https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Credit%2520Suisse%2520-%2520June%25202015.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2014 2015 and beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.80
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Accelerating growth
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Appliances
5%
Building &
Construction
12%
Consumer
10%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
14%
Transportation
20%
Wire & Cable
9%
Distribution
28%
PP&S
20%
Specialty
52%
United States
69%
Europe
13%
Canada
7% Asia
6%
Latin America
5%
2014 Revenues: $3.8 Billion
End Markets
2014 Revenues: $3.8 Billion
PolyOne
At A Glance
$13
$31
$46 $46
$87 $96
$122
$195
$242
2006 2007 2008 2009 2010 2011 2012 2013 2014
Specialty Operating Income ($M)
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65%
69%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 Q1 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $46M $87M $195M $242M $60M
Mix Shift Highlights Specialty Transformation
Transformation
2020
Platinum
Vision
Platinum
Vision
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
-100%
0%
100%
200%
300%
400%
500%
600%
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
'06 '07 '08 '09 '10 '11 '12 '13 '14
‘06-‘14 Adjusted EPS CAGR = 40%
Adjusted EPS Share Price vs.
Platform
operating
income
mix
percentage 2005* 2006* 2007* 2008* 2009* 2010* 2011 2012 2013 2014 2015 Q1
Global Color,
Additives and
Inks
$ 4.3 $ 8.9 $ 25.7 $ 28.1 $ 25.2 $ 37.7 $ 50.2 $ 75.3 $ 104.0 $ 124.9 $ 33.8
Global
Specialty
Engineered
Materials
0.4 3.9 4.9 17.6 20.6 49.7 45.9 47.0 57.2 72.4 23.1
Designed
Structures and
Solutions
- - - - - - - - 33.4 45.1 3.2
Specialty
Platform $ 4.7 $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 96.1 $ 122.3 $ 194.6 $ 242.4 $ 60.1
Performance
Products and
Solutions
75.7 64.2 65.8 31.3 33.1 54.0 27.7 38.8 56.0 63.1 11.5
Distribution 19.5 19.2 22.1 28.1 24.8 42.0 56.0 66.0 63.3 68.2 15.7
Joint ventures 91.9 102.9 34.8 28.6 25.5 18.9 5.0 - - - -
Corporate and
eliminations (51.5) 34.5 (73.3) (425.1) 7.9 (27.7) 18.2 (89.6) (82.4) (218.6) (17.2)
Operating
income (loss)
GAAP
$ 140.3 $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 203.0 $ 137.5 $ 231.5 $ 155.1 $ 70.1
Less:
Corporate
operating
expense
51.5 (34.5) 73.3 425.1 (7.9) 27.7 (18.2) 89.6 82.4 218.6 17.2
Operating
income
excluding
Corporate
$ 191.8 $ 199.1 $ 153.3 $ 133.7 $ 129.2 $ 202.3 $ 184.8 $ 227.1 $ 313.9 $ 373.7 $ 87.3
Specialty
platform
operating mix
percentage
2% 6% 20% 34% 35% 43% 52% 54% 62% 65% 69%
* Historical results have not been restated for the Resin business divestiture or the related resegmentation.
2
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0
Joint venture equity earnings,
after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax(1) (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0
Tax adjustments(2) (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80
Adjusted EPS 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1
Net income attributable to PolyOne common shareholders $ 20.1 $ 106.0 $ 15.3 $ 11.2 $ 29.4 $ 30.2
Joint venture equity earnings, after tax (0.5) (3.7) - - - -
Special items, after tax(1) (0.3) (79.8) 6.1 17.2 14.1 5.5
Tax adjustments(2) (3.5) (1.5) 0.1 0.5 (1.6) 5.9
Adjusted net income $ 15.8 $ 21.0 $ 21.5 $ 28.9 $ 41.9 $ 41.6
Diluted shares 95.3 96.4 90.7 92.8 95.7 90.1
Adjusted EPS $ 0.17 $ 0.22 $ 0.24 $ 0.31 $ 0.44 $ 0.46
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market
adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs and related
insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and
losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of
the performance period; unrealized gains and losses from foreign currency option contracts; one-time, non-recurring items; and the effect of changes in accounting principles or other such
laws or provisions affecting reported results.
(2) Tax adjustments include the net tax expense (benefit) from one-time income tax items and deferred income tax valuations allowance adjustments.
