#1Aspire. Focus. Grow. Amcor investor presentation September 2018#2Disclaimer Cautionary Statement Regarding Forward-Looking Statements This communication contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Amcor Limited ("Amcor"), its subsidiary Arctic Jersey Limited ("New Amcor") and Bemis Company, Inc. ("Bemis") have identified some of these forward-looking statements with words like "believe," "may," "could," "would," "might," "possible," "will," "should," "expect," "intend," "plan," "anticipate," "estimate," "potential," "outlook" or "continue," the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this communication include, without limitation, statements about the anticipated benefits of the contemplated transactions, including future financial and operating results and expected synergies and cost savings related to the contemplated transactions, the plans, objectives, expectations and intentions of Amcor, New Amcor or Bemis and the expected timing of the completion of the contemplated transactions. Such statements are based on the current expectations of the management of Amcor or Bemis, as applicable, are qualified by the inherent risks and uncertainties surrounding future expectations generally, and actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of Amcor, New Amcor or Bemis, or any of their respective directors, executive officers or advisors, provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward- looking statements will actually occur. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to: uncertainties as to the timing of the contemplated transactions; uncertainties as to the approval of the transactions by Bemis' and Amcor's shareholders, as required in connection with the contemplated transactions; the possibility that a competing proposal will be made; the possibility that the closing conditions to the contemplated transactions may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary approval; the effects of disruption caused by the announcement of the contemplated transactions or the performance of the parties' obligations under the transaction agreement making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that shareholder litigation in connection with the contemplated transactions may affect the timing or occurrence of the contemplated transactions or result in significant costs of defense, indemnification and liability; uncertainties as to the availability and terms of refinancing for the existing indebtedness of Amcor or Bemis in connection with the contemplated transactions; uncertainties as to whether and when New Amcor may be listed in the US S&P 500 index and the S&P/ASX 200 index; uncertainties as to whether, when and in what amounts future dividend payments may be made by Amcor, Bemis or New Amcor; other business effects, including the effects of industry, economic or political conditions outside of the control of the parties to the contemplated transactions; transaction costs; actual or contingent liabilities; disruptions to the financial or capital markets; other risks and uncertainties discussed in Amcor's disclosures to the Australian Securities Exchange ("ASX"), including the "2017 Principal Risks" section of Amcor's Annual Report 2017; and other risks and uncertainties discussed in Bemis' filings with the U.S. Securities and Exchange Commission (the "SEC"), including the "Risk Factors" section of Bemis' annual report on Form 10-K for the fiscal year ended December 31, 2017. You can obtain copies of Amcor's disclosures to the ASX for free at ASX's website (www.asx.com.au). amcor NOTE: Throughout this document all outlook and guidance comments relate to Amcor on a stand-alone basis and therefore exclude any impact from the Bemis transaction announced on 6 August 2018. Subject to closing conditions, the transaction is targeted to close in the first quarter of calendar year 2019. 