Company Update

Half Year Financial Results

4 September 2017

TPI Enterprises LtdABN 26 107 872 453

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Contents

TPE Background 3

1st Half Highlights 6

Recent Highlights 8

Strategic Priorities and Progress 15

Financial Results 20

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Technology and Innovation Based Company

1. Founded: January 2004

2. Listed on the ASX (TPE): August 2015

3. Employees: 62

4. Core competency: Lowest cost Narcotic Raw Material (NRM) producer based on novel environmentally friendly water based extraction technology

5. Manufacturing and Head Office: Melbourne, Victoria (relocated from Cressy in 2016)

6. Other sites: Lisbon, Portugal; Cressy, Tasmania

7. Market Cap $190 million

TPE Background

4

1. Source Raw Material (Opium Poppies) globally

a. Only company to source in both hemispheres.

2. Extract, isolate and purify Narcotic Raw Material (NRM) at our Melbourne based facilitya. Morphine b. Codeine c. Oripavined. Thebaine

3. Sell NRM globally

4. Sell Poppy seed for culinary purposes globally

Provide Access to Pain Relief

What We Do

5

Morphine

Codeine

Morphine Sulphate

Codeine Phosphate

MS Contin

Panadeine

Panadeine Forte

Thebaine

Oxycodone HCI

Hydrocodone

Buprenorphine

Oxycontin Endone

Vicadin Tylenol

Oripavine

Naloxone

Naltrexone

Buprenorphine HCI

Suboxone Revia

Subutex Contrave*

Narcan

Natural narcoticsSynthetic and semi-synthetic

narcotic derivatives

Finished Dosage Form (FDF)Active Pharmaceutical Ingredient

(API)Raw Material Sourcing Narcotic Raw Material (NRM)

Narcotics Industry Overview

1st Half Highlights

7

2017 Year To Date

1. $44 million capital raising to clear debt and strengthen balance sheet 23 March 2017

2. Toll Processing deal for 2000 tonnes of Crop (25-30 tonnes of NRM) 3 April 2017

3. 1st Hungary Straw imports arrive in Melbourne and pass quarantine 26 June 2017

4. UK Contract for Codeine Phosphate (CPO) supply of 10% market share 30 June 2017

5. 2nd UK Contract for Codeine Phosphate (CPO) supply taking total to 20% market share 11 July 2017

6. Acquisition of API and FDF site in Norway 15 July 2017

Recapitalisation, additional Sales and Acquisition

Recent Highlights

Acquisition of API & FDF

Capability in Norway

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Exciting and transformational change for the business

1. Agreement to acquire Vistin’s CMO and Opiate API manufacturing site in Norway

2. Final settlement expected October 2017

3. 35 tonnes Codeine Phosphate API capability, expandable to 70 tonnes over 3 years

4. Fast tracks UK Sales through EDQM (European Directorate for Quality of Medicine), Certificate of Suitability (CEP) registration gains

5. >50 registered customers

6. 2 year CMO contract with Weifa, gross margin covers all fixed overheads

7. 1.6 Billion tablet capacity with room for expansion

Active Pharmaceutical and Tableting Capability Acquisition (Norway)

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1. Experienced team in API and FDF

2. Expands TPE customers from less than 10 to greater than 50

3. Stand alone opiate API and FDF capability (rare)

4. Site capacity and sales potential through minimal CAPEX1. 35 tonne CPO to 70+ tonnes p.a over 3 years2. 0.9 Billion tablets expandable to 1.6 billion tablets sales over 3 year

5. Successful ongoing implementation of operational efficiency program1. 20million NOK saving (annualised) already realised, but not yet in reported results2. Further saving identified and will be quantified after closing

6. Fully integrates TPE from the farm to the Pharmacy

7. EPS accretive deal >10 cps in 2018, with target payback period (excluding inventory) of 3 years

Fully Integrated from the Farm to the Pharmacy

Acquisition Rationale

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One of Four (4) Fully Integrated Narcotic Suppliers Globally

Finished Dosage Form (FDF)

Active Pharmaceutical Ingredient (API)

Raw Material Sourcing Narcotic Raw Material (NRM)

TPI current capability “Vistin Opiates” Capability

Fully integrated Value Chain

API and FDF Site Acquisition (Norway)

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Morphine NRM

Site change using Vistin CEP will speed up UK supply by 6 months

1. Original UK supply of CPO was Q4 2018 at earliest

2. Plan was to supply Codeine CPS direct to UK and register a site change for Codeine to Codeine Phosphate production

3. Using Vistin CEP, Morphine NRM will be sent to Vistin, converted to Codeine NRM and then sent to Sterling Pharma Solutions Limited (SPSL) for conversion to Codeine Phosphate

4. Production savings through longer production runs

5. This new route will bring forward sales announced this year by 6 months

6. Now expect >30% UK market share to start in Q2 2018

Codeine NRM

Acquisition Fast Tracks UK Supply of Codeine Phosphate (CPO)

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Supply of Morphine NRM to Vistin then Supply of CPO API Globally

1. Vistin has >50 registered CPO and Pholcodine customers

2. FY 17 Budgeted to sell 30 tonnes of CPO

3. Access to Indian Tender (20-40 tonnes p.a)

4. Will expand capacity from 35-70 tonnes of CPO over next 3 years for c.a $2 million AUD

Access to Major Open Codeine Phosphate (CPO) API markets

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Supply of Morphine NRM to Vistin then supply of Tablets to most countries except USA

