A Global Leading Thai Chemical Company

A Global Leading Thai Chemical Company

January 28, 2016

IVL Capital Markets Day

2

D.K. Agarwal

CEO PET & Feedstock The Most Global Polymers Company

Tom Zaiser

CEO FiberVisions The World’s Fiber Company

Boriboon Sangiambut

VP Feedstock Truly Global Integrated Producer

Aloke Lohia

Vice Chairman & CEO A Global Leading Thai Chemical

Company

Today’s Presenters

D.K. Agarwal CEO PET & Feedstock The Most Global Polymers Company

4

The Most Global Polymers Company

PET & Packaging

North America 5 Production Sites

EMEA 10 Production Sites

Asia & ROW 15 Production Sites

49%* Of Production

51%* Of Revenue

$ 4.0 B

42%* Of EBITDA

Recycling

Food

Performance

2016

Capacity 4.6MMt

34% 35%

31%

Resin

Note: *Percentage of IVL 2015E Core Financials

Includes BP Decatur & Cepsa Spain

Beverage

5

7% 9%

16%

24%

-20%

-10%

0%

10%

20%

0

1

2

2012 2014 2016 2018

Net Capital Employed ROCE$B

0

250

500

2012 2014 2016 2018

3.6 3.8

4.6 4.8

0

2

4

6

2012 2014 2016 2018

2.6 3.1 3.9 4.3

78%

85% 86% 89%

0

2

4

6

2012 2014 2016 2018

Operating rate

Business Plan 2016-2018: Polymers

Capacity Production

Raw Material Margin EBITDA

MMt MMt

ROCE

Revenue

90% 84% 83% 82%

4.3 4.4 4.3

5.3

0

2

4

6

2012 2014 2016 2018

HVA Necessity$B

$M

91% 79% 76%

75%

0.7 0.8

0.9

1.0

0.0

0.4

0.8

1.2

2012 2014 2016 2018

HVA Necessity$B

Note: PET + Packaging

6

Packaging Personal Care Automotive Medical Industrial Functional Electronics

>9bn

People by 2050 Of New Middle Class in

Next 20 Years

3bn

Of the World Will Live in Cities

60%

More Energy Needed by 2050 if Business As Usual

2x

Diversified and Growing Markets

Translating Megatrends into Demand for Our Products

Source: Industry Data, IVL Analysis

7

Supportive Macro and Industry Outlook 2016-2018

Economy Industry Crude Oil Forex

Macroeconomic and industrial growth

Low oil adding upside to global GDP

China manufacturing discipline

Increased substitution demand

Strengthening USD positive for IVL

8

Population Growth • Increase in population and changing

demographics lead to greater demand

for necessities such as food and

beverages

Urbanization, Middle Class • Growing middle class and urbanization

in emerging markets

Higher Income Levels • Wealth increase and upside

purchasing power in emerging markets

Infrastructure Development • The prevalence of supermarkets and

convenience stores allows for ready

access to packaged food and

beverages as well as impulse

purchase spending

Attractive Industry Dynamics and Trends Compelling Product Attributes Driving PET Success

Health Awareness • Poor quality of tap water in emerging

countries and health awareness

driving bottled water consumption

Product Innovations • Continued improvements in design,

process, technology create new

product applications

Brand Differentiation • Brand owners increasingly use

packaging as a source of

differentiation

Lifestyle Changes • Demand for more convenient and

aesthetic packaging

• Consumers are increasingly

encouraged to shift towards more on-

the-go consumption

Source: IVL Research

http://images.google.com/imgres?imgurl=http://acai-berry-product.com/blog/wp-content/uploads/2008/10/supermarket.jpg&imgrefurl=http://acai-berry-product.com/blog/2008/10/06/can-you-find-acai-berry-fruit-in-supermarket/&usg=__S428lYX4v3dPigwp82zQoPWrDeY=&h=480&w=640&sz=39&hl=en&start=2&um=1&tbnid=wrzMeV6DQfoQvM:&tbnh=103&tbnw=137&prev=/images?q=supermarket&hl=en&rls=com.microsoft:en-us&um=1

