30 years of TiO2 pigment manufacturing experience- growing fast and investing in the future

www.lomonbillions.com_________________________________________________________________________________________________________________

Lomon BillionsDelivering Chloride Growth

_____________________________________________________________Disclaimer

This presentation has been prepared by Lomon Billions Group Co., Ltd. (the “Company”) for use at the Goldman Sachs Industrials & Materials Conference and at theTZMI TiO2 Congress in New York during May 2019. For the purposes of this notice, this "presentation" shall include these slides and any question-and-answersession that follows the presentation. Any recipients of this presentation will be deemed to have represented, warranted and undertaken that they have read andagree to comply with the contents of this notice.This presentation is for informational purposes only and does not constitute or form any part of any offer to sell or issue, or any invitation to purchase or subscribe for,or any solicitation of any offer to purchase or subscribe for, or any recommendation in respect of buying, holding or selling, any securities in any jurisdiction.No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the informationpresented or contained in this presentation. Neither the Company nor any of its directors, officers or employees nor any other person accepts any liability for any lossarising from any use of this presentation or otherwise arising in connection therewith. Forward looking statements can be identified by words such as “believe”,“expect”, “anticipate”, “intend”, “will”, “may”, “should”, “shall”, “continue” and “plan” and similar expressions. All statements other than statements of historical factsincluded in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives, are forwardlooking statements. Such forward looking statements are based on numerous assumptions regarding the Company's present and future business strategies and theenvironment in which the Company will operate in the future. By their nature, forward looking statements involve a number of risks, uncertainties and assumptions thatcould cause actual results or events to differ materially from those expressed or implied by the forward looking statements. These risks, uncertainties and assumptionscould adversely affect the outcome and financial effects of the plans and events described herein. Past performance is not an indication of future results and pastperformance should not be taken as a representation that trends or activities underlying past performance will continue in the future. All views expressed are based onfinancial, economic, and other conditions as of the date hereof and the Company disclaims any obligation to update any forecast, opinion or expectation, or otherforward looking statement, to reflect events that occur or circumstances that arise after the date hereof.This presentation is strictly confidential and is being provided to selected recipients only solely for informational purposes. This presentation may not be printed,reproduced or further distributed to any other person or published, in whole or in part, for any purpose without the prior written consent of the Company.This presentation is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary tolocal law or regulation.This presentation is for distribution in the United Kingdom only to persons who are: (i) investment professionals falling within Article 19(5) of the Financial Services andMarkets Act 2000 (Financial Promotion Order) 2005 (the “Order”) or (ii) persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporatedassociations etc”) of the Order and (iii) any other person to whom this presentation may otherwise lawfully be communicated (all such persons together being referredto as “relevant persons”). This presentation is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.The shares of the Company are currently admitted to listing and trading on the Shenzhen Stock Exchange. The shares have not been and will not be registered underthe U.S. Securities Act of 1933 and may not be offered or sold in the United States absent an exemption from registration.

_____________________________________________________________China’s global TiO2 producer

Lomon Billions• 4 partially integrated pigment plants in China• 13 sulfate and 2 chloride pigment products:• 900kt* pigment capacity• Shenzhen Stock Exchange: US$4.6bn market cap

2018 Highlights• Revenues of US$1,578m• EBITDA of US$577m• Net debt of US$428m

Market position#3 in World#1 in Asia#1 in China

#1 pigment producer#1 chloride pigment producer#1 pigment exporter#3 ilmenite producer

* 200kt under construction/commissioning with commercial production expected in 2H 2019

_____________________________________________________________Listed on Shenzen since 2011

Share price chart

Top shareholders

4.0

6.0

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10.0

12.0

14.0

16.0

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22.0

Jan-15 May-15 Oct-15 Mar-16 Jul-16 Dec-16 Apr-17 Sep-17 Feb-18 Jun-18 Nov-18 Apr-19

June 2015: Agreed to acquire Sichuan Lomon Titanium Co. for US$1.47bn

Oct 2016: Merger with Sichuan Lomon Titanium Co. completed, creating 4th largest TiO2company globally

CNYMar 2018: Announced intention to buy Anning Iron & Titanium for US$780.0mm

May 2018: Announced termination of Anning Iron & Titanium discussions

Capitalisation table (30 April 2019)

Share price (CNY/US$) 15.67/2.33

NOSH (m) 1,975.1

Market cap. (US$m) 4,595.3

Net debt (US$m) 324.1

Enterprise value (US$m) 4,919.4

1 year high/low (CNY) 19.19/11.87

240.7%

Source: S&P Capital IQ, Thomson Eikon as of 30 April 2019

Xu Gang (Chairman)

Ling Li

Tan Ruiqing (Vice

Chairman)Ze Long Wang

Fan Xianguo (CEO)

Others

_____________________________________________________________Vertically integrated

_____________________________________________________________Robust earnings and low leverage

Revenue and EBITDA Net Debt / EBITDA (x)

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2014* 2015* 2016* 2017 2018

MarginUS$m

Revenue EBITDA EBITDA Margin

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1.2

1.8

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RatioUS$m

Net Debt EBITDA Net Debt to EBITDA

* Proforma Lomon Billions: Sichuan Lomon Titanium + Henan Billions

_____________________________________________________________Sulfate and chloride pigment

Pigment production by technology ktpa

Exports 40 to 60% of sales

Pigment sales by market ktpa

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2012 2013 2014 2015 2016 2017 2018

