on equity3 (%) 18.0% 11.8% Payable days (days) 157 186 Efficiency Ratios Leverage Ratios Return on assets4 (%) 16.4% 10.3% Liability to Equity (times) 0.5 0.5 Return on fixed assets5 (%) 79.4% 50.3

because of the following; - Decreased in gain on foreign exchange rate from Q1’19 amounting of 1.53 Million Baht and gain on selling of scrap and unused construction machine equipment and consumable

Statistics Office of Vietnam 3 Exchange rate is subject to BOT’s average selling rates as of 9 Jan 2020 (THB 0.1315 = VND 100) MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD

both Thai and foreign worker employment rate as well as the slow-down of other related industries. This quarter economy was also affected by tropical storms and flash flood in some upcountry areas. The

income 348 31% 65 2% -81% Selling expense -138 -12% -306 -10% 121% Administrative expense -286 -25% -437 -15% 53% Finance costs -136 -12% -207 -7% 52% Net gains on exchange rate 0 0% 91 3% n/a Share of

) lower profits at our associate namely ABPIF. Gain (Loss) on Exchange Rate • Recorded Gain on Exchange Rate at Baht 11 million in Q1’2019, primarily attributable to a unrealized gain on exchange rate from

, increasing slightly from 0.76 percent in the second quarter. The average exchange rate was 32.97 THB/USD, appreciating from 33.39 THB/USD in the same period last year but weaker than 31.92 THB/USD in the

Huvis Global Corporation, South Korea on June 18, 2018 to form a 50:50 joint venture limited liability company in USA, by the name of Huvis Indorama Advanced Materials, LLC. (“HIAM”). HIAM will

entered into a Joint Venture Agreement with Toyobo Co., Ltd. (“Toyobo”), Japan, on October 23, 2020 to form a 50:50 joint venture limited liability company in Thailand (the “JV”). The JV plans to build a

addition, the selling price of electricity has increase due to the rise in Ft rate resulting in a higher net profit in Q1/2018. Q1/2018 Financial and Operating Highlights * Exclude costs of depreciation and