Slide 1: Annual Meeting of Shareholders
Tredegar convenient ws Annual Meeting of Shareholders May 4, 2016
Slide 2: Tredegar 2016 Annual Shareholders Meeting - Chairman
Tredegar 2016 Annual Shareholders Meeting William M. Gottwald, Chairman of the Board
Slide 3: Election of Directors
Election of Directors John D. Gottwald Thomas G. Snead, Jr.
Slide 4: Tredegar 2016 Annual Shareholders Meeting - Chairman
Tredegar 2016 Annual Shareholders Meeting William M. Gottwald, Chairman of the Board
Slide 5: Tredegar 2016 Annual Shareholders Meeting - President & CEO
Tredegar 2016 Annual Shareholders Meeting John D. Gottwald, President & CEO
Slide 6: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures Certain statements contained in this presentation are forward-looking statements. Pursuant to federal securities regulations, we have set forth cautionary statements relating to those forward- looking statements in our Annual Report on Form 10-K for the
Slide 7: Tredegar 2016 Annual Shareholders Meeting - CFO
Tredegar 2016 Annual Shareholders Meeting D. Andrew Edwards, Vice President & CFO
Slide 8: First Quarter 2016 Earnings Highlights
First Quarter 2016 Earnings Highlights $0.29 (0.13) ) 004 $0.23 | _ QI-15 EPS PE Films Terphane Bonnell QI-16 EPS Ongoing Operating Profit Operating Profit Operating Profit Ongoing Operations | | Operations Favorable (Unfavorable) Impact on Ongoing EPS Q1-16 vs. Q1I-15* per per tof | i rr
Slide 9: Quarterly Net Debt, Leverage and Cash Flow Trends
Quarterly Net Debt, Leverage and Cash Flow Trends ( Millions) 1.6x 14x 2x 1.3x $87.2 $87.4 i Ai 5 7 12/31/14 9/30/15 12/31/15 3/31/16 mNet Debt —Leverage Ratio* as defined in the Company’s revolving credit facility ¢ Strong cash flow since 9/30/15 * New 5-year, $400 million revolving credit facility
Slide 10: Annual Meeting of Shareholders
Tredegar convenient ws Annual Meeting of Shareholders May 4, 2016
Slide 11: Impact on Personal Care Net Sales of Business Lost/Product Transitions
Impact on Personal Care Net Sales of Business Lost/Product Transitions ( Millions) $401 $368 $288 $271 = Net Sales from Business 39 Lost/Product Transitions 29 Expected to be Fully Reflected by End of 2016 249 242) ™ Net Sales Excluding Lost oa Business/Product Transitions to be Fully Reflected by E
Slide 12: Impact on PE Films Ongoing Operating Profit of Business Lost
Impact on PE Films Ongoing Operating Profit of Business Lost/Product Transitions (6 Millions) $61.0 = Profit from Business Lost/Product Transitions Expected to be Fully Reflected by End of 2016 @ Profit Excluding Lost Business/Product Transitions to be Fully Reflected by End of 2016 2015 LTM Mar-16
Slide 13: Headwinds for Future Earnings
Headwinds for Future Earnings LTM Mar-16 EPS from Ongoing Operations 5 $0.65 Actual Pro Forma After Lost Business/Product Transitions $0.9
Slide 14: Actions to Improve Organic Growth
Actions to Improve Organic Growth 1) Cultural Shift: Much More Responsive 2) Build Stronger Customer Relations 3) Significant New Sales Launches = Elastics in Europe (Late 2016) » Acquisition Distribution Layer in Latin America (Now) 4) Investing in R&D
Slide 15: Personal Care Business R&D Spending
Personal Care Business R&D Spending (in Millions) $10.9 $8.9 $7.7 : $6.9 g65 ; 2012) 2013) 2014s 2015. 2016F ee ‘Tredegar
Slide 16: $443 Million Spent on Capex & Acquisitions from 2011-2015
$443 Million or the Equivalent of $13.59/Share Spent on Capex & Acquisitions from 2011-2015 $88 or $71 or (8 Millions Except Per Share Amounts) $2.70 / $2.17 / PE Films Capital Share Share Expenditures Terphane Acquisition Oct-11 ($183) & Capital $284 or Expenditures ($101) $8.72 / = Bonnell AACOA h
Slide 17: 2009-2015 Tredegar EPS from Ongoing Operations
2009-2015 Tredegar EPS from Ongoing Operations $1.01 $0.85 | i| | | | | 2009 2010 2011 2012 2013 2014 2015 LTM Mar-16
Slide 18: Shift in EPS from Ongoing Operations in Past Five Years
Shift in EPS from Ongoing Operations in Past Five Years 0.75 9.02 (0.22) (0.06) (0.05 $0.88 (0.51) I mm DY $0.95 0.14 2010 EPS PE Films Terphane Bonnell Corporate Pension Interest Effective LTM Mar- Ongoing Operating Operating Operating Expenses Expense Expense Tax Rate, 16 EPS Operations | Profit P
Slide 19: Brazil Real GDP Annual Growth
Brazil Real GDP Annual Growth 7.5% 2016 Consensus Economic Forecast -3.6% 3.9% 3.0% ae 1.9% ose -3.9% 2010 2011 2012 2013 2014 2015 Source: Banco Central do Brasil and Bloomberg
