chemours 09:00 am est · 01/12/2017 · potential, basically earning our way to growth. we know...

Chemours

December 1, 2017

09:00 AM EST

Chemours

December 1, 2017

09:00 AM EST

Moderator: [Slide 1] Ladies and gentlemen, please welcome Chemours Treasurer and Director of

Investor Relations, Alisha Bellezza.

Alisha Bellezza: [Slide 2] Good morning, everyone. Welcome to Chemours Company's first Investor Day.

[Slide 3] As you know, a core value of Chemours is our commitment to safety. And in

that spirit, I want to take a minute to address where the emergency exits are located.

There are three exits on this floor as you can see on the slide. The closest exit to this

room is on my left in the back. Lunch will be held in Siebert Hall and the nearest

emergency exit to that room can be found within the elevator bank which is to the left

and down the hall.

[Slide 4] I also want to remind you that comments made today, as well as additional

information provided in our presentations, may contain forward-looking statements that

involve certain risks and uncertainties including those described in documents that

Chemours has filed with the SEC. [Slide 5] I also want to take a minute to remind you

that we'll be using some Non-GAAP measures today and you'll be able to find an

appendix with those measures on our website at the conclusion of the event.

[Slide 6] And finally, I just want to do a quick run through of today's activities. The

agenda today will begin with our President and CEO, Mark Vergnano. He'll be followed

by the three business presidents who will give you some overviews of each of our

segments. And Mark Newman, our CFO, will wrap up the day with a view on our

financial outlook and capital allocation plan.

We ask that you hold all questions to the end of the presentation so that we can remain on

schedule, and we'll do a formal Q&A at the end of the event. We would invite you to

join us for lunch in Siebert Hall following the conclusion of Q&A. Before we start the

formal presentations with Mark, I'd like you to take a look at this short video.

[video plays].

[BREAK]

Moderator: [Slide 7] Ladies and gentlemen, please welcome Mark Vergnano, President and CEO of

Chemours.

Mark Vergnano: [Slide 8] Good morning, everyone. We're delighted that you're joining us for our very

first Investor Day for the Chemours Company. We've been on quite a journey since

2015. Reliving some of those headlines you just saw in the opening video, for me brings

back memories of trepidation, of exhilaration, resolve and achievement, transforming and

being transformed. So today we will briefly take you through what we've accomplished

so far, but more importantly, where we see our company going over the next 3 years and

beyond.

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December 1, 2017

09:00 AM EST

At Chemours, we pride ourselves on being open, something you've come to know and

expect. And today will be no different. We'll give you our assessment of what the future

holds and do our best to address the questions that you might have for us. But first I

thought it would be good if we just take a look back. As you know, Chemours became an

independent company 2.5 years ago, formed from DuPont's Performance Chemical

segment which included their TiO2, Fluoropolymers, Fluorochemicals, and Chemical

Solutions businesses. At spin, it became abundantly clear that the strength of our

portfolio with its world leading brands and market positions was being overshadowed by

an uneasy market sentiment fueled by legacy, liabilities and significant debt. We

definitely had our work cut out for us. Our most urgent task was to prove to everyone,

especially our customers and our investors, that we have the knowhow, the grit and a

commitment to execution that would enable us to fulfill our mission to become what we

call a higher value chemistry company.

We developed a 5-point transformation plan in August of 2015, our roadmap for getting

from good to great. Our plan spelled out very clear targets and ambitions goals all the

way through the end of this year. This was all about getting our house in order so that the

true investable value of our portfolio could shine through. A sense of urgency and a

well-designed plan gets you exactly nowhere without a very talented leadership team and

a workforce that's focused on creating a better tomorrow, and I believe we have that.

Together we bought the energy and enthusiasm of a startup, a 200-year old startup as we

sometimes call ourselves, along with the shared vision and optimism that comes from

being on the ground floor of something big, something that has the potential to bring

great value to customers and investors alike.

[Slide 9] While many of you have probably heard some of this before, I think it's useful

to quickly touch on the components of our transformation plan that you see here on the

screen. We committed to 5 specific points. Number 1, to reduce costs by $350 million.

Number 2, to optimize our portfolio into a targeted group of what we would consider

investable businesses. Number 3, to grow our market positions so that we could increase

adjusted EBITDA by an additional $150 million. Number 4, to refocus our investments

on high return opportunities. And number 5, to enhance our organization by building a

nimble, entrepreneurial culture that puts our customers at the center of everything that we

do. In total, we committed to deliver $500 million of adjusted EBITDA improvement by

yearend 2017 and reduce our net debt to EBITDA leverage ratio to approximately 3x by

yearend 2017.

When we first announced our transformation plan, some people expressed doubt that is

was more of an aspiration than a realistic opportunity. But it proved to be just the

blueprint that we needed to build the company we all knew Chemours could be. Our

focus on cost reductions have been intense. We closed our Edgemoore titanium dioxide

manufacturing site, we shut down an inefficient TiO2 line at our plant site in New

Johnsonville, Tennessee, as well as an obsolete production line in our Fluoroproducts

business. We've made strategic and disciplined purchasing decisions and reduced our

global headcount by nearly 20%. Easy decisions? Not one of them. But they were the

right decisions for Chemours.

These actions combined with an organizational resolve to find any and all cost reductions

that made sense, led to more than $300 million of benefit by the end of 2016. We are

committed to realize the additional $150 million with most of it being completed in 2018,

amounting to a cumulative $450 million of cost reductions since spin. I am personally

very proud of that achievement which is an achievement of this leadership team that's

here today and all of our colleagues around the world.

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December 1, 2017

09:00 AM EST

In addition to reducing costs, we sold 3 businesses at EBITDA multiples of 10x to 12x

resulting in $685 million of gross proceeds. We shut down a reactive metals business in

Niagara, New York, and turned our Belle, West Virginia into a profitable venture, all in

the spirit of optimizing our portfolio. We grew our market positions through the startup

of our second TiO2 line at Altamira, bringing on low cost capacity to meet growing

customer demand and drove the adoption of our low global warming Opteon offerings.

Combined, these contributed over $150 million of incremental adjusted EBITDA. And at

the same time, our board of directors, being represented here today by our Chairman Dick

Brown, supported over $450 million in high return capital investments for our Opteon

and Mining Solutions facilities, supporting our commitment to refocus our investments

and support growing customer demand.

Enhancing our organization was more about shaping attitudes, refocusing energies, and

nurturing a startup climate than anything else. And our employee base has shown time

and time again that they fully embrace this new culture. A way of thinking, maybe a new

way of thinking, and behaving that gives life to our corporate values. Our results

hopefully to you speak for themselves. Our transformation plan powered tremendous

financial improvements in both our earnings and on our balance sheet. We made some

bold commitments and we delivered on those. Today we can officially declare that our

plan is complete and Chemours has been transformed. In fact, this afternoon we'll ring

the New York Stock Exchange closing bell to symbolically mark this achievement for

ourselves, our investors and our customers. And although this chapter in our young life

is officially behind us, the discipline we've developed in the drive to meet our

commitments is now deeply embedded in our DNA and will stay with us as we pivot

from transformation over to growth.

Our job since spin has been to earn your trust and your investment in Chemours. And

looking forward, our leadership team and our workforce are ready for the challenges that

come with growing our company. We will continue to push ourselves to realize our full

potential, basically earning our way to growth. We know that building trust is not one

and done. We must earn your trust every day by delivering on what we commit to do.

We completely understand that and that's a lesson we'll never forget.

[Slide 10] We now expect our 2017 adjusted EBITDA to be at the high end of the

previously announced range at approximately $1.4 billion. With that, we are on track to

see over $800 million of improved adjusted EBITDA from 2015 to 2017. Well over our

original $500 million target. And over that time, we've improved our margins by over

1000 basis points. This improved profitability alongside a disciplined focus on our

portfolio and capital investments has enabled us to increase our return on invested capital

from single digits in our early days to over 30% as of September 30. This was the

catalyst, along with excellent working capital management, for dramatically increasing

our free cash flow generation which is the currency as you know for growth and

deleveraging.

At the end of 2015, we had a debt position of about $3.6 billion translating into a

leverage ratio of over 6x adjusted EBITDA. Now we are sitting at just $2.6 billion of net

debt and about 2x of net leverage. This improvement has been recognized with our

recent credit agency upgrades from both Moody's and S&P. We have been thoughtful

about all our transformation plan actions to date. You have trusted us to take the right

actions and you've seen the value of those efforts, reflecting a total shareholder return of

over 150% since our spin. After today, we hope and expect you will trust us to deliver

strong returns going forward.

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December 1, 2017

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[Slide 11] We've titled our first Investor Day, Higher Value Chemistry: Earning Our Way

to Growth. So what does higher value chemistry really mean to us? For us it's about

getting the most from the strength of our portfolio, our partnership, our performance and

our people. It implies thorough and careful thinking, planning and decision making that

yield high returns. It means acting quickly, turning on a dime to take advantage of

opportunities as they arise. And what's remarkable about our journey so far is not how

far we've come, but rather, how much more opportunity we have yet to unleash. It's all

about uncovering worlds of possibilities for improvement. The leaders of our 3

businesses are going to tell just how they plan to do that. You'll notice some recurring

themes. Strong market positions, a commitment to favorable cost structures, disciplined

growth strategies, and the ability to deliver solid top and bottom line growth.

Let me quickly address the 4 Ps of our higher value chemistry strategy. [Slide 12]

Portfolio. Our strategy revolves around enhancing our highly investable portfolio. A

portfolio that has the potential to grow faster than GDP and deliver industry leading

margins with exceptional returns on invested capital. A portfolio that we believe is

compelling for investment, yours and ours. But let's be clear, the pillar of our strategy is

not about a business portfolio that's linked by synergies, because it's not. No, it's a

portfolio that given our proven track record and world-class leadership team, we can

deliver great returns over and over again.

[Slide 13] Partnerships. We believe that collaboration is the fastest path to growth. Our

strong relationships with customers are some of our greatest assets. Listening to and

collaborating with our customers is essential and those relationships are strengthened and

enhanced when we continue to develop and deliver differentiated products. Products that

serve their needs as they grow. We know full well that our success is completely

conditional on theirs. Our collaborations will take different forms such as a partnership

with key market leaders in key geographies to accelerate our market penetration, like our

Fluoroelastomer joint venture with ChemChina. And to enhance our targeted R&D, we

are entering into a development agreement with the University of Delaware to build a

world-class research facility on their campus. Partnerships make Chemours a better

company, taking us places faster than we could do it alone.

[Slide 14] Performance. I believe we've demonstrated that we have and we strive to

meet, if not exceed, our performance goals and metrics. Our track record to date, our

performance culture, proves that commitment. For the next 3 years, we'll be focused on

generating revenue growth of 1x to 2x GDP through value stabilization in titanium

technologies, the expansion of Opteon refrigerants, application development in

fluoropolymers, and increased mining solutions capacity. Taken together, we expect our

businesses not only will grow their top line, but also compound the effect on profitability

by delivering EBITDA margin improvement by approximately 500 basis points. Which

means we anticipate growing adjusted EBITDA faster than we're growing revenue.

With this growth and improved margins, our portfolio will generate a significant amount

of cash over this 3-year horizon that we're addressing today. We expect to generate

cumulative cash flow of between $2 billion and $2.75 billion through 2020 and remain

committed to maintaining a very strong balance sheet. With that much cash generation,

we see tremendous flexibility in a number of options for pursuing growth, both through

internal investments as well as possible targeted M&A. And we recognize the obligation

of ensuring a balanced capital allocation including returning cash back to our

shareholders which we intend to do. We will continue our disciplined investment

approach focused on very, very high return capital projects. We expect this will translate

into sustained return on invested capital of greater than 30%. As we look at the strength

of our plans and future contributions, we believe we'll be able to deliver adjusted EPS

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December 1, 2017

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growth in excess of 15% compounded annually through 2020. So here we go again with

an aggressive, yet we believe a very attainable plan intended to deliver value to all our

stakeholders.

[Slide 15] People. Back to our employees, really what is our life's blood. Our company's

ability to succeed is tired directly to the strength and motivation of its workforce. I am

proud to lead a team of incredibly talented and hardworking people. Our employees have

set us apart and will continue to do so. We have created a culture with clearly defined

and well communicated values, not the least of which is one we call collective

entrepreneurship. We encourage our people throughout our company at all levels to

speak out. If they see something that can be improved, they have the power to point it

out and help to find and implement the solutions. A year and a half ago, we formally

invited all our employees to offer ideas and propose initiatives for improving bottom line,

whether through savings or additional earnings. Literally hundreds of people came

forward with thousands of ideas. These initiatives formed the basis of how we were able

to put a plan together that became our transformation plan and one we delivered on.

As I've said before, looking for improvements in both cost reduction and commercial

opportunities is now engrained inside the DNA of every employee within Chemours.

