EX-99.1 2 d820003dex991.htm EX-99.1

Investor Presentation November 2014 Exhibit 99.1

Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements. Pursuant to federal securities regulations, we have set forth cautionary statements relating to those forward-looking statements in our Annual Report on Form 10-K for the year ended December 31, 2013, in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and other filings with the Securities and Exchange Commission. We urge readers to review and carefully consider these cautionary statements and the other disclosures we make in our filings with the SEC. This presentation contains non-GAAP financial measures that are not determined in accordance with United States GAAP. These non-GAAP financial measures should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with United States GAAP. A reconciliation of those financial measures to United States GAAP financial measures is included under “Supplemental Information” in this presentation and is available on the company’s website at www.tredegar.com under “Investors.” The presentation speaks as of the date thereof. Tredegar is not, and should not be deemed to be, updating or reaffirming any information contained therein. We do not undertake, and expressly disclaim any duty, to update any forward-looking statements made in this presentation to reflect any change in management’s expectations or any change in conditions, assumptions or circumstances on which such statements are based. 1

Net Sales 1 by Segment Net Sales 1 by Geography Global footprint Kerkrade, The Netherlands Rétság, Hungary São Paulo, Brazil Cabo de Santo Agostinho, Brazil South America - Films Guangzhou, China Shanghai, China Pune, India Asia - Films Europe - Films Bonnell Newnan, GA Carthage, TN Elkhart, IN Niles, MI 1 Net sales represent sales less freight. See Note 1 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. * Leased facilities Tredegar Corporation Business Profile 2 $916 million Net Sales 1 in LTM September 2014 Film Products 64% Aluminum Extrusions 36% Latin America 11% North America 63% Europe 14% Asia 12% North America Films Bloomfield, NY Lake Zurich, IL Morrisville, NC * Pottsville, PA Richmond, VA * Terre Haute, IN

Tredegar Film Products Business Profile 3 ($ in millions) LTM Net Sales LTM Adjusted EBITDA Adjusted EBITDA Margin • Global and regional consumer care producers • Major manufacturers of flat panel display components • Major food packaging producers and converters • Personal care products – feminine hygiene, baby diapers and adult incontinence products • Flexible packaging – food • High-value components of flat panel displays, including LCD televisions, monitors, notebooks, smartphones, tablets and digital signage • Films for other markets, such as lighting 1 Net sales represent sales less freight. See Note 1 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 2 See Note 2 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. Personal Care 56% Flexible Packaging 19% Surface Protection 15% Other 10% ($590 million Net Sales 1 in LTM 2014) Customers Primary End Use Markets 1 2 $590 $92 15.6% 2

Bonnell Aluminum Business Profile 4 ($ in millions) LTM Net Sales LTM Adjusted EBITDA Adjusted EBITDA Margin 1 Net sales represent sales less freight. See Note 1 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 2 See Note 2 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. $327 $34 10.5% 2 2 1 Non - residential B&C 60% Residential B&C 6% Automotive 7% Consumer Durables 12% Machinery & Equip 7% Other 8% (149 million pounds in LTM 2014) • Glazing contractors and fabricators • Consumer durables, machinery and equipment, and electrical OEMs • Tier I and II suppliers to automotive OEMs • Curtain wall, store fronts and entrances, doors, windows, wall panels and other building components • Consumer durables such as major appliances, pleasure boats and recreational watercraft, office and institutional furniture • Material handling equipment, linear motion and conveying systems, modular framing • Automobile and light truck structural components Customers Primary End Use Markets

2011 Acquired Bright View Technologies (specialty films) 2010 2014 LTM Net Sales¹ $720 $916 Adj EBITDA² $90 $103 ($ in millions) Opened Pune, India Plant (personal care films) Acquired Terphane (flexible packaging films) Closed Kentland Plant (extrusions) Acquired AACOA Divested Falling Springs Significant Capacity Expansion Projects Launched New Product Platforms (surface protection and elastics) New Automotive Press New Flexible Packaging Line Translating Strategy into Action Laying the Foundation for Long-term Growth Increased quarterly dividend Increased quarterly dividend Increased quarterly dividend and paid special dividend Increased quarterly dividend Repurchased shares 6 2012 2010 2013 2014 1 2 Reflects inclusion of acquisitions subsequent to their acquisition dates: Bright View (2/3/10), Terphane (10/24/11) and AACOA (10/1/12). Net sales represent sales less freight. See Note 1 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. See Note 2 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure.

