# EDGAR Filing Document

**Accession Number:** 0000003124
**File Stem:** 0000950103-26-001112
**Filing Date:** 2026-1
**Character Count:** 33051
**Document Hash:** d8a8a16764c5dd8208ee62bfbc9d9e50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-001112.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000950103-26-001112

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axalta Coating Systems Ltd.
- **CENTRAL INDEX KEY:** 0001616862
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 981073028
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36733
- **FILM NUMBER:** 26573702

**BUSINESS ADDRESS:**
- **STREET 1:** 1050 CONSTITUTION AVENUE
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
- **BUSINESS PHONE:** (855) 629-2582

**MAIL ADDRESS:**
- **STREET 1:** 1050 CONSTITUTION AVENUE
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AKZO NOBEL NV
- **CENTRAL INDEX KEY:** 0000003124
- **STANDARD INDUSTRIAL CLASSIFICATION:** CHEMICALS & ALLIED PRODUCTS [2800]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CHRISTIAN NEEFESTRAAT 2
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1077 WW
- **BUSINESS PHONE:** 31889691802

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CHRISTIAN NEEFESTRAAT 2
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1077 WW

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AKZO N V
- **DATE OF NAME CHANGE:** 19940809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AKO N V
- **DATE OF NAME CHANGE:** 19691127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGEMENE KUNSTZIJDE UNIE N V
- **DATE OF NAME CHANGE:** 19691106

Filed by Akzo Nobel N.V.

Pursuant to Rule 425 under the Securities Act of 1933, as amended

and deemed filed pursuant to Rule 14a-12 of the Securities

Exchange Act of 1934, as amended

Subject Company: Axalta Coating Systems Ltd.

(Commission File No.: 001-36733)

Date: January 28, 2026

***The following is a transcript from a webcast made available to Akzo Nobel N.V.'s employees on January 28, 2026:***

**Question:** A lot of people are joining also specifically because they've got questions about the merger. What does the process look like? Because for people who are not involved, they don't see anything happening. So, what's happening behind the scenes right now? What's the timeline that people can kind of count on?

**Answer:** The reason why you don't see a lot is a little bit intentional because the first milestone we have to get across is the shareholder approval and because there's a lot of preparation of that shareholder meeting. That has to do with sort of accounting, SEC filings and some governance related topics. This is the first hurdle we have to cross and until then we have, we deliberately keep the involvement a little bit small because on both sides we have to execute and operate as independent companies.

That will continue until we get through the shareholder vote as the key first milestone in this whole merger process. Mid-July is the date we're targeting for that, so keep that in mind as an important milestone.

I think the second important milestone afterwards is then obviously closing the merger and in order to close the merger, we have to get through the regulatory approval process. That's really the rate determining step of when we're allowed to close the deal.

And for that, we are in really active dialogue with the regulatory instances in 30 countries. Last week we met the European Commission case team and we laid out our rationale as to why we think these are really complementary businesses and how we look in the industry and all of that. This is a lengthy process that that will essentially drive the timeline from when we're allowed to close the merger right now for that we're targeting to the end of the year.

So mid-year shareholder vote, end of the year target for closing and as we get past the shareholder vote, you'll see the integration planning activity ramp up more and you'll also start to see the number of people involved.

The first half it is about execution. We deliberately keep a number of people involved small and what's really important, we have to operate as fully independent companies. No gun jumping, no reaching out to the other side.

And obviously we'll keep you up to date on progress, but also expect more communication in the second-half than in the first half.

**Question:** We're talking about two very different businesses culturally, so a US and a more European focused business. How do you successfully merge 2 cultures without negatively impacting people?

**Answer:** I think one of the reasons why we're able to do this deal successfully this time, or at least to get to the announcement, is that we actually think quite alike as to how to be successful in the paints and coatings industry. Our organisation setup is quite similar. The way we drive performance is quite similar. From a business point of view we think alike on a lot of things and it's one of the things that that allowed us to get to this point even though this this merger has been discussed in the past.

