Subject: Report of the Utilization of Capital Increase from IPO

With reference to Indorama Ventures Public Company Limited ("the Company")
issued new shares for capital increase by initial public offering ("IPO") of 400
million shares, during the period at 25th - 27th January 2010 at the IPO price
of Baht 10.20 per share, totaling net amount of Baht 3,743 million after
deduction of the expenses for initial public offering and exchange offer.

IVL and its subsidiaries have invested an amount of Baht 2,520 million in the
form of investment in new growth projects to date being acquisition of the
Utility project in Rotterdam, the Joint Venture in Italy to produce PTA and PET
and acquisition of additional shares to increase shareholding in TPT
Petrochemicals Public Company Limited. Further, Baht 1,223 million has been used
for reducing the utilization of working capital loans while the working capital
line continues to be available for future use.

The Company and its subsidiaries in addition to the IPO proceeds has generated
cash-flow from its operations and the combined cash flow has been used to reduce
the net gearing of the company's consolidated balance sheet as on date.

IVL and its subsidiaries have as on 31st December 2010 cash and cash equivalents
of around Baht 1,850 million and undrawn Banking lines of around Baht 19,500