) / Operating Revenue (Annualised) MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 8 MANAGEMENT OUTLOOK There were 2 major unexpected events in 2019

water quantity of the past 10 years. The weather forecast of the Department of Meteorology was expected that the total rainfall in the Eastern part of Thailand will be move closing to the average in July

is good. Water supply in the reservoirs was more than average water quantity of the past 10 years. The weather forecast of the Department of Meteorology was expected that the total rainfall in the

remained resilient, despite a global slow-down in demand and weak outlook for automobiles. Lifestyle, on the other hand, has been adversely impacted due to stocks overhang and impacted by US- China trade

: 367 kta PTA: 433 kta Double digit ROCE 700-800 (till Jun’20: 402) Recycling projects PET recycling 2020-2023 ~600kta ROCE 12-14% 700-800 Indorama Ventures 2nd Quarter 2020 MD&A 7 2020 outlook Under the

lower crude oil prices. • Hygiene fibers improved with better demand and stronger outlook. Lifestyle and Mobility Fibers improved in early part of the year though felt the headwinds in March 2020 from

the previous quarterly To: The President The Stock Exchange of Thailand Thailand's economic outlook for the year 2018 is likely to be bright. After seeing a clear recovery in the last quarter of last

previous year To: The President The Stock Exchange of Thailand Thailand's economic outlook for the year 2018 is likely to be bright. After seeing a clear recovery in the last quarter of last year, private

  MANAGEMENT OUTLOOK

times in 2020 and 0.16 times in 2019, Which shows the company's liquidity outlook improved due to the fact that inventories are classified as current assets with very little liquidity. Therefore