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 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”), MonoEthynol Glycols (“MEG),
Wool worsted yarns and others.

Indorama Ventures Public Company Limited transformed to be public
company on September 25, 2009. As of December 31, 2012, 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 three key business segments, PET resin, polyester
fibers and yarns and Feedstock which comprises -PTA, MEG and various EO
derivatives.

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 in China,
Indonesia, Mexico, Poland and USA, leading the company to become the
world’s largest PET producer and the largest player in Europe. We also
expanded our PET production footprint to Africa by implementing the new
solid state polymerization “SSP” plant in Nigeria, which started
commercial operations in 2012. In 2012, we also acquired the PET resin
assets of PT Polypet Karyapersada which is located at Cilegon,
Indonesia.

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 January 2012, we acquired 100% of
FiberVisions Holdings LLC, a global manufacturer of specialty mono and
bi-component fibers based in Duluth, Georgia, USA.

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.

In 2012, we took another step upward to the feedstock integration by
acquisition of Old World Industries I, Ltd. and Old World
Transportation, Ltd. in USA which is the largest single EO/EG production
facility in the U.S. Mono Ethylene Glycol (MEG) is one of the key
feedstock together with Purified Terephthalic Acid (PTA), in the
manufacturing of of Polyethylene Terephthalate (PET) and Polyester
Fibers and Yarns, both downstream products of IVL.

