APTARGROUP, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF

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Three Months Ended June 30,                      Six Months Ended June 30,
                                                         2022                    2021                    2022                    2021
Net sales                                            100.0  %                100.0  %                100.0  %                100.0  %
Cost of sales (exclusive of depreciation
and amortization shown below)                         65.0                    64.5                    64.6                    63.7
Selling, research & development and
administrative                                        16.0                    17.4                    16.6                    17.3
Depreciation and amortization                          6.9                     7.1                     7.0                     7.3
Restructuring initiatives                              0.1                     0.6                       -                     0.6
Operating income                                      12.0                    10.4                    11.8                    11.1
Other income (expense)                                (1.4)                   (1.2)                   (1.4)                   (0.1)
Income before income taxes                            10.6                     9.2                    10.4                    11.0
Net Income                                             7.5                     6.8                     7.5                     8.8
Effective tax rate                                    28.9  %                 25.6  %                 28.5  %                 20.5  %
Adjusted EBITDA margin (1)                            18.9  %                 18.2  %                 18.7  %                 18.9  %


________________________________________________

(1)Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures”.

                            SIGNIFICANT DEVELOPMENTS

As each of our segments produce dispensing systems that have been determined to
be essential products by various government agencies around the world, our
facilities have remained operational during the COVID-19 pandemic. We have taken
a variety of measures to ensure the availability and functioning of our critical
infrastructure, to promote the safety and security of our employees and to
support the communities in which we operate. We continue to follow public and
private sector policies and initiatives to reduce the transmission of COVID-19,
such as the imposition of travel restrictions, the promotion of social
distancing and the adoption of work-from-home arrangements, and all of these
policies and initiatives have impacted our operations.

As the rates of transmission have slowed in many regions during 2022, we have
seen several of our impacted applications return to more normal volume levels.
We have seen improvement in sales of our products to our prescription, beauty,
hair care, sun care and bottled water customers as people return to more active
lifestyles. However, we have also seen more normal volumes in some of the
applications which benefited from the pandemic, such as our personal cleansing
and surface cleaner products along with our active material science solutions
and injectables components.

The extent to which the COVID-19 pandemic impacts our financial results and
operations for all three of our business segments will depend on future
developments which are highly uncertain and cannot be predicted, including the
emergence of new variants, the availability, adoption and efficacy of vaccines
and boosters, the length of time it takes for normal economic and operating
conditions to resume, additional governmental actions that may be taken and/or
extended in response to any further resurgence of the virus and numerous other
uncertainties. No impairments were recorded as of June 30, 2022 related to the
COVID-19 pandemic. However, due to the general uncertainty surrounding the
situation, including areas such as cost inflation, supply chain disruptions and
labor shortages, future results could be materially impacted.

As of June 30, 2022, the war in Ukraine has not had a significant direct impact
on our business though the near-term visibility for this situation is expected
to remain fluid and uncertain for the next several quarters. However, we have
experienced some indirect impacts on our business, including higher input costs
and certain supply chain disruptions.

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                                   NET SALES

We reported net sales of $844.5 million for the quarter ended June 30, 2022,
which represents a 4% increase compared to $811.0 million reported during the
second quarter of 2021. The U.S. dollar strengthened compared to the euro and
other major currencies in which we operate, resulting in a negative currency
translation impact of 6%. There was no significant impact from our acquisitions
of Voluntis S.A. ("Voluntis") and Weihai Hengyu Medical Products Co., Ltd.
("Hengyu") on our consolidated net sales during the second quarter of 2022.
Therefore, core sales, which excludes acquisitions and changes in foreign
currency rates, increased by 10% in the second quarter of 2022 compared to the
same period in 2021. Of our 10% core sales increase, approximately 5% is related
to improved volumes and product mix with all three segments showing year over
year gains. Price adjustments related to the passing through of higher resin and
other input costs accounted for the remaining 5% of the core sales increase.

