INRORAMA 4” Quarter & Full Year 2022 Financial Results Reimagining Chemistry Together to Create a Better World 24!" February 2023Disclaimer ‘This presentation contains “fowardooking statoments” of Indorama Ventures Public Company Limited (he “Company’) that relate to future events, which are, by their nature, subject to significant risks and uncertainties. ll statements, other than statements of historical fact contained herein, incising, without limitation, those regarding the future financial poston and results of operations, strategy. plans, objectives, goals and targets future developments in tho ‘markets where the Company participates ori seeking to participate and any statements preceded by, followed by or that inlude the words “target, "baie “expect, ‘im’, “inten, ‘wl, "may’, ‘entcpate’, ‘oul, “plan, could’, “shoul, predict’, "project, estimate, Toresee" “forecast, "seek” or similar words | or exprassions ae Torwara-léoking statements” ‘Such forwarc-ooking statements involve known and unknown risks, uncertlnies and other important facors beyand the Company's cont that could cause the actual results, performance or achievements ofthe Company tobe materialy diffrent fom the future results, performance or achievements expressed or implied by such forware-looking statements, These forward-looking statomens are based on numerous assumptions regarding the Company's present and future business strategies and the envionment in which the Company wil operate in the future and are nota guarantee of futur performance. ‘Such forwarcJooking statements speak only asa the date of this presentation, and the Company does not undertake any duty or obligation to supploment ‘amend, update or rovse any such statements. The Company does not make any representation, warranty or prediction thatthe results anticipated by such forward-looking satements wil be achieved ‘The Company makes no representation whatsoever about the opinion or statements of any analyst or other tid party. The Company does not monitor or cont the content of third party opinions or statements and does not endorse or accept any responsibilty forthe content or the use of any such opinion oF Statement. Please note that this presentation has been normalized forthe Lake Charles, Louisiana Ethylene Cracker (VOL) till end of 2021. Starting late July 2021 IVOL was under commissioning and started up in November 2021, In order to make a fair assessment and analysis of our operating assets, ‘management fels it appropriate to move IVOL P&L values below EBITDA as extraordinary items including historical periods til end of 2021, INDORAMA ,AGENDA 2022 and 4Q 2022 Key Takeaways Business & Financial Update Outlook INDORAMA .YTD observation of macro environment Economie Activity Index Volatile Energy Prices ‘uarent Act don ry Shane —— tea bhAa3 aes ening |] NS pe Sens) sent pce ($20) i eae tes a pet at mata aay mg tanh apace Cores ere ert peste Scceplepeeed ar ty h pees ere painRecord FY2022 Performance: Core EBITDA of $2.28B up 31% YoY Growth mindset : Two successful acquisitions, Oxiteno and Vietnam Packaging, highlight IVL’s strong M&A capability 2 Focus on Capital Efficiency in rising interest rate environment : optimizing certain Fibers and CPET portfolio, agile exposure management, Net D/E of 1.16 and a DSCR' of 2.54x times 3 Tighten Operational Excellence : Operating cash flow generation of $2.22B, Cash Conversion ratio 98%. Focus on cost : Project Olympus delivered annualized run-rate efficiency gain of $449M 5 Deliver accretive earnings : Dividend of THB1.6 to reward shareholders (3.9% yield) sr ascent nos msl ESTA Cen (mong a8 INDORAMA .Challenging 4Q22 performance: core EBITDA of $264M, down 43% YoY 4 Lean seasonal demand exacerbated by rapid destocking reflecting supply chain easing. Recessionary sentiments, Crude drop by 12%, lower Operating rates matching sales volume, resulting in price and margins decline in IVL performance. Keen exposure management to destock with pre-emptive reduction in output at 64% utilization rate, exacerbated by winter freeze in US adding to un-planned safe shutdowns. Established resiliency in end consumer demand for our commodities and necessities. Minimal exposure to durables. 