Deutsche Bank Global Industrials & Materials SummitJune 6, 2018

General Disclosure

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

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

revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical

information. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs,

such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking

statements, including, without limitation, management’s examination of historical operating trends and data, are based upon our current expectations of future events and

various assumptions which may not be realized or accurate. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis

for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved. We undertake no obligation to update or revise

forward-looking statements which may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

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

risks, uncertainties and other important factors include, among others: future global economic conditions, delays in reconstruction or commissioning of our Pori, Finland

manufacturing facility or losses for business interruption or construction costs that exceed our coverage limit applicable to the fire at that facility, changes in raw material and

energy prices, access to capital markets, industry production capacity and operating rates, the supply demand balance for our products and that of competing products, pricing

pressures, technological developments, changes in government regulations, geopolitical events and other risk factors as discussed in our annual report on Form 10-K filed on

February 23, 2018, and in our quarterly reports on Form 10-Q.

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

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

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

Personal Care, Food,

Pharmaceuticals & Active Materials

6%

Plastics15%

Architectural Coatings

14%

Industrial Coatings

11%

Construction44%

Agriculture & Water 4%

Fibres & Films3%

Other3%

Venator Snapshot

Note: See Appendix for a reconciliation of pro forma Adj. EBITDA(1) Excludes revenue from other businesses and entities not included in the separation of Venator from Huntsman; (2) Titanium Dioxide segment Adjusted EBITDA and Performance Additives segment Adjusted EBITDA adjusted to include estimated public company standalone costs of $40 million, pro forma for unrealized $29 million benefit from cost reduction elements of business improvement program; (3) Represents annualized segment 1Q18 adj. EBITDA, % margin based on 1Q18 LTM revenue; not adjusted for seasonality; excludes allocation of standalone corporate costs and unrealized anticipated pro forma cost savings from the Business Improvement Program; (4) FY17 revenues

3

En

d M

ark

ets

(4)

1Q18 LTM

Revenue (mm)(1) $2,294

Pro forma adj. EBITDA (mm)(2) $546

% margin 24%

1Q18 LTM 1Q18 Run-rate(3)

Revenue (mm) $1,675

Adj. EBITDA (mm) $482 $572

% margin 29% 34%

1Q18 LTM

Revenue (mm) $619

Adj. EBITDA (mm) $75

% margin 12%

Titanium Dioxide Performance Additives

Seg

men

t

Plastics34%

Architectural Coatings

28%

Industrial Coatings

15%

Inks6%

Fibers & Films 8%

Construction1%

Personal Care, Food,

Pharmaceuticals & Active Materials

6%

Agriculture & Water

2%

Rep

resen

tati

ve

Cu

sto

mers

Fibres & Films8%

Titanium DioxideStrong year-on-year EBITDA growth driven by pricing

4

Chemours17%

Cristal12%

Venator11%

Lomon Billions8%

Kronos8%

Tronox6%

Others38%

4Q17 LTM Revenues Source: Management Estimates

Segment

Revenues

$1.7billion

Segment

Adjusted EBITDA

$482million

COATINGS

INKS

2016 Nameplate Capacity; Excludes VNTR South African facility

TiO2 Capacity

End Markets 1Q18 LTM

$ in millions Adj. EBITDA Margin

Annual EBITDA History(1)

(1) Adjusted to include the Oct. 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period, based upon their management’s representation; excludes the related sale of our TR52 product line – used in printing inks – to Henan Billions Chemicals Co., Ltd. in December 2014; and excludes the allocation of general corporate overhead by Rockwood

Quarterly EBITDA History

$ in millions

$306

$699

$449

$117 $134

($8)$61

$387

$482

17%

30%

22%

6% 7%

N/A4%

24%

29%

2010 2011 2012 2013 2014 2015 2016 2017 1Q18LTM

Personal Care, Food,

Pharmaceuticals & Active Materials

6%

Agriculture & Water2%

Architectural Coatings

28%

Industrial Coatings

15%

Construction1%

Inks6%

Plastics34% -$4 $9

$22$33

$48

$93

$127 $119

$143

-1%2%

6%

9%

12%

23%

29%

31% 31%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

-20

0

20

40

60

80

100

120

140

160

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

Market Leader in High-Value Specialty TiO2

Source: Current management estimates5

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

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

Pri

ce

Low Quality

Functional

Differentiated

Sp

ecia

lties

9%17% 42% 32%

21%0% 49% 30%

Legend:

% Total global TiO2

industry demand

% Venator TiO2 sales volume

Venator Focus

Estimated World Demand (kmt)Indicative EBITDA

margins1x 2x 3x+

� Catalysts

� Food

� Pharma & Cosmetics

� Fibers & Films

� Solar

� Speciality Inks

� Industrial coatings

� Performance plastics

� Differentiated Inks

� Functional coatings (architectural)

� Functional plastics

� Paper

Applications

Global TiO2 Utilization Rate OutlookImproving utilization rates through gradual demand improvement

