Huntsman : Fermium Research Virtual Chemicals Conference Presentation

Investor Presentation

Second Quarter 2020

General Disclosure

This 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, 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.

The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, timing of proposed transactions, reorganization or restructuring of Huntsman's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by us from time to time.

All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date made. 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 the occurrence of unanticipated events.

This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including adjusted EBITDA, adjusted EBITDA from discontinued operations, adjusted net income (loss), adjusted diluted income (loss) per share, free cash flow and net debt. Reconciliations of non-GAAP measures to GAAP are provided in the financial schedules attached to the earnings news release and available on the Company's website at http://ir.huntsman.com/.

The Company does not provide reconciliations of forward-lookingnon-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, (a) business acquisition and integration expenses, (b) merger costs, and (c) certain legal and other settlements and related costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

2

Huntsman's Portfolio Today

Polyurethanes		Advanced		Performance		Textile
	Materials		Products		Effects

Total

1Q20 LTM		$3.9 billion		$1.0 billion		$1.2 billion		$0.8 billion		$6.7 billion
Sales Revenue
	(57%)		(15%)		(17%)		(11%)
(% of total) (1)
1Q20 LTM		$508 million		$196 million		$181 million		$82 million		$807 million
Adj. EBITDA
	(53%)		(20%)		(19%)		(8%)
(% of total) (1)
1Q20 LTM		13%		19%		16%		11%		12%
Adj. EBITDA
Margin %
	•	Insulation	•	Transportation	•	Fuel & lubricant	•	Apparel	•	Construction &
	•	Adhesives, coatings,		adhesives		additives	•	Furnishings		industrial applications
Key End		elastomers & footwear	•	Industrial adhesives	•	Gas treating	•	Transportation	•	Transportation
•	Automotive	•	Coatings &	•	Polyurethane additives	•	Adhesives
•	Protective fabrics
Markets
•	Construction materials		construction	•	Coatings & adhesives	•	Coatings
	•	Electrical insulation
	•	Other industrial	•	Construction materials			•	Elastomers
		markets

		8%
1Q20 LTM	27%	39%
Sales Revenue
by Region		26%

Note: All figures reflect Huntsman Corporation continuing operations.

(1) Percent of total excludes Corporate, LIFO and other eliminations.

8%			5%	16%	8%	8%
28%
		23%				17%	35%
26%			46%
					30%
38%			26%	59%		27%
U.S. & Canada		Europe		Asia Pacific			Rest of World

3

Simplification and Transformation to Downstream

				Additives		Textile	Polyurethanes
Base	MDI Urethanes	& Other		Effects
Chemicals			Titanium			(MDI Urethanes)
		MDI
				Dioxide	Performance
				Urethanes
						Products
				PO/MTBE		(Amines &
			Advanced		Maleic)
			Materials	Upstream
				Intermediates
Polymers		Amines & Maleic	& Other
			Surfactants	Surfactants	Advanced	Advanced
Titanium		Upstream	& LAB
	& LAB		Materials	Materials
Dioxide PO/MTBE	Intermediates	Textile	Amines &
		& Other		Effects	Maleic

2005

• Sold Base Chemicals
• Sold Polymers
• Acquired Textile Effects

2015

• Acquired Rockwood's TiO2 and Additives assets (2014)
• Announced our intention to IPO the TiO2 business in 2 years

Today

• Sold EU Surfactants (2016)
• Separated TiO2 & Additives assets (Venator) through an IPO & Secondaries (2017 & 2018)
• Acquired Demilec (2018)
• Sold Chemical Intermediates and Surfactants businesses (2020)
• AcquiredIcynene-Lapolla (2020)
• Announced acquisition of CVC Thermoset Specialties (2020)

Since 2005, we've bolted on a dozen downstream businesses and completed several projects to

position Huntsman Corporation for long term success.

Since 2015, we've improved the consistency of our cash generation and transformed our

balance sheet with non-core asset sales.

Note: Reflects proportion of sales revenue by segment or product group. Upstream Intermediates & Other includes intercompany sales.