Second Quarter 2022                   Pharma      Beauty        Food +      

Total

Net Sales Change over Prior Year                  + Home      Beverage
Core Sales Growth                      12  %       10  %          8  %      10  %
Acquisitions                            1  %        -  %          -  %       -  %
Currency Effects (1)                   (8) %       (7) %         (2) %      (6) %
Total Reported Net Sales Growth         5  %        3  %          6  %      

4 %


Reported net sales for the first six months of 2022 increased 6% to $1.69
billion compared to $1.59 billion for the first six months of 2021. The average
U.S. dollar exchange rate strengthened compared to the euro and other major
currencies in which we operate, resulting in a negative currency translation
impact of 5%. There was no significant impact from our acquisitions of Voluntis
and Hengyu on our consolidated results during the first six months of 2022.
Therefore, core sales, which excludes acquisitions and changes in foreign
currency rates, increased by 11% in the first six months of 2022 compared to the
same period in 2021. Price increases to recover inflationary cost increases
continue to have a strong impact on our core sales. Of our 11% core sales
increase, approximately 5% is due to price adjustments related to the passing
through of higher resin and other input costs.

Six Months Ended June 30, 2022 Pharma Beauty Food + Total
Net Sales Change over Prior Year

                  + Home      Beverage
Core Sales Growth                      13  %       10  %         13  %      11  %
Acquisitions                            1  %        -  %          -  %       -  %
Currency Effects (1)                   (7) %       (5) %         (2) %      (5) %
Total Reported Net Sales Growth         7  %        5  %         11  %      

6 %

________________________________________________

(1)Currency effects are calculated by translating last year’s amounts at this
year’s foreign exchange rates.

The following table sets forth, for the periods indicated, net sales sourced by
geographic location:
                                                Three Months Ended June 30,                                                               Six Months Ended June 30,
                                 2022             % of Total               2021             % of Total                      2022             % of Total               2021             % of Total

Domestic             $     288,802                     34  %       $ 269,180                     33  %       $    568,807                         34  %       $ 524,345                     33  %
Europe                     444,965                     53  %         436,993                     54  %            900,096                         53  %         862,682                     54  %
Latin America               59,142                      7  %          56,061                      7  %            116,886                          7  %         105,026                      7  %
Asia                        51,634                      6  %          48,798                      6  %            103,686                          6  %          95,733                      6  %

For further discussion on net sales by reporting segment, please refer to the
analysis of segment net sales and segment Adjusted EBITDA on the following
pages.

COST OF SALES (EXCLUSIVE OF DEPRECIATION AND AMORTIZATION SHOWN BELOW)

Cost of sales ("COS") as a percent of net sales increased to 65.0% in the second
quarter of 2022 compared to 64.5% in the second quarter of 2021. While our COS
percentage was positively impacted by an improved mix of our higher-margin
Pharma product sales compared to the same period in 2021, this positive impact
was more than offset by inflationary cost increases. We experienced increases in
several input costs including resin, metals, freight, labor and utilities. While
we maintain our normal pass-through of resin cost increases and have implemented
general price increases to offset other cost increases, there is no margin on
resin pass-through costs, which increases our COS as a percentage of sales.

For the first six months of 2022, COS as a percent of net sales increased to
64.6% compared to 63.7% in the same period in 2021 due to the same inflationary
cost increases discussed above.

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               SELLING, RESEARCH & DEVELOPMENT AND ADMINISTRATIVE

Selling, research & development and administrative expenses ("SG&A") decreased
by approximately $5.5 million to $135.4 million in the second quarter of 2022
compared to $140.9 million during the same period in 2021. Excluding changes in
foreign currency rates, SG&A increased by approximately $2.0 million in the
quarter. The increase is mainly related to an increase in information systems
costs due to an upgrade of our enterprise reporting system, along with higher
travel costs compared to 2021. SG&A as a percentage of net sales decreased to
16.0% in the second quarter of 2022 compared to 17.4% in the same period in
2021.

SG&A increased by $5.7 million to $280.9 million in the first six months of 2022
compared to $275.3 million during the same period in 2021. Excluding changes in
foreign currency rates, SG&A increased by approximately $17.6 million in the
first six months of 2022 compared to the first six months of 2021. Of this
increase, $2.4 million relates to six months of incremental SG&A costs in 2022
as our acquisitions of Hengyu and Voluntis were completed during the third
quarter of 2021. The remaining increase is partially related to higher
compensation costs, including accruals related to our current short-term
incentive compensation programs and the timing of certain equity compensation
arrangement expense recognition. We also experienced an increase in information
systems costs due to an upgrade of our enterprise reporting system along with
higher professional fees for internal projects and higher travel costs compared
to 2021. Finally, we recorded a $1.4 million expected net credit loss reserve
against the outstanding note receivable from one of our venture investments
(Kali Care) as discussed in Note 18 - Investment in Equity Securities of the
Condensed Consolidated Financial Statements. SG&A as a percentage of net sales
decreased to 16.6% in the first six months of 2022 compared to 17.3% during the
same period in 2021.

