Earnings Summary Fourth Quarter 2017 Conference Call Friday, - PowerPoint PPT Presentation

Earnings Summary Fourth Quarter 2017 Conference Call Friday, February 23, 2018 10:00 a.m. ET U.S. Participants: (888) 680–0890 International Participants: (617) 213–4857 Passcode: 299 322 06# Webcast: ir.huntsman.com

Forward Looking Statements 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. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as required by applicable laws. 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, 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. 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 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 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. 1

Highlights Note: Pigments & Additives business is treated as discontinued operations in all periods shown 4Q17 4Q16 3Q17 2017 2016 ($ in millions, except per share amounts) Revenues $2,203 $1,904 $2,169 $8,358 $7,518 Pro forma revenues (1) $2,203 $1,841 $2,169 $8,358 $7,277 Net income $ 287 $ 137 $ 179 $ 741 $ 357 Adjusted net income $ 186 $ 50 $ 164 $ 604 $ 352 Diluted income per share $ 1.00 $ 0.53 $ 0.60 $ 2.61 $ 1.36 Adjusted diluted income per share $ 0.76 $ 0.21 $ 0.67 $ 2.48 $ 1.47 Adjusted EBITDA $ 360 $ 210 $ 340 $1,259 $ 997 Pro forma adjusted EBITDA (1) $ 360 $ 204 $ 340 $1,259 $ 969 Net cash provided by operating activities $ 304 $ 238 $ 261 $ 842 $ 974 Free cash flow $ 190 $ 133 $ 227 $ 594 $ 656 See Appendix for reconciliations and important explanatory notes (1) Pro forma adjusted for the sale of our European surfactants business to Innospec on December 30, 2016 as if it had occurred at the beginning of the periods shown. 2

Polyurethanes Fourth Quarter 2017 Revenues Adjusted EBITDA Adjusted MDI Urethanes EBITDA Margin (4) $ in millions $ in millions Adjusted PU EBITDA Margin � 27% � 3% � 126% � 20% Y/Y Q/Q Y/Y Q/Q $1,227 $1,197 $294 30% $245 $964 26% 24% 25% 24% $130 20% 20% 15% 15% 13% 4Q17 4Q16 3Q17 4Q17 4Q16 3Q17 10% MTBE Adjusted EBITDA MDI Urethanes MTBE Sales Factors Highlights Price: Price: Mix & Current Quarter Volume (2) Local (1) FX (1) Other + Strong demand for MDI globally + Favorable MDI margins � 21% � 4% � 4% � 2% Y/Y – Weak MTBE margins � 20% � 4% � 6% � 7% Y/Y (3) Outlook � 5% � 1% � 3% Q/Q ---- + Solid MDI demand and margins � 4% � 6% � 11% + 2018 to benefit from new China projects coming on-line Q/Q (3) ---- + Growth in downstream differentiated systems (1) Excludes sales from tolling, by-products and raw materials – Short-term spike in margins expected to soften (2) Excludes sales volumes of by-products and raw materials (3) Pro forma adjusted to exclude the impact from planned maintenance outages – MTBE margins remain depressed, with temporary modest improvement in 2Q17, Hurricane Harvey in 3Q17 & weather related outages in 2016. (4) Excludes MTBE in 1Q18 3

MDI Market Outlook Industry dynamics creating short-term fly-up Continued focus on growth in core business Base EBITDA • Unplanned outages during 2017 took about Expected tight market conditions 200 ktes of capacity out during the year (the Short-term spike in margins ~$85 equivalent of half a world scale plant) ~$40 • Delays in start up of new capacities in the industry • Some industry facilities not able to run at stated capacities Current global effective global operating rates are >95% 4Q16 1Q17 2Q17 3Q17 4Q17 Longer-term market outlook remains tight Focus on differentiated volume growth Continued volume growth in more stable, high value differentiated business MDI Demand MDI Capacity 17% (‘000 ktes) 16% 8.6 8.9 Rotterdam T&I 7.2 6.4 6% 6% 6% 6% 4% 3% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Differentiated 2016 2021 2016 2021 Component 4

Performance Products Fourth Quarter 2017 Revenues Adjusted EBITDA Pro Forma Adj. EBITDA Margin (4) $ in millions Adjusted EBITDA Margin $ in millions � 14% (1) � 3% � 31% (1) � 25% Y/Y Q/Q Y/Y Q/Q Planned T&I , Hurricane (4) weather related and Harvey $98 other outages impact $501 $514 30% (4) (1) $74 $452 25% (1) $62 17% 20% 13% $63 15% $47 14% 13% 10% 9% 5% 0% 4Q17 4Q16 3Q17 4Q17 4Q16 3Q17 Sales Factors Highlights Price: Price: Mix & Volume (3) Current Quarter Local (2) FX (2) Other + Continued positive underlying trends in key markets � 8% � 2% � 6% � 16% Y/Y – ~$17mm negative impact from planned maintenance projects – ~$10mm negative impact from unplanned outages and weather � 3% � 2% � 1% � 14% Y/Y (1)(4) Outlook + Recovery continues in 2018 � 3% Q/Q ---- ---- ---- + Improved EBITDA in amines and surfactants + Higher year-over-year volumes � 4% � 2% Q/Q (4) ---- ---- – Lower EBITDA margins in upstream intermediates (1) Pro forma adjusted to exclude European surfactants business sold on December 30, 2016 – 2Q18 planned Port Neches maintenance: ~$15mm EBITDA (2) Excludes sales from tolling, by-products and raw materials (3) Excludes sales volumes of by-products and raw materials (4) Pro forma adjusted to exclude the impact from Hurricane Harvey in 3Q17 & weather related and other outages in both years . 5

Advanced Materials Fourth Quarter 2017 Revenues Adjusted EBITDA $ in millions $ in millions Adj. EBITDA Margin Specialty & Differentiated Adjusted EBITDA Margin � 5% � 2% � 6% � 5% Y/Y Q/Q Y/Y Q/Q $263 $258 $246 $56 $53 26% $50 25% 24% 25% 25% 22% 21% 20% 21% 20% 18% 16% 14% 12% 4Q17 4Q16 3Q17 4Q17 4Q16 3Q17 10% Specialty & Differentiated BLR, Wind & Other Specialty and Differentiated BLR, Wind & Other Sales Factors Highlights Current Quarter Price: Price: Mix & Volume (2) Local (1) FX (1) Other + Core specialty volume 4% higher YOY – Higher raw materials costs, specifically in Asia � 2% � 3% � 1% � 1% Y/Y Outlook � 2% � 1% � 3% Q/Q ---- + 2018 expected solid growth + Growth in specialty volumes + Pricing initiatives to offset higher raw material costs – Wind market remains challenging (1) Excludes sales from tolling, by-products and raw materials (2) Excludes sales volumes of by-products and raw materials 6

Admat EBITDA History Steady Specialty Growth De-selection of BLR, Wind and Other Adj. EBITDA Margin 110.00 $219 $213 Restructuring & fixed cost $210 Commodity $208 reduction volumes decreased 90.00 by ~55% in the same period 26% $164 70.00 25% 24% $10 $10 21% 50.00 $121 $0 17% 30.00 13% ($9) 10.00 (10.00) ($23) (30.00) ($33) (50.00) 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 7