TROX Tronox Holdings plc

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 Credit Suisse Basic Materials Conference   September 13, 2017  Tronox Limited is scheduled to participate at the Credit Suisse Basic Materials Conference in New York, New York on September 13, 2017 and intends to use the attached materials at such conference. 

 Forward Looking Statements  1  Forward Looking StatementsStatements in this release 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 based on our growth 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 or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. These and other risk factors are discussed in the company's filings with the SEC, including those under the heading entitled “Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016 and our Quarterly Report on Form 10-Q for the period ended June 30, 2017.Significant risks and uncertainties may relate to, but are not limited to, the risk that the Transaction does not close due to failure of a closing condition or termination of the Purchase Agreement in accordance with its terms, causing the Company to seek alternative financing for the Cristal Transaction; the risk that the Cristal Transaction will not close, including by failure to obtain shareholder approval, failure to obtain any necessary financing or the failure to satisfy other closing conditions under the Cristal Transaction Agreement or by the termination of the Cristal Transaction Agreement; failure to plan and manage the Cristal Transaction effectively and efficiently; the risk that a regulatory approval that may be required for the Cristal Transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; the risk that expected synergies will not be realized or will not be realized within the expected time period; unanticipated increases in financing and other costs, including a rise in interest rates; reduced access to unrestricted cash; compliance with our bank facility covenants; the price of our shares; general market conditions; our customers potentially reducing their demand for our products; more competitive pricing from our competitors or increased supply from our competitors; operating efficiencies and other benefits expected from the Cristal Transaction.Additional Information and Where to Find It This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval. In connection with the Transaction Agreement (the “Cristal Transaction Agreement”), by and between Tronox, The National Titanium Dioxide Company (“Cristal”) and Cristal Inorganic Chemicals Netherlands Coöperatief W.A. (the “Cristal Transaction”), the Company has filed, and intends to file, relevant materials with the U.S. Securities and Exchange Commission (“SEC”). The Company filed a definitive proxy statement regarding the Cristal acquisition with the SEC on August 31, 2017. Investors and Security holders are urged to read the proxy statement (including all amendments and supplements thereto) and all other relevant documents regarding the proposed Cristal Transaction filed with the SEC or sent to shareholders as they become available as they will contain important information about the Cristal Transaction. You may obtain a free copy of the proxy statement and other relevant documents filed by the Company with the SEC at the SEC’s website at www.sec.gov. Copies of documents filed by the Company with the SEC will be available free of charge on the Company’s website at www.tronox.com or by contacting the Company’s Investor Relations at +1.203.705.3722. Certain Information Regarding Participants The Company, Cristal and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Cristal Transaction. You can find information about the Company’s directors and executive officers in the Company’s definitive annual proxy statement filed with the SEC on March 16, 2017. Additional information regarding the interests of such potential participants is included in the definitive proxy statement regarding the Cristal Transaction filed with the SEC on August 31, 2017, and will be included in other relevant documents filed with the SEC. 

 Tronox & Cristal Combination 

 3  Tronox Overview   45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  Global leader in the production and marketing of titanium bearing mineral sands and titanium dioxide (“TiO2”) pigment465 kMT nameplate production capacityOne of the largest global producers and marketers of TiO2 manufactured via chloride technology, which is used in many of the largest end-market applicationsWorld’s largest fully vertically integrated titanium mining-to-titanium dioxide value chain with 3 mineral sands mines and 3 pigment production facilitiesWorld’s only mining-mineral processing chain with production of both titanium slag and synthetic rutileGlobal operations in North America, Europe, South Africa and Australia, serving customers around the worldSubstantial tax attributes to reduce future tax burden Operating at over 90% capacity utilization due to strong industry demandLTM (as of 6/30/2017) Revenue of $1,490 million and EBITDA of $279 millionHeadquarters: Stamford, CT  Company Highlights  Sales by Geography (2016)  Source: Tronox 2016 Annual ReportNote: Figures represent Tronox Ltd. excluding Alkali business  ~65%  ~15%  ~20%  Key Facts  Facilities  3 TiO2 facilities, 3 mines, 2 slag plants, 1 SR kiln  Countries   Plants in 4 countries  TiO2 Nameplate Capacity  465 kMT  Feedstock and Co-Products Nameplate Capacity  91 kMT rutile and leucoxene, 220 kMT synthetic rutile, and 410 kMT titanium slag, 220 kMT zircon and 221 kMT pig iron  Employees  ~3,200 

