extremely high volatility which included triggering the SET circuit-breaker 3 times. Each large movement also triggered a massive change in the Delta hedge position within a very short period of time. These

earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher

unable to come to terms on oil production cuts; triggering an oil price war. Which subsequently, bringing about a state of excess supply within the market that put pressure on the price of crude oil to

1 Ref. No. JUTHA-10/2563 November 2, 2020 Subject: Amendment of Articles of Association, Debt to Equity Conversion Constituting a Connected Transaction, Issuance and Offering of Newly Issued Ordinary Shares to Specific Investors (Private Placement) constituting a Connected Transaction, Reduction of Registered Capital, Increase of Registered Capital, Amendment of Memorandum of Association, Waiver from the Requirement to Make the Tender Offer for all Securities of the Business by Virtue of the res...