OCTOBER 2019

CHEMICALS & PLASTICS NEWSLETTER

IN THIS ISSUE PNC’s Chemicals & Plastics Newsletter focuses on relevant market news and trends, Recent Headlines 1 lending and bond market activity and public trading data, along with merger and acquisition movement to keep you informed. In this issue, we highlight the third quarter Pricing and Volume Update 2 2019 market activity and provide insight into the trends that defi ned the quarter. Third Quarter Lending We hope that you fi nd the newsletter to be a useful tool for your day-to-day activities and Bond Market Activity 5 and we are always interested in learning how we can enhance our report. Please feel Public Trading Data 6 free to contact us with any suggestions or customized requests. Segment Performance 7 Third Quarter 2019 Transactions 8 RECENT HEADLINES PNC’s Chemicals & Plastics Experience 21 Clariant:1 Just 10 months after taking the job, and less than a year after Clariant and SABIC announced the signing of a Memorandum of Understanding on a “signifi cant collaboration opportunity,” Clariant’s CEO has stepped down and the joint venture between the two chemical companies has been suspended.

While Ernesto Occhiello stepped down as CEO, apparently for personal reasons, current market FOR MORE INFORMATION conditions were cited as the reason behind the stalled talks regarding the intended combination of Clariant’s high-performance materials with parts of SABIC’s specialties business. Contact PNC’s Chemicals & Plastics Group: In addition to putting off talks of a joint venture, Clariant has decided to divest its entire Ben Whiting masterbatches business, instead of just its standard masterbatches, as previously announced. Managing Director Clariant believes the portfolio changes will allow the remaining business to focus on Chemicals & Plastics differentiated, customer-specifi c products. The PNC Financial Services Group Recycled Content:2 In an effort to reduce the impact of single-use plastics, many consumer 1900 E. 9th Street Cleveland, Ohio 44114 product companies have announced sustainability goals relating to their packaging. Some O f fi c e: 216-222-2014 companies are changing the materials used in packaging, but most of these commitments include Cell: 440-796-5210 a target level of recycled content. For example, PepsiCo announced a goal of 25% recycled content [email protected] by 2025, and Colgate’s 2020 goal is to increase recycled content in packaging to 50% on average.

Matt McTague While all of these changes are a step toward reducing environmental impact, several groups Vice President have pointed out a critical impediment to everyone rushing for recycled resins at the same time: Chemicals & Plastics There isn’t enough to go around with current capacities. The PNC Financial Services Group 1900 E. 9th Street Increased demand with limited supply obviously points to higher pricing, which hopefully Cleveland, Ohio 44114 will drive increased investment in recycling capacity. While capacity constraints can be solved O f fi c e: 216-222-1173 with justifi able investment, the biggest challenge will be shifting U.S. consumer mentality Cell: 484-941-4415 to drive recycling rates above the current level of approximately 30%. [email protected]

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 2

PRICING AND VOLUME UPDATE

° Retail cash flow for U.S. high-yield bond funds was -$258 ° Regarding leveraged loan funds, retail cash flow was positive million in the week ended September 25, according to Lipper, for the first time in 44 weeks during the week ended September impacting the sizable $3.29 billion infusion the prior week and 18, with a net $24 million of retail cash inflow, but momentum extending the back-and-forth readings to net-positive $1.23 returned to trend in the week ended September 25, with a billion over the trailing 10 weeks. The YTD cash flow tally is net outflow of $404 million, according to Lipper. There have now inflows of $15.23 billion, with $11.10 billion tied to ETFs, been outflows in 44 of the past 45 weeks, totaling $37.29 or 73% of the total. billion over that span.

HY Spread Less BB Loans

1,000 bps

Difference (HY/Loans) BAML HY OAS (HOA0) BB Loan 3-Year Effective Spread 750 bps 20-Year Average

157 bps (20-Year Average) 500 bps

250 bps

0 bps 4 5 6 7 8 14 15 16 17 18 19 15 16 17 18 19 14 15 16 17 18 19 20 20 20 20 20 20 201 201 201 201 201 20 20 20 20 20 20 20 20 20 20 20 r- r- r- r- r- n- c- n- c- n- c- n- c- n- c- n- p- p- p- p- p- p- Ju Ju Ju Ju Ju Ju Se De Se De Se De Se De Se De Se Ma Ma Ma Ma Ma

Institutional Loan LIBOR Spreads

B+ / B BB / BB- 3-Month LIBOR

L + 700.0 700.0

L + 600.0 600.0

L + 500.0 500.0 ) )

L + 400.0 400.0

L + 300.0 300.0 LIBOR Spread (bps Month LIBOR (bps 3- L + 200.0 200.0

L + 100.0 100.0

L + 000.0 0.0 10 11 12 13 14 15 16 17 18 19 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 p- p- p- p- p- p- p- p- p- p- y- y- y- y- y- y- y- y- y- y- n- n- n- n- n- n- n- n- n- n- Ja Se Ja Se Ja Se Ja Se Ja Se Ja Se Ja Se Ja Se Ja Se Ja Se Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 3

PRICING AND VOLUME UPDATE (Continued)

Average Secondary Loan Spreads Over LIBOR (2013 to Current)

Min Current Spread Max BB Loans 258 297 523

B Loans 387 513 904

CCC Loans 821 1,597 2,526

Second Lien Loans 741 1,227 2,021

Middle Market Loans 528 587 931

All Lev Loans 366 494 781

BAML HY Index 569 623 1,017

Loan spreads assume a three-year life. Graph not to scale.

Loan Fund Flows

3,000

2,000

) 1,000

0

-1,000

-2,000 Fund Flows ($ in millions -3,000

Weekly Loan Flows 4-wk Avg -4,000 16 17 17 18 18 19 19 17 18 19 16 17 18 r- r- r- p- c- n- p- c- n- p- c- n- p- Ju Se Se Ju Se Ju Se De Ma De Ma De Ma

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 4

PRICING AND VOLUME UPDATE (Continued)

HY Fund Flows

6,000

4,000

) 2,000

0

-2,000

-4,000

Fund Flows ($ in millions -6,000 Weekly HY Flows 4-wk Avg -8,000 19 18 17 18 17 16 19 18 19 17 18 16 17 n- n- c- r- n- c- r- c- r- p- p- p- p- Ju Ju Ju Se Se De Se De Se De Ma Ma Ma

Private-Equity Cash Flows3

$600 Contributions ($B) Distributions ($B) Net Cash Flow $500

$400

$300

$200

$100

$0

-$100

-$200

-$300

-$400 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Private-equity cash flows hit 8 years in the black — Data from Refinitiv and PitchBook shows that between 2017 and 2018, LPs were on the receiving end of nearly $1 trillion in private-equity returns. Distributions came in at $480 billion last year, just off 2017’s record $488 billion. Net cash flows topped $150 billion for the second straight year and have been north of that figure since 2014 (except for a softer 2016). The big change today is that more money is changing hands between GPs and LPs, thanks in part to the ongoing success of fundraising in the PE industry (also thanks in part to harvesting crisis-era deals). The contribution column helps reflect that fundraising, breaching $300 billion in 2017 and 2018. Taken together, 2017 and 2018 data shows just how busy LPs have been over the past few years with the magnitude of distributions helping to fuel fundraising efforts.

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 5

THIRD QUARTER LENDING ACTIVITY4

Tranche Tranche Term Date Company Size (Ms) Type Spread (Years) Rating 9/30/19 Dow Silicones $ 2,000 TL L+75 2 - / - Advanced Drainage $ 350 Revolver - 5 B1 / B 9/24/19 Systems $ 700 TLB L+225 7 B1 / B 9/23/19 Innospec Inc $ 250 Revolver L+105 4 - / NR CHF 1,000 Revolver - 5 - / BBB+ $ 500 TL - 5 - / BBB+ 9/6/19 Lonza Group Ltd € 500 Bridge - 1 - / BBB+ $ 200 TL - 6 - / BBB+ 8/30/19 PPG Industries Inc $ 2,200 Revolver L+100 5 A3 / A- € 520 Bridge E+125 - Ba2 / NR $ 260 TLA L+210 5 Ba2 / NR 8/28/19 Synthomer Plc £ 200 Bridge L+150 - Ba2 / NR € 460 Revolver E+190 5 Ba2 / NR $ 1,200 TLA L+112.5 1 Baa2 / BBB 8/14/19 Albemarle Corp $ 1,000 Revolver L+125 5 Baa2 / BBB $ 153 Other Loan L+115 5 Ba1 / BB+ 7/17/19 Olin Corp $ 800 Revolver L+137.5 5 Ba1 / BB+ $ 1,200 Delay Draw TL L+137.5 5 Ba1 / BB+ 6/28/19 Tredegar Corp $ 500 Revolver L+162.5 5 - / - $ 25 Revolver L+150 3 B1 / B+ $ 205 Revolver L+150 3 B1 / B+ 6/20/19 Venator Materials PLC $ 375 Delay Draw TL L+300 5 B1 / B+ $ 120 Revolver L+150 3 B1 / B+ Avantor Performance $ 810 TLB L+300 5 - / NR 6/18/19 Materials Holdings Inc € 418 TLB E+325 5 - / NR

THIRD QUARTER BOND ACTIVITY 5

Tranche Tranche Term Date Company Size (Ms) Type Coupon (Years) Rating 9/26/19 LyondellBasell $ 1,000 Sr Unsecured 4.200% 30 Baa1 / BBB+ $ 500 Sr Unsecured 3.200% 7 Baa1 / BBB+ 9/17/19 FMC Corp $ 500 Sr Unsecured 3.450% 10 Baa1 / BBB+ $ 500 Sr Unsecured 4.500% 30 Baa1 / BBB+ € 500 Sr Unsecured 0.875% 7 Baa1 / BBB+ 9/10/19 LyondellBasell € 500 Sr Unsecured 1.625% 12 Baa1 / BBB+ $ 800 Sr Unsecured 2.950% 10 Baa1 / BBB+ 8/12/19 Sherwin-Williams Co $ 550 Sr Unsecured 3.800% 30 Baa1 / BBB+ $ 300 Sr Unsecured 2.400% 5 Baa1 / BBB+ 8/6/19 PPG Industries Inc $ 300 Sr Unsecured 2.800% 10 Baa1 / BBB+

