next wave of growth in the Americas 2018 Corpus Christi (1/3 ownership in JV)  Significant step forward in IVL value- creating strategy underpinning strong growth momentum  Creates new and exciting

a lower core EBITDA of US$201M, due to a significant decline in industry margins and spreads across the business. The decline in margins reflects the sharp contraction in industry- wide spreads across

USA PX and global PIA business as feedstock costs have come down. • Integrated oxide and derivatives business has seen significant growth in volumes and earnings primarily driven by the first time

partially offset by significant cost increase of secondary raw material. Earnings Analysis 2Q 2018 core EBITDA increased by 63% to $388 million year-on-year.On a portfolio basis, IVL achieved a Core EBITDA

markets went into a tailspin, whereas turbulence was seen in manufacturing, service and tourism sectors, which in turn dampened domestic spending sentiment. The situation adversely affected the government’s

quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Second Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant

exhibited signs of ongoing growth, driven largely by exports and tourism. This is in line with the overall global economic improvement. Domestic spending enjoyed promising growth, as evidenced by brighter

Global and Thai Economy in the Third Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 2 2. Risk Management and Risk Factors 5

number of foreign tourists, which were hit by various restrictions including the ban of all international flights to Thailand. Merchandise exports are expected to shrink due to a significant slowdown in

. This was driven by a significant decrease in advertising and promotional expenses in the UK market under the operation of ICUK aligning to the spending control scheme in order to achieve an appropriate