TriMas : CJS SECURITIES 21ST ANNUAL NEW IDEAS FOR THE NEW YEAR VIRTUAL CONFERENCE PRESENTATION

CJS Securities 21st Annual New Ideas for the New Year Virtual Conference

January 13, 2021

1

Disclaimer

Forward-Looking Statement

Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas' business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: severity and duration of the ongoing coronavirus ("COVID-19") pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; the Company's ability to realize its business strategies; the Company's ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company's leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; the Company's future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in the Third Quarter 2020 report on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In this presentation, certain non-GAAP financial measures may be used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in the Appendix at the end of this presentation or in the earnings releases available on the Company's website. Additional information is available at www.trimascorp.com under the "Investors" section.

Please see the Appendix for details regarding certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company's core operating results, given they may not reflect the ongoing activities of the business. Management believes that presenting these non-GAAP financial measures, adjusting for Special Items, provides useful information to investors by helping them identify underlying trends in the Company's businesses and facilitating comparisons of performance with prior and future periods. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures.

2

TriMas Overview

•	Strong Brand Names	•	Innovative Product Solutions
•	Diverse End Markets	•	Exceptional Cash Conversion

9/30/20 LTM Sales % by Segment

	24%
	Aerospace
61%	• Commercial Jet
Packaging	• Military & Defense
• Business Jet

• Beauty & Personal Care
• Food & Beverage
• Industrial

•	Pharmaceutical &	15%
	Nutraceutical	Specialty Products
•	Home Care
• Welding & HVAC
		• Medical
		• Military
		• Industrial
		• Oil & Gas

As of 9/30/20, TriMas reported LTM Sales of $752.7 million, Adjusted EBITDA(1) of $154.1 million, or 20.5% of sales,

and Segment Adjusted EBITDA(1) of $173.9 million, or 23.1% of sales.

3

1. Adjusted EBITDA is defined as income (loss) from continuing operations plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock compensation, all as adjusted for the impact of Special Items. Segment Adjusted EBITDA excludes corporate expenses.

TriMas Growth Strategy

TriMas unleashes value across our portfolio of businesses through...

1

Leveraging Our

TriMas Business Model

to Drive Performance

4

Relentless Commitment

to Cash Conversion

2

Accelerating Organic

Growth through

Innovation

3

Enhancing Growth

Through Strategic

M&A

Disciplined approach to capital allocation and maintaining a strong balance sheet.

4

New Secular Growth Trends in Packaging

Leverage TriMas' Packaging Group's portfolio of products in applications which enhance cleanliness and help fight the spread of germs.

• Sales growth of 22%

• (YTD 9/30/20 vs. YTD 9/30/19)

• Strong order intake

• Global presence with 23 facilities in 10 countries

Lotion, soap and sanitizer	Sprayers and dispensers for	Push-pull,flip-top and closures for
dispensing pumps	home and janitorial cleaning	hygiene and cleaning solutions

5

Affaba & Ferrari Acquisition

• Designer and manufacturer of engineered caps and closures for food & beverage and industrial applications
• • Aseptic closures for energetic, juice and dairy drinks, as well as industrial caps, closures and flex spouts with tamper evident and child-proof features
  • Global reach with a strong focus on Euro-CPG customers
• Highly-automatedmanufacturing plant located in Borgo San Giovanni, Italy
• • Important food packaging qualifications and safety certifications
• TriMas acquisition rationale:

• • Offers proprietary product designs and aseptic manufacturing capabilities
  • Expands food & beverage offering in Europe
  • Enhances high volume manufacturing capabilities and adds industrial capacity in Europe
  • Increases potential when combined with recent acquisitions and TriMas' global footprint
• Expected to generate €32 million in revenue in FY 2020

Food & Beverage	Industrial/Agrochemical
(~75% of sales)	(~25% of sales)

Tamper Evident	Child Proof	Flex Spout
Sport/Juice Closures	Closure	Dispenser

The acquisition of Affaba & Ferrari further expands TriMas' Packaging platform.

6

Positioning Challenged Products for Early Wins

Rethinking all aspects of businesses in more challenged end markets due to the pandemic.

