Styrenix Performance Materials Limited — Investor Presentation 2021

May 19, 2021

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INEOS STYROLUTION INDIA LIMITED INVESTOR PRESENTATION Q4 2020-21 (Jan-Mar)

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Disclaimer

This presentation has been prepared by INEOS Styrolution India Ltd. (the “Company”) solely for your information and may not be taken away, distributed, reproduced, or redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or published in whole or in part, for any purpose by recipients directly or indirectly to any other person. By accessing this presentation, you are agreeing to be bound by the trailing restrictions and to maintain absolute confidentiality regarding the information disclosed in these materials. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any persons of such change or changes. This presentation and its contents are should not be copied, published, reproduced or disseminated in any manner.

This presentation may contain certain forward looking statements within the meaning of applicable securities law and regulations. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. Many factors could cause the actual results, performances, or achievements of the Company to be materially different from any future results, performances, or achievements. Significant factors that could make a difference to the Company’s operations include domestic and international economic conditions, changes in government regulations, tax regime and other statutes. In addition, please note that the date of this presentation is mentioned at the beginning of the presentation, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

In no event shall the Company or its directors or management, be responsible to any person or entity for any loss or damage, whether direct, indirect, incidental, consequential or otherwise, arising out of access or use or dissemination of information contained in this presentation, including, but not limited to, loss of profits.

Continue…

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Slide 2

Disclaimer

No representation, warranty, guarantee or undertaking (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or correctness of any information, including any projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein and, accordingly, none of the Company, its advisors and representative and any of its or their affiliates, officers, directors, employees or agents, and anyone acting on behalf of such persons accepts any responsibility or liability (in negligence or otherwise) whatsoever arising directly or indirectly from this presentation or its contents or otherwise arising in connection therewith.

Readers must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. Any opinions expressed in this presentation are subject to change without notice and past performance is not indicative of future results. By attending this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.

This presentation is not for publication or distribution or release in any country where such distribution may lead to a breach of any law or regulatory requirement. The information contained herein does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities for sale. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. None of the Company’s securities may be offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended, except pursuant to an exemption from registration therefrom.

This disclaimer clause and any claims arising out of the use of the information from this presentation shall be governed by the laws of India and only the courts in Vadodara, and no other Courts, shall have jurisdiction over the same. By accessing this presentation, the reader accepts this.

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Slide 3

Notes

• Segment Information :

Segment reporting in financial results: Based on the "management approach" as defined in Ind AS 108 - 'Operating Segments', the Chief Operating Decision Maker (CODM), as represented by Chairman, Managing Director and CFO, evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segment.

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Slide 4

Contents

Executive summary

Company information

Financial review Outlook 2021

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Slide 5

Executive Summar Jan-Mar 2021 y

Performance Summary	• Profit / (Loss) before tax and exceptional item: o Jan-Mar 21 : 2,165 mINR o Oct-Dec 20 : 1,353 mINR o Jan-Mar 20 : 89 mINR
Market Update	• Business continued to grow in Q4 as COVID situation improved during quarter • High market prices and strong margins resulted in improved business performance • Most market segments have shown strong volume growth • INR was generally stable compared to USD during the quarter
COVID Measures	• The health and safety of all employees is our first priority – we have implemented strict measures in relation to social distancing, hygiene measures and work from home to minimize risks to our employees • Plants operated fully during the period as per Government rules • Liquidity situation is under control, Company has implemented policies to control capex & all discretionary fixed costs have been put on hold

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Slide 6

INEOS St rolution at a lance y g

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Slide 7

Leading styrenics producer with lobal reach and roximit to customers g p y

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----- Start of picture text -----

Cologne
ABS Standard:
Polystyrene: ABS specialties
Global No. 3;
Global No. 1 Sarnia Antwerp
Americas & EMEA No. 1
SM SM, PS, ABS, SBC Schwarzheide
Addyston Wingles Compounding
INEOS ABS [1] PS Ludwigshafen Specialties:
ABS, Specialties ABS/ ASA, SAN, AMSAN, Global No. 1
SMMA
Ulsan
ASA, PS, ABS,
Compounding
Yeosu
Bayport SBC
SM
Map Ta Phut
Altamira Styrene Monomer: ABS, SAN
Global No. 2 Nandesari
PS, ABS/ ASA, SBC,
Dahej ABS
AMSAN Ningbo
PS
Moxi PS
Texas City
SM Channahon Compounding Foshan
PS Katol PS
Decatur SAN
PS, SMMA
SM: styrene monomer
PS: polystyrene
ABS: acrylonitrile butadiene styrene
(1) INEOS Styrolution acts as exclusive distributor for the INEOS ABS plant in Addyston, Ohio. Specialties: ABS/ ASA, ASA, SAN, AMSAN, SBC, SMMA
----- End of picture text -----

INEOS Styrolution continuously strengthens its leading positions in key markets

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Slide 8

Shareholding pattern as at Mar 31, 2021

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• IEPF : Investor Education and Protection Fund [Government Organization]