2#3Disclaimer continued Cautionary Statement Regarding Forward- Looking Statements cont. You can obtain copies of Bemis' filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and none of Amcor, New Amcor or Bemis undertakes any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Legal Disclosures No Offer or Solicitation This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Important Additional Information Will Be Filed with the SEC In connection with the contemplated transactions, New Amcor intends to file a registration statement on Form S-4 with the SEC that will include a joint proxy statement of Bemis and prospectus of New Amcor. The joint proxy statement/prospectus will also be sent or given to Bemis shareholders and will contain important information about the contemplated transactions. Shareholders are urged to read the joint proxy statement/prospectus and other relevant documents filed or to be filed with the SEC carefully when they become available because they will contain important information about Bemis, Amcor, New Am cor, the contemplated transactions and related matters. Investors and shareholders will be able to obtain free copies of the joint proxy statement/prospectus (when available) and other documents filed with the SEC by Bemis, Amcor and New Amcor through the SEC's website (www.sec.gov). Participants in the Solicitation Bemis, Amcor, New Amcor and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Bemis shareholders in connection with the contemplated transactions. Information about Bemis' directors and executive officers is set forth in its proxy statement for its 2018 Annual Meeting of Shareholders and its annual report on Form 10-K for the fiscal year ended December 31, 2017, which may be obtained for free at the SEC's website (www.sec.gov). Information about Amcor's directors and executive officers is set forth in its Annual Report 2017, which may be obtained for free at ASX's website (www.asx.com.au). Additional information regarding the interests of participants in the solicitation of proxies in connection with the contemplated transactions will be included in the joint proxy statement/prospectus that New Amcor intends to file with the SEC. Non-IFRS information Results shown refer to underlying results unless otherwise indicated. Underlying earnings is defined and reconciled on slide 37. Certain non-IFRS financial information has been presented within this presentation. This information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Amcor uses these measures to assess the performance of the business and believes that the information is useful to investors. Non-IFRS information, including underlying earnings and average funds employed have not been audited but have been extracted from Amcor's annual financial report. Full year results available information Amcor has released a package of information relating to its financial results for the full year ended 30 June 2018. Information contained in this presentation should be read in conjunction with information contained in the associated News Release and Webcast, available at www.amcor.com amcor NOTE: Throughout this document all outlook and guidance comments relate to Amcor on a stand-alone basis and therefore exclude any impact from the Bemis transaction announced on 6 August 2018. Subject to closing conditions, the transaction is targeted to close in the first quarter of calendar year 2019. 