#1#2Safe 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 statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance including the effects of the COVID-19 pandemic and anticipated synergies based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, actual synergies, or achievements to differ materially from the results, level of activity, performance, anticipated synergies or achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, the risk that a regulatory approval that may be required for the acquisition of TiZir Titanium and Iron (or the "Transaction") is delayed, is not obtained or is obtained subject to conditions that are not anticipated; the risk that the Transaction does not close or that the Transaction Agreement is terminated; the risk that expected synergies, operating efficiencies and other benefits expected from the Transaction will not be realized or will not be realized within the expected time period; business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility for titanium dioxide, zircon and other feedstock materials, as well as global and regional economic downturns, including as a result of the COVID-19 pandemic, that adversely affect the demand for our end-use products; disruptions in production at our mining and manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company's filings with the Securities and Exchange Commission (SEC). Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments. Use of Non-GAAP Information To provide investors and others with additional information regarding the financial results of Tronox Holdings plc, we have disclosed in this presentation certain non-U.S. GAAP operating performance measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net loss attributable to Tronox, including its presentation on a per share basis, and a non-U.S. GAAP liquidity measure of Free Cash Flow. These non-U.S. GAAP financial measures are a supplement to and not a substitute for or superior to, the Company's results presented in accordance with U.S. GAAP. The non-U.S. GAAP financial measures presented by the Company may be different from non-U.S. GAAP financial measures presented by other companies. Specifically, the Company believes the non-U.S. GAAP information provides useful measures to investors regarding the Company's financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non-U.S. GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-U.S. GAAP financial measures to U.S. GAAP results is included herein Unaudited Pro Forma Financial Information On April 10, 2019, we announced the completion of the acquisition of the TiO₂ business of Cristal which impacts the comparability of the reported results for the first quarter of 2020 compared to the first quarter of 2019. Since Tronox and Cristal have combined their respective businesses effective with the merger date of April 10, 2019, the three months ended March 31, 2020 reflect the results of the combined business from April 10, 2019, while the three months ended March 31, 2019 include only the results of the legacy Tronox business. To assist with a discussion of the first quarter of 2020 and the first quarter of 2019 results on a comparable basis, certain supplemental unaudited pro forma income statement and Adjusted EBITDA information is provided on a consolidated basis and is referred to as "pro forma information." The pro forma information has been prepared on a basis consistent with Article 11 of Regulation S-X, assuming the merger and merger-related divestitures of Cristal's North American TiO₂ business and the 8120 paper laminate grade had been consummated on January 1, 2018. In preparing this pro forma information, the historical financial information has been adjusted to give effect to pro forma adjustments that are (i) directly attributable to the business combination and other transactions presented herein, such as the merger-related divestitures, (ii) factually supportable, and (iii) expected to have a continuing impact on the combined entity's consolidated results. The pro forma information is based on management's assumptions and is presented for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combination and merger-related divestitures had occurred as of the dates indicated or what the results would be for any future periods. Also, the pro forma information does not include the impact of any revenue, cost or other operating synergies in the periods prior to the acquisition that may result from the business combination or any related restructuring costs. TRONOX Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2020 2#3#4Tizir Titanium & Iron ("TTI") overview ● ● TTI Business Description TTI is a smelting facility, which upgrades ilmenite to produce a high-value titanium slag, primarily sold to pigment producers and a high-purity pig iron, which is sold to ductile iron foundries TTI location allows it to run its operations with highly attractive hydropower, under long-term contract Annual capacity of 230k MT of high-grade titanium slag and 90k MT of high-purity pig iron Founded in 1983 -216 employees as of December 2019 FY 2019 Revenue of $176 million and Adjusted EBITDA of ~$40 million (¹) TTI - Geographic Location NORWAY Tronox management TRONOX TYSSEDAL Product and Process Overview TTI produces titanium slag primarily used in the production of white pigment Titanium slag is also used in the production of titanium metal with applications including airplane components and medical uses Key process steps include pre-reduction, metallisation and smelting to upgrade ilmenite into high-quality titanium products and high-purity pig iron During ilmenite pre-reduction step, it is reduced to pellets that, during the smelting step, are fed together with coal and anthracite into a furnace, thus producing slag and pig iron TTI produces high-purity pig iron (HPPI) that has high elasticity and tensile strength valuable in such applications as wind turbines and automotive parts Smelter uses one round 43 MWh AC Furnace with 3 Soderberg electrodes using hydropower Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2020 NORDIC PEARL 4#5TTI is a highly strategic acquisition for Tronox A world-class asset... Established high grade titanium slag producer with deep technical know-how Stable, high quality ilmenite supply from GCO and Tronox's internal sources Annual capacity of ~230kt of titanium slag, securing key feedstock supply Direct access to deep water shipping TRONOX ...to support Tronox's strategic fundamentals Enhances surety of high grade titanium feedstock supply for Tronox's pigment operations Derisks Tronox's portfolio Reduces Tronox cost position, contributing to meaningful synergies TTI's technology and manufacturing capabilities improves the likelihood of a successful commissioning, ramp up, and eventual acquisition of Jazan Increases optionality for mineral sands business Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2020 5#6Tronox's acquisition of TTI improves Tronox's financial profile, with a minimal increase in current leverage (1) (2) (3) Improved financial profile Very modestly increases PF net debt / LTM EBITDA (²) Tronox maintains robust current liquidity 22.6% 2019 EBITDA margin (pre-transaction) 3.9x -150bps of margin improvement Net Debt / LTM EBITDA (pre-transaction) Margin reflects 3rd party sales plus midpoint of the synergy range for illustrative purposes. Represents Tronox 3/31/20 Adj. LTM EBITDA and 2019A Adj. EBITDA for TTI. Assumes $17.5m of run-rate synergies for PF net leverage calculation. $770 million is pro forma for April 2020 Senior Notes Issuance and -$300m cash consideration for TTI acquisition. TRONOX Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2020 24.1% (1) PF 2019 EBITDA margin (post-transaction) 4.1x Strong pro forma liquidity position of $770(3) million, consisting of existing cash balance and availability under revolving credit agreements PF Net Debt/LTM EBITDA (post-transaction) 6#7Anticipate $15 - 20 million in synergies in Year 3 Synergies are cost-saving in nature and derived from various opportunities TRONOX Distribution 6% Supply Chain 12% Feedstock 26% Process Improvements 56% Significant upside to feedstock synergies Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2020 7#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22#23#24#25#26#27#28#29#30#31#32#33#34#35#36#37#38#39#40#41#42#43#44#45#46#47#48#49