GCP Applied Technologies

Third Quarter 2017

This document contains, and our other public communications may contain, “forward-looking statements,” that is, information

related to future, not past, events. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “will,”

“expects,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. Forward-looking statements include, without

limitation, statements about expected financial positions; results of operations; cash flows; financing plans; business strategy;

operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from

new technology and cost reduction initiatives, plans and objectives; and markets for securities. Like other businesses, GCP is

subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause

other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those

contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include,

without limitation, risks related to: the cyclical and seasonal nature of the industries that GCP serves; foreign operations,

especially in emerging regions; changes in currency exchange rates; the cost and availability of raw materials and energy; the

effectiveness of GCP’s research and development, new product introductions and growth investments; acquisitions and

divestitures of assets and gains and losses from dispositions; developments affecting GCP’s outstanding liquidity and

indebtedness, including debt covenants and interest rate exposure; developments affecting GCP’s funded and unfunded pension

obligations; warranty and product liability claims; legal proceedings; uncertainties related to GCP’s ability to realize the

anticipated benefits of the spin-off /separation from W.R. Grace and the value of GCP’s common stock following the spin-off; the

inability to establish or maintain certain business relationships and relationships with customers and suppliers or the inability to

retain key personnel following the spin-off; and hazardous materials and the costs of compliance with environmental regulation.

These and other factors are identified and described in more detail in GCP's Annual Report on Form 10-K, which has been filed

with the U.S. Securities and Exchange Commission and is available online at www.sec.gov. Our reported results should not be

considered as an indication of our future performance. Readers are cautioned not to place undue reliance on our projections and

forward-looking statements, which speak only as of the date thereof. We undertake no obligation to publicly release any

revisions to the projections and forward-looking statements contained in this document, or to update them to reflect events or

circumstances occurring after the date of this document.

Non-GAAP Financial Measures

These slides contain certain “non-GAAP financial measures”. Please refer to the Appendix for definitions of the non-GAAP

financial measures used herein.

Forward Looking Statements

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We are inspired to influence how the world is built.

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2016Pre-2016 2017 Future

Launch of GCPSpins off launching as a Construction

Products and Packaging company.

Transition & RealignmentSale of Darex Packaging Technologies:

generate cash for investment in

construction products technologies.

Realignment to a more market and

customer-focused organization.

W.R. GracePart of W.R. Grace & Co.

GCP Applied TechnologiesTransformation underway to establish

GCP as leading construction products

technologies company.

Progression of GCP Applied Technologies

Strategic Acquisitions

Growth through bolt-on acquisitions:

SensoCrete, Halex, Stirling Lloyd, and

Ductilcrete.

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GCP Applied Technologies Overview

Executing a Strategy to Grow Shareholder Value

Create, Grow and Maintain Strong Positions in Attractive Segments of

Global Construction Market

Deliver on New Products, Technologies and Global Capabilities to Provide

Value to Customers

Realign Organization To Drive Commercial Effectiveness

Prudently Allocate Capital While Maintaining Financial Discipline

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Build on strong position in construction market by focusing on:

Product performance, project design, technical service and training, connecting customers

and data, and conserving energy and materials

1 GCP Applied Technologies internal estimates. Admixtures, Additives and Verifi® reported in SCC segment. High Performance

Waterproofing and Specialty Systems reported in SBM segment.

Create, Grow and Maintain Strong Positions in

Attractive Segments of Global Construction

Market $90.6

Participate in attractive segments totaling ~$15 billion in

a $10 trillion global construction market

Grow our leading market positions in concrete

admixtures, cement additives and high-performance

waterproofing

Create categories for in-transit concrete management

(Verifi®), control flow concrete (CONCERA™) and

specialty flooring underlayments (KOVARA™)

Products which create from 5% to 30%(1) in savings for

customers through lower labor costs and construction

time, reduced materials use, and improved performance

GCP

Segments

~$15B1 $9 $4

$2

Concrete Admixtures and Cement Additives

High Performance Waterproofing

Specialty Systems

BB

B

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1 Admixtures, Additives and Verifi® reported in SCC segment. High Performance Waterproofing and Specialty Systems reported in SBM segment.

