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Opportunity Day at The Stock Exchange of Thailand

The Future is Polyester

February 26, 2013

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2

Disclaimer

This presentation might contain forward-looking statements, which are based on current expectations and projectionsabout future events, and include all statements other than statements of historical facts, including, without limitation, anystatements preceded by, followed by or that include the wordstargets, believes, expects, aims, intends, will, may, anticipates, would, plans, could, should,predicts, projects, estimates, foresees or similar expressions or the negative thereof, as well as

predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarilyindicative of the future or likely performance of the Company. Such forward-looking statements, as well as those includedin any other material discussed at the presentation, concern future circumstances and results and involve known andunknown risks, uncertainties and other important factors beyond the Companys control that could cause the actual

results, performance or achievements of the Company to be materially different from future results, performance orachievements expressed or implied by such forward-looking statements. Such forward-looking statements are based onnumerous assumptions and estimates regarding the Company and its subsidiaries present and future business strategiesand the environment in which the Company will operate in the future. Forward-looking statements are not guarantees offuture performance. These forward-looking statements speak only as at the date of this presentation, and none of theCompany, nor any of its agents, employees or advisors intends or has any duty or obligation tosupplement, amend, update or revise any such forward-looking statements to reflect any change in the Companysexpectations with regard thereto or any change in events, conditions or circumstances on which any such statements arebased or whether in the light of new information, future events or otherwise. Given the aforementioned risks, uncertainties

and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actualresults or otherwise.

The results of operations for the periods reflected herein are not necessarily indicative of results that may be achieved forfuture periods, and the Companys actual results may differ materially from those discussed in the forward-lookingstatements as a result of various factors not foreseen at the time of giving this presentation.

This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters.By attending this presentation you acknowledge that you will be solely responsible for your own assessment of the market

and the market position of the Company and of the risks and merits of any investment in the Shares, and that you willconduct your own analysis and be solely responsible for forming your own view of the potential future performance of theCompanys business.

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AGENDA

Opening remarks

Mr Aloke Lohia, GCEO

Group financial highlights Mr D K Agarwal,

CEO Pet & Feedstock

Industry changing dynamics Mr Kumar Ladha, Head

Strategy

Strategy & execution plan Mr Aloke Lohia, GCEO

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Opening remarks Mr Aloke Lohia, GCEO

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5

Polyester value chain is a 5-year cycle

0

200

400

600

800

1,000

1,200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

PXPTAPET MEG

Value Chain 808 Value Chain 809

PTA/PET 453 PTA/PET 443

Global($/MT)

0

200

400

600

800

1,000

1,200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Value Chain 649 Value Chain 691

PTA/PET 294 PTA/PET 336

Asia($/MT)

Note: Per 1T of PET. Global spreads based on simple average of Asia, U.S. and EuropeSource: IHS, PAL, IVL Analysis

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6

IVL across 5 yr cycle vs Asian industry marginsStable and higher spreads

259 256

294307

247

-

50

100

150

200

250

300

350

2008 2009 2010 2011 2012

IVL 2012 Portfolio

Asia PTA Asia Fibers ASIA PET WEST PETUS MEG EU PTA Specialty

China/EUcrisis

IVL US MEG includes only 9 month operation weightage in 2012 portfolio, Specialties margins are IVL actual for 2012 in all the years

273

-

50

100

150

200

250

300

350

2008 2009 2010 2011 2012

An integrated Asian producer

Asia MEG Asia PTA Asia Fibers ASIA PET

216

Globalcrisis

Cottondriven

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Strategic actions have delivered accretive valueAnd predictable operating cash flow

ROCE = EBIT/Average ( Net Operating Debt + Total Equity), Net Operating Debt = Total Debt less Cash and cash under managements less debts onProjects which are non operational as on date , OCF= Cash flow from operations

324

192

261

453

14% 13%

14%

3%

12%

7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

50

100

150

200

250

300

350

400

450

500

2009 2012 - Legacy assets 2012 - New assets 2012

EBITDA OCF/Avg Net Op CE ROCE%

2.3 bn US$ invested underAspiration 2014 plan in Yr11 & 12

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What happened in 2012 over 2011- Ebitda bridge

8

Significant margin drop in 2012 due to over capacity

~ 60% margin recovery from operational excellence & volumes

(USD in million)

561

36

48

165

453

(357)

0

100

200

300

400

500

600

Year 2011 Increase volume from pre 2011 assetsLower margins in 2012Operational excellence projects & IVL PremiumOld World, Fibervision, Wellman & NigeriaYear 2012

Ebitda excludes Operational expenses during flooding period US$ 6 mm (3mm PET+PTF& 3mm IRH) in 2012 and US$ 3 mm in 2011Old world includes for 9 months, Fibervision for 12 months, Wellman for 12 months in 2012

