„We were pleased to post continued improvement in our silicones business in the fourth quarter and fiscal year 2014 and begin a new era for Momentive Performance Materials by successfully completing our balance sheet restructuring,“ said Jack Boss, Chief Executive Officer and President of the company.“We appreciate the steadfast support of our lenders, customers, suppliers and employees during the pendency of our case and are moving forward with the financial flexibility and cash flow necessary to continue to drive innovation across our specialty portfolio and provide value-added and differentiated products and services. We are excited by the opportunities afforded to us by our new capital structure and remain focused in 2015 on investing in both our operations and leading growth technologies.“

Segment EBITDA for the twelve months ended December 31, 2014 was $238 million, even with the prior year. Segment EBITDA performance for the year largely reflects gains from our silicones portfolio that were offset by demand cyclicality for semiconductor related quartz products and an increase in corporate expenses.

Fresh Start Accounting
Upon emergence from bankruptcy on October 24, 2014, the Company adopted fresh start accounting which resulted in the creation of a new entity for financial reporting purposes. As a result of the application of fresh start accounting, as well as the effects of implementing the Company‘s plan of reorganization, the Company‘s financial statements on or after October 24, 2014 reflect a different basis of accounting than the financial statements prior to that date.

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