natural hedge against short-term volatility in product margins.  Core EBITDA margin has enhanced from 6.4% in 2013 to 11.4% in 2Q17 and this is targeted to fur- ther improve from the various strategic

, the Company continues to achieve the targeted rental rate growth for the rest of the shopping malls. The same store rental revenue excludes that of 1.) the new mall in 2018, namely Central Phuket

competition in certain areas, such as Nakhon Ratchasima. Overall the Company continues to achieve the targeted rental rate growth for the rest of the shopping malls. The same store rental revenue excludes that

) provide the required level of confidence that the targeted outcome is being achieved, and (iv) align with SDG indicators and the National Development Strategy/(ies) in the relevant country/(ies) of

Federation of Accounting Professions (“FAP”), the Stock Exchange of Thailand (“SET”) and other regulators, has focused on activities that would increase awareness and understanding of roles and

percent in December 2018 (Source: Ministry of Tourism and Sports). In year 2018, CLMV routes were more focused according to passenger travel demand especially in Vietnam, Laos and Myanmar. The Company

Fibras Brazil and the HVA-focused UTT. The quarter was adversely impacted by the extended shutdown of the EO-EG facility in the US and a further decline in IPA margin. On the sustainability front, IVL

benefitted from M&G Fibras Brazil and the HVA-focused UTT. The quarter was adversely impacted by the extended shutdown of the EO-EG facility in the US and a further decline in IPA margin. On the sustainability

geographies. This performance reflects strong demand for our products, structurally higher margins and utilization rates, and the results of our long-term investment strategy. The business remains focused to

Ventures 3rd Quarter 2018 MD&A 6 Portfolio Performance We have strong momentum across our diversified portfolio and the business remains focused to benefit from the likely continuation of the mid-cycle