Exhibit 99.2

Quaker Houghton First Quarter 2022 Results Investor Conference Call

Regulation G The attached charts include Company information that does not conform to generally accepted accounting principles (“GAAP”). Man agement believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and helps investors to evaluate the fina nci al results of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provide d b y other companies. This data should be read in conjunction with the first quarter earnings news release, dated May 5, 2022, which has been furnished to the Securities and Exchange Commission (“ SEC ”) on Form 8 - K. Forward - Looking Statements This presentation contains "forward - looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amen ded, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. We have base d t hese forward - looking statements, including statements regarding the potential effects of the COVID - 19 pandemic, the Russia and Ukraine conflict, inflation and global supply chain constraints on the Company’ s business, results of operations, and financial condition, our expectations that we will maintain sufficient liquidity and remain in compliance with the terms of the Company’s credit facility, expectat ion s about future demand and raw material costs, and statements regarding the impact of increased raw material costs and pricing initiatives, on our current expectations about future events. These forwa rd - looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance, a nd business, including but not limited to the potential benefits of the Combination and other acquisitions, the impacts on our business as a result of the COVID - 19 pandemic and global supply chain constraints, and ou r current and future results and plans and statements that include the words "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan" or similar expressions. T hes e forward - looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. A major risk is that demand for the Compa ny' s products and services is largely derived from the demand for its customers' products, which subjects the Company to uncertainties related to downturns in a customer's business and unanticipated custome r p roduction slowdowns and shutdowns, including as is currently being experienced by many automotive industry companies as a result of supply chain disruptions. Other major risks and uncertainti es include, but are not limited to, the primary and secondary impacts of the COVID - 19 pandemic, including actions taken in response to the pandemic by various governments, which could exacerbate some or al l of the other risks and uncertainties faced by the Company, including the potential for significant increases in raw material costs, supply chain disruptions, customer financial instability, worl dwi de economic and political disruptions including the impacts of the military conflict between Russia and Ukraine, the economic and other sanctions imposed by other nations on Russia, suspensions of activities in Ru ssia by many multinational companies and the potential expansion of military activity, foreign currency fluctuations, significant changes in applicable tax rates and regulations, future terrori st attacks and other acts of violence. Furthermore, the Company is subject to the same business cycles as those experienced by our customers in the steel, automobile, aircraft, industrial equipment, and durable g ood s industries. The ultimate impact of COVID - 19 on our business will depend on, among other things, the extent and duration of the pandemic, the severity of the disease and the number of people infecte d w ith the virus including new variants, the continued uncertainty regarding global availability, administration, acceptance and long - term efficacy of vaccines, or other treatments for COVID - 19 or its vari ants, the longer - term effects on the economy of the pandemic, including the resulting market volatility, and by the measures taken by governmental authorities and other third parties restricting day - to - da y life and business operations and the length of time that such measures remain in place, as well as laws and other governmental programs implemented to address the pandemic or assist impacted businesses, suc h as fiscal stimulus and other legislation designed to deliver monetary aid and other relief. Other factors could also adversely affect us, including those related to the Combination and other acq uis itions and the integration of acquired businesses. Our forward - looking statements are subject to risks, uncertainties and assumptions about the Company and its operations that are subject to chang e b ased on various important factors, some of which are beyond our control. These risks, uncertainties, and possible inaccurate assumptions relevant to our business could cause our actual results to di ffe r materially from expected and historical results. All forward - looking statements included in this presentation, including expectations about business conditions during 2022 and future periods, ar e b ased upon information available to the Company as of the date of this presentation, which may change. Therefore, we caution you not to place undue reliance on our forward - looking statements. For m ore information regarding these risks and uncertainties as well as certain additional risks that we face, refer to the Risk Factors section, which appears in Item 1A of our Annual Report on Form 10 - K for the year ended December 31, 2021, our Quarterly Report on Form 10 - Q for the period ended March 31, 2022, and in subsequent reports filed from time to time with the Securities and Exchange Commissio n. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward - looking statements to reflect new information or future events or for any other reason. This discussion is p rovided as permitted by the Private Securities Litigation Reform Act of 1995. ©2020 Quaker Houghton. All Rights Reserved 2 Forward - Looking Statements

