Blackstone Inc. — Director's Dealing 2021

Apr 5, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ranpak Holdings Corp. (PACK)
CIK: 0001712463
Period of Report: 2020-06-01

Reporting Person: Blackstone Holdings I L.P. (10% Owner)
Reporting Person: BSOF Master Fund L.P. (10% Owner)
Reporting Person: BSOF Master Fund II L.P. (10% Owner)
Reporting Person: Blackstone Strategic Opportunity Associates L.L.C. (10% Owner)
Reporting Person: Blackstone Alternative Solutions L.L.C. (10% Owner)
Reporting Person: Blackstone Holdings II L.P. (10% Owner)
Reporting Person: Blackstone Holdings I/II GP L.L.C. (10% Owner)
Reporting Person: Blackstone Group Inc (10% Owner)
Reporting Person: Blackstone Group Management L.L.C. (10% Owner)
Reporting Person: SCHWARZMAN STEPHEN A (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-06-01	Class A Common Stock	S	280000	$7.49	Disposed	353500	Indirect
2020-06-01	Class A Common Stock	P	280000	$7.49	Acquired	4171500	Indirect
2020-06-01	Class A Common Stock	S	36750	$6.8159	Disposed	316750	Indirect
2020-06-01	Class A Common Stock	P	36750	$6.8159	Acquired	4208250	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-06-01	Warrant (right to buy)	$11.50	S	140000	Disposed		Class A Common Stock (140000)	Indirect
2020-06-01	Warrant (right to buy)	$11.50	P	140000	Acquired		Class A Common Stock (140000)	Indirect
2020-06-01	Warrant (right to buy)	$11.50	S	39200	Disposed		Class A Common Stock (39200)	Indirect
2020-06-01	Warrant (right to buy)	$11.50	P	39200	Acquired		Class A Common Stock (39200)	Indirect

Footnotes

F1: Reflects an internal transfer between BSOF Master Fund L.P. ("BSOF") and BSOF Master Fund II L.P. ("BSOF II", and together with BSOF, the "BSOF Funds").

F2: Reflects securities of Ranpak Holdings Corp. (the "Issuer") directly held by BSOF II.

F3: Reflects securities of the Issuer directly held by BSOF.

F4: Blackstone Strategic Opportunity Associates L.L.C. ("BSOA") is the general partner of each of the BSOF Funds. Blackstone Holdings II L.P. ("Holdings II") is the sole member of BSOA. Blackstone Alternative Solutions L.L.C. ("BAS") is the investment manager of each of the BSOF Funds. Blackstone Holdings I L.P. ("Holdings I") is the sole member of BAS. Blackstone Holdings I/II GP L.L.C. ("Holdings GP") is the general partner of each of Holdings I and Holdings II. The Blackstone Group Inc. ("Blackstone") is the sole member of Holdings GP. Blackstone Group Management L.L.C. ("Blackstone Management") is the sole holder of the Class C common stock of Blackstone. Blackstone Management is wholly owned by its senior managing directors and controlled by its founder, Stephen A. Schwarzman.

F5: (Continue from Footnote 4) Each such Reporting Person may be deemed to exercise voting and investment power over the securities of the Issuer directly held by the BSOF Funds directly or indirectly controlled by it or him and thus may be deemed to beneficially own such securities. Each of the Reporting Persons (other than BSOF I and BSOF II to the extent each directly holds securities of the Issuer), disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, and this report shall not be deemed an admission that any of the Reporting Persons (other than BSOF I and BSOF II to the extent each directly holds securities of the Issuer) is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

F6: The warrants to purchase shares of Class A Common Stock of the Issuer were exercisable 30 days after June 3, 2019 and will expire five years after June 3, 2019 or earlier upon redemption or liquidation.

F7: Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.