TSX Industrial and Clean Technology Investor Presentation

October 24, 2017

Forward Looking Statements

Certain statements in this presentation contain forward-looking statements about the objectives of PFB Corporation (“PFB” or the “Corporation”) and management’s expectations, beliefs, intentions or strategies for the future.

Future events are subject to certain risks, uncertainties and assumptions that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such risks, uncertainties and assumptions include, but are not limited to: general economic conditions; actions by government authorities; actions by regulatory authorities; availability of raw materials; changes in raw materials prices; foreign exchange rates; interest rates; competitor activity; industry pricing pressures; seasonality of the construction industry; and weather.

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PFB Corporation Overview

Our Strategic Focus:

PFB Corporation (“PFB®”) is a vertically-integrated manufacturer of products based on our core competency in expanded polystyrene foams (“EPS”). We own or lease a total of nine facilities in Canada and five in the USA.

We are industry leaders and the only vertically integrated EPS company in North America; expert in EPS resin, building science applications, and geotechnical applications of our engineered EPS foam products.

Our innovative designs and high-quality building products for insulated residential and commercial structures, engineered geotechnical products used as soil replacement in foundations, road and bridge construction and protective packaging products on both a custom and a commodity basis are available nationally.

Value-added, “green” products provide sustainable alternative to traditional building products and address demand for energy-efficient building structures – 35% of energy consumption is in buildings.

The financial strength of PFB Corporation is evident from our strong balance sheet, our focus on revenue streams in both Canada and the USA., our organic and acquisitive revenue growth and our achieving a targeted return on capital as well as capacity utilization.

Dividend Policy:

Quarterly dividend $0.08 ($32 pa)

• Last dividend increase Q3 2017

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http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00019343

Link to public disclosure at:

Third Quarter Ended September 30

2017 2016

Sales 28,649$ 28,838$

Net income 1,519$ 1,936$

Per share 0.23$ 0.29$

Adj. EBITDA 3,240$ 4,066$

Per share 0.48$ 0.61$

Nine Months Ended September 30

2017 2016

Sales 77,512$ 76,475$

Net income 1,041$ 3,543$

Per share 0.16$ 0.53$

Adj. EBITDA 5,034$ 9,109$

Per share 0.74$ 1.36$

Last Twelve Months September 30

2017 2016

Sales 102,570$ 100,915$

Net income 2,186$ 4,379$

Per share 0.33$ 0.65$

Adj. EBITDA 8,030$ 11,535$

Per share 1.18$ 1.72$

Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is an absolute measure of our operating performance and provides an indication of the results generated by our business activities prior to how the activities are financed, how assets are depreciated and amortized, or how results are taxed.

PFB Brands - Molecules to Mansions Product Strategy

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• PFB Corporation is a vertically integrated manufacturer of EPS based insulating building products

EPS Resin Raw Material

Custom Homes Group

Building Materials Building Products

Reaction

Design – Log and Timber Fabrication Log, Timber and SIP Installation - Project Services

Deliver to Market

Bundle

INPUT

Deliver to Market

Styrene Pentane

Manufacture EPS

P U L L

B to B

B to C

Blank Panels or Ready-To-Assemble

Foundations and Walls

Insulating Concrete Forms

• Advantage ICF Systems® (Insulating Concrete Forms)

Designed to build insulated foundations and walls from concrete in residential & commercial markets

• Key benefits include - higher energy efficiency, lower utility costs, environmentally friendly, lower jobsite labor costs and flexibility in design

®

Product Solutions – Building Products and Building Materials

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®

Structural Insulating Panels

• Insulspan® Structural Insulating Panel Systems are structural elements used for walls and to replace roof trusses

• Provides an energy-efficient structural envelope

• Higher effective thermal resistance and lower air infiltration than conventional stick-frame systems

• Supports recent building code changes to higher R value requirements

• Shortens construction time - saves labor

®

EPS Product Solutions

• Plasti-Fab is a leader in the North American EPS industry

Provides customers with EPS Product Solutions, often including custom design for energy efficient buildings & other applications

• Market segments include roofing, exterior finish systems, reseller channel, OEM, road and bridge soil replacement as engineered geotechnical applications

Durofloat

Custom Packaging Solutions

Exterior Finish Systems

Engineered Geotechnical Products

Durofoam

Sloped & Flat Roofing Insulation

PlastiSpan/EnerSpan Insulation

PFB Custom Homes Group

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Log and Timber Homes

• Producer of mountain style homes which contain a combination of logs and or timbers and inclusion of ICF’s and SIP’s

• Premier designer and producer of luxury log homes and timber frame homes with a Total Home Solution®

High Performance Homes

• Net zero capable high performance home envelops

• Utilizes advanced energy efficient building techniques, including SIPs and ICFs

Timber Framing

• Producer of traditional timber frame homes which are highly energy efficient, due to the inclusion of ICFs and SIPs

• Award-winning M.T.N Design is the in-house group which provides design services for PFB Custom Homes Group

• M.T.N offers full service design from conceptual drawings through engineered construction docs

PFB Facility Locations

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Legend

EPS Moulding Facilities

SIPS Manufacturing Plant

Corporate Office

Manufacturing & Design Centre

Custom Homes Group

• PFB operates 13 facilities across the US and Canada with 400 employees

• The only vertically integrated EPS company in North America

• PFB’s widely distributed manufacturing capabilities allow it to maintain strong customer relationships and reduce production risk

Facility Network

PFB Sustainability Culture - (www.pfbsustianability.com)

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Impacts: Social - Environmental - Economic

