Winpak : 2020 AGM Presentation

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ANNUAL SHAREHOLDERS MEETING

JUNE 26, 2020

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Disclaimer

Certain statements made in the following discussion contain forward-looking
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statements including, but not limited to, statements concerning possible or
• Enter Text Here		of the Company.	Forward-looking
assumed future results of operations
• Enter TextstatementsHere	represent the Company's	intentions, plans,	expectations and

• Entbeliefs,r Text Hereand are not guarantees of future performance. Such forward-looking
  statements• Enter Text representHere our current views based on information as at the date of this report. They involve risks, uncertainties and assumptions and the Company's actual results could differ, which in some cases may be material, from those anticipated in these forward-looking statements. Unless otherwise required by applicable securities law, we disclaim any intention or obligation to publicly update or revise this information, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance upon forward-looking statements.

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2019

• RESULTS REVIEW

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REVENUECONTENTCOMPARISONTITLE

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• Enter Text Here			$US Millions
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	2019			2018	Decrease
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•	Enter Text Here	$873.8	$889.6	1.8%
1000			• Enter Text Here
800
												886.8		889.6	873.8
									822.5
				786.8			797.2
600		714.9
400

200

2013

2014

2015

2016

2017

2018

2019

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GEOGRAPHICCONTENT T TLEMARKETS

2019Insert Subtitle Here

•WinpakEnter TextmarketsHere its products globally, with a prime focus on North America.

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Revenue

United

States

81%

13%

6%

Canada

Other

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CONTENTPRODUC STITLE& MARKETS

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• Enter Text Here	Sales
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• Enter Text HereFlexible

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Packaging

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51%

46%

3%

Packaging

Machines

Rigid

Container &

Flexible

Lidding

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NETCONTENTINCOMETITLECOMPARISON

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• Enter Text Here									$US Millions
• Enter Text Here					2019	2018			Increase
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	Enter$114.8	$108.9	$5.9		5.4%
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•						Text Here
125
100													119.3		114.8
												108.9
											104.3
								99.2
75

50 71.4 78.4

25

0

2013

2014

2015

2016

2017

2018

2019

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NETCONTENTINCOMETITLECOMPARISON

2019Insert Subtitle Here

10-Year Compound Annual Growth Rate (CAGR) of 10.3%

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$US Millions

•140Enter Text Here

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120 • Enter Text Here

100

80

60

40

20

0

2009 *) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

*All references to net income relate to net income attributable to equity holders.
The 2009 figure is as previously reported under Canadian GAAP.	9

NETCONTENTEARNINGSTITLEPER SHARE 2018-19 COMPARISON

2019Insert Subtitle Here	(Cents)
• Enter Text Here	177
180	168
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160•	Enter Text Here
140	• Enter Text Here

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120
100
80
60
40					6	1	4.5
20				0
0	EPS 2018	-2.5					EPS 2019
-20	OPEX/
		Gross		Foreign
		Organic
		Other		Margin	Taxes Exchange
		Growth
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EBITDACONTENTandTITLEEBITDA MARGIN

2019Insert Subtitle Here

• Enter Text Here			($US Millions, %-age)
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250																	25.0%
		• Enter Text Here								200.2		22.7%
200		•	Enter Text Here							192.0	190.2	198.5	20.0%
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150																	15.0%
100																	10.0%
50																	5.0%
0																	0.0%
2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
							EBITDA		EBITDA Margin

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SELLINGCONTENTPRTICETLEINDEX AGREEMENTS

2019Insert Subtitle Here

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80	Enter Text Here
•
75	• Enter Text Here
70	• Enter Text Here
65		67	67
60	62
55
50
45
40	2011	2012	2013

(% of Revenue)

68

70

69

71

71

69

2014

2015

2016

2017

2018

2019

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2019CONTENTRESULTSTITLERECAP.

2019Insert Subtitle Here

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• Enter Text Here	US $ Millions
• Enter	Text Here			(De-)Increase
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	2019	2018	$	%
	Revenue	$873.8	$889.6	$(15.8)	(1.8)%
	EBITDA	$198.5	$190.2	$8.3	4.4%

Volumes in 2019 decreased by 1.3 percent (normalized for the Control Group acquisition) as a mix result from growth in flexibles and a contraction in our rigid business

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2020

• FIRST QUARTER RESULTS

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FIRSTCON ENTQUARTERTI LE REVENUE COMPARISON

2020InsertvsSubtitle2019 Here

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($US Millions)

Decrease

2020 2019 _$_ _%_$213.6 $224.0 $10.4 4.7%

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CONTENTFIRST QUARTERTITLENET EARNINGS PER SHARE COMPARISON

2020Insert Subtitle Here

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40		•	Enter Text Here
35
30
25
20			23	23
15
10
5
0
		2011	2012*

