Interim Results Presentation

28 August 2017

The information in this presentation has not been independently verified and does not purport to becomprehensive. One51 is not undertaking any obligation to provide any additional information or to updatethis presentation or to correct any inaccuracies that become apparent. This presentation is neither aprospectus nor an offer nor an invitation to apply for securities. The information contained in thispresentation is for background purposes only and is subject to material updating, completion, revision,amendment and verification. This presentation does not constitute or form a part of any offer for sale orsolicitation of any offer to buy or subscribe for any securities. Any prospective investor must make its owninvestigation and assessments and consult with its own adviser concerning any evaluation of the Companyand its prospects.

No representation or warranty, express or implied, is or will be given by One51, its subsidiaries, itsshareholders or their respective directors, officers, employees or advisers as to the accuracy orcompleteness of this presentation and, so far as permitted by law, no responsibility or liability is accepted forthe accuracy or sufficiency of this presentation. In particular, without limitation, no representation or warrantyis given as to the achievement or reasonableness of any projection, estimate, target or forecast in thispresentation, which it should be noted is provided for illustrative purposes only.

This presentation contains forward-looking statements which reflect management’s current views andestimates. These forward looking statements involve certain risks and uncertainties that could cause actualresults to differ materially from those contained in the forward looking statements. Potential risks anduncertainties 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 anychanges in management’s expectations or any change in circumstances, events or the Group’s plans andstrategy. Accordingly, no reliance can be placed on the figures contained in such forward lookingstatements.

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Forward Looking Statements

Group Overview

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PackagingAgricultural and

Automotive ProductsBulk, Environmental and

Industrial Products

Rigid Plastics

Plastics consists of two sub-divisions – IPL and OPG. Plastics supplies products to a

broad range of customers in Ireland, the UK, USA, Canada and China from 14

production facilities across 3 primary business categories

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Geographic FootprintOne51 Plastics has significant international reach with sophisticated R&D capabilities

14 manufacturing facilities

2 R&D facilities in Ireland and Canada

c. 1.8 million square feet of manufacturing space

270 machines

Agricultural & Automotive Products Packaging Bulk, Environmental & Industrial Products R&D Centre

32.4% growth in Revenue to €225.8m (2016: €170.6m)

31.1% increase in EBITDA to €32.4m (2016: €24.7m)

32.6% growth in EBIT to €20.1m (2016: €15.2m)

Profit before tax, exceptional items and share of associate profits increased to €14.8m

(2016: €10.9m)

Profit for the period of €6.2m (2016: €8.9m)

29.7% increase in Adjusted diluted EPS to 7.24c (2016: 5.58c)

EBITDA interest cover of 5.94x (2016: 5.89x)

Total Assets of €634.2m (31 December 2016: €507.6m)

Total Equity (excluding IPL Put liability) of €197.0m (31 December 2016: €190.9m)

Net Debt of €261.6m (31 December 2016: €152.5m)

H1 2017 Financial Highlights

51 The financial highlights should be read in conjunction with the Interim Report published on 28 August 2017.2June 2016 amounts have been restated to exclude the effect of discontinued operations.3 Certain tables and numbers in this presentation may not add or compute precisely due to rounding.

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The successful integration of Encore Industries into the IPL North America business since acquisition in November 2016.

The acquisition of 100% of the share capital of Macro Plastics Inc. on 9 June 2017 through IPL. Macro is one of the largest manufacturers of rigid bulk bins worldwide and is a market leader in providing rigid plastic bulk packaging solutions to the agricultural and automotive sectors.

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

− Initial cash consideration of c. €40m received from the sale of both divisions.

− The disposals complete One51’s exit from the specialist environmental services sector as the Group focuses on the continued development of its global plastics business. One51 continues to own a residual investment in a small UK metals recycling company.

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H1 2017 Business Alignment Highlights

The North America market has contributed significant organic growth driven by continued increased demand in both the Retail and Bulk and Environmental divisions.

Further significant development capital investment programmesunderway in our North American operations providing the Group with enhanced ability and capacity to serve an expanding business and customer base.

