Second Quarter PlasticsIQ. Summary of M&A and Capital Markets Activity in the Plastics Industry. AmherstPartners.com

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1 Second Quarter 2017 PlasticsIQ Summary of M&A and Capital Markets Activity in the Plastics Industry

2 Recent Deal Activity Q1/Q January 11, Portsmouth, New Hampshire-based Brueckner Group USA, Inc. acquired Fraser, Michigan-based Paragon Molds Corp. Paragon Molds manufactures plastic and trim tools for automotive interior soft trim components. Brueckner Group management noted that Paragon s technology will increase Brueckner s market presence and allow Brueckner to offer a complete manufacturing solution for the North American automotive market. The February 6, Hilliard, Ohio-based Advanced Drainage Systems Inc. (NYSE:WMS) acquired Apopkra, Florida-based Plastic Tubing Industries Inc. Plastic Tubing manufactures high-density polyethylene corrugated drainage pipes and fittings for the agricultural, recreational, highway, and other industrial sectors. Advanced Drainage management noted that Plastic Tubing s complementary business and strong brand will increase the combined company s customer base and capacity in the Southeast region of the United States. The announced transaction value was $9.5 million. February 9, Great Britain-based RPC Group Plc (LSE:RPC) acquired Rochester Hills, Michigan-based Letica Corporation. Letica manufactures custom plastic packaging products in thermoform, injection molding, paper-forming, and sheet extrusion technologies. RPC management noted the acquisition facilitates the company s expansion outside Europe. The announced transaction value was $640 million. February 16, Hartville, South Carolina-based Sonoco Products Co. (NYSE:SON) acquired Exeter, California-based Plastic Packaging Inc. Plastic Packaging specializes in short-run, customized flexible packaging for consumer brands in the food, pet, health, and personal markets. Sonoco management cited Plastic Packaging s additional lamination, wide and narrow web flexographic printing, and pouch and bag forming capabilities as key drivers for the acquisition. The announced transaction value was $230 million. March 20, Elkhart, Indiana-based Patrick Industries Inc. (NasdaqGS:PATK) acquired Elkhart, Indiana-based Medallion Plastics Incorporated. Medallion is a designer, engineer and manufacturer of custom thermoformed products and components, which include dash and trim panels and fender skirts for the RV market, and complete interior packages and trims for the automotive, specialty transportation, and other industrial markets. Patrick Industries management cited Medallion s product lines, product engineering capabilities, technical expertise, and custom molds and tooling as key drivers for the acquisition. The announced transaction value was $10 million. April 3, Franklin Park, Illinois-based Transcendia Inc. acquired Martin, Michigan-based MPF Acquisitions Inc. MPF Acquisitions manufactures polyethylene films and bags for the healthcare, food, industrial, automotive, and retail markets in the United States. Transcendia management noted that the acquisition broadens Transcendia s portfolio into engineered polyethylene films and expands the geographic reach for key Transcendia products. The April 3, Hartford, Connecticut-based Marmon Engineered Components Company, a subsidiary of Berkshire Hathaway, acquired Chesterfield, Michigan-based PRISM Plastics Inc. PRISM manufactures high-precision injection molded plastic components for automotive, industrial, and medical markets. Marmon management noted that PRISM s engineering and technology teams provide products for automotive, medical, and industrial use and that Marmon s financial and strategic resources will accelerate PRISM s growth. The April 6, Milwaukee, Wisconsin-based Accelity Group LLC acquired Pewaukee, Wisconsin-based United Tool Inc. United Tool specializes in tooling, stamping dies, fixtures, precision machining, and fabricating. Accelity Group management noted the acquisition will allow the integration of United Tool s manufacturing platform with Tower Machining LLC, an existing Accelity Group portfolio company, and provide incremental long-term growth opportunities. The May 4, Warren, Michigan-based Ritter Technology LLC acquired Clinton Township, Michigan-based Fluid Systems Engineering Inc. Fluid Systems supplies hydraulic components, pneumatic products, silicone hoses, filtration products, protective covers, and other related products. Ritter management cited Fluid Systems presence in the engineered hydraulics and pneumatics segment and synergies with Ritter s Metro Detroit operations as key drivers of the acquisition. The financial terms of the transaction were not disclosed. May 9, Hanover, Pennsylvania-based McClarin Plastics Inc. acquired Oklahoma City, Oklahoma-based Custom Composites LLC. Custom Composites manufactures fiberglass products for the transportation, fire apparatus, chemical, automotive, aerospace, theme park, and utility industries in the United States. McClarin management cited Custom Composite s location and market potential with shorter delivery times as rationale for the acquisition. The May 9, Cory, Pennsylvania-based Viking Plastics Inc. acquired Louisville, Kentucky-based KY Manufacturing & Technology LLC. KY Manufacturing & Technology, manufactures injection molded assemblies, equipment and fixtures, flexible and elastomers for the appliance, furniture and office, housewares, industrial and machinery, and medical, transportation markets. Viking management cited access to the Southeastern United States market as a key driver for the acquisition. The financial terms of the transaction were not disclosed. June 9, Private equity group Invision Capital acquired Fergus Falls, Minnesota-based ShoreMaster LLC. ShoreMaster manufactures docks, decking, and accessories for the marine industry. Invision management cited ShoreMaster s market leading position, long-term stability, and growth potential as rationale for the transaction. The

