Kraton Corporation Third Quarter 2019 Earnings Presentation October 24, 2019

Disclaimers Forward Looking Statements Some of the statements and information in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation includes forward-looking statements that reflect our plans, beliefs, expectations, and current views with respect to, among other things, future events and financial performance. Forward-looking statements are often identified by words such as “outlook,” “believes,” “estimates,” “expects,” “projects,” “may,” “intends,” “plans”, “on track” “on trend”, or “anticipates,” or by discussions of strategy, plans or intentions, including all matters described on the slide titled “2019 Modeling Assumptions”. All forward-looking statements in this presentation are made based on management's current expectations and estimates, which involve known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed in forward-looking statements. These risks and uncertainties are more fully described in our latest Annual Report on Form 10-K, including but not limited to “Part I, Item 1A. Risk Factors” and “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” therein, and in our other filings with the Securities and Exchange Commission, and include, but are not limited to, risks related to: Kraton's ability to repay its indebtedness; Kraton's reliance on third parties for the provision of significant operating and other services; conditions in the global economy and capital markets; fluctuations in raw material costs; limitations in the availability of raw materials; competition in Kraton's end-use markets; and other factors of which we are currently unaware or deem immaterial. Readers are cautioned not to place undue reliance on our forward-looking statements. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update such information in light of new information or future events. Kraton Third Quarter 2019 Earnings Call 2

Disclaimers GAAP Disclaimer This presentation includes the use of non-GAAP financial measures, as defined below. Tables included in this presentation reconcile each of these non-GAAP financial measures with the most directly comparable GAAP financial measure. For additional information on the impact of the spread between the FIFO basis of accounting and estimated current replacement cost (ECRC), see our Annual Report on Form 10-K for the fiscal year ended December 31, 2018. We consider these non-GAAP financial measures to be important supplemental measures in the evaluation of our absolute and relative performance. However, we caution that these non-GAAP financial measures have limitations as analytical tools and may vary substantially from other measures of our performance. You should not consider them in isolation, or as a substitute for analysis of our results under GAAP in the United States. EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin: For our consolidated results, EBITDA represents net income (loss) before interest, taxes, depreciation and amortization. For each reporting segment, EBITDA represents operating income before depreciation and amortization, disposition and exit of business activities and earnings of unconsolidated joint ventures. Among other limitations, EBITDA does not: reflect the significant interest expense on our debt or reflect the significant depreciation and amortization expense associated with our long-lived assets; and EBITDA included herein should not be used for purposes of assessing compliance or non-compliance with financial covenants under our debt agreements since it calculation differs in such agreements. Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure. As an analytical tool, Adjusted EBITDA is subject to all the limitations applicable to EBITDA. We prepare Adjusted EBITDA by eliminating from EBITDA the impact of a number of items we do not consider indicative of our on-going performance but you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non- recurring items. In addition, due to volatility in raw material prices, Adjusted EBITDA may, and often does, vary substantially from EBITDA and other performance measures, including net income calculated in accordance with U.S. GAAP. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue (for each reporting segment or on a consolidated bases, as applicable). Adjusted Gross Profit and Adjusted Gross Profit Per Ton: We define Adjusted Gross Profit Per Ton as Adjusted Gross Profit divided by total sales volume (for each reporting segment or on a consolidated basis, as applicable). We define Adjusted Gross Profit as gross profit excluding certain charges and expenses. Adjusted Gross Profit is limited because it often varies substantially from gross profit calculated in accordance with U.S. GAAP due to volatility in raw material prices. Certain amounts reported in the prior periods have been reclassified to conform to the current reporting presentation. Adjusted Diluted Earnings Per Share: Adjusted Diluted Earnings Per Share is Diluted Earnings (Loss) Per Share excluding the impact of a number of non-recurring items we do not consider indicative of our on-going performance. Consolidated Net Debt: We define consolidated net debt as total consolidated debt (including debt of KFPC) less consolidated cash and cash equivalents. Management uses consolidated net debt to determine our outstanding debt obligations that would not readily be satisfied by its cash and cash equivalents on hand. Management believes that using consolidated net debt is useful to investors in determining our leverage since we could choose to use cash and cash equivalents to retire debt. Consolidated Net Debt, as adjusted for foreign exchange impact accounts for the FX effect on the Euro Tranche of our Term Loan. Consolidated Net Debt Leverage Ratio: The consolidated net debt leverage ratio is defined as consolidated net debt as of the balance sheet date divided by Adjusted EBITDA for the twelve months then ended. Our use of this term may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Kraton Third Quarter 2019 Earnings Call 3

