joint partnership in a World Class Asset with long continuous production life, the oil produced is highly priced light crude oil. The investment is a considerable progress made on the foundations laid by

1 (-Translation-) Ref. No. IRS.025/2019 October 31, 2019 Subject Acquisition of Shares in Hello Bangkok LED Co, Ltd., which is an Assets Acquisition Transaction of the Company, Issuance and Offering of the Newly Issued Ordinary Shares of the Company through a Private Placement which is a Connected Transaction, Capital Reduction, Capital Increase, Entering into the Right to Sell Advertising Media Agreement which is a Connected Transaction, Appointment of the Independent Financial Advisor and Call...

1 (-Translation-) Ref. No. IRS.025/2019 October 31, 2019 Subject Acquisition of Shares in Hello Bangkok LED Co, Ltd., which is an Assets Acquisition Transaction of the Company, Issuance and Offering of the Newly Issued Ordinary Shares of the Company through a Private Placement which is a Connected Transaction, Capital Reduction, Capital Increase, Entering into the Right to Sell Advertising Media Agreement which is a Connected Transaction, Appointment of the Independent Financial Advisor and Call...

1 (-Translation-) Ref. No. IRS.025/2019 October 31, 2019 Subject Acquisition of Shares in Hello Bangkok LED Co, Ltd., which is an Assets Acquisition Transaction of the Company, Issuance and Offering of the Newly Issued Ordinary Shares of the Company through a Private Placement which is a Connected Transaction, Capital Reduction, Capital Increase, Entering into the Right to Sell Advertising Media Agreement which is a Connected Transaction, Appointment of the Independent Financial Advisor and Call...

from operations increased from the last year by Baht 1,347.28 million or 25.90%. We have managed to grow our asset base comfortably at around 7.6%, which is considered to be an appropriate level given

trend. Therefore, it caused the brand royalty to be less. The Company managed the risks by listening to the comment and suggestion from different groups of consumer in order to develop the merchandises

SET and mai but excluding proprietary trading 14  Investment Business Investment Business is managed by 3 departments in which Phatra operates direct investment business, by Direct Investment

structural change in the business outlook of PET, and is an oppor- tunity for well-managed and committed PET producers like IVL to align supply reliability to customers. We benefitted from the instability

structural change in the business outlook of PET, and is an oppor- tunity for well-managed and committed PET producers like IVL to align supply reliability to customers. We benefitted from the instability

 Investment Business Investment Business is managed by 3 departments in which Phatra operates direct investment business, by Direct Investment Department (“DI”), with medium to long-term investment horizon