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 6

PUBLIC TRADING DATA LTM FCF LTM EV / LTM Stock Market Enterprise Net Net Debt / LTM 5-yr Avg. Conversion Company Ticker Price Cap. Value Revenue EBITDA EBITDA % EBITDA Debt LTM EBITDA CapEx CapEx / EBITDA Fine Chemicals (Pharma, Food and Beverage) Balchem BCPC $99.19 $3,209 $3,405 $637 $151 23.7% 22.5x $196 1.3x $26 $25 82.7% Cabot Microelectronics CCMP $141.21 $4,100 $4,890 $916 $305 33.3% 16.0x $791 2.6x $39 $17 87.3% Cambrex CBM $59.50 $2,007 $2,498 $574 $147 25.5% 17.0x $491 3.4x $65 $50 55.7% Element Solutions Inc ESI $10.18 $2,613 $4,028 $1,883 $383 20.4% 10.5x $1,417 3.7x $29 $32 92.5% Entegris Nasdaq:ENTG $47.06 $6,361 $6,827 $1,570 $423 26.9% 16.1x $466 1.1x $123 $80 71.0% International Flavors & Fragrances IFF $122.69 $13,100 $17,627 $5,077 $1,102 21.7% 16.0x $4,400 4.0x $222 $134 79.9% Sensient Technologies SXT $68.65 $2,905 $3,574 $1,354 $247 18.3% 14.5x $668 2.7x $43 $70 82.5% Fine Chemicals Median $3,209 $4,028 $1,354 $305 23.7% 16.0x 2.7x $43 $50 82.5% Ag and Minerals AgroFresh AGFS $2.63 $135 $520 $182 $60 32.8% 8.7x $376 6.3x $4 $4 94.1% American Vanguard AVD $15.70 $474 $645 $456 $59 13.0% 10.9x $171 2.9x $12 $8 79.6% CF Industries Holdings, Inc. CF $49.20 $10,742 $17,623 $4,675 $1,802 38.5% 9.8x $4,129 2.3x $431 $1,477 76.1% Compass Minerals International, Inc. CMP $56.49 $1,914 $3,294 $1,458 $272 18.7% 12.1x $1,380 5.1x $95 $147 65.3% FMC Corporation FMC $87.68 $11,436 $14,860 $4,864 $1,319 27.1% 11.3x $3,393 2.6x $162 $114 87.7% Innophos Holdings Inc. IPHS $32.46 $634 $988 $766 $110 14.4% 9.0x $354 3.2x $46 $38 58.2% LSB Industries, Inc. LXU $5.18 $149 $786 $390 $63 16.1% 12.5x $416 6.6x $35 $188 45.1% Minerals Technologies Inc. MTX $53.09 $1,861 $2,718 $1,813 $346 19.1% 7.9x $826 2.4x $69 $77 80.0% The Mosaic Company MOS $20.50 $7,910 $12,640 $9,525 $2,032 21.3% 6.2x $4,520 2.2x $1,194 $909 41.2% Ag and Minerals Median $1,861 $2,718 $1,458 $272 19.1% 9.8x 2.9x $69 $114 76.1% Distribution Brenntag XTRA:BNR $48.41 $7,480 $10,057 $14,561 $1,036 7.1% 9.7x $2,612 2.5x $205 $159 80.2% Hawkins Inc. HWKN $42.50 $453 $542 $554 $59 10.6% 9.2x $89 1.5x $19 $18 67.1% IMCD ENXTAM:IMCD $73.98 $3,880 $4,625 $3,000 $255 8.5% 18.2x $778 3.1x $5 $4 97.9% Univar UNVR $20.76 $3,501 $6,734 $8,847 $609 6.9% 11.1x $3,234 5.3x $95 $105 84.4% Distribution Median $3,690 $5,680 $5,923 $432 7.8% 10.4x 2.8x $57 $62 82.3% Diversified Albemarle ALB $69.52 $7,368 $9,159 $3,417 $933 27.3% 9.8x $1,617 1.7x $835 $311 10.5% Ashland ASH $77.05 $4,663 $7,138 $3,705 $633 17.1% 11.3x $2,475 3.9x $201 $217 68.2% Chemours CC $14.94 $2,442 $6,365 $5,876 $1,079 18.4% 5.9x $3,917 3.6x $527 $474 51.2% CSW Industrials CSWI $69.03 $1,037 $1,065 $363 $79 21.6% 13.6x $28 0.4x $8 $9 89.5% Eastman EMN $73.83 $10,114 $16,561 $9,666 $1,984 20.5% 8.3x $6,370 3.2x $482 $610 75.7% Ecolab ECL $198.04 $56,986 $64,551 $14,773 $3,203 21.7% 20.2x $7,521 2.3x $805 $798 74.9% Huntsman HUN $23.26 $5,337 $8,081 $8,908 $1,125 12.6% 7.2x $2,535 2.3x $340 $395 69.8% Ingevity NGVT $84.84 $3,551 $4,946 $1,321 $385 29.2% 12.8x $1,395 3.6x $121 $81 68.6% Koppers KOP $29.21 $604 $1,695 $1,773 $179 10.1% 9.5x $1,080 6.0x $75 $70 58.3% Olin Corp OLN $18.72 $3,076 $6,490 $6,654 $1,103 16.6% 5.9x $3,415 3.1x $401 $232 63.7% PQ PQG $15.94 $2,170 $4,265 $1,598 $362 22.7% 11.8x $2,089 5.8x $131 $94 63.8% W.R. Grace GRA $66.76 $4,455 $6,317 $1,998 $481 24.1% 13.1x $1,855 3.9x $227 $142 52.8% Diversified Median $4,003 $6,428 $3,561 $783 21.1% 10.5x 3.4x $284 $224 66.0% CASE (Coatings, Adhesives and Sealants) Axalta AXTA $30.15 $7,033 $10,499 $4,589 $883 19.2% 11.9x $3,412 3.9x $116 $146 86.9% Carlisle CSL $145.54 $8,238 $9,491 $4,645 $800 17.2% 11.9x $1,252 1.6x $95 $116 88.1% Chase Corporation CCF $109.39 $1,030 $999 $289 $67 23.3% 14.9x ($31) (0.5x) $2 $3 96.4% GCP Applied Technologies GCP $19.25 $1,399 $1,507 $1,061 $136 12.9% 11.0x $106 0.8x $55 $42 59.6% HB Fuller FUL $46.56 $2,374 $4,376 $2,926 $406 13.9% 10.8x $2,002 4.9x $69 $77 83.0% PPG Industries PPG $118.51 $28,003 $33,329 $15,110 $2,233 14.8% 14.9x $5,218 2.3x $426 $429 80.9% Quaker Chemical KWR $158.14 $2,804 $3,706 $1,637 $288 17.6% 12.9x $900 3.1x $13 $12 95.6% RPM International RPM $68.81 $8,923 $11,219 $5,577 $687 12.3% 16.3x $2,645 3.9x $145 $107 78.9% Sherwin-Williams SHW $549.87 $50,481 $61,515 $17,714 $2,602 14.7% 23.6x $11,034 4.2x $277 $230 89.4% CASE Median $7,033 $9,491 $4,589 $687 14.8% 12.9x 3.1x $95 $107 86.9% Additives Cabot CBT $45.32 $2,619 $3,712 $3,360 $513 15.3% 7.2x $959 1.9x $223 $169 56.5% Innospec IOSP $89.14 $2,183 $2,274 $1,509 $206 13.7% 11.0x $91 0.4x $35 $20 83.2% NewMarket NEU $472.09 $5,282 $5,953 $2,202 $427 19.4% 13.9x $671 1.6x $55 $110 87.1% Orion Engineered Carbons OEC $16.71 $1,006 $1,679 $1,564 $253 16.2% 6.6x $673 2.7x $117 $82 53.7% Stepan Company SCL $97.06 $2,189 $2,186 $1,937 $219 11.3% 10.0x ($4) (0.0x) $88 $98 59.8% Venator VNTR $2.44 $260 $1,087 $2,157 $111 5.1% 9.8x $820 7.4x $242 $193 NM Additives Median $2,186 $2,230 $2,047 $236 14.5% 9.9x 1.7x $103 $104 59.8% Advanced Materials and Polymers Advansix ASIX $25.72 $715 $1,070 $1,415 $132 9.3% 8.1x $355 2.7x $127 $96 3.8% Celanese CE $122.29 $15,132 $19,019 $6,739 $1,466 21.8% 13.0x $3,497 2.4x $316 $410 78.4% Ferro FOE $11.86 $972 $1,838 $1,572 $179 11.4% 10.3x $857 4.8x $75 $51 58.2% Hexcel HXL $82.13 $6,988 $8,126 $2,320 $547 23.6% 14.9x $1,138 2.1x $182 $271 66.8% Kraton Corporation KRA $32.29 $1,024 $2,605 $1,923 $321 16.7% 8.1x $1,546 4.8x $110 $115 65.6% OMNOVA OMN $10.07 $452 $742 $758 $67 8.9% 11.0x $290 4.3x $37 $26 45.2% PolyOne POL $32.65 $2,510 $3,876 $3,521 $370 10.5% 10.5x $1,365 3.7x $71 $85 80.8% Rayonier Advanced Materials RYAM $4.33 $274 $1,440 $2,041 $227 11.1% 6.3x $1,166 5.1x $128 $90 43.4% Trinseo TSE $42.95 $1,727 $2,433 $4,230 $236 5.6% 10.3x $707 3.0x $110 $120 53.6% Westlake Chemical WLK $65.52 $8,404 $11,615 $8,419 $1,621 19.3% 7.2x $2,671 1.6x $801 $566 50.6% Advanced Materials and Polymers Median $1,375 $2,519 $2,181 $279 11.2% 10.3x 3.3x $119 $105 55.9%

Overall Median $2,804 $4,265 $2,041 $370 17.2% 11.0x 3.0x $110 $105 72.9% pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 7

SEGMENT PERFORMANCE

Segment Trading Performance (10-Year)

Growth by period (trailing) 1-year 5-year 10-year 600% Fine Chemicals 6% 165% 414% Ag & Minerals (39%) (49%) 57% Distribution (19%) 91% 128% 500% Diversified (20%) 27% 178% CASE (4%) 140% 435% Additives (12%) 43% 228% 435% 400% Advanced Materials & Polymers (27%) 44% 305% 414% S&P 500 3% 110% 182%

300% 305%

228% 200% 182% 178% 128% 100% 57%

-

(100%) Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Segment Enterprise Value/LTM EBITDA Performance (10-Year)

14.0x Average as of: 1-year 3-year 5-year 10-year September 30, 2014 8.9x 7.6x 7.2x 6.8x September 30, 2009 4.7x 6.4x 6.4x 5.5x 3-year 1-year 12.0x Average 5-year Average 11.0x Average 11.4x 10.8x 10.5x 10.0x 10-year Average 9.0x

