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Intr
oduc
tion
mem
oran
dum
Firs
t d
ay o
f tr
adin
g: 2
5 A
pri
l 199
7
Intr
oduc
tion
to
the
New
Mar
ket
of t
he A
mst
erd
am E
xcha
nges
(N
MA
X)
of o
rdin
ary
shar
es o
f U
K£
0.05
eac
h
and
Sec
ond
ary
Off
erin
gof
up
to
2,63
1,44
9 or
din
ary
shar
es o
f U
K£
0.05
eac
h of
Ant
onov
plc
(inc
orp
orat
ed a
nd r
egis
tere
d in
Eng
land
and
Wal
esun
der
the
Com
pan
ies
Act
198
5 -
No
3003
533)
Le
em
hu
is &
Van
Lo
on
wil
l off
er
a m
axim
um
of 2
,631
,449
Ord
inar
y S
har
es
of A
nto
no
v. T
he
su
bsc
rip
tio
n p
eri
od
wil
lst
art
on
21
Ap
ril 1
997.
Th
e p
rice
an
d t
he
nu
mb
er
of O
rdin
ary
Sh
are
s w
ill b
e d
ete
rmin
ed
aft
er
clo
sure
of s
ub
scri
pti
on
and
is e
xpe
cte
d t
o b
e a
nn
ou
nce
d o
n 2
5 A
pri
l 199
7 b
efo
re 1
0:00
ho
urs
. Pri
ce a
nd
nu
mb
er
wil
l be
pu
bli
she
d a
s so
on
as p
oss
ible
th
ere
afte
r in
th
e O
ffic
ial P
rice
Lis
t o
f th
e A
mst
erd
am E
xch
ange
s. L
ee
mh
uis
& V
an L
oo
n r
ese
rve
s th
e r
igh
tto
acc
ele
rate
clo
sure
of s
ub
scri
pti
on
.
Ap
pli
cati
on
has
be
en
mad
e fo
r li
stin
g o
f th
e O
rdin
ary
Sh
are
s o
f An
ton
ov
on
NM
AX
. It
is e
xpe
cte
d t
hat
, bar
rin
gu
nfo
rese
en
cir
cum
stan
ces,
tra
din
g in
th
e O
rdin
ary
Sh
are
s o
n N
MA
X w
ill c
om
me
nce
on
25
Ap
ril 1
997.
Ord
inar
y S
har
es
in A
nto
no
v ar
e c
urr
en
tly
trad
ed
on
th
e A
lte
rnat
ive
Inve
stm
en
t M
arke
t o
f th
e L
on
do
n S
tock
Exc
han
ge (
AIM
) u
nd
er
the
sym
bo
l ‘A
TV
LN
’. O
n 1
8 A
pri
l 199
7, t
he
clo
sin
g p
rice
of t
he
Ord
inar
y S
har
es,
as
rep
ort
ed
on
AIM
was
UK
£ 1.
20 p
er
Ord
inar
y S
har
e.
Th
e q
uo
tati
on
of t
he
Ord
inar
y S
har
es
of A
nto
no
v o
n N
MA
X w
ill b
e in
Du
tch
gu
ild
ers
(D
fl).
Th
e t
ota
l au
tho
rise
d s
har
e c
apit
al o
f An
ton
ov
amo
un
ts t
o U
K£
5,00
0,00
0 co
nsi
stin
g o
f 100
,000
,000
ord
inar
y sh
are
s o
fU
K£
0.05
eac
h o
f wh
ich
76,
617,
905
we
re is
sue
d a
nd
full
y p
aid
at
21 A
pri
l 199
7. A
s a
resu
lt o
f a L
ock
-in
De
ed
,50
,779
,315
of t
he
Ord
inar
y S
har
es
are
re
stri
cte
d fr
om
tra
din
g u
nti
l May
18,
199
8 o
r u
nti
l ce
rtai
n s
pe
cifi
ed
eve
nts
occ
ur
as s
et
ou
t p
art
VI o
f th
is d
ocu
me
nt.
Wh
ile
su
ch r
est
rict
ion
s ap
ply
, th
e n
um
be
r o
f Ord
inar
y S
har
es
avai
lab
le fo
rtr
adin
g is
25,
838,
590.
All
th
e O
rdin
ary
Sh
are
s w
ill b
e e
ligi
ble
for
any
div
ide
nd
de
clar
ed
in t
he
fin
anci
al y
ear
199
7 an
d a
ny
div
ide
nd
sd
ecl
are
d in
su
bse
qu
en
t p
eri
od
s.
Tra
din
g in
th
e O
rdin
ary
Sh
are
s o
f An
ton
ov
on
NM
AX
wil
l tak
e p
lace
in t
he
Am
ste
rdam
Se
curi
ty A
cco
un
t S
yste
m(A
SA
S).
Sp
onso
red
by
Leem
huis
& V
an L
oon b
.v.
He
nry
Co
oke
Co
rpo
rate
Fin
ance
Ltd
is t
he
No
min
ate
d A
dvi
sor
to A
nto
no
v fo
r A
IM.
1
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Pag
e
Defi
nit
ions
4
Glo
ssary
of
Tech
nic
al T
erm
s5
Fore
ign C
urr
ency
Tra
nsl
ati
on
5
Dir
ect
ors
, S
ecr
eta
ry a
nd
Ad
vise
rs6
Key
Info
rmati
on
7
Part
I:
Part
icula
rs o
f th
e G
roup
11
1.In
tro
du
ctio
n11
2.H
isto
ry11
3.P
rod
uct
s13
4.M
arke
t o
utl
oo
k an
d c
om
pe
titi
on
15
5.S
ale
s an
d m
arke
tin
g16
6.L
ice
nsi
ng
pro
du
ctio
n17
7.D
ire
cto
rs a
nd
se
nio
r e
ngi
ne
ers
17
8.A
dvi
sory
Pan
el
19
9.C
orp
ora
te g
ove
rnan
ce19
10.
Fin
anci
al r
eco
rd20
11.
Div
ide
nd
po
licy
20
12.
Re
aso
ns
for
the
intr
od
uct
ion
to
NM
AX
20
13.
Cu
rre
nt
trad
ing
and
futu
re p
rosp
ect
s21
Part
II:
Ris
k F
act
ors
22
Part
III
:P
ate
nt
Att
orn
ey’
s R
ep
ort
24
Part
IV
:T
ech
nic
al E
xpert
’s R
ep
ort
35
Part
V:
Thre
e Y
ear
Fin
anci
al O
verv
iew
40
Part
VI:
Ad
dit
ional In
form
ati
on
42
3
Con
tent
s
An
ton
ov
con
firm
s th
at t
o t
he
be
st o
f its
kn
ow
led
ge, t
he
info
rmat
ion
co
nta
ine
d in
th
is d
ocu
me
nt
is t
rue
an
d a
ccu
rate
in a
ll m
ate
rial
re
spe
cts,
an
d t
hat
no
info
rmat
ion
has
be
en
om
itte
d w
hic
h w
ou
ld a
ffe
ct t
he
info
rmat
ion
in t
his
do
cum
en
t in
an
y m
ate
rial
re
spe
ct. A
nto
no
v is
exc
lusi
vely
re
spo
nsi
ble
for
the
acc
ura
cy a
nd
co
mp
lete
ne
ss o
f th
ein
form
atio
n c
on
tain
ed
in t
his
do
cum
en
t.
No
pe
rso
n is
au
tho
rise
d t
o g
ive
an
y in
form
atio
n o
r m
ake
an
y re
pre
sen
tati
on
in c
on
ne
ctio
n w
ith
th
e In
tro
du
ctio
n a
nd
the
Se
con
dar
y O
ffe
rin
g o
the
r th
an a
s d
esc
rib
ed
in t
his
do
cum
en
t. In
th
e e
ven
t o
f su
ch in
form
atio
n h
avin
g b
ee
np
rovi
de
d o
r su
ch r
ep
rese
nta
tio
n h
avin
g b
ee
n m
ade
, it
mu
st n
ot
be
re
lie
d u
po
n a
s h
avin
g b
ee
n a
uth
ori
sed
by
An
ton
ov,
th
e S
po
nso
r o
r an
y o
f th
eir
re
spe
ctiv
e a
dvi
sors
. Th
is d
ocu
me
nt
do
es
no
t co
nst
itu
te a
n o
ffe
r to
se
ll o
r a
soli
cita
tio
n o
f an
off
er
to b
uy
any
secu
rity
. Ne
ith
er
the
de
live
ry o
f th
is d
ocu
me
nt
no
r an
y sa
le o
r p
urc
has
e o
n t
he
bas
is t
he
reo
f sh
all,
un
de
r an
y ci
rcu
mst
ance
s, im
ply
th
at t
he
info
rmat
ion
co
nta
ine
d in
th
is d
ocu
me
nt
is c
orr
ect
as
of a
dat
e s
ub
seq
ue
nt
to t
he
dat
e h
ere
of.
Th
e d
istr
ibu
tio
n o
f th
is d
ocu
me
nt
may
, in
ce
rtai
n ju
risd
icti
on
s, b
e r
est
rict
ed
by
law
. An
ton
ov
and
th
e S
po
nso
rre
qu
ire
pe
rso
ns
into
wh
ose
po
sse
ssio
n t
his
do
cum
en
t co
me
s to
ap
pri
se t
he
mse
lve
s o
f an
d o
bse
rve
all
su
chre
stri
ctio
ns.
Ne
ith
er
An
ton
ov
no
r th
e S
po
nso
r ac
cep
t an
y le
gal r
esp
on
sib
ilit
y fo
r an
y vi
ola
tio
n b
y an
y p
ers
on
of s
uch
rest
rict
ion
.
Inve
sto
rs o
r p
ote
nti
al in
vest
ors
in t
he
Ord
inar
y S
har
es
are
exp
lici
tly
advi
sed
th
at a
ny
inve
stm
en
t e
nta
ils
fin
anci
alri
sk. T
he
y sh
ou
ld t
he
refo
re t
ake
car
efu
l no
te o
f th
e e
nti
re c
on
ten
ts o
f th
is d
ocu
me
nt.
2
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Ant
onov
tran
smis
sion
An
ton
ov'
s in
no
vati
ve, p
ate
nte
d a
uto
mat
ic t
ran
smis
sio
n
auto
mat
ic tr
ansm
issi
ona
tran
smis
sio
n w
ith
au
tom
atic
co
ntr
ol o
f th
e g
ear
rat
ios
cent
rifu
gal c
lutc
ha
clu
tch
op
era
ted
by
vari
atio
ns
in t
he
ce
ntr
ifu
gal f
orc
e
driv
e tr
ain
a sy
ste
m o
f tra
nsf
err
ing
po
we
r fr
om
th
e e
ngi
ne
to
th
e d
rive
sh
aft,
incl
ud
ing
the
tr
ansm
issi
on
, en
gin
e a
nd
dri
ve s
haf
t
end
thru
st b
eari
ngs
be
arin
gs w
hic
h c
on
tain
th
e a
xial
load
pro
du
ced
by
he
lica
lly
cut
gear
s
epic
yclic
gea
r se
ta
set
of t
hre
e g
ear
s w
ork
ing
to fi
x a
rati
o b
etw
ee
n t
wo
of t
he
ge
ars,
th
e t
hir
d o
f wh
ich
is s
tati
on
ary
gear
trai
na
com
bin
atio
n o
f ge
ars
wo
rkin
g to
geth
er
helic
ally
cut
gea
rsge
ars
wit
h d
iago
nal
ly c
ut
tee
th
torq
ue c
onve
rter
a
de
vice
co
nsi
stin
g o
f a p
um
p, t
urb
ine
an
d r
eac
tor
wh
ich
cre
ate
s ch
ange
s in
torq
ue
tran
smis
sion
a d
evi
ce t
ran
sfe
rrin
g th
e p
ow
er
fro
m a
n e
ngi
ne
to
a d
rive
sh
aft
wit
h v
ario
us
gear
rat
ios
His
tori
cal e
xch
ange
rat
es
use
d t
hro
ugh
ou
t th
is d
ocu
me
nt
are
th
e r
ate
s at
31
De
cem
be
r in
th
e y
ear
in w
hic
h t
he
tran
sact
ion
occ
urr
ed
. All
oth
er
refe
ren
ces
to a
mo
un
ts d
en
om
inat
ed
in fo
reig
n c
urr
en
cy h
ave
be
en
tra
nsl
ate
d in
tost
erl
ing
at t
he
rat
es
ruli
ng
at 1
8 A
pri
l 199
7 w
hic
h a
re a
s fo
llo
ws:
UK
£1 =
Dfl
3.1
495
UK
£1 =
FF
9.4
194
5
Glo
ssar
y of
Tec
hnic
al T
erm
s
Fore
ign
Cur
renc
y Tr
ansl
atio
ns
Th
e fo
llo
win
g d
efi
nit
ion
s ap
ply
th
rou
gho
ut
this
do
cum
en
t:
AA
TA
nto
no
v A
uto
mo
tive
Te
chn
olo
gie
s B
V, a
wh
oll
y o
wn
ed
su
bsi
dia
ry o
f th
e C
om
pan
y
AIM
the
Alt
ern
ativ
e In
vest
me
nt
Mar
ket
of t
he
Lo
nd
on
Sto
ck E
xch
ange
Ant
onov
or
Com
pany
An
ton
ov
plc
Ant
onov
Gro
up o
r G
roup
An
ton
ov
and
its
sub
sid
iari
es,
incl
ud
ing
AA
T
Chr
ysle
rC
hry
sle
r C
orp
ora
tio
n
Dir
ecto
rs o
r B
oard
the
dir
ect
ors
of t
he
Co
mp
any
Gaj
raG
ajra
Be
vel G
ear
s L
imit
ed
Hen
ry C
ooke
He
nry
Co
oke
Co
rpo
rate
Fin
ance
Ltd
Hen
ry C
ooke
, Lum
sden
He
nry
Co
oke
, Lu
msd
en
plc
Intr
oduc
tion
the
intr
od
uct
ion
of t
he
wh
ole
of t
he
issu
ed
ord
inar
y sh
are
cap
ital
of
the
Co
mp
any
to N
MA
X
Lee
mhu
is &
Van
Loo
nL
ee
mh
uis
& V
an L
oo
n b
.v.
Lon
don
Sto
ck E
xcha
nge
Lo
nd
on
Sto
ck E
xch
ange
Lim
ite
d
NM
AX
the
Ne
w M
arke
t o
f th
e A
mst
erd
am E
xch
ange
s N
.V.
Ord
inar
y S
hare
se
xist
ing
ord
inar
y sh
are
s o
f UK
£ 0.
05 e
ach
in t
he
cap
ital
of t
he
Co
mp
any
fro
m t
ime
to
tim
e
Pek
tron
Pe
ktro
n M
arke
tin
g L
imit
ed
Sec
onda
ry O
fferi
ngth
e o
ffe
r b
y L
ee
mh
uis
& V
an L
oo
n o
f up
to
2,6
31,4
49 o
f th
e O
rdin
ary
Sh
are
s
Spo
nsor
Le
em
hu
is &
Van
Lo
on
Tex
tron
Te
xtro
n S
yste
m D
ivis
ion
4
Def
init
ions
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Th
e fo
llo
win
g in
form
atio
n s
ho
uld
be
re
ad in
co
nju
nct
ion
wit
h t
he
full
te
xt o
f th
is d
ocu
me
nt.
In p
arti
cula
r, y
ou
rat
ten
tio
n is
dra
wn
to
th
e R
isk
Fac
tors
se
t o
ut
in P
art
II o
f th
is d
ocu
me
nt.
Back
gro
und
An
ton
ov
Gro
up
has
de
velo
pe
d a
un
iqu
e a
nd
inn
ova
tive
au
tom
atic
tra
nsm
issi
on
. Th
e G
rou
p o
rigi
nat
ed
in R
ott
erd
amin
199
1 w
he
n a
co
mp
any
was
se
t u
p t
o d
eve
lop
an
d m
arke
t th
e a
uto
mat
ic t
ran
smis
sio
n c
on
cep
ts c
on
ceiv
ed
by
Ro
um
en
An
ton
ov.
Th
e G
rou
p a
lso
has
a d
esi
gn a
nd
de
velo
pm
en
t ce
ntr
e n
ear
Par
is fr
om
wh
ich
a d
ed
icat
ed
te
am o
fe
ngi
ne
ers
is in
volv
ed
in b
uil
din
g an
d t
est
ing
pro
toty
pe
s ta
ilo
red
to
cu
sto
me
rs' s
pe
cifi
cati
on
s. Im
po
rtan
t co
mm
erc
ial
ach
ieve
me
nts
to
dat
e a
re:
•O
ne
maj
or
Jap
ane
se c
ar m
anu
fact
ure
r h
as d
eve
lop
ed
a v
ers
ion
of t
he
An
ton
ov
tran
smis
sio
n c
ove
rin
g sm
all a
nd
me
diu
m c
ar r
eq
uir
em
en
ts u
p t
o 1
.6 li
tre
s. P
re-p
rod
uct
ion
tra
nsm
issi
on
s ar
e p
rese
ntl
y u
nd
er
con
stru
ctio
n b
yA
nto
no
v fo
r d
eli
very
in Ju
ne
199
7.
•C
hry
sle
r h
as e
nte
red
into
a p
roto
typ
e d
eve
lop
me
nt
pro
gram
me
wh
ere
by
a 6-
spe
ed
An
ton
ov
tran
smis
sio
n w
ill b
ete
ste
d fo
r it
s N
eo
n m
od
el.
Pro
toty
pe
s ar
e a
nti
cip
ate
d t
o b
e r
ead
y e
arly
in 1
998.
•G
ajra
, an
Ind
ian
tra
nsm
issi
on
co
mp
any,
is s
che
du
led
to
co
mm
en
ce v
olu
me
pro
du
ctio
n o
f th
e A
nto
no
vtr
ansm
issi
on
in 1
998
foll
ow
ing
com
ple
tio
n o
f eva
luat
ion
pro
ced
ure
s. T
he
An
ton
ov
tran
smis
sio
n w
ill i
nit
iall
y b
eu
sed
for
Su
zuki
/Mar
uti
ve
hic
les,
wh
ich
in 1
996
rep
rese
nte
d a
pp
roxi
mat
ely
70
pe
r ce
nt
of t
he
Ind
ian
ne
w c
arm
arke
t. A
fte
r an
init
ial s
tart
up
ph
ase
, min
imu
m t
arge
t q
uan
titi
es
are
100
,000
un
its
pe
r an
nu
m.
•P
ekt
ron
, a s
pe
cial
ist
in t
he
man
ufa
ctu
re o
f ele
ctro
nic
co
ntr
ol e
qu
ipm
en
t, h
as d
eve
lop
ed
ele
ctro
nic
co
ntr
ol u
nit
s(e
cus)
for
the
An
ton
ov
tran
smis
sio
n fo
r su
pp
ly t
o A
nto
no
v an
d it
s li
cen
see
s. A
nto
no
v w
ill r
ece
ive
ro
yalt
ies
on
cert
ain
ecu
s so
ld.
•T
ext
ron
, a d
ivis
ion
of T
ext
ron
Inco
rpo
rate
d, o
ne
of t
he
wo
rld
's le
adin
g m
anu
fact
ure
rs o
f au
tom
oti
ve c
om
po
ne
nts
,w
ill p
rod
uce
an
d m
arke
t cl
utc
h c
om
po
ne
nts
usi
ng
An
ton
ov'
s 'c
arb
on
-car
bo
n' p
late
te
chn
olo
gy. A
nto
no
v w
ill
rece
ive
ro
yalt
y p
aym
en
ts o
n s
ale
s o
f th
ese
co
mp
on
en
ts w
hic
h a
re e
xpe
cte
d t
o c
om
me
nce
in e
arly
199
8.
•T
we
nty
-on
e c
ar a
nd
au
tom
oti
ve c
om
po
ne
nt
man
ufa
ctu
rers
are
pre
sen
tly
eva
luat
ing
the
An
ton
ov
tran
smis
sio
nte
chn
olo
gy.
Pro
duct
Str
ength
s
Inher
entl
y si
mpl
e
Th
e A
nto
no
v tr
ansm
issi
on
re
pre
sen
ts a
maj
or
sim
pli
fica
tio
n o
f au
tom
atic
tra
nsm
issi
on
de
sign
. It
em
plo
ys w
ell
kn
ow
nm
ech
anic
al p
rin
cip
les
and
co
nve
nti
on
al c
om
po
ne
nts
to
har
ne
ss n
atu
rall
y o
ccu
rrin
g fo
rce
s w
ith
in a
tra
nsm
issi
on
to
eff
ect
ge
ar c
han
ges.
Succ
essf
ully
test
ed
Th
e c
on
cep
ts u
nd
erl
yin
g th
e A
nto
no
v tr
ansm
issi
on
hav
e b
ee
n s
ucc
ess
full
y ve
rifi
ed
th
rou
gh t
hre
e g
en
era
tio
ns
of
pro
toty
pe
s an
d t
hro
ugh
th
eo
reti
cal a
nal
ysis
an
d s
imu
lati
on
by
tran
smis
sio
n s
pe
cial
ists
an
d c
ar m
anu
fact
ure
rs.
Th
e c
on
cep
ts h
ave
be
en
furt
he
r ad
van
ced
in 1
996
by
the
de
velo
pm
en
t o
f a 6
-sp
ee
d A
nto
no
v tr
ansm
issi
on
.
7
Key
Inf
orm
atio
n
Dir
ect
ors
Ro
um
en
An
ton
ov
Mic
hae
l Em
me
rso
n A
CA
Joh
n N
ige
l Dic
ken
s*G
rah
am D
ud
ley
Eve
s M
A*
Cam
ero
n R
uar
idh
Mil
ler
McC
oll
BS
c*C
orn
eli
s M
inn
aar*
* d
en
ote
s n
on
-exe
cuti
ve
all o
f:60
, Fo
un
tain
Str
ee
tM
anch
est
er
M2
2FE
wh
ich
is t
he
re
gist
ere
d o
ffic
e o
f th
e C
om
pan
y
Ad
viso
ry P
anel
Wo
nch
un
g K
imP
aul L
ind
lah
rK
arl L
ud
vigs
en
MS
AE
Secr
eta
ryS
tep
he
n M
ark
Ho
ust
on
BA
Sp
onso
r fo
r N
MA
XL
ee
mh
uis
& V
an L
oo
n b
.v.
Ro
kin
92-
96, 1
012
KZ
Am
ste
rdam
Nom
inate
d A
dvi
ser
for
AIM
He
nry
Co
oke
Co
rpo
rate
Fin
ance
Ltd
On
e K
ing
Str
ee
t, M
anch
est
er
M2
6AW
Nom
inate
d B
roker
for
AIM
He
nry
Co
oke
, Lu
msd
en
plc
On
e K
ing
Str
ee
t, M
anch
est
er
M2
6AW
Aud
itors
to A
nto
nov
and
Ern
st &
Yo
un
g C
har
tere
d A
cco
un
tan
tsR
ep
ort
ing A
ccounta
nts
Co
mm
erc
ial U
nio
n H
ou
se, A
lbe
rt S
qu
are
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che
ste
r M
2 6L
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Aud
itors
to A
AT
Mo
ret
Ern
st &
Yo
un
g A
cco
un
tan
tsM
arte
n M
ee
swe
g 51
, 306
8 A
V R
ott
erd
am
Solici
tors
to t
he C
om
pany
Dav
ies
Arn
old
Co
op
er
60, F
ou
nta
in S
tre
et,
Man
che
ste
r M
2 2F
E
Nau
ta D
uti
lhW
ee
na
750,
301
4 D
A R
ott
erd
am
Rep
ort
ing T
ech
nic
al E
xpert
Ne
the
rlan
ds
Car
BV
Ste
en
ove
nw
eg
1, 5
708
HN
He
lmo
nd
Rep
ort
ing P
ate
nt
Att
orn
eys
Po
nte
t &
All
ano
25 r
ue
Jean
Ro
stan
d, P
arc
Clu
b O
rsay
Un
ive
rsit
é91
893
Ors
ay C
ed
ex,
Fra
nce
Bankers
Nat
ion
al W
est
min
ste
r B
ank
Plc
PO
Bo
x 1,
1 S
toke
Ro
ad, G
uil
dfo
rd, S
urr
ey
GU
I 3Z
R
Regis
trars
Ind
ep
en
de
nt
Re
gist
rars
Gro
up
Lim
ite
dB
alfo
ur
Ho
use
, 390
-398
Hig
h R
oad
, Ilf
ord
, Ess
ex
IG1
1NQ
6
Dir
ecto
rs, S
ecre
tary
and
Ad
vise
rs
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Pro
spect
s
Fir
st li
cen
ces
hav
e b
ee
n s
old
in 1
996
alth
ou
gh t
he
Dir
ect
ors
pro
ject
th
at t
he
Gro
up
wil
l no
t b
e p
rofi
tab
le u
nti
l maj
or
lice
nce
fee
inco
me
has
be
en
ach
ieve
d. A
maj
or
Jap
ane
se c
ar m
anu
fact
ure
r is
du
e t
o t
ake
a d
eci
sio
n, p
oss
ibly
invo
lvin
g a
lice
nce
, fro
m m
id 1
997.
Th
e D
ire
cto
rs e
xpe
ct t
hat
ro
yalt
y p
aym
en
ts w
ill c
on
trib
ute
to
pro
fits
wh
en
volu
me
pro
du
ctio
n c
om
me
nce
s.
Th
e C
om
pan
y h
as r
aise
d U
K£
3.0
mil
lio
n n
et
via
a p
laci
ng
3,64
8,47
1 o
f th
e O
rdin
ary
Sh
are
s in
Ap
ril 1
997
to im
pro
veit
s n
ego
tiat
ing
po
siti
on
wit
h li
cen
see
s an
d t
o fu
nd
th
e n
ew
de
velo
pm
en
t p
rogr
am w
ith
Ch
rysl
er.
Ris
k F
act
ors
Pro
spe
ctiv
e in
vest
ors
sh
ou
ld b
e a
war
e t
hat
an
inve
stm
en
t in
An
ton
ov
invo
lve
s a
hig
h le
vel o
f ris
k an
d t
he
att
en
tio
no
f pro
spe
ctiv
e in
vest
ors
is d
raw
n t
o t
he
Ris
k F
acto
rs s
et
ou
t in
Par
t II
of t
his
do
cum
en
t.
Tra
din
g R
eco
rd
Th
e fo
llo
win
g is
a s
um
mar
y o
f th
e r
esu
lts
of A
nto
no
v G
rou
p in
th
e fi
nan
cial
ye
ars
1994
th
rou
gh 1
996.
Yea
rs e
nded
31
Dec
embe
r19
9419
9519
96U
K£'
000
UK
£'00
0U
K£'
000
Tu
rno
ver
324
-23
3C
ost
of s
ale
s30
6-
116
––––
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––––
––––
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De
velo
pm
en
t co
sts
and
ad
min
istr
ativ
e e
xpe
nse
s(1
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)(1
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)In
tere
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ece
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le/(
pay
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d s
imil
ar c
har
ges
(192
)47
38––
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oss
on
ord
inar
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tivi
tie
s b
efo
re t
axat
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(1,7
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(1,7
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––––
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Lo
ss p
er
shar
e (
UK
pe
nce
)3.
27p
2.71
p2.
46p
––––
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––––
––––
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––––
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1994
figu
res
rep
rese
nt
the
re
sult
s o
f AA
T a
nd
its
sub
sid
iair
es.
Pe
r sh
are
figu
res
are
bas
ed
th
e w
eig
hte
d a
vera
ge n
um
be
r o
f Ord
inar
y S
har
es
in is
sue
for
the
re
leva
nt
year
.
Ord
inary
Share
s In
form
ati
on
Ord
inar
y S
har
es
in is
sue
76,6
17,9
05
Clo
sin
g sh
are
pri
ce a
s re
po
rte
d o
n A
IM o
n 1
8 A
pri
l, 19
97U
K£
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Mar
ket
cap
ital
isat
ion
at
clo
se o
f bu
sin
ess
on
18
Ap
ril,
1997
UK
£ 91
,941
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Ord
inar
y S
har
es
lock
ed
-in
*50
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Ord
inar
y S
har
es
curr
en
tly
avai
lab
le fo
r tr
adin
g25
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Max
imu
m n
um
be
r o
f Ord
inar
y S
har
es
in S
eco
nd
ary
Off
eri
ng
2,63
1,44
9
* A
s a
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lt o
f a L
ock
-in
De
ed
, 50,
779,
315
of t
he
Ord
inar
y S
har
es
are
re
stri
cte
d fr
om
tra
din
g u
nti
l May
18,
199
8 o
r u
nti
l ce
rtai
n s
pe
cifi
ed
eve
nts
occ
ur
as s
et
ou
t p
art
VI o
f th
is d
ocu
me
nt.
9
Key
Inf
orm
atio
n
Sig
nific
ant
adva
nta
ges
com
pare
d w
ith c
onve
nti
onal
auto
mat
ic t
ransm
issi
ons
Ext
ern
al v
eri
fica
tio
n a
nd
te
stin
g h
as s
ho
wn
th
at t
he
4-s
pe
ed
An
ton
ov
tran
smis
sio
n h
as p
ote
nti
ally
th
e fo
llo
win
gch
arac
teri
stic
s w
he
n c
om
par
ed
wit
h c
on
ven
tio
nal
au
tom
atic
tra
nsm
issi
on
s:
4-sp
ee
d
Co
st:
40%
ch
eap
er
to m
anu
fact
ure
Fu
el e
ffic
ien
cy:
ave
rage
20%
mo
re fu
el e
ffic
ien
tE
mis
sio
ns:
lo
we
r e
xhau
st e
mis
sio
ns
Siz
e:
30%
sm
alle
rW
eig
ht:
25%
ligh
ter
Pe
rfo
rman
ce:
fast
er
acce
lera
tio
n a
nd
hig
he
r to
p s
pe
ed
(all
pe
rce
nta
ges
are
ap
pro
xim
ate
)
On
th
e b
asis
of i
n-h
ou
se e
valu
atio
n, t
he
Dir
ect
ors
be
lie
ve t
hat
th
e r
ece
ntl
y d
eve
lop
ed
6-s
pe
ed
An
ton
ov
tran
smis
sio
n h
as p
ote
nti
ally
th
e fo
llo
win
g ch
arac
teri
stic
s w
he
n c
om
par
ed
wit
h c
on
ven
tio
nal
au
tom
atic
tran
smis
sio
ns:
6-sp
ee
d
Co
st:
30%
ch
eap
er
to m
anu
fact
ure
Fu
el e
ffic
ien
cy:
ave
rage
30%
mo
re fu
el e
ffic
ien
tE
mis
sio
ns:
lo
we
r e
xhau
st e
mis
sio
nS
ize
:
5%
sm
alle
rW
eig
ht:
15%
ligh
ter
Pe
rfo
rman
ce:
fast
er
acce
lera
tio
n a
nd
hig
he
r to
p s
pe
ed
(all
pe
rce
nta
ges
are
ap
pro
xim
ate
)
Low
cap
ital
cos
t fo
r m
anufa
cture
rs
Th
e A
nto
no
v tr
ansm
issi
on
can
be
bu
ilt
usi
ng
the
exi
stin
g p
lan
t an
d fa
cili
tie
s o
f man
ufa
ctu
rers
of b
oth
man
ual
an
dau
tom
atic
tra
nsm
issi
on
s w
ith
ou
t th
e n
ee
d fo
r e
xte
nsi
ve a
nd
co
stly
re
too
lin
g o
r th
e in
tro
du
ctio
n o
f ne
wm
anu
fact
uri
ng
tech
no
logy
.
Pat
ent
prot
ecte
d
Th
e b
asic
pri
nci
ple
s o
f th
e A
nto
no
v tr
ansm
issi
on
are
pro
tect
ed
by
gran
ted
pat
en
ts in
man
y co
un
trie
s an
d p
ate
nt
app
lica
tio
ns
are
pe
nd
ing
in o
the
r co
un
trie
s. A
pp
lica
tio
ns
are
als
o p
en
din
g in
re
spe
ct o
f fu
rth
er
de
velo
pm
en
ts t
o t
he
An
ton
ov
tran
smis
sio
n.
Mark
et
Th
e A
nto
no
v tr
ansm
issi
on
is t
arge
ted
pri
mar
ily
at t
he
glo
bal
au
tom
oti
ve m
arke
t. In
199
5, t
he
to
tal w
orl
dw
ide
pro
du
ctio
n o
f tra
nsm
issi
on
s am
ou
nte
d t
o o
ver
40 m
illi
on
un
its
for
pas
sen
ger
cars
an
d li
ght
com
me
rcia
l ve
hic
les.
Init
iall
y, s
trat
egy
wil
l fo
cus
up
on
th
e s
mal
l to
me
diu
m c
ar m
arke
ts in
Eu
rop
e, A
sia
and
th
e U
SA
wh
ich
his
tori
call
yco
uld
no
t b
e s
erv
ed
eff
ect
ive
ly b
y th
e m
anu
fact
ure
rs o
f co
nve
nti
on
al a
uto
mat
ic t
ran
smis
sio
ns.
Ho
we
ver,
str
inge
nt
en
viro
nm
en
tal l
egi
slat
ion
is n
ow
in t
he
pro
cess
of b
ein
g in
tro
du
ced
in t
he
se a
reas
wh
ich
th
e D
ire
cto
rs e
xpe
ct w
ill
furt
he
r in
cre
ase
th
e a
ttra
ctiv
en
ess
of t
he
An
ton
ov
tran
smis
sio
n fo
r u
se w
ith
all
siz
es
of e
ngi
ne
.
8
Key
Inf
orm
atio
n
Bro
ught
to y
ou b
y G
loba
l Rep
orts
1.
Intr
od
uct
ion
An
ton
ov
Gro
up
has
de
velo
pe
d a
un
iqu
e a
nd
inn
ova
tive
au
tom
atic
ge
arb
ox,
th
e A
nto
no
v tr
ansm
issi
on
.
Tra
ffic
leve
ls o
n u
rban
ro
ads
hav
e r
aise
d E
uro
pe
an a
nd
Jap
ane
se d
em
and
for
auto
mat
ics
sign
ific
antl
y o
ver
rece
nt
year
s. H
ow
eve
r, fo
r th
e s
mal
l car
s w
hic
h p
red
om
inat
e in
th
ese
mar
kets
ove
rall
, co
nve
nti
on
al a
uto
mat
ic g
ear
bo
xes
are
larg
e, h
eav
y an
d c
ost
ly, a
nd
re
du
ce t
he
po
we
r o
utp
ut
fro
m s
mal
l en
gin
es.
Man
ufa
ctu
rers
hav
e s
ou
ght
alte
rnat
ive
solu
tio
ns,
bu
t al
l so
luti
on
s, o
f wh
ich
th
e D
ire
cto
rs a
re a
war
e, a
re c
on
sid
ere
d m
ore
exp
en
sive
, are
no
t as
sm
all a
nd
ligh
t an
d a
re le
ss e
ffic
ien
t th
an m
anu
al g
ear
bo
xes.
In c
om
par
iso
n t
o c
on
ven
tio
nal
tra
nsm
issi
on
sys
tem
s, t
he
An
ton
ov
tran
smis
sio
n u
ses
a ra
dic
ally
dif
fere
nt,
bu
tin
gen
iou
sly
sim
ple
co
nce
pt.
Fo
rce
s n
atu
rall
y o
ccu
rrin
g w
ith
in t
he
tra
nsm
issi
on
are
uti
lise
d in
a g
ear
bo
x th
at is
com
pac
t, li
ght
and
inh
ere
ntl
y e
ffic
ien
t an
d a
t co
mm
erc
ial v
olu
me
s, h
as a
low
er
man
ufa
ctu
rin
g co
st t
han
co
nve
nti
on
alau
tom
atic
tra
nsm
issi
on
s.
Th
e D
ire
cto
rs a
re c
on
fid
en
t th
at t
he
re is
po
ten
tial
ly a
ve
ry la
rge
mar
ket
for
the
An
ton
ov
tran
smis
sio
n. T
he
Dir
ect
ors
exp
ect
th
at b
eca
use
of i
ts t
ech
nic
al a
nd
co
st a
dva
nta
ges,
th
e A
nto
no
v tr
ansm
issi
on
is li
kely
to
ap
pe
al t
o m
ost
tran
smis
sio
n m
anu
fact
ure
rs. I
n a
dd
itio
n, t
he
ove
rall
siz
e o
f th
e m
arke
t fo
r au
tom
atic
tra
nsm
issi
on
s is
like
ly t
oin
cre
ase
as
the
y ga
in fa
vou
r o
ver
man
ual
ge
arb
oxe
s, a
s th
e t
ota
l nu
mb
er
of c
ars
pro
du
ced
wo
rld
wid
e e
ach
ye
argr
ow
s an
d a
s fu
el e
mis
sio
ns
legi
slat
ion
co
nti
nu
es
to b
eco
me
mo
re s
trin
gen
t.
Co
nsi
de
rab
le in
tere
st h
as a
lre
ady
be
en
sh
ow
n in
th
e A
nto
no
v tr
ansm
issi
on
. It
is b
ein
g e
valu
ate
d b
y tw
en
ty-
on
e c
aran
d a
uto
mo
tive
co
mp
on
en
t m
anu
fact
ure
rs. T
he
An
ton
ov
tran
smis
sio
n c
an b
e p
rod
uce
d u
sin
g cu
rre
nt
man
ual
or
auto
mat
ic t
ran
smis
sio
n p
rod
uct
ion
faci
liti
es.
It t
he
refo
re d
oe
s n
ot
req
uir
e m
anu
fact
ure
rs t
o m
ake
sig
nif
ican
tin
vest
me
nt
in n
ew
faci
liti
es
and
so
co
uld
be
ad
op
ted
re
lati
vely
qu
ickl
y.
2.
His
tory
Th
e c
on
cep
ts b
eh
ind
th
e A
nto
no
v tr
ansm
issi
on
we
re fi
rst
exp
lore
d b
y R
ou
me
n A
nto
no
v in
Bu
lgar
ia in
196
4.
