Westlake Chemical Corporation

Barclays Industrial Select Conference

February 20, 2019

Westlake Chemical CorporationA Leading Integrated Plastics Materials Company

2

(1) See page 22

(2) Includes WLK Corporate EBITDA

(3) Net Income attributable to WLK

Net Sales $8,635 Million

EBITDA (1,2) $2,101 Million

Net Income (3) $996 Million

OUR MISSION

profitable growth …

in businesses we understand…

globally in areas we can gain an edge…

in a disciplined and opportunistic manner

Olefins Vinyls

$715 million EBITDA (1) $1,439 million

33% % of Total 67%

(LTM 2018)

Pictures: Benecke

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Capacity (MM lbs.) VinylsOlefins

Company Begins

Operation in

Lake Charles

Acquired VCM

in Calvert

• Started Petro 1

• Acquired PVC Plant

Acquired Geismar

VCM/PVC Plant

Acquired

1 Pipe

Plant

• Acquired 3

Pipe Plants

• Calgary Window

Plant

Started

Suzhou China

Film Plant

Increased LDPE

By 500 MM/lbs

• Acquired Calvert City CA plant

• Started Petro 2

Started

Poly 3

Started Suzhou

PVC Plant

• Started Styrene

• Acquired 3 Pipe Plants

IPO

• 20th Anniversary

• Acquired Longview

PE plants

3

• Acquired Vinnolit

• Calvert City Ethylene /

PVC Expansion

• Acquired Certain

Teed specialty

pipe business

• Petro 2 Ethylene &

Geismar Chlor

Alkali Expansion

• Acquired Axiall

• Petro 1 Ethylene Expansion

Strong Value Creation and Profitable Growth

Calvert City

Ethylene

Expansion

A Diverse, Vertically-Integrated Chemicals Leader Created Though Strategic Growth

4

Global leading position in North America, Europe and Asian PVC and Caustic Soda.

Global leader in specialty PVC and a leader in specialty LDPE for the Americas.

Westlake’s vertical integration strategy through expansions and acquisitions provides

the ability to capture value throughout the chain & earnings cycle and enhance

margin stability.

− A leading North American producer of PVC compounding. Our acquisition of

NAKAN expands our footprint into eight new countries and brings new products.

− Further integration through global PVC, Chlor Alkali and VCM expansions

planned from 2019 to 2021 provide additional operational certainty, growth

opportunities and geographic diversification.

− The Lake Charles Ethylene plant built jointly with Lotte will provide additional

Ethylene feedstock integration with expected start up this year.

− Synergy savings and cost reductions from Axiall acquisition totaled $275MM.

Westlake Chemical Partners provides a low-cost source of equity capital to fund

future growth.

Source: IHS Markit

• Westlake Chemical Partners provides Ethane-based, cost-advantaged ethylene feedstock to WLK at a

fixed margin via a long term contract, WLK uses this as the feedstock for the majority of its products.

• WLKP’s recent reset of the IDR distribution tiers will allow the Partnership to continue its historical growth

in distributions per unit for 10 years before the next IDR payment is earned. Due to the unique structure,

WLK will receive the same cash flows while extending the runway for WLKP to grow and provide cost

advantaged equity to WLK.

Westlake Chemical Partners LP (WLKP) ProvidesCost-Advantaged Capital to Westlake Chemical (WLK)

5

• Acquisitions - Lotte ethylene JV scheduled to start up in 2019 which provides potential growth for WLKP

and thus additional capital to WLK.

• Periodic drop downs - WLK has over 81% of current drop down inventory available to fund future growth.

• Expand current production capacities via organic growth to increase future earnings.

• Margin expansion from the existing 10 cents per pound.

Westlake Chemical

Corp (WLK)

Westlake

Chemical

Partners LP

(WLKP) 43.8% ownership

Westlake Chemical

OpCo LP

Capital to fund future growth

Public

Unitholders

56.2% ownership

Four Levers of Growth

Westlake’s Short Position in Ethylene Provides Cost Advantages in Coming Years

6

• Expanding PVC & VCM in the U.S. and Europe to improve integration value.

• The JV with Lotte provides potential further ethylene integration and a reduction in

purchased merchant ethylene.

Expansion

Olefins

Vinyls

All ethane

feedstock

capability

Chlorinated

Products

Key:

Ethylene

3.7B lbs Polyethylene

2.6B lbs

Styrene

570MM lbs

Chlorine

7.1B lbs

Vinyls

PVC

7.1B lbs

Vinyls

Products

3.4B lbs

Chlorinated Products

2.3 B lbs

Additional Ethylene

via JV with Lotte

~220MM to 1.1B lbs

Caustic Soda

7.9B lbs

North

American

Merchant

Ethylene

Purchases

~1.9B lbs

Westlake

9%

12%

60%

19%

Ethane

Propane

Naphtha

Other

World Ethane

Ethane

Other NGL's

NGL Feedstock Flexibility & Infrastructure

Well positioned to take advantage of ethane and other NGL’s:

• The shale oil & gas revolution has triggered an increase in infrastructure

build over the last several years.

