TPBI Public Company Limited Opportunity Day Presentation May

TPBI Public Company Limited Opportunity Day Presentation May 21, 2019 www. tpbigroup. com

Disclaimer • The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in TPBI Public Company Limited (“TPBI”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. • In addition, this presentation contains projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects, ” “plans, ” “will, ” “estimates, ” “projects, ” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions. www. tpbigroup. com

Agenda www. tpbigroup. com Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan Page 3

TPBI Group Overview Company Profile • • • Share Summary TPBI Public Company Limited (“TPBI”) was established by Borrisuttanakul family as a plastic-bag trader/producer Number of Shares Outstanding (mm) 416. 88 Registered Shares (THB mm) 416. 88 Paid-up Capital (THB mm) 416. 88 More than 30 -year experience led the company become the leader of plastic-bag producer in Thailand Par Value per Share (THB) 1 The company was listed on the Stock Exchange of Thailand in the beginning of 2 Q 16 Share Movement ( Apr 18 – Mar 19) High (THB) 13. 00 Low (THB) 4. 98 Average (THB) 8. 16 Average Market Capitalization (THB mm) Average Daily Trading Value (THB mm) TPBI is Thailand’s No. 1 total solution provider of plastic bag, providing complete services Dividend Payout Policy (%) 3, 200. 21 0. 37 At least 50% of net profit BBLAM; Others; 17. 40% 11. 59% ü product design and formula development ü manufacturing and procurement ü raw material and product testing Borrisuttanakul family; 71. 01% *Shareholder holding as of the latest book closing date TPBI’s VISION is “To be a leading packaging manufacturer who achieves sustainable growth together with all stakeholders” www. tpbigroup. com Source: Company Data, Bloomberg Page 4

TPBI Group Products Revenue Breakdown by Product § TPBI Group’s total sales for 1 Q 19 is THB 1, 372. 82 mm, having sales proportion by products as follows: Revenue Breakdown in 1 Q 18 Revenue Breakdown in 1 Q 19 TPBI UK Trading 12% Others 14% TPBI UK Paper 6% Flexible Packaging 15% www. tpbigroup. com Garbage bags 22% Others 15% Flexible Packaging 15% Fruit&vegetable bags 4% Multi-layer Soft Loop blown film 1% 11% Source: Company Data Vest carriers/t -shirt bags 14% Fruit&vegetable bags 4% Multi-layer blown film 11% Soft Loop [VALUE] Garbage bags 22% Vest carriers/t -shirt bags 31% Page 5

Market Diversification § During 1 Q 19, approximately 63. 33% of total sales are from exports to international markets while 36. 67% are from domestic sales. In 1 Q 18 In 1 Q 19 Australia 12% Thailand 37% Japan 6% UK 16% Australia 25% Thailand 44% Japan 9% USA 17% Other countries New Zealand Myanmar 7% 2% 3% USA 9% UK 4% Other countries 4% New Zealand 0% 5% “TPBI Group distributes their different types of products to various regions to diversify the risk of relying on a few market” www. tpbigroup. com Note: : *Other countries include South Korea, Singapore, Nigeria, Laos, Cambodia, etc. Source: Company Data Page 6

Agenda www. tpbigroup. com Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan Page 7

TPBI’s Business Divisions Global Trading Product Mix: • Reusable bags/ Piping bags/ All products from Consumable, Flexible, and Paper divisions. Key Markets: • UK, Australia, and USA. Product Mix: • Vest carrier bags/ T-shirt bags/ Bio compostable bags/ Fruit & Vegetable bags/ Garbage bags/ Loop- handle/ Die cut bags/ Fashion bags/ EMAP film bags • New Products: Roll Star/ New design garbage bags/ New design bags on roll for fruit and vegetable/ Mail Order bags/ Liner bags/ LLDPE food bags Production Capacity: • ~ 62, 000 tons per year Key Markets: • Australia, UK, USA, New Zealand, Japan and etc. www. tpbigroup. com Flexibles Consumables Product Mix: • Lamination film/ Barrier film/ Stretch hood/ Shrink film • • Packaging for frozen food, ready -to-eat food and others New Products: Digital Printing Production Capacity: • Multi Layer Film: ~ 11, 500 tons per year • Flexible Packaging: ~ 150 million meters per year Paper Product Mix: • Flat & Satchel bag/ Block Bottom/ SOS / Tape Handle / die cut SOS bags Production Capacity: • ~ 516 million bags per year Key Markets: • UK. Key Markets: • Thailand, Vietnam, Singapore , Australia, and etc. Page 8

