remaining two segments, Integrated Oxides & Derivatives and Specialty Chemicals are expected to resume their earnings from unplanned shutdowns, except IPA which we believe will recover over the next 12-18

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

was Bt6,644mn, decreasing -1.7%YoY as D&A rose from new spectrum and expansion and decreasing -7.3%QoQ from unrealized foreign exchange loss and tax benefit in 4Q20. Market and Competitive Environment

Electronic Transaction Testing Page This page can help to ensure that your environment is ready for digital signing and submitting e-form to SEC, Thailand. Install Library Javascript Not Enable

postpaid subscriber continued to grow and now accounts for 19% of total subscriber base, up from 16% in 1Q17. AIS Fibre continued its improving performance amidst competitive environment with revenue growth

Environment The mobile market environment in 2Q18 remained competitive. Postpaid segment continued its growth with more varieties of mid-tier handsets to encourage migration of prepaid to postpaid while

provide the digital lending via online platform to enhance the access to financial service 3Q21 MD&A Advanced Info Service Plc. 3Q21 MD&A Advanced Info Service Plc. Market and Competitive Environment The

environment. In the first quarter, the Company adjusted strategy to expand outlets by expanding branches franchise business. This is a new business opportunity that can attract local business networks by

329.68 5.28 Selling and distribution expenses 68.89 63.23 8.95 66.19 4.09 216.39 195.29 10.81 Administrative expenses 42.17 46.09 -8.50 58.55 -27.98 130.69 134.40 -2.76 Earnings before interest and taxes

expectations. On the cost side a major external factor was the change in Thai legislative environment, which made it necessary to build major additional retirement provision in Q2. On top of the external factors