revenue and operating profit being less, The Company’s Gross Profit Margin and Net Profit Margin were 8.86% and 1.71% respectively, represents a decrease of 32.31% and 70.80% when compared to the previous

profit being generated in this quarter. The media is now fully booked until the first quarter of next year. MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 2 13 May

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

meet market demand in 3Q17. Therefore, the tailwinds in volume and margins are expected to handsomely beat earnings estimates on a fully diluted basis following the exercise of W1 warrants. 3 In last

(iv) higher total other income of 16.9% YoY or THB 21mn. Higher other income was primarily from significantly higher interest and sundry (other) income, being partially offset by lower gain on sale of

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

MACO’s media network and expanded its presence nationwide. The expansion increased MACO media capacity by more than 55% from THB 900 (pre-consolidation) to THB 1,400mn. 2) The launch of 1st phase of CBD

Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 3rd Quarter 2018 Milestone Revenues and Earnings, Structural Improvements, Enhanced Portfolio and Geographic Reach

intrinsic value of the assets and business based on historical and potential earnings and cash flow of the business. It has been valued by a range of valuation methods including relative valuation as

preferred payment channel. While the awareness of our video platform (AIS PLAY) continued (2mn active subscribers) , in 1Q19 AIS has made a strong presence in eSports arena aiming to support gaming ecosystems