SECOND PARTY OPINION1 ON CHANEL’S SUSTAINABILITY-LINKED BOND FRAMEWORK September 2020 BACKGROUND CHANEL (hereafter the “Issuer”) contemplates including three environmental factors to the Sustainability-Linked Bonds (the “SLBs”) to be issued in compliance with the Sustainability-Linked Bond Framework (the “Framework”) created to govern their issuances and following the Sustainability-Linked Bond Principles (the “SLBP”). The Framework will include the Issuer’s commitment to achieve specific target...

• Risk owners are responsible for managing their corresponding risks and reporting to the Executive team and the Board • Develop measures and plans to address risks based on the risk responses chosen

((𝐸𝑅𝑃), and debt-to-asset ratio (𝐷𝐴𝑅) whose estimated coefficients are statistically significant at 5%, 5%, and 10%, respectively. Independent of which proxy is chosen to identify CSR latent variable

cushion against any uncertainty or new regulations. In terms of capital, with the inclusion of net profit for the six months from July to December 2017 and of net profit for the first quarter of 2018 minus

(NESDB) forecasted Thailand’s economy to expand in the range of 3.50% to 4.50% (Mean 4.00%), lower than the expansion of 4.20% in 2018. A lower projection is mainly resulted from the uncertainty of trade

trillion to Baht 5.06 trillion, support from REITs and property funds. Due to the global stock markets were volatile, both from the Fed's policy rate hike And economic uncertainty that made overall stock

to closely monitor credit quality and maintain high levels of capital fund and loan loss provisions to withstand a potential adverse impact from economic uncertainty. Credit Rating LH Financial Group

to uncertainty of global economy primarily from US-China trade war. As aforementioned and the average of natural fatty alcohols price dropped in relation to crude palm kernel oil price softness, the

of US$37.5 million (or equivalent to Baht 1,350 million) with maturity of 5 years. Due to uncertainty of the acquisition transaction after the Meeting on May 22, 2017, the Company therefore discloses

on 2 October 2017, resolving to approve the Company and/or its subsidairy entering into of the Transaction, after having considered the uncertainty of the entry into the Transaction, potential impact