Fiber Conversion Calculator

Fiber Conversion Calculator

Fiber Conversion Calculator

Fiber Conversion Calculator

The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as outlook for adjusted EBITDA, adjusted earnings per share and free cash flow, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA Median: 82% Median: 73% HIGH FREE CASH FLOW CONVERSION 83 86 85 85 80 78 58 88 83 81 79 77 76 73 73 72 72 67 64 63 60 Net Debt / 2021E EBITDA (1) We typically operate at 2.5–3.0x net debt to EBITDA. Leverage is calculated as Total Debt – Cash / EBITDA 2. 2020 Pro forma for the acquisition of the Clariant Masterbatch business Median: 3.0x Avient Specialty Other 2.9x 0.4x 1.7x 1.7x 2.6x 3.1x 4.3x -0.2x 1.9x 2.2x 2.2x 2.3x 2.5x 2.7x 3.0x 3.3x 3.5x 3.7x 3.8x 4.3x 4.4x 5.8x t 0 t 1 Median: 2.1x THE CURRENT AVIENT VALUATION DISCONNECT 20 Our transformation and business model are still being understood, and as a result, we are currently trading at a discount to peer companies Our financial metrics are consistent with specialty formulator peers, yet our EBITDA multiple is at a 4.1x discount to peer companies Ongoing synergy capture is another value creation lever that is unique to Avient This creates a compelling investment opportunity Total Enterprise Value / 2021E EBITDA (1) Our current valuation implies an EBITDA multiple that is significantly below specialty formulator peers and our historic valuations, when the company had considerable exposure to more cyclical and challenging end markets.

Non-GAAP Reconciliation The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as outlook for adjusted earnings per share, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP.

The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as outlook for adjusted EBITDA, adjusted earnings per share and free cash flow, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA Median: 84% Median: 75% HIGH FREE CASH FLOW CONVERSION 0.5x 1.9x 2.8x 4.5x -0.1x 1.8x 1.9x 2.2x 2.3x 2.4x 2.9x 3.0x 3.0x 3.2x 3.4x 3.4x 3.8x 3.9x 4.8x t ( 20 t ( 21 Net Debt / 2021E EBITDA (1) We typically operate at 2.5–3.0x net debt to EBITDA. Leverage is calculated as Total Debt – Cash / EBITDA 2. 2020 Pro forma for the acquisition of the Clariant Masterbatch business Median: 2.8x Median: 3.0x (2 Avient Specialty Other THE CURRENT AVIENT VALUATION DISCONNECT 20 Our transformation and business model are still being understood, and as a result, we are currently trading at a discount to peer companies Our financial metrics are consistent with specialty formulator peers, yet our EBITDA multiple is at a 6.1x discount to peer companies Ongoing synergy capture is another value creation lever that is unique to Avient This creates a compelling investment opportunity 8.0 16.3 14.8 14.1 13.1 10.4 21.5 14.9 14.8 13.1 12.5 11.1 10.9 10.1 9.8 9.7 8.7 8.5 8.3 8.2 6.0 t Total Enterprise Value (1) / 2021E EBITDA (2) Our current valuation implies an EBITDA multiple that is significantly below specialty formulator peers and our historic valuations, when the company had considerable exposure to more cyclical and challenging end markets.

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