(Cents)

44	41	44	36

35

25 25 25

2013

2014

2015

2016

2017

2018

2019

2020

* Restated for retrospective application of IAS 19-Pensions	16

FIRSTCONTENTQUARTERTITLENET EARNINGS PER SHARE COMPARISON

2020Insert Subtitle Here

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• Enter Text Here	44
50
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40	• Enter Text Here
30
20
10
0			-2.5	-2.5
-10
EPS	Gross	Sales
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(Cents)

36

0.5

-3.5

FOREX Other	EPS
	2020

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RAWCONTENTMATERIALTITLES AND FOREIGN EXCHANGE INDEX

2020

(Raw Materials Index)	(Exchange Rate)
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•	Enter Text Here	1.2
		200
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		190• Enter Text Here	1.1
		180	• Enter Text Here
		170		1.0
		160
		150		0.9
		140
		130		0.8
		120
		110		0.7
		100
		90		0.6

Winpak's 8 Most Important Raw Materials

CDN Dollar Exchange

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CONTENT TITLE

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CAPITAL PROJECTS

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CONTENTAPEX TITLE

INVESTMENTSnsertSubtitle HereREVIEW

•	Enter Text Here								(%-Revenue)
	•	($US millions)
	Enter Text Here								12.0%
		•	80
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			70	Enter Text Here							10.0%
			•
			60	• Enter Text Here							8.0%
			50
			40									6.0%
			30									4.0%
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				2011	2012	2013	2014	2015	2016	2017	2018	2019

		CAPEX	% of Revenue

Over the past decade, CAPEX of $562 million has averaged 7.3% of revenue.	20

WinpakCONTENTControlTITLE Group Acquisition

HealthcareInsert SubtitleServiceHereModel

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Fact Sheet

• $ 42.7 million acquisition (net assets and building)
• Latest Fiscal Year Revenues: $ 25 millions, 71 employees
• 61,300 sq.ft flexibles Pharma, Medical and Personal Care conversion
• 21,000 sq.ft paper inserts/outserts, leaflets and Med-Guides printing
• Industry-leadingHealthcare Printing Service Model
• 40 years history of printing excellence and pioneering breakthroughs
• UV Flexo-, digital printing, in-line lamination, die- or laser-cutting capabilities

Winpak Strategy:

• Vertical integration for base materials (WinForm, Drug-Pak,Safety-Pak, sachets…)
• Expand Industry-Leading Service Model across all Healthcare activities - "WinSpeed"
• Develop one-face to customer, broad pharma and medical representation of WIPAK and Winpak product portfolio

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Winpak Control Group

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AMERICANCONTENT TITLEBIAXIS

WINNIPEGInsert Subtitle Here

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AMERICANCONTENT TITLEBIAXIS

EXAMPLESInsert SubtitleOF CURRENTHere BOPA USES

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AMERICANCONTENT TITLEBIAXIS

BOPAInsert 3SubtitleCONSTRUCTIONHere SITE

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WICONPAKTENTPORTIONTITLE PACKAGING

SAUKInsert VILLAGE,SubtitleHereIL

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WICONPAKTENTPORTIONTITLE PACKAGING

SAUKInsert VILLAGE,SubtitleHereIL IN-LINE SHEET AND THERMOFORMING

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WICONPAKTENTPORTIONTITLE PACKAGING

EXAMPLESInsert SubtitleOF CURRENTHere PRODUCTS

Here

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WICONPAKTENTPORTIONTITLE PACKAGING

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WICONPAKTENTHEATTITLESEAL - EMBALAJES DE MEXICO

FACILITYInsert SubtitleINAUGURATEDHere SEPTEMBER 2019

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WICONPAKTENTEMBALTITLE AJES DE MEXICO

FACILITYInsert SubtitleINAUGURATEDHere SEPTEMBER 2019

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WICONPAKTENTFILMSTITLESENOIA, GA

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WICONPAKTENTFILMSTITLESENOIA, GA

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WICONPAKTENTFILMSTITLESENOIA, GA

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WICONPAKTENTFILMSTITLESENOIA, GA

EXAMPLESInsert SubtitleOF CURRENTHere PRODUCTS

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WICONPAKTENTDIVISIONTITLE WINNIPEG, MB

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WICONPAKTENTDIVISIONTITLE WINNIPEG, MB

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WICONPAKTENTLANE,TITLESAN BERNARDINO, CA

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NEWCONTENTHOMETITLEFOR WINPAK LANE

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CONTENT TITLE

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SUSTAINABILITY MANDATE

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CONTENTompany OverviewTITLE

SustainabiltInsert itylevaluHeres and pillars

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IT'S OUR NATURE TO PROTECT™

Winpak's vision is to excel in sustainable business practices to create products, processes and services that deliver net positive economic, social and environmental benefits while growing profitably and responsibly.

