(NYSE BERY)

February 2014
Safe Harbor Statements
Forward-Looking Statements
This presentation contains forward-looking statements which involve risks and uncertainties. You can identify forward-looking statements because they contain words
such as believes, expects, may, will, should, would, could, seeks, approximately, intends, plans, estimates, anticipates outlook, or looking
forward, or similar expressions that relate to our strategy, plans or intentions. All statements we make relating to our estimated and projected earnings, margins,
costs, expenditures, cash flows, growth rates and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition,
we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other
developments. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ
materially from those that we expected.
Important factors that could cause actual results to differ materially from our expectations, which we refer to as cautionary statements, are disclosed under Risk
Factors and elsewhere in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission, including, without limitation, in
conjunction with the forward-looking statements included in this presentation. All forward-looking information and subsequent written and oral forward-looking
statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. Some of the factors that we
believe could affect our results include: (1) risks associated with our substantial indebtedness and debt service; (2) changes in prices and availability of resin and other
raw materials and our ability to pass on changes in raw material prices on a timely basis; (3) performance of our business and future operating results; (4) risks related
to our acquisition strategy and integration of acquired businesses; (5) reliance on unpatented know-how and trade secrets; (6) increases in the cost of compliance with
laws and regulations, including environmental, safety, and production and product laws and regulations; (7) risks related to disruptions in the overall economy and the
financial markets may adversely impact our business; (8) catastrophic loss of one of our key manufacturing facilities, natural disasters, and other unplanned business
interruptions; (9) risks of competition, including foreign competition, in our existing and future markets;(10) general business and economic conditions, particularly an
economic downturn; (11) the ability of our insurance to cover fully our potential exposures; (12) risks that our restructuring programs may entail greater implementation
costs or result in lower costs savings than anticipated, and (13) the other factors discussed in the under the heading Risk Factors in our Annual Report on Form 10-K
and subsequent filings with the Securities and Exchange Commission.
We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. Accordingly, readers should not place
undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this presentation. We undertake no
obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
2
obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
No Offer or Solicitation; Further Information
This presentation should be read together with Managements Discussion and Analysis of Financial Condition and Results of Operations and the consolidated
financial statements and the related notes thereto included in our public filings.
Non-GAAP Financial Measures
This presentation includes certain nonGAAP financial measures intended to supplement, not substitute for, comparable measures. Reconciliations of nonGAAP
financial measures to GAAP financial measures are provided at the end of the presentation. Investors are urged to consider carefully the comparable GAAP measures
and the reconciliations to those measures provided.
Berry Plastics at a Glance
Leading provider of value-added plastic consumer packaging and
engineered materials
#1 or #2 market position in > 76% of LTM sales
(1)
Significant Scale
86 manufacturing facilities primarily located in North America
Focused on growing, consumer-centric end markets
Proven R&D platform creates breakthrough products and
technologies
Established track record as an industry consolidator
LTM 12/28/13 Adj. Free Cash Flow of $288
(2)
Attractive Growth Characteristics
Strong Free Cash Flow Profile
3
LTM 12/28/13 Adjusted EBITDA margin of 17%
LTM 12/28/13 Net Sales and Adj. EBITDA of $4,715 and $801
(3)
Fiscal 2014 Adj. Free Cash Flow Guidance of $270
(1) Per management estimate
(2) See reconciliation of Adj. Free Cash Flow within this presentation
(3) Adjusted EBITDA reflects pro forma acquisitions and unrealized cost reductions
Note: Dollars in millions
Management Incentivized to Create Shareholder Value Management Incentivized to Create Shareholder Value
Our Business Rigid Packaging
Rigid Open Top Rigid Closed Top
Revenue: $1.1 billion
Adjusted EBITDA: $217 million
Revenue: $1.4 billion
Adjusted EBITDA: $284 million
Adjusted EBITDA Margin: 19%
Containers Foodservice Bottles and Prescription Containers Tubes
Closures and Overcaps
Adjusted EBITDA Margin: 20%
4
LTM Revenue and Adjusted EBITDA as of 12/28/13
Rigid Packaging - Represents 53% of Revenue and 63% of Adjusted EBITDA Rigid Packaging - Represents 53% of Revenue and 63% of Adjusted EBITDA
Our Business Flexibles
Engineered Materials Flexible Packaging
Revenue: $1.4 billion
Adjusted EBITDA: $208 million
Revenue: $0.9 billion
Adjusted EBITDA: $92 million
(1)
Adjusted EBITDA Margin: 15%
Corrosion Protection Products Tape Products
Retail Bags PVC Films
Institutional Can Liners Stretch Films
Barrier and Sealant Films Personal Care Films
Coated and Laminated Packaging Printed Products
Adjusted EBITDA Margin: 11%
5
(1) Includes pro forma revenue for Graphic Packagings Flexible Plastics and Film business
LTM Revenue and Adjusted EBITDA as of 12/28/13
Flexibles - Represents 47% of Revenue and 37% of Adjusted EBITDA Flexibles - Represents 47% of Revenue and 37% of Adjusted EBITDA
Berry Serves a Diverse Customer Base Across a Broad Range of
Growing, Consumer-Centric End Markets
Sales by End Market Low Customer Concentration
Longstanding relationships with diverse mix of leading
multi-national, regional and local customers
Over 76% of sales in stable, consumer oriented end
markets
Over 13,000 customers; no single customer
represented more than 3% of sales with top 10
customers representing 18% of sales
39%
6%
3%
3%
Food /
Beverage
Industrial
Retail
Oil &
Gas
Other
Consumer
38%
4%
1%
24%
2%
6
Note: Customer concentration based on fiscal 2013 net sales; list of customers to which Berry has sold products in the last 2 years.
