MINERALS TECHNOLOGIES INC.

August 2018

MTI OVERVIEW

I N N O V AT I O N ▪ L E A D E R S H I P ▪ E X C E L L E N C E
SAFE HARBOR
S TAT E M E N T

This presentation may contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 which describe or are based on current
expectations. Actual results may differ materially from these expectations. In addition, any
statements that are not historical fact (including statements containing the words
“believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should
also be considered to be forward-looking statements. The company undertakes no
obligation to publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise. Forward-looking statements in this document
should be evaluated together with the many uncertainties that affect our businesses,
particularly those mentioned in the risk factors and other cautionary statements in our
2017 Annual Report on Form 10-K and in our other reports filed with the Securities and
Exchange Commission.

Also, this presentation will include certain financial measures that were not prepared in
accordance with generally accepted accounting principles. Reconciliations of those non-
GAAP financial measures to the most directly comparable GAAP financial measures can
be found in our Current Report on Form 8-K dated August 2, 2018, and in our other
reports filed with the Securities and Exchange Commission, available on our website at
www.mineralstech.com in the "Investor Information -- SEC Filings" section.
2
 MTI
AT A G L A N C E
PRODUCTION
COUNTRIES R&D CENTERS EMPLOYEES
LOCATIONS

35 159 12 3,740
2017 TOTAL NET SALES 2017 NET SALES BY SEGMENT 5%
(percentage/millions of dollars)
$1.7 BILLION Performance Materials
$734.8
17%

Specialty Minerals 44%

$584.8
MINERALS TECHNOLOGIES Refractories
$279.4
INC. is a resource- and Energy Services 35%
$76.7
technology-based company that
develops, produces and markets 2017 NET SALES BY REGION 5%
worldwide a broad range of (percentage/millions of dollars)
United States 18%
specialty mineral, mineral-based $939.3
and synthetic mineral products Europe/Africa
$349.0
and related systems and services. Asia
56%

$305.8 21%
MTX
Canada/Latin America
LISTED Since October 23, 1992 $81.6
NYSE 3
 THE EVOLUTION
OF MTI
Phase I Phase II Phase III Phase IV
Pfizer Spinoff /
High Growth
NA Paper PCC Matured
 Period of Flat Earnings
New Business System &
Operational Excellence Deployed
AMCOL
Acquisition
Where Are We Today?
EPS HISTORICAL TREND* High Performance Culture
(dollars per share/CAGR)
+17% Leading Market Positions: #1 or #2
4.59
4.31 4.47
+8%
4.00 Strong Balance Sheet
0%
+16%
2.42
Sizeable Portfolio of M&A Opportunities
2.16
1.78 1.82 1.93
1.40 1.29 1.24 1.31 1.27 1.44 1.42 1.38 1.53 Executing on Our Growth Strategy:
0.93 1.09 1.25
0.86 0.81
0.51 0.63 0.74

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

End Markets Served Through the Years

Paper & Packaging

Consumer Products

Construction

Automotive

Steel

Foundry

Environmental Positioned for Continued

Agriculture Profitable Growth
Energy Services
4
*EPS from continuing operations, excluding special items Adjusted for 2012 Stock Split
 MTI BUSINESS
SEGMENTS
Minerals Businesses Service Businesses

Performance Materials Specialty Minerals

Refractories Energy Services
(Bentonite) (Carbonates)

2017 $735M $585M $279M $77M

Net Sales 44% of MTI 35% of MTI 17% of MTI 5% of MTI

2017
Operating $119.7M $101.2M $39.8M $6.8M
Income 16.3% of Sales 17.3% of Sales 14.2% of Sales 8.9% of Sales

Metalcasting
Precipitated Calcium Carbonate Refractory Products
Household & Personal Care (Paper and Specialty)
Product Metallurgical Wire Off-Shore Water Filtration
Basic Minerals
Lines Ground Calcium Carbonate Laser Measurement Equipment Off-Shore Well Testing
Environmental Products
Talc Steel Mill Service
Building Materials

#1 Worldwide in Bentonite
#1 in U.S. in Metalcasting Binders
Market #1 in U.S. in Bulk Clumping Cat
Positions Litter and #1 in Europe in
Premium Cat Litter
#1 in Quality Assurance
Waterproof Concrete Structures
#1 in N. American Monolithic
#1 in Gulf of Mexico Flow-back
Refractories
#1 Worldwide in Precipitated Filtration, Produced Water
Calcium Carbonate Deepwater Projects, and High
#1 N. America and Europe in
Pressure/High-Temp Well Testing
Solid Core Calcium Wire
#1 in North America in Specialty Leading Global Off-Shore
#1 Globally in Refractory Laser
PCC Produced Water and Well Testing
Measurement Systems
Services Company
5
 MTI GROWTH
DRIVERS BY SEGMENT
Minerals Businesses Service Businesses

