 

žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĕÒŧôúĮúĎÒŰúôŰŃŰĕú +pÒĹôŰĕú ŃŠŝŃŠÒŰú >ŃƐúŠĹÒĹîú ʒ ŃÒŠô \úÒôúŠŧĕĚŝȢ ŃķŝÒĹƗɇŧ ķÒĹÒĎúķúĹŰ Űĕú ŠúŧŝŃĹŧĚíĚĮĚŰƗ čŃŠ ÒŝŝŠŃƐĚĹĎ eÒŧŰúŠîĮÒŧŧíƗÒķ ĕÒŠÒĹ ŠúķŸĹúŠÒŰĚŃĹčŃŠúƖúîŸŰĚƐúŧȢƑĕĚîĕĚŧîŃĹŧĚôúŠúôíÒŧúôŃĹ  ŰĕúĚŠ ôŸŰĚúŧ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ĚĹôĚƐĚôŸÒĮ ŝúŠčŃŠķÒĹîúȢ pŰĕúŠ ŰĕÒĹ Jp% ŰŠÒĚĹĚĹĎŧȢ ôĚŠúîŰŃŠŧ ÒĹô úƖúîŸŰĚƐúŧ ĕÒƐú ÒĹôŰĕúŝúŠčŃŠķÒĹîúŃčíŸŧĚĹúŧŧŸĹôúŠŰĕúĚŠŧŸŝúŠƐĚŧĚŃĹȡ ÒĮŧŃÒŰŰúĹôúôŧúķĚĹÒŠŧÒĹôîŃĹčúŠúĹîúŧŰŃúĹĕÒĹîúŰĕúĚŠ  īĹŃƑĮúôĎúÒĹôŰŃĹúŰƑŃŠīƑĚŰĕúƖúîŸŰĚƐúŧ ŃčŃŰĕúŠĮĚŧŰúô žŠÒĚĹĚĹĎÒĹô%úƐúĮŃŝķúĹŰ ÒĹôĹŃĹȺĮĚŧŰúôîŃķŝÒĹĚúŧĚĹŰĕúŧÒķúĚĹôŸŧŰŠƗŃŠŧĚķĚĮÒŠȡ žĕú ŃķŝÒĹƗ úĹîŃŸŠÒĎúŧ ôĚŠúîŰŃŠŧ ŰŃ îŃĹŰĚĹŸŃŸŧĮƗ žĕúŧú îŃĹčúŠúĹîúŧ ĚĹîĮŸôúô ŰĕŃŧú ÒŠŠÒĹĎúô íƗ Űĕú ”+ Ȣ ôúƐúĮŃŝÒĹôúĹĕÒĹîúŰĕúĚŠŧīĚĮĮŧÒĹôīĹŃƑĮúôĎúĚĹŠúĮÒŰĚŃĹ ”+žȢ íÒĹīŧ ÒĹô ŧúĚŰĚúŧ îŃķŝÒĹĚúŧȢ Òŧ ƑúĮĮ Òŧ Űĕú ŰŃŰĕúĚŠôŸŰĚúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȡ %ĚŠúîŰŃŠŧÒŠúŝŠŃƐĚôúô îŸŧŰŃķúŠŧɇŧŸŝŝĮĚúŠîŃĹčúŠúĹîúŧŧŸîĕÒŧŰĕú=ŃŠôžĕÒĚĮÒĹô ƑĚŰĕŸŧúčŸĮĚĹčŃŠķÒŰĚŃĹƑĕĚîĕĚŧŠúĮúƐÒĹŰŰŃŰĕú ŃķŝÒĹƗɇŧ ”ŸŝŝĮĚúŠ =ŃŠŸķȢ =že ”ŸŝŝĮĚúŠ ŃĹčúŠúĹîúȢ ÒĹô žŃƗŃŰÒ íŸŧĚĹúŧŧÒŧƑúĮĮÒŧôúŰÒĚĮŧŃčôŸŰĚúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŃč ĹĹŸÒĮ”ŸŝŝĮĚúŠ ŃĹčúŠúĹîúȢÒķŃĹĎŃŰĕúŠŧȡ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒĹô îŃķķĚŰŰúúŧȡ žĕú ŃķŝÒĹƗ  ”úîŠúŰÒŠƗŧúĹôŧŰĕúôĚŠúîŰŃŠŧĚĹčŃŠķÒŰĚŃĹÒíŃŸŰŰŠÒĚĹĚĹĎŧȢ ŠŃƑúŠŧÒĹô%ŸŰĚúŧŃčŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧ îŃĹčúŠúĹîúŧȢ ÒĹô ŧúķĚĹÒŠŧ ŰĕÒŰ ÒŠú ŠúĮúƐÒĹŰ ŰŃ Űĕú žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ Ěŧ ŠúŧŝŃĹŧĚíĮú čŃŠŃƐúŠŧúúĚĹĎ ÒĹô ŃķŝÒĹƗɇŧíŸŧĚĹúŧŧŃŠôĚŠúîŰŃŠŧɇôŸŰĚúŧȡ ĎŃƐúŠĹĚĹĎŰĕú ŃķŝÒĹƗŰŃŃŝúŠÒŰúĚĹîŃķŝĮĚÒĹîúƑĚŰĕĮÒƑŧȢ  ŃíĨúîŰĚƐúŧȢ ŰĕúŠŰĚîĮúŧ ŃčŧŧŃîĚÒŰĚŃĹȢ ÒĹôŠúŧŃĮŸŰĚŃĹŧŃč žĕú ŃķŝÒĹƗŧŸŝŝŃŠŰŧôĚŠúîŰŃŠŧŰŃÒŰŰúĹôíÒŧĚîŰŠÒĚĹĚĹĎŧ ŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȢÒĹôÒîŰŧĚĹÒîîŃŠôÒĹîúƑĚŰĕîŠĚŰúŠĚÒ ÒŧŠúşŸĚŠúôíƗŰĕú”+ ȡ”ŸîĕŰŠÒĚĹĚĹĎŝŠŃƐĚôúŧÒĹŃƐúŠƐĚúƑ ÒĹôŠúĎŸĮÒŰĚŃĹŧŃčŰĕú”+žÒĹô”+ ȢƑĚŰĕĕŃĹúŧŰƗÒĹôôŸú čŃŠôĚŠúîŰŃŠŧŃčŰĕúĚŠŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢŰĕúîŃĹîúŝŰ ÒŰŰúĹŰĚŃĹ ŰŃ Űĕú íúŧŰ ĚĹŰúŠúŧŰŧ Ńč Űĕú ŃķŝÒĹƗ ÒĹô ĚŰŧ Ńč îŃŠŝŃŠÒŰú ĎŃƐúŠĹÒĹîúȢ ÒŝŝĮĚîÒíĮú ĮÒƑŧȢ čĚĹÒĹîĚÒĮ ŧĕÒŠúĕŃĮôúŠŧȡ ŠúŝŃŠŰĚĹĎȢŠĚŧīķÒĹÒĎúķúĹŰȢŧŰŠÒŰúĎƗÒĹôúččúîŰĚƐúĹúŧŧŃč  ŰĕúíŃÒŠôȡžĕú ŃķŝÒĹƗɇŧĚĹôúŝúĹôúĹŰ ôĚŠúîŰŃŠŧĕÒƐúÒĮĮ JĹ ĮĚĹú ƑĚŰĕ ĎŃŃô ĎŃƐúŠĹÒĹîú ŝŠĚĹîĚŝĮúŧȢ Űĕú ŃÒŠô Ńč ŝÒŧŧúôŰĕúčŸĹôÒķúĹŰÒĮŰŠÒĚĹĚĹĎîŃŸŠŧúŧŃŠĎÒĹĚƠúôíƗžĕÒĚ %ĚŠúîŰŃŠŧ ŧĕÒĮĮ ĕÒƐú Űĕú ÒŸŰĕŃŠĚŰƗ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰƗ ŰŃ JĹŧŰĚŰŸŰúŃč%ĚŠúîŰŃŠŧȲJp%ȳŃŠŃŰĕúŠŧĚķĚĮÒŠîŃŸŠŧúŧȢƑĕĚîĕ ÒŝŝŠŃƐúŰĕúčŃĮĮŃƑĚĹĎķÒŰŰúŠŧȡ îÒĹíúŧŸķķÒŠĚƠúôÒŧčŃĮĮŃƑŧȣ ǰȡ žĕú şŸÒŠŰúŠĮƗ íŸŧĚĹúŧŧ ŝúŠčŃŠķÒĹîú ÒĹô čĚĹÒĹîĚÒĮ  ŧŰÒŰúķúĹŰŧ Ńč Űĕú ŃķŝÒĹƗ ĚĹ îŃķŝÒŠĚŧŃĹ ŰŃ Űĕú ƒ eŠȡÄúÒŝ”Ƒúú ĕŸÒĹÒŰŰúĹôúô čŃŠúîÒŧŰȢ íŸôĎúŰȢ ÒĹô Űĕú îŃĹŧĚôúŠÒŰĚŃĹ Ńč čŸŰŸŠú %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰǯǷȮDZǯǯǷȳȡ ŰŠúĹôŧŃčŰĕúƗúÒŠȡ ƒ eŠȡŠĚŝÒۍȡŠŸĹƗÒÒŰŰúĹôúô DZȡ úĮÒŰúô ŝÒŠŰƗ ŰŠÒĹŧÒîŰĚŃĹŧ ÒķŃĹĎ Űĕú ŃķŝÒĹƗȢ ĚŰŧ %ĚŠúîŰŃŠîîŠúôĚŰÒŰĚŃĹŠŠŃĎŠÒķȲ%ŠǰǰȮDZǯǯdzȳÒĹô ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧȢ ÒĹô ŠúĮÒŰúô îŃķŝÒĹĚúŧ ŃŠ ŃĮúŃč ĕÒĚŠķÒĹŠŠŃĎŠÒķȲ ŠDzǴȮDZǯǰdzȳȡ ĚĹôĚƐĚôŸÒĮŧŧŃŰĕÒŰŰĕúƗôŃĹŃŰƐĚŃĮÒŰúŰĕúŠúĎŸĮÒŰĚŃĹŧ ƒ eŠȡZúĹĹúŰĕgĎÒŰŰúĹôúô ŃčŰĕú”+žÒĹô”+ ȡ %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰǷǸȮDZǯǰdzȳȡ Dzȡ ĹƗ ŰŠÒĹŧÒîŰĚŃĹŧ ŰĕÒŰ ƑŃŸĮô ķÒŰúŠĚÒĮĮƗ ÒččúîŰ Űĕú ƒ eŠȡ¾ĚîĕĚÒĹeúīŰŠÒīÒŠĹÒŰŰúĹôúô ŃķŝÒĹƗɇŧ îÒŝĚŰÒĮ ŧŰŠŸîŰŸŠúȢ čĚĹÒĹîĚÒĮ ŝŃŧĚŰĚŃĹȢ %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰǯǶȮDZǯǯǷȳ íŸŧĚĹúŧŧŃŝúŠÒŰĚŃĹȢŧŰŠÒŰúĎƗȢŃŠŠúŝŸŰÒŰĚŃĹȡ ŃÒŠôŰĕÒŰeÒīúŧÒ%ĚččúŠúĹîúȲe%DzȮDZǯǰǵȳ dzȡ ŠÒƗķúĹŰŃčĚĹŰúŠĚķôĚƐĚôúĹôŧȡ ŃĮúŃč ĕÒĚŠķÒĹȲ ŠdzǯȮDZǯǰǶȳ Ǵȡ +ķŝĮŃƗķúĹŰŃčŰĕúŠŠúŧĚôúĹŰÒĹôŧúĹĚŃŠúƖúîŸŰĚƐúŧȡ ƒ eŧȡ½ÒîĕĚŠÒgҍÒĹŃĹĎÒŰŰúĹôúô ǵȡ %úŰúŠķĚĹÒŰĚŃĹÒĹôîĕÒĹĎúŃčŰĕúÒŝŝŠŃƐÒĮ ÒŸŰĕŃŠĚŰƗ %ĚŠúîŰŃŠîîŠúôĚŰÒŰĚŃĹŠŠŃĎŠÒķȲ%ŠǵǰȮDZǯǯǶȳÒĹô ŃčŰĕú ŃķŝÒĹƗȡ ŃĮúŃč ŃķŝúĹŧÒŰĚŃĹ ŃķķĚŰŰúúȲ DZȮDZǯǯǶȳÒĹô Ƕȡ îşŸĚŧĚŰĚŃĹŧÒĹôôĚŧŝŃŧÒĮŧŃčíŸŧĚĹúŧŧúŧÒĹôÒŧŧúŰŧ %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰDZdzȮDZǯǯǸȳ ĚĹîĮŸôĚĹĎ ĚĹƐúŧŰķúĹŰ ĚĹ ĨŃĚĹŰ ƐúĹŰŸŠúŧ ŰĕÒŰ ĕÒƐú Ò ƒ eŠȡZÒĚīĕŸŧĕŠŸȲZÒĚȳžÒŠÒŝŃŠúƐÒĮÒÒŰŰúĹôúô ŰŠÒĹŧÒîŰĚŃĹƐÒĮŸúƑĕĚîĕŠúşŸĚŠúŧŰĕúíŃÒŠôɇŧÒŝŝŠŃƐÒĮ \ĚŧŰúô ŃķŝÒĹƗ %ĚŠúîŰŃŠ ŠŠŃĎŠÒķȢ ”ĚĹĎÒŝŃŠú ÒîîŃŠôĚĹĎ ŰŃ ”+ž ÒĹĹŃŸĹîúķúĹŰŧȡ žĕúŧú JĹŧŰĚŰŸŰúŃč%ĚŠúîŰŃŠŧ ŰŠÒĹŧÒîŰĚŃĹŧ ŧĕÒĮĮ ĹŃŰ ƐĚŃĮÒŰú ÒĹƗ ŠŸĮúŧ Ńč Űĕú ”+ž eÒŧŰúŠ ĮÒŧŧčŃŠ%ĚŠúîŰŃŠŧȢJĹŧŰĚŰŸŰúŃč%ĚŠúîŰŃŠŧȲJp%ȳ ŠúĮÒŰĚĹĎŰŃŰĕúÒîşŸĚŧĚŰĚŃĹ ÒĹôôĚŧŝŃŧÒĮ ŃčÒŧŧúŰŧ ŃŠ JĹôĚÒ îŃĹĹúîŰúôŰŠÒĹŧÒîŰĚŃĹŧȡ

