FY2020 1st Quarter ReviewMay 18, 2020

Forward-Looking Statements. The statements made in the course of this presentation and/or contained in the presentation materials may include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. There are a number of important risk factors that could cause the actual results discussed in this presentation to differ from those expressed in forward-looking statements contained herein, including those risk factors relating to Altium discussed in detail in annual and quarterly reports and other filings made with the SEC by Loews Corporation. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.

Non-GAAP Financial Measures. Certain financial information presented herein contains non-GAAP financial measures. Management believes these measures are useful to understanding the key drivers of Altium’s operating performance.

Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews Corporation contain important additional information regarding Altium, and we urge you to read this presentation together with those filings, copies of which are available, as applicable, at the corporate website of Loews Corporation at www.loews.com or at the SEC’s website at www.sec.gov.

Notices & Disclaimer

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Altium Overview

A leading N. American manufacturer of rigid plastic packaging, with capabilities in HDPE, PET, PP, and PC

Specializing in mid- and short-run volumes, with proven flexibility to support longer-run, multi-location national brands. Long-standing customer relationships.

Broad technology capabilities to support a diversified business mix and end markets, including: dairy, food/nutraceuticals, industrial/specialty chemicals, household chemicals, pharmaceuticals, water and other beverage

Envision Plastics division is a leading domestic supplier of post-consumer recycled resin from facilities located on both coasts

Headquartered in Atlanta, GA 66 North American manufacturing facilities (64 rigid plastic, 2 recycling) Approximately 3,300 employees

Innovation team at the headquarters’ Studio PKG Design Center. Altium holds 100+ patents

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Altium’s Vision & Strategy to Maximize Long-Term Value

Accelerate Organic Growth

Through Customer Loyalty

STRATEGY – To achieve VisionDevelop Solutions that meet

Customers needs for Improved Design, Quality,

Efficiency and Sustainability

Selectively Acquire for Scale, Expand Offerings and Capabilities

VISION – How we create value

Leverage Continuous Improvement to Safely

Deliver Quality, Reliability & Eliminate Waste

We create value for our customers by providing packaging solutions that enable them to grow their businesses. We design, develop and produce solutions tailored to our customers’ businesses and deliver those solutions through a flawless customer experience.

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Altium Business Overview

Consumer Industrial

- Automotive- Specialty Chemical- Household

Chemical- Industrial Chemical- Personal Care

Food, Nutrition,& Beverage

- Dairy- Water- Specialty beverage- Food & Nutrition

Envision Plastics

- HDPE post consumer resin (PCR)

- EcoPrime® food contact PCR (HDPE & PP)

- OceanBound Plastic- PRISMA® color-sorted

resin- Deodorized Resin®

Altium Healthcare

- Prescription vials- Closures- Custom labeling

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Altium Network in the U.S. and Canada

Headquarters

Packaging Operation

Envision Plastics

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Industry Changing Innovation Platforms

Dura-Lite®(1)

▪ Began commercializing Dura-Lite® in 2017

▪ Surpassed 1 billion bottles sold to date supplying the Dairy, Water, Food and Chemicals segments

▪ Translates to over 14M pounds of resin saved

▪ Dura-Lite® gallons have grown to over 50% of our total dairy and water gallons shipped

▪ Dura-Lite® quickly becoming the industry standard

▪ Recently expanded into Canisters segment

▪ Canister design provides ~20% material reduction

▪ New canister business won already and multiple opportunities being pursued

1. Dura-Lite® is a family of proprietary designs which allows for light-weighting the bottle, creating cost savings for both the customer and Altium

Continue to grow our portfolio of differentiated and innovative packaging and service solutions

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Acquisitions are Delivering

▪ Deployed over $300M of capital in 18 month period

▪ Acquisitions meeting or exceeding synergy expectations

▪ Strategic theses playing out as expected with improved segment and product mix for long-term growth

▪ Continue to look for strategic, synergistic opportunities to build scale and capabilities to execute Vision

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Acquisition End Market Products

(2019)

Retail pharmacy and

pharmaceutical

(2019)

Personal care,

pharmaceutical and

chemical

(2019)

Nutraceutical, specialty

beverage and personal

care

(2018)

Food/beverage, auto,

industrial, household

and agricultural

(2018)

Chemical,

pharmaceutical and

food

(2018)

Large-format waterPolycycle

Solutions, LLC

COVID-19 Response

• Altium Packaging qualifies as an essential business, as many of the products we supply are critical to the supply chain and end consumers

• During the COVID-19 period, all 66 plants have been operational

• Employee health remains our first priority; to that end, we have implemented numerous protocols and protections per CDC guidelines to ensure our employees’ health including:

• Issuance and utilization of personal protective equipment

• Pre-shift employee temperature screening

• Enhanced preventive facility cleaning and additional personal cleaning stations

