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1) Paper, Plastics and Packaging Market Monitor Winter 2016 MOSS ADAMS CAPITAL LLC

2) Table of Contents Industry Update 3 Public Share Price Performance & Valuations 4 Recent M&A Activity & Valuations 7 Moss Adams Overview Paper, Plastics & Packaging 12 2 MOSS ADAMS CAPITAL LLC

3) Volatile Markets to Continue in 2016  Uncertainty is the pervading theme that has caused extreme global market volatility toward the end of 2015 and continuing into 2016 S&P: 3‐Year Median EV / EBITDA Multiples 12.0x  Global uncertainty surrounding corporate earnings growth, the decelerating Chinese economy, crashing oil prices, and the strong dollar are putting pressure on global markets Corporate earnings are expected to be softer in 2016 amid global growth concerns China reported Q4 2015 GDP growth of 6.9%, a 25‐year low but in line with economists’ expectations  Public market valuations are down in the first few weeks of 2016; companies are likely to use M&A as a tool to drive growth in 2016 Jan‐16 Oct‐15 Jul‐15 Oct‐14 Jul‐14 Jan‐14 Oct‐13 Jul‐13 Global PPP M&A Deal Volume and Value  Decelerating Earnings Growth + High Cash Balances = Active M&A Market ─ Wendel / Constantia Flexibles – $1.7 billion ─ Crown Holdings / Empaque – $1.3 billion ─ Verso / Newpage – $1.4 billion $100.0 800 $80.0 689 600 636 583 $49.1 596 530 $60.0 477 467 495 471 400 $40.0 200 $24.7 $26.7 $27.4 $34.9 $22.5 $17.5 $20.4 $13.4 0 3 2015 2014 2013 2012 2011 2010 Sources: S&P CapitalIQ, Moss Adams Capital Research. 2009 $0.0 2007 ─ Rock‐Tenn / MeadWestvaco – $11.1 billion $20.0 Deal Value ($ in billions) Deal Volume (# of Transactions) 1,000  Global packaging deal volume in 2015 was down ~5% compared to 2014 while deal values increased significantly primarily driven by several multi‐billion dollar transactions: Paper, Plastics & Packaging Apr‐14 8.0x Apr‐15 The strong U.S. dollar is a headwind for forecasting global sales (U.S. goods are relatively more expensive) Public market valuations are down since late 2015 and into the first few weeks of 2016 Jan‐15 Oil prices continue to trend lower and is expected to remain low in the near‐to‐medium term ─ 9.0x Jan‐13 ─ 10.0x 2008 ─ 11.0x Apr‐13 ─ S&P 500 MOSS ADAMS CAPITAL LLC

4) Global Uncertainty Leading to Sell‐Off in Equity Markets Three‐Year Indexed Share Price Performance 80.0% 70.0% 60.0% 50.0% Plastic Index +40% 40.0% 30.0% S&P 500 +26% 20.0% Rigid Index +25% 10.0% Paper Index +10% Jan‐16 Oct‐15 Jul‐15 Apr‐15 Jan‐15 Oct‐14 Jul‐14 Apr‐14 Jan‐14 Oct‐13 Jul‐13 Apr‐13 Jan‐13 0.0% Note: The indices in the chart above are composed of the publicly-traded companies listed on page 6. Source: S&P CapitalIQ. Paper, Plastics & Packaging 4 MOSS ADAMS CAPITAL LLC

5) Strong M&A Expected Despite Volatile Equity Markets  The sales growth outlook for packaging companies is expected to grow at a modest rate of 1% – 2% over the next 12 months, in‐line with the S&P 500  EBITDA multiples for packaging companies are lagging the overall market entering 2016 but remain well above recession levels  Valuation multiples across many sectors are feeling pressure from the aforementioned global market uncertainty  Similarly, EBITDA growth over the next 12 months is expected to be on‐pace with the overall market  Slower growth is expected in 2016 amid concerns surrounding global economic growth  However, valuation multiples for top‐tier assets will stand‐out in the current market environment and should expect to receive valuations akin to 2014 and early 2015 levels Next 12 Months: Estimated Growth Public Company Packaging Valuations 18.0x Estimated NTM Sales Growth Estimated NTM EBITDA Growth 16.0x Paper Packaging 14.0x 6.3% 1.1% S&P 500 12.5x Plastic Packaging Rigid Packaging 2.1% EV / TTM EBITDA 12.0x 5.6% 7.5% 1.2% Plastic Index 10.7x 10.0x 8.0x Rigid Index 9..9 6.0x Paper Index 7.3x 4.0x 2.0x 1.7% 6.5% 0.0x Jan‐07 Jul‐07 Jan‐08 Jul‐08 Jan‐09 Jul‐09 Jan‐10 Jul‐10 Jan‐11 Jul‐11 Jan‐12 Jul‐12 Jan‐13 Jul‐13 Jan‐14 Jul‐14 Jan‐15 Jul‐15 Jan‐16 S&P 500 Source: S&P CapitalIQ. Paper, Plastics & Packaging 5 MOSS ADAMS CAPITAL LLC

