Turpaz Industries Ltd.

Investor Presentation • May 18, 2022

INVESTOR PRESENTATION

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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. (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.

HIGHLIGHTS Q1 (US \$)

Sales \$ 27.4M + 42.5% Sales growth + 9.5% Organic growth Gross profit \$ 10.7 Strong cash flow from operation \$ 5.4M

+42.9% Solid balance sheet, funding availability and strong cash flow from operations facilitate growth and acquisitions strategy in Q2)

\$ 6.3M +35.4% Accomplished 6 acquisitions from IPO (May 21) – 3 in 2022 (1 reflected in Q1 and 2

Adjusted EBITDA

Turpaz implemented a strategy of rapid double-digit growth, combining organic growth with synergistic and strategic acquisition

4 (*) Adj EBITDA - earnings before interest, taxes, depreciation, and amortization neutralization of one-time expenses of acquisitions (**) based on the company's internal reporting

TURPAZ – CONSOLIDATED

In K US \$ / %	Q1 2021	Q1 2022
Sales	19,237	27,405
Gross profit	7,490 38.9%	10,704 39.1%
Operating profit	3,868 20.1%	4,557 16.6% (*)
Adj. EBITDA	4,667	6,318

(*) Decrease in operating margin due to:

(1) \$350K - amortization of intangible assets

(2) \$150K - option share-based payment

(3) \$400K - recruitment of management teams and strengthening of the company's managerial infrastructure

FRAGRANCES
In K US \$ / %	Q1 2021	Q1 2022
Sales	4,332	5,992
Operating profit	1,533 35.5%	1,793 30.0%
Organic growth		+13.6%
Acquisitions		Lori
Highlights	Strong organic growth LORI profitability is	lower than segment profitably
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TASTE
In K US \$ / %	Q1 2021	Q1 2022
Sales	6,146	13,198
Operating profit	274 4.5%	1,743 13.2%
Organic growth		+17.9%
Acquisitions	2021- Pilpel & Galilee Herb, FIT 2022(*) - Balirom and Pentaor
Highlights	Acquisitions and Profitably product lines &	organic growth brought strong growth. SDA's increased due to improvement of operational efficiency.

(*) will contribute to the company's financial results from Q2 2022

P- INTERMEDIATES P
In K US \$ / %	Q1 2021	Q1 2022
Sales	5,287	3,285
Operating profit	1,612 30.5%	923 28.1%
Organic growth	-35.4%
Highlights	Revenues decreased mainly due to timing difference of receiving orders from North American customers. Profitability mainly affected from Euro USD impacts.

S - INTERMEDIATES S
In K US \$ / %	Q1 2021	Q1 2022
Sales	3,482	4,930
Operating profit	1,010 29.0%	1,275 25.9%
Organic growth	44.0%
Highlights	Revenues increased in receiving orders Profitability mainly	mainly due to timing different from Asian customers. affected from Euro USD impacts.

P&L – SIGNIFICANT

K US \$	2021	Q1 2021	Q1 2022
Revenues	85,334	19,237	27,405
Gross Profit	34,728	7,490	10,704
GP%	40.7%	38.9%	39.1%
R&D Expenses	1,949	387	785
Sales & Marketing expenses	6,274	1,200	2,343
Management & General expenses	10,257	1,982	3,027
Other Expense (Income)	208	53	)8(
Operating Profit	16,040	3,868	4,557
OP%	18.8%	20.1%	16.6%
Net Profit	12,812	3,122	3,960
EBIDTA	20,021	4,667	6,213
Adj. EBIDTA (*)	20,475	4,667	6,318
% Adj. EBIDTA	24.0%	24.3%	23.1%
Cash flow from operation	12,283	1,875	5,368

* Q1 2022 non-recurring expenses included legal and other expenses relating to acquisitions during the reporting period, amounting to \$105K.

BALANCE SHEET

K US \$	31/12/2021	31/3/2021	31/3/2022
Assets
Current Assets	106,082	36,541	99,208
Non-Current Assets	66,587	34,350	79,143
Total Assets	172,669	70,891	178,351
Liabilities & Equity
Current Liabilities	37,032	28,246	38,176
Non-Current Liabilities	42,521	27,205	49,091
Equity	93,116	15,440	91,084
Total Liabilities and Equity	172,669	70,891	178,351

Solid balance sheet, funding availability and strong cash flow from operations facilitate growth and acquisitions strategy

Ratio
Working capital to sales	24.2%	27.4%	22.6%
Net Cash (Net Debts)(*)	20,911	(18,944)	6,579
Equity to total balance sheet	54%	22%	51%

(*) Debts = Short and long-term loans from banks and other and liabilities relating to acquisitions

PROVEN TRACK RECORD OF ACQUISITIONS

Multinational Company

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