https://www.avient.com/sites/default/files/2021-04/edgetek-fishing-rod-handle-case-study-one-pager.pdf
FUJI FISHING F I S H I N G R O D H A N D L E • Good aesthetics with easy processing • Good toughness modified to work in low temperature environment • Excellence stiffness and durability • Good quality control • Offered customized formulation that balanced toughness and stiffness to pass customer’s specific mechanical test • Provided strict quality control and quick response which helped the customer meet its deadline and get to market faster Edgetek™ Glass-Filled Thermoplastics KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2022-11/Vehicle HVAC System Application Snapshot.pdf
TIER 1 SUPPLIER V E H I C L E H V A C S Y S T E M • Rapidly develop formulations for 7 types of thermoplastic • Help Tier 1 meet VW requirements for anti-static solutions • Able to quickly develop 7 SmartBatch (color + effect additive) solutions, for 7 types of thermoplastic • Avient formulated the TPE used in the air vents for this HVAC system SmartBatch™ Combination Colorants and Additives, Cesa™ Stat Additives, and OnFlex™ TPE KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2021-04/case-study-one-pager-gravi-tech-toothbrush-base.pdf
ITALIAN MOLDER & PART PRODUCER L U X U R Y T O O T H B R U S H B A S E • Density 4.0 SG • Low water absorption • Good mechanical performance • Chemical resistance to toothpaste and cleaning products • Worked in close collaboration with customer to fully understand material requirements • Provided an alternative to metal with the processing and recyclability benefits of a polymer • Enabled customer to launch innovative new product into the market winning Red Dot Design Award Gravi-Tech™ Density Modified Formulations KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2023-02/OnColor Water Pitcher Application Snapshot.pdf
LEADING CONSUMER PRODUCTS OEM W A T E R P I T C H E R H A N D L E • Access to the latest colors & effects for inspiration and assistance with brand aesthetics • Meet sustainability expectations while maintaining product and brand integrity • Accelerate product development timeline to meet aggressive commercial deadlines • Offered blue marble effect in Oceanworks PS • Developed a proprietary blue marble aesthetic in a recycled PS, meeting brand and sustainability expectations • Expedited product development to satisfy ambitious timeline requirements • Provided ongoing inspiration and global support throughout the process OnColor™ (Remafin™) Polymer Colorants for polyolefins KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2025-06/Cesa Anti-phenolic Yellowing Additive - Case Study-Updated.pdf
TPEE AND TPU FILM MANUFACTURER H O T M E L T A D H E S I V E F I L M • Eliminate anti-phenol yellowing after storage • Maintain natural color of product • Demonstrate no impact on melt flow ability • Prevented yellowing after storage to provide a quality appearance • Had no negative impact on the product’s mechanical properties • Extended the shelf life and durability of the product Cesa Anti-phenolic Yellowing Additive KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2021-07/eccoh-optical-cable-sheath-case-study-one-pager.pdf
WIRE &CABLE COMPANY O P T I C A L C A B L E S H E A T H • Excellent resistance to fungi and mildew • Good UV resistance • Meet flame retardant standard IEC 60332-3C • Provided an anti-fungi solution with an ISO 846 rating of 0, showing no growth under microscope • Formulated solution to meet flammability performance demands for IEC60332-2 or GBT 18380.22-2008 compliance • Complied with Biocidal Product Regulation (EU) No528/2012 (BPR) ECCOH™ Thermoplastic Formulation KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2024-12/Oncolor bio colorant -smartwatch housing -case study snapshot.pdf
FITNESS SMARTWATCH BRAND S M A R T W A T C H H O U S I N G • Reduce carbon footprint at least 30% by using bio-based material • Meet physical properties requirements such as impact strength, UV resistance, and thermal resistance • Provide small lot quantity for various colors • Offered bio-based colorants to support carbon footprint reduction • Maintained over 80% of mechanical properties of materials and passed QSUN & QUV test • Offered supply flexibilities in low volume for a high mix of colors OnColor Bio Colorants KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2021-03/avient-march-ir-fermium_0.pdf
Microsoft PowerPoint - Avient March IR - Fermium AVIENT CORPORATION (NYSE: AVNT) M A R C H 1 8 , 2 0 2 1 I R M E E T I N G S H O S T E D B Y F E R M I U M R E S E A R C H DISCLAIMER 2 Forward-Looking Statements In this presentation, statements that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
D is t. ) K W R R P M P P G A V Y F U L G C P F M C H X L IF F F O E H U N E C L K R A E M N A S H C E S C L G R A A LB Median: 5%Median: 3% Source: Peer data per Bloomberg market data as of March 12, 2021 Avient reflects 2021 estimated revenue of $4,100M and excludes one-time synergy capture CAPEX ($20M) Avient Specialty Formulators Other Chemical/Specialty Companies Free Cash Flow Conversion (1) 2021E (%) Being asset light helps us to generate strong free cash flow that is in line with specialty formulators.