Historical Production Capacity and Utilization Rate 100, 000 84% General Packaging 86% 85% Tons per year 80, 000 100% 78% 67% 64% 80% 60, 000 60% 40, 000 40% 20, 000 20% 0 • General packaging capacity is currently around 62, 000 tons per year • Utilization rate have been in range of 64 - 86% • Multilayer blown film capacity is currently around 11, 500 tons per year • Utilization rate have been in range of 76 – 84% • With new factory, Flexible packaging capacity has been increased to over 150 million meters per year • Utilization rate have been in range of 49 – 80% • Capacity expansion requires longer lead time than other products 0% 2014 2015 2016 2017 2018 1 Q 19 Tons per year Multilayer Blown Film 12, 000 10, 000 8, 000 6, 000 4, 000 2, 000 0 84% 80% 76% 2014 Million Meters per year 81% 82% 2015 2016 2017 2018 86% 84% 82% 80% 78% 76% 74% 72% 70% 1 Q 19 Flexible Packaging 150 100% 80% 67% 62% 100 58% 67% 49% 80% 60% 40% 50 20% 0 0% 2014 2015 2016 Capacity www. tpbigroup. com 2017 Output Source: Company Data 2018 Utilization rate 1 Q 19 Page 9

Agenda www. tpbigroup. com Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan Page 10

Market Overview 100 600 400 200 0 50 0 Apr 18 May Jun 18 Jul 18 18 Aug 18 Sep 18 Oct 18 Volume (RHS) Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Volume ('000) USD/Barrel Brent Crude Oil • Brent crude oil price has been increasing during the first quarter of 2019, averaging at USD 63. 83 per barrel in 1 Q 19. Closing Px USD/MT Resin Price • The resin prices are somewhat influenced from crude oil price. 1, 600 1, 400 1, 200 1, 000 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 HDPE LLDPE • The average prices of HDPE and LLDPE were 1, 081 and 1, 030 per MT respectively in 1 Q 19 Foreign Exchange (THB/USD) THB/US 34 33 32 31 Apr 18 May 18 www. tpbigroup. com Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Source: Bloomberg • Thai Baht has been quite fluctuated during 1 Q 19, averaging at THB 31. 63 per USD • TPBI revenue and cost are partially naturalhedged Page 11

Operating Results Total Sales Revenue Gross Profit and Net Profit Margin 1, 373 1, 200 1, 185 20. 0% 1, 137 THB mm 15. 0% 800 10. 0% 11. 5% 9. 8% 9. 5% 5. 0% 5. 1% 5. 0% 400 - 1 Q 17 1 Q 18 1 Q 19 Revenue Breakdown 1 Q 17 800 400 - 170 163 96 163 123 33 42 435 349 149 20 56 194 226 243 295 1 Q 17 Garbage bags Soft Loop TPBI UK - Paper www. tpbigroup. com 160 78 209 258 1 Q 18 Vest carriers/t-shirt bags Multi-layer blown film TPBI UK - trading Source: Company Data 1 Q 19 Fruit&vetgetable bags Flexible packaging Others 1 Q 18 1 Q 19 (5. 0%) EBITDA Margin (1. 4%) Net Profit Margin • In 1 Q 19, the revenue was increased compared to same period last year mostly due to higher sales of Garbage bags as well as revenue from Intelipac group in 1 Q 19. • Besides the increase in sales of general packaging, there also an increase in sales of Multi-layer blown film and flexible packaging products which is in line with the Company’s policy to shift into higher value-added products. • The gross profit margin was higher due to an increase in sales of higher value-added products such as garbage bags and film as well as a recognition of gross profit from an investment in Intelipac group. On the other hand, the Company has net loss since an increase in mainly depreciation and interest expenses from new investment to expand production capacity. Page 12 195 1, 200 5. 0% 0. 3% Gross Profit Margin THB mm 6. 6%

Operating Results (Cont. ) Operating Result in 1 Q 19 In THB mm 1 Q 19 1 Q 18 Revenue 1, 372. 82 Cost of Sales Gross Profit Yo. Y THB mm % 1, 136. 98 235. 84 20. 74% 1, 223. 50 1, 047. 77 175. 73 16. 77% 132. 60 74. 52 58. 09 77. 95% 6. 15 10. 11 (3. 95) (39. 12%) SG&A 154. 82 78. 50 76. 32 97. 21% EBITDA 68. 86 57. 66 11. 21 19. 44% Net Income (19. 39) 3. 21 (22. 60) n. a. EPS )THB( (0. 038) 0. 002 (0. 04) n. a. GP Margin (%) 9. 78% 6. 64% 3. 14% 47. 27% EBITDA Margin (%) 5. 02% 5. 07% (0. 05%) (1. 08%) (1. 41%) 0. 28% (1. 69%) n. a. Other Income NP Margin (%) www. tpbigroup. com Source: Company Data • In 1 Q 19, the lower profit margin compare to last year mainly due to following factors: • Single-use plastic bag ban policies across many countries and quite low order for General Packaging because of garbage bag order opening process of new customer during beginning of this quarter • High production expenses occurred from production start-up and moving of all production capacity to new factory of the Company’s subsidiary for lower production cost (T. A. K. packaging) • An increase in depreciation expenses as a result of new product capacity expansion in General Packaging and an increase in production capacity of flexible packaging product • An increase in interest expense from an increase in bank loans as a result of an expansion in production capacity of general packaging and flexible packaging products Page 13

