solutions ✓ Climate Adaptation solutions Copyright © 2022 by GMO LLC. All rights reserved. For Institutional Use Only | 20 INCORPORATING SUSTAINABILITY IN VALUATIONS Uncertain cash flows; difficult to

focuses on identifying and understanding the extent to which future growth is related to the duration of an earnings string. The rationale is that the longer earnings strings, the more difficult firms

from the expectations of future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could contribute to such differences include, but are not

a QoQ basis. Operating rate for the segment was at 93%. On a YoY basis, core EBITDA increased by 20% but was lower by 14% on a QoQ mainly due to difficult market conditions temporarily influenced by

will be positive • MEG margins difficult to foresee from their strong levels at present • Corpus Christi expected to be delayed into 2020 • No impact from US ADD considered Asia Necessities 59 80 74

information, it is difficult for investors to analyze and make comparison efficiently. Besides, brokers are increasingly leaning toward investment advisory services, especially those related to asset allocation

have laws about this already” – Agencies are staffed by lawyers, not software engineers – Enforcement is very, very difficult • When regulation comes to crypto, it will likely be voluntary, driven by

consultations are performed for difficult or contentious matters? If yes, please describe the responses to quality risks to the following questions. - Have the conclusions reached been implemented? If they were

.   Regarding the next 15-year perspective, the Secretary-General said: “It is difficult to make a clear-cut prediction while the digital asset industry is in constant, dynamic change. Nevertheless, the SEC is

signs MOU with Central Institute of Forensic Science to increase efficiency in testing evidence of offenses in the capital market. capital market are complicated and finding the evidence is difficult