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CONTENTSustainabilityTITLE

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Pillars & KPIs

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Growing as a "Valued Partner"

• Customer Satisfaction

• Materials Management

• Sustainable Products

Keeping our "Extended Family"
Safe and Engaged
Health & Safety
Employee Retention
Employee Satisfaction
Proud of our "Roots"
Code of Conduct
Responsible Supply Chain
Corporate Transparency
"Planet" for Future Generations
Energy Intensity
GHG Emissions Intensity: >10% reduction
Landfill Waste	42

ProductsCONTENT TITLE

ReFresh™Insert Subtitle- A FreshHereStart to Sustainable Packaging

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• FlexibleEnter TextthermoformableHere polyolefin-based film with low haze and high clarity

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• ReLam • Enter Text Here

• • Flexible non-•formingEnterTextpolyolefinHere -based film with low haze and high clarity
• ReLid
• • High speed heat sealable polyolefin-based lidding film with excellent gas, moisture and aroma barriers
  • Designed to provide a complete recycle-ready packaging solution when paired with Winpak's recyclable high barrier MAPfresh® trays
• RePouch
• • Available in high clarity polyolefin structures with oxygen, moisture and aroma barriers

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CONTENT TITLE

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OVERVIEW AND FORWARD-LOOKING STATEMENTS

COMPANYNTENT TITLEOVERVIEW

StrongInsert SubtitleFinancialHerePosition

Debt-free

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• Remaining long-term debt was retired in Q1/09

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• Net cash• EnterpositionText Hereof over $397 million at end of 2019.

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Shareholders' equity• Enterof Text$1,035Here million

Current ratio of 9.4 to 1

Consistent strong generation of cash flow from operations

Dividends

• Regular dividends of $0.03 CDN per share are paid quarterly. The last increase in the regular dividend occurred in 2007 when it was doubled.
• Special dividends were declared in 2015 and 2014 of $1.50 and $1.00 CDN per share respectively.

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COMPANYNTENT TITLEOVERVIEW

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Raw Materials

• •EnterInputTextcostsHerehave eased, as new capacity came on stream for polyethylene resin combined with the recent decline in world oil prices. On an annual average, raw materials declined by 12.2 percent,

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following two years of increases.

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• In any event, 69 percent of Winpak's revenues are indexed to raw material pricing, creating a partial hedge. However,• Enter Texta timeH relag exists before the customers' prices are affected, which average 3 - 4 months, dependingEnteronTextcontractHere terms.

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Selling Prices

• 2019 experienced intense competitive pressures on lower selling prices in the Company's product markets and this environment is expected to persist in 2020, applying pressure on gross profit margins.

Sales Volumes

• Lack luster growth in the North American food packaging industry, due in part to changing consumer consumption patterns, may influence revenue growth to some degree with customers looking forward.

Winpak's Core business is very stable

• Over 90 percent of sales are to food and healthcare markets, resistant to economic downturns.

• Top 15 customers account for approx. 35% of revenues, with the largest customer accounting for approx. 11% in Q1 2020 (vs. 17% Q1 2019).

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COMPANYNTENT TITLEOVERVIEW

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Foreign exchange impacts

•• Ent1 centr TextincreaseHerein CDN $ equates to approx. 0.7 of a cent decrease in EPS. However, the effect is not immediate due to the Company's hedging policy which covers 50% to 80% of conversion requirements for• theEntensuingr Text Here9 to 15 months.

• The current• E terdepreciationText Here in the CDN $ , while a headwind to revenues, is a tailwind to Winpak's bottom line results •asEnter20%Textof costsHere but only 10% of revenues are denominated in CDN $. The Company's functional and reporting currency is USD.
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Capital spending

• For 2020, capital expenditures are expected to be $50 to $60 million, comparable to 2019 spending level of $58.1 million due to a building and line expansion and new capacity (extrusion, injection molding and other converting additions).
• The focus of the capital expenditures is to expand on existing & new technology capabilities in extrusion and converting.

Strong cash flow from operations

• Will allow for funding of organic CAPEX without the need for borrowing.

Acquisitions

• On October 1, 2019, the Company acquired acquired all of the business (net assets and building) of privately owned Cheringal Associates, Inc. and Norwood, Printing, Inc. collectively "Control Group" located in Norwood, New Jersey for US $42.7 million. In its most recent fiscal year, Control Group had revenues approaching US $25 million. The transaction was funded from cash resources on hand

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