Atlas Holdings LLC | 100 Northfield Street, Greenwich, CT 06830 | (203) 622-9138 | www.atlasholdingsllc.com 1

THE QUARTER IN REVIEW

Q3 | 2016

We are pleased to share the Atlas Quarterly Report for the third quarter of 2016. In each issue, we provide a synopsis of the performance of Atlas’ companies as well as an update on several key initiatives. These initiatives, which include the ongoing journey to world-class safety performance, our strategic “War for Talent”, and our portfolio-wide community engagement efforts, are both impactful and consistent with our guiding principles.

A continuation of the relatively uninspired economic recovery, coupled with minimal drama across capital markets, provided the backdrop for generally solid performance among most Atlas companies this quarter. That said, there were several notable highlights, including the start-up of operations at the Winston Plywood & Veneer facility of New Wood Resources LLC in Louisville, Mississippi and the successful completion of federal and state permitting efforts at Greenidge Generation Holdings LLC after a two and one half year effort. In addition, Detroit Renewable Energy LLC successfully completed its rate filing with the Michigan Public Service Commission.

Particularly strong performance in the third quarter of 2016 was delivered by several Atlas businesses, including Erickson Framing Holdings LLC, Finch Paper, Motus Integrated Technologies, Aludium, Guardwell Distribution and RedBuilt. Tecumseh and Novipax continue their strategic transformations, as well.

This was also the first full quarter for Iconex under Atlas ownership. While still early, we’re pleased with the pace of transformation as we work to create a responsive, entrepreneurial stand-alone company. Iconex is a premier provider of innovative solutions that power commerce around

the world; having invented the paper receipt over a century ago, the company continues to be an industry innovator and market leader.

On the safety front, our Atlas aggregate Recordable Incident Rate (“RIR”) for the third quarter of 2016 was 1.7, slightly better than the 1.8 achieved during the last twelve month (“LTM”) period. Safety performance across each of our platforms remains a daily and primary focus for us all. Through our Atlas Safety Council, we’re convening substantive sessions across the Atlas footprint that facilitate the sharing of safety ‘best practices.’ Our teams continue to collaborate, strengthening our collective ability to ensure that safe workplaces are the standard across the Atlas enterprise.

As we look forward, the Atlas Annual Conference will be held at the Ritz-Carlton Tiburon Hotel in Naples, Florida in early January. Our global team, including business leaders, Operating Partners and friends will assemble for Board meetings, continuous improvement workshops and, at the end of the week, a little fun. Invitations are in the email; we hope many of you will attend.

At the third-quarter mark of 2016, we are pleased with our efforts to foster innovation and drive ongoing value creation across all Atlas portfolio companies. Please contact us should you have any questions or comments. Enjoy the remainder of 2016 and have a healthy and safe holiday season.

Regards,

Andrew Bursky Managing Partner andy@atlasholdingsllc.com

Timothy Fazio Managing Partner tim@atlasholdingsllc.com

Atlas Holdings LLC | 100 Northfield Street, Greenwich, CT 06830 | (203) 622-9138 | www.atlasholdingsllc.com 2

Roughly thirty months ago, the city of Louisville, Mississippi and all of Winston County were struck by a devastating tornado that claimed ten lives. It caused enormous damage to homes, businesses, the local hospital and other integral parts of that small town. The storm also completely destroyed an idled plywood mill that had been purchased by New Wood and Atlas Holdings just four weeks earlier.

Today, the rebuild of that plywood facility – and in many ways the recovery of the community it calls home – is complete. Winston Plywood & Veneer, part of New Wood Resources, is officially up and running. It produces and distributes commodity sheathing and specialty panels serving the construction, furniture and DIY end markets in North America. The mill’s over 200 associates will be producing stress-rated veneer, plywood for the treated markets and Furniture Grade Plywood for the upholstered furniture market. The company is ultimately expected to achieve annual sales of 400 million square feet of specialty and commodity products – a near doubling of the facility’s capacity.

