Operating Debt to Equity (times) 0.39 0.54 0.80 (51)% 0.39 0.80 (51)% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may

% or THB 13,902mn from 31 December 2017, mostly from the EBT of UE, which was funded by a capital increase via issuance of preferred shares in the first quarter  Net debt to equity ratio as of 31

generation capacity and 10 tons per hour of steam generation capacity with the project cost of approximately Baht 3,105 million (the debt proportion is approximately 75 percent and the equity proportion is

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

Net operating debt to equity at 0.61 times with strong operating cash flow. Dividend payout remain much higher than its stated policy of 30% of net profits. Perpetual debenture of THB 15b refinanced at

(THB) 0.43 0.25 0.85 +0.19 (0.42) Core EBITDA/T ($) 94 92 115 2% (18)% Operating Cash Flow5 300 340 385 (12)% (22)% Net Operating Debt to Equity (times) 1.32 1.35 0.65 (2)bps +67bps * Integrated Oxides

$ 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

Acquisition of Assets and the Connected Transaction 2. Information Memorandum regarding the offering of the newly issued ordinary shares to specific investors (Private Placement) 3. Capital Increase Report Form

manufacturers. Based on the Bank in-house research, new car sales for the year 2018 is projected to grow at 6.0%. In the equity market, the average daily turnover (SET and mai) for the year 2017 decreased 4.6

of car manufacturers. Based on the Bank in-house research, new car sales for the year 2018 is projected to grow at 6.0%. In the equity market, the average daily turnover (SET and mai) for the year 2017