3#4Safety 1.80 1.60 1.6 Lost-time frequency rate Recordable-case frequency rate 8 7.4 7 Acquisition impact CO 6 5.1 1.40 1.2 1.20 1.00 0.80 0.60 0.40 0.20 0.00 1.0 5 4.1 4.0 3.4 0.9 0.9 0.8 0.8 0.7 0.6 0.6 0.5 4 2.6 3 2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018* 1 0 2008 to 2012 data includes the demerged Orora business. Total rates for 2015 and onwards includes acquired businesses from the first day of ownership. *The increase in the frequency rates between 2016 and 2017 reflects the inclusion of the Alusa and Sonoco acquisitions Committed to our goal of 'no injuries' 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018* Acquisition impact 2.4 2.6 2.0 2.0 2.0 amcor 4#5Key messages 1 Amcor: High Performing and Uniquely Positioned 2 FY18 Result and FY19 Outlook 3 amcor 4 Clear Strategy and Significant Growth Potential Bemis transaction: Substantial Value Creation Opportunity 5#6Amcor - overview • Founded in Australia in 1860s USD 9bn sales, AUD 17bn market cap, ASX listed Global leader: flexible and rigid plastic consumer packaging Focused portfolio of high value packaging for consumer staples Steamed Rice • ~195 plants, ~33,000 employees, 40+ countries 4% 13% 20% 37% 4% USD 9bn sales 14% USD 9bn sales 55% 28% 25% ■ Food ■ Beverage ■ Healthcare ■ Home & Personal care ■Flexible packaging Specialty Cartons ■ Other Note: Based on FY18 amcor BLEND GROUND COFFEE fair. Brown Meduminic 909 Rigid Plastic containers ■Closures 00000 method CONCENTRATED DETERGENT 139/ 6#7Geographic diversification, global reach AND local presence Sales by geographic region Sales by emerging and developed markets Emerging market sales by country Asia Pacific 15% Europe, Middle Americas 44% East & Africa 41% Developed markets 70% Emerging markets 30% Europe, Middle East & Africa Americas Asia Pacific Global plant network 65 88 37 Notes: Based on FY18 sales revenue mix amcor 7#8Leadership positions and scale in key segments Rigid Plastics North America 1° Flexibles EMEA 1° Rigid Plastics 1° Latin America Flexibles Latin America 1° Flexibles 1° Asia Pacific 1° Specialty Cartons, Global USD billion annual revenue Flexibles Europe, Middle East & Africa 3.3 Flexibles Americas Flexibles Asia Pacific Rigid Plastics Specialty Cartons 0.9 1.2 2.8 1.2 Notes: Reflects FY18 sales revenue amcor 8#9Amcor - strong financial metrics and consistent margin improvement Amcor Key financials (FY18 USD) Revenue Net Income Effective Tax Rate USD 9.3bn PBITDA USD 1.4bn PBITDA Margin 15.5% ROAFE USD 724m 17.5% 19.0% 12.0% 11.6% 11.1% 11.2% 10.9% Acquisition impact PBIT Margins ■Returns on funds 9.1% 8.7% employed (%) 21.6 8.1% 20.3 20.4 7.7% 19.4 18.6 19.0 7.1% 6.8% 15.9 14.1 12.4 11.8 10.5 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 amcor Free Cash Flow after capex and dividends (USD millions) 268 343 298 311 Reported EPS (USD cents per share) 245 194 57.3 56.2 55.8 57.7 60.6 62.6 Estimated pre-tax WACC FY13 FY14 FY15 FY16 FY17 FY18 Constant currency EPS growth +9.2% +6.4% +11.3% +10.1% -0.2% Reported free cash flow Spend on flexibles restructuring 9#10Strong total returns for shareholders 500% 300% 100% (100%) Aug 08 May 10 Amoor 387% Total return % Dec 11 Aug 13 May 15 Dec 16 Aug 18 [1] Global packaging index S&P/ASX 200 145% 94% Offshore shareholders Amcor shareholder base: geographic dispersion 1% 7% 16% 14% 33% 29% ■ Retail ■ Institution - North America - Institution - Asia Australian shareholders ■Institution - Australia ■ Institution - Europe -Institution - Rest of world Notes: Citi, IRESS, FactSet. Market data as at 31 July 2018. Global packaging index represents a weighted index comprising: Aptar Group, Ball Corp, Bemis, Berry Plastics, Crown amcor Holdings, Graphic Packaging, Huhtamäki, Mayr Melnhof Karton, Owens Illinois, RPC Group, Sealed Air, Silgan, Sonoco and WestRock. Amcor share register analysis as at 7 August 2018 10#11Amcor reporting segment overview Flexibles Flexibles Europe, Middle East and Africa Flexibles Asia Pacific Flexibles Americas North America Beverage Specialty Cartons Bericap NA (JV) Rigids Latin America North America Specialty Containers 2018 Sales: USD 6.5bn Employees: 2018 PBIT: USD 835m Plants: ~26,000 -130 2018 Sales: 2018 PBIT: USD 2.8bn USD 312m Employees: ~7,000 Plants: ~60 Sales by region: Countries: 37 Sales by region: Countries: 12 amcor Emerging markets 34% ANZ 7% North America 12% Notes: Based on FY18 sales revenue mix Western Europe 47% Emerging markets 19% North America 81% 11#12Amcor Flexibles overview