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If you believe you have received these materials in error or do not accept the terms and restrictions, please return this Presentation to Parent and destroy all copies. 2#3Agenda 3 Situation Overview Venator Business Overview - Titanium Dioxide - Performance Additives 2023 Budget and 5 Year Plan - Business Over the Bridge - - Financial Performance and Liquidity VENATOR#4Situation Overview VENATOR#5Overview 5 VENATOR Venator Materials plc ("Venator" or the "Company") is a leading global producer of TiO2, and also manufactures and sells higher value- added functional additives, color pigments and timber treatment chemicals ◉ #1 market position in TiO2 in Europe and #1 or #2 position in certain key performance additives Leader in higher value specialty TiO2 ☐ Operates 12 facilities globally TiO2 market's long-term fundamentals are strong and performance additives are higher value specialty products TiO2 is an important material used as a pigment in a vast range of consumer and industrial applications; it doesn't currently have a commercially viable substitute Performance additives are used in a broad range of growing end markets The global TiO2 market has seen rapid deterioration in performance since H2-2022 due to unprecedented macro-economic challenges including weak demand, de-stocking of high inventory levels, high raw material costs and record high energy prices (especially in Europe) The market is already seeing signs of recovery in early 2023 but Venator's increase in sales volumes has been more than offset by lower selling prices and higher costs Stronger, independent TiO2 companies now accounting for a majority of global production Within this group, Venator remains the leading producer in Europe Venator expects variable contribution margins to recover to historical averages by 2024 Venator has undertaken a comprehensive strategic review and is proactively pursuing a plan to position the Company for profitability and future growth, including a rationalisation of its manufacturing footprint to address legacy issues The Company has reached an agreement with the overwhelming majority of its lenders and noteholders on the terms of a comprehensive recapitalization plan which includes an equitization of nearly all of the company's funded debt The recapitalization plan will be implemented through a prepackaged Chapter 11 process in the United States and will be financed by a debtor-in-possession ("DIP") financing facility, which includes a commitment for $275 million in new-money financing from the Company's supporting creditors In the following pages, we have laid out in detail the Company's view of the market and its outlook for a stronger business going forward#6TiO2 Revenue ($m) Situation Summary 1 VENATOR Significant European presence impacted Venator more than competitors. 2 Rapid and dramatic TiO2 industry downturn Unprecedented energy and ■ ■ ■ 1.0 1.5 601 2H22 1.6 3 4 cost dynamics in Europe Weak current operating performance Unsustainable balance sheet and tightening liquidity ☐ - ■ Functional TiO2 ("CPI") volume decreased -40% YoY in 2H 2022 with modest recovery expected in H2 2023 Inventory de-stocking intensified impact of weaker demand Direct costs increased ~50% compared to FY18-21A average Cost increase largely attributable to energy (impact of war in Ukraine on European prices) and feedstocks EBITDA expected to be negative ($120m) in 2023 Negative free cash flow excluding debt service and ABL drawdowns of ($186m) in 2023 FY22A leverage of c.18x to deteriorate further in light of negative ($120m) EBITDA in FY23E Current liquidity down to c. $33m as of 12-May with expected further tightening 996 1H22 TiO2 Direct Cost (1) FY18A FY22A FY23E Adj. EBITDA (2) ($m) 185 53 FY21A FY22A (120) FY23E Leverage (Adj. EBITDA / Net Debt) 4x FY21A 18x FY22A Significant operational restructuring will be implemented to right-size Venator's manufacturing footprint and position the Company for future growth A comprehensive recapitalization agreement has been reached with the Company's creditors to significantly reduce debt and secure $275m of "DIP" new-money financing (1) Rebased to TZMI 2021 Venator manufacturing cost estimate on a $/t basis (TZMI, 2022, Comparative Cost & Profitability Study) (2) Reported adjusted EBITDA; includes Iron Oxide EBITDA of $25m, $16m and negative ($4m) for FY21A, FY22A, and 1Q FY23E, respectively#71 Rapid and Dramatic TiO 2 Industry Downturn VENATOR Deteriorating macro environment led to decreased demand TiO2 CPI Volumes (Rebased) (1) 150% Demand Continued de-stocking of high inventory levels contributing to challenging start into 2023 125% 100% 75% Supply On the back of strong demand in 2018/19, TiO2 producers had increased supply Reduced demand has led TiO2 producers to moderate operating rates 50% 2017 2021 High/Low 2022 25% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Pricing Venator's selling prices softened in H2 2022 due to demand reduction, FX and intensified by inventory destocking CPI Price (2) 140% 120% Price levels in North America have proved more resilient than in Europe and APAC 100% 80% Feedstock price has increased significantly in 2022 60% 40% Feedstock ▶ Feedstock generally balanced for higher grade feedstocks with a limited supply base whilst sulfate ilmenite has more suppliers / availability 20% 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 