                         DEPRECIATION AND AMORTIZATION

Reported depreciation and amortization expenses increased by approximately $0.8
million to $58.6 million in the second quarter of 2022 compared to $57.8 million
during the same period in 2021. Excluding changes in foreign currency rates,
depreciation and amortization increased by approximately $4.4 million in the
second quarter compared to the second quarter of 2021. Approximately $1.8
million of this increase is due to incremental depreciation and amortization
associated with our acquisitions of Voluntis and Hengyu, which finalized during
the third quarter of 2021. We have also increased our capital spending during
the current and prior year to support our growth strategy. Depreciation and
amortization as a percentage of net sales decreased to 6.9% in the second
quarter of 2022 compared to 7.1% in the same period of the prior year.

Reported depreciation and amortization expenses increased by approximately $2.0
million to $117.2 million in the first six months of 2022 compared to $115.2
million during the same period a year ago. Excluding changes in foreign currency
rates, depreciation and amortization increased by approximately $7.6 million in
the first six months of 2022 compared to the same period a year ago. As
mentioned above, approximately $3.0 million of this increase is due to our
acquisitions of Voluntis and Hengyu subsequent to June 30, 2021 and the
remaining increase relates to higher capital spending during the current and
prior year to support our growth strategy. Depreciation and amortization as a
percentage of net sales decreased to 7.0% in the first six months of 2022
compared to 7.3% in the same period of the prior year.

                           RESTRUCTURING INITIATIVES

In late 2017, we began a business transformation plan to drive profitable sales
growth, increase operational excellence, enhance our approach to innovation and
improve organizational effectiveness. The primary focus of the plan was the
Beauty + Home segment; however, certain global general and administrative
functions were also addressed. As of the end of 2021, we have successfully
completed the vast majority of our planned initiatives related to our
transformation plan, including implementing new commercial strategies, reducing
costs and adding capabilities in Asia and in fast growing application fields
that we believe will position the segment for future growth and profitability.
However, the COVID-19 global pandemic resulted in a significant decline in our
beauty business. While our Beauty + Home segment continues to be profitable, the
disruption caused by the pandemic, including higher operating costs, have more
than offset any expected growth in earnings from our transformation. Although we
believe the beauty market remains a long-term attractive growth market and we
remain committed to completing our transformation initiatives, we expect the
return to growth to be gradual and non-linear as this market is highly
correlated to the return to post-pandemic normal consumer behavior, including
travel, which has proven to be sporadic and uncertain. The cumulative expense
incurred for this transformation plan as of June 30, 2022 was $137.0 million.

Restructuring costs related to the above plan for the three and six months ended
June 30, 2022 and 2021 are as follows:

                                                Three Months Ended June 30,               Six Months Ended June 30,
                                                        2022               2021                  2022               2021
Restructuring Initiatives by Segment
Pharma                                       $          -          $      38          $          -          $      73
Beauty + Home                                         420              1,457                   678              2,553
Food + Beverage                                         8                117                    41                 38
Corporate & Other                                       -              3,264                     -              5,884
Total Restructuring Initiatives              $        428          $   

4,876 $ 719 $ 8,548

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                                OPERATING INCOME

Operating income increased approximately $16.8 million to $101.2 million in the
second quarter of 2022 compared to $84.4 million in the same period a year ago.
Excluding changes in foreign currency rates, operating income increased by
approximately $24.3 million in the quarter compared to the same period a year
ago. Strong sales growth, along with lower restructuring costs, during the
current quarter drove this improvement. Operating income as a percentage of net
sales increased to 12.0% in the second quarter of 2022 compared to 10.4% in the
prior year period.

For the first six months of 2022, operating income increased approximately $21.9
million to $198.9 million compared to $177.0 million in the same period of the
prior year. Excluding changes in foreign currency rates, operating income
increased by approximately $34.2 million in the first six months of 2022
compared to the same period a year ago. As mentioned above, the combination of
strong sales and lower restructuring costs led to this improvement. Operating
income as a percentage of net sales increased to 11.8% in the first six months
of 2022 compared to 11.1% for the same period in the prior year.