3
Net debt to adjusted EBITDA is calculated as follows:
Three Months
Ended
Twelve Months
Ended
Three Months
Ended
Trailing Twelve
Months (TTM)
Ended
(In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015
Short-term portion and current portion of
long-term debt $ 12.8 $ 61.8 $ 61.9
Long-term debt 968.1 962.0 1,049.2
Less: Cash and cash equivalents (238.3) (238.6) (226.4)
Net Debt $ 742.6 785.2 884.7
Income before income taxes $ 39.9 $ 88.4 $ 53.3 $ 101.8
Interest expense, net 15.5 62.2 16.1 62.8
Depreciation and amortization 32.8 123.9 25.1 116.2
Special items, impact on operating income 22.9 164.9 9.3 151.3
Accelerated depreciation included in special
items (6.8) (23.1) (0.1) (16.4)
Adjusted EBITDA $ 104.3 $ 416.3 $ 103.7 $ 415.7
Net Debt/TTM Adjusted EBITDA 2.1
POL IR Presentation - Credit Suisse - June 2015
��PolyOne Investor Presentation�Credit Suisse �Boston Basic Materials Conference �June 2015��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Confirmation of Our Strategy
Strategy and Execution Drive Results
Proof of Performance & 2020 Goals
Platinum Vision: Pathway to Accelerated Growth
Innovation Drives Earnings Growth
Megatrends Aligned with Key End Markets
A Rich Pipeline of Opportunity
Debt Maturities & Pension Funding
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
PolyOne Core Values
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Jefferies%2520Industrials%2520Conference%25202015.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2014 2015 and beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.80
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Accelerating growth
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Appliances
5%
Building &
Construction
12%
Consumer
10%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
14%
Transportation
20%
Wire & Cable
9%
Distribution
28%
PP&S
20%
Specialty
52%
United States
69%
Europe
13%
Canada
7% Asia
6%
Latin America
5%
2014 Revenues: $3.8 Billion
End Markets
2014 Revenues: $3.8 Billion
PolyOne
At A Glance
$13
$31
$46 $46
$87 $96
$122
$195
$242
2006 2007 2008 2009 2010 2011 2012 2013 2014
Specialty Operating Income ($M)
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65% 67%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 YTD 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $46M $87M $195M $242M $124M
Mix Shift Highlights Specialty Transformation
Transformation
2020
Platinum
Vision
Platinum
Vision
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
-100%
0%
100%
200%
300%
400%
500%
600%
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
'06 '07 '08 '09 '10 '11 '12 '13 '14
‘06-‘14 Adjusted EPS CAGR = 40%
Adjusted EPS Share Price vs.
Platform
operating
income
mix
percentage 2005* 2006* 2007* 2008* 2009* 2010* 2011 2012 2013 2014
2015
YTD
Global Color,
Additives and
Inks
$ 4.3 $ 8.9 $ 25.7 $ 28.1 $ 25.2 $ 37.7 $ 50.2 $ 75.3 $ 104.0 $ 124.9 $ 73.4
Global
Specialty
Engineered
Materials
0.4 3.9 4.9 17.6 20.6 49.7 45.9 47.0 57.2 72.4 43.2
Designed
Structures and
Solutions
- - - - - - - - 33.4 45.1 7.7
Specialty
Platform $ 4.7 $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 96.1 $ 122.3 $ 194.6 $ 242.4 $ 124.3
Performance
Products and
Solutions
75.7 64.2 65.8 31.3 33.1 54.0 27.7 38.8 56.0 63.1 27.8
Distribution 19.5 19.2 22.1 28.1 24.8 42.0 56.0 66.0 63.3 68.2 34.8
Joint ventures 91.9 102.9 34.8 28.6 25.5 18.9 5.0 - - - -
Corporate and
eliminations (51.5) 34.5 (73.3) (425.1) 7.9 (27.7) 18.2 (89.6) (82.4) (218.6) (36.5)
Operating
income (loss)
GAAP
$ 140.3 $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 203.0 $ 137.5 $ 231.5 $ 155.1 $ 150.4
Less:
Corporate
operating
expense
51.5 (34.5) 73.3 425.1 (7.9) 27.7 (18.2) 89.6 82.4 218.6 36.5
Operating
income
excluding
Corporate
$ 191.8 $ 199.1 $ 153.3 $ 133.7 $ 129.2 $ 202.3 $ 184.8 $ 227.1 $ 313.9 $ 373.7 $ 186.9
Specialty
platform
operating mix
percentage
2% 6% 20% 34% 35% 43% 52% 54% 62% 65% 67%
* Historical results have not been restated for the Resin business divestiture or the related resegmentation.
