https://www.avient.com/sites/default/files/resources/Gabelli%2520Conf%2520-%2520POL%2520IR%2520Presentation%2520wNon%2520GAAP%2520Reconciliation%252003%252026%252015.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
• 21 consecutive
quarters of double-
digit adjusted EPS
growth
• Shift to faster
growing, high
margin, less cyclical
end markets
• Key acquisitions
propel current and
future growth, as
well as margin
expansion
• Established
aggressive 2015
targets
• Continue specialty
transformation
• Vitality index and
innovation driving
growth and
expanding margins
• Specialty business
margins have 20+%
potential
• Double digit
operating income
and adjusted EPS
growth
PolyOne Corporation Page 5
Building &
10%
Electrical &
9%
Distribution
28%
PP&S
Specialty
52%
69%
13%
7% Asia
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%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 2014 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 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
-150%
-50%
50%
150%
250%
350%
450%
550%
PolyOne S&P 500
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 EPS CAGR = 40%
EPS Share Price vs.
S&P 500
All time high of
$43.34
July 1st, 2014
PolyOne Corporation Page 9
2006 2014 2015 Target
“Where we were” “Where we are” (Est. in 2012)
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 14.7% 12 – 16%
Global Specialty Engineered
Materials 1.1% 12.1% 12 – 16%
Designed Structures & Solutions 1.4% (2012) 7.3% 8 – 10%
Performance Products &
Solutions 5.5% 7.7% 9 – 12%
Distribution 2.6% 6.1% 6 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 65% 65 – 75%
3) ROIC* 5.0% 11.3% 15%
4) Adjusted EPS Growth N/A 37% Double Digit
Expansion
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
Proof of Performance & 2015 Goals
PolyOne Corporation Page 10
Continuing Earnings Growth
Double
Digit EPS
Expansion
Ongoing LSS
Programs
Incremental
Share
Buybacks
Mergers &
Acquisitions
Continued
Gross
Margin
Expansion
Mid Single
Digit
Revenue
Growth
Accelerated
Innovation &
Mix
Improvement
PolyOne Corporation Page 11
Innovation Drives Earnings Growth
*Percentage of Specialty Platform revenue from products introduced in last five years
$20
$53
2006 2014
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
14%
27%
2006 2014
Specialty Platform
Gross Margin %
20%
44%
2006 2014
Specialty Vitality Index Target ≥ 35%
PolyOne Corporation Page 12
Megatrends Aligned with Key End Markets
Decreasing
Dependence
on Fossil
Fuels
Protecting
the
Environment
Improving
Health and
Wellness
Megatrend End Markets
Globalizing
and
Localizing
Health &
Wellness
Transportation
Packaging
Consumer
PolyOne Corporation Page 13
60%
94%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2014
Pension Funding**
As of December 31, 2014
Debt Maturities & Pension Funding – 12/31/14
Net Debt / EBITDA* = 1.9x
$49
$317
$600
$0
$100
$200
$300
$400
$500
$600
$700
$800
2015 2020 2023
Debt Maturities
As of December 31, 2014
($ millions)
Coupon Rate: 7.500% 7.375% 5.250%
** includes US-qualified pension plans only *TTM 12/31/2014
PolyOne Corporation Page 14
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
(including synergy
capture)
~75% of capital
expenditures fund
growth initiatives
Organic
Growth
Acquisitions
Share
Repurchases
Dividends
$0.16
$0.20 $0.24
$0.32
$0.40
$0.10
$0.20
$0.30
$0.40
$0.50
2011 2012 2013 2014 2015
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
• Operating Margin
Synergy opportunities
Adjacent material
solutions
Repurchased 1.6
million shares in Q4
2014
Repurchased 11.3
million shares since
early 2013
8.7 million shares are
available for
repurchase under the
current authorization
PolyOne Corporation Page 15
PolyOne Core Values
Innovation
Collaboration
Excellence
PolyOne Corporation Page 16
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
Gabelli Conf - POL IR Presentation
��PolyOne Investor Presentation�Gabelli Specialty Chemicals Conference�March 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
Continuing Earnings Growth
Innovation Drives Earnings Growth
Megatrends Aligned with Key End Markets
Debt Maturities & Pension Funding – 12/31/14
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/2022-04/Sustainable Material Answers_ Recycled PET 2022_0.pdf
The
expanding beverage market in Asia Pacific
and the ease of bottle-to-bottle recycling
is expected to drive further growth for this
use case.