6) Share Prices Trading Toward 52‐Week Lows ($ in millions, except where noted) Company Name TTM Data Share Price 52wk High / Low Market Cap Enterprise Value NTM Estimated Growth Revenue EBITDA EBITDA Margin Revenue EV Multiple EBITDA TTM Revenue TTM EBITDA NTM Revenue NTM EBITDA Paper Packaging International Paper Company $35.64 $57.90 / $35.02 $15,081 $25,169 $22,865 $3,725 16.3% (5.4%) 6.2% 1.10x 6.8x 1.16x 6.4x WestRock Company 36.46 71.47 / 36.22 9,284 14,835 11,381 1,850 16.3% 34.9% 44.9% 1.30x 8.0x 0.97x 5.5x Smurfit Kappa Group plc 24.64 32.81 / 21.96 5,882 9,337 9,071 1,232 13.6% 1.1% 11.5% 1.03x 7.6x 1.02x 6.8x Packaging Corporation of America 57.34 84.88 / 56.41 5,563 7,725 5,785 1,074 18.6% 0.3% 6.3% 1.34x 7.2x 1.33x 6.8x Graphic Packaging Holding Company 11.99 16.14 / 11.52 3,965 5,878 4,136 725 17.5% 3.6% 6.6% 1.42x 8.1x 1.37x 7.6x Sonoco Products Co. 38.13 47.94 / 34.68 3,904 4,932 5,014 636 12.7% (0.5%) 1.5% 0.98x 7.8x 0.99x 7.6x Multi Packaging Solutions International Limited 16.30 18.81 / 15.08 3,379 4,493 1,683 238 14.2% 4.6% 15.1% 2.67x 18.9x 2.55x 16.4x Mayr-Melnhof Karton AG 114.46 128.58 / 96.20 2,289 2,261 2,382 322 13.5% 3.5% 1.0% 0.95x 7.0x 0.92x 7.0x KapStone Paper and Packaging Corporation 16.92 35.88 / 16.14 1,652 3,238 2,589 405 15.6% 25.6% 20.3% 1.25x 8.0x 1.00x 6.6x Greif, Inc. 26.37 44.55 / 25.88 1,260 2,429 3,617 401 11.1% (3.6%) 5.3% 0.67x 6.1x 0.70x 5.7x 8.91 9.24 / 4.47 840 2,232 2,811 320 11.4% (2.0%) (1.9%) 0.79x 7.0x 0.81x 7.1x Average $4,827 $7,503 $6,485 $993 14.6% 5.6% 10.6% 1.23x 8.4x 1.16x 7.6x Median $3,904 $4,932 $4,136 $636 14.2% 1.1% 6.3% 1.10x 7.6x 1.00x 6.8x Cascades, Inc. Plastic Packaging Amcor Limited $9.04 $10.34 / $8.39 $10,790 $13,791 $9,612 $1,381 14.4% (4.3%) (0.5%) 1.43x 10.0x 1.50x 10.0x Sealed Air Corporation 39.95 55.84 / 38.42 8,372 12,687 7,251 1,111 15.3% (5.0%) 5.6% 1.75x 11.4x 1.84x 10.8x Bemis Company, Inc. 44.19 49.44 / 38.91 4,363 5,584 4,141 573 13.8% (1.9%) 3.0% 1.35x 9.8x 1.37x 9.5x Berry Plastics Group, Inc. 31.05 37.59 / 28.41 3,832 7,340 4,881 771 15.8% 38.2% 49.8% 1.50x 9.5x 1.09x 6.4x Huhtamaki Oy 34.50 38.04 / 25.22 3,576 4,296 2,920 337 11.5% 6.1% 16.6% 1.47x 12.8x 1.39x 10.9x Multi Packaging Solutions International Limited 16.30 18.81 / 15.08 3,379 4,493 1,683 238 14.2% 4.6% 15.1% 2.67x 18.9x 2.55x 16.4x Winpak Ltd. 29.81 32.75 / 23.14 1,937 1,745 798 177 22.2% 2.1% 5.0% 2.19x 9.9x 2.14x 9.4x Average $5,178 $7,134 $4,469 $655 15.3% 5.7% 13.5% 1.77x 11.7x 1.70x 10.5x Median $3,832 $5,584 $4,141 $573 14.4% 2.1% 5.6% 1.50x 10.0x 1.50x 10.0x 10.9x Rigid Packaging Ball Corporation $69.34 $77.20 / $57.95 $9,780 $12,908 $8,225 $1,101 13.4% 0.1% 7.5% 1.57x 11.7x 1.57x Crown Holdings Inc. 44.83 57.08 / 43.85 6,229 11,867 8,862 1,208 13.6% 1.6% 8.5% 1.34x 9.8x 1.32x 9.1x CCL Industries Inc. 145.28 159.74 / 82.44 5,012 5,316 2,147 426 19.8% 6.5% 9.9% 2.48x 12.5x 2.32x 11.4x AptarGroup, Inc. 68.12 75.96 / 60.73 4,264 4,600 2,370 471 19.9% 0.2% 0.8% 1.94x 9.8x 1.94x 9.7x Silgan Holdings Inc. 50.04 59.26 / 47.00 3,027 4,855 3,845 491 12.8% (0.7%) (4.0%) 1.26x 9.9x 1.27x 10.3x Owens-Illinois, Inc. 12.59 26.62 / 12.33 2,040 7,739 6,133 936 15.3% 4.7% 35.2% 1.26x 8.3x 1.20x 6.1x Greif, Inc. 26.37 44.55 / 25.88 1,260 2,429 3,617 401 11.1% (3.6%) 5.3% 0.67x 6.1x 0.70x 5.7x Average $4,516 $7,102 $5,028 $719 15.1% 1.2% 9.0% 1.50x 9.7x 1.47x 9.0x Median $4,264 $5,316 $3,845 $491 13.6% 0.2% 7.5% 1.34x 9.8x 1.32x 9.7x Note: Not meaningful (NM) if EV/Sales is greater than 5.0x, or EV/EBITDA is greater than 30.0x. NA if denominator is 0 for percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts. Source: S&P CapitalIQ, company filings and Moss Adams Capital research. Paper, Plastics & Packaging 6 MOSS ADAMS CAPITAL LLC

