Debt Instrument Investment Consultant

Verification of Foreign Collective Investment Scheme and Announcement of Qualifying Scheme

of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition or Disposal of Assets B.E. 2547 (2004) (collectively the “Announcement of the Acquisition or

Re: Reporting of Information Disclosure of Debt Securities Issuers After Offer for Sale of Debt Securities (Codified)

to bond issuance?. The paper showed positive response of listed companies? share prices to debenture issuance announcement, supported by the trade-off theory, weighting costs and benefits of debt

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

resume some business activities, according to Emergency Decree Announcement No. 7. For the six-month operating period ending June 30, 2020, in the consolidated financial statement, the Company booked a net

714 million, remaining by Baht 313 million. And repayment loan to GJ Steel Baht 94 million (At year ended, no outstanding debt with GJS) and it had reclassified from current liability to non-current

due to lower prices. Net debt to equity is at 0.99 times, well below IVL’s covenants, and supported by stronger operating cash flow. The dividend payout of THB 1.225/share for 2019 remains higher than

Oxides and Derivatives (IOD) segment’s continued development as envisaged in our strategy announcement in February 2019 and includes much sought-after portfolios of value-added EODs and Propylene Oxide (PO