3. Nature of Business Performance

Background, Changes and Important Developments

Background

Indorama Ventures Public Company Limited, formerly known as Beacon
Global Limited, was established on February 21, 2003, and re-named
Indorama Ventures Public Company Limited on 19 March, 2009. We, Indorama
Ventures Public Company Limited, are a holding company with investments
in companies operating in an integrated petrochemical value chain both
domestic and international. These companies are manufacturers and
suppliers of polyethylene terephthalate (“PET”), polyester fiber and
yarn, purified terephthalic acid (“PTA”), and wool.

Indorama Ventures Public Company Limited transformed to be public
company on September 25, 2009. As of December 31, 2011, the Company has
registered capital of Bt 4,815,856,719 with paid-up capital of Bt
4,814,257,245 totaling 4,814,257,245 ordinary shares at par value of Bt
1 per share. The major shareholder of the Company is Indorama Resources
Limited, owned 99.99% by Canopus International. (Canopus International
is owned by Mr. Aloke Lohia and his immediate family and Mr. Sri Prakash
Lohia and his immediate family. Mr. Aloke Lohia and his immediate family
hold 49% with voting rights over 76.0% of total votes of Canopus
International while Mr. Sri Prakash Lohia and his immediate family hold
51% with voting rights over 24.0% of total votes of Canopus
International.)

In January, 2010, Indorama Ventures Public Company Limited completed
initial public offering of 400,000,000 ordinary shares at an offering
price of Baht 10.20 per ordinary share. The total amount raised in cash
from initial public offering of shares Baht 4,080 million.
Simultaneously, the minority shareholders of Indorama Polymers Public
Company Limited, subsidiary of IVL listed on the Stock Exchange of
Thailand, were offered under an exchange offer 582,727,137 ordinary
shares of Indorama Ventures Public Company Limited. The ordinary shares
of Indorama Ventures Public Company Limited were listed and commenced
trading on the Stock exchange of Thailand “SET” on February 5, 2010. The
ticker symbol is “IVL”. IVL during the year 2010 became a member of
major indices SET 50 Index, FTSE SET Large Cap Index and MSCI.

In November, 2010, the board of directors passed a resolution to
increase the authorized share capital from Baht 4,334,271,047 to Baht
4,815,856,719 and reserve the increase in authorized share capital of
Baht 481,585,672 to be reserved for the exercise of Transferable
Subscription Rights “TSRs”. The board approved a rights issue of TSRs to
existing shareholders in the ratio of 1 TSR for every 9 existing
ordinary shares held of IVL. The conversion ratio of TSR to ordinary
shares as 1 and exercise price of TSR to ordinary shares of Baht 36 per
ordinary share. On December 17, 2010, in the extraordinary shareholders
meeting “EGM” of IVL the shareholders approved the rights issue of TSRs,
allocation of TSR and the terms and conditions of TSR. On February 24,
2011 the subscription of TSRs was completed with 99.67% of TSRs being
exercised into shares. Total new 479,986,198 shares started trading on
the SET on March 3, 2011. The total amount raised in cash from this
rights issue is Baht 17,280 million.

We commenced business operations in 1994 with the incorporation of
Indorama Holdings Ltd., which was the first worsted wool yarn producer
in Thailand. In 1995, we entered the petrochemical industry focusing on
the polyester value chain business with the establishment of a PET resin
facility in Thailand. Since then, each successive growth and addition
has been committed to the polyester value chain. We have grown
significantly to become a major global polyester value chain producer
with a presence in four key business segments, PET resin, polyester
fibers and yarns, PTA, and wool, and operations in fourteen countries
across four continents.

Our growth in the PET business has been achieved through greenfield
investments, strategic acquisitions, and brownfield expansions. From
1995 to 2002, we grew our PET business by engaging in the downstream
production of PET preforms, bottles and closures through a joint venture
with Serm Suk Pcl, the exclusive bottler for Pepsi products in Thailand,
as well as through various expansion projects leading to increased
capacities. We expanded our PET production footprint internationally
into North America in 2003, with the acquisition of the StarPet
facility, and into Europe in 2006, with the commencement of Orion Global
PET facility. The expansion made us the only PET resin producer with
operations in the three largest consuming regions of Asia, Europe and
North America. We have further expanded our manufacturing presence with
the acquisition of two PET resin facilities from Eastman Chemical
Company in Europe in 2008, and a greenfield investment in the PET
business with AlphaPet in North America in 2009. In the first half of
2011, IVL had completed major acquisitions of PET plants, namely in
China, Indonesia, Mexico, Poland and USA, leading the company to become
the world’s largest PET producer and the largest player in Europe and
North America region. We also expanded our PET production footprint to
Africa by implementing the new solid state polymerization “SSP” plant in
Nigeria, which is expected to complete and start commercial operations
by end of 2012.

Our PET business was listed on the SET through Indorama Polymers Public
Company Limited “IRP” in 2005. On December 24, 2009 IVL offered to
purchase upto 100% of IRP through a tender offer whereby IRP
shareholders (other than IVL and its subsidiaries) were offered IVL
shares in exchange for IRP shares. The said tender offer was completed
on February 1, 2010 which resulted in IVL holding directly and
indirectly (through its subsidiary Indorama Holdings (Thailand) Limited)
around 99.08% of the issued and paid-up capital of IRP. IRP shares were
delisted from the SET on February 5, 2010 onwards.

Our development in the polyester business has been achieved through the
acquisition of distressed assets and organic growth through
debottlenecking and asset optimization. We entered the polyester
business in 1997 through the acquisition of Indo Poly, a polyester fiber
plant in Thailand. In 2008, we acquired Tuntex Thailand, the largest
polyester fiber producer in Thailand. Both of our polyester facilities
were acquired as distressed assets at a discount to their replacement
cost and have been successfully turned around. In 2009, Indo Poly
transferred all of its assets to, and all of its liabilities were
assumed by, Tuntex Thailand, which was subsequently re-named Indorama
Polyester Industries. In the first half of 2011, we expanded our
polyester production footprint internationally into Indonesia and USA.
Later in November 2011, we acquired the PET and Polyester fibers
recycling businesses of Wellman International in Europe, which
comprising of three production facilities in the Republic of Ireland,
the Netherlands, and France.

