(0) 2661-6664 2 INDORAMA VENTURES PUBLIC CO., LTD (SET: “IVL”) MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) FOR THE PERIOD OF 2Q 2017 (CONSOLIDATED) Table 1: Financial Summary - Core Financials of

Processed Food 216.66 4.92 243.29 5.52 (26.63) (10.95) 623.29 4.91 671.11 5.49 (47.82) (7.13) Total Sales 4,399.39 100.00 4,410.51 100.00 (11.12) (0.25) 12,683.92 100.00 12,213.56 100.00 470.36 3.85 Revenue

borderless marketplace of the ASEAN Economic Community (AEC). Given the increased degree of uncertainty in global economies, especially pressure from a looming trade war among core economies and their

proportion in core business from the minimum of 75% of the total number of voting rights to that of 50%, strengthening investor protection by revising rules on holding company?s investment structure to ensure

a tangible approach to the debt repayments.  The SEC viewed that EARTH ' s core business is coal trading for which liquidity management is crucial. And in the past EARTH used loans from financial

relevant to its core or non-core businesses to enhance flexibility and efficiency of their business operations.  In principle, the business operators must have an apparent outsourcing policy, measure

Offeror’s core business is the production and distribution of public utilities, whereby the Tender Offeror is both the business operator itself and the investor. As of 31 December 2018, the Tender Offeror has

revenue from company because of processed the business combination on September 2016. Processed Food : Revenue from sales was 127.0 MB, an increase by 127.0 MB or 100% y-o-y with highlighting for domestic

Processing Segment 1,544.42 41.94 1,650.69 41.62 (106.27) (6.44) Feed Segment 719.68 19.54 765.32 19.30 (45.64) (5.96) Farm Segment 1,245.92 33.84 1,369.22 34.52 (123.30) (9.01) Processed Food Segment 172.18

of both sides to ensure that used PET plastic bottles that is 100% recyclable, and therefore not “single-use”—will be collected, processed, and used again and again within a circular economy. It will