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EFTA01462052 | EFTA01462052 29July 2014 Chemicals / Specialty Eastman Chemical (Figure 1: Eastman O2 20 i 1 lie,tult:T. Segment 0714 Sales 32.403 02'13 $2,440 Additives & Functional Products $452 $430 Adhesives & Plasticizers $358 $339 13% Vols: +9%, Price: .4%. FX: +1%. Upside led by higher sales vols for adhesives resins and plasticizers more than offsetting lower selling prices due to cont'd competitive pressure as increased supply of adhesive resins and weak plasticizers demand in APac and Europe regions. Advanced Materials $831 $625 1% Vols: flat, Price: flat, FX: +1%. Lower sales growth as higher vets for premium products like interlayers with acoustic properties and Eastman Tritan"' copolyestei offset by weak demand for Flexvue coated films. Outlook: Expects sales growth to be in the range of 4%-5% in H2'14 on higher demand for premium Products Fibers $388 $363 0% Vols: +2%, Price: +4%, FX: flat. Higher growth driven by improved selling prices and sales of acetate flake to EMN's China acetate tow joint venture more than offsetting by lower vols of acetate tow due to additional industry capacity. Outlook: Expects lower sales vols 17 H2'74 Specialty Fluids & Intermediates $033 $677 (0%) Vols: -13%%, Price: +2%, FX: Ilat. Downside due to the unplanned shutdown of the plant (due to power disruption) and lower sales vols for intermediates product line partially offset by improved yob of acetyl-based products. Operating profit $441 $434 (3$ Downside primarily due to higher raw material costs. outage costs alongside competitive pressure in core products partially offset by better product mix. Additives & Functional Products $103 $105 (2%) Weakness due to higher raw mat. & energy costs (elm propane) partially offset by higher vols. Outlook: FY'14 EBIT: -$410-$430MM. Adhesives & Plasticizers $56 $50 12% Higher earnings due to improved vols. better productivity and lower operating costs partially offset by lower prices. Qudook. FY'14 ENT Expects to be more than $175MM Advanced Materials SSD $81 (1%) Relatively flat as lower raw material & energy costs offset by costs of the unplanned shutdown. Outlook: FY'74 EBIT: -$280-S300MM Fibers $123 $116 e% Upside led by higher prices coupled with increased sales of acetate flake to JV and lower raw material costs more than offsetting lower tow acetate vols and higher operating costs. Outlook:_FY74 ENT -.5490MM Specialty Fluids & Intermediates $96 $118 (19%) Downside due to lower vols, higher raw material. & energy costs (asp propane) alongside costs of the unplanned shutdown at the Kingsport site. Outlook: FY'14 EBIT: -$300-$320MM 179% 1110% -70bps Additives & Functional Products 22.8% 24.4% -100bps Adhesives & Plasticizers 15.0% 14.7% +80bps Advanced Materials 12.7% 13.0% -30bps Operating margin % change Comment 1% Vols: flat, Price: flat, FX: +1%. Marginal sales growth as higher demand in Additives & functional, Adhesives & plasticizers and Fibers offset by lower demand in Specialty fluids & intermediates. Acquired BP's aviation turbine oil business for $283MM. Outlook FY'14 Expects sales to grow at global GDP growth rate in H2'14. 5% Vole: +4%, Price: flat, FX: +1%. Upside driven by higher demands for coating product lines partially offset by continues destocking in China (primarily for commercial tires). Outlook: Expects vols to be better in H274. 31ass 32.0% -10bps Specialty Fluids & Intermediates 15.2% 17.4% -230bps Inane Bps ($48) ($48) (2%) (1%) Fibers Other Incansilbcpsnes $8 Pretax wog% $404 $408 Texas 0 1121 ($124) Tax rate 28% 30% Non-controlling IM 121 en> 0% Earnings from ops $290 $282 3% One time Items $0 ($18) Outlook• FY'14• -280% Page 2 CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL Deutsche Bank Securities Inc. DB-SDNY-0124400 SDNY_GM_00270584 EFTA01462052
February 21, 2026 at 7:06 PM