INVESTOR BRIEFING. Our vision:

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1 INVESTOR BRIEFING August 2016 NYSE: BMS Our vision: A passionate commitment to the growth and success of our customers will make Bemis the clear choice for inspired packaging solutions

2 SAFE HARBOR STATEMENT This presentation includes forward-looking statements within the meaning of the Safe Harbor provisions of the Securities Litigation Reform Act of Such statements include, but are not limited to, statements relating to the expected future performance of the company and its objectives, expectations, and intentions for the future. These forward-looking statements are based on the current beliefs and expectations of Bemis Company s management and are subject to risks and uncertainties. The forwardlooking statements speak only as of the date of this presentation, and Bemis Company does not undertake to update such statements to reflect changes that occur after that date. There are a number of factors that could cause actual results to differ from those set forth in the forward-looking statements. These factors include, but are not limited to: general economic conditions, competitive conditions in our markets, the cost and availability of raw materials, and our ability to pass these price changes on to our customers. These and other risks, uncertainties, and assumptions are identified from time to time in our filings with the Securities and Exchange Commission including our most recent Annual Report on form 10-K and our quarterly reports on Form 10-Q. Such reports are available on the website of the Securities and Exchange Commission ( 2

3 BEMIS: INSPIRED PACKAGING SOLUTIONS A leading solution-provider of flexible and semi-rigid plastic packaging Strong global business with a longterm focus Established in 1858 S&P Dividend Aristocrat since ,000 employees BMS NYSE ticker Neenah, WI headquarters Leading technologies. Broad product line. Global size & scale. Leading technologies. Broad product line. Global size & scale. 3

4 2015 FINANCIAL HIGHLIGHTS REVENUE $4.1 B organic growth +.7%, driven by mix ADJ OP PROFIT 10.4% +100 bps ADJ ROIC 10.5% +80 bps CASH FROM OPS $552m +$304m ADJ EPS DIVIDEND $2.55 $1.12 per share +10.9% *overcame $.16 currency translation 32nd annual increase *33rd annual increase announced Feb Results are on the path to achieve our 2019 goals 4

5 FIRST HALF 2016 PERFORMANCE H1 2016: Executed on long-term strategy; short-term performance was mixed U.S. Packaging Global Packaging ROS 15.4% vs. 14.1% prior year Unit volumes slightly up vs. prior year, as expected Sales mix toward less-differentiated products, reflecting success of the asset recapitalization program Operations strong in first half ROS down vs. prior year operational inefficiencies in Latin America (Q1) and one healthcare facility (Q1 & Q2) +1% organic unit volumes vs prior year Initiated Restructuring Program Program cost: $28-$30m. Savings ~$16m (full run-rate: 2018). Approximately half of the savings will offset headwinds from the economic environment in Latin America. 5

6 OUR STRATEGIC OBJECTIVES high performance culture accelerate growth focus innovation continuously improve strong financial performance (ROIC, ROS, EBITDA) 6

7 2016 PERFORMANCE DRIVERS commercialization of new products asset recapitalization program continuous improvement New innovations Leverage existing innovations globally New products higher margins Supports organic growth plan Installation of (primarily) slitters and presses in the U.S. Benefits Increases margin profile of existing business Helps maintain volumes in lessdifferentiated business Efficiency in all functions shop floor to administrative Control costs Improve processes 7

8 A NEW CUSTOMER EXPERIENCE Bemis Innovation Center Neenah, WI A global hub for customer collaboration, ideation, and innovation 8

9 CAPITAL SPENDING DISCIPLINE ($ in millions) $250 $200 $150 15% ROIC hurdle-rate, 5- year avg $100 $50 $ EHS & Maintenance Growth & Productivity D&A Post-audit & continuous review process Supported by a disciplined investment process, CAPEX is focused on growth & productivity 9

10 BEMIS COMPANY PURE PACKAGING ($ in millions) U.S. Packaging $2, Net Sales Global Packaging $1, Net Sales NORTH AMERICA 50% 26% 13% 11% LATIN AMERICA HEALTHCARE* EUROPE ASIA-PACIFIC *Healthcare includes all medical device and pharmaceutical business globally both global and U.S. healthcare facilities roll up to the Global Packaging Segment 10