With the Clariant Masterbatch acquisition and divestment of the PP&S business, our exposure is now concentrated in less-cyclical and high-growth markets, with increased geographic diversification and a more specialized portfolio that can significantly expand EBITDA margins. 26 Avient reflects 2021 estimated EBITDA of $510M OUR VALUATION VERSUS PEERS Avient Specialty Formulators Other Chemical/Specialty Companies 11.3 18.6 14.3 13.6 13.3 12.2 10.7 28.8 26.3 23.3 14.6 12.4 11.7 11.6 11.2 11.0 10.6 10.3 9.6 9.1 8.5 7.2 A vi en t K W R A V Y R P M P P G G C P F U L H X L A L B E C L IF F F M C A S H F O E B N R C E G R A E M N S C L U N V R K R A H U N Median: 11.2xMedian: 13.5x SUMMARY: WHY INVEST IN AVIENT?
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Seaport%2520Global%2520Transports%2520%2526%2520Industrials%2520Confer....pdf
Investor Day POLYONE I N V E S T O R P R E S E N T A T I O N M A R C H 2 0 1 8 FORWARD LOOKING STATEMENTS PolyOne Corporation 2 In this presentation, statements that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
V I S I O N PolyOne Corporation 4 To be the world’s premier provider of specialized polymer materials, services and solutions C O R E V A L U E S P E R S O N A L V A L U E S Honesty IntegrityRespect Specialization Commercial Excellence Operational Excellence Globalization Collaboration ExcellenceInnovation To be the world’s premier provider of specialized polymer materials, services and solutions PolyOne Corporation 5 P O L Y O N E 2 0 1 7 R E V E N U E | $ 3 . 2 B I L L I O N Transportation 18% Industrial 16% Consumer 12% Packaging 11% Healthcare 11% Wire & Cable 9% Appliance 5% United States 59% Europe 14% Asia 10% Latin America 9% Canada 8% PolyOne Distribution 34% Performance Products & Solutions 21% Specialty Engineered Materials 19% Color Additives & Inks 26% Segment End Market Geography Building & Construction 12% Electrical & Electronics 6% 2009 2010 2011 2012 2013 2014 2015 2016* 2017* A D J U S T E D E P S E X P A N S I O N C O N S E C U T I V E Y E A R S PolyOne Corporation 6 8 $0.13 $0.68 $0.82 $1.00 $1.31 $1.80 $1.96 $2.06 $2.21 *Pro Forma for sale of DSS E A R L Y Y E A R S D E F I N E D B Y S P E C I A L T Y M I X I M P R O V E M E N T PolyOne Corporation 7 2% 76% 2005 2017 $5M $280M + 25% + 33% Specialty OI % of Operating Income Consistently Deliver Double Digit Annual EPS Growth *ROIC is defined as TTM adjusted OI after tax divided by the sum of average debt and equity less cash over a 5 quarter period PolyOne Corporation 8 2006 2017 2020 “Where we were” “Where we are” Platinum Vision ROIC* 5.0% 14.0% 15.0% Operating Income % of Sales Color, Additives & Inks 1.7% 15.5% 20%+ Specialty Engineered Materials 1.1% 12.5% 20%+ Performance Products & Solutions 5.5% 10.7% 12-14% Distribution 2.6% 6.3% 6.5-7.5% P R O O F O F P E R F O R M A N C E & P L A T I N U M V I S I O N 531 660130 149 504 607 2014 2017 R&D / Technical Marketing Sales I N V E S T M E N T I N COMMERCIAL RESOURCES D R I V I N G G R O W T H PolyOne Corporation 9 Increased commercial headcount Largest organic revenue growth since recession $2.9 $2.9 $3.2 2015 2016 2017 Revenue in billions of $ + 24% + 15% + 20% Total + 10% Organic + 7% Free Cash Flow (In millions) ROIC* PolyOne Corporation 10 $50 $116 $143 $0 $40 $80 $120 $160 $200 2012 2014 2016 2018 10.8% 11.3% 12.9% 14.