7) Middle Market M&A Volume Down in Q4 2015; Multiples Up  Overall, 2015 was a record year for M&A with transaction values totaling $4.7 trillion, according to Thomson Reuters  EBITDA multiples in middle market transactions in Q4 2015 finished the quarter at 8.3x EBITDA, equal to the 5 year average for this metric and up from Q2 and Q3 2015  In Q4 2015, U.S. middle market M&A deal volumes declined 15% from Q3 2015, and declined 26% from Q4 2015  Q4 2015 EBITDA margins of reportable transactions increased modestly but remained consistent with the 5 year average ‐‐‐ Reported EBTIDA margins in Q4 2015 were 9%, while the 5 year average is 8%  U.S. middle market M&A activity in 2014 2015, measured by deal values, remained consistent with prior quarters at $94 billion U.S. MIDDLE MARKET M&A 1 U.S. MIDDLE MARKET M&A VALUATIONS 2 1) Middle market M&A includes transactions with undisclosed values, and disclosed values where EV < $500 million. 2) Middle market M&A includes transactions with disclosed EBITDA, where EV < $500 million and EV/EBITDA between 3.0x and 15.0x.  Note: transactions with disclosed EBITDA represent  <5% of all transactions.   Source: CapitalIQ. Paper, Plastics & Packaging 7 MOSS ADAMS CAPITAL LLC

