THE WOODLANDS, Texas, Aug. 1, 2012 /PRNewswire/ --

Second Quarter 2012 Highlights


    --  Net income attributable to Huntsman Corporation increased 9% to $124
        million compared to the prior year period.
    --  Adjusted EBITDA improved 14% to $365 million compared to the prior year
        period.
    --  Adjusted diluted income per share improved 21% to $0.58 compared to the
        prior year period.

                                                       Three months ended            Six months ended
                                                       ------------------
                                                         June 30,          March 31,                  June 30,
                                                         --------                                     --------
    In millions, except
     per share amounts,
     unaudited                                           2012         2011   2012              2012              2011
    -------------------                                  ----         ----   ----              ----              ----

    Revenues                                           $2,914       $2,934 $2,913            $5,827            $5,613

    Net income
     attributable to
     Huntsman Corporation                                $124         $114   $163              $287              $176
    Adjusted net
     income(1)                                           $139         $116   $177              $316              $226

    Diluted income per
     share                                              $0.52        $0.47  $0.68             $1.19             $0.72
    Adjusted diluted
     income per share(1)                                $0.58        $0.48  $0.74             $1.32             $0.93

    EBITDA(1)                                            $352         $323   $390              $742              $562
    Adjusted EBITDA(1)                                   $365         $321   $397              $762              $625

    See end of press release for footnote explanations

Huntsman Corporation (NYSE: HUN) today reported second quarter 2012 results with revenues of $2,914 million and adjusted EBITDA of $365 million.

Peter R. Huntsman, our President and CEO, commented:

"I am pleased with our second quarter results. We experienced a solid second quarter, particularly in the quality of our earnings. Net income, adjusted EBITDA, and adjusted diluted income all increased compared to the prior year.

More than 40% of our adjusted EBITDA was derived from our Polyurethanes business, which experienced double digit growth globally for our MDI products. Margins in that business improved as well.

We have yet to realize the majority of benefits from our restructuring efforts. We expect the annual EBITDA benefit above our current run rate will exceed $150 million when completed by the end of 2013.

We will continue to make every effort possible to drive shareholder value."

Segment Analysis for 2Q12 Compared to 2Q11

Polyurethanes

The increase in revenues in our Polyurethanes division for the three months ended June 30, 2012 compared to the same period in 2011 was due to higher sales volumes partially offset by lower average selling prices. MDI sales volumes increased as a result of improved demand in all regions and across most major markets. PO/MTBE sales volumes increased due to strong demand. PO/MTBE average selling prices decreased primarily in response to lower raw material costs, partially offset by an increase in MDI average selling prices. The increase in adjusted EBITDA was primarily due to higher contribution margins and higher sales volumes.

Performance Products

The decrease in revenues in our Performance Products division for the three months ended June 30, 2012 compared to the same period in 2011 was due to lower average selling prices and lower sales volumes. Average selling prices decreased primarily in response to lower raw material costs and the strength of the U.S. dollar against major international currencies. Sales volumes decreased primarily due to lower demand across most markets and a greater shift to tolling arrangements. The decrease in adjusted EBITDA was primarily due to lower contribution margins, most notably in amines, lower sales volumes and the approximate $5 million impact from an unplanned outage at our ethylene oxide facility.

Advanced Materials

The decrease in revenues in our Advanced Materials division for the three months ended June 30, 2012 compared to the same period in 2011 was primarily due to lower average selling prices partially offset by higher sales volumes. Average selling prices decreased primarily in response to lower raw material costs, competitive market pressure and the strength of the U.S. dollar against major international currencies. Sales volumes increased across most regions, primarily due to strong demand in our base resins business in the Americas and India, while sales volumes in the Asia Pacific region decreased due to lower demand in the wind energy and electrical engineering markets. The decrease in adjusted EBITDA was primarily due to lower contribution margins due in part to the change in sales mix from increased base resin sales volumes. Lower contribution margins were partially offset by lower selling, general and administrative costs as a result of recent restructuring efforts.

