1. Indorama Polymers “IRP” Q1, 2006 Analyst Meeting 15 May 2006 The Stock Exchange of Thailand
DISCLAIMER: This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any IRP Shares. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. For the convenience of the interested investors the management is presenting the financial data in US Dollar also. However, the translation method does not confirm with GAAP and is based on the method developed by the management which will be followed consistently in future.

2. Agenda Fundamentals Q1, 2006 Financial Update Projects in Progress
Focus: Lithuania
Outlook

3. Guiding Philosophy VISION
To be one of the leading global producer with key
focus on people and processes thus making INDORAMA one of the most admired companies in the world
MISSION
Continuously upgrade quality of products and services
through people involvement and world class
processes to attain customer delight thus becoming a
preferred supplier and institutionalise people learning
as a key factor for business growth 1

4. IRP, total issued and paid-up capital Baht 1,382 million
Major Shareholders
APL Group, the main promoters holdings are held Beacon Global
and Indorama Holding
Note: As on March 29, 2006, book closure for annual general meeting of shareholders
IRP, total issued and paid-up capital Baht 1,382 million 2

5. Group Structure 3 ^Indorama Polymers Public Company Limited “IRP”
PET Polymers: 126,000 tpa
51%
99.9%
100%
*Petform (Thailand) Limited
“PTF”
Preforms, Bottles and Closures
Asia Pet (Thailand) Limited
“APT”
Amorphous PET Polymers: 110,000 tpa
^^StarPet Inc., USA
“SPT”
PET Polymers: 200,000 tpa
20%
60%
20%
^^^UAB Orion Global Pet, Lithuania “OPT”
PET Polymers: 198,000 tpa
* Joint venture with Serm Suk Pcl which holds 40%
and DEG holds 9%
^ Expanded capacity in December, Now 90,000 tpa
^^ Expanded capacity in December, Now 116,000 tpa
^^^Lithuania plant commissioning expected in Mid-2006 3

6. StarPet / Orion Global Pet
Production Process
PTA
*0.84
*0.35
MEG
CP Plant
SSP Plant
Preforms
Bottle
Blowing
Amorphous
PET
PET
Polymers
Closures
IPA
*0.02
Asia Pet
IRP
Petform
StarPet / Orion Global Pet
*Tons of Input for 1 ton of PET polymers 4

7. IRP Capacity 4% of Global Demand in 2007
524,000
206,000
170,000
154%
21% 5

8. Demand Growth: New Applications
Carbonated Soft Drinks
Water
Iced Tea
Energy Drinks
Juices
Milk
Ketchup and Sauces
BEER
Liquor / Wine
Toiletries & Cosmetics
Paints
Lubricating Oil
Food 6

9. PET: Demand Growth and Per Capita
Global demand of 12.3 million tons, growing at 8-10% p.a.
Global
Source: Tecnon
Demand growing by 1 million tons per annum
World per capita consumption is 1.7 kilos per annum
Higher per capita consumption in North America (8 kilos) and West Europe (5 kilos), still growing at 7-8% per annum 7

10. PET Polymers demand growth in all regions
14,208
13,281
12,331
11,416
Source: Tecnon 8

11. PET: Demand distribution
Source: Tecnon
Source: PIRA International
CSD demand growth of 6-7%
Water demand growth of 10-12%
Others include beverages and food
Sheet include food and non-food
Beer, developing stage, high growth
potential
Convenience is the key to growth of
packaging materials
Consumers prefer usability or
occasion specific packaging
Priority for product safety and
functionality
The lower RM purchasing cost of about 50$ per MT.
IRP expects to charge for, on average, $ 120 per MT higher than the forecasted market spread 9

12. Cans Vs PET, New Equations
During past four years, Aluminum prices increased from 1400 to 2400 $/ton or by 71% while PET prices increased from 830 to 1,150 $/ton or by 38%
Aluminum prices are high due to energy costs and tight demand supply
In 2007,US Aluminum price will further increase when new contracts are negotiated
360 ml bottles replacing Cans
Source: Industry Data 10

