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): August 6, 2014

Trinseo S.A.

(Exact name of registrant as specified in its charter)

Luxembourg

(State or other jurisdiction of

incorporation or organization)

N/A

(I.R.S. Employer

Identification Number)

001-36473

(Commission File Number)

1000 Chesterbrook Boulevard, Suite 300, Berwyn, Pennsylvania 19312

(Address of principal executive offices, including zip code)

(610) 240-3200

(Telephone number, including area code)

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 (see General Instruction A.2. below):

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

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

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

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

ITEM 2.02 Results of Operations and Financial Condition

On August 6, 2014, Trinseo S.A., a public limited liability company (société anonyme) existing under the laws of Luxembourg (the “Company”), issued a press release announcing its financial results for the second quarter ended June 30, 2014. A copy of the press release is furnished as Exhibit 99.1 hereto. The Company intends to hold an investor call and webcast to discuss these results on August 7, 2014, at 11:00 a.m. Eastern Time. A copy of the presentation materials, which will be discussed on the call, is furnished hereto as Exhibit 99.2.

The information contained herein and in the accompanying exhibit shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release, dated August 6, 2014
99.2	Investor Presentation

SIGNATURES

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

TRINSEO S.A.
By:	/s/ John A. Feenan
Name:	John A. Feenan
Title:	Executive Vice President and Chief Financial Officer

Date: August 6, 2014

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated August 6, 2014
99.2	Investor Presentation

EX-99.1

Exhibit 99.1

Press contact: Trinseo Donna St. Germain Tel: +1 610-240-3307 Email: stgermain@styron.com Press contact, Europe/Asia: Porter Novelli Sylva De Craecker Tel : + 32 478 27 93 62 sylva.de.craecker@porternovelli.be Investor Contact: Trinseo David Stasse Tel : +1 610-240-3207 Email: dstasse@styron.com

Trinseo Reports Second Quarter 2014 Financial Results

Second Quarter 2014 Highlights

• Revenue of $1,341 million, down 2% versus prior year

• Volume of 1,327 million pounds, up 1% versus prior year

• Adjusted EBITDA of $79 million, up 84% versus prior year

• Successful initial public offering of 11.5 million shares at $19.00 per share and subsequent repayment of $132.5 million of Senior Secured Notes in July 2014

	Three Months Ended
$millions, except per share data	June 30,						March 31,
	2014			2013			2014
Revenue		1,341			1,362			1,359
EBITDA		21			32			86
Adjusted EBITDA		79			43			88
Net Income (loss)		(45	)		(28	)		17
Adjusted Net Income (loss)		11			(18	)		20
EPS ($)		(1.15	)		(0.75	)		0.46
Adjusted EPS ($)		0.28			(0.49	)		0.53

BERWYN, Pa – August 6, 2014 – Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex and rubber, today reported its Second Quarter of 2014 financial results with revenue of $1,341 million and Adjusted EBITDA of $79 million.

“We had another solid quarter of results,” said Chris Pappas, Trinseo President and Chief Executive Officer. “The Emulsion Polymers Division benefitted from the improving tire market in combination with our differentiated product strategy, and we delivered stronger volumes in latex to the carpet, performance latex and Asia paper markets. In Plastics, styrenic polymers volumes were up due to the peak appliance season and polycarbonate margins improved after a low first quarter.”

Commenting on the Company’s other initiatives, Pappas added, “I am proud of our many achievements during the Second Quarter of 2014, including our successful IPO in June which enabled us to reduce our long-term debt by 10% in July 2014. In addition, we announced changes to our polycarbonate business structure, which are expected to result in substantial improvements for the Fourth Quarter 2014 and beyond. Our team remains extremely focused on executing our strategy and delivering value to shareholders.”

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Revenue in the Second Quarter decreased 2% versus the prior year driven by a 5% reduction in price, which was primarily driven by the pass through of lower styrene and butadiene costs. This was partially offset by a favorable foreign exchange impact as the US dollar weakened compared to the Euro. Sequentially, revenue decreased 1% due to the pass through of lower styrene cost and lower styrene monomer related sales.

Adjusted EBITDA for the quarter increased $36 million, or 84%, versus the prior year. This increase was driven primarily by the impact of inventory revaluation which had an unfavorable impact of $26 million in the prior year as compared to a favorable $3 million impact in the current year. In addition, prior year results included an $8 million foreign exchange loss compared to a $2 million gain in the current year. Sequentially, Adjusted EBITDA decreased $9 million, or 10%, due primarily to lower JV earnings.

Second Quarter Results by Business Segment

• Latex revenue of $321 million for the quarter was down 7% versus the prior year due mostly to the pass through of lower raw materials costs. Lower volume sold to the Europe and North America paper markets was partially offset by higher volume to the Asia paper and North America carpet markets. Adjusted EBITDA of $27 million was $2 million less than the prior year mostly due to these volume impacts.