8%
7%
6%
Foodservice
Personal
Care
Healthcare
Household
Retail
Consumer
Oriented
End Markets
9%
10%
7%
5%
Strong Financial Performance
Net Sales Operating EBITDA
$
3
,
1
1
4
$
3
,
6
1
5
$
3
,
2
0
2
$
4
,
4
1
8
$
4
,
6
5
7
$
4
,
7
0
1
$
4
,
7
1
5
$
4
1
9
$
4
5
4
$
4
9
6
$
5
5
9
$
6
8
6
$
7
8
0
$
8
0
1
7
$
5
5
2
$
8
1
4
$
1
,
1
7
0
$
1
,
4
3
2
$
3
,
1
1
4
$
3
,
2
0
2
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
$
1
1
9
$
1
6
1
$
2
1
3
$
2
7
5$
4
1
9
$
4
5
4
$
4
9
6
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
Note: Reflects calendar year results. Dollars in millions. 2013 Operating EBITDA includes pro forma acquisitions and unrealized cost reductions.
Proven Track Record of Sales and EBITDA Growth Proven Track Record of Sales and EBITDA Growth
Strong Margins and Free Cash Flow
12/31/13 LTM Adj. EBITDA Margin
12/31/13 LTM Adj. EBITDA Capex Margin
17.7%
17.0%
18%
13%
14%
13.9%
13.7%
13.5%
12.3%
12.1%
12.1%
12%
14%
16%
12.1%
11.9%
11.5%
10.9%
9.5%
9.4%
9.0%
8.2%
8%
9%
10%
11%
12%
13%
8
Berry has Strong EBITDA and Cash Flow Margins Berry has Strong EBITDA and Cash Flow Margins
Note: EBITDA figures adjusted for special and non-recurring items such as share-based incentive compensation, business consolidation costs, restructuring expenses, and debt extinguishment.
ATR, SEE and SON have not yet reported period ended 12/31 financials.
Source: Public filings
10%
ATR BERY BLL SLGN SEE BMS CCK SON
6%
7%
SEE BERY ATR SLGN BMS BLL CCK SON
Proven Ability to Manage Resin Price Volatility
Increased Profitability Despite Volatile Resin Pricing Resin Primary Raw Material
Resin comprises approximately 50% of cost of goods sold
Vast majority of resin movements passed through to
40.0% 110
Market
Based
Quarterly
Other
25%
5%
Resin Price Pass-Through Mechanisms
C
e
n
t
s

p
e
r

L
B
S
Vast majority of resin movements passed through to
customers in a timely manner
75% of resin pounds sold are contractual pass through
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
40
50
60
70
80
90
100
110
9
Monthly
Bi-Monthly
Quarterly
25%
35%
10%
25%
Source: Company Management and CMAI.
PP Price PE Price Operating EBITDA Margin
5.0% 40
Capital Structure
Flexible, Long-Dated Capital Structure
Liquidity Profile
Maturity Dec. 2013
Cash $162
Dec. 2013
Revolver availability 650 $
Borrowing base reserve (114)
Letters of credit (37)
Minimal near term debt maturities
Minimal short-term annual debt repayment
obligations
Advantageous Structure
Capital Leases and Other Various $116
Revolving line of credit (L+2%) Jun 2016 -
Incremental Term Loan ([L or 1% floor]+2.5%) Feb 2020 1,393
Term Loan ([L or 1% floor]+2.75%)
(1)
Jan 2021 1,122
9.5% Second Priority Notes (callable 5/14) May 2018 500
9.75% Second Priority Notes (callable 1/16) Mar 2021 800
Group Term Loan (L+7%) Jun 2014 18
Letters of credit (37)
Outstanding revolver -
Cash balance 162
Total PF Liquidity 661 $
10
Liquidity in excess of $660 million at quarter end
Negligible covenant requirements
Note: Dollars in millions
(1) Rate and maturity reflect January 2014 refinancing.