4

Debt and Liquidity Considerations

Strong Balance Sheet - Low Leverage		Robust Liquidity

									USD in billions
									$3.0	$2.9		Acquisition of CVC
												Thermoset Specialties
USD in billions							Net Debt /			($0.3)	Taxes on proceeds from sale
						Adj. EBITDA				of Chemical Intermediates and
$5.0								5.0x	$2.5			Surfactants businesses
										($0.4)
										$1.2	$2.2
$4.0								4.0x	$2.0		($0.7)
$3.0								3.0x		$0.1		$1.2
							$1.5
$2.0								2.0x	$1.0			$0.1
										$1.6
$1.0								1.0x	$0.5			$0.9
$0.0	2016	2017	2018	2019	(1)	1Q20	(2)	0.0x	$0.0	1Q20	Adjustments	PF 1Q20
2015		PF 1Q20

Net Debt	Net Debt / Adj. EBITDA	Cash	Securitization Availability	Revolver Availability

1Q20 LTM FCF Conversion of 42% (3)

1. Reflects total company adj. EBITDA including the Chemical Intermediates and Surfactants businesses.
2. Pro forma for the ~$300 million announced acquisition of CVC Thermoset Specialties and ~$375 million in cash taxes to be paid on proceeds from the divestiture of the Chemical Intermediates and Surfactants businesses.
3. Pro forma for ~$50 million of overdue foreign VAT payments received.

5

Huntsman Corporation

Balanced Capital Allocation Strategy

Attractive

Dividend

$0.65 per year

Bolt-On Acquisitions

"String of Pearls"

Maintain

Investment Grade

Balance Sheet

Net Debt Leverage

≤ 2 times

on average

	Organic Investments
Geismar	New Systems Houses
Splitter	(Dubai, Vietnam, China)

Opportunistic

Share Repurchases

• $276 million in 2018
• $208 million in 2019
• $96 million in 2020

Temporary suspended

to enhance liquidity

Polyols

Expansion

(Taiwan)

6

Huntsman's Transformed Portfolio

Core Platforms for Downstream Strategic Growth

Divisions	Key End Market Overlap
End Markets
Polyurethanes

Insulation

Construction Materials

Automotive

TPU/Elastomers

Advanced Materials

Coatings

Adhesives

Aerospace

Industrial Adhesives

Electronic/Electrical

Automotive

Performance Products

Elastomers

Transportation

Coatings & Adhesives

Construction Chemicals

Additives & Catalysts

Agriculture & Energy

Textile Effects

Consumer Markets

Automotive

Construction &

Industrial

Applications

Criteria for Strategic Growth:

• Complementary to key markets across core platforms
• Significant synergies through global scale up, routes to market, complementary new technology and pull through
• Strong financial metrics including strong free cash flow
• • Organic capital hurdle rate of >20% & inorganic IRR of>mid-teens

7

"String of Pearls" Strategy

Recent Additions to Huntsman Franchises - Across Divisions

PU - Demilec (SPF)

• Leading North American spray polyurethane foam (SPF) insulation manufacturer
• Acquired April 23, 2018, for ~$350 million (11.5x forward adj.
  EBITDA)
• Synergies already achieved. Purchase price now approaching 7.5x adj. EBITDA
• Acquisition rationale: polymeric MDIpull-through downstream, new technologies, global scale-up opportunity

AM - CVC Thermoset Specialties

• North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets
• Announced March 16, 2020, $300 million (~10x LTM adj.
  EBITDA)
• Pro forma for synergies, purchase price of ~7x - 8x LTM adj.
  EBITDA
• Acquisition rationale: expands technology breadth and offers highly specialized toughening, curing and other additives used in wide array of applications

PU - Icynene-Lapolla (SPF)

• Leading North American manufacturer of spray polyurethane foam (SPF)
• Acquired February 20, 2020, for $350 million (~10x adj. LTM EBITDA)
• Pro forma for synergies, purchase price is ~7x adj. EBITDA
• Acquisition rationale: expands SPF product offerings in open cell, closed cell and polyol technologies; aligned with Huntsman's portfolio ofenergy-saving insulation offerings

• 1. - Maleic Anhydride Joint Venture
• Remaining 50% interest in theSasol-Huntsman maleic anhydride joint venture
• Acquired from Sasol on September 30, 2019, for ~$100 million including net cash (~5.0x LTM adj. EBITDA)
• Acquisition rationale: fully integrate European operations into global business and better servicing of worldwide customer base

