GROUP CEO MESSAGE

This report outlines IVL’s success in focusing on the sustainability and climate issues that matter most to our customers, employees, shareholders, and communities in 2021. This past year has reinforced the need for businesses to focus on climate change. IVL is moving quickly on several fronts, and we are leading our actions in line with our core value of being responsible.

Moreover, we created a purpose statement, ‘Reimagining chemistry together to create a better world’, which we believe defines how we view our role and maintains our focus on the positive impact that we have on our world.

Getting to Net Zero

Last year’s COP26 in Glasgow ends with global agreement to accelerate action on climate this decade. All countries agreed to revisit and strengthen their current emissions targets to 2030, known as Nationally Determined Contributions (NDCs), in 2022 to limit global warming to 1.5 degrees Celsius. There’s a lot of important and hard work ahead, and we are doing our part.

Our Chief Technology Officers, as part of the Decarbonization Committee, will head IVL’s decarbonization strategy. The strategy consists of six prongs to reduce the company’s global carbon footprint and support countries where we have operations. The committee will provide technical guidance to each segment and ensure plant-level decarbonization efforts achieve our net zero ambition.

We are on track to achieve our 2025 goals and set up more ambitious 2030 targets. The 2030 targets include a 30% reduction in Scope 1 & 2 combined greenhouse gas (GHG) () intensity, 15% reduction in energy intensity, 25% use of renewable electricity, 20% reduction in water intensity, 90% diversion of waste from landfill, recycle 1.5 million tons in PET bale input annually and sustainability capital expenditures of US$ 7 billion.

Sustainability is Front and Centre

In pursuit of business growth and profitability, we do things the right way – economically, socially, and environmentally. Health and safety are non-negotiable as we implement these three approaches in our global operations.

Our vision statement, ‘To be a world-class sustainable chemical company making great products for society’ is backed by decarbonization and broader sustainability strategies as key differentiators going forward. This sharper focus will enable us to respond to any future uncertainties and improve our position in the post-COVID era.

Focus on Sustainable and Green Finance

IVL continues to demonstrate leadership in sustainable finance through our Sustainability Performance Targets (SPTs), which allow us to issue innovative investment instruments that are linked to sustainability performance. The SPTs are part of our Sustainability-Linked Finance Framework which has been independently assessed.

IVL’s strong commitment to protecting the environment are reflected in our first issuance of THB 10 billion in Sustainability Linked Bonds (SLBs), which drew considerable interest from a range of institutional investors. This issuance continues our pioneering approach to green finance in Thailand. The SLB is linked to our environmental performance and serves as an important step in optimizing our capital structure, as well as incentivizing our company and stakeholders. It marks an important development in the Thai capital market as investors focus more on environmental metrics, specifically relating to climate change. In addition, in 2021 we were the first Thailand-based company to invest in HSBC’s Green Deposit to support a wide range of environmental, social and governance projects.

Stronger Performance, Greater Innovation

IVL’s operations continue to focus on long-term performance through sustainability. We are more effectively integrating our operations, both downstream in packaging and upstream in feedstocks and IOD, while diversifying our product range, notably in surfactants, through strategic acquisitions and operational enhancements.

Our naphthaletes unit, which was established last year at our integrated production facility in the U.S., makes us the world's largest PNDA producer, with the greatest level of purity to serve high-end polyester markets. Our strategic acquisition of Brazil-based Oxiteno continues our focus on value accreting investments, gaining a unique portfolio of high-value surfactants and significantly extending our existing IOD business. It will also strengthen our position in Mexico and Latin America, and in green chemical innovation.

We are strengthening our position as a global recycling leader. In 2021, we completed our acquisition of PET recycling assets from CarbonLite Holdings and its subsidiaries in Texas, as well as two PET recycling facilities in Poland. We also announced a new greenfield recycling facility in West Java in Indonesia which will recycle almost two billion plastic bottles annually in support of our commitment to clean oceans and closed-loop solutions.

