in both domestic and international market, consequence to lower crude palm oil (CPO) and crude palm kernel oil (CPKO) prices than that of 2Q/2018. Under these circumstances, in this quarter the

pushing biodiesel B10 to be the mandatory diesel in 2020 that lead to sharply rise in crude palm oil ( CPO) and crude palm kernel oil (CPKO) prices at the end of 2019. Since early 2019, the stock of crude

at 34.2 Baht/kg. As for crude palm kernel oil, the inventory of crude palm kernel oil climbed up and back to normal level, but still was below the expected level. As a result, crude palm kernel oil

domestic and international market, consequence to drastically lower crude palm oil (CPO) and crude palm kernel oil (CPKO) prices than that of 1Q2018. Under these circumstances, the government has maintained

Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 1st Quarter 2018 Best Performance Since IPO  Core EBITDA of $326 million – 49% increase year-on-year  Core

downstream business in Integrated Oxides and Derivatives based out of advantaged Gulf Coast USA. Indorama Ventures 2nd Quarter 2019 MD&A 2 2Q 2019 Summary Financials Table 1: Core Financials of Consolidated

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

system and IT security. Guidelines for operating non-core businesses are also open to public comments.The consultation paper is available at www.sec.or.th. Stakeholders and interested parties are welcome

, Structural Improvements, Enhanced Portfolio, New Investment Strategy In 2018:  Revenue $10.7 billion, +27% YoY  Core EBITDA of $1.4 billion, +44% YoY, Core EBITDA margin 13%  Net Profit (after Tax/NCI) of

Ventures 1st Quarter 2019 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 1st Quarter 2019 Highlights  Revenue $3.0 billion (THB 95.8 billion), +26% YoY  Core EBITDA of $304