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): November 13, 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 November 13, 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 third quarter ended September 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 November 14, 2014, at 10:00 AM 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 November 13, 2014
99.2	Investor Presentation

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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: November 13, 2014

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated November 13, 2014
99.2	Investor Presentation

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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 Third Quarter 2014 Financial Results

Third Quarter 2014 Highlights

• SSBR sales volume increased over 30% versus prior year

• Completed first step of our Polycarbonate restructuring by exiting contract manufacturing agreement at Dow’s Freeport, TX facility

• Repayment of $132.5 million of Senior Secured Notes in July 2014

• Volume of 1,315 million pounds, up 2.6% versus prior year

• Revenue of $1,305 million, flat versus prior year

	Three Months Ended
$millions, except per share data	September 30,					June 30,
	2014			2013		2014
Revenue		1,305			1,309		1,341
EBITDA		52			67		21
Adjusted EBITDA		62			72		79
Net Income (loss)		(10	)		5		(45	)
Adjusted Net Income		1			10		11
EPS (Basic & Diluted) ($)		(0.21	)		0.13		(1.15	)
Adjusted EPS ($)		0.01			0.28		0.28

BERWYN, Pa – November 13, 2014 – Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex and rubber, today reported its third quarter of 2014 financial results with revenue of $1,305 million and Adjusted EBITDA of $62 million.

Commenting on the company’s performance, Chris Pappas, Trinseo President and Chief Executive Officer, said, “Third quarter adjusted EBITDA was sequentially lower due to weaker economic conditions, customer inventory destocking driven by dropping oil prices, raw material dynamics in our Styrenics segment, a planned turnaround in Synthetic Rubber and seasonality in Europe. Our results for our Rubber, Latex, Automotive and Consumer Essential Markets businesses were, in aggregate, in line with our expectations. We did have a shortfall versus expectations in Styrenics, in both Americas Styrenics and in styrene monomer and polystyrene margins. This was driven by the combination of weaker Europe and Asia economic conditions.”

Revenue in the third quarter was roughly flat to prior year as higher SSBR volume and a favorable foreign exchange impact were offset by lower price which was primarily driven by the pass through of lower raw material cost. Sequentially, revenue decreased by 3% due to lower sales volume, with seasonality and weaker economic conditions in Europe, as well as an unfavorable currency impact as the U.S. dollar strengthened compared to the euro.

Adjusted EBITDA for the quarter decreased $10 million, or 14%, versus the prior year. This decrease was driven by lower styrene monomer production margin and lower equity affiliate income which were partially offset by favorable raw material purchase timing as well as higher SSBR sales volume. In addition, prior year results included a $12 million foreign exchange loss compared to a $2 million gain in the current year. Sequentially, Adjusted EBITDA decreased $18 million, or 22%, due to the turnaround at our Schkopau, Germany Rubber plant, lower styrene and polystyrene margins, higher bisphenol-A cost in Polycarbonate, and seasonality in Europe.

Third Quarter Results and Commentary by Business Segment

• Latex revenue of $328 million for the quarter was down 1% 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 offset by higher volume to the Asia paper and North America and Europe carpet markets. Adjusted EBITDA of $26 million decreased by less than $1 million. Sales volume and EBITDA performance have been consistent during the past eight quarters. Declines in the Europe and North America graphical paper markets have been offset with increases in other markets, as well as the Company’s lower cost emulsions offerings.

• Synthetic Rubber revenue of $155 million increased 10% from the prior year due to an increase of over 30% in SSBR sales volume, the pass through of higher butadiene cost as well as currency. These impacts were partially offset by lower revenue from the termination of the capacity rights agreement with JSR. Adjusted EBITDA of $27 million was $14 million higher than the prior year driven by the higher SSBR sales volume as well as higher margin due to more favorable raw material timing, which were partially offset by turnaround related impacts. Positive trends in the performance tire market, which is growing at 3 to 4 times the overall tire market, align well to the Company’s investment focus on enhanced SSBR and Nd-PBR.