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 2012 2014 2016 2017 2020 Platinum Vision $200 - $220 F R E E C A S H F L O W A N D I M P R O V I N G R E T U R N S *ROIC is defined as TTM adjusted OI after tax divided by the sum of average debt and equity less cash over a 5 quarter period 15.0% $767M R E T U R N I N G C A S H T O S H A R E H O L D E R S O V E R $ 9 5 0 M I L L I O N S I N C E 2 0 1 1 PolyOne Corporation 11 $0 $150 $300 $450 $600 $750 2011 2012 2013 2014 2015 2016 2017 $0.16 $0.20 $0.24 $0.32 $0.40 $0.48 $0.58 $0.70 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3-Year Dividend Plan Cumulative Share Repurchases (In millions) Increasing Annual Dividend Transformational Opportunity for Growth Through M&A Adjacent Opportunity for Growth Through New Product Pipeline Core Customization 3 H O R I Z O N S O F D E V E L O P M E N T PolyOne Corporation 12 Incremental development from existing base of technology New development adjacent to current technology New technology development outside of and with our current base Service adjacent markets and customers Create new markets, target new customer needs Service existing markets and customers Market Technical I N N O V A T I O N Non-Halogen Flame Retardants Barrier Technologies Fiber Colorants Advanced Composites Thermoplastic Elastomers Gordon Composites/ Polystrand – Composites GLS – Thermoplastic Elastomers ColorMatrix – Liquid Color & Additives I N N O V A T I O N P I P E L I N E PolyOne Corporation 13 PrototypeFrame Opportunity Scale-up & Test Market Build Business Case Commercial Launch (since 2015) Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 8 6 8 2 2 36 5 10 13 10 4 6 7 Breakthrough Platform Derivative Number of Projects 33 17 20 15 5 90 Total Addressable Market ($ millions) - - $800 $1,400 $600 $2,800 F L A M E R E T A R D A N T P O L Y M E R S A D V A N C E D C O M P O S I T E S B A R R I E R M A T E R I A L S C O L O R A N T T E C H N O L O G I E S T H E R M O P L A S T I C E L A S T O M E R S A U N I Q U E C U S T O M E R E X P E R I E N C E Industrial Design IQ DESIGN LABS PolyOne Corporation 14 Launched in 2014, IQ Design Labs is our in-house industrial design team that focuses on material selection and processing expertise to help with problem solving, enabling our clients to develop higher performance products.
Material & Color Expertise Manufacturing Expertise 2014 2017 3 to 14 industrial designers $0 to $7M new business revenue $4M to $40M opportunities identified LSS CUSTOMER FIRST PolyOne Corporation 15 Customer Projects Cumulative LSS Projects Enables sales growth by building more intimate customer relationships, giving us insight to customers’ needs, with a service that is not easily replicated 2014 2017 2 85 PolyOne Corporation 16 W H Y I N V E S T I N P O L Y O N E ?
https://www.avient.com/sites/default/files/2020-03/PolyOne_Website-12.19.pdf
Richardson Executive Vice President and Chief Financial Officer PolyOne Corporation 4 PolyOne Corporation 5 Landmark portfolio transformation: > 85% of Adjusted EBITDA from specialty solutions World-class innovation, technology and service are differentiators Sustainability initiatives and alignment with megatrends drive above market growth in key end markets and applications: Capital management is a strength - proven track record of expanding ROIC while increasing invested capital Transaction expected to add $0.85 to pro forma adjusted EPS T H E N E W P O L Y O N E : A S P E C I A L T Y G R O W T H C O M P A N Y Integrity V I S I O N PolyOne Corporation 6 To be the world’s premier provider of specialized polymer materials, services and solutions C O R E V A L U E S P E R S O N A L V A L U E S Honesty Respect Operational Excellence Commercial Excellence Specialization Globalization Collaboration ExcellenceInnovation To be the world’s premier provider of sustainable, specialty polymer materials and solutions.