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Challenges faced in 2012

Asian commodity segment has materially underperformed

and has been hit by a perfect storm

New capacity buildups of PTA in Asia has weakenedspreads across the value chain. Current Polyester valuechain margins at an unsustainable levels

Marginally impacting the western markets but in particularthe South European markets for PET

Higher energy costs, increasing manpower cost & stronger

currencies in Asia Recovery phase from 2011 floods in Thailand and typhoon

in NA impacting utilization rates

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Internal actions management gains

Increased internal integration, Rotterdam site matched on PET & PTA in

2013, upgraded Spartanburg assets, de-bottlenecked Chinese assets leadingto reduced unit cost

Increase operating rate gradually to 90% and average of ~87% in2013, thereby further lowering unit cost

Reduce energy consumption & increased productivity identified projects (35

mm US$ incremental annualized savings in 2013 over 2012)

Convert high cost assets into specialties product assets fit for purpose andincrease IVL sales of HVA (high value add)

Startup of state of art least cost commodity fiber plant in Indonesia in 2H13

Grow share in domestic premium markets (logistics advantage)

Steps planned to turnaround Joint Ventures

Tax optimization actions to lead to around 10% effective cash outflow in 2013

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External stimulus potential upside

Potential upside from recovering industry margins in 2013

from a trough.not incorporated yet

Announcement of recent closures...just a tip of theIceberg?

Non competitive and non strategic capacities expected tobe rationalized permanently

Industry effective utilization rate to improve over thepublished numbers, due to rationalization

Basic feedstock shortage like MEG to limit theoverproduction of Polymer

Every CRISIS is an OPPORTUNITY

IVL leveraged the same in 1997, in 2003, in 2008.

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Group financial highlights

Group financial highlights Mr D K Agarwal, CEO Pet & Feedstock

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Western Hemisphere: Industry Margins Environment

EU PTA & USA MEG

$/Tonnes

$/Tonnes

Source: Industry data, IVL analysis

227238 230 225 230

288270

249

259

0

50

100

150

200

250

300

4Q12 3Q12 2Q12 1Q12 2012 2011 2010 2009

AverageWEST PET

590

470 473 455497

548

373

282236 225 233 238 233

266 259 252

425

253

0

100

200

300

400

500

600

4Q12 3Q12 2Q12 1Q12 2012 2011 2010 2009

MEG/mt PTA/mt MEG-Avg PTA-Avg

Average

% of IVLCapacity

2009 2012 2015announced

EU PTA 12% 6% 8%

US MEG - 5% 4%

% of IVLCapacity

2009 2012 2015announced

West PET 28% 35% 36%

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Asia: Industry Margins Environment

$/Tonnes

$/Tonnes

Source: Industry data, IVL analysis

88111

93

124104

246

279

203

208

0

50

100

150

200

250

300

4Q12 3Q12 2Q12 1Q12 2012 2011 2010 2009

AverageASIA PTA ASIA PET & PSF

179201

237 227211

279261

201

123138

184

223

167189

165

119

238

160

0

50

100

150

200

250

300

4Q12 3Q12 2Q12 1Q12 2012 2011 2010 2009

PSF/mt PET/mt PSF Avg PET Avg

Average

% of IVLCapacity

2009 2012 2015announced

Asia PTA 42% 20% 17%

% of IVLCapacity

2009 2012 2015announced

Asia PET 7% 14% 12%

Asia Fibers& Yarns

9% 4% 8%

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Specialty: IVL Margins

$/Tonnes

Source: IVL data, IVL analysis, * 2% Polyester in NA is Commodity which is not included here in 2012

324 434

469504

0

100

200

300

400

500

600

2009 2010 2011 2012

% of IVLCapacity

2009 2012 2015announced

Specialty* 2% 14% 15%

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Strong fundamentals- Cash flow increase YoY

1

15

206

1,032

1,379

1.5

0.9

0.6

1.2

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

-

200

400

600

800

1,000

1,200

1,400

1,600

2009 2010 2011 2012

Capex & Investments Net Op D/E

Net Op D/E = Net Operating Debt/Total Equity, Net Operating Debt = Total Debt less Cash and cash under managements less debtsonProjects which are non operational as on date , OCF= Cash flow from operations

230

302 3

34

4

71

14%

16%

13% 13%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

-

50

100

150

200

250

300

350

400

450

500

2009 2010 2011 2012

Cash f low from Operations OCF/Avg Net Op CE

Liquidity of 0.9 US$ Bn as at 31st Dec2012, Dividend payout 38% for 2012Committed growth CAPEX of 0.6 US$ Bn in next 3 years

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At par & strong cash flow among the comparables

Source: Bloomberg, IVL actuals, 2012 data is either full year or LTMSep'12 as in Bloomberg,*IVL Net CE excludes Project debts which are under construction stage** Base on LTM September 2012 per Bloomberg

15%

17%

13% 13%

9%

14%

10%

26%

4%

16%

0%

5%

10%

15%

20%

25%

30%

2012 2011

OCF/Avg Net Capital Employed

ALPEK,MX

ALPEK,MX

*IVL,

TH

*IVL,

TH

(HON

AM)

LOTT

E,SK**

NANYA

,TW**

NANYA,TW**

(HONA

M)

LOTTE,SK**

FORMOSA,TW**

FORM

OSA,TW**

IVL Global presence is a hedge to weakness in a particular region

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Sustaining 1st Quartile Performance .Guidance 2013

Enhancing operating rates to 90% gradually and an average of 87% in 2013 from 84% in 2012.Completing ongoing growth projects on schedule and on budget.