5) Global operations impacted by high energy prices and now normalizing to sustainable level. 6 Strong octane value benefited MTBE performance, while putting pressure on PX and PIA margins INDORAMA .Guidance on Quarterly runrate EBITDA EBITDA ($M) me —— L “ — Ea i a a a zo = 2S SS we fr joo te en bt met i ence tn INDORAMA ,AGENDA 2022 and 4Q 2022 Key Takeaways Business & Financial Update Outlook INDORAMA ,Improvement in earnings quality with $227M EBITDA contributions from Oxiteno and Vietnam packaging acquisitions Core EBITDA SM Core EBITDA SM Cea re 215 pe emer ere) o em (Soputon Parada) oe 157 Be ovata) teen Hg cubits voter forHCand gocher eee ae eer S20 ype skein Aion 4% of rp 9N22 BP N22A FY2022 from >160_ M22 BP BN224 annual cost savings of $3.5 (nied lates paees oe cara = ssioa GED) ED GD tame GD GD Se war INDORAMAImpairing certain Fibers and CPET assets to optimize use of resources undertook a strategic review of the entire business Recent global events have led to European Fibers assets becoming uncompetitive High variable cost and high maintenance cost due to old technology at one PTA site in Asia Impairment of certain Fibers assets in Europe as well as one CPET assetin Asia Prepare strategic blueprint to. improve and turnaround remaining assets 4022 Impairment Cost ($M) $38M +30 bps EBITDA 2023 ROGE upitin 2028 INDORAMAStrong cash flow generation supported growth initiatives 2022 Cash source and use ($M) 2387 2708 58) Co) Mss 253) 512 ror om os ean Ragotes Change CathTsx—«OCF-~—=‘Maunaee France Cahbelre State —Ocents Exchange te Net ot fron Sane Cuter” Gm lowmCaPEX nvm Tmoemerton Revere wants Sroneasses) INDORAMA ,,Sustainable efficiency gains with Project Olympus driven by operational excellence, procurement & supply chain initiatives Target Delivery Major Delivery Sources Initiative Examples & Operational Excellence Yield nproverent through utomatzaton and cgtatzaton H Improvement n Overat Equipment Effectiveness H Cost eptmizaton { ert : Debottenecking opporunies manta + Leveraging econmies of scale + Competive bang process * Gos eticieny tough crying out ates i-teuse + ptimzing proauct mito enhance HVA, ' + Price improvement though digtal ens & anaes and contacs | renegotiation ! + RAD ‘ang inovaton to cater to new markets and customers need | + ganization Improvement + Manpower optimization 2000" 202120222023 «RAF seu say INDORAMA ,,2022 & 4Q 2022 Results — IVL IVL Core EBITDA ($M)* 2278 4.748 2021 Ea Sais Votune oat) ue ur (Coxe EBITDA (ST) 18 ‘5 (Coe EBITDA Man a 2% ove ROCE® 2% Ps Operating Cashflow hy) 1.055 22s 482 606 264 4022 performance: + Resilient end consumer demand + Heavy destocking beyond usual lean season + Supply chains normalized + Crude drop - Recession fears Boo (MiFeers: INDORAMA .,2022 & 4Q 2022 Results — IVL IVL Core EBITDA (SM)* 2278 4.748 482 202 oe 4021 Sais Youme OT) ua ur at Core EBITDA 7) 18 155 124 (Core EBITDA Marg 2 12 1% Operstng Cash Few shy 1.055 22% 2 606 sa22 at 159 2 264 4022 aa ™ + Asia performed well due to our limited exposure within China. + Americas continued to be our highlight region and benefitting from our focused growth initiatives. + EMEA impacted by high ‘energy cost & Octane disparity to China. Bs Mo miwen INDORAMA ,.2022 & 4Q 2022 Results — Combined PET Combined PET Core EBITDA ($M) + Resilient demand as 1.328 witnessed in customer earings. + Focused on Value pricing over volume. + Recycling investments and formation of team to support our 2030 sustainability vision. + Un-favourable impact on PIA and Px due to Octane disparity sales vote a) xe EBIOA 7) o eget er Seedy Comes (6 EITOA Mg Wireagatcarer Mlsresot ae ROCE Pestana2022 & 4Q 2022 Results — Integrated Oxides and Derivatives Integrated Oxide & Derivatives Core EBITDA (SM)* 730 (2) 377 123 6, o 2021 222 4021 Sales Volume i) 2a 28 or care EBITDA (ST) ses 28 co Cate EBITDA Marg 158 a 1% core ROCE! 7% 10% 1% oe rm ERTOA ee Lp ed 2, ROLE hod nce SAE as ES Re etn nS 218 26 sax a7 1% fest ee aned a Naar eS + Successful M&A strategy with Huntsman and Oxiteno deals. + On track to parallel our CPET success. + Temporarily losing Shale gas 126 advantage- Ethylene & MEG a + Octane disparity supported our MTBE. 4022 a = Mi viogeed couse? [il srtd ted! INDORAMA ,,2022 & 4Q 2022 Results — Fibers Fibers Core EBITDA ($M) 268 + Largest vertical — Lifestyle, un-favourable impacted by oie 2 lower China GDP growth. woe + Our large exposure to Europe impacted our cost competitiveness. + Hygiene lost Russia volumes. I consinenny vs | os os Core ROCE 5% 3% % Poe ere Bi Hygiene MM Mobility [Lifestyle ss INDORAMAHeavy destocking in 4Q22 showing signs of recovery in 1Q23 Sales Volume ss o7 0: 06 or EEEE on °.,, “axa com To oa 86 a met oe “i ft ae nm = o i mo Asia Americas EMEA este ate yaa cpg cy tae tne encenatrpacinateimimewnsecne INDORAMA ,,Strong liquidity and effective capital discipline Natural Hedge Diversified Funding counai? 74 a us 08 om | 2 now as a cee oR oes oon " 30° financing cooing MT Tre usp Americas: oe 7 os ae vecn= 258 , ToaLDobt” Net Asst Tot Dest "TalbotRecord dividend payout in line with record performance Historical dividend payment (THB/share) 1.40 4.00 ta ‘0 oe l [ on 0.36 0.38 oa oz 2011 201220132014 2015 2018-2017 2018-2019» 2020 2021 sft interim payment 1 2nd interim payment 134d interim payment ‘Annual payment i 02 rc Stic tt 1160" 2022AGENDA 2022 and 4Q 2022 Key Takeaways Business & Financial Update Outlook2023 Outlook + China reopening to improve demand and margins across the petrochemical business + Inventory level normalization to further improve demand + Europe's energy situation to find equilibrium improving our operations in the region ‘+ Normalizing prices for US natural gas and ethane, returning shale advantage ‘= Continuing focus on cost management with Project Olympus + Performance improvement from footprint optimization“Reimagining Chemistry Together to Create A Better World”Supply chain normalization caused heavy destocking >40 days reduction in Ocean delivery time since 2022 {Cargo ready date at exporters gate tothe destination pot! Shorter rail car terminal dwell time reduced transit time Rail Cer Terminal Dwell (Hours) \ a = >40 days 26 2 v= reduction 25 ” 2 “ee ee mcm in gm Se an an oc som net Oo soar 4021 taze20ze sa cae! INDORAMA ..Despite drop in Int. PET industry spread in 4Q22 due to high China . inventory, VL maintained premium over the industry China PET inventory peaked in 4022 due to destocking IVL premium over benchmark Integrated PET spread and lower demand, impacted industry spreads continued through to 4022 China PET inventory (Days) Integrated PET spreac (S/T) % 30 sa 700 5 8 china PET re} 28 2.6 Demand (wr) ML Premium Vuacket ‘hug: 2017-2002 00 | oe — 20 4a 1022”~«*SSS~C«S« ce ee ee) MTD Oprate 83% 85% 88H 82H TH ‘Asia Premium West Premium begs eee et Personen ora Seen 86 INDOR) AMA,Int. PET industry spreads impacted destocking in 4Q22. PET spreads NN improved in Jan-23, while PTA still pressured by high feedstock costs ‘Asia Int. PET Spreads! (8/7) 307 293 208 243 209 190 BB Co cd