Indorama Ventures : Minutes of the Annual General Meeting of Shareholders No. 1/2023

Ref. No. IVL002/05/2023

3rd May 2023

To:	The Shareholders
	Indorama Ventures Public Company Limited
Subject:	Minutes of the Annual General Meeting of Shareholders No. 1/2023

With reference to the Annual General Meeting of Shareholders No. 1/2023 held through an electronic meeting platform (E-AGM) on Tuesday, 25th April 2023, Indorama Ventures Public Company Limited (the "Company") encloses herewith the Minutes of said Shareholders' Meeting.

If Shareholders have any questions or comments and/or wish to submit any proposed amendments on the said Minutes, please submit your proposal and/or feedback to the Company within 15th June 2023 by sending to: Company Secretary Department, c/o Indorama Ventures Public Company Limited, No. 75/80-81 Ocean Tower 2, 32nd Floor, Soi Sukhumvit 19 (Wattana), Klongtoey Neur, Wattana, Bangkok 10110, Thailand; or by email to [e-mail]; or by Telephone No. 02-661-6661 ext. 688 or 339; or by fax to 02-665-7090. Thereafter, the Company will incorporate such feedback (if any) in the Minutes. If there is no feedback received within the above-mentioned date, it shall be deemed that such Minutes has been considered and agreed to by the Shareholders.

Please be informed accordingly.

Sincerely yours,

(Mr. Souvik Roy Chowdhury)

Company Secretary

Indorama Ventures Public Company Limited

75/102 Ocean Tower 2, 37th Floor, Sukhumvit 19 (Wattana),

Asoke Road, Klongtoey Nuer, Wattana, Bangkok 10110, Thailand

Tel : [phone] Fax : [phone]www.indoramaventures.com

(English Translation)

Indorama Ventures Public Company Limited

Minutes of the Annual General Meeting of Shareholders No. 1/2023

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The Annual General Meeting of Shareholders No. 1/2023 of Indorama Ventures Public Company Limited was held through an electronic meeting platform (e-AGM) on Tuesday 25th April 2023. The e-AGM was organised in accordance with current rules, procedures and conditions as stipulated by the laws concerning electronic meeting.

The Company has recorded a video of the Meeting and will upload on the Company's website. The Company has followed the Guidelines on Security and Privacy in respect of Personal Data, which has been circulated to you as part of the Notice of the Meeting.

The Meeting convened at 02.00 p.m.

Mr. Sri Prakash Lohia, Chairman of the Board of Directors, was the Chairman of the Meeting according to the Articles of Association of the Company.

The Chairman welcomed the shareholders attending the Annual General Meeting of Shareholders No. 1/2023 and then, introduced the directors, auditors and legal counsel of the Company present physically at the broadcasting room and/or who joined via electronic means, as below:

Directors attending the Meeting: (15 out of 15 directors attended the Meeting representing 100%)

1.	Mr. Sri Prakash Lohia	Chairman of the Board
2.	Mr. Aloke Lohia	Vice Chairman of the Board, Chairman of the Sustainability and
		Risk Management Committee, and Group Chief Executive
		Officer
3.	Mrs. Suchitra Lohia	Executive Director and Deputy Group CEO
4.	Mr. Amit Lohia	Non-executive Director
5.	Mr. Yashovardhan Lohia	Executive Director, Member of the Sustainability and Risk
		Management Committee, and Chairman of ESG Council
6.	Mr. Dilip Kumar Agarwal	Executive Director, Member of the Sustainability and Risk
		Management Committee, Deputy Group CEO, Executive
		President Combined PET (Ad Interim) and Chief Financial
		Officer (Ad Interim)
7.	Mr. Udey Paul Singh Gill	Executive Director and Member of the Sustainability and Risk
		Management Committee
8.	Mr. Sanjay Ahuja	Executive Director and Chief Strategy and Transformation
		Officer

