Investor Day

March 8, 2012

General Disclosure
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, managements 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 managements 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: 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 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 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.

Supplemental Information
This presentation includes selected supplemental information reporting our last-in, first-out (LIFO) inventory valuation reserve charges as part of Corporate and other, which was previously reported in our Performance Products segment. All segment information for prior periods has been restated to reflect this change. 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.

Agenda
Start Event Presenter

8:00 AM 8:15 AM 8:30 AM 9:15 AM 9:55 AM 10:10 AM 10:35 AM 11:00 AM 11:45 AM 12:00 PM

Remarks Company Overview Polyurethanes* Performance Products* Break Advanced Materials* Textile Effects* Pigments* Financial Overview Q&A Lunch served

Jon Huntsman
Executive Chairman & Founder

Peter Huntsman
President & CEO

Tony Hankins
CEO, Asia Pacific & Division President

Stu Monteith
Division President

James Huntsman
Division President

Paul Hulme
Division President

Simon Turner
Division President

Kimo Esplin
EVP & CFO

Peter Huntsman
President & CEO

Kimo Esplin
EVP & CFO
*includes ~10 minutes Q&A

Remarks
Jon Huntsman
Executive Chairman & Founder

Company Overview
Peter Huntsman
President & CEO

Portfolio Composition
Revenue(1)
Pigments 14% Textile Effects 6% Advanced Materials 12% Polyurethanes 39%

2011 Revenue $11b Adjusted EBITDA $1.2b

Adjusted EBITDA(1)(2)
Polyurethanes 34%

Pigments 36%

Textile Effects -5% Advanced Materials 8% Performance Products 27%

Performance Products 29%

End Markets
Based on 2011 Revenues $ in millions

Adjusted EBITDA(2)
$2,125

ROW 16% US & Canada 33% Asia Pacific 21%

$822 $633
10% 10% 13% 11% 10%

$1,144 $951 $932 $668

7%

$1,214 $872 $529

7% 9% 11%

Europe 30%

2003(3)(4) 2004(4)

2005(4)

2006(4)

2007

2008

2009

2010

2011

Peak

Adj. EBITDA
(1) Segment allocation is before Corporate and other unallocated items (2) Adjusted EBITDA excludes restructuring and plant closing costs and other unusual items (3) Pro forma as if Huntsman had acquired the remaining interest in HIH as of January 1, 2003 and its interest in Advanced Materials as of January 1, 2003 (4) Pro forma as if Huntsman had acquired its interest in Textile Effects as of January 1, 2003; excludes the C4 business sold in 2006

Adj. EBITDA Margin

Company Overview

Business Cycles
Trough to Peak
Estimated Peak

$900

$700 Adjusted EBITDA

Upside

(in millions)

$500

2011 Estimated Trough 2011

2011

$300

$100

2011

($100)

Polyurethanes

Performance Products

Advanced Materials

Textile Effects

2011 Pigments

Company Overview

Cost Reduction Programs Planned $25mm $75mm $75mm $50mm $15mm Total
7

Completed

AdMat TE PU TiO2

Timing by Q2 12 by Q2 12 Q1 13 by Q4 12 Q3 13 fully Q1 11 by Q1 13 over next 12-15 mo.

Company Overview

$190mm

Energy Global Natural Gas Prices

Excl. Taxes & Transportation

FORECAST

Gas Equivalent to Crude Pricing China EU Malaysia USA $96/bbls $56/bbls $42/bbls $15/bbls

Company Overview

Global Gas Related Raw Materials

In Lbs per Year 2011

Company Overview

Huntsman Businesses
End Markets by Revenue
Polyurethanes
Paints & Coatings Energy & Fuels

Performance Products
Paints & Coatings Energy & Fuels Industrials

Advanced Materials
Paints & Coatings Energy & Fuels Industrials

Textile Effects

Pigments
Paints & Coatings

2011 Revenue
14% 14% 11% 11% 9%

Intermediates Insulation

Intermediates

House Products Construction Auto & Marine Construction Construction Auto & Marine Apparel Home Furnishings Personal Care Appliances Agrochemicals Aerospace Home Furnishings Home Furnishings Personal Care Appliances Construction Auto & Marine

7% 5% 5% 4% 3% 3% 2% 2% 1%
Other = 8%

10

Company Overview

Huntsman Businesses
Housing Market by Revenue
Polyurethanes
Paints & Coatings

Performance Products
Paints & Coatings

Advanced Materials
Paints & Coatings

Textile Effects

Pigments
Paints & Coatings

2011 Revenue
14%

House Products Construction Construction Construction Construction

7% 5%

Home Furnishings

Home Furnishings

Home Furnishings

3%

Appliances

Appliances

2%

Estimated % of Revenue
11

31%
Company Overview

Huntsman Businesses
Energy and Fuels Market by Revenue
Polyurethanes Performance Products Advanced Materials Textile Effects Pigments 2011 Revenue

Energy & Fuels

Energy & Fuels

Energy & Fuels

14%

12

Company Overview

Huntsman Businesses
Insulation Market by Revenue
Polyurethanes Performance Products Advanced Materials Textile Effects Pigments 2011 Revenue

Insulation

9%

13

Company Overview

Huntsman Businesses
End Markets by Revenue
Polyurethanes Performance Products Advanced Materials Textile Effects Pigments 2011 Revenue

Aerospace

1%

14

Company Overview

Chemistry Replacements & Innovation Formaldehyde vs. MDI Crude oil vs. natural oils Carbon fiber vs. aluminum and steel (aerospace, automotive) TiO2 diversification
Inks Solar Reflectants Deltio

Epoxy resin vs. porcelain, steel cable (power industry) Amines vs. wide chemistries Textile chemicals & dyes vs. water usage Oil & gas industry
15 Company Overview

Take Aways Well positioned to profit from advantaged North American gas liquids Focused on growth industries around the world Expanding in developing geographies around the world $200mm cost reduction in next 12-18 months Strong pipeline of chemistry for replacement & new applications Strong upside in majority of products & divisions
16 Company Overview

Polyurethanes
Tony Hankins
CEO, Asia Pacific Division President

Polyurethanes Business Scope

MDI Urethanes End Markets
Based on 2011 Revenues Source: Management Estimates

MDI Urethanes Revenue

Based on 2011 Revenues

Home Furnishings 6% Footwear Household 3% Appliances 9% Insulation 36% Automotive 15% Intermediate Chemicals 2% Industrial Applications Construction 3% 9%

ROW 11%

US & Canada 25%

Asia Pacific 25%

Adhesives, Coatings & Elastomers 17%

Europe 39%

Consumer 30%

Global MDI Industry Growth

Source: Nexant
4500

2011

Locations

Global MDI Demand ('000 Tes)

4000 3500 3000 2500 2000 1500 1000 500

Asia

Revenue $4.4b

Europe

Americas

Adjusted EBITDA $476m

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

18

Polyurethanes

Global Footprint
Manufacturing Assets, Locations and People

Geismar, USA
MDI 450 ktes

Rozenburg, Holland
MDI 400 ktes

Shanghai, China
MDI 150 ktes**

Port Neches, USA

PO 235 ktes

Regional HQ Regional Technology Center Technology/Development Center Systems House TPU Production
Note: sales offices & distribution points also located strategically across the world *Includes fully consolidated JVs **Huntsman share of JV plant output

19

Polyurethanes

Huntsman Strongly Positioned in MDI

Precursor MDI Capacity Share 2011
Huntsman 18% Others 11% Wanhua 17%

Suppliers Polyurethane Portfolio

Dow 12%

Bayer 22%
Source: Nexant 2012

BASF 20%
Huntsman MDI Competitor MDI PO TDI

Source: Nexant 2012

Global MDI Industry Growth

1.4 1.3 1.2

Global Precursor MDI Cash Cost Curve by Region

Americas Europe
1.4 1.3 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 1.4 1.3 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5

Asia

2011 2018 CAGR 2011 8.3% World 2018 MDI CAGR 8.3% Cost Index

1.1 1.0 0.9 0.8 0.7 0.6 0.5

1990 2011 1990 2011 CAGR World 6.8% MDI CAGR 6.8%

1990 2018 TDI CAGR 3.4%

0
Source: Nexant 2012

1,000

1,000

2,000

1,000

2,000

Total Nameplate Capacity (000 tes)

Source: Management estimates 2011, assuming plants running at nameplate capacity

20

Polyurethanes

MDI Capacity: View to 2015

Industry MDI Utilization (%) Low to mid 90s

Announced Incremental MDI Capacities Through 2015

Huntsman Caojing +240 ktes Bayer Caojing +150 ktes Yantai Bajiao net +400 ktes Yantai Ningbo +600 ktes BASF Chongqing +400 ktes