13. Industry Attractiveness
Global demand 12.3 million tons projected for 2006 and growth at 8-10% per annum
New applications fuelling high growth rates, 2-3 times global GDP growth, i.e. energy drinks, flavored water, iced tea and others
Market movements in packaging reflect preferred packaging material
PET preferred over glass, PVC and other polymers
Better properties than other packaging materials
Consumers prefer convenience of PET for purity, light weight and resealable
Beverage producers prefer PET for being cost effective 11

14. PET prices move in tandem with raw materials
Narrow PET spreads on rising RM costs
Histrorical, Wide PET spreads on lower RM costs
The lower RM purchasing cost of about 50$ per MT.
IRP expects to charge for, on average, $ 120 per MT higher than the forecasted market spread
Source: Industry prices 12

15. Crude impact marginal on PET spreads
Crude price increase absorbed in petrochemical chain
Petrochemical prices increased
Petrochemical spreads were higher on tight supply, low investments
Post-SE Asian crisis in
Additional supply in year result in decline in spreads
PET prices move in line with raw material prices
Able to pass rising costs in past 2 years
Historically, PET spreads widen on lower raw material costs
Reversing petrochemical cycle will be beneficial (refer slide 12) 13

16. PTA: Capacity additions outstrip demand increase
Source: CMAI
Note: Asia includes Middle East 14

17. MEG: Surplus Availability
Source: CMAI
Note: Asia includes Middle East 15

18. Agenda Fundamentals Q1, 2006 Financial Update Projects in Progress
Focus: Lithuania
Outlook

19. Surge: Profits 30% YoY
(in US$) 16

20. Financial Performance: Consolidated
(’000)
Note: Average Exchange Rate 17

21. Higher sales in premium markets
27%
19%
47% 9%
66% 6%
18% 8%
Note: Sales quantities are indicated by %
Spread - $229/ton
Spread - $232/ton 18

22. Surge: Profits 26% YoY
(in Baht) 19

23. Post-IPO, Higher Returns to Shareholders
In Baht
In UScents
49%
32%
*Q and Q1, 2006 based on post-IPO issued and paid-up capital of Baht 1,382,197,870 20

24. capital employed and equity
Key ratios
(in Baht)
Lower leverage
On higher base of
capital employed and equity 21

25. Financial Position Includes Baht 1,693 million (Euro 35.8 million)
debt of Orion Global Pet 22

26. Cash flow
(Baht’ 000) 23

27. Key Ratios: Comparison24

28. Agenda Fundamentals Q1, 2006 Financial Update Projects in Progress
Focus: Lithuania
Outlook

29. Petform, Thailand Preforms & Closures Expansion and Bottling Project
Preform 4th machine and Closure 3rd machine installed and started commercial production in Q1, 2006
In April, 2006, Bottle blowing project completed and started commercial production
Capital expenditure of Baht 248 m. upto end of Q1, 2006 balance around Baht 70 million to be capitalized in Q2, 2006
Loan draw down of Baht 260 m. upto Q1, 2006 (Sanctioned Baht 260 m.)
Interest during construction period to be capitalized and charged to P&L from Q1, 2006 25

30. Orion Global Pet, Lithuania
PET Polymers Greenfield Project
Ongoing work at site, installation of plant & equipment, storage facility and utilities
Capital expenditure of Euro 66.8 m. upto end of Q1, 2006
Loan draw down of Euro 35.8 m. upto end of Q1, 2006 (Sanctioned Euro 57.5 m.)
Interest during construction period to be capitalized and charged to P&L from Q3, 2006
Commissioning in Mid-2006 30

31. StarPet Inc., USA PET Polymers Expansion Project
Site work and railway siding work in progress
Plant and equipment supply agreements signed
First lot of plant and equipment to arrive in May, 2006 at site
Capital expenditure of around US$ 4 m. upto end of Q1, 2006
Loan draw down US$ 1.2 m. upto end of 2005 (Sanctioned US$ 31 million)
Interest during construction period to be capitalized and charged to P&L from Q1, 2007
Start-up of commercial operations in January, 2007 36