Delivering additional savings from operating excellence projects to the tune of US$ 35 million.Address the loss making JV and seek an aggressive improvement planSuccessfully complete EO/EG turnaround in March/April and optimize the operations to benefit fromthe industry upside. Turnaround is planned to change the Catalyst and will see lower production in thefirst half of 2013. After the completion of turnaround in March/April, the efficiency and productivity will beimproved significantly benefitting from the high performing new catalyst change. The lost production inthe first half of 2013 will be recovered in the second half.

Fully leverage IVLs leading platform in Recycling and Innovation to grow specialties at legacyassets in line with our fit for purpose drive and migrate our knowledge base and customer intimacy toemerging market assets of IVL.Continue to monitor and improve working capital management and grow operating cash flow.

Guidance 2013* % change to 2012

Production (mm tonnes) ~6.0 +15%

Revenue (US$ bn) ~8.1 +19%

EBITDA (US$ mm) ~575 +27%

Capex (US$ mm) ~300 (78%)

Based on management estimates including the strategic actions planned in 2013 and approved budget by the Board of Directors.(Please see Disclaimer on the page 2)

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20

Change in Accounting Policy:Deferred Tax accounting effective from 1st Jan2013

IVL is adopting Deferred tax accounting effective from 1

st

Jan2013 in line with the changes in Thai AccountingStandards or Thai GAAP

The tax expense on P&L will now comprise of Deferred

tax portion and Current tax portion in year 2013 andonwards

Deferred tax portion is a non-cash item & DO NOTAFFECT CASH FLOW

Effective Cash outflow of tax for 2013 is estimated to bearound 10% similar to 2012

This accounting change does not affect cash generation &Discounted cash flow (DCF) valuation

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Industry changing dynamics Mr Kumar Ladha, Head Strategy

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Key themes

Enhanced upside from strong polyester growth

Rapidly expanding specialty profit pool

Disciplined and steady Western business

Cyclical nature of Asian industry

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Industry Trends

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24

The future is Polyester!

Ford New Focus AllElectric

PepsiCo TropicanaNike Flyknit

Samsung Youm

Coca Cola PlantBottle

Sony 4K OLED

For illustrative purpose onlySource: Companies Data, IVL Research

Leading consumer product companies use POLYESTERto enable Innovation & Sustainability

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Global megatrends in favor of polyester

Sustainability

Today we use replenishmentcapacity of1.5planets

9.0billion people by2050

Population Growth Increasing Urbanization

59% of population will livein cities by 2050

Quality of Life

3.0billion of new middle classin next 20 years

Source: UN World Population Prospects, OECD, IPCC

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26

Polyester is the fastest growing polymer globally

Growth well-above GDP

Robust polyester demand resilient to economic cycles

Polyester growing at the fastest pace

Polyester

Nylon

HDPE

LLDPE

LPDE

PPPS

ABS

PVC

0%

2%

4%

6%

8%

10%

0% 2% 4% 6% 8% 10%

CAGR 2001-10

= Demand(2020)

CAGR 2010-20F2001-10CAGR

GDP (x)

Polyester 8.3% 2.3x

PP 4.5% 1.3x

HDPE 4.0% 1.1x

LDPE 1.2% 0.3x

LLDPE 4.9% 1.4x

PVC 3.2% 0.9x

PS 1.4% 0.4x

ABS 3.9% 1.1x

Nylon 5.0% 1.4x

GlobalGDP

3.6% 1.0x

Source: Industry Data, IVL Research

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27

72.1

111.2

0

20

40

60

80

100

120

2010 2020F

Continued product substitution

1. Beverage packaging demand only 2. Other packaging materials include aluminum, glass, paper, other plastics (PP, HDPE, etc.)

