AMCOR PLC — AGM Information 2007

Oct 23, 2007

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AMCOR LIMITED ANNUAL GENERAL MEETING WEDNESDAY, OCTOBER 24, 2007 CHAIRMAN’S ADDRESS

Ladies and Gentlemen:

The format for this morning, is that I will present an overview of the results and key issues for the company and the Managing Director Mr Ken MacKenzie, will then give a more detailed review of last year, outline the strategy for the future and go through the first quarter's trading performance.

I am confident that between the two of us, we will cover all the significant issues.

Beginning now with a commentary on our trading results.

Profit after tax and before significant items was $397 million, down 2.2% from the previous year's $406 million.

Although profit for the full year was slightly lower, the second half profit increased 11% on the same period in the previous year and represented an important inflexion point for progress against 'The Way Forward' agenda.

Profit after tax and significant items was $534 million an increase of 52% on the previous year's profit of $351 million. The key component of this substantial increase was the profit on the sale of the European PET Packaging business of $245 million.

A highlight for the year was the strong cash flow performance. After investing $300 million into the business via capital expenditure, paying interest and tax and allowing for the movement in working capital and the cash component of significant items, the operating cash flow was a positive $644 million.

This was an improvement of $122 million over the previous year's strong performance of $522 million.

The strength of this operating cash flow enabled the Board to pay a dividend of $319 million, which represented 34 cents per share.

Although this represented a payout ratio of 80% based on pre-significant items profit after tax of $397 million, it was only 27% of the $1.2 billion profit before interest, tax and depreciation and was comfortably funded by the strong operating cash flow of $644 million.

In August 2005, the company outlined a substantial "get fit" program, known as 'The Way Forward' agenda that had a strong focus across a range of disciplines and has

Amcor Limited

ABN 62 000 017 372 679 Victoria Street Abbotsford Victoria 3067 Australia Tel: 61 3 9226 9000 Fax: 61 3 9226 6500 www.amcor.com

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undoubtedly been the right program at the right time for the company. The benefits from this program are now being realised in improved earnings, and this was evident with the solid increase in earnings in the second half of the year.

Ken will discuss progress against 'The Way Forward' agenda further in his presentation.

As part of the comprehensive portfolio review, the European PET Packaging and Australasian Food Can and Aerosol businesses have been sold. In total, proceeds from asset sales over the past two years have been $1.25 billion.

The benefit from having a more focused portfolio will ensure that management efforts and capital investment will be concentrated on those markets where Amcor can achieve the greatest growth and profitability.

A second area of substantial improvement has been increased discipline in the use of cash for capital expenditure and the management of working capital, these being key drivers in improving operating cash flow.

Over the past two years, the company has generated approximately $1.8 billion through a combination of free cash flow and proceeds from asset sales. Of this amount around $600 million has been allocated to announced capital projects and there is a pipeline of further growth opportunities being evaluated and some of these are expected to be realised during the current financial year.

Given the significant cash generation of the past two years and the strong balance sheet, with gearing, measured as debt over debt plus equity, being around 37%, the Board has decided to undertake a $350 million on-market share buy-back, and following the buyback it's anticipated that gearing will be at the low end of the target range of 45 to 50%.

Another important element of 'The Way Forward' agenda is improving managerial talent and changing the company's culture. Clearly, both of these objectives take time, however it's pleasing to report that the benefits of this focus over the past two years are now emerging and will become increasingly evident.

Turning to Corporate Governance.

Amcor is committed to continuous improvement. For example, in addition to our existing programs, we have introduced two significant initiatives this year in relation to enterprise risk management and sustainability, designed to identify opportunities that will drive shareholder value.

The sustainability initiative is focused both on significant reductions in our greenhouse emissions, and new opportunities that will provide growth to our business through product innovation.

Enterprise risk management is designed to enhance our management of risk through an integrated program that identifies opportunities and will enable the company to focus on strategic risks that may be an impediment to future growth.

Turning now to the ACCC issue.

As reported in the media, Visy has settled with the ACCC in relation to the prosecution in the Federal Court.

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Amcor had no involvement in that settlement as it was not subject to any prosecution.

By way of background, you will recall that three years ago Amcor received information which suggested that the Company may have been involved in breaches of competition laws.

At that time Amcor:

• First, did the right thing in unconditionally alerting the ACCC;

• Secondly, we replaced all senior executives who were involved; that is they left the company;

• Third, we commenced a cultural change program including an enhanced competition compliance program, which we ran globally; and

• Finally, we began open and honest dialogue with our customers that has continued throughout this period.

Subsequently Amcor was granted immunity by the ACCC and has cooperated fully with their investigation.

There is currently civil litigation in relation to these issues, so I am not in a position to make any further comment.

Moving to Remuneration.

You will recall at last year's Annual General Meeting that the Board endorsed a comprehensive review of Amcor's global executive remuneration strategy.

Amcor must continually ensure that it is able to attract, motivate and retain talented people in all the locations in which it operates. Clearly remuneration is a critical lever in this regard.

The review was undertaken with the following objectives:

First, the new remuneration strategy should be aligned to Amcor's overall business and human resource goals as well as aligned to the best interests of shareholders;

Second, within the bounds of commercial sensitivities, we wanted to create greater transparency between performance and reward of our executives and shareholders alike;

The third objective sought to clearly link incentives to the various executives' level of control and influence; and

Finally, we determined that these objectives should be achieved in such a way that any improvements will be self-funding from a cost and performance perspective.

The main changes resulting from the review are outlined in this year's Remuneration Report.

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As the changes take place from the current financial year, outcomes will be provided in next year's Remuneration Report.

Finally and to summarise, your company has made substantial changes over the past two years and benefits from these changes are now being realised in an improved operating performance.

This was evident in the second half of the 2006/07 year and expectations are for this trend to continue in the current financial year.

This improvement is being achieved against a backdrop of continuing increases in input costs, with Amcor being on the other side of the global commodity and energy boom.

Delivering improvements in this operating environment reinforces your Board's belief that the changes being implemented are driving growth in shareholder value and when these adverse external factors ease, this improvement will be increasingly evident.

With that overview, I would now like to hand over to Ken MacKenzie, who will present a more detailed review of the operating businesses and give an indication of our trading performance in the first quarter of this financial year.

Chris Roberts CHAIRMAN

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