For example, this
directive has set a target for plastic bottles.
These commitments and mandates will continue to drive the high and
increasing demand for recycled plastic bottles.
https://www.avient.com/sites/default/files/resources/US_Norwalk_RC14001_2020Exp.pdf
ECert.QECertificate
ABS Quality Evaluations
ABS Quality Evaluations, Inc. 16855 Northchase Drive, Houston, TX 77060, U.S.A.
RC14001®:2015
Certificate No: 55334
Effective Date: 30 October 2017
Expiration Date: 29 October 2020
Issue Date: 30 October 2017 Alex Weisselberg, President
DESIGN AND MANUFACTURE OF COLOR CONCENTRATES
Certificate Of Conformance
has been assessed by ABS Quality Evaluations, Inc. and found to be in conformance with the requirements set forth by:
https://www.avient.com/sites/default/files/resources/US_Terre%2520Haute_RCMS%25202013.pdf
WITH ADDITIONAL FACILITIES LISTED ON THE ATTACHED ANNEX)
has been assessed by ABS Quality Evaluations, Inc. and found to be in conformance with the requirements set forth by:
RCMS®:2013 (Option 2)
The Environment, Health, Safety and Security Management System is applicable to:
Design and Manufacture of Plastic Compounds
Certificate No: 55543
Effective Date 21 December 2017
ABS Quality Evaluations, Inc. 16855 Northchase Drive, Houston, TX 77060, U.S.A.
https://www.avient.com/sites/default/files/resources/POL%2520KeyBanc%2520IR%2520Presentation%2520w%2520non-GAAP%252009%252010%25202013.pdf
Use of Non GAAP Measures
Page 3
-150.00%
-50.00%
50.00%
150.00%
250.00%
350.00%
PolyOne S&P 500
Strategy and Execution Drive Results
Page 4
All time closing high of
$29.48
August 1, 2013
• 15 consecutive quarters of
double digit EPS growth
• 42% CAGR adjusted EPS
expansion 2006-2012
• YTD stock price has
increased 42% versus 20%
growth in the S&P
• 275% increase in market cap:
$0.7b $2.6b since 2006
The World’s Premier Provider of Specialized
Polymer Materials, Services & Solutions
Four Pillar Strategy
Page 5
PP&S
15%
Specialty
Distribution
25%
0.12
0.27 0.21
0.13
0.68
0.82
1.00
2.50
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
$1.75
$2.00
$2.25
$2.50
2006 2007 2008 2009 2010* 2011* 2012* 2015
Target
Ad
ju
st
ed
E
ar
ni
ng
s P
er
S
ha
re
Appliance
6%
Building &
Construction
13%
Wire & Cable
Electrical &
Electronics
4%
Consumer
Packaging
18%
Industrial
10%
Misc.
