Tronox Holdings Plc · NYSE:TROX

Tronox — Q1 2018 Earnings Presentation

13 slides from Tronox's earnings presentation, May 10, 2018

1. Slide 1: First Quarter 2018 Conference Call

   First Quarter 2018 Conference CallMay 10, 2018

2. Slide 2: Safe Harbor Statement and Non-U.S. GAAP Financial Terms

   Safe Harbor Statement and Non-U.S. GAAP Financial Terms Statements in this presentation that are not historical are forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are su

3. Slide 3: First Quarter 2018 Highlights

   Significant progress toward closing Cristal acquisitionEuropean Commission conditional clearance now only dependent on reaching agreement on proposed remedy to address remaining objection; negotiating with potential counterparties regarding execution of proposed remedyMotion filed with U.S. FTC seek

4. Slide 4: TiO2 Commercial Performance First Quarter 2018 vs First Quarter 2017

   USD millions 1Q18 1Q17 Change TiO2 Revenue 442 378 17% Pigment 333 272 22% Feedstock & Co-products 97 92 5% Zircon 61 50 22% Pig Iron 19 11 73% Feedstock & Other Products 17 31 (45%) TiO2 Commercial Performance First Quarter 2018 vs First Quarter 2017 Higher pigment, zircon and pig iron selling pric

5. Slide 5: TiO2 Commercial Performance First Quarter 2018 vs Fourth Quarter 2017

   USD millions 1Q18 4Q17 Change TiO2 Revenue 442 464 (5%) Pigment 333 316 5% Feedstock & Co-products 97 133 (27%) Zircon 61 67 (9%) Pig Iron 19 20 (5%) Feedstock & Other Products 17 46 (63%) TiO2 Commercial Performance First Quarter 2018 vs Fourth Quarter 2017 Higher selling prices for pigment and all

6. Slide 6: TiO2 Operations Performance 1Q 2018 vs 1Q 2017 and 4Q 2017

   USD millions 1Q18 1Q17 Change Adjusted EBITDA 138 85 62% TiO2 Operations Performance 1Q 2018 vs 1Q 2017 and 4Q 2017 All mines and plants operating at full capacity; record pigment production in MarchAdjusted EBITDA margin of 31%; strong free cash flow of $52 million1Q18 vs 1Q17Adjusted EBITDA increa

7. Slide 7: Financial Position and 2018 Outlook

   USD millions March 31, 2018 Gross Consolidated Debt 3,146 (1) Debt net of cash/cash equivalents 1,419 (2) Blended cost of debt 5.82% Cash and cash equivalents 1,727 (2) Liquidity 2,032 (3) (1) Net of debt issuance cost (2) Includes $653 million restricted cash for Cristal acquisition and excludes $2

8. Slide 8: Significant progress toward closing Cristal acquisition

   Significant progress toward closing Cristal acquisitionEuropean Commission conditional clearance now only dependent on reaching agreement on proposed remedy to address remaining objectionNegotiating with potential counterparties regarding execution of proposed remedyMotion filed with U.S. FTC seekin

9. Slide 9: Q&A Session

   www.tronox.com Q&A Session

10. Slide 10: Appendix

    = Ap pendix a

11. Slide 11: Reconciliation of Non-U.S. GAAP Financial Measures

    Reconciliation of Non-U.S. GAAP Financial Measures

12. Slide 12: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (non-U.S. GAAP)

    Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (non-U.S. GAAP)

13. Slide 13: Reconciliation of Net Income (Loss) to Adjusted EBITDA (non-U.S. GAAP)

    Reconciliation of Net Income (Loss) to Adjusted EBITDA (non-U.S. GAAP)

Tronox — Q1 2018 Earnings Presentation on 6ix