1/3 L-WAVE ENT 34/2020 7 August 2020 Subject : Management’s Discussion and Analysis for the six-month period ending 30 June 2020 operating results that varied more than 20% compared to the same

Bangkok, May 27, 2011- Following news on a press conference by executive of Thoresen Thai Agency Plc., (TTA), stating that a group of investors who claimed to hold 30% stake in TTA approached and

Reference is made to the disclosure made by Indorama Ventures Public Company Limited (“IVL”) on 2nd November 2018 regarding the acquisition of a 100% stake in M&G Fibras Brasil Ltda. located in Cabo de Santo

and Mexico Reference is made to the disclosure made by Indorama Ventures Public Company Limited (“IVL”) on 11th December 2018 regarding the acquisition of a 100% stake in UTT Beteiligungsgesellschaft

Germany Reference is made to the disclosure made by Indorama Ventures Public Company Limited (“IVL”) on 20th December 2018 regarding the acquisition of a 100% stake in the PET business of INVISTA Resins

Ventures Public Company Limited (“IVL”) on March 16th, 2018 regarding the acquisition of a 100% stake in M&G Polimeros Brazil S.A. in Ipojuca, Brazil. IVL would like to inform that it has completed all

Czech Republic and Slovakia With reference to the disclosure made by Indorama Ventures Public Company Limited (“IVL”) on June 29th, 2018 regarding the acquisition of 100% Equity stake in KORDÁRNA Plus a.s

in Europe With reference to the disclosure made by Indorama Ventures Public Company Limited (“IVL”) on October 1st, 2018 regarding the acquisition of 100% equity stake of Schoeller Group in Europe

Q1/ 2017 to 33.5% in Q1/2018; 2. Whilst SG&A including Interest expenses was up 10% Y-O-Y or Baht 17.7 million because of higher variables expenses that varied to company better performance, and non

project has been completed, while Independent Financial Advisor (IFA) indicates that the acquisition price is fair but shareholders must consider the stake in which WAVE plans to invest. The shareholders