Packaging, and Chemicals Only

Western Plastics Association Annual Conference

Global Consolidation Among Plastics Processors: Lead, Follow, or Get Out of the Way

May 19, 2017 Sonoma, California

Global Consolidation Among Plastics Processors: The Future of the Industry/State of Financial Issues Blaige & Company

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Exclusive representation of Exclusive representation of Exclusive representation of Exclusive Representation of Exclusive representation of Tara Plastics Corporation Plastic Packaging Technologies, Exclusive representation of S. Walter Packaging Corporation York Label Floeter Flexible Packaging Group by Blaige & Company LLC MetPro Group and Brynwood Partners by Blaige & Company by Blaige & Company by Blaige & Company by Blaige & Company by Blaige & Company

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© 2017 All Contents Blaige & Company 4 Presentation Overview Mega Trends in Plastics M&A I. Globalization Driving Growth II. Segment Analysis:  Processors (Film & Sheet, Labels, Thermoforming, Blow Molding/Rotational Molding)  Key End Market (Packaging)  Case Studies (Sigma, Novolex, Coveris) III. Big Getting Bigger, Widening Gap IV. Sellers’ Market-Quality/Size Matter V. Recommendations to Plastics Processors & Conclusion

I. Globalization Driving Growth

 Plastics Deal Volume More Than Doubled From 2001-2016E

Volume of Worldwide Plastics M&A Transactions, 2001–2016E

600 558 540 536 531 Average = 430 480 500 468 468 124 447 118 121 118 417 425 426 431 92 94 77 400 70 369 359 64 91 88 85 159 173 158 164 96 72 103 140 169 300 138 162 126 140 138 222 208 115 200 125 48 41

69 50 274 248 263 257 249 261 100 203 223 201 212 222 202 172 148 105 117

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Industrial Packaging Raw Materials

Source: Blaige & Company proprietary research

 Fastest Growth: International (BRIC) Geographies

Buyers for Plastics Deals, 2001 – 2016E

2001 2016E

U.S./ U.S./ International International 15% 28%

U.S. Only U.S. Only 32% 32%

International/ International 53% International/ International 40%

222 Transactions 558 Transactions

Source: Blaige & Company proprietary research

 Strategic Motivations: 80% of Deals Are Strategic in Nature (Strategic Buyers & Financial Add-ons)