2
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0
Joint venture equity earnings,
after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax(1) (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0
Tax adjustments(2) (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80
Adjusted EPS 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2
Net income attributable to PolyOne common shareholders $ 44.7 $ 23.1 $ 18.4 $ 38.6 $ 30.9 $ 66.8
Joint venture equity earnings, after tax (4.5) - - - - -
Special items, after tax(1) (9.0) 0.9 8.0 (2.2) 22.6 8.0
Tax adjustments(2) (13.1) 0.4 0.9 0.2 (5.2) (23.9)
Adjusted net income $ 18.1 $ 24.4 $ 27.3 $ 36.6 $ 48.3 $ 50.9
Diluted shares 96.3 95.5 90.7 99.1 94.3 89.8
Adjusted EPS $ 0.19 $ 0.26 $ 0.30 $ 0.37 $ 0.51 $ 0.57
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market
adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs and related
insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and
losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of
the performance period; unrealized gains and losses from foreign currency option contracts; one-time, non-recurring items; and the effect of changes in accounting principles or other such
laws or provisions affecting reported results.
(2) Tax adjustments include the net tax expense (benefit) from one-time income tax items and deferred income tax valuations allowance adjustments.
3
Net debt to adjusted EBITDA is calculated as follows:
Six Months
Ended
Twelve Months
Ended Six Months Ended
Trailing Twelve
Months (TTM)
Ended
(In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015
Short-term portion and current portion of
long-term debt $ 12.7 $ 61.8 $ 61.8
Long-term debt 967.9 962.0 996.4
Less: Cash and cash equivalents (261.5) (238.6) (236.8)
Net Debt $ 719.1 785.2 821.4
Income before income taxes $ 73.2 $ 88.4 $ 116.7 $ 131.9
Interest expense, net 31.2 62.2 32.3 63.3
Depreciation and amortization 72.2 123.9 50.1 101.8
Special items, impact on operating income 62.2 164.9 21.2 123.9
Accelerated depreciation included in special
items (20.5) (23.1) (0.3) (2.9)
Adjusted EBITDA $ 218.3 $ 416.3 $ 220.0 $ 418.0
Net Debt/TTM Adjusted EBITDA 2.0
POL IR Presentation - Jefferies Industrials Conference 2015 website
��PolyOne Investor Presentation�Jefferies 2015 Industrials Conference�August 2015��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Confirmation of Our Strategy
Strategy and Execution Drive Results
Proof of Performance & 2020 Goals
Platinum Vision: Pathway to Accelerated Growth
Innovation Drives Earnings Growth
Megatrends Aligned with Key End Markets
A Rich Pipeline of Opportunity
Debt Maturities & Pension Funding
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
PolyOne Core Values
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/Wells%2520Fargo%2520Conference%2520-%2520IR%2520Presentation%25205-6-2015%2520-%2520wNon%2520GAAP%2520and%2520Appendix.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2014 2015 and beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.80
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Accelerating growth
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Appliances
5%
Building &
Construction
12%
Consumer
10%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
14%
Transportation
20%
Wire & Cable
9%
Distribution
28%
PP&S
20%
Specialty
52%
United States
69%
Europe
13%
Canada
7% Asia
6%
Latin America
5%
2014 Revenues: $3.8 Billion
End Markets
2014 Revenues: $3.8 Billion
PolyOne
At A Glance
$13
$31
$46 $46
$87 $96
$122
$195
$242
2006 2007 2008 2009 2010 2011 2012 2013 2014
Specialty Operating Income ($M)
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65%
69%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 Q1 2015 2015
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
65-75%
Specialty OI $5M $46M $87M $195M $242M $60M Target
Mix Shift Highlights Specialty Transformation
Transformation 2015 Target
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
-100%
0%
100%
200%
300%
400%
500%
600%
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
'06 '07 '08 '09 '10 '11 '12 '13 '14
‘06-‘14 Adjusted EPS CAGR = 40%
Adjusted EPS Share Price vs.
