Turpaz Industries Ltd.

Investor Presentation • Mar 14, 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.

TURPAZ - A LEADING GLOBAL F&F COMPANY

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Founded in 2011

12 globally Production sites

372 employees 53 in R&D (9 PhD)

Multinational fragrance & flavor house with specialty ingredients site

Scent Taste Pharma intermediates Specialty ingredients

Double digit growth via organic growth and M&A

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

HIGHLIGHTS (US \$)

Sales \$ 85.3M + 61.8% Sales growth + 18.6% Organic growth	Adjusted EBITDA \$ 20.5M +46%	Accomplished 4 Acquisitions since IPO (May 2021)
Net cash flow from operation \$12.3M	Solid balance sheet supporting growth and acquisitions strategy	Traded on TA-125

DOUBLE DIGIT GROWTH

P (proforma) - Assuming the acquisitions performed and completed in 2021 had been consolidated on January 1, 2021

TURPAZ – CONSOLIDATE
In K US \$ / %	2020	2021
Sales	52,730	85,334
	10,185	16,040
Operating profit	19.3%	18.8%
Organic growth		+18.6%
Highlights	While all other segments show compared to 2020, The flavor activity for the all year 2021 compared than-average profitability and Since completion of the SDA acquisition, while growing, streamlining, and	significant improved profitability segment ratio increase from 18.5% to only the fourth quarter therefore overall consolidate profitability the company is working synergizing with other activities

FRAGRANCES
In US K \$ / %	2020	2021
Sales	15,144	19,436
Operating profit	5,054 33.4%	6,804 35%
Organic growth	+22.7%
Acquisitions		Lori (*)
Highlights	Strong Organic Growth reflects leveraging of synergies
	(*) Completed January 2022

FLAVORS
In K US \$ / %	2020	2021
Sales	9,717	33,291
Operating profit	927 9.5%	2,533 7.6%
Organic growth	+17.9%
Acquisitions	WFF, Florasynth, SDA (51%)	SDA (49%), Pilpel and Galilee Herb, FIT
Highlights	Improved profitability is expected within the following questers.	SDA's operating profit margin is relatively low compared to the segment profitably. SDA has begun a program to improve its product lines & operational efficiency.

P- INTERMEDIATES P
In K US \$ / %	2020	2021
Sales	14,213	20,873
Operating profit	3,450 24.3%	6,615 31.7%
Organic growth		+46.9%
Highlights	with high added value	Continue developing products

S - INTERMEDIATES S
In K US \$ / %	2020	2021
Sales	13,656	11,733
Operating profit	3,085 22.6%	3,317 28.3%
Organic growth		-14.1%
Highlights	Continuances improvement of product selection

SALES BREAKDOWN BY TERRITORY

SALES BREAKDOWN BY TERRITORY (US \$)

HIGHLY EXPIRIENCED MANAGEMENT TEAM

OHAD BLUSTEIN VP Finance

KAREN COHEN - KHAZON Chairperson & CEO

EYAL AZULAY VP CEO, Chemada

ARI ROSENTHAL VP Food Division

AVISHAI MORDEHOVICH CEO, SDA

CINDY NGUYEN CEO, WFF

MICHAEL REISS President, Pollena Aroma

MOSHE KATZ CEO, Turpaz USA

David Landau CEO, FIT

Alexandr Tjuterev Co-Manager, Lori

Tatjana Kramer Co-Manager, Lori

INFLUENCING EVERY ASPECT OF LIFE

HAIR CARE

WET WIPES

BODY CARE & TOILETRIES

SCENTED CANDELS

FINE FRAGRANCES

SOFT DRINKS

DIETARY

ICE CREAM

BAKERY

DAIRY

HERBS & SPICES

CITRUS

COSMETICS

HOME FREGRANCES

ORAL CARE

FABRIC CARE

FLAVORS FOR CBD PRODUCTS

Multinational Company

STRATEGY – THINK GLOBAL, ACT LOCAL

ACQUISITIONS STRATEGY

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Small and medium

in Europe, Asia and

North America

size local businesses

Enhance management capabilities and support

Loyal customers base

Relatively low EBITDA multiples

Revenues – up to \$50 M

Significant growth potential

Significant synergetic advantages

Unique products or technologies

PROVEN TRACK RECORD OF ACQUISITIONS

ORGANIC GROWTH STRATEGY

Strengthening research, development & innovation systems

Improving supply chain processes and production arrays

Expanding global marketing & sales network deployment

Fast response to customer needs based on experience

Enhance synergies among the Group

Cross-selling among the Group

FLAVORS & FRAGRANCES MARKET

F&F MARKET – Projected to reach USD 37.3B by 2026

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https://www.perfumerflavorist.com/flavor/trends/news/22093651/flavors-and-fragrances-market-to-reach-373b-by-2026

F&F: THE KEY DRIVER OF CONSUMER REPURCHASE DECISIONS

Scent & taste determine customer decisions ...

... and represent only a minor fraction of costs

TRENDS DRIVING GROWTH

Consumer base is growing

IMPACT

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• More opportunities in high growth markets
• Fully leverage expanded offering

Living longer and more consciously

• Demand for naturals, well being, transparency and clean label products
• Innovation (eg. biotech and upcycling)

Sustainability is of high concern

• Operations (eg. low carbon footprint factories)

COVID-19: E-commerce, self-care and localization gain importance

• Accelerated digital enablement
• Increased demand for immunity & wellbeing
• Local and agile supply chain

Vegetarian

Ingrediencies

FINANCIALS

P&L – SIGNIFICANT GROWTH

K US \$	2019	2020	2021
Revenues	32,187	52,730	85,334
Gross Profit	11,737	21,824	34,728
GP%	36.5%%	41.4%	40.7%
R&D costs / Expenses	550	862	1,949
Sales & Marketing expenses	2,968	3,848	6,274
Management & General expenses	6,820	6,625	10,257
Other	(4,130)	304	208
Operating Profit	5,529	10,185	16,040
OP%	17.1%	19.3%	18.8%
Net Profit	3,969	8,131	12,812
Adj. EBIDTA	5,903	14,025	20,475
%	18.3%	26.6%	24.0%
Net Cash flow from operation	3,065	11,151	12,283

BALANCE SHEET

K US \$	31.12.2020	31.12.2021
Assets
Current Assets	35,258	106,082
Non -Current Assets	35,132	66,587
Total Assets	70,390	172,669
Liabilities & Equity
Current Liabilities	29,121	37,032
Non-Current Liabilities	28,491	42,521
Total Equity	12,778	93,116
Total Liabilities and Equity	70,390	172,669

Solid balance sheet supporting growth and acquisitions strategy

SUMMARY

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Global F&F company with high profitability

Double digit growth based on organic growth and M&A

Management with vast experience

Operating in a growing industry that benefits from positive drivers that support continued growth

Supplying to all customers (SMB) - ONE STOP SHOP solutions, via customer intimacy

Cash and banks funds growth and acquisitions strategy Dividend distribution - US\$ 3.86 M

THANK YOU