2001 2016E

Strategic Financial Buyers Platform 85% 20%

Strategic Buyers Financial 61% Platform 10%

Financial Financial Add-On Add-On 19% 5%

222 Transactions 558 Transactions

Source: Blaige & Company proprietary research

 Strategic Consolidation Is Changing The Competitive Landscape

Consolidation of 2001’s Top 50 Companies

Blow Molding 76%

Average = 61% Injection Molding 70%

Pipe, Profile & Tubing 66%

Film & Sheet 64%

Labels 64%

Thermoforming 62%

Rotational Molding 48%

Adhesives & Sealants 40%

0% 20% 40% 60% 80% 100%

180 Average = 83 deals 159 Film & Sheet 160 152

Deal Activity 140 120 96 100 88 91 83 84 116 76 79 111 80 74 74 66 66 58 60 55 45 45 70 60 63 79 62 58 43 64 40 31 54 41 33 20 22 41 43 31 33 23 21 23 21 12 9 12 12 16 17 15 17 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E Western U.S. Headline Deals Industrial Packaging  ILC Dover (Behrman Capital)/Grayling Industries [Blaige & Company transaction]  Sigma/Apple Plastics; Republic Bag, Inc.; Mercury Plastics/Excelsior Packaging Group’s Washington plant; Orange Plastics; Santa Fe Extruders  Sun Capital Partners/ Coveris (combination of Exopack Holdings, Britton Group, PACCOR, Veriplast, Kobusch, and Paragon Print & Packaging); Olefinas  The Carlyle Group/Novolex (Wind Point Partners)/Duro Bag Manufacturing Company; Packaging Dynamics; Wisconsin Film & Bag; Heritage Bag Company  Leonard Green & Partners, LP/Charter NEX Films (Pamplona Capital Management) - $1.5bn (11.3x EBITDA)  Amcor/Deluxe Packages; Alusa S.A.  Wind Point Partners/Paragon Films, Inc. [Blaige & Company transaction] Headline Deals  TC Transcontinental, Inc./Capri Packaging (Schreiber Foods Inc.) - $133mm (7.8x EBITDA); Ultra Flex Packaging - $80mm (6.7x EBITDA); Flexstar - $44mm (7.3x EBITDA); Robbie Manufacturing - $40mm (6.8x EBITDA);  RPC Group/British Polyethylene Industries - $372mm (7.1x EBITDA)  Pritzker Group/ProAmpac (Wellspring Capital) – Vitex Packaging Group (Kirtland Capital)  Transcendia (The Jordan Company)/Clear Focus Imaging; Dow Specialty Films; MetPro Group [Blaige & Company transaction]  Berry Plastics Corporation/AEP Industries - $765mm (7.4x EBITDA) Source: Blaige & Company proprietary research

Average = 43 deals

Labels 60 58 60 55 51 52 52 Deal Activity 48 50 41 38 40 43 25 36 35 38 33 25 34 36 28 30 30 21 16 22 23 29 18 20 19 15 26 23 10 17 19 17 19 18 19 20 12 13 12 7 9 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E Supply Chain Converters Western U.S. Headline Deals  Field Holdings/Primary Packaging; Momar; Label Arts (Mariner Capital) [Blaige & Company transaction]  Coveris Holding Company (Sun Capital Partners)/Supraplast SA [Blaige & Company transaction]  Avery Dennison/MacTac Europe (Platinum Equity) - €200mm; Hanita Coatings; Yongle Tape - $245mm  CCL Industries, Inc./Avery Dennison’s Office and Consumer Products business and the Designed and Engineered Solutions business - $500mm  Baumgarten merger with RAKO and X-Label  Advent International/Fort Dearborn (KRG Capital); SleeveCo Headline Deals  Wendel Group/Constantia Flexibles GmbH (One Equity Partners) - $2.8bn (9.0x EBITDA)  Fuji Seal International/Pago Industries - $121mm  Egeria Capital Management/Clondalkin Flexible Packaging Group (Warburg Pincus)  Amcor/Bella Prima Packaging - $27mm (7.0x EBITDA)

Source: Blaige & Company proprietary research

35 Average = 15 deals 30 29 Thermoforming 27 25 Deal Activity 25

20 19 17 19 16 14 18 15 15 15 14 11 11 10 6 8 9 16 12 10 8 8 7 12 6 3 8 7 2 7 5 2 6 11 10 9 8 9 6 5 5 6 4 3 3 3 3 4 0 2 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Industrial Packaging Western U.S. Headline Deals  Sonoco/Peninsula Packaging (Odyssey Investment Partners) - $230mm  One Equity Partners/Grupo Phoenix  Aluminum Rigid Packaging Portfolio Company/Plastic Rigid Packaging Company [Blaige & Company Transaction] Headline Deals  Groupe Guillin/Sharp Interpack  Sabert Corporation/Mullinix Packages, Inc. (Mason Wells); Kalman Packaging  Mason Wells/Nelipak (Sealed Air Corporation); Flexpak  Atlas Holdings/NOVIPAX (Sealed Air Corporation)  Strategic Value Partners/85% stake in Linpac Packaging, Ltd. (Montagu Private Equity) - $304mm  Reynolds (Rank Group)/Pactiv - $6bn (8.2x EBITDA)  Dart Container/Solo Cup (Vestar) - $1bn Source: Blaige & Company proprietary research

