: +662 661 6664 Indorama Ventures 2nd Quarter 2020 MD&A 1 Executive Summary 2Q 2020 Financial Results • IVL achieved a core EBITDA of US$305M and an operating cash flow of US$300M. Core net profit grew to

1 Forth Smart Service Public Company Limited (FSMART) 2Q19 Management Discussion and Analysis Operational Summary in 2Q19  Net profit was Bt145mn, decreasing 3.4%YoY  Total revenue from core

, increasing 0.2% YoY, which is all-time highest number.  Total revenue from core business was Bt3,147mn, decreasing 5.7% YoY.  Number of “Boonterm kiosk” was 130,481, increasing 0.3% YoY.  Banking agent

1 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Operational Summary in 1Q19  Net profit was Bt150mn, increasing 3.1% YoY  Total revenue from core

since mid of the quarter)  Net profit was B127mn, decreasing 15.4% YoY – from Covid-19 pandemic and effect of new accounting standard adoption of Bt1.41mn.  Total revenue from core business was Bt729mn

1 Forth Smart Service Public Company Limited (FSMART) 3Q19 Management Discussion and Analysis Operational Summary in 3Q19  Net profit was Bt144mn, decreasing 1.1% YoY.  Total revenue from core

18.3% QoQ.  Total revenue from core business was Bt735mn, increasing 10.2% QoQ.  Banking agent business (of which the Company is the agent for 6 commercial banks: KTB, KANK, BAY, GSB, BAAC, and SCB

, AIS delivered a 4.1% core service revenue growth with 43.7% normalized EBITDA margin and has announced an interim dividend of Bt3. 78/ share, following minimum 70% payout ratio. The guidance for the

specific 5G industrial use cases. Manage cost amidst pandemic to sustain profit In 2Q20, core service revenue was Bt32,285mn, -6.4%YoY and -2.4%QoQ mainly from COVID-19. Total cost amounted to Bt32,831mn

ratio based on restated historical numbers. ROCE calculation is based on THB currency which may not match with other graphs where the calculation is on $ basis. 16 Table 10: Calculation of Core EBITDA