8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 21, 2005

KRATON Polymers LLC

(Exact name of registrant as specified in its charter)

Delaware	333-123747	94-2805249
(State or other jurisdiction of	(Commission	(I.R.S. Employer Identification No.)
incorporation)	File Number)

700 Milam Street, Suite 1300	77002
Houston, Texas
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 832-204-5400

Not Applicable

Former name or former address, if changed since last report

Polymer Holdings LLC

(Exact name of registrant as specified in its charter)

Delaware	333-123749	20-0411521
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

700 Milam Street, Suite 1300	77002
Houston, Texas
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 832-204-5400

n/a

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Presentation

Item 7.01 Regulation FD Disclosure.

On September 19, 2005 KRATON’s President and Chief Executive Officer, George Gregory presented an update at the Bank of America 35th Annual Investment Conference in San Francisco. A copy of the presentation is attached as Exhibit 99.1 and is incorporated by reference into this item.

Item 9.01 Financial Statements and Exhibits.

The following exhibit is filed with this Current Report pursuant to Item 7.01.

(c)    Exhibits

99.1    Presentation dated September 19, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	KRATON Polymers LLC
September 21, 2005	By:	Nicholas G. Dekker
		Name:	Nicholas G. Dekker
		Title:	Chief Financial Officer

	Polymer Holdings LLC
September 21, 2005	By:	Nicholas G. Dekker
		Name:	Nicholas G. Dekker
		Title:	Chief Financial Officer

EX-99.1

Bank of America 35th Annual Investment Conference September 19, 2005

Agenda Overview of KRATON Polymers First Half 2005 Performance Recent Developments Third Quarter 2005 Outlook Questions

Disclaimers Forward Looking Statements This presentation may include "forward-looking statements" which are statements other than statements of historical fact and are often characterized by the use of words such as "believes," "expects," "estimates," "projects," "may," "will," "intends," "plans" or "anticipates," or by discussions of strategy, plans or intentions. All forward-looking statements in this presentation are made based on management's current expectations and estimates, which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information. GAAP Disclaimer This presentation includes non-GAAP financial measures, including EBITDA, Adjusted EBITDA and LTM Bank EBITDA. Investors should consider these measures, which we believe investors consider useful in assessing our performance and compliance with our financial covenants, together with the GAAP measures from our financial statements. A reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP measure can be found on our website at www.kraton.com.

Overview of KRATON Polymers

4

Introduction to KRATON Polymers End Use Applications KRATON Background Inventor and world's leading producer of styrenic block copolymers ("SBCs") First commercialized as part of Shell Elastomers in the 1960's Spun off from Shell in 2001 Purchased by TPG (60%) and JPMP (40%) in 2003 Serves 700 customers across diverse end-uses with 1,000 products Six plants in the U.S., Europe, Latin America and Asia

Styrene Block Copolymers (SBCs) Stretch Soft-Touch Grip Adhesion Strength Durability Thickening Consumer Goods Personal Hygiene Adhesives Sealants/Coatings Packaging Paving Roofing Medical Automotive Footwear RAW MATERIALS Styrene Butadiene Isoprene KRATON D Unhydrogenated SBC SBS SIS KRATON G Hydrogenated SBC SEBS SEPS SBCs CUSTOMER VALUE END-USE APPLICATIONS Isoprene Rubber

The Market Leader KRATON 3.6 Nearest Competitor 1 USBC (KRATON D) Market Share HSBC (KRATON G) Market Share Source: Management estimates only. KRATON 2.7 Nearest Competitor 1

CAPH A&S Asphalt Mod Footwear 0.37 0.34 0.25 0.04 Focus on Highest Value-Added Markets CAPS A&S Asphalt Mod Footwear 0.24 0.23 0.3 0.22 2004 Industry Revenue by End-Use KRATON 2004 Revenue by End-Use Footwear 22% Asphalt Modification 30% Adhesives and Sealants 23% Compounding & Polymer Systems 24% Asphalt Modification 25% Adhesives and Sealants 34% Compounding & Polymer Systems 37% Footwear 4% Source: Management estimates only.

