(revised) Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the First Quarter ended 31 March 2019 1. Q1/2019 Highlights Figure 1: Quarterly results  Thai

31 December Year 2016 (Audited/restated) Year 2017 1 (Audited) Change Increase (Decrease) THB million % THB million % THB million % Total assets 311.69 100.00 302.49 100.00 (9.20) (2.95) Total

Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand : Adjusting

evaluate the impact on all aspects of business, as well as ensuring that our operations comply with health and safety protocols, which are regularly updated. We had also enhanced our IT systems and

of the Company For the Year ended December 31, 2018 2017 (Restated) Changes % Revenues : Revenues from sales and services 987.27 930.88 56.39 6.06 Gain on purchase price lower than fair value 130.98

: Million Baht Operating results of the Company For the Year ended December 31, 2018 2017 (Restated) Changes % Revenues : Revenues from sales and services 987.27 930.88 56.39 6.06 Gain on purchase price lower

/ (Decrease) (573.93) (785.71) Total Assets - Restated 93,794.41 96,093.94 Liabilities Total Liabilities - As Previously Reported 30,943.65 33,938.32 Derivative Liabilities Increase / (Decrease) 3,838.44

exercise of warrants” and recorded equity under “Equity from exercise of warrants” in the statement of financial position as of 30 June 2018. 2. The Company restated the consolidated financial position as at

and cash flows, in line with our guidance in recent years, and expect this momentum to continue in the quarters to come in 2018 and 2019. Indorama Ventures 2nd Quarter 2018 MD&A 12  Revised EBITDA

(%) 59.0% 61.5% 57.5% 60.3% EBITDA margin (%) 31.5% 13.0% 51.5% 18.1% Operating EBITDA margin (%)2 20.4% 22.8% 19.7% 24.0% Reported Net profit margin (%) 18.4% (9.6%) 42.6% (1.7%) 1 Restated according to