7 (1) Rebased to Jan-22 TiO2 CPI volume (2) Includes FX impact and indexed to Q1 2018#82 Unprecedented Energy and Cost Dynamics in Europe Mild winter and government subsidies have helped moderate energy costs Electricity (€/MWh) Peak European electricity increase: Gas (€/MWh) Peak European gas increase: 200 • 3Q22 vs 3Q21 > 4x 400 • 3Q22 vs 3Q21 > 3x 3Q22 vs 3Q20 > 25x 350 • 3Q22 vs 3Q20 > 10x 150 300 250 100 200 150 50 100 50 VENATOR Energy Other Venator Direct Costs (1) Feedstock 1.1 1.5 0.4 -0 2018 2019 2020 2021 2022 US EU China 2018 2019 2020 2021 2022 1.0 1.0 1.0 0.2 ⚫US ➡EU SIC 0.1 0.2 0.5 0.2 TiO2 feedstock cost ($/t)(²) North American Chloride European Sulphate 1,500 European sulfate increase: 1,300 3Q22 vs 3Q21 > 1.17x 3Q22 vs 3Q20 > 1.24x 1,100 900 700 Chinese Sulphate 0.4 0.3 0.3 0.4 0.7 0.5 0.5 0.6 0.4 2018 2019 2020 2021 2022 500 2018 2019 2020 2021 2022 (1) Rebased to TZMI 2021 Venator manufacturing cost estimate on a $/t basis (TZMI, 2022, Comparative Cost & Profitability Study) (2) Blended TiO2 feedstock cost based on TZMI price forecast by feedstock type (TZMI, Issue 4 2022, Titanium Feedstock Price Forecast)#93 Weak Current Operating Performance Leading to negative EBITDA in Q3 and Q4 2022 Quarterly EBITDA ($m) VENATOR 57 61 57 49 48 43 40 37 46 46 25 40 49 49 35 22 13 725 36 35 17 54 25 21 23 15 18 5 19 20 19 (11) (11) (15) (14) (11) (11) (14) (12) (7) 5 (12) (8) (50) (12) TiO2 1Q20 2Q20 3Q20 4Q20 1Q21 Performance Additives 2Q21 Corporate and Others 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 (57) 136 181 40 40 2020A to 2022A EBITDA Bridge ($m) 180 (175) (2) 374 (140) 53 2020A Adj. EBITDA Price / Mix Volume COGS SG&A and Other 2021A Adj. EBITDA Price / Mix Volume (351) COGS SG&A and Other 2022A Adj. EBITDA#103 Weak Current Operating Performance Current EBITDA at historical lows 369 778 127 63 63 651 498 100 Annual Adj. EBITDA ($m) ■Total (excl. Pori) ■ Pori 436 395 41 75 VENATOR 194 306 185 398 175 33 50 180 395 50 136 320 77 142 135 | 8 49 50 199 186 144 53 51 28 (42) (9) | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 10 2#114 Tightening Liquidity and Unsustainable Balance Sheet 424 7 307 (76) Cash Flow and Liquidity ($m) 471 9 2018 2019 2020 9.5x 4.7x 3.6x 1.3x 357 276 21 24 (35) VENATOR CFADS (1) Liquidity (2) 33 2021 2022 Current (3) Debt and Credit Metrics SSN issuance 3.5x 2.9x 0.8x 5.4x 4.4x 17.6x 2018 $583 2019 $695 2020 $737 2021 $798 2022 $933 Net leverage (net debt/ adj. EBITDA) Net debt ($m) Interest coverage ratio (Adj. EBITDA / cash interest) (1) 11 (2) Cash flow from operations less cash flow from investing and cash interest cost add-back Cash and cash equivalents plus undrawn available capacity under ABL (3) Estimated liquidity as of 12-May-23#1212 VENATOR Venator Business Overview#1313 Venator Snapshot A leading chemicals company Leading global supplier of specialty chemical products that enhance the quality of life for end customers Broad range of innovative products and solutions bring color and vibrancy to a variety of applications, protect and extend product life and help reduce energy consumption Headquartered in Wynyard, UK FY22 Revenue Total revenue: $2,173m Performance Additives 27% Performance Titanium Additives Dioxide VENATOR Key Business Segments Primarily manufactures and sells TiO 2 Operates seven TiO 2 manufacturing facilities across the globe #1 in Europe ▶ Manufactures and sells functional additives, color pigments and timber treatment chemicals Operates five manufacturing and processing facilities across the globe ➤ #1 in Europe in Driers and #2 globally in Ultramarines Blue Chip Customers lyondellbasell Attractive End Markets Advancing Possible COATINGS PLASTICS AkzoNobel -BASF We create chemistry. DSM S SOLVAY PPG CRH 73% TiO2 AVIENT™ Formerly PolyOne CONSTRUCTION INKS SHERWIN-WILLIAMS. PHARMA-CEUTICALS COSMETICS#14Venator's Geographic Footprint Global manufacturing footprint with European focus VENATOR Houston Freeport Lake Charles Harrisburg Birtley Wynyard Greatham Everberg Duisburg Uerdingen Comines Huelva Scarlino FY22 Revenue by Geography Other 8% APAC 18% North America 31% 14 Note: Post Iron Oxide sale 43% Europe Shanghai Teluk Kalong Kuala Lumpur Corporate Offices and R&D Duisburg Everberg Houston Kuala Lumpur Shanghai Wynyard Titanium Dioxide Duisburg Greatham Huelva Lake Charles Scarlino Teluk Kalong Uerdingen Functional Additives Duisburg Color Pigments Birtley Comines Timber Treatment Freeport Harrisburg 5Y Current Outlook reflects rationalization of manufacturing footprint in order to address legacy issues and position the business for future growth (rationalization not reflected on map)#15Sustainability Driving sustainability in all aspects of ESG Governance - established structure to steer all sustainability activities Board oversight, dedicated executive team, sustainability council Environment - actively improving environmental footprint for >20 years >50% of by-products converted into valuable co-products - Driving plan to reduce energy, waste and improve efficiency - Improving track record of scope 1 and 2 emissions VENATOR >50% GHG Reduction (1) >55% Energy Reduction Measured scope 3 upstream emissions ► Social - established people (diversity, equity, inclusion) and safety program Products - innovation program focused on green megatrends - Delivering solutions in emissions reduction, light-weighting, energy reduction ►Reporting-published annual sustainability