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IVL Investor PresentationIndorama Ventures: Closer than you thinkVisi t our new website: www.indoramaventures.com

With 1Q13 updates

Promise of

Comm itment and

Service

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2 2

Disclaimer

This presentation might contain forward-lookingstatements, which are based on current expectations and projections about future

events, and include all statements other than statements of historical facts, including, without limitation, any statements preceded by,followed by or that include the words targets, believes, expects, aims,intends, will,may,anticipates, would,

plans, could, should,predicts, projects, estimates,foreseesor similar expressions or the negative thereof, as well

as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of

the future or likely performance of the Company. Such forward-looking statements, as well as those included in any other material

discussed at the presentation, concern future circumstances and results and involve known and unknown risks, uncertainties and

other important factors beyond the Companys control that could cause the actual results, performance or achievements of the

Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking

statements. Such forward-looking statements are based on numerous assumptions and estimates regarding the Company and its

subsidiariespresent and future business strategies and the environment in which the Company will operate in the future. Forward-

looking statements are not guarantees of future performance. These forward-looking statements speak only as at the date of this

presentation, and none of the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to

supplement, amend, update or revise any such forward-looking statements to reflect any change in the Companys expectations with

regard thereto or any change in events, conditions or circumstances on which any such statements are based or whether in the light

of new information, future events or otherwise. Given the aforementioned risks, uncertainties and assumptions, you should not place

undue reliance on these forward-looking statements as a prediction of actual results or otherwise.

The results of operations for the periods reflected herein are not necessarily indicative of results that may be achieved for future

periods, and the Companys actual results may differ materially from those discussed in the forward-looking statements as a result of

various factors not foreseen at the time of giving this presentation.

This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. By attending

this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position

of the Company and of the risks and merits of any investment in the Shares, and that you will conduct your own analysis and be

solely responsible for forming your own view of the potential future performance of the Companys business.

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Business Review

Strategy & Outlook

Group Financial Highlights

Agenda

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Group Financial Highlights

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IVL Consolidated: Financials

Amt in US$ MM 1Q13 4Q12 1Q12(R)* 2012(R)*

OPERATING EBITDA 104 123 108 462

CORE EBITDA 93 100 94 459

Profit before tax 23 15 44 158

Profit after current tax 20 5 40 139

Deferred tax 3 ** 6 48

Profit after tax 17 5 34 92Minority Interests 1 - - 5

Net profit after tax & MI 16 5 34 86

Cash Profit 83 76 85 374

Cash Profit /Share (THB) 0.51 0.48 0.55 2.42

EPS (THB) 0.10 0.03 0.22 0.56

Periods with (R) are restated numbers as per change in Thai Accounting Standards, **4Q12 working are ongoing for Def tax

Stronger PET offsets weaker MEG in 1Q13

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Net Profit to Cash Profit

Amt in US$ MM 1Q13 4Q12 1Q12(R)* 2012(R)*

Net profit after tax & MI 16 5 34 86

ADD: Non Cash Items

Depreciation & Amortization 58 60 42 214

JVs Share of loss/(profit) 6 12 3 29

Deferred tax 3 ** 6 48

Gain on bargain purchase (income) - (1) - (3)

Cash Profit 83 76 85 374

Periods with (R) are restated numbers as per change in Thai Accounting Standards, **4Q12 working is ongoing for Def tax

Strong cash flow reflects resilient demand

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Change in Accounting Policy:Deferred Tax accounting effective from 1stJan2013 IVL has adopted Deferred tax accounting effective from 1stJan2013 in line with the changes in Thai

Accounting Standards or Thai GAAP

The tax expense on P&L now comprise of Deferred tax portion and Current tax portion in year 1Q13and onwards. Historical reported financials are to be restated.

Deferred tax portion is a non-cash item & DO NOT AFFECT CASH FLOW

1Q13 and 1Q12 effect is calculated as below:

This accounting change does not affect Discounted cash flow (DCF) valuation

1Q13 1Q12 (R)

Profit before tax 23 44

Current tax expense 3 4

Effective cash tax rate% 13% 9%

Deferred tax expense 3 6

Total tax expense 6 10

Effective book tax rate% 26% 23%

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Production & Revenues: SegmentHighest revenues & production in 1Q13

464

619

684

554

616

631

706

602

712

94

101

116

107 1

95

1

89

197

202 2

12

395

421

412

393 3

77

526

512

503 5

00

954

1,1411,212

1,054

1,187

1,3461,414

1,307

1,423

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

000 tons Production

PET Fibers & Yarn Feedstock

Management actions result in best operating data

869 1

,199

1,

214

975

1,

121

1,

104

1,

080

984

1,

231

190

210

230

196

349

322

330

348

352

268

284

245

223

225

316

286

314

279

1,328

1,694 1,689

1,394

1,6941,741

1,6971,647

1,862

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1Q11

2Q11

3Q11

4Q11

1Q12(

R)

2Q12

3Q12

4Q12

1Q13

US$ MM

Revenue

PET Fibers & Yarn Feedstock

Periods with (R) are restated numbers as per change in Thai Accounting Standards

Revenues are net of captive sales.