The OPG business has continued to grow organically in the UK in H1 2016 on a constant currency basis. OPG’s Ireland and China business has been negatively impacted by reduced demand from its largest customer following the merger of that customer with another industry participant.

Renegotiated and extended IPL Canadian syndicated loan facility to finance the acquisition of Macro and to provide further bank facilities to the IPL Group with a revised expiry date of July 2021.

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H1 2017 Operational Highlights

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One51 Plastics EvolutionTarget to double Plastics EBITDA in the medium term through a combination of organic growth and acquisitions

Rebranding 2013 Acquisition of IPL 2015International plastics

manufacturer of significant size and scale 2017 +

100%

Total EBITDA c.€16m

57%

43%

Total EBITDA c. €48m Total EBITDA c. €75m+

OPG

IPL

Acquisitions of IPL and Straight

Rebranded to OnePlastics Group

Selected acquisitions(Encore & Macro)

Organic growth

Plastics Packaging Market OverviewRigid plastic packaging market valued US$171bn is the fastest growing segment within Plastic packaging

Global packaging market est. to be worth US$800bn. Rigid

packaging valued at c. US$171bn¹.

Global rigid plastic packaging forecast to grow at 5.8% CAGR

over the next 5 years, faster than average global GDP of 3.4%¹

Growth is being driven by its comparatively lower cost,

lighter weight and flexibility over traditional packaging

materials

Rigid plastic has a wide application in food and beverage sector

which is seen as less susceptible to macro-economic influences

as other industries

Food

Beverage

Non-food

Industrial/other

$25.8bn

$45.1bn

$57.2bn

$98.3bn

$0bn

$50bn

$100bn

$150bn

$200bn

$250bn

2015

c.$171bn

CAGR 5.8%

Rest of the world North America Europe Asia 2020

c.$171bn

27%

7%

29%

37%

c.$226bn

$20.4bn

$39.3bn

$46.6bn

$64.3bn

Source: Smithers Pira, The Future of Global Rigid Plastic Packaging to 2020. Market sizing excludes Environmental Containers which represents a c. US$1bn market in North America (per EY) and a substantial market in the UK & Ireland (being One51’s core markets in Environmental)

1.

All US$

Agricultural & Automotive

Products (Macro)

Packaging

(IPL Retail, OPG Cork & China)

Bulk, Environmental &

Industrial Products

(IPL B&E & OPG UK)

Products

Market Position #1 Globally

Niche player in North

America, UK and Ireland

Niche player in North

America, UK, Ireland and

China

Key Customers

Growth Drivers

Sustainability

Substitution effect

Regulation

Substitution effect (e.g.

glass/metals to plastics)

R&D / innovation

Sustainability

Replacement cycle

Regulation

Urbanisation

Defensive

Characteristics

High barriers to entry Food industry counter

cyclical

Diversity of customer

base

High barriers to entry

One51 Plastics OverviewOne51 Plastics supplies products to a broad range of customers in Ireland, UK, North America and China

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Food producers

Local Authorities

One51 Plastics Growth StrategyClear growth strategy based on a combination of organic growth and targeted M&A

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Favourable Market Backdrop

Fragmented

market place

Growing rigid

plastics demand

Substitution

effect

Increasing product

innovationRegulation

Clear Strategy

Organic Growth

Investment in manufacturing facilities

Focused capital investment projects in USA & Canada

Deliver manufacturing efficiencies

Continued investment in R&D

Leverage synergies & cross selling opportunities

between IPL & OPG

M&A

Focus on higher growth niche segments of the

market

European & North American geographic focus

Synergy potential

Target EBITDA > €10m and margin of 13% - 15%

Target ROCE 10% - 15%

Significant acquisition pipeline developed

Future Market Focus

Continue to focus on

existing segments

which exhibit

significant growth

Leverage existing

capabilities for entry

into new segments

Expand product range

driven by customer/market

demand relying on

in-house R&D facilities

Continue to review market

opportunities to add new

plastics manufacturing

technologies and product

types

Significant Operational Capabilities

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M&A and Organic Growth

Opportunities

Diversified customerbase

Attractive Financial Profile

Leading design and innovation capabilities driven by

sophisticatedR&D

Operational excellence

Well invested facilities and scalable infrastructure

Blue chip customer base

IPL Centre of Excellence in Canada

OPG Innovation Centre of Excellence in Ireland

Significant number of patents and pending patents

Ability to manage material margin in a volatile polymer market

Use of recycled polymers

Pass through agreements in place with customers

Continuous investment in state-of-the-art injection moulding production cells

Developed a state of the art food grade manufacturing facility in Cork

Significant development capital expenditure in North America

Long standing customer relationships

Embedded relationships allow One51 to grow with customers

Low customer concentration with the top 10 customers representing c.27% of 2016 revenue