Textile Effects

The decrease in revenues in our Textile Effects division for the three months ended June 30, 2012 compared to the same period in 2011 was primarily due to lower average selling prices partially offset by higher sales volumes. Average selling prices decreased primarily due to the strength of the U.S. dollar against major international currencies and sales mix. Sales volumes increased due to increased market share in key markets, specifically Asia. The increase in adjusted EBITDA was primarily due to higher sales volumes and lower manufacturing costs as a result of recent restructuring efforts.

Pigments

The decrease in revenues in our Pigments division for the three months ended June 30, 2012 compared to the same period in 2011 was due to lower sales volumes partially offset by higher average selling prices. Sales volumes decreased primarily due to lower global demand and continued customer destocking, particularly in the Asia Pacific region. Average selling prices increased in all regions of the world primarily as a result of higher raw material costs partially offset by the strength of the U.S. dollar against major international currencies. The increase in adjusted EBITDA was primarily due to higher contribution margins partially offset by lower sales volumes.

Corporate, LIFO and Other

Adjusted EBITDA from Corporate, LIFO and other increased by $20 million to a loss of $43 million for the three months ended June 30, 2012 compared to a loss of $63 million for the same period in 2011. The increase in adjusted EBITDA was primarily the result of a $20 million decrease in LIFO inventory valuation expense ($9 million of income in 2012 compared to $11 million of expense in 2011).

Liquidity, Capital Resources and Outstanding Debt

As of June 30, 2012, we had $1,098 million of combined cash and unused borrowing capacity compared to $1,043 million at December 31, 2011. For the three months ended June 30, 2012, our primary net working capital increased by $104 million.

Total capital expenditures for the three months ended June 30, 2012 were $82 million. We expect to spend approximately $425 million on capital expenditures in 2012 which approximates our annual depreciation and amortization.

Income Taxes

During the three months ended June 30, 2012 we recorded income tax expense of $65 million. Our adjusted effective income tax rate for the three months ended June 30, 2012 was approximately 33%. We expect our long term effective income tax rate to be approximately 30 - 35%. During the three months ended June 30, 2012, we paid $57 million in cash for income taxes.

Conference Call Information

We will hold a conference call to discuss our second quarter 2012 financial results on Wednesday, August 1, 2012 at 10:00 a.m. ET.

Call-in numbers for the conference call:


    U.S. participants                          (888) 679 - 8033
    International participants                 (617) 213 - 4846
    Passcode                                           14225591

In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. You may pre-register at any time, including up to and after the call start time. To pre-register, please go to:

https://www.theconferencingservice.com/prereg/key.process?key=PQPRTEDXQ

Webcast Information

The conference call will be available via webcast and can be accessed from the investor relations portion of the company's website at huntsman.com.

Replay Information

The conference call will be available for replay beginning August 1, 2012 and ending August 8, 2012.

Call-in numbers for the replay:


    U.S. participants                            (888) 286 - 8010
    International participants                   (617) 801 - 6888
    Replay code                                          64509445


    Table 1 -- Results of Operations
    --------------------------------


                                                       Three months ended      Six months ended
                                                            June 30,               June 30,
                                                            --------               --------
    In millions, except per share
     amounts, unaudited                                                  2012                   2011    2012    2011
    -----------------------------                                        ----                   ----    ----    ----

