#1A AXALTA Investor Presentation November 8, 2021#2Legal Notice Forward-Looking Statements This presentation may contain certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 regarding Axalta and its subsidiaries, including our 2021 outlook, which includes net sales growth, currency effects, acquisition or divestment impacts, Adjusted EBIT, Adjusted diluted EPS, Adjusted EBITDA, interest expense, income tax rate, as adjusted, free cash flow, capital expenditures, depreciation and amortization and diluted shares outstanding, the effects of COVID-19 on Axalta's business and financial results, the timing or amount of any future share repurchases, our longer term financial projections and goals and our business strategies. Axalta has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "assumes," "estimates," "is likely," "outlook," "projects," "forecasts," "may," "will," "should," "plans" and "intends" and the negative of these words or other comparable or similar terminology. All of these statements are based on management's expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of Axalta's control, including the effects of COVID-19, that may cause its business, industry, strategy, financing activities or actual results to differ materially. The impact and duration of COVID-19 on our business and operations is uncertain. Factors that will influence the impact on our business and operations include the duration and extent of COVID-19, the extent of imposed or recommended containment and mitigation measures, and the general economic consequences of COVID-19. More information on potential factors that could affect Axalta's financial results is available in "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" within Axalta's most recent Annual Report on Form 10-K, and in other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission. Axalta undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures The historical and forward-looking financial information included in this presentation includes financial information that is not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including constant currency net sales growth, income tax rate, as adjusted, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, ROIC, and Adjusted EBITDA to interest expense coverage ratio. Management uses these non-GAAP financial measures in the analysis of our financial and operating performance because they assist in the evaluation of underlying trends in our business. Adjusted EBITDA, Adjusted EBIT and Adjusted diluted EPS consist of EBITDA, EBIT and Diluted EPS, respectively, adjusted for (i) certain non-cash items included within net income, (ii) certain items Axalta does not believe are indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. We believe that making such adjustments provides investors meaningful information to understand our operating results and ability to analyze financial and business trends on a period-to-period basis. Adjusted net income shows the adjusted value of net income (loss) attributable to controlling interests after removing the items that are determined by management to be items that we do not consider indicative of our ongoing operating performance or unusual nonrecurring in nature. Our use of the terms constant currency net sales growth, income tax rate, as adjusted, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, ROIC, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio may differ from that of others in our industry. Constant currency net sales growth, income tax rate, as adjusted, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio should not be considered as alternatives to net sales, net income (loss), income (loss) before operations or any other performance measures derived in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. Constant currency net sales growth, income tax rate, as adjusted, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, ROIC, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. This presentation includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. Axalta does not provide a reconciliation for non-GAAP estimates for constant currency net sales growth, Adjusted EBIT, Adjusted EBITDA, Adjusted diluted EPS, income tax rate, as adjusted, or free cash flow on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. For example, such reconciling items include the impact of foreign currency exchange gains or losses, gains or losses that are unusual or nonrecurring in nature, as well as discrete taxable events. We cannot estimate or project these items and they may have a substantial and unpredictable impact on our US GAAP results. Constant Currency: Constant currency or ex-FX percentages are calculated by excluding the change in average exchange rates between the current and comparable period by currency denomination exposure of the comparable period amount. Organic Growth: Organic growth or ex-M&A