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Hexion & Huntsman: Creating a Global Leader




             July 12, 2007
Forward-Looking Statements

 Certain information in this presentation may be considered forward-looking information
 within the meaning of the Private Securities Litigation Reform Act of 1995. This information
 is based on the Company's current expectations and actual results could vary materially
 depending on risks and uncertainties that may affect the Company's operations, markets,
 services, prices and other factors as discussed in filings with the Securities and Exchange
 Commission. These risks and uncertainties include, but are not limited to, industry and
 economic conditions, competitive, legal, governmental and technological factors. There is
 no assurance that the Company's expectations will be realized. The Company assumes
 no obligation to update any forward-looking information contained in this presentation
 should circumstances change, except as otherwise required by securities and other
 applicable laws.
 This presentation contains non-GAAP financial measures. A reconciliation to the
 nearest U.S. GAAP financial measures is included at the end of the presentation.




                                                                                                2
Transaction Overview
Craig O. Morrison
Chairman, President & Chief Executive Officer
Acquisition Overview

    Hexion and Huntsman have reached a definitive agreement for Hexion
    to acquire Huntsman Corporation (NYSE: HUN) for $28.00 in cash for
    each outstanding Huntsman share of common stock

    All-cash transaction valued at approximately $10.6 billion, including
    the assumption of debt

    Closing subject to Huntsman shareholder approval and regulatory
    approvals

    Upon closing, the merged companies will form a global leader in
    specialty chemicals




                                                                            4
Strategic Rationale for the Combination

    The combination will create one of world’s largest specialty chemical
    companies

        Annualized sales of more than $14 billion
        More than 21,000 associates
        180 facilities globally

    Strong global positions with significant scale and market leadership

    Expanded portfolio of leading products and technologies

    Unmatched geographic reach with ability to serve global customers in
    all parts of the world




                                                                            5
Hexion Business Snapshot

                              2006 Revenues = $ 5.2 billion

   Revenue by Region                                               Revenue by Segment


                                                                                         FFP
                                   North
                                                                                         27%
                                  America                         EPRD
     RoW
                                    52%                            41%
     14%



                                                                                       C&I
                                                                      Perf Prods       24%
                       EMEA
                                                                          8%
                        34%

      Main Segments & Product Lines:
           Epoxy and Phenolic Resins (EPRD) – Epoxy Resins and Intermediates, Composite Resins,
           Molding Compounds, Phenolic Specialty Resins, Epoxy Coating Resins and Versatic Acids
           and Derivatives
           Formaldehyde and Forest Product Resins (FFP) – Formaldehyde Based Resins and
           Intermediates, Forest Product Resins and Formaldehyde Applications
           Coating & Inks (C&I) – Polyester Resins, Alkyd Resins, Acrylic Resins, Ink Resins and
           Additives
           Performance Products (Perf Prods) – Phenolic Encapsulated Substrates, Foundry Resins
                                                                                                   6
Huntsman Business Snapshot

                                                                                                               1
                                                           2006 Revenues = $8.8 billion

            Revenue by Region                                                                                  Revenue by Segment
                                                             North                                                               Urethanes
                                                            America                                                                39%
                                                               38%

                                                                                             Textile Effects
                                                                                                  11%

                RoW                                                                                                                      Advanced
                                                                                                                                         M aterials
                 24%
                                                                                            Pigments & Inks                                  15%
                                                                                                 12%
                                                     EMEA                                                          Performance
                                                      38%                                                           Products
                                                                                                                      23%


                          Main Segments & Product Lines:
                                    Urethanes – MDI, PO/MTBE
                                    Advanced Materials – Epoxy resins, cross-linkers, curing agents
                                    Performance Products – Surfactants, LAB, amines, maleic anhydride, EO
                                    Textile Effects – Textile dyes, processing and finishing chemicals
                                    Pigments – TiO2
                                                                                                                                                      7
•Pro forma for announced but not completed divestitures, and Textile Effects acquisition.
Hexion & Huntsman Will Form A Powerful Company

                          2006 Revenues = $ 14.0 billion


      Revenue by Region                 Main Segments & Product Lines
                                          Urethanes – MDI, PO/MTBE
                                          Epoxy Resins – Epoxy resins, cross-linkers, curing
                          North
                                          agents, versatics
                      America
                                          Performance Products – Surfactants, LAB, amines,
                          43%
                                          maleic anhydride, EO, EG
RoW                                       Pigments & Inks– TiO2,, ink and adhesive resins
20%
                                          Coatings – Alkyd, saturated & unsaturated polyester
                                          resins and acrylic dispersions
                                          Formaldehyde Thermosets – Formaldehyde, amino,
                     EMEA
                                          phenolic & novolac resins
                     37%
                                          Textile Effects – Textile dyes, processing and finishing
                                          chemicals




                                                                                                     8
Combination Creates a Powerful Global Footprint




                                                                                                                           (1)




 (1) 2006 PF Differentiated Revenue Distribution. Source of Huntsman map: February 2007 Analyst Day Presentation.
 Proforma 2006 revenues to include Polyurethanes, Advanced Materials, Textile Effects, Performance Products and Pigments
                                                                                                                                 9
Next Steps