8

Huntsman Completes the Acquisition of Icynene-Lapolla

Expands Downstream Footprint in Spray Polyurethane Foams

Acquisition Overview

• Description:North American Spray Polyurethane Foam (SPF) manufacturer and distributor with leading positions selling into 35 countries globally
• Manufacturing Locations:Houston, Texas and Mississauga, Ontario
• Sales Revenue:~$230 million
• Purchase Price:$350 million, subject to customary closing adjustments; ~10x 2019E adjusted EBITDA, or ~7x pro forma for synergies
• Completed:February 20, 2020

Strategic Rationale

• ExpandsHuntsman's SPF product offerings in open cell, closed cell and polyol technologies; alignedwith Huntsman's portfolio of energy-saving insulation offerings
• Increasesscale and acceleratesinternational sales and expansion opportunities
• Growscustomer base, including the Company's presence in the North American distribution channel
• Offerssignificant synergies, including pull-though of polyols and lower margin polymeric MDI into higher margin downstream business

Huntsman's Growing Spray Polyurethane Foam Business

Premier Global SPF Business:

targeting sales revenue of

$500 million, with adj. EBITDA of $100 million including synergies

9

Huntsman Portfolio Strongly Aligned with Sustainability

Illustrative Examples

		PU	AM		PP	TE
	• Insulation (spray foam, pipe insulation, food preservation)	
Energy	• Power grid (transformer coatings)		
				
Conservation	• Battery solvents and potting
& Storage
• Wind energy (resins and hardeners)				
	• Light weighting (transportation, industrial)				
Emissions	• Low-VOC emission products (automotive, household goods)				
Reduction	• Cleaner fuels and natural gas treating				
Waste	• Water-reducing and zero discharge dyes and inks						
Reduction	• Upcycling PET (e.g., plastic bottles) to polyester polyols	

Huntsman transforms PET scrap into energy-saving formulations

10

Proactively Addressing Controllable Matters

Capitalized on learnings from past crises to build strong balance sheet and are proactively

deploying initiatives to further bolster the business

1. Protecting a Strong Balance Sheet and Conserving a Robust Liquidity Position
2. • Reducing 2020 capital expenditures by ~30%
   • Suspended share repurchases
   • Responsive working capital management, reducing inventories and managing collection risk
3. Controlling SG&A and Discretionary Spending
4. • Suspended 2020 salary increases
   • Implemented a hiring freeze
   • Targeting annualized reduction of costs of ~$15mm through cost realignment
5. Integrating Recent Acquisitions and Achieving Synergies Faster
6. • IntegratingIcynene-Lapolla with Demilec and expect to achieve annualized synergies of ~$15mm by end of 2021
   • Will integrate CVC Thermosets anticipated to close mid year and expect to achieve ~$15mm of annualized synergies within 2 years of closing
7. Strategically Developing Core Growth Portfolio Platforms
8. • Continuing concentrated efforts for global scale up of recent North American acquisitions
   • Focusing on product development and commercialization in growth markets, including expanding sustainability solutions
   • The construction of a new urethane splitter in North America, expected to be completed by mid 2022

11

Business Overview

Then ("Great Recession") vs. Now

Then

Now

Changes to Business Since the "Great Recession"

Ongoing Strategic Shift Downstream

Polyurethanes	35%	34%		49%
54%
	11%	17%
		Construction(1)		Automotive(1)		Other(1)

• Expanded global MDI capacity by ~370 kT since 2009 and increased differentiated volumes proportionally by >10%
• Sold North American PO/MTBE business
• Completed 8 downstream acquisitions
• Accelerated organic downstream growth with construction of 5 downstream facilities (3 completed, 2 under construction) and new splitter in Geismar under construction to support downstream growth

		Restructured to Specialty Portfolio
Advanced			27%	15%
40%			42%
Materials					18%
		19%
	14%	25%
		Transportation		Power &		Coatings &		Commodity
		& Industrial		Electronics		Construction		& Other

• Focused product portfolio on specialty offerings
• Significantly reduced exposure to commodity BLR (shuttered ~50 kT ofhigh-cost capacity)
• Restructured asset base and optimized footprint reducing fixed cost structure annually by ~$40mm in 2013

Performance

Products

Divested Intermediates Business

			30%								18%
					39%	37%
								16%
2%	5%											11%
			6%9% 9%				2%	8% 8%
	Home & Personal Care			Coatings & Adhesives		Agrochemicals
		Construction		Fuels & Lubricants		PU Additives		Other

• Divested Chemical Intermediates and Surfactants businesses
• Expanded portfolio of diversified product offerings supported by ~100 kT global amines capacity expansion and ~30 kT in Saudi Arabia JV
• Significant investments in maleic anhydride with construction of plant in Geismar (~45 kT) and purchase of Moers facility remaining JV interest (~105 kT)

Realigned Footprint to End Markets

		9%
Textile	28%	20%	22%

Effects

63%

58%

• Strengthened portfolio of specialty products
• Innovated products meeting global demand for sustainability
• Restructured footprint to align with market demand and reduced fixed cost structure by ~$120mm from 2009 to 2019

Specialty

Differentiated

Value

(1) Polyurethanes 'Then' data exclude divested PO/MTBE business.