11 THE FLEXIBLE PACKAGING SPACE How we succeed focus innovation. Innovation & sophistication accelerate growth continuously improve the big middle. Recapitalization Size, scale, service 11

12 GROWTH OPPORTUNITIES U.S. Packaging $2.7b 2015 revenue 14.3% op profit (+120 bps vs 2014) Global Packaging $1.3b 2015 revenue 8.8% adj op profit (+120 bps vs 2014) Format conversions (glass/can/paperboard flexible) Shifting channels Solutions that fit trends (healthy, fresh, convenient) Packaging sophistication (leveraging our technology globally) Food Safety Healthcare (quality; sterility) Leading technologies. Broad product line. Global size & scale. 12

13 LONG-TERM TARGET: RETURN ON SALES % ROS % ROS U.S. Packaging H1 2016: 15.4% % ROS % ROS % Adj ROS Global Packaging Adj H1 2016: 6.8% %+ ROS 13

14 LONG-TERM TARGET: ADJ ROIC 2015: 10.5% 2019: Top quartile NEW CAPITAL: 15% HURDLE RATE, 5-YEAR AVG ACQUISITIONS: 2014: 9.7% Bottom quartile, peer group ACCRETIVE TO ROIC WITHIN 5 YEARS CAPEX discipline and working capital & margin improvement drive ROIC improvement 14

15 RETURNING CASH TO SHAREHOLDERS Over $1b of value returned to shareholders Op Cash Flow $552m 2015 FCF ~$330m 2015 (millions) $350 $300 $250 $200 $150 $161 $77 + Emplal acquisition $152 $ : 33 consecutive years of annual dividend increases (S&P Dividend Aristocrat) $100 $50 $102 $104 $108 $108 $110 $ Dividends Share Repurchases FCF 15

16 SHARE REPURCHASE AUTHORIZATION Feb million shares authorization increase 3-5 years Cash flow funds CAPEX Remaining FCF returned to shareholders (divd & share repurchase) 16

17 INORGANIC GROWTH STRATEGY adjacencies Steripack speed to market Steripack proprietary technologies complementary geographies Emplal Steripack 17

18 2016 GUIDANCE Actual Guidance* $2.55 Adj EPS $ $2.78 $219 CAPEX ~$200 $552 Cash from ops $425 - $465 *As of July 2016 CAPEX & CFO in millions 18

19 WHY INVEST IN BEMIS? strong management & aligned team committed to creating long-term shareholder value expanding margins multiple contributors runway for further growth robust cash flow commitment to return FCF to shareholders global pipeline of accretive projects robust innovation pipeline and asset recapitalization program 19

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21 APPENDIX: OUR BUSINESS

22 WHERE WE OPERATE 61 FACILITIES 12 COUNTRIES 72%* 6%*...5%* ~18,000 EMPLOYEES WORLDWIDE 17%* $4.1B * PERCENTAGE OF TOTAL BEMIS REVENUE 2015 REVENUE 22

23 OUR CUSTOMERS Why customers choose Bemis: Reliable supply; quality product Technology leader with differentiated product Global breadth & scale Longevity & financial stability Broad customer base spanning from large CPGs to small, regional brands 23

24 OUR SUSTAINABILITY COMMITMENT Economic Sustainability Environmental Sustainability Social Sustainability Delivering value to stakeholders Operating for the long term with a sustainable business philosophy Contributing to the economic stability of our communities Reducing food waste Developing sustainable packaging solutions Minimizing manufacturing waste Reducing our impact on the planet Prioritizing employee safety Supporting programs that promote health and well-being in our communities Providing a positive workplace with opportunities for growth and success 24

25 OUR LEADERSHIP Bill Austen, President & CEO Driven leader focused on improving Bemis financial performance, helping customers succeed, and creating a high-performance culture Named CEO August 2014 Prior 14 years at Bemis: various leadership roles, including leading Bemis expansion into Asia Prior experience includes 20 years in leadership roles at General Electric Bachelor of Engineering degree in Marine Engineering from the State University of New York Maritime College; Master s degree in Engineering Administration from George Washington University Mike Clauer, CFO Disciplined leader focused on creating value and influencing change Named CFO December 2014 Prior experience includes BWAY, Apogee Enterprises, Budget Group, and PepsiCo Bachelor of Science degree in Accounting from California State Polytechnic University in Pomona, California Licensed Certified Public Accountant (CPA) Committed to creating long-term shareholder value 25 *See bemis.com for information on the entire Bemis leadership team