 4  TiO2 Value Chain  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160      Titanium-Bearing Mineral Sands    Zircon    Ilmenite    Synthetic Rutile    TitaniumSlag    Pig Iron    Natural Rutile    Leucoxene      Feedstock   TiO2 Pigments   Markets 

 5  Cristal Overview   45-63-136  42-109-186  103-146-171  World’s 2nd largest TiO2 pigment producer 858 kMT of nameplate production capacity84% manufactured via chloride technologyHigh-quality, well-invested assets, with highly automated manufacturing processesHighly integrated into mining, chlorine, air separation, energy facilities and a 500 kMT slag production complex under commissioningSignificant co-product and downstream businessLargest producer of merchant high quality TiCl4Global leader in specialty, catalyst grade TiO2Mining and mineral separation facilities in Australia with 258 MT of reserves2011-2016 average EBITDA of $385 million  134-184-0  112-48-160  Company Highlights  Sales by Geography (2016)  Key Facts  Facilities  8 TiO2 facilities, 6 mines & MSPs(1) and 1 slagger(2)  Countries   Plants in 7 countries  TiO2 Nameplate Capacity  858 kMT  Feedstock and Co-Products Nameplate Capacity  500 kMT ilmenite, 70 ktpa rutile,100 ktpa zircon, 500 kMT slag(2)  Employees  ~4,100  Mineral Separation PlantsCurrently in commissioning phase, Tronox negotiating an option to acquire Cristal’s Jazan slagger 

   EPS accretion of more than 100% expected in year 1Projected pro forma EPS, EBITDA and FCF growth rates over 2018-2021 improve by ~70%, ~30% and ~60%, respectively, versus Tronox standalonePre-tax run-rate synergies of more than $100 million by year 1 and more than $200 million by year 3 expectedPro Forma for the Refinancing and the Cristal Acquisition, Tronox’s Secured Net Leverage and Total Net Leverage will be 2.9x and 4.3x, respectively, based on pro forma 6/30/17 unaudited Adjusted EBITDA of $731 million(1)  TiO2 pigment production of 1.3MT PY with 11 production plants in 8 countriesMost highly integrated feedstock production of 1.5MT PY with 6 ilmenite mines, 2 slag plants (negotiating an option to acquire a third) and 1 synthetic rutile plant Approximately 85% vertically integrated on net TiO2 basis Allows full utilization of mining and feedstock assets to minimize cost per ton and increase marginsHigher mineral sands asset returns from reduced exposure to volatility in high-grade feedstock merchant market with 100% of high-grade feedstock consumed internally  Cristal Acquisition – Compelling Strategic Rationale  6  Substantial Accretion and Rapid Deleveraging Upon Closing  Creates World’s Largest and Most Highly Integrated Producer of TiO2  Sum of 1H 2017 Run-rate Adj. EBITDA for Tronox Limited less Alkali, 1H 2017 Run-rate Adj. EBITDA for Cristal, and Year 1 synergies of $100mm 

 7  Combination Creates Largest Global TiO2 Producer with Diverse Geographic Mix   1  Combination creates the world’s largest TiO2 platform with approximately 18% of industry capacity in 2016World’s largest producer and supplier of TiO2 manufactured via chloride technology, used in many end-market applicationsIncreased scale provides flexibility in production volumes and a competitive advantage in retaining existing customers and obtaining new businessFully integrated production facilities strategically located to serve customers across the globeSubstantial geographic breadth with robust exposure to fast-growing emerging markets   Geography  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160   Nameplate Production Capacity (MT)    Venator  Chemours    16%    18%    11%    10%  Kronos    8%  Lomon Billions    8%    6%  % Global Capacity  New  1.4  28%  11%  27%  20%  14%  Source: TZMI, public filings and presentations 

 8  Superior Competitive Position as Most Vertically Integrated TiO2 Producer  3  New Tronox Pro Forma Mineral Sands Production  Feedstock Balance Shifts (2018E)  (kMT, TiO2 units)  220 Long  New Tronox  Tronox  180 Short    45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  Creates world’s second largest mineral sands producer, approximately 85% vertically integrated on net TiO2 basis Two highly complementary businesses with significant synergies in supply chain and operation optimizationFull utilization of mining and feedstock assets to increase margins by decreasing cost per tonEnsures low-cost position which enables strong cash flow generation and higher margins with reduced volatilityAssures feedstock supply and demand and captures feedstock margin on pigment sales in all market conditions 