8.0x 6.3x

6.0x

4.0x

2.0x

- Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 8

THIRD QUARTER 2019 CHEMICALS TRANSACTIONS

Announced EBITDA Date Target Acquirer Value Mult. Details Nufarm’s South • Sumitomo has agreed to acquire Nufarm’s South American crop protection American crop Sumitomo 9/30/19 $803M 10.0x and seed treatment operations in Brazil, Argentina, Colombia and Chile. protection and seed Chemical • The acquisition triples Sumitomo’s crop protection revenue in South America. treatment operations • Altana has acquired the international business of Office Color Science Co., Office Color Science a Japan-based provider of color-matching technologies. 9/27/19 Altana (SKion) – – Co. • Allows Altana to provide customers with complete solutions in computer color matching and instrumentation. • Italmatch has acquired Water Science Technologies, a Birmingham, Alabama– Italmatch Water Science based blender and chemical solutions provider for the North American oil and 9/27/19 Chemicals – – Technologies gas and industrial water treatment industries. (Bain Capital) • Strengthens Italmatch’s presence in North American oil and gas. • BASF has acquired Isobionics, a Netherlands-based biotech aroma ingredients 9/26/19 Isobionics BASF – – company focused on citrus oil components. • Marks BASF’s entry into natural flavors and fragrances. Robertet (First • Firmenich has acquired a 17% stake in Robertet, a French provider of flavors Eagle Investment and fragrances. 9/26/19 Firmenich – – Management’s • Firmenich plans to be a passive, long-term shareholder of Robertet, but is open 17% stake) to friendly discussions for larger participation. • Skyline has acquired an undisclosed stake in BRM, a Chicago, Illinois–based BRM Holdings Skyline Global 9/25/19 – – provider of agricultural and construction products using material sourced from (undisclosed stake) Partners reusable byproduct streams of utilities, municipalities and industrial companies. DuPont Safety • DuPont has agreed to acquire BASF’s ultrafiltration membrane business, which BASF’s ultrafiltration 9/23/19 & Construction – – includes a production site in Greifenberg, Germany. membrane business (DuPont) • Adds to DuPont’s leading portfolio of water purification and separation technologies. • Uralkali and Uralchem have agreed to acquire a controlling stake in Fertilizantes Fertilizantes Heringer Uralkali and Heringer, a Brazilian fertilizer producer currently operating under bankruptcy 9/23/19 – – (controlling stake) Uralchem protection. • Extends Uralkali and Uralchem’s presence in Brazil. • Woodbridge has agreed to acquire GSK’s shares in Woodbridge GSK High Polymer Woodbridge Technology, a joint venture between the two companies that includes molded foam GSK High Polymer 9/23/19 Woodbridge – – manufacturing operations in Wuhan, Guangzhou and Shanghai, China. Technology (GSK’s • Woodbridge will continue to supply molded foam to GSK’s seat assembly remaining stake) operations. • Unifrax has acquired China-based Shenyang JiuQing Dongxiang Glass Product Shenyang JiuQing Unifrax Co., a provider of high-performance specialty fibers. 9/23/19 Dongxiang Glass (Clearlake – – • Enhances Unifrax’s offering of microfine glass fibers in the battery and filtration Product Co. Capital Group) markets. • U-C Coatings has acquired the assets of Eco Chemical, a manufacturer of water- U-C Coatings based stains and coatings, based in Seattle, Washington. 9/19/19 Eco Chemical (High Road – – • Deepens U-C Coatings’ position in the softwood market, and adds the pressure- Capital) treating channel. • Entegris has acquired Hangzhou Anow Microfiltration, a Chinese provider of filtration technologies for the semiconductor, pharmaceutical and medical Hangzhou Anow 9/18/19 Entegris $73M – industries. Microfiltration • Provides new polymeric membrane technologies and liquid filtration offerings to Entegris’ global portfolio. • Omega Property Investments has acquired Berger Paints, a provider of coating Berger Paints Omega Property 9/17/19 $2.9M – products in Singapore. (Asian Paints) Investments • Asian Paints exited the market due to the limited presence in Singapore. International • IFF and IFF-Lucas Meyer Cosmetics have acquired Speximo, a Sweden-based Flavors & developer of stabilization and encapsulation products used in the development 9/17/19 Speximo Fragrances and – – of sustainable personal care and cosmetic products. IFF-Lucas Meyer • Expands IFF’s offering of sustainable products. Cosmetics

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 9

THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • SIBUR and Sinopec have agreed to create two joint ventures (JV) focused separately on producing styrene-ethylene-butylene-styrene (SEBS) block copolymers and 9/17/19 Sinopec SIBUR – – nitrile butadiene rubber (NBR). • SIBUR and Sinopec will own the SEBS JV 50/50 with the NBR JV split 40% SIBUR and 60% Sinopec. • Axalta agreed to acquire Capital Paints, a UAE-based thermosetting powder 9/16/19 Capital Paints Axalta – – coatings manufacturer specializing in architectural powder coatings. • Expands Axalta’s footprint in the Middle East and North Africa. • Nolato agreed to acquire Ja-Bar Silicone, a New Jersey–based provider of shielding products in electrically conductive materials, including gaskets, seals, ventilation 9/16/19 Ja-Bar Silicone Nolato $9.9M – panels, optical windows and mesh-reinforced materials. • Adds complementary production technologies, stronger presence in North America and approximately $15 million in sales. Innovative • Innovative Chemical Products (ICP) has acquired IdeaPaint, a Boston, Chemical 9/16/19 IdeaPaint – – Massachusetts–based provider of dry erase paints. Products (Audax • Expands ICP’s offerings in the architecture and design industry. Private Equity) • Wacker Chemie has acquired a stake in Nexeon, a U.K.-based battery material and licensing company that provides silicon anode materials. 9/12/19 Nexeon (25% stake) Wacker Chemie – – • Allows Wacker to increase its research activities on silicon-based materials for high-performance batteries. • SK Siltron has agreed to acquire DuPont’s compound semiconductor solutions, DuPont’s compound a provider of silicon carbide (SiC) wafer production to serve the power electronics 9/10/19 semiconductor SK Siltron $450M – market. solutions business • Expands SK Siltron’s presence as a silicon wafer supplier. • H.I.G. Capital has agreed to acquire BioVectra, a contract development BioVectra 9/10/19 H.I.G. Capital $250M – and manufacturing organization based in Canada. (Mallinckrodt) • Continues Mallinckrodt’s strategic focus on branded biopharmaceuticals. • Sika has agreed to acquire Crevo-Hengxin, a Chinese manufacturer of silicone 9/9/19 Crevo-Hengxin Sika – – sealants and adhesives used in industry and construction applications. • Expands Sika’s presence in China and Asia Pacific, and adds silicone technology. Ascensus • Ascensus Specialties has acquired Callery, a global producer of boranes and Callery (Edgewater Specialties 9/6/19 – – specialty alcoholates, based in Evans City, Pennsylvania. Capital Partners) (Wind Point • Ascensus plans for the combination to become a market leader in global reagents. Partners) • Evonik has invested in Meditool, a Chinese 3D-printing startup making medical Meditool Evonik Venture implants. 9/5/19 – – (undisclosed stake) Capital (Evonik) • Strengthens Evonik’s Smart Materials with innovative applications for high- performance polymers. CPS • CPS Performance Materials acquired GEO Specialty Chemicals, a supplier Geo Specialty Performance of specialty chemicals and materials to the coatings, adhesives, medical, water 9/3/19 Chemicals Materials – – treatment and construction markets. (various investors) (Arsenal Capital • Adds significant scale to CPS in a number of end markets. Partners) • Evonik has acquired Endexo, a surface modification technology platform that Endexo (Interface enhances medical device biocompatibility by reducing the risks of thrombosis, 9/3/19 Evonik – – Biologics) infections and biofouling. • Expands Evonik’s offering to medical device companies globally. • Anjac has acquired Cosmetix West, an El Segundo, California–based contract Anjac Health 9/3/19 Cosmetix West – – manufacturer for the cosmetics industry providing clean, safe ingredients. & Beauty • Strengthens Anjac’s position in the cosmetics industry. • Soprema has acquired a majority stake in Termo Oranika, a Polish manufacturer Termo Oranika 9/3/19 Soprema – – of insulation products and construction chemicals. (majority stake) • Strengthens Soprema’s positions in central and eastern Europe.

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THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Syngenta has acquired Cropio, an ag-tech company providing an equipment- integrated, end-to-end software solution that provides imaging, recordkeeping Syngenta 9/2/19 The Cropio Group – – and equipment tracking. (ChemChina) • Adds a solution that is currently used to manage approximately 10 million hectacres of crops globally. Schülke and Mayr’s • Vink Chemicals has acquired Schülke and Mayr’s technical biocides and oil and gas 9/2/19 technical biocides and Vink Chemicals – – additives business. oil and gas additives • Expands Vink’s product portfolio and enhances Vink’s expertise in biocides. • Quaker Houghton has agreed to acquire the operating divisions of Norman Hay, a global specialty chemicals sealant, surface coatings and engineering group Quaker 8/29/19 Norman Hay $98M 7.1x headquartered in Coventry, England. Houghton • Adds new technologies in Quaker Houghton’s core segments, including die casting, auto OEM and aerospace. • DIC has agreed to acquire BASF’s global pigments business, which produces BASF’s global pigments for paints, coatings and cosmetics. 8/29/19 DIC $1.3B 8.3x pigments business • Adds approximately $1.1 billion in revenue as well as European operations to complement DIC’s existing footprint. • Toray agreed to acquire Alva Sweden, a manufacturer of cushions for automotive Alva Sweden (Anders airbag systems. 8/28/19 Toray – – Westerlind) • Enables Toray to enhance direct relationship and dealings with module manufacturers and automakers. • Altas Partners has agreed to acquire DuBois Chemicals, a provider of value-added specialty cleaning and process solutions. DuBois Chemicals • Altas is the fourth sponsor to own DuBois since 2008 when the business was 8/28/19 (The Jordan Altas Partners – – acquired by The Riverside Company. Company) • Harris Williams, a subsidiary of PNC, advised DuBois/The Jordan Company on this transaction. • Neo Performance Materials has acquired the assets of Anhui Asia Magnets, Neo a privately owned manufacturer of compression-molded neodymium-iron-boron 8/26/19 Anhui Asia Magnets Performance $9.7M – bonded magnets. Materials • Allows Neo’s Magnequench business unit to accelerate its strategy to expand into compression-molded magnet production. Meridian • Meridian Adhesives has acquired Epoxies, Etc., a leading resin formulator Adhesives of epoxies, urethanes and silicones. 8/22/19 Epoxies, Etc. – – (Arsenal Capital • Epoxies marks Meridian’s sixth acquisition since its formation under Arsenal Partners) in 2018. • Givaudan has acquired Fragrance Oils, a Britain-based manufacturer and marketer of specialty fragrances for fine fragrances and personal and home 8/21/19 Fragrance Oils Givaudan – – care applications. • Adds more than 250 employees and a state-of-the-art manufacturing facility in Radcliffe, U.K. • PMC Capital has acquired StyroChem Canada, a manufacturer of expandable polystyrene (EPS) grades used in food service, packaging, construction, casting SytroChem Canada PMC Capital 8/21/19 – – and specialty applications with more than $100 million in sales. (Wincup) Group • PMC is partnering with the existing StyroChem management team on the transaction. • Blue Point has acquired VRC Holdings, a value-added manufacturer of custom- VRC Holdings molded rubber, plastic and sealing components, headquartered in Milwaukee, Blue Point 8/20/19 (The Corporate – – Wisconsin. Capital Partners Group) • Blue Point has previously invested in elastomers through its former portfolio company, Quality Synthetic Rubber. • SK Capital has agreed to acquire PolyOne’s Performance Products & Solutions PolyOne’s business, a leader in plastic compounded solutions. Performance • PolyOne plans to use the proceeds to pay down debt in the short term and focus 8/19/19 SK Capital $775M – Products & on investing in the three remaining segments (Specialty Engineered Materials; Solutions business Color, Additives and Inks; and Distribution) in the long term. • The enterprise value is 1.1x PP&S’s LTM sales of approximately $700 million.

