subsidiaries consists of interest income, gain on asset sales, gain on exchange rate and gain on short-term investment. For the first quarter of 2018, other incomes totaled THB 1.84 million, an increase of THB

unrealized loss on exchange rate from UAC at the amount of Baht 7.66 million (in the beginning of the 4th quarter this loss will be reversed to be gain on exchange rate and UAC had already made forward

15.4% 7,098 13.0% Gain from Exchange Rate 2,455 0.7% 3,619 1.0% (1,164) (32.2%) Gain on Derivatives (6,916) (2.0%) - 0.0% (6,916) #DIV/0! Other income 1,040 0.3% 228 0.1% 812 356.1% Selling expenses

3.74 Revenues from Services 90.61 7.90 76.42 6.98 14.19 18.57 Total Revenue from Sales and Services 1,144.95 99.78 1,092.71 99.79 52.24 4.78 Gain on Sales of Fixed Assets 0.08 0.01 - - 0.08 - Gain on

6661 Fax: +662 661 6664 Indorama Ventures 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis For the year ended December 31, 2018 Milestone Revenues and Earnings

) Gain (loss) on investment in securities 3.99 (30.31) (113.17) 0.05 (98.82) (140.62) Gain on sale of properties for sale 2,907.24 3,105.51 (6.38) 1,777.21 396.72 196.77 Gain on installment sales 93.60

) (100.0) Gain on disposals of investments in subsidiaries 58.8 1.8 - - (58.8) (100.0) Interest income 3.6 0.1 5.2 0.2 1.6 44.2 Other income 168.0 5.0 70.8 2.1 (97.3) (57.9) Total Revenues 3,336.5 100.0

37.92% Selling expenses (19.40) (16.52) -14.85% Administrative expenses (34.27) (29.39) -14.24% Operating profit 15.77 49.86 216.17% Investment income - - - Net foreign exchange gain/(loss) 0.45 (0.80

exchange gain/(loss) (0.35) 0.32 -191.43% Other income 2.36 3.11 31.78% Earnings before interest and taxes 64.97 237.44 265.46% Financial expense (2.30) (2.31) 0.43% Profit before income tax expense 62.67

250.00% Net foreign exchange gain/(loss) 0.32 0.93 190.63% Other income 3.11 5.87 88.75% Earnings before interest and taxes 237.44 124.30 -47.65% Financial expense (2.31) (1.86) -19.48% Profit before