Mid to high 80s

Implied capacity growth of 6%-7% per annum MDI demand growth forecast at +8% Plant utilization expected to rise into low to mid 90s by 2014-2015

Source: Management Estimates

21

Polyurethanes

MDI Insulation
Growth Opportunities in All Regions of the World

40-50% of all energy is used in heating / cooling buildings 75% of existing buildings need renovation 90% energy savings required by
low

energy housing

22

Polyurethanes

United States: Rapid MDI Growth in Spray Polyurethane Foam Insulation

PU roof and wall insulation is $700m market Huntsman focuses on wall insulation, which is 60% of market and grew 10% in 2011 Its expected to grow from a 250mm/lbs PU market today to >400mm/lbs by 2016 Near-Term Growth Drivers
HUN USA SPF Revenue Growth
CAGR 2008-2011 >40%

New energy code requires up to 50% increase in R-value for building envelope insulation Mandatory air tightness testing in energy codes and construction protocol

2008

2009

2010

2011

US housing recovery from downturn

23

Polyurethanes

Europe: Legislation Driving Greater Energy Efficiency

MDI Insulation Growth has Decoupled from Construction Market
Comparative insulation values
1.95 MDI-rigid foam 3.12 EPS 3.51 mineral wool 3.90 cork 5.07 wood fiber 7.80 softwood 29.64 light concrete

67.08 bricks

PU has ~15% market share of W. European $2 billion insulation market Legislation calls for net zero energy buildings by 2020 Growing consumer awareness drives insulation demand for building renovation 11% growth in 2011, with step change in Germany and France over next two years
Source : IVPU, BRUFMA, Management Estimates

24

Polyurethanes

China: 12th Five Year Plan Generating MDI Insulation Opportunities

Implement energy efficiency standards for new buildings to deliver 65% savings by 2020 Increase non-fossil energy consumption to 15% of total energy demand by 2020 Reduce carbon dioxide emissions per unit of GDP by 5% Infrastructure/ construction investment expected to grow 7-8% p.a. to 2015 Growth of 8-10% p.a. expected in appliances sector

MDI insulation growth CAGR for next 5 years >10%

Source : SAI Strategic Analysis, KPMG

25

Polyurethanes

Automotive Comfort
High Value MDI Systems for the Premium Car Segment

Premium Automotive segment forecast to increase 50% between 2010-2015 to 9m units Increasing emerging market wealth and demand for comfort is driving segment growth Each unit contains ~17kg of MDI system MDI provides high comfort performance and cost competitive light-weighting capability via continuous innovation

Source : LMC Automotive (JD Power)

26

Polyurethanes

Premium Automotive Supplier

MDI Systems in Automotive seating and acoustics

BMW choose Huntsman PU as supplier

Strong customer intimacy & service excellence with close connection to BMW Munich & Dingolfing heartland Leading emissions & weight reduction technology supports BMW brand Global presence supports BMW plants worldwide

27

MDI Binders and Wood Adhesives

Creating Value from Wood Waste

US Indoor Air Quality legislation is driving the use of MDI in the $400m Particleboard and Medium Density Fiberboard resin market MDI has penetrated ~10% of the market and grew at >30% in 2011 This share is expected to more than triple in size over next 3-4 years

28

Polyurethanes

MDI Binders and Wood Adhesives

Leveraged to US Housing Market

100,000 new US housing units increases MDI demand by 50 mm lbs MDI has continued to see rapid substitution of alternative resins and is well positioned for any housing recovery
MDI Sales per unit of US Housing Starts
2.5 500

2.0 U S H o u s ti n g S ta r ts (m i l l i o n u n i ts )

Millions Housing Starts MDI lbs per Housing Start

400

1.5

300

1.0

200

0.5

100

0.0

Source: Management Estimates

29

19 8 19 2 83 19 8 19 4 8 19 5 8 19 6 8 19 7 8 19 8 8 19 9 9 19 0 9 19 1 9 19 2 9 19 3 9 19 4 9 19 5 9 19 6 9 19 7 9 19 8 9 20 9 00 20 0 20 1 0 20 2 0 20 3 0 20 4 0 20 5 06 20 0 20 7 08 20 0 20 9 10

Polyurethanes

lb s . M D I p e r u n it

High Growth/ Emerging Markets

2001-2011 MDI revenues grew at CAGR: 5% in developed markets 13% in emerging markets Emerging markets share of revenues grew from 29% to 45%

30

Polyurethanes

High Growth/ Emerging Markets

Investing for Growth in China Asia Pacific Technology Center MDI Plant Expansion

$40 million new world-class technology and innovation facility in Minhang, near Shanghai Will accommodate 400+ technical experts Operational by mid-2013

240 ktpa MDI plant with HCl recycling in Caojing, near Shanghai PAR submitted to NDRC with EIA, SIA, and EEA Beneficial operations by 2015

31

Polyurethanes

High Growth/ Emerging Markets

Routes to Downstream Differentiated Growth Markets

Pune, India
MDI Systems House

Istanbul, Turkey
MDI Systems House

Moscow, Russia
Joint Venture MDI Systems House 32

Jinshan, China
TPU Manufacturing Facility Polyurethanes

MDI Technology Innovation

A Regular Stream of New Products

Footwear Soling

Boardstock insulation

MDI Molded Flex-foam

OSB

MDI Slabstock flexible foam

Polyurea Coating

Noise Vibration Damping

1962 1958 1963

1964

1979 1978

1987 1990

1992

1999 1996 2000 2004

2008 2010

Cast Elastomers

Rigid Appliance Insulation

PIR Insulation Sheathing

SRIM + LDSRIM Structural wood Structural PU Adhesives Composite Panels

Nike Shox

Viscoelastic Flex Foam

Hydroponics

Huntsman has created many of these MDI segments Core Science specialists working on R&D programs Lateral thinking to create differentiated technologies Strong pipeline of new product innovation
33 Polyurethanes

MDI Technology Innovation

A Regular Stream of New Products
Market size: $1 billion. Huntsman sales potential: $170 million

VYDRO substrate for Green Roofs and Living Walls Lightweight smart water management system Easy to handle; excellent water absorption capabilities Ideal for retrofit installations and projects in hot climates Growing customer base and network of partners
Market size: $900 million. Huntsman sales potential: $150 million

Trenchless Pipe Rehabilitation Cure-in-place controlled reaction PU system inverted via an existing manhole Eliminates need for trench digging, thereby reducing disruption and cost Repair occurs in minutes to hours depending on pipe dimensions vs. weeks or months traditionally
34 Polyurethanes

Cost Management
Relentless Focus on Fixed Cost Reduction

Major Cost Reduction Program

$75m targeted savings during next 18 months Builds on previous restructuring programs Annualized 10% reduction vs. 2011 targeted by end 2012 Annualized 15% reduction vs. 2011 targeted in 2013 Delivers 2013 MDI Fixed Costs in line with 2003 costs at constant exchange

$75m improvement

35

Polyurethanes

Financial Performance
% of Revenues
Revenues Contribution Margin / Revenues(1) Direct Costs / Revenues(1) Adj. EBITDA / Revenues

Per Pound Sold

Direct Costs / lbs Sold(1) Contribution Margin / lbs Sold(1) Adj. EBITDA / lbs Sold

2003

2004

2005

2006

2007

2008

2009

2010

2011

2003

2004

2005

2006

2007

2008

2009

2010

2011

(1) excludes costs and revenues from tolling and by-products

(1) excludes costs and sales volumes from tolling and by-products

Annual Adjusted EBITDA

$ in millions Adjusted EBITDA Margin $ in millions

Quarterly Adjusted EBITDA

Adjusted EBITDA Margin

$ 950 $ 733 $ 571 $ 603 $ 476 $ 409 $ 264

15% 12 % 9% 22% 17% 16 % 13 % 9% 11%

$1 33 $14 1 $1 00 $ 382 $ 390 $ 320

16 % 8% 10 % 10 % 11%

$1 43

$1 40

$ 99 $ 79

$ 70 $ 52
13 % 12 %

7%

8%

2003

2004

2005

2006

2007

2008

2009

201 0

201 P eak 1

4Q09

1 0 Q1

2Q1 0

3Q1 0

4Q1 0

1 1 Q1

2Q1 1

3Q1 1

4Q1 1

36

Polyurethanes

Huntsman Polyurethanes
Positioned for Margin Expansion

World class strengths in MDI technology & innovation Strong global presence Energy efficiency driving accelerated growth Improved margins via: Tightening MDI operating rates Downstream focus $75 million cost reduction program Price increases to pass through raw material hikes

37

Polyurethanes

Q&A
Tony Hankins
CEO, Asia Pacific Division President, Polyurethanes

Performance Products
Stu Monteith
Division President

Performance Products
End Markets
Based on 2011 Revenues Source: Management Estimates

