2021 Investor Day March 25, 2021 Disclosures
Forward-Looking Statements This presentation contains "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues, synergies, performance, capital expenditures, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this presentation. These risks and uncertainties include, among other things: the extent to which the COVID-19 pandemic continues to adversely impact the economic environment, market demand and our operations, as well as the pace of any economic recovery; changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, mobility, textiles, medical, electronics and construction industries; changes in the price and availability of raw materials, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, wood pulp and fuel oil and the prices for electricity and other energy sources; the ability to pass increases in raw material prices on to customers or otherwise improve margins through price increases; the ability to maintain plant utilization rates and to implement planned capacity additions and expansions; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; the ability to identify desirable potential acquisition targets and to complete acquisition or investment transactions consistent with the Company's strategy; the ability to identify and execute on other attractive investment opportunities towards which to deploy capital; increased price competition and the introduction of competing products by other companies; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, cyber security incidents, terrorism or political unrest, public health crises (including, but not limited to, the COVID-19 pandemic); other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters or other crises including public health crises; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the Company; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies of governments or other governmental activities in the countries in which we operate; changes in currency exchange rates and interest rates; our level of indebtedness, which could diminish our ability to raise additional capital to fund operations or limit our ability to react to changes in the economy or the chemicals industry; tax rates and changes thereto; our ability to obtain regulatory approval for, and satisfy closing conditions to, any transactions described herein; and various other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Results Unaudited The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Historical results should not be taken as an indication of the results of operations to be reported for any future period.
Non-GAAP Financial Measures This presentation, and statements made in connection with this presentation, refer to non-GAAP financial measures. For more information on the non-GAAP financial measures used by the Company, including the most directly comparable GAAP financial measure for each non-GAAP financial measures used, including definitions and reconciliations of the differences between such non-GAAP financial measures and the comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures.
Market / Industry Information and Management Estimates This presentation includes market, economic, and industry data and forecasts. The Company obtained this information from industry publications, third party reports and management’s own internal estimates. Industry publications and other third-party surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. While the Company believes that data included in this presentation from third-party sources is reasonably reliable as of the date of this presentation, the Company has not independently verified such data and cannot guarantee its accuracy or completeness. The Company also cannot guarantee the correctness of the assumptions underlying its internally-generated estimates or information. Welcome Lori Ryerkerk Agenda
Welcome & Introduction Lori Acetyl Chain (AC) John Engineered Materials (EM) Tom Break Lori Ryerkerk John Fotheringham Acetate Tow (AT) Lori Chairman & CEO SVP, Acetyl Chain Sustainability Lori Financial Excellence Scott Wrap Up Lori Break Question & Answer Session
Tom Kelly Scott Richardson SVP, Engineered Materials Chief Financial Officer
2 Everything we do starts with our people…
Celanese Values
employees safety customers
quality community shareholders
…collectively focused on delivering value for shareholders
3 We have been on a path this decade…
Competitive Positions & Differentiated Business Commercial Excellence Financial Health Established Models Implemented Enhanced
$8-10 $6-8
$4-6
$4.51 $4.07 $4.50 $5.67 $6.02 $6.61 $7.51 $11.00 $9.53 $7.64
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Adjusted earnings per share
… to sustainably lift the foundational earnings power of Celanese
4 Decisive actions amid 2020 pandemic…
2020 Headwinds1 2020 Actions
% lower Q2 Engineered 27 Materials volume $214 million in productivity % $1.575 billion monetization of Polyplastics lower Chinese Elotex acquired and integrated 14 acetic acid pricing Favorable long-term raw material agreements lower Engineered $ Materials affiliate KEPCO JV restructuring commenced 53M earnings Acetic acid reconfiguration project improvements Accelerated turnarounds prior to recovery ~$ higher turnaround 70M expense
… proved the resiliency of our earnings power and positioned us for recovery
1 Headwinds versus 2019 5 Performance has delivered leading total shareholder return
Celanese Total Shareholder Return 296% Avg. Annual (February 28, 2011 - February 28, 2021) TSR S&P 500 253% Celanese 16.1%
S&P 500 13.9% DJUSCH Index DJUSCH Index 11.3% 161%
Positioned to drive continued shareholder value
6
Themes you will hear today 1 FOCUSING OUR UNIQUE BUSINESS MODELS TO WIN IN KEY END MARKETS… ENGINEERED MATERIALS ACETYL CHAIN ACETATE TOW
Dedicated growth Subsegments with Alternative uses programs differentiated growth for acetate flake
Aligning early with Driving differentiation in Sustainability industry winners downstream products solutions
...to drive GDP+ growth in Engineered Materials and the Acetyl Chain
8 Themes you will hear today 2 TRANSFORMING OUR APPROACH TO PRODUCTIVITY … PROCESS AUTOMATION DATA & ANALYTICS SUPPLY CHAIN NETWORK
Supply chain Analytics & predictive Regional production optimization tools forecasting localization
Customer experience Artificial intelligence Scheduling upgrades solutions for business decisions
...to drive continued lift in fundamental profitability
9 Themes you will hear today 3 DRIVING GREATER SUSTAINABILITY... SUPPLY CHAIN NETWORK ENVIRONMENTAL SOCIETAL COMMERCIAL
Energy & resource Diversity, equity & Sustainable efficiency inclusion feedstocks
Climate change Community End-of-life product partnerships solutions
...consistent with our values and top tier shareholder value generation
10 Themes you will hear today 4 ENHANCING OUR CASH GENERATION AND CAPITAL DEPLOYMENT... ORGANIC INVESTMENT INORGANIC INVESTMENT CASH TO SHAREHOLDERS
High-return, Attractive M&A Dividend growth capital-efficient opportunity sets expansions
Productivity Joint venture Steady & opportunistic enhancing projects optimization share repurchases
...while maintaining industry leading returns
11 Multiplying our momentum…
Adjusted Earnings Per Share $11-14
$8-10
Winning in key end $6-8 1 markets Transforming our 2 productivity Driving greater 3 sustainability $6.02 $6.61 $7.51 $11.00 $9.53 $7.64 Enhancing our 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F capital deployment 4 ADJUSTED EBIT ADJUSTED EPS OPERATING CASH FLOW Cumulative $1.7-1.8B 2023 $13-14 2023 $4-5B 2021-2023
