XXX THF DPN DO @⤳θ䪬㜡䓋 3FNBSLT CZ $IBJSNBO @ఫ❴䬨 1JDUVSF /FXT @ጯ౧㐩䔝 .BSLFU 3FWJFX @ߎ្͇ॷ #VTJOFTT 3FQPSUT @๔θ䃝 &WFOUT @чঅऺࢂ -JTU PG .FNCFST @◩Ю͇ऺࢂ -JTU PG 3FGJOFST
ᎡᏓ្ॷ⤳θ䪬㜡䓋Remarks by Chairman䓴ࣨ⮱ Ꭱ᭜䋹Ⴢ䊤мȠБϧ䯫ᔅ⮱̭Ꭱȡऄڕ Ꭱ叱䛾Фᵩᐣ㐚䓾ᎡᲒ⮱̷ࡴ䊝߬喑㞯ᰡ⤰ᕔ㏼≻࢞ᱧ⮱ऻ㐚ᒞ৺喑叱䛾҉ͧែ䉱হ䖬䮖ጒڤᔘȠᡜ፲ᰡ๔ȡౕФᵩ㉍⮱ᣕ∏ߖⓉ̸喑పڲ叱䛾⮱䛾㲺ᆋᕔহФթߌ㘪ᓄݝ䔈̭ₒᑧ喑㐔㐚ͧڕែ䉱ϑᭀ≨䋰喑叱䛾ጯ౧ॵ⣝㞜ສ⮱ࣾᆂ߬ȡڣ͚喑⤰㠰డڲ⌞ऄ䔪ᢔ⮱ែ䉱ᕔ䉱ϔȡ䲏ᄦపڲใ㏼≻䛾ᐣϔ৮Ϻͧϑᭀ⮱ͨᄩ৮ȡڕᎡ喑叱䛾ᐣ㲺ᒏฺ߬ᱯ͒ረȠ叱䛾ጯ౧∏ߕ䒰๔⮱ᒏ߬喑̷⊤叱ϑ ॕ喑ह℁䪬 喠⮪䨣ᐣϑ䛾ϑᭀ喍В̸キ⼝Ąϑᭀą喎ౕ͚పϧℾ䨣㵹⮱ ॕ喑᭜̷Ꭱ⮱ Ժȡₑใ喑ੳ͇䨣㵹ₐ䶳ᄩ̸喑В⌞ڒ䉜ᒨ㥪႓ࣾᆂ㻯ͧᵥᓰ喑䓻࣯̻ጯ౧⮱Ъ䷊ᬻ᭫ࡴ喑͗ϧែ䉱㔲䪬䒰ᔘ喠䯫㔹̷喑㐔㐚㼐ᩫᕊᘠ喑ಇᠮᩦ䲖݈喑⽠Ⴧ͚Ⅿࣾᆂ喑➖䛾⮱䰭Ⅿӊ♣ᬧⰈ喑ڕᎡ叱䛾ܧᏀ䛼⾮ⵡ ॕ喑ϑᭀ䛼Ƞϑᭀ䷊ᠮ㐚䪬喑ϑᭀ㈨㐌̺Ⴙ喑䷻䮖ں݈ࢳट倅喠ϑᭀጯ౧ߎߌ㘪䔈̭ₒ᠀ᆂ喑䨣ᣔݣⅡᎠ䔈̭ₒ倅喑ᰶ߈Ԋ䯉γప叱䛾ጯ౧֒Ꮴ㵹䬡䄏Фጯ౧͇ߎ䪬䓲䕌喑叱䛾⼌䉮͇ߎ㻱̻࣯Ꭰ⽠䓽㵹ȡ̻㠰డ๔፲ព๔喑ϑᭀጯ౧ߎߌ㘪হᒞ৺߈䔈̭ₒᑧȡڕᎡ喑ϑᭀᕨϑ䛾䷊⾮ⵡ ̴Ϭ๔ڠ喑䓫ݝ ̴Ϭٰ喑ह℁䪬 喑㻱ں⁎㔨Ժ喑݈ᐭ Ꭱ喑ϑᭀߍಎ๔ࡻ䨣㵹Ƞ㠞పጡٸ㣞͇ВᲒ⮱ᰭ倅㏗ᒂȡϻጯ౧Ъ䷊Გⰸ喑叱䛾ϑ䷊䨣㵹হᦖᵦ๔䕇䨣㵹 უใ䉱䨣㵹чঅ喑∂ϧࢍጯ౧ᕨϑ䷊⮱ 喑⮪䨣݆ࢍ ȡᝤ უ喑͗ϧᝤ ̴ᝤ喠㜠Ꭱ᱘ڞᰶчڣ͚喑ϑᭀ叱䛾 ॕ喑ह℁䪬 喑অ უ喑∂ϧᝤ ᝤ喑͗ϧᝤ ̴ᝤȡϑ䷊ Ϭٰ喑ह℁䪬 喠ϑᭀ Ꭱ喑ϑᭀ䉱䛾হ➖⌲ツ䛼๔፲ߍ喑ڞ⮪䨣 ॕ喑᭜̷Ꭱ⮱ Ժ喑ϑ䷊⌲ツ䉱䛾 Ϭٰ喑ह℁䪬 ȡڣ͚喑叱 Ϭٰ喑᭜̷Ꭱह⮱ Ժ喠ϑᭀ䧯䛾䛾➖⌲ツ䛼 ॕ喑ह℁䪬 喑⮪䨣 ॕ喑ह℁䪬 喠ϑ䷊ Ϭٰ喑➖⌲ツ䛼 ॕ喑ह℁䪬 喑䧯䛾➖ह℁䪬 ȡ⌲ツ䛼 ॕ喑ह℁䪬 喑ϑᭀ҉ͧڕప䉢䛾ᆋ➖হ䉱䛾⌲ツ͚ᓰ⮱ౝѺ䔈̭ₒధȡᒀݺ喑పڲ叱䛾ጯ౧⮱ࣾᆂᒏ߬ૉϧȡ䲏ᄦᱧ䕴হᠾᝅ喑Й㺮ಇჇԎᓰ喑ិ႓䌢႓ࣾᆂ㻯̻ևສϑᭀऱ䶦ጒ҉㉔ჳ㐀व䊤Გ喑⼜Ხᐭᆂጯ౧݈喑͝ჹጯ౧ϑᭀᐼ喑ᐭᆂ႓ノ⤳喑ᰶ᩵䭟㠰ጯ౧䷻䮖喑ࡴϑᭀ⮱ᵥᓰ》ζ߈喑ͧិϑᭀᐧప䭲̭≮叱䛾ጯ౧㔹̺᫄喆022011 Annual Report
XXX THF DPN DOSFBDIFE UPOT
UJNFT PG UIF QSFWJPVT ZFBS 5SBEJOH WPMVNF PG QMBUJOVN SFBDIFE UPOT
B ZFBS PO ZFBS SJTF PG 5PUBM USBEJOH BNPVOU PG HPME
TJMWFS BOE QMBUJOVN SFBDIFE 3.# CJMMJPO ZVBO
CJMMJPO ZVBO BOE CJMMJPO ZVBO SFTQFDUJWFMZ
B ZFBS PO ZFBS SJTF PG
UJNFT BOE SFTQFDUJWFMZ #PPTUFE CZ UIF CVMM USFOE PG UIF JOUFSOBUJPOBM HPME NBSLFU JO UIF QBTU ZFBST
EPNFTUJD HPME NBSLFU XJUOFTTFE B TUSPOH NPNFOUVN XJUI B SBQJE TVSHF PG EFNBOE PO QIZTJDBM HPME
BDUJWBUFE USBOTBDUJPO GPS JOWFTUNFOU QVSQPTF BOE BHHSFTTJWF HSPXUI GPS JOEJWJEVBM CVTJOFTT %FGFSSFE DPOUSBDUT XFSF TUJMM UIF MFBEJOH QSPEVDU PG 4(& 5IF USBEJOH WPMVNF PG CPUI HPME BOE TJMWFS EFGFSSFE DPOUSBDUT SFBDIFE UPOT BOE UPOT
B SFTQFDUJWF ZFBS PO ZFBS SJTF PG BOE UJNFT #FTJEFT
4(& FOKPZFE B TJHOJGJDBOU HSPXUI PO SFUBJM JOWFTUNFOU CVTJOFTT CZ JODSFBTJOH QBSUJDJQBUJPO PG JOEJWJEVBM JOWFTUPST BOE NPSF BDUJWF USBEJOH CZ UIF DPNNFSDJBM CBOLT 4(& FODPVSBHFE CBOLT UP BDU BT UIF NBKPS NBSLFU GPSDF BOE NBJOUBJO B TVTUBJOBCMF TUSPOH QSFTFODF JO UIF NBSLFU 5IF SBQJE FYQBOTJPO PG DPNNFSDJBM CBOLT CVTJOFTT JO XBT PCWJPVTMZ B HPPE FYBNQMF
JOEJDBUJOH UIF IVHF QPUFOUJBM JO PVS NBSLFU .FBOXIJMF
4(& EFMJWFSFE NPSF UIBO UPOT PG QIZTJDBM HPME UP JUT DVTUPNFST
XIJDI XBT BMTP B IJTUPSJDBM SFDPSE *O
4(& HSBOUFE OFX GPSFJHO NFNCFSTIJQ ⢸ ળ ⤳θ䪬Ƞᕨ㏼⤳MJDFOTFT UP +1 .PSHBO $IBTF
#BSDMBZT $BQJUBM BOE .S 8BOH ;IF $IBJSNBO PG UIF #PBSE喑1SFTJEFOU60# #Z UIF FOE PG UIF ZFBS
4(& IBE BMUPHFUIFS NFNCFST
JOTUJUVUJPOBM DMJFOUT BOE NJMMJPO JOEJWJEVBM JOWFTUPST XBT BO VOGPSHFUUBCMF ZFBS GJMMFE XJUI HSFBU PQQPSUVOJUJFT BOE DIBMMFOHFT %FTQJUF UIF BGUFSNBUI PG "MTP JO UIJT ZFBS
4(& XJUOFTTFE B CJH SJTF JO CPUI DBQJUBM DMFBSJOH BOE QIZTJDBM TFUUMFNFOU 5IF UPUBM UIF HMPCBM GJOBODJBM BOE FDPOPNJD DSJTJT
HPME HBJOFE XPSMEXJEF QPQVMBSJUZ CZ GVSUIFS TUSFOHUIFOJOH JUT SPMFBNPVOU GPS DBQJUBM DMFBSJOH XBT 3.# CJMMJPO ZVBO
BT BO JEFBM JOWFTUNFOU BOE IFEHF UPPM
BT XFMM BT BOB ZFBS PO ZFBS JODSFBTF PG
BNPOH XIJDI UIF QIZTJDBM TFUUMFNFOU WPMVNF PG HPME
TJMWFS BOE QMBUJOVN JSSFQMBDFBCMF QPSUGPMJP EJWFSTJGJFS *O $IJOB
UIF HPME NBSLFU FOKPZFE SBQJE FYQBOTJPO BOE NBEF OPUFXPSUIZ SFBDIJOH UPOT
UPOT BOE UPOT
B BDIJFWFNFOUT
UIPVHI GBDJOH B SBUIFS DPNQMJDBUFESFTQFDUJWF ZFBS PO ZFBS JODSFBTF PG
BOE FDPOPNJD BOE GJOBODJBM FOWJSPONFOU 6OEFS 1#$ T DPSSFDU TVQFSWJTJPO BOE XJTF MFBEFSTIJQ
UPHFUIFS 5IF QBTU XBT B ZFBS UIF EPNFTUJD HPME NBSLFU XJUI UIF HSFBU TVQQPSU GSPN BMM CPBSE EJSFDUPST BOE TUBSUFE XJUI B TPMJE GPVOEBUJPO BOE EFWFMPQFE BU B NFNCFST
4(& TUSJDUMZ PSHBOJ[FE BOE PQFSBUFE VOEFS IJHI TQFFE #Z WJHPSPVTMZ DPOTPMJEBUJOH UIF QSFDJPVT UIF TQJSJU PG UIF 4DJFOUJGJD $PODFQU PG %FWFMPQNFOU NFUBMT CVTJOFTT
4(& T NBOBHFNFOU UFBN
UPHFUIFS #Z GVMGJMMJOH UBTLT TFU CZ 1#$
CPBSE NFFUJOHT BOE XJUI BMM JUT FNQMPZFFT IBWF XPSLFE IBSE GPS UIF TBNF NFNCFST BTTFNCMZ
4(& TUSPOHMZ FOIBODFE UIF HPBM
QSPKFDUFE PCKFDUJWFT BOE GJOBMMZ DPNQMFUFE UIF NBSLFU JOGMVFODF BOE TBGFHVBSEFE UIF GSVJUT PG UIF ZFBS XJUI BCVOEBOU BDIJFWFNFOUT "U UIJT CSBOE OFX NBSLFU EFWFMPQNFOU CZ VQIPMEJOH UIF CBMBODF PG GBTU FSB
XF XJMM EFGJOJUFMZ FOKPZ NPSF PQQPSUVOJUJFT
CVU EFWFMPQNFOU BOE SJTL NBOBHFNFOU
JNQSPWJOH UIF SJTL DIBMMFOHFT BT XFMM 8IJMF DPOGSPOUFE XJUI NBSLFU DPOUSPM NFBTVSFT BOE VQHSBEJOH UIF USBEJOH TZTUFN DPNQFUJUJPO BOE PUIFS VODFSUBJOUJFT
XF XJMM OFWFS TUPQ 5ISPVHIPVU UIF ZFBS
4(& T USBEJOH TZTUFN FOKPZFEPVS QBDF UP JOOPWBUF PVS TQJSJU
VQHSBEF PVS TFSWJDF
TNPPUI BOE TUBCMF PQFSBUJPO XJUI SBQJE TVSHJOH SFEVDF UIF USBEJOH DPTU
QSPWJEF TUSJDU SJTL NBOBHFNFOU USBEJOH WPMVNF
TBGF DBQJUBM TFUUMFNFOU BOE FGGJDJFOU QIZTJDBMBOE NBLF NPSF FGGPSUT UP QSPNPUF IFBMUIZ BOE TUBCMF EFMJWFSZ 5IF UPUBM USBEJOH BNPVOU PG 4(& CSPLF EFWFMPQNFOU PG $IJOB T HPME NBSLFU PO B MPOH UFSN UIF 3.# USJMMJPO ZVBO NBSL
BO BMM UJNF SFDPSE IJHI 5PUBM CBTJT BOE HSBEVBMMZ USBOTGPSN 4(& JOUP BO JOUFSOBUJPOBM FYDIBOHF XJUI CFUUFS TUSVDUVSF
NPSF QSPEVDUT
NBUVSF USBEJOH WPMVNF PG HPME SFBDIFE UPOT
B ZFBS PO ZFBS SJTF PG 5SBEJOH WPMVNF PG TJMWFSNBOBHFNFOU BOE BEWBODFE UFDIOPMPHZ 䉝䰣ฦฦᎡᏓ្ॷ03
ᎡᏓ្ॷఫ❴䬨Picture News ᰵ ᬒ 0O .BSDI ͚పϧℾ䨣㵹ڇ༁༁অȠޜ㵹䪬݅ธౕ҆䛾㲺ጯ౧थथ䪬䅏็⮱䮗ह̸Გϑᭀᠴᄩጒ҉ȡ.S -JV 4IJZV
%FQVUZ (PWFSOPS PG 1#$ JOTQFDUFE 4(& 042011 Annual Report
XXX THF DPN DO ᰵ ᬒ 0O .BSDI 㟊ߍੳ͇ϑᭀ䯳ఏ㏵䏘㢐㾶ͨፚᶲ៶ᶲᓤ䃬䬛ϑᭀȡ.S -FP .FMBNFE
$IBJSNBO &NFSJUVT PG $.& (SPVQ WJTJUFE 4(& BOE NFU XJUI $IBJSNBO 8BOH ;IF ᰵ ᬒ 0O +VMZ ⓠ䨣㵹仃ፚប㵹Ⴥ.JDIBFM 4NJUI䃬䬛ϑᭀȡ.S .JDIBFM 4NJUI
$&0 PG "/; WJTJUFE 4(& BOE NFU XJUI $IBJSNBO 8BOH ;IF 䉝䰣ฦฦᎡᏓ្ॷ05
ᎡᏓ្ॷఫ❴䬨Picture News ᰵ ᬒ_ ᬒ'SPN +BOVBSZ UP ϑᭀౕ⊤ࢄ̶χङᐭĄ ᎡᏓх⻭чঅ㶕ᒝч ȡ4(& IFME &YDFMMFOU .FNCFST "XBSET .FFUJOH JO 4BOZB
)FJOBO 1SPWJODF ᰵ ᬒ0O "QSJM ϑᭀ̷ౕ⊤ङᐭĄすιᅷ⤳θчす̶⁎ч䃛ąȡUI4(& IFME UIF .FFUJOH PG UIF 4FDPOE #PBSE PG %JSFDUPST JO 4IBOHIBJ ᰵ ᬒ0O /PWFNCFS ϑᭀౕࡄϙङᐭĄすιᅷ⤳θчすښ⁎ч䃛ąȡUI4(& IFME UIF .FFUJOH PG UIF 4FDPOE #PBSE PG %JSFDUPST JO #FJKJOH 062011 Annual Report
XXX THF DPN DO ᰵ *O .BZϑᭀ⤳θ䪬⢸ળȠ㏗༁Γ䃝ЅۈᓪȠޜᕨ㏼⤳↵݇ፓ䶳ڇঅ࣯㻯䭵ξᩲᅲȡ4(& T EFMFHBUJPO WJTJUFE $IFO :VO T GPSNFS SFTJEFODF BOE NVTVFN ᰵ *O +BOVBSZ ϑᭀ㏗༁Γ䃝Ѕۈᓪፓ䶳䘕ܳڇঅ䊡ሴᬻ࣬ᐧ䃫䩴䓽ࢄ᱾ᐭᆂ㐀ᄦឣ䬛≨ߕȡ4(& T EFMFHBUJPO WJTJUFE UIF SVSBM BSFB UP TVQQPSU BOE IFMQ UIF OFFEFE 䉝䰣ฦฦᎡᏓ្ॷ07
ᎡᏓ្ॷጯ౧㐩䔝Market Review Ꭱ喑ప䭲䛾Ф̷ࡷᎡ〆⽠ 㒻ٰ ⯻थ喑̶႐Ꮣ๔ᨭࡴ喑す̶႐Ꮣᕒ䕌̷⋕ऻც፲䰴㢎ఋ䄰ͧ➦ᒮ⮱䊝߬ȡВ⋕ 㒻ٰⵡ 㒻ٰ ⯻थ๔ڠऻ䰴㢎ఋ䄰䓾 㒻ϑᭀ"V ͧҸ喑Ꭱ݊ᐭⰅФ ٰ ٸ喑 ᰵᏂٰ㜠 㒻ٰⅡᎠ喠ప䭲䨣Фᰡ᭜ޔ◵ߕ㢎喑ᰭ倅ᰫ䕩䓾ᣏ㜠᱙Ꭱᰭѻ◦ ٰ ٸऻλ ᰵᨭࡴ喑 ᰵౕ 㒻ٰ ⯻थ喑℁Ꭱ̷݊⋕ 喑ѳ䮼ऻ ᰵহ ᰵ⮱͑ ٰ ٸὗⰅ᪡⤳喠 ᰵܧ⣝ᰭ๔⮱̷⋕㵹ᗲ喑 ⁎๔䋹ፓߕ䨣Ф̺䊝ѻ喑ᎡᏂ䋹ⵡ 㒻ٰ ⯻थȡጯ౧ᄦ͗ᰵڲ⋕፲䓫ݝ 喑ڣ͚ ᰵ ᬒ݈ܧ ٰ ٸ⮱ࢳ叱䛾হ⮪䨣⮱ែ䉱☚ᗲᠮ㐚ߍ喑叱䛾ϑ䛼 ॕ喑टᰭ倅Ф喠ѳ䮼ࢠФᵩᐭ倅Ѻც፲䰴㢎喑λ ᰵ̸ᬙᕒ䋹喑⮪䨣ϑ䛼 ̴ॕ喑݈ࢳटᰭ倅㏗ᒂ喠ϑᭀᕨϑ䷊Ꭱ᱘ᩣλ ٰ ٸ喑䒰̷Ꭱ᱘̷⋕ ٰ ٸ喑⋕፲⣝㔨Ժ喑䌕ڒ ̴Ϭڠऐ喠ጯ౧㐀Ჱࣾ⩌ᬻ᭫अࡃ喑ᅪノ 喑ᬻ᭫ѻλప䭲叱䛾̷⋕፲Ꮣ喑䔆ͨ㺮⩞λᆮ᱘Ꭱ݊叱䛾Ϻࢍጯ౧ͨᄩౝѺ喑ѳጯ౧Ъ䷊̸䭺᭫㦄喑⮪䨣ጯ౧ࣾ➖ӈ̺ᏁⅯ喑పڲ䛾Ф๔፲倅λప䭲㜡喑ڕᎡߍᱰᎠᆂ䕌Ꮣߍᔘ喑ᒞ৺߈๔፲倅喑ͧ䉢䛾ᆋጯ౧⮱ϛ◦喠ͨФ ٰ ٸȡҀ࣯̻㐀Ჱ̷ᱧᲱᝤϺࢍጯ౧ͨҀ喑ੳ͇䨣㵹࣯̻ጯ౧⮱ Ꭱ叱䛾పڲใФጛअߕ፲Ꮣ倅λВᒭȡ̭᭜⩞λٰᬓȠЪ䷊ᬻ᭫ࡴ喑͗ϧែ䉱㔲䪬䒰ᔘ喠➖䛾⮱䰭Ⅿӊ♣ᬧⰈ喑᭒㞯হ̭పᎳ䬡ぶэ㐌մᬒ➖叱䛾⮱䰭Ⅿ䛼๔፲ߍ喑叱䛾ܧᏀ䛼⾮ⵡ ॕ喑ں݈ࢳट倅喠ϑᭀጯ౧ߎ䭣⃢ᕔ➖ӈ̺ᏁⅯ⮱ⴈⰫ䒰ͧ⾮ܧ喑៙ࡴᎠФጛ፲Ꮣȡߌ㘪䔈̭ₒ᠀ᆂ喑䨣㵹䬡䄏Фጯ౧͇ߎ䪬䓲䕌喑叱䛾⼌䉮ι᭜ϷᎡФᵩ∏ߕ䒰ͧޔ◵喑ፓߕపڲใФጛ䮼ព๔ȡВ͇ߎ㻱̻࣯̻㠰డ๔፲ព๔喑ϑᭀጯ౧ߎߌ㘪হᒞ৺ϑᭀ"V ͧҸ喑 ͗ϑᭀᬒ͚ ͗ϑᭀᬒ⮱ప߈䔈̭ₒᑧȡڲ䛾Ф倅λప䭲喑Ꭰ፲Ꮣ ٰ ٸ喠 ͗ϑᭀᬒ⮱పڲ䛾Фѻλప䭲喑Ꭰ፲Ꮣ ٰ ٸ喠ڣ͚喑ᰭ๔Фጛ ̭Ƞ叱䛾Ƞ⮪䨣Фᵩᆎ݈倅喑䧯䛾Фᵩ䰴㢎䊝ٰ ٸ喑ᰭᄼФጛ ٰ ٸ喑ᕨҀᎠ፲Ꮣ ٰ ٸ喑ѻ䒰̷Ꭱ᱘ߍ ٰ ٸ喑䪬 喑፲᭫㦄ȡ ̭
叱䛾ФᵩڕᎡ̷㵹喑ც፲䰴㢎喑పڲใФጛព๔ ι
⮪䨣ФᵩڕᎡ๔䊤๔㥪喑᪡Ҁ䊸̸߬䋹喑పڲใФጛព Ꭱ叱䛾Фᵩᐣ㐚䓾ᎡᲒ⮱̷ࡴ䊝߬喑㞯ᰡᔘȠᡜ๔፲ᰡ๔喑ᅑڣ᭜̸ࡷᎡ⮱㵹ᗲ᭫ᓄᅑͧ䋹Ⴢ䊤мȡ࣯㔰ѓ᪓̸ࡵჇⰅФ喑Ꭱ݊ప䭲䛾Ф 㒻ٰ ⯻थ喑 ᰵ᱘ ᰵ Ꭱ喑ప䭲⮪䨣Фᵩ⮱ც፲䰴㢎ᰡͧ᭫㦄喑Фᵩ๔䊤๔㥪喑݊ऄڕ⤰倅䕇㗭䶱হ͚͉Ƞࡄ䲋ᅭ߬➢ߕ䛾Фड़ߕγ䓾 ᪡Ҁॵ̸䋹䊝߬ȡ࣯㔰ѓ᪓ჇⰅФ喑 ᰵప䭲䨣Фϻ ͗ᰵ⽠ₒᨭࡴ⮱䊝߬喑 ᰵ᱘⾮ⵡ 㒻ٰ ⯻थ喠 ᰵ݊㒻ٰ ⯻थ䊤ₒ喑 ᰵ᱘݈ 㒻ٰ ⯻थࢳटᰭ倅Ф喑℁ВᲒ喑ࣾ䓫పუէߎ࢞ᱧ䔈̭ₒ㩀ᐣȠᖣࡃ喑㒻పͨᱰէߎᎡ݊⋕፲ᣒ䓾 喠倅䓴ऻ䨣Фᕒ䕌̸䋹 В̷㜠 䃱㏔̸䄰͒䛺ᒞ৺ጯ౧Ԏᓰ喑㒻ٰ๔፲䉙թⰡᣒӰҬ叱䛾Ф㒻ٰ ⯻थ喑 ᰵ̸ᬙں⁎ϻ 㒻ٰ ⯻थ̸䋹 㜠 ᵩ⫫䕌៶ࡴ喑ᰭ倅䕩䓾 㒻ٰ ⯻थ喑ప䭲叱䛾⣝䉔⩢㒻ٰ ⯻थ喑⮪䨣䉔ᰭѻᰫ䋹㜠 㒻ٰ ⯻थ喠Ꭱ᱘⮪䨣ၽⰅᰫ̭Ꮣ䓫 㒻ٰ ⯻थ喠̻ₑहᬣ䛾Ф∏ߕ፲Ꮣ̺ᩣλ 㒻ٰ ⯻थ喑䒰Ꭱ̸݊䋹 ȡߍޔ喑 ᰵ᱘ ᰵ݊ᬒ⋕䋹ज䓫ݝ 㒻ٰ ⯻थ喑ᅑపڲ䨣Фౕప䭲䨣Фᒞ৺̸̷ࡷᎡᆎ݈倅喑̸ࡷᎡ䰴㢎䊝ڣ᭜ϻ ᰵ͚ᬙᐭऄ⁔է࢞ᱧ⌞ࡃȠጯ౧≮ߕᕔर㉔ᒞ৺喑ѻȡВϑᭀ⮪䨣ͨ߈৮"H喍5 %喎ͧҸ喑Ꭱ݊ᐭⰅФ叱䛾倅Ѻअ⣝ͧ䛾㲺ጯ౧ᅑڣ᭜⁔≟䨣㵹ぶែ䉱ᱧᲱ㣤ᓄ ٰ ڙ喑 ᰵᏂᣏ㜠 ٰ ڙऻᐭγ䪬䓫䓾≮ߕᕔ⮱䛺㺮⃢̭喑 ᰵ᱘䛾Фᰭѻᰫ̭Ꮣ䋹ⵡ ͗ᰵ⮱ࢂ䓦̷យ䊝߬喑 ᰵ ᬒ݈ ٰ ڙࢳट㒻ٰ ⯻थ喑Ⱕ℁ᰵ݊⮱倅◦䋹፲䊲䓴 喠Ⱑ㜠ᎡᏂ喑䛾ᰭ倅Ф喠 ᰵ݊ऄప䭲ᒞ৺䨣Ф䓲䕌ఋ㥪喑 ͗ϑᭀᬒڲ⮱ФϺౕ䰴㢎͚ఋ䄰喑 ᰵ݊㒻ٰܧ⣝̭∏ᑧࣺ߬ᑦ喑䛾Ф䋹፲䊲䓴 喊喑 ᰵں⁎ܧ⣝๔䋹㵹ᗲ喑䮼ऻ䨣Ф̺ఋ㥪喑ں⁎๔፲̸䋹喑ᎡᏂᩣλ 㒻ٰ ⯻थ喑℁Ꭱ̷݊⋕λ ᰵ ᬒᣏ㜠Ꭱڲᰭѻ◦ ٰ ڙ喑Ꭱ᱘ᩣλ 㒻ٰ ⯻थ喑⋕፲ ȡ ٰ ڙ喑䒰̷Ꭱ̸䋹 ٰ ڙ喑䋹፲ 喑పڲ䛾Фౕప䭲䛾Фᒞ৺̸ᕨҀॵ⣝Ꭱ݊ᓛ䋹喑̷ࡷᎡ⽠ₒڕᎡߍᱰᎠФ ٰ ڙȡ082011 Annual Report
XXX THF DPN DOऄ䨣Ф๔፲∏ߕᒞ৺పڲใФጛ፲ᏓΌᰶព๔ȡ Ꭱ⮪䨣Ԋᠮγ̷Ꭱ⮱ᔘ䕌ࣾᆂ߬ȡڕᎡϑ ॕ喑ᎠФጛⅡᎠധ᱙㐡ᠮౕ ٰ ڙࡧ䬡ڲ喑ጕ๔Фह℁ߍ ॕ喑᭜̷Ꭱ⮱ Ժ喑ᬒϑ䛼ጛ፲Ꮣܧ⣝ౕ ᰵ݊হ ᰵ᱘⮱͑⁎๔䋹㵹ᗲ͚ȡڕᎡ ॕ喑้ጯϑ䛼 ॕ喑᭜̷Ꭱ⮱ Ժ喠͗ϑᭀᬒ͚ ͗ϑᭀᬒ⮱పڲ䨣Ф倅λప䭲喑Ꭰ፲Ꮣͧϑ䷊ Ϭٰ喑ह℁ߍ Ϭٰ喑᭜̷Ꭱ ٰ ڙ喑ᰭ倅Фጛͧ ٰ ڙ喠 ͗ϑᭀह⮱ Ժȡᬒ⮱పڲ䨣Фѻλప䭲喑Ꭰ፲Ꮣͧ ٰ ڙ喑ᰭѻऄ䧯䛾Фᵩ̸䋹喑䰭Ⅿ䛼ߍᒞ৺喑䧯䛾ϑᭀ㻱⽠ₒ䪬ȡФጛͧ ٰ ڙ喠ᕨҀᎠФጛ፲Ꮣͧ ٰ 䧯䛾ϑ ॕ喑ह℁ߍ ॕ喑䪬 喠ڙ喑℁̷Ꭱहߍ ٰ ڙ喑䪬 ȡϑ䷊ Ϭٰ喑ह℁ߍ Ϭٰ喑䪬 ȡ ̶
