PRO-PAC PACKAGING LIMITED — Investor Presentation 2021

Aug 24, 2021

25 August 2021

2021 Full Year Results Tim Welsh: CEO & Managing Director Iona MacPherson: CFO

Important Information

This Presentation contains the summary information about the current activities of Pro-Pac Packaging Limited and its controlled entities (Pro-Pac Packaging or the Group). It should be read in conjunction with the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), including the full-year Consolidated Financial Report and associated Media Release released today, which are available at www.asx.com.au.

No member of Pro-Pac Packaging gives any warranties in relation to the statements or information contained in this Presentation. The information contained in this Presentation is of a general nature and has been prepared by the Group in good faith and with due care but no representation or warranty, express or implied, is provided in relation to the accuracy or completeness of the information.

This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under Australian or any other law. This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment.

This Presentation is not a recommendation to acquire Pro-Pac Packaging shares. The information provided in this Presentation is not financial product advice and has been prepared without taking into account any recipient’s investment objectives, financial circumstances or particular needs, and should not be considered to be comprehensive or to comprise all the information which a recipient may require in order to make an investment decision regarding Pro-Pac Packaging’s shares.

Neither Pro-Pac Packaging nor any other person warrants or guarantees the future performance of Pro-Pac Packaging shares nor any return on any investment made in Pro-Pac Packaging shares. This Presentation may contain certain forward-looking statements. The words ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, financial position and performance are also forward-looking statements.

Any forecasts or other forward-looking statements contained in this Presentation are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Such forwardlooking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group and they may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), Pro-Pac Packaging undertakes no obligation to update these forward-looking statements.

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

All dollar values are in Australian dollars (A$) unless otherwise stated.

Non-IFRS Financial Information

This presentation uses Non-IFRS financial information including Adjusted EBITDA, capital expenditure, EBIT, EBIT margin, EBITDA, EBITDA margin, gearing, net debt, NPAT, operating cash flow, operating cash flow conversion, PBT, PBT margin, ROI and working capital. This information is Non-IFRS measures used by the Group, the investment community and Pro-Pac Packaging’s Australian peers with similar business portfolios. Pro-Pac Packaging uses these measures for its internal management reporting as it better reflects what we consider to be the underlying performance of the Group.

Certain Non-IFRS financial information has not been subject to review by the Group’s external auditor; however, reconciliations have been provided to balances contained in the financial report.

Pro-Pac Packaging Limited

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About Pro-Pac Packaging

Pro-Pac is an Australian & New Zealand business that is focused on using its investment and manufacturing expertise to capitalise on key industry trends including innovation and sustainability

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• Bespoke flexible packaging solutions specifically tailored for the industrial, food and beverage, health and agriculture sectors

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• Stretch & shrink wrap, agricultural silage packaging, fresh produce bags, barrier and lidding films, industrial protective films

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• High value-added laminated films and pouches for the FMCG market

• Manufactures, sources and distributes high performance packaging and combines with bespoke service

• • Focused on innovative solutions for the food & beverage, industrial and health and pharmaceutical industry sectors

• • Sourcing partner to global supermarkets

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Rigid
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• Partners with small to medium sized customers seeking technical and business support with tailored, bespoke product and supply chain services

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• Closure technologies, jerrycans, jars, bottles, measures, pumps and triggers

• Focused on specialty products

Pro-Pac Packaging Limited

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FY21 Highlights

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A Zero Harm Focus

Our leadership is committed to building a disciplined safety culture that sustainably protects our people and enhances operational performance

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TRIFR reduced by 35.6% to 9.36
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FY21 COVID-19 Update
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Targeting Zero Harm

Driving a culture of safety through leadership, systems, education and compliance

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Management Systems

Health, Safety & Environment Team Continued investment in HSE capability

Best Practice Health & Safety Management system deployed

• Strict protocols in place to protect the safety, health & wellbeing of our people in Australia and New Zealand, whilst ensuring continuity of operations to support our customers in the supply of essential products and services

• On-site team members are exercising rigorous protocols of our COVID Safe Plans, including social distancing, hygiene, sanitation, segregation of teams working on site and restricted access to visiting third parties

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A Successful Transformation in Challenging Conditions

