Reconciliation of Non-GAAP Financial Measures

This presentation includes certain non-GAAP financial measures. The calculation of these measures, and a reconciliation to previously reported comparable measures calculated in accordance with U.S. generally accepted accounting principles (GAAP) is shown below. The Company believes that this information, when used in conjunction with information presented in accordance with U.S. GAAP, can facilitate a better understanding of the impact of various factors and trends on the Company’s financial condition and results of operations. The Company believes that this information should be used in conjunction with the Company’s SEC filings.

Reconciliation of Non-GAAP Measures

2

AptarGroup, Inc.Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

($ In Thousands)

Three Months EndedSeptember 30, 2019

Consolidated Beauty + Home PharmaFood +

BeverageCorporate &

Other Net InterestNet Sales $ 701,278 328,182 269,251 103,845 - -

Reported net income $ 56,769 Reported income taxes 25,504 Reported income before income taxes 82,273 15,413 78,418 9,323 (12,940) (7,941)Adjustments:

Restructuring initiatives 6,019 5,341 168 204 306 Transaction costs related to acquisitions 708 34 520 154 Purchase accounting adjustments related to acquired companies' inventory and backlog 647 647

Adjusted earnings before income taxes 89,647 20,788 79,753 9,681 (12,634) (7,941)Interest expense 8,898 8,898 Interest income (957) (957)Adjusted earnings before net interest and taxes (Adjusted EBIT) 97,588 20,788 79,753 9,681 (12,634) -Depreciation and amortization 49,218 20,687 16,793 9,047 2,691 -Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) $ 146,806 $ 41,475 $ 96,546 $ 18,728 $ (9,943) $ -

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 20.9% 12.6% 35.9% 18.0%

Three Months EndedSeptember 30, 2018

Consolidated Beauty + Home PharmaFood +

BeverageCorporate &

Other Net InterestNet Sales $ 665,775 341,760 227,515 96,500 - -

Reported net income $ 39,022 Reported income taxes 11,920 Reported income before income taxes 50,942 3,471 67,016 5,481 (17,828) (7,198)Adjustments:

Restructuring initiatives 23,852 18,854 2,008 2,638 352 Transaction costs related to acquisitions 7,082 7,082 Purchase accounting adjustments related to acquired companies' inventory 3,287 2,761 526

Adjusted earnings before income taxes 85,163 22,325 71,785 8,645 (10,394) (7,198)Interest expense 8,735 8,735 Interest income (1,537) (1,537)Adjusted earnings before net interest and taxes (Adjusted EBIT) 92,361 22,325 71,785 8,645 (10,394) -Depreciation and amortization 41,857 19,849 12,731 6,837 2,440 -Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) $ 134,218 $ 42,174 $ 84,516 $ 15,482 $ (7,954) $ -

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 20.2% 12.3% 37.1% 16.0%

Reconciliation of Non-GAAP MeasuresAptarGroup, Inc.

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)($ In Thousands)

Nine Months EndedSeptember 30, 2019

ConsolidatedBeauty +

Home PharmaFood +

BeverageCorporate &

Other Net InterestNet Sales $ 2,188,399 1,037,921 823,891 326,587 - -

Reported net income $ 193,689 Reported income taxes 80,684 Reported income before income taxes 274,373 66,407 244,101 29,234 (42,239) (23,130)Adjustments:

Restructuring initiatives 17,286 14,869 381 826 1,210 Transaction costs related to acquisitions 1,767 34 1,579 154

Purchase accounting adjustments related to acquired companies' inventory and backlog 869 869 Adjusted earnings before income taxes 294,295 81,310 246,930 30,214 (41,029) (23,130)Interest expense 26,868 26,868 Interest income (3,738) (3,738)Adjusted earnings before net interest and taxes (Adjusted EBIT) 317,425 81,310 246,930 30,214 (41,029) -Depreciation and amortization 144,574 62,101 48,623 26,149 7,701 -Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) $ 461,999 $ 143,411 $ 295,553 $ 56,363 $ (33,328) $ -

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 21.1% 13.8% 35.9% 17.3%

Nine Months EndedSeptember 30, 2018

ConsolidatedBeauty +

Home PharmaFood +

BeverageCorporate &

Other Net InterestNet Sales $ 2,079,733 1,088,469 698,851 292,413 - -

Reported net income $ 154,091 Reported income taxes 52,966 Reported income before income taxes 207,057 40,688 208,915 21,736 (45,834) (18,448)Adjustments:

Restructuring initiatives 48,002 38,501 3,596 4,307 1,598 Transaction costs related to acquisitions 9,526 574 8,952 Purchase accounting adjustments related to acquired companies' inventory 3,406 119 2,761 526

Adjusted earnings before income taxes 267,991 79,882 215,272 26,569 (35,284) (18,448)Interest expense 24,754 24,754 Interest income (6,306) (6,306)Adjusted earnings before net interest and taxes (Adjusted EBIT) 286,439 79,882 215,272 26,569 (35,284) -Depreciation and amortization 123,133 61,273 35,437 19,715 6,708 -Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) $ 409,572 $ 141,155 $ 250,709 $ 46,284 $ (28,576) $ -

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 19.7% 13.0% 35.9% 15.8%

3

Reconciliation of Non-GAAP Measures

4

AptarGroup, Inc.Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)

(In Thousands, Except Per Share Data)

Three Months Ended Nine Months EndedSeptember 30, September 30,

2019 2018 2019 2018

Income before Income Taxes $ 82,273 $ 50,942 $ 274,373 $ 207,057

Adjustments:Restructuring initiatives 6,019 23,852 17,286 48,002 Transaction costs related to acquisitions 708 7,082 1,767 9,526 Purchase accounting adjustments related to acquired companies' inventory 647 3,287 869 3,406 Foreign currency effects (1) (2,420) (12,010)

Adjusted Income before Income Taxes $ 89,647 $ 82,743 $ 294,295 $ 255,981

Provision for Income Taxes $ 25,504 $ 11,920 $ 80,684 $ 52,966

Adjustments:Restructuring initiatives 1,691 6,802 4,857 13,730 Transaction costs related to acquisitions 101 847 154 1,475 Purchase accounting adjustments related to acquired companies' inventory 123 843 165 884 Foreign currency effects (1) (815) (3,410)

Adjusted Provision for Income Taxes $ 27,419 $ 19,597 $ 85,860 $ 65,645

Net Income Attributable to Noncontrolling Interests $ (19) $ (26) $ (20) $ (20)

Net Income Attributable to AptarGroup, Inc. $ 56,750 $ 38,996 $ 193,669 $ 154,071

Adjustments:Restructuring initiatives 4,328 17,050 12,429 34,272 Transaction costs related to acquisitions 607 6,235 1,613 8,051 Purchase accounting adjustments related to acquired companies' inventory 524 2,444 704 2,522 Foreign currency effects (1) (1,605) (8,600)

Adjusted Net Income Attributable to AptarGroup, Inc. $ 62,209 $ 63,120 $ 208,415 $ 190,316

Average Number of Diluted Shares Outstanding 66,702 65,129 66,163 64,822

Net Income Attributable to AptarGroup, Inc. Per Diluted Share $ 0.85 $ 0.60 $ 2.93 $ 2.38

Adjustments:Restructuring initiatives 0.06 0.26 0.19 0.53 Transaction costs related to acquisitions 0.01 0.09 0.02 0.12 Purchase accounting adjustments related to acquired companies' inventory 0.01 0.04 0.01 0.04 Foreign currency effects (1) (0.02) (0.13)

Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share $ 0.93 $ 0.97 $ 3.15 $ 2.94

(1) Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current period foreign currency exchange rates.