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Production & Revenues: GeographyResilient consumer demand

498

558

563

493

502

558

625

584

625

249

283

286

257

332

3

21

327

318

355

206 3

01

362

305 3

53

468

463

406

443

954

1,1411,212

1,054

1,187

1,3461,414

1,307

1,423

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

000 tons Production

Asia EMEA NA

Asian sentiments are improving

469

505

559

421

479

455

455

452

486

445 6

4

1

54

0

495

577

582

531

533

639

414

547

590

478

639

704

710

662

737

1,328

1,694 1,689

1,394

1,6941,741

1,6971,647

1,862

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1Q11

2Q11

3Q11

4Q11

1Q12(

R)

2Q12

3Q12

4Q12

1Q13

US$ MM Revenue

Asia EMEA NA

Periods with (R) are restated numbers as per change in Thai Accounting Standards

Revenues are net of captive sales.

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215

147153

46

108 107

123 123

104

8085 86

34

6846

4942

59

25 2319 16

21 1819

13

13

114

41 45

0

16 41

5669

34

0

50

100

150

200

250

1

Q11

2

Q11

3

Q11

4

Q11

1Q12(R)

2Q12

3Q12

4Q12

1Q13

US$ MM

PET Fibers& Yarn Feedstock

EBITDA: Segment

Strong PET recovery

EO/EG production lower in 1Q13 due to old Catalyst

Periods with (R) are restated numbers as per change in Thai Accounting Standards,Sum of segments + holding companies + inter segment eliminations = IVL reported

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215

147153

46

108 107

123 123

104

131

54 67

3

27

8

29

13 16

54 51

3919

36

2126

20 1630 42

48

23

45

7868

90

72

0

50

100

150

200

250

1

Q11

2

Q11

3

Q11

4

Q11

1Q12(R)

2Q12

3Q12

4Q12

1Q13

US$ MM

Asia EMEA NA

EBITDA: Geography

Asia showing signs of recovery

PET steady in NA, MEG weakness temporary on strong fundamentals

Periods with (R) are restated numbers as per change in Thai Accounting Standards,Sum of segments + holding companies + inter segment eliminations = IVL reported

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Business Review

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14

Strong Polyester Demand Outlook

2012A 2013F 2014F 2015F

IMF 3.1% 3.3% 4.0% 4.4%

EIU 2.9% 3.1% 3.8% 4.1%

Average 3.0% 3.2% 3.9% 4.3%

Source: Forecast as of May 2013

World GDP Growth

2012A 2013F 2014F 2015F

PAL 6.6% 7.1% 7.4% 7.5%

IHS 4.0% 6.0% 7.0% 6.0%

PCI 6.5% 6.9% 7.2% 7.0%

Average 5.7% 6.7% 7.2% 6.8%

Total Polyester Demand Growth

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15

Global megatrends in favor of polyester

Sustainability

Today we use replenishmentcapacity of1.5planets

9.0billion people by

2050

Population Growth Increasing Urbanization

59% of population will live

in cities by 2050

Quality of Life

3.0billion of new middle classin next 20 years

Source: UN World Population Prospects, OECD, IPCC

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1608-'12 Range 2012 2013 08-'12 Avg

Asia Business Review & OutlookPTA and Polyesters showing signs of recovery, PX availability to ease

Chinas economicslowdown stabilizing

PX spreads appear tohave peaked

PTA margins below cashcost and not sustainable,

expected to stabilize

PET spreads recoveredfrom 5-year lows

PSF margins improvedfrom 5-year lows

Industry Margins Key Industry Trends IVL Strategic Actions

IVL have expanded itsflagship PET polymers

site in China to >500KT

in 1Q13.

IVLs flagship 300KTPolyester Fiber plant in

Indonesia expected to

come online in 4Q13.

Specialty andRecycling investments

in Thailand and

Indonesia are

progressing well

IVL Asia Portfolio(MMt) PTA PET Fibers Specialties

TotalCapacity

TotalProduction

2012 1.4 1.0 0.3 0.2 2.9 2.2

2014 1.4 1.0 0.5 0.3 3.2 2.9

r - - 0.2 0.1 0.3 0.7

692 693 596 583

0

250

500

750

1000

J F M A M J J A S O N DPX-Naphth

a

108 89 118 90

0

250

500

J F M A M J J A S O N D

PT

A-PX

166 176233 228

0

250

500


PET

221 235 219 208

0

250

500


PSF

S-T L-T

Forecast

S-T L-T

Forecast

ForecastS-T L-T

S-T L-T

Forecast

5-yr average: 445

5-yr average: 194

5-yr average: 187

5-yr average: 248

Note: Spreads are in US$/MT

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17

North America Business Review & OutlookStrong margin outlook for MEG, steady PET margins

