Investor Presentaiton

46 161 Key risks - General investment risks Risks associated with an investment in shares There are general risks associated with investments in equity capital such as Orora shares. The trading price of Orora shares may fluctuate with movements in equity capital markets in Australia and internationally. This may result in the market price for the New Shares being less or more than the Offer Price. Generally applicable factors that may affect the market price of shares include: . general movements in Australian and international stock markets; Ukraine conflict • investor sentiment; . Australian and international economic conditions and outlooks; . changes in interest rates and the rate of inflation; • changes in government legislation and policies, in particular taxation laws and climate-related laws and regulations; announcement of new technologies; • pandemics and epidemics; • geo-political instability, including international hostilities and acts of terrorism; • demand for and supply of Orora shares; and • announcements and results of competitors and analyst reports. No assurance can be given that the New Shares will trade at or above the Offer Price or that there will be an active market in Orora shares. None of Orora, its directors or any other person guarantees the performance of the New Shares. The operational and financial performance and position of Orora and Orora's share price may be adversely affected by a worsening of general economic conditions in the jurisdictions in which it operates, as well as international market conditions and related factors. It is also possible that new risks might emerge as a result of Australian or global markets experiencing extreme stress, or existing risks may manifest themselves in ways that are not currently foreseeable. The equity markets have in the past and may in the future be subject to significant volatility. The current evolving conflict between Ukraine and Russia (Ukraine Conflict) is creating and is likely to continue to create unpredictable impacts to the global economy and financial markets. The nature and extent of the effect of the Ukraine Conflict on the performance of Orora remains unknown. The trading price of Orora's shares may be adversely affected in the short to medium term by the economic uncertainty caused by the Ukraine Conflict and the wider effect the conflict has on the global economy and financial markets. Secondary and tertiary macroeconomic impacts of the Ukraine Conflict may continue to adversely impact Orora, including the fluctuations in commodity and energy prices, effects on global supply-chain and freight movements which would impact the supply of raw materials and delivery of finished goods, and the potential risk of cyber activity impacting governments and businesses. While Orora has not assumed any ongoing direct business with Ukrainian, Belarusian or Russian companies, the indirect impacts of the conflict may have unpredictable indirect consequences on Orora's future business. It is expected that the situation will continually evolve, and the consequences are therefore, inevitably uncertain. OR RA NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

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