13

Huntsman Business Overview

Polyurethanes (53%)

Polyurethanes is a leading global producer of MDI based polyurethanes focused on formulating innovative, differentiated products for key downstream markets including energy-saving insulation, lightweighting and performance materials for automotive, comfort foam for bedding and furniture, protective coatings, adhesives, and elastomers for footwear.

1Q20 LTM Adj. EBITDA Contribution(1)

Advanced Materials (20%)

Advanced Materials provides specialty epoxy, acrylic and polyurethane-based polymer resin systems and adhesive products, which are replacing traditional materials in aircraft, automobiles and electrical power transmission. These products are also used in coatings, construction materials, circuit boards and sports equipment.

Performance Products (19%)

Performance Products manufactures a wide variety of chemical products that provide important properties in everyday items people want and need. The primary product categories of amines and maleic anhydride are used in coating & adhesives, fuels & lubricants, urethane catalysts, composites, oilfield technology, gas treating, and epoxy curing.

Textile Effects (8%)

Textile Effects is a major global solutions provider of textile dyes, textile chemicals and digital inks to the textile industry that enhance color and improve fabric performance such as wrinkle resistance, faster drying properties and the ability to repel water and water and stains in apparel, home and technical textiles.

Note: All figures reflect Huntsman Corporation continuing operations.

(1) Adj. EBITDA percentage of total excludes Corporate, LIFO and other eliminations.

14

Huntsman Corporation

Polyurethanes Adj. EBITDA

$230	$220	$218
22%	20%	19%	$141		$156	$146
	$124
		$122
				15%	15%
			14%	13%	12%	$84
							9%
1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20
		Spike / Tight Market Conditions

Advanced Materials Adj. EBITDA

$59	$62	$56		$55
	$53
		$51
		$48		$48
21%	21%					$42
20%	19%	20%	20%	20%
		18%				17%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

Note: All figures reflect Huntsman Corporation continuing operations. End Market information as of 2019 year end.

Polyurethanes End Markets

Appliances 3%	Apparel
3%
Furniture
5%
Footwear
7%

Insulation

38%

Automotive

17%

Intermediate

Chemicals

1%

Industrial			Adhesives,
		Coatings &
Applications	Composite	Elastomers
3%	Wood Products	12%
	11%

Advanced Materials End Markets

	Automotive &
Do-it-Yourself	Marine
1%
6%
Aerospace
Electronics
20%
10%
Other
2%
Wind
7%
Construction	Paints &
Materials
5%	Coatings
	20%
Industrial
Applications	Electrical
14%
15%

15

Huntsman Corporation

Performance Products Adj. EBITDA

Performance Products End Markets

Other

$59	$54	$58

Agrochemicals

8%

5%

$45		$45	$42	$43
		$39		$38
17%				20%
16%	15%		15%
14%		14%
	13%	14%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

Textile Effects Adj. EBITDA

$29				$28
$26	$25
		$22
		$21				$20
					$18
13% 13%	12%			13%	$16
11%	12%	10%	11%
		9%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

Note: All figures reflect Huntsman Corporation continuing operations. End Market information as of 2018 year end.

Polymers	Industrial
Applications
11%
34%

Fuel Additives &

Lubricants

11%

ConstructionEnergy

Materials16%

15%

Textile Effects End Markets

Technical &	Other
Protective	3%
Fabrics
8%
Transportation
10%
Home &		Apparel
Institutional
Furnishings	65%
14%

16

Huntsman Polyurethanes

Differentiation is a Continuum

MDI

Splitter

Optimize

splitter output

for highest value split

Monomeric ("Pure") MDI and Mixed Isomers		Polyol Formulations & Specialty MDI Variants

MDI

Polymeric

~70% Differentiated

	Continuum of Differentiation
Automotive	Insulation	Appliance
Furniture	Systems	Systems

Adhesives &

Coatings Systems

Elastomers

(TPU, Footwear,

Specialty Elastomers)

Typical Adj. EBITDA Margin Range

15% to 30%

~30% Component

	Continuum of Differentiation
Adhesive	Synthetic	Insulation
Components	Leather	Components
Composite		Appliance
Wood Products	Components
Typical Adj. EBITDA Margin Range	10% to 20%

Huntsman is focused on moving downstream while developing long-term relationships with stable margins in Component MDI.