 9    New Tronox – Global Footprint  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160      ThannFranceCapacity: 32 kMT  Ashtabula 1 & 2USACapacity: 245 kMT  Salvador, BahiaBrazilCapacity: 60 kMT  YanbuKSACapacity: 200 kMT  BunburyAustraliaCapacity: 110 kMT  FuzhouChinaCapacity: 46 kMT  StallingboroughUKCapacity: 165 kMT                                Namakwa SandsSouth Africa  KZN SandsSouth Africa  Chandala(2)Australia  KwinanaAustraliaCapacity: 150 kMT  HamiltonUSACapacity: 225 kMT  Jazan(1)KSA    Botlekthe NetherlandsCapacity: 90 kMT    CristalPigmentMineral Sands      TronoxTronox Corporate PigmentMineral Sands              StamfordUSACorporate Offices  ParaibaBrazil  CooljarlooAustralia  WonnerupAustralia  SnapperAustralia  GinkgoAustralia  Tronox negotiating an option to acquire Cristal’s Jazan slaggerRepresents a mineral processing plant and not a mine 

 Pre-tax run-rate synergies of more than $100 million by year 1 and more than $200 million by year 3 expected  Components of Synergies (1)  Full utilization of mineral sands assets Optimizing value in use of our feedstockSharing of best practices across complementary technologies, production facilities and production geographiesSignificant supplier overlapEnhanced global footprint reduces average distance to customers Consolidation of third party spend, overlapping functions, elimination of redundant corporate costs  One-time Costs to Achieve (1)  Sources of Synergies   ($ millions)  ($ millions)  10  Highly Synergistic Combination  Estimates at deal announcement 

 11  Update on Purchase of Cristal  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160    11/23/2016: Tronox and Cristal agree to non-binding deal construct, due diligence commences  2/21/2017: Tronox announces definitive agreement to acquire Cristal TiO2 business              8/2/2017: Tronox signs definitive agreement to sell Alkali Chemicals business      10/2/2017: Proxy Vote    Path to Completion  8/30/2017: Tronox provided transaction update to Ratings Agencies, commenced debt refinancing  9/22/2017: Expected closing of debt refinancing   Q1 2018: Expected Cristal transaction close  9/1/2017: Close of sale of Alkali to Genesis Energy  Cristal shareholders to receive a mix of $1,673 million in cash plus 37.58 million Class A ordinary shares representing approximately 24% ownership in the pro-forma TronoxCash portion of purchase consideration to be funded through proceeds from Alkali sale, proceeds from the Refinancing transaction and cash on handKey items prior to closing:Regulatory ClearanceAustralia, Turkey, New Zealand and Colombia have cleared regulatory approvalUS, EU, Saudi Arabia, China and South Korea in processShareholder meeting on October 2nd to approve share issuance to Cristal 

   World’s Largest and Most Highly Integrated TiO2 Producer    Highly Strategic and Synergistic Combination with Cristal    Transaction Substantially Accretive and Deleveraging Upon Closing    Higher Growth Rates, Faster-growing EBITDA, Free Cash Flow and Earnings    Expanded Global Footprint, Increased Participation in Emerging Markets  12  Tronox and Cristal Combination 

 Favorable Industry Outlook 

 14  Early Stage of Strong TiO2 Recovery  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  $12+ billion global market serving paints and coatings, plastics, paper and a variety of other industriesDerived from titanium bearing ores, TiO2 is the most widely used pigment in the world, comprising ~70% of global pigment volumeNo effective mineral substitute for TiO2Recent industry consolidation coupled with spin-offs and IPOs resulting in independent TiO2 producersThe combination of Tronox and Cristal creates the world’s largest and most fully integrated TiO2 producer Chinese producers facing environmental, energy conservation and feedstock issuesOver the last decade, TiO2 demand grew substantially in emerging economies, notably Asia, with APAC region becoming the largest global TiO2 marketLimited new capacity additions in the near-term  Source: TZMI, Tronox estimatesNote: Figures as of 2016  TiO2 Demand by End Market  TiO2 Nameplate Production Capacity  TiO2 Demand by Geography  24%  33%  17%  26%  40%  8%  8%  10%  16%  18%  25%  14%  57%  4% 

 15  Sustained Improvement in Industry Operating Rates  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  Indexed Global TiO2 Demand and Capacity Utilization  After peaking in 2011, the TiO2 industry suffered from low capacity utilization as a result of de-stocking by end-users and new capacity induced during the peak in 2010-2011Western producers currently operating at near full capacityStrong global growth, capacity rationalization, limited new capacity and current environmental pressures in China have resulted in steadily improving capacity utilizationThe improved capacity utilization resulted in TiO2 prices bottoming out in Q1 of 2016Tight supply and demand conditions expected to continue supported by continued demand growth and limited new capacity coming onlineTiO2 prices currently well below the last cycle peak  Source: TZMI 

