since 3Q18 and is continuing this practice. Overall, we believe that with promising opportunities in new growth engine segment, supported by well- established existing busineses, IVL portfolio is poised

increase of revenue from office segment and management income • EBITDA stood at THB (93)mn, largely from the shortfall of revenue, partially relieved by lower operating costs and selling and administrative

due to lower prices. Net debt to equity is at 0.99 times, well below IVL’s covenants, and supported by stronger operating cash flow. The dividend payout of THB 1.225/share for 2019 remains higher than

EBITDA as well as increased share of profit from joint ventures and lower finance costs. • Total assets as of 31 December 2019 stood at THB 53,531mn, decreasing by 0.8% or THB 429mn from 31 December 2018

16% 0.87 0.71 0.75 16% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated

elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated financials due to holding segment 3Core EBITDA is Reported EBITDA less

as well as declining PX prices are expected to be the main drivers for strong performance of Integrated PET chain. In the Fibers segment, we expect higher utilization rates and earnings per ton as our

Operating Debt to Equity (times) 0.39 0.54 0.80 (51)% 0.39 0.80 (51)% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may

materials. 6 Integrated Oxides and Derivatives It has been a challenging quarter and also the year for this segment. EO, which represents around 40% of our production volume has performed well. EO margins

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