2018 MD&A 5 o Avgol enhances IVL's HVA portfolio and market share in the hygiene segment and as the leading producer in Russia and India. o Kordarna (completed 30 Oct, 2018) - propels IVL to a leading

R.L. DE C.V at Queretaro, Mexico and is a leading producer of durable technical textiles for industrial, tire reinforcement, and specialty applications globally. DuraFiber’s Queretaro plant in Mexico

during the last 12 months. This additional cost impact has been more than offset by gains in the feedstock segment since IVL is also one of the world’s leading producers of IPA. The Fiber segment

16% 0.87 0.71 0.75 16% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated

% Net profit margin attributable to owners of the parent 13.2% 13.1% 0.1% 12.8% 12.3% 0.5% Key Change in Segment Grouping In 2019, the Company has changed reportable segments. The strategic divisions

6661 Fax: +662 661 6664 1 2019 IVL Performance Summary IVL registered volume growth of 18% in 2019 driven mainly by inorganic expansion. Industry-wide spreads declined to historical lows in 2019, leading

Profit = Net Profit attributable to owners of the parent Financial Performance for Q2’19 Key Change in Segment Grouping In 2019, the Company has changed reportable segments. The strategic divisions offer

elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated financials due to holding segment 3Core EBITDA is Reported EBITDA less

based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated financials due to holding segment 3Core EBITDA is Reported

leading to margin increase in all commodity products, supporting the increase in crude oil prices. All of this is translating into stronger than anticipated earnings in first half 2021. Transformation