On Path to Long-Term Value SET Opportunity Day February 22, 2018 - PowerPoint PPT Presentation

On Path to Long-Term Value SET Opportunity Day February 22, 2018

Disclaimer This presentation contains “forward - looking” statements of Indorama Ventures Public Company Limited (the “Company”) 1 that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained herein, including, without limitation, those regarding the future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where the Company participates or is seeking to participate and any statements preceded by, followed by or that include the words “target”, “believe”, “expect”, “aim”, “intend”, “will”, “may”, “anticipate”, “would”, “plan”, “could”, “should, “predict”, “project”, “estimate”, “foresee”, “forecast”, “seek” or similar words or expres sions are forward-looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as at the date of this presentation, and the Company does not undertake any duty or obligation to supplement, amend, update or revise any such statements. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved. 1 Where the context requires, it means the Company, its subsidiaries, joint ventures and associated companies as a group or as members of such group. 2

2017 Financial Results Delivering On Expectations Core Core Production +4% +30% +68% EBITDA Net Profit 9.1MMt YoY YoY YoY $1,004M $459M Core EPS EPS +63% +26% YoY YoY THB 2.91 THB 3.98X 3

Solid Financial Performance Strong Earnings Momentum Continues EBITDA Margin (%) EBITDA/ton ($/MT) 110 12% 11% 91 91 9% 89 82 8% 6% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 ROCE (%) ROE (%) 17% 12% 11% 10% 13% 8% 6% 8% 6% 3% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 4 Note: Core Financials

Clear Direction Towards 2021

Our Debut on DJSI Reflects Our Strong Delivery IVL Ranks as #5 Of all 2017 DJSI listed chemical companies 2014 2015 2016 84% 2017 20% IVL DJSI Score 95% 69% 6 Source: RobecoSAM

Delivering On Our Financial Plan Doubled Our EBITDA in Last 4 Years Core EBITDA ($M) x2 1,004 EBITDA Increase 775 640 568 478 2013 2014 2015 2016 2017 7

Creating Superior Shareholder Returns Consistent EPS Growth in Trough Business Environment Core EPS After PERP (THB/Share) 2.91 2.72 14% 2.39 2.22 Quarterly EPS 1.79 Growth 1.56 1.31 1.06 1.11 0.91 0.74 0.76 0.71 0.82 0.65 0.54 0.35 LTM4Q13 LTM1Q14 LTM2Q14 LTM3Q14 LTM4Q14 LTM1Q15 LTM2Q15 LTM3Q15 LTM4Q15 LTM1Q16 LTM2Q16 LTM3Q16 LTM4Q16 LTM1Q17 LTM2Q17 LTM3Q17 LTM4Q17 8

Continue Shaping Our Industry Leadership Leading The Market With Quality, Innovation, Reliability IVL At A Glance - 2017 $8.4 billion 34% A global presence in 25 countries Revenue HVA sales 11 75 operating sites R&D Centers 24 17 34 15,039 564 in Asia in EMEA in North Employees Patents America 9 Note: Financials Excluding JVs

Constantly Upgrading Our Value Proposition Strategy and Execution Delivered True Value Over Time 14 11.7 NA PET 12 NA Olefins IVL Capacity (MMt) 10 17 sites NA Fibers NA Aromatics 8 6.8 EMEA PET 6 24 sites 10 sites EMEA Fibers 3.7 EMEA Aromatics 4 15 sites 4 sites Asia PET 4sites 34 sites 2 Asia Fibers 20 sites 15 sites Asia Aromatics 0 2010 2013 2017 Countries 12 15 25 2 6 11 R&D Centers Not material 250 564 # Patents DJSI Score - - 95% (#5 1 ) Employees ~ 6,000 9,173 15,039 1. Of all 2017 DJSI listed chemical companies 10 Note: Capacity data including JVs

Our Roadmap for Organic Growth with Associate Capex Expected EBITDA Growth with Approved Projects 2H17 Annualized to 2019 EBITDA ($m) 1,094 350 Feedstock ~35% 207 Fibers EBITDA Increase PET 540 2H17 Annualized Existing Business Projects Approved & Under 2019F Implementation EBITDA ($/MT) 117 Increased Increased Simple Payback 5.1 ~4.5 <5x (Years) Note: 2019F over 2H17 annualized as per management best estimates and may change materially if there are changes in underlying assumptions due to external or internal 11 reasons

