ONE ASSET MANAGEMENT LIMITED|Retirement Mutual Fund : RMF | Offering Date : 03/12/2001 - 10/12/2001

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

, the company and its subsidiaries have the total assets valued Baht 17,074.6 million, as compared to the 2017, Baht 15,359.2 million, increased Baht 1,715.4 million as below detailed; 1. Cash and cash

subsidiaries have the total assets valued Baht 16,172.09 million, as compared to the 2017, Baht 14,921.67 million, increased Baht 1,250.42 million as below detailed; 1. Cash and cash equivalent items increased

, the company and its subsidiaries have the total assets valued Baht 16,503.0 million, as compared to the 2017, Baht 15,034.1 million, increased Baht 1,468.9 million as below detailed; 1. Cash and cash

22.69 1.90 496.61 69.08 Current Liabilities 196.50 434.91 396.74 -38.17 -8.78 200.24 101.90 Long-term Liabilities 88.36 138.58 100.85 -37.73 -27.23 12.49 14.14 Retained Earnings 434.05 619.34 717.96 98.62

718.91 1,192.83 1,215.52 22.69 1.90 496.61 69.08 Current Liabilities 196.50 434.91 396.74 -38.17 -8.78 200.24 101.90 Long-term Liabilities 88.36 138.58 100.85 -37.73 -27.23 12.49 14.14 Retained Earnings

-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