subsidiary of the Company, approved the increase in the registered capital from USD 45 million (divided to 45 million shares valued at USD 1 per share) to USD 46 million (divided to 46 million shares valued at

Commission Hong Kong, 2016. Principles of Responsible Ownership. 11. The Council of Experts Concerning the Japanese Version of the Stewardship Code, 2014. Principles for Responsible Institutional Investors

Economic Ownership 48.0% SCOD 31 December 2019 PEA PPA 4.0 MW / 20 years % Progress 86.64% Progress on track B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION COD

- The Board Meeting of O.C.C. Public Company Limited No. 6/2560 held on October 10th, 2017 3. Date/ Month/ Year of Transaction - The land shall be registered and transferred of ownership by paying in one

on the date of transfer of land ownership 5. Details of Connected Persons 5.1 Mahasiri Siam Co., Ltd. is a major shareholder of CH. Karnchang Public Company Limited, and according to information from

method: by cash on the date of transfer of land ownership 5. Details of Connected Persons 5.1 Mahasiri Siam Co., Ltd. is a major shareholder of CH. Karnchang Public Company Limited, and according to

JV - (2) 3 (100)% 10 5 128% Others (FiberVisions, PHP China, Mexico) (0) 0 1 (101)% 1 4 (88)% 1 74% PTA JV, IVL started consolidating Polyprima Indonesia result since 4Q18. IVL has 100% ownership since

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

JV - - 7 (100)% 4 13 (72)% Others (FiberVisions, PHP China, Mexico) (0) (0) (0) 19% 1 2 (71)% 1 74% PTA JV, IVL started consolidating Polyprima Indonesia result since 4Q18. IVL has 100% ownership since

Energy Installed Capacity 4.8 MW Economic Ownership 48.0% SCOD 31 December 2019 PEA PPA 4.0 MW / 20 years % Progress 50.7% Progress on track B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and