time of offering and allotting such shares, means of payment of such shares (which is eligible to determine the period of allocation and subscription either in single or sequential allocation) including

of fixed effects may influence the results. I therefore add industry fixed effects. 16 Third, unlike Barth et al. (1999), I cluster standard errors by firm and year in order to mitigate the effects of

not limited to, the following: (a) allocating the newly issued ordinary shares , whether single or sequential allocations, payment of the share price, other conditions and details in connection with the

ordinary shares, including, but not limited to, the following: (a) allocating the newly issued ordinary shares , whether single or sequential allocations, payment of the share price, other conditions and

the allocation of the newly issued ordinary shares, including, but not limited to, the following: (a) allocating the newly issued ordinary shares , whether single or sequential allocations, payment of

Remarks: 1. The Company may either entirely or partially allocate the newly issued ordinary shares, whether in single or sequential allocation. In any case, the aggregate number of newly issued ordinary

allocate the newly issued ordinary shares, whether in single or sequential allocation. In any case, the aggregate number of newly issued ordinary shares to be allocated to specific persons under the Private

• Mike Cao, Shanghai Mu Yi Investment Advisors Ltd Climate Bonds Standard Bioenergy Criteria - Criteria Document 20 July 2020 • Monica Reid, Kestrel Consulting • Nikos Ntavos, Cluster of Bioenergy

segment. o With two sequential quarters yielding triple digit EBITDA/ton, We are confident to hence- forth report the same for FY 2017. Figure 5: Annual Business Segments-Production Volume and Core EBITDA 7

-2023 ~600kta ROCE 13-15% ~400-450 Adopting best in class international practices Going forward, our MD&A reporting will reflect the Reported EBITDA & Underlying EBITDA in a sequential manner, moving away