report >45% Less Water Usage >80% Less Hazardous Waste SILVER 2022 ecovadis Sustainability Rating 15 Note: (1) Improvements measured from a 2017 full year baseline Scope 1 and 2 Green House Gas (GHG) reduction#1616 VENATOR Venator Business Overview - Titanium Dioxide#17TiO2 Industry Overview Strong long-term trends - global demand tracks GDP What is TiO 2 TiO2 is an important material used as a pigment in a vast range of consumer and industrial applications ► Used for more than 90 years as an efficient opacifier, with no commercially viable substitutes VENATOR ► TiO2 has the highest refractive index (ability to scatter light) of any material known to man - even greater than a diamond ► TiO2 occurs naturally in several kinds of rocks and mineral sands. Titanium is the ninth most abundant element in Earth's crust Titanium dioxide must be purified and crystalized to form particles with controlled, uniform size Benefits Derived from TiO2 Aesthetics: Imparts whiteness, opacity and brightness Performance Enhancement: Ensures longevity and continued protection of the substrate when used in paints and coatings Energy Efficiency: Contributes considerable energy savings in warm and tropical areas through heat reflectance when used in exterior applications 2022 Nameplate Capacity (1) Global demand: 6.9 Mtpa Global End-Use Applications (2) Global Demand by Region (3) Global Capacity by Region (3) VENATOR 8% Other Paper 10% Others Chemours 17% 8% 35% North America 16% Rest of World 12% Europe 25% Rest of World 14% Europe 22% North America 16% Plastics 24% INEOS 3% Tronox 15% Kronos 8% LB Group 14% Coatings 58% Asia Pacific 47% Asia Pacific 48% Source: 17 Management estimates; TZMI TiO2 Market Insight Issue 105 December 2022; TZMI TiO2 Pigment Producers Comparative Cost & Profitability Study (2) Based on 2021 numbers (3) 2022 full year estimates (1) Based on management estimates#18Titanium Dioxide VENATOR European market leadership With c.602,000 metric tons nameplate capacity, Venator serves over 1,200 customers in most major industries Significant Specialty & Differentiated Focus FY22 2022 Revenue Functional 40% 2022 Revenue 18 North America 24% Specialties 8% Differentiated 52% Broad Global Presence Asia Pacific 19% Other 10% Europe 47% Diversified End Markets 2022 Revenue Source: Management Estimates Fibres & films Agriculture & Water 6% 1% Other 2% Personal Care, Food, Pharmaceuticals & Active Materials 5% Architectural coatings 23% Inks 6% Plastics 42% Segment Revenues Industial coatings 14% $1.6 billion Construction 1% Attractive Key Customers AmpAcet D-BASF Managing the Elements of Success™ We create chemistry SHERWIN-WILLIAMS. lyondellbasell Advancing Possible AkzoNobel | #1 in Europe AVIENT™ Formerly PolyOne PPG PLASTICS FlintGroup SunChemical DSM COATINGS INKS#19Titanium Dioxide A market leader in high-value specialty and differentiated TiO2 VENATOR Venator has more than half of its sales in high value TiO 2 categories Segment size shown as percentage of total global TiQ₂ demand Price Legend: Low Quality % Total global TiO 2 17% industry demand % Venator TiO2 sales (1) 0% 1,000 19 Functional Venator Focus Differentiated 46% 32% 40% 52% 2,000 3,000 4,000 5,000 6,000 5% Specialties de 8% 7,000 Estimated World Demand (kmt) Application Level of Product Differentiation Customer Loyalty Functional Differentiated Standard specifications, fungible product Industrial coatings, performance plastics, inks Standard specifications, fungible product Price sensitive customers Qualified product, long lead-time for product approvals Product differentiation matters Specialty Catalysts, food, pharma & cosmetics, fibers & films, solar Specialized products, technical service required, TiO2 small portion of customer raw material spend Few competitive alternatives Source: Management Estimates (1) Based on 2022 sales volumes#20Innovation Drives High Value Growth Targeting specialty and differentiated applications For Cosmetics, Pharma & Food HOMBITANⓇ AFDC101 For reverse lamination inks TIOXIDEⓇ RDE4 Innovation Highlights For Controlled Cement Sh 000 seo Curing HOMBICUREⓇ For surface printing inks TIOXIDEⓇ RFDO EGBE Til For Premium Packaging TIOXIDE® TR48 For UPVC window profiles TIOXIDE® TR42 VENATOR ► Focused on applications with demanding technical requirements, fewer competitors Plastics portfolio strengthened by 2 very successful differentiated products New inks grade RFDO delivered in accelerated timeframe with excellent customer acceptance ~10% of revenue from products launched in the last 5 years >60% of sales in differentiated or specialty applications by 2023; on track to deliver 20 20#21Broad and Growing End Uses for TiO2 Attractive end-use applications driven by aesthetic and performance characteristics imparted by TiO2 Coatings Plastics Paper VENATOR Other Key Applications Decorative coatings Mainly for architectural applications Protective coatings Mainly for industrial applications Masterbatch Creation of consistent color batches Used in applications which require color quality Compounding Direct addition into molten resin for color control Functional Qualities Decorative Opacity Whiteness Ability to impart brilliance Consistent color quality Hiding power Masterbatch Color quality Compounding Color control Protective UV protection Weatherability / durability Construction Diversified industrials Architectural Market Verticals Demand by Segment (1) • Paper laminate