firms from Singapore and Thai exchanges. • Next, firms sorted into decile groups by price and top decile price range is eliminated. • Assume event firm abnormal returns are independent as RTO occurrence

focused on its financial objective for 2023 -- to achieve double-digit ROCE in each of its core businesses; top decile total shareholder returns (TSR) position vs. peers and a strong cash flow through the

Quarter 2020 MD&A 8 IVL Strategic Priorities Going Forward IVL remains focused on its financial objective for 2023 - to achieve double-digit ROCE in each of its core businesses; top decile total shareholder

decile total shareholder returns (TSR) position vs. peers and a strong cash flow through the cycle. As presented at our Capital Markets days in Feb 2020, On the journey to achieve above objectives, IVL is