32. Indorama Polymers, Thailand
PET Polymers Expansion Project
Increase capacity of PET Polymers by 36,000 tpa at existing site
Supply agreements signed with plant & equipment suppliers
Proposed capital expenditure of US$ 5 million
Financing with US$ 4 million long term loans and balance from internal cash
Interest during construction period to be capitalized and charged to P&L from Q1, 2007
Start-up of commercial operations in January, 2007 39

33. Agenda Fundamentals Q1, 2006 Financial Update Projects in Progress
Focus: Lithuania
Outlook

34. Strategically located in the gateway of EU and CIS
Lithuania
Lithuania, EU member and recognized as the prime transport center in the region linking the EU with the East, CIS & Russia 40

35. Growing economy attracting FDI
Source: Lithuanian Department of Statistics, 41

36. Klaipeda: Free economic zone and transport hub
Orion Global Pet
Plant Location
Klaipeda, a transport and logistics hub with a developed infrastructure 42

37. Port of Klaipeda - the biggest container port in Baltic States and open for investments
Source: Klaipeda State Seaport,
Klaipeda, a free economic zone with developed infrastructure and tax benefits
Klaipeda is a big transport hub connecting sea, land and rail routes from East to
West
Port of Klaipeda has been designated the EU's regional priority port,
linked to all major ports in EU
an ice free port
capacity of more than 30 million tons per year 43

38. Europe Continues to be a Net Importer
Source: Tecnon
Demand outstrips supply, imports to continue but domestic producers at
advantage over imports 44

39. Demand outstrips Supply…Room to grow
PET producers in Europe market:
IRP capacity represents 6.3% of the capacity
Total demand around 3.5 million tons and demand growth of 7-8% per annum
equivalent to around 250,000 tons per annum 45

40. Key highlights
Economies of scale, OPT will have the largest single line plant in Europe
Low capex cost, around US$ 485 per ton compared to peers
Low Conversion cost, comparable to Asia of around US$ 80 per ton considering low cost base, a developing economy, and required manpower around 110 persons
Availability of key raw materials, PTA & MEG, available in Europe and suppliers in Asia and USA have manufacturing facility in Europe
Demand exceeds supply, marketing will be concentrated in the markets of Greater Europe including CIS & Russia which are supply deficit regions. OPT will substitute imports and capture growing demand through sales to:
Global Convertors, customers of the Group in Asia and USA
Global Brand Beverages, customers of the Group in Asia and USA
Regional Convertors 46

41. Agenda Fundamentals Q1, 2006 Financial Update Projects in Progress
Focus: Lithuania
Outlook

42. Spread * Quantity = Profits Committed volume growth upto year 2007...
More than
1 Billion pieces
Growth 154%
PET Polymers:
Current PET capacity 206,000 tons
2007 PET capacity 524,000 tons
Completed:
Forward integration into bottles for
150m. pieces
Capacity increase in preforms by
42% and closures 50%
Expansion in line with growth plans
of customers 47

43. …IRP, Prepared and Enthusiastic
Outlook
PET Polymers demand growth at 8-10%, replacing aluminium and
glass as cost effective and convenience of use
Asian operating rates to improve with limited new capacity additions
Raw materials in a long market, increasing supply, and larger volume
purchase to leverage favorable prices
Raw material prices are rising and we expect to pass rising costs to our customers
…IRP, Prepared and Enthusiastic 48

44. IRP Positioning
7th largest global PET producer with end-2006 capacity at 524,000 tons
Only PET producer with production facility in Asia, Europe and North America enabling to capture demand growth in all markets
Regional presence provides ability to service large global customers at low logistics cost
Large volume purchase of raw materials enable higher volume discounts thereby increasing spread
High capacity utilization resulting in lower conversion costs
New plants of economic size at lower capex 49