Performance Materials Specialty Minerals

Refractories Energy Services
(Bentonite) (Carbonates)
GDP Growth Leading to Increased Demand in Our End Markets and Regions
Global 3-4%, China 6-7%, India 7-8%, Turkey 4-5%

Healthy Construction Market Conditions

+
Developing Global Automotive Demand
Secular Non-Cyclical Consumer Products Demand Steel Utilization Rates ~76%
Trends +
Asia Foundry Green Sand Asia Paper PCC Filler Steelmakers Adopting High- Improving Energy Sector
Bond Penetration Penetration Tech Laser Measurement
Systems
Organic Environmental Remediation Uncoated Wood Free Paper
Demand Growth in Asia
+ + +
PCC Expansions and New
Expansion / Penetration in
Satellites
Metalcasting in Asia New High Durability
Refractory Products ORCA:
Expansions in Specialty
Fabric Care Ramp-Up Our Produced Water
MTI PCC
New Laser Measurement Analytical Service
Positions / Higher Value Environmental NewYield, FulFill and
System Applications
Actions Systems
Packaging Innovations
+ +
Sizeable Portfolio of M&A Opportunities
Inorganic Value added technology driven minerals companies
(Acquisition of Sivomatic in 2Q’18)

6
Multiple Growth Drivers to Deliver High Single-Digit Growth
 M T I VA L U E
PROPOSITION
Leveraging Unique Adding Value Through Serving Customer Needs in
Reserve Position Operational Excellence & Innovation High-Value Markets

World Class Operations

Carbonate Mines
Carbonates

Paper & Packaging

Construction Automotive

Global, High Quality Mines

35
Countries
6%
159 Productivity
Locations
Highly Competitive Ore Brightness
25+ Years of Reserves
Environmental Responsibility Consumer
Bentonite Mines PCC Consumed China
1.3M Tons CO2 Eco-Partnership
Industrial
Equipment & Environmental
Customer Focused Agricultural Both Minerals
Research & Development Protection /
Remediation

Mineral Energy Foundry

Enhancement
World Bentonite Leader
Unmatched Natural Sodium Bentonite
25+ Years of Reserves
Product & Process
Innovation 12
R&D Labs
Bentonite

7
MTI GROWTH
S T R AT E G Y
ORGANIC GROWTH OF
EXISTING BUSINESSES
THROUGH

+ +
New
Geographic
Product Acquisitions
Expansion
Development

Value added technology

driven minerals companies

MTI Business System / Operational Excellence

Continuously improving our Continuously improving our

processes and systems leadership / employee capabilities
8
ORGANIC GROWTH
HIGHLIGHTS
Revenue by Region Growth Drivers
Trailing 12 Months Ended July 1, 2018

Growth Growth
% of Total (Excluding FX) (Including FX)
US +6% +6%
55%
International +6% +11%
45%
Total MTI +6% +8% • New PCC Satellites and Expansions Globally

• Specialty PCC Expansions in US / UK

• Continued Metalcasting and PCC Penetration in

Asia

• Fabric Care – New Additive Rolling Out Globally

45%
• Continued Growth in Lightweight Cat Litter
55%
• New Bleaching Earth Facility in Turkey – Ramping
Up Second Half 2018

• New Waste Water and Environmental Remediation

Technologies
• Commercialized ~80 New Products over the Past 5
Years with Potential to Deliver ~$300M Revenue
9
ACQUISITION:
S I V O M AT I C

MTI Acquisition Criteria & Sivomatic

Transaction Summary
Criteria Sivomatic
• Purchase Price: €110M
• Minerals-based Companies
with Technological
Differentiation
 • Accretive to Earnings Year 1

• Provide Additional Growth

Venues (Geographies,
Attractive Markets)
 • FY17 Revenue: €73M

• Strong Track Record of Revenue

• Extend Existing Business

Growth (8% CAGR Last 5 Years)
Positions (Global Reach,
Technology)

10
 S I V O M AT I C
PET CARE BUSINESS
Overview Established Brands & Partnerships
Strong Presence in Major European Retailers
• Vertically Integrated Manufacturer of Premium Cat Litter
in Europe with ~115 Employees