7 Tredegar Corporation Translating Strategy into Action Net sales represent sales less freight. See Note 1 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 1 $931 (lbs. millions) ($ in millions) 38% 62% 2010 P&G All Other $720 28% 72% 2013 70% 30% 2010 Building & All Other 95 lbs. 60% 40% 2013 144 lbs. Customer Concentration – Tredegar Net Sales Nonresidential Construction 1 End-Market Concentration – Aluminum Extrusions Volume

Tredegar Corporation Translating Strategy into Action Well-positioned for future growth in attractive markets Leadership positions in diverse markets Investments in added capacity and capabilities are in place Strength of product innovation is driving additional value Opportunity for strong earnings growth and cash flow generation Actively returning capital to shareholders Overview Film Products Financials 7

Tredegar Corporation Key Market Drivers Creating Growth Opportunities – Film Products Key Market Drivers for Surface Protection Films: New technologies for high-end TVs, tablets, phablets and smartphones are driving growth Expanded use of touch screen technology Screens getting larger; flat panel display area projected to grow 6% in 2015 Unit growth in TVs expected as consumers upgrade (ex. ultra-high definition, 4k technology) Increasing quality demands to meet high- performance specifications – throughput and yield critical to long-term competitiveness 8 Overview Film Products Aluminum Extrusions Financials NPD DisplaySearch, September 12, 2014 1 1

Tredegar Corporation Key Market Drivers Creating Growth Opportunities – Film Products Key Market Drivers for Personal Care Films: Global growth for personal care products – incremental volume 2014 through 2020 : 83 billion pads (3.9% CAGR) 50 billion diapers (4.5% CAGR) Over 700 million women aged 12-49 in India and China 9 Overview Film Products Aluminum Extrusions Financials Price Hanna Consultants, June 2014 International Data Base, U.S. Census 1 1 2 1 2 Global incremental volume of 17 billion units 2014 through 2019 (7.9% CAGR) Developed markets represent approximately two-thirds of global growth Aging baby-boomers consuming retail adult incontinence products:

Tredegar Corporation Key Market Drivers for Flexible Packaging: Middle class consumption in emerging markets, including Brazil Growing end-user demand for convenience foods, lighter packaging and branded consumer products PET film offers technical advantages such as temperature resistance, high dimensional stability and barrier properties Global growth of PET films projected at over 7% per year through 2018 1 PCI, “World BOPET Market 2013-2018 Statistical Summary”, May 2014 10 Film Products Aluminum Extrusions Financials 1 Key Market Drivers Creating Growth Opportunities – Film Products

Tredegar Corporation 5-6% annual industry growth projected through 2018 Growth of industrial and specialty markets, such as consumer durables and machinery & equipment 3% annual industry growth through 2018 Strong demand for finished products, including anodized and painted product and fabricated components 11 Overview Aluminum Extrusions Financials FMI Construction Outlook, 3Q2014 Lawrence Capital Management, “Quarterly Downstream Outlook”, September 2014 Key Market Drivers for Nonresidential Construction, Industrial & Specialty Markets: Improving nonresidential building and construction market 1 2 1 2 Key Market Drivers Creating Growth Opportunities - Bonnell Aluminum

Tredegar Corporation Key Market Drivers Creating Growth Opportunities Key Market Drivers for Automotive Extrusions: Cars being re-engineered to decrease weight and improve fuel efficiency – growing aluminum content in vehicles Limited qualified supply in place to meet demand Bonnell extrusions are supporting significant platforms such as Chrysler Jeep Cherokee 7 out of 10 pick-up trucks projected to be aluminum-intensive vehicles by 2025 12 Overview Film Products Aluminum Extrusions Financials 1 1 Ducker International, “NorthCoast Quarterly Aluminum Update”, July 2014

Tredegar Corporation Committed to Increasing Shareholder Value 13 Return on invested capital expected to be in the range of 11-12% by year-end 2016 from current rate of ~ 9% Dividend increases convey confidence in long-term financial outlook and cash flow generation With a balanced view towards capital allocation, we have the flexibility to invest in our businesses, pay dividends, and repurchase shares

Well-positioned for future growth in attractive markets Leadership positions in diverse markets Investments in added capacity and capabilities are in place Strength of product innovation is driving additional value Opportunity for strong earnings growth and cash flow generation Actively returning capital to shareholders Tredegar Corporation Translating Strategy into Action Overview Film Products Financials 14