One is how we look at running the business. We're alike. The other important point is this merger will be creating one of the global leaders in paints and coatings.

Also we have to define together the culture of a new company because we won't be AkzoNobel, we won't be Axalta. We'll be a new global leader in Paints and Coatings. And I think that's a bit the exciting part we have to. Come to a shared vision, shared set of values, shared culture to make the new companies successful as a global leader in paints and coatings. But the starting point isn't as different as you might think, and I think that's one of the reasons why we were able to announce the merger this time around.

**Question:** Greg has shared that he will be the CEO of the new company. How does that work for the rest of the Executive Committee?

**Answer:** What you see in any of these kind of processes is that there will be a new leadership team and not everybody in the current leadership team on both sides will be part of that because this is how mergers work, especially on the functional side. You tend to have two of everything. So that's something that will play out in the coming months. Greg will have to make those choices because he'll be the CEO of the joint company and obviously he'll do that in discussion with the new Chairman of the Board, Rakesh and the to be board members, but in principle it's too early to speculate on that kind of stuff because it has to play out. What you can see that on the, let's say on the business side, it's a bit more obvious, we're actually quite complementary and it's also clear where who's stronger in what business. I think on the business side, it'll be a little bit more straightforward. On the functional side, Greg will make those choices and he'll do that in conjunction with the new Chairman of the Board.

**Question:** What kind of time frame do we think of?

**Answer:** Keep in mind that kind of mid-year time frame that I talked about up until the shareholder vote, we really focused on the things that have to happen before the shareholder vote. And obviously defining the top level structure of the organisation is part of that. But don't expect any big news or big announcement on this until we get across the shareholder vote.

**Question:** Why do you think that our share price is at a lower level despite the merger announcement, but positive momentum for the Axalta stock?

**Answer:** What happens is the moment we announced the merger we've also announced the exchange ratio and how many shares Axalta owners will get in the new company, how many shares AkzoNobel owners will get into the new company. So essentially means we're tied together. And what you see happening is a lot of shareholders position themselves not to today, but they position themselves towards the future. And they're really just looking at if they want to be a shareholder in the combined merged company.

What's the most efficient way of doing that? Essentially our stock prices are tied together. When we announced, it meant that the Axalta shareholders got a bit more of a bump and that's kind of the dynamic that you see playing out right now. In some cases you see people actually shorting AkzoNobel and buying in Axalta because they're just arbitrating the most cost effective way of getting into the new merge company assuming that it will happen. Our stock price at the moment is as much impacted, or even more impacted, by people trying to position themselves into the new merged company than our own performance. Nevertheless, the way we impact that ourselves is just to perform.

**Question:** What's the company's strategy? Is it positioning itself as a market leader or focusing on increasing market share?

**Answer:** I would say both. We have to get the merger to a close; so shareholder vote, antitrust and then we have to create a successful global leader in paints and coatings together and we have to capture the efficiencies that are announced as part of this merger. Even more important, we have to make sure that the sum of the parts is more than the whole. We've talked quite a bit about cost synergies, but there is actually much more discussion now on how we're going to generate growth synergies, revenue synergies and how we grow faster together because at the end of the day, that's what really makes this merger attractive and it gives us the positions to win in almost all of the businesses we're operating.

Growth will be a priority for the new company and not all our markets. In some cases that will just be riding the underlying growth in the market. That obviously means you have to hold or increase share as you go along. Then you have to perform like a leader and performing like a leader isn't just a relative profitability thing. You have to grow like a leader.

**Question:** What could we learn from Axalta and what could Axalta learn from us? What are the positives for both companies?

**Answer:** What became really obvious is that having scale in in individual segments in coatings is really important. The Axalta business is a really big VR player and that makes them really focused, but also with a lot of targeted investments, discussions about adjacencies in those segments. It just showed that in coatings it's important to have scale in the segments that you operate. I think on the flip side if we talk about our powder business for example you can see that we actually have far more scale, better technology, better understanding of how to grow that business. This is where the combination becomes really exciting because it gives us really attractive positions in all the areas in which we operate and our strengths are their weaknesses and their strengths are some of the areas that we are smaller. It's really the complementarity of the combination that that's so exciting.

