Investor Presentaiton

Strong 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

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