• Styrenics revenue of $561 million for the quarter was 3% below the prior year due mostly to the pass through of lower styrene costs which were partially offset by currency. Adjusted EBITDA of $22 million was $45 million below prior year due primarily to lower styrene monomer margins. These margins were well below last year’s which were at their highest level since 2005. Additionally, equity affiliate earnings from Americas Styrenics decreased versus prior year. The polystyrene market was particularly weak during the quarter due to economic conditions, the European summer holiday, and destocking driven by high styrene prices. Styrene monomer margins in Europe were similar to last quarter but were significantly lower in Asia.

• Engineered Polymers revenue of $261 million was 1% higher than the prior year due to currency. Adjusted EBITDA of $2 million was flat versus prior year as higher volume to the automotive market as well as higher margin in our compounds and blends products were offset by a decrease in equity affiliate earnings from Sumika Styron. The global polycarbonate market continues to rebound with year-to-date growth of about 5% and operating rates approaching 80%. Sales volume to the consumer essential markets was its highest since 2012. Sales volume to the automotive market grew year-over-year in Europe, North America, and Asia.

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 for the quarter was negative $19 million, which included $60 million of cash interest, $14 million of capital expenditures, and $7.5 million of dividends received from Americas Styrenics. Quarter-end liquidity was $631 million.

Outlook

Commenting on the outlook for the fourth quarter of 2014 Pappas said, “Overall we expect a stronger fundamental performance in the fourth quarter as compared to the third quarter. We expect sequential improvements in Synthetic Rubber, which is coming out of the third quarter turnaround; Styrenics, from improving styrene margins; and Engineered Polymers, as we start to see cost savings from our exit of Freeport. However, we see some challenges with a weakening euro as well as a possible substantial, unfavorable inventory revaluation impact with declining raw material costs.”

“We recently announced a new business alignment, effective in January 2015, which will create two new business divisions – Performance Materials and Basic Plastics & Feedstocks – grouping businesses with similar strategies and drivers, enabling more effective management and increasing visibility between our commodity and differentiated businesses,” continued Pappas.

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Conference Call and Webcast Information

Trinseo will host a conference call to discuss its third quarter 2014 financial results tomorrow, Friday, November 14, 2014 at 10 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: 28766553

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

Trinseo has posted its third quarter 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 November 13, 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								Nine Months Ended
	September 30, 2014			June 30, 2014			September 30, 2013		September 30, 2014			September 30, 2013
Net sales	$	1,305,493		$	1,340,935		$	1,308,959	$	4,005,560		$	4,062,303
Cost of sales		1,237,257			1,248,525			1,212,442		3,746,285			3,819,474
Gross profit		68,236			92,410			96,517		259,275			242,829
Selling, general and administrative expenses		48,113			74,208			53,772		172,351			155,006
Equity in earnings of unconsolidated affiliates		9,267			5,378			15,215		29,595			26,943
Operating income		29,390			23,580			57,960		116,519			114,766
Interest expense, net		30,098			32,602			32,881		95,518			98,927
Loss on extinguishment of long-term debt		7,390			—			—		7,390			20,744
Other expense (income), net		(1,638	)		30,149			14,142		29,406			19,850
Income (loss) before income taxes		(6,460	)		(39,171	)		10,937		(15,795	)		(24,755	)
Provision for income taxes		3,650			5,450			6,001		21,850			8,051
Net income (loss)	$	(10,110	)	$	(44,621	)	$	4,936	$	(37,645	)	$	(32,806	)
Weighted average shares- basic and diluted		48,770			38,912			37,270		41,693			37,270
Net income (loss) per share- basic and diluted	$	(0.21	)	$	(1.15	)	$	0.13	$	(0.90	)	$	(0.88	)

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TRINSEO S.A.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