The restart of WP&V is a model for how public-private partnerships should work. Through the company’s long-standing relationships with Louisville Mayor Will Hill, Mississippi Governor Phil Bryant and the Mississippi Development Authority, each obstacle in the path to resuming

Company Spotlight: Winston Plywood & Veneer

operations was identified and overcome. Working daily with our public sector and financing partners, WP&V has now completed construction and is in the process of commissioning the finest plywood mill in North America.

While there is much that is unique about WP&V, the experience and expertise of its people stand out. With continuing guidance by Atlas Operating Partners Dick Baldwin, Bill Corbin, Manco Snapp and Ernie Plaunty and now led by longtime Atlas family member Jon Pierce and New Wood Resources CEO Kurt Liebich, WP&V has benefitted from more than 200 years of direct industry experience and expertise. Safety is also a cornerstone of WP&V’s foundation. Team members participate in multi-day training sessions even before their first day on the job and are educated as to the mill’s vision and values. The goal is simple; to create the safest and most prepared workforce in the industry.

The opening pages in the book of Winston Plywood & Veneer have been marked by great challenge, perseverance and accomplishment. We look forward to partnering with the team in Louisville, Mississippi to write the next great chapter in the months and years to come.

To learn more, visit www.winstonplywood.com

“ When we needed a partner in the days following that terrible storm, Atlas and Winston Plywood were there. We’re proud to have done our part, as well. The mill has now become a reality and it represents a true public-private partnership.” – Will Hill, Mayor, City of Louisville

Aerial view of the new Winston Plywood & Veneer mill in Louisville, Mississippi.

Winston Plywood & Veneer

Headquartered Louisville, MS

Number of Associates ~250

The first load of plywood prepares to roll out of the mill.

Atlas Holdings LLC | 100 Northfield Street, Greenwich, CT 06830 | (203) 622-9138 | www.atlasholdingsllc.com 3

War for Talent

Across the Atlas family, we strive to create a culture that gives us a competitive advantage and sets us apart. Having such a workplace environment, where leaders and associates alike are supported and provided with proper resources, enables us to attract and retain top talent. In this quarter’s ‘War for Talent’ section, we share several new hires and promotions and highlight a leader who exemplifies the very best of Atlas.

Ron Leach, Chairman of the Board of Novipax since its inception in April of 2015, was named the company’s CEO. Ron has spent the last thirty-five years in plastics and packaging, across a broad array of industries and processes. As Chairman, Ron has played an integral role in Novipax becoming a vibrant, stand-alone company, the nation’s leading producer of absorbent pads and one of its top manufacturers of expanded polystyrene foam trays.

Jon Pierce has been appointed the new President of Winston Plywood & Veneer. A longtime member of the Atlas Holdings’ family, Jon brings a unique set of leadership skills to this new role. For the past four years, Jon has served as President of Olympic Panel Products, the leading manufacturer of overlaid plywood in the country.

ASG Print recently announced the retirement of CEO Tony Garnish. Tony led the company’s European print business and has been a great partner, achieving excellent results in a challenging marketplace. We’re very pleased that ASG Print will now be led by Jamie Tinsley, who will become the Managing Director in addition to his role as Managing Director of Amaray Europe. Jamie has worked in the print, plastics and packaging sectors for close to three decades and brings a wealth of knowledge to this new role. Spark!, ASG’s integrated marketing communication business, will be run separately under the leadership of Michael Kennedy as CEO. Since joining ASG, Michael has shown great passion for Spark! and will provide both commercial inspiration and strategic direction to the business.

War on Talent continued on page 4

Leader In The Spotlight – Heather Strong

The “War for Talent” is the greatest force multiplier in the Atlas arsenal. Utilizing a variety of strategies, we work to identify, cultivate and retain the very best people. There is game-changing talent across the Atlas footprint; stories of individual and team accomplishment that deserve acclaim. While we cannot recognize the contributions of all those who should be recognized, we hope in this section to introduce you to some of those whose story is indicative of the quality of the associates of the Atlas family.

Our first such business leader is Heather Strong. As a Senior Engineer at RedBuilt, Heather is an integral part of the company’s operation. She is responsible for developing and managing the engineering budget for RedBuilt, the industry leader in design, manufacture and support of proprietary engineered structural wood products for commercial applications. She coordinates and manages technical resources to evaluate field problems, ensuring that RedBuilt’s four manufacturing facilities provide high-quality products to its customers.

