% 112.68 99.26 14% Earnings before interest tax and deprecation 114.01 80.11 42% 270.02 218.00 24% % Earnings before interest tax and deprecation 29% 25% 4% 26% 24% 2% Other income /(expenses) 5.00 2.84 76

% 986.58 876.62 13% Gross margin 108.76 79.99 36% 417.39 332.84 25% % Gross margin 30% 25% 4% 30% 28% 2% Administrative expenses 40.51 38.10 6% 153.19 137.37 12% Earnings before interest, taxes and

of hospital operations 257.36 226.88 13% Gross margin 125.57 86.97 44% % Gross margin 33% 28% 5% Administrative expenses 47.84 35.48 35% Earnings before interest, taxes and depreciation 105.66 75.92 39

1,703.23 1,470.68 232.55 15.8 Gain (loss) on foreign exchange 38.03 (344.10) 382.13 111.1 Profit attributable to owner of the Company 1,741.26 1,126.58 614.68 54.6 Earnings per share (Baht) 1.20 0.78 Fuel

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

9.86% Gains on changes in interests in investments in associate and joint venture 151 - 151 N/A Interest income 195 368 -173 -47.12% Other income 570 631 -61 -9.73% Cost of sales and services 16,704

same period a year earlier due to the continuous rise in electricity Ft rate since May 2017. CPN, meanwhile, achieved efficiency gains with the reduction in electricity unit consumption compared to last

due to the recognition of special profits, while loan growth and credit quality were affected by the economic slowdown. The combined net profit of the commercial banking system was Baht 270.9 billion, a

equity holders improved significantly compared to last year, attributable to increased earnings, higher share of profit from associate companies, and lower financing costs. In Q1 2017, the Company had

-17.49% Basic Earnings per Share 0.77 0.51 0.32 0.52 2.57 2.12 -17.49% In FY 2017, the Company’s total revenues amounted to 5,331,47 million baht, increased by 329.07 million baht or 6.58% comparing to the