Focus on existing Market Segments.

Enter new market segments leveraging existing capabilities.

Expand product range – leveraging R&D capability.

New technology and product types.

New geographic regions.

Continual enhancement of operational capabilities.

Maximise cross selling opportunities between IPL and OPG.

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Plastics – Key Strategic Priorities

Financials

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Income Statement

€’m H1 2017 H1 2016 FY 2016

Revenue 225.8 170.6 348.2

Operating profit (before exceptional

items)20.3 15.5 30.4

Non-recurring items (0.2) (0.3) (2.2)

Depreciation & Amortisation 12.3 9.6 20.3

EBITDA 32.4 24.7 48.5

EBITDA margin (%) 14.3% 14.5% 13.9%

EBIT 20.1 15.2 28.2

Exceptional / non-recurring items (3.1) (3.0) 0.7

Share of profit of associate (Altas) 0.5 3.4 3.9

Discontinued operations (2.9) (0.1) (4.3)

Finance costs (5.5) (4.6) (8.9)

Income tax expense (2.9) (2.0) (3.5)

Profit for period / year 6.2 8.9 16.1

Adjusted EPS (Diluted) 7.24c 5.58c 11.04c

Revenue (excluding discontinued operations) increased by 32.4% on the comparative period to €225.8m, driven principally by strong organic growth in IPL Inc. and the impact of the Encore and Macro acquisitions.

EBITDA (excluding discontinued operations) increased by 31.1% to €32.4m (H1 2016: €24.7m), with IPL’s contribution being €23.6m.

Exceptional and non-recurring items and share of profit of associate resulted in a charge of €2.6m in the period (H1 2016: credit of €0.4m). Included in this is €2.3m of costs associated with the acquisition of Macro Plastics.

Finance costs increased from the comparative period by €0.9m to €5.5m, primarily as a result of the drawdown of bank borrowings for the purposes of acquiring Encore and, to a lesser extent, Macro.

The income tax charge for the period was €2.9m (H1 2016: €2.0m).

Adjusted diluted Earnings per share is 29.7% higher than H1 2016, reflecting the improvement in EBITDA.

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Divisional Analysis

Revenue €’m H1 2017 H1 2016 FY 2016

IPL 148.2 94.6 204.3

OnePlastics Group 61.3 67.4 126.9

Macro 6.4 N/A N/A

Other 9.9 8.6 17.0

Total 225.8 170.6 348.2

OnePlastics performance in the period was impacted by the merger of a significant OPG Ireland electronics customer and adverse movements in the pound sterling exchange rate. On a constant currency basis its UK division grew EBITDA organically.

IPL had a strong performance with the North American market contributing organic EBITDA growth of €4.5m, driven by continued increased demand in the Bulk & Environmental and Retail divisions. Encore contributed €3.5m of EBITDA in the period.

Macro Plastics was acquired on 9 June 2017, and its performance since that date, which was in line with expectations, has been included in the Group’s reported numbers.

Other includes the results of the Ampthill Metals business and the Group’s Head Office costs.