    Revenues                                                           $2,914                 $2,934  $5,827  $5,613
    Cost of goods sold                                                  2,387                  2,433   4,750   4,652
                                                                        -----                  -----   -----   -----
    Gross profit                                                          527                    501   1,077     961
    Operating expenses                                                    272                    272     537     563
    Restructuring, impairment and
     plant closing costs                                                    5                      9       5      16
                                                                          ---                    ---     ---     ---
    Operating income                                                      250                    220     535     382
    Interest expense, net                                                 (57)                   (65)   (116)   (124)
    Equity in income of investment
     in unconsolidated affiliates                                           1                      2       3       4
    Loss on early extinguishment
     of debt                                                                -                      -      (1)     (3)
    Other income                                                            1                      1       1       1
                                                                                                         ---     ---
    Income before income taxes                                            195                    158     422     260
    Income tax expense                                                    (65)                   (34)   (125)    (56)
                                                                                                        ----     ---
    Income from continuing
     operations                                                           130                    124     297     204
    Loss from discontinued
     operations, net of tax(2)                                             (2)                    (1)     (6)    (15)
    Extraordinary gain on the
     acquisition of a business,
     net of tax of nil                                                      -                      1       -       2
                                                                                                         ---     ---
    Net income                                                            128                    124     291     191
    Net income attributable to
     noncontrolling interests, net
     of tax                                                                (4)                   (10)     (4)    (15)
    Net income attributable to
     Huntsman Corporation                                                $124                   $114    $287    $176
                                                                         ====                   ====    ====    ====


    Adjusted EBITDA(1)                                                   $365                   $321    $762    $625

    Adjusted net income(1)                                               $139                   $116    $316    $226


    Basic income per share                                              $0.52                  $0.48   $1.21   $0.74
    Diluted income per share                                            $0.52                  $0.47   $1.19   $0.72
    Adjusted diluted income per
     share(1)                                                           $0.58                  $0.48   $1.32   $0.93

    Common share information:
    Basic shares outstanding                                            237.8                  239.4   237.2   238.5
    Diluted shares                                                      240.5                  243.7   240.2   243.2
    Diluted shares for adjusted
     diluted income per share                                           240.5                  243.7   240.2   243.2

    See end of press release for footnote explanations

    Table 2 -- Results of Operations by Segment
    -------------------------------------------


                                                       Three months ended                 Six months ended
                                                            June 30,            Better /      June 30,          Better /
                                                            --------                          --------
    In millions, unaudited                                                2012      2011      (Worse)               2012    2011  (Worse)
    ----------------------                                                ----      ----       ------               ----    ----   ------

    Segment Revenues:
    Polyurethanes                                                       $1,271    $1,135                    12%   $2,491  $2,182            14%
    Performance Products                                                   770       896                  (14)%    1,577   1,700           (7)%
    Advanced Materials                                                     346       360                   (4)%      686     710           (3)%
    Textile Effects                                                        195       200                   (3)%      380     390           (3)%
    Pigments                                                               407       424                   (4)%      831     788             5%
    Eliminations and other                                                 (75)      (81)                    7%     (138)   (157)           12%
                                                                           ---       ---                            ----    ----

    Total                                                               $2,914    $2,934                   (1)%   $5,827  $5,613             4%
                                                                        ======    ======                          ======  ======

    Segment Adjusted EBITDA(1):
    Polyurethanes                                                         $170      $143                    19%     $347    $257            35%
    Performance Products                                                    85       102                  (17)%      175     217          (19)%
    Advanced Materials                                                      24        31                  (23)%       56      70          (20)%
    Textile Effects                                                         (4)       (7)                   43%      (13)    (13)         ----
    Pigments                                                               133       115                    16%      280     202            39%
    Corporate, LIFO and other                                              (43)      (63)                   32%      (83)   (108)           23%

    Total                                                                 $365      $321                    14%     $762    $625            22%
                                                                          ====      ====                            ====    ====

    See end of press release for footnote explanations

    Table 3 -- Factors Impacting Sales Revenue
    ------------------------------------------


                                                               Three months ended
                                                             June 30, 2012 vs. 2011
                                                             ----------------------
                                                     Average Selling Price(a)
                                                     -----------------------
                                                              Local                     Exchange      Sales Mix        Sales
    Unaudited                                                Currency                     Rate         & Other       Volume(a)       Total
    ---------                                                --------                     ----         -------       --------        -----