• Synthetic Rubber revenue of $165 million increased 6% from the prior year due to higher sales of SSBR, which were partially offset by the pass through of lower raw materials costs. Adjusted EBITDA of $37 million was $9 million higher than the prior year driven by the higher SSBR sales volume. Sequentially, revenue decreased 7% and Adjusted EBITDA decreased $6 million, due to lower sales volume, on lower spot sales to Asia as well as the impact of the termination of our JSR capacity rights agreement at the end of the First Quarter.

• Styrenics revenue of $590 million for the quarter was 1% below the prior year due mostly to the pass through of lower styrene costs. Adjusted EBITDA of $27 million was $6 million greater than the prior year driven primarily by higher margins due to lower raw material and utility costs. This was partially offset by lower styrene margins in Asia, lower polystyrene volumes, and a decrease in earnings at Americas Styrenics, our 50% owned joint venture. Sequentially, revenue decreased 1% as the pass through of lower styrene cost was partially offset by seasonally higher sales into the appliance and construction markets. Adjusted EBITDA decreased $15 million due to a $9 million decrease in earnings at Americas Styrenics, related to a planned turnaround during the quarter, as well as lower styrenic polymer margins.

• Engineered Polymers revenue of $266 million was 1% higher than the prior year as a favorable foreign exchange impact was partially offset by lower price due to the pass through of lower raw material costs. Adjusted EBITDA of $5 million was $8 million higher than the prior year due mainly to higher compounds and blends margins. Sequentially, revenue increased 1% with slightly higher price and volume. Adjusted EBITDA was $7 million greater due to greater polycarbonate margins and higher compounds and blends volume.

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Free Cash Flow and Liquidity

On July 14 we used the proceeds from our IPO to repay $132.5 million face amount of our Senior Secured Notes due 2019 at a redemption price equal to 103% of the principal amount, plus accrued and unpaid interest. Free cash flow was breakeven for the Second Quarter, which included $56 million in termination payments related to the Dow Emerging Markets Latex JV Option and the Bain Advisory Agreement. Quarter-end liquidity was $675 million excluding the cash that was subsequently used to pay down the notes, including the related call premium and accrued interest.

Outlook

Commenting on the outlook for the balance of 2014 Pappas said, “In aggregate we see the 2014 year end Adjusted EBITDA comfortably ahead of 2013. The third quarter of 2014 will have some challenges, notably by the summer slowdown in Europe, an outage driven Benzene price spike, our ESBR rubber turnaround and a short unplanned outage at our rubber site in July. However, all of these items should be behind us by the end of September and we expect a strong fourth quarter as these factors give way to moderating Benzene costs, rebounding Polycarbonate margins and continued solid Rubber and Latex performance.”

Conference Call and Webcast Information

Trinseo will host a conference call to discuss its Second Quarter of 2014 financial results tomorrow, Thursday, August 7, 2014 at 11 AM Eastern Time.

Commenting on results will be Trinseo’s Chris Pappas, President and Chief Executive Officer, John Feenan, Executive Vice President and Chief Financial Officer and David Stasse, Vice President, Treasury and Investor Relations. The conference call will be available by phone at:

Participant Toll-Free Dial-In Number: 877-372-0878

Participant International Dial-In Number: +1 253-237-1169

Conference ID / passcode: 80555507

The Company will also offer a live, listen-only Webcast of the conference call on the Trinseo Investor relations website.

Trinseo has posted its Second Quarter of 2014 financial results on the Company’s Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).

A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until August 7, 2015.

Formerly known as Styron, Trinseo previously announced plans to change the name of all Styron affiliated companies to Trinseo. Some, but not all, of the Styron companies have completed the name change process and are currently known as Trinseo; Styron companies that have not completed this process will continue to do business as Styron until their respective name changes are complete. Styron’s operating companies also continue to do business as Styron at this time.

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About Trinseo

Trinseo (NYSE:TSE) is a global materials company and manufacturer of plastics, latex and rubber. Trinseo’s technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires.

Use of non-GAAP measures

Trinseo management believes that measures of income excluding certain items (“non-GAAP” measures) provide relevant and meaningful information to investors about the ongoing operating results of the Company. Such measurements are not recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should not be viewed as an alternative to GAAP measures of performance. Reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information.

Note on Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release may include, without limitation, forecasts of growth, revenues, business activity, acquisitions, financings and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: conditions in the global economy and capital markets, volatility in costs or disruption in the supply of the raw materials utilized for our products; loss of market share to other producers of styrene-based chemical products; compliance with environmental, health and safety laws; changes in laws and regulations applicable to our business; our inability to continue technological innovation and successful introduction of new products; system security risk issues that could disrupt our internal operations or information technology services; and the loss of customers. Additional risks and uncertainties are set forth in the Company’s reports filed with the United States Securities and Exchange Commission, which are available at http://www.sec.gov/ as well as the Company’s web site at http://www.trinseo.com. As a result of the foregoing considerations, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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TRINSEO S.A.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

