<PAGE>


                                    EXHIBIT 1

Item 1.









                          INTERTAPE POLYMER GROUP INC.


                             ANNUAL INFORMATION FORM

                      For the Year ended December 31, 2001



                               Dated: May 21, 2002

                                       4
<PAGE>


                          INTERTAPE POLYMER GROUP INC.
                             ANNUAL INFORMATION FORM

                                TABLE OF CONTENTS
<Table>
<Caption>
                                                                                                               Page
<S>                                                                                                             <C>

Item 1.    Cover Page.............................................................................................4

Item 2.    Corporate Structure....................................................................................7

           2.1    Name and Incorporation..........................................................................7
           2.2    Intercorporate Relationships....................................................................7

Item 3.    General Development of the Business....................................................................8

           3.1    History.........................................................................................8
           3.2    Significant Acquisitions and Significant Dispositions..........................................11
           3.3    Trends.........................................................................................12
           3.4    Cautionary Statements and Risk Factors.........................................................12

Item 4.    Narrative Description of the Business.................................................................16

                  General........................................................................................16
                  Products.......................................................................................16
                  Sales and Marketing............................................................................21
                  Manufacturing; Quality Control.................................................................22
                  Equipment and Raw Materials....................................................................22
                  Research and Development; New Products.........................................................23
                  Trademarks and Patents.........................................................................23
                  Competition....................................................................................24
                  Environmental Regulation.......................................................................24
                  Employees......................................................................................25
                  Description of Property........................................................................25

Item 5.    Selected Consolidated Financial Information...........................................................26

           5.1    Annual Information.............................................................................26
           5.2    Dividends......................................................................................27

Item 6.    Management's Discussion and Analysis..................................................................27
</Table>

                                       5

<PAGE>
<Table>
<Caption>
<S>                                                                                                             <C>

Item 7.    Market For Securities.................................................................................27

Item 8.    Directors and Officers................................................................................28

Item 9.    Additional Information................................................................................31
</Table>
                                       6

<PAGE>


ITEM 2.    CORPORATE STRUCTURE

     2.1 NAME AND INCORPORATION

     The business of Intertape Polymer Group Inc. ("Intertape Polymer Group" or
the "Company") was established by Melbourne F. Yull, Intertape Polymer Group's
Chairman of the Board and Chief Executive Officer, when Intertape Systems Inc.,
a predecessor of the Company, established a pressure-sensitive tape
manufacturing facility in Montreal. Intertape Polymer Group was incorporated
under the Canada Business Corporations Act on December 22, 1989 under the name
"171695 Canada Inc." On October 8, 1991, the Company filed a Certificate of
Amendment changing its name to "Intertape Polymer Group Inc." A Certificate of
Amalgamation was filed by the Company on August 31, 1993, and the Company was
amalgamated with EBAC Holdings Inc. In February 1992, Intertape Polymer Group
completed an initial public offering of its common shares at the offering price
of $5.035 (US$4.25)(after giving effect to a 2:1 stock split on June 4, 1996).
The Company completed a second public offering of its common shares in Canada
and the United States in October 1995, at the offering price of $19.75
(US$14.60). The Company then completed a public offering of its common shares in
Canada on a "bought deal" basis in March 1999, at the offering price of $40.25
(US$26.31) per share. In March 2002, the Company completed a public offering of
5,100,000 of its common shares in Canada on a "bought deal" basis at the
offering price of $15.50 (US$9.71) per share.

     2.2 INTERCORPORATE RELATIONSHIPS

     Intertape Polymer Group is a holding company which owns various operating
companies in the United States and Canada. Intertape Polymer Inc., incorporated
under the Canada Business Corporations Act ("IPI"), is the principal operating
company for the Company's Canadian operations. Intertape, Inc., a Virginia
corporation, formerly known as Intertape Polymer Corp. ("IPC"), is the principal
operating company for the Company's United States and international operations.

     The table below lists for each of the subsidiaries of the Company their
respective jurisdiction of incorporation and the percentage of voting securities
beneficially owned or over which control or direction is exercised directly or
indirectly by Intertape Polymer Group. Certain subsidiaries, each of which
represents not more than ten percent of consolidated assets and not more than
ten percent of consolidated sales and operating revenues of the Company, and all
of which, in the aggregate, represent not more than twenty percent of total
consolidated assets and total consolidated sales and operating revenues of the
Company at December 31, 2001, have been omitted.

                                       7
<PAGE>


<TABLE>
<CAPTION>
                                                          JURISDICTION OF            PERCENTAGE OF OWNERSHIP
                     CORPORATION                           INCORPORATION                   OR CONTROL
                     -----------                          ---------------            -----------------------

<S>                                                       <C>                        <C>
Intertape Polymer Group Inc.                                   Canada                        Parent
Intertape Polymer Inc.                                         Canada                         100%
IPG Financial Services, Inc.                                  Delaware                        100%
IPG Holding Company of Nova Scotia                          Nova Scotia                       100%
IPG Finance LLC                                               Delaware                        100%
Intertape Inc.                                                Virginia                        100%
Central Products Company                                      Delaware                        100%
Intertape Polymer Corp.                                       Delaware                        100%
IPG Administrative Services Inc.                              Delaware                        100%
Intertape Woven Products Services S.A. de                      Mexico                         100%
IPG Holdings LP                                               Delaware                        100%
Polymer International Corp.                                   Virginia                        100%
Intertape Polymer Export Inc.                                 Barbados                        100%
IPG (US) Inc.                                                 Delaware                        100%
IPG (US) Holdings Inc.                                        Delaware                        100%
IPG Technologies Inc.                                         Delaware                        100%

</TABLE>

ITEM 3. GENERAL DEVELOPMENT OF THE BUSINESS

     3.1 HISTORY

     The Company has pursued a strategy of aggressive growth through both
substantial capital investments and acquisitions. When the Company commenced
operations in 1981, it converted purchased films into pressure-sensitive carton
sealing tapes. Originally intended as a local manufacturer, management of the
Company decided in the mid-1980's to take advantage of the extraordinary growth
in demand for carton sealing tapes by significantly expanding its output of such
product and, thereby, its customer base. Following adoption of this new business
plan and over the next few years, the output of the Montreal plant doubled and a
new facility was constructed in Danville, Virginia, in 1987. The Virginia plant
was "upstream integrated" to include film extrusion in order to reduce material
costs. The market for carton sealing tape has continued to grow and the Danville
facility is five times larger (measured in capacity) today than at the date of
its construction.

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<PAGE>


     Even as the Company was growing its customer base in pressure-sensitive
tapes, it determined that it would be advantageous to adopt a progressive new
product development strategy to leverage its pressure-sensitive tape products.
In 1992, the Company developed a new variety of speciality shrink films and
purchased and installed manufacturing equipment to produce such films. The
ability to manufacture its own shrink films enabled the Company to participate
in the shrink film market estimated to be $500 million annually. Further, it
strengthened the Company's position with its customers.

     The Company's entry into the stretch wrap market began with the Company's
concurrent development of stretch wrap products with the processes to
manufacture such products. The Company entered the stretch wrap market utilizing
its existing customer base and distribution network.

     To broaden the product line and provide one-stop shopping with a "basket of
products", the Company has made a series of acquisitions. Interpack Machinery
Inc. ("Interpack"), a designer of automatic carton sealing equipment, was
acquired by the Company in 1993. In acquiring Interpack, the Company gained
technology for systems capable of utilizing large volumes of high value carton
sealing tapes. Tape, Inc. was acquired in 1996 to provide a complete line of
water-activated tapes. American Tape Co. ("American Tape") was acquired in 1997
bringing to the Company certain products including high performance masking,
filament and speciality products, which mesh well with the Company's related
product lines. Anchor Continental, Inc. ("Anchor") was acquired in 1998 and had
been a competitor of the Company for the sale of masking tapes. Rexford Paper
Company ("Rexford"), a redistributor of a variety of pressure-sensitive tapes,
as well as a manufacturer of water-activated tapes, was also acquired in 1998.
In 1999, the Company acquired certain assets of Spinnaker Electrical Tape
Company ("SETco"), bringing a new product line, pressure-sensitive electrical
tapes, to the Company. In addition, in 1999, the Company also acquired Central
Products Company ("CPC"), a manufacturer of both pressure-sensitive and
water-activated carton sealing tapes. The combination of these various product
lines enables the Company to offer the market place a range of products to
service its customers' needs. Effective as of the close of business August 31,
2000, the Company acquired the assets of Olympian Tape Sales, Inc. d/b/a United
Tape Company, which distributed various packaging products into the retail
market. This acquisition established the Company in the North American retail
market and has accelerated the development of this important channel of
distribution.

