1. Second Quarter 2009 Earnings Review
Shane Fleming – Chairman, President and CEO
Dave Drillock – Vice President and CFO
July 17, 2009

2. Forward Looking Statement
During the course of this meeting we may make forward‐looking statements. All statements that address
expectations or projections about the future are forward‐looking statements.
Some of these statements include words such as “expects”, “anticipates,” “plans,” “intends,” “projects,”
and “outlook.” Although they reflect our current expectations, these statements are not guarantees of
future performance because they involve a number of risks, uncertainties, and assumptions.
Included in this presentation are estimates for full year 2009 sales and earnings. These were included in our
July 16, 2009 press release, which was also furnished as an exhibit to a current report on Form 8‐K. These
estimates set forth the Company’s assumptions and management’s best estimate of the full year 2009 sales
and earnings at that time based on various assumptions set forth in the press release. There can be no
assurance that sales or earnings will develop in the manner then projected or that the results for the year
will be consistent with the results then projected. Actual results may differ materially.
We recommend that you review Cytec’s SEC filings for a discussion of some of the factors which could cause
actual results to differ materially from its expectations and projections. This and other Cytec information
may be accessed at www.cytec.com.
In sections of this presentation certain “non‐GAAP” measures are provided and identified as such. We
believe that the “non‐GAAP” measures can more accurately reflect comparisons of year to year trends and
is consistent with how we review the information. A reconciliation of “non‐GAAP” measures to the
applicable GAAP measure is provided in the appendix at the end of this presentation.
2

3. Results Overview
2nd Quarter 2009:
Sales of $685 million
Earnings loss of $0.01
per diluted share
(excluding special items)
• Weak demand and customer destocking in Specialty Chemicals
continued into Q2
• Sequential sales improvement as shown in above chart
• Destocking and lower build rates in Engineered Materials
• Executing on previously announced restructuring and cash initiatives
• Announced additional cost measures in Engineered Materials
3

4. Business Segment Results
Coating Resins
$MM USD Q209 Q208 % chg ytd09 ytd08 % chg
Sales 295 477 -38% 542 930 -42%
Earnings (19.2) 21.9 -188% (39.5) 41.2 -196%
• Low demand globally in industrial Sales Comparison YOY
coatings, but volume improvement in
Q2 vs. Q1 of 25% Sales Growth ‐38%
• Maintained price in high‐value Volume ‐30%
waterborne products and gaining new
Price ‐3%
business
Currency ‐5%
• Restructuring on track to deliver benefit
in second half
4

5. Coating Resins
M$ Monthly Sales Trend
Positive signs of sequential demand growth in segment 5

6. Business Segment Results
Additive Technologies
$MM USD Q209 Q208 % chg ytd09 ytd08 % chg
Sales 63 90 -30% 114 170 -33%
Earnings 3.1 6.9 -55% 3.6 12.1 -70%
Sales Comparison YOY
• Weak demand in first half in
industrial markets
Sales Growth ‐30%
• Sales decline partially related to Volume ‐27%
exit of certain low‐value products
Price 1%
• Sequential volume improvement
Currency ‐4%
in Q2
6

7. Business Segment Results
In Process Separation
$MM USD Q209 Q208 % chg ytd09 ytd08 % chg
Sales 58 76 -23% 114 142 -20%
Earnings 2.1 10.9 -81% 6.8 17.2 -60%
Sales Comparison YOY
• Significant customer destocking in
first half 2009 in both the mining and Sales Growth ‐23%
phosphine product lines
Volume ‐24%
• Lower production of copper and
Price 3%
alumina (see graph on next page)
Currency ‐2%
• Price improvements as a result of
differentiated technology leverage
7

8. Business Segment Results:
Mining Product Line
8

9. Business Segment Results
Engineered Materials
$MM USD Q209 Q208 % chg ytd09 ytd08 % chg
Sales 178 225 -21% 370 458 -19%
Earnings 22.1 44.8 -51% 55.2 92.8 -41%
• Lower volumes in large commercial Sales Comparison YOY
transport due to customer destocking
Sales Growth ‐21%
• Significant decline in business jets due
to reduced build rates Volume ‐22%
• Cost reduction program implemented Price 3%
for an additional $20 million benefit Currency ‐2%
(annualized)
9