S A F E T Y F I R S T PolyOne Corporation 7 Injuries per 100 Workers Spartech Acquisition 1.3 1.1 1.1 0.85 0.65 0.57 0.54 0.97 0.84 0.74 0.74 0.69 0.51 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 G R E A T P L A C E T O W O R K PolyOne Corporation 8 * Pro Forma for sale of DSS Operating Income % of Sales 2006 Q3 YTD 2019 Color, Additives & Inks 1.7% 15.5% Specialty Engineered Materials 1.1% 11.8% Distribution 2.6% 6.3% 2009 2010 2011 2012 2013 2014 2015 2016*2017* 2018 $2.43 P R O O F O F P E R F O R M A N C E C O N S E C U T I V E Y E A R S PolyOne Corporation 9 10 $0.13 $0.68 $0.82 $1.00 $1.31 $1.80 $1.96 $2.06 $2.21 A D J U S T E D E P S E X P A N S I O N 2018 2019E $1.65 $1.51 Pro Forma for sale of PP&S T R A N S F O R M A T I O N H E A D L I N E S PolyOne Corporation 10 C O M M O D I T Y T O S P E C I A L T Y T R A N S F O R M A T I O N PolyOne Corporation 11 • Volume driven, commodity production • Heavily tied to cyclical end markets • Performance largely dependent on non- controlling joint ventures • Shift to value-based selling & an innovative culture • New leadership team appointed • Implementation of four pillar strategy • Investment in commercial training and innovation • Faster growing, high margin focus • Accelerated growth with world class vitality index • Significant commercial resource additions • Expanded margins with specialty focus • Acquired strategic, bolt-on companies to expand technology offerings and improve geographic breadth Volume Value Transformation The Future 2006 - 2013 2013 – 20192000-2005 2006 - 2013 • Landmark portfolio transformation creates specialty growth company • Sustainability / mega- trends drive above market growth 2020 and Beyond F I T W I T H F O U R P I L L A R S T R A T E G Y PolyOne Corporation 12 Specialization • Innovation-led organization with heavy emphasis on R&D • World-class expertise in color formulation • Strong presence in specialty end markets including Consumer, Packaging and Healthcare Globalization • Diverse geographic portfolio with an established presence in every major region • Expands PolyOne’s ability to serve customers in key growth areas including India, China and Southeast Asia Operational Excellence • Extensive manufacturing footprint with 46 facilities • Organizational focus on optimizing supply chain to better serve customers • Color design expertise Commercial Excellence • Value-focused salesforce with vast experience marketing and commercializing specialty technologies • Diverse customer portfolio with established OEM’s People Experienced and talented associates with a winning mentality L E V E R A G I N G G L O B A L M E G A T R E N D S 13 Facilitate alternative energy solutions Light- weighting Reduce packaging materials Improve recyclability Reduce spread of infection T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R EC O N S U M E R PolyOne Corporation E N D M A R K E T T R A N S F O R M A T I O N PolyOne Corporation 14 Building & Construction 5% 2006 2019E PF* 4% 12% 10% 18% 8% 20% 2006 2019E PF* Healthcare Consumer Packaging 50% 22% High Growth End Markets Percentage of Total Revenue 38% * 2019E Pro Forma for PP&S Divestiture and Clariant Color & Additive Masterbatch business E N D M A R K E T T R A N S F O R M A T I O N PolyOne Corporation 15 Packaging 8% Building & Construction 38% Wire & Cable 11% Industrial 10% Electrical & Electronic 7% 2006 2019E PF* Healthcare 4% Transportation 12% Consumer 18% Building & Construction 5% Wire & Cable 6% Industrial 12% Electrical & Electronic 5% Appliance 3% Textiles 6% Transportation 13% Healthcare 12% Packaging 20% Consumer 10% * 2019E Pro Forma for PP&S Divestiture and Clariant Color & Additive Masterbatch business