 60ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǵDz19    žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĕÒŧôúĮúĎÒŰúôŰŃŰĕú +pÒĹôŰĕú ŃŠŝŃŠÒŰú >ŃƐúŠĹÒĹîú ʒ ŃÒŠô \úÒôúŠŧĕĚŝȢ Ƿȡ ŃĹŰŠÒîŰŧŰĕÒŰÒŠúĹŃŰŠúĮÒŰúôŰŃŰĕúŃŠôĚĹÒŠƗîŃŸŠŧú ŃķķĚŰŰúúŧ ŃķŝÒĹƗɇŧ ķÒĹÒĎúķúĹŰ Űĕú ŠúŧŝŃĹŧĚíĚĮĚŰƗ čŃŠ ÒŝŝŠŃƐĚĹĎ eÒŧŰúŠîĮÒŧŧíƗÒķ ĕÒŠÒĹ ŃčíŸŧĚĹúŧŧ ŃŠîŃĹŰŠÒîŰŧŰĕÒŰÒŠúŧĚĎĹĚčĚîÒĹŰĚĹƐÒĮŸú žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ĕÒŧ ôúĮúĎÒŰúô ŧŃķú Ńč ĚŰŧ ôŸŰĚúŧ ŠúķŸĹúŠÒŰĚŃĹčŃŠúƖúîŸŰĚƐúŧȢƑĕĚîĕĚŧîŃĹŧĚôúŠúôíÒŧúôŃĹ  ÒĹôķÒŰúŠĚÒĮŰŃŰĕú ŃķŝÒĹƗɇŧíŸŧĚĹúŧŧȡ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ ŰŃ ĚŰŧ îŃķķĚŰŰúúŧȢ îŃķŝŠĚŧĚĹĎ Ńč  ŰĕúĚŠ ôŸŰĚúŧ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ĚĹôĚƐĚôŸÒĮ ŝúŠčŃŠķÒĹîúȢ pŰĕúŠ ŰĕÒĹ Jp% ŰŠÒĚĹĚĹĎŧȢ ôĚŠúîŰŃŠŧ ÒĹô úƖúîŸŰĚƐúŧ ĕÒƐú Ǹȡ ĕÒĹĎúŧŃčŝŃĮĚîƗÒĹôŃŝúŠÒŰĚŃĹŧŰĕÒŰĕÒƐúÒķÒŰúŠĚÒĮ ĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠŧȢŰŃÒŧŧĚŧŰŰĕúŃÒŠôĚĹŠúƐĚúƑĚĹĎÒĹô ÒĹôŰĕúŝúŠčŃŠķÒĹîúŃčíŸŧĚĹúŧŧŸĹôúŠŰĕúĚŠŧŸŝúŠƐĚŧĚŃĹȡ ÒĮŧŃÒŰŰúĹôúôŧúķĚĹÒŠŧÒĹôîŃĹčúŠúĹîúŧŰŃúĹĕÒĹîúŰĕúĚŠ ĚķŝÒîŰŃĹÒîîŃŸĹŰĚĹĎȢŠĚŧīķÒĹÒĎúķúĹŰȢÒĹôĚĹŰúŠĹÒĮ ŝŠŃƐĚôĚĹĎŰĕúĚŠĚĹôúŝúĹôúĹŰŃŝĚĹĚŃĹŧŃĹŝÒŠŰĚîŸĮÒŠķÒŰŰúŠŧȡ  īĹŃƑĮúôĎúÒĹôŰŃĹúŰƑŃŠīƑĚŰĕúƖúîŸŰĚƐúŧ ŃčŃŰĕúŠĮĚŧŰúô ÒŸôĚŰȡ žĕúŧúîŃķķĚŰŰúúŧÒŠú   žŠÒĚĹĚĹĎÒĹô%úƐúĮŃŝķúĹŰ ÒĹôĹŃĹȺĮĚŧŰúôîŃķŝÒĹĚúŧĚĹŰĕúŧÒķúĚĹôŸŧŰŠƗŃŠŧĚķĚĮÒŠȡ ǰǯȡ žĕú ÒŝŝŃĚĹŰķúĹŰ ÒĹô ôúŰúŠķĚĹÒŰĚŃĹ Ńč ÒŸŰĕŃŠĚŰƗ Ńč ǰȳ ŸôĚŰ ŃķķĚŰŰúú  žĕú ŃķŝÒĹƗ úĹîŃŸŠÒĎúŧ ôĚŠúîŰŃŠŧ ŰŃ îŃĹŰĚĹŸŃŸŧĮƗ žĕúŧú îŃĹčúŠúĹîúŧ ĚĹîĮŸôúô ŰĕŃŧú ÒŠŠÒĹĎúô íƗ Űĕú ”+ Ȣ ŰĕúŧŸíȺîŃķķĚŰŰúúŧȡ DZȳ gŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú   ôúƐúĮŃŝÒĹôúĹĕÒĹîúŰĕúĚŠŧīĚĮĮŧÒĹôīĹŃƑĮúôĎúĚĹŠúĮÒŰĚŃĹ ”+žȢ íÒĹīŧ ÒĹô ŧúĚŰĚúŧ îŃķŝÒĹĚúŧȢ Òŧ ƑúĮĮ Òŧ Űĕú ǰǰȡ žĕú ŝŠŃŝŃŧÒĮȢ ÒŝŝŃĚĹŰķúĹŰȢ ÒĹô ŰúŠķĚĹÒŰĚŃĹ Ńč Űĕú Dzȳ ĚŧīeÒĹÒĎúķúĹŰ ŃķķĚŰŰúú ŰŃŰĕúĚŠôŸŰĚúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȡ %ĚŠúîŰŃŠŧÒŠúŝŠŃƐĚôúô îŸŧŰŃķúŠŧɇŧŸŝŝĮĚúŠîŃĹčúŠúĹîúŧŧŸîĕÒŧŰĕú=ŃŠôžĕÒĚĮÒĹô ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧÒĹôŧúîŠúŰÒŠƗȡ   ƑĚŰĕŸŧúčŸĮĚĹčŃŠķÒŰĚŃĹƑĕĚîĕĚŧŠúĮúƐÒĹŰŰŃŰĕú ŃķŝÒĹƗɇŧ ”ŸŝŝĮĚúŠ =ŃŠŸķȢ =že ”ŸŝŝĮĚúŠ ŃĹčúŠúĹîúȢ ÒĹô žŃƗŃŰÒ ǰDZȡ ĹƗŃŰĕúŠÒîŰĚŃĹŧĚĹÒîîŃŠôÒĹîúƑĚŰĕĮÒƑŧȢŃíĨúîŰĚƐúŧȢ ŸôĚŰ ŃķķĚŰŰúú íŸŧĚĹúŧŧÒŧƑúĮĮÒŧôúŰÒĚĮŧŃčôŸŰĚúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧŃč ĹĹŸÒĮ”ŸŝŝĮĚúŠ ŃĹčúŠúĹîúȢÒķŃĹĎŃŰĕúŠŧȡ ŠŰĚîĮúŧ Ńč ŧŧŃîĚÒŰĚŃĹȢ ÒĹô ŠúŧŃĮŸŰĚŃĹŧ Ńč žĕúŸôĚŰ ŃķķĚŰŰúúĚŧîŃķŝŠĚŧúôŃčDzķúķíúŠŧȢƑĚŰĕeŠȡ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒĹô îŃķķĚŰŰúúŧȡ žĕú ŃķŝÒĹƗ  ŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎŧȡ ŠĚŝÒۍȡŠŸĹƗÒÒîŰĚĹĎÒŧ ĕÒĚŠķÒĹÒĹôeŠȡZúĹĹúŰĕgĎÒĹô ”úîŠúŰÒŠƗŧúĹôŧŰĕúôĚŠúîŰŃŠŧĚĹčŃŠķÒŰĚŃĹÒíŃŸŰŰŠÒĚĹĚĹĎŧȢ ŠŃƑúŠŧÒĹô%ŸŰĚúŧŃčŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧ  eŠȡZÒĚīĕŸŧĕŠŸȲZÒĚȳžÒŠÒŝŃŠúƐÒĮÒÒŧķúķíúŠŧȡ îŃĹčúŠúĹîúŧȢ ÒĹô ŧúķĚĹÒŠŧ ŰĕÒŰ ÒŠú ŠúĮúƐÒĹŰ ŰŃ Űĕú žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ Ěŧ ŠúŧŝŃĹŧĚíĮú čŃŠŃƐúŠŧúúĚĹĎ ÒĹô žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ķÒƗ ÒŸŰĕŃŠĚƠú ôĚŠúîŰŃŠŧ ŃŠ Űĕú  ŃķŝÒĹƗɇŧíŸŧĚĹúŧŧŃŠôĚŠúîŰŃŠŧɇôŸŰĚúŧȡ ĎŃƐúŠĹĚĹĎŰĕú ŃķŝÒĹƗŰŃŃŝúŠÒŰúĚĹîŃķŝĮĚÒĹîúƑĚŰĕĮÒƑŧȢ îŃķķĚŰŰúúŰŃŝúŠčŃŠķÒĹƗÒîŰŧŃĹŰĕúĚŠíúĕÒĮčȢúƖîúŝŰŰĕú ŠŃƑúŠŧÒĹô%ŸŰĚúŧŃčŰĕúŸôĚŰ ŃķķĚŰŰúú  ŃíĨúîŰĚƐúŧȢ ŰĕúŠŰĚîĮúŧ ŃčŧŧŃîĚÒŰĚŃĹȢ ÒĹôŠúŧŃĮŸŰĚŃĹŧŃč čŃĮĮŃƑĚĹĎŧŸíĨúîŰŧȢƑĕĚîĕîÒĹíúôŃĹúŃĹĮƗŸŝŃĹÒŝŝŠŃƐÒĮ ǰȡ úƐĚúƑ Űĕú ŃķŝÒĹƗɇŧ čĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧ úƐúŠƗ žĕú ŃķŝÒĹƗŧŸŝŝŃŠŰŧôĚŠúîŰŃŠŧŰŃÒŰŰúĹôíÒŧĚîŰŠÒĚĹĚĹĎŧ ŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȢÒĹôÒîŰŧĚĹÒîîŃŠôÒĹîúƑĚŰĕîŠĚŰúŠĚÒ ƐĚÒŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȡ şŸÒŠŰúŠ ÒĹô ŃĹ ÒĹ ÒĹĹŸÒĮ íÒŧĚŧ ŰŃ úĹŧŸŠú ŰĕÒŰ ĚŰŧ  ÒŧŠúşŸĚŠúôíƗŰĕú”+ ȡ”ŸîĕŰŠÒĚĹĚĹĎŝŠŃƐĚôúŧÒĹŃƐúŠƐĚúƑ ÒĹôŠúĎŸĮÒŰĚŃĹŧŃčŰĕú”+žÒĹô”+ ȢƑĚŰĕĕŃĹúŧŰƗÒĹôôŸú ǰȳ eÒŰŰúŠŧ ŃĹ ƑĕĚîĕ Űĕú ĮÒƑ ŠúşŸĚŠúŧ ÒŝŝŠŃƐÒĮ ƐĚÒ čĚĹÒĹîĚÒĮ ŝŃŧĚŰĚŃĹ Ěŧ ŰŠŸúȢîŃŠŠúîŰȢÒĹôĚĹ ÒîîŃŠôÒĹîú čŃŠôĚŠúîŰŃŠŧŃčŰĕúĚŠŠŃĮúŧÒĹôŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢŰĕúîŃĹîúŝŰ ÒŰŰúĹŰĚŃĹ ŰŃ Űĕú íúŧŰ ĚĹŰúŠúŧŰŧ Ńč Űĕú ŃķŝÒĹƗ ÒĹô ĚŰŧ ŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȡ ƑĚŰĕ ĎúĹúŠÒĮĮƗ ÒîîúŝŰúô ÒîîŃŸĹŰĚĹĎ ŧŰÒĹôÒŠôŧ ÒĹô  Ńč îŃŠŝŃŠÒŰú ĎŃƐúŠĹÒĹîúȢ ÒŝŝĮĚîÒíĮú ĮÒƑŧȢ čĚĹÒĹîĚÒĮ ŧĕÒŠúĕŃĮôúŠŧȡ DZȳ žŠÒĹŧÒîŰĚŃĹŧĚĹƑĕĚîĕôĚŠúîŰŃŠŧĕÒƐúÒĹĚĹŰúŠúŧŰÒĹô ŠúĮúƐÒĹŰĮÒƑŧȡ ŠúŝŃŠŰĚĹĎȢŠĚŧīķÒĹÒĎúķúĹŰȢŧŰŠÒŰúĎƗÒĹôúččúîŰĚƐúĹúŧŧŃč  čŃŠƑĕĚîĕŰĕúĮÒƑŃŠŠúĎŸĮÒŰĚŃĹŧŃčŰĕú”+žŠúşŸĚŠúÒ DZȡ úƐĚúƑ ÒĹô úĹŧŸŠú Űĕú ÒŝŝŠŃŝŠĚÒŰúĹúŧŧ ÒĹô ŰĕúíŃÒŠôȡžĕú ŃķŝÒĹƗɇŧĚĹôúŝúĹôúĹŰ ôĚŠúîŰŃŠŧĕÒƐúÒĮĮ JĹ ĮĚĹú ƑĚŰĕ ĎŃŃô ĎŃƐúŠĹÒĹîú ŝŠĚĹîĚŝĮúŧȢ Űĕú ŃÒŠô Ńč ŠúŧŃĮŸŰĚŃĹ ƐĚÒ ŧĕÒŠúĕŃĮôúŠŧɇ ķúúŰĚĹĎȡ %ĚŠúîŰŃŠŧ ƑĚŰĕ úččúîŰĚƐúĹúŧŧŃčĚĹŰúŠĹÒĮîŃĹŰŠŃĮŧƗŧŰúķŧÒĹôĚĹŰúŠĹÒĮ ŝÒŧŧúôŰĕúčŸĹôÒķúĹŰÒĮŰŠÒĚĹĚĹĎîŃŸŠŧúŧŃŠĎÒĹĚƠúôíƗžĕÒĚ %ĚŠúîŰŃŠŧ ŧĕÒĮĮ ĕÒƐú Űĕú ÒŸŰĕŃŠĚŰƗ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰƗ ŰŃ ƐúŧŰúôĚĹŰúŠúŧŰŧĚĹŰĕúķÒŰŰúŠȢŃŠƑĕŃĕÒƐúÒîŃĹčĮĚîŰ ÒŸôĚŰŧ ŰŃ îŃĹčĚŠķ ŰĕÒŰ Űĕú ŃŝúŠÒŰĚŃĹŧ ĕÒƐú íúúĹ JĹŧŰĚŰŸŰúŃč%ĚŠúîŰŃŠŧȲJp%ȳŃŠŃŰĕúŠŧĚķĚĮÒŠîŃŸŠŧúŧȢƑĕĚîĕ ÒŝŝŠŃƐúŰĕúčŃĮĮŃƑĚĹĎķÒŰŰúŠŧȡ Ńč ĚĹŰúŠúŧŰ ƑĚŰĕ Űĕú ŃķŝÒĹƗ ŃŠ ĚŰŧ ÒččĚĮĚÒŰúô îÒŠŠĚúôŃŸŰĚĹîŃķŝĮĚÒĹîúƑĚŰĕŠúĮúƐÒĹŰŠŸĮúŧȢŝŃĮĚîĚúŧ îÒĹíúŧŸķķÒŠĚƠúôÒŧčŃĮĮŃƑŧȣ ǰȡ žĕú şŸÒŠŰúŠĮƗ íŸŧĚĹúŧŧ ŝúŠčŃŠķÒĹîú ÒĹô čĚĹÒĹîĚÒĮ îŃķŝÒĹĚúŧȢŧĕÒĮĮíúúƖîŸŧúôčŠŃķƐŃŰĚĹĎȡ ÒĹô ĎŸĚôúĮĚĹúŧȡ +ƐÒĮŸÒŰú Űĕú ĚĹôúŝúĹôúĹîú Ńč Űĕú  ŧŰÒŰúķúĹŰŧ Ńč Űĕú ŃķŝÒĹƗ ĚĹ îŃķŝÒŠĚŧŃĹ ŰŃ Űĕú  ĚĹŰúŠĹÒĮ ÒŸôĚŰŃŠ íƗ ŠúƐĚúƑĚĹĎ ĚŰŧ ŝúŠčŃŠķÒĹîú ÒĹô ƒ eŠȡÄúÒŝ”Ƒúú ĕŸÒĹÒŰŰúĹôúô čŃŠúîÒŧŰȢ íŸôĎúŰȢ ÒĹô Űĕú îŃĹŧĚôúŠÒŰĚŃĹ Ńč čŸŰŸŠú žĕú čŃĮĮŃƑĚĹĎ îÒŧúŧ ķŸŧŰ íú ÒŝŝŠŃƐúô íƗ Űĕú ŃÒŠô Ńč ŠúŝŃŠŰȢĚĹîĮŸôĚĹĎŠúŝŃŠŰĚĹĎŧŰŠŸîŰŸŠúȢÒĹôÒŝŝŠŃƐúŰĕú %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰǯǷȮDZǯǯǷȳȡ ŰŠúĹôŧŃčŰĕúƗúÒŠȡ %ĚŠúîŰŃŠŧÒĹôŰĕúŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎƑĚŰĕÒƐŃŰúŃčĹŃŰ ÒŝŝŃĚĹŰķúĹŰȢŰŠÒĹŧčúŠȢÒĹôŰúŠķĚĹÒŰĚŃĹŃčŰĕúĚĹŰúŠĹÒĮ ƒ eŠȡŠĚŝÒۍȡŠŸĹƗÒÒŰŰúĹôúô DZȡ úĮÒŰúô ŝÒŠŰƗ ŰŠÒĹŧÒîŰĚŃĹŧ ÒķŃĹĎ Űĕú ŃķŝÒĹƗȢ ĚŰŧ Įúŧŧ ŰĕÒĹ DzȮdz Ńč Űĕú ŰŃŰÒĮ ƐŃŰúŧ Ńč Űĕú ŧĕÒŠúĕŃĮôúŠŧ ĚĹ ÒŸôĚŰŃŠȡ %ĚŠúîŰŃŠîîŠúôĚŰÒŰĚŃĹŠŠŃĎŠÒķȲ%ŠǰǰȮDZǯǯdzȳÒĹô ŧŸíŧĚôĚÒŠĚúŧȢ ÒŧŧŃîĚÒŰúŧȢ ÒĹô ŠúĮÒŰúô îŃķŝÒĹĚúŧ ŃŠ ÒŰŰúĹôÒĹîúƑĕŃÒŠúúĹŰĚŰĮúôŰŃƐŃŰúȣ Dzȡ úƐĚúƑ Űĕú ŝúŠčŃŠķÒĹîú Ńč Űĕú úƖŰúŠĹÒĮ ÒŸôĚŰŃŠȡ ŃĮúŃč ĕÒĚŠķÒĹŠŠŃĎŠÒķȲ ŠDzǴȮDZǯǰdzȳȡ ĚĹôĚƐĚôŸÒĮŧŧŃŰĕÒŰŰĕúƗôŃĹŃŰƐĚŃĮÒŰúŰĕúŠúĎŸĮÒŰĚŃĹŧ ǰȳ ĹƗŧÒĮúŃŠŰŠÒĹŧčúŠŃčŰĕúúĹŰĚŠúŃŠÒŧĚĎĹĚčĚîÒĹŰŝÒŠŰ ŃĹŧĚôúŠȢ ŝŠŃŝŃŧúȢ ÒĹô ÒŝŝŃĚĹŰ Űĕú úƖŰúŠĹÒĮ ÒŸôĚŰŃŠ ƒ eŠȡZúĹĹúŰĕgĎÒŰŰúĹôúô ŃčŰĕú”+žÒĹô”+ ȡ ŃčŰĕú ŃķŝÒĹƗɇŧíŸŧĚĹúŧŧȡ íƗîŃĹŧĚôúŠĚĹĎŰĕúĚŠĚĹôúŝúĹôúĹîúÒĹôŧúŰŰĕúÒŸôĚŰ %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰǷǸȮDZǯǰdzȳȡ Dzȡ ĹƗ ŰŠÒĹŧÒîŰĚŃĹŧ ŰĕÒŰ ƑŃŸĮô ķÒŰúŠĚÒĮĮƗ ÒččúîŰ Űĕú DZȳ ĹƗ ŝŸŠîĕÒŧú ŃŠ ŰÒīúŃƐúŠ Ńč ŃŰĕúŠ čĚŠķŧ íƗ Űĕú čúú ŰŃ ŝŠŃŝŃŧú ŰŃ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧȡ ŠŠÒĹĎú ƒ eŠȡ¾ĚîĕĚÒĹeúīŰŠÒīÒŠĹÒŰŰúĹôúô ŃķŝÒĹƗɇŧ îÒŝĚŰÒĮ ŧŰŠŸîŰŸŠúȢ čĚĹÒĹîĚÒĮ ŝŃŧĚŰĚŃĹȢ ŃķŝÒĹƗȡ ķúúŰĚĹĎŧ ƑĚŰĕ Űĕú úƖŰúŠĹÒĮ ÒŸôĚŰŃŠ ƑĚŰĕŃŸŰ %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰǯǶȮDZǯǯǷȳ íŸŧĚĹúŧŧŃŝúŠÒŰĚŃĹȢŧŰŠÒŰúĎƗȢŃŠŠúŝŸŰÒŰĚŃĹȡ Dzȳ ĹƗķÒīĚĹĎȢÒķúĹôķúĹŰŃŠŰúŠķĚĹÒŰĚŃĹŃčîŃĹŰŠÒîŰŧ ķÒĹÒĎúķúĹŰŝŠúŧúĹîúÒŰĮúÒŧŰŃĹîúÒƗúÒŠȡ ŃÒŠôŰĕÒŰeÒīúŧÒ%ĚččúŠúĹîúȲe%DzȮDZǯǰǵȳ dzȡ ŠÒƗķúĹŰŃčĚĹŰúŠĚķôĚƐĚôúĹôŧȡ ƑĚŰĕŠúŧŝúîŰŰŃŰĕúĎŠÒĹŰĚĹĎŃčÒĮúÒŧúŃčŰĕúƑĕŃĮúŃŠ dzȡ úƐĚúƑ ÒĹô ŧŸŝŝŃŠŰ îŃķŝĮĚÒĹîú ƑĚŰĕ Űĕú ”úĚŰĚúŧ ŃĮúŃč ĕÒĚŠķÒĹȲ ŠdzǯȮDZǯǰǶȳ Ǵȡ +ķŝĮŃƗķúĹŰŃčŰĕúŠŠúŧĚôúĹŰÒĹôŧúĹĚŃŠúƖúîŸŰĚƐúŧȡ ÒŧĚĎĹĚčĚîÒĹŰŝÒŠŰŃčŰĕúíŸŧĚĹúŧŧŃčŰĕú ŃķŝÒĹƗȢŰĕú ÒĹô+ƖîĕÒĹĎúîŰÒĹôŰĕú”+žŠúĎŸĮÒŰĚŃĹŧȢÒŧƑúĮĮÒŧ ƒ eŧȡ½ÒîĕĚŠÒgҍÒĹŃĹĎÒŰŰúĹôúô ǵȡ %úŰúŠķĚĹÒŰĚŃĹÒĹôîĕÒĹĎúŃčŰĕúÒŝŝŠŃƐÒĮ ÒŸŰĕŃŠĚŰƗ ÒŧŧĚĎĹķúĹŰŃčŰĕúķÒĹÒĎúķúĹŰŃčŰĕúíŸŧĚĹúŧŧŃčŰĕú ŠúĮúƐÒĹŰ ĮÒƑŧ ÒĹô ŠúĎŸĮÒŰĚŃĹŧ îŃĹîúŠĹĚĹĎ Űĕú %ĚŠúîŰŃŠîîŠúôĚŰÒŰĚŃĹŠŠŃĎŠÒķȲ%ŠǵǰȮDZǯǯǶȳÒĹô ŃčŰĕú ŃķŝÒĹƗȡ ŃķŝÒĹƗŰŃÒĹƗŃŰĕúŠŝúŠŧŃĹȢŃŠŰĕúÒķÒĮĎÒķÒŰĚŃĹŃč íŸŧĚĹúŧŧŃčŰĕú ŃķŝÒĹƗȡ ŃĮúŃč ŃķŝúĹŧÒŰĚŃĹ ŃķķĚŰŰúúȲ DZȮDZǯǯǶȳÒĹô Ƕȡ îşŸĚŧĚŰĚŃĹŧÒĹôôĚŧŝŃŧÒĮŧŃčíŸŧĚĹúŧŧúŧÒĹôÒŧŧúŰŧ ŰĕúíŸŧĚĹúŧŧƑĚŰĕŃŰĕúŠŝúŠŧŃĹŧƑĚŰĕŰĕúŝŸŠŝŃŧúŃč Ǵȡ +ŧŰÒíĮĚŧĕÒĹôŠúƐĚúƑŰĕúîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŃĮĚîƗ %ĚŠúîŰŃŠ úŠŰĚčĚîÒŰĚŃĹŠŠŃĎŠÒķȲ% ŠǰDZdzȮDZǯǯǸȳ ĚĹîĮŸôĚĹĎ ĚĹƐúŧŰķúĹŰ ĚĹ ĨŃĚĹŰ ƐúĹŰŸŠúŧ ŰĕÒŰ ĕÒƐú Ò ŝŠŃčĚŰÒĹôĮŃŧŧŧĕÒŠĚĹĎȡ ĚĹîŃķŝĮĚÒĹîúƑĚŰĕŰĕúĎŃŃôĎŃƐúŠĹÒĹîúŝŠĚĹîĚŝĮúŧŃč ƒ eŠȡZÒĚīĕŸŧĕŠŸȲZÒĚȳžÒŠÒŝŃŠúƐÒĮÒÒŰŰúĹôúô ŰŠÒĹŧÒîŰĚŃĹƐÒĮŸúƑĕĚîĕŠúşŸĚŠúŧŰĕúíŃÒŠôɇŧÒŝŝŠŃƐÒĮ dzȳ ķúĹôķúĹŰŧ ŰŃ Űĕú ŠŰĚîĮú Ńč ŧŧŃîĚÒŰĚŃĹ ÒĹô Űĕú ”+žÒŰĮúÒŧŰŃĹîúÒƗúÒŠȡ \ĚŧŰúô ŃķŝÒĹƗ %ĚŠúîŰŃŠ ŠŠŃĎŠÒķȢ ”ĚĹĎÒŝŃŠú ÒîîŃŠôĚĹĎ ŰŃ ”+ž ÒĹĹŃŸĹîúķúĹŰŧȡ žĕúŧú eúķŃŠÒĹôŸķŃčŧŧŃîĚÒŰĚŃĹȡ ǵȡ úƐĚúƑôĚŧîĮŃŧŸŠúŧŃčĚĹčŃŠķÒŰĚŃĹȢŝÒŠŰĚîŸĮÒŠĮƗŠúĮÒŰúô JĹŧŰĚŰŸŰúŃč%ĚŠúîŰŃŠŧ ŰŠÒĹŧÒîŰĚŃĹŧ ŧĕÒĮĮ ĹŃŰ ƐĚŃĮÒŰú ÒĹƗ ŠŸĮúŧ Ńč Űĕú ”+ž Ǵȳ žĕúĚĹîŠúÒŧúÒĹôôúîŠúÒŧúŃčîÒŝĚŰÒĮȢŰĕúĚŧŧŸÒĹîúŃč ŰŠÒĹŧÒîŰĚŃĹŧŃŠŰŠÒĹŧÒîŰĚŃĹŧŰĕÒŰķÒƗĕÒƐúîŃĹčĮĚîŰŧ eÒŧŰúŠ ĮÒŧŧčŃŠ%ĚŠúîŰŃŠŧȢJĹŧŰĚŰŸŰúŃč%ĚŠúîŰŃŠŧȲJp%ȳ ŠúĮÒŰĚĹĎŰŃŰĕúÒîşŸĚŧĚŰĚŃĹ ÒĹôôĚŧŝŃŧÒĮ ŃčÒŧŧúŰŧ ŃŠ ôúíúĹŰŸŠúŧ ÒĹô Űĕú ÒķÒĮĎÒķÒŰĚŃĹ ŃŠ ôĚŧŧŃĮŸŰĚŃĹ Ńč ŃčĚĹŰúŠúŧŰȢŰŃúĹŧŸŠúŰĕúĚĹčŃŠķÒŰĚŃĹĚŧŰŠÒĹŧŝÒŠúĹŰȢ JĹôĚÒ îŃĹĹúîŰúôŰŠÒĹŧÒîŰĚŃĹŧȡ Űĕú ŃķŝÒĹƗȡ îŃŠŠúîŰȢÒĹôîŃķŝĮúŰúÒĹôĚĹÒîîŃŠôÒĹîúƑĚŰĕŠúĮúƐÒĹŰ  ”+žŠúĎŸĮÒŰĚŃĹŧȡ

     ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ǵDz ǵdzAAPICO HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ61 

