ORORA LIMITED — AGM Information 2017

Oct 16, 2017

ANNUAL GENERAL MEETING

17 October 2017

Chris Roberts Chairman

Important information

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This presentation contains certain forward looking statements which are subject to significant uncertainties which may be outside the control or knowledge of Orora. No representation, warranty or assurance (express or implied) is given or made by Orora in relation to any forward looking statements or the assumptions on which they are based. You are cautioned not to place undue reliance on such forward looking statements. Any forward looking statements are made only at the date of this presentation and, subject to its obligations under law or relevant stock exchange listing rules, Orora disclaims any obligation or undertaking to publicly update or revise any of the forward looking statements in this presentation.

This presentation includes certain non-IFRS financial information (operating cash flow, average funds employed and EBIT). This information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. References to earnings throughout this presentation are references to earnings before interest and tax and significant items.

Throughout this presentation, all references to ‘underlying earnings’ exclude an after tax significant item expense (representing $21.6M EBIT, $15.1M NPAT) relating to additional expected costs associated with decommissioning the Petrie Mill site. This has been excluded to assist in making appropriate comparisons between the current and prior period and to assess the operating performance of the business.

Throughout this presentation, all references to ‘underlying earnings’ excludes the 1H16 one-off profit on sale of land at Petrie, Queensland (representing $8.4M EBIT, $5.9M NPAT) – previously reported within the “Corporate” segment. This information is presented to assist in making appropriate comparisons with the current period and to assess the operating performance of the business.

Operating cash flow excludes cash significant items that are considered to be outside the ordinary course of operations and non-recurring in nature and includes capital expenditure net of sale proceeds

There have been minor reclassifications of certain prior year amounts for consistency with the current period presentation.

All dollar values are in Australian dollars unless otherwise indicated.

Orora Ltd 2017

2017 financial year highlights*

EARNINGS BEFORE INTEREST AND TAX (EBIT) 11.1% $302.3m SALES REVENUE 4.9% $4,039m

NET PROFIT AFTER TAX (NPAT) 14.4% $186.2m

EARNINGS PER SHARE (EPS) 14.6% 15.6¢

RETURN ON AVERAGE FUNDS EMPLOYED

OPERATING CASH FLOW

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90bps15.%
13.6%
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5.6% $331.5m (Cash Conversion of 74%) $44m $674m

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LEVERAGE
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NET DEBT

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0.1x
1.6x
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Double-digit underlying
earnings growth
delivered for the 3 [rd]
year
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*Reflects underlying earnings

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Orora Ltd 2017

Strong shareholder returns

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Annual AUD Per share Dividend 11.0¢ Payout Ratio ~70%

of Net profit after tax

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Orora Ltd 2017

Value-creating strategy

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Orora Ltd 2017

Governance

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…strong corporate
governance practices are
designed to meet the
interests of Orora’s
stakeholders
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Orora Ltd 2017

Nigel Garrard Managing Director & CEO

The Orora Way

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Orora Ltd 2017

Orora’s blueprint for creating shareholder value

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ORGANIC RETURNS FOCUSED GROWTH SUSTAINABLE
GROWTH CAPITAL ALLOCATION DIVIDEND
Orora Orora North
Australasia America Organic Growth Bolt-on M&A Adjacent 60-70%
GDP Sales GDP+ Sales Capital (North America Focused) M&A Pay Out Ratio
Growth Growth
GDP based
ONA Targeted
GDP based growth Customer Most deals Parallel
footprint Targeted 20% RoAFE
growth, supplemented backed 20% RoAFE <$100M in POP packaging
expansion/ 20% RoAFE by ~30% Franked
enhanced by by market share growth by Year 3 <$50M in OPS substrates/
↑ product by Year 3 minimum
innovation gains & increase investments markets
share of wallet capability Year 5
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“ ’’ Estimated $150M - $200M of annual capacity for returns focused growth investments

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Orora Ltd 2017

Safety

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1.6 1.6 JUNE JUNE 2016 2017

LTIFR

(Lost time injury frequency rate)

RCFR 6.8 6.8 JUNE JUNE (Recordable case

frequency rate) 2016 2017

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Note: Safety metrics are calculated on a rolling 12 month basis. To enable accurate comparison, prior year statistics have been presented on a pro forma basis to include IntegraColor (acquired 1 March 2016) as if it were owned for the entire period. Results exclude Orora Visual New Jersey, LA/Chicago, and Orange County.

RCFR = (Number of recordable safety incidents / Total number of hours worked for employees and contractors) x 1,000,000 LTIFR = (Number of lost time injuries / Total number of hours worked for employees and contractors) x 1,000,000

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Orora Ltd 2017

Business performance

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Orora Australasia Orora North America
Fibre Beverage Orora Packaging Solutions Orora Visual
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Orora Ltd 2017

Business performance – Australasia

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EBIT
6.6%
$213.6m
SALES REVENUE
2.3%
$2,001.6m
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Orora Ltd 2017

Glass facility, Gawler, South Australia

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$42 million investment to increase glass manufacturing capacity completed on time and on budget

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Orora Ltd 2017

Recycled paper mill (B9), Botany, NSW

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• 373,000 tonnes of paper produced in FY17

• Exited FY17 with production running approximately at nameplate

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Orora Ltd 2017

Business performance – a successful period

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Orora North America
Orora Packaging Solutions Orora Visual
Landsberg
Manufacturing
Packaging Solutions
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Orora Ltd 2017

Business performance – North America

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USD SALES GROWTH
11.4%
$1,536m
USD EBIT
23.1%
$88.6m
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Orora Ltd 2017

Orora Visual

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Orora Ltd 2017

Orora Visual - Video

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To watch the video visit https://www.ororagroup.com/about/orora-visual

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Orora Ltd 2017

Point of Purchase (POP) market

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Estimated target market size: USD10b (total market is USD20b)

Fragmented and regional industry structure provides growth opportunity

• Multiple market participants

• Orora Visual is a top 5 player within its target market – approximately 2.5% market share

Orora Visual’s value proposition

• Access to a national footprint of integrated production and fulfilment hubs

• Unprecedented speed to market – can reach 90% of US zip codes in less than 48 hours by ground

• Reduces customer freight costs

POP customers invest in store

• To deliver an improved consumer experience

• To compete in an evolving and dynamic marketplace

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Orora Ltd 2017

Orora Visual customer segments

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Orora Visual is a well
balanced business with a
broad customer base
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Orora Ltd 2017

Grow and innovation

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Orora Ltd 2017

Growth and innovation investment

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~$25m committed to upgrade Fibre Packaging manufacturing capability at Revesby

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$23m committed for waste water treatment plant at B9

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Orora Ltd 2017

Growth and innovation investment

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$45 million Global Innovation Initiative

• ~$15m committed in FY17

• Glass sleeving technology

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• Large format digital printer

• Laser cutter

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~$29 million
committed since 2015
to new product and
process innovations
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AFR 50 Most Innovative Companies List

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Orora Ltd 2017

First quarter trading

• Australasia and North American businesses are ahead of the same period last year and trading in line with expectations

• Major capital projects are progressing as expected

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Orora Ltd 2017

Old corrugated cardboard (OCC)

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OCC AUD$ / tonne

OCC prices have retreated from highs seen in July/August 2017

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Source: Average of various RISI OCC indexes in AUD

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Orora Ltd 2017

Outlook

Orora expects to deliver underlying earnings growth in FY18, subject to global economic conditions

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Orora Ltd 2017

THANK YOU