, 2017 which decreased from the same period last year more than 20% as follows: 1. Operating Results Q2 Q2 Change 6 months 6 months Change Unit : Million baht 2016 2017 Amount % 2016 2017 Amount % Revenue

value of the associates for the year 2017 and the total amount Consolidated Separate Amount Change Amount Change 2017 2016 Amount % 2017 2016 Amount % Revenue from sale – net 1,444.62 1,370.78 73.84 5

previous year were as highlighted below; Separate financial statements (Unit : Million Baht) Q2/2019 Q2/2018 % Change 6 Month 2019 6 Month 2018 % Change Sales and Service Income 516 467 10 1,001 934 7 Cost

Microsoft Word - set-E _BOD 4-2019_ mh.doc 1 Ref: CSO. 018/2019 Date: 21st August 2019 Subject: The approval of financial statements, the change of directors, the appointment of Chairman of the Audit

Quarter 1 Consolidated Separate 3 months Change 3 months Change 2018 2017 Amount % 2018 2017 Amount % Revenue from sale – net 370.47 402.43 -31.97 -8% 364.64 398.50 -33.86 -8% Other incomes 11.06 7.31 3.75

sales revenue [-2%], stronger THB/USD exchange rate [-2%], change in product mix [-1%] and higher labour and salaries expenses [-1%] . Page 1 of 3 Operating Profit Analysis Year-on-year operating profits

2018. A summary of the Company’s operating performance in 2019 and 2018 is shown in the following table: FY2019 FY2018 % Change FY2017 % Change [Amount in Baht Million] Y-o-Y Y-o-Y [2019 VS. 2018] [2018

Ratio (Times) 0.70 0.65 8) Debt Service Coverage Ratio (Times) 6.96 5.66 9) Book Value per Share (Baht) 41.84 41.26 * Not included the change in lease receivable (Million Baht) 418.18 898.36 ** Data for

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

Baht) Consolidated Financial Statements 3Q'19 3Q'18 % YTD YTD % Change 2019 2018 Change Total Revenue 452.8 443.4 2.1% 1,387.3 1,288.9 7.6% - Utilities Business 449.8 442.3 1.7% 1,381.4 1,287.0 7.3