**Question:** A question that's on a lot of people's minds is the $600 million synergy effects primarily means layoffs. What will be the share?

**Answer:** Yes, there are headcount synergies, but it's certainly not the full $600 million. I think that's important to take into account. There's essentially, I would say, four big buckets. So one is procurement synergies. This is not having a smaller procurement organization. This is about being a bigger buyer together and having more competitive contracts, so out of the roughly 1/4 of the $600 million, it's just purely us being able to negotiate better terms as a result of being a bigger player. That's the part that's certainly not headcount related.

And that's when we talk procurement synergies, we're talking very much about the about the raw material packaging spend that we have together. But frankly that also plays into the functional synergies. You know we'll be a bigger buyer of IT services for example. We will be looking for efficiencies in our own organisation, but we'll also be looking for efficiencies with our whole supply base and everything we spend. Take take that into account when you look at the synergy numbers.

I think the other big part is what we call SG and A, but it's really the functional synergies that is a big component and that's simply the fact that you don't need two of everything.

And on the functional side that does play out, we've been I think creating a lot of efficiencies in functional areas ourselves. They've been doing that. But when you become a $15 billion company together, you can run that with a proportionally smaller functional organization. So, yes, there will be headcount synergies, but it it's also really from the top down. This starts the fact that you don't need two functional leaders on both sides.

That is an important part of the synergies. Then you get into the businesses and into the integrated supply chain. I think on the businesses, it's a bit too early to speculate because there's also regulatory discussions ongoing. In general, the businesses are complementary, very complementary and yes, there's areas of overlap.

In VR, Powder and Wood North America. But until we know how the regulatory discussions play out, it's a bit too early to speculate. And then on the integrated supply chain side, there will be opportunities as well.

We had been looking for those opportunities ourselves that we that's been a big part of the industrial excellence program and as we come together, we'll have a bigger scope. But these things take time. So that will be operating on a very different timeline than the procurement and functional synergies and will really become a topic after we close the merger.

**Question:** Could it happen that due to anti monopoly laws, the merge is not allowed in some countries?

**Answer:** One of the areas I'm actually quite involved in at the moment, is this whole antitrust filing aspect of the merger. It's important because we have to get through that in order to close the merger. There are filings in 30 countries and there are areas where at some point we may be discussing remedies. That can be behavioural remedies. So you're, for example, not allowed to raise prices for some time or that can be selective divestments or that can take many shapes. It's too early to speculate, but our goal is to create the strongest possible combination and the strongest possible combined portfolio. We're really being very thoughtful in how we present the businesses, how we can substantiate that actually these portfolios are really complementary. And yes, there are areas of overlap, but many of them are not problematic. This is a process that will play out again over the next year and because it's a discussion with regulators, you never know exactly how. What's our responsibility, is to bring the right arguments, the right data and to present the facts. How that process plays out beyond that, that it's a bit too early to speculate.

**Question:** What's your preference when it comes to organizational structure? Do you see a centralized structure? Fewer but bigger office hops or a decentralized structure with smaller office hops to get closer to customers.

**Answer:** This just reflects on how we see the company going forward once we conclude the merger. What was interesting is, in terms of how we're organized, we're quite comparable. We both run integrated businesses with certain global functions, but with sort of the general and administration functions more globalized.

And strong, but small but impactful CoE's to support those integrated businesses. That's the structure that we've evolved in and we think is most effective at AkzoNobel and Axalta is actually really similar. For now, this is the likely outcome and if I look at my experience at AkzoNobel, I think it's probably the right balance between Customer focus and functional excellence.

**General restrictions**

This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful.