But Heather’s story goes far beyond that.

After graduating cum laude from California Polytechnic State University with a B.S. in Civil and Structural Engineering in 2002, she joined the United States Navy. During her five years in the Navy, Heather worked as an Aviation Structural Mechanic performing routine and flight line maintenance on aircraft. She was deployed to Antarctica in support of the National Science Foundation, where she met her husband of nineteen years and the father of their two daughters. Her service not yet complete, Heather then joined the California Air National Guard where she worked as a supply technician. This position took her to Germany in support of active duty Air Force personnel. In recognition of her extraordinary service and leadership, she was named the Non-Commissioned Officer of the Year.

Heather was chosen for the first class of the Atlas Leadership Academy in 2015. Today, she leads RedBuilt’s participation in the Atlas Foundation / Project Lead the Way Partnership. Working with Desert Sage Elementary School in Boise, she’s helping to inspire young minds to pursue careers in STEM fields. As she puts it, “the statistics demonstrate an alarming need for a STEM focus in our schools. Having two children in elementary school, I have firsthand experience with the need to engage children early.”

As Jim Collins said in his landmark book, Good to Great – Why Some Companies Make the Leap and Some Don’t, “great vision without great people is irrelevant.” Heather is a wonderful example of the great people that are at the foundation of Atlas.

Atlas Holdings LLC | 100 Northfield Street, Greenwich, CT 06830 | (203) 622-9138 | www.atlasholdingsllc.com 4

Atlas Safety RecordOSHA Recordable Incident Rate (Atlas Aggregate)

4.00

0.00

1.00

2.00

3.00

Q4 13

2.34

Q1 14

2.03

Q2 14

2.62

Q3 14

2.80

Q4 14

2.63

Q1 15

2.53

Q2 15

2.16

The OSHA Recordable Incident Rate is calculated by multiplying the number of recordable incidents (defined by OSHA recordable rules http://www.osha.gov/recordkeeping/index.html) by 200,000, and then dividing that number by the number of labor hours at the company.

Q3 15

2.15

Q4 15

1.97

Q1 16

1.77

Atlas Safety Principles Atlas Holdings has an explicit goal that all operating companies achieve world class safety performance.

• We believe a healthy and safe work environment is a fundamental right of all employees.

• We believe all accidents are preventable.

• We believe companies with world-class safety performance will achieve business excellence through the engagement and empowerment of employees.

The governing philosophy of Atlas is to promote an entrepreneurial spirit; therefore, Atlas expects management of each company to individually develop the plans necessary to achieve world class safety as guided by the Atlas Safety Principles.

Q2 16

1.80

Phoenix Services President of Europe and South Africa, Stan Ben, recently announced his retirement. Stan was an integral part of Phoenix Services’ growth and an invaluable member of the executive team. Stan will be replaced by Dan Attorre, who brings over twenty years’ experience in operations management.

During this quarter, Michael Salgat joined Tecumseh as Vice President of Strategy and Finance. Michael brings significant financial and industrial experience to our Ann Arbor-based company, having previously served as Senior Vice President of Finance at Sipi Metals Corporation. Michael will concentrate on evaluating manufacturing strategies and “80/20” implementation, which will include product profitability and SKU rationalization.

We’re also pleased to introduce two new members of our team at Atlas Holdings. Neil Mahajan joined as Vice President, focusing on potential debt for control investments. Prior to Atlas, Neil was a Vice President at Avenue Capital Group, a hedge fund focused on distressed securities. Michael Evar, a former Atlas Field Analyst at Soundview Paper, joined us in Greenwich, Connecticut as an Associate. Michael was a valuable member of the Soundview team, working hand-in-hand with Chief Executive Officer Rob Baron and the entire leadership team to strengthen and grow that business.