Changes and Important Developments 

+---------+--------------------------------------+-----------+---------+
| Year    | Event                                | Location  | B       |
|         |                                      |           | usiness |
+=========+======================================+===========+=========+
| 1994    | Incorporation of Indorama Holdings   | Thailand  | Wool    |
|         | Ltd..                                |           |         |
+---------+--------------------------------------+-----------+---------+
| 1995    | Establishment of Indorama Polymers   | Thailand  | PET     |
|         | PCL PET resin plant in Lopburi,      |           |         |
|         | Thailand.                            |           |         |
+---------+--------------------------------------+-----------+---------+
| 1996    | Establishment of Petform (Thailand)  | Thailand  | PET     |
|         | Ltd., a joint venture with Serm Suk  |           |         |
|         | PCL                                  |           |         |
+---------+--------------------------------------+-----------+---------+
| 2002    | Completion of various expansion      | Thailand  | PET /   |
|         | projects leading to increased        |           | Po      |
|         | capacities in Thailand               |           | lyester |
+---------+--------------------------------------+-----------+---------+
| 2003    | Incorporation of Beacon Global       | Thailand  | Holding |
|         | Limited (subsequently re-named       |           | Company |
|         | Indorama Ventures PCL in 2008)       |           |         |
+---------+--------------------------------------+-----------+---------+
| 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  | Thailand  | Wool /  |
|         | Indorama Holdings Ltd.. from an      |           | Holding |
|         | entity controlled by Mr. Aloke Lohia |           | Company |
+---------+--------------------------------------+-----------+---------+
| 2006    | Expansion into Europe with the       | Lithuania | PET     |
|         | establishment of Orion Global PET    |           |         |
|         | plant in Klaipeda, Lithuania         |           |         |
+---------+--------------------------------------+-----------+---------+
| 2007    | Completion of various expansion      | USA /     | PET /   |
|         | projects leading to increased        | Thailand  | Po      |
|         | capacities                           |           | lyester |
+---------+--------------------------------------+-----------+---------+
| March   | -   UAB Indorama Polymers Europe,    | The       | PET     |
| 2008    |     IRP Rotterdam and IRP Workington | Net       |         |
|         |     acquired the net assets          | herlands/ |         |
|         |     (property, plant and equipment   | UK        |         |
|         |     and working 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.       | The       | PTA     |
|         |     Europe and IRH Rotterdam also    | Ne        |         |
|         |     acquired the net assets          | therlands |         |
|         |     (property, plant and 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      | Thailand  | Ch      |
|         | shares representing 89.71% of        |           | emicals |
| 2008    | Indo-Rama Chemicals (Thailand) Ltd., |           |         |
|         | to an entity controlled by Mr. Aloke |           |         |
|         | Lohia and his immediate family       |           |         |
+---------+--------------------------------------+-----------+---------+
| A       | The Company acquired a 50.56% equity | Thailand  | PTA     |
| ugust - | interest in TPT Petrochemicals PCL   |           |         |
| October | from various parties                 |           |         |
| 2008    |                                      |           |         |
+---------+--------------------------------------+-----------+---------+
| Se      | -   The Company acquired a 65.81%    | Thailand  | Po      |
| ptember |     equity interest in Tuntex        |           | lyester |
| 2008    |     (Thailand) pursuant to Tuntex    |           |         |
|         |     (Thailand)’s bankruptcy          |           |         |
|         |     rehabilitation plan.             |           |         |
+---------+--------------------------------------+-----------+---------+
|         | -   The Company acquired an          | Thailand  | Po      |
|         |     additional 44.38% of the         |           | lyester |
|         |     outstanding shares of 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%.  |           |         |
+---------+--------------------------------------+-----------+---------+
| Sept    | The Company acquired a 100% equity   | Thailand  | PTA     |
| ember - | interest in Indorama Petrochem Ltd.  |           |         |
| October | from various parties                 |           |         |
| 2008    |                                      |           |         |
+---------+--------------------------------------+-----------+---------+
| October | The Company acquired an additional   | Thailand  | PET     |
| 2008    | 3.94% of the outstanding shares of   |           |         |
|         | Indorama Polymers PCL from DEG,      |           |         |
|         | thereby increasing our direct and    |           |         |
|         | indirect holdings of Indorama        |           |         |
|         | Polymers PCL to 69.29%.              |           |         |
+---------+--------------------------------------+-----------+---------+
| D       | The Company acquired an additional   | Thailand  | Po      |
| ecember | 31.20% of the outstanding shares of  |           | lyester |
| 2008    | Tuntex (Thailand) PCL (re-named      |           |         |
|         | Indorama Polyester Industries PCL)   |           |         |
+---------+--------------------------------------+-----------+---------+
| July    | -   Indo Poly (Thailand) Ltd.        | Thailand  | Po      |
| 2009    |     transferred all of its assets    |           | lyester |
|         |     and business to Indorama         |           |         |
|         |     Polyester Industries PCL. (In    |           |         |
|         |     August, 2009, Indo Poly          |           |         |
|         |     (Thailand) Ltd. commenced action |           |         |
|         |     to liquidate itself, which       |           |         |
|         |     consummated by August, 2011)     |           |         |
+---------+--------------------------------------+-----------+---------+
|         | -   The Company acquired an          | Thailand  | PTA     |
|         |     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    | Thailand  | Po      |
| 2009    | Ltd. jointly made a tender offer     |           | lyester |
|         | jointly to 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        |           |         |
+---------+--------------------------------------+-----------+---------+
| October | Start up of the AlphaPet PET plant   | USA       | PET     |
| 2009    | in Decatur, Alabama                  |           |         |
+---------+--------------------------------------+-----------+---------+
| N       | TPT Utilities Co., Ltd. transferred  | Thailand  | Others  |
| ovember | all of its assets to TPT             |           |         |
| 2009    | Petrochemicals PCL and subsequently  |           |         |
|         | completed the liquidation on October |           |         |
