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Ref.No.IVL008/05/2016

10 May 2016

The President

The Stock Exchange of Thailand

Subject: Submission of Quarterly Reviewed Financial Statements and the Management Discussion and Analysis

of Indorama Ventures Public Company Limited for the first quarter of 2016

We are pleased to submit:

1. A copy of the Consolidated and Company only Quarterly Reviewed Financial Statements for the first quarter of

2016 (a copy in Thai and English)

2. Management Discussion and Analysis (MD&A) for the first quarter of 2016 (a copy in Thai and English)

3. Company's performance report, Form F45-3 for the first quarter of 2016 (a copy in Thai and English)

Please be informed accordingly.

Sincerely yours,

(Mr. Aloke Lohia)

Group CEO,

Indorama Ventures Public Company Limited

Company Secretary

Tel: +66 (0) 2661-6661

Fax: +66 (0) 2661-6664

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INDORAMA VENTURES PUBLIC CO., LTD (SET: “IVL”)

MANAGEMENT DISCUSSION AND ANALYSIS (MD&A)

FOR THE PERIOD OF 1Q 2016 (CONSOLIDATED)

Table 1: Financial Summary - Core Financials of Consolidated IVL

THB in Millions 1Q16 4Q15 1Q15(R) (4) LTM1Q16 LTM1Q15(R) YoY%

Total Production (in '000 tonnes) 1,765 1,781 1,627 7,162 6,371 12% (1) Consolidated Sales 57,164 57,479 53,660 238,202 235,921 1%

PET 32,361 31,543 30,458 133,738 137,221 (3)%

Fibers & Yarns 18,785 18,907 16,873 75,131 71,462 5%

Feedstock 13,551 14,652 12,705 60,807 60,223 1% (2)Core EBITDA 4,920 5,339 5,112 22,131 19,526 13%

PET 2,463 2,135 2,145 9,262 9,129 1%

Fibers & Yarns 1,923 1,884 1,582 7,016 4,654 51%

Feedstock 506 1,332 1,580 5,582 6,095 (8)%

Core EBIT 2,578 2,792 3,053 12,522 11,438 9%

Core Net Profit after Tax and NCI 1,323 1,760 1,222 6,588 4,606 43%

Core EPS after PERP Interest 0.23 0.32 0.21 1.19 0.88 35%

Reported Net profit after tax and NCI 4,104 270 410 10,303 1,670 517%

Reported EPS after PERP Interest 0.81 0.01 0.04 1.97 0.27 617%

Net Operating Debt 64,905 67,296 52,619 64,905 52,619 23% (3)Total Equity 86,293 82,953 72,061 86,293 72,061 20%

Net Operating Debt to Equity 0.75 0.81 0.73 0.75 0.73 3% Note: (1) Consolidated financials are based upon elimination of intra-company (or intra business segment) transactions (2) Core EBITDA is Consolidated EBITDA

less Inventory gain/ (loss). Segments total may not match to IVL due to holdings segment (3) Includes Subordinated Perpetual Debentures valued at THB 14,874 million (4) Periods with Restated or (R) are restated numbers as per the adoption of new and revised TFRS

Executive Summary

IVL achieved a Core Profit after tax and non-controlling interests (NCI) of Baht 1.3 billion in 1Q16, a growth of 8% year on year

(YoY) despite an almost full quarter shutdown of our ethylene oxide/ethylene glycol (EOEG) site in USA for catalyst change and

unplanned maintenance. The site was fully online again by 15 April. Last twelve months (LTM) 1Q16 Core EBITDA saw growth of 13%

to Baht 22.1 billion and Core Profit growth was 43% to Baht 6.6 billion compared with the same period of 2015. 1Q16 saw a non-cash

inventory devaluation of Baht 0.5 billion (tax adjusted) as a result of a rapid fall in prices that was offset by net extraordinary income of

Baht 3.3 billion primarily coming from gains on bargain purchase on BP Alabama acquisition and resulted in a reported net profit of Baht

4.1 billion (please refer to Table 10).

Update on EOEG shutdown in 1Q16

IVL successfully started up its EOEG plant and ramped up to full capacity

by 15 April 2016, following a catalyst change after 32 months of its

successful operations. It was only when the plant was undergoing

maintenance in January 2016 that additional items were discovered that

required correction, causing the plant to be shut down longer than

anticipated.

IVL like to like performance without EOEG seen on left, saw a healthy

growth in 1Q16 and achieved a quarter on quarter (QoQ) increase of Baht

252 (~10%) and YoY increase of Baht 382 (~15%) in Core EBITDA/t

driven by improving margins, better product mix, improving demand,

lower costs and accretive acquisitions.

