Umicore Investor Presentation

October 2019 Introduction to Umicore We are a global materials technology and recycling group

One of three global A leading supplier of key The world’s leading leaders in emission control materials for rechargeable recycler of complex waste catalysts for light-duty and batteries used in electrified streams containing heavy-duty vehicles and transportation and portable precious and other for all fuel types electronics valuable metals

3 With a unique position in clean mobility materials and recycling

Internal Plug-In Hybrid Combustion Engine Electric Vehicle Umicore provides: Umicore provides: Emission control catalysts Battery cathode materials and emission control catalysts

Full Electric Vehicle Fuel cells Umicore provides: Umicore provides: Battery cathode materials Electro-catalyst and battery cathode materials

Present across all drive trains and offering sustainable closed- loop services

4 Built on sound foundations

Supportive Unique business Industry leader in megatrends & model sustainability legislation

resource scarcity more stringent emission control

electrification recyclingrecycling of the automobile

We help improve air quality, make electrified transport possible and tackle resource scarcity

5 5 With a robust financial performance and a global presence

Key figures (H1 2019)

Recurring Revenues EBITDA € 1.6 bn € 357 m

Recurring ROCE EBIT 12.3% € 240 m

Revenues* by geography

* 2018 data 6 We deliver on our Horizon 2020 strategy

Clear leadership Doubled the size in clean mobility of the business in materials and terms of earnings recycling

Rebalanced the Turned portfolio sustainability into & earnings a greater contributions competitive edge

7 With a focused & balanced Group structure

CATALYSIS ENERGY & SURFACE RECYCLING TECHNOLOGIES

Automotive Catalysts Rechargeable Battery Materials Precious Metals Refining Precious Metals Chemistry Cobalt & Specialty Materials Jewelry & Industrial Metals Electroplating Precious Metals Management Electro-Optic Materials

Capital employed* Revenues* Recurring EBIT* (excluding metal) (average)

14% 19% 29% 33% 35% 44%

51% 37% 38% * H1 2019 data; corporate not included 8 Unique position in Automotive Catalysts CATALYSIS

Tightening emission norms for LDV and Total LDV and HDD catalyst market value HDD, in particular in China, Europe and India

Significant value uplift especially in gasoline catalysts

Increasing share of gasoline cars globally

Umicore won largest share of cGPF platforms in China and Europe

Increasing uptake of fuel cell drivetrains

Technology and innovation play

We are well positioned to capture unprecedented value growth in automotive catalyst markets

9 Unique position in Rechargeable Battery Energy & Surface Materials for xEV Technologies Electrificationconfirmed as main avenue to drastically reduce vehicle emissions in mid- and Umicore uniquely positioned to address long-term long-term requirements of this industry, while managing short-term fluctuations Strongly supported by legislation and evidenced with agility by massive roll-out of car OEM’s e-mobility strategies Full spectrum of highest quality cathode materials Increasing electrification drives strong market demand in mid and long-term Process technology and ability to scale up fast Technology roadmap offers ample room for Innovation pipeline spanning next innovation and differentiation 20 years Product Integrated supply chain and battery Process recycling Closed loop offering

10 Unique position in Recycling RECYCLING

Metallurgical leadership and proprietary technologies for Increasing resource scarcity and need for closing the treating complex residues and by- loop products Growing complexity of materials to recycle Closing the loop Increased availability of complex materials, in particular in product businesses by end-of-life materials offering recycling services Eco-efficient recycling processes are becoming the norm Over 200 different input streams

Umicore uniquely positioned to capture growth as the Recovery of more than 20 different metals world’s largest and most complex precious metal recycler with world class environmental and quality standards

11 We have a solid framework for value creation

Focus on Strong Focus on cashflows and growth returns solid capital structure

• Multiple growth drivers • Earnings growth objective • Prioritize cash for strategic • Secular trends • Group and segment organic growth projects • Supporting legislation returns > cost of capital • Currently in accelerated investment phase • Privilege organic growth • 15%+ ROCE target • Strong self-funding capacity • Complementary M&A, with • Value creation precedes ROCE maximization (normalized excl. current focus on value creation acceleration)