…to deliver double-digit earnings per share growth annually
12 Acetyl Chain John Fotheringham Evolution of the Acetyl Chain business model...
Legacy Business Chain Implementation Enhanced Flexibility 0.3
Adjusted EBIT
Adjusted EBIT margin 25% $700M - 900M
18% 17%
$450M - 600M
14% VAM footprint rationalizations
Creation of 2020 pandemic 2008-2009 VAM footprint Start of Fairway VAE footprint 2018 market Clear Lake “Acetyl Chain” rationalizations VAM expansion earnings exceed financial crisis rationalizations business Methanol JV dislocation 2014-2017 avg.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
...has doubled foundational earnings in the last decade
2 Themes you will hear today
GLOBAL MANUFACTURING FOOTPRINT SERVICING A WIDE RANGE OF 1 RESILIENT END USES
UNMATCHED VALUE CHAIN OPTIONALITY SUPPORTED BY LOW 2 COST TECHNOLOGY 3 HEALTHY INDUSTRY DYNAMICS WITH STRONG DEMAND GROWTH TARGETED CAPITAL INVESTMENT SUPPORTING GROWING AND 4 SUSTAINABLE END USES
3 Acetyls chemistry supports every day life
Food & Building & Medical & Automotive & Packaging & Agriculture Construction Pharmaceutical Industrials Paper
Food additives Paints & coatings Medicine production Safety glass Adhesives Thickening agents Cement additives Disinfection & Inks & solvents Coatings sterilization Crop protection Waterproofing Solar PV1 cells Food packaging Cosmetics Dust control External insulation Glassfiber Surface protection Hygiene
1 PV - Photovoltaic 4 Industry-leading commercial diversity and flexibility...
2018-2020 Average Net Sales: $3.5B
BY PRODUCT BY REGION BY END USE
Food & Bev Textiles
Additives
Industrial Paints & VAM Emulsions Consumer Coatings
Europe Americas Filtration
Automotive 21 Other Adhesives Acetic Acid Construction Asia 10 Anhydride Other Paper11 & & Esters Packaging
Optionality range
...results in margins similar or higher than specialty materials
Based on internal estimates 5 Globally integrated acetyls leader...
CARBON METHANOL ACETIC VAM EMULSIONS POWDERS MONOXIDE ACID Celanese
Competitor 1 Competitor 2 AMERICAS Competitor 3
1 Competitor 4 EMEA Competitor 5 Competitor 6 ASIA Competitor 7
...creates unequaled market knowledge and optionality
1 Europe, Middle East, & Africa 6 Unique value chain...
1 Carbon Monoxide 2 3 4 5 Acetic Acid VAM Emulsions Powders 1 ~70% acid content ~30% acid content ~35% acid content Methanol
Anhydride Flexible entry into the market & Esters
Legacy Acetyl Chain Extended Acetyl Chain
...enables flexible product placement and value optimization
7 Value creation through advantaged technology...
State-of-the-art Low capital intensity Proprietary catalyst process technology for world-scale technology for maximum and intellectual property production facilities yield and low metals usage
• Leading technologies • Continued growth • Global catalyst and with high efficiencies across global footprint metals management and flexibility program • Low-capital expansion
options • R&D partnerships continue catalyst advancement
Increase in Better expansion VAM capacity Increase in acid capital efficiency 50% per plant 90% capacity per plant 40% vs. brownfield since 2005 since 2005
...enables capital efficiency and lowest cost to supply
8 Cost leadership in all scenarios...
Acid Cost Curve With Low Oil Acid Cost Curve With High Oil
Nominal global price setter Nominal global price setter Clear Lake Clear Expansion Clear Lake Clear Lake Clear Expansion Singapore Nanjing Lake Clear Nanjing Singapore
Celanese Americas & EMEA AOC1 China
...driven by feedstock optionality, scale and advantaged technology
1 AOC - Asia Outside China 9 Leading cost positions in import markets
Europe
Landed Southeast Asia
Landed Europe Southeast Asia
In-region Incremental Celanese producers importers
Based on internal estimates of average landed cost into key regions 10 Strong demand recovery...
Capacity overbuild Improved utilization on demand growth Short-term Recovery to healthy in Asia demand dislocation market conditions
24
90%
21
80% Utilization
18 70% Demand (million tonnes)
15 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F
Acid + VAM Demand Utilization1
...driving improved utilization
Based on internal estimates 11 1 Utilization re ecting industry nameplate capacity at typical on-stream rates; includes impact of instantaneous outage activity. Enhanced building and construction portfolio
Tile Adhesive & Grouts Renders & Plasters CE Product End Uses
• VAE/powder derivatives External Thermal Insulation Solar PV Cells Composite Systems VAM • Adhesives
Repairs • Powder derivatives VAE • Adhesives • Paints & coatings Paints & Coatings
Flooring • Cement enhancement Underlayment 1 RDP • Tile grouts • Insulation & membranes Cementitious Waterproofing • Repairs & upgrades Membranes
Solutions across every product of the chain
1RDP - Redispersible powders 12 Solar power accelerates Asia vinyls demand
High Quality EVA and VAM Support Global PV Growth 300 Solar PV cells require
high quality EVA 250 300 15% solar CAGR from 2019 to 2030 200 Celanese can supply additional 200 high quality VAM capacity at 150 lowest capital requirements
100 VAM equivalent (kt) 100 Solar power capacity additions (GW) 50 VAM equivalent for solar capacity (kt)
Solar power capacity additions (GW) 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
By 2023, annual solar capacity additions expected to consume 250 kt of VAM
Based on International Energy Agency Main Case 2010-2022, Sustainable Development Scenario 2025 and internal estimates 13 Investing in high return projects...
