7. Capital Structure

7.1 Securities of The Company

As at 31 December 2011, Indorama Ventures PCL had registered capital of
Baht 4,815,856,719 and paid-up capital of Baht 4,814,257,245 divided
into 4,814,257,245 ordinary shares with the par value of Baht 1 per
share.

7.2 Debenture

The Extraordinary of Shareholders’ Meeting dated 22 September 2011,
resolved to approve the issuance and offering of debenture in an amount
not exceeding Baht 25,000 million in form of Baht and/or the equivalent
in other currencies. On 19 October 2011, the Company issued the
debenture in the amount of Baht 7,500 million, therefore the Company
still have the balance of Baht 17,500 million. As at 31 december 2011,
the Company issued the Non-subordinated issue and unsecured debenture of
Baht 7,500 million as below details:

+-------+------------------+------+----------+---------+-------------+
| T     | Name of          | Am   | Interest | Term of | Maturity    |
| rache | Debenture        | ount | Rate per | Issue   | Date        |
|       |                  | (MB) | year     |         |             |
+-------+------------------+------+----------+---------+-------------+
| IV    | Debentures of    | 210  | Year     | 5 years | 19 October  |
| L16OA | Indorama         |      | 1-3:     |         | 2016        |
|       | Ventures No.     |      | 4.50     |         |             |
|       | 1/2011 Tranche 1 |      |          |         |             |
|       | due 2016         |      | Year     |         |             |
|       |                  |      | 4-5:     |         |             |
|       |                  |      | 5.05     |         |             |
+-------+------------------+------+----------+---------+-------------+
| IV    | Debentures of    | 98   | Year     | 7 years | 19 October  |
| L18OA | Indorama         |      | 1-4:     |         | 2018        |
|       | Ventures No.     |      | 4.75     |         |             |
|       | 1/2011 Tranche 2 |      |          |         |             |
|       | due 2018         |      | Year     |         |             |
|       |                  |      | 5-7:     |         |             |
|       |                  |      | 5.50     |         |             |
+-------+------------------+------+----------+---------+-------------+
| IV    | Debentures of    | 37   | Year     | 10      | 19 October  |
| L21OA | Indorama         |      | 1-4:     | years   | 2021        |
|       | Ventures No.     |      | 5.00     |         |             |
|       | 1/2011 Tranche 3 |      |          |         |             |
|       | due 2021         |      | Year     |         |             |
|       |                  |      | 5-8:     |         |             |
|       |                  |      | 5.50     |         |             |
|       |                  |      |          |         |             |
|       |                  |      | Year     |         |             |
|       |                  |      | 9        |         |             |
|       |                  |      | -10:6.00 |         |             |
+-------+------------------+------+----------+---------+-------------+
| IV    | Debentures of    | 2    | 4.70     | 5 years | 19 October  |
| L16OB | Indorama         | ,690 |          |         | 2016        |
|       | Ventures No.     |      |          |         |             |
|       | 1/2011 Tranche 4 |      |          |         |             |
|       | due 2016         |      |          |         |             |
+-------+------------------+------+----------+---------+-------------+
| IV    | Debentures of    | 1    | 5.04     | 7 years | 19 October  |
| L18OA | Indorama         | ,302 |          |         | 2018        |
|       | Ventures No.     |      |          |         |             |
|       | 1/2011 Tranche 5 |      |          |         |             |
|       | due 2018         |      |          |         |             |
+-------+------------------+------+----------+---------+-------------+
| IV    | Debentures of    | 3    | 5.35     | 10      | 19 October  |
| L21OA | Indorama         | ,163 |          | years   | 2021        |
|       | Ventures No.     |      |          |         |             |
|       | 1/2011 Tranche 6 |      |          |         |             |
|       | due 2021         |      |          |         |             |
+-------+------------------+------+----------+---------+-------------+
| Total |                  | 7    |          |         |             |
|       |                  | ,500 |          |         |             |
+-------+------------------+------+----------+---------+-------------+

7.3 Shareholders

As at 31 December 2011, the top ten major shareholders of Indorama
Ventures PCL which is including the shareholding of related persons
under the Section 258 of the Securities Exchange Act:

+-----+-----------------------------------------+-------------+-------+
| R   | Shareholders                            | Number of   | %     |
| ank |                                         | Shares      |       |
+-----+-----------------------------------------+-------------+-------+
| 1.  | Indorama Resources Ltd. ⁽¹⁾             | 3,          | 66.69 |
|     |                                         | 196,038,396 |       |
+-----+-----------------------------------------+-------------+-------+
| 2.  | Bangkok Bank PCL.                       | 230,180,944 | 4.78  |
+-----+-----------------------------------------+-------------+-------+
| 3.  | Thai NVDR Ltd.                          | 162,784,507 | 3.38  |
+-----+-----------------------------------------+-------------+-------+
| 4.  | Indo Rama Synthetics (India) Ltd.       | 101,606,300 | 2.11  |
+-----+-----------------------------------------+-------------+-------+
| 5.  | Littledown Nominees PTE Ltd. 9          | 72,334,200  | 1.50  |
+-----+-----------------------------------------+-------------+-------+
| 6.  | Chase Nominees Ltd.                     | 40,215,422  | 0.84  |
+-----+-----------------------------------------+-------------+-------+
| 7.  | HSBC (Singapore) Nominees PTE. Ltd.     | 37,211,448  | 0.77  |
+-----+-----------------------------------------+-------------+-------+
| 8.  | Mr. Sudthidej Chirathivat               | 24,079,200  | 0.50  |
+-----+-----------------------------------------+-------------+-------+
| 9.  | Mr. Kamlesh Chandumal Daswani           | 22,559,700  | 0.47  |
+-----+-----------------------------------------+-------------+-------+
| 10. | Energy and Petrochemical Index Fund     | 18,857,900  | 0.39  |
|     | (FAM EPIF)                              |             |       |
+-----+-----------------------------------------+-------------+-------+
| Ot  |                                         | 908,389,228 | 18.87 |
| her |                                         |             |       |
| Sha |                                         |             |       |
| reh |                                         |             |       |
| old |                                         |             |       |
| ers |                                         |             |       |
+-----+-----------------------------------------+-------------+-------+
| To  |                                         | 4,          | 1     |
| tal |                                         | 814,257,245 | 00.00 |
+-----+-----------------------------------------+-------------+-------+

Note: ⁽¹⁾ Owned by Canopus International Limited (99.99%). In addition,
Mr. Aloke Lohia and his immediate family have voting rights over 76% and
an equity interest over 49%, of Canopus International Limited while Mr.
Sri Prakash Lohia and his immediate family have voting rights over 24%,
and equity interest over 51%, of Canopus International Limited

7.3 Dividend Policy

The Company has a policy to pay a total dividend of not less than 30% of
our net profit after tax and after the appropriation of the reserve.
However, our Board of Directors may amend the dividend policy at any
time to take into account the availability of funds to be used as a
reserve for debt repayment, capital investment for production expansion,
to react to changing market conditions or as required to manage the
company’s future cashflows.

The payout of dividend by the subsidiaries to IVL is upto 80% of their
net profit after tax and after appropriation to reserve fund. However
the subsidiary Board may amend the dividend payment at any time to take
into account the availability of funds to be used as a reserve for debt
repayment, capital investment for production expansion, to react to
changing market conditions or as required to manage their company’s
future cashflows.