• Adherence to social distancing

• Through April we have invested over $3M in safeguarding employees and plant employee appreciation bonuses

• No issues with our supply chain, as we continue to have ample access to key materials

• At the end of Q1, $15M of cash, pro forma net leverage of ~4.2x, and liquidity of ~$134M

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SegmentQ1 2020 Impact

Beverage & Juice

Dairy

Food & Nutrition

Household Chemicals

Industrial / Spec. Chemicals

Pharmaceutical / Healthcare

Water

COVID-19 Demand Impact

• Majority of Altium's products are used in critical supply chains and that is reflected in impact on demand

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1. Numbers may not sum to 100% due to rounding

Q1 2020 Financial Performance Highlights

Overview

Strong Q1 2020 volume and earnings, enabled by great commitment by all employees through challenging COVID-19 environment

2018/2019 acquired businesses performing well, combined with strong new business pipeline awards, driving 2020 growth

Innovation and sustainable designs continue to be core to success; Dura-Lite® now over 1 billion units sold

Plant operations showed strong improvement, despite COVID-19 challenges, driven by the Altium Production System

Core Operating Revenue (COR)(1)

1Q 2020 Rigid Packaging COR(1) grew by 28% in Q1 2020 vs Q1 2019

Rigid Packaging COR increased in the quarter to $143M, driven by the Altium Healthcare (AHC) acquisition (formerly known as

Tri State Distribution(2)), margin improvements, and higher volumes, in part driven by the higher COVID driven demand

PF Adjusted EBITDA

Q1 2020 PF Adjusted EBITDA improved by 31% year-over-year in the quarter vs as reported Q1 2019, to $49.8M in Q1 2020 (1Q

2019: $38.0M)(3)

Higher EBITDA in the Rigid Packaging business was driven by the accretive impacts of the AHC acquisition, the higher

volumes, and continued margin improvements

Recycled Resins EBITDA improved in Q1 2020 vs Q1 2019 driven by the higher volumes and a favorable shift in product mix to

more value-added products

AcquisitionIntegrationProgress

Acquisition of AHC meaningfully enhanced business mix

Building upon the PMI acquisition, the ACH acquisition further diversified Altium into the growing pharmaceutical packaging market

with a strategic shift towards more specialty end segments

AHC integration continues to be successful with continued progress on key operational and procurement savings initiatives and

synergies further realized in Q1 2020

Q1 2020 AHC EBITDA above plan and integration targets

Dean Foods Update

On November 12, 2019, Dean Foods filed for Chapter 11 bankruptcy protection

On a pro forma basis Dean Foods represented approximately 9% of the Company’s LTM net sales as of December 31, 2019

On May 1, 2020, the bankruptcy court approved the sale of Dean Foods’ assets to multiple buyers including Dairy Farmers of

America

Altium has existing relationships with the majority of the buyers and expect business to continue as usual

1. Core Operating Revenue (or “COR”) defined as net sales minus raw material and external freight pass-through costs, adjusted for timing impacts of resin market movements. Rigid Packaging Core Operating Revenue (“COR”) includes AHC, does not include Recycled Resins.

2. On January 28th, 2020, Consolidated Container Company changed its name to Altium Packaging. In conjunction, Tri State Distribution is now known as Altium Healthcare.

3. Q1 2019 and Q1 2020 PF Adjusted EBITDA exclude quarterly CAE lease amortization expense of $4.2M and $5.1M respectively11

$112

$143

Q1 2019A Q1 2020A

Q1 2020 Results

1. Rigid Packaging Core Operating Revenue (“COR”) includes AHC, does not include Recycled Resins

2. Q1 2019A is PF Adjusted EBITDA as reported in May of 2019

3. Q1 2019 and Q1 2020 PF Adjusted EBITDA figures exclude quarterly CAE lease amortization expense of $4.2M and $5.1M respectively

$38

$50

Q1 2019A Q1 2020A

QTD PF Adjusted EBITDA

($M)

(3)

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(2)

Rigid Packaging QTD COR(1)

($M)

(3)

$374$399 $411

$445

$528 $544

2015A 2016A 2017A 2018A 2019A LTM 3/20

$76$87

$115 $114

$141 $143

2015A 2016A 2017A 2018A 2019A LTM 3/20

$114$131

$157 $163

$196 $197

2015A 2016A 2017A 2018A 2019A LTM 3/20

Summary Financial Performance

Capex(4)

PF Rigid Packaging COR (1) (2)

PF Free Cash Flow(5)

PF Adjusted EBITDA(1)

($M)

$38

$44 $42

$49

$55 $54

2015A 2016A 2017A 2018A 2019A LTM 3/20

($M)

($M) ($M)

(3)

