# EDGAR Filing Document

**Accession Number:** 0001932296
**File Stem:** 0001193805-23-000028
**Filing Date:** 2023-1
**Character Count:** 30305
**Document Hash:** fe8a0efa704c977d50f1910aeaeb273e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-23-000028.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001193805-23-000028

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Venator Materials PLC
- **CENTRAL INDEX KEY:** 0001705682
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL INORGANIC CHEMICALS [2810]
- **IRS NUMBER:** 981373159
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90385
- **FILM NUMBER:** 23519720

**BUSINESS ADDRESS:**
- **STREET 1:** TITANIUM HOUSE, HANZARD DRIVE
- **CITY:** WYNYARD PARK, STOCKTON-ON-TEES
- **STATE:** X0
- **ZIP:** TS22 5FD
- **BUSINESS PHONE:** 44 (0) 1740 608 001

**MAIL ADDRESS:**
- **STREET 1:** TITANIUM HOUSE, HANZARD DRIVE
- **CITY:** WYNYARD PARK, STOCKTON-ON-TEES
- **STATE:** X0
- **ZIP:** TS22 5FD
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J&T MS 1 SICAV a.s.
- **CENTRAL INDEX KEY:** 0001932296
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** 2N
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** SOKOLOVSKA 700/113A
- **STREET 2:** PRAHA 8 - KARLIN
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 18600
- **BUSINESS PHONE:** 011420720757352

**MAIL ADDRESS:**
- **STREET 1:** SOKOLOVSKA 700/113A
- **STREET 2:** PRAHA 8 - KARLIN
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 18600

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________

**SCHEDULE 13D**

**(Rule 13d-101)**

**INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT**

**TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO**

**RULE 13d-2(a)**

(Amendment No. 3)<sup>1</sup>

<u>Venator Materials PLC</u>

(Name of Issuer)

<u>Ordinary Shares, US$0.001 par value per share</u>

(Title of Class of Securities)

<u>G9329Z100</u>

(CUSIP Number)

J&T MS 1 SICAV a.s.

Sokolovská 700/113a, Prague 8

Czech Republic

+420 720 757 352

c/o Martin Seyček

ELIZABETH GONZALEZ-SUSSMAN, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

<u>(212) 451-2300</u>

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

<u>January 10, 2023</u>

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box ☐.

*Note.* Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. *See* Rule 13d-7 for other parties to whom copies are to be sent.

(Continued on following pages)

------

<sup>1</sup> The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, *see* the *Notes*).

CUSIP No. G9329Z100

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | J&T MS 1 SICAV a.s.  | J&T MS 1 SICAV a.s.  | J&T MS 1 SICAV a.s.  |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | AF, WC  | AF, WC  | AF, WC  |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Czech Republic  | Czech Republic  | Czech Republic  |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 15401123  | 15401123  |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 15401123 | 15401123 |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 15401123 | 15401123 | 15401123 |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 14.25%  | 14.25%  | 14.25%  |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | OO  | OO  | OO  |

---

CUSIP No. G9329Z100

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | AMISTA investiční společnost, a.s  | AMISTA investiční společnost, a.s  | AMISTA investiční společnost, a.s  |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | AF, WC  | AF, WC  | AF, WC  |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Czech Republic  | Czech Republic  | Czech Republic  |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 15401123  | 15401123  |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 15401123 | 15401123 |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 15401123 | 15401123 | 15401123 |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 14.25%  | 14.25%  | 14.25%  |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | OO  | OO  | OO  |

---

CUSIP No. G9329Z100

This Amendment No. 3 (this "Third Amendment") to Schedule 13D amends and supplements the Schedule 13D filed on June 3, 2022 (the "Original Schedule"), Amendment No. 1 to the Original Schedule filed on September 19, 2022 (the "First Amendment") and Amendment No. 2 to the Original Schedule filed on December 21, 2022 (the "Second Amendment"), by J&T MS 1 SICAV a.s., a société d'investissement à capital variable (investment company with variable capital) established in the Czech Republic ("J&T MS 1"), and AMISTA investiční společnost, a.s., a joint stock company established in the Czech Republic ("AMISTA"). AMISTA is the sole director of J&T MS 1. J&T MS 1 SICAV and AMISTA are sometimes referred to herein collectively as the "Reporting Persons." This Third Amendment is being filed because the Reporting Persons issued a press release and open letter to the Board as further described in Item 4.

