https://www.avient.com/sites/default/files/2022-05/AVNT May IR Presentation w Non GAAP Recs.pdf
We partner with Brand Owners / OEMs, processors and
assemblers to enable their goals in applications like packaging,
healthcare, consumer goods, transportation, wire & cable,
building & construction and textiles.
FX)
$429
$490
$3.05
$3.50
FY 2022 PERFORMANCE
16
$4,819
$5,100
+ 6%
(+ 8% excluding FX)
Adjusted EPS
+ 14%
(+ 17% excluding FX)
+ 15%
(+ 18% excluding FX)
(in millions) (in millions)
Sales Adjusted Operating Income
17
CASH FLOW / LEVERAGE
($ millions) 2022E
Cash Flow from Operating Activities 400$
Less:
Run-Rate CapEx (90)
CapEx for Clariant Integration (10)
CapEx for IT System Upgrade (15)
Total CapEx (115)
Free Cash Flow 285$
Adjusted EBITDA 635$
Net Debt / Adjusted EBITDA 1.7x
DYN E E MA ACQ U I S I T I O N
19
15x stronger than steel
Reduces weight by 30% vs. other solutions
Well-maintained global asset base poised to serve growing demand
• Purchase price of $1.48B represents 11.4x multiple of
2022 EBITDA
• Acquisition will expand Avient’s composites and fiber
portfolio with Dyneema®, the World’s Strongest Fiber™
• $415M sales and 30%+ EBITDA margins; Immediately
accretive to pro forma 2022 EPS, adding $0.35
• 1,300 patents globally, ~50% of sales patent protected
• 1,000+ employees across global production network and
dedicated technology centers
• Composites platform will increase from $261M to $680M in
revenue and from $49M to $180M in EBITDA Indicates Dyneema® location
$175M
(42%)
$65M
(16%)
$175M
(42%)
2022E Sales By Region ($M)
(1) $0.35 EPS excludes intangible amortization
(2) Based on 2022 expected results
(1) (2)
(2)
FIT WITH FOUR PILLAR STRATEGY
20
Specialization
• Innovation-led organization with
tremendous intellectual property value in
trademarks, patents and “know-how”
• Deep history of application development
and premium, leading brand with the
World’s Strongest FiberTM
Globalization
• Global customer base with an
established presence across all major
geographic regions
• Global technology centers complement
existing Composites applications and
expertise
Operational
Excellence
• Best-in-class safety performance
• Well-run and maintained asset base fit to
serve future growth
• Highly effective and reliable supply chain
with emphasis on optimizing service to
customers
Commercial
Excellence
• Deep customer relationships extend
across the value chain and drive ability
to grow
• Offer a full suite of services with an active
role in design, development and
commercialization
People
Experienced and
talented associates
with a passion for
safety, specialization
and winning
DYNEEMA® OVERVIEW
K E Y I N D U S T R I E S
PERSONAL PROTECTION
Military • Law Enforcement • First
Responders Body Armor • Helmets •
Vehicle Protection
$215M
MARINE & SUSTAINABLE
INFRASTRUCTURE
Towing / Mooring • Aquaculture •
Floating Wind • Offshore Cranes
$130M
CONSUMER
Consumer • Outdoor High Performance •
Safety Equipment
$70M
21 Figures reflect 2022 expected sales
MIFOverview Competition Valuechain &
Go-to-market Strategy Innovation Financials
TECHNOLOGY
22
1,200 1,300
2,500
Avient Dyneema Combined
Patents
• True specialty business – the World’s Strongest Fiber™
• Deep history of application development with customers,
strongest in the industry
• The only UHMwPE (ultra-high molecular weight polyethylene)
fiber producer that is backward integrated
o Provides innovation advantage through control of all steps of the process
• Complementary with our existing reinforced film expertise
(PolyStrand) and engineered fiber presences (Fiber-Line)
WINNING PROPERTIES
Ultra high strength vs. weight Highly flexible
Floats on water Chemically inert; no smell/taste and non-toxic
High resistance to UV radiation Self-lubricating, with low friction
One-of-a-kind technology
®
FORMULATION PROCESS
23
• Like Avient, Dyneema® offers similar
core competencies around formulation
and material science
• Technology that combines polymers and
fibers to provide specialized, high
performing solutions for customers
• Design capabilities ensure that
applications are highly customized for
the specified end use
DYNEEMA® IN THE VALUE CHAIN
24
UHMwPE
Fiber / Tapes
Military Personnel,
Law Enforcement
Heavy Marine,
Offshore Wind Energy
and Mooring,
Aquaculture
Outdoor,
Footwear, Apparel,
Inflatables
• Material Science
• Formulation
• Service
INTERMEDIATE MANUFACTURING
(CUSTOMERS) OEM / APPLICATION
DEMAND TRENDS
25
• Military spending and near-term demand for higher performing personal protection
products (like Dyneema®) expected to increase
o European NATO members annual defense spend expected to increase by up to 20%(1)
o Japan aiming to almost double defense spending over the next 5 years(2)
o Accelerated launch of next generation technology in North America
• Policy-driven demand for sustainable energy; growth in floating offshore wind
farms which require advanced, durable technology
o Offshore wind expected to grow at a CAGR of 32% with the level of annual installations
quadrupling over the next five years(3)
• Continued investment in aquaculture as a sustainable food source(4)
• Strong demand in outdoor high performance space across niche consumer
applications aligns with 10% growth assumption for Avient’s Composites portfolio
Sources:
(1) “Funding NATO”, NATO.int (April 1, 2022)
(2) “Japan Ruling Party Calls for Defense Spending Boost to 2% of GDP”, WSJ (April 21, 2022)
(3) “Global Wind Report 2021”, Global Wind Energy Council
(4) “Aquaculture Supports a Sustainable Earth”, NOAA Fisheries
26
A L I G N M E N T W I T H
S U S T A I N A B I L I T Y G O A L S
PRODUCTS
AVIENT’S EXISTING COMPOSITES PORTFOLIO
D I V E R S E C A P A B I L I T I E S A N D S O L U T I O N S S E R V I N G
M A N U F A C T U R E R S A N D O E M S
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
27
AVIENT’S COMPOSITES PORTFOLIO
SALES AND EBITDA
28
$74 $84
$216 $212
$261
$5 $10
$32
$41
$49
$180
0
100
150
200
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
$750
2017 2018 2019 2020 2021 2022E
$680
• Dyneema® acquisition will further
improve Composites EBITDA margins
to 26%
• Dyneema® will complement our
existing portfolio with deep formulation
expertise, innovative culture and
global commercial presence
• Composites will continue to be a key
growth driver to deliver future revenue
growth in excess of GDP
(1) Pro forma for the acquisition of Dyneema®
DISTRIBUTION DIVESTITURE
CONSIDERATIONS
DISTRIBUTION HIGHLIGHTS
30
$21
$57
$69
$94
$105
0
100
150
2006 2011 2016 2021 2022E
• Leading North American Distribution business with
longstanding blue-chip supplier and customer
relationships
• Commercial excellence and regulatory knowledge have
grown healthcare portfolio to over 25% of sales and
positioned business for long-term growth
• Highly specialized portfolio of engineered polymers along
with sustainable solution offerings
• Leading digital capabilities through Avient Now, allowing
enhanced visibility and 24/7 interface with customers
• 98% free cash flow conversion drives greater than 30%
after-tax return on invested capital (ROIC)
• Potential divestiture allows us to remain modestly
leveraged with net debt to adjusted EBITDA expected to
be 2.9x and positions us for further specialty growth in the
future
EBITDA (in $M)
DYNEEMA® TRANSACTION OVERVIEW
31
- $1.48B net purchase price
- Represents 11.4x expected 2022 EBITDA
- Committed financing in place
- Permanent financing to be combination of available cash on-hand, new
Senior Unsecured Notes, new Senior Secured Term Loan
- Potential proceeds from Distribution divestment could be used to pay down
near-term maturing debt
- Closing expected in second half of 2022, subject to regulatory
approvals and certain customary closing conditions
Transaction
Value
Financing
Closing
Conditions /
Timing
CAPITAL STRUCTURE / LEVERAGE
32
• Financing commitments secured from Morgan Stanley
and J.P.