䧯䛾ФᵩݺὗⰅ᪡⤳喑ऻ䰴㢎䊝ѻ喑పڲใФጛᓛ̷̻ᎡⰥ℁喑叱䛾Ϻͧͨᄩϔ৮喑ѳጯ౧Ъ䷊๔፲̸䭺喑⮪䨣ጯ౧Ъ䷊᭫㦄ࡴȡ Ꭱ叱䛾ࢍጯ౧Ъ䷊⮱ 喑⩞λ䧯䛾Ⱋݺ⮱࣌᫆Გ⎽ϲ䭽λ䔈ऐ喑ͨ㺮⩕λ仃亝হጒ͇Ϻͧጯ౧ͨᄩ喑ѳ℁̷Ꭱ ⮱ጯ౧Ъ䷊̸䭺γ ͗⩌ϔ喑ែ䉱ߌ㘪䒰ᑞ喑́䧯䛾Фᵩ䊝߬ѻ䔤喑̻叱䛾ФᵩԿᠯ喑⮫ܳ◦喑䭺፲ጕ๔喠⮪䨣ጯ౧䓲䕌ࣾᆂͧ䉢䛾ᆋጯ౧⮱̭పڲใФጛᓛȡ࣯㔰ѓ᪓̸ࡵჇⰅФ喑 Ꭱ݊䧯䛾Ф͗䛺㺮ϛ◦喑⮪䨣ࢍጯ౧⮱᪡Ҁ℁䛺⩞̷Ꭱ⮱ 㜠ᵩ 㒻ٰ ⯻थ喑ᎡᏂᩣλ 㒻ٰ ⯻थ喑䬡ᰭ倅 喑܍ͻζγጯ౧⮱䓾ࡷ෮ᆞ喑⮪䨣⮱ጯ౧ౝѺФ 㒻ٰ ⯻थ喑ᰭѻФ 㒻ٰ ⯻थ喑ᎡᏂ℁Ꭱ݊䓲䕌ᑧȡ̸䋹 ȡ̶Ƞ叱䛾⣝䉔ӈⅯᰡߍᬧⰈ喑⣝䉔ጯ౧ͨᄩౝѺపڲ䧯䛾ФᵩݺὗⰅ᪡⤳喑ऻ䰴㢎䊝ѻȡϑᭀ䧯䛾ᐭ䔈̭ₒ⾮ܧⰅФ ٰ ٸ喑Ꭱ݊㜠 ᰵ͚ᬙౕ ٰ ٸࡧ䬡叱䛾⣝䉔➖ӈⅯᐣ㐚γ̷Ꭱ⮱ᬧⰈᔮ߬喑叱䛾⣝䉔ϑᭀ䛼ȠڲὗⰅ喑䬡݈ܧ ٰ ٸᰭ倅Ф喑 ᰵ̸ᬙФᵩᐭ๔ܧᏀ䛼হᐣϑᩣ䛼命喑ϑᭀ⣝䉔ጯ౧ͨᄩౝѺ䔈̭ₒ፲̸䋹喑ᰭѻᣏ㜠 ٰ ٸ喑ᎡᏂᩣλ ٰ ٸ喑䒰ధȠᑧȡ̷Ꭱ᱘̸䋹 ٰ ٸ喑䋹፲ 喑ڕᎡߍᱰᎠФ ̭
ϑ䛼⮱፲̷⣝䉔व㏓ᬻ᭫倅λ叱䛾᪡ҀⅡᎠ ٰ ٸȡపڲใ䧯䛾Фጛ∏ߕ፲Ꮣ䒰ͧ⽠Ⴧ喑ФጛⅡᎠᓛ喑Ꭰ፲Ꮣ ٰ ٸ喑℁̷Ꭱߍ ٰ ٸ喑 Ꭱ喑叱䛾⣝䉔व㏓ϑ ॕ喑ह℁ߍ 䪬 ȡॕ喑䪬
倅λ叱䛾᪡Ҁ ⮱䪬ⅡᎠ喠ጯ౧Ъ䷊䓫ݝγ 喑ह℁倅γ䓾 ͗⮫ܳ◦喑̻ₑहᬣ喑ιȠጯ౧᪡Ҁ㻱㔨Ժ喑叱䛾ጯ౧⽠ₒࣾᆂ喑⮪叱䛾ᐣव㏓ࢍ叱䛾ጯ౧⮱Ъ䷊ह℁⪒ᰶ̸䭺ȡ䨣ጯ౧倅䕌䪬 ι
ܧȠڒᏀ䛼Όౕጯ౧ᬧⰈ⮱➖䰭Ⅿᣕߕ̸ں݈倅ϑᭀ㜗⿸ВᲒϑᭀ㻱Ԋᠮγ䒰ᔘ⮱ࣾᆂ߬喑㐔 ᎡȠ Ꭱϑᭀ䷊ⵡ ̴ϬȠ ̴Ϭ๔ڠऻ喑 ᎡϑᭀⰥ℁ڣЃែ䉱৮喑ℾфᄦ叱䛾➖⮱䔶᠖ᰡͧ☚㶤喑ጯ౧䷊ጟ䓫 ̴Ϭ喑䪬 喑㻱ں⁎㔨Ժ喑叱䛾Ƞᄦ➖⮱䰭Ⅿ๔፲ߍ喑ϑᭀ叱䛾ܧᏀ䛼䔈̭ₒ䪬喑⮪䨣হ䧯䛾⮱ϑᭀ䛼݈ܧࢳट倅ȡͧపڲ⩕䛾Ю͇হ⊵䉦㔲叱䛾⣝䉔䰭Ⅿ⮱ͨ㺮ӈ㐆⎽ȡᅑڣ᭜ٰౕᬓ᭒㞯ȠపᎳմぶэ㐌մᬒ喑➖⮱ܧᏀ䛼ܧ⣝ᄼ叱䛾ԊᠮᎠ⽠ࣾᆂȡڕᎡϑ ॕ喑ह℁ߍ倅ም喑ӈ̺ᏁⅯ⮱㉔ᑍ⟣ۢΌॵ䭣⃢ᕔ᭫⣝ȡڕᎡ叱䛾ܧᏀ ॕ喑䪬 喑ᬒϑ䛼 ॕ喑ࢂᬒ䛼 ॕ喑ह℁ߍ ॕ喑䪬 ȡϑ䛼ᰭ倅䓫 ॕ喑้ጯϑ䛼 ॕ喑ह℁̸䭺 喠⩞λФᵩ⋕፲䒰๔喑ϑ䷊፲ᰡͧ᭫㦄喑ڕ叱䛾ڒᏀᕨ䛼 ॕ喑ह℁ߍ ॕ喑䪬Ꭱϑ䷊ Ϭٰ喑ह℁ߍ Ϭٰ喑䪬 ȡहᬣ喑ϧℾ䨣㵹ٮ䃥䮑ఈ๔ੳ͇䨣㵹ใ喑ڣЃ䘕ܳ ȡ㗎Ъݣ䨣㵹Όڤิ叱䛾䔈ऐᱰ喑̺ϲ倅γ㗎Ъݣੳ͇䨣㵹 䉝䰣ฦฦᎡᏓ្ॷ09
ᎡᏓ្ॷጯ౧㐩䔝Market Reviewᄦ叱䛾ϑᭀ⮱䷻䮖ᣔݣ㘪߈喑Όͧࣾᆂ䨣㵹䬡ࣷЮ͇⮱叱䛾ρȠጯ౧᪡Ҁӊ♣᭜ᱧᲱࢍͨҀ喑ѳ叱䛾̻⮪䨣⼌Ռ䉕៩͇ߎ݈䕍γᓲ㺮Уȡ⮱ͨҀऱᰶռ䛺 ̶
叱䛾ᐣϑᩣߌ㘪᭫㦄ࣾᡒ喑ϑᩣ℁๔፲倅λపڲ叱䛾 Ꭱ喑ϑᭀߍಎ๔ࡻ䨣㵹Ƞ㠞పጡٸ㣞䨣㵹হ䉔⮱ϑޟ℁ᦖᵦ๔䕇䨣㵹 უใ䉱䨣㵹чঅ喑∂ϧᝤ უ喑͗ϧᝤ ̴ᝤ喠㜠Ꭱ᱘ڞᰶчঅ უ喑࠲᠙喟 Ꭱ喑叱䛾ᐣڞ䃎ϑᩣ ॕ喑ह℁ߍ 㐩वㆨчঅ უ喑㜗㥒ㆨчঅ უ喑䛾㲺ㆨчঅ უ喍 ॕ喑䪬 喑ϑᩣ℁䓫 喑ज㻮ᐣϔ৮̺ϲუ͚䉱䨣㵹ㆨчঅȠ უใ䉱䨣㵹ㆨчঅࣷ უ䲋䨣㵹ㆨчڤิែ䉱ߌ㘪喑ᰡ᭜㘪์ܥ᭫⣝䉔ጯ౧⮱➦ᒮȡⰥ℁̸喑অ喎喑∂ϧᝤڞ ᝤ喑͗ϧᝤ ̴ᝤȡపڲ叱䛾䉔ϑ䛼 ॕ喑ѳϑޟ䛼ϲͧ ڙ喑ϑޟ℁̴ͧܳρȡ ౕ叱䛾Ƞ䧯䛾Ƞ⮪䨣⮱ጯ౧ᕨϑ䷊Ჱ̷喑ᱧᲱϺࢍጯ౧⮱ͨҀȡڕᎡ喑ᱧᲱᝤϑ䷊ Ϭٰ喑ࢍጯ౧ᕨ⮪䨣⣝䉔व㏓⮱ϑⅡᎠ䒰ѻ喑⮪䨣ᐣव㏓⮱ϑᩣߌ㘪ᬻҀ⮱ 喠͗ϧᝤ⮱ϑ䷊ Ϭٰ喑ࢍጯ౧᭫ѻλ叱䛾ȡ⮪䨣⣝䉔व㏓ϑ䛼ϲͧ ॕȡϻ⮪䨣ᐣᕨҀ⮱ ȡѳᱧᲱহ͗ϧౕ叱䛾̻⮪䨣ϑᭀ৮⮱ܳϑᩣᲒⰸ喑䮼Ɑ⮪䨣ጯ౧㻱⮱๔፲䪬喑॥ᑂ䘕ܳϔ䨣䙺̷Ꭳ̺㶎喑Ҁ⣝ͧᱧᲱᝤͧ叱䛾ጯ౧ͨҀ喑͗ϧᝤЮ͇䔈ڒ喑倅γ⮪䨣⮱ϑᩣⅡᎠ喑ڞ䃎ϑᩣ⮪䨣 ͧ⮪䨣ጯ౧ͨҀȡॕ喑᭜̷Ꭱ⮱ Ժ喑ѳϑᩣ℁ϲͧ 喑ϑᩣⅡᎠϺ䒰ѻȡ⮪䨣⣝䉔ࣾᆂ⮱։␋̭䲏⩞λప⮪䨣⼻ᩣᩬゃҬᱧᲱᝤͧ叱䛾ጯ౧ͨҀȡڕᎡ࠲᠙䨣㵹ౕڲ⮱∂ϧᱧᲱڞᓄపڲ⮪䨣Фᵩ䯫В̻ప䭲㐌̭喑ᒞ৺ੳ͇䨣㵹ぶែ䉱ᱧᲱ䃎ϑ叱䛾 ॕ喑ࢍ叱䛾ᕨϑ䛼⮱ 喑ڣ͚ᄦపڲใ⮪䨣Фᵩ䔈㵹ᄦ۟᧺҉喠ओ̭䲏喑͗ϧ̺㘪ᐭڤੳ͇䨣㵹㜗㥒ϑᭀ䛼ᢿऺᅲ仃Ѻ喑ϑ ॕ喑ह℁թ⼻ࣾ⺕喑हᬣᬍ∂䔈㵹⮪䨣➖ϑޟ喑ҬⰛݺัλ็ߍ ॕ喑䪬 喑ࢍ叱䛾ጯ౧Ъ䷊⮱ 喠ᠮЀ⮱๔็͗ϧᝤᬍ∂䕇䓴ϑޟ⣝ᄦ⣝䉔⮱䰭Ⅿ喑गڣ⁎᭜㐩वㆨчঅহੳ͇䨣㵹А⤳⮱∂ϧᱧᲱ喑ι㔲ܳݘ㘪ᎠЀγ㐀ȡₑ喑ᅪノ⮪䨣ᕨҀϑᭀ㻱ࣾᆂ䓲䕌喑ѳ᭜ϑ ॕহ ॕ喑ܳݘࢍ叱䛾ጯ౧Ъ䷊⮱⣝䉔➖ϑᭀ⮱ࣾᆂࢡԺऄݣ㏓ȡ হ ȡ叱䛾㜗㥒͇ߎࣾᆂ⪒ᔘλА⤳͇ߎ喑ڕᎡ叱䛾㜗㥒ϑ䛼ఈȠᐣϔ৮ӊ♣᭜ϑᭀ⮱ͨᄩ৮ ॕ喑ह℁䪬 喠А⤳͇ߎϑ䛼 Ꭱ喑ᐣϔ৮Ϻͧϑᭀ⮱ͨᄩ৮ȡ叱䛾ᐣव㏓ॕ喑ह℁䪬 喑А⤳͇ߎ͚͗ϧ͇ߎ㻱䪬ᬻ᭫ϑ ॕ喑ह℁ߍ ॕ喑䪬 喑ࢍᔘλ∂ϧᱧᲱ喑͗ϧ叱䛾͇ߎϑ䛼 ॕ喑ह℁䪬叱䛾ጯ౧Ъ䷊⮱ 喑̻⣝䉔⮱℁Ҹڠ㈨ͧ 喑ह 喑ࢍ叱䛾ጯ౧Ъ䷊⮱ 喑А⤳⮱∂ϧᱧᲱ叱℁⪒ᰶ̸䭺ȡऄ叱䛾Фᵩ๔፲̷⋕Ƞ倅Ѻ䰴㢎⮱㵹ᗲᒞ৺喑䛾ϑ䛼 ॕ
ह℁䪬 ȡ叱䛾ᐣ⮱ᠮЀ䛼ౕఈ႐Ꮣᰶ䒰ͧᬻ᭫⮱䪬喑ᎡᏂᠮЀ䛼 ॕ喑℁̷Ꭱ᱘ߍ ॕ喑䪬 ȡ͗ϧᝤͧ⮪䨣ጯ౧ͨҀȡ͗ϧ⮪䨣͇ߎϑ䛼 ॕ喑᭜̷Ꭱ⮱ Ժ喑ࢍ⮪䨣ᕨϑ䛼⮱ 喑ౕ⮪䨣 Ꭱ喑⮪䨣ϑᭀͨ㺮Ҁ⣝ͧᐣϑᭀȡڕᎡ⮪䨣ᐣ͇ߎ͚ࢍ㐊ᄦх߬ȡᱧᲱౕ⮪䨣ጯ౧͚⮱Ъ䷊䒰ѻ喑䨣㵹㜗ϑ䛼 ॕ喑᭜̷Ꭱ⮱ Ժ喑ࢍ⮪䨣ጯ౧Ъ䷊㥒Ƞ䨣㵹А⤳∂ϧহ㐩वㆨчঅϑᭀ䛼ܳݘͧ ॕȠ⮱ ȡϻᠮЀᗲۢᲒⰸ喑ऄڕᎡ㵹ᗲ䊝߬∏ߕ⓭◵Ƞ ॕহ ॕ喑ܳݘࢍ⮪䨣ᕨ䛼⮱ Ƞែ䉱䰭ⅯᬧⰈᒞ৺喑⮪䨣ᐣ⮱ᠮЀ䛼ᬻ᭫倅λ̷Ꭱȡѳ⩞ হ 喑ᱧᲱव䃎⮱⮪䨣ϑᭀ䛼ϲͧ λऄ ᰵহ ᰵ͑⁎ጯ౧๔䋹喑࣯̻㔲ᄦλ⮪䨣⮱ែ䉱䔽ॕ喑ࢍ⮪䨣ϑᭀᕨ䛼⮱ ȡₒ⤳ᕔ喑ᠮЀ䛼ౕ㏼ࢳ̷ࡷᎡ⮱๔፲䪬ऻ̺ఋ㥪喑⩞ᰭ倅◦䓾 ॕ̸䭺㜠Ꭱ᱘⮱ ॕ喑℁̷Ꭱ᱘ߍښȠੳ͇䨣㵹叱䛾͇ߎᔘ䕌ࣾᆂ喑䨣㵹ͨᄩౝѺ ॕ喑䪬 ȡ̺ᑧࡃ102011 Annual Report
XXX THF DPN DO ̭
ੳ͇䨣㵹叱䛾͇ߎ㐔㐚Ԋᠮ䒰ᔘ䪬喑ጯ౧Ъ䷊⽠ₒࡴ㜗䏘ౕ叱䛾ጯ౧⮱ٵᱧУ喑ᄳ叱䛾А⤳͇ߎा㏢⌞ࡃࣾᆂ喑ͧڣᝤӈᰡ͇̀Ƞকݝ⮱͇ߎ䄏ߎぶȡ叱䛾А⤳͇ Ꭱ喑ੳ͇䨣㵹ౕ叱䛾ጯ౧⮱ͨᄩౝѺ䔈̭ₒᑧ喑ߎϑ䛼 ॕ喑܍ͻ᭜ఈ๔䨣㵹叱䛾А⤳͇ߎ⮱ Ժ喑ϑᭀ㻱๔፲䪬喑叱䛾ጯ౧⮱ᱧᲱࡃ䊸߬䒰ͧᬻ᭫ȡੳ䓾ጯ౧ڕ䘕叱䛾А⤳䛼⮱ ȡ͇䨣㵹叱䛾ᕨϑ䛼喍क़㜗㥒হА⤳喎 ॕ喑ह℁ߍ ॕ喑䪬 喑ࢍ叱䛾ጯ౧ᕨϑ䛼⮱̶᭜ใ䉱䨣㵹чঅ⮱̺ߍহϑᭀ㻱⮱ᔘ䕌䪬ͧ 喑ह℁倅γ ͗⮫ܳ◦ȡੳ͇䨣㵹ౝѺ⮱ᑧ⮱≨䋰ͨҀȡ Ꭱ喑̷⊤叱䛾ϑᭀใ䉱䨣㵹чঅ䛼ڤҀ㶕⣝ͧ㜗㥒͇ߎহА⤳ᰶ䒰๔፲Ꮣ⮱䪬喑㜗㥒͇ߎ㜠 უ喑͇ߎ㠰డ⩞"V Ƞ"V ぶ⣝䉔व㏓ߍϑ䛼 ॕ喑ह℁䪬 喑А⤳͇ߎϑ䛼ݝᐣव㏓喑ߍᑧγ࣯̻叱䛾ጯ౧⮱ᎬᏓহ⌞ᏓȡڕᎡใ䉱 ॕ喑ह℁䪬 ȡ䨣㵹叱䛾㜗㥒͇ߎϑ䛼 ॕ喑ह℁䪬 喑ࢍ䨣㵹㜗㥒͇ߎ⮱ 喠ڣ͚喑ⅴ͝䨣㵹হⓠ䨣㵹ጟ Ꭱ ᰵ喑̷⊤叱䛾ϑᭀ䨣㵹䬡䄏Фϑᭀጯ౧䄂䓽㵹喑㏼䔈ڒੳ͇䨣㵹叱䛾㜗㥒͇ߎݺऺ喑ѳⰛݺใ䉱䨣㵹⮱͇ͧੳ͇䨣㵹䬡⮱๔ჄϑᭀӈγӬݖ喑ͧ》Фጯ౧⮱ᰶ߈ߎ㠰డϲ䭽λ㜗㥒͇ߎহ叱䛾͇ߎ喑ڣА⤳͇ߎহ⮪䨣͇ߎ㶒ٲȡڕᎡ䨣㵹䬡䄏Фጯ౧ϑ䛼 ॕ喑℁̷Ꭱ⮱๔䔅ᰶᒲᐭᆂȡჄϑᭀߍ ॕ喑䪬 ȡѳⰛݺ࣯̻䄏Фϑᭀ͚䨣㵹䬡⮱ϑᭀᲮᄾ喑⇎ᰶͧ䨣㵹䬡ᄥᄦ۟⮱Ꭰझহ⍍ ̶
㐩वㆨчঅ⮱叱䛾ϑᭀ㻱ᓛȠጯ౧Ъ䷊̸䭺䖀喑ͨ㺮᭜ੳ͇䨣㵹ᕨ㵹̻ܳᩜᱧᲱ䬡⮱㵹ڲϑᭀ喑৮̷㐩वㆨчঅ⮱ጯ౧࣯̻☚ᗲॵ⣝䔽ₒ䭺⍖⮱䊸߬喑ϑ䛼ͨ㺮ͧ"V 喑␎䋠㜗䏘৮❹ᴉझ➖䛾⮱䨭ਜ਼䰭Ⅿȡ ᓛȠጯ౧Ъ䷊ᬻ̸᭫䭺ȡ Ꭱ喑㐩वㆨчঅ叱䛾 ι
ੳ͇䨣㵹͇ߎܳࡃ喑㐩वᕔពᆂহ͇̀ᕔ⌞ڒहᬣ䔈㵹ϑ䛼 ॕ喑ह℁䪬 喑ࢍ叱䛾ጯ౧Ъ䷊⮱ 喑̷̻Ꭱ⮱ Ⱕ℁̸䭺γ ͗⮫ܳ◦喑䭺䮼Ɑ࣯̻叱䛾ጯ౧⮱ੳ͇䨣㵹䛼̺็喑ੳ͇䨣㵹叱䛾፲䒰๔喠ڣ͚㐩वㆨчঅ⮱㜗㥒͇ߎᰶ䪬喑ѳА⤳͇ߎ͇ߎ͇̀ࡃ⼸Ꮣ̺倅喑ऱੳ͇䨣㵹䔽ₒᒏγ䦵ᄦ̺हܧ⣝̸䭺喑㐩वㆨчঅ㜗㥒͇ߎϑ䛼 ॕ喑ह℁͇ߎᐼ喑ݖ⩕㜗䏘⮱℁䒰х߬ᐭᆂ㐩वᕔ叱䛾͇ߎহ͇̀䪬 喑А⤳͇ߎϑ䛼 ॕ喑ह℁̸䭺 ȡᕔ➦㞟ࡃ叱䛾͇ߎȡҀ⣝В̸̶͗➦◦喟̰Ƞ⌲ツ䛼হ➖⼌Ռ䉕៩͇ߎᔘ䕌䪬̭᭜ఈ๔ੳ͇䨣㵹㐔㐚ߍᑧ叱䛾㜗㥒͇ߎ喑हᬣ̺ᐭᆂহႹА⤳͇ߎ喑߈Ⅿ叱䛾͇ߎा㐩वᕔڕ䲏ࣾᆂȡϑᭀ⮱ Ꭱ喑ϑᭀ䉱䛾হ➖⌲ツ䛼๔፲ߍ喑ڞ⌲ツ䉱䨣㵹叱䛾㜗㥒͇ߎ͚喑ఈ๔పᰶੳ͇䨣㵹ӊ♣ࢍᢛⱭͨᄩౝ䛾 Ϭٰ喑ह℁ߍ Ϭٰ喑䪬 喠叱䛾Ѻ喑ϑᭀ㻱ᔘ䕌䪬ȡڕᎡ喑ጒȠۉȠ͚Ƞᐧఈუ䨣㵹叱➖⌲ツ䛼 ॕ喑ह℁䪬 喑⮪䨣➖⌲ツ䛾㜗㥒͇ߎϑ䛼 ॕ喑ह℁䪬 喑ࢍڕ䘕䛼 ॕ喑ह℁䪬 喑䧯䛾➖⌲ツ䛼 ॕ喑䨣㵹㜗㥒͇ߎ⮱ 喑ࢍ叱䛾ᕨϑ䛼⮱ ȡह℁䪬 ȡౕఈ๔䨣㵹А⤳͇ߎ⮱ࣾᆂ̷喑䮑ጒੳ䨣㵹⮱А⤳͇ߎ㻱 Ꭱ喑叱䛾⼌Ռ䉕៩͇ߎᓄݝᔘ䕌ࣾᆂȡڕᎡੳ͇䨣㵹䒰ͧ⾮ܧใ喑ۉ㵹Ƞ͚㵹হᐧ㵹⮱А⤳͇ߎࣾᆂ̺ᔘ喑ѳጟ䕇䓴̷⊤叱䛾ϑᭀ⼌Ռ㈨㐌Ռܧ叱䛾 ॕ喑ह℁䔽ₒౕᐭᆂȠᑧ䔈⼸͚喑ᅑڣ᭜ۉ㵹ጟ㏼ᣕ㵹γϑᭀ⮱䪬 ȡⰛݺᰶጒȠۉȠ͚ȠᐧȠ᠈ੳȠℾ⩌Ƞڡ͇Ƞ⊓͗ϧА⤳͇ߎ喑͚㵹হᐧ㵹Όₐౕ⼜Ხ۳ิ͗ϧ͇ߎ⮱̷㏬ࣾȠ̷⊤䨣㵹Ƞ⌞ࣾᆂȠᕿ͝䨣㵹ڞ უపڲੳ͇䨣㵹ᐭጒ҉ȡओใ喑ϻ౧ใጯ౧Გⰸ喑ఈ๔䨣㵹๔߈ࣾᆂ㏥叱䛾Ƞᆂ叱䛾⼌Ռ䉕៩͇ߎ喑ⓠ䨣㵹হⅴ͝䨣㵹 უใ䉱䨣㵹Ό㏥⮪䨣ぶ05$ጯ౧喑ߍ➖䛾䨭ਜ਼Ƞ叱䛾⼌䉮হఋ䉚Ⱕ㐔ᐭᆂ喑ੳ͇䨣㵹࣯̻⼌Ռ䉕៩͇ߎ⮱⼜Ხᕔ䒰倅ȡՌڒ͇ߎぶ喑ᅪज㘪ពᆂڣ䉢䛾ᆋ͇ߎ⮱㺳Ⰳ㠰డ喑㐩वᕔߎ叱䛾➖⮱ͨ㺮࠲᠙పڲ๔ಸᆞЮ͇ࣷ⤍仃亝ߍጒЮ͇ᬻ᭫ᰡᑧȡহ䘕ܳੳ͇䨣㵹ܳᩜᱧᲱ喑叱䛾⼌Ռ͇ߎӰ䔈γ叱䛾⣝䉔ጯ౧⮱⌞ࡃࣾᆂ喑̺ϲᰶݖλЮ͇㻱䖬Фᵩ䷻䮖Ƞ䭺ѻ䉱䛾᱙喑ι᭜㗎Ъݣੳ͇䨣㵹⼜Ხᐭᆂ͇̀ᕔ⮱➦㞟ࡃߎ喑ݖ⩕ڣΌᐭ᠀γੳ͇䨣㵹⮱͇ߎ喑⣝䨣Юࣹ䊏ȡ 䉝䰣ฦฦᎡᏓ្ॷ11
ᎡᏓ្ॷጯ౧㐩䔝Market Review*O
UIF JOUFSOBUJPOBM HPME NBSLFU GFBUVSFE EFCU BOE XFBLFOJOH PG UIF 6 4 EPMMBS *O 4FQUFNCFS
VOFYQFDUFE WPMBUJMJUZ XJUI UIF QSJDF TUBOEJOH BU UIF NBSLFU TVGGFSFE GSPN IVHF WPMBUJMJUZ JO QSJDF
XJUI 64% P[ BU UIF GJSTU IBMG PG UIF ZFBS
NPWJOH VQ UP CSFBL BO JOUSB NPOUI ESPQ PG 'SPN UIF FOE PG "VHVTU UIF 64% P[ MFWFM XJUI B 64% SJTF CZ 2 UP UIF CFHJOOJOH PG 4FQUFNCFS
UIF JOUSB EBZ QSJDF 5IF NBSLFU UIFO FYQFSJFODFE B TVEEFO EFDMJOF UP NPWFNFOUT BU UJNFT XFSF 64% P[ 'SPN NJE 64% P[ *OUFSOBUJPOBM TJMWFS QSJDF NPWFNFOUT 4FQUFNCFS GPSXBSE
HPME CFDBNF BO JNQPSUBOU UPPM XFSF FWFO NPSF WPMBUJMF XJUI UIF IJHIFTU ZFBSMZ QSJDF GPS NBOZ JOWFTUNFOU JOTUJUVUJPOT
JODMVEJOH &VSPQFBO SFBDIJOH 64% P[
VQ GSPN UIF CFHJOOJOH PG UIF CBOLT JO EFBMJOH XJUI UIF POHPJOH DSJTJT JO UIF &VSPQFBO ZFBS )PXFWFS
EVSJOH .BZ BOE BHBJO JO 4FQUFNCFS
6OJPO "U UIF FOE PG 4FQUFNCFS
UIF QSJDF ESPQQFE UP TJMWFS ESPQQFE ESBNBUJDBMMZ
BOE UIF ZFBS FOE QSJDF 64% P[
EFDMJOF PWFS UIF IJHI QPJOU PG UIF GFMM UP 64% P[ %FNBOE GPS HPME BOE TJMWFS XBT CFHJOOJOH PG UIF NPOUI 5JMM UIF ZFBS FOE
HPME QSJDFT ESJWFO CZ TUSPOH JOWFTUPS FOUIVTJBTN "U 4(&
UIF FYQFSJFODFE IJHI WPMBUJMJUZ 5IF QSJDF DMPTFE BU BOOVBM USBEJOH WPMVNF PG HPME BOE TJMWFS XFSF 64% P[
VQ 64% P[
PS B SJTF GSPN UIF UPOT BOE
UPOT SFTQFDUJWFMZ
XJUI UPUBM CFHJOOJOH PG UIF ZFBS UVSOPWFS CSFBLJOH UIF 3.# USJMMJPO ZVBO NBSL 5IF *O
UIF EPNFTUJD HPME QSJDF NPWFNFOU BOE MFWFM TUSVDUVSF PG UIF NBSLFU FYQFSJFODFE DPOTJEFSBCMF SFNBJOFE IJHIMZ DPSSFMBUFE XJUI UIF JOUFSOBUJPOBM DIBOHFT 8IJMF HPME SFNBJOFE UIF EPNJOBOU QSPEVDU NBSLFU 5IF TQPU HPME QSJDF PG "V PQFOFE PO 4(&
TJMWFS USBEJOH FYQBOEFE SBQJEMZ PWFS UIF ZFBS
BU ZVBO HSBN
BOE GFMM UP B ZFBSMZ MPX PG CFDPNJOH UIF IJHIMJHIU PG UIF NBSLFU 5IF OVNCFS ZVBO HSBN PO +BOVBSZ 'SPN UIFSF QSJDFT PG JOEJWJEVBM JOWFTUPST HSFX SBQJEMZ XIJMF UIF USBEJOH SFCPVOEFE 5IFSF XBT OPU NVDI WPMBUJMJUZ EVSJOH UIF TJ[F PG NFNCFST
DPNNFSDJBM CBOLT JO QBSUJDVMBS
BOE GJSTU TFWFO NPOUIT #FHJOOJOH JO "VHVTU
UIF QSJDF PG JOTUJUVUJPOBM DMJFOUT DPOUJOVFE JUT TUFBEZ HSPXUI QMBZJOH "V SPTF ESBNBUJDBMMZ
TDPSJOH B SFDPSE IJHI PG BO JODSFBTJOHMZ JNQPSUBOU SPMF JO UIF NBSLFU 4(& ZVBO HSBN PO "VHVTU BOE B TFDPOEBSZ IJHI GVSUIFS FYQBOEFE JUT SPMF PG TFSWJOH JUT NFNCFST BOE QPJOU BU ZVBO HSBN PO 4FQUFNCFS )PXFWFS
DMJFOUT CZ EFMJWFSJOH NPSF UIBO UPOT PG QIZTJDBM PWFS UXP USBEJOH EBZT BU UIF FOE PG 4FQUFNCFS QSJDFT HPME UP JUT DVTUPNFST
B OFX IJTUPSJDBM IJHI 5IJT ZFBS
QMVODHFE GSPN ZVBO HSBN UP ZVBO HSBN *O 2
UIF NBSLFU FOKPZFE B TJHOJGJDBOU HSPXUI JO UIF *OUFS UIF EPXOUVSO DPOUJOVFE TUFQ CZ TUFQ
DMPTJOH BU CBOL QSJDF RVPUBUJPO CVTJOFTT BOE MFBTJOH CVTJOFTT "T ZVBO HSBN PO UIF MBTU USBEJOH EBZ PG 5IF BOOVBM B SFTVMU
4(&ăT JOGMVFODF JO UIF NBSLFU BOE JUT TUBUVT JODSFBTF XBT QFSDFOU BT B MFBEJOH EPNFTUJD USBEJOH QMBUGPSN GPS QSFDJPVT NFUBMT XBT TPMJEJGJFE *O
UIF JOUFSOBUJPOBM HPME QSJDF GMVDUVBUFE XJEFMZ %FNBOE GPS QIZTJDBM HPME TPBSFE
QVTIFE VQ UIF EPNFTUJD TQPU QSJDF BOE UIF SBOHF PG EPNFTUJD BOE JOUFSOBUJPOBM QSJDF EJGGFSFODF FYQBOEFE *O BMM %PNFTUJD HPME QSJDF GPMMPXFE UIF NPWFNFOU USBEJOH EBZT
EPNFTUJD HPME QSJDF XBT ZVBO HSBN PG JOUFSOBUJPOBM HPME QSJDF 5IF IJHIFS UIBO JOUFSOBUJPOBM HPME QSJDF JO EBZT BOE MFWFM PG EPNFTUJD BOE JOUFSOBUJPOBM HPME QSJDF ZVBO HSBN MPXFS GPS MBTU EBZT 5IF BWFSBHF TQSFBE EJGGFSFODF FYQBOEFE XBT ZVBO HSBN
ZVBO HSBN IJHIFS UIBO
(PME QSJDFT IBWF CFFO SJTJOH GPS DPOTFDVUJWF B TJHOJGJDBOU JODSFBTF PG ZFBST BOE JO
UIF QSJDFT NPWFE SBQJEMZ XJUI IJHI EFHSFFT PG WPMBUJMJUZ "U UIF CFHJOOJOH PG UIF ZFBS
UIF *O
UIF JOUFSOBUJPOBM TJMWFS QSJDF GMVDUVBUFE XJEFMZ JOUFSOBUJPOBM HPME QSJDF TUPPE BU 64% P[ BOE EFDMJOFE JO UIF ZFBS USFOE 5IF -POEPO GJYJOH QSJDF 'SPN UIF FOE PG +BOVBSZ BOE TUBSU PG 'FCSVBSZ
UIJT GPS FYBNQMF
JO +BOVBSZ
TUBSUFE BU 64% P[
