ANNUAL

MEETING

2018

2018 Annual Meeting

Forward Looking Statements & Non-GAAP Measures

2

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 year ended December 31, 2017, in our Quarterly

Report on Form 10-Q for the quarter ended March 31, 2018 and in other filings with the Securities and

Exchange Commission. We urge readers to review and carefully consider these cautionary statements

and the other disclosures we make in our filings with the SEC.

This presentation contains non-GAAP financial measures that are not determined in accordance with

United States GAAP. These non-GAAP financial measures should not be considered in isolation, as an

alternative to, or more meaningful than measures of financial performance determined in accordance

with United States GAAP. A reconciliation of those financial measures to United States GAAP financial

measures is included under “Supplemental Information” in this presentation and is available on the

company’s website at www.tredegar.com under “Investors”.

The presentation speaks as of the date thereof. Tredegar is not, and should not be deemed to be,

updating or reaffirming any information contained therein. We do not undertake, and expressly

disclaim any duty, to update any forward-looking statements made in this presentation to reflect any

change in management’s expectations or any change in conditions, assumptions or circumstances on

which such statements are based.

2018 Annual Meeting

Agenda

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• Tredegar Financial Report

Drew Edwards, Vice President and Chief Financial Officer

• Update on Surface Protection

Bapi DasGupta, President Surface Protection

• Update on Personal Care

Steve Prince, President Personal Care

• Concluding Remarks

John Gottwald, President and Chief Executive Officer

• Questions

Tredegar Financial Report

Drew Edwards

Vice President and Chief Financial Officer

2018 Annual MeetingBridge of Tredegar First Quarter 2017 to 2018 EPS from Ongoing Operations

5

($ Millions Except EPS Data)

$0.18

$0.26

$0.39

0.09 0.03 0.01 (0.05) 0.04

0.09

Q1-17 EPS

Ongoing

Ops.

PE Films

(OP ↑ $5.0)

Terphane

Operations

(OP ↑ $1.5)

Bonnell

(OP ↑ $0.4)

Corporate &

Interest, Net

Sub-total

Q1-18 EPS

Ongoing

Ops.

Terphane

Lower D&A

from Q4-17

Impairment

(OP ↑ $2.3)

Effective

Income Tax

Rate (22.1%

vs. 39.2%)

Q1-18 EPS

Ongoing

Ops.

2018 Annual Meeting

Tredegar EPS from Ongoing Operations Since 2012

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$1.20 $1.15 $1.13 $1.01

$0.69 $0.91 $0.99

$0.04 $0.09

$1.12

2012 2013 2014 2015 2016 2017 TTM Mar-18

Impact of Δ in US Tax Law

Impact of Lower Depreciation & Amortization from Terphane Asset Impairment

EPS from Ongoing Operations Before Impacts of Terphane Impairment & Δ in US Tax Law

2018 Annual Meeting

Tredegar Debt, Net of Cash (“Net Debt”)

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($ Millions)

$87.6

$59.8 $67.0 $65.5

$164.1

$115.5 $104.9

Jun-15 Dec-15 Mar-16 Dec-16 Mar-17 Dec-17 Mar-18

Δ in Net Debt = Net Cash Flow

Surface Protection

Bapi DasGupta

President Surface Protection

2018 Annual Meeting

Surface Protection Introduction

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• Leading provider of highly specialized films used to protect extremely

sensitive surfaces of critical components, including optical films and

specialty substrates in display devices (TVs, tablets, phones, etc.)

• Value Proposition – Improve yields and ensure pristine quality during

customer manufacturing processes & shipment = $$$ savings to customers +

supply reliability

Technology and Quality Leader in Industry

2018 Annual Meeting

Surface Protection Financial Performance

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• Display industry = $185 billion;

Projected 5-Year CAGR = 4-5%*;

Industry is cyclical

• Surface Protection 10 year sales

CAGR in line with industry at 6%

with record operating profit in

2017

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

SURFACE PROTECTION OPERATING PROFIT HISTORY

*Source: IHS Display Long Term Demand Forecast Tracker – Q3 2017

2018 Annual Meeting

Surface Protection Threats, Challenges and Countermeasures

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Risks

• Product substitution ($5 - $10

million operating profit

exposure)

• Customer concentration

• Electronics industry

cyclicality and pricing

pressure

Proactively addressing threats & challenges

Countermeasures

• Customer diversification

• # 1 business priority

• Value-added new products

• Continuous improvement in

quality for higher

performance devices

2018 Annual Meeting

Surface Protection Growth Strategy

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2018 Annual Meeting

Surface Protection Growth Opportunities

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• Growth opportunities driven by “Internet of Things”

and demand for higher performance displays:

• Flexible displays

• Automotive displays

• Higher performance mobile phone market

• Large screen displays

• Touch screens

Supported by robust product pipeline including potential technology disruptors

Personal Care

Steve Prince

President Personal Care

Feminine

Care

Products

2018 Annual Meeting

What Does Personal Care Do?

