Registration: 144A/Reg S; Comments: 01/21/2021 INEOS Quattro (STYRO) EUR1.7bn (down from EUR2bn) equivalent (USD/EUR) 144A/Reg S 4-part. No reg rights. List Lux. NY law. Settles 01/29 (T+6). INEOS Quattro Finance 2 Plc EUR1.2bn (up from EUR1bn) equivalent (USD/EUR) sr sec 1st lien notes 2-part. Ba3/BB/BB+ (negative/negative/stable). Via Citi (B&D) physical books/Barc/BNP/GS/HSBC/JPM jt glocos/ABN/BofA/Commerz/CA/CS/DB/FITB/ICBC/ING/Intesa (EUR only) Lloyds/Mizuho/NatWest/Santander joint books, KBC, MUFG as co-managers. - USD500m due 01/15/26 (5y). NC2 (MWC T+50bp), then at 101.688, 100.844, 100). Equity claw: 2y 40% at 103.374. 144A CUSIP: 45674GAA2. IPT: 4.00% area. Revised IPT: 3.75% area. Px talk: 3.50% area. Priced: 3.375% at 100. +293bp vs UST 0.375% 12/31/25. - EUR800m due 01/15/26 (5y). NC2 (MWC B+50bp), then at 101.250, 100.625, 100. Equity claw: 2y 40% at 102.50. Reg S ISIN XS229192957. IPT: 3.00%-3.25%. Revised IPT: 2.75%-3.00%. Px talk: 2.50%-2.75%. Priced: 2.500% at 100. +322bp vs DBR 0.50% 02/15/26. INEOS Quattro Finance 1 Plc EUR500m (down from EUR1bn equivalent USD/EUR) sr unsec notes due 07/15/26 (5.5y). NC2 (MWC B+50bp), then at 101.875, 100.9375, 100. Equity claw: 2y 40% at 103.75. B2/B+/BB- (negative/negative/stable). Via Barc (B&D)/HSBC (logistics)/JPM jt physical books/BNP/Citi/GS jt glocos/ABN/BofA/Commerz/CA/CS/DB/FITB/ICBC/ING/Intesa (EUR only)/Lloyds/Mizuho/NatWest/Santander joint books, KBC, MUFG as co-managers. Reg S ISIN: XS2291928849 IPT: mid 4s. Revised IPT: 4.00%-4.25%. Price talk: 3.75%-4.00%. Priced: 3.75% at 100. +446bp vs DBR 0.00% 08/15/26. (Dropped: INEOS Quattro Finance 1 Plc USD TBD due 2026 (5.5y). NC2 (50%,25%,par). Equity claw: 2y 40%. IPT: low 5s). Roadshow 01/15-20 (investor call 01/15 at 9:30am NYT/2:30pm UKT). Books closed: US$ at 5pm NYC 01/20; EUR at 10am UKT 01/21. .UOP: along with EUR3.15bn (up from EUR2.9bn and from EUR2.6bn) equivalent (USD/EUR) term loan B and EUR333m cash on hand, to repay EUR2.96bn bridge loan (U$2.450bn and EU870m) incurred to fund the acquisition of BP's global Aromatics and Acetyls business, repay existing EUR1.064bn INOVYN sr sec term loan B, repay EUR tem loan A, pay the US$1bn (EUR852.4m) deferred consideration, pay fees and expenses. INEOS purchased BP's global Aromatics and Acetyls business for $5bn ($4bn on closing and $1bn in H1 2021). Biz: Combining two of INEOS’ existing leading businesses INEOS Styrolution and INOVYN, along with the recently acquired BP assets, which have been named INEOS Aromatics and INEOS Acetyls, INEOS Quattro is one of the world’s largest chemicals companies with a diversified portfolio of products and geographies, and global market leading positions. INEOS Styrolution and INOVYN Limited are private companies that are part of the INEOS family of companies ultimately 100% owned by James Ratcliffe (61.8%), Andrew Currie (19.2%) and John Reece (19.0%), 95% of which is held through INEOS Limited. (BP assets acquisition announced 06/29//2020. the acquisition of the BP assets and its sister company INOVYN were completed 12/31/20).;