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THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Motiva has agreed to acquire Flint Hills Resources’ plants in Port Arthur, which Flint Hills Resources’ include a cracker, cyclohexane unit and associated ethylene and natural-gas Motiva Port Arthur, Texas, liquid (NGL) pipelines. 8/19/19 Enterprises – – steam cracker and • The acquisition moves Motiva into downstream chemicals and could provide (Aramco) related assets opportunities for connectivity to its Port Arthur refinery, which is the largest in North America. • Peter Cremer has acquired three companies of Fritz Köster, which provide oleochemical services throughout Europe. Three subsidiaries of Peter Cremer 8/18/19 – – • Strengthens Peter Cremer’s product portfolio in fatty acids, fatty alcohols, Fritz Köster Holding bioethanol, glycerin, feed fats, methyl esters, vegetable oils and innovative cosmetic additives. • Elkem has agreed to acquire Basel Chemie, a Korean producer of specialty 8/16/19 Basel Chemie Elkem $26.9M – silicone gels for cosmetics and water repellents for the construction industry. • Gives Elkem access to leading technology in end-user silicone segments. • Triton has agreed to acquire Fertiberia, a Spain-based producer of fertilizers Fertiberia and industrial chemical products with approximately 1,400 employees and 8/16/19 Triton – – (Grupo Villar Mir) 14 production and blending units. • Fertiberia is a large player in the international ammonia and derivatives market. Superior Industrial • Superior Industrial Maintenance has acquired Carolina Coatings, a Morrisville, Carolina Coatings North Carolina–based provider of corrosion protection and surface cleaning Maintenance 8/15/19 Solutions and – – services for the chemical, pulp and paper, power, and food and beverage industries Company Industrial Services throughout the mid-Atlantic and southeast U.S. (Warren Equity • Expands Superior’s presence in the southeast U.S. Partners) • Domo has agreed to acquire Solvay’s performance polyamides business in Europe, Solvay’s European Domo which includes operations in France, Poland and Spain. 8/14/19 performance $334.3M – Chemicals • Significantly strengthens Domo’s downstream nylon-based engineering plastics polyamides business business. • ALTIVIA has agreed to acquire Dow’s acetone derivatives business, including Dow's acetone 8/13/19 ALTIVIA – – the manufacturing assets in Institute, West Virginia. derivatives business • Provides downstream expansion for ALTIVIA’s acetone production capacity. • Ecolab has acquired Chemstar, a Lithia Springs, Georgia–based supplier of food safety and cleaning and sanitizing solutions focused on the grocery and food retail Chemstar 8/12/19 Ecolab – – markets. Corporation • Adds approximately $40 million in sales, and enhances Ecolab’s offering to food retail customers. • US Vanadium has agreed to acquire Evraz Stratcor, which owns a Hot Springs, Arkansas, facility producing high-purity vanadium oxides and downstream 8/12/19 Evraz Stratcor US Vanadium – – vanadium chemicals. • Adds 12 million lbs./year of nameplate vanadium pentoxide capacity to US Vanadium’s portfolio. • Brother Enterprises has agreed to acquire LANXESS’s chrome chemicals business LANXESS’s chrome Brother with approximately $110 million in sales. 8/12/19 – – chemicals business Enterprises • Brother Enterprises will take over the operations of one of the two South African manufacturing facilities while LANXESS will continue to operate the other. • Arcline has acquired an undisclosed stake in Actera, a provider of functional and Arcline Actera Ingredients sensory cosmetics ingredients, including bioactives for hair and skin care, based 8/12/19 Investment – – (undisclosed stake) in Newtown, Pennsylvania. Management • Actera will act as a platform for Arcline in the bioactives personal care market. • LGC has acquired a majority stake in Toronto Research Chemicals, a manufacturer Toronto Research of synthetic organic biochemicals used as reference standards, research tools 8/12/19 Chemicals (majority LGC (KKR) – – and building blocks. stake) • Complements LGC’s existing reference standards business, and provides operational and commercial opportunities. • Pikespo has acquired a majority stake in Kemira Operon, a Finnish provider of Kemira Operon operational and maintenance services to municipalities and industrial customers. 8/9/19 (Kemira; Pikespo Invest – – • Kemira Operon will merge with Aquazone and Suomen Ekolannoite and be known majority stake) as Operon Group going forward.

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THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Indorama has agreed to acquire Huntsman’s chemical intermediates business, which includes propylene oxide (PO)/methyl tert-butyl ether (MTBE) and its Huntsman’s chemical surfactants businesses. Indorama 8/8/19 intermediates $2.1B 8.0x • Significantly expands Indorama’s presence in ethylene oxide (EO) and PO Ventures businesses derivatives. • Accelerates Huntsman’s ability to focus on its downstream and specialty businesses to generate more stable margins and consistent, strong free cash flow. Petrochemical • SKC will spin off its chemical business to create a joint venture (JV) with PIC SKC’s chemical 8/8/19 Industries Co. – – to produce propylene oxide (PO) and propylene glycol (PG). business (Kuwait Petroleum) • Ownership in the JV will be split 51/49 between SKC and PIC, respectively. RRT Global’s • KBR has acquired the isomerization technologies of RRT Global. 8/8/19 isomerization KBR – – • Allows KBR to offer expanded octane and clean fuel technology solutions technologies to its customers. Duralar (AWT • AGM Container Controls has acquired Duralar, a Tucson, Arizona–based provider AGM Container 8/8/19 Technologies/Epicrew – – of advanced ultra-hard metal coatings and coating systems. Controls Corporation) • Enhances AGM’s offering to the aerospace and defense industries. • Mississippi Lime Company has agreed to acquire the lime business of Covia, Mississippi Lime operating historically as Southern Lime, based in Calera, Alabama. 8/8/19 Southern Lime (Covia) – – (HBM Holdings) • Expands production facilities to nine locations that are supported by a network of distribution sites throughout the country, and enables entry into the Southeast. • Corteva acquired a 30% stake in Lavie Bio, a producer of microbiome-based ag-biological products aiming to improve food quality, agricultural sustainability Lavie Bio (Evogene; Corteva 8/7/19 – – and productivity. 30% stake) Agriscience • The transaction includes the exchange of all shares of Corteva’s wholly owned subsidiary Taxon Biosciences, along with an equity investment by Corteva in Lavie. • Permira Funds has agreed to acquire Cambrex, a premier contract development and manufacturing organization in the small molecule space, based in East Rutherford, New Jersey. 8/7/19 Cambrex Corp. Permira Funds $2.5B 17.4x • The implied enterprise value is 4.4x Cambrex’s LTM revenue of $574 million. • The purchase price represents a 47.1% premium to Cambrex’s August 6, 2019, closing price and a 37.3% premium to the 60-day volume weighted average closing price. • Archroma has agreed to acquire BASF’s stilbene-based optical brightening agents BASF’s Indian optical business for paper and power detergent applications. 8/7/19 brightening agents Archroma – – • Strengthens supply capacity to customers in the packaging and paper industry, business and helps develop the portfolio offering for customers in the detergents market. Christian • Christian Nielsen Strandmøllen has acquired Messer Danmark, a supplier Messer Danmark 8/6/19 Nielsen – – of industrial gases based in Kolding, Denmark. (Messer) Strandmøllen • Expands Strandmøllen’s footprint in Denmark. • Macquarie has acquired the stakes of Bayer (60%) and LANXESS (40%) in Currenta, Macquarie Currenta (Bayer a chemical park operator based in Germany. 8/6/19 Infrastructure $3.9B – and LANXESS) • Macquarie intends to invest significantly to enhance Currenta’s environmental and Real Assets and operational performance. • RTP has acquired the Zeotherm® TPV product line from Zeon Chemicals, which Zeotherm® TPV offers 150 degree–Celsius, continuous-use performance while withstanding long- 8/6/19 business (Zeon RTP Co. – – term exposure to engine oils and lubricant greases. Chemicals) • Expands RTP’s offering and complements RTP’s existing Nylabond® product. • Sumitomo has acquired Emas Plastik, a major plastic compounding group Sumitomo in Turkey. 8/5/19 Emas Plastik – – Chemical • Allows Sumitomo to further advance the global development of its polypropylene compound business. • HARTMANN has acquired Safran Coating, a French company focused on providing Safran Coating HARTMANN 8/5/19 – – silicone coatings for advanced wound care. (Safran) Group • Expands HARTMANN’s offering in advanced wound care. Southern Ionics • Chemours has acquired Southern Ionics Minerals, a Jacksonville, Florida–based 8/2/19 Minerals (Southern Chemours – – minerals exploration, mining and manufacturing company. Ionics) • The acquisition nearly doubles Chemours’ capacity for internally sourcing ore.

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THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • New Nautical Coatings has acquired Blue Water Marine Paints, a North Brunswick, Blue Water Marine New Jersey–based provider of value-based coatings for the pleasure craft and New Nautical 8/2/19 Paints (Valentus – – brown water commercial marine markets from Valentus, a Huron Capital portfolio Coatings Specialty Chemicals) company. • Complements New Nautical’s premium brand position in marine coatings.

Vinmar • Vinmar has acquired NanoMech, a nanotechnology manufacturer of specialty 8/1/19 NanoMech (Goradia Capital $13.1M – lubricants, chemicals and protective coatings. Investments) • Marks Vinmar’s further entry into the oil and gas sector.

• Chromaflo has acquired Liquid Colours’ colorant dispersion division, which provides Liquid Colours’ Chromaflo pigment dispersions and colorant technologies for decorative paint point-of-sale, 8/1/19 colorant dispersion (American – – in-plant systems, industrial coatings and other applications. division Securities) • Improves Chromaflo’s position in the sub-Saharan African region. • Arkema has agreed to acquire Lambson, a U.K.-based company specializing in photoinitiators for curing. 7/30/19 Lambson Arkema – – • Adds approximately $50 million in sales and complements Arkema’s Sartomer offering. • Arsenal has agreed to acquire Seal for Life, a provider of corrosion protection Seal for Life (Berry Arsenal Capital and sealing solutions with approximately $120 million in sales and 380+ employees. 7/30/19 $328M – Global Group) Partners • Seal for Life will serve as Arsenal’s platform in the coating solutions sector focusing on the global infrastructure and industrial markets. • BASF has acquired Grillo-Werke’s technology for making methanesulfonic acid Grillo-Werke’s (MSA). 7/29/19 methanesulfonic acid BASF – – • Allows BASF to strengthen its R&D related to MSA and develop new processes intellectual property as the world’s largest producer of MSA. • LBO France has acquired a majority stake in EuroTab Tabletting, a France-based EuroTab Tabletting producer of single-dose packaging tablets mainly for dishwashers, washing 7/27/19 (Eurotab; majority LBO France – – machines and moisture absorbers. stake) • EuroTab Tabletting employs more than 210 people and had sales of approximately $55 million in 2018. • Bostik has agreed to acquire Prochimir, a French company specializing in high- 7/26/19 Prochimir Bostik (Arkema) – – performance thermobonding adhesive films. • Enables Bostik to broaden its offering of solvent-free thermobonding solution. Sasol-Huntsman • Huntsman has acquired the remaining 50% stake in its maleic anhydride (MA) maleic anhydride joint venture with Sasol. 7/26/19 Huntsman $185M – joint venture Sasol’s • The joint venture owns a manufacturing facility in Moers, Germany, with capacity 50% stake) to produce 230 million pounds of MA. • Nouryon has acquired Zhejiang Friend Chemical, the largest Chinese producer Zhejiang Friend Nouryon of triethyl aluminum (TEAL). 7/25/19 – – Chemical Co. (Carlyle) • Substantially increases Nouryon’s global TEAL production capacity and strengthens the company’s position in the global market. • Givaudan has agreed to acquire Drom, a German-based global perfume house creating fragrances for consumer products and fine fragrance customers across 7/24/19 Drom Givaudan – – the world. • Further asserts Givaudan’s leadership position in the fragrance market globally. • Quad-C has acquired an undisclosed stake in Boulder Scientific, a provider Boulder Scientific Quad-C of high-performance organometallic compounds and custom chemical solutions. 7/23/19 – – (undisclosed stake) Management • Boulder’s CEO, Scott Birmingham, will continue to own a significant stake in the company and oversee day-to-day operations. • Arsenal has agreed to acquire Clariant’s Healthcare Packaging business, a producer of products used to protect pharmaceutical products from moisture Clariant’s Healthcare Arsenal Capital and oxygen. 7/22/19 $313.6M 13.2x Packaging business Partners • The business has manufacturing in the U.S., France, China and India and employs approximately 600 people. • The implied enterprise value is 2.3x the business’s 2018 sales of $137 million.