Except as specifically amended by this Third Amendment, items in the Original Schedule, the First Amendment and the Second Amendment, as applicable, are unchanged. Capitalized terms used herein that are not defined have the meaning ascribed to them in the Original Schedule.

Item 3. <u>Source and Amount of Funds or Other Consideration</u>.

Item 3 of the Original Schedule is hereby amended and supplemented to include the following paragraphs to the end of the item, after the paragraphs added by the Second Amendment:

The Ordinary Shares acquired by the Reporting Persons since the Second Amendment was filed were bought by J&T MS 1 SICAV using investment funds in open market purchases, and those purchases since the Second Amendment was filed are set forth in Appendix A.

The aggregate purchase price of the 15,401,123 Ordinary Shares owned directly by J&T MS 1 SICAV is approximately $23,869,172, excluding brokerage commissions.

Item 4. <u>Purpose of Transaction</u>.

Item 4 of the Original Schedule is hereby amended and supplemented to include the following sentence to the end of the first paragraph of the item, after the sentence added by the Second Amendment:

On January 10, 2023, the Reporting Persons issued a press release and sent a public letter to the Issuer's Board of Directors (the "Board") regarding its concerns with the Issuer's financial and stock price underperformance, massive shareholder value destruction, lack of strategic direction, and apparent unwillingness to meaningfully engage with the Reporting Persons. The Reporting Persons also stressed that the incumbent Board appears to have squandered its credibility with investors and should not be trusted to chart the course forward for the Issuer without additional independent shareholder representation. A copy of the press release and letter is attached hereto as exhibit 99.1 and is incorporated herein by reference.

Item 5. <u>Interest in Securities of the Issuer</u>.

Items 5(a)-(c) of the Second Amendment is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J&T MS 1 is the holder of 15,401,123 Ordinary Shares, or 14.25%, of the issued and outstanding Ordinary Shares.

CUSIP No. G9329Z100

Each of the Reporting Persons, as a result of the relationships described in Item 2, may be deemed to directly or indirectly beneficially own the Ordinary Shares held by J&T MS 1. Each of the Reporting Persons disclaims beneficial ownership in all shares of Ordinary Shares reported herein, except to the extent of its respective pecuniary interest therein.

The ownership percentages reported in this Schedule 13D are based on 108,049,979 shares of Ordinary Shares outstanding of the Issuer, as of November 30, 2022, as communicated to the Reporting Persons by the Issuer on or around that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) See rows 7-10 of each cover page for information regarding the power to vote or direct the vote and the power to dispose or direct the disposition of the shares by the Reporting Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as disclosed in this Schedule 13D, the Reporting Persons and, to the Reporting Persons' knowledge, the Covered Persons have not effected any transactions in the Issuer's Ordinary Shares since the filing of the Second Amendment.

Item 7. <u>Material to be Filed as Exhibits</u>.

Item 7 is hereby amended to add the following exhibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Press release and letter to the Board of Directors of the Issuer, dated January 10, 2023.

CUSIP No. G9329Z100

<u>SIGNATURES</u>

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: January 10, 2023

---

| | | |
|:---|:---|:---|
| J&T MS 1 SICAV A.S. | J&T MS 1 SICAV A.S. | J&T MS 1 SICAV A.S. |
| By: | /s/ Michal Kusák  | /s/ Michal Kusák  |
|  | Name: | Michal Kusák |
|  | Title: | Director |

---

---

| | | |
|:---|:---|:---|
| AMISTA INVESTIČNÍ SPOLEČNOST, A.S. | AMISTA INVESTIČNÍ SPOLEČNOST, A.S. | AMISTA INVESTIČNÍ SPOLEČNOST, A.S. |
| By: | /s/ Ondřej Horák  | /s/ Ondřej Horák  |
|  | Name: | Ondřej Horák |
|  | Title: | Chairman of the Board of Directors |

---

---

| | | |
|:---|:---|:---|
| AMISTA INVESTIČNÍ SPOLEČNOST, A.S. | AMISTA INVESTIČNÍ SPOLEČNOST, A.S. | AMISTA INVESTIČNÍ SPOLEČNOST, A.S. |
| By: | /s/ Michal Kusák  | /s/ Michal Kusák  |
|  | Name: | Michal Kusák |
|  | Title: | Member of the Board of Directors |

