ORORA LIMITED — Major Shareholding Notification 2020

Jul 7, 2020

==> picture [192 x 49] intentionally omitted <==

8 July 2020

The Manager Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

By electronic lodgement

Dear Sir/Madam

Re: Notice of change of interests of substantial holder – Orora Limited (ORA)

We enclose notice of change of interests of substantial holder in Orora Limited. This notice is given by Greencape Capital Pty Ltd.

Yours faithfully

==> picture [156 x 51] intentionally omitted <==

Andrew Brown Company Secretary

==> picture [452 x 27] intentionally omitted <==

Form 604

Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

1. Details of substantial holder(1) To Company Name/Scheme ACN/ARSN Name The previous notice was given to the company on The previous notice was dated ACN/ARSN (if applicable) There was a change in the interests of the substantial hold	06/07/2020 29/06/2020 29/06/2020 Orora Limited 004 275 165 Greencape Capital Pty Ltd er on 120 328 529

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

==> picture [478 x 34] intentionally omitted <==

----- Start of picture text -----

Classof securities (4) Previous notice Present notice
Person's votes Voting power (5) Person's votes Voting power (5)
Ordinary Fully Paid 48,934,963 5.07% 58,754,499 6.09%
----- End of picture text -----

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant		Nature of change (6)	Consideration given in	Class and number of	Person's votes	Person's votes	affected
	interest changed			relation to change (7)	securities affected
Refer	Greencape Capital Pty		Refer	Refer	Refer	Refer
Annexure 1	Ltd		Annexure 1	Annexure 1	Annexure 1	Annexure 1
4. Present relevant interests
Particulars of each relevant	interest of the substantial holder		in voting securities after the change are as follows:
Holder of relevant	Registered holder of		Person entitled to be	**Nature of relevant interest (6) **	Class and number of	Person's votes
interest	securities		registered as holder (8)		securities
Greencape Capital Pty	Citicorp Nominees Pty		Citicorp Nominees Pty	Ordinary Fully Paid	14,771,140 (Ordinary		14,771,140
Ltd	Limited		Limited	securities purchased	Fully Paid)
				on market by
				Greencape Capital Pty
				Ltd
Greencape Capital Pty	J P Morgan Nominees		J P Morgan Nominees	As above	18,463,359 (Ordinary		18,463,359
Ltd	Australia Limited		Australia Limited		Fully Paid)
Greencape Capital Pty	National Nominees		National Nominees	As above	4,640,056 (Ordinary			4,640,056
Ltd	Limited		Limited		Fully Paid)
Greencape Capital Pty	HSBC Custody		HSBC Custody	As above	20,879,944 (Ordinary		20,879,944
Ltd	Nominees (Australia)		Nominees (Australia)		Fully Paid)
	Limited		Limited

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

==> picture [492 x 210] intentionally omitted <==

----- Start of picture text -----

Name and ACN/ARSN (if applicable) Nature of association
N/A N/A
6. Addresses
The addresses of persons named in this form are as follows:
Name Address
Greencape Capital Pty Ltd Level 2, 5 Martin Place, Sydney NSW 2000
Signature
print name Andrew Brown Capacity Company Secretary
sign here date 08/07/2020
DIRECTIONS
----- End of picture text -----

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure 1 consists of 1 page and is referred to in Form 604 signed by me and dated 08/07/2020

[Insert Signature Here]

Andrew Brown Company Secretary of Greencape Capital Pty Ltd

Transactions: Company Name/Scheme: Orora Limited (ORA) As at: 06/07/2020 Class of security: Ordinary Fully Paid

==> picture [540 x 574] intentionally omitted <==

----- Start of picture text -----

Number of Person's Votes
Date of Change Holder of relevant interest Nature of Change Consideration Securities Affected
26/06/2020 [Greencape Capital Pty Ltd] Buy 201,853.08 78,420 78,420
26/06/2020 [as above] Buy 127,539.13 49,549 49,549
26/06/2020 [as above] Buy 115,969.00 45,054 45,054
26/06/2020 [as above] Buy 24,942.06 9,690 9,690
26/06/2020 [as above] Buy 486,761.42 189,107 189,107
26/06/2020 [as above] Buy 540,758.79 210,085 210,085
26/06/2020 [as above] Buy 381,592.93 148,249 148,249
26/06/2020 [as above] Buy 388,277.60 150,846 150,846
29/06/2020 [as above] Buy 115,643.51 46,300 46,300
29/06/2020 [as above] Buy 24,727.23 9,900 9,900
29/06/2020 [as above] Buy 390,890.05 156,500 156,500
29/06/2020 [as above] Buy 539,003.66 215,800 215,800
29/06/2020 [as above] Buy 380,149.94 152,200 152,200
29/06/2020 [as above] Buy 201,064.85 80,500 80,500
29/06/2020 [as above] Buy 127,132.93 50,900 50,900
29/06/2020 [as above] Buy 968,857.83 387,900 387,900
30/06/2020 [as above] Buy 125,476.00 49,400 49,400
30/06/2020 [as above] Buy 98,806.00 38,900 38,900
30/06/2020 [as above] Buy 118,158.00 47,000 47,000
30/06/2020 [as above] Buy 290,367.00 115,500 115,500
30/06/2020 [as above] Buy 313,747.20 124,800 124,800
30/06/2020 [as above] Buy 1,005,600.00 400,000 400,000
01/07/2020 [as above] Buy 495,489.06 199,400 199,400
01/07/2020 [as above] Buy 129,960.27 52,300 52,300
01/07/2020 [as above] Buy 401,062.86 161,400 161,400
01/07/2020 [as above] Buy 118,032.75 47,500 47,500
01/07/2020 [as above] Buy 25,345.98 10,200 10,200
01/07/2020 [as above] Buy 205,252.74 82,600 82,600
01/07/2020 [as above] Buy 551,150.82 221,800 221,800
01/07/2020 [as above] Buy 388,141.38 156,200 156,200
02/07/2020 [as above] Buy 785,015.00 313,893 313,893
02/07/2020 [as above] Buy 247,008.89 98,768 98,768
02/07/2020 [as above] Buy 1,623,589.28 649,202 649,202
02/07/2020 [as above] Buy 2,197,320.75 878,612 878,612
02/07/2020 [as above] Buy 1,649,406.07 659,525 659,525
03/07/2020 [as above] Buy 892,295.44 350,112 350,112
03/07/2020 [as above] Buy 280,763.97 110,164 110,164
03/07/2020 [as above] Buy 1,845,466.75 724,110 724,110
03/07/2020 [as above] Buy 2,497,602.51 979,990 979,990
03/07/2020 [as above] Buy 1,874,811.33 735,624 735,624
06/07/2020 [as above] Buy 195,100.77 76,244 76,244
06/07/2020 [as above] Buy 61,390.57 23,991 23,991
06/07/2020 [as above] Buy 403,512.94 157,690 157,690
06/07/2020 [as above] Buy 546,102.53 213,413 213,413
06/07/2020 [as above] Buy 409,930.66 160,198 160,198
Total Number of Securities 9,819,536
----- End of picture text -----

Page 1 of 1