|         | 29,2011                              |           |         |
+---------+--------------------------------------+-----------+---------+
| D       | -   The Company acquired an          | Thailand  | PTA     |
| ecember |     additional 1.96% of the          |           |         |
| 2009    |     outstanding shares of TPT        |           |         |
|         |     Petrochemicals PCL from          |           |         |
|         |     International Finance PCL,       |           |         |
|         |     thereby increasing our direct    |           |         |
|         |     and indirect holdings of TPT     |           |         |
|         |     Petrochemicals PCL to 54.60%.    |           |         |
+---------+--------------------------------------+-----------+---------+
|         | -   On December 24, 2009 Indorama    | Thailand  | PET     |
|         |     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.         |           |         |
+---------+--------------------------------------+-----------+---------+
| F       | -   Listed and start trading of      | Thailand  | Co      |
| ebruary |     shares of IVL on the Stock       |           | rporate |
|         |     Exchange of Thailand after       |           |         |
| 2010    |     completion of 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  | Italy     | PTA and |
|         |     in a joint venture company UAB   |           | PET     |
| 2010    |     Ottana Polimeri Europe for the   |           |         |
|         |     purpose of 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       |           |         |
| 2010    |     polymers in Port Harcourt,       |           |         |
|         |     Nigeria with an installed        |           |         |
|         |     capacity of 75,000 tpa.          |           |         |
+---------+--------------------------------------+-----------+---------+
|         | -   Announced capacity expansion by  | N         | PET     |
|         |     190,000 tpa for PET at existing  | etherland |         |
|         |     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.              |           |         |
+---------+--------------------------------------+-----------+---------+
| October | -   Acquisition of additional shares | Thailand  | PTA     |
|         |     in TPT Petrochemicals PCL from   |           |         |
| 2010    |     Tuntex Taiwan and other          |           |         |
|         |     shareholders to increase equity  |           |         |
|         |     stake from 54.60% to 99.96%      |           |         |
+---------+--------------------------------------+-----------+---------+
| N       | -   Announced approval of            | China     | PET     |
| ovember |     acquisition of business to make  |           |         |
|         |     PET resins and Polyester         |           |         |
| 2010    |     polymers for fibers & yarns in   |           |         |
|         |     Kaiping City, Guangdong          |           |         |
|         |     Province, China, from Gunagdong  |           |         |
|         |     Shinda UHMWPE Company Limited.   |           |         |
|         |     The total installed capacity of  |           |         |
|         |     the plant is 406,000 tpa. The    |           |         |
|         |     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       | USA /     | PET /   |
|         |     definitive agreement with        | Mexico    | Po      |
|         |     Invista S.a.r.l. to acquire      |           | lyester |
|         |     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.   | Thailand  | Co      |
|         |     8/2010 dated 10 November 2010    |           | rporate |
|         |     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.                    |           |         |
+---------+--------------------------------------+-----------+---------+
| D       | -   Announced the signing of a       | Indonesia | Po      |
| ecember |     definitive agreement with SK     | / Poland  | lyester |
|         |     Chemicals and SK Syntec to       |           | / PET   |
| 2010    |     acquire their Polyester Filament |           |         |
|         |     yarns and PET resins business in |           |         |
|         |     Indonesia and PET resins         |           |         |
|         |     business in Poland. The total    |           |         |
|         |     installed capacity in Indonesia  |           |         |
|         |     is 196,000 tpa and in Poland is  |           |         |
|         |     140,000 tpa. The acquisition     |           |         |
|         |     will allow to build on 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.   | Thailand  | Co      |
|         |     9/2010 dated 16 December 2010    |           | rporate |
|         |     approved the exercise price at   |           |         |
|         |     Baht 36 per share to subscribe   |           |         |
|         |     for newly issued shares by each  |           |         |
|         |     TSR holder                       |           |         |
+---------+--------------------------------------+-----------+---------+
|         | -   Extraordinary General Meeting of | Thailand  | Co      |
|         |     Shareholders No. 1/2011 approved |           | rporate |
|         |     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  | Thailand  | Co      |
|         |     479,986,198 IVL shares on the    |           | rporate |
| 2011    |     Stock Exchange of Thailand after |           |         |
|         |     completion of the TSRs           |           |         |
|         |     subscription at the exercise     |           |         |
|         |     price of Baht 36 per share       |           |         |
+---------+--------------------------------------+-----------+---------+
|         | -   Announced capacity expansion by  | Indonesia | PET     |
|         |     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 | Europe    | PET     |
|         |     of PET polymers production with  |           |         |
| 2011    |     a capacity 220,000 tons per      |           |         |
|         |     annum at the existing site in    |           |         |
|         |     Poland.                          |           |         |
+---------+--------------------------------------+-----------+---------+
| May     | -   Announced a Brownfield expansion | Europe    | PTA     |
|         |     of PTA production at the site of |           |         |
| 2011    |     the 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           | Indonesia | PTA     |
|         |     acquisition of a 50% stake in PT |           |         |
| 2011    |     Polyprima 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  | Germany/  | Po      |
|         |     in a joint venture company       | Poland    | lyester |
| 2011    |     Trevira Holdings GmbH for the    |           |         |
|         |     purpose of 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   | Thailand/ | Po      |
|         |     in a new recycling plant in      | Indonesia | lyester |
| 2011    |     Thailand and high technology     |           |         |
|         |     business in Polyester fibers and |           |         |
|         |     yarns in Thailand and Indonesia. |           |         |
|         |     These projects are in specialty  |           |         |
|         |     business with higher value       |           |         |