Ƕȡ úƐĚúƑîŃķŝĮÒĚĹŰŧčŠŃķÒĹôîŃĹîúŠĹŧŃčŧŰÒīúĕŃĮôúŠŧ ĚŧīeÒĹÒĎúķúĹŰ ŃķķĚŰŰúú ÒĹôŠúŝŃŠŰŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧȡ žĕúĚŧīeÒĹÒĎúķúĹŰ ŃķķĚŰŰúúîŃķŝŠĚŧúŧŃčDzķúķíúŠŧȢ Ƿȡ úŝŃŠŰ Űĕú ŸôĚŰ ŃķķĚŰŰúúɇŧ ŝúŠčŃŠķÒĹîú ŰŃ Űĕú ƑĚŰĕ eŠȡXŃĕĹ ŠÒŠīúŠ ÒîŰúô Òŧ ĕÒĚŠķÒĹ ÒĹô eŠȡ¾ĚîĕĚÒĹ ŃÒŠô Ńč %ĚŠúîŰŃŠŧ úƐúŠƗ şŸÒŠŰúŠȡ ŠŠúŝÒŠú Űĕú ŸôĚŰ eúīŰŠÒīÒŠĹÒĹôeŠŧȡ½ÒîĕĚŠÒgҍÒĹŃĹĎÒŧķúķíúŠŧȡ ŃķķĚŰŰúú ŠúŝŃŠŰ ȼ ĚĹîĮŸôĚĹĎ ÒĹƗ ŧŸĎĎúŧŰĚŃĹŧ ÒĹô  ŰĕúŧĚĎĹÒŰŸŠúŃčŰĕúîĕÒĚŠķÒĹŃčŰĕúÒŸôĚŰîŃķķĚŰŰúú ŠŃƑúŠŧÒĹô%ŸŰĚúŧŃčŰĕúĚŧīeÒĹÒĎúķúĹŰ ŃķķĚŰŰúú ȼÒĹôôĚŧîĮŃŧúŧĚŰĚĹŰĕúĹĹŸÒĮúŝŃŠŰȡ ǰȡ +ŧŰÒíĮĚŧĕŰĕú ŃķŝÒĹƗɇŧŠĚŧīķÒĹÒĎúķúĹŰŝŃĮĚîƗÒĹô Ǹȡ ŃĹŧĚôúŠ ÒĹô ŠúƐĚúƑ Űĕú ôŸŰĚúŧ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ôúŰúŠķĚĹú ŠĚŧī ÒŝŝúŰĚŰúȡ >ĚƐú ÒôƐĚîú ŃĹ Űĕú ŠĚŧī ÒĹôúƐÒĮŸÒŰúŝúŠčŃŠķÒĹîúŃčŰĕúŸôĚŰ ŃķķĚŰŰúúŃĹ ķÒĹÒĎúķúĹŰ ŝĮÒĹ čŃŠ Űĕú ŃŠĎÒĹĚƠÒŰĚŃĹ ÒĹô úĹŧŸŠú ÒĹÒĹĹŸÒĮíÒŧĚŧȡ ŰĕÒŰîŃĹŰŠŃĮķúÒŧŸŠúŧÒŠúÒôúşŸÒŰúÒĹôÒŝŝŠŃŝŠĚÒŰúȡ ǰǯȡ ŠúŠčŃŠķÒĹƗŃŰĕúŠķÒŰŰúŠŧÒŧÒŧŧĚĎĹúôíƗŰĕúŃÒŠô DZȡ ŃĹŧĚôúŠ ÒĹô ŝŠŃŝŃŧú ŰŃ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ Ńč%ĚŠúîŰŃŠŧȡ ŠúĎÒŠôĚĹĎ Űĕú ķÒĹÒĎúķúĹŰȢ ŧŰŠÒŰúĎƗȢ ôĚŠúîŰĚŃĹ ÒĹô  ŠúŧŃŸŠîúŧŸŧúôĚĹŠĚŧīķÒĹÒĎúķúĹŰŝŠŃîúŧŧúŧȢÒŧƑúĮĮ gŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú ÒŧŠĚŧīŰŃĮúŠÒĹîúĮúƐúĮčŃŠÒŝŝŠŃƐÒĮȡ žĕú gŃķĚĹÒŰĚŃĹ ÒĹô úķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú Ěŧ Dzȡ ŃĹôŸîŰŠĚŧī ÒŧŧúŧŧķúĹŰŧ ÒĹôŠúƐĚúƑîŃŠŝŃŠÒŰúŠĚŧīŧ îŃķŝŠĚŧúôŃčDzķúķíúŠŧȢƑĚŰĕeŠȡŠĚŝÒۍȡŠŸĹƗÒÒîŰĚĹĎÒŧ ÒŰ ĮúÒŧŰ ŃĹîú Ò ƗúÒŠ ÒĹô čŃĮĮŃƑ Ÿŝ ŃĹ Űĕú ŠĚŧī ĕÒĚŠķÒĹ ÒĹô eŠȡ ZúĹĹúŰĕ gĎ ÒĹô eŠȡ ZÒĚīĕŸŧĕŠŸ ȲZÒĚȳ ķÒĹÒĎúķúĹŰŝĮÒĹȡ žÒŠÒŝŃŠúƐÒĮÒÒŧķúķíúŠŧȡ dzȡ úƐĚúƑ ÒĹôķÒīú ŠúîŃķķúĹôÒŰĚŃĹŧ ŰŃŰĕú ŃÒŠô Ńč  %ĚŠúîŰŃŠŧ ŃĹ ŃƐúŠÒĮĮ ŠĚŧī ķÒĹÒĎúķúĹŰ ÒĹô ŧŰÒĹôÒŠô ŠŃƑúŠÒĹô%ŸŰĚúŧŃčgŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŝŠÒîŰĚîúŧ ĚĹ ŃŠôúŠ ŰŃ ĚķŝŠŃƐú ŠĚŧī ķÒĹÒĎúķúĹŰ ŃķķĚŰŰúú ŝŠŃîúŧŧúŧŃčŰĕúŃŠĎÒĹĚƠÒŰĚŃĹȡ ǰȡ ŃĹŧĚôúŠ îŠĚŰúŠĚÒ ÒĹô ŝŠŃîúôŸŠúŧ čŃŠŰĕú ĹŃķĚĹÒŰĚŃĹ  Ńč şŸÒĮĚčĚúô ôĚŠúîŰŃŠŧ ÒîîŃŠôĚĹĎ ŰŃ Űĕú ŃķŝÒĹƗɇŧ gŃķĚĹÒŰĚŃĹŃč%ĚŠúîŰŃŠŧÒĹô+ƖúîŸŰĚƐúŧ ŠúşŸĚŠúķúĹŰŧÒĹôĚĹîŃĹŧĚôúŠÒŰĚŃĹŰŃŰĕú ŃķŝÒĹƗɇŧ ”ŸîîúŧŧĚŃĹŠĮÒĹ ŧŰŠÒŰúĎƗȡ žĕú ŃķŝÒĹƗ ĕÒŧ ŧúŰ Ÿŝ Ò ŧŸîîúŧŧĚŃĹ ŝĮÒĹ čŃŠ Űĕú DZȡ ŃĹŧĚôúŠ îŠĚŰúŠĚÒȢ ŰƗŝú Ńč ŠúķŸĹúŠÒŰĚŃĹŧȢ ÒĹô ŃŰĕúŠ ŃķŝÒĹƗɇŧ %ĚŠúîŰŃŠŧ ÒĹô ŰŃŝ ķÒĹÒĎúķúĹŰȡ ĹƗ ŧŸîĕ íúĹúčĚŰŧ ŝŠŃƐĚôúô ŰŃ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒĹô ĚŰŧ ƐÒîÒĹîĚúŧ ķŸŧŰ íú čĚĮĮúô íƗ ĚĹôĚƐĚôŸÒĮŧ ƑĕŃķ Űĕú îŃķķĚŰŰúúŧȢÒĹôŝŠŃŝŃŧúčŃŠÒŝŝŠŃƐÒĮŰŃŰĕúŃÒŠôŃč gŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúúĕÒŧ ĹŃķĚĹÒŰúô %ĚŠúîŰŃŠŧÒĹôŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎŠúŧŝúîŰĚƐúĮƗȡ ÒĹô ĕÒŧ ôúúķúô ŰŃ ŝŃŧŧúŧŧ Űĕú īĹŃƑĮúôĎú ÒĹô ŧīĚĮĮŧ Dzȡ ”úĮúîŰ ÒĹô ĹŃķĚĹÒŰú şŸÒĮĚčĚúô ĚĹôĚƐĚôŸÒĮŧ ÒĹô ŠúşŸĚŠúô ŰŃ ÒîĕĚúƐú Űĕú ŃķŝÒĹƗɇŧ ŰÒŠĎúŰŧȡ JĹ ÒôôĚŰĚŃĹȢ ŝŠŃŝŃŧúŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧŰŃíúÒŝŝŃĚĹŰúôÒŧ ŧŸîĕ ĚĹôĚƐĚôŸÒĮŧ ķŸŧŰ ĹŃŰ íú ŧŸíĨúîŰúô ŰŃ ÒĹƗ ĮúĎÒĮ ŃŠ Űĕú ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧÒĹôŰŃŝúƖúîŸŰĚƐúŧȡ ŠúĎŸĮÒŰŃŠƗŝŠŃĕĚíĚŰĚŃĹŧŃŠĚķŝúôĚķúĹŰŧĚĹŃŠôúŠŰŃúĹŧŸŠú dzȡ úƐĚúƑŝŠŃŝŃŠŰĚŃĹÒĹôŧĚƠúŃčŃÒŠôŃč%ĚŠúîŰŃŠŧÒĹô ŰĕÒŰ ŰĕúŧúĮúîŰúô ĚĹôĚƐĚôŸÒĮŧ îÒĹ ŝúŠčŃŠķ ŰĕúĚŠ ŠŃĮúŧ ÒĹô úƖŝúŠĚúĹîúŃčĚĹôĚƐĚôŸÒĮôĚŠúîŰŃŠŧƑĕúŰĕúŠŧŸĚŰÒíĮúčŃŠ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ úččúîŰĚƐúĮƗ ÒĹô ŰŠÒĹŧŝÒŠúĹŰĮƗȡ žĕú Űĕú ŃķŝÒĹƗɇŧ íŸŧĚĹúŧŧ ÒĹô ŰĕÒŰ ÒôĨŸŧŰķúĹŰŧ ÒŠú ĹŃķĚĹÒŰĚŃĹƑĚĮĮŰĕúĹíúíŠŃŸĎĕŰŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧɇ ÒŝŝŠŃŝŠĚÒŰúĚĹŠúŧŝŃĹŧúŰŃŰĕúîĕÒĹĎĚĹĎúĹƐĚŠŃĹķúĹŰȡ ÒŰŰúĹŰĚŃĹčŃŠÒŝŝŠŃƐÒĮȡ JĹÒôôĚŰĚŃĹȢ Űĕú ŃķŝÒĹƗŝŠŃƐĚôúŧ Ǵȡ +ŧŰÒíĮĚŧĕ ĎŸĚôúĮĚĹúŧ čŃŠ úƐÒĮŸÒŰĚĹĎ ŝúŠčŃŠķÒĹîú Ńč ÒĹ ŃŝŝŃŠŰŸĹĚŰƗ čŃŠ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ĹŃķĚĹÒŰú ĚĹôĚƐĚôŸÒĮŧ ôĚŠúîŰŃŠŧÒĹôÒôĨŸŧŰķúĹŰŃčôĚŠúîŰŃŠŧɇŠúķŸĹúŠÒŰĚŃĹȢ ŰÒīĚĹĎ ĚĹŰŃ ÒîîŃŸĹŰ Űĕú ôŸŰĚúŧȢ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ÒĹô ƑĚŰĕŰĕúÒŝŝŠŃŝŠĚÒŰúşŸÒĮĚčĚîÒŰĚŃĹŧ ŰŃŰĕúgŃķĚĹÒŰĚŃĹÒĹô ŠĚŧīŧĚĹƐŃĮƐúôȡ úķŸĹúŠÒŰĚŃĹ îŃķķĚŰŰúú čŃŠ îŃĹŧĚôúŠÒŰĚŃĹ íúčŃŠú Űĕú ǵȡ ŃĹŧĚôúŠŧŸîîúŧŧĚŃĹ ŝĮÒĹčŃŠ +pÒĹô úƖúîŸŰĚƐúŧ ĚĹ îŃķķĚŰŰúú ŝŠúŧúĹŰŧ Űĕú ķÒŰŰúŠ čŃŠ ƐŃŰĚĹĎ ÒŰ Űĕú īúƗ ķÒĹÒĎúķúĹŰ ŝŃŧĚŰĚŃĹŧ ÒĹô ŠúƐĚúƑŧ Űĕú ĮĚŧŰ Ńč ŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȡ şŸÒĮĚčĚúôîÒĹôĚôÒŰúŧȡ  Ƕȡ ŠúŠčŃŠķÒĹƗŃŰĕúŠķÒŰŰúŠŧÒŧÒŧŧĚĎĹúôíƗŰĕúŃÒŠô ŝŝŃĚĹŰķúĹŰŃč%ĚŠúîŰŃŠŧ Ńč%ĚŠúîŰŃŠŧȡ žĕú ŃķŝÒĹƗɇŧ ŠŰĚîĮúŧ Ńč ŧŧŃîĚÒŰĚŃĹ ŧŰĚŝŸĮÒŰú ŰĕÒŰŰĕú  ŃÒŠôŃč%ĚŠúîŰŃŠŧŧĕÒĮĮîŃķŝŠĚŧúÒŰĮúÒŧŰčĚƐúôĚŠúîŰŃŠŧȢĹŃŰ  ĮúŧŧŰĕÒĹĕÒĮčŃčƑĕŃķŧĕÒĮĮĕÒƐúŰĕúĚŠŃŠôĚĹÒŠƗŠúŧĚôúĹîú  ĚĹžĕÒĚĮÒĹôȡžĕúgŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú  62 ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǵǴ19   

