production yield. Subsidiaries based on operating results with continuous losses, which both subsidiaries company's operations are ceased. One of the subsidiaries; AI Logistics Company Limited (“AIL”) had

-1- AIT (VP-SEC) 003E/2024 15 February 2024 Subject: Management's Discussion and Analysis of Operating Results for the year 2023 and Q4-2023 To: The President of the Stock Exchange of Thailand

$819 million, up 33% YoY  Earnings Per Share of THB 4.61, +16% YoY  Operating Cash Flow of $1.0 billion  2019 Earnings Guidance reaffirmed Indorama Ventures 2018 MD&A 2 2018 Summary Financials Table 1

analysis should be read in conjunction with our financial statements and accompanying notes, as well as our selected operating data, included elsewhere in this Offering Circular. Our financial statements

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

3 VIII. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 5 IX. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 6 X. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 7 XI. INTERESTS OF EXPERTS AND COUNSEL 8

ได้คะแนนอยู่ในระดับ “ดี” ขึ้นไป ซ่ึงมี 3 กลุ่มคือ “ดี” “ดีมก” และ “ดีเลิศ” โดยใช้สัญลักษณ์ตมตรงดังกล่วข้งล่ง ช่วงคะแนน สัญลักษณ์ ควมหมย SCORE Range Number of Logo 90-100 ดีเลิศ 80-89 ดีมก 70-79 ดี 60-69

หมาย SCORE Range Number of Logo 90-100 ดีเลิศ 80-89 ดีมาก 70-79 ดี 60-69 ดีพอใช้ 50-59 ผ่าน ต่ำกว่า 50 No logo given N/A 32 กองทุนเปิดเค หุ้นธรรมาภิบาลไทยเพื่อการเลี้ยงชีพ รายงานสรุปจำนวนเงินลงทุนใน

2018 as follow: DuPont Analysis 2017 2018 2019 Return on Equity or ROE 15 (%) 14.55 8.37 9.08 Operating Profit Margin 12 (%) 12.12 8.29 9.13 Total Assets Turnover 18 (times) 1.03 0.96 0.93 Equity

optimization. AIS reported a net profit of Bt29,086mn, increasing 12% YoY reflecting an improved operating performance, and a one-time gain from FX. 4Q23 & FY23 MD&A Advanced Info Service Plc. 2 FY23 Operational