Ho
we
ver,
it w
as n
ot
un
til 1
988,
wh
en
he
left
Bu
lgar
ia fo
r F
ran
ce, t
hat
Ro
um
en
An
ton
ov
was
ab
le t
o p
rogr
ess
his
ide
as. H
e a
pp
lie
d fo
r p
ate
nts
an
d b
uil
t a
min
iatu
re v
ers
ion
of h
is u
niq
ue
ge
arb
ox
to d
em
on
stra
te t
o m
anu
fact
ure
rs.
Aft
er
run
nin
g a
seri
es
of s
tud
ies,
a m
ajo
r m
anu
fact
ure
r co
ncl
ud
ed
th
at t
he
pri
nci
ple
s w
ork
ed
, in
th
eo
ry a
t le
ast.
On
the
str
en
gth
of t
he
se c
on
clu
sio
ns
Ro
um
en
An
ton
ov
rece
ive
d a
n in
itia
l gra
nt
fro
m a
Fre
nch
go
vern
me
nt
aid
age
ncy
of
FF
150
,000
(U
K£
14,0
00).
Wit
h t
his
init
ial f
un
din
g, R
ou
me
n A
nto
no
v w
as a
ble
in 1
989
to b
uil
d h
is fi
rst
pro
toty
pe
, co
nst
ruct
ed
alm
ost
en
tire
lyfr
om
re
adil
y av
aila
ble
co
mp
on
en
ts. I
n d
em
on
stra
tio
ns
to a
maj
or
Eu
rop
ean
car
man
ufa
ctu
rer
the
pro
toty
pe
imm
ed
iate
ly o
utp
erf
orm
ed
a c
on
ven
tio
nal
au
tom
atic
tra
nsm
issi
on
.
In 1
990,
Ro
um
en
An
ton
ov
was
intr
od
uce
d t
o a
gro
up
of D
utc
h in
vest
ors
led
by
No
vem
Inte
rnat
ion
al B
V (
"No
vem
"), a
Du
tch
de
velo
pm
en
t ca
pit
al c
om
pan
y w
hic
h s
pe
cial
ise
s in
co
mm
erc
iali
sin
g in
no
vati
ve n
ew
te
chn
olo
gy. T
oge
the
r, in
1991
, Ro
um
en
An
ton
ov
and
No
vem
est
abli
she
d a
join
t ve
ntu
re c
om
pan
y in
Ro
tte
rdam
, Mo
de
rn A
uto
mo
tive
Te
chn
olo
gie
s (M
AT
) H
old
ings
BV
("M
AT
Ho
ldin
gs")
to
lead
th
e d
eve
lop
me
nt
of t
he
tra
nsm
issi
on
. Dfl
3.5
mil
lio
n(U
K£
1.1
mil
lio
n)
was
inve
ste
d, p
rim
aril
y fo
r in
itia
l co
nce
pt
de
velo
pm
en
t an
d v
alid
atio
n. A
he
ad o
ffic
e w
as s
et
up
inR
ott
erd
am, a
de
sign
an
d d
eve
lop
me
nt
cen
tre
was
se
t u
p in
Par
is a
nd
an
en
gin
ee
rin
g fa
cili
ty w
as e
stab
lish
ed
inL
orr
ain
e.
11
Par
t I:
Par
ticu
lars
of
the
Gro
up
Mark
et
info
rmati
on
Fro
m M
ay 1
995
to A
ugu
st 1
995,
a d
eal
ing
faci
lity
in t
he
Ord
inar
y S
har
es
of A
nto
no
v w
as a
vail
able
un
de
r R
ule
4.2
of
the
Ru
les
of t
he
Lo
nd
on
Sto
ck E
xch
ange
foll
ow
ing
com
ple
tio
n o
f a p
laci
ng
at U
K£
0.40
pe
r sh
are
.
In A
ugu
st 1
995,
th
e O
rdin
ary
Sh
are
s o
f An
ton
ov
we
re a
dm
itte
d t
o t
rad
ing
on
AIM
an
d a
re q
uo
ted
un
de
r th
e s
ymb
ol
"AT
V L
N".
Th
e fo
llo
win
g ta
ble
se
ts o
ut,
for
the
pe
rio
ds
ind
icat
ed
, th
e h
igh
an
d lo
w c
losi
ng
pri
ces
(UK
pe
nce
) o
f th
eO
rdin
ary
Sh
are
s as
re
po
rte
d o
n A
IM.
1995
Hig
hLow
Th
ird
qu
arte
r15
1.0
100.
0F
ou
rth
qu
arte
r14
0.0
78.0
1996
Jan
uar
y11
5.0
101.
0F
eb
ruar
y11
1.0
85.0
Mar
ch11
0.0
95.0
Ap
ril
103.
088
.0M
ay95
.081
.0Ju
ne
83.0
75.0
July
75.0
50.0
Au
gust
76.0
48.0
Se
pte
mb
er
84,5
72.5
Oct
ob
er
90.0
72.5
No
vem
be
r87
.578
.5D
ece
mb
er
79.5
67.5
1997
Jan
uar
y74
.566
.5F
eb
ruar
y81
.567
.5M
arch
99.5
82.5
So
urc
e: B
loo
mb
erg
Th
e c
losi
ng
pri
ces
fro
m 1
Ap
ril u
nti
l 18
Ap
ril 1
997
as r
ep
ort
ed
on
AIM
we
re a
s fo
llo
ws:
Apr
ilU
Kpe
nce
Dfl
1 91
.52.
822
90.5
2.80
390
.02.
774
88.5
2.73
792
.52.
888
103.
53.
239
116.
53.
6610
––
1112
4.5
3.92
1411
5.5
3.63
1511
7.5
3.72
1611
9.5
3.76
1711
9.0
3.76
1812
0.0
3.78
So
urc
e: B
loo
mb
erg
Dfl
am
ou
nts
tra
nsl
ate
d a
t d
aily
UK
£/D
fl r
ate
s
10
Key
Inf
orm
atio
n
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Lat
er
in 1
996,
th
e m
ajo
r Ja
pan
ese
car
man
ufa
ctu
rer
de
sign
ed
an
d d
eve
lop
ed
a v
ers
ion
of t
he
An
ton
ov
tran
smis
sio
n,
tail
ore
d t
o it
s o
wn
mo
de
l pro
gram
me
an
d s
pe
cifi
cati
on
. An
ton
ov
was
co
mm
issi
on
ed
to
man
ufa
ctu
re t
he
init
ial b
atch
of t
ran
smis
sio
ns
for
test
ing
and
eva
luat
ion
, ge
ne
rati
ng
reve
nu
es
for
An
ton
ov.
On
ce a
ll t
est
s h
ave
be
en
co
mp
lete
d t
oth
e Ja
pan
ese
car
man
ufa
ctu
rer'
s st
rin
gen
t sp
eci
fica
tio
ns,
a d
eci
sio
n o
n t
he
ne
xt s
tep
, po
ssib
ly in
volv
ing
a li
cen
ce, i
se
xpe
cte
d t
o b
e m
ade
.
Als
o in
199
6, T
ext
ron
, a d
ivis
ion
of T
ext
ron
Inco
rpo
rate
d, o
ne
of t
he
wo
rld
's le
adin
g m
anu
fact
ure
rs o
f au
tom
oti
veco
mp
on
en
ts, f
inal
ise
d a
no
n-e
xclu
sive
, ro
yalt
y b
ear
ing
lice
nce
fro
m A
nto
no
v, fo
r ke
y p
arts
of A
nto
no
v's
clu
tch
tech
no
logy
. Un
de
r th
e t
erm
s o
f th
e a
gre
em
en
t, T
ext
ron
wil
l pro
du
ce a
nd
se
ll c
lutc
h c
om
po
ne
nts
to
car
an
dtr
ansm
issi
on
man
ufa
ctu
rers
usi
ng
An
ton
ov'
s 'c
arb
on
-car
bo
n' c
lutc
h p
late
te
chn
olo
gy. A
nto
no
v w
ill r
ece
ive
ro
yalt
yp
aym
en
ts o
n s
ale
s o
f th
ese
co
mp
on
en
ts w
hic
h a
re e
xpe
cte
d t
o c
om
me
nce
in e
arly
199
8.
Du
rin
g th
at y
ear
, An
ton
ov
also
sig
ne
d a
su
pp
ly a
gre
em
en
t w
ith
Pe
ktro
n fo
r th
e d
eve
lop
me
nt
and
sal
e o
f ele
ctro
nic
con
tro
l un
its
("e
cus"
) w
hic
h w
ill b
e fi
tte
d in
to t
he
An
ton
ov
tran
smis
sio
n a
nd
su
pp
lie
d t
o o
ne
of A
nto
no
v's
maj
or
lice
nce
es.
Un
de
r th
e t
erm
s o
f th
e a
gre
em
en
t P
ekt
ron
, wh
ich
sp
eci
alis
es
in t
he
man
ufa
ctu
re o
f ele
ctro
nic
co
ntr
ol
eq
uip
me
nt,
wil
l fu
nd
all
de
velo
pm
en
t co
sts
req
uir
ed
to
pu
t th
e e
cu in
to p
rod
uct
ion
. An
ton
ov
wil
l re
ceiv
e r
oya
ltie
so
n c
ert
ain
ecu
s so
ld.
In 1
997,
th
e d
eve
lop
me
nt
of t
he
6-s
pe
ed
An
ton
ov
tran
smis
sio
n le
d t
o a
ne
w p
roto
typ
e d
eve
lop
me
nt
pro
gram
me
wit
h C
hry
sle
r. P
roto
typ
es
are
an
tici
pat
ed
to
be
re
ady
ear
ly in
199
8 fo
r in
stal
lati
on
an
d t
est
ing
in t
he
Ne
on
.
In A
pri
l 199
7, t
he
Co
mp
any
rais
ed
UK
£ 3.
0 m
illi
on
ne
t b
y a
pla
cin
g o
f 3,6
48,4
71 o
f th
e O
rdin
ary
Sh
are
s at
UK
£ 0.
87p
er
shar
e.
3.
Pro
duct
s
The
deve
lopm
ent
of t
he
conve
nti
onal
auto
mat
ic t
ransm
issi
on
Exi
stin
g au
tom
atic
ge
arb
ox
tech
no
logy
has
its
ori
gin
s in
Wo
rld
War
II t
anks
bu
ilt
by
Ge
ne
ral M
oto
rs fo
r th
e U
S a
rmy.
Co
nsi
de
rati
on
s su
ch a
s w
eig
ht,
fue
l eff
icie
ncy
an
d s
ize
we
re n
ot
do
min
ant
fact
ors
in t
he
de
velo
pm
en
t an
d t
he
refo
reth
e s
ub
seq
ue
nt
evo
luti
on
of t
he
au
tom
atic
tra
nsm
issi
on
for
the
mo
tor
veh
icle
fro
m t
he
se o
rigi
ns
was
alw
ays
sub
ject
to t
he
se in
he
ren
t co
nst
rain
ts. T
his
exp
lain
s w
hy
the
maj
or
use
of t
he
au
tom
atic
ge
arb
ox
is s
till
pri
mar
ily
in t
he
US
Aw
he
re la
rge
r ca
rs p
red
om
inat
e a
nd
fue
l pri
ces
are
sig
nif
ican
tly
low
er
than
in o
the
r m
ajo
r au
tom
oti
ve m
arke
ts.
The
dem
and
for
an a
uto
mat
ic g
earb
ox s
uit
able
for
sm
all ca
rs
As
traf
fic
con
gest
ion
is g
row
ing,
so
to
o is
th
e d
em
and
for
auto
mat
ic c
ars.
Ho
we
ver,
a g
reat
er
em
ph
asis
on
en
viro
nm
en
tal i
ssu
es,
re
info
rce
d b
y le
gisl
ativ
e p
ress
ure
an
d c
on
cern
ove
r fu
el s
up
pli
es,
is a
lso
incr
eas
ing
the
po
pu
lari
ty o
f sm
alle
r e
ngi
ne
s, w
hic
h h
isto
rica
lly
hav
e p
erf
orm
ed
po
orl
y w
he
n fi
tte
d w
ith
co
nve
nti
on
al a
uto
mat
ictr
ansm
issi
on
s. S
o, t
he
car
man
ufa
ctu
rers
' se
arch
co
nti
nu
es
for
an a
uto
mat
ic t
ran
smis
sio
n w
hic
h is
ligh
t, d
oe
s n
ot
sap
pe
rfo
rman
ce a
nd
sat
isfi
es
incr
eas
ing
em
issi
on
s le
gisl
atio
n w
ith
ou
t ad
din
g si
gnif
ican
tly
to p
rod
uct
ion
co
sts.
The
Anto
nov
tra
nsm
issi
on
Th
e u
niq
ue
ne
ss o
f th
e A
nto
no
v tr
ansm
issi
on
lie
s in
th
e w
ay it
s b
asic
co
mp
on
en
ts, c
en
trif
uga
l clu
tch
es
and
he
lica
lly
cut
gear
se
ts, a
re d
esi
gne
d t
o in
tera
ct.
Up
shif
ts a
nd
do
wn
shif
ts a
re e
ffe
cte
d t
hro
ugh
co
ntr
oll
ing
the
op
en
ing
and
clo
sin
g o
f mu
ltip
late
ce
ntr
ifu
gal c
lutc
he
sto
en
gage
eac
h o
f th
e e
pic
ycli
c ge
ar s
ets
. Fo
r q
uie
ter
run
nin
g, g
ear
s ar
e h
eli
call
y cu
t, w
ith
th
e t
ee
th s
et
at a
sm
all
angl
e t
o t
he
sh
aft
axis
. A s
ide
-eff
ect
of t
his
is t
he
ge
ne
rati
on
of a
n a
xial
load
. In
all
oth
er
tran
smis
sio
ns,
th
is is
con
tain
ed
by
en
d t
hru
st b
ear
ings
an
d is
re
du
nd
ant.
13
Par
t I:
Par
ticu
lars
of
the
Gro
up
Als
o in
199
1, M
AT
Ho
ldin
gs fo
rme
d A
AT
. Th
ree
su
bsi
dia
rie
s o
f AA
T w
ere
als
o e
stab
lish
ed
to
tak
e r
esp
on
sib
ilit
y fo
rm
arke
tin
g th
e t
ran
smis
sio
n: A
nto
no
v A
uto
mo
tive
Eu
rop
e B
V, A
nto
no
v A
uto
mo
tive
No
rth
Am
eri
ca B
V a
nd
An
ton
ov
Au
tom
oti
ve F
ar E
ast
BV
.
Fu
rth
er
succ
ess
ful d
em
on
stra
tio
ns
of c
on
cep
t p
roto
typ
e t
ran
smis
sio
ns
led
, lat
er
that
ye
ar, t
o a
dd
itio
nal
inve
stm
en
to
f mo
re t
han
Dfl
9 m
illi
on
(U
K£
2.8
mil
lio
n)
thro
ugh
a p
riva
te p
lace
me
nt
of s
har
es
to a
sm
all g
rou
p o
f Du
tch
inst
itu
tio
nal
inve
sto
rs. T
he
se fu
nd
s e
nab
led
pro
du
ctio
n e
ngi
ne
eri
ng
de
sign
s o
f th
e t
ran
smis
sio
n t
o b
e d
eve
lop
ed
and
cu
sto
me
rs t
o b
e t
arge
ted
. At
this
tim
e, t
he
man
age
me
nt
of A
AT
was
str
en
gth
en
ed
th
rou
gh t
he
ad
dit
ion
of
auto
mo
tive
ind
ust
ry a
nd
inve
stm
en
t p
rofe
ssio
nal
s.
In 1
992,
a le
tte
r o
f in
ten
t w
as s
ign
ed
wit
h a
tra
nsm
issi
on
sp
eci
alis
t co
veri
ng
the
de
velo
pm
en
t an
d n
on
-exc
lusi
veli
cen
sin
g o
f th
e A
nto
no
v tr
ansm
issi
on
for
a p
asse
nge
r ca
r ap
pli
cati
on
. A p
re-p
rod
uct
ion
pro
toty
pe
de
sign
was
com
ple
ted
in S
ep
tem
be
r 19
93. U
nd
er
a p
roto
typ
e c
on
stru
ctio
n a
nd
te
stin
g ag
ree
me
nt,
AA
T c
on
trac
ted
to
pro
vid
etw
o p
re-p
rod
uct
ion
de
sign
pro
toty
pe
s to
a m
ajo
r Ja
pan
ese
car
man
ufa
ctu
rer.
To
fin
ance
on
goin
g d
eve
lop
me
nt
cost
s,d
uri
ng
1993
, fu
nd
s to
tall
ing
Dfl
2.1
mil
lio
n (
UK
£ 72
6,00
0) w
ere
rai
sed
by
way
of l
oan
s fr
om
all
sh
are
ho
lde
rs.
Th
e p
re-p
rod
uct
ion
pro
toty
pe
s w
ere
de
live
red
in N
ove
mb
er
1994
an
d s
ucc
ess
full
y te
ste
d. T
he
Dir
ect
ors
be
lie
veth
at fr
om
init
ial p
rod
uct
de
velo
pm
en
t in
199
1, t
his
pro
gre
ss w
as o
ne
of t
he
qu
icke
st a
dva
nce
s o
f a s
ub
stan
tial
ne
wte
chn
olo
gy in
th
e a
uto
mo
tive
ind
ust
ry in
re
cen
t ye
ars.
In 1
994,
a fu
rth
er
shar
e is
sue
an
d a
dd
itio
nal
loan
s fr
om
shar
eh
old
ers
rai
sed
Dfl
4.1
mil
lio
n (
UK
£ 1.
5 m
illi
on
).
In 1
995,
a U
K h
old
ing
com
pan
y, A
nto
no
v w
as fo
rme
d t
o a
cqu
ire
AA
T a
s p
art
of t
he
arr
ange
me
nts
for
ob
tain
ing
ad
eal
ing
faci
lity
in t
he
Ord
inar
y S
har
es
un
de
r R
ule
4.2
of t
he
Ru
les
of t
he
Lo
nd
on
Sto
ck E
xch
ange
. Lat
er
that
ye
ar t
he
Ord
inar
y S
har
es
of A
nto
no
v w
ere
ad
mit
ted
to
tra
din
g o
n A
IM.
Co
ncu
rre
nt
wit
h a
rran
gin
g th
e R
ule
4.2
de
alin
g fa
cili
ty, t
he
Co
mp
any
rais
ed
UK
£ 3.
75 m
illi
on
by
a p
laci
ng
of 9
,375
,000
of t
he
Ord
inar
y S
har
es
at U
K£
0.40
pe
r sh
are
. Th
e p
roce
ed
s w
ere
use
d t
o p
rogr
ess
th
e c
om
me
rcia
lisa
tio
n o
f th
eA
nto
no
v tr
ansm
issi
on
, to
pro
vid
e w
ork
ing
cap
ital
an
d t
o r
ep
ay c
ert
ain
loan
s.
In Ja
nu
ary
and
Fe
bru
ary
1996
, An
ton
ov
sign
ed
tw
o li
cen
ce a
gre
em
en
ts.
•A
pro
du
ctio
n a
gre
em
en
t w
ith
Gaj
ra, u
nd
er
wh
ich
vo
lum
e p
rod
uct
ion
of t
he
An
ton
ov
tran
smis
sio
n is
sch
ed
ule
d t
oco
mm
en
ce in
199
8 fo
llo
win
g co
mp
leti
on
of e
valu
atio
n p
roce
du
res.
Th
e A
nto
no
v tr
ansm
issi
on
wil
l in
itia
lly
be
use
d fo
r S
uzu
ki/M
aru
ti v
eh
icle
s, w
hic
h in
199
6 re
pre
sen
ted
ap
pro
xim
ate
ly 7
0 p
er
cen
t o
f th
e In
dia
n n
ew
car
mar
ket.
Aft
er
an in
itia
l sta
rt u
p p
has
e, m
inim
um
tar
get
qu
anti
tie
s ar
e 1
00,0
00 u
nit
s p
er
ann
um
. In
ord
er
tou
nd
ert
ake
join
t p
rod
uct
ion
de
velo
pm
en
t w
ork
wit
h t
he
man
ufa
ctu
rer
un
de
r th
is a
gre
em
en
t, A
nto
no
v ra
ise
d
UK
£ 1.
49 m
illi
on
wit
h a
pla
cin
g o
f 1.7
5 m
illi
on
Ord
inar
y S
har
es
at U
K£
0.85
pe
r sh
are
in M
ay 1
996.
•A
te
chn
ical
ass
ista
nce
agr
ee
me
nt
wit
h a
maj
or
Jap
ane
se c
ar m
anu
fact
ure
r in
corp
ora
tin
g a
de
velo
pm
en
t li
cen
ceu
nd
er
wh
ich
An
ton
ov
rece
ive
d c
on
sult
ancy
fee
s in
199
6. T
his
de
velo
pm
en
t li
cen
ce s
ecu
red
de
velo
pm
en
t o
f th
eA
nto
no
v tr
ansm
issi
on
by
this
man
ufa
ctu
rer
in a
wid
er
pro
du
ct r
ange
th
an p
revi
ou
sly
anti
cip
ate
d.
Als
o in
Fe
bru
ary
1996
an
Ad
viso
ry P
ane
l of t
hre
e le
adin
g au
tom
oti
ve in
du
stry
figu
res
was
est
abli
she
d.
Th
e P
ane
l me
mb
ers
bri
ng
an im
pre
ssiv
e r
ange
of k
no
wle
dge
, exp
eri
en
ce a
nd
co
nta
cts
to t
he
Co
mp
any.
12
Par
t I:
Par
ticu
lars
of
the
Gro
up
Bro
ught
to y
ou b
y G
loba
l Rep
orts
A t
ech
nic
al a
sse
ssm
en
t o
f th
e 4
-sp
ee
d A
nto
no
v tr
ansm
issi
on
is g
ive
n in
th
e T
ech
nic
al E
xpe
rt's
Re
po
rt c
on
tain
ed
inP
art
IV o
f th
is d
ocu
me
nt.
Te
chn
ical
ass
ess
me
nts
of t
he
6-s
pe
ed
tra
nsm
issi
on
are
bas
ed
on
An
ton
ov'
s in
-ho
use
eva
luat
ion
.
Pro
duct
dev
elop
men
t
Th
e G
rou
p h
as a
cce
lera
ted
its
tech
nic
al p
rogr
ess
by
est
abli
shin
g an
d e
xplo
itin
g co
llab
ora
tive
re
lati
on
ship
s w
ith
ind
ust
ry s
pe
cial
ists
. By
do
ing
so t
he
Gro
up
has
ob
tain
ed
acc
ess
to
val
uab
le t
ech
nic
al a
nd
pe
rso
nn
el r
eso
urc
es,
min
imis
ing
the
exp
en
ses
asso
ciat
ed
wit
h it
s o
wn
re
sear
ch a
nd
de
velo
pm
en
t ce
ntr
e.
Pro
duct
evo
luti
on
Th
e A
nto
no
v tr
ansm
issi
on
is p
arti
cula
rly
suit
able
for
smal
l car
s d
ue
to
its
ligh
ter
we
igh
t an
d m
ore
co
mp
act
size
. It
can
be
bu
ilt
wit
h t
hre
e, f
ou
r, fi
ve, s
ix o
r m
ore
sp
ee
ds.
Ho
we
ver
the
sim
pli
city
of t
he
An
ton
ov
tran
smis
sio
n m
ean
sth
at it
is li
kely
to
ap
pe
al t
o m
anu
fact
ure
rs fo
r u
se in
a w
ide
var
iety
of v
eh
icle
s. T
he
re is
no
pra
ctic
al li
mit
to
to
rqu
eca
pac
ity,
th
ere
fore
larg
er
cars
, he
avy
com
me
rcia
l ve
hic
les,
mo
torc
ycle
s an
d a
gric
ult
ura
l, o
ff-r
oad
an
d e
lect
ric
veh
icle
s ar
e a
lso
po
ssib
le a
pp
lica
tio
ns.
Ne
w d
esi
gns
for
oth
er
torq
ue
cap
acit
ies
and
dif
fere
nt
app
lica
tio
ns
are
be
ing
wo
rke
d o
n, t
ho
ugh
th
e c
ar m
arke
t w
ill r
em
ain
th
e fi
rst
pri
ori
ty.
Pat
ents
An
ton
ov
Gro
up
's s
trat
egy
is t
o li
cen
se it
s te
chn
olo
gy a
nd
th
e D
ire
cto
rs h
ave
re
cogn
ise
d fu
lly
the
ne
ed
for
com
pre
he
nsi
ve p
ate
nt
pro
tect
ion
of t
he
An
ton
ov
tran
smis
sio
n c
on
cep
t. C
on
sid
era
ble
tim
e, e
ffo
rt a
nd
exp
en
se h
asb
ee
n s
pe
nt
to o
pti
mis
e t
he
sco
pe
, bo
th in
su
bje
ct m
atte
r an
d g
eo
grap
hic
co
vera
ge, o
f th
e G
rou
p's
pat
en
ts a
nd
pat
en
t ap
pli
cati
on
s. T
he
Gro
up
use
s tw
o fi
rms
of p
ate
nt
atto
rne
ys, P
on
tet
& A
llan
o in
Par
is a
nd
Ke
nyo
n &
Ke
nyo
n in
Ne
w Y
ork
, an
d c
on
tin
ue
s to
mo
nit
or
its
po
siti
on
an
d t
o m
ake
furt
he
r p
ate
nt
app
lica
tio
ns
so t
hat
th
e t
ota
l nu
mb
er
of
pat
en
ts a
nd
pat
en
t ap
pli
cati
on
s is
no
w o
ver
200
wit
h a
bro
ad g
eo
grap
hic
al s
pre
ad o
ver
the
ind
ust
rial
ise
d w
orl
d.
Bas
ed
on
th
e a
dvi
ce o
f th
e p
ate
nt
atto
rne
ys, t
he
Dir
ect
ors
be
lie
ve t
hat
sat
isfa
cto
ry p
ate
nt
cove
rage
has
be
en
or
is,
as a
re
sult
of a
pp
lica
tio
ns
alre
ady
mad
e, l
ike
ly t
o b
e o
bta
ine
d.
Th
e a
pp
roac
h a
do
pte
d b
y th
e G
rou
p in
mak
ing
pat
en
t ap
pli
cati
on
s h
as b
ee
n t
o s
ee
k p
rote
ctio
n in
re
spe
ct o
f eac
hd
eve
lop
me
nt
as it
is m
ade
wit
h a
vie
w t
o "
rin
g fe
nci
ng"
th
e A
nto
no
v tr
ansm
issi
on
. Lat
er
app
lica
tio
ns
hav
e, s
o fa
r as
po
ssib
le, b
ee
n fr
ee
-sta
nd
ing
so t
hat
th
ey
do
no
t re
ly o
n t
he
ear
lie
r p
ate
nts
or
app
lica
tio
ns.
Eve
n if
a c
om
pe
tito
re
ngi
ne
ere
d a
rou
nd
so
me
of t
he
pat
en
ts, i
t w
ou
ld s
till
be
face
d w
ith
th
e r
em
ain
ing
on
es
and
wo
uld
ad
dit
ion
ally
hav
eto
ove
rco
me
th
em
be
fore
it c
ou
ld c
om
pe
te e
ffe
ctiv
ely
.
Ult
imat
ely
, th
e e
ffe
ctiv
en
ess
of p
ate
nt
pro
tect
ion
can
no
t b
e t
est
ed
un
less
su
bje
ct t
o le
gal c
hal
len
ge. H
ow
eve
r, t
he
Dir
ect
ors
are
no
t aw
are
of a
ny
acti
on
in r
esp
ect
of A
nto
no
v G
rou
p's
pat
en
ts a
nd
wit
h r
ega
rd t
o p
ate
nt
app
lica
tio
ns
pe
nd
ing,
no
pri
or
art
has
be
en
ide
nti
fie
d w
hic
h P
on
tet
& A
llan
o c
on
sid
er
wo
uld
pre
ven
t th
e p
ate
nts
fro
m b
ein
ggr
ante
d. A
re
po
rt fr
om
Po
nte
t &
All
ano
is c
on
tain
ed
in P
art
III o
f th
is d
ocu
me
nt.
4.
Mark
et
outl
ook a
nd
com
peti
tion
Mar
ket
outl
ook
Th
e m
ost
ob
vio
us
mar
ket
avai
lab
le fo
r th
e A
nto
no
v tr
ansm
issi
on
is t
hat
no
t cu
rre
ntl
y se
rve
d b
y th
e m
anu
fact
ure
rs o
fco
nve
nti
on
al a
uto
mat
ic t
ran
smis
sio
ns.
Ap
pro
xim
ate
ly 5
0 p
er
cen
t o
f th
e w
orl
d's
pro
du
ctio
n o
f car
s, in
199
5,co
mp
rise
d a
uto
mat
ics.
Gre
ate
st a
cce
pta
nce
is in
th
e U
SA
, wh
ere
in 1
995
alm
ost
85
pe
r ce
nt
of c
ars
had
se
lf-c
han
gin
gge
ars,
larg
ely
du
e t
o c
he
ap fu
el h
isto
rica
lly
en
cou
ragi
ng
larg
er
en
gin
es.
In t
he
Far
Eas
t, in
199
5, a
pp
roxi
mat
ely
50
pe
rce
nt
we
re a
uto
mat
ics,
in r
esp
on
se t
o o
verc
row
de
d r
oad
s. In
Eu
rop
e, i
n 1
995,
on
ly a
rou
nd
10
pe
r ce
nt
of c
ars
we
reau
tom
atic
s, r
angi
ng
fro
m 1
pe
r ce
nt
in It
aly
to 1
2 p
er
cen
t in
Ge
rman
y. A
cce
pta
nce
in E
uro
pe
has
be
en
hin
de
red
par
ticu
larl
y b
y th
e h
igh
er
cost
of f
ue
l an
d t
he
larg
er
smal
l car
se
cto
r w
he
re a
uto
mat
ic t
ran
smis
sio
n a
vail
abil
ity
has
15
Par
t I:
Par
ticu
lars
of
the
Gro
up
It is
th
is a
xial
load
th
at is
use
d in
th
e A
nto
no
v tr
ansm
issi
on
to
eff
ect
sh
ifti
ng.
Un
de
r a
ligh
t th
rott
le t
he
th
rust
is lo
wal
low
ing
ear
ly u
psh
ifts
. Un
de
r h
igh
load
ings
wit
h a
wid
e t
hro
ttle
op
en
ing,
wh
ile
acc
ele
rati
ng
or
clim
bin
g h
ills
, th
egr
eat
er
axia
l th
rust
de
lays
up
shif
ts. C
en
trif
uga
l bo
b w
eig
hts
act
to
clo
se t
he
clu
tch
es.
Wh
ich
eve
r fo
rce
is t
he
gre
ate
r,d
om
inat
es.
Th
e a
dva
nta
ges
wh
ich
acc
rue
fro
m t
his
sim
ple
mo
de
of o
pe
rati
on
are
nu
me
rou
s, m
ost
of t
he
m s
tem
min
g fr
om
th
ere
mo
val o
f th
e r
eq
uir
em
en
t fo
r a
com
ple
x h
ydra
uli
c co
ntr
ol a
nd
sh
ift
me
chan
ism
. Th
e A
nto
no
v tr
ansm
issi
on
rem
ove
s th
e n
ee
d fo
r th
e t
orq
ue
co
nve
rte
r an
d h
igh
-pre
ssu
re o
il p
um
p, t
he
exp
en
sive
an
d e
ne
rgy-
con
sum
ing
ele
me
nts
of c
on
ven
tio
nal
au
tom
atic
s. In
a c
on
ven
tio
nal
au
tom
atic
ge
arb
ox
this
hyd
rau
lic
con
tro
l an
d s
hif
tm
ech
anis
m is
co
stly
, we
igh
ty a
nd
bu
lky
and
is a
lso
larg
ely
re
spo
nsi
ble
for
red
uce
d e
ffic
ien
cy.
Th
e r
esu
lt is
th
at in
co
mp
aris
on
wit
h a
co
nve
nti
on
al a
uto
mat
ic g
ear
bo
x, t
he
An
ton
ov
tran
smis
sio
n h
as a
nu
mb
er
of
sign
ific
ant
adva
nta
ges:
•lo
wer
manufa
cturi
ng c
ost
sT
he
An
ton
ov
tran
smis
sio
n is
cap
able
of b
ein
g p
rod
uce
d a
t su
bst
anti
ally
low
er
cost
th
an a
uto
mat
ic t
ran
smis
sio
ns
curr
en
tly
be
ing
man
ufa
ctu
red
. A c
ost
ad
van
tage
of U
K£
275
or
40 p
er
cen
t fo
r th
e 4
-sp
ee
d A
nto
no
v tr
ansm
issi
on
and
UK
£ 22
5 o
r 30
pe
r ce
nt
for
the
6-s
pe
ed
An
ton
ov
tran
smis
sio
n h
as b
ee
n e
stim
ate
d o
ver
a co
nve
nti
on
al
4-sp
ee
d a
uto
mat
ic t
ran
smis
sio
n a
nd
UK
£ 15
0 (2
7 p
er
cen
t) a
nd
UK
£ 10
0 (1
8 p
er
cen
t) o
ver
the
hyd
rau
lic
CV
Ttr
ansm
issi
on
.
•gre
ate
r fu
el eff
icie
ncy
Th
e A
nto
no
v tr
ansm
issi
on
do
es
no
t re
qu
ire
th
e p
ow
er
con
sum
ing
com
po
ne
nts
ne
ed
ed
for
con
ven
tio
nal
auto
mat
ic a
nd
CV
T t
ran
smis
sio
ns.
Eva
luat
ion
by
Ne
the
rlan
ds
Car
BV
of t
he
4-s
pe
ed
An
ton
ov
tran
smis
sio
n h
assh
ow
n a
vera
ge fu
el e
con
om
y u
p t
o 1
7 p
er
cen
t b
ett
er
than
eq
uiv
ale
nt
con
ven
tio
nal
au
tom
atic
tra
nsm
issi
on
s an
dsi
mu
lati
on
te
stin
g b
y a
maj
or
Jap
ane
se c
ar m
anu
fact
ure
r h
as s
ho
wn
fue
l eco
no
my
up
to
30
pe
r ce
nt
be
tte
r th
anco
nve
nti
on
al a
uto
mat
ic t
ran
smis
sio
ns.
Th
e A
nto
no
v tr
ansm
issi
on
can
be
as
fue
l eff
icie
nt
as t
he
mo
ste
con
om
ical
ly d
rive
n m
anu
al t
ran
smis
sio
n.
•lo
wer
exh
aust
em
issi
ons
Du
e t
o t
he
An
ton
ov
tran
smis
sio
n's
gre
ate
r fu
el e
ffic
ien
cy, a
car
fitt
ed
wit
h a
n A
nto
no
v tr
ansm
issi
on
po
ten
tial
lyh
as u
p t
o 3
0 p
er
cen
t lo
we
r e
xhau
st e
mis
sio
ns
and
th
ere
fore
is m
ore
en
viro
nm
en
tall
y fr
ien
dly
th
an a
con
ven
tio
nal
au
tom
atic
tra
nsm
issi
on
. Th
is a
ttri
bu
te is
like
ly t
o b
eco
me
incr
eas
ingl
y im
po
rtan
t in
th
e li
ght
of
tigh
ten
ing
legi
slat
ion
in t
his
are
a.
•w
eig
ht
and
siz
e a
dva
nta
ges
Th
e 4
-sp
ee
d A
nto
no
v tr
ansm
issi
on
is u
p t
o 2
5 p
er
cen
t li
ghte
r an
d t
he
6-s
pe
ed
15
pe
r ce
nt
ligh
ter
in w
eig
ht
and
30 p
er
cen
t an
d 1
5 p
er
cen
t sm
alle
r in
siz
e r
esp
ect
ive
ly t
han
a c
on
ven
tio
nal
au
tom
atic
tra
nsm
issi
on
, co
mp
arab
lein
bo
th r
esp
ect
s to
a m
anu
al t
ran
smis
sio
n. I
n p
arti
cula
r, fo
r in
stan
ce t
he
4-s
pe
ed
can
be
mad
e 2
0 p
er
cen
t sh
ort
er
than
a c
on
ven
tio
nal
au
tom
atic
an
d 1
0 p
er
cen
t sh
ort
er
than
a m
anu
al t
ran
smis
sio
n, i
ncr
eas
ing
its
suit
abil
ity
for
smal
ler
cars
.
•im
pro
ved
perf
orm
ance
In s
imu
lati
on
s an
d p
erf
orm
ance
te
stin
g o
f bo
th t
he
4-s
pe
ed
an
d t
he
6-s
pe
ed
pro
toty
pe
s, t
he
An
ton
ov
tran
smis
sio
ns
hav
e d
em
on
stra
ted
su
pe
rio
r ac
cele
rati
on
ch
arac
teri
stic
s, a
n im
pro
vem
en
t o
f ove
r 10
pe
r ce
nt
com
par
ed
wit
h a
co
nve
nti
on
al a
uto
mat
ic t
ran
smis
sio
n, a
nd
a t
op
sp
ee
d s
imil
ar t
o a
man
ual
tra
nsm
issi
on
.
(all
pe
rce
nta
ges
are
ap
pro
xim
ate
)
14
Par
t I:
Par
ticu
lars
of
the
Gro
up
Bro
ught
to y
ou b
y G
loba
l Rep
orts
An
ton
ov
Gro
up
ch
arge
s e
ngi
ne
eri
ng
de
velo
pm
en
t fe
es
for
mo
dif
yin
g th
e g
en
eri
c A
nto
no
v tr
ansm
issi
on
de
sign
to
ind
ivid
ual
man
ufa
ctu
rer'
s sp
eci
fica
tio
ns
and
als
o c
har
ges
for
the
pro
toty
pe
s su
pp
lie
d o
n a
pe
r u
nit
bas
is. O
nco
mp
leti
on
of t
he
de
velo
pm
en
t o
f a p
arti
cula
r m
od
el,
the
te
chn
olo
gy is
lice
nse
d t
o t
he
man
ufa
ctu
rer
on
a n
on
-e
xclu
sive
bas
is fo
r an
init
ial f
ee
plu
s a
pe
r u
nit
ro
yalt
y.
6.
Lic
ensi
ng p
rod
uct
ion
As
de
scri
be
d a
bo
ve, t
he
Gro
up
's s
trat
egy
is t
o s
ell
its
An
ton
ov
tran
smis
sio
n t
ech
no
logy
th
rou
gh li
cen
sin
g an
d r
oya
lty
arra
nge
me
nts
wit
h c
ar a
nd
au
tom
oti
ve c
om
po
ne
nt
man
ufa
ctu
rers
. It
do
es
no
t in
ten
d t
o b
eco
me
a v
olu
me
pro
du
cer.