	Three Months Ended								Six Months Ended
	June 30, 2014			March 31, 2014		June 30, 2013			June 30, 2014			June 30, 2013
Net sales	$	1,340,935		$	1,359,132	$	1,361,759		$	2,700,067		$	2,753,344
Cost of sales		1,248,525			1,260,503		1,296,250			2,509,028			2,607,032
Gross profit		92,410			98,629		65,509			191,039			146,312
Selling, general and administrative expenses		74,208			50,030		54,774			124,238			101,234
Equity in earnings of unconsolidated affiliates		5,378			14,950		8,929			20,328			11,728
Operating income		23,580			63,549		19,664			87,129			56,806
Interest expense, net		32,602			32,818		33,738			65,420			66,046
Loss on extinguishment of long-term debt		—			—		—			—			20,744
Other expense, net		30,149			895		11,840			31,044			5,708
Income (loss) before income taxes		(39,171	)		29,836		(25,914	)		(9,335	)		(35,692	)
Provision for income taxes		5,450			12,750		2,150			18,200			2,050
Net income (loss)	$	(44,621	)	$	17,086	$	(28,064	)	$	(27,535	)	$	(37,742	)
Weighted average shares- basic and diluted		38,912			37,270		37,270			38,096			37,270
Net income (loss) per share- basic and diluted	$	(1.15	)	$	0.46	$	(0.75	)	$	(0.72	)	$	(1.01	)

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TRINSEO S.A.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

	June 30,			December 31,
	2014			2013
Assets
Current assets
Cash and cash equivalents	$	323,544		$	196,503
Accounts receivable, net of allowance for doubtful accounts		775,152			717,482
Inventories		526,195			530,191
Deferred income tax assets		9,941			9,820
Other current assets		19,382			22,750
Total current assets		1,654,214			1,476,746
Investments in unconsolidated affiliates		162,738			155,887
Property, plant and equipment, net of accumulated depreciation		586,420			606,427
Other assets
Goodwill		36,967			37,273
Other intangible assets, net		189,084			171,514
Deferred income tax assets—noncurrent		38,941			42,938
Deferred charges and other assets		72,752			83,996
Total other assets		337,744			335,721
Total assets	$	2,741,116		$	2,574,781
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	142,055		$	8,754
Accounts payable		507,036			509,093
Income taxes payable		10,033			9,683
Deferred income tax liabilities		1,427			2,903
Accrued expenses and other current liabilities		134,045			136,129
Total current liabilities		794,596			666,562
Noncurrent liabilities
Long-term debt		1,195,028			1,327,667
Deferred income tax liabilities—noncurrent		32,622			26,932
Other noncurrent obligations		209,261			210,418
Total noncurrent liabilities		1,436,911			1,565,017
Commitments and contingencies
Shareholders’ equity
Common stock, $0.01 nominal value, 50,000,000 shares authorized at June 30, 2014 and December 31, 2013, and 48,770 and 37,270 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively		488			373
Additional paid-in-capital		542,654			339,055
Accumulated deficit		(112,139	)		(84,604	)
Accumulated other comprehensive income		78,606			88,378
Total shareholders’ equity		509,609			343,202
Total liabilities and shareholders’ equity	$	2,741,116		$	2,574,781

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TRINSEO S.A.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities
Cash provided by (used in) operating activities	$	7,864		$	(6,488	)
Cash flows from investing activities
Capital expenditures		(55,744	)		(29,122	)
Proceeds from the sale of property, plant and equipment		5,434			—
Proceeds from capital expenditures subsidy		—			6,575
Payment for working capital adjustment from sale of business		(700	)		—
Advance payment refunded		—			(2,711	)
Distributions from unconsolidated affiliates		978			1,055
Decrease in restricted cash		—			7,852
Cash used in investing activities	$	(50,032	)	$	(16,351	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		199,152			—
Deferred financing fees		—			(46,284	)
Short-term borrowings, net		(29,402	)		(17,848	)
Repayments of Term Loans		—			(1,239,000	)
Proceeds from the issuance of Senior Notes		—			1,325,000
Proceeds from Accounts Receivable Securitization Facility		178,603			222,592
Repayments of Accounts Receivable Securitization Facility		(179,170	)		(165,884	)
Proceeds from Revolving Facility		—			405,000
Repayments of Revolving Facility		—			(525,000	)
Cash provided by (used in) financing activities	$	169,183		$	(41,424	)
Effect of exchange rates on cash		26			(1,470	)
Net change in cash and cash equivalents		127,041			(65,733	)
Cash and cash equivalents—beginning of period		196,503			236,357
Cash and cash equivalents—end of period	$	323,544		$	170,624

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TRINSEO S.A.

Notes to Condensed Consolidated Financial Information

(Unaudited)

Note 1: Revenue by Segment

(In thousands)	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2014		2014		2013		2014		2013
Latex	$	320,682	$	326,305	$	344,962	$	646,988	$	701,718
Synthetic Rubber		164,926		176,714		156,174		341,639		332,590
Styrenics		589,739		594,342		597,327		1,184,080		1,199,297
Engineered Polymers		265,588		261,771		263,296		527,360		519,739
Total Revenue	$	1,340,935	$	1,359,132	$	1,361,759	$	2,700,067	$	2,753,344

* Quarterly balances may not sum to year-to-date balances presented due to rounding.