• Compatible Operations Footprint; Production Facilities

in the Netherlands, Austria, and Turkey

• Leading Position in Premium Litter Products

• Mining Reserves: Bentonite Sourced Primarily from

Wholly-owned Mines in Turkey Strategic Fit with MTI

• Extends Existing Pet Care Business into Europe

Moerdijk (NL)

• Doubles MTI Pet Care Business

Statzendorf (AT)

• Expands MTI’s High Quality Ore Reserves in Turkey

Ünye (TR)
• Fits Well Within Our Existing Operating Footprint in
Manfredonia (IT)
Europe
• MTI: 26 Facilities / Offices, Including 4 Plants and
1 Office in Turkey
11
 MTI
PET CARE BUSINESS
Overview Established Brands & Partnerships
Strong Presence in Major North American Retailers
• 100% Mine-to-Market; Great Value to Retail Partners

• Current Production Facilities in the US, China, Australia,

and Thailand

• Private Label Scoopable Cat Litter Supplier

• Supply the Largest US Branded Companies with Bulk

Scoopable Litter

Household, Personal Care & Specialty Products:

Revenue by Sub-Product Line, FY17
Total: $170M Value Proposition
• High Quality Sodium Bentonite Reserves in the US
Fabric Care • Big Horn and Colony Areas of WY

• Pipeline of Innovative Products

Pet Care
• Expanding Position in the Growing Asian Cat Litter
Market

• 100% Vertically Integrated

Personal Care
& Specialty • World Class Operations and Supply Chain Teams
12
FIRST HALF
PERSPECTIVES
First Half Review Looking Ahead

Growth Continuing
Growth Trend
• Strong Demand Across All Product Lines
• Executing on Growth Projects
• Metalcasting & PCC Penetration in China and India and Strong Customer Demand

• New Product and Demand Driven Facility Expansions

• Acquisition of Sivomatic Accretive in Second Half 2018 Managing

Cost Inflation
Cost Inflation
• Continued Pricing Actions
• Raw Materials and Energy Cost Increases; Freight Costs up 9% YoY
Due to Unit Cost and Availability; Overall $19M YTD • Driving Productivity at the
Mines and All Facilities
• Pricing Actions; Timing Lag with Some Contractual Pass-Through

Trade Developments Margin

Improvement
• Minimal Direct Imports / Exports With China; Monitoring the Situation

MTI Business System / Operational Excellence

Productivity up 5% • Kaizens up 5% • Suggestions up 6% 13
13
Q U A R T E R LY E P S
TREND
+4%
$1.28
$1.25 $1.23
$1.22 $1.20
$1.18 $1.17 $1.19
$1.13
$1.08 $1.07 $1.10
$1.07 $1.06
$1.00 $1.02
$0.94

$0.63 $0.63 $0.61

$0.58
$0.55

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2013 2014 2015 2016 2017 2018

The above chart reflects the Company’s EPS, excluding special items, such as acquisition-related costs, restructuring, gains/(losses) on asset sales and impairment costs and
related tax effects, for all periods presented. This is a non-GAAP measure that the Company believes provides meaningful supplemental information regarding its performance. 14
LIQUIDITY AND DEBT
HIGHLIGHTS

Cash Generation and Use Debt and Leverage Liquidity

YTD’18 Total Debt, $M 7/1/2018

Net Leverage Ratio
Cash From Ops* $80M Cash, Cash
Equivalents, and $206M
CapEx $42M 2.6X
2.5X ST Investments
Free Cash Flow $38M
2.2X Available Revolver $187M
*Includes Discretionary Pension
Contribution of $9M Total Liquidity $393M

Share Repurchases 1,032 1,087

971
YTD’18
# of Shares 185,650
Value $13.3M
$ / Share $71.88
2Q17 1Q18 2Q18

15
DRIVING
S H A R E H O L D E R VA L U E
Structured Business Solid Financial Position
Engaged Employees
System 2017 Year End

Kaizen Events 6.2

Strong Values and Thousands
4.0
Culture 3.0
1.2
1.9 1.9 15.7% 20.6%
Operating EBITDA
Margin Margin
2012 2013 2014 2015 2016 2017
Accountability
Employee Suggestions
Thousands 53.1
45.1
Organizational 39.7
9.2%
15.4 17.8 ROC
Alignment 9.8

2012 2013 2014 2015 2016 2017

Innovation Productivity
Year Over Year Improvement $415 2.2X
9% Million of Net
6% 6% 7% 6%
5% Liquidity Leverage
Speed of Execution
2012 2013 2014 2015 2016 2017