 16  Chinese Producers Market Dynamics  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  Increasing feedstock cost Higher energy pricesWage growthIncreasing environmental costs  Inflationary Pressures  Stringent environmental regulatory permitsGovernmental control to limit inefficient capacity coming onlineHigher cost and reduced access to capital leading to weaker re-investment economics  Overcapacity and government imposed (environmental) controls now resulting in consolidationExpansion of larger producers and closure of smaller producers Latest example is merger between Lomon and Billions  Limited New Capacity  Industry Rationalization  Company  Nameplate Capacity (MT PY)  Lomon Billions  0.6  Shandong Doguide  0.2  CNNC  0.2  Bluestar  0.2  Jiangsu GPRO  0.1  Shandong Dawn  0.1  Ningbo Xinfu  0.1  Other   ~1.4  Total  ~2.9  % of Total Capacity  ~39%  Source: TZMI, Tronox estimates 

 17  Opportune Time to Capitalize on TiO2 Market Recovery  2  Increasingly Diversified Revenue Generation    Status Quo Tronox 2016A Revenue  Pro Forma New Tronox 2016A Revenue  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  TiO2 market has recovered since 2016 with underlying end market trends supported by global GDP growth and tight supply-demand conditions across the value chainTronox has had 5 consecutive quarterly pricing increasesMarket improvement, operational excellence program and continued cost discipline have allowed for significant Adj. EBITDA margin improvement despite pricing below 2014 levelsTronox TiO2 Adj. EBITDA margin of 30% or greater expected by 3rd quarter 2017Combination with Cristal further increases Tronox scale to be better positioned to capitalize on the global TiO2 growth  Adj. EBITDA Margin %  Pigment Net Sales Price/MT  REPRESENTS ADJ. EBITDA MARGIN PATH TO TARGET OF 30% 

 Financial Perspectives 

 1st Half 2017 Performance  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  19  Update on Tronox and Cristal  Tronox sales increased $181 million, or 29% in H1 2017 compared to H1 2016Tronox Adj. EBITDA increased $114 million(1), or 238% in H1 2017 compared to H1 2016Cristal H1 2017 sales improved 17% to $1,017 million vs. H1 2016Cristal Adj. EBITDA increased $142 million in H1 2017 vs. H1 2016  Tronox  Cristal  (1)  Note: USD in millions. Tronox figures are for Tronox minus Alkali businessCalculated as Tronox Company Adj. EBITDA minus Alkali segment Adj. EBITDAPer company analysis to report Cristal consistent with Tronox Adj. EBITDA definition  (2) 

 20  Historical Financial Performance  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  Tronox Net Sales  Cristal Net Sales  Cristal Adj. EBITDA(2)  Tronox Adj. EBITDA(1)  Note: USD in millions. Tronox figures are for Tronox minus Alkali businessCalculated as Tronox Company Adj. EBITDA minus Alkali segment Adj. EBITDAPer company analysis to report Cristal consistent with Tronox Adj. EBITDA definition 

 Low Cost and Efficient Production Driving Superior Free Cash Flow Growth  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  Commitment to Efficiency  Established “Operational Excellence” program to enhances performance of TiO2 business$389 million cumulative cash from cost reductions and $281 million of cumulative cash from working capital reductions from 2015 to 2017 YTD Ahead of schedule to deliver 30% TiO2 Adj. EBITDA margins  Vertically Integrated Production  Approximately 85% vertically integrated on a net TiO2 basis Cost advantages from supplying high-grade feedstock needs internally  Proprietary Chloride Technology  Chloride technology focused on higher value-in-use applications in coatings and plasticsOver 90% of New Tronox’s nameplate production capacity utilizes the chloride process  Presence to Emerging Markets  New Tronox will have plants in key emerging markets including the Middle East (Yanbu, Saudi Arabia), Latin America (Salvador, Brazil) and China (Fuzhou)Facilities are strategically located to serve both local demand and serve international customers  21 

 Capital Allocation Strategy  45-63-136  42-109-186  103-146-171  134-184-0  112-48-160  22  Maintain strategic investment flexibility    Capital expenditures to support business growth and debottleneck operations    Reduce debt with target leverage ratio range of 2.0-3.0x EBITDA    Shareholder capital return through dividend or opportunistic share repurchase   

 

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Q&A Session