Improvement in U.S. economicfundamentals

Major cost advantage now seenfor more than decade due to shale

gas

Balanced and highly disciplinedpolyester value chain

MEG margins to improve

Steady PET margins

Recent announcement of closures

Mexico competitivenessenhanced

Industry Margins Key Industry Trends IVL Strategic Actions

Hygiene and Housingbusinesses to grow

Competitivefeedstock to provide

cost advantage

Alphapet-II to makeDecatur site the most

competitive

Management focuseson transforming

Auriga into specialty

553572517467

0

200

400

600

800

1,000


MEG

C2

IVL North America Portfolio

(MMt) Glycols PET Specialties TotalCapacityTotal

Production

2012 0.3 1.3 0.7 2.3 1.7

2016 0.3 1.6 0.9 2.8 2.5

r - 0.3 0.2 0.5 0.8

5-yr av erage: 406

S-T L-T

Forecast

269279304291

0

100

200

300

400

500


PE

T

5-yr average: 258

S-T L-T

Forecast


08-'12 Range 2012 2013 08-'12 Avg

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EMEA Business Review & OutlookDelays, rationalization, restructuring to support margin recovery in Europe

Industry Margins

IVL EMEA Portfolio(MMt) PTA PET Specialties Total

CapacityTotal

Production

2012 0.4 1.1 0.2 1.7 1.3

2015 0.6 1.2 0.2 2.0 1.8

r 0.2 0.1 - 0.3 0.5

205202216

288

0

100

200

300

400

500


PE

T

5-yr av erage: 282

S-T L-T

Forecast

209211204203

0

100

200

300

400

500


PTA-PX

5-yr av erage: 256

S-T L-T

Forecast

Key Industry Trends IVL Strategic Actions

Positive polyester growthdespite recession

PET spreads at unsustainablelevel

Significant PET marginsrecovery in April

Market dynamics forcingrationalization and

restructuring supporting PETspreads recovery

PTA spreads expected toimprove to 5-year average

Asian PX surplus to benefitPTA and PET

IVL Nigeria gaining goodtraction

IVLs European Recyclingand Hygiene businessesperforming well

PET expansion atRotterdam ramping up

steadily

Rotterdam PTA andPoland PET expansionsto significantly improveeconomics upon

completion

IVL post-expansion willmaintain its market share

with optimized coststructure


08-'12 Range 2012 2013 08-'12 Avg

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19

Indorama Ventures Specialty Business

IVL Specialty Business Today ~1.1MMt

2012 Total Capacity: 6.8 million tons

Innovative Products

524 665 495 518 464

2009 2010 2011 2012 1Q13

Specialties Yield Superior Spreads

533

KMT %share

Global Fibers 600 55%

Western Polymers 245 22%

NAM Glycols & Oxide 220 20%

Asia Polymers 26 2%

Total 1,091 100%

$/MT

Balanced Portfolio of Scale, Geography, Products

PTA Asia20%

PET Asia14%

PolyesterAsia 4%

PET EMEA16%

PTA EMEA6%

PET NA19%

MEG NA5%

High Value AddedProducts (HVA)

16%

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Significant Upside for GrowthExample: Western Specialty Polymers & Global Specialty Fibers

Source: Industry Data, IVL Analysis

Western Specialty Polymers Global Specialty Fibers

1.3 1.51.9

0.0

1.0

2.0

3.0

2008 2012 2017

Market Size and GrowthMMT

83% 17%2012

0% 25% 50% 75% 100%

IVL 2012 Market Share

6.7 9.314.0

0

5

10

15

20

2008 2012 2017

Market Size and GrowthMMT

94% 6%2012

0% 25% 50% 75% 100%

IVL 2012 Market Share

Scope to gain market share leveraging global scale and integration

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Strategy & Outlook

IVL Capacities

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22

IVL Capacities

Shift from Pure Commodities to High Value Add mix

Portfolio designed to enhance margins resilience

37% 37%

25%20%

8% 8%

14%14%

6% 6%

5%4%

17% 17%

14%

16%

11% 11%

7%6%

20% 20%

25%

19%

- -

-

5%

2% 2%10%

16%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Yr'09A Yr'10A Yr'11A Yr'12A

Change in capacity mix

PTA Asia PET Asia Polyester Asia PET EMEAPTA EMEA PET NA MEG NA High Value Add

1.2 1.2 1.4 1.4

0.3 0.30.8 1.00.2 0.2

0.30.3

0.6 0.6

0.81.1

0.4 0.4

0.40.4

0.7 0.7

1.4

1.3

- -

-

0.3

0.1 0.1

0.6

1.1

3.3 3.3

5.5

6.8

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Yr'09A Yr'10A Yr'11A Yr'12A

In MM mt Installed Capacities

PTA Asia PET Asia Polyester Asia

PET EMEA PTA EMEA PET NA

MEG NA High Value Add IVL

IVL Portfolio Growth: Momentum maintained

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IVL Portfolio Growth: Momentum maintainedGrowth from blend of specialty, geography, integration and scale