Appendix

NYSE: TG Market Cap: $616MM HQ: Richmond, VA Global footprint: 2,700 employees 17+ locations in North and South America, Europe and Asia Created in 1989: Ethyl Corp. (now NewMarket Corp.) spin-off Evolved from holding company to premier manufacturing operating company Superior manufacturing capabilities in plastic films and aluminum extrusions industries Leadership positions in core markets with attractive growth opportunities and strong long-term relationships with market- leading customers Attractive financial profile with financial flexibility and history of strong cash generation 2010 – 2014: Refocused company to drive profitable growth in core manufacturing businesses and diversified through growth to reduce customer and market concentration Overview Film Products Financials Key Facts Tredegar Corporation Company Overview 16 (as of Oct 31, 2014) Quarterly dividend: $0.09 / share

Major Products Primary End-Markets Customers Key Competitors Film Products Personal Care Materials: Apertured, breathable, elastic and embossed films and laminate materials for personal care markets Feminine hygiene products, baby diapers and adult incontinence products Global and regional consumer care producers Clopay, Nordenia, Aplix, Pantex Surface Protection: Single and multi-layer surface protection films for high technology applications during the manufacturing and transportation process High-value components of flat panel displays, including liquid crystal display (“LCD”) televisions, monitors, notebooks, smartphones, tablets, e-readers and digital signage Major manufacturers of flat panel display components Toray, Sekesui, Hitachi Flexible Packaging Films: Specialized polyester (“PET”) films for use in packaging applications Perishable and non-perishable food packaging; non-food packaging and industrial applications Major food packaging converters and producers DuPont Teijin,Toray Plastics America, Mitsubishi Polyethylene Overwrap and Polypropylene Films: Films for use in thin-gauge packaging and other applications Overwrap for bathroom tissue and paper towels, medical devices, automotive and industrial applications Global and regional consumer care producers Bemis, Berry Plastics Films for Other Markets: Films combining multiple technology platforms for application- specific functionality, including optical management Lighting, signage, durable goods, automotive and construction applications Global and regional leaders in LED lighting Luminit, Fusion Optix, DuPont Aluminum Extrusions Custom aluminum extrusion profiles supplied in various finishing and value-added service options including mill (unfinished), anodized, painted, fabricated, machined, cut-to-length, assembled, custom packed and labeled for: • • • • • • Nonresidential Construction: Doors, windows, pre-engineered structures, wall panels, partitions and interior enclosures, ducts, louvers and vents, curtain wall (commercial/architectural/monumental), store fronts and entrances, walkway covers Residential Construction: Shower and tub enclosures, storm shutters Automotive and Transportation: Automobile/light truck structural components, recreational vehicles, trim parts, after-market accessories Consumer Durables: Commercial refrigerators and freezers, office and institutional furniture, major appliances, swimming pools, pleasure boats, recreational motorized watercraft Machinery and Equipment: Material handling equipment, linear motion and conveyor systems, modular framing (commercial and industrial), hospital and patient care equipment Electrical: Commercial and industrial LED lighting housings and heatsinks, solar panels, rigid and flexible conduit Distribution: Metal service centers Glazing contractors and fabricators Tier suppliers to Automotive OEMs Consumer durables, machinery and equipment, electrical OEMs Metal service centers Sapa North America, Kaiser Aluminum, Western Extrusions Corp., Keymark Aluminum Corp. Tredegar At A Glance 17 Nonresidential and residential construction Automotive Consumer durables Machinery and equipment Electrical Distribution

Tredegar Film Products Annual Historical Financials Volume (lbs. in millions) Adjusted EBITDA 1 ($ in millions) 1 See Note 2 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 18 Lower North American baby care elastic laminate volume in 2014 (as previously announced) Lower volume, pricing pressure and manufacturing inefficiencies in flexible packaging Capacity from new flexible packaging line delayed (previously expected in 2Q); line ramping up in 4Q Customer inventory corrections and minor share loss in surface protection films 219 270 270 206 185 0 50 100 150 200 250 300 2011 2012 2013 3Q13 YTD 3Q14 YTD $96 $109 $106 $82 $68 $0 $40 $80 $120 2011 2012 2013 3Q13 YTD 3Q14 YTD Reflects inclusion of Terphane subsequent to acquisition date of 10/24/11 and Bright View subsequent to acquisition date of 2/3/10. 2014 Performance Drivers:

Bonnell Aluminum Annual Historical Financials Volume (lbs. in millions) Adjusted EBITDA 1 ($ in millions) Reflects inclusion of AACOA subsequent to acquisition date of 10/1/12. See Note 2 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 19 2 2 108 115 144 109 114 -40 10 60 110 160 2011 2012 2013 3Q13 YTD 3Q14 YTD $12 $17 $28 $19 $26 $0 $10 $20 $30 $40 2011 2012 2013 3Q13 YTD 3Q14 YTD 1 2014 Performance Drivers: Operating efficiencies and cost containment helping margins Nonresidential B&C volume up 4% year-to-date, consistent with industry growth Volume up with growth in nonresidential B&C, automotive and machinery & equipment finished and fabricated products Favorable mix – strength in