    Polyurethanes                                                          (2)%                  (3)%             3%             14%         12%
    Performance Products                                                   (7)%                  (3)%             3%            (7)%       (14)%
    Advanced Materials                                                     (4)%                  (6)%           (3)%              9%        (4)%
    Textile Effects                                                        (3)%                  (5)%           ---               5%        (3)%
    Pigments                                                                26%                  (7)%             1%           (24)%        (4)%
    Total Company                                                            1%                  (4)%             2%            ---         (1)%

                                                              Six months ended
                                                           June 30, 2012 vs. 2011
                                                           ----------------------
                                                   Average Selling Price(a)
                                                   -----------------------
                                                              Local                     Exchange      Sales Mix        Sales
    Unaudited                                                Currency                     Rate         & Other       Volume(a)       Total
    ---------                                                --------                     ----         -------       --------        -----

    Polyurethanes                                                            4%                  (2)%             2%             10%         14%
    Performance Products                                                   (3)%                  (2)%             1%            (3)%        (7)%
    Advanced Materials                                                     (3)%                  (4)%           (2)%              6%        (3)%
    Textile Effects                                                        (2)%                  (3)%           (1)%              3%        (3)%
    Pigments                                                                30%                  (5)%           ---            (20)%          5%
    Total Company                                                            4%                  (3)%             2%              1%          4%

    (a) Excludes revenues and sales volumes from tolling, by-products and raw materials

    Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
    -----------------------------------------------------------


                                                                                                                     Income Tax           Net Income (Loss)      Diluted Income (Loss)
                                                                      EBITDA            (Expense) Benefit       Attrib. to HUN Corp.          Per Share
                                                                      ------           -----------------       --------------------          ---------
                                                                Three months ended     Three months ended       Three months ended       Three months ended
                                                                     June 30,               June 30,                 June 30,                 June 30,
                                                                     --------               --------                 --------                 --------
    In millions, except per share amounts,
     unaudited                                                                    2012                   2011                      2012                    2011                     2012  2011   2012  2011
    --------------------------------------                                        ----                   ----                      ----                    ----                     ----  ----   ----  ----

    GAAP(1)                                                                       $352                   $323                      $(65)                   $(34)                    $124  $114  $0.52 $0.47
    Adjustments:
    Gain on consolidation of a variable
     interest entity                                                                 -                    (12)                        -                       2                        -   (10)     - (0.04)
    Restructuring, impairment, plant closing
     and transition costs                                                            9                      9                        (2)                     (1)                       7     8   0.03  0.03
    Discount amortization on settlement
     financing associated with the                                                 N/A                    N/A                        (3)                     (2)                       5     5   0.02  0.02
         terminated merger
    Acquisition expenses                                                             1                      3                         -                      (1)                       1     2      -  0.01
    Gain on disposition of businesses/assets                                         -                     (3)                        -                       -                        -    (3)     - (0.01)
    Loss from discontinued operations, net of
     tax(2)                                                                          3                      2                       N/A                     N/A                        2     1   0.01     -
    Extraordinary gain on the acquisition of
     a business, net of tax                                                          -                     (1)                      N/A                     N/A                        -    (1)     -     -

    Adjusted(1)                                                                   $365                   $321                      $(70)                   $(36)                    $139  $116  $0.58 $0.48
                                                                                  ----                   ----                      ----                    ----                     ----  ----  ----- -----

    Adjusted income tax expense                                                                                                                                                       70    36
    Net income attributable to noncontrolling
     interests, net of tax                                                                                                                                                             4    10

    Adjusted pre-tax income(1)                                                                                                                                                      $213  $162
                                                                                                                                                                                    ----  ----

    Adjusted effective tax rate                                                                                                                                                       33%   22%


