Investor Presentation Greg Yull | President & CEO February ... · 18. Cornwall, ON 19. Delta, BC 20. Montreal, QC 21. Toronto, ON 22. Truro, NS CANADA 23. Porto, Portugal EUROPE 24

Investor Presentation February 27, 2019

Greg Yull | President & CEO Jeff Crystal | CFO

SAFE HARBOR STATEMENT Certain statements and information included in this presentation constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, "forward-looking statements"), which are made in reliance upon the protections provided by such legislation for forward-looking statements. All statements other than statements of historical facts included in this presentation, including statements regarding the protection provided to the Company due to its “at will” contracts with its customers, the Company’s growth opportunities, including its 2022 financial goals, the Company's capital investment strategies and acquisition strategies, the Company's capital expenditures, including its anticipated cost and return expectations, the Company’s greenfield manufacturing facilities and production lines, including the total cash consideration and timing, the Company’s integration of its recent acquisitions, the Company’s near-term growth drivers, may constitute forward-looking statements. These forward-looking statements are based on current beliefs, assumptions, expectations, estimates, forecasts and projections made by the Company's management. Words such as "may," "will," "should," "expect," "continue," "intend," "estimate," "anticipate," "plan," "foresee," "believe," or "seek" or the negatives of these terms or variations of them or similar terminology are intended to identify such forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements, by their nature, involve risks and uncertainties and are not guarantees of future performance. Such statements are also subject to assumptions concerning, among other things: business conditions and growth or declines in the Company's industry, the Company's customers' industries and the general economy; the anticipated benefits from the Company's manufacturing facility expansions, greenfield developments, manufacturing cost reduction programs and other restructuring efforts; the anticipated benefits from the Company’s acquisitions and partnerships; accounting adjustments; the anticipated benefits from the Company’s capital expenditures; the quality and market reception of the Company's products; the effective tax rate and income tax expenses; the Company's anticipated business strategies; risks and costs inherent in litigation; risks and costs inherent in the Company’s intellectual property; the Company’s ability to maintain and improve quality and customer service; the Company’s ability to retain, and adequately develop and incentivize, its management team and key employees; anticipated trends in the Company's business; anticipated cash flows from the Company’s operations; the Company’s flexibility to allocate capital as a result of the Notes Offering; availability of funds under the Company’s 2018 Credit Facility; the Company's ability to continue to control costs; the impact of raw material price fluctuations; movements in the prices of key inputs such as raw material, freight, energy and labor; government policies, including those specifically regarding the manufacturing industry, such as industrial licensing, environmental regulations, labor and safety regulations, import restrictions and duties, intellectual property laws, excise duties, sales taxes, and value added taxes; accidents and natural disasters; changes to accounting rules and standards; expected strategic and financial benefits from the Company’s ongoing capital investment and mergers and acquisitions programs; and other factors beyond the Company's control. The Company can give no assurance that these statements and expectations will prove to have been correct. Actual outcomes and results may, and often do, differ from what is expressed, implied or projected in such forward-looking statements, and such differences may be material. You are cautioned not to place undue reliance on any forward-looking statement. For additional information regarding important factors that could cause actual results to differ materially from those expressed in these forward-looking statements and other risks and uncertainties, and the assumptions underlying the forward-looking statements, you are encouraged to read "Item 3. Key Information - Risk Factors," "Item 5. Operating and Financial Review and Prospects (Management's Discussion & Analysis)" and statements located elsewhere in the Company's annual report on Form 20-F for the year ended December 31, 2017 and the other statements and factors contained in the Company's filings with the Canadian securities regulators and the US Securities and Exchange Commission. Each of these forward-looking statements speaks only as of the date of this presentation. The Company will not update these statements unless applicable securities laws require it to do so. This presentation contains certain non-GAAP financial measures as defined under applicable securities legislation, including Adjusted EBITDA, Adjusted EBITDA Margin, Debt to Trailing Twelve Month (“TTM”) Adjusted EBITDA, Adjusted Net Earnings, Adjusted Earnings Per Share, and Free Cash Flow. The Company has included these non-GAAP financial measures because it believes that they allow investors to make a more meaningful comparison between periods of the Company’s performance, underlying business trends and the Company’s ongoing operations. The Company further believes these measures may be useful in comparing its operating performance with the performance of other companies that may have different financing and capital structures, and tax rates. Adjusted EBITDA excludes costs that are not considered by management to be representative of the Company’s underlying core operating performance, including certain non-operating expenses, non-cash expenses and non-recurring expenses. In addition, adjusted EBITDA is used by management to set targets and is a metric that, among others, can be used by the Company’s Compensation Committee to establish performance bonus metrics and payout, and by the Company’s lenders and investors to evaluate the Company’s performance and ability to service its debt, finance capital expenditures and acquisitions, and provide for the payment of dividends to shareholders. The Company has included Adjusted Net Earnings and Adjusted Earnings Per Share because it believes that they permit investors to make a more meaningful comparison of the Company’s performance between periods presented by excluding certain non-cash expenses and non-recurring expenses. In addition, Adjusted Net Earnings and Adjusted Earnings Per Share are used by management in evaluating the Company’s performance because it believes they provide indicators of the Company’s performance that are often more meaningful than GAAP financial measures for the reasons stated in the previous sentence. The Company has included Free Cash Flows because it is used by management and investors in evaluating the Company’s performance and liquidity. As required by applicable securities legislation, the Company has provided definitions of these non-GAAP measures contained in this presentation, as well as a reconciliation of each of them to the most directly comparable GAAP measure, on its website at http://www.intertapepolymer.com under “Investor Relations” and “Events and Presentations” and “Investor Presentations”. You are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth on the website and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