Impact with Exiting Business and Approved Projects Expected Increase in EBITDA of ~35% in 2019 over 2H17 Annualized 2H17 Annualized to 2019 EBITDA ($m) By Segment By Region IVL Consolidated PET Fibers Feedstock NAM EMEA Asia ~25 % Increase in Production (%) ~25 % ~20 % ~30 % ~ 1 0 % ~40 % ~ 35% Increase in EBITDA (%) ~ 3 5 % ~30 % ~50 % ~35 % ~ 35% ~ 20% ~70 Growth Capex (2018 and 2019) $ 1.5b ~30 % ~20 % ~ 50% ~50 % ~30 % ~20 % $0.3m Maintenance Capex (2018 and 2019) ~20 % ~20% ~ 60% ~40 % ~30 % ~30 % Total Capex (2018-19) $1.8b Simple Payback of Approved Projects ~4.5 yrs Note: 2019F over 2H17 annualized as per management best estimates and may change materially if there are changes in underlying assumptions due to external or internal 12 reasons, Out of $1.8B capex $764M is spent by 2017

Robust Financial Headroom $7 Billion Investment Headroom for Future Growth 2017 to 2021 Net Debt to Equity Bridge $7b ~1x 0.75x 0.54 $764M ~0.2x Dec 31, 2017 Net Ongoing Project Dec 31, 2017 Net Free Cash Flow in Estimated Dec 31, Capex Headroom Estimated Dec 31, D/E CAPEX Dec 17 Op. D/E 2018 & 19 based 2019 Net D/E in 2018 to 2021 2021 Net D/E on approved projects 13 Note: 100% IVL W2 exercise considered, budgeted business plan

Favorable Industry Trends Industry Fundamentals Reflect Positive Changes Strong polyester consumption growth China import waste ban creates more demand for virgin materials Global capacity balancing Asia PTA margin recovery with positive impact on global PTA and PET 2H17-2021 Changing trade barriers increasing import parity 14

Where We Are in the Cycle? Margins Have Bottomed-Out and Are on Recovery Path Industry Spreads ($/MT) IVL Spreads ($/MT) 234 1,800 250 1,800 230 250 220 218 217 217 205 201 197 195 194 193 200 200 176 169 1,200 1,200 150 150 100 100 600 600 50 50 0 0 0 0 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 West MEG West PTA West PET Asia Fibers Asia PTA Asia PET Weighted Average Spreads (RHS) Note: Weghted average spreads based on IVL actual production mix 15 Source: Industry Data, IVL Analysis

2017 Portfolio Upgrading our Business Profile IVL Portfolio Today Stronger Than Ever (EBITDA, $M) 1004 212 775 501 640 536 230 271 350 373 173 197 313 185 126 296 286 247 375 267 445 246 340 348 195 205 208 123 95 81 2015 2016 2017 2015 2016 2017 2015 2016 2017 Asia Necessities West Necessities HVA Feedstock PET Fibers Asia EMEA NA Accretive Opportunities for Growth and Investment Note: Core EBITDA 16 Segments total may not match to IVL due to holdings segment

IVL - A Global Leader in Tire Reinforcement ~$1 Billion Business for IVL by 2019, Expanding at ~40% CAGR IVL Auto & Tire Revenue ($m) 1,000 ~40 % 750 CAGR 500 250 0 2014 2015 2016 2017 2018 2019 17 Note: Revenue based on announced projects

IVL - Uniquely Positioned Within Tire Industry Leading Supplier to World-Class Customers Global Customer-Centric Presence Global Market Leader Global Single-end- #1 cord/Hybrid Lovosice, Qingdao, Steinfort, CZ LU CN Queretaro, #2 China PET Tire Cord MX Longlaville, Pizzighettone, IT Guangdong, FR CN #2 Global Rayon Tire Cord Obernburg, DE Total Solution Provider Focus on Premium Segments Thread N66 Sidewall PEN Aramid hybrid Cap Ply Single- PEN Belts end-cord/ Hybrid IVL Carcass Focus PET Rayon Advanced PET Aramid Rayon PA 66/ PET Advanced PEN Bead Inner Liner PET Standard Apex 18 Source: Industry Data, IVL Analysis

Key Takeaways On path to becoming a world-class chemical company making great products for society Delivering 14% quarterly EPS growth in the trough 2013- 2017 business environment 2H17 marks a positive structural shift for the industry and business ~45% expected EBITDA growth in 2019 over 2017 with existing business and approved projects $7b investment headroom by 2021 after $1.8b committed capex by 2019 19

Thank You “ We commit to be a responsible industry leader leveraging on the Our Vision “ excellence of our people, To be a world- processes, and technologies to ” class chemical create value for our stakeholders company making • The CUSTOMER is why we exist • Our PEOPLE make the difference great products for • We see CHANGE as an opportunity society • DIVERSITY is our strength ” • We are RESPONSIBLE