Purchase price multiple rapidly declining on strength of
business and synergy capture
(1) Financial information is pro forma to include a full year of Clariant Color acquisition
11.9%
16.2%
2019PF 2021
EBITDA Margins
SPECIALTY TRANSFORMATION
46%
66%
86%
100%
0%
40%
60%
80%
100%
2005 2010 2015 2021 2022 PF
%
o
f A
dj
us
te
d
EB
IT
D
A(1
)
JVs Distribution Performance Products & Solutions Specialty
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution
(2)
38
CULTURE AND PEOPLE
39
OUR SPECIALTY JOURNEY CONTINUES
40
• Dyneema® brings leading technology and brand with the World’s
Strongest Fiber™, deep history of application development and
strong management team focused on specialty applications
• Dyneema® transaction is aligned with our previously stated acquisition
goal of expanding our composites and fiber capabilities
• Similar to our other technology expansion acquisitions, Dyneema®
allows us to leverage our invest-to-grow strategy
• We plan to explore a possible sale of our Distribution business.
https://www.avient.com/sites/default/files/2020-08/advanced-composites-overview-brochure_0.pdf
These methods include:
PULTRUSION
• Fibers are impregnated with liquid thermoset
resins, then pulled through a heated die to cure
the resin and form the product
• This continuous, automated manufacturing
process creates constant cross section profiles
of any pre-determined length with consistent,
uniform quality and exceptional mechanical
performance
• Applications include rods and profiles of various
lengths and complexities, such as utility poles,
insulator core rods and structural beams
CONTINUOUS FILAMENT WINDING
• Combines the principles of filament winding with
pultrusion to create constant or tapered cross-
sectional tubing in precision sizes
• The unique axial and biaxial fiber orientation
provides flexural and tensile strength, as well as
crush and burst resistance
• Applications include lightweight shelter frames
and sporting goods components
CONTINUOUS RESIN TRANSFER MOLDING (CRTM™)
• Engineered core materials are sandwiched
between structural composite laminate face sheets
• Continuous composite sandwich panels feature
high specific strength and stiffness-to-weight ratio
• Applications include ballistic resistant panels,
truck floors and rail car doors
CONTINUOUS FIBER REINFORCED THERMOPLASTICS
• Fully recyclable tape, X-Ply™ (0°/90°), and other
multi-ply configurations with widths up to 10' wide
• Sandwich panels in unlimited lengths,
up to 6" thick and 10' wide
• High volume production capacity
• Applications include structural and aerodynamic
components in transportation, and reinforcement
of materials such as wood and metal
THERMOSET COMPOSITE LAMINATES & BARSTOCK
• Unidirectionally reinforced barstock, laminates
and hybrid composites engineered to maximize
deflection and fatigue resistance
• Customizable shapes and sizes
• Applications include archery bow limbs, flat
springs, prosthetics, sporting equipment
THERMOSET FINISHING OPERATIONS
• Customized finishing capabilities for barstock and
laminates including machining, water-jet cutting,
profiling/shaping, sanding, slitting, laminating,
molding and coatings
TESTING CAPABILITIES
• Mechanical – Flexural, tensile, compression, shear,
fatigue, impact resistance
• Physical – Specific gravity/density, Barcol
hardness, water absorption, void content,
resin/fiber content, dye penetrant, viscosity
• Thermomechanical – Coefficient of linear thermal
expansion, glass transition temperature, deflection
temperature, degree of cure, curing properties
• Electrical – High-voltage, low current dry arc
resistance of solid electrical insulation, dielectric
strength, water diffusion
ABOUT AVIENT
ADVANCED COMPOSITES
The Avient advanced composites portfolio
consists of Glasforms™, Gordon Composites™
and Polystrand™ branded materials.
https://www.avient.com/sites/default/files/2023-12/CAI W_C - Product Selection Guide EMEA_0.pdf
COLORANTS AND
ADDITIVES FOR
WIRE & CABLE
PRODUCT SELECTION GUIDE
ONCOLOR™ COLORANTS
FOR WIRE & CABLE
APPLICATION DESCRIPTION
PVC General Purpose Cable • Optimal incorporation in PVC formulations
• Non ortho-phthalate range available
PVC Automotive Cable • Optimized colors for T2 and T3 automotive applications
• Non ortho-phthalate range available
Unfilled PE, XLPE, PP Cable
• Specific color range for unfilled polyolefins
• Compatibility with cross-linkable systems
• Special range to minimize shrinkage or for thin skin applications
Filled Polyolefins,
Non-Halogenated Flame
Retardant PE Cable
• Full range of colors, halogen-free or low amounts of halogens
• Designed for incorporation into various non-halogenated flame retardant
formulations
PE Visico/Ambicat™
Crosslinked Polyethylene1
• Full range of colors for PE Visico/Ambicat™ cross-linked polyethylene
• Specifically designed and tested to ensure compatibility with this
cross-linking method
Thermoset Rubber Cable • Colors designed for use with thermoset rubber
• Fully compatible with vulcanization process
Unfilled TPU Cable • Color range for unfilled polyester or polyether TPU
• Provides good opacity at low addition levels
Flame Retardant TPU Cable • Color range for filled/non-halogenated flame retardant TPU
• Provides good color strength
TPE Cable • Color range designed to enhance performance of various TPE brands
• High temperature range available
PA Cable • Different color ranges available depending on the polyamide type and the
application
PBT Cable • PBT color range mostly used in optical fiber, loose tube or tight buffered cables
• Selection of pigments to prevent migration of color in gel-filled materials
1 Visico/Ambicat™ Crosslinked Polyethylene is a trademark of Borealis
OnColor™ Colorants for wire & cable offer a
comprehensive range of color series, covering
the diverse specifications demanded by the cable
industry.
https://www.avient.com/sites/default/files/2023-08/EVSE Platform Brochure.pdf
Streamlined product
development services
through Avient Design
• Color inspiration and
technical guidance from
ColorWorks™ Design &
Technology Centers
• Risk mitigation through
invaluable regulatory
compliance support
• Accelerated
commercialization with
UL testing and part
validation, and UL-
recognized colorants
FOCUS AREA APPLICATIONS KEY REQUIREMENTS TECHNOLOGIES
Visual
Aesthetics
• User interfaces and
touchpoints
• Interactive touch screens
• Lighting
• Side panels and base plates
• Cables
• Closeouts
• Informed color choices and
customization options
• Visual appeal for brand
integrity
• High- and low- gloss
finishes
• Consistent physical
performance and
dimensional stability
• Special effect colorants
• Smartbatch Combination
Colorants & Additives
• Custom and pre-colored
formulations
• ColorWorks Design &
Technology Centers
Outdoor
Durability
& Longevity
• Ventilation panels
• Closeouts
• Cable retractors
• Interactive touch screens
• Outdoor weathering
• Extreme (hot/cold)
temperature resistance
• Flexibility and ductility
• Impact resistance
• Chemical resistance
• UL-recognized materials
• Flame retardant
formulations
• Impact modifiers
• Surface energy modifiers
• EMI/RFI shielding solutions
• Thermal and electrical
management technology
Health &
Hygiene
• User interfaces and
touchpoints
• Cables
• Sockets
• Plugs and adaptors
• Filters
• Kiosks
• Microbial and fungal
efficacy
• Safe to touch
• Visual clarity
• Surface energy modifiers
• Antimicrobial and anti-
fungal solutions
Sustainability
• Structural panels
• Connectors and electrical
components
• Thermal modules
• Lighting
• Receptacles
• Reduced part weight or
materials consumed
• Recyclability
• VOC reduction
• PCR incorporation
• Lower carbon footprint
• Chemical foaming agents
• Molded-in color (MIC)
metallics
• Laser marking technologies
• Eco-conscious raw materials
• Bio-derived technologies
• Post-consumer recycled
(PCR) content
• Lower carbon footprint
solutions
1.844.4AVIENT
www.avient.com
Copyright © 2023, Avient Corporation.