Headline Deals  Atlas Holdings/NOVIPAX (Sealed Air Corp.)  Strategic Value Partners/85% stake in Linpac Packaging Ltd (Montagu Private Equity) - $304mm  Mason Wells/ Mullinix; Nelipak (Sealed Air Corp.)  Nelipak (Mason Wells)/Flexpak  Reynolds (Rank Group)/Pactiv - $6bn (8.2x EBITDA)  Dart Container/Solo Cup (Vestar) - $1bn  Carvajal Empaques/Convermex (Merill Lynch Private Equity)  One Equity Partners/Grupo Phoenix

II. Segment Analysis - Processors

Blow Molding/ 60 Average = 34 deals

Rotational Molding 48 50 46 44 44 42 Deal Activity 39 6 37 12 38 40 9 35 33 12 33 9 8 8 28 30 6 26 11 15 7 8 20 10 40 14 36 32 35 33 10 31 30 3 27 24 26 10 22 20 1 16 9 11 0 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E Western U.S. Headline Deals Rotational Molding Blow Molding  Berlin Packaging (Oak Hill Capital)/Diablo Valley Packaging  Genstar Capital/Pretium Packaging (Castle Harlan) - $498mm (15.2x EBITDA)  Stone Canyon Industries/BWAY Corporation (Platinum Equity) - $2.4bn; KLW Plastics, Inc.  Consolidated Container Company/West Coast Plastics, Inc. blow molding assets  Behrman Capital/Carr Management (Nautic Partners)  Tank Holdings (Leonard Green & Partners, LP)/Agri Plastics material handling unit Headline Deals  Amcor/Sonoco Products blow molding division - $280mm (8.0x EBITDA)  RPC Group/Promens Group AS (Landsbankinn hf) - $497mm (6.8x EBITDA); Astrapak - $98.7mm (10.0x EBITDA)  Bain Capital/Consolidated Container Company (Vestar) - $775mm; Madras Packaging; Roffe Container; Envision Plastics Industries; Ecoplast Corporation; Bottles Unlimited; Precision Plastics  Convergence Packaging (Graham Partners)/Combination of Comar, LLC, Paradigm Packaging (Linsalata Capital Partners), Precision Medical, and Scandia Plastics  Plastipak Packaging, Inc./APPE packaging division (La Seda de Barcelona) - $448mm; Constar International Holdings LLC Assets - $103mm

Source: Blaige & Company proprietary research

Plastic Packaging 200 Average = 133 deals Deal Activity 174 180 169 166 159 162 158 160 138 140 140 138 140 125 126 115 100 120 80 95 103 95 106 90 59 100 52 72 78 59 41 87 80 71 60 60 28 50 40 19 74 74 79 79 71 74 66 66 62 67 63 68 53 20 43 43 31 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Flexible Rigid Trends  Rigid 63% and flexible 37% of last five years

Source: Blaige & Company proprietary research

 Watch List: Western Based Private Equity Active Acquirers

Year Activity Total 1991 Acquired Union Carbide Canadian films business 1 1992 Acquired Great Eastern Plastics 1 1994 Acquired South Eastern Plastics 1 1996 Acquired Essex Plastics 1 1998 Acquired Biostar Films, Bio Industries, and Aargus Plastics 3 Acquired Roll Pak U.S. stretch film business, Delta Plastics (Blaige & Company transaction), Essex 1999 3 Plastics (Blaige & Company transaction) 2000 Acquired Poly Plastic Products, Epsilon Opti Films (Blaige & Company transaction) 2 2003 Acquired Apple Plastics, Orange Plastics 2 2004 Acquired Mid-Atlantic Bag, FlexSol NC plant, Republic Bag, Target Plastics 4 2005 Acquired PCL Packaging Coastal Division (Blaige & Company transaction), Filmtech 2 2006 Acquired Mercury Plastics 1 2007 Acquired Allied Extruders 1 Acquired ISO Poly Films (Blaige & Company transaction), Santa Fe Extruders, FlexSol, Excelsior 2009 5 Packaging Group’s WA plant 2010 Acquired McNeely Plastics 1 2012 Acquired Coast Poly Corporation 1 2013 Acquired Fordham Poly-Pak's laundry and dry cleaning division, Southern Film Extruders, Ltd. 2 2014 Acquired Excelsior Packaging Group 1 2015 Acquired Tara Plastics Corporation (Blaige & Company transaction) 1 2016 Acquired Alliance Barrier Films 1 2017 Acquired BJK Flexible Packaging 1 Total 35

