#1atz Packsize Linie 8 12 SHE Ranpak 50 Ranpak Ranpak 90 Ranpak Investor Presentation May 2020#21 Ranpak Disclaimer CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "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 (the "Exchange Act"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward- looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this presentation may include, for example, statements about: our expectations around the performance of the business; our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business; our public securities' potential liquidity and trading; the lack of a market for our securities. The forward-looking statements contained in this presentation based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) our inability to secure a sufficient supply of paper to meet our production requirements; (2) the impact of the price of kraft paper on our results of operations; (3) our reliance on third party suppliers; (4) the high degree of competition in the markets in which we operate; (5) consumer sensitivity to increases in the prices of our products; (6) changes in consumer preferences with respect to paper products generally; (7) continued consolidation in the markets in which we operate; (8) the loss of significant end-users of our products or a large group of such end-users; (9) our failure develop new products that meet our sales or margin expectations; (10) our future operating results fluctuating, failing to match performance or to meet expectations; (11) our ability to fulfill our public company obligations; and (12) other risks and uncertainties indicated from time to time in filings made with the SEC. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. USE OF NON-GAAP FINANCIAL MEASURES This investor presentation includes non-GAAP financial measures for Rack Holdings Inc., including EBITDA, adjusted EBITDA, pro forma adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net sales, net sales, and gross profit on a constant currency basis. Management believes presentation of these non-GAAP measures is useful because they allow management to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to financing methods or capital structure. Management does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. The computations of EBITDA, adjusted EBITDA and free cash flow may not be comparable to other similarly titled measures of other companies. These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, measures of financial performance as determined in accordance with GAAP or as indicators of operating performance. Ranpak is not in a position to reasonably estimate the expected GAAP net income (loss) for fiscal year 2019. However, it expects to generate a GAAP net loss for such period. FINANCIAL STATEMENTS OF RACK HOLDINGS INC. The financial statement data of Rack Holdings Inc. for fiscal year 2015 included herein have been derived from the financial statements of Rack Holdings that were prepared in accordance with US GAAP. However, such financial statements have not been audited in accordance with the US PCAOB auditing standards applicable to public companies and are not included in the Registration Statement on Form S-4, as amended, filed by One Madison with the SEC in connection with the business combination. Accordingly, such financial data may not be directly comparable to the audited financial data of Rack Holdings Inc. for fiscal years 2016, 2017 and 2018 presented herein, which have been audited in accordance with the US PCAOB auditing standards applicable to public companies.