In a step towards vertical integration, we entered into the PTA business
in 2008 through the acquisition of three facilities, IRH Rotterdam,
Indorama Petrochem and TPT Petrochemicals. The growth philosophy for our
PTA business has been the acquisition of assets at a discount to their
replacement cost, providing complementary support to our downstream PET
and polyester businesses in Europe and Asia.

Changes and Important Developments 

+--------+-----------------------------------------+---------+--------+
| Year   | Event                                   | L       | Bu     |
|        |                                         | ocation | siness |
+========+=========================================+=========+========+
| 1994   | Incorporation of Indorama Holdings      | T       | Wool   |
|        | Ltd..                                   | hailand |        |
+--------+-----------------------------------------+---------+--------+
| 1995   | Establishment of Indorama Polymers PCL  | T       | PET    |
|        | PET resin plant in Lopburi, Thailand.   | hailand |        |
+--------+-----------------------------------------+---------+--------+
| 1996   | Establishment of Petform (Thailand)     | T       | PET    |
|        | Ltd.., a joint venture with Serm Suk    | hailand |        |
|        | PCL                                     |         |        |
+--------+-----------------------------------------+---------+--------+
| 2002   | Completion of various expansion         | T       | PET /  |
|        | projects leading to increased           | hailand | Pol    |
|        | capacities in Thailand                  |         | yester |
+--------+-----------------------------------------+---------+--------+
| 2003   | Incorporation of Beacon Global Limited  | T       | H      |
|        | (subsequently re-named Indorama         | hailand | olding |
|        | Ventures PCL in 2008)                   |         | C      |
|        |                                         |         | ompany |
+--------+-----------------------------------------+---------+--------+
| 2003   | First major international expansion     | USA     | PET    |
|        | with the acquisition of StarPet PET     |         |        |
|        | plant in Asheboro, North Carolina       |         |        |
+--------+-----------------------------------------+---------+--------+
| 2006   | Acquisition of a 94.57% interest in     | T       | Wool / |
|        | Indorama Holdings Ltd.. from an entity  | hailand | H      |
|        | controlled by Mr. Aloke Lohia           |         | olding |
|        |                                         |         | C      |
|        |                                         |         | ompany |
+--------+-----------------------------------------+---------+--------+
| 2006   | Expansion into Europe with the          | Li      | PET    |
|        | establishment of Orion Global PET plant | thuania |        |
|        | in Klaipeda, Lithuania                  |         |        |
+--------+-----------------------------------------+---------+--------+
| 2007   | Completion of various expansion         | USA /   | PET /  |
|        | projects leading to increased           | T       | Pol    |
|        | capacities                              | hailand | yester |
+--------+-----------------------------------------+---------+--------+
| March  | -   UAB Indorama Polymers Europe, IRP   | The     | PET    |
| 2008   |     Rotterdam and IRP Workington        | Nethe   |        |
|        |     acquired the net assets (property,  | rlands/ |        |
|        |     plant and equipment and working     | UK      |        |
|        |     capital) and the operations of two  |         |        |
|        |     PET production facilities located   |         |        |
|        |     in the Netherlands and the United   |         |        |
|        |     Kingdom, previously owned and       |         |        |
|        |     operated by subsidiaries of Eastman |         |        |
|        |     Chemical Company                    |         |        |
+--------+-----------------------------------------+---------+--------+
|        | -   UAB Indorama Holdings Ltd. Europe   | The     | PTA    |
|        |     and IRH Rotterdam also acquired the | Neth    |        |
|        |     net assets (property, plant and     | erlands |        |
|        |     equipment and working capital) and  |         |        |
|        |     the operations of a PTA production  |         |        |
|        |     facility located in the             |         |        |
|        |     Netherlands, previously owned and   |         |        |
|        |     operated by subsidiary of Eastman   |         |        |
|        |     Chemical Company                    |         |        |
+--------+-----------------------------------------+---------+--------+
| June   | Indorama Holdings Ltd. sold its shares  | T       | Che    |
|        | representing 89.71% of Indo-Rama        | hailand | micals |
| 2008   | Chemicals (Thailand) Ltd., to an entity |         |        |
|        | controlled by Mr. Aloke Lohia and his   |         |        |
|        | immediate family                        |         |        |
+--------+-----------------------------------------+---------+--------+
| Au     | The Company acquired a 50.56% equity    | T       | PTA    |
| gust - | interest in TPT Petrochemicals PCL from | hailand |        |
| O      | various parties                         |         |        |
| ctober |                                         |         |        |
| 2008   |                                         |         |        |
+--------+-----------------------------------------+---------+--------+
| Sep    | -   The Company acquired a 65.81%       | T       | Pol    |
| tember |     equity interest in Tuntex           | hailand | yester |
| 2008   |     (Thailand) pursuant to Tuntex       |         |        |
|        |     (Thailand)’s bankruptcy             |         |        |
|        |     rehabilitation plan.                |         |        |
+--------+-----------------------------------------+---------+--------+
|        | -   The Company acquired an additional  | T       | Pol    |
|        |     44.38% of the outstanding shares of | hailand | yester |
|        |     Indo Poly (Thailand) Ltd. from      |         |        |
|        |     Indorama International Finance PCL. |         |        |
|        |     As a result of the acquisition, the |         |        |
|        |     Company increased our direct and    |         |        |
|        |     indirect shareholdings of Indo Poly |         |        |
|        |     (Thailand) Ltd. to 98.85%.          |         |        |
+--------+-----------------------------------------+---------+--------+
| Septe  | The Company acquired a 100% equity      | T       | PTA    |
| mber - | interest in Indorama Petrochem Ltd.     | hailand |        |
| O      | from various parties                    |         |        |
