holding segment 3Core EBITDA is Reported EBITDA less Inventory gains/(losses) 4Core Net Profit is Reported Net Profit less Inventory gains/(losses) one-time extraordinary items 5Operating Cash Flow is after

the period amounting to Baht 12.03 million, a decrease of Baht 3.05 million or equivalent to 20.24%, due to the following significant factors: Net investment income, gains (losses) on investments, fair

proportion of average claim expenses over accident related to voluntary motor insurance increased from Baht 21,138 in the previous year to Baht 22,094 in the reported year. Net investment income, gains on

0% Corporate income tax -17 -2 15 628% -13 -2 11 582% Earnings (Loss) for the years 34 4 30 787% 57 6 51 871% Non controlling interest 0.2 0.1 0.1 100% 0.0 0.0 0.0 0.0% Net Earnings (Loss) 34 4 30 787

: CSR concept is to operate business in a way that take into account sustainability of economy, society and environment. Business doing CSR will have responsibility for shareholders in generating profits

(2,741.1) (262.2) Profits (loss) from operations before income tax expenses (987.6) 945.3 (1,932.9) (204.5) Net profits (loss) (708.5) 806.7 (1,515.2) (187.8) Basic earnings per share (Baht) (0.034) 0.038

as of second quarter of 2018 per following table: (THB) Million 2Q18 2Q17 1H18 1H17 Total Revenues 126.04 134.25 268.92 269.05 Total Expenses 112.28 120.19 244.51 244.87 Shares of Profits 4.59 11.96

Income as of third quarter of 2018 per following table: (THB) Million 3Q18 3Q17 9M18 9M17 Total Revenues 124.06 143.81 392.98 412.86 Total Expenses 120.70 128.25 365.21 373.13 Shares of Profits 6.01 13.81

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

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