• Continuing our commitment to product and process innovation

• Continued capital investment to drive productivity gains

Re-engineering production	Positioning pandemic impacted product lines for
approaches given environment	operating leverage gains when end markets recover

7

Strong Balance Sheet & Disciplined Capital Allocation

• Programmatic M&A as part of our overarching strategy to augment organic growth
• • Successfully completed five acquisitions and one divestiture since January 2019
• Relentless commitment to cash conversion with demonstrated success even in challenged markets
• • Leverage ratio below overarching target of <2x
• Continue to return capital to shareholders through share repurchases

✓ In 2019, repurchased ~2.7% of shares outstanding

TriMas Business Model

✓ Repurchased ~3.4 % of shares outstanding in 2020 through October 16, 2020

Utilize excellent cash flow to unleash opportunities to create long term value.

8

TriMas Value Drivers

New compelling value drivers have emerged as a result of the pandemic, while prior value drivers remain…

1. Accelerate organic growth in dispensing and closure products given new global secular trends in personal hygiene and cleaning applications

2. Position challenged businesses for early wins in an economic recovery with increased operating leverage as a result of 2020 realignment actions

3. Enhance growth through M&A, focused in Packaging and Aerospace platforms

4. Continue to return capital to shareholders through share buybacks

5. Maintain strong balance sheet, liquidity and cash generation to execute TriMas' Growth Strategy

Disciplined approach to capital allocation and prior actions position TriMas for long-term value creation.

9

Sustainability Initiatives

TriMas reporting on:

• Governance & Ethics

• People

• Environment

• Products

Mono-2e, Single Material Pump

We launched our inaugural Sustainability Report in December.

10

Q & A

Appendix

Q3 2020 YTD Results

Adjusted for Special Items	Q3 2020 YTD	Q3 2019 YTD
Net Sales	$581.8	$552.6
Operating Profit	$79.1	$75.0
Operating Profit Margin	13.6%	13.6%
Net Income	$52.4	$52.3
Diluted Earnings Per Share	$1.19	$1.14
(1)	$120.1	$112.6
Adjusted EBITDA
Adjusted EBITDA Margin	20.6%	20.4%
(1)	$133.9	$130.0
Segment Adjusted EBITDA
Segment Adjusted EBITDA Margin	23.0%	23.5%

	YOY Growth %
	Organic	Acquisitions	Fx	Total
Consolidated TriMas	-0.2%	6.0%	-0.5%	5.3%
Packaging	16.4%	6.5%	-0.9%	22.0%
Aerospace	-19.6%	9.3%		-10.3%
Specialty Products	-19.8%			-19.8%

• YTD net sales increased 5.3% due to organic sales growth of dispenser and closure products used in applications that help fight the spread of germs, as well as acquisitions
• Operating profit increased 5.4%, as the impact of higher sales was partially offset by pandemic- related production inefficiencies, and higher depreciation, amortization and non-cash stock compensation expense
• Achieved YTD EPS of $1.19 per share, a 4.4% increase as compared to Q3 2019 YTD
• Adjusted EBITDA(1) increased by approximately $7.5 million

Strong Packaging performance, plus acquisitions, offset unfavorable impacts of the global pandemic.

Note: All items are from continuing operations and adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions, except per share amounts.

(1) Adjusted EBITDA is defined as income (loss) from continuing operations plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock 13 compensation, all as adjusted for the impact of Special Items. Segment Adjusted EBITDA excludes corporate expenses.

Free Cash Flow & Net Debt

Continued Strong Financial Position

• TriMas capital structure and commitment to generating free cash flow drive our deleveraging model
• Generated strong free cash flow from continuing operations in Q3
• • Q3 2020 Free Cash Flow(1) of $41.6 million, as compared to $19.3 million in Q3 2019
• As of September 30, 2020, unrestricted cash & availability of $389.2 million and Bank Leverage(2) of 1.4x
• Repurchased more than 1.5 million shares, or ~3.4% of shares outstanding, for $38.2 million, year-to- date through October 16, 2020
• • Repurchased more than 188,000 shares for $4.5 million in Q3

Key Credit Statistics	Q3 2020		Q3 2019
Total Debt	$295.6	$294.4
Less: Cash	$99.7	$57.9
Net Debt	$195.8	$236.5
LTM Adjusted EBITDA(3)	$154.1	$148.6
Net Leverage(4)	1.3x		1.6x
Free Cash Flow(1)	$41.6		$19.3

Continued strong balance sheet and cash flow during the quarter.