The information included in this presentation includes non - GAAP (unaudited) financial information that includes EBITDA, adjusted EBITDA, adjusted EBITDA margin, non - GAAP operating income, non - GAAP operating margin, non - GAAP net income, non - GAAP earnings per diluted share, and pro forma net sales, net income attributable to Quaker Hou ghton, EBITDA, adjusted EBITDA, and adjusted EBITDA margin. The Company believes these non - GAAP financial measures provide meaningful supplemental information as they enhance a reader’s understanding of the financial performance of the Company, are indicative of future operating performance of the Company, and facilitate a comparison among fiscal periods, as the non - GAAP financial measures exclude items t hat are not indicative of future operating performance or not considered core to the Company’s operations. Non - GAAP results and pro forma information are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP. The Company presents EBITDA which is calculated as net income attributable to the Company before depreciation and amortizatio n, interest expense, net, and taxes on income before equity in net income of associated companies. The Company also presents adjusted EBITDA which is calculated as EBITDA plus or minus certain items that are not ind icative of future operating performance or not considered core to the Company’s operations. In addition, the Company presents non - GAAP operating income which is calculated as operating income plus or minus c ertain items that are not indicative of future operating performance or not considered core to the Company’s operations. Adjusted EBITDA margin and non - GAAP operating margin are calculated as the percentage of adju sted EBITDA and non - GAAP operating income to consolidated net sales, respectively. The Company believes these non - GAAP measures provide transparent and useful information and are widely used by an alysts, investors, and competitors in our industry as well as by management in assessing the operating performance of the Company on a consistent basis. Additionally, the Company presents non - GAAP net income and non - GAAP earnings per diluted share as additional performance measure s. Non - GAAP net income is calculated as adjusted EBITDA, defined above, less depreciation and amortization, interest expense, net, and taxes on income before equity in net income of associated companies , i n each case adjusted, as applicable, for any depreciation, amortization, interest or tax impacts resulting from the non - core items identified in the reconciliation of net income attributable to the Company to adjusted EBITDA. Non - GAAP earnings per diluted share is calculated as non - GAAP net income per diluted share as accounted for under the “two - class share method.” The Company believes that non - GAAP net income and non - GAAP e arnings per diluted share provide transparent and useful information and are widely used by analysts, investors, and competitors in our industry as well as by management in assessing the operating perfo rma nce of the Company on a consistent basis. In addition, the Company has provided certain unaudited pro forma financial information in this presentation. The unaudited pro forma financial information is based on the historical consolidated financial statements and results of both Quaker and Houghton and has been prepared to illustrate the effects of the Combination. The unaudited pro fo rma financial information has been presented for informational purposes only and is not necessarily indicative of Quaker Houghton’s past results of operations, nor is it indicative of the future operating results of Quaker Houghton and should not be considered a substitute for the financial information presented in accordance with GAAP. The Company has not provided pro forma financial information as it relates to the acquire d o perating divisions of Norman Hay plc or for any of its other acquisitions based on materiality. Pro forma results for the year ended December 31, 2019 include five months of Houghton’s operations post - closing o f the Combination, while Houghton reflects seven months of results for the period from January 1, 2019 through July 31, 2019. Pro forma results for the years ended December 31, 2018, 2017 and 2016, respectively, in clude Quaker’s historical results, while Houghton reflects its stand - alone results. As it relates to 2022 projected adjusted EBITDA growth for the Company, including as a result of our recent acquisitions, the Co mpany has not provided guidance for comparable GAAP measures or a quantitative reconciliation of forward - looking non - GAAP financial measures to the most directly comparable U.S. GAAP measure because it is un able to determine with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such measures without unreasonable effort. These items include, but are not limited to, certain no n - recurring or non - core items the Company may record that could materially impact net income, as well as the impact of COVID - 19. These items are uncertain, depend on various factors, and could have a material impa ct on the U.S. GAAP reported results for the guidance period. The following charts should be read in conjunction with the Company’s first quarter earnings news release dated May 5, 2022, whi ch has been furnished to the Securities and Exchange Commission on Form 8 - K, the Company’s Annual Report for the year ended December 31, 2021, and the Company’s 10 - Q for the period ended March 31, 2022. These documents may contain additional explanatory language and information regarding certain of the items included in the following reconciliations. ©2020 Quaker Houghton. All Rights Reserved 3 Non - GAAP and Pro Forma Measures