Note: Demand includes RecycleSource: Industry Data, IVL Analysis

CottonPolyester Other Fibers

47.1

73.1

0

20

40

60

80

2010 2020F

Other Packaging Materials2PET

Polyester the only fiber to fill

the demand gap

PET volumes in beverages

continue to increase

Polyester has emerged as the clear winner

Percapita(kg)10.65.7

15.411.1All Fibers

Polyester

2.9%

7.2%

4.5%

10.2

15.8

26.0

10.27.2All Packaging1

4.42.4PET

Global Beverage Packaging Demand (MMt)1Global Fiber Demand (MMt)

-0.8%

7.6%

4.4%

1.1%

-1.8

39.6

39.0

1.2

10-yr growth

Percapita(kg)

76.4 (69%)

22.7 (20%)

12.1 (11%)

10.9 (15%)

24.5 (34%)

36.7 (51%)

31.1 (67%)

15.8 (33%)

41.6 (57%)

31.6 (43%)

MMT CAGR

10-yr growthMMT CAGR

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28

Innovation gains in importance

Note: Specialty defined here as polyester products with spread over raw materials > $300/MT. Specialty also includes Recycle.Source: Industry Data, IVL Analysis

57.8

0

30

60

90

120

2010 2020F

Demand (MMt)

Specialty

Commodity

7.0%

8.6%

CAGR (2010-20)

New applications create additional spacefor polyester to grow faster

Rapidly expanding specialty

profit pool

Growth driven byhygiene, medical, industrial, househol

d, recycling

119.3

Commodity FiberCommodity PET Specialties

17.8 (31%)

25.6 (44%)

14.4 (25%)

28.5 (24%)

50.3 (42%)

40.5 (34%)

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Recycling an integral part of the business

Global rPET Market Size (MMt)

Increasing Recycle

Consumption

Driven by environmental

awareness, collection and applications

1.4

3.3

3.8

8.6

5.2

12.0

0

2

4

6

8

10

12

14

2010 2020F

PET

Fiber

Share oftotal

demand (%)

9.0% 10.0%

1. For example, many US states have bottle deposit bills in place or pending, while many EU govts have set mandatory recycling targets, etc. 2. For example, Coca Colasupplied all their representatives in the Vancouver Winter Olympics with outdoor were made of 100% rPET, Nike supplied 9 football teams in the last W orld cup with officialstrips made entirely of rPET, new Ford Focus Electric seats made from 100% rPET, Adidas supplied recycle products in the London Olympics.Source: Industry Data, IVL Analysis

Recycling initiatives are complementary to overallPolyester growth

Prominent rise in sustainability trendglobally Many govts setting up recycling legislations1 Many MNCs using/selling more rPET to

improve brand image and the image of PET2

Collection of PET bottles increasing globally Improving rPET raw material supplycontinuity and potentially lowering rawmaterial costs

Applications of rPET continually increasing Recent applications include engineering

resins, geo-textiles, etc.

New techs being developed (e.g. PET-M) Leading to lower capital and operatingcosts, and better /purer rPET product quality

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Western Polymers

West PET & Polymers

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Western PET & Polymers market is large and well-diversified

Source: Industry Data, IVL Analysis

North America & Europe PET &Polymers market

North America & EuropePolymers market

Attractive & increasingly important polymer marketsegments

76%

7%

17%

PETDomestic~7.2 MMt

PolymerDomestic~1.6 MMt

Total 2010 Demand ~9.5MMt Total 2010 Poly Demand ~1.6MMt

Demand (MMt) Demand (MMt)

11%

12%

37%

35%

5%

Carpet

Fiber

Filament

Film

OtherPET

Imports

~0.7 MMt

48% of IVL

West PET & Polymers

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Expanding applications driving future growth

Source: Industry Data, IVL Research

Technical Filament

Industrial Filaments Tire Cord Rubber Goods

(e.g. Conveyor Belts) Ropes, Nets, Tows

Coated Fabrics

Non-Wovens Filtration Construction Geotextiles

Automotive Safety Airbags Seat belts

Engineering Resins

Specialty Textile Filament

Protective clothing Medical High-performance fabrics

(e.g. sportswear)

Film

Solar Packaging Electrical Print Medical (e.g. face shields)

Staple Fiber Hygiene Medical Automotive

48% of IVL

West PET & Polymers

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Market projected to be ~12MMt by 2020Steady and continued demand growth at ~3.0% CAGR

Growth driven by innovation and sustainability

End UseIndustries

2020Market Size

2010-20Growth

Bottle Sheet Carpet Fiber FilamentFilm &Others

~8,000 ~1,200 ~300 ~300 ~900 ~1,000

>3% >3% >6% >3% >3% >4%

GrowthDrivers

New bottleapplications

Newpackaging

New BCFapplications

Non-Wovens, Wea

ving

Industrialapplications

Flexiblepackaging

Can & Glasssubstitution

PVCsubstitution

Nylonsubstitution

Filtration, Geotextiles

AutomotiveSafety

Solar, opticalsegments

PETG &

HDPEsubstitution

Medicalapplications


48% of IVL

West PET & Polymers

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34

0

100

200

300

400

500

600

700

800

900

1000

1 3 5 7 9 11 13 15 17 19 21 23

Industry Restructuring and Rationalization


~1MMt or ~15% of total N. Americapolymer capacity is subscale

~1.8MMt or ~40% of total Europepolymer capacity is subscale

N. America PET / Polymer Plants 2017F (KMT)

0

100

200

300

400

500

600

700

800

900

1,000

1 2 3 4 5 6 7 8 9101112131415161718192021222324252627

Europe PET / Polymer Plants 2017F (KMT)