ANNOUNCED ONLINE PRODUCTIVITY DERIVITIZATION GROWTH SUSTAINABILITY
GLOBAL ACID RECONFIGURATION: Q1 2019 2023 New Build at Clear Lake METHANOL EXPANSION: Q1 2021 2023 Debottleneck at Clear Lake VAM EXPANSION: Q1 2021 2022-2023 Debottleneck at Nanjing VAE EMULSION EXPANSION: Q1 2020 2023 Debottleneck & New Build at Nanjing and Frankfurt POWDERS DEBOTTLENECKS: Q1 2021 2021-2022 Debottlenecks of European Powders
expanded expanded expanded ACETIC ACID 5% - 35% capacity VAM ~10% capacity EMULSIONS ~20% capacity
1,300 kt 90 kt 100 kt 65 kt 20 kt 45 kt
3,300 kt 3,500 kt 4,600 kt 1,575 kt 1,765 kt 710 kt 840 kt
Current Clear Lake Produce to Capacity Current Nanjing Technology Future Current Europe Frankfurt Nanjing Future Expansion Demand Target Optionality Expansion Debottlenecks Capacity Debottlenecks Expansion Expansion Capacity
...to increase base earnings, lower volatility and enable upside capture
14 Enhanced acetic acid project positions for growth...
Enhanced Asia flexibility Clear Lake capital efficiency Retention of project value with new supply contracts and productivity and supply optionality
Lowered cost position Project extension Unparalleled capacity relative to coal and oil enabled capital savings and raw material optionality Enhanced offtake World-scale capacity with flexibility improves operating cost productivity ~$100M average global optionality earnings lift per year across project cycle Wide operating range to match market demand
ANNUALIZED AVERAGE VALUE INCREMENTAL CAPACITY CAPITAL EXPENDITURE MANUFACTURING FLEXIBILITY $ $ ~ 100M 1,300kt ~ 350M 1,000kt
15 Vinyls expansion program creates additional flexibility...
VAM Expansion VAE Expansions Powders Growth Nanjing Nanjing & Frankfurt Europe & Asia
Solar PV driving Higher building Growing polymer acute Asia growth standards, powders penetration in vinyls chain performance and into mortar sustainability formulations Proven record of capital efficient Expanding existing Utilizing spare and technology- global emulsions capacity to accelerate driven expansions infrastructure downstream growth
NEW POWDERS NEW NANJING EMULSIONS UTILIZATION VAM CAPACITY 90kt 110kt CAPACITY 40kt GROWTH
16 Focused on driving greater sustainability...
Sustainable • Clear Lake partial solar power supply Sourcing • Bio-based renewable natural gas feedstock optionality
Acetyl Chain Sustainability CO2 Capture • Clear Lake methanol from recycled CO2 Pipeline and Recycling
Recycled • Certified recycled acetic acid can be sold directly Content to customers or derivatized downstream
...within the Acetyl Chain and for our customers
17 Acetyl Chain financial outlook
Resilient Global Markets Adjusted EBIT 1 (in millions)
Unmatched Value $900-1,000 2 Chain Optionality ~$900 $727 3 Healthy Industry Dynamics $568 21% 18% Adjusted Adjusted Targeted Capital Investment EBIT EBIT 4 margin margin 2019 2020 2021F 2023F
NET SALES CAGR ADJUSTED EBIT CAGR ADJUSTED EBIT MARGIN OPERATING EBITDA MARGIN
5-6% 2019-2023 5-8% 2019-2023 >22% 2021-2023 >25% 2021-2023
18 Engineered Materials Tom Kelly Improving the world and everyday life
Consumer Electronics Automotive Medical Small Appliance Packaging Industrial
2 Themes you will hear today
PROJECT PIPELINE MODEL CONTINUES TO DIFFERENTIATE EM; DIGITALIZATION 1 STRENGTHENS THE MODEL BY INCREASING SCALABILITY, PREDICTABILITY
GROWTH FOCUSED PROGRAMS IN FUTURE MOBILITY, MEDICAL AND CONNECTIVITY 2 POSITION EM FOR OUTSIZED GROWTH
INVESTMENTS IN LOCALIZATION WILL CONTINUE TO SUPPORT DOUBLE-DIGIT 3 GROWTH IN ASIA
AN EXPANDED PORTFOLIO OF SUSTAINABLE OFFERINGS ENABLES GROWTH IN 4 EXISTING AND NEW END MARKETS 3 A broad portfolio and application expertise…
Broad Polymer Portfolio Industry Leading 2020 Net Sales Technical Competencies
25-30 UNIVERSE OF ENGINEERED POLYMERS Formulation Development Automotive >20 CELANESE ENGINEERED MATERIALS Part & Tool Design Electrical & Electronics PEER 1
~50% Prototyping Industrial PEER 2 OF CE BREADTH PEER 3 Part Processing Consumer
PEER 4 Testing & Analytical Medical PEER 5 Customer Trials ~25% Food & Beverage PEER 6 OF CE BREADTH Application Development PEER 7 Other
PEER 8
…drive outsized, innovation-led growth
Based on internal estimates 4 Strategic acquisitions and JV actions...
Bolstered solution offering and global reach Reduced EM adjusted EBIT from affiliate earnings by half to ~15%
NILIT Plastics
HIGH GROWTH Monetized passive investment GEOGRAPHY for $1.6B
SOLUTION SET
elastomers nylon Agreement to restructure as KEY END MARKET manufacturing JV; 70 kt of POM offtake EXPERTISE electronics
ENABLING Ibn Sina COMPETENCIES Increased CE’s economic interest recycled content recycled content to 32.5%; EM markets Ibn Sina POM post-expansion
…add to capabilities set and maximize shareholder value
5 Continuous innovations to expand solution set...
Flame Tribology Heat New in 2020 Retardant Stabilized Flexibility Media Low Resistant Medical Warpage MT Grades Electrically Impact Conductive Resistance Low High Emission Strength Celanese High Flow Custom LI-ION Lubricated 5G Applications UV Stabilized Nucleated
EMI Thermally Appearance Tailored Laser High Sustainable Dielectrics Plateable Shielding Weldable Voltage Conductive
...enable growth in new markets
6 Pipeline model reinforced by growth programs…
• Disruptive trends FUTURE • Growth and profit focus GROWTH INCUBATE • New to CE / new PROGRAMS to customers • Technology roadmaps
OPPORTUNITY PIPELINE ACCELERATE • Unmet customer needs • Customized material development • Curated opportunities MARKET Revenue / Earnings Revenue BASED PARTICIPATE • Differentiated customer GROWTH experience
(T0-18 months) Current (T0)
…drives growth rates far above the market
Note: Includes impact of COVID-19 7 Model and growth programs lift EM earnings...