Major strategic initiatives achieved against the backdrop of COVID-19, highlighting the extraordinary efforts of the team

• Chester Hill site closed on budget in July 2021 ($13m cash^)

• Commissioned 7-layer extruder and laminator in May ($7m capex^)

• Commissioned HD extrusion line in June ($1m capex*)

• Acquired Supreme Packaging and commenced integration ($3.1m~)

• Established printing and converting Centres of Excellence sites in Melbourne

• Implementation of ERP software in Finance and Accounting

• Divested the Integrated Machinery business

• Commissioned new blow moulding machines in Rigid ($0.5m capex*)

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^Project costs over FY20 and FY21 *Project costs in FY21 ~Total aquisition cost

Delivering on the Strategy

Significant business transformation achieved with completion of identified priorities

• Delivered a strong operating result in a year of significant disruption due to transformation projects and the COVID-19 pandemic

• Major restructuring projects are now complete and are expected to deliver $7m in annualised operational benefits

• Investment in new technology and capacity to deliver profitable, organic growth

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We have created a more efficient and capable business with
a solid foundation for growth while navigating COVID-19 and
ensuring continuity of supply for our customers
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FY21 Financial Highlights

Strong financial and operational results during a year of transformation

• Navigated the COVID-19 pandemic challenges, with a strong focus on keeping our people safe

• Executed all planned transformation projects on budget

• Increased margins from portfolio improvement programs and disciplined raw materials management

• Underlying Profit after tax $13.2m, up 29%

• Maintained a strong balance sheet

• Final fully franked dividend of 0.3 cents per share increasing full year fully franked dividend to 0.55 cents per share, up 37.5%

Profit after tax (underlying) $13.2m up 29% (FY20: $10.2m)

Profit after tax $7.8m up 18% (FY20: $6.6m)

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Operating Cashflow Conversion
107%
(FY20: 136%)
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Gearing
1.5x
(FY20: 1.4x)
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Fully Franked Final Dividend 0.3 cents/share Fully Franked Full Year Dividend 0.55 cents/share up 37.5% (FY20: Fully Franked Full Year Dividend 0.4 cents/share)

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FY21 Results

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Financial Results Summary

Strong financial performance overall, characterised by margin uplift and strong balance sheet

• Revenues declined as a result of portfolio reshaping, divestments, market exits and transitionary COVID-19 market conditions

• EBIT margins improved due to disciplined management of raw material input costs and the portfolio shift towards higher margin products. EBIT was marginally lower than pcp contributed to by the lower revenue

• PBT and PBT margin increases driven by the improvements in EBIT margins* and reduced financing costs

• Statutory Profit after Tax, incorporating Significant Items, was $7.8m, an 18% increase year-on-year

• Net debt of $51m with gearing at 1.5x

• No Government JobKeeper assistance or rent relief received

• Insignificant bad debt write-offs at $0.2m

• Fully franked final dividend of 0.30 cents per share declared, taking the full year dividend to 0.55 cents per share

FY21 A $ million	FY20	Chang	e
Statutory results: Revenue 440.1 7.8 Proft after tax	478. 6.	2 6 (38.1 1.2	)
Underlying results: EBIT EBIT margin 25.3 5.7% PBT PBT margin 18.8 4.3%	26. 5.5 14. 3.0	2 % (0.9) 0.3% 5 % 4.3 1.3%
JUN-21 A $ million	JUN-2	0 Change
Balance sheet: Working capital Net debt Gearing* 81.4 51.0 1.5x	82. 45. 1.4	3 1 x (0.9) 5.9 0.1x

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Revenue

While revenue has declined, the company has become more profitable and has built a platform for growth

• FY21 revenue was $440.1m compared to $478.2m in the prior year. Revenue declined due to:

• Flexibles’ exit from the Australian forage market, the Canadian market and the divestment of the Integrated Machinery business ($14.5m)

• The move from a retailer to a wholesaler for silage wrap ($2.0m)

• Year on year transitional COVID-19 impacts relating to temporary cotton export demand, local demand volatility and global shipping delays ($19.8m)

• Targeted shift in business mix within Flexibles and Industrial Specialty Packaging to refocus the portfolio on higher value market verticals ($17.8m)

• Higher margin, new business wins ($11.0m) and the acquisition of Supreme Packaging ($5.1m)