1. Proforma (PF) figures include the full proforma impact of acquisitions2. Rigid Packaging Core Operating Revenue (“COR”) includes AHC, does not include Recycled Resins3. 2019 and 2020 TTM PF Adjusted EBITDA figures exclude $19.3M and $20.2M of CAE lease amortization expense respectively4. Excludes mold spend. FY 2019 and 2020 TTM capex are pro forma for acquisitions completed during 20195. Free Cash Flow defined as PF Adjusted EBITDA – Capex

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(3)

(3)

(3)

APPENDIX

Balance Sheet as of 3/31/2020

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(in '000's) Actual Actual

March 31, December 31,

2020 2019

(Unaudited) (Audited)

ASSETS

CURRENT ASSETS:

CASH 15,256$ 17,657$

ACCOUNTS RECEIVABLE, NET 131,614 117,646

INVENTORIES 61,791 60,885

OTHER CURRENT ASSETS 24,537 22,160

TOTAL CURRENT ASSETS 233,198 218,348

PROPERTY AND EQUIPMENT, NET 451,957 458,174

GOODWILL 391,048 392,963

INTANGIBLES AND OTHER ASSETS 626,245 648,475

1,702,448$ 1,717,960$

LIABILITIES AND MEMBER'S EQUITY

CURRENT LIABILITIES:

ACCOUNTS PAYABLE 61,419$ 52,870$

ACCRUED LIABILITIES 45,782 51,223

REVOLVING CREDIT FACILITY - -

CURRENT PORTION LONG-TERM DEBT 9,452 9,449

TOTAL CURRENT LIABILITIES 116,653 113,542

LONG-TERM DEBT 817,694 819,072

OTHER LIABILITIES 192,250 179,522

MEMBER'S EQUITY 575,851 605,824

1,702,448$ 1,717,960$

(UNAUDITED)

(AMOUNTS IN THOUSANDS)

ALTIUM PACKAGING LLC

CONSOLIDATED BALANCE SHEETS

Historical Adjusted EBITDA Reconciliation

2016 – LTM 3/20 EBITDA Reconciliation Commentary

1Plant Closure Costs and Related Charges: Completed two plant consolidations

in 2018, and one in 2019

2Certain Professional Fees: Includes one-time costs related to consulting, legal,

executive roles and EE benefits; M&A: SG&A; M&A: plant project expense, and

quarterly deferred comp

3Business Interruption Insurance: Claims associated with the impact of

Hurricane Harvey (2017) and casualty costs and insurance proceeds (primarily

related to the fire at the Verona facility in April 2018)

4 Transaction Costs: Costs associated with the 2017 LBO by Loews

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A) Plant Start-up Losses & Project Expense: Losses related to new plant

openings

B) Charges due to Cost Savings Initiatives: Charges attributable to the

undertaking and/or implementation of new initiatives, business optimization

activities, and cost savings initiatives

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Other EBITDA Adjustments: Includes total cash paid to equity, stock

options/pension plans or EE benefit plan; rating agency fees, other bank

financing & hedging fees and ABL audit fees; property & real estate taxes, bad

debt expense and directors and officers’ liability insurance for indemnification

or reimbursement for losses or advancement of defense costs in legal action

7 Other Pro Forma Adjustments: Includes other pro forma cost saving initiatives

8 Acquisition Pro Forma Adjustments: Includes pro forma impact of acquisitions

9Lease Amortization Expense: Changes to lease accounting reporting rules

requiring that lease obligations are capitalized on the balance sheet led to a

depreciation adjustment

($M) 2016A 2017A 2018A 2019A LTM 3/20

Net Loss ($41.3) ($53.2) $5.2 ($20.5) ($22.4)

Interest Expense 60.5 48.5 35.1 42.7 46.5

Tax (Benefit) / Expense (0.1) (0.8) (0.6) (3.2) (1.5)

Depreciation & Amortization 64.3 72.0 83.4 108.9 118.7

Goodwill & Intangible Asset Impairment 19.1 - - - -

Deferred Comp 1.2 (0.3) (0.1) 0.5 (0.2)

Other - 41.6 7.0 10.9 11.0

Reported EBITDA $103.7 $107.8 $130.0 $139.2 $152.0

Plant Closure Costs and Related Charges 5.1 0.7 1.9 3.0 3.6

Certain Professional Fees 6.0 3.0 5.4 8.0 7.2

Management Fees 2.1 0.8 - 2.5 2.5

Business Interruption Insurance - 1.2 (0.7) 0.4 0.3

Transaction Costs - 18.2 - - -

Project Expenses - 0.4 3.3 4.7 4.8

Other EBITDA Adjustments - 5.8 8.1 9.0 9.3

Other Proforma Adjustments 12.8 18.9 8.2 9.3 5.5

Acquisition Proforma Adjustments 0.8 - 6.6 20.1 11.5

PF Adjusted EBITDA $130.6 $156.8 $162.9 $196.2 $196.7

Lease Amortization Expense - - - 19.3 20.2

Consolidated Adjusted EBITDA $130.6 $156.8 $162.9 $215.5 $216.9

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