Andy Tometich Chief Executive Officer & President Shane W. Hostetter Senior Vice President, Chief Financial Officer Robert T. Traub Senior Vice President, General Counsel & Corporate Secretary David A. Will Vice President & Chief Accounting Officer Jeffrey Schnell Senior Director, Investor Relations ©2020 Quaker Houghton. All Rights Reserved 4 Speakers

©2020 Quaker Houghton. All Rights Reserved 5 Highlights » Delivered Q1’22 results in - line with expectations despite significant challenges ▪ Strong sales growth across all our segments driven by double - digit price capture ▪ Stable gross margins compared to Q4’21 despite significant and persistent cost inflation ▪ Organic sales volumes increased ~3% compared to Q4’21 due to a favorable demand environment » Executing on items within our control amid heightened uncertainty ▪ Advancing our strategic pricing initiatives to mitigate current and expected inflationary pressures ▪ Focused on recovering margins to pre - pandemic levels and delivering on our growth potential ▪ Taking steps to improve working capital management and enhance free cash flow generation » Well - positioned to accelerate growth and deliver shareholder value ▪ Deeper deployment of our customer intimate model and investing in our productivity and profitability initiatives ▪ Advancing our growth initiatives including through innovation and breadth of product and service offerings ▪ Disciplined capital allocation strategy including organic investments, M&A, debt reduction and shareholder returns

©2020 Quaker Houghton. All Rights Reserved 6 Financial Snapshot (dollars in millions, per share amounts) (1) Certain amounts may not calculate due to rounding Q1 2022 Q1 2021 Q4 2021 GAAP Net Sales $ 474.2 $ 429.8 $ 44.4 10% $ 447.0 $ 27.1 6% Gross Profit 146.1 156.2 (10.1) (6%) 138.9 7.2 5% Gross Margin (%) 30.8% 36.3% (5.5%) (15%) 31.1% (0.3%) (1%) Operating Income 29.4 44.9 (15.5) (35%) 30.7 (1.3) (4%) Net Income 19.8 38.6 (18.8) (49%) 18.1 1.7 9% Earnings Per Diluted Share 1.11 2.15 (1.04) (48%) 1.01 0.10 10% Non-GAAP Non-GAAP Operating Income $ 39.2 $ 53.7 $ (14.5) (27%) $ 39.3 $ (0.2) (0%) Non-GAAP Operating Margin (%) 8.3% 12.5% (4.2%) (34%) 8.8% (0.5%) (6%) Adjusted EBITDA 60.4 77.1 (16.7) (22%) 60.7 (0.3) (0%) Adjusted EBITDA Margin (%) 12.7% 18.0% (5.2%) (29%) 13.6% (0.8%) (6%) Non-GAAP Earnings Per Diluted Share 1.42 2.11 (0.69) (33%) 1.29 0.13 10% Variance (1) Variance (1)

Q1’22 sales volumes reflect the comparison to a strong Q1’21, where customers replenished their supply chains, lower volumes related to the tolling agreement on previously divested products and the current quarter impact of geopolitical events Total Company Volume Trend (k ilograms, in thousands ) 7 ©2020 Quaker Houghton. All Rights Reserved 60,000 80,000 100,000 120,000 140,000 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22

©2020 Quaker Houghton. All Rights Reserved 8 Adjusted EBITDA (dollars in millions) Adjusted EBITDA trend shows strong price capture offset by significant and persistent inflationary pressures in Q1’22 (1) Results presented above for 2020, 2021 and 2022 are the actual results for Quaker Houghton, all other years are pro forma res ult s $215 $221 $236 $234 $222 $274 $257 2016 2017 2018 2019 2020 2021 TTM Q1 2022 $77 $60 Q1 2021 Q1 2022 (1) (1) (1) (1)(1)