#3Ranpak Ranpak Snapshot One of few publicly traded pure-play provider of environmentally friendly product protection solutions Industry leading provider of environmentally sustainable packaging solutions 107,000 Machine Installed Base (Exclusively Using Ranpak Consumables) 2 (1) (2) Enormous and growing TAM driven by e-Commerce growth and environmental/sustainability concerns $7+ bn Addressable market Global presence, diversified end-markets and blue-chip customers Asset-light (distribution), razor/razor blade model: highly profitable with strong FCF generation amazon INGRAM! IKEA EATON >30% Adj. EBITDA Margins Management team focused on capitalizing on tailwinds and driving aggressive, sustainable growth $277Mct) (1) 2019 Revenue $87M(2) 2019 Pro Forma Adj. EBITDA Pro Forma net revenue is a non-GAAP measure, consisting of net sales presented on a constant currency basis for the periods presented and excluding the impact of certain additional specified items. Based on constant currency at € / $ 1.15. Pro forma Adj. EBITDA is pro forma for estimated public company costs in each period, additional management hire, and the acquisition of e3neo. Based on constant currency at € / $ 1.15.#4Ranpak Foam VS Paper EPS box Medium protective performance Foam is too solid and stiff to actually absorb shocke Low speed operation Slow operation speed due to chemical process Low cost efficiency High initial investment and high material costs High protective performance Fast speed of operation Paper is natural flexible and absorbs shocks Fast speed allowing maximum box throughput Airbags Low protective performance Airbags transmit shocks to a product Low speed of operation Slow operating speed and additional storage required. VS Paper VS Paper aterial wit High cost efficiency No initial investment required and lower material costs High level of box handling Boxes have to be moved from truck to storage to packing stations High storage costs The volume of stored EPS boxes require huge amount of warehouse space Medium protective performance EPS takes care of a good temperature protection, but transfers shocks to the products Paper production on demand Fast speed paper pad production via variable modes Low storage costs One palet of paper is comparable to 2.600 medium sized EPS boxes High protective performance Paper absorbs shocks and is a good insulator fust Low cost efficiency Additional costs for handling and storage High protective performance Paper provides good shock absorption High speed of operation Paper is produced on-demand for a high operating speed. High cost efficiency Competitive costs-in-the-box Bubble on-demand Medium protective performance Bubble can transmit shocks to the products VS st Paper GROEIE Low flexibility Low cost efficiency Limited packing techniques possible More material used, difficult to dispose off High protective performance Waved paper solucion absorbs shocks High versatility A single effective solution to diverse packaging challenges High cost efficiency A high-volume pad, cut to precise length, using less material#54 Ranpak Ranpak is the Market Leader in Automated Paper Packaging $7 billion global market Global Protective Packaging Paper to gain share from less environmentally friendly substrates Systems based to gain share from manual Foam 33% Airbags 17% Bubble 35% Paper "In-the-Box" Packaging(1) Sealed Air Re-imagine Paper 15% 50% + Ranpak @ STOROpack Pregis + Other additional regional players As a leading pure-play fiber-based provider, Ranpak is well positioned to benefit from fiber share gain Source: Management Estimates, Freedonia. (1) Represents estimates for the North America and Europe systems based segment of protective packaging.#65 Ranpak Full Suite of Environmentally Friendly Packing Solutions Void-Fill Protects products by filling excess space in the shipping box. Prevents movement and breakage. Cushioning Protects fragile items during shipping. Shocks and vibrations are controlled. Ranpak Ranpak Ranpak#76 Ranpak Full Suite of Environmentally Friendly Packing Solutions Wrapping Provides protection against surface abrasion and internal impact when multiple items are packed together. Automation Solutions Turnkey solutions for the end-of-line in order fulfillment & material handling markets#8Ranpak Industry Leading Innovation FillPak Trident™ A paradigm shift in protective paper packaging Ranpak is pleased to annouce the launch of