                          TOTAL OTHER INCOME (EXPENSE)

Net other expense in the second quarter of 2022 increased $1.6 million to $11.7
million from $10.1 million in the same period of the prior year. Interest
expense increased by $4.8 million in the second quarter of 2022, primarily as a
result of our $400 million 3.600% Senior Notes due March 2032, which were issued
on March 7, 2022 and a $0.4 million make-whole payment for the redemption of all
$75.0 million of our 3.25% senior unsecured notes. See Note 6 - Debt of the
Condensed Consolidated Financial Statements for further details. The loss
recognized in the second quarter of 2022 for our investment in PureCycle
Technologies ("PCT" or "PureCycle") was lower than the loss recognized compared
to the prior year period by $1.1 million. We also benefited from a $1.0 million
land sale gain and $0.9 million of lower pension costs related to the change in
discount rate assumptions.

Net other expense increased $21.0 million to $22.8 million of expense for the
six months ended June 30, 2022 from $1.8 million of expense in the same period
of the prior year. Of this increase, $16.9 million is the change in fair value
of our investment in PureCycle. As discussed in Note 18 - Investment in Equity
Securities of the Condensed Consolidated Financial Statements, our investment in
PureCycle was converted into shares of PCT, a publicly traded entity, during the
first quarter of 2021. This investment is recorded at fair value based on
observable market prices for identical assets with the change in fair value
being recorded as a net investment gain or loss in the Condensed Consolidated
Statements of Income. Interest expense increased by $6.3 million in the first
half of 2022 as a result of approximately four months of interest expense on our
$400 million 3.600% Senior Notes as discussed above. These increases were
slightly offset by a $1.0 million land sale gain and $1.7 million of lower
pension costs related to the change in discount rate assumptions.

                           PROVISION FOR INCOME TAXES

The tax provision for interim periods is determined using the estimated annual
effective consolidated tax rate, based on the current estimate of full-year
earnings and related estimated full year-taxes, adjusted for the impact of
discrete quarterly items. The effective tax rate for the three months ended
June 30, 2022 and 2021, respectively, was 28.9% and 25.6%. The effective tax
rate for the six months ended June 30, 2022 and 2021, respectively, was 28.5%
and 20.5%. The lower effective tax rate for the three and six months ended June
30, 2021 reflects additional tax benefits from employee stock-based
compensation.

                  NET INCOME ATTRIBUTABLE TO APTARGROUP, INC.

We reported net income attributable to AptarGroup of $63.6 million and $126.0
million in the three and six months ended June 30, 2022, respectively, compared
to $55.3 million and $139.2 million for the same periods in the prior year.

                                 PHARMA SEGMENT

Operations that sell dispensing systems, drug delivery systems, sealing
solutions and services to the prescription drug, consumer health care,
injectables, active material science solutions and digital health markets form
our Pharma segment.

                                            Three Months Ended June 30,                   Six Months Ended June 30,
                                                     2022               2021                   2022                   2021

Net Sales                               $     340,231           $ 325,343          $    682,693               $ 639,175
Adjusted EBITDA (1)                           111,006             105,979               226,558                 214,463
Adjusted EBITDA margin (1)                       32.6   %            32.6  %               33.2   %                33.6  %

________________________________________________

(1)Adjusted EBITDA is calculated as earnings before net interest, taxes,
depreciation, amortization, unallocated corporate expenses, restructuring
initiatives, acquisition-related costs, net unrealized investment gains and
losses related to observable market price changes on equity securities and other
special items. Adjusted EBITDA margins are calculated as Adjusted EBITDA divided
by Reported Net Sales. See the reconciliation under "Non-U.S. GAAP Measures".

