share acquisition in Malaysia is a decision that will make the Company more profitable. • Total assets and retained earnings including liabilities in Q2/18 are increased compared to Q2/17 due to share

show that share acquisition in Malaysia is a decision that will make the Company more profitable. • Total assets and retained earnings including liabilities in Q2/18 are increased compared to Q2/17 due

meet market demand in 3Q17. Therefore, the tailwinds in volume and margins are expected to handsomely beat earnings estimates on a fully diluted basis following the exercise of W1 warrants. 3 In last

Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 3rd Quarter 2018 Milestone Revenues and Earnings, Structural Improvements, Enhanced Portfolio and Geographic Reach

-profitable branches. The Group has shifted into delivery activity in this quarter. - Entertainment business earning decreased THB 7.98 million from THB 11.91 million compared to the same period of last year

-term Liabilities 84.66 100.85 91.99 -8.86 -8.78 7.33 8.66 Retained Earnings 435.91 717.96 718.08 0.12 0.02 282.17 64.73 Total Liabilities and Retained Earnings 712.99 1,215.54 1,182.82 -32.72 -2.69

, however, not complied with the accounting standards stating that the revaluation surplus has to be transferred directly to retained earnings when the asset is retired. The SEC thus instructed ABC to rectify

. Furthermore, STARK lacked retained earnings or sufficient liquidity to carry out the share repurchase project as disclosed. Such act was deemed a dissemination of false information or details that could

results showed the net earnings of 14.25 million Baht, which was a significant increase compared to the Q3/2014. 15/09/2017 agreed to comply with civil penalties determined by the Civil Penalty

repurchase project. However, at the time, the total proceeds from the capital fundraising through the private placement had already been fully utilized. Furthermore, STARK lacked retained earnings or