Our employees know that their opinions, their perspectives, and their ideas really do

matter. They know that they own and will benefit from the positive outcomes that we

can all deliver together.

[Slide 16] I invite you to take another look at our portfolio through the lens of what we

call higher value chemistry. Chemistry that delivers what our stakeholders need in ways

that enhance margins as well as drive growth. In just a moment, Paul Kirsch will unpack

the Fluoroproducts business for you, describing the long-term opportunities for not just

our fluorochemicals business, but also the compelling prospects for our fluoropolymers

business. After that, Chris Siemer will review the exciting growth that we expect to

realize as we complete construction and begin operating our new Mining Solutions

facility located in the fastest growing gold mining region in the world. Then you'll hear

from Bryan Snell who will talk about our unique opportunities in Titanium Technologies

to bring sustainable value to the supply chain with predictable dynamics. Finally, our

CFO Mark Newman will pull everything together and show what it means for Chemours

and our investors, providing not only our view on the performance metrics I laid out, but

also our recently board-approved capital allocation strategy.

[Slide 17] For Chemours, advancing high value chemistry means delivering not simply

good outcomes, but great outcomes and with speed. It means being goal driven,

disciplined and forward looking. That's our mindset as a fiscally healthy, industry

leading company that's committed to putting our customers first. We will not let go of

that approach and I promise you we will not become complacent. We are fired up and

intend to stay that way. And with that resolve, we hope to continue to earn your trust and

your belief that we are not only a good investment, but a great investment. So I want to

thank you for your time and now let's move onto the business discussions starting with

Fluoroproducts. Paul?

[BREAK]

Moderator: [Slide 18] Please welcome President of Chemours' Fluoroproducts, Paul Kirsch.

Paul Kirsch: [Slide 19] Good morning everyone. My name is Paul Kirsch and I am the President of

the Chemours Fluoroproducts segments. Pardon the voice, I'm fighting something off

here. But today I want to share with you my thoughts on our 2 businesses within

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December 1, 2017

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Fluoroproducts. One is the story of untapped potential and the other is a story of a global

technology transition. Both of these businesses are poised to deliver solid bottom line

and top line growth now and well into the future. In the time I have with you this

morning, I'd like to tell you how we intend to accomplish this. But first a bit about my

background. Before joining Chemours I spend the majority of my professional career in

the automotive industry in a variety of functions and far-flung geographies. My nearly 2-

decade long boot camp in the highly competitive automotive components business with

Delphi taught me that no amount of improvement is ever enough. Subsequent moves to

XM Radio, still the automotive business there, and then to a true startup, Hughes

Telematics, provided me with the opportunity to hone my entrepreneurial skills by

creating new business models, sometimes radically new business models. So these

experiences were all about speed. Frankly in a lot of cases, day to day survival, which I

put to good use in my next assignment at Henkel running the automotive, metals and

aerospace division there. There we created a thriving enterprise by working with our

customers to apply our products in new and novel ways. And now I'm with Chemours 18

months, exactly 18 months today. And I think that all that I have just shared with you is

preamble because those experiences have more than prepared me to lead a global team to

unlock untapped business potential as well as guide the global technology transition.

This is truly an exciting time to be at Chemours. We have an extensive portfolio of

unique products, ready access to customers, and an incredibly talented team of

professionals committed to growing our segment. We have the courage to change, we

have the ambition to succeed, and I think we've more than proven that over the last year.

So you may well be thinking, what gives him so much optimism about the future? Good

question. So to help answer it, I'd like to take a minute to look at the world around us and

how it's changing and then connect those changes back to our products. [Slide 20] So

let's start with these omnipresent devices. How many of you are happy with your phone?

Or let's just say satisfied with your phone? How many of you have said something

unkind about your phone in the last week? It's too slow, the signal is too weak, the

battery always needs more charge, and chances are if you're a teenager or frankly

anybody younger than me, you're probably running out of memory for your selfies. This

ever-increasing consumer need and demand for connectivity and content is driving the

need for faster speeds, more memory, and ubiquity of coverage. If you've ever been in a

traffic jam, you have a teenager driver or watched anxiously while someone tried to drive

and text, you most certainly understand how vehicle density and the need for safer travel

are driving the demand and development of autonomous vehicles. Hold that thought.

There is an ever-increasing demand for a wide array of products and processes that make

responsible use of our planet's resources. They include alternative energy vehicles,

hybrids, fuel cell, electric, just as an example. More fuel-efficient combustion engines,

new ways of managing our existing energy infrastructure and innovative ways of energy

extraction just to name a few. People want this kind of sustainable, solution driven

innovation and regulators the world over are responding.

Add to that population increases, especially in developing countries which create demand

for new food production, preservation and distribution. Each of these trends and many,

many more require either new technology or the expansion of existing technology. We

need faster microprocessors, denser memory, more and more sophisticated sensors, and

like it or not, more cameras. And that's just off the top of my head. Each of these

requires more sophisticated materials to advance the cause of progress. And it so happens

that the Fluorene molecule has just the properties that they need. And it just so happens

that Chemours is a pioneer in this space. We are well positioned to use our legacy

experience and the unique capabilities of our products to bring about these solutions.

That, ladies and gentlemen, is clear cause for optimism.

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So now, how are we going to turn unbridled optimism into business results? That starts

with an overview of the complete segment. [Slide 21] So through the third quarter of

2017, the Chemours Fluoroproducts segment generated approximately $2.6 billion in

revenue and $600 million in adjusted EBITDA on a trailing 12-month basis. We are a

global leader in both fluorochemicals and fluoropolymers, participating in a wide range

of end markets from air conditioning, refrigeration, automotive, the medical, energy and

consumer electronics. Guided by our 5-point transformation plan, we have grown our

segment adjusted EBITDA by nearly 50% and increased margins by over 1000 basis

points since 2015. Over that time, this segment has been a significant contributor to the

overall cost reductions of the company.

How? Well we've lowered cost of our plants, we've reduced or reallocated investments

where they have the most impact, and optimized our product lines all in support of the

journey we are on to unlock value by fundamentally managing our assets in a more

differentiated way. Another key growth driver in the plan you're about to see is our

ability to innovate. [Slide 22] We effectively invented the Fluoroproducts category in the

1920s and 1930s with the discovery of the fluorine based refrigerants and polymers. We

all know them by the brand names Freon and Teflon. And since then, we've invented

other recognizable fluoropolymer brands such as Krytox, Nafion, and Viton, each

successfully commercialized across a variety of industries and used in a number of

mission critical applications in jet engine components, semiconductor fabrication and

oxygen delivery systems for premature babies, just to name a few examples.

Fluorochemicals, which are used primarily for refrigerants and foam blowing agents,

have also advanced over time to drive more sustainable solutions and address regulatory

needs, transitioning from CFCs, the original Freon, to the latest refrigerant technology

with low global warming and zero ozone depleting potential which is branded as Opteon.

The big takeaway here, 90 years of experience and a broad portfolio of solutions for

today's problems and tomorrow's challenges.

[Slide 23] Now let's pause for a moment and address why the Fluorine molecule is so

special. One simple word answer. Stability. It's stability in almost any condition makes

fluoropolymers the clear choice when dealing with elevated temperatures, corrosive

chemical exposure, extended UV light exposure, high friction environments or

electromagnetic interference, all conditions found in many industries and many

applications. As technology advances and we move towards a smarter, faster, more

connected, more sustainable world, it is precisely these unique properties that make them

integral to many applications where other alternatives fall short, sometimes demonstrably

short.

So how do these products become high value solutions? [Slide 24] Historically, and this

is key, our innovation was rooted in fundamental research where products were

developed as basic material solutions with a very narrow application in mind. A very

product oriented approach. This R&D model if you will, gives you a deep understanding

of your technology but restricts scale and frankly sub optimizes value capture. And this

is precisely what we're changing. We are shifting from a product orientation to a market

orientation with an intense focus on trends like the ones I just presented that require the

unique performance of our fluorene based products. We see emerging opportunities to

expand into new markets and new applications, on enhancing the markets where we

already participate. For example, we are broadening the use of our fluoroelastomers used

in automotive applications to the consumer electronics space. Using our Viton products,

we've essentially created watchbands from automotive materials as an example.

Watchbands that are resistant to staining, discoloration, cracking and they're

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hypoallergenic to boot. Fluorine based technology allows performance under a wide

range of conditions and that's what's unique about it. And that accounts in large part to

its ever-increasing value as the technical challenges facing a growing number of

industries increase with no signs of slowing down. We are closely working with our

customers and value chain partners to identify more opportunities where products can be

used to solve new and more demanding problems. And our current position within many

attractive markets opens the door to expand our products into new applications and that's

how potential is unlocked and that's how value is created.

[Slide 25] So as you heard, our fluoropolymers are used in a wide variety of applications

across a broad spectrum of industries including military, medicine, construction, textiles,

energy, electronics and automotive. This has been a business with a lot of commodity

pressure and intense competition and we have faced this head on and made the strategic

decisions that have allowed us to grow. Make no mistake about it, this is a bread and

butter and core business for us and we will continue to be a market leader. [Slide 26]

Alongside our core business, we see even more potential. Certain trends are expected to

drive higher than GDP growth rates for differentiated fluoropolymers within the

electronics, energy and automotive markets.

These include faster data speeds, necessitating superior dielectric insulating properties

within and between electronic modules, smaller electronic devices like our phones,

requiring more efficient component packaging and better thermal stability. Smaller,

hotter vehicle engines which need higher temperature resistant components and the ever-

growing need for energy, creating demand for chemical resistant products only fluorine

materials can provide. And we're putting a much greater focus on these markets,

identifying new applications that will help address these demanding technical challenges.

So let's look at a few more examples in detail. [Slide 27] Within automotive, increasing

under hood temperatures, aggressive fluids, fuel composition changes and emission

regulations have created a greater than $1 billion market for fluoropolymers. We

estimate that this market is expanding at roughly 5% annually as a result of these trends

and our offerings are used in all major vehicle systems cross the entire automotive

industry. Fluoroproducts are found in everything from engines to chassis, electronics,

and of course HVAC applications. Our Krytox performance lubricants are commonly

used in chassis, power train and HVAC components. And Teflon fluoropolymers provide

high temperature and antifriction insulation for sensors. Our Nafion membranes are a

critical fuel cell component and Viton fluoroelastomers are a critical sealing component

used in many engine gaskets and hoses.

So let's take a closer look at the hoses to illustrate that point. [Slide 28] More rigorous

global emission requirements are driving smaller, more fuel-efficient engines. To

maintain sufficient power output, these smaller, hotter running engines are being outfitted

with turbochargers which use highly corrosive exhaust gases and need high-performance

materials to manage these gases. Fluoroelastomers are the only cost-effective technology

that can reliably withstand the demands of this environment. Let's take another look,

another example, of this potential in the electronics space. [Slide 29] We see an

increased need for fluoropolymers in electronics and communications, a roughly $1

billion market today, due to the demand for both better data speeds and ever smaller sized

components. This and the rising use of electronic circuits in general is expected to drive

approximately 8% to 10% growth for fluoropolymers over the next decade. Our strong

established presence in the electronics industry allows us to be a provider of choice with

a variety of our core technologies. Today, as an example, our fluoropolymers are found

in several applications from mobile phones to data centers. The versatility of our Teflon

offerings gives us multiple opportunities within the entire communications ecosystem.

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They're used to shield magnetic interference within mobile phone antennas, as insulation

for high speed LAN cabling in data centers and commercial buildings, as insulation for

earbud power and data cables, and for cabling found in network infrastructures like cell

towers. But that's today. What about the future?

[Slide 30] Well we see great opportunity for our fluoropolymers in the semiconductor

market. Every generation of electronics, and that's roughly a 12-month cycle these days,

provides increased functionality in a more compact space driving more and smaller node

sizes on semiconductors. This trend, along with the overall volume growth of circuits due

to the integration of chips and sensors and everything from refrigerators to clothing, is

creating a need for new chip production and new materials to produce them. In fact,

according to IHS, by 2020, semiconductor chip sales are anticipated to reach $450

billion, up from roughly $400 billion in 2017. The equipment to produce the

semiconductor chips has a network of chemical and fluid handling tubing valves and

fittings. These components are manufactured with ultra-high purity fluoropolymers

developed and produced by Chemours. And each fab plant has approximately 50 miles

of fluoropolymer tubes and pipes. More potential to unlock, more value to capture.

[Slide 31] Now let's consider the energy market. As smart grids develop and energy

storage needs increase, the use of fluoropolymers and renewable energy generation and

storage applications is expected to grow approximately 20% over the next 10 years. The

need to manage peak demand and surges is driving the installation of intermittent

renewable sources of power known as flow batteries which require ion exchange

membranes to perform at their peak. Our Nafion product line is the industry standard for

ion exchange membranes providing superior chemical and thermal stability, durability

and mechanical strength. Once again, we are uniquely positioned to address these

emerging applications and renewable energy production and storage.