|         |     addition and margins to leverage |           |         |
|         |     on our existing assets.          |           |         |
+---------+--------------------------------------+-----------+---------+
| N       | -   The board approved acquisition   | Ireland / | Po      |
| ovember |     of 100% equity stake in the      | France    | lyester |
|         |     recycling business of Wellman    | and       |         |
| 2011    |     International in Europe from WIT | Ne        |         |
|         |     Beteiligungs GmbH and Wellman    | therlands |         |
|         |     International Trading which is   |           |         |
|         |     subsidiary of 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                             |           |         |
+---------+--------------------------------------+-----------+---------+
| January | -   The Board approved to acquire    | USA       | Po      |
| 2012    |     100% of FiberVisions Holdings    |           | lyester |
|         |     LLC, a global manufacturer of    |           |         |
|         |     specialty mono and bi-component  |           |         |
|         |     fibers based in Duluth, Georgia, |           |         |
|         |     USA. A total global capacity of  |           |         |
|         |     221,000 tons per annum of        |           |         |
|         |     specialties, with 117,000 tons   |           |         |
|         |     per annum capacity in the United |           |         |
|         |     States of America, 90,000 tons   |           |         |
|         |     per annum capacity in Europe and |           |         |
|         |     14,000 tons per annum capacity   |           |         |
|         |     in China.                        |           |         |
+---------+--------------------------------------+-----------+---------+
| F       | -   The Board of Directors of        | USA       | EO/EG   |
| ebruary |     Indorama Ventures Public Company |           |         |
| 2012    |     Limited ("IVL") approved the     |           |         |
|         |     acquisition of 100% partnership  |           |         |
|         |     interest in Old World Industries |           |         |
|         |     I Ltd., and Old World            |           |         |
|         |     Transportation Ltd.,             |           |         |
|         |     (collectively called "Old        |           |         |
|         |     World"),located in Clear Lake,   |           |         |
|         |     Texas, USA.The largest single    |           |         |
|         |     EO/EG production facility in the |           |         |
|         |     U.S. with Crude EO capacity of   |           |         |
|         |     435,000 tons per annum (which is |           |         |
|         |     equivalent to 550,000 tons per   |           |         |
|         |     annum of equivalent MEG          |           |         |
|         |     capacity).                       |           |         |
+---------+--------------------------------------+-----------+---------+
| F       | -   Acquisition of 51% Stake in a    | UK        | Pa      |
| ebruary |     Packaging Business. Beacon       |           | ckaging |
| 2012    |     Trading (UK) Limited has         |           |         |
|         |     acquired 51% stake in Beverage   |           |         |
|         |     Plastics (Holdings) Limited      |           |         |
|         |     ("BPL") in North Ireland, United |           |         |
|         |     Kingdom.                         |           |         |
+---------+--------------------------------------+-----------+---------+
| March   | -   100% acquisition of the PET      | Indonesia | PET     |
| 2012    |     resin assets of PT Polypet       |           |         |
|         |     Karyapersada. The PET facility   |           |         |
|         |     is located at Cilegon, Indonesia |           |         |
|         |     with a production capacity of    |           |         |
|         |     100,800 tons per annum.          |           |         |
+---------+--------------------------------------+-----------+---------+
| April   | -   Acquisition of 100% partnership  | USA       | EO/EG   |
| 2012    |     interest of Old World Industries |           |         |
|         |     I, Ltd. and Old World            |           |         |
|         |     Transportation, Ltd. in USA.Old  |           |         |
|         |     World is in the business of      |           |         |
|         |     production and sales of ethylene |           |         |
|         |     oxide "EO" and derivative        |           |         |
|         |     products from ethylene oxide:    |           |         |
|         |     purified ethylene oxide "PEO",   |           |         |
|         |     monoethylene glycol "MEG",       |           |         |
|         |     diethylene glycol "DEG", and     |           |         |
|         |     triethylene glycol"TEG".         |           |         |
+---------+--------------------------------------+-----------+---------+
| July    | -   Start up of Solid State          | Nigeria   | PET     |
| 2012    |     Polymerization (SSP) Plant in    |           |         |
|         |     Nigeria at a capacity of 84,000  |           |         |
|         |     tons per annumn. The first PET   |           |         |
|         |     investment of IVL in Africa and  |           |         |
|         |     establishes its foothold in the  |           |         |
|         |     estimated 450,000 tonnes PET     |           |         |
|         |     market for the continent of      |           |         |
|         |     Africa which currently has only  |           |         |
|         |     one other PET producer.          |           |         |
+---------+--------------------------------------+-----------+---------+
| August  | -   Completion of the PET resin      | Indonesia | PET     |
| 2012    |     assets acquisition through its   |           |         |
|         |     wholly owned subsidiary,         |           |         |
|         |     PT.Indorama Polypet Indonesia    |           |         |
|         |     with a capacity of 100,800 tons  |           |         |
|         |     per annum at Cilegon, Indonesia  |           |         |
+---------+--------------------------------------+-----------+---------+
| N       | -   An announcement for the          | USA       | PET     |
| ovember |     Greenfield expansion of PET      |           |         |
|         |     production in North America by   |           |         |
| 2012    |     setting up a new plant with a    |           |         |
|         |     capacity of 540,000 tonnes per   |           |         |
|         |     year.                            |           |         |
+---------+--------------------------------------+-----------+---------+
|         | -   With respect to the announced    | Poland    | PET     |
|         |     PET expansion at its Polish      |           |         |
|         |     site, the Board has decided to   |           |         |
|         |     carry out a significant          |           |         |
|         |     debottlenecking instead of       |           |         |
|         |     setting up a newline as it would |           |         |
|         |     be more value accretive.         |           |         |
+---------+--------------------------------------+-----------+---------+