| ctober |                                         |         |        |
| 2008   |                                         |         |        |
+--------+-----------------------------------------+---------+--------+
| O      | The Company acquired an additional      | T       | PET    |
| ctober | 3.94% of the outstanding shares of      | hailand |        |
| 2008   | Indorama Polymers PCL from DEG, thereby |         |        |
|        | increasing our direct and indirect      |         |        |
|        | holdings of Indorama Polymers PCL to    |         |        |
|        | 69.29%.                                 |         |        |
+--------+-----------------------------------------+---------+--------+
| De     | The Company acquired an additional      | T       | Pol    |
| cember | 31.20% of the outstanding shares of     | hailand | yester |
| 2008   | Tuntex (Thailand) PCL (re-named         |         |        |
|        | Indorama Polyester Industries PCL)      |         |        |
+--------+-----------------------------------------+---------+--------+
| July   | -   Indo Poly (Thailand) Ltd.           | T       | Pol    |
| 2009   |     transferred all of its assets and   | hailand | yester |
|        |     business to Indorama Polyester      |         |        |
|        |     Industries PCL. (In August, 2009,   | T       | PTA    |
|        |     Indo Poly (Thailand) Ltd. commenced | hailand |        |
|        |     action to liquidate itself, which   |         |        |
|        |     we expect will be consummated by    |         |        |
|        |     the second quarter of 2010)         |         |        |
|        |                                         |         |        |
|        | -   The Company acquired an additional  |         |        |
|        |     2.08% of the outstanding shares of  |         |        |
|        |     TPT Petrochemicals PCL from         |         |        |
|        |     International Finance PCL, thereby  |         |        |
|        |     increasing our direct and indirect  |         |        |
|        |     holdings of TPT Petrochemicals PCL  |         |        |
|        |     to 52.64%.                          |         |        |
+--------+-----------------------------------------+---------+--------+
| August | The Company and Indorama Holdings Ltd.  | T       | Pol    |
| 2009   | jointly made a tender offer jointly to  | hailand | yester |
|        | purchase all outstanding shares of      |         |        |
|        | Indorama Polyester Industries PCL that  |         |        |
|        | we did not own. After the tender offer, |         |        |
|        | the Company and Indorama Holdings Ltd.  |         |        |
|        | increased our shareholdings of Indorama |         |        |
|        | Polyester Industries PCL to 99.55% and  |         |        |
|        | delisted Indorama Polyester Industries  |         |        |
|        | PCL from the SET effective on November  |         |        |
|        | 9, 2009                                 |         |        |
+--------+-----------------------------------------+---------+--------+
| O      | Start up of the AlphaPet PET plant in   | USA     | PET    |
| ctober | Decatur, Alabama                        |         |        |
| 2009   |                                         |         |        |
+--------+-----------------------------------------+---------+--------+
| No     | TPT Utilities Co., Ltd. transferred all | T       | Others |
| vember | of its assets to TPT Petrochemicals PCL | hailand |        |
| 2009   | and subsequently completed the          |         |        |
|        | liquidation on October 29,2011          |         |        |
+--------+-----------------------------------------+---------+--------+
| De     | -   The Company acquired an additional  | T       | PTA    |
| cember |     1.96% of the outstanding shares of  | hailand |        |
| 2009   |     TPT Petrochemicals PCL from         |         | PET    |
|        |     International Finance PCL, thereby  | T       |        |
|        |     increasing our direct and indirect  | hailand |        |
|        |     holdings of TPT Petrochemicals PCL  |         |        |
|        |     to 54.60%.                          |         |        |
|        |                                         |         |        |
|        | -   On December 24, 2009 Indorama       |         |        |
|        |     Ventures Public Company Limited     |         |        |
|        |     “IVL” announced a tender offer to   |         |        |
|        |     purchase upto 100% of shares in     |         |        |
|        |     Indorama Polymers Public Company    |         |        |
|        |     Limited “IRP” with an intention to  |         |        |
|        |     delist the shares of IRP from the   |         |        |
|        |     Stock Exchange of Thailand “SET”.   |         |        |
|        |     424,480,300 shares of IRP offered   |         |        |
|        |     to be purchased through an exchange |         |        |
|        |     offer whereby IRP shareholder will  |         |        |
|        |     receive IVL shares.                 |         |        |
+--------+-----------------------------------------+---------+--------+
| Fe     | -   Listed and start trading of shares  | T       | Cor    |
| bruary |     of IVL on the Stock Exchange of     | hailand | porate |
|        |     Thailand after completion of        |         |        |
| 2010   |     initial public offering of 400      |         |        |
|        |     million new shares for an initial   |         |        |
|        |     offering price of Baht 10.20 and    |         |        |
|        |     completion of exchange offer to     |         |        |
|        |     minority shareholders of Indorama   |         |        |
|        |     Polymers Public Company Limited     |         |        |
|        |     “IRP”. Simultaneously delisting of  |         |        |
|        |     IRP shares from the SET on the      |         |        |
|        |     first day trading of IVL.           |         |        |
+--------+-----------------------------------------+---------+--------+
| July   | -   Acquisition of 50% equity stake in  | Italy   | PTA    |
|        |     a joint venture company UAB Ottana  |         | and    |
| 2010   |     Polimeri Europe for the purpose of  |         | PET    |
|        |     acquisition of an integrated PTA    |         |        |
|        |     and PET plant in Ottana, Italy from |         |        |
|        |     Equipolymers. The joint venture     |         |        |
|        |     partner is PCH Holdings which holds |         |        |
|        |     the balance 50% and is in the       |         |        |
|        |     business of power and utilities.    |         |        |
+--------+-----------------------------------------+---------+--------+
| August | -   Announced setting-up of a           | Nigeria | PET    |