https://www.avient.com/sites/default/files/2020-12/adventure-sports-brochure.pdf
Bring beauty to the outdoor experience
with products that pop:
• Add vibrancy or brand recognition with
custom polymer colorants
• Keep your product’s colors brilliant with
UV-stable additives
• Reduce cycle times and production costs
by eliminating secondary painting
requirements with molded-in color
and advanced polymer formulations
from Avient
Your outdoor products need to stand the test
of time and resist damage from exposure to
environmental elements.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Gabelli%2520%2526%2520Co%2520Specialty%2520Chemicals%2520Conference.pdf
Use of Non-GAAP Measures
4POLYONE CORPORATION
FORMULATION
EXPERTISE SERVICE INNOVATION
Expertise in
Polymer
Materials,
Services and
OEMs
Brand Owners
Processers
Assemblers
IQ Design Labs
InVisiOSM Color
Services
LSS Customer
First
Specialty products & services driving customer value
What We Do
5POLYONE CORPORATION
PolyOne At a Glance
2017 Revenue – $3.2 billion
Performance
Products &
Solutions
21%
PolyOne
Distribution
34%
Specialty
Engineered
Materials
19%
Color
Additives
& Inks
26%
United
States
59%
Europe
14%
Latin
9%
8%
10%
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.06
$2.21
2009 2010 2011 2012 2013 2014 2015 2016* 2017
18%
11%
11% Industrial
16%
Building &
Construction
Wire &
Cable 9%
Electrical &
Electronics
6%
Appliance
5%
*Recast for DSS in discontinued operations
6POLYONE CORPORATION
43%
76%
0%
20%
40%
60%
80%
100%
2005 2010 2017
%
o
f O
pe
ra
tin
g
In
co
m
e*
*Operating Income excludes corporate charges and special items
Specialty OI $5M $87M $280M
JV’s Performance Products & Solutions
Specialty MixDistribution
Mix Shift Highlights Specialty Transformation
Distribution and Contract
Manufacturing Businesses
7POLYONE CORPORATION
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
Proof of Performance
2020 Platinum Vision
12 - 14%
6.5 – 7.5%
15%
2006 2017 2020
“Where we were” “Where we are” Platinum Vision
ROIC* 5.0% 14.0%
Color, Additives & Inks 1.7% 15.5%
Specialty Engineered Materials 1.1% 12.5%
Performance Products & Solutions 5.5% 10.7%
Distribution 2.6% 6.3%
8POLYONE CORPORATION
$50
$116
$0
$40
$80
$120
$160
$200
2012 2014 2016 2018
10.8%
11.3%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
2012 2014 2016 2017 2020
*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
Free Cash Flow and Improving Returns
Free Cash Flow (in millions) ROIC*
$200 - $220
14.0%
$143
12.9%
15.0%
9POLYONE CORPORATION
$767M
Returning Cash to Shareholders
$0
$150
$300
$450
$600
$750
2011 2012 2013 2014 2015 2016 2017
Since 2011, we have returned over $950 million to shareholders
$767M
Cumulative Share Repurchases (in millions)
$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
Increasing Annual Dividend
10POLYONE CORPORATION
Expanding our sales,
marketing, and
technical capabilities
Investing in
operational and LSS
initiatives
~60 - 70% of capital
expenditures fund
growth initiatives
Organic
Growth
Acquisitions
Share
Repurchases
Dividends
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Growth synergies
Adjacent material
solutions
Repurchased 2.0
million shares
in 2017
Repurchased 20.8
million shares
since early 2013
6.5 million shares
are available for
repurchase under
the current
authorization
Increased annual
dividend by 30% to
$0.70 per share,
representing the
eighth consecutive
year of dividend
growth
Expect to increase
annual dividend 60%
or more cumulatively
over next three years
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
11POLYONE CORPORATION
*Specialty Platform revenue from products introduced in last five years
Vitality Index Progression*
38%
Target ≥ 35%
Innovation Drives Earnings Growth
$20
$52
Research & Development Spend
($ millions)
Total Specialty Addressable Market of over $2.6 Billion
(10 Projects) (10 Projects)
($500 million)
(19 Projects)
($1.4 billion)
Innovation Pipeline Potential
Frame
Opportunity
Prototype Scale-up and
Test Market
Commercial
Launch
$500 Million $1.4 Billion $700 Million
Phase 5Phase 4Phase 3Phase 2Phase 1
Build Business
Case
12POLYONE CORPORATION
Key Innovation Growth Platforms
Composites
Barrier Additive
Technology
Fiber Colorants
Flame Retardant
Polymers
Increasing regulatory drive for halogen replacements
$400m addressable market
Drive to prevent oxygen, light and UV rays from affecting
contents in PET packaging, extending shelf life
$200m addressable market
60% of world fiber consumption is synthetic, need to
simplify manufacturing and eliminate waste
$300m addressable market
Polymer formulation and process engineering create a
pipeline for next generation materials
Drive to replace aluminum and steel with plastics without
compromising on strength
Total Sales
($millions)
13POLYONE CORPORATION
Providing LSS services to
small/medium sized customers –
have trained over 30 customers
in LSS methodology
Providing Industrial design and
color services to small/medium
sized customers
On time delivery above 95%
Strengthening Relationships:
Customer First Through World-Class Service
14POLYONE CORPORATION
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 reinvestment for growth while returning cash to shareholders
Strong and proven management team driving growth and performance
Why Invest In PolyOne?