Note: Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions. Amounts are from continuing operations.

1. Free Cash Flow is defined as Net Cash Provided by/(Used for) Operating Activities from continuing operations, excluding the cash impact of Special Items, less capital expenditures.
2. As defined in the Company's Credit Agreement.
3. Adjusted EBITDA is defined as income (loss) from continuing operations plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock compensation, all as

adjusted for the impact of Special Items.

14

(4) Net Leverage is defined as Net Debt/LTM Adjusted EBITDA.

TriMas Packaging Segment

Adjusted for Special Items	Q3 2020	Q3 2019
Net Sales	$135.1	$105.5
Operating Profit	$28.0	$20.1
Operating Margin	20.7%	19.1%
Adjusted EBITDA(1)	$34.2	$26.8
Adjusted EBITDA Margin	25.3%	25.4%

Quarterly Takeaways

• Record sales quarter driven by demand increases for beauty & personal care, home care, and food & beverage applications, and the impact of acquisitions
• Operating profit and margins increased as a result of higher sales levels, offsetting production scheduling inefficiencies related to the global pandemic's impact on operations and higher SG&A
• Signed agreement to acquire Affaba & Ferrari; continuing to build out
  TriMas' Packaging platform

Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions.

1. Adjusted EBITDA is defined as income (loss) from continuing operations plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock

compensation, all as adjusted for the impact of Special Items.	15

TriMas Aerospace Segment

Adjusted for Special Items	Q3 2020	Q3 2019
Net Sales	$39.1	$50.6
Operating Profit	$3.7	$7.8
Operating Margin	9.5%	15.4%
(1)	$8.2	$11.5
Adjusted EBITDA
Adjusted EBITDA Margin	20.9%	22.7%

Quarterly Takeaways

• Sales declined due to the impact of significantly reduced aircraft production as a result of the effects of the global pandemic, partially offset by sales related to the RSA acquisition
• Operating profit and related margins impacted by reduced sales, lower absorption of fixed costs and pandemic-related production inefficiencies, despite realignment actions
• Recorded $134.6 million of pre-tax,non-cash goodwill and intangible asset impairment charges during Q3 as a result of a significant decline in results, as well as uncertainty around the duration and magnitude of the pandemic's impact on future air travel and new aircraft demand

Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions.

(1) Adjusted EBITDA is defined as income (loss) from continuing operations plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock 16 compensation, all as adjusted for the impact of Special Items.

TriMas Specialty Products Segment

Adjusted for Special Items	Q3 2020	Q3 2019
Net Sales	$25.2	$32.4
Operating Profit	$3.4	$3.6
Operating Margin	13.4%	11.2%
(1)	$4.3	$4.5
Adjusted EBITDA
Adjusted EBITDA Margin	16.9%	13.8%

Quarterly Takeaways

• Continued lower demand for Norris steel cylinder products in the industrial end market and Arrow Engine products as a result of oil & gas end market weakness, both resulting from the effects of the pandemic
• Operating profit impacted by lower sales volumes
• Previous realignment actions and streamlining of product focus enhanced margins despite lower demand

Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudited, dollars in millions. Amounts are from continuing operations.

(1)	Adjusted EBITDA is defined as income (loss) from continuing operations plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock	17

compensation, all as adjusted for the impact of Special Items.