9

Continued PET Consumption Growth

PET Remains the Material of Choice

12 13

15 15 15

16 17 17

18 19

20 21

22 22

23 24

2005200620072008200920102011201220132014

2015E2016E2017E2018E2019E2020E

Water CSD Other Beverages Packaging & Sheet Beer

12 13

15 15 15

16 17 17

18 19

20 21

22 22

23 24

2005200620072008200920102011201220132014

2015E2016E2017E2018E2019E2020E

Asia Europe North America Rest of World

Global PET Demand By Product Global PET Demand By Region

MMt MMt


~1 million tonnes of new PET consumption every year

10

Structural Changes Underpin On-Going Growth

Lower Prices Support PET Growth with Material Switching

Other Materials Created Additional Space for PET to Grow

-2%

-14%

-32%

-42% -41%

Glass Paper Aluminum HDPE PP PET

Price changes from 1/2014 through 01/2016YTD


The Most Cost Effective Alternative

11

Undisputable PET Industry Leader Clearly The #1 Producer and Sole Global Player

Key Highlights Serving Global Customers Locally

>15

%

Specialty

Polymers

Recycled

Resins

#1 Global market

position

18%

Global market

share

1st Quartile

Manufacturing

Assets

Industry

Leader

Truly

Local

High Value

Added

Cost

Position

Asia 7 production sites

Capacity share:

Thailand 55%,

Indonesia 45%, India

12%, China 6%

HVA and recycling

EMEA

7 production sites

Capacity share:

Europe 33%, Turkey

45%, Nigeria 100% HVA

North America

4 production sites

Capacity share 33%

HVA and recycling

Europe

Africa

India

US China

SEA

Turkey

Mexico


12

IVL North America PET Business

Sustainable Advantage of Domestic Production

Business Drivers Strong Production Platform

Market Drivers

Demand growth 2% CAGR

Low energy prices support low cost of

production

Potential anti-dumping duties in USA to

result in imports replacement

Business Drivers

Growing HVA production

Attractive pipeline of new innovative

products

Recycling at the heart of our strategy

Synergies across the portfolio

Domestic Presence Ensures Competiveness

33% 13%

22%

18%

11%

8%

10%

26%

24% 34%

378 373

YTD Nov14 YTD Nov15

China Oman India Taiwan Others

ADD

Affected

251 KMT

(66%)

ADD

affected

147 KMT

(39%)

US PET Imports (Non NAFTA)