▪ Total debt of $926.9 million and cash of $161.6 million resulted in net debt of $765.3 million ▪ Leverage 1 of 3.0x as of March 31, 2022 ▪ Increase is primarily attributable to the comparison to a strong 1Q’21 which generated a higher adjusted EBITDA ▪ Operating well within all bank covenants ▪ 2.8x net debt / TTM adjusted EBITDA as of Q1 ’22 ▪ Maximum permitted leverage 1 of 3.75x ▪ Cost of debt on credit facility at the end of Q1’22 was ~1.7% compared to ~1.6% at the end of Q4’21 Leverage and Liquidity Update 9 ©2020 Quaker Houghton. All Rights Reserved 1 Leverage ratio defined as net debt divided by trailing twelve month adjusted EBITDA Leverage Reported 3.5x 3.4x 3.7x 3.4x 3.2x 3.1x 2.7x 2.7x 3.0x Bank 2.9x 2.8x 3.1x 2.9x 2.8x 2.8x 2.5x 2.5x 2.8x $811 $799 $741 $717 $750 $759 $759 $736 $765 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Net Debt (dollars in millions)

Appendix Actual and Non - GAAP Results

©2020 Quaker Houghton. All Rights Reserved 11 Non - GAAP Operating Income Reconciliation (dollars in thousands, unless otherwise noted) Q1 2022 Q1 2021 Operating income 29,403$ 44,894$ Combination, integration and other acquisition-related expenses 4,053 6,230 Strategic planning and transformation expenses 3,088 - Restructuring and related charges 820 1,175 Fair value step up of acquired inventory sold - 801 Executive transition costs 539 504 Inactive subsidiary's non-operating litigation costs 92 51 Customer insolvency costs 1,166 - Non-GAAP operating income 39,161$ 53,655$ Non-GAAP operating margin (%) 8.3% 12.5%

©2020 Quaker Houghton. All Rights Reserved 12 Adjusted EBITDA & Non - GAAP Net Income Reconciliation (dollars in thousands, unless otherwise noted) Q1 2022 Q1 2021 Net income attributable to Quaker Chemical Corporation 19,816$ 38,615$ Depreciation and amortization 20,727 22,448 Interest expense, net 5,345 5,470 Taxes on income before equity in net income of associated companies EBITDA 48,754$ 77,222$ Equity loss (income) in a captive insurance company 244 (3,080) Combination, integration and other acquisition-related expenses 6,032 427 Strategic planning and transformation expenses 3,088 - Restructuring and related charges 820 1,175 Fair value step up of acquired inventory sold - 801 Executive transition costs 539 504 Inactive subsidiary's non-operating litigation costs 92 51 Customer insolvency costs 1,166 - Pension and postretirement benefit income, non-service components Currency conversion impacts of hyper-inflationary economies 188 172 Adjusted EBITDA 60,444$ 77,148$ Adjusted EBITDA Margin (%) 12.7% 18.0% Adjusted EBITDA 60,444$ 77,148$ Less: Depreciation and amortization - adjusted 20,727 22,033 Less: Interest expense, net 5,345 5,470 Less: taxes on income before equity in net income of associated companies - adjusted Non-GAAP Net Income 25,470$ 37,906$ 8,902 11,739 10,689 2,866 (479) (124)