ro ue Ps a 2017 2018 2019 2021 to22 2022 © 30224022, Jan-23, Asia PTA spreads * 0.86 1 Asia PET spreads reds imma INDORAMAMTBE spreads above historical average in 2022 and expected to be ston in 2023 according to forward market quotes MTBE Price Build-up (S/T) US Gasoline - Butane & US MTBE Spreads (S/T) Shia =e ee 20200 316 35 43 454 e ‘S rez3 oe 22 205 1158 588 BREESE a7 at 1200 cos 2 ih fate te AF mtn PUSH ee lan baw STS etait atte See Napa toa aot oss 2S USTEE pean aes co aed on re INDORAMA aEthylene margins improving with lower gas cost Ethane cost normalizing as NG prices declined Us Ethane Cost! ($/T) vs. US Natural Gas Price? (SIMMBTU) om 2 ee eS RS 9889 9 5 oe Songer a yh a aerate ae rs 8220 2 Ui a St |) er eet = Sen Spt 012" E2045 USE Ae NP = US Cracker margins improving with lower ethane cost Us Ethylene Spreads? (7) ee 858 § § 8 83 8 “Improved US MEG spreads due to lower gas cost, resulting in higher shal gas advantage Margins improved with expectation of downstream Shale gas advantage improved since 4022 due to lower polyester demand recovery in China Asia and US int. MEG Spreads! (8/7) gas cost US shale Gas Advantage? ($77) Spread se gerneemnsnmucnnnemyinesrgnrvimnmeonainnonnenneicencen — INDORAMA rae eure ck SoaProforma Production and CoMa- IOD Integrated Downstream Unit: KT 107 586 584 er2 er asia 4.937 | 2018 «20192020202 ae nn age a a) Unit: KT mm sor cota ston 680 or Cotta $00 4.543 aar 02 413 2022 1022 2022 3022 4022 INDORAMA ,,4Q22 QoQ and YoY EBITDA bridge 421 to 4022 EBITDA’ Bridge ($M) 3022 to 4022 EBITDA' Bridge ($M) 7 I pecites MHP = on t > i a Zo? 3) (25) o Wao ‘sb rey Pace one (a2) INDOR:2021 to 2022 EBITDA Bridge IVL EBITDA ($M)! tna Packing wo 226 — a 3) 2 (20) am, em oon ve Fo yess Pratt me RagIVL volumes to grow 5% in 2023 from organic and pipeline projects Sales Volume (MT) 02 18 oo | none a Sines rey (0.0) Fibers euenos) “Gp! aeeicy fmercas 03S. (012. IS Dcunstoam 2022 2023F Organic oz 54 ence Sos, india PET OPES vimana, ‘year fens moo 2003 COxiteno and Vietnam first full year of acquisition in 2023 Recycling assets in pipeline to add 82kt of new volumes in 2023 PET expansion to add 147kt ‘of new volumes in India in 2023 (starting in 2023) Europe IPET production reduced by SOOkt due to high cost Fibers expansion in Hygiene and Lifestyle verticals primarily in India and USAEnergy and Utilities Impact Cost Impact $M 542 183 2023: nat decrease in cost Ussteail afer USSSTH oss ‘due to Gas hedging 54% in 963 Europe and 49% inthe USA, 2022: nat increase in cost US8542M ater USSBSN! gain ue to Gas hedging 50% in Europe and 29% inthe USA 2021 2022 2023F 'Note:* Based on forward quotes of 17% Feb2023, all xchuding Oxteno to show organic impact QD verses ries ING price Euan 6.63 —TIF NG ING price (Simm)4Q 2022 Financial Highlights Core financial figures 4022 Sales Volume 2aMT Revenue $388 (Core EBITDA. 20am ‘Core Net Prot TH8048, “Operating Cash Flows SHRM core THB0.08 “CoeROCE 24% ‘Core ROE esr Reported financial figures Reported EBITDA 82M Reported Net Profit THB 5)B Reported EPS. TH(2.08) THe142 Soc Aas ard Opp 9p2022 Financial Highlights Core financial figures ‘ales Volume Revenue (core EBITDA Core Net Profit ‘Operating Gash Flows core EPS: (Gore ROCE (Gore ROE Reported financial figures Reported EBITDA Reported Net Prot Reported EPS Soc AasDetails of extraordinary items Impairments - PPE and others (non-cash) (237) Impairments - provision inventory (non-cash) (16) Impairments - provision expenses (cash) (7) Extraordinary tax income 46 Acquisition cost and pre-operative expense (11) Gain (loss) on disposal of PPE, net (3) Insurance income (3) Other extraordinaries (income)/expense (9) Inventory (gains)/losses (133) Tax on inventory gains/losses 31 [Total (342) INDORAMA .,