business. Financial Cost Total cost of financing primarily resulted from interest costs in association with project loans, which are capitalized as development costs for respective projects till completion

1 | P a g e Pace Development Corporation Public Company Limited 87/2 CRC Tower All Seasons Place, 45th Floor, Unit 4, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Tel. 66 2 654 3344 Fax. 66 2 654

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assigned the company rating of “A-” (Single A Minus), affirms the rating of LH BANK’s hybrid Tier 2 capital securities at “BBB” and the results also affirmed the rating on credit alert with a “positive” by

of tire-cords to the global tire industry which is growing at healthy rates.  Feedstock now contributes to around 50% of the earnings, making it the single largest segment, and provides IVL the

rating of “A-” (Single A Minus), affirms the rating of LH BANK’s hybrid Tier 2 capital securities at “BBB” and the results also affirmed the rating on credit alert with a “positive” by TRIS Rating. Branch

Limited is assigned the company rating of “A-” (Single A Minus), affirms the rating of LH BANK’s hybrid Tier 2 capital securities at “BBB” and the results also affirmed the rating on credit alert with a

50% of the earnings, making it the single larg- est segment, and provides IVL the ability to capture a larger portion of the value chain as well as re- liably meet customer needs across geographies

company rating of “A-” (Single A Minus), affirms the rating of LH BANK’s hybrid Tier 2 capital securities at “BBB” and the results also affirmed the rating on credit alert with a “positive” by TRIS Rating

with high level of loan loss provision and capital fund to facilitate further credit expansion. Credit Rating Land and Houses Bank Public Company Limited is assigned the company rating of “A-” (Single A