Platform Specialty Products Corporation Credit Suisse Investor

Platform Specialty Products Corporation
Credit Suisse Investor Conference
September, 2014
1
Disclaimer
Please note that in this presentation we may discuss events or results that have not yet occurred or been realized, commonly referred to as “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws, including statements regarding the impact of
the proposed Chemtura AgroSolutions (“CAS”) and Agriphar acquisitions on the business and financial results of Platform Specialty Products Corporation
(“Platform”) including sales, adjusted EBIT, adjusted EBITDA, capital expenditures, cash flows, the ability of Platform to close the proposed CAS and Agriphar
acquisitions and to raise the funds needed to close such acquisitions, Platform's earnings per share, expected or estimated revenue, the outlook for Platform’s
markets and the demand for its products, estimated sales, segment earnings, net interest expense, income tax provision, restructuring and other charges, cash
flows from operations, consistent profitable growth, free cash flow, future revenues and gross operating and adjusted EBITDA margin improvement requirement
and expansion, organic net sales growth, bank debt covenants, the success of new product introductions, growth in costs and expenses, the impact of
commodities and currencies and Platform’s ability to manage its risk in these areas, Platform’s ability to raise new debt and to consummate acquisitions, including,
but not limited to, the proposed CAS and Agriphar acquisitions, and the impact in general of acquisitions, divestitures, restructurings, and other unusual items,
including Platform's ability to successfully integrate and obtain the anticipated results and synergies from its consummated and future acquisitions.
These projections and statements are based on management's good faith estimates and assumptions with respect to future events and financial performance and
are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of
certain factors. A discussion of factors that could cause results to vary is included in Platform’s periodic and other reports filed with the Securities and Exchange
Commission, including under the heading “Risk Factors” in Platform’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2014. Platform undertakes no obligation to update any forward-looking statement, whether as a result of
new information, future events or otherwise.
This presentation also contains non-GAAP financial measures that may not be directly comparable to other similarly titled measures used by other companies,
including combined net sales, adjusted EBIT, adjusted EBITDA, combined capital expenditures and combined capitalized re-registration costs. For purposes of
Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that
excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated
and presented in accordance with GAAP in the statements of operations, balance sheets, or statements of cash flows of such company; or includes amounts, or is
subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Pursuant to the requirements of Regulation G, Platform has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP
financial measures in the Appendices of this presentation. These non-GAAP financial measures are provided because management of Platform uses such
measures in monitoring and evaluating Platform’s ongoing financial results, as well as to reflect Platform’s acquisitions, such as the acquisition of MacDermid,
Incorporated (“MacDermid”) on October 31, 2013. Management believes these measures provide a more complete understanding of Platform’s operational results
and a meaningful comparison of Platform’s performance between periods. These non-GAAP measures may not, however, reflect the actual financial results
Platform would have achieved absent the acquisition of MacDermid, and may not be indicative of the results that Platform would expect to recognize for future
periods.
Financial information relating to CAS was derived from segment reporting in Chemtura Corporation’s periodic reports and earnings press releases, including
Chemtura Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and Quarterly Report on Form 10-Q for the fiscal quarter ended
June 30, 2014. Financial information relating to Agriphar was obtained directly from Percival S.A., its privately-held parent company. Although we believe it is
reliable, this information has not been verified, internally or independently. Consequently, we cannot assure you that the 2013 and Q2 2014 financial results and
information for either CAS or Agriphar contained in this presentation are accurate or complete, or that such results or information would not be materially different if
they were based on carve out audited financial statements.
2
Executive Overview
n  Platform Specialty Products Corporation (“Platform” or “PAH”) is a global producer of high technology
specialty chemical products and provider of technical services to the electronics, surface treatment, graphic
arts, offshore oil production and drilling and agriculture
u  YE 2013 revenues $746M. EBITDA $180M
u  4/17/14, definitive agreement to acquire Chemtura AgroSolutions (“CAS”) from Chemtura Corporation for $950M + 2
million PAH common shares
u  Expected to close Q4 2014
n  5/21/14 private placement (PIPE) 15.8 million shares for $300.2 million, or $19.00 per share
u  Net proceeds of $287M
u  S-1 effective 6/14/14
n  8/6/14 definitive agreement to acquire Agriphar Group for E300M , a Private European Agro Chemical
Company.
u  Close expected September 2014
n  8/7/14, amendment to Senior Credit Facilities as follows: Term Loan B add-on of $130 million, new Term Loan
B Euro Tranche of €205 million, and upsizing of multi-currency revolver to $175 million (from $50 million).
n  Pro forma for the CAS and Agriphar transactions:
u  Pro Forma 2013 Revenue of $1,367 million and Pro Forma Adjusted EBITDA of $317 million (23.2% margin)
u  Pro Forma Net leverage projected under 4.5x
Note: For a reconciliation of non-GAAP measures, please refer to page 37 and 38 of this presentation.
