% for the thick gauge compared to the previous year. Management’s Discussion and Analysis (MD&A) for year 2017 11 Performance With reference to the aforementioned financial statements, the Company reports

Discussion and Analysis (MD&A) for year 2017 (Revised) 11 Performance With reference to the aforementioned financial statements, the Company reports a consolidated net profit of THB 365 million and net loss of

not always tally with consolidated financials due to elimination of Intra-company. 3Core EBITDA is Reported EBITDA less Inventory gains/(losses). 7 4Q19 Segment Analysis Integrated PET The overall

always tally with consolidated financials due to elimination of Intra-company. 3Core EBITDA is Reported EBITDA less Inventory gains/(losses). 5 3Q19 Segment Analysis Integrated PET PET volumes are up 22

closing exchange rates where applicable. The Company has presented the analysis in the MD&A in US$ as it believes that the business can be explained better in US$ terms. However, THB numbers are also given

due to elimination of Intra-company. 3Core EBITDA is Reported EBITDA less Inventory gains/(losses). Indorama Ventures 1st Quarter 2020 MD&A 5 1Q20 Segment Analysis Combined PET With the resilience in

6661 Fax: +662 661 6664 Indorama Ventures 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis For the year ended December 31, 2018 Milestone Revenues and Earnings

in the future. Key Performance Highlights Management Discussion and Analysis (MD&A) 2019 Page 2/8 1. Mobile Phone Distribution and its Accessories Jaymart Mobile Company Limited, the Company's core

profit the highest since 2013. The Company unveils Q2/2020 net profit 161 million Baht which increase from the same quarter last year at 17%. Page | 3 Management Discussion and Analysis Q2/2020 Net Profit

SHR MD&A EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 9 May 15, 2020 (SHR_2020_CS