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Update on Industry and Business

1Q16 results reflect the strength of our business model,

which is built on global footprint and product diversity,

whereas overall economic environment remained dull, our

Industry and IVL has seen recovery and the margins of our

key necessities products were improved and close to 1Q15

levels after drifting lowest in 4Q15. The Industry Polyester

Value Chain graph on left shows the declining spread which

led to causalities and stress in industry especially in Asia and

Europe. We believe that these low levels of spread are not

sustainable.

The entire value chain products flow which IVL

encompasses post BP Decatur & Cepsa Spain assets

transforms us as one of the most integrated player that will

provide downside protection while preserving upside

potential. Our integration extends to the 3 main continents of

North America, EMEA and Asia and is unique.

Moving into 2016 to 2018 we see some positive macro

indicators as follows:

a) New Supplies contracting due to stress and

overcapacity

b) Strong Demand as Consumers have more

disposable income due to lower prices

c) Surplus countries like Korea and China pushing restructuring action to avoid defaults and spillover effect on financial institutions

Figure 1: IVL’s HVA Profile IVL registered a YoY Core EBITDA growth of 28% in High Value

Added (HVA) products in LTM1Q16 and contributed 34% of IVL net

revenues and 48% of Core EBITDA. Our EOEG site was impacted

negatively due to the shutdown in 1Q16 but is on-stream in 2Q16.

In 2Q16 our HVA volumes have expanded with startup of EOEG and the

completion of BP Alabama and Cepsa Spain acquisitions, which has

added two new products to our HVA that are NDC and IPA. IVL is now

the only producer of NDC globally and IPA in Europe with second

position globally. IVL has been a buyer of IPA since we first started our

PET business (PET production needs 2% IPA) and today is the single

largest consumer worldwide.

Figure 2: IVL’s Differentiation Profile The industry in Asia has slightly recovered in 1Q16 and we

see positive signs in 2Q16, a welcome change from the

struggle of last 18 quarters. We believe that the lack of new

capacity build up in Asia going forward will balance the

oversupply as demand continues to grow at its usual pace of

~6%. PTA in the west is healthier as pricing is on import

parity basis.

Our overall global portfolio and diversified sources of

earnings has differentiated IVL from its peers and has allowed

us to sail through the dull environment. We believe starting

2016 we will see improved trading. IVL management has

taken actions to improve our differentiation and quality of

earnings with selective growth opportunities in the West or

underserved markets and by improving our costs through

excellence initiatives.

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Table 2: Business Segments- Key Financial Data

IVL has grown volumes in the last twelve months

across its segments. 1Q16 has seen improving

trading conditions across IVL businesses and is

reflected in the PET and the F&Y segments in the

table on the left.

Asia PTA has also shown recovery with Core

EBITDA growth of 30% QoQ and 96% YoY. The

laggard in 1Q16 was West Feedstock where Core

EBITDA was impacted negatively primarily due to

EOEG shutdown.

The Fibers and Yarns segment has provided the

highest boost to IVL earnings with 1Q16 Core

EBITDA higher at 2% QoQ and 21% YoY. This

segment has overcome the reduction in shale related

HVA sales in EMEA with Tire cord sales in Asia to

deliver a 51% boost to its LTM 1Q16 core

EBITDA.

The PET segment has performed well across the

regions in general. Our two Greenfield plants

acquired in 2015 in Turkey and in India are still

ramping up sales and therefore the 1Q16 blended

Core EBITDA/t of PET segment only partially

reflects the actual improvements in trading

conditions.

Our Operating Cash Flow (OCF) is in line with the

healthy growth of our business across geographies

and segments and reflects the growing working

capital needs arising from higher production.

IVL completed two acquisitions in 2016 to date and

added 1.7 million tonnes of new capacity thereby

taking our total capacity to 10.9 million tonnes.

2Q16 should see significant contribution from these

two completed deals as well as EOEG startup.

Management will continue with its disciplined approach to consolidate and extract synergies from its integrated portfolio to deliver superior

results across cycles.