3
Combination Creates a Highly Diverse and Defensible Business
2013 Combined Net Sales
Scale
($ mm)
1,400
1,200
1,000
800
600
400
200
0
$1,367
$746
Platform
Pro Forma Platform
2013 Platform Net Sales
Growth
Profile
Graphic
Solutions
23%
($ mm)
350
300
250
200
150
100
50
0
$317(1)
$180
Platform
Pro Forma Platform
2013 Combined Net Sales
Graphic
Solutions
13%
Performance
Materials
77%
Note: Financials are non-GAAP.
1. Pre-synergies.
2013 Combined Adjusted EBITDA
Performance
Materials
42%
Agro
Solutions
45%
4
Diverse Customer, Product, End-market and Geography
Revenue by Geography
Revenue by Segment
Platform Standalone
Platform Standalone
Pro Forma
Graphic
Solutions
13%
Graphic
Solutions
23%
Asia
28%
Americas
Pro Forma
Asia
22%
38%
Performance
Materials
42%
Performance
Materials
77%
Americas
46%
Agro
Solutions
45%
Europe
34%
Europe
32%
Extensive Geographic Exposure
Broad End-Markets
Electronic
Industrial
Offshore
Graphics
Automotive
Agriculture
Both
MacDermid Only
Agro Only
5
Platform (MacDermid) – Business Overview
Business Description
n 
Global producer of high specialty chemicals for plating
and surface coatings, printed circuit boards and other
electronic applications, water-based hydraulic control
fluids and photopolymers
n 
Dynamic chemistries typically represent a small portion
of customers’ costs, but they are critical to the
performance of their products
n 
“Asset-lite, high-touch” business model
n 
Commitment to R&D and product innovation accelerates
growth and sustains margins
n 
Leading market position in majority of businesses
n 
Serves more than 3,500 customers through direct sales
force in 23+ countries
n 
15 low-cost manufacturing sites and 23 local technical
service facilities worldwide
n 
Approximately 2,000 employees in our global network,
including 1,000 technical staff
2013 – Sales and Adj. EBITDA Breakdown
2013 Sales by Segment
Graphic
Solutions
23%
2013 EBITDA by Segment
Graphic
Solutions
24%
Performance
Materials
76%
Performance
Materials
77%
2013 Sales: $746 Million
2013 EBITDA: $180 Million
margin: 24.1%
2013 Sales by Geography
Asia
28%
Americas
38%
Europe
34%
Global, High Technology Producer of Dynamic Chemistries
Note: For a reconciliation of Non-GAAP financials please refer to page 38 of this presentation.
6
Ag Chem Industry 2013
7
ADA
MA
Mon
san
to
Dow
ie
oSc
Agr
CAS 2013 450MM$
51 B$
s
nce
51B
$
Insecticides
Acaracides
Herbicides
Product Extension
Fungicides
Amenity
Innovation
Public Health
Animal Health
Seed Treatment
B$+
Agriphar
Crop Solutions
Acquisition
New Product Launch
Extend Direct Model across
the Globe
Focused High Value Niche Markets delivering
25% EBITDA
Agro Solutions is a Perfect Match
to Platform’s Strategic Criteria for Acquisitions
Platform’s Investment Criteria
n  “Asset-Lite, High-Touch” Business Model that Drives Free Cash Flow
þ
n  Experienced Management Team with Track Record of Success
þ
n  Leading Positions in Niche Markets
þ
n  Diversified Revenue Base
þ
n  Available at a Reasonable Price that is Accretive to Intrinsic Value per Share
þ
8
Agro Chemicals: Strategic Rationale
“Asset-Lite, High-Touch”
Business Model
Proven and Experienced
Management Team
Leading Niche Player in
Seed Treatment and Crop
Protection
Secular Growth Trends in
Favorable Industry
Structure
Diversified Portfolio of
Products and Global
Distribution Network
n 
Value-added R&D, global product registration process, sales and customer service
n 
n 
n 
Management team 25+ years agricultural industry experience
Demonstrated track record of performance
Restored profitability and positioned the business for innovation-driven, profitable growth
n 
n 
n 
Strong heritage in high growth seed treatment business
Presence in fast-growing economies
Focus on specialty niche crops - tree and vine fruits, nuts, vegetables and ornamentals
n 
n 
Favorable, long-term secular fundamentals
Grow business through product licensing and acquisitions
n 
n 
Broad global presence 1,500 product registrations.
