Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 1st Quarter 2018 Best Performance Since IPO  Core EBITDA of $326 million – 49% increase year-on-year  Core

consumption should remain resilient owing to rising income levels and employment gains, and fixed investment is likely to pick up amid high capacity utilization and government infrastructure spending. Risks

slow growth in the new restaurant and hotel project , while export sales decreased by 10.8% due to the slowing sales in America, ASEAN, and South Asia which was affected by the change in government

expanding through TV media and online channels. This is the core business of Shop Global (Thailand) Ltd. that the Company has invested in. And this will be another sales channel for expanding market and sales

Government as well as the Cabinet enforced the measurement “Holiday Shopping” at the end of Year shall create positive atmosphere in spending money for retail business much more than normal time; and shall be

global financial market have begun to affect the Thai financial market. The Bank of Thailand (BOT) has alleviated the situation through government bond purchase program amounting more than 100 billion

, especially global economic fluctuations and unresolved political issues. Businesses have also had to contend with new regulations and government projects. All of these factors affected the performance of KBank

administrative expense to support business expansion. Without the non-recurring profit related to sale of Dusit Princess Korat, core EBITDA was THB 806 million, a 12.3% decrease from 2016. The Company reported net

downstream business in Integrated Oxides and Derivatives based out of advantaged Gulf Coast USA. Indorama Ventures 2nd Quarter 2019 MD&A 2 2Q 2019 Summary Financials Table 1: Core Financials of Consolidated

relevant to its core or non-core businesses upon conditions that they have an apparent outsourcing policy, measures, criteria, and service provider control system.  Outsourcing however does not discharge