2018 MD&A 5 o Avgol enhances IVL's HVA portfolio and market share in the hygiene segment and as the leading producer in Russia and India. o Kordarna (completed 30 Oct, 2018) - propels IVL to a leading

., (“CPN Pattaya”), a wholly owned subsidiary of CPN, acquired shares of GLAND equivalent to 50.43% of total issued and paid-up shares, for THB 10,162 mn, or at THB 3.10 per share, from a total of 5

the vote of the shareholders having a conflict of interest. As the Company will pay for acquired assets with share of WCIH, it is considered as two transactions; the acquisition and disposition of

Thailand’s macroprudential measures, will help reduce risky loans. Increasing bank reserves and relatively high levels of capital will continue to help banks to face challenges. Additionally, commercial banks

Amount of Shares Percentage 1. NMG 30,599,999 90% - - 2. South East Asia University 3,400,000 10% 3,400,000 10% 3. Ms.Duangkamol Chotana 1 - 1 - 4. A person who buys NU share from NMG - - 30,599,999 90

Bangkok Business Broadcasting Company Limited), a subsidiary in which the Company holds 149,900,002 ordinary shares with a par value of Baht 10 per share, equivalent to 99.9333 percent of total ordinary

Quarter Change (%) 1/2018 4/2017 1/2017 4/2017 1/2017 Net profit * 9,005 8,496 8,305 6.0% 8.4% Earnings per share (Baht) 4.72 4.45 4.35 6.0% 8.4% Net interest margin 2.34% 2.31% 2.35% 0.03% (0.01)% Net fees

materials) where global demand is increasing at around 5%. With the acquisition of these leading downstream businesses consisting of both Ethylene Oxide and Indorama Ventures 2nd Quarter 2019 MD&A 4 Propylene

increasing demand for business credit, especially from large corporates in the food and beverage, petroleum and transportation sectors, as well as from small and medium sized businesses in food and beverage

attributed mainly by number of factors, namely 1.) Growth in Tourism sector from visa-on-arrival measure and Hong Kong disturbance which reflects an increasing in tourists 2.) Government spending for