Management Discussion and Analysis ( - translation - ) For operating result of 3Q19, ended 30 September 2019 Raimon Land Plc. | 14 November 2019 1 / 7 Major Events in 3Q19 July  Issued unsubordinated

-ups in Egypt and Portugal and significantly higher crude oil environment. Indorama Ventures 3rd Quarter 2018 MD&A 4 Strategic Progress Structural Change in Industry and IVL initiatives 2018-2019

financial statements and consolidated financial statements, the asset value, net asset value, and investment unit value of the mutual fund, project progress in cases where the mutual fund invests in an

processed. Pipe laying is underway. Total progress 68% It is expected that the project will commence water supply phase 1 in June 2018. Source: Project Progress Report As of January 2018 , at the end of 2017

progress came merely from distributing through certain traditional trade and modern trade channels ICUK successfully signed in for listing year to date only. As a consequence, ICUK has reshaped its business

167k cans in the 1st quarter of 2017 to 368k cans in the 2nd quarter of 2017, such progress came merely from distributing through certain traditional trade and modern trade channels ICUK successfully

well as progress with its cost reduction initiatives, to mitigate the impact of the absence of revenue towards its profitability performance in the best possible manner. Five-Year Business Plan The

finished products, 24.01 percent are work in progress and 34.11 percent are raw materials. The Corporate Group conducts inventory inspection every month and has employed accounting policy for setting

committed to support its tenants and business partners to ensure their viability in this situation, as well as progress with its cost reduction initiatives, to mitigate the impact of the absence of revenue

specified in Joint Venture Agreement are fulfilled to the parties. This transaction is expected to be completed within November 2017. The Company will updated and disclose the progress of this transaction to