December 4, 2014

Axalta Coating Systems Ltd.

Q3 2014 Conference Call

Exhibit 99.2

Notice Regarding Forward Looking Statements,

Non-GAAP Financial Measures and Defined Terms

Forward-Looking Statements

This

presentation

and

the

oral

remarks

made

in

connection

herewith

may

contain

“forward-looking

statements”

within

the

meaning

of

the

U.S.

Private

Securities

Litigation

Reform

Act

of

1995.

Any

forward-looking

statements

involve

risks,

uncertainties

and

assumptions.

These

statements

often include words such as “believe,”

“expect,”

“anticipate,”

“intend,”

“plan,”

“estimate,”

“target,”

“project,”

“forecast,”

“seek,”

“will,”

“may,”

“should,”

“could,”

“would,”

or similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the

industry

and

our

perceptions

of

historical

trends,

current

conditions,

expected

future

developments

and

other

factors

we

believe

are

appropriate

under

the

circumstances

as

of

the

date

hereof.

Although

we

believe

that

the

assumptions

and

analysis

underlying

these

statements

are

reasonable

as

of

the

date

hereof,

investors

are

cautioned

not

to

place

undue

reliance

on

these

statements.

We

do

not

have

any

obligation

to

and

do

not

intend

to update any forward-looking statements included herein. You should understand that these statements are not guarantees of future performance

or results.  Actual results could differ materially from those described in any forward-looking statements contained herein or the oral remarks made

in connection herewith as a result of a variety of factors, including known and unknown risks and uncertainties, many of which are beyond our

control.

Non-GAAP Financial Measures

The historical financial information included in this presentation includes financial information that is not presented in accordance with generally

accepted accounting principles in the United States (“GAAP”), including EBITDA and Adjusted EBITDA. Management uses these non-GAAP

financial measures in the analysis of our financial and operating performance because they assist in the evaluation of underlying trends in our

business.  Our use of the terms EBITDA and Adjusted EBITDA may differ from that of others in our industry. EBITDA and Adjusted EBITDA should

not

be

considered

as

alternatives

to

net

income

(loss),

operating

income

or

any

other

performance

measures

derived

in

accordance

with

GAAP

as

measures

of

operating

performance

or

operating

cash

flows

or

as

measures

of

liquidity.

EBITDA

and

Adjusted

EBITDA

have

important

limitations

as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. This presentation

includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance

with GAAP.

Defined Terms

All capitalized terms contained within this presentation have been previously defined in our filings with the United States Securities and Exchange

Commission.

2

Axalta

Coating

Systems

Ltd.

Axalta Coating Systems

Ltd.

3

Axalta –

A Leader in Coatings

Segments

Performance Coatings

59% of Sales

Transportation Coatings

41% of Sales

End-

Markets

Focus

Areas

Body Shops

Electrical

Insulation,

Architectural,

Oil and Gas,

General

Industrial

Net Sales

1

$4,376 million

Adjusted EBITDA

1,2

$833 million

Adjusted

EBITDA

Margin

3

19.0%

Light Vehicle / 

Automotive

OEMs

Heavy Duty

Truck, Bus,

Rail,

Agriculture &

Construction

OEMs

(42% of Sales)

(17% of Sales)

(32% of Sales)

(9% of Sales)

Refinish

Industrial

Light

Vehicle

Commercial

Vehicle

1.

Financials as of LTM 9/30/2014.

2.

Adjusted EBITDA reconciliation can be found on pages 12-14 of this presentation.

3.

Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of LTM net sales.

Q3 2014 Highlights

•

Initial Public Offering on November 12, 2014 represents an important milestone for

Axalta

–

Listed on New York Stock Exchange under ticker symbol AXTA

–

All-secondary public offering raised approximately $1.1 billion

•

Net sales growth and earnings momentum

–

Q3 2014 net sales and Adjusted EBITDA up 3.2% and 17.5%, respectively, versus Q3 2013

–

Business performed well across both segments (Performance Coatings and Transportation

Coatings)

despite

continued

pressure

from

economic

conditions

in

Latin

America

–

Sixth straight quarter of year-over-year net sales and Adjusted EBITDA growth

•

Maintaining A Strong Balance Sheet

–

Voluntarily prepaid $100 million of New Dollar Term Loan during Q3 2014

–

Net leverage reduction from 5.6x at February 1, 2013 (the “Acquisition”) to 4.2x at September 30,

2014

•

Continued Execution on Previously Announced Waterborne Expansions

–

Initial commissioning at Jiading, China and broke ground for Wuppertal, Germany on planned

waterborne initiatives

4

Axalta

Coating

Systems

Ltd.