	September 30,			December 31,
	2014			2013
Assets
Current assets
Cash and cash equivalents	$	152,127		$	196,503
Accounts receivable, net of allowance for doubtful accounts		726,293			717,482
Inventories		508,467			530,191
Deferred income tax assets		12,723			9,820
Other current assets		21,990			22,750
Total current assets		1,421,600			1,476,746
Investments in unconsolidated affiliates		164,504			155,887
Property, plant and equipment, net of accumulated depreciation		552,038			606,427
Other assets
Goodwill		34,316			37,273
Other intangible assets, net		172,923			171,514
Deferred income tax assets—noncurrent		38,098			42,938
Deferred charges and other assets		64,602			83,996
Total other assets		309,939			335,721
Total assets	$	2,448,081		$	2,574,781
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	8,813		$	8,754
Accounts payable		486,930			509,093
Income taxes payable		10,127			9,683
Deferred income tax liabilities		1,959			2,903
Accrued expenses and other current liabilities		96,479			136,129
Total current liabilities		604,308			666,562
Noncurrent liabilities
Long-term debt		1,194,801			1,327,667
Deferred income tax liabilities—noncurrent		31,265			26,932
Other noncurrent obligations		200,636			210,418
Total noncurrent liabilities		1,426,702			1,565,017
Commitments and contingencies
Shareholders’ equity
Common stock, $0.01 nominal value, 50,000,000 shares authorized at September 30, 2014 and December 31, 2013, and 48,770 and 37,270 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively		488			373
Additional paid-in-capital		544,808			339,055
Accumulated deficit		(122,249	)		(84,604	)
Accumulated other comprehensive income (loss)		(5,976	)		88,378
Total shareholders’ equity		417,071			343,202
Total liabilities and shareholders’ equity	$	2,448,081		$	2,574,781

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TRINSEO S.A.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Cash provided by operating activities	$	1,661		$	93,588
Cash flows from investing activities
Capital expenditures		(69,269	)		(52,318	)
Proceeds from the sale of businesses and other assets		6,257			15,221
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	$	(62,734	)	$	(24,326	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		198,087			—
Deferred financing fees		—			(46,834	)
Short-term borrowings, net		(43,430	)		(32,676	)
Repayments of Term Loans		—			(1,239,000	)
Proceeds from the issuance of Senior Notes		—			1,325,000
Repayments of Senior Notes		(132,500	)		—
Proceeds from Accounts Receivable Securitization Facility		283,292			351,630
Repayments of Accounts Receivable Securitization Facility		(283,859	)		(391,181	)
Proceeds from Revolving Facility		—			405,000
Repayments of Revolving Facility		—			(525,000	)
Cash provided by (used in) financing activities	$	21,590		$	(153,061	)
Effect of exchange rates on cash		(4,893	)		1,168
Net change in cash and cash equivalents		(44,376	)		(82,631	)
Cash and cash equivalents—beginning of period		196,503			236,357
Cash and cash equivalents—end of period	$	152,127		$	153,726

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TRINSEO S.A.

Notes to Condensed Consolidated Financial Information

(Unaudited)

Note 1: Revenue by Segment

(In thousands)	Three Months Ended						Nine Months Ended
	September 30, 2014		June 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
Latex	$	328,394	$	320,682	$	332,102	$	975,382	$	1,033,820
Synthetic Rubber		155,452		164,926		141,549		497,091		474,139
Styrenics		560,527		589,739		576,276		1,744,608		1,775,573
Engineered Polymers		261,120		265,588		259,032		788,479		778,771
Total Revenue	$	1,305,493	$	1,340,935	$	1,308,959	$	4,005,560	$	4,062,303

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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 GAAP.

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(In millions, except per share data)	Three Months Ended									Statement of Operations Classification
	September 30, 2014			June 30, 2014			September 30, 2013
Net income (loss)	$	(10.1	)	$	(44.6	)	$	4.9
Interest expense, net		30.1			32.6			32.9
Provision for income taxes		3.7			5.5			6.0
Depreciation and amortization		27.8			27.1			23.2
EBITDA	$	51.5		$	20.6		$	67.0
Loss on extinguishment of long-term debt		7.4			—			—		Loss on extinguishment of long-term debt
Net losses on disposition of businesses and assets (a)		—			—			1.0		Other expense (income), net
Restructuring and other charges (b)		0.8			2.1			2.6		Selling, general, and administrative expenses
Fees paid pursuant to advisory agreement (c)		—			24.2			1.2		Selling, general, and administrative expenses
Other non-recurring items (d)		1.9			32.5			—		Selling, general, and administrative expenses; Other expense (income), net
Adjusted EBITDA	$	61.6		$	79.4		$	71.8
Inventory revaluation (e)		0.8			(2.6	)		26.4
Adjusted EBITDA, excluding inventory revaluation	$	62.4		$	76.8		$	98.2
Adjusted EBITDA to Adjusted Net Income:
Adjusted EBITDA	$	61.6		$	79.4		$	71.8
Interest expense, net		30.1			32.6			32.9
Provision for income taxes – Adjusted (f)		5.4			10.1			5.2
Depreciation and amortization – Adjusted (g)		25.6			25.8			23.2
Adjusted Net Income	$	0.5		$	10.9		$	10.5
Adjusted EPS	$	0.01		$	0.28		$	0.28
Adjusted EBITDA by Segment:
Latex	$	26.2		$	26.7		$	26.6
Synthetic Rubber		26.6			37.0			12.8
Styrenics		21.6			27.2			67.0
Engineered Polymers		1.8			5.3			2.0
Unallocated Corporate		(14.6	)		(16.8	)		(36.6	)
Adjusted EBITDA	$	61.6		$	79.4		$	71.8

