. 4Core EBITDA is Reported EBITDA less inventory gains/(losses) 5Core EPS is Reported EPS less inventory gains/(losses) less one-time extraordinary items Indorama Ventures 1st Quarter 2018 MD&A 3 Summary We

| 2 Executive Summary In 2019, overall palm oil production and crude palm oil ( CPO) inventory remained high in both domestic and international market, although the inventory plunged to a minimum record

desire for the Brand. Traditional forms of media such as TV and print are being increasingly supplemented or even replaced by new forms of media, including digital and social media. These developments make

-end of 2018 and Q2/2019 was THB 665.3 MB and THB 619.1 MB respectively, equivalent to 55.7% and 52.4% of total assets respectively. The Company’s the finish goods inventory as of year-end of 2018 and Q2

cash equivalents in which accounted to THB 393.9 MB and THB 99.6 MB respectively or equivalent to 30.7% and 10.0% of the total assets. Secondly, the finish goods inventory in which accounted to THB 501.8

capital. The key success factors of this business depend on the inventory management, the logistic systems that meet the clients’ needs in time, cost of capital, receivables management and sales revenue

was mainly due to an improve on the inventory cost management continued from year 2017 as well as sales mix management in each product category efficiently. However, the Company still strictly

inventory, the sales promotion expenses (excluding ownership transfer expenses) increase 26.76%. As a result, the net profit has decreased 5.34% from that of the same quarter of the previous year. In Q1/2018

by salary, welfare and an allowance decline inventory value, while the Company's cost of distribution decreased from promotional expenses. In the first quarter of 2018, the company did not have

number of treasury stock The Corporate Group’s total assets as at December 31, 2018 increased from the end of year 2017 by Baht 120.55 million or 4 percent, due to the net increase in inventory of Baht