Third Quarter 2019 Summary GAAP results ▪ Consolidated net income: Q3 2019 - $20.9 million ▪ Polymer segment operating income: Q3 2019 - $18.3 million ▪ Chemical segment operating income: Q3 2019 - $19.8 million Q3 2019 Adjusted EBITDA(1) of $80.1 million, down 18.8% vs. Q3 2018 ▪ Adjusted EBITDA margin(2) of 18.0% vs. 18.9% in Q3 2018 Polymer segment Adjusted EBITDA(1) of $50.3 million, down 11.8% vs. Q3 2018 ▪ CariflexTM sales volume up 18.9% vs. Q3 2018 ▪ Specialty Polymers sales volume down 18.9% vs. Q3 2018 on lower sales into lubricant additive applications and weaker demand in Asia and Europe, partially offset by innovation-led volume in North America ▪ Performance Products sales volume down 9.8% vs. Q3 2018, reflecting lower sales into paving & roofing applications ▪ Adjusted EBITDA margin(2) of 19.2% vs. 17.8% in Q3 2018 Chemical segment Adjusted EBITDA(1) of $29.8 million, down 28.6% vs. Q3 2018 ▪ Performance Chemicals sales volume down 15.0% vs. Q3 2018, reflecting lower TOR demand and lower TOFA upgrades into oilfield and mining applications ▪ Adhesives sales volume down 7.5% vs. Q3 2018, reflecting lower demand for rosin upgrades into adhesive and road marking applications ▪ Tires sales volume up 2.4% vs. Q3 2018 ▪ Adjusted EBITDA margin(2) of 16.3% vs. 20.6% in Q3 2018 Capital Allocation ▪ Third quarter 2019 reduction in consolidated net debt of $80.6 million, or $52.1 million adjusted for FX(1) ▪ Third quarter 2019 share repurchases of $5.0 million (1) See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. (2) Defined as Adjusted EBITDA as a percentage of revenue. Kraton Third Quarter 2019 Earnings Call 4

Polymer Segment Results Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 Change 2019 2018 Change ($ In millions) Volume (kT) 75.8 84.2 (8.4) 229.8 249.5 (19.7) Revenue $ 261.6 $ 321.0 $ (59.4) $ 820.5 $ 948.2 $ (127.7) Operating income $ 18.3 $ 44.9 $ (26.6) $ 62.5 $ 137.9 $ (75.4) Adjusted EBITDA(1) $ 50.3 $ 57.0 $ (6.7) $ 158.6 $ 170.5 $ (11.8) Adjusted EBITDA margin(2) 19.2% 17.8% 140 bps 19.3% 18.0% 130 bps Note: May not foot due to rounding. Q3'19 vs. Q3'18 YTD'19 vs. YTD'18 ▪ Adjusted EBITDA(1) down $6.7 million or 11.8% vs. Q3'18 ▪ Adjusted EBITDA(1) down $11.8 million or 6.9% vs. YTD'18 ▪ Sales volume declined 10.0% vs. Q3'18 ▪ Sales volume declined 7.9% vs. YTD'18 ▪ Cariflex volume up 18.9% on higher latex sales into ▪ Cariflex volume up 11.4% on higher latex sales into surgical glove applications surgical glove applications ▪ Specialty Polymer sales volume down 18.9% on ▪ Specialty Polymer sales volume down 12.1% lower sales into lubricant additive applications and reflecting lower sales in to lubricant additive weaker demand in Asia and Europe, partially offset applications and weaker demand in Asia and by innovation-led volume in N.A. Europe, partially offset by innovation-led volume in ▪ Performance Products sales volume down 9.8% N.A. reflecting lower SBS sales into paving & roofing ▪ Performance Products sales volume down 8.3% on applications and lower SIS sales into adhesive lower sales of SBS into paving & roofing applications applications and lower sales of SIS into adhesive applications ▪ Gross Profit of $58.5 million and Adjusted Gross Profit(1) of ▪ Gross Profit of $191.2 million and Adjusted Gross Profit(1) of $947 per ton in Q3'19, compared to $981 per ton in Q3'18 $1,013 per ton in YTD'19, compared to $1,019 per ton in YTD'18 (1) See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. (2) Defined as Adjusted EBITDA as a percentage of revenue. Kraton Third Quarter 2019 Earnings Call 5