17

Polyurethanes Downstream Footprint

Significant Expansion Program

Boisbriand, Canada

Ringwood, USA

Mississauga, Canada

Mississauga, Canada

Arlington, USA

Houston, USA

Houston, USA

Mexico City, Mexico

Cartagena, Colombia

Osnabrueck, Germany

G'marinehutte, Germany

King's Lynn, UK

Deggendorf, Germany

Istanbul, Turkey

Damman, Saudi Arabia

Dubai, UAE

Pune, India

Taboao da Serra, Brazil

Buenos Aires, Argentina

Obninsk,Russia
Modena, Italy				Ningwu, China
Azeglio, Italy
			Tokyo, Japan
Ternate,Italy
				Minhang, China
				Jinshan, China
				Kuan Yin, Taiwan
	Ho Chi Minh City, Vietnam
			Jakarta, Indonesia
Bangpoo, Thailand				Deer Park, Australia

Own Build

Acquired

New investments under construction

• Systems house in North China
• TPU line in Jinshan, China
• Polyols facility in Taiwan

18

Polyurethanes Focus Remains on Differentiation

Differentiated Margins Remain Relatively Stable

Component & Polymeric Systems vs. Other MDI Margins (Global)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Component & Polymeric Systems Margins		All Other Margins

Investments and Developments Since 2007

	2007		Current(1)
Differentiated / Component Mix	~60% / ~40%	~70% / ~30%
(percent of volumes)
MDI Capacity	1,840	2,921
(millions of pounds)
Acquired Differentiated	3	11
Businesses (count)
Acquired Differentiated	$19	$200
EBITDA (USD in millions)

Ongoing Growth Initiatives

• On February 20, 2020, completed acquisition of Icynene- Lapolla, a leading Spray Polyurethane Foam (SPF) manufacturer and distributor
• • Premier global SPF business by combining Icynene- Lapolla with Demilec SPF business
  • Targeting future sales revenue of ~$500 million with EBITDA margins >20% anddouble-digit annual growth
  • Significant synergies includingpull-through of polyols and lower margin polymeric MDI into higher margin downstream business
• Systems houses under construction in North China and Taiwan, and a TPU line in Jinshan, China
• • Opened a systems house in Dubai in 2019
• Construction of a new MDI splitter in Geismar, LA to increase the Americas differentiated split ratio by >50%
• • Cost estimate of $175 million and IRR significantly above 20% hurdle rate
  • Completion expectedmid-2022
• Committed to ongoingbolt-on acquisition strategy

(1) Current downstream EBITDA represents 1Q20 LTM pro forma for full year contribution of Icynene-Lapolla.

19

Huntsman Polyurethanes

New Crude MDI Splitter in Geismar, LA

Overview

• Announced plan to construct newstate-of-the-art MDI splitter in Geismar, LA to increase total splitting capacity
• Will increase flexibility for splitting higher margin MDI in Americas, similar split ratio to existing Europe and China facilities
• IRR substantially higher than 20% hurdle rate
• Expected operations in 2022

Replicating Global Success

• Leverages learning from successful projects in Rotterdam & Caojing
• Modular build and design approach
• Site location minimizes interference with existing operations

Rotterdam

Investment to Accelerate Differentiation

Geismar, LA

Indicative product split

with new splitter

	mMDI +
	Mixed Isomers		Offerings
	pMDI		ProductValueHigher
				Remaining pMDI sold into Component markets
	Today's	With New
	Capability	Splitter

20

Huntsman Polyurethanes

Differentiating Factors Along the Value Chain

Crude

MDI

Highly complex

technology with high

barriers to entry

Global

R&D

4 R&D centers for continuous product development and innovation

MDI

Splitter

Optimize

splitter

output for

highest

value split

Component

MDI

• Component MDI grades

Specialty

MDI

Variants

~150 MDI grades

Heavily invested in specialty blends and prepolymers

Component MDI

pulled through downstream in higher value differentiated systems

Differentiated

MDI Systems

~2,500 unique products

~6,000 SKUs

Representative downstream businesses:

29 downstream facilities in

20 countries close to customers

Polyol	Unique polyol
Formulations	formulations

Customers

Lower

Strategy to further develop long term relationships

with stable margins in component MDI

Ability to Differentiate

Higher

Global footprint of integrated MDI facilities, R&D and downstream systems businesses in higher growth end markets.