Avg size ~300 KMT

Capacity rationalization implies Shutdown of subscale, non-strategic assets

(e.g. Invista Millhaven, Invista Greer, WellmanPalmetto in 08-09; capacity ~645KMT)

Closure of high cost in-house capacity &outsourcing of polymer requirements (e.g.Unifi 2008, DTF 2013F)

New assetsCaptiveCurrent assets Expansions

Avg size ~170 KMT

Capacity rationalization implies Shutdown of subscale, non-strategic assets

(e.g. InvistaOffenbach, Tergal, Elana, Wellman in 08-09;capacity ~470KMT)

Closure of small scale, high cost, in-housecapacity & outsourcing of polymer

requirements (e.g. Diolen 2007)

Subscale 200 KMT Subscale 200 KMT

KMT % of total

< 200 1,020 14%

> 200 6,130 86%

Total 7,150 100%

Captive 435 6%

Merchant 6,715 94%

KMT % of total

< 200 1,784 38%

> 200 2,898 62%

Total 4,682 100%

Captive 496 10%Merchant 4,186 90%

48% of IVL

West PET & Polymers48% f IVL

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35

40%

50%

60%

70%

80%

90%

100%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

'07 '08 '09 '10 '11'12E '13F '14F '15F '16F '17F

40%

50%

60%

70%

80%

90%

100%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

'07 '08 '09 '10 '11'12E'13F'14F'15F'16F'17F

Western PET & Polymers Market Scenario

N. America: 90% utilization = closure of

~700kT or ~70% of sub-scale capacity

Significant scope for restructuring


(MMt) (%)

DemandCapacity Effective Capacity Utilization

~1.0%Demand CAGR (%)

Net Exports (KMT) ~90

~3.0%

~40

Europe: 85% utilization = or ~300kt or

~20% of sub-scale capacity(MMt) (%)

~1.0%Demand CAGR (%)

Net Imports (KMT) ~700

~3.0%

~500

Capacity Utilizationat 90%

Capacity Utilizationat 85%

Recession, lightweighting

Recession, lightweighting

Domesticproduction

replacing imports

48% of IVL

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Western Feedstocks

West Feedstocks13% f IVL

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37

European DMT - final phase of substitution?Significant upside potential for PTA

Note: DMT capacity shutdowns inc lude Invista Vissingen 120Kt in 2008, Oxxynova Lulsdorf in 2008, Mogilev 120Kt in 2008, Invista Offenbach 179Kt in 2009Source: Industry Data, IVL Analysis

Total DMT Opportunity ~700KMT

Shrinking DMT-based production(% share of polymer production)

Significant Upside to PTA Utilization

Shutdown of DMT capacity

PTA utilization (%)

18%14% 13% 13% 12%

11%

80%

90%

100%

2007 2008 2009 2010 2011 2012E

PTA-based DMT-based

1,718

1,118939 939 939 939

0%

25%

50%

75%

100%

0

500

1,000

1,500

2,000

2007 2008 2009 2010 2011 2012ETotal Elana SasaMogilev Oxxynova Utilization

DMT Capacity (KMT) (%)

664 677 693 706

0

1,000

2,000

3,0004,000

5,000

2014F 2015F 2016F 2017F

LABEL DMT Upside

PTA Demand (KMT)

70%

90%

110%

2013F 2014F 2015F 2016F 2017F

Base Case DMT Upside - 100%DMT Upside 50%

2012-4 lines

2007-8 lines

CapacityUtilization

Upside

13% of IVL

West Feedstocks13% f IVL

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Favorable Western feedstocks supply/demand scenario


Europe PTA Feedstock (6% of IVL) US EO/EG Feedstock (5% of IVL)

Europe PTA Supply/Demand

40%

60%

80%

100%

0.0

1.0

2.0

3.0

4.0

5.0

'07 '08 '09 '10 '11'12E '13F '14F '15F '16F '17F

Capacity Production Effective Util ization

(MMt) (%)

Global MEG Supply/Demand(MMt)

Strong supply/demand fundamentals

Effective PTA utilizationaccounts for 50% DMT

upside

(%)

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

0

5

10

15

20

25

30

35

Demand Utilization Rate

Peak MEG cycleutilization = 85%

13% of IVL

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Asian Polymers

Asia PET & Fiber19% of IVL

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Fiber Producer Differentiation - Cost

Note: Estimated weighted average conversion cost by region. Includes manpower, power & utilities, overhead, and other costs.Source: Industry Data, IVL Analysis