Platform
operating
income
mix
percentage 2005* 2006* 2007* 2008* 2009* 2010* 2011 2012 2013 2014 2015 Q1
Global Color,
Additives and
Inks
$ 4.3 $ 8.9 $ 25.7 $ 28.1 $ 25.2 $ 37.7 $ 50.2 $ 75.3 $ 104.0 $ 124.9 $ 33.8
Global
Specialty
Engineered
Materials
0.4 3.9 4.9 17.6 20.6 49.7 45.9 47.0 57.2 72.4 23.1
Designed
Structures and
Solutions
- - - - - - - - 33.4 45.1 3.2
Specialty
Platform $ 4.7 $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 96.1 $ 122.3 $ 194.6 $ 242.4 $ 60.1
Performance
Products and
Solutions
75.7 64.2 65.8 31.3 33.1 54.0 27.7 38.8 56.0 63.1 11.5
Distribution 19.5 19.2 22.1 28.1 24.8 42.0 56.0 66.0 63.3 68.2 15.7
Joint ventures 91.9 102.9 34.8 28.6 25.5 18.9 5.0 - - - -
Corporate and
eliminations (51.5) 34.5 (73.3) (425.1) 7.9 (27.7) 18.2 (89.6) (82.4) (218.6) (17.2)
Operating
income (loss)
GAAP
$ 140.3 $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 203.0 $ 137.5 $ 231.5 $ 155.1 $ 70.1
Less:
Corporate
operating
expense
51.5 (34.5) 73.3 425.1 (7.9) 27.7 (18.2) 89.6 82.4 218.6 17.2
Operating
income
excluding
Corporate
$ 191.8 $ 199.1 $ 153.3 $ 133.7 $ 129.2 $ 202.3 $ 184.8 $ 227.1 $ 313.9 $ 373.7 $ 87.3
Specialty
platform
operating mix
percentage
2% 6% 20% 34% 35% 43% 52% 54% 62% 65% 69%
* Historical results have not been restated for the Resin business divestiture or the related resegmentation.
2
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y 2015 Q1
Net income
attributable to
PolyOne
common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 30.2
Joint venture
equity
earnings, after
tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - - -
Special items,
after tax(1) (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0 5.5
Tax
adjustments(2) (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5) 5.9
Adjusted net
income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 41.6
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 90.1
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 0.46
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations
Net debt to adjusted EBITDA is calculated as follows:
Three Months
Ended
Twelve Months
Ended
Three Months
Ended
Trailing Twelve
Months (TTM)
Ended
(In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015
Short-term portion and current portion of
long-term debt $ 12.8 $ 61.8 $ 61.9
Long-term debt 968.1 962.0 1,049.2
Less: Cash and cash equivalents (238.3) (238.6) (226.4)
Net Debt $ 742.6 785.2 884.7
Income before income taxes $ 39.9 $ 88.4 $ 53.3 $ 101.8
Interest expense, net 15.5 62.2 16.1 62.8
Depreciation and amortization 32.8 123.9 25.1 116.2
Special items, impact on operating income 22.9 164.9 9.3 151.3
Accelerated depreciation included in special
items (6.8) (23.1) (0.1) (16.4)
Adjusted EBITDA $ 104.3 $ 416.3 $ 103.7 $ 415.7
Net Debt/TTM Adjusted EBITDA 2.1
POL IR Presentation - Updated for 2015 - 5-5-15 WF
��PolyOne Investor Presentation�Wells Fargo Industrial & Construction Conference�May 2015��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Confirmation of Our Strategy
Strategy and Execution Drive Results
Proof of Performance & 2015 Goals
Innovation Drives Earnings Growth
Megatrends Aligned with Key End Markets
A Rich Pipeline of Opportunity
Debt Maturities & Pension Funding – 3/31/15
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
PolyOne Core Values
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520–%2520Goldman%2520Sachs%2520Conference%25202015.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2014 2015 and beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.80
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Accelerating growth
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Appliances
5%
Building &
Construction
12%
Consumer
10%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
14%
Packaging
14%
Transportation
20%
Wire & Cable
9%
Distribution
28%
PP&S
20%
Specialty
52%
United States
69%
Europe
13%
Canada
7% Asia
6%
Latin America
5%
2014 Revenues: $3.8 Billion
End Markets
2014 Revenues: $3.8 Billion
PolyOne
At A Glance
$13
$31
$46 $46
$92 $96
$122
$195
$242
2006 2007 2008 2009 2010 2011 2012 2013 2014
Specialty Operating Income ($M)
PolyOne Corporation Page 6
Old
PolyOne
*Operating Income excludes corporate charges and special items
2%
34% 43%
62%
65%
69%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 Q1 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $46M $87M $195M $242M $60M
Mix Shift Highlights Specialty Transformation
Transformation
2020
Platinum
Vision
Platinum
Vision
PolyOne Corporation Page 7
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
PolyOne Corporation Page 8
-100%
0%
100%
200%
300%
400%
500%
600%
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
'06 '07 '08 '09 '10 '11 '12 '13 '14
‘06-‘14 Adjusted EPS CAGR = 40%
Adjusted EPS Share Price vs.
