GCP remains committed to maintaining a disciplined approach to capital allocation and preserving the Company's strong balance sheet. GCP's cash balance at the end of the third quarter 2021 was $481.5 million. GCP has access to additional liquidity in the form of a $350 million revolving credit facility maturing in 2023, along with other non-US credit facilities of $40.3 million, which brings total liquidity sources to approximately $869.0 million as of September 30, 2021.

Revisions of Previously Issued Consolidated Financial Statements

In connection with the preparation of the consolidated financial statements for the year ended December 31, 2020, the Company identified expense accrual and other adjustments in its previously filed unaudited quarterly consolidated financial statements for the first three quarterly periods of 2020. Please refer to the Quarterly Report on Form 10-Q for the nine months ended September 30, 2021 to be filed with the United States Securities and Exchange Commission for more information.

Third Quarter 2021 Results Conference Call

GCP has scheduled a conference call at 10:00 a.m. ET today to review its third quarter 2021 results. The conference call can be heard live through a link on the GCP website, by visiting the "Events and Presentations" section at investor.gcpat.com. The call may also be accessed by dialing +1 (844) 887-9408 domestically, or +1 (412) 317-9261 internationally. Attendees should log in to the webcast or dial in approximately 15 minutes prior to the call's start time. In addition, GCP's slides for the third quarter 2021 can be found on the Company's website.

A replay of the conference call will be available until November 9, 2021, by dialing +1 (877) 344-7529 domestically, or +1 (412) 317-0088 internationally and then entering conference ID# 10160300. A webcast replay will also be available in the "Events and Presentations" section of the Company's website for approximately three months.

Contact

Investors Relations

William I. Kent, IRC

Vice President, Investor Relations

T +1 (617) 498-4344

investors@gcpat.com

About GCP Applied Technologies

GCP Applied Technologies (NYSE: GCP) is a leading global provider of construction products technologies that include admixtures and additives for concrete and cement, the Verifi(R) in-transit concrete management system, high-performance waterproofing products, and specialty construction products. GCP products have been used to build some of the world's most renowned structures.

For more information, visit GCP's website at www.gcpat.com.

Forward Looking Statements

This announcement contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when GCP or its management is discussing its beliefs, estimates or expectations. Such statements generally include the words "believes," "plans," "intends," "targets," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. These statements are not historical facts or guarantees of future performance but instead represent only the beliefs of GCP and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside GCP's control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements about expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; strategic alternatives; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; the potential impacts of global supply chain disruptions, increased cost inflation and potential price increases; and markets for securities. Like other businesses, we are subject to risks and uncertainties that could cause our actual results to differ materially from our projections or that could cause other forward-looking statements to prove incorrect, including, without limitation, risks related to: the cyclical and seasonal nature of the industries that GCP serves; foreign operations, especially in emerging regions; changes in currency exchange rates; business disruptions due to public health or safety emergencies, such as the novel strain of coronavirus ("COVID-19") pandemic; the cost and availability of raw materials and energy; the effectiveness of GCP's research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting GCP's outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting GCP's funded and unfunded pension obligations; warranty and product liability claims; legal proceedings; the inability to establish or maintain certain business relationships and relationships with customers and suppliers or the inability to retain key personnel; the handling of hazardous materials and the costs of compliance with environmental regulations; extreme weather events and natural disasters. These and other factors are identified and described in more detail in GCP's Annual Report on Form 10-K for the year ended December 31, 2020 as well as GCP's subsequent filings and quarterly reports and is available online at www.sec.gov. Readers are cautioned not to place undue reliance on GCP's projections and other forward-looking statements, which speak only as of the date thereof. GCP undertakes no obligation to publicly release any revision to its projections and other forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.

GCP Applied Technologies Inc.

Consolidated Statements of Operations (unaudited)

                     Three Months 
                   Ended September       Nine Months Ended 
                         30,               September 30, 
                   ----------------  ------------------------- 
                    2021     2020       2021         2020 
                   -------  -------  ----------  ------------- 
                     (in millions, except per share amounts) 
Net sales          $249.6   $248.4   $725.8       $  660.5 
Cost of goods 
 sold               165.1    146.6    461.7          398.5 
                   ------   ------   ------      --------- 
    Gross profit     84.5    101.8    264.1          262.0 
Selling, general 
 and 
 administrative 
 expenses            59.2     64.7    190.0          198.8 
Restructuring and 
 reposition 
 expenses             6.7      7.8     22.6           15.0 
Interest expense 
 and related 
 financing costs      5.6      5.6     16.8           16.3 
Gain on sale of 
 corporate 
 headquarters          --   (110.2)      --         (110.2) 
Other expense, 
 net                  3.6      2.7      5.2            6.4 
                   ------   ------   ------      --------- 
    Total costs 
     (income)        75.1    (29.4)   234.6          126.3 
                   ------   ------   ------      --------- 
    Income from 
     continuing 
     operations 
     before 
     income 
     taxes            9.4    131.2     29.5          135.7 
Income tax 
 expenses            (1.6)   (31.0)    (9.6)         (34.0) 
                   ------   ------   ------      --------- 
    Income from 
     continuing 
     operations       7.8    100.2     19.9          101.7 
                   ------   ------   ------      --------- 
Loss from 
 discontinued 
 operations, net 
 of income taxes     (0.1)    (0.1)    (0.3)          (0.4) 
                   ------   ------   ------      --------- 
    Net income        7.7    100.1     19.6          101.3 
Less: Net income 
 attributable to 
 noncontrolling 
 interests             --     (0.2)    (0.2)          (0.4) 
                   ------   ------   ------      --------- 
    Net income 
     attributable 
     to GCP 
     shareholders  $  7.7   $ 99.9   $ 19.4       $  100.9 
                    =====    =====    =====          ===== 
Amounts 
Attributable to 
GCP 
Shareholders: 
    Income from 
     continuing 
     operations 
     attributable 
     to GCP 
     shareholders     7.8    100.0     19.7          101.3 
    Loss from 
     discontinued 
     operations, 
     net of 
     income 
     taxes           (0.1)    (0.1)    (0.3)          (0.4) 
                   ------   ------   ------      --------- 
    Net income 
     attributable 
     to GCP 
     shareholders  $  7.7   $ 99.9   $ 19.4       $  100.9 
                    =====    =====    =====          ===== 
Earnings Per 
Share 
Attributable to 
GCP Shareholders 
  Basic earnings 
  per share: 
    Income from 
     continuing 
     operations 
     attributable 
     to GCP 
     shareholders  $ 0.11   $ 1.37   $ 0.27       $   1.39 
    Loss from 
     discontinued 
     operations, 
     net of 
     income 
     taxes          (0.01)      --    (0.01)         (0.01) 
                   ------   ------   ------      --------- 
    Net income 
     attributable 
     to GCP 
     shareholders  $ 0.10   $ 1.37   $ 0.26       $   1.38 
                    =====    =====    =====          ===== 
    Weighted 
     average 
     number of 
     basic 
     shares          73.5     73.0     73.3           72.9 
                   ======   ======   ======      ========= 
  Diluted 
  earnings per 
  share: 
    Income from 
     continuing 
     operations 
     attributable 
     to GCP 
     shareholders  $ 0.11   $ 1.37   $ 0.27       $   1.39 
    Loss from 
     discontinued 
     operations, 
     net of 
     income