change in net working capital and cash tax, before maintenance capex Indorama Ventures 2nd Quarter 2019 MD&A 3 Summary 2Q19 results IVL’s performance for the first half and ongoing progress give us the

Warrants Adjustment of Warrants The Company will be required to adjust the exercise price and/or ratio upon the occurrence of any of the following events; (1) in case of a change in par value of the

would like to present analysis of the operation result as follows: Summary of operating results for Q2/2019, Ended of June 30, 2019 Unit : Million Baht Power Generation Others Total Change Increase

แบบ 35–REIT (Conversion) แบบค ำขออนุญำตเสนอขำยหน่วยทรัสตข์องทรัสต์เพื่อกำรลงทุนในอสังหำริมทรัพย์ ที่แปลงสภำพมำจำกกองทุนรวมอสังหำริมทรัพย์ วันที่ เรียน เลขำธิกำรส ำนักงำนคณะกรรมกำรก ำกับหลักทรัพย์และ

several steel mills and smelting works in China regarding to pollution’s problem solving. 3. Increase in conversion cost around 2.66% comparing to the same period last year. 4. Increase in selling and

amount in FY2018. 2. The cost of sales and services increased by 76.98 million baht or 1.61% YoY, mainly due to the conversion cost increased by 6 9 .1 6 million baht from the new Labor Protection Act; the

% comparing to the same period last year due to the rising of the commodity prices and especially crude oil price that increased around 12.68% comparing to the same period last year. 3. Better conversion cost

is in line with the sales. However, the conversion cost increased by 52.15 million baht mainly due to the new Labor Protection Act; which the compensation rate for employees who have more than 20 years

regarding to pollution’s problem solving. 3. Better conversion cost rate around 1.34% comparing to the same period last year. 4. Increase in selling and administrative expenses around 2.44 million baht or

mills and smelting works in China regarding to pollution’s problem solving. 3. Increase in conversion cost rate around 0.62% comparing to the same period last year. 4. Increase in selling and