Pre-Opportunity Pipeline Project Pipeline & Acquisitions Growth Programs
~$450M - 700M Adjusted EBIT (base business)1
Adjusted EBIT margin
~$300M - 500M
>25%
Softer Nilit Omni Asia growth through localization NEXT Sustainable portfolio
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F
...13-17% per year through 2023
1Excludes Earnings from A liates 8 Opportunity model continues to be foundational
Projects to be Implemented and Extended at Customers
Customer Expert Global Engagement Committee Solution Set Model Evalution and Skill Domains Generating Projects We Projects Aggregated, Projects Daily Fast Fail Can Win Prioritized & Executed
Leveraging years of pipeline data to make model more efficient and predictive
9 Model evolves to support continued innovation...
2015 2016 2017 2018 2019 2020 2023F
EM 1.0 700 Digitalized TEAM EM 2.0
MODEL MEMBERS
SCALE THE SCALE Implement Debottleneck Run Model Leverage Maximize the Enhanced Program New Model Model Hard Model Model Efficiency Evolution 1
16% increase TARGETING in peak net sales 10% (Peak Net Sales) (Peak 35% 47% CAGR win rate win rate per project DELIVERING GROWTH year over year in Net Sales
…and remained strong through market disruption
1Peak net sales denote the projected highest net sales by opportunity 10 Growth programs and technology innovation make EM future ready
Programs aligned with mega trends
5G
Future Mobility Medical Connectivity Sustainability
Elements of program that enable growth
Dedicated Forward Looking Aligned Technology Voice-of-Customer Program Teams Objectives & Product Roadmaps Driven Approach
11 Opportunities in future mobility expand the scope for EM solutions
Safe navigation Lighter and safer GUR exceptionally well-positioned Advanced Driver Assistance Systems Electric vehicle powertrain in lithium-ion battery separator (LiBS) market
THERMAL MANAGEMENT E-MOTOR CE PEER 1 PEER 2 PEER 3
Global Production & Sales
Portfolio Breadth
Global Technical Expertise BATTERY Customized Solutions
Separator Manufacturer*
Battery*
OEMs* POWER CONNECTORS ELECTRONICS *LiBs Mfg. Relationships
Number of Growth in opportunities Number of OEM pipeline net sales1 with new specifications from future 3.5x customers 3.5x in e-powertrains 24% mobility program 2019 - 2020 2019 - 2020 2019 - 2020
1Peak net sales denote the projected highest net sales by opportunity 12 Focused EV program driving growth beyond industry fundamentals...
RECOVERY IN GROWING ADDRESSABLE GROWTH IN EM ACCESSIBLE AUTO BUILDS POLYMER CONTENT POLYMER MARKET (CAGR 2020-2023F) + (kilos per vehicle) = (2020) CAGR CAGR 2020-23F 2020-23F ~10% Battery Electric Vehicles 30 ~11% ~50%
Hybrid & Electric Vehicles ~40% Hybrid & Electric Vehicles 21
13
Internal Combustion Engine ~0% Internal Combustion Engine
2020 2021F 2022F 2023F Internal Hybrid Battery 2020 2021F 2022F 2023F Combustion Engine Electric Electric
...with >10% growth in auto business from 2020-2023
Based on IHS Markit data and internal estimates 13 Broad medical-pharma capabilities...
Capabilities Therapeutic Areas
• Customized POM, GUR, PBT, LCP, EVA grades • Certified biocompatibility grades Portfolio Orthopedics Diabetes • Design assistance • Analytical testing EXISTING • Moldflow® for modeling and analysis COPD / Asthma Women’s Health Customer • Processing support Partnerships • Regulatory support • Pharma lab feasibility services
Anti-virals (e.g., HIV) Oncology • Orthopedic implants • Long-acting drug delivery • Inhalers and injectors • Lab equipment and • Medical bags and diagnostics Segments EMERGING Central Nervous fluid handling • Surgical instruments Ophthalmology System Disorders
...enable a range of therapeutic solutions
14 VitalDose® success in drug delivery systems...
®
Controlled Release Excipient Celanese Solution Industry Focus
Controlled Release Dynamics Platform Technology Improved Efficacy • Drug-eluting implants Higher prevalence of side effects in this region • Intravaginal rings • Ophthalmic devices Patient-centered • Transdermal patches Treatments
Dynamic Drug Concentration Therapeutic Areas • Oncology Fewer • Anti-virals Interventions Time • Central nervous system disorders Maximum Effective Concentration • Women’s health Minimum Effective Concentration Value-based Conventional Formulation • Ophthalmology VitalDose® Controlled Release Solution Healthcare
...creating new opportunities for future growth
15 Connectivity 5G Multiple mega trends are enabled by 5G...
Advancements in ‘smart’ applications... …are creating new design requirements
Base Station Smart City Improved reliability Enable smaller and higher performance antenna
CONNECTED Mobile Devices Broad bandwidth COMMUNITY: 5G & Part consolidation BEYOND Weight reduction Improved signal integrity Telecommunication EMI shielding
Automotive Manufacturing
...driving demand for high-value, tailored solutions
17 5G Customizing LCP to meet unique design requirements…
Celanese 5G Technology Roadmap Pipeline Growth1
Dk:<20 Ultra Low Df ® Zenite® LCP High Dk Zenite LCP Dk: 8-18 • Smaller Antenna 2x • Minimize Signal Loss GROWTH • Impedance Reduction 2018-20
Commercial LCP & PPS Dk:<0.0006 Df: 0.001 Dk: 3.7-~7 Df: 0.002 -~0.01
® Dk: 3-4 Low Dk Zenite LCP/ Fortron® PPS
Dielectric Constant, Dk Constant, Dielectric Dk:<3 • Signal Cross-Talk Reduction
2018 2019 2020 Dissipation Factor, Df Development
...across multiple applications to drive innovation
1Peak net sales denote the projected highest net sales by opportunity 18 Growing portfolio of sustainable offerings…
1 SEGMENTS APPROACH CELANESE SOLUTION Pipeline Growth
CURRENT Reduced CO2 • Eco-B POM NEW footprint END Highly specified • Clarifoil® performance polymer MARKETS Bio-based • BlueRidgeTM NEW raw materials • China LCP 4x GROWTH • Ecomid® Nylon 2018-20 Standard polymer Recycled content • Celanex® PBT • Polifor® PP NEW • Amorphous NEW
• Clarifoil® Single-use plastics Biodegradable NEW • BlueRidgeTM END MARKETS 2018 2019 2020
…to meet exponential global demand expansion
1Peak net sales denote the projected highest net sales by opportunity 19 Investing in Asia localization...