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Net sales for the Pharma segment increased 5% in the second quarter of 2022 to
$340.2 million compared to $325.3 million in the second quarter of 2021. Changes
in currencies negatively affected net sales by 8%, while the acquisitions of
Voluntis and Hengyu had a positive impact of 1% during the second quarter of
2022. Therefore, core sales increased by 12% in the second quarter of 2022
compared to the second quarter of 2021. The majority of the sale growth is due
to higher volumes and product mix. Core sales of our products to the
prescription drug market increased 15% on strong demand for our allergic
rhinitis and asthma devices as many regions continue to experience post-pandemic
re-openings. We also realized strong sales of our products on emergency medical
applications for existing and new solutions in the prescription drug market. The
13% core sales growth in the consumer health care market was driven by higher
demand for our nasal decongestant, saline rinse and cough and cold solutions.
Core sales of our elastomeric components to the injectables market increased 9%
due to continued strong demand for our vaccine and biologic components, even as
demand for COVID-19 vaccines began to normalize. Sales of our active material
science solutions increased 5% on higher demand for our oral dose and diabetes
products.

                                                                                                                  Active Material
Second Quarter 2022                        Prescription                 Consumer                                          Science
Net Sales Change over Prior Year                   Drug              Health Care               Injectables              Solutions       Digital Health              Total
Core Sales Growth                                 15  %                    13  %                      9  %                   5  %                 -  %              12  %
Acquisitions                                       -  %                     -  %                      3  %                   -  %               100  %               1  %
Currency Effects (1)                              (9) %                    (9) %                     (9) %                  (3) %                 -  %              (8) %
Total Reported Net Sales Growth                    6  %                     4  %                      3  %                   2  %               100  %               5  %


Net sales for the first six months of 2022 increased by 7% to $682.7 million
compared to $639.2 million in the first six months of 2021. Changes in currency
rates negatively impacted net sales by 7%, while the acquisitions of Voluntis
and Hengyu had a positive impact of 1% during the first six months of 2022.
Therefore, core sales increased by 13% in the first six months of 2022 compared
to the same period in the prior year. All markets showed core sales growth
during the first six months of 2022. The 13% core sales growth in the consumer
health care market was driven by higher demand for our nasal decongestant,
saline rinses and cough and cold solutions, while sales to the prescription drug
market increased 9% on solid demand for our allergic rhinitis, asthma and
emergency medical devices due to post-pandemic re-openings and product launches
as discussed above. Core sales of our active material science solutions
increased 30% mainly on strong demand for our Activ-Film products used with
at-home COVID-19 test kits. Similarly, sales of our elastomeric components for
COVID-19 and other vaccines drove the 8% core sales growth in our injectables
market.

                                                                                                                  Active Material
Six Months Ended June 30, 2022             Prescription                 Consumer                                          Science
Net Sales Change over Prior Year                   Drug              Health Care               Injectables              Solutions       Digital Health              Total
Core Sales Growth                                  9  %                    13  %                      8  %                  30  %                 -  %              13  %
Acquisitions                                       -  %                     -  %                      3  %                   -  %               100  %               1  %
Currency Effects (1)                              (7) %                    (7) %                     (8) %                  (4) %                 -  %              (7) %
Total Reported Net Sales Growth                    2  %                     6  %                      3  %                  26  %               100  %               7  %


_______________________________________

(1)Currency effects are calculated by translating last year’s amounts at this
year’s foreign exchange rates.

Adjusted EBITDA in the second quarter of 2022 increased 5% to $111.0 million
compared to $106.0 million in the same period of the prior year. Strong product
sales growth along with improved sales mix of our higher margin products for the
prescription drug market drove the current quarter growth. Our Adjusted EBITDA
margin remaining consistent at 32.6% as the stronger mix of prescription
business was offset by the lack of margin on the pass-through of higher input
costs.

Adjusted EBITDA in the first six months of 2022 increased 6% to $226.6 million
compared to $214.5 million in the same period of the prior year. This increase
is mainly driven by our strong core sales growth discussed above. However, the
lack of margin on the pass-through of higher input costs and incremental startup
costs for our digital health investments and elastomeric component capacity
expansion led to a lower Adjusted EBITDA margin.

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                             BEAUTY + HOME SEGMENT

Operations that sell dispensing systems and sealing solutions to the beauty,
personal care and home care markets form our Beauty + Home segment.

