Huntsman (HUN) investor relations material

Deal rationale and strategic fit

• All-stock merger of equals creates a $12B+ North American chemicals leader with strong presence in Europe and Asia, leveraging complementary upstream and downstream capabilities for enhanced value creation and global competitiveness.

• Vertical integration combines cost-advantaged North American assets and feedstocks with differentiated downstream capabilities, improving cost position, flexibility, and resilience.

• Strategic manufacturing clusters in the U.S. Gulf Coast and enhanced integration in Europe and Asia support global competitiveness and market reach.

• Merger validated by both management teams as the most compelling strategic option after considering alternatives.

• Ammunition business remains a key segment, maintaining strong relationships with sporting, law enforcement, and military customers.

Financial terms and conditions

• Structured as an all-stock merger; Huntsman shareholders receive 0.5476 Olin shares per Huntsman share, with Olin shareholders owning ~54.5% and Huntsman shareholders ~45.5% of the combined company.

• Exchange ratio based on 30-day volume-weighted average prices as of June 12, 2026, delivering a premium to Huntsman shareholders.

• Combined company to be named OlinHuntsman Corporation, headquartered in The Woodlands, Texas.

• Pro forma 2025 revenue estimated at $12.5 billion, adjusted EBITDA at $1.3 billion including synergies.

• Estimated $150–$200 million in cash costs to achieve synergies.

Synergies and expected cost savings

• Over $400 million in identified cost synergies and integration benefits, with $300 million expected within 24 months and all by year three.

• Additional $100 million in raw material integration benefits anticipated by 2031 as contracts expire.

• $125 million in cash tax benefits from accelerated use of NOLs.

• Synergies from purchasing, raw material integration, operations, and SG&A efficiencies, including $75 million in purchasing synergies.

• Synergy capture plans include joint procurement, supplier base reduction, and elimination of duplicate costs.