We acquired the state-of-the-art assets of Ngoc Nghia, a market leader in PET, preforms and closures in Vietnam, where we can increase our presence in a high-growth market offering a full range of PET packaging solutions with enhanced operational excellence.

At the end of last year, we inaugurated our Global Business Service Centre in Kolkata, India, which will play an important role for our operating sites worldwide by consolidating large-scale processes and deploying cutting-edge technology to drive operating efficiencies and promote our sustainability and transformation journey.

Addressing Safety Incidents and Improving Employee Safety

Health and safety remain the primary focus at all our sites. While we strive to achieve a strong operational performance within safe work environments, unfortunately incidents do occur. In 2021, we suffered two work-related fatalities in Texas in the U.S. and in Egypt (a contractor) while another employee was permanently disabled. Mitigation and enforcement actions were undertaken immediately at both facilities to improve employee safety together with additional training. Two of our facilities experienced fires, and the proper reporting and response procedures were immediately followed in both instances. Detailed investigation of each and every incident has been carried out, mitigation actions have been undertaken and lessons learnt were shared across all IVL sites.

Regretfully, there were a total of 16 COVID-related employee deaths last year, up from seven in 2020.

Culture of Leadership and Success

We continue to support the UN’s initiatives to showcase our collective work as part of the international business community and to demonstrate our leadership in taking effective action. As a signatory of the UN Global Compact, we actively support its 10 principles and promote its core values. We are also playing a constructive role in achieving the U.N.’s Sustainable Development Goals (SDGs).

Despite the ongoing challenges from the pandemic, I am delighted to report that the dedication of IVL’s global team resulted in numerous accolades in 2021. This began with our inclusion in the Dow Jones Sustainability Indices (DJSI) in which we ranked in the 97^th percentile among the five most sustainable companies. Furthermore, we improved the previous year’s top 2% placement ranking (Gold medal) with a top 1% ranking (Platinum medal). We also got several sustainability accolades as presented in the report.

A Future of New Value Creation

Building sustainability across all our businesses is a key focus as our colleagues work tirelessly towards making IVL a future ready organization. The past year has demonstrated IVL’s efforts in sustainability and promoting a more circular economy by increasing our presence in recycling and working more closely with stakeholders to invest in our people and the planet through innovation and product development.

In addition, we are focused on developing our team with the right recruitment and training, and promoting outstanding leaders with the correct ‘growth mindset’ which is critical to our long-term success, together with an emphasis on digitalization as a vital component of change. We will include more bio-based feedstock in our products, and aim to invest US$4.7 billion for bio-based feedstock consumption in our operations with a goal of achieving 16% against IVL’s full target.

Finally, we would like to acknowledge our employees, stakeholders, business partners and associates for their continued support in making 2020 a year of accomplishment.

ALOKE LOHIA

Group Chief Executive Officer Chairman of Sustainability and Risk Management Committee

CHIEF STRATEGY OFFICER MESSAGE

IVL successfully managed through the pandemic in 2021 achieving a strong financial performance amid record production volumes. Our region-centric business model of integrated and regional supply across a diversified geographic and product base is proving its value. More broadly, we will continue to build-up our portfolio of sustainable products that plays to our strengths in offering innovative solutions that meet social needs in an uncertain environment.

Our response to the pandemic in the last two years has reflected our values as we pulled together to identify and prepare for risk as well as respond to prolonged disruption. We also showed how highly relevant businesses can contribute to helping the communities around us. Our global teams communicated constantly through risk alerts and newsletters to monitor key threats and craft interventions and responses.

Building Agility and Resilience

Strengthening our IOD business’ value chain has greatly improved our overall sustainability strategy. Our acquisition of Brazil-based Oxiteno has given us a unique portfolio of high-value surfactants and will broaden our expertise in green chemistry innovation, boost our ESG credentials, give us access to substantial growth potential in attractive home & personal care, agrochemicals, coatings and oil & gas markets. This builds on our earlier acquisition of Huntsman Corporation’s integrated EO and PO assets, ensuring IOD’s continued growth, development and innovation.