Chemical Segment Results Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 Change 2019 2018 Change ($ In millions) Volume (kT) 93.1 105.9 (12.8) 300.6 332.7 (32.1) Revenue $ 182.6 $ 202.1 $ (19.5) $ 575.4 $ 615.7 $ (40.3) Operating income $ 19.8 $ 27.5 $ (7.7) $ 66.9 $ 79.4 $ (12.5) Adjusted EBITDA(1) $ 29.8 $ 41.6 $ (11.9) $ 112.9 $ 122.4 $ (9.5) Adjusted EBITDA margin(2)(3) 16.3% 20.6% (430 bps) 19.6% 19.9% (30 bps) Note: May not foot due to rounding. Q3'19 vs. Q318 YTD'19 vs. YTD'18 ▪ Adjusted EBITDA(1) down $11.9 million or 28.6% compared to ▪ Adjusted EBITDA(1) down $9.5 million or 7.8% vs. YTD'18 Q3'18 ▪ Sales volume decreased 32.1 kilotons or 9.6% vs. YTD'18 ▪ Sales volume decreased 12.8 kilotons or 12.1% vs. Q3'18 ▪ Performance Chemicals volume down 12.9%, on ▪ Performance Chemicals volume down 15.0% on lower TOR demand, lower sales of TOFA upgrades lower TOR demand and TOFA upgrades into oilfield and lower sales of raw materials and mining applications ▪ Adhesives volume down 3.7% on lower sales of rosin ▪ Adhesives volume down 7.5% on lower demand for upgrades rosin upgrades into adhesive and roadmarking ▪ Tires volume up 2.2% applications ▪ Tires volume up 2.4% ▪ Adjusted EBITDA margin(2)(3) of 19.6% vs. 19.9% for YTD'18 ▪ Adjusted EBITDA margin(2) of 16.3% vs. 20.6% in Q3'18 (1) See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. (2) Defined as Adjusted EBITDA as a percentage of revenue. (3) Accounting for lost sales associated with Hurricane Michael, Adjusted EBITDA margin would have been 19.3% for the nine months ended September 30, 2019. Kraton Third Quarter 2019 Earnings Call 6

Consolidated Results Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 Change 2019 2018 Change ($ In millions, except per share amounts) Revenue $ 444.2 $ 523.1 $ (78.9) $ 1,395.9 $ 1,563.9 $ (168.0) Consolidated net income $ 20.9 $ 43.3 $ (22.4) $ 77.9 $ 51.2 $ 26.7 Diluted earnings (loss) per share $ 0.58 $ 1.31 $ (0.73) $ 2.26 $ 1.53 $ 0.73 Operating income $ 38.1 $ 72.4 (34.3) $ 129.4 $ 217.3 $ (87.9) Adjusted EBITDA(1) $ 80.1 $ 98.7 (18.6) $ 271.5 $ 292.9 $ (21.4) Adjusted EBITDA margin(2)(3) 18.0% 18.9% (90 bps) 19.5% 18.7% 80 bps Adjusted diluted earnings per share(1) $ 0.52 $ 1.02 $ (0.50) $ 2.99 $ 2.49 $ 0.50 Note: May not foot due to rounding. Operating Income Adjusted EBITDA $217.3 $271.5 $292.9 $79.4 $122.4 $112.9 $129.4 $72.4 $66.9 $98.7 $80.1 $137.9 $38.1 $27.5 $41.6 $158.6 $170.5 $29.8 $19.8 $62.5 $44.9 $50.3 $57.0 $18.3 Q3'19 Q3'18 YTD'19 YTD'18 Q3'19 Q3'18 YTD'19 YTD'18 Polymer Chemical Polymer Chemical (1) See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. (2) Defined as Adjusted EBITDA as a percentage of revenue. (3) Accounting for lost sales associated with Hurricane Michael, Adjusted EBITDA margin would have been 19.3% for the nine months ended September 30, 2019. Kraton Third Quarter 2019 Earnings Call 7

