: +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

% Core EPS after PERP Interest (THB) 0.85 0.67 1.31 (35)% 3.67 3.86 (5)% Core EBITDA/ton ($) 115 102 153 (25)% 119 132 (10)% Operating Cash Flow5 385 261 222 73% 1,172 855 37% Net Debt to Equity (times

the internal control in the organization, including creating control environment, risk assessment, control activities, information and communication, and monitoring activities. 3. Management establishes

previous year (YoY), and operating profit of THB 3,325 mn, an increase of 4.7% YoY, largely due to better overall business performance. Net profit stood at THB 2,847 mn, an increase of 0.9% YoY, mainly

systems to oversee that they are appropriate, adequate and efficient. 2 - Review business operating procedures to oversee that they are in compliance with rules and regulations of the Securities and

systems to oversee that they are appropriate, adequate and efficient. 2 - Review business operating procedures to oversee that they are in compliance with rules and regulations of the Securities and

systems to oversee that they are appropriate, adequate and efficient. 2 - Review business operating procedures to oversee that they are in compliance with rules and regulations of the Securities and

statements for the year ended February 29, 2020 which were audited by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized as follows. Overview According to the Bank

Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2019 comparing operating performance and financial position for the

% - Operating Revenue1 447.2 423.9 5.5% 1,299.6 1,264.9 2.7% - Other Revenue from Utilities Business2 2.6 18.5 -85.9% 81.9 22.1 271.2% - Power Business 3.0 1.1 165.4% 5.9 1.9 211.1% Costs of Sales and Services