the year 2018 amounted to THB 836 million which loss higher than last year mainly due to HRC selling price is stable whilst the cost for import scraps is continuous increase. However, for the year 2018

1 August 17, 2018 Subject: Capital Increase for Offering for Sale to Specific Investors (Private Placement), Connected Transaction, Amendments to Articles of Association/Objectives of the Company and

Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 1st Quarter 2018 Best Performance Since IPO  Core EBITDA of $326 million – 49% increase year-on-year  Core

economy. For domestic sector, private consumption and private investment also showed positive signs with private consumption recovering strongly in the durable goods segment (especially in vehicles) and

due to THB 531 million positive change in foreign exchange gain (loss) and higher operating profits. Past Performance Analysis Revenue Analysis Group Sales increased 5% in 2017 at THB 21,551 million

48.3% from 9M/2018, mainly due to the increase in both revenue from sale of goods and revenue from rental and rendering of services, higher gross profit margin from sale of goods, decreased percentage of

881 Website: www.aapico.com Management Discussion and Analysis for the year 2019 3 The positive impact on net profit on the other hand include an increase of sales and service income from the automotive

100 per share) which is accounted for 38.00 percent of registered capital after the capital increase of Seahorse. And Seahorse plan to invest in the cargo and passengers-ship project between eastern

share) which is accounted for 50.00 percent of registered capital after the capital increase of ERV. ERV plan to invest in Cooling Tower System Installation Project for energy saving. Total project value

Baht 100 per share) which is accounted for 50.00 percent of registered capital after the capital increase of ERV. ERV plan to invest in Cooling Tower System Installation Project for energy saving. Total