Reconciliation of Non-GAAP MeasuresReconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

(In Thousands)2016 2017 2018

Reported Net Sales 2,330,934 2,469,283 2,764,761

Reported Net Income 205,604 220,029 194,766 Reported Income Taxes 74,893 74,796 71,254 Reported Income before Income Taxes 280,497 294,825 266,020 Adjustments:Transaction costs related to acquisitions 5,640 - 9,598 Purchase accounting adjustments related to acquired companies' inventory 2,577 - 14,172 Gain on insurance recovery - (10,648) -Restructuring initiatives - 2,208 63,829 Adjusted earnings before income taxes 288,714 286,385 353,619 Interest Expense 35,237 40,597 32,626 Interest Income (2,643) (5,470) (7,056)Adjusted earnings before net interest and taxes (Adjusted EBIT) 321,308 321,512 379,189 Depreciation and Amortization 154,802 153,094 171,747 Adjusted earnings before net interest, taxes, depreciation, amortization, and unusual items. (Adjusted EBITDA) 476,110 474,606 550,936

Adjusted EBITDA / Sales % 20% 19% 20%

5

Reconciliation of Non-GAAP Measures

AptarGroup, Inc.Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

($ In Thousands)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net Sales $ 1,601,385 $ 1,892,167 $ 2,071,685 $ 1,841,616 $ 2,076,719 $ 2,337,183 $ 2,331,036 $ 2,520,013 $ 2,597,809 $ 2,317,149 $ 2,330,934 $ 2,469,283 $ 2,764,761

Reported net income $ 102,896 $ 139,507 $ 153,501 $ 124,597 $ 173,589 $ 183,630 $ 162,420 $ 171,926 $ 191,624 $ 199,295 $ 205,604 $ 220,029 $ 194,766 Reported income taxes 45,410 60,488 73,225 59,461 80,796 91,312 78,953 92,457 94,677 95,276 74,893 74,796 71,254 Reported income before income taxes 148,306 199,995 226,726 184,058 254,385 274,942 241,373 264,383 286,301 294,571 280,497 294,825 266,020 Adjustments:

Restructuring initiatives 2,232 7,563 93 (71) 4,678 14,525 2,208 63,829 Transaction costs related to acquisitions 5,381 1,892 5,640 9,598 Purchase accounting adjustments related to acquired companies' inventory 4,305 2,577 14,172 Gain on insurance recovery (2,900) (10,648)Change in inventory valuation method (7,427)

Adjusted earnings before income taxes 148,306 202,227 226,726 191,621 254,478 274,871 255,737 278,908 286,301 286,136 288,714 286,385 353,619 Interest expense 16,985 19,492 18,687 16,485 14,371 17,300 18,950 20,514 21,029 34,615 35,237 40,597 32,626 Interest income (4,214) (8,918) (13,120) (3,333) (3,248) (5,722) (2,996) (3,233) (4,797) (5,596) (2,643) (5,470) (7,056)Adjusted earnings before net interest and taxes (Adjusted EBIT) 161,077 212,801 232,293 204,773 265,601 286,449 271,691 296,189 302,533 315,155 321,308 321,512 379,189 Depreciation and amortization 114,606 123,466 131,145 133,013 132,959 134,243 147,231 135,446 152,218 138,893 154,802 153,094 171,747

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) $ 275,683 $ 336,267 $ 363,438 $ 337,786 $ 398,560 $ 420,692 $ 418,922 $ 431,635 $ 454,751 $ 454,048 $ 476,110 $ 474,606 $ 550,936

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 17.2% 17.8% 17.5% 18.3% 19.2% 18.0% 18.0% 17.1% 17.5% 19.6% 20.4% 19.2% 19.9%

6

Reconciliation of Non-GAAP MeasuresAptarGroup, Inc.

Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)(In Thousands, Except Per Share Data)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Income before Income Taxes $ 226,726 $ 184,058 $ 254,385 $ 274,942 $ 241,373 $ 264,383 $ 286,301 $ 294,571 $ 280,497 $ 294,825 $ 266,020

Adjustments:

Restructuring initiatives 7,563 93 (71) 4,678 14,525 2,208 63,829

Transaction costs related to acquisitions 5,381 1,892 5,640 9,598

Purchase accounting adjustments related to acquired companies' inventory 4,305 2,577 14,172

Gain on insurance recovery (2,900) (10,648)

Change in inventory valuation method (7,427)

Adjusted Income before Income Taxes $ 226,726 $ 191,621 $ 254,478 $ 274,871 $ 255,737 $ 278,908 $ 286,301 $ 286,136 $ 288,714 $ 286,385 $ 353,619

Provision for Income Taxes $ 73,225 $ 59,461 $ 80,796 $ 91,312 $ 78,953 $ 92,457 $ 94,677 $ 95,276 $ 74,893 $ 74,796 $ 71,254

Adjustments:

Net effect of items included in the Provision for Income Taxes (6,821) 3,295 (7,900)

Restructuring initiatives 2,443 28 (26) 1,258 2,930 642 17,936

Transaction costs related to acquisitions 1,961 640 1,483 1,475

Purchase accounting adjustments related to acquired companies' inventory 1,569 859 3,219

Gain on insurance recovery (1,022) (3,666)

Change in inventory valuation method (2,420)

Adjusted Provision for Income Taxes $ 73,225 $ 61,904 $ 80,824 $ 91,286 $ 83,741 $ 88,566 $ 94,677 $ 92,474 $ 80,530 $ 63,872 $ 93,884

Net Income Attributable to Noncontrolling Interests $ (6) $ 26 $ (108) $ 53 $ 192 $ 68 $ 34 $ 53 $ (14) $ 1 $ (21)

Net Income Attributable to AptarGroup, Inc. $ 153,495 $ 124,623 $ 173,481 $ 183,683 $ 162,612 $ 171,994 $ 191,658 $ 199,348 $ 205,590 $ 220,030 $ 194,745

Adjustments:

Net effect of items included in the Provision for Income Taxes 6,821 (8,268) 7,900

Restructuring initiatives 5,120 65 (45) 3,420 11,595 1,566 45,893

Transaction costs related to acquisitions 3,420 1,252 4,157 8,123

Purchase accounting adjustments related to acquired companies' inventory 2,736 1,718 10,953

Gain on insurance recovery (1,878) (6,982)

Change in inventory valuation method (5,007)

Adjusted Net Income Attributable to AptarGroup, Inc. $ 153,495 $ 129,743 $ 173,546 $ 183,638 $ 172,187 $ 190,410 $ 191,658 $ 193,715 $ 203,197 $ 222,514 $ 259,714

Average Number of Diluted Shares Outstanding 70,518 69,785 69,815 69,274 68,395 68,208 65,009 62,585 64,849 64,596 64,958