• Pro-Pac has continued its focus on margin growth and built a solid foundation for profitable growth. Notwithstanding COVID-19 uncertainty, revenue growth is expected in FY22, with confidence underpinned by some early FY22 wins

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Source: Management estimates

Cash Flow Strong and sustained operating cash flow conversion*

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Key cash flow metrics
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A$ millions FY21 FY20 Change
Operating cash flow 48.5 63.0 (14.5)
Capital expenditure (14.5) (6.2) (8.3)
Free cash flow 34.0 56.8 22.8
Operating cash flow conversion 107% 136% (29)%
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• Non-IFRS measure as defined in the Appendices

FY21 Review

• Embedded cash management discipline delivered a 107% operating cash flow conversion* (FY20: 136%)

• Strong operating cash flows to fund greater returns to shareholders through increasing dividends

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Operating cash flow conversion
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175%
150%
150%
136%
125%
112%
107%
103%
100% 94%
Pre-AASB 16
Post-AASB 16
75%
FY18 FY19 FY20 FY21
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Key Priorities

• Remain focused on continuous improvements in cash flow management and disciplines

• Disciplined capital investment focused on growth initiatives, supported by well managed delivery and governance oversight

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Balance Sheet

Strong balance sheet with flexibility to fund future growth

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Key balance sheet metrics
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A$ millions	JUN-21	JUN-20	Change
Working capital*	81.4	82.3	(0.9)
Net debt*	51.0	45.1	5.9
Gearing*	1.5x	1.4x	0.1x

• Non-IFRS measure as defined in the Appendices

• Net debt* increased by $5.9m, having funded significant investment in projects $14.5m of capital expenditure

• $35.3m of unutilised facilities

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Working capital (A$m)
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125.0
100.0
101.8
98.4
75.0
82.3 81.4
50.0
25.0
FY18 FY19 FY20 FY21
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• Working capital* reduced despite carrying additional inventory to proactively manage the global disruption to supply chains and the implementation of major projects

• Low gearing and headroom on all covenants

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Flexibles Successfully delivered on key transformation projects

transformation projects
A $ millions	FY21	FY20	Change
Revenue 260.0 285.1 (25.1)
PBT* 18.3 16.7 1.6
PBT margin* 7.0% 5.9% 1.1%

• Non-IFRS measure as defined in the Appendices

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PBT
Contribution to
Group in FY21
79%
FY20: 79%
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FY21 Review
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Revenue changes

• Targeted shift of business mix towards higher margin products

• Divestments and market exits

• Temporary lower cotton wrap demand compounded by foreign currency

Major transformation and investment for growth delivered

• Chester Hill closure completed on budget in July 2021

• Commissioned 7-layer extruder and laminator in May

• Commissioned HD extrusion line in June

• Printing and converting Centres of Excellence established in Melbourne

• Expect operational benefits of circa $7m in FY22 and beyond

Successful acquisition of Supreme Packaging

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Key Priorities
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• Drive organic growth supported by an increasingly strong pipeline

• Deliver benefits from transformation projects

• Integration of Supreme Packaging will be completed in September 2021

• In line with our growth strategy continue to review M&A opportunities

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Industrial Specialty Packaging A return to profitability

A return to proftability
A $ millions	FY21	FY20	Change
Revenue 112.2 123.2 (11.1)
PBT* 0.6 (3.1) 3.8
PBT margin* 0.6% (2.5)% 3.1%

• Non-IFRS measure as defined in the Appendices

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PBT
Contribution to
Group in FY21
3%
FY20: (15)%
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FY21 Review
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• The Industrial business returned to profitability with an improvement in PBT* of $3.8m

• Consistent with our strategy, Management refocused the product range to higher margin market sectors

• Global shipping constraints delayed the recognition of sales in Q4

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Key Priorities
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• Drive organic growth in higher margin market verticals

• Focus on growth in value-add categories through innovative new products, exclusive supply partnerships and customer solutions

• Expand our range to offer a greater choice of sustainable packaging for our customers

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Rigid Sustainable solutions for small to medium enterprise

A $ millions	FY21	FY20	Change
Revenue 68.0 69.8 (1.8)
PBT* 4.2 7.4 (3.2)
PBT margin* 6.2% 10.6% (4.4%)

