ORORA LIMITED — AGM Information 2020

Oct 20, 2020

2020 Annual General Meeting

21 October 2020

Rob Sindel Chairman

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Important information

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Forward Looking Statements

This presentation contains forward looking statements that involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to Orora. Forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “forecast”, “plan”, “seeks”, “estimate”, “anticipate”, “believe”, “continue”, or similar words.

No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including Orora). In addition, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward looking statements will be achieved. Actual future events may vary materially from the forward looking statement and the assumptions on which the forward looking statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

In particular, we caution you that these forward looking statements are based on management’s current economic predictions and assumptions and business and financial projections. Orora’s business is subject to uncertainties, risks and changes that may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward looking statements. The factors that may affect Orora’s future performance include, among others:

• Changes in the legal and regulatory regimes in which Orora operates;

• Changes in behaviour of Orora’s major customers;

• Changes in behaviour of Orora’s major competitors;

• The impact of foreign currency exchange rates; and

• General changes in the economic conditions of the major markets in which Orora operates.

These forward looking statements speak only as of the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rule, Orora disclaims any obligation or undertaking to publicly update or revise any of the forward looking statements in this presentation, whether as a result of new information, or any change in events conditions or circumstances on which any statement is based.

Non-IFRS information

Throughout this presentation, Orora has included certain non-IFRS financial information. This information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Orora uses these measures to assess the performance of the business and believes that the information is useful to investors. All non-IFRS information unless otherwise stated has not been extracted from Orora’s financial statements.

Minor Reclassification of Prior Year Numbers

Certain prior year amounts have been reclassified for consistency with the current period presentation. This includes the allocation of Corporate Costs to each of the business units, including discontinued operations.

Discontinued Operations

The financial results and position of the Fibre business are presented as a discontinued operation within the consolidated Interim Financial Report and this presentation. Accordingly, this presentation has been presented in the following manner:

• The consolidated income statement presents the Fibre business as a discontinued operation. As a consequence the financial results of the Fibre business have been excluded from this presentation. The comparative period has been restated to reflect the current period presentation.

AASB16 Leases

Orora has initially applied AASB 16 Leases using the modified retrospective approach. Under this method, the comparative information has not been restated. To assist the reader with a consistent year on year analysis, a reconciliation of figures excluding AASB16 Leases is contained in Appendix 2.

The following notes apply to the entire document.

Continuing Businesses:

FY20 – the net significant item expense after tax of $100.1M relating to restructuring and impairment costs in North America has been excluded from underlying results of the continuing businesses to assist in appropriate comparisons with the operating performance of the business and the pcp.

FY19 – the net significant item expense after tax of $48.9M comprised of restructuring costs associated with re-sizing the businesses and decommissioning costs associated with the Petrie Mill site have been excluded for the same reason.

Discontinued Operations:

FY20 – the net significant item income after tax is comprised of the net profit recognised on the divestment of the Australasian Fibre business of $171.7M which includes transaction and restructuring costs has been excluded from the underlying results to assist in appropriate comparisons with the operating performance of the business and the pcp.

FY19 – the net significant item expense after tax of $6.9M associated with re-sizing the businesses has been excluded from underlying results for the same reason.

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Orora’s Board of Directors

Rob Sindel Chairman

Tom Gorman Independent Non-Executive Director

Brian Lowe Managing Director & CEO

Sam Lewis Independent Non-Executive Director

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Abi Cleland

Independent Non-Executive Director

Jeremy Sutcliffe Independent Non-Executive Director

Orora

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Rob Sindel Chairman

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Financial performance

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SALES REVENUE ↑ 5.2% $3,566.2M • Resilient despite COVID-19 • Full year dividend ~78% of UNDERLYING NET PROFIT AFTER TAX (NPAT) NPAT

• Strong balance sheet 22.8% $127.7M UNDERLYING OPERATING CASH FLOW

30.0% $169.8M

UNDERLYING EARNINGS BEFORE INTEREST AND TAX (EBIT)

14.3% $224.3M UNDERLYING EARNINGS PER SHARE (EPS)[1]

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23.4%
13.2¢
FY20 FINAL DIVIDEND (per share)
7.7% 5.5 cps
↑
↑
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1. EPS is calculated as NPAT / weighted average ordinary shares (net of Treasury Shares) as though the share consolidation that was completed in June 2020 had occurred at the beginning of the comparative period, in accordance with accounting standards.

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Capital management

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Orora’s strong balance sheet provides value creation optionality

$1,720 M	• Completion of the Fibre Australasia sale was a significant milestone for Orora
Enterprise	• Represented compelling value for shareholders
Value	• Enhanced optionality for future growth investment or additional capital management
	• Capital management completed in June 2020 and comprised a pro rata cash return of ~A$600.0M or
$600 M Cash Return &	A$0.497 per share, comprising two components: • capital return of A$150.0M – 12.4 cents per share
Share Consolidation	• special dividend of A$450.0M – 37.3 cents per share (50% franked)
	• Equal and proportionate share consolidation of ~0.8 shares for every share held (ie 5 shares became 4)

• Buyback represents ~96.5 million shares, with a current market value of ~$230 million, based on Orora’s closing share price on 19 August 2020

• On-market • Since commencement of the buyback in September, Orora has purchased ~15.8 million shares for a total

• buy back consideration of ~$38.0 million*

• and DRP • Dividend Reinvestment Plan has been suspended for the final dividend and is expected to be suspended while the on-market buyback is undertaken

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*~6.9 million shares have been cancelled, reducing the total number of shares to ~958.4 million

Shareholder value blueprint

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Our ambition

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sustainable solutions To be a leading packaging company