9.	Mr. Rathian Srimongkol	Lead Independent Director, Vice Chairman of the Board,
		Chairman of the Audit Committee, and Member of the
		Sustainability and Risk Management Committee
10.	Mr. Russell Leighton Kekuewa	Independent Director, Chairman of the Nomination,
		Compensation and Corporate Governance Committee, and
		Member of the Sustainability and Risk Management Committee
11.	Dr. Siri Ganjarerndee	Independent Director, Member of the Audit Committee, and
		Member of the Nomination, Compensation and Corporate
		Governance Committee
12.	Mr. Kanit Si	Independent Director, Member of the Nomination,
		Compensation and Corporate Governance Committee, and
		Member of the Sustainability and Risk Management Committee
13.	Mr. Tevin Vongvanich	Independent Director, Member of the Audit Committee, and
		Member of the Sustainability and Risk Management Committee
14.	Mrs. Kaisri Nuengsigkapian	Independent Director and Member of the Nomination,
		Compensation and Corporate Governance Committee
15.	Dr. Harald Link	Independent Director and Member of the Nomination,
		Compensation and Corporate Governance Committee
Auditors attending the Meeting:
1.	Mr. Bob Ellis	Auditor from KPMG Phoomchai Audit Limited
2.	Mr. David Leaver	Auditor from KPMG Phoomchai Audit Limited
3.	Mr. Yoottapong Soontalinka	Auditor from KPMG Phoomchai Audit Limited
Legal Counsel attending the Meeting:
1.	Ms. Wipada Saksri	Legal Counsel from The Capital Law Office Limited

Ms. Wipada Saksri, a legal counsel from The Capital Law Office Limited, monitored the meeting to ensure that the Meeting was conducted in accordance with the laws and the articles of association of the Company.

The Chairman further mentioned that the management team from various businesses was present at the Meeting.

The Chairman then assigned Mr. Rathian Srimongkol, Lead Independent Director, Vice Chairman of the Board, Chairman of the Audit Committee, and Member of the Sustainability and Risk Management Committee to conduct the Meeting in Thai.

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After that, Mr. Rathian Srimongkol informed the Meeting that there were 17 shareholders present in person and 1,055 shareholders present by proxy at the start of the Meeting. Therefore, there were a total of 1,072 shareholders present, holding an aggregate of 4,619,173,125 shares, representing 82.2714 percent of total shares sold. A quorum was thus constituted according to the Company's Articles of Association. Mr. Rathian Srimongkol, therefore, declared the Annual General Meeting of Shareholders No. 1/2023 of the Company opened.

Before starting with the agenda items, Mr. Rathian Srimongkol explained the proceeding of the meeting, including the voting method and submission of questions or opinions. The Annual General Meeting of Shareholders No. 1/2023 was held through an electronic meeting platform using the service of Quidlab Company Limited, who is an ETDA certified service provider for arranging electronic meeting platforms. The shareholders, who registered for attending this meeting, received the username and password and also manual for using the e-Meeting System. The shareholders, logged in, were able to view the live broadcast of the Meeting, vote on each agenda as applicable from their device and view the result of voting of each agenda.

In case, any shareholder or proxy had any questions to and/or suggestions to make, they were able to ask questions and/or address their suggestions by typing in and/or by voice through the e-Meeting System, which shall be passed to the concerned person to address or answer them. For any questions/suggestions that were not addressed during the meeting, the Company would post the answers on the Company's website.

Then, Mr. Rathian Srimongkol explained the voting and vote counting procedures to be followed at this Meeting as below:

For the voting and vote counting procedures at the Meeting, shareholders had the right to vote according to the number of shares held, wherein one share is equal to one vote. For each agenda item, each shareholder was eligible to cast his/her vote, to approve, disapprove or abstain from voting. No split voting is allowed. Exceptions are made for proxy holders of foreign investors who appointed custodians in Thailand to keep their clients' securities. For casting the vote during the Meeting, shareholders may cast his or her vote for each agenda using the menu "Vote" in the system. For the shareholders who do not vote in any agenda, the system would automatically count his/her vote as "approve", and the votes would be counted according to the number of shares they hold. Therefore, shareholders who approve the agenda are not required to cast vote in the system. Once the agenda is closed, shareholder is not able to vote for such agenda again.