Global distribution footprint with sales in 100+ countries
9
CAS/Agriphar – Business Overview
CAS/Agriphar is a leading and fast growing provider of agrochemicals and seed treatment
products for a wide variety of crop applications
Business Description
Key Performance Drivers
n  Expanding global market access through strong channels:
sells in 100+ countries and positioned in high growth
economies
n  Broad portfolio package in key crops to offer complete
solutions
n  Extensive supply arrangements with technology partners in
addition to global manufacturing/formulation capability
n  Critical competencies in product registration
Key Growth Drivers
Key Products and End-Uses
Key Products
Key End-Use Applications
§  Seed Treatment
§  Tree nuts, fruits, citrus and vines
(global)
§  Fungicides
§  Miticides
§  Insecticides
§  Row crops and cereals (global
seed treatment)
§  Herbicides
§  Oil seed rape and soybean
(Eastern Europe and Latin
America)
§  Adjuvants
§  Tea and rice (Asia Pacific)
§  Growth regulators
§  Tobacco and ornamentals (North
America)
n  New seed treatment formulations enhance yields, protect
seeds and young plants from insects and diseases and
improve germination
n  Vigorous program of new product introductions
n  Benefiting from global growth in agricultural demand
n  Strength in niche crops and geographies
n  Diversified portfolio of registered, branded products
n  Strong distribution channels
n  In-house and in-licensed technology
n  Leader in formulation capability
10
CAS/Agriphar – Geographic Diversification
Global distribution footprint with sales in 100+ countries with a presence in fast growing
economies
Sales by Region
100+ CAS Locations Worldwide
Asia
Pacific
EMEA
Americas
11
Crop Protection: Favorable and Sustainable Industry Fundamentals
Several global mega-trends require ever increasing yields and protections for crops
Overview
3.  Per capita food consumption, especially in less-
developed countries
Developing Countries
 
5-6 lbs of grain feed required per lb of beef
 
4 lbs of grain feed required per lb of pork
 
2 lbs of grain feed required per lb of poultry
4.  Biofuel consumption
Source: FAO, management estimates.
Developed Countries
2050
2045
2040
2035
2030
2025
Arable Land Per Capita
Estimated Crop Protection Industry Sales By Product
Other
5%
w  Increasing incomes lead to higher protein diets
w  A shift toward a more protein-rich diet will increase
demand for grains and oilseeds for feed use
2020
0.00
2015
0
2010
0.10
2005
2
2000
0.20
1995
4
1990
0.30
1985
6
1980
w  Increasing population will decrease arable land per
capita
0.40
1975
2.  Shrinking arable land
8
1970
w  FAO estimates that global agricultural production
would have to increase by 60% by 2050 to meet
the increased demand for food of a global
population of 9.1bn
(ha)
0.50
1965
1.  Population growth
(bn)
10
1960
  Long term demand for agriculture products is expected to
increase significantly due to:
Global Population Growth and Arable Land Per Capita
Fungicides
25%
Herbicides
45%
Insecticides
25%
~$50 billion market
12
Our History
Sales
$1,000
($ in millions)
$900
$1,000
Oct 2013:
MacDermid acquired by Platform
$800
$900
Jan 2014:
Re-Listed on NYSE
under ticker “PAH”
$700
$800
$600
$700
$500
$600
$400
$300
1922:
$300 Founded in
$200
1959:
Employee
buyout
Waterbury, CT
$200
1995:
Acquired Electronics
division of Hercules
$100
$100
1959
$0 1922
1974
1959
1982
1990
1969
2005:
Acquired Autotype
1998:
Acquired Galvanevet
and W. Canning Plc
$400
$500
$0
1922
Apr 2014:
Platform announces acquisition of
Chemtura AgroSolutions
April 2007:MBO
1998
1995
1999
1998
2000
1999
May 2014:
$300mm PIPE Offering
August 2014:
Platform announces
acquisition of Agriphar
1999:
Acquired Polyfibron
Technologies from CVC
(now CSC)
2001
2002
2000
2003
2001
2004
2002
2005
2003
2006
2007
2004
2008
2005
2009
2007
2010
2009
2011
2012
2013
2013
2014
2015
2016
2017
2018
2019
2020
Platform (MacDermid) has evolved into one of the leading specialty chemicals companies
through a combination of organic growth and strategic acquisitions
13
“Asset-Lite, High-Touch” Business Models
Commitment to R&D and Technical Service
Value Crea)on Investment in Innovation
Investment in customer driven R&D and product registration
Platform (MacDermid)
n  R&D centers of excellence with over 750 patents
n  New strategic processes represented ~10% of proprietary sales
in 2013
Agro Solutions
n  Develops, registers, and launches over 100 products annually
n  Diverse and strong portfolio with ~1,500 SKUs
Investment in Service
Investment in local service capability. Platform (MacDermid)
n  23 local technical service facilities and research &
development centers
Agro Solutions
n  Global distribution footprint with operations in over 100
countries
Over one half of Platform employees reside in the “bookends”
14
Benchmarking PAH Operating Drivers of CFROI Against Peers
Source: HOLT CFROI framework and global database.