2019 Modeling Assumptions(1) ($ In millions) Adjusted EBITDA(1)(3) $315 to $330 Non-cash compensation expense $10 Depreciation & amortization $130 Interest expense $75 Effective tax rate(2) Approximately 10% Capex (includes capitalized interest) Approximately $100 Reduction in consolidated net debt(3)(4) $120 - $140 Note: Non-cash compensation expense is excluded in determining Adjusted EBITDA and included in determining Adjusted EPS. (1) Management's estimates. These estimates are forward-looking statements and speak only as of October 24, 2019. Management assumes no obligation to update or confirm these estimates in light of new information or future events. (2) Our effective tax rate is subject to variability arising from factors which include revisions associated with future guidance, assessment of U.S. tax reform and other discrete tax items, including the impact of uncertain tax reserves related to the closing of tax audits or expiration under various statutes of limitation. (3) We have not reconciled Adjusted EBITDA guidance to net income (loss) because we do not provide guidance for net income (loss) or for items that we do not consider indicative of our on-going performance, including, but not limited to, transaction costs and production downtime, as certain of these items are out of our control and/or cannot be reasonably predicted. We have not reconciled consolidated net debt guidance to debt due to high variability and difficulty in making accurate forecasts and projections that are impacted by future decisions and actions. The actual amount of such reconciling items will have a significant impact if they were included in our net debt. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort. (4) Excludes impact of activity under share repurchase authorization and the effects of foreign currency. Kraton Third Quarter 2019 Earnings Call 8

Consolidated Net Debt September 30, 2019 June 30, 2019 December 31, 2018 (In millions) Kraton debt $ 1,401.0 $ 1,456.6 $ 1,441.6 KFPC(1)(2) loans 104.3 109.9 125.5 Consolidated debt 1,505.4 1,566.6 1,567.1 Kraton cash 77.0 58.7 79.3 KFPC(1) cash 6.2 5.2 6.6 Consolidated cash 83.3 63.9 85.9 Consolidated net debt $ 1,422.1 $ 1,502.7 $ 1,481.2 Effect of foreign currency on consolidated net debt 32.3 3.8 Consolidated net debt excluding effect of foreign currency $ 1,454.4 $ 1,506.5 Effect of share buyback program (10.0) (5.0) Consolidated net debt excluding effect of foreign currency and $ 1,444.4 $ 1,501.5 share buyback program Note: May not foot due to rounding. Consolidated Net Debt $1,595 $1,422 $1,799 $1,715 $1,595 $1,481 $1,422 01/06/16 12/31/16 12/31/17 12/31/18 09/30/19 (1) This amount includes all of the indebtedness of our Kraton Formosa Polymers Corporation (KFPC) joint venture, located in Mailiao, Taiwan, which we own a 50% stake in and consolidate within our financial statements. (2) KFPC executed revolving credit facilities to provide funding for working capital requirements and/or general corporate purposes. These are in addition to the 5.5 billion NTD KFPC Loan Agreement. Kraton Third Quarter 2019 Earnings Call 9

Appendix

Polymer – Revenue by Geography and End Use TTM September 30, 2019 Segment Revenue by Geography Segment Revenue by End Use Other 17% Medical 20% Asia Pacific 31% Americas Roofing 38% 8% Industrial 6% Adhsv & Coatings Paving 7% 20% EMEA Personal Care Consumer 31% 10% 2% Polymod Lubricant 3% Additives 7% Kraton Third Quarter 2019 Earnings Call 11

Polymer – Revenue by Geography and Product Group TTM September 30, 2019 CARIFLEX SPECIALTY POLYMERS PERFORMANCE PRODUCTS EMEA Asia Pacific 5% Americas 8% 1% Asia Pacific 32% Americas Americas 46% 47% EMEA Asia Pacific 45% 94% EMEA 22% Revenue by Geography Pkg & Indust Adhsv Other Consumer 1% Industrial Industrial 1% 8% 7% 6% Adhsv & Coatings 6% Cable Gels Other 5% Other 11% Personal 29% Pkg & Indust Paving Care Adhsv 41% 5% 9% Industrial 5% Medical Medical Lubricant Roofing 93% 10% 16% Personal Polymod Additives 21% Care 10% 16% Revenue by Product Group Kraton Third Quarter 2019 Earnings Call 12