Year Activity Total HPC Group founded Hilex Poly with the $123 million acquisition of Sonoco's HDPE film 2003 1 division 2005 Acquired Vanguard Plastics, creating a $650 million revenue company 1 2008 Filed for bankruptcy and underwent restructuring 1 2009 Acquired by TPG Growth 1 2011 Sales ~$470 million 2012 Acquired by Wind Point Partners 1 Hilex Poly acquired Duro Bag, Packaging Dynamics Corporation, and the North American 2014 flexible packaging operations of Clondalkin Group, which includes (Fortune Plastics, 5 Accutech Plastics, and Direct Plastics Limited); Hilex Poly changed its name to NOVOLEX 2015 Acquired Wisconsin Film & Bag 1 Acquired Heritage Bag; Acquired Burrows Paper paper packaging operations; Acquired by 2016 3 the Carlyle Group Total 14

Year Activity Total Acquired International Paper’s flexible packaging business to form Exopack (Sterling 2001 1 Group) 2003 Acquired Plassein International (Trivest) 1 Sun Capital Partners acquired Exopack in merger with Cello-Foil Products, Inc. and The 2005 1 Packaging Group 2007 Acquired film divisions from InteliCoat and DuPont Liquid Packaging Systems 2 2010 Acquired Alcan Cheese and Meat assets 1 2011 Completed recapitalization - $660 million (Sales - $880 million) 1 Exopack, Kobusch Group, Britton Group, Paragon Print & Packaging Group, 2013 PACCOR, and InteliCoat: Combined under Exopack Holdings Sarl; Exopack Holdings Sarl 5 changed name to Coveris 2014 Acquired KubeTech Custom Molding, St. Neots Packaging Ltd., and Learoyd Packaging 3 2015 Acquired Olefinas and Elldex Packaging Solutions; Coveris Sales - $2.8 billion 2 2016 Acquired Supraplast S.A. (Blaige & Company transaction); Acquired Rivendell Europe 2 Total 19

 Summary: 61% Of 2001’s Top 50 Plastics Processors Have Merged or Sold, Compared To Only 53% of 2010

 Access To Capital: Provides a Size Advantage (2.6 Times Larger)

 40% Eliminated, 21% Changed Ownership, 61% Merged/Sold

Consolidation of 2001's Top 50 Companies 2010 vs. 2016E

Sector Eliminated Sold Total (2016E) Total (2010) Blow Molding 52% 24% 76% 62% Injection Molding 60% 10% 70% 68% Pipe, Profile & Tubing 38% 28% 66% 58% Film & Sheet 50% 14% 64% 54% Labels 42% 22% 64% 52% Thermoforming 50% 12% 62% 56% Rotational Molding 12% 36% 48% 38% Adhesives & Sealants 18% 22% 40% 38% Average 40% 21% 61% 53%

Source: Blaige & Company proprietary research

 Packaging Industry Global Consolidation: Evolution Across Packaging Types Show Flexible Packaging is Due for Significant Consolidation

Segment 1980 2016 Glass Bottles 19 competitors 3 Leaders: 90% share (Anchor, Owens, St. Gobain)

Food Cans 25 competitors 3 Leaders: 80% share (Ball, Crown, Silgan)

Beverage Cans 14 competitors 2 Leaders: 80% share (Ball, Crown)

Folding Carton Many competitors 4 Leaders: 75% share Packaging (N.A. (Graphic Packaging, WestRock, Market) International Paper, Cascades)

Plastic Many competitors 10 Leaders: 50% share Packaging

 M&A Activity in the Global Packaging Markets 2001-2016E: Corrugated Folding Carton 2,522 Transactions Analyzed by Blaige & Company 24% 23%