Sales by business group 19% 3% Sales by end market AmLite by Amcor 20% 40% 4% USD 6.5bn sales 47% 5% USD 6.5bn sales 13% 18% 11% ■Flexibles EMEA ■ Flexibles Americas ■ Capsules ■ Flexibles Asia Pacific Specialty Cartons ■ Food Beverage ■ Foil & Industrial Notes: Based on FY18 sales revenue mix amcor 20% ■ Healthcare ■ Home & Personal care ■ Other of bailm HEATFlex AmLite by Amcor ULTRA AmLite by Amcor amcor amcor Vento amcor amcor Fortis 12 12#13Amcor Flexibles historical growth PBIT margins and RoAFE near doubled in the last decade PBIT Margin % 18.0% ROAFE 24.1% 16.0% 14.0% 13.1% 12.1% 12.5% 12.5% 12.9% 12.8% 12.0% 10.0% 11.2% 11.6% 9.8% 9.0% 8.4% 8.0% 6.6% 6.6% 6.0% 4.0% 2.0% 0.0% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 PBIT Margin % FY17 FY18 amcor 13#14Amcor Rigid Plastics overview Sales by business unit North America sales by category 19% 24% 5% 7% 30% USD 2.8bn sales 51% USD 2.3bn sales 29% FROST POWERADE 34% amcor ■North America beverage ■ North America specialty containers ■Latin America ■ BCNA JV ■ CSDW ■Custom ■Specialty containers ■ BCNA JV amcor Notes: Based on FY18 sales revenue mix YARMOR Bolthouse FARMS Daily Greens PURE LEAF method CONCENTRATED DETERGENT 139 VEGETABLIS 100% nutella glade Enfomil Infant 14 ALKALIN WATER#15Amcor Rigid Plastics historical growth PBIT margins and RoAFE near doubled in the last decade PBIT Margin % amcor 16.0% 14.0% 12.0% 9.6% 10.0% 8.0% 6.0% ROAFE 4.0% 2.0% 0.0% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 ■PBIT Margin % 17.0% 15#16Key messages amcor 1 Amcor: High Performing and Uniquely Positioned 2 FY18 Result and FY19 Outlook 3 Clear Strategy and Significant Growth Potential 4 Bemis transaction: Substantial Value Creation Opportunity 16#17FY2018 full year result(1) • PAT and EPS in line with last year in constant currency terms • Flexibles: USD 43m total impact from normal time lag in recovering higher raw material costs Rigid Plastics: weak beverage volumes in North America on adverse customer and product mix Outstanding cost performance across the business USD million Jun 17 Jun 18 Δ% Constant Currency Δ% . Sales revenue 9,101.0 9,319.1 2.4 (0.6) • PBIT 1,088.2 1,085.5 (0.2) (3.3) PBIT margin (%) 12.0 11.6 PAT 701.2 724.0 3.3 (0.2) • EPS (US cents) 60.6 62.6 3.3 (0.2) • Free cash flow 245.3 194.1 Return on funds employed (%) 20.4 19.0 Dividend (US cents) 43.0 45.0 4.7 amcor Ongoing net benefit from US tax reform Solid cash flow and balance sheet Free cash flow of USD 194 million Net debt/ PBITDA 2.7 times Full year dividend up 5% to 45.0 US cents per share Constant currency earnings in line with last year Encouraging indications entering the 2018/19 financial year (1) Throughout this document, all references to June 18 are to statutory earnings and references to June 17 are to underlying earnings unless otherwise indicated. Underlying earnings for June 17 are defined and reconciled on slide 37. 17#18FY 2019 outlook (1) • . • • Encouraging signs heading into the 2019 financial year Modest improvement in volumes in the North America beverage segment Earnings headwinds have started to slow in some regions from the lag in passing on higher raw material costs Emerging markets growth of 4% in H2 Expect the Rigid Plastics and Flexibles businesses to deliver solid PBIT growth in constant currency terms • • (2) Modest organic growth Benefits from restructuring initiatives, including USD 5-10 million from new Rigid Plastics initiatives (total benefits of USD 15-20 million by end of FY2020) Benefits from recently acquired businesses, net of cost to achieve synergies (1) amcor (2) Expect constant currency earnings growth in the 2019 financial year Long-term growth potential remains substantial Throughout this document, all references to June 18 are to statutory earnings and references to June 17 are to underlying earnings unless otherwise indicated. Underlying earnings for June 17 are defined and reconciled on slide 37. Growth rates are on a constant currency basis. Refer Amcor full year results news release dated 21 August 2018, available at www.amcor.com for full outlook statements. 