This communication is not a prospectus and the information in this communication is not intended to be complete. This communication is for informational purposes only and is not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or an invitation or recommendation to subscribe for, acquire or buy securities of AkzoNobel or Axalta or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (the "Securities Act").

Any decision to purchase, subscribe for, otherwise acquire, sell or otherwise dispose of any securities must be made only on the basis of the information contained in and incorporated by reference into the prospectus with respect to the shares to be allotted by AkzoNobel in the proposed transaction once published. A prospectus in relation to the proposed transaction described in this communication is expected to be published in due course.

The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, AkzoNobel and Axalta disclaim any responsibility or liability for the violation of any such restrictions by any person. Neither AkzoNobel, nor Axalta, nor any of their advisors assume any responsibility for any violation by any person of any of these restrictions. Shareholders of AkzoNobel and Axalta, respectively, with any doubt as to their position should consult an appropriate professional advisor without delay.

This communication is addressed to and directed only at, persons who are outside the United Kingdom or, in the United Kingdom, at persons who are: (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) persons falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise lawfully be communicated pursuant to the Order (all such persons together being referred to as, "Relevant Persons"). This communication is directed only at Relevant Persons. Other persons should not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with such persons. Solicitations resulting from this communication will only be responded to if the person concerned is a Relevant Person.

**Additional Information and Where to Find It**

In connection with the proposed transaction between AkzoNobel and Axalta, AkzoNobel will file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form F-4, which will include a proxy statement of Axalta that also constitutes a prospectus with respect to the shares to be offered by AkzoNobel in the proposed transaction. The definitive proxy statement/prospectus will be sent to the shareholders of Axalta. Each of AkzoNobel and Axalta will also file other relevant documents in connection with the proposed transaction. This communication is not a substitute for any registration statement, proxy statement/prospectus or other documents AkzoNobel and/or Axalta may file with the SEC or any other competent regulator in connection with the proposed transaction. This communication does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. **BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS, STOCKHOLDERS AND SHAREHOLDERS OF AKZONOBEL AND AXALTA ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, AS APPLICABLE, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AKZONOBEL, AXALTA, THE PROPOSED TRANSACTION AND RELATED MATTERS**. The registration statement and proxy statement/prospectus and other relevant documents filed by AkzoNobel and Axalta with the SEC, when filed, will be available free of charge at the SEC's website at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC from Axalta's investor relations webpage at https://ir.axalta.com/sec-filings/all-sec-filings or from AkzoNobel's investor relations webpage at https://www.akzonobel.com/en/investors.

The contents of this communication should not be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice.

**Participants in the Solicitation**

This communication is not a solicitation of proxies in connection with the proposed transaction. However, under SEC rules, AkzoNobel, Axalta and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant materials when it is filed with the SEC. Information regarding the directors and executive officers of Axalta is contained in Axalta's proxy statement for its 2025 annual meeting of stockholders, filed with the SEC April 22, 2025, its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 13, 2025, subsequent statements of beneficial ownership on file with the SEC, including the Initial Statements of Beneficial Ownership on Form 3, Statements of Change in Ownership on Form 4 or Annual Statements of Beneficial Ownership on Form 5 filed with the SEC on: 2/19/2025, 2/19/25, 2/19/2025, 2/19/25, 2/19/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/4/2025,33/4/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/4/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 3/6/2025, 8/5/2025, 8/18/2025, 8/21/2025, 9/23/2025 and 9/23/2025, and other filings made from time to time with the SEC. Information about AkzoNobel's supervisory board members and members of the board of management is set forth in AkzoNobel's latest annual report, as filed with the AFM, the Dutch trader register and on its website at <u>https://www.akzonobel.com/en/investors/results-center</u>, and as updated from time to time via filings made by AkzoNobel with the AFM. Additional information regarding the interests of persons who may, under the rules of the SEC, be deemed participants in the solicitation of Axalta security holders in connection with the proposed transaction, which may, in some cases, be different than those of Axalta's shareholders generally, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

**Market data**

Information provided herein as it relates to the market environment in which each of AkzoNobel and Axalta operate or any market developments or trends is based on data and reports prepared by third parties and/or AkzoNobel or Axalta based on internal information and information derived from such third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data.

