Forward-looking statements During this presentation, we make forward-looking statements concerning plans and expectations for Eastman Chemical Company. We caution you that actual events or results may differ materially from our plans and expectations. Throughout the presentation, “F” is used to indicate projected, or “forecasted”, amounts. Please see our Form 10-Q for third quarter 2014 filed with the Securities and Exchange Commission (the “SEC”), and our future 10-K and 10-Q filings, for risks and uncertainties which could cause actual results to differ materially from current expectations.

Non-GAAP financial measures All earnings measures in this presentation are non-GAAP and exclude certain non-core and non-recurring items. Reconciliations to GAAP earnings per share and operating earnings and other associated disclosures, including a

description of the excluded items, are available in the Company’s Forms 10-K and 10-Q for the periods presented. Projections of future earnings also exclude any non-core or non-recurring items.

“Adjusted EBITDA” is "EBITDA" (net earnings or net earnings per share before interest, taxes, depreciation and amortization) adjusted to exclude the same non-core and non-recurring items as are excluded from the Company's other non-GAAP earnings measures for the same periods. “EBITDA Margin” is Adjusted EBITDA divided by the GAAP measure sales revenue in the Company’s income statement for the period presented. Information concerning use of the non-GAAP measures Adjusted EBITDA and EBITDA Margin is available in the Company’s Form 10-Q for third quarter 2014. Projections of future Adjusted EBITDA and EBITDA Margin also exclude any non-core or non-recurring items

“Return on Invested Capital” (or “ROIC”) is net income plus interest expense after tax divided by average total borrowings plus average stockholders’ equity for the period presented, each derived from the GAAP measures in the Company’s financial statements for the periods presented. Calculation of historical ROIC for each of the periods presented is in the Appendix. Information concerning use of the non-GAAP measure ROIC is available in the Company’s Form 10-Q for third quarter 2014.

“Free cash flow” is cash provided by operating activities less cash used for additions to properties and equipment, both the GAAP measures in the Company’s statements of cash flows for the period presented . Calculation of historical free cash flow for each of the periods presented is in the Appendix. Information concerning use of the non-GAAP measure free cash flow is available in the Company’s Form 10-Q for third quarter 2014.

2

1:00–1:40

1:40–2:25

2:45–3:30

2:25–2:45

3:30–3:50

Immediately following

3:50–4:00

4:00–4:30

Ron Lindsay Chief Operating Officer

Brad Lich Executive Vice President

Mark Costa Chairman and CEO

Curt Espeland Executive Vice President & CFO

Break

Reception

Q&A

Closing Comments

Agenda

3

4

Expect eight consecutive years of EPS growth with strong free cash flow and attractive ROIC

Note: Projections of 2015–2017 corporate financial results

GDP+

sales

revenue

growth

expected with product mix improving

>20

percent

that is sustainable

CORPORATE ADJUSTED EBITDA MARGIN

~$1 billion

and growing

ANNUAL FREE CASH FLOW

8%-12%

EPS GROWTH 2014–2017

>12% EPS growth 2014–2015

12%-15%

RETURN ON INVESTED CAPITAL (ROIC) to drive earnings growth

Eastman delivers consistent, superior value

UK filter tow expansion Korea filter

tow acquisition

Copolyester capacity expansion

Genovique specialty plasticizers acquisition

Eastman Tritan™ copolyester capacity

expansion

CASPI underperforming product lines

Eastman ownership stake in

Genencor

Arkansas manufacturing facility

Polyethylene Performance Polymers PET product lines and businesses 2006–2011

Solutia

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Knowlton Technologies, LLC

Commonwealth Laminating & Coating, Inc.

(expected to close 4Q14)

BP Aviation Turbine Oil Business

Taminco (expected to close 4Q14)

5

Joint ventures, acquisitions and expansions (2007–2014)

Sales revenue ~$4.2 B EBITDA margins ~25%

Divestitures (2004–2011) Sales revenue ~$3.5 B EBITDA margins <10%

Sterling

$6.6 B Sales revenue

~$9.5 B F Sales revenue

Scandiflex

Dynaloy

Continuous portfolio management strengthens the company

• Strong market/regional position Raw material/logistics Reliability/service Long-term customer

relationships • Low demand growth limits

new capacity additions • Limited number of

competitors in relevant market

Special position

• Multiple competitors with equivalent products

• High capital intensity • Easy access to technology • Growth sufficient to justify

large capacity additions

Commodity

• Unique product/service offering

• High value relative to final product price

• High barriers to entry ̶ Intellectual property ̶ Capital ̶ Service model

• Opportunities for continued innovation

Specialty

6

Global with cyclical variable margins

Specific regions/markets, stable variable margins

Global with stable variable margins

Improving portfolio by shifting to attractive market with consistent margins

Note: Examples of products in each category can be found in the Appendix on slide 111