Operating Results (Cont. ) Analysis of Net Loss in 1 Q 19 compares to 1 Q 18 Unit: THB ‘ 000 233. 82 (175. 73) (76. 32) 3. 21 (3. 95) NP 1 Q 18 Chg. In Revenue Chg. in COGS Start&End 3. 213 Note: : *SG&A in FY 2018 includes non-recurring expense in total of THB 108 mn. Before 3. 213 237. 031 Source: Company Data After 237. 031 61. 298 Cum. 3. 213 237. 031 61. 298 www. tpbigroup. com 5. 98 (9. 71) Chg. in SG&A Chg. In Other Incomes Chg. In Profit (loss) from F/X 61. 298 -15. 017 -18. 97 -12. 995 3. 32 Chg. In Interest expenses (19. 39) Chg. In Corporate tax NP 1 Q 19 -19. 386 -15. 017 -18. 97 -12. 995 -22. 703 -19. 386 -22. 703 Page 14 -19. 386

Balance Sheet Composition Assets Breakdown Liabilities and Equity Breakdown (THB mm) 5, 040 4, 228 1, 937 84 2, 207 1, 934 53% 46% 2, 662 1 Q 19 Other non-current assets 4, 228 343 39. 6% Inventories 8. 6% 1% 1 Q 18 PP&E 444 5, 040 Cash & ST Investment 1 Q 19: THB 199 mm 1 Q 18: THB 523 mm 51. 8% 1 Q 19: THB 860 mm 1 Q 18: THB 690 mm 1, 131 A/R 1 Q 19: THB 845 mm 1 Q 18: THB 702 mm 2, 754 PP&E 1 Q 19: THB 2, 662 mm 1 Q 18: THB 2, 207 mm 802 15. 7% 1, 746 35. 1% Net Debt 1 Q 19: THB 1, 637 mm 1 Q 18: THB 328 mm 49. 2% Share Capital 1 Q 19: THB 417 mm 1 Q 18: THB 400 mm 5. 7% 30. 2% 64. 1% 1 Q 18 2, 492 1 Q 19 Total shareholders' equity Total non-current liabilities Total current assets Interest-bearing-debt 1 Q 19: THB 1, 836 mm 1 Q 18: THB 851 mm Total current liabilities Key Financial Ratios Gross Debt to Equity 1 Q 19: 1 Q 18: 0. 74 x 0. 31 x Net Debt to Equity Current Ratio 1 Q 19: 0. 66 x 1 Q 18: 0. 12 x 1 Q 19: 1 Q 18: Source: Company Data www. tpbigroup. com 1. 11 x 1. 71 x Cash on Hand 1 Q 19: 1 Q 18: 199 mm 299 mm Page 15

Agenda www. tpbigroup. com Section 1 About TPBI Group Section 2 Business Overview Section 3 Financial Highlights Section 4 Future Plan Page 16

TPBI 2019 Outlook Vest Carrier Bags/ TShirt Bags • Continue to maintain market shares in existing market as well as obtain purchase orders from new customers in order to maximize production capacity Reusable Bags • Utilize production capacity shifted from Vest Carrier in order to serve stronger demands from oversea countries such as USA, Australia and other European countries Garbage Bags • Increase production capacity to meet an increase in demands from oversea countries, especially from USA Consumable Products Other Plastic Bags • Continue to increase market shares of other plastic bags in order to optimize product portfolio risk and support margins Multilayer Blown Film • Invested in new Multilayer Blown Film. Focusing on sales to domestic manufacturer in food industry while looking for an opportunity in other market both domestic and overseas Flexible Packaging • New factory has been operated since Sept 2018. Currently focusing on utilize an increase in production capacity and enhance production efficiency TPBI UK Paper Bags • TPBI’s paper bags production and sale base in UK will continue to increase its market shares in UK and other nearby country. In addition, R&D and feasibility study are going to be conducted for an investment opportunity in Thailand TPBI UK Trading Plastic and Other Bags Flexible Packaging www. tpbigroup. com • Utilize TPBI’s expertise in import and export in international market to serve customer’s demand for plastic and other bags Page 17

Updated Actions and Future Plan Inorganic Growth Organic Growth Market Expansion • Transformation project to divert into more new products and markets. New general packaging products will help to optimize product portfolio risk and support margins • Expand new designs garbage bag orders • Expand new bag on roll for vegetable and fruit orders • Expand mail order bags orders • Start production of pipping bags • Start production of Reusable Soft Loop with Post Consumer Recycle • Expand transformation products capacity www. tpbigroup. com Source: Company Data Flexible Packaging & Film • New flexible packaging factory started its operation • Merger & Acquisition • Focus in strengthen and expand M&A subsidiary companies. Expected capacity (per year basis) • Current: 150 million meters • Phase II: 200 million meters in 2019 -2020 • Digital Printing is completely installed and already start commercial run. • Invested in new Multi Layer Blown Film machine • 11, 500 tons per year Page 18

Investor Relations • TPBI Public Company Limited 42/174 Moo 5, Raiking Sampran Nakorn pathom 73210 Thailand • Tel: +66 (0)2 4290354 -7 • Fax: +66 (0)2 4290358 • E-mail: ir@tpbi. co. th www. tpbigroup. com Page 19