1Q16 4Q15 1Q15

LTM

1Q16

LTM

1Q15 YoY%

Production (000

tonnes) 1,765 1,781 1,627 7,162 6,371 12%

PET 903 862 793 3,524 3,144 12%

Fibers and Yarns 342 338 299 1,358 1,196 14%

Feedstock 519 581 535 2,279 2,030 12%

West Feedstock 237 312 233 1,161 896 30%

Asia PTA 282 269 302 1,118 1,134 (1)%

Operating rate (%) 80% 82% 87% 84% 85% (2)%

PET 82% 82% 83% 83% 84% (1)%

Fibers and Yarns 88% 90% 90% 90% 85% 5%

Feedstock 72% 79% 94% 81% 88% (8)%

West Feedstock 62% 81% 102% 81% 97% (16)%

Asia PTA 83% 78% 89% 81% 82% (1)%

Core EBITDA (THB

in Millions) 4,920 5,339 5,112 22,131 19,526 13%

PET 2,463 2,135 2,145 9,262 9,129 1%

Fibers and Yarns 1,923 1,884 1,582 7,016 4,654 51%

Feedstock 506 1,332 1,580 5,582 6,095 (8)%

West Feedstock 222 1,113 1,435 4,699 5,386 (13)%

Asia PTA 285 219 145 882 709 24%

Core EBITDA/t

(US$/t) 78 83 96 88 94 (6)%

PET 76 69 83 75 89 (16)%

Fibers and Yarns 158 156 162 147 120 23%

Feedstock 27 63 90 70 92 (24)%

West Feedstock 26 97 188 116 185 (37)%

Asia PTA 28 23 15 23 19 17%

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Regional Analysis

Figure 3: North America (NA) Segment

Note: Holding companies earnings are allocated to regions and all historical are restated accordingly

IVL segments in North America had a mixed 1Q16 with HVA fibers, PTA

and PET achieving a strong growth in Core EBITDA of 20% QoQ and 47%

YoY as shown in the chart on the right. The region’s overall results were

overshadowed by the EOEG shutdown for most of 1Q16 as shown in the

table below. IVL achieved a YoY volume growth of 15% in LTM1Q16 and

continues to strategically add and upgrade its portfolio.

The completed acquisition of IVL PTA Montreal in Canada

in June 2015, a gas cracker in the State of Louisiana, USA

in 3Q15 (startup end 2017) and BP Decatur, Alabama, USA

on 31st March 2016 are the strategic steps in this direction.

IVL is now the most integrated company in North America

in our space.

Overall our diversified portfolio of necessities and HVA

continue to perform according to expectations with superior

returns on capital. The company expects to consolidate and

extract synergies from the acquired entities during the

period of 2016-2018.

North America 1Q16 4Q15 1Q15

LTM

1Q16

LTM

1Q15

Necessities 349 407 293 1,561 1,248

HVA 125 154 156 610 641

Production ('000 MT) 474 561 449 2,171 1,889

Necessities 2,049 2,937 4,714 3,854 4,431

HVA 8,280 8,306 8,082 8,061 6,528

IVL North America 3,693 4,413 5,887 5,036 5,143

Necessities 0.7 1.2 1.4 6.0 5.5

HVA 1.0 1.3 1.3 4.9 4.2

IVL North America 1.8 2.5 2.6 10.9 9.7

Core EBIT 0.9 1.4 1.8 7.1 6.2

Net Op CE 61.4 63.0 51.2 61.4 51.2

*ROCE% 5.7% 8.8% 14.3% 11.8% 12.4%

Core EBITDA/t (THB)

Core EBITDA (THB Billion)

*Annualized earnings of the M&A as applicable, holdings allocated and

exclude JV investments, Note: Net Op CE=Net Operating Capital Employed

which exclude projects that has not generated revenues during the period

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Figure 4: Europe, Middle East and Africa (EMEA) Segment

Note: Holding companies earnings are allocated to regions and all historical are restated accordingly

1Q16 saw a recovery in our necessities portfolio of PTA

and PET with 50% QoQ increase in Core EBITDA. This is

a welcome development on the eve of our acquisition of

PTA, PET and IPA acquisition in Spain with economic

interests effective 1st April 2016. Last twelve months have

been challenging for earnings in the EMEA region

especially Turkey following similar situation in Asia and

we now are starting to see sign of improvements in 2016-

2018 as explained earlier. Earnings in HVA QoQ are

steady but lower from the peak of 1Q15 due to slowdown

in shale exploration, an important consumer of our HVA

product.

The Rotterdam PTA Brownfield expansion of 330kta will

be completed in 2H16, which will help strengthen our cost

position and improve our returns. The recent completion of

720kt pa of Cepsa Spain’s assets of IPA, PTA and PET has

improved IVL’s HVA business profile and also help to

consolidate the necessities business of PTA and PET. The

company expects to consolidate and extract synergies with

the acquired entities and the brown-field expansion of PTA

at Rotterdam.

While Nigeria business is performing well despite their

economic constraints, Turkey remains the key challenge in

the short term and management is formulating strategic plans to improve the country performance where we have significant new PET

capacity acquired in 1Q15.