Ƕȡ úƐĚúƑîŃķŝĮÒĚĹŰŧčŠŃķÒĹôîŃĹîúŠĹŧŃčŧŰÒīúĕŃĮôúŠŧ ĚŧīeÒĹÒĎúķúĹŰ ŃķķĚŰŰúú ĚŧŠúŧŝŃĹŧĚíĮúčŃŠŧúĮúîŰĚĹĎşŸÒĮĚčĚúôîÒĹôĚôÒŰúŧŰŃíúŰĕú ÒŸŰŃķŃŰĚƐú ĚĹôŸŧŰŠƗ ÒŠú īúƗ čÒîŰŃŠŧ ĚĹ ôŠĚƐĚĹĎ íŸŧĚĹúŧŧ ÒĹôŠúŝŃŠŰŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧȡ žĕúĚŧīeÒĹÒĎúķúĹŰ ŃķķĚŰŰúúîŃķŝŠĚŧúŧŃčDzķúķíúŠŧȢ ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧȢŰÒīĚĹĎĚĹŰŃÒîîŃŸĹŰŰĕúĚŠīĹŃƑĮúôĎúȢ ĎŠŃƑŰĕÒĹôÒîĕĚúƐĚĹĎŰĕú ŃķŝÒĹƗɇŧŰÒŠĎúŰŧȡ Ƿȡ úŝŃŠŰ Űĕú ŸôĚŰ ŃķķĚŰŰúúɇŧ ŝúŠčŃŠķÒĹîú ŰŃ Űĕú ƑĚŰĕ eŠȡXŃĕĹ ŠÒŠīúŠ ÒîŰúô Òŧ ĕÒĚŠķÒĹ ÒĹô eŠȡ¾ĚîĕĚÒĹ úôŸîÒŰĚŃĹȢ úƖŝúŠŰĚŧúȢ úŰĕĚîŧȢ ĚĹŰúĎŠĚŰƗȢ ÒĹô ÒƐÒĚĮÒíĚĮĚŰƗ ŰŃ  ŃÒŠô Ńč %ĚŠúîŰŃŠŧ úƐúŠƗ şŸÒŠŰúŠȡ ŠŠúŝÒŠú Űĕú ŸôĚŰ eúīŰŠÒīÒŠĹÒĹôeŠŧȡ½ÒîĕĚŠÒgҍÒĹŃĹĎÒŧķúķíúŠŧȡ ŝúŠčŃŠķ ôĚŠúîŰŃŠŧɇ ôŸŰĚúŧȡ  žĕú ŃķŝÒĹƗ ŝŠŃƐĚôúŧ ÒĹ žĕú>ŃƐúŠĹÒĹîúŃč”ŸíŧĚôĚÒŠĚúŧÒĹôŧŧŃîĚÒŰúŧ ŃķķĚŰŰúú ŠúŝŃŠŰ ȼ ĚĹîĮŸôĚĹĎ ÒĹƗ ŧŸĎĎúŧŰĚŃĹŧ ÒĹô  ŃŝŝŃŠŰŸĹĚŰƗ čŃŠ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ĹŃķĚĹÒŰú ŝúŠŧŃĹŧ ŰŃ Űĕú ŠJ pĕÒŧŝŸŰĚĹŝĮÒîúúččúîŰĚƐúÒĹôúččĚîĚúĹŰîŃŠŝŃŠÒŰú ŰĕúŧĚĎĹÒŰŸŠúŃčŰĕúîĕÒĚŠķÒĹŃčŰĕúÒŸôĚŰîŃķķĚŰŰúú ŠŃƑúŠŧÒĹô%ŸŰĚúŧŃčŰĕúĚŧīeÒĹÒĎúķúĹŰ ŃķķĚŰŰúú ŃÒŠôŃč%ĚŠúîŰŃŠŧƐĚÒŰĕúŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȡ ĎŃƐúŠĹÒĹîúȢ ŠĚŧī ķÒĹÒĎúķúĹŰȢ ÒĹô ĚĹŰúŠĹÒĮ îŃĹŰŠŃĮŧ ŰĕÒŰ ȼÒĹôôĚŧîĮŃŧúŧĚŰĚĹŰĕúĹĹŸÒĮúŝŃŠŰȡ ǰȡ +ŧŰÒíĮĚŧĕŰĕú ŃķŝÒĹƗɇŧŠĚŧīķÒĹÒĎúķúĹŰŝŃĮĚîƗÒĹô  îŃĹčŃŠķŰŃĚĹŰúŠĹÒŰĚŃĹÒĮŧŰÒĹôÒŠôŧÒĹôŰĕúŠúĎŸĮÒŰĚŃĹŧŃč Ǹȡ ŃĹŧĚôúŠ ÒĹô ŠúƐĚúƑ Űĕú ôŸŰĚúŧ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ôúŰúŠķĚĹú ŠĚŧī ÒŝŝúŰĚŰúȡ >ĚƐú ÒôƐĚîú ŃĹ Űĕú ŠĚŧī žĕú ĹŃķĚĹÒŰĚŃĹ Ńč ôĚŠúîŰŃŠŧ ŧĕÒĮĮ ŠúŝĮÒîú Űĕú ŠúŰĚŠĚĹĎ ŰĕúŠúŧŝúîŰĚƐúÒŸŰĕŃŠĚŰĚúŧȡžĕú ŃķŝÒĹƗɇŧŧŸíŧĚôĚÒŠĚúŧÒĹô ÒĹôúƐÒĮŸÒŰúŝúŠčŃŠķÒĹîúŃčŰĕúŸôĚŰ ŃķķĚŰŰúúŃĹ ķÒĹÒĎúķúĹŰ ŝĮÒĹ čŃŠ Űĕú ŃŠĎÒĹĚƠÒŰĚŃĹ ÒĹô úĹŧŸŠú ôĚŠúîŰŃŠŧŃĹŠŃŰÒŰĚŃĹÒŰŰĕúúĹôŃčŰĕúĚŠŰúŠķŧȢŃŠƑĕÒŰúƐúŠ ÒŧŧŃîĚÒŰúŧ ÒŠú ÒĮĚĎĹúô ƑĚŰĕ Űĕú ŧÒķú ŝŠĚĹîĚŝĮúŧȡ žĕú ÒĹÒĹĹŸÒĮíÒŧĚŧȡ ŰĕÒŰîŃĹŰŠŃĮķúÒŧŸŠúŧÒŠúÒôúşŸÒŰúÒĹôÒŝŝŠŃŝŠĚÒŰúȡ Űĕú îÒŧú ķÒƗ íúȡ žĕú ÒŝŝŃĚĹŰķúĹŰ Ńč ôĚŠúîŰŃŠŧ ķŸŧŰ ŃķŝÒĹƗ ĕÒŧ úŧŰÒíĮĚŧĕúô Ò ķúîĕÒĹĚŧķ ÒĹô ŝŠŃîúŧŧ čŃŠ ǰǯȡ ŠúŠčŃŠķÒĹƗŃŰĕúŠķÒŰŰúŠŧÒŧÒŧŧĚĎĹúôíƗŰĕúŃÒŠô DZȡ ŃĹŧĚôúŠ ÒĹô ŝŠŃŝŃŧú ŰŃ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ŠúîúĚƐúķŃŠúŰĕÒĹĕÒĮčŰĕúƐŃŰúŧŃčŧĕÒŠúĕŃĮôúŠŧÒŰŰúĹôĚĹĎ ŃƐúŠŧúúĚĹĎ ÒĹô ķŃĹĚŰŃŠĚĹĎ Űĕú ķÒĹÒĎúķúĹŰ ÒĹô Ńč%ĚŠúîŰŃŠŧȡ ŠúĎÒŠôĚĹĎ Űĕú ķÒĹÒĎúķúĹŰȢ ŧŰŠÒŰúĎƗȢ ôĚŠúîŰĚŃĹ ÒĹô Űĕú ķúúŰĚĹĎȢ úĚŰĕúŠ ĚĹ ŝúŠŧŃĹ ŃŠ íƗ ŝŠŃƖƗȢ ĚĹ ÒîîŃŠôÒĹîú ŃŝúŠÒŰĚŃĹŧ Ńč ĚŰŧ ŧŸíŧĚôĚÒŠĚúŧ ÒĹô ÒŧŧŃîĚÒŰúŧȡ žŃ ŰĕÒŰ  ŠúŧŃŸŠîúŧŸŧúôĚĹŠĚŧīķÒĹÒĎúķúĹŰŝŠŃîúŧŧúŧȢÒŧƑúĮĮ ƑĚŰĕŰĕúčŃĮĮŃƑĚĹĎŠŸĮúŧÒĹôŝŠŃîúôŸŠúŧȣ úččúîŰȢ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ĕÒŧ úķŝŃƑúŠúô Űĕú gŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú ÒŧŠĚŧīŰŃĮúŠÒĹîúĮúƐúĮčŃŠÒŝŝŠŃƐÒĮȡ ǰȡ +ÒîĕŧĕÒŠúĕŃĮôúŠŧĕÒĮĮĕÒƐúƐŃŰĚĹĎŠĚĎĕŰŧúşŸÒĮŰŃŃĹú ŠŠúŧĚôúĹŰȮ +p ŰŃ ŝúŠčŃŠķ ŧŸîĕ ôŸŰĚúŧ Òŧ ŧúĮúîŰĚĹĎ žĕú gŃķĚĹÒŰĚŃĹ ÒĹô úķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú Ěŧ Dzȡ ŃĹôŸîŰŠĚŧī ÒŧŧúŧŧķúĹŰŧ ÒĹôŠúƐĚúƑîŃŠŝŃŠÒŰúŠĚŧīŧ ƐŃŰúŝúŠŧĕÒŠúȡ ŠúŝŠúŧúĹŰÒŰĚƐúŧ ŰŃ íú úƖúîŸŰĚƐúŧ Ńč Űĕúŧú úĹŰĚŰĚúŧ ÒĹô îŃķŝŠĚŧúôŃčDzķúķíúŠŧȢƑĚŰĕeŠȡŠĚŝÒۍȡŠŸĹƗÒÒîŰĚĹĎÒŧ ÒŰ ĮúÒŧŰ ŃĹîú Ò ƗúÒŠ ÒĹô čŃĮĮŃƑ Ÿŝ ŃĹ Űĕú ŠĚŧī DZȡ +ÒîĕŧĕÒŠúĕŃĮôúŠķÒƗúƖúŠîĚŧú ÒĮĮŰĕúƐŃŰúŧĕúȮŧĕú ŠúŝŃŠŰĚĹĎ ŰŃŰĕú ŃÒŠôȡ žĕú ĹŸķíúŠŃčŠúŝŠúŧúĹŰÒŰĚƐúŧ ĚĹ ĕÒĚŠķÒĹ ÒĹô eŠȡ ZúĹĹúŰĕ gĎ ÒĹô eŠȡ ZÒĚīĕŸŧĕŠŸ ȲZÒĚȳ ķÒĹÒĎúķúĹŰŝĮÒĹȡ ĕÒŧŸĹôúŠǰȳŰŃúĮúîŰŃĹúŃŠŧúƐúŠÒĮŝúŠŧŃĹŧÒŧôĚŠúîŰŃŠ úÒîĕúĹŰĚŰƗĚŧôúŰúŠķĚĹúôíƗŰĕúŝúŠîúĹŰÒĎúĕŃĮôĚĹĎŃčŰĕú žÒŠÒŝŃŠúƐÒĮÒÒŧķúķíúŠŧȡ dzȡ úƐĚúƑ ÒĹôķÒīú ŠúîŃķķúĹôÒŰĚŃĹŧ ŰŃŰĕú ŃÒŠô Ńč ŃŠôĚŠúîŰŃŠŧíŸŰîÒĹĹŃŰŧŝĮĚŰŧĕÒŠúƐŃŰĚĹĎȡ ŃķŝÒĹƗĚĹŰĕÒŰúĹŰĚŰƗȡ  %ĚŠúîŰŃŠŧ ŃĹ ŃƐúŠÒĮĮ ŠĚŧī ķÒĹÒĎúķúĹŰ ÒĹô ŧŰÒĹôÒŠô ŠŃƑúŠÒĹô%ŸŰĚúŧŃčgŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŝŠÒîŰĚîúŧ ĚĹ ŃŠôúŠ ŰŃ ĚķŝŠŃƐú ŠĚŧī ķÒĹÒĎúķúĹŰ Dzȡ žĕúîÒĹôĚôÒŰúŧ ŧĕÒĮĮíúŠÒĹīúôĚĹôúŧîúĹôĚĹĎŃŠôúŠȢ  ŃķķĚŰŰúú ŝŠŃîúŧŧúŧŃčŰĕúŃŠĎÒĹĚƠÒŰĚŃĹȡ čŠŃķ Űĕú ĕĚĎĕúŧŰ ŰŃ Űĕú ĮŃƑúŧŰ ĹŸķíúŠ Ńč ƐŃŰúŧ žĕú ķÒĹÒĎúķúĹŰ Ńč Űĕú ŃķŝÒĹƗ Ěŧ ŠúŧŝŃĹŧĚíĮú čŃŠ ǰȡ ŃĹŧĚôúŠ îŠĚŰúŠĚÒ ÒĹô ŝŠŃîúôŸŠúŧ čŃŠŰĕú ĹŃķĚĹÒŰĚŃĹ  ŠúîúĚƐúôȢÒĹôŧĕÒĮĮíúÒŝŝŃĚĹŰúôĚĹŰĕÒŰŃŠôúŠŸĹŰĚĮÒĮĮ îÒŠŠƗĚĹĎ ŃŸŰ ŃŝúŠÒŰĚŃĹŧ ŰŃ ÒîĕĚúƐú ŰÒŠĎúŰŧ ÒĹô ôŠĚƐú Ńč şŸÒĮĚčĚúô ôĚŠúîŰŃŠŧ ÒîîŃŠôĚĹĎ ŰŃ Űĕú ŃķŝÒĹƗɇŧ gŃķĚĹÒŰĚŃĹŃč%ĚŠúîŰŃŠŧÒĹô+ƖúîŸŰĚƐúŧ ŰĕúôĚŠúîŰŃŠŝŃŧĚŰĚŃĹŧĕÒƐúíúúĹčĚĮĮúôȡJĹŰĕúúƐúĹŰŃč íŸŧĚĹúŧŧ ĎŠŃƑŰĕȢ îŃĹŰŠŃĮ îŃŧŰŧȢ ŠúôŸîú úƖŝúĹŧúŧȢ ÒĹô ŠúşŸĚŠúķúĹŰŧÒĹôĚĹîŃĹŧĚôúŠÒŰĚŃĹŰŃŰĕú ŃķŝÒĹƗɇŧ ”ŸîîúŧŧĚŃĹŠĮÒĹ ÒŰĚúôƐŃŰúîÒŸŧĚĹĎŰĕúĹŸķíúŠŃčôĚŠúîŰŃŠŧŰŃúƖîúúô ķŃĹĚŰŃŠ îÒŝĚŰÒĮ ĚĹƐúŧŰķúĹŰŧ ĚĹ ĮĚĹú ƑĚŰĕ íŸŧĚĹúŧŧ ŝĮÒĹŧȡ ŧŰŠÒŰúĎƗȡ žĕú ŃķŝÒĹƗ ĕÒŧ ŧúŰ Ÿŝ Ò ŧŸîîúŧŧĚŃĹ ŝĮÒĹ čŃŠ Űĕú Űĕú ÒĮĮŃƑúô ĹŸķíúŠȢ Űĕú ĕÒĚŠķÒĹ Ńč Űĕú ķúúŰĚĹĎ žĕúĚŠŠúŧŝŃĹŧĚíĚĮĚŰĚúŧîŃƐúŠĕŸķÒĹŠúŧŃŸŠîúķÒĹÒĎúķúĹŰȢ DZȡ ŃĹŧĚôúŠ îŠĚŰúŠĚÒȢ ŰƗŝú Ńč ŠúķŸĹúŠÒŰĚŃĹŧȢ ÒĹô ŃŰĕúŠ ŃķŝÒĹƗɇŧ %ĚŠúîŰŃŠŧ ÒĹô ŰŃŝ ķÒĹÒĎúķúĹŰȡ ĹƗ ŧŸîĕ ŧĕÒĮĮĕÒƐúÒôúîĚôĚĹĎƐŃŰúȡ ŠúŧŃĮƐĚĹĎŝŠŃíĮúķŧŃŠîŃĹčĮĚîŰŧÒččúîŰĚĹĎŰĕúŃŠĎÒĹĚƠÒŰĚŃĹȢ íúĹúčĚŰŧ ŝŠŃƐĚôúô ŰŃ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒĹô ĚŰŧ ƐÒîÒĹîĚúŧ ķŸŧŰ íú čĚĮĮúô íƗ ĚĹôĚƐĚôŸÒĮŧ ƑĕŃķ Űĕú  ÒĹô ķÒĚĹŰÒĚĹĚĹĎ úččúîŰĚƐú îŃķķŸĹĚîÒŰĚŃĹ ŰĕŠŃŸĎĕŃŸŰŰĕú îŃķķĚŰŰúúŧȢÒĹôŝŠŃŝŃŧúčŃŠÒŝŝŠŃƐÒĮŰŃŰĕúŃÒŠôŃč gŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúúĕÒŧ ĹŃķĚĹÒŰúô JĹ  Űĕú úƐúĹŰ Ńč Ò ôĚŠúîŰŃŠ ĮúÒƐĚĹĎ ĕĚŧȮĕúŠ ŝŃŧĚŰĚŃĹ čŃŠ ŃŠĎÒĹĚƠÒŰĚŃĹȡ ”ĚĎĹĚčĚîÒĹŰ ĚŧŧŸúŧ ŠúşŸĚŠĚĹĎ Ò íŃÒŠô %ĚŠúîŰŃŠŧÒĹôŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎŠúŧŝúîŰĚƐúĮƗȡ ÒĹô ĕÒŧ ôúúķúô ŰŃ ŝŃŧŧúŧŧ Űĕú īĹŃƑĮúôĎú ÒĹô ŧīĚĮĮŧ ŠúÒŧŃĹŧ ŃŰĕúŠ ŰĕÒĹ ŠúŰĚŠúķúĹŰ íƗ ŠŃŰÒŰĚŃĹȢ Űĕú ŃÒŠô Ńč ŠúŧŃĮŸŰĚŃĹ ÒŠú ŝŠŃŝŃŧúôŰŃŰĕúŃÒŠô čŃŠÒŝŝŠŃƐÒĮíúčŃŠú Dzȡ ”úĮúîŰ ÒĹô ĹŃķĚĹÒŰú şŸÒĮĚčĚúô ĚĹôĚƐĚôŸÒĮŧ ÒĹô ŠúşŸĚŠúô ŰŃ ÒîĕĚúƐú Űĕú ŃķŝÒĹƗɇŧ ŰÒŠĎúŰŧȡ JĹ ÒôôĚŰĚŃĹȢ %ĚŠúîŰŃŠŧ ķÒƗ ÒŝŝŃĚĹŰ şŸÒĮĚčĚúô ŝúŠŧŃĹŧ ŰŃ ŠúŝĮÒîú Űĕú ŰÒīĚĹĎÒĹƗÒîŰĚŃĹȡ ŝŠŃŝŃŧúŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧŰŃíúÒŝŝŃĚĹŰúôÒŧ ŧŸîĕ ĚĹôĚƐĚôŸÒĮŧ ķŸŧŰ ĹŃŰ íú ŧŸíĨúîŰúô ŰŃ ÒĹƗ ĮúĎÒĮ ŃŠ ŃŸŰĎŃĚĹĎôĚŠúîŰŃŠÒŰŰĕúĹúƖŰŃÒŠôŃč%ĚŠúîŰŃŠŧɇķúúŰĚĹĎȢ  Űĕú ŃķŝÒĹƗɇŧôĚŠúîŰŃŠŧÒĹôŰŃŝúƖúîŸŰĚƐúŧȡ ŠúĎŸĮÒŰŃŠƗŝŠŃĕĚíĚŰĚŃĹŧŃŠĚķŝúôĚķúĹŰŧĚĹŃŠôúŠŰŃúĹŧŸŠú ŝŠŃƐĚôúôŰĕÒŰŰĕúŠúķÒĚĹĚĹĎŰúŠķŃčŧúŠƐĚîúĚŧĮŃĹĎúŠŰĕÒĹ žĕú ŃķŝÒĹƗ ÒĮŧŃ ĕÒŧ Ò ŝŠŃîúŧŧ ÒĹô ķúîĕÒĹĚŧķ čŃŠ dzȡ úƐĚúƑŝŠŃŝŃŠŰĚŃĹÒĹôŧĚƠúŃčŃÒŠôŃč%ĚŠúîŰŃŠŧÒĹô ŰĕÒŰ ŰĕúŧúĮúîŰúô ĚĹôĚƐĚôŸÒĮŧ îÒĹ ŝúŠčŃŠķ ŰĕúĚŠ ŠŃĮúŧ ÒĹô DZķŃĹŰĕŧȡžĕúÒŝŝŃĚĹŰķúĹŰŃčŠúŝĮÒîúķúĹŰôĚŠúîŰŃŠŧķŸŧŰ ŃƐúŠŧúúĚĹĎŰĕúŃŝúŠÒŰĚŃĹŧÒĹôķÒĹÒĎúķúĹŰŃčŧŸíŧĚôĚÒŠĚúŧ úƖŝúŠĚúĹîúŃčĚĹôĚƐĚôŸÒĮôĚŠúîŰŃŠŧƑĕúŰĕúŠŧŸĚŰÒíĮúčŃŠ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ úččúîŰĚƐúĮƗ ÒĹô ŰŠÒĹŧŝÒŠúĹŰĮƗȡ žĕú ŠúîúĚƐú ķŃŠú ŰĕÒĹ DzȮdz Ńč Űĕú ƐŃŰúŧ Ńč Űĕú ŠúķÒĚĹĚĹĎ ÒĹôÒŧŧŃîĚÒŰúŧȡžĕúĕúÒôŃčúÒîĕíŸŧĚĹúŧŧŸĹĚŰŧĕÒĮĮŠúŝŃŠŰ Űĕú ŃķŝÒĹƗɇŧ íŸŧĚĹúŧŧ ÒĹô ŰĕÒŰ ÒôĨŸŧŰķúĹŰŧ ÒŠú ĹŃķĚĹÒŰĚŃĹƑĚĮĮŰĕúĹíúíŠŃŸĎĕŰŰŃŰĕúŃÒŠôŃč%ĚŠúîŰŃŠŧɇ ôĚŠúîŰŃŠŧȢÒĹôŠúŝĮÒîúķúĹŰôĚŠúîŰŃŠŧÒŠúúĮĚĎĚíĮúŰŃŧŰÒƗŃĹ ŃĹŰĕúŃŝúŠÒŰĚĹĎŠúŧŸĮŰŧŃčŧŸíŧĚôĚÒŠĚúŧ ÒĹôÒŧŧŃîĚÒŰúŧŰŃ ÒŝŝŠŃŝŠĚÒŰúĚĹŠúŧŝŃĹŧúŰŃŰĕúîĕÒĹĎĚĹĎúĹƐĚŠŃĹķúĹŰȡ ÒŰŰúĹŰĚŃĹčŃŠÒŝŝŠŃƐÒĮȡ JĹÒôôĚŰĚŃĹȢ Űĕú ŃķŝÒĹƗŝŠŃƐĚôúŧ ŰĕúíŃÒŠô čŃŠŰĕú úĹŰĚŠú ŠúķÒĚĹĚĹĎ ŰúŠķŃčŧúŠƐĚîú Ńč Űĕú Űĕú ķÒĹÒĎúķúĹŰ ÒŰ Űĕú îŃŠŝŃŠÒŰú ŠúƐĚúƑ ķúúŰĚĹĎ ŃĹ Ò Ǵȡ +ŧŰÒíĮĚŧĕ ĎŸĚôúĮĚĹúŧ čŃŠ úƐÒĮŸÒŰĚĹĎ ŝúŠčŃŠķÒĹîú Ńč ÒĹ ŃŝŝŃŠŰŸĹĚŰƗ čŃŠ ŧĕÒŠúĕŃĮôúŠŧ ŰŃ ĹŃķĚĹÒŰú ĚĹôĚƐĚôŸÒĮŧ ŃŸŰĎŃĚĹĎôĚŠúîŰŃŠŧȡ ķŃĹŰĕĮƗíÒŧĚŧȢÒĹôŝŠúŧúĹŰŰĕúĚŠíŸôĎúŰÒĹôŰĕúŝŠŃĎŠúŧŧ ôĚŠúîŰŃŠŧÒĹôÒôĨŸŧŰķúĹŰŃčôĚŠúîŰŃŠŧɇŠúķŸĹúŠÒŰĚŃĹȢ ŝŝŃĚĹŰķúĹŰŃč”úĹĚŃŠ+ƖúîŸŰĚƐúŧ Ńč ŰĕúĚŠ ŃŝúŠÒŰĚĹĎ ŝĮÒĹ ŰŃ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧ ÒŰ Űĕú ŰÒīĚĹĎ ĚĹŰŃ ÒîîŃŸĹŰ Űĕú ôŸŰĚúŧȢ ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧȢ ÒĹô ƑĚŰĕŰĕúÒŝŝŠŃŝŠĚÒŰúşŸÒĮĚčĚîÒŰĚŃĹŧ ŰŃŰĕúgŃķĚĹÒŰĚŃĹÒĹô žĕúÒŝŝŃĚĹŰķúĹŰŃčúƖúîŸŰĚƐúŧĚŧîŃĹŧĚôúŠúôíƗúƖúîŸŰĚƐú ŝúŠčŃŠķÒĹîúŠúƐĚúƑķúúŰĚĹĎŃĹÒŧúķĚÒĹĹŸÒĮíÒŧĚŧȡ ŠĚŧīŧĚĹƐŃĮƐúôȡ úķŸĹúŠÒŰĚŃĹ îŃķķĚŰŰúú čŃŠ îŃĹŧĚôúŠÒŰĚŃĹ íúčŃŠú Űĕú ôĚŠúîŰŃŠŧÒĹôŰĕú ŃķŝÒĹƗɇŧķÒĹÒĎúķúĹŰȡžĕú ŃķŝÒĹƗɇŧ  ǵȡ ŃĹŧĚôúŠŧŸîîúŧŧĚŃĹ ŝĮÒĹčŃŠ +pÒĹô úƖúîŸŰĚƐúŧ ĚĹ îŃķķĚŰŰúú ŝŠúŧúĹŰŧ Űĕú ķÒŰŰúŠ čŃŠ ƐŃŰĚĹĎ ÒŰ Űĕú žĕú ŧîŃŝú Ńč ôŸŰĚúŧ ÒĹô ŠúŧŝŃĹŧĚíĚĮĚŰĚúŧ Ńč Űĕú īúƗ ķÒĹÒĎúķúĹŰ ŝŃŧĚŰĚŃĹŧ ÒĹô ŠúƐĚúƑŧ Űĕú ĮĚŧŰ Ńč ŧĕÒŠúĕŃĮôúŠŧɇķúúŰĚĹĎȡ úƖúîŸŰĚƐúŧ ÒŠú ŝŠŃčúŧŧĚŃĹÒĮŧ ƑĕŃ ŝúŠčŃŠķ ŰĕúĚŠ ôŸŰĚúŧ ķÒĹÒĎúķúĹŰ Ńč ŧŸíŧĚôĚÒŠĚúŧ ŧĕÒĮĮ íú ĚĹ îŃķŝĮĚÒĹîú ƑĚŰĕ şŸÒĮĚčĚúôîÒĹôĚôÒŰúŧȡ  ĚĹôúŝúĹôúĹŰĮƗ čŠŃķ Űĕú ķÒĨŃŠ ŧĕÒŠúĕŃĮôúŠŧ ÒĹô ŃŰĕúŠ Űĕú ŃķŝÒĹƗɇŧ ŝŃĮĚîĚúŧȡ žĕúķÒĹÒĎúķúĹŰŃčŧŸíŧĚôĚÒŠĚúŧ Ƕȡ ŠúŠčŃŠķÒĹƗŃŰĕúŠķÒŰŰúŠŧÒŧÒŧŧĚĎĹúôíƗŰĕúŃÒŠô ŝŝŃĚĹŰķúĹŰŃč%ĚŠúîŰŃŠŧ ŧĕÒŠúĕŃĮôúŠŧȡžŃŝúƖúîŸŰĚƐúŧÒŠúÒŝŝŃĚĹŰúôíÒŧúôŃĹŰĕúĚŠ ŧĕÒĮĮúĹŧŸŠúŰĕÒŰĚŰŝŠŃƐĚôúŧĎŸĚôúĮĚĹúŧÒĹôŝŠŃîúôŸŠúŧĚĹ Ńč%ĚŠúîŰŃŠŧȡ žĕú ŃķŝÒĹƗɇŧ ŠŰĚîĮúŧ Ńč ŧŧŃîĚÒŰĚŃĹ ŧŰĚŝŸĮÒŰú ŰĕÒŰŰĕú īĹŃƑĮúôĎúȢ ŧīĚĮĮŧȢ ÒĹô úƖŝúŠĚúĹîú íúĚĹĎ ŧŸĚŰÒíĮú ÒĹô îŃķŝĮĚÒĹîú ƑĚŰĕ ŠŸĮúŧ ÒĹô ŝŠŃîúôŸŠúŧ Ńč Űĕú ”+ž  ŃÒŠôŃč%ĚŠúîŰŃŠŧŧĕÒĮĮîŃķŝŠĚŧúÒŰĮúÒŧŰčĚƐúôĚŠúîŰŃŠŧȢĹŃŰ íúĹúčĚîĚÒĮ ŰŃ Űĕú ŃķŝÒĹƗɇŧ ŃŝúŠÒŰĚŃĹŧȡ žĕúĚŠ ĎŃŃô ŠúĎŸĮÒŰĚŃĹŧ ŠúĎÒŠôĚĹĎ îŃĹĹúîŰúô ŰŠÒĹŧÒîŰĚŃĹŧ íúŰƑúúĹ  ĮúŧŧŰĕÒĹĕÒĮčŃčƑĕŃķŧĕÒĮĮĕÒƐúŰĕúĚŠŃŠôĚĹÒŠƗŠúŧĚôúĹîú ŸĹôúŠŧŰÒĹôĚĹĎ ŃčíŸŧĚĹúŧŧ ÒĹôŰĕúíŸŧĚĹúŧŧ îƗîĮúŃčŰĕú ŧŸíŧĚôĚÒŠĚúŧ ÒĹô ŠúĮÒŰúôŝÒŠŰĚúŧȢ ÒîşŸĚŧĚŰĚŃĹ ÒĹôôĚŧŝŃŧÒĮ  ĚĹžĕÒĚĮÒĹôȡžĕúgŃķĚĹÒŰĚŃĹÒĹôúķŸĹúŠÒŰĚŃĹ ŃķķĚŰŰúú Ńč ÒŧŧúŰŧȢ čĚĹÒĹîĚÒĮ ŰŠÒĹŧÒîŰĚŃĹŧ ÒĹô ÒŝŝŠŃƐÒĮŧ Ńč îŠúôĚŰ   ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ǵǴ ǵǵAAPICO  HITECH PUBLIC COMPANY LIMITED gg¥\+ŠpžDZǯǰǸ63 