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Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income (Loss)

EBITDA is a non-GAAP financial measure that we refer to in making operating decisions because we believe it provides meaningful supplemental information regarding the Company’s operational performance. We present EBITDA because we believe that it is useful for investors to analyze disclosures of our operating results on the same basis as that used by our management. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis because it removes the impact of our capital structure (such as interest expense), asset base (such as depreciation and amortization) and tax structure.

We also believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation provides investors with a useful analytical indicator of our performance and of our ability to service our indebtedness. We define Adjusted EBITDA as income (loss) from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; advisory fees paid to affiliates of Bain Capital; gains or losses on the dispositions of businesses and assets; restructuring and other non-recurring items.

We present Adjusted EBITDA excluding inventory revaluation in order to facilitate the comparability of results from period to period by adjusting cost of sales to reflect the cost of raw material during the period, which is often referred to as the replacement cost method of inventory valuation. We believe this measure minimizes the impact of raw material purchase price volatility in evaluating our performance. Our approach to calculating inventory revaluation is intended to represent the difference between the results under the FIFO and the replacement cost methods. However, our calculation could differ from the replacement cost method if the monthly raw material standards are different from the actual raw material prices during the month and production and purchase volumes differ from sales volumes during the month. These factors could have a significant impact on the inventory revaluation calculation.

Lastly, we present Adjusted Net Income (Loss) and Adjusted EPS as additional performance measures. Adjusted Net Income (loss) is calculated as Adjusted EBITDA (defined beginning with Net Income (loss), above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income and EPS provide transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our core operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability.

There are limitations to using financial measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding inventory revaluation, Adjusted Net Income, and Adjusted EPS. These performance measures are not intended to represent cash flow from operations as defined by GAAP and should not be used as alternatives to net income as indicators of operating performance or to cash flow as measures of liquidity. Other companies in our industry may use these performance measures differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income (loss), which is determined in accordance with U.S. GAAP.

(In millions, except per share data)	Three Months Ended									Statement of Operations Classification
	June 30,			March 31,			June 30,
	2014			2014			2013
Net income (loss)	$	(44.6	)	$	17.1		$	(28.1	)
Interest expense, net		32.6			32.8			33.7
Provision for income taxes		5.5			12.8			2.2
Depreciation and amortization		27.1			23.7			24.0
EBITDA	$	20.6		$	86.4		$	31.8
Asset impairment charges or write-offs (a)		—			—			0.7		Selling, general, and administrative expenses
Net losses on disposition of businesses and assets (b)		—			—			3.2		Other expense (income), net
Restructuring and other charges (c)		2.1			0.5			6.5		Selling, general, and administrative expenses
Fees paid pursuant to advisory agreement (d)		24.2			1.2			1.2		Selling, general, and administrative expenses
Other non-recurring items (e)		32.5			—			—		Other expense (income), net
Adjusted EBITDA	$	79.4		$	88.1		$	43.4
Inventory revaluation (f)		(2.6	)		(5.6	)		26.2
Adjusted EBITDA, excluding inventory revaluation	$	76.8		$	82.5		$	69.6
Adjusted EBITDA to Adjusted Net Income:
Adjusted EBITDA	$	79.4		$	88.1		$	43.4
Interest expense, net		32.6			32.8			33.7
Provision for income taxes – Adjusted (g)		10.1			12.0			3.9
Depreciation and amortization – Adjusted (h)		25.8			23.7			23.9
Adjusted Net Income	$	10.9		$	19.6		$	(18.1	)
Adjusted EPS	$	0.28		$	0.53		$	(0.49	)
Adjusted EBITDA by Segment:
Latex	$	26.7		$	26.1		$	28.5
Synthetic Rubber		37.0			43.1			27.9
Styrenics		27.2			42.3			20.8
Engineered Polymers		5.3			(2.4	)		(2.9	)
Unallocated Corporate		(16.8	)		(21.0	)		(30.9	)
Adjusted EBITDA	$	79.4		$	88.1		$	43.4

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(a) Asset impairment charges or write-offs for the three months ended June 30, 2013, includes the impairment of land at our manufacturing site in Livorno, Italy, prior to its eventual sale.

(b) Net losses on the disposition of businesses and assets for the three months ended June 30, 2013 related to a loss on sale of the Company’s expandable polystyrene business, which was approved by the Company’s board of directors in June 2013 and closed in September 2013.

(c) Restructuring and other charges for the three months ended June 30, 2014, March 31, 2014, and June 30, 2013 were incurred primarily in connection with the shutdown of our latex manufacturing plant in Altona, Australia during 2013.

(d) Represents fees paid under the terms of our Advisory Agreement with Bain Capital. For the three months ended June 30, 2014, this includes a charge of $23.3 million for fees incurred in connection with the termination of the Advisory Agreement, pursuant to its terms, upon consummation of the Company’s IPO in June 2014.