                                                                                                                     Income Tax           Net Income (Loss)      Diluted Income (Loss)
                                                                      EBITDA           (Expense) Benefit        Attrib. to HUN Corp.          Per Share
                                                                      ------           -----------------       --------------------          ---------
                                                                Three months ended     Three months ended       Three months ended       Three months ended
                                                                    March 31,              March 31,                 March 31,               March 31,
    In millions, except per share amounts,
     unaudited                                                                    2012                   2012                      2012                    2012
    --------------------------------------                                        ----                   ----                      ----                    ----

    GAAP(1)                                                                       $390                                             $(60)                                            $163        $0.68
    Adjustments:
    Legal settlements and related expenses                                           1                                                -                                                1            -
    Loss on early extinguishment of debt                                             1                                                -                                                1            -
    Restructuring, impairment, plant closing
     and transition costs                                                            4                                               (1)                                               3         0.01
    Discount amortization on settlement
     financing associated with the                                                 N/A                                               (2)                                               5         0.02
         terminated merger
    Loss from discontinued operations, net of
     tax(2)                                                                          1                                              N/A                                                4         0.02

    Adjusted(1)                                                                   $397                                             $(63)                                            $177        $0.74
                                                                                  ----                                             ----                                             ----        -----

    Adjusted income tax expense                                                                                                                                                       63

    Adjusted pre-tax income(1)                                                                                                                                                      $240
                                                                                                                                                                                    ----

    Adjusted effective tax rate                                                                                                                                                       26%


                                                                                                                     Income Tax           Net Income (Loss)      Diluted Income (Loss)
                                                                      EBITDA            (Expense) Benefit       Attrib. to HUN Corp.          Per Share
                                                                      ------           -----------------       --------------------          ---------
                                                                 Six months ended       Six months ended         Six months ended         Six months ended
                                                                     June 30,               June 30,                 June 30,                 June 30,
                                                                     --------               --------                 --------                 --------
    In millions, except per share amounts,
     unaudited                                                                    2012                   2011                      2012                    2011                     2012  2011   2012  2011
    --------------------------------------                                        ----                   ----                      ----                    ----                     ----  ----   ----  ----

    GAAP(1)                                                                       $742                   $562                     $(125)                   $(56)                    $287  $176  $1.19 $0.72
    Adjustments:
    Legal settlements and related expenses                                           1                     34                         -                     (13)                       1    21      -  0.09
    Loss on early extinguishment of debt                                             1                      3                         -                      (1)                       1     2      -  0.01
    Gain on consolidation of a variable
     interest entity                                                                 -                    (12)                        -                       2                        -   (10)     - (0.04)
    Restructuring, impairment, plant closing
     and transition costs                                                           13                     16                        (3)                     (1)                      10    15   0.04  0.06
    Discount amortization on settlement
     financing associated with the                                                 N/A                    N/A                        (5)                     (5)                      10     9   0.04  0.04
         terminated merger
    Acquisition expenses                                                             1                      4                         -                      (1)                       1     3      -  0.01
    Gain on disposition of businesses/assets                                         -                     (3)                        -                       -                        -    (3)     - (0.01)
    Loss from discontinued operations, net of
     tax(2)                                                                          4                     23                       N/A                     N/A                        6    15   0.02  0.06
    Extraordinary gain on the acquisition of
     a business, net of tax                                                          -                     (2)                      N/A                     N/A                        -    (2)     - (0.01)

    Adjusted(1)                                                                   $762                   $625                     $(133)                   $(75)                    $316  $226  $1.32 $0.93
                                                                                  ----                   ----                     -----                    ----                     ----  ----  ----- -----

    Adjusted income tax expense                                                                                                                                                      133    75
    Net income attributable to noncontrolling
     interests, net of tax                                                                                                                                                             4    15

    Adjusted pre-tax income(1)                                                                                                                                                      $453  $316
                                                                                                                                                                                    ----  ----

    Adjusted effective tax rate                                                                                                                                                       29%   24%

