AXTA Final Pitch (1)

Axalta CoatingSystemsLtd.BruinValueInvestingPresentedBy:

AllenKhatchatrianJonathanZouVatsal Gupta

CompanyOverview2

Axalta Coating Systems Ltd.

3

NYSE: AXTAPosition: LongCurrentPrice: $27.49MarketCap: $6.52billion

Headquarters: Philadelphia,PennsylvaniaUSAEmployees: 12,80052WeekRange: $20.67– $36.50

Basic Company Information

4

NetSales $4.1BillionAdjustedEBITDA $867MillionAdjustedEBITDAMargin 20%

Refinish Segment Sales, Marketing and Distribution

5

Transportation Coatings Sales, Marketing and Distribution

• Fulltime technical representatives stationed at OEM facilities around the world• Onsite representatives provide customer support, monitor the painting process

and track paint demand at each assembly plant

• Sell and ship products directly to light vehicle OEM customers in each of their four regions coordinated via a global point of contact for each customer

6

Axalta Employs a Service-Led Business Model

7

InvestmentThesis8

Investment ThesisWe believe Axalta is a high quality business that is undergoing transformation from being a small business segment under DuPoint to being an independent company. With a strong moat, ability to pay down LBO incurred debt, predictable free cash flow, a management to lead the company to meet its goals, and a 60% upside from today’s price, we believe this presents us with an attractive investment opportunity. We see foreign exchange volatility and the continued bearish view on the automotive as potential risks to realizing the upside.

9

Investment Highlights

10

GlobalMarketLeader11

Global Sales Distribution

12

Geographical Breakdown of Sales

13

33.6%

34.9%

17.6%

14.0%

GeographicalBreakdownofSales

NorthAmerica EMEA AsiaPacific LatinAmerica

Global Market Leader in an Attractive Industry

14

Performance Coatings: Refinish Transportation Coatings: Light Vehicles Transportation Coatings: Commercial Vehicles

CompetitiveAdvantage15

Sustainable Competitive Advantage

16

Network Effect

17

• Axalta’s product is 30% cheaper than its competitor

• Our primary research shows that repair cost estimation is irrespective of the paint used

• ‘Mom and Pop’ body shops would want to switch to Axalta to increase margins

Fig.: Actual estimate of a collision damage by Axalta body shop

Barriers to Entry

Manufacturers will not risk switching to a different supplier if launching new line

18

95% Customer Retention Rate

9 of 10

Top Auto Producers are Customers

Environmentally-Friendly Paint

19

Variable Cost Structure and Low Capital Intensity

20

Pricing Power in Major Business Segment

21

3.3%

4.8%

1.9% 2.0%

3.4% 3.6%

1.5%

1.5%

0.6%

6.2%

1.7% 1.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15

Performance Coating Sales Growth ex-FX

VolumeIncreases HigherAverageSellingPrice

FinancialOverview22

Revenue and EBITDA Projections

$-

$1,000.0

$2,000.0

$3,000.0

$4,000.0

$5,000.0

$6,000.0

2013 2014 2015 2016 2017 2018 2019 2020

Revenue Projections

PerformanceCoatings TransportationCoatings

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

$-

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

2013 2014 2015 2016 2017 2018 2019 2020

Adjusted EBITDA

AdjustedEBITDA AdjustedEBITDAMargin%

23

Prioritization of Capital Spending; Focus On High IRR CapEx

$12.0

$53.0 $49.4 $46.6 $48.3 $50.3 $47.1 $48.7$38.0

$75.0

$31.2 $42.4 $43.9$48.0 $54.1

$58.5$59.0

$60.0

$57.6

$59.3$61.4

$61.7$63.6

$63.3

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

2013 2014 2015 2016 2017 2018 2019 2020

CapitalExpenditureProjections

Growth Productivity Maintenance

24

Discounted Cash Flow Valuation

25

Totaladjustmentsfornon-cashcharges 211.5$ 266.2$ 334.6$ 311.4$ 319.8$ 336.8$ 345.4$ 357.3$

