) 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

 LTM 3Q18 Revenue $10.1 billion, +24% YoY, Core EBITDA margin 13.7%  Core EBITDA of $409m in 3Q18, +40% YoY; $1,379m LTM 3Q18 (45% YoY)  LTM 3Q18 Core EPS THB 4.49, +65% post 11.1% dilution from

Ventures 2nd Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 2nd Quarter 2018 Structural Improvements Driving Earnings Momentum  2Q18 Core EBITDA up 63% YoY, 1H18

of a holding company, the sizes of the company operating the core business and the others shall be specified in comparison to the specified sizes under relevant regulations. Should the ratios do not

 symposium. More than 300 participants from both public and private sectors in the capital market as well as academic sector attended this event which held at World Ballroom, Centara Grand at Central World

: +662 661 6664 Indorama Ventures 1st Quarter 2020 MD&A 1 Executive Summary 1Q 2020 Financial Results • IVL achieved a core EBITDA of US$304M and an operating cash flow of US$340M, an increase quarter on

clients' assets.  In case of {A}, the SEC received a complaint filed by a client of KGI Securities (Thailand) Plc. which indicated that {A} had made unauthorized trading decision causing damage to the

protection with accurate and sufficient information for investment decision and build confidence in quality of financial reports of businesses in capital market. The inspection results indicated that most

} did not record a number of client's securities trading orders. Certain records found in the course of inspection indicated that he prepared the securities trading report for the client by using trading

: +662 661 6664 Indorama Ventures 2nd Quarter 2020 MD&A 1 Executive Summary 2Q 2020 Financial Results • IVL achieved a core EBITDA of US$305M and an operating cash flow of US$300M. Core net profit grew to