Th
e A
nto
no
v tr
ansm
issi
on
pro
toty
pe
s n
ow
ru
nn
ing
all e
mp
loy
a va
rie
ty o
f co
nve
nti
on
al g
ear
s an
d o
the
r co
mp
on
en
ts.
Cu
sto
me
rs a
nd
pro
spe
ctiv
e li
cen
see
s h
ave
co
nfi
rme
d t
hat
th
e A
nto
no
v tr
ansm
issi
on
can
be
man
ufa
ctu
red
ine
xist
ing
pla
nt
wit
ho
ut
ext
en
sive
re
too
lin
g b
ein
g n
ece
ssar
y. T
his
sh
ou
ld e
nab
le t
he
man
ufa
ctu
rers
to
mo
ve r
ela
tive
lye
asil
y in
to s
eri
es
pro
du
ctio
n u
sin
g th
eir
exi
stin
g p
lan
t an
d p
ract
ice
s.
7.
Dir
ect
ors
and
senio
r engin
eers
Man
agem
ent
Boa
rd
Roum
en A
nto
nov
(Exe
cuti
ve C
hair
man),
age
d 5
3, g
ain
ed
a d
egr
ee
fro
m t
he
Po
lyte
chn
ical
Inst
itu
te o
f So
ph
ia in
196
8an
d t
he
n a
furt
he
r d
egr
ee
fro
m t
he
Fin
e A
rts
and
De
sign
Inst
itu
te o
f So
ph
ia in
197
2. In
th
e fi
nal
ye
ar o
f his
de
gre
eco
urs
e, h
e w
rote
a s
cie
nti
fic
pap
er
de
scri
bin
g a
ne
w t
he
ory
of q
uan
tum
ph
ysic
s. H
ow
eve
r, h
is a
bid
ing
inte
rest
lay
inth
eo
reti
cal e
ngi
ne
eri
ng
and
as
a h
ob
by
he
be
gan
to
de
velo
p a
uto
mo
tive
su
bje
cts.
At
this
tim
e t
he
re w
ere
no
auto
mat
ic t
ran
smis
sio
ns
in B
ulg
aria
an
d s
o, w
ith
ou
t th
e c
on
stra
ints
of a
pre
ced
en
t, h
e s
tart
ed
to
de
velo
p h
is o
wn
revo
luti
on
ary
de
sign
s. H
ow
eve
r, h
is e
xpe
rtis
e in
qu
antu
m p
hys
ics
had
co
nvi
nce
d t
he
Bu
lgar
ian
au
tho
riti
es
that
his
skil
ls s
ho
uld
be
em
plo
yed
in w
eap
on
s re
sear
ch. H
is r
efu
sal t
o c
om
ply
sta
rte
d 1
6 ye
ars
of r
est
rict
ion
s, s
urv
eil
lan
cean
d p
un
ish
me
nt
by
the
sta
te. D
uri
ng
this
tim
e h
e m
ade
17
atte
mp
ts t
o e
scap
e B
ulg
aria
to
th
e W
est
bu
t e
ach
tim
ee
ith
er
fail
ed
or
was
re
pat
riat
ed
. On
ly in
198
8, w
he
n W
est
ern
go
vern
me
nts
inte
rce
de
d o
n h
is b
eh
alf,
was
he
fin
ally
allo
we
d t
o le
ave
Bu
lgar
ia a
nd
se
ttle
in F
ran
ce. W
ith
init
ial f
un
din
g fr
om
th
e F
ren
ch g
ove
rnm
en
t, R
ou
me
n A
nto
no
vfo
un
de
d a
co
mp
any
to d
eve
lop
an
d m
arke
t th
e A
nto
no
v tr
ansm
issi
on
.
Mik
e E
mm
ers
on (
Managin
g D
irect
or)
AC
A, a
ged
40,
tra
ine
d a
s a
Ch
arte
red
Acc
ou
nta
nt
in t
he
UK
, qu
alif
yin
g in
197
9.In
198
0 h
e m
ove
d t
o T
he
Ne
the
rlan
ds,
join
ing
Pri
ce W
ate
rho
use
wh
ere
he
was
re
spo
nsi
ble
for
a w
ide
ran
ge o
f mu
lti-
nat
ion
al c
lie
nts
. He
left
pu
bli
c p
ract
ice
in 1
985
to b
eco
me
ch
ief f
inan
cial
off
ice
r o
f Ab
em
y G
rou
p, e
nga
ged
in t
he
imp
ort
an
d d
istr
ibu
tio
n o
f mo
tor
veh
icle
s, w
ith
re
spo
nsi
bil
ity
for
the
fin
anci
al s
trat
egy
of t
he
gro
up
, in
clu
din
gac
qu
isit
ion
s an
d d
isp
osa
ls. I
n 1
992
he
left
Ab
em
y G
rou
p t
o s
et
up
his
ow
n m
anag
em
en
t se
rvic
es
com
pan
y,p
rovi
din
g m
anag
em
en
t co
nsu
ltan
cy s
erv
ice
s to
a v
arie
ty o
f co
rpo
rate
cli
en
ts. M
ike
Em
me
rso
n jo
ine
d A
nto
no
vA
uto
mo
tive
Eu
rop
e B
V in
199
2 as
fin
ance
dir
ect
or
and
in 1
993
be
cam
e m
anag
ing
dir
ect
or
of A
AT
an
d t
oo
k o
ver
resp
on
sib
ilit
y fo
r th
e fi
nan
cial
str
ate
gy o
f th
e A
nto
no
v G
rou
p.
Non
-exe
cuti
ve D
irec
tors
John D
ickens,
age
d 4
9, w
as a
Dir
ect
or
of C
osw
ort
h E
ngi
ne
eri
ng,
th
e s
pe
cial
ist
en
gin
ee
rin
g co
mp
any
wit
h a
wo
rld
ren
ow
ne
d r
ep
uta
tio
n in
th
e a
uto
mo
tive
ind
ust
ry, u
nti
l Au
gust
199
5 w
he
n h
e b
eca
me
an
ind
ep
en
de
nt
con
sult
ant.
A
t C
osw
ort
h, J
oh
n D
icke
ns
was
re
spo
nsi
ble
for
the
de
velo
pm
en
t o
f ne
w b
usi
ne
ss o
pp
ort
un
itie
s an
d g
ain
ed
ove
r 25
ye
ars
exp
eri
en
ce in
oth
er
are
as o
f th
e c
om
pan
y's
op
era
tio
ns
incl
ud
ing
mat
eri
als,
qu
alit
y, s
ou
rcin
g an
d s
ale
s an
dm
arke
tin
g. H
e w
as a
lso
inst
rum
en
tal i
n g
row
ing
the
'no
n-r
acin
g' d
ivis
ion
of C
osw
ort
h w
ith
th
e e
stab
lish
me
nt
of n
ew
en
gin
ee
rin
g an
d p
rod
uct
ion
faci
liti
es.
Joh
n D
icke
ns
join
ed
th
e B
oar
d in
Oct
ob
er
1995
.17
Par
t I:
Par
ticu
lars
of
the
Gro
up
be
en
lim
ite
d. I
n 1
995
tota
l glo
bal
pro
du
ctio
n o
f tra
nsm
issi
on
s am
ou
nte
d t
o o
ver
40 m
illi
on
un
its
for
pas
sen
ger
cars
and
ligh
t co
mm
erc
ial v
eh
icle
s.
Me
diu
m a
nd
lon
g te
rm fo
reca
sts
for
the
pas
sen
ger
car
mar
ket
sho
w a
1-2
pe
r ce
nt
pe
r an
nu
m g
row
th, b
road
ly in
lin
ew
ith
th
e g
row
th e
xpe
rie
nce
d o
ver
the
pas
t 20
ye
ars.
Th
e h
igh
pe
ne
trat
ion
of a
uto
mat
ic t
ran
smis
sio
ns
in N
ort
hA
me
rica
an
d Ja
pan
is e
xpe
cte
d t
o p
ers
ist.
Ho
we
ver,
th
e a
uto
mo
tive
tra
nsm
issi
on
ind
ust
ry is
un
de
r in
cre
asin
ge
nvi
ron
me
nta
l pre
ssu
re w
orl
dw
ide
to
pro
du
ce c
lean
er,
mo
re e
ffic
ien
t ca
rs. S
trin
gen
t le
gisl
atio
n is
be
ing
intr
od
uce
din
th
e U
SA
to
imp
rove
fue
l eco
no
my
and
em
issi
on
s. In
Eu
rop
e, a
s ro
ad c
on
gest
ion
is g
row
ing,
de
man
d fo
rau
tom
atic
s is
incr
eas
ing.
It h
as b
ee
n p
red
icte
d t
hat
a t
hir
d o
f th
e s
mal
l an
d m
ed
ium
-siz
ed
car
s in
th
e E
uro
pe
anm
arke
t w
ill h
ave
au
tom
atic
tra
nsm
issi
on
s b
y th
e y
ear
200
5.
Car
man
ufa
ctu
rers
are
, th
ere
fore
, se
arch
ing
for
an a
uto
mat
ic t
hat
is e
con
om
ical
, lig
ht
and
, cri
tica
lly,
do
es
no
t sa
p t
he
pe
rfo
rman
ce o
f sm
alle
r e
ngi
ne
d c
ars.
Th
e D
ire
cto
rs e
xpe
ct t
hat
th
e fu
nct
ion
al b
en
efi
ts o
f th
e A
nto
no
v tr
ansm
issi
on
wil
l in
cre
ase
its
app
eal
to
man
ufa
ctu
rers
cu
rre
ntl
y fi
ttin
g m
anu
al g
ear
bo
xes,
par
ticu
larl
y w
he
n c
om
bin
ed
wit
h t
he
cost
ad
van
tage
s o
ver
oth
er
typ
es
of a
uto
mat
ic t
ran
smis
sio
n. A
t co
mm
erc
ial v
olu
me
s th
e 4
-sp
ee
d A
nto
no
vtr
ansm
issi
on
co
sts
be
twe
en
50
pe
r ce
nt
and
100
pe
r ce
nt
mo
re t
o m
anu
fact
ure
th
an a
man
ual
ge
arb
ox,
co
mp
are
dw
ith
150
pe
r ce
nt
mo
re fo
r a
con
ven
tio
nal
au
tom
atic
tra
nsm
issi
on
. Th
e A
nto
no
v tr
ansm
issi
on
can
als
o b
em
anu
fact
ure
d b
y m
anu
al g
ear
bo
x m
anu
fact
ure
rs in
th
eir
exi
stin
g fa
cili
tie
s.
Tra
nsm
issi
on
man
ufa
ctu
rers
are
th
ere
fore
un
like
ly t
o r
esi
st t
he
intr
od
uct
ion
of A
nto
no
v tr
ansm
issi
on
te
chn
olo
gy o
nth
e g
rou
nd
s o
f se
t-u
p c
ost
s o
r te
chn
olo
gica
l co
mp
lexi
ty.
Com
peti
tion
Cu
rre
nt
com
pe
titi
on
for
the
An
ton
ov
tran
smis
sio
n c
om
es
pri
mar
ily
fro
m c
on
ven
tio
nal
au
tom
atic
ge
arb
oxe
s.H
ow
eve
r, t
he
y ar
e h
eav
ier,
bu
lkie
r an
d m
ore
exp
en
sive
to
man
ufa
ctu
re t
han
th
e A
nto
no
v tr
ansm
issi
on
an
dm
anu
fact
ure
rs a
re s
ee
kin
g al
tern
ativ
e s
olu
tio
ns.
Th
e D
ire
cto
rs a
re n
ot
awar
e o
f an
y o
the
r au
tom
atic
tra
nsm
issi
on
th
at is
as
che
ap t
o m
anu
fact
ure
in c
om
me
rcia
lvo
lum
es,
as
ligh
t an
d a
s e
ffic
ien
t as
th
e A
nto
no
v tr
ansm
issi
on
.
5.
Sale
s and
mark
eti
ng
An
ton
ov
Gro
up
's m
arke
tin
g st
rate
gy is
to
tar
get
the
maj
or
car
and
au
tom
oti
ve t
ran
smis
sio
n m
anu
fact
ure
rs, p
rim
aril
yai
min
g at
th
e s
mal
l an
d m
ed
ium
car
mar
ket
wh
ere
th
e b
en
efi
ts o
f th
e s
mal
l siz
e a
nd
ligh
t w
eig
ht
of t
he
An
ton
ov
tran
smis
sio
n a
re m
ost
cle
arly
de
mo
nst
rate
d. T
he
Dir
ect
ors
be
lie
ve t
hat
th
e A
nto
no
v tr
ansm
issi
on
de
sign
off
ers
an
attr
acti
ve s
olu
tio
n t
o m
anu
fact
ure
rs w
ho
hav
e b
ee
n t
ryin
g, w
ith
on
ly li
mit
ed
su
cce
ss, t
o d
eve
lop
an
au
tom
atic
tran
smis
sio
n w
ith
co
st, p
erf
orm
ance
an
d e
ffic
ien
cy c
har
acte
rist
ics
suit
ed
to
a s
mal
l car
. An
ton
ov
Gro
up
has
con
cen
trat
ed
on
bu
ild
ing
awar
en
ess
of t
he
An
ton
ov
tran
smis
sio
n w
ith
in t
he
au
tom
oti
ve in
du
stry
ge
ne
rall
y an
dsp
eci
fic
man
ufa
ctu
rers
hav
e b
ee
n t
arge
ted
. Th
e G
rou
p a
ims
to w
ork
clo
sely
wit
h a
ny
po
ten
tial
lice
nse
e in
ord
er
tod
eve
lop
de
sign
so
luti
on
s an
d/o
r su
pp
ly p
roto
typ
es
as a
firs
t st
ep
to
war
ds
con
clu
din
g a
lice
nsi
ng
agre
em
en
t.
Aro
un
d 9
0 p
er
cen
t o
f tra
nsm
issi
on
s ar
e p
rod
uce
d in
-ho
use
by
car
man
ufa
ctu
rers
, wit
h e
xte
rnal
man
ufa
ctu
rers
re
lie
du
po
n p
rin
cip
ally
wh
en
par
ticu
lar
pro
du
ctio
n r
eq
uir
em
en
ts a
re b
elo
w e
con
om
ic q
uan
titi
es.
Th
e A
nto
no
vtr
ansm
issi
on
is b
ein
g e
valu
ate
d b
y tw
en
ty-o
ne
car
an
d a
uto
mo
tive
co
mp
on
en
t m
anu
fact
ure
rs, r
ep
rese
nti
ng
aro
un
d50
pe
r ce
nt
of m
arke
t p
arti
cip
ants
. By
wo
rkin
g cl
ose
ly w
ith
a p
ote
nti
al li
cen
see
an
d b
y su
b-c
on
trac
tin
g ce
rtai
nas
pe
cts
of p
roto
typ
e d
eve
lop
me
nt
to o
the
r in
du
stry
sp
eci
alis
ts, A
nto
no
v G
rou
p h
as m
inim
ise
d e
xpe
nse
s an
d h
asac
hie
ved
rap
id p
rogr
ess
in d
eve
lop
ing
its
cap
abil
ity
to p
rovi
de
full
y e
ngi
ne
ere
d d
esi
gns
and
pro
toty
pe
s.
16
Par
t I:
Par
ticu
lars
of
the
Gro
up
Bro
ught
to y
ou b
y G
loba
l Rep
orts
8.
Ad
viso
ry p
anel
Th
e p
ane
l me
mb
ers
bri
ng
a ra
nge
of k
no
wle
dge
, exp
eri
en
ce a
nd
co
nta
cts
to t
he
Co
mp
any
to a
ssis
t th
eco
mm
erc
iali
sati
on
of t
he
An
ton
ov
tran
smis
sio
n.
Wonch
ung K
im, a
ged
54,
gra
du
ate
d in
197
4 fr
om
th
e K
ore
a In
stit
ute
of S
cie
nce
an
d T
ech
no
logy
(K
IST
). F
oll
ow
ing
aye
ar w
ith
Ko
rea
Ste
el C
orp
ora
tio
n h
e w
ork
ed
for
Hyu
nd
ai M
oto
r C
om
pan
y fr
om
197
5 u
nti
l 198
0, w
he
re h
e b
eca
me
gen
era
l man
age
r P
lan
nin
g. F
rom
198
0 u
nti
l 198
3 h
e w
as m
anag
ing
dir
ect
or
of S
san
gyo
ng
He
avy
Ind
ust
rie
s an
d fr
om
1983
un
til 1
985
chai
rman
of W
ang
Ind
ust
rial
Co
., W
ang
Tra
din
g C
o. a
nd
Tae
han
Me
tal C
o. I
n 1
986,
Mr.
Kim
est
abli
she
d D
oo
Jin
Tra
din
g an
d C
on
sult
ing.
Mr.
Kim
bri
ngs
ext
en
sive
kn
ow
led
ge o
f th
e P
acif
ic R
im c
arm
anu
fact
ure
rs.
Paul Lin
dla
hr,
age
d 6
7, s
pe
nt
30 y
ear
s w
ith
Un
i-C
ard
an A
G (
no
w G
KN
Au
tom
oti
ve A
G).
In 1
977
he
be
cam
e m
em
be
ro
f th
e b
oar
d o
f man
age
me
nt
resp
on
sib
le fo
r in
tern
atio
nal
co
op
era
tio
n, w
orl
d m
arke
tin
g, li
cen
sin
g an
d jo
int
ven
ture
po
lici
es
and
pu
bli
c re
lati
on
s. H
e h
as b
ee
n a
su
pe
rvis
ory
bo
ard
me
mb
er
of s
eve
ral c
om
pan
ies
amo
ng
wh
ich
Zah
nra
dfa
bri
k F
rie
dri
chsh
afe
n A
G (
ZF
), E
uro
pe
's la
rge
st in
de
pe
nd
en
t au
tom
atic
tra
nsm
issi
on
man
ufa
ctu
rer.
Karl
Lud
vigse
nM
SA
E, a
ged
62,
was
ed
uca
ted
at
the
Mas
sach
use
tte
s In
stit
ute
of T
ech
no
logy
. He
was
vic
e-p
resi
de
nt
of F
ord
Eu
rop
e r
esp
on
sib
le fo
r go
vern
me
nt
affa
irs
and
th
e F
ord
Eu
rop
ean
mo
tor
spo
rts
acti
vity
. In
198
3, h
e fo
un
de
dL
ud
vigs
en
Ass
oci
ate
s L
imit
ed
in L
on
do
n, w
hic
h h
as b
eco
me
th
e le
adin
g in
de
pe
nd
en
t E
uro
pe
an m
anag
em
en
tco
nsu
ltan
cy d
ed
icat
ed
sp
eci
fica
lly
to t
he
mo
tor
ind
ust
ry. I
nit
iall
y it
s m
anag
ing
dir
ect
or,
Mr.
Lu
dvi
gse
n b
eca
me
chai
rman
of L
ud
vigs
en
Ass
oci
ate
s in
198
9.
9.
Corp
ora
te g
ove
rnance
Th
e d
ire
cto
rs a
ckn
ow
led
ge t
he
imp
ort
ance
of t
he
Be
st P
ract
ice
Pro
visi
on
s w
hic
h a
re a
nn
exe
d t
o t
he
Lis
tin
g R
ule
s o
f th
e L
on
do
n S
tock
Exc
han
ge a
nd
hav
e a
pp
lie
d t
he
m a
s ap
pro
pri
ate
to
a c
om
pan
y o
f th
e s
ize
an
d n
atu
re o
fA
nto
no
v p
lc. T
he
Co
mp
any
com
pli
es
wit
h t
he
re
leva
nt
rule
s fo
r th
e p
reve
nti
on
of i
nsi
de
r tr
adin
g o
f th
e A
mst
erd
amE
xch
ange
s N
.V.
The
Boa
rd o
f D
irec
tors
Th
e B
oar
d c
om
pri
ses
two
exe
cuti
ve a
nd
fou
r n
on
-exe
cuti
ve d
ire
cto
rs. I
t m
ee
ts r
egu
larl
y an
d a
ll m
ajo
r d
eci
sio
ns
affe
ctin
g th
e C
om
pan
y ar
e m
ade
by
the
Bo
ard
. Th
e B
oar
d h
as in
pla
ce a
n o
rgan
isat
ion
al s
tru
ctu
re w
ith
cle
arly
de
fin
ed
are
as o
f re
spo
nsi
bil
ity
pro
vid
ing
for
the
de
lega
tio
n o
f au
tho
rity
to
exe
cuti
ve m
anag
em
en
t an
d d
uly
app
oin
ted
co
mm
itte
es
of t
he
Bo
ard
. Th
e B
oar
d in
clu
de
s fo
ur
no
n-e
xecu
tive
dir
ect
ors
wh
o b
rin
g st
ron
g in
de
pe
nd
en
tju
dge
me
nt
and
val
uab
le k
no
wle
dge
an
d e
xpe
rie
nce
to
th
e B
oar
d's
de
lib
era
tio
ns.
All
dir
ect
ors
hav
e a
cce
ss t
o t
he
Co
mp
any
Se
cre
tary
.
Com
mit
tees
Th
e B
oar
d h
as c
on
stit
ute
d t
wo
mai
n c
om
mit
tee
s w
ith
cle
arly
de
fin
ed
te
rms
of r
efe
ren
ce.
Th
e a
ud
it c
om
mit
tee
co
mp
rise
s G
rah
am E
ves,
Cam
ero
n M
cCo
ll a
nd
Co
rne
lis
Min
naa
r, a
ll n
on
-exe
cuti
ve D
ire
cto
rs.
Th
e t
erm
s o
f re
fere
nce
co
ver
mat
ters
incl
ud
ing
fin
anci
al r
ep
ort
ing,
acc
ou
nti
ng
po
lici
es,
th
e C
om
pan
y's
inte
rnal
fin
anci
al c
on
tro
l an
d t
he
ap
po
intm
en
t o
f an
ext
ern
al a
ud
ito
r.
Th
e r
em
un
era
tio
n c
om
mit
tee
co
mp
rise
s Jo
hn
Dic
ken
s, G
rah
am E
ves
and
Cam
ero
n M
cCo
ll, a
ll n
on
-exe
cuti
veD
ire
cto
rs. T
he
te
rms
of r
efe
ren
ce c
ove
r m
atte
rs in
clu
din
g th
e a
pp
rova
l an
d a
lte
rati
on
s to
th
e t
erm
s o
f ap
po
intm
en
to
f th
e e
xecu
tive
dir
ect
ors
.19
Par
t I:
Par
ticu
lars
of
the
Gro
up
Gra
ham
Eve
sM
A, a
ged
51.
Aft
er
com
ple
tin
g h
is m
aste
rs d
egr
ee
at
Cam
bri
dge
Un
ive
rsit
y in
196
7, h
e jo
ine
d t
he
GK
NG
rou
p. H
e s
pe
nt
13 y
ear
s w
ith
th
e G
KN
Gro
up
bas
ed
at
a n
um
be
r o
f dif
fere
nt
loca
tio
ns
aro
un
d t
he
wo
rld
in v
ario
us
cap
acit
ies.
Th
e la
st 5
of t
he
se y
ear
s h
e s
pe
nt
in S
wit
zerl
and
wh
ere
he
se
t u
p a
nd
man
age
d a
n o
pe
rati
on
th
at w
asre
spo
nsi
ble
for
a n
um
be
r o
f GK
N G
rou
p's
inte
rnat
ion
al a
ctiv
itie
s. In
198
0 h
e le
ft G
KN
to
re
turn
to
th
e U
K t
oe
stab
lish
his
ow
n in
tern
atio
nal
bu
sin
ess
co
nsu
ltan
cy, E
vesc
o. I
n t
his
cap
acit
y, h
e h
as h
eld
a n
um
be
r o
fd
ire
cto
rsh
ips,
incl
ud
ing
the
ch
airm
ansh
ip o
f a p
rin
ted
cir
cuit
co
mp
any.
In 1
984,
he
was
co
-fo
un
de
r o
f Me
chad
yne
Inte
rnat
ion
al, a
co
mp
any
set
up
to
de
velo
p a
nd
co
mm
erc
iali
se a
uto
mo
tive
te
chn
olo
gie
s, p
arti
cula
rly
rela
tin
g to
en
gin
es,
an
d is
th
e c
hie
f exe
cuti
ve o
f th
at c
om
pan
y. H
e h
as a
lso
act
ed
as
a co
nsu
ltan
t to
Eu
rop
ean
, No
rth
Am
eri
can
and
Jap
ane
se a
uto
mo
tive
co
mp
on
en
t co
mp
anie
s. G
rah
am E
ves,
wh
o is
mu
lti-
lin
gual
an
d h
as a
n e
xte
nsi
ve n
etw
ork
of c
on
tact
s in
th
e a
uto
mo
tive
ind
ust
ry t
hro
ugh
ou
t th
e w
orl
d, j
oin
ed
th
e B
oar
d in
May
199
5.
Cam
ero
n M
cColl B
sc, a
ged
37.
Fo
llo
win
g a
de
gre
e in
ele
ctri
cal a
nd
ele
ctro
nic
en
gin
ee
rin
g at
Ed
inb
urg
h U
niv
ers
ity,
Cam
ero
n M
cCo
ll w
ork
ed
for
a n
um
be
r o
f ye
ars
as a
n e
lect
ron
ics
de
sign
en
gin
ee
r, fi
rst
wit
h M
ed
tel,
Au
stra
lia,
th
en
wit
h F
err
anti
Rad
ar. L
ate
r h
e w
ork
ed
in s
ale
s an
d m
arke
tin
g, fi
rst
wit
h N
atio
nal
Se
mic
on
du
cto
r th
en
wit
h A
dva
nce
dM
icro
De
vice
s, a
nd
fin
ally
as
UK
str
ate
gic
sale
s an
d m
arke
tin
g, m
anag
er
wit
h L
SI L
ogi
c C
orp
ora
tio
n. I
n Ju
ne
198
9 h
ese
t u
p a
dir
ect
mar
keti
ng
com
pan
y, M
cCo
ll M
cGre
gor,
wh
ich
sp
eci
alis
es
in t
he
hig
h t
ech
no
logy
an
d fi
nan
ce s
ect
ors
and
wh
ich
was
acq
uir
ed
by
Ivo
ry &
Sim
e F
un
d M
anag
ers
in N
ove
mb
er
1992
. Wh
ile
wit
h Iv
ory
& S
ime
he
was
resp
on
sib
le fo
r th
e c
reat
ion
an
d im
ple
me
nta
tio
n o
f a r
eta
il m
arke
tin
g st
rate
gy, i
ncl
ud
ing
the
re
tail
mar
keti
ng
of t
he
ISIS
Inve
stm
en
t T
rust
. In
Se
pte
mb
er
1993
he
be
cam
e a
dir
ect
or
of M
em
ory
Co
rpo
rati
on
, wh
ich
has
de
sign
ed
a r
ange
of c
om
pu
ter
me
mo
ry c
hip
s. C
ame
ron
McC
oll
join
ed
th
e B
oar
d in
May
199
5.
Corn
elis
Min
naar,
age
d 5
6, s
tud
ied
at
Nij
en
rod
e B
usi
ne
ss S
cho
ol i
n T
he
Ne
the
rlan
ds.
Fo
llo
win
g tw
o y
ear
s' m
ilit
ary
serv
ice
, in
196
4 h
e b
eca
me
co
mm
erc
ial d
ire
cto
r o
f a r
ose
nu
rse
ry a
t B
ray-
en
-Val
, Fra
nce
. In
196
6, h
e jo
ine
d t
he
bo
ard
of C
itro
nas
BV
, a m
ajo
r D
utc
h fr
uit
imp
ort
er,
as
its
man
agin
g d
ire
cto
r w
ith
par
ticu
lar
resp
on
sib
ilit
y fo
r in
tern
atio
nal
pro
du
ct s
ou
rcin
g an
d c
om
pan
y in
tern
al c
on
tro
ls. C
itro
nas
, of w
hic
h h
e h
ad t
he
n b
eco
me
a 5
0 p
er
cen
t sh
are
ho
lde
r,w
as s
old
to
Th
e A
lbe
rt F
ish
er
Gro
up
PL
C in
198
7, h
ow
eve
r, h
e c
on
tin
ue
d a
s it
s m
anag
ing
dir
ect
or
un
til 1
992,
wh
en
he
left
to
fou
nd
his
ow
n m
anag
em
en
t co
nsu
ltan
cy c
om
pan
y, C
Min
naa
r M
anag
em
en
t B
V. H
e n
ow
act
s as
ind
ep
en
de
nt
advi
ser
to a
ran
ge o
f co
rpo
rate
cli
en
ts. C
orn
eli
s M
inn
aar
was
ap
po
inte
d a
no
n-e
xecu
tive
dir
ect
or
of A
AT
in Ju
ne
199
4an
d jo
ine
d t
he
Bo
ard
in M
ay 1
995.
Sen
ior
engi
nee
rs
Tad
eusz
Ad
am
skia
ged
51,
qu
alif
ied
as
a m
ech
anic
al e
ngi
ne
er
at t
he
Po
lyte
chn
ical
Inst
itu
te o
f War
saw
in 1
974.
Pri
or
to le
avin
g P
ola
nd
in 1
984
to s
ett
le in
Fra
nce
he
he
ld v
ario
us
de
sign
en
gin
ee
rin
g p
ost
s in
a n
um
be
r o
f co
mp
anie
s.H
is fi
rst
app
oin
tme
nt
in F
ran
ce w
as a
s an
au
tom
oti
ve m
ech
anic
wit
h S
CM
S A
nto
ny,
fro
m w
hic
h h
e p
rogr
ess
ed
to
de
sign
en
gin
ee
r at
Be
rgao
in 1
989.
He
join
ed
th
e p
roje
ct in
199
3 as
th
e c
hie
f de
sign
en
gin
ee
r.
Rand
olp
h V
icto
r T
oom
age
d 3
2, q
ual
ifie
d a
s a
me
chan
ical
en
gin
ee
r at
th
e U
niv
ers
ity
of R
ott
erd
am in
199
4. H
eb
ega
n w
ork
ing
life
as
an a
pp
ren
tice
in 1
985
gain
ing
pra
ctic
al m
ech
anic
al e
ngi
ne
eri
ng
skil
ls in
var
iou
s au
tom
oti
vep
rod
uct
co
mp
anie
s. H
e jo
ine
d t
he
pro
ject
in N
ove
mb
er
1994
as
an e
ngi
ne
er
wit
h s
pe
cifi
c re
spo
nsi
bil
ity
for
mai
nta
inin
g al
l pro
toty
pe
s.
18
Par
t I:
Par
ticu
lars
of
the
Gro
up
Bro
ught
to y
ou b
y G
loba
l Rep
orts
13.
Curr
ent
trad
ing a
nd
futu
re p
rosp
ect
s
Fir
st li
cen
ces
hav
e b
ee
n s
old
in 1
996
alth
ou
gh t
he
Dir
ect
ors
pro
ject
th
at t
he
Gro
up
wil
l no
t b
e p
rofi
tab
le u
nti
l maj
or
lice
nse
fee
inco
me
has
be
en
ach
ieve
d. A
maj
or
Jap
ane
se c
ar m
anu
fact
ure
r is
du
e t
o t
ake
a d
eci
sio
n, p
oss
ibly
invo
lvin
g a
lice
nce
, fro
m m
id 1
997.
Th
e D
ire
cto
rs e
xpe
ct t
hat
ro
yalt
y p
aym
en
ts w
ill c
on
trib
ute
to
pro
fits
wh
en
volu
me
pro
du
ctio
n c
om
me
nce
s.
Th
e D
ire
cto
rs b
eli
eve
th
at d
em
and
for
the
An
ton
ov
tran
smis
sio
n w
ill g
row
str
on
gly
in t
he
me
diu
m t
erm
bas
ed
on
it
s ad
van
tage
s o
ver
oth
er
auto
mat
ic t
ran
smis
sio
ns
and
on
pre
dic
tio
ns
that
th
e m
arke
t fo
r au
tom
atic
tra
nsm
issi
on
sw
ill g
row
.
21
Par
t I:
Par
ticu
lars
of
the
Gro
up
Inte
rnal
con
trol
s
Th
e D
ire
cto
rs a
re r
esp
on
sib
le fo
r e
nsu
rin
g th
at t
he
Co
mp
any
mai
nta
ins
a sy
ste
m o
f in
tern
al c
on
tro
ls t
o p
rovi
de
th
em
wit
h r
eas
on
able
ass
ura
nce
re
gard
ing
the
re
liab
ilit
y o
f fin
anci
al in
form
atio
n u
sed
wit
hin
th
e b
usi
ne
ss a
nd
for
pu
bli
cati
on
an
d t
hat
ass
ets
are
saf
egu
ard
ed
. In
tern
al c
on
tro
l sys
tem
s ar
e d
esi
gne
d t
o m
ee
t th
e p
arti
cula
r n
ee
ds
of
the
Co
mp
any
and
th
e r
isks
to
wh
ich
it is
exp
ose
d, a
nd
by
the
ir n
atu
re c
an p
rovi
de
re
aso
nab
le b
ut
no
t ab
solu
teas
sura
nce
aga
inst
mat
eri
al m
isst
ate
me
nts
or
loss
. Th
e k
ey
pro
ced
ure
s w
hic
h t
he
Dir
ect
ors
hav
e e
stab
lish
ed
wit
h a
vie
w t
o p
rovi
din
g e
ffe
ctiv
e in
tern
al fi
nan
cial
co
ntr
ol a
re a
s fo
llo
ws:
•T
he
Bo
ard
ap
pro
ves
bu
dge
ts w
ith
pe
rfo
rman
ce b
ein
g re
po
rte
d m
on
thly
aga
inst
th
e b
ud
get.
•T
he
Bo
ard
has
est
abli
she
d a
uth
ori
ty li
mit
s an
d a
div
isio
n o
f re
spo
nsi
bil
itie
s w
ith
in t
he
Co
mp
any.
•T
he
au
dit
co
mm
itte
e r
evi
ew
s th
e e
ffe
ctiv
en
ess
of i
nte
rnal
fin
anci
al c
on
tro
l an
d r
ep
ort
s o
n it
to
th
e B
oar
d.
Giv
en
th
e li
mit
ed
siz
e o
f th
e C
om
pan
y an
d c
lose
pe
rso
nal
invo
lve
me
nt
of t
he
exe
cuti
ve d
ire
cto
rs, t
he
Dir
ect
ors
con
sid
er
the
sys
tem
ap
pro
pri
ate
.
10.
Fin
anci
al re
cord
Th
e fo
llo
win
g is
a s
um
mar
y o
f th
e r
esu
lts
of t
he
An
ton
ov
Gro
up
in t
he
fin
anci
al y
ear
s 19
94 t
hro
ugh
199
6.
Yea
rs e
nded
31
Dec
embe
r1994
1995
1996
UK
£'0
00
UK
£'0
00
UK
£'0
00
Tu
rno
ver
324
–23
3C
ost
of s
ale
s30
6–
116
––––
––––
––––
––––
––––
––––
De
velo
pm
en
t co
sts
and
ad
min
istr
ativ
e e
xpe
nse
s(1
,345
)(1
,835
)(1
,917
)In
tere
st r
ece
ivab
le/(
pay
able
) an
d s
imil
ar c
har
ges
(192
)47
38––
––––
––––
––––
––––
––––
––L
oss
on
ord
inar
y ac
tivi
tie
s b
efo
re t
axat
ion
(1,5
19)
(1,7
88)
(1,7
62)
––––
––––
––––
––––
––––
––––
––––
––––
––––
––––
––––
––––
Lo
ss p
er
shar
e (
UK
pe
nce
)3.
27p
2.71
p2.
46p
––––
––––
––––
––––
––––
––––
––––
––––
––––
––––
––––
––––
1994
figu
res
rep
rese
nt
the
re
sult
s o
f AA
T a
nd
its
sub
sid
iair
es.
Pe
r sh
are
figu
res
are
bas
ed
on
th
e w
eig
hte
d a
vera
ge n
um
be
r o
f ord
inar
y sh
are
s in
issu
e fo
r th
e r
ele
van
t ye
ar.
11.
Div
idend
policy
Th
e D
ire
cto
rs in
ten
d t
o c
om
me
nce
pay
me
nt
of d
ivid
en
ds
wh
en
it b
eco
me
s co
mm
erc
iall
y p
rud
en
t to
do
so
, su
bje
ctto
th
e a
vail
abil
ity
of d
istr
ibu
tab
le r
ese
rve
s. T
he
Dir
ect
ors
co
nsi
de
r th
at d
uri
ng
a p
eri
od
of g
row
th, i
t is
like
ly t
o b
em
ore
pru
de
nt
to r
eta
in c
ash
ge
ne
rate
d t
o fu
nd
furt
he
r e
xpan
sio
n o
f th
e G
rou
p.
12.
Reaso
ns
for
the I
ntr
od
uct
ion t
o N
MA
X
Th
e D
ire
cto
rs b
eli
eve
th
at a
n a
dm
issi
on
to
list
ing
on
NM
AX
, in
ad
dit
ion
to
th
e e
xist
ing
qu
ota
tio
n o
n A
IM, w
ill
wid
en
th
e e
xpo
sure
of t
he
Ord
inar
y S
har
es
to p
ote
nti
al in
vest
ors
an
d t
he
reb
y e
nh
ance
th
e li
qu
idit
y an
dm
arke
tab
ilit
y o
f th
e O
rdin
ary
Sh
are
s. T
he
Dir
ect
ors
als
o c
on
sid
er
that
th
e p
rofi
le o
f th
e G
rou
p w
ill b
e e
nh
ance
d
by
a li
stin
g o
n N
MA
X.
