Citi Basic Materials Conference November 28, 2017

Safe Harbor Statement 1 Statements in this presentation that are not historical are forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. These and other risk factors are discussed in the company's filings with the Securities and Exchange Commission (SEC), including those under the heading entitled “Risk Factors" in our Form 10-Q for the period ended September 30, 2017 and our Annual Report on Form 10-K for the year ended December 31, 2016. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future developments.This presentation contains certain non-U.S. GAAP financial terms that we use in the management of our business, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow and adjusted earnings per diluted share. Reconciliations to their nearest U.S. GAAP terms are provided in the Appendix of this presentation.

Strong Performance - Strategically, Financially and Operationally  3Q17 TiO2: Revenue +28%, Adj. EBITDA +79%, Adj EBITDA margin 31%; FCF $120m  Sale of Alkali Chemicals for $1.325 billion  Refinancing lowered cost of debt, extended maturities, increased liquidity, provided additional pay down flexibility  Shareholder approval received to issue 37.58 million Class A Shares to Cristal  Cristal TiO2 acquisition integration planning proceeding on schedule 2  Increased TROX liquidity from secondary offering of 22.425m shares by Exxaro

Tronox-Cristal Investment Highlights 3 Large scale assets with highly competitive cost positionIntend to be ~85% vertically integrated on net-TiO2 basisFull utilization of mineral sands assets across cycles $100m synergies in year 1 and $200m in year 3 expectedUnlocking incremental TiO2 volumes from operational efficiencies in tight supply-demand marketCash flow generation expected to lead to rapid deleveraging and cash deployment opportunities Largest TiO2 production base with ~18% of industry capacity in 2016Global footprint with 11 TiO2 plants and 8 mineral sands facilities on 6 continentsIncreased exposure to faster-growing emerging markets Creates Largest Global TiO2 Producer 1 Most Vertically Integrated 2 Multiple Levers to Grow Shareholder Value 3

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

5 Benefits of Integration Mineral Sands Can Maintain Consistently High Operating Rates Optimizing Feedstocks and Grades Zircon and Rutile Co-products Guaranteed demand from 11 TiO2 pigment plants enables smelting operations to run at consistently high utilization rates and at low costLow-cost position generates strong cash flow with reduced volatility No longer subject to demand volatility across the cycle; merchant feedstock suppliers have historically operated at lower utilization rates during cycle downturns High-value co-products in the mining of TiO2 feedstockProvide attractive co-product credits, further benefiting integrated margin profileIn effect, reducing net feedstock costs Ore bodies within a mine can be targeted to deliver specific feedstock and co-products contentDependent on market conditions, higher zircon content can be targeted versus titanium-bearing ore, for exampleTronox benefits from having both chloride and sulfate plants

Pre-tax run-rate synergies of more than $100 million by year 1 and more than $200 million by year 3 expected Components of Anticipated Synergies (1) Full utilization of mineral sands assets Optimizing value in use of our feedstockSharing of best practices across complementary technologies, production facilities and production geographiesSignificant supplier overlapEnhanced global footprint reduces average distance to customers Consolidation of third party spend, overlapping functions, elimination of redundant corporate costs One-time Costs to Achieve (1) Sources of Synergies ($ millions) ($ millions) 6 Highly Synergistic Combination Estimates at deal announcement on February 21, 2017

7 TiO2 Nameplate Capacity Feedstock Balance(kMT, TiO2 units) Sales by Region Pro Forma SalesAnnualized($ millions) Pro Forma Adj. EBITDAAnnualized1($ millions) and % margin 858 kMT 465 kMT Feedstock Balance Shifts (2018E) (kMT, TiO2 units) 220 Long New Tronox Tronox 180 Short 220 Long 180 Short 400 Short 1,323 kMT Pro Forma Tronox Overview 20.3% 14.3% 20.4% New Note: USD in millions. Tronox figures are for Tronox TiO2 business plus Corporate minus Alkali business.Sum of 1H 2017 Pro Forma Adj. EBITDA multiplied by two and Year 1 estimated synergies of $100mm.Pro forma sales adjusted for 1H 2017 annualized elimination of sales between Tronox and Cristal of $54mm; Pro forma adjusted EBITDA reflects an additional $16mm EBITDA related to Cristal’s 50% interest in AMIC, which is not a part of the Cristal Acquisition Synergies: $100 $731 (2) (2)

