require investing more of their assets in one company than may be prudent. To overcome this asymmetry which favours diversification, they should be allowed, and even encouraged, to co-operate and co

/or Audit Committee which is different opinion from the Board of directors None The Company certifies that all information contained in this information memorandum is true, accurate as well as prudent

this information memorandum is true, accurate as well as prudent and depending on maximizing of shareholder interest. In addition, the proposed of this information memorandum is for providing information

approval. Once approved, the draft will be placed on the meeting agenda and submitted to the SEC Board for consideration not less than seven days prior to the meeting. In order to make careful and prudent

while other non-interest income declined yoy. Overall operating expenses also declined from effective cost management when comparing to the same period last year. The Bank continued to remain prudent when

Landscape Conservation/Restoration - Surface of protected, safeguarded and/or rehabilitated natural landscape areas (or protected areas) in km² or % - area under certified land management in km² or in

prudent measure in provisioning for 5 additional impairment on revaluation of foreclosed. After assessing the continued uncertainties from the current situation, the Bank also prudently set up additional

2017 and 34.7 to 36.2 in 2016. However, the company has no policy to speculate on the exchange rate but continues its prudent policy in the full hedging on net position of each currency’s exposure to

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent

earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher