#1#2#3Cost Structure Axalta again exceeded its targets in both temporary and structural cost savings during Q4, ending the year with over $215 million in total in-year savings versus guidance of $195 million. This included temporary savings of $150 million versus a target of $130 million. Axalta also delivered $13 million in planned savings associated with the restructuring announced in July. Axalta also exceeded its full year target for cash flow actions, with realized total savings of $155 million versus the target of at least $140 million. The cash actions taken include capex reductions from our initial 2020 guidance, as well as other reductions in discretionary capital uses, deferrals of cash tax payments, and actions to generate working capital savings. These combined actions were critical factors in helping offset to the negative pandemic-driven volume effects seen in 2020. Q4 Consolidated Results (in million, except per share data) Performance Transportation Net Sales Income from ops Adjusted EBIT % margin Diluted EPS Adjusted EPS $1,098 Financial Performance PROPRIETARY 2020 704 Sensitivity: Business Internal 04 1,075 163 2:05 19.1% $ 0.30 Q4 Volume Price 2019 (0.29% $ 2019 730 369 1,098 109 174 15.8% 0.18 Net Sales Variance % Change Incl. FX Excl. FX (3.5% 0.5% (2.2% 49.5 % 18.4 % 66.7 % 38.1 % FX Acq. (2.215 $1,075 Q4 2020 5 Commentary Continued Q4 net sales recovery across most end-markets ■ ■ A AXALTA ■ Q4 2020 net sales included sequential quarterly growth versus Q3 2020 across all end-markets; Industrial and Light Vehicle also increased versus prior year Refinish demand impacted starting mid-Q4 by incremental pandemic-driven restrictions primarily in EMEA and North America FX tailwinds driven by the Euro and Chinese Renminbi, partly offset by the Brazilian Real Strong Adjusted EBIT Ongoing cost actions and variable cost tailwinds produced substantial YOY Adjusted EBIT growth in Q4 2020 despite lingering effects from pandemic on volumes Slide 5: Q4 Consolidated Results Organic constant currency net sales decreased 4.0% overall for the fourth quarter, narrowing the year- over-year headwind in volumes with continued sequential volume recovery despite ongoing pandemic- driven impacts seen against the prior year comparison. Demand recovery exceeded expectations in many areas, including substantial improvement in industrial production globally, and a solid recovery in new vehicle builds most notably in the Americas and EMEA, with China already largely recovered in aggregate earlier in the year. AXALTA COATING SYSTEMS Fourth quarter net sales, before FX impacts, decreased 4.0% year-over-year, including a 6.0% decrease from Performance Coatings offset partly by a 0.4% increase from Transportation Coatings. 3#4Lower volume of 3.8% for the quarter was driven by pressure led by North America, with more moderate impact in EMEA and Asia Pacific, and partially offset by low single digit increases in Latin America. Price-mix contribution was essentially neutral in the aggregate (down 0.2%) with Light Vehicle slightly positive overall. As with prior recent quarters, the principal driver of the metric during the period has been product mix differences, largely within Performance Coatings, as pricing has remained positive. FX translation was a modest tailwind of 1.8%, driven by the stronger Euro and Chinese Renminbi, offset by weakness notably for the Brazilian Real. Fourth quarter Adjusted EBIT was $205 million versus $174 million in the prior year quarter, a strong result taken in the context of lower volumes year-over-year. This was driven principally by operating cost reductions as well as lower variable input costs and modest FX tailwinds, offset partly by the drop- through impact of volume reductions. Q4 Performance Coatings Results ($ in million) Refinish Industrial Net Sales Adjusted EBIT % margin $730 PROPRIETARY Financial Performance 2020 Sensitivity: Business Internal 418 286 704 130 04 18.4% (0.3% 04 Volume Price 2019 2019 466 264 730 118 16.2% Net Sales Variance % Change Incl. FX Excl. FX (10.4% (13.0% 6.2 % (6.0% 2.5% (3.5% 9.7% FX Acq. (3.51% $704 Q4 2020 6 Commentary Net sales continue to improve each quarter sequentially since Q2 low I I I AXALTA i November and December restrictions impact on miles driven providing headwind to Refinish volume recovery Industrial volumes improved versus prior year on enhanced market conditions globally; Q4 2020 net sales increased YOY across all Industrial businesses FX tailwinds driven by the Euro and Chinese Renminbi, partly offset by the Brazilian Real Improved Adjusted EBIT and margins despite ongoing volume pressure Positive earnings comparisons aided by ongoing cost actions and variable cost tailwinds to offset volume pressures; Adjusted EBIT margin up 220 bps Slide 6: Q4 Performance Coatings Results Performance Coatings Q4 net sales decreased 6.0% year-over-year excluding a 2.5% FX tailwind. The result was driven principally by 5.8% lower volumes and a 0.3% decrease in average price-mix. 4 AXALTA COATING SYSTEMS#5#6#7#8#9#10#11#12#13#14#15#16#17#18#19#20