• Non-IFRS measure as defined in the Appendices

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PBT
Contribution to
Group in FY21
19%
FY20: 35%
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FY21 Review
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• Rigid normalised revenues and margins after a strong COVID-19 demand in FY20 and 1H21

• In 2H20 and 1H21, the COVID-19 pandemic provided sales and margin opportunities, particularly for bottles, triggers and pumps for hand sanitiser and other cleaning and hygiene products

• Commissioned new blow moulding machines and expanded manufacturing of high volume lines to optimise margin

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Key Priorities
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• Expand manufacturing capacity in the NSW market to improve margins and grow share

• Leverage the company’s manufacturing capability to expand sustainable product offerings and support customers’ goal of reaching National Packaging Targets

Pro-Pac Packaging Limited 16

Pro-Pac Packaging Limited 17

Our Purpose and Priorities

Our purpose is to create better lives for our people, our customers, our communities and the planet

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Packaging is a critical industry that touches the lives of millions of Australians and New Zealanders every day

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Key Priorities
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We have transformed the underlying business over the last two years to build a foundation for growth with purpose

2 3

1

4

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3
Culture of
Innovation
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#1 Driving revenue growth

Profitable growth is a priority

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Focus on driving top line growth in FY22

• Increasing qualified pipeline of higher margin value add products

• Focus business development in market verticals and categories that play to Pro-Pac’s core strengths

• Extract full value from the new assets acquired and commissioned in FY21

Specific initiatives

• Convert our strong sales pipeline including leveraging Pro-Pac’s onshore manufacturing capabilities

• Respond to escalating global shipping challenges by investing in key product lines and deepen supplier relationships

• Invest in additional capacity and technologies to optimise manufacturing efficiency and support growth pipeline in high value FMCG segments

• Pursue earnings accretive acquisitions in existing and adjacent market segments

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#2 Operational Efficiencies

Continue operational transformation to enable efficient growth

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Enterprise Resource Planning
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• Successful implementation of ERP Finance & Accounting went live in March 2021

• The next priority is Supply Chain & Manufacturing (SCM) starting with the Flexibles business unit

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Centres of Excellence
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• Printing and converting Centres of Excellence established in 2H21

• This enabled the integration of Supreme Packaging and the printing assets from the Chester Hill site to be relocated into 2 sites in the Dandenong Industrial precinct in Victoria

• These Centres of Excellence will facilitate:

• Capacity for efficient future organic growth

• Future acquisition synergies at a low integration cost

• Optimise the investment in automation and lowest cost production

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#3 Innovation

Pro-Pac believes in an unconstrained approach to innovation that involves our people, our customers and our community

• Head of Innovation appointed to drive a culture of innovation across the business

• Pro-Pac is a leader in transforming redundant plastics into innovative high performing and sustainable products such as Duratrack, which has recently achieved type approval

• We are committed to expanding our investment in technical resources and best in class equipment and technology to accelerate the production of innovative and sustainable products

• Other near-term priorities in innovation

• Expand the deployment of Duratrack railway sleepers now that type approval has been achieved

• Developing new recycling capabilities to lead the circular economy in flexible and rigid plastic packaging recycling

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#4 Sustainability

Pro-Pac is committed to taking a leading role in the circular economy

Pro-Pac’s sustainability charter aligns with the UN Sustainable Development Goals

Better Planet

• Reducing the environmental impact of our products - reduce, reuse, recycle through innovation and partnerships

• Pro-Pac leverages its recycling capabilities to support customers in meeting their National Packaging Targets

Better Business

• We prioritise employee health, safety and wellbeing at all times

• Diversity and equal opportunities are paramount

Better Communities

• Effective management of all resources and investment in technology and research to advance sustainability

• Investment in partnerships and initiatives that advance the circular economy

• Participation in industry groups and the establishment of plastic stewardship schemes

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Outlook Tim Welsh. CEO & Managing Director

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Outlook

We will continue to prioritise the safety, health and wellbeing of our people and the supply of essential products and services to our customers.

We remain focused on the elements we can directly control and remain confident in our ability to deliver on growth and strategic priorities against uncertain macroeconomic conditions.

Trading momentum has continued at the start of FY22.