45% 53%

60% 61%

22%

30%

27%

26%

33%

17%

13%

13%

2005 2010 2014F 2017F

Specialty Special position Commodity

7

Continuing to improve the portfolio to deliver consistent, strong earnings

Operating earnings

Leverage

advantaged

cost positions

Drive improved

product mix

through innovation

8

Compelling strategy to deliver consistent, superior results

Disciplined portfolio management and capital deployment

Sustain and expand

advantaged market positions

9

Photographic film Acetate

tow

Coatings Displays

Metallic packaging Next generation

coatings for displays

Tires Acetate yarn

Future innovations

CELLULOSE ESTER / ACETYL STREAM

Cellulose esters

Proven ability to turn world-class technology platforms into attractive niche market applications

PET Eastman Spectar™ copolyester

DuraStar™ polymers

Eastman Aspira™ family of resins

Tritan copolyester V-KOOL®

window films

Copolyester for coatings

Microfibers

POLYESTER STREAM

Future innovations

2/3 Specialty Fluids &

Intermediates

#1 or #2 #1

Additives & Functional Products

• Copolyester • PVB sheet • Branded window

film • Cellulosic

polymers

• Non-phthalate plasticizers

• Hydrocarbon resins

• Acetate tow • Acetate yarn

• Oxo alcohols in Americas

• Heat transfer and aviation hydraulic fluids

• Cellulosic polymers

• Insoluble sulfur • Aldehyde

derivatives/ ketones

Fibers

#1 or #2

Adhesives & Plasticizers

#1 or #2

leading market

10

of our sales revenue is from product lines in

POSITIONS

#1

Advanced Materials

A leader in attractive niche markets

46%

27%

22%

5%

11

End-market and geographic diversity contribute to consistent, strong earnings and cash flow growth

Tobacco

Food, feed & agriculture

Personal care/Health & wellness

Industrial chemicals & processing

Consumables

Electronics

Energy, fuels & water

Consumer durables

Building & construction

Transportation

15%

2%

7%

12%

15%

2%

3%

7%

16%

18%

Stap

les

24%

Se

ctor

al le

vera

ge

58%

Fl

at

15%

Trailing 12 months sales revenue (4Q13–3Q14)

Other 3%

Health & wellness

Eastman products

Tritan

Eastman Omnia™ high-performance

solvent

Eastman 168™ non-phthalate plasticizers

Eastman products

Regalite™ hydrogenated

hydrocarbon resins

Eastman Texanol™ ester alcohol

Crystex® insoluble sulfur

V-Kool® and Llumar® window films

Eastman products

Saflex® interlayers

Tire additives: Crystex® insoluble sulfur, hydrocarbon

resins, cellulosic polymers

Therminol™ heat transfer fluids

Eastman products

Eastman propionic acid

Taminco amines(1)

Banguard®, Tamifume®, and

Nemasol® specialty crop protection

products(1)

Emerging middle class

Energy efficiency

Feeding growing population

12

(1) Currently Taminco products; acquisition expected fourth quarter 2014

Macro trends drive accelerated growth of specialty products

Cellulose esters/ Acetyl stream

Polyester stream

Olefins Insoluble sulfur Polyvinyl butyrate

13

Near term Longer term

• Cellulose esters for packaging

• CAPs/CTAs for displays

• Cellulosic polymers for tires • Next generation CAPs/CTAs

for displays

• Tritan copolyester • V-Kool and Llumar

window films

• Copolyesters for coatings • Microfibers • Next-generation TMCD

polymers

• Saflex acoustic / heads up display PVB

• Eastman Omnia high-performance solvent

• Resins for tires

• Next-generation Saflex acoustic PVB

• Next-generation Crystex insoluble sulfur

Leveraging world-class technology platforms for near- and long-term growth

Strong growth potential in microfibers leveraging polyester technology platform

14

Textile applications

Nonwoven applications

Specialty Special position Commodity

Coal

Paraxylene

Propane/ ethane

2014F operating earnings

2014F operating earnings

2014F operating earnings

15

Cellulose esters/Acetyl stream

Polyester stream

Olefin stream

Adhesives &

Plasticizers

Additives & Functional Products

Advanced Materials Fibers

Specialty Fluids &

Intermediates

Each manufacturing stream is leveraged across multiple segments to create significant advantage