2013 2014 2015 2016 2017 2018 2019 2020AdjustedEBITDA 730.2$ 832.5$ 837.0$ 824.2$ 857.0$ 918.2$ 944.6$ 1,002.0$NOPAT 356.5$ 520.8$ 457.8$ 369.3$ 386.8$ 412.8$ 425.4$ 457.7$

TotalChangesinOperatingAssets&Liabilities 198.8$ (118.4)$ (169.4)$ (7.2)$ (25.5)$ (54.6)$ (22.2)$ (35.6)$MaintenanceCapEx 59.0$ 60.0$ 57.6$ 59.3$ 61.4$ 61.7$ 63.6$ 63.3$

1.00 2.00 3.00 4.00 5.00UnleveredFreeCashFlow 707.8$ 608.6$ 565.5$ 614.2$ 619.7$ 633.3$ 685.1$ 716.0$

UsingUnleveredFreeCashFlowandEnterpriseValue

DiscountRate(WACC) 6.0% PVofTerminalValue: $10,721TotalDebt 3,442.0$ SumofPVofFreeCashFlows: 2,839.9$CostofDebt 4.25% ImpliedEnterpriseValue: $13,561TotalEquity 1,141.2$ Less:Totaldebt 3,442.0$CostofEquity 15% Plus:Cash 485.0$EffectiveTaxRate 28% Equityvalue $10,604

Dilutedsharesoutstanding 239.7BaselineTerminalUFCFGrowthRate: 1.0% ImpliedperSharePrice $44.24BaselineTerminalValue: $14,369 Priceasof5/23/2016 27.71$

Upside 59.6%

Comparable Companies AnalysisPublicComparables

Refinish LightVehiclesMarketCap(inmillions)

%ofTotalSales

EBITDAMargin

%ofTotalSales

EBITDAMargin

ROIC(EBIT/(NWC+NFA))

EV/(EBITDA -Main.CapEx) P/FCF MCX/Revenue

PPG $29,070.00 57.2% 21.6% 35.7% 24.7% 28.9% 16.9x 19.9x 2.4%AkzoNobel € 17,686.18 40.1% 15.8% N/A N/A 30.9% 13.2x 40.8x 3.3%BASF € 61.68 4.5% 12.0% 9.0% 12.0% 18.9% 3.7x 0.02x 6.3%

AXTA $6,598.94 41.6% 22.6% 32.1% 19.3% 21.9% 12.3x 26.26x 1.4%

Mean $17,166.55 37% 18% 25% 20% 29% 11.24x 22.25x 4.4%Median $19,454.80 40.1% 15.8% 22.3% 18.4% 28.9% 13.2x 19.9x 3.3%75thPercentile $29,070.00 57.2% 21.6% N/A N/A 30.9% 16.9x 40.8x 6.3%25thPercentile € 61.68 4.5% 12.0% N/A N/A 18.9% 3.7x 0.0x 2.4%

26

Comparable Companies Analysis (cont’d)ImpliedperSharePriceCalculation

EBITDA,lastFY $837.0

(-)MaintenanceCapEx $57.6

*MedianEV/(EBITDA - Main.CapEx) 13.2x

ImpliedEV $10,260.3

(-) NetDebt $2,957.0

EquityValue $7,303.3

/

DilutedWeightedSharesOutstanding $239.7

ImpliedperSharePrice $30.5

Priceasof5/23/2016 $27.7

Upside 10.0%

27

Risks28

Risks

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30% • Carlyle acquired Axalta - February 2013

• IPO – November 2014

• 12 of 16 Senior Executives from Carlyle

• Carlyle may have motives that may adversely affect Axalta

Risks (cont’d)

• FX Risk – Volatile Currency Market• 6.4% Unfavorable Currency

Impact in Q1 - 2016

30

EUR/USD

Conclusion31

What is the Market Missing? • Investors worry about the impact on Axalta whenever new vehicle sales

decline• Those fears are probably overblown -- new cars account for only about 11% of

the company’s sales in the U.S., and a similar amount in Europe

• Mr Market is valuing Axalta in line with its peers, but intrinsically, the company is worth more because of its market share and inherently better business model• Mr Market is wrongly correlating the cyclical auto-industry and crude oil

prices with the value it assigns to Axalta• Its peers highly depend on oil for their raw materials and are also subjected to

auto-market cycles

32

Catalysts to Unlock Value• Market consolidation of MSOs in the United States• Axalta has a dominant share of larger body shops’ business, and should benefit

as these players buy mom-and-pop operations

• Stabilization of the US dollar and recovery of global currencies • More than 65% of Axalta’s sales come from outside the US

