MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q2 2019 Executive Summary Received Awards from Well Recognized Magazine and Government Agency On 19 June 2019, the company has submitted Delisting Tender Offer of the

recognized Magazine and Public Organization Update of Projects in 2019-2020 • In 2019, the company can recognize the operating results from projects which have commenced operations as follows: - Rayong Central

, increased by THB 3,501 million or 96% from Adjusted Net Income of the first nine months of 2019 which was mainly due to the following: • Full Q1 and Q2 results of GLOW were recognized in 2020, while in 2019

Office or the organizations recognized by the SEC Office, as specified in the tables of qualifications for each category of personnel as attached to this Notification. Clause 14 Personnel in the capital

work experience and [ii] attend training courses or pass the examination of courses provided by the SEC Office or the organizations recognized by the SEC Office, as specified in the tables of

which requires the purchaser to divide the transfer fee by half with the seller, while stipulating that the seller is responsible for payment of income tax on revenue gained from the sale of the asset

quarter of 2017, due mainly to an increase of Baht 2.6 billion in gains on investments and Baht 520 million in other operating income as the Bank recognized a profit sharing from the management of the

party purchaser won the auction of the Company debtors’ collateral and once recognized accrued income from auction sale. 4 Cash collected from NPL management business is calculated from the sum of ( i

of our debtors’ collateral and we once recognized accrued income from auction sales. See “-Accrued income from auction sale.” 5 Cash collected from NPL management business is calculated from the sum of

life. The company is recognized for their market leadership and product innovation, and is constantly inventing and developing new uses for their products. Figure 2: IVL’s Business Profile Note: Segments