Industry Observations December 31, Containers, Packaging and Paper Products Industries

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1 Industry Observations December 31, 2016 Containers, Packaging and Paper Products Industries

2 Select Containers, Packaging and Paper Products Public Company Industry Data (USD in millions, except per share data) Company Name Ticker Plastic, Metal and Glass Containers Price at 12/31/16 % of 52 Week High Market Data LTM Operating Data Forward Estimates Equity Value Enterprise Value Debt / Total Capital Total Assets LTM Revenue LTM CY 2017 Revenue Estimate CY 2017 Estimate AptarGroup, Inc. ATR $ % $4, $5, % $2, $2, $ $2, $ Ball Corporation BLL $ % $13, $20, % $17, $8, $1, $10, $1, Berry Plastics Group, Inc. BERY $ % $5, $12, % $7, $6, $1, $7, $1, Crown Holdings Inc. CCK $ % $7, $12, % $9, $8, $1, $8, $1, Greif, Inc. GEF $ % $2, $4, % $3, $3, $ $3, $ Myers Industries, Inc. MYE $ % $ $ % $ $ $58.86 $ $60.60 Newell Brands Inc. NWL $ % $21, $34, % $34, $10, $1, $15, $2, Owens-Illinois, Inc. OI $ % $2, $8, % $9, $6, $1, $6, $1, Silgan Holdings Inc. SLGN $ % $2, $5, % $3, $3, $ $3, $ Tupperware Brands Corporation TUP $ % $2, $3, % $1, $2, $ $2, $ Paper Packaging Bemis Company, Inc. BMS $ % $4, $6, % $3, $3, $ $4, $ Graphic Packaging Holding Company GPK $ % $3, $6, % $4, $4, $ $4, $ Packaging Corporation of America PKG $ % $7, $11, % $5, $5, $1, $6, $1, Sealed Air Corporation SEE $ % $8, $13, % $7, $6, $1, $6, $1, Sonoco Products Company SON $ % $5, $6, % $4, $4, $ $4, $ UFP Technologies, Inc. UFPT $ % $ $ % $ $ $17.21 $ N/A Paper Products P. H. Glatfelter Company GLT $ % $1, $1, % $1, $1, $ $1, $ Clearwater Paper Corporation CLW $ % $1, $1, % $1, $1, $ $1, $ Schweitzer-Mauduit International, Inc. SWM $ % $1, $1, % $1, $ $ $ $ Notes: LTM (latest twelve months); Enterprise Value (market capitalization less total cash and short-term investments plus short-term borrowings and total long-term debt); (earnings before interest, taxes, depreciation and amortization) Source: Capital IQ The material contained in this publication is meant to provide general information regarding valuation topics. This publication does not constitute investment advice with respect to the securities of any company discussed herein, is not intended to provide information upon which to base an investment decision, and should not be construed as such. Professional advice should be obtained before taking any action based on the information contained herein. Publicly available information utilized in this publication has been obtained from sources deemed to be reliable. Houlihan does not guarantee the accuracy or completeness of the information provided within this publication. The material presented reflects information known to the authors at the time this publication was written and this information is subject to change. Houlihan Capital 2