Platform
operating
income
mix
percentage 2005* 2006* 2007* 2008* 2009* 2010* 2011 2012 2013 2014 2015 Q1
Global Color,
Additives and
Inks
$ 4.3 $ 8.9 $ 25.7 $ 28.1 $ 25.2 $ 37.7 $ 50.2 $ 75.3 $ 104.0 $ 124.9 $ 33.8
Global
Specialty
Engineered
Materials
0.4 3.9 4.9 17.6 20.6 49.7 45.9 47.0 57.2 72.4 23.1
Designed
Structures and
Solutions
- - - - - - - - 33.4 45.1 3.2
Specialty
Platform $ 4.7 $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 96.1 $ 122.3 $ 194.6 $ 242.4 $ 60.1
Performance
Products and
Solutions
75.7 64.2 65.8 31.3 33.1 54.0 27.7 38.8 56.0 63.1 11.5
Distribution 19.5 19.2 22.1 28.1 24.8 42.0 56.0 66.0 63.3 68.2 15.7
Joint ventures 91.9 102.9 34.8 28.6 25.5 18.9 5.0 - - - -
Corporate and
eliminations (51.5) 34.5 (73.3) (425.1) 7.9 (27.7) 18.2 (89.6) (82.4) (218.6) (17.2)
Operating
income (loss)
GAAP
$ 140.3 $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 203.0 $ 137.5 $ 231.5 $ 155.1 $ 70.1
Less:
Corporate
operating
expense
51.5 (34.5) 73.3 425.1 (7.9) 27.7 (18.2) 89.6 82.4 218.6 17.2
Operating
income
excluding
Corporate
$ 191.8 $ 199.1 $ 153.3 $ 133.7 $ 129.2 $ 202.3 $ 184.8 $ 227.1 $ 313.9 $ 373.7 $ 87.3
Specialty
platform
operating mix
percentage
2% 6% 20% 34% 35% 43% 52% 54% 62% 65% 69%
* Historical results have not been restated for the Resin business divestiture or the related resegmentation.
2
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0
Joint venture equity earnings,
after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax(1) (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0
Tax adjustments(2) (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80
Adjusted EPS 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1
Net income attributable to PolyOne common shareholders $ 20.1 $ 106.0 $ 15.3 $ 11.2 $ 29.4 $ 30.2
Joint venture equity earnings, after tax (0.5) (3.7) - - - -
Special items, after tax(1) (0.3) (79.8) 6.1 17.2 14.1 5.5
Tax adjustments(2) (3.5) (1.5) 0.1 0.5 (1.6) 5.9
Adjusted net income $ 15.8 $ 21.0 $ 21.5 $ 28.9 $ 41.9 $ 41.6
Diluted shares 95.3 96.4 90.7 92.8 95.7 90.1
Adjusted EPS $ 0.17 $ 0.22 $ 0.24 $ 0.31 $ 0.44 $ 0.46
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market
adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs and related
insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and
losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of
the performance period; unrealized gains and losses from foreign currency option contracts; one-time, non-recurring items; and the effect of changes in accounting principles or other such
laws or provisions affecting reported results.
(2) Tax adjustments include the net tax expense (benefit) from one-time income tax items and deferred income tax valuations allowance adjustments.
3
Net debt to adjusted EBITDA is calculated as follows:
Three Months
Ended
Twelve Months
Ended
Three Months
Ended
Trailing Twelve
Months (TTM)
Ended
(In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015
Short-term portion and current portion of
long-term debt $ 12.8 $ 61.8 $ 61.9
Long-term debt 968.1 962.0 1,049.2
Less: Cash and cash equivalents (238.3) (238.6) (226.4)
Net Debt $ 742.6 785.2 884.7
Income before income taxes $ 39.9 $ 88.4 $ 53.3 $ 101.8
Interest expense, net 15.5 62.2 16.1 62.8
Depreciation and amortization 32.8 123.9 25.1 116.2
Special items, impact on operating income 22.9 164.9 9.3 151.3
Accelerated depreciation included in special
items (6.8) (23.1) (0.1) (16.4)
Adjusted EBITDA $ 104.3 $ 416.3 $ 103.7 $ 415.7
Net Debt/TTM Adjusted EBITDA 2.1
Goldman Sachs - May 19 2015 r4
Goldman Sachs - May 19 2015
POL IR Presentation - Updated for 2015 - 5-13-15 GS
��PolyOne Investor Presentation�Goldman Sachs Basic Materials Conference�May 2015��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Confirmation of Our Strategy
Strategy and Execution Drive Results
Proof of Performance & 2020 Goals
Platinum Vision: Pathway to Accelerated Growth
Innovation Drives Earnings Growth
Megatrends Aligned with Key End Markets
A Rich Pipeline of Opportunity
Debt Maturities & Pension Funding
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
PolyOne Core Values
Why Invest In PolyOne?
