owns 55.8% of the Galoc Oil Field. In addition, on 12 July 2018, the subsidiary has executed the share purchase agreement with Tamarind Galoc Pte Ltd, a wholly owned subsidiary of Tamarind Resources

Cogeneration Company Limited, the Company’s wholly owned subsidiary, on October 1, 2019, resulted in the increase in revenue from sales and rendering of services. Management Discussion and Analysis For the 1st

., a wholly owned indirect subsidiary company of IVL. Name of the new Subsidiary Company: Indorama Ventures Portugal Utility - Unipessoal, Lda. Registered Country: Portugal Nature of Business: Utilities

of Eye On Ads Company Limited, a wholly-owned subsidiary of MACO, to acquire 70.0% of COMASS Company Limited (“COMASS”) with a total investment of THB 355mn. With 19 years of experience, COMASS secured

-term loans 115.5 321.1 (64.0) Trade and other payable 10,728.1 11,249.1 (4.6) Liabilities and provision from tax assessments 1,091.9 100.0 - Others 2,335.3 2,758.0 (15.3) Total Liabilities 14,270.8

/Companies HPC Hongsa Power Company Limited, an indirect joint venture in proportion of 40 percent NRER Nexif Ratch Energy Rayong Company Limited, an indirect joint venture wholly-owned by NERS NRES NEXIF

2018, Master & More Company Limited (“Master & More”), a wholly-owned subsidiary of MACO, has acquired all remaining shares of 20% in Open Play Company Limited (“Open Play”) with a total investment value

Australia On March 19, 2019, Collector Wind Farm Pty Ltd, a wholly owned subsidiary of RATCH-Australia Corporation Pty Ltd, had signed a binding debt documents with Clean Energy Finance Corporation, the

) Co,.Ltd. 2 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 IMPORTANT EVENTS IN 2017 - On 30 March 2017, Eye On Ads Company Limited, a wholly-owned

500,000 (equivalent to Baht 15,700,000) Percentage of Investment: 99.80% by Indorama Netherlands B.V., and 0.20% by Indorama Netherlands Cooperatief U.A., wholly owned indirect subsidiaries of IVL. Please