for Application for Offer for Sale of Newly Issued Securities and Application for Securitization Project on the date when a set of complete and accurate application together with the evidentiary

amount totaling THB 350,000,000 at the rate of THB 0.35 per share and set the record date on 28 August 2017; to gather the names pursuant to section 225 of the Securities and Exchange Act by way of book

1st quarter of 2016 to 3-in- 1 and RTD Coffee marketed since the 2nd half of 2016. Product strategies also include the shaping up of additional revenue stream from distribution of diversified set of 3rd

charged by the subsidiary of EVN which our power selling prices are set at a premium to. Steam Sales to Industrial Users (IUs) • Steam sales to industrial users in Thailand decreased 1.9% year-on-year from

2.49/KWh for the six months ended June 30, 2017, primarily due to a decrease in 5 the prevailing retail tariff charged by the subsidiary of EVN which our power selling prices are set at a premium to

3rd quarter of 2017, which the realized net profits in 2017 was consisted of gain on sales of subsidiary’s assets for THB 156.57 million. Gross Profit (Loss) The Company has a gross loss from sales of

EBITDA excl. TFRS 9 and 16 3,174 3.3% 10,414 9.8% (7,240) (69.5%) Normalized Profit excl. TFRS 9 and 16 (1,504) -1.6% 4,012 3.8% (5,516) (137.5%) Financial Position Total assets 245,279 186,945 58,333 31.2

% Financial position Total assets 250,326 186,945 63,380 33.9% Total liabilities 189,609 145,986 43,623 29.9% Total equity 60,716 40,959 19,757 48.2% (1) (1) (1) (2) Central Retail Corporation Public Company

and has registered as an oil trader under Section 7 of the Fuel Trade Act B.E. 2543 since the September 9, 2020. However, the Company aware of the price fluctuation risks, has set the policy determined

(0) 2661-6664 2 INDORAMA VENTURES PUBLIC CO., LTD (SET: “IVL”) MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) FOR THE YEAR ENDED DECEMBER 31, 2017 (CONSOLIDATED) Table 1: Financial Summary - Core Financials