. Discussion and Analysis of the Company and its subsidiaries Operational Results in Q3/2018 and Q3/2017 Corporate Revenue In Q3/2018 the Company and its subsidiaries’ total earnings amounted to 335 million Baht

Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 3rd Quarter 2018 Milestone Revenues and Earnings, Structural Improvements, Enhanced Portfolio and Geographic Reach

.  Shareholders’ equity The total shareholders’ equity increased by 46 million Baht, main reason came from the Company had unappropriated retained earnings during the nine-month period ended 30 September 2018

3% from the same period last, from105.5 million baht to 102.7 million baht. Earnings per share dropped from 5.91 baht to 5.76 baht. Please be informed accordingly. Yours sincerely, Araya Tejanant

Earnings per share 0.53 0.30 ROA 12.9% 8.5% ROE 13.5% 8.4%

% Earnings before interest and taxes 19.6% 23.7% Earnings before taxes 10.6% 20.0% Net Profit Margin 7.4% 16.4% (million) 2018 2017 increase (decrease) 1.2 Report and analysis of financial positions million

investments from the sales.  The total liabilities decreased main reason came from trade and other payables decreased...  The total shareholders’ equity increased came from unappropriated retained earnings

% 11.9% Debt to Equity ratio 0.09 0.14 Earnings per share 0.90 0.53 ROA 19.6% 12.9% ROE 21.4% 13.5% Gross profit margin = Gross Profit (Total Sales – Costs of Sales) to Sales Net profit margin = Net Profit

total assets (ROA) increased from 0.57% to 1.68% and the return on equity (ROE) increased from 0.72% to 2.27% and earnings per share (EPS) increased from 0.35 Baht/share to 1.06 Baht/share. The efficiency

margin 25.3% 18.1% Net profit margin 17.6% 11.9% Debt to Equity ratio 0.17 0.10 Earnings per share 0.66 0.46 ROA 13.1% 11.0% ROE 14.0% 10.9% Gross profit margin = Gross Profit (Total Sales – Costs of Sales