     Though the Company made no acquisitions during 2001, acquisitions remain an
integral component of the Company's strategy to obtain new products and channels
of distribution. Over the past few years, the Company has completed several
strategically important acquisitions furthering its business plan to either
develop or acquire new products to complete the "basket of products" approach to
the Company's markets. During the last two years, the Company has transitioned
from a period of rapid expansion to a period of

                                       9
<PAGE>

operational consolidation and debt reduction. Future acquisitions are probable,
but in 2001 the Company focused on and made significant progress in implementing
improvements aimed both at realizing the benefits of past acquisitions and
optimizing the Company's efficiency and quality. First, the Company completed
the integration of the information systems and customer service departments of
its previously acquired companies. The Company also completed the implementation
of its Regional Distribution Centers ("RDCs") initiative. All five centers are
now open and functional thus permitting the Company to close the approximately
twenty-five leased warehouse facilities it was maintaining and consolidate
product shipments through the five RDCs. Lastly, during 2001 Intertape Polymer
Group took various cost reduction initiatives including reducing support
functions and implementing organizational changes and plant rationalizations
which measures should ensure that the Company remains a low cost producer and is
prepared for any further erosion in the economy.

     The Company also markets products directly to the end user. Polymer
International (N.S.) Inc. ("Polymer International") and International Container
Systems, Inc. ("International Container") were acquired in 1989. Polymer
International manufactures a wide range of coated, woven polyolefin fabrics;
International Container manufactures returnable plastic cases for the beverage
industry. Since acquiring Polymer International, sales of the Company's woven
product line have increased five-fold, assisted in part by the development of
lumber wrap and other products. In addition, two small companies (Cajun Bag &
Supply Corp. and Augusta Bag & Supply Co.) were purchased to produce flexible
intermediate bulk containers ("FIBCs") utilizing the Company's fabric as the
prime raw material.

     Intertape Polymer Group closed its FIBC manufacturing plant in Rayne,
Louisiana, in 2001, and expanded its Mexican operations. The Company's facility
is located in Piedras Negras, Mexico, 150 miles southwest of San Antonio, Texas,
in an industrial park with adjacent buildings that will permit future growth, if
required. The Company is the second largest producer of FIBCs in North America
and this move reflects the Company's commitment to increase FIBC production from
lower cost sources.

     During 2001, the Company continued its participation in one joint venture,
Fibope Portuguesa-Filmes Biorientados, S.A. ("Fibope"). Fibope produces shrink
films in Portugal for the European market and has doubled its manufacturing
capacity since 1995.

     Until 1998, the majority of the Company's growth came from the sale of
internally developed products. Since then, internal capacity increases are
continuing throughout the organization and in all product lines due to past
acquisitions as well as internal growth. The Company's Utah manufacturing
facility, a 115,000 square foot plant, became operational in June 1998, was
expanded in 1999, and was expanded further in 2001. Consistent with the
Company's strategy, this plant is acting not only as a producer of shrink and
stretch films, but also as a distribution center for all of the Company's
products with the goal to increase sales

                                       10

<PAGE>
in the western United States and western Canada. The integration of the
acquired facilities will continue to provide further capacity for various
products.

     In December, 2001, Intertape Polymer Group completed the refinancing of
both its bank credit facilities and long-term debt. The Company and its
subsidiaries entered into a Credit Agreement dated December 20, 2001, providing
for revolving credit facilities in the aggregate amount of up to US$145 million
secured by all of the Company's tangible and intangible assets. As of December
31, 2001, US$39.0 million of the lines of credit was utilized with an effective
interest rate of approximately 7.95%. Further, the Company entered into Amended
and Restated Note Agreements each dated December 20, 2001, with respect to its
US$137.0 million Senior Notes and US$137.0 million Series A and B Senior Notes,
increasing the interest rates and granting the noteholders a security interest
in the tangible and intangible assets of the Company. Intertape Polymer Group
was able to reduce its short-term debt by US$12.9 million and long-term debt by
US$9.6 million during 2001. The Company is committed to further debt reductions.
In March, 2002, the Company used the net proceeds of the issuance of additional
common shares to further reduce its long-term debt by approximately US$47.4
million.

     3.2 SIGNIFICANT ACQUISITIONS AND SIGNIFICANT DISPOSITIONS

     The Company made no significant acquisitions or dispositions during 2001.

     While acquisitions continue to be an important part of the Company's
strategy for growth, no favorable opportunities presented themselves during
2001. The following table illustrates the principal acquisitions completed by
the Company during the last six years:

COMPLETED ACQUISITIONS

<Table>
<Caption>
             ANNUAL COST OF
YEAR          ACQUISITIONS        COMPANY                       LOCATION                  PRODUCTS
----         --------------       -------                       --------                  --------
            (US$ in millions)

<S>              <C>              <C>                           <C>                       <C>
1996             $  5.3           Tape, Inc.                    Green Bay, Wisconsin      Water-activated packaging tapes

1997             $ 42.9           American Tape Co.             Marysville Michigan       Pressure-sensitive tapes, masking tapes
                                                                Richmond, Kentucky

1998             $113.2           Anchor Continental, Inc.      Columbia, South Carolina  Pressure-sensitive tapes, masking and
                                                                                          duct tapes

                                  Rexford Paper Company         Milwaukee, Wisconsin      Pressure-sensitive and
                                                                                           water-activated tapes

1999             $111.3           Central Products Company      Menasha, Wisconsin        Pressure-sensitive and water-activated
                                                                Brighton, Colorado         carton sealing tapes

                                  Spinnaker Electrical          Carbondale, Illinois      Pressure-sensitive
                                  Tape Company                                             electrical tapes

</Table>


                                       11
<PAGE>

COMPLETED ACQUISITIONS

<Table>
<Caption>
           ANNUAL COST OF
YEAR        ACQUISITIONS            COMPANY                    LOCATION                  PRODUCTS
----      ---------------          ---------                  ----------                ----------
          (US$ in millions)
<S>           <C>             <C>                          <C>                        <C>
2000          $ 32.2          Olympian Tape Sales, Inc.    Cumming, Georgia           Distribution  of
                                                                                      packaging products
</Table>

3.3 TRENDS

The Company anticipates that its gross profits and gross margins should improve
during 2002 as a result of several factors. First, 2002 will be the first year
that the full effect of many of the cost reduction programs implemented by the
Company should be realized. Second, all five RDCs are operational and should
provide enhanced capabilities for order fulfillment and shipping efficiencies.
Combined with a diverse offering of packaging products and a variety of new
products, the RDCs should bring about an increase in sales volume in North
America. Lastly, the Company plans to continue to reduce its debt by cash
generated from operations.

3.4 CAUTIONARY STATEMENTS AND RISK FACTORS

This Annual Information Form, including the Management's Discussion & Analysis
incorporated herein by reference, contains certain "forward-looking statements"
within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended
(the "Securities Act") and Section 21E of the U.S. Securities Exchange Act of
1934, as amended (the "Exchange Act") concerning, among other things,
discussions of the business strategy of Intertape Polymer Group and expectations
concerning the Company's future operations, liquidity and capital resources.
When used in this Annual Information Form, the words "anticipate", "believe",
"estimate", "expect" and similar expressions are generally intended to identify
forward-looking statements. Such forward-looking statements, including
statements regarding intent, belief or current expectations of the Company or
its management, are not guarantees of future performance and involve risks and
uncertainties. All statements other than statements of historical fact made in
this Annual Information Form or in any document incorporated herein by reference
are forward-looking statements. In particular, the statements regarding industry
prospects and the Company's future results of operations or financial position
are forward-looking statements. Forward-looking statements reflect the Company's
current expectations and are inherently uncertain. Actual results may differ
materially from those in the forward-looking statements as a result of various
factors, including those factors set forth below and other factors discussed
elsewhere in this Annual Information Form and in the Management's Discussion &
Analysis included in the Company's Annual Report. In addition to the other
information contained in this Annual Information Form, readers should carefully
consider the cautionary statements and risk factors set forth below.