Revenue
Based on 2011 Revenues

Personal Care 9% Household Products 22% Other 6%

Industrial Applications 25%

Rest of World 9% Asia Pacific 13%

US & Canada 49%

Intermediate Chemicals 9% Paints & Coatings Agrochemicals 2% 8% Construction Energy 2% Fuels & Lubricants 6% Polymers 6% 5%

Europe 29%

Consumer 31%

Global Market Share

Product Polyetheramines Carbonates Morpholine/DGA Specialty Amines/ Catalysts Ethyleneamines Maleic Anhydride Market Share 85% 65% 50% 30% 30% 45% Peer BASF, Arch BASF BASF BASF, Dow, Air Products, Taminco, Ineos BASF, Dow, Tosoh, Delamine Lanxess, Flint Hills, Marathon, Lonza, DSM

2011
Revenue $3.3b

Locations

Adjusted EBITDA $374m

40

Performance Products

Our Business Model

Intermediates
42% of EBITDA

Specialties
58% of EBITDA

Surfactants

Amines

Maleic

Global SBUs
Home & Personal Care Agrochems Processing Chemicals Materials Energy Additives

41

Performance Products

Growth Story

$3,600 $3,200 $2,800 $2,400 $2,000 $1,600 $1,200 $800 $400

Acquisitions
1994 Texaco Amines, EO, Surfactants 1993 Monsanto Maleic Anhydride LAB

Sales $ Millions

1996 1999 Rhodia Polyols Nitroil Amines Dow Baker Surfactants Ethyleneamines Orica Surfactants Degussa - Carbonates

2001 Albright & Wilson Surfactants

2011 Laffans Surfactants/ amines $22m

Investments
2007 Amines US/Singapore $70m 2010 Maleic Anhydride US $160m Amines Saudi Arabia $190m 2011 Maleic Anhydride Germany $110m Amines - Singapore/UK $12m

$0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

9 acquisitions followed by aggressive capital and JV investments

1993 2011 CAGR 18%

42 Performance Products

What Do Amines Do?

Protect, Clean & Strengthen
Application
Wood Preservatives

Effect
Protect Wood Protect Agriculture Protect Skin & Hair Waterproof Concrete

Protect

Herbicides Personal Care Polyurea

Fabric Treatment Removing CO2 & Sulfur

Soften Clothes Clean Gas Clean Water Clean Engine Clean Wafer

Clean

Chelating Agent Fuel Additive Photoresist Stripper

Strengthen

Epoxy Composite Polyamide Asphalt

Strengthen Polymer Strengthen Paper Strengthen Road

43

Performance Products

Amines
Application Reach
2007 2007 2010 2011 2012 2014 2014

Investment in Amines Growth

Polyetheramines - Singapore Ethanolamines - US Ethyleneamines - Saudi Arabia (JV) Polyetheramines - Singapore Polyetheramines/DGA/Morpholine UK Polyetheramines - Singapore DGA/Morpholine Saudi Arabia (JV) $40m $30m $290m $3m $9m $80m $150200m

Competitive Landscape
HUNTSMAN Ethyleneamines Ethanolamines Alkylalkanolamines Polyetheramines Sustituted Propyl Amines Morpholines/DGA Tertiary Amines Amine Oxides Aromatic Amines Imidazolines Alkoxylated Amines BASF Dow

Strengths

Industry leadership Highly profitable/high growth High barriers to entry Global asset footprint Leading cost position
Source: management estimates

44

Performance Products

Technical Innovation Driving Amines Growth

Application Product Substitution Huntsman / New Oil Exploration - Shale Control Herbicide Additive Lumber Preservative Wind Energy Lithium Ion Batteries Fuel Additive Architectural Paint Amine Amine Amine Amine Cyclic Carbonate Amine Amine Competition / Old Potassium Chloride Tallow Product Chromium & Arsenic Mix Polyester Linear Carbonate PIBSA Acetylene Surfactants Est. 2012 Annual Demand Vol - Mil Lbs 22 55 55 66 6 33 3

$100 million of 2012 contribution margin

2010
AMINES EBITDA CAGR of 19%

Tight EA supply/demand Wind turbines overbuilt 2011 New EA capacity Reduced APAC infrastructure spend 2012

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Improved PEA demand EA margin expansion

45

Performance Products

What Do Surfactants Do?

Clean, Disperse & Emulsify
Application
Laundry Detergents

Effect
Fabric Cleaners Cleaners, Wetters Cleaners Cleaners, Emollients

Clean

Dishwasher, Rinse Aids Industrial Cleaners Shampoo, Body Wash

Lube Oil Additives Paper Chemicals

Dispersers Defoamers, De-inkers Mixers, Separators Foamers, Dispersants Mixers Mixers

Disperse

Oilfield Mining Water Treatment Metal Working

Emulsify

Agrochemicals Textile Processing Gypsum & Concrete

Wetters, Mixers Mixers, Lubricants Foamers

46

Performance Products

Surfactants
Strengths Diverse Reach

Global asset base

Other
s ce ur so Re

Strong position with major multinationals Ongoing portfolio shift to higher value Market leader in specialty alkylates NA ethane advantage 60% of US surfactant raw material is ethane-based
APAC, 14% Americas, 43% EAME, 43%

Ind us tri al

Agrochem

Cleaning

Personal Care

Higher Value Portfolio

Back integrated into ethylene / EO

Total contribution margin increased by 5% pa

EO tight for several years to come Roll through EBITDA margins on US surfactants around 15%
Sales lbs million Contribution margin / lb 2003 2004 2005 2006 2007 2008 2009 2010 2011

47

Performance Products

Maleic Anhydride
Lowest cost producer in North America and Europe Largest supplier in the world with 22% of production capacity UPR dependent on strength of US housing and auto US housing recovery will tighten supply / demand lifting EBITDA by $20 - 25 million Additional income stream from licensing and sale of maleic catalyst
N American Competitive Position (43% Market Share)
Cash Cost Huntsman Huntsman Pensacola Pensacola

Global Demand 1,432 MT

Asia 23% EAME 16%

China 43%

Americas 19%

Huntsman Geismar 0 60 121 Cash Cost

Huntsman JV 0

NA Market Segments
366 305 425 486 547 609 670
Unsat Polyester Resin 45%

182

244

Capacity in Pounds

European Competitive Position (38% Market Share)

Others 19% Oil Additives 12%

Copolymers 12%

Food 12%

60

105

170

Sasol 206 225

260

Capacity in Tonnes

48

Performance Products

Target Rich Opportunities In Emerging Markets

China In last 5 years sales increased 5x and EBITDA 20x Huntsman products align with centrally planned developments in Infrastructure Energy Transportation APAC EBITDA
CAGR of 48%

India
2006 2007 2008 2009 2010 2011

Demographics driving increased chemical consumption Well aligned to exploit key growth segments Sustainable energy Infrastructure Agriculture
49 Performance Products

China Market Infrastructure

China is No. 1 in Concrete consumption
Energy Infrastructure
Dams

Transportation Infrastructure
Present Newly-built by 2020 85,000 35,000 120,000 2,000,000 500,000 2,500,000 40,000 30,000 70,000 147 97 244

Others 26%

Rail(km) Road(km) Highway(Km) Airport(Unit)

Japan 6% India 9%

US 14%

China has almost half of the worlds 50,000

large dams 18 more major dams to be built by 2030

Huntsman produces amines and surfactants which improve flow properties of concrete China consumed 4 billion tons of concrete in 2010 Translates to 55 million lbs of amine / surf demand Huntsman has approximately 20 million lbs of this market

50

Performance Products

China Market - Rail Infrastructure

Investment: US$ billion
2010 103 2011 110 2012 103 2013 103 2014 103

>120,000km railway operating mileage by 2020 Around 16,000 km of them are HSR.