Net Income Attributable to AptarGroup, Inc. Per Diluted Share $ 2.18 $ 1.79 $ 2.48 $ 2.65 $ 2.38 $ 2.52 $ 2.85 $ 3.09 $ 3.17 $ 3.41 $ 3.00

Adjustments:

Net effect of items included in the Provision for Income Taxes 0.10 (0.13) 0.12 -

Restructuring initiatives 0.07 0.05 0.17 0.02 0.71

Transaction costs related to acquisitions 0.05 0.02 0.06 0.12

Purchase accounting adjustments related to acquired companies' inventory 0.04 0.03 0.17

Gain on insurance recovery (0.03) (0.11)

Change in inventory valuation method (0.08)Foreign currency effects (1)

Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share $ 2.18 $ 1.86 $ 2.48 $ 2.65 $ 2.52 $ 2.79 $ 2.85 $ 3.00 $ 3.13 $ 3.44 $ 4.00

7

Reconciliation of Non-GAAP Measures

2014 2015 2016 2017 2018

Reported Net Income 191,624 199,295 205,604 220,029 194,766 Reported Income Taxes 94,677 95,276 74,893 74,796 71,254 Reported Income before Income Taxes 286,301 294,571 280,497 294,825 266,020 Adjustments:Change in inventory valuation methods (from LIFO to FIFO) - (7,427) - - - Transaction costs related to acquisitions - 1,892 5,640 - 9,598 Purchase accounting adjustments related to acquired companies' inventory - - 2,577 - 14,172 Gain on insurance recovery - (2,900) - (10,648) - Restructuring initiatives - - - 2,208 63,829 Adjusted earnings before income taxes 286,301 286,136 288,714 286,385 353,619 Interest Expense 21,029 34,615 35,237 40,597 32,626 Interest Income (4,797) (5,596) (2,643) (5,470) (7,056) Adjusted earnings before net interest and taxes (Adjusted EBIT) 302,533 315,155 321,308 321,512 379,189 Effective income tax rate (reported income taxes / reported income before taxes) 33.1% 32.3% 26.7% 25.4% 26.8%Taxes on Adjusted EBIT 100,138 101,795 85,789 81,664 101,623 Adjusted EBIT After Taxes 202,395 213,360 235,519 239,848 277,566

Reconciliation of Adjusted EBIT After Taxes to Net Income (Unaudited)(In Thousands)

8

Adjusted EBIT and EBITDA

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

(In Thousands)

201320142015201620172018

Reported Net Sales2,520,0132,597,8092,317,1492,330,9342,469,2832,764,761

Reported Net Income171,926191,624199,295205,604220,029194,766

Reported Income Taxes92,45794,67795,27674,89374,79671,254

Reported Income before Income Taxes264,383286,301294,571280,497294,825266,020

Adjustments:

Change in inventory valuation methods (from LIFO to FIFO)- 0- 0(7,427)- 0- 0- 0

Transaction costs related to acquisitions- 0- 01,8925,640- 09,598

Purchase accounting adjustments related to acquired companies' inventory- 0- 02,577- 014,172

Gain on insurance recovery- 0(2,900)- 0(10,648)- 0

Restructuring initiatives11,800- 0- 02,20863,829

Depreciation related to restructuring initiatives2,725- 0- 0

Adjusted earnings before income taxes278,908286,301286,136288,714286,385353,619

Interest Expense20,51421,02934,61535,23740,59732,626

Interest Income(3,233)(4,797)(5,596)(2,643)(5,470)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)296,189302,533315,155321,308321,512379,189

Depreciation and Amortization147,231152,218138,893154,802153,094171,747

Adjusted earnings before net interest, taxes, depreciation, amortization, and unusual items. (Adjusted EBITDA)443,420454,751454,048476,110474,606550,936

3YR AVG

Adjusted EBITDA / Sales %18%18%20%20%19%20%20%

*Depreciation and amortization as reported on AptarGroup's Consolidated Statement of Income less depreciation related to restructuring initiatives shown above of $2,725 in 2013.

Adjusted EBIT After Taxes

Reconciliation of Adjusted EBIT After Taxes to Net Income (Unaudited)

(In Thousands)

20112012201320142015201620172018

Reported Net Income183,630162,420171,926191,624199,295205,604220,029194,766

Reported Income Taxes91,31278,95392,45794,67795,27674,89374,79671,254

Reported Income before Income Taxes274,942241,373264,383286,301294,571280,497294,825266,020

Adjustments:

Change in inventory valuation methods (from LIFO to FIFO)- 0- 0- 0- 0(7,427)- 0- 0- 0

Transaction costs related to acquisitions- 0- 0- 0- 01,8925,640- 09,598

Purchase accounting adjustments related to acquired companies' inventory- 0- 0- 0- 02,577- 014,172

Costs associated with Stelmi acquisition- 09,684- 0- 0- 0- 0- 0- 0

Gain on insurance recovery- 0- 0- 0- 0(2,900)- 0(10,648)- 0

Restructuring initiatives- 03,10211,800- 0- 0- 02,20863,829

Depreciation related to restructuring initiatives- 01,5762,725- 0- 0- 0- 0- 0

Adjusted earnings before income taxes274,942255,735278,908286,301286,136288,714286,385353,619

Interest Expense17,30018,95020,51421,02934,61535,23740,59732,626

Interest Income(5,722)(2,996)(3,233)(4,797)(5,596)(2,643)(5,470)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)286,520271,689296,189302,533315,155321,308321,512379,189

Effective income tax rate (reported income taxes / reported income before taxes)33.2%32.7%35.0%33.1%32.3%26.7%25.4%26.8%

Taxes on Adjusted EBIT95,12588,842103,666100,138101,79585,78981,664101,623

Adjusted EBIT After Taxes191,395182,847192,523202,395213,360235,519239,848277,566

Reconciliation of Cap to Stock

Reconciliation of Capital to Stockholders' Equity (Unaudited)

(In Thousands)

201020112012

HART, Robin: HART, Robin:2012 numbers updated for the debt ASU adopted and filed in 2016 10K Item 6 Selected Financial Data2013

HART, Robin: HART, Robin:2013 numbers updated for the debt ASU adopted and filed in 2016 10K Item 6 Selected Financial Data20142015201620172018

Total AptarGroup Inc Stockholders' Equity1,278,9231,289,7761,379,8901,479,7571,103,4071,149,4111,173,9501,311,7381,422,556

Long-term Obligations258,773254,910352,003354,076588,245760,848772,7371,191,1461,125,993

Notes Payable45,440179,55245,166138,445233,2845,083169,2134,336101,293

Current Maturities of Long-Term Obligagtions50,1264,11629,4881,32518,68151,8844,60361,83362,678

1,633,2621,728,3541,806,5471,973,6031,943,6171,967,2262,120,5032,569,0532,712,520

Less:

Cash and Equivalents and St Investments376,427377,616229,755309,861399,762519,717466,287712,640261,823

Total Capital1,256,8351,350,7381,576,7921,663,7421,543,8551,447,5091,654,2161,856,4132,450,697

Average Capital1,303,7871,463,7651,620,2671,603,7991,495,6821,550,8631,755,3152,153,555