Mostly used for flooring and furniture applications Paperboard coating Paperboard coating Brightness Opacity Paper laminate Opacity Light stabilization Brightness PVC Polyolefins Engineering plastics to serve broad end uses: Automotive Pulp and Paper Flooring Furniture 58% 24% Source: TZMI, 2022, Comparative Cost & Profitability Study Based on 2021 numbers 21 (1) Construction Appliances Sporting goods 8% High-end specialty applications • Rubber Cosmetics/sunscreens Pharmaceuticals Catalysts/photocatalysts Food Fibers Inks Rubber 10%#22TiO2 Industry Evolution Creation of leading independent TiO2 players VENATOR HUNTSMAN SACHTLEBEN Kemira crenox QU PONT 何 KerrMcGee -Rockwood Powered by Lithium -TRONOX- CRISTAL Brilliance inspired by titanium CRISTAL Brilliance inspired by titanium Millennium LILOMON Bi NL IN Th 23 883 BILLIONS INDUSTRIES, INC. -VENATOR Chemours™ TRONOX 龙佰集团 LB GROUP KRONOS New Attributes of Leaders Larger players Greater transparency Accountable to public company shareholders Independently managed and focused on TiO 2 Chinese consolidation 22 222#23Venator is a Leading TiO2 Producer FY22 (1) VENATOR TRONOXX VENATOR (1) (2) (2) Chemours™ 龙佰集团 KRONOS LB GROUP Revenue $1.6bn $3.5bn $3.4bn $3.3bn $2.1bn Adj. EBITDA $43m $875m $601m $922m $215m Adj. EBITDA margin % 3% 25% 18% 28% 12% Global TiO 2 Manufacturing Locations Integrated Feedstock UK, Germany, Spain, Italy, US, Malaysia US, Brazil, UK, Netherlands, France, KSA, China, Australia US, Mexico, Taiwan China Germany, Belgium, Norway, Canada, US Minimal ✓ ✓ Minimal (2) 1,077 1,250 TiO2 Capacity (KT) 972 138 581 602 1,250 667 127 Chloride Sulfate 939 377 454 305 225 Performance Additives 27% Total Sales by Product(2) Feedstock and Others 9% Zircon 13% Adv. Performance Materials 24% Others 2% Others 5% Mineral 21% Thermal TiO2 73% Specialized TiO2 78% Solutions 25% Titanium Tech 50% Source: Company information, Capital IQ (2) Figures based on LTM as of Sep-22 23 Note: (1) Assumes FX rate of 0.1406 RMB/USD (3) 2021 results Chemours Titanium Technologies Segment, Venator Titanium Dioxide segment TiO2 74% TiO2 100%#24TiO2 Industry Dynamics VENATOR Improved industry structure has resulted in less dramatic cycles Price ($/tonne) 3,500 3,000 2,500 2,000 1 Global TiO 2 Volume and Price 2 Volume ('000 tonnes) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Volume Price High price volatility Pricing remained driven by pigment shortage and producers relatively stable despite volume volatility chasing volume 2 Independently managed industry participants Increased contracted sales Shorter supply of high-grade feedstock and ilmenite Minimal growth in Chinese sulfate capacity Nearly $1,600 peak to trough movement c. $800 peak to trough movement Increased input costs and freight charges 24 Note: Chart reflects historical TiO2 pricing from IHS#25Volume (mt) Long-term Fundamentals Remain Positive VENATOR Positive Long-Term Trends, with Short-Term Challenges TiO2 is an important material used in a vast range of applications, with no commercially available substitutes While global demand generally tracks GDP, the industry has been impacted in the short-term by certain challenges - these include: Weak demand in H2 2022 into 2023 primarily due to significant industry-wide destocking across major end-markets putting pressure on selling prices Inflationary pressure from higher energy, raw material and shipping costs partially mitigated through monthly selling price reviews and selective surcharges and energy hedging programs Global supply chain disruptions expected to continue in the near term, active management of supplier network continues Global TiO2 Effective Operating Rate Forecast >80% 9.0 100 7.4 8.0 6.9 7.8 8.0 6.6 6.3 7.3 6.8 6.6 80 7.0 6.2 6.2 6.0 5.5 5.6 5.7 5.3 5.5 4.8 4.7 60 5.0 60 4.0 40 40 3.0- 2.0 - 20 1.0 - 2009 2010 2011 2012 25 (1) Total global demand (TZMI, 2022, Q4 2022 issue) (2) Global producers operating rate (TZMI, 2022, Comparative Cost & Profitability Study) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Global Demand (1) Global Producers Operating Rate (%) (2) 0 Operating Rate (%)#26Demand Dynamics Near term cyclical challenges but positive long-term trends VENATOR Demand Outlook Overall long-term demand growth highly correlated to GDP TiO2 is a "quality of life" product with no real substitutes In the short-term, demand can by cyclical and impacted by broader macro issues Deteriorating macro-economic environment in 2022 led to cyclical decrease in demand coming off highs in 2021 High inventory levels driving continued de-stocking contributing to a challenging start into 2023 However, long-term industry fundamentals remain positive with overall global demand growth expected to be 3.8% over the next 5 years Global TiO 2 Demand (1) '19A-'22E CAGR: 3.0% 7.4 '22E - '26E CAGR: 3.8% 22E-26E 8.1 CAGR: 6.9 6.4 6.6 1.2 3.8% 1.2 1.1 3.4% 1.0 1.3 1.1 1.2 3.4% 1.2 0.4 1.1 1.0 0.4 0.4 2.7% 0.4 8.4 0.6 2.3% 0.4 0.3 0.5 0.4 0.4 0.5 2.7 4.4% 2.3 2.0 2.2 2.3 1.1 2019A 1.1 2020A 1.3 2021A 1.2 2022E 1.4 3.8% 2026E Asia Pacific ex. China China Central and South America Central Europe Middle East & Africa North America Western Europe 26 (1) Total global demand (TZMI, 2022, Q4 2022 issue)#27Supply Dynamics Near term cyclical challenges but positive long-term trends Supply Outlook VENATOR Globally traded commodity with China being the largest exporter especially to Asian and Rest of World markets Oversupply peaked in mid-2020 as the supply response lagged the demand hit from global lockdowns; demand growth since then outpaced supply leading to tight market conditions in 2021 Oversupply conditions returned in mid-2022 as demand impacted due to deteriorating macro conditions globally (especially in Europe) Global western producers have announced lower operating rates to match the recent demand downturn Major western producers expected to continue to optimize capacity through de-bottlenecking instead of new brownfield or greenfield expansions Last greenfield plant outside of China was built in 1994, with no announced major new capacity additions outside of China 8.3 0.4 1.5 8:3 1.2 '19A '22E CAGR: 2.4% - 8.5 0.4 522 1.5 8.3 1.2 117 Global TiO2 Capacity (1) '22E - '26E CAGR: 2.9% 22E-26E CAGR: 10.0 8.6 8.9 0.4 (1.7%) 0.4 0.4 1.7 3.3% 1.5 0:3 1.1 117 531 531 1.5 8.3 1.1 19 82 5.1% 1.1 1.5% 3.8 4.0 4.2 0.9 2019A 0.9 2020A 0.9 2021A 4.4 0.9 2022E 5.2 4.2% 2.1% 1.0 2026E Asia Pacific ex. China China Central and South America Central Europe Middle East & Africa North America Western Europe 27 (1) Total global capacity (TZMI, 2022, December market report; TZMI, 2022, Q4 2022 issue)#28China TiO2 Overview Shakeout underway, producers under more pressure China Demand >30% of global demand in China (~2 MMt) Chinese demand growth at 5-8% over last 10 years Approximately 6% of Chinese demand supplied from imports Imports for more specialised and differentiated applications China Supply VENATOR Chinese Exports of TiO 2 Exports to Europe are limited Higher cost of Chinese production coupled with increased freight costs constrained exports Limited capacity additions forecasted in an industry which grows at GDP and required ~200ktpa of new capacity Chinese Export Trend (1) 1,500 (kte) >40% of global supply from China with approximately 50 suppliers 1,000 Top 7 producers account for >80% of supply Closure of smaller facilities - environmental and economics 500 90% of Chinese capacity is based on sulfate technology T 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Lack of proven chloride technology limiting rate of expansion Consolidation of supply base e.g. LB Group In Q3 22, c.44% of Chinese production is exported, with India being the largest export destination, followed by other emerging countries Company LB Group CHTI Pangang Doguide GPRO Bluestar 28 (1) Global Trade Tracker and BiQin Europe APAC Americas ■EEMEA Estimated Nameplate Capacity (kMTpa) 972 330 236 210 205 187#29Outlook on Feedstock Global supply/demand outlook to 2026 '000 TiO2 Units 10,000 VENATOR Sulfate vs Chloride annual deficit position '000 TiO2 Units 800 ■Sulfate Chloride 8,000 614 439 400 6,000 Note: 4,000 Supply for a given year does not take into account stock build from previous years, nor allows for future supply from unapproved new projects or mine expansions 120 12 0 (10) 2,000 Underlying demand reflects only end-use consumption and excludes ilmenite consumed for beneficiation (400) (258) (230) (179) (338) 0+ 2016 2017 2018 2019 2020 2021 2022F 2023F 2024F 2025F 2026F (583) (800) (648) Existing and Approved Production Underlying Demand 2016 2017 2018 2019 2020 2021 2022F 2023F 2024F 2025F 2026F TiO2 feedstock cost for standard model TZMI Commentary Cyclical downturn anticipated in 2023 with current surplus amplified Demand recovery anticipated, onset of new supply likely maintains the market's surplus position leading to cum. 3- year surplus to >1.1m TiO2 units By 2026, TZMI estimates a global deficit of just under 650k TiO2 units absent major new projects $/t 1,400 1,200 1,000 800 600 Forecast 400 200 Q3 20 Q1 21 Q3 21 Q1 22 Q3 22E Q1 23F Q3 23F Q1 24F North American Chloride European Sulfate Chinese Sulfate Source: Note: TZMI TiO2 Market Insight Issue 105 December 2022, TZMI Titanium Feedstock Supply / Demand Issue 3 2022 TZMI projections assume Jazan slagger becomes operational 29 29#30VENATOR Venator Business Overview Performance Additives 30 50 -#31Performance Additives VENATOR Global provider, with market leading positions in attractive products Venator serves over 1,800 customers through the Performance Additives segment Focus on Specialty Products 2022 Revenue Timber Treatment 26% Color Pigments 52% Functional Additives 22% 2022 Revenue Broad Geographic Footprint Other 3% Europe 32% North America 50% 31 Note: Diversified End Markets FY22 2022 Revenue Source: Management Estimates Personal Care, Fibres & Food, Pharmaceuticals films 4% Other 3% & Active Materials 5% Architectural coatings 14% Inks 1% Industial coatings 12% Segment Revenues $0.6 billion Plastics 16% Construction 45% Segment Adjusted EBITDA $53 million Attractive Key Customers AkzoNobel MARS S SOLVAY 19 20 COMPANIES, LLC CM TUCKER LUMBER SHERWIN-WILLIAMS. Asia Pacific 15% D-BASF We create chemistry Figures include divested Iron Oxide business SAKAI CHEMICAL INDUSTRY CO.,LTD. CRH CONSTRUCTION PPG COATINGS#32Performance Additives Leading market position in key products Average EBITDA % split (1) Product Color Pigments (2) ~19% Functional Additives ~42% Ultramarines VENATOR Characteristics & Uses Competition Key Highlights Unique blue-shade pigments Violet and pink variants VIBRANTZ TECHNOLOGIES™ Driers Control drying rate of paint or ink umicore High cash conversion margins Good geographic balance Similar customer base to TiO2 Common process technology S SOLVAY SAKAI CHEMICAL Strong EBITDA margins Complementary and common process technology Similar customer base to TiO2 Barium and Zinc Additives Fillers that enhance the gloss and flow of paints and the mechanical properties of plastics Specialty soft white pigments 20 MICRONS Residential construction (ACQ, ECOLIFE™ and Copper Azole) Protects wood from decay and fungal or insect attack Lonza Limited number of major competitors Timber Treatment Stable demand profile Industrial construction Prolongs service life of wood -39% KOPPERS High cash conversion (Chromated Copper Arsenate) (1) 2018-2022 average 32 (2) Excludes Iron Oxide#3333 33 Color Pigments Competitive Landscape VENATOR Only player with a wide range of product offerings across all sectors Venator VIBRANTZ TECHNOLOGIES™ Yipin umicore P Ultramarine & Pigments Ltd. Note: Smaller players not shown. Acid Resist Ultramarines Violet Standard Strong Presence ✓ Presence Standard Driers Co free Zinc#34Performance Additives More stable historical performance Pro Forma Annual Revenue ($m) 34 VENATOR 599 576 547 516 507 238 245 209 194 240 24 22 22 10 142 150 118 127 117 140 118 111 132 129 56 49 54 48 53 2018 2019 2020 2021 2022 ■Color Pigments (excl. Iron Oxide) ■FAD ■Timber Treatment ■Water Treatment Iron Oxide 15% 12% Pro Forma Annual EBITDA ($m) 14% 13% 11% 65 62 55 53 9 47 25 I 2 13 I 16 18 9 0 0 1 18 13 15 14 22 14 14 20 14 11 8 10 2018 2019 2020 7 2021 8 2022 Color Pigments (excl. Iron Oxide) FAD Timber Treatment Water Treatment Iron Oxide EBITDA Margin#3535 55 VENATOR 2023 Budget and 5 Year Plan (2023-27)#3636 VENATOR Business over the Bridge#37Business over the Bridge VENATOR Venator will emerge as a leaner and stronger business, capable of generating ~$235m of EBITDA and ~$175m of operating cash flow (1) by 2027 We have undertaken a comprehensive strategic review of our business The result of which is an action plan aimed at optimising our operations, enhancing our profitability, boosting cash flow generation, and positioning the business for future profitability and growth Together with our advisors, we have explored multiple options to address our legacy issues and have selected those that best fit our future vision for Venator while minimising cash outlay We are confident that these are in the best interest of the Company and its stakeholders, and have set out a clear path towards implementation The plan is underpinned by the following key initiatives – certain initiatives will require lender consent: 1 Separation of FAD production at Duisburg, transfer of Specialty grades to Uerdingen expected by the end of 2024 followed by an exit of Duisburg loss-making TiO2 business absent meaningful change in economic conditions; 2 Scarlino(2) site closure, if disposal permits not granted; 3 Pori site closure to limit cash leakage from the Group; 4 We expect actions to be in place to deliver the full cost reduction benefits of $50m by the end of 2025; and 5 Strengthening remaining TiO2 core assets with incremental ~50kt additional production and improving product mix to more differentiated / specialty portfolio Post completion of the operational restructuring plan, all remaining sites are EBITDA positive (1) 37 (2) EBITDA Capex Net current assets (excl. I/C balances) at Scarlino were c.$55m as of Dec-22#38Germany - Operational Restructuring VENATOR Mini Duisburg to result in c.$41m annual operating cash flow (1) by 2027E Illustrative 2023-27E Cumulative Financial Impact ($m) Status Quo Adj. Mini Duisburg - TiO2 Duisburg EBITDA (93) FAD Duisburg EBITDA 114 Uerdingen EBITDA 23 Total EBITDA 43 52 282 22 (71) (38) 75 68 91 1 Status Quo: Continue operating Duisburg FAD and loss-making TiO2 business Continue operating Uerdingen TiO2 business 2 Mini Duisburg: Retain existing Uerdingen TiO2 EBITDA Strengthen Uerdingen with 95 transfer of Duisburg specialty Capex (141) 31 (111) Total Restructuring Costs (100) (100) Net Working Capital Impact (61) 52 (9) at Duisburg Total Cash Flow (159) 35 (125) 2027E EBITDA - Capex 22 18 41 TiO2 EBITDA Retain FAD business at Duisburg FAD business to absorb burden of stranded fixed costs 2027E EBITDA - capex from remaining Duisburg & Uerdingen business of $41m, ~$20m higher than Status Quo More economic value creation with significantly higher NPV and IRR 38 (1) EBITDA Capex#39Cost Savings Initiatives Actively taking strong actions to reduce cost structure VENATOR Cost Reduction Program (1) ($m) ~5 -32 ~2 ~25 -7 -11 -50 2023E SG&A 2024E Incremental Savings Savings Run-rate Incremental Savings Total SG&A Savings Manufacturing Fixed Costs Manufacturing Direct Costs Total 2025E Cost Savings $32m run-rate SG&A cost savings per annum ~$18m reduction in manufacturing costs Estimated one-off restructuring costs of $25m to implement cost savings initiatives 39 (1) Compared to 2021; baseline adjusted for the impact of foreign currency translation and inflation and excludes 2020 BIP benefits recognized in 2022#402022A-Run-Rate SG&A Bridge TiO2 141 Performance Additives Corporate (1) 49 49 40 40 46 47 SG&A Bridge ($m) VENATOR (22) (7) 105 (4) (2) (1) 45 25 35 2022 Iron Oxide Sale Sales / Marketing IT Leadership Other Run-Rate Note: (1) FY22 SG&A excludes $3m of depreciation and $2m special items Does not include FX, OOIE and pensions reflected in Corporate EBITDA#4141 VENATOR Key Drivers and Assumptions of the Business Plan#425 Year Current Outlook Key Drivers & Assumptions Summary Market Production Direct Costs Performance Additives Indirect Costs Key