EMEA 1Q16 4Q15 1Q15

LTM

1Q16

LTM

1Q15

Necessities 377 352 347 1,465 1,181

HVA 115 116 117 465 473

Production ('000 MT) 492 468 464 1,931 1,654

Necessities 1,843 1,312 1,907 1,457 2,238

HVA 4,975 4,911 6,672 4,689 5,045

IVL EMEA 2,574 2,201 3,112 2,236 3,041

Necessities 0.7 0.5 0.7 2.1 2.6

HVA 0.6 0.6 0.8 2.2 2.4

IVL EMEA 1.3 1.0 1.4 4.3 5.0

Core EBIT 0.7 0.5 1.0 2.3 3.1

Net Op CE 29.0 27.4 25.9 29.0 25.9

*ROCE% 10.4% 6.9% 15.6% 7.9% 10.5%

Core EBITDA/t (THB)

Core EBITDA (THB Billion)

*Annualized earnings of the M&A as applicable, holdings allocated and

exclude JV investments, Note: Net Op CE=Net Operating Capital Employed

which exclude projects that has not generated revenues during the period

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Figure 5: Asia Segment

Note: Holding companies earnings are allocated to regions and all historical are restated accordingly

The Necessities business in Asia continues to be impacted by over-capacity in general, especially PTA, but there are signs of a slow

recovery. Both necessities and HVA business volumes have grown and quality of earnings improved which can be seen in Core EBITDA/t

and the Core ROCE that has grown to 6.8% in 1Q16 from 2.4% in 1Q15.

Our HVA portfolio in this region continues to perform well

and Core EBITDA has significantly grown and is now on

equal footing with our necessities business in the region.

The acquisition of Performance Fibers in 2Q15 has

expanded the breadth and depth of our HVA product

portfolio in Asia that can be seen in the performance of

HVA business in the table. Core EBITDA for LTM1Q16 in

Necessities has grown 10% YoY whereas HVA EBITDA

has grown by nearly 100% in the same period.

IVL expects to improve Asian Core EBITDA/t by

increasing the number/volume of HVA products and by

enhancing integration and synergies within IVL businesses

such as increasing HVA and Recycling in Thailand while

producing the necessities in Indonesia for domestic

consumption.

The acquisition of Bangkok Polyester PET in 2Q15 and our

maiden entry in India with brand new Micropet PET plant

in 4Q15 are steps to enhance integration and grow in new

attractive markets. More PTA is now being captive

supplied by our own nearby facilities to improve the

logistic costs. The company expects to consolidate and

extract synergies with the acquired entities, shaping our

portfolio and continue to improve the ROCE that has

grown well in 1Q16 over 1Q15.

Asia 1Q16 4Q15 1Q15(R)

LTM

1Q16

LTM

1Q15(R)

Necessities 691 655 641 2,671 2,549

HVA 108 97 73 389 278

Production ('000 MT) 799 752 713 3,060 2,827

Necessities 1,451 1,349 858 1,225 1,162

HVA 8,354 9,831 6,513 9,276 6,542

IVL Asia 2,383 2,439 1,434 2,249 1,691

Necessities 1.0 0.9 0.5 3.3 3.0

HVA 0.9 0.9 0.5 3.6 1.8

IVL Asia 1.9 1.8 1.0 6.9 4.8

Core EBIT 1.0 0.9 0.3 3.1 2.1

Net Op CE 57.4 59.8 47.6 57.4 47.6

*ROCE% 6.8% 6.6% 2.4% 5.3% 4.5%

*Annualized earnings of the M&A as applicable, holdings allocated and

exclude JV investments, Note: Net Op CE=Net Operating Capital Employed

which exclude projects that has not generated revenues during the period

Core EBITDA/t (THB)

Core EBITDA (THB Billion)

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Notes We suggest that investors always read the MD&A together with the published financial statements to get complete details and understanding.

The consolidated financials are based upon the elimination of intra-company (or intra-business segment) transactions. For this reason the total of each

segment may not tally with consolidated financials. Similarly segments total may not match to IVL due to holdings segment

Since 1Q14, IVL has changed the quantity calculation methodology for Fibers & Yarns and included Packaging business quantities in PET. The impacts of

these changes are not material.

The Polyester Chain businesses are generally traded in US dollars and therefore IVL believes in helping its readers with translated US Dollar figures. IVL’s

reporting currency is in Thai Baht and the accompanying pages are an integral part of this report. The accompanying pages report the Reviewed Thai Baht results and its translation into US Dollars at average exchange rates and closing exchange rates where applicable. Readers should rely on the Thai Baht

results only.

Definitions

Core EBITDA is after excluding inventory gains/losses from reported EBITDA. Inventory gains/losses in a period result from the movement in prices of raw

materials and products from the end of the last reported period to the end of the current reported period. The cost of sales is impacted by inventory gains/losses wherein inventory gains decrease cost of sales and inventory losses increase cost of sales.

Core net profit is reported net profit less extraordinary items less tax adjusted inventory gain/loss

Net operating debt is defined as net debt (total debt less cash and current investments) less cash outflow for the various project expansions underway which

are not completed and have not yet started contributing to the earnings of IVL.

