investor presentation · ratio which are non-gaap financial measures. the company includes these...

Investor PresentationFebruary 2020

Safe Harbor Statement and Other Matters

2

This presentation contains forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of1995, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions andinclude any statement that does not directly relate to a historical or current fact. The words "believe," "expect," “will,” "anticipate," "plan," "estimate," "target,""project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made.These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, thecommencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes inenvironmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financialperformance, business plans, prospects, targets, goals and commitments, capital investments and projects, plans for dividends or share repurchases,sufficiency or longevity of intellectual property protection, cost savings targets, plans to increase profitability and growth, our ability to make acquisitions,integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, and our outlook for net sales, AdjustedEBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow, Adjusted Effective Tax Rate, and Return on Invested Capital (ROIC), all of which are subjectto substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-lookingstatements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees offuture performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Additionally, there may be other risksand uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business.Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securitiesand Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2019. Chemours assumes no obligation to reviseor update any forward-looking statement for any reason, except as required by law.

We prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this presentation we may make referenceto Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Effective Tax Rate, Free Cash Flow, ROIC and Net LeverageRatio which are non-GAAP financial measures. The company includes these non-GAAP financial measures because management believes they are useful toinvestors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decisionmaking. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found in the appendix hereto.

Management uses Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Effective Tax Rate, Free Cash Flow, ROIC andNet Leverage Ratio to evaluate the company’s performance excluding the impact of certain noncash charges and other special items which we expect to beinfrequent in occurrence in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter.

Additional information for investors is available on the company’s website at investors.chemours.com.

industry-leading positions to drive top-line growth of 1x-2x GDP

in our core businesses with high ROIC (+30%) projects to drive sustainable

competitive advantage

our existing businesses through targeted M&A

the majority of our Free Cash Flow to shareholders over time through a

growing dividend and meaningful share repurchases

the energy of the organization, generated through the transformation, to

move at high velocity

Leveraging

Investing

Strengthening

Returning

Harnessing

3

Chemours Investment Thesis

The Chemours Company at a Glance

4

Fluoropolymers24%

Fluorochemicals24%

Performance Chemicals & Intermediates

5%

Mining Solutions

5%

Titanium Dioxide

42%

Product1

North America 39%

Asia Pacific 28%

EMEA21%

Latin America12%

Geography1

See reconciliation of Non-GAAP measures in the appendix

Source: Company filings and data

1. Data represents net sales for the year ended December 31, 2019

Chemical Solutions Titanium Technologies

($ in millions)

$80

15%

0%

10%

20%

30%

40%

50%

60%

70%

0

50

100

150

200

250

300

2019

$533

0

100

200

300

400

500

600

700

800

900

2019

$505

22%

0%

10%

20%

30%

40%

50%

60%

70%

80%

-

200

400

600

800

1,000

1,200

1,400

2019

$2,345

0

500

1000

1500

2000

2500

3000

3500

2019

$578

22%0%

20%

40%

60%

80%

100%

120%

140%

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2019

$2,648

0

500

1000

1500

2000

2500

3000

2019

Fluoroproducts

$ 1,020

18%

0%

10%

20%

30%

40%

50%

60%

-

500

1,000

1,500

2,000

2,500

3,000

2019

$5,526

0

1000

2000

3000

4000

5000

6000

7000

2019

Total Chemours

Adjusted EBITDAAdjusted EBITDA Margin

Net SalesAdjusted EBITDA Margin



Net Sales Adjusted EBITDA Adjusted EBITDAAdjusted EBITDA

Fluoroproducts

48%Chemical

Solutions

10%

5

Fluoroproducts Business Summary

5

BUSINESS OVERVIEW

• A Global market leader in Fluoroproducts

• Supplies fluoropolymer products for high performance

applications across broad array of industries

• Supplies fluorochemical products for air conditioning, refrigeration

and foam blowing agent markets

• Brands: Teflon™, Freon™, Opteon™, Krytox™, Nafion™, Viton™

Fluoropolymers – industrial resins and specialty

products and coatings

Fluorochemicals – refrigerants, propellants,

foam blowing agents, fire suppressants

Key end markets – air conditioning,

refrigeration, automotive, electronics,

communications, wire & cable, energy, consumer,

oil & gas, aerospace

FINANCIAL SUMMARY



1. Segment net sales for the year ended December 31, 2019

Fluoropolymers

50%

Fluorochemicals

50%

Product1

$ Millions

2018 2019 % Δ

Revenue $2,862 $2,648 (7%)

