: +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

preferred shares and warrants of U City via private placement and a rights offering and (iii) the disposal of certain non-core assets 22 January 2018: Private Placement as part of capital increase. The

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

%) (84.8) (1.8%) +8.4 +9.9% Less: (Profit)/Loss Net from Non-Controlling Interests (by equity method) (12.4) (0.3%) (1.6) (0.1%) +10.8 +677.9% Core Operating Profit 343.2 7.1% 296.6 6.3% +46.6 +15.7

(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

a tangible approach to the debt repayments.  The SEC viewed that EARTH ' s core business is coal trading for which liquidity management is crucial. And in the past EARTH used loans from financial

relevant to its core or non-core businesses to enhance flexibility and efficiency of their business operations.  In principle, the business operators must have an apparent outsourcing policy, measure

pursuing its strategies and policies to engage in the core business of media and content, in which it has expertise. The disposal of investments in NU, BBB, WPS, and NML will not have any impact on the

. Construction is ongoing as planned and expected to be completed and ready for transfer in 2019. Sustainable Growth as a Core Principle in Business CPN is selected to be the member of the Dow Jones Sustainability

(0) 2661-6664 2 INDORAMA VENTURES PUBLIC CO., LTD (SET: “IVL”) MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) FOR THE YEAR ENDED DECEMBER 31, 2017 (CONSOLIDATED) Table 1: Financial Summary - Core Financials