The New PolyOne: A Specialty Growth Company
Segment Highlights
16POLYONE CORPORATION
1.7%
4.6% 5.1% 5.5%
7.2% 8.1%
9.7%
12.2%
14.7%
16.7%
16.0%
2017 Revenue: $0.9 Billion
United
46%
31%
Asia 15%
Latin
South
(27%)
(14%)
(10%)
Textiles
(12%)
(8%)
15.5%
Color, Additives & Inks
17POLYONE CORPORATION
1.1% 1.3%
3.4%
5.1%
9.6%
8.0% 8.6% 9.3%
12.1%
14.7%
United
48%
28%
22%
(20%)
(19%)
Electrical & Electronics
(15%)
(13%)
(11%)
12.5%
2017 Revenue: $0.6 Billion Operating Income % of Sales
14.3%
Specialty Engineered Materials
18POLYONE CORPORATION
5.5%
6.9%
3.8%
3.6%
5.5%
4.3%
6.3%
7.2% 7.7%
8.3%
12-14%
10.7%
11.1%
United
77%
16% Latin
5%
Building & Construction
(30%)
(16%)
(15%)
(18%)
2017 Revenue: $0.7 Billion Operating Income % of Sales
Performance Products & Solutions
19POLYONE CORPORATION
23%
22%
18%
15% Appliance
7%
E & E
6%
B & C
3%
W & C
38%
ROIC*
2.6% 3.0% 3.5%
4.6%
5.6%
6.4% 5.9% 6.1%
6.6% 6.5 - 7.5%6.3%
*After-Tax ROIC
6.4%
2017 Revenue: $1.2 Billion Key Suppliers
4.0%
Distribution
http://www.avient.com/Pages/VariationRoot.aspx
http://www.avient.com/Pages/VariationRoot.aspx
Target End Markets &
Application Examples
21POLYONE CORPORATION
Thermally Conductive
Chemical Resistant
Polymer Colorants
Elastomeric Grips and Handles
Structural Composites
Antimicrobial Technologies
Anti-Counterfeiting
Target End Markets… Healthcare
Catheter Technologies
22POLYONE CORPORATION
Under-hood Components
Target End Markets… Automotive
Interior Structural Components
Sound & Vibration Management
Roof Systems
Air Management
Electronics and Cameras
Lighting
Exterior / Interior Trim
Braces & Brackets
Fasteners
Seals & Flaps
23POLYONE CORPORATION
Target End Markets… Consumer
Thermally Conductive
Components
Polymer Colorants
Elastomeric Grips and
Handles
Structural Composite
Components
24POLYONE CORPORATION
Oxygen Scavenger
Laser Marking Additives
Antistatic Technologies
UV Light Barrier Technologies
Cap & Closure Colorants
Process Optimization
Antioxidant Technologies
Density Modified Technologies
Target End Markets… Packaging
25POLYONE CORPORATION
Impart weight, sound and
metallic finish to caps and
closures for cosmetics and
spirits applications
Elevate quality and prestige
perceptions among high-end
consumers
Eliminate time and cost
associated with secondary
operations and assembly
Luxury Packaging
GravitechTM Density Modified Polymers
26POLYONE CORPORATION
Optimize Color Usage
OnColorTM Super Concentrates
Eliminate costs by increasing
pigment density
Enhance color performance
without altering form and
formulation
Increasing design capabilities
by reducing weight and layer
thickness
27POLYONE CORPORATION
Combat Bacteria Formation
WithStandTM Antimicrobial Technology
Inhibit microbial growth on
polymer surfaces
Enhance value or products
and devices
Highly versatile concentrate
with the ability to be
incorporated into a wide
variety of products
28POLYONE CORPORATION
Medical Device Housings
Chemically Resistant Engineered Polymers
Durable, long-lasting products
stand up to the most
aggressive disinfectants
Minimize environmental
stress cracking and
discoloration
One of the broadest medically
approved polymer and
colorant portfolios
29POLYONE CORPORATION
Color & Design Services
Greater control of color
development and supply chain
Work across entire design
process from concept to
commercialization
Inspire creativity in the use of
polymer materials, colors, and
effects
Innovative brand differentiation
Faster development timelines
30POLYONE CORPORATION
Outdoor Applications
Leading provider of high
performance specialty materials
for the recreational and sports
& leisure industry
Well positioned across all
segments to address market
needs
Metal to Polymer
Conversion
Lightweighting
Thermal Management
Impact Performance
31POLYONE CORPORATION
ColorMatrix Fiber Colorant
Proprietary advanced liquid color
formulations and equipment
enable greater efficiency and
productivity
Eliminates aqueous dyeing and
its associated wastewater
treatment
Solid Color Concentrates
Extrusion-spun fibers colored via
solid masterbatch
Fiber Colorants
32POLYONE CORPORATION
Smart Home Devices
ResilienceTM Vinyl Solutions
High flame retardancy to meet
strict UL standards
Greater processing and design
flexibility
Specialized additives provide
long term color stability
Diffusive lens materials improve
light dispersion
1
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to PolyOne common shareholders, adjusted earnings per share (EPS)
attributable to PolyOne common shareholders and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to assess performance and allocate resources
because senior management believes that these measures are useful in understanding current profitability levels and that current levels may serve as a base for future performance.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520RW%2520Baird%2520Global%2520Industrial%2520Conference.pdf
Use of Non-GAAP Measures
4POLYONE CORPORATION
INPUTS
FORMULATION
EXPERTISE
SERVICE VALUE
Base resins
Additives
Modifiers
Pigments
Expertise in
Polymer
Materials,
Services and
OEMs
Brand Owners
Processers
Assemblers
InVisiO
SM
Color
Services
IQ Design Labs
LSS Customer
First
Specialty products & services
What We Do
Driving customer value
5POLYONE CORPORATION
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.06
2009 2010 2011 2012 2013 2014 2015 2016*
*Recast for DSS in discontinued operations
PolyOne At a Glance
Performance
Products &
Solutions
22%
PolyOne
Distribution
34%
Specialty
Engineered
Materials
18%
Color
Additives
and Inks
26%
2016
Revenue by
Segment
Adjusted Earnings per Share
2016
Revenue by
Geography
United
States
60%
Europe
Latin
9%
7%
10%
6POLYONE CORPORATION
43%
76%
0%
20%
40%
60%
80%
100%
2005 2010 3Q 2017
%
o
f
O
p
e
ra
ti
n
g
I
n
c
o
m
e
*
*Operating Income excludes corporate charges and special items **LTM 3Q 2017
Specialty OI $5M $87M $275M**
JV’s Performance Products & Solutions
Specialty MixDistribution
Mix Shift Highlights Specialty Transformation
Distribution and Contract
Manufacturing Businesses
7POLYONE CORPORATION
Driving Growth
• Refreshed training curriculum
for sales force
• Upgraded capabilities to generate
and capture new business leads
• Expanded R&D resources to focus
on key platforms
Investment in Commercial Resources
Commercial Resource Additions*
Total Sales CallsSales Opportunity Funnel (in billions)
*Sales, Marketing & Technology headcount
8POLYONE CORPORATION
*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
Proof of Performance & 2020 Platinum Vision
12 - 14%
6.5 – 7.5%
Consistently Deliver Double Digit Annual EPS Growth
2006 YTD 2017 2020
“Where we were” “Where we are” Platinum Vision
ROIC* 5.0% 13.8%
Color, Additives & Inks 1.7% 16.4%
Specialty Engineered Materials 1.1% 13.1%
Performance Products & Solutions 5.5% 11.4%
Distribution 2.6% 6.6%
9POLYONE CORPORATION
$50
$116
$137
$0
$40
$80
$120
$160
$200
2012 2014 2016 2017
10.8%
11.3%
12.9%
13.8%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
2012 2014 2016 3Q 2017 2020
Free Cash Flow
(in millions)
ROIC*
*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
Free Cash Flow and Improving Returns
15.0%
>$200
10POLYONE CORPORATION
$0.16
$0.20
$0.24
$0.32
$0.40
$0.48
$0.54
$0.70
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Annual Dividend
7 Consecutive Years of Increased Dividends
3-Year Dividend Plan
Announced 30% increase
to dividend in October
2017, reflecting strong and
sustainable cash flow as
well as confidence in future
earnings growth
Expect to increase annual
dividend 60% or more
cumulatively over next
three years
11POLYONE CORPORATION
$767M
Returning Cash to Shareholders
$0
$150
$300
$450
$600
$750
2011 2012 2013 2014 2015 2016 3Q
Cumulative Share Repurchases
(in millions)
Since 2011, we have
returned over $950 million
to shareholders
$192 million returned
through dividends
$767 million returned