Adjusted EBITDA $783 $578 (26%)

Adj. EBITDA

Margin27% 22% (500bps)

North America 42%

Asia Pacific 25%

EMEA25%

Latin America8%

Geography1

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Fluorochemicals Long-Term Market View

Chemours Is Well Positioned to Capture Market Growth and Value for Both HFOs and Non-HFOs

Stationary Market Breakdown

7

Attractive Growth in Stationary Markets Expected over Next Decade

Source: Industry trade publications, company disclosures, and company estimates

Note: CAGRs are based upon non-rounded company estimates

REVENUE

$0.3B88% CAGR

5% CAGR$0.8B

C H I L L E R S ~$0.0B

~$0.3B

~$XM

A I R C O N D I T I O N I N G

133% CAGR

6% CAGR$4.1B

$2.3B~$0.0B

~$0.7B

~$1.05B

~$0.5B

2016 2025

Non-HFOs HFOs

C O M M E R C I A L R E F R I G E R AT I O N

$1.1B

35% CAGR

(8%) CAGR $1.2B

~$2.3B

~$0.05B

~$0.2B

~$4.0B

~$0.3B

~$0.5B

~$1.05B

~$3.9B

Opteon™ Advantage - CO2 Equivalent Basis

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Opteon™ Offers Low GWP Alternatives that Meet Tightening Environmental Standards

Source: UN IPCC Fifth Assessment Report and Company estimates

Opteon™ Patent Estate

9

• Our multinational portfolio includes nearly 900

patents and pending applications on HFO

technology, including compositions, uses and

processes of manufacture

• The earliest patents on HFO technology are

expected to expire in the mid-2020’s

– We continue to add to our patent

application estate

• Chemours actively monitors for patent

infringement and will vigorously assert its

rights under these patents, including seeking

damages and injunctions to stop infringement

The Size and Scope of Our Portfolio Means Loss of Coverage from Any One Single Patent Will Not Significantly Affect Our Market Position

First Opteon™ patent

expirations expected2026

2030sHundreds of

Opteon™ patents

remain in full force

First HFO patent

expirations expected2023

Fluoropolymers Target Markets for Application Development

10Sources: McKinsey; Bain; IHS BCC, US Department of Energy, Chemours sales data and market forecasting

* $ Millions; Addressable market size based on current applications, ingredient sales only

2016

Market Size*

2016 - 2027

CAGR

2027

Market Size* Trends and Fluoropolymer Opportunities

$1,100

$105

$910

5%

21%

9%

$1,900

$850

$2,300

• Emission standards and fuel efficiency

with internal combustion engines

• Decarbonization of transportation via

alternative energy

• Active safety and infotainment

• Development of smart grid with

increasing amount of renewable energy

and energy storage

• Government and OEM driven alternative

energy vehicles

• Growth and innovation in smart phones,

wearables, IoT, artificial intelligence, etc.

• Next generation connectivity (5G),

advances in circuit boards, LAN,

antennas, thermal and electrical shielding

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Strong Pipeline Build Since Announcing Application Development in December 2017

Energy

Automotive

Consumer Electronics & Communication

Recent Wins and Our Application Development Pipeline

DATA CENTERS

USB-C CABLES

MOBILE DEVICEANTENNAS

HYBRID VEHICLES

ENERGY STORAGE

* Quarterly numbers based on three month average

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Chemical Solutions Business Overview

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FINANCIAL SUMMARY

Mining Solutions – sodium cyanide, hydrogen

cyanide

Performance Chemicals & Intermediates –

methylamines, glycolic acid, Vazo™ products,

aniline, nitrobenzene

Mining Solutions

50%

Performance Chemicals & Intermediates

50%

Product1

North America 59% Asia Pacific

11%

EMEA4%

Latin America26%

Geography1

BUSINESS OVERVIEW

• Portfolio of industrial businesses primarily operating in the

Americas

• Reputation for safety, reliability and stewardship

• Three production facilities located in North America

– Memphis, TN: Mining Solutions

– Belle, WV: PC&I

– Pascagoula, MS: PC&I



1. Segment net sales for the year ended December 31, 2019

$ Millions

2018 2019 % Δ

Revenue $602 $533 (11%)