• Reduce energy and water consumption

• Reduce GHG/VOC emissions

• Reduce waste to landfill

Global Reporting Initiatives (GRI) • Set Targets • Measure

performance • Transparency

Safety

Employees Customers Shareholders • Communities

Stakeholders

Value added and innovative Products

and Services

Support of local communities and

charitable foundations

Employee personal and professional

development

Brand promise:

• Quality • Service • Expertise

Consistent and reliable dividend

policy

Return on Capital

Profitable revenue growth

Environment of Respect and Opportunity

Environmental solutions including

GreenGuard Certifications

Industry Market Share

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Insulation Demand

• 47% of the USA insulation market is controlled by Owens Corning, Dow Chemical, CertainTeed, Johns Manville and Knauf Insulation

• 12% of the USA insulation market is comprised of companies with over $160 MM in sales *

Includes: Firestone Building Products, Atlas Roofing, Bayer, Carlisle Companies and BASF

• Resins typically manufactured by chemical companies, PFB is the only vertically integrated EPS company in North America

* Compiled from Freedonia Group, Inc. 2015 data

2014

NA Largest Insulation Manufacturers % Market $MM Sales

Owens Corning 18.2 1,400

Johns Manville 11.8 880

Certain Teed 8.0 600

Dow Chemical 4.7 350

Kanuf Insulation 4.7 350

Revenue Growth by Market Segment

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Revenue Mix – Geography

• PFB has a demonstrated a track record of revenue growth despite oil producing region downturn in Canada

• The Company has significant and growing exposure to the U.S. building sector

USA Segment revenue as a percentage of total revenue was 17% in 2011 and is 35% in the last twelve months

• US core EPS operations continue to show growth

• Impact of recent CAD dollar valuation on US revenues

• Delay of several US homes group projects into Q4 due to hurricane activity

USA Segment Operating Performance

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Effects of Forex Fluctuations Raw materials are priced and purchased in USD

• Higher CAD USD values reduce cost of sales • Higher CAD USD values improve gross margin

Revenues generated in the USA are converted into CAD

• Higher CAD USD values decrease USA revenues in CAD terms

• Lower CAD USD values has the effect of discouraging competitors from abroad in Canada

USA Segment Q3 2017 2016

Sales $ 9,076 $ 9,883

Operating income $ 352 $ 885

USA Segment Nine months September 30

Sales 25,772$ 26,533$

Operating income 397$ 1,910$

USA Segment LTM

Sales 35,810$ 34,554$

Operating income 1,159$ 1,941$

All amounts in Canadian dollars

USA Segment Q3 2017 2016

Sales 7,243$ 7,573$

USA Segment LTM 27,280$ 26,222$

All amounts in USA dollars

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Fluctuation of USD / CAD Exchange Rate

North America Spot Styrene USD / lb

13 $0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17

Aggressive run-up in Styrene spot price due to an atypical confluence of conditions in the market.

PFB responded with price increase to customers effective Q2 which are taking hold.

Styrene spot prices are forecast to continue to reduce into Q4 from current levels into more typical ranges

Financial Condition September 30, 2017

September 30, 2017 September 30, 2016

Cash $ 7,205 $ 13,966

Current assets 32,129 37,203

Current liabilities 14,645 13,704

Non-current liabilities 13,572 15,838

Shareholders’ equity $ 49,961 $ 50,443

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PFB continues to generate a strong balance sheet with a strong cash position. Recent Q1 ROFO to repurchase key property from a long term lease obligation

effectively transferred principal lease obligations into long term debt (mortgage) along with a one time cash down payment securing a strategic property and resulting in improved go-forward cash flows.

Share holder equity remains stable, impacted only slightly by foreign exchange asset valuations due a stronger CAD dollar at Q3.

PFB Corporation Valuation

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Share Price

Capitalization Ownership

Institutions, 3.0%

Management & Insiders, 71.1%

Other, 25.9%

Aeonian Capital – 44.1%

(In C$MM unless indicated) 52W Low 52W High Current

Price (1) $7.95 $9.98 $8.50

Shares outstanding 6.7

Market Capitalization $57.0

Plus: Net Debt (2) $5.0

Total Enterprise Value $62.0

2017

TEV / EBITDA (3) 7.71

Dividend yield 3.8%

(1) Closing price as at October 19, 2017

(2) Includes total Finance lease obligations, Long term debt plus Credit facility drawn

less: Cash as at September 30, 2017

(3) LTM ended September 30, 2017

TEV / Adjusted EBITDA (3) 7.71 Dividend yield 3.8%

Management & Board of Directors C. Alan Smith

President & Chief Executive Officer, PFB Corporation and President, Aeonian Capital Corporation Mr. Smith is a graduate of the University of Alberta with a Bachelor of Commerce and is a member of the Canadian Institute of Chartered

Accountants. He was appointed Chairman of the Board and Chief Executive Officer of PFB Corporation in January, 1993. Since 1981, through an affiliated company, Aeonian Capital Corporation has provided equity capital and management to early stage and emerging companies in the natural resources and high technology sectors

Frank B. Baker PFB Board Member & Retired Businessman

Bruce M. Carruthers Chief Operating Officer, PFB Corporation

Donald J. Douglas President & CEO, Jetstream Capital

John K. Read President, Picante Capital Corp.

William H. Smith, Q.C. Principal, William H. Smith Professional Corporation

Gordon G. Tallman Corporate Director

Edward H. Kernaghan Executive Vice President, Kernaghan Securities, Ltd.

Vanessa H. Rennie Vice President, Aeonian Capital Corporation

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