[Slide 32] So, by diligently applying the 5-point, the principles of the 5-point

transformation plan, improving our mix, and working every single day to capture value

through better pricing, we have arrested the decline of the polymers business. Without

question, our results to date are promising, but we are convinced that much of the

potential of this business is yet to be tapped. You've seen examples of the wide range of

solutions these unique products provide today in a broad range of industries. The

unparalleled performance characteristics of fluorine based polymers make them perfectly

suited to address many of the demanding challenges our customers are facing as market

and technology trends place more demands on their products. As a customer centered

global team, we are working closely with our customers in developing a pipeline of

innovative solutions to address their most complex and demanding problems using our

unique portfolio of products and capabilities.

In the meantime, as these solutions make their way to market over the coming years, we

will protect and enhance our core business. We anticipate this work will drive topline

growth slightly above GDP and expand our margins as we shift to more differentiated

products. The benefits of this shift will become more pronounced on our bottom line

over time as more of our solutions reach full market potential. I can assure you, this will

be worth the wait.

Now let's move to the other half of our story, the fluorochemicals business. [Slide 33]

This is a story of a global technology transition to low global warming potential

refrigerants, foam blowing agents, propellants, and fire suppressors. As I mentioned

before, we created this market in the 1920s with the invention of Freon and have

remained the market leader to this day by developing innovative new technologies to

address evolving market needs and regulation. So let's look for a moment at the history

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of the transition from the original invention of CFCs to today's HFO refrigerants.

HFCs were developed in response to the discovery that CFCs had ozone depleting and

high global warming potential. With each new generation of fluorochemicals, the

potential environmental impact improved. Today, our HFO technology branded Opteon

has both low global warming and zero ozone depleting potential. [Slide 34] We're an

innovation powerhouse and we take justifiable pride in this. We take justifiable pride in

being recognized as such. You see here two prestigious awards that we were recently

granted, but I want to take a minute to emphasize that our new Opteon products provide

more than just low GWP alternatives to existing products. They reduce the operating

costs of our supermarket customers and improve the R-values of insulating foam using

Opteon 1100.

[Slide 35] As you may be aware, the fluorochemical industry is a highly regulated market

and these regulations have been a key driver for the adoption and transition of

fluorochemicals over time. Regulatory mandates in this market were first introduced in

1987 with the signing of the Montreal Protocol. This protocol implemented a phase out

of ozone depleting gases over a prescribed timeline. Since then, further regulations have

been developed to address the phasedown of HFCs. This slide summarizes the key

regulatory drivers that are currently in place as well as regulations that are under review,

primarily in the EU and US markets.

As you may know, the transition to low global warming potential products is largely

driven by caps, step downs and bans of HFCs or incentives to reduce carbon footprints.

Many automotive OEMs have chosen our Opteon refrigerants to meet the EU Mobile Air

Conditioning Directive commonly called MAC. It requires the use of a refrigerant with a

GWP of less than 150 for all new vehicles sold in the EU as of January 1, 2017. Our

MAC Opteon product for reference has a GWP of less than 1. Less than 1. Other

countries that have regulations in place similar to the EU directive include Turkey, Korea

and Japan. And the US MAC transition is being driven by US CAFE standards which we

expect full adoption by 2020. And we expect comparable regulations to be implemented

across the globe over the coming decades as developing countries continue to work to

phasedown HFC refrigerants used in automobiles.

EU FGas legislation and regulation are currently driving Opteon refrigerants in the used

stationary air conditioning, refrigeration and foam blowing markets. Given that the FGas

phasedown timeline is longer, Opteon adoption is expected to grow steadily rather than

the steep ramp we experienced from late 2016 mainly driven by MAC. It is worth noting

that the Kigali Amendment to the Montreal Protocol implements phasedowns across

nearly 200 countries. Phasedown timing differs from country to country beginning with

certain developed countries committing to reduce HFC consumption in 2019.

Developing countries are expected to begin phasedowns starting in 2024 and continuing

beyond 2040. According to the Institute for Governance and Sustainable Development,

the phase down of HFCs will have reduced the impact of the expected global temperature

rise by as much as 4/10 of a degree Celsius by 2050 and avoided the equivalent of

approximately 70 gigatons of CO2.

In stationery applications, we expect this technology conversion will contribute

significantly to topline growth. In addition, there is still demand for our base

fluorochemicals and we remain committed to supplying the needs of our customers with

both base and Opteon refrigerants.

Now let's take a look at the broader market and how it develops over time. [Slide 36] We

think of the fluorochemicals markets as 3 submarkets. Mobile, stationary and foam

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blowing agents. Each of these markets is expected to grow over the next decade with the

total fluorochemicals market increasing from $5.4 billion to $8.8 billion in 2025. Over

the same period, we would expect HFO adoption to accelerate while non-HFO

fluorochemical volume growth decelerates or in some regions declines as the regulatory

phasedowns kick in.

[Slide 37] You see that the transition to low global warming potential refrigerants differs

among these markets. Mobile air conditioning is leading the way, driven by the EU

MAC directive and the US CAFE standards. This market is expected to almost double by

2025 with much of the growth coming from HFO technology. And the majority of our

Opteon growth in 2016 and 2017 can be attributed directly to the mobile air conditioning

market. We expect to see continued steady growth of HFO for mobile air conditioning,

albeit a more muted trajectory than the last 18 months, as we cross the one-year

anniversary mark of the EU MAC implementation. We expect the mobile air

conditioning aftermarket to become a more meaningful growth driver in the coming years

as the installed base of vehicles using HFO increases. We estimate this market will grow

greater than 40% compounded annually over the next decade.

Stationary refrigeration which includes chillers, commercial refrigeration, residential air

conditioning, is expected to have a slower HFO adoption rate than MAC over the 10-year

period. However, we will see some margin benefits and the overall size of the stationary

market is expected to grow substantially with growth of both HFO and non-HFO

products. As a footnote, we expect the use of non-HFO products to grow due to their

anticipated increases in air conditioning and refrigeration systems in developing countries

as the demand for food preservation and basic comfort grows.

Given the size of this market and the long-term adoption timeline, we expect to see

volume growth for the foreseeable future. More specifically, we expect, we estimate the

average 10-year growth rate to be approximately 40% annually. But let's be clear, our

base refrigerants will remain an important part of our portfolio even as we support

phasedowns in developed countries. Foam blowing agents are a smaller part of our

overall HFO market, but still important. This segment is expected to reach full transition

to low GWP offerings within the next decade. Development of Opteon has allowed us to

enter this market with our Opteon 1100 launch and we believe that customers will choose

this product ahead of regulatory deadlines not only because of its environmental profile

but because it enables improved performance for them.

So let's summarize. Regulations in developed countries are expected to extend the

transition to HFOs over the next decade. Non-HFOs will also grow over this time period,

specifically in stationary applications as developing countries increase use, more than

offsetting some phasedowns in developed countries.

Fluorochemicals is a sizable and growing market and we will play there in meaningful

ways with both existing and future products. Opteon represents not only a significant

technological advance with respect to the environment, but it also provides our customers

with tangible operating and performance benefits. [Slide 38] So a fundamental question

in this space is, how do we protect this valuable investment? We have invested nearly $1

billion in research, development and commercialization resources to meet evolving

regulatory mandates. Along the way, we have developed and have access to multiple

layers of intellectual property across a wide range of offerings and countries. These

include our Opteon trademark, technical knowhow and trade secrets, and nearly 900

patents covering composition of matter, application use and manufacturing processes.

We actively defend this intellectual property while adding to it to protect these important

investments. Given the breadth and the depth of our patent portfolio, we are confident

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that it will provide the protection we need beyond 2020.

[Slide 39] So how else do we protect this investment? In addition to our IP, we are

putting our process technology expertise to work by building the largest, lowest cost HFO

production facility in the world which will use a proprietary process to ensure we

maintain our cost competitiveness. We broke ground on this $300 million facility in

Corpus Christi, Texas and construction is progressing on pace. We expect production to

start by yearend 2018 and when complete this site will triple our Opteon refrigerants

capacity, positioning Chemours to continue to hold a leadership position as this global

technology conversion continues.

[Slide 40] So in summary, fluorochemicals is expected to deliver very favorable growth

over the next decade and beyond with contributions coming from both Opteon and our

base business. Our leading market positions across refrigerant markets are expected to

translate into significant profitability. Over the next 3 years, growth will be primarily

driven by the steady adoption of Opteon refrigerants, specifically in stationary

applications. Our HFO product line is expected to increase 20% on an annual basis from

the end of 2016 through 2020, while our base business offerings are expected to show

modest contribution growth over the next several years.

[Slide 41] So big picture, with its broad lineup and rich history of innovation, our

fluoropolymers business is poised to tap into growth potential driven by technological

changes in every corner of the world. Fluorochemicals is leading yet another significant

long-term technology transition, a technology that Chemours developed, and when fully

implemented, will deliver results not only to our customers, but to all of us in the form of

a cooler planet.

We are excited about our future and we believe we are well positioned to take full

advantage of market trends in a changing regulatory environment. As we execute our

plan, we expect to deliver GDP-like growth through 2020 on a revenue basis while

realizing a much stronger bottom line due to our favorable mix as we shift towards higher

margin products. As I said when I started my presentation, this is a tale of 2 businesses.

One, a story of untapped potential, and the other a story of a global technology transition.

The materials are the rails upon which the engine of technological process rides and

Chemours is laying the tracks for the future. We're off to a great start, but frankly, our

story is just beginning. [Slide 42] Thank you for your time this morning.

[BREAK]

Moderator: [Slide 43] Ladies and gentlemen, Chris Siemer, President of Chemours Chemical

Solutions.

Chris Siemer: [Slide 44] Good morning, everyone. I'm Chris Siemer, President of Chemical Solutions.

I started my career working in a range of technical roles with Stauffer Chemical, a US

company. Following their acquisition by the British company ICI, I moved into

commercial roles leading business units both regional and global with assignments in the

Americas, Europe and Asia. After the breakup of ICI, I joined DuPont in 2010. And

inside the company, I found great people, amazing technology and really enviable market

positions. But I also saw that 200 years of success had institutionalized complexity.

When I took the Chemical Solutions role in 2014, I saw our spin as an opportunity to

keep the strengths inherent in DuPont and improve everything else, releasing huge value.

When we launched our 5-point transformation plan, I had the opportunity to take the role

of Chief Transformation Officer for Chemours. In this role, I was and am responsible for

transformation with rigorous tracking systems, stretched milestones and a relentless

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emphasis on execution. The overarching goal was to get everyone involved in improving

our company in every way, from our financial performance to how well we work as a

team, to how rapidly we effect change.

We introduced a new operating rhythm at Chemours, a weekly cadence. Translation,

anything we can't get resolved elsewhere is in front of our CEO in 5 workings days or

less. These were and are big changes and not easy ones. But they took hold and they are

deeply felt and acted upon through the entire company. They're now part of how we

operate. Nowhere are the effects of our transformation more evident than in Chemical

Solutions.

[Slide 45] This is the story of reinvention. At spin, Chemical Solutions was $1 billion

portfolio, 6 businesses with barely breakeven profitability in total, and a negative free

cash flow. At one time, these businesses had been ingredient suppliers to other DuPont

business segments or had been acquired as part of what were now long obsolete

strategies. The portfolio was withering on the vine. Significant issues and opportunities

had to be addressed pronto. And just as important, Chemours needed cash in the short

term. Guided by our 5-point transformation plan, we took a good, hard look at the

portfolio with an eye to improving performance and generating cash. We also had to

determine if Chemical Solutions actually had an investable core. This was reinvention

from the ground up.

We shut down our reactive metals business. We sold our Beaumont aniline production

site to Dow. We sold our sulfur products business to Veolia and we sold our clean and

disinfect business to LANXESS. With each of these divestitures, we found strategic

buyers for whom these were investable businesses. As you heard from Mark, these

divestitures yielded gross proceeds of $685 million with multiples ranging between 10x

and 12x. But we're not done yet. Right now, we're looking at our other aniline production

site in Pascagoula, Mississippi to determine its future.

Now I'd like to address that attractive, investable core I just referenced. Businesses that

were part of the original inherited Chemical Solutions portfolio. We have decided to

retain and grow our Mining Solutions business and we will keep and grow our Belle,

West Virginia based performance chemicals and intermediates business. Over the last 12

months, our reinvented portfolio generated approximately $570 million in revenue and

approximately $50 million in adjusted EBITDA. That's an increase of 60% over what we

made prior to our divestitures. However, we are far from satisfied with these results. We

are now in a position to focus and invest in this reinvented portfolio.

