CVC LIMITED — Capital/Financing Update 2011

Jul 3, 2011

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Pro-Pac Packaging Limited ACN 112 971 874

4 July 2011

ASX Announcement

The Board of Pro-Pac Packaging Ltd (PPG) has today been informed that Bennamon Pty Ltd (BPL), which owns 18.102% of PPG’s issued capital, has entered into a conditional agreement with CVC Ltd, CVC Private Equity Limited and CVC Sustainable Investments Ltd (together CVC) to acquire all of the shares in PPG held by CVC as at 1 July 2011, equating to 30.171% of the total number of shares issued by PPG, at a price of 45 cents per share. The agreement is conditional on, among other matters, the approval of the acquisition by the non-associated shareholders of PPG.

The independent directors on the PPG Board consider that the proposed BPL share acquisition will be beneficial for PPG and for the non-associated shareholders and are accordingly in favour of the proposed transaction.

The PPG Board will commission an Independent Expert's Report with respect to the proposed transaction. This will from part of the notice of meeting convening a general meeting of PPG shareholders at which the non-associated shareholders will consider and vote on a resolution to approve the acquisition by BPL of the CVC shares. The Notice of Meeting will be dispatched to PPG shareholders as soon as practicable. The independent directors intend to recommend in the Notice of Meeting that PPG shareholders vote in favour of the proposed transaction (subject to the Independent Expert's Report confirming the independent directors’ views) and intend to vote the shares they control accordingly.

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Brandon Penn Director

About PPG

Pro-Pac Packaging Limited is a diversified manufacturing and distribution company, providing innovative, flexible and rigid packaging solutions for a broad group of customers. PPG is headquartered in Sydney with operations in Adelaide, Brisbane, Melbourne and Perth. PPG’s securities are listed and quoted on the ASX. For further information on PPG visit www.ppgaust.com.au

Pro-Pac Packaging Limited ACN 112 971 874

148 Newton Road, Wetherill Park NSW 2164 PO Box 6205 WPBC, Wetherill Park NSW 2164 Tel: 02 8781 0500 Fax: 02 8781 0599 www.ppgaust.com.au