Bridge decking sections of high speed rail require waterproofing Roughly 7,000 km of the 16,000 km is bridge decking Equates to approximately 24 million lbs of Huntsman amine demand
51 Performance Products

China Market Renewable Energy

China Wind Energy From 2010 to 2014 14,400 mw wind energy installed per year

9,600 new turbines required each year

32mm lbs pa of amine

Huntsman share 27mm lbs pa

1 MW = 1 MT of amine
52 Performance Products

India Market
Changing Demographics
14 12 10 8 6 4 2 0 Basic Speciality Knowledge India Global

Growth Rate Growth Rate

At early stages but same growth characteristics as China Infrastructure Transportation Energy Agriculture Emerging middle class translates to higher per capita chemical consumption Laffans acquisition created a platform for the divisional portfolio in the region EBITDA expected to increase by over $10 million in next 3 years
53 Performance Products

Financial Performance
% of Revenues
Revenues Contribution Margin / Revenues(1) Direct Costs / Revenues(1) Adj. EBITDA / Revenues Direct Costs / lbs Sold(1)

Per Pound Sold

Contribution Margin / lbs Sold(1) Adj. EBITDA / lbs Sold

2003

2004

2005

2006

2007

2008

2009

2010

2011

2003

2004

2005

2006

2007

2008

2009

2010

2011

(1) excludes costs and revenues from tolling and by-products

(1) excludes costs and sales volumes from tolling and by-products

Annual Adjusted EBITDA

$ in millions Adjusted EBITDA Margin $ in millions

Quarterly Adjusted EBITDA

Adjusted EBITDA Margin

$ 450 $ 367 $ 374 $ 275 $ 246 $1 93 $1 57

14 % 12 % 9% 10 % 9% 10 % 9% 10 % 11% 12 % 10 %

$15 1 $1 02 $ 89 $ 67 $ 60
17% 15% 13 %

$15 1 $1 02 $ 97

$1 89

$ 209

$ 21 4

$ 60
14 % 11% 11% 8%

2003

2004

2005

2006

2007

2008

2009

201 0

201 P eak 1

4Q09

1 0 Q1

2Q1 0

3Q1 0

4Q1 0

1 1 Q1

2Q1 1

3Q1 1

4Q1 1

54

Performance Products

Performance Products
A Growth Engine

Increased demand backed by emerging market growth Further product substitution growth via innovation Return on new expansion investments Maintain market positions in amines and maleic anhydride Upstream integrated advantage in U.S. Gulf US housing recovery benefits maleic anhydride Capitalize on global presence Market facing orientation drives value

55

Performance Products

Q&A
Stu Monteith
Division President, Performance Products

Advanced Materials
James Huntsman
Division President

Advanced Materials
End Markets
Based on 2011 Revenues Source: Management Estimates

Revenue
Based on 2011 Revenues

Sports & Electronics Leisure 10% 2% Other 1% Adhesives 8% Aerospace 10% Industrial Applications 10% Construction 12%

Paints & Coatings 24%

Rest of World 10%

US & Canada 21%

Asia Pacific 29%

Energy 23%

Europe 40%

Consumer 12%

Competitive Landscape
Top 10 Market Participants
(Others, not included, represents 50%)

2011
Revenue $1.4b

Locations

Dow Hexion
Revenues

HUNTSMAN Henkel

Kukdo Blue Star BASF

Sika Air Products 3M

Product Range

Base Resins, Specialty Components and Formulations Base Resins Specialty Components Formulations

Adjusted EBITDA $111m

58

Advanced Materials

Business Segments

Base Resins

Specialty Components
7% Polyimides, BMI, CE, Benzox 18% Amines, Anhydrides and others

Formulations
6% Other Specialties 8% Polyurethanes formulations 9% Acrylics formulations

100% Epoxy chemistry

75% High performance epoxy

77% Epoxy formulations

59

59 Advanced Materials

End Markets

Base Resins

Specialty Components
Coating Construction

Formulations

Wind Industrial Composites Aerospace Electronics Sports and Leisure Power/Energy Automotive Industrial Adhesives ARALDITE-Do it yourself
60
60 Advanced Materials

Building Towards the Future

Headwinds Currency Fixed costs Soft epoxy resin demand Actions Restructuring: annual benefits SG&A $25MM Manufacturing $15MM Working capital $20MM Customer focus Pricing Technical support Product innovation Compete New market growth opportunities Focus on core strengths: Stereolithography divestiture, $41MM
61 Advanced Materials

Aerospace and Defense

2009-2013 CAGR: 14%

Our products are extensively qualified to aircraft manufacturers' specifications We Supply: Specialty chemicals Formulated systems
% composites

2009

2010

2011

2012

2013

Trends in material usage for new aircraft

53% Airbus A 350 XWB

100%
Boeing 787 25% 15% Airbus A330 11%

75%
Airbus A380

50%
Boeing 777

25%

0%
1994 2012

Aluminium Composite Steel Titanium

1994

1997

2005

2009

2011

Sources : Frost & Sullivan 2008 report, Estin & Co, Skeist & Management Estimates

62

Advanced Materials

Automotive
F-1 Low Use

High penetration of carbon composite parts Drivers are performance, safety and light weight Cost is not an issue Very small series production

Super cars > US$ 150K: Modest Use

Adopt technology from F-1 Drivers are performance, safety Fashion plays a role Cost is limited issue

High value vehicles > US$ 30K: High Use

Adoption of technology is growing Drivers are performance and costs Next 2 years will determine size of opportunity 40,000 composite vehicles expected to be built per annum from 2013 onwards
Advanced Materials

63

Adhesives
Diverse end use market and applications Vertically integrated in key feedstocks Global presence: General, Aero, DIY Strong routes to market Lighter weight and fuel efficient products designs favorable for adhesives $3B market with less than 10% market share
Structural Adhesives Industrial Fasteners Welding Laser Solder Staples & Tacks Global Fastening Market in Industrial Asesmbly 10% (est. $74BN) 3% 4%
18% 10%

55%

Source: Chemquest

2009-2013 CAGR: 10%

VAL MM ($) VOL MM (LB)

2009

2010

2011

2012

2013

64

Advanced Materials

Financial Performance
% of Revenues
Revenues Contribution Margin / Revenues(1) Direct Costs / Revenues(1) Adj. EBITDA / Revenues Direct Costs / lbs Sold(1)

Per Pound Sold

Contribution Margin / lbs Sold(1) Adj. EBITDA / lbs Sold

2003

2004

2005

2006

2007

2008

2009

2010

2011

2003

2004

2005

2006

2007

2008

2009

2010

2011

(1) excludes costs and revenues from tolling and by-products and the APAO business sold July 31, 2009

(1) excludes costs and sales volumes from tolling and by-products and the APAO business sold July 31, 2009

Annual Adjusted EBITDA

$ in millions Adjusted EBITDA Margin $ in millions

Quarterly Adjusted EBITDA

Adjusted EBITDA Margin

$ 200 $1 53 $1 53 $1 58 $1 45 $1 50

$ 51 $42 $ 39 $ 31 $ 26 $ 21
16 % 13 %

$1 41 $11 1 $ 31

$ 68
13 % 12 % 11% 11% 10 %

$ 70
11% 7% 8%

$1 7
11% 9% 5% 7%

$1 5

11% 8%

6%

5%

2003

2004

2005

2006

2007

2008

2009

201 0

201 P eak 1

4Q09

1 0 Q1

2Q1 0

3Q1 0

4Q1 0

1 1 Q1

2Q1 1

3Q1 1

4Q1 1

65

Advanced Materials

Our Foundations

Focus on Value Creating Managing Costs Utilize Global Footprint Focus on Core Business Bring Solutions to Customers

Strong Competencies Long Term Partnerships High Technical and Product Support Attractive Markets Global Manufacturing and Marketing Footprint Quality brand image: ARALDITE

66

Advanced Materials

Q&A
James Huntsman
Division President, Advanced Materials

Textile Effects
Paul Hulme
Division President

Textile Effects
End Markets
Based on 2011 Revenues Source: Management Estimates

Revenue
Based on 2011 Revenues

Wool 6% Automotive & Marine 7%

Carpet Other 3% 3%

Rest of World 24%

US & Canada 8% Europe 21%

Home Furnishings 24%

Apparel 57%

Consumer 100%

Asia Pacific 47%

Competitive Landscape
HUNTSMAN
Clariant BASF Pulcra Tanatex Everlight Colourtex Longshen Oh Young Runtu Braun ChuYuan
Narrow Pr o d uct R ang e

2011
Revenue $0.7b

Locations

DyStar /Kiri Bezema Rudolf CHT Jihua Atul

Dyes & Chemicals Dyes Chemicals
Wide

Adjusted EBITDA -$64m

69

Textile Effects

Huntsman Textile Effects

Markets and Customers
Markets
Market Size : US$ 7bn ( est. 2010)
Specialty Textiles 30% Home Textiles 20% Apparel 50%

Direct Customers

End Customers

Apparel Home Textiles Technical Textiles Transportation Protective Fabrics Technical Fabrics New Markets- Non Textiles
70 Textile Effects

Competitive Landscape
Huntsman TE clearly positioned as a leader in the Specialty and Semi Specialty segments
Dyes Competitive Positioning

Differentiation Innovation Technical Service

Cost Leadership

71

Textile Effects

Macro Factors
Impacting Textile Industry in 2011
Cotton Price Volatility Prices reached a peak of 245c/lb. in March 2011 which was 300% higher than average of last 30 years at 62c/lb Current price approx 100c/lb reduced demand offset by supplier constraints.