• Rapid growth of middle-class in emerging economies• China car parc estimated to grow at 15% annually till 2018

• Globalizing existing products to reach underserved markets

33

ThankYou!34

Appendix35

Appendix– TableofContents• CoatingIndustryGrowthOutlook

• ProjectedGlobalIndustrySales• ProfitableGrowthInitiatives• ProfitableGrowthInitiativeResults

• AcceleratingGrowthinEmergingMarkets

• DebtPaydown–NetLeverageReductionSinceLBO

• RefinishMarketOverview• RefinishProcess• IndustrialMarket• LightVehicleMarket• CommercialVehicleMarket

• AllMarketsSegmented• Pro-FormaOperatingModel• OperatingModelAssumptionsandMargins

• AdjustedEBITDAReconciliation• AdjustedEBITDAProjection• LeveredFCFProjection• UnleveredFCFProjection• FCFProjectionAssumptions• OwnershipBreakdown• Management• ExecutiveCompensation• InsiderTransactions• AssetComposition

• CashFlowChart• EPSChart• COGs&SG&A• RawMaterialsBreakdown• NetDebt&FCFChart• U.SBodyShopProductSegmentation

• PaintLayers• LightVehicleSalesForecast2011-2020

• TechnologyperPaintLayer• MarketAnalysis

36

Coating Industry Growth Outlook

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Projected Global Industry SalesProjectedGlobalSales

2016E 2017E 2018E 2019E

Refinish

AsiaPacific 12.50% 5.56% 5.26% 5.00%LatinAmerica 11.11% 5.00% 5.00% 5.00%EMEA 3.00% 3.12% 3.03% 2.94%NorthAmerica 4.17% 4.00% 2.00% 3.85%

Industrial


LightVehicles

AsiaPacific 3.23% 3.12% 6.06% 2.86%LatinAmerica 4.50% 11.11% 15.63% 5.71%EMEA 5.00% 1.90% 2.80% 2.08%NorthAmerica 8.33% 3.08% -8.06% -3.08%

CommercialVehicles


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Profitable Growth Initiatives

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Profitable Growth Initiative Results

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Accelerating Growth in Emerging Markets

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Net Leverage Reduction

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Refinish Market Overview

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Refinish Market Process

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Industrial Market

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LightVehicleMarket

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CommercialVehicleMarket

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SegmentingourMarkets

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Pro-Forma Operating ModelIncomeStatement($inmillions)

2013 2014 2015 2016 2017 2018 2019 2020Revenue:Refinish $1,661.8 $1,850.8 $1,702.0 $1,743.5 $1,805.8 $1,868.0 $1,909.6 $1,965.3Industrial $658.3 $734.2 $683.1 $715.8 $750.2 $788.1 $825.9 $867.2

Performance Coatings,total $2,320.2 $2,585.0 $2,385.1 $2,459.3 $2,556.0 $2,656.1 $2,735.5 $2,832.5LightVehicles $1,296.1 $1,384.5 $1,310.6 $1,348.6 $1,386.6 $1,443.6 $1,481.5 $1,527.7Commercial Vehicles $334.5 $392.2 $391.5 $404.9 $424.3 $445.9 $466.9 $487.9