103

23 33

10

2322

20

1223

49

34

41

37

14

20

27

63

57

-

27

17

1295

99259

291 312

-

50

100

150

200

250

300

350

Yr'09A Yr'12A Yr'16(5 Yrsavg)

US$/t On 5 Yrs avg. margins

PTA Asia PET Asia Polyester Asia PET EMEA PTA EMEA PET NA MEG NA High Value Add

Lead to Asset Optimization and Reduced Total Cost of Delivery

Operational Excellence Polyester fibers Indonesia Greenfield- Scale Poland PET Debottleneck- Cost NA PET Greenfield Scale

Nakhompathom Recycling- Innovation Rayong BICO- Innovation Indonesia Finne- Innovation PTA EMEA Brownfield- Integration

Capacity growth from 6.8 mm to 8.0 mm

Actuals

I d t & IVL O tl k

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Industry & IVL OutlookAccretive Growth Volume, Portfolio and Cash Profits

Polyester/PET demand remain positive across all regions despite macro economic hiccups

PET margins recover from historical lows and show improvements in 1Q13/2Q13

IVLs PET facility in China operating at high rates taking advantage of low conversion cost EU showing positive signs due to strategic actions and improving Asian margins. GSP withdrawal in 2014.

PET expansion at Rotterdam ramping up steadily, Poland PET and Rotterdam PTA expansions on track.

EO/EG business fundamentals strong following blip in Q1/Q2 2013 from aging catalyst and TA.

Polyester 2H13 volumes and margins set to increase from the startup of Indonesia Greenfield fibers

Strategic actions to grow volumes, lift operating rates, Optimize assets and reduced total cost of delivery.

HVA portfolio shaping well with positive outlook to grow organically and through strategic actions.

1Q13 performance was about 5% lower then our internal estimates, though with improved outlook in2H2013, we maintain our Guidance of 2013

Items Guidance 2013* % chang e to 2012 1Q13A

Production (mm tonnes) ~6.0 +15% 1.4Revenue (US$ bn) ~8.1 +19% 1.9

EBITDA (US$ mm) ~575 +27% 104

Capex (US$ mm) ~300 (78%) 59

Based on management estimates including the strategic actions planned in 2013 and approved budget by the Board of Directors.(Please see Disclaimer on the page 2)

P l t d t ti l t d lif

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When you drink When you eat When you play

When you are at home When you need help When you drive

Thank youwww.indoramaventures.com

Polyester product essential to everyday lifeEveryday - Everywhere

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Handouts

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27

Major Projects under Implementation

Fibers &Yarns,

Indonesia(A)

PETPoland

(B)

PTANetherlands

(C)

PETUSA

(D)

RecycledPET

Thailand(E)

FINNEPT IVI

Indonesia(F)

Announced Mar 11 Apr 11 May 11 Nov 12 Aug 11 Aug 11

LocationPurwakartaIndonesia

PolandRotterdam

NetherlandsUSA

NakhonPathomThailand

TangerangIndonesia

Capacity(tonnes per

annum)300,000 61,000 250,000 540,000 28,500 16,000

Timeline 2H13 2014 2014 2015 2H13 1H14

(A) The companys most dynamic polyester site is under construction in Indonesia. Amongst lowest cost site in Fiber space andsubstantially improves cost profile in Asia.

(B) Better market reach and savings in conversion cost

(C) Better Integration and improves overall cost profile of the site and in EMEA

(D) Increased market presence, and substantially improves overall cost profile of the site and in NA

(E) Enhance capabilities to recycle in Asia

(F) Increase Specialty products to Asian portfolio

The Polyester Value Chain

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28

The Polyester Value ChainBridge between petrochemicals and FMCGs

ApparelHome

textilesNon-woven

Technicaltextiles Automotive

Beverage Food Home carePersonal

carePharma

Electronics Solar panelsFlexible packaging

Refinery

SteamCracker

Aromatics(PX) plant

MEG plant

PTAplant

Polyester Polymerplant

PX

(0.66)

Naphtha

PolyesterFiber

PETResin

PET Film(0.34)

MEG

PTA

(0.86)

Ethylene

Crude Oil/Natural Gas

(0.58)

Polyester Chain (PTA/MEG and Polyesters)Energy & Upstream Petrochemicals

(PX and Ethylene)

Note: 1t of PTA requires .66t of PX; 1t of MEG requires 0.58t of Ethylene; 1t of Polyester polymer requires .86t of PTA and .34t of MEGSource: IVL Analysis

CONSUMER STAPLE (Key end use markets)

Global customer centric presence

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29 1.50:50 JV between IVL and PCH Holding SRL 2. 75:25 JV between IVL and Sinterama3. Acquisition of a 42% equity stake in Polyprima in Q4 2011 and subsequently increase to 43% in 2012

