Citi Basic Materials ConferenceNovember 27, 2018

General Disclosure

This presentation includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities

Exchange Act of 1934, as amended. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or

performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information. When used in this

presentation, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs, such as “will,” “should,” “could,” or “may,”

and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management’s

examination of historical operating trends and data, are based upon our current expectations of future events and various assumptions which may not be realized or accurate. Our

expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s

expectations, beliefs and projections will be achieved. We undertake no obligation to update or revise forward-looking statements which may be made to reflect events or circumstances

that arise after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Such risks,

uncertainties and other important factors include, among others: future global economic conditions, our ability to transfer technology and manufacturing capacity from our Pori, Finland

manufacturing facility to other sites in our manufacturing network, the costs associated with such transfer and the closure of our Pori facility, impacts on TiO2 markets and the broader

global economy from the imposition of tariffs by the U.S. and other countries, changes in raw material and energy prices or availability, access to capital markets, industry production

capacity and operating rates, the supply demand balance for our products and that of competing products, pricing pressures, technological developments, changes in government

regulations, geopolitical events and other risk factors as discussed in our annual report on Form 10-K filed on February 23, 2018.

This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including EBITDA, adjusted EBITDA,

adjusted EBITDA margin, free cash flow and net debt and certain ratios and other metrics derived therefrom. We have provided reconciliations of non-GAAP financial measures to the

most directly comparable GAAP financial measures in the Appendix to this presentation.

Plastics34%

Architectural Coatings

28%

Industrial Coatings

15%

Inks6%

Fibers & Films8%Personal Care,

Food,

Pharmaceuticals &

Active Materials

6%

Plastics15%

Architectural Coatings

14%

Industrial Coatings

11%

Construction44%

Agriculture & Water 4%

Fibres & Films3%

Other3%

Venator Snapshot

3

En

d M

ark

ets

(1)

3Q18 LTM

Revenue (mm) $2,310

Adj. EBITDA (mm) $509

% margin 22%

3Q18 LTM

Revenue (mm) $1,688

Adj. EBITDA (mm) $484

% margin 29%

3Q18 LTM

Revenue (mm) $622

Adj. EBITDA (mm) $74

% margin 12%

Titanium Dioxide Performance Additives

Se

gm

en

t

Personal Care,

Food,

Pharmaceuticals &

Active Materials

6%

Other

3%

Re

pre

se

nta

tive

Cu

sto

me

rs

(1) FY17 revenues

Pori EBITDA Adjustment

Titanium DioxideUnderlying industry fundamentals remain intact

4

Chemours17%

Cristal12%

Venator11%

Lomon Billions8%

Kronos8%

Tronox6%

Others38%

2017 Revenues Source: Management Estimates

Segment

Revenues

$1.7billion

Segment

Adjusted EBITDA

$484million

COATINGS

INKS

2016 Nameplate Capacity; Excludes VNTR South African facility

TiO2 Capacity

End Markets 3Q18 LTM

$ in millions

Annual EBITDA History(1)

(1) Adjusted to include the Oct. 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period, based upon

their management’s representation; excludes the related sale of our TR52 product line – used in printing inks – to Henan Billions Chemicals Co., Ltd. in December 2014; and excludes the allocation of general

corporate overhead by Rockwood

Quarterly EBITDA History$ in millions

Adj. EBITDA ex. Pori Adj. EBITDA Margin

Adj. EBITDA ex. Pori Adj. EBITDA MarginPori EBITDA Adjustment

243

572

349

84 84

-58 12

312

443 63

127

100

33 50 50

49

75

41

17%

30%

22%

6% 7%

(1%)

4%

24%

29%

2010 2011 2012 2013 2014 2015 2016 2017 3QLTM

24 41

78

107 86

125 124

75 10

7

15

20

33

18 23

9%

12%

23%

29%31% 31% 32%

19%

4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Plastics34%

Architectural Coatings

28%

Industrial Coatings

15%

Inks6%

Fibers & Films 8%Other

3%

Personal Care,

Food,

Pharmaceuticals &

Active Materials

6%

Market Leader in High-Value Specialty TiO2

Favorable application mix

Source: Management estimates5

Venator has more than half of its sales volume in high value TiO2 categories

1,000 2,000 3,000 4,000 5,000 6,000

Pri

ce

Low QualityFunctional

Differentiated

Sp

ec

ialtie

s

9%17% 42% 32%

16%0% 40% 44%

Legend:

% Total global TiO2

industry demand

% Venator TiO2 sales

volume

Venator Focus

Estimated World Demand (kmt)Indicative EBITDA

margins1x 2x 3x+

Catalysts

Food

Pharma &

Cosmetics

Fibers &

Films

Solar

Specialty

Inks

Industrial coatings

Performance plastics

Differentiated Inks

Functional coatings (architectural)

Functional plastics

Paper

Applications

2014 2015 2016 2017 2018 YTD

Specialty TiO2

Margin stability supports strategic investment

6(1) Comparing variable contribution margin of specialty grades (excluding inks) and functional grades

(2) Mid-cycle EBITDA estimate, based on the timing of plant commissioning

Source: Management estimates

Demand for specialty grade TiO2 is more resilient

throughout a cycle

Specialty grades have an enhanced margin profile

compared to functional grades

Limited number of producers with high barriers to entry

Applications: Catalysts; Food; Pharma & Cosmetics;

Fibers & Films; Solar; Specialty Inks

Specialty Profile Outlook

Will reestablish Venator as a leading supplier of

specialty grade TiO2

Expect pricing and demand to remain solid

Investment to target higher margin specialty grades of

TiO2

Estimated annual adjusted EBITDA contribution of

~$30mm in 2020(2) and more than $60mm in 2023(2)

Margin Differential: Specialty vs. Functional(1)

Functional

TiO2

Specialty

TiO2

Close Pori and Transfer Technology

7(1) Wind-down, capex costs and unabsorbed fixed costs from June 30, 2018

(2) Excludes prior Pori capex and clean up costs through 2Q18

(3) Mid-cycle EBITDA estimate, based on the timing of plant commissioning

Projected Cash Costs Related to Pori

Venator has flexibility in timing of capex spend and will be prudent with the introduction of capacity

$100mm of cash costs related to the Pori closure are incurred after 2021

Pori will continue to operate at reduced rates thru 2021

Estimated annual adjusted EBITDA contribution of ~$30mm in 2020(3) and more than $60mm in

2023(3)

Estimated Costs 2018 2019 >2020 Total

Pori capex and project wind-down costs ~$130(1) -- -- ~$130(1)

Capex to strengthen existing network -- $40-$70 $80-$110 ~$150

Pori estimated closure costs -- $50 $100 ~$150

Estimated cost of implementation ~$130 $90-$120 $180-$210 ~$430

…of which are expected capital expenditures(2) ~$100 $40-$70 $80-$110 ~$250

$ in millions

Transfer core specialty and differentiated capacity to other sites

Venator Avg. Chloride Venator Avg. Chloride

Ilmenite Sulfate Slag Chloride Slag Rutile

2019F2018F

Favorable market structure for sulfate ores

Sulfate Production Provides Ore Cost

Advantage

(1) Assumes a 75% slag/25% rutile blend

Source: Management estimates8

Ore purchasing price ($/t) Characteristics

Sulfate Chloride

Feedstock Ilmenite Chloride Slag

Capital Intensity Low High

Energy Usage Low High

Number of

Producers>20 <5

Largest

Producer Share<15% ~70%

Ore blend provides cost advantage ($/t)

$0

$200

$400

$600

$800

$1,000

$1,200

2014 2015 2016 2017 2018F 2019F 2020F 2021F

Ilmenite Rutile Sulfate Slag Chloride Slag

19%

21%

1822

1613

22 21

15 15

24 23

12

12%

13%

12%

9%

14%

13%

10% 10%

14%

13%

8%

1Q 162Q 163Q 16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Performance AdditivesStable earnings and cash generative business

9

$ in millions

2017 Revenues

End Markets

Annual EBITDA History(1)

Quarterly EBITDA History

Segment

Revenues

$0.6billion

Segment

Adjusted EBITDA

$74million

CONSTRUCTION

COATINGS

3Q18 LTMSource: Management Estimates

(1) Adjusted to include the Oct. 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period,

based upon their management’s representation; excludes the related sale of our TR52 product line – used in printing inks – to Henan Billions Chemicals Co., Ltd. in December 2014; and excludes

the allocation of general corporate overhead by Rockwood

$ in millions

103

119

8998

91

69 6972 74

15%16%

13%15%

14%

12%12% 12% 12%

2010 2011 2012 2013 2014 2015 2016 2017 3QLTM

Segment Adj. EBITDA Segment Adj. EBITDA Margin

Plastics15%

Architectural Coatings

14%

Industrial Coatings

11%

Construction44%

Agriculture & Water 4%

Fibres & Films3%

Other3%

Personal Care,

Food,

Pharmaceuticals &

Active Materials

6%

Functional

Additives

Performance Additives

Source: Company filings10

Residential construction (ACQ,

ECOLIFETM and Copper Azole)