©2020 Quaker Houghton. All Rights Reserved 13 Adjusted EBITDA Reconciliation (dollars in thousands) FY 2020 FY 2021 Net income attributable to Quaker Chemical Corporation 39,658$ 121,369$ Depreciation and amortization 84,494 87,728 Interest expense, net 26,603 22,326 Taxes on income before equity in net income of associated companies EBITDA 145,459$ 266,362$ Equity income in a captive insurance company (1,151) (4,993) Combination, integration and other acquisition-related expenses 29,538 17,917 Restructuring and related charges 5,541 1,433 Fair value step up of acquired inventory sold 226 801 Executive transition costs - 2,986 Inactive subsidiary's non-operating litigation costs - 819 Customer insolvency costs 463 - Facility remediation costs, net - 2,066 Indefinite-lived intangible asset impairment 38,000 - Pension and postretirement benefit costs (income), non-service components Gain on changes in insurance settlement restrictions of an inactive subsidiary and related insurance insolvency recovery Brazilian non-income tax credits - (13,087) Currency conversion impacts of hyper-inflationary economies 450 564 Adjusted EBITDA 221,974$ 274,109$ Adjusted EBITDA Margin (%) 15.7% 15.6% (18,144) - 21,592 (759) (5,296) 34,939

©2020 Quaker Houghton. All Rights Reserved 14 Adjusted EBITDA Reconciliation Trailing Twelve Months Q1 2022 (dollars in thousands) A B C = B - A D E = C + D Q1 2021 Full Year 2021 Last Nine Months 2021 Q1 2022 TTM Q1 2022 Net income attributable to Quaker Chemical Corporation 38,615$ 121,369$ 82,754$ 19,816$ 102,570$ Depreciation and amortization 22,448 87,728 65,280 20,727 86,007 Interest expense, net 5,470 22,326 16,856 5,345 22,201 Taxes on income before equity in net income of associated companies EBITDA 77,222$ 266,362$ 189,140$ 48,754$ 237,894$ Equity income (loss) in a captive insurance company (3,080) (4,993) (1,913) 244 (1,669) Combination, integration and other acquisition-related expenses 427 17,917 17,490 6,032 23,522 Strategic planning and transformation expenses - - - 3,088 3,088 Restructuring and related charges 1,175 1,433 258 820 1,078 Fair value step up of acquired inventory sold 801 801 - - - Executive transition costs 504 2,986 2,482 539 3,021 Inactive subsidiary's non-operating litigation costs 51 819 768 92 860 Customer insolvency costs - - - 1,166 1,166 Facility remediation costs, net - 2,066 2,066 - 2,066 Pension and postretirement benefit income, non-service components (124) (759) (635) (479) (1,114) Brazilian non-income tax credits - (13,087) (13,087) - (13,087) Currency conversion impacts of hyper-inflationary economies 172 564 392 188 580 Adjusted EBITDA 77,148$ 274,109$ 196,961$ 60,444$ 257,405$ 27,116 10,689 34,939 24,250 2,866

©2020 Quaker Houghton. All Rights Reserved 15 Non - GAAP EPS Reconciliation Q1 2022 Q1 2021 GAAP earnings per diluted share attributable to Quaker Chemical Corporation common shareholders Equity loss (income) in a captive insurance company per diluted share 0.01 (0.17) Combination, integration and other acquisition-related expenses per diluted share Strategic planning and transformation expenses per diluted share 0.14 - Restructuring and related charges per diluted share 0.03 0.05 Fair value step up of acquired inventory sold per diluted share - 0.03 Executive transition costs per diluted share 0.02 0.02 Inactive subsidiary's non-operating litigation costs per diluted share 0.00 0.00 Customer insolvency costs per diluted share 0.06 - Pension and postretirement benefit income, non-service components per diluted share Currency conversion impacts of hyper-inflationary economies per diluted share Impact of certain discrete tax items per diluted share (0.19) (0.02) Non-GAAP earnings per diluted share 1.42$ 2.11$ 1.11$ (0.02) 0.01 0.01 0.04 0.25 2.15$ (0.00)