0

50

100

150

200

250

300

350

400

450

500

Cost $/T

Capacity (MMt)

0.8 1.8 3.5 11.2 17.7 20.919.3

2012 demand(~15MMt)

Eu

rope

US

A

Jap

an,

Korea,

Taiwan

China Smaller ScaleChina Large Scale Thailand

In

dia

M

EA

Indonesia and India remain very attractive for investment

Global Polyester Staple Fiber Supply Curve - 2012

Indonesia

Other

Developing

Asia

IVL CP-4 Indonesia

IVL Thai assets with higherfocus on specialties

19% of IVL

Asia PET & Fiber19% of IVL

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Asia PET and Fiber Market Outlook

Asia PET Supply/Demand (14% of IVL)

40%

50%

60%

70%

80%

90%

0.0

5.0

10.0

15.0

20.0

25.0

Capacity Production Effective Utilization

(MMt) (%)


Improving supply/demand fundamentals

Asia PSF Supply/Demand (4% of IVL)

40%

50%

60%

70%

80%

90%

0.0

5.0

10.0

15.0

20.0

25.0

Capacity Production

Installed Utilization Effective Utilization

(MMt) (%)

Effective utilizationaccounts for

rationalization of 1MMt

Effective utilization accounts for~5MMt of idled capacity

19% of IVL

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Asian Feedstocks

Asia PTA20% of IVL

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Market dynamics forcing margins to settle at minimum level

Asian PTA Cost Curve - 2011 Asian PTA Cost Curve - 2014

0

50

100

150

200

250

300

350

7,000 14,000 21,000 28,000 35,000 42,000

Non-strategic and subscale PTA assetsexpected to be idled

Delivered Cost ($/MT)1

1. Delivered cost on CFR China Main Port basis 2. Installed CapacitySource: IVL Analysis

0

50

100

150

200

250

300

350

12,000 24,000 36,000 48,000 60,000 72,000

Delivered Cost ($/MT)1

New assetsExisting assets

2011 demand(~38MMt)

2014F demand(~48MMt)

Actual 2011 Asian PTA spread $246/MT

Min 2011 Asian PTA spread $210/MT

Min 2014F Asian PTA spread $150/MT

Capacity Overhang

(KMT)2 (KMT)2

20% of IVL

Asia PTA20% of IVL

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Cyclical nature of Asian PTA industry

Asia PTA effective utilization expected to

improve along with rationalization

Downstream integration and access to premium domesticmarkets to ensure stable operations across the cycle


(MMt) Utilization Rate (%)

South East Asia PTA utilization to remain

steady even without rationalization

Installed Utilization Rate (%)

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

Capacity Production Effective Utilization

50%

60%

70%

80%

90%

100%

China Korea, Taiwan, Japan

ASEAN & India/Pakistan Average

Effective utilizationaccounts for rationalization

of ~10MMt

Capacityrationalization not

factored in

20% of IVL

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Strategy & execution plan Mr Aloke Lohia, GCEO

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Changing portfolio - expanding specialty & capability

(US$ MM) Specialty West Commodity Asia Commodity IVL

Year 2012

Revenue 1,306 4,062 2,580 6,780

Adjusted EBITDA** 101 300 52 453

% Contribution 22% 66% 12%

Value Add (%)* 27% 20% 13% 22%

Year 2011

Revenue 585 3,809 2,801 6,102Adjusted EBITDA** 53 295 213 561


Value Add (%)* 20% 18% 18% 22%

Year 2010

Revenue 166 1,826 1,833 3,055

Adjusted EBITDA 14 167 254 435


Value Add (%)* 21% 21% 26% 30%

*Value add = Delivered Delta / Sales (%), Consolidated Value add % will be higher due to elimination of Intercompany Sales** Excludes Operational expenses during flooding period US$ 6mm (3mm PET+PTF& 3mm IRH) in Yr12 and US$ 3 mm in Yr11

P t ti l IVL i l ti f d j t

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Potential IVL margin on completion of approved projectsbased on average 5 yr cycle margins and 9 million tons capacity

259 256

294307

247

277

-

50

100

150

200

250

300

350

2008 2009 2010 2011 2012 2015 (avg 08-12)

IVL 2012 Portfolio

Asia PTA Asia Fibers ASIA PET WEST PET US MEG EU PTA Specialty

China/EU crisis

IVL US MEG includes only 9 month operation weightage in 2012 portfolio, Specialties margins are IVL actuals

273

Global crisis

Cottondriven

IVL 2015 Portfolioannounced

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Execution of new projectsan update

New projects deliver lasting valuesLegacy assets being optimized with cost savings

0.4

0.2

0.1

0.1

0.1

0.0

0.1

0.2

0.3

0.4

0.5

2010 2012

EBITDA breakdown

Legacy assets PET Fibers & Yarns Feedstock

(US$ Bn)