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THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • PPG has agreed to acquire Dexmet, a Wallingford, Connecticut–based Dexmet Corporation manufacturer of specialty materials for surfaces in aerospace, automotive 7/22/19 (Sverica Capital PPG Industries – – and industrial applications. Management) • Enables PPG to provide further value to existing customers by enhancing the range of product offerings. • Sibgazpolimer has acquired the remaining stake in Poliom, one of the largest Sibgazpolimer Poliom (Titan polypropylene manufacturers in Russia. 7/19/19 (SIBUR and – – Group’s 50% stake) • The two partners in Sibgazpolimer (SIBUR and Gazprom Neft) plan to develop Gazprom Neft) the Poliom site as well as product distribution. • AkzoNobel has agreed to acquire Mapaero, a French manufacturer of sustainable water-based and advanced eco-friendly coatings for the aerospace industry. 7/18/19 Mapaero AkzoNobel – – • Strengthens AkzoNobel’s global position in aerospace coatings, notably in the structural and cabin coating subsegments. Choisy Laboratories • Kersia has acquired Choisy, a leading developer and manufacturer of chemical, (Trudeau family and 7/18/19 Kersia (Ardian) – – biotechnological and biosecurity hygiene solutions, based in Canada. Champlain Financial • Grows Kersia’s geographical footprint in North America. Corporation) • Croda has acquired Rewitec, a Lahnau, Germany–based provider of nano- and micro-particle-based additives that improve the efficiency and longevity of wind Croda 7/17/19 Rewitec – – turbines and moving machinery. International • Combines Rewitec’s products and technical expertise with Croda’s established sales network. • Entegris has acquired MPD Chemicals, a provider of advanced materials to the specialty chemical, technology and life sciences industries, based in Trevose, MPD Chemicals 7/15/19 Entegris $165M – Pennsylvania. (Addison Capital) • Expands Entegris’ capabilities in the development and production of new organosilane and organometallic materials. • Lubrizol (Berkshire Hathaway) has acquired Bavaria Medizin, a German Lubrizol manufacturer of both intravascular (coronary, peripheral and cranial) and Bavaria Medizin 7/15/19 (Berkshire – – nonvascular devices, including drug-coated balloons. Technologie Hathaway) • Adds more than 100 employees, and establishes Lubrizol as an end-to-end partner to the global medical device and pharmaceutical industries. • Arcline has acquired Integrated Polymer Solutions (IPS), a Long Beach, Integrated Polymer Arcline California–based manufacturer of highly engineered elastomeric components, 7/15/19 Solutions (Industrial Investment – – such as seals, gaskets and tooling for composite manufacturing. Growth Partners) Management • IPS has >6,000 tools used to produce >12,000 components sold to >1,100 customers.

Evonik’s metathesis • Umicore’s business unit, Precious Metals Chemistry, has agreed to take over Evonik’s intellectual property in the field of metathesis chemistry and cross- and cross-coupling 7/15/19 Umicore – – coupling catalysis. catalysis intellectual • Enables Umicore to expand its portfolio and provide customers full access property to proprietary patent-protected technologies. • ASK Chemicals has agreed to acquire SI Group’s industrial resin business, which SI Group's industrial serves a variety of applications, including foundry, friction, abrasives, refractory ASK Chemicals 7/11/19 resins products – – and more. (Rhone Capital) (SK Capital) • The deal includes four manufacturing sites in Rio Claro, Brazil; Ranjangaon, India; Johannesburg, South Africa; and Durban, South Africa. • Walki Group has agreed to acquire Belcoat, an extrusion coatings plant in Duffel, Belgium, producing highly specialized extrusion-coated products serving Mondi Belcoat customers across protective clothing, imaging, automotive and other specialty 7/10/19 Walki Group – – (Mondi Group) products markets. • Mondi’s remaining extrusion-coatings plants in Europe are primarily focused on consumer and other selected applications. • Rapid Industries has acquired Cross Western, the owner of the RapidPurge brand, which supplied commercial purging compounds utilizing depolymerization Cross Western 7/8/19 Rapid Industries – – technology. (Layton Kinney) • Shifts the RapidPurge focus from manufacturing excellence to product development and marketing.

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THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Alujain has agreed to acquire National Chemical Fertilizer Co. (Mobi), a Saudi Arabian manufacturer of compound fertilizers, insecticides, air fresheners National Chemical 7/7/19 Alujain – – and household cleaning products. Fertilizer Co. • Improves Alujain’s share in the local detergents market and enhances operating efficiency by merging subsidiary Zain Industries into Mobi. • Synthomer has agreed to buy Omnova Solutions, a Beachwood, Ohio–based global innovator of performance-enhancing chemistries and surfaces. 7/3/19 Omnova Solutions Synthomer $824M 9.9x • Expands Synthomer’s footprint in Europe and Asia, and allows for penetration into China. • The implied enterprise value is 1.1x Omonva’s LTM sales of $770 million.

Meridian • Meridian Adhesives has acquired PolyCom Industries and its affiliate Eco Dispersions, a manufacturer of industrial adhesives and coatings, based in Dalton, PolyCom Industries Adhesives 7/2/19 – – Georgia. and Eco Dispersions (Arsenal Capital • PolyCom and Eco Dispersions mark Meridian’s fifth acquisition since its formation Partners) under Arsenal in 2018. • Altana has acquired the operating assets of Paul N. Gardner Company Inc. Paul N. Gardner of Pompano Beach, Florida. 7/2/19 Altana (SKion) – – Company • Both companies are leaders in the production and sales of physical testing instrumentation and supplies for the paints, coatings and related markets.

• Lonza has agreed to the purchase of a sterile drug product fill and finish facility Novartis’ Stein, from Novartis. 7/1/19 Switzerland, sterile Lonza – – • Enables Lonza to build on existing parenteral drug product development and testing fill and finish facility capabilities and offer an end-to-end service to customers.

• OpenGate has acquired Duraco, a B2B manufacturer of specialty tapes, Duraco Specialty OpenGate headquartered in Forest Park, Illinois. 7/1/19 $77M – Tapes (Essentra) Capital • Duraco has 133 employees with a total of three service centers located in Los Angeles, California; Edison, New Jersey; and Houston, Texas. • Gelest has acquired Bimax, a Glen Rock, Pennsylvania–based manufacturer Gelest (New and marketer of specialty monomers and polymers. 7/1/19 Bimax Mountain – – • Strengthens Gelest’s position in high-growth value-added applications, provides Capital) access to new customers and talent, and expands production capability and R&D pipeline.

Preferred • Hexpol acquired Preferred Compounding, a Copley, Ohio–based advanced rubber compounder in North America with key markets that include general industry, Compounding 7/1/19 Hexpol $232M – automotive, power and infrastructure. (Audax Private • Allows Hexpol to secure global capacity and competence in advanced polymer Equity) compounds. • Indorama has agreed to acquire Sinterama, an Italian manufacturer of polyester Sinterama (DeA Indorama automotive interiors and high-performance colored yarns. 6/30/19 – – Capital) Ventures • Enhances Indorama’s capability and competitive position to serve increasing demand for automotive interiors. • Panattoni, an international real estate company specializing in developing industrial AkzoNobel's Slough, sites, has acquired AkzoNobel’s former paint factory in Slough, U.K., which includes 6/28/19 Panattoni – – U.K., paint factory the manufacturing unit and R&D facility. • AkzoNobel stopped producing paint in Slough in 2016. • Eastman Chemical Company has agreed to acquire Industrias del Acetato Industrias del Eastman de Celulosa S.A. (INACSA), a Spanish producer of cellulosic yarn. 6/19/19 – – Acetato de Celulosa Chemical • The INACSA yarn business will continue to support the growth of Naia cellulosic yarn for the apparel market. Pamplona • Pamplona and Loparex management have teamed up to acquire Loparex, a global Loparex Capital manufacturer of silicone release liners, headquartered in Cary, North Carolina. 6/18/19 (Intermediate Capital Management – – • With the investment, the Loparex management team plans to further strengthen Group) and company its industry-leading position. management

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THIRD QUARTER 2019 CHEMICALS TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Tokai Carbon has agreed to acquire Cobex, a German manufacturer of carbon and graphite products used in the aluminum, primary iron and other smelting Cobex (Triton 6/17/19 Tokai Carbon $927M 10.9x industries. Partners) • Allows Tokai to expand its international footprint and establish a production platform in eastern Europe. OCI’s Middle Abu Dhabi National • OCI and ADNOC have agreed to combine OCI’s Middle East and North Africa East and North 6/17/19 Oil Company (ADNOC) – – nitrogen fertilizer platform with ADNOC Fertilizers to create a new joint venture. Africa nitrogen Fertilizers • The combined business will be the largest exporter of nitrogen fertilizer globally. fertilizer

THIRD QUARTER 2019 PLASTIC CONVERTER TRANSACTIONS

Announced EBITDA Date Target Acquirer Value Mult. Details • Biaxplen has acquired a 50% stake in Manucor, an Italian producer of biaxially Biaxplen oriented polypropylene (BOPP) film. 9/27/19 Manucor (50% stake) – – (SIBUR) • The companies expect the combination to create the leading BOPP film producer in Europe. • Huhtamaki has agreed to acquire Everst Flexibles, a flexible packaging Everest Flexibles manufacturer in South Africa. 9/27/19 Huhtamaki $63M – (70% stake) • Adds approximately $44 million in sales and expands Huhtamaki’s flexible packaging manufacturing footprint into South Africa. • Graham Partners has acquired VPET, a Fontana, California–based manufacturer Graham of custom and stock PET plastic containers primarily used in food and beverage 9/24/19 VPET USA – – Partners applications. • VPET specializes in the wide-mouth PET food packaging segment. • Tangent Technologies has simultaneously acquired Home & Leisure Group, an extruder, fabricator and assembler of plastic luber furniture, and Vinyl Tech, Home & Leisure Tangent Tangent’s longtime fulfillment provider serving furniture and playground builders 9/20/19 – – Group and Vinyl Tech Technologies primarily in Ohio, Pennsylvania and Indiana. • Expands Tangent’s capabilities in sheet manufacturing, fabrication and assembly, as well as in distribution and fulfillment for key geographies. • Microplastics Inc. (MPI) has acquired IVP Plastics, a Washington, Illinois–based molder providing products for the agriculture, heavy equipment and automotive Microplastics 9/16/19 IVP Plastics – – industries. Inc. • Increases MPI’s sales to more than $45 million and approximately 300 employees across three manufacturing locations. • Serafin Group has agreed to acquire Covestro’s European polycarbonate sheet business, which includes manufacturing in Belgium and Italy, and generates Covestro’s European approximately $145 million in sales. 9/16/19 polycarbonate sheets Serafin Group – – • The sale of this business concludes Covestro’s exit of polycarbonate sheet business after divesting its North American and Indian facilities in 2018 and converting its Guangzhou, China, facility into a specialty films site. • Berlin Packaging has acquired Vincap and Adolfse Packaging, together a Utrecht, Netherlands–based supplier of food and beverage closures and pharmaceutical Vincap and Adolfse Berlin 9/3/19 – – packaging. Packaging Packaging • Marks Berlin’s 10th acquisition since 2010, and expands technologies in caps and closures. • Eastern has acquired Big 3 Precision, a provider of custom returnable packaging for the truck, automotive, packaged consumer goods, pharmaceutical and other Big 3 Precision The Eastern 9/3/19 $81.7M 6.1x markets. (TVV Capital) Company • Adds approximately $72 million in sales and moves Eastern closer to its long-term goal of reaching $100 million in EBITDA.