Domestic Export

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Sulfate Chloride

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Lomon

Billions

A major global supplier

Chemours

Venator

Cristal

Kronos TronoxLomon

Billions

Other China

Other RoW

Lomon Billions

Chemours

Tronox

Lomon Billions

VenatorKronos

INEOS

Other China

Other RoW

China Global

5 years ago

Present

# 1 in China, #3 Globally

8

_____________________________________________________________Selling into all geographic markets …

_____________________________________________________________.. and all major applications

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2012 2013 2014 2015 2016 2017 2018 2019e Future

Sulfate Existing Under Construction New Location

Progressing well, safe start up highest priorityChloride pigment expansion

Chloride

Pigment production by technology ktpa

• 200kt chloride pigment expansion‒ Two new 100ktpa chloride pigment lines‒ Total investment 1.812 billion RMB (~US$285m Feb 2018)

• Expected start up timing‒ Line 2 commissioning underway‒ Line 2 production Q2 19, commercial production in 2H 19‒ Line 3 production 2H 19, commercial production in 1H 20‒ Incremental chloride pigment production in ‘19 of 35 – 45kt

• Line 1 production ~65kt in ‘18• Total chloride pigment production of 100 to 110kt in ‘19

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2015 2016 2017 2018 2019f 2020f 300kt

Demand Supply from own SR and Slag capacity

Long chloride feedstock through mid 2020Feedstock Integration

Feedstock 000’s TiO2 Units

Current• Around 2/3 integrated for sulfate feedstock• Currently long chloride feedstock• Buying ilmenite feed for smelter and synthetic rutile• Buy and sell feedstock to optimise chloride pigment feed

Long Term• Target capacity to feed 600,000 tpa of chloride pigment• Expand upgrading capacity in China and overseas• Buy or build ilmenite resources suitable for upgrading

_____________________________________________________________Potential Yunnan Xinli Acquisition

Lomon Billions intends to participate in the auction process• Yunnan Metallurgical Group co. Ltd selling its interest in Yunnan Xinli• 68.1% of the equity and RMB 5,218,798,300 of debt• Auction base price of RMB 829,020,001 (~$121m)• Lomon Billions price will be announced on completion if bid is successful

Yunnan Xinli Business Scope• Ilmenite mining, titanium slag smelting, chloride TiO2, Ti sponge/alloy/powder

Lomon Billions Transaction Rationale• Utilize technical, operating and market knowledge and management expertise• Repair, upgrade and expand Yunnan Xinli assets

_____________________________________________________________China Environmental/Regulatory Context

Environmental inspections• Enforcement of existing regulations• Central teams applying rules consistently• Long term positive for sophisticated producers• Focus shifting to target specific polluters not ‘areas’ or

‘industries’– For example 26+2 cities restrictions during winter ‘17/18– No area and industry restrictions last winter ‘18/19)

Chemical plant explosion in Jiangsu• Increasing pressure on

– Weak operators– Plants outside chemical parks and/or near major cities

• Expected medium term impact on pigment (sulfate)

Lomon Billions Response• Continuous investment to ensure compliance• Minimises risk to Lomon Billions of specific inspection

impacts• Long term impact expected to be favourable for world

class pigment plants in suitable locations

30 years of TiO2 pigment manufacturing experience- growing fast and investing in the future

www.lomonbillions.com_________________________________________________________________________________________________________________

Thank You

_____________________________________________________________Peer comparison

US$m

Exchange NYSE SHE NYSE NYSE NYSE

Domicile Delaware, USA Henan, China Connecticut, USA Texas, USA UK

Market cap 5,988 4,595 2,308 1,576 646

Net debt 3,622 324 2,127 83 635

EV 8,765 4,919 4,614 1,660 1,289

Gearing (Debt / Equity) 5.3x 0.3x 3.7x 0.5x 0.9x

Revenue FY18 6,638 1,578 1,819 1,662 2,265

EBITDA FY18 1,740 1 577 513 1 355 436 1

EBITDA margin (%) 26.2% 36.6% 28.2% 21.4% 19.2%

ROI FY17 20.2% 17.4% 4.4% 27.5% 5.5%

ROI FY 18 23.5% 15.3% 7.3% 23.5% 7.9%

2018 Production (Kt) 1,250 2 629 1,078 2,3 536 652 2

Production split (Chloride / Sulfate) 100% / 0% 10% / 90% 87% / 13% 74% / 26% 35% / 65%

Source: Capital IQ as of 30 April 2019, Company reports; 1 Adjusted EBITDA, 2 Total capacity; 3 Includes Cristal capacity (non Ashtabula)

_____________________________________________________________Peer comparison

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May-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19

Chemours Lomon Billions Tronox Kronos Venator

6 months 3.2% 15.0% 8.4% (14.0%) (10.9%)1 year (28.9%) (14.9%) (20.3%) (42.6%) (65.7%)2 years (12.7%) (6.8%) (12.1%) (19.8%) NA3 years 251.0% 12.2% 189.9% 119.4% NAMkt cap (US$m) 5,987.8 4,595.3 2,308.2 1,576.3 645.5 Net debt (US$m) 3,622.0 324.1 2,127.0 83.3 635.0 EV (US$m) 8,764.8 4,919.4 4,614.2 1,659.6 1,288.5

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Nov-18 Dec-18 Mar-19 Apr-19

(14.0%)

12.2%

3 years 6 months

Note: All prices rebased to 100 ; Source: Capital IQ as of 30 April 2019

251.0%

119.4%

(74.3%)

189.9%

8.4%3.2%

(10.9%)

15.0%