20
Par
t I:
Par
ticu
lars
of
the
Gro
up
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Th
ere
is n
o a
ssu
ran
ce t
hat
An
ton
ov
Gro
up
can
me
anin
gfu
lly
pro
tect
its
righ
ts t
o u
np
ate
nte
d p
rop
rie
tary
te
chn
olo
gyo
r th
at o
the
rs w
ill n
ot
ind
ep
en
de
ntl
y d
eve
lop
su
bst
anti
ally
eq
uiv
ale
nt
or
sup
eri
or
tech
no
logy
. If t
he
Gro
up
isu
nab
le t
o o
bta
in p
ate
nt
pro
tect
ion
for
its
ne
w p
rod
uct
s, c
om
pe
tito
rs m
ay b
e a
ble
to
mar
ket
com
pe
tin
g p
rod
uct
s.A
lth
ou
gh A
nto
no
v G
rou
p h
as e
nte
red
into
co
nfi
de
nti
alit
y ag
ree
me
nts
wit
h it
s co
nsu
ltan
ts, r
ep
rese
nta
tive
s an
dce
rtai
n o
f its
em
plo
yee
s, t
he
re c
an b
e n
o a
ssu
ran
ce t
hat
th
e c
on
fid
en
tial
ity
of t
rad
e s
ecr
ets
an
d p
rop
rie
tary
kn
ow
-h
ow
wil
l be
pre
serv
ed
or
that
sim
ilar
tra
de
se
cre
ts o
r p
rop
rie
tary
kn
ow
-ho
w w
ill n
ot
be
ind
ep
en
de
ntl
y d
eve
lop
ed
by
oth
ers
.
Att
ract
ion a
nd
rete
nti
on o
f key
em
plo
yees
An
ton
ov
Gro
up
de
pe
nd
s o
n m
em
be
rs o
f its
se
nio
r te
chn
ical
an
d m
anag
em
en
t te
am. W
hil
st it
has
en
tere
d in
toco
ntr
actu
al a
rran
gem
en
ts w
ith
th
e a
im o
f se
curi
ng
the
se
rvic
es
eac
h o
f its
ke
y p
ers
on
ne
l, th
e r
ete
nti
on
of t
he
irse
rvic
es
can
no
t b
e g
uar
ante
ed
.
Com
peti
tion
Wh
ilst
An
ton
ov
Gro
up
is n
ot
awar
e o
f an
y co
mp
any
wit
h d
ire
ctly
co
mp
eti
tive
te
chn
olo
gy w
hic
h h
as p
erf
orm
ance
char
acte
rist
ics
as g
oo
d a
s it
s o
wn
, it
is p
oss
ible
th
at o
the
r co
mp
anie
s m
ay h
ave
pro
du
cts
in d
eve
lop
me
nt
wh
ich
are
no
t kn
ow
n t
o t
he
Gro
up
. Co
mp
eti
tors
may
be
ab
le t
o d
eve
lop
mo
re e
ffe
ctiv
e t
ech
no
logi
es
than
, or
may
pro
du
cep
rod
uct
s su
pe
rio
r to
, th
ose
of A
nto
no
v G
rou
p.
23
Par
t II
: Ris
k Fa
ctor
s
In a
dd
itio
n t
o t
he
oth
er
info
rmat
ion
in t
his
do
cum
en
t, t
he
foll
ow
ing
risk
fact
ors
sh
ou
ld b
e c
on
sid
ere
d c
are
full
y in
eva
luat
ing
wh
eth
er
to m
ake
an
inve
stm
en
t in
An
ton
ov.
Mark
eta
bilit
y of
share
s
Po
ten
tial
inve
sto
rs s
ho
uld
be
aw
are
th
at t
he
val
ue
of s
har
es
in t
he
Co
mp
any
may
go
do
wn
as
we
ll a
s u
p a
nd
th
atin
vest
me
nt
in a
sh
are
th
at is
tra
de
d o
n N
MA
X is
like
ly t
o b
e le
ss r
eal
isab
le a
nd
to
car
ry a
hig
he
r ri
sk t
han
an
inve
stm
en
t in
a s
har
e li
ste
d o
n t
he
off
icia
l mar
ket
of t
he
AE
X-E
ffe
cte
nb
eu
rs N
V. N
MA
X is
a n
ew
ly e
stab
lish
ed
mar
ket
and
it m
ay b
e m
ore
dif
ficu
lt fo
r an
inve
sto
r to
re
alis
e h
is in
vest
me
nt
in t
his
mar
ket
than
to
re
alis
e a
nin
vest
me
nt
in a
co
mp
any
list
ed
on
th
e o
ffic
ial m
arke
t o
f th
e A
EX
-Eff
ect
en
be
urs
NV
.
Le
em
hu
is &
Van
Lo
on
may
be
th
e o
nly
firm
pre
par
ed
to
mak
e a
mar
ket
on
NM
AX
in t
he
Ord
inar
y S
har
es
and
its
abil
ity
to e
ffic
ien
tly
do
so
wil
l de
pe
nd
on
th
ere
be
ing
suff
icie
nt
inte
rest
for
the
sh
are
s.
Earl
y st
age o
f co
mm
erc
ialisa
tion a
nd
conti
nuin
g loss
es
An
ton
ov
Gro
up
is a
t an
ear
ly s
tage
in t
he
co
mm
erc
iali
sati
on
an
d m
arke
tin
g o
f its
pro
du
cts.
An
ton
ov
Gro
up
has
incu
rre
d n
et
loss
es
to d
ate
. Th
ese
loss
es
hav
e a
rise
n m
ain
ly fr
om
th
e c
ost
s in
curr
ed
in t
he
rese
arch
an
d d
eve
lop
me
nt
of t
he
An
ton
ov
tran
smis
sio
n a
nd
fro
m g
en
era
l ad
min
istr
ativ
e c
ost
s. T
he
re c
an b
e n
oas
sura
nce
th
at t
he
Gro
up
wil
l eve
r ac
hie
ve s
ign
ific
ant
reve
nu
es
or
pro
fita
ble
op
era
tio
n.
Wh
ile
th
e D
ire
cto
rs b
eli
eve
th
at c
ar a
nd
au
tom
oti
ve c
om
po
ne
nt
man
ufa
ctu
rers
wil
l wan
t to
lice
nce
th
e t
ech
no
logy
to
man
ufa
ctu
re t
he
An
ton
ov
tran
smis
sio
n, t
he
re c
an b
e n
o a
ssu
ran
ce t
hat
th
e le
vel o
f in
tere
st c
urr
en
tly
be
ing
sho
wn
by
man
ufa
ctu
rers
wil
l re
sult
in li
cen
ce a
nd
ro
yalt
y in
com
e.
Pro
duct
ris
k
Th
ere
can
be
no
ab
solu
te a
ssu
ran
ce t
hat
un
fore
see
n fu
nd
ame
nta
l te
chn
ical
pro
ble
ms
wil
l no
t b
e e
nco
un
tere
d in
carr
yin
g o
ut
volu
me
pro
du
ctio
n e
ngi
ne
eri
ng
of t
he
An
ton
ov
tran
smis
sio
n.
Pro
pri
eta
ry t
ech
nolo
gy
and
unp
red
icta
bilit
y of
pate
nt
pro
tect
ion
An
ton
ov
Gro
up
's s
ucc
ess
wil
l de
pe
nd
on
its
abil
ity
to d
efe
nd
exi
stin
g, a
nd
ob
tain
furt
he
r, p
ate
nt
pro
tect
ion
for
its
tech
no
logy
an
d k
no
w h
ow
.
Th
ere
can
be
no
ass
ura
nce
th
at t
he
Gro
up
's p
ate
nts
can
be
use
d t
o p
rote
ct s
ucc
ess
full
y ag
ain
st t
he
un
auth
ori
sed
use
of i
ts t
ech
no
logy
by
oth
ers
or
full
y co
mp
en
sate
An
ton
ov
Gro
up
for
such
un
auth
ori
sed
use
. Fu
rth
erm
ore
, th
ere
can
be
no
ass
ura
nce
th
at p
ate
nt
app
lica
tio
ns
wh
ich
Gro
up
co
mp
anie
s h
ave
mad
e o
r w
ill m
ake
, wil
l be
gra
nte
d, n
or
that
th
e t
ech
no
logi
es
and
an
y n
ew
pro
du
cts
un
de
r d
eve
lop
me
nt
by
the
Gro
up
wil
l no
t in
frin
ge t
he
pat
en
ts o
r o
the
rin
tell
ect
ual
pro
pe
rty
righ
ts o
f oth
ers
.
Oth
er
pe
rso
ns
cou
ld b
rin
g le
gal a
ctio
ns
agai
nst
An
ton
ov
Gro
up
cla
imin
g d
amag
es.
Th
ere
can
be
no
ass
ura
nce
th
atth
e G
rou
p w
ou
ld p
reva
il in
an
y ac
tio
n, a
nd
if it
be
com
es
invo
lve
d in
liti
gati
on
, th
e li
tiga
tio
n c
ou
ld c
on
sum
e a
sub
stan
tial
po
rtio
n o
f th
e G
rou
p's
re
sou
rce
s.22
Par
t II
: Ris
k Fa
ctor
s
Bro
ught
to y
ou b
y G
loba
l Rep
orts
2.2
Th
e s
eco
nd
typ
e is
th
e c
on
stan
tly
vari
able
tra
nsm
issi
on
(C
VT
), c
on
sist
ing
of a
be
lt t
ran
smit
tin
g p
ow
er
be
twe
en
tw
o v
aria
ble
pu
lle
ys w
hic
h b
y th
eir
var
iati
on
s in
dia
me
ter,
de
term
ine
th
e g
ear
rat
io. S
uch
tr
ansm
issi
on
s ar
e n
ot
par
ticu
larl
y d
ura
ble
, hav
e lo
w e
ffic
ien
cy a
nd
a li
mit
ed
po
we
r ca
pab
ilit
y, a
re n
ot
read
ily
acce
pte
d b
y u
sers
an
d d
o n
ot
be
hav
e s
atis
fact
ori
ly u
nd
er
cert
ain
tra
ffic
co
nd
itio
ns,
par
ticu
larl
y h
ard
ac
cele
rati
on
in o
vert
akin
g.
Th
e A
nto
no
v T
ran
smis
sio
n o
verc
om
es
man
y o
f th
ese
pro
ble
ms,
be
ing
com
pac
t, r
eli
able
, eff
icie
nt
and
du
rab
le.
Its
pe
rfo
rman
ce c
an b
e o
pti
mis
ed
an
d it
sh
ifts
ge
ar r
atio
s w
he
n a
nd
on
ly w
he
n t
raff
ic c
ircu
mst
ance
s so
re
qu
ire
.W
hil
st it
is m
ore
exp
en
sive
to
pro
du
ce t
han
a m
anu
al t
ran
smis
sio
n, i
ts d
esi
gn m
ean
s th
at it
is in
he
ren
tly
less
exp
en
sive
to
pro
du
ce t
han
oth
er
form
s o
f au
tom
atic
tra
nsm
issi
on
cu
rre
ntl
y av
aila
ble
.
3.
Ow
ners
hip
of
pate
nts
Un
til 1
991
pat
en
ts in
re
spe
ct o
f th
e A
nto
no
v T
ran
smis
sio
n w
ere
file
d in
th
e n
ame
of R
ou
me
n A
nto
no
v. In
199
1 h
ee
nte
red
into
a jo
int
ven
ture
an
d t
ran
sfe
rre
d a
ll h
is r
igh
ts t
o t
he
join
t ve
ntu
re c
om
pan
y M
od
ern
Au
tom
oti
veT
ech
no
logi
es
(M.A
.T.)
Ho
ldin
gs B
V (
“MA
T”)
. Su
bse
qu
en
t ap
pli
cati
on
s w
ere
mad
e in
th
e n
ame
of M
AT
. At
a la
ter
stag
e, M
AT
tra
nsf
err
ed
its
righ
ts t
o s
ub
sid
iari
es
of A
AT
cal
led
re
spe
ctiv
ely
, An
ton
ov
Au
tom
oti
ve E
uro
pe
B.V
.,A
nto
no
v A
uto
mo
tive
No
rth
Am
eri
ca B
.V. a
nd
An
ton
ov
Au
tom
oti
ve F
ar E
ast
B.V
, re
spe
ctiv
ely
. Re
gist
rati
on
of t
he
tran
sfe
rs is
no
w c
om
ple
ted
. A fu
rth
er
tran
sfe
r h
as n
ow
tak
en
pla
ce fr
om
th
e t
hre
e s
ub
sid
iari
es
to A
AT
wh
ich
con
seq
ue
ntl
y b
en
efi
cial
ly o
wn
s al
l th
e p
ate
nts
an
d p
ate
nt
app
lica
tio
ns
rela
tin
g to
th
e A
nto
no
v T
ran
smis
sio
n.
Re
gist
rati
on
of t
he
se la
tte
r tr
ansf
ers
is n
ow
eit
he
r co
mp
lete
d o
r in
pro
gre
ss.
4.
Pate
nt
pro
tect
ion
Pat
en
ts p
rote
ct in
ven
tio
ns
wh
ich
are
ne
w, i
nvo
lve
an
inve
nti
ve s
tep
an
d a
re c
apab
le o
f in
du
stri
al a
pp
lica
tio
n.
A p
ate
nt
give
s an
ab
solu
te m
on
op
oly
to
use
or
lice
nse
oth
ers
to
use
th
e in
ven
tio
n p
rote
cte
d b
y it
for
a p
eri
od
(ge
ne
rall
y) o
f 20
year
s. T
he
pat
en
t o
nly
ap
pli
es
to a
sin
gle
co
un
try.
Th
ere
are
var
iou
s m
eth
od
s b
y w
hic
h a
pp
lica
tio
ns
for
pat
en
ts in
a n
um
be
r o
f co
un
trie
s ca
n b
e m
ade
by
me
ans
of a
sin
gle
ap
pli
cati
on
alt
ho
ugh
th
e e
nd
re
sult
is s
till
ab
un
dle
of n
atio
nal
pat
en
ts in
re
spe
ct o
f eac
h o
f wh
ich
re
ne
wal
fee
s h
ave
to
be
pai
d.
In m
ost
juri
sdic
tio
ns,
th
e fi
rst
pe
rso
n t
o fi
le a
pat
en
t ap
pli
cati
on
in r
esp
ect
of a
n in
ven
tio
n is
en
titl
ed
to
be
gra
nte
d a
pat
en
t. It
is t
he
refo
re im
po
rtan
t to
file
ap
pli
cati
on
s as
so
on
as
it is
po
ssib
le t
o d
o s
o in
ord
er
to o
bta
in a
s e
arly
ap
rio
rity
dat
e a
s p
oss
ible
. All
th
e in
itia
l pat
en
t ap
pli
cati
on
s in
re
spe
ct o
f th
e A
nto
no
v T
ran
smis
sio
n h
ave
be
en
mad
ein
Fra
nce
. It
is, h
ow
eve
r, a
pri
nci
ple
of p
ate
nt
law
laid
do
wn
in in
tern
atio
nal
co
nve
nti
on
s th
at a
pp
lica
tio
ns
in o
the
rju
risd
icti
on
s ca
n b
e m
ade
up
to
on
e y
ear
late
r b
ut
bas
ed
up
on
th
e p
rio
rity
dat
e o
f th
e in
itia
l ap
pli
cati
on
.
Pat
en
ts o
uts
ide
Fra
nce
hav
e g
en
era
lly
be
en
ap
pli
ed
for
un
de
r th
e P
ate
nts
Co
-op
era
tio
n T
reat
y (P
CT
) sy
ste
m o
fw
hic
h m
ost
ind
ust
rial
ise
d n
atio
ns
are
me
mb
ers
. Th
is e
nab
les
a si
ngl
e a
pp
lica
tio
n t
o b
e m
ade
in r
esp
ect
of a
ll t
he
me
mb
er
cou
ntr
ies,
wit
h t
he
fin
al s
ele
ctio
n o
f co
un
trie
s in
wh
ich
th
e p
ate
nt
is t
o a
pp
ly b
ein
g p
ost
po
ne
d fo
r u
p t
o
18 m
on
ths
fro
m t
he
dat
e o
f th
e P
CT
ap
pli
cati
on
an
d t
hu
s a
max
imu
m o
f tw
o a
nd
a h
alf y
ear
s fr
om
th
e in
itia
l pri
ori
tyd
ate
. Th
is h
as e
nab
led
AA
T t
o d
ete
rmin
e w
hic
h in
ven
tio
ns
are
to
be
pro
tect
ed
in w
hic
h c
ou
ntr
ies
afte
r h
avin
g h
adso
me
tim
e t
o c
on
sid
er
the
sig
nif
ican
ce o
f eac
h in
ven
tio
n.
It is
wo
rth
me
nti
on
ing
that
ce
rtai
n c
ou
ntr
ies,
incl
ud
ing
in p
arti
cula
r, Ja
pan
, Can
ada,
So
uth
Ko
rea
and
ce
rtai
n e
aste
rnco
un
trie
s su
ch a
s C
zech
an
d S
lova
k re
pu
bli
ks, p
erm
it d
ela
ys t
o b
e in
tro
du
ced
into
th
e a
pp
lica
tio
n p
roce
ss. W
he
reap
pro
pri
ate
th
ose
de
lays
hav
e b
ee
n u
tili
sed
in o
rde
r to
tak
e in
to a
cco
un
t an
y te
chn
ical
re
-eva
luat
ion
of t
he
inve
nti
on
wh
ich
has
occ
urr
ed
du
rin
g th
e a
pp
lica
tio
n p
roce
ss a
nd
an
y is
sue
s w
hic
h h
ave
ari
sen
as
a re
sult
of t
hat
pro
cess
in o
the
r ju
risd
icti
on
s.
25
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
PO
NT
ET
&A
LLA
NO
Pat
en
t A
tto
rne
ys25
, ru
e Je
an-R
ost
and
Par
c C
lub
Ors
ay U
niv
ers
ité
9189
3 O
rsay
Ce
de
xF
RA
NC
E
Th
e D
ire
cto
rs21
Ap
ril 1
997
An
ton
ov
plc
.60
Fo
un
tain
Str
ee
tM
anch
est
er
M2
2FE
De
ar S
irs,
We
wri
te t
o r
ep
ort
up
on
th
e p
ate
nt
pro
tect
ion
of A
nto
no
v A
uto
mo
tive
Te
chn
olo
gie
s B
V (
“AA
T”)
.
1.
Intr
od
uct
ion
AA
T w
as fo
rme
d in
ord
er
to d
eve
lop
an
d p
rom
ote
th
e in
du
stri
alis
atio
n o
f Ro
um
en
An
ton
ov’
s in
ven
tio
ns
in t
he
fie
ldo
f tra
nsm
issi
on
sys
tem
s w
ith
var
iab
le g
ear
rat
ios
(“th
e A
nto
no
v T
ran
smis
sio
n”)
. In
ord
er
to b
e a
ble
eff
ect
ive
ly t
o d
oth
is, p
ate
nt
pro
tect
ion
of t
he
inve
nti
on
s co
mp
rise
d in
th
e A
nto
no
v T
ran
smis
sio
n is
cru
cial
. Th
is r
ep
ort
se
ts o
ut
the
stra
tegy
em
plo
yed
in o
bta
inin
g th
at p
rote
ctio
n t
oge
the
r w
ith
de
tail
s o
f th
e c
urr
en
t le
vel o
f pro
tect
ion
.
Th
is r
ep
ort
has
be
en
pre
par
ed
by
Be
rnar
d P
on
tet,
th
e s
en
ior
par
tne
r o
f Po
nte
t A
llan
o &
Ass
oci
és
S.E
.L.A
.R.L
, w
ho
has
be
en
pe
rso
nal
ly in
volv
ed
in o
bta
inin
g al
l pro
tect
ion
so
ugh
t fo
r th
e A
nto
no
v T
ran
smis
sio
n.
Alt
ho
ugh
AA
T is
ad
vise
d b
y K
en
yon
& K
en
yon
of 1
Bro
adw
ay, N
ew
-Yo
rk, 1
0004
, Un
ite
d S
tate
s an
d o
f Bo
cke
nh
eim
er
Lan
dst
rass
e, 9
7-99
, 603
25 F
ran
kfu
rt a
m M
ain
, Ge
rman
y. In
re
lati
on
to
pro
tect
ion
in t
he
Un
ite
d S
tate
s, B
ern
ard
Po
nte
th
as a
lso
be
en
dir
ect
ly in
volv
ed
in d
ete
rmin
ing
the
ap
pro
ach
tak
en
in U
S p
ate
nt
app
lica
tio
ns
and
can
th
ere
fore
com
me
nt
on
all
pat
en
t ap
pli
cati
on
s m
ade
by
AA
T a
nd
its
sub
sid
iari
es.
2.
The inve
nti
ons
Th
e A
nto
no
v T
ran
smis
sio
n is
bas
ed
on
a s
imp
le id
ea,
nam
ely
th
e u
se o
f tw
o n
atu
rall
y o
ccu
rrin
g fo
rce
s w
ith
in a
con
ven
tio
nal
man
ual
tra
nsm
issi
on
to
bri
ng
abo
ut
an a
uto
mat
ic s
hif
t o
f ge
ar. T
he
firs
t fo
rce
is t
he
axi
al t
hru
stge
ne
rate
d b
etw
ee
n h
eli
cal g
ear
te
eth
ge
ne
rall
y u
sed
in g
ear
bo
xes
wh
ich
, wh
en
me
shin
g to
geth
er,
cre
ate
a fo
rce
be
twe
en
th
e in
clin
ed
pla
ne
s o
f th
e g
ear
te
eth
wh
ich
att
em
pts
to
pu
sh t
he
m a
xial
ly o
ut
of e
nga
gem
en
t al
on
g th
eir
shaf
ts. T
he
se
con
d is
th
e c
en
trif
uga
l fo
rce
wh
ich
is g
en
era
ted
by
rota
tin
g p
arts
of t
he
ge
ar b
ox.
Th
e t
wo
forc
es
can
be
use
d in
op
po
siti
on
to
eac
h o
the
r to
de
term
ine
wh
eth
er
a cl
utc
h is
op
en
or
clo
sed
an
d w
he
the
r o
r n
ot
a p
arti
cula
r se
to
f ge
ars
is c
om
pri
sed
in t
he
po
we
r tr
ansm
issi
on
ro
ute
.
Th
e p
rim
ary
(alt
ho
ugh
no
t e
xclu
sive
) an
tici
pat
ed
mar
ket
for
the
An
ton
ov
Tra
nsm
issi
on
is in
th
e a
uto
mo
tive
fie
ld.
Au
tom
atic
ve
hic
le t
ran
smis
sio
ns
curr
en
tly
mar
kete
d a
re o
f tw
o t
ype
s:
2.1
Th
e fi
rst
typ
e c
om
bin
es
a to
rqu
e c
on
vert
er
and
hyd
rau
lica
lly
shif
ted
pla
ne
tary
ge
ar t
rain
s co
ntr
oll
ed
by
an
ele
ctro
nic
or
hyd
rau
lic
con
tro
lle
r. S
uch
tra
nsm
issi
on
s ar
e n
orm
ally
re
liab
le, d
ura
ble
an
d a
cce
pta
ble
to
th
e
use
r b
ut
the
ir w
eig
ht,
co
st, s
ize
, en
erg
y co
nsu
mp
tio
n a
nd
po
or
eff
icie
ncy
lim
its
the
ir u
se t
o la
rge
r ca
rs
eq
uip
pe
d w
ith
re
lati
vely
po
we
rfu
l en
gin
es.
24
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Pate
nt
no.7
: “C
oup
ling p
um
p”
Th
e g
ear
s o
f a p
lan
eta
ry g
ear
tra
in a
re a
rran
ged
to
op
era
te a
s an
oil
pu
mp
de
live
rin
g o
il b
etw
ee
n t
he
dis
ks o
f acl
utc
h c
on
tro
llin
g th
e r
atio
un
de
r w
hic
h t
he
pla
ne
tary
tra
in o
pe
rate
s. W
he
n t
he
clu
tch
is m
ove
d fr
om
th
e o
pe
np
osi
tio
n t
o t
he
clo
sed
po
siti
on
th
e m
ove
me
nt
clo
ses
the
oil
de
live
ry p
ath
so
th
at o
il t
en
ds
to b
lock
th
e p
um
pco
nst
itu
ted
by
the
ge
ars.
Th
is a
ssis
ts t
he
clu
tch
in r
ed
uci
ng
the
mo
vem
en
t o
f th
e g
ear
s w
ith
re
spe
ct t
o e
ach
oth
er.
Th
is d
amp
en
s th
e s
hif
tin
g u
p p
roce
ss a
nd
re
du
ces
clu
tch
we
ar.
Pate
nt
no.9
: “E
ngin
e b
rake”
Th
is in
ven
tio
n c
ause
s th
e t
ran
smis
sio
n c
on
tro
llab
ly t
o s
hif
t d
ow
n w
he
n it
is d
esi
rab
le t
o u
se e
ngi
ne
bra
kin
g, s
uch
as
wh
en
a v
eh
icle
de
sce
nd
s a
slo
pe
.
Pate
nt
no.1
0: “S
tart
ing b
rake”
Th
e u
sual
clu
tch
be
twe
en
th
e e
ngi
ne
an
d t
he
tra
nsm
issi
on
is r
ep
lace
d b
y a
bra
ke w
hic
h c
an s
ele
ctiv
ely
an
dgr
adu
ally
pre
ven
t re
vers
e r
ota
tio
n o
f th
e r
eac
tio
n m
em
be
r o
f a p
lan
eta
ry g
ear
tra
in a
nd
he
nce
pe
rmit
gra
du
alin
itia
tio
n o
f po
we
r tr
ansm
issi
on
du
rin
g st
arti
ng
of t
he
ve
hic
le.
Pate
nt
no.1
1: “H
ydra
ulic
short
cir
cuit
”
Th
e b
rake
de
scri
be
d in
pat
en
t n
o.1
0 is
co
nst
itu
ted
by
a sp
eci
fica
lly
de
sign
ed
oil
pu
mp
.
Pate
nt
no.1
4: “S
hif
ting d
am
per”
Dam
pin
g m
ean
s sm
oo
the
n t
he
rat
io-c
han
ge p
roce
ss t
he
reb
y to
lim
it s
ho
cks,
an
d p
rom
ote
life
tim
e o
f th
etr
ansm
issi
on
an
d c
om
fort
of t
he
pas
sen
gers
.
Pate
nt
no.1
5: “C
arb
on d
isks”
A w
et
mu
ltid
isk
clu
tch
is c
om
po
sed
of s
tee
l dis
ks a
lte
rnat
ing
wit
h c
arb
on
-car
bo
n d
isks
.
Pate
nt
no. 16: “S
ynch
ronis
ati
on d
ete
ctor”
Sp
on
tan
eo
us
init
iati
on
of a
rat
io-c
han
ge b
egi
nn
ing
by
slip
pag
e in
a c
lutc
h, a
cco
rdin
g to
Pat
en
t n
o. 3
, is
de
tect
ed
by
a se
nso
r co
mp
arin
g th
e r
ota
tin
g sp
ee
ds
of t
he
tw
o e
lem
en
ts w
hic
h a
re s
ele
ctiv
ely
co
nn
ect
ed
by
the
clu
tch
. Th
isse
nso
r ap
pro
pri
ate
ly c
on
tro
ls a
n a
ctu
ato
r w
hic
h a
ssis
ts in
a s
ho
ck-l
ess
tra
nsi
tio
n in
to t
he
ne
w r
atio
.
Su
bse
qu
en
t p
ate
nts
are
in p
roce
ss o
f be
ing
app
lie
d fo
r an
d c
on
cern
imp
rove
me
nts
wh
ich
are
sti
ll s
ecr
et.
De
tail
s ar
eth
ere
fore
no
t in
clu
de
d in
th
is r
ep
ort
.
7.
Pate
nt
stra
tegy
Nin
e y
ear
s o
f de
velo
pm
en
t h
ave
go
ne
into
th
e A
nto
no
v T
ran
smis
sio
n s
ince
th
e in
itia
l ap
pli
cati
on
was
mad
e b
yR
ou
me
n A
nto
no
v to
pat
en
t it
s b
asic
pri
nci
ple
s. T
his
de
lay
is n
ot
surp
risi
ng
give
n t
he
de
cad
es
of d
eve
lop
me
nt
that
hav
e b
ee
n in
vest
ed
in m
akin
g co
nve
nti
on
al a
uto
mat
ic t
ran
smis
sio
ns
as e
ffe
ctiv
e a
s p
oss
ible
. Tu
nin
g an
au
tom
atic
tran
smis
sio
n is
a t
ime
co
nsu
min
g p
roce
ss a
nd
it w
ou
ld n
ot
be
re
alis
tic
to e
xpe
ct a
ne
w t
ype
of a
uto
mat
ictr
ansm
issi
on
imm
ed
iate
ly t
o b
e a
ble
to
co
mp
ete
in a
ll r
esp
ect
s w
ith
th
e e
stab
lish
ed
te
chn
olo
gy.
Th
e y
ear
s o
f de
velo
pm
en
t h
ave
be
en
use
d fo
r te
stin
g th
e A
nto
no
v T
ran
smis
sio
n in
var
iou
s co
nfi
gura
tio
ns
and
inm
akin
g th
e d
eve
lop
me
nts
pro
tect
ed
by
the
sta
ge 2
pat
en
t ap
pli
cati
on
s as
se
t o
ut
abo
ve. B
y w
ay o
f exa
mp
le, t
he
bas
ic g
ear
bo
x d
esc
rib
ed
in p
ate
nt
no
.3 d
oe
s n
ot
pe
rmit
a d
rive
r o
f a v
eh
icle
inco
rpo
rati
ng
such
a g
ear
bo
x to
alt
er
the
be
hav
iou
r o
f th
e t
ran
smis
sio
n a
cco
rdin
g to
th
e t
raff
ic c
on
dit
ion
s o
r th
e r
eq
uir
em
en
ts o
f th
e d
rive
r. In
ord
er
top
rovi
de
for
such
co
ntr
ol,
the
de
velo
pm
en
ts p
rote
cte
d b
y p
ate
nts
no
.5 a
nd
9 w
ere
mad
e.
Th
e in
ven
tio
ns
wh
ich
are
sti
ll s
ecr
et
are
dir
ect
ed
to
war
ds
solv
ing
par
ticu
lar
pro
ble
ms
en
cou
nte
red
by
AA
T o
r to
gen
era
l im
pro
vem
en
ts in
th
e A
nto
no
v T
ran
smis
sio
n.
27
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
5.
The p
ate
nts
Th
e p
ate
nt
app
lica
tio
ns
in r
esp
ect
of t
he
An
ton
ov
Tra
nsm
issi
on
hav
e fa
lle
n in
to t
wo
dis
tin
ct s
tage
s.
ST
AG
E 1
: 1988-1
990
Du
rin
g th
is p
eri
od
th
ere
we
re a
pp
lica
tio
ns
for
pat
en
ts in
re
spe
ct o
f th
ree
inve
nti
on
s co
veri
ng
the
bas
ic p
rin
cip
les
of
the
An
ton
ov
Tra
nsm
issi
on
.
Pate
nt
no.1
: “S
peed
vari
ato
r”
Bas
ical
ly a
me
ans
of c
han
gin
g ge
ar a
uto
mat
ical
ly w
hic
h d
oe
s n
ot
req
uir
e a
ny
be
lt, l
iqu
id p
ow
er
tran
smis
sio
n o
rfr
icti
on
de
vice
an
d o
pe
rate
s b
y m
ere
me
shin
g o
f ge
ars.
Pate
nt
no.2
: “C
ontr
olled
slip
”
In a
tra
nsm
issi
on
ab
le a
uto
mat
ical
ly t
o s
hif
t b
etw
ee
n a
t le
ast
two
ge
ar r
atio
s ac
cord
ing
to w
he
the
r a
dir
ect
dri
vecl
utc
h is
in a
sli
pp
ing
or
grip
pin
g co
nd
itio
n, t
he
clu
tch
is s
ub
ject
ed
to
a v
aria
ble
cla
mp
ing
thru
st p
rod
uce
d b
yro
tati
ng
flyw
eig
hts
, th
ere
by
de
fin
ing
a va
riab
le m
axim
um
to
rqu
e w
hic
h t
he
clu
tch
is a
ble
to
tra
nsm
it b
efo
re it
sli
ps.
Pate
nt
no.3
: “A
xial th
rust
”
Th
is c
on
tin
ue
s th
e p
rin
cip
les
de
scri
be
d in
pat
en
t n
o.2
wit
h h
eli
call
y to
oth
ed
an
d a
xial
ly s
lid
able
ge
ars.
Wh
en
th
ege
ars
me
sh u
nd
er
load
du
e t
o s
lip
pag
e o
f th
e c
lutc
h, t
he
axi
al t
hru
st g
en
era
ted
by
the
he
lica
l te
eth
is t
ran
smit
ted
to
the
clu
tch
to
op
en
it fu
lly
agai
nst
th
e fo
rce
of t
he
ro
tati
ng
flyw
eig
hts
. Su
cce
ssiv
e m
od
ule
s m
ou
nte
d in
se
rie
s ca
n b
eu
sed
to
form
a m
ult
i-sp
ee
d t
ran
smis
sio
n.
Pat
en
t n
o.1
re
pre
sen
ted
th
e fi
rst
ste
p in
Ro
um
en
An
ton
ov
tho
ugh
ts a
bo
ut
auto
mat
ic t
ran
smis
sio
ns.
It d
oe
s n
ot
no
w,
ho
we
ver,
re
pre
sen
t th
e d
ire
ctio
n t
ake
n w
ith
de
velo
pm
en
t o
f th
e A
nto
no
v T
ran
smis
sio
n a
lth
ou
gh it
is e
xpe
cte
d t
hat
it w
ill b
e r
ele
van
t to
ce
rtai
n a
reas
of d
eve
lop
me
nt.
By
con
tras
t, t
he
te
ach
ing
of p
ate
nt
no
.3 d
atin
g fr
om
199
0 re
mai
ns
the
bas
is fo
r al
l pro
toty
pe
s o
f th
e A
nto
no
v T
ran
smis
sio
n a
nd
th
is is
no
t e
xpe
cte
d t
o c
han
ge in
th
e fo
rese
eab
lefu
ture
.
ST
AG
E 2
: 1991-1
997
Pat
en
t ap
pli
cati
on
s h
ave
be
en
mad
e in
re
spe
ct o
f var
iou
s sp
eci
fic
imp
rove
me
nts
to
th
e A
nto
no
v T
ran
smis
sio
n. T
he
yar
e a
ll c
om
pat
ible
wit
h t
he
tra
nsm
issi
on
dis
clo
sed
in p
ate
nt
no
.3 b
ut
en
able
it t
o b
e e
xplo
ite
d m
ore
eff
ect
ive
ly.
Pate
nt
no.4
: “G
roove
d d
isks”
A m
ult
i-d
isk
clu
tch
wit
h s
ub
stan
tial
ly r
adia
l gro
ove
s in
th
e fr
icti
on
face
s in
ord
er
to p
rovi
de
for
cen
trif
uga
l oil
-ci
rcu
lati
on
for
coo
lin
g an
d w
ear
re
du
ctio
n p
urp
ose
s.
Pate
nt
no.5
: “S
hif
ting init
iato
r”
Th
e in
ven
tio
n d
iscl
ose
d in
pat
en
t n
o.3
uti
lise
s tw
o fo
rce
s w
hic
h n
atu
rall
y o
ccu
r w
ith
in a
ge
ar b
ox
to c
han
ge g
ear
s.T
his
inve
nti
on
uti
lise
s a
thir
d fo
rce
to
ass
ist
clam
pin
g o
f th
e c
lutc
h b
y th
e fl
ywe
igh
ts o
r it
s re
leas
e b
y ax
ial t
hru
st o
fth
e h
eli
cal g
ear
s p
rom
oti
ng
shif
tin
g u
p o
r d
ow
n o
f ge
ar r
esp
ect
ive
ly, a
nd
ab
le t
o in
flu
en
ce t
he
au
tom
atic
op
era
tio
no
f th
e t
ran
smis
sio
n w
hil
e o
nly
ne
ed
ing
a li
mit
ed
forc
e r
eq
uir
ing
lim
ite
d e
ne
rgy.
Pate
nt
no.6
: “D
istr
ibute
d m
od
ule
s”
Th
is in
ven
tio
n c
om
pri
ses
the
arr
ange
me
nt
of m
od
ule
s as
dis
clo
sed
in p
ate
nt
no
.3 o
the
r th
an c
o-a
xial
ly, e
nab
lin
gth
em
to
be
arr
ange
d d
ep
en
din
g u
po
n t
he
sp
ace
ava
ilab
le fo
r th
em
, typ
ical
ly in
th
e e
ngi
ne
co
mp
artm
en
t o
f ave
hic
le.
26
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
Bro
ught
to y
ou b
y G
loba
l Rep
orts
In a
fie
ld a
s d
eve
lop
ed
as
gear
bo
x te
chn
olo
gy, i
t w
ou
ld b
e e
xpe
cte
d t
hat
sig
nif
ican
t am
ou
nts
of p
rio
r ar
t w
ou
ld b
eci
ted
by
Pat
en
t O
ffic
es
agai
nst
pat
en
t ap
pli
cati
on
s m
ade
in r
esp
ect
of t
he
An
ton
ov
Tra
nsm
issi
on
. Mo
st o
f th
e p
rio
rar
t re
late
d t
o s
pe
cula
tive
te
chn
olo
gy d
eve
lop
ed
be
twe
en
th
e t
wo
Wo
rld
War
s an
d g
en
era
lly
solv
ed
on
ly p
art
of t
he
pro
ble
ms
wh
ich
hav
e t
o b
e s
olv
ed
by
an a
uto
mat
ic t
ran
smis
sio
n. A
AT
’s s
trat
egy
has
th
ere
fore
oft
en
co
nsi
ste
d o
fd
ete
ctin
g th
e u
nso
lve
d p
rob
lem
s in
th
e p
rio
r ar
t, a
nal
ysin
g th
e d
iffe
ren
ces
be
twe
en
th
e A
nto
no
v T
ran
smis
sio
n a
nd
the
pri
or
art
wh
ich
so
lve
d t
he
pro
ble
ms,
an
d d
ire
ctin
g th
e p
ate
nt
clai
ms
to t
ho
se d
iffe
ren
ces.
Th
is g
ive
s ri
se t
op
ate
nt
pro
tect
ion
co
veri
ng
the
ve
ry fe
atu
res
wh
ich
are
ne
cess
ary
for
mat
uri
ng
the
ear
lie
r co
nce
pts
into
a p
ract
ical
solu
tio
n.