5%
HealthCare
Transportation
16%
Textiles
1%
United
States
70%
Europe
14%
Canada
8%
Asia
5%
Latin
America
3%
2012 Revenues: $4.0 Billion*
End Markets*
2012 Revenues: $4.0 Billion*
EPS
Page 6
* Pro Forma includes FY2012 results for Spartech (11/03/12 YE) and Glasforms & excludes discontinued operations
PolyOne
At A Glance
* Restated to exclude discontinued operations
Old
PolyOne Transformation
*Operating Income excludes corporate charges and special items
**Pro Forma results include Spartech and Glasforms acquisitions, Specialty Coatings reclass and excludes discontinued operations
2%
34% 43% 45%
60%
65-
75%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2012 2012 PF** 2015
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's PP&S Distribution Specialty
Specialty OI $5M $46M $87M $114M $150M Target
Mix Shift Highlights Specialty Transformation
2015
Target
Page 7
2006 H1 2013 2015
Where we were Where we are
Organic Consolidated
Target
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 12.7% 12.6% 12 – 16%
Global Specialty Engineered
Materials 1.1% 10.9% 9.2% 12 – 16%
Designed Structures & Solutions — — 4.4% 8 – 10%
Performance Products &
Solutions 5.4% 8.1% 8.2% 9 – 12%
Distribution 2.6% 6.1% 6.1% 6 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 62% 65 – 75%
3) ROIC* (after-tax) 5.0% 9.4% 15%
4) Adjusted EPS Growth N/A 26%
Double Digit
Expansion
Proof of Performance & 2015 Goals
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
Page 8
*Percentage of Specialty Platform revenue from products introduced in last five years
19.5%
46.5%
2006 Q2 2013
$20.3
$44.7
2006 TTM
Q2'13
14.3%
31.1%
2006 Q2 2013
Research & Development
Spending
Specialty Platform
Vitality Index Progression*
Innovation Drives Earnings Growth
($ millions)
Specialty Platform
Gross Margin %
Page 9
We are Experts in Polymer Science and Formulation
Polymer Science
Formulation
Chemistry
Processing
Inputs
Base Resins
Additives
Modifiers
Colorants
Specialized
Polymer Materials,
Services, and Solutions
Expertise
Satisfied
Consumers
PolyOne Customer
Innovative
Products & Services
Marketplace Demands
Performance Requirements
Value Drivers
Page 10
Positioned for Strong Growth
2015 Target
Rev: $5B
Adj.
Strong past performance demonstrates that our
strategy and execution are working
• Megatrends align with our strengths
• Innovation and services provide differentiation
and competitive advantage
• Strong and proven management team driving
growth and performance
• Addressable market exceeds $40 billion
The New PolyOne: A Specialty Growth Company
2015 Target: $2.50 Adjusted EPS
Page 15
Schedule I
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and
presented in accordance with U.S.
Net debt $ 638.8
Adjusted EBITDA Q3 2012 Q4 2012 Q1 2013 Q2 2013 Total
PolyOne Income before income taxes $ 30.6 $ (1.1) $ 15.7 $ 62.9 $ 108.1
PolyOne Interest expense, net 12.4 13.7 15.6 16.6 58.3
PolyOne Depreciation and amortization 17.0 15.5 19.0 25.8 77.3
PolyOne Special items in EBITDA 8.3 26.5 27.7 (5.2) 57.3
PolyOne Adjusted EBITDA 68.3 54.6 78.0 100.1 301.0
Pro forma Spartech EBITDA 16.8 14.7 11.2 - 42.7
Pro forma EBITDA $ 85.1 $ 69.3 $ 89.2 $ 100.1 $ 343.7
PolyOne Investor Presentation�KeyBanc 2013 Capital Markets’ �Basic Materials & Packaging Conference��September 10th, 2013�
Forward – Looking Statements
Use of Non GAAP Measures
Strategy and Execution Drive Results
Four Pillar Strategy
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Proof of Performance & 2015 Goals
Innovation Drives Earnings Growth
We are Experts in Polymer Science and Formulation
Positioned for Strong Growth
First Half 2013 Financial Highlights
Debt Maturities & Liquidity Summary – 6/30/13