3 Select Containers, Packaging and Paper Products Public Company Valuation Metrics (USD in millions, except per share data) Company Name Ticker Plastic, Metal and Glass Containers Return On Assets Return On Equity LTM Operating Statistics Return On Revenue Capital Growth Growth Margin TEV/ LTM Revenue Trading Multiples TEV/ TEV/ CY 2017 LTM Revenue TEV/ CY 2017 AptarGroup, Inc. ATR 7.8% 16.3% 9.6% -1.3% 2.8% 20.2% 2.2x 2.1x 10.7x 10.3x Ball Corporation BLL 4.4% 11.0% 6.7% 2.2% 13.3% 14.8% 2.5x 1.9x 16.9x 11.8x Berry Plastics Group, Inc. BERY 6.0% 281.0% 7.9% 32.9% 47.6% 17.5% 1.9x 1.6x 10.7x 8.8x Crown Holdings Inc. CCK 6.7% 95.0% 11.0% -5.3% 11.0% 15.8% 1.5x 1.5x 9.5x 9.3x Greif, Inc. GEF 6.0% 7.4% 8.8% -8.1% 8.8% 13.1% 1.2x 1.2x 9.3x 8.7x Myers Industries, Inc. MYE 3.9% 2.6% 5.3% -8.6% -12.0% 10.4% 1.1x 1.1x 10.4x 10.1x Newell Brands Inc. NWL 4.3% 4.3% 6.2% 81.8% 82.3% 16.7% 3.3x 2.3x 19.5x 12.2x Owens-Illinois, Inc. OI 4.8% 45.5% 7.2% 9.0% 43.6% 17.3% 1.3x 1.3x 7.4x 6.5x Silgan Holdings Inc. SLGN 5.7% 22.6% 7.7% -5.4% -6.1% 12.7% 1.4x 1.3x 10.9x 9.7x Tupperware Brands Corporation TUP 12.0% 128.9% 19.7% -7.1% -8.3% 16.9% 1.7x 1.7x 9.9x 8.9x Mean 6.2% 61.5% 9.0% 9.0% 18.3% 15.5% 1.8x 1.6x 11.5x 9.6x Median 5.8% 19.4% 7.8% -3.3% 9.9% 16.3% 1.6x 1.6x 10.5x 9.5x Paper Packaging Bemis Company, Inc. BMS 7.5% 18.4% 10.1% -3.4% 3.0% 14.7% 1.6x 1.5x 10.7x 9.9x Graphic Packaging Holding Company GPK 6.0% 22.6% 8.6% 3.1% 2.5% 17.3% 1.5x 1.5x 8.5x 8.0x Packaging Corporation of America PKG 8.7% 26.5% 11.7% -1.6% -0.3% 19.7% 2.0x 1.8x 10.0x 8.9x Sealed Air Corporation SEE 7.2% 88.2% 10.6% -6.4% 0.7% 15.9% 2.0x 2.0x 12.8x 11.2x Sonoco Products Company SON 6.8% 15.5% 10.3% -2.1% 4.4% 13.3% 1.3x 1.4x 9.9x 9.8x UFP Technologies, Inc. UFPT 5.9% 7.7% 6.8% 2.4% -2.5% 12.0% 1.0x 1.0x 8.7x N/A Mean 7.0% 29.8% 9.7% -1.3% 1.3% 15.5% 1.6x 1.5x 10.1x 9.6x Median 7.5% 20.5% 10.2% -1.8% 1.6% 15.3% 1.5x 1.5x 9.9x 9.8x Paper Products P. H. Glatfelter Company GLT 3.6% 10.8% 5.2% -3.4% 10.7% 9.4% 0.9x 0.9x 9.2x 7.6x Clearwater Paper Corporation CLW 4.8% 11.1% 6.9% -2.9% -1.0% 11.8% 2.1x 1.8x 9.9x 8.8x Schweitzer-Mauduit International, Inc. SWM 7.3% 17.7% 9.3% 15.6% 19.6% 21.0% 1.0x 1.0x 8.3x 7.8x Mean 5.2% 13.2% 7.1% 3.1% 9.8% 14.1% 1.3x 1.2x 9.2x 8.1x Median 4.8% 11.1% 6.9% -2.9% 10.7% 11.8% 1.0x 1.0x 9.2x 7.8x Notes: LTM (latest twelve months); NTM (next twelve months); (earnings before interest, taxes, depreciation and amortization); TEV (total enterprise value) Source: Capital IQ Houlihan Capital 3

4 Containers, Packaging and Paper Products Public Company LTM Equity Performance 40.00% 30.00% 20.00% 10.00% 0.00% % % Plastic, Metal and Glass Containers Paper Products S&P 500 Index Paper Packaging Dow Jones Industrial Average Note: The indices are derived from the equity performance of the previously listed companies. Source: Capital IQ Houlihan Capital 4