Plastic Packaging Fiber Packaging Metal & Glass Packaging Integrated Paper Making Label 14% 22%

Integrated Diversified 14% Corrugated 24% 17% Rigid Glass 33% 39% Diversified 17%

Glass Metal Folding Flexible 67% 33% Metal 61% Carton Label 23% 67% 22%

1,816 Transactions 580 Transactions 126 Transactions 72% of packaging transactions 23% of packaging transactions 5% of packaging transactions

Source: Blaige & Company proprietary research

 Leaders: 61% Of 2001’s Top 50 U.S. Companies Have Merged or Sold With Consolidation Active Across All Segments

 Small Fighting Harder: 75% of Plastics Processors Have Sales Under $50 Million and Approximately 83% Have Sales Under $100 Million

 Size Advantage of Particular Importance to Plastics Processors Due to Significant Resin Purchasing Economies and Advantages

Low Mid Cap (Sales $50- 100mm) Small Cap 8% (Sales < $50mm) 75% High Mid Cap (Sales $100- 500mm) 13%

Large Cap (Sales > $500mm) 4%

Source: Blaige & Company proprietary research

 Access To Capital Provides a Size Advantage (2.6 Times Larger)

Consolidation Survivors – Benefit of Capital Access (millions)

700 616 600 500 400

300 237 200 100 0 Limited Access to Capital Greater Access to Capital

Source: Blaige & Company proprietary research

IV. M&A Market – Top of the Cycle

 Top of M&A Cycle: As Shown in the Chart Below, the Average Duration Of an M&A Upcycle is 6 Years and We Are Currently At the Peak of the Current Cycle (8th Year)  Anyone Contemplating a Strategic Sale Must Act Immediately in Order to Take Advantage of the Sellers’ Market

M&A Cycles 1895-2016

Duration Period (Years) M&A Wave Rationale Cycle 1 1895 1904 9 Horizontal mergers, monopolies Cycle 2 1925 1929 4 Vertical integration mergers, oligopolies Cycle 3 1965 1970 5 Conglomerations Cycle 4 1981 1987 6 Hostile takeovers, leveraged buyouts Cycle 5 1992 2000 8 Strategic buyers, tech bubble Cycle 6 2004 2007 3 Easy lending, financial buyers, reallocations Cycle 7 2009 2016 7 Restructurings, strategic sales, leveraged buyouts Average: 6

Source: Blaige & Company proprietary research

 Market Timing – Stock Market: M&A Cycles Have a Strong Correlation With the Stock Market

 The Following Chart Shows the S&P 500 Index From 1980 to Present. The Stock Market Currently Reflects Its 4th Upcycle Since 1980

S&P 500 1980-2016

1981 - 1987 1992 - 2000 2004 - 2008 2009 - 2016

2,500

2,000

1,500

1,000

500

1980 1985 1990 1995 2000 2005 2010 2015

Source: Yahoo Finance

 Capital Availability: Overhang Shows 13-Fold Increase

Private Equity Overhang

600 $543 billion

500

400

295 300 261 225 190 199 200 185 142 129 132 110 90 90 100 79 44 56

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cumulative Overhang ($B) Capital Raised ($B)

Source: Pitchbook

 Sellers’ Market: Multiples Are Peaking and Have Exceeded 10.0x in Each of the Past Four Years, a Significant Premium to the 15 Year Average Of 8.5x EBITDA

Private Equity Buyout Purchase Price Multiples (Deal Size/EBITDA)

12x 11.1 10.9 10.2 10.0 10x 8.9 8.4 8.6 8.5 8.4 8.2 4.2 7.6 3.4 5.4 8x 4.3 6.9 7.1 6.9 3.3 3.1 3.3 3.4 5.9 3.6 3.8 6x 2.4 2.9 2.8 3.8 2.1 4x 6.7 6.6 5.5 5.5 5.7 5.5 4.7 5.1 4.7 4.7 5.1 2x 3.8 4.0 4.2 3.8