Our Areas of Focus:

Acquisition Distribution

Layer

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We develop Topsheet, Acquisition Distribution Layer & Elastic Products for

Feminine Care Pads, Diapers and Adult Incontinence Applications

Elastics

Adult Incontinence

Under Garments Baby & Adult

Diapers

Topsheet

2018 Annual Meeting

Personal Care Net Sales Trend

16

396 402368

288

238 246

2012 2013 2014 2015 2016 2017

($ Millions)

2018 Annual Meeting

Personal Care R&D Spending to Drive Growth

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0%

1%

2%

3%

4%

5%

-

2

4

6

8

10

12

2012 2013 2014 2015 2016 2017

$ M

illio

ns

R&D GS&A R&D as % of Revenue

2018 Annual Meeting

Personal Care Elastics Growth

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• Now offering “zoned” elastic materials

• Expecting continued growth in Elastics volumes in 2018

• New materials have captured new customers and applications

• Breathable elastic films and fabrics promoting quality of life

Investing $25 Million in North America Elastics

• Two state of the art manufacturing assets in Terre Haute, IN

• Leveraging off of successes with European Elastics

Become the “Go To” supplier and solution provider for Comfort, Fit & Confidence

Moving Toward Full Utilization of $10 Million European Elastics Investment

Baby & Adult

Diapers

2018 Annual Meeting

Personal Care Topsheet Strategy

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Successful launch of ADL for baby diapers in Latin America

• $14 million revenue in 2017

Leverage win in Latin America to globally penetrate ADLs

• Solve our customers’ toughest problem: Grow market share

with improved product performance at lower costs

• Dedicated R&D resources to launch next generation ADLs

• Enhance consumer’s diapering experience with superior dryness & comfort

• Plan to launch in North America and Europe in May 2018

AquiDry™ PlusADL

2018 Annual Meeting

Personal Care Acquisition Distribution Layer (ADL) Growth

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• Strategy: Deliver Unsurpassed Comfort, Fit and Dryness by Emphasizing our Hydroforming Technology

• Expect Two New Platforms to Launch in 2019

• Cottony soft films

• Laminate fabrics that deliver a best-in-class combination of

softness, dryness, and leakage prevention

Establish Tredegar as the Topsheet Leader and Broaden Customer Base

2018 Annual Meeting

Personal Care Summary

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Personal Care Going Through a Total Transformation

• Historical dependence on P&G

Strategic Focus to Drive Growth

• Diversifying our customer base

• Execute Elastics growth initiatives

• Continue to grow the ADL business with new products

• Develop and sell new Hydroformed Film & Laminate Topsheets

Phoenix Rising

PERSONAL CARE

Concluding Remarks

John Gottwald

President and Chief Executive Officer

2018 Annual Meeting

Tredegar Rolling TTM EPS from Ongoing Operations Since Q4-14

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$1.13

$0.63

$1.12

0.40

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20Q

4-1

4

Q1-1

5

Q2-1

5

Q3-1

5

Q4-1

5

Q1-1

6

Q2-1

6

Q3-1

6

Q4-1

6

Q1-1

7

Q2-1

7

Q3-1

7

Q4-1

7

Q1-1

8

• Record Year in 2017

• Strategic Focus:

• New Products

• New Customers

2018 Annual Meeting

Surface Protection

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2018 Annual Meeting

Personal Care Challenge

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396 402368

288

238 246

2012 2013 2014 2015 2016 2017

($ Millions)

$70 Million Sales Decline on the Horizon

• Invest

• $35 Million Capital in Elastics

• $11 Million R&D Spending in 2017

• Objective

• New Products

• New Customers

2018 Annual Meeting

Answer

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Questions

GAAP to Non-GAAP Reconciliations

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PE Films includes personal care materials, surface protection f ilms, polyethylene overw rap f ilms and f ilms for other markets. Flexible Packaging Films is comprised of

our polyester f ilms business, Terphane Holdings LLC. Aluminum Extrusions results include the acquisitions of AACOA, Inc. on October 1, 2012 and Futura Industries Corporation

on February 15, 2017. Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided and percentages may not precisely

reflect the absolute f igures.

