election slated in November 2020. Even though tension over the US-China situation eased somewhat after Phase One of a trade deal was reached in mid-January 2020, the details of any further negotiations are

8,016 5,337 2,679 50% Total Expenses (7,221) (4,956) (156) (126) (7,377) (5,082) 2,295 45% Share of Profit (Loss) 2,417 2,037 12 4 2,429 2,041 388 19% Profit (Loss) before FX, deferred income tax

foreign exchange, deferred income tax, and lease income 2,475 3,046 13 22 2,488 3,068 (580) (19%) Deferred income (expense) tax (197) 25 - 1 (197) 26 (223) (100%) Profit (Loss) before the effects of foreign

of foreign exchange, deferred income tax, and lease income 2,504 2,967 45 50 2,549 3,017 (468) (16%) Deferred income (expense) tax 22 (13) - - 22 (13) 35 100% Profit (Loss) before the effects of

0% 75,447 1% 70,655 2% 74,465 2% Intangible assets - net 115,517 2% 171,182 3% 66,984 2% 70,640 2% Digital television licences 2,783,780 37% 2,574,171 40% 1,049,289 26% 979,913 30% Deferred tax assets

% 171,182 3% 66,984 2% 70,640 2% Digital television licences 2,783,780 37% 2,574,171 40% 1,049,289 26% 979,913 30% Deferred tax assets 262,922 3% 112,053 2% 77,317 1% 26,748 1% Other non-current assets

manufacturing capacity in higher-margin businesses. The deal accelerates IVL’s ability to achieve its goal to double its core EBITDA every 5 years. The nature of IVL’s business model enables it to achieve visible

investment 14,162 - - - 14,162 - 14,162 100% Profit (Loss) before the effects of foreign exchange, deferred income tax, impairment and lease income 16,043 1,728 95 49 16,138 1,777 14,361 100% Loss from

) 1,822 22% Share of Profit (Loss) 1,652 1,800 (9) 19 1,643 1,819 (176) (10%) Profit (Loss) before the effects of foreign exchange, deferred income tax and lease income 2,619 2,475 (25) 13 2,594 2,488 106 4

% Profit (Loss) before the effects of foreign exchange, deferred income tax, gain on disposal of investments and lease income 2,909 1,881 6 95 2,915 1,976 939 47% Gain on disposal of investments - 14,162