W R Grace : at the BMO Chemicals & Packaging Conference

BMO Chemicals & Packaging Conference

June 24, 2020

DISCLAIMER

Statement Regarding Safe Harbor For Forward-Looking Statements

This presentation and the exhibits hereto contain forward-looking statements, that is, information related to future, not past, events. Suchstatements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "suggests," "anticipates," "outlook," "continues,"or similar expressions. Forward-looking statements include, without limitation, statements regarding: expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; impact of COVID-19 on our business; competitive positions; growth opportunities for existing products; benefits from new technology; benefits from cost reduction initiatives, plans and objectives; succession planning; and markets for securities. For these statements, Grace claims the protections of the safe harbor for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Grace is subject to risks and uncertainties that could cause actual results or events to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results or events to differ materially from those contained in the forward-looking statements include, without limitation: risks related to foreign operations, especially in areas of active conflicts and in emerging regions; the costsand availability of raw materials, energy and transportation; the effectiveness of Grace's research and development and growth investments;acquisitions and divestitures of assets and businesses; developments affecting Grace's outstanding indebtedness; developmentsaffecting Grace's pension obligations; legacy matters (including product, environmental, and other legacy liabilities) relating to past activities of Grace; its legal and environmental proceedings; environmental compliance costs (including existing and potential laws and regulations pertaining to climate change); the inability to establish or maintain certain business relationships; the inability to hire or retain key personnel; natural disasters such asstorms and floods; fires and force majeure events; the economics of our customers' industries, including the petroleum refining industry; publichealth and safety concerns, including pandemics and quarantines; changes in tax laws and regulations; international trade disputes, tariffs, and sanctions; the potential effects of cyberattacks; and those additional factors(including those under the caption "Risk Factors")set forth in Grace's most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, which have been filed with theSecurities and Exchange Commission and are readily available on the internet atwww.sec.gov. Grace's reported results shouldnot be considered as an indication of its future performance. Readers are cautioned not to place undue reliance on Grace's projections and forward-looking statements, which speak only as of the dates those projections and statements are made. Grace undertakes no obligation to release publicly any revisions to the projections and forward-looking statements contained in this presentation and the exhibits thereto, or to update them to reflect events or circumstances occurring after the date of this presentation.

Non-GAAP Financial Terms

In this presentation, Grace presents financial information in accordance with U.S. generally accepted accounting principles (U.S. GAAP), as well as the non-GAAP financial information described in the Appendix. Grace believes that this non-GAAP financial information provides useful supplemental information about the performance of its businesses, improves period-to-period comparability and provides clarity on the information management uses to evaluate the performance of its businesses. In the Appendix, Grace has provided reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. These non-GAAP financial measures should not be considered as a substitute for financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations from those results should be evaluated carefully.

BMO Chemicals & Packaging Conference | June 2020

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Key Messages

TODAY'S KEY MESSAGES

Resilient company; well-positioned to capitalize on recovery

• -Experienced leadership team

• -Proven track record of effectively adapting to dynamic and challenging conditions

• -Remain nimble and flexible to react to changing conditions; prepared to take immediate additional actions, if necessary, and to capture growth on rebound

Taking decisive actions to respond to the pandemic and support cash flows

• -Priority is health and safety of employees; focused on business continuity for customers

• -Using cash flows to guide economic response decisions

• -Lowering capital spending by $35-$40 million

• -Improving working capital to generate $35-$40 million of cash flow

• -Reducing operating costs by $25-$30 million

• -Aligning production volumes to match near-term demand

• -Announced unsecured senior notes offering to fully redeem Sept. 2021 notes, addressing near-term debt maturities

Value creation framework to capture long-term profitable growth

BMO Chemicals & Packaging Conference | June 2020

2020 W. R. Grace & Co. |

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Invest to accelerate growth and extend our competitive advantages

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Invest in great people to strengthen ourhigh-performance culture

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Execute the

Grace Value Model to drive operating excellence

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Acquire to build our technology and manufacturing capabilities for our customers

Enduring Strategic Framework

• ▪COVID-19 pandemic does not change long-term strategy or value of strategic growth initiatives

• ▪Sustaining strategic growth initiatives to accelerate long-term growth and extend competitive advantages

• ▪Completing three major capacity additions as planned

  -Polyolefin catalysts, hydroprocessing catalysts and colloidal silica

• ▪Commercial excellence (GVM) and operating excellence (GMS) investments enabling:

  • -Rapid shift of customer engagement and delivery model during pandemic, including virtual technical service and remote start-up of refining units

  • -Strong management systems and process discipline

  • -Safe start-up of three new Grace facilities

• ▪Long-term growth and earnings power remain intact

Strong Foundation for Long-Term Profitable Growth

BMO Chemicals & Packaging Conference | June 2020

2020 W. R. Grace & Co. |

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