5 Recent M&A Activity in the Containers, Packaging and Paper Products Industries January 1, 2016 to December 31, 2016 (USD in millions) Close Date Target Acquirer Target Company Primary Industry Implied Enterprise Value 8/16/2016 BWAY Parent Company, Inc. Stone Canyon Industries, LLC Metal and Glass Containers $2, /7/2016 Anchor Glass Container Corporation CVC Capital Partners Limited; BA Glass BV Metal and Glass Containers $1, /29/2016 Tim-Bar Corporation Packaging Corporation of America Paper Packaging $ /31/2016 Weyerhaeuser NR Company, Liquid Packaging Board Business Nippon Paper Industries Co., Ltd. Paper Products $ /8/2016 Rigid Plastics Blow Molding Operations Amcor Rigid Plastics USA, LLC; Amcor Packaging Metal and Glass Containers $ /31/2016 Georgia-Pacific LLC, Engineered Lumber Production Facilities At Boise Cascade Wood Products, L.L.C. Forest Products $ /18/2016 Steel Technology LLC Helen of Troy Limited Metal and Glass Containers $ /15/ ,000 Acres of Timberlands in Western Oregon Campbell Global Forest Products $ /14/2016 Enviva Pellets Sampson, LLC Enviva Partners, LP Forest Products $ /2/2016 NACS USA Inc. (nka:novo Building Products, LLC) Blue Wolf Capital Partners LLC Forest Products $ /30/2016 Columbus Container Inc. Packaging Corporation of America Paper Packaging $ /1/2016 North Pacific Paper Corporation Weyerhaeuser NR Company Paper Products $ /31/2016 Berenfield Containers, Inc. MAUSER USA, LLC Metal and Glass Containers $ /26/2016 Minnesota Corrugated Box, Inc. Pratt Industries, Inc. Paper Packaging $ /16/2016 Manchester Industries, Inc. Clearwater Paper Corporation Paper Products $ /28/2016 Plastic Packaging Inc. Sonoco Products Company Metal and Glass Containers $ /3/ Investments, LLC McFarland Cascade Holdings, Inc. Forest Products $ /30/2016 Robbie Manufacturing, Inc. Transcontinental Inc. Metal and Glass Containers $ /3/2016 Lufkin Creosoting Co., Inc. McFarland Cascade Holdings, Inc. Forest Products $ /22/2016 7,300 Acres of Timberland in Western Washington Pope Resources, A Delaware Limited Partnership Forest Products $ /3/2016 Steeltin Can Corporation Independent Can Company Metal and Glass Containers $ /23/2016 Cana Holdings, Inc. Patrick Industries, Inc. Forest Products $ /30/2016 6,300 Acres of Timberland in Alabama, Georgia, Florida and N/A Forest Products $ /26/2016 Chicago Paper Tube & Can Company, Inc. Multi Packaging Solutions International Limited Paper Packaging $8.19 4/8/2016 Hoquiam Plywood Company, Inc. Willis Enterprises, Inc. Forest Products $ /27/2016 LINDAR Corporation, Bioplastic Division Solegear Bioplastic Technologies Inc. Metal and Glass Containers $ /15/ ,000 Acres of Timberland in Arkansas and Texas N/A Forest Products N/A 12/8/2016 Bottles Unlimited Inc. Consolidated Container Company LLC Metal and Glass Containers N/A 12/7/2016 Rosboro LLC Wynnchurch Capital, LLC Forest Products N/A 12/2/2016 VPI, Inc. O.Berk Company, LLC Metal and Glass Containers N/A 11/28/2016 Wells Wood Turning & Finishing, Inc. N/A Forest Products N/A 11/28/2016 Travaso Fine Wine Decanters, Ownership Rights for Grapevine Cooper's Hawk Winery & Restaurant, LLC Metal and Glass Containers N/A 11/21/2016 ProAmpac LLC Pritzker Group Private Capital Metal and Glass Containers N/A 11/10/2016 National Plastics, Inc. VisiPak, Inc. Metal and Glass Containers N/A 11/1/2016 North Pacific Paper Corporation One Rock Capital Partners, LLC Paper Products N/A 10/28/2016 Outlook Group Corp. M&Q Packaging Corporation Paper Packaging N/A 10/22/2016 Sound Packaging LLC and Corrugated Professionals LLC Smurfit Kappa North America LLC Paper Packaging N/A 10/18/2016 Vitex Packaging Group, Inc. ProAmpac LLC Metal and Glass Containers N/A 9/12/2016 KLW Plastics, Inc. BWAY Corporation Metal and Glass Containers N/A 9/6/2016 Los Angeles Paper Box, LLC Caraustar Custom Packaging Group, Inc. Paper Packaging N/A 9/1/2016 Bert-Co Graphics, Inc. Edelmann GmbH Paper Packaging N/A 8/26/2016 Shamrock Specialty Papers, Ltd. delfortgroup AG Paper Packaging N/A 8/26/2016 Dunn Paper, Inc. Arbor Private Investment Company Paper Products N/A 8/26/2016 Pacific Paper Trading Co., LLC Salt Creek Capital II, LLC Paper Packaging N/A 8/23/2016 Hardin Industries, Inc. Millstone Capital Advisors, LLC Metal and Glass Containers N/A 7/29/2016 PouchTec Industries, LLC Kent Precision Foods Group, Inc. Metal and Glass Containers N/A 7/29/2016 Hazen Paper Company, Paperboard Lamination Facilities and API Laminates Ltd. Paper Products N/A 7/22/2016 Tri-Pack Enterprises, Inc. Pretium Packaging, LLC Metal and Glass Containers N/A 7/20/2016 Brookdale Plastics, Inc. Placon Corporation Inc. Metal and Glass Containers N/A 7/18/2016 Mullinix Packages, Inc. Sabert Corporation Metal and Glass Containers N/A 7/18/2016 CardPak, Inc. Rohrer Corporation Paper Packaging N/A 7/1/2016 Central Florida Box Corporation KapStone Paper and Packaging Corporation Paper Packaging N/A 7/1/2016 Packaging Unlimited, LLC Hood Container Corporation Paper Packaging N/A Source: Capital IQ Houlihan Capital 5