R&D • Not overstretch balance sheet 6% of Capex • Cash return to shareholders revenues € 478 m*

* 2018 data 12 And maintain a strong capital structure

31% 2000 29% 23% 24% 1.60 1800 1.35 15% 15% 14% 1600 14% 1.40 14% 1.15  Gearing 1400 1.20 ratio 0.91 1200 0.87 1.00 1,059 0.72 1000 840 861 0.80 0.65 0.60 Average net debt 800 0.59 0.55  556 0.60 / recurring EBITDA 600 429 0.40 400 314 321 298 296 200 0.20  Consolidated net 0 0.00 financial debt, end of

period

H1 2016 H1 2016 H2 2018 H2 2019 H1 H2 2015 H2 2017 H1 2017 H2 2018 H1 million € 2015 H1

Net financial debt € 1,059 m Corresponds to : Ample funding headroom to execute growth strategy, no 1.35 x average net debt to Modest impact from the adoption of need for additional capital recurring EBITDA ratio IFRS 16 due to limited use of injection operating leases (€ 37 m) 29% net gearing ratio

13 Business Group Overview Catalysis Catalysis

A world leader in emission control catalysts for light-duty and Automotive heavy-duty vehicles and for all fuel types. Complemented by Catalysts smaller stationary catalyst applications (marine, power generation, …).

Precious Develops and produces metal-based catalysts used in chemistry, Metals life sciences and pharmaceutical applications. Also has a Chemistry complete portfolio of catalyst technologies for fuel cells.

15 Automotive Catalysts: business model

We develop technologies which allow our customers to meet automotive emission legislation at the lowest Total Cost of Ownership

Complete catalyst systems Customer to reduce exhaust focus gas emissions

People Operational engagement excellence

Global manufacturing & technical footprint

16 Automotive Catalysts Production Footprint 19 plants in 14 countries, 10 R&D / tech. centers in 7 countries

Frederikssund Karlskoga Lyngby Nowa Ruda Songdo Denmark Sweden Denmark Poland Korea

Onsan Burlington Hanau Korea Canada Germany Tokoname Auburn Hills, MI Florange Japan USA France Kobe Japan Tulsa, OK Rheinfelden/ USA Bad Säckingen Himeji Germany Japan Houston, TX USA Tianjin China

Americana Suzhou Brazil China (2)

Production plant R&D/Tech. center Joinville Port Elizabeth Pune Rayong Production plant/R&D Tech. center Stationary Brazil South Africa India Thailand

17 Total LDV and HDD catalyst market set for unprecedented value growth

MARKET VALUE EVOLUTION BY REGION Massive tightening of Europe  emission norms in China, Europe and India drive Greater China  massive value uplift in both Japan / Korea  the LDV and HDD catalyst markets Middle East / Africa 

North America  Value growth by far outpacing South America  vehicle production South Asia  (mainly India) Technology and Innovation play 20171 20202 20253

Source: IHS, KGP, Umicore estimates

18 Umicore well positioned to capture this growth

Next to volume growth, unprecedented future system value step-up due to tightening emission norms in Europe, China and India in particular.

Light-Duty Vehicles Heavy-Duty Diesel Stationary : ▪ Gaining significant share ▪ Growing from a distant # ▪ Growing niche in growing gasoline 3 position ▪ New legislation segment ▪ Strong position in China, ▪ Leverage global ▪ Disproportionate share of the largest HDD market presence gasoline GPF platforms ▪ Development partner of won in China and Europe most major HDD OEMs

Through R&D, we continue to build a competitive technology portfolio and invest in additional flexible capacity using proprietary processes

19 Precious Catalysts Automotive Catalysis H1 2019 performance 2019 H1 Catalysis Revenues +1% and stable REBIT; in strong contrast with declining auto market auto decliningwith contrast strong in REBIT; stable and +1%Revenues Higher industries Strong Higher Good Growing Market customer revenues demand revenues in share penetration Metals gains lightin from andplatformmixChinain esp. from heavy Chemistry of pharmaceutical fuel cGPFs - duty cell duty (~90%Catalysis revenues) catalysts diesel gasoline and chemical million € REBIT REVENUES 100 100 200 300 400 500 600 700 800 10 20 30 40 50 60 70 80 90 0 0