---

CUSIP No. G9329Z100

**<u>Appendix A</u>**

**<u>TRANSACTIONS IN THE COMMON SHARES EFFECTED BY THE REPORTING PERSON SINCE THE SECOND AMENDMENT</u>**

---

| | | | |
|:---|:---|:---|:---|
| <u>Reporting Person</u> | <u>Date of Transaction</u> | <u>Shares Purchased (Sold)</u> | <u>Price per Share ($)</u> |
| J&T MS 1 | December 19, 2022 | 340000 | $0.5184 |
| J&T MS 1 | December 20, 2022 | 145000 | $0.5082 |
| J&T MS 1 | December 21, 2022 | 44407 | $0.4999 |
| J&T MS 1 | December 22, 2022 | 205593 | $0.4985 |

---

## Exhibit 99.1

**J&T Sends Public Letter to Venator Materials Board Highlighting Urgent Case for Boardroom Change** 

*Concerned by Venator's Alarming Long-Term Financial Underperformance, Massive Shareholder Value Destruction, Apparent Lack of Strategic Direction and Opaque Approach to Shareholder Engagement* 

*Has Attempted to Engage with the Board for Past Seven Months and Experienced Delay Tactics and Gamesmanship* 

*Believes Substantial Value Can Be Realized at Venator but the Current Board Lacks the Credibility and Skill Sets Needed to Evaluate Paths Forward without New Independent Shareholder Perspectives* 

*Will Not Hesitate to Pursue All Available Avenues to Protect Best Interests of All Shareholders* 

**PRAGUE** – January 10, 2023 – Today J&T MS 1 SICAV (together with its affiliates, "J&T"), which owns approximately 14.3% of Venator Materials Plc ("Venator" or the "Company") (NYSE: VNTR), making it the Company's second-largest shareholder, sent a public letter to Venator's Board of Directors (the "Board"). The letter outlines J&T's concerns regarding the Board's apparent unwillingness to meaningfully engage with J&T, as well as the Company's stark financial and stock price underperformance and apparent lack of strategic direction. J&T also stresses that the incumbent Board appears to have squandered its credibility with investors and should not be trusted to chart the course forward for Venator without additional independent shareholder representation.

The full text of the letter follows:

January 10, 2023

Dear Members of the Board:

As you know, J&T MS 1 SICAV (together with its affiliates, "J&T" or "we") is the second-largest shareholder of Venator Materials Plc ("Venator" or the "Company"), with an approximately 14.3% ownership stake. We are writing to express our serious concerns about the direction the Company has taken under the watch of the current Board of Directors (the "Board"), and to reiterate our belief that additional independent shareholder representation is urgently needed in the boardroom.

To be clear, J&T is not an "activist" fund, and we generally do not go public with our concerns about a company. However, after trying to reach a resolution privately for seven months and being met with apparent delay tactics and gamesmanship, we believe we have no other recourse. We now feel compelled to make our views known in order to protect our own investment and that of our fellow public shareholders.

The current Board, which is dominated by affiliates of SK Capital Partners ("SK Capital") and Huntsman Corp. ("Huntsman"), has overseen massive value destruction. <u>Venator's share price has fallen from its peak of $25.50<sup>1</sup>, shortly after its August 2017 IPO, to less than a dollar today</u>. Despite this drastic decline, we believe the Company has failed to articulate a go-forward strategy to restore confidence among investors and, consequently, the stock has continued to languish. In our view, the Board has not succeeded in representing the best interests of all shareholders and driving value creation.

------

<sup>1</sup> Stock price at market close on October 26, 2017. Source: Bloomberg.

The situation has become so dire that the Company received written notice in November of 2022 that it faces a potential delisting from the New York Stock Exchange. Additionally, the Company announced the same month that it had retained restructuring experts Alvarez & Marsal to advise it "on a range of operational and financial actions."<sup>2</sup> Given the deteriorating situation and the Board's poor oversight, we believe that the incumbent directors have forfeited the right to maintain the status quo and chart the path forward for Venator.

