Eastman Q3 Report 2023

3Q 2023 highlights

• Strong operating cash flow underpinned by decisive action to reduce inventories
• Volume/mix stabilized sequentially, with improvement in some key end markets
• Strong growth in premium automotive products
• Continued commercial excellence in defending the value of our products with disciplined pricing
• Remain on track to produce Renew products sourced from recycled content at Kingsport methanolysis facility
• Signed definitive agreement with INEOS Acetyls to sell the Texas City, TX, site for $490 million
• Named to two prestigious lists in 2023: Fortune’s Change the World and 3BL’s 100 Best Corporate Citizens

Advanced Materials Segment

3Q23 vs. 3Q22 highlights

• Higher selling prices and lower variable costs
• Continued weak demand and customer inventory destocking in consumer durables, medical, and consumables end markets
• Aggressive inventory actions to drive cash generation resulting in lower capacity utilization
• Negative foreign currency impact
• Benefits of cost reduction initiatives