Use of Cash
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Basic%2520Materials%2520Conference.pdf
Addressable market exceeds $40 billion
Strong performance demonstrates that our strategy and execution
are working
Megatrends and emerging opportunities align with strengths
Innovation and services provide differentiation, incremental pricing
power and competitive advantage
Strategic balance between reinvestment for growth and returning
cash to shareholders
Strong and proven management team driving growth and
performance
14 POLYONE CORPORATION
Segment Highlights
POLYONE CORPORATION 15
2016 Revenue: $0.8 Billion
At a Glance: Color, Additives & Inks
Key Applications
2016 Revenue by Industry Expanding Profits
1.7%
4.6% 5.1% 5.5%
7.2% 8.1%
9.7%
12.2%
14.7%
16.7%
16.0%
20%+
16.6%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q
2017
2020
Operating Income % of Sales
United
States
45%
Europe
33%
Asia
15% Latin
America
5%
Canada
2%
Packaging
30%
Industrial
15%
W & C
10%
B & C
10% Textiles
9%
Transportation
9%
Consumer
7%
Healthcare
6%
Appliance
2%
E & E
2%
Platinum
Vision
POLYONE CORPORATION 16
2016 Revenue: $0.6 Billion
At a Glance: Specialty Engineered Materials
2016 Revenue by Industry Expanding Profits
1.1% 1.3%
3.4%
5.1%
9.6%
8.0% 8.6% 9.3%
12.1%
14.7%
14.3%
20%+
14.8%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q
2017
2020
Operating Income % of Sales
Consumer
19% Transportation
19%
E & E
15%
W & C
15%
Healthcare
11%
Industrial
8%
Packaging
7%
Appliance
3%
B & C
3%
United
States
51%
Europe
27%
Asia
20%
Canada
2%
Key Applications
Platinum
Vision
POLYONE CORPORATION 17
2016 Revenue: $0.4 Billion
At a Glance: Designed Structures & Solutions
2016 Revenue by Industry 2020 Platinum Vision
Transportation
27%
Industrial
21%
Packaging
21%
B & C
11% Healthcare
8%
Consumer
8%
Appliance
3%
E & E
1%
Key Applications
United
States
95%
Canada
5%
Drive operational efficiency with LSS
projects and customer first mentality
Recapture customers by leveraging
PolyOne’s commercial excellence and
service offerings
2020 Operating Margin: 8 – 10%
http://www.google.com/url?
Tax adjustments include the net tax expense/benefit from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance
adjustments.
IR Presentation - Q1 2017 Current
PolyOne Investor �Presentation�May 2017
Forward-Looking Statements
Use of Non-GAAP Measures
What We Do
At a Glance
Slide Number 6
Proof of Performance & 2020 Platinum Vision
Returning Cash to Shareholders
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
Ours is Not a Cost Cutting Story
Primary Industries Served
Innovation Drives Earnings Growth
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/POL%2520BofA%2520Basic%2520Materials%2520IR%2520Presentation%2520w%2520non-GAAP%252012%252011%25202013.pdf
Use of Non-GAAP Measures
Page 3
-150.00%
-50.00%
50.00%
150.00%
250.00%
350.00%
PolyOne S&P 500
All time high of
$34.47
December 9th, 2013
• 16 consecutive quarters of
double digit EPS growth
• 42% CAGR adjusted EPS
expansion 2006-2012
• YTD stock price has increased
63% versus 27% growth in the
S&P
• More than six fold increase in
market cap: $0.5b $3.3b
Strategy and Execution Drive Results
Page 4
The World’s Premier Provider of Specialized
Polymer Materials, Services & Solutions
Four Pillar Strategy
Page 5
PP&S
15%
Specialty
60%
Distribution
25%
0.12
0.27 0.21
0.13
0.68
0.82
1.00
2.50
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
$1.75
$2.00
$2.25
$2.50
2006 2007 2008 2009 2010* 2011* 2012* 2015
Target
Ad
ju
st
ed
E
ar
ni
ng
s P
er
S
ha
re
Appliance
6%
Building &
Construction
13%
Wire & Cable
Electrical &
Electronics
4%
Consumer
Packaging
18%
Industrial
10%
Misc.