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 headquarter is located in Bangkok.
These companies are manufacturers and suppliers of polyethylene
terephthalate (“PET”), polyester fiber and yarn, purified terephthalic
acid (“PTA”), MonoEthynol Glycols (“MEG”), Wool worsted yarns and
others.

Our businesses are classified in business segments as follows:

PET

+----------------------+----------+-------------------+---------------+
| Name                 | Country  | Type of business  | Shareholding  |
|                      |          |                   | as of         |
|                      |          |                   |               |
|                      |          |                   | December 31,  |
|                      |          |                   | 2012 (%)*     |
+======================+==========+===================+===============+
| Indorama Polymers    | Thailand | Manufacture of    | 99.20         |
| PCL                  |          | SSP Chips and PET |               |
+----------------------+----------+-------------------+---------------+
| Asia Pet (Thailand)  | Thailand | Manufacture of    | 99.20         |
| Ltd.                 |          | Amorphous Chips   |               |
+----------------------+----------+-------------------+---------------+
| StarPet Inc.         | USA      | Manufacture of    | 99.20         |
|                      |          | PET (bottle-grade |               |
|                      |          | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| UAB Orion Global Pet | L        | Manufacture of    | 99.20         |
|                      | ithuania | PET (bottle-grade |               |
|                      |          | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| UAB Indorama         | L        | Trading in PET    | 99.20         |
| Polymers Europe      | ithuania |                   |               |
+----------------------+----------+-------------------+---------------+
| Indorama Polymers    | United   | Manufacture of    | 99.20         |
| Workington Ltd..     | Kingdom  | PET (bottle-grade |               |
|                      |          | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| Indorama Polymers    | The      | Manufacture of    | 99.20         |
| Rotterdam B.V.       | Net      | PET (bottle-grade |               |
|                      | herlands | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| AlphaPet Inc.        | USA      | Manufacture of    | 99.20         |
|                      |          | PET (bottle-grade |               |
|                      |          | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| Indorama PET         | Nigeria  | Manufacture of    | 89.28         |
| (Nigeria) Ltd.       |          | PET (bottle-grade |               |
|                      |          | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| Guangdong IVL PET    | China    | Manufacture of    | 99.20         |
| Polymer Company      |          | PET (bottle-grade |               |
| Limited              |          | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| Auriga Polymers Inc. | USA      | Manufacture of    | 99.20         |
|                      |          | PET (bottle-grade |               |
|                      |          | resin chips) and  |               |
|                      |          | Polyester Fibers  |               |
+----------------------+----------+-------------------+---------------+
| Petform (Thailand)   | Thailand | Manufacture of    | 59.52         |
| Ltd.                 |          | PET Preforms,     |               |
|                      |          | Closures and      |               |
|                      |          | Blown Bottles     |               |
+----------------------+----------+-------------------+---------------+
| Indorama Ventures    | Poland   | Manufacture of    | 100           |
| Poland S.p.z.o.o.    |          | bottle-grade      |               |
|                      |          | resin chips       |               |
+----------------------+----------+-------------------+---------------+
| Indorama Ventures    | Mexico   | Manufacture of    | 100           |
| Polymers Mexico, S.  |          | PET (bottle-grade |               |
| de R.L. de C.V.      |          | resin chips)      |               |
+----------------------+----------+-------------------+---------------+
| PT Indorama Polypet  | I        | Manufacture of    | 100           |
| Indonesia            | ndonesia | PET               |               |
+----------------------+----------+-------------------+---------------+
| Beverage Plastics    | United   | Manufacture of    | 51            |
| Limited              | Kingdom  | PET preforms      |               |
|                      |          | bottles and       |               |
|                      |          | closures          |               |
+----------------------+----------+-------------------+---------------+