Drivers & Assumptions VENATOR Demand recovers in Europe and Asia through 2023 and sales volumes are constrained by production capacity thereafter Reduction in TiO2 sites from 7 to 5 by closing Duisburg TiO2 and Scarlino Incremental production increase of ~50kt from operational efficiency and selective capacity investment in remaining core assets (Greatham, Huelva, Uerdingen, Teluk Kalong and Lake Charles) compared to 2021 levels Direct costs peak in 2023 with expected moderation but remain at elevated levels (~2x 2017) Feedstock prices in line with TZMI forecast from H2'23 onwards Energy costs based on hedge position in 2023 and returning to normalised energy prices in the future UMB business growing at 3% from 2025 onwards and driers to recover to historic levels of >$2m from 2025 Timber treatment outlook based on new industrial products and demand growth of ~4% p.a. from 2025 onwards 2023 EBITDA margin is forecasted to drop to the mid to high single digits before reverting back to the 9-10% range thereafter Inflation applied at 2.5% p.a. from 2024 outlook Reduction for Duisburg as TiO2 operations cease Individual plant level fixed costs/t of capacity can vary +40% to (40)% from the consolidated figure1 SG&A Corporate SG&A decreasing from ~$52m in 2023E to ~$38m from 2025 onwards (incl. pensions) UK pension buyout completed in 2024 Capex Working Capital 2023 growth capex associated with optimization of FAD business and transfer of part of specialty TiO2 to Uerdingen together with investments necessary to maintain operations and necessary EHS and safety expenditures (~$55m total 2023E capex) c.$75m improvement in inventory in 2023 as part of liquidity initiatives that are currently being implemented 42 1. Excluding Scarlino and Duisburg; Uerdingen c.25% above average#43TiO 2 CPI Sales Volumes Volume recovery back to historical levels in 3Q23 TiO2 CPI Volumes (Rebased) 150% 125% 100% 75% 50% 2017-2021 High/Low 2022 2023 OL VENATOR 25% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 43 Note: Rebased to Jan-22 TiO2 CPI volume#44TiO 2 Production and Sales Volume by Region Attractive global footprint VENATOR 2022 TiO2 Production Nameplate Capacity TiO2 Nameplate Capacity Greatham Uerdingen Huelva Scarlino Duisburg LPC TK EMEA 150,000 107,000 80,000 80,000 50,000 Americas 75,000 APAC 60,000 Total Capacity 150,000 107,000 80,000 80,000 50,000 75,000 60,000 Historical utilisation rate between 75% to 80% TiO2 Sales Volume by Region 2024E 2025E 2026E 2027E 2023E Regional Sales Split (%) EMEA 55% 52% 51% 52% 52% Americas 24% 24% 25% 25% 24% APAC 17% 18% 19% 19% 20% Specialty 4% 6% 5% 5% 4% Total TiO2 100% 100% 100% 100% 100% 44#45TiO 2 Direct Cost Trends Significant increase and expected to remain elevated VENATOR Energy Other Feedstock 0.74 0.88 1.05 1.10 1.10 Direct Costs (1) 1.14 0.97 0.98 1.00 0.22 0.15 0.16 0.84 0.83 0.19 0.77 0.37 0.32 0.33 0.35 1.60 1.57 1.58 1.60 1.56 1.53 0.34 0.34 0.43 0.38 0.35 0.39 0.49 0.49 0.48 0.48 0.50 0.46 0.76 0.77 0.73 0.68 0.69 0.69 0.53 0.55 0.49 0.44 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E Commentary Unprecedented cost inflation during 2022 was the main driver for the large increase in direct costs Significant increase in direct costs ■ Energy saw the relatively largest % increase Feedstock and Other saw smaller increases Direct costs are assumed to remain elevated ☐ European energy recedes but other raw materials higher grade feedstocks increase c.80% of 2023 European gas and c.50% of 2023 European electricity consumption is hedged at average price of c.€70/MWh and c.€280/MWh, respectively, as of April, 2023 Information from the Intercontinental Exchange European energy outlook forms the basis for management's estimates Business plans assumes European energy costs gradually decrease to c.€35/MWh by 2027 ►Individual plant level direct costs/t can vary +5% to (12)% from the consolidated figure(2) (1) 45 (2) Rebased to TZMI 2021 Venator manufacturing cost estimate on a $/t basis (TZMI, 2022, Comparative Cost & Profitability Study) Excluding Scarlino and Duisburg#46TiO 2 Global Average Sales Price Pricing increases to recover margins to historical levels TiO2 Global Average Selling Price (1) VENATOR TiO2 Price (Rebased) 210 CPI 190 170 150 130 110 90 00 70 Specialty 50 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 46 (1) Rebased to TZMI 2021 World Tier 1 selling price on a $/t basis (TZMI, Issue 4 2022, Pigment Price Forecast)#47TiO2 Regional Sales Price Pricing increases to recover margins to historical levels with APAC price lagging due to slower demand recovery and regional supply base TiO2 CPI Selling Price by Region (1) VENATOR TiO2 Price (Rebased) 140 130 120 110 100 90 80 EMEA - Price 70 2018 2019 2020 2021 2022 2023E 47 (1) Rebased to TZMI 2021 Europe Tier 1 selling price on a $/t basis (TZMI, Issue 4 2022, Pigment Price Forecast) Americas Price 2024E 2025E 2026E APAC Price 2027E#4848 48 VENATOR Financial Performance and Liquidity#49Historical EBITDA and 5Y Current Outlook EBITDA expected to recover to $175m by 2025 VENATOR 2014-2027E Annual Adj. EBITDA (1) ($m) 436 395 TiO2 41 Performance Additives Corporate Costs 75 55 Pori 5Y Current Outlook 194 185 376 312 50 '14-'22 Avg.: $157m(2) 77 8 84 49 50 12 88 69 69 69 72 202 180 136 237 219 175 '24-'27E Avg.: $184m I 104 231 Iron Oxide 217 170 136 business 176 53 sold in 2 111 41 14 Q1'23 62 62 46 46 55 55 65 65 53 53 35 38 36 41 43 (37) (58) (53) (64) (43) (50) (46) (50) (43) (45) (38) (38) (38) (5) (9) (5) (103) (53) (52) (120) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 49 (1) (2) Adjusted EBITDA for 2014-2022 as per Company reporting Historical average excludes Pori EBITDA contribution#502022A-2023E EBITDA Bridge Elevated pricing and costs pressure 53 1 (66) EBITDA Bridge ($m) (68) VENATOR 2 (120) (41) 2022A EBITDA TiO2 Volume TiO2 Price / Mix TiO2 Direct Costs Fixed Costs and Performance 2023E Others Additives EBITDA EBITDA (1) 50 (1) PF excluding IOX EBITDA#512023E 2027E EBITDA Bridge - Recovery driven by pricing pass through of costs and improved manufacturing efficiency VENATOR 51 (120) 2023E EBITDA 36 EBITDA Bridge ($m) 5 190 9 237 116 TiO2 TiO2 Price/ Volume Mix TiO2 Direct Costs Fixed Costs and Others Performance Additives EBITDA 2027E EBITDA#522022A-2027E CFADS Build-up VENATOR Cash Flow ($m) 2022 2023E 2024E 2025E 2026E 2027E Total Revenue 2,173 1,901 2,083 2,066 2,182 2,262 1 Total EBITDA 53 (120) 104 175 219 237 2 Normal Course Capex (69) (55) (68) (62) (62) (60) Change in Working Capital (135) 18 28 28 (11) (11) (7) Other 152 115 (45) (18) (21) (25) CFADS (pre One-Off Expenses) 1 (41) 20 84 126 145 4 Operational Restructuring (36) (25) (39) (38) (15) (27) Project Volt Costs CFADS (post One-Off Expenses) (35) (81) (147) (19) 46 111 118 1 Reflects TiO2 business incl. operational restructurings, Performance Additives, corporate SG&A and annual contingencies 2 2023E capex limited to necessary maintenance expenditures with select growth investments from 2024E onwards 3 ■ Total capex spend on decoupling FAD business at Duisburg and specialty grade transfer to Uerdingen is c.$22m ☐ Following the sale of the Iron Oxide business, capital expenditures for TiO2 business expected to be approximately 75-85% of total company annual spend Includes net proceeds from sale of Iron Oxide business to Cathay Industries in Q1'23 of $130m(1), other investing & financing cash flows, cash income tax, pensions and other items 4 Reflects one-off costs to implement cost savings initiatives and address legacy issues in Germany and France (2) 52 52 Cash flow before debt service expected to be negative c.($145m) in July 2023 before turning positive Aug-23 ABL borrowing base forecasted at c.$230m, decreasing to c.$208m at 2023 Y/E Note: (1) (2) CFADS is defined as change in cash pre-debt service (both interest and principal repayment/drawdown); net ECO income / cost is captured in COGS ABL borrowing base reduced by approximately $85m as a result of the transaction Includes $6m of restructuring costs for Calais from H2'23E onwards#532023 2027E Germany Cash Flow - 2023-27E Germany Cash Flow VENATOR H1'23E H2'23E 2023E 2024E 2025E 2026E 2027E 1 EBITDA (49) (1) (50) (0) 38 52 56 2 Capex (9) (10) (19) (32) (20) (20) (20) Change in Working Capital (32) 34 2 9 (22) (0) 1 3 Operational Restructuring (25) (33) (15) (27) Total Cash Flow (90) 23 (67) (48) (36) 17 10 1 Exit of loss-making Duisburg TiO2 business while retaining Duisburg FAD business and strengthening Uerdingen site via transfer of specialty grades from Duisburg 2 Capex required for decoupling FAD business at Duisburg, specialty grade transfer and de-bottlenecking at Uerdingen as well as maintenance capex at both sites Operational restructuring costs for Germany primarily consist of severance, ongoing site costs and demolition and remediation 53 Note: Excludes c.$18m Iron Oxide sales proceeds that are allocable to Germany Germany EBITDA includes c.$7m allocated SG&A p.a.#5454 Appendix VENATOR#55Additional Financial Information (as of 31-Mar-23) VENATOR ABL Borrowing Base and Amount Outstanding ($m) Loans from Treasury Co to Material Subsidiaries ($m) Eligible AR 111 Entity Lending Entity Balance (x) Advance Rate 85% TiO2 (with intercompany loans) TreasuryCo (59) Available AR (Pre-Addbacks) 94 (+) Addbacks (IG AR and Past Due/Extended Terms) 12 Encumbered vs. Unencumbered Assets ($m) Avg. '23-27E EBITDA Pledged AR / Inv. Available AR 106 Eligible Raw Materials Fully Encumbered 97 (x) Effective Advance Rate (1) 52% TiO2 PA Available Raw Materials 51 Eligible WIP Total Encumbered Facilities 213 52 53 92 18 (1) (x) Effective Advance Rate 0 Unencumbered Available WIP 8 TiO2 (without intercompany loans) Eligible Finished Goods 159 TiO2 (with intercompany loans) (x) Effective Advance Rate (1) 69% TiO2 Other (3) Available Finished Goods 110 PA (EU) Available Inventory 169 PA (US) Total Unencumbered Facilities Available Collateral, before Reserves 274 2259 43 31 21 22 26 18 119 22 23 70 Total Reserves 112 North American Selling Entities Borrowing Base (Post-Reserves) 163 North American Selling Entities 93(4) Memo: ABL Loans Outstanding 85 35 Memo: Letters of Credit Outstanding Germany (2) Borrowing Base (Post-Reserves) Reserves Memo: ABL Borrowings (incl. LCs) 41 45 32 442 Assets which are functionally unencumbered due to the lack of a perfected security interest in shares and assets Approximately 50% is attributable to the Lake Charles facility, with the other 50% attributable to other sites around the (1) 55 Effective Advance Rate following application of formula that calculates available inventory based on the minimum of (i) the book value of eligible inventory multiplied by a 70% advance rate and (ii) the NOLV of the inventory multiplied by an 85% advance rate (3) (4) world (2) Germany's May-23 net contribution to ABL Borrowing Base estimated at c.$70m