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 17

THIRD QUARTER 2019 PLASTIC CONVERTER TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Transcontinental has acquired a 60% stake in Trilex, a plastic packaging supplier Industrial Y located in Guayaquil, Ecuador, specializing in packaging materials for the banana TC 9/3/19 Commercial Trilex – – industry. Transcontinental (60% stake) • Expands Transcontinental’s footprint in Latin America, and adds approximately 170 employees. • Canadian General-Tower (CGT) has acquired the assets of AlkorDraka Industries, AlkorDraka a supplier of engineered vinyl films for pool uses as well as window coatings, etc., Industries and Alkor Canadian 8/26/19 – – and the assets of Alkor Medical Tubing, a producer of flexible films from a variety Medical Tubing General-Tower of materials. (Vulcalux France) • Allows CGT to establish a manufacturing presence in Europe. Cartonplast Deutsche • Deutsche Beteiligungs has made an investment in Cartonplast, a Germany-based (Stirling Square Beteiligungs provider of reusable layer pads used as divider sheets in the transportation of glass 8/23/19 – – Capital; majority and containers and cans for the food and beverage industry. stake) management • Cartonplast has 17 total locations with annual sales of approximately $90 million. • The Keene Family of Companies has acquired Barrett, a Millington, New Jersey– Keene Family based developer of polymer-modified asphalt systems. 8/22/19 Barrett Co. – – of Cos. • Expands Keene’s product offering and footprint, which also includes Keene Building Products, Dependable LLC, Continental Products and Keene Village Plastics. • Pretium Packaging has acquired Starplex Scientific, a Toronto, Canada–based Pretium provider of leak-resistant sterilized containers, biological sampling swabs, Starplex Scientific Packaging 8/19/19 – – and pharmaceutical-grade containers and closures. (Apotex Corp.) (Genstar • Marks the seventh acquisition completed by Pretium since being acquired Capital) by Genstar Capital. • Pexco has acquired HPE Extrusion Solutions, a Bally, Pennsylvania–based extruder HPE Extrusion Pexco of complex profiles using a variety of resins for HVAC, auto and utility clients. 8/12/19 – – Solutions (AEA Investors) • Expands Pexco’s extrusion competencies, and is the fifth acquisition under its new ownership. • Airlite Plastics acquired KODIAKOOLER®, a Mooresville, North Carolina–based 8/3/19 KODIAKOOLER® Airlite Plastics – – insulated packaging company. • Expands Airlite’s offering of packaging for temperature-sensitive products. • Advanced Drainage Systems (ADS) has agreed to acquire Infiltrator, an Old Infiltrator Water Advanced Saybrook, Connecticut–based provider of plastic leach field chambers and systems, Technologies 8/1/19 Drainage $1.1B 12.1x septic tanks, and accessories. (Ontario Teachers’ Systems • Extends ADS’ addressable opportunity into on-site septic. Pension Plan) • The implied enterprise value is 3.7x Infiltrators’s LTM sales of $293 million. American Extruded • Pexco acquired American Extruded Plastics and American Injection Molding, Plastics and Pexco providers of extrusion and injection molding that operate in the same facility 8/1/19 – – American Injection (AEA Investors) in Greensboro, North Carolina. Molding • Expands Pexco’s footprint, and adds molded plastics to Pexco’s core competencies. Oldcastle • Oldcastle Infrastructure has acquired Primex, a manufacturer of plastic enclosures 7/26/19 Primex Technologies Infrastructure – – for the communications market, based in Langley, British Columbia. (CRH) • Expands Oldcastle’s offering of infrastructure products. • Aurora has acquired Cold Chain Technologies (CCT), a Franklin, Massachusetts– Cold Chain Aurora Capital based provider of single-use and reusable passive thermal packaging solutions 7/24/19 – – Technologies Partners for life science, pharmaceutical and other industries. • Harris Williams, a subsidiary of PNC, advised CCT on this transaction. • Arsenal has agreed to acquire a controlling stake in Revolution, a Little Rock, Arkansas–based leading provider of sustainable, closed-loop plastic products, Revolution Plastics Arsenal Capital 7/18/19 – – serving the agricultural, consumer and industrial markets. (controlling stake) Partners • Revolution has kept more than 1.5 billion pounds of plastic out of the landfills, according to the company. • Huntington Solutions has acquired Texas Foam, a manufacturer of customized Huntington extended-duration shippers and temperature-sensitive protective foam packaging Solutions 7/17/19 Texas Foam – – solutions for the medical, instrumentation, pharmaceutical, and food and beverage (Mill Point industries. Capital) • Expands Huntington’s production capabilities in temperature-sensitive packaging.

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 18

THIRD QUARTER 2019 PLASTIC CONVERTER TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Hillenbrand has agreed to acquire Milacron, a Cincinnati, Ohio–based provider of engineered and customized processing systems for the plastics technology and processing industry. 7/12/19 Milacron Hillenbrand $2.0B 12.9x • Adds hot runner systems and injection molding technologies to Hillenbrand’s portfolio. • The implied enterprise value is 1.7x Milacron’s LTM sales of $1.2 billion. • Tekni-Plex has acquired Geraldiscos, a Brazilian closure liner and induction seal Tekni-Plex manufacturer for food, beverage, personal care, healthcare, agriculture, chemical 7/11/19 Geraldiscos – – (Genstar) and others. • Expands Tekni-Plex’s geographic footprint into South America. • Tank Holding has acquired Rotoplas’ U.S. manufacturing assets, which includes Grupo Rotoplas’ Tank Holding three rotational molding tank plants located in California, Texas and Georgia. 7/9/19 U.S. manufacturing (Olympus – – • Expands Tank Holding’s water tank product offering and increases manufacturing assets Partners) capacity. • Teijin has agreed to acquire Benet Automotive, a Czech Republic–based tier 1 supplier of composite components to the automotive industry with approximately Benet Automotive 7/4/19 Teijin – – $40 million in sales. (Jet Investment) • Strengthens Teijin’s solution development capabilities and sales channels in Europe. • Kohlberg has acquired Nelipak®, a Cranston, Rhode Island–based provider Nelipak® Corp. Kohlberg and of custom-designed rigid packaging for the medical device and pharmaceutical 7/2/19 – – (Mason Wells) Co. industries. • Kohlberg plans to grow Nelipak® through sizeable, global acquisitions. • NYX has acquired Beach Mold & Tool, a New Albany, Indiana–based manufacturer of precision tools and plastic injection molding for a range of applications including automotive, medical and more. 7/1/19 Beach Mold & Tool NYX – – • Beach Mold & Tool will now be known as NYX New Albany. • NYX New Albany is forecasting sales of $140 million in 2019 and NYX company-wide sales to be $520 million. • Continental has acquired Merlett Group’s flexible hose business, which includes Merlett Group’s three manufacturing plants in Italy and Switzerland and nearly 500 employees. 7/1/19 flexible hose Continental – – • Expands Continental’s material expertise beyond rubber and into high-performance business thermoplastics. • Essentra has acquired Innovative Components, a Chicago, Illinois–based Innovative 6/27/19 Essentra – – manufacturer of plastic knobs, pins and handles. Components • Expands Essentra’s offering within its hardware business. • The Jordan Company has acquired a stake in Anchor Packaging, one of North America’s largest manufacturers of specialty food packaging used by restaurants Anchor Packaging The Jordan 6/26/19 – – and supermarkets for delivery and take-out meals. (undisclosed stake) Company • The Hermann family, which has owned Anchor for 56 years, will continue to have ownership in the company. • Adell Group has acquired Powerflow, a Buffalo, New York–based injection molder Adell Group of products for automotive applications. 6/26/19 Powerflow (Kinderhook – – • Marks the first add-on acquisition for Adell since being acquired by Kinderhook Industries) in March 2019. • Sheela Foam has acquired a 93.67% stake in Interplast, a Spanish manufacturer of polyurethane foams for the mattress and furniture market with approximately 6/26/19 Interplast (93.67%) Sheela Foam $49.9M – $35 million in revenue. • Provides Sheela Foam with a presence in Europe. • Kohlberg acquired Bemis® Healthcare Packaging Europe as a regulatory remedy Bemis® Healthcare Kohlberg and for Amcor’s acquisition of Bemis. 6/25/19 Packaging Europe $394M – Co. • Kohlberg will merge the Bemis® business with its recently acquired healthcare (Amcor) packaging platform, Nelipak®. • SP Group has agreed to acquire Coreplast Laitila, an advanced injection molding 6/25/19 Coreplast Laitila SP Group $10.7M 7.0x company with production and assembly in Finland. • Adds approximately $15 million in sales and approximately 110 full-time employees.

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 19

THIRD QUARTER 2019 PLASTIC CONVERTER TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Tank Holding has acquired Poly-Mart and WRP Containers, Austin, Texas–based Tank Holding sister companies that produce water and industrial storage tanks as well as large Poly-Mart and WRP 6/20/19 (Olympus – – refuse containers. Containers Partners) • Marks Tank’s first acquisition since being re-acquired by Olympus Partners in March 2019. • Consolidated Container has acquired Tri State Distribution, a leading retail Consolidated pharmaceutical packaging solutions provider based in Sparta, Tennessee. 6/17/19 Tri State Distribution Container Co. – – • Expands Consolidated Container’s presence in the pharmaceutical packaging (Loews Corp.) space. • Spectrum Plastics has acquired Earnan Biomedical, a Wexford, Ireland–based Spectrum producer of innovative medical balloon technologies and solutions. 6/17/19 Earnan Biomedical Plastics (AEA – – • The acquisition comes after Spectrum and Earnan agreed to a joint-marketing Investors) agreement earlier this year. • Zume has acquired Pivot Packaging, a leader in the sustainable packaging space 6/13/19 Pivot Packaging Zume – – based in Chino, California. • Allows Zume to offer food brands a plant-based compostable alternative.