percentages are calculated by excluding the impact of recent acquisitions and divestitures. Segment Financial Measures: The primary measure of segment operating performance is Adjusted EBIT, which is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects Axalta's core operating performance. As we do not measure segment operating performance based on net income, a reconciliation of this non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP is not available. Defined Terms: All capitalized terms contained within this presentation have been previously defined in our filings with the United States Securities and Exchange Commission. Rounding: Due to rounding the tables presented may not foot. AXALTA COATING SYSTEMS 2#3Contents Overview of Axalta Q3 2021 Earnings Financial Forecast through 2024 Appendix AXALTA COATING SYSTEMS 3#4Strategic and Complementary Businesses 2021E NET SALES ~$4.4B BY GEOGRAPHY Latin America Refinish Light Vehicle 9% 40% 39% North America 23% 30% Industrial 7% Commercial Vehicle Asia Pacific 15% 37% EMEA Refinish Performance Coatings Industrial ■ Independent body shops General Industrial Multi-shop operators (MSOs) Building Products ■ Auto dealership groups Energy Solutions Light Vehicle ■ Automotive OEMs Mobility Coatings ■ Plastic and composite components ■ Automotive coatings application services STRONG AND DIVERSIFIED END MARKETS Commercial Vehicle Heavy duty and utility trucks ■Rail, bus and machinery Recreational and off-road Light marine and aviation AXALTA COATING SYSTEMS 4#5Well-Established Coatings Industry Innovator KEY STATISTICS TM 150+ 140+ SYROX Years in Coatings Countries 4% R&D and Technical Service Investment 32 Global Laboratories 50+ BRANDS SPIES HECKER nason Cromax finishes AquaEC™ AlestaⓇ Powder Coatings 50+ New Product Platforms per Year ~13,000 Team Members DUXONEⓇ ~30M Vehicles Coated per Year 47 Manufacturing Sites STANDOX IMRON™ AXALTA COATING SYSTEMS 5#6Well-Positioned for Favorable Macro Trends and Drivers REFINISH Near-Term Trends Benefits from ongoing traffic recovery accelerated by the COVID-19 vaccination rollout, creating a 1-2-year demand tailwind 2021E Net Sales Total Addressable Market Position1 Market $1.8B /$ $7.0B #1 INDUSTRIAL Global industrial production of 6-7% expected in 2021 $1.3B 3/$ $65.0B #2 / #4 Strong end customer demand although LIGHT VEHICLE impacted by semiconductor chip and other $1.0B supply shortages in 2021 COMMERCIAL VEHICLE $8.5B #2 Truck production experiencing global demand recovery; 20%+ growth expected for 2021 (ex China) $0.3B 3 / $3 $3.5B #1 Source: Orr & Boss. 1. #2 for Global Industrial E-Coat Supplier, North American Wood Coatings Supplier and #4 Global Electrical Insulation Supplier, Light Vehicle tied with peer and #1 Globally in commercial truck & bus and CV in Americas. AXALTA COATING SYSTEMS 6#7#1 Market Position in an Attractive Industry Refinish Market Established & Emerging Markets 130bps market share expansion over the past three years Other Peers | 20% ▲ 26% AXTA MARKET SHARE Emerging Markets $6.8B Peer D | 10% Addressable Market1 Peer A | 22% Peer C | 10% Peer B | 12% MARKET DRIVERS EMERGING MARKETS 23% $1.8B Net Sales 77% Well-established Markets WELL-ESTABLISHED MARKETS LA APAC ↑ ↑ GC NA EMEA MILES DRIVEN ACCIDENT VOLUME RATE PER REPAIR PRICE IMPACT #2 #3 #2 #1 #1 Refinish market is stable and expected to grow 2.5% YoY 1. Based on 2019 data Opportunity to expand Market Share Strong in the two largest markets AXALTA COATING SYSTEMS 7#8Industrial Coatings Snapshot General Industrial Appliances ■ Architectural Extrusions ■ Coil Coatings Heavy Machinery ■ Oil & Gas ☐ Storage and Fencing ■ Structural Steel Building Products ■ Doors, Frames, and Trim ■ Furniture ■ Kitchen Cabinets ■ Residential Siding ■ Wood and Luxury Vinyl Flooring Energy Solutions Distribution Transformers ■ Electric Vehicles Energy Storage ■ Power Generation ■ Power Tools Wind Turbines 14,000+ Customers #2 Global Industrial E-Coat Supplier #2 North American Wood Coatings Supplier #2 Global Electrical Insulation Supplier GLOBAL PRESENCE WITH LARGE AND DIVERSE CUSTOMER BASE 39 Manufacturing Sites 80+ Countries AXALTA COATING SYSTEMS 8#9Mobility At A Glance 3,500 Employees 20 Manufacturing Facilities 2021E Net Sales by Segment Commercial Vehicle 23% $1.3B 77% Light Vehicle #1 Technology / R&D Centers in Truck & Bus 2021E Net Sales by Region APAC 16% #2 in Light Vehicle $1.3B EMEA 56% 28% Americas AXALTA COATING SYSTEMS 9#10Shareholder Value Creation Algorithm Strategic Imperatives Advance Innovation Grow Above Market Inspire People Drive Execution CREATING A VALUE COMPOUNDER AXALTA COATING SYSTEMS 10#11Creating a Value Compounder Advance Innovation PRODUCT ◉ Rapid new product development and commercialization Color aesthetics, sustainability, productivity and performance SERVICE ☐ Expand service offerings to enhance value to customers Innovative service models via digitization BUSINESS MODEL ■ Creative business models • Unique approaches to create customer value PROCESS ■ New process technologies to enhance production at global scale ■ New business processes to drive efficiencies AXALTA COATING SYSTEMS 11#12Creating a Value Compounder Grow Above Market GEOGRAPHIC EXPANSION ■ Accelerate growth in underpenetrated markets (e.g., China / Asia Pacific) DIVERSIFICATION ■ Grow current business verticals and add new industrial end markets CUSTOMER REACH Expand market access via distribution channels TECHNOLOGY & DATA Capitalize on digitization and automation STRATEGIC M&A Strategic bolt-ons and high-growth adjacencies AXALTA COATING SYSTEMS 12#13Creating a Value Compounder Drive Execution METRICS DRIVEN Safety, quality, service, cost, people development OPERATIONAL AND COMMERCIAL EXCELLENCE ■ Drive productivity; Axalta Operational Excellence roll out ■ Metrics driven accountability GLOBAL PRODUCTIVITY ■ Axalta Way productivity targets, process reengineering to reduce global cost structure (001) 4.215 7.982 52.213 6.214 (001) 9.325 2.367 5.236 4.287 52.213 AXALTA COATING SYSTEMS 13#14Creating a Value Compounder Inspire People TALENT DEVELOPMENT ■ Refreshed leadership team and added new board members with diverse, relevant skill sets CULTURE ■ Performance-driven culture that fosters empowerment, innovation and calculated risk taking ACCOUNTABILITY Driving ownership and accountability deeper into the organization through operating structure realignment and incentive compensation BEHAVIORS ■ Ownership mindset as a common culture, with a goal for every employee to embrace a commitment to safety, ethical behavior and sustainability 00 INSPIRE OUR PEOPLE TO EXCEL IN A HIGH-PERFORMANCE, CUSTOMER-CENTRIC CULTURE AXALTA COATING SYSTEMS 14#15Global and Diverse Operating Footprint Largest Manufacturing Sites Manufacturing Sites Mt Clemens Front Royal Current State ■ 30 liquid paint manufacturing sites ▪ 8 resin manufacturing sites (1 standalone) ■ 16 powder manufacturing sites Wuppertal Opportunities ☐ Deepen footprint in Asia Jiading - Integrate and simplify acquired networks ■ Adapt capabilities to shifting customer requirements ☐ Retool distribution network to improve service and cost AXALTA COATING SYSTEMS 15#16Active Pipeline with Proactive Approach to Strategic M&A 25 Track Record >$160M >$780M Acquisitions since 20151 Annual Revenues Incremental EBITDA1 Acquisition Benefits: ■ Growth and cost synergies ■ Globalization of regional product lines ■ Market access and capacity with fit-for-purpose cost structure ■ Acceleration of new product introductions Acquire new skill sets and capabilities Attractive Markets Technology/ Capability Strategic Bolt-ons Systematic Filters High-Growth Adjacencies Geographic Expansion Growth/Cost Synergies DISCIPLINED ACQUISITIONS KEY ELEMENT OF VALUE CREATION ALGORITHM 1. Annual Revenues and Incremental EBITDA based on TTM at time of closing AXALTA COATING SYSTEMS 16#17World-Class Technology Organization Global Infrastructure and Coatings Expertise Global Innovation Center Regional Technology Center Regional Laboratory Wuppertal Detroit Philadelphia Shanghai Focus on color technology, polymer & formulation chemistry and coatings application Global technology community of 1,300+ scientists, engineers and technicians with diverse skills/disciplines Focused teams for product development, process enhancements and technical support AXALTA COATING SYSTEMS 17#18Product Innovation Drives Organic Growth 2021 Technology Investment ■ $183M/year estimated R&D and technical services investment ■ Investment across all business segments ■ Introduce over 50 new product platforms per year that drive the majority of organic growth Focused customer solutions that drive growth and defend key business > 50 New Platform Innovations Per Year 24 AXALA UNRIVALED PREFINISH- >500/yr Product Modifications Voltaprem 5000 Imron® Elite Direct-To-Plastic Superior technology worthy of our name AXALTA AquaEC TM The SuprAnodic Collection ~20,000/yr Service Requests >20,000/yr Color Developments TECHNOLOGY INVESTMENT DRIVING TANGIBLE BUSINESS IMPACT AXALTA COATING SYSTEMS 18#19Differentiated Technology Across End-Markets Refinish Industrial Light Vehicle Commercial Vehicle Industry leading color capability ■ Most productive waterborne basecoat technology ■ Develop tailored technology for Premium, Mainstream and Economy segments ■ Low emission electrical insulation materials for energy and e-mobility markets Award winning primer and enamel coatings for cabinetry Super durable extrusion products with best-in-class quality Broadest portfolio of harmonized coating technology ◉ Industry leading premium clearcoats ■ E-coat that enables expanded list of substrates and EV platforms Benchmark for appearance and productivity for truck and bus market ■ Broadest custom color solutions Industry leading corrosion and chip resistance AXALTA COATING SYSTEMS 19#20Contents Overview of Axalta Q3 2021 Earnings Financial Forecast through 2024 Appendix AXALTA COATING SYSTEMS 20 20#21Q3 2021 Consolidated Results Financial Performance % Change 14.1 % (10.1)% Excl. F/X ($ in millions, except Q3 per share data) 2021 2020 Incl. F/X Performance Coatings 779 683 Mobility Coatings 309 344 Net Sales 1,089 1,027 6.0 % 12.9 % (11.6)% 4.7 % Income (loss) from ops 125 142 (12.0)% Adjusted EBIT 146 210 (30.6)% % margin 13.4 % 20.4 % Diluted EPS Adjusted EPS 0.30 0.35 (14.3)% 0.39 0.59 (33.9)% $1,027 (1.6)% Net Sales Variance 4.5% 1.3% 1.8% 6.0% $1,089 Commentary Net sales increased from price-mix tailwinds and M&A contribution; strong volume outside of Light Vehicle Q3 net sales YOY growth across all end-markets except Light Vehicle Three of four end-markets show volume growth; Light Vehicle impacted by supply chain shortages Pricing actions benefited all end-markets Initial M&A contribution from recently closed acquisitions FX tailwind driven by the Renminbi, Euro, and Pound YOY Adjusted EBIT reduction for the third quarter Headwinds from lower Mobility volumes, raw material inflation, absence of temporary savings, and higher logistics costs, offset partly by pricing actions Q3 2020 Volume Price/Mix FX Acq. Q3 2021 AXALTA COATING SYSTEMS 21#22Q3 2021 Performance Coatings Results Financial Performance Q3 % Change ($ in millions) 2021 2020 Incl. F/X Excl. F/X Refinish Industrial 443 402 10.4 % 9.1 % 336 281 19.5 % 18.3 % Net Sales 779 683 14.1 % 12.9 % Adjusted EBIT 123 134 (8.3)% % margin 15.8 % 19.6 % $683 5.2% Net Sales Variance 5.0% 1.2% 2.7% 14.1% $779 Q3 2020 Volume Price/Mix FX Acq. Q3 2021 Commentary Despite ongoing supply chain constraints, net sales growth driven by volume recovery, pricing realization, M&A and FX tailwinds ■ ◉ ■ Increased volumes from both Refinish and Industrial despite moderate supply chain constraints Positive contribution from price-mix across both end- markets as pricing actions continue; mix a modest headwind Initial M&A contribution from recently closed acquisitions FX tailwind driven by the Renminbi, Mexican Peso, Euro, and Pound Adjusted EBIT saw a YOY reduction from raw material pressure and absence of temporary savings Headwinds from raw material inflation, absence of temporary savings, and higher logistics costs, offset partly by pricing actions and volume recovery AXALTA COATING SYSTEMS 222 22#23Q3 2021 Mobility Coatings Results Financial Performance Q3 ($ in millions) 2021 2020 Incl. F/X Light Vehicle 235 276 Commercial Vehicle 74 68 (14.8)% 9.0 % Net Sales 309 344 Adjusted EBIT (3) 49 (10.1)% (105.6)% (16.5)% 8.2 % (11.6)% % margin (0.9)% 14.1 % Net Sales Variance (15.2)% $344 3.6% 1.5% % Change Excl. F/X (10.1)% $309 Commentary Net sales reduction despite pricing actions as volumes were hindered by supply shortages Axalta volumes largely aligned with reductions in Light Vehicle global builds, offset partly by modest increases in Commercial Vehicle volumes Price-mix improvement driven largely by indexing and price increases in Light Vehicle and Commercial Vehicle FX tailwind driven by the Renminbi, Euro, and Real Supply shortages and raw material inflation drove YOY reduction in Adjusted EBIT, offset partly by pricing actions Adjusted EBIT reduction from supply shortages, raw material inflation, and absence of temporary savings, offset partly by pricing actions Q3 2020 Volume Price/Mix FX Q3 2021 AXALTA COATING SYSTEMS 223#24Debt and Liquidity Summary Capitalization Interest @ 9/30/2021 Maturity $ 628 ($ in millions) Cash and Cash Equivalents Debt: Revolver ($550 million capacity) (1) Variable 2026(2) First Lien Term Loan (USD) Variable 2,032 2024 Total Senior Secured Debt 2,032 Senior Unsecured Notes (EUR) (3) Fixed 520 2025 Senior Unsecured Notes (USD) Fixed 493 2027 Senior Unsecured Notes (USD) Fixed 690 2029 64 44 3,843 3,215 920 3.5x 6.7x Finance Leases Other Borrowings Total Debt Total Net Debt (4) LTM Adjusted EBITDA Total Net Leverage (5) Interest Coverage Ratio (6) (1) $516 million available on our undrawn revolver net of letters of credit (2) Maturity will be accelerated to 2024 in certain circumstances as set forth in Amendment No. 10 (3) Assumes exchange rate of $1.1671 USD/Euro (4) Total Net Debt = Total Debt minus Cash and Cash Equivalents (5) Total Net Leverage = Total Net Debt / LTM Adjusted EBITDA (6) Interest Coverage Ratio = LTM Adjusted EBITDA / LTM Interest Expense Commentary ■ Net leverage of 3.5x at September 30, 2021 increased from 2.6x at June 30, 2021, reflecting U-POL acquisition cash funding, share repurchases, and decline in LTM EBITDA Over $1.1 billion in available liquidity at September 30, 2021 Weighted average cost of debt of 3.07% at September 30, 2021 Long-term debt interest rates are effectively 89% fixed - $250 million of term loan debt protected from rising interest rates with 3-month USD LIBOR capped at 1.50% - $1.375 billion of term loan debt fixed with interest rate swaps at weighted average of 1.84% AXALTA COATING SYSTEMS 24#25Full Year 2021 Guidance Strong Sales Growth Adj. EBIT / Adj. EPS 2021 Targets ■ Includes ~2% FX and ~2% M&A benefit vs. 2020 Net Sales: up ~19% ■ 2021 Adj. EBIT and Adj. EPS at mid-point up 22% and 32% respectively versus 2020 Adj. EBIT: $645-$665M Adj. EPS: $1.70-$1.80 Robust Cash Flow ~$155M capex; FCF excludes impact from operational matter1 FCF: $410-$430M Other Assumptions 1. Detailed in 10-K and 10-Q filings with the SEC D&A includes $106M step-up D&A Assumes no incremental share repurchases Tax Rate: ~21-22% Interest Expense: ~$135M Diluted Shares: ~232M D&A: ~$320M AXALTA COATING SYSTEMS 25#26Resilient Financial Performance ($M) Net Sales CAGR 2.3%1 Adj. EBITDA & Margin Adj. EPS ($M) $4,696 CAGR 0.5%1 CAGR 1.0% $4,482 $4,377 $4,435 $1.80 $902 $885 $937 $939 $1.75 $1.70 $885 $4,093 $760 $3,738 $864 $1.33 $3,968 22% 21% 20% 20% 20% 20% 2016 2017 2018 2019 2020 2021E Represents Pro Forma Net Sales ex Venezuela and China Powder JV ■ 2021E: Continued sales volume recovery although hampered by supply constraints including semiconductor chip and other supply shortages coupled with pricing actions as well as M&A contribution 2020: Pandemic impacts included 42% net sales reduction in Q2 YoY; 2H bounce-back was strong 2016 2017 2018 2019 2020 2021E Represents Pro Forma Adj. EBITDA ex Venezuela and China Powder JV ■ Stable EBITDA margin driven by Axalta Way; culture of cost discipline ■ 2021E: Increase from sales volume, pricing actions, and M&A contribution, partly offset by absence of temporary savings and raw material inflation ■ 2020: Pandemic impact primarily in 1H; 2H recovery driven by both volume rebound and aggressive cost management Note: 2021E reflects mid-point of guidance range for Net Sales, Adj. EBITDA and Adj. EPS 1. Calculated from 2016 Pro-Forma Net Sales baseline ex Venezuela and China Powder JV which was sold in 2019 2018 2019 2020 2021E ■ 2021E: Demonstration of earnings power with stronger volume, improved price/mix to offset raw material inflation, and continued focus on cost structure" 2020: EPS pressured in 1H due to pandemic; 2H results were stronger year-over-year and record levels aided by cost management actions AXALTA COATING SYSTEMS 26#27Strong Free Cash Flow Generation ($M) $423 $415 $362 47% 47% 39% $475 $442 $420 58% 51% $136 $143 $125 $113 $82 48% $155 Key Points Targeting FCF conversion of 45-50% ■ Robust and consistent free cash flow bolstered by relatively low capital intensity Anticipate improving conversion medium term driven by continued working capital management focus ■ 2021E FCF includes underlying EBITDA recovery, offset by: Absence of incremental cost and cash actions in 2020 due to COVID-19 Outsized CapEx of $155M reflecting SAP implementation and 2020 catch-up Severance of ~$40M 2016 2017 2018 2019 2020 2021E CapEx FCF -FCF Conversion FREE CASH FLOW PROFILE SHOWS CONTINUED IMPROVEMENT AND RESILIENCY THROUGH CYCLES Note: Represents mid-point of FY 2021 guidance FCF calculated as adj. EBITDA less changes in NWC less Capex; FCF Conversion calculated as FCF / Adj. EBITDA AXALTA COATING SYSTEMS 27#28Capital Structure and Credit Metrics Overview Leverage Trends1 Interest Coverage (Adj. EBITDA)² 62.0% 60.5% 62.5% 60.7% 55.1% 48.5% 6.0x 5.9x 5.8x 3.6x 3.5x 5.1x 3.4x 5.1x 3.3x 3.0x 3.0x 2016 2017 2018 2019 2020 Q3 2021 -Net Debt / Total Capital Net Debt / Adj. EBITDA Cost of Debt³ 4.1% 3.8% 3.8% 3.4% 2016 2017 6.7x 2018 2019 2020 Q3 2021 Debt Maturity Profile 2,032 First Lien Term Loan (USD) ■Senior Unsecured Notes (EUR) ■Senior Unsecured Notes (USD) 690 520 493 3.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 LONG-TERM NET LEVERAGE TARGET OF ~2.5X 1. Net debt / Total Capital = Total Debt - Cash / Total Capital & Net Debt / LTM Adj. EBITDA = Total Debt - Cash / LTM Adj. EBITDA 2. Interest Coverage EBITDA / LTM Interest Expense 3. Cost of Debt = LTM Total Interest Expense / Total Debt less Leases and Other Borrowings. = LTM Adj. AXALTA COATING SYSTEMS 28#29Disciplined Capital Allocation Framework Uses of Cash 2016-2020 Debt Paydown 18% M&A 35% Share ~$2.2B Repurchases 20% 27% CapEx Capital Allocation Priorities CapEx Maintenance CapEx of $30-50M per annum - - Ongoing productivity and footprint optimization S/4HANA implementation ■ M&A - Disciplined approach to strategic bolt-ons and high-growth adjacencies ■ Share Repurchases - Multi-year program; ~$600M remaining on authorized program ■ Debt Paydown - Long-term leverage target of ~2.5x ROBUST FRAMEWORK FOCUSED ON GROWTH AND SHAREHOLDER VALUE CREATION AXALTA COATING SYSTEMS 29#30Contents Overview of Axalta Q3 2021 Earnings Financial Outlook through 2024 Appendix AXALTA COATING SYSTEMS 30 30#31Mid-Term Portfolio Focus through 2024 Targeting above market organic growth and a more diversified portfolio through strategic M&A Annual Targets Growth Drivers ■ Market recovery tailwinds with ongoing economic recovery Innovation driven growth from new products Organic 4-5%+ Growth CAGR '19-'24 ☐ Emerging market penetration with existing and new products 9-10% Growth Total Sales (including M&A) ■ Share of wallet opportunity with existing customers Disciplined approach Strategic bolt-ons and high-growth adjacencies SOLID ORGANIC GROWTH AND STRATEGIC CAPITAL DEPLOYMENT TO CREATE SHAREHOLDER VALUE AXALTA COATING SYSTEMS 31#324-Year Financial Outlook to 2024 Net Sales Earnings Growth ■ Ongoing market recovery and share opportunities (~45%) ■ Increased revenue from new markets and products (~30%) ■ Increased revenue from emerging markets (~25%) ■ M&A: strategic bolt-ons and high-growth adjacencies ■ Modest margin improvement driven by overhead leverage 2024 TARGETS 4-5% Organic Growth (CAGR '19-'24) aEPS: $2.90-3.10 in 2024 Robust Cash Flow Free cash flow conversion at least 45%1 Strong focus on working capital management $2.4B cumulative 4-Year FCF2 Efficient Capital Allocation Strong Balance Sheet ■ ROIC focused investment decisions - mid-teens IRR minimum for new investment ■ More aggressive focus on M&A and Share Repurchases Expect to become an investment grade issuer over time ■Maintain flexibility for opportunistic M&A Majority of 4-Year FCF deployed in M&A & Repurchases ~2.5x net leverage ratio 1. FCF is Operating Cash Flow less Capex plus Cash Swaps; conversion is FCF/Adjusted EBITDA 2. Excludes potential cash outflow from "operational matter”; net of any insurance recoveries AXALTA COATING SYSTEMS 32#33Well-Positioned for Growth Given Demand through 2024 Industry Demand Trends Net Sales (CAGR '19-'24) Net Sales (CAGR '20-'24) REFINISH $1.8B1 Market recovery aligned with traffic normalization and GDP growth; 2-year tailwind expected ~3.5% ~9.5% INDUSTRIAL $1.3B1 Continued global industrial production recovery anticipated in core markets ~7.0% ~11.0% 442.222 LIGHT VEHICLE $1.0B1 Automotive market recovery tailwinds expected through at least 2024 though transitory headwinds from semiconductor shortage through 2022 -3.0% ~10.0% COMMERCIAL VEHICLE $0.3B1 Robust commercial vehicle production build expected through 2023 ~5.0% ~14.5% 1. 2021E Net Sales A WEAKER DOLLAR WILL BENEFIT AXALTA GIVEN GLOBAL SALES BASE AXALTA COATING SYSTEMS 33 33#34Contents Overview of Axalta Q3 2021 Earnings Financial Forecast through 2024 Appendix AXALTA COATING SYSTEMS 34#35Adjusted EBIT Reconciliation ($ in millions) Income from operations Other (income) expense, net Total Debt extinguishment and refinancing related costs A B C Termination benefits and other employee related costs Strategic review and retention costs D Acquisition and divestiture-related costs E Impairment (benefits) charges F Pension special events G Accelerated depreciation H Indemnity (income) loss Operational matter Brazil indirect tax K Gain on sale of facility L L Step-up depreciation and amortization Adjusted EBIT Segment Adjusted EBIT: Performance Coatings Mobility Coatings Total Step-up depreciation and amortization Adjusted EBIT GA Q3 2021 Q3 2020 124.7 $ 141.7 (2.4) 127.1 $ 2.3 139.4 9.6 35.7 2.1 6.9 9.2 0.1 (0.8) 0.3 (0.7) 0.6 0.4 (0.1) 0.3 (18.7) (8.9) 25.9 28.0 146.0 $ 210.4 122.8 $ 133.9 (2.7) 48.5 120.1 $ 182.4 25.9 28.0 146.0 $ 210.4 AXALTA COATING SYSTEMS 35#36Adjusted EBIT Reconciliation (cont'd) A B C D E LL F G H J K L Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Employee termination benefits are primarily associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance. Represents costs for legal, tax and other advisory fees pertaining to our review of strategic alternatives that was concluded in March 2020, as well as retention awards for certain employees that were earned over a period of 18-24 months, which ended during September 2021. These amounts are not considered indicative of our ongoing performance. Represents acquisition and divestiture-related expenses and non-cash fair value inventory adjustments associated with our business combinations, all of which are not considered indicative of our ongoing operating performance. Represents impairment (benefits) charges, which are not considered indicative of our ongoing performance. The current year benefit primarily reflects a recovered gain on a previously impaired asset. Represents certain defined benefit pension costs associated with special events, including pension curtailments, settlements and special termination benefits, which we do not consider indicative of our ongoing operating performance. Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance. Represents indemnity income associated with acquisitions, which we do not consider indicative of our ongoing operating performance. Represents expenses, changes in estimates and insurance recoveries for probable liabilities related to an operational matter in the Mobility Coatings segment, which is not indicative to our ongoing operating performance. Represents non-recurring income related to a law change with respect to certain Brazilian indirect taxes which was recorded within other (income) expense, net. Represents non-recurring income related to the sale of a previously closed manufacturing facility. Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. We believe this will assist investors in performing meaningful comparisons of past, present and future operating results and better highlight the results of our ongoing operating performance. AXALTA COATING SYSTEMS 36#37Adjusted Net Income Reconciliation Year Ended December 31, ($ in millions) 2018 2019 2020 Q3 2020 Q3 2021 Net income $213.3 $252.6 $122.0 $82.5 $68.9 Less: Net income attributable to noncontrolling interests 6.2 3.6 0.4 (0.2) Net income attributable to controlling interests 207.1 249.0 121.6 82.5 69.1 ABCDEFG Debt extinguishment and refinancing related costs 9.5 0.2 34.4 Termination benefits and other employee related costs 81.7 35.2 74.9 35.7 9.6 Strategic review and retention costs 13.4 30.7 6.9 2.1 Offering and transactional costs Divestiture and impairment charges Pension special events 1.0 1.0 0.3 0.1 9.2 21.1 5.7 0.3 (0.8) (0.9) (0.4) (0.7) Accelerated depreciation 10.3 24.3 9.2 0.4 0.6 H Indemnity loss (income) 4.3 (0.4) 0.3 0.3 (0.1) I Change in fair value of equity investments 0.5 J Operational matter (18.7) K Brazil indirect tax L Gain on sale of facility (8.9) M Step-up depreciation and amortization 140.1 119.5 109.7 28.0 25.9 Total adjustments 247.4 213.4 264.8 71.0 18.9 N Income tax provision impacts 42.0 38.0 71.4 13.8 (1.3) Adjusted net income $412.5 $424.4 $315.0 $139.7 $89.3 Diluted adjusted income per share $1.70 $1.80 $1.33 $0.59 $0.39 Diluted weighted average shares outstanding 242.9 235.8 236.0 236.0 230.7 AXALTA COATING SYSTEMS 37 32#38Adjusted Net Income Reconciliation (cont'd) A B C D E F G Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Employee termination benefits are primarily associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance. Represents costs for legal, tax and other advisory fees pertaining to our review of strategic alternatives that was concluded in March 2020, as well as retention awards for certain employees that were earned over a period of 18-24 months, which ended during September 2021. These amounts are not considered indicative of our ongoing performance. Represents acquisition and divestiture-related expenses and non-cash fair value inventory adjustments associated with our business combinations, all of which are not considered indicative of our ongoing operating performance. Represents expenses and associated changes to estimates related to the sale of our joint venture business during 2019 and other impairments, which are not considered indicative of our ongoing performance. Represents certain defined benefit pension costs associated with special events, including pension curtailments, settlements and special termination benefits, which we do not consider indicative of our ongoing operating performance. Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance. H Represents indemnity income associated with acquisitions, which we do not consider indicative of our ongoing operating performance. I K KLM Represents mark to market impacts of our equity investments, which we do not consider to be indicative of our ongoing operating performance. Represents expenses, changes in estimates and insurance recoveries for probable liabilities related to an operational matter in the Mobility Coatings segment, which is not indicative to our ongoing operating performance. Represents non-recurring income related to a law change with respect to certain Brazilian indirect taxes which was recorded within other (income) expense, net. L Represents non-recurring income related to the sale of a previously closed manufacturing facility. M N Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. We believe this will assist investors in performing meaningful comparisons of past, present and future operating results and better highlight the results of our ongoing operating performance. The income tax impacts are determined using the applicable rates in the taxing jurisdictions in which expense or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. Additionally, the income tax impact includes the removal of discrete income tax impacts within our effective tax rate which were benefits of $22.4 million, $4.6 million and $2.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, and expenses of $3.1 million and $3.6 million for the three months ended September 30, 2021 and 2020, respectively. The tax benefits for the year ended December 31, 2020 include the removal of a significant one-time benefit associated with the recognition of a deferred tax asset related to an intra-entity transfer of certain intellectual property rights, which will be ratably amortized into our adjusted income tax rate as the tax attribute is realized. Of the $2.0 million of discrete income tax benefits removed for the year ended December 31, 2018, $12.5 million is related to the impact of the U.S. Tax Cuts and Jobs Act legislation. The tax expenses for the three months ended September 30, 2021 and September 30, 2020 include the deferred tax benefit ratably amortized into our adjusted income tax rate as the tax attribute is realized. AXALTA COATING SYSTEMS 38#39Adjusted EBITDA Reconciliation Year Ended December 31, ($ in millions) 2016 2017 Net income Interest expense, net Provision for income taxes Depreciation and amortization $44.6 $47.7 2018 $213.3 2019 $252.6 2020 LTM 9/30/2021 $122.0 $281.3 178.2 147.0 159.6 162.6 149.9 138.2 38.1 141.9 54.2 77.4 0.2 89.8 322.1 347.5 369.1 353.0 320.3 311.4 Net income attributable to controlling interests 583.0 684.1 796.2 845.6 592.4 820.7 ABCDEFG Debt extinguishment and refinancing related costs 97.6 13.4 9.5 0.2 34.4 32.2 Termination benefits and other employee related costs 61.8 35.3 81.7 35.2 74.9 39.6 Strategic review and retention costs 13.4 30.7 15.3 Offering and transactional costs 6.0 26.1 1.0 1.0 0.3 10.8 Consulting and advisory 10.4 (0.1) Loss on divestiture, impairment, and deconsolidation Foreign exchange remeasurement losses 68.4 78.5 21.1 5.7 1.4 30.6 7.4 9.2 8.3 7.2 2.0 Н J HI - K Long-term employee benefit plan adjustments 1.5 1.4 (1.9) 0.1 (0.1) 1.4 Stock-based compensation 41.1 38.5 37.3 15.7 15.1 10.9 Dividends in respect of noncontrolling interest (3.0) (3.0) (1.0) (1.5) (0.9) (1.1) K Operational matter 3.9 LMN Brazil indirect tax (8.3) Gain on sale of facility (8.9) Other adjustments Adjusted EBITDA 5.0 $902.4 3.6 $885.2 5.2 $937.2 (0.2) $938.9 0.4 $760.1 $919.9 Adjusted EBITDA to interest expense coverage ratio 5.1x 6.0x 5.9x 5.8x 5.1x 6.7x AXALTA COATING SYSTEMS 39#40Adjusted EBITDA Reconciliation (cont'd) A B C D Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Employee termination benefits are primarily associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance. Represents costs for legal, tax and other advisory fees pertaining to our review of strategic alternatives that was concluded in March 2020, as well as retention awards for certain employees that were earned over a period of 18-24 months, which ended during September 2021. These amounts are not considered indicative of our ongoing performance. Represents acquisition and divestiture-related expenses and non-cash fair value inventory adjustments associated with our business combinations, all of which are not considered indicative of our ongoing operating performance. Represents expenses and associated true-ups to estimates for professional services primarily related to our Axalta Way and Fit for Growth initiatives, which are not considered indicative of our ongoing operating performance. Represents expenses and associated changes to estimates related to the sale of our joint venture business during 2019, deconsolidation of a subsidiary, and other impairments, which are not considered indicative of our ongoing performance. Eliminates foreign exchange losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures. E F G H Eliminates the non-cash, non-service cost components of long-term employee benefit costs. | Represents non-cash impacts associated with stock-based compensation. J K L Represents the payment of dividends to our joint venture partners by our consolidated entities that are not 100% owned, which are reflected to show the cash operating performance of these entities on Axalta's financial statements. Represents expenses, changes in estimates and insurance recoveries for probable liabilities related to an operational matter in the Mobility Coatings segment, which is not indicative to our ongoing operating performance. Represents non-recurring income related to a law change with respect to certain Brazilian indirect taxes which was recorded within other (income) expense, net. M Represents non-recurring income related to the sale of a previously closed manufacturing facility. N Represents certain non-operational or non-cash gains and losses unrelated to our core business and which we do not consider indicative of ongoing operations, including indemnity (income) losses associated with the acquisition by Axalta of the DuPont Performance Coatings business, gains and losses from the sale and disposal of property, plant and equipment, gains and losses from the remaining foreign currency derivative instruments and from non-cash fair value inventory adjustments associated with our business combinations. AXALTA COATING SYSTEMS 40#41Free Cash Flow Reconciliation Year Ended December 31, ($ in millions) Cash provided by operating activities Purchase of property, plant and equipment 2016 2017 2018 2019 2020 $559.3 $540.0 $496.1 $573.1 $509.3 (136.2) (125.0) (143.4) (112.5) (82.1) Interest proceeds on swaps designated as net investment hedges Free cash flow 9.4 $423.1 $415.0 $362.1 14.7 $475.3 14.5 $441.7 AXALTA COATING SYSTEMS 41