Asia Sales Volume Winning with Local Innovators
CAGR Local 2010-20 Development 18% Commercial Excellence
Local Supply
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
In capital Number of expenditures employees in Production over the last region to 6x output ~$100M 10 years 2x support growth 2012- 2010 - 2020 2010 - 2020 2012 - 2020 2020
...to support innovation and deliver out-sized growth
20 Engineered Materials financial outlook
Adjusted EBIT Enhanced Pipeline Model 1 (in millions) $700-750 Growth Programs 2 ~$550 $403 Asia Localization 3 19% Adjusted EBIT 4 Sustainable Portfolio margin 2020 2021F Base Business Pipeline Program 2023F Growth Enhancements Initiatives
NET SALES CAGR ADJUSTED EBIT CAGR ADJUSTED EBIT MARGIN OPERATING EBITDA MARGIN
~10% 2021-2023 13-17% 2021-2023 >25% 2023 >30% 2023
21 Acetate Tow Lori Ryerkerk Sustainably Forested Trees Vinegar Celanese and Glucose Renewable Non-food sources Acetate Consumed by Enterprise microorganisms
High Purity Acetate Cellulose Derivatives + Acetic Acid
Sustainable Biodegradable raw materials
Compostable Acetate Tow Bio-based Acetate Flake Sustainable Environmentally friendly
2 A central link in our businesses
Consumer of Supplier of upstream products sustainable materials
Acetyl Chain Acetate Tow Engineered Materials
Acetic Acid Acetate Flake
Acetate Tow 3 Acetate Tow financial outlook
Adjusted EBIT Predictable Tow (in millions) 1 Market Outlook $249 ~$245 ~$245 Growing China 2 Affiliate Dividends 3 High Levels of Productivity Alternative Uses for Acetate Flake 4 2020 2021F Tow Demand Affiliate Productivity 2023F Decline Dividends
INDUSTRY DYNAMICS ADJUSTED EBIT MARGIN OPERATING EBITDA MARGIN DIVIDENDS FROM AFFILIATES of Total Adjusted STABLE ~45% 2023 ~50% 2023 ~55% EBIT 2023
4 Sustainability Lori Ryerkerk Accelerating safe and sustainable solutions through chemistry
Central to Our Business
Human Capital Demand Optimization Growth SUSTAINABILITY Right To Risk Compete Mitigation
Aligned with Our Values people safety customers quality community shareholders
2 Our approach to sustainability
GOVERNANCE: NAVIGATING A SUSTAINABLE FUTURE
ENVIRONMENTAL SOCIETAL COMMERCIAL
PRESERVING INVESTING IN OUR ADVANCING SAFE THE ENVIRONMENT PEOPLE AND AND SUSTAINABLE COMMUNITIES CUSTOMER SOLUTIONS
Waste Human Capital Chemical Safety Water Workforce Health and Safety Supply Chain Management Energy Process Safety and Circular Economy Air Emergency Preparedness Climate Community Relations
Three sustainability pillars under a shared governance framework
3 Governance: navigating a sustainable future
Commitment formalized through an ESG Council’s Progress: ESG Council with Board oversight
Q3 2019 Formed ESG Council Board of Directors Q4 2019 Completed ESG priority assessment
Q1 2020 Committed to adopt SASB Chemical Audit CMD NCG EHSQPP Industry standards Committee Committee1 Committee2 Committee3 Q2 2020 Launched enhanced sustainability website and proxy disclosures Executive Management Formed 10 ESG expert committees Q3 2020 to develop KPIs, baselines, and targets Developing 2020 Sustainability Report and ESG Council: business and functional experts Q1 2021 website aligned to SASB and UNSDGs4
Our sustainable future starts with leadership
1 3 CMD - Compensation and Management Development Committee EHSQPP - Environmental, Health, Safety, Quality and Public Policy Committee 4 2 NCG - Nominating and Corporate Governance Committee 4 UNSDG - UN Sustainability Development Goals Preserving the environment
Waste Water Energy Air
34% reduction in solid waste Committed to Operation 237 energy projects delivered 37% VOC3 intensity intensity 2013-20191 Clean Sweep pledge for ~$25 million in savings from reduction from 2013-20191 European and U.S. facilities 2019-2020
4 ~160,000 MMBtu per year heat 30% GHG % recovery and reuse from 10% reduction ~3,100 mt reduction of CO intensity % 2 hazardous waste incinerator in water annually at Lanaken site from reduction 30 project consumption new combined heat power unit from intensity 10 2013-20191 by 20302 15% reduction % 10% reduction in % in total waste total net energy Capturing Hazardous by 20302 intensity by 20302 Air Pollutants (HAPS) 15 10 in 2020 for future disclosure and target
Strategic steps aimed to reduce our operational impact
1 Based on internal estimates 3 VOC - Volatile Organic Compounds 5 2 From a 2021 baseline 4 GHG - Greenhouse Gas
Addressing climate change
Investing in projects to: Green Initiatives at Clear Lake, Texas Facility
Increase energy efficiency and improve reliability Renewable Energy Supply Methanol Production Signed a renewable energy contract to from Recycled CO2 supply ~33% of the annual electricity By-product CO as alternative feedstock Recover and reuse 1,2 2 consumption at the site. 4 waste heat for methanol production to be used in a range of end-products.
Increase use of renewable DISPLACING A DISPLACING A 142,759 TOTAL OF TOTAL OF EQUIVALENT TO EQUIVALENT TO energy and sustainable MWh taking more than taking more than OF RENEWABLE 66,700 180,000 ELECTRICITY raw materials mt CO2 mt CO2 PURCHASED 14,500 39,000
cars off the road cars off the road per year3 per year
Adopted climate policy in 2020 and committed to establishing robust climate program
1 ~65% of the site’s daytime electricity usage during summer months 3 Carbon abatement for one year estimates using ERCOT eGRID scalers 6 2To come online in mid-2021 4 Through the Fairway Joint Venture anticipated to begin mid-2023 Committed to our people and communities
Workforce Process Safety Community Human Capital Health & Safety & Emergency Relations Preparedness
Providing a diverse, equitable ~50% reduction in total ~75% reduction in total $1.4 million donated to ~900 and inclusive culture recordable incidents from process safety incidents non-profit organizations - 50% women on Board 2014-2020 2013-2020 in 2020 of Directors - 28% women in management 21 of 35 sites with no ~50 U.S. companies have $4.4 million donated to ~1,500 - 29% people of color in U.S. adopted CE’s “Walk the Line” management roles recordable injuries in 2019 non-profit organizations program focused on in 2019 operational discipline Tools and resources to support employee 900,000+ volunteer hours development, career Performed severe weather since 2016 growth and wellness needs assessments for 8 CE high and medium risk facilities in 2020