FillPak Trident™, effective today (12.05.19) in North America. Based on Ranpak's unique, patented triangular technology, FillPak Trident™ is an innovative, highly efficient packaging solution for medium and high volume shippers such as e-commerce hubs, fulfillment and distribution centers. PadPak Guardian The Flexible and Ergonomic Cushioning Solution to reduce Packaging Time. Ranpa Ranpak anpak 7 Cost Efficient Potentially reduce your Consistent Protection Unlike airbags, paper does not Versatile Multiple applications overall material usage deflate or lower the level of including void-fill and by 15% or more protection provided during transit blocking and bracing Contact [email protected] for more information FOOT SWITCH MODE BOS MODE Pak તિજ્ઞ હતા .. Ranpak#9Ranpak Leading Provider of Sustainable Packaging Solutions #1 player in fiber-based protective packaging solutions Cushioning (46% of sales) ■ Focused on protection of fragile objects from shocks and vibrations through cushioning ■Systems convert paper into cushioning pads by crimping the paper to trap air between the layers ■Installed base: ~32,000 units Void-Fill (42% of sales) ■Focused on filling empty space in secondary packages ■System converts paper to fill empty spaces in a package and limit object movement Installed base: ~60,000 units ■ Focused on securely wrapping fragile items ■ System creates paper mesh to properly protect items ■■Installed base: ~12,000 units Ranpak ■ Focused on designing, manufacturing, and selling automated box sizing equipment for high-volume applications System minimizes use of in-the-box packaging and automates end of line operation 8 Wrapping (10% of sales) Automation (3% of sales) Market leader in sustainable systems with a full suite of solutions for global commerce#10Ranpak Attractive & Diverse Business Fundamentals 2019A Sales Breakdown By region(1) Asia 6% Customers in 50 countries Historical focus on North America and Europe Europe 45% North America 49% Ranpak ■ Rapidly By category Full suite of solutions for protective Wrapping Automation 10% 3% packaging Significant IP protection with 400+ issued patents Cushioning 45% Void-fill 42% Ranpak expanding market in Asia Distribution vs. direct Asset-light distribution model through exclusive relationships with top tier Direct 14% Note: (1) (2) distributors Longstanding distributor relationships (most > 15 years) Distributor 86% By end markets(2) Over 33,000 end users Additional Healthcare 5% Warehousing / Transportation Services 5% Other 19% e-Commerce 34% e-Commerce exposure in other end markets Industrial 6% Home Goods e-Commerce growth and automation tailwinds Based on audited 2019 financial statements included in form 10-K filed on 03/17/2020. North America includes Mexico and Canada; Europe includes Western Europe, Central & Eastern Europe, Brazil and Ranpak Automation. Other includes Consumer Products, Technical Instruments, Business Services, Chemical/Plastic/Paint/Metal, Printing & Publishing and Other. Anpak Auto Aftermarket 10% Machinery 7% IT / Electronics 7%#11Ranpak Significant Tailwind: Environmental Focus Fiber is the preferred solution ■ Environmental sustainability gaining strong momentum by companies and consumers globally 85% of Ranpak's paper packaging in the US consists of either entirely or partially recycled content ■ As a dominant pure-play fiber-based provider (estimated 50%+ share in North American and European markets (¹)), Ranpak is well positioned to benefit from fiber share gain 100% Recyclable 100% Renewable ...Ranpak's fiber-based solution is winning in the marketplace M 100% Biodegradable | Main application Total cost savings Speed / throughput Effectiveness Sustainability Raw material cost stability Source: Company management, industry research. Fiber Airbags Foam Bubble wrap Loose fill (peanuts) Cushioning Void-fill Wrapping ■ Void-fill Cushioning Insulating Wrapping ■ Cushioning ■ Void-fill 10 (1) System based portion of the paper market per management estimates. О О