21. SUBSEQUENT EVENTS

RUSSIAN MDI, COATINGS AND SYSTEMS ACQUISITION

        On July 3, 2012, we completed the acquisition of the remaining 55% ownership interest of International Polyurethane Investment B.V.. This company's wholly owned subsidiary, Huntsman NMG Zao, is a leading supplier of polyurethane systems to the adhesives, coatings and footwear markets in Russia, Ukraine and Belarus and is headquartered in Obninsk, Russia. The acquisition cost was approximately €13 million (approximately $16 million). The acquired business will be integrated into our Polyurethanes segment. Transaction costs charged to expense related to this acquisition were not significant through June 30, 2012. If this acquisition were to have occurred on January 1, 2011, there would have been no impact to the combined earnings attributable to our Company or Huntsman International and the following estimated pro forma revenues attributable to our Company and Huntsman International would have been reported (dollars in millions):

POLYURETHANES COST SAVING PROGRAM

        During the third quarter of 2012, our Polyurethanes segment expects to begin implementation of a restructuring program to reduce annualized fixed costs by approximately $75 million by the third quarter of 2013. In connection with this program, we expect to record restructuring expenses of approximately $35 million during the third quarter of 2012. Implementation of this program is subject to meeting certain conditions.