|        |     greenfield project for PET polymers |         |        |
| 2010   |     in Port Harcourt, Nigeria with an   | Net     | PET    |
|        |     installed capacity of 75,000 tpa.   | herland |        |
|        |                                         |         |        |
|        | -   Announced capacity expansion by     |         |        |
|        |     190,000 tpa for PET at existing     |         |        |
|        |     site in Rotterdam, Netherlands by   |         |        |
|        |     setting-up a new line of PET        |         |        |
|        |     production. Europe is a net         |         |        |
|        |     importer of PET resins and the      |         |        |
|        |     expansion will substitiute imports  |         |        |
|        |     and the demand growth. In addition, |         |        |
|        |     the PET expansion will result in    |         |        |
|        |     full capative consumption of PTA    |         |        |
|        |     produced at site and cost benefits  |         |        |
|        |     from economies of scale.            |         |        |
+--------+-----------------------------------------+---------+--------+
| O      | -   Acquisition of additional shares in | T       | PTA    |
| ctober |     TPT Petrochemicals PCL from Tuntex  | hailand |        |
|        |     Taiwan and other shareholders to    |         |        |
| 2010   |     increase equity stake from 54.60%   |         |        |
|        |     to 99.96%                           |         |        |
+--------+-----------------------------------------+---------+--------+
| No     | -   Announced approval of acquisition   | China   | PET    |
| vember |     of business to make PET resins and  |         |        |
|        |     Polyester polymers for fibers &     | USA /   | PET /  |
| 2010   |     yarns in Kaiping City, Guangdong    | Mexico  | Pol    |
|        |     Province, China, from Gunagdong     |         | yester |
|        |     Shinda UHMWPE Company Limited. The  | T       |        |
|        |     total installed capacity of the     | hailand | Cor    |
|        |     plant is 406,000 tpa. The           |         | porate |
|        |     acquisition allows to expand the    |         |        |
|        |     global footprint and to enter the   |         |        |
|        |     high growth market in China. The    |         |        |
|        |     acquisition was completed in        |         |        |
|        |     January, 2011.                      |         |        |
|        |                                         |         |        |
|        | -   Announced the signing of a          |         |        |
|        |     definitive agreement with Invista   |         |        |
|        |     S.a.r.l. to acquire their PET       |         |        |
|        |     resins and Polyester staple         |         |        |
|        |     business located in Spartanburg,    |         |        |
|        |     South Carolina, USA and Queretaro,  |         |        |
|        |     Mexico. The total installed         |         |        |
|        |     capacity at Spartanburg site is     |         |        |
|        |     470,000 tpa and at Queretaro site   |         |        |
|        |     is 535,000 tpa. The acquisition     |         |        |
|        |     will allow to build on its          |         |        |
|        |     expanding global platform making    |         |        |
|        |     the company world’s largest PET     |         |        |
|        |     producer and give access to the new |         |        |
|        |     markets of Latin and Central        |         |        |
|        |     America. The acquisitions completed |         |        |
|        |     in March, 2011.                     |         |        |
|        |                                         |         |        |
|        | -   Board of Directors Meeting No.      |         |        |
|        |     8/2010 dated 10 November 2010       |         |        |
|        |     approved the issuance of            |         |        |
|        |     481,585,672 free Transferable       |         |        |
|        |     Subscription Rights (TSRs) to the   |         |        |
|        |     company’s existing shareholders and |         |        |
|        |     that the allocation ratio will be 9 |         |        |
|        |     existing shares to 1 new TSR. The   |         |        |
|        |     conversion ratio of 1 TSR will      |         |        |
|        |     entitle the TSR holder to purchase  |         |        |
|        |     1 newly issued share of the         |         |        |
|        |     Company. The exercise price of TSR  |         |        |
|        |     into ordinary shares to be          |         |        |
|        |     determined prior to extraordinary   |         |        |
|        |     general meeting of shareholders to  |         |        |
|        |     approve the rights issue.           |         |        |
+--------+-----------------------------------------+---------+--------+
| De     | -   Announced the signing of a          | In      | Pol    |
| cember |     definitive agreement with SK        | donesia | yester |
|        |     Chemicals and SK Syntec to acquire  | /       | / PET  |
| 2010   |     their Polyester Filament yarns and  | Poland  |        |
|        |     PET resins business in Indonesia    |         | Cor    |
|        |     and PET resins business in Poland.  | T       | porate |
|        |     The total installed capacity in     | hailand |        |
|        |     Indonesia is 196,000 tpa and in     |         | Cor    |
|        |     Poland is 140,000 tpa. The          | T       | porate |
|        |     acquisition will allow to build on  | hailand |        |
|        |     expanding global platform and       |         |        |
|        |     reinforce our focus on the          |         |        |
|        |     polyester value chain. It gives     |         |        |
|        |     access to the growth markets of     |         |        |
|        |     Indonesia and Poland. The           |         |        |
|        |     acquisitions completed in March,    |         |        |
|        |     2011.                               |         |        |
|        |                                         |         |        |
|        | -   Board of Directors Meeting No.      |         |        |
|        |     9/2010 dated 16 December 2010       |         |        |
|        |     approved the exercise price at Baht |         |        |
|        |     36 per share to subscribe for newly |         |        |
|        |     issued shares by each TSR holder    |         |        |
|        |                                         |         |        |
|        | -   Extraordinary General Meeting of    |         |        |
|        |     Shareholders No. 1/2011 approved    |         |        |
|        |     the resolution for rights issue and |         |        |
