term, to ensure that we adopt proper fund-raising strategies. 7 3. Business Directions and Operations of Core Businesses 3.1 Sustainable Development and Corporate Governance Notable progress of KBank’s

: +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

: +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

other persons’ accounts in such a way as to take advantage of other persons by using non- public material information concerning the fact that SUPER would sell off its assets of all kinds in its core

(0) 2661-6664 2 INDORAMA VENTURES PUBLIC CO., LTD (SET: “IVL”) MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) FOR THE PERIOD OF 2Q 2017 (CONSOLIDATED) Table 1: Financial Summary - Core Financials of

proportion in core business from the minimum of 75% of the total number of voting rights to that of 50%, strengthening investor protection by revising rules on holding company?s investment structure to ensure

a tangible approach to the debt repayments.  The SEC viewed that EARTH ' s core business is coal trading for which liquidity management is crucial. And in the past EARTH used loans from financial

relevant to its core or non-core businesses to enhance flexibility and efficiency of their business operations.  In principle, the business operators must have an apparent outsourcing policy, measure

. Business Directions and Operations of Core Businesses 10 3.1 Sustainable Development and Corporate Governance 10 3.2 Business Directions of KASIKORNBANK and the Wholly-owned Subsidiaries of KASIKORNBANK 11

2.1 Credit Risk Management 5 2.2 Market Risk Management 5 2.3 Liquidity Risk Management 6 3. Business Directions and Operations of Core Businesses 7 3.1 Sustainable Development and Corporate Governance