18#19Key messages amcor 1 Amcor: High Performing and Uniquely Positioned 2 FY18 Result and FY19 Outlook 3 Clear Strategy and Significant Growth Potential 4 Bemis transaction: Substantial Value Creation Opportunity 19#20Amcor strategy Our businesses FOCUSED PORTFOLIO: Our differentiated capabilities THE AMCOR WAY: Cantico FLEXIBLE PACKAGING RIGID PLASTIC CONTAINERS SPECIALTY CARTONS CLOSURES ini Talent Commercial Operational Innovation Excellence Leadership Cash and Capital Discipline Our winning aspiration WINNING FOR CUSTOMERS, EMPLOYEES, INVESTORS AND THE ENVIRONMENT: THE leading global packaging company amcor 20 20#21Amcor shareholder value creation model ✓ Dividend (~ USD 500m) Strong, defensive cash flow Reinvestment (~ USD 400m) amcor Growth in line with EPS ~ 4% yield Total shareholder Organic EPS growth of ~ 3-4% value of 10-15% per annum with low volatility $ Acquisitions and/or buy-backs ( USD 200-300m) EPS growth of ~ 2-7% 21 21#22Customer relationships - winning with big and small brands Flexibles EMEA (FY18 sales) CHINGFORD primafruit GRUNENTHAL BIOXIS GUYLLAN Bewley's MAARUD PHARMACEUTICALS Artisanal Belgian Chocolates Rigid Plastics North America Beverage DELPHARM WYN Clear Regional Business Unit PROTEIN20 recovery maple maple. Evitae vitae vita ROAR 10 tapt மண்டு ولة core core neuro L'OCCITANE DEWLAY EN PROVENCE MICROTEH EVG >4,000 MEDICAL ~25 -10 >40% sales growth €Єm sales per annum >30m 10m-30m <10m FY14 FY18 USD sales % of Flexibles EMEA sales -35% -15% -50% # of customers amcor 22 22#23Emerging markets - packaging spend growth Low income Young and growing population • Very low incomes • Wet markets, unpackaged goods Inflection point Young and growing population Rising incomes Urbanisation, modernising retail channels, packaged goods amcor Packaging spend per capita ★Vietnam India USD 0 - USD 10k Philippines Poland Czech Republic Brazil C. Turkey Chile South Africa Mexico China Egypt Thailand Indonesia Argentina Malaysia Russia South Korea • • ■Canada Australia USA UK * Hong Kong Tapering off Ageing population High incomes USD 10 USD 30k USD GDP per capita USD 30 USD 70k 23 23#24Sustainability: leading by example We are the first packaging company pledging to develop all packaging to be recyclable or reusable by 2025 ELLEN MACARTHUR FOUNDATION amcor Creating a new world of packaging L'ORÉAL PARIS Develop all our packaging to be recyclable or reusable by 2025 Significantly increase our use of recycled materials in our packaging Work with others to drive consistently greater worldwide recycling of packaging PEPSICO evian MARS M&S MARKS & SPENCER WERNER & MERTZ Kraft Heinz ecover The Coca-Cola Company Walmart NestleⓇ Unilever amcor 24 24#25Track record of growth by acquisition in all businesses USD million spend 700 600 500 400 300 200 100 ■Rigid Plastics ■Flexibles Americas Flexibles Europe ■Specialty Cartons ■Flexibles Asia Pacific Total spend (USDm) (1) Number of acquisitions amcor 2012 2013 2014 2015 2016 2017 273 191 104 58 655 323 3 (1) Spend based on announced cost. 4 3 2 8 3 Note: Periods shown are full financial years. 25 25#26Key messages 1 Amcor: High Performing and Uniquely Positioned 2 FY18 Result and FY19 Outlook 3 Clear Strategy and Significant Growth Potential 4 Bemis transaction: Substantial Value Creation Opportunity amcor 26 26#27Amcor and Bemis combination: key messages Amcor and Bemis combination to create the global leader in consumer packaging ...Stronger value proposition for customers, employees and the environment ...Substantial value creation for all shareholders ... Two proud histories, one great future amcor 27 27#28Amcor and Bemis combination: strategic rationale Stronger value proposition for customers, employees and the environment amcor Comprehensive global footprint