Forward Expectations

As of 10/29/20
TriMas FY 2020 Outlook
Sales and % Change vs. FY 2019
Consolidated TriMas	$752M - $767M
		4% to 6%
TriMas Packaging Group	$475M - $483M
		21% to 23%
TriMas Aerospace Group	$165M - $171M
		-15% to -12%
Specialty Products Group	$110M - $114M
		-20% to -17%
Diluted EPS		$1.45 to $1.50
Free Cash Flow	(1)	> $90M

Initial 2021 Thoughts

Consolidated TriMas

• Anticipate organic sales growth year-over-year, plus acquisitions
• Strong free cash flow generation greater than 100% of net income

TriMas Packaging Group

• Year-over-yearsales increase driven by acquisitions
• Pandemic-relatedpipeline expected to stabilize

TriMas Aerospace Group

• Year-over-yearsales increase driven by ramp of new business awards and full year benefit of acquisition
• Overall market demand challenges consistent with second half 2020 run-rates

Specialty Products Group

• Relatively flat sales year-over-year
• Potential cylinder demand recovery when the pandemic subsides

Expect to continue positive momentum, while managing through the effects of the pandemic.

Note: All of the figures on this slide are adjusted for any current and future Special Items. FY 2020 Outlook excludes any impact related to the recently announced Affaba & Ferrari acquisition.

(1) Free Cash Flow is defined as Net Cash Provided by/(Used for) Operating Activities from continuing operations, excluding the cash impact of Special Items, less capital expenditures.

18

Condensed Consolidated Balance Sheet

	September 30,		December 31,
		2020			2019
		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	99,740	$	172,470
Receivables, net		118,750			108,860
Inventories		142,600			132,660
Prepaid expenses and other current assets		13,640			20,050
Total current assets		374,730			434,040
Property and equipment, net		215,630			214,330
Operating lease right-of-use assets		36,050			27,850
Goodwill		251,870			334,640
Other intangibles, net		175,590			161,390
Deferred income taxes		5,720			500
Other assets		15,930			19,950
Total assets	$	1,075,520	$	1,192,700
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	59,530	$	72,670
Accrued liabilities		56,410			42,020
Operating lease liabilities, current portion		6,940			5,100
Total current liabilities		122,880			119,790
Long-term debt, net		295,550			294,690
Operating lease liabilities		29,650			23,100
Deferred income taxes		12,220			16,830
Other long-term liabilities		57,250			40,810
Total liabilities		517,550			495,220
Total shareholders' equity		557,970			697,480
Total liabilities and shareholders' equity	$	1,075,520	$	1,192,700

Dollars in thousands.	19

Consolidated Statement of Operations

		Three months ended			Nine months ended
		September 30,			September 30,
		2020			2019			2020			2019
					(unaudited)
Net sales	$	199,460	$	188,410	$	581,800	$	552,610
Cost of sales		(147,530)			(139,420)			(446,270)			(403,040)
Gross profit		51,930			48,990			135,530			149,570
Selling, general and administrative expenses		(25,650)			(25,420)			(107,570)			(79,140)
Impairment of goodwill and indefinite-lived intangible assets		(134,600)			-			(134,600)			-
Operating profit (loss)		(108,320)			23,570			(106,640)			70,430
Other expense, net:
Interest expense		(3,450)			(3,520)			(11,260)			(10,450)
Other income (expense), net		(1,200)			600			(150)			1,250
Other expense, net		(4,650)			(2,920)			(11,410)			(9,200)
Income (loss) before income tax expense		(112,970)			20,650			(118,050)			61,230
Income tax benefit (expense)		12,100			(5,410)			14,600			(12,720)
Income (loss) from continuing operations		(100,870)			15,240			(103,450)			48,510
Income from discontinued operations, net of tax		-			3,870			-			11,710
Net income (loss)	$	(100,870)	$	19,110	$	(103,450)	$	60,220
Earnings per share - basic:
Continuing operations	$	(2.32)	$	0.34	$	(2.37)	$	1.07
Discontinued operations		-			0.08			-			0.26
Net income (loss) per share	$	(2.32)	$	0.42	$	(2.37)	$	1.33
Weighted average common shares - basic		43,457,704			45,175,244			43,707,331			45,448,711
Earnings per share - diluted:
Continuing operations	$	(2.32)	$	0.34	$	(2.37)	$	1.06
Discontinued operations		-			0.08			-			0.26
Net income (loss) per share	$	(2.32)	$	0.42	$	(2.37)	$	1.32
Weighted average common shares - diluted		43,457,704			45,415,767			43,707,331			45,745,421

