GLOBAL LEADING CHEMICAL AND GREEN ENERGY COMPANY

OCI Company Ltd.

Q1 2012 Financial Results April 18, 2012

Disclaimer

The financial information in this document is consolidated results based on K-IFRS (International Financial Reporting Standards) which OCI Company commenced to adopt in 2011.

This document is provided for the convenience of investors only, before our external audit of Q1 2012 financial results is completed. The audit outcomes may cause some parts of this document to be adjusted.

Forecasts and projections contained in this material are based on current business environments and management strategies, and they may differ from the actual results upon changes and unaccounted variables

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Financial Results Solar PV Industry and Strategy Business Update

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Consolidated Income Statement

Overall profitability in Q1 2012 improved moderately due mainly to the recovery of Petro and Coal Chemical business, even if the Poly-Si sector remained slack damped by downturn cycle of the industry.
(Unit: KRW billion)

Q1 12* Sales Revenue Operating Income

% margin

Q4 11 877 88
10% 2%

QoQ

Q1 11 1,161 411
35%

YoY -23% -75%

891 102
11%

15%

EBITDA
% margin

230
26%

216
25%

7%

519
45%

-56%

Income before Tax Net Income

Note: consolidated results based on K-IFRS * Unaudited

91 70

77 65

18% 7%

401 331

-77% -79%

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P&L by Division
Poly-Si

Quarterly P&L

(Unit: KRW Billion)

Q1 Highlights
Revenue decreased by 6% QoQ due to lower shipment particularly to the spot market under weak demand from down-stream players, while sales to LTA customers remained solid.

Revenue Operating Income EBITDA

As a result, the profitability of Poly-Si business remained stagnant even with an improved selling price to the previous quarter.

*
OP Income (%) EBITDA (%) 56% 68% 50% 62% 37% 52% 7% 34% 6% 38%

Note: consolidated results based on K-IFRS * Unaudited

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P&L by Division
Petro & Coal Chemicals

Quarterly P&L

(Unit: KRW Billion)

Q1 Highlights
Selling prices of petro-chemical products increased as a result of proper pass-through of higher oil price.

Revenue Operating Income EBITDA

Sales volume of Carbon Black increased after the capacity expansion in 2H 2011.

The market price of TDI recovered as the industry adjusted operation rate.

*
OP income (%) EBITDA (%) 13% 15% 7% 9% 8% 10% 6% 9% 11% 14%

Note: consolidated results based on K-IFRS * Unaudited

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P&L by Division
Inorganic Chemicals & Others

Quarterly P&L
Revenue Operating Income EBITDA

(Unit: KRW Billion)

Q1 Highlights
Lower utilization rate and production cut of the LCD and semiconductor sectors resulted in the weak pricing environment for Specialty Gas business.

However, the company managed to increase sales volume of NF3 from the capacity expansion in Q4 2011.

Soda Ash business performance remained

*
OP income (%) EBITDA (%) 20% 30% 19% 30% 17% 29% 16% 29% 16% 27%

solid due to the continued strong demand and competitive utility cost.

Note: consolidated results based on K-IFRS * Unaudited

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Statement of Financial Position

As of Dec 31, 2011
(Unit: KRW billion)

As of Mar 31, 2012

Dec 31, 2011 Current Assets Cash & Cash Equivalents Account Receivables Inventories Others Non-current Assets Investments Tangible Assets Others Total Assets Liabilities Debts Account Payables Long-term Advances Received Others Shareholders Equity
Note: unaudited and consolidated results based on K-IFRS 1)Including short-term financial assets 2)Net Debt= Funded debt- Cash & Cash Equivalents 3)EBITDA: LTM base 4)Net Income: LTM base 1)

Mar 31, 2012 1,962 785 578 463 137 5,253 227 4,853 173 7,216 3,479 1,668 154 950 708 3,736

Change -20 -64 46 22 -24 34 -16 70 -19 14 -2 165 -7 -45 -115 16

4) 4) 2) 3)

1,982 849 532 441 161 5,219 243 4,783 192 7,201 3,482 1,503 161 994 823 3,720

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1 2 3

Financial Results Solar PV Industry and Strategy Business Update

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Solar PV Industry and Strategy

Demand for Solar PV installation is still to grow
Global Solar PV Installation (2011~2016E)
(Unit: GW)

Demand

Supply

Strategy

Industry Dynamics 2012

High Case Low Case

The major players equipped with cost competitiveness and high quality products will outperform as overcapacity continues. Major midstream manufacturers set shipment plans to increase by 7~53% in 2012 YoY.