We first reached out to the Company in May of 2022 and made clear our desire to be a long-term shareholder of Venator and engage constructively with the Board. We have since tried to work with you on a plan to refresh the Board, initially proposing a Board observer position for myself as a representative of a major shareholder as well as an additional new director. After you indicated that you had no intention of creating a Board observer role, we proposed myself as a director candidate and noted we would also suggest an additional candidate. At that point, you indicated that the Nominating and Corporate Governance Committee (the "Committee") "remains open to considering new candidates" for the Board and that it welcomed "information" around these proposals. Subsequently, I submitted a director questionnaire and additional information; however, you replied that the "Committee concluded that the size of the current Board is sufficient and provides effective governance." This fact pattern – underscored by the reality that our engagement was purely with management and at no time with any non-management director – indicates to us a lack of any sincere intention on the part of the Board to consider the addition of new independent shareholder representatives.

Further, in our view, the appointment of Miguel Kohlmann – another affiliate of SK Capital who replaced independent director Kathy Patrick as a director in August 2022 – seems to have been a purely defensive maneuver designed to avoid giving a significant independent shareholder representation on the Board. We strongly disagree with your conclusion that the current Board provides effective oversight at the Company and is properly constituted. We believe the incumbent directors are not truly independent, and that shareholder-driven change is desperately needed to bring fresh perspectives and credibility to the Board.

We believe an objective review of the current Board's track record demonstrates the urgent need for change. We highlight the following:

**The Current Board Has Overseen Massive Value Destruction**

&nbsp;&nbsp;&nbsp;&nbsp;• **Venator share price has declined precipitously since its IPO.** The Company's share price is down 96% since its IPO price in August
 2017, and 78% since the January 4, 2021 announcement that SK Capital's representatives
 had joined the Board.<sup>3</sup> Additionally, Venator's total shareholder return
 ("TSR") is negative 71% and negative 80% for the past one- and three-year periods,
 respectively.<sup>4</sup> Frankly, in our view, Venator is by far the worst financially performing
 titanium dioxide producer – and one of the worst in the entire chemical sector.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Company has had negative cash flow since its IPO.** Through the third quarter of 2022 – without the aid of one-time proceeds
 from the Tronox litigation – Venator's cash flow was negative $220 million. This
 inability to produce positive cash flow has likely hindered reinvestment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;• **Venator has delivered severely low gross margins.** The Company's average gross margin between 2019 and 2021 was only 9% despite
 the Company's claims that it has a strong exposure to the high-margin specialty segment,
 and appears to have been used to cover SG&A alone, rather than to build a base for shareholder
 returns. Moreover, gross margin was negative in the third quarter of 2022.

------

<sup>2</sup> Q3 2022 Venator Materials PLC Earnings Call, November 18, 2022.

<sup>3</sup> As of market close on January 6, 2023. Source: Bloomberg.

<sup>4</sup> As of market close on January 6, 2023. Source: Bloomberg.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Company's efforts to improve the business' performance have failed.** Unfortunately, Venator was unable to capitalize
 on an upturn in the market for titanium dioxide in 2021. In fact, Venator reported a lower
 adjusted EBITDA and adjusted EBITDA margin that year than in 2019. Its adjusted EBITDA margin
 was only 8.1% in 2021 and it reported a negative cash flow over the 2019 to 2021 period.
 Its closest peers, meanwhile, were boasting record earnings. For example, over the 2019 to
 2021 period, Chemours delivered a 60% increase in titanium segment adjusted EBITDA, while
 Tronox delivered a 54% increase and Kronos delivered a 19% increase. Venator, on the other
 hand, delivered a disappointing 7% decrease in total adjusted EBITDA during that same period.

**Venator Has No Apparent Plan and Has Poorly Communicated with Investors**

&nbsp;&nbsp;&nbsp;&nbsp;• **Venator has failed to articulate a go-forward strategy.** Updates are only communicated to shareholders through obligatory SEC filings,
 while the Company offers no financial guidance and has held no investor days, leaving us
 to question whether the Board and management has any strategy to address the Company's
 underperformance.