Dollars in thousands, except for share and per share amounts.	20

Consolidated Statement of Cash Flows

		Nine months ended
		September 30,
		2020			2019
Cash Flows from Operating Activities:
Net income (loss)	$	(103,450)	$	60,220
Income from discontinued operations		-			11,710
Income (loss) from continuing operations		(103,450)			48,510
Adjustments to reconcile income (loss) from continuing operations to net cash provided by
operating activities, net of acquisition impact:
Impairment of goodwill and indefinite-lived intangible assets		134,600			-
Loss on dispositions of assets		1,080			60
Depreciation		21,700			18,330
Amortization of intangible assets		15,460			14,030
Amortization of debt issue costs		860			850
Deferred income taxes		(17,790)			5,530
Non-cash compensation expense		5,610			4,130
Non-cash change in legacy liability estimate		23,400			-
Increase in receivables		(6,210)			(8,380)
(Increase) decrease in inventories		4,510			(560)
Decrease in prepaid expenses and other assets		5,500			4,780
Decrease in accounts payable and accrued liabilities		(7,410)			(26,760)
Other operating activities		1,250			90
Net cash provided by operating activities of continuing operations		79,110			60,610
Net cash provided by operating activities of discontinued operations		-			3,490
Net cash provided by operating activities, net of acquisition impact		79,110			64,100
Cash Flows from Investing Activities:
Capital expenditures		(17,670)			(22,000)
Acquisition of businesses, net of cash acquired		(95,160)			(67,090)
Net proceeds from disposition of business, property and equipment		1,930			10
Net cash used for investing activities of continuing operations		(110,900)			(89,080)
Net cash used for investing activities of discontinued operations		-			(1,350)
Net cash used for investing activities		(110,900)			(90,430)
Cash Flows from Financing Activities:
Proceeds from borrowings on revolving credit facilities		300,950			145,540
Repayments of borrowings on revolving credit facilities		(303,240)			(145,090)
Shares surrendered upon exercise and vesting of equity awards to cover taxes		(2,600)			(3,240)
Payments to purchase common stock		(36,050)			(21,090)
Net cash used for financing activities of continuing operations		(40,940)			(23,880)
Net cash provided by financing activities of discontinued operations		-			-
Net cash used for financing activities		(40,940)			(23,880)
Cash and Cash Equivalents:
Decrease for the period		(72,730)			(50,210)
At beginning of period		172,470			108,150
At end of period	$	99,740	$	57,940
Supplemental disclosure of cash flow information:
Cash paid for interest	$	7,490		$	6,570
Cash paid for taxes	$	6,660	$	15,690	21
Unaudited, dollars in thousands.

Company and Segment Financial Information

		Three months ended			Nine months ended
		September 30,			September 30,
		2020			2019			2020			2019
Packaging
Net sales	$	135,120		$	105,480		$	364,000		$	298,310
Operating profit	$	28,020	$	19,740	$	70,340	$	60,020
Special Items to consider in evaluating operating profit:
Purchase accounting costs		-			-			750			1,280
Business restructuring and severance costs		-			360			2,730			360
Adjusted operating profit	$	28,020	$	20,100	$	73,820	$	61,660
Aerospace
Net sales	$	39,130		$	50,560		$	130,660		$	145,650
Operating profit (loss)	$	(133,500)	$	7,810	$	(132,630)	$	21,270
Special Items to consider in evaluating operating profit:
Impairment of goodwill and indefinite-lived intangible assets		134,600			-			134,600			-
Pre-acquisition contingent liability		2,000			-			2,000			-
Purchase accounting costs		-			-			2,030			-
Business restructuring and severance costs		600			-			8,110			440
Adjusted operating profit	$	3,700	$	7,810	$	14,110	$	21,710
Specialty Products
Net sales	$	25,210		$	32,370		$	87,140		$	108,650
Operating profit	$	3,380	$	3,620	$	870	$	13,730
Special Items to consider in evaluating operating profit:
Business restructuring and severance costs		-			-			9,700			-
Adjusted operating profit	$	3,380	$	3,620	$	10,570	$	13,730
Corporate Expenses
Operating loss	$	(6,220)	$	(7,600)	$	(45,220)	$	(24,590)
Special Items to consider in evaluating operating loss:
Change in accounting policy for asbestos-related costs		-			-			23,400			-
M&A diligence and transaction costs		710			700			1,780			2,520
Business restructuring and severance costs		-			-			640			-
Adjusted operating loss	$	(5,510)	$	(6,900)	$	(19,400)	$	(22,070)
Total Company
Net sales	$	199,460		$	188,410		$	581,800		$	552,610
Operating profit (loss)	$	(108,320)	$	23,570	$	(106,640)	$	70,430
Total Special Items to consider in evaluating operating profit		137,910			1,060			185,740			4,600
Adjusted operating profit	$	29,590		$	24,630		$	79,100		$	75,030