^(*)Please see Note 1 “General Information” of 2012 IVL Financial
Statements

Polyester Fibers and Yarn

+----------------------+----------+-------------------+---------------+
| Name                 | Country  | Type of business  | Shareholding  |
|                      |          |                   | as of         |
|                      |          |                   | December 31,  |
|                      |          |                   | 2012 (%)*     |
+======================+==========+===================+===============+
| Indorama Polyester   | Thailand | Manufacture of    | 99.49         |
| Industries PCL       |          | polyester fibers  |               |
|                      |          | and yarns         |               |
+----------------------+----------+-------------------+---------------+
| PT Indorama Ventures | I        | M                 | 100           |
| Indonesia            | ndonesia | anufacture of pol |               |
|                      |          | yester filament a |               |
|                      |          | nd yarns and PET  |               |
+----------------------+----------+-------------------+---------------+
| PT Indorama          | I        | Manufacture of    | 100           |
| Polyester Industries | ndonesia | Polyester Fibers  |               |
| Indonesia            |          | and Yarns         |               |
+----------------------+----------+-------------------+---------------+
| PT Indorama Polychem | I        | Manufacture of    | 100           |
| Indonesia            | ndonesia | Polyester Chips,  |               |
|                      |          | Fibers and Yarns  |               |
+----------------------+----------+-------------------+---------------+
| Wellman              | Ireland  | Manufacture of    | 100           |
| International        |          | Polyester Fibers  |               |
| Limited              |          | and other         |               |
|                      |          | Recycling         |               |
|                      |          | Products          |               |
+----------------------+----------+-------------------+---------------+
| Wellman France       | France   | Manufacture of    | 100           |
| Recyclage SAS        |          | Flakes and other  |               |
|                      |          | Recycling         |               |
|                      |          | Products          |               |
+----------------------+----------+-------------------+---------------+
| FiberVisions         | USA      | Manufacture of    | 100           |
| Manufacturing        |          | polyester fibers  |               |
| Comapany             |          |                   |               |
+----------------------+----------+-------------------+---------------+
| FiberVisions         | USA      | Manufacture of    | 100           |
| Products, Inc.       |          | polyester fibers  |               |
+----------------------+----------+-------------------+---------------+
| FiberVisions A/S     | Denmark  | Manufacture of    | 100           |
|                      |          | polyester fibers  |               |
+----------------------+----------+-------------------+---------------+
| FiberVisions (China) | China    | Manufacture of    | 100           |
| Textile Products     |          | polyester fibers  |               |
| Limited              |          |                   |               |
+----------------------+----------+-------------------+---------------+
| ES FiberVisions      | China    | Manufacture and   | 50            |
| (Suzhou) Co.Ltd.     |          | sale of           |               |
|                      |          | biocomponent      |               |
|                      |          | fiber             |               |
+----------------------+----------+-------------------+---------------+
| Trevira GmbH         | Germany  | Manufacture of    | 75            |
|                      |          | Polyester Fibers  |               |
|                      |          | and Yarns         |               |
+----------------------+----------+-------------------+---------------+
| Trevira Sp. z o.o.   | Poland   | Manufacture of    | 75            |
|                      |          | Polyester Fibers  |               |
|                      |          | and Yarns         |               |
+----------------------+----------+-------------------+---------------+
| Indorama Holdings    | Thailand | Manufacture of    | 99.81         |
| Ltd.                 |          | Worsted Wool      |               |
|                      |          | Yarns             |               |
+----------------------+----------+-------------------+---------------+
| Indo-rama Textiles   | Thailand | Manufacture of    | -             |
| (Thailand) Ltd.      |          | wool top          |               |
|                      |          |                   |               |
| (liquidated in       |          |                   |               |
| December 2012)       |          |                   |               |
+----------------------+----------+-------------------+---------------+
| Indorama Trading     | UK       | Trading in wool   | 99.81         |
| (UK) Limited         |          | yarns             |               |
+----------------------+----------+-------------------+---------------+
| Indorama Trading AG  | Swi      | Trading in wool   | 99.81         |
|                      | tzerland | yarns             |               |
+----------------------+----------+-------------------+---------------+

^(*)Please see Note 1 “General Information” of 2012 IVL Financial
Statements

Feedstock

+----------------------+----------+-------------------+---------------+
| Name                 | Country  | Type of business  | Shareholding  |
|                      |          |                   | as of         |
|                      |          |                   |               |
|                      |          |                   | December 31,  |
|                      |          |                   | 2012 (%)*     |
+======================+==========+===================+===============+
| Indorama Petrochem   | Thailand | Manufacture of    | 100           |
| Ltd.                 |          | PTA               |               |
+----------------------+----------+-------------------+---------------+
| TPT Petrochemicals   | Thailand | Manufacture of    | 99.96         |
| PCL                  |          | PTA               |               |
+----------------------+----------+-------------------+---------------+
| UAB Indorama         | L        | Trading in PTA    | 99.81         |
| Holdings Europe      | ithuania |                   |               |
+----------------------+----------+-------------------+---------------+
| Indorama Holdings    | The      | Manufacture of    | 99.81         |
| Rotterdam B.V.       | Net      | PTA               |               |
|                      | herlands |                   |               |
+----------------------+----------+-------------------+---------------+
| PT Indorama          | I        | Manufacture of    | 43            |
| Petrochemicals       | ndonesia | PTA               |               |
+----------------------+----------+-------------------+---------------+
| Indorama Ventures    | USA      | Manufacture of    | 100           |
| (Oxide & Glycols)    |          | EO/EG             |               |
| LLC                  |          |                   |               |
+----------------------+----------+-------------------+---------------+