H1 2015 61 H1 2015 549

H2 2015 63 H2 2015 545

H1 2016 78 H1 2016 598

H2 2016 75 H2 2016 565

H1 2017 81 H1 2017 633

H2 2017 85 H2 2017 620

H1 2018 86 H1 2018 709 mcr H 09 performance2019 H1 Umicore

H2 2018 82 H2 2018 652

H1 2019 87 H1 2019 717   H2 H1 20 Strong growth drivers in Catalysis

Tightening emission norms for Umicore best positioned to LDV and HDD, in particular in capture growth in growing China, Europe and India gasoline segment

Significant value uplift especially Largest share of cGPF platforms in gasoline catalysts won in China and Europe

Increasing share of gasoline Umicore well positioned to platforms in the global mix capture growth in HDD segments

Increasing uptake of fuel cell Umicore expanding capacity in drivetrains fuel cells

Umicore H1 2019 performance 21 Impressions

Bad-Säckingen plant AC, Germany Catalyst elements Test bench

Nowa Ruda plant AC, Poland Canned catalyst Installation stationaryDNoxcatalyst 22 Business Group Overview Energy & Surface Technologies Energy & Surface Technologies

Rechargeable A leading cathode material supplier for lithium-ion rechargeable Battery batteries used in electrified vehicles and portable electronics. Materials

Cobalt & Refines and recycles cobalt and nickel; produces cobalt and Specialty nickel specialty chemicals for a wide range of applications (incl. Materials tires, catalysts, surface treatment). Also includes battery recycling.

Supplies precious metal electrolytes & processes for technical, Electroplating functional and decorative applications.

Electro-Optic Supplier of products for thermal imaging as well as wafers for space solar cells and high brightness LEDs, chemicals for fiber Materials optics and thin film applications.

24 Rechargeable Battery Materials: business model

Product innovation Process innovation based on strong fuels productivity application know-how improvements while maintaining highest quality standards (stringent Established industrial automotive standards) footprint close to the customer Integrated process flows Strong industrialization with guaranteed access capabilities building on to critical raw materials historical Umicore key allows an agile market competences approach

25 Battery market projections Electrification triggered by legislation in Europe and China

700 Electrification Regulatory driver 600

500

400 Portables Societal driver 300

200

Energy 100 Storage System Regulatory driver 0 2015 2020 2025

Source: Avicenne, Navigant, Roland Berger, AABC, IHS, Gartner, SNR, CRU, Roskill

26 It takes a lot to play in the automotive league

Car OEMs need :

High quality cathode materials excellent product quality on 20+ specs • … custom made for different types of xEVs wide spectrum of cathode material technologies • … in massive volumes industrial capabilities • … at the highest speed and flexibility ability to scale up fast • … at a competitive price cost-efficient processes • …without any sustainability image risk. ethically sourced materials

It takes product technology, process technology and supply

27 Product, process and supply Key success factors

3 Supply 1 Product Technology 2 Process Technology

Raw Industrial Lab scale Pilot scale materials scale

• Ability to scale up fast • Feed flexibility Wide spectrum of cathode • Cost-efficient processes • Battery recycling material technologies • Industrial capabilities

Best in class product quality on 20+ specs: continuous fine-tuning at lab, pilot and industrial scale

28 1 Cathode material specs to fulfil cell

Product technology performance specs

Cathode material Cathode material product specs performance specs

• Particle size • Packing • Capacity • Safety • Morphology density • Power • Charge • Composition • Porosity (charge/discharge) efficiency • Purity • Consistency • Cycle life • and more… • and more…

Tailoring cathode Fundamental chemistry know- Ability to further enhance the material characteristics how to design the right product product designs during the to the cell specs composition during lab phase qualification cycles in pilot phase requires:

29 2 Rechargeable Battery Materials

Process technology Expansion projects timeline 2016 2017 2018 2019 2020 2021 2022 2023 Year

EUR 160 million announced April 2016 Brownfield in China Greenfield in Korea Completed on accelerated schedule Significant scale effects that EUR 300 million benefitted 2018 margins announced May 2017