Unaudited, dollars in thousands, from continuing operations.	22

Additional Information on Non-GAAP Measures

			Three months ended				Nine months ended
			September 30,				September 30,
			2020					2019				2020			2019
Income (loss) from continuing operations, as reported	$	(100,870)				$	15,240	$	(103,450)	$	48,510
Special Items to consider in evaluating quality of income (loss) from continuing
operations:
Impairment of goodwill and indefinite-lived intangible assets		134,600					-				134,600			-
Change in accounting policy for asbestos-related costs		-					-				23,400			-
Business restructuring and severance costs		600					360				21,180			800
Purchase accounting costs		-					-				2,780			1,280
M&A diligence and transaction costs		710					700				2,080			2,520
Pre-acquisition contingent liability		2,000					-				2,000			-
Income tax effect of Special Items(1)		(18,400)					(200)				(30,190)			(860)
Adjusted income from continuing operations	$	18,640				$	16,100	$	52,400	$	52,250

				Three months ended			Nine months ended
				September 30,			September 30,
				2020			2019			2020			2019
Diluted earnings (loss) per share from continuing operations, as reported	$	(2.32)	$	0.34	$	(2.37)	$	1.06
Dilutive impact(2)		0.01			-			0.01			-
Special Items to consider in evaluating quality of diluted EPS from continuing
operations:
Impairment of goodwill and indefinite-lived intangible assets		3.08			-			3.07			-
Change in accounting policy for asbestos-related costs				-			-			0.53			-
Business restructuring and severance costs		0.01			0.01			0.48			0.02
Purchase accounting costs		-			-			0.06			0.03
M&A diligence and transaction costs		0.02			0.01			0.05			0.05
Pre-acquisition contingent liability		0.05			-			0.05			-
Income tax effect of Special Items(1)			(0.42)			-			(0.69)			(0.02)
Adjusted diluted EPS from continuing operations	$	0.43	$	0.36	$	1.19	$	1.14
Weighted-average shares outstanding(2)		43,672,026			45,415,767			43,930,237			45,745,421

1. Income tax effect of Special Items is calculated on an item-by-item basis, utilizing the tax rate in the jurisdiction where the Special Item occurred. For the three and nine month periods ended September 30, 2020 and 2019, the income tax effect of Special Items varied from the tax rate inherent in the Company's reported GAAP results, primarily as a result of certain discrete items that occurred during the period for GAAP reporting purposes.
2. 214,322 and 222,906 shares for the three and nine months ended September 30, 2020, respectively, would have been dilutive to the computation of earnings per share in an income position.

		Three months ended			Nine months ended
		September 30,				September 30,
		2020			2019			2020			2019
Adjusted operating profit	$	29,590	$	24,630	$	79,100	$	75,030
Corporate operating expenses (adjusted)		4,420			5,120			13,650			15,080
Non-cash stock compensation		930			1,010			5,610			3,940
Legacy expenses (adjusted)		160			770			140			3,050
Corporate expenses		5,510			6,900			19,400			22,070
Adjusted segment operating profit	$	35,100	$	31,530	$	98,500	$	97,100
Adjusted segment operating profit margin		17.6%			16.7%			16.9%			17.6%

Unaudited, dollars in thousands, except for share and per share amounts.