10. Business Segment Results
Building Block Chemicals
$MM USD Q209 Q208 % chg ytd09 ytd08 % chg
Sales 91 138 -34% 158 279 -43%
Earnings 1.9 6.5 -71% 5.1 12.4 -59%
• Unfavorable margin impact from Sales Comparison YOY
higher propylene costs used in
acrylonitrile production Sales Growth ‐34%
• Signs of demand improvement in Volume 30%
Asia specific to acrylonitrile Price ‐64%
• Weak demand for melamine Currency 0
10

11. Financial Results
Second Quarter 2009
• Gross Margin (adjusted for special items) down 5.5% vs. Q208
– Low operating rates across Specialty Chemical and Engineered Material
plants
• Restructuring Charges totaling $34M in the quarter
– Mostly related to Specialty Chemicals; approximately $2M related to
Engineered Materials
– Cost reduction actions expected to achieve approximately $120M in
savings in 2009 and 2010
• Operating Expenses down approximately $20M year on year
11

12. Cash Flow
• Cash flow from operations was $168M in Q209 vs $44M in Q208
• Working Capital Improvement program demonstrating success
12

13. Balance Sheet
Capital Expenditures
• YTD 2009 was $116M
• Outlook for Full Year 2009 is estimated to be $180 to $190M
Enhancing Liquidity
• Overall debt decreased by $95 million in the quarter
• Balance on credit facility was $23 million at end of June, down from
$113 million at the end of March; plan to get to zero this year
Cash Conservation
• Completed 1.2 million shares of Cytec stock contribution to pension
plan
13

14. Debt Profile
Strong Balance Sheet
Long‐term Debt/Good Maturing Profile
(Pro forma June 30, 2009)
$400
Five-year
Amount Outstanding
Revolver -
$300
Can be prepaid
$200 with excess cash
any time prior to
maturity
$100
$0 Public Debt -
'09 '10 '11 '12 '13 '14 '15 '16 '17
Year
Investment Grade Rated by Moody’s and S&P
14

15. 2009 Outlook
Full Year Outlook (Millions)
Business Segment Operating Earnings Guidance
Coating Resins $(42) to $(50)
Additive Technologies $8 to $12
In Process Separation $32 to $40
Engineered Materials $100 to $105
Building Block Chemicals $5
Estimated full year adjusted EPS in a range of $0.60 to $0.90 per share
15

16. Mining Product Line:
Production Forecast
16

18. Appendix
Reconciliation of “Non GAAP” Measures to GAAP Measures
Management believes that net after tax earnings and diluted earnings per share before special items, and gross margins
adjusted for special items, which are non GAAP measures, are meaningful to investors because they provide a view of the
Company with respect to ongoing operations. Special items represent significant charges or credits that are important to
an understanding of the Company’s overall operating results in the periods presented. Such measurements are not
recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative
to GAAP measures of performance. The following table summarizes the net special items used to adjust reported net
earnings and diluted earnings per share and gross margins for the quarters ended June 30, 2009 and 2008.
Reported Non‐GAAP
Diluted (Loss) Diluted
Reported Net Net Special Non‐GAAP Net Special
Earnings Per Earnings per
(Loss)/Earnings Items Net Earnings Items
Period Share Share
Q209 $(24.8) $24.2 $(0.6) $(0.52) $0.51 $(0.01)
Q208 $56.5 $2.0 $58.5 $1.16 $0.04 $1.20
Period Reported Net Special Adjusted Reported Net Special Adjusted
Cost of Sales Items Cost of Sales Gross Margin Items Gross Margin
Q209 $603.0 (23.9) 579.1 82.3 23.9 106.2
Q208 $796.2 (3.0) 793.2 209.6 3.0 212.6
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