Trough

Trough

-Steady

Peak

2.12.3

0.8

0.4

0.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2010 2012

Net Op Capital Employed breakdown

Legacy assets PET Fibers & Yarns Feedstock

18%ROCE

12%

ROCE

3%

ROCE

(US$ Bn)

Legacy assets = 2010 Portfolio, New assets = assets acquired in 2011 & onwardsROCE = EBIT/Average Net Operating Capital Employed

7% ROCE

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ROCE Metric driven by IVL metricsROCE % Peak Trough 5 yr cycle

Legacy assets 18% 3% ~11%New assets ~ 12% ~16%

IVL 18% 7% ~15%

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50

Acquisition of Packaging plant in Nigeria- Strategy

21 116269

60 204

1,361

3

15

22

-

5

10

15

20

25

-

200

400

600

800

1,000

1,200

1,400

1,600

1998 2005 Current

Thailand

PET (kt) Pkg. (mm pcs) Ebitda (US$ mm)

Population: 67 millions

Business Growth: Significant

Growth in ASEAN

84

280

9

-

5

10

15

20

25

-

200

400

600

800

1,000

1,200

1,400

1,600

Current

Nigeria

first mover advantage

PET (kt) Pkg. (mm pcs) Ebitda (US$ mm)

Population: 170 millions

Business Growth: Significant

Growth in Africa

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0.7

3.6

1.00.3 0.5

1.91.3

0.71.5

1.9

1.0

1.01.6

2.10.4 1.1

0.9

0.8

1.6

3.1

2.4

3.0 3.7 2.1 2.81.7 2.8 1.2

1.5

2.50.6

2.1

0.8

0.4

8.2

7.57.1

5.65.5

5.04.4 4.4

3.53.1

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Sinopec IVL Formosa Hengyi Reliance Alpek Far Eastern Dragon SFX Tongkun

PET Fiber PTA MEG Total

Truly Global polyester chain industry producer

The worlds 2nd largest integrated producer in Polyester value chain

Source : SBA, IVL analysis, IVL as of 2012

Capacity (Million tonnes)

Polyester product essential to everyday life

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When you drink When you eat When you play

When you are athome

When you need help When you drive

Thank you

www.indoramaventures.com

Polyester product essential to everyday lifeEveryday - Everywhere

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Handouts

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54

Ongoing Major Projects under Implementation

All planned expansions are accretive to earnings and have a clear strategic rationale for expansion.On completion of all the announced acquisitions and expansions, IVL will have a total capacity of 9.0 million tonnes per annum(including joint ventures Ottana Polimeri, Trevira and Polyprima, which are being accounted for as equity income).

Announced Project Location SegmentCapacity

Timeline(tonnes per annum)

March2011 Investment in continuouspolymerization resin plant in Indonesia Purwakarta, Indonesia Fibers &Yarns 300,000 2H13

The companys most dynamic polyester site is under construction in Indonesia. Amongst lowest cost site in Fiber space and substantiallyimproves cost profile in Asia

April2011Debottleneck of PET Polymersproduction in Poland

Poland PET 61,000 2014

Better market reach and savings in conversion cost

May2011

Brownfield expansion of PTA in

Rotterdam, enhancing integration forPET production in Europe

Rotterdam, Netherlands PTA 250,000 2014

Better Integration and improves overall cost profile of the site and in EMEA

November2012Expansion of PET production in North

AmericaUSA PET 540,000 2015

Increased market presence, and substantially improves overall cost profile of the site and in NA

August2011Investment in production of RecycledPET in IPI Nakhon Pathom

Nakhon Pathom, ThailandFibers &Yarns

28,500 2H13

Enhance capabilities to recycle in Asia

August2011Investment in high quality bi-component yarns FINNE through asingle step process at PT IVI plant

Tangerang, IndonesiaFibers &Yarns

16,000 1H14

Increase Specialty products to Asian portfolio

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Capacity Growth has been Consistent over Time

1.1 1.5 1.5

3.1 3.6 3.63.7

4.2

0.30.3 0.3

0.60.9 1.2 1.2

1.2

1.61.6 1.6

1.8

1.81.8 2.0

2.00.60.6

0.60.6

0.3

0.5

1.01.0

1.01.0

2.93.3

3.7

6.0

7.78.1

8.49.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Yr'08 Yr'09 Yr'10 Yr'11 Yr'12 Yr'13B Yr'14P Yr'15P

IVL JV MEG PTA Fibers & Yarns

Gained market share by acquisitions and organic growth

Million tonnes

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31%

15%

12%

11%8%

23%

0.0

1.0

2.0

3.0

4.0

Europe

IVL La Seda

NEO Equip

Novapet Others

33%

35%

20%

9%

3%

0.0

1.0

2.0

3.0

4.0

5.0

North America

AlpekIVLM&GNan YaCelenis

Truly Global: Largest PET producer

PET: # No.1 in Europe, # No.2 in NA and # No.4 in Asia

PET Capacity (Million tonnes)