6 S&P Capital IQ - Sector Last 3 Month Equity Performance 25.0% Change in Market Cap by S&P Capital IQ Sector 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% 9/30/ /31/ /30/ /31/2016 Energy Materials Industrials Consumer Discretionary Healthcare Financials Information Technology Telecommunication Services Utilities Consumer Staples Note: The indices are derived from the equity performance of the S&P Capital IQ Sectors. Source: Capital IQ Houlihan Capital 6

7 M&A Deal Flow Statistics by S&P Capital IQ Sector 16,000 M&A Deal Count - Number of Transactions 14,000 12,000 10,000 8,000 6,714 7,080 6,957 8,845 7,176 7,735 7,544 8,953 7,561 8,024 8,265 8,970 7,120 6,788 6,011 6,954 6,000 4,000 2,000 3,814 4,204 4,641 5,372 4,647 4,989 5,391 5,700 5,147 5,062 5, $1,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q M&A Deals - USA & Canada M&A Deals - Rest of the World M&A Deal Count - Total Transaction Value ($ Billions) $900 $800 $700 $600 $500 $400 $329.1 $354.4 $343.6 $409.1 $321.9 $372.8 $381.4 $462.7 $430.2 $512.6 $406.6 $440.3 $419.0 $268.0 $295.1 $457.4 $300 $200 $100 $234.9 $252.2 $246.4 $338.2 $400.7 $251.0 $289.7 $450.7 $402.3 $385.2 $499.4 $408.0 $403.0 $375.6 $293.7 $352.0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Transaction Value - USA & Canada Transaction Value - Rest of World Houlihan Capital 7

8 M&A Deal Flow Statistics by S&P Capital IQ Sector Percentage Dollars Invested by Sector 4Q16 Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Real Estate Telecommunications Services Utilities Not Listed Houlihan Capital 8

9 About Houlihan Capital Houlihan Capital is a leading, solutions-driven valuation, financial advisory and boutique investment banking firm. We pride ourselves on being thought leaders in an ever-changing landscape. Houlihan Capital is SOC-compliant, a FINRA and SIPC member and committed to the highest levels of professional ethics and standards. Valuation & Financial Advisory We provide an array of services that include enterprise valuations, portfolio valuation, valuation of carried interest, transaction opinions, tax and financial reporting compliance, purchase price allocations, and a wide variety of consulting services through our Financial Advisory Group. Investment Banking Through our Investment Banking Group, we offer sell side/buy side advisory, private placement and capital raises. Special Situations Through our Special Situations desk, we provide services that fit outside the archetypal verticals, including liquidity solutions, transactional advisory, and secondary market advisory and trading. For additional information about our Industry expertise and services, visit: Andrew Smith Paul Clark Michael Norton asmith@houlihan.com pclark@houlihan.com mnorton@houlihan.com