So first, let me tell you about Belle. [Slide 46] At spin, the Performance Chemicals and

Intermediates Business supplied from our Belle, West Virginia manufacturing facility

was an extreme underperformer. Belle had once been DuPont's largest manufacturing

site with, as you would expect, significant site infrastructure. But over time, most of the

production units had been shut down and dismantled. However, site infrastructure and

overhead costs had not been reduced accordingly. The business was losing about $30

million of adjusted EBITDA annually. So we set about transforming Belle. Headcount,

including contractors, was reduced by over 60% while improving output and customer

service. And this year, the Belle businesses will generate positive adjusted EBITDA.

Now I'd like to tell you a bit about the products we make at Belle. Methylamines are

industrial building blocks made directly from methanol and ammonia and they're used in

a wide variety of industrial uses. Our Vazo products are reaction initiators that serve the

polymerization and coatings market. Glycolic acid is an organic alpha hydroxy acid, the

alpha hydroxy acid, whose unique properties are used in a wide range of specialty

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applications, but it's also used as a monomer for polyglycolic acid, a biodegradable

polymer with really amazing physical properties. We're the largest and only continuous

producer of glycolic acid in the world and our production process is proprietary and

protected. We will begin work to add glycolic acid capacity in 2018 to support new

applications. This is a very attractive opportunity for Chemours.

The other broad opportunity at Belle is to leverage its location. The site has available

land and a large, well maintained infrastructure. The plant is located right in the heart of

the Marcellus and Utica Shale Gas Reservoirs with high pressure natural gas pipelines

running by and into our site. The products we make on the site are produced from direct

derivatives of natural gas like methanol and ammonia. So we are currently negotiating

with potential tenants who are interested in leveraging both our infrastructure and some

of the cheapest natural gas in the world to produce large scale commodity derivatives.

An example of this type of interest is the recent announcement that China Energy intends

to invest $83 billion in West Virginia into shale gas and its derivatives. Yes, Belle

business started in a really challenging position. But we see a great future here.

[Slide 47] Now before I tell you about Mining Solutions, I'd like to give you some

background on what sodium cyanide, our main product, does in the process for the

production of gold. In word, it's essential. Solutions of sodium cyanide dissolve the

small quantities of gold in mined ores and then in a second step, pure metal is released.

It's used for about 90% of the world's gold production and there are no viable alternatives

for this critical step in modern gold mining. And while toxic, cyanide is readily

biodegradable and has been safely used in this industry for decades.

[Slide 48] Moving on, growth of sodium cyanide consumption is being driven by two

factors that are illustrated in the graph you can see. Across the globe, there's a consistent

decline in the gold content of ores. This in turn leads to a steady increase in the tonnage

of ore being processed which drives a direct increase in the quantity of sodium cyanide

required. In addition, the decline of gold content in ore also results in an increase in the

quantity of cyanide required per unit of gold produced. So these two factors drive the

long term growth in the sodium cyanide demand.

In the Americas region, we forecast that that demand will be about 9% per year for the

next 5 years, continuing the rate of growth we've seen over the past 5 years. This is a

very attractive market. [Slide 49] The production and sale of sodium cyanide for

precious metal mining is the strategic focus of our Mining Solutions business. At our

manufacturing facility in Memphis, Tennessee, we also produce hydrogen cyanide which

is sold on site for the production of acrylic monomers. Sodium cyanide can be produced

either as an aqueous solution or in solid form. We produce solid sodium cyanide which

reduces logistic costs and allows us to market our produce over a broad geography.

Chemours is the largest producer of solid sodium cyanide in the world and following the

startup of our new facility in Mexico, we expect to be the largest sodium cyanide

producer and supplier in the Americas.

Chemours leads the industry in the safe production, transport and use of this material. We

have a strong logistics network that our customers count on. We have an industry leading

commitment to safety and environmental stewardship and we were a founding member in

the principal author of the International Cyanide Management Code. We have a great fit

with this market as well.

[Slide 50] Turning to the next slide, our Memphis Mining Solutions facility has been sold

out since well before spin. In 2015, responding to customer demands, we announced

plans for the construction of a new manufacturing facility in Mexico. We began

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construction earlier this year in the state of Durango and expect the new facility to be

completed by the end of 2018. Our capacity expansion is strategic. Growth in the

Americas region is being driven by the factors I described earlier. In Mexico it's the

fastest growing country in the region. Additionally, the Americas overall has a lower

average gold production cost than the rest of the world, driven by the average gold

content in the ore and the ore's proximity to the surface. Mexico specifically is the single

largest market in the Americas, accounting for nearly 40% of total demand. We chose

our Durango, Mexico location specifically because of its proximity to the mines, natural

gas supply, and other raw materials. And when started, Durango will set a new standard

for safety and sustainability. We expect the plant to produce over 50 kilotons per year.

Construction is on schedule and volume from this new facility is already committed to

support the growth of our existing customer base.

[Slide 51] So in summary, we've reinvented the Chemical Solutions portfolio. There's a

lot more to do. We found an attractive, investable core. Mining Solutions is expected to

grow, delivering strong and sustained margin performance. We expect to grow the profit

and the profitability of our Belle businesses and we are working with partners to leverage

our site infrastructure and its proximity to low cost shale gas. We will maintain our focus

on the optimization of our portfolio and continuously improving how we operate. The

impact of our reinvention is already evident. Our trailing 12-month adjusted EBITDA is

higher than it was prior to our divestitures and on a considerably smaller footprint. We

expect to be a more meaningful contributor to Chemours adjusted EBITDA and free cash

flow through 2020 and we are well positioned to grow both profit and profitability in the

coming years, earning our place in the Chemours portfolio. Thank you, it's been my

pleasure to speak to you.

[BREAK]

Moderator: [Slide 52] Please welcome to the stage Bryan Snell, President of Chemours Titanium

Technologies.

Bryan Snell: [Slide 53] Good morning, everyone. I'm Bryan Snell, President of Titanium

Technologies. I've held this position since shortly before spin, but I've worked in this

industry for most of the last 25 years. I know this business from many angles and entry

points including strategy, M&A, manufacturing and sales. I've seen a number of changes

in the industry over those years, but through it all, one thing has not changed. Our

Titanium Technologies business has been and remains the premier producer of TiO2.

Without question, this business is a cornerstone of Chemours. But in the last 2 years, it's

taken on a new character. It's been infused with an entrepreneurial spirit, a speed in

decision making and a customer focus that I have not seen before. Some of that is a

consequence of the corporate transformation the Mark and Chris spoke about. But there's

more to it than that. There's a renewed enthusiasm on my global team that is rooted in

the excitement of potential that has been unleased. We're changing who we are to our

customers while strengthening the technical and operational capabilities that have served

us so well for so long. This is the story of a paradigm shift. We are thinking about our

business in a very different way and I'm pleased to be here to tell you more about that.

[Slide 54] But first, let's begin with a little background, which many of you know well.

The dimensions of our business are laid out for you on this slide. Here's the essence.

We're known around the globe for market insight, quality, innovation and unique

production capabilities. Market Insight. We are the world's largest TiO2 enterprise. Our

Ti-Pure products are sold in all major markets and applications worldwide. Quality. Our

Ti-Pure products are well-known for their consistently high quality which in turn enables

our customers to sell premium products to their customers. Innovation. We are

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innovative in our formulation capabilities, in the way we look at our markets, and of

course in our recognized brands themselves. Unique Production. We invented the

chloride production route to TiO2 and now operate the unique version of it at all of our

manufacturing sites. Our process technology delivers an industry leading cost position,

great reliability, and unmatched feedstock flexibility. This is a big competitive

advantage.

As part of the implementation of the Chemours transformation plan, we closed our least

efficient manufacturing assets, our Edgemoore plant site in Delaware and one production

line at our Johnsonville plant in Tennessee. Those were tough calls, but the right thing to

do, so that we could focus our resources where we had the best competitive advantages.

[Slide 55] At the same time, we continued the construction of a second production line at

our plant in Altamira, Mexico and began commercial operations of that line in May of

2016. This new line uses the best of our unique technology and has been configured to

produce additional Ti-Pure grades to satisfy diverse customer demand while adding

flexibility to our manufacturing operations. I am delighted to be able to report to you that

we have achieved Altamira's target capacity at its expended grade capability and we have

demonstrated our total capacity of about 1.25 million metric tons across our total

production circuit. For us, that's exciting stuff. I am so proud of our Altamira team who

with the support of colleagues from across our circuit delivered a world-class asset and

brought it to full design capacity in record time. Bringing up Altamira line 2 was a key

part of our transformation plan and we executed it flawlessly. As we converted these

capabilities into business performance, we have been able to double our adjusted

EBITDA on a trailing 12 months compared to full year 2015. [Slide 56] Now that's what

we've done.

Let's talk about where we're going, the aforementioned paradigm shift. We've been

thinking about our business quite differently. If I were to ask you to describe a TiO2

business, most of you would use words like cyclical, commodity and tied to GDP growth.

Truth be told, we would have used those same descriptors in the not too distant past.

That was part of our legacy mindset. But now we're taking a different approach. Not

different simply to be different. I believe we can deliver on a business model for titanium

technologies that is more stable, supplying an enhanced commodity that achieves greater

than GDP growth. I know that sounds bold, but we have the unparalleled assets and

deeply experienced people required to reshape our landscape.

The market insights, operating discipline and process technology from our history, now

paired with a new customer focus and a business purpose, will make this possible. Now

what do I mean by enhanced commodity? I mean that we can't entirely distance

ourselves from commodity-like forces of the marketplace. But we can certainly bring

more value to our customers when we have a deeper focus on segments and applications

for Ti-Pure TiO2. If we're going to deliver greater than GDP growth in our new business

model, we must be focused on 3 initiatives. First, what I call Ti-Pure value stabilization.

Second, great investment in new offering development. And third, capacity that flexes as

our customer needs grow and change. I'd like to take you through each of these

initiatives on the next few slides.

[Slide 57] Let's start with Ti-Pure value stabilization, what that means, and how it

benefits our business and our customers. [Slide 58] You're probably pretty familiar with

this slide by now. We've used it before to describe our view of the TiO2 marketplace.

Today, I'll start my explanation of value stabilization with an update on how we view the

marketplace. Bottom line, we see strong demand for Ti-Pure TiO2 beyond 2018 in part

due to favorable market conditions and in part due to the products features. As depicted

on this slide, there are clear quality separations as you move across the spectrum of

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applications. Not all titanium dioxide is fungible. We demonstrated Ti-Pure quality and

value separation into the more demanding applications from the fit for use and

multipurpose applications served primarily by producers in China.

Capacity utilization in the more demanding segments served by multinational producers

of TiO2 is currently high and commentators expect it to remain above 90%. As we move

down the quality spectrum, we see some participation from multinationals within the

lower end of the multipurpose segments, but most of that demand is supplied by Chinese

producers. Utilization rates there are above 80%. Over the past 15 years or so, the cost

and quality of TiO2 capacity in China has revealed differential segments at the low end

of the marketplace. We believe that there are more subsegments to be revealed at the

upper end of the quality spectrum without stepping squarely into niche specialty

applications. And this is where much of our value pricing and our offering development

work is focused.

[Slide 59] Over many years, global demand for titanium dioxide and global GDP growth

have been linked. There have been intermittent short-term departures from that trend,

most recently during the global financial crisis and its aftermath. But we've been back on

trend line for the last several years. And if the economic environment remains stable, we

expect this correlation to continue. We see no impact on our business of permanent

demand restructuring as reported or speculated from the previous abnormal price cycle of

2010 to 2012. We believe that the relationship between global demand and GDP has

always included some titanium dioxide efficiency gains as well as the reduction of TiO2

in some applications and the emergence or growth of others. In this regard, we do not see

the future unfolding differently than the past.

The performance and affordability of TiO2 delivers a substantial value separation from

any not in-kind alternatives. [Slide 60] Now, if you've only been following this market

since 2009, you probably think of it as extremely volatile. But over the long term, that's

not really the case. Following the global financial crisis, the titanium dioxide market saw

a significant swing in average price during the 2010 to 2015 timeframe. As demand fell

sharply during the global financial crisis, some high cost sites were shut down, shrinking

industry capacity. Within a year, this was followed by a strong surge in demand driven

by economic stimuli aimed at infrastructure investments. This brought on large price

increases over a very short period. And soon thereafter, a huge influx of Chinese TiO2

capacity came online, creating a supply environment that drove prices down. Absent a

substantial global economic event, we do not foresee a supply/demand fluctuation

comparable to the experience of the last 9 years.

We now understand how to position our Ti-Pure offering differently as well. During the

period I just described, titanium dioxide prices behaved like a basic commodity with

price primarily driven by supply/demand. We bought into this approach ourselves and

we experienced wide fluctuations of T-Pure TiO2 price across the megacycle. In the

short market, our price increases were out of synch with many of our value chain

customers. And when the new Chinese capacity came online, I don't believe we properly

understood the value of Ti-Pure relative to the Chinese product. This drove down Ti-

Pure prices to a point well below the true intrinsic value and certainly unsustainable from

a business perspective. That has changed.