8 45-63-136 42-109-186 103-146-171 134-184-0 112-48-160 Pro Forma EBITDA Synergies Interest Capital Expenditures Taxes Free Cash Flow Strong EBITDA growth driven by multiple levers Sizeable and achievable synergies from Cristal merger Leverage significant tax attributes to reduce taxes Refinancing lowered overall cost of debt and provided additional pay down flexibility Support requirements of business and debottleneck operations + _ _ _ Attractive free cash flow generation attainable in the near-term Free Cash Flow and Deleveraging Profile

Capital Allocation Strategy 45-63-136 42-109-186 103-146-171 134-184-0 112-48-160 Capital expenditures to support business growth and debottleneck operations  Reduce debt with target net leverage ratio range of 2.0-3.0x EBITDA  Balance strategic investment flexibility and shareholder capital return  9

Q&A Session www.tronox.com

Appendix www.tronox.com

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

Reconciliation of Non-U.S. GAAP Financial Measures 13 TRONOX LIMITED (UNAUDITED) (Millions of U.S. dollars, except share and per share data) RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO TRONOX LIMITED (U.S. GAAP) TO ADJUSTED NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO TRONOX LIMITED (NON-U.S. GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) attributable to Tronox Limited (U.S. GAAP) $ (247) $ (37) $ (285) $ (182) Income (loss) from discontinued operations, net of tax (U.S. GAAP) (216) 23 (179) 55 Net income (loss) from continuing operations attributable to Tronox Limited (U.S. GAAP) $ (31) $ (60) $ (106) $ (237) Acquisition related matters (a) 13 - 33 - Restructuring (income) expense (b) - 1 (1) 2 (Gain) loss on extinguishment of debt (c) 28 - 28 (4) Adjusted net income (loss) from continuing operations attributable to Tronox Limited (non-U.S. GAAP) (d) $ 10 $ (59) $ (46) $ (239) Basic and diluted net income (loss) per share from continuing operations (U.S. GAAP) $ (0.26) $ (0.53) $ (0.89) $ (2.04) Acquisition related expense, per share 0.11 - 0.28 - Restructuring (income) expense, per share - 0.02 (0.02) 0.02 (Gain) loss on extinguishment of debt, per share 0.23 - 0.24 (0.04) Diluted adjusted net income (loss) from continuing operations per share attributable to Tronox Limited (non-U.S. GAAP) $ 0.08 $ (0.51) $ (0.39) $ (2.06) Weighted average shares outstanding, diluted (in thousands) 119,405 116,219 118,908 116,108 (a) Represents transaction costs associated with the Cristal Transaction which were recorded in "Selling, general and administrative expenses" in the unaudited Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2017. (b) Represents severance costs associated with the shutdown of our sodium chlorate plant and other global restructuring efforts, which was recorded in "Restructuring expense" in the unaudited Condensed Consolidated Statements of Operations. (c) Represents a $28 million loss which includes a $22 million loss associated with the redemption of the outstanding balance of the Senior Notes due 2020, $1 million of unamortized original debt issuance costs from the repayment of the UBS Revolver, and $5 million of debt issuance costs from the refinancing of the $1.5 billion Prior Term Loan. During 2016, the $4 million gain was associated with the repurchase of $20 million face value of our Senior Notes due 2020 and Senior Notes 2022. These amounts were recorded in “Gain (loss) on extinguishment of debt” in the unaudited Condensed Consolidated Statements of Operations. (d) No income tax impact given full valuation allowance except for South Africa restructuring related costs of less than $1 million.

