Pursuant to the completion of the transactions contemplated in the share purchase agreement dated August 1, 2022 entered into between Shiva Performance Materials Private Limited ("Purchaser") and INEOS Styrolution APAC Pte Ltd. ("SPA"), the board of directors ("Board") of INEOS Styrolution India Limited (the "Company") at its meeting held on November 17, 2022, took note of the acquisition of 10,761,178 equity shares of the Company by the Purchaser under the SPA on November 17, 2022 and noted that the Purchaser: (i) is in sole control of the Company; and (ii) is the promoter of the Company in accordance with applicable law, with effect from November 17, 2022. The Board, based on recommendation of the Nomination and Remuneration Committee of the Company, considered and approved the appointment of Mr. Rakesh S. Agrawal, Chairman, Executive Non-independent director, Mr. Rahul R. Agrawal, Executive Director and Managing Director, Mr. Vishal R. Agrawal, Executive Director and Joint Managing Director, Mr. Ravishankar Kompalli, Whole Time Director, Mr. Milin Mehta, Non-executive Director and Independent Director, Mr. Prem Kumar Taneja, Non-executive Director and Independent Director as Additional Directors on the Board, effective from November 17, 2022. The Board also approved the appointment of Mr. Rakesh Agrawal (DIN: 00057955), Executive Non-independent director as the Chairman of the Board with effect from November 17, 2022.

The Board considered and accepted the resignation of (a) Mr. Robbie Alphons Maria Buntinx (DIN: 08830690) from directorship as Non-Executive and Non-Independent Director with effect from November 17, 2022; (b) Mr. Vinesh Sadekar (DIN: 00046815) from directorship as Non-Executive and Independent Director with effect from November 17, 2022; (c) Ms. Sandra Martyres (DIN: 00798406) from directorship as Non-Executive and Independent Director with effect from November 17, 2022; (d) Mr. Sanjiv Vasudeva (DIN: 06570945) from directorship as Managing Director with effect from November 17, 2022 and (e) Mr. Sanjeev Madan (DIN: 07533471) from directorship as Whole-time Director with effect from November 16, 2022. Accordingly, these directors have ceased to be members of the committees of the Company. The Board has also considered and accepted the resignation of Mr. Robbie Alphons Maria Buntinx (DIN: 08830690) as Chairman of the Board with effect from November 17, 2022.

Rakesh S. Agrawal is the Chairman of Shiva Group of Companies promoted by the family, having business interests in Acid Chlorides, Alkyl Chlorides, Polymers, Engineering Services, Trading etc and having manufacturing facilities in India and Europe. He is a Post Graduate (Master of Engineering ­ Chem) from Stevens Institute of Technology, New Jersey. A first-generation entrepreneur, Mr. Agrawal introduced Engineering Thermoplastics in India by setting up ABS Plastics Ltd, the first plant in the country to manufacture ABS and SAN resins and pioneered the market for these products in India.

During his reign as Managing Director from 1973 to 2012, the Company had grown from 2000 TPA to 100,000 TPA in terms of ABS/SAN manufacturing capacity and Rs. 110 Mio to more than Rs. 11,000 Mio in terms of turnover.

Mr. Agrawal plays a major role in various Industries Associations and he is currently a Managing Committee Member of Federation of Gujarat Industries, where he also served as President for 2 years. He has also served as an Executive Committee Member of FICCI for several years. He is also involved with various educational, social and charitable activities and he is a Trustee of United Way of Baroda where he also served as Chairman.

He is also on the Board of Governors of GSFC University and had served as Senate Member of the MS University of Baroda for 4 years. A connoisseur of contemporary Indian Art, he has created an Art Centre for the promotion of art and culture and possesses a large collection of various forms of visual art both - contemporary and primary. He holds a bachelor's degree of technology in chemical engineering from Nagpur University and a masters' degree in chemical engineering from Stevens Institute of Technology.

He has more than 49 years of experience in Chemicals and Manufacturing industry. Rahul Rakesh Agrawal is the Director and Promoter of Shiva Pharmachem Limited, company situated in Vadodara, Gujarat. Shiva Pharmachem Limited is a global supplier and one of the leading manufacturers of multi-functional intermediates in pharmaceuticals and agrochemicals and performance chemicals, and has three manufacturing sites and exports various products globally.

He holds a bachelor's degree of science in chemical engineering from the University of Michigan, Ann Arbor and a masters' degree in Business Administration from Harvard Business School, Harvard University. He has an experience in the field of Chemical Manufacturing Industry for almost 23 years. He has also promoted Shiva Performance Materials Pvt.

Ltd., a Company situated in Vadodara, Gujarat, which is actively engaged in producing specialty polymers such as acrylic resins used in ink, coating, semi conductor and optical fibre industry. Shiva Performance Materials is one of the largest suppliers globally in the graphic arts and toner industries and provides a clean alternative to hazardous solvent based chemistries used in packaging industry. He has also been an active member of the chemical engineering honor society Omega Chi Epsilon.

Vishal Rakesh Agrawal is the Managing Director and Promoter of Shiva Pharmachem Limited, a company situated in Vadodara, Gujarat. Shiva Pharmachem Limited is a global supplier and one of the leading manufacturers of multi-functional intermediates in pharmaceuticals and agrochemicals and performance chemicals and has three manufacturing sites and exports various products globally. He holds a bachelor's degree in chemical engineering and a masters' degree in Information Management from Stevens Institute of Technology.

He has an experience in the field of Chemical Manufacturing Industry for over 23 years. Post qualifications he started Shiva Pharmachem Limited, with a focus on chlorination chemistry, which now is a multiproduct company practicing multiple chemistries. He also acquired a chemical company in Europe in 2015, which manufactures speciality chemicals, and is now a part of Shiva Pharmachem Ltd.