through share
repurchases
Have repurchased 20.8
million shares since
early 2013
$767M
12POLYONE CORPORATION
Expanding our sales,
marketing, and
technical capabilities
Investing in
operational and LSS
initiatives
~60 - 70% of capital
expenditures fund
growth initiatives
Organic
Growth
Acquisitions
Share
Repurchases
Dividends
Targets that expand
our:
• Specialty
offerings
• End market
presence
• Geographic
breadth
Growth synergies
Adjacent material
solutions
Repurchased 2.0
million shares
YTD 2017
Repurchased 20.8
million shares
since early 2013
6.5 million shares
are available for
repurchase under
the current
authorization
Increased annual
dividend by 30% to
$0.70 per share,
representing the
seventh consecutive
year of dividend
growth
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
13POLYONE CORPORATION
*Specialty Platform revenue from products introduced in last five years
Vitality Index Progression*
12%
42%
Target ≥ 35%
Innovation Drives Earnings Growth
Innovation Pipeline Potential
$20
$54
Research & Development Spending
($ millions)
Phase 1
Frame
Opportunity
12 Projects
Phase 2
Build Business
Case
10 Projects
Phase 3
Prototype
21 Projects
Phase 4
Scale-up &
Test Market
19 Projects
Phase 5
Commercial
Launch
10 Projects
$500 Million $1.4 Billion $700 Million
Total Specialty Addressable Market of over $2.6 Billion
14POLYONE CORPORATION
Key Innovation Growth Drivers
Composites
Barrier Additive
Technology
Fiber Colorants
Flame Retardant
Polymers
Increasing regulatory drive for halogen replacements
$400m addressable market
Drive to prevent oxygen, light and UV rays from affecting contents in PET
packaging, extending shelf life
$200m addressable market
60% of world fiber consumption is synthetic, need to simplify manufacturing
and eliminate waste
$300m addressable market
Polymer formulation and process engineering create a pipeline for next
generation materials
Drive to replace aluminum and steel with plastics without
compromising on strength
15POLYONE CORPORATION
Providing LSS services to
small/medium sized customers
54% of associates trained in LSS, with over
125 active black belts
Have trained over 30 customers in
LSS methodology
Providing training in Customer Centric
Selling Skills with customers
Providing Industrial design and color
services to small/medium sized
customers
On time delivery above 95%
Strengthening relationships:
Customer First Through World-Class Service
16POLYONE CORPORATION
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 reinvestment for growth while returning cash to shareholders
Strong and proven management team driving growth
and performance
Why Invest In PolyOne?
The New PolyOne: A Specialty Growth Company
17POLYONE CORPORATION
Segment Highlights
18POLYONE CORPORATION
1.7%
4.6% 5.1% 5.5%
7.2%
8.1%
9.7%
12.2%
14.7%
16.7%
16.0%
16.4%
2016
Revenue:
$0.8 Billion
United
45%
33%
Latin
5%
Color, Additives & Inks
Packaging
(30%)
(10%)
Textiles
(9%)
(9%)
19POLYONE CORPORATION
1.1% 1.3%
3.4%
5.1%
9.6%
8.0% 8.6% 9.3%
12.1%
14.7%
14.3%
13.1%
Specialty Engineered Materials
2016
Revenue:
$0.6 Billion
United
51%
27%
20%
Consumer
(19%)
(19%)
Electrical & Electronics
Healthcare
(11%)
20POLYONE CORPORATION
5.5%
6.9%
3.8%
3.6%
5.5%
4.3%
6.3%
7.2% 7.7%
8.3%
12-14%
11.4%
11.1%
Performance Products & Solutions
2016
Revenue:
$0.7 Billion
United
78%
16%
Latin
Building & Construction
(30%)
(18%)
(16%)
(16%)
21POLYONE CORPORATION
36%
Distribution
2016
Revenue:
$1.1 Billion
Key
Suppliers
ROIC
24%
Healthcare
22%
18%
Consumer
15% Appliance
6%
E & E
5%
B & C
Packaging
W & C
2.6%
3.0%
3.5%
4.0%
4.6%
5.6%
6.4%
5.9% 6.1%
6.6% 6.5 - 7.5%
6.4% 6.6%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
*After-Tax ROIC
http://www.avient.com/Pages/VariationRoot.aspx
http://www.avient.com/Pages/VariationRoot.aspx
22POLYONE CORPORATION
Target End Markets &
Application Examples
23POLYONE CORPORATION
Target End Markets… Healthcare
Thermally Conductive Technologies
Chemical Resistant Technologies
Polymer Colorants
Elastomeric Grips and Handles
Structural Composites
Antimicrobial Technologies
Anti-Counterfeiting Technologies
24POLYONE CORPORATION
Under-hood Components
Target End Markets… Automotive
Interior Structural Components
Sound & Vibration Management
Roof Systems
Air Management
Electronics and Cameras
Lighting
Fluid Handling
Interior Trim
Exterior Trim
Braces & Brackets
Fasteners
Seals & Flaps
25POLYONE CORPORATION
Target End Markets… Packaging
Oxygen Scavenger Technologies
Laser Marking Additives
Antistatic Technologies
UV Light Barrier Technologies
Cap & Closure Colorants
Process Optimization Technologies
Antioxident Technologies
Density Modified Technologies
26POLYONE CORPORATION
Target End Markets… Consumer
Thermally Conductive Components
Polymer Colorants
Elastomeric Grips and Handles
Structural Composite Components
27POLYONE CORPORATION
Impart weight, sound and
metallic finish to caps and
closures for cosmetics and
spirits applications
Elevate quality and prestige
perceptions among high-end
consumers
Eliminate time and cost
associated with secondary
operations and assembly
Luxury Packaging
GravitechTM Density Modified Polymers
28POLYONE CORPORATION
Optimize Color Usage
OnColorTM Super Concentrates
Eliminate costs by increasing
pigment density
Enhance color performance
without altering form and
formulation
Increasing design capabilities
by reducing weight and layer
thickness
29POLYONE CORPORATION
Combat Bacteria Formation
WithStandTM Antimicrobial Technology
Inhibit microbial growth on
polymer surfaces
Enhance value or products
and devices
Highly versatile concentrate
with the ability to be
incorporated into a wide
variety of products
30POLYONE CORPORATION
Medical Device Housings
Chemically Resistant Engineered Polymers
Durable, long-lasting products
stand up to the most
aggressive disinfectants
Minimize environmental
stress cracking and
discoloration
One of the broadest medically
approved polymer and
colorant portfolios
31POLYONE CORPORATION
Color & Design Services
Greater control of color
development and supply chain
Work across entire design
process from concept to
commercialization
Inspire creativity in the use of
polymer materials, colors, and
effects
Innovative brand differentiation
Faster development timelines
32POLYONE CORPORATION
Outdoor Applications
Leading provider of high
performance specialty materials
for the recreational and sports
& leisure industry
Well positioned across all
segments to address market
needs
Metal to Polymer
Conversion
Lightweighting
Thermal Management
Impact Performance
33POLYONE CORPORATION
ColorMatrix Fiber Colorant
Proprietary advanced liquid color
formulations and equipment
enable greater efficiency and
productivity
Eliminates aqueous dyeing and
its associated wastewater
treatment
Solid Color Concentrates
Extrusion-spun fibers colored via
solid masterbatch
Fiber Colorants
34POLYONE CORPORATION
Smart Home Devices
ResilienceTM Vinyl Solutions
High flame retardancy to meet
strict UL standards
Greater processing and design
flexibility
Specialized additives provide
long term color stability
Diffusive lens materials improve
light dispersion
1
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to PolyOne common shareholders, adjusted earnings per share (EPS)
attributable to PolyOne common shareholders and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to assess performance and allocate resources
because senior management believes that these measures are useful in understanding current profitability levels and that current levels may serve as a base for future performance.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Gabelli%2520%2526%2520Company%2520Specialty%2520Chemical%2520Conference.pdf
A reconciliation of each non-GAAP financial measure with the most directly
comparable GAAP financial measure is attached to this presentation which is posted
on our website at www.polyone.com.
