Investor Strategies for Incorporating ESG Considerations into Corporate Interactions www.blackrock.com www.ceres.org Century21st Engagement Investor Strategies for Incorporating ESG Considerations into Corporate Interactions [ 5 ] FOREWORD The Value of Our Voice ......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation ...........................................................

+ 𝛾8𝑆𝐴𝐿𝐸𝑆𝑖𝑡 + 𝛾9𝑆𝐴𝐿𝐸𝑆𝑉𝐴𝑅𝑖𝑡 + 𝜀𝑖𝑡 (6) where 𝑅𝐷𝑖𝑡 is research and development expense scaled by a lagged market value of equity. 𝐶𝐴𝑃𝐸𝑋𝑖𝑡 is capital expenditure scaled by lagged market

and private investment going forward. In addition, tourism revenue is expected to rise satisfactorily. Government expenditure is also projected to expand further as infrastructure projects are being

headquarters project and exemption of income tax for income spent for this capital expenditure. (7) Net Profit For Q3/2017 the Company and Subsidiary Companies had Total Consolidated Net Profit of Baht 368.5

almost all nationality groups, especially the number of Chinese tourists. Meanwhile, domestic demand expanded at a gradual pace both the private consumption and investment. Public expenditure remained an

almost all nationality groups, especially the number of Chinese tourists. Meanwhile, domestic demand expanded at a gradual pace both the private consumption and investment. Public expenditure remained an

full-year contribution from Invista Germany. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance

year that IVL realize full-year contribution from Invista Germany. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of

significant debts. So, the company plans to dispose of its investment in the Spring since the beginning of the year 2018 to reduce capital burden and expenditure of the company to be at an appropriate level and

over the last eight quarters. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance sheet and cash