https://www.avient.com/idea/eco-conscious-packaging-collapsible-totes
Collapsible totes can stack up to five high when fully loaded for additional space savings.
Empty totes can stack up to 17 high while folded.
A 53-foot trailer can fit up to 224 collapsed totes.
https://www.avient.com/idea/selecting-and-molding-high-performance-thermoplastics
While commodity plastics and engineering plastics can typically maintain their performance in environments up to 100°C and up to 120°C, respectively, a high-performance thermoplastic can withstand continuous use temperatures of 230°C.
Molding these high-temperature thermoplastics requires processing equipment capable of melt temperatures up to 400°C and mold temperatures up to 200°C.
https://www.avient.com/color-theory-monitor-print
Many premixed inks are sufficient—if you QC their levels with opacity cards—but the best way to control opacity levels is to create your inks using mixing systems designed for that purpose.
Screen Printing Color Mixing Systems: Wilflex™
Achieve Pantone® colors simply and cost-effectively with our trusted color mixing systems
https://www.avient.com/sites/default/files/2022-08/ColorMatrix Excelite Product Bulletin.pdf
The carrier system is selected for optimal
compatibility with the polymer network and the
use of dispersants helps the CFA particles efficiently
mix and disperse within the extrusion process.
PRODUCTS APPLICATIONS DESCRIPTION/BENEFITS
EXCELITE PF-1
PVC sheet for digital print or trimboard;
profiles & decking
Fine cell structure able to target low density:
improves consistency and control over
foaming process
FOAM ADDITIVE-54
PVC sheet for digital print or trimboard;
profiles & decking
Finer cell structure than PF-1 promotes ultra
smooth surface finish; improves consistency
and control over foaming process
PF-1E & FA-54E
ADDITIVES
PVC sheet for digital print or trimboard;
profiles & decking
Enhanced run time formulation reduces
die lip build-up in PVC processes, leading
to longer production run times
FOAM ADDITIVE-33
CaZN formulations for PVC sheet,
profile, or trimboard
Promotes finer cell structure,
higher cell density, and surface
quality in CaZN PVC dryblends
FOAM ADDITIVE-77 HDPE sheet & plastic lumber
Industry-leading cell structure and cell
density; achieves lower density without
sacrificing quality; self-nucleating and able
to increase extruder output rates up to 15%
FOAM ADDITIVE-85
Endothermic foam or
nucleating additive for olefin and
styrene polymers; plastic lumber,
sheet applications and
food packaging products
Can be used as a CFA or nucleating additive;
nucleating capabilities promote fine cell
structure and high cell density; achieves
greater density reductions with more
consistency and control
FOAM ADDITIVE-37 HDPE sheet & plastic lumber
Good cell structure and cell density
in HDPE lumber; greater consistency
and control over foaming process
EXCELITE CAN IMPROVE PRODUCTION EFFICIENCY
• The process operator has full control of density
• Minimizes product rejection due to unnecessarily high/low density
• Production should consistently target the bottom of the density specification
• Enables control over the reintroduction of regrind or reprocessed materials as a feedstock
• Enables the consistent foaming of products using higher percentages of regrind
• Carrier selection can promote longer run times, enabling increased line productivity through
less plate-out or material build-up on die lips
EXCELITE CAN IMPROVE SURFACE FINISH
Excelite additives creates a fine, consistent cell structure within the extruded polymer, which determine
the surface roughness.
https://www.avient.com/resources/safety-data-sheets?page=846
SYNTHESIS TEST DATA MIX 12
SYNTHESIS TEST DATA MIX 8
https://www.avient.com/resources/safety-data-sheets?page=2975
M3335B BACKING MIX
XES13302139H EPIC NEUTRAL MIXING BASE