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FOR IMMEDIATE RELEASE

Jan. 11, 2023

New Manufacturing Facility Planned for Marshall County, West Virginia

Charleston, W.Va. - West Virginia Governor Jim Justice announced this evening at the annual State
of the State 2023 Address that TCL Specialties LLC (TCLS), a subsidiary of TCL (Thirumalai
Chemicals Limited, India), will be breaking ground this month for two manufacturing facilities in
Marshall County, West Virginia – one to make food ingredients (malic and fumaric acids) and the
second to make maleic anhydride.

TCL Chairman Mr. Sarathy said these facilities will be located just outside of Moundsville and housed
within the Covestro New Martinsville Industrial Park, which will provide various important utilities and
services to TCL.

These facilities will make and market 30,000 tons/year (66 mio. lbs./year) of food ingredients and
25,000 tons/year (55 mio. lbs./year) of maleic anhydride from butane, respectively. These food
ingredients are widely used in beverages, confectionary, seasoning, pharmaceuticals, and animal
feed, among many other products. Maleic anhydride is used in reinforced polymers, coatings and a
variety of other applications.

This investment will satisfy the growing demand for these products in the United States and reduce
import dependence, while also exporting significant volumes to Latin America and Western Europe.

This investment of approximately $150 million will be the first of a three-phase project by TCL for
petrochemicals and fine chemicals from NGL and other feed stock. The first phase of this project is
expected to create about 200 jobs during construction and 50 full-time local jobs, as well as a
significant number of support services and other employment opportunities.

“I am so excited to make this announcement today,” said Governor Jim Justice. “TCL is investing
$150 million into our state, which will in turn create good-paying jobs and add to the growing
economy in Marshall County. The hard-working people of the Mountain State, as well as the leaders
from TCL and our state offices will be a catalyst for this business to thrive and prosper in West
Virginia, I’m sure of it.”

Modular construction of the plant started about a year ago at locations in the United States, India,

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Europe and Japan. Site construction begins in January 2023 and production is expected to begin by
mid-2024.

“We are excited to welcome TCL to Marshall County, West Virginia,” said WV Department of
Economic Development Secretary Mitch Carmichael. “Our prime location, mixed with the world-class
workforce we have here and our hard-working state officials, is the perfect business climate to
ensure that the company will thrive in our great state. I am excited to watch the operation grow when
they begin building and then producing in 2024.”

The technology, design and engineering are provided by TCL, which has been producing these
products in India and Malaysia for more than 30 years. More than 90 percent of the energy (power
and heat) for manufacturing and utilities are designed to come from surplus heat from the process.
This enables a very low carbon footprint.

“The Marshall County Commission is very pleased to play an important role in welcoming TCL to
West Virginia. The Mountain State is experiencing tremendous economic momentum and this major
investment adds to our impressive list of international companies calling Marshall County home,”
said Commission President Mike Ferro. “In addition to the number of new jobs, this project
cooperated with Covestro, a longstanding major employer of our residents and is considered one of
our first natural gas “downstream” investments made in West Virginia. These collaborations
demonstrate the potential for future economic success like the one we are seeing here today.”

Sarathy said the location is a great site for various reasons. “The site is perfect because it is
strategically located on the Marcellus and Utica Shale plateau,” he said. “It’s close to large butane
and NGL sources, and it’s close to the largest consumption centers of our products in North America,
and with excellent logistics capabilities to Europe and Latin America.”

TCL is already supplying these products from India and Malaysia to Asia, Middle East and Europe,
and with excellent customer acceptance for the past 30 years. “This new U.S. facility in West Virginia
will help our customers in North America and Europe have consistent supply of these products,”
Sarathy said.

“We are proud to welcome TCL to the Covestro New Martinsville Industrial Park,” said Jay Leep,
assistant site manager and head of third-party projects for Covestro’s New Martinsville operations.
“We are continually looking to optimize our land and infrastructure in New Martinsville, and the
addition of TCL, who shares our passion for safety and sustainability and has a strong record of
community involvement, represents an important milestone in our journey.”

About Thirumalai Chemicals Ltd.

Thirumalai Chemicals Ltd is a listed company in the Indian Stock Exchanges, with over 45 years of
operating history and relationships with prominent customers and supply partners around the world.
TCL prides itself in its focus on ethical behavior, low carbon manufacturing, technology leadership
and the passion & competence of its people. The company has overseas subsidiaries in Malaysia,
Singapore, Netherlands and now in the United States. TCL is a leader in manufacture and supply of
Phthalic Anhydride, Maleic Anhydride and Fine Chemicals since 1976.

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