Adjusted

EBITDA$64 $80 25%

Adj. EBITDA

Margin11% 15% 400bps

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Titanium Technologies Business Overview

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FINANCIAL SUMMARYBUSINESS OVERVIEW

• A global leader1 in TiO2 with production capacity of 1.25 million

metric tons

– 4 TiO2 plants

– Packaging facility at Kallo, Belgium

– Mineral sands mine at Starke, FL and Folkston, GA

• Strong brand reputation

– Ti-Pure™ sold to approximately 600 customers globally

• Industry-leading manufacturing cost position

– Unique chloride technology

– Feedstock flexibility

Coatings – architectural, industrial, automotive

Plastics – rigid/flexible packaging, PVC

pipe/windows

Papers – laminate papers, coated

paper/paperboard, sheetLaminates &

Paper10%

Coatings67%

Plastics23%

Product2

North America 31%

Asia Pacific 35%

EMEA20%

Latin America14%

Geography3



1. TiO2 market share statistics based on production capacity per 2018 TZMI

2. Segment net sales for the three months ending September 30, 2019; excludes non-TiO2 sales

3. Segment net sales for the year ended December 31, 2019 ; excludes non-TiO2 sales

$ Millions

2018 2019 % Δ

Revenue $3,174 $2,345 (26%)

Adjusted EBITDA $1,055 $505 (52%)

Adj. EBITDA

Margin33% 22% (1100bps)

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Ti-Pure™ Value Stabilization

CHEMOURS’ VISION• We absorb the demand variance in our

customers’ marketplace, while holding value-

based pricing for Ti-Pure™ products

• Reduced business volatility stabilizes

Chemours’ cash generation and enables more

consistent capacity planning to serve our

customers

• We can support and grow our investment in

new offerings over time, enhancing growth

option for our customers

• Our customers can focus their efforts on

market growth and avoid the distracting

seesaw of “can I get the TiO2 I need?” or

“how high will the price go?”

CHEMOURS’ APPROACH• Create contractual relationships which support a more

stable customer-Chemours relationship

• Improve our manufacturing flexibility and capacity to

economically respond to both decreases and increases

in our customers’ sales which vary their requirements

for Ti-Pure™ TiO2

• Deliver value from a sustained investment in market

insights and new offering development

Manufacturing

& Supply

Assurance New

Ti-Pure™

Commercial

Framework

(AVA + Flex)

New

Offerings

Chemours

Ti-Pure™

Value

Stabilization

(TVS)

Ti-Pure™ Value Stabilization is Expected to Reduce Volatility for Chemours and Provide More Predictability for our Customers

Value to

Customers

• Predictable pricing enables

improved supply chain

planning

• Reduces need to build and

hold excess inventory

• Provides volume certainty

over time

Value to

Chemours

• Provides more stable earnings

• Enhances ability to plan for

capacity adds to meet growing

customer demand

• Allows for investments in new

offerings to better support

customers’ needs

Ti-Pure™ Value Stabilization is a Win-Win

15

2020 Outlook – Focus & Discipline in Low Growth Environment

Adjusted

EBITDA $1.05 - $1.25 Billion

Up 13% from 2019 at the mid-point

Up ~$0.54/share at the mid-point

More than doubling Free Cash Flow

Lowering CAPEX by approximately 20%

AdjustedEPS ~$2.60 - $3.55

1 Subject to risks, uncertainties and assumptions, all of which are described in our public filings and safe harbor statement

Key Factors and Assumptions1

See reconciliation of Non-GAAP measures in the Appendix

Free Cash Flow >$350 Million

16

Capex ~$400 Million

Cash toShareholders The majority of our free cash

Improved earnings and free cash flow… …disciplined investment to drive shareholder value

Expect a gradual TiO2 market recovery in line with GDP and

share regain over the course of 2020

Continued Opteon™ adoption in the auto segment; adoption in

stationary segment slowed due to illegal imports

Improved operating performance & productivity across all three

segments

Adjusted effective tax rate for the full-year to be within a range of

19 to 20 percent

Outlook was provided on February 14, 2020 and is not being updated or confirmed at this time