Adjusted EBIT After Taxes191,395182,847192,523202,395213,360235,519239,848277,566

ROIC (Adjusted EBIT After Taxes/Average Capital)15%12%12%13%14%15%14%13%

Capital by Segment

Beauty + Home900,136918,674974,435865,456769,797936,7871,015,823994,090

Pharma268,557441,839457,698400,492392,653624,066647,8301,129,657

Food + Beverage156,789180,088192,694201,226205,209206,657229,012412,965

Corporate and Other25,25636,19138,91576,68179,850(113,294)(36,252)(86,015)

Total Capital1,350,7381,576,7921,663,7421,543,8551,447,5091,654,2161,856,4132,450,697

Average Capital

Beauty +Home946,555919,946817,627853,292976,3051,004,957

Pharma449,769429,095396,573508,360635,948888,744

Food + Beverage186,391196,960203,218205,933217,835320,989

Inserted from PR

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

(In Thousands)

Year Ended

December 31, 2018

ConsolidatedBeauty + HomePharmaFood + BeverageCorporate & OtherNet Interest

Net Sales$ 2,764,7611,426,382954,652383,727- 0- 0

Reported net income$ 194,766

Reported income taxes71,254

Reported income before income taxes266,02049,443276,55023,956(58,359)(25,570)

Adjustments:

Restructuring initiatives63,82952,2443,5894,1853,811

Transaction costs related to acquisitions9,5985749,024

Purchase accounting adjustments related to acquired companies' inventory14,17211912,0721,981

Adjusted earnings before income taxes353,619102,380292,21130,122(45,524)(25,570)

Interest expense32,62632,626

Interest income(7,056)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)379,189102,380292,21130,122(45,524)- 0

Depreciation and amortization171,74783,54651,49527,4679,239- 0

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)$ 550,936$ 185,926$ 343,706$ 57,589$ (36,285)$ - 0

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)19.9%13.0%36.0%15.0%

Segment EBITDA

Reconciliation of Adjusted Segment EBITDA to Segment Income (Unaudited)

(In Thousands)

201320142015201620172018

Beauty + Home:Talk to Matt - He did not use this in Q4 2017 non-GAAP published slides.

Reported Segment Sales1,488,1451,498,2971,272,9461,261,0861,313,7861,426,382Should we delete in 2018?

Reported Income before Income Taxes (Segment Income)109,27298,36898,707100,56993,27649,443

Adjustment:

Restructuring initiatives- 0- 0- 052952,244

Transaction costs related to acquisitions- 0- 0574

Purchase accounting adjustments related to acquired companies' inventory- 02,151- 0119

Depreciation and amortization83,32885,46975,28984,27379,42283,546

Adjusted Segment EBITDA 192,600183,837173,996186,993173,227185,926

Pharma:

Reported Segment Sales708,774751,226712,220741,473805,880954,652

Reported Income before Income Taxes (Segment Income)189,689204,698210,509219,039234,790276,550

Adjustment:

Restructuring initiatives- 0- 03,589

Purchase accounting adjustments related to acquired companies' inventory- 0- 0426- 012,072

Depreciation and amortization39,81241,69036,00839,77641,14351,495

Adjusted Segment EBITDA 229,501246,388246,517259,241275,933343,706

Food + Beverage:

Reported Segment Sales323,094348,286331,983328,375349,617383,727

Reported Income before Income Taxes (Segment Income)35,18637,72842,73137,69736,50423,956

Adjustment:

Restructuring initiatives- 0- 01,6794,185

Purchase accounting adjustments related to acquired companies' inventory- 0- 01,981

Depreciation and amortization18,87120,17921,34723,89124,72027,467

Segment EBITDA 54,05757,90764,07861,58862,90357,589

Average Capital

Beauty + Home946,555919,946817,627853,292976,3051,004,957

Pharma449,769429,095396,573508,360635,948888,744

Food + Beverage186,391196,960203,218205,933217,835320,989

Segment Income / Average Capital %3YR AVG

Beauty + Home12%11%12%12%10%5%9%

Pharma42%48%53%43%37%31%37%

Food + Beverage19%19%21%18%17%7%14%

Adjusted Segment EBITDA(1) / Sales %3YR AVG

Beauty + Home13%12%14%15%13%13%14%

Pharma32%33%35%35%34%36%35%

Food + Beverage17%17%19%19%18%15%17%

Reconciliation of Free Cash

Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)

(In Thousands)

20112012201320142015201620172018

Net Cash Provided by Operations261,042313,892286,100316,329323,759325,299324,729313,628

Less:

Capital Expenditures179,692174,053151,510161,940149,323128,986156,624211,252

Free Cash Flow81,350139,839134,590154,389174,436196,313168,105102,376

Quarterly Components of Growth

Quarterly 2018 Components of Reported Sales Growth

(rounded to the nearest whole percent)

First Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth8%6%10%7%

Acquisitions--

Currency Effects(1)9%11%6%10%

Total Reported Sales Growth17%17%16%17%

Second Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth10%14%5%11%

Acquisitions1%------

Currency Effects(1)3%6%2%4%

Total Reported Sales Growth14%20%7%15%

Third Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth5%12%4%7%

Acquisitions1%5%4%3%

Currency Effects(1)(4%)(3%)(2%)(3%)

Total Reported Sales Growth2%14%6%7%

Fourth Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth4%15%--7%

Acquisitions1%12%13%6%

Currency Effects(1)(4%)(4%)(3%)(4%)

Total Reported Sales Growth1%23%10%9%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Annual Components of Growth

Annual Components of Reported Sales Growth

(rounded to the nearest whole percent)

Beauty +Food +Total

2012HomePharmaBeverageAptarGroup

Cores Sales Growth2%1%11%3%

Currency Effect(6%)(5%)(3%)(5%)

Acquisition Effects0%10%0%2%

Reported Sales Growth(4%)6%8%0%

Beauty +Food +Total

2013HomePharmaBeverageAptarGroup

Core Sales Growth2%6%11%4%

Acquisitions--12%--3%

Currency Effects(1)--2%1%1%

Total Reported Sales Growth2%20%12%8%

Beauty +Food +Total

2014HomePharmaBeverageAptarGroup

Core Sales Growth3%7%9%5%

Acquisitions--------

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

Total Reported Sales Growth1%6%8%3%

Beauty +Food +Total

2015HomePharmaBeverageAptarGroup

Core Sales Growth(2%)8%2%1%

Acquisitions--------

Currency Effects(1)(13%)(13%)(7%)(12%)

Total Reported Sales Growth(15%)(5%)(5%)(11%)

Beauty +Food +Total

2016HomePharmaBeverageAptarGroup

Core Sales Growth(2%)5%1%--

Acquisitions4%1%--3%

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

Total Reported Sales Growth(1%)4%(1%)1%

Beauty +Food +Total

2017HomePharmaBeverageAptarGroup

Core Sales Growth2%8%6%4%

Acquisitions1%----1%

Currency Effects(1)1%1%--1%

Total Reported Sales Growth4%9%6%6%

Beauty +Food +Total

2018HomePharmaBeverageAptarGroup

Core Sales Growth7%12%5%8%

Acquisitions1%4%4%2%

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

Total Reported Sales Growth9%18%10%12%

3 Year Average PercentageBeauty +Food +Total

HomePharmaBeverageAptarGroup

Core Sales Growth2%8%4%4%

Acquisitions2%2%1%2%

Currency Effects(1)--------

Total Reported Sales Growth4%10%5%6%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Reconciliation of Non-GAAP Measures