Notes

1. The after-tax effects of losses associated w ith plant shutdow ns, asset impairments and restructurings and gains or losses from the sale of assets and other items (w hich includes

unrealized gains and losses for an investment accounted for under the fair value method) have been presented separately and removed from income (loss) and earnings (loss) per

share from continuing operations as reported under U.S. GAAP to determine Tredegar’s presentation of net income and earnings per share from ongoing operations. Net income and

earnings per share from ongoing operations are key f inancial and analytical measures used by Tredegar to gauge the operating performance of its ongoing operations. They are not

intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income or earnings per share from

continuing operations as defined by U.S. GAAP. They exclude items that w e believe do not relate to Tredegar’s ongoing operations. A reconciliation is show n below :

(in millions, except per share data) LTM

2012 2013 2014 2015 2016 2017 Q1 2018

Net income (loss) from continuing operations as reported under U.S. GAAP $ 43.2 $ 35.9 $ 36.0 $ (32.1) $ 24.5 $ 38.3 $ 52.7

After tax effects of:

(Gains) losses associated w ith plant shutdow ns, asset impairments and restructurings 3.2 0.9 2.0 3.0 3.1 1.4 0.9

(Gains) losses from sale of assets and other (7.9) 0.5 (1.2) 17.7 (4.9) (96.8) (103.7)

Goodw ill impairment charge - - - 44.5 - - -

Terphane asset impairment loss - - - - - 87.2 87.2

Net income from ongoing operations 38.5$ 37.3$ 36.8$ 33.1$ 22.7$ 30.1$ 37.1$

Earnings (loss) from continuing operations per share under GAAP (diluted) $ 1.34 $ 1.10 $ 1.11 $ (0.99) $ 0.75 $ 1.16 $ 1.60

After tax effects of:

(Gains) losses associated w ith plant shutdow ns, asset impairments and restructurings 0.10 0.03 0.06 0.09 0.09 0.04 0.02

(Gains) losses from sale of assets and other (0.24) 0.02 (0.04) 0.54 (0.15) (2.94) (3.15)

Goodw ill impairment charge - - - 1.37 - - -

Terphane asset impairment loss 2.65 2.65

Earnings per share from ongoing operations (diluted) $ 1.20 $ 1.15 $ 1.13 $ 1.01 $ 0.69 $ 0.91 $ 1.12

(in millions, except per share data)

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

Net income (loss) from continuing operations as reported under U.S. GAAP $ 3.7 $ 44.2 $ 8.3 $ (17.9) $ 18.2

After tax effects of:

(Gains) losses associated w ith plant shutdow ns, asset impairments and restructurings 0.6 - 0.3 0.5 0.1

(Gains) losses from sale of assets and other 1.7 (35.9) 0.8 (63.4) (5.3)

Terphane asset impairment loss - - - 87.2 -

Net income from ongoing operations 6.0$ 8.3$ 9.4$ 6.4$ 12.9$

Earnings (loss) from continuing operations per share under GAAP (diluted) $ 0.11 $ 1.34 $ 0.25 $ (0.54) $ 0.55

After tax effects of:

(Gains) losses associated w ith plant shutdow ns, asset impairments and restructurings 0.02 - 0.01 0.01 -

(Gains) losses from sale of assets and other 0.05 (1.09) 0.02 (1.92) (0.16)

Terphane asset impairment loss - - - 2.65 -

Earnings per share from ongoing operations (diluted) $ 0.18 $ 0.25 $ 0.28 $ 0.20 $ 0.39

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Notes (continued):

2. Net debt is a non-GAAP financial measure that is not intended to represent debt as defined by GAAP, but is utilized by management

in evaluating financial leverage and equity valuation. A calculation of net debt is show n below :

(In millions) June 30, December 31, March 31, December 31, March 31, December 31, March 31,

2015 2015 2016 2016 2017 2017 2018

Debt $ 135.0 $ 104.0 $ 107.0 $ 95.0 $ 193.0 $ 152.0 $ 141.0

Less: Cash and cash equivalents (47.4) (44.2) (40.0) (29.5) (28.9) (36.5) (36.1)

Net debt $ 87.6 $ 59.8 $ 67.0 $ 65.5 $ 164.1 $ 115.5 $ 104.9

3. The rolling quarterly trailing 12 months EPS from ongoing operations was computed using the quarterly reconciliations of US GAAP EPS to non-GAAP EPS from ongoing

operations provided in the quarterly earnings press releases and "Operating Results by Segment" on the Quarterly Results page of the Investors section on Tredegar’s website.