C O M P L E M E N T A R Y G E O G R A P H I C P R E S E N C E PolyOne Corporation 16 United States 38% Europe 33% Asia 19% Canada 4% Latin America 6% United States 22% Europe 40% Asia & Middle East 31% Canada 1% Latin America 6% Color & Engineered Materials Clariant Color & Additive Masterbatch Business Net Sales by Geographic Region United States 31% Europe 36% Asia & Middle East 24% Canada 3% Latin America 6% Pro Forma Color & Engineered Materials 531 710 1,042 130 164 208 504 663 880 2014 2018 2019E PF* R&D / Technical Marketing Sales PolyOne Corporation 17 + 34% + 26% + 32% E X P A N S I O N O F COMMERCIAL RESOURCES D R I V I N G G R O W T H $2.9 $2.9 $3.5 2015 2016 2017 2018 2019E PF Total + 9% Organic + 5% Revenue in Billions Total + 10% Organic + 7%+ 47% + 27% + 33% $4.0 $3.2 2019E PF* * 2019E Pro Forma for PP&S Divestiture and Clariant Color & Additive Masterbatch business P R I O R A C Q U I S I T I O N S : P R O O F O F P E R F O R M A N C E PolyOne Corporation 18 Commercial Resources Operating Income ($ in millions) Operating Margins 243 340 At Acquisition 2018 $36 $96 At Acquisition 2018 11% 20% At Acquisition 2018 Established Acquisitions (> 7 years) + 40% + 165% + 900 bps U N I F I E D F O C U S O N S U S T A I N A B I L I T Y PolyOne Corporation 19 2006 - 2013 2013 – 2019 PEOPLE PRODUCTS PLANET PERFORMANCE PolyOne Clariant Color & Additive Masterbatch Business • Building mini-recycling plants to facilitate customer projects on design for recycling - CycleWorks • Uses packaging additives & colorants to improve recyclability and enhance automated sorting • Manufactures oxygen scavengers to extend shelf-life of perishable items and reduce material requirements • Combines UV-blocking additive colorants & other barriers to prevent spoilage and waste • Offers spin-dyeing solutions that use significantly less water than traditional methods, allowing for sustainable coloration of textiles • Produces infrared absorbing additives that reduce energy requirements for bottle manufacturing ($ in millions) PolyOne (Continuing Operations) Clariant Color & Additive Masterbatch Business Synergies New PolyOne 2019E Total Sales $2,860 $1,150 $4,010 2019E Adjusted EBITDA $310 $130 $60 $500 % Margin 10.8% 11.3% 12.5% 2019E CapEx $60 $85 % Sales 2.1% 2.1% 2019E Free Cash Flow $170 $250 2019E Adjusted EPS $1.65 $2.22 2019E PF Adjusted EPS $1.65 $2.50 P O L Y O N E + C L A R I A N T C O L O R & A D D I T I V E M A S T E R B A T C H B U S I N E S S PolyOne Corporation 20 (1) Excludes step-up of depreciation & amortization related to purchase accounting of transaction (1) $0.85/share O V E R 8 5 % O F A D J U S T E D E B I T D A F R O M S P E C I A L T Y PolyOne Corporation 21 46% 66% 0% 20% 40% 60% 80% 100% 2005 2010 2015 2019E PF % o f A d ju s te d E B IT D A * JV's Performance Products & Solutions Distribution Specialty 7% 87% * Adjusted EBITDA is EBITDA excluding corporate costs and special items ** 2019E Pro Forma for PP&S Divestiture and Clariant Color & Additive Masterbatch business acquisition with synergies Specialty EBITDA $14M $117M $273M $500M ** PolyOne Corporation 22 T R A N S A C T I O N O V E R V I E W • Expected mid-2020, subject to regulatory approvals and customary closing conditions Closing Conditions / Timing • Committed financing in place • Permanent financing to be combination of available cash on-hand, new debt and equity component to limit leverage • Equity issuance of $400 to $500MM • Target net leverage below 3.5x, 3.1x synergized, with intention to de-lever below 3.0x within 2 years PolyOne Corporation 23 • $1.45 B net purchase price • Represents 11.1x adjusted EBITDA (excluding synergies), 7.6x adjusted EBITDA (including synergies) • Pre-tax