8) 2015 M&A Values Higher Led by Multi‐Billion Transactions Paper Packaging Transactions ($ in millions, except where noted) Close Date Target Description Implied Enterprise Value EV / Revenue Multiple EV / EBITDA Multiple - - Acquirer / Investor Target Pending WestRock Company (NYSE:WRK) Cenveo Inc., Packaging Business Packaging business of Cenveo $105 Pending Svenska Cellulosa Aktiebolaget SCA (publ) (OM:SCA B) Wausau Paper Corp. (NYSE:WPP) Manufactures towel and tissue products $689 Pending Graphic Packaging Holding Company (NYSE:GPK) Walter G. Anderson, Inc. Manufactures folding cartons and paperboard packaging Pending Graphic Packaging Holding Company (NYSE:GPK) Colorpak Limited (ASX:CKL) Manufactures folding cartons and paperboard packaging Dec-15 Smurfit Kappa Group plc (ISE:SK3) Indústria de Embalagens Santana S.A. and Paema Embalagens Manufactures paper-based packaging products in Brazil Sep-15 Hood Container Corporation KPAQ Industries, LLC Manufactures pulp and paper products Sep-15 Crown Paper Group, Inc. Montebello Container Corp. Manufactures corrugated sheets for corrugated sheet plant customers Aug-15 WestRock Company (NYSE:WRK) SP Fiber Holdings, Inc. Produces recycled containerboard, kraft, and bag paper Jul-15 New-Indy Containerboard LLC Shillington Box Company LLC Manufactures corrugated packaging materials for various industries Jul-15 New-Indy Containerboard LLC Hartford City Paper, LLC and Ivex Specialty Paper LLC Manufactures recycled papers Jul-15 PaperWorks Industries, Inc. CanamPAC ULC Provides graphic, packaging and marketing material solutions Jul-15 Rock-Tenn Company (NYSE:RKT) MeadWestvaco Corporation (NYSE:MWV) Provides a broad range of consumer packaging solutions Jun-15 Gateway Packaging Company LLC Apex Bag Company Manufactures multi-wall paper bags Jun-15 KapStone Kraft Paper Corporation Victory Packaging L.P. Manufactures packaging products for the moving and storage industry $640 0.67x 11.6x May-15 DS Smith Plc (LSE:SMDS) Duropack GmbH Manufactures corrugated boards and specialty products $341 1.10x 7.3x 1.90x - $63 0.60x $201 13.0x 7.0x - - - - - - - - - - - - - - - - $289 $125 $11,638 2.00x - - 11.5x - Source: S&P CapitalIQ, company filings and Moss Adams Capital research. Paper, Plastics & Packaging 8 MOSS ADAMS CAPITAL LLC

9) 2015 M&A Values Higher Led by Multi‐Billion Transactions Plastic Packaging Transactions ($ in millions, except where noted) Close Date Acquirer / Investor Target Target Description Implied Enterprise Value Amcor Limited (ASX:AMC) Deluxe Packages Provides flexible packaging products for a variety of end markets Jan-16 AEA Investors LP Inovar Packaging Group, LLC Custom label printer / converter in the southcentral United States - - - Dec-15 ProAmpac LLC Coating Excellence International, LLC Provides flexible packaging and technical products - - - Dec-15 Charter NEX Films Inc. Bloomer Plastics, Inc. Manufactures custom engineered films - - - Nov-15 CCL Design GmbH Worldmark International Ltd. Manufactures labels, branding products, and custom engineered die cut components $189 - - Oct-15 Schweitzer-Mauduit International Inc. (NYSE:SWM) Argotec LLC Manufactures custom engineered polyurethane films and sheets $280 - Oct-15 Transcontinental Inc. (TSX:TCL.A) Ultra Flex Packaging Corp. Manufactures flexible packaging products for various markets Sep-15 Hilex Poly Co. LLC Wisconsin Film & Bag, Inc. Custom manufactures mono-layer polyethylene bags and films - - - Aug-15 Sun Coast Packaging, Inc. Ams Associates, Inc. Doing business as Shapiro Packaging, provides plastic packaging solutions - - - Aug-15 Prolamina Corporation Ampac Holdings, LLC Manufactures flexible packaging solutions, retail shopping bags, and security bags - - - Jun-15 Mason Wells Advanced Web LLC Provides labels and flexible packaging - - - Jun-15 A. Schulman, Inc. (NasdaqGS:SHLM) Citadel Plastics Holdings, Inc. Manufactures thermoplastic compounds and thermoset resins May-15 Multi-Color Corp. (NasdaqGS:LABL) Mr Labels Pty Ltd Manufactures self-adhesive labels for a broad range of consumer end markets - - - Apr-15 Berwind Corporation Caplugs, LLC Manufactures and sells plastic protection products - - - Mar-15 Schweiter Technologies AG (SWX:SWTQ) Polycasa N.V. Manufactures plastic sheets Mar-15 Wendel (ENXTPA:MF) Constantia Flexibles Group GmbH Manufactures various flexible packaging products Paper, Plastics & Packaging 9 1.07x EV / EBITDA Multiple Jan-16 Source: S&P CapitalIQ, company filings and Moss Adams Capital research. $45 EV / Revenue Multiple $80 1.11x $800 1.52x - 10.0x 6.7x 10.7x $136 0.67x - $1,715 0.84x 6.7x MOSS ADAMS CAPITAL LLC

