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11
Forward Looking StatementsThis presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, benefits and synergies from the acquisition of Rockwood’s Performance Additives and Titanium Dioxide businesses, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information. When used in this presentation, the words “estimates,”“expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs, such as “will,” “should,” “could” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management’s examination of historical operating trends and data, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved.
There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Such risks, uncertainties and other important factors include, among others: the synergies and cost savings from the Rockwood acquisition may not be fully realized or take longer to realize than expected, the ability to integrate successfully the businesses acquired, future global economic conditions, changes in raw material and energy prices, access to capital markets, industry production capacity and operating rates, the supply demand balance for our products and that of competing products, pricing pressures, technological developments, changes in government regulations, geopolitical events and other risk factors as discussed in our most recently filed Form 10-K and Forms 10-Q.
All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this presentation. We undertake no obligation to update or revise forward-looking statements which may be made to reflect events or circumstances that arise after the date made or to reflect theoccurrence of unanticipated events.
Supplemental InformationThis presentation contains financial measures that are not in accordance with generally accepted accounting principles in the U.S.("GAAP"), including EBITDA, adjusted EBITDA, adjusted EBITDA from discontinued operations, normalized EBITDA, adjusted net income (loss), adjusted diluted income (loss) per share, free cash flow and net debt. The Company has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures in the Appendix to this presentation.
Our financial statements and tax returns are prepared with certain components of inventory stated on the LIFO method for inventory valuation, and supplemental information is not intended to replace the primary published financial statements which include these inventories on a LIFO basis. Please refer to the primary published financial statements in our most recently filed Form 10-K and Forms 10-Q.
General Disclosure
22
Strategic Financial Objectives
− >$350mm in 2016− Ongoing future cash flow improvement− >$500mm debt reduction over next 3 years
− ~65% of 2016 capital expenditures− >10% EBITDA CAGR 2015 to 2017F
− Actively pursue a separation through a spinoff to shareholders or other strategic transaction
− Preserve upside for HUN stockholders
TradingMultiple
Expansion
Improve free cash flow generation for deleveraging
Grow downstream differentiated businesses
Separate TiO2 business
333
Finance and Cash ConsiderationsFree Cash Flow
Primary Working Capital Trends Debt Maturity Profile
$(225)
$(125)
$(25)
$75
$175
$275
Q1 Q2 Q3 Q4
2012-2016 range Average 2015 2016
$73 $50$274
$792 $698
$2,862
2016 2017 2018 2019 2020 Thereafter
Expected repayment from net proceeds of Europeansurfactants business
Early debt repayment July 22, 2016
Debt maturity
($ in millions)
($ in millions) ($ in millions)
$ Debt maturity as of June 30, 2016
44
Business Division Characteristics Outlook
Cyc
lical
TiO2 P&A 2nd largest global producer Industry dynamics
Ethylene PP Feedstock advantage Linked to the energy complex / price of oil
