Page 1 of 4 No. RJH – SET 4/2019 25 February 2019 Subject : Management’s Discussion and Analysis for the fourth Quarter of 2018 and year ended December 31, 2018 To : The President The Stock Exchange

of Shareholders No. 1/2020. 6. The Board of Directors approved the capital increment and set investment priority in PChome (Thailand) Co., Ltd. for the purpose of future business expansion which

paid-up in one lump sum in cash. However, the Company has the right to issue preferred shares, debentures, convertible debentures, and any other securities, as permitted by the laws. The Company may

shall be fully paid-up in one lump sum in cash. However, the Company has the right to issue preferred shares, debentures, convertible debentures, and any other securities, as permitted by the laws. The

Notification of the SET Board of Governors Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Connected Transactions B.E. 2546, dated November 19, 2003. (Please consider the

$819 million, up 33% YoY  Earnings Per Share of THB 4.61, +16% YoY  Operating Cash Flow of $1.0 billion  2019 Earnings Guidance reaffirmed Indorama Ventures 2018 MD&A 2 2018 Summary Financials Table 1

) 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

(UNOFFICIAL TRANSLATION) Codified up to No.3 As of March 6, 2017 Readers should be aware that only the original Thai text has legal force, and that this English translation is strictly for reference

Co., Ltd. ("PRE") (which is the Company's subsidiary of which shares are 100 percent held by the Company), 51 percent and 51.28 percent of the paid-up shares of PP1 and PP3, respectively. These assets

higher contribution from Integrated PET, Fibers and Packaging, off-set by production loss in Olefins and lower margin in Specialty Chemicals.  Core EBITDA margin was 10% (-26 YoY: -12% QoQ).  Core net