and (2) stochastic behavior. • Inflated Funeral Costs 9 Disciplined Saving Inflated Subsistence Level The Model (3) • The Disciplined Saving Rate Ω∗ in the Risk Management Framework 10 Method and Data
capital market, or lacking trustworthiness as specified as prohibited characteristic in Group 1 under Clause 29; (2) having a record of being punished or legally proceeding against for management in the
action against or being punished in the past according to the management in the manner of deception, defraud or dishonest to properties as prescribed in Clause 25; (3) prohibited characteristic of Group 3
provide scale benefits and improve operating capabilities. In response to industry headwinds, Management has improved its special focus on cost and working capital optimization programs. Disciplined
persons in accordance with their respective regulations, the SEC Office may not proceed in accordance with Clause 24 on such persons if the SEC Office deems that such persons have already been punished
if the SEC Office deems that such persons have already been punished appropriately. The provision under the first paragraph shall not be applicable to the case that Stock Exchange or the derivatives
the HVA business of $542 milion for the first time in several quarters. Our more disciplined Western businesses of North America and EMEA accounted for 79% of 1Q 2018 LTM earnings, whereas the Asian
persons in accordance with their respective regulations, the SEC Office may not proceed in accordance with Clause 24 on such persons if the SEC Office deems that such persons have already been punished
believes that there will be financial headroom of around $ 4 billion for further investments based on its projections of internal cash accruals and prudent borrowing. IVL is poised to grow in a disciplined
projections of internal cash accruals and prudent borrowing. IVL is poised to grow in a disciplined manner and pursue its consistent strategy of prudent in- vestments in higher-margins HVA businesses