21

Advanced Materials a Platform for Specialty Growth

Benefit by Leveraging Innovation and Acquisitions

2019 Adj. EBITDA
Effect		Light	Adhesion &	Electrical	Protection	New Effects
Market		Weighting	Joining	Insulation
Transportation		Adj. EBITDA $136mm
& Industrial

Electrical

& Electronic	Adj. EBITDA $53mm
Coatings &
Construction	Adj. EBITDA $19mm
Adjacent
Markets	Innovation and bolt-on acquisitions

22

Advanced Materials Market Positioning

High Value Formulations Business

Large Epoxy Players

Huntsman's Position

Increasing Product Differentiation in Value Chain

	Raw Materials		Basic Resins	Specialty Components
	Allyl Chloride		Basic Liquid Resin		Modified Resins	Formulated
•	•	•	Systems
•	Epichlorohydrin	•	Solid Resin	•	Multifunctional	(tailored
•	Phenol	•	Solutions		Resins	material
•	Acetone			•	Other chemistries	solutions)
•	Bisphenol A				•	Cyanate Esters
					•	Benzoxazines
					•	Curatives

Huntsman's Value Proposition

Excellent	Innovation	Effect	Superior	Exceptional	Focus on
Product	Formulation	Productivity	Supply	Customer
Focus
Performance	Expertise	In Use	Reliability	Service

23

Performance Products Amines and Maleic Anhydride

Sustainable Growth Underpinned by Macro Trends, Leading Market- and Low Cost Positions

Amines		Maleic Anhydride

	• Amines growth well supported by macro trends in
	light-weighting, clean air and energy efficiency
	• Broadest product offering and largest global marketer
Strategic	of amines
Strengths	• Global manufacturing footprint
	• Recent investments in Jeffcat and DGA products
	• Available capacity for growth

Broad Product Offering Poised for Growth

		Home & PersonalOther
	Advanced	Care	Coating &
	Water
Focus on	Technologies		Adhesives
Growth and	Industrial Markets
Stable, High	Construction
Margins	Agrochemicals	Fuels & Lubricants
	Gas Treating
	Oil Field Technology	Polyurethane
		Composites	Additives

• World's largest maleic producer and merchant seller; 12% global market share, >40% in North America and EU
• Global technology leader, licensor and catalyst provider
• Low-costproducer in North America and EU
• Free cash flow conversion of ~75%
• On September 30, 2019, Huntsman completed the purchase of the 50% interest in theSasol-Huntsman maleic anhydride joint venture that it did not own for ~$100mm (including net cash)

Stable, High-Margin Business with Low Cost

Position

Cash cost/lb

0	100	200	300	400	500	600	700	800
		Capacity (MMlbs)

Huntsman* Competitor

• Total capacity and average cost of two US plants Source: Management Estimates

24

Huntsman Textile Effects Positioning

Technologies Aligned with Macro Trends

Indicative	Brand	Volume Growth
Huntsman Products	Partners	2015 - 2019

	Award winning new
Water and Energy	generation
Conservation	specialty solutions
	for water and
	energy savings

2015 2016 2017 2018 2019

Cleaner	Leading the
transition to
Chemistries
specialty
	non-fluorochemical
	solutions	2015 2016 2017 2018 2019