De
spit
e h
avin
g d
iscl
ose
d t
he
An
ton
ov
Tra
nsm
issi
on
to
nu
me
rou
s ve
hic
le a
nd
ge
arb
ox
man
ufa
ctu
rers
, no
ne
has
eve
rra
ise
d a
ny
ear
lie
r te
chn
olo
gy w
hic
h c
ou
ld, i
n o
ur
op
inio
n, a
ffe
ct t
he
val
idit
y o
f th
e p
ate
nt
pro
tect
ion
for
the
An
ton
ov
Tra
nsm
issi
on
.
In a
dd
itio
n, i
t sh
ou
ld b
e n
ote
d t
hat
in c
ert
ain
pat
en
t sy
ste
ms
(in
clu
din
g in
par
ticu
lar
Eu
rop
ean
, Jap
ane
se a
nd
Tai
wan
ese
) th
ird
par
tie
s h
ave
a s
pe
cifi
ed
pe
rio
d o
f tim
e e
ith
er
imm
ed
iate
ly b
efo
re o
r im
me
dia
tely
aft
er
gran
t to
rais
e o
pp
osi
tio
n a
gain
st t
he
gra
nt
of t
he
pat
en
t. N
o s
uch
op
po
siti
on
has
so
far
be
en
rai
sed
.
Alt
ho
ugh
all
th
ese
fact
ors
ind
icat
e t
hat
th
e p
ate
nts
re
lati
ng
to t
he
An
ton
ov
Tra
nsm
issi
on
are
str
on
g, it
sh
ou
ld b
ep
oin
ted
ou
t th
at t
he
eff
ect
ive
ne
ss o
f pat
en
t p
rote
ctio
n c
an o
nly
be
full
y te
ste
d w
he
n s
ub
ject
ed
to
lega
l ch
alle
nge
by
a th
ird
par
ty in
th
e c
ou
rts
foll
ow
ing
gran
t o
f th
e p
ate
nt.
Un
til s
uch
a c
hal
len
ge h
as b
ee
n m
ade
by
a vi
goro
us
op
po
ne
nt
it is
no
t p
oss
ible
to
be
ce
rtai
n a
bo
ut
the
str
en
gth
of a
pat
en
t. E
ven
th
en
, th
ere
is n
oth
ing
to p
reve
nt
ano
the
r th
ird
par
ty u
sin
g d
iffe
ren
t an
d p
revi
ou
sly
un
kno
wn
pri
or
art
to e
stab
lish
th
at t
he
pat
en
t is
inva
lid
.
9.
Thir
d p
art
y ri
ghts
No
se
arch
mad
e in
re
spe
ct o
f pat
en
t ap
pli
cati
on
s re
lati
ng
to t
he
An
ton
ov
Tra
nsm
issi
on
has
re
veal
ed
an
y p
ate
nt
righ
ts w
hic
h w
ou
ld r
est
rain
use
of t
he
An
ton
ov
Tra
nsm
issi
on
in a
ny
cou
ntr
y. N
o t
hir
d p
arty
has
to
dat
e r
aise
d a
ny
clai
m t
hat
th
e A
nto
no
v T
ran
smis
sio
n in
frin
ges
its
righ
ts in
an
y w
ay.
10.
Infr
ingem
ents
We
are
no
t aw
are
of a
ny
infr
inge
me
nt
of a
ny
kin
d, o
f AA
T’s
inte
lle
ctu
al p
rop
ert
y ri
ghts
an
d m
ore
sp
eci
fica
lly
of t
ho
sere
sult
ing
no
w o
r la
ter
of t
he
he
rein
abo
ve li
ste
d a
nd
co
mm
en
ted
Pat
en
ts.
11.
Concl
usi
on
Hav
ing
be
en
invo
lve
d in
th
e p
ate
nti
ng
of t
he
An
ton
ov
Tra
nsm
issi
on
fro
m t
he
ou
tse
t, w
e a
re c
on
fid
en
t th
at, b
ase
d o
nth
e in
form
atio
n a
vail
able
to
us,
th
e p
ate
nts
in r
esp
ect
of i
t o
wn
ed
by
AA
T o
r it
s su
bsi
dia
rie
s ar
e v
alid
an
d g
ive
eff
ect
ive
pro
tect
ion
of t
he
inve
nti
on
s co
mp
rise
d in
th
e A
nto
no
v T
ran
smis
sio
n. M
ost
of t
he
ap
pli
cati
on
s in
re
spe
ct o
fth
e b
asic
pri
nci
ple
of t
he
An
ton
ov
Tra
nsm
issi
on
hav
e b
ee
n o
r ar
e li
kely
so
on
to
be
gra
nte
d a
nd
we
hav
e n
o r
eas
on
to b
eli
eve
th
at t
he
pat
en
ts in
re
spe
ct o
f th
e la
ter
de
velo
pm
en
ts a
re n
ot
like
ly t
o b
e g
ran
ted
. Th
e g
eo
grap
hic
alsc
op
e o
f pat
en
t p
rote
ctio
n c
ove
rs m
ost
of t
he
maj
or
veh
icle
man
ufa
ctu
rin
g co
un
trie
s in
wh
ich
th
e A
nto
no
vT
ran
smis
sio
n is
like
ly t
o b
e o
f gre
ate
st v
alu
e.
We
hav
e n
o r
eas
on
to
be
lie
ve t
hat
an
y th
ird
par
ty h
as a
ny
righ
ts w
hic
h c
ou
ld p
reve
nt
use
of t
he
An
ton
ov
Tra
nsm
issi
on
.
In t
he
cir
cum
stan
ces,
th
e p
ate
nt
po
siti
on
of A
AT
an
d it
s su
bsi
dia
rie
s ap
pe
ars
to b
e s
tro
ng.
Yo
urs
fait
hfu
lly,
BE
RN
AR
D P
ON
TE
TFO
R A
ND
ON
BE
HA
LF O
F P
ON
TE
T A
LLA
NO
& A
SS
OC
IES
29
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
Th
e lo
ng
dra
wn
ou
t te
chn
ical
de
velo
pm
en
t h
as b
ee
n t
urn
ed
into
a le
gal s
tre
ngt
h in
th
e p
ate
nt
stra
tegy
. A p
ate
nt
app
lica
tio
n h
as b
ee
n m
ade
as
soo
n a
s a
sign
ific
ant
tech
nic
al im
pro
vem
en
t h
as b
ee
n m
ade
. Th
e s
ucc
ess
ive
pat
en
tsta
ke t
he
form
of s
ucc
ess
ive
bar
s to
a p
ote
nti
al c
om
pe
tito
r, a
ll o
r m
ost
of w
hic
h w
ou
ld h
ave
to
be
ove
rco
me
be
fore
the
co
mp
eti
tor
cou
ld e
ffe
ctiv
ely
co
mp
ete
wit
h A
AT
.
Mo
reo
ver,
th
e p
ate
nts
of s
tage
2 a
re n
ot
en
tire
ly d
ep
en
de
nt
on
th
ose
of s
tage
1. O
n t
he
co
ntr
ary,
mo
st o
f th
ep
ate
nts
of s
tage
2 c
laim
a r
ela
tive
ly b
road
sco
pe
co
veri
ng
the
re
leva
nt
imp
rove
me
nt
eve
n if
th
e r
ele
van
t st
age
1p
ate
nt
was
no
t va
lid
, or
was
no
t b
road
en
ou
gh w
ith
re
spe
ct o
f an
y e
qu
ival
en
t so
luti
on
s fo
un
d b
y co
mp
eti
tors
wh
ich
wo
uld
sti
ll n
ee
d d
eve
lop
me
nts
co
vere
d b
y th
e s
tage
2 p
ate
nts
in o
rde
r to
be
co
mm
erc
iall
y su
cce
ssfu
l.
Th
e fi
nal
ad
van
tage
of t
he
str
ate
gy o
f pro
vid
ing
succ
ess
ive
laye
rs o
f pat
en
t p
rote
ctio
n o
r “r
ing
fen
cin
g” t
he
bas
icte
chn
olo
gy li
es
in it
s d
ynam
ics.
Wit
h a
co
nti
nu
ing
po
licy
of p
ate
nt
pro
tect
ion
a c
om
pe
tito
r kn
ow
s th
at it
s o
pe
rati
on
sar
e u
nd
er
thre
at n
ot
on
ly fr
om
th
e p
ub
lish
ed
ap
pli
cati
on
s b
ut
also
fro
m t
he
futu
re a
pp
lica
tio
ns.
Wh
en
th
e p
atte
rn o
fsu
cce
ssiv
e a
pp
lica
tio
ns
ceas
es,
co
mp
eti
tors
can
fee
l mo
re r
ela
xed
.
8.
Curr
ent
pate
nt
port
folio
We
att
ach
a s
che
du
le s
ett
ing
ou
t th
e c
urr
en
t d
eta
ils
of t
he
pu
bli
she
d p
ate
nt
po
rtfo
lio
re
lati
ng
to t
he
An
ton
ov
Tra
nsm
issi
on
sh
ow
ing
the
cu
rre
nt
stat
us
of e
ach
ap
pli
cati
on
incl
ud
ing
in p
arti
cula
r d
eta
ils
of p
ate
nts
gra
nte
d.
It is
ap
par
en
t th
at t
he
ge
ogr
aph
ical
sp
read
of a
pp
lica
tio
ns
has
gra
du
ally
incr
eas
ed
wit
h t
he
inte
nti
on
of c
ove
rin
g as
mu
ch o
f th
e m
oto
r ve
hic
le p
rod
uci
ng
wo
rld
as
po
ssib
le. B
y w
ay o
f exa
mp
le, S
ou
th K
ore
a, C
anad
a an
d T
aiw
an h
ave
be
en
incl
ud
ed
fro
m p
ate
nt
no
.2 o
nw
ard
s an
d S
ou
th A
fric
a, B
razi
l, R
uss
ia a
nd
oth
er
Eas
tern
blo
c co
un
trie
s h
ave
be
en
incl
ud
ed
fro
m p
ate
nt
no
.3 o
nw
ard
s. T
he
te
nd
en
cy is
to
ext
en
d t
he
co
vera
ge fu
rth
er,
wit
h la
ter
pat
en
ts a
lso
be
ing
app
lie
d fo
r, fo
r e
xam
ple
, in
Ch
ina
and
Me
xico
. At
all s
tage
s a
bal
ance
has
be
en
dra
wn
be
twe
en
th
e c
ost
of e
xte
nd
ing
pat
en
t co
vera
ge g
eo
grap
hic
ally
an
d t
he
like
ly b
en
efi
ts o
f do
ing
so. I
t ap
pe
ars
to u
s th
at t
he
co
mp
rom
ise
has
be
en
reas
on
able
in t
he
cir
cum
stan
ces.
Th
e p
ate
nts
ap
pli
ed
for
in s
tage
1 h
ave
larg
ely
be
en
gra
nte
d o
r ar
e v
ery
clo
se t
o p
rob
able
gra
nt.
Pat
en
t n
o.4
has
pro
ved
in r
etr
osp
ect
to
be
of l
ittl
e v
alu
e a
nd
th
ere
fore
furt
he
r ap
pli
cati
on
s h
ave
no
t b
ee
n m
ade
.
By
con
tras
t, p
ate
nt
no
.5, w
hic
h a
pp
ear
s to
be
of g
reat
imp
ort
ance
, an
d p
ate
nt
no
. 7, w
hic
h c
ove
rs a
ve
ry in
gen
iou
scl
utc
h c
on
tro
l, h
ave
eac
h b
ee
n g
ran
ted
in F
ran
ce, t
he
US
an
d a
s a
Eu
rop
ean
pat
en
t.
Pat
en
t n
o.6
has
be
en
gra
nte
d in
Fra
nce
an
d a
s a
Eu
rop
ean
pat
en
t, a
nd
is c
ove
red
in t
he
US
th
rou
gh a
n a
pp
lica
tio
nb
ase
d o
n p
ate
nt
no
.3.
In r
esp
ect
of p
ate
nts
no
s. 9
, 10,
11
and
14
the
inte
rnat
ion
al e
xam
inat
ion
pro
ced
ure
has
be
en
co
mp
lete
d a
nd
afa
vou
rab
le p
reli
min
ary
exa
min
atio
n r
ep
ort
issu
ed
. Th
is w
ill g
en
era
lly
lead
, at
the
ve
ry le
ast,
to
gra
nt
of a
Eu
rop
ean
pat
en
t. G
ran
tin
g o
f pat
en
t n
o. 1
0 is
alr
ead
y in
pro
gre
ss in
th
e U
S.
Ap
pli
cati
on
s in
re
spe
ct o
f in
ven
tio
n n
o 1
5 an
d 1
6 ar
e r
ath
er
less
ad
van
ced
alt
ho
ugh
we
hav
e r
ece
ive
d F
ren
ch a
nd
Inte
rnat
ion
al s
ear
ch r
ep
ort
s o
pe
nin
g fa
vou
rab
le is
sue
s.
Th
e m
issi
ng
no
s in
th
e s
eq
ue
nce
of t
he
pat
en
ts c
orr
esp
on
d t
o p
roje
cts
on
ce c
on
tem
pla
ted
bu
t h
avin
g fi
nal
lyap
pe
are
d a
s b
ein
g o
f le
ss in
tere
st.
In s
um
mar
y, t
he
pat
en
t p
ort
foli
o is
str
on
g an
d n
o a
pp
lica
tio
n h
as y
et
be
en
ab
and
on
ed
for
lega
l re
aso
ns
or
acci
de
nt,
or
reje
cte
d.
28
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Cou
ntry
or
desi
gnat
ions
gran
ted
on__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
IND
IAA
RG
EN
TIN
A (
Re
vali
dat
ion
Pat
en
t)__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°4 “
Gro
ove
d d
isks”
FR
AN
CE
AU
G 1
3, 9
3T
AIW
AN
NO
V 1
1, 9
4__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°5“S
hif
ting init
iato
r”
FR
AN
CE
JAN
14,
94
†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eC
on
vert
ed
into
eu
rop
ean
an
d n
atio
nal
cas
es
F
avo
ura
ble
Pre
lim
inar
y E
xam
inat
ion
Re
po
rt†E
P –
AT
, BE
, CH
/LI,
DK
, FR
, GB
, LU
, MC
, NL
, SE
D
EE
SG
RIE IT
DE
C20
, 95
AU
ST
RA
LIA
(P
CT
)N
OV
14,
95
BE
LA
RU
S (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dB
RA
ZIL
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
C
AN
AD
A (
PC
T)
CZ
EC
H R
EP
UB
LIC
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
JAP
AN
(P
CT
)K
AZ
AK
HS
TA
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dR
EP
UB
LIC
OF
KO
RE
A (
PC
T)
RU
SS
IAN
FE
DE
RA
TIO
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dS
LO
VA
KIA
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
UN
ITE
D S
TA
TE
SJU
N 1
3,95
SO
UT
H A
FR
ICA
MA
Y 2
5, 9
4__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°6“D
istr
ibute
d m
od
ule
s”F
RA
NC
E†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eF
avo
ura
ble
Pre
lim
inar
y E
xam
inat
ion
Re
po
rtC
on
vert
ed
into
eu
rop
ean
an
d n
atio
nal
cas
es
†E
P –
BE
, CH
/LI,
DK
, FR
, GB
, , L
U, M
C, N
L, S
EA
TD
E,
ES
GR
IE ITJU
L 5
, 95
AU
ST
RA
LIA
(P
CT
)O
CT
5, 9
5B
EL
AR
US
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
BR
AZ
IL (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dC
AN
AD
A (
PC
T)
CZ
EC
H R
EP
UB
LIC
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
JAP
AN
(P
CT
)K
AZ
AK
HS
TA
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dR
EP
UB
LIC
OF
KO
RE
A (
PC
T)
RU
SS
IAN
FE
DE
RA
TIO
N (
PC
T)
Exa
min
atio
n in
favo
ura
ble
pro
gre
ssS
LO
VA
KIA
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
UZ
BE
KIS
TA
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dS
OU
TH
AF
RIC
AJU
N 3
0, 9
3T
AIW
AN
(U
T. M
OD
)D
EC
21,
94U
NIT
ED
ST
AT
ES
*M
AY
7, 9
6A
RG
EN
TIN
A (
Re
vali
dat
ion
Pat
en
t)__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
* In
ven
tio
n N
°6 is
pro
tect
ed
in U
S t
hro
ugh
“C
IP”
app
lica
tio
n a
lso
co
veri
ng
inve
nti
on
N°3
31
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
†P
CT
= P
ate
nt
Co
op
era
tio
n T
reat
y†E
P
= E
uro
pe
an p
ate
nt
Sch
ed
ule
to t
he r
ep
ort
date
d 1
6 A
pri
l 1997 f
rom
Ponte
t &
Allano
Pub
lish
ed
pate
nt
port
folio r
ela
ting t
o t
he A
nto
nov
Tra
nsm
issi
on
Cou
ntry
or
desi
gnat
ions
gran
ted
on__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°1 “
Sp
eed
vari
ato
r”F
RA
NC
EF
EB
1st
,91
FR
AN
CE
AP
R 2
3, 9
3†P
CT
– E
P, A
U, J
P, U
SC
on
vert
ed
into
eu
rop
ean
an
d n
atio
nal
cas
es
†E
P –
DE
, FR
, GB
, IT
, SE
JAN
29,
92
AU
ST
RA
LIA
(P
CT
)O
CT
12,
92JA
PA
N (
PC
T)
Exa
min
atio
n in
favo
ura
ble
pro
gre
ssU
NIT
ED
ST
AT
ES
(P
CT
)M
AY
10,
94
SP
AIN
SE
PT
1st
,90
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
___
INV
EN
TIO
N N
°2“C
ontr
olled
slip
”F
RA
NC
ES
EP
30,
94F
RA
NC
EJA
N 6
, 95
†P
CT
– E
P, A
U, C
A, J
P, K
R, U
S
Co
nve
rte
d in
to e
uro
pe
an a
nd
nat
ion
al c
ase
s (w
ith
ou
t P
reli
min
ary
Exa
min
atio
n R
ep
ort
)†E
P –
BE
, CH
/LI,
DK
, FR
, GB
, LU
, NL
, SE
AT
DE
ES
GR
ITJU
N 6
, 95
AU
ST
RA
LIA
(P
CT
)F
EB
24,
94C
AN
AD
A (
PC
T)
JAP
AN
(P
CT
)R
EP
UB
LIC
OF
KO
RE
A (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dU
NIT
ED
ST
AT
ES
(P
CT
)M
AY
25,
93
UN
ITE
D S
TA
TE
S /
CIP
AP
R 2
5, 9
5T
AIW
AN
SE
P 1
1, 1
991
CZ
EC
HO
SL
OV
AK
IAE
xam
inat
ion
Re
qu
est
ed
IND
IA__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°3 “
Axi
al th
rust
”
FR
AN
CE
DE
C 8
, 95
†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
e e
xce
pt
U.S
Fav
ou
rab
le P
reli
min
ary
Exa
min
atio
n R
ep
ort
Co
nve
rte
d
into
eu
rop
ean
an
d n
atio
nal
cas
es
†E
P –
BE
, CH
/LI,
DK
, FR
, GB
, LU
, NL
, SE
AT
DE
ES
GR
ITJU
L 5
, 95
AU
ST
RA
LIA
(P
CT
) +
(U
S)
DE
C 1
3, 9
4B
RA
ZIL
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
CA
NA
DA
(P
CT
)JA
PA
N (
PC
T)
PO
LA
ND
(P
CT
)JU
NE
5, 9
6R
EP
UB
LIC
OF
KO
RE
A (
PC
T)
Exa
min
atio
n r
eq
ue
ste
dR
US
SIA
N F
ED
ER
AT
ION
(P
CT
)E
xam
inat
ion
in fa
vou
rab
le p
rogr
ess
SO
UT
H A
FR
ICA
JUL
29,
92
TA
IWA
NJA
N 1
1, 9
2U
NIT
ED
ST
AT
ES
NO
V 2
3, 9
3U
NIT
ED
ST
AT
ES
/ C
IPM
AY
7,9
6
30
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
†P
CT
= P
ate
nt
Co
op
era
tio
n T
reat
y†E
P
= E
uro
pe
an p
ate
nt
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Cou
ntry
or
desi
gnat
ions
gran
ted
on__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°10 “
Sta
rtin
g b
rake”
FR
AN
CE
MA
Y 1
9, 9
5†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eF
avo
ura
ble
Pre
lim
inar
y E
xam
inat
ion
Re
po
rt
Co
nve
rte
d in
to e
uro
pe
an a
nd
nat
ion
al c
ase
s†E
P –
AT
, BE
, CH
, DE
, DK
, ES
, FR
, GB
GR
, IE
, IT
,LU
, MC
, NL
, PT
, SE
.M
AY
21,
97
AU
ST
RA
LIA
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
BE
LA
RU
S (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dB
RA
ZIL
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
CA
NA
DA
(P
CT
)C
HIN
A (
PC
T)
CZ
EC
H R
EP
UB
LIC
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
HU
NG
AR
Y (
PC
T)
JAP
AN
(P
CT
)K
AZ
AK
HS
TA
N (
PC
T)
RE
PU
BL
IC o
f KO
RE
A (
PC
T)
DE
MO
PE
OP
LE
’S R
EP
.of K
OR
EA
(P
CT
)G
ran
tin
g p
roce
du
re in
pro
gre
ssR
OM
AN
IA (
PC
T)
RU
SS
IAN
FE
DE
RA
TIO
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dS
LO
VA
KIA
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
UK
RA
INE
(P
CT
)U
NIT
ED
ST
AT
ES
(P
CT
)G
ran
tin
g p
roce
du
re in
pro
gre
ssV
IET
NA
M (
PC
T)
TA
IWA
NN
OV
21,
95
SO
UT
H A
FR
ICA
NO
V 3
0, 9
4A
RG
EN
TIN
A (
Re
vali
dat
ion
Pat
en
t)__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°11 “
Hyd
raulic
short
-cir
cuit
”F
RA
NC
ES
EP
22,
199
5†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eF
avo
ura
ble
Pre
lim
inar
y E
xam
inat
ion
Re
po
rtC
on
vert
ed
into
eu
rop
ean
an
d n
atio
nal
cas
es
†E
P –
AT
, BE
, CH
, DE
, DK
, ES
, FR
, GB
, GR
, IE
, IT
, LT
, LU
, NL
, PT
, SE
, SI
Exa
min
atio
n in
favo
ura
ble
pro
gre
ssA
US
TR
AL
IA(P
CT
)E
xam
inat
ion
Re
qu
est
ed
BE
LA
RU
S (
PC
T)
BR
AZ
IL(P
CT
)E
xam
inat
ion
Re
qu
est
ed
CA
NA
DA
(P
CT
)C
HIN
A (
PC
T)
CZ
EC
H R
EP
UB
LIC
(P
CT
)G
EO
RG
IA (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dH
UN
GA
RY
(P
CT
)JA
PA
N(P
CT
)K
AZ
AK
ST
AN
(P
CT
)R
EP
UB
LIC
of K
OR
EA
(P
CT
)D
EM
O P
EO
PL
E’S
RE
P. o
f KO
RE
A (
PC
T)
LA
TV
IA (
PC
T)
PO
LA
ND
(P
CT
)R
OM
AN
IA (
PC
T)
RU
SS
IAN
FE
DE
RA
TIO
N (
PC
T)
SL
OV
AK
IA (
PC
T)
UK
RA
INE
(P
CT
)U
NIT
ED
ST
AT
ES
(P
CT
)E
xam
inat
ion
in p
rogr
ess
UZ
BE
KIS
TA
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dV
IET
NA
M (
PC
T)
TA
IWA
NF
EB
06,
96
SO
UT
H A
FR
ICA
MA
Y 3
1, 9
5A
RG
EN
TIN
A (
Re
vali
dat
ion
Pat
en
t)__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
33
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
†P
CT
= P
ate
nt
Co
op
era
tio
n T
reat
y†E
P
= E
uro
pe
an p
ate
nt
Cou
ntry
or
desi
gnat
ions
gran
ted
on__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°7 “
Coup
ling p
um
p”
FR
AN
CE
MA
R 1
0, 9
5†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eF
avo
ura
ble
Pre
lim
inar
y E
xam
inat
ion
Re
po
rt C
on
vert
ed
in
to e
uro
pe
an a
nd
nat
ion
al c
ase
s†E
P –
AT
, BE
, DE
, ES
, FR
, GB
, IT
, NL
, SE
JA
N 9
, 97
AU
ST
RA
LIA
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
BR
AZ
IL (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dC
AN
AD
A (
PC
T)
CZ
EC
H R
EP
UB
LIC
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
JAP
AN
(P
CT
)R
EP
UB
LIC
OF
KO
RE
A (
PC
T)
RU
SS
IAN
FE
DE
RA
TIO
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dU
NIT
ED
ST
AT
ES
(P
CT
)M
AY
7, 9
6__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°9 “
Engin
e b
rake”
FR
AN
CE
AP
R 2
1, 9
5†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eF
avo
ura
ble
Pre
lim
inar
y E
xam
inat
ion
Re
po
rtC
on
vert
ed
into
eu
rop
ean
an
d n
atio
nal
cas
es
†E
P –
AT
, BE
, CH
, DE
, DK
, ES
, FR
, GB
GR
, IE
, IT
,LU
, MC
, NL
, PT
, SE
.M
AY
14,
97
AU
ST
RA
LIA
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
BE
LA
RU
S (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dB
RA
ZIL
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
CA
NA
DA
(P
CT
)C
HIN
A (
PC
T)
CZ
EC
H R
EP
UB
LIC
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
HU
NG
AR
Y (
PC
T)
JAP
AN
(P
CT
)K
AZ
AK
HS
TA
N (
PC
T)
RE
PU
BL
IC o
f KO
RE
A (
PC
T)
DE
MO
PE
OP
LE
’S R
EP
.of K
OR
EA
(P
CT
)G
ran
tin
g p
roce
du
re in
pro
gre
ssR
OM
AN
IA (
PC
T)
RU
SS
IAN
FE
DE
RA
TIO
N (
PC
T)
Exa
min
atio
n R
eq
ue
ste
dS
LO
VA
KIA
(P
CT
)E
xam
inat
ion
Re
qu
est
ed
UK
RA
INE
(P
CT
)U
NIT
ED
ST
AT
ES
(P
CT
)E
xam
inat
ion
pro
ced
ure
in p
rogr
ess
VIE
T N
AM
(P
CT
)T
AIW
AN
SO
UT
H A
FR
ICA
NO
V 3
0,94
AR
GE
NT
INA
(R
eva
lid
atio
n P
ate
nt)
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
___
32
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
†P
CT
= P
ate
nt
Co
op
era
tio
n T
reat
y†E
P
= E
uro
pe
an p
ate
nt
Bro
ught
to y
ou b
y G
loba
l Rep
orts
Th
e D
ire
cto
rs21
Ap
ril 1
997
An
ton
ov
plc
60, F
ou
nta
in S
tre
et
Man
che
ste
rM
2 2F
E
Th
e D
ire
cto
rsH
en
ry C
oo
ke C
orp
ora
te F
inan
ce L
tdO
ne
Kin
g S
tre
et
Man
che
ste
rM
2 6A
W
Ge
ntl
em
en
,
Revi
ew
of
Anto
nov
Tra
nsm
issi
on a
nd
Org
anis
ati
on
Ne
the
rlan
ds
Car
B.V
. has
be
en
re
qu
est
ed
by
An
ton
ov
plc
("A
nto
no
v")
and
He
nry
Co
oke
Co
rpo
rate
Fin
ance
Ltd
to
eva
luat
e t
he
An
ton
ov
tran
smis
sio
n a
nd
th
e d
esi
gn c
apab
ilit
ies
and
bu
sin
ess
str
ate
gy o
f th
e A
nto
no
v G
rou
p.
Th
e fo
llo
win
g re
po
rt c
om
pil
ed
in M
ay 1
995
sum
mar
ise
s o
ur
fin
din
gs. W
e a
re n
ot
awar
e o
f an
y fi
nd
ings
th
at h
ave
be
com
e u
ntr
ue
, in
accu
rate
or
mis
lead
ing
sin
ce o
ur
revi
ew
th
ou
gh w
e w
ou
ld p
oin
t o
ut
that
An
ton
ov
has
de
velo
pe
dan
d b
uil
t 6
spe
ed
pro
toty
pe
s e
mb
od
yin
g th
e t
ech
no
logy
de
scri
be
d in
th
e r
evi
ew
.
Ne
the
rlan
ds
Car
B.V
.P
rod
uct
De
sign
& E
ngi
ne
eri
ng,
E. B
oe
rM
anag
er
De
velo
pm
en
t
35
000
Par
t IV
: Tec
hnic
al E
xper
t’s R
epor
t
NE
THE
RL
AN
DS
CA
R B
.V.
Hel
mo
nd
Ned
erla
nd
Cou
ntry
or
desi
gnat
ions
gran
ted
on__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°14 “
Shif
ting d
am
per”
FR
AN
CE
†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eF
avo
ura
ble
Pre
lim
inar
y E
xam
inat
ion
Re
po
rtC
on
vert
ed
into
eu
rop
ean
an
d n
atio
nal
cas
es
†E
P –
AT
, BE
, CH
/LI,
DE
, DK
, ES
, FR
, GB
, GR
, IE
IT, L
U, M
C, N
L, P
T, S
E.
Exa
min
atio
n in
favo
ura
ble
pro
gre
ssA
US
TR
AL
IA (
PC
T)
BE
LA
RU
S (
PC
T)
BR
AZ
IL (
PC
T)
CA
NA
DA
(P
CT
)C
HIN
A (
PC
T)
CZ
EC
H R
EP
UB
LIC
(P
CT
)H
UN
GA
RY
(P
CT
)JA
PA
N (
PC
T)
KA
ZA
KS
TA
N (
PC
T)
RE
PU
BL
IC o
f KO
RE
A (
PC
T)
ME
XIC
O (
PC
T)
PO
LA
ND
(P
CT
)R
OM
AN
IA (
PC
T)
RU
SS
IAN
FE
DE
RA
TIO
N (
PC
T)
SL
OV
AK
IA (
PC
T)
UK
RA
INE
(P
CT
)U
NIT
ED
ST
AT
ES
(P
CT
)U
ZB
EK
IST
AN
(P
CT
)V
IET
NA
M (
PC
T)
AR
GE
NT
INA
IND
IAM
AL
AY
SIA
SO
UT
H A
FR
ICA
TA
IWA
NIN
DO
NE
SIA
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
___
INV
EN
TIO
N N
°15 “
Carb
on d
isks”
FR
AN
CE
†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eP
reli
min
ary
Exa
min
atio
n P
roce
du
re in
pro
gre
ssA
RG
EN
TIN
AIN
DIA
MA
LA
YS
IAS
OU
TH
AF
RIC
AO
CT
30,
96
TA
IWA
NIN
DO
NE
SIA
TH
AIL
AN
DU
SA
(P
CT
)U
SA
(S
tre
amli
ne
d d
iv. a
pp
l.)__
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
_
INV
EN
TIO
N N
°16 “
Syn
chro
nis
ati
on d
ete
ctor”
FR
AN
CE
†P
CT
– A
ll t
he
co
ntr
acti
ng
stat
es
of P
CT
on
fili
ng
dat
eP
reli
min
ary
Exa
min
atio
n P
roce
du
re in
pro
gre
ssA
RG
EN
TIN
AIN
DIA
IND
ON
ES
IAM
AL
AY
SIA
SO
UT
H A
FR
ICA
FE
B 2
0, 1
997
TH
AIL
AN
DT
AIW
AN
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
___
34
Par
t II
I: P
aten
t A
ttor
neys
' Rep
ort
†P
CT
= P
ate
nt
Co
op
era
tio
n T
reat
y†E
P
= E
uro
pe
an p
ate
nt
Bro
ught
to y
ou b
y G
loba
l Rep
orts
1.
Ned
Car
Pro
duct
Desi
gn &
Engin
eeri
ng
Ne
dC
ar P
rod
uct
De
sign
& E
ngi
ne
eri
ng
bas
ed
in H
elm
on
d, T
he
Ne
the
rlan
ds
is t
he
ind
ep
en
de
nt
en
gin
ee
rin
gd
ep
artm
en
t o
f Ne
the
rlan
ds
Car
BV
, tra
din
g as
Ne
dC
ar. T
he
Du
tch
go
vern
me
nt,
Vo
lvo
Car
Co
rpo
rati
on
of S
we
de
n a
nd
Mit
sub
ish
i Mo
tors
Co
rpo
rati
on
of J
apan
sh
are
eq
ual
ly t
he
ow
ne
rsh
ip o
f Ne
the
rlan
ds
Car
B.V
.
Ne
dC
ar P
D&
E is
a s
pe
cial
ist
in t
he
fie
lds
of a
uto
mo
tive
de
sign
, en
gin
ee
rin
g, m
od
el a
nd
pro
toty
pe
bu
ild
ing,
te
stin
gan
d C
AD
/CA
E s
up
po
rt. N
ed
Car
PD
&E
wo
rks
par
tly
for
the
ind
ust
rial
sh
are
ho
lde
rs a
nd
als
o fo
r an
inte
rnat
ion
alp
ort
foli
o o
f car
man
ufa
ctu
rers
, su
pp
lie
rs t
o t
he
au
tom
oti
ve in
du
stry
an
d o
the
r, n
on
-au
tom
oti
ve c
om
pan
ies.
2.
The A
nto
nov
transm
issi
on d
esi
gn
In e
sse
nce
th
e t
ran
smis
sio
n c
on
sist
s o
f tw
o p
lan
eta
ry s
yste
ms
wit
h m
ult
i-d
isk
clu
tch
es
in s
eri
es,
re
pre
sen
tin
g fo
ur
gear
s. G
ear
ch
angi
ng
occ
urs
by
me
ans
of c
en
trif
uga
l fo
rce
s d
ep
en
de
nt
on
en
gin
e r
evo
luti
on
s. T
he
ch
ange
mo
me
nt
can
sh
ift,
load
de
pe
nd
en
tly,
by
mak
ing
use
of t
he
tra
nsv
ers
e fo
rce
s o
n t
he
ge
ar w
he
els
re
sult
ing
fro
m t
he
to
oth
incl
inat
ion
. So
far
the
sys
tem
is p
ure
ly m
ech
anic
al. T
o m
ain
tain
low
er
gear
s (e
ngi
ne
bra
kin
g fu
nct
ion
) th
ere
is a
n o
ilp
ress
ure
of t
wo
bar
wh
ich
su
pp
lie
s su
ffic
ien
t h
ydra
uli
c p
ow
er
for
swit
chin
g in
aga
inst
th
e c
en
trif
uga
l fo
rce
s.
Th
is is
th
e c
ore
pro
pri
eta
ry t
ech
no
logy
.
Th
e A
nto
no
v tr
ansm
issi
on
can
be
re
adil
y li
nke
d t
o a
nu
mb
er
of s
tan
dar
d c
lutc
he
s av
aila
ble
on
th
e m
arke
t in
clu
din
ga
cen
trif
uga
l clu
tch
, a fl
uid
clu
tch
, an
ele
ctro
mag
ne
tic
po
wd
er
clu
tch
or
a ge
ar p
um
p w
ith
th
rott
lin
g p
ort
. Fo
r th
ere
vers
e g
ear
th
ere
are
als
o a
nu
mb
er
of e
xist
ing
solu
tio
ns.
Re
vie
w o
f th
e d
esi
gn in
de
tail
sh
ow
ed
th
e u
se o
f bas
ical
ly p
rove
n t
ech
no
logy
wit
ho
ut
no
n-s
tan
dar
d c
om
po
ne
nts
,m
ate
rial
s, d
ime
nsi
on
s an
d t
ole
ran
ces.
Mo
st c
om
po
ne
nts
in t
he
tra
nsm
issi
on
are
wid
ely
use
d a
lre
ady
in t
he
auto
mo
tive
ind
ust
ry.
We
do
no
t e
nvi
sage
an
y cr
itic
al m
anu
fact
uri
ng
dif
ficu
ltie
s b
eyo
nd
th
ose
wh
ich
are
co
mm
on
pra
ctic
e in
th
eau
tom
oti
ve in
du
stry
.
3.
Uniq
ueness
of
core
tech
nolo
gy
Pat
en
ts h
ave
alr
ead
y b
ee
n g
ran
ted
in k
ey
loca
tio
ns
in r
esp
ect
of t
he
co
re t
ech
no
logy
. Th
e u
niq
ue
use
of t
he
ph
ysic
alp
rin
cip
les
to c
han
ge g
ear
by
cen
trif
uga
l fo
rce
s an
d t
orq
ue
de
pe
nd
en
t th
rust
on
ge
ars
is in
ou
r o
pin
ion
ve
ry d
iffi
cult
to e
vad
e o
r e
rod
e b
y o
the
r d
esi
gn s
trat
egi
es.
We
are
no
t aw
are
of t
he
exi
ste
nce
of a
ny
com
pe
tin
g d
esi
gns
and
we
do
no
t e
xpe
ct s
imil
ar d
esi
gns
to b
e d
eve
lop
ed
wh
ich
ove
rco
me
th
e p
ate
nts
.
4.
Dri
ving a
ssess
ment
Sin
ce 1
991
the
An
ton
ov
Gro
up
has
de
sign
ed
an
d b
uil
t th
ree
ge
ne
rati
on
s o
f th
e A
nto
no
v tr
ansm
issi
on
.
We
dro
ve:
•P
eu
geo
t 20
5 w
ith
firs
t ge
ne
rati
on
, 3-s
pe
ed
An
ton
ov
tran
smis
sio
n•
Fo
rd E
sco
rt w
ith
se
con
d g
en
era
tio
n, 4
-sp
ee
d A
nto
no
v tr
ansm
issi
on
•H
on
da
Cit
ycar
wit
h t
hir
d g
en
era
tio
n, 4
-sp
ee
d A
nto
no
v tr
ansm
issi
on
36
000
Par
t IV
: Tec
hnic
al E
xper
t’s R
epor
t
Fo
r co
mp
aris
on
we
dro
ve:
•H
on
da
Cit
ycar
wit
h 3
-sp
ee
d H
on
da
auto
mat
ic•
Vo
lvo
460
wit
h C
VT
Th
e P
eu
geo
t an
d F
ord
are
eq
uip
pe
d w
ith
ce
ntr
ifu
gal c
lutc
he
s w
hic
h p
oss
ess
po
or
dri
ve-o
ff c
har
acte
rist
ics.