©2020 Quaker Houghton. All Rights Reserved 16 Segment Performance (dollars in thousands) Q1 2022 Q1 2021 Net sales Americas 154,144$ 134,871$ EMEA 125,687 119,814 Asia/Pacific 104,234 96,706 Global Specialty Businesses 90,106 78,392 Total net sales 474,171$ 429,783$ Segment operating earnings Americas 29,220$ 32,234$ EMEA 16,766 25,244 Asia/Pacific 21,907 27,478 Global Specialty Businesses 25,035 24,169 Total segment operating earnings 92,928 109,125 Combination, integration and other acquisition-related expenses (4,053) (5,815) Restructuring and related charges (820) (1,175) Fair value step up of acquired inventory sold - (801) Non-operating and administrative expenses (43,463) (40,992) Depreciation of corporate assets and amortization (15,189) (15,448) Operating income 29,403 44,894 Other (expense) income, net (2,206) 4,687 Interest expense, net (5,345) (5,470) Income before taxes and equity in net income of associated companies 44,111$ 21,852$

Appendix Pro Forma Results

©2020 Quaker Houghton. All Rights Reserved 18 Full Year 2019 Pro Forma Reconciliation (dollars in millions) Quaker Houghton Divestitures Other (a) Pro Forma* Net sales 1,134$ 475$ (34)$ (13)$ 1,562$ Net Income (Loss) Attributable to Quaker Houghton 32$ (3)$ (6)$ 10$ 33$ Depreciation and Amortization 45 31 - 3 77 Interest Expense, Net 17 33 - (15) 35 Taxes on Income (b) 2 (1) (2) 3 2 EBITDA* 96 60 (8) 1 148 Combination, Integration and Other Acquisition-Related Expenses 35 44 - - 80 Gain on the Sale of Divested Assets - (35) - - (35) Fair Value Step Up of Houghton and Norman Hay Inventory Sold 12 - - - 12 Restructuring and Related Charges 27 - - - 27 Other Addbacks (c) 3 (0) - - 3 Adjusted EBITDA* 173$ 68$ (8)$ 1$ 234$ Adjusted EBITDA Margin* (%) 15% 14% 24% -4% 15% (b) Taxes on income related to both Divestitures and Other reflect each tax effected at the U.S. federal tax rate of 21%. (c) Other addbacks include equity income in a captive insurance company, pension and postretirement benefit costs, non-service components, customer bankruptcy costs, insurance insolvency recoveries and currency conversion impacts of hyper-inflationary economies. 2019 * Certain amounts may not calculate due to rounding, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin (%) as well as the total pro forma financial results presented for combined Quaker Houghton. (a) Other includes: (i) additional depreciation and amortization expense based on the initial estimates of fair value step up and estimated useful lives of depreciable fixed assets, definite-lived intangible assets and investment in associated companies acquired; (ii) adoption of required accounting guidance and alignment of related accounting policies; (iii) elimination of transactions between Quaker and Houghton; and (iv) an adjustment to interest expense, net, to reflect the impact of the new financing and capital structure of the combined Company.

19 ©2020 Quaker Houghton. All Rights Reserved Full Year 2018 Pro Forma Reconciliation (dollars in millions) Quaker Houghton Divestitures Other (a) Pro Forma* Net sales 868$ 861$ (53)$ (22)$ 1,655$ Net Income (Loss) Attributable to Quaker Houghton 59$ (0)$ (9)$ 17$ 66$ Depreciation and Amortization 20 54 - 5 79 Interest Expense, Net 4 56 - (25) 35 Taxes on Income (b) 25 3 (2) 5 30 EBITDA* 108 113 (12) 1 210 Combination, Integration and Other Acquisition-Related Expenses 16 7 - - 23 Other Addbacks (c) 1 2 - - 3 Adjusted EBITDA* 126$ 121$ (12)$ 1$ 236$ Adjusted EBITDA Margin* (%) 14% 14% 23% -4% 14% (b) Taxes on income related to both Divestitures and Other reflect each tax effected at the U.S. federal tax rate of 21%. (c) Other addbacks include currency conversion impacts on hyper-inflationary economies, a gain on the liquidation of an inactive legal entity and charges related to non-recurring non-income tax and VAT charges. 2018 * Certain amounts may not calculate due to rounding, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin (%) as well as the total pro forma financial results presented for combined Quaker Houghton. (a) Other includes: (i) additional depreciation and amortization expense based on the initial estimates of fair value step up and estimated useful lives of depreciable fixed assets, definite-lived intangible assets and investment in associated companies acquired; (ii) adoption of required accounting guidance and alignment of related accounting policies; (iii) elimination of transactions between Quaker and Houghton; and (iv) an adjustment to interest expense, net, to reflect the impact of the new financing and capital structure of the combined Company.