Tredegar Corporation Annual Historical Financials Net Sales 1 ($ in millions) Earnings Per Share from Ongoing Ops 3 1 Net sales represent sales less freight. See Note 1 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 2 See Note 3 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 3 Diluted earnings per share from ongoing operations. See Note 3 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 20 Reflects inclusion of acquisitions subsequent to their acquisition dates: Bright View (2/3/10); Terphane (10/24/11) and AACOA (10/1/12). 2014 Performance Drivers: $776 $857 $931 $706 $692 0 300 600 900 1200 2011 2012 2013 3Q 13 YTD 3Q 14 YTD $.87 $1.20 $1.15 $0.88 $0.90 $0.00 $0.50 $1.00 $1.50 2011 2012 2013 3Q 13 YTD 3Q 14 YTD Volume growth and favorable product mix in Bonnell Aluminum Near-term challenges in Film Products Non-cash pension expense $5.1MM favorable to prior year Effective tax rate for net income from ongoing operations 2 at 34% vs. 31% for the first nine months of 2013; increase primarily resulting from geographic income mix and R&D credit

Tredegar Corporation Other 2014 Year-to-Date Financial Highlights Cash Flows from Operations Capital Expenditures Dividends Paid Net Debt Net Debt to Total Capitalization Total Debt to Adjusted EBITDA (LTM as of 9/30/2014) ROIC (LTM as of 9/30/2014) $37.2 $32.6 $8.1 $86.9 17.3% 1.43x 8.9% $ in millions, except percentages 21 1 2 3 4 1 As of 9/30/2014. See Note 4 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure. 2 As of 9/30/2014 . See Note 5 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure. 3 As defined under Tredegar’s credit agreement. See Tredegar’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 (pages 32-33) for more information on this non-GAAP financial measure. 4 See Note 7 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure.

Tredegar Corporation Strong Cash Generation Profile 22 Free cash flow represents cash flows from operations less capital expenditures. ($ millions) 2010 2011 2012 2013 Cash Flows from Operations $46 $72 $83 $77 Capital Expenditures 20 16 33 80 Free Cash Flow 1 26 56 50 (3) Dividends 5 6 31 9 Acquisitions 6 181 58 0 Share Repurchases 35 0 0 0 1

Tredegar Corporation Cash Dividend History 23 Includes special dividend of $.75 per share. Estimate based upon current dividend payouts, reflecting annualized increase of $.02 per share approved in May 2014. 1 2 • Quarterly dividends have more than doubled since 2010. • A special dividend of $.75 per share was paid in 2012. $.16 $.18 $.21 $.28 $.34 $.75 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 1996 -2010 2011 2012 2013 2014E $.96 1 2

Tredegar Corporation Capital Expenditures History 2014 capital expenditures are projected to include approximately $20 million for routine capital expenditures ($15MM for Film Products and $5MM for Bonnell Aluminum) 24 1 Net sales represent sales less freight. See Note 1 in GAAP to Non-GAAP Reconciliations for more information on this non-GAAP financial measure. 2 Represents management’s current expectation, which is subject to change. ($ millions) Capital Expenditures 2010 2011 2012 2013 2014 Projection 2 Film Products 15.8 13.1 30.5 64.9 40.0 Bonnell Aluminum 4.3 2.7 2.3 14.7 8.0 Corporate 0.3 0.1 0.5 0.1 - Total 20.4 15.9 33.3 79.7 48.0 % Net Sales 1 2.8% 2.0% 3.9% 8.6%