                                       12
<PAGE>

Future acquisitions of companies may have an adverse effect on our business,
financial condition and operations.

     An important aspect of Intertape Polymer Group's business strategy is to
acquire companies that will complement our existing companies and products,
expand our marketing area, improve distribution efficiencies, and enhance our
technological capabilities. Financial risks to the Company in connection with
future acquisitions include the use of its cash resources, incurring additional
debt and liabilities, and potentially dilutive issuances of equity securities.
Further, there are possible operational risks including difficulties
assimilating the operations, products, technology, information systems and
personnel of acquired companies; the loss of key personnel of acquired entities;
the entry into markets in which the Company has no or limited prior experience;
and difficulties honoring commitments made to customers of the acquired
companies prior to the acquisition. The failure to adequately address these
risks could adversely affect the Company's business.

Shortages in raw material decrease sales.

     In the past, there have been shortages from time to time in the supply of
certain resins. In the event there are shortages, the Company's sales would
decrease.

The Company's credit facilities and bank indebtedness contain covenants that
under certain circumstances limit Management's discretion in certain business
matters.

     The Amended and Restated Note Agreements entered into in December 2001
relating to the US$137 million Senior Notes and US$137 million Series A and B
Senior Notes and the Credit Agreement entered into in December 2001 relating to
the Company's revolving credit facilities contain financial and operating
covenants that limit Management's discretion in certain business matters which
may restrict the Company's ability to take advantage of potential business
opportunities as they arise. These covenants place restrictions on, among other
things, the Company's ability to incur additional indebtedness, to create liens
or other encumbrances, to make certain payments (including dividends and
repurchases of the Company's common shares), and to sell or otherwise dispose of
assets and merge or consolidate with other entities. The revolving credit
facilities also require the Company to meet certain financial ratios and tests
that may require the Company to take action to reduce its debt or act in a
manner contrary to its business objectives. Failure by the Company to comply
with the obligations in its revolving credit facilities and Note Agreements
could result in an event of default which, if not cured or waived, could permit
acceleration of the Company's indebtedness under the revolving credit facilities
and Note Agreements and could allow the creditors and/or noteholders thereunder
to exercise their security interests, both of which could have a material
adverse effect on us.

                                       13
<PAGE>

New products may fail to attract customers.

     Intertape Polymer Group's business plan involves the introduction of new
products, which are both developed internally and obtained through acquisition.
In the event the market does not accept these products or competitors introduce
similar products, the Company's ability to expand its markets and generate
organic growth would be negatively impacted and there would be an adverse affect
on its financial condition and operating results.

The Company may not be able to compete successfully with its larger competitors.

     The larger competitors of Intertape Polymer Group have greater financial
resources with which to overcome what the Company believes to be significant
barriers to entry into the existing packaging market, including the high cost of
vertical integration, the significant number of patents already issued in
respect of various processes and equipment, and the difficulties and cost of
developing an adequate distribution network.


                                       14
<PAGE>

Compliance with Environmental Regulations Could be Costly.

     Intertape Polymer Group, like others in similar businesses, is subject to
extensive environmental laws and regulations. The Company's policies and
procedures have been designed to comply with these laws and regulations.
Increasingly stringent environmental regulations could necessitate the Company
to make additional expenditures. Achieving and maintaining compliance with
present and future environmental laws could restrict the Company's ability to
modify or expand its plants or to continue manufacturing. Compliance could also
require the acquisition of additional equipment. Some of Intertape Polymer
Group's plants have a history of industrial use. Soil and groundwater
contamination has occurred at some of the Company's plants. Environmental laws
impose liability on an owner, tenant, or operator of real property for the
removal or remediation of hazardous or toxic substances, even if they were
unaware of or not responsible for the contamination. Further, any company who
arranges for the disposal or treatment of hazardous substances at a disposal
facility may be liable for the costs of remediation of such substances at such
facility whether or not the company owns or operates the facility. In accordance
with environmental laws, the Company periodically investigates, remediates, and
monitors soil and groundwater contamination at certain of its plants. Currently
the Company is remediating contamination at its Marysville, Michigan, Columbia,
South Carolina, and Carbondale, Illinois, plants, however it is not anticipated
that the ultimate resolution of these matters will have a material adverse
effect on the Company's business or results of operations.

     Intertape Polymer Group obtains Phase I or similar environmental
assessments for most of the manufacturing facilities it owns or leases at the
time it either acquires or leases such facilities. These assessments typically
include general inspections without soil sampling or ground water analysis. The
assessments have not revealed any environmental liability that, based on current
information, the Company believes will have a material adverse effect on the
Company. Nevertheless, the Company's assessment may not reveal all environmental
liabilities and current assessments are not available for all facilities.
Consequently, there may be material environmental liabilities the Company is not
aware of. In addition, ongoing clean up and containment operations may not be
adequate for purposes of future laws. The conditions of the Company's properties
could be affected in the future by the conditions of the land or operations in
the vicinity of the properties. These developments and others, such as
increasingly stringent environmental laws, increasingly strict enforcement of
environmental laws, or claims for damage to property or injury to persons
resulting from the environmental, health or safety impact of the Company's
operations, may cause the Company to incur significant costs and liabilities
that could have a material adverse effect on us.

Anti-takeover provisions in the Company's Shareholder Protection Rights Plan may
prevent an acquisition.

     On August 24, 1993, the shareholders of Intertape Polymer Group approved a
Shareholder Protection Rights Plan. Under the Plan, one common share purchase
right was issued on September 1, 1993 in respect of each outstanding common
share and became issuable in respect of each common share issued thereafter.
Although the Plan was to have expired on September 1, 1998, on

                                       15
<PAGE>

May 21, 1998, the shareholders approved an amendment extending the term of the
Plan to September 1, 2003. The effect of the Plan is to require anyone who seeks
to acquire 20% or more of Intertape Polymer Group's voting shares to make a bid
complying with specific provisions. Thus, the provisions of the Plan could
prevent or delay the acquisition of the Company by means of a tender offer, a
proxy contest, or otherwise, in which shareholders might receive a premium over
the then current market price.

The Company's exemptions under the Exchange Act as a foreign private issuer
limits the protections and information afforded investors.

     Intertape Polymer Group is a foreign private issuer within the meaning of
the rules promulgated under the Exchange Act. As such, it is exempt from certain
provisions applicable to United States companies with securities registered
under the Exchange Act, including: the rules under the Exchange Act requiring
the filing with the Securities and Exchange Commission of quarterly reports on
Form 10-Q or current reports on Form 8-K; the sections of the Exchange Act
regulating the solicitation of proxies, consents or authorizations in respect of
a security registered under the Exchange Act; and the sections of the Exchange
Act requiring insiders to file public reports of their stock ownership and
trading activities and establishing insider liability for profits realized from
any "short-swing" trading transaction (i.e., a purchase and sale, or sale and
purchase, of the issuer's equity securities within a period of less than six
months). Because of these exemptions, purchasers of Intertape Polymer Group's
securities are not afforded the same protections or information generally
available to investors in public companies organized in the United States.
Intertape Polymer Group previously filed its annual reports on Form 20-F.
Commencing with the year ended December 31, 2000, the Company files its annual
report on Form 40-F. Intertape Polymer Group reports on Form 6-K with the
Commission and publicly releases quarterly financial reports.

Because Intertape Polymer Group is a Canadian company, it may be difficult for
investors to effect service of process or enforce judgments against us.

     Intertape Polymer Group is a Canadian corporation, certain of its officers
and directors, and its auditors are residents of Canada, and a portion of our
assets are located outside of the United States. Accordingly, it may be
difficult for investors to effect service of process within the United States
upon Intertape Polymer Group or such persons, or to enforce against them
judgments obtained in the United States predicated upon the civil liability
provisions of the Securities Act.