    See end of press release for footnote explanations

    Table 5 -- Reconciliation of Net Income (Loss) to EBITDA
    --------------------------------------------------------


                                                         Three months ended                 Six months ended
                                                         ------------------
                                                         June 30,           March 31,                        June 30,
                                                         --------                                            --------
    In millions, unaudited                                           2012             2011                            2012  2012  2011
    ----------------------                                           ----             ----                            ----  ----  ----

    Net income attributable to
     Huntsman Corporation                                            $124             $114                            $163  $287  $176
    Interest expense, net                                              57               65                              59   116   124
    Income tax expense from
     continuing operations                                             65               34                              60   125    56
    Income tax benefit from
     discontinued operations(2)                                        (1)              (1)                             (1)   (2)   (8)
    Depreciation and
     amortization of continuing
     operations                                                       107              111                             105   212   214
    Depreciation and
     amortization of
     discontinued operations(2)                                         -                -                               4     4     -

    EBITDA(1)                                                        $352             $323                            $390  $742  $562
                                                                     ====             ====                            ====  ====  ====

    See end of press release for footnote explanations

    Table 6 -- Selected Balance Sheet Items
    ---------------------------------------


                                              June 30,          March 31,         December 31,
    In
     millions                                             2012               2012                2011
    ---------                                             ----               ----                ----
                                            (unaudited)        (unaudited)

    Cash                                                  $461               $478                $562
     Accounts
     and
     notes
     receivable,
     net                                                 1,677              1,801               1,529
    Inventories                                          1,645              1,638               1,539
    Other
     current
     assets                                                326                292                 316
     Property,
     plant
     and
     equipment,
     net                                                 3,536              3,648               3,622
    Other
     assets                                              1,084              1,096               1,089

    Total
     assets                                             $8,729             $8,953              $8,657
                                                        ======             ======              ======

     Accounts
     payable                                              $976             $1,089                $862
    Other
     current
     liabilities                                           729                704                 752
     Current
     portion
     of
     debt                                                  143                193                 212
    Long-
     term
     debt                                                3,601              3,628               3,730
    Other
     liabilities                                         1,274              1,319               1,325
    Total
     equity                                              2,006              2,020               1,776

    Total
     liabilities
     and
     equity                                             $8,729             $8,953              $8,657
                                                        ======             ======              ======

    Table 7 -- Outstanding Debt
    ---------------------------


                                  June 30,          March 31,         December 31,
    In millions                               2012               2012                2011
    -----------                               ----               ----                ----
                                (unaudited)        (unaudited)

    Debt:
    Senior
     credit
     facilities                             $1,686             $1,698              $1,696
    Accounts
     receivable
     programs                                  232                242                 237
    Senior notes                               483                478                 472
    Senior
     subordinated
     notes                                     893                893                 976
    Variable
     interest
     entities                                  271                279                 281
    Other debt                                 179                231                 280

    Total debt -
     excluding
     affiliates                              3,744              3,821               3,942
                                             -----              -----               -----

    Total cash                                 461                478                 562
                                               ---                ---                 ---

    Net debt-
     excluding
     affiliates                             $3,283             $3,343              $3,380
                                            ======             ======              ======

    Table 8 -- Summarized Statement of Cash Flows
    ---------------------------------------------


                                                  Three months ended     Six months ended
                                                       June 30,               June 30,
                                                                              --------
    In millions,
     unaudited                                                     2012               2012   2011
    ------------                                                   ----               ----   ----

    Total cash at
     beginning of
     period                                                        $478               $562   $973

    Net cash
     provided by
     operating
     activities                                                     158                348      1
    Net cash used
     in investing
     activities                                                     (76)              (185)  (111)
    Net cash used
     in financing
     activities                                                     (88)              (264)  (178)
    Effect of
     exchange
     rate changes
     on cash                                                         (5)                (1)     5
    Change in
     restricted
     cash                                                            (6)                 1      -

