which the Bank of Thailand projected to record growth of 3.5 percent in 2017, and 3.7 percent in 2018 (as of June 2017). However, the economic growth in the period ahead still challenge with uncertainties

mentions, the Thai economy was expected to improve further which the Bank of Thailand projected to record growth of 3.5 percent in 2017, and 3.7 percent in 2018 (as of June 2017). However, the economic

and private investment going forward. In addition, tourism revenue is expected to rise satisfactorily. Government expenditure is also projected to expand further as infrastructure projects are being

was expected to gain further growth which the Bank of Thailand projected to record the growth of 3.8% in 2017 (as of September 2017). However, the economic growth in the next period still challenge with

further growth which the Bank of Thailand projected to record the growth of 3.8% in 2017 (as of September 2017). However, the economic growth in the next period still challenge with uncertainties from both

positively to the growth in EBITDA in 2019. As highlighted in the 2019 Capital Market Day presentation, IVL foresees the ability to invest $3 to 4 billion of projected free cash flow over the next 3-4 years

of which are contributing positively to the growth in EBITDA in 2019. As highlighted in the 2019 Capital Market Day presentation, IVL foresees the ability to invest $3 to 4 billion of projected free

but slower than the previous quarter because of the deceleration of exporting sector and the world economy. Merchandise exports were projected to recover more slowly than expected due to the slowdown in

compared to the past year. In addition, the tax expense of the company is forecasted to grow as the Sriracha Power Plant has fully utilized BOI benefits for tax exemption in 2017 and the many BOI benefits

Utilities and in preparation for COD of IRPC-CP Phase 2” 2 Management Discussion & Analysis (MD&A) Q3/2017 Management Discussion & Analysis Thailand’s overall economic has been forecasted to grow around 3.6