BOE QSJDF SPTF DPOUJOVPVTMZ GPS UISFF NPOUIT BOE CSPLF DMJNCFE POUP UIF 64% P[ MFWFM BU UIF FOE PG 64% P[ BU UIF FOE PG "QSJM *O UIF FBSMZ TUBHFT PG "QSJM
B IJTUPSJDBM OFX IJHI
OFBSMZ IJHIFS PWFS UIF +VMZ
HPME QSJDFT TPBSFE
CSFBLJOH UIF 64% P[ CFHJOOJOH PG UIF ZFBS 4VCTFRVFOUMZ
UIF QSJDF ESPQQFE MFWFM BOE UPVDIJOH 64% P[ 5IJT XBT BUUSJCVUFE PO UISFF PDDBTJPOT UJNFT UP 64% P[ "U UIF FOE PG UP UIF EFUFSJPSBUJPO BOE TQSFBE PG UIF EFCU DSJTJT JO 4FQUFNCFS
UIF QSJDF PODF BHBJO GFMM GSPN 64% P[ EFWFMPQFE DPVOUSJFT
UIF EPXOHSBEF PG 6 4 TPWFSFJHO UP 64% P[ 5IF QSJDF GPS UIF $0.&9 TJMWFS GVUVSFT 122011 Annual Report
XXX THF DPN DODPOUSBDU ESPQQFE 64% P[ 4JMWFS DMPTFE UIF ZFBS PVU 5SBEJOH WPMVNF IJU SFDPSE 5IF TJMWFS BU 64% P[
BO EFDMJOF PWFS UIF CFHJOOJOH NBSLFU XJUOFTTFE B SBQJE HSPXUI XIJMF HPME PG UIF ZFBS XBT TUJMM UIF MFBEJOH QSPEVDU PG 4(&6OEFS UIF JOGMVFODF PG UIF JOUFSOBUJPOBM QSJDF
*O
UPUBM USBEJOH BNPVOU PG 4(& SFBDIFE UIF EPNFTUJD TJMWFS QSJDF SFNBJOFE BU IJHI MFWFMT USJMMJPO ZVBO
BO JODSFBTF PG UP UIBU PG DPOUJOVPVTMZ GPS UIF GJSTU IBMG PG UIF ZFBS
CVU TUFBEJMZ 5IF NBSLFU EFWFMPQFE RVJUF XFMM EFDMJOFE JO UIF TFDPOE IBMG 5IF QSJDF PG "H 5 %
5IF BOOVBM USBEJOH WPMVNF PG HPME SFBDIFE PQFOFE BU ZVBO LH
NPWFE VQ GPS UISFF UPOT
B OFX SFDPSE BOE ZFBS PO ZFBS SJTF PG DPOTFDVUJWF NPOUIT GSPN UIF MBUF +BOVBSZ MPX PG UPOT
JODSFBTJOH 5IF USBEJOH BNPVOU SFBDIFE ZVBO LH 1SJDFT SFCPVOEFE BOE TPBSFE UP B SFDPSE USJMMJPO ZVBO
B ZFBS PO ZFBS SJTF PG ZVBO LH PO "QSJM *O .BZ
UIF QSJDF CFHBO CJMMJPO ZVBO
JODSFBTJOH 5IF BOOVBM USBEJOH B ESBNBUJD EFDMJOF
MPTJOH PWFS PG JUT WBMVF PWFS WPMVNF PG TJMWFS SFBDIFE UPOT
OFBSMZ B UISFF EBZ QFSJPE *O 4FQUFNCFS
UIF QSJDF ESPQQFE UJNFT UIBU PG 5IF USBEJOH BNPVOU SFBDIFE PODF BHBJO BOE SFBDIFE ZVBO LH
UIF MPXFTU QPJOU USJMMJPO ZVBO
B ZFBS PO ZFBS SJTF PG PG UIF ZFBS :FBS FOE QSJDFT DMPTFE BU ZVBO LH USJMMJPO ZVBO
UJNFT PG 5SBEJOH WPMVNF PG %VSJOH UIF ZFBS
UIF IJHI QSJDF XBT ZVBO LH
MPX QMBUJOVN XBT UPOT
B ZFBS PO ZFBS SJTF PG XBT ZVBO LH
BOE UIF XFJHIUFE BWFSBHF QSJDF XBT UPOT
JODSFBTJOH 5IF USBEJOH BNPVOU SFBDIFE ZVBO LH CJMMJPO ZVBO
BO JODSFBTF PG *O
TJMWFS USBEJOH XBT FYUSBPSEJOBSJMZ BDUJWF 3FUBJM $PNQBSFE XJUI UIF QSFWJPVT ZFBS
UIF HPME NBSLFU JOWFTUPST QSPQFMMFE UIF SJTF PG EPNFTUJD TJMWFS QSJDF
TIBSF EFDMJOFE B CJU
GSPN JO UP ESJWJOH JU DPOUJOVPVTMZ IJHIFS UIBO UIF JOUFSOBUJPOBM TJMWFS JO
CVU SFNBJOFE UIF EPNJOBOU QSPEVDU PG UIF QSJDF 5IF SBOHF PG UIF QSFNJVN PG UIF EPNFTUJD QSJDF NBSLFU
B TJHO PG B TPMJE GPVOEBUJPO PG UIF HPME NBSLFU PWFS UIF JOUFSOBUJPOBM TJMWFS QSJDF GVSUIFS FYQBOEFE GPS #BTFE PO UIF TUFBEZ EFWFMPQNFOU PG UIF HPME NBSLFU
NVDI PG UIF ZFBS *O UIF USBEJOH EBZT PG UIF ZFBS
UIF TJMWFS NBSLFU HSFX SBQJEMZ
XJUI UIF QSPQPSUJPO PG UIF EPNFTUJD TJMWFS QSJDF XBT ZVBO LH IJHIFS UIBO UPUBM NBSLFU JODSFBTJOH GSPN JO UP UIF JOUFSOBUJPOBM QSJDF GPS USBEJOH EBZT BOE JO
BMNPTU IBMG PG UIF NBSLFU TIBSF ZVBO LH MPXFS JO UIF SFTU EBZT 8JUIPVU DPOTJEFSBUJPO JO EJSFDUJPO PG TQSFBE
UIF BWFSBHF TQSFBE XBT ZVBO LH
ZVBO LH PS IJHIFS UIBO UIBU PG %FNBOE PG QIZTJDBM HPME XBT FWFO MBTU ZFBS TUSPOHFS
UIF TQPU NBSLFU EPNJOBODF GVSUIFS "T B QVSFMZ JNQPSUFE NFUBM
QMBUJOVN JT NBJOMZ VTFE NBJOUBJOFE GPS KFXFMSZ GBCSJDBUJPO BOE JOEVTUSJBM BQQMJDBUJPO
XIJMF
(PME USBEJOH FYQFSJFODFE TVCTUBOUJBM HSPXUI
UIF JUT JOWFTUNFOU GVODUJPO JT SBUIFS MJNJUFE .PSFPWFS
UIF TQPU DPOUSBDU HBJOFE GVSUIFS QPQVMBSJUZ QSJDF PG QMBUJOVN XBT SFMBUJWFMZ XFBL
FTQFDJBMMZ JO *O
TQPU HPME USBEFE UPOT
B ZFBS PO SFMBUJPO UP HPME QSJDFT 5IF JOUFSOBUJPOBM QMBUJOVN QSJDF ZFBS JODSFBTF PG UPOT PS
XIJMF UIF PQFOFE BU 64% P[
BOE DMPTFE BU 64% P[
USBEJOH WPMVNF PG EFGFSSFE HPME DPOUSBDUT TISBOL B CJU XJUI UIF IJHIFTU BOE MPXFTU QSJDFT SFBDIJOH 64% 5IF TUBUVT BOE SPMF PG UIF TQPU HPME NBSLFU SFNBJOFE P[ BOE 64% P[ SFTQFDUJWFMZ QSPNJOFOU %PNFTUJD QMBUJOVN QSJDF PQFOFE BU ZVBO HSBN
1IZTJDBM EFNBOE XBT IVHF
XJUI B TVCTUBOUJBM BOE DMPTFE BU ZVBO HSBN %VSJOH UIF ZFBS
UIF JODSFBTF JO QIZTJDBM TUPSBHF BOE EFMJWFSZ WPMVNF IJHIFTU QSJDF XBT ZVBO HSBN
UIF MPXFTU XBT ZVBO HSBN UIF XFJHIUFE BWFSBHF QSJDF XBT *O
HPME QSJDF SPTF SBQJEMZ BOE IJU B SFDPSE IJHI ZVBO HSBN 4QSFBE CFUXFFO EPNFTUJD BOE JOUFSOBUJPOBM 5IF EPNFTUJD QIZTJDBM BOE JOWFTUNFOU EFNBOE GPS QMBUJOVN QSJDF JO XBT TJNJMBS GSPN TQSFBE JO
HPME JODSFBTFE TJHOJGJDBOUMZ 5IF WPMVNF PG 4(& T SFBDIJOH ZVBO HSBN
B ZFBS PO ZFBS SJTF PG QIZTJDBM HPME EFMJWFSZ WPMVNF JODSFBTFE TVCTUBOUJBMMZ
ZVBO HSBN PS SFBDIJOH UPOT
VQ UPOT
B ZFBS PO 䉝䰣ฦฦᎡᏓ្ॷ13
ᎡᏓ្ॷጯ౧㐩䔝Market ReviewZFBS SJTF PG 5IF /FX :FBS IPMJEBZ
4QSJOH *OTUJUVUJPOT XFSF UIF EPNJOBOU GPSDF PG UIF 'FTUJWBM UPHFUIFS XJUI UIF $IJOB T /BUJPOBM %BZ NBSLFU IPMJEBZ XFSF JNQPSUBOU PDDBTJPOT GPS UIF $IJOFTF UP *O
4(& HSBOUFE OFX GPSFJHO NFNCFSTIJQ DPOTVNF UIF ZFMMPX NFUBM 5IF EPNFTUJD QIZTJDBM HPME MJDFOTFT UP +1 .PSHBO $IBTF
#BSDMBZT $BQJUBM BOE TUPSBHF WPMVNF SFBDIFE UPOT
B ZFBS PO 60# #Z UIF FOE PG MBTU ZFBS
4(& IBE BMUPHFUIFS ZFBS JODSFBTF PG UPOT PS .FBOXIJMF
NFNCFST GJOBODJBM NFNCFST
HFOFSBM NFNCFST 1#$ BQQSPWFE B OVNCFS PG CBOLJOH DPSQPSBUJPOT UP BOE QSJODJQBM NFNCFST
JOTUJUVUJPOBM DMJFOUT BOE JNQPSU HPME
XIJDI XBT B CJH TVQQPSU GPS UIFTF CBOLT UP NJMMJPO JOEJWJEVBM JOWFTUPST VQHSBEF UIFJS BCJMJUZ JO DPOUSPMMJOH UIF NBSLFU SJTL *OTUJUVUJPOT TUJMM EPNJOBUFE UIF NBSLFU PG 4(& *O
5IF EFMJWFSZ GVODUJPO PG UIF EFGFSSFE USBEJOH UIF UPUBM USBEJOH BNPVOU PG JOTUJUVUJPOBM DMJFOUT SFBDIFE SFBMJ[FE
XJUI UIF EFMJWFSZ SBUJP IJHIMZ FYDFFEJOH UIBU PG USJMMJPO ZVBO
PG UIF UPUBM NBSLFU TIBSF
UIF EPNFTUJD GVUVSFT NBSLFU XIJMF UIF UPUBM USBEJOH BNPVOU PG JOEJWJEVBM DMJFOUT *O
UIF QIZTJDBM EFMJWFSZ WPMVNF PG UIF EFGFSSFE SFBDIFE USJMMJPO ZVBO
PG UIF UPUBM NBSLFU HPME USBEJOH SFBDIFE UPOT
B ZFBS PO ZFBS TIBSF "OPUIFS JOUFSFTUJOH GFBUVSF XBT UIBU XIJMF SJTF PG UPOT
PS 5IF EFMJWFSZ SBUJP XBT JOTUJUVUJPOT QMBZFE B EPNJOBUJOH SPMF JO UIF HPME NBSLFU
B HPPE JOEJDBUJPO PG UIF QFSGFDU DPNCJOBUJPO JOEJWJEVBMT CFDBNF UIF NBJO QBSUJDJQBOUT PG UIF TJMWFS PG UIF JOWFTUNFOU GVODUJPO BOE UIF TQPU NBSLFU GFBUVSF NBSLFU CPBTUFE CZ UIF EFGFSSFE QSPEVDUT *O DPNQBSJTPO
UIF 1SPQSJFUBSZ CVTJOFTT BOE BHFODZ CVTJOFTT XFSF UIF BOOVBM USBEJOH WPMVNF PG UIF EPNFTUJD GVUVSFT HPME NBJO QBSU PG USBEJOH *O
QSPQSJFUBSZ USBEJOH WPMVNF NBSLFU UPUBMFE UPOT
XJUI JUT EFMJWFSZ WPMVNF PG NFNCFST SFBDIFE UPOT
B ZFBS PO ZFBS SFBDIJOH NFSFMZ LH JODSFBTF PG "HFODZ USBEJOH WPMVNF SFBDIFE *O UIF DBTF PG TJMWFS
UIF USBEJOH WPMVNF PG UIF TQPU UPOT
B ZFBS PO ZFBS JODSFBTF PG DPOUSBDU XBT POMZ UPOT BOE UIF SFTU BMM CFMPOHFE 5IF HPME USBEJOH WPMVNF PG JOEJWJEVBM DMJFOUT SFBDIFE UP UIF EFGFSSFE DPOUSBDUT 5IF EFMJWFSZ WPMVNF PG UIF UPOT
B ZFBS PO ZFBS JODSFBTF PG
TJMWFS DPOUSBDUT SFBDIFE UPOT
UJNFT PG PG UIF UPUBM NBSLFU TIBSF
XIJMF UIF HPME BHFODZ UIF QSFWJPVT ZFBS
IPXFWFS
UIF EFMJWFSZ SBUJP XBT KVTU USBEJOH WPMVNF PG JOTUJUVUJPOT SFBDIJOH UPOT
B
B SBUIFS MPX MFWFM ZFBS PO ZFBS JODSFBTF PG *OEJWJEVBM DMJFOUT QMBZFE B EPNJOBUF SPMF JO UIF TJMWFS NBSLFU
XJUI BOOVBM WPMVNF SFBDIJOH UPOT
%FGFSSFE QSPEVDUT XFSF TUJMM UIF MFBEJOH UJNFT PG
PG UIF UPUBM TJMWFS USBEJOH QSPEVDUT PG 4(& WPMVNF 5IF BOOVBM TJMWFS USBEJOH WPMVNF PG JOTUJUVUJPOT *O
UIF EFGFSSFE HPME DPOUSBDUT USBEFE XFSF POMZ UPOT
PG UIF UPUBM TJMWFS UPOT
B ZFBS PO ZFBS JODSFBTF PG UPOT PS USBEJOH WPMVNF
PG UIF UPUBM NBSLFU TIBSF 5IF SBUJP CFUXFFO TQPU BOE EFGFSSFE USBEJOH PG HPME SFBDIFE
B TMJHIU ESPQ UIBO UIBU PG 5IF FOE PG 3FMBUJWFMZ SBQJE HSPXUI JO HPME CVTJOFTT PG UIF ZFBS QPTJUJPOT XFSF UPOT
B ZFBS PO ZFBS DPNNFSDJBM CBOLT
XJUI EJWFSTJGJFE TQFDJFT PG JODSFBTF PG UPOT PS 5IF EFGFSSFE TJMWFS CBOLT BOE HSBEVBM GPSNBUJPO PO EPNJOBODF DPOUSBDUT USBEFE UPOT
UJNFT PG
PG DPNNFSDJBM CBOLT JO NBSLFU TUSVDUVSF PG UIF UPUBM NBSLFU TIBSF 5IF FOE PG UIF
4JHOJGJDBOU FYQBOTJPO JO NBSLFU TIBSF PG DPNNFSDJBM ZFBS QPTJUJPOT ESPQQFE GSPN UIF IJHIFTU MFWFM PG CBOLT BOE USBOTGPSNBUJPO PG NBSLFU TUSVDUVSF UP UPOT UP UPOT UJMM UIF ZFBS FOE
B ZFBS PO ZFBS DPNNFSDJBM CBOLT BT NBKPS NBSLFU GPSDF JODSFBTF PG UPOT PS *O
DPNNFSDJBM CBOLT HPME CVTJOFTT JODSFBTFE 5PUBM CBOL HPME USBEJOH WPMVNF SFBDIFE UPOT
