CONTENT TITLE Insert Subtitle Here Enter Text Here Enter Text Here - PowerPoint PPT Presentation

CONTENT TITLE Insert Subtitle Here • Enter Text Here • Enter Text Here • Enter Text Here Enter Text Here • Enter Text Here •

CONTENT TITLE Insert Subtitle Here • Enter Text Here • Enter Text Here • Enter Text Here Enter Text Here • Enter Text Here • ANNUAL SHAREHOLDERS MEETING APRIL 23, 2019

CONTENT TITLE Disclaimer Insert Subtitle Here Certain statements made in the following discussion contain forward-looking • Enter Text Here statements including, but not limited to, statements concerning possible or • Enter Text Here assumed future results of operations of the Company. Forward-looking • Enter Text Here statements represent the Company’s intentions, plans, expectations and Enter Text Here • beliefs, and are not guarantees of future performance. Such forward-looking Enter Text Here • statements represent 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.

CONTENT TITLE To Our Valued Shareholders & Others Insert Subtitle Here • Enter Text Here • Enter Text Here • Enter Text Here Winpak has established and published a Disclosure Policy. This Policy Enter Text Here • actively encourages meetings by investors, potential investors and Enter Text Here • others with Winpak’s Spokespersons. When conducting such meetings, Spokespersons must not disclose material information that has not already been publicly disclosed. Those persons taking part in the discussions are duly advised of this Policy.

CONTENT TITLE Insert Subtitle Here 2018 • Enter Text Here • Enter Text Here • Enter Text Here • RESULTS REVIEW Enter Text Here • Enter Text Here •

REVENUE COMPARISON CONTENT TITLE Insert Subtitle Here 2018 $US Millions • Enter Text Here • Enter Text Here 2018 2017 Increase • Enter Text Here Enter Text Here • $889.6 $886.8 0.3% Enter Text Here • 900 800 889.6 886.8 822.5 786.8 797.2 700 714.9 600 500 400 300 2013 2014 2015 2016 2017 2018

GEOGRAPHIC MARKETS CONTENT TITLE 2018 Insert Subtitle Here • Enter Text Here Winpak markets its products globally, with a prime focus on North America. • Enter Text Here • Enter Text Here Revenue Enter Text Here • Enter Text Here • United States 83% 13% 4% Canada Other

PRODUCTS & MARKETS CONTENT TITLE 2018 Insert Subtitle Here • Enter Text Here Sales • Enter Text Here • Enter Text Here Flexible Enter Text Here • Enter Text Here Packaging • 49% 48% 3% Rigid Container & Packaging Flexible Machines Lidding

NET INCOME COMPARISON CONTENT TITLE Insert Subtitle Here 2018 $US Millions • Enter Text Here • Enter Text Here 2018 2017 Decrease • Enter Text Here Enter Text Here • $108.9 $119.3 $10.4 8.7% Enter Text Here • 125 100 119.3 108.9 104.3 75 99.2 50 78.4 25 0 2014 2015 2016 2017 2018

NET INCOME COMPARISON CONTENT TITLE 2018 Insert Subtitle Here 10-Year Compound Annual Growth Rate (CAGR) of 14% • Enter Text Here • Enter Text Here $US Millions • Enter Text Here 140 Enter Text Here • Enter Text Here • 120 100 80 60 40 20 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 *All references to net income relate to net income attributable to equity holders. The 2008-2009 figures are as previously reported under Canadian GAAP.

CONTENT TITLE NET EARNINGS PER SHARE COMPARISON Insert Subtitle Here 2018 • Enter Text Here (Cents) 184 200 168 • Enter Text Here 180 • Enter Text Here Enter Text Here 160 • Enter Text Here • 140 120 100 80 60 40 1 20 0 -3.5 -4.5 -2 -7 -20 Oper. Organic Taxes EPS 2017 Gross Foreign EPS 2018 Expenses Growth Margin Exchange

SELLING PRICE INDEX AGREEMENTS CONTENT TITLE Insert Subtitle Here 2018 • Enter Text Here (% of Revenue) • Enter Text Here • Enter Text Here 75 Enter Text Here • Enter Text Here • 73 70 71 70 69 68 67 67 65 62 60 55 2011 2012 2013 2014 2015 2016 2017 2018

EBITDA and EBITDA MARGIN CONTENT TITLE 2018 Insert Subtitle Here • Enter Text Here ($US Millions) 200 25.0% • Enter Text Here • Enter Text Here Enter Text Here • 20.0% Enter Text Here 150 • 15.0% 100 10.0% 50 5.0% 0 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 EBITDA EBITDA Margin

PUBLIC COMPANIES METRICS CONTENT TITLE Insert Subtitle Here 2018 ($US M Millions, e exce cept as noted) • Enter Text Here LTM Financials • Enter Text Here • Enter Text Here Company Revenue Gross Profit EBITDA Enter Text Here • Amcor Ltd. (AUD) $9,319.1 19.9% 15.5% Enter Text Here • Bemis Co. Inc. $4,089.9 19.7% 12.5% Berry Plastics $7,869.0 18.2% 16.5% CCL Industries Inc. (CAD) $4,755.7 30.2% 19.7% Sealed Air Corp. $4,732.7 31.7% 16.6% Sonoco Products Co. $5,391.9 19.3% 12.5% Average $5,749.4 23.3% 16.0% Winpak Ltd. $889.6 30.4% 22.1% Sources: Company websites as of December 31, 2018, or most recently reported 12-month period.