|        |     allocate to existing shareholders   |         |        |
|        |     through issue of TSRs, at the ratio |         |        |
|        |     of 9 existing shares to 1 TSR.      |         |        |
+--------+-----------------------------------------+---------+--------+
| March  | -   Listed and start trading of new     | T       | Cor    |
|        |     479,986,198 IVL shares on the Stock | hailand | porate |
| 2011   |     Exchange of Thailand after          |         |        |
|        |     completion of the TSRs subscription | In      | PET    |
|        |     at the exercise price of Baht 36    | donesia |        |
|        |     per share                           |         |        |
|        |                                         |         |        |
|        | -   Announced capacity expansion by     |         |        |
|        |     300,000 tpa for PET at existing     |         |        |
|        |     site in Purwakarta, Indonesia. The  |         |        |
|        |     plant is expected to commercially   |         |        |
|        |     start operation in Q1, 2013         |         |        |
+--------+-----------------------------------------+---------+--------+
| April  | -   Announced a Brownfield expansion of | Europe  | PET    |
|        |     PET polymers production with a      |         |        |
| 2011   |     capacity 220,000 tons per annum at  |         |        |
|        |     the existing site in Poland.        |         |        |
+--------+-----------------------------------------+---------+--------+
| May    | -   Announced a Brownfield expansion of | Europe  | PTA    |
|        |     PTA production at the site of the   |         |        |
| 2011   |     existing plant in Rotterdam, with a |         |        |
|        |     new production line with an annual  |         |        |
|        |     capacity of PTA of 250,000 tons per |         |        |
|        |     annum. This expansion, which is     |         |        |
|        |     expected to be completed in 2013    |         |        |
|        |     will enhance integration with key   |         |        |
|        |     raw material for production of PET  |         |        |
|        |     polymers in Europe.                 |         |        |
+--------+-----------------------------------------+---------+--------+
| June   | -   IVL board approved the acquisition  | In      | PTA    |
|        |     of a 50% stake in PT Polyprima      | donesia |        |
| 2011   |     Karyesreska ("PT Polyprima"), a PTA |         |        |
|        |     producer located in Cilegon, West   |         |        |
|        |     Java, Indonesia and has an          |         |        |
|        |     installed capacity of 465,000 Mts.  |         |        |
|        |     per annum. PT Polyprima is          |         |        |
|        |     currently under a debt              |         |        |
|        |     restructuring process. After the    |         |        |
|        |     debt restructuring with creditors   |         |        |
|        |     and issue of new capital by PT      |         |        |
|        |     Polyprima, IVL shareholding will be |         |        |
|        |     reduced to 41% in PT Polyprima. PT  |         |        |
|        |     Indorama Synthetics Tbk, (PTIRS)    |         |        |
|        |     will hold another 41%. Currently    |         |        |
|        |     the plant is not operating and is   |         |        |
|        |     expected to start commercial        |         |        |
|        |     production in Q2, 2012. On          |         |        |
|        |     de-bottlenecking the capacity will  |         |        |
|        |     increase to 500,000 Mts per annum.  |         |        |
|        |     IVL through its equity stake in PT  |         |        |
|        |     Polyprima will secure the PTA       |         |        |
|        |     supplies for its Polyester plants   |         |        |
|        |     in Indonesia.                       |         |        |
+--------+-----------------------------------------+---------+--------+
| July   | -   Acquisition of 75% equity stake in  | G       | Pol    |
|        |     a joint venture company Trevira     | ermany/ | yester |
| 2011   |     Holdings GmbH for the purpose of    | Poland  |        |
|        |     acquisition of a 120,000 tons per   |         |        |
|        |     annum polyester fiber plant in      |         |        |
|        |     Germany and Poland. The acquisition |         |        |
|        |     of Trevira GmbH will facilitate the |         |        |
|        |     entry of IVL into the branded       |         |        |
|        |     specialist filament business and    |         |        |
|        |     provide access to an outstanding    |         |        |
|        |     research and development facility   |         |        |
|        |     with accompanying intellectual      |         |        |
|        |     property.                           |         |        |
+--------+-----------------------------------------+---------+--------+
| August | -   The board approved investments in a | Th      | Pol    |
|        |     new recycling plant in Thailand and | ailand/ | yester |
| 2011   |     high technology business in         | In      |        |
|        |     Polyester fibers and yarns in       | donesia |        |
|        |     Thailand and Indonesia. These       |         |        |
|        |     projects are in specialty business  |         |        |
|        |     with higher value addition and      |         |        |
|        |     margins to leverage on our existing |         |        |
|        |     assets.                             |         |        |
+--------+-----------------------------------------+---------+--------+
| No     | -   The board approved acquisition of   | Ireland | Pol    |
| vember |     100% equity stake in the recycling  | /       | yester |
|        |     business of Wellman International   | France  |        |
| 2011   |     in Europe from WIT Beteiligungs     | and     |        |
|        |     GmbH and Wellman International      | Neth    |        |
|        |     Trading which is subsidiary of      | erlands |        |
|        |     Aurelius AG. This business consist  |         |        |
|        |     of 3 plants, Polyester plant in     |         |        |
|        |     Mullagh, Ireland has an installed   |         |        |
|        |     capacity over 80,000 tons,          |         |        |
|        |     recycling plant in                  |         |        |
|        |     Spijik,Netherland has an installed  |         |        |
|        |     capacity over 45,000 tons, and      |         |        |
|        |     Verdun, France has an installed     |         |        |
|        |     capacity of 28,000 tons             |         |        |
+--------+-----------------------------------------+---------+--------+