Note: 2012 is 12/2012 except for RPM (05/2012), Airgas (03/2013), H. B. Fuller (11/2012), Valspar (10/2012), Ashland (09/2012), Cabot (09/2012), and Air Products and Chemicals (09/2012).
(1) 
Defined as [gross cash flow / sales]. Gross cash flow includes net income adjusted for special items, depreciation & amortization, interest expense, rental expense, minority interest,
and other economic adjustments.
(2) 
Defined as [sales / inflation-adjusted gross investment]. Inflation-adjusted gross investment includes working capital, inflation-adjusted gross plant, capitalized operating leases, and
capitalized R&D. Revenue and inflation-adjusted gross investment are pro-forma for acquisitions.
15
Benchmarking PAH CFROI Against Peers
Source: HOLT CFROI framework and global database.
Note: 2012 is 12/2012 except for RPM (05/2012), Airgas (03/2013), H. B. Fuller (11/2012), Valspar (10/2012), Ashland (09/2012), Cabot (09/2012), and Air Products and Chemicals (09/2012).
16
Identifying Asset-Lite, High-Touch Players Based on Turns,
SG&A, & Margins
Source: HOLT ValueSearch™.
(1) 
Defined as [sales / inflation-adjusted gross plant, property, and equipment].
(2) 
Defined as [ {SG&A – rent expense – research and development expense} / sales].
(3) 
Defined as [ {EBITDA plus rent expense, R&D expense, and stock option expense} / sales ].
(4) 
High Touch / Asset Lite.
17
Valuation Impact of Business Models
Key Characteristics
Ø High margin
Ø High margin
Ø Global market leaders
Ø Global market leaders
Ø High capital requirement
Ø Low capital requirement
(global manufacturing
(global service footprint)
14.0x
footprint)
9.7x
13.3x
+3.6x – 4.3x
Migration to
asset-lite high
touch
Column1
Column2
High quality specialty
chemicals companies
Column1
Column2
Market rewards companies with lower capital intensity (and, hence, higher return on capital) and service focus (high-touch)
with premium valuation
18
Valuation Across the U.S. Chemicals Sector
(EV/2015E
Average: 8.5x
Average:
8.4x
18.0x
EBITDA)
Average:
7.3x
Average: 9.7x
Average: 11.0x
220
16.0
200
14.0
180
12.0
MON
11.6x
IPI
160
10.0
10.2x
DD
9.1x DOW
8.8x
140
8.0
WLK
8.3x LYB
7.9x
CE EMN
7.9x 7.8x
MOS AGU
7.0x 6.9x CF
6.7x
OLN
6.8x
AXLL
6.0x
120
PAH
14.0x
ECLSHW
13.3x13.3xNEU
12.7xPPO IFF
12.2x12.1x
RPMVALGRA
SXT
11.3x11.3x11.1x
11.0xPPG SEE
10.9x
10.6x
CYT HXLCMP
9.5x 9.4x 9.4xFMCCHMTALB
9.2x 9.2x
9.1xFOEFUL
8.6x 8.4xPOLIPHSTAMASH
8.3x 8.2x 8.2x8.2x
SHLM
7.5x CBTHUN
7.3x
7.0xOMGOMN
6.4x 6.4x KRA
6.2x
APD
11.6x PX
11.2x
ARG
10.2x
6.0
100
4.0
80
2.0
0.0
60
Jan 11
Apr 11
Jul 11
(a)
Ag/ Fertilizer
(d) 
Oct 11
Diversified
Jan 12
(b)
Apr 12
(c)
Commodity
Jul 12
Oct 12
(d)
Specialty
Jan 13
Apr 13
(e)
Industrial Gases
Jul 13
Oct 13
Jan 14
S&P500
Source: FactSet, company filings.
Note: Market data as of September 4, 2014; financials calendarized for comparison purposes.
(a) 
Ag/Fertilizer comprises Agrium, CF Industries, Intrepid Potash, Monsanto, Mosaic.
(b) 
Diversified comprises Celanese, DuPont, Dow, Eastman.
(c) 
Commodity comprises Axiall, LyondellBasell, Olin, Westlake.