23

Additional Information on Non-GAAP Measures

				Three months ended September 30,
			2020						2019
		As reported	Special Items		As adjusted		As reported	Special Items		As adjusted
Net cash provided by operating activities from continuing operations	$	48,270	1,740	$	50,010	$	27,840	$	1,920	$	29,760
Less: Capital expenditures		(8,420)	-		(8,420)		(10,500)		-		(10,500)
Free Cash Flow		39,850	1,740		41,590		17,340		1,920		19,260
Income (loss) from continuing operations		(100,870)	119,510		18,640		15,240		860		16,100
Free Cash Flow as a percentage of income from continuing operations		NM			223%		114%				120%

					Nine months ended September 30,
				2020						2019
		As reported	Special Items		As adjusted		As reported	Special Items		As adjusted
Net cash provided by operating activities from continuing operations	$	79,110	$	7,100	$	86,210	$	60,610	$	4,130	$	64,740
Less: Capital expenditures		(17,670)		-		(17,670)		(22,000)		-		(22,000)
Free Cash Flow		61,440		7,100		68,540		38,610		4,130		42,740
Income (loss) from continuing operations		(103,450)		155,850		52,400		48,510		3,740		52,250
Free Cash Flow as a percentage of income from continuing operations		NM				131%		80%				82%

		September 30,		December 31,	September 30,
		2020		2019		2019
Current maturities, long-term debt	$	-	$	-	$	30
Long-term debt, net		295,550		294,690		294,410
Total Debt		295,550		294,690		294,440
Less: Cash and cash equivalents		99,740		172,470		57,940
Net Debt	$	195,810	$	122,220	$	236,500

Unaudited, dollars in thousands.	24

Additional Information on Non-GAAP Measures

				Three months ended		Twelve months ended		Nine months ended
				September 30,		September 30,		September 30,
				2020		2019		2020		2019		2020		2019
Income (loss) from continuing operations, as reported	$	(100,870)	$	15,240	$	(90,020)	$	63,450	$	(103,450)	$	48,510
Depreciation expense			6,930		6,340		28,240		23,710		21,700		18,330
Amortization expense			5,310		4,660		20,060		18,580		15,460		14,030
Interest expense			3,450		3,520		14,760		13,700		11,260		10,450
Income tax expense			(12,100)		5,410		(11,000)		17,560		(14,600)		12,720
Non-cash compensation expense		930		1,090		7,930		6,900		5,610		4,130
Adjusted EBITDA, before Special Items	$	(96,350)	$	36,260	$	(30,030)	$	143,900	$	(64,020)	$	108,170
Adjusted EBITDA impact of Special Items		137,900		980		184,080		4,650		184,160		4,410
Adjusted EBITDA	(1)		$	41,550	$	37,240	$	154,050	$	148,550	$	120,140	$	112,580
Adjusted EBITDA as a percentage of net sales		20.8%		19.8%		20.5%		20.6%		20.6%		20.4%
Packaging			$	34,230	$	26,820	$	118,590	$	106,350	$	93,360	$	80,780
Aerospace				8,160		11,470		38,560		43,520		27,140		32,910
Specialty Products			4,270		4,480		16,780		22,250		13,400		16,290
Segment Adjusted EBITDA	(1)	$	46,660	$	42,770	$	173,930	$	172,120	$	133,900	$	129,980
Segment Adjusted EBITDA as a percentage of net sales		23.4%		22.7%		23.1%		23.8%		23.0%		23.5%
Other Corporate expenses		(5,110)		(5,530)		(19,880)		(23,570)		(13,760)		(17,400)
Adjusted EBITDA	(1)		$	41,550	$	37,240	$	154,050	$	148,550	$	120,140	$	112,580

Unaudited, dollars in thousands.
(1) Adjusted EBITDA is defined as income (loss) from continuing operations plus expense (benefit) for interest, taxes, depreciation, amortization and non-	25
cash stock compensation, all as adjusted for the impact of Special Items. Segment Adjusted EBITDA excludes corporate expenses.