change in net working capital and cash tax, before maintenance capex Indorama Ventures 2nd Quarter 2019 MD&A 3 Summary 2Q19 results IVL’s performance for the first half and ongoing progress give us the

benefit from structurally improving margins and capturing the volume opportunities. IVL has achieved notable progress on multiple strategic fronts and is increasingly well positioned to deliver sustainable

-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

to suit the changing environment, is 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

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

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

Page 2 Management Discussion and Analysis 1. Significant events in the first Quarter of 2018 1.1 The progress in construction projects 1.1.1 Process of construction - Xayaburi Project, a project of the

equipments - Land and improvements, building, machinery, office equipments, vehicles and work on progress of construction: As at 31st December and 31st March 2018, the Company and its subsidiaries had Land

shareholder. - Property, plant and equipment were 14,547.08 million Baht, increased by 164.85 million Baht mainly from construction in progress including clarified water & total water solution projects

business of software development and investing in the potential started-up companies, which its progress could be seen in the system development of the Decentralized Digital Lending Platform: DDLP. In which