2014 2015 2016 2017 2018

Total AptarGroup Inc Stockholders' Equity 1,103,407 1,149,411 1,173,950 1,311,738 1,422,556 Long-term Obligations 588,245 760,848 772,737 1,191,146 1,125,993 Notes Payable 233,284 5,083 169,213 4,336 101,293 Current Maturities of Long-Term Obligagtions 18,681 51,884 4,603 61,833 62,678

1,943,617 1,967,226 2,120,503 2,569,053 2,712,520 Less:Cash and Equivalents and St Investments 399,762 519,717 466,287 712,640 261,823 Total Capital 1,543,855 1,447,509 1,654,216 1,856,413 2,450,697

Average Capital 1,603,799 1,495,682 1,550,863 1,755,315 2,153,555 Adjusted EBIT After Taxes 202,395 213,360 235,519 239,848 277,566 ROIC (Adjusted EBIT After Taxes/Average Capital) 13% 14% 15% 14% 13%

Capital by SegmentBeauty + Home 865,456 769,797 936,787 1,015,823 994,090 Pharma 400,492 392,653 624,066 647,830 1,129,657 Food + Beverage 201,226 205,209 206,657 229,012 412,965 Corporate and Other 76,681 79,850 (113,294) (36,252) (86,015) Total Capital 1,543,855 1,447,509 1,654,216 1,856,413 2,450,697

Reconciliation of Capital to Stockholders' Equity (Unaudited) (In Thousands)

9

Adjusted EBIT and EBITDA

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

(In Thousands)

201320142015201620172018

Reported Net Sales2,520,0132,597,8092,317,1492,330,9342,469,2832,764,761

Reported Net Income171,926191,624199,295205,604220,029194,766

Reported Income Taxes92,45794,67795,27674,89374,79671,254

Reported Income before Income Taxes264,383286,301294,571280,497294,825266,020

Adjustments:

Change in inventory valuation methods (from LIFO to FIFO)- 0- 0(7,427)- 0- 0- 0

Transaction costs related to acquisitions- 0- 01,8925,640- 09,598

Purchase accounting adjustments related to acquired companies' inventory- 0- 02,577- 014,172

Gain on insurance recovery- 0(2,900)- 0(10,648)- 0

Restructuring initiatives11,800- 0- 02,20863,829

Depreciation related to restructuring initiatives2,725- 0- 0

Adjusted earnings before income taxes278,908286,301286,136288,714286,385353,619

Interest Expense20,51421,02934,61535,23740,59732,626

Interest Income(3,233)(4,797)(5,596)(2,643)(5,470)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)296,189302,533315,155321,308321,512379,189

Depreciation and Amortization147,231152,218138,893154,802153,094171,747

Adjusted earnings before net interest, taxes, depreciation, amortization, and unusual items. (Adjusted EBITDA)443,420454,751454,048476,110474,606550,936

3YR AVG

Adjusted EBITDA / Sales %18%18%20%20%19%20%20%

*Depreciation and amortization as reported on AptarGroup's Consolidated Statement of Income less depreciation related to restructuring initiatives shown above of $2,725 in 2013.

Adjusted EBIT After Taxes

Reconciliation of Adjusted EBIT After Taxes to Net Income (Unaudited)

(In Thousands)

20112012201320142015201620172018

Reported Net Income183,630162,420171,926191,624199,295205,604220,029194,766

Reported Income Taxes91,31278,95392,45794,67795,27674,89374,79671,254

Reported Income before Income Taxes274,942241,373264,383286,301294,571280,497294,825266,020

Adjustments:

Change in inventory valuation methods (from LIFO to FIFO)- 0- 0- 0- 0(7,427)- 0- 0- 0

Transaction costs related to acquisitions- 0- 0- 0- 01,8925,640- 09,598

Purchase accounting adjustments related to acquired companies' inventory- 0- 0- 0- 02,577- 014,172

Costs associated with Stelmi acquisition- 09,684- 0- 0- 0- 0- 0- 0

Gain on insurance recovery- 0- 0- 0- 0(2,900)- 0(10,648)- 0

Restructuring initiatives- 03,10211,800- 0- 0- 02,20863,829

Depreciation related to restructuring initiatives- 01,5762,725- 0- 0- 0- 0- 0

Adjusted earnings before income taxes274,942255,735278,908286,301286,136288,714286,385353,619

Interest Expense17,30018,95020,51421,02934,61535,23740,59732,626

Interest Income(5,722)(2,996)(3,233)(4,797)(5,596)(2,643)(5,470)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)286,520271,689296,189302,533315,155321,308321,512379,189

Effective income tax rate (reported income taxes / reported income before taxes)33.2%32.7%35.0%33.1%32.3%26.7%25.4%26.8%

Taxes on Adjusted EBIT95,12588,842103,666100,138101,79585,78981,664101,623

Adjusted EBIT After Taxes191,395182,847192,523202,395213,360235,519239,848277,566

Reconciliation of Cap to Stock

Reconciliation of Capital to Stockholders' Equity (Unaudited)

(In Thousands)

201020112012

HART, Robin: HART, Robin:2012 numbers updated for the debt ASU adopted and filed in 2016 10K Item 6 Selected Financial Data2013

HART, Robin: HART, Robin:2013 numbers updated for the debt ASU adopted and filed in 2016 10K Item 6 Selected Financial Data20142015201620172018

Total AptarGroup Inc Stockholders' Equity1,278,9231,289,7761,379,8901,479,7571,103,4071,149,4111,173,9501,311,7381,422,556

Long-term Obligations258,773254,910352,003354,076588,245760,848772,7371,191,1461,125,993

Notes Payable45,440179,55245,166138,445233,2845,083169,2134,336101,293

Current Maturities of Long-Term Obligagtions50,1264,11629,4881,32518,68151,8844,60361,83362,678

1,633,2621,728,3541,806,5471,973,6031,943,6171,967,2262,120,5032,569,0532,712,520

Less:

Cash and Equivalents and St Investments376,427377,616229,755309,861399,762519,717466,287712,640261,823

Total Capital1,256,8351,350,7381,576,7921,663,7421,543,8551,447,5091,654,2161,856,4132,450,697

Average Capital1,303,7871,463,7651,620,2671,603,7991,495,6821,550,8631,755,3152,153,555

Adjusted EBIT After Taxes191,395182,847192,523202,395213,360235,519239,848277,566

ROIC (Adjusted EBIT After Taxes/Average Capital)15%12%12%13%14%15%14%13%

Capital by Segment

Beauty + Home900,136918,674974,435865,456769,797936,7871,015,823994,090

Pharma268,557441,839457,698400,492392,653624,066647,8301,129,657

Food + Beverage156,789180,088192,694201,226205,209206,657229,012412,965

Corporate and Other25,25636,19138,91576,68179,850(113,294)(36,252)(86,015)