О#12Ranpak Compelling Financial Attributes - High Growth and High Margins Ranpak Diverse Resilience End e-Commerce Growth Industry Leading High Cash EBITDA Users Engine Margin >33,000 >30% 31.5% Broad Customer Base e-Commerce Exposure 2019 Adj. EBITDA Margin (1) Flow Conversion 66% 2019 FCF Conversion (2) Attractive Sales Growth 6% 2015A 2019A CAGR Unit Economics 16 Months Average Payback Period on Machine Investment Stable Adj. EBITDA 2008A 2009A SVEN Fast growing, high return and resilient worldwide leader in sustainable systems-based packaging solutions 11 (1) (2) Adjusted EBITDA is a non-GAAP measure. Refer to the Appendix to this presentation for a reconciliation of Adjusted EBITDA to net income, the most directly comparable US GAAP measure. Free cash flow conversion (FCF Conversion) is a non-GAAP measure. FCF Conversion defined as Adj. EBITDA - Capex/ Adj. EBITDA. Refer to the Appendix to this presentation for a reconciliation of FCF to net cash flow from operations, the most directly comparable US GAAP measure.#13Ranpak Strong Growth Driven by Machine Placement 12 Note: (1) Adj. Net Sales (1) ($ in millions, unless otherwise noted) Compound sales annual growth rates 2002A-2019A 7.2% 2015A 2019A 6.2% $277 $264 $246 $233 $216 $218 $188 $176 $176 $149 $158 $156 $144 $128 $112 $100 $85 $89 8 ཚ ༔ ཤྩ ་ ་ ༔ རྞ ¢ < རཱཾ ༈ ༈ ༈ ༈ ¢ $ ཛྙ Based on unaudited sales prior to 2015 # of Machines (YE in 000s) 2002A-2019A 9.0% Compound annual growth rates 36 31 27 24 24 50 45 52 57 54 54 54 60 2015A 2019A 8.3% 82 76 70 64 97 91 = ཨྠ ་ ༔ ༔ ༔ ྃ ཙྪཱ ༔ ཎྜ རྞ རྞ ྃ རྩྭ ན ཙྭ ¢ ཚ ་ 2015 to 2017 sales figures are pro forma for the e3neo acquisition. Adjusted net sales is a non-GAAP measure, consisting of net sales presented on a constant currency basis for the periods presented and excluding the impact of certain additional specified items. Based on constant currency at €/$ 1.15. Refer to the Appendix to this presentation for a description of the basis of presentation and a reconciliation of Adjusted net sales to net sales for the years 2015-2018, the most directly comparable US GAAP measure. 105#1413 Ranpak Diversified and Growing End-Markets Underlying Market B2C B2B % of market % of Ranpak sales(1) Est. growth rate Requirements Representative customers e-Commerce -40% Automotive auto aftermarket -34% ~5% -10% IT electronics ~5% Machinery -10% Home goods -2% -7% -7% -7% GDP plus Low to mid teens ■Integrated packaging solutions, depending on layout of distribution centers ■Low handling time and cost amazon Walmart Jet ■Strong protective qualities, as parts are often heavy, have sharp edges, and a high unit price ■ Integrated packaging solution to fit industrial M Mercedes-Benz ■Low need for protective properties, as goods are often pre-packaged ■Cushioning material with modern image MVGW INGRAM! ■Delicate parts require strong protective properties CAT EATON ■ Void-fill and wrapping solutions which conform to complex shapes ■Provide some degree of cushioning IKEA Examples Example use case ■Shoes shipped via online retailer ■Individual car part shipped from manufacturer to repair shop ■ Phone part shipped between manufacturing locations ■Machine parts shipped to another company division ■ Assembled chair shipped to retail store Source: Freedonia and US Census. (1) Based on 2019 financial statements included in the Form 10-K filed on 3/17/20#15Ranpak Why Customers Choose Ranpak #1 #2 #3 #4 脚 #5 Systems placed at no cost to end user ■No capital outlay required for end users to improve efficiency of their business ■ High speed and reduced handling results in higher productivity Throughput and speed ■ Paper is faster than air bags Paper produced on demand and at the point of operation reducing handling ■■9 out of 10 people prefer paper (1) Efficacy - flexibility and reduced breakage ■Total cost of ownership is lower ■ Superior protection offered reduces damages ■More flexible in application and can be used for cushioning, void fill and wrapping ■■Paper fits into all voids, while air bags can only fill large voids due to their fixed shape ■ Air bags subject to puncture and deflation while paper maintains its integrity Reliability of machines and service ■ Quality of systems (reliability and durability) gives end users confidence in their packaging solution ■ Excellent customer service and responsive account representatives Sustainability ■The recycling rate for paper is ~70% vs. ~5% for plastic packaging in the US and Europe (2) ■Ranpak paper comes from SFI (3) or FSC (4) certified sources and is the only truly renewable packaging resource CEPI sustainability research 2011. European Paper Recycling Council; American Forest & Paper Association. Sustainable Forestry Initiative. 14 (2) (3) (4) Forest Stewardship Council.#1615 Ranpak Razor / Razorblade Model Supports Long-Term Relationships and Favorable Economics Ranpak Systems and consumables sold direct and through exclusive distributors ■ Customers exclusively use Ranpak's consumables ■ High customer satisfaction due to reliability and high quality ■ Reliable provider of fulfillment service <- Recurring sales End users Efficient economic model Machines provided at low cost to distributors with bulk of revenue generated from sales of high margin consumables Attractive unit economics Asset-light model with low working capital enables high FCF generation Flexibility to reach thousands of end-users with a lean salesforce Recurring sales ■■Global installed base of ~107,000 systems End-users are contractually committed to buy Ranpak's high margin and specialized consumables ■Ranpak owns all of the machines and can reuse / refurbish them to extend their useful lives#17Ranpak Asset-Light Distribution Model Exclusive distribution network enables sales reach to thousands of small, fragmented end-users while maintaining an asset-light capital base and lean salesforce Long-standing customer partnerships ■Sells value-added consumables to end-users through an established network of more than 240 exclusive distributors worldwide ■Fragmented end-user base in diverse markets with small average account size → pricing power and competitive barriers ■Why distributors win: -Partner with leading paper system solution provider to facilitate sales. Extensive ongoing training and marketing to ensure high service levels - Exceptional value proposition for end users: total cost, speed, quality Sales breakdown by relationship length(1) < 5 Years 12% 5-10 Years 7% Number of distributor-serviced accounts by size(1) > $75k 3% $35k-$75k 3% < $2.5k 36% $10k - $35k 14% > 15 Years 73% 10-15 Years 8% Low turnover with many relationships over 20 80% under $10k $2.5k $10k 44% - Average account size approximately $8,500 years 16 (1) Estimated based on unaudited 2017 financial information of Rack Holdings Inc.#18Ranpak 17 just for you Growth Opportunities#19Ranpak Ranpak Growth Opportunities #1 Geographic Expansion #2 #3 #4 ■ High growth international opportunities - Asia-Pacific (~6% of sales) and South America New Products and Automation Increased innovation activity to excite customers Next generation Void-fill, Cushioning and Thermal Pad' It (Automation) ■ Expand Automation to North America ■ Portfolio expansion and new product lines ■Thermal offering to serve burgeoning online grocery and meal kit delivery markets Retailers & Channel Expansion ■Retail distribution for wrapping solutions - compete against foam and bubble wrap Expand Geami product offering Brick and mortar conversion to omni-channel Ship from store / take-with/return hubs for e-Commerce Improved Branding and Outreach ■Improving Ranpak's digital presence New website, digital content, and marketing campaigns - Improved access to data and ease of doing business for our customers ■ Partnering with NGO's to drive awareness of Ranpak and benefits of paper vs plastic #5 Making Machines Smarter 18 Utilize technology to optimize throughput, machine placement, and servicing needs#2019 Ranpak Value creation levers and growth opportunities New! Pad'it 180 