B ZFBS PO ZFBS SJTF PG UPOT PS 5IJT 142011 Annual Report
XXX THF DPN DOSFQSFTFOUFE PG UIF UPUBM NBSLFU TIBSF
BO EFWFMPQFE TMPXMZ 5PUBM HPME USBEJOH WPMVNF PG HFOFSBM JODSFBTF PG *UT QSPQSJFUBSZ CVTJOFTT WPMVNF NFNCFST SFBDIFE UPOT
JODSFBTF GSPN SFBDIFE UPOT
IJHIFS UIBO UIBU PG MBTU MBTU ZFBS
PG UIF UPUBM NBSLFU TIBSF
B TMJHIU ZFBS #BOLTă BHFODZ USBEJOH WPMVNF UPUBMFE ESPQ GSPN PG UIF QSFWJPVT ZFBS 'PS UIF ZFBS
UPOFT
IJHIFS UIBO UIBU PG MBTU ZFBS USBEJOH WPMVNF PG HFOFSBM NFNCFST QSJODJQBM CVTJOFTT XBT UPOT
IJHIFS UIBO UIBU PG MBTU ZFBS
*O .BSDI
4(& T JOUFS CBOL QSJDF RVPUBUJPO NBSLFU XIJMF JUT BHFODZ USBEJOH WPMVNF TUPPE BU UPOT
CFHBO UFTUJOH
QSPWJEJOH FBTJFS BDDFTT GPS UIF MPXFS UIBO UIBU PG MBTU ZFBS DPNNFSDJBM CBOLT UP DPOEVDU CMPDL USBEF CVTJOFTT #Z UIF FOE PG UIF ZFBS
UIJT USBEJOH WPMVNF SFBDIFE UPOT
UPOT PS NPSF UIBO UIBU PG MBTU ZFBS 7PMVNF PG MFBTF BOE NPSUHBHF CVTJOFTT
%JWFSTJGJDBUJPO PG DPNNFSDJBM CBOLT FOHBHFE NVMUJQMFE XJUI GVSUIFS FOIBODFE NBSLFU JO USBOTBDUJPO CVTJOFTT XJUI JODSFBTJOHMZ BDUJWF GVODUJPO QBSUJDJQBUJPO PG $IJOFTF DPNNFSDJBM CBOLT
CBOLJOH 5IJT ZFBS
4(& XJUOFTTFE B CJH SJTF JO CPUI DBQJUBM DPSQPSBUJPO BOE SFHJPOBM DPNNFSDJBM CBOLTDMFBSJOH BOE QIZTJDBM TFUUMFNFOU 5IF UPUBM BNPVOU GPS "T CVTJOFTT PG DPNNFSDJBM CBOLT FYQBOEFE JO BMM DBQJUBM DMFBSJOH XBT 3.# CJMMJPO ZVBO
B ZFBS BTQFDUT
QBSUJDJQBUJPO PG DPNNFSDJBM CBOLT HSBEVBMMZ PO ZFBS JODSFBTF PG 1IZTJDBM TFUUMFNFOU EJWFSTJGJFE WPMVNF PG HPME
TJMWFS BOE QMBUJOVN UPUBMFE UPOT
UPOT BOE UPOT
SFTQFDUGVMMZ
B *O CBOLT QSPQSJFUBSZ CVTJOFTT
EPNFTUJD DPNNFSDJBM SFTQFDUJWF ZFBS PO ZFBS JODSFBTF PG
BOE CBOLT EPNJOBUFE UIF NBSLFU *O
USBEJOH WPMVNF PG QSPQSJFUBSZ CVTJOFTT CZ *$#$
"#$
#0$ BOE $$# UPUBMFE UPOT
B ZFBS PO ZFBS SJTF PG
*O
MFBTF BOE NPSUHBHF CVTJOFTT PG HPME BDDPVOUJOH GPS PG QSPQSJFUBSZ CVTJOFTT PG BMM EFWFMPQFE GVSUIFS .BSLFU QMBZFST XFSF EJWFSTJGJFE CBOLT GPSFJHO CBOLT
$IJOFTF DPNNFSDJBM CBOLT BOE DPSQPSBUJPOT UPPL BDUJWF QBSUT JO USBEJOH -FBTF BOE 3FUBJM CVTJOFTT PG CBOLJOH DPSQPSBUJPO BOE SFHJPOBM CMPDL USBEJOH CVTJOFTTFT XFSF GVSUIFS BDUJWBUFE UP NFFU DPNNFSDJBM CBOLT EFWFMPQFE BDUJWFMZ 5IFTF CBOLT NFNCFST EFNBOE *O
DPNNFSDJBM CBOLT MFOU PVU BDUJWFMZ QVSTVFE SFUBJM CVTJOFTT BOE CFDBNF NBKPS UPOT PG HPME
NPSF UIBO UIBU PG MBTU ZFBS GPSDFT JO SFUBJM BHFODZ CVTJOFTT PG HPME BOE TJMWFS &MFWFO $IJOFTF BOE UXP GPSFJHO DPNNFSDJBM CBOLT "OOVBM BHFODZ HPME USBEJOH WPMVNF UPUBMFE GVSUIFS EFWFMPQFE UIFJS HPME MFBTJOH CVTJOFTT 5IF UPOT
OFBSMZ UJNFT UIBU PG UIF WPMVNF DPOEVDUFE CZ CPSSPXJOH QBSUJFT XFSF UIF EPNFTUJD NBKPS HPME NJOJOH UIPTF CJH GPVS CBOLT DPSQPSBUJPOT
KFXFMSZ QSPEVDFST BOE DPNNFSDJBM CBOL 'PSFJHO CBOL NFNCFST CFDBNF BDUJWF QBSUJDJQBOUT JO CSBODIT 5IF HPME MFBTJOH CVTJOFTT IBT CPPTUFE UIF UIF NBSLFU *O
UISFF OFX GPSFJHO CBOL NFNCFST EFWFMPQNFOU PG UIF DPVOUSZ T HPME NBSLFU CZ IFMQJOH KPJOFE 4(& BOE UIF CVTJOFTT TDPQF PG UIF GPSFJHO CBOL UIF FOUFSQSJTFT SFEVDF UIF DBQJUBM DPTU BOE DPOUSPM NFNCFST IBT CFFO FYQBOEFE GSPN UIF TQPU DPOUSBDUT UIF QSJDF SJTL XIJMF FYQBOEJOH UIF DPNNFSDJBM CBOLT UP UIF EFGFSSFE CVTJOFTT 0WFS UIF ZFBS
UIF UPUBM HPME CVTJOFTT TDPQF USBEJOH WPMVNF PG UIF GPSFJHO CBOL NFNCFST SFBDIFE UPOT
B ZFBS PO ZFBS SJTF PG UPOT BOE BDDPVOUFE GPS PG UIF UPUBM CBOLT QSPQSJFUBSZ CVTJOFTT "/; BOE )4#$ IBWF CFFO SBOLFE UPQ JO UFSNT PG UIF DPNNFSDJBM CBOLT QSPQSJFUBSZ CVTJOFTT
4MPX HSPXUI JO QSPQSJFUBSZ BOE BHFODZ CVTJOFTT PG HFOFSBM NFNCFST XJUI ESBNBUJD EFDSFBTF JO NBSLFU TIBSF*O
HPME USBEJOH CVTJOFTT PG HFOFSBM NFNCFST 䉝䰣ฦฦᎡᏓ្ॷ15
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reportsϑ䛼5SBEJOH 7PMVNFࢂѺ喟ࡰٸ LH
ϑ䛼 ڕᎡ ̭ᰵ ιᰵ ̶ᰵ ఈᰵ ρᰵ ښᰵ 7PMVNF "OOVBM +BOVBSZ 'FCSVBSZ .BSDI "QSJM .BZ +VOF "V
"V
"V H
"V H 叱䛾䄏Ф(PME *ORVJSZ
䄏Ф*ORVJSZ "V
䄏Ф*ORVJSZ "V 䄏Ф*ORVJSZ "V H "V 5 %
"V 5 /
"V 5 /
叱䛾व䃎5PUBM (PME
1U
"H
"H
"H 5 %
⮪䨣व䃎5PUBM 4JMWFS
ϑ䛼 ڕᎡ ̰ᰵ ژᰵ Ίᰵ ᰵ ̭ᰵ ιᰵ 7PMVNF "OOVBM +VMZ "VHVTU 4FQUFNCFS 0DUPCFS /PWFNCFS %FDFNCFS "V
"V
"V H
"V H 叱䛾䄏Ф(PME *ORVJSZ
䄏Ф*ORVJSZ "V
䄏Ф*ORVJSZ "V 䄏Ф*ORVJSZ "V H "V 5 %
"V 5 /
"V 5 /
叱䛾व䃎5PUBM (PME
1U
"H
"H
"H 5 %
⮪䨣व䃎5PUBM 4JMWFS
162011 Annual Report
XXX THF DPN DOϑ䛾䷊5SBEJOH "NPVOUࢂѺ喟Ϭٰ NJMMJPO ZVBO
ϑ䛾䷊ ڕᎡ ̭ᰵ ιᰵ ̶ᰵ ఈᰵ ρᰵ ښᰵ "NPVOU "OOVBM +BOVBSZ 'FCSVBSZ .BSDI "QSJM .BZ +VOF "V
"V
"V H "V H 叱䛾䄏Ф(PME *ORVJSZ 䄏Ф*ORVJSZ "V 䄏Ф*ORVJSZ "V 䄏Ф*ORVJSZ "V H "V 5 %
"V 5 /
"V 5 /
叱䛾व䃎5PUBM (PME
1U "H "H "H 5 %
⮪䨣व䃎5PUBM 4JMWFS
ϑ䛾䷊ ڕᎡ ̰ᰵ ژᰵ Ίᰵ ᰵ ̭ᰵ ιᰵ "NPVOU "OOVBM +VMZ "VHVTU 4FQUFNCFS 0DUPCFS /PWFNCFS %FDFNCFS "V
"V
"V H "V H 叱䛾䄏Ф(PME *ORVJSZ 䄏Ф*ORVJSZ "V 䄏Ф*ORVJSZ "V 䄏Ф*ORVJSZ "V H "V 5 %
"V 5 /
"V 5 /
叱䛾व䃎5PUBM (PME
1U "H "H "H 5 %
⮪䨣व䃎5PUBM 4JMWFS
䉝䰣ฦฦᎡᏓ្ॷ17
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reports叱䛾ϑᭀắۢ(PME 5SBEJOH 4QFDJGJDBUJPO ϑᭀ䬡 ϑ䛼喍ࡰٸ喎 ϑ䛾䷊喍Ϭٰ喎 ϑᭀᬒ ᬒϑᭀ䛼 ࡰٸ喎 ߍᱰᎠФ喍ٰ ٸ喎 .POUI 7PMVNF LH
"NPVOU NJMMJPO ZVBO
%BZT %BJMZ 5SBEJOH 7PMVNF LH
8FJHIUFE "WFSBHF 1SJDF ZVBO H
व䃎5PUBM
∕喟叱䛾ߍᱰᎠФͧ"V ⮱ߍᱰᎠФ/PUF 8FJHIUFE "WFSBHF 1SJDF PG (PME SFGFST UP "V T 8FJHIUFE "WFSBHF 1SJDF182011 Annual Report
XXX THF DPN DO䧯䛾ϑᭀắۢ1MBUJOVN 5SBEJOH 4QFDJGJDBUJPO ϑᭀ䬡 ϑ䛼喍ࡰٸ喎 ϑ䛾䷊喍Ϭٰ喎 ϑᭀᬒ ᬒϑᭀ䛼 ࡰٸ喎 ߍᱰᎠФ喍ٰ ٸ喎 .POUI 7PMVNF LH
"NPVOU NJMMJPO ZVBO
%BZT %BJMZ 5SBEJOH 7PMVNF LH
8FJHIUFE "WFSBHF 1SJDF ZVBO H
व䃎5PUBM
䉝䰣ฦฦᎡᏓ្ॷ19
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reports⮪䨣ϑᭀắۢ4JMWFS 5SBEJOH 4QFDJGJDBUJPO ϑᭀ䬡 ϑ䛼喍ࡰٸ喎 ϑ䛾䷊喍Ϭٰ喎 ϑᭀᬒ ᬒϑᭀ䛼 ࡰٸ喎 ߍᱰᎠФ喍ٰ ࡰٸ喎 .POUI 7PMVNF LH
"NPVOU NJMMJPO ZVBO
%BZT %BJMZ 5SBEJOH 7PMVNF LH
8FJHIUFE "WFSBHF 1SJDF ZVBO LH
व䃎5PUBM
∕喟⮪䨣ߍᱰᎠФͧ"H 5 %
⮱ߍᱰᎠФ/PUF 8FJHIUFE "WFSBHF 1SJDF PG 4JMWFS SFGFST UP "H 5 %
T 8FJHIUFE "WFSBHF 1SJDF㜗㥒А⤳ᗲۢ㶕1SJODJQBM "HFODZ 5SBEJOH 4QFDJGJDBUJPO ϑ䛼7PMVNF喍ॕU喎 ϑ䛾䷊"NPVOU喍Ϭٰ NJMMJPO ZVBO喎 ৮ 㜗㥒 А⤳℁喍䛼喎7BSJFUZ1SJODJQBM "HFODZ 5SBEJOH 7PMVNF ڕ䘕 5PUBM 㜗㥒1SJODJQBM А⤳"HFODZ ڕ䘕 5PUBM 㜗㥒1SJODJQBM А⤳"HFODZ 叱䛾व䃎5PUBM (PME
1U Ν#VZFS
⮪䨣व䃎5PUBM 4JMWFS
202011 Annual Report
XXX THF DPN DOчঅϑ䛾䷊ݺιऺ喍叱䛾 䧯䛾 ⮪䨣喎5PQ .FNCFST 5SBEJOH "NPVOU (PME 1MBUJOVN 4JMWFS
ࢂѺ喟Ϭٰ NJMMJPO ZVBO
Ꮌ ϑ䛾䷊5PUBM Νڒ䛾䷊#VZ ࢃܧ䛾䷊4FMM त чঅキ⼝ ϑ䛾䷊ ℁䛺 чঅキ⼝ Νڒ䛾䷊ ℁䛺 чঅキ⼝ ࢃܧ䛾䷊ ℁䛺 /P .FNCFS T /BNF "NPVOU 1SPQPSUJPO .FNCFS T /BNF "NPVOU 1SPQPSUJPO .FNCFS T /BNF "NPVOU 1SPQPSUJPO ጒੳ䨣㵹
ጒੳ䨣㵹
ጒੳ䨣㵹
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ڡ͇䨣㵹
ڡ͇䨣㵹
ڡ͇䨣㵹
*OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE ͚ప䨣㵹
͚ప䨣㵹
͚ప䨣㵹
#BOL PG $IJOB #BOL PG $IJOB #BOL PG $IJOB ⌞ࣾᆂ
⌞ࣾᆂ
⌞ࣾᆂ
4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO %FWFMPQNFOU #BOL ᕿ͝䨣㵹
᠈ੳ䨣㵹 ۉ͇䨣㵹 &WFSHSPXJOH #BOL $IJOB .FSDIBOUT #BOL "HSJDVMUVSBM #BOL PG $IJOB ᠈ੳ䨣㵹
ᕿ͝䨣㵹 ᕿ͝䨣㵹 $IJOB .FSDIBOUT #BOL &WFSHSPXJOH #BOL &WFSHSPXJOH #BOL ۉ͇䨣㵹
ϑ䕇䨣㵹 ᠈ੳ䨣㵹 "HSJDVMUVSBM #BOL PG $IJOB#BOL PG $PNNVOJDBUJPOT$IJOB .FSDIBOUT #BOL ϑ䕇䨣㵹
ۉ͇䨣㵹 ℾ⩌䨣㵹 #BOL PG $PNNVOJDBUJPOT"HSJDVMUVSBM #BOL PG $IJOB$IJOB .JOTIFOH #BOLJOH $PSQ
-UE ᆞ͉ᕿ䗓
⊓ࣾ䨣㵹 ϑ䕇䨣㵹 4IBOEPOH )VNPO 4NFMUJOH $P
-UE 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL #BOL PG $PNNVOJDBUJPOT ℾ⩌䨣㵹
ᆞ͉ᕿ䗓 ᆞ͉ᕿ䗓 $IJOB .JOTIFOH #BOLJOH $PSQ
-UE 4IBOEPOH )VNPO 4NFMUJOH $P
-UE 4IBOEPOH )VNPO 4NFMUJOH $P
-UE ⊓ࣾ䨣㵹
ℾ⩌䨣㵹 ⊓ࣾ䨣㵹 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL $IJOB .JOTIFOH #BOLJOH $PSQ
-UE 4 IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL ⌞䛾㲺 ͚ప叱䛾 ⌞䛾㲺 4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS $IJOB /BUJPOBM (PME $PSQPSBUJPO 4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS ͚ప叱䛾 ⌞䛾㲺 ͚ప叱䛾 $IJOB /BUJPOBM (PME $PSQPSBUJPO 4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS $IJOB /BUJPOBM (PME $PSQPSBUJPO ᠈䛾䯳ఏ ᠈䛾䯳ఏ ᆞ͉͇ ;IBPKJO (SPVQ $P
-UE ;IBPKJO (SPVQ $P
-UE 4IBOHEPOH .JOJOH $P
-UE ̷⊤䨣㵹 ̷⊤䨣㵹 ᠈䛾䯳ఏ #BOL PG 4IBOHIBJ #BOL PG 4IBOHIBJ ;IBPKJO (SPVQ $P
-UE ᐧ䃫䨣㵹 ᐧ䃫䨣㵹 ̷⊤䨣㵹 $IJOB $POTUSVDUJPO #BOL $IJOB $POTUSVDUJPO #BOL#BOL PG 4IBOHIBJ ᆞ͉͇ ٶ๔䨣㵹 Ꭼ͉䛾吻 4IBOHEPOH .JOJOH $P
-UE $IJOB &WFSCSJHIU #BOL (VBOHEPOH +JO %JOH (PME $P
-UE Ꭼ͉䛾吻 ⅴ͝䨣㵹 ᐧ䃫䨣㵹 (VBOHEPOH +JO %JOH (PME $P
-UE )4#$ $IJOB $POTUSVDUJPO #BOL ٶ๔䨣㵹 ⓠ䨣㵹 ٶ๔䨣㵹 $IJOB &WFSCSJHIU #BOL "/; $IJOB &WFSCSJHIU #BOL ⓠ䨣㵹 Ꭼ͉䛾吻 ⓠ䨣㵹 "/; (VBOHEPOH +JO %JOH (PME $P
-UE "/; व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
䉝䰣ฦฦᎡᏓ្ॷ21
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reportsчঅ叱䛾ϑ䛼ݺιऺ5PQ .FNCFST (PME 5SBEJOH 7PMVNFࢂѺ喟ࡰٸ LH