TransportationCoatings,total $1,630.6 $1,776.7 $1,702.1 $1,753.5 $1,810.9 $1,889.5 $1,948.4 $2,015.6Otherrevenue $35.7 $29.8 $26.1 $23.0 $22.0 $23.0 $24.2 $24.6Totalrevenues $3,986.5 $4,391.5 $4,113.3 $4,235.8 $4,388.9 $4,568.6 $4,708.1 $4,872.7COGS $2,772.8 $2,897.2 $2,597.3 $2,753.3 $2,852.8 $2,969.6 $2,966.1 $3,069.8GrossProfit $1,213.7 $1,494.3 $1,516.0 $1,482.5 $1,536.1 $1,599.0 $1,742.0 $1,802.9R&D $40.5 $49.5 $51.6 $42.4 $43.9 $45.7 $47.1 $48.7SG&A $1,040.6 $991.5 $914.8 $1,001.4 $1,037.5 $1,080.0 $1,113.0 $1,151.9Amortizationofacquiredintangibles $79.9 $83.8 $80.7 $80.2 $79.9 $79.8 $79.8 $79.8M&Arelatedexpenses $28.1 $- $- $- $- $- $- $-EBIT $24.6 $369.5 $468.9 $358.6 $374.8 $393.5 $502.1 $522.5Interestexpense,net $215.1 $217.7 $196.5 $190.0 $198.2 $198.2 $200.0 $200.0Bridgefinancing commitmentfees $25.0 $- $- $- $- $- $- $-Otherexpenses, net $48.5 $115.0 $111.2 $127.1 $131.7 $137.1 $141.2 $146.2EBT $(264.0) $36.8 $161.2 $41.5 $44.9 $58.2 $160.9 $176.3Provisionforincome taxes $(44.8) $2.1$63.3 $100.4 $104.9 $114.1 $145.6 $151.5Netincome(loss) $(219.2) $34.7 $97.9 $(58.9) $(60.0) $(55.9) $15.3 $24.8Netincome(loss) attributabletononcontrollinginterests $6.0$7.3$4.2$5.8$5.8$5.3$5.6$5.6NetincomeattributabletoAXTA $(225.2) $27.4 $93.7 $(64.7) $(65.8) $(61.2) $9.6$19.2

Basicweightedaveragesharesoutstanding 228.3 229.3 233.8 237.31 240.87 243.28 245.71 248.17Dilutedweightedaveragesharesoutstanding 228.3 230.3 239.7 242.15 245.78 248.24 250.72 253.23

GAAPEPS,basic $(1.0) $0.1$0.4$(0.3) $(0.3) $(0.3) $0.0$0.1GAAPEPS,diluted $(1.0) $0.1$0.4$(0.3) $(0.3) $(0.2) $0.0$0.1

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Operating Model AssumptionsAssumptionsandMargins

Refinishsegmentgrowthrate - 11% -8% 2% 4% 3% 2% 3%Industrialsegmentgrowtrate - 12% -7% 5% 5% 5% 5% 5%LightVehiclessegmentgrowthrate - 7% -5% 3% 3% 4% 3% 3%CommercialVehiclessegmentgrowthrate - 17% 0% 3% 5% 5% 5% 5%Otherrevenueasa%oftotalrevenue 1% 1% 1% 1% 1% 1% 1% 1%COGSasa%ofrevenue 70% 66% 63% 65% 65% 65% 63% 63%SG&Aasa%ofrevenue 26% 23% 22% 24% 24% 24% 24% 24%R&Dasa%ofrevenue 1% 1% 1% 1% 1% 1% 1% 1%Interestexpense $215.1 $217.7 $196.5 $190.00 $198.20 $198.20 $202.62 $202.62Otherexpenseasa%ofsales 1% 3% 3% 3% 3% 3% 3% 3%Effectivetaxrate -182% 1% 13% 28% 28% 29% 29% 29%Netincome(loss)attributabletononcontrollinginterest $6.00 $7.30 $4.20 $5.83 $5.78 $5.27 $5.63 $5.56

GAAPgrossmargin 30% 34% 37% 35% 35% 35% 37% 37%GAAPEBITmargin 1% 8% 11% 8% 9% 9% 11% 11%

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Adjusted EBITDA Reconciliation

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Adjusted EBITDA ProjectionsAdjustedEBITDAProjection($inmillions)

2013 2014 2015 2016 2017 2018 2019 2020Revenue:Refinish $1,661.8 $1,850.8 $1,702.0 $1,743.5 $1,805.8 $1,868.0 $1,909.6 $1,965.3Industrial $658.3$734.2$683.1$715.8$750.2$788.1$825.9$867.2

