Orlando, FLJanuary 15, 2019

ICR Conference

DISCLAIMER

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements maygenerally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, theirnegative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts.By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances thatmay or may not occur in the future. As a result, actual events may differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause these differences include, but are not limited to, the factors set forth in “Risk Factors” includedin TPB’s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission from time to time. Any forward-looking statement made by TPB in this presentation speaks only as of the date hereof. New risks and uncertainties come up from time totime, and it is impossible for TPB to predict these events or how they may affect it. TPB has no obligation, and does not intend, to updateany forward-looking statements after the date hereof, except as required by federal securities laws.

This presentation includes industry and market data derived from internal analyses based upon publicly available data or proprietaryresearch and analysis, surveys or studies conducted by third parties and industry and general publications, including those by theManagement Science Associates, Inc. (“MSAi”) and Nielsen Holdings, N.V. (“Nielsen”). Third-party industry and general publications,research, surveys and studies generally state that the information contained therein has been obtained from sources believed to be reliable.Although there can be no assurance as to the accuracy or completeness of the included information, we believe that this information isreliable. While we believe our internal analyses are reliable, they have not been verified by any independent sources. Any such data andanalysis involve risks and uncertainties and are subject to change based on various factors, including those set forth in “Risk Factors”included in TPB’s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission from time to time.

NON-GAAP RECONCILIATION

This presentation includes certain non-U.S. generally accepted accounting principles (“GAAP") financial measures, including EBITDA,Adjusted EBITDA and Net Debt. Such non-GAAP financial measures are not in accordance with, or an alternative to, financial measuresprepared in accordance with GAAP. Please refer to the Appendix of this presentation for a reconciliation of EBITDA and Adjusted EBITDA tonet income and Net Debt to Debt. To supplement our financial information presented in accordance with generally accepted accountingprinciples in the United States, or U.S. GAAP, we use non-U.S. GAAP financial measures, including EBITDA, Adjusted EBITDA and Net Debt.We believe EBITDA and Adjusted EBITDA provide useful information to management and investors regarding certain financial and businesstrends relating to financial condition and results of operations. Adjusted EBITDA and Net Debt are used by management to compareperformance to that of prior periods for trend analyses and planning purposes and is presented to our board of directors. We believe thatEBITDA and Adjusted EBITDA are appropriate measures of operating performance because they eliminate the impact of expenses that donot relate to business performance.

Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S.GAAP. EBITDA and Adjusted EBITDA exclude significant expenses that are required by U.S. GAAP to be recorded in our financial statementsand is subject to inherent limitations. In addition, other companies in our industry may calculate these non-U.S. GAAP measure differentlythan we do or may not calculate it at all, limiting its usefulness as a comparative measure.

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Leading Other Tobacco Products (OTP) provider (not cigarettes)

Broad portfolio of compelling brands in higher margin tobacco products

Well positioned for growing vapor and evolving alternatives products through NewGen sales engine

Leverage as an active consolidator through management, regulatory, purchasing and systems (we will continue to deploy capital towards accretive acquisitions)

WE ARE A BRAND COMPANY DEDICATED TO DEVELOPING

ICONIC BRANDS THAT SATISFYADULT CONSUMERS

YOURTITLE HERE

STRONG GROWTH

TRAJECTORY

$197.3

$206.2

$285.8

$312.0

$180

$215

$250

$285

$320

2015 2016 2017 LTM 9/18

Net Sales ($MM)

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STOKER’S:LONG-TERM ORGANIC

GROWTH

Iconic BrandChew = Cash CowMoist = Growing brand in $4bn mfg rev market

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ZIG-ZAG:ICONIC BRAND WITH

TAILWINDS

Zig-Zag is leading brand in smoking and alternatives market

Significant product launches in 2019

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Spent ~$56mm over past two years acquiring infrastructure to expeditiously drive go to market

strategy on NewGen products

Primary business today is ~$160mm of third party product sales through B2B, B2C and Retail channels

NEWGEN:SALES ENGINE

TO THE FUTURE

Today’s formal announcement sets the future with creation of

Nu-X Ventures, a subsidiary of the NewGen segment

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Led by Graham Purdy. 16 years at TPB. Prior Philip Morris. Built and managed TPB sales team. Led double digit growth in NewGensince 2016

Nu-X has developed go to market strategies with products, starting in the NewGen Sales Engine and the best products will move to the ZigZag/Stokers sales force

TPB Advantage: Sales Channel Funnel for Proprietary Products

TPB National Chains (75,000 stores)

TPB Sales Force: Independent Stores (80,000 stores)

IVG B2C Business (1,500,000 unique customers)

VaporBeast B2B (~4,000 shops)

Owned/Franchise

Vape Shops (83 shops)

By sourcing pure, natural ingredients, Nu-X aims to provide a suite of cross-functional products utilizing innovative delivery methods that promote a

holistic approach to wellness

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First of multiple investments TPB will make in strong partners in alternatives space

CASH investment gives access to proprietary CBD processes and high quality products

INVESTMENT AND PARTNERSHIP WITH

CANADIAN AMERICAN STANDARD HEMP

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RIPTIDE – NEXT GENERATION NICOTINE TECHNOLOGY

TPB does not sell cigarettes, which are the primary

target of the FDA

FDA “continuum of risk” guiding principle

approach, reaffirmed in 2018

Working with FDA drives expected pathway for

future innovation

MANAGEMENT OF REGULATED ENVIRONMENTS

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Management has combined 100+ years of experience navigating federal, state and local regulations

Regulatory Oversight

Management team of QA, R&D, legal and scientific

professionals

Organizer of small/mid-sized company lobbying

teams

Regulatory changes likely to cause significant

disruption among smaller companies

TPB Today

ACTIVE CONSOLIDATOR

500+ OTP and Alternatives Market Targets and Joint Venture Potentials

Current Landscape

HighLow EBITDA ($)

• Have seen more interesting vape opportunities recently

• Distribution and ecommerce systems now in place to allow for plug-and-play

• Significant incoming calls related to dropping products into TPB supply chain

• Leverage regulatory and sourcing teams

• Focused on accretive acquisitions and investments

Hig

hLo

w

EBIT

DA

Mar

gin

(%)

Hig

hLo

wH

igh

Low

NewGen

Smoking

Smokeless

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SALES FORCE & ROBUST ECOMMERCE ENGINE

Trusted relationships with independent retail world and

eCommerce engine gets products into consumers

hands

HANDS ON MANAGEMENTManagement team is hands

on with product development and go to

market strategies

REGULATORY STRENGTH

Significant experience navigating federal, state

and local regulations. Tobacco expertise

translates into alternatives markets. Key advantage to

startup CBD/alternative companies

DISTRIBUTION SYSTEMConsolidated distribution

into Kentucky with integrated systems. 1-2

days across the US at low rates

BRINGING IT ALL TOGETHER

WORLD CLASS GO TO MARKET STRATEGY

SOURCING TEAMOur sourcing teams in China and across North American

farm networks gives us best in class products

FINANCIAL STRENGTHStrong balance sheet with

capital flexibility for acquisitions and working

capital investments

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THANK YOU