Forward-looking Statements The statements included herein contain “forward-looking statements” about the [financial condition and results of operations] of Indorama Ventures Public Company Limited (the “Company”), which are based on management’s current beliefs, assumptions, expectations and projections about future economic

performance and events, considering the information currently available to the management. Any statements preceded by, followed by or that include the

words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should, “predicts”, “projects”, “estimates”, “foresees” or similar expressions or the negative thereof, identify or signal the presence of forward-looking statements as well as predictions,

projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of the

Company. Such forward-looking statements, as well as those included in any other material discussed at the presentation, are not statements of historical facts but concern future circumstances and results and 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 expectations of future results,

performance or achievements expressed or implied by such forward-looking statements.

Factors that could contribute to such differences include, but are not limited to: the highly competitive nature of the industries in which the Company

operates; a potential recurrence of regional or global overcapacity; exposures to macro-economic, political, legal and regulatory risks in markets where the Company operates; dependence on availability, sourcing and cost of raw materials; ability to maintain cost structure and efficient operation of manufacturing

facilities; shortages or disruptions of supplies to customers; operational risks of production facilities; costs and difficulties of integrating future acquired

businesses and technologies; project and other risks carried by significant capital investments including future development of new facilities; exchange rate and interest rate fluctuations; pending environmental lawsuits; changes in laws and regulations relating beverage containers and packaging; the impact of

environmental, health and safety laws and regulations in the countries in which the Company operates.

All such factors are difficult or impossible to predict and contain uncertainties that may materially affect actual results. New factors emerge from time to

time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on the Company. Such forward-looking

statements are also based on numerous assumptions and estimates regarding the Company and its subsidiaries’ present and future business strategies and the

environment in which the Company will operate in the future. Any forward-looking statements are not guarantees of future performance and speak only as

at the date of this presentation, and none of the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement,

amend, update or revise any such forward-looking statements to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based or whether in the light of new information, future events or otherwise, except as

may be required by applicable laws and stock exchange regulations. The above and other risks and uncertainties are described in the Company’s most recent annual registration statement (Form 56-1), and additional risks or uncertainties may be described from time to time in other reports filed by the Company

with the Securities and Exchange Commission of Thailand and the Stock Exchange of Thailand. Given the aforementioned and other risks, uncertainties and

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

The results of operations for the periods reflected herein are not necessarily indicative of results that may be achieved for future periods, and the Company’s

actual results may differ materially from those discussed in the forward-looking statements as a result of various factors not foreseen at the time of giving this presentation.

This statement must 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 will conduct your own analysis and be solely responsible for forming your own view of the potential future

performance of the Company’s business.

2013-15

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Table of Contents and Annexure

Table 1: Financial Summary - Core Financials of Consolidated IVL ........................................................ 2 Table 2: Business Segments- Key Financial Data ...................................................................................... 4

Table 3: Revenue Breakup by Geography .................................................................................................. 9 Table 4: Reconciliation of Core Profit after tax and NCI to Reported Net Profit .................................... 10 Table 5: Cash Flow Statement .................................................................................................................. 11 Table 6: Debt Profile ................................................................................................................................ 11 Table 7: Capex Plan 2016-18 ................................................................................................................... 12

Table 8: M&A Deals announced/completed in 2016 ................................................................................ 12 Table 9: Joint Ventures Performance ....................................................................................................... 12

Table 10: IVL Consolidated Statement of Income .................................................................................... 13 Table 11: IVL Consolidated Statement of Financial Position .................................................................. 14 Table 12: Analysts Coverage and IVL Contacts ....................................................................................... 15

Figure 1: IVL’s HVA Profile....................................................................................................................... 3 Figure 2: IVL’s Differentiation Profile....................................................................................................... 3 Figure 3: North America (NA) Segment ..................................................................................................... 5

Figure 4: Europe, Middle East and Africa (EMEA) Segment .................................................................... 6 Figure 5: Asia Segment ............................................................................................................................... 7

Figure 6: Annual Business Segments-Production Volume and Core EBITDA ........................................ 10

Figure 7: Repayment Schedule of Long Term Debts ................................................................................ 12

Table 3: Revenue Breakup by Geography

1Q16 4Q15 1Q15 LTM1Q16 LTM1Q15 YoY% (1)Total revenues

Baht in millions 57,164 57,479 53,660 238,202 235,921 1%

USD in millions 1,604 1,595 1,644 6,805 7,266 (6)% (2)Proportion of revenues by geographic