[Slide 61] Now let's take look at the price history of titanium dioxide within the context

of the overall coatings value chain which is the largest end use application that we serve.

Price histories for specialty purpose coatings in yellow, deco coatings in light gray, and

OEM finishes in dark gray are plotted on this slide in descending order. The price of

titanium dioxide is also shown in magenta. Titanium dioxide price has tended to grab the

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headlines due to its volatility. But as you can see, for much of the last 15 years, it's really

traded at a modest price relative to coatings products, the only exception being the global

financial crisis as I stated before.

We all know that the largest issue for both producers and consumers throughout the value

chain is volatility. If we had more stable price trajectory for Ti-Pure, it would enable

users to focus on their downstream customer needs and give our customers confidence in

the long-term stability of their supply base. Through our recent moderate price actions,

we are working towards more value driven Ti-Pure prices. This will contribute to more

stability for ourselves and for our customers in the long run. To that end, we plan to

temper the average price movement for Ti-Pure products across 2018. In the fourth

quarter, we sent our customers notice of price increase. Once those are implemented, any

further increases across 2018 are expected to be in the low to mid-single digits on a

percentage basis.

[Slide 62] So let's delve more into this idea of Ti-Pure value stabilization. I want to

pause for a minute on the first point on this slide so that we're clear. If our customers

experience ups and downs in their need for Ti-Pure based on their market conditions, we

will support them on the upside and we will absorb it on the downside. That's part of our

relationship with our customers. We will gladly take fluctuating customer demand as a

volume variance instead of a price variance. We will price Ti-Pure to reflect its actual

value in applications and look to maintain that pricing while adjusting our production if

needed. We made a number of changes to our supply chain in recent years to enable us

to do that. You may recall that we introduced this concept of value stabilization earlier

this year. It's based in part on our ability to work closely with our customers to capture

strategic value in use of Ti-Pure products and systems in their commercial offerings. We

want our customers to have the confidence that we'll be there to support their growth,

both with increased supply of Ti-Pure and with sustained investment in product

innovation. This will eliminate the back and forth dialogue we commonly hear today, the

anchor points of which are, can I get the TiO2 I need? And how high will the price go?

So that's the idea.

Here's how we'll bring this paradigm shift to life. [Slide 63] First, we're going to take a

significantly different approach to sales contracts with our customers. Today, less than

half of Ti-Pure products are sold through contracts. In the future, the vast majority of Ti-

Pure sales will be under contracts with terms conducive to a more stable commercial

relationship. Second, we will continue to improve our already flexible supply chain so

that we can operate with advantaged economics while responding to any short-term

fluctuation in our customers' marketplace. In addition, we will continuously enhance our

capacity to support our growth. And third, we will grow new offering capability in Ti-

Pure pigment performance as well as in service, brand and technology so that we find

new value for our customers and for ourselves. Ti-Pure value stabilization creates a more

stable customer/Chemours relationship and allows the Chemours Company to continue to

invest in capacity and new offerings to support growth in our customer base. Which

means more stable returns to our shareholders.

[Slide 64] Now, I'm going to focus on Ti-Pure's value to customers. [Slide 65] As we

look back at the titanium dioxide market segmentation, it's worth noting that there are

different price points within each of these segments depending on the grade of titanium

dioxide as well as on the specific end use application. We are expanding the portfolio of

offerings to serve segments with different needs within the high quality space and we are

expanding the degree of differentiation and how we price the different applications and

different customer segments. This is allowing us to take a hard look at differential and

value when pricing our products.

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[Slide 66] In my comments so far, I've referred to the average price of TiO2 as reflected

in third party reports or in our own experience. But in the way that we think about price

today, we are moving away from a one size fits all pricing approach for Ti-Pure. In 2016,

our average price for Ti-Pure had fallen to a price point that reflected a deep and

unsustainable discount relative to the value we bring. Furthermore, there was very little

differentiation by customer segment or by application in specific Ti-Pure grade

performance within an application. When we started correcting Ti-Pure prices in 2016,

we did so initially on a broad-based approach because our entire portfolio of offerings

was trading at a deep discount. In 2017, we shifted our focus from widespread price

increases to more tailored ones, allowing us to differ prices by application, end user and

quality.

The chart on the left-hand side of this slide depicts the realization of our differential

pricing. Over the last 18 months, we have raised our average price nearly 30% and

widened the range of price to better realize value and use of specific offerings. This

differential pricing approach enables Chemours to work with customers through a range

of sustainable prices based on total business value, theirs and ours. Our most recent

customer letters communicated new pricing effective January 1 or as contracts allow. As

I mentioned earlier, we plan to temper Ti-Pure price movement in 2018 and we expect

price movement across next year to be in the low to mid-single digits on a percentage

basis once all previously communicated increases are in place.

[Slide 67] Let's take a deeper look at our ability to enhance downstream value. Here we

have a couple of examples from the plastics segment to illustrate new value created

through technology built into the TiO2 particle. For the masterbatch producer, we

recently upgraded our Ti-Pure R-104 to improve tint strength while retaining a clean,

bright blue undertone with exceptional process ability and dispersion into polymers. For

agricultural film applications, our Ti-Pure R-105 works with UV stabilizers to enable

extended service life for agricultural films. This high durability grade is weather resistant

and delivers high opacity with a neutral undertone. These features can enhance crop

yield and shorten time from planting to harvest. These plastics examples show value

improvement through particle technology that cannot be replicated by less capable

manufacturers in China or anywhere else.

[Slide 68] Let's take a look at the coatings market for a different illustration of how we

pair our technology with market insights, formulation expertise, and brands to enable new

value for our customers. Our technical and marketing teams work collaboratively with

our customers to produce better quality paints that deliver more value to the consumer

and return more value to Chemours and to our coatings customers. Newly formulated,

high quality paints are paired with a Ti-Pure or a Teflon cobrand as an integral part of the

consumer value proposition. And if you look at the graph on the lower right, since 2003,

the compounded annual growth rate of coatings with Ti-Pure and Teflon cobrands is

11%, while the growth rate for overall architectural coatings is just 4%. Impressive.

Today, Chemours has cobranded product sales in 58 countries around the world.

Including the addition of 6 Teflon licensed partners in the last 2 years and 11 Ti-Pure

licensed partners in 2017 alone.

[Slide 69] Now let's take a look at the strength and flexibility of our manufacturing

circuit. [Slide 70] There's a long track record of GDP-like growth within the TiO2

industry. We plan to participate in this growth with regular capacity expansion through

process technology improvements and low capital intensity investments. On occasion,

we would expect to make a largescale investment in a new line, but we like the

incremental expansion options that we have right now. We're going to take a very

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different view for all capacity decisions and not just time capacity to market cycles.

There are 2 critical questions related to capacity. Number one, how do you make the

decision to install it? And then secondly, once installed, how do you plan to run it?

Trying to time capacity investment decisions to market cycles in TiO2 industry just

exaggerates the cyclical experience for us. Our approach is grounded in our confidence

in the growth of the marketplace and in our ability to leverage our unique capabilities to

add capacity consistently over time. The paradigm shift continues.

Now we make decisions to add capacity based on the quality of investment and the value

of the products that we make, without a focus on market cycle timing. Once we install

new capacity on a rational, steady basis, we will adjust our production up or down to

support our customers through the changes in their marketplaces. Our operating

discipline makes that not just doable, but smart. Our manufacturing capability gives

Chemours the flexibility to operate efficiently near capacity as well as at lower levels

when our customer needs warrant an adjustment to output. We are well positioned to

operate cost effectively at any and all expected use levels.

Last, we pride ourselves on our reliability and how we can use it for the benefit of those

customers who are committed to a long term, stable relationship with Chemours. Over

the next few years, I believe we can incrementally increase our production capacity by

approximately 10% through technology enabled debottlenecking processes. This is

essentially adding a new production line while using significantly less capital to do so.

Our increased production capacity will also be supported with capital investments to

extend our ilmenite mine and by long term ore contracts with our suppliers. We believe

that unlocking an additional 10% of capacity is in line with the anticipated needs of our

customers for the next few years.

Longer term, as we exhaust our incremental capacity options on existing facilities, we

will consider options for a full new production line. While we're not ready today to

invest in a new full line, we certainly don't intend to wait the 22 years it took between the

startup of our Kuan Yin plant and the startup of the Altamira line 2.

[Slide 71] Now let's take a further look at our manufacturing flexibility. Our unique

capability to use a broad spectrum of ore feedstocks is well understood, but the progress

we made in recent years to extend this capability, has certainly exceeded my

expectations. Not only have we expanded ore use capability across our circuit, we've

improved yield, lowered total and unit fixed costs, and improved quality and consistency.

And all of this I am proud to point out has been accomplished with improved employee

safety and an abiding commitment to process safety management.

In concert with the Altamira line 2 investment, we've significantly improved the

flexibility of our entire circuit through small, high return investments and line product

capability. This gives us the ability to serve the demand for high value grades while

ensuring that our supply chain operates at optimal costs, whatever the demand scenario.

Being able to offer broader grade capability at increased capacity and lower cost is the

foundation of our production flexibility.

[Slide 72] Okay, now let's switch gears. I'm going to cover how new offerings and

capacity allow us to participate in our growing China market. [Slide 73] China remains

the largest and fastest growing TiO2 market. Although China is an exporter of fit for use

and some multipurpose grades, there is also demand for high quality product within

China to meet an evolving expectation of quality by the Chinese consumer. Currently,

Chinese titanium dioxide producers are unable to manufacturers the highest quality

grades of TiO2 needed in many applications. Chemours is the largest multinational

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supplier into China to help meet this need and we understand the Chinese market for

TiO2 very well. We also have a strong supply and customer support capability through

our Kuan Yin plant in Taiwan.

There are some strong forces shaping the TiO2 manufacturing landscape in China. In

short, to us it sounds like the message to heavy manufacturing industries is carry your

own weight, be sustainable. That applies to the TiO2 industry in a couple of ways. Most

visible is the government's auditing of environmental performance of manufacturing

facilities to enforce existing environmental protection laws. Clearly, actions are being

taken to curtail production when needed to drive home the requirement for improved

environmental performance. We also think becoming sustainable suggests being self-

sufficient on cash requirements. It appears that cash subsidies are being reduced for

underperforming entities and redirected to enterprises that are run responsibly. And

recently, we see the emergence of chloride technology and consolidation of players.

Only those players that will have the staying power to become proficient with chloride

technology will remain viable as TiO2 producers long term. Efficiency gains, resourcing

of environmental improvements and overall business acumen may lead to further

consolidation among Chinese producers.

A shift from sulfate production to chloride is fundamental to a sustainable business

model. Chinese regulators and producers have expressed their intent to move forward

with chloride technology, although the operating knowhow required to run chloride

process is causing a slower than expected conversion. It's also worth noting new chloride

based production will require different ore feedstocks, most of which are not available

domestically in China. And processing spend for those feedstocks will likely add cost to

China's future chloride facilities.

All in all, we see China evolving in a way that is supportive of responsible

manufacturing, and good for the local communities, eventually providing a more

balanced playing field for TiO2 sold into China or for that exported by Chinese

manufacturers. Chemours understands the competitive dynamic inside and outside of

China. We are also positioned to meet the growing needs of customers in China at both

the high end and the multipurpose segments.

In order to help the Chinese user move to chloride based products, we are now offering a

new product line exclusively for this market. It's called BaiMax. [Slide 74] Chemours

launched our new titanium dioxide product BaiMax in October of this year. BaiMax is a

chloride solution from Chemours and a companion offering to the Ti-Pure brand of

titanium dioxide. Manufactured at our Kuan Yin plant, we will only sell it in greater

China and it is aimed at those TiO2 users who are interested in making the switch from a

sulfate to chloride based TiO2. BaiMax delivers consistent quality and chloride

brightness across multipurpose applications to those Chinese customers growing their

businesses within China. Though not at the same performance level of our Ti-Pure line,

BaiMax does improve the quality and sustainability of products in which it's used,

including architectural and industrial coatings, wood finishes, PCV window profiles,

plastics, compounding and laminate papers. Our intention is that China, as China grows

and matures, it's need for chloride technology produced TiO2, Chemours will be there.

We'll be there with BaiMax in the early stages and there with Ti-Pure as consumers begin

to demand higher quality offerings.

[Slide 75] In summary, Chemours Titanium Technologies is driving a robust business

model focused on durable forth around the globe. We believe our approach to stabilizing

the value of Ti-Pure titanium dioxide is good for everyone. Good for our customers, our

suppliers and our investors. Our goal is to be the go-to supplier for customers through

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reliable product supply, regular capacity additions, and a portfolio of innovative

offerings. And I have no doubt that we will achieve that goal. And we welcome the

challenge to participate in China's development as the largest high quality TiO2 provider

into this market.