Specialty comprises Albemarle, Ashland, Cabot, Cabot Microelectronics, Chemtura, Compass Minerals, Cytec, Ecolab, Ferro, H.B. Fuller, FMC, W. R. Grace, Hexcel, Huntsman, IFF,
Innophos, Kraton, NewMarket, OM Group, Omnova, PolyOne, Polypore, PPG Industries, Rockwood, RPM, A. Schulman, Sensient, Sealed Air, Sherwin-Williams, Taminco and Valspar.
(e) 
Industrial Gases comprises Air Products, Airgas, Praxair.
19
Valuation Across the U.S. Chemicals Sector
(EV/2015E EBITDA – CapEx)
35.0x
Average:
15.9x
Average:
11.8x
Average:
9.9x
Average: 13.3x
Average: 23.2x
APD
33.9x
220
30.0
25.0
200
180
CMP
22.9x
CF
21.2x
20.0
160
HXL
ECL NEU
18.5x
17.8x17.5x
CHMT
16.6xSXT IFF
PAHSHW
15.3x
15.1x14.9x14.8xPPOGRA CYT KRA
PPGRPMVAL
14.1x
FMC
14.0x14.0x13.9x
13.5x13.2x13.0x
12.9xSEE
12.4x ALBFOE
11.5x
IPHSCBTASHFUL
OMN
10.9xTAM
HUN
OMG9.8x POLSHLM
10.7x10.5x10.4x10.4x10.2x
10.1x
9.8x 9.7x
9.8x
140
MOS IPI
15.0
10.0
5.0
0.0
15.3x14.8xMONAGU
14.2x
14.1x
120
DOW
13.7x
DD
12.3x
WLK
11.4x
LYB
9.8xAXLL OLN
9.3x 9.1x
CE
EMN
10.9x
10.5x
100
PX
19.2x
ARG
16.4x
80
60
Jan 11
Apr 11
Jul 11
(a)
Ag/ Fertilizer
(d) 
Oct 11
Diversified
Jan 12
(b)
Apr 12
(c)
Commodity
Jul 12
Oct 12
(d)
Specialty
Jan 13
Apr 13
(e)
Industrial Gases
Jul 13
Oct 13
Jan 14
S&P500
Source: FactSet, company filings.
Note: Market data as of September 4, 2014; financials calendarized for comparison purposes.
(a) 
Ag/Fertilizer comprises Agrium, CF Industries, Intrepid Potash, Monsanto, Mosaic.
(b) 
Diversified comprises Celanese, DuPont, Dow, Eastman.
(c) 
Commodity comprises Axiall, LyondellBasell, Olin, Westlake.
Specialty comprises Albemarle, Ashland, Cabot, Cabot Microelectronics, Chemtura, Compass Minerals, Cytec, Ecolab, Ferro, H.B. Fuller, FMC, W. R. Grace, Hexcel, Huntsman, IFF,
Innophos, Kraton, NewMarket, OM Group, Omnova, PolyOne, Polypore, PPG Industries, Rockwood, RPM, A. Schulman, Sensient, Sealed Air, Sherwin-Williams, Taminco and Valspar.
(e) 
Industrial Gases comprises Air Products, Airgas, Praxair.
20
Design & Build
The Architect
The Builder
Platform Acquisition Strategy
Platform Specialty Products
Market
Segment:
Market
Size:
Electronic
Materials
Oilfield
Services
Packaging
$7.5bn
$15bn
$1.0bn
Surface
Treatment
$5.0bn
Crop
Protection
$10bn(1)
Coatings
(Niche
Applications)
$10bn
Water
Treatment
& Cleaning
Solutions
Other
AL-HT
$10bn
Note: Market Sizes based on management estimates.
1. Asset-Lite only.
22
Large Fragmented Industry Creates Consolidated Opportunities
$10B+
$5B - $10B
3-5
10
$1B - $5B
50
<$1B
Hundreds
Specialty Chemical Companies in Targeted End Markets (by Revenue)
Platform’s Historical Performance
Net Sales
Adjusted EBITDA and % of Sales (3)
($ in millions)
($ in millions)
$744
$729
$731
$746
$747
$694
$160
$594
$160
$158
$172
$172
$166
2008
4C
30/1
M 6/
– LT
$162
$43
$34
$186
$43
$42
$28
$116
$17
$180
.0%
$153
$139
$145
:9
AGR
$106
$23
$584
$536
$569
$559
$574
$581
$449
$111
$100
$119
$120
$137
$143
$83
2008 (1)
2009
2010
2011
2012
2013 (2)
LTM
6/30/14
15.6%
17.9%
20.0%
21.0%
22.2%
24.1%
24.9%
2008 (1)
2009
2010
2011
2012
2013 (2)
LTM
6/30/14
Performance Materials
Graphic Solutions
Note: Totals and/or margins may not tie due to rounding.