THIRD QUARTER 2019 DISTRIBUTION TRANSACTIONS

Announced EBITDA Date Target Acquirer Value Mult. Details • Maroon Group has acquired Cambrian Solutions, a distributor of specialty Maroon Group 9/23/19 Cambrian Solutions – – ingredients and chemicals based in Ontario, Canada. (CI Capital) • Marks Maroon’s 10th add-on since being acquired by CI Capital in June 2014. Reladyne • Reladyne has acquired Circle Lubricants, one of the Northeast region’s larger 9/23/19 Circle Lubricants (Audax Private – – providers of lubricants, DEF and automotive products. Equity) • Expands RelaDyne’s geographic density into the Northeast. • IMCD acquired Monachem and Addpol, both headquartered in Vadodara, India, Monachem and supplying a comprehensive range of specialty chemical products for the 9/18/19 Additives and Addpol IMCD – – plastics industry. Chemspecialities • Adds approximately $11 million in sales and expands IMCD’s Advanced Materials segment in India. • Sirmax has acquired a 70% stake in Microtec, an Italy-based trader of polyolefin- 9/10/19 Microtec (70% stake) Sirmax – – based masterbatches. • Strengthens Sirmax’s position in polyolefin trading. Matrix Ingredients’ • IMCD has acquired the food distribution business of Matrix Ingredients in Singapore food distribution and Malaysia, a provider of ingredients, technical services and formulation advice 8/30/19 IMCD – – business in Singapore in the savory and processed meat segment. and Malaysia • Adds approximately $5 million in sales and complements IMCD’s existing offering. • Curbell Plastics has acquired Nationwide Plastics, a full-service distributor with extensive plastic part fabrication and precision machining capabilities. 8/26/19 Nationwide Plastics Curbell Plastics – – • Adds approximately 50 employees and three facilities in Arlington and Houston, Texas, and Jackson, Mississippi. Biesterfeld • Biesterfeld has acquired Lindberg & Lund, a Norwegian distribution company 8/22/19 Lindberg & Lund Spezialchemie – – supplying adhesives, composites, electronics, oil/gas and lubricants. (Biesterfeld) • Expands Biesterfeld’s presence in Europe and complements its existing offering. • Brenntag agreed to acquire Chemgrit, a Johannesburg, South Africa–based Chemgrit Cosmetics specialty chemical distributor focused on personal care and cleaning markets. 8/1/19 Brenntag – – (Chemgrit) • Adds approximately $6 million in sales and expands Brenntag’s offering in South Africa. • Brenntag has acquired Neuto Chemical, a Taipei-based distributor of specialty and industrial chemical products for the electronics, coatings, textile and metal- Neuto Chemical 7/31/19 Brenntag – – working industries. Corp. • Strengthens Brenntag’s position in Taiwan and complements Brenntag’s existing offering.

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 20

THIRD QUARTER 2019 DISTRIBUTION TRANSACTIONS (Continued)

Announced EBITDA Date Target Acquirer Value Mult. Details • Brenntag has acquired the remaining 50% stake in Crest Chemicals, a South Crest Chemicals African distributor of chemicals to a broad range of industries. 7/29/19 Brenntag – – (AECI’s 50% share) • Crest will be combined with Brenntag South Africa in an effort to realize synergies and convert cross-selling opportunities. • Maroon Group has acquired Amsyn, a Nashua, New Hampshire–based national Maroon Group distributor of specialty chemicals to the coatings, lubricants, nutraceutical, 7/25/19 Amsyn – – (CI Capital) pharmaceutical and electronics industries. • Marks Maroon’s ninth add-on since being acquired by CI Capital in June 2014. • STOCKMEIER has acquired the remaining 50% stake in Quaron, a supplier Quaron STOCKMEIER 7/17/19 – – of chemicals throughout France with approximately $200 million in revenue. (Oqema’s 50% stake) Holding • Expands STOCKMEIER’s position in Europe. Charkit • Charkit has acquired Custom Ingredients, a manufacturer of specialty ingredients, Chemical and CA Specialities, a South Carolina–based distributor of ingredients in the Custom Ingredients 7/11/19 Company – – personal care market. and CA Specialities (LeBaronBrown • Expands Charkit’s offering and continues the company’s growth strategy through Specialties) tuck-in acquisitions. • Omya has acquired Trilogie Polymers, an engineered polymers distributor located in Singapore and Malaysia. 7/9/19 Trilogie Polymers Omya – – • Creates a strong foundation for Omya’s Engineered Materials distribution business in Asia Pacific. Tovani • Tovani has acquired Chemspecs, a personal-care ingredients distributor serving Benzaquen 7/1/19 Chemspecs – – the Brazilian cosmetics market. Ingredients • Strengthens Tovani’s presence in the life sciences industries within South America. (Barentz) • Brenntag has acquired B&M Oil, a regional lubricants distributor headquartered in Tulsa, Oklahoma. 6/28/19 B&M Oil Co. Brenntag – – • Adds approximately $29 million in sales and expands Brenntag’s lubricant offering in North America. • Ravago has acquired Dr. D.A. Delis, a distributor of specialty chemicals, feed Ravago 6/24/19 Dr. D.A. Delis – – additives and semi-finished plastic products based in Athens, Greece. Chemicals • Strengthens Ravago’s presence in Greece.

pnc.com/chemicalsandplastics CHEMICALS & PLASTICS NEWSLETTER 21

PNC’S CHEMICALS & PLASTICS EXPERIENCE Lending Experience PNC’s Chemical & Plastics Lending Experience

March 2019 January 2019 January 2019 November 2018 November 2018 October 2018

$375,000,000 $600,000,000 $1,250,000,000 $200,000,000 $300,000,000 $1,300,000,000 PNC’sPNC’sPNC’sPNC’sPNC’s Chemical Chemical Chemical Chemical Chemical & & &Plastics Plastics& Plastics& Plastics Plastics Lending Lending Lending Lending Lending Experience Experience Experience Experience Experience $200,000,000 $1,065,000,000 $400,000,000 PNC’sPNC’sPNC’sPNC’sPNC’s Chemical Chemical Chemical Chemical Chemical & & &Plastics Plastics& Plastics& Plastics Plastics Lending Lending Lending Lending Lending Experience Experience Experience Experience Experience Term Loan A-1 Revolving Credit Facility Revolving Credit Facility Revolving Credit Facility Revolving Credit Facility Revolving Credit Facility PNC’s ChemicalPNC’sPNC’s Chemical Chemical & Plastics & & PlasticsLending PlasticsPNC’sPNC’sPNC’sPNC’sPNC’s Lending ChemicalExperience LendingChemical Chemical Chemical Chemical Experience Experience& & Plastics& Plastics& Plastics& Plastics Plastics Lending Lending Lending Lending Lending Experience Experience Experience Experience Experience Term Loan A Term Loan B Term Loan A

Joint Lead Arranger Documentation Agent Participant Documentation Agent JLA and Bookrunner Administrative Agent

MarchMarch 2019March 2019March 2019March 2019 2019 JanuaryJanuaryJanuary 2019January 2019 January2019 2019 2019 JanuaryJanuaryJanuary 2019January 2019 January2019 2019 2019 NovemberNovemberNovember 2018November 2018November 2018 2018 2018 NovemberNovemberNovember 2018November 2018November 2018 2018 2018 OctoberOctoberOctober 2018October 2018 October2018 2018 2018 MarchMarch 2019March 2019March 2019March 2019 2019 JanuaryJanuaryJanuary 2019 January2019 2019January 2019 2019 JanuaryJanuaryJanuary 2019 January2019 2019January 2019 2019 NovemberNovemberNovember 2018November 2018November 2018 2018 2018 NovemberNovemberNovember 2018November 2018NovemberSeptember 2018 2018 2018 2018 OctoberOctoberOctober 2018 October2018 2018OctoberJuly 2018 2018 2018 July 2018 May 2018 April 2018 April 2018 MarchMarch 2019March 2019March 2019March 2019 2019 JanuaryJanuary January2019January 2019 January2019 2019 2019 JanuaryJanuary January2019January 2019 January2019 2019 2019 NovemberNovemberNovember 2018November 2018November 2018 2018 2018 NovemberNovemberNovember 2018November 2018November 2018 2018 2018 OctoberOctober October2018October 2018 October2018 2018 2018 March 2019 MarchMarch 2019January 2019 2019 JanuaryJanuary January2019 2019 2019 JanuaryJanuaryNovember 2019 2019 2018 NovemberNovemberNovember 2018 2018 2018 NovemberNovemberOctober 2018 2018 2018 OctoberOctober 2018 2018

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data availablepublicly available publicly viaParticipant available LoanConnectorvia availableLoanConnectorvia LoanConnector via LoanConnectorvia LoanConnectorParticipantParticipantJointParticipant Lead Arranger ParticipantParticipantParticipantParticipant JointJoint Lead JointLead Arranger LeadArrangerParticipant Arranger ParticipantParticipantParticipantParticipant ParticipantParticipantParticipant ParticipantParticipantParticipant June 2017 June 2017 May 2017 May 2017 March 2017 All dataAll data publiclyAllFebruary dataAllpublicly data availablepubliclyAll 2017 publiclydataavailable available publiclyvia available LoanConnectorvia LoanConnectoravailable via viaLoanConnector LoanConnector via LoanConnector 1 1 1 1 1 All data publicly available via LoanConnectorAll dataAll datapublicly publicly available available via LoanConnector via LoanConnector July July2016 July2016 2016 JuneJune 2016June 2016 2016 April April2016April 2016 2016 MarchMarch1 2016March1 20161 20161 1 DecemberDecemberDecember 20151 20151 120151 1 SeptemberSeptemberSeptember 2015 2015 2015 DecemberDecember 2016 2016 Dec/OctDec/Oct 2016 2016 NovemberNovember 2016 2016 OctoberOctober 2016 2016 AugustAugust 2016 2016 July 2016 AugustAugust 2016 2016 June 2016 JulyJuly 2016 2016JulyApril 20161 2016 JuneJune 20161 June2016March1 2016 2016 AprilApril 2016 April2016December 2016 2015 MarchMarch 2016March September2016 2016 2015 DecemberDecemberDecember 2015 2015 2015 SeptemberSeptemberSeptember 2015 2015 2015