MTBE PU High return on net assets Linked to the price of unleaded gasoline
Diff
eren
tiate
d
Additives P&A Leading market position Stable earnings
Textile Dyes and Chemicals TE Apparel and textiles industry Increased garment and
fabric differentiation
Epoxy Resins / Hardeners AM Strong aerospace market with qualified
products under long-term contracts Continued aerospace growth
Amines / EO Derivatives PP Provide key performance characteristics for
customer-specific end-use applicationsInnovation and niche market positioning
MDI Urethanes / Systems PU Highly versatile chemical with above GDP
growth Focus on downstream
Maleic Anhydride PP Largest global producer Economically advantagedmanufacturing process
Portfolio of Key Businesses
Businesses expected to be included in the announced SpinCo
555
Separation Summary
• Definitive announcement• Audited SpinCo financials• Form 10 filing• Marketing• Spin-off execution
• Unlock shareholder value• Optimize strategic freedom
• SpinCo determination of business inclusion• SpinCo management• SpinCo capital structure• Separation costs• Tax implications• HUN retained ownership• Other strategic separation alternatives
~ 6-9 mos
Rationale
Key Milestones
Items CurrentlyUnder Review
666
SpinCo(1)
Illustrative Profile of SpinCo / Pro Forma HUN
Financials
Pro Forma HUN
RegionalBusiness Mix (3)
Highlights• Leading market positions• Most differentiated TiO2 producer• Stable additives & textile businesses• ~ GDP growth
• Leading market positions• Differentiated businesses• Globally competitive positions• > GDP growth
(1) Excludes corporate overhead(2) Primarily from TiO2 margin recovery(3) Mix shown as percent of 2015 Revenue
Europe37%
US & Canada
22%
Asia Pacific28%
Rest of World13%
Europe24%
US & Canada
38%Asia
Pacific23%
Rest of World15%
Adj. EBITDABusiness Mix
Pigments & Additives
44%
Textile Effects56%
Textile Effects~20%
Pigments & Additives
~80%
2Q16 LTM Normalized 2Q16 LTM
Polyurethanes51%
Performance Products
31%
Advanced Materials
18%
2Q16 LTMRevenue (bn) 7.0$ Adj. EBITDA (mm) 1,034$
Margin 15%
2Q16 LTM(2) Normalized(2)
Revenue (bn) 2.9$ 3.5$ Adj. EBITDA (mm) 116$ 500$
Margin 4% 14%
77
Industrial Applications14%
Energy & Fuel Additives12%
Insulation11%
Paints & Coatings8%
Construction Materials8%
Intermediate Chemicals6%
Adhesives, Coatings & Elastomers 4%
Agrochemicals 3%Aerospace 2%
Household Products 10%
Apparel 10%
Automotive & Marine 6%Home Furnishings 5%Other 1%
Polyurethanes46%
Performance Products
28%
Advanced Materials
17%
Textile Effects5%
Pigments & Additives
4%
Polyurethanes37%
Performance Products
23%
Advanced Materials
11%
Textile Effects8%
Pigments & Additives
21%
(1) Segment allocation is before Corporate and other unallocated items(2) See Appendix for a reconciliation(3) Pro forma adjusted to include the October 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period; exclude the allocation of general
corporate overhead by Rockwood
$733
$1,069 $1,108 $1,270
$1,160 $1,099
$1,551 $1,607
$1,323$1,495
$1,221 $1,150
12% 13%11% 12% 12% 12%
2011 2012 2013 2014 2015 2Q16 LTMNon-Pigments Pigments & Additives
Portfolio Composition
2015 Revenues $ in millionsSource: Management estimates
Consumer 32%
Adjusted EBITDA(1)(2)Revenue(1) 2Q16 LTM
Revenues
$9.9billion
AdjustedEBITDA
$1.2billion
End Markets Adjusted EBITDA(2)(3)
Adj. EBITDA Margin
88
Global PresenceOperating >100 Manufacturing & R&D Facilities in ~30 Countries(1)
(1) As of December 31, 2015(2) 2015 Revenues
U.S. & Canada34%(2)
Europe28%(2)
Asia Pacific24%(2)
Rest of World14%(2)
Europe45%
Asia Pacific27%
U.S. & Canada
21%
Rest of World
7%
~15,000 Employees(1)
99
Adj. EBITDA Margin
US & Canada
33%
Europe25%
Asia Pacific23%
Rest of World19%
Insulation36%