• The continuing NGL’s flowing from these basins will drive further pipeline

and infrastructure expansion through 2018 and beyond

• Westlake ethylene plants are fully capable to use ethane and have some

NGL flexibility.

Lake Charles ethylene plants are able to access ethane in basins and

shale plays from Eagle Ford, Permian, Rockies, Marcellus and Utica

Calvert City ethylene plant is now receiving ethane from the Marcellus

and Utica basins.

Westlake’s European business (Vinnolit) purchases ethylene which is

naphtha based and provides further feedstock diversification.

7Source: IHS Markit

Westlake’s North American

Ethylene Feedslate Capability

Western Europe Ethylene

Industry Feedslate

Westlake

100%

Ethane

Capable

Ethane Non-Ethane Feed

World EthyleneWestlake

5.4 ¢

7.2 ¢

7.7 ¢

7.2 ¢

0

3

6

9

LDPE, 58%

LLDPE, 42%

Advantaged Polyethylene Product Mix

8

LDPE Is More Profitable Average Margin Advantage of LDPE vs.

Other PE Grades

LDPE22%

LLDPE32%

HDPE46%

2018 Global Industry Demand (% share)

2018 Total Demand: 235 billion

pounds

Source: IHS Markit

Westlake Capacity (% share)

Total Capacity: 2.6 billion pounds

Source:IHS Markit

2004 – 2018

Average2014 – 2018

Average

LD

PE

vs.

HD

PE

LD

PE

vs.

LL

DP

E

LD

PE

vs.

HD

PE

LD

PE

vs.

LL

DP

E

¢ /lb

0% 20% 40% 60% 80%

Chevron Phillips

DowDuPont

ExxonMobil

LyondellBasell

Westlake

Advantaged Product MixWestlake’s Unique LDPE Focus

9

LDPE Capacity as a Percentage of

Total Company PE Capacity

Westlake has one

of the highest

LDPE product mix

percentages in

The America

Autoclave vs Tubular LDPE:

Autoclave LDPE is a more specialty

product with broader applications and

better margins.

Supply/demand balance for autoclave

grows tighter.

Source for both charts: IHS Markit

The Specialty Advantage

80%

48%

34%

33%

20%

52%

66%

65%2%

Westlake 2019

North America 2019

World 2019

World 2022

Autoclave Tubular Undeclared

-1.00%

1.00%

3.00%

5.00%

7.00%

9.00%

2012-2017average

2018 2019 2020 2021 2022 2023

Change in C

apacit

y

LDPE LLDPE HDPE 1x GDP Forecast 1.5x GDP Forecast

Industry Global Polyethylene Growth Focused on LLDPE and HDPE, not on LDPE

10

World Polyethylene Capacity Growth by Product

Westlake is focused on LDPE, a product which:

• New additions intended to primarily serve Asian & European markets.

• Global polyethylene demand grows between 1.0x to 1.5x GDP.

• LDPE capacity additions are almost all tubular.Sources: IHS Markit,

IMF 2018

Global Geographic Footprint

Asia - High quality PVC resin and film products in a growth region:

• 2 Chemical sites

• 4 Manufacturing site

11

Facilities in North America, Europe and Asia Provide

Geographic Diversification

North America - Highly

integrated, low cost

production:

• 11 Chemical sites

• 20+ Manufacturing

sites

Europe - Global leader in specialty

PVC + growing PVC compounds

business:

• 6 Chemical sites

• NAKAN acquisition

52%

39%

9%

Chlor Alkali

Ethylene

PVC Resin

43%47%

9%

Chlor Alkali

Ethylene

PVC Resin

Low Cost Producer of PVC Combined with High Integration Captures Margin

• Westlake has announced numerous PVC expansions

beginning in 2019 that will capture more integrated

margin

• Integration has allowed Westlake to operate its chlorovinyls

plants at higher operating rates than US industry average

and enjoy strong margins.

• Through backward integration into Chlor Alkali (shale gas

based power) and ethylene (shale gas based ethane),

Westlake is one of the lowest cost producers globally.

• Able to extend margins in our vinyls chain through

integration into vinyls products.

