be lower than expected due to weakness in MEG margins (high inventories and new capacity additions) and low ethane-ethylene spreads in USA. Indorama Ventures 1st Quarter 2019 MD&A 9 Specialty Chemicals

mainly to increases in yield on loans and interbank and money market items, coupled with lower cost of deposits following an expansion of low-cost deposits in savings and current accounts. In the first

partially offset by significant cost increase of secondary raw material. Earnings Analysis 2Q 2018 core EBITDA increased by 63% to $388 million year-on-year.On a portfolio basis, IVL achieved a Core EBITDA

this transaction is reasonable and beneficial to the business processes of both companies in consider to optimize capital management and minimize financial cost. The risk of not receiving repayment

mainly to the increases in yield on earning assets in all categories and lending volume, coupled with the lower cost of deposits following an expansion of low-cost deposits in savings and current accounts

2015 was published in the Government Gazette on 25 June 2015. 8 Diagram showing infrastructure funds’ risk levels and a summary of important risk factors Low risks/complexity High risks/complexity Money

ตน้ทุนของการลงทุน โดยท่ี WACC ค านวณจากแนวทาง “the International Cost of Capital” (“ICOC”) ข. วนัท่ีท าการประเมินมูลค่าคือ 31 มีนาคม 2560 ค. WACC (Weighted Average of Cost of Capital) คือ ตน้ทุนทางการ

% (0.39)% (0.23)% 2.31% 2.42% (0.11)% Net fees and service income to operating income ratio 17.4% 24.1% 21.2% (6.7)% (3.8)% 20.4% 22.5% (2.1)% Cost to income ratio 46.5% 43.1% 45.3% 3.4% 1.2% 45.0% 44.0

income 21,604 29% 14,260 15% 18,165 20% Total income 73,496 100% 95,677 100% 91,337 100% Cost of sale of goods and rendering of services 48,246 49,567 48,021 Selling and administrative expenses 56,130

investment amounted to THB 3,890 million; with total liabilities of THB 3,528 million; and total equities of THB 9,265 million. In this regard, the company remains strong in a financial position with low debt