Total Capital1,350,7381,576,7921,663,7421,543,8551,447,5091,654,2161,856,4132,450,697

Average Capital

Beauty +Home946,555919,946817,627853,292976,3051,004,957

Pharma449,769429,095396,573508,360635,948888,744

Food + Beverage186,391196,960203,218205,933217,835320,989

Inserted from PR

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

(In Thousands)

Year Ended

December 31, 2018

ConsolidatedBeauty + HomePharmaFood + BeverageCorporate & OtherNet Interest

Net Sales$ 2,764,7611,426,382954,652383,727- 0- 0

Reported net income$ 194,766

Reported income taxes71,254

Reported income before income taxes266,02049,443276,55023,956(58,359)(25,570)

Adjustments:

Restructuring initiatives63,82952,2443,5894,1853,811

Transaction costs related to acquisitions9,5985749,024

Purchase accounting adjustments related to acquired companies' inventory14,17211912,0721,981

Adjusted earnings before income taxes353,619102,380292,21130,122(45,524)(25,570)

Interest expense32,62632,626

Interest income(7,056)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)379,189102,380292,21130,122(45,524)- 0

Depreciation and amortization171,74783,54651,49527,4679,239- 0

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)$ 550,936$ 185,926$ 343,706$ 57,589$ (36,285)$ - 0

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)19.9%13.0%36.0%15.0%

Segment EBITDA

Reconciliation of Adjusted Segment EBITDA to Segment Income (Unaudited)

(In Thousands)

201320142015201620172018

Beauty + Home:Talk to Matt - He did not use this in Q4 2017 non-GAAP published slides.

Reported Segment Sales1,488,1451,498,2971,272,9461,261,0861,313,7861,426,382Should we delete in 2018?

Reported Income before Income Taxes (Segment Income)109,27298,36898,707100,56993,27649,443

Adjustment:

Restructuring initiatives- 0- 0- 052952,244

Transaction costs related to acquisitions- 0- 0574

Purchase accounting adjustments related to acquired companies' inventory- 02,151- 0119

Depreciation and amortization83,32885,46975,28984,27379,42283,546

Adjusted Segment EBITDA 192,600183,837173,996186,993173,227185,926

Pharma:

Reported Segment Sales708,774751,226712,220741,473805,880954,652

Reported Income before Income Taxes (Segment Income)189,689204,698210,509219,039234,790276,550

Adjustment:

Restructuring initiatives- 0- 03,589

Purchase accounting adjustments related to acquired companies' inventory- 0- 0426- 012,072

Depreciation and amortization39,81241,69036,00839,77641,14351,495

Adjusted Segment EBITDA 229,501246,388246,517259,241275,933343,706

Food + Beverage:

Reported Segment Sales323,094348,286331,983328,375349,617383,727

Reported Income before Income Taxes (Segment Income)35,18637,72842,73137,69736,50423,956

Adjustment:

Restructuring initiatives- 0- 01,6794,185

Purchase accounting adjustments related to acquired companies' inventory- 0- 01,981

Depreciation and amortization18,87120,17921,34723,89124,72027,467

Segment EBITDA 54,05757,90764,07861,58862,90357,589

Average Capital

Beauty + Home946,555919,946817,627853,292976,3051,004,957

Pharma449,769429,095396,573508,360635,948888,744

Food + Beverage186,391196,960203,218205,933217,835320,989

Segment Income / Average Capital %3YR AVG

Beauty + Home12%11%12%12%10%5%9%

Pharma42%48%53%43%37%31%37%

Food + Beverage19%19%21%18%17%7%14%

Adjusted Segment EBITDA(1) / Sales %3YR AVG

Beauty + Home13%12%14%15%13%13%14%

Pharma32%33%35%35%34%36%35%

Food + Beverage17%17%19%19%18%15%17%

Reconciliation of Free Cash

Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)

(In Thousands)

20112012201320142015201620172018

Net Cash Provided by Operations261,042313,892286,100316,329323,759325,299324,729313,628

Less:

Capital Expenditures179,692174,053151,510161,940149,323128,986156,624211,252

Free Cash Flow81,350139,839134,590154,389174,436196,313168,105102,376

Quarterly Components of Growth

Quarterly 2018 Components of Reported Sales Growth

(rounded to the nearest whole percent)

First Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth8%6%10%7%

Acquisitions--

Currency Effects(1)9%11%6%10%

Total Reported Sales Growth17%17%16%17%

Second Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth10%14%5%11%

Acquisitions1%------

Currency Effects(1)3%6%2%4%

Total Reported Sales Growth14%20%7%15%

Third Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth5%12%4%7%

Acquisitions1%5%4%3%

Currency Effects(1)(4%)(3%)(2%)(3%)

Total Reported Sales Growth2%14%6%7%

Fourth Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth4%15%--7%

Acquisitions1%12%13%6%

Currency Effects(1)(4%)(4%)(3%)(4%)

Total Reported Sales Growth1%23%10%9%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Annual Components of Growth

Annual Components of Reported Sales Growth

(rounded to the nearest whole percent)

Beauty +Food +Total

2012HomePharmaBeverageAptarGroup

Cores Sales Growth2%1%11%3%

Currency Effect(6%)(5%)(3%)(5%)

Acquisition Effects0%10%0%2%

Reported Sales Growth(4%)6%8%0%

Beauty +Food +Total

2013HomePharmaBeverageAptarGroup

Core Sales Growth2%6%11%4%

Acquisitions--12%--3%

Currency Effects(1)--2%1%1%

Total Reported Sales Growth2%20%12%8%

Beauty +Food +Total

2014HomePharmaBeverageAptarGroup

Core Sales Growth3%7%9%5%

Acquisitions--------

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

Total Reported Sales Growth1%6%8%3%

Beauty +Food +Total

2015HomePharmaBeverageAptarGroup

Core Sales Growth(2%)8%2%1%

Acquisitions--------

Currency Effects(1)(13%)(13%)(7%)(12%)

Total Reported Sales Growth(15%)(5%)(5%)(11%)

Beauty +Food +Total

2016HomePharmaBeverageAptarGroup

Core Sales Growth(2%)5%1%--

Acquisitions4%1%--3%

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

Total Reported Sales Growth(1%)4%(1%)1%

Beauty +Food +Total

2017HomePharmaBeverageAptarGroup

Core Sales Growth2%8%6%4%

Acquisitions1%----1%

Currency Effects(1)1%1%--1%

Total Reported Sales Growth4%9%6%6%

Beauty +Food +Total

2018HomePharmaBeverageAptarGroup

Core Sales Growth7%12%5%8%

Acquisitions1%4%4%2%

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

Total Reported Sales Growth9%18%10%12%

3 Year Average PercentageBeauty +Food +Total

HomePharmaBeverageAptarGroup

Core Sales Growth2%8%4%4%

Acquisitions2%2%1%2%

Currency Effects(1)--------

Total Reported Sales Growth4%10%5%6%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Reconciliation of Non-GAAP Measures

2014 2015 2016 2017 2018

Net Cash Provided by Operations 316,329 323,759 325,299 324,729 313,628

Less:Capital Expenditures 161,940 149,323 128,986 156,624 211,252 Free Cash Flow 154,389 174,436 196,313 168,105 102,376

Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)(In Thousands)

10

Adjusted EBIT and EBITDA

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

(In Thousands)

201320142015201620172018

Reported Net Sales2,520,0132,597,8092,317,1492,330,9342,469,2832,764,761

Reported Net Income171,926191,624199,295205,604220,029194,766

Reported Income Taxes92,45794,67795,27674,89374,79671,254

Reported Income before Income Taxes264,383286,301294,571280,497294,825266,020

Adjustments:

Change in inventory valuation methods (from LIFO to FIFO)- 0- 0(7,427)- 0- 0- 0

Transaction costs related to acquisitions- 0- 01,8925,640- 09,598

Purchase accounting adjustments related to acquired companies' inventory- 0- 02,577- 014,172

Gain on insurance recovery- 0(2,900)- 0(10,648)- 0

Restructuring initiatives11,800- 0- 02,20863,829

Depreciation related to restructuring initiatives2,725- 0- 0

Adjusted earnings before income taxes278,908286,301286,136288,714286,385353,619

Interest Expense20,51421,02934,61535,23740,59732,626

Interest Income(3,233)(4,797)(5,596)(2,643)(5,470)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)296,189302,533315,155321,308321,512379,189

Depreciation and Amortization147,231152,218138,893154,802153,094171,747

Adjusted earnings before net interest, taxes, depreciation, amortization, and unusual items. (Adjusted EBITDA)443,420454,751454,048476,110474,606550,936

3YR AVG

Adjusted EBITDA / Sales %18%18%20%20%19%20%20%

*Depreciation and amortization as reported on AptarGroup's Consolidated Statement of Income less depreciation related to restructuring initiatives shown above of $2,725 in 2013.

Adjusted EBIT After Taxes

Reconciliation of Adjusted EBIT After Taxes to Net Income (Unaudited)

(In Thousands)

20112012201320142015201620172018

Reported Net Income183,630162,420171,926191,624199,295205,604220,029194,766

Reported Income Taxes91,31278,95392,45794,67795,27674,89374,79671,254

Reported Income before Income Taxes274,942241,373264,383286,301294,571280,497294,825266,020

Adjustments:

Change in inventory valuation methods (from LIFO to FIFO)- 0- 0- 0- 0(7,427)- 0- 0- 0

Transaction costs related to acquisitions- 0- 0- 0- 01,8925,640- 09,598

Purchase accounting adjustments related to acquired companies' inventory- 0- 0- 0- 02,577- 014,172

Costs associated with Stelmi acquisition- 09,684- 0- 0- 0- 0- 0- 0

Gain on insurance recovery- 0- 0- 0- 0(2,900)- 0(10,648)- 0

Restructuring initiatives- 03,10211,800- 0- 0- 02,20863,829

Depreciation related to restructuring initiatives- 01,5762,725- 0- 0- 0- 0- 0

Adjusted earnings before income taxes274,942255,735278,908286,301286,136288,714286,385353,619

Interest Expense17,30018,95020,51421,02934,61535,23740,59732,626

Interest Income(5,722)(2,996)(3,233)(4,797)(5,596)(2,643)(5,470)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)286,520271,689296,189302,533315,155321,308321,512379,189

Effective income tax rate (reported income taxes / reported income before taxes)33.2%32.7%35.0%33.1%32.3%26.7%25.4%26.8%

Taxes on Adjusted EBIT95,12588,842103,666100,138101,79585,78981,664101,623

Adjusted EBIT After Taxes191,395182,847192,523202,395213,360235,519239,848277,566

Reconciliation of Cap to Stock

Reconciliation of Capital to Stockholders' Equity (Unaudited)

(In Thousands)

201020112012

HART, Robin: HART, Robin:2012 numbers updated for the debt ASU adopted and filed in 2016 10K Item 6 Selected Financial Data2013

HART, Robin: HART, Robin:2013 numbers updated for the debt ASU adopted and filed in 2016 10K Item 6 Selected Financial Data20142015201620172018

Total AptarGroup Inc Stockholders' Equity1,278,9231,289,7761,379,8901,479,7571,103,4071,149,4111,173,9501,311,7381,422,556

Long-term Obligations258,773254,910352,003354,076588,245760,848772,7371,191,1461,125,993

Notes Payable45,440179,55245,166138,445233,2845,083169,2134,336101,293

Current Maturities of Long-Term Obligagtions50,1264,11629,4881,32518,68151,8844,60361,83362,678

1,633,2621,728,3541,806,5471,973,6031,943,6171,967,2262,120,5032,569,0532,712,520

Less:

Cash and Equivalents and St Investments376,427377,616229,755309,861399,762519,717466,287712,640261,823

Total Capital1,256,8351,350,7381,576,7921,663,7421,543,8551,447,5091,654,2161,856,4132,450,697

Average Capital1,303,7871,463,7651,620,2671,603,7991,495,6821,550,8631,755,3152,153,555

Adjusted EBIT After Taxes191,395182,847192,523202,395213,360235,519239,848277,566

ROIC (Adjusted EBIT After Taxes/Average Capital)15%12%12%13%14%15%14%13%

Capital by Segment

Beauty + Home900,136918,674974,435865,456769,797936,7871,015,823994,090

Pharma268,557441,839457,698400,492392,653624,066647,8301,129,657

Food + Beverage156,789180,088192,694201,226205,209206,657229,012412,965

Corporate and Other25,25636,19138,91576,68179,850(113,294)(36,252)(86,015)

Total Capital1,350,7381,576,7921,663,7421,543,8551,447,5091,654,2161,856,4132,450,697

Average Capital

Beauty +Home946,555919,946817,627853,292976,3051,004,957

Pharma449,769429,095396,573508,360635,948888,744

Food + Beverage186,391196,960203,218205,933217,835320,989

Inserted from PR

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

(In Thousands)

Year Ended

December 31, 2018

ConsolidatedBeauty + HomePharmaFood + BeverageCorporate & OtherNet Interest

Net Sales$ 2,764,7611,426,382954,652383,727- 0- 0

Reported net income$ 194,766

Reported income taxes71,254

Reported income before income taxes266,02049,443276,55023,956(58,359)(25,570)

Adjustments:

Restructuring initiatives63,82952,2443,5894,1853,811

Transaction costs related to acquisitions9,5985749,024

Purchase accounting adjustments related to acquired companies' inventory14,17211912,0721,981

Adjusted earnings before income taxes353,619102,380292,21130,122(45,524)(25,570)

Interest expense32,62632,626

Interest income(7,056)(7,056)

Adjusted earnings before net interest and taxes (Adjusted EBIT)379,189102,380292,21130,122(45,524)- 0

Depreciation and amortization171,74783,54651,49527,4679,239- 0

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)$ 550,936$ 185,926$ 343,706$ 57,589$ (36,285)$ - 0

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)19.9%13.0%36.0%15.0%

Segment EBITDA

Reconciliation of Adjusted Segment EBITDA to Segment Income (Unaudited)

(In Thousands)

201320142015201620172018

Beauty + Home:Talk to Matt - He did not use this in Q4 2017 non-GAAP published slides.

Reported Segment Sales1,488,1451,498,2971,272,9461,261,0861,313,7861,426,382Should we delete in 2018?