^(*)Please see Note 1 “General Information” of 2012 IVL Financial
Statements

Others

+-----------------------+----------+-------------------+---------------+
| Name                  | Country  | Type of business  | Shareholding  |
|                       |          |                   | as of         |
|                       |          |                   | December 31,  |
|                       |          |                   | 2012 (%)*     |
+=======================+==========+===================+===============+
| Indo Polymers         | M        | Holding Company   | 100           |
| Mauritius Limited     | auritius |                   |               |
+-----------------------+----------+-------------------+---------------+
| IVL Belgium N.V.      | Belgium  | Holding Company   | 100           |
+-----------------------+----------+-------------------+---------------+
| Indorama Netherlands  | The      | Holding Company   | 100           |
| Cooperatief U.A.      | Net      |                   |               |
|                       | herlands |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Netherlands  | The      | Holding Company   | 100           |
| B.V.                  | Net      |                   |               |
|                       | herlands |                   |               |
+-----------------------+----------+-------------------+---------------+
| Beacon Trading (UK)   | UK       | Holding Company   | 99.81         |
| Limited               |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures USA | USA      | Holding Company   | 99.20         |
| Inc.                  |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Polymers     | USA      | Holding Company   | 99.20         |
| (USA) Inc.            |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| IVL Holding, S. de    | Mexico   | Holding Company   | 100           |
| R.L. de C.V.          |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Grupo Indorama        | Mexico   | Holding Company   | 100           |
| Ventures, S. de R.L.  |          |                   |               |
| de C.V.               |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures     | Mexico   | Service Company   | 100           |
| Polycom, S. de R.L.   |          |                   |               |
| de C.V.               |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures     | Mexico   | Service Company   | 100           |
| Servicios             |          |                   |               |
| Corporativos, S. de   |          |                   |               |
| R.L. de C.V.          |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| KP Equity Partners    | Malaysia | Holding Company   | 100           |
| Inc.                  |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Dong Mao Pte. Limited | S        | Holding Company   | 100           |
|                       | ingapore |                   |               |
| (struck off in June   |          |                   |               |
| 2012)                 |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures     | USA      | Rail car Leasing  | 100           |
| Logistics LLC         |          | and               |               |
|                       |          | Transportation    |               |
|                       |          | Service           |               |
+-----------------------+----------+-------------------+---------------+
| IVL Singapore Pte.    | S        | Treasury and      | 99.20         |
| Ltd.                  | ingapore | Financial         |               |
|                       |          | services within   |               |
|                       |          | the Group         |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures     | The      | Holding Company   | 100           |
| Recycling Netherlands | Net      |                   |               |
| B.V.                  | herlands |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures     | USA      | Holding Company   | 100           |
| Performance Fibers    |          |                   |               |
| Holdings USA LLC      |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| SPG/FV Investor LLC   | USA      | Holding Company   | 100           |
+-----------------------+----------+-------------------+---------------+
| FiberVisions Holdings | USA      | Holding Company   | 100           |
| LLC                   |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| FiberVisions          | USA      | Holding Company   | 100           |
| Corporation           |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Covington Holdings,   | USA      | Holding Company   | 100           |
| Inc.                  |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Athens Holdings, Inc. | USA      | Holding Company   | 100           |
+-----------------------+----------+-------------------+---------------+
| FiberVisions L.P.     | USA      | Holding Company   | 100           |
+-----------------------+----------+-------------------+---------------+
| FV Holdings, Inc.     | USA      | Holding Company   | 100           |
+-----------------------+----------+-------------------+---------------+
| FiberVisions (China)  | Denmark  | Holding Company   | 100           |
| A/S                   |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| FiberVisions GmbH     | Germany  | Non-Operating     | 100           |
|                       |          | company           |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures     | USA      | Holding Company   | 100           |
| Holdings LP           |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Indorama Ventures OGL | USA      | Holding Company   | 100           |
| Holdings LP           |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Trevira North         | USA      | Trading and       | 75            |
| America, LLC          |          | services          |               |
+-----------------------+----------+-------------------+---------------+
| MJR Recycling B.V.    | The      | Property rental   | 100           |
|                       | Net      |                   |               |
|                       | herlands |                   |               |
+-----------------------+----------+-------------------+---------------+
| Wellman International | Ireland  | Non-operating     | 100           |
| Trustees Staff        |          |                   |               |
| Limited               |          |                   |               |
|                       |          |                   |               |
| (striking off the     |          |                   |               |
| name is in the        |          |                   |               |
| process)              |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Wellman International | Ireland  | Non-operating     | 100           |
| Trustees Works        |          |                   |               |
| Limited               |          |                   |               |
|                       |          |                   |               |
| (striking off the     |          |                   |               |
| name is in the        |          |                   |               |
| process)              |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Wellman Recycling UK  | United   | Non-operating     | -             |
| Limited               | Kingdom  |                   |               |
|                       |          |                   |               |
| (liqudated in April   |          |                   |               |
| 2012)                 |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Wellman               | Germany  | Non-operating     | 100           |
| Handelsgesellschaft   |          |                   |               |
| GmbH                  |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| Trevira Holdings GmbH | Germany  | Holding Company   | 75            |
+-----------------------+----------+-------------------+---------------+
| Ottana Polimeri       | Italy    | Manufacture of    | 50            |
| S.R.L.                |          | PTA and PET       |               |
|                       |          | (bottle-grade     |               |
|                       |          | resin chips)      |               |
+-----------------------+----------+-------------------+---------------+
| UAB Ottana Polimeri   | L        | Holding Company   | 50            |
| Europe                | ithuania |                   |               |
+-----------------------+----------+-------------------+---------------+
| Beverage Plastics     | United   | Holding Company   | 51            |
| (Holdings) Limited    | Kingdom  |                   |               |
+-----------------------+----------+-------------------+---------------+
| ES FiberVisions, Inc. | USA      | Holding Company   | 50            |
+-----------------------+----------+-------------------+---------------+
| ES FiberVisions LP    | USA      | Sales and         | 50            |
|                       |          | marketing         |               |
+-----------------------+----------+-------------------+---------------+
| ES FiberVisions       | Denmark  | Holding Company   | 50            |
| Holdings ApS          |          |                   |               |
+-----------------------+----------+-------------------+---------------+
| ES FiberVisions ApS   | Denmark  | Sales and         | 50            |
|                       |          | marketing company |               |
+-----------------------+----------+-------------------+---------------+
| ES FiberVisions Hong  | Hong     | Holding Company   | 50            |
| Kong Limited.         | Kong     |                   |               |
+-----------------------+----------+-------------------+---------------+
| ES FiberVisions China | China    | Sales and         | 50            |
| Limited.              |          | marketing company |               |
+-----------------------+----------+-------------------+---------------+
| ES FiberVisions       | Japan    | Sales and         | 50            |
| Company Limited.      |          | marketing company |               |
+-----------------------+----------+-------------------+---------------+

