Management Discussion & Analysis (MD&A) Q1/2018 Executive Summary Executive Summary 1 For Q1/2018, Global Power Synergy Public Company Limited (GPSC) (“the company”) had a net profit of Baht 922 million

& Analysis Management Discussion & Analysis (MD&A) Q4/2017 and FY2017 Executive Summary Executive Summary 1 For 2017, Global Power Synergy Public Company Limited (GPSC) (“the company”) had a net profit of Baht

for 2Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 06 Statement of Income 08 Business Performance 08 Refinery

$819 million, up 33% YoY  Earnings Per Share of THB 4.61, +16% YoY  Operating Cash Flow of $1.0 billion  2019 Earnings Guidance reaffirmed Indorama Ventures 2018 MD&A 2 2018 Summary Financials Table 1

programs even though the country’s economy favorably expanded, which supported by the acceleration of exports in accordance with economic expansion in key trading partners and the continual expansions of

, the Company has expanded market to industrial sector in order to maintain overall LPG volume, resulted in increased LPG sold to industrial sector 85.94% from the prior year. While LPG sold to

from the Company expanded our business portfolio which led to increase the number of management and staffs to drive the growth and from IPO related acitvities of Baht 6.1 million.  Finance Cost

MACO’s media network and expanded its presence nationwide. The expansion increased MACO media capacity by more than 55% from THB 900 (pre-consolidation) to THB 1,400mn. 2) The launch of 1st phase of CBD

water utilities OVERALL PERFORMANCE Operating Expense  Administrative Expenses increased from Baht 15.8 million to Baht 28.8 million as the Company expanded our business portfolio which led to increase

to Baht 152.9 million in 2017 as the Company expanded our business portfolio and increased the number of management and staffs to drive the growth.  Finance Cost increased from Baht 404.0 million in