Investor Presentation

March 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

Double digit growth via organic growth and M&A Fragrance, taste, specialty fine ingredients (including citrus products & aroma chemicals ingredients)

IPO on TASE in May 2021 Trade on TA-125 since February 2022.

Highlights 2022 (US \$)

Sales \$ 118.6M + 38.9% Sales growth + 9.9% Organic growth	Gross Profit \$ 47.7M + 37.2% growth	Adjusted EBITDA \$ 26.9M + 31.2% growth
Enhancement and expansion of global management to support global growth strategy	Solid balance sheet, funding availability and acquisitions strategy	5 acquisitions in 2022

Double Digit Growth - 2022

(*) Adj EBITDA - earnings before interest, taxes, depreciation, and amortization. Adjusted to reflect operating profit w/o none recurring expenses or income.

Turpaz – Consolidated

In K US \$ / %	2021	2022
Sales	85,334	118,556
Gross profit	34,728 40.7%	47,659 40.2%
Operating profit	16,040 18.8%	27,330 23.1%
Adj. Operating profit*	16,494 19.3%	19,153 16.2%
Adj. EBITDA	20,475 24.0%	26,862 22.7%

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

Fragrance

In K US \$ / %	2022 2021
Sales	+41.4% 19,436 27,490
Operating profit	6,804 7,390 35.0% 26.9%
Organic growth	+9.3%
Acquisitions	Lori, Klabin
Highlights	Lori's and Klabin's profitability is lower than segment profitability. Streamlining operations (including the merger of Tupraz USA with Klabin, which was finalized in Q1 2023) is expected to improve operational profitability in the upcoming quarters.

Taste

In K US \$ / %	2021	2022
Sales	+78.2% 33,292	59,325
Operating profit	2,533 7.6%	17,667 29.8%
Adj. Operating profit	2,533 7.6%	8,873 15.0%
Organic Growth	+14.6%
Acquisitions	SDA (49%), Pilpel and Galilee Herb, FIT	Balirom, Pentaor, Aromatique *
Highlights	Streamlining activities and increasing synergies in the segment's companies improved the segment's profitability.

*The transaction was completed on January 9, 2023

Specialty Ingredients

In K US \$ / %	2022 2021
Sales	+33.6% 11,733 15,680
Operating profit	3,317 4,003 28.3% 25.5%
Organic growth	44.1%
Highlights	Profitability mainly affected by Euro USD impacts and change in the product mix. Production of high added value of citrus products & aroma chemicals ingredients launched.

Pharma Intermediates

In K US \$ / %	2021	2022
Sales	-23.1% 20,873	16,061
Operating profit	6,615 31.7%	5,083 31.6%
Organic growth	-19.9%
Highlights	The revenue decrease stems from organic decreases due to adjustment of inventory levels of some of the segment's customers following Covid-19. Profitability mainly affected by Euro USD impacts and change in the product mix.

P&L – Significant Growth

K US \$	2019	2020	2021	2022
Revenues	32,187	52,730	85,334	118,556
Gross Profit	11,737	21,824	34,728	47,659
GP%	36.5%	41.4%	40.7%	40.2%
R&D Expenses	550	862	1,949	3,607
Sales & Marketing Expenses	2,968	3,848	6,274	10,016
Management & General Expenses	6,820	6,625	10,257	15,055
Other Expenses (Income)	(4,130)	304	208	(8,349)
Operating Profit	5,529	10,185	16,040	27,330
OP%	17.2%	19.3%	18.8%	23.1%
Adj. Operating profit	5,529	10,185	16,040	19,153
Net Profit	3,969	8,131	12,812	21,331
EBIDTA	10,051	13,523	20,021	35,039
Adj. EBIDTA	5,903	14,025	20,475	26,862
% Adj. EBIDTA	18.3%	26.6%	24.0%	22.7%
Cash flow from operation	3,065	11,151	12,283	31,938

Balance Sheet

K US \$	31/12/2021	31/12/2022
Assets
Current Assets	106,082	89,913
Non-Current Assets	84,063	124,267
Total Assets	190,145	214,180
Liabilities & Equity
Current Liabilities	37,032	46,674
Non-Current Liabilities	59,997	63,981
Equity	93,116	103,525
Total Liabilities and Equity	190,145	214,180
Ratio
Working Capital to Sales	17.3%	26.1%
Cash and Cash Equivalent	55,901	35,675
Net Cash (Net Debts)(*)	36,631	19,107
Equity to total balance sheet	49.0%	48.3%

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.