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

transaction. The transaction size of Carnival Magic Project, calculated according to the notification of the Capital Market Supervisory Board No. Torjor. 20/2551 Re: Acquisition or Disposition of Assets and the

transactions stipulated in the aforementioned Clauses (1) to (5) are collectively referred to as the “Shares Purchase Transaction”. 1.2 The Company is required to make a tender offer for the remaining

1 25 May 2020 Subject: Notification on Resolution of the Board of Directors’ Meeting No. 5/2020, Change of Directors and Directors’ Power, Entering into Connected Transaction, Entering into

investing in N.E.X.T Company Limited (“NEXT”) by acquiring all shares of NEXT’s existing shareholders (the “Seller”) and by the subscription of NEXT’s newly issued shares (collectively, the “Transaction

“Transaction”). The details of the Transaction are as follows; 1. Acquisition of NEXT Ordinary Shares from the Seller The Company shall acquire 4,750,000 shares at par value of 10 Baht per share, equivalent to

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