Zero	Pioneer and leader
Discharge	in digital inks

2015 2016 2017 2018 2019

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Appendix

Summary Financials and Reconciliation

USD In millions			1Q18			2Q18			3Q18			4Q18			FY18			1Q19			2Q19			3Q19			4Q19			FY19			1Q20	1Q20 LTM
Segment Revenues:
Polyurethanes	$	1,025	$	1,117	$	1,126	$	1,014	$	4,282	$	924	$	1,014	$	993	$	980	$	3,911	$	888	$	3,875
Performance Products			319			343			329			310			1,301			300			299			281			278			1,158			292			1,150
Advanced Materials			279			292			279			266			1,116			272			275			256			241			1,044			241			1,013
Textile Effects			200			227			204			193			824			189			215			179			180			763			180			754
Corporate and eliminations			15			(2)			30			38			81			(16)			(19)			(22)			(22)			(79)			(8)			(71)
Total	$	1,838	$	1,977	$	1,968	$	1,821	$	7,604	$	1,669	$	1,784	$	1,687	$	1,657	$	6,797	$	1,593	$	6,721
Segment Adjusted EBITDA:
Polyurethanes	$	230	$	220	$	218	$	141	$	809	$	124	$	156	$	146	$	122	$	548	$	84	$	508
Performance Products			45			59			54			39			197			45			42			38			43			168			58			181
Advanced Materials			59			62			56			48			225			53			55			51			42			201			48			196
Textile Effects			26			29			25			21			101			22			28			16			18			84			20			82
Corporate, LIFO and other			(44)			(40)			(45)			(42)			(171)			(40)			(36)			(36)			(43)			(155)			(45)			(160)
Total	$	316	$	330	$	308	$	207	$	1,161	$	204	$	245	$	215	$	182	$	846	$	165	$	807
Segment Adjusted EBITDA Margin:
Polyurethanes			22%			20%			19%			14%			19%			13%			15%			15%			12%			14%			9%			13%
Performance Products			14%			17%			16%			13%			15%			15%			14%			14%			15%			15%			20%			16%
Advanced Materials			21%			21%			20%			18%			20%			19%			20%			20%			17%			19%			20%			19%
Textile Effects			13%			13%			12%			11%			12%			12%			13%			9%			10%			11%			11%			11%
Total			17%			17%			16%			11%			15%			12%			14%			13%			11%			12%			10%			12%
Net income (loss)	$	350	$	623	$	(8)	$	(315)	$	650	$	131	$	118	$	41	$	308	$	598	$	708	$	1,175
Net income attributable to noncontrolling interests			(76)			(209)			(3)			(25)			(313)			(12)			(8)			(11)			(5)			(36)			(3)			(27)
Net income (loss) attributable to Huntsman Corporation			274			414			(11)			(340)			337			119			110			30			303			562			705			1,148
Interest expense, net from continuing operations			27			29			30			29			115			30			29			27			25			111			18			99
Interest expense, net from discontinued operations			9			11			10			6			36			-			-			-			-			-			-			-
Income tax expense (benefit) from continuing operations			37			(12)			16			4			45			45			38			30			(151)			(38)			7			(76)
Income tax expense (benefit) from discontinued operations			36			100			(41)			(9)			86			5			14			25			(9)			35			238			268
Depreciation and amortization from continuing operations			62			63			62			68			255			67			69			65			69			270			67			270
Depreciation and amortization from discontinued operations			20			20			23			25			88			23			23			13			2			61			-			38
Business acquisition and integration expenses and purchase accounting inventory adjustments			1			7			2			(1)			9			1			-			3			1			5			13			17
EBITDA from discontinued operations, net of tax			(226)			(512)			213			354			(171)			(51)			(72)			(106)			(36)			(265)			(1,015)			(1,229)
Noncontrolling interest of discontinued operations			55			188			(21)			10			232			-			-			-			-			-			-			-
Loss (gain) on sale of businesses/assets			-			-			-			-			-			-			-			-			21			21			(2)			19
Expenses associated with merger, net of tax			-			1			1			-			2			-			-			-			-			-			-			-
Fair value adjustments to Venator Investment			-			-			-			62			62			(76)			18			148			(72)			18			110			204
Loss on early extinguishment of debt			-			3			-			-			3			23			-			-			-			23			-			-
Certain legal settlements and related expenses (income)			2			1			1			(3)			1			-			-			1			5			6			2			8
Certain information technology implementation costs			-			-			-			-			-			-			-			1			3			4			1			5
Amortization of pension and postretirement actuarial losses			16			16			18			17			67			17			16			16			17			66			18			67
Restructuring, impairment and plant closing and transition costs (credits)			3			1			5			(15)			(6)			1			-			(43)			1			(41)			3			(39)
Plant incident remediation costs			-			-			-			-			-			-			-			5			3			8			-			8
Adjusted EBITDA
	$	316		$	330		$	308		$	207		$	1,161		$	204		$	245		$	215		$	182		$	846		$	165		$	807

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