17 May 2018

IPL Plastics plcAGM 2018

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DisclaimerThe information in this Presentation has not been independently verified and does not purport to contain all of the information that may be required to evaluate an

investment in the Group and/or its financial position. Any prospective investors must make their own investigation, analysis and assessments and consult with their

own adviser concerning the data referred to herein and any evaluation of the Group and its prospects. IPL Plastics is not undertaking any obligation to provide any

additional information or to update this Presentation or to correct any inaccuracies that become apparent. The information contained in this Presentation is for

background purposes only and is subject to material updating, completion, revision, amendment and verification.

No representation or warranty, express or implied, is or will be given by IPL Plastics, its subsidiaries, its shareholders or their respective directors, officers,

employees or advisers as to the accuracy or completeness of this Presentation. To the extent permitted by law, no liability whatsoever is accepted by IPL Plastics,

its subsidiaries, its shareholders or their respective directors, officers, employees or advisers or any other person for any loss howsoever arising, whether directly or

indirectly, from any use of this Presentation or such information or opinions contained herein or otherwise arising in connection herewith. In particular, without

limitation, no representation or warranty is given as to the achievement or reasonableness of any projection, estimate, target or forecast in this Presentation, which it

should be noted is provided for illustrative purposes only.

This Presentation contains forward-looking statements which reflect management’s current views and estimates. These forward looking statements involve certain

risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties

include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

Management undertake no responsibility to revise any such forward looking statements to reflect any changes in management’s expectations or any change in

circumstances, events or the Group’s plans and strategy. Accordingly, no reliance can be placed on the figures contained in such forward looking statements and no

representation or warranty is given as to the completeness or accuracy of the forward looking statements contained in this Presentation. The Group is under no

obligation to update or keep current the information contained in this Presentation, to correct any inaccuracies which may become apparent, or to publicly announce

the result of any revision to the statements made herein and any opinions expressed in the Presentation or in any related materials are subject to change without

notice.

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Consumer Packaging Solutions Returnable Packaging SolutionsLarge Format Packaging and

Environmental Solutions

Leading sustainable packaging solutions provider

Manufacturer of specialty packaging products used

primarily in the food and consumer, agricultural, logistics

and environmental end-markets

Group Overview

Effective 1 January 2018

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2017 Highlights

▪ The disposal of ClearCircle’s Specialist Environmental Services (“SES”) Divisions in Ireland and

the UK, with cash consideration of c. €40m received from the sale of both divisions

▪ The acquisition of 100% of the share capital of Macro Plastics Inc. on 9 June 2017 through IPL

Inc.

▪ The North American market contributed significant organic growth driven by continued increased

demand in both the Consumer Packaging and Large Format Packaging and Environmental

Solutions divisions.

▪ Significant development capital investment programmes continue in the Group’s North American

operations providing it with enhanced ability and capacity to serve an expanding business. A

number of these projects began to contribute to EBITDA in 2017.

▪ The hurricanes in the US in Quarter 3 2017 drove reduced capacity in both the resin and freight

markets resulting in significant cost increases in Quarter 4 2017, trends which have continued

into Quarter 1 2018.

▪ Overall results for 2017 in line with expectations.

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Key Strategic Milestones

▪ At its EGM in December 2017, the Group took the initial steps to facilitate a possible liquidity

event when shareholders gave the board authority to enable the company to proceed with an

IPO and Listing in 2018 should market and other conditions permit. Authority was also received

from shareholders to change the name of the company to IPL Plastics plc, which became

effective on 7 December 2017. In addition, the shareholders approved a reorganization of the

existing IPL Inc. shareholding structure by agreeing to an exchange of the current minority

shareholders’ equity interests in IPL Inc. for shares in IPL Plastics plc.

▪ On 28 February 2018, the reorganization of the IPL Inc. shareholding structure was effected in

line with the approval provided by shareholders at the December 2017 EGM, resulting in the

issuance of 47,238,242 shares and the elimination of the Put Liability (i.e. the 33.3% of IPL Inc.

not owned by the Group), which amounted to €119.8m at year end 2017.