Condensed Statement of Free Cash Flows (non-U.S. GAAP) 14 TRONOX LIMITED CONDENSED STATEMENT OF FREE CASH FLOWS (UNAUDITED) (Millions of dollars, except share and per share data) Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 TiO2 Corporate Consolidated TiO2 Corporate Consolidated Income (loss) from operations (U.S. GAAP) $ 75 $ (24) $ 51 $ 168 $ (90) $ 78 Depreciation, depletion and amortization expense 44 1 45 132 4 136 Other 17 10 27 44 27 71 Adjusted EBITDA (non-U.S. GAAP) $ 136 $ (13) $ 123 $ 344 $ (59) $ 285 Adjusted EBITDA (non-U.S. GAAP) $ 136 $ (13) $ 123 $ 344 $ (59) $ 285 Interest paid, net of capitalized interest and interest income - (73) (73) (157) (157) Income tax provision - (13) (13) (10) (10) Transaction costs - (13) (13) (33) (33) Contributions to employee pension and postretirement plans (9) - (9) (18) - (18) Deferred income taxes - 6 6 - 8 8 Other 3 40 43 3 40 43 Changes in assets and liabilities (Increase) decrease in accounts receivable, net 6 - 6 (29) - (29) (Increase) decrease in inventories, net 11 - 11 48 - 48 (Increase) decrease in prepaid and other assets (2) (4) (6) (12) (4) (16) Increase (decrease) in accounts payable and accrued liabilities (3) (34) (37) 3 (30) (27) Increase (decrease) in income taxes payable - (1) (1) - - - Subtotal 12 (39) (27) 10 (34) (24) Cash provided by (used in) operating activities, continuing operations 142 (105) 37 339 (245) 94 Capital expenditures (22) (1) (23) (61) (2) (63) Free cash flow (non-U.S. GAAP) $ 120 $ (106) $ 14 $ 278 $ (247) $ 31

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (non-U.S. GAAP) 15 TRONOX LIMITED RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) (U.S. GAAP) $ (241) $ (39) $ (274) $ (183) Income (loss) from discontinued operations, net of tax (U.S. GAAP) (216) 23 (179) 55 Net income (loss) from continuing operations (U.S. GAAP) (25) (62) (95) (238) Interest and debt expense, net 47 46 140 138 Interest income (3) - (5) (2) Income tax provision 13 6 10 25 Depreciation, depletion and amortization expense 45 45 136 131 EBITDA (non-U.S. GAAP) 77 35 186 54 Share-based compensation (a) 5 8 26 18 Transaction costs (b) 13 - 33 - Restructuring (income) expense (c) - 1 (1) 2 (Gain) loss on extinguishment of debt (d) 28 - 28 (4) Foreign currency remeasurement (e) (5) 14 1 32 Other items (f) 5 - 12 4 Adjusted EBITDA (non-U.S. GAAP) (g) $ 123 $ 58 $ 285 $ 106 (a) Represents non-cash share-based compensation. (b) Represents transaction costs associated with the Cristal Transaction which were recorded in “Selling, general and administrative expenses” in the unaudited Condensed Consolidated Statements of Operations. (c) Represents severance and other costs associated with the shutdown of our sodium chlorate plant, and other global restructuring efforts which was recorded in "Restructuring income (expense)" in the unaudited Condensed Consolidated Statements of Operations. (d) Represents a $28 million loss which includes a $22 million loss associated with the redemption of the outstanding balance of the Senior Notes due 2020, $1 million of unamortized original debt issuance costs from the repayment of the UBS Revolver, and $5 million of debt issuance costs from the refinancing of the $1.5 billion Prior Term Loan. During 2016, the $4 million gain was associated with the repurchase of $20 million face value of our Senior Notes due 2020 and Senior Notes 2022. These amounts were recorded in “Gain (loss) on extinguishment of debt” in the unaudited Condensed Consolidated Statements of Operations. (e) Represents foreign currency remeasurement which is included in “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations. (f) Includes noncash pension and postretirement costs, severance expense, accretion expense, insurance settlement gain and other items included in “Selling, general and administrative expenses” and “Cost of goods sold” in the unaudited Condensed Consolidated Statements of Operations. (g) No income tax impact given full valuation allowance except for South Africa related restructuring costs.

Reconciliation of Net Income (Loss) to Adjusted EBITDA (non-U.S. GAAP) 16 TRONOX LIMITED RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) The following table reconciles income (loss) from operations, the comparable measure for segment reporting under U.S. GAAP, to Adjusted EBITDA by segment for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 TiO2 segment $ 75 $ 17 $ 168 $ (12) Corporate (24) (17) (90) (45) Income (loss) from operations (U.S. GAAP) 51 - 78 (57) TiO2 segment 44 44 132 127 Corporate 1 1 4 4 Depreciation, depletion and amortization expense 45 45 136 131 TiO2 segment 17 15 44 41 Corporate 10 (2) 27 (9) Other 27 13 71 32 TiO2 segment 136 76 344 156 Corporate (13) (18) (59) (50) Adjusted EBITDA (non-U.S. GAAP) $ 123 $ 58 $ 285 $ 106