(e) Other non-recurring items incurred for the three months ended June 30, 2014 include a one-time $32.5 million termination payment made to Dow in connection with the termination of our Latex JV Option Agreement.

(f) See the discussion above this table for a description of Adjusted EBITDA excluding inventory revaluation.

(g) Adjusted to remove the tax impact of the related items noted above in (a) – (e). Additionally, the three months ended June 30, 2014 excludes a $2.7 million tax benefit recognized during the period related to a previously unrecognized tax benefit resulting from the effective settlement of a 2010 and 2011 audit with the IRS. The three months ended March 31, 2014 excludes the impact of a $1.0 million valuation allowance recognized in Greece related to the cumulative prior year results.

(h) Excludes accelerated depreciation of $1.3 million during the three months ended June 30, 2014 related primarily to the termination of our contract manufacturing agreement with Dow at Dow’s Freeport, Texas facility.

Note 3: Defining Certain Liquidity Measures

The Company uses a number of measures to evaluate and discuss its liquidity position and performance, including Free Cash Flow and Liquidity. Free Cash Flow is defined as cash from both operating and investing activities, less the impact of changes in restricted cash. Liquidity is defined as total cash and cash equivalents plus unused borrowing capacity on the Company’s revolving debt and accounts receivable securitization facility.

Free Cash Flow and Liquidity are not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as an alternative for that measure. Other companies in our industry may define Free Cash Flow and Liquidity differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. The Company compensates for these limitations by providing the following detail, which is determined in accordance with U.S. GAAP and the terms of related borrowing agreements.

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The following provides further detail of how these amounts are derived for the periods discussed herein:

Free Cash Flow

(in millions)	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2014			2013			2014			2013
Cash provided by (used in) operating activities	$	9.0		$	(2.0	)	$	7.8		$	(6.5	)
Cash used in investing activities		(9.1	)		(12.2	)		(50.0	)		(16.3	)
Impact of changes in restricted cash		—			—			—			(7.9	)
Free Cash Flow	$	(0.1	)	$	(14.2	)	$	(42.2	)	$	(30.7	)

Note: free cash flow for the three and six months ended June 30, 2014, includes $56 million outflow resulting from the termination of our Latex JV Option Agreement with Dow and our Advisory Agreement with Bain Capital.

Liquidity

(in millions)	June 30,     2014			December 31, 2013
Cash and cash equivalents	$	323.5		$	196.5
Available borrowings under accounts receivable securitization agreement		199.8			143.8
Available borrowings under the revolving facility		292.8			292.7
Liquidity	$	816.1		$	633.0
Adjustment for July 2014 Senior Notes Redemption (including call premium and accrued interest)		(141.7	)		—
Adjusted Liquidity (pro-forma)	$	674.4		$	633.0

11

EX-99.2

™

Trademark

Second Quarter 2014

Earnings Summary

August 7, 2014

Exhibit 99.2

2

Introductions & Disclosure Rules

Disclosure Rules

The forward looking statements contained in this presentation involve risks and uncertainties that may

affect the Company's operations, markets, products, services, prices and other factors. These risks and

uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological

factors. Accordingly, there is no assurance that the Company's expectations expressed in such forward

looking statements will be realized. The Company assumes no obligation to provide revisions to any

forward looking statements in this presentation should circumstances change.

This presentation contains financial measures that are not in accordance with generally accepted

accounting principles in the US (“GAAP”) including Adjusted EBITDA.  We believe these measures

provide relevant and meaningful information to investors and lenders about the ongoing operating results

of the Company. Such measures when referenced herein should not be viewed as an alternative to GAAP

measures of performance.  We have provided a reconciliation of Adjusted EBITDA in the Appendix

section of this presentation.

Introductions

Chris Pappas, President & CEO

John Feenan, Executive Vice President & CFO

David Stasse, Vice President, Treasury & Investor Relations

3

Agenda

Business Overview

Financial Review

2014 Focus

Q&A

4

Trinseo Business Overview

Engineered Polymers

Revenue: $266MM

Adj EBITDA: $5MM

Styrenics

Revenue: $590MM

Adj EBITDA: $27MM

Emulsion Polymers

Revenue: $486MM

Adj EBITDA: $64MM

Plastics

Revenue: $855MM

Adj EBITDA: $32MM

#3 Polystyrene Globally

Leading Player

Synthetic Rubber

Revenue: $165MM

Adj EBITDA: $37MM

Top 3 SSBR Globally

Q2’14 Revenue: $1,341MM

Q2’14 Adj EBITDA: $79MM

Latex

Revenue: $321MM

Adj EBITDA: $27MM

#1 Globally in SB Latex

Note: Division and Segment EBITDA excludes Corporate Segment Adjusted EBITDA of $(17)MM. Totals may not sum due to rounding.

