aspirations Indorama Ventures 2nd Quarter 2018 MD&A 4 Portfolio Development We continue to upgrade our portfolio through organic growth, operational excellence initiatives, value accretive acquisitions and

the factors mentioned above, the company had Adjusted EBITDA Margin in quarter 3/2017 of 355 MB increased from quarter 3/2016 which was 239 MB and had Adjusted EBITDA margin for the period of 9M/2017 of

Che 1 and 2 solar projects in Vietnam, 2) ABP3’s improving heat rate after gas turbine upgrade in Dec 2018 - Jan 2019 and 3) interest cost saving. • NNP / NNP - owner of the parent increased 6.8% y-on-y

by 3.4 mil. baht. - Total expenses increased 9% mainly due to: 1) Cost of rental and service was up by 2.6 mil. baht or 7% as depreciation expenses increased from investment to upgrade office buildings

the sale growth of products during the period as compared. However, the Company has shown continuing effort to improve its net profit margin and is still expecting for an upgrade performance in the

consideration for the second half of the year and is still aiming for an upgrade performance in the new coming years. Please be informed accordingly Sincerely Yours, ----------------------------------- (Mr

continually and closely monitoring the trend to improve its net profit margin and is still expecting for an upgrade performance in the upcoming year. Please be informed accordingly Sincerely Yours

. บรษัิท โกลบอลกรนีเคมคิอล จํากดั (มหาชน) Management’s Discussion and Analysis | 3 Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV Operating Performance Table 1

2015 strategic plan adjusted to align with his vision presented before the SEC Board in the candidacy for the SEC Secretary-General post. The adjusted framework will focus primarily on understanding

facility for a utility upgrade of the entire estate.  North America now contributes to 40% of the Company’s earnings. Given the extent of integration and growth in its HVA portfolio, the region now earns in