**Cautionary Statement Concerning Forward-Looking Statements**

This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, regarding, among other things, statements about management's expectations of AkzoNobel's and Axalta's future operating and financial performance, product development, market position, and business strategy. Such forward-looking statements can sometimes be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "potential," "seeks," "aims," "projects," "predicts," "is optimistic," "intends," "plans," "estimates," "targets," "anticipates," "continues" or other comparable terms or negatives of these terms, but not all forward-looking statements include such identifying words. You are cautioned not to rely on these forward-looking statements. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates or expectations will be achieved and therefore, actual results may differ materially from any plans, estimates or expectations in such forward-looking statements. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include: a condition to the closing of the proposed transaction may not be satisfied; the occurrence of any event that can give rise to termination of the proposed transaction; a regulatory approval that may be required for the proposed transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; AkzoNobel and Axalta are unable to achieve the synergies and value creation contemplated by the proposed transaction; AkzoNobel and Axalta are unable to promptly and effectively integrate their businesses; management's time and attention is diverted on transaction related issues; the possibility that competing offers or acquisition proposals may be made; disruption from the proposed transaction makes it more difficult to maintain business, contractual and operational relationships; the credit ratings of AkzoNobel or Axalta decline following the proposed transaction; legal proceedings are instituted4against AkzoNobel or Axalta, including resulting expense or delay; AkzoNobel or Axalta is unable to retain or hire key personnel; the communication or the consummation of the proposed acquisition has a negative effect on the market price of the capital stock of AkzoNobel or Axalta or on AkzoNobel's or Axalta's operating results; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions, in the Netherlands, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics (e.g., the coronavirus (COVID-19) pandemic), geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent United States or Netherlands administration; the ability of AkzoNobel or Axalta to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event, including the ability to function remotely during long-term disruptions; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, "shelter in place," "stay at home," workforce reduction, social distancing, shut down or similar actions and policies; actions by third parties, including government agencies; the risk that disruptions from the proposed transaction will harm AkzoNobel's or Axalta's business, including current plans and operations and/or divert management's attention from AkzoNobel's or Axalta's ongoing business operations; certain restrictions during the pendency of the acquisition that may impact AkzoNobel's or Axalta's ability to pursue certain business opportunities or strategic transactions; AkzoNobel's or Axalta's ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; the risks and uncertainties discussed in AkzoNobel's latest annual report as filed with the AFM, the Dutch trader register and on its website at <u>https://www.akzonobel.com/en/investors/results-center</u>; and the risks and uncertainties discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in Axalta's reports filed with the SEC. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the proxy statement/prospectus. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Except as required by law, neither AkzoNobel nor Axalta assumes any obligation to update or revise the information contained herein, which speaks only as of the date hereof.

**Non-GAAP and Non-IFRS Financial Measures**

This communication contains certain non-GAAP financial measures and/or non-IFRS financial measures that AkzoNobel and Axalta believe are helpful in understanding the anticipated strategic and financial benefits of the proposed transaction. AkzoNobel's and Axalta's management regularly use a variety of financial measures that are not in accordance with GAAP or IFRS for forecasting, budgeting and measuring financial performance. The non-GAAP financial measures and/or non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP or IFRS measures. While AkzoNobel and Axalta believe that these non-GAAP financial measures and/or non-IFRS financial measures provide meaningful information to help shareholders understand the anticipated strategic and financial benefits of the proposed transaction, there are limitations associated with the use of these non-GAAP financial measures and/or non-IFRS financial measures. These non-GAAP financial measures and/or non-IFRS financial5measures are not prepared in accordance with GAAP or IFRS, are not reported by all of AkzoNobel's or Axalta's competitors and may not be directly comparable to similarly titled measures of AkzoNobel's or Axalta's competitors due to potential differences in the exact method of calculation.