Slide 1: 2014 Year-End Financial Results Review
Tredegar as 2 2014 Year-End Financial Results Review March 2, 2015
Slide 2: Forward Looking Statements
Tredegar Corporation Forward Looking Statements 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 3: Translating Strategy into Action
Tredegar Corporation Translating Strategy into Action >» Well-positioned for future growth in attractive markets » Leadership positions in diverse markets » Strength of product innovation is creating additional value >» Recent investments in added capacity and capabilities are in place » Poised for
Slide 4: Performance Drivers — Flexible Packaging films
Tredegar Corporation Performance Drivers — Flexible Packaging films 2014 Issues Actions Taken/Results » Operational inefficiencies affected | » New leadership embedding best cost and production volumes practices at the Cabo facility » Production output, reliability and quality improved in 4Q14 » Fou
Slide 5: Flexible Packaging Market Dynamics
Tredegar Corporation Flexible Packaging Market Dynamics WORLD BOPET FILM 7,000 00% 6,000 nem g 90% § 5,000 & = 85% 2 4,000 5 3 80% s 3,000 | 75% 2,000 70% 1,000 65% 0 60% 02 203 004 205 mN0§ © mO7 mOR 09 INN 12 1S wd IS mw I zB limi Capacity mim Production Utilisation Global Market Projected to Impr
Slide 6: 2014 Year-End Overview
Tredegar Corporation 2014 Year-End Overview > > > Market and operational challenges in flexible packaging; new line began ramp-up in fourth quarter Loss of certain babycare elastic laminate in North America, in large part offset by other personal care materials Strong operational performance in surf
Slide 7: 2014 Fourth Quarter and Full Year EPS
Tredegar Corporation 2014 Fourth Quarter and Full Year EPS Continuing Ongoing Operations Operations* Fourth Quarter EPS $0.40 $0.23 Full Year EPS $1.11 $1.13 “See Note 3 in Supplemental information for more information and a reconciliation ofthis non-GAAP financie! measure
Slide 8: 2014 EPS from Ongoing Operations
Tredegar Corporation 2014 EPS from Ongoing Operations EPS from Ongoing Operations* 2014 Performance: + Earnings before taxes from ongoing ops sae up $2.4MM $1.13 - Full year combined segment operating profit at $83.7MM, down $5.5MM - Non-cash Pension Expense of $6.7MM, $7MM favorable to prior year -
Slide 9: Film Products
Tredegar Film Products 2014 Fourth Quarter and Full Year Results 4th Quarter Performance {inimilfone) 4a 4013 LA Volume (Ibs.) 624 64.2 (3% Net Sales! $1404 $151.4 (7)% Operating Profit? $13.2 $15.6 (16)% Adj. EBITDA? $20.7 $24.1 (14)% Adj. EBITDAMargin 14.7% 15.9% (120bps) Full Year Performance rma
Slide 10: Bonnell Aluminum
Bonnell Aluminum rformance Drivers 4th Quarter Performance eminent) 4ai4 4013 A&A Volume (Ibs.) 395 348 13% Net Salest $909 $732 24% Operating Profit? $7.4 $5.9 20% Adj. EBITDA? $95 $8.2 18% Adj. EBITDAMargin 105% 11.2% —(Tbps) Full Year Performance Higher volumes and average selling prices Nonresid
Slide 11: Other 2014 Year-End Financial Highlights
Tredegar Corporation _Other 2014 Year-End Financial Highlights 10 $ Millions, except percentages Cash Flows from Operations $51.2 Capital Expenditures $44.9 Dividends Paid $11.0 Net Debt" $87.2 Total Debt to Adjusted EBITDA’ 1.42x Return on Invested Capital (ROIC) 8.5% + See Note 4 in Supplemental I
Slide 12: 2015 Outlook
Tredegar Corporation 2015 Outlook » Year-over-year volume and profit growth in Film Products and Bonnell » Film Products volume expected to accelerate in second half of year » Difficult market conditions in flexible packaging will continue due to global supply/demand imbalance, however, market growt
Slide 13: 2015 Outlook -- continued