The priorities for FY22 year are:

• An unrelenting focus on profitable revenue growth with confidence from early wins

• The efficient delivery of $7m annualised benefits from the transformation and investments completed in FY21

• The implementation of ERP supply chain management in Flexibles

• Invest in expanding our recycling capabilities

• Advance sustainable solutions for customers to achieve National Packaging Targets

We look forward to updating you further at our AGM in November 2021

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Appendices

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Sustainability in Action

Manufacturing sustainable products in Australia using Australian waste plastics

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Envire manufactures a range of tough, long life sustainable products with a lifespan 3-4 times longer than timber and recyclable at the end of its life.

We manufacture Envirofill, a loose void fill made from starch. This void fill is 100% biodegradable and water-soluble.

Duratrack is a sustainable railway sleeper with a 50-year life. Then, at the end of its life, it can be recycled back into another sleeper. In an Australian first, the Duratrack railway sleeper has been granted type approval for mainline use.

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Adopting AASB 16 Leases

AASB 16 Leases became effective for Pro-Pac Packaging on 1 July 2019, requiring operating lease arrangements to be recognised on balance sheet

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Impact on the profit or loss for FY21 is shown in the table below
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	FY21 FY20	FY21 FY20	FY21 FY20	FY21 FY20	FY21 FY20	FY21 FY20
A$ millions	Post- AASB 16	Adopt AASB 16	Pre- AASB 16 Post- AASB 16		Adopt AASB 16	Pre- AASB 16
Revenue from contracts with customers 440.1 - 440.1				478.2 - 478.2
Operating expenditure (394.7) 12.4 (407.1)				(431.8) 14.0 445.8
EBITDA 45.5 12.4 33.1*				46.4 14.0 32.4
Depreciation and amortisation expense (20.2) (11.6) (8.5)				(20.2) (11.0) (9.2)
EBIT 25.3 0.8 24.5*				26.2 3.0 23.2
Finance costs, net (6.5) (3.8) (2.7)				(11.7) (5.9) (5.8)
PBT 18.8 (3.1) 21.9*				14.5 (2.9) 17.4
Signifcant items (7.6) - (7.6)				(5.0) - (5.0)
Proft before income tax 11.2 (3.1) 14.2				9.4 (2.9) 12.4

Pro-Pac Packaging Limited 27

Reconciliations

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Reconciliation to EBIT & EBITDA
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FY21
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FY20
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A$ millions Post- AASB 16	Adopt AASB 16	Pre- AASB 16 Post- AASB 16	Pre- AASB 16 Post- AASB 16	Adopt AASB 16	Pre- AASB 16
Proft before tax 11.2 (3.1) 14.2			9.4 (2.9) 12.4
Add: signifcant items 7.6 - 7.6			5.0 - 5.0
Add: fnance costs 6.7 3.8 2.9			11.8 5.9 5.9
Less: interest income (0.2) - (0.2)			(0.1) - (0.1)
EBIT* 25.3 0.8 24.5			26.2 3.0 23.2
Add: depreciation and amortisation 20.2 11.6 8.5			20.2 11.0 9.2
EBITDA* 45.5 12.4 33.1			46.4 14.0 32.4

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Reconciliation to NPAT
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FY21
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FY20
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A$ millions Post- AASB 16	Adopt AASB 16	Pre- AASB 16 Post- AASB 16	Adopt AASB 16	Pre- AASB 16
Proft after tax 7.8 (2.1) 10.0 6.6 (2.1) 8.7
Add: signifcant items 7.6 - 7.6 5.0 - 5.0
Less: income tax on signifcant items (2.3) - (2.3) (1.5) - (1.5)
NPAT* 13.2 (2.1) 15.3 10.2 (2.1) 12.2

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Reconciliations

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Reconciliation to Operating Cash Flow
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	~~Operating Cash Flow~~ FY21 FY20*
	A$ millions Post- AASB 16	Adopt AASB 16	Pre- AASB 16 Post- AASB 16		Adopt AASB 16	Pre- AASB 16
	Net cash fows from operating activities 27.4 10.5 16.9			53.4 8.5 44.9
	Add: income tax paid 1.8 - 1.8			(2.4) - (2.4)
	Add: signifcant items paid, net 13.1 - 13.1			1.6 - 1.6
	Add: interest paid 6.4 3.8 2.6			10.5 5.9 4.6
	Less: interest received (0.2) - (0.2)			(0.1) - (0.1)
	Operating cash fow 48.5 14.3 34.2*			63.0 14.4 48.6
	EBITDA 45.5 12.4 33.1			46.4 14.0 32.4
	Operating cash fow conversion 107% 4% 103%			136% (14%) 150%