Adhesives, Coatings & Elastomers
12%Composite
Wood Products
10%
Industrial Applications
4%
Intermediate Chemicals
1%
Automotive17%
Footwear7%
Appliances5%
Furniture 5% Apparel3%
PolyurethanesMDI Urethanes End Markets Revenues
Precursor MDI Capacity Adjusted EBITDA History
2Q16 LTM
Revenues
$3.8billion
Adjusted EBITDA
$611million
2015 Revenues 2015 Revenues
$ in millions
Source: Management Estimates
Consumer 37%
$495
$793 $746 $728
$573 $611
11%16% 15% 14% 15% 16%
2011 2012 2013 2014 2015 2Q16 LTMMDI Urethanes MTBE
INSULATION
ELASTOMERS
AUTOMOTIVE INTERIORS
COMPOSITE WOOD ADHESIVES
Wanhua28%
Covestro20%BASF
16%
15%
Dow9%
Others12%
Source: Nexant 2015
1010
Adj. EBITDA Margin
Performance Products
Industrial Applications
29%
Energy13%
Agrochemicals11%Polymers
9%
Intermediate Chemicals
8%
Fuel Additives & Lubricants
7%
Construction Materials
2%
Paints & Coatings
2%
Other1% Household
Products13%
Personal Care5%
US & Canada
48%
Europe24%
Asia Pacific19%
Rest of World
9%
$381 $369$403
$473 $460
$376
12% 12% 13%15%
18%17%
2011 2012 2013 2014 2015 2Q16LTM
End Markets Revenues
Global HUN Market Share Adjusted EBITDA History
2Q16 LTM
Revenues
$2.3billion
Adjusted EBITDA
$376million
2015 Revenues 2015 Revenues
$ in millions
Source: Management Estimates
Consumer 18%
Product Market Share Peer
Polyetheramines >60% BASF
Carbonates 65% BASF
Morpholine/DGA 50% BASF
Specialty Amines/ Catalysts
30% BASF, Dow, Air Products, Eastman, Ineos
Ethyleneamines 30% BASF, Dow, Tosoh, Delamine
Maleic Anhydride
45% Lanxess, Flint Hills, Polynt
FUEL DETERGENT
AGRICULTURE
FAUX MARBLE
WIND TURBINES
1111
Adj. EBITDA Margin
Aero, Transp & Ind
Advanced Materials
Aerospace16%
Paints & Coatings
16%Industrial
Applications14%Electrical
14%
Construction Materials
10%
Wind11%
Other2%
Electronics9%
Do-it-Yourself5%
Automotive & Marine
2%Sports & Leisure
1%US &
Canada27%
Europe36%
Asia Pacific29%
Rest of World
8%
$114$98
$131
$199$220 $222
8% 7%10%
16%
20% 21%
2011 2012 2013 2014 2015 2Q16LTM
End Markets Revenues
Competitive Landscape Adjusted EBITDA History
2Q16 LTM
Revenues
$1.1billion
Adjusted EBITDA
$222million
2015 Revenues 2015 Revenues
$ in millions
Source: Management Estimates
Consumer 17%
Hexion
Sika
Henkel
3M
SumitomoElantasAir
Products
Olin
Blue Star
Brea
dth
of p
rodu
ct ra
nge
Degree of Differentiation
Top 10 Market Participants(Others, not included, represents 50%)
Coatings & Electrical Diversified
AUTOMOTIVE
ADHESIVES
AEROSPACE
POWER
1212
Adj. EBITDA Margin
Textile Effects
Technical Fabrics
2%
Apparel67%
Home & Institutional Furnishings
13%
Transportation9%
Technical & Protective
Fabrics7%
Other2%
US & Canada
10%Europe
15%
Asia Pacific55%
Rest of World20%
-$64
-$20
$16
$58 $63 $65
-9%-3%
2%6% 8% 8%
2011 2012 2013 2014 2015 2Q16LTM
End Markets Revenues
Competitive Landscape Adjusted EBITDA History
2Q16 LTM
Revenues
$0.8billion
Adjusted EBITDA
$65million
2015 Revenues 2015 Revenues
$ in millions
Source: Management Estimates
Consumer 98%
AUTOMOTIVE SEATING
APPAREL
Dyes & Chemicals
ChemicalsDyes
DyStar
Archroma
Lonsen
Everlight
Runtu
Colortex
Rudolf
Nicca
Transfar
Tanatex
Jihua
Narrow Product Range Wide
Reg
iona
l
Sal
es D
istr
ibut
ion
G
loba
l
CHT/Bezema
ACTIVE WEAR
AUTOMOTIVE SEATING
MEDICAL WEAR
APPAREL
1313
Adj. EBITDA Margin
Chemours17%
12%
Cristal11%
Kronos9%
Henan Billions
7%
Tronox7%
Ishihara2%
Others35%
2014 Nameplate Capacity; Excludes HUN Calais Facility
Pigments & Additives
Paints & Coatings
30%
Industrial Applications
21%
Construction Materials
15%
Plastics12%
Inks7%
Personal Care5%
Apparel4%
Automotive & Marine 2% Food 2%
Other2% US &
Canada26%
Europe46%
Asia Pacific18%
Rest of World10%
End Markets Revenues
TiO2 Capacity Adjusted EBITDA History
2Q16 LTM
Revenues
$2.1billion