Beyond 2012 The established markets such as Germany and Italy are approaching Grid Parity to be economical even without a Feed-in-Tariff Demand will grow further as the US and Asia market will lead the demand

Source: OCI Analysis and various sources

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Solar PV Industry and Strategy

Demand

Supply

Strategy

Solar PV market is still expected to grow further led by new emerging markets, the US, China, Japan and India
Current Status
Leading market 2006~2011
Maintained ~80% of global installation.

Outlook
Entering into mature stage
Solar PV LCOE* in Germany hits first time lower than electricity price Set to slow down the installation growth by cutting subsidy 2012 demand: Germany (4~8GW), Italy (2.5GW~4.5GW)

EU

2011 demand: Germany (7.5GW), Italy (9GW)

Driven mainly by California and ITC

In the absence of nationwide FIT, the market has been driven by California, and Investment Tax Credit (ITC, 30% of total investment)

To record big growth in 2012

Expected to record 2.6~4.4GW from projects approved for cash grant last year 2012 demand: US (2.6~4.4GW)

US

2011 demand: US (1.6GW) Small but highest-growth market

Such growth was stipulated by FIT adoption in China in August 2011

An important destination of modules

Japan to implement FIT as of July 2012 China to overtake Germany as top solar PV market backed by rich solar resources 2012 demand: China (4~6.4GW), Japan (1.5~2.8GW)

Asia

2011 demand: China (2GW), Japan (1.1GW)

*LCOE: Levelized cost of electricity Source: OCI analysis

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Solar PV Industry and Strategy

Demand

Supply

Strategy

Key emerging markets, Asia and the US to expand their market share from less than 20% in 2008 to around 60% in 2013 and support growth of the industry

PV Installation Forecast by Major Region

60%

20%

Source: IMS Research * EMEA: Europe, the Middle East and Africa

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Solar PV Industry and Strategy

Demand

Supply

Strategy

Under severe competition among cell makers driven by oversupply, they choose to differentiate their products with high-efficiency cells, which require high purity Poly-Si

PV Cell Manufacturing Capacity

(unit: MW)

Expansion Plans with High Efficiency

Company Suntech JA Solar Yingli Renesola Canadian Solar

Brand Pluto Maple, Secium PANDA Virtus ELPS

Efficiency (%) 18.8~19.1 <18.2, <19.2 18.9 18< <19.5

Source: Company information

Benefit of high efficiency cells Reduction of BOS and other installation cost Strong demand for 10N+ purity Poly-Si & N-type wafers
Source: Solarbuzz Equipment Quarterly

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Solar PV Industry and Strategy

Demand

Supply

Strategy

The short-term market environment is challenging during the industry consolidation The suppliers equipped with lowest cost structure as well as high quality will dominate the market after the consolidation
Poly-Si Cost Curve
(US$/kg)

Likely demand range

Estimated Cost

Market Price (E) based on demand and supply

Major suppliers including

Source: Equity research and company information

FY 11E shipments (MT) Volume

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Solar PV Industry and Strategy

Demand

Supply

Strateg y

OCI Strategy
Continuous Cost Reduction Solar PV Installation Still to Grow
Hydro chlorination Reactor upgrade MG-Si procurement diversification

Demand

EU market to be stable while China, US, and Japan to grow fast

Product Differentiation with Superior Quality

10N for solar grade

Industry Consolidation Phase

Suppying 11N to semi wafer customers

Supply

Players equipped both with quality and competitive cost will survive

Solid Customer Relationship

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Financial Results Solar PV Industry and Strategy Business Update

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Capital Injection to DCRE

OCI injected KRW 330 billion of capital into DCRE* to repay part of maturing bank debts

Date Amount

: March 21, 2012 : KRW 330 billion (100% share) : To repay a part of debt (KRW 470 billion in total)

Capital Injection

Object

Creditor required part of debt to repay To keep solid balance sheet to attract investors

Expected to get the final approval for the development plan from the

Land Development Status

authorities by Q3 2012 The land development will start upon the approval Still seeking strategic and/or financial investors for co-development

* DCRE: A 100% subsidiary of OCI Company, a spin-off company for OCI Company in 2008, which develops the Incheon site.

