Electricity General Authority of Thailand (EGAT) had a reserve shutdown. In addition, the revenue from selling electricity of Houay Ho power plant fell mainly due to the lower dispatch volume and fall in

., Nongeiroon, Banbueng, Chonburi, Thailand 20220 Tel. 038-160707 Fax. 033-047348 www.ndrubber.co.th No. NDR007/2019 14 November 2019 Subject: Management Discussion and Analysis (MD&A) Report for Q3/2019

recorded total sales volume increased 5% YoY, mainly from the retail market increasing by 7% YoY, stemming from the company’s strategy to focus on expanding its customer base, and to actively push the sales

Industrial Users (IUs) – Thailand • Electricity sales to industrial users in Thailand in Q1’2020 was stable y-on-y at THB 2,555 million. • The volume of electricity sold to IUs in Thailand was quite stable

future projects. In terms of the progress on Delisting Tender Offer of GLOW, the process was completed on 2 December 2019 and GLOW has been delisted from being listed on the Stock Exchange of Thailand on

/ litre respectively from October 2019 onwards. In addition, the Electricity Generating Authority of Thailand ( EGAT) has been assigned to purchase crude palm oil to produce electricity continuously

performance of power business in 1Q2020 continued to be solid with Normalized Share of Profit of Baht 250.7 million, comparing to Baht 184.8 million of 1Q2019. Sale volume of Utilities business in Thailand is

(25.36) (5.55%) Depreciation 137.32 124.10 13.22 10.65% Amortization 82.61 78.25 4.37 5.58% EBITDA 651.85 659.62 (7.77) (1.18%) 2. ECONOMIC SITUATION Thailand economic situation in Q1/2020 in Central and

Ref. No. IVL 007/05/2018 May 10, 2018 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of Indorama

February 24, 2018 Subject: Management Discussion and Analysis For the year ended December 31, 2017 To: The President, The Stock Exchange of Thailand Home Pottery Public Company Limited (“The Company