Thailand 6% 7% 6% 6% 6%

Rest of Asia 20% 19% 20% 19% 21%

North America 36% 36% 33% 36% 34%

Europe 30% 30% 34% 29% 30%

Rest of the World 7% 9% 7% 9% 9%

(1) Consolidated financials are based upon elimination of intra-company (or intra business segment) transactions (2) Breakup by customer sales location

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Figure 6: Annual Business Segments-Production Volume and Core EBITDA

Table 4: Reconciliation of Core Profit after tax and NCI to Reported Net Profit

THB in Millions 1Q16 4Q15 1Q15(R) LTM1Q16 LTM1Q15 YoY%

Core Net Profit after Tax and NCI 1,323 1,760 1,222 6,588 4,606 43%

Inventory gain (loss) (563) (1,330) (1,419) (2,062) (3,857) (47)%

Total tax on Inventory gain/(loss) 69 200 470 226 786 (71)%

Net profit, before extraordinary items 828 631 273 4,752 1,535 210%

Add: Non Operational/Extraordinary

income/(expense) 3,276 (361) 138 5,551 135

Acquisition cost & pre-operative expense (10) (38) (19) (157) (145) 8%

Gain on Bargain Purchases, impairments and feasibility

study (Net)* 3,290 (314) 202 5,725 708 708%

Other Extraordinary Income/(Expense) (3) (8) (45) (17) (428) (96)%

= Net profit after tax and NCI 4,104 270 410 10,303 1,670 517% *Gain on bargain purchase needs to be accounted for on completion of any acquisition as per Thai Accounting Standards. 4Q15 net amount mainly

comprises of deferred tax impairment of PTA assets in Thailand.

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Table 5: Cash Flow Statement THB in Millions 1Q16 4Q15 1Q15 LTM1Q16 LTM1Q15 YoY%

Core EBITDA 4,920 5,339 5,112 22,131 19,526 13%

Income tax (71) (225) (25) (637) (269) 136%

Net working capital and others(1) 115 1,687 3,924 (735) 7,425 -

Operating Cash Flow (OCF) 4,965 6,801 9,012 20,759 26,682 (22)%

Net Growth & Investments CAPEX(2) (17,807) (4,656) (3,002) (44,673) (12,958) 245%

Maintenance Capex (634) (624) (378) (2,125) (2,104) 1%

Net financial costs (705) (1,224) (473) (3,776) (3,366) 12%

Dividends and Perp Interest (265) (265) (319) (3,124) (1,972) 58%

Proceed from perpetual debentures - - - - 14,874 -

Increase/(Decrease) in Net Debt on cash basis(3) 14,446 (33) (4,840) 32,939 (21,157) -

Note: (1) Includes inventory gain/ (loss) (2) Includes net proceeds from disposals of PPE, other non-current investments and assumed net debt on acquisitions. (3) Includes effect of foreign exchange rate changes on balance held in foreign currencies and on the net debt changes over the period of cash flow, due to which the increase/decrease in net debt as per statement of financial position might be different.

Table 6: Debt Profile

US$ in Millions 1Q16 2015

Total Debt 2,851 2,317

Bank overdraft and short-term loans 596 336

Long term debt (Current portion) 123 59

Debentures (Current portion) 125 80

Long term debt (Non-current portion) 1,135 946

Debentures (Non-current portion) 871 895

Cash & Cash under management 222 118

Cash and cash equivalents 204 90

Current investments and loans given 18 29

Net Debt 2,628 2,198

(1)Non-operating Debt (Project Debt) 787 334

Net Operating Debt 1,842 1,865

Net debt to equity (times) 1.1 1.0

Net operating debt to equity (times) 0.8 0.8

Debts with fixed interest % 58% 68%

Credit Rating by TRIS (Reaffirmed in October 2015) A+ A+

Liquidity 1.4 1.4

Unutilized credit line (US$ billions) 1.2 1.3

Financial Ratios

Current ratios (times) 1.1 1.2

Debt Servicing Coverage Ratio (DSCR) times 2.2 2.3

Interest coverage ratio (times) 4.6 5.4

Note (1) Net debt after debt for Capex and investments in progress that are not generating revenue and earnings as on date.

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Figure 7: Repayment Schedule of Long Term Debts

Table 7: Capex Plan 2016-18

Year Amount Rationale

2016: US$ 1.0 billion BP Decatur, Cepsa Spain, US Cracker refurbishing, Rotterdam PTA expansion, debottleneck

projects and maintenance capex.

2017: US$ 0.4 billion US Cracker refurbishing, debottleneck projects and maintenance capex.

2018: US$ 0.2 billion Mainly on debottleneck projects and maintenance capex.

The Company cannot guarantee that events in the future won’t change this plan. This information is provided based on current plans only.

