economy has moved on a positive trajectory and has followed a similar pattern to the previous quarter of last year. Since the second half of 2017 growth has been driven by the manufacturing sector, which

been mainly driven by improvements in tourism and industries related to the export sector. In contrast, provinces that rely on agriculture have not yet seen a clear pick-up, despite higher agricultural

—driven by strong polyester demand growth, capacity balancing and superior supplier discipline—we expect recovery in Asian PTA earnings in the quarters to come. Indorama Ventures 1st Quarter 2018 MD&A 7

per ton of $153, the highest level that has been achieved since the Company’s IPO. Driven by our global scale of integrated Polyester Value Chain and HVA platform, and the start of earnings recovery in

” ) was THB 441.68 million, increased 12% yoy. This quarter growth was entirely driven by non-social security (“non-SW”) revenue which posted 29% hike whereas social security ( “ SW” ) revenue posted 10

% 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

in year 2017 (“2017”) increased 16% yoy. This increase was driven by both non-social security and social security part. Accelerated revenue growth from social security came from higher number of

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

( “ 3Q19” ) was THB 460. 51 million, increased 8% yoy. The non-social security (“non-SW”) revenue and social security (“SW”) revenue grew by 6% and 11% respectively. The growth of non-SW revenue was driven

, inverted from net loss of THB 92 million in 2Q17; and of THB 231 million in 1H18, representing 632.0% growth yoy. This strong growth was driven by the gain from sales of investments and the result of hotel