Our new PNDA production unit in the U.S. extends our specialty chemical portfolio and will meet demand over the next decade to make us the world’s largest PNDA producer.

Driving Progress Together

All our businesses are being combined under our ‘ONE IVL’ project to generate synergies across the group, strengthen our risk management, and facilitate agile decision-making. We are transforming our business under an integrated digital platform that will simplify and standardize our data, processes and practices globally. Lastly, our Global Business Solutions finance function will drive efficiencies and improve controls through consolidation and automation.

To help our company achieve its sustainability ambitions, we created six enabling functions, including business continuity, communications, digital, environmental health and safety, Indorama Ventures Excellence (IVEX) and sustainability, which are steered by experienced professionals identified within the organization and recruited from the industry. These enabling functions will perform their roles and execute their strategic and operational plans in line with IVL’s vision and mission.

The digital enabling function will lead our journey to create a well-informed and timely decision-making process while ensuring a robust digital culture to improve business performance.

IVL’s leadership development and IVEX programs, two important elements within this structure, nurture individuals with leadership potential and implement projects that sharpen our focus on sustainability while providing management development opportunities. Last year, 1,633 leaders globally completed IVL’s leadership program while 996 employees joined the IVEX program.

We are on track to fulfil our three-year business plan to 2024. We are proud that IVL’s digital transformation project won the 2021 CIO/CDO of the Year for Thailand by Thailand’s IDC Future Enterprise Awards. The implementation of our global ERP S4HANA system is progressing well, and we successfully rolled out Phase 1 in the fourth quarter of 2021. Project Olympus, our company-wide business and cost transformation initiative, achieved US$ 291 million in efficiency gains in 2021.

Accelerating Climate Solutions

Having reaffirmed our commitment to reduce emissions towards our goal of Net Zero Carbon, we formed a Decarbonization Committee to provide technical guidance to business segments and plants. Our decarbonization strategy has been implemented throughout the company, and additional aggressive 2030 targets were set: 30% GHG intensity reduction, 15% energy intensity reduction, 20% water reduction, and 25% renewable electricity consumption in line with the COP26 targets. We invested over US$ 44 million in CAPEX supporting green projects including energy and GHG reduction projects.

Our use of renewable electricity is increasing with a 2025 target of 10% and we installed solar panels at 10 sites. In 2021, six sites consumed 100% renewable electricity, totaling 7.5% of our total electricity consumed. We are exploring technology related to carbon capture utilization and storage (CCUS), green hydrogen, and have committed to using circular feedstocks amounting to one-quarter of our overall consumption by 2030.

Stronger Relationships and Partnerships

We are cooperating with our value chain partners to achieve a positive impact on sustainability, including suppliers, technology developers, customers, government agencies and consumers. We are incorporating ESG principles with suppliers, including GHG Scope 3 accounting and reduction targets. We are exploring CCUS and green hydrogen technologies and leading the way in advanced recycling. We are helping our customers reach their goals through carbon neutral products, packaging materials and business models. With government agencies, we are advocating rPET regulations and bottle collection programs. Finally, we are improving plastic waste separation and collection, recycling education, and promoting a circular economy among consumers.

Our Path to a Sustainable Future

Our COVID-19 Strategic Preparedness and Response Plan served us well during the pandemic, keeping our workers safe, maintaining our operations, and our commitment to our customers. Our agility when faced with challenges underscores our strength as an organization. We understand our responsibility. Implementing digital solutions, understanding the implications of climate change, adapting to supply chain disruption, and addressing millennial consumers’ needs are crucial for our long-term success.

I would like to thank all IVL employees for their contributions in making our company a success. I would also like to thank to our stakeholders for their collaboration and partnership along the road.