&nbsp;&nbsp;&nbsp;&nbsp;• **Venator's actions seem limited to reactive steps.** Management and the Board seem to only tackle problems when they arise
 with each new downcycle. Examples include the hiring of Alvarez & Marsal once the Company
 was on the brink of being delisted and the presenting of multiple "business improvement
 programs," which, despite being heralded as successes by Venator, have not made any
 material impact on EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Company's lack of meaningful engagement with us demonstrates a disregard for shareholder input.** As noted above, our discussions
 with the Company have only been at the management level and have left us with the impression
 that we were experiencing gamesmanship rather than genuine constructiveness. Though Venator
 management and its advisors at points have offered us selective access to MNPI, we believe
 a non-disclosure agreement that restricts us without providing the full information available
 to a director would not be sufficient. Moreover, information is not the only thing we need
 – it is important that we have the opportunity to influence VNTR's turn-around
 strategy.

&nbsp;&nbsp;&nbsp;&nbsp;• **Venator has been accused of misleading shareholders.** For example, the Company was accused of downplaying the extent of the damage caused by
 its Pori plant fire around the time of its IPO, resulting in a class action suit by shareholders.<sup>5</sup>

**The Current Board Is Emblematic of Poor Corporate Governance and Lacks Independence**

&nbsp;&nbsp;&nbsp;&nbsp;• **The Board lacks diversity of experience.** Venator's directors all come out of – and have experience in – the
 chemical industry. A public Company such as Venator, especially as it embarks on evaluating
 paths forward, should have additional perspectives on the Board, including individuals with
 experience in areas such as corporate governance, finance, operations, cost reduction and
 capital markets. For example, Venator's peers such as Tronox and Chemours have boards
 comprised of individuals with a range of experience – not solely in chemicals. We strongly
 believe that this lack of diverse experience has manifested itself in the absence of a well-laid-out
 strategy.

------

<sup>5</sup> "Chemical Maker Downplayed Massive Damage at Facility Before IPO, Investors Claim," *Courthouse News Service,* February 21, 2019, https://www.courthousenews.com/chemical-maker-downplayed-massive-damage-at-facility-before-ipo-investors-claim/.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Board is dominated by SK Capital representatives and lacks diversity of thought.** SK Capital acquired $100 million worth of the Company's
 shares from Huntsman in December of 2020 to become a nearly 40% shareholder, and its representatives
 and/or affiliates currently hold five of the eight Board seats. Yet, the Company's
 financial performance has only worsened under these directors' watch. Without a well-articulated
 plan – and based on our prior engagement with the Company – we contend that SK
 Capital is running Venator like a private company, as evidenced by its eschewing engagement
 with shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• **The Board lacks independence.** Director
 Peter Huntsman, whose company struck a deal with SK Capital for it to acquire Huntsman's
 remaining interest in Venator in December of 2020 (with 40% of Huntsman's stake sold
 at the time and a 30-month option for SK Capital to purchase the remaining 9%), should have
 initiated a process to resign from the Board then. Another director, Daniele Ferrari, is
 a former Huntsman executive and senior director at SK Capital. Yet, Ferrari is chair of Venator's
 compensation committee while CEO Simon Turner (himself a former Huntsman executive) earned
 between $5 million and $10 million a year despite the Company's underperformance. Finally,
 Miguel Kohlmann, who was appointed to Venator's Board in August 2022 is also affiliated
 with SK Capital – serving as a director of Archroma, an SK Capital portfolio company.

\*\*\*

Based on conversations we have had with non-affiliated shareholders, we believe many share our views. <u>We strongly urge you to immediately add myself and another independent director to be nominated by us to the Board</u>. I have roughly 20 years of experience ranging from internal consulting, operational restructuring and simplification, corporate finance and in addressing governance issues. In our view, this insular Board would greatly benefit from a fresh perspective with experience outside of the chemical industry and from a director who approaches problems with a shareholder mindset.

If the Board continues to refuse to constructively engage with us, we are prepared to exercise all of our rights as shareholders to hold each individual director accountable.

Sincerely,

Martin Seyček

Member of the Supervisory Board, J&T MS 1 SICAV

**About J&T MS 1 SICAV**

J&T MS 1 SICAV is a Czech-based investment structure, established by long-term business partners Michal Snobr, an experienced investor in capital markets and energy sector expert, and J&T FINANCE GROUP SE, a leading private banking and financial group in CEE, via its investment fund J&T ARCH INVESTMENTS.

**Contacts**

Investors:

Martin Seyček

martin.seycek@hamaga.cz

Media:

Longacre Square Partners

Dan Zacchei / Joe Germani

dzacchei@longacresquare.com / jgermani@longacresquare.com