E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter of 2019. Exports, tourism and private investment – among major economic activities – were hampered by the worse-than-expected global economic slowdown. Meanwhile, consumers’ purchasing power weakened amid high household debt, whereas public investment and the government’s budget disbursement were aff...

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

: Acquisition of a formerly managed hotel. VHE Bratislava Real Estate s.r.o., a wholly owned subsidiary of Vienna House, entered into a Real Estate Purchase Agreement with Hotel AVION s.r.o. (a non-related party

Koh Samui in Surat Thani "Self-Managed Hotels"; (2) Six hotels operate under the Outrigger brand and manage under hotel management agreements, which consists of two hotels in Thailand, two hotels in the

2018 +/- FY 2019 FY 2018 +/- Owned 3,961 3,961 0 2,541 2,788 (247) 68.4% 66.3% 2.1% 1,738 1,850 (112) Leased 3,251 1,295 1,956 3,194 3,430 (236) 73.6% 74.1% (0.5%) 2,352 2,542 (190) Managed 4,537 4,619

and providers of real estate services. The main focus is put on the quality of life of residents managed with “Livable Community” strategy. In 2020, the operational guideline of the Company has been

1,831 (26) (1.4) Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) In 1Q18, the Company has earnings before interest payable, tax, and depreciation (EBITDA) pursuant to the Financial

Baht 24.46 million, a decrease of 62.93% compared to 2017. Final earnings per share resulted at Baht 1.15. Total Revenues 2018 2017 Change (Million Baht) (Million Baht) (%) Sales 2,020.63 2,147.64 (5.91

discharge & complaint SW income for THB 3.7 million. Without this adjustment, administrative expenses would have been decreased by 4%. Earnings before interest, taxes and depreciation (“EBITDA”) EBITDA (not

% 112.68 99.26 14% Earnings before interest tax and deprecation 114.01 80.11 42% 270.02 218.00 24% % Earnings before interest tax and deprecation 29% 25% 4% 26% 24% 2% Other income /(expenses) 5.00 2.84 76