UDEY PAUL SINGH GILL

Chief Strategy Officer Member of Sustainability and Risk Management Committee

CHAIRMAN OF ESG COUNCIL MESSAGE

We took important steps over the past year to make more sustainable solutions at IVL. The ESG Council, one of five cross-segment councils formed in 2021, was established to explore synergies and align efforts. It aims to support value creation for all our stakeholders by better integrating ESG responsibilities into our daily activities and long-term sustainable performance. We declared our ‘Vision 2030' ambition to steer us in becoming a global industry standard in sustainability, which is built on three pillars: decarbonizing operations, driving innovative and sustainable products and shaping a future-ready organization. We are focusing on weaving IVL's corporate values "Diversity is our Strength" into the DNA of the organization; as such, we are proud to have supported International Women's Day 2022 with the theme of BreaktheBias, led by the newly-formed Diversity, Equity, and Inclusion (DEI) committee, as part of the ESG Council.

Towards Net Zero Carbon

Net zero carbon is a key component of IVL’s future. We continue to implement initiatives to achieve our goal of net zero carbon, not only in our operations but in our supply chain through our decarbonization strategy of: 1) improving operational efficiency; 2) consuming more renewable electricity; 3) increasing and expanding recycling facilities for mechanical and advanced recycling; 4) adopting future technology; 5) increasing bio-based and recycled feedstocks; and 6) offsetting residual emissions through natural capital solutions. IVL will invest US$ 4.7 billion to increase the use of biomass feedstock in our products. By 2030, a quarter of our feedstock range will be derived from sustainable sources, supporting a reduction in our greenhouse gas (GHG) emissions.

We are also focusing on green projects to improve our operational efficiency and help mitigate against carbon taxes, like the Emissions Trading Scheme (ETS) and the Carbon Border Adjustment Mechanism (CBAM), which will go into effect in the next few years. We have invested US$ 44 million in 2021 and plan to invest US$ 640 million by 2030 towards green projects to improve our reductions in energy, GHGs, water use, and waste generation.

We are on track to achieve our 2025 GHG emissions goals, and have set even more ambitious 2030 targets. Ten of our sites in four countries have installed solar rooftop panels. Further, we are working on procuring more renewable electricity through virtual power purchase agreements (VPPAs).

Our decarbonizing innovations not only reflect our vision and values, but they are also the smart approach towards an improved environment and marketplace, driven by mutually beneficial relationships with our employees, customers, suppliers, and wider communities.

To help our external stakeholders better understand our GHG Scope 3 emissions, and how we can lower environmental impacts, we will increase transparency in our supply chain, align procurement decisions to a 1.5°C reduction, and continue to pursue our ESG standards. We are actively engaging with our suppliers and procurement teams on GHG Scope 3 accounting and sharing our knowledge and best practices to drive reductions. We are also supporting our customers in achieving their GHG targets through our improved range of Deja^TM carbon-neutral products, as demand increases for certified and sustainable products that guarantee high-grade quality with a lower carbon footprint.

Innovating for the Greater Good

IVL’s focus on new innovations and developing products for a better world took an important step forward with the creation of our Innovation Council, whose mandate is to ensure that our product strategy and innovation processes meet our business goals. We are aligning our business with increasing demand for more innovative products that are eco-friendly and offer improved performance and better value for a more sustainable future.

We are making next-generation products with a lower environmental impact and a life cycle assessment to continually evaluate the use of higher proportions of bio-based feedstocks or recycled PET materials to meet economic, performance and compliance requirements.

Our fibers segment is on track to benefit from the next megatrends growth cycle. At our Textilcord plant in Luxembourg, we relocated manufacturing to produce 20 million face masks annually that have neutralized viruses. In global mobility markets, we are the leading supplier of safety, comfort, and performance fibers used in the tire and automotive safety sectors. We have become a dependable local supplier of high-quality necessity and value-added fibers and yarns across major lifestyle markets, combining fashion and function to meet rapid urbanization.