Operational Excellence (“OE”) Foundation

The above charts reflect the Company’s operating margin, EBITDA, and ROC, excluding special items, such as acquisition-related costs, restructuring, gains/(losses) on asset
sales and impairment costs and related tax effects, for all periods presented. These are non-GAAP measures that the Company believes provide meaningful supplemental 16
information regarding its performance.
SECOND QUARTER
2018 RESULTS

17
SECOND QUARTER
FINANCIAL HIGHLIGHTS
KEY FINANCIALS SALES
BRIDGE
2Q17 2Q18 Change $ Millions

Sales ($M) 414.1 464.7 +12% +12%

+7% 14.1 464.7
9.1
27.4 441.5
Gross Margin (%) 28.9 25.0 (13%) 414.1

2Q17 Organic Adjusted FX Sivomatic 2Q18

SGA (%) 12.0 11.1 (7%) Growth Baseline

O P E R AT I N G I N C O M E
BRIDGE
Operating Income ($M) 70.0 64.7 (8%)
$ Millions

-8%
Operating Margin (%) 16.9 13.9 (18%) 70.0
4.0 0.6 64.7

(9.9)
Earnings per Share ($) 1.23 1.28 +4% 2Q17 Raw Materials, Business Corp / FX 2Q18
Freight, & Performance
Energy
The above figures reflect the Company’s EPS, operating income, and operating margin, excluding special items, such as acquisition-related costs, restructuring, gains/(losses) on
asset sales and impairment costs and related tax effects, for all periods presented. These are non-GAAP measures that the Company believes provide meaningful supplemental 18
information regarding its performance.
PERFORMANCE
M AT E R I A L S
$ Millions

SALES O P E R AT I N G
INCOME
+19%
-7%
214.5 32.2
30.1
180.3 187.3
26.2

2Q17 1Q18 2Q18 2Q17 1Q18 2Q18

SECOND QUARTER THIRD QUARTER

HIGHLIGHTS OUTLOOK
• Metalcasting Sales +17%, Driven by Growth • Seasonally Strong Period for
Across All Regions Building Materials and
• Household, Personal Care & Specialty Environmental Products
+48% • Full Quarter of Sivomatic Sales
• Environmental Products +29% and Income
• Operating Margin at 14.0%; Compression • Continue to Offset Cost Increases
Due to Higher Raw Materials, Logistics, and
Mining Costs 19
S P E C I A LT Y
MINERALS
$ Millions

SALES O P E R AT I N G
INCOME
+3%
-7%
147.0 149.6 150.9 26.9
24.1 25.1

2Q17 1Q18 2Q18 2Q17 1Q18 2Q18

SECOND QUARTER THIRD QUARTER

HIGHLIGHTS OUTLOOK
• PCC • Paper PCC
– Total Sales +2% – Continued Growth in Europe and
– North American Paper Mill Closures Offset with Asia
Geographic Growth – Contractual Price Adjustments
• Processed Minerals
– GCC Sales +8% • Performance Minerals
• Segment Operating Margin at 16.6% – Typical Seasonality
20
R E F R A C TO R I E S
$ Millions

SALES O P E R AT I N G
INCOME
+16% -2%

79.6 12.8
75.3
68.9
10.5 10.3

2Q17 1Q18 2Q18 2Q17 1Q18 2Q18

SECOND QUARTER THIRD QUARTER

HIGHLIGHTS
• Refractory Products Sales +19%
• Metallurgical Sales +1%
• Strong Refractories Demand in all
Regions
• Operating Margin of 12.9%
• Lower YoY Equipment Sales Due to
Timing
OUTLOOK
• Market Conditions Remain Strong
• Pricing Adjusted Beginning of Third
Quarter
• Equipment Sales Increase in
Second Half of 2018
21
ENERGY
S E RV I C E S
$ Millions

SALES O P E R AT I N G
INCOME
+10% +10%

19.1 19.7 1.5

17.9
1.1
1.0

2Q17 1Q18 2Q18 2Q17 1Q18 2Q18

SECOND QUARTER THIRD QUARTER

HIGHLIGHTS OUTLOOK
• Sales +10%, Driven by Higher • Higher Level of Offshore
Filtration Activity in the US and UK Service Activity

• Competitive Pricing Pressure in • Larger Projects Starting to

Offshore Basins Come On Line

• Operating Margin of 5.6%

22
MINERALS TECHNOLOGIES INC. August 2018

MTI OVERVIEW

I N N O V AT I O N ▪ L E A D E R S H I P ▪ E X C E L L E N C E