5%
HealthCare
Transportation
16%
Textiles
1%
United
States
70%
Europe
14%
Canada
8%
Asia
5%
Latin
America
3%
2012 Revenues: $4.0 Billion*
End Markets*
2012 Revenues: $4.0 Billion*
EPS
Page 6
* Pro Forma includes FY2012 results for Spartech (11/03/12 YE) and Glasforms & excludes discontinued operations
PolyOne
At A Glance
* Restated to exclude discontinued operations
Old
PolyOne Transformation
*Operating Income excludes corporate charges and special items
2%
34% 43%
63%
65-
75%
0%
20%
40%
60%
80%
100%
2005 2008 2010 YTD 2013 2015
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's PP&S Distribution Specialty
Specialty OI $5M $46M $87M $153M Target
Mix Shift Highlights Specialty Transformation
2015
Target
Page 7
2006 YTD 2013 2015
Where we were Where we are
Organic Consolidated
Target
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 12.8% 12.8% 12 – 16%
Global Specialty Engineered
Materials 1.1% 10.8% 8.9% 12 – 16%
Designed Structures & Solutions — — 5.0% 8 – 10%
Performance Products &
Solutions 5.5% 8.0% 8.2% 9 – 12%
Distribution 2.6% 6.1% 6 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 63% 65 – 75%
3) ROIC* (after-tax) 5.0% 9.4% 15%
4) Adjusted EPS Growth N/A 28%
Double Digit
Expansion
Proof of Performance & 2015 Goals
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
Page 8
*Percentage of Specialty Platform revenue from products introduced in last five years
19.5%
44.0%
2006 Q3 2013
$20.3
$46.6
2006 TTM
Q3'13
14.3%
31.0%
2006 Q3 2013
Research & Development
Spending
Specialty Platform
Vitality Index Progression*
Innovation Drives Earnings Growth
($ millions)
Specialty Platform
Gross Margin %
Page 9
We are Experts in Polymer Science and Formulation
Polymer Science
Formulation
Chemistry
Processing
Inputs
Base Resins
Additives
Modifiers
Colorants
Specialized
Polymer Materials,
Services, and Solutions
Expertise
Satisfied
Consumers
PolyOne Customer
Innovative
Products & Services
Marketplace Demands
Performance Requirements
Value Drivers
Page 10
Positioned for Strong Growth
2015 Target
Rev: $5B
Adj.
Strong past performance demonstrates that our
strategy and execution are working
• Megatrends align with our strengths
• Innovation and services provide differentiation
and competitive advantage
• Strong and proven management team driving
growth and performance
• Addressable market exceeds $40 billion
The New PolyOne: A Specialty Growth Company
2015 Target: $2.50 Adjusted EPS
Page 15
Schedule I
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and
presented in accordance with U.S.
