B. Riley FBR Conference

May 23, 2018

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DisclaimerFORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-lookingstatements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or,in each case, their negative, or other variations or comparable terminology. These forward-looking statements include allmatters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because theyrelate to events and depend on circumstances that may or may not occur in the future. As a result, actual events may differmaterially from those expressed in or suggested by the forward-looking statements. Factors that could cause these differencesinclude, but are not limited to, the factors set forth in “Risk Factors” included in TPB’s annual report on Form 10-K and otherreports filed with the Securities and Exchange Commission from time to time. Any forward-looking statement made by TPB in thispresentation speaks only as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible forTPB to predict these events or how they may affect it. TPB has no obligation, and does not intend, to update any forward-lookingstatements after the date hereof, except as required by federal securities laws.

This presentation includes industry and market data derived from internal analyses based upon publicly available data orproprietary research and analysis, surveys or studies conducted by third parties and industry and general publications, includingthose by the Management Science Associates, Inc. (“MSAi”) and Nielsen Holdings, N.V. (“Nielsen”). Third-party industry andgeneral publications, research, surveys and studies generally state that the information contained therein has been obtained fromsources believed to be reliable. Although there can be no assurance as to the accuracy or completeness of the includedinformation, we believe that this information is reliable. While we believe our internal analyses are reliable, they have not beenverified by any independent sources. Any such data and analysis involve risks and uncertainties and are subject to change basedon various factors, including those set forth in “Risk Factors” included in TPB’s annual report on Form 10-K and other reports filedwith the Securities and Exchange Commission from time to time.

NON-GAAP RECONCILIATION

This presentation includes certain non-U.S. generally accepted accounting principles (“GAAP") financial measures, includingEBITDA, Adjusted EBITDA and Net Debt. Such non-GAAP financial measures are not in accordance with, or an alternative to,financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation for a reconciliation ofEBITDA and Adjusted EBITDA to net income and Net Debt to Debt. To supplement our financial information presented inaccordance with generally accepted accounting principles in the United States, or U.S. GAAP, we use non-U.S. GAAP financialmeasures, including EBITDA, Adjusted EBITDA and Net Debt. We believe EBITDA and Adjusted EBITDA provide useful informationto management and investors regarding certain financial and business trends relating to financial condition and results ofoperations. Adjusted EBITDA and Net Debt are used by management to compare performance to that of prior periods for trendanalyses and planning purposes and is presented to our board of directors. We believe that EBITDA and Adjusted EBITDA areappropriate measures of operating performance because they eliminate the impact of expenses that do not relate to businessperformance.

Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordancewith U.S. GAAP. EBITDA and Adjusted EBITDA exclude significant expenses that are required by U.S. GAAP to be recorded in ourfinancial statements and is subject to inherent limitations. In addition, other companies in our industry may calculate these non-U.S. GAAP measure differently than we do or may not calculate it at all, limiting its usefulness as a comparative measure.

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• Leading Other Tobacco Products (OTP)provider (not cigarettes)

• Broad portfolio of compelling brands inhigher margin tobacco products and fast-growing NewGen vapor segment

• Active consolidator within the $11B OTPmarketplace

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Focus Brands Drive Organic Growth

Source: MSAi; Canada supplier feedback

SMOKELESS SMOKING NEWGEN

• Among fastest growing

MST brands

• #2 Chew brand

• Leading vaping

ecommerce sites

• Distribution engine

• #1 Premium paper in

U.S. and Canada

• #1 MYO Cigar wrap

2017 Net Sales %

30% 38% 32%

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STOKERS: LONG-TERM ORGANIC GROWTH• Chewing tobacco retail market share of 18%, #2

Industry Brand

• Retail market share in MST hit 3.0% in first quarter

2018 across 60k stores

• Stoker’s MST is #6 brand (crossed Kodiak in the

quarter)

• Commands a 6.8% share in active distribution

SMOKELESS

2.0%

2.2%

2.4%

2.6%

2.8%

3.0%

Stoker Moist Snuff (MST) Equivalent Share

Source: MSAi

Added 20k stores over past 9 quarters

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ZIG-ZAG: CONSISTENT SALES WITH TAILWINDS

