integration of acquired businesses, the start of earning recovery in our high-volume Necessities business and our stable but higher-margin HVA business. We delivered record earnings and cash flows and expect

arising from increasing ASEAN financial and economic integration • Increases the Bank exposure towards high growth markets • Enhances cross-border capabilities for Thai corporates in their increasing

depend on the Technical Working Group deciding that such criteria are robust and workable enough to be adopted. Examples might look like the tightening of thresholds, or new ways of determining what an

N/A N/A 746,100 KPI 3 2019 (Baseline) 41% 97% 100% N/A Table 2–VE’s assessment of CHANEL’s SPTs Level of ambition4 KPI 1 ROBUST KPI 2 ROBUST KPI 3 ROBUST 1 This opinion is to be considered as the

1,748mn and 273mn, respectively. Our robust operating and financial performance are a direct reflection of successful implementation of digitalisation strategy, strategic acquisitions as well as the

feedstock in North America, an advantaged cost base that gives the region an edge over Asian peers. Asian integrated margins are on naphtha feedstock, whereas IVL has been able to create integration using the

Oster’s (2019) testing for coefficient stability. Our results survive all the robustness checks and thus appear to be strongly robust. Therefore, our results likely reflect a causal effect, rather than a

strategic integration. Our diversified portfolio provides an earnings mix that combines the higher-volume Necessities (80% of 2Q 2018 LTM volume), now with improving margins, and stable-margins HVA business

Chief Executive Officer. During the past year, Mr. Leung has been invaluable in bringing about the integration of Offline-to-Online (“O2O”) Solutions and driving VGI’s development. Going forward under Mr

(“MACO”) will be completed in 3Q 2018/19. This restructuring enables VGI to focus on building the most robust offline-to-online or online-to-offline (“O2O”) ecosystem in Thailand and designates MACO as the