Tredegar Corporation 2015 Outlook -- continued » Continued expansion of product roll-outs (elastics, surface protection next generation products) » Roll out of new automotive programs » Volume growth in nonresidential construction of 5 - 6%, in line with market growth projections » Additional anodiz
Slide 14: Performance Targets
Tredegar Corporation Performance Targets’ 2014 Actual | 2016 Target Performance Drivers Film Products * Volume Growth? (8.6)% 8-9% + Flexible Packaging: New capacity (YOY Growth) | (2 year CAGR) enabling growth + Surface Protection: Strong demand for LCDs; larger TVs + Personal Care: Elastic films a
Slide 15: Translating Strategy into Action
Tredegar Corporation Translating Strategy into Action >» Well-positioned for future growth in attractive markets » Leadership positions in diverse markets » Strength of product innovation is creating additional value >» Recent investments in added capacity and capabilities are in place » Poised for
Slide 16: Appendix
Tredegar as 2 Appendix
Slide 17: Annual Historical Financials
Tredegar Corporation Annual Historical Financials Net Sales' ¢ in m Adjusted EBITDA’ 6 in millions) 1200 $150 $931 $923 $104 $103 $101 900 gi00 | $90 $92 600 $50 300 $0 2010 «2011 «2012 «2013. 2014 2010 «2011 «2012 «2013-2014 0 Earnings Per Share from Ongoing Ops’ Adjusted EBITDA less CapEx’ (¢in mi
Slide 18: Film Products
Tredegar Film Products Business Profile Key Growth Drivers + Growth of middle class in emerging markets + Electronics and display market expanding ($579 million Net Sales* in 2014) Other 9% + Aging baby boomers in developed markets Surface ay ‘i + Packaging innovation driving demand for flexible ° P
Slide 19: Film Products Annual Historical Financials
Tredegar Film Products Annual Historical Financials Net Sales" ¢ in millions) Adjusted EBITDA’ ¢ in millions) $800 $120) gig $109 ¢106 $536 $612 $621 gezg $89 $600 | $524 $80 $400 $40 $200 $0 $0 2010 2011 «2012 «2013 «2014 2010 2011 2012 2013 2014 Volume (Ibs. in millions} Adjusted EBITDA less CapEx
Slide 20: Bonnell Aluminum
Bonnell Aluminum Business Profile ($344 million Net Sales in 2014) Other 9% Machinery & Equip 8% Consumer Durables 13% Automotive | 6% Residential Non- B&c 6% residential B&c 58% Key Market Drivers Nonresidential building and construction recovery Growing aluminum content in vehicles, driven by CAFE
Slide 21: Bonnell Aluminum Annual Historical Financials
Bonnell Aluminum Annual Historical Financials $400 a $40 $36 $310 woe #800 gooo 8280 $248 $30, 200 $20 $17 ‘ $12 $100 $10 45 $0 2010 2011 2012 20132014 2010 2011-2012 2013-2014 80 0 2010 2011 2012 2013 2014 2010 2011 2012 «2013-2014 Tr cberoptour echetedieo tie hese hac enor Ab Ri cnsiblinsfcmore Be
Slide 22: Segment Adjusted EBITDA
Tredegar Corporation Segment Adjusted EBITDA’ Segment Adjusted EBITDA, Ongoing Operations, excluding Corporate Overhead =FilmProducts = Bonnell Aluminum 2010 2011 2012 2013 2014 Film Products reflects incision of acquistions subsequent to their acquisitions: Temphane (10/24/11) and Bright View(2/S/1
Slide 23: Strong Cash Generation Profile
2 Tredegar Corporation Strong Cash Generation Profile Cash Flows from Operations Capital Expenditures 20 16 33 80 45 Free Cash Flow’ 26 56 50 (3) 6 Dividends 5) 6 31 & al Acquisitions 6 181 58 is} ie} Share Repurchases 35 io} io} ie} ie} | Free aah tr represents ceah tors tom operations lee captalex
Slide 24: Cash Dividend History
Tredegar Corporation 23 Cash Dividend History $1.20 $1.00 $.96 $0.80 $0.60 $.75 $0.40 $0.20 | ao ie $0.00 5 1996-2010 2011 2012 2013 2014? Quarterly dividends have more than doubled since 201 A special dividend of $. 75 per share was paid in 2042. # inctudes gpecialalvtiend of 8.75 per shave 2 Refle