Greater scale to better serve customers in every region Increased exposure to attractive end markets & product segments Best-in-class operating and innovation capabilities Continued strong commitment to environmental sustainability Greater depth of management talent 28#29The global leader in flexible packaging Comprehensive global flexible packaging footprint Amcor Flexibles1 Bemis² Flexible packaging Combined company USD 5bn ~110 plants USD 4bn ~50 plants USD 9bn ~160 plants ■ North America ■Latin America ■ Asia Pacific ■ EMEA 1. Based on CY17 revenues, excluding specialty cartons 2. amcor Amcor management estimates based on Bemis CY17 revenues 29 29#30Leadership positions and scale in all key regions Flexible packaging Flexibles North America 2.8 3.4 0.5 Amcor Bemis Combined company amcor 0.4 Flexibles Latin America 0.5 0.9 Amcor Bemis Combined company Flexibles Europe 0.3 2.9 3.2 Flexibles Asia 0.2 Amcor Bemis Combined company 1.4 1.2 Note: Revenue in USD billion and based on CY17 revenues; Amcor revenues exclude specialty cartons; Bemis amounts based on Amcor estimates of CY17 revenues Amcor Bemis Combined company 30#31Best-in-class capabilities...greater differentiation... global platform Amcor brings: 13 Amcor Flexibles segment % PBIT return on sales • Track record of growth through acquisition . Strong relationships with Global Key Accounts 219 12 11- 10 • Long history of profitable emerging markets participation The Amcor Way: Differentiated capabilities to drive competitive advantage and financial impact The Amcor Way Capabilities deployed consistently across. Amcor that enable our businesses to win. 987 7 6 LO 5 st 4 Talent Commercial Operational Excellence Leadership Innovation Cash and Capital Discipline ValuePlus amcor >ProcurePlus Collaborate. Innovate. Deliver. 20333 Alcan Amcor 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ...evolving over time...contributing to the bottom line Commercial Excellence - profitability analysis, mix optimisation, key account management Cash and Capital Discipline - working capital, M&A, synergy capture Operational Leadership - procurement savings, TCO benefits 31#32Best-in-class capabilities...greater differentiation... global platform • Bemis brings: Material science and technology R&D resources and infrastructure, incl. Innovation Centre • Strong relationships with key customers • Long history of profitable participation in attractive segments Bemis North America CY17: USD 2.8 bn sales, 13.4% margin ■ Meat & cheese ■Dairy & liquids ■Specialty food & meals. ■ Other food ■ Beverage wraps ■ Other non-food Barrier films Liquiflex Advance bMET™-metallized sealant film amcor Protein packaging Curwood Shrink Bag Curwood® barrier bag Bemis Innovation Centre MOTTS Fugint Fugin MOTTS Meat & Cheese Liquids • Global growth drivers Rising protein consumption Longer shelf life -> higher barrier requirements On-going conversion from glass and metal Greater packaging functionality - higher performance materials 32 32#33Amcor and Bemis combination: financial rationale Substantial value creation for all shareholders Compelling transaction metrics All-stock acquisition at an implied value in line with Amcor's current trading EV/PBITDA multiple, pre synergies USD 180 million of pre-tax annual cost synergies by the end of year 31 • Double digit proforma EPS² accretion for all shareholders³ • Double digit returns in excess of Amcor's WACC Stronger financial profile going forward Greater liquidity for investors Cash and tax free • • . Revenue of more than USD 13 billion and PBITDA of USD 2.2 billion³ Combined estimated market capitalisation of USD 17 billion4 Higher margins through the delivery of cost synergies Potential to grow at higher rates over long term - stronger customer value proposition, complementary capabilities, increased exposures to attractive segments Annual free cash flow of more than USD 1 billion 5 Investment grade balance sheet with immediate capacity for further investment Two major global listings - NYSE and ASX Expected inclusion in the S&P500 and S&P/ASX 200 indexes • For all shareholders in a share for share exchange 1. 