$9 Billion Market $4 Billion Market $2 Billion Market

Concrete Admixtures

and Cement AdditivesVerifi®

High Performance

Waterproofing

Specialty

Systems

Early stage technology with

potential addressable market in

excess of $750 million

Creating an In-Transit Concrete

Management category

Delivering savings to customers

of 10% to 15% through

improved quality, productivity,

and less material usage

Provides additional stream of

high-margin revenue,

leveraging our strong position

Over 20 million cubic meters

produced

Leading positions in ready mix

concrete and cement additives,

two of the most widely used

construction materials

Providing new products which

deliver savings to the producer

and contractor

Creating value to customers

with local technical service and

application expertise

Building a position in the precast

and sprayable markets with new

technologies

Leader in advanced

waterproofing solutions and leak

repair delivering value to

commercial, infrastructure and

residential markets

Pioneer of fully bonded pre-

applied, and post-applied

membrane technologies

Provider of innovative liquid

spray applied products to

structures around the globe

Specialty portfolio includes fire

protection, floor and wall

systems, and specialty grouts

used in new construction, repair

and renovation projects

Creating a category of specialty

flooring membranes for

moisture protection

Leveraging our construction

application knowledge to re-

invent methods of construction

Strong Segment Leadership In Attractive Markets1

New technologies deliver advancements in construction

practices and create new market categories 7

Labor

Simplify installation

Reduce labor and construction costs

Improve safety

Materials

Reduce material usage

Improve effectiveness

Lower energy, water consumption and

customer CO2 footprint

Define value creation opportunity based on customer needs

Apply experts in cement chemistry, material sciences and intelligent construction solutions

Create products that become industry standards

Employ field technical application expertise

Execute through our global footprint

How We Create Value

Why Our Customers Buy Our Products

Speed

Efficient application

Reduce construction cycle time

Improve speed of occupancy

Quality

Eliminate rejects and repairs

Improve life-cycle costing

Deliver on proven performance

Products Which Provide Value To Our Customers

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Global Capabilities

Servicing customers in over 100 countries

57 Manufacturing facilities; 33 Technical Services sites

World-class Technology center in Cambridge, MA

~900 Active and Pending patents

Over 200 R&D and Technical Service professionals

Sales and Marketing organization of ~800

Global Footprint Provides Access To

Worldwide Construction Market

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Optimizing Organizational Structure Post

Darex Sale

Structure

− Delayering organization and placing more resources closer to customers

− Investing in marketing, research and product development

Savings

− Expected net cost reduction of $24 million to $28 million

$15 million of Darex costs eliminated in discontinued operations

$9 million to $13 million of annualized savings in continued operations,

including planned reinvestment in sales and marketing activities

− $5 million to $7 million of savings in 2017 from restructuring and

TSA cost recovery

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Strategically Allocate Capital While

Maintaining Financial Discipline

Strategic

Investments

Capital investments less than 5% of sales to support growth and

technology development initiatives

Pursue bolt-on acquisition opportunities with technology advantages,

low capital intensity and strong financial synergies

• Acquired Ductilcrete for $32 million

Optimize Capital

Structure

Retired Term Loan outstanding balance (~$273M) and repaid

amounts outstanding on Revolving Credit Facility (~$125M) for

annualized interest expense savings of ~$15M

Opportunity to refinance $525M High Yield Bonds in February 2019

Return of Capital Consider returning excess capital to shareholders over time

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Product/Sensor/Systems Strategy

• Target attractive, high value

segments

• Robust pipeline of

opportunities

Products

$15B

Market

Strategy: Develop and market high performance products which reduce

construction costs and improve life cycle cost

• Focused R&D and product commercialization

• Penetrate high-value vertical segments

• Extend geographic reach of growing businesses

Sensors

and DataStrategy: Disrupt market through delivery of data, productivity and

material savings

• Extend Verifi in US and international markets

• Build/acquire technology to add further value

Engineered

SystemsStrategy: Build engineered systems business with high growth, high

margins and low capital intensity

• Combine proprietary products to further reduce install costs

• Develop solutions for inside/outside the building envelope

SCC SBM

Concrete Admixtures and

Cement Additives

Waterproofing, fire protection,

roofing and flooring

underlayments, repair products

M&A

Bolt-on’s

Waterproofing for

bridge decks

Flooring moisture

mitigation

Patent portfolio

for Verifi

Concrete flooring

systems

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5 Year Growth Framework

Market

Growth

Outlook

GCP Growth

Framework

5 Year

Annualized

Growth Rate

Global

Construction2% - 4% 2x Market 4% - 8%

GCP Bolt-on

Acquisitions2% - 4%

GCP 2017 Guidance

Revenue Growth

Constant Currency(1) 4% - 6%

Adjusted EBIT(2) $125mm - $135mm

Adjusted Tax Rate 32% - 33%

Adjusted EPS(2)(3) $0.60 - $0.65

Adjusted FCF(2) $25mm - $35mm

Capital Expenditures <5% of Sales

Long-Term Growth Framework and 2017 Guidance

(1) GCP guidance assumes September 2017 FX rates carried forward into the guidance period.

(2) Refer to Appendix for definition of non-GAAP measures.

(3) Assumes approximately 72M shares outstanding. 13

Appendix

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Analysis of Operations Footnotes

GCP believes that non-GAAP financial information supplements its discussions about the performance of its businesses, improves

period-to-period comparability and provides insight to the information that management uses to evaluate the performance of its

businesses. Management uses non-GAAP measures in financial and operational decision-making processes, for internal reporting,

and as part of its forecasting and budgeting processes, as these measures provide additional transparency to GCP's core operations.