Ꮌ ϑᕨ䛼5PUBM Νڒ䛼#VZ ࢃܧ䛼4FMM त чঅキ⼝ ϑ䛼 ℁䛺 чঅキ⼝ Νڒ䛼 ℁䛺 чঅキ⼝ ࢃܧ䛼 ℁䛺 /P .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO ͚ప䨣㵹
ጒੳ䨣㵹
͚ప䨣㵹
#BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB #BOL PG $IJOB ጒੳ䨣㵹
͚ప䨣㵹
ጒੳ䨣㵹
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB#BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ڡ͇䨣㵹
ڡ͇䨣㵹
ڡ͇䨣㵹
*OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE ۉ͇䨣㵹
ۉ͇䨣㵹
ۉ͇䨣㵹
"HSJDVMUVSBM #BOL PG $IJOB "HSJDVMUVSBM #BOL PG $IJOB "HSJDVMUVSBM #BOL PG $IJOB ϑ䕇䨣㵹
ϑ䕇䨣㵹
ϑ䕇䨣㵹
#BOL PG $PNNVOJDBUJPOT #BOL PG $PNNVOJDBUJPOT #BOL PG $PNNVOJDBUJPOT ͚ప叱䛾
͚ప叱䛾
⊓ࣾ䨣㵹
$IJOB /BUJPOBM (PME $PSQPSBUJPO $IJOB /BUJPOBM (PME $PSQPSBUJPO 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL ⊓ࣾ䨣㵹
⊓ࣾ䨣㵹
ᆞ͉͇
4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL 4IBOHEPOH .JOJOH $P
-UE ᐧ䃫䨣㵹
ᐧ䃫䨣㵹
͚ప叱䛾
$IJOB $POTUSVDUJPO #BOL $IJOB $POTUSVDUJPO #BOL $IJOB /BUJPOBM (PME $PSQPSBUJPO ̷⊤䨣㵹
᠈ੳ䨣㵹
ᐧ䃫䨣㵹
#BOL PG 4IBOHIBJ $IJOB .FSDIBOUT #BOL $IJOB $POTUSVDUJPO #BOL ᆞ͉͇
̷⊤䨣㵹
̷⊤䨣㵹
4IBOHEPOH .JOJOH $P
-UE #BOL PG 4IBOHIBJ #BOL PG 4IBOHIBJ ᠈ੳ䨣㵹
ⅴ͝䨣㵹
᠈ੳ䨣㵹
$IJOB .FSDIBOUT #BOL )4#$ $IJOB .FSDIBOUT #BOL ⓠ䨣㵹
ⓠ䨣㵹
ⓠ䨣㵹
"/; "/; "/; ⅴ͝䨣㵹
⌞ࣾᆂ
ⅴ͝䨣㵹
)4#$ 4IFO[IFO %FWFMPQNFOU #BOL )4#$ ⌞ౠфᕿ䮳
⌞ౠ㔍㐬
⌞ౠфᕿ䮳
4IFO[IFO ;IPOHIFOHMPOH *OEVTUSJBM $P
-UE 4IFO[IFO $VJMW +FXFMMFSZ $P
-UE 4IFO[IFO ;IPOHIFOHMPOH *OEVTUSJBM $P
-UE ᠈䛾䯳ఏ
㔮ܑ⺒
ℾ⩌䨣㵹
;IBPKJO (SPVQ $P
-UE -BP 'FOH 9JBOH $IJOB .JOTIFOH #BOLJOH $PSQ
-UE ⌞ࣾᆂ
⌞ౠфᕿ䮳
᠈䛾䯳ఏ
4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO ;IPOHIFOHMPOH *OEVTUSJBM $P
-UE ;IBPKJO (SPVQ $P
-UE ℾ⩌䨣㵹
᠈䛾䯳ఏ
͚䛾㗎Ъ
$IJOB .JOTIFOH #BOLJOH $PSQ
-UE ;IBPKJO (SPVQ $P
-UE ;IPOHKJO (PME $P
-UE ͚䛾͇
ᆞ͉͇
͚䛾͇
;IPOHLVBOH (PME *OEVTUSZ -JNJUFE $PNQBOZ4IBOHEPOH .JOJOH $P
-UE ;IPOHLVBOH (PME *OEVTUSZ -JNJUFE $PNQBOZ ⌞ౠ㔍㐬
͚䛾͇
▢ᵽ䒶
4IFO[IFO $VJMW +FXFMMFSZ $P
-UE ;IPOHLVBOH (PME *OEVTUSZ -JNJUFE $PNQBOZ -JOHCBP 5POHIVJ (PME 3FGJOFSZ $P
-UE 㔮ܑ⺒
ℾ⩌䨣㵹
㉘䛾͇
-BP 'FOH 9JBOH $IJOB .JOTIFOH #BOLJOH $PSQ
-UE ;JKJO .JOJOH *OEVTUSZ $P
-UE व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
222011 Annual Report
XXX THF DPN DOчঅ䧯䛾ϑ䛼ݺऺ5PQ .FNCFST 1MBUJOVN 5SBEJOH 7PMVNFࢂѺ喟ࡰٸ LH
Ꮌ Νڒ䛼#VZ 㜗㥒䛼1SJODJQBM А⤳䛼"HFODZ त чঅキ⼝ Νڒ䛼 ℁䛺 чঅキ⼝ 㜗㥒䛼 ℁䛺 чঅキ⼝ А⤳䛼 ℁䛺 /P .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO ጒੳ䨣㵹
⊆ᬻ❹
ጒੳ䨣㵹
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ;IFKJBOH .JOH 1BJ +FXFMMFSZ $P
-UE *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ࡄϙ๔ᓤ
㔮ܑ⺒
ࡄϙ๔ᓤ
#FJKJOH %BEFYJOGV +FXFMMFSZ 4UPSF $P
-UE -BP 'FOH 9JBOH #FJKJOH %BEFYJOGV +FXFMMFSZ 4UPSF $P
-UE ⊆ᬻ❹
ᰶⵁϬ䛾
͚ప䨣㵹
;IFKJBOH .JOH 1BJ +FXFMMFSZ $P
-UE :PVZBO :JKJO /FX .BUFSJBM $P
-UE #BOL PG $IJOB ͚ప䨣㵹
䉢ⵁ䧯͇
⌞ౠ㔍㐬
#BOL PG $IJOB 4JOP QMBUJOVN .FUBMT $P
-UE 4IFO[IFO $VJMW (PME $P
-UE 㔮ܑ⺒
̷⊤䉧ݖℼ ⌞ࣾᆂ
-BP 'FOH 9JBOH 4IBOHIBJ )FSBFVT 4IFO[IFO %FWFMPQNFOU #BOL ᰶⵁϬ䛾
⌞ౠ⺼ Ꭼ͉㇑ :PVZBO :JKJO /FX .BUFSJBM $P
-UE 4IFO[IFO #BPGV +FXFMMFSZ $P
-UE ( VBOHEPOH :VFCBP (PME *OWFTUNFOU $P
-UE 䉢ⵁ䧯͇
ࡄϙ㤉⮫ ͚ప叱䛾 4JOP QMBUJOVN .FUBMT $P
-UE #FJKJOH $BJTIJLPV %FQBSUNFOU 4UPSF $P
-UE $IJOB /BUJPOBM (PME $PSQPSBUJPO ⌞ౠ㔍㐬
⌞ౠ⺼县 㔮Ꮖ叱䛾 4IFO[IFO $VJMW (PME $P
-UE 4IFO[IFO 'VRJ +FXFMMFSZ $P
-UE 4IBOHIBJ -BP .JBP (PME $P
-UE ⌞ࣾᆂ
⌞ౠ㇑䆗 ͉㣋䛾哆 4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO :VFIBP +FXFMMFSZ $P
-UE %POHHVBO +JO -POH +FXFMMFSZ $P
-UE Ꭼ͉㇑ ⌞ౠ⮫❢ ፥ጋ⦋䨣 (VBOHEPOH :VFCBP (PME *OWFTUNFOU $P
-UE 4IFO[IFO #BJKVF *OEVTUSJBM $P
-UE $IBOH[IPV 3VJZJOIVJYJO (PME $P
-UE व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
䉝䰣ฦฦᎡᏓ្ॷ23
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reportsчঅ⮪䨣ϑ䛼ݺऺ5PQ .FNCFST 4JMWFS 5SBEJOH 7PMVNFࢂѺ喟ࡰٸ LH
Ꮌ Νࢃᕨ䛼5PUBM Νڒ䛼#VZ ࢃܧ䛼4FMM त чঅキ⼝ Νࢃᕨ䛼 ℁䛺 чঅキ⼝ Νڒ䛼 ℁䛺 чঅキ⼝ ࢃܧ䛼 ℁䛺 /P .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO ጒੳ䨣㵹
ጒੳ䨣㵹
ጒੳ䨣㵹
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ڡ͇䨣㵹
ڡ͇䨣㵹
ڡ͇䨣㵹
*OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE ⌞ࣾᆂ
⌞ࣾᆂ
⌞ࣾᆂ
4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO %FWFMPQNFOU #BOL ᕿ͝䨣㵹
ᕿ͝䨣㵹
ᕿ͝䨣㵹
&WFSHSPXJOH #BOL &WFSHSPXJOH #BOL &WFSHSPXJOH #BOL ᠈ੳ䨣㵹
᠈ੳ䨣㵹
᠈ੳ䨣㵹
$IJOB .FSDIBOUT #BOL $IJOB .FSDIBOUT #BOL $IJOB .FSDIBOUT #BOL ᆞ͉ᕿ䗓
ᆞ͉ᕿ䗓
ᆞ͉ᕿ䗓
4IBOEPOH )VNPO 4NFMUJOH $P
-UE 4IBOEPOH )VNPO 4NFMUJOH $P
-UE 4IBOEPOH )VNPO 4NFMUJOH $P
-UE ℾ⩌䨣㵹
⌞䛾㲺
ℾ⩌䨣㵹
$IJOB .JOTIFOH #BOLJOH $PSQ
-UE 4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS $IJOB .JOTIFOH #BOLJOH $PSQ
-UE ⌞䛾㲺
ℾ⩌䨣㵹
⌞䛾㲺
4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS $ IJOB .JOTIFOH #BOLJOH $PSQ
-UE 4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS ᆞ͉䛾݈
ᆞ͉䛾݈
ᆞ͉䛾݈
4IBOEPOH +*O $IVBOH $P
-UE 4IBOEPOH +*O $IVBOH $P
-UE 4IBOEPOH +*O $IVBOH $P
-UE Ꭼ͉䛾吻
Ꭼ͉䛾吻
Ꭼ͉䛾吻
(VBOHEPOH +JO %JOH (PME $P
-UE (VBOHEPOH +JO %JOH (PME $P
-UE (VBOHEPOH +JO %JOH (PME $P
-UE व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
242011 Annual Report
XXX THF DPN DOчঅ叱䛾㜗㥒ϑᭀ䛼ݺऺ5PQ .FNCFST (PME 1SJODJQBM 5SBEJOH 7PMVNFࢂѺ喟ࡰٸ LH
Ꮌ Νࢃᕨ䛼5PUBM Νڒ䛼#VZ ࢃܧ䛼4FMM त чঅキ⼝ Νࢃᕨ䛼 ℁䛺 чঅキ⼝ Νڒ䛼 ℁䛺 чঅキ⼝ ࢃܧ䛼 ℁䛺 /P .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO ͚ప䨣㵹
͚ప䨣㵹
͚ప䨣㵹
#BOL PG $IJOB #BOL PG $IJOB #BOL PG $IJOB ጒੳ䨣㵹
ጒੳ䨣㵹
ጒੳ䨣㵹
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ۉ͇䨣㵹
ϑ䕇䨣㵹
ۉ͇䨣㵹
"HSJDVMUVSBM #BOL PG $IJOB #BOL PG $PNNVOJDBUJPOT "HSJDVMUVSBM #BOL PG $IJOB ϑ䕇䨣㵹
⊓ࣾ䨣㵹
ϑ䕇䨣㵹
#BOL PG $PNNVOJDBUJPOT 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL #BOL PG $PNNVOJDBUJPOT ⊓ࣾ䨣㵹
ۉ͇䨣㵹
ᆞ͉͇
4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL "HSJDVMUVSBM #BOL PG $IJOB 4IBOHEPOH .JOJOH $P
-UE ̷⊤䨣㵹
̷⊤䨣㵹
⊓ࣾ䨣㵹
#BOL PG 4IBOHIBJ #BOL PG 4IBOHIBJ 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL ᆞ͉͇
ⅴ͝䨣㵹
ᐧ䃫䨣㵹
4IBOHEPOH .JOJOH $P
-UE )4#$ $IJOB $POTUSVDUJPO #BOL ⓠ䨣㵹
ⓠ䨣㵹
̷⊤䨣㵹
"/; "/; #BOL PG 4IBOHIBJ ⅴ͝䨣㵹
㔮ܑ⺒
ⓠ䨣㵹
)4#$ -BP 'FOH 9JBOH "/; ⌞ౠфᕿ䮳
ᆞ͉͇
ⅴ͝䨣㵹
4IFO[IFO ;IPOHIFOHMPOH *OEVTUSJBM $P
-UE 4IBOHEPOH .JOJOH $P
-UE )4#$ व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
䉝䰣ฦฦᎡᏓ្ॷ25
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reportsчঅ叱䛾ᱧᲱА⤳ϑᭀ䛼ݺऺ5PQ .FNCFST *OTUJUVUJPOBM (PME "HFODZ 5SBEJOH 7PMVNFࢂѺ喟ࡰٸ LH
Ꮌ Νࢃᕨ䛼5PUBM Νڒ䛼#VZ ࢃܧ䛼4FMM त чঅキ⼝ Νࢃᕨ䛼 ℁䛺 чঅキ⼝ Νڒ䛼 ℁䛺 чঅキ⼝ ࢃܧ䛼 ℁䛺 /P .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO ͚ప叱䛾
͚ప叱䛾
͚ప叱䛾
$IJOB /BUJPOBM (PME $PSQPSBUJPO $IJOB /BUJPOBM (PME $PSQPSBUJPO $IJOB /BUJPOBM (PME $PSQPSBUJPO ⌞ౠ㔍㐬
ᐧ䃫䨣㵹
̷⊤⠛⢸
4IFO[IFO $VJMW (PME $P
-UE $ IJOB $POTUSVDUJPO #BOL 4IBOHIBJ -JPO LJOH (PME $P
-UE ᠈䛾䯳ఏ
⌞ౠ㔍㐬
᠈䛾䯳ఏ
4IBOEPOH ;IBPKJO (SPVQ $P
-UE 4IFO[IFO $VJMW (PME $P
-UE 4 IBOEPOH ;IBPKJO (SPVQ $P
-UE ᐧ䃫䨣㵹
ጒੳ䨣㵹
͚ప䨣㵹
$ IJOB $POTUSVDUJPO #BOL *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB #BOL PG $IJOB ۉ͇䨣㵹
᠈䛾䯳ఏ
ᆞ͉ᕿ䗓
"HSJDVMUVSBM #BOL PG $IJOB 4 IBOEPOH ;IBPKJO (SPVQ $P
-UE 4IBOEPOH )VNPO 4NFMUJOH $P
-UE ̷⊤⠛⢸
ۉ͇䨣㵹
ۉ͇䨣㵹
4IBOHIBJ -JPO LJOH (PME $P
-UE "HSJDVMUVSBM #BOL PG $IJOB "HSJDVMUVSBM #BOL PG $IJOB ͚ప䨣㵹
ࡄϙ๔ᓤ
⌞ౠ㔍㐬
#BOL PG $IJOB #FJKJOH %BEFYJOGV +FXFMMFSZ 4UPSF $P
-UE 4IFO[IFO $VJMW (PME $P
-UE ጒੳ䨣㵹
̷⊤⠛⢸
ξ䛾䯳ఏ
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB 4 IBOHIBJ -JPO LJOH (PME $P
-UE :VOOBO (PME (SPVQ ᆞ͉ᕿ䗓
͚ప䨣㵹
ڡ͇䨣㵹
4IBOEPOH )VNPO 4NFMUJOH $P
-UE #BOL PG $IJOB *OEVTUSJBM #BOL $P
-UE ڡ͇䨣㵹
ᆞ͉ᕿ䗓
͚䛾㗎Ъ
*OEVTUSJBM #BOL $P
-UE 4IBOEPOH )VNPO 4NFMUJOH $P
-UE ;IPOHKJO (PME $P
-UE व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
262011 Annual Report
XXX THF DPN DOчঅ叱䛾͗ϧА⤳ϑᭀ䛼ݺऺ5PQ .FNCFST *OEJWJEVBM (PME "HFODZ 5SBEJOH 7PMVNFࢂѺ喟ࡰٸ LH
Ꮌ Νࢃᕨ䛼5PUBM Νڒ䛼#VZ ࢃܧ䛼4FMM त чঅキ⼝ Νࢃᕨ䛼 ℁䛺 чঅキ⼝ Νڒ䛼 ℁䛺 чঅキ⼝ ࢃܧ䛼 ℁䛺 /P .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO ڡ͇䨣㵹
ڡ͇䨣㵹
ڡ͇䨣㵹
*OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE *OEVTUSJBM #BOL $P
-UE ጒੳ䨣㵹
ጒੳ䨣㵹
ጒੳ䨣㵹
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ᠈ੳ䨣㵹
᠈ੳ䨣㵹
᠈ੳ䨣㵹
$IJOB .FSDIBOUT #BOL $IJOB .FSDIBOUT #BOL $IJOB .FSDIBOUT #BOL ⌞ࣾᆂ
⌞ࣾᆂ
⌞ࣾᆂ
4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO %FWFMPQNFOU #BOL 4IFO[IFO %FWFMPQNFOU #BOL ᕿ͝䨣㵹
ᕿ͝䨣㵹
ℾ⩌䨣㵹
&WFSHSPXJOH #BOL &WFSHSPXJOH #BOL $IJOB .JOTIFOH #BOLJOH $PSQ
-UE ℾ⩌䨣㵹
ℾ⩌䨣㵹
ᕿ͝䨣㵹
$IJOB .JOTIFOH #BOLJOH $PSQ
-UE $IJOB .JOTIFOH #BOLJOH $PSQ
-UE &WFSHSPXJOH #BOL ⌞䛾㲺
⌞䛾㲺
⌞䛾㲺
4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS 4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS 4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS ٶ๔䨣㵹
ٶ๔䨣㵹
