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

earnings (EBITDA). Shareholders, including the majority shareholders, expressed their faith in the performance and future prospects of the Company and subscribed, in large numbers, to the warrants (IVL-W1

earnings (EBITDA). Shareholders, including the majority shareholders, expressed their faith in the performance and future prospects of the Company and subscribed, in large numbers, to the warrants (IVL-W1

owners of the Company (1,911) (4,661) 59% 528 -462% (6,571) 742 -986% Earnings per share (Baht) (1.50) (3.49) 0.38 (5.02) 0.54 Note: 1/ EBITDA from Refinery Business of the Company, BCP Trading Pte. Ltd

remaining two segments, Integrated Oxides & Derivatives and Specialty Chemicals are expected to resume their earnings from unplanned shutdowns, except IPA which we believe will recover over the next 12-18

demonstrating that the REIT is no longer retaining accumulated profit earnings; (c) the REIT has raised the capital to acquire additional real estate but a difficulty occurs later which causes the inability to

ผู้ที่ไม่สุจริต  การตรวจสอบ source code ของ smart contract ที่จะใช้ enforce สัญญาโดยอัตโนมัติเทียบกับ white paper  การมีกระบวนการเพื่อทำความรู้จักตัวตนของผู้ลงทุน (Know-Your-Client) การดูแลไม่ให้ผู้

enforce the application of high quality accounting and auditing standards. As the SEC has direct responsibility over a supervision of the auditors of securities issuers and entities under the SEC

enforce the application of high quality accounting and auditing standards. As the SEC has direct responsibility over a supervision of the auditors of securities issuers and entities under the SEC

1,831 (26) (1.4) Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) In 1Q18, the Company has earnings before interest payable, tax, and depreciation (EBITDA) pursuant to the Financial