▪ On 17 April 2018, the Group entered into a new €400m, multi-currency banking facility, with a five

year term with a syndicate of Irish and Canadian banks to replace the previous two principal

bank facilities that had been provided by separate Irish and Canadian banking syndicates.

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IPL is taken private by

Novacap &

Acquisition of

a leading manufacturer

in returnable packaging

solutions

IPL Plastics History

1939

IPL is founded

as a small manufacturer

of household items

1985

IPO of IPL on the

Montreal Stock

Exchange

2010 2011

Acquisition of Plastic

Enterprises Co.,

expanding CPS capacity

(Lee’s Summit Plant)

2015 2016 2017 2018

Disposal of

One51’s Irish

metal recycling

business

Refocus of

operations on Rigid

Plastic with the

disposal of

environmental

services business

One51 changes its

name to

Well established business with over 75 years of innovation and leadership

2016

Acquisition of

expanding its

LF&E capacity

2015

One51

acquires a 67% majority equity

interest in , with

22%

11%

as minority shareholders

2011

Adoption of an action plan

to transform One51 from

an investment company to

an operations focused business

2014

CDPQ and FSTQ exchange

their minority equity interest into

shares of the parent, effectively

consolidating the company

Global refinancing of all credit

facilities under parent company2017

Acquisition of

establishing the

Plastics Division

of One51

2006

Acquisition of

a key supplier of

environmental containers

in the U.K., and rebranding

of its plastics business as

One51 established as a

diversified investment

company

2005

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MEXICO

CANADA

UNITED STATES

Our Global Footprint

Well invested manufacturing facilities across North America, Ireland, the U.K. and China

Office

R&D Centre

7 Corporate & Sales

Offices Worldwide

4 R&D Facilities in

Canada, U.S. and

Ireland

1.7 Million Square Feet

of Manufacturing and

Storage Space

320 Machines

Returnable Packaging Solutions

Large Format Packaging &

Environmental Solutions

Consumer Packaging Solutions

14 Manufacturing

Facilities

CHINA

U.K.

IRELAND

Injection Molding: 304

IML Capable: 68

Blow Molding: 4

Thermoforming: 12

North America Europe & Asia26% 74%

1. Legacy Ampthill Metal, metal recycling business

2. Represents percentage of 2017 total revenue; pro forma figures including the full 12-month of the Macro acquisition.

2

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IPL at a Glance

Tamper-evident

Packaging

Custom Packaging

Food Industrial

General WasteRecyclingOrganic

Material

Handling

Lids and Overcaps

Film Seal

Packaging

Agricultural Automotive

Consumer Packaging

Solutions

Large Format Packaging &

Environmental SolutionsReturnable Packaging Solutions

MARKET

LEADERSHIP

GROWING

END-MARKET

PRODUCTS

#1 Environmental carts producer

in Canada and U.K#1

Supplier of IML packages

in North America

#1 Bulk plastic container producer

in North America#3

Plastic pails producer in North America

✓ Food and beverage

✓ Dairy

✓ Consumer products

✓ Food industry

✓ Waste management services

✓ Construction products

✓ Agriculture

✓ Logistics

✓ Automotive

✓ Portable flooring

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… With a Strong Sustainability Focus

IPL is continuously working with its consumers & suppliers to help build

a circular economy for plastic products

All our products are

100%recyclable

Nearly all of our

products are made from

Easy to Recyclepolypropylene or

polyethylene

50%(and growing) of our

products positively

contribute to the circular

economy

Design:

✓ R&D efforts to develop innovative,

lighter products minimizing raw

material inputs

✓ Ongoing trials with polymers

containing colorants to improve

recyclability of CPS packaging

Production:

✓ 2016-2020 capital program leading

to energy input savings of up to

25%, in addition to reduced cycle

times and raw materials input

✓ Initiative in place to install an

environmental management system

at all our production facilities by

2020 (vs. 50% currently)

Distribution:

✓ Constant focus to produce lighter

and / or stackable products to

minimize carbon footprint during

transport

✓ Production and development

planning taking customer’s location

into account to minimize product

travel time

Consumption, Use, Reuse, Repair:

✓ Global leader in returnable /

re-usable packaging solutions to replace

incumbent wood, cardboard and foam

products with shorter lifespan

✓ Significant offering of serviceable

products / spare parts in the LF&E and

RPS segments to maximize product life

Collection:

✓ Take-back service for used

Environmental and RPS containers

to insure resin gets recycled and

reintroduced in the circular

economy

✓ Initiative in place to achieve zero

landfill status at all production

facilities by 2022

Recycling:

✓ All our products are 100%

recyclable

✓ Ongoing effort to maximize the

recycled materials content of our

products

▪ One of our plants has already

transitioned to >75% recycled

content in its products

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Reporting Structure up to 31 December 2017

IPL Plastics Group

IPL

Macro

Returnable Packaging Solutions

IPL

Consumer Packaging

Large Format Packaging and Environmental

Solutions

OPG

OPG

Consumer Packaging

Large Format Packaging and Environmental

Solutions

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Updated Reporting Structure Effective 1 January 2018 – Have Also

Changed Reporting Currency to US$ effective 1 January 2018

IPL Plastics Group

Returnable Packaging Solutions

North America

Consumer Packaging

North America Europe

Large Format Packaging and Environmental

Solutions

North America Europe

Management have made a number of organisational changes, effective 1 January 2018 which

underpin the Group’s strategy of focused growth and development through organic and acquisition

led initiatives and to support the efforts to achieve synergies and leverage expertise across our three

primary market facing activities.

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Summary Financial Information

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2017 Trading Highlights

▪ 36.2% growth in Revenue² to €474.4m (2016: €348.2m)

▪ 46.0% increase in EBITDA² to €70.9m (2016: €48.5m)

▪ 47.3% growth in EBIT² to €41.6m (2016: €28.3m)

▪ Profit before exceptional and non-recurring items and share of equity-accounted investees profits

increased to €19.6m (2016: €17.9m)

▪ Profit for the period of €17.6m (2016: €16.1m)

▪ 8.8% increase in Adjusted diluted EPS to 12.01c (2016: 11.04c)

▪ EBITDA interest cover of 5.2x (2016: 6.2x)

▪ Total Assets of €621.9m (31 December 2016: €511.4m)

▪ Total Equity (excluding IPL Put Liability) of €202.5m (31 December 2016: €190.9m)

▪ Net Debt of €233.0m (31 December 2016: €152.5m)

1 The financial highlights should be read in conjunction with the 2017 Annual Report & Accounts.2Amounts for Revenue, EBITDA and EBIT for the year ended 31 December 2017 and prior years throughout this document exclude amounts related to discontinued operations.3 Certain tables and numbers in this presentation may not add or compute precisely due to rounding.

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Income Statement

€’m 2015 2016 2017

Revenue 251.4 348.2 474.4

Operating profit before exceptional items 17.9 30.4 38.4

Non-recurring items 1.7 (2.2) 3.3

Depreciation & Amortisation 11.7 20.3 29.2

EBITDA 31.3 48.5 70.9

EBITDA margin (%) 12.5% 13.9% 14.9%

EBIT 19.6 28.3 41.6

Exceptional/non-recurring items (4.4) 0.7 (9.8)

Share of profit of equity-accounted investee 24.3 3.9 1.8

Discontinued operations (12.8) (4.3) (3.2)

Finance costs (5.7) (8.9) (13.8)

Income tax expense (2.7) (3.5) (7.2)

Non-recurring income tax credit - - 8.1

Profit for year 18.4 16.1 17.6

Adjusted EPS (Diluted) 6.98c 11.04c 12.01c

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Divisional analysis

Revenue €’m 2015 2016 2017 % Change 2017

v 2016

IPL Inc. 86.6 204.3 293.8 43.8%

OnePlastics Group 145.2 126.9 114.1 (10.1%)

Macro N/A N/A 47.5 N/A

Other 19.6 17.0 19.0 11.8%

Total 251.4 348.2 474.4 36.2%

EBITDA €’m 2015 2016 2017 % Change 2017

v 2016

IPL Inc. 12.6 31.6 45.9 45.3%

OnePlastics Group 20.5 17.2 13.1 (23.8%)