Top3-90%

Top3-60%

4.8

3.1

5 producers11 producers

Demand

11%

10%

10%

7%

5%

5%

21%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Asia

Jiangsu SanfangxiangFar EasternChina ResourcesIVLDragonSinopecZhejiang WankaiShinkongHengli

13.8

46 producers

Source : SBA, IVL analysis, IVL as of 2012E

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Portfolio development towards scale, integration, innovation

Starpet, US Orion Global, Lithuania

Eastman, Europe IRPL, Thailand Tuntex, Thailand Alphapet, US Ottana, Italy* SK Chemicals, Poland Guangdong, China Invista, Mexico

Polypet, Indonesia*

Invista, US

SKChemicals, Indonesia

Trevira, Germany*

Wellman, Ireland, France & Netherlands

FiberVisions, US, Denm

ark, China

IVOG - PEO

IVL Core BusinessSelected transactions

2003 - Today

ExxonMobil

PTT BP SABIC Shell MEGlobal

Coca-Cola Pepsi Nestle P&G Alpla Amcor Plastipak

*Joint-ventures

Scale & Integration

Strong CustomerPartnership

Scale & Innovation

Strong SupplierPartnership

The Polyester Value Chain

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The Polyester Value ChainBridge between petrochemicals and FMCGs

ApparelHome

textilesNon-woven

Technical

textiles

Automotive

Beverage FoodHomecare

Personalcare

Pharma

Electronics Solar panelsFlexible packaging

Refinery

SteamCracker

Aromatics(PX) plant

MEG plant

PTAplant

Polyester

Polymer plant

PX

(0.66)

Naphtha

PolyesterFiber

PET

Resin

PET Film(0.34)

MEG

PTA

(0.86)

Ethylene

Crude Oil/Natural

Gas

(0.58)

Polyester Chain (PTA/MEG andPolyesters)

Energy & UpstreamPetrochemicals (PX and

Ethylene)

Note: 1t of PTA requires .66t of PX; 1t of MEG requires 0.58t of Ethylene; 1t of Polyester polymer requires .86t of PTA and .34t of MEG

Source: IVL Analysis

CONSUMER STAPLE (Key end use markets)

Serving our World class customer base Globally

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Serving our World-class customer base - GloballyPartnering closely with global majors
http://www.jnj.com/home.htm

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Experienced Board and Management team

Board of Directors

S.P.Lohia

Non-ExecutiveChairman

AlokeLohia

Executive ViceChairman

SuchitraLohia

ExecutiveDirector

S.P.Khaitan

ExecutiveDirector

D.K.AgarwalExecutiveDirector

AmitLohia

Non-ExecutiveDirector

RathianSrimongkolIndependent

Director

ChakramonPhasukavanich

IndependentDirector

MarisSamaram

IndependentDirector

WilliamE. HeineckeIndependent

Director

KennethSee

IndependentDirector

Dr. SiriGanjarerndeeIndependent

Director

Corporate Center PET

D. K. AgarwalFeedstock & PET

Mohan SingaramManufacturing

P.C. GuptaPTA

Anish GoyalTreasury

S.K.AgarwalProjects

Fibers

Uday GillPolyester

S.P. KhaitanWool

S.K.SrivastavaIT

Richard JonesIR & Communications

NarayanaSwamyFinance & Accounts

S.R. ChowdhuryCompany Secretary &Legal

Sanjay AhujaCorporate Financeand M&A

Kumar S. LadhaCorporate Strategy& Procurement

UdayGill

ExecutiveDirector

Rajesh BankaWool

Sanjeev SharmaCommercial(PTA)

Vikash JalanAccounts & Audit

Sanjeev BhatiaHuman Resource

RameshNarsinghpura

Administration Joel SaltzmanBusiness Head(EO/EG)

Bruce BushOperations(EO/EG)

Vivek KaulCommercial

Sunil FotedarOperations Head(PTA)

Ashok AroraManufacturing

Vipin KumarMktg.-Asia

S. N. MohtaEO/EG

Feedstock

G.L.ModiPET

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Strong financial position

50%

27%

24%

0%

25%

50%

75%

100%

Total Debt

Long-Term Loans

Debentures

Short-Term Loans

Debt ProfileAt 31-Dec-2012

Long-term Loans & DebenturesRepayment Profile

At 31-Dec-2012

% of total % of total

8%

11%

15%

20%

16%

30%

2013

2014

2015

2016

2017

2018 & after

% of total

Total debt of which US$0.6 billion is short-term and US$2.0 billion is long-term.

46%

46%

7%1%

0%

25%

50%

75%

100%

Total Debt

THB USD EUR Others

2012 2011

Fixed % 38% 16%

Floating % 62% 84%

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