GAAP to Non-GAAP Reconciliations

GAAP to Non-GAAP Reconciliations 26 Tredegar acquired Bright View Technologies Corporation on February 3, 2010, and its operations were incorporated into Film Products effective January 1, 2012. Prior year balances have been revised to conform with the current year presentation. Film Products results include the acquisition of Terphane Holdings LLC on October 24, 2011. Bonnell Aluminum results include the acquisition of AACOA, Inc. on October 1, 2012. Notes: 1. Net sales represent sales less freight. Net sales is a financial measure that is not calculated in accordance with U.S. generally accepted accounting principles (U.S. GAAP), and it is not intended to represent sales as defined by U.S. GAAP. Net sales is a key measure used by the chief operating decision maker of each segment for purposes of assessing performance. A reconciliation of net sales to sales is shown below: YTD YTD (In millions) Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q3 2013 Q3 2014 Film Products $157.2 $151.4 $149.2 $146.0 $143.1 $469.8 438.3 Aluminum Extrusions 78.5 73.2 79.3 84.6 89.6 236.3 253.4 Total net sales 235.7 224.6 228.5 230.6 232.7 706.1 691.7 Add back freight 7.5 6.5 6.7 6.4 7.7 22.1 20.9 Sales as shown in consolidated statements of income $243.2 $231.1 $235.2 $237.0 $240.4 $728.2 $712.6 LTM (In millions) 2010 2011 2012 2013 Sept 2014 Film Products $520.8 $535.5 $611.9 $621.2 $589.7 Aluminum Extrusions 199.6 240.4 245.5 309.5 326.6 Total net sales 720.4 775.9 857.4 930.7 916.3 Add back freight 17.8 18.5 24.8 28.6 27.4 Sales as shown in consolidated statements of income $738.2 $794.4 $882.2 $959.3 $943.7 2. Adjusted EBITDA represents net income (loss) from continuing operations before interest, taxes, depreciation, amortization, unusual items, goodwill impairments, gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the sale of assets, investment write-downs or write-ups, charges related to stock option awards accounted for under the fair value-based method and other items. Adjusted EBITDA is a non-GAAP financial measure that is not intended to represent net income (loss) or cash flow from operations as defined by U.S. GAAP and should not be considered as either an alternative to net income (loss) (as an indicator of operating performance) or to cash flow (as a measure of liquidity). Tredegar uses Adjusted EBITDA as a measure of unlevered (debt-free) operating cash flow. We also use it when comparing relative enterprise values of manufacturing companies and when measuring debt capacity. When comparing the valuations of a peer group of manufacturing companies, we express enterprise value as a multiple of Adjusted EBITDA. We believe Adjusted EBITDA is preferable to operating profit and other GAAP measures when applying a comparable multiple approach to enterprise valuation because it excludes the items noted above, measures of which may vary among peer companies. A reconciliation of ongoing operating profit (loss) from continuing operations to Adjusted EBITDA is shown on the next page. Amounts relating to corporate overhead for the prior years have been reclassified to conform with the current year’s presentation. Adjusted EBITDA for Aluminum Extrusions in 2012 includes an adjustment of $2.4 million for accelerated depreciation associated with the shutdown of its manufacturing facility in Kentland, IN. Accelerated depreciation associated with the shutdown of the Kentland manufacturing facility was excluded from operating profit from ongoing operations. This amount has therefore been subtracted from the amount of depreciation expense added back in calculating Adjusted EBITDA.

GAAP to Non-GAAP Reconciliations 27 Notes (continued): Film Aluminum 2013 Products Extrusions Total Operating profit (loss) from ongoing operations $ 71.0 $ 18.3 89.3 Add back depreciation & amortization 35.3 9.2 44.5 Adjusted EBITDA before corporate overhead (a) 106.3 27.5 133.8 Corporate overhead - - (31.3) Adjusted EBITDA (c) $ 106.3 $ 27.5 102.5 Net sales (b) $ 621.2 $ 309.5 930.7 Adjusted EBITDA margin [(a) / (b )] 17.1% 8.9% 14.4% Capital expenditures (d) $ 64.9 $ 14.7 79.7 Adjusted EBITDA less capital expenditures [(c) - (d)] 41.4 12.8 22.9 2012 Operating profit (loss) from ongoing operations $ 70.0 $ 9.0 79.0 Add back depreciation & amortization 39.2 10.0 49.2 Less accelerated depreciation associated with plant shutdown (2.4) (2.4) Adjusted EBITDA before corporate overhead (a) 109.2 16.6 125.8 Corporate overhead - - (22.3) Adjusted EBITDA (c) $ 109.2 $ 16.6 103.5 Net sales (b) $ 611.9 $ 245.5 857.4 Adjusted EBITDA margin [(a) / (b )] 17.8% 6.8% 14.7% Capital expenditures (d) $ 30.5 $ 2.3 33.3 Adjusted EBITDA less capital expenditures [(c) - (d)] 78.7 14.3 70.2 2011 Operating profit (loss) from ongoing operations $ 59.5 $ 3.5 63.0 Add back depreciation & amortization 36.3 8.3 44.6 Adjusted EBITDA before corporate overhead (a) 95.8 11.8 107.6 Corporate overhead - - (15.5) Adjusted EBITDA (c) $ 95.8 $ 11.8 92.1 Net sales (b) $ 535.5 $ 240.4 775.9 Adjusted EBITDA margin [(a) / (b )] 17.9% 4.9% 13.9% Capital expenditures (d) $ 13.1 $ 2.7 15.9 Adjusted EBITDA less capital expenditures [(c) - (d)] 82.7 9.1 76.2 $ $ $ $ $ $ $ $ $ $ $ $