US

Mexico

KMT

N.America 4 Sites

Capacity: 1.5 MMt

13

IVL EMEA PET Business

Customer Reach Beyond Compare


Market Drivers

Demand growth at 2% CAGR

Reducing imports as domestic production

becomes more competitive

Industry consolidation

Business Drivers

Unbeatable market and customer reach

Turkey market with high growth potential

Growing HVA production


Domestic Presence Ensures Competiveness

KMT

760

480

2014 2015

-36%

EU & Turkey PET Imports

Domestic Production Replacing Imports

Europe

Africa

Europe 5 Sites

Capacity 1.1 MMt

Africa 1 Site

Capacity 0.1MMt

Turkey 2 Sites

Capacity 0.4MMt


14

IVL Asia PET Business

Domestic Presence in Attractive Markets


Market Drivers

Strong demand growth at 6-10%

Industry consolidation

Domestic sales and product differentiation

provide advantage

Business Drivers

Entry into India market

Acquisition of Bangkok Polyester

Growing HVA portfolio


Domestic Presence Ensures Competiveness Growing HVA Portfolio

India China

SEA India 1 Site

Capacity 0.2 MMT

China 1 Site

Capacity 0.6 MMt

SEA 5 Sites

Capacity 0.6 MMt

KMT

2012 2015 2018

HV Germanium 5 Gallon Bottle Blood tube EBM Bio

Specialty PET Sales Volume


15

Food & Beverages

Diversified High-Value Add PET Portfolio Inventing the Future Everyday

End Markets End Use Applications

Solar panels

Wind turbines

LED

Pharma

Blood tubes

Face shields

Bio-based PET resins

Recycled PET bottles

Recycled PET trays

Beer, milk, wine applications

Oxygen barrier resins

Multi-serve resins

Bio & Recycle

Medical

Industrial & Electronics

Personal & Home Care

Note: Examples only and not exhaustive

Shampoo containers

Body care

Cosmetics

Tom Zaiser CEO FiberVisions The World’s Fiber Company

17

The World’s Fibers Company




19%* Of Production

27%* Of Revenue

$ 2.1B

29%* Of EBITDA

2016

Capacity 1.6MMt

16%

55%

28%

Differentiated Portfolio

Automotive

Apparel & Home

Personal Care

23% 15%

Industrial

24% 38%


18

0.9

1.4 1.6 1.6

0

1

2

3

2012 2014 2016 2018

4% 8%

15% 20%

-20%

-10%

0%

10%

20%

30%

0

1

2

2012 2014 2016 2018


0.8 1.1 1.5 1.5

92%

85%

93% 97%

50%

60%

70%

80%

90%

100%

0

1

2

3

2012 2014 2016 2018

Operating rate

Business Plan 2016-2018: Fibers Segment

Capacity Production


MMt MMt

ROCE

Note: Core financials, IVL Analysis

Revenue

25%

25% 33% 35%

1.4

2.2 2.4

2.7

0

1

2

3

2012 2014 2016 2018

HVA Necessity$B

$M

25%

16% 15%

16%

0.4

0.8 1.0

1.1

0.0

0.5

1.0

1.5

2012 2014 2016 2018

HVA Necessity$B

0

200

400

2012 2014 2016 2018

EBITDA

19

IVL’s Shared, Leveraged Business Model Synergistic Fiber Portfolio

Automotive Personal Care Apparel & Home Industrial

IVL Culture

Sustainability

Global Procurement

Operational Excellence

R&D Platform

IT Platform C

us

tom

ers

Ma

rke

ts

Tech

no

log

ies

Man

ufa

ctu

ring

Inte

llec

tua

l Pro

pe

rty

Bra

nd

s

20

Leadership in HVA Segments

Automotive Segment Personal Care Segment

Industrial Home & Apparel

Market Share

2018 1.5%

2015 1.5%

Market Share

2018 1.4%

2015 1.4%

Market Share

2018 4.4%

2015 4.4%

Market Share

2018 22%

2015 21%

8%

58% 13%

12%

9%

1.4% 1.2%

0.9% 0.8% 0.7%

IVL Nanya ZheijiangGuxiandao

Hengli Dura Fiber

2015 Market Size

20KMT

21%

5% 5% 3% 3%

IVL DEX Huvis Nanya FarEastern

2015 Market Size

1.3KMT

7% 6% 5%

4% 3%

Kordsa DuraFiber Hyosung IVL Toray

2015 Market Size

2.7KMT

4.5%

3.3%

2.1% 2.0% 1.9% 1.5%

2015 Market Size

38KMT


21

Diversified High Value Add Fiber Portfolio Meeting Mission-Critical Demands

End Markets End Use Applications

Airbags

Tires

Seatbelts

Automotive

(Polyester, PA 66)

Shale gas cracking

Geotextiles

Filtration

Industrial

(Polyester, PA 66, PP, PLA)

Specialty apparel

Protective apparel

Bio-active textiles

Home & Apparel (Polyester)

Wound care

Surgical masks

Filters

Medical (Polyester, PP)

Note: Examples only and not exhaustive

Diapers

Wipes

Feminine Hygiene Products

Personal Care

(Polyester, PP)

22

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

2012 2013 2014 2015

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

2012 2013 2014 2015

HVA Has a Lower Volatility of Prices

$/MT

IVL Inventory Gains/Losses and Feedstock Prices Are Highly Correlated

-60

-10

40

90

-400

-200

0

200

400

600

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Changes in PX Price Asia IVL Inventory Gain/(Loss)

Inventory Gain/Loss: Necessities Inventory Gain/Loss: HVA

% of sales % of sales

23

LOW HIGH FUNCTION ORIENTATION

LO

W

HIG

H

FA

SH

ION

O

RIE

NTA

TIO

N

Scope for IVL to drive

functionality

(Co-Branding)

Convergence of performance and fashion

IVL innovation set to gain share

IVL only fiber player with presence across all major demand centers

24

Expanding Tire Production Globally

0

500

1,000

1,500

2,000

2014 2015 2016 2018

America Europe China Other Asia ROW

Global Tire Production

195

MM

Tires More Produced

in 2018 than in 2015

92

KMT

More Yarn for Tires


MM Units


25

World’s Airbag Demand Outpaces Car Production

0

100

200

300

400

500

2014 2015 2016 2018

Europe America China Other Asia ROW

Global Airbag Production

MM units 68

MM

More Airbags Produced


25

KMT

More yarn for airbags in 2018

than in 2015


26

0

100

200

300

400

500

600

700

2014 2017 2020

Adult Incontinence Diapers Femcare

Opportunity for Continued Penetration in Personal Care

98% 95%

27%

7%

0%

20%

40%

60%

80%

100%

120%

Diapers Penetration Rate - 2014

Strong Demand for Hygiene Products

Diapers, AI & Fem Care

0

1,000

2,000

3,000

4,000

5,000

6,000

2014 2017 2020

Sanitary Wipes

Global Hygiene NW Demand

Billion Units KMT

IVL is Well Positioned to Capture Growth


27

Global R&D Platform

Culture of Collaboration

Joint Development

Customer Alliances

Shared Values

Shared Technologies

Converting Strategy into Value

“Sustainable

growth and steady

cash flows

Maximize potential

of existing

businesses

Participate and

grow in leading

future businesses ”

