SIG Combibloc : Acquisition of Evergreen's fresh milk operations in Asia

ACQUISITION OF EVERGREEN'S FRESH MILK OPERATIONS IN ASIA

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In this presentation, we utilise certain alternative performance measures including, but not limited to, EBITDA, adjusted EBITDA, core revenue, adjusted net income, adjusted earnings per share, net capital expenditure, free cash flow, ROCE and cash conversion that in each case are not recognised under International Financial Reporting Standards ("IFRS"). These alternative non-IFRS measures are presented as we believe that they and similar measures are widely used in the markets in which we operate as a means of evaluating a company's operating performance and financing structure. Our definition of and method of calculating the measures stated above may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS, as issued by the IASB or other generally accepted accounting principles, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period or operating cash flows determined in accordance with IFRS, nor should they be considered as substitutes for the information contained in our consolidated financial statements

EBITDA is defined as profit or loss before net finance expense, income tax expense, depreciation of property, plant and equipment and right-of-use assets, and amortisation of intangible assets.

Adjusted EBITDA is defined as EBITDA adjusted to exclude certain non-cash transactions and items of a significant or unusual nature including, but not limited to, transaction- and acquisition-related costs, restructuring costs,

unrealised gains or losses on derivatives, gains or losses on the sale of non- strategic assets, asset impairments and write-downs and share of profit or loss of joint ventures, and to include the cash impact of dividends received from joint ventures.

Adjusted net income is defined as profit or loss adjusted to exclude certain items of significant or unusual nature, including, but not limited to, the non-cash foreign exchange impact of non-functional currency loans, amortisation of transaction costs, the net change in fair value of financing-related derivatives, purchase price allocation ("PPA") depreciation and amortisation, adjustments made to reconcile EBITDA to adjusted EBITDA and the estimated tax impact of the foregoing adjustments. The PPA depreciation and amortisation arose due to the acquisition accounting that was performed when the Group was acquired by Onex in 2015. No adjustments are made for PPA depreciation and amortisation other than in connection with the Onex acquisition.

Adjusted EBITDA and adjusted net income are not performance measures under IFRS, are not measures of financial condition, liquidity or profitability and should not be considered as alternatives to profit (loss) for the period, operating profit or any other performance measures determined or derived in accordance with IFRS or operating cash flows determined in accordance with IFRS.

Additionally, adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not take into account certain items such as interest and principal payments on our indebtedness, working capital needs and tax payments. We believe that the inclusion of adjusted EBITDA and adjusted net income in this presentation is appropriate to provide additional information to investors about our operating performance to provide a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. Because not all companies calculate adjusted EBITDA, core revenue, adjusted net income and other alternative performance measures in this presentation identically, they may not be comparable to other similarly titled measures in other companies.

For additional information about alternative performance measures used by management that are not defined in IFRS, including definitions and reconciliations to measures defined in IFRS, the change in our calculation methodology for constant currency and a definition of like-for-likegrowth rates please refer to this link:https://reports.sig.biz/annual-report-2020/services/glossary.html

Some financial information in this presentation has been rounded and, as a result, the figures shown as totals in this presentation may vary slightly from the exact arithmetic aggregation of the figures that precede them

OPPORTUNISTIC ACQUISITION IN HIGH GROWTH SEGMENT

ACCESS TO ATTRACTIVE MARKET SEGMENT IN APAC REGION

• Growing per capita consumption of liquid dairy, including fresh milk
• Premiumisation and demand for high quality packaging plays to SIG's strengths
• Access regional / city dairies and expand share of wallet with key customers

COMPLEMENTARY

BUSINESS MODEL

• Opportunity to add fresh packaging system business to aseptic platform
• Leverage core technical competences and drive innovation in fresh market
• Opportunity to expand in family-sized packs

ATTRACTIVE FINANCIAL PROFILE & VALUATION

• Attractive synergy potential through commercial opportunities and cost optimisation, driving margin expansion in Fresh
• Free cash flow and earnings per share accretive with limited impact on leverage
• Effective multiple of 9.5x 2021E EBITDA after synergies and board supply arrangements

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GLOBAL FRESH MARKET: FEW GROWTH POCKETS CHINA IS A FAST GROWING MILK MARKET

MARKET SIZE AND GROWTH PROJECTIONS		CHILLED MILK CARTON MARKET PRODUCTION
Market size		(in m litres)
	CAGR	CAGR
(in bn litres)
6	• Carton packaging in fresh	19-21E	21E-26E
	expected to grow by 2%	14%	7%
	globally, driven by Asia

			North				• Europe and North America			1.902
			America					represent mature markets
						• Asia growing in selected
4
	Europe					regions, like China,
						Vietnam and Thailand		1.362
	Japan							1.053
2
						China
					India		Thailand	China
0 -4					Vietnam
-2	0	2	4	6	8	10	12	2019	2021E	2026E

% CAGR 2021E-26E

4	JANUARY 2022	SOURCE:	GLOBAL DATA, EAC CONSULTING, GVM (GERMANY ONLY), MILK IN CHILLED CARTON ONLY
		NOTE:	EUROPE INCLUDING A, BE, HR, CZ, FR, DE, IT, NL, PL, RU, SR, ES, CH, UK. NORTH AMERICA: CANADA, MEXICO, US. SOUTH AMERICA NOT INCLUDED AS FRESH VOLUMES ARE MARGINAL

EVERGREEN'S FRESH MILK OPERATIONS IN ASIA NEW AXIS OF GROWTH

Overview

• Fibre based packaging solutions for dairy milk
• Market leader in China
• Among leading suppliers in Taiwan and South Korea
• Plants located in Shanghai (China), Ansan (South Korea) and Taipei (Taiwan)
• Strong customer relationships overlapping with existing SIG customers
• Platform for expansion in nascent fresh milk markets

Revenue by geography2

China 51%

Taiwan 18%

South Korea 18%

South East Asia 13%

Key customers

Revenue by end-market1

Milk 80%

Juice 4%

Cream 4%

Tea 4%

Drinking yogurt 3%

Other 4%

5	JANUARY 2022	(1)	CARTON REVENUE ONLY
		(2)	INCLUDES CHINA AND HONG KONG