INTERTAPE POLYMER GROUP 2

3

Distributors

Food & beverage Manufacturing Transportation Ecommerce fulfillment

OUR CUSTOMERS

THEIR CUSTOMERS

INTERTAPE POLYMER GROUP

Industrial & Packaging

DESIGNING A PRODUCT BUNDLE FOR OUR CUSTOMER


SCALE

INVENTORY TURNOVER

LOYALTY PROGRAMS

BREADTH

DIFFERENTIATED APPROACH TO THE CUSTOMER


Intertape’s comprehensive product bundle

DELIVERY PER week one

month one DELIVERY PER

Unique bundle, no one sells what we sell

More trips More SKUs

Air pillows

Bubble cushioning

Foam

Mailers

Paper void fill

COMPREHENSIVE & DIVERSE PRODUCT BUNDLE


Hot melt

Acrylic

Natural rubber

Water-activated

Paper

Flatback

Filament

Sheathing

Stencil

Carton sealing

Industrial & Speciality

Stretch

Shrink

Structure fabrics

Woven coated geomembrane

Hay cover fabric

Poultry fabric

Lumberwrap

Tapes 58%

Films 16%

Protective packaging 12%

Note: Expected pro-forma revenue shown includes the full year impact of Polyair and Maiweave, which the Company believes will generate approximately $133 and $25 million of revenue in the twelve months ending December 31, 2018, respectively.

Woven 14%

ASSEMBLED A HARD TO REPLICATE, SPECIALIZED, PRODUCTION BASE


WORLD CLASS

LOW COST ASSETS

Driving operational efficiencies: Annual performance plans at each facility

1.  Atlanta, GA 2.  Bardstown, KY 3.  Bardstown, KY 4.  Blythewood, SC 5.  Brighton, CO 6.  Carbondale, IL 7.  Carlstadt, NJ 8.  Carrollton, TX 9.  Chicago, IL 10.  Corona, CA 11.  Danville, VA 12.  Marysville, MI 13.  Menasha, WI

14.  Midland, NC 15.  Salisbury, NC 16.  Springfield, OH 17.  Tremonton, UT

UN

ITED

STA

TES

18.  Cornwall, ON 19.  Delta, BC 20.  Montreal, QC 21.  Toronto, ON 22.  Truro, NS

CA

NA

DA

23.  Porto, Portugal

EURO

PE

24.  Chopanki, India 25.  Daman, India A

SIA

19

9177

1221

1820

6

13

52 14

43

1

11

22

NORTH AMERICA

ASIA

25

24

EUROPE

23

810 15

16

“AT WILL” PRICING WITH BOTH SUPPLIERS AND CUSTOMERS PROVIDES PROTECTION FROM HIGHEST INPUT COSTS


35%

16% 22%

27%

Resin Adhesive Paper Other

Fluid resin pricing environment: Focused on gross profit dollars not margin

Major resin inputs: Polyethylene – films, woven Polypropylene – tapes, woven

Raw material inputs1,2 At will pricing mitigates impact of resin pricing movements

TIMELINE Polyethylene price increase

Announce stretch film price increase

Price increase effective

Price change reflected in income statement

DAY 0

DAY 37

DAY 7

DAY 60

60 day avg. price increase to flow through income statement

1) Based on purchases of raw materials in 2017 2) Excludes Polyair and Maiweave acquisitions 3) Other includes but is not limited to Latex, Fiberglass and Starch

3

9

GROWTH OPPORTUNITIES


2022 GOALS

revenue adj. EBITDA adj. EBITDA margin 15% $225M $1.5B ≥ ≥

ECOMMERCE: OUTSIZED GROWTH SEGMENT


Dominant market position in water-activated tapes

DIRECT RELATIONSHIPS WITH LARGEST RETAILERS:

Largest ecommerce retailer (product in 70 locations) Largest big box retailers WATER-ACTIVATED TAPES PRODUCTION:

2 lines in Midland, NC §  $48M first line – Q3 2017§  $13M second line – Q1 2019

DOUBLES PRODUCTION –1/3 CAPITAL COST

… plus Menasha, WI, production

PACKAGING:

Water-activated tapes Hot-melt & acrylic tapes Stretch film PROTECTIVE:

Bubble cushion Mailers Air pillow Foam Paper void fill

SHIP IN OWN CONTAINER (SIOC): Shrink wrap

SUCCESSFUL COMPLETION OF CAPITAL INVESTMENT STRATEGY


Capex Investment Profile (USD millions)

after-tax, hurdle rates on capital projects

2019: Return to normalized capex run rate of $40-60M annually

Focused on start-up, base-loading and optimizing production at 3 new greenfield facilities

3 new greenfield facilities

15% IRR $170M deployed since Jan 1, 2017 including…

$115M projects ongoing expected completion H1 19

5 projects completed on time and on budget

2 41 34

50

85 80-90

40-60 40-60

FY2014A FY2015A FY2016A FY2017A FY2018E FY2019E FY2020E

$15-20M: minimum level of annual capex

TRACK RECORD OF SUCCESSFUL ACQUISITIONS


Prioritizing integration of existing acquisitions

Consolidation Drive operational efficiencies Cantech, Taratape

New product categories Stronger product bundle

Polyair, Better Packages, Maiweave, Cantech

Vertical integration Drive operational efficiencies Airtrax, Powerband

New markets Geographic expansion

Airtrax, Powerband, Maiweave

Successful integrations completed:

Better Packages

Taratape

Integrations ongoing:

Cantech

Powerband

Capstone

Polyair

Maiweave

Taratape Filament

and pressure sensitive tapes

Powerband Acrylic tapes

Cantech Industrial &

speciality tapes

Airtrax (Capstone)

Woven

Polyair Protective packaging solutions

Maiweave Woven

Q2 2015

Q4 2015

Q3 2016

Q3 2017

Q2 2018

Q3 2018

Q4 2018

Better Packages

Water-activated tape dispensers

NEAR-TERM GROWTH DRIVERS


Industrial tapes (Cantech) Protective packaging (Polyair) Woven (Maiweave)

Complete integration of acquisitions driving cost and revenue synergies

Track ecommerce accounts around the globe

Start-up and optimize run-rate of greenfield investments

Indian tape (Powerband) Indian woven (Capstone)

Scale second Midland line Cross sell protective packaging

Execution is our priority

02 01

03

14

POSITIONED TO DELIVER


FINANCIAL PERFORMANCE


(USD millions) Q3 2018 Q3 2017 Change %

2018 Q3 YTD

2017 Q3 YTD Change % (except per share amounts)

Revenue $279.1 $243.4 14.6% $765.4 $660.7 15.8%

Gross profit $58.9 $50.9 15.8% $163.8 $147.4 11.2%

Gross Margin 21.1% 20.9% -- 21.4% 22.3% --

IPG Net Earnings $12.0 $19.2 (37.6)% $38.5 $42.9 (10.4)%

IPG Adj Net Earnings(1) $20.3 $15.3 32.2% $49.3 $45.8 7.6%

Adj EBITDA(1) $37.6 $32.4 15.9% $102.4 $93.9 9.0%

EPS, fully diluted $0.20 $0.32 (37.1)% $0.65 $0.72 (9.4)%

Adj EPS, fully diluted(1) $0.34 $0.26 33.2% $0.83 $0.76 8.8%

(1)  Non-GAAP financial measure. Please see “Safe Harbor Statement” for an explanation of the Company’s use of this measure and a cross-reference to a reconciliation to its most directly comparable GAAP measure.

Our primary focus: accretive EPS & adj EBITDA dollars

Organic plus acquisitions driving adj EBITDA growth: Margin expansion opportunities exist from acquisitions below Intertape margin, but create short-term pressure on margins (USD millions)

104

122 129.6

140 - 143 13.3%

15.1% 14.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

80

90

100

110

120

130

140

150

160

FY2015A FY2016A FY2017A FY2018E

CONSERVATIVE CAPITAL STRUCTURE: SUSTAINABLE CASH FLOW PROFILE


Well positioned to grow free cash flow with completion of capex program

$250M at 7% §  Flexibility to allocate capital at a historically attractive

fixed interest rate

§  Repaid a portion of the borrowings outstanding under $600M credit facility & general corporate purposes

Unsecured Senior Notes

Revolver Facility $600M facility §  $356M: Pro forma total cash and loan availability1

§  1.6x Pro forma Secured Net Leverage Ratio1,2

§  3.98% all-in interest rate including 200 bps of credit spread3

Sustainable dividends with increasing ability for debt repayment (USD millions)

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2015A 2016A 2017A 2018E 2019E

Capex Free Cash Flow

1) Presented pro forma for the $250M issuance of senior unsecured bonds, less origination fees. 2) Non-GAAP financial measure: Secured Net Leverage Ratio is represented by Net Secured Debt, divided

by trailing twelve month (“TTM”) proforma adjusted EBITDA, which includes twelve months of Adjusted EBITDA from Polyair.

