Investor Presentaiton

Key risks - Acquisition Acquisition may not complete or be delayed Completion of the Acquisition is conditional on certain matters taking place, some of which are beyond Orora's direct control. In particular, while the parties have entered into a Put Option Agreement in connection with the Acquisition, the exercise of that put option and execution of a binding Share Purchase Agreement to implement the Acquisition is subject to certain mandatory French works council consultation processes having been completed. While Orora expects the vendors to exercise the put option following completion of the relevant works council consultation processes, such exercise is entirely at the vendors' discretion. Should the works council consultation processes complete and the vendors do not exercise the put option or do not enter into the Share Purchase Agreement, the vendors will be required to pay Orora a substantial break fee (Break Fee). The payment of the Break Fee is not an exclusive remedy and is without prejudice to any other rights or remedies that Orora may have against the vendors. The vendors have also agreed to grant Orora exclusivity with respect to the purchase of Saverglass SAS until nine months following the date of the Put Option Agreement. Reliance on information provided by the vendors Analysis of the Acquisition by Orora Funding the Acquisition The Offer is occurring prior to, and not subject to, completion of the Acquisition. If, for whatever reason, completion of the Acquisition does not occur, Orora will need to consider alternative uses for the proceeds from the Offer, or ways to return some or all of the proceeds to shareholders. If completion of the Acquisition is delayed, Orora may incur additional costs and it may take longer than anticipated for Orora to realise the benefits of the Acquisition including the synergies described in this Presentation. Any failure to complete, or delay in completing, the Acquisition and/or any action required to be taken to return capital raised to shareholders may have an adverse effect on the financial performance and position of Orora. Orora undertook a due diligence process in respect of the Acquisition, which relied in part on the review of financial, technical, operational and other information (including unaudited and other financial information) which was provided to Orora by the vendors of Saverglass. Despite making reasonable efforts, Orora has not been able to verify the accuracy, reliability or completeness of all the information which was provided to it. Similarly, Orora has prepared, and made assumptions in the preparation of, the financial information relating to Saverglass (on a stand-alone and pro forma basis) included in this Presentation from financial and other information (including unaudited and other financial information) provided by the vendors. If any of the information provided to and relied upon by Orora in its due diligence process and its preparation of this Presentation proves to be incomplete, incorrect, inaccurate or misleading, there is a risk that the actual financial position and performance of Saverglass (and the financial position and performance of Orora following the Acquisition) may be materially different to the expectations and targets reflected in this Presentation. There is also a risk that the due diligence conducted in connection with the Acquisition has not identified all of the material issues and risks, or been avoided or managed appropriately. Therefore, there is a risk that unforeseen issues and risks may arise which could adversely impact on the reputation, financial performance or operations of Orora. Orora has undertaken financial and business analysis of Saverglass in order to determine its attractiveness to Orora and whether to pursue the Acquisition. It is possible that such analysis, and the best estimate assumptions made by Orora, draw conclusions and forecasts that are inaccurate or which will not be realised in due course. There is also a risk that Saverglass SAS does not perform as expected due to a variety of factors including, but not limited to, an inability to meet volume demands or there being insufficient market demand for products, or there is a need to adapt pricing and margins in response to the competitive landscape or increased competitive pressure. To the extent that the actual results achieved by Saverglass are different than those anticipated, or any unforeseen difficulties emerge in integrating the operations of Saverglass, there is a risk that the profitability and future earnings (including the EPS accretion) of the operations of the Combined Group may materially differ from the performance as described in this Presentation. It is intended that the purchase price of the Acquisition will be partially funded through the proceeds of the Offer. The Offer is underwritten by the Joint Lead Managers. Under the Underwriting Agreement, the Joint Lead Managers have agreed to manage and underwrite the Offer, subject to the terms of the Underwriting Agreement. If certain conditions are not satisfied or if certain termination events occur, one or both Joint Lead Managers may terminate the Underwriting Agreement. Those termination events are summarised in pages 55 to 56 of this Presentation. If the Underwriting Agreement is terminated, Orora will not be able to complete the Acquisition, unless it can source alternative funding to fund the Acquisition. That alternative funding could be on less favourable terms. Failure to source alternative funding could result in Orora being unable to perform its obligations to complete the Acquisition, which could have a material adverse impact on Orora's financial position, prospects and reputation. 40 40 OR RA NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

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