ٶ๔䨣㵹
$IJOB &WFSCSJHIU #BOL $IJOB &WFSCSJHIU #BOL $IJOB &WFSCSJHIU #BOL ϑ䕇䨣㵹
ϑ䕇䨣㵹
ϑ䕇䨣㵹
#BOL PG $PNNVOJDBUJPOT #BOL PG $PNNVOJDBUJPOT #BOL PG $PNNVOJDBUJPOT ⊓ࣾ䨣㵹
⊓ࣾ䨣㵹
⊓ࣾ䨣㵹
4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
䉝䰣ฦฦᎡᏓ្ॷ27
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reportsчঅܳㆨϑ䛼ݺऺ喍叱䛾ڕ䘕͇ߎ喎5PQ $MBTTJGJFE .FNCFSTIJQT 5SBEJOH 7PMVNF 5PUBM (PME #VTJOFTT
ࢂѺ喟ॕ U
Ꮌ ੳ͇䨣㵹$PNNFSDJBM #BOLT 㐩वㆨ(FOFSBM .FNCFST त чঅキ⼝ ϑ䛼 ℁䛺 чঅキ⼝ ϑ䛼 ℁䛺 /P .FNCFS T /BNF 7PMVNF 1SPQPSUJPO .FNCFS T /BNF 7PMVNF 1SPQPSUJPO ͚ప䨣㵹 ͚ప叱䛾 #BOL PG $IJOB $IJOB /BUJPOBM (PME $PSQPSBUJPO ጒੳ䨣㵹 ᆞ͉͇ *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB 4IBOHEPOH .JOJOH $P
-UE ڡ͇䨣㵹 ⌞ౠфᕿ䮳 *OEVTUSJBM #BOL $P
-UE 4IFO[IFO ;IPOHIFOHMPOH *OEVTUSJBM $P
-UE ۉ͇䨣㵹 ᠈䛾䯳ఏ "HSJDVMUVSBM #BOL PG $IJOB 4IBOEPOH ;IBPKJO (SPVQ $P
-UE ϑ䕇䨣㵹 ͚䛾͇ #BOL PG $PNNVOJDBUJPOT ;IPOHLVBOH (PME *OEVTUSZ -JNJUFE $PNQBOZ ⊓ࣾ䨣㵹 ⌞ౠ㔍㐬 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL 4IFO[IFO $VJMW +FXFMMFSZ $P
-UE ᐧ䃫䨣㵹 㔮ܑ⺒ $IJOB $POTUSVDUJPO #BOL -BP 'FOH 9JBOH ̷⊤䨣㵹 ͚䛾㗎Ъ #BOL PG 4IBOHIBJ ;IPOHKJO (PME $P
-UE ᠈ੳ䨣㵹 ᆞ͉ᕿ䗓 $IJOB .FSDIBOUT #BOL 4IBOEPOH )VNPO 4NFMUJOH $P
-UE ⓠ䨣㵹 ̷⊤⠛⢸ "/; 4IBOHIBJ -JPO LJOH (PME $P
-UE व䃎5PUBM
ऱㆨчঅᕨ䃎5PUBM .FNCFST
㵹͇ϑ䛼℁Ҹᘼఫ5SBEJOH 7PMVNF CZ %JGGFSFOU .FNCFSTIJQTчঅㆨݘ ϑ䛼 ॕ
℁䛺 .FNCFSTIJQ 5SBEJOH 7PMVNF U
1SPQPSUJPO䨣㵹㜗㥒
$PNNFSDJBM CBOLT QSJODJQBM CVTJOFTT䨣㵹А⤳ $PNNFSDJBM CBOLT BHFODZ CVTJOFTT䨣㵹͗ϧ
$PNNFSDJBM CBOLT JOEJWJEVBM CVTJOFTT㐩वㆨ㜗㥒
(FOFSBM NFNCFST QSJODJQBM CVTJOFTT㐩वㆨА⤳
(FOFSBM NFNCFST BHFODZ CVTJOFTTव䃎5PUBM
282011 Annual Report
XXX THF DPN DO⌲ツ䨣㵹䉱䛾⌲ツ͇ߎఫ$MFBSJOH #BOLT 4FUUMFNFOU #VTJOFTT䨣㵹ऺ⼝ ⌲ツ䉱䛾 Ϭٰ
℁䛺#BOL T /BNF $MFBSJOH "NPVOU NJMMJPO ZVBO
1SPQPSUJPO̷⊤䨣㵹 #BOL PG 4IBOHIBJ͚పᐧ䃫䨣㵹
$IJOB $POTUSVDUJPO #BOL͚Ԏ䨣㵹 $IJOB $JUJD #BOLࡄϙ䨣㵹 #BOL PG #FJKJOH͚ప䨣㵹
#BOL PG $IJOB⌞ౠࣾᆂ䨣㵹 4IFO[IFO %FWFMPQNFOU #BOLϑ䕇䨣㵹 #BOL PG $PNNVOJDBUJPOT͚పٶ๔䨣㵹 $IJOB &WFSCSJHIU #BOL͚ప䗛ᩬו㧱䨣㵹 1PTUBM 4BWJOHT #BOL PG $IJOBᎬ͉ࣾᆂ䨣㵹 (VBOHEPOH %FWFMPQNFOU #BOLJOH $P
-UE ̷⊤⊓͉ࣾᆂ䨣㵹 4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOLڡ͇䨣㵹 *OEVTUSJBM #BOL $P
-UE ͚పጒੳ䨣㵹
*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB͚పۉ͇䨣㵹 "HSJDVMUVSBM #BOL PG $IJOB᠈ੳ䨣㵹 $IJOB .FSDIBOUT #BOLࡻ䨣㵹 )VB 9JB #BOLϑޟᗲۢ㶕%FMJWFSZ 4QFDJGJDBUJPOࢂѺ喟ࡰٸ LH
ϑޟ৮ ㉜䃎ϑ䛼喍ࢂ䓦喎 ᕨڒᏀ䛼 ᕨܧᏀ䛼 ϑޟ℁ 7BSJFUZ "DDVNVMBUFE 5SBEJOH 7PMVNF 0OF 4JEF
5PUBM %FQPTJUJOH 7PMVNF 5PUBM 8JUIESBXJOH 7PMVNF %FMJWFSZ 3BUJP 叱䛾(PME
⮪䨣4JMWFS
䧯䛾1MBUJOVN
∕喟 ϑޟᢛᬒ̸ࡵ ܳ喑ڣऻ⮱ϑޟᢛ㐌䃎ౕすι͗ϑᭀᬒ͚ȡ 䧯䛾㉜⼜ϑޟ䛼࠲᠙чঅ㜗ȡ/PUF %FMJWFSZ TUBUJTUJDT BSF DBMDVMBUFE CZ 1 . JO FBDI USBEJOH EBZ BOE UIF SFTU EBUB BSF DBMDVMBUFE XJUI UIF TFDPOE EBZ T EBUB 1MBUJOVN T BDDVNVMBUFE EFMJWFSZ WPMVNF JODMVEFT NFNCFST XJUIESBXJOH WPMVNF 䉝䰣ฦฦᎡᏓ្ॷ29
ᎡᏓ្ॷ͇ߎ្ॷBusiness Reports叱䛾ᐣ䛼Фఫ7PMVNF 1SJDF PG (PME %FGFSSFE 5SBEJOHϑ䛼5SBEJOH 7PMVNFᩣⰅФ $MPTJOH 1SJDF
ࡰٸ LH
ٰ ٸ ZVBO HSBN
䧯䛾䛼Фఫ7PMVNF 1SJDF PG 1MBUJOVN 4QPU 5SBEJOHϑ䛼5SBEJOH 7PMVNFᩣⰅФ $MPTJOH 1SJDF
ࡰٸ LH
ٰ ٸ ZVBO HSBN
⮪䨣ᐣ䛼Фఫ7PMVNF 1SJDF PG 4JMWFS %FGFSSFE 5SBEJOHϑ䛼5SBEJOH 7PMVNFᩣⰅФ $MPTJOH 1SJDF
ࡰٸ LH
ٰ ࡰٸ ZVBO LH
302011 Annual Report
XXX THF DPN DO叱䛾Фᵩ℁䒰ఫ4IBOHIBJ (PME 1SJDF WT *OUFSOBUJPOBM (PME 1SJDF㏪㏓ݺᩣⰅФపڲᩣⰅᬣప䭲叱䛾Ф̷⊤ᩣⰅФ/FX :PSL -BTU $MPTJOH 1SJDF3FBM UJNF *OUFSOBUJPOBM 1SJDF4IBOHIBJ $MPTJOH 1SJDF ٰ ٸ喍ZVBO HSBN喎 䧯䛾Фᵩ℁䒰ఫ4IBOHIBJ 1MBUJOVN 1SJDF WT *OUFSOBUJPOBM 1MBUJOVN 1SJDF㏪㏓ݺᩣⰅФపڲᩣⰅᬣప䭲䧯䛾Ф̷⊤ᩣⰅФ/FX :PSL -BTU $MPTJOH 1SJDF3FBM UJNF *OUFSOBUJPOBM 1SJDF4IBOHIBJ $MPTJOH 1SJDF ٰ ٸ喍ZVBO HSBN喎 ⮪䨣Фᵩ℁䒰ఫ4IBOHIBJ 4JMWFS 1SJDF WT *OUFSOBUJPOBM 4JMWFS 1SJDF㏪㏓ݺᩣⰅФపڲᩣⰅᬣప䭲⮪䨣Ф̷⊤ᩣⰅФ/FX :PSL -BTU $MPTJOH 1SJDF3FBM UJNF *OUFSOBUJPOBM 1SJDF4IBOHIBJ $MPTJOH 1SJDF
ٰ ٸ喍ZVBO HSBN喎
䉝䰣ฦฦᎡᏓ្ॷ31
ᎡᏓ្ॷ๔θ䃝Events ᰵ ᬒ_ ᬒ ᰵ ᬒ'SPN +BOVBSZ UP 0O .BSDI ౕ⊤ࢄ̶χङᐭĄ ᎡᏓх⻭чঅ㶕ᒝчą喑͚పϧℾ䨣㵹აጰ喟Шপ⢸ળहᔄ̷ͧ⊤叱䛾ϑᭀᄦևܧ䛺๔䉎⡛⮱ უчঅȠ Ѻх⻭叱䛾ϑᭀڇ༁Γ䃝喑ٺࣨ↵⺒㢐हᔄ̷⊤叱䛾ϑᭀڇ༁অࣷऱϑᭀ৮ᢿऺݺ Ѻ⮱чঅ䔈㵹㶕ᒝ喑ᎣΓ䃝㕹ߎȡ䃫γĄ̷⊤叱䛾ϑᭀ͇ߎ䔈ₒą喑ᄦ უᢿऺ1#$ BOOPVODFE UIBU .S 8BOH ;IF CF ౕݺ ऺ́䒰̷̭ᎡᏓ倅 ऺВ̷⮱чঅࢂGPSNBMMZ BQQPJOUFE BT UIF TFDSFUBSZ PG UIF Ѻ䔈㵹㢐㾶㶕ᒝȡQBSUZ DPNNJUUFF PG 4(& BOE .S 4IFO 4(& IFME &YDFMMFOU .FNCFST "XBSET 9JBOHSPOH CF SFMJFWFE PG IJT QSFWJPVT QPTJUJPO .FFUJOH JO 4BOZB
)FJOBO 1SPWJODF NFNCFST BOE USBEFST XFSF BXBSEFE 4(& ᰵ ᬒ0O .BSDI &YDFMMFOU .FNCFST BOE &YDFMMFOU 5SBEFST SFTQFDUJWFMZ GPS UIFJS SFNBSLBCMF XPSL JO ̷⊤叱䛾ϑᭀ䨣㵹䬡䄏Фϑᭀጯ౧䄂䓽㵹ȡ4(& *OUFS CBOL QSJDF RVPUBUJPO NBSLFU TUBSUFE UFTU SVOOJOH ᰵ ᬒ0O 'FCSVBSZ ̷ౕ⊤ङᐭĄすιᅷ⤳θчすι⁎ч䃛ą喑ч䃛 ᰵ ᬒ0O "QSJM э䓫γȨ͚పϧℾ䨣㵹ڠλ⢸ળȠ↵⺒㢐㕹ߎШٺ⮱ᘼ㻮ȩ喑हᘼ⢸ળहᔄ̷ͧ⊤叱䛾ϑᭀ⤳θ䪬喑ౕᑍუ⩹ङᐭĄ ᎡᏓ䉱䛾⌲ツጒ҉ч䃛ą喑↵⺒㢐हᔄ̺ں៲Ш̷⊤叱䛾ϑᭀ⤳θ䪬㕹ߎ喑ч䃛ᕨ㐀γ ᎡᏓ⮱ጒ҉Ꭳᄦ ᎡᏓጒ҉䃛䕇䓴γĄڠλ䉚Ν䨣㵹䬡ጯ౧⌲ツ㗎Ъᰶ䭽ևܧႶᢿ喑हᬣ㶕ᒝγጒ㵹⊓͉ܳ㵹ぶρუĄ ڙथჇाࣾ㵹⺕ᢛ⮱ᵵąহч䃛۠䃛ȡᎡᏓ䉱䛾⌲ツጒ҉х⻭䨣㵹ąȡUI4(& IFME UIF .FFUJOH PG UIF 4FDPOE 4(& IFME "OOVBM $BQJUBM 4FUUMFNFOU #PBSE PG %JSFDUPST JO 4IBOHIBJ 5IF NFFUJOH .FFUJOH JO ;IBOH +JBKJF
)VOBO 1SPWJODF
USBOTNJUUFE UIF 1#$ EPDVNFOU PO UIF DPODMVEJOH JUT XPSL JO BOE NBLJOH BQQPJOUNFOU BOE SFNPWBM PG .S 8BOH ;IF XPSL QMBOT GPS CBOLT JODMVEJOH *$#$ BOE .S 4IFO 9JBOHSPOH
BHSFFE UIBU .S 1VEPOH #SBODI XFSF BXBSEFE GPS UIFJS 8BOH ;IF CF BQQPJOUFE BT UIF $IBJSNBO PG FYDFMMFOU DMFBSJOH XPSL JO UIF #PBSE BOE .S 4IFO 9JBOHSPOH CF SFMJFWFE PG IJT QSFWJPVT QPTJUJPO 5IF NFFUJOH BMTP FYBNJOFE UIF QSPQPTBM PO 4(& CVZJOH UIF UBSHFUFE CJMMT JTTVFE CZ 4IBOHIBJ $MFBSJOH )PVTF BOE BQQSPWFE SFMFWBOU SFTPMVUJPOT 322011 Annual Report
XXX THF DPN DO ᰵ ᬒ_ ᬒ ᰵ ᬒ'SPN "QSJM UP 0O "QSJM ౕᲚጋङᐭĄ ᎡᏓᠴჇЀᏀጒ҉ᕨ㐀㶕ᒝчą喑̷ౕ⊤ङᐭĄすιᅷ⤳θчす̶⁎ч䃛ą喑ч䃛ᄦᠴჇЀᏀ Ꭱ⮱ጒ҉䔈㵹ᕨ㐀喑ܧ 䃕䃧䕇䓴γĄ̷⊤叱䛾ϑᭀ Ꭱጯ౧䓽㵹হᎡᏓጒ҉䃫ᘠȡहᬣ㶕ᒝγጒ㵹⌞ౠぶ ͗ ㏼㥒ᗲۢȠͨ㺮ጒ҉ఋ䶫Вࣷ Ꭱጒ҉Ⴖᢿ⮱ᎡᏓх䉕ߎЀᏀȠጒ㵹᠈䔉ぶ ͗⾮ܧ䉎⡛ЀᏀ្ॷąȠĄ ̷⊤叱䛾ϑᭀ䉏ߎ䶱۠ツ្ॷąȠĄڠহጒ㵹ࡄϙぶ ͗᧺҉ᬍጛ䩆ЀᏀȡλ⿸̷⊤叱䛾ϑᭀ䃎व㻱䘕喍⤳θчߋڙბ喎4(& IFME "OOVBM "QQPJOUFE 8BSFIPVTF ⮱ᵵąȠĄ ڠλᐧ䕍̷⊤叱䛾ϑᭀ⌞ౠิЪϑ.FFUJOH JO )BOH[IPV
;IFKJBOH 1SPWJODF
ᭀ͚ᓰߋڙẩ⮱ᵵąȠĄڠλ䃏䉚̷⊤叱䛾ϑᭀTVNNBSJ[JOH UIF EFMJWFSZ XPSL PG EFTJHOBUFE ⿸কᎡ⚷⡘ߍႄጮ⮱ᵵąহч䃛۠䃛ȡUIXBSFIPVTF JO BOE SFXBSEJOH FYDFMMFOU 4(& IFME UIF .FFUJOH PG UIF 4FDPOE XBSFIPVTFT GPS UIFJS OPO GBVMU PQFSBUJPO
#PBSE PG %JSFDUPST JO 4IBOHIBJ 5IF #PBSE GJSTU SBUF TFSWJDF BOE SFNBSLBCMF DPOUSJCVUJPO IFME SFQPSUT FOUJUMFE 3FQPSU PO 4(& NBSLFU PQFSBUJPO JO BOE XPSL QMBOT JO
'JOBODJBM SFQPSU GPS
1SPQPTBM PO ᰵ ᬒ_ ᬒ'SPN "QSJM UP 4(& FTUBCMJTIJOH UIF BVEJU DPNQMJBODF ౕ䪬⇆ङᐭĄ ᎡᏓजӈᴴ۳䛾䩚Ю͇䉕䛼EFQBSUNFOU BOE PGGJDF UP UIF CPBSE PG ノ⤳ጒ҉ᕨ㐀㶕ᒝ๔чą喑ᕨ㐀γ ᎡᏓजEJSFDUPST
1SPQPTBM PO 4(& DPOTUSVDUJOH UIF ӈᴴ۳䛾䩚Ю͇䉕䛼ノ⤳ጒ҉ᗲۢ喑ܧ ᎡPGGJDF CVJMEJOH PG 4IFO[IFO CBDL VQ USBEJOH Ꮣ䉕䛼ノ⤳ጒ҉⮱㻱ܿহ㺮Ⅿ喑ᄦ ᎡᏓजDFOUFS BOE 1SPQPTBM PO CVZJOH UIF 1BOEB ӈᴴ۳䛾䩚Ю͇ٵ䔈ࢂѺ⇠ࢄ͚࣌叱䛾ۣ◩ࢯᰶ䭽$PNNFNPSBUJWF $PJO GPS UIF UI "OOJWFSTBSZ 䉐Шڙथぶ უЮ͇㐆ε㶕ᒝߞȡPG 4(& 5IF #PBSE FYBNJOFE BOE BQQSPWFE 4(& IFME "OOVBM -JTUFE 4UBOEBSE #VMMJPO SFMFWBOU SFTPMVUJPOT 3FGJOFSJFT .FFUJOH JO $IBOHTIB
)VOBO 1SPWJODF
DPODMVEJOH UIF XPSL PO UIF RVBMJUZ DPOUSPM PG UIF MJTUFE TUBOEBSE CVMMJPO SFGJOFSJFT BOE NBLJOH QMBOT GPS RVBMJUZ NBOBHFNFOU XPSL JO SFGJOFSJFT XFSF BXBSEFE UIF UJUMFT BT UIF UPQ TUBOEBSE CVMMJPO SFGJOFSJFT PG 䉝䰣ฦฦᎡᏓ្ॷ33
ᎡᏓ្ॷ๔θ䃝Events ᰵ ᬒ ᰵ ᬒ0O .BZ 0O .BZ ౕࡄϙङᐭĄすιᅷ⤳θчすఈ⁎ч䃛ą喑ч䃛㏼͚పϧℾ䨣㵹ឦ۳喑ϑᭀ࢝ࣾȨ̷⊤叱䛾ϑᭀहᘼ̷⊤叱䛾ϑᭀᵦᢛጯ౧㠒ܧ⣝す̶͗䋹։Წੳ͇䨣㵹А⤳͗ϧ͇ߎᠴᑂȩȠȨ̷⊤叱䛾ϑᭀ⮱ᗲۢ喑ប㵹Ȩ̷⊤叱䛾ϑᭀ䷻䮖ᣔݣノ⤳ߋ∂ȩੳ͇䨣㵹А⤳͗ϧ͇ߎԎᖜឭᱜノ⤳ᠴᑂȩ喑ВすΊহすⰥڠ㻱Ⴧ喑Ꭳ䕇䓴γ䄰᪡⤳θ⮱㻱㠰ੳ͇䨣㵹͗ϧА⤳͇ߎ㵹ͧ喑䭟㠰㈨㐌ᕔ䷻䮖喑ᵵȡᑧࡃ叱䛾ጯ౧ノ⤳ȡUI4(& IFME UIF .FFUJOH PG UIF 4FDPOE 8JUI UIF BQQSPWBM PG 1#$
4(& JTTVFE #PBSE PG %JSFDUPST JO #FJKJOH 5IF #PBSE (VJEF PG $PNNFSDJBM #BOL T DPOEVDUJOH UIF BQQSPWFE UIBU 4(& UBLF NFBTVSFT TUJQVMBUFE *OEJWJEVBM #SPLFSBHF #VTJOFTT BOE (VJEF PG JO 4(& 3JTL $POUSPM .FUIPET XIFO UIF $PNNFSDJBM #BOL T *OGPSNBUJPO .BOBHFNFOU NBSLFU TVGGFSFE GSPN B DPOTFDVUJWF UIJSE MJNJU PG JUT *OEJWJEVBM #SPLFSBHF #VTJOFTT TP BT UP EPXO BOE QSPQPTBM PO BEKVTUJOH UIF CPBSE IJHIMJHIU UIF JNQPSUBODF PG UIF NBOBHFNFOU PG NFNCFST UIF CVMMJPO NBSLFU BOE UIF NFDIBOJTN PG UIF TZTUFNJD SJTL BWFSTJPOȡ ᰵ*O .BZ ᰵহ ᰵ*O .BZ BOE 4FQUFNCFS̻䨣㵹䬡ጯ౧⌲ツ㗎Ъᰶ䭽ڙथᐭᆂ͇ߎव҉ȡ4(& TUBSUFE CVTJOFTT DPPQFSBUJPO XJUI ϑᭀ⮪䨣ᐣϑᭀ䔋㐚䋹։喑ϑᭀᵦᢛ䷻䮖䶱4IBOHIBJ $MFBSJOH )PVTF ᵵ喑ࣷᬣ䛴ःᏁᄦᣗ喑ߌࡃ㼐ጯ౧䷻䮖ȡ4(& UPPL UJNFMZ BOE FGGFDUJWF NFBTVSFT UP DPOUSPM BOE FMJNJOBUF UIF NBSLFU SJTL XIFO ᰵ ᬒ0O .BZ UIF TJMWFS EFGFSSFE DPOUSBDUT TVGGFSFE GSPN ̷ౕ⊤ङᐭĄ ᎡᏓԊ䮖䓽䓀ጒ҉ᕨ㐀ч䃛ą喑DPOUJOVPVT MJNJU EPXO ᄦ Ꭱ⮱䄰᠕䓽䓀ጒ҉䔈㵹ڕ䲏ᕨ㐀喑हᬣܧ Ꭱ㐔㐚ಇᠮႶڕȠ倅᩵Ƞѻ⮱݆࣌ᐭᆂ ᰵ*O 4FQUFNCFS䄰䓽ጒ҉ȡ4(& IFME "OOVBM 5SBOTQPSUBUJPO BOE ̷⊤叱䛾ϑᭀ⿸কᎡ⚷⡘ߍႄ䛾䨣㏗ᔢጮₐ*OTVSBODF .FFUJOH JO 4IBOHIBJ
TVNNBSJ[JOH ᐼࣾ㵹ȡUIF USBOTQPSUBUJPO XPSL JO BOE 5IF 1BOEB $PNNFNPSBUJWF $PJO GPS UIF UI IJHIMJHIUJOH UIF QSJODJQMF PG 4BGFUZ
&GGJDJFODZ "OOJWFSTBSZ PG 4(& XBT GPSNBMMZ SFMFBTFE BOE -PX DPTU JO XPSL 342011 Annual Report