Average Debt Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Average
PolyOne Debt $ 705.2 $ 706.9 $ 1,055.5 $ 1,031.2 $ 987.7 $ 897.3
Average Equity Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Average
PolyOne shareholders’ equity $ 629.3 $ 629.1 $ 871.8 $ 993.9 $ 996.6 $ 824.1
Reconciliation to Condensed Consolidated Balance Sheets YTD 2013
Short-term debt and current portion of long-term debt $ 9.9
Long-term debt 977.8
Less cash and cash equivalents (322.8)
Net debt $ 664.9
Adjusted EBITDA Q4 2012 Q1 2013 Q2 2013 Q3 2013 Total
PolyOne Income before income taxes $ (1.1) $ 15.7 $ 62.9 $ 38.8 $ 116.3
PolyOne Interest expense, net 13.7 15.6 16.6 16.0 61.9
PolyOne Depreciation and amortization 15.5 19.0 25.8 30.3 90.6
PolyOne Special items in EBITDA 26.5 27.7 (5.2) 11.2 60.2
PolyOne Adjusted EBITDA 54.6 78.0 100.1 96.3 329.0
Pro forma Spartech EBITDA 14.7 11.2 - - 25.9
Pro forma EBITDA $ 69.3 $ 89.2 $ 100.1 $ 96.3 $ 354.9
PolyOne Investor Presentation��Bank of America Merrill Lynch�2013 US Basic Materials Conference�December 11, 2013�
Forward – Looking Statements
Use of Non-GAAP Measures
Strategy and Execution Drive Results
Four Pillar Strategy
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Proof of Performance & 2015 Goals
Innovation Drives Earnings Growth
We are Experts in Polymer Science and Formulation
Positioned for Strong Growth
Q3 2013 Financial Highlights
Debt Maturities & Liquidity Summary – 9/30/13
Use of Cash
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/Investor%2520Day%2520-%2520May%25202018.pdf
CEO, Industry Leader
8% more sales calls annually
10% annual expansion of sales funnel,
including advances in barrier additives and
fiber colorants
12-15% compound annual operating income growth
16-18% operating margins
PolyOne Corporation 93
M&A REVIEW
J O E L R A T H B U N
PolyOne Corporation 94
TPE
O V E R A D E C A D E O F S U C C E S S F U L S P E C I A L T Y A C Q U I S I T I O N S
PolyOne Corporation 95
PolyOne Corporation 96
Safety Technology Geography Service FinancialPeople
Low EH&S
risk profile
New and
complementary
technologies
Leverage our
global footprint
Strong
customer
relationships
Foundational
operating
margins of
8-10% with
ability to double
Motivated team
with a specialty
culture
I N V E S T - T O - G R O W S T R A T E G Y
PolyOne Corporation 97
Capture
sourcing
synergies
Cross-sell
& blend
technology
8-10%
operating
margins
I N V E S T - T O - G R O W P L A Y B O O K
Protect
Retain
employees
Implement LSS to
drive efficiency
improvements
Innovate with
combined
portfolio
Safety
First!
Tax adjustments include the net tax (expense) benefit from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance
adjustments.
Investor Day Deck - Web
Investor Day
Forward �Looking �Statements
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:
USE OF �NON-GAAP�MEASURES
Investor Day Agenda May 10, 2018
The Leaders Behind the Team
Introduction
Historic Past
Sustainability AT PolyOne
Safety First
the PolyOne Academy
Sustainably Impacting diverse End Markets
Products and Portfolio Optimization
OUR PLANET
Sustainability AT PolyOne
Adjusted EPS Expansion
Early years defined by Specialty �mix improvement
Commodity Pruning �Held Organic Sales Flat
Investment in Commercial Resources Driving Results
Sustainable Path to Double-Digit EPS Growth
Raising the Bar�ROIC drives shareholder return
Commercial Excellence
STRATEGIC INVESTMENT IN 3 KEY AREAS
Key Commercial Investments
New Resources Fueling the Future
Aligning with trends for Growth
Innovation
3 Horizons of Development
3 Horizons of Development
3 Horizons of Development
Innovation Pipeline
Innovation Drives Earnings Growth
IQ DESIGN LABS
3D Printing�Bringing New ideas to life
LSS CUSTOMER FIRST
The Evolving Customer Relationship
Slide Number 37
Inspired future
Innovating with PolyOne