Our paradigm shift is well underway and we expect our efforts to result in more stability

in our business performance, higher value for our customers, and above GDP growth in a

global TiO2 marketplace. And with our low-cost position that further enhances our

margin profile, we expect to fully contribute to the Chemours Company bottom line

growth. [Slide 76] Thank you for your continued interest in Chemours Titanium

Technologies.

[BREAK]

Moderator: [Slide 77] Ladies and gentlemen, please welcome Chief Financial Officer of Chemours,

Mark Newman.

Mark Newman: [Slide 78] Wow. [Slide 79] You've just heard 3 compelling stories. One about untapped

potential and technology conversion. One about reinvention. And one about a paradigm

shift. There is a common thread that runs through these stories and it is change. Change

that challenges longstanding assumptions and especially change that jumpstarts growth

and generates value. The overarching theme of today is simply this. While we've

accomplished a lot in our first chapter of transformation since spin, our next chapter

holds a great deal of promise. It is inspiring and exciting to work with business leaders

so focused on value creation starting at the top. We all believe we can create much more

value going forward though the long-term growth plans that we've laid out and presented

today. As CFO, I'd like to take my place in the program to address 4 key topics.

First, reaffirm our 2017 outlook. Second, provide our outlook for 2018. Third, describe

our expected earnings and free cash flow trajectory between 2018 and 2020. And finally,

announce our capital allocation plan. As you heard from Mark at the opening, the

turnaround by the Chemours team since spin has been impressive by any measure. At the

outset, we had to fight to survive. Now, we have a thriving platform from which we

drive further value for our customers, employees, and investors.

Someone said earlier that this is an exciting time to be at Chemours. I couldn't agree

more. [Slide 80] Let's step back and consider where we've been. When we look at

expected 2017 performance versus 2015, revenue is expected to grow by approximately

$500 million. However, adjusted EBITDA is expected to increase over $800 million,

well above the $500 million transformation plan target we set back in 2015. Some of that

can be attributed to more favorable market conditions for sure. But the true magnitude

would not have been realized without the diligent work of our entire employee base.

Fired up with a vision of taking Chemours from good to great, their collective focus was

clear from the start, optimize the Chemours portfolio into a set of highly investable

businesses.

I will remind you that this impressive growth includes the impact of divestitures. We

grew our earnings while shrinking our portfolio, which has contributed to a significant

improvement in ROIC during this period. As Mark mentioned when we opened the day,

we expect 2017 EBITDA, adjusted EBITDA to be approximately $1.4 billion,

representing the high end of our previously communicated range. Additionally, we had

told you that we expected to be free cash flow positive for the year. I can report that we

now expect to generate in excess of $100 million of free cash flow after taking our $335

million PFOA settlement into consideration.

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Even with the investments in our two facilities, we still anticipate 2017 ROIC to be above

30% this year. [Slide 81] Return on invested capital is an important metric for us. We

have driven impressive improvement here since spin. Our focus on streamlining our

portfolio and with our disciplined approach to reinvestment, is core to how we run the

company. We keep our corporate value of simplicity and the expectation of high returns

in front of every action we consider and every strategic move we contemplate. We view

both working capital and fixed assets as investments in our businesses and we apply the

same rigor and discipline in our decision-making so that we can drive the best returns for

the company.

For example, to meet Titanium Technologies customer demands, we made an investment

in our raw materials inventories during 2017 while remaining disciplined in working

capital management. We view capital projects as a portfolio of investments, evaluating

one against the other on returns, payback periods, to ensure that we are prudent and

appropriately prioritizing our spend. Finally, we build capacity wisely, focusing on low

cost manufacturing facilities as well as using existing infrastructure where we can, both

evidenced by our Altamira and Corpus Christi facilities. We will continue to use ROIC

as a benchmark of how well we're managing our portfolio. And we expect we will be

able to sustain ROIC of 30% or greater on our current portfolio through 2020.

[Slide 82] Not only have we been able to demonstrate improvement in our returns, we

have used that momentum to solidify and strengthen our balance sheet. Our current

balance sheet is quite different than what we started with at spin. We have significantly

improved our liquidity position with over $1 billion more of cash on hand and full access

to our revolver, even after funding the recent POFA settlement. We have shown

discipline in our prudent use of excess cash to reduce debt when it made sense. In less

than 2.5 years, we have been able to de-lever our balance sheet, reducing our net leverage

ratio from north of 6x to approximately 2x today, well below what we contemplated at

spin and much faster, too. This improvement has been recognized by our rating agencies

with the recent Moody's and S&P upgrades. We are committed to maintaining our strong

BB credit profile. We believe that at this level, we retain the flexibility we need to

execute our growth strategies and deliver value to our shareholders.

Before I go into our longer-term views, let's start with our expectations for 2018. [Slide

83] We expect 2018 adjusted EBITDA to be within the range of $1.7 billion to $1.85

billion, an increase of 25% at the midpoint versus our 2017 expectations. This translates

into an approximate range of $4.70 to $5.25 for adjusted earnings per share on a diluted

basis given our current share count. These improved earnings will be driven in large part

by the meaningful appreciating we have seen in TiO2 pricing throughout 2017 which

results in an exit price greater than the average price realized this year.

As you heard from Paul, our growth is also attributable to further adoption of our Opteon

offerings, even when the increased earnings it delivers to the company is partially offset

by the expense associated with the construction of our Corpus Christie facility. We

expect the ongoing work within fluoropolymers to revitalize the portfolio will add

modestly to overall growth in 2018. Many of the end markets that Paul enumerated

earlier are expected to ramp up and become even more meaningful over time.

Similarly, we expect Chemical Solutions performance to be slightly above this year's

results as we work with our mining solutions customers to meet demand. We anticipate

that the combination of our TiO2 and Fluor businesses will generate a tremendous

amount of cash in 2018. In aggregate, we expect free cash flow generation to be between

$500 million to $600 million after funding increased levels of capital investments across

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our portfolio and the expectation of higher tax rates as our profitability increases.

[Slide 84] As you know, we broke ground on two facilities earlier this year, our Opteon

plant in Corpus Christi, Texas and our Mining Solutions site in the state of Durango,

Mexico. Including our maintenance CapEx, we expect to invest between $475 million to

$525 million in 2018. We recognize that this is another big year of capital expenditures

as we complete our two new facilities which represent approximately $450 million of

investment. Beyond 2018, we expect to slow our CapEx spending after funding this

year's significant growth in investments.

[Slide 85] Looking towards 2020, as you've heard from our 3 business presidents, all of

our segments are expected to contribute to growth of both top and bottom line. On a

revenue basis, we expect to deliver 3 years of revenue increases initially driven mainly by

our TiO2 pricing then followed by strong contributions from Fluoroproducts and

Chemical Solutions in 2019 and 2020 after we complete the capacity expansions next

year. This top line growth, which we expect to see at a rate of 1x to 2x GDP, along with

our laser focus on cost containment, will result in higher levels of adjusted EBITDA

growth. In fact, we anticipate expanding adjusted EBITDA margins by approximately

500 basis points through 2020 over 2017 levels. We expect to achieve this through our

continued focus on costs as we grow revenue and as our portfolio shifts to more

differentiated products.

[Slide 86] As we have demonstrated since spin, we can realize significant shareholder

value from our portfolio. We believe that each business within our portfolio is integral to

our long-term growth. Let me remind you of the key points we covered today. In

fluoropolymers, our application development will provide new and important customer

solutions in fast-growing markets. In fluorochemicals, we will optimize our refrigerant

mix as we balance the need for our base refrigerants with the fluorochemical of the

future, Opteon. In Chemical Solutions, we will meet the increasing demand for sodium

cyanide in the Americas with our new facility in Mexico, built at the center of the world's

fastest growing gold mining market.

In Titanium Technologies, our focus on value stabilization should allow us to reduce the

volatility of the TiO2 supply/demand cycle and its impact on Ti-Pure prices. Our new

BaiMax offering will meet the increasing demand for chloride TiO2 within China. And

our unique manufacturing capability and/or flexibility will remain a competitive

advantage as we unlock additional capacity to serve market growth over the next few

years.

[Slide 87] Our portfolio provides strong cash generation as well as many opportunities

for reinvestment to realize future gains. With the set of highly investable businesses we

have today, we can drive significant value through smart portfolio management. Our

Fluoroproducts segment will require near term and longer-term investments to realize

Opteon's full potential and the renewal of our fluoropolymer business. With these

investments over time, we expect to see a higher proportion of differentiated sales that

will enhance margin and provide more meaningful cash flow. Our Chemical Solutions

business driven by our Mining Solutions expansion, is expected to realize stronger double

digit adjusted EBITDA margins and positive free cash flow in the coming years. And our

cash generating TiO2 business is expected to be more than able to support its own growth

needs.

When you add it all up, this will provide additional free cash flow to support growth

investments across the entire Chemours portfolio. We see these investments taking two

forms. Organic opportunities that are identified naturally as our businesses grow and

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develop new technologies, and inorganic growth through strategic M&A. At this point,

we believe we have the flexibility to consider attractive adjacencies via bolt-on

acquisitions that could enhance our offerings. We will prioritize high return, organic and

inorganic growth investments with a discipline of providing meaningful return of capital

to shareholders. Our highly investable portfolio has the power to do both.

[Slide 88] I am pleased to announce that our Board of Directors has declared our first

quarter 2018 dividend of $0.17 per share which we expect to pay in March. This

represents an increase of more than 5x, yes, you heard me right, more than 5x our

quarterly level of $0.03 per share and translates into about $125 million per year to

shareholders. We worked with our Board to ensure our new dividend level is not only

sustainable, but also provides us with a platform to reward shareholders as our earnings

continue to grow. On top of that, our board has authorized a share repurchase plan of

$500 million. This authorization is valid through 2020 and we expect to execute the plan

opportunistically over the next 3 years. We believe that the combination of these

vehicles for returning cash to shareholders represents a significant portion of the free cash

flow we expect to generate. Importantly, it also provides us with balance and discipline

as we consider our best uses of our cash.

[Slide 89] Now I'd like to reflect on where we've been and where we're going with

respect to capital allocation. At spin, as you may remember, our first priority was to

stabilize the company. Our financial policy set out 3 uses of our cash. One, invest in our

businesses to realize organic growth. Two, return cash to shareholders via modest

dividend. And three, deliver the company down to 3x net leverage or below. With the

portfolio and growth prospects that we have described this morning, you see that we are

in an entirely different place as a company than where we were 2.5 years ago. Now we

have the flexibility, the funding flexibility to maximize the value of each business and

reorder our financial priorities. Over the next 3 years, we believe our portfolio will one,

give us the ability to identify and fund organic growth opportunities as well as the

flexibility to support M&A adjacencies and extensions to our businesses. Two, return

significantly higher levels of cash to our shareholders. And three, support a strong BB

balance sheet.

[Slide 90] In closing, we have generated a ton of value from our portfolio since spin and

have line of sight to even more shareholder returns. We see the next 3 years as building

on the foundation laid by our transformation plan from which we will deliver strong,

profitable growth well into the middle of the next decade. From our 2017 baseline, we

expect to realize topline growth at a rate of 1x to 2x GDP while driving even higher

EBITDA growth rates and resulting margin expansion of approximately 500 basis points.

And this implies that our adjusted EPS will grow over 15% per year between 2017 and

2020 on a compounded annual basis including the impact of our share repurchase plan.

At the same time, we expect to invest in high return opportunities that should result in a

sustained ROIC of greater than 30% on our current portfolio. Further, we anticipate that

our businesses will generate $2 billion to $2.75 billion of free cash flow which will give

us the flexibility to consider M&A adjacencies and support our newly announced capital

allocation strategy. Folks, this capital allocation strategy is expected to return nearly

$900 million of cash to our shareholders over the next 3 years, a huge step up from where

we've been. What a difference 2.5 years makes. We're fundamentally a different

company than we once were. You trusted us to complete our first chapter of our

transformation and we delivered on that commitment. Now, we invite you to turn the

page to our next chapter with us as we grow and unlock more value from our portfolio for

our investors as well as our customers. We're onto the next chapter of our story.

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At Chemours we like to say that the future of chemistry begins now. As we close the

formal portion of our first Investor Day, before moving to Q&A, we'd like to leave you

with these final thoughts. Thank you.

[video plays].

[BREAK]

Alisha Bellezza: [Slide 91] At this time, I'd like to welcome the Chemours executive team back on the

podium for Q&A. The way we'd like to do this Q&A is please just raise your hand and

I'll acknowledge you. We've got two mic runners in the room, just give them a minute to

get to your seats. Lawrence? Maybe just repeat your name and your firm as well.

Lawrence Alexander: Lawrence Alexander, Jefferies. Two quick questions. On the strategic M&A, can you

define adjacency and give us a sense for what your internal capital hurdles might be?

