Turpaz Industries Ltd.

Investor Presentation • May 21, 2023

Investor Presentation

May 2023

Disclaimer

This presentation was prepared by Turpaz Industries Ltd. (the "Company") for the sole purpose of conveying information regarding the Company and its subsidiaries (together with the Company "Turpaz Group"). This presentation does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase any securities of the Company and is intended to provide information only. This presentation is not intended to replace the need to review the Company's full reports to the Securities Authority and the Tel Aviv Stock Exchange Ltd. including, inter alia, the Company's periodic and immediate reports (hereinafter: "Company Reports") prior to making a decision regarding investment in the Company's securities.

In addition, this presentation cannot replace investment consulting by a lawfully licensed investment consultant.

This presentation includes statements data, forecasts, goals and Company plans that are "forward-looking statements", as defined in the Securities Law - 1968, whose occurrence is not certain, and which are not solely in the Company's control.

These forward-looking statements are included, inter alia, in discussions of strategy, objectives, goals, plans, events, future intentions or other information relating to future events or issues whose occurrence is not certain.

By their nature, forward-looking statements involve risk and uncertainty. Whether the forward-looking information occurs or not is affected, inter alia, by risk factors characteristic to the Company's operations and developments in the general environment and external factors which impact the Turpaz Group and its area of activities.

Subject to the requirements of applicable law, the Company does not intend to update any industry information or forward-looking statements appearing in this presentation and is not required to publish any additional presentations for its shareholders in future.

Turpaz - A Leading Global F&F Company

Q1 2023 Highlights (US \$)

Sales \$ 30.9M + 12.8% Sales growth + 1.6% Organic growth	Gross Profit \$ 11.9M + 10.4% growth	Adjusted EBITDA \$ 6.6M + 4.4% growth
Enhancement and expansion of global management to support global growth strategy	Solid balance sheet, funding availability and acquisitions strategy	8 acquisitions from IPO (May 21) – 1 reflected in Q1 2023

Double Digit Growth – Q1 2023

(*) based on the company's internal reporting

(**)Adj. EBITDA -earnings before interest, taxes, depreciation, and amortization neutralization of one-time expenses of acquisitions and structural change.

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Q1 2023 Turpaz – Consolidated

In K US \$ / %	Q1 2022	Q1 2023
Sales	27,405	30,914
Gross profit	10,704 39.1%	11,819 38.2%
Operating profit	4,557 16.6%	4,160 13.5%
Adj. EBITDA	6,318 23.1%	6,594 21.3%

Q1 2023 Fragrance

In K US \$ / %	Q1 2023 Q1 2022
Sales	+33.0% 5,992 7,968
Operating profit	1,793 1,582 29.9% 19.9%
Organic growth	+15.0%
Acquisitions	Klabin
Highlights	Streamlining operations is expected to improve Klabin's operational profitability to the segment profitability in the upcoming quarters. Profitability was affected by one-time cost for Turpaz USA site closing.

Q1 2023 Taste

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In K US \$ / %	Q1 2023 Q1 2022
Sales	+22.3% 13,198 16,145
Operating profit	2,860 1,743 13.2% 17.7%
Organic Growth	+5.1%
Acquisitions	Balirom, Pentaor, Aromatique Food
Highlights	Streamlining activities and increasing synergies in the segment's companies improved the segment's profitability.

Q1 2023 Specialty fine Ingredients

In K US \$ / %	Q1 2023 Q1 2022
Sales	-17.2% 8,215 6,801
Operating profit	2,198 1,336 26.8% 19.6%
Organic growth	-16.4%
Highlights	Sales mainly affected by destocking among segment's customers

P&L –

K US \$	2022	Q1 2021	Q1 2022	Q1 2023
Revenues	118,556	19,237	27,405	30,914
Gross Profit	47,659	7,490	10,704	11,819
GP%	40.2%	38.9%	39.1%	38.2%
R&D Expenses	3,607	387	785	1,094
Sales & Marketing Expenses	10,016	1,200	2,343	2,526
Management & General Expenses	15,055	1,982	3,027	3,863
Other Expenses (Income)	(8,349)	53	(8)	176
Operating Profit	27,330	3,868	4,577	4,160
OP%	23.1%	20.1%	16.6%	13.5%
Adj. Operating profit (*)	19,153	3,868	4,682	4,332
Net Profit	21,331	3,122	3,960	3,007
EBITDA	35,039	4,667	6,213	6,422
Adj. EBITDA	26,862	4,667	6,318	6,594
% Adj. EBITDA	22.7%	24.3%	23.1%	21.3%
Cash flow from operation	31,938	1,875	5,368	(4,735)

* Adjusted to reflect operating profit w/o none recurring expenses or income.

Balance Sheet

K US \$	31/12/2022	31/3/2022	31/3/2023
Assets
Current Assets	89,913	99,208	76,159
Non-Current Assets	124,267	96,274	132,926
Total Assets	214,180	195,482	209,085
Liabilities & Equity
Current Liabilities	46,674	38,176	38,400
Non-Current Liabilities	63,981	66,222	68,717
Equity	103,525	91,084	101,968
Total Liabilities and Equity	214,180	195,482	209,085
Ratio
Working Capital to Sales	26.1%	22.6%	33.4%
Cash and Cash Equivalent	35,675	43,959	16,806
Net Cash (Net Debts)(*)	19,107	25,509	8,610
Equity to total balance sheet	48.3%	46.6%	48.8%

Turpaz's strong equity structure, low leverage, cash flow from operations, funding availability and the strengthening of management and managerial infrastructures enable the implementation of the group's combined growth strategy.

(*) Debts = Short and long-term loans from banks and other.

Proven Acquisitions Track Record

Multinational Company

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