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Update on New Initiatives

OCI Solar Power

Succesfully completed the 1st internally developed solar PV project in NJ, US Under negotiation for PPA* with CPS Energy

Delsea Rd: the 1st US project of OCI

Size Location Operation : 3MW : New Jersey, US : April 2012 : $15.4 mil

Delsea Rd: Pictures

Total investment (Cash grant**

: $4.4mil) : 10.2%

Anticipated IRR Off-taker***

: Vineland City

*PPA: Power Purchase Agreement ** Cash grant: the federal government provided cash grant for a limited period until 2011 in lieu of investment tax credit, 30% of total investment in the absence of taxable income *** Off-taker: buyer of electricity, usually a utility company

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Update on New Initiatives

FS VIP

Expected to commercialize during Q2 2012 with 8 times more efficient product than conventional ones

FS VIP: Commercialization during Q2

Pilot line Commercial line : 160,000 m2/year : 1,000,000 m2/year

To complete in Q2 2012 Investment Location : approx. KRW 47 billion : Iksan, Korea

Targeting market : Refrigerator, construction and etc. Projected Revenue: KRW 50 billion per year (after full commercialization) Key Features Provides an insulation value eight times that of other insulation materials Eco-friendly product

Brand name

: ENERVAC

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Update on New Initiatives

Crystal Growth

OCI commercialized LED ingot with a focus on more value-added 4 and 6 inch ingots

Crystal Growth (LED Ingot)

Commercialization & 1st shipment in March Location : Jeonju, Korea Capacity : 4 million mm per year (2 inch equivalent) Technology : HEM (Heat Exchange Method) Commercialization : March 2012 Shipment : 1st shipment to Korea and Asia market Strategy Focusing on large-sized and more value-added ingot, 4~6 inch for general lighting application Penetrating the nich market of non-LED grade for windows, equipment device, and optical uses

Price Outlook for LED Ingot

(Unit : USD per mm)

Source: Various analysts and OCI Estimation

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Update on New Initiatives

especially from 2013
Phase-out of Incandescent Bulb
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

LED Market

LED lighting market to grow fast due to governments to ban incandescent lights

LED Market by Application

(Unit : USD billion)

Swiss Australia EU Ireland Brazil Philippines UK US Japan Canada Taiwan India China Korea Malaysia
100W+ 60W+ 15W+ 100W 75W 60W 40W 100W 75W 60W 45W 25W

Source: Broker reports

Source: Goldman Sachs

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Thank you!

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Business Snapshot by Division

Poly-Si
Division

Petro & Coal Chem

Inorganic & Others

Products

Poly-Si and related

CarbonBlack, TDI, Benzene, Pitch, Phthalic Anhydride (P/A), and others

Soda Ash, Specialty gas (NF3, Monosilane), H2O2 Phosphoric Acid, FS VIP, Crystal Growth (LED ingot) and others OCI Materials OCI Enterprises Others* (49.1%) (89.7%)

Relevant Subsidiaries (Ownership %) Q1 2012 Results** (KRW billion)

Elpion OCI China

(63.1%) (100%)

Shandong OCI (80.0%)

Revenue: 280 (31% of total) OP Income: 17 (16% of total)

Revenue: 295 (33%) OP Income : 34 (33%)

Revenue: 316 (35%) OP Income : 51 (51%)

* Others: Zhejiang OCI (100.0%),OCI Vietnam (100.0%), DCRE (100.0%) ** Unaudited, and consolidated results based on K-IFRS

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