1. 
2008 has been adjusted for sale of the Offset Blankets business.
2. 
Includes Predecessor and Successor combined periods.
3. 
For a reconciliation of non-GAAP measures, please refer to pages 37 and 38 of this presentation.
24
Platform’s Growth With Modest Capital Expenditure Needs
($ in millions)
$14
$13
$13
$12
$11
$11
2.2%
$9
$8
$8
1.7%
1.5%
$5
$8
1.7%
1.5%
1.4%
1.3%
$4
$5
$4
1.2%
1.1%
0.9%
0.9%
0.7%
1998
1999
1.8%
$6
2000
2001
2002
0.7%
2003
2004
2005
2006
2007
2008
2009
0.6%
2010
2011
2012
2013
(0.8%)
($6)
Net CapEx
Net CapEx as a % of Sales
Our Modern, Well-invested Asset Base Requires Minimal Maintenance
Capital Expenditures of $4 - $5 Million a Year
Note: Capital expenditures net of proceeds from the disposition of fixed assets.
25
Strong Free Cash Flow Generation
($ in millions)
160
$146
$144
$123
$148
$151
(1)
$126
120
80
200%
150%
125.0%
100%
115.7%
90.7%
94.1%
91.1%
40
83.8%
0
50%
0%
2008
2009
Free Cash Flow
2010
2011
2012
2013
Cash Conversion Ratio (FCF / Adj. EBITDA)
.
“Asset-lite, High-touch” Business Model Leads to Significant Cash Conversion
Note: Financials are non-GAAP. For a reconciliation of non-GAAP measures, please refer to page 37 of this presentation. Free Cash Flow defined as Adjusted EBITDA – Net CapEx – Change in Net
Working Capital (Net Working Capital defined as: net accounts receivable plus net inventories plus prepaid expenses less accounts payable less accrued expenses). Cash Conversion Ratio defined as
Free Cash Flow / Adjusted EBITDA.
1. Pro forma for sale of product line, closed in May.
26
Consistent Deleveraging
Leverage
10.0x
8.0x
6.0x
7.7x
6.9x
4.0x
5.6x
4.9x
4.4x
4.2x
3.6x
3.5x
2012
2013
4.9x
4.1x
2.0x
0.0x
2009
2010
2011
Debt / Adj. EBITDA
Net Debt / Adj. EBITDA
Note: Financials are non-GAAP. For a reconciliation of non-GAAP measures, please refer to page 37 of this presentation.
27
CAS Acquisition: Transaction Overview
Platform and CAS combination creates a world scale specialty chemicals company with industry
leading positions and highly defensible businesses
Overview
Financials
n  Total consideration value of approximately $1 billion
−  Cash purchase price of $950 million, subject to working capital and other adjustments
−  Stock consideration of 2 million common shares of Platform
−  Implied Multiple of 9.8x 2013 EBITDA pre-synergies (1)
n  2013 Net Sales and Adjusted EBITDA of $449 million and $101 million respectively
n  Expected synergies of $10 million within Shared Service functions
n  Transaction financed through a combination of equity (PIPE), cash on hand and debt.
Expected
Sources of
Funding
Timing
n  Attractive, low-cost financing
n  Expected to close in the 4th quarter of 2014
n  Subject to customary closing conditions and regulatory approvals
Note: Financials are non-GAAP. For a reconciliation of non-GAAP measures, please refer to page 39 of this presentation.
1. 
Assumes $20/share for stock consideration for a total consideration value of $990 million, and 2013 EBITDA of $101 million.
28
CAS Historical Performance
2013A vs. 2012A
Net Sales
YTD Q2 2013 vs. YTD Q2 2014
EBITDA (1)
($ in millions)
Net Sales
EBITDA (1)
($ in millions)
$449
$241
$409
$223
$63
$51
$101
$79
2012
2013
19.3%
22.6%
2012
2013
YTD Q2'13
YTD Q2'14
22.9%
23.8%
26.1%
YTD Q2'13
YTD Q2'14
Note: Chemtura AgroSolutions financials from Chemtura 2014 Q2 10-Q filing, Earnings Release Investor Presentations and 10-K filings. For a reconciliation of non-GAAP measures, please refer to
page 39 of this presentation.
1. 
EBITDA based on sum of segment operating income and depreciation and amortization and stock-based compensation expense.