  The transaction is subject to Huntsman stockholder approval and
  regulatory approvals
  Financial commitments are in place that provide ample liquidity to
  close the acquisition pending necessary shareholder approval and
  other conditions
  Huntsman & Hexion will continue to operate as separate companies
  and competitors until closing
  Integration teams will be formed at the appropriate time composed of
  Huntsman & Hexion associates to plan how we will merge our
  organizations
  Information will be shared as we move through the planning process



     We are excited about the opportunities our combined company
         will provide as a global leader in specialty chemicals
                                                                         10
HexionAcquisitionJuly07Final

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HexionAcquisitionJuly07Final

  • 1. Hexion & Huntsman: Creating a Global Leader July 12, 2007
  • 2. Forward-Looking Statements Certain information in this presentation may be considered forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. This information is based on the Company's current expectations and actual results could vary materially depending on risks and uncertainties that may affect the Company's operations, markets, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, industry and economic conditions, competitive, legal, governmental and technological factors. There is no assurance that the Company's expectations will be realized. The Company assumes no obligation to update any forward-looking information contained in this presentation should circumstances change, except as otherwise required by securities and other applicable laws. This presentation contains non-GAAP financial measures. A reconciliation to the nearest U.S. GAAP financial measures is included at the end of the presentation. 2
  • 3. Transaction Overview Craig O. Morrison Chairman, President & Chief Executive Officer
  • 4. Acquisition Overview Hexion and Huntsman have reached a definitive agreement for Hexion to acquire Huntsman Corporation (NYSE: HUN) for $28.00 in cash for each outstanding Huntsman share of common stock All-cash transaction valued at approximately $10.6 billion, including the assumption of debt Closing subject to Huntsman shareholder approval and regulatory approvals Upon closing, the merged companies will form a global leader in specialty chemicals 4
  • 5. Strategic Rationale for the Combination The combination will create one of world’s largest specialty chemical companies Annualized sales of more than $14 billion More than 21,000 associates 180 facilities globally Strong global positions with significant scale and market leadership Expanded portfolio of leading products and technologies Unmatched geographic reach with ability to serve global customers in all parts of the world 5
  • 6. Hexion Business Snapshot 2006 Revenues = $ 5.2 billion Revenue by Region Revenue by Segment FFP North 27% America EPRD RoW 52% 41% 14% C&I Perf Prods 24% EMEA 8% 34% Main Segments & Product Lines: Epoxy and Phenolic Resins (EPRD) – Epoxy Resins and Intermediates, Composite Resins, Molding Compounds, Phenolic Specialty Resins, Epoxy Coating Resins and Versatic Acids and Derivatives Formaldehyde and Forest Product Resins (FFP) – Formaldehyde Based Resins and Intermediates, Forest Product Resins and Formaldehyde Applications Coating & Inks (C&I) – Polyester Resins, Alkyd Resins, Acrylic Resins, Ink Resins and Additives Performance Products (Perf Prods) – Phenolic Encapsulated Substrates, Foundry Resins 6
  • 7. Huntsman Business Snapshot 1 2006 Revenues = $8.8 billion Revenue by Region Revenue by Segment North Urethanes America 39% 38% Textile Effects 11% RoW Advanced M aterials 24% Pigments & Inks 15% 12% EMEA Performance 38% Products 23% Main Segments & Product Lines: Urethanes – MDI, PO/MTBE Advanced Materials – Epoxy resins, cross-linkers, curing agents Performance Products – Surfactants, LAB, amines, maleic anhydride, EO Textile Effects – Textile dyes, processing and finishing chemicals Pigments – TiO2 7 •Pro forma for announced but not completed divestitures, and Textile Effects acquisition.
  • 8. Hexion & Huntsman Will Form A Powerful Company 2006 Revenues = $ 14.0 billion Revenue by Region Main Segments & Product Lines Urethanes – MDI, PO/MTBE Epoxy Resins – Epoxy resins, cross-linkers, curing North agents, versatics America Performance Products – Surfactants, LAB, amines, 43% maleic anhydride, EO, EG RoW Pigments & Inks– TiO2,, ink and adhesive resins 20% Coatings – Alkyd, saturated & unsaturated polyester resins and acrylic dispersions Formaldehyde Thermosets – Formaldehyde, amino, EMEA phenolic & novolac resins 37% Textile Effects – Textile dyes, processing and finishing chemicals 8
  • 9. Combination Creates a Powerful Global Footprint (1) (1) 2006 PF Differentiated Revenue Distribution. Source of Huntsman map: February 2007 Analyst Day Presentation. Proforma 2006 revenues to include Polyurethanes, Advanced Materials, Textile Effects, Performance Products and Pigments 9
  • 10. Next Steps The transaction is subject to Huntsman stockholder approval and regulatory approvals Financial commitments are in place that provide ample liquidity to close the acquisition pending necessary shareholder approval and other conditions Huntsman & Hexion will continue to operate as separate companies and competitors until closing Integration teams will be formed at the appropriate time composed of Huntsman & Hexion associates to plan how we will merge our organizations Information will be shared as we move through the planning process We are excited about the opportunities our combined company will provide as a global leader in specialty chemicals 10