Tronox Holdings Plc · NYSE:TROX

Tronox — Deutsche Bank 27th Annual Leveraged Finance Conference 2019

29 slides from Tronox's conference presentation, Sep 24, 2019

1. Slide 1: Deutsche Bank Leveraged Finance Conference

   Deutsche Bank Leveraged Finance Conference September 24, 2019 © 2019 Tronox Holdings plc. | All rights reserved. | tronox.com

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 safe harbor provisions of the U.S. Private Securities Litigation Reform Act o

3. Slide 3: World’s Largest Vertically Integrated TiO2 Producer

   World’s Largest Vertically Integrated TiO2 Producer Botlek the Netherlands Yanbu • 1.1 million tons of NYC and Stamford USA Capacity: 90 kMT KSA Capacity: 200 kMT Fuzhou China Capacity: 46 kMT nameplate TiO2 Corporate Offices Stallingborough UK pigment capacity Capacity: 165 kMT Oklahoma City • 270,

4. Slide 4: Integration and Globalization Advantages

   Integration and Globalization Advantages Vertical Integration Balanced Geographical Sales • Achieve and maintain first- quartile cost position 21% • Greater stability in financial performance 30% • Significant profitability and cash 30% flow across varying macro- economic conditions 11% 8% A Global

5. Slide 5: Strategy Driven by Changing Industry Dynamics

   Strategy Driven by Changing Industry Dynamics Changes in TiO2 Market Increased competitive Structure intensity Implications Advantaged cost structure is Flattening of cost curve critical to remain competitive / relevant Chloride Process Industry consolidation and migration to public ownership Vertic

6. Slide 6: Unified Commercial Approach

   Unified Commercial Approach Guiding Principles Offering A World-Class TiO2 Product Portfolio • Offering a high value proposition to our customers; • Accelerating our bespoke margin stability initiatives across regions in both coatings and plastics markets; • Partnering with strategic customers that

7. Slide 7: Zircon Delivering Significant Profitability and Margin Enhancement

   Zircon Delivering Significant Profitability and Margin Enhancement • Major applications  Ceramic tiles and glazes  Refractories and foundry  Zirconia chemicals • Tronox is the 2nd largest zircon producer with ~270,000 tons of capacity • Market Dynamics  Margin Stabilization initiative precedes t

8. Slide 8: Operations and Synergies

   Operations and Synergies SQLCT Synergies represent savings achieved in the calendar year $220 USD millions Target stated at Investor Day May 2019 Achieved through 2Q 2019 $175 $120 Delivering Safe, Quality, Low-Cost Tons for our Customers and $45 Exceptional Shareholder Returns $12 2Q 2019 2019 2020

9. Slide 9: Capital Allocation

   • Reinvesting - Disciplined CapEx Capital  Lowering costs and improving efficiencies Allocation  Delivering the synergies  Unlocking the hidden factory: Priorities low-cost expansion opportunities vs. brownfield/greenfield • Deleveraging - Strong Balance Sheet Across Cycles Net leverage Targeted

10. Slide 10: The New Tronox

    The New Tronox Transformative A culturally driven acquisition has high-performance Lowering our costs, Our focus is on created extraordinary organization with delivering the execution opportunities to a compelling synergies create value market-driven strategy Greater stability in Robust cash financi

11. Slide 11: Appendix

    Appendix © 2019 Tronox Holdings plc. | All rights reserved. | tronox.com

12. Slide 12: Strategy Driven by Changing Market Conditions

    Strategy Driven by Changing Market Conditions © 2019 Tronox Holdings plc. | All rights reserved. | tronox.com

13. Slide 13: Changing Industry Dynamics: Cost Curve Flattening (2011)

    Changing Industry Dynamics: Cost Curve Flattening 2011 Global Standalone Pigment Cost Curve Cash Costs ($/t TiO2) • Cost curve in 2011 looked much different TIER 4 $4,000 Small-scale, high cost players • First quartile of global cost curve was ~2.3x high-to-low ratio dominated by low-cost NA chlorid

14. Slide 14: Changing Industry Dynamics: Cost Curve Flattening (2018)

    Changing Industry Dynamics: Cost Curve Flattening 2018 Global Standalone Pigment Cost Curve • Cost curve has flattened $4,000 TIER 4 Small-scale • Chinese have emerged European & $3,500 ~1.8x high-to-low ratio between Tier 4 Asian players and Tier 1 • Europeans have lost ground $3,000 TIER 3 Mix of

15. Slide 15: Strategy Will Result in TiO2 Pigment Cash Cost Reduction of $200-300/ton by 2023

    Strategy Will Result in TiO2 Pigment Cash Cost Reduction of $200-300/ton by 2023 2018 Integrated Pigment Global Cost Curve Rolled Forward • Cash cost/ton reduction sources  ~2/3rds from pigment operations  ~1/3rd from mineral sands operations • Emergence of clear industry leaders: The solidificati