                                       16
<PAGE>


ITEM 4. NARRATIVE DESCRIPTION OF THE BUSINESS

     GENERAL

     Intertape Polymer Group develops, manufactures and sells a variety of
specialized polyolefin plastic packaging products. These products include
INTERTAPETM pressure-sensitive and water-activated tape, EXLFILM(R) shrink film
("EXLFILM(R)"), STRETCHFLEX(R) stretch wrap ("STRETCHFLEX(R)") and woven
products. Most of the Company's products are derived from resins that are
converted into films and adhesives. Resins also are combined with paper and
converted into a variety of packaging products. Vertical integration, whereby
the Company performs each step in the conversion of polyolefin resins and paper
into its various products, and continuous capital expenditures to increase
manufacturing efficiencies allow the Company to be among the low-cost producers
of each product it manufactures. This vertical integration combined with the use
of high speed production equipment provides competitive advantages to the
Company in flexibility and control of the manufacturing process and in speed of
delivery. Management considers all of its products to be within one operational
segment because all products are made basically from similar extrusion processes
and differ only in the final stages of manufacturing.

     The Company expanded its product offering with the 1999 acquisitions of
Spinnaker Electrical Tape Company, a U.S. manufacturer of pressure-sensitive
electrical tapes, and Central Products Company, a U.S. manufacturer of a natural
rubber pressure-sensitive tape. Central Products Company also manufactured hot
melt and acrylic pressure-sensitive tapes, and a line of water-activated carton
sealing tapes, giving the Company what it now believes to be 75% of the
water-activated tape market.

     The Company's revenues are derived primarily from sales of its products in
the United States and Canada, with approximately 90% of the Company's 2001
revenues attributable to sales from manufacturing facilities in the United
States. The Company's head office is located in Montreal, Quebec and the Company
maintains approximately 2.7 million square feet of manufacturing facilities
throughout the United States, Canada and Portugal.

     PRODUCTS

     INTERTAPETM Carton Sealing Tape: Pressure-Sensitive and Water-Activated
Tapes

     The Company produces a variety of pressure-sensitive plastic film carton
sealing tape, ranging from commodity designed standard tape to tape tailored to
meet customers' unique requirements. The product range encompasses tape with
film thickness from 25 microns to 50 microns and adhesives formulated for manual
as well as automatic applications. Carton sealing tape lends itself to use in
high speed taping machines that replace other closure methods such as staples,
hot melt glues and cold glues. The tape produced by the Company includes a wide
range of customized colored and printed tape, as well as tape designed for cold
temperature applications and label protection.

                                       17
<PAGE>


     The Company believes that it is one of the leading manufacturers of
pressure-sensitive carton sealing tape and further believes that it is the only
manufacturer in North America of all three types of adhesives; hot melt,
acrylic, and natural rubber. Carton sealing tape is manufactured and sold under
the INTERTAPETM name to industrial distributors and manufactured for other
customers for sale under private labels. It is produced at the Company's
Danville, St. Laurent, Richmond and Columbia facilities and is primarily
utilized by end-users for sealing corrugated cartons. Geographic territories in
which the Company markets its products are serviced by sales personnel and
manufacturers' representatives coordinated by regional managers. Distributors
are appointed on a basis designed to achieve market penetration of both
commodity and higher grade products. In 1994, the Company commenced efforts to
utilize its expanded production capacity and field support to begin to penetrate
the United States west coast and the western Canadian markets and continues to
increase its sales force for these markets. The Company expects its centralized
warehouse distribution system in the Tremonton, Utah facility will continue to
enhance these efforts.

     The Company's acquisition in 1993 of the assets of Interpack, a
manufacturer of equipment used to apply pressure-sensitive tapes to seal
corrugated boxes, enabled the Company to further enhance the mix of products it
offered to its customers. The Company introduced a line of machines designed for
the high-speed application of pressure-sensitive carton sealing tape in January
1994 and has continued to enhance and improve its equipment designs.

     In 1996, the acquisition of Tape, Inc. added a complete range of
water-activated adhesive tapes to the Company's product mix. This product line
is generally sold through the same distribution network as pressure-sensitive
carton sealing tape which has allowed the Company to increase its market
penetration of this product.

     The Company's 1999 acquisition of Central Products Company, a producer of
carton sealing tapes, should serve to provide cost reductions to the Company. In
addition, the Brighton, Colorado, facility obtained in the acquisition provides
the Company with the needed capacity in hot melt coating and solvent rubber
products to form a basis for continued growth in these products. Further, the
installation of a sixth BOPP extrusion line was commercialized at the Company's
Danville, Virginia facility during 2000 and 2001. This has enabled the Company
to be completely self-sufficient in the production of film for pressure
sensitive tapes for both hot-melt and acrylic based adhesive tapes.

     The Company's principal competitor for the sale of carton sealing tape
products is Minnesota Mining & Manufacturing Co. ("3M").

                                       18
<PAGE>

     INTERTAPETM Masking Tapes: Performance and General Purpose

     The Company added masking tapes to its product line in December 1997
through the acquisition of American Tape, a leading manufacturer of these
products and expanded its position in this product line with the acquisition of
Anchor in September 1998. Masking tapes are used for a variety of end-use
applications which can be broadly described under two categories: general
purpose and performance.

     General purpose applications include packaging and bundling, and
residential and commercial paint applications. Performance applications include
use in painting of aircraft, cars, buses and boats, where the properties of the
tape, such as high temperature resistance and clean adhesive release, are
individually designed for the customer's process.

     The Company's processing capabilities include solvent and synthetic rubber,
hot melt and acrylic adhesive alternatives. The Company believes that its unique
adhesive systems provide it with a competitive advantage in this market. The
main competitors for the sale of masking tapes include 3M, Shuford Mills, Inc.,
Industrias Tuk, S.A. de C.V., and Tesa Tape Inc. ("Tesa").

     INTERTAPETM Reinforced Filament Tape: Performance and General Purpose

     In addition to masking tapes, the Company's purchases of American Tape and
Anchor also introduced reinforced filament tapes and flat back tapes to the
Company's product line. Reinforced, general and specialty products are
manufactured at the Company's facilities in Richmond, Kentucky, Marysville,
Michigan and Columbia, South Carolina which were acquired in the American Tape
and Anchor acquisitions. These facilities produce filament tape using synthetic,
natural rubber and hot melt adhesives coated on a variety of plastic filaments.
The reinforcement is provided by fibreglass yarns laminated between two plastic
substrates.

     Many of these filament tapes are odorless, stainless, and provide clean
removal and are used in bundling, sealing, unitizing, palletizing and packaging,
notably for household appliances. The Company's main competitor in the
industrial filament tape market is 3M, and for commodity filament tapes the
Company's main competitor is Tara Tape.

     Acrylic Coating

     In 1995, the Company completed a $7.0 million capital expenditure program
for an acrylic coater and ancillary equipment design to apply acrylic based
adhesives to a wide variety of substrates at its Danville, Virginia plant. These
acrylic coatings, when applied to film tapes, offer extended shelf life as well
as increased performance under the extremes of low and high temperatures. In
addition, certain applications, such as mirror backing, utilize woven products
as the base material to which acrylic coating is applied. In 2000 and 2001, a
sixth BOPP extrusion line was commercialized enabling the Company to be
completely self-sufficient in the production of film for pressure sensitive
tapes for acrylic based adhesive tapes.

                                       19


<PAGE>

     INTERTAPETM Duct Tape

     The acquisition of Anchor provided the Company a significant capacity in
the duct tape product line. Duct tapes are manufactured at the Columbia, South
Carolina, facility. Approximately 75% of the duct tape volume consists of
polyethylene-coated cloth. Aluminum foil type tape accounts for most of the
non-polyethylene coated product sales of the Company's duct tape products. The
main competitors are Tyco International, Ltd. ("Tyco") and Shurtape
Technologies, Inc.

     EXLFILM(R) Shrink Wrap

     EXLFILM(R) is a specialty plastic film which shrinks under controlled heat
to conform to package shape as compared to other packaging forms that require
unique machinery for different product sizes and shapes. The process provides
versatility because it permits the over-wrapping of a variety of products of
considerably different sizes and dimensions (such as printing and paper
products, packaged foods, cassettes, toys, games and sporting goods, and
hardware and housewares). The Company manufactures EXLFILM(R) at its plant in
Truro, Nova Scotia, and at its Tremonton, Utah facility. The Company believes
that its continued investment in equipment and product development will help it
expand in this market. With the development of cross-linking technology, the
Company has introduced a new line of high performance shrink film,
EXLFILMPLUS(TM), which can be used to satisfy additional end user applications.
The Company's shrink wrap products are sold through a select group of specialty
distributors primarily to manufacturers of packaged goods and printing and paper
products who package their products internally.