                                            Three Months Ended June 30,                   Six Months Ended June 30,
                                                     2022               2021                   2022                   2021

Net Sales                               $     371,346           $ 360,246          $    739,545               $ 707,192
Adjusted EBITDA (1)                            44,879              37,910                84,377                  73,266
Adjusted EBITDA margin (1)                       12.1   %            10.5  %               11.4   %                10.4  %

________________________________________________

(1)Adjusted EBITDA is calculated as earnings before net interest, taxes,
depreciation, amortization, unallocated corporate expenses, restructuring
initiatives, acquisition-related costs, net unrealized investment gains and
losses related to observable market price changes on equity securities and other
special items. Adjusted EBITDA margins are calculated as Adjusted EBITDA divided
by Reported Net Sales. See the reconciliation under "Non-U.S. GAAP Measures".

Reported net sales for the quarter ended June 30, 2022 increased 3% to $371.3
million compared to $360.2 million in the second quarter of the prior year.
Changes in currency rates negatively impacted net sales by 7% in the second
quarter of 2022. Therefore, core sales increased 10% in the second quarter of
2022 compared to the same quarter of the prior year. Approximately 3% of this
growth came from increased volumes and improved product mix as sales for many of
our applications began to normalize after the COVID-19 impacts seen during 2021.
The remaining core sales increase is mainly due to the pass-through of higher
input costs. Core sales of our products to the beauty market increased 19% as
consumer demand for products across all of our markets continued to improve over
prior year levels. Personal care core sales increased 6% due to higher sales to
the hair care, deodorant and sun care markets. This was partially offset by
declines in personal cleansing, as hand sanitizer demand continues to normalize.
Core sales to the home care markets decreased 17% on strong prior year
comparisons for dish care and household cleaner products.

Second Quarter 2022                   Personal                   Home
Net Sales Change over Prior Year          Care      Beauty       Care      Total
Core Sales Growth                         6  %       19  %     (17) %      10  %

Currency Effects (1)                     (6) %       (9) %      (3) %      (7) %
Total Reported Net Sales Growth           -  %       10  %     (20) %       

3 %


For the first six months of 2022, net sales increased 5% to $739.5 million
compared to $707.2 million in the first six months of the prior year. Changes in
currency rates negatively impacted net sales by approximately 5%. Therefore,
core sales increased by 10% in the first six months of 2022 compared to the same
period in the prior year. Approximately 4% of this growth came from increased
product volumes and mix, while the remaining amount is mainly due to the
pass-through of higher input costs. Core sales of our products to the beauty
market increased 18% during the first six months of 2022 as we experienced
growth across all of our applications. Personal care core sales increased 7% as
higher sales of our hair care and sun care applications more than offset the
lower demand for our hand sanitizer dispensing solutions. As mentioned above,
core sales of our home care market products declined 13% mainly due to lower
tooling sales and normalizing demand for our dish care, industrial and household
cleaner applications as rates of COVID-19 transmission have slowed in certain
regions.

Six Months Ended June 30, 2022        Personal                   Home
Net Sales Change over Prior Year          Care      Beauty       Care      Total
Core Sales Growth                         7  %       18  %     (13) %      10  %

Currency Effects (1)                     (5) %       (7) %      (3) %      (5) %
Total Reported Net Sales Growth           2  %       11  %     (16) %       

5 %

________________________________________________

(1)Currency effects are calculated by translating last year’s amounts at this
year’s foreign exchange rates.

Adjusted EBITDA in the second quarter of 2022 increased 18% to $44.9 million
compared to $37.9 million in the same period in the prior year. As discussed
above, increases in product sales volumes drove our Adjusted EBITDA growth in
the second quarter of 2022. Inflationary increases negatively impacted our
current period results as price pass throughs were not enough to offset the full
effect of rising material and labor costs. However, we were able to compensate
for this impact with improved operational performance and a $1.0 million land
sale gain.

Adjusted EBITDA in the first six months of 2022 increased 15% to $84.4 million
compared to $73.3 million reported in the same period in the prior year. As
discussed above, strong product sales growth also drove the Adjusted EBITDA
improvement in the first six months of 2022, while operational improvements were
able to offset the net negative impact of inflation and some supply chain
disruptions in certain regions.

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                            FOOD + BEVERAGE SEGMENT

Operations that sell dispensing systems, sealing solutions and food service
trays to the food and beverage markets form our Food + Beverage segment.