16. Slide 16: A Single Unified Commercial Approach

    A Single Unified Commercial Approach © 2019 Tronox Holdings plc. | All rights reserved. | tronox.com

17. Slide 17: Industry-Leading TiO2 Product Portfolio

    Industry-Leading TiO2 Product Portfolio Top 15 Products 23% Product 19% Tronox Cristal 11% 9% 6% 5% 5% 5% 3% 3% 3% 2% 2% 2% 2% TiONA CR-826S TiONA TiONA RCL TiONA CR-826 CR-828 CR-834 TR33 RKB2 TR36 CR-880 8141SL RCL69 595 -02 121 128 722 696 17 © 2019 Tronox Holdings plc. | All rights reserved. | t

18. Slide 18: TiO2 Customer Overlap and Harmonization

    TiO2 Customer Overlap and Harmonization Number of pigment parent customers per region AMER EMEA APAC  Overlap on parent level is smaller than expected  Customer (ship-to) level overlap is 370 smaller 495 310  Price exposure risk is smaller than 375 one-fifth of expected based on 118 39 similar pr

19. Slide 19: TiO2 Margin Stability Program – Changes from Previous Cycle

    TiO2 Margin Stability Program – Changes from Previous Cycle Monthly Volume, MT Price Index Price recovers as Much shorter downturn: Price rallies after Extended downturn due to: supply and demand  Limited inventory build severe pigment  Excess inventory built by customers due to by customers re-ba

20. Slide 20: TiO2 Customer Portfolio – Growth Trajectory Is Key

    TiO2 Customer Portfolio – Growth Trajectory Is Key Revenue Growth of Strategic Global Customer ANNUAL REVENUE INDEXED 3.5 2.5 Attach ourselves to the customers who are growing faster than the market 1.5 0.5 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Tronox Volume Growth at Strategic Account A

21. Slide 21: Zircon Margin Stability Program

    Zircon Margin Stability Program • Customer and industry focus Zircon Pricing – Indexed to 2000  Historical pricing was adjusted on spot, quarterly or monthly basis ⎼ Pricing now adjusted on a semi-annual basis  Provides customers with price predictability  Gives customers the ability to plan and

22. Slide 22: Historic Price, Volume and Inventory Trends

    Historic Price, Volume and Inventory Trends • Legacy Cristal significantly increased prices from Q2 2017 through Q1 2018, resulting in volume and share losses • Tactics changed in Q2 2018 as legacy Cristal rapidly decreased prices to regain share while building inventory Note: Legacy Cristal data ex

23. Slide 23: Capitalizing on the Strength of our Vertical Integration

    Capitalizing on the Strength of our Vertical Integration © 2019 Tronox Holdings plc. | All rights reserved. | tronox.com

24. Slide 24: Our Operations Approach

    Our Operations Approach SQLCT Operational Excellence Business Transformation Integrated Business Planning Operational Organizational Risk Effectiveness Management Delivering Safe, Quality, Low-Cost Tons for our Customers and Exceptional Project Effectiveness Asset Reliability Shareholder Returns Ass

25. Slide 25: Jazan Slagger

    Jazan Slagger • Jazan slagger comprised of two high-grade chloride feedstock furnaces with 500KTPY combined capacity • Jazan represents one of multiple paths to further optimize vertical integration level of new Tronox • High return potential for limited investment • Tronox obligation capped at $125

26. Slide 26: Financial Position

    Financial Position © 2019 Tronox Holdings plc. | All rights reserved. | tronox.com

27. Slide 27: Tronox has Significant Tax Attributes

    Tronox has Significant Tax Attributes Attribute Est Tax Shield Tax Planning • Value Chain Analysis / Transfer Pricing Initiative US $4.1B Foreign $1.3B – Tronox moves from long to short feedstock position Total NOLs $5.4B – Mines / smelters / synthetic rutile plant now have guaranteed demand for all

28. Slide 28: Global Manufacturing Platform Creates FX Exposures

    Global Manufacturing Platform Creates FX Exposures Approximate Annual FX Philosophy FX Exposures By Country Adj EBITDA Impact Per Indicated Change in • Hedge known Balance Sheet exposures Functional Currency with forwards and caps/collars 1 ZAR $30M • Hedge significant capital expenditure AUD 0.01 $

29. Slide 29: Aligned with Our Shareholders and with Our Commitments

    Aligned with Our Shareholders and with Our Commitments Long-term Equity Compensation Program Performance-based Integration RSUs • Aligns key management compensation to value created Time-based Performance- for shareholders from acquisition integration RSUs based RSUs • One-time grant of performance-

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