Slide 25: Capital Expenditures History
24 Tredegar Corporation Capital Expenditures History Capital 2010 2011 2012 2013 2014 eee Expenditures Film Products 158 13.1 305 649 388 31.0 Bonnell Aluminum 43 2 23 147 6.1 10.0 Corporate 0.3 0.1 05 0.1 - Total 204 159 33.3 79.7 44.9 41.0 % Net Sales’ 28% 20% 39% 8.6% 49% 2015 capital expenditure
Slide 26: Outlook: Performance Targets
Outlook 2014 Performance Targets' 2014 2016? 20167 Original Revised Film Products + Volume Growth? Original | Revised | Actual + Surface Protection: New technologies for high-end TVs, tablets and smartphones 2% | (7-10)% | (8.6)% 5% 3% + Flexible Packaging: New capacity begins (3yr.CAGR) | (3 yr. CA
Slide 27: GAAP Reconciliations
Tredegar as 2 GAAP Reconciliations
Slide 28: Supplemental Information
Supplemental Information Notes ca “Treaegar acquttes Bright Views Technologies Corporation or February 2, 2910, 21s operatons were IncorporatecIrto Fir Produc etfectve Jaruary-, 2012, Pier \yeer 2alances fave bean “aviv fo con‘o1m ith te currant year presentation Fim Frou resus inchs the acq isin of
Slide 29: Supplemental Information
28 Supplemental Information Notes Film Aluminum 204 Products Extrusions Total ‘Operating proft (loss) fom ongoing operations: $ sie | 28r wae ‘Add back depreciation & amortization 307 99 408 Adjusted EBITDA before corporate overhead (3) 882 36 124.4 Corporate overhead : - 234) ‘Aduusted EBITDA (c) $
Slide 30: Supplemental Information
29 Supplemental Information Notes Film lumiow 2on Products __Extusions Total ‘Operating promt [lass] rom angalng opeTaone + SH EOD 0 ‘Add back deprecation amortization 283 a3 445 ‘Agusted EEITOA before corporate overhead (3) 358 18 Tare Corporate overhead ' ‘ (5) ‘AdustedEBITOA (6) ¥ oie Ea Net sale
Slide 31: Supplemental Information
30 Supplemental Information Notes Notes (continued): 3 ‘The aner-tax etfents of eses assaclateg Win plant Shutdowrs, asezt IMparments ans restructurings ang als or losses fromine sale of assets arg otner ems (whlen ncudes unrealized gains and losses for an nvestment a unted for under the fair value
Slide 32: Supplemental Information
Supplemental Information Notes Notes (continued): 4. Net debt is a non-GAAP financial measure that is not intended to represent debt as defined by GAAP, but is utiized by management in evaluating financial leverage and equity valuation. calculation of net debt is shown below: (i millions) December 3
Slide 33: Supplemental Information
2 Supplemental Information Notes Notes (continue) 6 Onerateg pint frm ongoing aperetions & ised ty managenen te ASSESS prefiabify A rennneiiatin af aparsing pen fnm angning pe ius tv ne inca is show below Overating profit loss (ie thousands) roa eatonen rasta | aon as ome FimPrndurts nui uperaions S
Slide 34: Supplemental Information
Supplemental Information Notes Noto (contirued): 12ers on nvesies capaal Mt) & me by LrecegA AS Aste Net Nerrefamcngyng peratias ces hy avatege NvAsten ra ‘sera the indidvalcomponee’s te defred a folowe: _Aduatee Nat nsome from Orcoire Opsctona equals: hnsoms from Orcoing Opsstone (a2 provouelycefre
Slide 35: Supplemental Information
4 Supplemental Information Notes Notes (continued): 8 ‘The pre-tax and after-tax effects of losses associated with plant shutdowns, asset impairments and restructurings and gains or losses from the sale of assets and other tems (which includes unrealized gains and losses for an investment accounted
Slide 36: 2014 Year-End Financial Results Review
Tredegar as 2 2014 Year-End Financial Results Review March 2, 2015