Driving greater engagement within Celanese and our communities
7 Driving Diversity, Equity & Inclusion (DE&I)...
Leadership Employee Engagement Outreach
Global DE&I Council as our Employee Resource Groups (ERGs) Engagement with key industry advisory committee to inspire, develop and increase and academic organizations the visibility of under-represented to recruit diverse talent - 18 cross-functional employees employee groups representing 11 countries - Senior leadership chair 8 ERGs | 39 Chapters Initiatives to support - Oversight by the Board of Directors under-represented groups pursuing STEM1 degrees
Global cultural awareness and heritage celebrations Employee Interest Groups (EIGs) to connect employees with Supplier diversity program common interests and causes
...for a culture of inclusion, innovation and growth
1 STEM - Science, Technology, Engineering, Mathematics 8 Advancing safe and sustainable customer solutions
Chemical Safety Supply Chain Management Sustainable Solutions
Publish product profiles Sourcing of renewable energy and Chemistry of platform well prioritized by risk/volume renewable or bio-based raw materials suited for long-term transition to more renewable feedstocks Establish customer chemical Improved management of supplier, safety education program vendor and contractor risk profiles Heavy exposure to highly engineered, durable applications Align with ACC’s1 product safety ~$150 million economic benefit innovation program through Celanese purchases from Focus on customer solutions that small businesses2 improve resource efficiency and product life
Helping our customers realize the sustainability goals of their end use products
1 ACC - American Chemistry Council 9 2 Minority, women and veteran-owned businesses based upon input-output analysis model Enabling sustainable solutions
2020 Net Sales: $5.7B Sustainable Solutions and Products
Redispersible powders reduce required tile adhesive thickness, lowering the Sustainable solutions and carbon footprint by up to 50% products Clarifoil® and BlueRidgeTM product offerings that are bio-based materials
EM lightweighting solutions improve fuel economy by offering up to 30% mass savings vs. traditional part materials
Significant contributor to our future net sales growth
Based on internal estimates 10 On our sustainability horizon
Setting targets for Integrating software to environmental goals capture environmental SASB metrics
Publishing human capital Launching the 2020 metrics for increased Sustainability Report and transparency website in mid-2021
Voluntary sustainability reporting to ACC
Increasing transparency and Expanding the product reporting of our climate initiatives portfolio of sustainable on carbon impact solutions
Leadership through consistent improvement in transparency
11 AcetateFinancial Tow Excellence LoriScott Ryerkerk Richardson Disciplined focus to drive shareholder value
1 INVEST TIME AND EFFORT TO EVOLVE OUR LEADING BUSINESS FRANCHISES
LEVERAGE OUR BUSINESSES TO DRIVE STRONG CASH GENERATION AND 2 USE THAT CASH FOR SHAREHOLDER VALUE ACCRETION
FOCUS ON DELIVERING DOUBLE DIGIT PER YEAR ADJUSTED EARNINGS 3 PER SHARE GROWTH
2 Leading positions and business model evolution have driven performance uplift
Adjusted EBIT Adjusted Earnings (in millions) Per Share
$11.00-11.50 $1,852 $11.00
$9.53 $1,476 $1,356 $ $ $ $7.64 1,268 $1,236 1,278 7.51 $ 1,131 $6.61 $1,056 $6.02 $962 $5.67
$4.50 $4.07
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F
Sustained track record of earnings growth
3 Consistent performance translates to shareholder value
Total Shareholder Return Free Cash Flow Yield (February 28, 2018 – February 28, 2021) (Avg. 2018 – 2020)
% DJUSCH 22% % DJUSCH 6% CE 47 Proxy Peers 29% CE 8 Proxy Peers 6%
Return on Invested Capital Shareholder Yield (Avg. 2018 – 2020) (Avg. 2018 – 2020)
% DJUSCH 11% % DJUSCH 4% CE 20 Proxy Peers 12% CE 8 Proxy Peers 5%
Compelling relative performance and valuation continue to drive superior returns
Based on FactSet and internal estimates 4 Reliably strong total shareholder returns
Over the last decade, Driven in an average year CE has delivered… over this period by…
Multiple Earnings Expansion Growth
out ...positive TSR in9 of 10 years with average annual TSR1 of %
15 Dividends Share Repurchases
Two-thirds of historical shareholder value generated by controllable actions
Based on FactSet and internal estimates 5 1Arithmetic average of TSR across each calendar year 2011 to 2020 Foundational level of returns from dividends and share repurchases
Dividends $ $ 1,300 and Share 1,097 $ $ 943 $ $701 741 Earnings Repurchases $ 594 $ 394 Growth (in millions) $65 $88 247
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Repurchases Dividends
Shareholder Yield 7.7% 9.5% 7.7% 4.3% 6.2% 7.0% 5.6% 0.6% 1.3% 3.2% Share 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Repurchases
>$6 billion returned over the last decade and growing shareholder yield
Based on FactSet 6 Key pillars in place to lift earnings profile
High-Return Productivity Business Model Organic Enhancement Investment M&A
Raw material & Pipeline model evolution Productivity-based Product & technology energy efficiency investments enhancement Scaling our models Scaling our production Incremental, Supportive of business
Expanded optionality11 capital-efficient expansions models Process & system automation Production & supply chain Feeding productivity optimization pipeline
Adjusted EBIT (in millions) $1,300-1,600 $1,100-1,400 $950-1,300
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Complementary pillars focus the organization on controllable actions
7 Earnings growth begins with productivity culture
Historical Productivity 2020 Productivity (in millions)
Business Manufacturing $235 Enterprise $214
$165 $168 ~$150 M $145 Average $125
2015 2016 2017 2018 2019 2020 Procurement
Elevated and highly sustainable productivity in 2020
8 Productivity remains core component of organic investment
Clear Lake Acetic Acid European Compounding End to End Supply Expansion Center of Excellence Chain Transformation 1 2 3 (Wave 1) Business Acetyl Chain Engineered Materials All Capital Cost < & Completion $350 M 2023 <$20 M 2022 <$25 M 2021