3) Interest rate as of 9/30/18 on the revolver facility only.

2019 marks end of current investment cycle: Expect ↓ Capex and ↑ Operating Cash Flow to drive significant Free Cash Flow4 4) Non-GAAP financial measure: Please see "Safe Harbor Statement" for an explanation of the Company's use of this

measure and a cross-reference to a reconciliation to its most directly comparable GAAP measure.


harvest $170M capex deployed

new greenfield facilities

7 strategic acquisitions

3

conservative capital structure

invest

18

APPENDIX


COMPANY OVERVIEW


TSX Symbol ITP

Shares Outstanding 58.8M

Market Capitalization (as at Feb 25, 2019)

CDN $1.1B

Net Debt (as of 9/30/2018) USD $489M

Available Liquidity1 USD $356M

1) Total cash and loan availability is presented pro forma for the $250M issuance of senior unsecured bonds, less origination fees.

OPERATIONAL EXPERTISE TO DRIVE EFFICIENCIES AND INTEGRATION


Greg A.C. Yull, President & CEO 28 years with Intertape Polymer Group (IPG), formerly President Tapes and Films Division, EVP of Industrial Business Unit, and roles in Sales and Product Management.

Jeffrey Crystal, CPA, CA, CFO 5 years with IPG, formerly CFO, American Iron & Metal, VP of Finance of Optimal Payments and Audit Manager, Raymond Chabot Grant Thornton LLP.

Douglas Nalette, SVP Operations 20 years with IPG, formerly Director Carton Sealing Manufacturing, IPG, formerly with Central Products Company, Arkwright Advanced Coating and Venture Tape.

Shawn Nelson, SVP Sales 24 years with IPG including several sales roles within the company, formerly Regional Sales Manger of Polychem.

Joseph Tocci, SVP Global Sourcing and Supply Chain 14 years with IPG within Supply Chain Management, formerly with Polo Ralph Lauren, The Home Depot, Atari and Nabisco.

Randi Booth, SVP & General Counsel 3 years with IPG, formerly VP and Counsel at Deutsche Bank, formerly with Arnold & Porter LLP and Pillsbury Winthrop Shaw Pittman LLP.

Silvano Iaboni, GM Engineered-coated Products (Woven) 25 years with IPG in roles of progressive responsibility primarily in operations management and engineering.

Mary Beth Thompson, VP Human Resources 2 years with IPG, formerly with Sonoco Products Company.

Martin Gilvarg, SVP Protective Packaging 10 years with Polyair (acquired by IPG in 2018), formerly 7 years with American National Can Flexible Packaging (formerly Pechiney Plastic Packaging/Alcan) and 17 years with Mead/Westvaco.

James Pantelidis, Chairman of the Board Chairman, Parkland Fuel Company, former Chairman, EnerCare Inc., former board member of RONA Inc., IA Insurance and Financial Services, Equinox Minerals Ltd. among others.

Greg A.C. Yull, President & CEO

Robert M. Beil 32 years with The DOW Chemical Company including various roles in Executive Management, Sales and HR.

Robert J. Foster President and CEO, Capital Canada Limited, former board member of CHC Helicopters, Golf Town Income Fund, Cargojet, Canada 3000 and Canadian Airlines Regional among others.

Jorge N. Quintas President of Nelson Quintas SGPS, SA, a holding company for the manufacturing of electricaland telecommunications cables, hazardous waste treatment, telecommunications networks and real estate.

Mary Pat Salomone Former SVP & COO of Babcock Wilcox Company, board member of TransCanada and Herc Holdings, Inc.

Frank Di Tomaso, FCPA, FCA, ICD.D Former Partner and Advisory Partner at Raymond Chabot Grant Thornton LLP, board member of ADF Group Inc., Birks Group Inc., National Bank Trust, National Bank Life Assurance and Laurentian Pilotage Authority.

Melbourne F. Yull Founder and formerly Chairman and CEO of IPG, and President, Samanna Properties LLC and Affinity Kitchen & Bath LLC.

MANAGEMENT: BOARD OF DIRECTORS:

Documents

Investor Presentation Greg Yull | President & CEO February ... · 18. Cornwall, ON 19. Delta, BC 20. Montreal, QC 21. Toronto, ON 22. Truro, NS CANADA 23. Porto, Portugal EUROPE 24