(a) Net losses on the disposition of businesses and assets for the three months ended September 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.

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

(c) 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.

(d) Other non-recurring items incurred for the three months ended June 30, 2014 include a one-time $32.5 million payment made to Dow in connection with the termination of our Latex JV Option Agreement. Amounts incurred during the three months ended September 30, 2014 consist of costs related to the process of changing our corporate name from Styron to Trinseo.

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

(f) Adjusted to remove the tax impact of the related items noted above in (a) – (d). 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.

(g) Excludes accelerated depreciation of $2.0 and $1.3 million during the three months ended September 30, 2014 and June 30, 2014, respectively, 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 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						Nine Months Ended
	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
Cash provided by (used in) operating activities	$	(6.2	)	$	100.1		$	1.7		$	93.6
Cash used in investing activities		(12.7	)		(8.0	)		(62.7	)		(24.3	)
Impact of changes in restricted cash		—			—			—			(7.9	)
Free Cash Flow	$	(18.9	)	$	92.1		$	(61.0	)	$	61.4

Note: free cash flow for the nine months ended September 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)	September 30,  2014		December 31, 2013
Cash and cash equivalents	$	152.1	$	196.5
Available borrowings under accounts receivable securitization agreement		186.1		143.8
Available borrowings under the revolving facility		293.1		292.7
Liquidity	$	631.3	$	633.0

12

EX-99.2

Exhibit 99.2

Exhibit 99.2

Third Quarter 2014 Earnings Summary

November 14, 2014

™ Trademark

Introductions & Disclosure Rules

Introductions

Chris Pappas, President & CEO

John Feenan, Executive Vice President & CFO

David Stasse, Vice President, Treasury & Investor Relations

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, Adjusted Net Income and Adjusted EPS. 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, Adjusted Net Income and Adjusted EPS in the Appendix section of this presentation.

2

Agenda

Business Overview Financial Review Forward Focus Q&A

3

Trinseo Business Overview

Q3’14 Revenue: $1,305MM Q3’14 Adj EBITDA: $62MM

Emulsion Polymers Revenue: $484MM Adj EBITDA: $53MM

Plastics Revenue: $822MM Adj EBITDA: $23MM

Latex Revenue: $328MM

Adj EBITDA: $26MM

Synthetic Rubber Revenue: $155MM Adj EBITDA: $27MM

Styrenics Revenue: $561MM Adj EBITDA: $22MM

Engineered Polymers Revenue: $261MM

Adj EBITDA: $2MM

Market position

End markets

#1 Globally in SB Latex

Coated paper and packaging board Carpet and artificial turf backings Tape saturation Cement modification Building products

Top 3 SSBR Globally

Performance tires Standard tires Polymer modification Technical rubber goods

#3 Polystyrene Globally

Appliances Consumer goods Construction/sheet Packaging Automotive Consumer electronics

Leading Player

Automotive

Consumer electronics Construction/sheet Electrical and lighting Medical devices

$5+ billion in annual revenue, world leader in the production of latex, rubber and plastics

Note: Division and Segment Adjusted EBITDA excludes Corporate Segment Adjusted EBITDA of $(15)MM. Totals may not sum due to rounding.

4

Key Styrene Raw Material Trends

Europe(1)

Styrene

Ethylene

Benzene

2,000

1,800

1,600 / MT USD 1,400 1,200

1,000

800

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Styrene Margin—USD/MT

Asia(2)

Benzene

USD/MT

2,000 1,800 1,600 1,400 1,200 1,000 800

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Styrene Margin—USD/MT

Source: IHS. (1) Styrene: 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). Margin: Styrene less 80% * Benzene less 30% * Ethylene.