PolyOne Distribution
DISTRIBUTION
Service is our business
Service is our business
Key Commercial Investments
Growth through Inside Sales
Growth through Multiple Sales Channels
New Resources Fueling the Future
Inspired future
Specialty Engineered Materials
Specialty Engineered Materials
Specialty Engineered Materials
Capitalizing on the global market
STRATEGIC INVESTMENT IN 3 KEY AREAS
Key Commercial Investments
New Resources Fueling the Future
growth Through Service
Innovation Spotlight: Composites
Composites Refresher
Strategic Investment History
COMPOSITES in Transportation
Slide Number 61
Inspired future
Performance Products �& Solutions
Performance Products & Solutions
Performance Products & Solutions
STRATEGIC INVESTMENT IN 3 KEY AREAS
Key Commercial Investments
New Resources Fueling the Future
Growth Through Service
Growth Through Service
Innovation Spotlight: �Flame Retardant�Polymers
FLAME RETARDANT �DRIVERS
Flame Retardant Performance Spectrum
LED Solutions
Inspired future
Color Additives�& Inks
COLOR, ADDITIVES & INKS
Color, Additives & Inks
Capitalizing on the global market
STRATEGIC INVESTMENT IN 3 KEY AREAS
Key Commercial Investments
New Resources Fueling the Future
Growth Through Service
Innovation Spotlight: Additive & Colorant�Technologies
Barrier Technologies
Fiber Colorants
Strategic Investment History
Slide Number 88
Slide Number 89
COLORMATRIX SELECT™
Enabling the Customer
Slide Number 92
Inspired future
M&A Review
Over a decade of successful specialty acquisitions
Invest-to-Grow Strategy
Invest-to-Grow Playbook
Invest-to-Grow Proof of performance
Invest-to-Grow Proof of performance
Invest-to-Grow Driving the future
Invest-to-Grow Driving the future
Strong Pipeline�driven by fragmented Market
Summary
Financial Review
Adjusted EPS Expansion
Strategic cash deployment
Proof of Performance �Expanding Margins & ROIC
Investment in Commercial Resources Driving Results
Sustainable Path to Double-Digit EPS Growth
ROIC drives shareholder return
ROIC drives shareholder return
Conclusion
Investor Presentation - May 2018 Non-GAAP
Investor Presentation - March 2018
https://www.avient.com/sites/default/files/resources/Innovation_Day_-_May_2014_0.pdf
Patterson
12:00-1:00 PM Lunch
PolyOne Corporation Page 7
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
• 18 consecutive
quarters of double-
digit adjusted EPS
growth
• Shift to faster
growing, high
margin, less cyclical
end markets
• Key acquisitions
propel current and
future growth, as
well as margin
expansion
• Established
aggressive 2015
targets
• Continue specialty
transformation
• Targeting $2.50
adjusted EPS by
2015, nearly double
2013 EPS
• Drive double digit
operating income
and adjusted EPS
growth
PolyOne Corporation Page 8
Specialty
54%
PP&S
Distribution
28%
2013 Revenues: $3.8 Billion 2013 Revenues: $3.8 Billion
United
States
67%
Latin
America
$13
$31
$46 $46
$92 $96
$122
$195
$0
$50
$100
$150
$200
2006 2007 2008 2009 2010 2011 2012 2013
End Markets Specialty Operating Income
PolyOne At a Glance
Building &
9%
HealthCare
11% Appliance
Electronics &
Electrical
PolyOne Corporation Page 9
Old
PolyOne Transformation
*Operating Income excludes corporate charges and special items
2%
34%
43%
62% 64%
0%
20%
40%
60%
80%
100%
2005 2008 2010 2013 Q1 2014 2015
%
o
f
O
p
e
ra
ti
n
g
I
n
c
o
m
e
*
JV's Performance Products & Solutions Distribution Specialty
65-75%
Specialty OI $5M $46M $87M $195M $60M Target
Mix Shift Highlights Specialty Transformation
2015
Target
PolyOne Corporation Page 10
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 11
-150.00%
-50.00%
50.00%
150.00%
250.00%
350.00%
450.00%
550.00%
PolyOne S&P 500
Strategy and Execution Drive Results
$0.12
$0.27
$0.21
$0.13
$0.68
$0.82
$1.00
$1.31
'06 '07 '08 '09 '10 '11 '12 '13
‘06-‘13 EPS CAGR = 41%
EPS Share Price vs.