4 POLYONE CORPORATION
What We Do
Value
Formulation
Expertise Inputs
Base resins
Additives
Modifiers
Pigments
Expertise in
Polymer
Materials,
Services and
Solutions
OEMs
Brand Owners
Processers
Assemblers
Driving customer value with specialty products & services
Service
InVisiOSM Color
Services
IQ Design Labs
LSS Customer
First
POLYONE CORPORATION 5
2016 Revenue ($3.3 Billion) by Segment
At a Glance
United
States
65%
Europe
12%
Canada
8%
Asia
8%
Latin
America
7%
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.13
2009 2010 2011 2012 2013 2014 2015 2016
2016 Revenue by Geography
2016 Revenue by End Market
Appliance
5%
Building &
Construction
11%
Consumer
11%
Electrical &
Electronics
5%
Healthcare
11%
Industrial
15%
Packaging
12% Textiles
2%
Transportation
19%
Wire &
Cable
9%
Adjusted Earnings Per Share
Performance
Products &
Solutions
19%
PolyOne
Distribution
31%
Designed
Structures
& Solutions
11% Specialty
Engineered
Materials
16%
Color
Additives
and Inks
23%
6 POLYONE CORPORATION
Returning Cash to Shareholders
$0.16
$0.20
$0.24
$0.32
$0.40
$0.48
$0.54
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
2011 2012 2013 2014 2015 2016 2017
Annual Dividend*
Since 2011, we have returned nearly $850 million to shareholders
$150 million returned through dividends
$697 million returned through share repurchases
$697M
$0
$150
$300
$450
$600
$750
2011 2012 2013 2014 2015 2016
Cumulative Share Repurchases
(in millions)
*Initiated in 2011
7 POLYONE CORPORATION
2%
43%
79%
0%
20%
40%
60%
80%
100%
2005 2010 2016
%
o
f O
pe
ra
tin
g
In
co
m
e*
*Operating Income excludes corporate charges and special items
Specialty OI $5M $87M $273M
Mix Shift Highlights Specialty Transformation
Specialty =
ROS > 10%
JV’s Performance Products & Solutions
Specialty Distribution
8 POLYONE CORPORATION
2006 2016 2020
“Where we were” “Where we are” Platinum Vision
Operating Income % of Sales
Color, Additives & Inks 1.7% 16.0% 20%+
Specialty Engineered Materials 1.1% 14.3% 20%+
Performance Products & Solutions 5.5% 11.1% 12 – 14%
Distribution 2.6% 6.4% 6.5 – 7.5%
Designed Structures & Solutions N/A -0.9% 8 – 10%
ROIC* 5.0% 12.9% 15%
Proof of Performance & 2020 Platinum Vision
*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
Consistently Deliver Double Digit Annual EPS Growth
POLYONE CORPORATION 9
2,883
2,538
2006 2016
Volume
(lbs in millions)
-12%
$103
$200
2006 2016
Commercial, R&D
and Marketing
Spending ($M)
+95%
$88
$317
2006 2016
Adjusted
Operating Profit ($M)
+263%
Ours is Not a Cost Cutting Story
10 POLYONE CORPORATION
Innovation Drives Earnings Growth
*Specialty Platform revenue from products introduced in last five years
$20
$54
2006 2016
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
14%
33%
2006 2016
CAI & SEM
Gross Margin
12%
42%
2006 2016
Target ≥ 35%
Innovation Pipeline Potential
11 POLYONE CORPORATION
Primary Industries Served
2016 Revenue: $3.3 Billion
Electrical &
Electronic
5%
Building &
Construction
11%
Appliance
5%
Industrial
15%
Wire & Cable
9%
Healthcare
11%
Consumer
11%
Packaging
12%
Transportation
19%
Focus End Markets
12 POLYONE CORPORATION
Therma-Tech™ & Sheet
GEON™ Vinyl
Polymer Colorants
Therma-Tech™
TPE’s & Film
TPE + OnForce™
Gravi-Tech™
Page 12
Film
Target End Markets… Healthcare
13 POLYONE CORPORATION
Sound & Vibration
Management
Fuel Handling
Systems
Interior & Exterior Trim
Structural Braces
& Brackets
Interior Structural
Components
Lighting
Air management
Electronics & Cameras
Fluid Handling
Target End Markets… Automotive
Underhood
Components
Roof Systems
14 POLYONE CORPORATION
PreservaPak™
OnColor™
Smart Batch™
VersaFlex™
TPE Cap Liner
ColorMatrix™
Amosorb™
Oxygen Scavenger
ColorMatrix™
Ultimate™ UV
Light Barrier
OnCap™
Laser Marking
Additives
Target End Markets… Packaging
15 POLYONE CORPORATION
Source: Outdoor Industry Association
TPE Vibration Dampening
(SEM/GLS)
TPE + OnForce
(SEM)
OnForce
(SEM)
Advanced Composites
(SEM)
TPE Vibration Dampening
(SEM/GLS)
Thermoplastic Elastomers
(SEM)
Advanced Composites
(SEM)
Polymer Colorants
(CAI)
Sheet
(DSS)
TPE & Film
(SEM + DSS)
Advanced Composites
(SEM)
Polymer Colorants
(CAI)
Thermatech
(SEM)
Thermoplastic Elastomers
(SEM)
TPE + OnForce
(SEM)
OnForce
(SEM)
Target End Markets… Consumer
16 POLYONE CORPORATION
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~60 - 70% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Growth synergies
Adjacent material
solutions
Repurchased 1.2
million shares in Q4
2016
Repurchased 18.8
million shares since
early 2013
8.5 million shares are
available for
repurchase under the
current authorization
Increased annual
dividend by 12.5% to
$0.54 per share,
representing the sixth
consecutive year of
dividend growth
POLYONE CORPORATION 17
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.mullerquaker.com/products/greek100/greek100-peach-and-passion-fruit&ei=-acYVZq7EIqwyASDjYL4CA&bvm=bv.89381419,d.cWc&psig=AFQjCNGNCQY1_dCN2RPLzxtap_Pu0omTXQ&ust=1427765484498432
POLYONE CORPORATION 22
2016 Revenue: $0.7 Billion
At a Glance: Performance Products & Solutions
2016 Revenue by Industry Expanding Profits
5.5%
6.9%
3.8% 3.6%
5.5%
4.3%
6.3% 7.2% 7.7%
8.3%
12-14%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2020
Operating Income % of Sales
Platinum
Vision
11.1%
B & C
30%
Transportation
18%
W & C
16%
Industrial
16% Appliance
6%
Consumer
5%
Packaging
5%
E & E
3%
Healthcare
1%
United
States
78%
Canada
16%
Latin
America
4%
Asia
2%
Key Applications
POLYONE CORPORATION 23
2016 Revenue: $1.1 Billion
At a Glance: Distribution
Key Suppliers
ROIC Expanding Profits
2.6%
3.0%
3.5%
4.0%
4.6%
5.6%
6.4%
5.9% 6.1%
6.6%
6.5-7.5%
6.4%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2020
Operating Income % of Sales
Platinum
Vision
15%
51%
2006 2016
Transportation
24%
Healthcare
22%
Industrial
18%
Consumer
15% Appliance
6%
E & E
5%
B & C
4%
Packaging
4%
W & C
2%
http://www.avient.com/Pages/VariationRoot.aspx
24 POLYONE CORPORATION
Application Examples
POLYONE CORPORATION 25
Luxury Packaging
with Gravitech Density Modified Polymers
Impart weight, sound and
metallic finish to caps and
closures for cosmetics and
spirits applications
Elevate quality and prestige
perceptions among high-end
consumers
Eliminate time and cost
associated with secondary
operations and assembly
POLYONE CORPORATION 26
Eliminate costs by increasing
pigment density
Enhance color performance
without altering form and
formulation
Increase design capabilities by
reducing weight and layer
thickness
Optimize Color Usage
with OnColor Super Concentrates
POLYONE CORPORATION 27
Inhibit microbial growth on
polymer surface
Enhance value or products
and devices
Highly versatile concentrate
with the ability to be
incorporated into a wide
variety of products
Combat Bacteria Formation
with WithStand Antimicrobial Technology