Europe

Ireland rFibers: 85 KTAIreland Preforms: 587 million

Bottles: 178 millionClosures: 915 million

UK PET 168 KTANetherlands PTA: 377 KTA

PET: 418 KTANetherlands & France rPET: 70 KTAGermany Polyester fibers: 120 KTAPoland PET: 153 KTALithuania PET: 241 KTADenmark Polyolefin fibers 90 KTAItaly PET 161 KTA

PTA: 184 KTA

41 sites in 15 countries across 4 continents

StandalonePET/Fiber Co-locatedPTA Integrated / Co-located R&D Bio-PET, rPET

Global customer-centric presenceTruly global production, marketing and sales footprint across four continents

USA

N. Carolina PET: 252 KTAGeorgia Polyolefin Fibers 117 KTATexas EO/EG: 550 KTAS. Carolina PET/Polymers 387 KTA

Polyester Fibers 71 KTAAlabama PET 432 KTA

Mexico

Queretaro PET & Fiber 478 KTA

Thailand

RayongMap Ta Phut PTA: 613 KTA,

PET: 91 KTAPolyester fibers: 200 KTAPreforms: 456 million

RayongAsia Industrial Est. PTA: 771 KTALopburi PET: 178 KTA,

Fibers: 6 KTAPreforms: 905 millionBottles: 420 millionClosures: 1,548 million

Korat Bottles: 180 millionNakhon Pathom Polyester fibers: 116 KTA

China

Guangdong PET & Polymers 522 KTASuzhou Polyolefin fibers: 14 KTA

Indonesia

Cilegon, PTIP PTA: 500 KTACilegon, Polypet PET: 101 KTATangerang &Karawang PET: 88KTA

Polyester fibers: 110 KTA

Africa

Nigeria PET: 84KTA

HeadquartersBangkok, Thailand

EO/EG

Serving our World class customer base Globally

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30

Serving our World-class customer base - GloballyPartnering closely with global majors

PET & Fibers

Feedstock
http://www.google.co.th/url?sa=i&rct=j&q=akzo+nobel+surface+chemistry+logo&source=images&cd=&cad=rja&docid=VD2ynWBRpcEiMM&tbnid=WizUGlbmAFfZhM:&ved=0CAUQjRw&url=http://www.akzonobel.com/surface/markets/&ei=2yRlUf-MLYisrAfr-IFg&bvm=bv.44990110,d.bmk&psig=AFQjCNG6uooNLWFi9GVvzqASpOjaJQ4Dbw&ust=1365669458450862http://www.google.co.th/url?sa=i&rct=j&q=clariant+logo&source=images&cd=&cad=rja&docid=qphFZie2J1buHM&tbnid=5vMpFVACqkY0oM:&ved=0CAUQjRw&url=http://www.pinfa.org/about-us/members.html&ei=-gVlUcLOKMqzrAfiwYHwDQ&bvm=bv.44990110,d.bmk&psig=AFQjCNFjBmLEatbttqlEgjkCXsCOUWv18Q&ust=1365661556123113http://www.google.co.th/url?sa=i&rct=j&q=bayer+logo&source=images&cd=&cad=rja&docid=99vWcTn-Tg1XWM&tbnid=qggiaTTU3oVjMM:&ved=0CAUQjRw&url=http://serurferreteria.com/&ei=WQRlUYfGM8_yrQexr4CgAw&bvm=bv.44990110,d.bmk&psig=AFQjCNG1vWG-_VkDKARdwu6LdrfWzn6zWQ&ust=1365661137209304http://www.google.co.th/url?sa=i&rct=j&q=mitsui+&+co+logo&source=images&cd=&cad=rja&docid=Dr0_6hE_aKlJwM&tbnid=ujcSTdcxue_HpM:&ved=0CAUQjRw&url=http://commons.wikimedia.org/wiki/File:Mitsui_&_Co._Logo.gif&ei=vwNlUZ2rMIrZrQeg0YCABQ&bvm=bv.44990110,d.bmk&psig=AFQjCNHlYEzzn-vXvbrgDXBP7mi1GndfXQ&ust=1365660983540569http://www.jnj.com/home.htm

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0.7

3.6

1.00.3 0.5

1.91.3

0.71.5

1.9

1.0

1.01.6

2.10.4 1.1

0.9

0.8

1.6

3.1

2.4

3.0 3.7 2.1 2.81.7 2.8 1.2

1.5

2.50.6

2.1

0.8

0.4

8.2

7.57.1

5.65.5

5.04.4 4.4

3.53.1

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sinopec IVL Formosa Hengyi Reliance Alpek Far Eastern Dragon SFX Tongkun

PET Fiber PTA MEG Total

Truly Global polyester chain industry producer

# No.1 polyester producer in the world

Source :PAL, IVL analysis, IVL as of 2012

Capacity (Million tonnes)

