independent financial advisor to carry out the relevant functions, including provide its opinions as required by the Notifications on Connected Transactions. In this regard, the Company has appointed Grant

Ventures 2nd Quarter 2018 MD&A 1 Indorama Ventures Public Company Ltd Management Discussion and Analysis 2nd Quarter 2018 Structural Improvements Driving Earnings Momentum  2Q18 Core EBITDA up 63% YoY, 1H18

: +662 661 6664 Indorama Ventures 1st Quarter 2020 MD&A 1 Executive Summary 1Q 2020 Financial Results • IVL achieved a core EBITDA of US$304M and an operating cash flow of US$340M, an increase quarter on

, the Company engaged an independent financial advisory to evaluate the fair value measurement of the investments by using income approach method and discounted cash flow to present value. As a result

right vote, however shareholders who have conflict of interest in this issue are excluded from the vote. (3) Appoint the Independent Financial Advisor for an opinion on the transaction to Securities and

, both the Board of Directors and the Audit Committee view that such transaction is reasonable and beneficial to the company. However, the independent financial advisor is of the opinion that the

: +662 661 6664 Indorama Ventures 2nd Quarter 2020 MD&A 1 Executive Summary 2Q 2020 Financial Results • IVL achieved a core EBITDA of US$305M and an operating cash flow of US$300M. Core net profit grew to

Project is a theme park, which is in the tourism and leisure business sector and the same business as that of SAFARI Group. Therefore, this transaction will enhance and strengthen the Company’s core

other persons’ accounts in such a way as to take advantage of other persons by using non- public material information concerning the fact that SUPER would sell off its assets of all kinds in its core

(0) 2661-6664 2 INDORAMA VENTURES PUBLIC CO., LTD (SET: “IVL”) MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) FOR THE PERIOD OF 2Q 2017 (CONSOLIDATED) Table 1: Financial Summary - Core Financials of