POLYONE CORPORATION 28
Medical Device Housings
with Chemically Resistant Engineered Polymers
Durable, long-lasting
products stand up to the
most aggressive disinfectants
Minimize environmental
stress cracking and
discoloration
One of the broadest
medically approved polymer
and colorant portfolios
POLYONE CORPORATION 29
Color & Design Services
Greater control of color development
and supply chain
Work across entire design process
from concept to commercialization
Inspire creativity in the use of
polymer materials, colors
and effects
Innovative brand differentiation
Faster development timelines
POLYONE CORPORATION 30
Outdoor Applications
Leading provider of high performance
specialty materials for the recreational
and sports & leisure industry
Well positioned across all segments to
address market needs
Metal to Polymer Conversion
Lightweighting
Thermal Management
Impact Performance
Source: Outdoor Industry Association
POLYONE CORPORATION 31
Fiber Colorants
Solutions for clothing, apparel, footwear, automotive & sporting goods
ColorMatrix Fiber Colorant Solutions
Proprietary advanced liquid color
formulations and equipment enable
greater efficiency and productivity
Eliminates aqueous dyeing and its
associated wastewater treatment
Solid Color Concentrates
Extrusion-spun fibers colored via
solid masterbatch
POLYONE CORPORATION 32
High-Barrier Packaging Containers
Capability to extrude up to 13
layers
Strong oxygen and moisture vapor
transmission protection
Can be made symmetrical or
asymmetrical to meet customized
needs of broad variety of
applications
Barrier protection and superior
sensory properties
1
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Senior management uses comparisons of adjusted net income attributable to PolyOne common shareholders, adjusted earnings per share (EPS) attributable to PolyOne common
shareholders and operating income before special items to assess performance and allocate resources because senior management believes that these measures are useful in
understanding current profitability levels and that current levels may serve as a base for future performance.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Basic%2520Materials%2520Conference.pdf
A reconciliation of each non-GAAP financial measure with the most directly
comparable GAAP financial measure is attached to this presentation which is posted
on our website at www.polyone.com.
4 POLYONE CORPORATION
What We Do
Value
Formulation
Expertise Inputs
Base resins
Additives
Modifiers
Pigments
Expertise in
Polymer
Materials,
Services and
Solutions
OEMs
Brand Owners
Processers
Assemblers
Driving customer value with specialty products & services
Service
InVisiOSM Color
Services
IQ Design Labs
LSS Customer
First
POLYONE CORPORATION 5
2016 Revenue ($3.3 Billion) by Segment
At a Glance
United
States
65%
Canada
8%
Europe
12%
Asia
8%
Latin
America
7%
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.13
2009 2010 2011 2012 2013 2014 2015 2016
2016 Revenue by Geography
2016 Revenue by End Market
Appliance
5%
Building &
Construction
11%
Industrial
15%
Electrical &
Electronics
5%
Consumer
11%
Healthcare
11% Packaging
12%
Textiles
2%
Transportation
19%
Wire &
Cable
9%
Adjusted Earnings Per Share
Performance
Products &
Solutions
19%
PolyOne
Distribution
31%
Designed
Structures
& Solutions
11% Specialty
Engineered
Materials
16%
Color
Additives
and Inks
23%
6 POLYONE CORPORATION
2%
43%
80%
0%
20%
40%
60%
80%
100%
2005 2010 1Q 2017
%
o
f O
pe
ra
tin
g
In
co
m
e*
*Operating Income excludes corporate charges and special items **LTM 1Q 2017
Specialty OI $5M $87M $274M**
Mix Shift Highlights Specialty Transformation
JV’s Performance Products & Solutions
Specialty Mix Distribution
7 POLYONE CORPORATION
2006 1Q 2017 2020
“Where we were” “Where we are” Platinum Vision
Operating Income % of Sales
Color, Additives & Inks 1.7% 16.6% 20%+
Specialty Engineered Materials 1.1% 14.8% 20%+
Performance Products & Solutions 5.5% 12.0% 12 – 14%
Distribution 2.6% 6.5% 6.5 – 7.5%
Designed Structures & Solutions N/A -3.2% 8 – 10%
ROIC* 5.0% 12.6% 15%
Proof of Performance & 2020 Platinum Vision
*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
Consistently Deliver Double Digit Annual EPS Growth
8 POLYONE CORPORATION
Returning Cash to Shareholders
$0.16
$0.20
$0.24
$0.32
$0.40
$0.48
$0.54
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
2011 2012 2013 2014 2015 2016 2017
Annual Dividend*
Since 2011, we have returned nearly $900 million to shareholders
$167 million returned through dividends
$731 million returned through share repurchases
*Initiated in 2011
$0
$150
$300
$450
$600
$750
2011 2012 2013 2014 2015 2016 1Q
2017
Cumulative Share Repurchases
(in millions)
$731M
9 POLYONE CORPORATION
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~60 - 70% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Growth synergies
Adjacent material
solutions
Repurchased 1.0
million shares in Q1
2017
Repurchased 19.8
million shares since
early 2013
7.5 million shares are
available for
repurchase under the
current authorization
Increased annual
dividend by 12.5% to
$0.54 per share,
representing the sixth
consecutive year of
dividend growth
POLYONE CORPORATION 10
2,883
2,538
2006 2016
Volume
(lbs in millions)
-12%
$103
$200
2006 2016
Commercial, R&D
and Marketing
Spending ($M)
+95%
$88
$317
2006 2016
Adjusted
Operating Profit ($M)
+263%
Ours is Not a Cost Cutting Story
11 POLYONE CORPORATION
Primary Industries Served
2016 Revenue: $3.3 Billion
Appliance
5%
Electrical &
Electronic
5%
Building &
Construction
11%
Industrial
15%
Wire & Cable
9%
Healthcare
11%
Consumer
11%
Packaging
12%
Transportation
19%
Focus End Markets
12 POLYONE CORPORATION
Innovation Drives Earnings Growth
*Specialty Platform revenue from products introduced in last five years
$20
$54
2006 2016
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
14%
33%
2006 2016
CAI & SEM
Gross Margin
12%
42%
2006 2016
Target ≥ 35%
Innovation Pipeline Potential
POLYONE CORPORATION 13
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.mullerquaker.com/products/greek100/greek100-peach-and-passion-fruit&ei=-acYVZq7EIqwyASDjYL4CA&bvm=bv.89381419,d.cWc&psig=AFQjCNGNCQY1_dCN2RPLzxtap_Pu0omTXQ&ust=1427765484498432
POLYONE CORPORATION 18
2016 Revenue: $0.7 Billion
At a Glance: Performance Products & Solutions
2016 Revenue by Industry Expanding Profits
5.5%
6.9%
3.8% 3.6%
5.5%
4.3%
6.3% 7.2% 7.7%
8.3%
12-14%
12.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q
2017
2020
Operating Income % of Sales
11.1%
B & C
30%
Transportation
18%
W & C
16%
Industrial
16% Appliance
6%
Consumer
5%
Packaging
5%
E & E
3%
Healthcare
1%
United
States
78%
Canada
16%
Latin
America
4%
Asia
2%
Key Applications
Platinum
Vision
POLYONE CORPORATION 19