Q3 2014 Financial Summary

5

Financial Performance

Adjusted EBITDA

Net Sales

Net sales growth of 3.2% year-over-

year

•

Adjusted EBITDA growth of 17.5%

year-over-year

•

•

Commentary

($ in millions, except per share data)

18.1%

20.6%

% margin

$194

$228

Q3 2013

Q3 2014

$1,075

$1,109

Q3 2013

Q3 2014

Volume growth across all end-markets

(+2.8%), moderate price increases (+1.9%)

offset by currency headwinds in Latin

America (-1.5%)

Higher sales with higher average selling

prices

Lower fixed manufacturing costs from

productivity improvements

Axalta

Coating

Systems

Ltd.

Adjusted EBITDA Progression

6

* Amounts include pro forma stand-alone costs, net, for Predecessor corporate allocations of $92 million, $84 million and $6 million for 2011, 2012 and 2013, respectively. 

See Appendix for additional details.

Consistent Adjusted EBITDA growth with six straight quarters of year-over-year

increases

starting

with

the

first

full

quarter

since

the

closing

of

the

Acquisition

($ in millions)

$570

$662

$738

$784

$799

$833

2011 *

2012 *

2013 *

LTM 03/31/14

LTM 06/30/14

LTM 09/30/14

Axalta

Coating

Systems

Ltd.

Axalta Coating Systems

Ltd.

Performance Coatings –

Summary

7

Financial Performance

Commentary

($ in millions)

Adjusted EBITDA

Net Sales

3.1%

Note:

Numbers might not foot due to rounding.

22.9%

22.4%

% margin

$462

$478

$181

$185

$644

$664

Q3 2013

Q3 2014

Refinish

Industrial

$147

$149

Q3 2013

Q3 2014

•

Adjusted EBITDA growth attributable to

increased net sales offset by higher operating

expenses to support growth initiatives

Slight increase in Adjusted EBITDA

•

Growth in both Refinish and Industrial end-

markets

•

Volume growth (+3.3%) as well as higher

average selling prices (+1.5%) contributed to

higher net sales offset by unfavorable

impacts of currency (-1.7%)

Sales growth across all regions despite

currency headwinds

Transportation Coatings –

Summary

8

Financial Performance

Commentary

($ in millions)

Commercial Vehicle end-market

primarily drove 3Q 2014 sales growth

Significant increase in Adjusted EBITDA

3.4%

10.9%

17.8%

Net Sales

% margin

Adjusted EBITDA

$431

$445

$91

$103

$340

$343

Q3 2013

Q3 2014

Light Vechicle

Commercial Vechicle

Q3 2013

Q3 2014

$47

$80

Note:

Numbers might not foot due to rounding.

Axalta

Coating

Systems

Ltd.

Higher average selling prices (+2.5%) and

increased volumes (+2.1%) offset by

unfavorable currency exchange rates (-1.2%)

•

Growth driven by increased net sales along

with lower fixed manufacturing costs, partially

resulting from our operational improvement

initiatives

•

Update on Transition-Related Costs

•

Incurred certain transition-related costs as we have separated from our

Predecessor parent company

•

Majority of transition-related costs in Q3 2014 related to the completion of our

Information Technology transition activities

•

Transition-related costs will be complete by December 31, 2014

9

Impact on Statement of Operations

($ in millions)

Q1 2014

Q2 2014

Q3 2014

YTD 2014

Termination benefits and other

employee-related costs

$3

$3

$3

$9

Consulting and advisory fees

13

8

9

30

Transition-related costs

14

33

34

81

IPO Related Expenses

-

-

3

3

Total Expense

$30

$44

$49

$123

Axalta

Coating

Systems

Ltd.