Changes in Consumption 100% cotton home textiles 100% cotton trousers & shirts Synthetic blend trousers & shirts

2011 vs. 2010 22% 8% 15%

Synthetics require ~50% of the dyes and chemicals of cotton

72

Textile Effects

2 Strategic Thrusts for 2012 Delivering Project Basel

Deliver fixed cost savings of $75mm Reduce working capital by $100mm Shorter lead times and increased flexibility Continue to build capabilities in Asia

Top line sales growth

Increase market share
Brazil, India and China with high consumption growth in textiles and apparel.

Marketing and innovation initiatives

New products addressing growing environmental focus and legislation.

Leverage technologies into new market segments

Non-textile applications
73 Textile Effects

Alignment of Mfg. and Supply Chain Operations

Current and Future Footprint Manufacturing footprint aligned to growth markets

2011-2012
20 12 -2 01 3

CBW BASEL

LANGWEID, DE
2012

X
Turkey

Toll India/Thailand

QINGDAO, CHINA

Charlotte, USA

Pakistan

Hangzhou, China

ATOTO, MX
Guatemala Bogota , Colombia

PANYU, CHINA BARODA, INDIA

2012

MAHACHAI, THAILAND GANDARIA, INDONESIA

Sao Paulo, Brazil

Major Textile Dyes Synthesis Sites Major Chemicals Synthesis Sites Chemicals Formulations Transfer to Toll Partner Transfer to TE Mfg Site

74

Textile Effects

Driving for Profitable Growth

Restructuring 2012-2013
Annualized Fixed Cost Savings FTE Reductions (net) 24 Sites Closure (3 manufacturing, rest offices) Lab consolidations 2012-2013 $75 MM 450 1 --

FTE Reductions
50

+150 New Hires

50% of Fixed Costs in CHF

Full Time Equivalents

0
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

- 600 Reduction
(50)

- 450 net

(100)

90
(150)

-$33mm impact of CHF on manufacturing and SG&A costs in 2011 vs. 2010

22
(200)

75

Textile Effects

Growing Environmental Focus

Market Led Innovation as Key Competitive Differentiator
HOT DYES WARM DYES

INTRODUCING A Revolution in Cotton Dyeing

AVITERA SE

COMMODITY

Best Available Technology

AVITERA SE
15-20 liters*

60-80 liters*

30-40 liters*

.. save up to 50% & even more of water!

* For dyeing of 1 Kg of Cotton

HOT DYES

WARM DYES

COMMODITY

Best Available Technology

AVITERA SE

Up to 50 % water and energy savings Up to 50% carbon emission reductions Up to 25% process time savings

7 hours

5.5 hours

4 hours

. save upto 25% & even more of time!

Source: Management estimates

76

Textile Effects

Innovation for the Growing Synthetic Fiber & Blends Market

Oil and Water repellent systems Markets : Apparel & Technical Textiles

Digital & waterless processing technologies Markets : Apparel & Home Textiles

New high fade resistant dyes Markets : Automotive Car Seats

77

Textile Effects

Total Solution Provider Business Model

Creating Downstream Value

Example : Strategic Program with Nike

Exclusive global partnership for Nike Color development Moisture management technology for Dri-Fit New technologies under development

78

Textile Effects

Financial Performance
% of Revenues
Revenues Contribution Margin / Revenues(1) Direct Costs / Revenues(1) Adj. EBITDA / Revenues Direct Costs / lbs Sold(1)

Per Pound Sold

Contribution Margin / lbs Sold(1) Adj. EBITDA / lbs Sold

2003

2004

2005

2006

2007

2008

2009

2010

2011

2003

2004

2005

2006

2007

2008

2009

2010

2011

(1) excludes costs and revenues from tolling and by-products

(1) excludes costs and sales volumes from tolling and by-products

Annual Adjusted EBITDA

$ in millions Adjusted EBITDA Margin $ in millions

Quarterly Adjusted EBITDA

$8
4% 0%
Adjusted EBITDA Margin

$7
4% - 1%

$ 94 $ 72

$ 88 $ 56 $ 65 $1 5
2% - 1%

$ 75

$0
-6% 7%

($ 1 )

-3%

-4%

9%

7%

9% 6%

($6)

($ 7)
- 17%

- 13 %

($ 1 2)

($ 1 0)
-8% -9%

($22)

($ 55) 2003 2004 2005 2006 2007 2008 2009 201 0

($ 64) 201 P eak 1 4Q09 1 0 Q1 2Q1 0 3Q1 0 4Q1 0 1 1 Q1 2Q1 1

($29)
3Q1 1 4Q1 1

79

Textile Effects

Textile Effects
Providing Clear Competitive Advantages

Deliver $75mm fixed cost reduction Deliver $100mm working capital benefit Market focused strategy Innovation and sustainable chemistry leader Realigned world-class production and supply chain Highly experienced technical organization

80

Textile Effects Textile Effects

Q&A
Paul Hulme
Division President, Textile Effects

Pigments
Simon Turner
Division President

Pigments
End Markets
Based on 2011 Revenues Source: Management Estimates

Revenue
Based on 2011 Revenues

Household Products 2% Automotive & Marine 3% Inks 9% Paints & Coatings 45% Packaging 15% Other 1% Construction Materials 5% Industrial Applications 14% Other 6%

Rest of World 17%

US & Canada 17%

Asia Pacific 20% Europe 46%

Consumer 35%

TiO2 Capacity
Source: Management Estimates

2011
Revenue $1.6b

Locations

Others 27%

DuPont 20%

Ishihara 4% Sachtleben 5% Tronox 9%

Cristal 15%

Kronos 10%

Huntsman 10%

Adjusted EBITDA $508m

83

Pigments

Titanium Dioxide
Industry Demand
Global Demand Growth
7,000 6,000 Demand (kte) 5,000 4,000 3,000 2,000 1,000
1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020

Shifting Demand Profile

5,000 4,500

Developing* CAGR +6%

3%

GR CA

4,000 3,500 Demand (kte) 3,000 2,500 2,000 1,500

Europe

Developing economy growth potential

4 kg / capita 3 2 1 0
US W Europe Brazil China India

CAGR +1%

North America

CAGR +1-2%

1,000 500 0
2003 2010 2014 2020 2003 2010 2014 2020 2003 2010 2014 2020

China only

Source: TZMI / Management estimates

*Developing comprises Asia Pacific, Latin America, Africa, Middle East

84

Pigments

Titanium Dioxide
Global Industry Operating Rates Set to Remain High
7,000
Capacity Global Demand Operating Rate (%)

110%

105%

6,000

Average Operating Rate (%)

100%

5,000

4,000

90%

85%

3,000
80%

2,000
75%

1,000

70%

2012f

2013f

2011e

Source: Management estimates

85

2014f

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Pigments

Operating Rate

95%

Size (kte)

Titanium Dioxide
Customers Value Sulfate and Chloride
Customer Preference Global plastic manufacturers use both sulfate and chloride pigments
Equivalent color benefits
Auto Durable Plastics Other Paper

Applications
10% 10%

Major global architectural coatings manufacturers use balance of sulfate and chloride pigment
No significant switching costs Equivalent optical performance Local availability drives selection

80%

Chloride preferred
Non Durable Plastics Industrial Coatings Architechtural Coatings Anatase Inks

Either Sulfate preferred

The top ink manufacturers use >90% sulfate pigment because this reduces equipment wear
Enhanced asset life Superior optics from sulfate

500

1,000

1,500

2,000

Market Size (ktpa)

Source: Management estimates

86

Pigments

Differentiated Markets Provide Higher Value

3 TiO2 Market Segments Price
Differentiated (Sulfate & Chloride) Supplier Choice

Segment Characteristics

Plus 10-20%

Limited

Differentiated (Sulfate & Chloride) Inks, food, fibres, performance coatings and high-end polymers Limited number of suppliers High Quality (Sulfate & Chloride) High quality architectural, paper and polymers Served by all top tier producers Low Quality (Sulfate) Primarily low-end architectural, paper Served by emerging sulfate producers (mainly Chinese)
Pigments

Average

High Quality (Sulfate & Chloride)

Several

Minus 10-20%

Low Quality (Emerging Sulfate)

Many

87

Titanium Dioxide
Feedstock Remains Tight But Moderates
Feedstock Operating Rate
3,500

Feedstock Supply
No. of producers 2

9,000

Output Operating Rate (%) Demand

110%

30+

8,000

3,000
105%

Feedstock supply (ktes of TiO2)

7,000 Operating Rate (%) 100% '000 TiO2 Units 6,000 95% 5,000 90% 4,000

2,500

2,000

1,500

1,000

3,000

85%

500

2,000 2012 2013 2014 2015

80%

0 Rutiles Rio Tinto Chloride Slag Iluka Captive Sulphate/Ilmenite Others

Proforma for TRX/EXX merger Source: Management estimates

88

Pigments

Feedstock Dynamics
Feedstock Market Prices New Contracts
Ilmenite 3000 Cl Slag Natural Rutile