čÒîĚĮĚŰĚúŧ čŠŃķ čĚĹÒĹîĚÒĮ ĚĹŧŰĚŰŸŰĚŃĹŧȢ ĎŸÒŠÒĹŰúúŧȢ ŃŠ ÒĹƗ gŃĹȺŸôĚŰ=úú ŠúĮÒŰúô ŰŠÒĹŧÒîŰĚŃĹŧȢ ŧŃ ŰĕÒŰ Űĕúŧú ŰŠÒĹŧÒîŰĚŃĹŧ ķÒƗ íú JĹÒôôĚŰĚŃĹŰŃŰĕúÒŸôĚŰčúúȢŰĕú ŃķŝÒĹƗÒĹôŧŃķúŃčĚŰŧ ĕÒĹôĮúô ĚĹ ÒĹ ÒŝŝŠŃŝŠĚÒŰú ÒĹô îŃķŝĮúŰú ķÒĹĹúŠȡ ŧŸíŧĚôĚÒŠĚúŧ ĕÒƐú úĹĎÒĎúô ĹŃĹȺÒŸôĚŰ ŧúŠƐĚîúŧ čŠŃķ +Ä ”ŸíŧĚôĚÒŠĚúŧ ŧĕÒĮĮ ÒŝŝĮƗ Űĕú ŧÒķú ŠúĎŸĮÒŰĚŃĹŧ Òŧ Űĕú pččĚîú \ĚķĚŰúô čŃŠ îŃķŝĮĚÒĹîú ÒŸôĚŰŧ ŠúĮÒŰúô ŰŃ Űĕú ŃķŝÒĹƗ ĚŰŧúĮč ŠúĎÒŠôĚĹĎ Űĕú ôĚŧîĮŃŧŸŠú Ńč ĚĹčŃŠķÒŰĚŃĹȢ îŃĹôĚŰĚŃĹŧ ŧŰĚŝŸĮÒŰúô ĚĹ Űĕú ĚĹƐúŧŰķúĹŰ ŝŠŃķŃŰĚŃĹ čĚĮĚĹĎ Ńč ôŃîŸķúĹŰŧ ÒĹô ÒîîŃŸĹŰĚĹĎ ŠúîŃŠôŧȢ ÒĹô ŧĕÒĮĮ îúŠŰĚčĚîÒŰú ȲpJ ÒŸôĚŰȳȡ žĕú ŰŃŰÒĮ ŝÒƗķúĹŰ čŃŠ pJ ÒŸôĚŰ ŝŠúŝÒŠú ÒĹô ŧŸíķĚŰ ĚŰŧ čĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧ ŰŃ Űĕú ŧúŠƐĚîúĚĹDZǯǰǸƑÒŧÒŰŃŰÒĮŃčÒĕŰǴǴǯȢǯǯǯȢŃčƑĕĚîĕŰĕú ŃķŝÒĹƗčŃŠîŃĹŧŃĮĚôÒŰĚŃĹĚĹÒŰĚķúĮƗķÒĹĹúŠȡ pJÒŸôĚŰčúúčŃŠŰĕú ŃķŝÒĹƗÒķŃŸĹŰúôŰŃÒĕŰǰǰǯȢǯǯǯȡ  =ŃŠŰĕúúččúîŰĚƐúÒĹôúččĚîĚúĹŰķÒĹÒĎúķúĹŰŃčŧŸíŧĚôĚÒŠĚúŧ ÒĹôÒŧŧŃîĚÒŰúŧȢŰĕú ŃķŝÒĹƗĕÒŧÒĎŠúúķúĹŰŧÒĹôķŸŰŸÒĮ ŸĹôúŠŧŰÒĹôĚĹĎ ŃĹĚŧŧŸúŧ ŧŸîĕ Òŧ Űĕú ŧîŃŝú Ńč ÒŸŰĕŃŠĚŰƗȢ Űĕú ŧúŝÒŠÒŰĚŃĹ Ńč ôŸŰƗ ĚĹ ķÒĹÒĎúķúĹŰ ÒĹô Űĕú čÒĚŠ ôĚŧŰŠĚíŸŰĚŃĹ Ńč ŝŠŃčĚŰŧ ŰŃ ÒĮĮ îŃĹîúŠĹúô ŝÒŠŰĚúŧȡ žĕú ŃķŝÒĹƗĕÒŧÒŧĚķŝĮúŝĕĚĮŃŧŃŝĕƗĚĹôúÒĮĚĹĎƑĚŰĕíŸŧĚĹúŧŧ ŝÒŠŰĹúŠŧȢŠúŧŝúîŰĚĹĎŰĕúĚŠŠĚĎĕŰŧƑĚŰĕÒĮĮôŸúčÒĚŠĹúŧŧȢÒĹôĚŰ îŃŃŝúŠÒŰúŧčŸĮĮƗƑĚŰĕĚŰŧŝÒŠŰĹúŠŧŰŃúĹŧŸŠúŰĕúŧŸîîúŧŧčŸĮ ŃŝúŠÒŰĚŃĹŃčĚŰŧĨŃĚĹŰƐúĹŰŸŠúŧȡ  žĕú ŃķŝÒĹƗ ÒĹô ĚŰŧ ŧŸíŧĚôĚÒŠĚúŧ ÒĹô ÒŧŧŃîĚÒŰúŧ ÒîŰ ĚĹ îŃķŝĮĚÒĹîúƑĚŰĕĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŠĚĹîĚŝĮúŧčŃŠ ĮĚŧŰúôîŃķŝÒĹĚúŧÒĹôŰĕúĎŸĚôúĮĚĹúŧÒĹôŠúĎŸĮÒŰĚŃĹŧŃčŰĕú ”+žȢ ŧŸîĕ Òŧ ÒŰŰúĹôÒĹîú Ńč ôĚŠúîŰŃŠŧ ÒŰ Űĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧɇ ķúúŰĚĹĎŧ ÒĹô ĚŰŧ îŃķķĚŰŰúú ķúúŰĚĹĎȡ eŃŠú ĚĹčŃŠķÒŰĚŃĹ Ěŧ ŝŠŃƐĚôúô ĚĹ Űĕú ŃŠĎÒĹĚƠÒŰĚŃĹ ÒĹô ķÒĹÒĎúķúĹŰŧúîŰĚŃĹȡ  ŸôĚŰŃŠŧÒĹôŸôĚŰŃŠŧɇúķŸĹúŠÒŰĚŃĹ žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧȢ ƑĚŰĕ ÒŝŝŠŃƐÒĮ ÒŰ Ò ŧĕÒŠúĕŃĮôúŠŧɇ ķúúŰĚĹĎȢ ĕÒŧ ÒŝŝŃĚĹŰúô +ÄpččĚîú \ĚķĚŰúô Òŧ ĚŰŧ úƖŰúŠĹÒĮ ÒŸôĚŰŃŠ ŰŃ ÒŸôĚŰ Űĕú ŃķŝÒĹƗɇŧ čĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧ čŃŠ čĚŧîÒĮ ƗúÒŠ DZǯǰǸȢ úĹôúô Òŧ Ńč %úîúķíúŠ DzǰȢ DZǯǰǸȡ žĕú ŠúķŸĹúŠÒŰĚŃĹŃčŰĕúÒŸôĚŰŃŠĚŧôúŧîŠĚíúôĚĹôúŰÒĚĮíúĮŃƑȣ  ŸôĚŰ=úú žĕú ŃķŝÒĹƗÒĹôĚŰŧŧŸíŧĚôĚÒŠĚúŧŝÒĚôÒĹÒŸôĚŰčúúŰŃ+Ä pččĚîú \ĚķĚŰúô ĚĹ Űĕú ƗúÒŠ DZǯǰǸ ĚĹ Űĕú ÒķŃŸĹŰ Ńč ÒĕŰ ǸȢǸǯǯȢǯǯǯȢŃčƑĕĚîĕÒĕŰDzȢDZǯǯȢǯǯǯĚŧŰĕúÒŸôĚŰčúúčŃŠŰĕú ŃķŝÒĹƗĚĹîĮŸôĚĹĎŰĕúŠúƐĚúƑŃčĚŰŧÒĹĹŸÒĮŠúŝŃŠŰȡ  gŃŰÒĮĮŧŸíŧĚôĚÒŠĚúŧŃčŰĕú ŃķŝÒĹƗÒŠúŸŧĚĹĎŰĕúÒŸôĚŰĚĹĎ ŧúŠƐĚîúŧŃč+ÄpččĚîú\ĚķĚŰúôÒŧŧŃķúŃčĚŰŧíŸŧĚĹúŧŧúŧÒŠú ĹŃŰîŃķŝĮĚîÒŰúô ÒĹô ŰĕúîŃĹŰŠĚíŸŰĚŃĹŰŃŰĕúĎŠŃŸŝĚŧ ĹŃŰ ŧĚĎĹĚčĚîÒĹŰȡ JĹ ŧŸîĕ îÒŧúŧȢ Űĕú ŃķŝÒĹƗ ôúîĚôúô ŰŃ Ÿŧú ĮŃîÒĮÒŸôĚŰčĚŠķŧƑĕŃŧúîŃŧŰŧÒŠúķŃŠúÒŝŝŠŃŝŠĚÒŰúȡ    64ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ANNUAL REPORT 20ǵǶ19 

čÒîĚĮĚŰĚúŧ čŠŃķ čĚĹÒĹîĚÒĮ ĚĹŧŰĚŰŸŰĚŃĹŧȢ ĎŸÒŠÒĹŰúúŧȢ ŃŠ ÒĹƗ gŃĹȺŸôĚŰ=úú Internal Control ŠúĮÒŰúô ŰŠÒĹŧÒîŰĚŃĹŧȢ ŧŃ ŰĕÒŰ Űĕúŧú ŰŠÒĹŧÒîŰĚŃĹŧ ķÒƗ íú JĹÒôôĚŰĚŃĹŰŃŰĕúÒŸôĚŰčúúȢŰĕú ŃķŝÒĹƗÒĹôŧŃķúŃčĚŰŧ  ĕÒĹôĮúô ĚĹ ÒĹ ÒŝŝŠŃŝŠĚÒŰú ÒĹô îŃķŝĮúŰú ķÒĹĹúŠȡ ŧŸíŧĚôĚÒŠĚúŧ ĕÒƐú úĹĎÒĎúô ĹŃĹȺÒŸôĚŰ ŧúŠƐĚîúŧ čŠŃķ +Ä  ”ŸíŧĚôĚÒŠĚúŧ ŧĕÒĮĮ ÒŝŝĮƗ Űĕú ŧÒķú ŠúĎŸĮÒŰĚŃĹŧ Òŧ Űĕú pččĚîú \ĚķĚŰúô čŃŠ îŃķŝĮĚÒĹîú ÒŸôĚŰŧ ŠúĮÒŰúô ŰŃ Űĕú  ŃķŝÒĹƗ ĚŰŧúĮč ŠúĎÒŠôĚĹĎ Űĕú ôĚŧîĮŃŧŸŠú Ńč ĚĹčŃŠķÒŰĚŃĹȢ îŃĹôĚŰĚŃĹŧ ŧŰĚŝŸĮÒŰúô ĚĹ Űĕú ĚĹƐúŧŰķúĹŰ ŝŠŃķŃŰĚŃĹ The Board of Directors emphasizes on adequate and 1. Respect and abide by the laws, rules, and čĚĮĚĹĎ Ńč ôŃîŸķúĹŰŧ ÒĹô ÒîîŃŸĹŰĚĹĎ ŠúîŃŠôŧȢ ÒĹô ŧĕÒĮĮ îúŠŰĚčĚîÒŰú ȲpJ ÒŸôĚŰȳȡ žĕú ŰŃŰÒĮ ŝÒƗķúĹŰ čŃŠ pJ ÒŸôĚŰ effective internal control framework and risk management regulations pertaining to the operation of ŝŠúŝÒŠú ÒĹô ŧŸíķĚŰ ĚŰŧ čĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧ ŰŃ Űĕú ŧúŠƐĚîúĚĹDZǯǰǸƑÒŧÒŰŃŰÒĮŃčÒĕŰǴǴǯȢǯǯǯȢŃčƑĕĚîĕŰĕú and thereby has assigned the Audit Committee to assess businesses. ŃķŝÒĹƗčŃŠîŃĹŧŃĮĚôÒŰĚŃĹĚĹÒŰĚķúĮƗķÒĹĹúŠȡ pJÒŸôĚŰčúúčŃŠŰĕú ŃķŝÒĹƗÒķŃŸĹŰúôŰŃÒĕŰǰǰǯȢǯǯǯȡ the adequacy of the Company’s internal control through 2. Follow the guidelines on the Company’s Anti-  the performance reports of internal auditor. The Corruption policies =ŃŠŰĕúúččúîŰĚƐúÒĹôúččĚîĚúĹŰķÒĹÒĎúķúĹŰŃčŧŸíŧĚôĚÒŠĚúŧ independent internal auditor had audited key operational 3. Avoid having a stake or involving oneself in any ÒĹôÒŧŧŃîĚÒŰúŧȢŰĕú ŃķŝÒĹƗĕÒŧÒĎŠúúķúĹŰŧÒĹôķŸŰŸÒĮ activities and reported their findings and operation that may create conflicts of interests ŸĹôúŠŧŰÒĹôĚĹĎ ŃĹĚŧŧŸúŧ ŧŸîĕ Òŧ Űĕú ŧîŃŝú Ńč ÒŸŰĕŃŠĚŰƗȢ recommendations to the management and the Audit which may in turn be detrimental to the Űĕú ŧúŝÒŠÒŰĚŃĹ Ńč ôŸŰƗ ĚĹ ķÒĹÒĎúķúĹŰ ÒĹô Űĕú čÒĚŠ Committee at the quarterly meetings. Company’s interests or operations. ôĚŧŰŠĚíŸŰĚŃĹ Ńč ŝŠŃčĚŰŧ ŰŃ ÒĮĮ îŃĹîúŠĹúô ŝÒŠŰĚúŧȡ žĕú  4. Do not reveal confidential information to external ŃķŝÒĹƗĕÒŧÒŧĚķŝĮúŝĕĚĮŃŧŃŝĕƗĚĹôúÒĮĚĹĎƑĚŰĕíŸŧĚĹúŧŧ In their findings, the Company has carried out its organisations or individuals that may negatively ŝÒŠŰĹúŠŧȢŠúŧŝúîŰĚĹĎŰĕúĚŠŠĚĎĕŰŧƑĚŰĕÒĮĮôŸúčÒĚŠĹúŧŧȢÒĹôĚŰ operations according to work instructions, within the policy affect the Company. îŃŃŝúŠÒŰúŧčŸĮĮƗƑĚŰĕĚŰŧŝÒŠŰĹúŠŧŰŃúĹŧŸŠúŰĕúŧŸîîúŧŧčŸĮ and procedures, and acted in compliance with relevant 5. Avoid receiving gifts and/or presents that are ŃŝúŠÒŰĚŃĹŃčĚŰŧĨŃĚĹŰƐúĹŰŸŠúŧȡ laws and regulations and good corporate governance overly valuable from any organisation or individual  principles. The reported weaknesses had been resolved which is involved in or stands to benefit from the žĕú ŃķŝÒĹƗ ÒĹô ĚŰŧ ŧŸíŧĚôĚÒŠĚúŧ ÒĹô ÒŧŧŃîĚÒŰúŧ ÒîŰ ĚĹ and implemented the corrective actions to improve control Company’s operations. îŃķŝĮĚÒĹîúƑĚŰĕĎŃŃôîŃŠŝŃŠÒŰúĎŃƐúŠĹÒĹîúŝŠĚĹîĚŝĮúŧčŃŠ in those areas. In conclusion, there were no major risk of 6. Be politically neutral. ĮĚŧŰúôîŃķŝÒĹĚúŧÒĹôŰĕúĎŸĚôúĮĚĹúŧÒĹôŠúĎŸĮÒŰĚŃĹŧŃčŰĕú internal control deficiency for the year 2019. 7. Support and respect human’s rights on both ”+žȢ ŧŸîĕ Òŧ ÒŰŰúĹôÒĹîú Ńč ôĚŠúîŰŃŠŧ ÒŰ Űĕú ŃÒŠô Ńč  national and global level, including preventing the %ĚŠúîŰŃŠŧɇ ķúúŰĚĹĎŧ ÒĹô ĚŰŧ îŃķķĚŰŰúú ķúúŰĚĹĎȡ eŃŠú Internal auditor has assessed the Company’s internal Company’s business from getting involved in ĚĹčŃŠķÒŰĚŃĹ Ěŧ ŝŠŃƐĚôúô ĚĹ Űĕú ŃŠĎÒĹĚƠÒŰĚŃĹ ÒĹô control practices according to the guideline from SEC cases of human’s rights violation. ķÒĹÒĎúķúĹŰŧúîŰĚŃĹȡ which can be prescribed the major components as follows: 8. Respect the rights and equality of every   shareholders – be they shareholders who are ŸôĚŰŃŠŧÒĹôŸôĚŰŃŠŧɇúķŸĹúŠÒŰĚŃĹ 1. Control Environment parts of the Company’s management, žĕú ŃÒŠô Ńč %ĚŠúîŰŃŠŧȢ ƑĚŰĕ ÒŝŝŠŃƐÒĮ ÒŰ Ò ŧĕÒŠúĕŃĮôúŠŧɇ  shareholders who are not a part of the Company’s ķúúŰĚĹĎȢ ĕÒŧ ÒŝŝŃĚĹŰúô +ÄpččĚîú \ĚķĚŰúô Òŧ ĚŰŧ úƖŰúŠĹÒĮ The Company sets the policies and guidelines as a management, or foreign shareholders – and ÒŸôĚŰŃŠ ŰŃ ÒŸôĚŰ Űĕú ŃķŝÒĹƗɇŧ čĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧ čŃŠ framework in conducting business with transparency and ensure that they all got the same equal treatment. čĚŧîÒĮ ƗúÒŠ DZǯǰǸȢ úĹôúô Òŧ Ńč %úîúķíúŠ DzǰȢ DZǯǰǸȡ žĕú integrity, in compliance with good corporate governance 9. Interact politely with customers and establish ŠúķŸĹúŠÒŰĚŃĹŃčŰĕúÒŸôĚŰŃŠĚŧôúŧîŠĚíúôĚĹôúŰÒĚĮíúĮŃƑȣ principles. Executive directors and top management are to credibility and trust with them.  be role models for the employees in performing their duties 10. Strictly follow all the conditions that were set by ŸôĚŰ=úú ethically, honesty, with due care and in accordance with the customers and/or the creditors. In the case žĕú ŃķŝÒĹƗÒĹôĚŰŧŧŸíŧĚôĚÒŠĚúŧŝÒĚôÒĹÒŸôĚŰčúúŰŃ+Ä the Company’s code of conduct, the anti-corruption policy, that any of the conditions cannot be met, the pččĚîú \ĚķĚŰúô ĚĹ Űĕú ƗúÒŠ DZǯǰǸ ĚĹ Űĕú ÒķŃŸĹŰ Ńč ÒĕŰ the corporate governance policy, etc. The Company customers and/or the creditors must be informed ǸȢǸǯǯȢǯǯǯȢŃčƑĕĚîĕÒĕŰDzȢDZǯǯȢǯǯǯĚŧŰĕúÒŸôĚŰčúúčŃŠŰĕú communicates these policies to employees as part of as soon as possible in order to agree upon a ŃķŝÒĹƗĚĹîĮŸôĚĹĎŰĕúŠúƐĚúƑŃčĚŰŧÒĹĹŸÒĮŠúŝŃŠŰȡ orientation and working procedures. Any suspicion or solution.  wrongdoings are investigated and escalated to directors. 11. Engage with competitors under the laws and gŃŰÒĮĮŧŸíŧĚôĚÒŠĚúŧŃčŰĕú ŃķŝÒĹƗÒŠúŸŧĚĹĎŰĕúÒŸôĚŰĚĹĎ Offenses and violations are penalized according to the regulations of fair competition. ŧúŠƐĚîúŧŃč+ÄpččĚîú\ĚķĚŰúôÒŧŧŃķúŃčĚŰŧíŸŧĚĹúŧŧúŧÒŠú severity of the actions. The essential aspects of the 12. Operate businesses so that the damaging impact ĹŃŰîŃķŝĮĚîÒŰúô ÒĹô ŰĕúîŃĹŰŠĚíŸŰĚŃĹŰŃŰĕúĎŠŃŸŝĚŧ ĹŃŰ Company’s code of conduct are as follows: to the society, the environment, and the ŧĚĎĹĚčĚîÒĹŰȡ JĹ ŧŸîĕ îÒŧúŧȢ Űĕú ŃķŝÒĹƗ ôúîĚôúô ŰŃ Ÿŧú population’s quality of life is kept to a minimum. ĮŃîÒĮÒŸôĚŰčĚŠķŧƑĕŃŧúîŃŧŰŧÒŠúķŃŠúÒŝŝŠŃŝŠĚÒŰúȡ    58  ANNUAL REPORT 2019 ŠJ pEJž+ EŠ¥\J  peŠgÄ\JeJž+%  ǵǶ AAPICO HITECH PUBLIC COMPANY LIMITED 65 The Board of Directors are independent and comprises of With regards to the concerns relating to corruption and highly respectable professionals and experts. The duties bribery, the Company has declared its firm intention to and responsibilities of the Board of Directors are clearly fight against corruption and has clearly communicated to defined and are separated from the management’s every employees and every businesses to operate in responsibilities. In its capacity, the Board of Directors sets compliance with the Company’s anti-corruption policy. The the policy and ensure that the Company’s management policy also includes the guidelines regarding the receipt operates in compliance with laws, the Company’s and offer of gifts, sponsorship, and donation. objectives, the Articles of Associations, and the resolution  of shareholders’ meeting. The Risk Management Committee has reviewed the risk  management process and the adequacy of the Company’s The Company has defined its organization structure to risk management and anti-corruption policy to ensure enabling and empowering the management of the effective internal control of the Company. The Board of Company and subsidiaries to operate their businesses in Directors and the Audit Committee has ensured that the line with the Company’s strategy and report their Company’s financial statements are presented in a fairly performance to the top executives and the Board of and adequately with sufficient disclosure according to the Directors. The Company has clear separation of powers, general accepted accounting standard, and that all checks and balances, and job assignment. material transactions have been reviewed and carried out  in compliance with applicable laws and regulations for the The Board of Directors has emphasized on human resource best benefit of the Company and shareholders. management to attract and retain capable and competent  employees and strengthen human resource development 3. Control Activities to continuously improve and enhance employees’  knowledge and capabilities to the next level. The Company The Company operates with adequate control in all has clear guidelines and processes to assess employee’s functions and businesses. Its operations are certified with performance. Employees are evaluated individually on their IATF16949 quality management standard and ISO14001 behavior and accomplishment to the agreed key environmental standard. The work instructions and performance indicators and are rewarded fairly and equally procedures have been prepared in detail with appropriate with appropriate incentive and promotion. controls attached in the procedure to prevent errors and  wrongdoings. The Company has been certified with 2. Risk Assessment independent reputable organization for its high standard of  operations. The Company has established the risk management policy  as a framework for the organization’s risk assessment The Company has defined the duties and responsibilities, process. The Company has assessed potential risks and the approval authority of the Company’s management associated with the organization from both internal and and executives in each level. Access for operating system external factors. At least once a year, the Risk Management and database is controlled and monitored by IT Committee has reviewed these risk factors and risk matrix. department. The segregation of duties is defined and  strictly applied for key functions responsible for The committee reviewed the impact and the likelihood of authorization, record transactions, and custody of assets. occurrence, with consideration to the changes of business Connected transactions are carefully reviewed and carried environment, and re-assessed the appropriateness of the out at arm’s length basis that applies to normal business Company’s risk management and mitigation plan to ensure with third parties. Major contracts and agreements that the impact is controlled to an acceptable level. including those involving major shareholders, executives,  and their related parties are duly considered and approved