3 Plastics Company Trading Multiples ($ in Millions) 06/30/17 Qtrly Price Market Total LTM Gross EBITDA Net Debt/ Enterprise Value/LTM Company Stock Price Change Cap. EV (1) Revenue EBITDA Margin Margin EBITDA Revenue EBITDA Diversified & Industrial Plastics 5.50x 30.00x Core Molding Technologies, Inc. $ % $ 168 $ 147 $ 166 $ 16 15% 10% NM 0.9x 9.3x Essentra plc % 1,913 2,423 1, % 5% 7.2x 2.0x 36.5x Intertape Polymer Group Inc % 1,123 1, % 13% 1.9x 1.6x 12.6x Myers Industries, Inc % % 11% 3.0x 1.3x 12.3x PolyOne Corporation % 3,167 4,307 3, % 12% 2.8x 1.3x 10.6x UFP Technologies, Inc % % 12% NM 1.2x 9.8x Median (2) 24% 11% 2.9x 1.3x 11.4x Mean 27% 10% 3.7x 1.4x 15.2x Plastic Packaging 40.0x Amcor Limited $ % $ 14,399 $ 19,015 $ 9,341 $ 1,361 22% 15% 3.1x 2.0x 14.0x AptarGroup, Inc % 5,423 5,919 2, % 20% 1.0x 2.5x 12.5x Ball Corporation % 14,822 22,441 9,778 1,460 21% 15% 5.1x 2.3x 15.4x Bemis Company, Inc (5%) 4,253 5,755 4, % 15% 2.6x 1.4x 9.8x RPC, Inc % 4,401 4, % 4% NM 5.1x NM Sealed Air Corporation % 8,764 12,662 6,805 1,038 37% 15% 3.8x 1.9x 12.2x Silgan Holdings Inc % 3,505 5,326 3, % 13% 3.8x 1.5x 11.2x Sonoco Products Company (3%) 5,110 6,175 4, % 13% 1.7x 1.3x 9.9x Tredegar Corporation (13%) % 8% 2.5x 0.8x 10.1x Winpak Ltd % 2,912 2, % 23% NM 3.2x 13.7x Median (2) 21% 15% 2.9x 1.9x 12.2x Mean 24% 14% 3.0x 2.2x 12.1x Automotive Plastics 40.0x Compagnie Plastic Omnium SA $ (0%) $ 5,401 $ 6,477 $ 6,183 $ % 11% 1.4x 1.0x 9.2x Faurecia S.A % 6,963 7,600 19,751 1,436 10% 7% 0.3x 0.4x 5.3x Lear Corporation % 9,788 10,613 18,893 1,899 12% 10% 0.4x 0.6x 5.6x Magna International Inc % 17,499 20,236 36,917 3,995 15% 11% 0.6x 0.5x 5.1x Visteon Corporation % 3,242 3,082 3, % 10% NM 1.0x 9.3x Median (2) 15% 10% 0.5x 0.6x 5.6x Mean 14% 10% 0.6x 0.7x 6.9x Medical Plastics 40.0x Atrion Corporation $ % $ 1,182 $ 1,135 $ 146 $ 49 47% 33% NM 7.8x 23.2x ICU Medical, Inc % 3,415 3, % 19% NM 6.3x 32.2x Merit Medical Systems, Inc % 1,904 2, % 15% 2.2x 3.3x 22.0x West Pharmaceutical Services, Inc % 6,952 7,012 1, % 21% 0.2x 4.6x 21.6x Median (2) 44% 20% 1.2x 5.4x 22.6x Mean 42% 22% 1.2x 5.5x 24.8x (1) EV ( Enterprise Value ) is defined as market capitalization plus net debt, preferred equity and minority interest. (2) Median and mean values exclude all non-meaningful values. (as of June 30, 2017) Amherst Partners Plastics Indices Index Value 245% 230% 215% 200% 185% 170% 155% 140% 125% 110% 95% 80% 65% Diversified & Industrial Plastics Plastic Packaging Automotive Plastics Medical Plastics S&P 500 Stock Index

4 Plastics Indices - Median Enterprise Value/LTM EBITDA 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x.0x Diversified & Industrial Plastics Plastic Packaging Automotive Plastics Medical Plastics Plastics Indices - Median Net Debt/LTM EBITDA 3.0x 2.0x 1.0x 0.0x Diversified & Industrial Plastics Plastic Packaging Automotive Plastics Medical Plastics U.S. Plastics M&A Activity Total Transactions (Number of Deals) $61 $52 $31 $27 $32 $21 $ $14 $ YTD 2016 YTD 2017 $70 $60 $50 $40 $30 $20 $10 $- Aggregate Trans. Value ($ in Billions) Total Transactions Aggregate Transaction Value Search Criteria: (1) Resins, Films and Plastic Products (2) Acquisition of majority stake (3) Transactions announced date (Including bids and letters of intent)

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