core principles take into account environmental, social and governance (ESG) factors in the business practices of investee companies, offering institutional investors a balanced focus apart from seeking

to a 20% reduction in IVL’s core EBITDA. Operating cash flow through this period increased by 33% to $1.3B, as a result of lower prices and operational excellence. IVL has proposed a dividend of

growth driven by lifestyle fibers growth in India (IRSL). IVL reported US$281M of core EBITDA registering a more pronounced decline yoy as spreads came off from a strong 3Q18. IVL reported US$405M of OCF

procurement. (In case of financial institution, specify the sources of capital and loans); (4) Assets used in business undertaking Describe the key characteristics of the core permanent assets and core

overseas procurement. (In case of financial institution, specify the sources of capital and loans); (4) Assets used in business undertaking Describe the key characteristics of the core permanent assets and

) 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

 LTM 3Q18 Revenue $10.1 billion, +24% YoY, Core EBITDA margin 13.7%  Core EBITDA of $409m in 3Q18, +40% YoY; $1,379m LTM 3Q18 (45% YoY)  LTM 3Q18 Core EPS THB 4.49, +65% post 11.1% dilution from

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

of a holding company, the sizes of the company operating the core business and the others shall be specified in comparison to the specified sizes under relevant regulations. Should the ratios do not

Core Businesses 7 3.1 Sustainable Development and Corporate Governance 7 3.2 Business Directions of KASIKORNBANK and the Wholly-owned Subsidiaries of KASIKORNBANK 8 3.3 Customer Segments and Services 8