• Low-cost natural gas feedstock • Consolidate European footprint • Supply chain optimization tools Productivity • Raw material & catalyst usage gains • Improve compounding utilization • Process optimization • Fixed cost scale • Leverage existing infrastructure • Analytics platforms Simple 2021 $ ROCE 25%+ Payback 2.5 years Savings~ 20M
Three examples of how productivity contributes to top tier capital returns
Based on internal estimates 9 Example of end to end supply chain transformation
Multiple Waves 11 Project Workstreams (Wave 1) Hundreds of Drivers Three Benefits
Wave 1 Advanced Statistical Forecasting 10 New supply chain Productivity technology tools Savings Wave 2 Supply Network Planning
1 Customer Production Schedule Optimization 20 RPA’s (“Bots”) Satisfaction End-to-End Cost-to-Serve Hours of Employee Sampling Execution >20k work take out Satisfaction
Distribution Network Optimization Corporate 10 functions Customer Experience Solutions optimized
Annual productivity is comprised of hundreds of individual projects
1RPA - Robotic Process Automation 10 Organic investments represent highest return opportunities
Historical CAPEX 2020 CAPEX
Revenue Maintenance 10% Generation of Business 9%
6% 6% 6% 5% EHS1 5% 5% 5%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F Cost % of Net Sales Total Reduction
Revitalizing a deep organic investment pipeline to drive future returns
1EHS - Environmental, Health and Safety 11 Highly disciplined capital allocation strategy
ROIC (Avg. 2018-2020) 19.6%
Maintenance of Business
CE Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16
Unwavering discipline drives top tier return on capital
Based on FactSet and internal estimates 12 Business plans to yield high-quality earnings
$ ENGINEERED • Project pipeline and incremental investments 700-750 • >85% adjusted EBIT from base business 2023 million MATERIALS • Upside from M&A potential Adjusted EBIT • Leading network optionality and $ ACETYL incremental expansion $ 900-1,000 CHAIN • Earnings profile on normalized industry dynamics million • Upside from M&A potential and industry dynamics 1.7-1.8 billion1 ~$ • Stabilized industry dynamics 245 ACETATE • Secular demand declines offset by productivity million TOW • >50% from growing Chinese affiliate dividends
Elevating the sustainable earnings profile of our businesses
1Includes Other Activities 13 Business plans yield powerful cash generation
Cumulative Operating Cash Flow Uses of Operating Cash Flow (2021 - 2023) (2021 - 2023) (in billions) (in billions)
~$4-5
CAPEX ~$1.5 >$1.5-2.5 excess cash generation for share repurchases and M&A
DIVIDENDS $ 2021F 2022F 2023F ~ 1.0
Excess cash generation between 2021 and 2023 for further deployment
Based on internal estimates 14 Flexible, diversified balance sheet enables growth strategy
2.2 2.5 2.5 2.3 2.2 2.2 1.7 2.0 1.9 1.6 1.9 1.6 Debt / EBITDA
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F
$ Debt Maturity 1000 Profile (in millions) $0 2021 2022 2023 20241 2025 2026 2027
Bond $ Bond
Ability to access multiple debt markets quickly and efficiently
1 Prepayable $1.25 billion revolver matures in 2024. Zero balance as of December 31, 2020. 15 1Prepayable $1.25 billion revolver matures in 2024. Zero balance as of December 31, 2020.
Additional firepower on the balance sheet
Current Cash Balance Sheet Excess Cash Generation Capacity Levels (2021-2023) (through 2023) Up to Firepower $2.0B $6.0B $ available to 4.0-5.0B drive growth including $ 1.0B $ M&A and share 1.5B repurchases
$1.2B
Excess Cash Operating Dividends Capital Additional Balance1 Cash Flow Expenditures Debt Capacity2
Central Nervous Up to $6B available through 2023 for opportunisticOphthalmology deployment System Disorders
1As of December 31, 2020 16 2Estimated minimum additional debt capacity by 2023 while maintaining Investment Grade credit rating Sustaining double-digit growth in adjusted earnings per share…
Adjusted Earnings Per Share
$13.00-14.00
Winning in key end $11.00-11.50 1 markets Transforming our $7.64 productivity 2 Double- Driving greater digit 3 sustainability CAGR Enhancing our capital deployment 4 2020 2021F Engineered Acetyl Acetate 2023F Materials Chain Tow
…on business earnings growth, cash conversion and capital deployment strategy
17 Glossary
For Celanese Non-GAAP measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information documents under Financial Information/Non-GAAP Financial Measures on our investor relations website, investors.celanese.com
• Average Market Cap is the average of quarterly beginning and ending market caps during each measurement period. For instance, 2020 average market cap is the average of market caps of the beginning of Q1, and the ending of Q1, Q2, Q3, and Q4 of 2020. • Dividend Yield is defined as Common Stock Cash Dividends Paid divided by Average Market Cap. (6) • Free Cash Flow for proxy peers and DJUSCH index is defined as Cash Flow from Operations less Capital Expenditures; Free Cash Flow for Celanese is per Celanese non-GAAP disclosure. • Free Cash Flow Yield is defined as Free Cash Flow divided by Average Market Cap. (4) • Debt to EBITDA Ratio is defined as Total Debt divided by Operating EBITDA. (15) • Proxy Peers include ALB, APD, ASH, AVNT, AXTA, CC, CF, ECL, EMN, FMC, HUN, IFF, LYB, PPG, RPM, SHW. (4, 12) • Repurchase Yield is defined as Share Repurchases divided by Average Market Cap. (6) • ROIC for proxy peers is defined as adjusted earnings1 tax effected, divided by the average Invested Capital at the beginning and ending of each measurement period. ROIC = adjusted EBIT less adjusted income taxes2) / (average Total Debt + average Stockholders’ Equity). (4, 12); ROIC for Celanese is per Celanese non-GAAP disclosure. • Shareholder Yield is defined as the sum of Dividend Yield and Repurchase Yield. (4, 6)
1Or operating pro t if adjusted earnings metric not provided 19 2Or GAAP income taxes if adjusted income taxes not provided Wrap Up Lori Ryerkerk Keep in mind…