2016 Revenue: $1.1 Billion
At a Glance: Distribution
Key Suppliers
ROIC Expanding Profits
2.6%
3.0%
3.5%
4.0%
4.6%
5.6%
6.4%
5.9% 6.1%
6.6%
6.5-7.5%
6.4% 6.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q
2017
2020
Operating Income % of Sales
4%
36%
2006 2016
Transportation
24%
Healthcare
22%
Industrial
18%
Consumer
15% Appliance
6%
E & E
5%
B & C
4%
Packaging
4%
W & C
2%
Platinum
Vision
*After-Tax ROIC
http://www.avient.com/Pages/VariationRoot.aspx
20 POLYONE CORPORATION
Target End Markets &
Application Examples
21 POLYONE CORPORATION
Therma-Tech™ & Sheet
GEON™ Vinyl
Polymer Colorants
Therma-Tech™
TPE’s & Film
TPE + OnForce™
Gravi-Tech™
Page 21
Film
Target End Markets… Healthcare
22 POLYONE CORPORATION
Sound & Vibration
Management
Fuel Handling
Systems
Interior & Exterior Trim
Structural Braces
& Brackets
Interior Structural
Components
Lighting
Air management
Electronics & Cameras
Fluid Handling
Target End Markets… Automotive
Underhood
Components
Roof Systems
23 POLYONE CORPORATION
PreservaPak™
OnColor™
Smart Batch™
VersaFlex™
TPE Cap Liner
ColorMatrix™
Amosorb™
Oxygen Scavenger
ColorMatrix™
Ultimate™ UV
Light Barrier
OnCap™
Laser Marking
Additives
Target End Markets… Packaging
24 POLYONE CORPORATION
Source: Outdoor Industry Association
TPE Vibration Dampening
(SEM/GLS)
TPE + OnForce
(SEM)
OnForce
(SEM)
Advanced Composites
(SEM)
TPE Vibration Dampening
(SEM/GLS)
Thermoplastic Elastomers
(SEM)
Advanced Composites
(SEM)
Polymer Colorants
(CAI)
Sheet
(DSS)
TPE & Film
(SEM + DSS)
Advanced Composites
(SEM)
Polymer Colorants
(CAI)
Thermatech
(SEM)
Thermoplastic Elastomers
(SEM)
TPE + OnForce
(SEM)
OnForce
(SEM)
Target End Markets… Consumer
POLYONE CORPORATION 25
Luxury Packaging
with Gravitech Density Modified Polymers
Impart weight, sound and
metallic finish to caps and
closures for cosmetics and
spirits applications
Elevate quality and prestige
perceptions among high-end
consumers
Eliminate time and cost
associated with secondary
operations and assembly
POLYONE CORPORATION 26
Eliminate costs by increasing
pigment density
Enhance color performance
without altering form and
formulation
Increase design capabilities by
reducing weight and layer
thickness
Optimize Color Usage
with OnColor Super Concentrates
POLYONE CORPORATION 27
Inhibit microbial growth on
polymer surface
Enhance value or products
and devices
Highly versatile concentrate
with the ability to be
incorporated into a wide
variety of products
Combat Bacteria Formation
with WithStand Antimicrobial Technology
POLYONE CORPORATION 28
Medical Device Housings
with Chemically Resistant Engineered Polymers
Durable, long-lasting
products stand up to the
most aggressive disinfectants
Minimize environmental
stress cracking and
discoloration
One of the broadest
medically approved polymer
and colorant portfolios
POLYONE CORPORATION 29
Color & Design Services
Greater control of color
development and supply chain
Work across entire design
process from concept to
commercialization
Inspire creativity in the use of
polymer materials, colors
and effects
Innovative brand differentiation
Faster development timelines
POLYONE CORPORATION 30
Outdoor Applications
Leading provider of high performance
specialty materials for the recreational
and sports & leisure industry
Well positioned across all segments to
address market needs
Metal to Polymer Conversion
Lightweighting
Thermal Management
Impact Performance
Source: Outdoor Industry Association
POLYONE CORPORATION 31
Fiber Colorants
Solutions for clothing, apparel, footwear, automotive & sporting goods
ColorMatrix Fiber Colorant Solutions
Proprietary advanced liquid color
formulations and equipment enable
greater efficiency and productivity
Eliminates aqueous dyeing and its
associated wastewater treatment
Solid Color Concentrates
Extrusion-spun fibers colored via
solid masterbatch
POLYONE CORPORATION 32
High-Barrier Packaging Containers
Capability to extrude up to 13
layers
Strong oxygen and moisture vapor
transmission protection
Can be made symmetrical or
asymmetrical to meet customized
needs of broad variety of
applications
Barrier protection and superior
sensory properties
POLYONE CORPORATION 33
Smart Home Devices
with Resilience Vinyl Solutions
High flame retardancy to meet
strict UL standards
Greater processing and design
flexibility
Specialized additives provide
long term color stability
Diffusive lens materials improve
light dispersion
1
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Senior management uses comparisons of adjusted net income attributable to PolyOne common shareholders, adjusted earnings per share (EPS) attributable to PolyOne common
shareholders and operating income before special items to assess performance and allocate resources because senior management believes that these measures are useful in
understanding current profitability levels and that current levels may serve as a base for future performance.
https://www.avient.com/sites/default/files/2023-07/AVNT Q2 2023 Earnings Presentation%5B70%5D.pdf
Global Compact
• Highlights ESG Performance, including
ratings, awards, and certifications
• Features increased carbon emissions
disclosures, including Climate Change Scenario
Analysis and Scope 3 emissions data
• Outlines Sustainable Supplier Program,
designed to enable supplier evaluation &
collaboration
• Reflects Great Place To Work® culture focused
on safety, employee engagement and
advancing diversity, equity and inclusion
2022 SUSTAINABILITY REPORT
15
Avient Confidential 16
• Virtual presentation to be held
September 20, 2023
• Leadership will be conducting
an investor-focused
presentation around our
sustainable solutions portfolio
• Deep dive into how we enable
customers to achieve their
sustainability goals
SUSTAINABILITY DAY
16
…are Growing at Twice the Rate as
Conventional Products
Sustainably-Branded Products…
STAKEHOLDER INFLUENCE DRIVES DEMAND
Consumers
Are demanding
recyclability and eco-
conscious products
Governments
Are mandating changes
through legislation, taxes,
and regional accords
Brand Owners
Have committed to
ambitious goals to achieve
sustainability metrics
17
AP P EN D IX
20
Performance
Additives
16%
Pigments
12%
TiO2
Dyestuffs
2%
Polyethylene
Nylon
Polypropylene
Styrenic Block
Copolymer
Other Raw
Materials
33%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
2022 pro forma results for the acquisition of Avient Protective Materials
RAW MATERIAL BASKET
PEER COMPARISONS
AVIENT IS ASSET LIGHT
Capex / Revenue
2023E (%)
Avient Specialty
Other Specialty /
Note: Avient reflects 2023 estimated revenue of $3,280 and estimated run-rate CAPEX of $110M.
22
3
2
3 3
4 4
3 3
4
5 5
7
8 8
FREE CASH FLOW CONVERSION
Note: Free cash flow conversion calculated as (Adjusted EBITDA – Capex) / Adjusted EBITDA.