XXX THF DPN DO ᰵ ᬒ0O 4FQUFNCFS ᰵ*O %FDFNCFSϑᭀВΓ䲏ᒏᐼङᐭĄすιᅷ⤳θчすρ⁎ч䃛ą
ч䃛हᘼ㠒ጯ౧ܧ⣝す̶͗䋹։Წ⮱ᗲۢ喑ౕٲܳᒮ䄏ڕҀчঅ⮱ᘼ㻮ऻ喑̷⊤叱䛾ϑᭀԛ̷⊤叱䛾ϑᭀजប㵹Ȩ̷⊤叱䛾ϑᭀ䷻䮖ᣔݣ䃏γȨ̷⊤叱䛾ϑᭀ⣝䉔ϑᭀ㻱݆ȩȠȨ̷⊤叱ノ⤳ߋ∂ȩすΊহすⰥڠ㻱Ⴧȡ䛾ϑᭀ䷻䮖ᣔݣノ⤳ߋ∂ȩȠȨ̷⊤叱䛾ϑᭀUI4(& IFME UIF .FFUJOH PG UIF 4FDPOE чঅノ⤳ߋ∂ȩȠȨ̷⊤叱䛾ϑᭀ䔊㻱䔊㏓ั⤳#PBSE PG %JSFDUPST JO XSJUUFO GPSNT 5IF #PBSE ߋ∂ȩВࣷȨ̷⊤叱䛾ϑᭀ⣝䉔ϑᭀ⌲ツ㏳BQQSPWFE UIBU 4(& UBLF NFBTVSFT TUJQVMBUFE ݆ȩȠȨ̷⊤叱䛾ϑᭀ⣝䉔ϑᭀϑޟ㏳݆ȩぶȡJO 4(& 3JTL $POUSPM .FUIPET XIFO UIF 4(& GPSNBMMZ BNFOEFE UIF CVTJOFTT SVMFT NBSLFU TVGGFSFE GSPN B DPOTFDVUJWF UIJSE MJNJU PG JUT TQPU USBEJOH
DMFBSJOH BOE EFMJWFSZ
SJTL EPXO NBOBHFNFOU
NFNCFSTIJQ NBOBHFNFOU BOE QFOBMUZ NFBTVSFT ᰵ ᬒ0O /PWFNCFS ౕࡄϙङᐭĄすιᅷ⤳θчすښ⁎ч䃛ą喑ч䃛䃕䃧䕇䓴γĄ̷⊤叱䛾ϑᭀすιᅷ⤳θчすښ⁎ч䃛ᗲ្ۢॷąȠĄڠλ䄰᪡̷⊤叱䛾ϑᭀ Ꭱ䉏ߎ䶱ツ⮱្ॷąȠĄڠλ̻䨣㵹䬡ጯ౧⌲ツ㗎Ъᰶ䭽ڙथᐭᆂ͇ߎव҉⮱ᵵ្ॷąȠĄڠλԛ䃏̷⊤叱䛾ϑᭀȨ⣝䉔ϑᭀ㻱݆ȩȠȨ䷻䮖ᣔݣノ⤳ߋ∂ȩȠȨчঅノ⤳ߋ∂ȩহȨ䔊㻱䔊㏓ั⤳ߋ∂ȩ⮱ᵵąȠĄڠλߍ̷⊤叱䛾ϑᭀߋڙẩ̰ᅯ㷲ԛ䲏⼜হ䶱ツ⮱ᵵąহч䃛۠䃛ȡUI4(& IFME UIF .FFUJOH PG UIF 4FDPOE #PBSE PG %JSFDUPST JO #FJKJOH 5IF #PBSE BQQSPWFE SFQPSUT FOUJUMFE 4VNNBSZ PG XPSL
3FQPSU PO BEKVTUJOH UIF CVEHFU PG 4(& JO
1SPQPTBM PO 4(& DPPQFSBUJOH XJUI 4IBOHIBJ $MFBSJOH )PVTF
1SPQPTBM PO 4(& BNFOEJOH UIF CVTJOFTT SVMFT PG JUT TQPU USBEJOH
SJTL NBOBHFNFOU
NFNCFSTIJQ NBOBHFNFOU BOE QFOBMUZ NFBTVSFT 5IF #PBSE FYBNJOFE BOE BQQSPWFE SFMFWBOU SFTPMVUJPOT 䉝䰣ฦฦᎡᏓ្ॷ35
ᎡᏓ្ॷчঅऺࢂList of Members䛾㲺ㆨ'JOBODJBM .FNCFST ͚పጒੳ䨣㵹*OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB ͚పᐧ䃫䨣㵹$IJOB $POTUSVDUJPO #BOL ͚ప䨣㵹#BOL PG $IJOB ͚పۉ͇䨣㵹"HSJDVMUVSBM #BOL PG $IJOB ͚ప䛾ጮᕨڙथ$IJOB (PME $PJO *OD ̷⊤⊓͉ࣾᆂ䨣㵹4IBOHIBJ 1VEPOH %FWFMPQNFOU #BOL ᠈ੳ䨣㵹$IJOB .FSDIBOUT #BOL ͚Ԏ䨣㵹$IJOB $JUJD #BOL ⌞ౠࣾᆂ䨣㵹4IFO[IFO %FWFMPQNFOU #BOL ϑ䕇䨣㵹#BOL PG $PNNVOJDBUJPOT ࡻ䨣㵹)VB 9JB #BOL ٶ๔䨣㵹$IJOB &WFSCSJHIU #BOL ̷⊤䨣㵹#BOL PG 4IBOHIBJ Ꭼࣾ䨣㵹㗎Ъᰶ䭽ڙथ(VBOHEPOH %FWFMPQNFOU #BOLJOH $P
-UE ڡ͇䨣㵹㗎Ъᰶ䭽ڙथ*OEVTUSJBM #BOL $P
-UE ͚ప䗛ᩬו㧱䨣㵹ᰶ䭽䉐Шڙथ1PTUBM 4BWJOHT #BOL PG $IJOB $P -UE ჹ⏴䨣㵹㗎Ъᰶ䭽ڙथ'VEJBO #BOL $P
-UE ͚పℾ⩌䨣㵹㗎Ъᰶ䭽ڙथ$IJOB .JOTIFOH #BOLJOH $PSQ
-UE ͚䧋ప吻ែ䉱ᰶ䭽ڙथ$IJOB (PMEEFBM *OWFTUNFOU $P
-UE ⩠䨣̴ప䃮ݥ㗎Ъᰶ䭽ڙथ4IFOZJO 8BOHVP 4FDVSJUJFT $P
-UE ᕿ͝䨣㵹㗎Ъᰶ䭽ڙथ&WFSHSPXJOH #BOL ࣓䬕䨣㵹㗎Ъᰶ䭽ڙथ9JBNFO #BOL $P
-UE ࡄϙ䨣㵹㗎Ъᰶ䭽ڙथ#BOL PG #FJKJOH ⌞ౠ䛾㲺⩢ၽ㐀ツ͚ᓰ4IFO[IFO 'JOBODJBM &MFDUSPOJD 4FUUMFNFOU $FOUFS ̷⊤ۉ᱾ੳ͇䨣㵹㗎Ъᰶ䭽ڙथ4IBOHIBJ 3VSBM $PNNFSDJBM #BOL $P
-UE ใ䉱䛾㲺ㆨ'PSFJHO 'JOBODJBM .FNCFST ⅴ͝䨣㵹 ͚ప
ᰶ䭽ڙथ)4#$ #BOL $IJOB
-JNJUFE ⍐ក䨣㵹 ͚ప
ᰶ䭽ڙथ4UBOEBSE $IBSUFSFE #BOL $IJOB
-JNJUFE ߍᠬ๔͇͝䨣㵹ᰶ䭽ڙथᎬጋܳ㵹(VBOH[IPV #SBODI
5IF #BOL 0G /PWB 4DPUJB ⓠ๔ݖχহ㺬ڝ䨣㵹 ͚ప
ᰶ䭽ڙथ"VTUSBMJB BOE /FX ;FBMBOE #BOL $IJOB
$PNQBOZ -JNJUFE ⦋ธԎ䉤䨣㵹㗎Ъᰶ䭽ڙथ̷⊤ܳ㵹4IBOHIBJ #SBODI
$SFEJU 4VJTTF ๔ࡻ䨣㵹 ͚ప
ᰶ䭽ڙथ6OJUFE 0WFSTFBT #BOL $IJOB
-JNJUFE 㠞పጡٸ㣞䨣㵹ᰶ䭽ڙथ̷⊤ܳ㵹4IBOHIBJ #SBODI
#BSDMBZT #BOL 1-$ ᦖᵦ๔䕇䨣㵹喍͚ప喎ᰶ䭽ڙथ + $IBTF $P $IJOB
-JNJUFE㐩वㆨ(FOFSBM .FNCFST ڲ㧆ऑΫ䛾䨣◩㗎Ъᰶ䭽ڙथ*OOFS .POHPMJB 2JBOLVO (PME 4JMWFS 3FGJOFSZ $P
-UE 䪬䛾䨣◩ࢯ5IF (SFBU 8BMM (PME 4JMWFS 3FGJOFSZ $P
-UE 㺬䨉͇㗎Ъᰶ䭽ڙथ+JBOHYJ $PQQFS $PNQBOZ -JNJUFE ᆞ͉䛾݈㗎Ъᰶ䭽ڙथ4IBOHEPOH +JO $IVBOH $P
-UE 䨉䮢ᰶ㞟䛾ᆋ䯳ఏᣔ㗎ᰶ䭽ڙथ5POHMJOH /POGFSSPVT .FUBMT (SPVQ
*OD ̷⊤๔ᰶ叱䛾ᰶ䭽ڙथ4IBOHIBJ %BZPV (PME $P
-UE ᆞ͉᠈䛾䯳ఏᰶ䭽ڙथ4IBOEPOH ;IBPKJO (SPVQ $P
-UE 362011 Annual Report
XXX THF DPN DO ͚ప叱䛾䯳ఏڙथ$IJOB /BUJPOBM (PME $PSQPSBUJPO ̷⊤⠛⢸叱䛾ᰶ䭽䉐Шڙथ4IBOHIBJ -JPO LJOH (PME $P
-UE ሴ㉘䛾͇ᰶ䭽䉐Шڙथ$IPOHMJ ;JKJO .JOJOH $P
-UE Ꭼ͉䛾吻叱䛾ᰶ䭽ڙथ(VBOHEPOH +JO %JOH (PME $P
-UE ͚䛾叱䛾㗎Ъᰶ䭽ڙथ;IPOHKJO (PME $P
-UE ᆞ͉叱䛾䯳ఏᰶ䭽ڙथ4IBOEPOH (PME (SPVQ $P
-UE ᆞ͉䛾≟͇䯳ఏᰶ䭽ڙथ4IBOEPOH +JO[IPV .JOJOH *OEVTUSZ (SPVQ $P
-UE ㉘䛾͇䯳ఏ㗎Ъᰶ䭽ڙथ;JKJO .JOJOH *OEVTUSZ $P
-UE ⊆Ⱞ䕯ᬹ䛾ᰶ䭽ڙथ;IFKJBOH 4VJDIBOH (PME .JOF $P
-UE ᆞ͉๖ឬ⩌➖䛾͇ᰶ䭽ڙथ4IBOEPOH 5BS[BO #JP (PME *OEVTUSZ $P
-UE ̷⊤㔮ܑ⺒ᰶ䭽ڙथ4IBOHIBJ -BP 'FOH 9JBOH $P
-UE ͚䛾͇㗎Ъᰶ䭽ڙथ;IPOHLVBOH (PME *OEVTUSZ -JNJUFE $PNQBOZ ᶓ⩥ጯ叱䛾ᰶ䭽䉐Шڙथ)VBEJBO (PME $P
-UE ᆞ͉ᕿ䗓ۣ◩㗎Ъᰶ䭽ڙथ4IBOEPOH )VNPO 4NFMUJOH $P
-UE ఈጊ❞ᓰ叱䛾⤍⍥ϔ৮ᰶ䭽ڙथ4JDIVBO "J 9JO +FXFMMFSZ 5SBWFMMJOH 1SPEVDU $P
-UE ▢䛾⎽ᵽ䒶◩㗎Ъᰶ䭽ڙथ-JOHCBP +JOZVBO 5POHIVJ (PME 3FGJOFSZ $P
-UE ₓⅶ̓⩹⤍䛾तᰶ䭽ڙथ8VIBO /FX 8PSME +FXFMMFSZ $P
-UE 䓪Ⴎ䛾䨣䨭ਜ਼͚ᓰ-JBPOJOH #VMMJPO 4BMFT $FOUFS ≈䭠㉘䛾䨣䒶叱䛾ۣ◩ᰶ䭽ڙथ-VPZBOH ;JKJO :JOIVJ .FUBM 4NFMU $P
-UE ↵䭠㤰ࡻ䛾䨣⤍㗎Ъᰶ䭽ڙथ4IFOZBOH $VJIVB +FXFMMFSZ $P
-UE ⊤ࢄᕿᬹ䛾䨣⤍͇ᰶ䭽ڙथ)BJOBO )FOHDIBOH +FXFMMFSZ *OEVTUSJBM $PSQ ϙ⇆䛾͇ែ䉱ノ⤳喍ࡄϙ喎ᰶ䭽ڙथ+JOHTIB (PME #FJKJOH
$P
-UE ࡄϙ㤉ጯऐ⮫䉔㗎Ъᰶ䭽ڙथ#FJKJOH $BJTIJLPV %FQBSUNFOU 4UPSF $P
-UE Ꭼ͉๔๔䯳ఏᰶ䭽ڙथ(VBOHEPOH %B (F %B (SPVQ $P
-UE ͚పጒ㞧㒻ᱜ喍䯳ఏ喎ڙथ$IJOB /BUJPOBM "SUT $SBGUT (SPVQ
$PSQPSBUJPO ๔ۣᰶ㞟䛾ᆋ㗎Ъᰶ䭽ڙथ%BZF /POGFSSPVT .FUBMT $P
-UE ⊆ᬻ❹⤍㗎Ъᰶ䭽ڙथ;IFKJBOH .JOH 1BJ +FXFMMFSZ $P
-UE ๔ह䨣ᭌ䛾Ꮔᰶ䭽ڙथ%BUPOH :JOYJOH +FXFMMFSZ 4UPSF $P
-UE ⊤ࢄ䦘⩌͇㗎Ъᰶ䭽ڙथ)BJOBO 9JOTIFOH 3FBM *OEVTUSZ $P
-UE ͚㞧⤍仃亝ప䭲䉥ᭀ喍ࡄϙ喎ᰶ䭽ڙथ;IPOHZJ +FXFMMFSZ *OUFSOBUJPOBM $PNNFSDF #FJKJOH
$P
-UE ̷⊤㔮ܑ⺒⤍仃亝ᰶ䭽ڙथ4IBOHIBJ -BP 'FOH 9JBOH +FXFMMFSZ $P
-UE ̷⊤㔮ܑ⺒仃亝ⵁ⾣ᰶ䭽ڙथ4IBOHIBJ -BP 'FOH 9JBOH +FXFMMFSZ 3FTFBSDI *OTUJUVUF $P
-UE ࢄϙ䛾䮢䛾チ㗎Ъᰶ䭽ڙथ/BOKJOH +JOMJOH (PME 'PJM $P
-UE 䘪๖䦘∸䛾͇ᰶ䭽䉐Шڙथ$IFOHEV 5JBO 9JO :BOH (PME *OEVTUSZ $P
-UE ⇶䧞ጮែ䉱ᰶ䭽ڙथ#BPRVBO $PJOT *OWFTUNFOU $P
-UE 㟼ጋⅴ⯵䉢䛾ᆋᰶ䭽ڙथ 4V[IPV )VJZJO 1SFDJPVT .FUBMT $P
-UE Ꭼ͉㇑叱䛾ែ䉱ᰶ䭽ڙथ(VBOHEPOH :VFCBP (PME *OWFTUNFOU $P
-UE 㺬Ⴖ̭ᓄ䉥ᭀᰶ䭽ڙथ9J "O :JEF $PNNFSDF 5SBEJOH $P
-UE 㟼ᑅ͇㗎Ъᰶ䭽ڙथ+JBOHTV )POHZF -JNJUFE $PNQBOZ ̷⊤㔮Ꮖ叱䛾ᰶ䭽ڙथ4IBOHIBJ -BP .JBP (PME $P
-UE ⺼ᐧⰮ⺼䒶⤍ᰶ䭽ڙथ'VKJBO 'VIVJ +FXFMMFSZ $P
-UE ⌞ౠጯ䛾⺼Ҡ䛾䨣⤍ᰶ䭽ڙथ4IFO[IFOH +JOGVKJB +FXFMMFSZ $P
-UE Ꭼጋ䛾䨣仃亝ᰶ䭽ڙथ(VBOH[IPV (PME 4JMWFS +FXFMMFSZ $P
-UE 䉝䰣ฦฦᎡᏓ្ॷ37
ᎡᏓ្ॷчঅऺࢂList of Members ⇠ࢄ䒖⦋ϔ͇㗎Ъᰶ䭽ڙथ)FOBO 9VBO 3VJ $P
-UE ⎃ࢄ䓝ጋ͇㗎Ъᰶ䭽ڙथ)VOBO $IFO[IPV .JOJOH *OEVTUSZ $P
-UE ͚ప叱䛾䯳ఏ㺬䛾ᆞ䛾ᰶ䭽ڙथ $IJOB /BUJPOBM (PME (SPVQ +JBOHYJ +JOTIBO (PME .JOF $P
-UE ̷⊤䛾ጮែ䉱ᰶ䭽ڙथ4IBOHIBJ (PME $PJO *OWFTUNFOU $P
-UE ࢄϙ⺒䛾Ꮔ/BOKJOH #BP 9JBOH +FXFMMFSZ 4UPSF ↂጯ䛾Ԏ叱䛾ែ䉱ᰶ䭽ڙथ4IBOUPV +JOYJO (PME *OWFTUNFOU $P
-UE ̷⊤Ϸχ⤍ᰶ䭽ڙथ4IBOHIBJ +JOZB +FXFMMFSZ $P
-UE ̷⊤ࡰⴠែ䉱ࣾᆂᰶ䭽ڙथ4IBOHIBJ 2JBOTIJ *OWFTUNFOU $P
-UE ⌞ౠጯ㞧ࡻ⤍仃亝㗎Ъᰶ䭽ڙथ4IFO[IFO :JIVB +FXFMMFSZ $P
-UE 㺬䘕叱䛾㗎Ъᰶ䭽ڙथ 8FTU (PME $P
-UE ͚ప叱䛾䯳ఏ䉱ϔノ⤳ᰶ䭽ڙथ$IJOB /BUJPOBM (PME $PSQPSBUJPO $BQJUBM .BOBHFNFOU $P
-UE ⪳叱䛾ጒ͇ᰶ䭽䉐Шڙथ9JOKJBOH (PME *OEVTUSZ $P
-UE ҈ᆞጯጒ㞧ᕨࢯᰶ䭽ڙथ'PTIBO "SUT $SBGUT 1MBOU $P
-UE ⌞ౠጯ䛾๔⺼⤍ᰶ䭽ڙथ4IFO[IFO ,JOH 5BJ 'PPL +FXFMMFSZ $P
-UE ⌞ౠጯᬹ䧨ⴠ亝৮͇ᰶ䭽ڙथ 4IFO[IFO #BPDIBOH %JBNPOE +FXFMMFSZ *OEVTUSJBM $P
-UE ⌞ౠࣇ⤍仃亝ᰶ䭽ڙथ 4IFO[IFO ,VOIPV +FXFMMFSZ $P
-UE ⌞ౠጯ⩅䱟⤍仃亝ᰶ䭽ڙथ4IFO[IFO (BOMV +FXFMMFSZ $P
-UE ⌞ౠጯ⺼县⤍仃亝ᰶ䭽ڙथ4IFO[IFO 'VRJ +FXFMMFSZ $P
-UE ᆞ㺬ࡻ㠯叱䛾ϑᭀᰶ䭽䉐Шڙथ4IBOYJ )VBNBP (PME 5SBEJOH $P
-UE 䉧ݖℼ喍᠈䔉喎䉢䛾ᆋᱽ᫆ᰶ䭽ڙथ)FMJTIJ ;IBPZVBO
1SFDJPVT .FUBMT .BUFSJBM $P
-UE ⌞ౠጯ㔍㐬䛾͇ᰶ䭽ڙथ4IFO[IFO $VJMW (PME $P
-UE ⌞ౠጯ⮫∝⤍仃亝ᰶ䭽ڙथ4IFO[IFO #BJUBJ +FXFMMFSZ $P
-UE ⌞ౠጯ㇑䆗⤍ᰶ䭽ڙथ4IFO[IFO :VFIBP +FXFMMFSZ $P
-UE ࡄϙጒ㒻䯳ఏᰶ䭽䉐Шڙथ#FJKJOH "SUT $SBGUT (SPVQ $P
-UE 䉢ጋ㺬ࢄ叱䛾㏼㥒͚ᓰᰶ䭽ڙथ(VJ[IPV 4PVUI 8FTU (PME 4BMFT $FOUFS $P
-UE ᆞ͉叱䛾͇㗎Ъᰶ䭽ڙथ4IBOEPOH (PME .JOJOH $P
-UE ̷⊤叱䛾ڙथ4IBOHIBJ (PME $PSQPSBUJPO ⌞ౠጯႶⰈࡻ͇ࣾᆂᰶ䭽ڙथ4IFO[IFO "OTIFOHIVB *OEVTUSJBM %FWFMPQNFOU $P
-UE ፥ጋ⦋䨣ⅴ䦘叱䛾㏼㥒ᰶ䭽ڙथ$IBOH[IPV 3VJZJOIVJYJO (PME $P
-UE ࢄϙᎳ仃亝ᕨڙथ/BOKJOH #BPRJOH 4JMWFS 4UPSF $P
-UE ͚ࢇ̓䛾䉥ᰶ䭽䉐Шڙथ$IJOB 1MBUJOVN $PSQPSBUJPO ͉㣋ጯ䛾哆⤍仃亝ᰶ䭽ڙथ%POHHVBO +JO -POH +FXFMMFSZ $P
-UE Ꭼ͉Ⱞ䉢䛾ᆋϑᭀ͚ᓰᰶ䭽ڙथ (VBOHEPOH 1SFDJPVT .FUBMT 5SBEJOH $FOUFS $P
-UE ξࢄ䨉͇㗎Ъᰶ䭽ڙथ:VOOBO $PQQFS *OEVTUSZ $P
-UE ᵗ≟ۣ◩䯳ఏ㗎Ъᰶ䭽ڙथ;IV[IPV 3FGJOJOH (SPVQ $P
-UE Ꭼ͉ᬻࣾ䉢䛾ᆋᰶ䭽ڙथ(VBOHEPOH .JOH 'B 1SFDJPVT .FUBMT $P
-UE ξࢄ叱䛾͇䯳ఏ㗎Ъᰶ䭽ڙथ:VOOBO (PME .JOJOH (SPVQ $P
-UE ̴ा䉱⎽ᰶ䭽ڙथ4IBOHIBJ 8BO 9JBOH *OWFTUNFOU $P
-UE ⩅㖰㺬㘶ᱽ᫆ឭ㗎Ъᰶ䭽ڙथ(BOTV 4FFNJOF /FX .BUFSJBM )JHI 5FDI $P
-UE ࡄϙহ⺒䕇͇ڙथ#FJKJOH )FYJBOHUPOH 3FBM *OEVTUSZ $P
-UE ᰶⵁϬ䛾ᱽ᫆㗎Ъᰶ䭽ڙथ:PVZBO :JKJO /FX .BUFSJBM $P
-UE ⌞ౠጯ哆ଶ⤍͇ᰶ䭽ڙथ4IFO[IFO -POHKJB +FXFMMFSZ *OEVTUSJBM $P
-UE ⌞ౠጯशⰌ⤍㗎Ъᰶ䭽ڙथ4IFO[IFO +JNFOH +FXFMMFSZ $P
-UE 382011 Annual Report
XXX THF DPN DO ̷⊤ᕎχែ䉱ノ⤳ᰶ䭽ڙथ4IBOHIBJ :JZB *OWFTUNFOU .BOBHFNFOU $P
-UE 㟼ጋጯែ䉱ᰶ䭽ڙथ4V[IPV *OWFTUNFOU $P
-UE ⌞ౠ⺼⤍仃亝ᰶ䭽ڙथ4IFO[IFO #BPGV +FXFMMFSZ $P
-UE ▢叱䛾㗎Ъᰶ䭽ڙथ-JOHCBP (PME $P
-UE ㏼ᭀ䛾͇ᰶ䭽䉐Шڙथ+JOHZJ (PME $P
-UE ̷⊤χ̭䛾ࢯᰶ䭽ڙथ4IBOHIBJ :BZJ (PME 1MBOU $P
-UE 㟼ᕿ⩌㖁वែ䉱ᰶ䭽ڙथ+JBOHTV )FOHTIFOH +PJOU *OWFTUNFOU $P
-UE ₓⅶ䛾ܝ⤍㗎Ъᰶ䭽ڙथ8VIBO +JOIVBOH +FXFMMFSZ $P
-UE ᆞ㺬Ⴜ㞧仃亝㗎Ъᰶ䭽ڙथ4IBOYJ )POHZJ +FXFMMFSZ $P
-UE ⎃ࡄ䛾ڝ仃亝䯳ఏᰶ䭽ڙथ)VCFJ +JOMBO +FXFMMFSZ $P
-UE ̷⊤▢⦋叱䛾ែ䉱ᰶ䭽ڙथ4IBOHIBJ -JOHSVJ (PME *OWFTUNFOU $P
-UE ⌞ౠጯపჹ叱䛾㗎Ъᰶ䭽ڙथ4IFO[IFO (VPGV (PME $P
-UE ̷⊤ЌუԎែ䉱ノ⤳ᰶ䭽ڙथ4IBOHIBJ 2JBOKJBYJO *OWFTUJOH .BOBHFNFOU $P
-UE 䘪倅䊈ᅁ䛾䨣ᰶ䭽ڙथ$IFOHEV $(4 $P
-UE Ꭼ͉䛾͇䉢䛾ᆋᰶ䭽ڙथ(VBOHEPOH (PME *OEVTUSZ 1SFDJPVT .FUBMT $P
-UE ᆞ͉∝ᓗ⣜䛾͇㗎Ъᰶ䭽ڙथ4IBOHEPOH 'BOHUBJ $JSDVMBUJPO (PME $P
-UE ⌞ౠጯࣇ䉢䛾ᆋᰶ䭽ڙथ4IFO[IFO )PVDIFOH 1SFDJPVT .FUBMT $P
-UE Ლጋ㝗ℾ⮫∝仃亝ᰶ䭽ڙथ)BOH[IPV )BOHNJOCBJUBJ +FXFMMFSZ $P
-UE ⌞ౠጯᓤ㜡䛾ੳែ䉱ノ⤳ᰶ䭽ڙथ4IFO[IFO %F[IJ (PME #VTJOFTT *OWFTUJOH .BOBHFNFOU $P
