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

PTT group’s policy in renewable energy investment. This investment will be either in the form of joint venture or share of returns on investment. Currently, GPSC is studying in more detail with PTT

) (112) -102% Profit attributable to owners of the Company 1,174 993 1,316 12% 33% 3,855 4,393 14% Basic earnings per share (Baht) 0.85 0.72 0.96 2.80 3.19 Note: 1/ EBITDA from Refinery Business of the

Retained earnings (deficit) (21.35) (6.06) (0.60) Total shareholders'equity 78.65 93.94 99.40 Total liabilities andshareholders' equity 291.92 218.28 157.67 Income Statement of GS 2016 2015 2014 Revenue from

generating returns in the form of cash flows from long-term operations (Mismatch Funding). Therefore, the financial restructuring by issuing and offering new shares for this capital increase therefore is a

remaining two segments, Integrated Oxides & Derivatives and Specialty Chemicals are expected to resume their earnings from unplanned shutdowns, except IPA which we believe will recover over the next 12-18

risks and substantial returns, in South East Asia and beyond, targeting area’s in Energy, Eco and Materials. Other M&A targets, when encouraging, will be considered as well. Please be informed accordingly

shareholder returns. Thus, this transaction is reasonable and truly aims for the highest benefit of the Company. Please be informed accordingly. Sincerely yours, (Mr. Kuan Chiet) Vice President – Finance

clarify the main reasons for the change in profits as follows: The second quarter of 2017/2016 1. The Company’s gains and returns on financial instruments decreased from Baht 367 million in 2Q2016 to Baht

(0.08) (0.57) Less Returns in / Discount. 17.43 10.62 6.81 64.12 Total Incomes from sales and services net. 292.12 329.12 (37.00) (11.24) 2. Cost of sales and services decreased from Baht 227.80 million