PerformanceCoatings,total $2,320.2 $2,585.0 $2,385.1 $2,459.3 $2,556.0 $2,656.1 $2,735.5 $2,832.5LightVehicles $1,296.1 $1,384.5 $1,310.6 $1,348.6 $1,386.6 $1,443.6 $1,481.5 $1,527.7CommercialVehicles $334.5$392.2$391.5$404.9$424.3$445.9$466.9$487.9

TransportationCoatings,total $1,630.6 $1,776.7 $1,702.1 $1,753.5 $1,810.9 $1,889.5 $1,948.4 $2,015.6Totalcoatingsrevenue $3,950.8 $4,361.7 $4,087.2 $4,212.8 $4,366.9 $4,545.6 $4,683.9 $4,848.1

SegmentAdjustedEBITDA:PerformanceCoatings $518.7$547.6$539.1$541.0$562.3$597.6$615.5$651.5TransportationCoatings $218.9$292.9$328.1$315.6$326.0$349.6$360.5$383.0

Cash-lossadjustments:Stock-basedcompensation $7.40 $8.00 $30.20$32.4 $31.2 $29.0 $31.3 $32.4TotalAdjustedEBITDA $730.2$832.5$837.0$824.2$857.0$918.2$944.6$1,002.0Adj.EBITDAMargin 18.5% 19.1% 20.5% 19.6% 19.6% 20.2% 20.2% 20.7%

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Unlevered Free Cash Flow ProjectionsUnleveredFreeCashFlowProjections($inmillions)

2013 2014 2015 2016 2017 2018 2019 2020AdjustedEBITDA $730.2$832.5$837.0$824.2 $857.0 $918.2 $944.6 $1,002.0Depreciationandamortization:

Depreciation $174.3$176.6$169.1$176.6 $180.0 $188.5 $194.5 $200.7Amortization $126.4$132.1$138.6$134.8 $139.9 $148.3 $150.9 $156.6

AdjustedEBIT $429.5$523.8$529.3$512.9 $537.2 $581.4 $599.2 $644.7Effective tax rate 17.0% 0.6% 13.5% 28.0% 28.0% 29.0% 29.0% 29.0%

NOPAT $356.5$520.8$457.8$369.3 $386.8 $412.8 $425.4 $457.7

Non-cashadjustments:Depreciationandamortization:

Depreciation $174.3$176.6$169.1$176.6 $180.0 $188.5 $194.5 $200.7Amortization $126.4$132.1$138.6$134.8 $139.9 $148.3 $150.9 $156.6

Amortizationoffinancingcostsandoriginalissuediscount $18.4$21.0$20.6$- $- $- $- $-

Deferred incometax $(120.8)$(38.2)$(5.0)$- $- $- $- $-Othernon-cash,net $13.2$(25.3)$11.3$- $- $- $- $-

Totaladjustmentsfornon-cashcharges $211.5$266.2$334.6 $311.4 $319.8 $336.8 $345.4 $357.3

Decrease (increase) inoperatingassetsandliabilities:Trade accountsandnotesreceivable $(6.4)$(40.2)$(61.1)$(67.5) $(0.2) $(38.8) $(34.1) $(24.9)Inventories $33.9$(24.7)$(35.2)$(9.5) $(17.4) $(32.4) $6.3 $(21.0)Prepaidexpensesandotherassets $(90.9)$(54.1)$(65.6)$3.1 $(6.4) $(3.1) $(0.4) $(3.5)Accountspayable $67.1$53.6$(6.7)$21.0 $17.4 $22.3 $(2.1) $18.2Incometaxpayables $2.0$1.8$(0.7) $- $- $- $- $-Otheraccrued liabilities $193.1$(54.8)$(0.1)$45.7 $(18.9) $(2.6) $8.1 $(4.5)

TotalChangesinOperatingAssets&Liabilities $198.8$(118.4)$(169.4) $(7.2) $(25.5) $(54.6) $(22.2) $(35.6)

Capitalexpenditure:Growth $12.0$53.0$49.4$46.6 $48.3 $50.3 $47.1 $48.7Productivity $38.0$75.0$31.2$42.4 $43.9 $48.0 $54.1 $58.5Maintenance $59.0$60.0$57.6$59.3 $61.4 $61.7 $63.6 $63.3