Largest portfolio of High Value Add

2nd largest integrated producer in Polyester value chain

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35%

14%

11%

10%

8%5%1%

15%

3,245

0

900

1,800

2,700

3,600

4,500

Europe

IVL La SedaNeo Group EquipolymersNovapet LotteEastman InvistaOthers Demand

35%

33%

20%

9%3%

4,780

0

1,000

2,000

3,000

4,000

5,000

6,000

North America

Alpek IVL M&G

Nan Ya Selenis Demand

Truly Global: Largest PET producer

PET: # No.1 in Europe, # No.2 in NA and # No.4 in Asia

2012A PET Capacity (KT)

Top3-90%

Source : PAL, IVL analys is, IVL as of 2012

5 producers

Top3-60%

11producers

12%

10%

10%

8%5%5%

4%

45%

12,924

0

3,000

6,000

9,000

12,000

15,000

AsiaSFX

Far EasternChina ResourcesIVLSinopecHengliShinkongOthersDemand

Top5-45%

50producers

INDORAMA VENTURES PCL

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33

INDORAMA VENTURES PCLExperienced Board of Directors

Executive and Non-Executive Directors

S.P.Lohia

Non-ExecutiveChairman

AlokeLohia

Executive ViceChairman

SuchitraLohia

ExecutiveDirector

D.K.Agarwal

*****CEO

Feedstock &PET

AmitLohia

Non-ExecutiveDirector

UdayGill*****

PresidentPolyester

RathianSrimongkolIndependent

Director*****President and

CEO, KrungthaiCard PCL

ChakramonPhasukavanich

Independent Director

*****Chairman of theBoard of Directors

CIMB Thai Bank PCL,Former Permanent

Secretary of Ministryof Industry &

Secretary General ofthe BOI

MarisSamaram


*****Independent Directorand Chairman of Audit

Committee, SiamCommercial Bank PCL

WilliamE. Heinecke


*****Founder, Chairmanand CEO, Minor

International PCL andits subsidiaries

KennethSee


*****Executive VicePresident, Bangkok

Bank PCL

Dr. SiriGanjarerndeeIndependent

Director*****Director of the Bankof Thailand Board,Former Assistant

Governor at Bank ofThailand

Independent Directors

S.P.Khaitan**********President

Wool

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34

Global Management Strength

Joel SaltzmanBus. Head EO/EG

Robert GreganCEO Trevira

Gary Spitz

CEO FiberVisions

Stephen Short

EU Sales Director

Carlos SierraIVL MexicoFrank GleesonMD Wellman Intl Dr. Nop SiwasilchaiHR Rayong

Ian EarlWorkington

Bert-Jan HeldRotterdam

Shin Yong Sig

EVP PT Indorama

Wu Jun

Guangdong IVL

Kanchit Jantaban

Fiber Sales

Boriboon SangiambutM&A

Alex ErhanStrategy/Bus. Dev

Sanjay AhujaCorporate Finance

Richard JonesIR/Corp. Comms.

Helle Vingolf

FiberVisions EU

S N MohtaPresident EO/EG

P C GuptaPresident PTA

G L ModiOperational Excellence

Kumar LadhaProcurement & Strategy

Sunil MarwahPackaging

15 countriesMultiple nationalitiesOne Vision

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Polyester is the fastest growing polymer globally

Growth well-above GDP

Robust polyester demand resilient to economic cycles

Polyester growing at the fastest pace

Polyester

Nylon

HDPE

LLDPE

LPDE

PPPS

ABS

PVC

0%

2%

4%

6%

8%

10%

0% 2% 4% 6% 8% 10%

CAGR 2001-10

= Demand (2020)

CAGR 2010-20F2001-10 CAGR GDP (x)

Polyester 8.3% 2.3x

PP 4.5% 1.3x

HDPE 4.0% 1.1x

LDPE 1.2% 0.3x

LLDPE 4.9% 1.4x

PVC 3.2% 0.9x

PS 1.4% 0.4x

ABS 3.9% 1.1x

Nylon 5.0% 1.4x

Global GDP 3.6% 1.0x

Source: Industry Data, IVL Research

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36

72.1

111.2

0

20

40

60

80

100

120

2010 2020F

Continued product substitution

1. Beverage packaging demand only 2. Other p ackaging materials include aluminum, glass, paper, other p lastics (PP, HDPE, etc.)Note: Demand includes RecycleSource: Industry Data, IVL Analysis

CottonPolyester Other Fibers

47.1

73.1

0

20

40

60

80

2010 2020F

Other Packaging Materials2PET

Polyester the only fiber to fill

the demand gap

PET volumes in beverages

continue to increase

Polyester has emerged as the clear winner

Per

capita

(kg)10.65.7

15.411.1All Fibers

Polyester

2.9%

7.2%

4.5%

10.2

15.8

26.0

10.27.2All Packaging1

4.42.4PET

Global Beverage Packaging Demand (MMt)1Global Fiber Demand (MMt)

