the pro forma financial statements, particularly if the difference is more than twenty-five percent of the estimated figures on revenues or net operating profit; (2) any action taken by director

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

on Philippines stocks ** Company specific risk premium of 3.0% to 4.0% 5 Years of Financial assumptions Sales revenues  CCPH is projected to have annual revenue growth of 2-5% primarily in consider

Company will likely continue recognizing revenues from such projects. 9. Conditions on the entering into of the transaction None. 10. Opinions of the Board of Directors on the entering into of the

as enhance its competitiveness. 8.3 After the completion of the projects, the Company will likely continue recognizing revenues from such projects. 9. Conditions on the entering into of the transaction

1%. • Progress of Corporate Income Tax penalty assessment from the Revenue Department GPSC has been assessed by the Revenue Department for the Corporate Income Tax in respect to 1999 and 2000 revenues

risk if an agency does not recommend the Company's advertising media to the owner of products and services. This would affect the revenues and the performance of the Company. The Company, therefore, has

rooftops of Baht 23 million. • The cost of sales of goods and rendering of services increased by Baht 16 million or 62%. 1H/2018 VS 1H/2017 • Total revenues in 1H/2018 was Baht 129 million, increased by Baht

3,534,764 3,681,141 3,592,136 3,545,948 Statement of Comprehensive Income For the year 2015 For the year 2016 For the year 2017 For the 6 month period ended June 30, 2018 Total revenues 943,963 417,098

Income For the year 2015 For the year 2016 For the year 2017 For the 6 month period ended June 30, 2018 Total revenues 943,963 417,098 482,530 197,774 Cost of services and total expenses 441,474 375,812