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EBITDA €’m H1 2017 H1 2016 FY 2016

IPL 23.6 15.6 31.6

OnePlastics Group 7.4 9.8 17.2

Macro 2.0 N/A N/A

Other (0.6) (0.7) (0.3)

Total 32.4 24.7 48.5

1 Numbers exclude the impact of businesses classified as discontinued operations in all years

Balance Sheet

€’m 30 June

2017

31

December

201630 June

2016

Goodwill & Intangibles 211.0 137.4 142.6

Tangible Assets 207.9 159.7 171.6

Financial and Other Assets 27.0 22.2 16.2

Non-Current Assets 445.9 319.3 330.4

Current Assets 188.3 188.3 155.8

Total Assets 634.2 507.6 486.2

Creditors: within 1yr (118.1) (100.8) (112.8)

Creditors: more than 1yr (319.1) (216.0) (189.1)

Total Equity (Before Put Liability) 197.0 190.9 184.3

Put Liability (83.4) (72.2) (39.6)

Total Equity (After Put Liability) 113.6 118.6 144.7

Net Debt 261.6 152.5 146.8

Net Debt: EBITDA (Annualised)* 3.7 3.1 N/A

The increase in Tangible assets from 31 December 2016 is due primarily to additions arising on the acquisition of Macro Plastics of €42.5m and Capex additions of €24.7m related to strategic investment projects to support increased demand and organic growth particularly in the US and Canada.

Working capital balances at 30 June 2017 were €69.9m (31 Dec 2016: €27.7m; 30 June 2016: €38.8m). The increase during 2017 arose primarily due to the acquisition of Macro Plastics and a build up in inventory in IPL as a result of two large contracts and strong organic growth.

Net debt at 30 June 2017 was €261.6m (31 Dec 2016: €152.5m). The increase has been caused primarily by the drawdown of borrowings to fund the acquisition of Macro Plastics in the period.

Total Equity has decreased by 4.2% since year end 2016 to €113.6m (31 Dec 2016: €118.6m) driven primarily by the profit for the period offset by unfavourable currency translation movements and an increase in the Put Liability in respect of the IPL minority shareholding.

16*The June 2017 amount reflects 12 months EBITDA from 1 July 2016 to 30 June 2017 excluding discontinued operations and Macro Plastics, adjusted for

a full year 2017 estimated EBITDA for Macro Plastics of USD$19 million translated at €1:USD€1.10

Cash Flow

€’m H1 2017 H1 2016 FY 2016

Net cash inflow from operating activities

before tax and working capital

movement

31.2 23.4 50.8

Working capital movement (37.8) (11.0) 9.9

Net cash (outflow)/inflow from operating

activities (before tax)(6.6) 12.4 60.7

Maintenance capital expenditure (2.0) (5.0) (10.2)

Finance costs paid (net) (4.8) (4.7) (9.2)

Income tax paid (0.3) (2.3) (4.4)

Free cash flow (13.7) 0.4 36.9

Development capital expenditure (19.2) (12.2) (21.5)

Free cash flow after development capital

expenditure(32.9) (11.8) 15.4

Acquisitions and disposals (inc. net

debt/cash acquired)(73.5) (9.2) (39.9)

Other – including effect of movements in

exchange rates(2.7) (5.5) (7.7)

Movement in net debt in the period/year (109.1) (26.5) (32.2)

Net cash inflows from operations (before tax) decreased by €19.0m (H1 2016) during the period driven by higher working capital levels only partially offset by stronger EBITDA.

Significant working capital outflows arose during the period compared with H1 2016 primarily due to a build up in IPL as a result of two large contracts (€11.6m) and its strong growth (€8.7m).

Finance costs increased from H1 2016 by €0.1m to €4.8m, the increase due to the overall net debt increase arising from the Encore acquisition in November 2016.

Significant growth capex projects continue to be undertaken to meet the organic growth and customer led demand.

Acquisitions in the period include the costs of acquiring Macro Plastics of €112.5m and proceeds on the disposal of the Specialist Environmental Services division of €38.3m.

Other primarily comprises of exchange rate movement impact (€/CAD$) and (€/STG£).

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Strategy

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Clear strategy based on the development and growth of core Plastics

divisions through organic initiatives and acquisitions.

Strategic objectives will be achieved through

- Focused development capital expenditure projects to broaden product range

- Leveraging maximum cross-sell and cost synergy opportunities from acquired

businesses and across international locations

- Complimentary strategic acquisitions

Have recommenced exploring a possible IPO or stock market listing

for the Group in the next 12 to 18 months (subject to market

conditions).

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Strategy

Thank you

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