0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Debt / EBITDA Equity / EBITDA Valuation / EBITDA

Source: Pitchbook Large Deal Universe

 Smart Money: Locking in Gains

Private Equity Exits at Record Levels

1,338 $350 1400 Average = 852 Exits 1,265 1,097 $300 1200 1,090 1,014

$250 908 889 1000 800 $200 740 800 629

$150 521 415 600

364

$100 400

$50 200

$65 $57 $93

$164 $237 $115 $153 $167 $229 $226 $298 $406 $316 $0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Capital Exited ($Bn) # of Exits

Source: Pitchbook

V. Recommendations to Packaging Converters & Conclusion

 Packaging Converters Are Advised to Aspire to $100 Million or Greater Level (Top 17% Of Universe Per Blaige Study)

 Institutional Practices Mandatory For Small/Mid-size Players to Access Financing and M&A Markets

 Timing and Preparation Are Everything

 Find A Transaction Option That Optimizes Your Situation By Hiring a Professional

 Blaige & Company Is the Natural Partner For Your Success

 Please Note: Blaige Fifteen Year Plastics & Packaging M&A Consolidation Study (2001-2015) Is Now Available For Purchase

Blaige & Company’s proprietary global plastics M&A deal research encompasses over 6,000 transactions since 2000 and is the industry standard providing its bankers and clients with a unique perspective on the plastics and packaging M&A markets. This is complemented with segment-specific research within various plastics and packaging niches.  Blaige & Company invests significant time and resources to ensure full and accurate coverage of global M&A transactions – no other investment bank or research firm comes close to providing this intensity of research  Over a decade of researching plastics transactions, Blaige & Company has refined its research processes to provide comparable data

No other source commands this level of detail and completeness

Blaige & Company has spent years developing the industry’s leading contact database, including over 9,000 industry contacts insuring rapid execution. We have executed transactions on behalf of or with over 80 private equity firms, including the following:

ADF Capital Partners, LLC Driehaus Private Equity LLC Midwest Mezzanine Funds Ampersand Ventures Falcon Investment Advisors Montgomery Shelton & Company Argosy Partners Field Ventures LLC North American Funds Arsenal Capital First Capital Partners Pegasus Capital Group Azalea Capital, LLC Florida Capital Partners Pfingsten Partners LLC Banc One Venture Corporation Foray Group (Canada) Pinecrest Capital, Inc. Bank of America Capital Investors G.L. Ohrstrom & Company Prairie Capital Partners LLC Behrman Capital Goense Bounds & Partners Prospect Partners Birch Hill Equity Partners Group One Capital Prudential Capital Corporation Blackstone Group Harbert Management Corporation Raymond James Capital Blue Point Capital Partners Hicks Muse Tate & Furst/Stratford Red Diamond Capital Brynwood Partners Heritage Partners Ridge Capital Partners LLC Candover Investments PLC (UK) Hubbard Street Capital Spell Capital Partners Calvert Street Capital Partners Huntington National Stonehenge Partners, Inc. CapitalSouth Partners Industrial Capital Group Sun Capital Partners, Inc. Cerberus Capital Management J.H. Whitney & Company, Inc. Tech Investments, LLC Chase Franklin Capital JP Morgan Partners The Jordan Company CIGNA Investments Kelso & Company Tricor Pacific Capital (Canada) Cinven AG (Germany) KW Capital Southwest, LTD Trivest Inc. CIT Equity Investors LaSalle Capital Group LLC Trust Company of the West Code Hennessy & Simmons, Inc. Laud Collier & Company Tuckerman Capital Cordova Capital Ventures Madison Dearborn Partners Vaxa Capital Partners, LLC Cornerstone Investors Marquette Capital Partners Wellspring Capital Partners, Inc. Cravey Green & Whalen LLC MCG Capital Partners William Blair Capital Crescent Private Capital Merit Capital Partners Wind Point Partners Diamond Castle Holdings Metalmark Capital Zynik Capital (Canada)