26 OUR PRIMARY MANUFACTURING PROCESSES vertical integration compounding & extrusion printing laminating slitting / rewinding (unique, high-tech processes) technology. service. scale. 26 *Additional core processes include: manufacturing rigid plastic parts, metallizing, bagging, pouching, value-added services, and others

27 WHAT S DIFFERENT? HOW we execute with focus with alignment with Accountability & rigor accountability & rigor 27

28 THE CLEAR CHOICE FOR HEALTH & WELLNESS Healthy snacking in a one-handed world Freshness Less preservatives more sophisticated packaging 28

29 THE CLEAR CHOICE FOR SUSTAINABILITY Extend shelf life To reduce food waste Reduce material weight & volume Reduce & reuse inprocess waste 29

30 THE CLEAR CHOICE FOR SUSTAINABILITY Reduce material Flexibles replace blow-molded bottles 70% less plastic Reduce material weight & volume Flexibles replace metal can 30

31 THE CLEAR CHOICE FOR SOPHISTICATION & DIFFERENTIATION Display Shelf appeal & impression 31

32 THE CLEAR CHOICE FOR FOOD SAFETY Evolving Food Regulations Food Safety Heightened consumer awareness 32

33 THE CLEAR CHOICE FOR A DIGITAL WORLD LCD Panel (exploded view) Our high-clarity films protect layers 2,3,5,6, and 8 of the inputs used to make LCD panels Protective films 33

34 THE CLEAR CHOICE FOR HEALTHCARE Need for zero defects Value Proposition To meet new market expectations, BD will be deploying a Policy of Zero Escapes across all our supplier base this year. Sam Machour, VP Quality Mgmt Consistent quality creates value 34

35 THE CONVERSION TO FLEXIBLE PACKAGING The demand for flexible packaging Logistics savings Shelf appeal & billboard Less waste at the grocer The speed of conversion Driven by customers' filling line reinvestment 35

36 INNOVATION PIPELINE clear high barrier next-gen chemical lamination Build Business Case high adhesive protect films bio-based sustainable structures oxygen scavenging thermally activated polymers Development shelf life extension next-gen cans/bottles to pouch dry foods conversion electronics protective film Customer Validation on-the-go packages shrink protein Production Launch evolution retail liquid pouch transdermal patch packaging Our innovation pipeline supports our long-term organic growth targets 36

37 PRODUCT VITALITY 2015 revenue 15% New Products Base Products 85% Product vitality = revenue from new specifications created over the prior 3 years as a percent of total year sales 15% of Bemis revenue is from products launched over the last 3 years 37

38 INNOVATION CENTER - EARLY WINS Retort Stand-up Pouch Flexible alternative to can or glass Ideation to launch in ~6 months Flexible Pouch Conversion to flexible from rigid plastic Ideation to launch in <9 months Protein Packs Extension of customer s new product line (original package also innovated by Bemis) 38

39 APPENDIX: SUPPLEMENTAL FINANCIAL DATA

40 RECENT SHARE REPURCHASE 2010: 1.5m 2011: 5.0m 2013: 2.1m 2014: 3.8m 2015: 3.3m Q1 2016: 1.0m shares repurchased 40

41 2019 FINANCIAL TARGETS ($ millions) Actual Target Actual Target Revenue Growth ROIC Total $4.3b $5.8b Industry quartile Bottom Top Organic 3.0% Inorganic 3.0% CAPEX* $186 ~$200 Operating Margins* EPS growth* 10% 10%+ U.S. Pkg 13.1% 15-18% Global Pkg 7.6% 10%+ Cash from ops* $248 ~$550 *excludes acquisitions Assumptions: Constant currency (Jan 2015) Effective pass-through of resin prices Cost take-out more than offsets non-raw material inflation SG&A spending is held flat Tax rate: 34% Constant share count Interest rates in line with forward curve (Jan 2015) Primary working capital is 14-16% of sales ( ) 41