End

markets

Market

position

Performance tires

Standard tires

Polymer modification

Technical rubber goods

Coated paper and packaging

board

Carpet and artificial turf

backings

Tape saturation

Cement modification

Building products

$5+ billion in annual revenue, world leader in the production of

latex, rubber and plastics

Appliances

Consumer goods

Construction/sheet

Packaging

Automotive

Consumer electronics

Automotive

Consumer electronics

Construction/sheet

Electrical and lighting

Medical devices

5

Key Styrene Raw Material Trends

Europe

(1)

Source:

IHS.

(1)

Styrene:

50%

W.

Europe

Spot

Avg

(FOB

W.

Europe)

and

50%

W.

Europe

Contract

Monthly

Market

(Delivered

W.

Europe);

Benzene:

50%

W.

Europe

Spot

Avg

(CIF

NW

Europe

/

Basis

ARA)

and

50%

W.

Europe

Contract

–

Monthly

Market

(FOB/CIF

W.

Europe);

Ethylene:

W.

Europe

Contract

–

Market

Pipeline

(Delivered

W.

Europe).

(2)

Styrene:

NE

Asia

Avg

Spot

Posting

(CFR

China);

Benzene:

NE

Asia

Spot

Avg

(FOB

S.

Korea);

Ethylene:

NE

Asia

Spot

Avg

(CFR

NE

Asia).

Styrene

Ethylene

Benzene

Styrene

Ethylene

Benzene

Asia

(2)

6

Key Butadiene Price Trends

Butadiene

Source:

IHS.

Asia:

NE

Asia

Spot

(CFR

NE

Asia)

Europe:

W.

Europe

Contract

Market

(ExW/Del

pr09

W.

Europe);

NA:

North

America

Contract

Market

(FOB

US

Gulf

Coast).

Europe

NA

Asia

™

Trademark

Financial Review

John Feenan

EVP & CFO

F/(U) vs.

(in $millions, unless noted)

Q2'14

Q1'14

Q2'13

Q1'14

Q2'13

Volume (MMlbs)

1,327

1,344

1,311

Revenue

1,341

1,359

1,362

(1)%

(2)%

Volume

(1)%

0%

Price

(1)%

(5)%

FX

0%

3%

Adjusted EBITDA

79

88

43

Adjusted EBITDA Margin

6%

6%

3%

Adjusted Net Income

11

20

(18)

Wtd Avg Shares Outstanding (000)

38,912

37,270

37,270

Adjusted EPS ($)

0.28

0.53

(0.49)

Trinseo Quarterly Results

8

Note: Inventory revaluation  EBITDA impact of $3MM, $6MM and $(26)MM for Q2’14, Q1’14, and Q2’13, respectively. Totals may not sum due to rounding.

$321

$326

$345

$27

$26

$29

$0

$50

$100

$150

$200

$250

$300

$350

$400

Q2'14

Q1'14

Q2'13

Revenue

Adjusted EBITDA

9

Latex

$MM

Note:

Totals

may

not

sum

due

to

rounding.

Volume

in

millions

of

pounds.

Key Points

•

Difficult conditions in Europe

and North America graphical

paper

•

Offset by growth in carpet,

Asia paper, and

Performance Latex

•

New 25KT reactor in China

on schedule and on budget

Revenue Bridge

Volume

Price

FX

Total

YoY

(3)%

(6)%

2%

(7)%

QoQ

(1)%

(1)%

0%

(2)%

Volume

295

299

305

$165

$177

$156

$37

$43

$28

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Q2'14

Q1'14

Q2'13

Revenue

Adjusted EBITDA

10

Synthetic Rubber

$MM

Note:

Totals

may

not

sum

due

to

rounding.

Volume

in

millions

of

pounds.

Revenue Bridge

Volume

Price

FX

Total

YoY

14%

(13)%

4%

6%

QoQ

(10)%

3%

0%

(7)%

Key Points

•

Tire demand rebounding in

Europe, China, and North

America

•

Investing in additional SSBR

•

JSR capacity

•

Investing in higher margin

products

•

Ni-PBR to Nd-PBR

•

Generation 4 SSBR

•

>30% YoY SSBR growth

Volume

142

155

125

$590

$594

$597

$27

$42

$21

$0

$100

$200

$300

$400

$500

$600

$700

Q2'14

Q1'14

Q2'13

Revenue

Adjusted EBITDA

11

Styrenics

$MM

Note:

Totals

may

not

sum

due

to

rounding.

Volume

in

millions

of

pounds.

Adjusted

EBITDA

includes

earnings

from

equity

affiliate

(Americas

Styrenics).

Revenue Bridge

Volume

Price

FX

Total

YoY

(1)%

(4)%

4%

(1)%

QoQ

1%

(2)%

0%

(1)%

Key Points

•

JV earnings from AmSty

$9MM lower sequentially –

turnaround related

•

Asia styrene margins

compressed end of Q2

•

Q2 was high season for

appliance market

•

Focused on controlling costs

and driving margin in

competitive environment

•

PS margins remain steady

Volume

689

686

679

$266

$262

$263

$5

$(2)

$(3)

$(50)

$0

$50

$100

$150

$200

$250

$300

Q2'14

Q1'14

Q2'13

Revenue

Adjusted EBITDA

12

Engineered Polymers

$MM

Note:

Totals

may

not

sum

due

to

rounding.