1.00 2.00 3.00 4.00 5.00Unlevered Free CashFlow $707.8$608.6$565.5$614.2 $619.7 $633.3 $685.1 $716.0

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Levered Free Cash Flow ProjectionsLeveredFreeCashFlowProjections($inmillions)

2013 2014 2015 2016 2017 2018 2019 2020DebtRepaymentsLongTermDebt (25.3) (33.8) (16.9) $(38.10) $(29.50) $(28.10) $(27.60) $(30.83)ShortTermDebt (21.3) (121.1) (127.3) $(124.20) $(125.75) $(124.98) $(125.36) $(125.17)

1 2 3 4 5LeveredFree CashFlow $482.65 $237.26 $251.29 $315.06 $321.74 $339.53 $390.10 $418.05

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Free Cash Flow Projection AssumptionsAssumptions

Depreciationasa%ofrevenue 4% 4% 4% 4% 4% 4% 4% 4%Amortizationasa%ofrevenue 3% 3% 3% 3% 3% 3% 3% 3%A/R $865.9 $820.4 $765.8 $833.3$833.5$872.3$906.4$931.3Inventories $550.2 $538.3 $530.7 $540.2$557.5$589.9$583.6$604.6Prepaidexpenses andotherassets $50.2 $62.9 $63.6 $60.5$66.9$70.0$70.4$73.9A/P $478.5 $494.5 $454.7 $475.7$493.1$515.4$513.3$531.5Incometaxpayables $5.5 $7.3 $6.6 $6.6 $6.6 $6.6 $6.6 $6.6Otheraccruedliabilities $472.7 $404.8 $370.2 $415.9$397.0$394.4$402.4$397.9

A/R%Revenue 21.7% 18.7% 18.6% 19.7% 19.0% 19.1% 19.3% 19.1%Inventories%CostofSales 19.8% 18.6% 20.4% 19.6% 19.5% 19.9% 19.7% 19.7%PrepaidExpenses&OtherCurrentAssets%OpEx 4.8% 6.3% 7.0% 6.0% 6.4% 6.5% 6.3% 6.4%AccountsPayable%CostofSales 17.3% 17.1% 17.5% 17% 17% 17% 17% 17%

CapitalExpenditure: 107.3 188.4 138.1 $148.25 $153.61 $159.90 $164.78 $170.55CapExasa%ofrevenue 2.7% 4.3% 3.4% 3.5% 3.5% 3.5% 3.5% 3.5%Growthasa%ofrevenue 0.30% 1.21% 1.20% 1.10% 1.10% 1.10% 1.00% 1.00%Maintenanceasa%ofrevenue 1.48% 1.37% 1.40% 1.40% 1.40% 1.35% 1.35% 1.30%Productivityasa%ofrevenue 1.0% 1.7% 0.8% 1.0% 1.0% 1.1% 1.2% 1.2%

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Ownership Breakdown

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Management

• CharlesW.Shaver,Chairman andChiefExecutiveOfficer

• RobertW.Bryant,ExecutiveVicePresidentandChiefFinancialOfficer

• StevenR.Markevich,ExecutiveVicePresidentandPresident,Transportation Coatings &GreaterChina

• MichaelA.Cash,SeniorVicePresidentandPresident,Industrial Coatings

• JosephF.McDougall, SeniorVicePresidentandChiefHumanResourcesOfficer

• The management team, together with Carlyle Group, bought the business from DuPont at the beginning of 2013, and took it public in the fall of 2014 at $19.50 a share.• DuPont milked it for cash, but Axalta’s

chief executive, Charles Shaver, and chief financial officer, Robert Bryant, transformed the business by bringing in top talent, implementing accountability across the organization, and investing for growth.

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Executive Compensation

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Insider Transactions

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Asset Composition

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Cash Flow

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Earnings Per Share

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COGS and SG&A

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Raw Materials

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Net Debt & FCF

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US Body Shop Product Segmentation

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Paint Layers

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Light Vehicle Sales Forecast

68

Source:KPMG

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Technology per Paint Layer

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Market Analysis

70

MEDIUM

MEDIUM

LOW

MEDIUM

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Documents

AXTA Final Pitch (1)