By
com
par
iso
n, t
he
Ho
nd
a w
ith
an
An
ton
ov
tran
smis
sio
n a
nd
an
ele
ctro
-mag
ne
tic
po
we
red
clu
tch
op
era
tes
sati
sfac
tori
ly.
Un
like
th
e C
VT
, th
e A
nto
no
v tr
ansm
issi
on
do
es
no
t re
qu
ire
an
y d
rive
r's
adap
tati
on
.
Ch
angi
ng
up
an
d d
ow
n t
hro
ugh
th
e g
ear
s is
mu
ch im
pro
ved
fro
m fi
rst
to t
hir
d g
en
era
tio
n. O
il t
em
pe
ratu
re in
flu
en
ces
hav
e b
ee
n e
lim
inat
ed
. Ge
ar c
han
ge s
ho
cks
hav
e b
ee
n r
ed
uce
d c
on
sid
era
bly
an
d a
re n
ow
be
tte
r th
an t
he
Ho
nd
aau
tom
atic
. Th
e c
riti
cal g
ear
ch
ange
fro
m s
eco
nd
to
th
ird
has
be
en
sig
nif
ican
tly
imp
rove
d fr
om
ear
lie
r ge
ne
rati
on
san
d A
nto
no
v co
nti
nu
es
to r
efi
ne
th
is a
spe
ct. T
he
en
gin
e b
raki
ng
by
man
ual
ly s
hif
tin
g d
ow
n fu
nct
ion
s p
rop
erl
y. G
ear
no
ise
fro
m t
he
pla
ne
tary
sys
tem
s an
d t
he
oil
pu
mp
we
re n
ot
aud
ible
an
d n
o v
ibra
tio
ns
rela
ted
to
th
e A
nto
no
vtr
ansm
issi
on
we
re fo
un
d.
Th
e fo
llo
win
g as
pe
cts
of t
he
An
ton
ov
tran
smis
sio
n s
ho
uld
an
d c
an b
e r
ou
tin
ely
de
alt
wit
h b
y a
lice
nse
dm
anu
fact
ure
r as
par
t o
f th
e c
om
me
rcia
lisa
tio
n:
•T
he
re is
so
me
po
we
rtra
in v
ibra
tio
n a
t fu
ll t
hro
ttle
acc
ele
rati
on
- d
eve
lop
me
nt
atte
nti
on
is n
ee
de
d t
o t
he
tu
nin
go
f th
e s
pri
ng
and
sh
ock
ab
sorb
ing
pro
pe
rtie
s in
th
e d
rive
trai
n a
nd
its
susp
en
sio
n in
th
e v
eh
icle
.•
En
gagi
ng
and
dis
en
gagi
ng
reve
rse
an
d p
ark
ne
ed
s fu
rth
er
de
sign
att
en
tio
n.
•F
inal
dri
ve g
ear
s w
ere
no
isy
and
ne
ed
de
sign
att
en
tio
n.
We
do
no
t fo
rese
e a
ny
maj
or
de
velo
pm
en
t ri
sk. W
e e
xpe
ct t
hat
th
e g
ear
ch
ange
qu
alit
y, fo
llo
win
gco
mm
erc
iali
sati
on
, wil
l be
as
goo
d a
s th
at o
f sta
te o
f-th
e-a
rt a
uto
mat
ics.
5.
Tech
nic
al p
rosp
ect
s
En
du
ran
ce t
est
s h
ave
no
t b
ee
n c
arri
ed
ou
t an
d p
roo
f of t
he
tra
nsm
issi
on
's r
eli
abil
ity
is n
ot
avai
lab
le. T
he
hig
he
stm
ile
age
is 7
0,00
0 km
co
vere
d b
y th
e fi
rst
gen
era
tio
n A
nto
no
v tr
ansm
issi
on
in t
he
Pe
uge
ot.
Fro
m t
he
de
sign
re
vie
ww
e c
an c
on
clu
de
th
at t
he
use
of p
rove
n s
tan
dar
d c
om
po
ne
nts
an
d s
imp
le d
esi
gn p
rin
cip
les
is a
go
od
bas
is fo
r a
reli
able
pro
du
ct.
We
exp
ect
th
at t
he
co
mm
erc
iali
sati
on
ph
ase
wil
l co
nfi
rm d
ura
bil
ity
and
th
at fi
nal
pro
du
ct t
ailo
rin
g fo
r m
anu
fact
uri
ng
and
ass
em
bly
wil
l le
ad t
o g
ear
ch
ange
an
d n
ois
e p
rop
ert
ies
com
par
able
wit
h s
tate
-of-
the
-art
au
tom
atic
tran
smis
sio
ns.
No
maj
or
dif
ficu
ltie
s h
ave
be
en
re
veal
ed
.
In t
he
sm
all c
ar s
egm
en
t, t
he
An
ton
ov
tran
smis
sio
n h
as a
n a
dva
nta
ge o
ver
the
co
nve
nti
on
al a
uto
mat
ic t
ran
smis
sio
nd
ue
to
its
sim
pli
city
, we
igh
t, s
ize
an
d fu
el e
con
om
y. T
he
de
sign
of t
he
An
ton
ov
tran
smis
sio
n m
ean
s th
at t
he
re is
no
pra
ctic
al li
mit
to
to
rqu
e c
apac
ity.
Th
e a
dd
itio
n o
f so
ph
isti
cate
d e
lect
ron
ic c
on
tro
l to
th
e g
ear
ch
angi
ng
wil
l off
er
furt
he
r im
pro
vem
en
t to
th
e c
om
fort
an
d fu
el e
con
om
y o
f th
e v
eh
icle
.
37
000
Par
t IV
: Tec
hnic
al E
xper
t’s R
epor
t
Bro
ught
to y
ou b
y G
loba
l Rep
orts
6.
Pro
duct
pro
pert
ies
Th
e c
ost
pri
ce, w
eig
ht,
fue
l eco
no
my,
siz
e a
nd
no
ise
leve
l of t
he
An
ton
ov
tran
smis
sio
n h
ave
be
en
ass
ess
ed
usi
ng
am
anu
al g
ear
bo
x as
pri
me
re
fere
nce
. We
hav
e a
ssu
me
d t
hat
th
e p
rod
uct
ion
vo
lum
e o
f eac
h t
ype
of t
ran
smis
sio
n is
larg
e e
no
ugh
su
ch t
hat
inve
stm
en
t co
sts
do
no
t si
gnif
ican
tly
infl
ue
nce
th
e e
x w
ork
s p
rice
.
Com
pari
son o
f co
st p
rice
: F
uel
Cos
tpri
ceco
nsum
ptio
nfa
ctor
Wei
ght
(urb
an c
ycle
)S
ize
Man
ual
tra
nsm
issi
on
5-s
pe
ed
11
1–
Au
tom
atic
tra
nsm
issi
on
4-s
pe
ed
hyd
rau
lic
2.5
1.5
1.1-
1.2
lon
ger
Au
tom
atic
tra
nsm
issi
on
ide
m +
ele
ctro
nic
co
ntr
ol
31.
51.
1-1.
2lo
nge
rC
VT
hyd
rau
lic
21.
41-
1.1
lon
ger
An
ton
ov
tran
smis
sio
n 4
-sp
ee
d1.
5-2
1-1.
41-
1.05
sho
rte
r
Nois
e a
nd
vib
rati
ons:
No
re
aso
n c
ou
ld b
e im
agin
ed
wh
y th
e le
vel o
f cu
rre
nt
stat
e-o
f-th
e-a
rt t
ran
smis
sio
ns
cou
ld n
ot
be
me
t.
It c
an b
e c
on
clu
de
d t
hat
th
e A
nto
no
v tr
ansm
issi
on
has
sig
nif
ican
t ad
van
tage
s o
ver
the
co
nve
nti
on
al a
uto
mat
ictr
ansm
issi
on
.
7.
Org
anis
ati
on
An
ton
ov
em
plo
ys n
ine
pe
op
le. T
he
de
sign
wo
rksh
op
an
d a
dm
inis
trat
ion
fun
ctio
ns
eac
h e
mp
loy
thre
e p
eo
ple
. Th
eco
mp
any
has
th
ree
loca
tio
ns:
an
ad
min
istr
ativ
e o
ffic
e in
Ro
tte
rdam
, a d
esi
gn c
en
tre
in P
aris
an
d a
wo
rksh
op
inL
orr
ain
e. T
he
off
ice
s in
Ro
tte
rdam
an
d P
aris
are
sm
all,
we
ll lo
cate
d w
ith
go
od
acc
ess
an
d w
ell
eq
uip
pe
d. A
th
ree
dim
en
sio
nal
CA
D fa
cili
ty a
nd
a c
om
pu
ter
for
sim
ula
tio
n a
nd
ge
ar c
alcu
lati
on
s is
ava
ilab
le, a
s w
ell
as
on
e fo
r ve
hic
lete
st d
ata
coll
ect
ion
. We
hav
e t
he
imp
ress
ion
th
at t
he
pe
op
le a
re w
ell
ed
uca
ted
, in
tern
atio
nal
ly o
rie
nte
d a
nd
fit
for
the
job
.
Th
e d
esi
gn c
apab
ilit
ies
of A
nto
no
v ar
e a
de
qu
ate
for
rese
arch
an
d a
dva
nce
d e
ngi
ne
eri
ng
wit
h s
tate
-of-
the
-art
eq
uip
me
nt
and
kn
ow
-ho
w. H
ow
eve
r, t
he
de
sign
te
am is
pre
sen
tly
too
sm
all t
o s
up
po
rt s
eve
ral l
ice
nse
es
thro
ugh
the
co
mm
erc
iali
sati
on
ph
ase
. Th
e d
esi
gn t
eam
wil
l th
ere
fore
hav
e t
o b
e e
nla
rge
d a
s li
cen
ces
are
gra
nte
d.
8.
Mark
eti
ng a
nd
busi
ness
deve
lop
ment
stra
tegy
An
ton
ov'
s b
usi
ne
ss p
lan
giv
es
a go
od
ove
rvie
w o
f th
e a
uto
mo
tive
ind
ust
ry t
od
ay a
nd
th
e o
pp
ort
un
itie
s av
aila
ble
to
An
ton
ov.
Th
e c
ore
pro
pri
eta
ry t
ech
no
logy
can
als
o b
e u
sed
in a
pp
lica
tio
ns
oth
er
than
au
tom
oti
ve t
ract
ion
. Alt
ho
ugh
th
e s
ize
of t
he
co
mp
any
curr
en
tly
req
uir
es
con
cen
trat
ion
on
on
e k
ey
are
a n
ame
ly t
he
au
tom
atic
ge
arb
ox,
oth
er
po
ten
tial
app
lica
tio
ns
wh
ere
, fo
r e
xam
ple
, th
e e
ne
rgy
savi
ng
char
acte
rist
ics
of t
he
An
ton
ov
tran
smis
sio
n c
ou
ld b
e u
tili
sed
,sh
ou
ld b
e c
on
sid
ere
d.
38
000
Par
t IV
: Tec
hnic
al E
xper
t’s R
epor
t
9.
Sum
mary
Th
e o
pin
ion
of t
he
Pro
du
ct D
esi
gn &
En
gin
ee
rin
g d
ep
artm
en
t o
f Ne
the
rlan
ds
Car
B.V
re
gard
ing
the
org
anis
atio
n o
fA
nto
no
v an
d t
he
An
ton
ov
tran
smis
sio
n, c
an b
e s
um
mar
ise
d a
s fo
llo
ws:
Dri
ving
expe
rien
ce:
•G
ear
ch
angi
ng
qu
alit
y e
xpe
cte
d t
o r
eac
h t
he
leve
l of s
tate
-of-
the
-art
au
tom
atic
s.•
No
rmal
dri
vin
g b
eh
avio
ur,
no
ad
just
me
nts
re
qu
ire
d b
y th
e d
rive
r.•
So
me
imp
rove
me
nts
ne
ed
ed
. Th
is w
ill o
ccu
r in
a n
orm
al c
om
me
rcia
lisa
tio
n p
roce
ss. N
o m
ajo
r ri
sks
exp
ect
ed
.
Des
ign:
•T
ech
nic
ally
eas
y to
pro
du
ce a
nd
re
pro
du
ce.
•R
eli
able
an
d p
rove
n t
ech
no
logy
; sta
nd
ard
co
mp
on
en
ts o
r d
ime
nsi
on
s.•
No
cri
tica
l asp
ect
s d
isco
vere
d t
hat
co
uld
aff
ect
man
ufa
ctu
re.
Tec
hnic
al p
rosp
ects
:
•A
dva
nta
ge o
ver
stan
dar
d a
uto
mat
ics
in t
he
sm
all c
ar s
egm
en
t b
eca
use
of s
imp
lici
ty, w
eig
ht,
siz
e a
nd
eco
no
my.
•N
o t
orq
ue
lim
itat
ion
.•
Wit
h e
lect
ron
ic c
on
tro
l, so
ph
isti
cate
d g
ear
ch
ange
be
hav
iou
r ca
n b
e a
chie
ved
.
Pro
duct
ion p
rope
rtie
s:
•C
ost
pri
ce: b
etw
ee
n n
orm
al m
anu
al t
ran
smis
sio
n 5
sp
ee
d a
nd
CV
T h
ydra
uli
c•
We
igh
t: b
etw
ee
n n
orm
al m
anu
al t
ran
smis
sio
n 5
sp
ee
d a
nd
CV
T h
ydra
uli
c•
Fu
el c
on
sum
pti
on
: up
to
1.0
5 ti
me
s m
anu
al t
ran
smis
sio
n 5
sp
ee
d•
Siz
e: s
ho
rte
r th
an m
anu
al t
ran
smis
sio
n.
An
ton
ov
tran
smis
sio
n h
as s
ign
ific
ant
adva
nta
ges
ove
r th
e c
on
ven
tio
nal
au
tom
atic
tra
nsm
issi
on
.
Org
anis
atio
n:
•S
tate
-of-
the
-art
eq
uip
me
nt
and
kn
ow
-ho
w.
•A
de
qu
ate
for
rese
arch
an
d a
dva
nce
d e
ngi
ne
eri
ng.
•L
imit
ed
for
app
lica
tio
n e
ngi
ne
eri
ng.
•N
ot
ade
qu
ate
for
lice
nse
e s
up
po
rt.
Mar
keti
ng
and
busi
nes
s de
velo
pmen
t st
rate
gy:
•P
osi
tio
nin
g in
th
e lo
we
r m
arke
t se
gme
nt
(en
gin
e c
apac
itie
s u
p t
o 1
.5 li
tre
s) p
rob
ably
th
e m
ost
favo
ura
ble
op
tio
n.
•T
he
inve
nti
on
can
be
use
d in
ap
pli
cati
on
s o
the
r th
an a
uto
mo
tive
.
39
000
Par
t IV
: Tec
hnic
al E
xper
t’s R
epor
t
Bro
ught
to y
ou b
y G
loba
l Rep
orts
40
000
Th
e fo
llo
win
g h
as b
ee
n e
xtra
cte
d fr
om
th
e C
om
pan
y’s
ann
ual
acc
ou
nts
. Th
e19
94 fi
gure
s re
pre
sen
t A
AT
an
d it
ssu
bsi
dia
rie
s.
GR
OU
P P
RO
FIT
AN
D L
OS
S A
CC
OU
NT
for t
he y
ears
end
ed 3
1 D
ecem
ber
pro
form
a19
9619
9519
94U
K £
’000
UK
£ ’0
00U
K £
’000
Tur
nove
r23
3)–)
324)
Cos
t of s
ales
116)
–)30
6)__
____
____
____
____
Gro
ss p
rofit
117)
–)18
)
Dev
elop
men
t cos
ts a
nd a
dm
inis
trat
ive
exp
ense
s(1
,917
)(1
,835
)(1
,345
)__
____
____
____
____
Op
erat
ing
loss
(1,8
00)
(1,8
35)
(1,3
27)
Inte
rest
rece
ivab
le (p
ayab
le) a
nd s
imila
r cha
rges
38)
47)
(192
)__
____
____
____
____
Loss
on
ord
inar
y ac
tiviti
es b
efor
e ta
xatio
n(1
,762
)(1
,788
)(1
,519
)
Taxa
tion
on
loss
on
ord
inar
y ac
tivi
ties
(20)
(10)
(5)
____
____
____
____
__
Loss
on
ord
inar
y ac
tiviti
es a
fter
taxa
tion
(1,7
82)
(1,7
98)
(1,5
24)
====
====
====
====
==
Loss
per
sha
re2.
46 p
2.71
p2.
57 p
GR
OU
P B
ALA
NC
E S
HE
ET
as a
t 31
Dec
emb
er
pro
form
a19
9619
9519
94U
K £
’000
UK
£ ’0
00U
K £
’000
Fixe
d a
sset
s
Inta
ngib
le fi
xed
ass
ets
1,37
2)1,
532)
1,04
3)
Tang
ible
fixe
d a
sset
s12
3)18
2)27
)__
____
____
____
____
1,49
5)1,
714)
1,07
0)
Cur
rent
ass
ets
Deb
tors
272)
208)
194)
Cas
h in
han
d a
nd a
t ban
k80
2)1,
271)
35)
____
____
____
____
__
1,07
4)1,
479)
229)
Cre
dito
rs
Am
ount
s fa
lling
due
wit
hin
one
year
491)
637)
1,09
6)__
____
____
____
____
Net
cur
rent
ass
ets/
(liab
ilitie
s)58
3)84
2)(8
67)
____
____
____
____
__
Tot
al a
sset
s le
ss c
urre
nt li
abili
ties
2,07
8)2,
556)
203)
====
====
====
====
==
Cap
ital a
nd r
eser
ves
Cal
led
up
sha
re c
apit
al3,
648)
3,55
4)2,
969)
Shar
e p
rem
ium
4,95
5)3,
561)
–)
Cap
ital
rese
rve
2,58
7)2,
587)
2,58
7)
Prof
it a
nd L
oss
acco
unt
(9,1
12)
(7,1
46)
(5,3
53)
____
____
____
____
__
Eq
uity
sha
reho
lder
s’ fu
nds
2,07
8)2,
556)
203)
====
===
====
===
====
===
Par
t V:
Thr
ee Y
ear
Fina
ncia
l Ove
rvie
w
41
000
GR
OU
P C
AS
H F
LOW
STA
TE
ME
NT
for t
he y
ears
end
ed 3
1 D
ecem
ber
pro
form
a19
9619
9519
94U
K £
’000
UK
£ ’0
00U
K £
’000
Net
cas
h in
flow
/(out
flow
) fro
m o
per
atin
g ac
tiviti
es(1
,800
)(1
,708
)(1
,197
)__
____
____
____
____
Ret
urns
on
inve
stm
ents
and
ser
vici
ng o
f fin
ance
Inte
rest
pai
d(4
)(2
0)(8
2)
Inte
rest
rece
ived
42)
67)
–)__
____
____
____
____
Net
cas
h in
flow
/(ou
tflo
w) f
rom
retu
rns
on in
vest
men
ts a
nd
serv
icin
g of
fina
nce
38)
47)
(82)
____
____
____
____
__
Tax
pai
d(2
5)–)
–)
Inve
stin
g ac
tiviti
es
Paid
for p
urch
ase
of in
tang
ible
fixe
d a
sset
s(1
54)
(429
)(1
37)
Paid
for p
urch
ase
of ta
ngib
le fi
xed
ass
ets
(11)
(188
)(3
3)__
____
____
____
____
Cas
h ou
tflo
w fr
om in
vest
ing
acti
viti
es(1
65)
(617
)(1
70)
____
____
____
____
__
Net
cas
h ou
tflo
w b
efor
e fin
anci
ng
(1,9
52)
(2,2
78)
(1,4
49)
Fina
ncin
g ac
tiviti
es
Issu
e (r
edem
pti
on) o
f sha
reho
lder
loan
s–)
(29)
553)
Issu
e of
sha
res
for c
ash
1,53
3)4,
009)
958)
Cos
ts o
f rai
sing
cap
ital
(45)
(469
)(1
10)
____
____
____
____
__
Net
cas
h in
flow
from
fina
ncin
g1,
488)
3,51
1)1,
401)
____
____
____
____
__
Net
incr
ease
/(dec
reas
e) in
cas
h an
d c
ash
equi
vale
nts
(464
)1,
233)
(48)
====
====
====
====
==
Par
t V:
Thr
ee Y
ear
Fina
ncia
l Ove
rvie
w
Bro
ught
to y
ou b
y G
loba
l Rep
orts
1.
Inco
rpora
tion
(a)
Th
e C
om
pan
y w
as in
corp
ora
ted
in E
ngl
and
an
d W
ale
s o
n 2
0 D
ece
mb
er
1994
un
de
r th
e C
om
pan
ies
Act
198
5 (a
s am
en
de
d)
as a
pri
vate
lim
ite
d c
om
pan
y w
ith
th
e n
ame
Art
en
ay L
imit
ed
an
d w
ith
re
gist
ere
d n
um
be
r 30
0353
3. O
n 2
4A
pri
l 199
5 th
e C
om
pan
y ch
ange
d it
s n
ame
to
An
ton
ov
Lim
ite
d a
nd
on
10
May
199
5 w
as r
e-r
egi
ste
red
as
a p
ub
lic
com
pan
y.(b
)T
he
Co
mp
any'
s re
gist
ere
d o
ffic
e is
at
60 F
ou
nta
in S
tre
et,
Man
che
ste
r M
2 2F
E.
(c)
Th
e C
om
pan
y is
th
e h
old
ing
com
pan
y o
f th
e G
rou
p.
2.
Share
cap
ital
Th
e t
ota
l au
tho
rise
d c
apit
al o
f An
ton
ov
con
sist
s o
f 100
,000
,000
Ord
inar
y S
har
es
of U
K£
0.05
eac
h o
f wh
ich
76,
617,
905
we
reis
sue
d a
nd
full
y p
aid
at
21 A
pri
l 199
7.
Sin
ce M
ay 1
995,
wh
en
An
ton
ov
was
gra
nte
d a
de
alin
g fa
cili
ty fo
r it
s O
rdin
ary
Sh
are
s u
nd
er
Ru
le 4
.2 o
f th
e R
ule
s o
f th
e L
on
do
nS
tock
Exc
han
ge, t
he
nu
mb
er
of i
ssu
ed
an
d fu
lly
pai
d O
rdin
ary
Sh
are
s h
as b
ee
n a
s fo
llo
ws:
Nu
mb
er
of O
rdin
ary
Sh
are
s––
––––
––––
––––
––––
––––
––is
sue
d a
nd
full
y p
aid
––––
––––
––––
––––
––
At
11 M
ay 1
995
60,8
89,1
31
Pla
cin
g in
May
199
5 at
UK
£ 0.
40 p
er
shar
e9,
375,
000
Issu
e in
Oct
ob
er
1995
re
sult
ing
fro
m e
xerc
ise
of o
pti
on
sat
UK
£ 0.
32 p
er
shar
e81
2,25
3––
––––
––––
At
31 D
ece
mb
er
1995
71,0
76,3
84Is
sue
in M
arch
199
6 re
sult
ing
fro
m e
xerc
ise
of o
pti
on
sat
UK
£ 0.
32 p
er
shar
e14
3,63
8
Pla
cin
g in
May
199
6 at
UK
£ 0.
85 p
er
shar
e1,
749,
412
––––
––––
––A
t 31
De
cem
be
r 19
9672
,969
,434
Pla
cin
g in
Mar
ch 1
997
at U
K£
0.87
pe
r sh
are
3,64
8,47
1––
––––
––––
At
21 A
pri
l 199
776
,617
,905
––––
––––
––––
––––
––––
Un
de
r th
e t
erm
s o
f an
op
tio
n a
gre
em
en
t e
nte
red
into
on
11
May
199
5, t
he
Co
mp
any
has
gra
nte
d t
o M
ich
aelE
mm
ers
on
op
tio
ns,
su
bje
ct t
o c
ert
ain
co
nd
itio
ns,
to
su
bsc
rib
e fo
r u
p t
o 8
42,4
45 o
rdin
ary
shar
es
at p
rice
s ra
ngi
ng
be
twe
en
UK
£ 0.
41 a
nd
UK
£ 1.
96 p
er
shar
e. T
he
op
tio
ns
are
exe
rcis
able
in t
ran
che
s o
f at
leas
t 50
,000
sh
are
s e
ach
in t
he
pe
rio
d c
om
me
nci
ng
on
th
egr
ant
by
the
Lo
nd
on
Sto
ck E
xch
ange
of a
de
alin
g fa
cili
ty u
nd
er
Ru
le 4
.2 a
nd
en
din
g o
n 1
1 M
ay 2
005.
Th
e C
om
pan
y ad
op
ted
an
em
plo
yee
sh
are
op
tio
n s
che
me
on
17
Jun
e 1
996.
As
at 2
1 A
pri
l 199
7 n
o o
pti
on
s h
ave
be
en
gra
nte
d.
42
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
43
000
3.
Mem
ora
nd
um
and
Art
icle
s of
Ass
oci
ati
on
(a)
Me
mo
ran
du
m o
f Ass
oci
atio
nT
he
me
mo
ran
du
m o
f ass
oci
atio
n o
f th
e C
om
pan
y p
rovi
de
s th
at t
he
Co
mp
any'
s p
rin
cip
al o
bje
ct is
to
car
ry o
n t
he
bu
sin
ess
of a
ho
ldin
g co
mp
any.
Th
e o
bje
cts
of t
he
Co
mp
any
are
se
t o
ut
in fu
ll in
th
e m
em
ora
nd
um
of a
sso
ciat
ion
of t
he
Co
mp
any
wh
ich
is a
vail
able
for
insp
ect
ion
at
the
ad
dre
sse
s sp
eci
fie
d in
par
agra
ph
12
be
low
.
(b)
Art
icle
s o
f Ass
oci
atio
n
Th
e c
urr
en
t ar
ticl
es
of a
sso
ciat
ion
of t
he
Co
mp
any
(th
e "
Art
icle
s")
we
re a
do
pte
d o
n 9
May
199
5 an
d c
on
tain
, in
ter
alia
,p
rovi
sio
ns
to t
he
foll
ow
ing
eff
ect
:
(i)
Vo
tin
g R
igh
tsS
ub
ject
to
an
y sp
eci
al t
erm
s as
to
vo
tin
g u
po
n w
hic
h a
ny
shar
es
may
hav
e b
ee
n is
sue
d o
r m
ay fo
r th
e t
ime
be
ing
be
he
ld o
r a
susp
en
sio
n o
r ab
roga
tio
n o
f vo
tin
g ri
ghts
pu
rsu
ant
to t
he
Art
icle
s, a
t a
gen
era
l me
eti
ng
eve
ry m
em
be
r p
rese
nt
in p
ers
on
sh
all u
po
n a
sh
ow
of h
and
s h
ave
on
e v
ote
an
d e
very
me
mb
er
pre
sen
t in
pe
rso
n o
r b
y p
roxy
sh
all u
po
n a
po
llh
ave
on
e v
ote
for
eve
ry s
har
e o
f wh
ich
he
is a
ho
lde
r.
An
y co
rpo
rati
on
wh
ich
is a
me
mb
er
of t
he
Co
mp
any
may
, by
reso
luti
on
of i
ts d
ire
cto
rs o
r o
the
r go
vern
ing
bo
dy
auth
ori
sean
y p
ers
on
to
act
as
its
rep
rese
nta
tive
at
any
me
eti
ngs
of t
he
Co
mp
any
or
of a
ny
clas
s o
f me
mb
ers
th
ere
of.
Su
chre
pre
sen
tati
ve s
hal
l be
en
titl
ed
to
exe
rcis
e t
he
sam
e p
ow
ers
on
be
hal
f of t
he
co
rpo
rati
on
wh
ich
he
re
pre
sen
ts a
s if
he
had
be
en
an
ind
ivid
ual
sh
are
ho
lde
r, in
clu
din
g p
ow
er,
wh
en
pe
rso
nal
ly p
rese
nt,
to
vo
te o
n a
sh
ow
of h
and
s.N
o m
em
be
rsh
all,
un
less
th
e D
ire
cto
rs o
the
rwis
e d
ete
rmin
e, b
e e
nti
tle
d t
o b
e p
rese
nt
or
to v
ote
, eit
he
r in
pe
rso
n o
r b
y p
roxy
, at
any
gen
era
l me
eti
ng
or
at a
se
par
ate
me
eti
ng
of t
he
ho
lde
rs o
f an
y cl
ass
of s
har
es
or
up
on
an
y p
oll
or
to e
xerc
ise
an
yp
rivi
lege
as
a m
em
be
r in
re
lati
on
to
me
eti
ngs
of t
he
Co
mp
any
in r
esp
ect
of a
ny
shar
es
he
ld b
y h
im if
eit
he
r:(a
a)an
y ca
lls
or
oth
er
mo
ne
ys d
ue
an
d p
ayab
le in
re
spe
ct o
f his
sh
are
s re
mai
n u
np
aid
; or
(bb
)h
e o
r an
y o
the
r p
ers
on
ap
pe
arin
g to
be
inte
rest
ed
in h
is s
har
es
has
be
en
du
ly s
erv
ed
, pu
rsu
ant
to a
ny
pro
visi
on
o
f th
e A
ct a
nd
eve
ry o
the
r A
ct o
f Par
liam
en
t an
d s
tatu
tory
inst
rum
en
t re
lati
ng
to c
om
pan
ies
and
aff
ect
ing
the
C
om
pan
y ("
the
Sta
tute
s")
con
cern
ing
the
dis
clo
sure
of i
nte
rest
s in
vo
tin
g sh
are
s, w
ith
a n
oti
ce la
wfu
lly
req
uir
ing
the
pro
visi
on
to
th
e C
om
pan
y (w
ith
in s
uch
pe
rio
d (
no
t b
ein
g le
ss t
han
fou
rte
en
day
s) a
fte
r se
rvic
e o
f su
ch n
oti
ce
as is
sp
eci
fie
d in
su
ch n
oti
ce)
of i
nfo
rmat
ion
re
gard
ing
any
of s
uch
sh
are
s an
d h
e o
r an
y su
ch o
the
r p
ers
on
is in
d
efa
ult
in c
om
ply
ing
wit
h t
he
no
tice
.
(ii)
Var
iati
on
of R
igh
tsS
ub
ject
to
th
e p
rovi
sio
ns
of t
he
Sta
tute
s, if
at
any
tim
e t
he
cap
ital
of t
he
Co
mp
any
is d
ivid
ed
into
dif
fere
nt
clas
ses
of
shar
es
all o
r an
y o
f th
e r
igh
ts o
r p
rivi
lege
s at
tach
ed
to
an
y cl
ass
may
be
var
ied
or
abro
gate
d:
(aa)
in s
uch
man
ne
r (i
f an
y) a
s m
ay b
e p
rovi
de
d b
y su
ch r
igh
ts; o
r(b
b)
in t
he
ab
sen
ce o
f an
y su
ch p
rovi
sio
n, e
ith
er
wit
h t
he
co
nse
nt
in w
riti
ng
of t
he
ho
lde
rs o
f at
leas
t 75
% (
seve
nty
-fiv
e
pe
r ce
nt)
of t
he
no
min
al a
mo
un
t o
f th
e is
sue
d s
har
es
of t
hat
cla
ss o
r w
ith
th
e s
anct
ion
of a
n e
xtra
ord
inar
y re
solu
tio
n p
asse
d a
t a
sep
arat
e m
ee
tin
g (c
on
ven
ed
an
d c
on
du
cte
d p
urs
uan
t to
th
e p
rovi
sio
ns
set
ou
t b
elo
w)
of
the
ho
lde
rs o
f th
e is
sue
d s
har
es
of t
hat
cla
ss, b
ut
no
t o
the
rwis
e.
Th
e c
reat
ion
or
issu
e o
f sh
are
s ra
nki
ng
par
i pas
su w
ith
or
sub
seq
ue
nt
to t
he
sh
are
s o
f an
y cl
ass
shal
l no
t (u
nle
sso
the
rwis
e e
xpre
ssly
pro
vid
ed
by
the
Art
icle
s o
r th
e r
igh
ts a
ttac
he
d t
o s
uch
last
-me
nti
on
ed
sh
are
s as
a c
lass
) b
e d
ee
me
dto
be
a v
aria
tio
n o
f th
e r
igh
ts o
f su
ch s
har
es.
An
y m
ee
tin
g fo
r th
e p
urp
ose
s o
f th
e a
bo
ve s
hal
l be
co
nve
ne
d a
nd
co
nd
uct
ed
in a
ll r
esp
ect
s as
ne
arly
as
po
ssib
le in
th
esa
me
way
as
an e
xtra
ord
inar
y ge
ne
ral m
ee
tin
g o
f th
e C
om
pan
y, p
rovi
de
d t
hat
(aa
) n
o m
em
be
r, n
ot
be
ing
a D
ire
cto
r,sh
all b
e e
nti
tle
d t
o n
oti
ce t
he
reo
f or
to a
tte
nd
th
ere
at u
nle
ss h
e is
a h
old
er
of s
har
es
of t
he
cla
ss t
he
rig
hts
or
pri
vile
ges
atta
che
d t
o w
hic
h a
re in
ten
de
d t
o b
e v
arie
d o
r ab
roga
ted
by
the
re
solu
tio
n, (
bb
) n
o v
ote
sh
all b
e g
ive
n e
xce
pt
inre
spe
ct o
f a s
har
e o
f th
at c
lass
, (cc
) th
e q
uo
rum
at
any
such
me
eti
ng
shal
l be
tw
o p
ers
on
s at
leas
t p
rese
nt
ho
ldin
g o
rre
pre
sen
tin
g b
y p
roxy
at
leas
t o
ne
-th
ird
in n
om
inal
val
ue
of t
he
issu
ed
sh
are
s o
f th
e c
lass
an
d, a
t an
ad
jou
rne
d m
ee
tin
g,o
ne
pe
rso
n h
old
ing
shar
es
of t
he
cla
ss in
qu
est
ion
pre
sen
t in
pe
rso
n o
r h
is p
roxy
an
d (
dd
) a
po
ll m
ay b
e d
em
and
ed
by
any
me
mb
er
pre
sen
t in
pe
rso
n o
r b
y p
roxy
an
d e
nti
tle
d t
o v
ote
at
the
me
eti
ng
and
, on
a p
oll
, eac
h m
em
be
r h
as o
ne
vote
for
eve
ry s
har
e o
f th
at c
lass
of w
hic
h h
e is
th
e h
old
er.
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
Bro
ught
to y
ou b
y G
loba
l Rep
orts
44
000 (iii
)A
lte
rati
on
of S
har
e C
apit
alT
he
Co
mp
any
may
by
ord
inar
y re
solu
tio
n:-
(aa)
con
soli
dat
e a
nd
div
ide
its
shar
es,
or
any
of t
he
m, i
nto
sh
are
s o
f a la
rge
r am
ou
nt.
(bb
)su
b-d
ivid
e it
s sh
are
s, o
r an
y o
f th
em
, in
to s
har
es
of a
sm
alle
r am
ou
nt
and
may
by
such
re
solu
tio
n d
ete
rmin
e t
hat
, as
be
twe
en
th
e h
old
ers
of t
he
sh
are
s re
sult
ing
fro
m s
uch
su
b-d
ivis
ion
, on
e o
r m
ore
of s
uch
sh
are
s sh
all h
ave
so
me
pre
ferr
ed
or
oth
er
adva
nta
ge a
s re
gard
s d
ivid
en
d, c
apit
al, v
oti
ng
or
oth
erw
ise
ove
r o
r sh
all h
ave
su
ch d
efe
rre
dri
ghts
or
be
su
bje
ct t
o s
uch
re
stri
ctio
ns
as c
om
par
ed
wit
h t
he
oth
er
or
oth
ers
as
the
Co
mp
any
has
po
we
r to
att
ach
to s
har
es
up
on
th
e a
llo
tme
nt
the
reo
f.(c
c)co
nve
rt a
ll o
r an
y fu
lly
pai
d u
p s
har
es
into
sto
ck o
f th
e s
ame
cla
ss a
s th
e s
har
es
wh
ich
sh
all b
e s
o c
on
vert
ed
an
d
may
fro
m t
ime
to
tim
e in
like
man
ne
r re
con
vert
su
ch s
tock
into
full
y p
aid
up
sh
are
s o
f th
e s
ame
cla
ss a
nd
of a
ny
de
no
min
atio
n.
(dd
)in
cre
ase
th
e c
apit
al b
y th
e c
reat
ion
of n
ew
sh
are
s, s
uch
incr
eas
e t
o b
e o
f su
ch a
ggre
gate
am
ou
nt
and
to
be
d
ivid
ed
into
sh
are
s o
f su
ch r
esp
ect
ive
am
ou
nts
as
the
re
solu
tio
n m
ay p
resc
rib
e. S
ub
ject
to
su
ch p
rivi
lege
s,
pri
ori
tie
s an
d c
on
dit
ion
s as
are
or
may
be
att
ach
ed
th
ere
to, a
ll n
ew
sh
are
s sh
all b
e s
ub
ject
to
th
e s
ame
pro
visi
on
s in
all
re
spe
cts
as if
th
ey
had
be
en
par
t o
f th
e o
rigi
nal
cap
ital
.(e
e)
can
cel a
ny
shar
es
wh
ich
at
the
dat
e o
f th
e p
assi
ng
of t
he
re
solu
tio
n h
ave
no
t b
ee
n t
ake
n o
r ag
ree
d t
o b
e t
ake
n b
y an
y p
ers
on
an
d d
imin
ish
th
e a
mo
un
t o
f its
sh
are
cap
ital
by
the
no
min
al v
alu
e o
f th
e s
har
es
so c
ance
lle
d.
Th
e C
om
pan
y m
ay b
y sp
eci
al r
eso
luti
on
re
du
ce it
s sh
are
cap
ital
, an
y ca
pit
al r
ed
em
pti
on
re
serv
e a
nd
an
y sh
are
pre
miu
m a
cco
un
t in
an
y m
ann
er
auth
ori
sed
, an
d w
ith
an
d s
ub
ject
to
an
y in
cid
en
t p
resc
rib
ed
or
allo
we
d b
y th
e S
tatu
tes
and
th
e r
igh
ts a
ttac
he
d t
o e
xist
ing
shar
es.