Additional Opportunities to Lower Interest Expense Additional Opportunities to Lower Interest Expense
Total Net Debt $3,787
LTM Adjusted EBITDA $801
Total Net Debt / Adjusted EBITDA 4.7x
Leader in plastic packaging
highest growth substrate
Leverage reduction goal of turn per
year
Four-Point Strategy to Increase Shareholder Value
1st
2nd
Interface of rigid and flexible
Focused on stable end-
markets with favorable long-
term growth dynamics
Goal to reside in a 2x-4x range
Replacing higher coupon debt
with lower coupon debt
11
Value accretive acquisitions
History of exceeding
synergy estimates
Core competency
Disciplined approach
Focused on Latin America and Asia
At or above Companys average EBITDA
margins
3rd
4th
Attractive Cash Flow Characteristics
Components of Free Cash Flow Net Debt / Adjusted EBITDA
LTM 12/28/13 Adjusted EBITDA $801
Less: Capex (net) (224)
Every 1x of deleveraging equates to ~$6.65 per
share of equity value creation
(2)
3.0
4.0
5.0
6.0
7.0
8.0
7.3x
6.5x
6.0x
5.5x
4.7x
Less: Capex (net) (224)
Less: Cash Interest Expense (218)
Less: TRA Payments (37)
Less: PF Adjustments (27)
Less: Working Capital and Other
(1)
(7)
Adj. Free Cash Flow $288
Adj. Free Cash Flow per Share
(2)
~ $2.39
share of equity value creation
12
Dec '10 Jun '11 Dec '11 Sept '12 Dec '13
Note: Dollars in millions, except per share amounts.
(1) Includes changes in working capital, acquisition integration costs, and certain other costs.
(2) Based on diluted shares of 120.5 million as of 12/28/13.
Strong Free Cash Flow Generation and Earnings Growth Results in Deleveraging
Adj. Free Cash Flow per Share ~ $2.39
Estimated Fiscal 2014 Adj. FCF of $270 million
Leverage reduction goal of turn per year;
residing in a 2-4x range
New Product Innovation
13
Unique New Product Innovations at the Interface of Rigid and Flexible Technology
More than 20 Patents on Versalite
Unique New Product Innovations at the Interface of Rigid and Flexible Technology
More than 20 Patents on Versalite
Focus on Growing Internationally
Plastics - preferred material globally
Disciplined approach to growth
Rigid Closed Top Division - 3
Corporate Headquarters
Engineered Materials Division - 9
Flexible Packaging Division - 3
Disciplined approach to growth
Focused on Latin America and Asia
At or above Companys average EBITDA
margins
Growth opportunities with long-standing
customer relationships
96% net sales in North America
significant opportunity for global
expansion
Expanding International Footprint
Acquired controlling interest in Qingdao P&B Co., Ltd. located
14
Acquired controlling interest in Qingdao P&B Co., Ltd. located
in China
Food packaging, personal and family care products
Located in free trade zone, facilitating future investments
15
2001 2001--2005 2005
2006 2006--2014 2014
Unparalleled Track Record as Industry Consolidator
37 acquisitions over 25 years
Core competency of integrating acquisitions
Disciplined purchase prices drive significant value creation
Bolt-ons that add complementary products
Track record of strong synergy capture
5
7
10
1988 1988--1995 1995
1996 1996--2000 2000
2001 2001--2005 2005
Track record of strong synergy capture
Division of
Assets from
15
Alpha Products Alpha Products
APM APM
Number of acquisitions
Long Term Corporate Vision to Maximize Shareholder Value
Sustainable Competitive
Advantages
Proven Organic
Growth Strategy
Advantages
Proven Acquisition
Growth Strategy
Long-standing
Diversified Multi-National
Customer Base
Consistently Strong
Financial Performance
Leading Position in
Many Product Lines
16
Financial Performance Many Product Lines
Deep and Experienced
Management Team
Appendix: Financial Data
17
(1)
Adjusted EBITDA, Adjusted free cash flow, and Adjusted net income should not be considered in isolation or construed as an alternative to our net income (loss) or
other measures as determined in accordance with GAAP. In addition, other companies in our industry or across different industries may calculate Adjusted EBITDA,
Adjusted free cash flow, and Adjusted net income and the related definitions differently than we do, limiting the usefulness of our calculation of Adjusted EBITDA,
Adjusted free cash flow, and Adjusted net income as comparative measures. EBIT, Operating EBITDA, Adjusted EBITDA, Adjusted free cash flow, and Adjusted net
income are among the indicators used by the Companys management to measure the performance of the Companys operations and thus the Companys management
believes such information may be useful to investors. Such measures are also among the criteria upon which performance-based compensation may be based.
EXHIBIT 1
Four Quarters
Ended
December 28,
2013
Net income $73
Add: interest expense
229
Add: income tax expense
36
EBIT $338
Add: depreciation and amortization
339
Add: restructuring and impairment
19
Add: extinguishment of debt
48
Add: other expense
30
Operating EBITDA
$774
18
Note: Dollars in millions. Unaudited
Operating EBITDA
$774
Add: pro forma acquisitions
8
Add: unrealized cost savings
19
Adjusted EBITDA
$801