quarter of 2018, the Thai economy expanded well, driven by both growth in the foreign sector and gradual improvements in domestic demand. Merchandise exports improved both in terms of export quantity thanks

December 2018 thanks to strong support from our shareholders. In May 2018, BGRIM was also selected to be in the ESG100 list (Environmental, Social and Governance) by Thaipat Institute to reflect the company

the first quarter of 2019 due to the contraction of corporate loans. However, thanks to the increase in realized interest income according to TFRS9, the impact on interest income is minimal. Interest

quarter as well as a softer demand for biodiesel blending due to the impact from the coronavirus (COVID-19) . Thanks to the government policy to absorb crude palm oil surplus, the government delegated the

. • Interest costs were lower thanks to lower benchmark rates. Taxes were lower due to lower contributions from the USA business, which impacted the regional mix. Indorama Ventures 2nd Quarter 2020 MD&A 2

supported debtors who were affected from the pandemic. Although the loan quality is likely to deteriorate, Thai banks remained sound thanks to close monitoring of credit quality, high levels of capital fund

consumption picked up across all spending categories thanks to improvements in domestic demand supported by various government stimulus measures. Private investment expanded at a higher rate, driven by real

$ 1.9B. Interest cost is expected to come down for year 2020, thanks to lower benchmark rates. Our net operating debt to equity went up to 1.35 times primarily due to the acquisition of Spindletop

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter of 2019. Exports, tourism and private investment – among major economic activities – were hampered by the worse-than-expected global economic slowdown. Meanwhile, consumers’ purchasing power weakened amid high household debt, whereas public investment and the government’s budget disbursement were aff...

transactions. Despite cancellation of fees via digital channels, non- 17 interest income rose Baht 270 million or 1.69 percent thanks to increased revenue from capital market products as a result of one time