• Cost competitive PVC exports as Westlake sits at the low

end of the cost curve

Overview of the Vinyls Chain

Typical Vinyls Industry Margin

Distribution Over

the Last Cycle

Polyvinyl

Chloride

(PVC)

Vinyl

Chloride

Monomer

(VCM)

Ethylene

Dichloride

(EDC)

Chlorine

Ethylene

Chlor-Alkali

Caustic

Soda

PVC

(Vinyls

Products)

Merchant

Sales

Chlorinated

Products

12

Vinyls Industry Margin

Distribution Over

Recent Cycle

Source: IHS Markit

Majority of Margin Captured in

Chlor-Alkali and Ethylene.

Growing Global PVC Demand Supports Exports

13

2000 – 2018 Global Demand CAGR = 3.3% 2019 – 2024

Global Demand

CAGR = 3.4%

• Global growth in PVC demand is forecasted to continue growing well into the future.

• Producers with a high level of integration benefit with higher margins over the cycle.

• Global growth in PVC demand and advantaged feedstocks in PVC production supports North American production.

Source: IHS Markit

0%

10%

20%

30%

40%

50%

60%

-

10,000

20,000

30,000

40,000

50,000

60,0002000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Nort

h A

meri

ca P

VC

Export

s(a

s %

of

Tota

l N

ort

h A

meri

ca P

roducti

on)

Glo

bal PV

C D

em

and

(thousa

nd M

etr

ic T

ons)

Global PVC Demand

North American PVC Exports

0

1,000

2,000

3,000

4,000

5,000

6,000

Olin Oxy Westlake DowDuPont Inovyn

kMT

0

500

1,000

1,500

2,000

2,500

3,000

3,500

SHINTECH Westlake Inovyn FPC Oxy

kMT

North American Chlorovinyls Leader with Enhanced Scale

14

2018

North

American

PVC

capacity

(KMT)

2018

North

American

Chlor-

Alkali

capacity

(KMT)

Westlake is the second largest producer of

PVC globally.

Westlake is the third largest producer of

Chlor Alkali globally

Source for both charts: IHS Markit

0

100

200

300

400

500

600

Westlake(Germany /

UK)

Mexichem(Mexico /

USA /Germany)

Inovyn(EU)

Formosa(Taiwan /

USA /China)

ChemChina

(China)

AnhuiHongsifang

(China)

Kaneka(Japan)

Kem One(EU)

XinjiangTianye(China)

Yang CoatXiyang(China)

Ca

pa

city (

km

t)Westlake is the Global Leader in Specialty PVC

15

Westlake / Vinnolit is a leading specialty PVC producer

2018 Specialty PVC global capacity: ~4,200 KMT

Source: IHS Markit

Westlake’s Vinnolit operations provide:

• Specialty PVC, which enhances Westlake’s product

suite.

• Better margins and reduced volatility.

• Improved distribution access, especially to emerging

markets.

Financially Disciplined

• Disciplined Investment culture.

• Strong balance sheet.

• Higher margin Polyethylene and

PVC products.

• C-Corp (WLK) and traditional

MLP (WLKP) have provided

maximized value capture with an

extended runway of opportunity

going forward.

16

Strategic & Efficient Investment of Capital

17

Strategic Investment Drives Integration and Specialty Focus

• Highly Integrated Chain Enhances Profit Stability.

• Recent Large Capital Program Nearly Complete.

Ethylene Debottlenecks: 2013, 2014, 2016, 2017

New Geismar Chlor Alkali Facility 2013

Ethane Feedstock Conversion 2014

Recent

Strategic

Investment and

Capital Projects

Totaling Over

$7.4 Billion

Acquisitions:

NAKAN 2019 (complete)

Axiall Corporation 2016

Vinnolit - Specialty PVC 2014

PVC Specialty Products Business 2013

VinylsOlefins

New Ethylene cracker from Westlake-Lotte JV

scheduled for 2019

PVC & Chlor Alkali Expansions:

2014, 2019, 2020, 2021

0%

20%

40%

60%

80%

100%

120%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Westlake Peer Average

18

Conservative Financial Profile

• Westlake is committed to maintaining solid

investment grade credit metrics, ratings

agencies affirm strong investment grade ratings.

• Retired $1.2B of bonds in 2018.

• Westlake will continue to maintain strong

liquidity for future growth.