Business Overview

We are a holding company conducting our business through investment in
companies engaging in manufacture of integrated petrochemical products
both domestic and international. Our headquarters is located in Bangkok.
These companies are manufacturers of suppliers of polyethylene
terephthalate (“PET”), polyester fiber and yarn, purified terephthalic
acid (“PTA”), and wool. We have 28 manufacturing facilities in fourteen
countries located in Asia, Africa, North America and Europe. Our
businesses are classified in business segments as follows:

PET

+--------------------+---------+-------------+------------+-----------+
| Name               | Country | Type        | Sh         | Paid Up   |
|                    |         | of business | areholding | Share     |
|                    |         |             | as of      | Capital   |
|                    |         |             | December   | December  |
|                    |         |             | 31, 2011   | 31, 2011  |
|                    |         |             | (%)        |           |
+====================+=========+=============+============+===========+
| Indorama Polymers  | T       | Production  | 99.20[1]   | Baht      |
| PCL                | hailand | and sale of |            | 1,38      |
|                    |         | PET resin   |            | 2,197,870 |
+--------------------+---------+-------------+------------+-----------+
| Asia Pet           | T       | Production  | 99.20[2]   | Baht      |
| (Thailand) Ltd.    | hailand | of          |            | 45        |
|                    |         | amorphous   |            | 0,000,000 |
|                    |         | rasin       |            |           |
+--------------------+---------+-------------+------------+-----------+
| StarPet Inc.       | USA     | Production  | 99.20[3]   | USD       |
|                    |         | and sale of |            | 1         |
|                    |         | PET resin   |            | 2,000,000 |
+--------------------+---------+-------------+------------+-----------+
| UAB Orion Global   | Li      | Production  | 99.20[4]   | Litas     |
| Pet                | thuania | and sale of |            | 7         |
|                    |         | PET resin   |            | 7,688,000 |
+--------------------+---------+-------------+------------+-----------+
| UAB Indorama       | Li      | Sale of PET | 99.20[5]   | Litas     |
| Polymers Europe    | thuania | resin       |            | 7         |
|                    |         |             |            | 2,508,800 |
+--------------------+---------+-------------+------------+-----------+
| Indorama Polymers  | USA     | A holding   | 99.20[6]   | USD       |
| (USA) Inc.         |         | company     |            | 4         |
|                    |         | investing   |            | 4,000,000 |
|                    |         | in PET      |            |           |
|                    |         | business    |            |           |
+--------------------+---------+-------------+------------+-----------+
| Indorama Polymers  | United  | Production  | 99.20[7]   | GBP 1     |
| Workington Ltd..   | Kingdom | and sale of |            |           |
|                    |         | PET resin   |            |           |
+--------------------+---------+-------------+------------+-----------+
| Indorama Polymers  | The     | Production  | 99.20[8]   | Euro      |
| Rotterdam B.V.     | Neth    | and sale of |            | 18,000    |
|                    | erlands | PET resin   |            |           |
+--------------------+---------+-------------+------------+-----------+
| AlphaPet, Inc.     | USA     | Production  | 99.20[9]   | USD       |
|                    |         | and sale of |            | 4         |
|                    |         | PET resin   |            | 4,000,000 |
+--------------------+---------+-------------+------------+-----------+
| Indorama PET       | Nigeria | Production  | 89.28[10]  | NAIRA     |
| (Nigeria) Ltd.     |         | and sale of |            |           |
|                    |         | PET resin   |            | 45        |
|                    |         |             |            | 0,000,000 |
+--------------------+---------+-------------+------------+-----------+
| Guangdong IVL PET  | China   | Production  | 99.20[11]  | USD       |
| Polymer Company    |         | and sale of |            |           |
| Limited            |         | PET resin   |            | 3         |
|                    |         |             |            | 1,000,000 |
+--------------------+---------+-------------+------------+-----------+
| Auriga Polymers    | USA     | Production  | 99.20      | USD       |
| Inc.               |         | and sale of |            |           |
|                    |         | PET resin   |            | 3         |
|                    |         |             |            | 0,000,000 |
+--------------------+---------+-------------+------------+-----------+
| Petform (Thailand) | T       | Production  | 59.52[12]  | Baht      |
| Ltd.               | hailand | and sale of |            | 7         |
|                    |         | preforms,   |            | 5,000,000 |
|                    |         | bottles,    |            |           |
|                    |         | and         |            |           |
|                    |         | closures    |            |           |
+--------------------+---------+-------------+------------+-----------+
| Indorama           | The     | A holding   | 100[13]    | USD       |
| Netherlands        | Neth    | company     |            | 24        |
| Cooperatief U.A.   | erlands | investing   |            | 2,700,000 |
|                    |         | in PET and  |            |           |
|                    |         | polyester   |            | and       |
|                    |         | business    |            |           |
|                    |         |             |            | EUR       |
|                    |         |             |            | 3         |
|                    |         |             |            | 2,747,000 |
+--------------------+---------+-------------+------------+-----------+
| Indorama           | The     | A holding   | 100[14]    | EUR       |
| Netherlands B.V.   | Neth    | company     |            | 18,000    |
|                    | erlands | investing   |            |           |
|                    |         | in PET and  |            |           |
|                    |         | polyester   |            |           |
|                    |         | business    |            |           |
+--------------------+---------+-------------+------------+-----------+
| IVL Poland         | Poland  | A holding   | 100[15]    | PLN       |
| S.p.z.o.o.         |         | company     |            | 4         |
|                    |         | investing   |            | 9,699,400 |
|                    |         | in PET      |            |           |
|                    |         | business    |            |           |
+--------------------+---------+-------------+------------+-----------+
| Indorama Polymers  | Poland  | Production  | 100[16]    | PLN       |
| Poland S.p.z.o.o.  |         | and sale of |            | 14        |
|                    |         | PET resin   |            | 5,105,500 |
+--------------------+---------+-------------+------------+-----------+
| Indorama Ventures  | USA     | A holding   | 99.20[17]  | USD       |
| USA Inc.           |         | company     |            | 4         |
|                    |         | investing   |            | 2,000,000 |
|                    |         | in PET      |            |           |
|                    |         | business    |            |           |
+--------------------+---------+-------------+------------+-----------+
| IVL Holdings       | Mexico  | A holding   | 100[18]    | USD       |
| S.de.R.L.de C.V.   |         | company     |            | 1,31      |
|                    |         | investing   |            | 2,363,000 |
|                    |         | in PET      |            |           |
|                    |         | business    |            |           |
+--------------------+---------+-------------+------------+-----------+
| Grupo Indorama     | Mexico  | Production  | 100[19]    | USD       |
| Ventures,          |         | and sale of |            | 4,30      |
| S.de.R.L.de C.V.   |         | PET resin   |            | 8,535,356 |
+--------------------+---------+-------------+------------+-----------+
| Indorama Ventures  | Mexico  | Production  | 100[20]    | USD       |
| Polymers Mexico,   |         | and sale of |            | 4,03      |
| S.de.R.L.de C.V.   |         | PET resin   |            | 1,558,845 |
+--------------------+---------+-------------+------------+-----------+
| Indorama Ventures  | Mexico  | Production  | 100[21]    | USD       |
| Polycom,           |         | and sale of |            | 67        |
| S.de.R.L.de C.V.   |         | PET resin   |            | 9,971,301 |
+--------------------+---------+-------------+------------+-----------+
| Indorama Ventures  | Mexico  | Service     | 100[22]    | USD       |
| Servicios          |         | company for |            | 1         |
| Corporativos,      |         | PET         |            | 8,820,205 |
| Arteva S.de.R.L.de |         | business    |            |           |
| C.V.               |         |             |            |           |
+--------------------+---------+-------------+------------+-----------+

