, returns and financial statements • All stocks that listed in Thailand, active and inactive • SET + MAI • July 2001 - July 2022 • Follow Fama and French (2018) and Hou et al. (2015) for factor construction

4,411 10% PET 1,066 947 949 12% 2,013 1,828 10% Fibers 377 363 348 8% 739 690 7% Feedstock 1,103 1,016 926 19% 2,119 1,893 12% West Feedstock 775 717 619 25% 1,492 1,306 14% Asia PTA 328 299 307 7% 627

305 454 114 113 859 1,112 สิบสองเดือนส้ินสุด 1Q2560 สิบสองเดือนส้ินสุด 1Q2561 Asia Necessities West Necessities HVA 37% 45% 29% 34% 34% 21% ปริมาณการผลิต Core EBITDA Asia EMEA NAM ความหลากหลายในสัดส่วน

by low core ROCE for EMEA region and EBITDA/t due to transition year of Artlant PTA and Egypt PET acquisitions made in last six months undergoing startup/ramp-up.  Improvement in West PTA and PET

-2741-5700-5 / Fax 0-2741-6878 / Company Tax ID : 0107545000021 No. Asset Acquisition Transaction Value (Million Baht) Transaction Size (Percent) Board of Director’ Approval Date 3. Universal West

2,818 2% PET 5,468 4,266 28% 1,302 1,499 1,092 19% Fibers 1,819 1,545 18% 420 537 398 5% Feedstock 5,053 4,608 10% 1,158 1,309 1,328 (13)% West Feedstock 3,436 3,250 6% 841 846 896 (6)% Asia PTA 1,617

Director’ Approval Date Universal West Management Co., Ltd. 135.00 6.90 April 9, 2019 The Details of Transaction 2.1 Ferrum Energy purchases Eco’s shares from Ms. Suyanee Suwanyos by 122,266,665 shares and

32% 1,797 1,501 20% Feedstock 1,309 1,369 1,161 13% 5,223 4,316 21% West Feedstock 846 952 862 (2%) 3,490 3,078 13% Asia PTA 463 417 299 55% 1,732 1,238 40% Operating rate (%) 86% 87% 87% (1%) 86% 88

4 540 459 557 307 159 100 1,262 879 สิบสองเดือนส้ินสุด 2Q2561 สิบสองเดือนส้ินสุด 2Q2560 Asia Necessities West Necessities HVA 471 256 216 201 569 410 1,262 879 สิบสองเดือนส้ินสุด 2Q2561 สิบสองเดือน

got offset by the increasing demand in the West for IVL products due to industry supply tightness as mentioned earlier.  The planned maintenance shutdown of an Indonesia facility impacted fibers