     In addition, the Company holds a 50% interest in FIBOPE, a manufacturer of
shrink films in Portugal. FIBOPE utilizes similar manufacturing equipment as is
currently operated by the Company in its Truro and Tremonton facilities.

     In addition to being served by the Company, the United States and Canadian
markets for polyolefin shrink wrap are currently served by two large United
States manufacturers, Sealed Air and E.I. DuPont de Nemours & Co., and to a
lesser extent by foreign manufacturers.

     STRETCHFLEX(R) Stretch Wrap

     STRETCHFLEX(R) is a multi-layer plastic film that can be stretched without
application of heat. It is used industrially to wrap pallet loads of various
products to ensure a solid load for shipping. During 1999, the Company invested
in upgrading all of its cast lines to new five-layer technology. This
technology, combined with re-engineered film allows the Company to produce
polyolefin stretch wrap that has higher performance while reducing manufacturing
costs. In 2000, a seventh cast line was installed in the Danville, Virginia
plant, further increasing the Company's production capacity of stretch films.
The Company has the capacity to produce a total of 130 million pounds of
STRETCHFLEX(R) annually at its Danville, Virginia plant and its facility in
Tremonton, Utah.

                                       20
<PAGE>

     The North American market for such polyolefin stretch wrap is served by a
number of manufacturers, the largest of which are AEP, Tyco, and Linear Films,
Inc.

     Industrial Electrical Tapes

     As a result of the Company's 1999 acquisition of certain assets of SETco,
which included its Carbondale, Illinois, facility, the Company is now a
manufacturer of specialty electrical and electronic tape. The new manufacturing
capability and technology at the Carbondale, Illinois, facility, coupled with
the Company's high temperature resistant products manufactured at its
Marysville, Michigan, facility is hoped to provide the Company access to new
high margin markets.

     Competing manufacturers of industrial electrical tapes include 3M, Tesa,
and Tyco.

     Finally, the Company's acquisitions have positioned the Company as a
stronger supplier of industrial tape, second only, in the estimation of
management, to 3M in North America, with the additional capability to provide
shrink and stretch wrap, a product line 3M does not offer. The Company's status
as a low-cost, high value added single source supplier to its individual
distributor customer base should, subject to economic factors, lead to sales
growth in the future.

     Woven Products

     The Company produces a variety of finished products utilizing coated woven
polyolefin fabrics, such as bags and lumber wrap, as well as coated woven
polyolefin fabrics that are sold to other manufacturers which convert these
fabrics into finished products, such as packaging, protective covers, pond
liners, housewrap, recreational products, and temporary structures.

     Depending on the needs of the customer, the Company produces valve bags or
open mouth bags. Valve bags have a one way self-closing filler valve inserted
into one corner and are used for packaging pelletized and granular chemicals and
other materials. Open mouth bags, which require a secondary closure method such
as stitching, are used primarily for packaging of compressed material such as
mineral fibers.

                                       21
<PAGE>

     NOVA-THENE(R) lumber wrap is a polyolefin fabric which is extrusion coated
and printed to customer specifications. It is used in the forest products
industry to package kiln-dried cut lumber. The Company believes that polyolefin
products have certain advantages over traditional paper-plastic laminate
products, including superior strength, ease of application, durability, better
appearance and the potential to be recycled.

     The Company also manufactures other coated woven polyolefin fabrics that it
supplies to converters which produce finished products for specific application,
such as synthetic fiber packaging, temporary and permanent shelters,
recreational products, protective covers, pond liners, and flame retardant
lattice cloth. In 1999, the Company developed a new patented woven fabric that
meets the fire retardant specifications required for human occupancy and
maintains the UV specifications for extended outdoor use. This product is used
in applications where PVC was the primary fabric previously used. Further, the
Company entered the steel covering market with a patented wrap for coils.

     In 2000, a new printing capacity for woven products was brought on line.
The expansion of the Truro, Nova Scotia, plant was completed in 2001 adding much
needed capacity for production of both traditional and new woven products, such
as vinyl replacement products.

     The Company's NOVA-THENE(R) lumber wrap line competes with products
manufactured by partially integrated manufacturers and by secondary converters.
In addition, the Company competes with manufacturers of coated woven fabrics
such as Amoco Fabrics and Fibers Company and Fabrene, Inc., which sell their
products to converters.

     FIBCs

     The Company produces flexible intermediate bulk containers ("FIBCs"). To
remain competitive and in furthering the Company's plan to increase its Mexican
operations, Intertape Polymer Group entered into an agreement with the
Professional Manufacturing Group in Piedras Negras, Mexico, an exclusive
contract packager of FIBCs for the Company since February 2000. The Company
believes this initiative to move FIBC production to Mexico will increase the

                                       22
<PAGE>

Company's FIBC production, should provide the Company with a lower cost
alternative to its now closed Augusta, Georgia, facility, and its Rayne,
Louisiana, manufacturing facility which closed during the second quarter of
2001, and should expand the use of the Company's woven coated fabrics in the
manufacture of FIBCs, which should improve profitability.

     During 2001, the Company also launched two new FIBC products,
PALLET-FREE(TM), which has significant cost and performance advantages compared
to traditional corrugated bulk containers which compete in the same bulk product
markets, and NOVA-STAT(TM), a static-dissipative FIBC. The Company believes that
both of these products should provide access to new higher margin markets that
require speciality high performance bags.

     The market for FIBCs is highly competitive and is not dominated by any
single manufacturer.

     SALES AND MARKETING

     As of December 31, 2001, the Company maintained a sales force of 113
personnel. The Company participates in industry trade shows and uses trade
advertising as part of its marketing efforts. The Company's overall customer
base is diverse, with no single customer accounting for more than 5% of total
sales. The Company has one long term contract with a customer which accounts for
less than 5% of total sales. Sales for facilities located in the United States
and Canada accounted for approximately 86% and 14% of total sales, respectively,
in 1999, and approximately 83% and 17% in 2000, and 80% and 20% in 2001. As a
result of the combined effect of a world-wide slowing economy, increasing
domestic capacity in Asia, and a strong US currency in 2001, the Company decided
to withdraw from commodity export markets. Management does not expect that the
Company will achieve more than 10% of its sales outside North America. Export
sales currently represent less than 5% of total sales and are included in United
States or Canadian sales depending on the manufacturing facility from which the
sale originates.

     The Company sales are primarily focused on distribution products and woven
products. Distribution products go to market through a network of paper and
packaging distributors throughout North America. Products sold into this segment
include carton sealing, masking, duct and reinforced tapes, EXLFILM(R) and

                                       23
<PAGE>

STRETCHFLEX(R). In order to enhance sales of its pressure-sensitive carton
sealing tape, the Company also sells carton closing systems, including automatic
and semi-automatic carton sealing equipment. Prior to the acquisition of
Interpack, these products were manufactured by others. The Company's EXLFILM(R)
and STRETCHFLEX(R) products are sold through its existing industrial
distribution base primarily to manufacturers of packaged goods and printing and
paper products which package their products internally. The industrial
electrical tapes are sold to the electronics and electrical industries.

     The Company's woven products group sells its products directly to the
end-users. It offers a line of lumberwrap, valve bags, FIBCs and speciality
fabrics manufactured from plastic resins. The woven products group markets its
products throughout North America.

     MANUFACTURING; QUALITY CONTROL

     The Company's philosophy is, where efficient, to manufacture products from
the lowest cost raw material and add value to such products by vertical
integration. About 80% of the Company's products are manufactured through a
process which starts with a variety of polyolefin resins which are extruded into
film for further processing. Wide width biaxially oriented polypropylene film is
extruded in the Company's facilities and this film is then coated in high-speed
equipment with in-house-produced adhesive and cut to various widths and lengths
for carton sealing tape. The same basic process applies for reinforced filament
tape, which also uses polypropylene film and adhesive but has fiberglass strands
inserted between the layers. Specific markets demand different adhesives and the
Company manufactures acrylic solvent based rubber and "hot melt" adhesives to
respond to all demands. Masking tapes utilize the same process with paper as the
coating substrate. Duct tapes utilize a similar process with either polyethylene
or aluminum foil type coated cloth.