• #1 premium paper in the U.S. and Canada

• Continued industry leading share in wraps

• Developed 2 SKUs for promising Canadian

market, as our partner prepares for

legalization of recreational cannabis in

summer 2018

• Early feedback on U.S. Hemp papers has

been very positive

SMOKING

Consistent Sales and Profitability

$0mm

$5mm

$10mm

$15mm

$20mm

$25mm

$30mm

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

Sales Gross Profit

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NEWGEN: GROWTH ENGINE ACROSS THE SUPPLY CHAIN

• Acquired VaporBeast in November 2016. One of the leading wholesale distributors

reaching 4,500 vape shops

• Vapor Shark and Vapor Supply acquisitions complement VaporBeast’s market heft

with retail stores, proprietary brands and niche sites

– Vapor Supply acquired for $4.8mm on May 1, 2018. Annual $25-28mm of sales

• 2017 was a transitional year with growth outweighing integration. 2018 is focusing

on synergies, system upgrades and logistics savings

• Continue to see acquisition opportunities in the space, particularly with growing

regulatory oversight in the space

NEWGEN

Vaping Supply Chain

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BALANCED PORTFOLIO ACROSS CONSUMER CLASSES

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OUR SALES FORCE IS A VALUABLE, UNIQUE ASSET

• With approximately 250,000 retail chains and stores

that our product touches, we utilize a sales team of

almost 150

• Store touches and calls are precisely tracked and as

expected, higher touches = higher sales

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INCREMENTAL GROWTH FROM ACQUISITIONS• Proven track record on acquisitions

• Have acquired four businesses since November 2016

• Acquired five regional tobacco brands from Wind River in November 2016 for $2.5mm

• Continue to pursue accretive acquisitions in the OTP space

– “Plug-and-play”

– “Bolt-on infrastructure”

– Leverage regulatory capabilities

– Accretive to earnings

$0k

$50k

$100k

$150k

$200k

$250k

$300k

4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

Wind River - Quarterly Gross Profit $

$2.5mm / ~$800k annual GP = ~3x

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EXPERTISE IN REGULATED MARKETSWELL-POSITION AS AN INDUSTRY CONSOLIDATOR

TPB Today TPB Action Plan

Expanding our FDA

regulatory infrastructure

expertise through a

leadership team of QA,

R&D, legal and scientific

professionals

Growing share of products

in regulated market

Regulatory changes likely to

cause significant disruption

among smaller companies

FDA “continuum of risk”

guiding principle approach,

reaffirmed in 2018

Extended premarket

applications into 2021 &

2022

Expected pathway for

future innovation

TPB does not sell

cigarettes

Preparing to preserve our

ability to market quality

products to adult

consumers

Reviewing TPB product

lines, determining costs

and resources needed for

FDA compliance and

approval

Rationalize low-margin

products not justifying

FDA investment

Influence FDA regulatory

approach

2017 FDA announcement and

guidance

Our teams have significant experience in highly regulated environments. Other OTP and NewGen companies do not

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GROWING CASH FLOW AND REDUCED LEVERAGE

(a) Pro forma annual interest expense is based on March 2018 refinancing applied to 2017.

$43.0 $44.1

$34.3 $34.3

$26.6

$16.9$14.0

$10

$20

$30

$40

$50

2012 2013 2014 2015 2016 2017 2017PF

Reduced Leverage

Reduced Interest Expense

(a)

Strong Free Cash Flow

Growing Adjusted EBITDA

$48.7 $49.6 $48.8 $50.6

$52.4

$60.0

$30

$40

$50

$60

2012 2013 2014 2015 2016 2017

$48.0 $48.9 $47.5

$49.0 $49.2

$58.0

1.5% 1.5%

2.7%

3.2%

6.1%

3.4%

0%

1%

2%

3%

4%

5%

6%

7%

$30

$35

$40

$45

$50

$55

$60

2012 2013 2014 2015 2016 2017

FCF CapEx % of EBITDA

5.2x 5.2x

6.1x5.7x

4.1x

3.3x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2012 2013 2014 2015 2016 2017

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POSITIONED FOR CONTINUED FUTURE GROWTH

• Cash flow from strong focus

brands

• Efficient asset-light

operating model

• Powerful sales organization

and expertise in highly

regulated environment

• Innovative, industry-leading

management team

SOLID INFRASTRUCTURE

• Reduced debt, leverage and

interest levels

• Strong cash flows, high free

cash flow conversion

EXPANDED FINANCIAL

STRENGTH

• Organic growth through

consistency, innovation,

sales force investment and

consumer focus

• Accretive acquisition

• Acquisition integration

synergies

ATTRACTIVE GROWTH

OPPORTUNITIES