Total liabilities 60,906 52,747 48,022 46,145 Issued and paid-up capital 14,629 14,629 14,629 14,629 Paid-in capital in excess of par 2,935 2,935 2,935 2,935 Retained earnings 31,357 31,797 32,354 34,969

capital in excess of par 2,935 2,935 2,935 2,935 Retained earnings 31,357 31,797 32,354 34,969 Total shareholders’ equity 55,958 56,771 58,009 60,959 Total liabilities and shareholders’ equity 116,864

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