STATEMENT BY 40 NORTH AND CORVEX
 

For nearly 4 months, White Tale Holdings ("White Tale") has attempted to work constructively with Clariant's Board and Management on the long-term strategy for Clariant as an innovative global leader in specialty chemicals. While the termination of the ill-conceived Huntsman merger is a positive first step in executing on this strategy, by no means is this a cause for celebration. Rather, today is the day that we re-affirm that, as long-term investors, we are committed to the success of Clariant and its employees and value creation for all shareholders. The work is just beginning.
 

Unfortunately, Clariant Management's comments since Friday betray a desire to go back in time and pretend this episode did not occur. It is not October 2016. We have been both consistent and clear on what we believe is next for Clariant, and we will now both seek Board representation and continue to proactively engage with other shareholders to ensure the long-term success of Clariant. As we have made eminently clear to Clariant's Board and Management:
 

1. Clariant must publicly announce and hire an independent financial advisor-one who was not an advisor for the Huntsman transaction-to undertake a thorough review of all strategic alternatives without prejudging the outcome and without self-interested pre-conditions. This is required to restore credibility to both Management and the Board of Directors. This review-which has never been previously undertaken-will provide full transparency to shareholders and ensure that the Board and Management will dispassionately, and in an unbiased way, do what is best for all Clariant shareholders. While we have consistently stated that our belief today, based on public information, is that the sale of the Plastics and Coatings division and the redeployment of capital proceeds into the remaining pure-play specialty chemical company is the likely answer, we too will be unbiased in our review once provided with all the information and do what is best to create long term value for all shareholders.
 

2. Three White Tale representatives would immediately be nominated by the Board to serve on the Board of Directors and all relevant committees related to the strategic alternatives review process. As we have stated, we are committed to doing our part to ensure Clariant successfully turns the page on this troubling last chapter.
 

As the largest shareholder of Clariant, currently holding over 20%, we will take responsibility to see this through on behalf of all shareholders. Clariant is a world-class company with a bright future and tremendous opportunity ahead. It now requires proper governance, management and execution of strategy. Should we be unable to come to agreement with the current Board of Directors shortly, we will have no choice but to move to call an Extraordinary General Meeting so that all shareholders can have a voice in Clariant's future.