                                            Three Months Ended June 30,                   Six Months Ended June 30,
                                                     2022               2021                   2022                   2021

Net Sales                               $     132,966           $ 125,443          $    267,237               $ 241,419
Adjusted EBITDA (1)                            17,705              19,626                36,940                  39,616
Adjusted EBITDA margin (1)                       13.3   %            15.6  %               13.8   %                16.4  %

________________________________________________

(1)Adjusted EBITDA is calculated as earnings before net interest, taxes,
depreciation, amortization, unallocated corporate expenses, restructuring
initiatives, acquisition-related costs, net unrealized investment gains and
losses related to observable market price changes on equity securities and other
special items. Adjusted EBITDA margins are calculated as Adjusted EBITDA divided
by Reported Net Sales. See the reconciliation under "Non-U.S. GAAP Measures".

Reported sales for the quarter ended June 30, 2022 increased approximately 6% to
$133.0 million compared to $125.4 million in the second quarter of the prior
year. Changes in currency rates negatively impacted net sales by 2%. Therefore,
core sales for the second quarter of 2022 increased 8% compared to the same
quarter of the prior year. Approximately 6% of the 8% core sales increase is due
to passing through higher resin and other input costs as we continued to
experience high inflationary cost increases during the second quarter of 2022.
However, even without these price increases, we reported growth in both our food
and beverage markets. Our food market volumes increased on higher demand for our
products on granular and powder applications, along with strong growth in our
food service packaging applications. The beverage market also reported strong
growth as sales of our premium bottled water products continued to recover from
the COVID-19 pandemic levels last year.

Second Quarter 2022
Net Sales Change over Prior Year Food Beverage Total
Core Sales Growth

                     8  %         11  %       8  %

Currency Effects (1)                 (2) %         (3) %      (2) %

Total Reported Net Sales Growth 6 % 8 % 6 %


Net sales for the first six months of 2022 increased by 11% to $267.2 million
compared to $241.4 million in the first six months of 2021. Changes in currency
rates negatively impacted net sales by 2%. Therefore, core sales increased by
13% in the first six months of 2022 compared to the same period in the prior
year. Increased product and tooling sales, along with the pass-through of higher
material costs, positively impacted the first six months of 2022. Approximately
9% of the 13% core sales increase is due to passing through higher resin and
other input costs. Core sales to the food market increased 13%, while core sales
to the beverage market increased 14% in the first six months of 2022 compared to
the same period of the prior year. For the food market, we realized strong
growth in sauces and condiments and our food service packaging products. As
mentioned above, the beverage market also reported growth as sales of our
premium bottled water products recover from the lower COVID-19 pandemic levels
last year.

Six Months Ended June 30, 2022
Net Sales Change over Prior Year Food Beverage Total
Core Sales Growth

                    13  %         14  %      13  %

Currency Effects (1)                 (2) %         (3) %      (2) %

Total Reported Net Sales Growth 11 % 11 % 11 %

______________________________________________________________

(1)Currency effects are calculated by translating last year’s amounts at this
year’s foreign exchange rates.

Adjusted EBITDA in the second quarter of 2022 decreased 10% to $17.7 million
compared to $19.6 million reported in the same period of the prior year. The
higher product and tooling sales discussed above were offset by unfavorable
product mix and some operational inefficiencies, specifically in North America,
due to labor and supply chain disruptions.

Adjusted EBITDA in the first six months of 2022 decreased 7% to $36.9 million
compared to $39.6 million reported in the same period of the prior year. As
discussed above, we experienced increased product and tooling sales growth
during the first half of 2022. However, our profitability was negatively
impacted by unfavorable product mix and some operational inefficiencies due to
labor and supply chain disruptions mentioned above. These issues, along with the
lack of margin on the pass-through of higher input costs, had a negative impact
on our Adjusted EBITDA margin during the first six months of 2022.

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                               CORPORATE & OTHER

In addition to our three reporting segments, we assign certain costs to
"Corporate & Other," which is presented separately in Note 16 - Segment
Information of the Notes to the Condensed Consolidated Financial Statements. For
Corporate & Other, Adjusted EBITDA (which excludes net interest, taxes,
depreciation, amortization, restructuring initiatives, acquisition-related
costs, net unrealized investment gains and losses related to observable market
price changes on equity securities and other special items) primarily includes
certain professional fees, compensation and information system costs which are
not allocated directly to our reporting segments. For the quarter ended June 30,
2022, Corporate & Other Adjusted EBITDA decreased to $13.7 million from $16.0
million in the second quarter of 2021. The majority of this decrease is due to
the timing of expense recognition for certain items such as equity compensation
for retirement eligible employees.