2. amcor 3. 4. Incremental to Bemis' "Agility" improvement plan Excludes the impact of purchase accounting Excluding the value of capitalized synergies After taking into account USD 180 million pre-tax cost synergies 5. Defined as cash from operations after capital expenditure, before dividends 33#34Significant cost synergy benefits Substantial cost synergy opportunity of USD 180 million p.a. (4-5% of Bemis sales)1 Estimated synergies Estimated USD 180 million cost synergies Potential for additional sources of synergies² 20% 40% 40% 100% Procurement Operations G&A & other costs Total cost synergies Further synergies Total potential synergies 1. amcor 2. 3. Incremental to Bemis" "Agility" improvement plan Any additional synergies would be additive to the transaction metrics Estimated costs expected to be incurred in years 1 and 2 Estimated synergy realisation (USD m) 65 130 180 Year 1 Year 2 Year 3 Estimated cost to implement of USD 150 million³ expected to be funded by capex and working capital synergies 34#35amcor Summary 1 2 3 4 Amcor: High Performing and Uniquely Positioned FY18 Result and FY19 Outlook Clear Strategy and Significant Growth Potential Bemis transaction: Substantial Value Creation Opportunity 35 35#36Aspire. Focus. Amcor investor presentation Grow. Appendix slides#37Results Statutory result Adjustments (1) Underlying result USD million 2017 2018 2017 2018 2017 2018 Sales revenue 9,101.0 9,319.1 9,101.0 9,319.1 PBITDA 1,311.5 1,441.8 (135.5) . 1,447.0 1,441.8 - Depreciation and amortisation (358.8) (356.3) (358.8) (356.3) PBIT 952.7 1,085.5 (135.5) 1,088.2 1,085.5 - Net finance costs (187.0) (204.8) (187.0) (204.8) Profit before tax 765.7 880.7 (135.5) 901.2 880.7 - Income tax expense (151.7) (145.3) 31.3 (183.0) (145.3) - Non-controlling interest (17.0) (11.4) (17.0) (11.4) Profit after tax 597.0 724.0 (104.2) 701.2 724.0 Key ratios PBIT margin (%) Return on funds employed (%) EPS (US cents) Free cash flow (USD million) amcor (1) Refer to slide 38 further details. 12.0 11.6 20.4 19.0 60.6 62.6 245.3 194.1 37#38Details of adjustments USD million Flexibles EUR million Flexibles Rigid Plastics Investments / Other Consolidated Income statement 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 Flexibles segment restructuring (124.4) (135.5) (135.5) Total PBIT adjustments (124.4) (135.5) (135.5) Tax on adjustments 28.8 31.3 31.3 Total PAT adjustments (95.6) (104.2) (104.2) amcor 38#39Non-IFRS information The following notes provide further details of certain non-IFRS financial measures used throughout this presentation: Operating cash flow is cash flow from operating activities calculated in accordance with IFRS and extracted from Amcor's financial statements, adjusted to take into account capital expenditure and other items. This measure is reconciled to cash flow from operating activities as follows: Operating cash flow Capital expenditure Proceeds on disposal of PP&E Other items Cash flow from operating activities 2017 2018 USD million USD million 734.4 720.9 379.2 (82.8) (3.4) 1,027.4 372.1 (156.6) 0.7 937.1 Free cash flow is operating cash flow (refer above) less dividends and other equity distributions paid during the period calculated in accordance with IFRS and extracted from Amcor's financial statements. Movement in net debt is reconciled to the net increase in cash held calculated in accordance with IFRS and extracted from Amcor's financial statements as follows: Proceeds from borrowings Repayment of borrowings Net increase in cash held Effects of exchange rate changes on cash and cash equivalents Other items Cash increase in net debt 2017 USD million (3,959.5) 3,745.1 2018 USD million (4,519.4) 4,660.0 11 57.8 (13.5) (0.3) (170.4) (9.8) (5.8) (1.1) 123.9 amcor 39