3.74 Revenues from Services 90.61 7.90 76.42 6.98 14.19 18.57 Total Revenue from Sales and Services 1,144.95 99.78 1,092.71 99.79 52.24 4.78 Gain on Sales of Fixed Assets 0.08 0.01 - - 0.08 - Gain on

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

) Gain (loss) on investment in securities 3.99 (30.31) (113.17) 0.05 (98.82) (140.62) Gain on sale of properties for sale 2,907.24 3,105.51 (6.38) 1,777.21 396.72 196.77 Gain on installment sales 93.60

) (100.0) Gain on disposals of investments in subsidiaries 58.8 1.8 - - (58.8) (100.0) Interest income 3.6 0.1 5.2 0.2 1.6 44.2 Other income 168.0 5.0 70.8 2.1 (97.3) (57.9) Total Revenues 3,336.5 100.0

37.92% Selling expenses (19.40) (16.52) -14.85% Administrative expenses (34.27) (29.39) -14.24% Operating profit 15.77 49.86 216.17% Investment income - - - Net foreign exchange gain/(loss) 0.45 (0.80

exchange gain/(loss) (0.35) 0.32 -191.43% Other income 2.36 3.11 31.78% Earnings before interest and taxes 64.97 237.44 265.46% Financial expense (2.30) (2.31) 0.43% Profit before income tax expense 62.67

250.00% Net foreign exchange gain/(loss) 0.32 0.93 190.63% Other income 3.11 5.87 88.75% Earnings before interest and taxes 237.44 124.30 -47.65% Financial expense (2.31) (1.86) -19.48% Profit before

% YoY with a YoY drop in net earnings of 213%, reflecting non-operating items incurred in 3Q16 and 3Q17 performance. For comparative purpose, without non-operating items, such as gain (loss) on exchange

) (18.25) 10.47% Administrative expenses (29.39) (32.29) 9.87% Operating profit 49.86 70.87 42.14% Investment income - 0.40 - Net foreign exchange gain/(loss) (0.80) (0.35) -56.25% Other income 0.81 0.53

profit 121.41 91.93 -24.28% Selling expenses (18.25) (15.80) -13.42% Administrative expenses (32.29) (30.36) -5.98% Operating profit 70.87 45.77 -35.42% Net foreign exchange gain/(loss) (0.35) 1.66 -574.29