Thomas E. Blaige Chairman & Chief Executive Officer

Tom established Blaige & Company, an international investment banking firm dedicated exclusively to the plastics, packaging, and chemicals industries. He has over 30 years of transaction experience, has completed over 200 transactions, and has visited over 200 plastics, packaging, and chemicals operations in all parts of the world. Blaige & Company’s proprietary research department tracks and analyzes over 500 plastics industry M&A transactions annually on a worldwide basis. Tom’s transactions experience includes strategic combinations with large global consolidators, the sale, acquisition and recapitalization of family owned companies and corporate divisions, corporate divestiture and spin-off transactions, and private equity portfolio divestitures and acquisitions. Prior to founding Blaige & Company in 2003, over the past two decades he was a leading senior transaction professional with Lazard Middle Market, Lincoln International, and a middle market M&A unit of a Wall Street investment bank. He was also a private equity investor with Prudential Capital Group where he specialized in management buyouts and buildups of privately held businesses and corporate divisions and worked with several early pioneers in LBO finance. Recently, Tom was named 2015 Sector Focused CEO of the Year by Acquisitions International. Tom earned a Master of Management degree, with Distinction, from the Kellogg Graduate School of Management at Northwestern University, where he was elected to Beta Gamma Sigma, and a Bachelor of Business Administration degree from Loyola University of Chicago. He has been certified as a FINRA Series 24 Securities Principal, and a Series 7 and 63 Registered Representative.

Edwin W. Parkinson, Senior Executive Advisor

Ed has over 30 years of experience in the plastics, packaging, and chemicals industries, including several senior management positions, as well as extensive experience in strategic acquisitions and divestitures worldwide. Ed recently completed a five year term on the board of directors of Sencorp, a leading producer of packaging equipment owned by private equity sponsor Management Capital, as well as multiple other board memberships. Ed has had management responsibility for operations located in the U.S., Europe, Mexico, and Puerto Rico.

Ed has a history of quickly and effectively creating value through managing middle market companies on behalf of professional investors. His experiences at the firms below are indicative of his unique capabilities: . Amrep, Inc. (Blue Point Capital Partners & MCM Capital Partners portfolio company) – Ed became President & CEO of this leading US producer of janitorial/sanitation and automotive chemicals in 2004 and completed a strategic repositioning of the company. . Alloyd, Inc. (Wind Point Partners portfolio company) – Ed joined as Chairman & CEO of this leading North American company involved in sales of system solutions (razor/razor blade) with blister packaging together with blister package sealing equipment where he doubled profitability in a 3 year period. He divested its calendering operation to Klöckner Pentaplast and subsequently sold the entire company to SCA/Tuscarora (Sweden) in a $100 million cross-border strategic transaction. . Avborne, Inc. (Trivest Partners portfolio company) – Ed was President & CEO of this leading aircraft heavy maintenance and accessory services provider on the Miami airport property. . Viasystems, Inc. (Hicks, Muse, Tate and Furst portfolio company) – Ed held the post of President, Viasystems Europe, based in London, and completed several acquisitions in Europe with this global printed circuit board and contract manufacturing company.

Ed earned a Bachelor of Science in Marketing from Pennsylvania State University.

William B. Brashears Senior Executive Advisor

Ben has over 40 years of experience in the plastics, packaging, and chemicals markets, including a long history with P&O Packaging. He most recently served as the President, CEO, and Director for P&O, a leading producer of co-extruded converter film, protective packaging, and machine film located in Dalton, Georgia. Ben acquired P&O Packaging with the backing of Pinecrest Capital in 1998 and subsequently sold it to Viapack, Inc. in 2007, a portfolio company of Red Diamond Capital (an affiliate of Mitsubishi International). During his ownership of P&O, Ben achieved ten years of consecutive top line growth and more than doubled profitability. Blaige & Company advised Pinecrest Capital and P&O on the sale to Red Diamond Capital.