     Intertape Polymer Group is the only North American supplier of all four
technologies of carton sealing tape: hot melt, acrylic, water-activated, and
natural rubber. Further, the Company is the only United States manufacturer of
natural rubber carton sealing tape. This broad family of carton sealing tapes is
further

                                       24

<PAGE>

enhanced by the Company's tape application equipment which is made in the
Montreal facility.

     The technology for basic film extrusion, essential to the low cost
production of pressure-sensitive tape products, also has been utilized by the
Company to expand its product line into highly technical and sophisticated
films. Extrusion of up to five layers of various resins is done in four of the
Company's plants. These high value added films service the shrink and stretch
wrap markets, both of which have high entry barriers.

     The Company maintains at each manufacturing facility a quality control
laboratory and a process control program on a 24-hour basis to monitor the
quality of all packaging and woven products it manufactures. At the end of 2001,
four of the Company's plants were certified under the ISO-9002 quality standards
program, and one has been certified under the ISO-9001 quality standards
program.

     EQUIPMENT AND RAW MATERIALS

     The Company purchases mostly custom designed manufacturing equipment,
including extruders, coaters, finishing equipment, looms, printers, bag
manufacturing machines and injection molds, from manufacturers located in the
United States and Western Europe, and participates in the design and upgrading
of such equipment. It is not dependent on any one manufacturer for such
equipment.

     Polyolefin resins are a widely produced petrochemical product and are
available from a variety of sources worldwide. The Company purchases raw
materials from a limited number of vendors with whom, over time, it has
developed long-term relationships. The Company believes that such long term
relationships, together with the Company's centralized purchasing operations,
have enhanced the Company's ability to obtain a continuity of supply of raw
materials on competitively favorable purchase terms. Historically, fluctuations
in raw material prices experienced by the Company have been passed on to its
customers over time.

     RESEARCH AND DEVELOPMENT; NEW PRODUCTS

     Prior to 1992, research and development consisted of activities related to
adapting new technologies as they emerged

                                       25

<PAGE>

within the various manufacturing environments. Beginning in 1992, the Company
decided to embark upon a program to develop new manufacturing processes, to
enhance product performance and to develop new products throughout the Company.
In 1994, the Company emphasized developing products for existing markets, and in
1996 established a corporate research and development group to undertake
development of new products. Research and development expenses in 1999, 2000,
and 2001 totaled US$3,901,000, US$5,109,000, and US$4,182,000, respectively.

     The Company currently has two active research and development programs; one
primarily focused on tape products and the other supporting film, woven fabric,
and FIBC development. These programs have been instrumental in the development
of numerous new products including most recently, PALLET-FREE(TM) and
NOVA-STAT(TM), both FIBCs. Research and development is an important factor
generating internal growth for the Company. It is anticipated that in 2002 the
Company will introduce significant new products into its markets.

     TRADEMARKS AND PATENTS

     The Company markets its tape products under the trademark INTERTAPETM and
various private labels. The Company's valve or open mouth bags are marketed
under the registered trademark NOVA-PAC(R). Its woven polyolefin fabrics are
sold under the registered trademark NOVA-THENE(R). Its shrink wrap is sold under
the registered trademark EXLFILM(R). Its stretch films are sold under the
registered trademark STRETCHFLEX(R). FIBC's are sold under the registered
trademark CAJUN(R) BAGS. The Company has approximately sixty-eight active
registered trademarks, principally in the United States and Canada, including
trademarks acquired from American Tape, Anchor, Rexford and CPC. The Company
does not have, nor does management believe it important to the Company's
business to have, patent protection for its carton sealing tape products.
However, the Company has pursued patents in select areas where unique products
offer a competitive advantage in profitable markets, primarily in woven products
and shrink wrap. The Company currently has 49 patents and approximately 10
patents pending.

                                       26
<PAGE>

     COMPETITION

     The Company competes with other manufacturers of plastic packaging products
as well as manufacturers of alternative packaging products, such as paper,
cardboard and paper-plastic combinations. Some of these competitors are larger
companies with greater financial resources. Management believes that
competition, while primarily based on price and quality, is also based on other
factors, including product performance characteristics and service. No
statistics, however, on the packaging market are currently publicly available.
See "Products" for a discussion of the Company's main competitors.

     The Company believes that significant barriers to entry exist in the
packaging market. Management considers the principal barriers to be: (i) the
high cost of vertical integration which is necessary to operate competitively,
(ii) the significant number of patents which already have been issued in respect
of various processes and equipment, and (iii) the difficulties and expense of
developing an adequate distribution network.

     ENVIRONMENTAL REGULATION

     The Company manufactures and sells a variety of specialized polyolefin
plastic packaging products for industrial use at its manufacturing plants
throughout North America and through its joint venture in Portugal. The Company
is actively promoting environmental solutions, both in the development of its
products and in its own manufacturing facilities.

     Furthermore, the Company's operations are subject to extensive regulation
in each of the countries in which it maintains facilities. For example, United
States Federal and state environmental laws applicable to the Company include
statutes (i) intended to allocate the cost of remedying contamination among
specifically identified parties as well as to prevent future contamination (the
"Comprehensive Environmental Response, Compensation, and Liability Act"); (ii)
imposing national ambient standards and, in some cases, emission standards, for
air pollutants which present a risk to public health or welfare (the "Federal
Clean Air Act"); (iii) governing the management, treatment, storage and disposal
of hazardous wastes (the "Resource Conservation and Recovery Act"); and (iv)
regulating the discharge of pollutants into protected waterways (the "Clean
Water Act of 1972"). The Company's use in its manufacturing processes of

                                       27
<PAGE>

hazardous substances and the generation of hazardous wastes not only by the
Company but by prior occupants of Company facilities suggest that hazardous
substances may be present at or near certain of the Company's facilities or may
come to be located there in the future. Consequently, the Company is required to
monitor closely its compliance under all the various environmental regulations
applicable to it. In addition, the Company arranges for the off-site disposal of
hazardous substances generated in the ordinary course of its business.

     Except as described below, the Company believes that all of its facilities
are in material compliance with applicable environmental laws and regulations.

     Intertape is currently remediating contamination at its Marysville,
Michigan, Columbia, South Carolina, and Carbondale, Illinois, plants. In
addition, the Marysville, Michigan, facility emits toluene and other pollutants.
Approximately 95% of the toluene used is recaptured under existing solvent
recovery systems or controlled by the regenerative thermal oxidizer pollution
control system. The facility's emissions are within the current permitted
limitations, and the Company believes that these emissions will meet the Maximum
Available Control Technology requirements, which are expected to come into
effect in late 2003, although additional testing or modifications at the
facility may be required.

     The Company believes that the ultimate resolution of these matters should
not have a material adverse effect on the Company's business or results of
operations.

     EMPLOYEES

     As of December 31, 2001, the Company employed approximately 2900 people,
700 of whom held either sales-related, operating or administrative positions and
2200 of whom were employed in production. Approximately 65 hourly employees at
the Montreal plant are unionized and are subject to a collective bargaining
agreement which expires in November 2002. Approximately 85 hourly employees at
the Edmundston plant became unionized in February 1997 and are subject to a
collective bargaining agreement which expires on October 31, 2003. Approximately
85 hourly employees at the Green Bay plant are unionized and are subject to a
collective

                                       28
<PAGE>
bargaining agreement which expires on February 28, 2004. Approximately 170
hourly employees at the Marysville plant are unionized and subject to a
collective bargaining agreement which expires on April 29, 2007. Approximately
145 hourly employees at the Menasha plant are unionized and subject to a
collective bargaining agreement which expires on July 31, 2003. Finally,
approximately 40 hourly employees at the Carbondale plant are unionized and
subject to a collective bargaining agreement which expires on March 4, 2003. The
Company has never experienced a work stoppage and considers its employee
relations to be satisfactory.