17

DuPont Lawsuit

• Chemours seeks judgment limiting DuPont’s indemnification to maximums DuPont itself established for

Chemours at spin or, in the alternative, return of the $4B extracted at spin

• Chemours is on solid financial footing, a result of hard choices made by management and the tireless

work of the 7,000 men and women of Chemours

• We remain committed to proactively addressing historical environmental issues handed to us at spin and

being a good partner to the communities we operate in

• We believe our future is bright. Our intention is to preserve and protect the rights of Chemours and all

of our stakeholders

Corporate Responsibility Commitment

18

Clarifying Fluorine Chemistry

PFAS is a broad term encompassing a number of substances produced for a variety of industries and products. Two of these

substances, which have been the subject of study and frequent media and public discussion, are PFOS and PFOA

• PFOS and PFOA are the subject of Drinking Water Health Advisories issued by the EPA

• PFOS: Neither Chemours nor DuPont has made or sold PFOS as a commercial product or used PFOS as a processing aid

• PFOA:

• Chemours understands that DuPont made PFOA, from 2002-2013, for use at its own fluoropolymer sites

• Chemours understands that DuPont did not manufacture PFOA as a commercial product

• Chemours has never made or sold PFOA as a commercial product, or used PFOA as a processing aid

• GenX: A processing aid used in the manufacture of some fluoropolymers where PFOA was used previously. Manufactured

and recycled at Chemours’ Fayetteville, North Carolina site pursuant to Consent Order with EPA and used to manufacture

fluoropolymers. Studies have shown that GenX is not biopersistent in the body.

19

20

AFFF / Fire-Fighting Foams

• PFOS was the dominant chemistry in the Fire-fighting Foams industry for decades

• Neither Chemours, nor DuPont before it, made or sold PFOS

• Chemours’ potential contribution to PFOA in the environment from our ingredients used in fire-fighting foams is

negligible, if at all

• Chemours has never manufactured or formulated fire-fighting foams

21

Reconciliations

Segment Net Sales and Adjusted EBITDA (Unaudited)

22

($ in millions)

2019 2018

SEGMENT NET SALES

Fluoroproducts 2,648$ 2,862$

Chemical Solutions 533 602

Titanium Technologies 2,345 3,174

Total Company 5,526$ 6,638$

SEGMENT ADJUSTED EBITDA

Fluoroproducts 578$ 783$

Chemical Solutions 80 64

Titanium Technologies 505 1,055

Corporate and Other (143) (162)

Total Company 1,020$ 1,740$

SEGMENT ADJUSTED EBITDA MARGIN

Fluoroproducts 22% 27%

Chemical Solutions 15% 11%

Titanium Technologies 22% 33%

Corporate and Other — —

Total Company 18% 26%

Twelve Months Ended

December 31,

GAAP Net Income Attributable to Chemours to Adjusted Net Income, Adjusted

EBITDA, and Adjusted EPS Reconciliations (Unaudited)

23

($ in millions except per share amounts)

$ amounts $ per share* $ amounts $ per share*

Net (loss) income attributable to Chemours (1) (52)$ (0.32)$ 995$ 5.45$

Non-operating pension and other post-retirement employee benefit cost (income) 368 2.20 (27) (0.15)

Exchange losses (gains), net 2 0.01 (1) (0.01)

Restructuring, asset-related, and other charges 87 0.52 49 0.27

Loss on extinguishment of debt — — 38 0.21

Gain on sale of assets and businesses (10) (0.06) (45) (0.24)

Transaction costs 3 0.02 9 0.05

Legal charges 175 1.05 82 0.45

Other charges — — 1 0.01

Adjustments made to income taxes — — (41) (0.22)

Benefit from income taxes relating to reconciling items (154) (0.92) (26) (0.14)

Adjusted Net Income (1) 419$ 2.51$ 1,034$ 5.67$

Net income attributable to non-controlling interests — 1

Interest expense, net 208 195

Depreciation and amortization 311 284

All remaining provision for income taxes 82 226

Adjusted EBITDA 1,020$ 1,740$

Weighted-average number of common shares outstanding - basic 164,816,839 176,968,554

Weighted-average number of common shares outstanding - diluted (1) 167,245,023 182,572,021

Basic (loss) earnings per share of common stock (0.32)$ 5.62$

Diluted (loss) earnings per share of common stock (1) (0.32) 5.45

Adjusted basic earnings per share of common stock 2.54 5.85

Adjusted diluted earnings per share of common stock (1) 2.51 5.67

* Note: $ per share columns may not sum due to rounding.