5

Key Butadiene Price Trends

Butadiene

USD/MT

2,200 2,000 1,800 1,600 1,400 1,200 1,000 800

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Asia

Europe

North America

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).

6

Financial Review

John Feenan EVP & CFO

™ Trademark

Trinseo Quarterly Results

F/(U) vs.

(in $millions, unless noted) Q3’14 Q2’14 Q3’13 Q2’14 Q3’13

Volume (MMlbs) 1,315 1,327 1,282

Revenue 1,305 1,341 1,309 (3)% (0)%

Volume (1)% 1%

Price (0)% (2)%

FX (1)% 1%

Adjusted EBITDA 62 79 72

Adjusted EBITDA Margin 5% 6% 5%

Adjusted Net Income 1 11 10

Wtd Avg Shares Outstanding (000) 48,770 38,912 37,270

Adjusted EPS ($) 0.01 0.28 0.28

Note: Inventory revaluation EBITDA impact of $(1)MM, $3MM and $(26)MM for Q3’14, Q2’14, and Q3’13 respectively. Totals may not sum due to rounding.

8

Latex

$MM $350

$300 $250 $200 $150 $100 $50 $0

Revenue Adjusted EBITDA

$328 $332 $321

$26 $27 $27 Q3’14 Q2’14 Q3’13

Volume 309 295 310

Revenue Bridge

Volume Price FX Total

YoY 0% (2)% 1% (1)%

QoQ 5% (1)% (1)% 2%

Key Points

Consistent sales volume and EBITDA performance over past 8 quarters despite challenging conditions in Europe and North America graphical paper

Growth in carpet, Asia paper, and Performance Latex

Continuing to deliver lower cost emulsion technologies

Note: Totals may not sum due to rounding. Volume in millions of pounds.

9

Synthetic Rubber

Revenue Adjusted EBITDA

$MM $180

$160 $140 $120 $100 $80 $60 $40 $20 $0

$165 $155 $142

$37 $27 $13

Q3’14 Q2’14 Q3’13

Volume 136 142 128

Revenue Bridge

Volume Price FX Total

YoY 5% 4% 1% 10%

QoQ (3)% (1)% (1)% (6)%

Key Points

>30% YoY SSBR volume growth

High-performance tires growing at 3x to 4x of overall tire market

Continuing to invest in higher margin products

Ni-PBR to Nd-PBR

Generation 4 SSBR

Note: Totals may not sum due to rounding. Volume in millions of pounds.

10

Styrenics

$MM Revenue Adjusted EBITDA

$700

$590

$600 $561 $576

$500

$400

$300

$200

$100 $67

$22 $27

$0

Q3’14 Q2’14 Q3’13

Volume 671 689 644

Revenue Bridge

Volume Price FX Total

YoY 1% (5)% 1% (3)%

QoQ (4)% 0% (1)% (5)%

Key Points

Polystyrene weakness

Economic conditions

Europe summer holiday

High styrene prices

Destocking

Styrene margins QoQ similar in Europe, significantly weaker in Asia

JV earnings from AmSty $4MM higher sequentially

Note: Totals may not sum due to rounding. Volume in millions of pounds. Adjusted EBITDA includes earnings from equity affiliate (Americas Styrenics).

11

Engineered Polymers

Revenue Adjusted EBITDA

$MM

$300

$261 $266 $259

$250

$200

$150

$100

$50

$2 $5 $2

$0

Q3’14 Q2’14 Q3’13

Volume 199 201 200

Revenue Bridge

Volume Price FX Total

YoY 0% (0)% 1% 1%

QoQ (1)% 0% (1)% (2)%

Key Points

Global polycarbonate demand rebounding

Successful exit of contract manufacturing agreement at Freeport

Consumer Essential Markets had strongest sales volume since 2012

Automotive growth in Europe, North America, and China offset by weakness in Latin America

Note: Totals may not sum due to rounding. Volume in millions of pounds. Adjusted EBITDA includes earnings from equity affiliate (Sumika Styron).