Constant currency means current period revenue in local currency translated using prior period exchange rates. GCP uses constant

currency in assessing trends in sales excluding the impact of fluctuations in foreign currency exchange rates.

Adjusted EBIT (a non-GAAP financial measure) means net income from continuing operations attributable to GCP shareholders

adjusted for interest income; interest expense and related financing costs; income taxes; currency and other financial losses in

Venezuela; restructuring and repositioning expenses and asset impairments; pension costs other than service and interest costs,

expected returns on plan assets, and amortization of prior service costs/credits; gains and losses on sales of businesses, product

lines and certain other investments; third-party and other acquisition-related costs; amortization of acquired inventory fair value

adjustment; tax indemnification adjustments; and certain other items that are not representative of underlying trends. GCP uses

Adjusted EBIT to assess and measure its operating performance and in determining performance-based compensation. GCP uses

Adjusted EBIT as a performance measure because it provides improved quarter-to-quarter comparability for management's decision-

making and compensation purposes and because it allows management to measure the ongoing earnings results of the Company's

strategic and operating decisions.

Adjusted EBITDA (a non-GAAP financial measure) means Adjusted EBIT adjusted for depreciation and amortization. GCP uses

Adjusted EBITDA as a performance measure in making significant business decisions.

Adjusted Earnings Per Share (a non-GAAP financial measure) means earnings per share ("EPS") from continuing operations on a

diluted basis adjusted for costs related to restructuring and repositioning expenses and asset impairments; pension costs other than

service and interest costs, expected return on plan assets, and amortization of prior service costs/credits; gains and losses on sales

of businesses, product lines and certain other investments; third-party and other acquisition-related costs; amortization of acquired

inventory fair value adjustment; tax indemnification adjustments, other financing costs associated with the modification or

extinguishment of debt; certain other items that are not representative of underlying trends; and certain discrete tax items. GCP uses

Adjusted EPS as a performance measure to review its diluted earnings per share results on a consistent basis.

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Adjusted Gross Profit (a non-GAAP financial measure) means gross profit adjusted for pension-related costs included in cost of goods

sold; loss in Venezuela included in cost of goods sold; and amortization of acquired inventory fair value adjustment. Adjusted Gross

Margin means Adjusted Gross Profit divided by net sales. Management uses this performance measure to understand trends and

changes and to make business decisions regarding core operations.

Adjusted Free Cash Flow (a non-GAAP financial measure) means net cash provided by or used for operating activities from

continuing operations, minus capital expenditures, plus cash paid for restructuring, repositioning and third-party and other acquisition-

related costs; cash taxes related to restructuring, repositioning and third-party and other acquisition-related costs; capital

expenditures related to repositioning; accelerated payments under defined benefit pension arrangements; and expenditures for

legacy items. GCP uses Adjusted Free Cash Flow as a liquidity measure to evaluate its ability to generate cash to support its ongoing

business operations, to invest in its businesses, to provide a return of capital to shareholders and to determine payments of

performance-based compensation.

Adjusted EBIT Return On Invested Capital (a non-GAAP financial measure) means Adjusted EBIT (on a trailing four quarters basis)

divided by the sum of net working capital, properties and equipment and certain other assets and liabilities. Management uses

Adjusted EBIT Return On Invested Capital as a performance measure to review investments and to make capital allocation decisions.

Adjusted EBIT, Adjusted EBITDA, Adjusted EPS, Adjusted Gross Margin, Adjusted Free Cash Flow, and Adjusted EBIT Return on

Invested Capital do not purport to represent income measures as defined under U.S. GAAP. These measures are provided to

improve the quarter-to-quarter comparability and peer-to-peer comparability of GCP's financial results and to ensure that investors

understand the information GCP uses to evaluate the performance of its businesses.

Adjusted EBIT has material limitations as an operating performance measure because it excludes costs related to income and

expenses from restructuring and repositioning activities, which historically has been a material component of our net income.

Adjusted EBITDA also has material limitations as an operating performance measure because it excludes the impact of depreciation

and amortization expense. GCP's business is substantially dependent on the successful deployment of capital, and depreciation and

amortization expense is a necessary element of its costs. GCP compensates for the limitations of these measurements by using

these indicators together with net income as measured under GAAP to present a complete analysis of its results of operations.

Adjusted EBIT and Adjusted EBITDA should be evaluated together with net income measured under GAAP for a complete

understanding of GCP's results of operations.

The Company does not provide GAAP earnings on a forward-looking basis because the Company is unable to estimate with

reasonable certainty unusual or unanticipated charges, expenses or gains without unreasonable effort. These items are uncertain,

depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.