20 ©2020 Quaker Houghton. All Rights Reserved Full Year 2017 Pro Forma Reconciliation (dollars in millions) Quaker Houghton Divestitures Other (a) Pro Forma* Net Income (Loss) Attributable to Quaker Houghton 20$ (47)$ (9)$ 9$ (26)$ Depreciation and Amortization 20 55 - 5 80 Interest Expense, Net 1 51 - (16) 37 Taxes on Income (b) 42 42 (2) 2 84 EBITDA* 83 102 (11) 0 175 Equity Income in a Captive Insurance Company (3) - - - (3) Combination, Integration and Other Acquisition-Related Expenses 30 10 - - 40 Pension and Postretirement Benefit Costs, Non-Service Components 4 (1) - - 4 Cost Reduction Activities 0 2 - - 2 Loss on Disposal of Held-for-Sale Asset 0 - - - 0 Insurance Insolvency Recovery (1) - - - (1) Affiliate Management Fees - 2 - - 2 Non-Income Tax Settlement Expense - 1 - - 1 Other Addbacks (c) 0 0 - - 1 Adjusted EBITDA* 115$ 116$ (11)$ 0$ 221$ Adjusted EBITDA Margin* (%) 14% 15% 20% 0% 14% (b) Taxes on income related to both Divestitures and Other reflect each tax effected at the U.S. federal tax rate of 21%. 2017 * Certain amounts may not calculate due to rounding, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin (%) as well as the total pro forma financial results presented for combined Quaker Houghton. (a) Other includes estimated increases to depreciation and amortization due to purchase accounting fair value adjustments and a reduction of interest expense based on the average borrowings of the period plus the purchase consideration under the Quaker Houghton facility estimated interest rates. (c) Other addbacks includes charges related to inventory fair value step up adjustments in the Wallover acquisition, currency conversion impacts of hyper- inflationary economies and other non-recurring charges.

21 ©2020 Quaker Houghton. All Rights Reserved Full Year 2016 Pro Forma Reconciliation (dollars in millions) Quaker Houghton Divestitures Other (a) Pro Forma* Net Income (Loss) Attributable to Quaker Houghton 61$ (37)$ (8)$ 7$ 23$ Depreciation and Amortization 20 55 - 5 80 Interest Expense, Net 1 51 - (14) 37 Taxes on Income (b) 23 (5) (2) 2 18 EBITDA* 105 64 (10) 0 158 Equity Income in a Captive Insurance Company (2) - - - (2) Combination, Integration and Other Acquisition-Related Expenses 2 3 - - 5 Pension and Postretirement Benefit Costs, Non-Service Components 2 (1) - - 1 Cost Reduction Activities - 4 - - 4 Impairment of Goodwill and Intangible Assets - 41 - - 41 Affiliate Management Fees - 2 - - 2 Non-Income Tax Settlement Expense - 2 - - 2 Full-Year Impact of Wallover Acquisition - 3 - - 3 Other Addbacks (c) (0) 1 - - 1 Adjusted EBITDA* 107$ 119$ (10)$ 0$ 215$ Adjusted EBITDA Margin* (%) 14% 16% 22% 0% 15% (b) Taxes on income related to both Divestitures and Other reflect each tax effected at the U.S. federal tax rate of 21%. * Certain amounts may not calculate due to rounding, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin (%) as well as the total pro forma financial results presented for combined Quaker Houghton. (a) Other includes estimated increases to depreciation and amortization due to purchase accounting fair value adjustments and a reduction of interest expense based on the average borrowings of the period plus the purchase consideration under the Quaker Houghton facility estimated interest rates. (c) Other addbacks includes a charge related to a legal settlement, a charge related to inventory fair value adjustments in the Wallover acquisition, offset by a gain on the sale of an asset, currency conversion impacts of hyper-inflationary economies and a restructuring credit. 2016