Previously, Ben served as founder and partner of Engineered Films Corporation, which he sold in the late 1980’s to Atlantis Plastics, a portfolio company of Trivest Partners. Prior to Engineered Films Corporation, he spent approximately 20 years with Dow Chemical Company in materials technology, process engineering, and marketing.

Ben holds a Bachelor of Science degree in Chemistry and Mathematics from Texas Tech University.

Clas M. Nilstoft Executive Advisor

Clas brings a long record of achievements in the plastics, packaging and chemicals markets. Serving as an Executive Advisor, he brings particular insights in marketing, operations, and deal dynamics that provide support throughout the transaction process for the firm’s clients.

Clas has over thirty years experience in consumer packaging and plastic industrial products as well as chemicals and adhesives. His key experiences were at ITW and Rexam, where he managed business units ranging from $35 to $200 million in revenues, with the distinction of achieving sustained, double-digit organic growth in profits and sales. Clas has been responsible for establishing new businesses, as well as acquiring, integrating, and consolidating operations in global markets. Over the years, Clas has gained first-hand knowledge of plastics manufacturing as a tool apprentice in Sweden, a financial analyst, a product manager, and as a CEO. Clas is President and CEO of Nelipak Healthcare Packaging, a current board member of Oliver Products and a former board member of thermoformer Creative Forming, a portfolio company of Mason Wells

As an entrepreneur, Clas successfully acquired Walboro and developed it into Nortec Precision Plastics, which he subsequently sold to Cambridge Industries (now Meridian). Clas has been involved in 22 acquisitions, 10 joint ventures, and 12 divestitures. Other transaction highlights include: For Carborundum/BP For ITW For Rexam PLC Acquisition of Astrel (from 3M) Acquisition of Devcon Acquisition of Plasticos Dumex

Acquisition of Dielectix (from DuPont) Acquisition of DuPont Adhesives Division Divestitures of 4 molding operations

JV with Sumitomo Chemical Sale of Eclipse Division Development of Chinese Subsidiary Sale of Pine Bluff Drill Division Clas earned a Masters of Business Administration from American University and has completed Executive Programs at both Northwestern University and the University of Michigan.

Randall S. Barko, Executive Advisor

Randy has more than 25 years of operating and board experience with Nypro, Inc. and Hallmark Plastics. Randy retired in 2006 after 25 successful years at Nypro Inc. where he was Corporate VP of Mergers and Acquisitions, President & CEO of the Nypro Medical Products Group, and Chairman of NP Medical Inc. Randy also served as Corporate VP of Marketing, Sales and Business Development and was instrumental in enabling Nypro to grow from $40 million to over $800 million in sales globally. Prior to Nypro, Randy held senior management positions at Hallmark Plastics in Buffalo, New York and Peninsula Plastics in Erie, Pennsylvania.

After Nypro Randy led the M&A effort for the medical segment of publicly traded Flextronics as Vice President of Corporate Development. He currently serves as President & CEO of Ximedica. Randy is a graduate of the University of Notre Dame and has completed executive leadership programs at Duke University Fuqua Business School, Dartmouth College Amos Tuck Business School, University of Limerick Ireland, Central European University Hungary, and The National University of Singapore. Randy currently serves as a board member/advisor to the following companies: . Parkway Products, Inc. (Oxford Financial Group) . Precision Engineered Products, LLC (Nautic Partners) . Optimum Technology Group, Ltd. . Parkinson Technologies (Thorsen LLC) . Quickparts.com, Inc. (Frontier Capital)

Randy has also served as an advisor to a number of private equity portfolio companies including: Vaupell (HIG Capital), Thermotech (Audax Group), and DynaPlast Ltd. (CAI Private Equity).

Thomas E. Blaige [email protected]

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Global Consolidation Among Plastics Processors: Lead, Follow, or Get Out of the Way

May 19, 2017 Sonoma, California

Global Consolidation Among Plastics Processors: The Future of the Industry/State of Financial Issues