Q3 16

1.74

Atlas Holdings LLC | 100 Northfield Street, Greenwich, CT 06830 | (203) 622-9138 | www.atlasholdingsllc.com 5

Project Lead the Way

In January, we enthusiastically introduced our partnership with Project Lead the Way (“PLTW”) as the next initiative of the Atlas Foundation. PLTW is a nonprofit organization that creates and delivers the premier model for STEM (Science, Technology, Engineering

and Math) instruction in 9,000 plus schools across the country. Offering a transformative learning experience for K-12 students and teachers across the United States, students in PLTW classrooms learn problem-solving strategies, critical and creative thinking and how to collaborate.

With schools having opened their doors this quarter, our partnership truly “came to life” in the faces of hundreds of students at the elementary, middle and high school levels.

Atlas companies Novipax, Winston Plywood & Veneer, Veritas Steel and Erickson Construction have funded Project Engineering (high school) programs in schools with proximity to their facilities. Amaray and Phoenix Services have each introduced Project Gateway (middle school) programs, while Finch Paper, RedBuilt, Phoenix and Twin Rivers have provided grants to launch a combined six new Project Launch (elementary school) programs.

These Atlas businesses are not simply providing funding to allow their ‘adopted’ school to offer PLTW’s curriculum. They are each doing far more, embedding themselves into the fabric of the school and the community they share. True to the objective of the Atlas Foundation – to deploy capital and our human talent to worthy social impact organizations and activities in our home communities – Atlas associates are already becoming deeply engaged with their ‘adopted’ schools. In just the first few weeks of the school year, we’ve seen many examples of this engagement. In just the first few weeks of the school year, we’ve seen many examples of this engagement.

For example, the students of Grenada High School in Mississippi visited the Novipax facility in that community. The students toured the plant, asked insightful questions and saw advanced manufacturing first-hand. Following the student visit, company leaders met with school officials to discuss future collaboration. Since the kick-off just a few weeks ago, Novipax has conducted a raffle at each of its facilities to help fund the grant to Grenada High.

During this quarter, RedBuilt associates in Boise, Idaho attended a town hall meeting hosted by PLTW Team Leader Heather Strong and CEO Kurt Liebich. The PLTW program was introduced via remarks by the classroom teacher at RedBuilt’s adopted school, Desert Sage Elementary. RedBuilt associates responded immediately, providing funding toward the company’s grant commitment and enthusiasm for future engagement. Likewise, Veritas Steel hosted several PLTW “launch” events this quarter in support of its grant to Orange Park High School in Florida. Veritas raised thousands of dollars of matching funds from associates and generated great excitement for a November visit to its facility near Palatka, Florida.

The leaders and associates of Amaray hosted the PLTW school it adopted, East Hardin Middle School, for a tour if its facility in Glendale, Kentucky. The company’s associates responded, raising well over half of its matching grant commitment in just the first few weeks of the school year. Other participating Atlas companies did their part as well, hoisting PLTW Partnership banners at their facilities, making connections with school officials, creating community awareness through press releases and planning engagement events for 2016Q4.

Atlas Foundation

Veritas Steel has raised thousands of dollars in matching funds from its associates in support of its grant for Orange Park High School in Florida.

Students from Grenada High School visit the Novipax facility in Mississippi.

Atlas Holdings LLC | 100 Northfield Street, Greenwich, CT 06830 | (203) 622-9138 | www.atlasholdingsllc.com 6

Create Common Good

The Atlas Foundation collaboration with Create Common Good continued this quarter. Create Common Good (CCG) is

nonprofit social enterprise whose goal is to empower adults with barriers to employment through foodservice training and job placement assistance. Through an 8-week job training program, CCG trainees master essential job skills necessary to be a successful employee in foodservice learning food safety, kitchen safety, and professionalism. CCG could not be more proud of its trainees. Year-to-date it has seen a 76% job placement rate for our program graduates. CCG is placing its graduates with employment partners who value that we have done the training for them (a savings of $700 to $900) and provide them with motivated, professionals who also help reduce their turnover. In fact, CCG is now piloting a Preferred Employer Program in which its employment partners pay

CCG $250 annually to have first chance at hiring from its graduation classes. CCG is are excited to see how this program will expand in 2017.