Reported Income before Income Taxes (Segment Income)109,27298,36898,707100,56993,27649,443

Adjustment:

Restructuring initiatives- 0- 0- 052952,244

Transaction costs related to acquisitions- 0- 0574

Purchase accounting adjustments related to acquired companies' inventory- 02,151- 0119

Depreciation and amortization83,32885,46975,28984,27379,42283,546

Adjusted Segment EBITDA 192,600183,837173,996186,993173,227185,926

Pharma:

Reported Segment Sales708,774751,226712,220741,473805,880954,652

Reported Income before Income Taxes (Segment Income)189,689204,698210,509219,039234,790276,550

Adjustment:

Restructuring initiatives- 0- 03,589

Purchase accounting adjustments related to acquired companies' inventory- 0- 0426- 012,072

Depreciation and amortization39,81241,69036,00839,77641,14351,495

Adjusted Segment EBITDA 229,501246,388246,517259,241275,933343,706

Food + Beverage:

Reported Segment Sales323,094348,286331,983328,375349,617383,727

Reported Income before Income Taxes (Segment Income)35,18637,72842,73137,69736,50423,956

Adjustment:

Restructuring initiatives- 0- 01,6794,185

Purchase accounting adjustments related to acquired companies' inventory- 0- 01,981

Depreciation and amortization18,87120,17921,34723,89124,72027,467

Segment EBITDA 54,05757,90764,07861,58862,90357,589

Average Capital

Beauty + Home946,555919,946817,627853,292976,3051,004,957

Pharma449,769429,095396,573508,360635,948888,744

Food + Beverage186,391196,960203,218205,933217,835320,989

Segment Income / Average Capital %3YR AVG

Beauty + Home12%11%12%12%10%5%9%

Pharma42%48%53%43%37%31%37%

Food + Beverage19%19%21%18%17%7%14%

Adjusted Segment EBITDA(1) / Sales %3YR AVG

Beauty + Home13%12%14%15%13%13%14%

Pharma32%33%35%35%34%36%35%

Food + Beverage17%17%19%19%18%15%17%

Reconciliation of Free Cash

Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)

(In Thousands)

20112012201320142015201620172018

Net Cash Provided by Operations261,042313,892286,100316,329323,759325,299324,729313,628

Less:

Capital Expenditures179,692174,053151,510161,940149,323128,986156,624211,252

Free Cash Flow81,350139,839134,590154,389174,436196,313168,105102,376

Quarterly Components of Growth

Quarterly 2018 Components of Reported Sales Growth

(rounded to the nearest whole percent)

First Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth8%6%10%7%

Acquisitions--

Currency Effects(1)9%11%6%10%

Total Reported Sales Growth17%17%16%17%

Second Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth10%14%5%11%

Acquisitions1%------

Currency Effects(1)3%6%2%4%

Total Reported Sales Growth14%20%7%15%

Third Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth5%12%4%7%

Acquisitions1%5%4%3%

Currency Effects(1)(4%)(3%)(2%)(3%)

Total Reported Sales Growth2%14%6%7%

Fourth Quarter Segment Sales AnalysisBeauty +Food +Total

(Change over Prior Year)HomePharmaBeverageAptarGroup

Core Sales Growth4%15%--7%

Acquisitions1%12%13%6%

Currency Effects(1)(4%)(4%)(3%)(4%)

Total Reported Sales Growth1%23%10%9%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Annual Components of Growth

Annual Components of Reported Sales Growth

(rounded to the nearest whole percent)

Beauty +Food +Total

2012HomePharmaBeverageAptarGroup

Cores Sales Growth2%1%11%3%

Currency Effect(6%)(5%)(3%)(5%)

Acquisition Effects0%10%0%2%

Reported Sales Growth(4%)6%8%0%

Beauty +Food +Total

2013HomePharmaBeverageAptarGroup

Core Sales Growth2%6%11%4%

Acquisitions--12%--3%

Currency Effects(1)--2%1%1%

Total Reported Sales Growth2%20%12%8%

Beauty +Food +Total

2014HomePharmaBeverageAptarGroup

Core Sales Growth3%7%9%5%

Acquisitions--------

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

Total Reported Sales Growth1%6%8%3%

Beauty +Food +Total

2015HomePharmaBeverageAptarGroup

Core Sales Growth(2%)8%2%1%

Acquisitions--------

Currency Effects(1)(13%)(13%)(7%)(12%)

Total Reported Sales Growth(15%)(5%)(5%)(11%)

Beauty +Food +Total

2016HomePharmaBeverageAptarGroup

Core Sales Growth(2%)5%1%--

Acquisitions4%1%--3%

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

Total Reported Sales Growth(1%)4%(1%)1%

Beauty +Food +Total

2017HomePharmaBeverageAptarGroup

Core Sales Growth2%8%6%4%

Acquisitions1%----1%

Currency Effects(1)1%1%--1%

Total Reported Sales Growth4%9%6%6%

Beauty +Food +Total

2018HomePharmaBeverageAptarGroup

Core Sales Growth7%12%5%8%

Acquisitions1%4%4%2%

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

Total Reported Sales Growth9%18%10%12%

3 Year Average PercentageBeauty +Food +Total

HomePharmaBeverageAptarGroup

Core Sales Growth2%8%4%4%

Acquisitions2%2%1%2%

Currency Effects(1)--------

Total Reported Sales Growth4%10%5%6%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Reconciliation of Non-GAAP Measures

AptarGroup, Inc.Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)

(In Thousands)

Three Months Ended Nine Months EndedSeptember 30, September 30,

2019 2018 2019 2018

Net Cash Provided by Operations $ 159,241 $ 55,076 $ 380,381 $ 209,585

Less:Capital Expenditures $ 62,067 $ 53,568 $ 186,841 $ 145,321 Free Cash Flow $ 97,174 $ 1,508 $ 193,540 $ 64,264

11

Supplemental Information

Beauty + Food + Total2016 Home Pharma Beverage AptarGroup

Core Sales Growth (2%) 5% 1% --Acquisitions 4% 1% -- 3%Currency Effects(1) (3%) (2%) (2%) (2%)Total Reported Sales Growth (1%) 4% (1%) 1%

Beauty + Food + Total2017 Home Pharma Beverage AptarGroup

Core Sales Growth 2% 8% 6% 4%Acquisitions 1% -- -- 1%Currency Effects(1) 1% 1% -- 1%Total Reported Sales Growth 4% 9% 6% 6%

Beauty + Food + Total2018 Home Pharma Beverage AptarGroup

Core Sales Growth 7% 12% 5% 8%Acquisitions 1% 4% 4% 2%Currency Effects(1) 1% 2% 1% 2%Total Reported Sales Growth 9% 18% 10% 12%

3 Year Average Percentage Beauty + Food + TotalHome Pharma Beverage AptarGroup

Core Sales Growth 2% 8% 4% 4%Acquisitions 2% 2% 1% 2%Currency Effects(1) -- -- -- --Total Reported Sales Growth 4% 10% 5% 6%

(rounded to the nearest whole percent)

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Annual Components of Reported Sales Growth

12

Reconciliation of Non-GAAP Financial MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresReconciliation of Non-GAAP MeasuresSupplemental Information