Tronox Holdings Plc · NYSE:TROX
Tronox — Q4 2016 Earnings Presentation
26 slides from Tronox's earnings presentation, Feb 21, 2017
Slide 1: Tronox Announces Agreement to Acquire Cristal TiO2 and Reports 4Q and FY2016 Results
Exhibit 99.3 Tronox Announces Agreement to Acquire Cristal TiO, and Reports 4Q and FY2016 Results February 21, 2017
Slide 2: Safe Harbor Statement
Safe Harbor Statement Additional Information and Where to Find It This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval. In connection with the Transaction Agreement, by and between Tronox Limited (th
Slide 3: Safe Harbor Statement
Safe Harbor Statement 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 statements are based upon management's current beliefs and ex
Slide 4: Tronox Announces Definitive Agreement to Acquire Cristal TiO2
Tronox Announces Definitive Agreement to Acquire Cristal TiO, Very Strong Fourth Quarter 2016 Performance, TiO, Market Momentum Continues oe CRISTAL Cristal is the world’s second largest producer of titanium dioxide and operates 8 titanium dioxide plants, 6 mines and mineral separation plants, and 1
Slide 5: Compelling Strategic Rationale
Compelling Strategic Rationale Substantial Accretion and Rapid Deleveraging Upon Closing * EPS accretion of more than 100% expected in year 1 * Projected pro forma EPS, EBITDA and FCF growth rates over 2018-2021 improve by ~70%, ~30% and “60%, respectively, versus Tronox standalone * Pre-tax run-rat
Slide 6: Transaction Summary
Transaction Summary Transaction Overview Governance & Leadership Key Closing Conditions Cristal shareholders to receive $1.673 billion of cash plus Class A ordinary shares representing 24% ownership in pro forma Tronox Cash portion of purchase consideration expected to be funded through proceeds fro
Slide 7: Cristal Overview
Cristal Overview * World’s 2" largest TiO, pigment producer Cristal Revenue by Geography Middle East & Africa — 84% chloride 19% — 858 kMT of nameplate production capacity Asia Pacific 26% * 2011-2016 average EBITDA of $385 million Europe P * High-quality, well-invested assets, with highly 22% Vay-
Slide 8: Creates World's Largest TiO2 Producer
Creates World’s Largest TiO, Producer Nameplate Production Capacity (kMT) 1,242 810 Chemours © cRISTAL Huntsman Lomon Kronos Billions TRONOX > ©DP @ @= @2@ @ OQ TRONOX Source: 1HS and company filings. 7
Slide 9: World's Most Highly Integrated TiO2 and Mineral Sands Producer
World’s Most Highly Integrated TiO, and Mineral Sands Producer New Tronox Mineral Sands Production Feedstock Balance Shifts (2018E) Rio Tinto (kMT, TiO, units) 7 Short 1,340 Others acne 39% : ! | New — ! = Seal 530 Titania —> 3% Iluka Base Resources TiZir Kenmare 9% aan T en T t = r — 4 “ee * World’
Slide 10: Expanded Global Footprint
Expanded Global Footprint Stallingborough Botlek Thann Fuzhou UK lands France China Ashtabula 1&2 Capacity: 165 kMT Capacity: 90 KMT Capacity: 32 kMT Capacity: 46 KMT USA a . a e y Capacity: 245 kMT Stamford USA Corporate Offices Snapper h Australia Hamilton USA Capacity: 225 KMT Bunbury Australia C
Slide 11: Balanced Geographical Sales Mix
Balanced Geographical Sales Mix 1 Tronox Cristal I New Tronox I : I ' 1 Middle I East and Middle I Middle 1 Africa East and I — ; AsiaPac Africa AsiaPac rica AsiaPac Europe 6% 30% 19% 27% 1 14% pn I 17% | 1 . I | Europe 1 . 1 20% i ~S Europe I ; a 28 LatAm I LatAm I North in 16% i 11% I " North I No
Slide 12: Significant Shareholder Value Creation Potential
Significant Shareholder Value Creation Potential Average EBITDA 2011 — 2016") ($ millions) Tronox Cristal Year 3 New Tio, Synergies Tronox TRONOX (y Does not reflect any future price recovery. 11
Slide 13: Highly Synergistic Combination