Natural Rutile 95% Ti (c$2,650/mt Ti)

Limited natural resource Alternate high value end use Essential for chlorinator start-ups

2500

2000
$/mt of ore

Chloride Slag 85% Ti (c$1,700/mt Ti)

Capital & energy intensive Major new plant 2014

1500

Ilmenite 50% Ti (c$700/mt Ti)

1000

Slag and ilmenite price arbitrage Lower barriers to entry 5 world-scale deposits under development
2009 2010 2011 2012F

500

0
Source: TZMI February 2012

89

Pigments

Transform Program Drives Earnings

Adjusted EBITDA
$508

Upgrading Market Position

Differentiated growth eg inks, DELTIO Solar reflectance launch Selective debottlenecks

$mm

Transform Launched

$215

Value Creating Co-product

Investment to extend co-product portfolio

$21

$27

Feedstock Flexibility & Efficiency

2010 2011

2008

2009

Broad range of ore requirements

Transform Benefits

90

Pigments

Global and Diversified Asset Base

Global Capacity of 565kt Capacity by Process Route
Rutile Slag
Chloride

Slag
Sulfate

Ilmenite

Significant Capital Investment Differentiated products

Greatham, UK Calais, France Scarlino, Italy Huelva, Spain Teluk Kalung, Malaysia Umbogintwini, South Africa Lake Charles,* US
(*50/50 JV with Kronos)

150kt 95kt 80kt 80kt 60kt 25kt 75kt

Chloride Sulphate Sulphate Sulphate Sulphate Sulphate Chloride

Solar reflectance & DELTIO capability Capacity debottlenecks

Value creating co-products

Calais, Teluk Kalung, Scarlino

Feedstock flexibility and efficiency

Teluk Kalung, Greatham, Scarlino
Pigments

91

Shift to Differentiated Portfolio

Targeted Differentiated Growth Growth in Inks c25% Market Share

Faster and more robust demand growth through economic cycle Pricing reflects demanding customer requirements Lower number of qualified suppliers

Market growth 5% CAGR Predominantly sulfate TiO2 90% of market is packaging Demanding product specifications, eg low abrasivity Huntsman best in class products

2015 Target
Nondifferentiated

Differentiated

92

Pigments

Product Innovation Drives Differentiated Portfolio

Unique Free-Flow DELTIO Pigments Game-Changing Solar Reflectance

Easy flow granules Debottlenecks users plant Lowers energy and cost Initial capacity sold out; expansion in progress Price premium 10-20%

Colored surfaces heat up Energy used to cool buildings Huntsmans new product gives: Colors that reflect heat like white Reduce energy use & CO2 emissions Pricing 2-4 times conventional TiO2
Market size $180mm

93

Pigments

Expanding Co-Product Leadership

Water Treatment
70% 60% 50% 40% 30% 20% 10% 0%
Huelva Teluk Kalung Huelva Calais major investment

Fertilizer

Huelva Teluk Kalung

% Co-prduct sold

Animal Feed

Construction

1995

2011

Umbogintwini Huelva Calais Scarlino Pigments

94

Value Add Co-Products

Transform Calais

$40mm investment to convert waste streams into magnesium sulphate fertilizer

2013 Benefit Delivery

Project IRR >50%

Increased TiO2 capacity Lower energy consumption Lower CO2 emissions Reduced fixed costs Banana Sugar Beet Palm Oil Maize

Secured French government grants & loans

95 Pigments

Financial Performance
% of Revenues
Revenues Contribution Margin / Revenues(1) Direct Costs / Revenues(1) Adj. EBITDA / Revenues Direct Costs / lbs Sold(1)

Per Pound Sold

Contribution Margin / lbs Sold(1) Adj. EBITDA / lbs Sold

2003

2004

2005

2006

2007

2008

2009

2010

2011

2003

2004

2005

2006

2007

2008

2009

2010

2011

(1) excludes costs and revenues from tolling and by-products

(1) excludes costs and sales volumes from tolling and by-products

Annual Adjusted EBITDA

$ in millions Adjusted EBITDA Margin $ in millions

Quarterly Adjusted EBITDA

Adjusted EBITDA Margin

$ 650 $ 508 $14 1 $ 87

3 1%

$1 61 $1 45

$ 21 5 $12 1
11%

$67 $ 49 $23
9%

$71
22% 24% 2 7%

3 5%

36%

$1 08
10 %

$1 45
14 %

$17 1
11%

18 %

$ 29
17% 11%

20%

$ 54
5%

$ 21
2%

$ 26
3%

2003

2004

2005

2006

2007

2008

2009

201 0

201 P eak 1

4Q09

1 0 Q1

2Q1 0

3Q1 0

4Q1 0

1 1 Q1

2Q1 1

3Q1 1

4Q1 1

96

Pigments

Strong Price Performance

Recent HUN Price Traction
% qtr on qtr change in price 20%

10%

0% Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11

2012 Price Announcements Effective from NAFTA Europe APAC & ALM
97

Q1 12 15c/lb

Q2 12 15c/lb

300/mt 200/mt $350/mt $300/mt

Pigments

Pigments
Industry operating rate set to remain high Price increases to manage margin

Huntsman well positioned: Innovation driving shift to 50% differentiated portfolio Feedstock flexibility and diversity Leverage co-product business for competitiveness

98

Pigments

Q&A
Simon Turner
Division President, Pigments

Financial Overview
Kimo Esplin
EVP & CFO

Cash Flow
2011 $1,214 2012F $1,300 Normalized 2012 $1,300 Comments First Call consensus as of 3/1/12

$ in millions

Adjusted EBITDA Cash out flows: Cash interest

($204)

($210 - $220)

($190 - $200)

2012F higher due to timing of 2011 interest payment 25-30% cash tax rate depreciation

Cash income taxes Capital expenditures Cash restructuring Other (pension, T&Is) Changes in working capital Net cash flow Dividends
101

($119) ($325) ($52) ($69) ($258) $187 ($96)

($140 - $160) ($425) ($60 - $80) ($60 - $90) ? ~$300 - $400 ($96)

($140 - $160) ($400) -($50) ? ~$500 ($96)

Function of energy and ore

Financial Overview

Primary Working Capital

Days Inventory Outstanding

$ in millions

Primary Working Capital(1)

$490

Avg. Days Inventory Outstanding

100 80 60 40 20 0

79%

Net Working Capital 49%

(2011 vs. 2009)

2009

2010

2011

2009

2010

2011

($258) ($307) Cash Benefit (Use) Avg. Price of Crude

(1) Cash change in Accounts Receivable, Inventory and Accounts Payable

102

Financial Overview

Primary Raw Materials

Primary Hydrocarbon Derivative Oil Oil Oil/N Gas N Gas N Gas Plant oils N Gas N Gas Oil Oil Oil/N Gas 2011 M lbs 1,720 1,590 330 890 538 220 370 160 70 160 150 M$ $895 $605 $240 $115 $89 $295 $140 $120 $55 $150 $130 '11 v '09 $/lb Increase 81% 76% 75% 2% -7% 58% 47% 38% 102% -20% -21% M lbs 1,620 1,250 240 830 649 130 310 123 180 60 50 2009 M$ $465 $270 $100 $105 $116 $110 $80 $67 $70 $70 $55

Raw Material Polyurethanes Benzene Butane Propylene Chlorine Methanol Performance Products Alcohols Caustic soda Alpha olefins Paraffin Advanced Materials Bisphenol A Epichlorohydrine

Textile Effects No raw material >3% of total raw material spend Pigments Ores Other Natural Gas (BTUs)
(69% US, 24% Europe, 7% APAC)

1,700 32,650

$285 $195

30% 20%

1,200 32,100

$155 $160

103

Financial Overview

Textile Effects Restructuring

Expected Future Annual Benefit ~$75mm
50

+150 New Hires

0 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

- 600 Reduction
Full Time Equivalents

- 450 net
(50)

(100)

(150)

Restructuring Charges
2011
(200)

Future $ 25 $ 25

Total $ 87 53 $ 140

Restructuring charges (cash) $ 62 Impairment of assets (non-cash) 53 Total $ 115

104

Financial Overview

Capital Expenditures
By Segment
$ in millions

$503 $418 $425 $325 $187 $200

Polyurethanes Performance Products Advanced Materials Textile Effects Pigments Corp & other

$283

Depn & Amort.

2006

2007

2008

2009

2010

2011

2012E

By Category
$ in millions

$503 $418 $325 $425

Maintenance Growth Cost Reduction Cash Basis Adj.