In our IOD segment, we are developing a new technology center in the Woodlands, Texas. The facility will be our U.S. research and development hub for new products used for home; personal and industrial cleaning; and agrochemicals, energy, lubricants, mining, and coatings markets. It has links to sister facilities in Australia, India, and China. The research center is expected to be completed in 2022.

We are accelerating our transition towards downstream specialty surfactants and look forward to greeting our new Oxiteno employees in the first half of 2022. This strategic acquisition will provide our IOD sector with complementing high value-added (HVA) goods, world-class credentials in green energy innovations, sustainable feedstock integration, and geographic diversity.

Bringing Deja^™ to Life

Launched in 2020, our Deja^™ brand, is quickly becoming an important platform offering an increasing portfolio of products that provide sustainable closed-loop solutions, and has been expanding commercialization in the U.S.

We were also pleased to launch Deja^™ carbon-neutral PET on 22 April 2021 (Earth Day). By incorporating the benefits of carbon reduction in the value chain, notably Scope 3 emissions, the product will help our customers reduce their carbon footprint and comply with today’s consumer demand for better value, improved performance, and most of all, environmentally friendly solutions. In response, we are preparing to launch more carbon-neutral products in 2022 and thereafter.

Through Deja^™, we are developing a new “Ocean-Bound Plastic” that is out of regulated waste streams and prevents it from ending up in rivers and oceans. We are focusing on quality, traceability, certification, and compliance to offer a product that will have circularity as a key element. For end-of-life management, apart from mechanical recycling technology currently deployed in our facilities, we are looking at the potential for advanced recycling to complete the loop with our PET bottles, fibers and textiles which can further enhance our recycling leadership.

Driving Sustainable Values and Solutions

We aim to be a sustainable chemical company that tackles global challenges by reimagining chemistry in ways that offer practical solutions to the planet and to people’s health and well-being. Our sustainability goals and business strategy converge to create better outcomes, while our expertise in PET and recycling, and our integration across the petrochemical value chain, reflect our leading position in the industry.

We continued to invest in infrastructure to recycle as many PET bottles as possible and promote circularity. We acquired recycling plants, one in Texas, and are constructing a green field recycling plant in Karawang, Indonesia. These plants support our 2025 commitment to recycle 750,000 tons of post-consumed PET bale input. Last year, 14.3 billion bottles were recycled, and more than 317,064 tons of PET were kept in the loop to reduce leakage to land and below water. This target is one of our KPIs connected to our US$ 300 million sustainability-linked bond, issued last year.

We also have a new 2030 target to recycle 1.5 million tons of post-consumer PET bale Input. In March 2022, we reached an important milestone, having recycled 75 billion PET bottles Since 2011 - and counting. With our respective 2025/2030 targets in mind, we are aiming for a goal of “90% of waste diverted from landfills,” which encourages our employees to reuse and avoid waste at our facilities. Five of our sites have already achieved zero discharged wastewater in line with our sustainable water management objectives.

At IVL, we are strengthening our sustainability culture by providing our employees with a range of activities to drive sustainability awareness, including webinars and our own SustainWire communications tool.

Responsible for a Better Future

The health and safety of our employees are non-negotiable, and our EHS team is implementing enhanced governance in standardization, assurance, capacity building, and communications, as part of our culture. Our Corporate EHS Team announced the launch of our “Golden Rules” to prevent injuries and fatalities in our manufacturing operations. This was followed by the introduction of our Injury and Illness Prevention Program as a more integrated approach to communicate relevant information globally.

The key to our success will be responding to consumer needs for sustainable products that prioritize health, safety and well-being, and promote economic growth. We are working with partners to collect more post-consumer PET bottles and improve awareness about recycling and PET’s value. For example, we teamed up with Coca-Cola (Thailand), private companies, and environmental start-up Trash Lucky to encourage consumers to separate their recyclables at home. Our recycling education program has expanded to Mexico, the Philippines and Indonesia, and we are working towards reaching one million consumers by 2030.

