EFTA01447964.pdf

29July 2014 Chemicals / Specialty Eastman Chemical (Figure 13: Eastman Al :re data) 2011 2012 2013 20140 2015E EcanumiVActualSell EL ET Arkkives 8. Functional Products 1.677 1,613 1.719 1.780 1260 % Change 8% (4%1 7% 4% 4% Adhesive* & Plasticizers 1,381 1,432 1.326 1,375 1.425 9. Change 32% 4% (7%1 4% 4% Advanced Materials 2,313 2.254 2,349 2,370 2.500 K Change 72% 17%1 4% 1% IS% Fibre: 1.279 1,316 1,441 1,600 1.525 % Change 12% 3% 70% 4% 2% Specialty Fluids & Ingerinerbelefs 2.548 2.473 2.497 2.505 2.600 % Change 34% (3%) 7% 0% 4% Total Segment Sales 9.198 9,087 9.332 9.630 9.910 Other 77 33 18 3 S Sales 9,275 9,120 9.350 9,533 9.915 li. Civrogn 19% (2%) 9% 2% 4% Pio Forma/Arnie( Operating Profit if PE Additives & I- pectin, of Products 392 393 408 415 464 Operating Mewl 22.8% 24.4% 23.6% 23.3% 24.4% % Change 3% 3% 3% 2% 9% Adhesives & Plasticizers 250 263 173 185 195 °Pommy Attegin ra 7% 16.4% 13.0% 13.5% 73.7% % Change 34% 6% (34%) 7% 8% Advanced Materials 251 210 260 296 323 Operating &begin 10.8% 13% 11.1% 11.4% 12.9% % Change 20% (16181 24% 73% 9% F lbws 365 388 452 480 488 Operating &begin 28.6% 29.6% 32.1% 32.0% 32.0% % Change 7% 6% ID% 4% 2% Specialty Fluids & Intermediates 278 359 384 310 376 011eranne7 Mar 70.9% 14.5% 14.6% 12.4% 74.4% % Change 28% 29% 7% (115%1 27% Segment Operating Profit 1.526 1.613 1.665 Lass 1.835 % Change 75% 6% 3% 1% 9% Other 11284 (1281. 1741 (65) 1557 Operating Profit 1.398 1.487 1.591 1.830 1,780 Opmraang Mug° 75.1% 163% 17.0% 17.1% 78.0% `. Change 72% 6% 7% 2% 9% Pro Form eiActuel EBITDA ff EE Additives &Functional Pnxtuces 477 490 501 613 557 EBITDA Mew 284% 30.4% 29.7% 288% 29.9% % Change 3% 3% 2% 2% 9% Adhesives & Plasticizers 294 308 218 230 241 EBITDA PAnyin 21.3% 21.6% 16.4% 76.7% 16.9% % Chem° 37% 6% (29%) 6% 5% Advanced Kennels 386 347 404 443 477 EBITOA &begin 16.7% 16.4% 17.2% 78.7% /9.7% % Change I4% (10%1 MK 10% 8% Fibers 433 457 527 545 554 EV(TOA &begin 33.9% 348% 36.6% 36.3% 363% % Change 7% 6% 75% 3% 2% Specialty Fluids & Intermediates 358 440 444 395 467 E BIWA Mgr) 14.1% 17.8% 17.8% 26.9% 18.0% % ClIOng0 23% 23% 7% (71%) III% Segment EBITDA 1.948 2,042 2.094 2.126 2,296 % Change 14% 6% 3% 2% 9% Other 1121) (1191 170) (511 151 t EBITDA 1.827 1,923 2.024 2,076 2.245 EBITDA &begin 19.7% 21.1% 21.6% 21.8% 22.6% % Change 11% 6% 5% 3% 8% Interest Expiate 1787 (134) 11801 (1811 11881 % Change (23%1 76% 34% IX 4% Other Ineefile/EXpenae 19 10 131 11 0 Pretax Income 900 1.195 1.408 1,460 1.592 Ptetax IVINO0 113% 14.7% 161% 16.3% 16.1% % Change 20% 26% 18% 4% 9% Taxes 1304) (3911 13931 (4071 14461 Tax Bale 31.8% 32.7% 27.9% 27.9% 28.0% Nei Income Attributable to Noncontrolling Interests 0 (21 17) (71 (8) Nat Income 662 802 1,009 1,048 1,138 Sea: Reset Ow*earnoret feengn Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0102761 CONFIDENTIAL SDNY_GM_00248945 EFTA01447964