percent as at September 30, 2017 or an increase of 4.45 percent, due to the increase in annualized projected annual net profit of 11.82 percent and there was a decrease in the shareholders' equity of 9.77

to 31.77 percent as at June 30, 2019 or an increase of 10.99 percent, due to an increase in annualized projected annual net profit of 62.70 percent but there was an increase in the shareholders' equity

percent as at end of 2018 to 29.60 percent as at September 30, 2019 or an increase of 8.82 percent, due to an increase in annualized projected annual net profit of 49.51 percent but there was an increase in

burden of SME and consumers and increase liquidity in the markets and to further support the fiscal measures that have already been introduced earlier. For 2020, the Thai economy is projected to contract

Group’s ROE increased from 26.37 percent as at end of 2019 to 33.67 percent as at June 30, 2020 or an increase of 7.30 percent, due to an increase in annualized - 7 - projected annual net profit of 22.75

and increase liquidity in the markets and to further support the fiscal measures that have already been introduced earlier. 3 For 2020, the Thai economy is projected to contract significantly due to (1

stance will bring confidence, and help fostering market mechanism and standard practices that they can follow. For investors, appropriate regulation can incentivize market solutions to help investors

business cycles. These segments are also poised for healthy growth momentum and thereby support IVL overall growth strategy. IVL foresees the ability to invest $3 to 4 billion of projected free cash flow

lowering the policy rate. According to the BOT’s Thailand economic outlook, the Thai economy is projected to contract by 5.3 percent in 2020 (under the key assumption that the Covid-19 outbreak in Thailand

%) on a slower-than-expected recovery of the tourism sector. For the full year 2020, the Thai economy is projected to contract significantly and face several downside risks including (1) the prolonged