     DESCRIPTION OF PROPERTY

     The following table sets forth the principal manufacturing and distribution
facilities owned or leased by the Company as at December 31, 2001:

<Table>
<Caption>
LOCATION                  USE                        PRODUCTS                     AREA            TITLE
--------                  ---                        --------                     ----            -----
<S>                        <C>                 <C>                            <C>        <C>
UNITED STATES:
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Bradenton, Florida        Corporate Offices   N/A                                20,800  Owned
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Brighton, Colorado        Manufacturing       Pressure-sensitive carton         211,000  Leased to 2014
                                              sealing tapes
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Carbondale, Illinois      Manufacturing       Pressure-sensitive tapes          193,500  Leased for $1 per acre
                                              electrical/electronic                      per year until 2092 with a
                                                                                         99-year extension option
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Columbia, South           Manufacturing       Carton sealing tape,              490,000  Owned
Carolina                  and Distribution    Pressure-sensitive masking
                                              and duct tapes
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Cumming, Georgia          Distribution        Packaging products                172,000  Leased to 2005 w/option
                                                                                         to renew to 2010 and
                                                                                         option to purchase
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Danville, Virginia        Manufacturing       Carton sealing tape,              281,000  Owned
                          and                 STRETCHFLEX(R) and acrylic
                          Distribution        coating
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Denver, Colorado          Warehouse           Storage for finished goods        100,000  Leased on 6-month basis
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Green Bay,                Manufacturing       Water-activated adhesive          156,000  Owned
Wisconsin                 and                 tapes
                          Distribution
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Marysville, Michigan      Manufacturing       High performance masking,         250,000  Owned
                                              filament tape, and specialty
                                              pressure-sensitive tape
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Menasha, Wisconsin        Manufacturing       Water-activated adhesive          195,000  Owned
                                              tapes
------------------------- ------------------- ------------------------------- ---------- ---------------------------
Ontario, California       Warehouse           Packaging products                 45,630  Leased to 2003 w/option
                                                                                         to renew
------------------------- ------------------- ------------------------------- ---------- ---------------------------
</Table>

                                       29
<PAGE>
<Table>
<Caption>
                                                                                           AREA
LOCATION                  USE                        PRODUCTS                            (SQ./FT.)     TITLE
--------                  ---                        --------                           ----------     ------
<S>                       <C>                        <C>                                 <C>           <C>
Rayne, Louisiana          Distribution               FIBCs                                78,000       Leased month-to-month
------------------------- ----------------------     ----------------------------        --------      ----------------------
Richmond, Kentucky        Manufacturing and          Carton sealing, masking and         200,000       Owned
                          Distribution               reinforced tape
------------------------- ----------------------     ----------------------------        --------      ----------------------
Tremonton, Utah           Manufacturing and          EXLFILM(TM), STRETCHFLEX(R)         115,000       Owned
                          Distribution
------------------------- ----------------------     ----------------------------        --------      ----------------------
CANADA:
------------------------- ----------------------     ----------------------------        --------      ----------------------
Edmunston, New Brunswick  Manufacturing              FIBCs                                65,000       Owned
------------------------- ----------------------     ----------------------------        --------      ----------------------
Lachine, Quebec           Manufacturing              Carton sealing equipment             15,000       Leased to 2004
------------------------- ----------------------     ----------------------------        --------      ----------------------
St. Laurent, Quebec       Corporate Headquarters     N/A                                  20,000       Leased to 2005
------------------------- ----------------------     ----------------------------        --------      ----------------------
St. Laurent Quebec        Slitting, Warehouse        Carton sealing tape                  40,000       Leased to 2005
------------------------- ----------------------     ----------------------------        --------      ----------------------
St. Laurent, Quebec       Manufacturing and          Carton sealing tape                  25,000       Owned
                          Distribution
------------------------- ----------------------     ----------------------------        --------      ----------------------
Truro, Nova Scotia        Manufacturing              Woven products, EXLFILM(TM)         260,000       Owned
------------------------- ----------------------     ----------------------------        --------      ----------------------

MEXICO:
------------------------- ----------------------     ----------------------------        --------      ----------------------
Piedras Negras, Mexico    Manufacturing              FIBCs                               161,026       Leased to 2004
------------------------- ----------------------     ----------------------------        --------      ----------------------
</Table>

ITEM 5. SELECTED CONSOLIDATED FINANCIAL INFORMATION

     5.1 ANNUAL INFORMATION

     The table set forth below provides a summary of the financial data for the
three most recently completed financial years:


                                                  THREE-YEAR DATA

                                        (IN ACCORDANCE WITH CANADIAN GAAP)

<Table>
<Caption>
($ MILLIONS)
FOR THE YEARS ENDED
DECEMBER 31                            2001                         2000                           1999
-------------------          --------------------------    -----------------------       ---------------------
                                US$           CDN$           US$            CDN$           US$          CDN$
                             --------       --------       --------       --------       -------       -------
<S>                          <C>            <C>            <C>            <C>            <C>           <C>
Total Revenue                $594,905       $921,448       $653,915       $971,325       569,947       846,770
Total Net                     (12,242)       (18,962)        33,422         49,645         8,098        12,031
Income/Loss
  Per share                     (0.43)         (0.67)          1.18           1.75           .29           .43
  Diluted                       (0.43)         (0.67)          1.16           1.72           .29           .43
</Table>

                                       30
<PAGE>


                                THREE-YEAR DATA
                                ---------------
                       (IN ACCORDANCE WITH CANADIAN GAAP)

<Table>
<Caption>
($ MILLIONS)
FOR THE YEARS ENDED DECEMBER 31               2001                      2000                       1999
-------------------------------      ---------------------      ---------------------      ---------------------
<S>                                  <C>         <C>            <C>         <C>            <C>         <C>
Total Assets                         801,989     1,279,654      845,040     1,273,560      815,006     1,183,796
Total Long-term liabilities          380,036       606,385      318,722       480,346      388,441       564,211
Cash dividends declared per share        N/A           N/A         .106           .16         .106           .16
</Table>

     5.2 DIVIDENDS

     The Company has no written policy for the payment of dividends. So long as
the payment does not result in a violation of the Company's covenants with its
lenders and noteholders, currently there are no known restrictions that would
prevent the Company from paying dividends.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS

     Management's Discussion and Analysis is contained in the Company's 2001
Annual Report, Pages 6 to 16, and is attached to Form 40-F as Exhibit 6, to
which this Annual Information Form is attached as Exhibit 1.

ITEM 7. MARKET FOR SECURITIES

     The Company's common shares are currently traded on the New York Stock
Exchange and The Toronto Stock Exchange under the symbol "ITP". The common
shares were listed on The Toronto Stock Exchange on January 6, 1993. The
Company's common shares were listed on the American Stock Exchange from February
21, 1992 to August 23, 1999, at which time they were listed on the New York
Stock Exchange. The common shares are not traded on any other exchanges. Prior
to the February 21, 1992 initial public offering of common shares, there was no
public market for such shares.

ITEM 8. DIRECTORS AND OFFICERS

     The following table sets forth the name, residence, position, principal
occupations for the last five (5) years, and date first elected, of each
Director of the Company as of the date hereof. Each Director serves for a term
of one year and is elected at the annual shareholders' meeting. The next annual
shareholders' meeting is to be held on May 22, 2002, at which time the current
term of each Director will expire.