GAAP to Non-GAAP Reconciliations 28 Notes (continued): Film Aluminum Products Extrusions Total 2010 Operating profit (loss) from ongoing operations $ 66.7 $ (4.2) $ 62.5 Add back depreciation & amortization 34.4 9.1 43.5 Adjusted EBITDA before corporate overhead (a) 101.1 4.9 106.0 Corporate overhead - - (16.2) Adjusted EBITDA (c) $ 101.1 $ 4.9 $ 89.8 Net sales (b) $ 520.8 $ 199.6 $ 720.4 Adjusted EBITDA margin [(a) / (b )] 19.4% 2.5% 14.7% Capital expenditures (d) $ 15.8 $ 4.3 $ 20.4 Adjusted EBITDA less capital expenditures [(c) - (d)] 85.3 0.6 69.4 Nine Months Ended September 30, 2014 Operating profit (loss) from ongoing operations $ 44.9 $ 18.6 $ 63.5 Add back depreciation & amortization 23.2 7.5 30.7 Adjusted EBITDA before corporate overhead (a) 68.1 26.1 94.2 Corporate overhead - - (16.5) Adjusted EBITDA (c) $ 68.1 $ 26.1 $ 77.7 Net sales (b) $ 438.3 $ 253.4 $ 691.7 Adjusted EBITDA margin [(a) / (b )] 15.5% 10.3% 13.6% Capital expenditures (d) $ 27.4 $ 5.2 $ 32.6 Adjusted EBITDA less capital expenditures [(c) - (d)] 40.7 20.9 45.1 Nine Months Ended September 30, 2013 Operating profit (loss) from ongoing operations $ 55.4 $ 12.3 $ 67.7 Add back depreciation & amortization 26.8 6.9 33.7 Adjusted EBITDA before corporate overhead (a) 82.2 19.2 101.4 Corporate overhead - - (23.7) Adjusted EBITDA (c) $ 82.2 $ 19.2 $ 77.7 Net sales (b) $ 469.8 $ 236.3 $ 706.1 Adjusted EBITDA margin [(a) / (b )] 17.5% 8.1% 14.4% Capital expenditures (d) $ 47.2 $ 7.5 $ 54.7 Adjusted EBITDA less capital expenditures [(c) - (d)] 35.0 11.7 23.0 Trailing Twelve Months Ended September 30, 2014 Operating profit (loss) from ongoing operations $ 60.5 $ 24.5 $ 85.0 Add back depreciation & amortization 31.6 9.9 41.5 Adjusted EBITDA before corporate overhead (a) 92.1 34.4 126.5 Corporate overhead - - (24.0) Adjusted EBITDA (c) $ 92.1 $ 34.4 $ 102.5 Net sales (b) $ 589.7 $ 326.6 $ 916.3 Adjusted EBITDA margin [(a) / (b )] 15.6% 10.5% 13.8% Capital expenditures (d) $ 45.1 $ 12.4 $ 57.5 Adjusted EBITDA less capital expenditures [(c) - (d)] 47.0 22.0 45.0