10) 2015 M&A Values Higher Led by Multi‐Billion Transactions Rigid Packaging Transactions ($ in millions, except where noted) Close Date Acquirer / Investor Target Target Description Implied Enterprise Value $9,112 EV / Revenue Multiple 1.50x EV / EBITDA Multiple Pending Ball Corporation (NYSE:BLL) Rexam plc (LSE:REX) Manufactures and sells beverage cans Jan-16 Gruppo ASA Crown Speciality Packaging Italia Srl Manufactures metal packaging products - - - Nov-15 Berlin Packaging, LLC Diablo Valley Packaging, Inc. Provides food, beverage, beer, liquor, and wine packaging solutions - - - Oct-15 Wadinko N.V. Euro Mouldings B.V. Manufactures bottles, jerry cans, stackable containers, and technical parts - - - Sep-15 Gerresheimer AG (DB:GXI) Centor, Inc. Manufactures closures, snap caps, ointment jars, and oval bottles $725 - - Sep-15 Owens-Brockway Glass Container, Inc. Food And Beverage Container Business Manufactures food and beverage containers $2,150 - - Aug-15 Berlin Packaging, LLC Vivid Packaging, Inc. Manufactures containers and packaging solutions - - - Aug-15 Consolidated Container Company LLC Precision Plastics, Inc. Manufactures high-density polyethylene plastic containers - - - Jun-15 CC Industries, Inc. J.L. Clark, Inc. Specialty packaging design and manufacturing company $48 0.62x - Apr-15 Pratt Industries, Inc. Robert Mann Packaging, Inc. Provides a broad range of plastic and rigid packaging products $60 0.40x - Mar-15 Oricon Enterprises Limited (BSE:513121) Oriental Containers Ltd. Manufactures packaging products primarily for liquor, beverage, and cosmetic industries $24 Feb-15 Owens-Brockway Glass Container, Inc. Bennu Glass LLC Manufactures glass bottles, including bordeaux and burgundy glass bottles Feb-15 Crown Holdings Inc. (NYSE:CCK) Empaque Produces metal beverage cans, glass bottles, and other components Feb-15 Maynard & Harris Group Limited PET Power B.V. Manufactures various bottles, jars, caps, lids, and decorations Jan-15 Rexam plc (LSE:REX) Rexam UAC Manufactures aluminum beverage cans and ends - $1,225 - - - 1.86x - $239 10.2x 9.4x - - - - Source: S&P CapitalIQ, company filings and Moss Adams Capital research. Paper, Plastics & Packaging 10 MOSS ADAMS CAPITAL LLC

