7. Capital Structure

1.  Securities of The Company

As at 31 December 2012, 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.

2.  Debenture

The Extraordinary General 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.

As at 31 December 2012, the Company has issued debentures three times
amounting to Baht 21,680 million in total out of which Baht 7,500
million was issued on 19 October 2011, Baht 9,400 million was issued on
5 April 2012 and Baht 4,780 million was issued on 14 December 2012. The
details of three debentures are provided below:

Debenture issued on 19 October 2011:

+------+------------------+------+------------+--------+-------------+
| Sy   | Name of          | Am   | Interest   | Term   | Maturity    |
| mbol | Debenture        | ount | Rate per   | of     | Date        |
|      |                  | (MB) | year       | Issue  |             |
+------+------------------+------+------------+--------+-------------+
| IVL  | Debentures of    | 210  | Year 1-3:  | 5      | 19 October  |
| 16OA | Indorama         |      | 4.50%      | years  | 2016        |
|      | Ventures No.     |      |            |        |             |
|      | 1/2011 Tranche 1 |      | Year 4-5:  |        |             |
|      |                  |      | 5.05%      |        |             |
+------+------------------+------+------------+--------+-------------+
| IVL  | Debentures of    | 98   | Year 1-4:  | 7      | 19 October  |
| 18OA | Indorama         |      | 4.75%      | years  | 2018        |
|      | Ventures No.     |      |            |        |             |
|      | 1/2011 Tranche 2 |      | Year 5-7:  |        |             |
|      |                  |      | 5.50%      |        |             |
+------+------------------+------+------------+--------+-------------+
| IVL  | Debentures of    | 37   | Year 1-4:  | 10     | 19 October  |
| 21OA | Indorama         |      | 5.00%      | years  | 2021        |
|      | Ventures No.     |      |            |        |             |
|      | 1/2011 Tranche 3 |      | Year 5-8:  |        |             |
|      |                  |      | 5.50%      |        |             |
|      |                  |      |            |        |             |
|      |                  |      | Year       |        |             |
|      |                  |      | 9-10:6.00% |        |             |
+------+------------------+------+------------+--------+-------------+
| IVL  | Debentures of    | 2    | 4.70%      | 5      | 19 October  |
| 16OB | Indorama         | ,690 |            | years  | 2016        |
|      | Ventures No.     |      |            |        |             |
|      | 1/2011 Tranche 4 |      |            |        |             |
+------+------------------+------+------------+--------+-------------+
| IVL  | Debentures of    | 1    | 5.04%      | 7      | 19 October  |
| 18OB | Indorama         | ,302 |            | years  | 2018        |
|      | Ventures No.     |      |            |        |             |
|      | 1/2011 Tranche 5 |      |            |        |             |
+------+------------------+------+------------+--------+-------------+
| IVL  | Debentures of    | 3    | 5.35%      | 10     | 19 October  |
| 21OB | Indorama         | ,163 |            | years  | 2021        |
|      | Ventures No.     |      |            |        |             |
|      | 1/2011 Tranche 6 |      |            |        |             |
+------+------------------+------+------------+--------+-------------+
| T    |                  | 7    |            |        |             |
| otal |                  | ,500 |            |        |             |
+------+------------------+------+------------+--------+-------------+

Debenture issued on 5 April 2012:

+------+------------------+------+------------+--------+------------+
| Sy   | Name of          | Am   | Interest   | Term   | Maturity   |
| mbol | Debenture        | ount | Rate per   | of     | Date       |
|      |                  | (MB) | year       | Issue  |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 1    | Year 1-3:  | 5      | 5 April    |
| 174A | Indorama         | ,500 | 4.45%      | years  | 2017       |
|      | Ventures No.     |      |            |        |            |
|      | 1/2012 Tranche 1 |      | Year 4-5:  |        |            |
|      | due in 2017      |      | 5.20%      |        |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 1,25 | Year 1-3:  | 10     | 5 April    |
| 224A | Indorama         | 0.50 | 5.10%      | years  | 2022       |
|      | Ventures No.     |      |            |        |            |
|      | 1/2012 Tranche 2 |      | Year 4-7:  |        |            |
|      | due in 2022      |      | 5.60%      |        |            |
|      |                  |      |            |        |            |
|      |                  |      | Year       |        |            |
|      |                  |      | 8-10:6.00% |        |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 2    | 4.73%      | 5      | 5 April    |
| 174B | Indorama         | ,500 |            | years  | 2017       |
|      | Ventures No.     |      |            |        |            |
|      | 1/2012 Tranche 3 |      |            |        |            |
|      | due in 2017      |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 1    | 5.09%      | 7      | 5 April    |
| 194A | Indorama         | ,500 |            | years  | 2019       |
|      | Ventures No.     |      |            |        |            |
|      | 1/2012 Tranche 4 |      |            |        |            |
|      | due in 2019      |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 2,64 | 5.52%      | 10     | 5 April    |
| 224B | Indorama         | 9.50 |            | years  | 2019       |
|      | Ventures No.     |      |            |        |            |
|      | 1/2012 Tranche 5 |      |            |        |            |
|      | due in 2019      |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| T    |                  | 9    |            |        |            |
| otal |                  | ,400 |            |        |            |
+------+------------------+------+------------+--------+------------+
| D    |                  |      |            |        |            |
| eben |                  |      |            |        |            |
| ture |                  |      |            |        |            |
| is   |                  |      |            |        |            |
| sued |                  |      |            |        |            |
| on   |                  |      |            |        |            |
| 14   |                  |      |            |        |            |
| Dece |                  |      |            |        |            |
| mber |                  |      |            |        |            |
| 2    |                  |      |            |        |            |
| 012: |                  |      |            |        |            |
+------+------------------+------+------------+--------+------------+
|      |                  |      |            |        |            |
+------+------------------+------+------------+--------+------------+
|      |                  |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| Sy   | Name of          | Am   | Interest   | Term   | Maturity   |
| mbol | Debenture        | ount | Rate per   | of     | Date       |
|      |                  | (MB) | year       | Issue  |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 780  | 4.52%      | 6      | 14         |
| 18DA | Indorama         |      |            | years  | December   |
|      | Ventures No.     |      |            |        | 2018       |
|      | 2/2012 Tranche 1 |      |            |        |            |
|      | due in 2018      |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 880  | 4.78%      | 8      | 14         |
| 20DA | Indorama         |      |            | years  | December   |
|      | Ventures No.     |      |            |        | 2020       |
|      | 2/2012 Tranche 2 |      |            |        |            |
|      | due in 2020      |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 1    | 5.11%      | 10     | 14         |
| 22DA | Indorama         | ,645 |            | years  | December   |
|      | Ventures No.     |      |            |        | 2022       |
|      | 2/2012 Tranche 3 |      |            |        |            |
|      | due in 2022      |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| IVL  | Debentures of    | 1    | 5.28%      | 12     | 14         |
| 24DA | Indorama         | ,475 |            | years  | December   |
|      | Ventures No.     |      |            |        | 2024       |
|      | 2/2012 Tranche 4 |      |            |        |            |
|      | due in 2024      |      |            |        |            |
+------+------------------+------+------------+--------+------------+
| T    |                  | 4    |            |        |            |
| otal |                  | ,780 |            |        |            |
+------+------------------+------+------------+--------+------------+

3.  Shareholders

As at 31 December 2012, the top ten major shareholders of Indorama
Ventures PCL, including the shareholding of related persons under the
Section 258 of the Securities Exchange Act, are as under:

+-----+-----------------------------------------+-------------+-------+
| R   | Shareholders                            | Number of   | %     |
| ank |                                         | Shares      |       |
+-----+-----------------------------------------+-------------+-------+
| 1.  | Indorama Resources Ltd. ⁽¹⁾             | 3,          | 66.39 |
|     |                                         | 196,038,396 |       |
+-----+-----------------------------------------+-------------+-------+
| 2.  | Bangkok Bank PCL.                       | 230,180,944 | 4.78  |
+-----+-----------------------------------------+-------------+-------+
| 3.  | Thai NVDR Ltd.                          | 130,673,989 | 2.71  |
+-----+-----------------------------------------+-------------+-------+
| 4.  | Indo-Rama Synthetics (India) Ltd.       | 60,409,200  | 1.25  |
+-----+-----------------------------------------+-------------+-------+
| 5.  | Mr. Nattapol Chulangkul                 | 44,020,900  | 0.91  |
+-----+-----------------------------------------+-------------+-------+
| 6.  | HSBC (Singapore) Nominees PTE Ltd.      | 43,131,257  | 0.90  |
+-----+-----------------------------------------+-------------+-------+
| 7.  | Mr. Taweechat Chulangkul                | 40,709,500  | 0.85  |
+-----+-----------------------------------------+-------------+-------+
| 8.  | State Street Bank Europe Limited        | 20,667193   | 0.43  |
+-----+-----------------------------------------+-------------+-------+
| 9.  | FAM EPIF                                | 17,819,000  | 0.37  |
+-----+-----------------------------------------+-------------+-------+
| 10. | Government of Singapore Investment      | 16,870,807  | 0.35  |
|     | Corporation C                           |             |       |
+-----+-----------------------------------------+-------------+-------+
| Ot  |                                         | 1,          | 21.06 |
| her |                                         | 013,736,059 |       |
| Sha |                                         |             |       |
| reh |                                         |             |       |
| old |                                         |             |       |
| ers |                                         |             |       |
+-----+-----------------------------------------+-------------+-------+
| To  |                                         | 4,          | 1     |
| tal |                                         | 814,257,245 | 00.00 |
+-----+-----------------------------------------+-------------+-------+

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

4.  Dividend Policy

The Company has a policy to pay a total dividend of not less than 30% of
the net profit after tax and appropriation to legal reserve. However,
the Board of Directors shall have the authority to consider waiving or
amending such dividned policy subject to the condition that it will
bring the greatest benefit to the shareholders, such as to use such
portion of the net profit as reserve for debt repayment, capital
investment for production expansion or as a support in case of changing
market conditions which would affect the company’s future cashflows.

The payout of dividend by the IVL subsidiaries to IVL is upto 80% of
their net profit after tax and after appropriation to legal reserve.
However the the board of directors of the subsidiaries will consider the
dividend payment, and may amend the dividend policy, by taking into
account the reserves for debt payment, capital investment, changing
market conditions or as required to manage the future cashflows.