GAAP to Non-GAAP Reconciliations 29 Notes (continued): (in millions, except per share data) YTD YTD Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q3 2013 Q3 2014 Net income (loss) from continuing operations as reported under U.S. GAAP $ 7.4 $ 9.4 $ 8.5 $ 3.8 $ 10.7 26.5 $ 23.0 After tax effects of: (Gains) losses associated with plant shutdowns, asset impairments and restructurings 0.1 0.4 0.8 0.6 0.3 0.5 1.7 (Gains) losses from sale of assets and other 2.3 (1.0) 0.2 6.7 (2.2) 1.5 4.8 Net income from ongoing operations 9.8 $ 8.8 $ 9.5 $ 11.1 $ 8.8 $ 28.5 29.5 $ Earnings (loss) from continuing operations per share under GAAP (diluted) $ 0.23 $ 0.29 $ 0.26 $ 0.11 $ 0.33 0.81 $ 0.70 After tax effects of: (Gains) losses associated with plant shutdowns, asset impairments and restructurings - 0.01 0.02 0.02 0.01 0.02 0.05 (Gains) losses from sale of assets and other 0.07 (0.03) 0.01 0.21 (0.07) 0.05 0.15 Earnings per share from ongoing operations (diluted) $ 0.30 $ 0.27 $ 0.29 $ 0.34 $ 0.27 0.88 $ 0.90 (in millions, except per share data) LTM 2010 2011 2012 2013 Sept 2014 Net income (loss) from continuing operations as reported under U.S. GAAP $ 26.8 $ 28.5 $ 43.2 $ 35.9 $ 32.4 After tax effects of: (Gains) losses associated with plant shutdowns, asset impairments and restructurings 0.9 1.2 3.2 0.9 2.1 (Gains) losses from sale of assets and other 1.0 (1.8) (7.9) 0.5 3.8 Goodwill impairment relating to aluminum extrusions business - - - - - Net income from ongoing operations 28.7 $ 27.9 $ 38.5 $ 37.3 $ 38.3 $ Earnings (loss) from continuing operations per share under GAAP (diluted) $ 0.82 $ 0.89 $ 1.34 $ 1.10 $ 0.99 After tax effects of: (Gains) losses associated with plant shutdowns, asset impairments and restructurings 0.03 0.04 0.10 0.03 0.06 (Gains) losses from sale of assets and other 0.03 (0.06) (0.24) 0.02 0.12 Goodwill impairment relating to aluminum extrusions business - - - - - Earnings per share from ongoing operations (diluted) $ 0.88 $ 0.87 $ 1.20 $ 1.15 $ 1.17 3. The after-tax effects of losses associated with plant shutdowns, asset impairments and restructurings and gains or losses from the sale of assets and other items (which includes unrealized gains and losses for an investment accounted for under the fair value method) have been presented separately and removed from income (loss) and earnings (loss) per share from continuing operations as reported under U.S. GAAP to determine Tredegar’s presentation of net income and earnings per share from ongoing operations. Net income and earnings per share from ongoing operations are key financial and analytical measures used by Tredegar to gauge the operating performance of its ongoing operations. They are not intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income or earnings per share from continuing operations as defined by U.S. GAAP. They exclude items that we believe do not relate to Tredegar’s ongoing operations. A reconciliation is shown below:

GAAP to Non-GAAP Reconciliations 30 Notes (continued): 4. Net debt is a non-GAAP financial measure that is not intended to represent debt as defined by GAAP, but is utilized by management in evaluating financial leverage and equity valuation. A calculation of net debt is showm below: (In millions) September 30, 2014 Debt $ 138.8 Less: Cash and cash equivalents (51.9) Net debt $ 86.8 5. Net debt-to-capitalization is a non-GAAP financial measure that is used by management in evaluating financial leverage and equity valuation. The calculation is Net Debt divided by Total Capitalization. A reconciliation of net debt-to-capitalization is shown below: (In millions except percentages) September 30, 2014 Net debt (see note 4) (a) $ 86.8 Shareholders' equity (b) 415.0 Net debt-to-capitalization [(a) / (a+b)] 17.3%

GAAP to Non-GAAP Reconciliations 31 Notes (continued): 6. Operating profit from ongoing operations is used by management to assess profitability. A reconciliation of operating profit from ongoing operations to net income is shown below: Operating profit (loss): YTD YTD LTM (in thousands) 2010 2011 2012 2013 Q3 2013 Q3 2014 Sept 2014 Film Products: Ongoing operations 66,718 $ 59,493 $ 69,950 $ 70,966 $ 55,351 $ 44,891 $ 60,506 $ Plant shutdowns, asset impairments and restructurings, gain from sale of assets and other items (758) (6,807) (109) (671) (364) (12,578) (12,885) Aluminum Extrusions: Ongoing operations (4,154) 3,457 9,037 18,291 12,351 18,563 24,503 Plant shutdowns, asset impairments and restructurings, gain from sale of assets and other items 493 58 (5,427) (2,748) (958) (300) (2,090) Total 62,299 56,201 73,451 85,838 66,380 50,576 70,034 Interest income 709 1,023 418 594 307 419 706 Interest expense 1,136 1,926 3,590 2,870 2,132 1,751 2,489 Gain on sale of investment property - - - - - 1,208 1,208 Unrealized loss on investment property - - - (1,018) (1,018) - - Gain (loss) from an investment accounted for under the fair value method (2,200) 1,600 16,100 3,400 100 2,900 6,200 Stock option-based compensation costs 2,064 1,940 1,432 1,155 859 944 1,240 Corporate expenses,net 17,118 16,169 23,443 31,857 24,058 17,291 25,090 Income (loss) from continuing operations before income taxes 40,490 38,789 61,504 52,932 38,720 35,117 49,329 Income taxes 13,649 10,244 18,319 16,995 12,185 12,141 16,951 Income (loss) from continuing operations 26,841 28,545 43,185 35,937 26,535 22,976 32,378 Income (loss) from discontinued operations, net of tax 186 (3,690) (14,934) (13,990) (13,990) 850 850 Net income (loss) 27,027 $ 24,855 $ 28,251 $ 21,947 $ 12,545 $ 23,826 $ 33,228 $