Boriboon Sangiambut VP Feedstock Truly Global Integrated Producer

29

The Most Global Integrated Producer




2016

Capacity 4.8MMt

40% 38%

22%

32%* Production

22%* Revenue

$ 1.8B

IPA

NDC

Paraxylene

Strategic Integration

PTA PEO

MEG

Ethylene

29%* EBITDA


Source: Including BP USA & Cepsa Spain M&A, Project Houston

30

0

100

200

300

400

500

600

2012 2014 2016 2018

EBITDA

2.3 2.3

4.8 5.2

0

2

4

6

2012 2014 2016 2018

5% 7% 10%

17%

-20%

-10%

0%

10%

20%

0

1

2

3

2012 2014 2016 2018


1.9 2.0

3.6 4.8 83% 87%

87% 92%

50%

60%

70%

80%

90%

100%

0

2

4

6

2012 2014 2016 2018

Operating rate

Business Plan 2016-2018: Feedstock Segment

Capacity Production


MMt MMt

ROCE


Revenue

86% 74%

78% 75%

1.1 0.9

1.6

2.0

0

1

2

2012 2014 2016 2018

HVA Necessity$B

$M

83% 77%

77% 80%

0.4 0.5

0.9

1.4

0

1

2

2012 2014 2016 2018

HVA Necessity$B

31

Strategic Integration Provides Advantage

North America EMEA ASIA Global

Number of sites

Integration Number of Sites



Integration

PX 1 67% - - - - 1 27%

PTA 2 100% 2 75% 2 73% 6 86%

MEG 1 55% - - - - 1 17%

IPA - - 1 100% - - 1 100%

Strategic Integration

Feedstock Security

Reliability of Supply to Customers

Value Chain Capturing

32

Complete Value Chain Integration in North America

Downstream Intermediates Upstream Feedstock

PX Capacity: 0.72 MMt

Propylene Capacity: 0.03 MMt

Ethylene Capacity: 0.37 MMt

PTA Capacity: 1.62 MMt

Polypropylene

MEG Capacity: 0.33 MMt

NGLs: Ethane/Propane PP Fiber

Capacity: 0.10 MMt

PET Resin Capacity: 1.52 MMt

Poly Fiber Capacity: 0.12 MMt

PEO Capacity: 0.22 MMt

Crude Oil => Naphtha

IVL NA Facilities Third Parties

Ortho-xylene +

Butadiene NDC

Entry into PET through

acquisition of Starpet

2003 Entry into HVA with

acquisition of Invista

2011 Integration into EO/EG

with Old World

2012 Integration into PTA

with Cepsa

1H15 Ethylene Integration

2015 Integration into PX,

PTA + New HVA (NDC)

2015

Performance

polymers and films

33

US Cost Advantage Remains Strong Even At Low Oil Price

Source: IHS

$/ MMBTU

0

5

10

15

20

25

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

2012

201

3

201

4

201

5

201

6

U.S. Ethane Brent U.S. NG

1 Crude, ethane, NG roughly same value

NG decouple from crude.

Ethane remains linked to crude

2 Ethane Decouples

from crude and linked to NG 3

94

244

1021

1175

100

261

881

1104

132 215

507 627

0

200

400

600

800

1,000

1,200

ME Ethane US Ethane WE Naphtha NEA Naphtha

2013 2014 2015

$/MT

$410/ton

Energy Price Relationship

Ethylene Cash Cost

34

Project Houston USGC World ScalePlant

0

200

400

600

800

1,000

2,000

2,500

Project Houston USGC WorldScale Plant

Asian Naphtha1MMTPA

0

500

1000

1500

2000

2500

Project Houston

Benefits from Lower Capex and Integration

Note: *Capital reward = Simple 5 years pay back.