Becoming a More Sustainable Company

In the year ahead, we will continue to collaborate with partners to solve the issue of plastic waste. I am excited about our product innovations, the new technologies we are exploring, including carbon capture utilization and storage (CCUS), our ongoing focus on GHG reductions, and improving the conservation of natural resources and biodiversity.

I am pleased to note that IVL was the first company in Thailand to publish a report linked to the UN SDGs. We are integrating the SDGs into our strategy to operate responsibly and with a sustainability mindset.

Last year, we achieved sustainability recognitions from DJSI, CDP, MSCI, EcoVadis, Sustainalytics and FTSE4Good, among others. We ranked first in ChemScore among the world's top 50 chemical producers assessed by ChemSec based on our environmental impact and management of hazardous chemicals. Moreover, we received the highest recognition level, a platinum medal, among the top 1% of companies assessed by EcoVadis on sustainable supply chain management.

My passion for sustainability continues as we expand and improve our position in recycling globally and find the right solutions to reduce our emissions. We are already leading the way in PET sustainability and will improve further by achieving Net Zero Carbon. In doing so, we will safeguard the trust of our stakeholders as a world-class sustainable chemical company.

I appreciate the time and effort put in by the IVL team and all of our partners as we demonstrate our capacity for change and continue to pursue our ambitious goals to place sustainability at the core of all that we do.

Yash Lohia

Chairman of ESG Council Member of Sustainability and Risk Management Committee

CEO MESSAGE

This report outlines IVL’s success in addressing the sustainability and climate issues that matter most to our customers, employees, shareholders, and communities in 2021. IVL is moving quickly on several fronts, and we are driving our actions in line with being responsible, one of our core values.

In 2021, we created our purpose statement, ‘Reimagining chemistry together to create a better world’, which defines our role and the positive impact that we have on our world.

Achieving Net Zero Carbon

Last year’s COP26 in Glasgow ended with a global agreement to accelerate actions on climate change this decade. All countries agreed to strengthen their 2030 emissions targets, known as Nationally Determined Contributions (NDCs), in 2022 to limit global warming to 1.5 degrees Celsius. So, there is much important work ahead.

Our Chief Technology Officers, as part of the Decarbonization Committee, are heading IVL’s decarbonization strategy, which consists of six prongs to reduce the company’s carbon footprint and support countries where we have operations. The committee provides technical guidance to each of our business segments and ensures plant-level decarbonization efforts to achieve our Net Zero Carbon.

We are on track to achieve our 2025 goals, and we have set more ambitious 2030 targets. The 2030 targets include a 30% reduction in Scope 1 and 2 combined greenhouse gas (GHG) intensity, 15% reduction in energy intensity, 25% use of renewable electricity, 20% reduction in water intensity, 90% diversion of waste from landfills, recycling 1.5 million tons in PET bale input annually and sustainability capital expenditures of US$ 7 billion.

Sustainability at the Forefront

In pursuit of business growth and profitability, we do things the right way – economically, socially, and environmentally. Health and safety are non-negotiable as we implement these three approaches in our global operations.

Our vision statement, ‘To be a world-class sustainable chemical company making great products for society’, is backed by decarbonization and broader sustainability strategies as key differentiators going forward. This sharper focus will enable us to respond to any future uncertainties and improve our position in the post-pandemic era.

Focus on Sustainable and Green Finance

IVL drives leadership in sustainable finance through our Sustainability Performance Targets (SPTs), allowing us to issue innovative investment instruments that are linked to sustainability performance. The SPTs are part of our Sustainability-Linked Finance Framework which is independently assessed.