Th
e C
om
pan
y m
ay p
urc
has
e it
s o
wn
sh
are
s (i
ncl
ud
ing
any
red
ee
mab
le s
har
es)
bu
t so
th
at n
o s
uch
pu
rch
ase
sh
all t
ake
pla
ce s
ave
in a
cco
rdan
ce w
ith
th
e S
tatu
tes.
(iv)
Issu
e o
f Sh
are
sS
ub
ject
to
th
e p
rovi
sio
ns
of t
he
Sta
tute
s re
gard
ing
pre
-em
pti
on
rig
hts
an
d a
ny
reso
luti
on
of t
he
Co
mp
any
rela
tin
gth
ere
to o
r re
lati
ng
to a
ny
auth
ori
ty t
o a
llo
t re
leva
nt
secu
riti
es,
all
of t
he
sh
are
s o
f th
e C
om
pan
y fo
r th
e t
ime
be
ing
un
issu
ed
sh
all b
e u
nd
er
the
co
ntr
ol o
f th
e D
ire
cto
rs w
ho
may
ge
ne
rall
y an
d u
nco
nd
itio
nal
ly a
llo
t (w
ith
or
wit
ho
ut
con
ferr
ing
a ri
ght
of r
en
un
ciat
ion
), g
ran
t o
pti
on
s o
ver,
off
er
or
oth
erw
ise
de
al w
ith
or
dis
po
se o
f th
e s
ame
to
or
in fa
vou
ro
f su
ch p
ers
on
s, o
n s
uch
te
rms
and
co
nd
itio
ns,
at
a p
rem
ium
or
at p
ar a
nd
at
such
tim
es
as t
he
Dir
ect
ors
th
ink
fit.
(v)
Tra
nsf
er
of S
har
es
All
tra
nsf
ers
of s
har
es
may
be
eff
ect
ed
by
tran
sfe
r in
wri
tin
g in
an
y u
sual
or
com
mo
n fo
rm o
r in
an
y o
the
r fo
rmac
cep
tab
le t
o t
he
Dir
ect
ors
. Th
e in
stru
me
nt
of t
ran
sfe
r sh
all b
e s
ign
ed
by
or
on
be
hal
f of t
he
tra
nsf
ero
r an
d (
exc
ep
t in
the
cas
e o
f fu
lly
pai
d s
har
es)
by
or
on
be
hal
f of t
he
tra
nsf
ere
e. T
he
tra
nsf
ero
r sh
all r
em
ain
th
e h
old
er
of t
he
sh
are
sco
nce
rne
d u
nti
l th
e n
ame
of t
he
tra
nsf
ere
e is
en
tere
d in
th
e R
egi
ste
r in
re
spe
ct t
he
reo
f.T
he
Dir
ect
ors
may
, in
th
eir
ab
solu
te d
iscr
eti
on
(b
ut
sub
ject
to
an
y ru
les
or
regu
lati
on
s o
f th
e L
on
do
n S
tock
Exc
han
gean
d/o
r th
e A
mst
erd
am E
xch
ange
s N
.V. a
pp
lica
ble
to
th
e C
om
pan
y fr
om
tim
e t
o t
ime
) an
d w
ith
ou
t as
sign
ing
any
reas
on
the
refo
r, r
efu
se t
o r
egi
ste
r an
y tr
ansf
er
of s
har
es
or
ren
un
ciat
ion
of a
re
no
un
ceab
le le
tte
r o
f all
otm
en
t u
nle
ss a
ll t
he
foll
ow
ing
con
dit
ion
s ar
e s
atis
fie
d:
(aa)
it is
in r
esp
ect
of a
full
y p
aid
sh
are
;(b
b)
it is
in r
esp
ect
of a
sh
are
on
wh
ich
th
e C
om
pan
y d
oe
s n
ot
hav
e a
lie
n;
(cc)
it is
in r
esp
ect
of o
nly
on
e c
lass
of s
har
es;
(dd
)it
is in
favo
ur
of n
ot
mo
re t
han
fou
r jo
int
ho
lde
rs a
s tr
ansf
ere
es
or
ren
ou
nce
es;
(ee
)it
is d
uly
sta
mp
ed
or
du
ly c
ert
ifie
d o
r o
the
rwis
e s
ho
wn
to
be
exe
mp
t fr
om
sta
mp
du
ty;
(ff)
it is
left
at
the
tra
nsf
er
off
ice
(o
r at
su
ch o
the
r p
lace
as
the
Dir
ect
ors
may
fro
m t
ime
to
tim
e d
ete
rmin
e)
to b
e
regi
ste
red
, acc
om
pan
ied
by
the
re
leva
nt
shar
e c
ert
ific
ate
(s)
and
su
ch o
the
r e
vid
en
ce a
s th
e D
ire
cto
rs m
ayre
aso
nab
ly r
eq
uir
e t
o p
rove
th
e t
itle
of t
he
tra
nsf
ere
e o
r re
no
un
cer
and
th
e d
ue
exe
cuti
on
by
him
or
his
du
lyau
tho
rise
d a
gen
t o
f th
e t
ran
sfe
r o
r re
nu
nci
atio
nan
d if
th
e D
ire
cto
rs r
efu
se t
o r
egi
ste
r a
tran
sfe
r o
r re
nu
nci
atio
n t
he
y sh
all w
ith
in t
wo
mo
nth
s af
ter
the
dat
e o
n w
hic
h t
he
tran
sfe
r o
r re
nu
nci
atio
n w
as lo
dge
d w
ith
th
e C
om
pan
y se
nd
to
th
e t
ran
sfe
ree
or
ren
ou
nce
e n
oti
ce o
f th
e r
efu
sal.
Th
e r
egi
stra
tio
n o
f tra
nsf
ers
may
be
su
spe
nd
ed
at
such
tim
es
and
for
such
pe
rio
ds
as t
he
Dir
ect
ors
may
fro
m t
ime
to
tim
e a
nd
eit
he
r ge
ne
rall
y o
r in
re
spe
ct o
f an
y cl
ass
of s
har
es.
Th
e R
egi
ste
r sh
all n
ot
be
clo
sed
for
mo
re t
han
th
irty
day
sin
an
y ye
ar a
nd
no
tice
of c
losu
re s
hal
l be
giv
en
by
adve
rtis
em
en
t in
acc
ord
ance
wit
h t
he
Sta
tute
s.
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
(vi)
Dir
ect
ors
(aa)
un
less
an
d u
nti
l oth
erw
ise
de
term
ine
d b
y th
e C
om
pan
y in
ge
ne
ral m
ee
tin
g, t
he
nu
mb
er
of D
ire
cto
rs s
hal
l no
t b
e le
ss t
han
th
ree
bu
t, u
nle
ss a
nd
un
til o
the
rwis
e d
ete
rmin
ed
as
afo
resa
id, t
he
max
imu
m n
um
be
r o
f Dir
ect
ors
sh
all b
e t
we
lve
;(b
b)
Dir
ect
ors
sh
all b
e a
pp
oin
ted
by
sim
ple
maj
ori
ty o
f vo
tes
cast
by
the
me
mb
ers
of t
he
Co
mp
any
in g
en
era
l me
eti
ng
A r
eso
luti
on
for
the
ap
po
intm
en
t o
f tw
o o
r m
ore
pe
rso
ns
as D
ire
cto
rs s
hal
l be
vo
id u
nle
ss a
re
solu
tio
n t
hat
it s
hal
lb
e s
o p
rop
ose
d h
as fi
rst
be
en
agr
ee
d t
o b
y th
e m
ee
tin
g w
ith
ou
t an
y vo
te b
ein
g gi
ven
aga
inst
it. N
o p
ers
on
sh
all
be
ele
cte
d a
Dir
ect
or
un
less
no
tice
in w
riti
ng
shal
l be
se
nt
to t
he
se
cre
tary
no
t m
ore
th
an fo
rty
two
day
s an
d n
ot
less
th
an s
eve
n d
ays
be
fore
th
e d
ay o
f th
e m
ee
tin
g at
wh
ich
th
e e
lect
ion
is t
o t
ake
pla
ce s
ign
ed
by
a m
em
be
rq
ual
ifie
d t
o a
tte
nd
an
d v
ote
at
the
me
eti
ng.
(cc)
the
re s
hal
l be
pai
d o
ut
of t
he
fun
ds
of t
he
Co
mp
any
by
way
of r
em
un
era
tio
n o
f Dir
ect
ors
wh
o a
re n
ot
man
agin
g o
r e
xecu
tive
dir
ect
ors
fee
s at
su
ch r
ate
s as
th
e D
ire
cto
rs m
ay fr
om
tim
e t
o t
ime
de
term
ine
pro
vid
ed
th
at s
uch
fee
sd
o n
ot
in a
ggre
gate
exc
ee
d t
he
su
m o
f UK
£20
0,00
0 p
er
ann
um
(e
xclu
sive
of V
alu
e A
dd
ed
Tax
or
oth
er
sim
ilar
taxe
s if
ap
pli
cab
le)
or
such
oth
er
figu
re a
s th
e C
om
pan
y m
ay in
ge
ne
ral m
ee
tin
g fr
om
tim
e t
o t
ime
de
term
ine
.S
uch
fee
s sh
all b
e d
ivid
ed
am
on
g su
ch D
ire
cto
rs in
su
ch p
rop
ort
ion
or
man
ne
r as
may
be
de
term
ine
d b
y th
eD
ire
cto
rs a
nd
, in
de
fau
lt o
f de
term
inat
ion
, eq
ual
ly. A
fee
pay
able
to
a d
ire
cto
r p
urs
uan
t to
th
e A
rtic
les
is d
isti
nct
fro
m a
ny
sala
ry, r
em
un
era
tio
n o
r o
the
r am
ou
nt
pay
able
to
him
pu
rsu
ant
to o
the
r p
rovi
sio
ns
of t
he
se A
rtic
les
and
accr
ue
d fr
om
day
to
day
Th
e D
ire
cto
rs (
incl
ud
ing
any
alte
rnat
e D
ire
cto
rs)
shal
l be
en
titl
ed
to
be
re
pai
d a
llre
aso
nab
le t
rave
llin
g, h
ote
l an
d o
the
r e
xpe
nse
s p
rop
erl
y in
curr
ed
by
the
m r
esp
ect
ive
ly in
or
abo
ut
the
pe
rfo
rman
ce o
f th
eir
du
tie
s as
Dir
ect
ors
incl
ud
ing
any
exp
en
ses
incu
rre
d in
att
en
din
g m
ee
tin
gs o
f th
e D
ire
cto
rs o
ro
f co
mm
itte
es
of t
he
Dir
ect
ors
or
gen
era
l me
eti
ngs
.(d
d)
a D
ire
cto
r sh
all n
ot
be
re
qu
ire
d t
o h
old
an
y sh
are
s in
th
e C
om
pan
y b
y w
ay o
f qu
alif
icat
ion
. A D
ire
cto
r w
ho
is n
ot
a m
em
be
r o
f th
e C
om
pan
y sh
all b
e e
nti
tle
d t
o r
ece
ive
no
tice
of a
nd
att
en
d a
nd
sp
eak
at
all g
en
era
l me
eti
ngs
of t
he
C
om
pan
y an
d a
t al
l se
par
ate
ge
ne
ral m
ee
tin
gs o
f th
e h
old
ers
of a
ny
clas
s o
f sh
are
s in
th
e c
apit
al o
f th
e C
om
pan
y.(e
e)
Su
bje
ct t
o t
he
pro
visi
on
s o
f th
e S
tatu
tes,
th
e D
ire
cto
rs m
ay fr
om
tim
e t
o t
ime
ap
po
int
on
e o
r m
ore
of t
he
ir b
od
y to
be
exe
cuti
ve c
hai
rman
or
chie
f exe
cuti
ve o
r jo
int
chie
f exe
cuti
ve, m
anag
ing
dir
ect
or
or
join
t m
anag
ing
dir
ect
or
of t
he
Co
mp
any
or
any
on
e o
r m
ore
of s
uch
off
ice
s o
r to
ho
ld s
uch
oth
er
exe
cuti
ve o
ffic
e in
re
lati
on
to
th
em
anag
em
en
t o
f th
e b
usi
ne
ss o
f th
e C
om
pan
y as
th
ey
may
de
cid
e e
ith
er
for
a fi
xed
te
rm o
r w
ith
ou
t an
y li
mit
atio
nas
to
th
e p
eri
od
for
wh
ich
he
or
the
y is
or
are
to
ho
ld s
uch
off
ice
, an
d m
ay, f
rom
tim
e t
o t
ime
(su
bje
ct t
o t
he
pro
visi
on
s o
f an
y se
rvic
e c
on
trac
t b
etw
ee
n h
im a
nd
th
e C
om
pan
y an
d w
ith
ou
t p
reju
dic
e t
o a
ny
clai
m h
e m
ay h
ave
for
com
pe
nsa
tio
n o
r d
amag
es
for
bre
ach
of a
ny
such
se
rvic
e c
on
trac
t) r
em
ove
or
dis
mis
s h
im o
r th
em
fro
m s
uch
off
ice
an
d a
pp
oin
t an
oth
er
or
oth
ers
in h
is o
r th
eir
pla
ce o
r p
lace
s.(f
f)A
Dir
ect
or
may
ho
ld a
ny
oth
er
off
ice
or
pla
ce o
f pro
fit
in t
he
Co
mp
any
exc
ep
t th
at o
f Au
dit
or
in c
on
jun
ctio
n w
ith
th
e o
ffic
e o
f Dir
ect
or
and
may
act
by
him
self
or
thro
ugh
his
firm
in a
pro
fess
ion
al c
apac
ity
to t
he
Co
mp
any
and
, in
any
such
cas
e, o
n s
uch
te
rms
as t
o r
em
un
era
tio
n a
nd
oth
erw
ise
as
the
Dir
ect
ors
may
arr
ange
. An
y su
chre
mu
ne
rati
on
sh
all b
e in
ad
dit
ion
to
an
y re
mu
ne
rati
on
pro
vid
ed
for
by
any
oth
er
pro
visi
on
of t
he
se A
rtic
les.
No
Dir
ect
or
shal
l be
dis
qu
alif
ied
by
his
off
ice
fro
m e
nte
rin
g in
to a
ny
con
trac
t, a
rran
gem
en
t, t
ran
sact
ion
or
pro
po
sal w
ith
th
e C
om
pan
y e
ith
er
in r
ega
rd t
o s
uch
oth
er
off
ice
or
pla
ce o
f pro
fit
or
acti
ng
in a
pro
fess
ion
alca
pac
ity
for
the
Co
mp
any
or
as s
ell
er,
pu
rch
ase
r o
r o
the
rwis
e.
Su
bje
ct t
o t
he
pro
visi
on
s o
f th
e S
tatu
tes
and
sav
e a
s th
ere
in p
rovi
de
d, n
o s
uch
co
ntr
act,
arr
ange
me
nt,
tra
nsa
ctio
no
r p
rop
osa
l en
tere
d in
to b
y o
r o
n b
eh
alf o
f th
e C
om
pan
y in
wh
ich
an
y D
ire
cto
r o
r p
ers
on
co
nn
ect
ed
wit
h h
im is
inan
y w
ay in
tere
ste
d, w
he
the
r d
ire
ctly
or
ind
ire
ctly
, sh
all b
e a
void
ed
, no
r sh
all a
ny
Dir
ect
or
wh
o e
nte
rs in
to a
ny
such
co
ntr
act,
arr
ange
me
nt,
tra
nsa
ctio
n o
r p
rop
osa
l or
wh
o is
so
inte
rest
ed
be
liab
le t
o a
cco
un
t to
th
e C
om
pan
yfo
r an
y p
rofi
t re
alis
ed
by
any
such
co
ntr
act,
arr
ange
me
nt,
tra
nsa
ctio
n o
r p
rop
osa
l by
reas
on
of s
uch
Dir
ect
or
ho
ldin
g th
at o
ffic
e o
r o
f th
e fi
du
ciar
y re
lati
on
ship
th
ere
by
est
abli
she
d b
ut
the
nat
ure
an
d e
xte
nt
of h
is in
tere
stsh
all b
e d
iscl
ose
d b
y h
im in
acc
ord
ance
wit
h t
he
pro
visi
on
s o
f th
e S
tatu
tes.
(gg)
Sav
e a
s h
ere
in p
rovi
de
d, a
Dir
ect
or
shal
l no
t vo
te in
re
spe
ct o
f an
y co
ntr
act,
arr
ange
me
nt,
tra
nsa
ctio
n o
r p
rop
ose
d
con
trac
t, t
ran
sact
ion
or
arra
nge
me
nt
or
any
oth
er
pro
po
sal w
hat
eve
r in
wh
ich
he
(to
geth
er
wit
h a
ny
pe
rso
n
con
ne
cte
d w
ith
him
) h
as a
ny
mat
eri
al in
tere
st o
the
rwis
e t
han
by
virt
ue
of h
is in
tere
sts
in s
har
es
or
de
be
ntu
res
or
oth
er
secu
riti
es
of o
r o
the
rwis
e in
or
thro
ugh
th
e C
om
pan
y.
A D
ire
cto
r sh
all (
in t
he
ab
sen
ce o
f so
me
oth
er
mat
eri
al in
tere
st t
han
is in
dic
ate
d b
elo
w)
be
en
titl
ed
to
vo
te a
nd
be
co
un
ted
in t
he
qu
oru
m)
in r
esp
ect
of a
ny
reso
luti
on
co
nce
rnin
g an
y o
f th
e fo
llo
win
g m
atte
rs, n
ame
ly(1
)th
e g
ivin
g o
f an
y se
curi
ty, g
uar
ante
e o
r in
de
mn
ity
to h
im in
re
spe
ct o
f mo
ne
y le
nt
or
ob
liga
tio
ns
incu
rre
d b
y 45
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
Bro
ught
to y
ou b
y G
loba
l Rep
orts
him
, or
any
oth
er
pe
rso
n, a
t th
e r
eq
ue
st o
f or
for
the
be
ne
fit
of t
he
Co
mp
any
or
any
of i
ts s
ub
sid
iary
u
nd
ert
akin
gs;
(2)
the
giv
ing
of a
ny
secu
rity
, gu
aran
tee
or
ind
em
nit
y to
a t
hir
d p
arty
in r
esp
ect
of a
de
bt
or
ob
liga
tio
n o
f th
e
Co
mp
any
or
any
of i
ts s
ub
sid
iary
un
de
rtak
ings
for
wh
ich
he
him
self
has
ass
um
ed
re
spo
nsi
bil
ity
in w
ho
le o
r in
p
art
eit
he
r al
on
e o
r jo
intl
y w
ith
oth
ers
, un
de
r a
guar
ante
e o
r in
de
mn
ity
or
by
the
giv
ing
of s
ecu
rity
;(3
)an
y p
rop
osa
l, co
ntr
act,
arr
ange
me
nt
or
tran
sact
ion
co
nce
rnin
g an
off
er
of s
har
es
or
de
be
ntu
res
or
oth
er
secu
riti
es
of o
r b
y th
e C
om
pan
y o
r an
y o
f its
su
bsi
dia
ry u
nd
ert
akin
gs fo
r su
bsc
rip
tio
n o
r p
urc
has
e in
wh
ich
o
ffe
r h
e is
or
may
be
en
titl
ed
to
par
tici
pat
e a
s a
ho
lde
r o
f se
curi
tie
s o
r is
to
be
inte
rest
ed
as
a p
arti
cip
ant
in
the
un
de
rwri
tin
g o
r su
b-u
nd
erw
riti
ng
the
reo
f;(4
)an
y co
ntr
act,
arr
ange
me
nt,
tra
nsa
ctio
n o
r o
the
r p
rop
osa
l co
nce
rnin
g an
y o
the
r co
mp
any
in w
hic
h h
e is
in
tere
ste
d, d
ire
ctly
or
ind
ire
ctly
an
d w
he
the
r as
an
off
ice
r o
r m
em
be
r o
r o
the
rwis
e h
ow
soe
ver
pro
vid
ed
th
at
he
(to
geth
er
wit
h a
ny
pe
rso
n c
on
ne
cte
d w
ith
him
) is
no
t th
e h
old
er
of o
r in
tere
ste
d in
1%
(o
ne
pe
rce
nt
) o
r m
ore
of a
ny
clas
s o
f th
e e
qu
ity
shar
e c
apit
al o
f su
ch c
om
pan
y (o
r o
f an
y th
ird
co
mp
any
thro
ugh
wh
ich
his
in
tere
st is
de
rive
d)
or
of t
he
vo
tin
g ri
ghts
ava
ilab
le t
o m
em
be
rs o
f th
e r
ele
van
t co
mp
any
(an
y su
ch in
tere
st
be
ing
de
em
ed
for
the
pu
rpo
se o
f th
is A
rtic
le 1
00 t
o b
e a
mat
eri
al in
tere
st in
all
cir
cum
stan
ces)
;(5
)an
y co
ntr
act,
arr
ange
me
nt,
tra
nsa
ctio
n o
r o
the
r p
rop
osa
l co
nce
rnin
g th
e a
do
pti
on
, mo
dif
icat
ion
or
op
era
tio
n
of a
pe
nsi
on
, su
pe
ran
nu
atio
n o
r si
mil
ar fu
nd
or
sch
em
e, a
re
tire
me
nt,
de
ath
or
dis
abil
ity
be
ne
fits
fun
d o
r sc
he
me
or
an e
mp
loye
es'
sh
are
sch
em
e w
hic
h h
as b
ee
n a
pp
rove
d b
y o
r is
su
bje
ct t
o a
nd
co
nd
itio
nal
up
on
ap
pro
val b
y th
e B
oar
d o
f th
e In
lan
d R
eve
nu
e fo
r ta
xati
on
pu
rpo
ses
or
do
es
no
t ac
cord
to
an
y D
ire
cto
r as
su
ch
any
pri
vile
ge o
r b
en
efi
t n
ot
awar
de
d t
o t
he
em
plo
yee
s to
wh
ich
su
ch fu
nd
or
sch
em
e r
ela
tes;
(6)
any
pro
po
sal c
on
cern
ing
the
gra
nt,
pu
rch
ase
an
d/o
r m
ain
ten
ance
of a
ny
insu
ran
ce fo
r th
e b
en
efi
t o
f Dir
ect
ors
o
r fo
r th
e b
en
efi
t o
f pe
rso
ns
incl
ud
ing
Dir
ect
ors
.
A D
ire
cto
r sh
all n
ot
vote
or
be
co
un
ted
in t
he
qu
oru
m o
n a
ny
reso
luti
on
co
nce
rnin
g h
is o
wn
ap
po
intm
en
t as
th
eh
old
er
of a
ny
off
ice
or
pla
ce o
f pro
fit
wit
h t
he
Co
mp
any
or
any
com
pan
y in
wh
ich
th
e C
om
pan
y is
inte
rest
ed
(in
clu
din
g, w
ith
ou
t li
mit
atio
n, f
ixin
g o
r va
ryin
g th
e t
erm
s o
f his
ap
po
intm
en
t o
r th
e t
erm
inat
ion
or
ext
en
sio
ns
the
reo
f).
(hh
)A
t e
ach
an
nu
al g
en
era
l me
eti
ng,
on
e-t
hir
d o
f th
e D
ire
cto
rs w
ho
are
su
bje
ct t
o r
eti
rem
en
t b
y ro
tati
on
an
d in
off
ice
at
th
e o
pe
nin
g o
f bu
sin
ess
on
th
e d
ate
of t
he
no
tice
cal
lin
g th
e r
ele
van
t an
nu
al g
en
era
l me
eti
ng
or,
if t
he
irn
um
be
r is
no
t th
ree
or
a m
ult
iple
of t
hre
e, t
he
n t
he
nu
mb
er
ne
are
st t
o b
ut
no
t e
xce
ed
ing
on
e-t
hir
d, o
r if
th
eir
nu
mb
er
is le
ss t
han
th
ree
th
en
on
e o
f th
em
, sh
all r
eti
re fr
om
off
ice
A D
ire
cto
r re
tiri
ng
at a
me
eti
ng
shal
l re
tain
off
ice
un
til t
he
dis
solu
tio
n o
f su
ch m
ee
tin
g.(i
i)S
ub
ject
to
th
e S
tatu
tes
the
Co
mp
any
may
by
sim
ple
maj
ori
ty o
f vo
tes
cast
by
the
me
mb
ers
in g
en
era
l me
eti
ng
rem
ove
a D
ire
cto
r b
efo
re t
he
exp
iry
of h
is p
eri
od
of o
ffic
e.
(vii
)B
orr
ow
ing
Po
we
rsS
ub
ject
to
th
e p
rovi
sio
ns
of t
he
Art
icle
s, t
he
Dir
ect
ors
may
exe
rcis
e a
ll t
he
po
we
rs o
f th
e C
om
pan
y to
bo
rro
w m
on
ey
and
to
mo
rtga
ge o
r ch
arge
its
un
de
rtak
ing,
pro
pe
rty
and
ass
ets
bo
th p
rese
nt
and
futu
re a
nd
un
call
ed
cap
ital
, or
any
par
tth
ere
of,
and
to
issu
e d
eb
en
ture
s an
d o
the
r se
curi
tie
s, w
he
the
r o
utr
igh
t o
r as
co
llat
era
l se
curi
ty fo
r an
y d
eb
t, li
abil
ity
or
ob
liga
tio
n o
f th
e C
om
pan
y o
r it
s p
are
nt
un
de
rtak
ing
(if a
ny)
or
any
sub
sid
iary
un
de
rtak
ing
of t
he
Co
mp
any
or
of a
ny
thir
d p
arty
.T
he
Dir
ect
ors
sh
all r
est
rict
th
e b
orr
ow
ings
of t
he
Co
mp
any
and
exe
rcis
e a
ll v
oti
ng
and
oth
er
righ
ts o
r p
ow
ers
of c
on
tro
le
xerc
isab
le b
y th
e C
om
pan
y in
re
lati
on
to
its
sub
sid
iary
un
de
rtak
ings
so
as
to s
ecu
re (
as r
ega
rds
sub
sid
iary
un
de
rtak
ings
so
far
as b
y su
ch e
xerc
ise
th
ey
can
se
cure
) th
at t
he
agg
rega
te a
mo
un
t at
an
y o
ne
tim
e o
win
g b
y th
e G
rou
p(b
ein
g th
e C
om
pan
y an
d a
ll it
s su
bsi
dia
ry u
nd
ert
akin
gs fr
om
tim
e t
o t
ime
) in
re
spe
ct o
f mo
ne
ys b
orr
ow
ed
, exc
lusi
ve o
fm
on
eys
bo
rro
we
d b
y th
e C
om
pan
y o
r an
y o
f its
su
bsi
dia
ry u
nd
ert
akin
gs fr
om
an
y o
the
r o
f su
ch c
om
pan
ies,
sh
all n
ot
atan
y ti
me
, wit
ho
ut
the
pre
vio
us
san
ctio
n o
f th
e C
om
pan
y in
ge
ne
ral m
ee
tin
g, e
xce
ed
a s
um
eq
ual
to
2 t
ime
s th
eag
gre
gate
of:
(aa)
the
no
min
al c
apit
al o
f th
e C
om
pan
y fo
r th
e t
ime
be
ing
issu
ed
an
d p
aid
-up
or
cre
dit
ed
as
pai
d u
p; a
nd
(bb
)th
e a
mo
un
ts s
tan
din
g to
th
e c
red
it o
f th
e c
on
soli
dat
ed
re
serv
es
of t
he
Co
mp
any
and
its
sub
sid
iary
un
de
rtak
ings
w
he
the
r d
istr
ibu
tab
le o
r u
nd
istr
ibu
tab
le a
nd
incl
ud
ing
(wit
ho
ut
lim
itat
ion
) sh
are
pre
miu
m a
cco
un
t, c
apit
al
red
em
pti
on
re
serv
e a
nd
pro
fit
and
loss
acc
ou
nt;
all a
s sh
ow
n in
a c
on
soli
dat
ion
of t
he
th
en
late
st a
ud
ite
d b
alan
ce s
he
ets
of t
he
Co
mp
any
and
eac
h o
f its
su
bsi
dia
ryu
nd
ert
akin
gs b
ut
afte
r m
akin
g th
e d
ed
uct
ion
s an
d a
dju
stm
en
ts s
et
ou
t in
th
e A
rtic
les.
46
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
(vii
i)D
ivid
en
ds
Su
bje
ct a
s h
ere
inaf
ter
pro
vid
ed
an
d t
o t
he
Act
, th
e C
om
pan
y b
y o
rdin
ary
reso
luti
on
in g
en
era
l me
eti
ng
may
de
clar
e a
div
ide
nd
to
be
pai
d t
o t
he
me
mb
ers
acc
ord
ing
to t
he
ir r
esp
ect
ive
rig
hts
an
d in
tere
sts
in t
he
pro
fits
, bu
t n
o la
rge
rd
ivid
en
d s
hal
l be
de
clar
ed
th
an is
re
com
me
nd
ed
by
the
Dir
ect
ors
.
Su
bje
ct t
o t
he
pro
visi
on
s o
f th
e S
tatu
tes,
th
e D
ire
cto
rs m
ay d
ecl
are
an
d p
ay s
uch
inte
rim
div
ide
nd
s (i
ncl
ud
ing
any
div
ide
nd
pay
able
at
a fi
xed
rat
e)
as a
pp
ear
to
th
e D
ire
cto
rs t
o b
e ju
stif
ied
by
the
pro
fits
of t
he
Co
mp
any
avai
lab
le fo
rd
istr
ibu
tio
n.
No
div
ide
nd
or
oth
er
mo
ne
ys p
ayab
le b
y th
e C
om
pan
y in
re
spe
ct o
f a s
har
e s
hal
l be
ar in
tere
st a
s ag
ain
st t
he
Co
mp
any
un
less
oth
erw
ise
pro
vid
ed
by
the
rig
hts
att
ach
ed
to
th
e s
har
e.
Su
bje
ct t
o t
he
rig
hts
of p
ers
on
s, if
an
y, e
nti
tle
d t
o s
har
es
wit
h s
pe
cial
rig
hts
as
to d
ivid
en
d, a
ll d
ivid
en
ds
shal
l be
de
clar
ed
an
d p
aid
acc
ord
ing
to t
he
am
ou
nts
pai
d u
p o
n t
he
sh
are
s in
re
spe
ct w
he
reo
f th
e d
ivid
en
d is
pai
d, b
ut
no
amo
un
t p
aid
up
on
a s
har
e in
ad
van
ce o
f cal
ls s
hal
l be
tre
ate
d fo
r th
e p
urp
ose
of t
his
Art
icle
s as
pai
d u
p o
n t
he
sh
are
.S
ub
ject
as
afo
resa
id, a
ll d
ivid
en
ds
shal
l be
ap
po
rtio
ne
d a
nd
pai
d p
rop
ort
ion
ate
ly t
o t
he
am
ou
nts
pai
d u
p o
n t
he
sh
are
sd
uri
ng
any
po
rtio
n o
r p
ort
ion
s o
f th
e p
eri
od
in r
esp
ect
of w
hic
h t
he
div
ide
nd
is p
aid
if a
ny
shar
e c
arri
es
any
par
ticu
lar
righ
ts a
s to
div
ide
nd
s, s
uch
sh
are
sh
all r
ank
for
div
ide
nd
acc
ord
ingl
y.
Th
e D
ire
cto
rs m
ay d
ed
uct
fro
m a
ny
div
ide
nd
or
oth
er
mo
ne
ys p
ayab
le t
o a
ny
me
mb
er
on
or
in r
esp
ect
of a
sh
are
all
such
su
ms
as m
ay b
e d
ue
fro
m h
im t
o t
he
Co
mp
any
on
acc
ou
nt
of c
alls
or
oth
erw
ise
in r
ela
tio
n t
o s
har
es
of t
he
Co
mp
any.
All
div
ide
nd
s o
r o
the
r su
ms
pay
able
or
in r
esp
ect
of a
sh
are
un
clai
me
d fo
r o
ne
ye
ar a
fte
r h
avin
g b
ee
n d
ecl
are
d m
ayb
e in
vest
ed
or
oth
erw
ise
mad
e u
se o
f by
the
Dir
ect
ors
for
the
be
ne
fit
of t
he
Co
mp
any
un
til c
laim
ed
. All
div
ide
nd
su
ncl
aim
ed
for
a p
eri
od
of t
we
lve
ye
ars
fro
m t
he
dat
e t
he
y b
eca
me
du
e fo
r p
aym
en
t sh
all b
e fo
rfe
ite
d a
nd
sh
all r
eve
rt t
oth
e C
om
pan
y ab
solu
tely
.
(ix)
Win
din
g U
pT
he
liq
uid
ato
r o
n a
ny
win
din
g-u
p o
f th
e C
om
pan
y (w
he
the
r vo
lun
tary
or
un
de
r su
pe
rvis
ion
or
com
pu
lso
ry)
may
, wit
hth
e a
uth
ori
ty o
f an
ext
rao
rdin
ary
reso
luti
on
an
d a
fte
r d
ed
uct
ion
of a
ny
pro
visi
on
mad
e u
nd
er
sect
ion
187
of t
he
Inso
lve
ncy
Act
198
6 an
d s
ect
ion
719
of t
he
Act
, div
ide
am
on
g th
e m
em
be
rs in
kin
d t
he
wh
ole
or
any
par
t o
f th
e a
sse
ts o
fth
e C
om
pan
y an
d w
he
the
r o
r n
ot
the
ass
ets
sh
all c
on
sist
of p
rop
ert
y o
f on
e k
ind
, or
shal
l co
nsi
st o
f pro
pe
rtie
s o
fd
iffe
ren
t ki
nd
s, a
nd
for
such
pu
rpo
se m
ay s
et
such
val
ue
as
he
de
em
s fa
ir u
po
n a
ny
on
e o
r m
ore
cla
ss o
r cl
asse
s o
fp
rop
ert
y, a
nd
may
de
term
ine
ho
w s
uch
div
isio
n s
hal
l be
car
rie
d o
ut
as b
etw
ee
n m
em
be
rs o
r cl
asse
s o
f me
mb
ers
if a
ny
such
div
isio
n s
hal
l be
oth
erw
ise
th
an in
acc
ord
ance
wit
h t
he
exi
stin
g ri
ghts
of t
he
me
mb
ers
, eve
ry m
em
be
r sh
all h
ave
the
sam
e r
igh
t o
f dis
sen
t an
d o
the
r an
cill
ary
righ
ts a
s if
su
ch r
eso
luti
on
we
re a
sp
eci
al r
eso
luti
on
pas
sed
in a
cco
rdan
cew
ith
se
ctio
n 1
10 o
f th
e In
solv
en
cy A
ct 1
986.
4.
Dir
ect
ors
' and
oth
er
inte
rest
s
(a)
Th
e in
tere
sts
(all
of w
hic
h a
re b
en
efi
cial
) o
f th
e D
ire
cto
rs (
and
pe
rso
ns
con
ne
cte
d w
ith
th
em
) in
th
e s
har
e c
apit
al o
f th
e
Co
mp
any
are
as
foll
ow
s:
Nu
mb
er
of
Pe
rce
nta
ge o
f iss
ue
dN
um
be
r o
f Ord
inar
yD
ire
cto
rO
rdin
ary
Sh
are
sO
rdin
ary
Sh
are
cap
ital
Sh
are
s u
nd
er
op
tio
n
R A
nto
no
v(N
ote
1)11
,701
,667
15.3
–M
Em
me
rso
n65
9,03
20.
984
2,44
5J N
Dic
ken
s3,
800
––
G D
Eve
s–
––
C R
M M
cCo
ll–
––
C M
inn
aar
(Not
e 2)
7,30
7,53
49.
5–
Note
1R
. An
ton
ov'
s in
tere
st in
Ord
inar
y sh
are
s is
de
rive
d fr
om
his
inte
rest
in A
nto
no
v H
old
ing
EU
RL
an
d fr
om
his
inte
rest
in M
od
ern
A
uto
mo
tive
Te
chn
olo
gie
s (M
.A.T
.) H
old
ings
B.V
., a
com
pan
y in
wh
ich
he
has
an
inte
rest
of 3
4%,
Note
2C
. Min
naa
r's
inte
rest
in O
rdin
ary
Sh
are
s is
de
rive
d fr
om
his
inte
rest
in G
G E
nte
rpri
ses
BV
BA
.
47
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
Bro
ught
to y
ou b
y G
loba
l Rep
orts
(b)
Th
e D
ire
cto
rs a
re a
war
e o
f th
e fo
llo
win
g in
tere
sts
of t
he
foll
ow
ing
pe
rso
ns
(no
t b
ein
g D
ire
cto
rs)
wh
ich
wil
l re
pre
sen
t fi
ve
pe
r ce
nt
or
mo
re o
f th
e is
sue
d s
har
e c
apit
al o
f th
e C
om
pan
y as
of 2
1 A
pri
l 199
7 su
bje
ct t
o a
dm
issi
on
to
NM
AX
:
Nu
mb
er
of
Pe
rce
nta
ge o
fO
rdin
ary
shar
e c
apit
alO
rdin
ary
shar
e c
apit
al
An
ton
ov
Ho
ldin
g E
UR
L11
,014
,828
14.4
Gre
en
Inve
stm
en
ts B
VB
A9,
600,
272
12.5
GG
En
terp
rise
s B
VB
A7,
307,
534
9.5
WW
P L
imit
ed
5,86
0,00
07.
6
At
the
dat
e o
f th
is d
ocu
me
nt,
An
ton
ov
has
ap
pro
xim
ate
ly 7
80 s
har
eh
old
ers
.