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Governance & Leadership

• Orora’s governance framework and practices continue to be refined to meet changing regulatory requirements

• Board is committed to ensuring that it is comprised of individuals who collectively have the appropriate skills and experience to develop and support the Board’s responsibilities and Group objectives

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Rob Sindel Chairman

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Brian Lowe Managing Director and CEO

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3 core focus areas during COVID-19

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1. Health, 2. Customers 3. Active Safety & and Supply Financial

Wellbeing Chain Management

• Adherence to government and health • Strong emphasis on clear customer • Realignment of operating costs and authority advice and supplier communication increased focus on efficiency

• Staggered shift start times • Focus on safe, efficient, quality and • Enhanced margin management and • Additional sanitization and hygiene surety of supply customer profitability

• Additional sanitization and hygiene practices introduced with pandemic preparation training

• Identification of alternative supply sources

• Adapting product offering

• Preserving and growing volumes

• • Cash, counterparty risk and active receivables management

• 2,000 team members continuing to work remotely

• Increased mental health support for all team members

• Deferral of non-essential capital

• • Balance sheet provides support and flexibility

The health, safety and wellbeing of our people, customers and suppliers remains paramount

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Continued focus on safety

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Lost time injury frequency rate Recordable case frequency rate
(LTIFR) (RCFR)
IMPROVEMENT IMPROVEMENT
2.3 1.5 8.1 6.7
JUNE 2019 JUNE 2020 JUNE 2019 JUNE 2020
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Building momentum

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	Completed 5 year,$200 millioninvestment in world class Gawler facility
Successfully completed the sale of the Australasian Fibre business for an enterprise value of$1.72 billion Returned$600 millionto shareholders before FY20 end Commencedon-market buybackof up to 10 percent of issued share capital, representing ~96.5M shares Expedited thedigital transformation journeyof Orora Packaging Solutions Orora Visual business improvement program site consolidation complete ü ü ü ü ü Completed 5 year,$200 millioninvestment in world class Gawler facility ü	Completed 5 year,$200 millioninvestment in world class Gawler facility
	Orora Visual business improvement program site consolidation complete

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Review of Strategy complete

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ENABLERS

1 OPTIMISE AND GROW To be a leading sustainable packaging solutions company ENHANCE AND 2 EXPAND Delivering on the promise of what's inside 3 ENTER NEW SEGMENTS

Safety Diverse talent Customer focus Operating excellence Innovation Financial discipline

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Orora

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Portfolio assessment and approach

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Strengths

Strategies

• Market leadership

• Maintain, renew and win key contracts

• Sustainable products

• Invest in new capacity

• Leading decoration & design capabilities • Continued focus on optimising manufacturing processes

• • Reputation for reliable supply of high quality • Enhance product capability through innovation

• Australasia products • Explore opportunities to expand Beverage footprint • Significant investments made in capacity, capability offshore and supply chain • Assess opportunities to leverage core capabilities in

• • Strong and longstanding customer relationships adjacent markets in ANZ • Established market positions in significant markets • Stabilise businesses and fully integrate acquisitions • Broad customer reach across a range of end• Pursue further business model enhancements markets • Accelerate investments in digital capabilities to enhance

• North • Significant network infrastructure customer proposition

• America • Strong sales teams with longstanding relationships • Improve customer profitability through newly • Data-enabled through SAP established business intelligence tools • No near-term M&A

• Continued focus on optimising manufacturing processes

• Enhance product capability through innovation

• Explore opportunities to expand Beverage footprint offshore

• Assess opportunities to leverage core capabilities in adjacent markets in ANZ

• Stabilise businesses and fully integrate acquisitions

• Accelerate investments in digital capabilities to enhance customer proposition

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A leading sustainable packaging solutions company

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Gawler furnace rebuild, upgrades to reduce OPS achieved 70% recycled content in environmental impacts and increased cullet corrugated board manufacture and aims to use reduce overall packaging footprint Cans minimising packaging and further Company matched Orora team members donation of A$178,000 for Australian Red Cross increasing recycled aluminium content above 63% Appeal for bushfire victims Culture & values program commenced New 5-year Eco Targets

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Financial performance

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North America

Australasia

USD SALES REVENUE SALES REVENUE ↑ 0.1% $1,866.4M 0.9% $785.9M USD EARNINGS BEFORE INTEREST UNDERLYING EARNINGS BEFORE AND TAX (EBIT) INTEREST AND TAX (EBIT) 29.6% 7.4% $51.8M $147.2M

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Trading update

• Challenging and uncertain market conditions persist and are expected to continue, driven primarily by the COVID19 pandemic and pending US election.

• All of Orora’s businesses continue to operate as essential service providers.

• EBIT of the Australasian Beverage business is in line with the first quarter of the prior year despite adverse product mix.

• On the back of the successful implementation of a number of improvement initiatives, the North American businesses have been trading steadily, with EBIT for both tracking ahead of the first quarter of the prior year.

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Focus areas for FY21

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Orora will:

• maintain a safe and seamless approach to operating during COVID-19

• implement its refreshed strategy

• Orora is targeting new opportunities that align with its best in class Beverage manufacturing businesses which continues to identify and implement cost reduction opportunities, invest in asset upgrades and new capacity as well as focus on innovation

• Implementing initiatives and expertise to create a digital step change in Orora Packaging Solutions, and deliver sales growth, margin improvement and cost efficiency

• Reinforce the Orora Visual customer base by targeting accounts in defensive markets

• The revised strategic approach is underpinned by a clear commitment to shareholder value and prudent capital management

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Thank you