Are Value Premiums Driven by Behavioral Factors? Are Value Premiums Driven by Behavioral Factors? Kanis Saengchoteα Sampan Nettayanunβ αChulalongkorn Business School βFaculty of Business, Economics

Bangkok, 15 January 2018 ? The SEC has announced today the three-year Strategic Plan 2018-2020 with more focus on provision of wealth advice for long-term well-being of investors and promotion of sustainable efficiency in all aspects of market development.The plan involves several key implementations, including support for entry of wealth advisory service providers, optimum utilization of technologies and innovations to facilitate fast and convenient market access, more efficient cost management...

SEC’s key strategies on tech-driven sustainable growth and prosperity. The conference which attracted more than 300 participants from leading organizations was held at the Centara Grand Hotel

our view is overstated. We are surely in a backwardation where current deliveries are fetching steep premiums. The positive sentiments are driven by the vaccine rollouts which in many countries is just

6661 Fax: +662 661 6664 1 2019 IVL Performance Summary IVL registered volume growth of 18% in 2019 driven mainly by inorganic expansion. Industry-wide spreads declined to historical lows in 2019, leading

this momentum to continue in the quarters to come. 1Q 2018 Highlights  Core EBITDA increased 49% year-on-year to $326 million, driven by strength in all segments and structural improvement in the

up 56%  Driven by positive internal and external outcomes  LTM 2Q18 Core EPS THB 3.86 – up 61% YoY post 9.8% dilution from warrants exercise  Net Operating D/E 0.45x, Core ROCE 15.8% on LTM 2Q18

 Core EBITDA increased 40% YoY to $409 million, with gains across all segments and regions, driven by volume growth from new and existing assets and higher overall EBITDA per ton.  Core EBITDA per ton of

quarter driven by resilient sales and margins in Integrated PET, USA PX and PIA businesses. Core net profit grew to THB 1.6B • Core EBITDA grew in all segments and in all regions as our products primarily

growth driven by lifestyle fibers growth in India (IRSL). IVL reported US$281M of core EBITDA registering a more pronounced decline yoy as spreads came off from a strong 3Q18. IVL reported US$405M of OCF