Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. Crack Spreads Situation (Unit : USD/BBL) Crack Spreads Q2/2016 Q1/2017 Q2/2017 YoY QoQ 6M2016 6M2017 YoY AVG AVG MAX MIN AVG

Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q1/2017 Q4/2017 Q1/2018 YoY QoQ AVG AVG MAX MIN AVG % % UNL95/DB

Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q3/2017 Q2/2018 Q3/2018 YoY QoQ 9M 9M YoY AVG AVG MAX MIN AVG % % 2017 2018 % UNL95/DB 16.10 12.15 15.85 8.09 11.52 -28% -5% 15.00

due to weakness in MEG margins (high inventories and new capacity additions) and low ethane-ethylene spreads in USA. Specialty Chemicals (NDC, IPA and Specialty PET) Indorama Ventures 1st Quarter 2019

be lower than expected due to weakness in MEG margins (high inventories and new capacity additions) and low ethane-ethylene spreads in USA. Indorama Ventures 1st Quarter 2019 MD&A 9 Specialty Chemicals

made a strong start to the year, with improvements in production volumes and margins across all segments and geographies. This performance is a result of our long-term investment strategy, the

crude increased to the level of 12.85 million barrels per day in late 2019. 12 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | Crack Spreads Situation (Unit

sales adjusting upward, which itself earns higher margins than the industrial channel. The company’ s cumulative market shares of throughput 5 Management Discussion and Analysis of Business Operation for

the reduced Heavy Sour Crude supplies, after Iran was sanctioned by the US. Management Discussion and Analysis of Business Operation for FY2018 Bangchak Corporation Plc. I 11 Crack Spreads Situation

Corporation Plc. Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q4/2016 Q3/2017 Q4/2017 YoY QoQ FY2016 AVG FY2017 AVG YoY AVG AVG MAX MIN AVG % % % UNL95/DB 14.59 16.10 15.52 12.08 14.42 -1% -10% 14.83