29
Agriphar – Business & Transaction Overview
Business Description
n  Niche player in the Agrochemical industry with a focus on European end-markets
n  Core portfolio of 10 key molecules with several additional under development
n  Owned-distribution subsidiaries in France, Spain, Greece and Italy
n  Best-in-class product registration capabilities
n  In-house formulation capabilities with factory in Ougree, Belgium
Transaction Overview
Overview
n  Total consideration value of €300 million.
n  Expected to be accretive to Adjusted EPS in 2015 pre-synergies
Financials
n 
n 
n 
n 
n 
Sources of
Funding
n  Transaction expected to be funded through a combination of cash on hand and debt
Timing
n  Expected to close in October 1, 2014
2013 Net Sales of approximately €127 million
Adjusted EBITDA margin above 20%
Capital expenditures (excluding capitalized registration expenses) below 2% of sales
Attractive return on capital
Expect synergies of $10 million in 2015/2016
n  Subject to customary closing conditions and regulatory approvals
30
Combined Financial Data – 2013
AGRO Enhances our Operating and Financial Metrics
($ millions, except per share data)
Platform
FY2013
Net Sales
Chemtura
AgroSolutions
FY2013
Agriphar
FY2013
Combined
FY2013
$746
$449
$172
$1,367
Adjusted EBIT (1)
% margin
$135
18.1%
$88
19.6%
$33
19.2%
$256
18.7%
Adjusted EBITDA (1)
% margin
$180
24.1%
$101
22.6%
$36
20.9%
$317
23.2%
Capital Expenditures
% of sales
$11
1.5%
$7
1.6%
$2
1.2%
$20
1.5%
$7
1.6%
$5
1.6%
$12
0.6%
Capitalized Re-registration Costs
% of sales
Note: Financials are non-GAAP. For a reconciliation of non-GAAP measures, please refer to page 38 and 39 of this presentation.
1. Combined financials are pre-synergies.
31
Examples of Levered Cash Flow Calculations
CAS CASH ON CASH RETURN
($ in millions)
Levered Cash Flow
Adjusted EBITDA (assuming synergies of $10 million)
Interest (based on 4.5X leverage)
Taxes assuming 27% effective rate
Capital Expenditures and
Re-registration costs
Estimate of working capital change
Total
Equity Value
Purchase Price
Less Debt (4.5X EBITDA excluding synergies)
Total
Cash on Cash Return
123
(18)
(25)
(15)
(12)
$53
$950
(452)
$498
11%
AGRIPHAR CASH ON CASH RETURN
($ in millions)
Levered Cash Flow
Adjusted EBITDA (assuming synergies of $15 million)
Interest (based on 4.5X leverage)
Taxes assuming 27% effective rate
Capital Expenditures and
Re-registration costs
Estimate of working capital change
Total
Equity Value
Purchase Price
Less Debt (4.5X EBITDA excluding synergies)
Total
Cash on Cash Return
50
(6)
(9)
(7)
(2)
$29
$405
(140)
$265
11%
•  Based on publicly disclosed adjusted EBITDA amounts, rather than internal
estimates
•  Applied consistent 4.5X leverage to pre-synergy EBITDA at 4% for this
presentation.
32
Why Is Platform Unique?
Global Leader in
Attractive Growth Businesses
Technology Leader
with “Asset-Lite, HighTouch” Business
Model
Seasoned Management
Team Incentivized to
Drive Results
Favorable Industry
Structure with High
Barriers to Entry
Growing Exposure to
Emerging Markets
Attractive Financial Profile
with Strong Cash Flow
Generation
Long-standing
Relationships with End
Customer Base
Highly Diversified
Revenue Base
33
Appendices
35
Platform Reconciliation of Net Income to
Adjusted EBITDA Predecessor/Successor Combined
(in millions)
Net income (loss)
Adjustments to reconcile to net income (loss):
Income tax expense (benefit)
Interest expense
Depreciation and amortization expense
Unrealized gain on foreign currency denominated debt
Equity based compensation expense
Restructuring and related expenses
Non cash intangible impairment charges
Non cash charges related to preferred dividend rights
Predecessor loss on extinguishment of debt
Manufacturer's profit in inventory (purchase accounting)
Predecessor Acquisition costs
Successor Acquisition costs
Other expense (income)
Income/ (loss) from disposal of product line
Adjusted EBITDA
2008
$(36.1)
1.1
75.1
51.3
(4.7)
0.4
15.4
16.3
(2.3)
$116.5
Year ended December 31
2009
2010
2011
2012
$(82.8)
$23.9
$1.0
$46.0
(6.4)
60.7
47.8
5.1
0.3
8.4
68.7
4.4
$106.2
21.7
56.2
46.6
(17.4)
0.4
7.4
0.4
$139.2
10.0
54.6
46.7
(9.2)
0.7
2.8
46.4
$153.0
24.6
49.7
42.2
(5.7)
0.2
1.2
4.2
$162.4
2013
$(181.0)
7.1
51.8
45.6 (1)
(1.1) (2)
9.3 (3)
8.0 (4)
172.0 (5)
18.8
23.9 (6)
19.4 (7)
12.7 (8)
(6.4) (9)
$180.1
2013 Footnotes:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Includes $31.3m in 2013 and $27.1m in 2012 for the amortization expense that is added back in the "As Adjusted" Income Statement.