Table 8: M&A Deals announced/completed in 2016

Name Project Name Product Country Capacity

(Kt)

Announced Completed

Cepsa (Spain) Lion II IPA, PET,PTA Spain 720 12th Nov 2015 1st Apr 2016

BP Decatur AlphaPet II PX, PTA, NDC USA 1,020 7th Jan 2016 31st Mar 2016

Table 9: Joint Ventures Performance

THB in Millions 1Q16 4Q15 1Q15 LTM1Q16 LTM1Q15 YoY%

Joint Ventures (JV) Income /(Loss) (26) (148) (92) (330) (793) (58)%

Ottana – Mothballed in 2014* (8) (14) (8) (49) (269) (82)%

Polyprima, Indonesia (43% PTA JV) (53) (158) (97) (372) (565) (34)%

Others (FiberVisions, PHP China, Mexico) 35 23 13 90 41 120% *Excludes loss on impairment of assets recorded in 2014

13

Table 10: IVL Consolidated Statement of Income Reported Financials

1Q16 vs.

THB in millions 1Q16 4Q15 1Q15(R) 4Q15 1Q15(R) LTM1Q16 LTM1Q15(R) Y oY%

Net sales 57,164 57,479 53,660 (1)% 7% 238,202 235,921 1%

(1)Other income (expense), net 278 617 226 (55)% 23% 1,646 1,448 14%

Total Revenue 57,442 58,095 53,887 (1)% 7% 239,848 237,369 1%

(2)Cost of sales 50,608 51,740 48,106 (2)% 5% 210,671 213,646 (1)%

Gross profit 6,834 6,356 5,781 8% 18% 29,177 23,723 23%

(2)Selling and administrative expenses 4,796 4,912 4,024 (2)% 19% 18,863 16,296 16%

Foreign exchange gain (loss) (24) 19 (123) (225)% (81)% 147 154 (4)%

EBITDA 4,357 4,009 3,693 9% 18% 20,069 15,669 28%

Depreciation and amortization 2,342 2,546 2,059 (8)% 14% 9,608 8,088 19%

Operating income 2,015 1,463 1,634 38% 23% 10,461 7,581 38%

(3)Share of profit/(loss) from JV (26) (148) (92) (83)% (72)% (330) (793) (58)%

(4)Extraordinary income/ (expenses) 3,276 (361) 138 5,551 135

Net interest (947) (967) (816) (2)% 16% (3,711) (3,441) 8%

Profit (loss) before tax 4,318 (13) 864 400% 11,971 3,481 244%

Income tax expense 147 (341) 363 (59)% 1,412 1,511 (7)%

- Current tax expense/(income) 211 103 170 104% 24% 868 514 69%

- Deferred tax expense (64) (444) 193 (86)% 544 997 (46)%

Profit/(loss) for the period 4,171 328 500 1,172% 734% 10,559 1,970 436%

Non-controlling interests (NCI) 66 58 90 15% (26)% 256 300 (15)%

Net profit/(loss) after NCI 4,104 270 410 1,419% 900% 10,303 1,670 517%

(5)Interest on subordinated capital debentures

(PERP)

(209) (212) (207) (1)% 1% (842) (350) 141%

Net profit/(loss) after NCI & PERP interest 3,895 58 203 6,570% 1,817% 9,461 1,320 617%

Weighted average no. of shares (in Millions) 4,814 4,814 4,814 0% 0% 4,814 4,814 0%

EPS (in Baht) 0.81 0.01 0.04 6,570% 1,817% 1.97 0.27 617%

Core Financials

THB in millions

EBITDA 4,357 4,009 3,693 9% 18% 20,069 15,669 28%

Less: Inventory gain/(loss) (563) (1,330) (1,419) (58)% (60)% (2,062) (3,857) (47)%

Core EBITDA 4,920 5,339 5,112 (8)% (4)% 22,131 19,526 13%

Net profit/(loss) after NCI 4,104 270 410 1,419% 900% 10,303 1,670 517%

Less: Inventory gain/(loss) – tax adjusted (494) (1,129) (949) (56)% (48)% (1,836) (3,071) (40)%

Less: Extraordinary income/ (expenses) 3,276 (361) 138 5,551 135

Core net profit after NCI 1,323 1,760 1,222 (25)% 8% 6,588 4,606 43%

(5)Interest on subordinated capital debentures

(PERP)

(209) (212) (207) (1)% 1% (842) (350) 141%

Core net profit after NCI & PERP interest 1,113 1,548 1,015 (28)% 10% 5,745 4,256 35%

Core EPS (THB) 0.23 0.32 0.21 (28)% 10% 1.19 0.88 35%

(6)Net Operating Core ROCE (before JV’s

and with M&A Annualized ) % 7.1% 7.9% 10.0% 8.5% 8.9%

(1) This by our internal classification includes insurance claim for business interruption loss of profits (2) This by our internal classification includes depreciation and amortization

expenses (3) This by our internal classification excludes impairment expenses (4) This by our internal classification includes gain on bargain purchase on new acquisitions and their

related transaction costs, pre-operative expenses. (5) Interest net of tax on Baht 15 billion Perpetual Debentures issued in October 2014 (6) M&A earnings annualized in ROCE%

calculation to present the ratio appropriately and historical are restated accordingly.