North Am Europe Asia Pac % Industry 0.3 0.3 0.4 Global Sales Coverage 2004 Industry Revenues by Region Americas 30% Europe 30% Asia Pacific 40% North Am Europe Asia Pac % Industry 0.48 0.36 0.16 KRATON 2004 Revenue by Region Americas 48% Europe 36% Asia Pacific 16% Source: Management estimates only. Rest of world accounts for less than 1% of global revenue

Global Production Capabilities Six manufacturing facilities and five RD&T centers strategically located near global customers Houston, Texas U.S. Global Headquarters RD&T Center Belpre, Ohio U.S. Manufacturing Facility Amsterdam, Netherlands RD&T Center Pernis, Netherlands Manufacturing Facility Louvain-la-Neuve, Belgium RD&T Center Wesseling, Germany Manufacturing Facility Kashima, Japan RD&T Center Manufacturing Facility Berre, France Manufacturing Facility Paulinia, Brazil RD&T Center Manufacturing Facility

The Innovation Leader New products (introduced within the past 5 years) generate >30% of KRATON's revenues Revenue Composition Pipeline of New Products Existing Products <70% New Products > 30 % Polymers for medical applications (i.e. surgical gloves, PVC- replacement) Polymers for packaging films Polymers for high temperature applications (i.e. automotive) Polymers for foaming applications (i.e. automotive, sound) Polymers for fiber applications

KRATON Strategies Deliver Differentiation Execute with Excellence Fund the Future Generate Growth

KRATON Adjusted EBITDA as % of Sales Deliver Differentiation 2003 2004 2005 1 H Future Target 14 8 15 15 14% 8% 15%

Execute with Excellence 2004 2005e Future Target 3 20 30 $3 $20 $30 Cost-out Projects Are Generating Value

Fund the Future 2.6 3.6 ~4 ~5 Inventory Turns: Inventory (kT) Inventory Reduction Plan Future Target

Generate Growth 346 Step One: Debottleneck System (2004-05) Step Two: Grow Sales Volumes (2006-08) Asia New Accounts New Products and Markets 2003 Sales Volume G1 Expansion Stable Ops Program Debottleneck Blank 0 324 336 366 East 324 12 30 10

First Half 2005 Performance

17

First Half 2005 Financial Results

2005 Versus 2004 First Half Financials

2005 vs. 2004 Q1 and Q2 Comparison 1Q 2Q 2004 176.7 203.8 2005 201.9 261.4 1Q 2Q 2004 78.3 97 2005 73.2 96.3 1Q 2Q 2004 525 379 2005 696 691 1Q 2Q 2004 2257 2101 2005 2758 2714 (a) Excludes the impact of the inventory step-up of $14.6M, $11.5M, $1.1M and $0.5M for the 1st Q 2004, 2nd Q 2004, 1st Q 2005 and 2nd Q 2005, respectively.

Sufficient Debt Covenant Cushion & Liquidity Covenant Level June 2005 Actual 6.95 4.13 Covenant Level June 2005 Actual 2 3.42 Covenant Level 2005 Estimate 36.3 25 $46mm EBITDA Cushion Debt / LTM Adjusted Bank Covenant EBITDA $47mm EBITDA Cushion LTM Adjusted Bank Covenant EBITDA / Interest Expense $11-16mm Cushion Capital Expenditures ($mm) Total Liquidity ($mm) 6.95 4.13 3.42 2.0 $36 (a) $20-25 (a) Includes amount unused in 2004.

KRATON Recent Developments

22

Recent Developments S-4 Registration Statements Management Team Changes Supply Issues Katrina Impact Capacity Additions

Third Quarter 2005 Outlook

24

Estimated Third Quarter 2005 Financials DRAFT

Questions

26

LTM Adjusted Bank Covenant EBITDA Reconciliations

27

LTM Adjusted Bank Covenant EBITDA Reconciliations

LTM Adjusted Bank Covenant EBITDA Reconciliations

LTM Adjusted Bank Covenant EBITDA Reconciliations

LTM EBITDA Reconciliations

LTM Adjusted Bank Covenant EBITDA Reconciliations