1. Most countries globally are open to tablets

2. USA requires FDA approval

3. Countries with closed API markets (UK, etc) can be supplied via tablets

Access to Codeine Phosphate (CPO) Finished Dosage Markets

Strategic Priorities & Progress

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1. Northern Hemispherea. Hungaryb. France c. UKd. Turkeye. Portugal

2. Southern Hemispherea. Tasmaniab. New South Walesc. Victoriad. South Australiae. Northern Territory

TPE has completely changed the industry supply dynamics

Sourcing Poppies Globally

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2017-First Year TPE has Sufficient Straw to Meet Sales

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Ramping Production From 4.5 days/wk to 7 Days/wk

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Sales of 55tns NRM1500 tns Poppy Seed

KPI Result

Productionthroughput ✓

Sufficient contracts

✓

Sufficient raw material

✓

Sufficient Poppy Seed ✓

Clean Poppy Seed

production

Delayed until H2

2017

Cost Reduction

KPI Result

15% fixed cost ✓

20% Reduction in

Crop Cost

✓

ReducedInterest costs

✓

Agri overheadReduction

✓

Reduction in COGS

✓

ExpandedCustomer base

KPI Result

US MarketSamples supplied

Asia Explore

UK CPO Contract

✓

India contracts

Nov2017

Other Toll contracts

N/A

Supply Chain

KPI Result

NSW/SA Growing ✓

Codeine & Thebaine varieties

✓

Hungary imports

✓

Toll Processing

✓

3000HaContracted in

Australia

2700 Ha

UK CPO API Strategy

KPI Results

Codeine NRM Produced ✓

CPO UKRegistration

batches

Oct2017

CPO CEP Submission

Jan2018

CPO Validation

Sept2018

CPO CEP Approval

Mar2018

On Track

Progress Update

Financials

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1. Total Operating Revenue of $5.9 million

a. NRM and seed sales increase of +$4.5m compared to prior corresponding period

b. Seed sales held back due to lower global seed pricing levels, expect uplift of seed volumes 2H17

2. Gross profit of $1.2 million

a. Gross profit increase of $1.4m compared to prior corresponding period due to improved operating leverage with higher sales volumes

b. Production costs impacted by planned non-productive periods used to produce licence validation batches

3. Overhead costs of $5.4 million

a. Increase from prior period largely due to additional R&D expenses

4. Non-recurring acquisition & impairment costs of $1.8 million

a. Vistin acquisition costs and inventory impairment costs

5. Net debt reduction of $29.9m

a. Proceeds of $44.2m March 2017 capital raise partially utilised to pay down borrowings

6. Entered agreement to Acquire Vistin Opiates for A$25.4M

Profit & Loss Summary ($’000) 1H 2017 1H 2016

Operating RevenueSales of NRM & Seed

Cost of goods sold

5,952

4,705

1,482

1,674

Gross ProfitGross profit %

1,24720.9%

(192)-12.9%

Other overhead costOperating EBITDA

5,399(4,152)

4,809(5,000)

Acquisition costs & inventory impairmentsOther revenue

1,756

(21)

-

(424)

Reported EBITDADepreciation & AmortisationNet Finance expenses

(5,887)1,3631,521

(4,576)1,4501,245

Net Loss After Tax (8,770) (7,271)

Key Balance Sheet Items ($’000)June2017

December 2016

Cash & cash EquivalentsBorrrowings

10,7258,318

62328,073

Net Debt (2,406) 27,451

Contributed Equity 164,494 122,179

FY17 1st Half Results

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Summary informationThe following disclaimer applies to this document and any information provided regarding the information contained in this document (the “Information”). The Information has been prepared by TPI Enterprises Ltd and relates to the TPI group (including, without limitation, Purplebay Pty Ltd and TPI’s Portuguese subsidiaries or any new entity subsequently incorporated following the date on which this Information is provided) (collectively “TPI”). The Information in this presentation is of general background and does not purport to be complete. You are advised to read this disclaimer carefully before reading or making any other use of this document or any information contained in this document. In accepting this document, you agree to be bound by the following terms and conditions including any modifications to them.

Not financial or product adviceThis presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire securities in TPI without taking into account the objectives, financial situation or needs of individuals. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the Information. TPI is not licensed to provide financial product advice.

Financial dataAll dollar values are in Australian dollars (A$) unless stated otherwise.

Past performancePast performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Future performanceThe presentation includes forward-looking statements regarding future events and the future financial performance of TPI. Forward looking words such as “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” or other similar expressions are intended to identify forward-looking statements. Any forward looking statements included in this document involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, TPI and its officers, employees, agents or associates. In particular, factors such as variable climatic conditions and regulatory decisions and processes may affect the future operating and financial performance of TPI. This may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. The Information also assumes the success of TPI’s business strategies. The success of the strategies is subject to uncertainties and contingencies beyond control, and no assurance can be given that the anticipated benefits from the strategies will be realised in the periods for which forecasts have been prepared or otherwise. Given these uncertainties, you are cautioned to not place undue reliance on any such forward looking statements. TPI is providing this information as of the date of this presentation and does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events or developments or otherwise.

Disclaimer