(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

Ft rate increased. The company’s financial position: As at 30 September 2017, GPSC and its subsidiaries' total assets increased by Baht 280 million or 0.5% mainly from the increase in the investments

the increase in natural gas prices and Ft rate. Financial position: As of 30 September 2018, the company and its subsidiaries' total assets increased by Baht 4,310 million or 7% from 31 December 2017

tariff 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 increased 2.7% y-on-y and

) หนาท่ีภายหลงัการขายใบทรัสต - สงมอบใบทรัสต รายงานผลการขาย จัดทํารายงานและเปดเผยขอมูล 2. ลักษณะทั่วไป 2.1 หลักทรัพยประเภท “ใบทรัสต” 2.2 กองทุนปด (ไมรับซื้อคืนใบทรัสต) 2.3 ตอง listed ใน SET 3

(136) 29 (28) (209) 1 Gain (loss) from foreign currency forward contracts 95 (11) 27 95 16 Gain (loss) on foreign exchange (39) 57 168 133 225 Loss from impairment of assets (412) - - (412) - Share of

Limited To: Secretary-General, The Office of The Securities and Exchange Commission (the “SEC”) President, The Stock Exchange of Thailand (the “SET”) Board of Directors and Securities Holders of Glow Energy

Central Bankruptcy Court on December 11, 2015. On March 7, 2016, the Central Bankruptcy Court ordered to freeze the defendant’s total assets. Later, on November 30, 2017, the Court issued a judgment for the

Bankruptcy Court ordered to freeze the defendant’s total assets. Later, on November 30, 2017, the Court issued a judgment for the debtor to go bankrupt. On April 2, 2019, the Executing Officer has enforced the

and enforcement mechanisms. However, the measures set forth in the IOSCO CRA Code are not intended to be all-inclusive: CRAs and regulators should consider whether or not additional measures may be