 66AAPICO HITECH PUBLIC COMPANY LIMITED  ANNUAL REPORT 205919 with consideration by the independent directors who have 5. Monitoring Activities no vested interest in the matter.   The Company ensures that each business operates with The Board of Directors has reviewed and monitored the integrity, transparency, in compliance with the Company’s Company’s operations and financial performance with policies and code of conducts. The Company has put in consideration to the budget and forecast on half-yearly place a review process to monitor the operations and basis. The report of the progress of investments and their financial performance of the Company and its investments performances have been communicated to the Board of in subsidiaries and associates. The Company schedules Directors on regular basis and at their quarterly meetings. the performance review meeting of each operating unit  with the Company’s executives on a monthly basis and 4. Information and Communication reports to the Board of Directors on a half-yearly basis.   The Company uses multiple channels for communication to At the level of operating unit, the Company assigns the stakeholders internally and externally and utilizes the use Quality Assurance (QA) unit to drive and monitor the of information technology to reach its stakeholders in compliance to work instructions and relevant laws and wider audience. Communication with employees are regulations. In addition, the Company employs normally managed through internal meetings, the independent internal auditors to audit the internal control Company’s bulletin board, intranet, and email. For external of key processes. The internal auditor has assessed and stakeholders, the Company ensures sufficient public reviewed the working process and the compliance to work disclosure through the AAPICO website, the SET portal, and instructions and report the issues of control weaknesses public events. The Investor Relations is assigned as a to the management to resolve and improve the primary contact window for inquiries and comments from effectiveness of internal control system. Findings and shareholders, investors, analysts, and other key corrective actions are also reported to the Audit stakeholders. Committee at the quarterly board meetings.   The Company provides adequate information to the Board The Company is continually certified with IATF16949 and of Directors for their consideration and discussion at the the ISO14001 standards, which guarantees its commitment board meeting. The notice of meeting and relevant to attain the quality and environmental standard. In documents are delivered to directors prior to the meeting. addition to the internal compliance unit, the Company has The minutes of meetings are carefully and adequately engaged external agents to audit and certify the recorded and documented for future reference. The Company’s processes regarding the compliance with the meeting resolutions are disclosed to public in compliance quality management standards. The Company also passed with the SET rules regarding disclosure of significant the customer audit with satisfaction that its operations are matters. carried out according to agreed procedures and that no  changes are made without prior notification. The Company has defined a process to monitor comments  from the Company’s stakeholders in order to improve and ensure effective internal control of the Company. In effort for anti-corruption, the Company has established the whistle blower policy and has arranged communication channels for stakeholders to lodge complaints, raise concerns, or report their suspicions of misconducts or wrongdoings to the Company and the Board of Directors.



60AAPICO  HITECH PUBLIC COMPANY LIMITED ANNUAL REPORT 201967 Related Transaction

  AAPICO Hitech PLC has business transactions with subsidiary and associate companies, and joint venture of the AAPICO Group. These related transactions arose in the ordinary course of business and were concluded on the commercial terms and bases agreed upon between the Company and related parties. For important transactions, the Board of Directors’ consideration and approval is required in order to proceed. Types of transactions that the Company ordinarily conduct are as follows: 

Type of Transactions Description

Sales and Purchases of Sales of automobile parts and stamping dies among the Company, subsidiary and associate goods and services companies.

Sales and Purchases of Sales and transfers of machines and equipment among the Company and subsidiary companies. machinery and equipment

Rental income Rental charge for the use of premises among the Company, subsidiary and associate companies.

Management Fee Shared management costs among the Company, subsidiary and associate companies.

Interest income Interest charge for the loans to and from subsidiary companies.

Dividend income Dividend received from its subsidiary or associate companies.

 The significant business related transactions between the Company and subsidiary and associate companies in the year 2019 and 2018 can be summarized in the following table:   (Unit : Million Baht)   Consolidated financial Separate financial statements statements  Transfer Pricing Policy 2019 2018 2019 2018     Transactions with subsidiaries(eliminated from the consolidated financial statements) Sales of goods and services Close to selling price to third party  Ͳ  Ͳ  219  208

Interest income 3.59% - 5.00% p.a. (2018: 3.44% - 5.00% p.a.)  Ͳ  Ͳ  186  157

Dividend income As declared  Ͳ  Ͳ  849  9

Rental income Close to rental rates for other building in vicinity  Ͳ  Ͳ  2  2

Management fee income Approximate cost  Ͳ  Ͳ  76  86

Other income Approximate cost  Ͳ  Ͳ  18  19

Purchases of goods and services Cost plus margin, averaging around 3% - 16%  Ͳ  Ͳ  432  207 (2018: 1% - 7%) Purchases of machinery and equipment Close to selling price to third party  Ͳ  Ͳ  79  7

Interest expense 0.05% and 3.59 - 3.78% p.a. (2018: 0.90% and  Ͳ  Ͳ  14  23 3.44 - 3.99% p.a.) Other expense Approximate cost  Ͳ  Ͳ  15  6     Transactions with associate and joint venture

Sales of goods and services Close to selling price to third party  231  243  ϭ  Ͳ

Dividend income As declared  799  416  799  416

Interest income 3.59% - 3.78% p.a. (2018: 3.44% - 3.99%, 10.00%  ϭ  362  1  33 and 20.00% p.a.) Rental income Close to rental rates for other building in vicinity  15  10  ϭ  Ͳ

AAPICO HITECH PUBLIC COMPANY LIMITED 61 68   ANNUAL REPORT 2019   (Unit : Million Baht)   Consolidated financial Separate financial statements statements  Transfer Pricing Policy 2019 2018 2019 2018

Management fee income Approximate cost  14  13  14  13

Other income Approximate cost  8  7  4  2

Purchases of goods and services Cost plus margin, averaging around 20% - 22%  279  322  223  228 and 33% (2018: 19% - 20% and 44%)

Loan to and Loan from related parties The Company has a policy of centralized financial management in order to effectively control and manage the Company’s cost of capital, and hence maximizing returns for the benefits of the Company and its shareholders. Under this policy, financial transactions and funding for investments and working capitals are managed centrally. Financial services and credit facilities are engaged by the Company and the Company then lends out to subsidiary companies. As at December 31, 2019 and 2018, the balance of loans receivable and payable between the Company and those related parties are summarized below:

(Unit : Thousand Baht)  Consolidated financial Separate financial statements statements

  2019 2018 2019 2018

Short term loans to related parties:     

Subsidiaries   Ͳ  Ͳ  363,600  363,600

Associates   -  451,987  -  451,987

Related company   -  1,000  Ͳ  Ͳ

Total  -  452,987  363,600  815,587

Long term loans to related parties:     Subsidiaries   Ͳ  Ͳ  4,184,809  3,281,042

Associates   14,000  2,470,304  14,000  853,405

Related company   905,131    749,418  

Less Allowance for doubtful accounts   ;ϰϮϵ͕ϱϲϰͿ  Ͳ  (293,351)  (3,000)

Total  489,567  2,470,304  4,654,876  4,131,447

Short term loans from related parties:      Subsidiaries   Ͳ  Ͳ  868,994  755,587

Related company (common director)   32,613  24,197  Ͳ  Ͳ

Total   32,613  24,197  868,994  755,587  Necessity and Justification for Related Transactions The Audit Committee considered that these related transactions in 2019 be reasonable, and transactions that the Company invested had a good tendency, would be profitable to the Company as a whole, and were conducted fairly and at the arm’s length basis.  Policies or Trends Regarding Future Related Transactions The Company will mutually take care these related transactions that might take place in the future to ensure that they are reasonable and offer fair and acceptable return. The Company shall ensure that transfer pricing policy applied for these related transactions is concluded on commercial terms, which are comparable to market price or at arms’ length basis, and bases agreed upon between the Company and related parties. The Audit Committee ensures that the Company will conduct related transactions with transparency and comply with the good governance principles, the relevant rules

62AAPICO HITECH PUBLIC COMPANY LIMITED ANNUAL REPORT 201969    and regulations of SET and SEC. These related transactions shall be prepared in accordance with the generally accepted accounting principles.

For the related transactions that may involve individuals with potential conflict of interest, the Audit Committee shall consider and provide its opinion on the necessity and justification of such transactions. In the situation where the Audit Committee does not possess sufficient knowledge or expertise on the subjects, the Audit Committee may seek advice from experts or assign an independent party to express opinion on that transaction to support their decision.

70AAPICO HITECH PUBLIC COMPANY LIMITED ANNUAL REPORT 206319   Management Discussion and Analysis

shareholding in SGAH from 49.99% to 100%. Additionally, AAPICO Business in 2019 the Company acquired 100% shares of Sakthi Portugal (including its subsidiaries) and changed its name to AAPICO Group of businesses are primarily engaged in the AAPICO Maia. automotive industry. Its three core pillars of businesses are the manufacture of OEM automotive parts, car dealerships, and the IoT connectivity and mobility dŚĂŝůĂŶĚƵƚŽŵŽƚŝǀĞ/ŶĚƵƐƚƌLJ ;ƵŶŝƚ͗ŝŶŵŝůůŝŽŶƵŶŝƚͿ business. AAPICO’s main operations and facilities are Production Domestic Export located in four countries, namely Thailand, Malaysia, 2.5 China, and Portugal. The Company also has an operation 2.0

in India through Sakthi Global Auto Holding (SGAH), a 2.17 2.01 1.99 1.91 1.94 ϭ͘Ϯϭ ϭ͘ϭϵ ϭ͘ϭϰ

1.5 ϭ͘ϭϰ ϭ͘Ϭϱ 1.04 Holding Company in UK. 1.01 0.87 0.80 1.0 0.77

0.5 AAPICO’s sale and services income are mainly contributed from two core businesses, which are the manufacture of 0.0 2015 2016 2017 2018 2019 OEM automotive parts and car dealerships, with the income contribution in 2019 of 70% and 30% respectively. Industry and Market in 2019 Sales of the technology sector in 2019 was still nominal at approximately 0.02% of total sale and services income. Thailand: Thai automotive industry saw its total automotive production decreased by 7.10% to 2.01 million IoT Connectivity & Mobility cars in 2019. Export volume dropped by 7.59% to 1.05 0.02% million cars due to the trade war between China and USA Car Dealers that put pressure on the overall global economy and trade. 30% ϮϬϭϵ OEM Auto Parts Appreciation of THB also affect the export volume. 70% Domestics volume decreased by 3.28% to 1.00 million cars even though there was an increase in domestic demand in first half of the year.

The OEM automotive part business comprises of pressed Malaysia: Total Industry Volume (TIV) for 2019 ended at parts and chassis frame components, forged and machined 604,287 vehicles, an increase of 0.93% compared to parts, plastic parts and plastic fuel tanks, and car assembly 598,714 vehicles in 2018. In 2019, Perodua posted record jigs and stamping dies in Thailand, copper forged parts in sales with the sales of 240,341 units, gaining market share China, and iron casted parts in Portugal. The Company to almost 40% from 38% in 2018. Proton was number two operates car dealerships and service center for Ford and with 54.7% growth of units sold with 100,183 units. Honda, Mitsubishi vehicles in Thailand and for Honda and Proton a non-national brand, recorded the biggest drop in volume vehicles in Malaysia. by 16.5% to 85,418 units due to the delay of launches caused by approval issues. In 2019, AAPICO had signed a JV agreement with Sojitz Asia

Pte. Ltd. to set up a motorcycle distributor named China: This year was the second consecutive year in 20 Vroom Co., Ltd. which the Company holds 40% of its years of the declining in production and vehicle sales. shares. AAPICO has appropriated the security over the Compared to last year, total production number decreased remaining 50.01% shares of SGAH owned by ABT Auto by 7.5% to 25.7 million cars and vehicle sales decreased by Investment Limited. As a result, AAPICO increased the 8.2% to 25.8 million cars. The China’s automotive industry  $$3,&2+,7(&+38%/,&&203$1</,0,7('   AAPICO HITECH PUBLIC COMPANY LIMITED 71 was under pressure in 2019 as it was affected by Interest income on the other hand has decreased due to China-USA economic and trade frictions, adoption of the fact that the company has stopped recognizing stricter emission standards and subsidy cuts for new- interest income on the loan to SGAH for conservative energy vehicle since June 2019. treatment since Q2 2019. OEM automotive parts business grew 21.3%, while the car dealerships business sales Profit and Loss Analysis dropped slightly by 9.9% compared to last year.

AAPICO reported total revenue and net profit attributable The car dealership business in Thailand saw sales to equity holders of Baht 19,304 million and Baht -181 decreased by 12.3%, even the demands in local market for million respectively in 2019, as compared to Baht 17,738 Mitsubishi is still growing. The car dealership business in million and Baht 1,299 million respectively in 2018. Malaysia decreased by 8.4%, Units sold had decreased Compared to last year, our gross profit has improved from from 4,254 units in 2018 to 3,382 units in 2019. These Baht 1,275 million to Baht 1,685 million attributable to decreases were less severely impacted due to the higher sales, the continual efficiency improvement and Company stating a new Proton Dealership in Q2 2019. strict cost control and cost reduction measures. However, our net profit decreased, mainly caused by loss on change in status of investment in SGAH amount of Baht 564 million Sales and Service Income (unit: in THB Billion) which is non-cash expense and doubtful debts amount of 2018 2019 Baht 508 million which mainly includes liabilities between

12.91 13.43 AH (including subsidiaries) and SAGUSA. 12.19 10.64 As percentage of sales, net profit margin decreased from

7.3% of sales in 2018 to -0.9% in 2019. Earnings per 6.08 5.48 shares decreased from Baht 4.10 per share to Baht -0.57 3.82 3.49

0.83 0.73 0.63 per share. 0.02 0.00 0.00

Auto Car Others Thailand Malaysia Portugal China Parts Dealers Sales and service income Sales and service income grew by 9.9% year on year, driven by higher sales from the automotive parts segment and sale contribution of AAPICO Maia which the company acquired in Q4 2019.

Profit and Loss Statement (Unit: Million Baht) 2018 2019 Change % Sales and service income 16,738 18,389 1,651 9.9% Other income 999 915 (84) (8.4%) Total Revenue 17,737 19,304 1,567 8.8% Less Cost of Sale and services 15,464 16,704 1,240 8.0% Gross Profit 1,275 1,685 410 32.2% Gross Profit Margin (%) 7.6% 9.2% 1.55% - Less Total expenses 16,332 19,067 2,735 16.7% Earnings before interest and taxes (EBIT) 1,405 237 (1,168) (83.1%) Less Interest and Tax expenses 167 520 353 210.9% Less Non-controlling interests 43 13 (30) (68.7%) Profit from operations to equity holders 1,195 (296) (1,491) (124.8%) Shared of profit from associates and JV 104 115 11 10.7% Net Profit attributable to equity holders 1,299 (181) (1,480) (113.9%) Net Profit Margin (%) 7.3% (0.9%) (8.2%) - Earnings per shares 4.10 (0.57) (4.67) (113.9%)

  $118$/5(3257 72 ANNUAL REPORT 2019 Thailand is still the major sales contributor of AAPICO with costs, where the on-going efficiency improvement, strict 73.1% contribution in 2019, followed by Malaysia at 19.0%, cost control and cost reduction measures, and improved Portugal at 4.5% and China at 3.4%. Portugal was added to portfolio mix helped to reduce the cost level. Hence, gross our sale contribution as we acquired 100% shares in profit margin improved from 7.6% in 2018 to 9.2% in 2019. Portugal in Q4 2019. Compared to last year, Thailand sales grew by 10.2%, driven by increases of sales from Unit: Million Baht 2018 2019 Change % Sales and service 16,738 18,389 1,651 9.9% automotive parts business. Malaysia car sales were 8.5% income lower than last year, due to the drop of Honda sales which Cost of sales 15,464 16,704 1,240 8.0%

partly offset by sale of Proton which was established in Q2 Gross Profit 1,274 1,685 410 32.2% 2019. China sales dropped by 13.3%. Gross Profit 7.6% 9.2% 1.6% Margin (%)

China Portugal 3.4% The gross profit margin improvement was attributable to China 4.5% higher sales from automotive parts segments and cost 4.4% reduction measures partly as a result of the continual Malaysia Malaysia 22.8% 19.0% TURBO action programs and Double Turbo Challenge 2018 2019 Programs which were launched this year. These

Thailand Thailand improvements were partly negated by forged parts and 73.1% 72.8% plastic parts business and lower gross profit margin of dealership business, compared to last year.

Selling and Administrative Expenses Other income Selling expense increases were attributable to professional Other income, mainly comprises of scrap income, fees related to SGAH and higher provisions due to the decreased by Baht 61 million, driven by lower steel price. changes in the Labor Protection Act. Interest income, largely related to loan given to SGAH, decreased by Baht 173 million due to the fact that the Loss on exchange rate company has stopped recognizing interest income on the Loss on exchange rate increased due to appreciation of loan to SGAH for conservative treatment since Q2 2019. THB against USD which affected US Dollar loan given to Other income in 2019 included the one-off gain from SGAH. changes in interests in Hyundai Motor (Thailand) and one- off gain from disposal of investment in Aapico Vinfast Auto Other expenses Parts Company Limited of Baht 151 million. Other expenses included several one-time expenses. There were losses on change in status of investment, in the Unit: Million Baht 2018 2019 Change %

Other income 631 570 (61) (9.7%) amount of Baht 564 million and provision of doubtful debts

Interest income 368 195 (173) (47.1%) of Baht 508 million, which mainly includes liabilities

Gains on changes in - 151 151 N/A between AH (including subsidiaries) and SAGUSA. The interests in latter is in the process of liquidation. investments in associate and joint venture Other income - Total 999 915 (84) (8.4%)

Gross Profit Gross profit increased by Baht 410 million compared to last year, driven by higher sales from automotive parts. This sales increase was at higher percentage than increase of  $$3,&2+,7(&+38%/,&&203$1</,0,7('   AAPICO HITECH PUBLIC COMPANY LIMITED 73 Unit: Million Baht 2018 2019 Change % Unit: Million Baht 2018 2019 Change %

Selling expense 313 282 (31) (9.9%) Hyundai Motor 273 78 (195) (71.5%) Administration 540 808 268 49.4% (Thailand) expense Able Sanoh Industries 199 207 8 4.2% Total SG&A expense 853 1,091 237 27.7% Sumino Aapico 22 22 - N/A

Edscha Aapico 20 14 (6) (28.4%) Loss on exchange 16 189 174 1120.5% rate Thai Takagi Seiko (1) (2) (1) 284.5%

Sakthi Global Auto (411) (316) 95 (23.1%) Loss on change in - 564 564 N/A Holdings Limited

status of investment Sakthi Auto - 126 126 N/A Doubtful debts (1) 508 508 (92825%) Component Limited

(reversal) Other companies 2 (14) (16) (985.5%) Loss on impairment - 11 11 N/A Equity income 104 115 11 10.6% of investments Total Other expenses (1) 1,083 1,084 (197880.4%)

Financial Position Analysis Interest and Tax Expenses Interest expense increase were due to increased debts for Assets funding of SGAH investment and the consolidation of Total assets increased by Baht 3,355 million in 2019, AAPICO Maia in Q4 2019. The Company reported tax largely attributable to the consolidation of AAPICO Maia. expenses of Baht 224 million, compared to tax income in 2018, mainly from income tax on interest income. Even Liabilities though we have stopped recognizing interest income on Total liabilities increased by Baht 3,822 million, largely the loan to SGAH, the Company still need to pay tax attributable to the consolidation of AAPICO Maia. according to the rule of the revenue department. However, there is a possibility to convert this as a tax credit in future. Shareholders’ Equity Total shareholders’ equity decreased by Baht 467 million Unit: Million Baht 2018 2019 Change % in 2019, caused by loss in 2019 which mainly affected from Interest expense 197 296 99 50.0%

Corporate tax expense (30) 224 254 (850.0%) several one-time expenses include loss on change in (income) status of investment in SGAH and doubtful debts on Interest and Tax 167 520 353 210.9% liabilities between AAPICO (including subsidiaries) and expenses SAGUSA.

Share of profit (loss) from equity investments The investments in associate and joint venture companies contributed the shared profit amounting to Baht 115 million in 2019. The loss contribution from SGAH was mainly caused by the loss generated from SAGUSA for the period of Jan to Sep 2019. Excluding SGAH, increases of equity income compared to 2018 was driven by improved results of Able Sanoh Industries and Sakthi Auto Component Limited (India).