Note: The consolidated financials are based upon elimination of intra-company (or intra business segment) transactions. For this reason the total of each segment may not tally with

consolidated financials.

14

Table 11: IVL Consolidated Statement of Financial Position

THB in millions 31-Mar-16 31-Dec-15

31-Mar-16 vs.

31-Dec-15

Assets

Cash and current investments 7,286 3,684 98%

Trade accounts receivable 29,548 27,500 7%

Inventories 34,487 31,786 9%

Other current assets 7,529 7,579 (1)%

Total current assets 78,850 70,548 12%

Investment 1,961 1,962 (0)%

Property, plant and equipment 133,854 120,366 11%

Intangible assets 25,308 23,370 8%

Deferred tax assets 2,541 2,687 (5)%

Other assets 3,294 2,708 22%

Total assets 245,808 221,641 11%

Liabilities

Bank OD and short-term loans from financial institutions 21,013 12,115 73%

Trade accounts payable 31,456 31,149 1%

Current portion of long-term loans 4,332 2,118 105%

Current portion of debenture 4,398 2,898 52%

Current portion of finance lease liabilities 10 8 14%

Other current liabilities 10,555 9,095 16%

Total current liabilities 71,763 57,383 25%

Long-term loans from financial institutions 39,976 34,140 17%

Debenture 30,708 32,310 (5)%

Finance lease liabilities 19 16 17%

Deferred tax liabilities 13,359 11,223 19%

Other liabilities 3,690 3,615 2%

Total liabilities 159,515 138,688 15%

Shareholder's equity

Share capital 4,814 4,814 0%

Share premium 29,775 29,775 0%

Retained earnings 34,131 30,291 13%

Reserves (451) 71

Total equity attributable to shareholders 68,269 64,951 5%

Subordinated perpetual debentures 14,874 14,874 0%

Total equity attributable to equity holders 83,143 79,825 4%

Non-controlling interests (NCI) 3,150 3,128 1%

Total shareholder's equity 86,293 82,953 4%

Total liabilities and shareholder's equity 245,808 221,641 11%

Note: The consolidated financials are based upon elimination of intra-company (or intra business segment) transactions. For this reason the total of each segment may not totally

with consolidated financials.

15

Table 12: Analysts Coverage and IVL Contacts

AEC SECURITIES PUBLIC COMPANY LIMITED KKTRADE SECURITIES COMPANY LIMITED

AIRA SECURITIES PUBLIC COMPANY LIMITED KTB SECURITIES (THAILAND) COMPANY LIMITED

ASIA PLUS SECURITIES PUBLIC COMPANY LIMITED LH SECURITIES LIMITED

BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAYBANK KIM ENG SECURITIES (THAILAND) PUBLIC COMPANY LIMITED

CAPITAL NOMURA SECURITIES PUBLIC COMPANY LIMITED MORGAN STANLEY, SINGAPORE

CIMB SECURITIES (THAILAND) CO., LTD PHATRA SECURITIES PUBLIC COMPANY LIMITED

CITI GROUP PHILLIP SECURITIES (THAILAND) PUBLIC COMPANY LIMITED

CREDIT SUISSE SECURITIES (THAILAND) LIMITED RHB OSK SECURITIES (THAILAND) PUBLIC COMPANY LIMITED

DBS VICKERS SECURITIES (THAILAND) COMPANY LIMITED SCB SECURITIES COMPANY LIMITED

FINANSIA SECURITIES LIMITED THANACHART SECURITIES PUBLIC COMPANY LIMITED

HSBC, UAE TISCO SECURITIES COMPANY LIMITED

JPMORGAN SECURITIES (THAILAND) LIMITED TRINITY SECURITIES COMPANY LIMITED

KASIKORN SECURITIES PUBLIC COMPANY LIMITED UBS SECURITIES (THAILAND) LIMITED

KGI SECURITIES (THAILAND) PUBLIC COMPANY LIMITED UOB KAY HIAN SECURITIES (THAILAND) PUBLIC COMPANY LIMITED

IVL Contacts: Richard Jones (Head of Investor Relations and Corporate Communications)

+6626616661 Ext: 680 Email: richard.j@indorama.net

Vikash Jalan (Joint Vice President – Strategy, ECM and Corporate Finance)

+6626616661 Ext: 134 Email: vikash.j@indorama.net