12

Balance Sheet and Cash Flow

$MM Free Cash Flow (1)

$200

$170

$150

$100

$61

$50

$0

$(61)

$(50)

2014 Q3 YTD 2013 2013 Q3 YTD

Q3 Summary

Q3 free cash flow of negative $19 million including $60 million of cash interest and $14 million of capital expenditures

$7.5 million dividend from AmSty in Q3

Strong quarter-end liquidity of $631 million

Liquidity – Q3 End

$MM

$700

$631

$600

$500

$400 $479 Unused Borrowing

Facilities

$300

$200

Cash & Cash

$100 Equivalents

$152

$0

Q3’14

$MM Maturities – Q3 End

$1,400

Senior Secured

$1,200 Notes

$1,000

$800

$600 $1,193

$400 (2)

A/R Revolver

Securitization(2)

$200

$0 $0

$0

2016 2018 2019

(1) Free Cash Flow = cash from operating activities + cash from investing activities – change in restricted cash (2) A/R Securitization facility commitment of $200MM ($186MM available at Q3’14) and Revolving Credit facility commitment of $300MM ($293MM available at Q3’14). NOTE: Totals may not sum due to rounding.

13

2014 Focus

Chris Pappas President & CEO

™ Trademark

Key Styrene Raw Material Trends

Europe(1)

2,000

Benzene Styrene Ethylene

1,800 +$50/MT USD/MT

1,600

-

1,400

1,200

1,000 Styrene Margin - USD/MT

800

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Asia(2)

2,000

1,800 USD/MT

1,600

Ethylene

1,400

+$50/MT

1,200

1,000 Styrene

Margin - USD/MT

800

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Benzene Styrene

Source: IHS. (1) Styrene: 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). Margin: Styrene less 80% * Benzene less 30% * Ethylene.

15

Global Styrene Demand

Demand by Region Demand by Derivative Product

LAA Other

3% 15%

NAA SB Rubber

14% 4%

EMEA

23% SB Latex

5% Polystyrene

SAN 37%

2%

Asia Pac EPS

60% ABS 22%

15%

Global operating rates of about 85% Tight operating rates leave markets subject to higher margins due to unplanned outages

Markets for Top 3 (PS, EPS, ABS)

Consumer Products 35%

Packaging 29%

Building/Construction 23%

Other 13%

Source: IHS

16

Global Polycarbonate Demand

Global demand recovering—year-to-date growth of about 5% Longer-term growth of 4% to 5% as polycarbonate is aligned to key market trends such as light weighting and energy efficiency Q3 operating rates approaching 80% Recent closures of about 3% of global supply

Demand Capacity Operating Rate

6 85%

Tons 4 80%

of

Millions 2 75%

0 70%

2013 2014 2015 2016 2017 2018

Demand by Region

LAA

2%

NAA

14%

EMEA

22%

Asia Pac

62%

Demand by End Market

Other

15%

Electronics

20%

Packaging

5%

Appliances Sheet/Film

13% 19%

Optical

Media

14% Automotive

14%

Source: IHS

17

Key Butadiene Price Trends

Butadiene

2,200

2,000

1,800

1,600 Asia

1,400

USD/MT Europe

1,200

1,000 North America

800

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

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).

18

New Business Segmentation

Performance Materials

Latex Synthetic Performance

Rubber Plastics

Strategic Intent:

Grow EBITDA via technology leadership in focused markets

Organic growth and possible bolt-on acquisitions

Basic Plastics & Feedstocks

Styrenic Polymers / Americas Styrenics Polycarbonate Feedstocks

Strategic Intent:

Generate cash via cost control and margin improvement

No organic investment but possible industry consolidation

Trinseo: $5+ billion in annual revenue, world leader in the production of latex, rubber and plastics Americas Styrenics—$2 billion leader in styrene / polystyrene

New business segmentation financial reporting effective as of January 1, 2015

19

Fourth Quarter Expectations

Improved Synthetic Rubber performance after third quarter turnaround Continued consistent results in Latex Higher sequential Styrenics performance First quarter of savings from Freeport exit Unfavorable inventory revaluation impact

20

Key Takeaways

Q3’14 LTM Revenue: $5,251MM Q3’14 LTM Adj EBITDA: $323MM

Emulsion Polymers

Plastics

Latex Synthetic Rubber Styrenics

Engineered Polymers

Key Takeaways

Q3: Consistent performance; 8 quarters of approx 300 MMLbs volume and $26MM Adj EBITDA