Adjusted EBITDA
$51million
2015 Revenues 2015 Revenues
$ in millions
Source: Management Estimates
Consumer 34%
(1) Pro forma adjusted to include the October 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period; exclude the related sale of our TR52 product line – used in printing inks – to Henan Billions Chemicals Co., Ltd. in December 2014; and exclude the allocation of general corporate overhead by Rockwood
$517 $375
$111 $76
$818
$538
$215 $225
$61 $51
27%20%
8% 8%3% 2%
2011 2012 2013 2014 2015 2Q16 LTMAs reported Pro forma adjustments(1)
FOODS
INKS
CONSTRUCTION
PLASTICS
141414
Unsustainable Industry Earnings Trigger RecoveryTrough margins completely disconnected from normalized levels
1616
Adjusted EBITDA Reconciliation($ in millions) 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Net Income 124$ 194$ (35)$ 15$ 39$ 63$ 9$ 62$ 94$ Net income attributable to noncontrolling interests (5) (6) (3) (10) (10) (8) (5) (6) (7)
Net income (loss) attributable to Huntsman Corporation 119$ 188$ (38)$ 5$ 29$ 55$ 4$ 56 87$ Interest expense, net 51 49 57 56 53 49 47 50 50 Income tax expense (benefit) 43 (40) 12 2 34 49 (39) 27 32 Depreciation and amortization 116 96 110 95 99 103 102 100 109 Income taxes, depreciation and amortization in discontinued operations (2) - - 1 1 (1) (3) (1) - Acquisition and integration expenses, purchase accounting adjustments 9 10 40 9 12 10 22 9 4 EBITDA from discontinued operations 2 - 1 1 1 1 3 2 2 (Gain) loss on disposition of businesses/assets (2) - (1) - 1 - 1 - - Loss on early extinguishment of debt - - 28 3 20 8 - - 1 Certain legal settlements and related expense (income) 2 1 - 1 1 1 1 1 - Plant incident remediation costs (credits), net - - - - - 3 1 1 (7) Amortization of pension and postretirement actuarial losses 12 12 14 18 19 19 18 16 17 Restructuring, impairment, plant closing and transition costs 13 40 69 94 115 14 83 13 30
Adjusted EBITDA 363 356 292 285 385 311 240 274 325
Acquisition - ROC Performance Additives & TiO2(1) 58 40 8 - - - - - - Pro forma adjusted EBITDA 421$ 396$ 300$ 285$ 385$ 311$ 240$ 274$ 325$
2011 2012 2013 2014 2015 2Q16 LTM
Net Income 254$ 373$ 149$ 345$ 126$ 228$ Net income attributable to noncontrolling interests (7) (10) (21) (22) (33) (26)
Net income attributable to Huntsman Corporation 247$ 363$ 128$ 323$ 93$ 202$ Interest expense, net 249 226 190 205 205 196 Income tax expense 109 169 125 51 46 69 Depreciation and amortization 439 427 446 445 399 414 Income taxes, depreciation and amortization in discontinued operations (5) 2 - (2) (2) (5) Acquisition and integration expenses, purchase accounting adjustments 5 5 21 67 53 45 (Gain) loss on initial consolidation of subsidiaries (12) 4 - - - - EBITDA from discontinued operations 6 5 5 10 6 8 (Gain) loss on disposition of businesses/assets (40) (3) - (3) 2 1 Loss on early extinguishment of debt 7 80 51 28 31 9 Extraordinary gain on the acquisition of a business (4) (2) - - - - Certain legal settlements and related expense 46 11 9 3 4 3 Plant incident remediation costs (credits), net - - - - 4 (2) Amortization of pension and postretirement actuarial losses 31 43 74 51 74 70 Restructuring, impairment, plant closing and transition costs 167 109 164 162 306 140
Adjusted EBITDA 1,245 1,439 1,213 1,340 1,221 1,150
Acquisition - ROC Performance Additives & TiO2(1) 306 168 110 155 - - Pro forma adjusted EBITDA 1,551$ 1,607$ 1,323$ 1,495$ 1,221$ 1,150$
(1) Pro forma adjusted to include the October 1, 2014 aquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period; exclude the related sale of our TR52 product line to Henan Billions Chemicals Co., Ltd. in December 2014; and exclude the allocation of general corporate overhead by Rockwood.