    Total cash at
     end of
     period                                                        $461               $461   $690
                                                                   ====               ====   ====

    Supplemental
     cash flow
     information:
    Cash paid for
     interest                                                      $(24)             $(106) $(108)
    Cash paid for
     income taxes                                                  $(57)              $(70)  $(35)
    Cash paid for
     capital
     expenditures                                                  $(82)             $(163) $(124)
    Depreciation
     &
     amortization                                                  $107               $216   $214

    Changes in
     primary
     working
     capital:
    Accounts and
     notes
     receivable                                                     $56              $(183) $(325)
    Inventories                                                     (74)              (139)  (270)
    Accounts
     payable                                                        (86)               100    200
    Total (use) /
     source                                                       $(104)             $(222) $(395)
                                                                  -----              -----  -----



    Footnotes
    ---------

             (1)   We use EBITDA and adjusted EBITDA to measure
                   the operating performance of our business. We
                   provide adjusted net income because we feel it
                   provides meaningful insight for the investment
                   community into the performance of our
                   business.  We believe that net income (loss)
                   attributable to Huntsman Corporation is the
                   performance measure calculated and presented
                   in accordance with generally accepted
                   accounting principles in the U.S. ("GAAP")
                   that is most directly comparable to EBITDA,
                   adjusted EBITDA and adjusted net income.
                   Additional information with respect to our use
                   of each of these financial measures follows:

                   EBITDA is defined as net income (loss)
                   attributable to Huntsman Corporation before
                   interest, income taxes, and depreciation and
                   amortization. EBITDA as used herein is not
                   necessarily comparable to other similarly
                   titled measures of other companies. The
                   reconciliation of EBITDA to net income (loss)
                   attributable to Huntsman Corporation is set
                   forth in Table 5 above.

                   Adjusted EBITDA is computed by eliminating the
                   following from EBITDA: EBITDA from
                   discontinued operations; restructuring,
                   impairment, plant closing and transition costs
                   (credits); income and expense associated with
                   the terminated merger and related litigation;
                   acquisition expenses; certain legal
                   settlements and related expenses; loss on
                   early extinguishment of debt; gain on
                   consolidation of a variable interest entity;
                   extraordinary (gain) loss on the acquisition
                   of a business; and loss (gain) on disposition
                   of businesses/assets.  The reconciliation of
                   adjusted EBITDA to EBITDA is set forth in
                   Table 4 above.

                   Adjusted net income (loss) is computed by
                   eliminating the after tax impact of the
                   following items from net income (loss)
                   attributable to Huntsman Corporation: loss
                   (income) from discontinued operations;
                   restructuring, impairment, plant closing and
                   transition costs (credits); income and expense
                   associated with the terminated merger and
                   related litigation; discount amortization on
                   settlement financing associated with the
                   terminated merger; acquisition expenses;
                   certain legal settlements and related
                   expenses; loss on early extinguishment of
                   debt; gain on consolidation of a variable
                   interest entity; extraordinary (gain) loss on
                   the acquisition of a business; and loss (gain)
                   on disposition of businesses/assets.  We do
                   not adjust for changes in tax valuation
                   allowances because we do not believe it
                   provides more meaningful information than is
                   provided under GAAP.  The reconciliation of
                   adjusted net income (loss) to net income
                   (loss) attributable to Huntsman Corporation
                   common stockholders is set forth in Table 4
                   above.

             (2)   During the first quarter 2010 we closed our
                   Australian styrenics operations, results from
                   this business are treated as discontinued
                   operations.

About Huntsman:

Huntsman is a global manufacturer and marketer of differentiated chemicals. Our operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman has approximately 12,000 employees and operates from multiple locations worldwide. The Company had 2011 revenues of over $11 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com.

Forward-Looking Statements:

Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.

SOURCE Huntsman Corporation