Source: TZMI, Management estimates6

0%

20%

40%

60%

80%

100%

0

2,000

4,000

6,000

8,000

2011 2012 2013 2014 2015 2016 2017E 2018P 2019P

Uti

liza

tio

n R

ate

Vo

lum

e (

kM

T)

Global Demand Global Effective Utilization Rate ex. China (%) Global Effective Utilization Rate (%)

Global TiO2 Effective Utilization Rate Outlook

� Western producers operating at ~95%+ utilization rates, while Chinese operating rates continue to improve

� No new capacity expected:

– Neither greenfield nor brownfield economics are supported by current TiO2 prices

– Significant time for plants to come online (3-4 years)

� Differential between Western and Chinese product quality now transparent to customers and producers

� Customers have moved beyond thrifting / substitution

Sulfate Production to Benefit from Sustained Sulfate Ore Advantage

Source: TZMI, Management estimates7

Principal Feedstock Types Sulfate Ore Prices Advantaged and Less Volatile

(TiO2 Ore Prices, $/MT)

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2009 2014 2019P

Rutile (95% content) Chloride Slag (85% content)

Sulfate Slag (79% content) Ilmenite (52% content)

Favorable market structure for sulfate ores

Sulfate Chloride

Feedstock Ilmenite Chloride Slag

Capital Intensity Low High

Energy Usage Low High

Number of Producers

>20 <5

LargestProducer Share

<15% ~70%

Primary Sulfate Feedstock

Performance AdditivesSeasonal improvement in performance

8

$ in millions

4Q17 LTM Revenues

End Markets

Annual EBITDA History(1)

Quarterly EBITDA History

Segment

Revenues

$0.6billion

Segment

Adjusted EBITDA

$74million

CONSTRUCTION

COATINGS

1Q18 LTM

Source: Management Estimates

(1) Adjusted to include the Oct. 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period, based upon their management’s representation; excludes the related sale of our TR52 product line – used in printing inks – to Henan Billions Chemicals Co., Ltd. in December 2014; and excludes the allocation of general corporate overhead by Rockwood

$ in millions

$103

$119

$89 $98 $91

$69 $69 $72 $75

15%16%

13%15%

14%

12%12% 12% 12%

2010 2011 2012 2013 2014 2015 2016 2017 1Q18 LTM

Segment Adj. EBITDA Segment Adj. EBITDA Margin

Fibres & Films3%

Personal Care, Food,

Pharmaceuticals & Active Materials

6%

Agriculture & Water

4%Architectural

Coatings14%

Industrial Coatings

11%

Construction44%

Plastics15%

Other 3%

$18

$22

$16$13

$22 $21

$15 $15

$24

12%13%

12%

9%

14%13%

10% 10%

14%

0%

2%

4%

6%

8%

10%

12%

14%

16%

-

5

10

15

20

25

30

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

Functional Additives

Performance Additives

Source: Company filings9

Residential construction (ACQ, ECOLIFETM and Copper Azole)

� Protects wood from decay and

fungal or insect attack

Industrial construction (Chromated Copper Arsenate)

� Prolongs service life of wood

Polyaluminium chloride based flocculants

� Clarifies water by promoting the

sedimentation of particles

� Highly durable red, yellow, black

and tan pigments

� Colorants for paint, plastics and

concrete

Iron Oxides

� Unique blue-shade pigments

� Violet and pink variants

Ultramarines

Specialty Inorganics Chemicals

� Weather-resistant, chemically

stable pigments

� Distinct color shades

Driers � Controls the drying rate of a paint

or ink

Color Pigments

Timber and Water

Treatment

Barium and Zinc Additives � Fillers that enhance the gloss and flow of paints and the mechanical properties of plastics

� Specialty soft white pigments

Product Characteristics & Uses Competition Benefit

33%

34%

33%

1Q18 LTM EBITDA

% split

Product overview

� Strong EBITDA margins

� Complementary and common process technology

� Similar customer base to TiO2

� High cash conversion margins

� Good geographic balance

� Similar customer base to TiO2

� Common process technology

� Limited number of major competitors

� Stable demand profile

� High cash conversion

$90 Million EBITDA Improvement Program

10

Business Improvement Program

Expected Annual EBITDA Capture

Highlighted Activities

� $90 million run-rate expected to be captured by 1Q19

� $10 million of incremental benefit captured in 1Q18

� $34 million of cumulative benefit captured through 1Q18

$ in millions

Source: Management estimates

� Facility rationalization program completed

– Umbogintwini, South Africa (TiO2) – closed

– Calais, France (TiO2 white end) – closed

– Easton, PA. and St. Louis, MO. (color pigment) –closed

� Leverage position in higher value markets

� Launch of new TiO2 products

Expected Run-rate Improvement

$30

$90$30

$30

Facilities closures Fixed costs Volume EBITDAImprovement

$ in millions

$10 million of EBITDA benefit captured in 1Q18

$24

2017 2018F 2019F

Actual Budget

Financial Profile

(1) Net debt to LTM EBITDA11

Net Debt

$ in millions

Attractive position

Comment

�Liquidity of $486mm as of March 31, 2018

– $223mm cash

– $263mm available of ABL borrowing base

�Received $236mm (€191mm) of insurance

proceeds on April 13, 2018

�Expected seasonal working capital use in 1H18

– $55mm use of cash in 1Q18

�Attractive tax profile

– ~ $1bn of Net Operating Losses

– No material change from U.S. tax reformCash tax rateAdjusted effective tax rate