                                       31
<PAGE>
<Table>
<Caption>
              NAME OF                                                                             FIRST YEAR AS
      MUNICIPALITY OF RESIDENCE                         POSITION AND OCCUPATION                      DIRECTOR
      -------------------------                         -----------------------                   -------------
<S>                                                        <C>                                           <C>

Melbourne F. Yull                       Director, Chairman of the Board
Sarasota, Florida                       CEO of the Company                                              1989

Michael L. Richards                     Director
Westmount, Quebec                       Attorney, Senior Partner, Stikeman Elliott                      1989

Irvine Mermelstein                      Director                                                      1994-2000
Tucson, Arizona                         Managing Partner, Market-Tek                                    2001

Ben J. Davenport, Jr.                   Director
Chatham, Virginia                       Chairman & CEO, Chatham Oil Company;
                                        Chairman & CEO, First Piedmont Corporation                      1994

L. Robbie Shaw                          Director
Halifax, Nova Scotia                    Vice President, Nova Scotia Community College                   1994

Gordon R. Cunningham                    Director
Toronto, Ontario                        President, Cumberland Asset Management Corp.                    1998

J. Spencer Lanthier                     Director
Toronto, Ontario                        Chairman & CEO, KPMG Canada from 1993 to 1999                   2001
</Table>


     The following table sets forth the name, residence and position of each
executive officer of the Company as of the date hereof:

<Table>
<Caption>

NAME AND MUNICIPALITY OF RESIDENCE                                      POSITION AND OCCUPATION
----------------------------------                                      -----------------------
<S>                                                                     <C>
Andrew M. Archibald                                 Chief Financial Officer, Secretary, Treasurer, and
Montreal, Quebec                                    Vice President Administration

Jim Bob Carpenter
Sarasota, Florida                                   President, Woven Products since May 1, 1999

Burgess H. Hildreth
Sarasota, Florida                                   Vice President, Human Resources since October 1998

James A. Jackson
Sarasota, Florida                                   Vice President, Chief Information Officer

</Table>


                                       32

<PAGE>

<Table>
<Caption>
NAME AND MUNICIPALITY OF RESIDENCE                  POSITION AND OCCUPATION
----------------------------------                  -----------------------
<S>                                       <C>
H. Dale McSween
Sarasota, Florida                         President, Distribution Products

Salvatore Vitale
Montreal, Quebec                          Vice President, Finance

Melbourne F. Yull
Sarasota, Florida                         Chief Executive Officer

Duncan R. Yull
Sarasota, Florida                         Vice President, Sales and Marketing-Distribution Products

Gregory A. Yull
Sarasota, Florida                         President-Film Products
</Table>

     The principal occupations of each executive officer for the last five (5)
years is as follows:

     ANDREW M. ARCHIBALD has been Chief Financial Officer, Secretary, Treasurer
and Vice President Administration since May 1995. He was Vice President Finance
from May, 1995, to January 15, 1999. Prior thereto he served as Vice-President,
Finance and Secretary of the Company since 1989.

     JIM BOB CARPENTER has been President, Woven Products, since May 1, 1999.
Prior to that he was the General Manager of Polypropylene Fince Oil & Chemical
Co.

     BURGESS H. HILDRETH has been Vice President, Human Resources, since
October, 1998. Prior to that he was the Vice President Administration of Anchor
Continental, Inc. since June, 1996.

     JAMES A. JACKSON has been Vice-President, Chief Information Officer, since
September 1, 1998. Prior to that he was the Managing Partner of Spectrum
Information Management Systems since 1996.

     H. DALE MCSWEEN has been President, Distribution Products, since December,
1999. Prior thereto he served as Executive Vice-President and Chief Operating
Officer from May 1995.

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<PAGE>

     SALVATORE VITALE has been Vice President Finance since September 1, 1998.
He had been Controller of the Company since May 1997.

     MELBOURNE F. YULL, established the business and has been the Company's
Chief Executive Officer since 1992.

     DUNCAN R. YULL, a son of Melbourne F. Yull, has been Vice President Sales
Distribution Products, since December, 1999. Prior to that he was a Regional
Sales Manager for the Company until 1997 and was the Director of Sales until
December, 1999.

     GREGORY A. YULL, a son of Melbourne F. Yull, has been President, Film
Products, since June, 1999. Prior to that he was Products Manager - Films since
1995.

     As of May 15, 2002, the directors and executive officers of the Company as
a group owned beneficially, directly or indirectly, or exercise control or
direction over, 790,321 common shares, representing approximately 2% of all
common shares outstanding. In addition, the directors and executive officers as
a group have 1,808,294 options to purchase common shares of the Company.

     The Board of Directors has established two committees, the Audit Committee
and the Compensation Committee, to facilitate the carrying out of its duties and
responsibilities and to meet applicable statutory requirements. The Toronto
Stock Exchange Guidelines for Corporate Governance (the "Guidelines") recommend,
but do not require, that the Audit Committee be made up of outside directors
only and that other board committees should be comprised generally of outside
directors, a majority of whom should be unrelated directors. The Audit Committee
complies with the Guidelines as it is composed of four outside directors, namely
Michael L. Richards, L. Robbie Shaw, Gordon R. Cunningham and J. Spencer
Lanthier. The Compensation Committee, as presently constituted, does not comply
with the Guidelines, inasmuch as it has two related directors and two unrelated
directors, namely Michael L. Richards, L. Robbie Shaw, Ben J. Davenport, Jr.,
and Melbourne F. Yull. The Board of Directors has decided not to modify its
composition for the reasons outlined below.

     The following is a description of the Committees of the Board of Directors
and their mandate:

     o Audit Committee: The mandate of the Committee is to review the annual
financial statements of the Company and to make recommendations to the Board of
Directors in respect thereto. The Committee also reviews the nature and scope of
the annual audit as proposed by the auditors and management and, with the
auditors and management, the adequacy of the internal accounting control
procedures and systems within the Company. The Committee also makes
recommendations to the Board of Directors regarding the appointment of
independent auditors and their remuneration and reviews any proposed change in
accounting practices or policies.

                                       34
<PAGE>

     o Compensation Committee: The Committee is responsible for the
determination and administration of the compensation policies and levels for the
executive officers of the Company and its subsidiaries. The recommendations of
the Committee are communicated to the Board of Directors. The compensation of
the Chief Executive Officer and the recommendation for the granting of stock
options to executive officers are submitted to the Board of Directors for
approval. The Chairman and Chief Executive Officer is a member of this
Committee. The Board of Directors considers his participation in the Committee
as essential and feels he should continue to serve on the Committee provided the
other members are outside directors. Mr. Yull does not, however, participate in
the Committee's or the Board of Directors' deliberations concerning the
recommendations on his own compensation.

ITEM 9.    ADDITIONAL INFORMATION

     The Company, upon request to its Secretary, will provide to any person or
entity:

     (1) when the securities of the Company are in the course of a distribution
under a preliminary short form prospectus or a short form prospectus;

     (a) one copy of the Annual Information Form of the Company, together with
one copy of any document, or the pertinent pages of any document, incorporated
by reference in the Annual Information Form;

     (b) one copy of the consolidated financial statements of the Company for
its most recently completed financial year for which financial statements have
been filed together with the accompanying report of the auditor and one copy of
the most recent unaudited interim financial statements of the Company that have
been filed, if any, for any period after the end of its most recently completed
financial year;

     (c) one copy of the information circular of the Company in respect of its
most recent annual meeting of shareholders that involved the election of
directors or one copy of any annual filing prepared instead of that information
circular, as appropriate; and

     (d) one copy of any other documents that are incorporated by reference into
the preliminary short form prospectus or the short form prospectus and are not
required to be provided under clauses (a), (b) or (c); or

     (2) at any other time, one copy of any documents referred to in clauses
(1)(a), (b) and (c) provided that the Company may require the payment of a
reasonable charge if the request is made by a person or company who is not a
security holder of the Company.

     Additional information, including directors' and officers' remuneration and
indebtedness, principal holders of the Company's securities, options to purchase
securities, and interests of insiders

                                       35
<PAGE>

in material transactions, if applicable, is contained in the Company's Notice of
Annual and Special Meeting of Shareholders which was prepared for its May 22,
2002, annual and special meeting of shareholders. Additional financial
information is provided in the Company's Consolidated Financial Statements for
the fiscal year ended December 31, 2001.

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<PAGE>


UNDERTAKING.

     Registrant undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the Commission staff, and to
furnish promptly, when requested to do so by the Commission staff, information
relating to: the securities registered pursuant to Form 40-F; the securities in
relation to which the obligation to file an annual report on Form 40-F arises;
or transactions in said securities.

SIGNATURE.

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant certifies that it meets all of the requirements for filing on Form
40-F, and has duly caused this Annual Report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                      INTERTAPE POLYMER GROUP INC.
                                                      (Registrant)



                                       /s/ Andrew M. Archibald
                                       -----------------------
                                                      (Signature)

                                       Name:  Andrew M. Archibald, C.A.
                                       Title: Chief Financial Officer,
                                              Secretary, Treasurer,
                                              and Vice President Administration

Date: May 21, 2002

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