(c)
Pu
rsu
ant
to a
n a
gre
em
en
t d
ate
d 1
1 M
ay 1
995,
AA
T F
ran
ce E
UR
L (
a su
bsi
dia
ry o
f AA
T)
pu
rch
ase
d, s
ub
ject
to
form
alcl
ear
ance
be
ing
ob
tain
ed
fro
m t
he
Fre
nch
Tre
asu
ry D
ivis
ion
of t
he
Min
istr
y o
f Eco
no
my
and
less
or'
s co
nse
nt,
(u
nle
sssu
ch r
eq
uir
em
en
t is
wai
ved
by
AA
T F
ran
ce E
UR
L)
cert
ain
ass
ets
incl
ud
ing
mo
tor
cars
an
d c
ert
ain
to
oli
ng
and
eq
uip
me
nt
fro
m A
nto
no
v E
ngi
ne
eri
ng
SA
RL
(a
com
pan
y co
ntr
oll
ed
by
R A
nto
no
v) fo
r a
pay
me
nt
eq
ual
to
ne
t b
oo
k va
lue
of F
F50
0,53
8 (U
K£
64,4
22)
(exc
lusi
ve o
f an
y ap
pli
cab
le d
uti
es
and
tax
es)
an
d p
urs
uan
t to
th
e s
ame
agr
ee
me
nt,
th
ee
mp
loym
en
t o
f all
of t
he
em
plo
yee
s o
f An
ton
ov
En
gin
ee
rin
g S
AR
L w
as t
ran
sfe
rre
d t
o A
AT
Fra
nce
EU
RL
.
(d)
Un
de
r th
e t
erm
s o
f an
ass
ign
me
nt
dat
ed
11
May
199
5 an
d o
f a s
har
eh
old
ers
agr
ee
me
nt
dat
ed
12
Fe
bru
ary
1993
, AA
T h
asag
ree
d t
o p
ay t
o R
An
ton
ov
a ro
yalt
y o
f 3 p
er
cen
t o
f th
e c
on
soli
dat
ed
gro
ss a
mo
un
t o
f all
ro
yalt
y an
d li
cen
ce in
com
e o
fal
l co
mp
anie
s in
th
e G
rou
p a
risi
ng
fro
m t
he
An
ton
ov
tran
smis
sio
n. I
n a
dd
itio
n, R
An
ton
ov
has
agr
ee
d t
o n
oti
fy A
AT
of
any
auto
mo
tive
te
chn
olo
gy in
ad
dit
ion
to
th
e A
nto
no
v tr
ansm
issi
on
wh
ich
R A
nto
no
v in
ten
ds
to d
eve
lop
an
d h
asag
ree
d t
o n
ego
tiat
e w
ith
AA
T fo
r th
e a
gre
em
en
t o
f te
rms
for
the
ass
ign
me
nt
of s
uch
te
chn
olo
gy t
o A
AT
.
(e)
Sav
e a
s d
iscl
ose
d in
th
is d
ocu
me
nt,
no
Dir
ect
or
has
or
has
had
an
y m
ate
rial
inte
rest
in a
ny
con
trac
t o
r ar
ran
gem
en
tsu
bsi
stin
g at
th
e d
ate
of t
his
do
cum
en
t w
hic
h is
or
was
un
usu
al in
its
nat
ure
an
d c
on
dit
ion
s o
r w
hic
h is
or
was
sig
nif
ican
tto
th
e b
usi
ne
ss o
f th
e G
rou
p. F
or
the
pu
rpo
ses
of t
his
par
agra
ph
, Dir
ect
ors
hav
e in
tere
sts
in c
on
trac
ts o
r ar
ran
gem
en
tsd
iscl
ose
d in
th
is d
ocu
me
nt
thro
ugh
th
eir
re
spe
ctiv
e in
tere
sts
no
ted
in p
arag
rap
h 4
(a)
abo
ve.
(f)
Th
ere
are
no
ou
tsta
nd
ing
loan
s gr
ante
d b
y th
e C
om
pan
y o
r an
y o
f its
su
bsi
dia
rie
s to
th
e D
ire
cto
rs n
or
any
guar
ante
es
pro
vid
ed
by
the
Co
mp
any
or
any
of i
ts s
ub
sid
iari
es
for
the
be
ne
fit
of t
he
Dir
ect
ors
.
(g)
Sav
e a
s d
iscl
ose
d in
th
is d
ocu
me
nt,
no
ne
of t
he
Dir
ect
ors
has
or
has
had
an
y d
ire
ct o
r in
dir
ect
inte
rest
in a
ny
asse
tsw
hic
h, w
ith
in t
he
tw
o y
ear
s p
rece
din
g th
e p
ub
lica
tio
n o
f th
is d
ocu
me
nt,
we
re a
cqu
ire
d o
r d
isp
ose
d o
f by
or
leas
ed
to
the
Co
mp
any
or
any
of i
ts s
ub
sid
iari
es
or
are
pro
po
sed
to
be
acq
uir
ed
or
dis
po
sed
of b
y o
r le
ase
d t
o t
he
Co
mp
any
or
any
of i
ts s
ub
sid
iari
es.
(h)
No
ne
of t
he
Dir
ect
ors
has
an
y u
nsp
en
t co
nvi
ctio
ns,
no
ne
has
be
en
ban
kru
pt
or
be
en
a d
ire
cto
r o
f an
y co
mp
any
at t
he
tim
e o
f, o
r w
ith
in t
he
12
mo
nth
s p
rece
din
g, t
he
ban
kru
ptc
y, r
ece
ive
rsh
ip o
r li
qu
idat
ion
of s
uch
co
mp
any
and
no
Dir
ect
or
has
be
en
th
e s
ub
ject
of p
ub
lic
crit
icis
m b
y an
y st
atu
tory
or
regu
lato
ry a
uth
ori
ty.
48
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
5.
Dir
ect
ors
' serv
ice a
gre
em
ents
and
rem
unera
tion
(a)
R A
nto
no
v h
as e
nte
red
into
a s
erv
ice
agr
ee
me
nt
wit
h A
AT
dat
ed
11
May
199
5. T
he
agr
ee
me
nt
is s
ub
ject
to
at
leas
t 12
m
on
ths
no
tice
fro
m t
he
Co
mp
any
or
at le
ast
3 m
on
ths
no
tice
(th
e m
axim
um
pe
rmit
ted
by
Fre
nch
law
) fr
om
R A
nto
no
v.R
An
ton
ov
has
agr
ee
d n
on
-co
mp
eti
tio
n c
ove
nan
ts fo
r a
pe
rio
d fo
llo
win
g te
rmin
atio
n o
f his
em
plo
yme
nt
of 1
2 m
on
ths,
or,
if r
eq
uir
ed
by
the
Co
mp
any,
in a
cco
rdan
ce w
ith
th
e c
oll
ect
ive
bar
gain
ing
agre
em
en
t in
Fra
nce
, 18
mo
nth
s.
R A
nto
no
v's
sala
ry is
FF
1,1
84,5
00 (
UK
£ 12
5,75
1) a
nd
he
is r
eq
uir
ed
to
pro
vid
e h
is s
erv
ice
s to
an
y m
em
be
r o
f th
e C
rou
pan
d a
s su
ch h
as b
ee
n a
pp
oin
ted
as
the
exe
cuti
ve c
hai
rman
of t
he
Co
mp
any.
In a
dd
itio
n, R
An
ton
ov
is e
nti
tle
d t
o a
com
pan
y ca
r an
d b
en
efi
ts t
o a
val
ue
no
t e
xce
ed
ing
Dfl
6,0
00 (
UK
£ 1,
905)
.
(b)
M E
mm
ers
on
has
en
tere
d in
to a
se
rvic
e a
gre
em
en
t w
ith
AA
T d
ate
d 1
1 M
ay 1
995.
Th
e a
gre
em
en
t is
su
bje
ct t
o a
t le
ast
12 m
on
ths
no
tice
fro
m t
he
Co
mp
any
or
at le
ast
3 m
on
ths
no
tice
(th
e m
axim
um
pe
rmit
ted
by
Fre
nch
law
) fr
om
ME
mm
ers
on
. M E
mm
ers
on
has
agr
ee
d n
on
-co
mp
eti
tio
n c
ove
nan
ts fo
r a
pe
rio
d o
f 12
mo
nth
s fo
llo
win
g te
rmin
atio
n o
f his
em
plo
yme
nt,
or,
if r
eq
uir
ed
by
the
Co
mp
any,
in a
cco
rdan
ce w
ith
th
e c
oll
ect
ive
bar
gain
ing
agre
em
en
t in
Fra
nce
, 18
mo
nth
s. M
Em
me
rso
n's
sal
ary
is F
F 1
,001
,500
(U
K£
106,
323)
an
d h
e is
re
qu
ire
d t
o p
rovi
de
his
se
rvic
es
to a
ny
me
mb
er
of t
he
Gro
up
an
d a
s su
ch h
as b
ee
n a
pp
oin
ted
as
chie
f exe
cuti
ve o
f th
e C
om
pan
y. In
ad
dit
ion
, M E
mm
ers
on
is e
nti
tle
dto
be
ne
fits
to
a v
alu
e n
ot
exc
ee
din
g D
fl 7
2,00
0 (U
K£
22,8
61)
and
is t
o b
e p
aid
a d
ire
cto
rs fe
e o
f Dfl
25,
000
(UK
£ 7,
937)
pe
r an
nu
m.
(c)
Bri
ef d
eta
ils
of t
he
agr
ee
me
nts
be
twe
en
th
e C
om
pan
y an
d t
he
no
n e
xecu
tive
Dir
ect
ors
are
as
foll
ow
s:
(i)
a le
tte
r o
f en
gage
me
nt
dat
ed
28
Jun
e 1
996
pu
rsu
ant
to w
hic
h J
N D
icke
ns
has
be
en
ap
po
inte
d n
on
exe
cuti
ve
dir
ect
or
of t
he
Co
mp
any
for
an in
itia
l pe
rio
d o
f 1 y
ear
an
d u
nd
er
wh
ich
J N
Dic
ken
s w
ill r
ece
ive
UK
£ 12
,000
pe
r an
nu
m;
(ii)
a le
tte
r o
f en
gage
me
nt
dat
ed
11
July
199
6 p
urs
uan
t to
wh
ich
G D
Eve
s h
as b
ee
n a
pp
oin
ted
no
n e
xecu
tive
dir
ect
or
of t
he
Co
mp
any
for
an in
itia
l pe
rio
d o
f 1 y
ear
an
d u
nd
er
wh
ich
G D
Eve
s w
ill r
ece
ive
UK
£ 12
,000
pe
r an
nu
m;
(iii
)a
lett
er
of e
nga
gem
en
t d
ate
d 1
1 Ju
ly 1
996
pu
rsu
ant
to w
hic
h C
R M
McC
oll
has
be
en
ap
po
inte
d n
on
exe
cuti
ve
dir
ect
or
of t
he
Co
mp
any
for
an in
itia
l pe
rio
d o
f 1 y
ear
an
d u
nd
er
wh
ich
C R
M M
cCo
ll w
ill r
ece
ive
UK
£ 12
,000
pe
r an
nu
m;
(iv)
a le
tte
r o
f en
gage
me
nt
dat
ed
11
July
199
6 p
urs
uan
t to
wh
ich
C M
inn
aar
has
be
en
ap
po
inte
d n
on
exe
cuti
ve d
ire
cto
r o
f th
e C
om
pan
y fo
r an
init
ial p
eri
od
of 1
ye
ar a
nd
un
de
r w
hic
h C
Min
naa
r w
ill r
ece
ive
UK
£ 12
,000
pe
r an
nu
m.
6.
Lock
-in a
rrangem
ents
By
a lo
ck-i
n d
ee
d (
the
"L
ock
-in
De
ed
") d
ate
d 9
Ap
ril 1
997
and
mad
e b
etw
ee
n (
1) t
he
Co
mp
any,
(2)
ce
rtai
n s
har
eh
old
ers
in t
he
Co
mp
any,
be
ing
the
sh
are
ho
lde
rs b
efo
re t
he
pla
cin
g o
f 9,3
75,0
00 o
f th
e O
rdin
ary
Sh
are
s in
Ap
ril 1
995
("E
xist
ing
Sh
are
ho
lde
rs")
, (3)
He
nry
Co
oke
, an
d (
4) H
en
ry C
oo
ke, L
um
sde
n, t
he
Exi
stin
g S
har
eh
old
ers
hav
e a
gre
ed
no
t to
dis
po
se o
f ato
tal o
f 50,
779,
315
of t
he
Ord
inar
y S
har
es
wh
ich
th
ey
ow
n o
r in
wh
ich
th
ey
are
oth
erw
ise
inte
rest
ed
as
at t
he
dat
e o
f th
e L
ock
-in
De
ed
un
til 1
8 M
ay 1
998
or
un
til c
ert
ain
sp
eci
fie
d e
ven
ts o
ccu
r.
Th
e r
est
rict
ion
s d
o n
ot
app
ly t
o c
ert
ain
cas
es
incl
ud
ing
(a)
cert
ain
tra
nsf
ers
by
way
of g
ift;
(b
) ce
rtai
n r
e-o
rgan
isat
ion
s o
rre
con
stru
ctio
ns;
(c)
tra
nsf
ers
to
or
by
the
pe
rso
nal
re
pre
sen
tati
ves
of a
de
ceas
ed
me
mb
er
(d)
tran
sfe
rs in
co
nn
ect
ion
wit
h a
no
ffe
r fo
r th
e e
nti
re is
sue
d O
rdin
ary
shar
e c
apit
al o
f th
e C
om
pan
y; (
e)
cert
ain
tra
nsf
ers
by
Exi
stin
g S
har
eh
old
ers
to
an
y h
old
ing
com
pan
y o
r su
bsi
dia
ry c
om
pan
y; (
f) t
ran
sfe
rs b
etw
ee
n E
xist
ing
Sh
are
ho
lde
rs; (
g) o
ff m
arke
t tr
ansf
ers
to
th
ird
par
tie
s ag
ree
ing
to b
e b
ou
nd
by
the
te
rms
of t
he
Lo
ck-I
n-D
ee
d a
nd
(h
) tr
ansf
er
of u
p t
o t
en
pe
r ce
nt
of a
n e
xist
ing
shar
eh
old
ers
ho
ldin
g o
fO
rdin
ary
Sh
are
s at
a p
rice
pe
r sh
are
in e
xce
ss o
f UK
£1.5
0.
Th
e r
est
rict
ion
s w
ill c
eas
e t
o o
pe
rate
in t
he
eve
nt
that
be
fore
18
May
199
8 th
e G
rou
p b
eco
me
s e
nti
tle
d t
o c
ert
ain
mat
eri
alle
vels
of r
eve
nu
es
as m
ore
sp
eci
fica
lly
spe
cifi
ed
in t
he
Lo
ck-i
n D
ee
d.
No
twit
hst
and
ing
the
ab
ove
, th
e C
om
pan
y w
ill f
oll
ow
th
e n
ew
ru
les
con
cern
ing
the
Am
ste
rdam
Ne
w M
arke
t S
pe
cial
Lis
tin
gR
eq
uir
em
en
ts (
NM
AX
Ru
les)
.49
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
Bro
ught
to y
ou b
y G
loba
l Rep
orts
7.
Pre
mis
es
and
em
plo
yees
(a)
AA
T c
urr
en
tly
occ
up
ies
off
ice
sp
ace
at
10th
Flo
or,
290
We
en
a, 3
012
NJ R
ott
erd
am, T
he
Ne
the
rlan
ds.
Th
e c
urr
en
t re
nta
l is
Dfl
66,
780
pe
r an
nu
m. T
he
leas
e is
for
a p
eri
od
of 1
2 m
on
ths
ren
ew
able
for
furt
he
r p
eri
od
s o
f 12
mo
nth
s, u
nle
ss e
ith
er
par
ty g
ive
s to
th
e o
the
r w
ritt
en
no
tice
to
te
rmin
ate
at
leas
t 3
mo
nth
s p
rio
r to
th
e e
xpir
y o
f th
e r
ele
van
t 12
mo
nth
pe
rio
d.
Th
e p
rem
ise
s e
xte
nd
to
ap
pro
xim
ate
ly 4
0 sq
uar
e m
etr
es.
(b)
AA
T F
ran
ce E
UR
L c
urr
en
tly
occ
up
ies
off
ice
an
d w
ork
sho
p p
rem
ise
s at
13
Ru
e d
e la
Gra
nd
e B
orn
e, L
e M
esn
il A
me
lot,
F
ran
ce, p
urs
uan
t to
a le
ase
wh
ich
be
cam
e e
ffe
ctiv
e o
n 1
5 O
cto
be
r 19
96. T
he
leas
e e
xpir
es
on
15
Oct
ob
er
1999
. T
he
pre
mis
es
ext
en
d t
o 1
,600
sq
uar
e m
etr
es
and
th
e c
urr
en
t re
nta
l is
FF
600,
000
pe
r an
nu
m.
(c)
Th
e G
rou
p h
as 1
2 e
mp
loye
es
as a
t th
e d
ate
of t
his
do
cum
en
t.
8.
Sub
sid
iari
es
Th
e C
om
pan
y h
as t
he
foll
ow
ing
wh
oll
y-o
wn
ed
su
bsi
dia
rie
s:
Nam
eA
ctiv
ity
Issu
ed
Sh
are
Co
un
try
of
Sta
tory
Cap
ital
Inco
rpo
rati
on
seat
An
ton
ov
Au
tom
oti
ve T
ech
no
logi
es
BV
De
velo
pm
en
t an
d m
arke
tin
gD
fl. 7
7,80
9T
he
Ne
the
rlan
ds
Ro
tte
rdam
of t
he
An
ton
ov
tran
smis
sio
n
An
ton
ov
Au
tom
oti
ve E
uro
pe
BV
De
velo
pm
en
t an
d m
arke
tin
gD
fl. 5
9,47
5T
he
Ne
the
rlan
ds
Ro
tte
rdam
of t
he
An
ton
ov
tran
smis
sio
n
An
ton
ov
Au
tom
oti
ve N
ort
h A
me
rica
BV
De
velo
pm
en
t an
d m
arke
tin
gD
fl. 5
0,00
0T
he
Ne
the
rlan
ds
Ro
tte
rdam
of t
he
An
ton
ov
tran
smis
sio
n
An
ton
ov
Au
tom
oti
ve F
ar E
ast
BV
De
velo
pm
en
t an
d m
arke
tin
gD
fl. 5
0,00
0T
he
Ne
the
rlan
ds
Ro
tte
rdam
of t
he
An
ton
ov
tran
smis
sio
n
AA
T F
ran
ce E
UR
LS
erv
ice
Co
mp
any
FF
50,
000
Fra
nce
Le
Me
snil
Am
elo
t
9.
Tax
conse
quence
s w
ith r
egard
to p
ote
nti
al in
vest
ors
who a
re r
esi
dent
in t
he N
eth
erl
and
s
Th
e fo
llo
win
g p
arag
rap
hs
are
inte
nd
ed
as
gen
era
l gu
ide
on
ly a
nd
are
bas
ed
on
cu
rre
nt
legi
slat
ion
. A
ny
pe
rso
n w
ho
is in
do
ub
t as
to
th
eir
tax
po
siti
on
sh
ou
ld c
on
sult
a p
rofe
ssio
nal
ad
viso
r.
Tax
atio
n o
f ca
pita
l ga
ins
Indi
vidu
als
(a)
Ho
ldin
g a
sub
stan
tial
or
de
em
ed
su
bst
anti
al in
tere
st
Th
e t
ran
sfe
r o
r (d
ee
me
d)
dis
po
sal o
f sh
are
s b
y an
ind
ivid
ual
, wh
ich
sh
are
s d
o n
ot
form
par
t o
f th
e a
sse
ts o
f an
en
terp
rise
of t
hat
ind
ivid
ual
, giv
es
rise
to
a c
har
geab
le g
ain
or
allo
wab
le lo
ss o
nly
wh
ere
th
e in
div
idu
al h
old
s a
sub
stan
tial
or
de
em
ed
su
bst
anti
al in
tere
st in
a c
om
pan
y. T
he
rat
e o
f tax
levi
ed
on
th
e g
ain
on
th
e (
de
em
ed
) d
isp
osa
l of
such
a h
old
ing
is c
urr
en
tly
25%
.
Sh
are
s o
f a c
om
pan
y w
ill g
en
era
lly
no
t fo
rm p
art
of a
su
bst
anti
al in
tere
st if
th
e h
old
er
of s
uch
sh
are
s, h
is s
po
use
, ce
rtai
np
ers
on
s sh
arin
g h
is h
ou
seh
old
or
cert
ain
of t
he
ir r
ela
tive
s b
y b
loo
d o
r m
arri
age
in t
he
dir
ect
lin
e (
incl
ud
ing
fost
er
chil
dre
n)
do
no
t h
old
, alo
ne
or
toge
the
r, w
he
the
r d
ire
ctly
or
ind
ire
ctly
, th
e o
wn
ers
hip
of,
or
cert
ain
oth
er
righ
ts o
ver,
shar
es
rep
rese
nti
ng
five
pe
r ce
nt
or
mo
re o
f th
e t
ota
l iss
ue
d a
nd
ou
tsta
nd
ing
cap
ital
(o
r th
e is
sue
d a
nd
ou
tsta
nd
ing
50
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
cap
ital
of a
ny
clas
s o
f sh
are
s) o
f th
at c
om
pan
y. A
de
em
ed
su
bst
anti
al in
tere
st is
pre
sen
t if
(p
art
of)
a s
ub
stan
tial
inte
rest
has
be
en
dis
po
sed
of,
or
is d
ee
me
d t
o h
ave
be
en
dis
po
sed
of,
on
a n
on
-re
cogn
itio
n b
asis
.
In t
he
Ne
the
rlan
ds
the
re is
no
re
-in
vest
me
nt
reli
ef u
po
n t
he
sal
e o
f sh
are
s. H
ow
eve
r, u
nd
er
cert
ain
co
nd
itio
ns
ind
ivid
ual
s m
ay b
e a
ble
to
ob
tain
a d
efe
rral
of t
axat
ion
on
an
y ga
in.
(b)
Wit
ho
ut
a su
bst
anti
al o
r d
ee
me
d s
ub
stan
tial
inte
rest
Ind
ivid
ual
s n
ot
ho
ldin
g a
sub
stan
tial
or
de
em
ed
su
bst
anti
al in
tere
st w
ill n
ot
be
su
bje
ct t
o in
com
e t
ax in
re
spe
ct o
f an
yca
pit
al g
ain
, pro
vid
ed
th
at t
he
sh
are
s d
o n
ot
form
par
t o
f th
e a
sse
ts o
f an
en
terp
rise
of t
hat
ind
ivid
ual
.
Com
pani
es
Co
mp
anie
s in
th
e N
eth
erl
and
s ar
e, i
f ce
rtai
n c
on
dit
ion
s ar
e m
et,
eli
gib
le fo
r th
e p
arti
cip
atio
n e
xem
pti
on
in r
esp
ect
of a
ho
ldin
g o
f 5%
or
mo
re in
a c
om
pan
y w
hic
h is
su
bje
ct t
o t
ax. U
nd
er
the
par
tici
pat
ion
exe
mp
tio
n a
cap
ital
gai
n o
r lo
ss o
nd
isp
osa
l wil
l no
t b
e t
axab
le o
r d
ed
uct
ible
, re
spe
ctiv
ely
.
Oth
er
com
pan
ies
ho
ldin
g sh
are
s w
hic
h d
o n
ot
qu
alif
y fo
r th
e p
arti
cip
atio
n e
xem
pti
on
wil
l be
liab
le t
o D
utc
h c
orp
ora
te in
com
eta
x at
35%
(36
% o
n t
he
firs
t D
fl. 1
00,0
00 in
tax
able
pro
fit)
in r
esp
ect
of g
ain
s ar
isin
g o
n d
isp
osa
l of s
har
es
and
wil
l ob
tain
a t
axd
ed
uct
ion
for
any
loss
.
Tax
atio
n o
f di
vide
nds
Indi
vidu
als
(a)
Ho
ldin
g a
sub
stan
tial
or
de
em
ed
su
bst
anti
al in
tere
st
An
y in
div
idu
al r
esi
de
nt
in t
he
Ne
the
rlan
ds
for
tax
pu
rpo
ses
wh
o r
ece
ive
s a
div
ide
nd
fro
m a
su
bst
anti
al o
r d
ee
me
dsu
bst
anti
al in
tere
st w
ill b
e s
ub
ject
to
inco
me
tax
at
the
cu
rre
nt
max
imu
m r
ate
of 2
5%.
(b)
Wit
ho
ut
a su
bst
anti
al o
r d
ee
me
d s
ub
stan
tial
inte
rest
Ind
ivid
ual
s w
ill c
urr
en
tly
be
tax
ed
at
a m
axim
um
rat
e o
f 60%
on
div
ide
nd
s fr
om
sh
are
s, w
hic
h d
o n
ot
form
par
t o
f asu
bst
anti
al o
r d
ee
me
d s
ub
stan
tial
inte
rest
.
Com
pani
es
A c
om
pan
y re
sid
en
t in
th
e N
eth
erl
and
s fo
r ta
x p
urp
ose
s an
d q
ual
ifyi
ng
for
the
par
tici
pat
ion
exe
mp
tio
n w
ill n
ot
be
ch
arge
able
to D
utc
h c
orp
ora
te in
com
e t
ax in
re
spe
ct o
f div
ide
nd
s re
ceiv
ed
.
A N
eth
erl
and
s re
sid
en
t co
mp
any
wil
l be
liab
le t
o D
utc
h c
orp
ora
te in
com
e t
ax a
t 35
% (
36%
on
th
e fi
rst
Dfl
. 100
,000
in t
axab
lep
rofi
t) in
re
spe
ct o
f div
ide
nd
s re
ceiv
ed
on
a s
har
eh
old
ing
no
t q
ual
ifyi
ng
for
the
par
tici
pat
ion
exe
mp
tio
n.
Tax
cre
dit
No
tax
wil
l be
wit
hh
eld
by
the
Co
mp
any
wh
en
it p
ays
a d
ivid
en
d. I
f th
e C
om
pan
y p
ays
an o
rdin
ary
div
ide
nd
it w
ill b
ere
qu
ire
d t
o a
cco
un
t to
th
e U
K In
lan
d R
eve
nu
e fo
r ad
van
ce c
orp
ora
tio
n t
ax (
”AC
T”)
, cu
rre
ntl
y at
a r
ate
of 2
5% o
f th
e a
mo
un
t o
fth
e n
et
div
ide
nd
. In
div
idu
als
wh
o a
re r
esi
de
nt
in t
he
Ne
the
rlan
ds
wil
l be
en
titl
ed
to
a t
ax r
efu
nd
, un
de
r th
e t
erm
s o
f th
eU
K/N
eth
erl
and
s d
ou
ble
tax
tre
aty,
eq
ual
to
th
e t
ax c
red
it p
lus
the
tax
cre
dit
, le
ss a
wit
hh
old
ing
tax
of 1
5% o
f th
e d
ivid
en
d.
An
ti-a
bu
se r
ule
s im
ply
th
at t
he
sh
are
ho
lde
r m
ust
be
a b
en
efi
cial
ow
ne
r o
f th
e s
har
es.
A D
utc
h c
om
pan
y co
ntr
oll
ing
10%
or
mo
re o
f th
e v
oti
ng
po
we
r o
f th
e U
K c
om
pan
y is
en
titl
ed
to
a r
ep
ay-m
en
t o
f hal
f th
e t
axcr
ed
it le
ss a
wit
hh
old
ing
tax
of 5
% o
f th
e d
ivid
en
d a
nd
th
e h
alf t
ax c
red
it. A
nti
-ab
use
ru
les
imp
ly t
hat
th
e c
orp
ora
tesh
are
ho
lde
r m
ust
be
a b
en
efi
cial
ow
ne
r o
f th
e s
har
es
and
mu
st e
ith
er
be
qu
ote
d o
n a
Ne
the
rlan
ds
Sto
ck E
xch
ange
or
51
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
Bro
ught
to y
ou b
y G
loba
l Rep
orts
de
mo
nst
rate
th
at t
he
co
mp
any
is n
ot
con
tro
lle
d b
y p
ers
on
s w
ho
are
no
t e
nti
tle
d t
o t
he
tre
aty
be
ne
fit.
Oth
er
com
pan
ies
no
t co
ntr
oll
ing
10%
or
mo
re o
f th
e v
oti
ng
po
we
r o
f th
e U
K c
om
pan
y ar
e e
nti
tle
d t
o a
tax
re
fun
d in
th
e s
ame
amo
un
t as
an
ind
ivid
ual
.
Un
de
r th
e U
K/N
eth
erl
and
s ta
x tr
eat
y, t
he
Ne
the
rlan
ds
gran
t a
tax
cre
dit
re
lie
f fo
r w
ith
ho
ldin
g ta
x ag
ain
st t
he
Du
tch
tax
liab
ilit
y o
f in
div
idu
als
and
co
mp
anie
s n
ot
qu
alif
yin
g fo
r th
e p
arti
cip
atio
n e
xem
pti
on
.
If t
he
Co
mp
any
ele
cts
for
any
of i
ts d
ivid
en
ds
to b
e t
reat
ed
as
‘fore
ign
inco
me
div
ide
nd
s’, D
utc
h in
div
idu
als
and
co
mp
anie
sw
ill n
ot
be
en
titl
ed
to
th
e t
ax c
red
it w
hic
h n
orm
ally
acc
om
pan
ies
a U
K d
ivid
en
d. A
cco
rdin
gly,
th
ey
wil
l no
t b
e a
ble
to
ob
tain
the
tax
tre
aty
refu
nd
s d
esc
rib
ed
ab
ove
.
10.
Mis
cellaneous
10.1
Th
e A
nn
ual
Re
po
rt a
nd
Acc
ou
nts
199
6 fo
rm a
n in
tegr
al p
art
of t
his
do
cum
en
t.
10.2
Th
e A
nn
ual
Re
po
rt a
nd
Acc
ou
nts
199
6 w
ill b
e la
id b
efo
re t
he
sh
are
ho
lde
rs o
f th
e C
om
pan
y fo
r ad
op
tio
n o
n 1
7 M
ay 1
997.
10.3
Th
e t
ota
l exp
en
ses
of o
r in
cid
en
tal t
o t
he
Intr
od
uct
ion
wh
ich
are
pay
able
by
the
Co
mp
any
are
est
imat
ed
to
am
ou
nt
to
app
roxi
mat
ely
UK
£ 65
,000
exc
lud
ing
VA
T (
Dfl
. 204
,717
).
10.4
Th
e a
ud
ito
rs o
f th
e C
om
pan
y ar
e E
rnst
& Y
ou
ng,
Ch
arte
red
Acc
ou
nta
nts
of C
om
me
rcia
l Un
ion
Ho
use
, A
lbe
rt S
qu
are
, Man
che
ste
r M
2 6L
P, w
ho
hav
e a
ud
ite
d t
he
Co
mp
any’
s ac
cou
nts
for
eac
h o
f th
e t
wo
ye
ars
en
de
d
31 D
ece
mb
er
1996
. Th
e 1
994
ann
ual
acc
ou
nts
of A
AT
hav
e b
ee
n a
ud
ite
d b
y M
ore
t E
rnst
& Y
ou
ng
Acc
ou
nta
nts
, M
arte
n M
ee
swe
g 51
, 306
8 A
V R
ott
erd
am
10.5
Th
e r
egi
stra
rs o
f th
e C
om
pan
y ar
e In
de
pe
nd
en
t R
egi
stra
rs G
rou
p L
imit
ed
of B
alfo
ur
Ho
use
, 390
-398
Hig
h R
oad
, Il
ford
, Ess
ex,
IG1
1NQ
.
10.6
Ne
the
rlan
ds
Car
BV
has
giv
en
an
d n
ot
wit
hd
raw
n it
s w
ritt
en
co
nse
nt
to t
he
issu
e o
f th
is d
ocu
me
nt
wit
h t
he
incl
usi
on
h
ere
in o
f its
re
po
rt a
nd
lett
er
and
th
e r
efe
ren
ces
the
reto
an
d t
o it
s n
ame
in t
he
form
an
d c
on
text
in w
hic
h t
he
y re
spe
ctiv
ely
are
incl
ud
ed
.
10.7
Po
nte
t &
All
ano
hav
e g
ive
n a
nd
no
t w
ith
dra
wn
th
eir
wri
tte
n c
on
sen
t to
th
e is
sue
of t
his
do
cum
en
t w
ith
th
e in
clu
sio
n
he
rein
of t
he
ir r
ep
ort
an
d t
he
re
fere
nce
s th
ere
to a
nd
to
th
eir
nam
e in
th
e fo
rm a
nd
co
nte
xt in
wh
ich
th
ey
resp
ect
ive
ly
are
incl
ud
ed
.
10.8
No
me
mb
er
of t
he
Gro
up
is, o
r h
as b
ee
n, i
nvo
lve
d in
an
y le
gal o
r ar
bit
rati
on
pro
cee
din
gs w
hic
h m
ay h
ave
, or
hav
e h
ad
du
rin
g th
e 1
2 m
on
ths
pre
ced
ing
the
dat
e o
f th
is d
ocu
me
nt
a si
gnif
ican
t e
ffe
ct o
n t
he
Gro
up
's fi
nan
cial
po
siti
on
an
d t
he
D
ire
cto
rs a
re n
ot
awar
e o
f an
y le
gal o
r ar
bit
rati
on
pro
cee
din
gs w
hic
h a
re p
en
din
g o
r th
reat
en
ed
aga
inst
an
y m
em
be
r o
f th
e G
rou
p.
10.9
Th
e O
rdin
ary
Sh
are
s ar
e in
re
gist
ere
d fo
rm.
10.1
0A
ke
yman
insu
ran
ce p
oli
cy h
as b
ee
n t
ake
n o
ut
by
the
Gro
up
on
th
e li
fe o
f Mr
R A
nto
no
v fo
r th
e s
um
of a
pp
roxi
mat
ely
U
K£
5 m
illi
on
.
10.1
1S
ince
31
De
cem
be
r 19
96, n
o m
ate
rial
fact
s o
r ch
ange
s in
th
e fi
nan
cial
po
siti
on
of t
he
Gro
up
hav
e o
ccu
rre
d s
ave
as
me
nti
on
ed
in t
his
do
cum
en
t.
52
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
11.
Mis
cellaneous
NM
AX
intr
od
uct
ion s
peci
fics
11.1
Ap
pli
cati
on
has
be
en
mad
e fo
r li
stin
g o
f th
e O
rdin
ary
Sh
are
s o
f An
ton
ov
on
NM
AX
. It
is t
he
inte
nti
on
of t
he
Am
ste
rdam
E
xch
ange
s N
.V. t
o a
dm
it t
he
Ord
inar
y S
har
es,
bar
rin
g fo
r u
nfo
rese
en
cir
cum
stan
ces,
on
25
Ap
ril 1
997,
wh
ich
is a
lso
th
e
firs
t d
ay o
f tra
din
g, fo
r li
stin
g.
11.2
Th
e p
aym
en
t d
ate
of t
he
Se
con
dar
y O
ffe
rin
g is
2 M
ay 1
997.
11.3
Me
mb
er
inst
itu
tio
ns
of t
he
Am
ste
rdam
Exc
han
ges
N.V
. wil
l re
ceiv
e a
co
mm
issi
on
of 0
.8 p
er
cen
t p
er
Ord
inar
y S
har
e
allo
tte
d t
o t
he
m p
usu
ant
to s
ub
scri
pti
on
to
th
e S
eco
nd
ary
Off
eri
ng.
11.4
Th
e a
llo
tme
nt
of t
he
su
bsc
rip
tio
n t
o t
he
Se
con
dar
y O
ffe
rin
g w
ill t
ake
pla
ce o
n 2
5 A
pri
l 199
7 b
efo
re 1
0:00
ho
urs
.L
ee
mh
uis
& V
an L
oo
n r
ese
rve
s th
e r
igh
t n
ot
to c
on
sid
er
cert
ain
su
bsc
rip
tio
ns.
In t
he
cas
e o
f ove
rsu
bsc
rip
tio
n,
allo
tme
nt
wil
l be
su
ch t
hat
re
du
ctio
ns
can
be
ap
pli
ed
by
Le
em
hu
is &
Van
Lo
on
.
11.5
Tra
din
g o
f th
e O
rdin
ary
Sh
are
s o
f An
ton
ov
on
NM
AX
wil
l tak
e p
lace
in t
he
Am
ste
rdam
Se
curi
ty A
cco
un
t S
yste
m
("A
SA
S")
. In
co
nn
ect
ion
wit
h t
rad
ing
in A
SA
S n
o s
har
e c
ert
ific
ate
s w
ill b
e is
sue
d.
11.6
Th
e c
od
e n
um
be
rs fo
r tr
adin
g in
AS
AS
are
:•
Se
curi
ty c
od
e A
mst
erd
am 4
3070
• IS
IN c
od
e G
B00
0040
5349
11.7
If, i
n t
he
op
inio
n o
f Le
em
hu
is &
Van
Lo
on
un
fore
see
n c
on
dit
ion
s o
ccu
r w
hic
h m
igh
t e
nd
ange
r a
succ
ess
ful I
ntr
od
uct
ion
, it
wil
l be
en
titl
ed
to
wit
hd
raw
th
is In
tro
du
ctio
n.
11.8
Inq
uir
ies
rega
rdin
g p
aym
en
t o
f div
ide
nd
s ca
n b
e m
ade
at
the
off
ice
s o
f th
e S
po
nso
r.
12.
Docu
ments
ava
ilab
le f
or
insp
ect
ion
Co
pie
s o
f th
e fo
llo
win
g d
ocu
me
nts
wil
l be
ava
ilab
le fo
r in
spe
ctio
n a
t th
e o
ffic
es
of L
ee
mh
uis
& V
an L
oo
n, R
oki
n 9
2-96
,10
12 K
Z A
mst
erd
am.
(i)
the
me
mo
ran
du
m a
nd
art
icle
s o
f ass
oci
atio
n o
f th
e C
om
pan
y;(i
i)th
e a
nn
ual
re
po
rt a
nd
acc
ou
nts
of A
AT
for
the
ye
ar e
nd
ed
31
De
cem
be
r 19
94 a
nd
of A
nto
no
v fo
r th
e y
ear
s e
nd
ed
31
De
cem
be
r 19
95 a
nd
199
6;(i
ii)
the
Lo
ck-i
n D
ee
d s
et
ou
t in
Par
t V
I of t
his
do
cum
en
t;(i
v)th
is In
form
atio
n M
em
ora
nd
um
dat
ed
21
Ap
ril 1
997.
(v)
the
Em
plo
yee
Op
tio
n S
che
me
An
ton
ov
plc
21 A
pri
l, 19
97
53
000
Par
t V
I: A
dd
itio
nal I
nfor
mat
ion
Bro
ught
to y
ou b
y G
loba
l Rep
orts
54 Bro
ught
to y
ou b
y G
loba
l Rep
orts