-0.8%

7.6%

4.4%

1.1%

-1.8

39.6

39.0

1.2

10-yr growth

Percapita

(kg)

76.4 (69%)

22.7 (20%)

12.1 (11%)

10.9 (15%)

24.5 (34%)

36.7 (51%)

31.1 (67%)

15.8 (33%)

41.6 (57%)

31.6 (43%)

MMT CAGR10-yr growth

MMT CAGR

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Recycling an integral part of the business

Global rPET Market Size (MMt)

Increasing Recycle

Consumption

Driven by environmental awareness,

collection and applications

1.4

3.3

3.8

8.6

5.2

12.0

0

2

4

6

8

10

12

14

2010 2020F

PET

Fiber

Share of totaldemand (%) 9.0% 10.0%

1. For example, many US st ates have bottle deposit bills in place or pending, while many EU govts have set mandatory recycling targets, etc. 2. For example, Coca Cola supplied all theirrepresentatives in the Vancouver Winter Olympics wit h outdoor were made of 100% rPET, N ike supplied 9 football teams in the last World cup with official strips made entirely of rPET, newFord Focus Electric seats made from 100% rPET, Adidas supplied recy cle products in the London Olympics.Source: Industry Data, I VL Analysis

Recycling initiatives are complementary to overallPolyester growth

Prominent rise in sustainability trend globally Many govts setting up recycling legislations1

Many MNCs using/selling more rPET to improvebrand image and the image of PET2

Collection of PET bottles increasing globally Improving rPET raw material supply continuity

and potentially lowering raw material costs

Applications of rPET continually increasing Recent applications include engineering resins,

geo-textiles, etc.

New techs being developed (e.g. PET-M) Leading to lower capital and operating costs,

and better /purer rPET product quality

West PET & Polymers48% of IVL

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38

0

100

200

300

400

500

600

700

800

900

1000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Industry Restructuring and Rationalization


~1MMt or ~15% of total N. America

polymer capacity is subscale

~1.8MMt or ~40% of total Europe

polymer capacity is subscale

N. America PET / Polymer Plants 2017F (KMT)

0

100

200

300

400

500

600

700

800

900

1,000

1 2 3 4 5 6 7 8 9 101112131415161718192021222324252627

Europe PET / Polymer Plants 2017F (KMT)

Avg size ~300 KMT

Capacity rationalization implies Shutdown of subscale, non-strategic assets (e.g.

Invista Millhaven, Invista Greer, Wellman

Palmetto in 08-09; capacity ~645KMT)

Closure of high cost in-house capacity &outsourcing of polymer requirements (e.g. Unifi

2008, DTF 2013F)

New assetsCaptiveCurrent assets Expansions

Avg size ~170 KMT

Capacity rationalization implies Shutdown of subscale, non-strategic assets (e.g.

Invista Offenbach, Tergal, Elana, Wellman in 08-

09; capacity ~470KMT)

Closure of small scale, high cost, in-housecapacity & outsourcing of polymer requirements

(e.g. Diolen 2007)

Subscale 200 KMT Subscale 200 KMT

KMT % of total

< 200 1,020 14%

> 200 6,130 86%

Total 7,150 100%

Captive 435 6%

Merchant 6,715 94%

KMT % of total

< 200 1,784 38%

> 200 2,898 62%

Total 4,682 100%

Captive 496 10%

Merchant 4,186 90%

West PET & Polymers48% of IVL

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39

40%

50%

60%

70%

80%

90%

100%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

'07 '08 '09 '10 '11 '12E '13F '14F '15F '16F '17F

40%

50%

60%

70%

80%

90%

100%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

'07 '08 '09 '10 '11 '12E '13F '14F '15F '16F '17F

Western PET & Polymers Market Scenario

N. America: 90% utilization = closure of

~700kT or ~70% of sub-scale capacity

Significant scope for restructuring


(MMt) (%)

DemandCapacity Ef fective Capacity Utilization

~1.0%Demand CAGR (%)

Net Exports (KMT) ~90

~3.0%

~40

Europe: 85% utilization = or ~300kt or ~20%

of sub-scale capacity

(MMt) (%)

~1.0%Demand CAGR (%)

Net Imports (KMT) ~700

~3.0%

~500

Capacity Utilization at90%

Capacity Utilizationat 85%

Recession,

lightweighting

Recession,lightweighting

Domesticproduction

replacing imports

European DMT - final phase of substitution?