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Slide 9

Financial review

Quarter & Year Ended Mar 2021 results highlights

(Unit : INR mn except EPS)

Particulars	Jan-Mar 21	Oct-Dec 20	Jan-Mar 20	% vs Oct-Dec 20	% vs Jan-Mar 20		Apr 20 - Mar 21	Apr 19 - Mar 20	%
Sales revenue	6,365	4,848	3,590	31%	77%		16,315	15,790	3%
Other income	36	37	16	-2%	120%		131	68	92%
Cost of goods sold	3,401	2,700	2,659	26%	28%		9,641	12,266	-21%
Depreciation & amortization	92	92	94	0%	-2%		360	316	14%
Other expenses	745	742	765	0%	-3%		2,684	3,032	-11%
Profit / (loss) before exceptional Item & tax	2,165	1,353	89	60%	2335%		3,761	245	1438%
Exeptional Item	-	-	-				-	380
Profit / (loss) before tax	2,165	1,353	89	60%	2335%		3,761	(135)	2886%
Profit / (loss) after tax	1,614	1,030	45	57%	3525%		2,802	(95)	3043%
Other comprehensive income	1	(5)	(0)	120%	454%		(7)	(2)	-241%
Total comprehensive income	1,615	1,025	44	58%	3551%		2,795	(97)	2971%
EPS (Rs.)	91.8	58.6	2.5	57%	3525%		159.3	(5.4)	3043%

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Slide 10

Segment revenue & results Quarter & Year Ended Mar 2021 results highlights

(Unit : INR mn)

	Quarterly	Quarterly	Quarterly	Quarterly	Quarterly		YTD	YTD	YTD
Particulars	Jan-Mar 21	Oct-Dec 20	Jan-Mar 20	% vs Oct- Dec 20	% vs Jan- Mar 20		Apr 20 - Mar 21	Apr 19 - Mar 20	% vs Apr 19 - Mar 20
1. Segment revenue
(Revenue from operations)
(a) Specialties	4,476	3,496	2,625	28%	71%		11,473	11,695	-2%
(b) Polystyrene	1,889	1,353	965	40%	96%		4,842	4,095	18%
Total	6,365	4,848	3,590	31%	77%		16,315	15,790	3%
2. Segment results
(Segment profit before interest and tax)
(a) Specialties	1,766	1,040	133	70%	1225%		2,915	290	904%
(b) Polystyrene	433	335	65	29%	569%		941	(183)	614%
Total segment profit before interest and tax	2,199	1,375	198	60%	1010%		3,857	107	3490%
(i) Interest expense	(53)	(33)	(49)	-63%	-7%		(146)	(159)	-8%
(ii) Interest income	17	8	0	105%	9983%		44	18	146%
(iii) Other unallocable expenditure (Net of income)	2	2	(60)	-19%	104%		7	(101)	107%
Profit before tax	2,165	1,353	89	60%	2335%		3,761	(135)	2886%

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Slide 11

Segment assets & liabilities Quarter & Year Ended Mar 2021 results highlights

(Unit : INR mn)

	Quarterly	Quarterly	Quarterly	Quarterly	Quarterly		YTD	YTD	YTD
Particulars	Jan-Mar 21	Oct-Dec 20	Jan-Mar 20	% vs Oct- Dec 20	% vs Jan- Mar 20		Apr 20 - Mar 21	Apr 19 - Mar 20	% vs Apr 19 - Mar 20
Segment assets
(a) Specialties	8,428	8,004	8,129	5%	4%		8,428	8,129	4%
(b) Polystyrene	2,252	1,852	2,182	22%	3%		2,252	2,182	3%
(c) Unallocated	2,454	1,227	241	100%	918%		2,454	241	918%
Total segment assets	13,134	11,082	10,552	19%	24%		13,134	10,552	24%
Segment liabilities
(a) Specialties	2,824	2,600	2,699	9%	5%		2,824	2,699	5%
(b) Polystyrene	1,231	1,037	1,105	19%	11%		1,231	1,105	11%
(c) Unallocated	191	173	656	10%	-71%		191	656	-71%
Total segment liabilites	4,246	3,810	4,459	11%	-5%		4,246	4,459	-5%

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Slide 12

Outlook 2021

Assumptions for 2021

• With second wave of COVID, uncertainty remains on the duration and its impact on Indian economy in Q1 FY21-22.

• We expect initiative by Government such as Production Linked Incentive schemes, Atmanirbhar Bharat initiative to help revival of economy.

• Global economies and supply chains to recover driven by stimulus packages in major countries.

• We expect the ABS and Styrenics market to get long sometime this year.

Target 2021

• Continue to strengthen our product position in focus segments and drive mix to maximize margins in line with INEOS Styrolution Triple Shift Strategy

• Continue focus on safe operations and maximize utilization of in-house assets to improve ROCE

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Slide 13

THANK YOU

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