Predecessor adjustment to other income for non-cash gain on foreign denominated debt.
Predecessor company stock compensation and long term incentive plan expense included in operating expenses.
Includes restructuring expenses of $4.4m and $3.1m of reorganization costs adjusted out of operating expenses and $0.3 million of reorganization costs adjusted out of cost of sales.
Non-cash charge related to preferred stock dividend rights adjusted out of operating expenses.
Manufacturer's profit in inventory purchase accounting adjustment associated with the MacDermid Acquisition on October 31, 2013. Adjusted out of cost of sales.
Predecessor transaction costs associated with the MacDermid Acquisition. Adjusted out of operating expenses.
Transaction costs associated with the MacDermid Acquisition. Adjusted out of operating expenses.
Primarily the reversal of one-time gain associated with retirement plan curtailment executed in conjunction with the MacDermid Acquisition.
36
Chemtura AgroSolutions’ Non-GAAP Financials
($ millions)
Chemtura
AgroSolutions
6 months Ended
6/30/2014
Chemtura
AgroSolutions
12 months Ended
12/31/2013
Net Sales per Chemtura 2014 Q2 10-Q and
2013 10-K
$241
$449
Segment Operating Income per Chemtura
2014 Q2 10-Q and 2013 10-K
% margin
$58
24.1%
$88
19.6%
$5
2.1%
$12
2.7%
-
$1
$63
26.1%
$101
22.6%
Depreciation and Amortization per Chemtura
2014 Q2 Earnings Release and 2013 10-K
% of sales
Stock-based Compensation
EBITDA (1)
% margin
Note: Chemtura AgroSolutions financials from Chemtura 2014 Q2 10-Q filing, 2014 Q2 Earnings Release and 2013 10-K filing.
1.  EBITDA based on sum of segment operating income and depreciation and amortization and stock-based compensation expense.
37
Platform Reconciliation of Net Income to
Adjusted EBITDA Predecessor (MacDermid)/Successor Combined
(in millions)
Net income (loss)
Adjustments to reconcile to net income (loss):
Income tax expense (benefit)
Interest expense
Depreciation and amortization expense
Unrealized gain on foreign currency denominated debt
Equity based compensation expense
Restructuring and related expenses
Non cash fair value adjustment to contingent
consideration
Non cash charges related to preferred dividend rights
Predecessor loss on extinguishment of debt
Manufacturer's profit in inventory (purchase
accounting)
Predecessor Acquisition costs
Successor Acquisition costs
Other expense (income)
Income/ (loss) from disposal of product line
Adjusted EBITDA
YTD Period ended June 30
2013
2014
$9.3
($7.8)
Year ended December 31
2012
2013
$46.0
($181.0)
14.1
24.6
19.7
(1.1)
1.7
(2.0)
15.4
38.3
0.4
24.6
49.7
42.2
(5.7)
0.2
1.2
7.1
51.8
45.6
(1.1)
9.3
8.0
18.8
23.8
-
-
172.0
18.8
0.9
$88.0
12.0
10.6
3.4
$94.1
4.2
$162.4
23.9
19.4
12.7
(6.4)
$180.1
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
2012 and 2013 Footnotes:
1. 
2. 
3. 
4. 
5. 
6. 
7. 
8. 
9. 
Includes $31.3m in 2013 and $27.1m in 2012 for the amortization expense that is added back in the "As Adjusted" Income Statement.
Predecessor’s adjustment to other income for non-cash gain on foreign denominated debt.
Predecessor’s company stock compensation and long term incentive plan expense included in operating expenses.
Includes restructuring expenses of $4.4m and $3.1m of reorganization costs adjusted out of operating expenses and $0.3 million of reorganization costs adjusted out of cost
of sales.
Non-cash charge related to preferred stock dividend rights adjusted out of operating expenses.
Manufacturer's profit in inventory purchase accounting adjustment associated with the MacDermid acquisition on October 31, 2013. Adjusted out of cost of sales.
Predecessor transaction costs associated with the MacDermid acquisition. Adjusted out of operating expenses.
Transaction costs associated with the MacDermid acquisition. Adjusted out of operating expenses.
Primarily the reversal of one-time gain associated with retirement plan curtailment executed in conjunction with the MacDermid acquisition.
38

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