over the last eight quarters. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance sheet and cash

2018 MD&A 7 Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance sheet and cash flow generation are

the impact of US sanction which led to the depreciation of Russian ruble. However, domestic demand continued to expand, private consumption expanded well in most spending categories thanks to the

$150 million in 3Q18 vs $149 million in 3Q17, supported by increase in EOEG and integrated North American PTA margins. Indorama Ventures 3rd Quarter 2018 MD&A 9 Capital Expenditure Program We continue to

the impact of US sanction which led to the depreciation of Russian ruble. However, domestic demand continued to expand, private consumption expanded well in most spending categories thanks to the

attributed mainly by number of factors, namely 1.) Growth in Tourism sector from visa-on-arrival measure and Hong Kong disturbance which reflects an increasing in tourists 2.) Government spending for

farm and non-farm income. Public spending also increased from spending on goods and services and compensation expenses while capital spending declined from the high base effect of last year from the

. Challenges persisted, including uneven income recovery, restrained spending in mid to low-income segments, high household debt, and global macroeconomic uncertainties. As a consequence, the overall economic

directors; (1) management of information technology risks which covers identification, assessment, and control of risks within the organization’s acceptable level; (2) allocation and management of information

by such board of directors; (1) management of information technology risks which covers identification, assessment, and control of risks within the organization’s acceptable level; (2) allocation and