production yield. Subsidiaries based on operating results with continuous losses, which both subsidiaries company's operations are ceased. One of the subsidiaries; AI Logistics Company Limited (“AIL”) had

-1- AIT (VP-SEC) 003E/2024 15 February 2024 Subject: Management's Discussion and Analysis of Operating Results for the year 2023 and Q4-2023 To: The President of the Stock Exchange of Thailand

$819 million, up 33% YoY  Earnings Per Share of THB 4.61, +16% YoY  Operating Cash Flow of $1.0 billion  2019 Earnings Guidance reaffirmed Indorama Ventures 2018 MD&A 2 2018 Summary Financials Table 1

(Official Platforms), Facebook: FN Outlet, Line Official: @fnoutlet และตลาดซือ้ขายสนิคา้ออนไลน์ (Marketplace) ตา่งๆ เชน่ Shopee Lazada และอืน่ๆ สภาวะแวดลอ้มทางธุรกจิ เศรษฐกจิไทยในไตรมาสที ่4 ปี 2562 อยู่ใน

operation of Carabao Tawandang Co., Ltd. (“CBD”), whereas the selling expenses for the UK market under the ICUK’s were effectively controlled with focuses on maximum benefits over football platforms and

on maximum benefits over football platforms and selective activities in which believed to bring in a sustainable return on sales. Administrative expenses were THB 228 million, increased by THB 33

customers’ demand through online channels. Marketing strategy has become more focused on e-commerce websites and social media platforms. International sales revenue increased to 48.58% compared to the last

analysis should be read in conjunction with our financial statements and accompanying notes, as well as our selected operating data, included elsewhere in this Offering Circular. Our financial statements

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

3 VIII. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 5 IX. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 6 X. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 7 XI. INTERESTS OF EXPERTS AND COUNSEL 8