Ventures 2nd Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 2nd Quarter 2018 Structural Improvements Driving Earnings Momentum  2Q18 Core EBITDA up 63% YoY, 1H18

) 2661-6664 2 INDORAMA VENTURES PUBLIC CO., LTD (SET: “IVL”) MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) FOR THE PERIOD OF 3Q 2017 (CONSOLIDATED) Table 1: Financial Summary - Core Financials of Consolidated

million baht or 9% y-y and 2% q-q. This is because the Company integrated the credit limit for purpose loan and cash loan (Your Cash), which the customers may use at maximum credit approved on either cash

2019, loans revenue was 3,020 million baht, an increase of 381 million baht or 14% y-y. This is because the Company integrated credit limit of personal loan and purpose loan to AEON Happy Pay program in

shares of the Developer through Singha Property Management (Singapore) Pte. Ltd. ("SPM SG") and other companies in its group. Moreover, SPM is a major shareholder of the Company. SPM directly and

further significant increase in revenue, as a result of our strategic realignment. VGI is now successfully established in the market as an integrated and increasingly digital media company and is the

2 new investors in Pace Project One Co., Ltd. and Pace Project Three Co., Ltd., the Company engaged independent financial advisory firm to measure the fair values of investments in these 2

In April 2009, the Company invested in the ordinary shares of Mory Lohakit (Thailand) Co.,ltd. ,who is the marketing and sale force for the company and its subsidiaries and joint venture, by holding 49

December 2017. Thus, we reiterate the revenue growth forecast for the Company at 20% for 2017. 1 The Nielsen Company (Thailand) Co,.Ltd. 2 MD&A 3Q 2017 (Ended 30 September 2017) MASTER AD PLC MANAGEMENT

Company invested in the ordinary shares of Mory Lohakit (Thailand) Co.,ltd. by holding 49 percent of total shares. As for the accounting year ended 31st March 2019 and 2018, the company and its subsidiary