Greenfield in China and Poland Competence Center in Belgium EUR 660 million announced Feb 2018 Expected to result in significant upfront costs in 2019 Construction (China, Poland) on track, timeline for ramp up of new capacity adjusted to pace of demand

30 3 Access to raw materials

Supply Unique integration in the value chain

Raw material Metal Product Application End use

Umicore • Flexibility in supply feed, high speed to market and responsiveness to customer needs

31 3 Access to raw materials

Supply Battery recycling as critical additional source of supply

• Umicore is fully aligned with OECD Due Diligence for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas • Certified clean and ethical supply to our customers • Urban mining indispensable for global electrification of transportation • Proven industrial capabilities for all types and formats of Li-ion batteries • Patented recycling technology • High recovery rates for lithium, cobalt, nickel and copper • Highest environmental standards Umicore Flexibility in supply feed, high speed to market and responsiveness to customer needs

32 Expanding integrated and sustainable battery materials supply chain

Agreement to acquire Freeport Partnership with Glencore for Cobalt’s refining and cathode sustainable cobalt supply precursor activities in Finland Long-term supply guarantee for substantial part of our cobalt needs Fully integrated and sustainable battery materials supply chain in Europe Cobalt sourced from state-of-the-art industrial mining operations, then shipped to our refineries globally To support Umicore’s and its customers’ European growth plans Umicore battery supply chain in Europe Supply precursors for cathode materials production in Poland, due to start in H2 2020 Complementary IP and know-how for refining and precursor production Team of experienced battery industry professionals Acquisition earnings accretive from 2020 and value accretive from 2021 Closing subject to customary conditions and approvals

Umicore H1 2019 performance 33 E&ST H1 19 performance Revenues -7%; REBIT -16% reflecting slowdown in demand and lower metal prices

REVENUES

700 Rechargeable Battery Materials 600

500

650 639 Lower NMC for ESS and LCO sales 400 607 300 495

Flat demand for automotive applications 200 398

321

298 289 100 288 0

Recycling and refining activities hit by lower metal prices

H1 2015 H2 2016 H2 2018 H1 2016 H1 2017 H2 2017 H1 2018 H1 2019 H2 2015  H1

 H2 Cobalt & Specialty Materials REBIT 160 140 Customer destocking of excess inventories 120 136 121 Activities impacted by low metal prices 100 80 102 Inflow of cheaper unethically sourced artisanal cobalt 60 79 40 61 45 20 40 30 37 Revenues for Electroplating slightly down; stable for 0

Electro-Optic Materials

H2 2015 H1 2018 H2 2018 H1 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2019 Battery materials value chain is ~70% E&ST revenues

million € Umicore H1 2019 performance 34 Strong growth drivers for E&ST Electrification and technology differentiation

Electrification confirmed as the main Technology roadmap offers ample avenue to drastically reduce vehicle room for innovation and emissions in mid & long term differentiation:

Product: range, charging times, Strongly supported by legislation: durability Continued regulatory push in China despite earlier than anticipated Process: ability to scale up fast, cost subsidy cuts efficient and flexible processes, quality consistency CO2 legislation in Europe Closed loop offering and evidenced by the massive roll- out of car OEM’s e-mobility strategies

Umicore ideally positioned to address the long-term requirements of this industry, while managing short-term fluctuations with agility

Umicore H1 2019 performance 35 Impressions

EV car battery pack

Packaging finished product RBM Cheonan production sites, Korea 36 Business Group Overview Recycling Recycling

Operates the world’s most sophisticated precious metals recycling facility Precious Metals and recovers 17 precious and other valuable metals from complex waste Refining streams.

Precious Metals Services for hedging, leasing, purchasing and sale of precious and Management platinum group metals to internal and external customers

Supplier of precious metals based products for jewelry and industrial Jewelry & applications, recycler of jewellery and production scrap and producer of Industrial Metals platinum-based equipment for the glass and chemical industries.