Chemical – Revenue by Geography and Product Group TTM September 30, 2019 ADHESIVES PERFORMANCE CHEMICALS TIRES 35% of TTM Revenue 59% of TTM Revenue 6% of TTM Revenue Asia Pacific 10% Asia Pacific Americas 14% 13% Asia Pacific 29% Americas EMEA Americas 44% 34% 56% EMEA 42% EMEA 58% Chemical Segment Revenue Asia Pacific 14% Americas 46% EMEA 40% Kraton Third Quarter 2019 Earnings Call 13

Polymer Segment Reconciliation of Gross Profit to Adjusted Gross Profit Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In thousands) Gross profit $ 58,478 $ 90,205 $ 191,230 $ 281,482 Add (deduct): KFPC startup costs (a) 3,019 — 3,019 — Non-cash compensation expense 159 149 489 457 Spread between FIFO and ECRC 10,103 (7,771) 38,067 (27,711) Adjusted gross profit (non-GAAP) $ 71,759 $ 82,583 $ 232,805 $ 254,228 Sales volume (kilotons) 75.8 84.2 229.8 249.5 Adjusted gross profit per ton $ 947 $ 981 $ 1,013 $ 1,019 (a) Startup costs related to the joint venture company, KFPC. Kraton Third Quarter 2019 Earnings Call 14

Reconciliation of Net Income to Operating Income to Non-GAAP Financial Measures Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Polymer Chemical Total Polymer Chemical Total (In thousands) Net income (loss) attributable to Kraton $ 18,693 $ 42,349 Net income attributable to noncontrolling interest 2,222 928 Consolidated net income (loss) 20,915 43,277 Add (deduct): Income tax benefit 2,311 8,334 Interest expense, net 19,214 20,143 Earnings of unconsolidated joint venture (102) (100) Other income (expense) (4,235) 740 Operating income $ 18,269 $ 19,834 38,103 $ 44,899 $ 27,495 72,394 Add (deduct): Depreciation and amortization 14,982 19,822 34,804 17,554 17,563 35,117 Other income (expense) (502) 4,737 4,235 (958) 218 (740) Earnings of unconsolidated joint venture 102 — 102 100 — 100 EBITDA (a) 32,851 44,393 77,244 61,595 45,276 106,871 Add (deduct): Transaction, acquisition related costs, restructuring, and other costs (b) 1,672 244 1,916 689 (177) 512 Hurricane related costs (c) — 2,220 2,220 — — — Hurricane reimbursements (d) — (13,841) (13,841) — — — KFPC startup costs (e) 3,019 — 3,019 — — — Sale of emissions credits (f) — (4,601) (4,601) — — — Non-cash compensation expense 2,659 — 2,659 2,495 — 2,495 Spread between FIFO and ECRC 10,103 1,337 11,440 (7,771) (3,456) (11,227) Adjusted EBITDA $ 50,304 $ 29,752 $ 80,056 $ 57,008 $ 41,643 $ 98,651 (a) We finalized our claim associated with Hurricane Michael during the third quarter of 2019. We received proceeds of $14.3 million, which is included in EBITDA as a gain on insurance. (b) Charges related to the evaluation of acquisition transactions, severance expenses, and other restructuring related charges. (c) Incremental costs related to Hurricane Michael, which are recorded in cost of goods sold. As we finalized our claim for reimbursement of incremental costs incurred, we have identified an additional $1.4 million of costs incurred during the three months ended September 30, 2019. Additionally, we incurred direct costs due to the impacts of Hurricane Dorian of $0.8 million which are recorded in cost of goods sold. The Hurricane Dorian direct costs are limited to the three months ended September 30, 2019 and will not continue into the fourth quarter of 2019. (d) Reimbursement of incremental costs related to Hurricane Michael, which is recorded in gain on insurance proceeds. (e) Startup costs related to the joint venture company, KFPC. (f) We recorded a gain of $4.6 million in other income (expense) related to the sale of emissions credits accumulated by our Swedish Chemical legal entity. Kraton Third Quarter 2019 Earnings Call 15