IVL’s pioneering approach to green finance in Thailand is reflected in our first issuance of THB 10 billion in Sustainability Linked Bonds (SLBs), which drew considerable interest from institutional investors. The SLB is linked to our environmental performance and serves as an important step in optimizing our capital structure, as well as incentivizing our company and stakeholders towards environmental goals. It marks an important development in the Thai capital market as investors focus more on environmental metrics, specifically relating to climate change. Additionally, in 2021, we were the first Thailand-based company to invest in HSBC’s Green Deposit to support a wide range of environmental, social and governance projects.

Stronger Performance, Greater Innovation

IVL is effectively integrating our operations, both downstream in packaging and upstream in feedstocks and Integrated Oxides and Derivatives (IOD), while diversifying our product range, notably in surfactants, through strategic acquisitions and operational enhancements.

Our naphthaletes unit, which was established last year at our integrated production facility in the U.S., makes us the world's largest PNDA producer, with the greatest level of purity to serve high-end polyester markets. Our strategic acquisition of Brazil-based Oxiteno is part of our strategy to make value-accreting investments. The acquisition adds a unique portfolio of high-value surfactants and significantly extends our existing IOD business. It will also strengthen our position in Mexico and Latin America, and in green chemical innovation.

We are strengthening our position as a global recycling leader. In 2021, we completed our acquisition of PET recycling assets from CarbonLite Holdings and its subsidiaries in Texas. We also announced a new greenfield recycling facility in Karawang, Indonesia which will recycle almost two billion plastic bottles annually in support of our commitment to clean oceans and closed-loop solutions.

We acquired the state-of-the-art assets of Ngoc Nghia, a market leader in PET, preforms and closures in Vietnam. The deal will increase our presence in a high-growth market offering a full range of PET packaging solutions with enhanced operational excellence.

At the end of last year, we inaugurated our Global Business Service Center in Kolkata, India, which plays an important role for our operating sites worldwide by consolidating large-scale processes and deploying cutting-edge technology to drive operating efficiencies and promote our sustainability and transformation journey.

Addressing Safety Incidents and Improving Employee Safety

While we strive to achieve a strong operational performance within safe work environments, unfortunately incidents do occur. In 2021, we suffered two work-related fatalities in Texas in the U.S. and in Egypt (a contractor) while another employee was permanently disabled. Mitigation and enforcement actions were undertaken immediately at both facilities to improve employee safety together with additional training. Two of our facilities experienced fires, and proper reporting and response procedures were immediately followed in both instances. We carried out a detailed investigation of each incident and undertook mitigation actions, while lessons were shared across IVL. Regretfully, there were a total of 16 pandemic-related employee deaths last year, up from seven in 2020.

Culture of Leadership and Success

As a signatory of the UN Global Compact, we support its 10 principles and promote its core values to showcase our collective work as part of the international business community and to demonstrate our leadership in taking effective action. We are also playing a constructive role in achieving the UN SDGs.

Last year, we achieved sustainability recognitions from DJSI, CDP, MSCI, EcoVadis, Sustainalytics, Stock Exchange of Thailand and FTSE4Good, among others.

A Future of New Value Creation

We are building sustainability across all our businesses while our colleagues work diligently towards making IVL a future-ready organization. The past year has demonstrated IVL’s efforts in sustainability and promoting a more circular economy by increasing our presence in recycling and working more closely with stakeholders to invest in our people and the planet through innovation and product development.

As we go forward, developing our people is a top priority. Succession planning is critical to long-term success, and we must recruit, train, and promote outstanding leaders with the correct ‘growth mindset’. We will also include more bio-based feedstock in our goods, with an aim of investing US$ 4.7 billion for bio-based feedstock consumption to achieve our target of 16% bio-based feedstock consumption against the whole IVL feedstock target by 2030. We will also focus on our segment strategy to allow each of our three segments to reach their full potential. Finally, digitalization of our business is a vital component of change.

We would like to acknowledge our employees, stakeholders, business partners and associates for their continued support in making 2021 a year of accomplishment.

DILIP KUMAR AGARWAL

Chief Executive Officer and Chief Financial Officer Member of Sustainability and Risk Management Committee