38 Precious Metal Refining

Largest and most complex precious metals recycling operation in the world Leading refiner of 17 different metals

Processes more than 200 different types of raw materials World class environmental and quality standards

39 The value chain of metals

Ores & Refined New concentrates metals products

Smelters Industry Consumers Mines & refiners

Complex mining Smelting Complex Complex concentrates & refining production end-of-life & residues residues scrap materials

Industrial by-products End-of life materials

4040 Revenue Drivers

Main revenue drivers

Treatment & refining Metal yield charges

Treatment charges are Umicore assumes the risk determined, among other of recovery above or criteria, by the complexity under the contractually of the materials agreed recovery rate

41 Metal price exposure

Managing the effects of metal price movements Direct: Indirect: on earnings

through metal through raw Systematic hedging of yield material availability transactional exposure

Depending on market conditions hedging of (part of) structural metal price exposure through contractual arrangements

Impact on working capital is mitigated by toll-refining – metals remain property of the supplier during treatment

42 Umicore has unique technology

Umicore is unique due to its proprietary complex flowsheet that combines three metallurgical streams

This enables

Ability to optimize Flexibility to treat Recovery & Scope to broaden feed and a broad range of valorization of the to new types of therefore input materials most metals materials in future profitability

• Umicore technology guarantees environmentally friendly processing, a high yield and a more competitive cost • Umicore introduced its unique Ultra High Temperature technology for Battery Recycling more than 5 years ago

4343 Recycling H1 2019 performance Revenues and REBIT -2%(*) due to extended maintenance shutdown

REVENUES 600

450 Precious Metals Recycling (~70% Recycling

revenues) 300

343

339

327

323

320

318

313 311 150 300 Better throughput rates following latest wave of investments in Hoboken 0

Lower processed volumes due to extended scheduled  H1

H2 2015 H1 2017 H1 2019 H1 2015 H1 2016 H2 2016 H2 2017 H1 2018 H2 2018 shutdown  H2 REBIT Better supply mix and higher metal prices

100 Revenues for Jewelry & Industrial Metals slightly up; higher earnings contribution from 77 73 79 76 Precious 50 65 62 63 Metals Management 55 56

H2 2015 H1 2017 H1 2015 H1 2016 H2 2016 H2 2017 H1 2018 H2 2018 H1 2019

(*) excluding the impact of the divestment of the European activities of Technical

Materials at the end of January 2018 million € Umicore H1 2019 performance 44 Strong drivers for Recycling

Increasing resource scarcity Umicore uniquely positioned to and need for closing the loop capture growth in this segment as the world’s largest and most Growing complexity of complex precious metal materials to recycle recycler with world class environmental and quality Eco-efficient recycling standards processes are becoming the norm

Umicore H1 2019 performance 45 Impressions

PMR Hoboken recycling plant, Belgium 46 Financials H1 2019 Robust performance in a challenging environment

REBIT & REBIT margin

15.2% 14.3% 16.0% Down compared to a record H1 18 and resilient 400 13.5%

12.4% 14.0% 11.8% 15.9% sequential performance 300 12.0%

12.8% 13.0% 10.0%

8.0% vs H1 18 vs H2 18

200 10.0% 261

252 6.0% 240 Revenues - 3 % + 3 %

203 4.0%

100 195

165 155

148 Recurring EBIT - 8 % - 5 %

2.0% 120

0 0.0% Recurring EBITDA - 2 % =

H2 2015 H2 2016 H1 2017 H1 2017 H2 2019 H1 H1 2015 H1 2016 H2 2018 H1 2018 H2

REBITDA & REBITDA margin Robust margin performance despite higher costs (D&A and greenfield expansions) : 500 22.4% 21.3% 21.4%22.0% 20.5% 20.2% 400 19.8% 19.3% 20.0% Recurring EBIT margin of 14.3% 17.9% 300 17.4% Recurring EBITDA margin of 21.4%

18.0%

364 357 356 Adoption of IFRS 16 lease standard increasing D&A and

200 299 16.0%

288 258

238 recurring EBITDA by € 7.3 million 220 100 206 14.0% ROCE of 12.3% reflecting impact of recent investments

12.0%

H2 2015 H2 2016 H1 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 0 2015 H1

Umicore H1 2019 performance 48 Group, excluding discontinued activ ities, million € Stronger free operating cash flows

