Investor Presentaiton

2018 Guidance ($M; includes G-P pine chemicals acquisition) 2017 Actual 2018 Guidance (1) Revenue $972.4 $1,070 - $1,130 Adjusted EBITDA (2) $242.7 $285 $305 Adjusted Tax Rate (2) 31.0% 22-24% Capital Expenditures $52.6 $80-$90 Free Cash Flow(3) $121.7 Net Debt Ratio (4) 1.22 $90-$100 2.25-2.0 75 (1) Assumes on or before April 1, 2018 close on G-P Pine Chemicals acquisition. (2) A reconciliation of Net Income to Adjusted EBITDA or Adjusted tax rate as projected for 2018 is not provided because we do not forecast Net Income as we cannot, without unreasonable effort, estimate or predict with certainty various components of Net Income. These components, net of tax, include additional separation costs associated with the separation from WestRock; further restructuring and other income (charges); acquisition-related charges in connection with the planned acquisition of Georgia-Pacific's pine chemical business; and revisions due to future guidance and assessment of U.S. Tax Reform. Additionally, discrete tax items could drive variability in our projected effective tax rate. All of these components could significantly impact such financial measures. Further, in the future other items with similar characteristics to those currently included in Adjusted EBITDA, that have a similar impact on comparability of periods, and which are not known at this time, may exist and impact Adjusted EBITDA. (3) Non-GAAP measure which represents Cash from Operations expected to range from $170M to $190M for FY2017 (was $174.3M for FY2017) less Capital Expenditures. (4) Defined as Total debt including capital lease obligation excluding deferred financing fees less Cash & cash equivalents, Restricted investment divided by annual Adjusted EBITDA. ingevity

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