Reconciliation of Net Income to Operating Income to Non-GAAP Financial Measures Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Polymer Chemical Total Polymer Chemical Total (In thousands) Net income attributable to Kraton $ 72,569 $ 49,491 Net income attributable to noncontrolling interest 5,356 1,743 Consolidated net income 77,925 51,234 Add (deduct): Income tax (benefit) expense (1,881) 8,743 Interest expense, net 57,494 74,835 Earnings of unconsolidated joint venture (363) (357) (Gain) loss on extinguishment of debt (210) 79,921 Other income (expense) (3,559) 2,960 Operating income $ 62,498 $ 66,908 129,406 $ 137,930 $ 79,406 217,336 Add (deduct): Depreciation and amortization 43,296 54,934 98,230 52,914 52,719 105,633 Other income (expense) (1,547) 5,106 3,559 (3,600) 640 (2,960) Gain (loss) on extinguishment of debt 210 — 210 (79,921) — (79,921) Earnings of unconsolidated joint venture 363 — 363 357 — 357 EBITDA (a) 104,820 126,948 231,768 107,680 132,765 240,445 Add (deduct): Transaction, acquisition related costs, restructuring, and other costs (b) 4,781 808 5,589 2,062 (963) 1,099 (Gain) loss on extinguishment of debt (210) — (210) 79,921 — 79,921 Hurricane related costs (c) — 15,025 15,025 — — — Hurricane reimbursements (d) — (26,561) (26,561) — — — KFPC startup costs (e) 3,019 — 3,019 897 — 897 Sale of emissions credits (f) — (4,601) (4,601) — — — Non-cash compensation expense 8,158 — 8,158 7,620 — 7,620 Spread between FIFO and ECRC 38,067 1,294 39,361 (27,711) (9,371) (37,082) Adjusted EBITDA $ 158,635 $ 112,913 $ 271,548 $ 170,469 $ 122,431 $ 292,900 (a) Included in EBITDA is a $32.9 million gain on insurance, fully offsetting the lost margin in the first quarter of 2019, and reimbursement for a portion of the direct costs we have incurred to date related to Hurricane Michael. (b) Charges related to the evaluation of acquisition transactions, severance expenses, and other restructuring related charges. (c) Incremental costs related to Hurricane Michael, which are recorded in cost of goods sold. As we finalized our claim for reimbursement of incremental costs incurred, we have identified an additional $14.2 million of costs incurred during the nine months ended September 30, 2019. Additionally, we incurred direct costs due to the impacts of Hurricane Dorian of $0.8 million which are recorded in cost of goods sold. The Hurricane Dorian direct costs are limited to the three months ended September 30, 2019 and will not continue into the fourth quarter of 2019. (d) Reimbursement of incremental costs related to Hurricane Michael, which is recorded in gain on insurance proceeds. (e) Startup costs related to the joint venture company, KFPC. (f) We recorded a gain of $4.6 million in other income (expense) related to the sale of emissions credits accumulated by our Swedish Chemical legal entity. Kraton Third Quarter 2019 Earnings Call 16

Reconciliation of Diluted EPS to Adjusted Diluted EPS Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Diluted Earnings Per Share $ 0.58 $ 1.31 $ 2.26 $ 1.53 Transaction, acquisition related costs, restructuring, and other costs (a) 0.04 0.02 0.13 0.03 (Gain) loss on extinguishment of debt — — (0.01) 1.89 Hurricane related costs (b) 0.15 — 0.55 — Hurricane reimbursements (c) (0.44) — (0.83) — KFPC startup costs (d) 0.04 — 0.04 0.01 Sale of emissions credits (e) (0.14) — (0.14) — Spread between FIFO and ECRC 0.29 (0.31) 0.99 (0.97) Adjusted Diluted Earnings Per Share (non-GAAP) $ 0.52 $ 1.02 $ 2.99 $ 2.49 (a) Charges related to the evaluation of acquisition transactions, severance expenses, and other restructuring related charges. (b) Incremental costs related to Hurricane Michael, which are recorded in cost of goods sold. As we finalized our claim for reimbursement of incremental costs incurred, we have identified an additional $1.4 million and $14.2 million of costs incurred during the nine months ended September 30, 2019, respectively. Additionally, we incurred direct costs due to the impacts of Hurricane Dorian of $0.8 million which are recorded in cost of goods sold. The Hurricane Dorian direct costs are limited to the three months ended September 30, 2019 and will not continue into the fourth quarter of 2019. (c) Reimbursement of incremental costs related to Hurricane Michael, which is recorded in gain on insurance proceeds. (d) Startup costs related to the joint venture company, KFPC. (e) We recorded a gain of $4.6 million in other income (expense) related to the sale of emissions credits accumulated by our Swedish Chemical legal entity. Kraton Third Quarter 2019 Earnings Call 17