around US$2.2B in Mar21 and operating cash flow of US$201M in 1Q21, IVL is well positioned. During the quarter, net debt reduced by US$148M with improved performance. Our net operating debt to equity has

)% Fibers 51 59 52 (3)% 200 212 (6)% Feedstock 154 114 87 76% 476 217 120% Core EBIT 198 155 135 46% 613 410 49% Core Net Profit after Tax and NCI (US$ M) 137 110 82 68% 416 242 72% Core Net Profit after Tax

Osotspa Public Company Limited Q3’19 and 9M’19 Management Discussion & Analysis 13 November 2019 Q3’19 and 9M’19 Management Discussion & Analysis Page 1/6 Financial Highlights - Overall Q3’19 Net

Analysis Quarter 2 Ending 30 June 2018 Highlights Q2/2018, the Company and subsidiary’s total net loss equals Baht 1,401 million comparing with previous quarter which has net profit Baht 495 million. Total

rate decelerated in accordance with the global economic growth which was affected by the trade war between the United States and China, together with the appreciation of the Thai Baht as one of the

Tax 12.28 13.71 -10% 56.60 31.53 80% Net profit 48.40 43.96 10% 225.07 113.04 99% % Net profit margin 11% 11% 0% 23% 14% 9% Non-controlling interest 0.11 0.12 -12% 0.36 3.29 -89% Net profit attributable

operating activities The Company’s net cash flow from operating activities was Baht 37.79 million, decreasing by Baht 36.35 million or approximately 49.0% from the decreasing in operating profit together with

per customers’ demands. The Company has a subsidiary, Aurum and Aurum Company Limited (together with the Company, the “Group”) which operates raw material and equipment sourcing and import. Quarter 2

/2018) Performance Analysis Unit : MB 3Q18 3Q17 %YoY 2Q18 %QoQ 9M18 9M17 %YoY Net sales 233.52 253.72 -7.96 262.65 -11.09 758.01 760.04 -0.27 Other income 12.11 11.60 4.36 11.96 1.22 37.13 35.01 6.04

of Thailand Overall operating performance of the Group Unit: Million Baht Q1’ 2020 Q1’ 2019 Increase (decrease) Variance (%) Total revenues 1,572 1,677 (105) (6%) Net profit 73 81 (8) (10%) The Group’s