Volume

in

millions

of

pounds.

Adjusted

EBITDA

includes

earnings

from

equity

affiliate

(Sumika

Styron).

Revenue Bridge

Volume

Price

FX

Total

YoY

0%

(2)%

3%

1%

QoQ

1%

1%

0%

1%

Key Points

•

Global polycarbonate

demand rebounding

•

Polycarbonate restructuring

on track

•

Volume improving in

electronics, medical,

electrical & lighting

•

Strong automotive margins

Volume

201

204

203

13

Balance Sheet and Cash Flow

Liquidity –

Q2 End

(excl Cash for Debt Paydown)

Maturities –

Jul 14, 2014

A/R

Securitization

(2)

Revolver

(2)

Senior Secured

Notes

(1)

Free

Cash

Flow

=

cash

from

operating

activities

+

cash

from

investing

activities

–

change

in

restricted

cash

(2)

A/R

Securitization

facility

commitment

of

$200MM

and

Revolving

Credit

facility

commitment

of

$300MM

($293MM

available

at

Q2’14).

*$132.5

million

face

amount

of

bonds

at

103

price

plus

$5

million

accrued.

NOTE:

Totals

may

not

sum

due

to

rounding.

Summary

•

Q2 breakeven free cash flow reflects $56 million

outflow resulting from termination of Dow

Emerging Markets JV option and Bain Advisory

Agreement

•

Strong quarter-end liquidity of $675 million (excl

cash used for debt paydown)

•

$142 million cash used for debt redemption on

July 14*

$MM

Unused Borrowing

Facility

Cash & Cash

Equivalents

$MM

$MM

Free Cash Flow

(1)

™

Trademark

2014 Focus

Chris Pappas

President & CEO

15

Key Styrene Raw Material Trends

Europe

(1)

Source:

IHS.

(1)

Styrene:

50%

W.

Europe

Spot

Avg

(FOB

W.

Europe)

and

50%

W.

Europe

Contract

Monthly

Market

(Delivered

W.

Europe);

Benzene:

50%

W.

Europe

Spot

Avg

(CIF

NW

Europe

/

Basis

ARA)

and

50%

W.

Europe

Contract

–

Monthly

Market

(FOB/CIF

W.

Europe);

Ethylene:

W.

Europe

Contract

–

Market

Pipeline

(Delivered

W.

Europe).

(2)

Styrene:

NE

Asia

Avg

Spot

Posting

(CFR

China);

Benzene:

NE

Asia

Spot

Avg

(FOB

S.

Korea);

Ethylene:

NE

Asia

Spot

Avg

(CFR

NE

Asia).

Styrene

Ethylene

Benzene

Styrene

Ethylene

Benzene

Asia

(2)

16

Key Butadiene Price Trends

Butadiene

Source:

IHS.

Asia:

NE

Asia

Spot

(CFR

NE

Asia)

Europe:

W.

Europe

Contract

Market

(ExW/Del

pr09

W.

Europe);

NA:

North

America

Contract

Market

(FOB

US

Gulf

Coast).

Europe

NA

Asia

17

Second Half Update

Short-term headwinds

Outage-driven benzene spike impacts styrene and polycarbonate

margins in Q3

ESBR turnaround and unplanned outage

Seasonality

Underlying fundamentals remain strong

Replacement tire market rebounding, SSBR growth strong

Latex margins steady

Polycarbonate demand and operating rates rising

New volumes in performance latex, carpet, electrical and lighting

compounds

Expect 2014 Adjusted EBITDA to be

comfortably ahead of 2013

18

Sustainability Highlights 2013

SUSTAINABLE  PRODUCTS

SUSTAINABLE PERFORMANCE

Potential weight reduction per car

through innovative plastic solutions,

which have been developed and

implemented by Trinseo in 2013

6.7kg

Reduction in energy consumption

by using a LED bulb with Trinseo

plastic lens, compared to traditional

incandescent light

75%

Reduction in fuel consumption

when using low rolling

resistance tires with SSBR

rubber from Trinseo

3%

Reduction in waste

(vs. 2011 baseline)

26%

Reduction in emissions

of volatile organic

chemicals (VOCs) (vs.