11) Overview of Select, Notable Transactions Rock‐Tenn Company’s Merger with MeadWestvaco Corporation  Rock‐Tenn is one of North America's leading providers of packaging solutions and manufacturers of containerboard and paperboard with 27,000 employees operating from locations in the United States, Canada, Mexico, Chile and Argentina  MeadWestvaco Corporation is a global packaging company providing packaging solutions to customers in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, and agricultural industries from 125 facilities in North America, South America, Europe and Asia  Rock‐Tenn is paying 0.78 of a share (equal to $49.13 per MeadWestvaco share) for all of MWV shares outstanding representing an approximately 11.5x EV/EBITDA multiple before approximately $300 million in synergies  The merger results in numerous strategic and financial benefits, including: ─ Estimated annual synergies of $300 million to be realized by the end of the third year ─ Reduced cyclicality and enhanced financial flexibility ─ Plan to merge U.S. pension plans resulting reduced cash contributions of $300 million over next three years and $550 million by 2024 ─ Enhanced global footprint and increased emerging market exposure with growth platforms in North America, Europe, Brazil, India and China Ball Corporation’s Pending Acquisition of Rexam plc  Ball Corporation supplies packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government and employees 14,500 people worldwide  Rexam PLC is a leading metal beverage can maker operating 55 can making plants in more than 20 countries across the globe and around 8,000 employees  Ball Corporation has offered to acquire Rexam plc for approximately $6.9 billion which represents a 10.2x EV/EBITDA multiple  "The combination of Ball and Rexam creates a global metal beverage‐packaging supplier capable of... generating significant shareholder value” ‐‐ ‐ John Hayes, CEO, Ball Corporation Source: Company press releases, S&P CapitalIQ. Paper, Plastics & Packaging 11 MOSS ADAMS CAPITAL LLC

12) Moss Adams at a Glance Leadership through Experience and Results Moss Adams Capital LLC        Full‐service investment bank and strategic advisor Dedicated industry specialists Advisory and execution Private equity Debt Mergers and acquisitions Restructuring Long‐Term Industry Relationships     All product types Major markets and metro areas Public and private entities Full range of the capital stock Moss Adams LLP         International Presence     Paper, Plastics & Packaging Fully integrated accounting, tax, and business advisory firm 100+ years old Dominant in western US Middle‐market specialists Accounting, tax, and transaction Experience Real estate accounting best practices Senior, experienced tax specialists Leverage‐able transaction resources Dominance in Western US 2,000 employees in 24 offices Presence on national/global basis Praxity affiliates across US and more than 100 countries around globe 12 MOSS ADAMS CAPITAL LLC

13) Global Reach Moss Adams is a founding member of Praxity, AISBL, a global alliance of independent accounting firms. In addition to its deep, direct international relationships, Praxity provides access and trusted advisory expertise worldwide. Europe Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Jersey, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom , Ukraine North America United States, Canada Asia China, Indonesia, Japan, South Korea, Malaysia, Singapore, Taiwan, Thailand, Vietnam Middle East and Indian Subcontinent Latin America and Caribbean Argentina, Brazil, Cayman islands, Chile, Colombia, Mexico, Puerto Rico, Uruguay, Venezuela Paper, Plastics & Packaging India, Israel, Lebanon, Pakistan, United Arab Emirates Africa Algeria, Angola, Benin, Botswana, Cameroon, Cape Verde, Djibouti, Egypt, Ghana, Ivory Coast, Lesotho, Madagascar, Mauritius, Morocco, Senegal, South Africa, Tunisia, Zambia 13 Australasia Australia, New Zealand MOSS ADAMS CAPITAL LLC

14) Global M&A Reach Through Local Relationships Local, National and Global Reach Our affiliation with CFxB consists of 150+ Corporate Finance Professionals across the U.S. and in over 25 countries Paper, Plastics & Packaging 14 MOSS ADAMS CAPITAL LLC

15) Contact Us Contributing Authors: Andrew Suen Vice President (949) 517‐9428 andrew.suen@mossadams.com Richard Anderson Managing Director (949) 221‐4006 rich.anderson@mossadams.com Moss Adams Capital LLC 2040 Main Street Suite 900 Irvine, CA 92614 999 Third Avenue Suite 2800 Seattle, WA 98104 Wiley Kitchell Managing Director (206) 302‐6780 wiley.kitchell@mossadams.com Robert Miranda Vice President (949) 221‐4021 robert.miranda@mossadams.com Bradley Erhart Associate (949) 517‐9452 bradley.erhart@mossadams.com Harman Wales Managing Director (206) 302‐6770 jet.wales@mossadams.com James Rothenberger Vice President (206) 302‐6777 james.rothenberger@mossadams.com James Parr Analyst (949) 221‐ 4099 james.parr@mossadams.com Tyler Dale Vice President (949) 221‐4030 tyler.dale@mossadams.com Scott Porter Vice President (206) 306‐6326 scott.porter@mossadams.com Paper, Plastics & Packaging 15 MOSS ADAMS CAPITAL LLC