to newly invest a subsidiary Cal-Comp Brazil Holding Co., Ltd. for the purpose of future organization structure and operating plan for the brazil entities, and details as the following; Estimated

increased from the selling Steel Structure Tower. In the six-month period of 2020 was Baht 119.58 million was increased of Baht 21.55 million or 21.99% from the revenues of Baht 98.03 million of the six-month

BS15, shareholder’s loan granted by the Seller on the share transfer completion date and remaining cash on the share transfer date) Shareholding structure after the completion of shares purchase: The

structure + (-) 3 | MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1-2020 The Group recorded THB 257.35 million of total revenue in Q1-2020, decreased by 27.26% comparing to THB 353.79 million of the same period

flows from operations 5. Paid-up registered Capital : 25,000,000 บาท baht divided into 2,500,000 ordinary shares of 10 baht per share The Shareholding Structure before and after the transaction Name list

หุ้น (ก่อนทำรายการ) BB Textbox Attachment Structure (Before Acquisition) 75% Higashi Nihon Mega Solar 3 (GK) Kurihara (GK) AE Power (GK) 99.99% 99.99% 99.99% 99.99% 99.99% 100% 99.99% 100% 99.99% 99.99

Discussion and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS New Capital Structure and Use of Proceed from IPO Regarding our IPO, we received net proceed from IPO in the amount of Baht 11,078 million composing

Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business sustainability development 13 4. Management discussion and analysis (MD&A) 17 5

January 3rd, 2019 Table 10: IVL Consolidated Statement of Income Quarterly Last Twelve Months Indorama Ventures 1st Quarter 2019 MD&A 16 1 As per internal classification and includes insurance claim for

Indonesia result since 4Q18. IVL has 100% ownership since January 3rd, 2019 Indorama Ventures 1st Quarter 2019 MD&A 16 Table 10: IVL Consolidated Statement of Income 1 As per internal classification and