West Feedstocks13% of IVL

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p pSignificant upside potential for PTA

Note: DMT cap acity shutdowns include Inv ista Vissingen 120Kt in 2008, Oxxynova Lulsdorf in 2008, Mogilev 120Kt in 2008, Invis ta Offenbach 179Kt in 2009Source: Industry Data, IVL Analys is

Total DMT Opportunity ~700KMT

Shrinking DMT-based production

(% share of polymer production)

Significant Upside to PTA Utilization

Shutdown of DMT capacity

PTA utilization (%)

18%14% 13% 13% 12%

11%

80%

90%

100%

2007 2008 2009 2010 2011 2012E

PTA-based DMT-based

1,718

1,118939 939 939 939

0%

25%

50%

75%

100%

0

500

1,000

1,500

2,000

2007 2008 2009 2010 2011 2012E

Invista Oxxynova Mogilev

Sasa Elana Utilization

DMT Capacity (KMT) (%)

664 677 693 706

0

1,000

2,000

3,000

4,000

5,000

2014F 2015F 2016F 2017F

PTA Demand DMT Upside

PTA Demand (KMT)

70%

90%

110%

2013F 2014F 2015F 2016F 2017F

Base Case DMT Upside - 100% DMT Upside 50%

2012-

4 lines

2007-

8 lines

CapacityUtilization Upside

F bl W f d k l /d d i

West Feedstocks13% of IVL

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Favorable Western feedstocks supply/demand scenario

Source: Ind ustry Data, IVL Analysis

Europe PTA Feedstock (6% of IVL) US EO/EG Feedstock (5% of IVL)

Europe PTA Supply/Demand

40%

60%

80%

100%

0.0

1.0

2.0

3.0

4.0

5.0

'07 '08 '09 '10 '11 '12E '13F '14F '15F '16F '17F

Capac ity Produc tion Ef fec tive Ut ilization

(MMt) (%)

Global MEG Supply/Demand(MMt)

Strong supply/demand fundamentals

Effective PTA utilizationaccounts for 50% DMT upside

(%)

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

0

5

10

15

20

25

30

35

Demand Utilization Rate

Peak MEG cycleutilization = 85%

Fib P d Diff ti ti C t

Asia PET & Fiber19% of IVL

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Fiber Producer Differentiation - Cost

Note: Estimated weighted average conversion cost by region. In cludes manpower, power & utilities, overhead, and o ther costs.Source: Industry Data, IVL Analys is

0

50

100

150

200

250

300

350

400

450

500

Cost $/T

Capacity (MMt)

0.8 1.8 3.5 11.2 17.7 20.919.3

2012 demand(~15MMt)

Europe

USA

Japan,

Korea,

Taiwan

China Smaller ScaleChina Large Scale Thailand

India

MEA

Indonesia and India remain very attractive for investment

Global Polyester Staple Fiber Supply Curve - 2012

Indonesia

OtherDeveloping

Asia

IVL CP-4 Indonesia

IVL Thai assets with higherfocus on specialties

Asia PET and Fiber Market Outlook

Asia PET & Fiber19% of IVL

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Asia PET and Fiber Market Outlook

Asia PET Supply/Demand (14% of IVL)

40%

50%

60%

70%

80%

90%

0.0

5.0

10.0

15.0

20.0

25.0

Capacity Production Effective Utilization

(MMt) (%)


Improving supply/demand fundamentals

Asia PSF Supply/Demand (4% of IVL)

40%

50%

60%

70%

80%

90%

0.0

5.0

10.0

15.0

20.0

25.0

Capacity Production

Installed Utilization Ef fective Utilization

(MMt) (%)

Effective utilizationaccounts for

rationalization of 1MMt

Effective utilization accounts for~5MMt of idled capacity

Market dynamics forcing margins to settle at minimum level

Asia PTA20% of IVL

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Market dynamics forcing margins to settle at minimum level

Asian PTA Cost Curve - 2011 Asian PTA Cost Curve - 2014

0

50

100

150

200

250

300

350

7,000 14,000 21,000 28,000 35,000 42,000

Non-strategic and subscale PTA assetsexpected to be idled

Delivered Cost ($/MT)1

1. Delivered cost on CFR China Main Port basis 2. Installed CapacitySource: IVL Analysis

0

50

100

150

200

250

300

350

12,000 24,000 36,000 48,000 60,000 72,000

Delivered Cost ($/MT)1

New assetsExisting assets

2011 demand(~38MMt)

2014F demand

(~48MMt)

Actual 2011 Asian PTA spread $246/MT

Min 2011 Asian PTA spread $210/MT

Min 2014F Asian PTA spread $150/MT

Capacity Overhang

(KMT)2 (KMT)2

Cyclical nature of Asian PTA industry

Asia PTA20% of IVL

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Cyclical nature of Asian PTA industry

Asia PTA effective utilization expected to

improve along with rationalization

Downstream integration and access to premium domestic marketsto ensure stable operations across the cycle

Source: Industry Data, IVL Analys is

(MMt) Utilization Rate (%)

South East Asia PTA utilization to remain

steady even without rationalization

Installed Utilization Rate (%)

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

Capacity Production Ef fective Utilization

50%

60%

70%

80%

90%

100%

China Korea, Taiwan, Japan

ASEAN & India/Pakistan Average

Effective utilization accountsfor rationalization of ~10MMt

Capacityrationalization not

factored in

Documents

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