And for the TiO2 side, there was one reference in a slide to expanding mine capacity.

Can you talk a little bit about what would drive that? And is that tied to doing a new

capacity after 2021?

Mark Vergnano: Lawrence, that second half of that I missed.

Lawrence Alexander: Is the expansion of the mine capacity necessary for the current wave or is it after 2021?

Mark Vergnano: So maybe on the first piece, I'll start us. I think the thing we want to make sure everyone

understands, we're not going out to acquire a fourth giant leg. That's not our intention at

all. So the way we think about M&A and the way we will think about M&A is, we're a

customer centered company. How do we fit this into what our customers need from us?

So that's the way we're going to be thinking about this. So we're not going to lay out all

the adjacencies that connect to that, but I think you know the markets that we play in and

I think those would be the logical places that we would go. But I for sure don't want to

get anyone thinking that oh, these guys are going to go out and drop a fourth leg that has

nothing to do with the other two businesses. That's not the intention at all.

I'd say our returns are going to be very similar to the way we think of our internal returns

today. We like to think of mid to high teens as our hurdle rate for our returns and that's

going to be very similar as we think beyond that. Regarding the mine, maybe I'll ask

Bryan to give you a little bit of insight into how we're thinking about expanding the mine.

Bryan Snell: Sure. We've got access to properties adjacent to the Florida mine that we have, both

north and south. And those properties, we've got choices as to the rate of development

that we have for them. They can handle us. We can extend mine life comfortably to 2030

and beyond.

Alisha Bellezza: Next question. Chris Evans?

Chris Evans: Thanks, guys. Chris Evans, Goldman. Your 2018 EBITDA guidance and revenue

growth assumptions get you a long way towards that 500-basis point improvement that

you talked about through 2020. I was wondering why not a more aggressive target or

what might be hindering your enthusiasm after 2018?

Mark Vergnano: Well the one thing you have to remember about 2018 is we have a lot of costs associated

with capital. So as our two facilities are getting built, there's some cost associated with

building those facilities that are inside of that. Mark, I don't know if you have any

additional thoughts about --

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Mark Newman: Yeah, so just to add to what Mark said, obviously there's quite a jump in 2018 EBITDA

to a great degree predicated on the exit price of TiO2 at the end of 2017 versus average

which doesn't get repeated again beyond there on the basis of value stabilization of TiO2.

Obviously beyond 2018, we'll start to see the benefit, the full benefit of both what's

happening at Corpus Christi and in our Chem Solutions business. We will have some

startup costs in 2019 as we bring those plants online and we'll see the full impact in 2020.

But there will be margin expansion. It will be just less pronounced in 2019 and 2020.

Again, based on just the calculus of TiO2 price impact.

Mark Vergnano: And Chris, to Mark's point, that's why we said greater than 500, right? So I think you

guys are getting to know us a little bit. From that standpoint, the fluoropolymer

opportunities that Paul laid out are going to play out over time. We think that's going to

be improving as well. So we sort of level set that at beyond 500 basis points.

Chris Evans: So another one then, with your new TiO2 strategy, are you expecting to maintain an

absolute pricing differential independent of what happens at the lower end of the market?

I mean if the Chinese get looser, can you still maintain an absolute pricing or are you

expecting more of a premium to the lower grade?

Bryan Snell: Are you referring to the BaiMax offering specifically or are you just talking about the

broad strategy? I think we've demonstrated that we've got good quality and value

separation from the Chinese products at this point in time. So if there would be

movement in Chinese prices, we wouldn't be all that sensitive to that. That's your

question if I understood it correctly.

Chris Evans: So you think you can hold an absolute price, not assume a spread off the bottom?

Bryan Snell: Right.

Don Carson: Don Carson with Susquehanna. Two questions. One on TiO2 margins, you've had good

price realizations, you've also had a very favorable ore environment. How do you see the

margins going forward with rising ore costs in 2018 and 2019? And then just a question

for Mark, if you could comment on, give us a GenX update and operations of your plant

down south?

Mark Vergnano: Maybe start, Bryan, with ore?

Bryan Snell: Yeah, our pricing actions anticipate where we think ore prices are going to go. So we

don't expect any margin deterioration as a result of changes we might see in ore pricing.

Mark Vergnano: So the second half of your question, Don, and maybe just to level set for everyone in the

room, we have a situation in North Carolina at our Fayetteville facility. And from that

standpoint, the best way I can sort of center it for everybody is we have a permitting issue

that we're working with local and federal government officials on. We're in deep dialogue

with them around this, but knowing that this would be an interesting topic for folks in the

room, we asked Dave Shelton, our general counsel, to step up and maybe give you a little

bit more of an update around that.

Dave Shelton: Thanks, Mark. I think it would be helpful in answering questions about Fayetteville if I

gave you a little bit of background on the situation and then perhaps more importantly go

into what we're doing about it. So as we've previously reported in our financial

disclosures, we face governmental inquiries and litigation concerning the Fayetteville

works facility in North Carolina. The issue initially concerned the plant's discharge in

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processed waste water of a chemical compound called C3 dimer acid which is the same

compound as our polymer processing aid known as GenX. The issues have expanded

and now include the process wastewater discharge of other HER or polyfluorinated

compounds, onsite and offsite groundwater issues at and around the area of the facility,

and air emission issues. Effective November 30, 2017, the North Carolina regulators

suspended the facilities permit to discharge processed wastewater from the Chemours

manufacturing lines at Fayetteville and asked us to meet with them to discuss a

permanent solution. That's the background.

Here's what we're doing about it. Number one, we're working hard to cooperate with all

governmental inquiries and requests. Number two, we are capturing for offsite disposal,

all processed wastewater from our manufacturing lines at Fayetteville, so the facility is

able to continue to operate lawfully, notwithstanding the partial permit suspension I just

mentioned. Third, we've accepted the North Carolina regulators' invitation to meet and

we looking forward to developing with them a permanent solution. We remain committed

to operating the Fayetteville facility which employs hundreds of North Carolina residents

in accordance with all applicable laws and regulations and in a manner that respects the

environment and the public health and safety.

We also believe that we and DuPont have valid defenses to the litigation that's been

brought. Including, among other things, that the discharges did not cause any damages or

injuries. As we address all the legal and regulatory issues, we realize that our

communications to you, the investors, as well as to other stakeholders will seem pretty

reserved at times. There are at least a couple of reasons for that. First, because many of

these matters involve active litigation, we're simply not in a position to provide further

comment on them and that includes today. Second, as we engaged in permitting

discussions, we intentionally chose to remain quiet in the media out of respect for the

process and the regulators and instead to focus our energy on finding a long-term solution

with them. For additional information, we encourage you to look at our public

disclosures. In the meantime, we sincerely appreciate your patience and faith in our team

to manage the issues for the best outcome. Thank you.

Mark Vergnano: Thanks, Dave. So from our standpoint, as Dave said, we can't talk a whole lot more

about it, but I'm convinced we'll come to a permanent solution with the regulators.

Duffy Fischer: Question maybe for Mark and Mark on the financial stuff. So you talked about $500

million buyback, what looks like is going to be about $400 million of dividends, but free

cash flow of between $2 billion and $2.75 billion which leaves somewhere almost $1

billion to $2 billion. In our models, should we be penciling that in as acquisitions or will

you build significant amounts of cash potentially over that period? What happens with

that other $1 billion to $2 billion?

Mark Vergnano: Maybe I'll start and Mark can clean up any mess I make here. One, so you may have this

right, Duffy, from that standpoint. And I think that the way we're looking at things,

we've said that we're going to have a high CapEx level next year. For those of you who

have been following us, we said we want to get to a rate of about $350 million of CapEx

going forward. I will say that we continue to learn that we have good investments inside

the company, good organic investments that we don't want to shy away from. So

although we do believe $350 million is about the right base rate for CapEx, if we see

good opportunities that are going to be good payoffs, we'll be willing to spend more

CapEx if they are great returns. And we've been very disciplined on our CapEx, so we're

going to be very disciplined going forward.

The other piece is, we want to be opportunistic on acquisitions if there's good bolt-on that

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make sense. So those, that's the flexibility that we want to have as a company and I think

the flexibility you'd want us to have as a company to be able to try to drive growth. We

will be incredibly disciplined about that. We're not going to spend that cash if it doesn't

make sense and if it can't give a good return. Mark, I don't know if you want to add

anything?

Mark Newman: Yeah, I think Mark covered it well. I think you're right, Duffy, in that suggest that our

model has optionality. So what we like is, as Mark mentioned, meaningful reinvestment

in our core business, meaningful return of capital to shareholders, and the optionality to

be opportunistic with bolt-ons to the current portfolio that we think drive further value.

So on balance, we think this is a nice disciplined approach to provide a balanced capital

allocation, but keep optionality in the model all the while being a strong BB credit. So

we like that position.

Duffy Fischer: Great, thanks. Then maybe one question for Paul. You kind of showed us a bucket of

$2.4 billion of the HFO target out to 2025. But within those buckets, is there going to be

a different competitive dynamic set? I mean we've had announcements say the Mexican

[DiChem] joint venture where they say they have a low global warming product. Where

do you think in that between now and 2025 period will you see other competition and

how would you think that $2.4 billion kind of gets split up between market participants as

we get out that far?

Paul Kirsch: On the IP protection slide, so we mentioned we have more than enough confidence in the

MAC side of the business to last us through 2020, the protection there. The stationary

portfolio actually is much stronger and goes much longer because these products were

developed even later. So I couldn't put a bet on when a competitor might break into that

market, but we're confident in the 2020 number for MAC and a much later year for the

blend.

Mark Vergnano: The only thing I'd add, Duffy, is I think we continue to be, we continue to add to our

patent portfolio here. So this isn't something that's stagnant, it's something that's active.

We haven't seen anyone come up with something that is uniquely different than the HFO

molecule. So that molecule I think is incredibly protected for a period of time and as

Paul said, probably longer in the stationary side, maybe been more than the mobile side.

And on top of it, the stationary side is much more complex because it uses blends. And

so the knowhow and the relationship you have with customers there is also another

important barrier. So I just don't think you're going to see a lot of folks breaking into this

space in a short period of time.

Duffy Fischer: So just to be clear, everybody who has announced something that's HFO you would say

is counter to you patent, that they really couldn't produce that molecule and sell it as it's

been advertised so far?

Mark Vergnano: That's our belief up to now without knowing everything that everyone has, but that's our

belief.

Jeff Zekauskas: Good morning. Jeff Zekauskas with JPMorgan. Two questions. So there's a $500

million share repurchase plan, so if your shares were at $50, you could buy back 10

million shares. How much share issuance would there be over the next 3 years so that we

know what the net reduction in shares might be? And secondly, in 2018, what are your

general expectations for Opteon volume growth? In that your new expansion doesn't

really come on until 2019, are you constrained in how much you can produce? What do

you expect to produce? What could you produce if you ran full out incrementally?

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Mark Vergnano: Maybe I'll start on the second one first and then I'll had the first question over to Mark

and Paul can follow up on anything else on the Opteon side. A couple of things you need

to think about from the Opteon side, we have plenty of capacity right now until we start

up Corpus Christi. So the growth that we have projected and maybe a little bit more,

we're confident around the capacity that we have in place. But remember, Corpus

capacity gives you two benefits. One is it gives you capacity for the future growth. But

it's also much lower cost than our current capacity. So it allows you margin expansion at

the same time. So as we get Corpus up, we'll be shipping our production as fast as we

can over to the Corpus facility because we get the value of the lower cost production

capability there. So that will expand margin itself. So between the two, we're very

confident that we have plenty of capacity over the next several years. And then sort of to

tie in, we saw a tremendous ramp up between 2017 and 2016. And as you saw from

Paul's chart, we're going to continue to see growth in Opteon, but not at that level that we

saw in the last year. Paul, I don't know if there's anything you want to add to that?

Paul Kirsch: Think about the Opteon growth in 3 buckets. One is with MAC. As Mark said, you had

a very quick ramp up in Europe because of the January 1 deadline this year. The US

market ramps up at a slightly slower rate due to CAFE. You've got Turkey, Korea and

Japan, 3 big markets coming on in 2019 and 2020, or 2018, 2019, 2020, sorry. And then a

longer ramp up on the stationary side just because of the way Kigali rolls out and FGas.

And then on the foam blowing side, you've got a smaller market, but it will convert a

little faster. So those are the 3 ways to think about how those markets develop.

Mark Vergnano: And we think the capacity that we have is going to be fine for us for our growth going

through that. Mark, the first piece??

Mark Newman: Yeah, so on the share issue, as you mentioned, Jeff, what we're announcing today, if you

just applied it to the current base, would largely take care of the dilution since spin.