$283 $187 $200

Depn & Amort.

2006

2007

2008

2009

2010

2011

2012E

105

Financial Overview

Capital Allocation
Maintenance / Mandatory Capex Average $125 - $150mm per year Growth / Discretionary Capex 2012E ~$150mm (>35% unleveraged IRR hurdle) China MDI investment (2013-2014) MDI differentiated product investment $70mm Bolt on Acquisitions India (Performance Products) (2011) Turkey PU systems house (2011) Restructuring Basel, Switzerland (AdMat & TE) ~$85mm (2011-13) Cost Reduction Capex (2-3 year payback) West Footscray, Australia (Corporate and other) ~$70mm (2010) Calais magnesium sulfate fertilizer plant (Pigments) ~$30mm (2011-2013)

Investment Capital
Investments / JVs (>35% leveraged IRR hurdle) Amines JV $40mm investment (2010) Maleic anhydride JV China (2014 2015) Polyol JV China Middle East amines JV (2013) Asian PO/MTBE investment (2014)
27% 8% 16% 1% 11% 37% Discretionary capex Maintenance capex Dividends Acquisitions Cash restructuring Net investment in unconsolidated subs

2006-2011

106

Financial Overview

Tax Rate Volatility

Europe

$ in millions

NOL $157 $ 57 $ 46 $100

VA $140 $ 30 $166 $ 72

Effective Tax Rate 0% 15% 0% 15%

Corp. Effect

Switzerland France U.K. Spain

U.S. & Canada

50
`

700

680

10 VA NOL
`

NOL

VA

Asia Pacific
70 70
`

Adj. Effective Income Tax Rate

40% 30% 20% 10% 0% 1Q11

Rest of World
10 NOL
2Q11 3Q11 4Q11
Long Term
`

NOL

VA

0 VA
NOL = net operating loss VA = valuation allowance Financial Overview

Expected LT Cash Tax Rate Adj. Effective Tax Rate

Expected LT Tax Rate

107

Net Foreign Exchange Translation Exposure

2011

$700

Net Operating Exposures (mm) $500

$300

2011 Net CHF & impact ~$25mm

$100

INR ZAR

RMB

R$ MYR

A$

-$100 -$300

CHF

-$500 -10% -5% 0% 5% 10% 15% 20%

2011 YoY Depreciation vs. $

108

2011 YoY Appreciation vs. $

Financial Overview

Peers

Net Debt

As of 12/31/11 Momentive Specialty Ashland Eastman Dow Clariant Celanese Rockwood

(1)

Net Debt / EBITDA 4.5x 2.8x 2.7x 1.9x 1.8x 1.7x 1.6x 0.5x 2.8x

Debt Rating B- / B3 BB / Ba1 BBB / Baa2 BBB / Baa3 BBB- / Ba1 BB / Ba2 BB+ / Ba2 BBB / Baa2 BB- / B1

6.7 5.8 5.0 $6,256 4.2 4.0 4.2 3.6

Cytec Huntsman

(1) Proforma for the Solutia acquisition

$ in millions

2.8 $4,617 $3,825 $3,843 $3,666 $3,173 $2,716 $3,380

2.0 - 2.5

(2)

2004

2005 Net Debt

2006

2007

2008

2009

2010

2011

Target

Variable Interest Entity debt

Net Debt / Adjusted EBITDA

(2) Calculated with Adjusted EBITDA of $1,300mm based on First Call consensus as of March 1, 2012

109

Financial Overview

Financial Overview
December 31, 2011
Net Debt
$ in millions

Liquidity
12/31/2011 $ 1,696 237 472 976 561 3,942 562 $ $ 3,380 1,214 2.8x
$562

Interest Rate 3% 3% 6% 9% 5% 5%

$ in millions

$1,043

Senior credit facilities Accounts receivable programs Senior unsecured notes ($600mm face value) Senior subordinated notes Other debt Total Debt Cash Net Debt 2011 Adjusted EBITDA Net Debt / Adjusted EBITDA

$481

Unused Borrowing Capacity

Share repurchase program Up to $100mm authorized on August 5, 2011 ~4mm shares repurchased for ~$50mm Note redemptions During 2011, redeemed ~$305mm of our senior subordinated notes

Cash

Maturity Extension
$ in millions

Debt Maturity
Extended $346mm Term Loan B

Extended $346mm of Term Loan B and revolving credit facility from 2014 to 2017 Upsized revolving credit facility from $300mm to up to $400mm Redeem remaining 64mm notes due 2015 (~$83mm) in March
$627 $212 $86 2012 2013 2014

$1,985

Redeem 64mm Notes

$897

$52 2015 2016 Thereafter

110

Financial Overview

Contribution Margin by Region

Contribution Margin (ccp)

$ in millions

2010 Revenue $519 $226 $474 $339 $881

Q3 11

2011 Revenue $638 $297 $558 $454 $943

Q4 11

% Change 23% 31% 18% 34% 7%

Germany Spain Italy France China

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

North America

Europe

APAC

ROW

111

Financial Overview

Adjusted EBITDA Margins & ROA

2011 Net Assets
$6.2 billion
Pigments 19% Textile Effects 6% Polyurethanes 35%

Pigments

Adjusted EBITDA Margin

Advanced Materials 12% Performance Products 28%

Performance Products Polyurethanes Advanced Materials

Textile Effects

2011 to Medium Term

(size of sphere equals adjusted EBITDA)

Return on Asset

112

Financial Overview

Normalized EBITDA
Normalized EBITDA
($ in millions)
100%

Normalized Polyurethane Margins

2011 Adjusted EBITDA Normalized EBITDA TiO2 Normalized EBITDA Polyurethane margins (15%) Announced restructuring plans Textile Effects $75 Advanced Materials $25 Normalized adjusted EBITDA Net cash from upcycle TiO2 margins (beyond 2012)

1,214 (300) 200 100

Adjusted EBITDA Margin 20%

75% Utilization Rate

50% 10%

1,214

25%

$500 - $700

0% 2004 2005 2006 2007 2008 2009 2010 2011

0%

Adjusted EBITDA Margin

Utilization Rates

EV / Normalized EBITDA Multiple 6x 7x 8x Share Price $19 $24 $29

113

Financial Overview

Q&A
Peter Huntsman
President & CEO

Kimo Esplin
EVP & CFO

Appendix

Adjusted EBITDA Reconciliation

($ in millions)

4Q07 $ 2 70 (4) 98 (64) 102 5 1 8 5 (69) 145 197

1Q08 $ 7 65 4 94 170 5 3 5 5 188

2Q08 $ 24 65 21 97 3 210 5 4 (3) (8) 208

3Q08 $ (20) 69 17 98 1 165 6 2 26 (2) (2) 195

4Q08 $ 598 63 148 107 68 984 11 1 26 (815) (1) (156) (4) 46

1Q09 $ (290) 55 138 126 1 30 4 14 7 1 3 59

2Q09 $ 406 58 311 99 874 6 62 (844) 2 100

3Q09 $ (68) 65 68 112 (70) 107 3 21 7 2 8 (1) 64 211

4Q09 $ 66 60 (73) 103 (9) 147 10 5 (9) 28 (6) 175

1Q10 $ (172) 61 (34) 98 (8) (55) 155 3 21 124

2Q10 $ 114 43 39 97 38 331 7 17 1 1 (100) 257

3Q10 $ 55 64 41 99 (2) 257 7 4 3 1 3 275

4Q10 $ 30 61 (17) 110 (17) 167 8 14 5 1 23 1 219

1Q11 $ 62 59 22 103 (7) 239 34 3 7 1 21 (1) 304

2Q11 $ 114 65 34 111 (1) 323 (12) 9 3 (3) 2 (1) 321

3Q11 $ (34) 63 55 113 7 204 4 2 155 1 (3) (17) 346

4Q11 $ 105 62 (2) 112 (4) 273 8 2 (4) (34) (2) 243

Net income (loss) attributable to Huntsman Corporation Interest expense - net Income tax expense (benefit) Depreciation and amortization Income taxes, depreciation and amortization in discontinued operations EBITDA Loss on accounts receivable securitization program Legal settlements and related expense Loss on early extinguishment of debt (Gain) loss on consolidation of a variable interest entity Restructuring, impairment and plant closing costs Expenses (income) associated with the Terminated Merger and related litigation Acquisition expenses (Gain) loss on sale of assets related to plant closures (Income) loss from discontinued operations, net of tax Extraordinary (gain) loss on the acquisition of a business, net of tax Adjusted EBITDA