Gross Debt to Capitalization Ratio

Range of Peer Average

Source: Bloomberg

Peer group includes: OLN, DWDP, EMN, HUN, LYB

Agency Rating

S&P BBB

Fitch BBB

Moody's Baa2

Higher Cycle Average MarginsFocus on “Bottom Line”

19

Higher margins and returns attributable to:

- Focused Growth - Chain Integration

- Asset Quality - Product Mix

- Operating Rate Advantage - Feedstock

2009 – 2018

Source: Bloomberg

*Peer averages as of latest available data

includes: EMN, HUN, OLN, LYB, DWDP

0%

5%

10%

15%

20%

25%

Return on Assets Return on Capital Employed EBITDA Margin

Westlake Peer Average*

Strategic Investment Drives EBITDA Growth

20

Proven

Results

Future

EBITDA

Vinyls Olefins

Recent Expansions and Acquisitions

2019 to 2021

Added Ethylene Capacity

Added PVC Capacity

Added Chlor Alkali Capacity

Acquired Vinnolit and

Specialty PVC Products

Added Ethylene Capacity

Acquired Axiall

Adding Ethylene Capacity

Adding PVC Capacity

Adding Chlor Alkali Capacity

• Timely investments to integrate the full value chain drive EBITDA.

• Conservative balance sheet enables future opportunistic growth.

NAKAN Acquisition (complete)

Westlake Chemical continues its proven record of strategically

deploying capital to fund future bottom line growth

Reconciliation of Westlake EBITDA to Net Income and to Cash Flow from Operating Activities (in $ millions)

22

Note 1 from page 2: Non-GAAP Financial Measures

This presentation includes the non-GAAP measure EBITDA. A reconciliation to net income and to cash flow from operating activities is included above.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Adjusted EBITDA 237$ 512$ 584$ 780$ 1,118$ 1,330$ 1,244$ 1,016$ 1,841$ 2,101$

Debt Retirement Cost - - - (7) - - - - - -

EBITDA 237 512 584 773 1,118 1,330 1,244 1,016 1,841 2,101

Less:

Income Tax (Provision) Benefit (26) (122) (142) (200) (332) (399) (298) (139) 258 (300)

Interest Expense (35) (40) (51) (43) (18) (38) (35) (79) (159) (126)

Depreciation & Amortization (123) (129) (132) (144) (158) (208) (246) (378) (601) (641)

Non Controlling Interest - - - - - (6) (19) (21) (35) (38)

Net Income 53 221 259 386 610 679 646 399 1,304 996

Non Controlling Interest - - - - - 6 19 21 35 38

Changes in operating assets & liabilities 152 48 86 233 49 288 374 313 733 313

Deferred income taxes 31 14 14 6 94 59 40 101 (534) 62

Cash flow from operating activities 236$ 283$ 359$ 624$ 753$ 1,032$ 1,079$ 834$ 1,538$ 1,409$

Vinyls EBITDA (17) (20) 48 131 207 247 398 415 1,096 1,439

Olefins EBITDA 260$ 547$ 549$ 655$ 944$ 1,126$ 863$ 699$ 805$ 715$

Corporate EBITDA (6) (15) (13) (13) (33) (43) (17) (98) (60) (53)

Westlake Adjusted EBITDA 237$ 512$ 584$ 773$ 1,118$ 1,330$ 1,244$ 1,016$ 1,841$ 2,101$

Safe Harbor LanguageThis presentation contains certain forward-looking statements, including statements with respect to future growth, the

ultimate outcome (such as cost savings, synergies, and joint venture development) and results of integrating the

operations of Westlake and Axiall, and the timing and results of planned expansions, cost advantages of ethylene,

distributable cash flow growth of WLKP and the potential of the Lotte ethylene JV as an additional lever of growth for

WLKP. Actual results may differ materially depending on factors such as general economic and business conditions; the

cyclical nature of the chemical industry; the availability, cost and volatility of raw materials and energy; uncertainties

associated with the United States, Europe and worldwide economies, including those due to political tensions in the

Middle East, Ukraine and elsewhere; current and potential governmental regulatory actions in the United States and

Europe and regulatory actions and political unrest in other countries; industry production capacity and operating rates; the

supply/ demand balance for our products; competitive products and pricing pressures; instability in the credit and financial

markets; access to capital markets; terrorist acts; operating interruptions (including leaks, explosions, fires, weather-

related incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and

releases and other environmental risks); changes in laws or regulations; technological developments; our ability to

implement our business strategies; creditworthiness of our customers; the results of potential negotiations between

Westlake Chemical Corporation and Westlake Chemical Partners and other factors described in our reports filed with the

Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict. Any of these

factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy

of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and

our actual results and future developments may differ materially from those projected in the forward-looking statements.

Management cautions against putting undue reliance on forward-looking statements. Every forward-looking statement

speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any

forward-looking statements.

23

Investor Relations Contacts

Westlake Chemical

2801 Post Oak Boulevard, Suite 600

Houston, Texas 77056

713-960-9111

Steve Bender

Executive Vice President &

Chief Financial Officer

Jeff Holy

Vice President &

Treasurer