$1,150,000,000 $550,000,000 $350,000,000 $1,500,000,000 $600,000,000 $450,000,000 $100,000,000 $145,000,000 $1,375,000,000 $450,000,000$450,000,000$450,000,000 $2,000,000,000$2,000,000,000$2,000,000,000 $300,000,000$300,000,000$300,000,000 $400,000,000$400,000,000$400,000,000 $1,800,000,000$1,800,000,000$1,800,000,000 $1,000,000,000$1,000,000,000$1,000,000,000 $1,000,000,000$1,000,000,000 $1,250,000,000$1,250,000,000 $2,000,000,000$2,000,000,000 $750,000,000$750,000,000 $400,000,000$400,000,000 $450,000,000 $90,000,000$90,000,000 $2,000,000,000 $450,000,000$875,000,000$450,000,000$875,000,000$450,000,000$300,000,000$875,000,000 $2,000,000,000$2,000,000,000$2,000,000,000$400,000,000 $300,000,000$400,000,000$300,000,000$400,000,000$300,000,000$1,800,000,000$400,000,000 $400,000,000$400,000,000$400,000,000$1,000,000,000 $1,800,000,000$1,800,000,000$1,800,000,000 $1,000,000,000$1,250,000,000$1,000,000,000$1,250,000,000$1,000,000,000$1,250,000,000 Revolving Credit Facility Revolving Credit Facility Revolving$300,000,000$300,000,000 Credit Facility $720,000,000Term$720,000,000 Loan A Revolving Credit Facility Revolving Credit Facility $875,000,000 $875,000,000$875,000,000$875,000,000$400,000,000 $400,000,000$400,000,000$400,000,000 $1,250,000,000 $1,250,000,000$1,250,000,000$1,250,000,000 Term Loan A Term Loan A Term Loan A Term Loan A RevolvingRevolvingRevolving Credit Credit Facility Credit Facility Facility RevolvingRevolvingRevolving Credit Credit Facility Credit Facility Facility RevolvingRevolvingRevolving Credit Credit Facility Credit Facility Facility RevolvingRevolvingRevolving Credit Credit Facility Credit Facility Facility RevolvingRevolvingRevolving Credit Credit Facility Credit Facility Facility RevolvingRevolvingRevolving Credit Credit Facility Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility RevolvingFacility Credit FacilityRevolvingRevolving Credit Credit Facility RevolvingFacility Credit Facility RevolvingRevolvingRevolvingTerm CreditRevolving TermCredit Loan FacilityTerm CreditLoan AFacility Credit Loan A Facility FacilityA RevolvingRevolvingRevolving CreditRevolving Credit Facility Credit Facility Credit Facility Facility RevolvingRevolvingRevolvingTerm CreditRevolving TermCredit Loan FacilityTerm CreditLoan AFacility Credit Loan A Facility FacilityA RevolvingRevolvingRevolving CreditRevolving Credit Facility Credit Facility Credit Facility Facility RevolvingRevolvingRevolving Credit Credit Facility Credit Facility Facility RevolvingRevolvingRevolvingTerm Credit TermCredit Loan FacilityTerm CreditLoan AFacility Loan A Facility A Joint Lead Arranger Administrative Agent DocumentationTermTerm Loan Loan AgentA A TermParticipantTerm Loan Loan A A Documentation Agent Documentation Agent Term Loan A TermTerm LoanTerm Loan ATerm LoanA Loan A A TermTerm LoanTerm Loan A LoanA A Term Loan A TermTerm LoanTerm Loan A LoanA A ArrangerArrangerArranger ParticipantParticipantParticipant SyndicationSyndicationSyndication Agent Agent Agent JointJoint LeadJoint Lead Arranger Lead Arranger Arranger SyndicationSyndicationSyndication Agent Agent Agent ParticipantParticipantParticipant All data publicly available via LoanConnector ParticipantParticipant ParticipantParticipant JointJoint Lead Lead Arranger Arranger ParticipantParticipant ParticipantParticipant Arranger ParticipantParticipant Participant ArrangerArrangerSyndicationArranger Agent ParticipantParticipantJointParticipant Lead Arranger SyndicationSyndicationSyndication SyndicationAgent Agent Agent Agent JointJoint Lead JointLead Arranger LeadArrangerParticipant Arranger SyndicationSyndicationSyndication Agent Agent Agent ParticipantParticipantParticipant 1 JulyJuly 2016 2016 JuneJune 2016 2016 AprilApril 2016 2016 MarchMarchBonds 2016 2016 ExperienceDecemberDecember 2015 2015 SeptemberSeptember 2015 2015

$450,000,000$450,000,000 $2,000,000,000$2,000,000,000 $300,000,000$300,000,000 $400,000,000$400,000,000 $1,800,000,000$1,800,000,000 $1,000,000,000$1,000,000,000 $875,000,000$875,000,000 $400,000,000$400,000,000 $1,250,000,000$1,250,000,000

RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility RevolvingRevolving Credit Credit Facility Facility TermTerm Loan Loan A A TermTerm Loan Loan A A TermTerm Loan Loan A A

ArrangerArranger ParticipantParticipant SyndicationSyndication Agent Agent JointJoint Lead Lead Arranger Arranger SyndicationSyndication Agent Agent ParticipantParticipant PNC’sPNC’sPNC’sPNC’sPNC’sPNC’s Chemical Chemical Chemical Chemical Chemical Chemical & & Plastics& Plastics& Plastics& Plastics& Plastics Plastics Bonds Bonds Bonds Bonds Bonds Bonds Experience Experience Experience Experience Experience Experience

FebruaryFebruaryFebruary 2019February 2019February 2019February 2019 2019 2019 FebruaryFebruaryFebruary 2019February 2019February 2019February 2019 2019 2019 SeptemberSeptemberSeptember 2018September 2018September 2018September 2018 2018 2018 MarchMarch 2018March 2018March 2018March 2018March 2018 2018 JanuaryJanuaryJanuary 2018 January2018 January2018January 2018 2018 2018 JanuaryJanuaryJanuary 2018 January2018 January2018January 2018 2018 2018

$750,000,000$750,000,000$750,000,000$750,000,000$750,000,000$750,000,000 $350,000,000$350,000,000$350,000,000$350,000,000$350,000,000$350,000,000 $350,000,000$350,000,000$350,000,000$350,000,000$350,000,000$350,000,000 $350,000,000$350,000,000$350,000,000$350,000,000$350,000,000$350,000,000 $550,000,000$550,000,000$550,000,000$550,000,000$550,000,000$550,000,000 $300,000,000$300,000,000$300,000,000$300,000,000$300,000,000$300,000,000 2 2 2 SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes 2 2 2 2

JointJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint Bookrunner Bookrunner Co-ManagerCo-ManagerCo-ManagerCo-ManagerCo-ManagerCo-Manager Co-ManagerCo-ManagerCo-ManagerCo-ManagerCo-ManagerCo-Manager Co-ManagerCo-ManagerCo-ManagerCo-ManagerCo-ManagerCo-Manager JointJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint Bookrunner Bookrunner Co-ManagerCo-ManagerCo-ManagerCo-ManagerCo-ManagerCo-Manager

NovemberNovemberNovember 2017November 2017November 2017November 2017 2017 2017 NovemberNovemberNovember 2017November 2017November 2017November 2017 2017 2017 AugustAugust 2017August 2017August 2017August 2017August 2017 2017 July July2017July 2017 July2017July 2017July 2017 2017 MayMay 2017May 2017 May2017May 2017May 2017 2017 MarchMarch 2017March 2017March 2017March 2017March 2017 2017

$1,000,000,000$1,000,000,000$1,000,000,000$1,000,000,000$1,000,000,000$1,000,000,000 $1,250,000,000$1,250,000,000$1,250,000,000$1,250,000,000$1,250,000,000$1,250,000,000 $400,000,000$400,000,000$400,000,000$400,000,000$400,000,000$400,000,000 $375,000,000$375,000,000$375,000,000$375,000,000$375,000,000$375,000,000 $6,000,000,000$6,000,000,000$6,000,000,000$6,000,000,000$6,000,000,000$6,000,000,000 $500,000,000$500,000,000$500,000,000$500,000,000$500,000,000$500,000,000

pnc.com/chemicalsandplasticsSeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior2 NotesSenior2 Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes SeniorSenior NotesSenior NotesSenior NotesSenior NotesSenior Notes Notes Co-ManagerCo-ManagerCo-ManagerCo-ManagerCo-ManagerCo-Manager Co-ManagerCo-ManagerCo-ManagerCo-ManagerCo-ManagerCo-Manager SeniorSenior CoSenior- ManagerCoSenior- ManagerCoSenior-Manager CoSenior- ManagerCo- ManagerCo-ManagerJointJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint Bookrunner Bookrunner JointJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint Bookrunner Bookrunner JointJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint BookrunnerJoint Bookrunner Bookrunner

3 3 3 3 3 3 PNC Chemical & Plastics M&A / Equity Transactions

Select Solebury Capital Select Harris Williams M&A Transactions EquitySelect-Related Solebury TransactionsCapital Select Harris Williams M&A Transactions Equity-Related Transactions CHEMICALS & PLASTICS NEWSLETTER 22

a portfolio company of PNCPNCPNC ChemicalChemical ChemicalPNCPNCa portfolio &Chemical& Chemical& companyPlasticsPlastics Plastics of a portfolio& M&AM&A& M&A Plasticscompany Plastics of // Equity/Equity Equitya portfolioM&A M&A company TransactionsTransactions ofTransactions / /Equity Equity Transactions Transactions has been acquired by PNCPNC Chemical Chemicala portfolio& & companyPlastics Plastics of a portfolio M&A M&A company of / /Equity Equity12/14/17 - $288MTransactions Transactions11/29/17 - $490M has been acquired by has been acquired by 12/14/171/31/17 --$$288M435M 11/29/178/2/17 - -$522M$490M has been acquired by 12/12/161/31/17 --$$316M435M 8/2/17 - $522M PNC’S CHEMICALS & PLASTICS EXPERIENCE (hasContinued) been acquired by 12/12/168/15/16 --$398M$316M has been acquired by 8/15/16 - $398M a portfolio company of has been acquired by has been acquired by Accelerated Book Build, a portfolio company of SelectSelectSelectBlock Trades SoleburySolebury SoleburyCapitalCapitalAcceleratedSelectCapitalSelectIPO Book Solebury Build,Solebury CapitalCapital Select Harris WilliamsSelectSelectSelect M&A HarrisHarris TransactionsHarris WilliamsWilliams Williams M&AM&A M&A TransactionsTransactions TransactionsSelect Solebury CapitalBlock Trades Equity-RelatedIPO Transactions SelectSelect Harris Harris Williams Williams M&A M&A Transactions TransactionsEquityEquityEquity--RelatedRelated-Related TransactionsTransactions EquityTransactionsEquitySelectSelect-Related-Related Solebury Solebury Transactions TransactionsCapitalCapital SelectSelect Harris Harris Williams Williams M&A M&A Transactions Transactions EquityEquity-Related-Related Transactions Transactions

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44 4 4 4 4 4 a aportfolio portfolio company company of of a aportfolio portfolio company company of of a aportfolio portfolio company company of of a aportfolio portfolio company company of of

7/24/147/24/14 - $351M- $351M 11/7/1311/7/13 - $362M- $362M hashas been been acquired acquired by by hashas been been acquired acquired by by hashas been been acquired acquired by by hashas been been acquired acquired by by 3/13/133/13/13 - $215M- $215M

Block,Block, Accelerated Accelerated Book Book InitialInitial Public Public Offering Offering BuildBuild

44 1 www.clariant.com/en/Corporate/News/2019/07/Clariant-to-focus-on-its-core-high-value-specialty-businesses www.clariant.com/en/Corporate/News/2019/07/Clariantrsquos-Board-of-Directors-accepted-resignation-of-CEO-Ernesto-Occhiello www.clariant.com/en/Corporate/News/2018/09/Clariant-makes-a-step-change-into-higher-value-specialties

2 www.colgatepalmolive.com/en-us/core-values/sustainability/performance www.prnewswire.com/news-releases/pepsico-announces-new-packaging-goal-for-25-recycled-plastic-content-by-2025-300738486.html www.woodmac.com/press-releases/achieving-u.s.-recycled-plastics-goals-by-2030-could-cost-$3bn/ www.plasticsnews.com/news/napcor-us-lacks-recycled-pet-meet-consumer-brands-pledges

3 Pitchbook, Refi nitiv

4 LoanConnector

5 PNC Debt Capital Markets

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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd., which is a private limited company incorporated under English law with its registered offi ce at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd. is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd. conduct business. Harris Williams LLC is a subsidiary of The PNC Financial Services Group, Inc. Equity capital markets advisory and related services are provided by Solebury Capital LLC, a registered broker-dealer and member of FINRA and SIPC. Solebury Capital LLC is a subsidiary of The PNC Financial Services Group, Inc.

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