Protects wood from decay and

fungal or insect attack

Industrial construction

(Chromated Copper Arsenate)

Prolongs service life of wood

Polyaluminium chloride

based flocculants

Clarifies water by promoting the

sedimentation of particles

Highly durable red, yellow, black

and tan pigments

Colorants for paint, plastics and

concrete

Iron Oxides

Unique blue-shade pigments

Violet and pink variants

Ultramarines

Specialty Inorganics

Chemicals

Weather-resistant, chemically

stable pigments

Distinct color shades

Driers Controls the drying rate of a paint

or ink

Color

Pigments

Timber and

Water

Treatment

Barium and Zinc Additives Fillers that enhance the gloss and

flow of paints and the mechanical

properties of plastics

Specialty soft white pigments

Product Characteristics & Uses Competition Benefit

36%

37%

27%

3Q18 LTM EBITDA

% split

Product overview

Strong EBITDA margins

Complementary and common

process technology

Similar customer base to TiO2

High cash conversion margins

Good geographic balance

Similar customer base to TiO2

Common process technology

Limited number of major

competitors

Stable demand profile

High cash conversion

Why Venator?

11

Leader in Specialty

TiO2 with Sulfate Ore

Advantage

Significant EBITDA margin improvement over the past three years

$47 million of incremental EBITDA benefit realized through 3Q18

Successful Business

Transformation

Strong Balance Sheet

Complementary

Performance Additives

Business

Market leader in high-value specialty TiO2

Pori transfer & strengthen program expected to generate $30 million of annual

adjusted EBITDA in 2020, and more than $60 million in 2023

Sulfate production provides an ore cost advantage

Global provider of performance additives, with market leading positions in attractive

segments

Cash generative business with low capital intensity

Strong balance sheet provides additional optionality

Attractive tax profile with ~$1 billion of NOLs

Appendix

12

Pro Forma Adj. EBITDA Reconciliation

(1) Adjusted to include Rockwood pro forma

(2) Pro forma for incremental $40mm standalone public company costs; excluding 3Q17, 3Q18 and 3Q18 LTM which reflects corporate costs as reported

(3) Pro forma for unrealized benefit from the $60mm cost reduction element of the Business Improvement Program (excludes the $30mm expected total volume benefit from the Business Improvement Program)13

$ in millions 2010 2011 2012 2013 2014 2015 2016 2017 3Q17 3Q18 3Q18 LTM

Net Income/(Loss) $ (162) $ (352) $ (77) $ 144 $ 53 $ (366) $ (18)

Net income attributable to noncontrolling interests (2) (7) (10) (10) (2) (2) (8)

Net income of discontinued operations – (10) (8) (8) – – –

Interest 2 30 44 40 8 10 41

Taxes (17) (34) (23) 50 14 (55) 34

Depreciation and Amortization 93 100 114 127 35 33 135

EBITDA $ (86) $ (273) $ 40 $ 343 $ 108 $ (380) $ 184

Acquisition and integration expense 45 44 11 5 4 5 10

Separation gain – – – 7 – – 8

US income tax reform – – – (34) – – (34)

Purchase accounting adjustments 13 – – – – – –

(Gain) loss on disposition of business (1) 1 (22) – – – 2

Certain legal settlements and related expense 3 3 2 1 – – 1

Amortization of pension and postretirement actuarial losses 11 9 10 17 5 3 14

Net plant incident costs – 4 1 4 1 21 (252)

Restructuring, impairment, and plant closing costs 62 220 35 52 16 428 576

Adjusted EBITDA $ 47 $ 8 $ 77 $ 395 $ 134 $ 77 $ 509

Corporate and other 29 53 53 64 8 10 49

Operating Segment Adjusted EBITDA $ 76 $ 61 $ 130 $ 459 $ 142 $ 87 $ 558

Titanium Dioxide Segment EBITDA(1) 306– 699– 449– 117 134 (8) 61 387 127 75 484

Performance Additives Segment EBITDA(1) 103– 119– 89– 98 91 69 69 72 15 12 74

Public company standalone costs(2) (40) (40) (40) (40) (40) (40) (40) (40) (8) (10) (49)

Business improvement program unrealized(3) – – – – – – – 37 12 6 23

1Q17 impact from Pori Fire – – – – – – – 15 – – –

Pori related EBITDA adjustment (63) (127) (100) (33) (50) (50) (49) (75) (20) – (74)

Pro forma Adjusted EBITDA $ 306 $ 651 $ 398 $ 142 $ 135 $ (29) $ 41 $ 396 $ 126 $ 83 $ 458