Q4: Roughly flat to Q3 excl inventory revaluation 2015: Continued steady performance, some upside depending on success of margin improvement efforts

Q3: EBITDA impacted by planned turnaround and brief, unexpected outage Q4: More normal performance excl inventory revaluation and FX impacts 2015: Higher SSBR volume with offsets from FX and technology growth related fixed costs

Q3: Lower EBITDA due to weaker economic conditions, destocking, and raw material dynamics Q4: Higher styrene monomer margins and equity affiliate income 2015: Similar to 2014 with leverage to upside in styrene monomer margins

Q3: EBITDA impacted by higher Bis-A costs Q4: Improved performance due to Freeport exit 2015: Full year of polycarbonate restructuring benefit with upside from compounds/blends product growth and improving polycarbonate market

21

Q&A

™ Trademark

Appendix

™ Trademark

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 Q3’14

Net Income (Loss) 30.1 1.9 (1.2) (0.5) (9.7) (28.1) 4.9 10.6 17.1 (44.6) (10.1)

Interest expense, net 25.7 26.6 28.6 29.1 32.3 33.7 32.9 33.1 32.8 32.6 30.1

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 3.7

Depreciation and amortization 20.9 22.0 20.0 22.7 23.9 24.0 23.2 24.2 23.7 27.2 27.8

EBITDA 101.8 44.4 57.7 39.5 46.4 31.8 67.0 81.7 86.4 20.6 51.5

Loss on extinguishment of long-term debt ———— 20.7 ————— 7.4

Other non-recurring items —— (0.7) — 1.1 —— (0.4) — 32.5 1.9

Restructuring and other charges 7.8 0.1 (0.4) —— 6.5 2.6 1.8 0.5 2.1 0.8

Net 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 61.6

Interest expense, net 25.7 26.6 28.6 29.1 32.3 33.7 32.9 33.1 32.8 32.6 30.1

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 5.4

Depreciation and amortization—Adjusted 20.9 22.0 20.0 22.7 23.9 23.9 23.2 24.2 23.7 25.8 25.6

Adjusted Net Income 37.0 1.1 (1.4) (13.0) 8.3 (18.1) 10.5 21.8 19.6 10.9 0.5

Weighted Average Shares Outstanding (thousands) 137 3,092 23,679 37,270 37,270 37,270 37,270 37,270 37,270 38,912 48,770

Adjusted EPS ($) 270.53 0.34 (0.06) (0.34) 0.22 (0.49) 0.28 0.58 0.53 0.28 0.01

Adjustments by Statement of Operations Caption

Loss on extinguishment of long-term debt ———— 20.7 ————— 7.4

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 2.7

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 10.1

24

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 Q3’14

Latex 330 317 327 301 307 305 310 288 299 295 309

Synthetic Rubber 125 106 116 130 137 125 128 133 155 142 136

Styrenics 664 652 679 614 669 679 644 597 686 689 671

Engineered Polymers 218 201 194 192 199 203 200 199 204 201 199

Trade Volume (MMLbs) 1,337 1,275 1,316 1,237 1,311 1,311 1,282 1,218 1,344 1,327 1,315

Latex 398 422 375 351 357 345 332 308 326 321 328

Synthetic Rubber 193 175 155 179 176 156 142 148 177 165 155

Styrenics 528 538 542 541 602 597 576 530 594 590 561

Engineered Polymers 278 274 255 249 256 263 259 260 262 266 261

Net Sales 1,396 1,409 1,327 1,320 1,392 1,362 1,309 1,245 1,359 1,341 1,305

Latex 27 39 33 27 27 29 27 24 26 27 26

Synthetic Rubber 44 24 19 24 31 28 13 42 43 37 27

Styrenics 49 (9) 24 19 25 21 67 52 42 27 22

Engineered Polymers 16 2 13 0 (1) (3) 2 2 (2) 5 2

Corporate (26) (11) (30) (29) (13) (31) (37) (27) (21) (17) (15)

Adjusted EBITDA 111 46 58 41 69 43 72 93 88 79 62

Inventory Revaluation (52) 9 2 2 (0) 26 26 (12) (6) (3) 1

Adjusted EBITDA excl Inv Reval 59 55 60 43 69 70 98 81 83 77 62

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

25