2018 RESULTS RECAP . CONTENT TITLE Insert Subtitle Here 2018 • Enter Text Here • Enter Text Here US $ Millions • Enter Text Here Enter Text Here Increase • Enter Text Here • 2018 2017 $ % Revenue $889.6 $886.8 $2.9 0.3% EBITDA $190.2 $200.2 $(10.0) (5.0)% Volumes in 2018 decreased by 0.05 percent (normalized) and for the 10-year period of 2009 to 2018 grew at an averaged 5.7 percent annually. All growth has been organic.

CONTENT TITLE Insert Subtitle Here 2019 • Enter Text Here • Enter Text Here • Enter Text Here • FIRST QUARTER RESULTS Enter Text Here • Enter Text Here •

FIRST QUARTER REVENUE COMPARISON CONTENT TITLE Insert Subtitle Here 2019 vs 2018 • Enter Text Here • Enter Text Here • Enter Text Here Enter Text Here • ($US M Milli illions) Enter Text Here • Increase 2019 2018 _$_ _%_ $224.0 $221.6 $2.4 1.1%

CONTENT TITLE Insert Subtitle Here 2019 • Enter Text Here • Enter Text Here • Enter Text Here • FIRST QUARTER NET EARNINGS Enter Text Here • Enter Text Here •

CONTENT TITLE FIRST QUARTER NET EARNINGS PER SHARE COMPARISON 2019 Insert Subtitle Here • Enter Text Here (Cen Cents) • Enter Text Here • Enter Text Here 45 Enter Text Here • 40 44 44 Enter Text Here • 41 35 30 35 25 25 25 25 20 23 23 15 15 10 5 0 2010 2011 2012* 2013 2014 2015 2016 2017 2018 2019 * Restated for retrospective application of IAS 19-Pensions

FIRST QUARTER NET EARNINGS PER SHARE COMPARISON CONTENT TITLE 2019 Insert Subtitle Here • Enter Text Here • Enter Text Here (Cen Cents) • Enter Text Here 44 Enter Text Here • 41 50 Enter Text Here • 40 30 20 3.5 1.5 10 0 -0.5 -1.5 -10 EPS 2018 Gross Finance Operating Other EPS 2019 Margin Income Expense

EARNINGS PER SHARE COMPARISON BY QUARTER CONTENT TITLE Insert Subtitle Here 2019 (Cen Cents) • Enter Text Here 45 45 Q2 Q1 40 40 • Enter Text Here 35 35 30 30 • Enter Text Here 25 25 Enter Text Here 20 20 • 15 15 Enter Text Here • 10 10 5 5 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 45 45 Q3 Q4 40 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 • EPS has equaled, or exceeded, the prior year period in 33 of the last 36 quarters. *Q1/12 has been restated for retrospective impact of IAS 19-Pensions Q4/2017 has been restated for the one-time income tax adjustment due to US Tax Reform

RAW MATERIALS AND FOREIGN EXCHANGE INDEX CONTENT TITLE 2019 Insert Subtitle Here (Raw Materials Index) (Exchange Rate) • Enter Text Here 200 1.2 • Enter Text Here • Enter Text Here 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

CONTENT TITLE Insert Subtitle Here • Enter Text Here • Enter Text Here • Enter Text Here Enter Text Here • Enter Text Here • CAPITAL PROJECTS

CAPEX CONTENT TITLE INVESTMENTS REVIEW Insert Subtitle Here • Enter Text Here ($US millions) (%-Revenue) • Enter Text Here • Enter Text Here 80 12.0% Enter Text Here • 70 Enter Text Here • 10.0% 60 8.0% 50 40 6.0% 30 4.0% 20 2.0% 10 0 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 CAPEX % of Revenue Over the past decade, CAPEX of $525 million has averaged 7.2% of revenue.

AMERICAN BIAXIS CONTENT TITLE Insert Subtitle Here WINNIPEG • Enter Text Here • Enter Text Here • Enter Text Here Enter Text Here • Enter Text Here •

AMERICAN BIAXIS CONTENT TITLE Insert Subtitle Here EXAMPLES OF CURRENT BOPA USES • Enter Text Here • Enter Text Here • Enter Text Here Enter Text Here • Enter Text Here •