1717
Revenue, Adjusted EBITDA & Margin by Segment($ in millions) Pro Forma(2) Pro Forma(2) Pro Forma(2)Revenue 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Polyurethanes 1,318$ 1,327$ 1,201$ 890$ 995$ 1,017$ 909$ 836$ 976$ Performance Products 833 762 712 656 675 618 552 536 566 Advanced Materials 324 310 295 290 282 275 256 266 261 Textile Effects 248 221 203 206 216 196 186 185 198 Pigments & Additives 740 685 559 572 592 543 453 540 576 Corporate, LIFO and other (67) (48) (33) (25) (20) (11) (24) (8) (33)
Total 3,396$ 3,257$ 2,937$ 2,589$ 2,740$ 2,638$ 2,332$ 2,355$ 2,544$
Pro Forma(2) Pro Forma(2) Pro Forma(2) Pro Forma(2)Revenue 2011 2012 2013 2014 2015 2Q16 LTM
Polyurethanes 4,456$ 4,915$ 4,991$ 5,053$ 3,811$ 3,738$ Performance Products 3,301 3,065 3,019 3,072 2,501 2,272 Advanced Materials 1,372 1,325 1,267 1,248 1,103 1,058 Textile Effects 737 752 811 896 804 765 Pigments & Additives 3,032 2,756 2,761 2,673 2,160 2,112 Corporate, LIFO and other (265) (285) (251) (219) (80) (76)
Total 12,633$ 12,528$ 12,598$ 12,723$ 10,299$ 9,869$
($ in millions) Pro Forma(2) Pro Forma(2) Pro Forma(2)
Adjusted EBITDA(1) 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16Polyurethanes 200$ 188$ 171$ 105$ 159$ 168$ 141$ 131$ 171$ Performance Products 115 129 111 121 141 122 76 92 86 Advanced Materials 53 57 43 58 58 56 48 60 58 Textile Effects 22 14 6 17 23 10 13 18 24 Pigments & Additives 78 57 17 21 35 5 - 15 31 Corporate, LIFO and other (47) (49) (48) (37) (31) (50) (38) (42) (45)
Total 421$ 396$ 300$ 285$ 385$ 311$ 240$ 274$ 325$
Pro Forma(2) Pro Forma(2) Pro Forma(2) Pro Forma(2)
Adjusted EBITDA(1) 2011 2012 2013 2014 2015 2Q16 LTMPolyurethanes 495$ 793$ 746$ 728$ 573$ 611$ Performance Products 381 369 403 473 460 376 Advanced Materials 114 98 131 199 220 222 Textile Effects (64) (20) 16 58 63 65 Pigments & Additives 818 538 215 225 61 51 Corporate, LIFO and other (193) (171) (188) (188) (156) (175)
Total 1,551$ 1,607$ 1,323$ 1,495$ 1,221$ 1,150$
Pro Forma(2) Pro Forma(2) Pro Forma(2)Adj. EBITDA Margin 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Polyurethanes 15% 14% 14% 12% 16% 17% 16% 16% 18%Performance Products 14% 17% 16% 18% 21% 20% 14% 17% 15%Advanced Materials 16% 18% 15% 20% 21% 20% 19% 23% 22%Textile Effects 9% 6% 3% 8% 11% 5% 7% 10% 12%Pigments & Additives 11% 8% 3% 4% 6% 1% 0% 3% 5%
Total 12% 12% 10% 11% 14% 12% 10% 12% 13%
Pro Forma(2) Pro Forma(2) Pro Forma(2) Pro Forma(2)Adj. EBITDA Margin 2011 2012 2013 2014 2015 2Q16 LTM
Polyurethanes 11% 16% 15% 14% 15% 16%Performance Products 12% 12% 13% 15% 18% 17%Advanced Materials 8% 7% 10% 16% 20% 21%Textile Effects -9% -3% 2% 6% 8% 8%Pigments & Additives 27% 20% 8% 8% 3% 2%
Total 12% 13% 11% 12% 12% 12%
(1) For a reconciliation see previous page.(2) Pro forma adjusted to include the October 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period; exclude the related sale of our TR52 product line to Henan Billions Chemicals Co., Ltd. in December 2014; and exclude the allocation of general corporate overhead by Rockwood.