Highly Synergistic Combination Components of Synergies ($ millions) One-time Costs to Achieve ($ millions) {$ millions) ($ millions) ~$60 ~$230 B Logistics @ Supply Chain @ Feedstock m SG&A @ Operations ~$200 Si ~$20 -*$25 yy "2 Q417E 2018E 2019E 2020E 2021E mCapex @P&L Sources of Synergies * Full u
Slide 14: World's Largest and Most Highly Integrated TiO2 Producer
World’s Largest and Most Highly Integrated TiO, Producer Highly Strategic and Synergistic Combination Substantially Accretive and Deleveraging Upon Closing Higher Growth Rates, Faster-growing EBITDA, Free Cash Flow and Earnings Expanded Global Footprint, Increased Participation in Emerging Markets S
Slide 15: Fourth Quarter 2016 Summary
Fourth Quarter 2016 Summary 4Q16 ($ millions) Consolidated Alkali Corporate Revenue 548 352 196 - Adjusted EBITDA (Non-GAAP) 105 80 46 (21) Cash Provided by (Used in) 38 98 33 (43) Operating Activities Capital Expenditures (32) (26) (5) (1) Free Cash Flow ') (Non-GAAP) 56 TiO, ($ millions) 4Q16 3Q16
Slide 16: Fiscal Year 2016 Summary
Fiscal Year 2016 Summary FY 2016 ($ millions) Consolidated Corporate Revenue 2,093 1,309 784 - Adjusted EBITDA (Non-GAAP) 314 236 149 (71) Cash Provided by (Used in) Operating Activities zit a2 ass (276) Capital Expenditures (119) (84) (33) (2) Free Cash Flow |) (Non-GAAP) 92 259 111 (278) TRONOX (1
Slide 17: Q&A Session
Q&A Session www.tronox.com
Slide 18: Appendix - Fourth Quarter 2016 Results
Appendix - Fourth Quarter 2016 Results www.tronox.com
Slide 19: Fourth Quarter 2016 Summary
Fourth Quarter 2016 Summary 4Q16 ($ ions) Consolidated Revenue 548 352 196 - Adjusted EBITDA (Non-GAAP) 105 80 46 (21) Opetngnanier ss se 38 (a) Capital Expenditures (32) (26) (5) (1) Free Cash Flow ") (Non-GAAP) 56 72 28 (44) * Strong adjusted EBITDA and free cash flow performance: TiO, and Alkali
Slide 20: TiO2 Fourth 2016 Performance
TiO, Fourth 2016 Performance i0, ($ ions) 4Q16 3Q16 4Qis i0, ($ mi Revenue 352 339 336 Cash Provided by Operating Activities 98 Income(Loss) from Operations 18 18 (65) Capital Expenditures (26) Adjusted EBITDA (Non-GAAP) 80 75 36 Free Cash Flow ") (Non-GAAP) 72 Compared to 4015 * Revenue up 5% led b
Slide 21: Alkali Fourth Quarter 2016 Performance
Alkali Fourth Quarter 2016 Performance Alkali ($ ions) ) Revenue 196 194 199 Cash Provided by Operating Activities 33 Income from Operations 30 23 23 Capital Expenditures (5) Adjusted EBITDA (Non-GAAP) 46 40 38 Free Cash Flow “) (Non-GAAP) 28 Compared to 4Q15 * Revenue down 2% as sales volumes level
Slide 22: Fourth Quarter 2016 Financial Position
Fourth Quarter 2016 Financial Position Tronox ($ millions) 4Q16 3Q16 4Q15 Tronox ($ millions) Dec 31, 2016 Corporate Gross Consolidated Debt 3,054 Income(Loss) from Operations (16) (16) 4 Debt, Net of Cash 2,806 Adjusted EBITDA (Non-GAAP) (21) (17) (14) Cash and Cash Equivalents 248 Cash Used in Ope
Slide 23: TiO2 Operational Excellence
TiO, Operational Excellence On track to generate more than $600 million cash over 2015-2017 Cash from Cost Reductions and Working Capital Reductions for the three-year period 2015-2017 Versus 2014 Baseline 2015 2016 2017 Actual Actual Target Cost Reduction 99 99. Less Cost to Deliver (9) (16) Sustai
Slide 24: 2016 TiO2 EBITDA Bridge
2016 TiO, EBITDA Bridge ($ Millions) labor Raw Materials Net $73 Outside Services Realized Maintenance, Supplies & Rentals from 2016 Energy Initiatives $316 Inflation Includes ~$12m of $36 facia ($36) —e from 2015 P $101 Initiatives ($42) $236 $215 ($33) $38 {- ae 2015 Net Cash Selling Sales FXon EB
Slide 25: 2017 Perspectives
2017 Perspectives TiO, TiO, momentum generated in 2016 continues into 2017 Tight global supply-demand balance; pigment inventories, in aggregate, at or below normal at customer and producer levels Matching pigment production to demand while keeping inventory at or below normal levels Announced pigme
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