74  ANNUAL$118$/5(3257 REPORT 2019  covenants with banks and debentures at below 1.75x and Balance Sheet 2018 2019 Change % Unit: Million Baht 2.0x respectively. Cash and cash 537 538 1 0.1% equivalent Trade and other 2,416 1,968 (448) (18.5%) receivables Cash flow Analysis Inventories 1,419 2,909 1,490 105.0% Cash flow Investments in statement 2018 2019 Change % associates, joint 3,974 3,994 20 0.5% Unit: Million Baht venture and others Cash flow from 1,492 1,507 15 1.0% Long-term loans to operations 2,923 490 (2,433) (83.3%) others Capital expenditures (915) (1,003) (88) 9.6% Property, Plant, and Cash used for 5,215 8,028 2,813 53.9% (1,311) (611) 700 53.3% Equipment investments Advance purchase of Cash flow from 309 9 (300) (97.0%) 856 (40) (896) (104.7%) goods financing Exchange rate Other assets 1,098 3,309 2,211 201.5% (26) 148 174 (667.0%) differences Total Assets 17,891 21,245 3,355 18.8% Net cash increase 96 1 (95) (99.6%) (decrease) Account payable 2,694 4,397 1,703 63.2% Major cash Short-term loans 562 1,800 1,238 220.4% transactions: Investment in (874) (1,172) 298 Long-term loans 4,322 3,980 (342) (7.9%) associates Loans to related Long-term debentures 1,499 2,498 999 66.7% (1,323) (930) 393 parties Deposit received in Interest received from 586 93 (493) (84.1%) 402 193 209 advance SGAH Other liabilities 281 997 716 254.2% Dividend from subsidiaries and 416 799 383 Total Liabilities 9,944 13,766 3,822 38.4% associates Total Shareholders’ 7,947 7,480 (467) (5.9%) Equity Cash flow from operations in 2019 was Baht 1,507 million.

Key Financial Performance Other major cash flow items included the dividend receipt from subsidiaries and associate companies of Baht 799 Unit: In % or time 2018 2019 million, the interest income of Baht 193 million, the Return on assets (%) 8.2% (0.9%) disposals of investments in associate and joint venture of Return on equity (%) 17.7% (2.4%) Baht 459 million, the issuance of debenture of Baht 1,300 Inventory Days 29.6 46.6 million and increases of bank loans. Capital expenditures Account receivable days 45.9 37.6 also increased to Baht 1,003 million, due to new projects. Account payable days 57.4 76.4

Cash conversion cycle days 18.1 7.8 Acquisition of investments in subsidiaries, associates and

Interest bearing Debt to Equity Ratio 0.80x 1.11x joint ventures amount of Baht 1,172 million were made

Total Liabilities less cash (Net Debt) to Equity 1.18x 1.77x during the year, largely attributable to the acquisition of 100% shares of Sakthi Portugal and changed its name to

Return on assets (ROA) and return on equity (ROE) were AAPICO Maia at a purchase price of EUR 24.5 million. Cash negative affecting from several one-time expenses, mainly inflows were also paid out for the repayment of debenture due to loss on change in status of investment and provision at maturity of Baht 300 million, and interest expenses of for doubtful debts which mostly includes liabilities Baht 284 million. All these resulted in net increases in cash between AH (including subsidiaries) and SAGUSA. Except and cash equivalent of Baht 1 million in 2019, compared to these items, the ratios will be positive. an increase of Baht 96 million in 2018. Interest-bearing debt to equity and net debt to equity ratio increased to 1.11x and 1.77x respectively in 2019, this change was caused by including 3 months profits in Q4 2019 of AAPICO Maia but consolidating the full year debt level. Even though, the interest-bearing debt to equity ratio was slightly over the Company’s target of between 0.5- 1.0x. However, the ratios still complied with financial

 AAPICO$$3,&2+,7(&+38%/,&&203$1</,0,7(' HITECH PUBLIC COMPANY LIMITED  75  =ÒîŰŃŠŧŝŃŰúĹŰĚÒĮĮƗÒččúîŰĚĹĎčŸŰŸŠúŃŝúŠÒŰĚŃĹŧŃŠ Report of Audit Committee čĚĹÒĹîĚÒĮŝŃŧĚŰĚŃĹŧ    ŠJ pɇŧķÒĚĹíŸŧĚĹúŧŧúŧÒŠúúĹĎÒĎúôĚĹŰĕúÒŸŰŃķŃŰĚƐú  ĚĹôŸŧŰŠƗȡžĕú ŃķŝÒĹƗɇŧŝúŠčŃŠķÒĹîúŰĕúŠúčŃŠúĚŧŠúĮÒŰúô The Audit Committee consists of 3 qualified and knowledgeable independent directors, chaired by Mr. Pipat R. Punya as ŰŃ Űĕú ÒŸŰŃķŃŰĚƐú ôúķÒĹô ÒĹô ķÒŠīúŰ ĚĹ žĕÒĚĮÒĹôȢ the Chairman of the Committee, with Mr. Kenneth Ng and Mr. Kaikhushru (Kai) Taraporevala serving as the member of the eÒĮÒƗŧĚÒȢ ŠŃŠŰŸĎÒĮ ÒĹô ĕĚĹÒȡ =ŃŠ Űĕú ƗúÒŠ DZǯDZǯȢ Űĕú Committee. The Audit Committee independently carried out its duties as assigned by the Board of Directors. The ÒŸŰŃķŃŰĚƐúĚĹôŸŧŰŠƗĚĹžĕÒĚĮÒĹôúƖŝúîŰŧÒŧĮĚĎĕŰôúîĮĚĹúĚĹ Committee reviewed the Company’s management and operations in the areas of internal control and internal audit, ŝŠŃôŸîŰĚŃĹƐŃĮŸķúŰŃDZȡǯķĚĮĮĚŃĹîÒŠŧȢŃčƑĕĚîĕǰȡǯķĚĮĮĚŃĹ îÒŠŧŰŃíúŧŃĮôĮŃîÒĮĮƗÒĹôǰȡǯķĚĮĮĚŃĹîÒŠŧčŃŠúƖŝŃŠŰȡžĕú financial reporting, and other functions in compliance with relevant laws, rules, and regulation to ensure operational eÒĮÒƗŧĚÒĹ ŸŰŃķŃŰĚƐúŧŧŃîĚÒŰĚŃĹ Ȳeȳ ĕÒŧŝŠúôĚîŰúô Ò efficiency and effectiveness of the Company. ŧĮĚĎĕŰ ĚĹîŠúÒŧú ĚĹ ŰŃŰÒĮ ĚĹôŸŧŰŠƗ ƐŃĮŸķú čŃŠ DZǯDZǯ ŰŃ  ǵǯǶȢǯǯǯŸĹĚŰŧȡžĕú ĕĚĹúŧúÒŸŰŃķŃŰĚƐúķÒŠīúŰúƖŝúîŰŧŰŃ In the year 2019, the Audit Committee held 4 meetings with executive directors, management, auditors, and concerned ôúîĮĚĹúDZɿčŠŃķDZǯǰǸȡ parties to consider various agenda items and express their opinions. Its key performance can be summarized as follow:  

žĕú ŃķŝÒĹƗčŃŠúîÒŧŰŧĚŰŧŠúƐúĹŸúŰŃíúŰŠúĹôĚĹĎĚĹĮĚĹú 孴孬 Review of Financial Statements. The Audit Committee reviewed the quarterly and annual financial statements ƑĚŰĕ Űĕú ĚĹôŸŧŰŠƗ ôúƐúĮŃŝķúĹŰŧȡ =ŃŠ Űĕú ƗúÒŠ DZǯDZǯȢ including the disclosure of notes to financial statements. The Committee reviewed the preparation of financial statements ŠúƐúĹŸúĚŧúƖŝúîŰúôŰŃĚķŝŠŃƐúĕĚĎĕúŠŰĕÒĹŰĕúîÒŠĚĹôŸŧŰŠƗ for its correctness, adequacy and its adherence to generally accepted financial reporting standards and regulatory ôŸúŰŃčŸĮĮƗúÒŠ îŃĹŧŃĮĚôÒŰĚŃĹ Ńč ŠJ p eJ ƑĕĚîĕ Űĕú requirements. The audit review procedure was appropriate and sufficient and that adequate information was disclosed in îŃķŝÒĹƗÒîşŸĚŠúôŧĚĹîúŒdzDZǯǰǸȡ such statements for the benefit of users. The Audit Committee invited external auditors to present their audit report and  observations at Audit Committee meetings. Additionally, they also met exclusively with external auditors in the absence ¾ĚŰĕ Űĕú îŃĹŰĚĹŸÒĮ ž¥p ÒîŰĚŃĹ ŝŠŃĎŠÒķŧ ÒĹô %ŃŸíĮú of the management to discuss their comments and concerned issues of the audit and review of financial statements, the žŸŠíŃ ĕÒĮĮúĹĎúŠŠŃĎŠÒķŧȢŰĕú ŃķŝÒĹƗƑĚĮĮîŃĹŰĚĹŸúĚŰŧ auditors’ independence, and their professional views with a focus on accurate, complete, and adequate presentation of čŃîŸŧŃĹĚķŝŠŃƐĚĹĎúččĚîĚúĹîƗȢîŃĹŰŠŃĮĮĚĹĎĚŰŧÒîŰĚƐĚŰĚúŧÒĹô data. With these elements, the Audit Committee has reviewed and considered that the Company’s financial statements îŃŧŰŠúôŸîŰĚŃĹȢÒŧƑúĮĮÒŧĮŃŃīĚĹĎčŃŠŃŝŝŃŠŰŸĹĚŰĚúŧÒĹôĹúƑ for the year 2019 was prepared according to the Thai Financial Reporting Standards (TFRS) and contained sufficient ķÒŠīúŰŧŰŃúƖŝÒĹôĚŰŧíŸŧĚĹúŧŧĚĹŰŃŰĕúĎĮŃíÒĮÒŠúĹÒȡžĕú ŃķŝÒĹƗ Ěŧ ĎúÒŠĚĹĎ ŰŃƑÒŠô ŧŸŧŰÒĚĹÒíĚĮĚŰƗ ƑĚŰĕ úķŝĕÒŧĚŧ disclosure in the notes to the financial statements, and thereby approved the financial statements in which external  ŃĹ şŸÒĮĚŰƗȢ îŃŧŰȢ ôúĮĚƐúŠƗȢ ķÒĹÒĎúķúĹŰ ÒĹô úĹĎĚĹúúŠĚĹĎ auditors have reviewed and audited without reservation. ĚĹĹŃƐÒŰĚŃĹŰŃķÒĚĹŰÒĚĹĚŰŧĕĚĎĕŧŰÒĹôÒŠôŧŃčŃŝúŠÒŰĚŃĹŧÒĹô  îŃĹŰĚĹŸŃŸŧĚķŝŠŃƐúķúĹŰÒîŠŃŧŧŰĕúŃŠĎÒĹĚƠÒŰĚŃĹȡ 孵孬 Review of internal control system and internal audit.The Committee reviewed the findings of the audit reports of  Internal Audit and the external auditor concerning assessment of the internal control system; ensured sound risk  management practices with comprehensive risk assessment; and supported and counseled on corporate governance tasks. The Committee encourages that the Company establishes a preventive control system in the operational procedures in an adequate manner. With the certification of the IATF 16949 quality management standard and the result of internal control assessment, the Audit Committee was assured that the Company’s internal control system was appropriate and sufficient at a good level without significant deficiencies. The Audit Committee also conducted review meetings and approved the annual audit plan of internal auditors. The Committee has provided recommendations and follow up improvements according to the internal audit report to ensure good corporate governance and enhance greater efficiency of the Company’s operations. 

孶孬 Review of related transactions and transactions of potential conflict of interest.The Audit Committee reviewed related transactions that arose in the ordinary course of business for the benefit of the AAPICO Group. The Committee reviewed these transactions for their reasonableness and transparency such that they have been properly considered and disclosed in compliance with regulatory requirements and good corporate governance principles.

  $118$/5(3257 68  ANNUAL REPORT 2019 76 ANNUAL REPORT 2019 Report of Audit Committee   

The Audit Committee consists of 3 qualified and knowledgeable independent directors, chaired by Mr. Pipat R. Punya as the Chairman of the Committee, with Mr. Kenneth Ng and Mr. Kaikhushru (Kai) Taraporevala serving as the member of the Committee. The Audit Committee independently carried out its duties as assigned by the Board of Directors. The Committee reviewed the Company’s management and operations in the areas of internal control and internal audit, financial reporting, and other functions in compliance with relevant laws, rules, and regulation to ensure operational efficiency and effectiveness of the Company. 

In the year 2019, the Audit Committee held 4 meetings with executive directors, management, auditors, and concerned parties to consider various agenda items and express their opinions. Its key performance can be summarized as follow: 

孴孬 Review of Financial Statements. The Audit Committee reviewed the quarterly and annual financial statements including the disclosure of notes to financial statements. The Committee reviewed the preparation of financial statements for its correctness, adequacy and its adherence to generally accepted financial reporting standards and regulatory requirements. The audit review procedure was appropriate and sufficient and that adequate information was disclosed in such statements for the benefit of users. The Audit Committee invited external auditors to present their audit report and observations at Audit Committee meetings. Additionally, they also met exclusively with external auditors in the absence of the management to discuss their comments and concerned issues of the audit and review of financial statements, the auditors’ independence, and their professional views with a focus on accurate, complete, and adequate presentation of data. With these elements, the Audit Committee has reviewed and considered that the Company’s financial statements for the year 2019 was prepared according to the Thai Financial Reporting Standards (TFRS) and contained sufficient disclosure in the notes to the financial statements, and thereby approved the financial statements in which external auditors have reviewed and audited without reservation. 

孵孬 Review of internal control system and internal audit.The Committee reviewed the findings of the audit reports of Internal Audit and the external auditor concerning assessment of the internal control system; ensured sound risk management practices with comprehensive risk assessment; and supported and counseled on corporate governance tasks. The Committee encourages that the Company establishes a preventive control system in the operational procedures in an adequate manner. With the certification of the IATF 16949 quality management standard and the result of internal control assessment, the Audit Committee was assured that the Company’s internal control system was appropriate and sufficient at a good level without significant deficiencies. The Audit Committee also conducted review meetings and approved the annual audit plan of internal auditors. The Committee has provided recommendations and follow up improvements according to the internal audit report to ensure good corporate governance and enhance greater efficiency of the Company’s operations. 

孶孬 Review of related transactions and transactions of potential conflict of interest.The Audit Committee reviewed related transactions that arose in the ordinary course of business for the benefit of the AAPICO Group. The Committee reviewed these transactions for their reasonableness and transparency such that they have been properly considered and disclosed in compliance with regulatory requirements and good corporate governance principles.

68  ANNUAL REPORT 2019 AAPICO HITECH PUBLIC COMPANY LIMITED 77 

孷孬 Review of compliance with relevant laws and regulations.The Audit Committee reviewed the Company’s operations and reporting to comply with relevant laws, regulations, the notifications of SET and SEC, and regulatory requirements. The Committee reviewed management’s conducts of the Company’s business such that it was in compliance with the good corporate governance practices, business ethics, the anti-corruption policy and other policies according to the guidance of the Board of Directors. There were no reporting of misconducts for the fiscal year 2019. 

學孬 Appointment of external auditor.The Audit Committee considered the appointment of the external auditor and the auditor’s remuneration based on knowledge, experience, ability, adequacy of resources, and the level of independence. In view of the quality of their services, the Audit Committee resolved to recommend the appointment of EY Office Limited to be the Company’s auditor for the fiscal year 2020, and also proposed to the Board of Directors for consideration and concurrence this proposal for submission to the Annual General Meeting of shareholders for approval. 

In summary, the Audit Committee has performed its duties with adequate knowledge, competence, prudence, and independence for equal benefits of all stakeholders without any restriction in obtaining information, resources, and with cooperation from management. It views that the Company has improved its good corporate governance, internal control, and audit system in appropriate, adequate and efficient manners. The Company’s financial statements were accurate, credible, and presented fairly in accordance with general accepted accounting standards. The disclosure of information was adequate. The Audit Committee has assessed its performance of duties and responsibilities in the past year as effective, efficient, and achieved the objectives as assigned by the Board of Directors.        

 On behalf of the Audit Committee

 Mr. Pipat R. Punya  Chairman           



AAPICO HITECH PUBLIC COMPANY LIMITED  69

78 ANNUAL REPORT 2019 Report of Nomination and Remuneration

Committee  The Nomination and Remuneration Committee consists of 3 independent directors, chaired by Mr. Pipat R. Punya as the Chairman of the Committee, with Mr. Kenneth Ng and Mr. Kaikhushru (Kai) Taraporevala serving as the members of the Committee. The Nomination and Remuneration Committee carried out its duties and performed other tasks as assigned by the Board of Directors. 

For directors’ nomination, the Committee is responsible for reviewing the structure and composition of the board for its suitability to the business by taking into consideration of appropriateness of size, diversity, and directors’ knowledge and experience. The Committee considers and nominates persons from different professions with the qualifications as required by relevant laws and regulations. It screens persons who are eligible for director positions on the basis of their capability, knowledge, experience, and expertise relating to the Company’s business strategy. The qualified candidates must also possess necessary skills and be able to devote time and handle duties for the best interest of the Company. For directors’ remuneration, the Committee carefully analyzed the remuneration of the Board of Directors and the committees. The Committee made recommendations to the Board of Directors by taking into consideration assigned duties and responsibilities of directors and by benchmarking with other listed companies that are in the same industry or have comparable business size, profits, and directors’ accountability.  In 2019, the Committee held 2 meetings to consider the appointment of directors replacing those retiring by rotation and directors’ remuneration. The Committee had also considered and provided guidance on the succession planning of directors and executives in key positions. For the year 2019, the Committee proposed that Mr. Kenneth Ng, Mr. John Parker, and Mr. Kaikhushru (Kai) Taraporevala to be re-elected as the Company’s directors for another term. Additionally, the Committee also considered and approved nomination and remuneration committee charter. For the directors’ remuneration, the Committee proposed to maintain both the attendance fee for the Board of Directors and committees and annual remuneration and incentive bonus payable to independent directors as in the year 2018. These proposals were approved by the Board of Directors and subsequently the Annual General Meeting of shareholders for the year 2019.  The Nomination and Remuneration Committee had performed its duties with prudence and due care for the best benefit of the Company and shareholders. The Committee has assured that its performance in the past year was effective, efficient, and transparent as in accordance with the principles of good corporate governance of the Stock Exchange of Thailand. The Committee also disclosed the remuneration of directors in the Annual Report and Form 56-1.     On behalf of the Nomination and Remuneration Committee

 Mr. Pipat R. Punya  Chairman



AAPICO  HITECH PUBLIC COMPANY LIMITED 79 Report of Risk Management Committee    The Risk Management Committee is assigned by the Board of Directors to oversee and manage the risk management process. The Committee is responsible for identifying and assessing potential risk situations and proposing the preventive and corrective actions to mitigate the impact to operations and financials of these risks to an acceptable level. The Board of Directors had appointed 3 independent directors as the Risk Management Committee, comprising of Mr. John Parker as the Chairman, Mr. Wichian Mektrakarn and Mrs. Vachira Na Ranong as the Committee’s members.  The Risk Management Committee sets out the Company’s risk management policy and determines the general principles for assessing and monitoring the Company’s key risk factors. The Committee held one meeting during the year 2019 to review and assess potential risk factors of the organization, taking into consideration of developments in the automotive industry, emerging technologies and trends, and changes in economy and social movements. The Committee identified, analyzed, and reviewed the likelihood of occurrence and impact of each risk and ensured sufficient control measures are in place to prevent and mitigate such impact. The Committee is assured that the Company’s risks are monitored and managed. Sufficient internal controls have been put in place according to the ISO 9001:2015 and IATF 16949:2016 standards across the organization. Details of key corporate risks are disclosed in the Risk Factor section in the 2019 Annual Report.  The Risk Management Committee is committed to utilize their knowledge and experiences in overseeing and monitoring the Company’s operations to ensure sustainable growth for the organization and boost shareholders’ confidence and enhance values through effective and efficient risk management processes. The Committee performed its duties with prudence and due care for the best benefit of the Company and shareholders. The Committee has assured that its performance in the past year was effective, efficient, and achieved the objectives assigned by the Board of Directors.         On behalf of the Risk Management Committee