^(*)Please see Note 1 “General Information” of 2012 IVL Financial
Statements

The Company’s Shareholding Structure

Shareholding structure of the Company as of December 31, 2012 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, 2010
to 2012 are as follows:

  ------------------------------------------------------------------------------------------
  Details                        Year Ended                                         
                                 December                                           
                                 31,                                                
  ------------------------------ ---------- -------- ---------- -------- ---------- --------
                                 2010                2011                2012       

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

  Revenue breakdown by Business                                                     
  Segments                                                                          

  PET                            55,870     57.7     129,671    69.7     133,478    63.3

  Fibers and yarns               17,237     17.8     25,184     13.5     42,236     20.0

  PTA                            47,991     49.5     62,696     33.7     68,693     32.6

  Elimination                    (24,240)   (25.0)   (31,455)   (16.9)   (33,622)   (15.9)

  Consolidated revenue from sale 96,858     100.0    186,096    100.0    210,785    100.0
  of goods                                                                          

  Revenue breakdown by                                                              
  Geographic Segments                                                               

  Thailand                       13,909     14.4     15,398     8.3      14,925     7.1

  North America                  20,337     21.0     61,877     33.2     84,441     40.1

  Europe                         31,224     32.2     47,626     25.6     53,527     25.4

  Rest of the World              31,388     32.4     61,195     32.9     57,892     27.4

  Consolidated revenue from sale 96,858     100.0    186,096    100.0    210,785    100.0
  of goods                                                                          
  ------------------------------------------------------------------------------------------

Source: The Company’s consolidated financial statements