Debt and Liquidity Summary

10

Net Leverage

Capitalization

5.6x 

5.1x 

5.0x 

4.7x 

4.6x 

4.4x 

4.2x 

At LBO

Q2 '13

Q3 '13

Q4 '13

Q1 '14

Q2 '14

Q3 '14

($ in millions)

9/30/2014

Maturity

Cash and Cash Equivalents

$233

Debt:

Revolving Credit Facility ($400 million capacity)

--

2018

First Lien Term Loan (USD), net

2,154

2020

First Lien Term Loan (EUR), net

501

2020

Senior Secured Notes (EUR)

319

2021

Total Senior Secured Debt, net

$2,974

Senior Unsecured Notes (USD)

$750

2021

Other

8

Total Debt

$3,732

Total Net Debt

$3,499

Adjusted EBITDA

$833

PF

Credit Statistics:

At LBO

9/30/2014

Total Leverage

5.9x

4.5x

Total Net Leverage

5.6x

4.2x

Axalta

Coating

Systems

Ltd.

Appendix

Axalta Coating Systems

Ltd.

Adjusted EBITDA Reconciliation

12

* Reflects the combination of the Predecessor period from January 1 through January 31, 2013 and Successor year ending December 31, 2013.

($ in millions)

FY 2011

FY 2012

FY 2013*

LTM

03/31/14

LTM

06/30/14

LTM

09/30/14

Q3 2013

Q3 2014

Net Income (Loss)

$181

$248

($210)

($66)

$12

($13)

$6

($18)

Interest Expense

-

-

215

236

239

228

63

52

Provision (Benefit) from Income Taxes

121

145

(38)

(18)

(26)

8

(26)

8

Depreciation & Amortization

109

111

311

327

313

302

87

76

Reported EBITDA

$411

$504

$278

$479

$538

$525

$130

$118

A

Inventory Step Up

-

-

104

31

-

-

-

-

B

Merger & Acquisition Related Costs

-

-

28

-

-

-

-

-

C

Financing Costs

-

-

25

3

3

6

-

3

D

Foreign exchange remeasurement (gains) losses

23

18

53

5

(25)

44

(10)

60

E

Long-term employee benefit plan adjustments

33

37

12

11

11

5

2

(5)

F

Termination benefits and other employee related costs

(3)

9

148

148

136

92

48

3

G

Consulting and advisory fees

-

-

55

59

53

51

11

9

H

Transition-related costs

-

-

29

42

69

97

9

37

I

Other Adjustments

15

12

2

5

14

13

3

3

J

Dividends in respect of noncontrolling interest

(1)

(2)

(5)

(2)

(3)

(3)

-

-

K

Management fee expense

-

-

3

3

3

3

1

1

L

Allocated corporate costs and standalone costs, net

92

84

6

-

-

-

-

-

Total Adjustments

$159

$158

$460

$305

$261

$308

$64

$110

Adjusted EBITDA

$570

$662

$738

$784

$799

$833

$194

$228

Note:

Numbers might not foot due to rounding.

Adjusted EBITDA Reconciliation (cont’d)

13

Axalta

Coating

Systems

Ltd.

A.

During the Successor nine months ended September 30, 2013, we recorded a non-cash fair value adjustment associated with our acquisition 

accounting for inventories. These amounts increased cost of goods sold by $103.7 million.

B.

In connection with the Acquisition, we incurred $28.1 million of merger and acquisition costs during the Successor nine months ended 

September 30, 2013. These costs consisted primarily of investment banking, legal and other professional advisory services costs.

C.

On August 30, 2012, we signed a debt commitment letter which included the Bridge Facility. Upon the issuance of the Senior Notes and the 

entry into the Senior Secured Credit Facilities, the commitments under the Bridge Facility terminated. Commitment fees related to the Bridge 

Facility of $21.0 million and associated fees of $4.0 million were expensed upon the termination of the Bridge Facility. In connection with the 

refinancing of the Senior Secured Credit Facilities in February 2014, we recognized $3.1 million of costs. In addition to the refinancing, we 

also incurred a $3.0 million loss on extinguishment of debt recognized during the three months ended September 30, 2014, which resulted 

directly from the pro-rata write off of unamortized deferred financing costs and original issue discounts associated with the prepayment of 

$100.0 million of principal on the New Dollar Term Loan.

D.

Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, 

including a $19.4 million loss related to the Acquisition date settlement of a foreign currency contract used to hedge the variability of Euro-

based financing.

E.

For the Successor periods ended September 30, 2014 and 2013, eliminates the non-service cost components of employee benefit costs. 

Additionally, we deducted a pension curtailment gain of $6.6 million recorded during the three months ended September 30, 2014. For the 

Predecessor period January 1, 2013 through January 31, 2013, eliminates (1) all U.S. pension and other long-term employee benefit costs 

that were not assumed as part of the Acquisition and (2) the non-service cost component of the pension and other long-term employee benefit 

costs.

F.

Represents expenses primarily related to employee termination benefits, including our initiative to improve the overall cost structure within the 

European region, and other employee-related costs. Termination benefits include the costs associated with out headcount initiatives for 

establishment of new roles and elimination of old roles and other costs associated with cost saving opportunities that were related to our 

transition to a standalone entity.

G.

Represents fees paid to consultants, advisors, and other third-party professional organizations for professional services rendered in 

conjunction with the transition from DuPont to a standalone entity.

H.

Represents charges associated with the transition from DuPont to a standalone entity, including branding and marketing, information 

technology related costs, and facility transition costs, as well as costs associated with the IPO.

For definitions of defined terms used herein, refer to our quarterly report on Form 10-Q for the quarterly period ended September 30, 2014 filed with

the SEC.

Adjusted EBITDA Reconciliation (cont’d)

14

I.

Represents costs for certain unusual or non-operational (gains) and losses and the non-cash impact of natural gas and currency hedge

losses allocated to DPC by DuPont, stock-based compensation, asset impairments, equity investee dividends, indemnity (income) losses

associated

with

the

Acquisition,

gains

resulting

from

amendments

to

long-term

benefit

plans

and

loss

(gain)

on

sale

and

disposal

of

property,

plant and equipment.

J.

Represents the payment of dividends to our joint venture partners by our consolidated entities that are not wholly owned.

K.

Pursuant to Axalta’s management agreement with Carlyle Investment Management, L.L.C., an affiliate of Carlyle, for management and

financial

advisory

services

and

oversight

provided

to

Axalta

and

its

subsidiaries,

Axalta

was

required

to

pay

an

annual

management

fee

of

$3.0

million

and

out-of-pocket

expenses.

This

agreement

was

terminated

upon

consummation

of

the

IPO.

L.

Represents (1) the add-back of corporate allocations from DuPont to DPC for the usage of DuPont’s facilities, functions and services; costs

for

administrative

functions

and

services

performed

on

behalf

of

DPC

by

centralized

staff

groups

within

DuPont;

a

portion

of

DuPont’s

general

corporate expenses; and certain pension and other long-term employee benefit costs, in each case because we believe these costs are not

indicative of costs we would have incurred as a standalone company net, of (2) estimated standalone costs based on a corporate function

resource analysis that included a standalone executive office, the costs associated with supporting a standalone information technology

infrastructure, corporate functions such as legal, finance, treasury, procurement and human resources and certain costs related to facilities

management. This resource analysis included anticipated headcount and the associated overhead costs of running these functions effectively

as a standalone company of our size and complexity. This estimate is provided for additional information and analysis only, as we believe that

it facilitates enhanced comparability between Predecessor and Successor periods. It represents the difference between the costs that were

allocated

to

our

predecessor

by

its

parent

and

the

costs

that

we

believe

would

be

incurred

if

it

operated

as

a

standalone

entity.

This

estimate

is not intended to represent a pro forma adjustment presented within the guidance of Article 11 of Regulation S-X. Although we believe this

estimate is reasonable, actual results may have differed from this estimate, and any difference may be material. See “Forward-Looking

Statements”

and

“Risk

Factors—Risks

Related

to

our

Business”

within

the

registration

statement

filed

on

Form

S-1.

($ in millions)

Predecessor Year Ended

December 31, 2011

Predecessor Year Ended

December 31, 2012

Predecessor Period from

January 1, 2013 through

January 31, 2013

Allocated corporate costs

$333.5

$333.3

$25.4

Standalone costs

(241.8)

                                

(249.1)

                                

(19.7)

                                  

Total

$91.7

$84.2

$5.7

Axalta

Coating

Systems

Ltd.