Ecofriendly Adjacencies Automation Retail Distribution for Wrapping Enhance Performance through Technology Throughput, machine placement, and servicing Cold Chain / Thermal Substantial opportunity in growing grocery, meal kits, and pharma Enhanced Branding and Consumer Outreach 81% of consumers feel strongly that companies should improv the arwiroamant#21Ranpak Investment highlights Financial highlights ✓ Long-term sales growth - 7.0% 2013A to 2018A CAGR ✓ e-Commerce led growth - 30%+ e-Commerce exposure ✓ Industry-leading EBITDA margin - 31.5% 2019A Adjusted EBITDA Margin ✓ High cash flow conversion – 66% 2019A FCF conversion(¹) ✓ High customer retention rates - 33,000+ installed base of customers Asset-light distribution model underpins resilience – stable Adj. EBITDA 2008 to 2009 Razor-razorblade business model - customers buy Ranpak consumables exclusively Attractive unit economics - ~16 months payback period on machine investment Incremental upside Outsized market tailwinds Geographic expansion Next generation innovation Fiber gaining share from plastic Thermal/cold chain innovation M&A Adj EBITDA is a non-GAAP metric. FCF Conversion defined as Adj. EBITDA-Capex / Adj. EBITDA. Refer to the Appendix to this presentation for a reconciliation of Adjusted EBITDA to net income, the most directly comparable US GAAP measure. (1) 20 20#2221 Ranpak The Paper Packaging Experts TM Appendix Ranpak Ranpak#23Ranpak Non GAAP metric reconciliation Quarterly Year Ended December 31, $ in millions 1Q18 1Q19 2Q18 2Q19 3Q18(1) 3Q19(1) 4Q18 4Q19 2018 (1) 2019 (1) Net sales Reported net sales 61.6 66.1 65.2 56.6 65.1 69.1 76.0 77.7 267.9 269.5 Constant currency adjustment (2.1) 0.5 (1.1) 0.7 (0.4) 1.2 0.3 1.5 (3.3) 3.9 Constant currency net sales (2) 59.5 66.6 64.1 57.3 64.7 70.3 76.3 79.2 264.5 273.4 Automation revenue recognition (0.4) 1.3 (1.3) (1.7) 1.3 Purchase accounting 2.6 0.1 0.0 2.7 Pro forma net sales (2) 59.1 67.9 64.1 59.9 64.7 70.4 75.0 79.2 262.9 277.4 Pro forma Adjusted EBITDA Net income (loss) (6.8) (3.3) Depreciation & amortization 16.3 Interest expense 7.1 Income tax benefit (1.3) (0.6) Unrealized (gain) / loss on translation 3.0 (2.1) Purchase accounting Constant currency adjustment at 1.15 (0.7) ུ་ྒུ་ཆ 1.9 (26.1) 0.3 (1.6) (4.0) (5.7) (8.7) (36.7) 16.1 15.9 15.2 16.0 15.4 16.2 15.0 64.5 61.7 8.1 7.8 20.1 8.0 9.5 8.1 9.7 30.9 47.4 0.9 (6.1) (5.5) (3.7) (6.3) (1.1) (0.8) (3.2) 6.8 1.1 0.1 (0.4) (1.6) (0.1) 0.4 ཌཱུ་ྔ (1.1) 3.4 (7.1) (7.0) (0.2) 2.6 (4.2) (3.8) 7.9 0.1 2.2 (1.1)▼ 1.1 Non-cash impairment losses 0.3 0.2 0.4 0.9 0.6 0.2 0.5 1.2 1.8 2.5 M&A, restructuring and severance 0.0 0.8 0.5 7.7 2.0 2.2 5.0 2.9 7.5 13.61 PE sponsor costs 0.4 0.5 0.5 0.8 0.4 0.3 1.6 1.3 1 RSU 0.2 1.6 (0.1) 1.7 Contingent liability adjustment (1.2) (1.2) Other non-core and non-cash adjustments Adjusted EBITDA (2) 0.6 0.2 0.5 0.5 0.5 0.1 1.0 (1.6) 2.7 (0.8) ! 18.9 20.0 21.8 17.3 21.4 22.0 25.9 28.5 88.0 87.8! Pro forma Automation (0.1) 0.4 (0.4) (0.5) 0.4 Pro forma public company costs (0.7) (0.7) (0.7) (0.5) (0.7) (0.7) 0.3 (2.9) (0.9)! Pro forma Adjusted EBITDA (2) 18.1 19.7 21.1 16.8 20.6 22.0 24.8 28.8 84.6 87.3 % margin 30.6% 29.0% 32.9% 28.0% 31.9% 31.3% 33.2% 36.4% 32.2% 31.5% (1) 22 (2) Represent unaudited financials. Due to the predecessor and successor accounting periods relating to the closing of the business combination, for the convenience of readers, we have presented the twelve month periods ended December 31, 2019 on a combined basis (reflecting simple arithmetic combination of the GAAP predecessor and successor periods without further adjustment) in order to present a meaningful comparison against the corresponding period twelve months ended December 31, 2018. Financial metrics of the Company presented on a constant currency basis, including net sales, gross profits, and Adjusted EBITDA on a constant currency basis. The average foreign exchange rate used by the Company for the three. and twelve months ended December 31, 2019 and 2018 was $1.15:€1.00.