GAAP to Non-GAAP Reconciliations 32 Notes (continued): 7. Return on invested capital (ROIC) is defined by Tredegar as Adjusted Net Income from Ongoing Operations divided by average Invested Capital where the individual components are defined as follows: Adjusted Net Income from Ongoing Operations equals: Income from Ongoing Operations (as previously defined and reconciled in Note 2) Plus Pension expense excluding service costs, net of taxes Plus Interest expense, net of tax Average Invested Capital is the average of the beginning and ending Invested Capital balance where Invested Capital is defined as follows: Shareholders equity Plus Long-term debt Plus Short-term portion of long-term debt Plus Accrued pension liability Minus Cash Minus Non-operating investments (investment in kaleo, Inc.; Harbinger Capital Special Situations Fund, L.P. and investment real estate property) ROIC for the LTM ended September 30, 2014 is calculated as follows: ($ millions, except percentages) Income from Ongoing Operations $ 38.3 * Pension expense 8.6 Less: Service Costs (1.8) Taxes (34%) (2.3) Pension expense excluding service costs, net of taxes 4.5 Interest expense 2.5 Taxes (34%) (0.9) Interest Expense, net of tax 1.6 Adjusted Net Income from Ongoing Operations (a) $ 44.4 2014 2013 Average Shareholders equity $ 415.0 $ 376.7 $ 395.9 Long-term debt 138.8 134.0 136.4 Short-term portion of long-term debt - - - Accrued pension liability 36.9 77.1 57.0 Less: Cash (51.9) (42.6) (47.3) Less: Non-operating investments Investment in kaleo, Inc. (40.0) (33.8) (36.9) Investment in Harbinger Capital Special Situations Fund, L.P. (1.8) (3.2) (2.5) Investment in real estate property (2.6) (5.9) (4.3) Invested Capital (b) $ 498.3 ROIC (a) / (b) 8.9% * See Note 2 for additional detail and a reconciliation of this non-GAAP financial measure. LTM September 30, 2014 September 30,

GAAP to Non-GAAP Reconciliations 33 Notes (continued): 8. The pre-tax and after-tax effects of losses associated with plant shutdowns, asset impairments and restructurings and gains or losses from the sale of assets and other items (which includes unrealized gains and losses for an investment accounted for under the fair value method) have been presented separately and removed from income (loss) from continuing operations as reported under U.S. GAAP to determine Tredegar’s presentation of net income from ongoing operations. Net income from ongoing operations is a key financial and analytical measure used by Tredegar to gauge the operating performance of its ongoing operations. It is not intended to represent the stand-alone results for Tredegar’s ongoing operations under U.S. GAAP and should not be considered as an alternative to net income from continuing operations as defined by U.S. GAAP. It excludes items that we believe do not relate to Tredegar’s ongoing operations. A reconciliation of the pre-tax and post-tax balances attributed to net income from ongoing operations for the nine months ended June 30, 2014 and 2013 are shown below in order to show its impact upon the effective tax rate: (in millions) Pre-Tax Taxes After-Tax Effective Tax Rate Nine Months Ended September 30, 2014 (a) (b) (b)/(a) Net income (loss) from continuing operations as reported under U.S. GAAP $ 35.1 $ 12.1 $ 23.0 35% (Gains) losses associated with plant shutdowns, asset impairments and restructurings 2.7 1.0 1.7 (Gains) losses from sale of assets and other 6.9 2.1 4.8 Net income from ongoing operations $ 44.7 $ 15.2 $ 29.5 34% Nine Months Ended September 30, 2013 Net income (loss) from continuing operations as reported under U.S. GAAP $ 38.7 $ 12.2 $ 26.5 32% (Gains) losses associated with plant shutdowns, asset impairments and restructurings 0.8 0.3 0.5 (Gains) losses from sale of assets and other 1.6 0.1 1.5 Net income from ongoing operations $ 41.1 $ 12.6 $ 28.5 31%

Investor Presentation November 2014