Polyester Fiber and Yarn

+--------------------+---------+-------------+-----------+-----------+
| Name               | Country | Type        | Sha       | Paid Up   |
|                    |         | of business | reholding | Share     |
|                    |         |             | as of     | Capital   |
|                    |         |             | December  | December  |
|                    |         |             | 31, 2011  | 31, 2011  |
|                    |         |             | (%)       |           |
+====================+=========+=============+===========+===========+
| Indorama Polyester | T       | Production  | 99.49[24] | Baht      |
| Industries PCL[23] | hailand | and sale of |           | 2,20      |
|                    |         | polyester   |           | 2,850,000 |
|                    |         | fiber and   |           |           |
|                    |         | yarn, and   |           |           |
|                    |         | PET         |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Indo Poly          | T       | Production  | -         | Baht      |
| (Thailand) Ltd.    | hailand | of          |           | 70        |
| [25]               |         | polyester   |           | 0,000,000 |
|                    |         | fiber and   |           |           |
|                    |         | yarn, and   |           |           |
|                    |         | PET         |           |           |
+--------------------+---------+-------------+-----------+-----------+
| PT Indorama        | In      | Production  | 100[26]   | USD       |
| Ventures Indonesia | donesia | and sale of |           | 17        |
|                    |         | polyester   |           | 0,000,000 |
|                    |         | fiber and   |           |           |
|                    |         | yarn, and   |           |           |
|                    |         | PET         |           |           |
+--------------------+---------+-------------+-----------+-----------+
| PT Indorama        | In      | Production  | 100[27]   | USD       |
| Polyester          | donesia | and sale of |           | 2         |
| Industries         |         | polyester   |           | 0,000,000 |
| Indonesia          |         | fiber and   |           |           |
|                    |         | yarn        |           |           |
+--------------------+---------+-------------+-----------+-----------+
| KP Equity Partners | M       | A holding   | 100[28]   | USD       |
| Inc.               | alaysia | company     |           | 10,000    |
|                    |         | investing   |           |           |
|                    |         | in          |           |           |
|                    |         | Polyester   |           |           |
|                    |         | business    |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Dong Mao Pte.      | Si      | A holding   | 100[29]   | Equity    |
| Limited            | ngapore | company     |           | share USD |
|                    |         | investing   |           | 1 and     |
|                    |         | in          |           | P         |
|                    |         | Polyester   |           | reference |
|                    |         | business    |           | share USD |
|                    |         |             |           | 100       |
+--------------------+---------+-------------+-----------+-----------+
| Wellman            | Ireland | Production  | 100       | EUR       |
| International      |         | of          |           | 1,376,063 |
| Limited            |         | polyester   |           |           |
|                    |         | fiber and   |           |           |
|                    |         | recycle     |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Wellman France     | France  | Production  | 100       | EUR 8,000 |
| SARL               |         | of recycle  |           |           |
|                    |         | PET         |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Wellman            | Ireland | _           | 100       | EUR 2.5   |
| International      |         |             |           |           |
| Trustees Staff     |         |             |           |           |
| Limited            |         |             |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Wellman            | Ireland | _           | 100       | EUR 2.5   |
| International      |         |             |           |           |
| Trustees Works     |         |             |           |           |
| Limited            |         |             |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Wellman Recycle UK | Ireland | _           | 100       | GBP 1,000 |
| Limited            |         |             |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Wellman            | Germany | _           | 100       | EUR       |
| H                  |         |             |           | 26,000    |
| andelsgesellschaft |         |             |           |           |
| GmbH               |         |             |           |           |
+--------------------+---------+-------------+-----------+-----------+
| MJR Recycling B.V. | T       | Service     | 100       | EUR       |
|                    | he Neth | company for |           | 18,100    |
|                    | erlands | rental real |           |           |
|                    |         | estate      |           |           |
+--------------------+---------+-------------+-----------+-----------+
| Indorama Ventures  | USA     | Investment  | 100       | USD       |
| Performance Fibers |         | Company     |           | 5         |
| Holdings USA LLC   |         |             |           | 5,000,000 |
+--------------------+---------+-------------+-----------+-----------+
| PT Indorama        | In      | Production  | 100       | USD       |
| Polychem Indonesia | donesia | polyester   |           | 3         |
|                    |         | fiber and   |           | 0,000,000 |
|                    |         | yarn        |           |           |
+--------------------+---------+-------------+-----------+-----------+

PTA

+-------------------+--------+--------------+------------+-----------+
| Name              | C      | Type         | Sh         | Paid Up   |
|                   | ountry |  of business | areholding | Share     |
|                   |        |              | as of      | Capital   |
|                   |        |              |            | December  |
|                   |        |              | December   | 31, 2011  |
|                   |        |              | 31, 2011   |           |
|                   |        |              | (%)        |           |
+===================+========+==============+============+===========+
| Indorama          | Th     | Production   | 100        | Baht      |
| Petrochem Ltd.    | ailand | and sale of  |            | 4,72      |
|                   |        | PTA          |            | 7,820,420 |
+-------------------+--------+--------------+------------+-----------+
| TPT               | Th     | Production   | 99.96[30]  | Baht      |
| Petrochemicals    | ailand | and sale of  |            | 2,95      |
| PCL               |        | PTA          |            | 5,000,000 |
+-------------------+--------+--------------+------------+-----------+
| UAB Indorama      | Lit    | Sale of PTA  | 99.81[31]  | Litas     |
| Holdings Europe   | huania |              |            | 11        |
|                   |        |              |            | 7,395,200 |
+-------------------+--------+--------------+------------+-----------+
| Indorama Holdings | The    | Production   | 99.81[32]  | Euro      |
| Rotterdam B.V.    | Nethe  | and sale of  |            |           |
|                   | rlands | PTA          |            | 18,000    |
+-------------------+--------+--------------+------------+-----------+

Wool

+-------------------+---------+--------------+------------+-----------+
| Name              | Country | Type         | Sh         | Paid Up   |
|                   |         |  of business | areholding | Share     |
|                   |         |              | as of      | Capital   |
|                   |         |              |            | December  |
|                   |         |              | December   | 31, 2011  |
|                   |         |              | 31, 2011   |           |
|                   |         |              | (%)        |           |
+===================+=========+==============+============+===========+
| Indorama Holdings | T       | Holding      | 99.81      | Baht      |
| Ltd.              | hailand | company and  |            | 77        |
|                   |         | production   |            | 4,468,000 |
|                   |         | of wool      |            |           |
+-------------------+---------+--------------+------------+-----------+
| Indo-rama         | T       | Production   | 94.92[33]  | Baht      |
| Textiles          | hailand | and export   |            | 5         |
| (Thailand) Ltd.   |         | of wool      |            | 1,000,000 |
+-------------------+---------+--------------+------------+-----------+
| Beacon Trading    | UK      | Trading in   | 99.81[34]  | GBP       |
| (UK) Limited      |         | wool yarns   |            |           |
|                   |         |              |            | 10,000    |
+-------------------+---------+--------------+------------+-----------+
| Indorama Trading  | UK      | Trading in   | 99.81[35]  | GBP       |
| (UK) Limited      |         | wool yarns   |            |           |
|                   |         |              |            | 10,000    |
+-------------------+---------+--------------+------------+-----------+
| Indorama Trading  | Swit    | Trading in   | 99.81[36]  | CHF       |
| AG                | zerland | wool yarns   |            |           |
|                   |         |              |            | 50,000    |
+-------------------+---------+--------------+------------+-----------+