**Net Raw Material = Raw Material – Byproduct Credit

Cracker Investment Cost 2015 Ethylene Cost Comparison

$/MT $/MT

Capital Reward* Total Cost

Best in class investment cost offers protection

from low crude / margin environment

Marginal conversion cost penalty offset by

significantly lower CAPEX

~25%

35

80%

90% 88% 94%

98% 99%

60%

70%

80%

90%

100%

0

500

1000

1500

2012 2013 2014 2015 2016 2017

Utilization Demand Capacity

Attractive High Value Add IPA Business

Leading Global Position

Limited Number of Market Players Growing IPA Markets

Increasing Capacity Utilization Superior and Steady IPA Margins

260 220

200 200

70 68 50

Lotte CEPSA FHR Formosa MGC Eastman Sinopec

Global IPA Capacity - 2015 (KMT)

23%

20%

9%

48%

KMT (€/MT)

2012 2013 2014 2015

IPA-Meta-Xylene Spread

Ø ~670

Average

Global IPA Demand - 2015 (KMT)


~930 KMT

~6-7%

CAGR

PET

Polymers

Coatings

Others

Unsaturated

Polyester

Resins

Own

Tech. ✔ ✔ ✗ ✗ ✗ ✗ ✗

21 77 97 -37 -70 -70

Meta-Xylene Surplus /(Deficit)

Utilization Rate (%)

Aloke Lohia Vice Chairman & CEO

A Global Leading Thai Chemical

Company

37

Touching Billions of Lives

We Are Closer Than you Think

1 in 6 plastic bottles

is made

from IVL polymers

1 in 2 premium baby diapers

is made

from IVL fibers

1 in 4 airbags is made

from

IVL yarns

Source: Industry Data, IVL Management Estimates 2015

38

IVL’s Key Essential Elements

EB

ITD

A M

arg

in

Top line growth

Competitive cost

Growing value addition

Effective capacity utilization Resilient products

SCM for reduced cost of delivery

Favorable trends and demographics

Operational excellence

Co

re E

PS

Core EBITDA

Co

st

of

de

bt

Cash Flow

Net debt/Equity

Net debt/EBITDA

Div

ide

nd

pa

yo

ut

Cyclical products

Advantaged Raw Materials Sustainability

39

IVL’s Differentiation

EB

ITD

A M

arg

in

Top line growth Competitive cost

Growing value addition

Effective capacity utilization

Resilient products

SCM for reduced cost of delivery

Favorable trends and demographics

Operational excellence

Co

re E

PS

Core EBITDA

Co

st

of

de

bt

Cash Flow

Net debt/Equity

Net debt/EBITDA

Div

ide

nd

pa

yo

ut

Cyclical products

Advantaged Raw Materials Sustainability

Innovation

Technology

R&D

40

One Company, One Team, One Goal

More than 14,000 People at the Heart of IVL

41

32% of Net Revenue

3 Countries

16 Production Sites

3 R&D Centers

>95% Domestic Sales

North America

30% of Net Revenue

13 Countries

21 Production Sites

4 R&D Centers

>95% Domestic Sales

EMEA

Truly Global Production Footprint 21 Countries, 65 Sites, 10 R&D Centers

38% of Net Revenue

5 Countries

28 Production Sites

3 R&D Centers

>75% Domestic Sales

Asia & ROW

Note: Net revenue by sales for 2015E; Domestic sales are sales sold within a region

Including BP USA & Cepsa Spain M&A not icompleted

42

Enhancing Our Portfolio

Diversified Markets With Long-Term Growth

6.8 7.5 10.0

Installed

Capacity

Revenue

63% 59% 52% 53%

20% 29% 29% 27%

11% 6% 14% 14% 6% 6% 5% 5%

2012 2014 2016 2018

Pet Fibers & Yarns Aromatics Olefins

53% 50% 42% 42%

13% 19% 14% 14%

26% 23% 38% 36%

8% 7% 5% 8%

2012 2014 2016 2018

Segment

6.8 8.3 10.0

43% 37% 36% 35%

23% 29% 29% 30%

33% 34% 34% 35%

2012 2014 2016 2018

NA EMEA Asia

34% 30% 36% 38%

25% 27% 30% 29%

41% 43% 33% 33%

2012 2014 2016 2018

Region

MMt MMt

8.3 7.5 $B $B

6.8 7.5 11.6 6.8 11.0 11.6 11.0 7.5

43

1,044

1,116

950

429

$3,537M

PET Fibers & Yarns Aromatics Olefins

890

990

696

232

$2,811M

Increasing Value Addition Over Time

Capturing More Value Chain Margin

820

786

207

263

$2,064M

23% 27% 34% 35%

680

435

213

206

$1,538M

% of

IVL Revenue

2012

2014

2016F

2018F

Raw Material

Margin $M

44

Strategically Building on Our Polyester Core Opportunity to Replicate Success in Other Value Chains

