3Q17, sales progress reached 91%. The project was due to complete in 3Q19. Management Discussion and Analysis 3Q17 & 9M17 Consolidated Financial Results Page 2 of 6 • In February 2017, the Company

venturer in Shahahydro joint venture with the 100.00% shareholding. During the 3rd quarter, the construction of the project has been already implemented with the work progress equivalent to 8.28%. 3. SUT

- the Company has started the transfer of the ESSE Asoke – our first luxury condominium project in December 2018. We can achieve the transfer progress of 29% of total units sold and expect to complete to

the changing situation. Gross profit of hotel operations The gross profit ratio for the hotel business stood at less than -100%, a decrease from 65.0% in the same period of previous year (the first six

mainly to the closure period as above-mentioned. Both hotels showed effective cost control conform the changing situation. Gross profit of hotel operations The gross profit ratio for the hotel business

to suit the changing environment, is committed to support its tenants and business partners to ensure their viability in this situation, as well as progress with its cost reduction initiatives, to

diverging monetary policies, businesses may have to contend with Thai Baht volatility and rising interest rate trends. Given the changing customer behavior amid new technologies, regulatory changes and

change in net working capital and cash tax, before maintenance capex Indorama Ventures 2nd Quarter 2019 MD&A 3 Summary 2Q19 results IVL’s performance for the first half and ongoing progress give us the

. Inventories increased by 181.2 MB, representing a decrease of 67.4% due in Q1-2016 the company obtain new projects which were is still work in progress and not yet completed for delivery. Other current assets

increase of 65.6% due in Q2-2016 the company obtain new projects which were is still work in progress and not yet completed for delivery. -4- Other current assets decreased by 44.5 MB or 47.1%, due to an