Slide 20: Continuing Global Overcapacity of PET Film
Continuing Global Overcapacity of PET Film World BOPET Thin Film Capacity Utilization % 90% 85% 80% 75% 710% 65% 60% ngnaoaowvruwunwvenrinwreaaaornranmntrunvuorAeAans eccecoeoeedecQt st st Ft st fst ft st fs = Qa seeococceocoeeoeoeoeoseceececeseececeeeesese NNANANANANANANANANANANAAANAAAAN Source: PC
Slide 21: Terphane Annual and Quarterly Ongoing Operating Profit (Loss)
Terphane Annual and Quarterly Ongoing Operating Profit (Loss) ($ Millions) Recent Annual Recent Results Quarterly Results = Other Exceptional ue Ttems = Foreign Currency Transaction Gains $5.5 (Losses) $3.7 $2.0 @ Operating Profit (Loss) from Ongoing Operations Before FX $(2.9) & Exceptional Items 2
Slide 22: Recent Investments
Recent Investments = Elastics Line in Europe = New Aluminum Press in Michigan = New Product Line in Bright View
Slide 23: Priorities
Priorities 1) Strengthen Organic Growth — Build Talent and Customer Relations — Bolster New Product Development — Broaden Customers and Product Lines 2) Consider Strategic Additions 3) Build Platform for Strong Dividends
Slide 24: Q&A
Q&A
Slide 25: GAAP to Non-GAAP Reconciliations
Tredegar convenient ws GAAP to Non-GAAP Reconciliations
Slide 26: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes: 1 losses from the sale of asset . GAAP. GAAP. relate to i Pretax Amounts luted Qtr. Ended March 31 (unt ) Variance 2016 2015 Variance After Tax| Impact ations 0.29 7 changes: Operating profit romongoing operations: PE Firs S$ 102 $ 168 $ (66) $ (43)| (0.13) Fl
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): (losses) from the sale of assets trem continving ' Net income from Tredegar fi its ongoing operations. t Tredegar’ dered der US. US. GAAP. ttexcludes items that we believe do not A.reconciliation of perations for in order to show its impact upon th
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): 3 taxes, d rizati lite Struct Adjusted perations as etined by US. ‘Tredegar uses ‘Adjusted EBITDA, vvary among peer companies. Tredegar's Ta milions Tamia oa0s PAE EAM ish 3 01 6S | (442 400 Debt outstanding 1373 1340 1040 107.0 Not Debt 872 4 S598
Slide 29: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): 4, Sales of nt of it ir ir is lost, p 9h As a result of this decline in business, efforts to consolidate Thi 01 The tables below show separ personal Year Ended LIM ] Quarter Ended December 31, Ended March 31 in millions) 2013-2014 «01S =a | 2015 «2
Slide 30: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): 5. ils (US. GAAP), GAAP. operating urpos A Lt] Quarter Ended Year Ended December 31, End March 31 in mitons) 2032014 iS _agwie [205 2076 PEFins $ 47389 § 4954 § 4643 § 9856 $ s677|$ 1064 $ 985 Flexible Packaging Fis 1380-1258 1143—=S«1053 = t04g] |
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): 7. PEFiims sales vol i Shipment lost, with PE Films? As aresut of 15. not 201 milion. th Until after 2017. The table below i hare had all of these events ly 016. For the Twelve Months Ended March 31, 2016 Diluted i ta) Pre-Tax__After-Tax |__ EPS In
Slide 32: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): 2 The table below includ of for with major a ely. The five-year the number of f March 31, 2016 for ilustrative purposes. 2011-2015] Per (in millions except per share data) 20112012 20132014 2015 | _Total_| Share PE Films: 1 $ 6 $ 16 $ 17 at oe Flex
Slide 33: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): 8 GAAP o determine Tredegar's presentation of net income and earnings per GAAP. Tr 2009 2010 20112012 201320142015 _ 991/16 |@1 2015 GI 2016 Earnings (loss) f (diuted) $10.04) $0.82 $0.89 $1.94 $1.10 $1.11 $0.99) $ (107)[$ 030 $ 0.22 Alter tax effe
Slide 34: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): 10. GAAP. results for per GAAP, Tredegar's ' pe disclosed. r Pretax Amounts Year ve Diluted Bees aed (uae) Vesanes| me (in millions except per share data 33116 12/31/10 Variance _After Tax|_Impact Diluted EPS from ongoing ea rations for he year end
Slide 35: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Notes (continued): "1 1d. Accordingly, This measure of performance is not intended to represent the stand-alone results for Terphane under US. GAAP. i ‘and Quarterly Reports on Form 10-Q are provided below Flexible Peskeging i i it, FX Transaction Gains/Losses and Ot