ready to comply with the new accounting standard to be enforced in January 2020. Likewise, we have been well-prepared for the implementation of IFRS 16 Leases. 8 2. Risk Management and Risk Factors 3 2.1

requirements to be fully enforced in 2019, as well. These new standards may eventually affect provisioning expenses, risk calculation and capital maintenance of commercial banks. All of these factors may change

, lower heavy crude exports from Venezuela after the US government imposed sanctions, resulting in a lower quantities of fuel oil export to Singapore. Management Discussion and Analysis of Business

arranged for the person with the characteristics under (1)(2) or (3) to avoid compliance with the regulations for consideration under (1)(2) or (3) imposed by the SEC Office. Clause 18 The provisions under

(3) to avoid compliance with the regulations for consideration under (1)(2) or (3) imposed by the SEC Office. The provisions under Paragraph 1(1) and (2), as the case may be, shall not apply to such

(3) to avoid compliance with the regulations for consideration under (1)(2) or (3) imposed by the SEC Office. The provisions under Paragraph 1(1) and (2), as the case may be, shall not apply to such

consideration under (1)(2) or (3) imposed by the SEC Office. The provisions under Paragraph 1(1) and (2), as the case may be, shall not apply to such person having the characteristics under Paragraph 1(1) or (2