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Reconciliations

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Reconciliation to Gearing
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A$ millions FY21 FY20	A$ millions FY21 FY20
LTM EBITDA* (post AASB 16) 45.5	46.4
Add: unconsolidated LTM EBITDA from acquisitions -	-
Less: Adjustment for AASB 16 Leases (12.4)	(14.0)
LTM Adjusted EBITDA (pre-AASB 16) 33.1*	32.4
Borrowings 58.9	66.5
Less: cash and cash equivalents (7.9)	(21.4)
Net debt 51.0*	45.1
Gearing 1.5x*	1.4x

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Pro-Pac Packaging Limited 30

Reconciliations

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Reconciliation to Significant Items
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Significant Items FY21 FY20
Post - Adopt Pre - Post - Adopt Pre -
A$ millions
AASB 16 AASB 16 AASB 16 AASB 16 AASB 16 AASB 16
Site consolidation and exit costs - - - 2.1 - 2.1
Acquisition and integration costs 3.7 - 3.7 2.3 - 2.3
Chester Hill closure program 5.4 - 5.4 9.2 - 9.2
Reversal of provisions and other liabilities - - - (2.8) - (2.8)
Loss/(profit) on disposal of business 0.1 - 0.1 (4.7) - (4.7)
- -
Insurance income, less losses expensed (1.8) (1.8) (2.0) (2.0)
Litigation costs 0.2 - 0.2 0.9 - 0.9
Significant items before income tax 7.6 - 7.6 5.0 - 5.0
- -
Income tax benefit (2.3) (2.3) (1.5) (1.5)
Significant items after income tax 5.3 - 5.3 3.5 - 3.5
Payments in relation to significant items 13.1 - 13.1 7.4 - 7.4
- - - -
Receipts from insurer (5.9) (5.9)
Significant items paid, net 13.1 - 13.1 1.6 - 1.6
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Pro-Pac Packaging Limited 31

Definitions of Non-IFRS Financial Measures

Adjusted EBITDA means EBITDA before AASB 16 Leases for the last 12-months, adjusted for material acquisitions or disposals

Capital expenditure represents payments for property, plant and equipment, and intangible assets, less disposal proceeds

EBIT refers to PBT before finance costs and interest income

EBIT margin is calculated as EBIT divided by revenue

EBITDA means profit/(loss) before significant items, depreciation and amortisation, finance costs, interest income and income taxes

FY20 means the year ended 30 June 2020

FY21 means the year ended 30 June 2021

Gearing is calculated as net debt divided by LTM Adjusted EBITDA

LTM means the last 12-month period

Net debt is calculated as borrowings, less cash and cash equivalents

NPAT refers to profit/(loss) before significant items after income taxes

Unless otherwise stated in this presentation, all metrics are disclosed post-AASB 16

Operating cash flow is defined as net cash flows from operating activities, plus payment for significant times, income taxes paid and net interest paid

Operating cash flow conversion is defined as operating cash flow divided by LTM EBITDA

PBT refers to profit/(loss) before significant items and income taxes

PBT margin is calculated as PBT divided by revenue

ROI refers to return on investment

Working capital refers to trade and other receivables, inventories, deposits and prepayments, less trade and other payables

Pro-Pac Packaging Limited 32

For further information, please contact:

Investors:

Tim Welsh

Chief Executive Officer & Managing Director Email: investors@ppgaust.com.au Tel: +61 3 9474 4222

Iona MacPherson Chief Financial Officer Email: investors@ppgaust.com.au Tel: +61 3 9474 4222

Media: Hayley Morris

MorrisBrown Communications Email: hayley@morris-brown.com.au Tel: +61 407 789 018

Olivia Brown

MorrisBrown Communications Email: olivia@morris-brown.com.au Tel: +61 409 524 960