Cashflow generated from operations tripled compared to H1 18 and highest in recent years Stable net working capital in 1H19 versus last year’s strong increase

Higher capex (€ 241 m) of which two thirds in E&ST Complemented by increased capitalized development expenses (€ 17 m) also mostly in E&ST Substantial improvement in free operating cashflow year on year (€ 50 m in H1 19) * Full year projected capex of appr. € 600 m and targeting stable working capital

* Free operating cashf low = cashf low generated f rom operations – capex & capitalized dev elopment expenses Umicore H1 2019 performance 49 Net cash flow profile

** *

Free operating cashflow Tax and net interest cash Higher dividend pay-out to Non-cash increase in net of € 50 m out of € 86 m Umicore shareholders financial debt of € 37 m (- € 104 m in H1 18) (€ 88 m in H1 18) (€ 96m vs € 91m in H1 18) from IFRS 16 adoption

* Cashf low generated f rom operations includes net working capital cash f lows

** Free operating cashf low = cashf low generated f rom operations – capex & capitalized dev elopment expenses Umicore H1 2019 performance 50 Maintaining a strong capital structure

period

H1 2016 H1 2016 H2 2018 H2 2019 H1 H2 2015 H2 2017 H1 2017 H2 2018 H1 million € 2015 H1

Umicore H1 2019 performance 51 Further extended funding base

Issuance of € 390 m US private placement notes, Committed medium & long term complementing existing committed credit facilities : facilities Historically low, fixed interest rates Total of € 1,875 m

Maturities of 7, 10 and 12 years 2000

Expected drawdown in September 1800

Total of committed medium and long term debt facilities 1600 Syndicated bank facilities 795 (largely undrawn) amounting to € 1,875 million. 1400

No major maturities before 2029 1200

1000 Debt maturity profile 390 2019 US Private Placement 500 800

400 600 360 300 2017 US Private Placement 400 200 200 100 330 2017 Schuldschein 0 0 million € 2023 2024 2025 2026 2027 2028 2029 2030 2031 million €

Umicore H1 2019 performance 52 2019 Outlook Outlook 2019

As announced in April, Umicore expects its recurring EBIT for the full year to be in a range of € 475 million to € 525 million, assuming no material further deterioration of the macroeconomic environment.

In Catalysis, Umicore expects to continue outperforming the automotive market and grow the business group’s recurring EBIT for the full year from last year’s level.

The Energy & Surface Technologies business group continues to face challenging market conditions in its key end-markets which, combined with the effect of low cobalt prices and unethical supply as well as costs related to new investments, means that the business group’s recurring EBIT for the full year is expected to be well below the level of last year.

In Recycling, Umicore expects to benefit from the throughput improvement in Hoboken which, combined with a favorable supply mix and higher prices for certain metals, means that the business group’s recurring EBIT for the full year should grow from the level of 2018, despite the impact of the July fire incident in Hoboken.

54 Key Investment Considerations Key investment considerations

• Well positioned to take advantage of accelerating global megatrends : more stringent emission control, electrification of the automobile and resource scarcity

• Global presence and unique competences acquired over many years;

• A market leader in most key product markets and particularly in automotive catalysts, cathode materials and complex polymetallic recycling;

• Strong organic growth prospects supported by legislation

• Well-diversified business profile with broad product, end-market and customer base driven by a common theme of sustainability

• Strong track record of and commitment to innovation to maintain competitive lead (R&D spending of close to 6 % of revenues in 2018)

• Robust financial performance across cycles and margin focus with recent investments yielding returns

• Strong balance sheet with recent substantial growth investments

• Experienced board, management team, and clear governance principles

56 Forward-looking statements

This presentation contains forward- Should one or more of these risks, looking information that involves risks uncertainties or contingencies materialize, and uncertainties, including statements or should any underlying assumptions about Umicore’s plans, objectives, prove incorrect, actual results could vary expectations and intentions. materially from those anticipated, expected, estimated or projected. Readers are cautioned that forward- looking statements include known and As a result, neither Umicore nor unknown risks and are subject to any other person assumes any significant business, economic and responsibility for the accuracy of these competitive uncertainties and forward-looking statements. contingencies, many of which are beyond the control of Umicore.