synergies of $60MM expected to be fully realized by the end of 2023 • Synergies realized from sourcing, operational, technology / commercial, and general administrative Transaction Value Synergies Financing Estimated Synergy Breakdown $60MM • Expect EBITDA synergies of $60MM – Proven integration expertise with a decade of acquisition experience – Administrative synergies reflect reduction of duplicative internal and third-party costs • Run rate synergies of $20MM by the end of Year 1 with $60MM achieved by the end of Year 3 • Significant additional opportunity for geographical expansion – Clariant Color & Additive Masterbatch business has complementary regional presence in key growth areas including India & Southeast Asia • Opportunity to accelerate growth with a combined portfolio of innovative solutions aligned with sustainability megatrends Sourcing 40% Operational 30% Administrative 30% PolyOne Corporation 24 S I G N I F I C A N T S Y N E R G Y O P P O R T U N I T I E S C A P I T A L S T R U C T U R E / L E V E R A G E PolyOne Corporation 25 At Close Year 1 Year 2 3.2x 3.5x 3.1x 2.6x Pro Forma with Synergies 2019E PF Two year leverage goal (1) Pro Forma Capitalization is for illustrative purposes only; amounts may vary depending on various market and other factors.
Sources Cash from Balance Sheet $465 New Senior Unsecured Notes 650 New Equity 450 Total Sources $1,565 Uses Clariant Masterbatch $1,500 Clariant India Masterbatch 60 Less: Lease Adjustment (113) Net Purchase Price $1,447 Net Cash Acquired 57 Fees, Expenses & OID 61 Total Uses $1,565 ($ Millions) Cash and Cash Equivalents $370 $450M Senior Secured ABL Revolver - Senior Secured Term Loan B due 2026 624 Other Debt 25 Total Senior Secured Debt $649 5.25% Senior Unsecured Notes due 2023 $600 New Senior Unsecured Notes 650 Total Senior Debt $1,899 Net Debt $1,529 New Equity $450 Pro Forma Capitalization (1) PF 12/31/2019 $450 $600 $624 $743 2019 2020 2021 2022 2023 2024 2025 2026 A T T R A C T I V E F I N A N C I N G S T R U C T U R E Attractive Debt Maturity Profile Existing Revolver Existing Senior Notes Existing Term Loan B New Debt Financing Financing Summary Terms on New Debt $465 million of cash from the balance sheet expected to fund a portion of the purchase price Bridge financing for remainder fully committed from Citi, Morgan Stanley and Wells Fargo Permanent financing expected to include a combination of long-term debt and new equity The timing of the permanent financing is subject to a number of factors, including, but not limited to, market conditions PolyOne is committed to preserving a strong balance sheet – Target net leverage at close below 3.5x, excluding synergies Pro forma capital structure positions PolyOne with flexibility to pursue continued growth strategy New financing expected to have same or better covenant package than existing capital structure Capital structure would be “covenant lite” Capital Policy Transaction in line with PolyOne’s disciplined capital allocation policy Existing PolyOne dividend policy to be maintained Focus on deleveraging in the near term 2028+ PolyOne Corporation 26 PolyOne Corporation 27 T H E N E W P O L Y O N E : A S P E C I A L T Y G R O W T H C O M P A N Y Landmark portfolio transformation: > 85% of Adjusted EBITDA from specialty solutions World-class innovation, technology and service are differentiators Sustainability initiatives and alignment with megatrends drive above market growth in key end markets and applications: Capital management is a strength - proven track record of expanding ROIC while increasing invested capital Transaction expected to add $0.85 to pro forma adjusted EPS PolyOne Corporation 28 PolyOne Corporation 29