Obviously based on our public filings, there will be new issuance for management comp

going forward. That tends to be at a rate of about $20 million to $30 million a year. So

as you will see, I think it significantly will help with the share count. It will be a bit of a

tailwind, but obviously your model will be very subject to your assumptions on where the

stock price goes from here in terms of the dilutive impact of future issuances. But I think

you can do the math and I think you will conclude that it will certainly significantly

reduce or help to reduce the dilution impact today.

Jeff Zekauskas: On order of magnitude, does Opteon grow greater than 10% in volume or less than 10%?

Paul Kirsch: We haven't been specific about that, but I think we will have appreciable growth. But I

just don't want to give the sense that it's going to be the same growth that we had in 2017.

But we'll still have solid growth in 2018.

Alisha Bellezza: And when you look at what we've presented on the slides today, we demonstrated a

CAGR that we expect between 2016 and 2020 to be about 20%. When we think about it

from a 2017 base to 2020, it's between 8% and 10% is what we're expecting.

John Roberts: John Roberts, UBS. I think one of the reasons it was 20 years between TiO2 expansions

is DuPont had been trying to do a plant in China for a long time and finally gave up on

that. How do you see your capacity strategy in Asia evolving? Do you see exporting

more to the region? Do you see Taiwan expanding at some point? Or do you think you

go back to that plant? And then secondly, on GenX, are you trucking water off, process

water offsite and treating it so you can operate indefinitely while you have your

negotiations with the state?

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Mark Vergnano: I'll let Bryan take the TiO2 question, but let me clarify, we are moving the process water

off the site with a contractor who is taking care of that for us which is allowing us the

freedom to operate that facility. Bryan, you want to talk a little bit about --

Bryan Snell: Well I agree with your starting point that maybe it took a while, while we were trying to

get Kuan Yin plant approved. But today, we sit with expansion options at our Kuan Yin

site and I think there are credible locations inside and outside of China. So I think there's

more than one option we can look at if we that think Asia is the right place to build a

plant.

Mark Vergnano: I think the beauty of what Bryan and the team have sort of put together for TiO2 business

is this 10% incremental capacity that we can free up in the next 3 years which is

fundamentally another line for us. And at a fraction of the capital expenditure that a full

line would cost. So I think over that period of time we're going to have plenty of capacity

to allow our customers to grow while we're sorting out what's the next big increment of

capacity that's going to be needed. And I think it's going to get very obvious soon to all

of us where that should fit.

Bryan Snell: And we don't have any limitations getting from any of our plants into any markets.

Alisha Bellezza: Any other questions?

Eric Petrie: Eric Petrie with Citi. The incremental $300 million to $450 million EBITDA growth

next year, can you just give a rough split between the segments? TiO2 and

Fluoroproducts? I'm guessing the majority will be from TiO2 with the price increase, but

any kind of qualification would be helpful.

Mark Vergnano: Obviously we don't give guidance on the specific segments from that standpoint, but as

Mark said before, we're going to be exiting with a pretty strong price point on TiO2

versus what our average price was. So I think the lion's share will be from that. But as

you go in that 3-year period, you're going to see this shift as we get the capacity up in

Mining Solutions, as we get our Corpus facility up, you're going to see that earnings

growth shift to the other two businesses. So lion's share primarily from TiO2 price in

2018, over the 3-year period, very balanced across the 3 businesses.

Eric Petrie: Secondly, could you just talk a little bit about China's push to chloride technology? I

believe a major producer is targeting about 300,000 tons of chloride capacity by end of

this decade and even more aggressive in the next decade. With the total of roughly 1

million tons by the mid-2020s?

Bryan Snell: I've heard the million ton number. Put it in the context of what the market growth is

going to be. So if you look at just GDP growth on a 6 million ton market, in the next

decade you're going to add a couple of million tons of demand. Divide that by 0.85 or

0.9 or whatever you think the utilization is going to be, and that ought to ballpark what a

responsible capacity number is. So I think number one, there is space in the demand that

will actually require some capacity. And then number two, chloride lines aren't that easy

to run. So I think for somebody who is new into that technology, it's probably kind of

hard to say just how confidently they can bring it online when they say they can bring it

online.

Eric Petrie: As a follow-up, how much of your capacity do you currently ship into China? What is

the share representative, as well as, is your Taiwan plant expandable?

Bryan Snell: So the last one is yes. The others we haven't disclosed details on our share positions. But

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we are the largest supplier into China among the internationals.

Mark Vergnano: And I think the thing you have to think about, I think Bryan said this well in his remarks

earlier, over the next several years, there is going to continually be demand growth for

TiO2 because it's a GDP growth rate business. So you can calculate pretty quickly where

that is. There's not any obvious capacity coming online and there appears to be actually

capacity continually coming out on the sulfate side with China. So there is room for

expansion in this space, and as Bryan said, over a 10-year period you're going to need 2

million pounds of capacity and only 1 million being talked about. I would continue to

say talked about because we're not seeing anything coming out of the ground. I think

you're going to continue to see robust market dynamics for the TiO2 industry going

forward.

Mark Newman: I think all our plants look at incremental expansion options, so I wouldn't get too hung up

on whether one is or isn't. We have credible options across the portfolio and they can all

access all markets.

Unidentified Participant: Some of my questions have been answered, but just on your EBITDA margins, can you

tell us for Opteon inside the Fluoroproducts space, is it roughly average or is it better or

slightly below right now the rest of the product mix?

Mark Vergnano: I'll let Paul give you a little bit more detail, but the thing you have to remember about --

so with Opteon, margins are higher than the rest of the segment. But as you go in time

with just stick with refrigerants for a second, in fact our margin profile across all of fluor

is very similar if you look about fluoropolymers and fluorochemicals. But inside

fluorochemicals for refrigerants, you have base refrigerants and you have Opteon. Over

time, and I think it was denoted in Paul's charts, you see volume decrease in the base

refrigerants because they get replaced by Opteon. But the price point moves up because

they get under quota. So you actually have strong margin on both sides of base and

Opteon, just to give you context of how to think about that. But your premise is right,

Opteon margins today are higher than the rest of the refrigerants I'd say.

Unidentified Participant: Margins right now are relatively low. Once you get Durango built, etc., we should see a

substantial increase in that margin?

Mark Vergnano: Yeah. Our goal, and Chris's go-do and he is committed to is we want the margin profile

of Chem Solutions to be very similar to the margin profile of the rest of Chemours. And

we think we can do that. Mining Solutions being a piece of that, Chris talked about

glycolic which we have some upside on and the continued work that your team builds on

cost.

Chris Siemer: Yeah, so I'd say we've got detailed plans to deliver that.

Alisha Bellezza: I think we have time for maybe one or two more. Chris?

Chris Prowell: Thank you. Chris Prowell of Bloomberg Intelligence. How, Mark, should I think about

the cash spend for environmental issues over the next couple of years, not including the

GenX issue, but legacy DuPont issues that you've had to deal with in site remediation?

Mark Newman: I'd start first by saying any anticipated spend is reflected in the guidance we provided

today. We have reflected our spend against our environmental accrual which today I

think stands at about $290 million. We had quite a bit of spend this year related to the

Pompton Lakes and we expect that spend to gradually decline over time while of course

the reserve will continue to come down as it has since spin. So I wouldn't expect any

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significant change in cash spending. Obviously as we have given our guidance for next

year, we are anticipating the kinds of things that we talked about earlier with respect to

the costs of operating Fayetteville.

Kevin McCarthy: Thank you, Kevin McCarthy, Vertical Research Partners. A couple of questions on your

TiO2 marketing strategy. I think you mentioned that today you sell less than half of your

sales as per a contract structure. Where do you think that number can go over time? And

can you talk about how the number varies by region of the world, recognizing I think

you've got 32% of your sales derived from Asia Pacific and often in my experience,

buyers there prefer spot behavior.

Bryan Snell: We're not going to quantify the scale, but I would say it's comfortably the majority of our

transactions in the future would be under contracts with much more rigor to them than

what we have today. And I think how the -- we don't have a regional design that says by

region there will be a certain portion that won't be under contract. It's going to be much

more tied to the application and the customer.

Mark Vergnano: Kevin, maybe just to add to Bryan's point, the contracting strategy, I don't want anyone to

take the contracting strategy as boy, a wishful thought. I think the team has been very

successful already with that strategy as we've been rolling this out to customers. And it's

because it's helpful to them as well. I'd say this year we've learned that what's really

continually important, I wouldn't say it's a new thing, but continually important to our

customers, is knowing that they can be supplied in the future. That was one of the

reasons behind Altamira was because we needed to convince our customers that we can

continually supply them as they grew. And so this is all about making sure that the

customers that want to be with us have a continuity of supply with high quality product

and at a price point that allows them to plan their future and allows us to plan ours as

well. So it's a solid thought and one that's actually gained significant traction this year

with Bryan and his team with our customers.

Kevin McCarthy: Then as a follow-up to that, I guess part of my takeaway was that you are endeavoring to

mitigate price variance in the business. And I think you made a comment, Bryan, that

you may be prepared to absorb volume variations, I'm paraphrasing there. So in that

context, how would you characterize your contribution margin? In other words, if your

business fluctuates by a dollar in sales due to volume, how would that flow down to

profit based on let's say 2017 economics? How do you think about that?

Bryan Snell: Well we're doing a lot of work to build out the flexibility of the circuit so that there's not

a lot of margin impact as we're bearing volume across the circuit. I think one of the

benefits that you get if you get into this whole stabilization idea with our customers is,

that you also, with a stable price, you remove some of the volume variability. Because

today I think the volume swings more because people are building inventory or setting

inventory based on what they think is going to happen with the TiO2 price. If they didn't

have to worry about that, they wouldn't have a driver to vary their working capital so

much. So I think that would narrow the band of volume that we'd have to absorb and

really only take it back to sort of that volume variance that was introduced by economic

conditions and nothing else.

James: Just following up on the previous question, as a market leader, do you think other

industry participants will look to go towards more contracts in the future? And second

question sort of related to that, you mentioned you're looking to expand the ilmenite

facility in Florida. What currently is your integration percentage and are you looking to

increase that over time?

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Bryan Snell: The second question was what is our percentage of feedstock in Florida? Let me take

that one first. It's a small fraction of our total demand. Florida is not the only place

where we're very active in the mining industry. We have over years either a varied

investment from mineral rights to offtake agreements to sponsor new mine development

and we will continue to do that to ensure that we get the feedstock that we need. In

addition, we have quite a bit of leverage with the large producers in that we're a big buyer

and so we're a favored outlet for their product as well. So I have no reservations about

our ability to acquire ore and acquire it at favorable terms that connects to our unique

production capabilities. And the first question was back on?

James: With you seeking to increase the percentage of your TiO2 that's contracted, do you think

other producers will follow your lead? Is that sort of part of the strategy?

Brian Snell: That's probably their decision.

James: So just going back to the first question, on the integration, do you look to be more

integrated, backward integrated going forward?

Bryan Snell: Well think about it as significantly integrated already sort of in a virtual context. We can

use low grade ores that nobody else can use. That bypasses the entire beneficiation step.

And furthermore, we're very active in the acquisition of those ores to keep those costs

down under very favorable market conditions. So we're kind of virtually backward

integrated as we are.

Mark Vergnano: James, maybe just to add to Bryan's point, we are the chloride ilmenite market. I mean

no one really can use those kinds of ores. So as Bryan says, I think we have strong

buying power from that standpoint. But the mine that we do have in Florida, as we've

said to others, it's about 10% of our total use. I don't think the expansion will add much

to that. It's a very rich mine for ilmenite, it is very, very helpful to us. So although I've

said to many of you that we don't anticipate spending a lot of money, a lot of our capital

to expand into mining, we don't think that's the best use of our capital versus other

choices we have. This is a, I'd put it as a no brainer for us in terms of the return we get

out of this because we can basically expand what we're already doing down there versus

opening something new.

Alisha Bellezza: So we're going to close the formal Q&A session at this point. I think, Mark, you want to

make a few closing remarks?

Mark Vergnano: Yeah, and obviously we're going to have time with everybody when you join us for

lunch, but first of all, we covered a lot of ground this morning. We talked a little bit

about the past, we gave you a snapshot of what we think today looks like and hopefully a

little bit more of a view of what's coming next. So I hope you've come to the same

conclusion that we have, that we believe Chemours has been a great investment for those

of you who have been in it over the past two years and under our disciplined leadership,

have the ability to continue to be a great investment going forward. We've taken a pulse

of our workforce just recently as part of our transformation work and it's clear as we look

across the globe, we could not be more energized, more focused, or more determined to

take this company from what we've been saying, good to great, or earning our way to

growth. So as we close this formal portion of the Investor Day, we'll be moving over to

Siebert Hall for lunch. We'd like to thank you for being here. We'll all be available if

you have more questions for us. But more importantly, thank you for coming here today

and thanks for your continued interest in the Chemours Company. Thanks, everybody.

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