Others

+-------------------+---------+--------------+------------+-----------+
| Name              | Country | Type         | Sh         | Paid Up   |
|                   |         |  of business | areholding | Share     |
|                   |         |              | as of      | Capital   |
|                   |         |              | December   | December  |
|                   |         |              | 31, 2011   | 31, 2011  |
|                   |         |              | (%)        |           |
+===================+=========+==============+============+===========+
| IVL Belgium N.V.  | Belgium | Holding      | 100        | Euro      |
|                   |         | company for  |            |           |
|                   |         | investment   |            | 3,061,500 |
|                   |         | in Joint     |            |           |
|                   |         | Venture UAB  |            |           |
|                   |         | Ottana       |            |           |
|                   |         | Polimeri     |            |           |
|                   |         | Europe an    |            |           |
|                   |         | integrated   |            |           |
|                   |         | PTA/PET      |            |           |
|                   |         | plant in     |            |           |
|                   |         | Ottana,      |            |           |
|                   |         | Italy        |            |           |
+-------------------+---------+--------------+------------+-----------+
| IVL Singapore     | Si      | Investment   | 99.20[37]  | USD       |
| Pte. Ltd.         | ngapore | company      |            |           |
|                   |         |              |            | 13        |
|                   |         |              |            | 3,500,000 |
+-------------------+---------+--------------+------------+-----------+
| UAB Ottana        | Li      | A holding    | 50³⁸       | Litas     |
| Polimeri Europe   | thuania | company      |            | 2         |
|                   |         | investing in |            | 1,072,080 |
|                   |         | PTA/PET      |            |           |
|                   |         | business     |            |           |
+-------------------+---------+--------------+------------+-----------+
| Trevira Holding   | Germany | A holding    | 75³⁹       | Euro      |
| GmbH              |         | company      |            |           |
|                   |         | investing in |            | 25,000    |
|                   |         | Polyester    |            |           |
|                   |         | and Yarn     |            |           |
|                   |         | business     |            |           |
+-------------------+---------+--------------+------------+-----------+
| PT Indorama       | In      | A holding    | 42⁴⁰       | Rp        |
| Petrochemicals    | donesia | company      |            | 1,282,78  |
|                   |         | investing in |            | 5,592,530 |
|                   |         | PTA business |            |           |
+-------------------+---------+--------------+------------+-----------+
| Indorama Polymers | Ma      | Investment   | 100        | USD       |
| Mauritius Limited | uritius | company      |            |           |
|                   |         |              |            | 28        |
|                   |         |              |            | 1,877,956 |
+-------------------+---------+--------------+------------+-----------+

The Company’s Shareholding Structure

Shareholding structure of the Company as of December 31, 2011 is
illustrated as follows:

[]

Revenue Structure

The details of the Company’s revenue from sales structure according to
consolidated financial statements for the year ended December 31, 2009
to 2011 are as follows:

  ------------------------------------------------------------------------------------------
  Details                        Year Ended                                         
                                 December                                           
                                 31,                                                
  ------------------------------ ---------- -------- ---------- -------- ---------- --------
                                 2009                2010                2011       

                                 (Bt        %        (Bt        %        (Bt        %
                                 million)            million)            million)   

  Revenue breakdown by Business                                                     
  Segments                                                                          

  PET                            44,465     55.5     55,870     57.7     129,671    69.7

  Fibers and yarns               12,181     15.2     17,237     17.8     25,184     13.5

  PTA                            45,980     57.6     47,991     49.5     62,696     33.7

  Others*                        -          -        -          -        -          -

  Elimination                    (22,632)   (28.3)   (24,240)   (25.0)   (31,455)   (16.9)

  Consolidated revenue from sale 79,994     100.0    96,858     100.0    186,096    100.0
  of goods                                                                          

  Revenue breakdown by                                                              
  Geographic Segments                                                               

  Thailand                       11,916     14.9     13,909     14.4     15,398     8.3

  North America                  12,438     15.5     20,337     21.0     61,877     33.2

  Europe                         30,369     38.0     31,224     32.2     47,626     25.6

  Rest of the World              25,271     31.6     31,388     32.4     61,195     32.9

  Consolidated revenue from sale 79,994     100.0    96,858     100.0    186,096    100.0
  of goods                                                                          
  ------------------------------------------------------------------------------------------

Source: The Company’s consolidated financial statements

[1] Held by IVL and Indorama Holding Ltd.

[2] Held by Indorama Polymers PCL

[3] Held by Indorama Polymers PCL

[4] Held by Indorama Polymers PCL and Asia Pet (Thailand) Ltd.

[5] Held by Indorama Polymers PCL

[6] Held by Indorama Polymers PCL

[7] Held by UAB Indorama Polymers Europe

[8] Held by UAB Indorama Polymers Europe

[9] Held by Indorama Polymers (USA) Inc.

[10] Held by Indorama Polymers PCL

[11] Held by Indorama Polymers PCL

[12] Held by Indorama Polymers PCL and the remaining 40% held by Serm
Suk PCL

[13] ¹³Held by Indorama Polymers Mauritius

[14] ¹⁴Held by Indorama Netherlands Cooperatief U..A

[15] ¹⁵Held by Indorama Netherlands B.V.

[16] ¹⁶Held by IVL Poland Sp. Z o.o

[17] ¹⁷Held by Indorama Polymer Pcl.

[18] ¹⁸Held by Indorama Netherlands B.V.

[19] ¹⁹Held by IVL Holding, S. de R.L de C.V.

[20] ²⁰Held by Grupo Indorama Ventures, S. de R.L. de C.V.

[21] ²¹Held by Grupo Indorama Ventures, S. de R.L. de C.V.

[22] ²²Held by Grupo Indorama Ventures, S. de R.L. de C.V.

[23] Shares of Indorama Polyester Industries PCL are delisted from the
SET effective on November 9, 2009

[24] Held by Indorama Holding Ltd. and IVL

[25] Indo Poly (Thailand) Ltd. transferred all of its business to
Indorama Polyester Industries PCL on July 31, 2008. Indo Poly (Thailand)
Ltd. was dissolved on August 3, 2009 and completed the liquidation on
August 9, 2011

[26] Held by Indorama Netherlands B.V.

[27] Held by KP Equity Partners Inc

[28] Held by PT Indorama Ventures Indonesia

[29] ²⁹ Held by PT Indorama Ventures Indonesia

[30] The remaining is held by unrelated persons to IVL

[31] Held by Indorama Holding Ltd.

[32] Held by UAB Indorama Holdings Europe

[33] Held by Indorama Holding Ltd., transferred all its business to
Indorama Holdings on September 30, 2010 and under liquidation

[34] Held by Indorama Holding Ltd.

[35] Held by Indorama Holding Ltd.

[36] Held by Indorama Holding Ltd.

[37] Held by Indorama Polymers Public Company Limited

³⁸ Held by IVL Belgium N.V. 50% (The other part 50% held by P.C. Holding
International S.A.)

³⁹ Held by Indorama Netherlands B.V. 75% (The other part 25% held
bySinterama S.p.A)

⁴⁰ Held by Indorama Netherlands B.V. 42% (The other part 58% held byPT
Indorama Synthetics Tbk (PTIRS)and Others)