S&P 500
All time high of
$39.55
May 13th, 2014
PolyOne Corporation Page 12
2006 Q1 2014 2015
“Where we were” “Where we are” Target
1) Operating Income %
Specialty:
Global Color, Additives & Inks 1.7% 13.8% 12 – 16%
Global Specialty Engineered
Materials
1.1% 11.6% 12 – 16%
Designed Structures & Solutions -- 6.5% 8 – 10%
Performance Products &
Solutions
5.5% 7.7% 9 – 12%
Distribution 2.6% 6.1% 6 – 7.5%
2) Specialty Platform % of
Operating Income
6.0% 64% 65 – 75%
3) ROIC* 5.0% 9.4% 15%
4) Adjusted EPS Growth N/A 42%
Double Digit
Expansion
Proof of Performance & 2015 Goals
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
PolyOne Corporation Page 13
Bridge to $2.50 Adjusted EPS by 2015
2015 EPS: $2.50
2013 EPS: $1.31
Continued Gross Margin
Expansion
Mergers & Acquisitions
Spartech Accretion
Incremental Share Buybacks
Ongoing LSS Programs
(50-100 bps/yr)
Accelerated Innovation
& Mix Improvement
Several Levers to
Drive Growth
Mid Single Digit Revenue CAGR
PolyOne Corporation Page 14
Financial Highlights
Bradley C.
Patterson
President and Chief Executive Officer
PolyOne Corporation Page 36
PolyOne Core Values
Innovation
Collaboration
Excellence
PolyOne Corporation Page 37
Innovation Drives Earnings Growth
$20
$53
2006 2013
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index
Progression*
*Percentage of Specialty Platform revenue from products introduced in last five years
14.3%
30.7%
2006 2013
Specialty Platform
Gross Margin %
19.5%
43.0%
2006 2013
PolyOne Corporation Page 38
Formula for Success
Innovation
Market
Beating
Performance
Excellence in Execution
PolyOne Corporation Page 39
Track Record of Successful Integrations and
Rapid Operating Income Growth
$12
$44
2007 2013
$22
$30
2012 2013
$24
$49
2012 2013
GLS ColorMatrix Spartech
OI in $ millions
PolyOne Corporation Page 40
2015 and Beyond
Innovation will drive the next
stage in our remarkable
transformation
Deliver on 2015
goals
Expand Specialty
offerings and
possibilities
Identified as a truly
global, specialty
chemical company
Market Potential Exceeds
$40 Billion
PolyOne Corporation Page 41
Driving Toward Premier Profitability
EBIT Margins for top tier
companies
Victrex 42%
Sigma Aldrich
18% FMC
25%
IFF 18%
Eastman 17%
Hexcel 16%
16%
Rockwood
Holdings
Celanese 14%
7% EBIT Margin – 2013
Albemarle 24%
Ecolab 13%
PolyOne Corporation Page 42
Bright Future & High Aspirations – The Next Seven Years
• % OP Income from Specialty - 5%
• Market Cap - $500 Million
• Revenue - $2.6 Billion
• Commodity Peers
• Specialty ROS - 1.5%
• % OP Income from Specialty - 62%
• Market Cap - $3.5 Billion
• Revenue - $3.7 Billion
• Specialty ROS - 9.4%
• % OP Income from Specialty - 80 to 90%
• Market Cap - $12 to $18 Billion
• Revenue - $8 to $10 Billion
• Specialty Peers
• Specialty ROS - ≥ 20%
2000 – 2006
2007 – 2013
2014 – 2020
PolyOne Corporation Page 43
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2025-05/AVNT May Investor Presentation_w_non-GAAP_0.pdf
All Rights Reserved
2025 7
Strategic approach to drive sustainable growth
Avient sales growth
Catalyze
the core
GROW BUSINESS AT
GDP +
1.
All Rights Reserved
2025 8
Strategic approach to drive sustainable growth
Avient sales growth
Build new
platforms
of scale
GROW BUSINESS AT
10% PLUS CAGR
1.
Sharpening focus on cost control & driving productivity in
SG&A and in our plants
4.