HexionAcquisitionJuly07Final

Hexion & Huntsman: Creating a Global Leader

July 12, 2007

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Certain information in this presentation may be considered forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. This information is based on the Company's current expectations and actual results could vary materially depending on risks and uncertainties that may affect the Company's operations, markets, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, industry and economic conditions, competitive, legal, governmental and technological factors. There is no assurance that the Company's expectations will be realized. The Company assumes no obligation to update any forward-looking information contained in this presentation should circumstances change, except as otherwise required by securities and other applicable laws.

This presentation contains non-GAAP financial measures. A reconciliation to the nearest U.S. GAAP financial measures is included at the end of the presentation.

Forward-Looking Statements

Transaction Overview Craig O. MorrisonChairman, President & Chief Executive Officer

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Acquisition Overview

Hexion and Huntsman have reached a definitive agreement for Hexion to acquire Huntsman Corporation (NYSE: HUN) for $28.00 in cash for each outstanding Huntsman share of common stock

All-cash transaction valued at approximately $10.6 billion, including the assumption of debt

Closing subject to Huntsman shareholder approval and regulatory approvals

Upon closing, the merged companies will form a global leader in specialty chemicals

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Strategic Rationale for the Combination

The combination will create one of world’s largest specialty chemical companies

Annualized sales of more than $14 billionMore than 21,000 associates180 facilities globally

Strong global positions with significant scale and market leadership

Expanded portfolio of leading products and technologies

Unmatched geographic reach with ability to serve global customers in all parts of the world

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Hexion Business Snapshot

2006 Revenues = $ 5.2 billion

Revenue by Region Revenue by Segment

Main Segments & Product Lines: Epoxy and Phenolic Resins (EPRD) – Epoxy Resins and Intermediates, Composite Resins, Molding Compounds, Phenolic Specialty Resins, Epoxy Coating Resins and Versatic Acids and Derivatives

Formaldehyde and Forest Product Resins (FFP) – Formaldehyde Based Resins and Intermediates, Forest Product Resins and Formaldehyde Applications

Coating & Inks (C&I) – Polyester Resins, Alkyd Resins, Acrylic Resins, Ink Resins and Additives

Performance Products (Perf Prods) – Phenolic Encapsulated Substrates, Foundry Resins

FFP27%

C&I24%

EPRD41%

Perf Prods8%

EMEA34%

North America

52%RoW14%

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Advanced

Materials

15%

Textile Effects

11%

Pigments & Inks

12%

Urethanes

39%

Performance

Products

23%

Huntsman Business Snapshot

2006 Revenues = $8.82006 Revenues = $8.8 billionbillion

Main Segments & Product Lines: Urethanes – MDI, PO/MTBE

Advanced Materials – Epoxy resins, cross-linkers, curing agents

Performance Products – Surfactants, LAB, amines, maleic anhydride, EO

Textile Effects – Textile dyes, processing and finishing chemicals

Pigments – TiO2

Revenue by Region Revenue by Segment

EMEA38%

North America

38%

RoW24%

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•Pro forma for announced but not completed divestitures, and Textile Effects acquisition.

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Hexion & Huntsman Will Form A Powerful Company

2006 Revenues = $ 14.0 billion

Revenue by RegionUrethanes – MDI, PO/MTBE

Epoxy Resins – Epoxy resins, cross-linkers, curing agents, versatics

Performance Products – Surfactants, LAB, amines, maleic anhydride, EO, EG

Pigments & Inks– TiO2,, ink and adhesive resins

Coatings – Alkyd, saturated & unsaturated polyester resins and acrylic dispersions

Formaldehyde Thermosets – Formaldehyde, amino, phenolic & novolac resins

Textile Effects – Textile dyes, processing and finishing chemicals

Main Segments & Product Lines

EMEA37%

North America

43%

RoW20%

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Combination Creates a Powerful Global Footprint

(1) 2006 PF Differentiated Revenue Distribution. Source of Huntsman map: February 2007 Analyst Day Presentation. Proforma 2006 revenues to include Polyurethanes, Advanced Materials, Textile Effects, Performance Products and Pigments

(1)

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Next Steps

The transaction is subject to Huntsman stockholder approval and regulatory approvalsFinancial commitments are in place that provide ample liquidity to close the acquisition pending necessary shareholder approval andother conditionsHuntsman & Hexion will continue to operate as separate companiesand competitors until closingIntegration teams will be formed at the appropriate time composed of Huntsman & Hexion associates to plan how we will merge our organizations Information will be shared as we move through the planning process

We are excited about the opportunities our combined company will provide as a global leader in specialty chemicals