1 OUR 2023 OUTLOOK IS BASED ON CONTROLLABLE ACTIONS
THERE ARE SIGNIFICANT VALUE OPPORTUNITIES BEYOND WHAT 2 IS INCLUDED IN OUR 2023 OUTLOOK
WE ARE TAKING ACTIONS TODAY TO DELIVER INCREMENTAL 3 GROWTH BEYOND 2023
2 History of sustained growth...
$ Average market capitalization (in billions) 15.2 $ 14.5 $ Share price $13.2 13.7 $12.1
$ $ 9.9 $9.1 9.7 $7.9 $6.6
2012 2013 2014 2015 2016 2017 2018 2019 2020 20211
...driven by controllable actions
Based on FactSet 12021 share price and average market capitalization from January 1, 2021-February 28, 2021 3 Additional growth opportunities
Broad replacement of Material acetyls curtailment single-use plastics with or rationalization activity sustainable alternatives in China
Acceleration of US, EU, Tow industry or China infrastructure rationalization or development consolidation
Accelerated global Actionability of industry transition to electric M&A, particularly and hybrid vehicles transformational
Uniquely positioned to drive these opportunities for further earnings growth
4 Real value generated from our business portfolio
Diversification Cost Efficiency Natural Hedges Capital Allocation
End market $ Business Complementary diversification ~ 50M annually cycles cash generation #1 Auto # Shared primary ENGINEERED 2 Electrical & Currency Complementary MATERIALS Electronics raw materials capital needs #3 Industrial Oil Shared corporate # volatility ACETYL 1 Coatings functions CHAIN # 2 Adhesives Raw material Talent and # Cross-business business 3 Packaging swings product flows model ACETATE overlap TOW #1 Filtration
Any portfolio change must be part of an opportunity for greater value
5 Disciplined M&A pipeline criteria
Industry Commercial
Industry leadership High customer intimacy Competitive cost position Aligns well with commercial model Upstream or downstream Complementary (region, end market) value creation Differentiated offering (products, capabilities, services)
Financial Technical
High synergy opportunities Differentiated technology & strong IP Opportunity to unlock growth Application know-how Double-digit IRR Formulation expertise
Consistently applying criteria to evaluate pipeline of high-return M&A opportunities
6 Broad M&A opportunity set in Engineered Materials
Capabilities Medical Molding Electronic Chemicals Polymers High Performance & Materials Additive Fibers Manufacturing EMI High Temperature Shielding Polymers Flame Thermosets Retardancy Biopolymers Part Composite Manufacturing Recycling Existing Form Factors Polymers Resorbable Pharma Solutions Excipient Core
Orthopedic Implants Adjacent Current Core Mexico Geographies Advanced Electrical Emerging Mobility 5G Energy Storage India Renewable Energy Single-Use Plastic Southeast Asia Alternatives
Regions Aerospace Applications
Synergistic opportunities that leverage our commercial model, capabilities and product portfolio
7 Significant upside with M&A
Outlook assumes 100% of Market Capitalization excess cash generation1 goes to Growth Outlook (in billions) 1 share repurchases and bolt-on M&A Up To M&A Opportunity $5+ Potential for $2-3B value $ 2 15 creation from synergies from $ 2 $ 12 larger M&A 10 Earnings approaching Expansion $20+ Additional value opportunity through rerating from demonstrated track record 3 2015 2020 20213 2023F-2025F and portfolio !"#$%&'(") *+*+ *+*, *+** *+*-
Committed to delivering outsized value creation through strong execution and M&A
Based on FactSet and internal estimates 2 Range dependent on various factors including deal structure, valuation, synergy pro le, etc. 8 1 Excess cash generation and cash reserves following dividends and capital expenditures 3 Average market capitalization from January 1, 2021 - February 28, 2021 Extending our strategic investment horizon
Adjusted Earnings Per Share Contributors Beyond 2023 (startup within 2023 or after) $11-14 Acetyl Chain Startup Clear Lake acetic acid expansion 2023 $8-10 Methanol from CO2 2023 Nanjing VAM expansion 2023 Frankfurt emulsions expansion 2023 Nanjing emulsions expansion 2023
Engineered Materials Nanjing compounding expansion 2023 $11.00 $9.53 $7.64 LCP China capacity 2024 EU GUR expansion 2024 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
Controllable actions today to deliver value beyond 2023
9 How we deliver shareholder value…
Multiplying Our Momentum
1 Deliver shareholder value on what we can control 2 Partner with our customers to deliver innovative solutions 3 Expand and flex our commercial optionality 4 Allocate our capital with a disciplined focus on returns 5 Foster a culture of diversity, equity and inclusion 6 Deliver a growing portfolio of sustainable products
10
Acetate Tow Appendix Predictable and stable market outlook
Gradual, secular decline Global Cigarette Demand1 in tow demand
2020 – 2023E CAGR decline of 1% Limited impact on tow demand from COVID-19 pandemic
Stable inventory and regional trade dynamics Global Cigarettes (trillions) Cigarettes Global
2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F China Rest of World
Manageable future demand deterioration
1 Euromonitor International, Retail + Illicit 2 Stabilizing industry dynamics
Estimated Global Tow Capacity (~800 kt) Global Tow Utilization
97% Other China captive Celanese 91% 92% Kunming 92% 87% 88% 89% Zhuhai 85% Eastman Tow Volume (kt) Volume Tow Nantong
Jinan/Hubei Rest of world 2013 2014 2015 2016 201920182017 2022F2021F2020 2023F Daicel China Blackstone Excess Capacity Utilization
Utilization could improve further as producers continue to address cost positions
Based on internal estimates 3 Growing China dividends
Dividend growth drivers Efficiency improvements at our China JVs Flake expansion and potential future incremental expansions Increased tow sales in China Cost reductions in raw materials such as pulp and acid Development of new flake end uses
Other
JV dividends overview Share of China capacity Eastman JV Daicel JV
Celanese JV
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F
Largest China position with >70% of capacity
Based on internal estimates 4 Maintaining high level of productivity
Productivity Productivity 8% Initiatives 7%
6% 2015 Pulp sourcing optionality 2016 Capacity reduction at Lanaken 5% 4% 2019-2020 Ocotlán closure 3% 2020 Combined heat power plant at Lanaken
2021-2023 • Energy reduction • Manufacturing improvements 2015 2016 2017 2019 2020 2021F 2022F • Raw material optimization 2018 2023F • Digitalization Productivity Savings Percentage of Net Sales
Proven productivity track record that more than offset inflation in last five years
5 Driving value by capturing market opportunities
Product Regional Growth Sustainability Growth Opportunities Opportunities Opportunities
OPPORTUNITY: OPPORTUNITY: OPPORTUNITY: Growth in alternatives Shift in regional demand Demand for sustainable to traditional cigarettes products CE RESPONSE: CE RESPONSE: Leading position in China and CE RESPONSE: Capturing market share in growing markets such as Designing enhanced, in Heated-Tobacco Indonesia and the Middle East eco-friendly products Products (HTP) 150 Billion Sticks1 such as low-carbon tow
2016 2017 2018 2019 2020 2021F 2022F
Pockets of opportunity to help offset declining tow demand
1 Based on internal estimates 6