Corporate & Other Adjusted EBITDA in the first six months of 2022 increased to
$31.6 million compared to $27.6 million reported in the same period of the prior
year. This increase is partially related to higher compensation costs, including
accruals related to our current short-term incentive compensation programs and
the timing of equity compensation expense recognition including substantive
vesting conditions for retirement eligible employees. We also reported higher
professional fees and travel costs compared to 2021 as travel restrictions begin
to ease.

                             NON-U.S. GAAP MEASURES

In addition to the information presented herein that conforms to accounting
principles generally accepted in the United States of America ("U.S. GAAP"), we
also present financial information that does not conform to U.S. GAAP, which are
referred to as non-U.S. GAAP financial measures. Management may assess our
financial results both on a U.S. GAAP basis and on a non-U.S. GAAP basis. We
believe it is useful to present these non-U.S. GAAP financial measures because
they allow for a better period over period comparison of operating results by
removing the impact of items that, in management's view, do not reflect our core
operating performance. These non-U.S. GAAP financial measures should not be
considered in isolation or as a substitute for U.S. GAAP financial results, but
should be read in conjunction with the unaudited Condensed Consolidated
Statements of Income and other information presented herein. Investors are
cautioned against placing undue reliance on these non-U.S. GAAP measures.
Further, investors are urged to review and consider carefully the adjustments
made by management to the most directly comparable U.S. GAAP financial measure
to arrive at these non-U.S. GAAP financial measures.

In our Management's Discussion and Analysis, we exclude the impact of foreign
currency translation when presenting net sales and other information, which we
define as "constant currency." Changes in net sales excluding the impact of
foreign currency translation is a non-U.S. GAAP financial measure. As a
worldwide business, it is important that we take into account the effects of
foreign currency translation when we view our results and plan our strategies.
Consequently, when our management looks at our financial results to measure the
core performance of our business, we may exclude the impact of foreign currency
translation by translating our prior period results at current period foreign
currency exchange rates. As a result, our management believes that these
presentations are useful internally and may be useful to investors. We also
exclude the impact of material acquisitions when comparing results to prior
periods. Changes in operating results excluding the impact of acquisitions are
non-U.S. GAAP financial measures. We believe it is important to exclude the
impact of acquisitions on period over period results in order to evaluate
performance on a more comparable basis.

We present earnings before net interest and taxes ("EBIT") and earnings before
net interest, taxes, depreciation and amortization ("EBITDA"). We also present
our adjusted earnings before net interest and taxes ("Adjusted EBIT") and
adjusted earnings before net interest, taxes, depreciation and amortization
("Adjusted EBITDA"), both of which exclude the business transformation charges
(restructuring initiatives), acquisition-related costs, purchase accounting
adjustments related to acquisitions and investments and net unrealized
investment gains and losses related to observable market price changes on equity
securities. Our Outlook is also provided on a non-U.S. GAAP basis because
certain reconciling items are dependent on future events that either cannot be
controlled, such as exchange rates and changes in the fair value of equity
investments, or reliably predicted because they are not part of our routine
activities, such as restructuring and acquisition costs.

We provide a reconciliation of Net Debt to Net Capital as a non-U.S. GAAP
measure. "Net Debt" is calculated as interest bearing debt less cash and
equivalents and short-term investments while "Net Capital" is calculated as
stockholders' equity plus Net Debt. Net Debt to Net Capital measures a company's
financial leverage, which gives users an idea of a company's financial
structure, or how it is financing its operations, along with insight into its
financial strength. We believe that it is meaningful to take into consideration
the balance of our cash, cash equivalents and short-term investments when
evaluating our leverage. If needed, such assets could be used to reduce our
gross debt position.

Finally, we provide a reconciliation of free cash flow as a non-U.S. GAAP
measure. Free cash flow is calculated as cash provided by operating activities
less capital expenditures plus proceeds from government grants related to
capital expenditures. We use free cash flow to measure cash flow generated by
operations that is available for dividends, share repurchases, acquisitions and
debt repayment. We believe that it is meaningful to investors in evaluating our
financial performance and measuring our ability to generate cash internally to
fund our initiatives.

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