2012)

5%

Reduction in emissions

of non-VOC chemicals

(vs. 2012)

2%

Reduction in

electricity use

(vs. 2012)

2%

Percent of Trinseo manufacturing

plants with Triple Zero record: no

injuries, no significant spills, no

process safety incidents

54%

Percent of Trinseo

employees who

completed ethics and

compliance training

97%

Percent of Trinseo

plants with ISO 14001

certification

58%

Percent of Trinseo

sites with ISO 50001

certification

27%

SUSTAINABLE OPERATIONS

19

Trinseo Value Drivers

Profitable Growth

Structural Changes

Cyclical Upsides

™

Trademark

Q&A

™

Trademark

Appendix

22

US GAAP to Non-GAAP Reconciliation

(in $millions, unless noted)

Q1'12

Q2'12

Q3'12

Q4'12

Q1'13

Q2'13

Q3'13

Q4'13

Q1'14

Q2'14

Net Income (Loss)

30.1

1.9

(1.2)

(0.5)

(9.7)

(28.1)

4.9

10.6

17.1

(44.6)

Interest expense, net

25.7

26.6

28.6

29.1

32.3

33.7

32.9

33.1

32.8

32.6

Provision for (benefit from) income taxes

25.1

(6.1)

10.3

(11.8)

(0.1)

2.2

6.0

13.8

12.8

5.4

Depreciation and amortization

20.9

22.0

20.0

22.7

23.9

24.0

23.2

24.2

23.7

27.2

EBITDA

101.8

44.4

57.7

39.5

46.4

31.8

67.0

81.7

86.4

20.6

Loss on extinguishment of long-term debt

-

-

-

-

20.7

-

-

-

-

-

Other non-recurring items

-

-

(0.7)

-

1.1

-

-

(0.4)

-

32.5

Restructuring and other charges

7.8

0.1

(0.4)

-

-

6.5

2.6

1.8

0.5

2.1

Net (gains) / losses on dispositions of businesses and assets

-

-

-

-

-

3.2

1.0

-

-

-

Fees paid pursuent to advisory agreement

1.1

1.2

1.1

1.2

1.2

1.2

1.2

1.2

1.2

24.2

Asset impairment charges or write-offs

-

-

-

-

-

0.7

-

9.2

-

-

Adjusted EBITDA

110.7

45.7

57.7

40.7

69.4

43.4

71.8

93.5

88.1

79.4

Interest expense, net

25.7

26.6

28.6

29.1

32.3

33.7

32.9

33.1

32.8

32.6

Provision for (benefit from) income taxes - Adjusted

27.1

(4.0)

10.5

1.9

4.9

3.9

5.2

14.4

12.0

10.1

Depreciation and amortization - Adjusted

20.9

22.0

20.0

22.7

23.9

23.9

23.2

24.2

23.7

25.8

Adjusted Net Income

37.0

1.1

(1.4)

(13.0)

8.3

(18.1)

10.5

21.8

19.6

10.9

Weighted Average Shares Outstanding (thousands)

137

3,092

23,679

37,270

37,270

37,270

37,270

37,270

37,270

38,912

Adjusted EPS ($)

270.53

0.34

(0.06)

(0.34)

0.22

(0.49)

0.28

0.58

0.53

0.28

Adjustments by Statement of Operations Caption

Loss on extinguishment of long-term debt

-

-

-

-

20.7

-

-

-

-

-

Selling, general and administrative expenses

8.9

1.3

0.7

1.2

1.2

8.4

3.8

12.2

1.7

26.3

Other expense (income), net

-

-

(0.7)

-

1.1

3.2

1.0

(0.4)

-

32.5

Total EBITDA Adjustments

8.9

1.3

-

1.2

23.0

11.6

4.8

11.8

1.7

58.8

23

Selected Segment Information

(in $millions, unless noted)

Q1'12

Q2'12

Q3'12

Q4'12

Q1'13

Q2'13

Q3'13

Q4'13

Q1'14

Q2'14

Latex

330

317

327

301

307

305

310

288

299

295

Synthetic Rubber

125

106

116

130

137

125

128

133

155

142

Styrenics

664

652

679

614

669

679

644

597

686

689

Engineered Polymers

218

201

194

192

199

203

200

199

204

201

Trade Volume (MMLbs)

1,337

1,275

1,316

1,237

1,311

1,311

1,282

1,218

1,344

1,327

Latex

398

422

375

351

357

345

332

308

326

321

Synthetic Rubber

193

175

155

179

176

156

142

148

177

165

Styrenics

528

538

542

541

602

597

576

530

594

590

Engineered Polymers

278

274

255

249

256

263

259

260

262

266

Net Sales

1,396

1,409

1,327

1,320

1,392

1,362

1,309

1,245

1,359

1,341

Latex

27

39

33

27

27

29

27

24

26

27

Synthetic Rubber

44

24

19

24

31

28

13

42

43

37

Styrenics

49

(9)

24

19

25

21

67

52

42

27

Engineered Polymers

16

2

13

0

(1)

(3)

2

2

(2)

5

Corporate

(26)

(11)

(30)

(29)

(13)

(31)

(37)

(27)

(21)

(17)

Adjusted EBITDA

111

46

58

41

69

43

72

93

88

79

Inventory Revaluation

(52)

9

2

2

(0)

26

26

(12)

(6)

(3)

Adjusted EBITDA excl Inv Reval

59

55

60

43

69

70

98

81

83

77

NOTE: Segment balances may not sum to consolidated balances due to rounding.