42 RETURN ON INVESTED CAPITAL 10.5% Consolidated ROIC* 10.5% 10.0% 9.5% 9.3% 9.7% Disciplined approach to measurement & evaluation of returns on all capital projects 9.0% 8.5% 8.3% 9.0% Increased investment in projects that deliver higher ROIC 8.0% *Adj ROIC = Net adj operating profit after-tax (NOPAT) divided by debt minus cash plus equity 42

43 ADJ RETURN ON INVESTED CAPITAL Net Income $ $ $ $ $ Income taxes Interest expense Other non-operating income 1 (6.0) (17.0) (7.9) (4.0) (1.6) Earnings before interest and taxes (EBIT) Restructuring and acquisition-related costs Discontinued operations impairment and plant closure Other gains (2.7) Adjusted EBIT (a) $ $ $ $ $ Average Invested Capital 2 Debt 3 $ 1,359.7 $ 1,430.7 $ 1,459.0 $ 1,524.8 $ 1,473.3 Equity 4 1, , , , ,815.5 Cash (66.6) (118.9) (142.9) (117.5) (79.4) Average invested capital (b) $ 2,603.8 $ 2,928.8 $ 2,963.4 $ 3,019.5 $ 3,209.4 Assumed tax rate 5 (c) 35.0% 35.0% 35.0% 35.0% 35.0% Adjusted ROIC - [(a) * (1 - c) / (b)] 10.5% 9.7% 9.3% 9.0% 8.3% 1 - Includes amounts related to both continuing and discontinued operations 2 - Calculated as a five-quarter rolling average 3 - Debt includes current portion of long-term debt, short-term debt, and long-term debt 4 - Excludes noncontrolling interest 5 - Tax rate assumed to be the U.S. federal statutory rate 43

44 ADJ RETURN ON INVESTED CAPITAL Q2 44

45 RECONCILIATION OF NON-GAAP EPS Q1 Q2 YTD Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Continuing Operations: Diluted earnings per share, as reported $ 0.59 $ 0.53 $ 1.12 $ 0.58 $ 0.67 $ 0.64 $ 0.58 $ 2.47 $ 0.58 $ 0.60 $ 0.61 $ 0.57 $ 2.36 Non-GAAP adjustments per share, net of taxes Restructuring costs Acquisition-related costs Gain on Paper divestiture (0.06) (0.06) Diluted earnings per share, as adjusted $ 0.60 $ 0.67 $ 1.27 $ 0.61 $ 0.67 $ 0.67 $ 0.60 $ 2.55 $ 0.52 $ 0.60 $ 0.61 $ 0.57 $

46 RECONCILIATION OF SEGMENT OPERATING PROFIT Segment Operating Profit Second Quarter Q2 YTD US Packaging $ $ $ $ % of Net Sales 15.4% 14.8% 15.4% 14.1% Global Packaging $ 8.5 $ 27.0 $ 24.2 $ 51.3 Adjusted for: Restructuring costs Acquisition-related costs Adj Global Packaging OP $ 28.1 $ 27.3 $ 44.4 $ 56.6 % of Net Sales 8.0% 8.1% 6.8% 8.5% 46

47 COMPONENTS OF CHANGES IN NET SALES Net Sales ($ in millions) % Change % Change U.S. Packaging $ $ (3.4%) $ 1,331.5 $ 1,401.7 (5.0%) Organic growth (decline) * (3.4%) (5.0%) Global Packaging % (1.6%) Currency effect (12.6%) (16.5%) Acquisition effect 7.7% 6.0% Organic growth (decline) * 9.3% 8.9% Total Net Sales from Continuing Operations $ 1,021.3 $ 1,030.3 (0.9%) $ 1,989.2 $ 2,070.4 (3.9%) Currency effect (4.1%) (5.3%) Acquisition effect 2.5% 1.9% Organic growth (decline) * 0.7% (0.5%) *Organic growth (decline) = sum of price, mix, and volume Second Quarter Q2 YTD 47

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