Cro

ss s

tream

inte

grat

ion

0

2

4

6

8

10

12

0%

10%

20%

30%

40%

50%

16

EMN manufacturing capacity vs. #3 market participant % advantage

Scale and raw material positions provide advantage

Eastman’s scale advantage relative to #3 market participant(1)

Eastman’s cost advantage relative to marginal producer(2)

(1) #3 market participant determined by amount of manufacturing capacity compared to competitors (2) Marginal producer defined as high-cost competitor in each market

Commodities Special position SpecialtyCommodities

Special position

Fibers

Specialty

2014F operating margin(1) Operating earnings

17

Continually upgrading the quality of product mix by growing high-margin, specialty product lines

2010 2014F 2017F

(1) “Operating margin” is operating earnings excluding non-recurring items divided by sales revenue

Capital allocation will remain balanced, disciplined

Sales revenue and earnings growth are key objectives Committed to fully deploying balance sheet Committed to maintaining investment-grade credit rating

Capital expenditures

Debt structure

Joint ventures & acquisitions

Returning cash to stockholders

18

19

Strengthens presence in consistently strong

food, feed, and agriculture markets

Accelerates growth opportunities in personal care,

coatings, and oil & gas markets

Broadens opportunity to leverage shale gas

advantage

World-class technology platform and common business model make Taminco a great fit

20

Eastman(1) Eastman and Taminco combined sales revenue(2)

Taminco strengthens position in attractive niche end markets

Building & construction

16%

Transportation 17%

Consumer durables 7%

Energy 3%

Electronics 2%

Tobacco 15%

Food, feed & agriculture

2% Personal

care/ health &

wellness 6%

Industrial chemicals

14%

Consumables 16%

Building & construction

15%

Transportation 15%

Consumer durables 6%

Energy, fuels & water 5%

Electronics 2%

Tobacco 14%

Food, feed, & agriculture

9%

Personal care/

health & wellness

7%

Industrial chemicals

13%

Consumables 15%

Sectoral leverage 41%

Staples 42%

Flat 14%

Taminco(3)

Energy 8%

Water 17%

Personal & home care

18%

Feed & agriculture

46% Other 11%

(1) Eastman full-year 2013 sales revenue (2) Eastman and Taminco combined sales revenue, with no pro forma adjustments for assumed synergies of combined businesses and operations (3) Taminco sales revenue for second-quarter 2013 through first-quarter 2014, as reported in Taminco’s SEC filings

21

Adds attractive stream to Eastman’s portfolio

Clearly defined, executable cost synergies

Committed to investment grade credit rating

Unlevered return on capital expected to be between 12%-15%

Expect EPS accretion from acquired business of >$0.35 in 2015 and >$0.60 in 2016, excluding acquisition and integration costs

Taminco is a compelling addition to the corporate profile

2009 2010 2011 2012 2013 2014F Core growth Market development & innovation

Free cash flow

deployment

2017F

Approaching $7

22

Expect to deliver 8 consecutive years of strong EPS growth

$2.01

$3.63

$4.81 $5.38

$6.44

Expect 2015 EPS growth to be >12%

Note: CAGR is compounded annual growth rate

8%-12% CAGR

2014-2017

23

2004 – 2013

S&P 500 companies with 5 consecutive years of EPS growth

24

~1 out of 4

Source: Bloomberg and Eastman

Current average forward P/E multiple 18 Current EMN forward P/E multiple 11

25

2004 – 2013

S&P 500 companies with 8 consecutive years of EPS growth

~1 out of 10

Current average forward EV/EBITDA multiple 11 Current EMN forward EV/EBITDA multiple 8

Source: Bloomberg and Eastman; ‘EV’ is enterprise value and is defined as net debt plus market capitalization; measured as of October 31, 2014

26

Expect eight consecutive years of EPS growth with strong free cash flow and attractive ROIC

Note: Projections of 2015–2017 corporate financial results

GDP+

sales

revenue

growth

expected with product mix improving

>20

percent

that is sustainable

CORPORATE ADJUSTED EBITDA MARGIN

~$1 billion

and growing

ANNUAL FREE CASH FLOW

8%-12%

EPS GROWTH 2014–2017

>12% EPS growth 2014–2015

12%-15%

RETURN ON INVESTED CAPITAL (ROIC) to drive earnings growth

Eastman delivers consistent, superior value