DebtCash

Tax Rate

4Q17 1Q18

$(223)$(238)

$752$757

$529$519

1Q18 Expected

19%

13%

15-20%

10-15%

1.3x (1)

1.1x (1)

Cash Uses

(1) Excluding Pori reconstruction costs 12

Cash Uses 1Q18 2018E

Adjusted EBITDA $157

Capital expenditures(1) (20) ~$(120)

Cash interest (19) ~(35)-(40)

Primary working capital change (55) ~(20)-(30)

Restructuring (9) ~(40)-(50)

Other (includes pension) (16) ~(50)-(60)

Subtotal Cash Uses Before Taxes and Pori (119) ~(265)-(300)

Cash income taxes(15)10% 10 - 15%

Operating free cash flow 23 >$200

Net cash flow associated with Pori (38)

Total free cash flow (15)

We expect to generate >$200 million of operating FCF in 2018 before Pori$ in millions

Op

po

rtu

nis

tic

Str

ate

gic

Tra

ns

acti

on

s

Priority of Cash Uses

1. Earnings Growth

Pori reconstruction self-funded estimate $325 - $375 million

Capex projects targeting >20% IRR

2. Strengthen Balance Sheet

Debt reduction

3. Shareholder Actions

Share repurchases

Dividend consideration

Net debt target $350 million

Why Venator?

13

Leader in Specialty TiO2

with Sulfate Ore

Advantage

� Significant EBITDA margin improvement over past three years

� Business improvement program underway with projected Adjusted EBITDA

improvement of $90 million

� $34mm of incremental EBITDA benefit realized by the end of 1Q18

Successful Business

Transformation

Strong Free Cash

Flow Generation

Complementary

Performance Additives

Business

� Market leader in high-value specialty TiO2

� Sulfate production to benefit from sustained sulfate ore advantage

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

� Stable EBITDA and consistent cash flows, benefiting from Business Improvement Program

� Strong free cash flow generation will enable the rebuild of our Pori, Finland facility and debt reduction improving equity value

Appendix

14

Pro Forma Adj. EBITDA Reconciliation

(1) Adjusted to include Rockwood pro forma(2) Proforma for incremental $40mm standalone public company costs; excluding 1Q18 which reflects corporate costs as reported(3) Proforma for unrealized benefit from the $60mm cost reduction element of the Business Improvement Program (excludes the $30mm expected total volume benefit from the Business Improvement Program)

15

$ in millions 2010 2011 2012 2013 2014 2015 2016 2017 1Q17 1Q18 1Q18 LTM

Net Income/(Loss) $ (162) $ (352) $ (77) $ 144 $ (13) $ 80 $ 237

Net income attributable to noncontrolling interests (2) (7) (10) (10) (3) (2) (9)

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

Interest 2 30 44 40 12 10 38

Taxes (17) (34) (23) 50 (4) 20 74

Depreciation and Amortization 93 100 114 127 30 34 131

EBITDA $ (86) $ (273) $ 40 $ 343 $ 14 $ 142 $ 471

Acquisition and integration expense 45 44 11 5 – 2 7

Separation gain – – – 7 – 1 8

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

Purchase accounting adjustments 13 – – – – – –

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

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

Amortization of pension and postretirement actuarial losses 11 9 10 17 4 3 16

Net plant incident costs – 4 1 4 5 – (1)

Restructuring, impairment, and plant closing costs 62 220 35 52 26 9 35

Adjusted EBITDA $ 47 $ 8 $ 77 $ 395 $ 49 $ 157 $ 503

Corporate and other 29 53 53 64 20 10 54

Operating Segment Adjusted EBITDA $ 76 $ 61 $ 130 $ 459 $ 69 $ 167 $ 557

Titanium Dioxide Segment EBITDA (1) 306 699 449 117 134 (8) 61 387 48 143 482

Performance Additives Segment EBITDA (1) 103 119 89 98 91 69 69 72 21 24 75

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

1Q 17 impact from Pori Fire – – – – – – – 15 15 – –

Business improvement program unrealized (3) – – – – – – – 37 15 7 29

Pro forma Adjusted EBITDA $ 369 $ 778 $ 498 $ 175 $ 185 $ 21 $ 90 $ 471 $ 89 $ 164 $ 546