-UE ⌞ౠጯ㉍ڨែ䉱ࣾᆂᰶ䭽ڙथ4IFO[IFO 4VZBOH *OWFTUJOH %FWFMPQNFOU $P
-UE ⎃ࡄф㖁叱䛾ែ䉱ᰶ䭽ڙथ)VCFJ ;IPOHMJBO (PME *OWFTUNFOU $P
-UE ☌झప๔㥕㤟㏠倅ឭᱜ⣜Ԋ◩ᰶ䭽ڙथ:BOUBJ (VPEB 4BJGFJOB )JHI 5FDI 3FGJOFSZ $P
-UE ⌞ౠጯᘼ๔䮳⤍仃亝ᰶ䭽ڙथ4IFO[IFO :JEBMPOH +FXFMMFSZ $P
-UE ⌞ౠጯ⮫❢͇ࣾᆂᰶ䭽ڙथ4IFO[IFO #BJKVF *OEVTUSJBM $P
-UE ☌झ卼ᮃ䨉͇ᰶ䭽ڙथ:BOUBJ 1FOHIVJ $PQQFS $P
-UE ⊆䛾⊤䉢䛾ᆋᰶ䭽ڙथ;IFKJBOH +JOIBJ 1SFDJPVT .FUBMT $P
-UE ࡄϙ䛾⊤ែ䉱ᰶ䭽ڙथ#FJKJOH +JOIBJ *OWFTUNFOU $P
-UE ڲ㧆ऑⅴ䦘ែ䉱㗎Ъᰶ䭽ڙथ*OOFS .POHPMJB )VJYJO *WFTUNFOU $P
-UE Ꭼጋჹ್叱䛾ϑᭀᰶ䭽ڙथ(VBOH[IPV 'VZJO (PME 5SBEJOH $P
-UE ࡄϙ叱䛾ϑᭀ͚ᓰᰶ䭽ڙथ#FJKJOH (PME 5SBEJOH $FOUFS $P
-UE ⇠ࢄ䆘ٶ䛾䧲㗎Ъᰶ䭽ڙथ )FOBO :VHVBOH (PME ;JOD $P
-UE ⴠუᎱࢄᝬౝϔᐭࣾᰶ䭽ڙथ4IJKJB[IVBOH +JBOHOBO 1SPQFSUJFT %FWFMPQNFOU $P
-UE ̶䬕ሎ䛾⍍䯳ఏᰶ䭽ڙथ4BONFOYJB +JORV (SPVQ $P
-UE ⌞ౠጯ叱䛾䉱䃜ᰶ䭽ڙथ4IFO[IFO (PME *OGPSNBUJPO $P
-UE ⌞ౠጯфᕿ䮳͇ᰶ䭽ڙथ4IFO[IFO ;IPOHIFOHMPOH *OEVTUSJBM $P
-UE ࡄϙ๔ᓤ⺼⤍䛾㵹ᰶ䭽ڙथ#FJKJOH %BEFYJOGV +FXFMMFSZ 4UPSF $P
-UE 㟼䛾̭᪴ࡃࣾᆂᰶ䭽ڙथ+JBOHTV +JOZJ $VMUVSBM %FWFMPQNFOU $P
-UE 㜗㥒ㆨ1SJODJQBM .FNCFST ̷⊤䕍ጮᰶ䭽ڙथ4IBOHIBJ .JOU ↵䭠䕍ጮᰶ䭽ڙथ4IFOZBOH .JOU 㟼ጋጯᕿႇ仃亝䯳ఏᰶ䭽ڙथ4V[IPV )FOHGV +FXFMMFSZ (SPVQ $P
-UE 䉝䰣ฦฦᎡᏓ្ॷ39
ᎡᏓ្ॷ◩Ю͇ऺࢂList of Refinersजӈᴴ۳䛾䩚Ю͇ऺࢂ-JTU PG "QQPJOUFE #VMMJPO 4VQQMJFST Ꮌत Ю͇䛾䩚㑃 Ю͇ऺ⼝ ৮❹ ᆋⰮ ȠጯȠ㜗⇨ࡧ /P $PEF $PNQBOZ #SBOE -PDBUJPO 䪬䛾䨣◩ࢯ ఈጊ " 5IF (SFBU 8BMM (PME 4JMWFS 3FGJOFSZ $P
-UE 4JDIVBO ڲ㧆ऑΫ䛾䨣◩㗎Ъᰶ䭽ڙथ ڲ㧆ऑ # *OOFS .POHPMJB 2JBOLVO (PME 4JMWFS 3FGJOFSZ $P
-UE *OOFS .POHPMJB ᆞ͉叱䛾͇喍㣞ጋ喎ᰶ䭽ڙथ◩ࢯ ᆞ͉ $ 4IBOEPOH (PME (SPVQ -BJ[IPV
$P
-UE
(PME 3FGJOFSZ 4IBOEPOH ᆞ͉᠈䛾䛾䨣◩ᰶ䭽ڙथ ᆞ͉ % 4IBOEPOH ;IBPKJO (PME 4JMWFS 3FGJOFSZ $P
-UE 4IBOEPOH ᆞ͉๖ឬ⩌➖䛾͇ᰶ䭽ڙथ ᆞ͉ & 4IBOEPOH 5BS[BO #JP (PME *OEVTUSZ $P
-UE 4IBOEPOH ⇠ࢄ͚࣌叱䛾ۣ◩ࢯᰶ䭽䉐Шڙथ ⇠ࢄ ' )FOBO ;IPOHZVBO (PME 3FGJOFSZ $P
-UE )FOBO ๔ۣᰶ㞟䛾ᆋ㗎Ъᰶ䭽ڙथ ⎃ࡄ ( %BZF /POGFSSPVT .FUBMT $P
-UE )VCFJ ≈䭠㉘䛾䨣䒶叱䛾ۣ◩ᰶ䭽ڙथ ⇠ࢄ ) -VPZBOH ;JKJO :JOIVJ (PME 4NFMU $P
-UE )FOBO ㉘䛾͇䯳ఏ㗎Ъᰶ䭽ڙथ叱䛾ۣ◩ࢯ ⺼ᐧ * (PME 3FGJOFSZ PG ;JKJO .JOJOH *OEVTUSZ $P
-UE 'VKJBO Ꭼ͉䛾吻叱䛾ᰶ䭽ڙथ叱䛾◩ࢯ Ꭼ͉ + (PME 3FGJOFSZ PG (VBOHEPOH +JO %JOH (PME $P
-UE (VBOHEPOH 㺬䨉͇㗎Ъᰶ䭽ڙथ䉢⏗ۣ◩ࢯ 㺬 , (VJYJ 4NFMUFS PG +JBOHYJ $PQQFS $PNQBOZ -JNJUFE +JBOHYJ 䨉䮢ᰶ㞟䛾ᆋᣔ㗎ᰶ䭽ڙथ⼭䉢䛾ᆋܳڙथ Ⴖᓪ - 5POHMJOH /POGFSSPVT .FUBMT )PMEJOH *OD 1SFDJPVT .FUBMT $PNQBOZ
"OIVJ ⎃ࢄ䓝ጋ͇㗎Ъᰶ䭽䉐Шڙथ ⎃ࢄ . )VOBO $IFO[IPV .JOJOH *OEVTUSZ $P
-UE )VOBO ᆞ͉叱䛾䯳ఏ䛾Ѐ͇ᰶ䭽ڙथ◩ࢯ ᆞ͉ / 3FGJOFSZ PG 4IBOHEPOH +JODBOH .JOJOH *OEVTUSZ $P
-UE 4IBOEPOH ᵗ≟ۣ◩䯳ఏ㗎Ъᰶ䭽䉐Шڙथ ⎃ࢄ 0 ;IV[IPV 4NFMUJOH (SPVQ $P
-UE )VOBO ξࢄ䨉͇㗎Ъᰶ䭽ڙथ ξࢄ 1 :VOOBO $PQQFS *OEVTUSZ $P
-UE :VOOBO ̷⊤䦘ۣ䨉͇ᰶ䭽ڙथ ̷⊤ 2 4IBOHIBJ 9JOZF $PQQFS *OEVTUSZ $P
-UE 4IBOHIBJ 㟉⎃ᕿ䦘䨉͇䯳ఏᰶ䭽ڙथ Ⴖᓪ 3 8VIV )FOHYJO $PQQFS *OEVTUSZ (SPVQ $P
-UE "OIVJ 㨙㣞㨙⍜䛾͇ᰶ䭽ڙथ ᆞ͉ 4 1FOHMBJ 1FOHHBOH (PME *OEVTUSZ $P
-UE 4IBOEPOH ▢䛾⎽ᵽ䒶◩㗎Ъᰶ䭽ڙथ ⇠ࢄ 5 -JOHCBP +JOZVBO 5POHIVJ (PME 3FGJOFSZ $P
-UE )FOBO402011 Annual Report
XXX THF DPN DO Ꮌत Ю͇䛾䩚㑃 Ю͇ऺ⼝ ৮❹ ᆋⰮ ȠጯȠ㜗⇨ࡧ /P $PEF $PNQBOZ #SBOE -PDBUJPO ᶓ⩥ጯ叱䛾ᰶ䭽䉐Шڙथ श᳄ 6 )VBEJBO (PME $P
-UE +JMJO ⩅㖰㺬㘶ᱽ᫆ឭ㗎Ъᰶ䭽ڙथ ⩅㖰 7 (BOTV 4FFNJOF /FX .BUFSJBM )JHI 5FDI $P
-UE (BOTV ͚ప叱䛾䯳ఏ⯛⇌͇ᰶ䭽䉐Шڙथ श᳄ 8 +JBQJHPV (PME .JOJOH *OEVTUSZ $P
-UE +JMJO ξࢄ叱䛾͇䯳ఏ㗎Ъᰶ䭽ڙथ ξࢄ 9 :VOOBO (PME .JOJOH (SPVQ $P
-UE :VOOBO ▢叱䛾㗎Ъᰶ䭽ڙथ ⇠ࢄ : -JOHCBP (PME $P
-UE )FOBO ⇠ࢄ䆘ٶ䛾䧲㗎Ъᰶ䭽ڙथ ⇠ࢄ ; )FOBO :VHVBOH (PME -FBE $P
-UE )FOBO ☌झప๔㥕㤟㏠倅ឭᱜ⣜Ԋ◩ᰶ䭽ڙथ ᆞ͉ (4 :BOUBJ (VPEB 4BGFJOB )JHI BEWBODFE 3FGJOFSZ $P
-UE 4IBOEPOH ⌞ౠጯфᕿ䮳͇ᰶ䭽ڙथ Ꭼ͉ (" 4IFO[IFO ;IPOHIFOHMPOH 3FBM *OEVTUSZ $P
-UE (VBOHEPOH 㒻∝ͽឭ喍㟼ጋ喎ᰶ䭽ڙथ 㟼 (# .FUBMPS 5FDIOPMPHZ 4V[IPV
$P
-UE +JBOHTV ᆞ͉ᕿ䗓ۣ◩㗎Ъᰶ䭽ڙथ ᆞ͉ ($ 4IBOHEPOH )VNPO 4NFMUJOH $P
-UE 4IBOEPOH Ლጋჹ᭒ۣ◩ᰶ䭽ڙथ ⊆ (% )BOH[IPV 'VDIVOKJBOH 4NFMUJOH $P
-UE ;IFKJBOH ఈጊⰮ๖∪䉢䛾ᆋᰶ䭽䉐Шڙथ ఈጊ (& 4JDIVBO 5JBO ;F 1SFDJPVT .FUBMT $P
-UE 4JDIVBO ⌞ౠጯ㔍㐬䛾͇ᰶ䭽ڙथ ⌞ౠ (' 4IFO[IFO $VJMW (PME $P
-UE 4IFO[IFO ͚䛾͇㗎Ъᰶ䭽ڙथ ᆞ͉ (( ;IPOHLVBOH (PME *OEVTUSZ -JNJUFE $PNQBOZ 4IBOEPOH 䮂㺬叱䛾䯳ఏ㺬Ⴖ⼓䛾ᰶ䭽䉐Шڙथ 䮂㺬 () 4IBOYJ (PME (SPVQ 9JBO 2JO (PME $P
-UE 4IBOYJ 䉝䰣ฦฦᎡᏓ្ॷ41
ᎡᏓ្ॷ◩Ю͇ऺࢂList of Refinersजӈᴴ۳䨣䩚Ю͇ऺࢂ-JTU PG "QQPJOUFE 4JMWFS #BS 4VQQMJFST Ꮌत Ю͇䨣䩚㑃 Ю͇ऺ⼝ ৮❹ ᆋⰮ ȠጯȠ㜗⇨ࡧ /P $PEF $PNQBOZ #SBOE -PDBUJPO 䪬䛾䨣◩ࢯ ఈጊ " 5IF (SFBU 8BMM (PME 4JMWFS 3FGJOFSZ $P
-UE 4JDIVBO ڲ㧆ऑΫ䛾䨣◩㗎Ъᰶ䭽ڙथ ڲ㧆ऑ # *OOFS .POHPMJB 2JBOLVO (PME 4JMWFS 3FGJOFSZ $P
-UE *OOFS .POHPMJB ᆞ͉叱䛾͇喍㣞ጋ喎ᰶ䭽ڙथ◩ࢯ ᆞ͉ $ 4IBOEPOH (PME (SPVQ -BJ[IPV
$P
-UE
(PME 3FGJOFSZ 4IBOEPOH ᆞ͉᠈䛾䛾䨣◩ᰶ䭽ڙथ ᆞ͉ % 4IBOEPOH ;IBPKJO (PME 4JMWFS 3FGJOFSZ $P
-UE 4IBOEPOH 㺬䨉͇㗎Ъᰶ䭽ڙथ 㺬 , +JBOHYJ $PQQFS $PNQBOZ -JNJUFE +JBOHYJ ᵗ≟ۣ◩䯳ఏ㗎Ъᰶ䭽䉐Шڙथ ⎃ࢄ 0 ;IV[IPV 4NFMUJOH (SPVQ $P
-UE )VOBO ξࢄ䨉͇㗎Ъᰶ䭽ڙथ ξࢄ 1 :VOOBO $PQQFS *OEVTUSZ $P
-UE :VOOBO ⇠ࢄ䆘ٶ䛾䧲㗎Ъᰶ䭽ڙथ ⇠ࢄ ; )FOBO :VHVBOH (PME -FBE $P
-UE )FOBO ▢䛾⎽ᵽ䒶◩㗎Ъᰶ䭽ڙथ ⇠ࢄ 5 -JOHCBP +JOZVBO 5POHIVJ (PME 3FGJOFSZ $P
-UE )FOBO ⇠ࢄ͚࣌叱䛾ۣ◩ࢯᰶ䭽䉐Шڙथ ⇠ࢄ ' )FOBO ;IPOHZVBO (PME 3FGJOFSZ $P
-UE )FOBO ๔ۣᰶ㞟䛾ᆋ㗎Ъᰶ䭽ڙथ ⎃ࡄ ( %BZF /POGFSSPVT .FUBMT $P
-UE )VCFJ Ꭼ͉㒄Ⴧ䛾͇ۣ◩ࢯᰶ䭽ڙथ㟞䘪⮪䨣◩ࢯ Ꭼ͉ 4" )VBEV 4JMWFS 3FGJOFSZ PG (VBOHEPOH -VPEJOH (PME 3FGJOFSZ $P
-UE (VBOHEPOH Ꭼ͉ᬻࣾ䉢䛾ᆋᰶ䭽ڙथ Ꭼ͉ 4# (VBOHEPOH .JOHGB 1SFDJPVT .FUBMT $P
-UE (VBOHEPOH ☌झప๔㥕㤟㏠倅ឭᱜ⣜Ԋ◩ᰶ䭽ڙथ ᆞ͉ (4 :BOUBJ (VPEB 4BGFJOB )JHI BEWBODFE 3FGJOFSZ $P
-UE 4IBOEPOH ≈䭠㉘䛾䨣䒶叱䛾ۣ◩ᰶ䭽ڙथ ⇠ࢄ ) -VPZBOH ;JKJO :JOIVJ .FUBM 4NFMU $P
-UE )FOBO Ლጋჹ᭒ۣ◩ᰶ䭽ڙथ ⊆ 4$ )BOH[IPV 'VDIVOKJBOH 4NFMUJOH $P
-UE ;IFKJBOH ⎃ࢄⅡऐᆞᰶ㞟䛾ᆋ䯳ఏᰶ䭽ڙथ ⎃ࢄ 4% )VOBO 4IVJ ,PV 4IBO /POGFSSPVT .FUBMT (SPVQ )VOBO ᆞ͉ᕿ䗓ۣ◩㗎Ъᰶ䭽ڙथ ᆞ͉ ($ 4IBOHEPOH )VNPO 4NFMUJOH $P
-UE 4IBOEPOH 䨉䮢ᰶ㞟䛾ᆋᣔ㗎ᰶ䭽ڙथ⼭䉢䛾ᆋܳڙथ Ⴖᓪ - 5POHMJOH /POGFSSPVT .FUBMT )PMEJOH *OD 1SFDJPVT .FUBMT $PNQBOZ
"OIVJ ⺼ᐧ䛾ᆞ叱䛾ۣ◩ᰶ䭽ڙथ ⺼ᐧ * 'VKJBO +JO 4IBO (PME 3FGJOFSZ $P
-UE 'VKJBO ͚䛾͇㗎Ъᰶ䭽ڙथ ᆞ͉ (( $IJOB .JOF (PME *OEVTUSZ $P
-UE 4IBOEPOH422011 Annual Report
XXX THF DPN DOजӈᴴ۳䛾Ю͇ऺࢂ-JTU PG "QQPJOUFE (PME #BS 4VQQMJFST Ꮌत Ю͇䛾㑃 Ю͇ऺ⼝ ৮❹ ᆋⰮ ȠጯȠ㜗⇨ࡧ /P $PEF $PNQBOZ #SBOE -PDBUJPO 䪬䛾䨣◩ࢯ ఈጊ " 5IF (SFBU 8BMM (PME 4JMWFS 3FGJOFSZ $P
-UE 4JDIVBO ڲ㧆ऑΫ䛾䨣◩㗎Ъᰶ䭽ڙथ ڲ㧆ऑ # *OOFS .POHPMJB 2JBOLVO (PME 4JMWFS 3FGJOFSZ $P
-UE *OOFS .POHPMJB ᆞ͉叱䛾͇喍㣞ጋ喎ᰶ䭽ڙथ◩ࢯ ᆞ͉ $ 4IBOEPOH (PME (SPVQ -BJ[IPV
$P
-UE
(PME 3FGJOFSZ 4IBOEPOH ᆞ͉᠈䛾䛾䨣◩ᰶ䭽ڙथ ᆞ͉ % 4IBOEPOH ;IBPKJO (PME 4JMWFS 3FGJOFSZ $P
-UE 4IBOEPOH ᆞ͉๖ឬ⩌➖䛾͇ᰶ䭽ڙथ ᆞ͉ & 4IBOEPOH 5BS[BO #JP (PME *OEVTUSZ $P
-UE 4IBOEPOH ⇠ࢄ͚࣌叱䛾ۣ◩ࢯᰶ䭽䉐Шڙथ ⇠ࢄ ' )FOBO ;IPOHZVBO (PME 3FGJOFSZ $P
-UE )FOBO ≈䭠㉘䛾䨣䒶叱䛾ۣ◩ᰶ䭽ڙथ ⇠ࢄ ) -VPZBOH ;JKJO :JOIVJ .FUBM 4NFMU $P
-UE )FOBO ㉘䛾͇䯳ఏ㗎Ъᰶ䭽ڙथ叱䛾ۣ◩ࢯ ⺼ᐧ * (PME 3FGJOFSZ PG ;JKJO .JOJOH *OEVTUSZ $P
-UE 'VKJBO Ꭼ͉䛾吻叱䛾ᰶ䭽ڙथ叱䛾◩ࢯ Ꭼ͉ + (PME 3FGJOFSZ PG (VBOHEPOH +JO %JOH (PME $P
-UE (VBOHEPOH 䨉䮢ᰶ㞟䛾ᆋᣔ㗎ᰶ䭽ڙथ⼭䉢䛾ᆋܳڙथ Ⴖᓪ - 5POHMJOH /POGFSSPVT .FUBMT )PMEJOH *OD 1SFDJPVT .FUBMT $PNQBOZ
"OIVJ ⎃ࢄ䓝ጋ͇㗎Ъᰶ䭽䉐Шڙथ ⎃ࢄ . )VOBO $IFO[IPV .JOJOH *OEVTUSZ $P
-UE )VOBO ᆞ͉叱䛾䯳ఏ䛾Ѐ͇ᰶ䭽ڙथ◩ࢯ ᆞ͉ / 3FGJOFSZ PG 4IBOHEPOH +JODBOH .JOJOH *OEVTUSZ $P
-UE 4IBOEPOH ξࢄ䨉͇㗎Ъᰶ䭽ڙथ ξࢄ 1 :VOOBO $PQQFS *OEVTUSZ $P
-UE :VOOBO 㨙㣞㨙⍜䛾͇ᰶ䭽ڙथ ᆞ͉ 4 1FOHMBJ 1FOHHBOH (PME *OEVTUSZ $P
-UE 4IBOEPOH ▢䛾⎽ᵽ䒶◩㗎Ъᰶ䭽ڙथ ⇠ࢄ 5 -JOHCBP +JOZVBO 5POHIVJ (PME 3FGJOFSZ $P
-UE )FOBO ⩅㖰㺬㘶ᱽ᫆ឭ㗎Ъᰶ䭽ڙथ ⩅㖰 7 (BOTV 4FFNJOF /FX .BUFSJBM )JHI 5FDI $P
-UE (BOTV ๔ۣᰶ㞟䛾ᆋ㗎Ъᰶ䭽ڙथ ⎃ࡄ ( %BZF /POGFSSPVT .FUBMT $P
-UE )VCFJ ͚పጒੳ䨣㵹㗎Ъᰶ䭽ڙथ ࡄϙ *OEVTUSJBM $PNNFSDJBM #BOL PG $IJOB #FJKJOH ͚䧋ప吻ែ䉱ᰶ䭽ڙथ ࡄϙ $IJOB (PMEEFBM *OWFTUNFOU $P
-UE #FJKJOH ͚䛾͇㗎Ъᰶ䭽ڙथ ᆞ͉ (( $IJOB .JOF (PME *OEVTUSZ $P
-UE 4IBOEPOH 䉝䰣ฦฦᎡᏓ្ॷ43
ᎡᏓ្ॷ◩Ю͇ऺࢂList of Refinersजӈᴴ۳䛾䩚Ƞ䛾◩Ю͇৮❹叱䛾ڒᏀݺऺ5PQ 4(& "QQPJOUFE #VMMJPO %FQPTJUJOH 7PMVNF Ꮌत Ю͇ऺ⼝ ৮❹ ڒᏀ䛼喍ࡰٸ喎 /P $PNQBOZ #SBOE %FQPTJUJOH 7PMVNF LH
⇠ࢄ͚࣌叱䛾ۣ◩ࢯᰶ䭽䉐Шڙथ
)FOBO ;IPOHZVBO (PME 3FGJOFSZ $P
-UE ᆞ͉叱䛾͇喍㣞ጋ喎ᰶ䭽ڙथ◩ࢯ
4IBOEPOH (PME (SPVQ -BJ[IPV
$P
-UE
(PME 3FGJOFSZ ᆞ͉᠈䛾䛾䨣◩ᰶ䭽ڙथ
4IBOEPOH ;IBPKJO (PME 4JMWFS 3FGJOFSZ $P
-UE ⌞ౠጯфᕿ䮳͇ᰶ䭽ڙथ
4IFO[IFO ;IPOHIFOHMPOH 3FBM *OEVTUSZ $P
-UE ▢䛾⎽ᵽ䒶◩㗎Ъᰶ䭽ڙथ
-JOHCBP +JOZVBO 5POHIVJ (PME 3FGJOFSZ $P
-UE ≈䭠㉘䛾䨣䒶叱䛾ۣ◩ᰶ䭽ڙथ
-VPZBOH ;JKJO :JOIVJ (PME 4NFMU $P
-UE 㺬䨉͇㗎Ъᰶ䭽ڙथ䉢⏗ۣ◩ࢯ
(VJYJ 4NFMUFS PG +JBOHYJ $PQQFS $PNQBOZ -JNJUFE Ꭼ͉䛾吻叱䛾ᰶ䭽ڙथ叱䛾◩ࢯ
(PME 3FGJOFSZ PG (VBOHEPOH +JO %JOH (PME $P
-UE ㉘䛾͇䯳ఏ㗎Ъᰶ䭽ڙथ叱䛾ۣ◩ࢯ
(PME 3FGJOFSZ PG ;JKJO .JOJOH *OEVTUSZ $P
-UE ᆞ͉ᕿ䗓ۣ◩㗎Ъᰶ䭽ڙथ
4IBOHEPOH )VNPO 4NFMUJOH $P
-UE ᠴჇ䉕ᷭᱧᲱऺࢂ-JTU PG "QQPJOUFE 2VBMJUZ *OTQFDUJPO *OTUJUVUJPOT Ꮌत ऺ⼝ ᷭ侹৮ /P /BNF *OTQFDUJOH 1SPEVDU పუ䛾䨣ࣷݣ৮䉕䛼⯾Ⲑᷭ侹͚ᓰ喍䪬᭒喎 䛾Ƞ䨣 5IF /BUJPOBM 2VBMJUZ 4VQFSWJTJPO BOE *OTQFDUJPO $FOUFS GPS #VMMJPO *UT 1SPEVDUT $IBOHDIVO
(PME
4JMWFS పუ䛾䨣ࣷݣ৮䉕䛼⯾Ⲑᷭ侹͚ᓰ喍↵䭠喎 䛾Ƞ䨣 5IF /BUJPOBM 2VBMJUZ 4VQFSWJTJPO BOE *OTQFDUJPO $FOUFS GPS #VMMJPO *UT 1SPEVDUT 4IFOZBOH
(PME
4JMWFS పუ䛾䨣ݣ৮䉕䛼⯾Ⲑᷭ侹͚ᓰ喍ࢄϙ喎 䧯Ƞ䨣 5IF /BUJPOBM 2VBMJUZ 4VQFSWJTJPO BOE *OTQFDUJPO $FOUFS GPS #VMMJPO 1SPEVDUT /BOKJOH
1MBUJOVN
4JMWFS పუ䛾䨣ݣ৮䉕䛼⯾Ⲑᷭ侹͚ᓰ喍̷⊤喎 䨣 5IF /BUJPOBM 2VBMJUZ 4VQFSWJTJPO BOE *OTQFDUJPO $FOUFS GPS #VMMJPO 1SPEVDUT 4IBOHIBJ
4JMWFS442011 Annual Report