 Mr. John Parker  Chairman 

AAPICO HITECH PUBLIC COMPANY LIMITED  71 80 ANNUAL REPORT 2019 úŝŃŠŰŃčŃÒŠôŃč%ĚŠúîŰŃŠŧɇ  úŧŝŃĹŧĚíĚĮĚŰƗčŃŠ=ĚĹÒĹîĚÒĮúŝŃŠŰ  žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧÒŠúÒƑÒŠúŃčĚŰŧŠúŧŝŃĹŧĚíĚĮĚŰƗĚĹŧŸŝúŠƐĚŧĚĹĎÒĹôķÒīĚĹĎŧŸŠúŰĕÒŰŰĕúčĚĹÒĹîĚÒĮŠúŝŃŠŰĚŧîŃŠŠúîŰĮƗ ŝŸŰŰŃĎúŰĕúŠȡžĕúŠúčŃŠúȢÒĹÒŸôĚŰîŃķķĚŰŰúúîŃķŝŠĚŧĚĹĎŃčĚĹôúŝúĹôúĹŰôĚŠúîŰŃŠŧĚŧÒŝŝŃĚĹŰúôȡžĕúÒŸôĚŰîŃķķĚŰŰúúĚŧ îĕÒŠĎúôƑĚŰĕŰĕúŠúŧŝŃĹŧĚíĚĮĚŰƗŰŃúĹŧŸŠúŰĕúčĚĹÒĹîĚÒĮŠúŝŃŠŰĚŧîŃķŝĮúŰúÒĹôŠúčĮúîŰÒîÒŰúĮƗŰĕúŰŠŸúčĚĹÒĹîĚÒĮŧŰÒŰŸŧ ŃčŰĕúîŃķŝÒĹƗȡžĕúŃŝĚĹĚŃĹŃčŰĕúÒŸôĚŰîŃķķĚŰŰúúîÒĹíúčŃŸĹôĚĹŰĕúúŝŃŠŰŃčŸôĚŰ ŃķķĚŰŰúúȡ  žĕú ŃķŝÒĹƗɇŧ ŧúŝÒŠÒŰúô ÒĹô îŃĹŧŃĮĚôÒŰúô čĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧ ƑúŠú ÒŸôĚŰúô íƗ Ò îúŠŰĚčĚúô ÒŸôĚŰŃŠ čŠŃķ +Ä pččĚîú \ĚķĚŰúôȡ%ŸŠĚĹĎŰĕúÒŸôĚŰĚĹĎŝŠŃîúŧŧȢŰĕú ŃķŝÒĹƗŧŸŝŝŃŠŰúôŰĕúÒŸôĚŰŃŠƑĚŰĕƐÒŠĚŃŸŧĚĹčŃŠķÒŰĚŃĹÒĹôôŃîŸķúĹŰŧĚĹŃŠôúŠ čŃŠŰĕúÒŸôĚŰŃŠŰŃíúÒíĮúŰŃÒŸôĚŰÒĹôúƖŝŠúŧŧŰĕúĚŠŃŝĚĹĚŃĹŧĚĹÒîîŃŠôÒĹîúƑĚŰĕŰĕúÒîîŃŸĹŰĚĹĎŧŰÒĹôÒŠôŧȡžĕúŃŝĚĹĚŃĹŧ ŃčŰĕúÒŸôĚŰŃŠÒŠúĚĹîĮŸôúôĚĹŰĕúŸôĚŰŃŠɇŧúŝŃŠŰÒŧÒŰ%úîúķíúŠDzǰȢDZǯǰǸȡ  žĕúŃÒŠôŃč%ĚŠúîŰŃŠŧĚŧŃčŰĕúŃŝĚĹĚŃĹŰĕÒŰŰĕú ŃķŝÒĹƗɇŧŃƐúŠÒĮĮĚĹŰúŠĹÒĮîŃĹŰŠŃĮŧƗŧŰúķĚŧÒŰÒŧŸččĚîĚúĹŰĮƗÒŝŝŠŃŝŠĚÒŰú ĮúƐúĮÒĹôĚŧÒíĮúŰŃúĮĚîĚŰÒŠúÒŧŃĹÒíĮúîŃĹčĚôúĹîúĚĹŰĕúŠúĮĚÒíĚĮĚŰƗŃčŰĕú ŃķŝÒĹƗɇŧŧúŝÒŠÒŰúôÒĹôîŃĹŧŃĮĚôÒŰúôčĚĹÒĹîĚÒĮ ŧŰÒŰúķúĹŰŧȼÒŧĚŧĎúĹúŠÒĮĮƗÒîîúŝŰúôŸĹôúŠčĚĹÒĹîĚÒĮŠúŝŃŠŰĚĹĎŧŰÒĹôÒŠôŧȡ 

        eŠȡÄúÒŝ”Ƒúú ĕŸÒĹ  ŠŠúŧĚôúĹŰÒĹô +p 

 AAPICO HITECH PUBLIC COMPANY LIMITED 81 Company Contact Information

COUNTRY COMPANY ADDRESS CONTACT

MANUFACTURE OF OEM AUTOMOTIVE PARTS

THAILAND AAPICO Hitech Public 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Ayutthaya Province 13160 www.aapico.com

[2nd Factory] 7/289 Moo 6 Amata City Rayong Industrial Estate Tel: +66 (0) 38 650 888 Tambol Mabyangporn Ampur Pluakdaeng Fax: +66 (0) 38 036 228 Rayong Province 21140

[Branch Office] Room 2812, 28th Floor, the Offices at Central World, Tel: +66 (0) 2613 1504 999/9 Rama 1 Road Pathumwan Fax: +66 (0) 2613 1508 Bangkok 10330

AAPICO Amata 700/483 Moo 2 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 712 200 Company Limited Tambol Bankao Ampur Panthong Fax: +66 (0) 38 717 187 Chonburi Province 20160

AAPICO Forging Public 700/20 Moo 6 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 213 355 Company Limited Tambol Nongmaidaeng Ampur Muang-Chonburi Fax: +66 (0) 38 213 360 Chonburi Province 20000

AAPICO Hitech Parts 99/2 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Ayutthaya Province 13160

AAPICO Plastics Public 358-358/1 Moo 17 Bangpli Industrial Estate Tel: +66 (0) 2315 3456 Company Limited Thepharak Road Tambol/Ampur Bang Sao Thong Fax: +66 (0) 2315 3334 Samutprakarn Province 10570

[2nd Factory] 7/288 Moo 6 Amata City Rayong Industrial Estate Tel: +66 (0) 38 650 888 Tambol Mabyangporn Ampur Pluakdaeng Fax: +66 (0) 38 650 804 Rayong Province 21140

AAPICO Precision 700/16 Moo 6 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 213 355 Company Limited Tambol Nongmaidaeng Ampur Muang-Chonburi Fax: +66 (0) 38 213 360 Chonburi Province 20000

AAPICO Structural 700/16 Moo 6 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 712 200 Products Company Tambol Nongmaidaeng Ampur Muang-Chonburi Fax: +66 (0) 38 717 187 Limited Chonburi Province 20000

AAPICO Lemtech 161 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 741 808 (Thailand) Company Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 719 383 Limited Ayutthaya Province 13160

AAPICO Mitsuike 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 (Thailand) Company Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Limited Ayutthaya Province 13160

Able Sanoh Industries 98 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 (1996) Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Ayutthaya Province 13160

Edscha AAPICO 99/2 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Automotive Company Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Limited Ayutthaya Province 13160

72  ANNUAL REPORT 2019 82 ANNUAL REPORT 2019 Company Contact Information COUNTRY COMPANY ADDRESS CONTACT

THAILAND Katsuya (Thailand) Co., 229/104 – 105 Moo 1 Thepharak Road Tambol/Ampur Ltd. Bang Sao Thong Samutprakarn Province 10570

COUNTRY COMPANY ADDRESS CONTACT AAPICO Sodecia 700/483 Moo 2 Amata City Chonburi Industrial Estate MANUFACTURE OF OEM AUTOMOTIVE PARTS (Thailand) Co., Ltd. Tambol Bankao Ampur Panthong THAILAND AAPICO Hitech Public 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Chonburi Province 20160 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Sumino AAPICO 700/706 Moo 3 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 447 628 Ayutthaya Province 13160 www.aapico.com (Thailand) Company Tambol Bankao Ampur Panthong Fax: +66 (0) 38 447 632 [2nd Factory] 7/289 Moo 6 Amata City Rayong Industrial Estate Tel: +66 (0) 38 650 888 Limited Chonburi Province 20160 Tambol Mabyangporn Ampur Pluakdaeng Fax: +66 (0) 38 036 228 Thai Takagi Seiko 358-358/1 Moo 17 Bangpli Industrial Estate Soi 7/1 Tel: +66 (0) 2705 8800 Rayong Province 21140 Company Limited Taparak Road Tambol/Ampur Bang Sao Thong Fax: +66 (0) 2705 8808 [Branch Office] Room 2812, 28th Floor, the Offices at Central World, Tel: +66 (0) 2613 1504 Samutprakarn Province 10570 999/9 Rama 1 Road Pathumwan Fax: +66 (0) 2613 1508 Minth AAPICO (Thailand) 7/290 Moo 6 Amata City Rayong Industrial Estate Tel: +66 (0) 38 640 530 Bangkok 10330 Company Limited Tambol Mabyangporn Ampur Pluakdaeng Fax: +66 (0) 38 036 864 AAPICO Amata 700/483 Moo 2 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 712 200 Rayong Province 21140 Company Limited Tambol Bankao Ampur Panthong Fax: +66 (0) 38 717 187 Sanoh Industries 7/209 Moo 6 Amata City Rayong Industrial Estate Tel: +66 (0) 38 956 250 Chonburi Province 20160 (Thailand) Company Tambol Mabyangporn Ampur Pluakdaeng Fax: +66 (0) 38 956 252 AAPICO Forging Public 700/20 Moo 6 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 213 355 Limited Rayong Province 21140 Company Limited Tambol Nongmaidaeng Ampur Muang-Chonburi Fax: +66 (0) 38 213 360 CHINA Kunshan Chaitai- Economic and Technological Development Zone Tel: +86 (512) 5767 1757 Chonburi Province 20000 Xincheng Precision 405 Yunque Road Kunshan City Fax: +86 (512) 5767 0964 AAPICO Hitech Parts 99/2 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Forging Company Limited Jiangsu Province 215331 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 China Ayutthaya Province 13160 UK Sakthi Global Auto 100 New Bridge Street, London, AAPICO Plastics Public 358-358/1 Moo 17 Bangpli Industrial Estate Tel: +66 (0) 2315 3456 Holdings Limited EC4V 6JA Company Limited Thepharak Road Tambol/Ampur Bang Sao Thong Fax: +66 (0) 2315 3334 Samutprakarn Province 10570 Rua Jorge Ferreirinha, nº 679, nd PORTUGAL AAPICO Maia, S.A. Tel: +351 229 430 200 [2 Factory] 7/288 Moo 6 Amata City Rayong Industrial Estate Tel: +66 (0) 38 650 888 4470-314, Maia Fax: +351 229 487 169 Tambol Mabyangporn Ampur Pluakdaeng Fax: +66 (0) 38 650 804 Rayong Province 21140 AAPICO Águeda, S.A. Avenida das 2 Rodas, nº 1091, Tel: +351 234 243 400 Parque Empresarial do Casarão, Fax: +351 229 487 169 AAPICO Precision 700/16 Moo 6 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 213 355 3750-860 Águeda Company Limited Tambol Nongmaidaeng Ampur Muang-Chonburi Fax: +66 (0) 38 213 360 Chonburi Province 20000 GERMANY Sakthi Portugal GmbH Merianstrasse 27, D-66424 Homburg/Saar Tel: +49 684197299820

AAPICO Structural 700/16 Moo 6 Amata City Chonburi Industrial Estate Tel: +66 (0) 38 712 200 Products Company Tambol Nongmaidaeng Ampur Muang-Chonburi Fax: +66 (0) 38 717 187 Limited Chonburi Province 20000 DESIGN AND MANUFACTURE OF ASSEMBLY JIG AND DIE

AAPICO Lemtech 161 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 741 808 THAILAND AAPICO Hitech Tooling 99/1 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 (Thailand) Company Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 719 383 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Limited Ayutthaya Province 13160 Ayutthaya Province 13160

AAPICO Mitsuike 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 CAR DEALERSHIPS (Thailand) Company Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 THAILAND Able Motors Company 14/9 Moo 14 Phaholyothin Road Tel: +66 (0) 2908 6001-7 Limited Ayutthaya Province 13160 Limited Tambol Klong Nueng Ampur Klong Luang Fax: +66 (0) 2908 6009 Able Sanoh Industries 98 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Pathumthani Province 12120 (1996) Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 New Era Sales Company 97 Ramintra Road Kweang Ramintra Tel: +66 (0) 2519 5800-4 Ayutthaya Province 13160 Limited Khet Kannayao Bangkok 10230 Fax: +66 (0) 2946 5107 Edscha AAPICO 99/2 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Automotive Company Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Limited Ayutthaya Province 13160

 72  ANNUAL REPORT 2019 AAPICOAAPICO HITECHHITECH PUBLIC COMPANY LIMITED  7383 COUNTRY COMPANY ADDRESS CONTACT

[2nd Branch] 89/89 Moo 5 Srinakarin Road Tambol Bangmuang Ampur Bang Sao Thong Samutprakan Province 10270

Able Motors Pakkret 38/83 Moo 5 Tiwanon Road Tambol Pak Kret Tel: +66 (0) 2 582 2800 Company Limited Ampur Pak Kret Nonthaburi Province 11120 Fax: +66 (0) 2 582 2809

Able Motors Pathumthani 88 Moo 5 Bang Bua Thong - Bang Phun Road Tel: +66 (0) 2 958 8970 Company Limited (Som Sang) Tambol Bang Phun Ampur Muang Pathum Fax: +66 (0) 2 958 8988 Thani Pathum Thani Province 12000

Hyundai Motor (Thailand) 92 Vibhavadi Rangsit Road Tel: +66 (0) 2089 1888 Company Limited Kweang Talad Bangkhen Khet Lak Si Fax: +66 (0) 2089 1877 Bangkok 10210 www.hyundai-motor.co.th

Vroom Company Limited 2418-2420 Lad Phrao Road Kweang/ Khet Wang Thong Lang Bangkok 10310

MALAYSIA New Era Sales (M) No. 39821 Jalan Semenyih Tel: +60 (3) 8737 0403 Sdn. Bhd. 43000 Kajang , Selangor Fax: +60 (3) 8737 7406

Tenaga Setia Resources Lot 56, No. 10 Jalan 51/127 Seksyen 51 Tel: +60 (3) 7784 8411 Sdn. Bhd. 46050 Petaling Jaya , Selangor Fax: +60 (3) 7784 7411

AAPICO Motors Sdn. Bhd. Lot 4523(D), Batu ½ , Jalan Cheras Tel: +60 (3) 9134 7211 56100 Kuala Lumpur Fax: +60 (3) 9134 8411

84 ANNUAL REPORT 2019 74  ANNUAL REPORT 2019 COUNTRY COMPANY ADDRESS CONTACT COUNTRY COMPANY ADDRESS CONTACT

[2nd Branch] 89/89 Moo 5 Srinakarin Road IoT Connectivity & Mobility Business Tambol Bangmuang Ampur Bang Sao Thong THAILAND AAPICO ITS 141 Thailand Science Park, Phaholyothin Road, Tel: +66 (0) 35 350 880 Samutprakan Province 10270 Company Limited Tambol Khlong Nueng, Ampur Khlong Luang, Fax: +66 (0) 35 350 881 Able Motors Pakkret 38/83 Moo 5 Tiwanon Road Tambol Pak Kret Tel: +66 (0) 2 582 2800 Pathum Thani Province 12120 Company Limited Ampur Pak Kret Nonthaburi Province 11120 Fax: +66 (0) 2 582 2809 AAPICO Electronics 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Able Motors Pathumthani 88 Moo 5 Bang Bua Thong - Bang Phun Road Tel: +66 (0) 2 958 8970 Ayutthaya Province 13160 Company Limited (Som Sang) Tambol Bang Phun Ampur Muang Pathum Fax: +66 (0) 2 958 8988 A ERP Company Limited 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Thani Pathum Thani Province 12000 Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Hyundai Motor (Thailand) 92 Vibhavadi Rangsit Road Tel: +66 (0) 2089 1888 Ayutthaya Province 13160 Company Limited Kweang Talad Bangkhen Khet Lak Si Fax: +66 (0) 2089 1877 MALAYSIA AAPICO ITS Lot 56, No. 10 Jalan 51/127 Seksyen 51 Tel: +60 (3) 7785 5158 Bangkok 10210 www.hyundai-motor.co.th Sdn. Bhd. 46050 Petaling Jaya , Selangor Fax: +60 (3) 7781 6158 Vroom Company Limited 2418-2420 Lad Phrao Road Kweang/ Khet Wang Thong Lang TAIWAN Nuro Technology 4 Floor., No.28, Chenggong 12th St., Tel: +(886 3) 658 8233 Bangkok 10310 Incorporated Zhubei City, Hsinchu County 302 Fax: +(886 3) 658 8232 MALAYSIA New Era Sales (M) No. 39821 Jalan Semenyih Tel: +60 (3) 8737 0403 Sdn. Bhd. 43000 Kajang , Selangor Fax: +60 (3) 8737 7406 OTHERS

THAILAND AAPICO Technology 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Tenaga Setia Resources Lot 56, No. 10 Jalan 51/127 Seksyen 51 Tel: +60 (3) 7784 8411 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Sdn. Bhd. 46050 Petaling Jaya , Selangor Fax: +60 (3) 7784 7411 Ayutthaya Province 13160

AAPICO Training Center 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 AAPICO Motors Sdn. Bhd. Lot 4523(D), Batu ½ , Jalan Cheras Tel: +60 (3) 9134 7211 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 56100 Kuala Lumpur Fax: +60 (3) 9134 8411 Ayutthaya Province 13160

AAPICO Venture 99 Moo 1 Hitech Industrial Estate Tel: +66 (0) 35 350 880 Company Limited Tambol Ban Lane Ampur Bang Pa-in Fax: +66 (0) 35 350 881 Ayutthaya Province 13160

Smoothlane Co., Ltd. 518/5 Maneeya Center 9th Floor, Ploen Chit Road, Tel: +66 (0) 2254 8166 Lumphini, Pathumwan Bangkok 10330

Foton Passenger 99 Moo 1 Hitech Industrial Estate Vehicles Distribution Tambol Ban Lane Ampur Bang Pa-in (Thailand) Co., Ltd. Ayutthaya Province 13160

MALAYSIA AAPICO Engineering Sdn. Lot 56, No. 10 Jalan 51/127 Seksyen 51 Tel: +60 (3) 7784 8411 Bhd. 46050 Petaling Jaya , Selangor Fax: +60 (3) 7784 7411

SINGAPORE AAPICO Investment 745 Lorong 5 Toa Payoh The Actuary #03-01 Tel: +65 (-) 6836 1919 Private Limited 319455

 AAPICO HITECH PUBLIC COMPANY LIMITED 85 74  ANNUAL REPORT 2019 AAPICO HITECH PUBLIC COMPANY LIMITED  75 Reference

REFERENCE COMPANY ADDRESS CONTACT

SECURITY DEPOSIT THAILAND SECURITIES DEPOSITORY COMPANY LIMITED Tel: +66 (0) 2009 0900 REGISTRAR THE STOCK EXCHANGE OF THAILAND +66 (0) 2009 9999 93 Ratchadapisek Road, Dindaeng, Fax: +66 (0) 2009 9991 Bangkok 10400 Thailand

DEBENTURE BANGKOK BANK PUBLIC COMPANY LIMITED Tel: +66 (0) 2626 3568 REPRESENTATIVE 333 Silom Road , Bangrak , Fax: +66 (0) 2626 4545-6 Bangkok 10500

DEBENTURE BANGKOK BANK PUBLIC COMPANY LIMITED Tel: +66 (0) 2626 3568 REGISTRAR 333 Silom Road , Bangrak , Fax: +66 (0) 2626 4545-6 Bangkok 10500

AUDITOR EY OFFICE LIMITED Tel: +66 (0) 2264 0777 Lake Rajada Office Complex, Floor 33rd, +66 (0) 2264 9090 193/136-137 Rajadapisek Road, Klongtoey, Fax: +66 (0) 2264 0789 Bangkok 10110

COMPANY CREDIT RATING (BBB+ / STABLE)

TRIS Rating affirms the company rating on AAPICO Hitech PLC (AH) at “BBB+”. The rating continues to reflect AH’s strong competitive position as a Tier-1 automotive parts manufacturer in Thailand. AH has a strong position in the original equipment manufacturer or OEM auto parts segment. The OEM auto parts segment accounts for the major portion of AH’s revenue, typically making up 60%-70% of total revenue in a year. These strengths are partially offset by rather thin profit margins, customer concentration risk, and the cyclical nature of the automotive industry. TRIS Rating forecasts AH’s revenues and profits from the core operations will rise over the next three years. Orders for chassis frames for the new Isuzu D-Max and orders to produce jigs and dies from customer in aboard.

At the same time, TRIS Rating revise the outlook to “stable” from “positive”. The change reflects a recent increase in financial leverage. AH provided additional financial support to Sakthi Global Auto Holdings Ltd. (SGAH). TRIS Rating’s expectation that AH will maintain its strong market position in its core lines of business. Profits from the core operations should keep rising. In addition, the operating performance of SGAH should recover gradually over the next three years.

AAPICO HITECH PUBLIC COMPANY LIMITED  75 86 ANNUAL REPORT 2019 Corporate Information  Company Name AAPICO Hitech Public Company Limited Abbreviation AH Registered Number 0107545000179 Type of Business The 3 Core Pillars of AAPICO business, which are I. Manufacture of OEM automotive parts, which include pressed parts, forged and machined parts, casted parts, plastic parts, and tooling (jigs and dies) to leading automobile assemblers II. Car dealerships and service centers III. Internet of Thing (IoT) Connectivity and Mobility business Website www.aapico.com Established 1996 Listed on SET 17 October 2002 Registered Capital Baht 322,649,160 consist of ordinary 322,649,160 shares * Paid-up Capital Baht 322,583,844 consist of ordinary 322,583,844 shares *

*Par value at Baht 1 per share

AH Stock-Related Data 2007-2019

Volume (Shares) Close Monthly Volume Share Price (Million shares) Baht 120 48

100 40

80 32

60 24

40 16

20 8

- - 31/1/2011 31/1/2017 31/1/2012 31/1/2013 31/1/2018 31/1/2019 31/7/2017 31/7/2012 29/7/2011 31/7/2013 31/7/2014 31/7/2015 31/7/2019 31/7/2018 31/1/2007 29/4/2011 29/1/2016 29/1/2010 30/1/2014 30/1/2015 31/7/2007 31/1/2008 29/7/2016 28/4/2017 31/10/2011 31/7/2008 31/7/2009 30/7/2010 29/4/2016 30/4/2012 30/4/2013 30/4/2014 30/4/2015 30/4/2019 31/10/2017 30/4/2018 30/4/2010 30/1/2009 31/10/2012 31/10/2013 31/10/2014 31/10/2016 31/10/2019 31/10/2018 30/4/2007 31/10/2007 30/4/2008 30/4/2009 29/10/2010 30/10/2015 31/10/2008 30/10/2009

Composition of Shareholders Major Shareholders (as of December 24, 2019)

Number of % Name Shares Holding 2017 101,424,210 128,785,432 63,225,551 Mr. Yeap Swee Chuan 44,122,773 13.68% 29,148,651 Thai NVDR Company Limited 43,345,636 13.44% Mrs. Teo Lee Ngo 31,811,346 9.86% Ms. Yeap Xin Rhu 25,959,760 8.05% 2018 71,494,407 146,777,229 93,534,397 Ms. Yeap Xin Yi 25,055,469 7.77% 10,777,811 BNP Paribas Singapore Branch 20,000,000 6.20% Phatra Capital PLC 15,793,600 4.90% Mr. Pichai Wijakkapan 11,205,400 3.47% 2019 102,995,665 127,019,549 61,884,036 Mr. Kiattisak Traitreungtatsana 8,015,220 2.48% 30,684,594 Mr. Sompong Phaoenchoke 4,816,940 1.49%

Thai Foreign Thai Co. Foreign Co.