Note: US gas cracker project expected start-up in 4Q17

PET Packaging

Fibers

Polyamide 66 Stream

HVA Automotive

EOEG

Polypropylene Stream

Ethylene/Propylene

Ample Avenues for Value-Accretive Growth

Polypropylene Stream

HVA Personal Care

PTA

IPA

PX

NDC

Polyester Stream

45

Disciplined Growth and Investment

Focus on Extracting Value from Recent M&A

1.0

1.3

0.2 0.4

0.9 0.9

0.3 0.1

2011 2012 2013 2014 2015E 2016 2017 2018

Integration M&A Integration M&A

Continued Transformation

Growth

Synergies

Operational

Excellence

48%

14%

38%

HVA Asia NecessityWest Necessity

39%

16%

45% 9%

Committed Growth Capex

EBITDA by Product Segment

$B

Growth

Synergies

Operational

Excellence

25%

66%

2012 2015 2018

46

Strong Financial Framework

Balancing Value and Risk Management

Capital Structure Capex Spending

Net Operating Debt to Equity

LT Loan

Debenture

PERP

2015E

Total Equity

$2.3B

Net Debt

$2.2B

Share-

holders

Equity

1.0

1.4

0.2

0.4

0.8

2011 2012 2013 2014 9M15 2016 2017 2018

Maintenance

Growth

Lowering

Capex

$B

0.63

1.3 1.2

0.8 0.9

1.0

0.8

0.5

2011 2012 2013 2014 2015 2016 2017 2018

Net Op Debt/Equity

Reducing

Leverage

Times

Note: Core financials 2015

Net Operating Debt Per Ton

342

234

150

-50

0

50

100

150

200

250

300

350

2012 2015 2018

Net Operating Debt

Net OpDebt/Capacity

$/MT

$B

ST Loan

47

Last 7-Year Average Historical Average 2013-2015 Avg 2016-2018 Avg

Asian

PTA 94 94

EU

PTA 190 190

NA

PTA 272 272

Asian

PET 130 130

NA

PET 271 271

EMEA

PET 205 205

0

100

200

300

400

2009 2011 2013 2015

0

100

200

300

400

0

100

200

300

0

100

200

300

0

100

200

300

400

0

100

200

Business Plan 2016-2018

Spreads Taken at Trough

159

226

289

135

265

254

Note: Industry Margins, IVL Analysis, Simple average used

$/MT

48

IVL Business Plan 2016-2018

600

0

500

1,000

1,500

2012 2014 2016 2018

EBITDA

6% 9%

12%

18%

-20%

-10%

0%

10%

20%

0

2

4

6

2012 2014 2016 2018

Net Capital Employed ROCE $B

6.8 7.5

11.0 11.6

0

10

20

2012 2014 2016 2018

5 6

9 11 82%

85% 87% 92%

50%

60%

70%

80%

90%

100%

0

10

20

2012 2014 2016 2018

Operating rate

Capacity Production


MMt MMt

ROCE


Revenue

76% 66% 68%

68%

6.8 7.5

8.3

10.0

0

4

8

12

2012 2014 2016 2018

HVA Necessity $B

$M

69%

55%

55%

58%

1.5

2.1

2.8

3.5

0

1

2

3

4

2012 2014 2016 2018

HVA Necessity $B

49

Aiming on Delivering Consistent, Superior Value

1.6X Value

Addition

Growth

since 2015

Enlarging from

Integration and

Feedstock Scale

Double-

Digit

EBITDA

Margin

Driven by HVA

Margins and

Volumes and

Integration

~$3B

Operating

Cash Flow

in 2016-18

>85% Revenue

from Consumer

Staples

>15%

ROCE

Enhanced by

Value Addition &

Capex Discipline

~4.0X Core

EPS growth

2015-18

Creating

Shareholder

Value

7 Consecutive Years of Core EPS Growth 2012-2018F

With Strong Cash Flow and Attractive ROCE

We Are Closer Than You Think

A Global Leading Thai Chemical Company

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