Proforma 2003 Net (loss) income attributable to Huntsman Corporation Interest expense - net (1) Income tax (benefit) expense (1) Depreciation and amortization Income taxes, depreciation and amortization in discont. ops. EBITDA Loss on accounts receivable securitization program Legal settlements and related expense Loss on early extinguishment of debt (Gain) loss on consolidation of a variable interest entity Restructuring, impairment and plant closing costs Expenses (income) associated with the Terminated Merger and related litigation Acquisition expenses (Gain) loss on sale of assets related to plant closures (Income) loss from discontinued operations, net of tax Extraordinary (gain) loss on the acquisition of a business, net of tax Cumulative effect of changes in accounting principle Adjusted EBITDA Acquisition - Textile Effects Sale of C4 business Proforma Adjusted EBITDA

(2)

2004 $ (228) 612 (42) 460 90 893 13 7 26 269 (309) 899 72 (40) $ 931

2005 $ (35) 425 (70) 372 221 913 9 323 58 (274) 31 1,060 88 (36) $ 1,112

2006 $ 230 349 (50) 361 141 1,031 13 (9) 27 8 (92) 4 (56) 925 45 (9) $ 961

2007 $ (172) 285 (13) 379 (104) 375 21 6 2 29 210 (69) 339 7 920 $ 920

2008 $ 609 262 190 396 72 1,529 27 1 31 (780) (1) (156) (14) 637 $ 637

2009 $ 114 238 444 440 (78) 1,158 23 21 88 (835) (1) 97 (6) 545 $ 545

2010 $ 27 229 29 404 11 700 8 183 29 4 3 (53) 1 875 $ 875

2011 $ 247 249 109 439 (5) 1,039 46 7 (12) 167 5 (40) 6 (4) 1,214 $ 1,214

$ (426) 578 32 480 n/a 664 32 7 90 (123) 671 94 (22) $ 743

(1) Includes discontinued operations for 2003 (2) Proforma as if Huntsman had acquired the remaining interest in HIH as of January 1, 2003 and its interest in Advanced Materials as of January 1, 2003.

116

Appendix

Revenue, Adjusted EBITDA & Margin by Segment

($ in millions)

Revenue Polyurethanes Performance Products Advanced Materials Textile Effects Pigments Corporate, LIFO and other Total $

4Q07 988 619 368 245 274 (33)

1Q08 $ 1,002 631 379 243 285 (40) $ 2,501 Proforma 2004
(2)

2Q08 $ 1,161 725 427 263 321 (43) $ 2,853 Proforma 2005
(2)

3Q08 $ 1,096 741 385 229 280 (44) $ 2,687 Proforma 2006
(2)

4Q08 $ 796 606 301 169 186 (43) $

1Q09 600 500 257 152 196 (26) $

2Q09 695 482 256 178 254 (19) $

3Q09 869 540 273 173 263 (42) $

4Q09 841 569 274 187 248 (54) $

1Q10 767 616 291 195 269 (44) $

2Q10 932 669 320 213 287 (78) $

3Q10 960 678 318 190 327 (72) $

4Q10 946 696 315 189 330 (64)

1Q11 $ 1,047 804 350 190 364 (76) $ 2,679

2Q11 $ 1,135 896 360 200 424 (81) $ 2,934

3Q11 $ 1,209 846 349 173 455 (56) $ 2,976

4Q11 $ 1,043 755 313 174 399 (52) $ 2,632

$ 2,462 Proforma 2003

(2,3)

$ 2,016

$ 1,680

$ 1,846

$ 2,075

$ 2,065

$ 2,094

$ 2,343

$ 2,401

$ 2,412

Revenue Polyurethanes Performance Products Advanced Materials Textile Effects Pigments Corporate, LIFO and other Total Adjusted EBITDA
(4)

2007 $ 3,813 2,310 1,434 985 1,109 (155) $ 9,496 4Q08 $ 19 82 22 (20) (13) (44) 46 $

2008 $ 4,055 2,703 1,492 903 1,072 (170) $ 10,056 1Q09 31 63 10 (11) (16) (18) 59 $

2009 $ 3,005 2,091 1,059 691 960 (142) $ 7,665 2Q09 87 31 13 (10) 4 (25) 100 $

2010 $ 3,605 2,659 1,244 787 1,213 (258) $ 9,250 3Q09 138 84 26 (21) 15 (31) 211 $

2011 $ 4,434 3,301 1,372 737 1,642 (265) $ 11,221 4Q09 133 67 21 (12) 23 (57) 175 $ 1Q10 52 60 31 29 (48) $ 124 $ $ 2Q10 70 115 51 8 49 (36) 257 $ 3Q10 100 102 42 7 67 (43) 275 $ 4Q10 99 89 17 (1) 71 (56) 219 $ 1Q11 114 115 39 (6) 87 (45) 304 $ 2Q11 143 102 31 (7) 114 (62) 321 $ 3Q11 140 97 26 (29) 161 (49) 346 $ 4Q11 79 60 15 (22) 145 (34) 243

$ 2,235 1,690 1,093 1,041 1,010 (485) $ 6,583 4Q07 $ 138 52 36 11 7 (47) 197
(2,3)

$ 2,818 1,945 1,211 1,043 1,048 (114) $ 7,952 1Q08 $ 129 50 40 12 (43) 188
(2)

$ 3,396 2,025 1,237 1,029 1,053 (106) $ 8,635 2Q08 $ 145 64 47 4 7 (59) 208
(2)

$ 3,457 2,037 1,331 985 1,058 (151) $ 8,717 3Q08 $ 89 79 41 6 16 (36) 195
(2)

Polyurethanes Performance Products Advanced Materials Textile Effects Pigments Corporate, LIFO and other (1) Adjusted EBITDA

Adjusted EBITDA

(4)

Proforma 2003 $

Proforma 2004 $

Proforma 2005 $

Proforma 2006 $

2007 $ 603 214 158 65 54 (174) 920 4Q08 2% 14% 7% -12% -7% 103% 2% $

2008 382 275 150 (10) 21 (181) 637 1Q09 5% 13% 4% -7% -8% 70% 4% $

2009 390 246 70 (55) 26 (132) 545 2Q09 13% 6% 5% -6% 2% 132% 5% $

2010 320 367 141 15 215 (183) 875 3Q09 16% 16% 10% -12% 6% 73% 10% $

2011 476 374 111 (64) 508 (191)

Polyurethanes Performance Products Advanced Materials Textile Effects Pigments Corporate, LIFO and other (1) Adjusted EBITDA Adj. EBITDA Margin Polyurethanes Performance Products Advanced Materials Textile Effects Pigments Corporate, LIFO and other Total

264 157 68 94 112 48 743 4Q07 14% 8% 10% 4% 3% 141% 8%

409 193 153 72 108 (4) 931 1Q08 13% 8% 11% 0% 4% 108% 8%

733 189 153 88 145 (196)

571 209 145 56 117 (137) 961 3Q08 8% 11% 11% 3% 6% 82% 7%

$ 1,112 2Q08 12% 9% 11% 2% 2% 136% 7% Proforma 2005

(2)

$ 1,214 4Q09 16% 12% 8% -6% 9% 105% 8% 1Q10 7% 10% 11% 0% 11% 110% 6% 2Q10 8% 17% 16% 4% 17% 46% 11% 3Q10 10% 15% 13% 4% 20% 60% 11% 4Q10 10% 13% 5% -1% 22% 88% 9% 1Q11 11% 14% 11% -3% 24% 59% 11% 2Q11 13% 11% 9% -4% 27% 77% 11% 3Q11 12% 11% 7% -17% 35% 88% 12% 4Q11 8% 8% 5% -13% 36% 65% 9%

Adj. EBITDA Margin Polyurethanes Performance Products Advanced Materials Textile Effects Pigments Corporate, LIFO and other Total

Proforma 2003

(2,3)

Proforma 2004

(2)

Proforma 2006

(2)

2007 16% 9% 11% 7% 5% 112% 10%

2008 9% 10% 10% -1% 2% 107% 6%

2009 13% 12% 7% -8% 3% 93% 7%

2010 9% 14% 11% 2% 18% 71% 9%

2011 11% 11% 8% -9% 31% 72% 11%

(1) For a reconcilation of Proforma Adjusted EBITDA to Net income (loss) attributable to Huntsman Corporation see previous page. (2) Pro forma as if Huntsman had acquired its interest in Textile Effects as of January 1, 2003; excludes C4 business sold in 2006. (3) Pro forma as if Huntsman had acquired the remaining interest in HIH as of January 1, 2003 and its interest in Advanced Materials as of January 1, 2003. (4) Segment adjusted EBITDA adjusted for reclass of (income) loss attributable to noncontrolling interests from Corporate, LIFO and other to the related business segment.

12% 9% 6% 9% 11% -10% 11%

15% 10% 13% 7% 10% 4% 12%

22% 9% 12% 9% 14% 186% 13%

17% 10% 11% 6% 11% 91% 11%

117

Appendix