Tronox Holdings Plc · NYSE:TROX

Tronox — Citi 5th Annual Virtual Paints Access Day (May 2021)

13 slides from Tronox's conference presentation, May 18, 2021

1. Slide 1: Citi 5th Annual Virtual Paints Access Day

   Tronox Holdings plc Citi 5th Annual Virtual Paints Access Day May 18, 2021 Tronox Holdings plc | © 2021 1

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

   Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking

3. Slide 3: Tronox – A Focused Titanium Industry Leader

   Tronox – A Focused Titanium Industry Leader • Tronox Holdings plc (NYSE:TROX) is a vertically integrated mining and World’s largest vertically integrated TiO2 producer inorganic chemical company domiciled under the laws of the United Kingdom, and headquartered in the United States in the NYC area Se

4. Slide 4: Nine TiO2 Pigment Plants, Six Mineral Sands Mines, and Five Upgrading Facilities on Six Continents

   Nine TiO2 Pigment Plants, Six Mineral Sands Mines, and Five Upgrading Facilities on Six Continents • 1.1 million tons of nameplate TiO2 pigment capacity • 297,000 tons of zircon processing capacity • 220,000 tons of pig iron • 410,000 tons of titanium slag • 230,000 tons of synthetic rutile • 182,00

5. Slide 5: Balanced Geographic Footprint and End-Market Exposure Provides Significant Advantage

   Balanced Geographic Footprint and End-Market Exposure Provides Significant Advantage Relative to Competitors Balanced Geographical Sales1 Sales by Product1 Feedstock and Other Products 29% 11% 32% Zircon 10% TiO2 79% 28% Plastic Paints & 13%2 Coatings 60%2 11% Paper & Specialty 6%2 A Global Footprin

6. Slide 6: Superior Competitive Position as Most Vertically Integrated TiO2 Producer

   Superior Competitive Position as Most Vertically Integrated TiO2 Producer Namakwa Benefits of Integration Gingko Operations Existing Fairbreeze East and UMM Cooljarloo Wonnerup Paraiba Snapper West Mining  Zircon  Pig Iron  Full utilization of mining and Atlas Coolljarloo (Direct sales) feedstock

7. Slide 7: Demand Recovery Boosted by Stimulus

   Demand Recovery Boosted by Stimulus Stimulus Impact on Demand Two Primary Drivers I. Unprecedented stimulus injected in all major economies • ~ 10x the level in the GFC as a % of GDP II. “Homebody Economy” effect • Disposable income has shifted from restaurant and travel to home improvements • Resta

8. Slide 8: Tronox's Strategy is Best Aligned with the Changing TiO2 Industry Dynamics

   Tronox’s Strategy is Best Aligned with the Changing TiO2 Industry Dynamics Evolving industry trends… …Coupled with reduced price volatility High Quality TiO 2 Price1 • Producer consolidation and migration to public ownership ($ per tonne delivered) • Higher probability of periods of feedstock and pi

9. Slide 9: Zircon Delivering Significant Value

   Zircon Delivering Significant Value Zircon Demand1 By Geography • 2nd largest zircon producer with ~297,000 tons of capacity Tronox Zircon • Largest production capacity of our portfolio at Namakwa Sands By Geography Assets • We estimate total zircon reserves of 4.6MT at Namakwa, 1.0MT at KZN, and 1.

10. Slide 10: Strong Free Cash Flow Provides Financial, Strategic and Operational Flexibility

    Strong Free Cash Flow Provides Financial, Strategic and Operational Flexibility Adjusted EBITDA1 ($ millions) Adj. EBITDA1 – CapEx ($ millions) Adjusted EBITDA1 margin Free Cash Flow Conversion2 $681 78% 77% 28% $668 $483 $473 25% 24% 71% 71% $513 23% $396 62% $329 $420 15% $314 $195 2016 2017 3 201

11. Slide 11: Capital Allocation Strategy

    Capital Allocation Strategy Strategic capital investments to reduce costs and increase EBITDA per ton De-lever to achieve gross debt target of $2.5 billion and net leverage ratio range of 2.0-3.0x EBITDA by 2023 Balance strategic investment flexibility and shareholder capital return through dividend

12. Slide 12: Appendix

    Appendix TRONOX 2

13. Slide 13: Annual Reconciliation of Net (Loss) Income to EBITDA, Adjusted EBITDA and Free Cash Flow Conversion

    Annual Reconciliation of Net (Loss) Income to EBITDA, Adjusted EBITDA (Non-U.S. GAAP) and Free Cash Flow Conversion (Non-U.S. GAAP) ($ millions) Year Ended December 31, 2016 2017 2018 2019 2020 Net income (loss) (U.S. GAAP) $ (58) $ (272) $ 30 $ 41 $ 995 Income from discontinued operations, net of t

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