To count the votes approving an agenda, the Company would deduct the votes cast as disapproved and abstained, from the total votes of shareholders attending the Meeting.

However, for Agenda No. 4: the approval for the election of directors in replacement of those who retire by rotation and the change in total number of the Company's Board of Directors, the shareholders are required to separately vote for each director and also vote for approval of the reduction in the total number of Directors of the Company from 15 to 12. The votes required for approval for each agenda item are indicated in the Notice of the e-AGM.

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Shareholders, who had entrusted their proxies to Independent Directors to attend the Meeting and cast their votes on their behalf, would have their votes cast according to their wishes. The result of voting for each agenda item will be announced and shown on the screen during the course of the Meeting.

Mr. Rathian Srimongkol further informed the Meeting that in compliance with good corporate governance, the Company had given the opportunity to shareholders to propose agenda items for Annual General Meeting of Shareholders No. 1/2023 and also to propose any candidate for directorship through the Company's website from 8th September 2022 to 31st December 2022 and also informed through the Stock Exchange of Thailand. No Shareholders proposed any agenda items or nominated any candidate for directorship.

For the Minutes of the Annual General Meeting of Shareholder No.1/2022 held on 26th April 2022, the Company had uploaded the said Minutes on the Company's website and also informed through the Stock Exchange of Thailand since 6th May 2022 requesting the Shareholders to provide comments and/or any proposed amendments on the said Minutes to the Company within 15th June 2022. No Shareholder provided any comment and/or feedback to the Company. Therefore, it is deemed that such Minutes had been considered and agreed to by the Shareholders.

Thereafter, Mr. Aloke Lohia, Founder, Executive Director, Vice Chairman of the Board, Chairman of the Sustainability and Risk Management Committee and Group CEO, made a presentation to Shareholders on IVL Financial Performance.

Mr. Aloke Lohia thereafter gave his perspective on IVL Financial Performance. He highlighted the completed performance for the last 4 years; 2019-2022. He informed that the Company's revenue dropped in 2020 due to the impact of the COVID-19 pandemic. However, the company was able to quickly recover by achieving a revenue of 18.7 billion USD in 2022, which is a 60% increase over 3 years and the Earnings per Shares (EPS), and dividends strongly bounced back in 2021 and 2022. He then informed that PET and Fibers businesses showed the improvement by continuously increasing revenue. Moreover, PET Business continues to align with the stakeholders on the climate and recycling by educating the advantage of PET and fully recycled plastic. Lastly, he said that he is proud of all managements and employees who have supported and overcome the challenges together during the 3 years of the pandemic.

Thereafter, Mr. Dilip Kumar Agarwal, Executive Director, Member of the Sustainability and Risk Management Committee, Deputy Group CEO, Executive President Combined PET (Ad Interim) and Chief Financial Officer (Ad Interim), made a presentation to the Shareholders on a Topic "A Resilient Business Delivering Returns through the Cycle".

Mr. Dilip Kumar Agarwal informed the Meeting that the Company's operating environment become more complex and challenging. For 2022 in particular the Disruptions caused by Russia-Ukraine conflict had mixed impact on IVL's operation that 1) IVL has been a beneficiary from supply chain disruptions. As a domestic producer in Western markets, the heightened freight rates and longer lead times for imported goods allowed IVL to achieve attractive margins. 2) Rising energy prices negatively impacted on our variable costs, particularly in Europe. However, IVL benefitted from high crude oil prices, especially in MTBE business. Persistent COVID lockdowns in China slowed down economic growth brought down benchmark prices and margins for petrochemical products including MEG and polyester. In addition,

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