: +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

accelerated spending in the first half of fiscal year. The situation is expected to benefit the company from economic recovery and private investment. In terms of total operating expenses, it usually varies

for a certain period. However, progress will be seen in the second half of this year, while signs of recovery should be clearly seen next year. 6M/2018 Cost of Goods Sold The Company and its

comparing to the same period of the previous year. Mainly due to the higher sales from the economic recovery and the good gross margin remained of the metal products, especially the automotive exhaust pipes

Price (Bht./ton) 18,690 16,163 HRC Cash Margin (Bht./Ton) 1,700 1,586 Unit: million Baht 31 December 2017 31 December 2016 Fin an cia l St at us Total Liabilities 5,492 5,871 Total Asset 19,546 17,813

) Management’s Discussion and Analysis | 2 Executive Summary In 2017, palm oil production in domestic and international market had improved since recovery from drought causing by El Nino effect in 2016. As palm

733 HRC Average Selling Price (Bht./ton) 18,690 16,163 HRC Cash Margin (Bht./Ton) 1,700 1,586 Unit: million Baht 31 December 2017 31 December 2016 Fin an cia l St at us Total Liabilities 5,492 5,871

Price (THB./ton) 20,942 18,695 HRC Cash Margin (THB./Ton) 1,937 3,327 Unit: million Baht 31 March 2018 31 December 2017 Fin an cia l St at us Total Liabilities 5,789 5,492 Total Asset 20,209 19,546 Total

Re: Allocation of Cash Flow under Securitization Program and Reporting on Transfer of the Remaining Assets and Benefits of Special Purpose Vehicles

outbreak, especially on export, tourism and industrial sector. However, economic recovery has been high uncertain from new wave of the COVID-19 pandemic since December 2020. As a result, the domestic tourism