Macro N/A N/A 12.6 N/A

Other (1.8) (0.3) (0.7) (133.3%)

Total 31.3 48.5 70.9 46.0%

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Balance Sheet

€’m 20152016

(Restated)2017

Goodwill & Intangible Assets 140.7 140.1 206.9

Tangible Assets 161.9 160.8 214.6

Financial and Other Assets 14.3 22.2 24.6

Non-Current Assets 316.9 323.1 446.1

Current Assets 126.2 188.3 175.8

Total Assets 443.1 511.4 621.9

Creditors: within 1yr (92.9) (101.9) (130.4)

Creditors: more than 1yr (165.2) (218.6) (289.0)

Total Equity (Before Put Liability) 184.9 190.9 202.5

IPL Put Liability 32.4 72.2 119.8

Total Equity (After Put Liability) 152.6 118.6 82.7

Net Debt 120.3 152.5 233.0

Net Debt/EBITDA* 3.3x 2.5x 3.0x

*Calculated by reference to EBITDA as reported in each year, adjusted in 2016 and 2017 to reflect the pro forma EBITDA of acquisitions made in each respective year.

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Cash Flow€’m 2015 2016 2017

Net cash inflow from operating activities (before tax and working capital

movement)

33.9 50.8 63.1

Working Capital movement 2.5 9.9 (13.7)

Maintenance capital expenditure (9.5) (10.2) (5.6)

Finance costs paid (net) (5.8) (9.2) (13.4)

Income tax paid (2.7) (4.4) (1.6)

Free cash flow 18.4 36.9 28.8

Development capital expenditure (14.3) (21.5) (37.9)

Free cash flow after development capital expenditure 4.1 15.4 (9.1)

Disposals 3.7 3.4 40.6

Share redemption proceeds from equity-accounted investee (net of costs) 51.2 - -

Acquisitions (inc. related costs) (177.9) (22.2) (124.2)

Distributions received 2.3 3.2 6.8

Net cash/(debt) acquired on purchase of subsidiary 0.6 (21.1) (10.4)

Other – including effect of movements in exchange rates 3.1 (10.9) 15.8

Movement in net debt in the year (112.9) (32.2) (80.5)

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Strategy & Outlook

Strategy Strong Platform With Clear Growth Avenues

Leverage Platform to Drive Organic Growth in Target End Markets

and Grow Into Adjacent Markets

Realize Value From Significant Recent Capital Investments

Continue to Focus On Operational Excellence To Drive Margin

Expansion And Increased FCF Generation

Continue To Grow Through Strategic Acquisitions With a Well

Capitalized Balance Sheet to Support Growth

• Become a leading global

manufacturer in the specialty rigid

plastics industry

• Be recognized for our

– Unified best-in-class customer

experience

– Disciplined capital allocation

balancing market needs and

return thresholds

– R&D efforts focused on low risk

rapid payback projects

– Value added product offering

based on long-term market

needs

– Leverage increasing scale to

achieve long-term raw material

cost savings

Corporate Vision

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• The Group continues to experience strong demand for its products and its operations are

underpinned by favourable market dynamics, particularly in North America.

• Group results in the second half of 2017 were adversely impacted by increased resin and

transport costs following the impact of significant hurricanes recorded in the US. Results were

also impacted by a decline in the value of the US dollar and the Canadian dollar versus the Euro.

The trading performance at the start of 2018 continues to be impacted by these factors.

Notwithstanding, we expect the results for FY18 to be in line with market expectations assuming

no further exceptional movements in currency or input costs.

• The Group’s overall 2018 results should start to see the full year impact of some of the new

capital expenditure programmes commissioned in the latter half of 2017, together with a full

year’s contribution from Macro.

• It is now proposed, subject to the approval of shareholders, that a new Canadian company, IPL

Plastics Inc. be introduced as the holding company of the IPL Plastics Group by a scheme of

arrangement in anticipation of a potential initial public offering by IPL Plastics Inc. of its common

shares. Shareholder approval of the scheme is sought at today’s EGM.

Outlook

Thank you