(1) In periods w here the Company incurs a net loss, the impact of potentially dilutiv e securities is ex cluded from the

calculation of EPS under U.S. GAAP, as their inclusion w ould hav e an anti-dilutiv e effect. As such, w ith respect to

the U.S. GAAP measure of diluted EPS, the impact of potentially dilutiv e securities is ex cluded from our calculation

for the tw elv e months ended December 31, 2019. With respect to the non-GAAP measure of adjusted diluted EPS, the

impact of potentially dilutiv e securities is included in our calculation for the tw elv e months ended December 31, 2019,

as Adjusted Net Income w as in a net income position. Based on our consistent application of this methodology , the

shared-based reconciliations as show n abov e for the tw elv e months ended December 31, 2019 may not sum.

2019 2018

Twelve Months Ended

December 31,

Estimated GAAP Net Income Attributable to Chemours to Adjusted Net

Income, Adjusted EBITDA and Adjusted EPS Reconciliations (Unaudited)

24

($ in millions except per share amounts)

Low High

Net income attributable to Chemours 405$ 556$

Transaction costs 23 30

Adjusted Net Income 428 586

Interest expense, net 215 220

Depreciation and amortization 309 309

All remaining provision for income taxes 98 135

Adjusted EBITDA 1,050$ 1,250$

Weighted-average number of common shares outstanding - basic (1) 163.5 163.5

Dilutive effect of the Company's employee compensation plans (1,2) 1.4 1.4

Weighted-average number of common shares outstanding - diluted (1,2) 164.9 164.9

Basic earnings per share of common stock 2.48$ 3.40$

Diluted earnings per share of common stock (2) 2.46 3.37

Adjusted basic earnings per share of common stock 2.62 3.58

Adjusted diluted earnings per share of common stock (2) 2.60 3.55

The Company ’s estimates reflect its current v isibility and ex pectations of market factors; including, but not limited to: currency mov ements, titanium diox ide prices, and end-market

demand. Actual results could differ materially from the current estimates due to market factors and unknow n or uncertain other factors, such as the impact of currency mov ements on the

Company 's results, including ex change gains and losses, impacts of new accounting pronouncements, cost sav ings actions that may be taken in the future, in addition to employ ee

benefit activ ity w ith respect to the Company 's foreign pension plans, including settlements or curtailments.

(1) The Company ’s estimates for the w eighted-av erage number of common shares outstanding - basic and diluted reflect results for the three months ended December 31, 2019, w hich are

carried forw ard for the projection period.

Year Ended December 31, 2020

(Estimated)

(2) Diluted earnings per share is calculated using net income av ailable to common shareholders div ided by diluted w eighted-av erage common shares outstanding during each period,

w hich includes unv ested restricted shares. Diluted earnings per share considers the impact of potentially dilutiv e securities ex cept in periods in w hich there is a loss because the inclusion

of the potential common shares w ould hav e an anti-dilutiv e effect.

Estimated GAAP Cash Flows Provided by Operating Activities to Free Cash

Flows Reconciliations (Unaudited)

25

($ in millions unless otherwise noted) (Estimated)

Year Ended December 31,

2020

Cash provided by operating activities > $750

Less: Purchases of property, plant, and equipment ~ (400)

Free Cash Flows > $350

The Company ’s estimates reflect its current v isibility and ex pectations of market factors; including, but not limited to: currency mov ements, titanium diox ide

prices, and end-market demand. Actual results could differ materially from the current estimates due to market factors and unknow n or uncertain other factors,

such as the impact of currency mov ements on the Company 's results, including ex change gains and losses, impacts of new accounting pronouncements, cost

sav ings actions that may be taken in the future, in addition to employ ee benefit activ ity w ith respect to the Company 's foreign pension plans, including settlements

or curtailments.

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