may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services. Nothing in this report constitutes

, evidence form McInnis (2010) suggests that past earnings volatility is not associated with cost of capital, casting doubt on its construct validity as proxy for risk. Konstantinidi and Pope (2014) suggest

Activity_Report_62En INDEPENDENT AUDIT INSPECTION ACTIVITIES REPORT 2019 INDEPENDENT AUDIT INSPECTION ACTIVITIES REPORT 2019 Contents Executive Summary 02 42 45 19 30 04 08 14 Quality Assurance Review Panel Activities for Enhancing Financial Reporting Quality Summary of Audit Inspection Results B. Engagement-Level A. Firm-Level 38 Root Cause Analysis Framework and Focuses in 2019 Essential Statistics Auditing Landscape in Thailand Executive Summary The capital market plays an important role in d...

of credit 35,822 42,960 31,803 (16.6)% 12.6% Other commitments Underwriting commitments - - 1,098 - (100.0)% Amount of unused bank overdrafts 170,329 172,917 174,083 (1.5)% (2.2)% Other guarantees

commitments - 324 - (100.0)% - Amount of unused bank overdrafts 165,562 167,906 170,329 (1.4)% (2.8)% Other guarantees 247,490 261,309 270,320 (5.3)% (8.4)% Others 137,867 147,021 120,182 (6.2)% 14.7% Total

of credit 31,803 33,009 35,623 (3.7)% (10.7)% Other commitments Underwriting commitments 1,098 3,820 - (71.3)% 100.0% Amount of unused bank overdrafts 174,083 176,188 175,893 (1.2)% (1.0)% Other

17,745 19,122 17.0% 8.5% Letters of credit 25,414 22,116 38,166 14.9% (33.4)% Other commitments Amount of unused bank overdrafts 165,637 165,562 171,623 0.0% (3.5)% Other guarantees 243,939 247,490 264,096

ability to generate adequate amounts of cash to meet its cash obligations. 2. Identify the issuer’s internal and external sources of liquidity, as well as any material, unused sources of liquidity, as at

eligible. - Unused/degraded land: issuers demonstrate that source feedstock for the facility is produced from land that was not previously cultivated or was not considered arable land. - Use of waste

, together with its CHANEL brand (the "Brand") subsidiaries, which for the avoidance of doubt, excludes any non-Brand subsidiaries, such as Eres or Orlebar Brown, and wineries owned by the Group such as