ASTRAPAK RESULTS PRESENTATION FINANCIAL YEAR ENDED 28 FEBRUARY & 11 May 2011

DISCLAIMER Forward looking statements This presentation might contain 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 Astrapak. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “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 Astrapak). 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. Astrapak’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 Astrapak’s future performance are discussed each year in the annual report. 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. Astrapak 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.

AGENDA STRATEGIC & BUSINESS REVIEWM BAGLIONE FINANCIAL REVIEWM DIEDLOFF SEGMENTAL REVIEWM BAGLIONE OUTLOOKM BAGLIONE Q&A SITE VISIT JOHANNESBURGCINQPLAST DENVER CAPE TOWNPLASTFORM

INTRODUCTION, STRATEGIC & BUSINESS REVIEW M Baglione

STRATEGIC REVIEW Strategy The Astrapak 10 Point plan: Introduced in 2009; Focused on: - Building core competencies; - Strengthening the business model; - Manufacturing science; Model aimed at delivering improved and sustainable financial performance.

BUSINESS REVIEW Internal review: What went wrong in 2011? -Poor execution of certain items in 10-point plan; -Poor cost management; -Change programme too ambitious for the team and culture in certain businesses; -Industrial action & retrenchments. What corrective measures have been taken? - Senior management changes; - Structural changes; - Group Procurement & Group System Analyst appointed.

BUSINESS REVIEW External review: Which external factors impacted on the business ? Difficult trading conditions throughout the year due to pressures on disposable income; Major customers under severe pressure: branded versus in-house; Tough trading conditions for customers delayed major projects already invested in by Astrapak – benefits will now only be realized in future periods whilst associated costs were incurred in current period by the Group; Customer procurement strategies; Significant increases in input pricing – issues above impacting severely on ability to pass on price increases timeously; Competitor activities.

BUSINESS REVIEW External review: What steps are being taken in an attempt to combat or reduce the impact of such external factors? Investment strategies being implemented to increase group exposure to non-branded and in-house products; More scientific approach adopted to dealing with customers and customer procurement strategies; Actively engaging with customers to implement strategies to increase customer market share; Structural cost base changes & further cost extraction initiatives; Energy Management Committee established and already adding value in energy utilisation strategies; Group Procurement and Procurement Committees actively engaging with international supplier base.

FINANCIAL REVIEW M Diedloff

Financial Summary Main features of reported results: Volume growth of 4.9%; Continued downward pressure on margins due to trading environment; Growing cost base mainly due to energy, labour and depreciation; Raw material prices increases – more material in latter half of the year; Industrial action and retrenchment costs of R 45 million; Strong cash and treasury management resulting in lower net interest cost; Gearing remains in 30% range; Dividend unchanged at 26.4 cents per share - > distribution policy (21.8 cents – 21% above).

FINANCIAL PERFORMANCE SUMMARY Statement of Comprehensive Income change Revenue2,7052,613> 3.5% Volume growth>4.9% Selling price growth< 1.4% EBITDA* < 16.5% EBITDA margin12.2%15.2% Operating profit <28.9% Operating margin7.0%10.3% Net finance cost < 24.3% Interest cover6.0 times6.4 times Profit for year (continued & discontinued) < 15.1% EPS (continuing operations only) < 32.7% HEPS (continuing operations only) <37.1% Ordinary dividend26.4 cents unchanged Preference dividend cents cents< 14.6% * Includes estimated R 35m loss due to industrial action and R 10m retrenchment costs

HEPS, Dividends & Yields Dividends & HEPSDividend Yield & Share price

FINANCIAL PERFORMANCE SUMMARY Statement of Financial Position change Total equity (R’000)1, > 9.0% Total assets (R’000)2, > 6.6% Net interest bearing debt (“Net Debt”) 340,3287,8 Net Debt as % equity32.7%30.0% Net debt / EBITDA1.0x0.7x Net working capital days Exceeds 37 day target mainly due to strategic stock holding representing 3.2 days -R23.6m Net asset value per share (cents) > 7.4% Net tangible asset value per share (cents) > 8.9% Closing share price 28 February (cents) < 11.9%

Gearing & Net working capital Gearing, Net Debt & EquityNet working capital & days

FINANCIAL PERFORMANCE SUMMARY Cash Flow Statement change Cash generated by operations < 17.9% Dividend distributions > 180.9% Investment in working capital Strategic stockholding as at 28 February Capital expenditure Net cash and cash equivalents 28 February Differential of R 55.8m mainly due to: -Add dividends of R 28.4m - Strategic stockholding of R 23.6m

FINANCIAL REVIEW Statement of Comprehensive Income R'000 Reviewed 28 February 2011 Audited 28 February 2010% change CONTINUING OPERATIONS Revenue 2,705,377 2,613,0003.5% Cost of sales (2,129,876) (1,959,502)8.7% Gross profit 575, , % Administration, distribution, selling and other costs (385,205) (376,488)2.32% Profit from operations before exceptional items 190, , % Exceptional items - (9,250) Profit from operations 190, , % Net finance costs (31,775) (41,953) -24.3% Profit before taxation 158, , % Taxation (49,080) (75,884) Profit for the year from continuing operations 109, , % DISCONTINUED OPERATIONS Profit/(loss) for the year from discontinued operations 360 (21,394)-101.7% Profit for the year from all operations 109, , %

FINANCIAL REVIEW Statement of Comprehensive Income Reviewed 28 February 2011 Audited 28 February 2010% change Number of ordinary shares in issue ('000) 135,131 Number of preference shares in issue ('000) 1,500 Weighted average number of ordinary shares in issue ('000) 119, ,6181.1% Fully diluted weighted average number of ordinary shares in issue ('000) 122, ,5901.1% Earnings per ordinary share (cents) % - continuing operations % - discontinued operations 0.3 (19.0)-101.6% Fully diluted earnings per ordinary share (cents) % - continuing operations % - discontinued operations 0.3 (18.5)-101.6% Headline earnings per ordinary share (cents) % - continuing operations % - discontinued operations 0.3 (8.0)-103.8% Fully diluted headline earnings per ordinary share (cents) % - continuing operations % - discontinued operations 0.3 (7.8)-103.8% Ordinary dividend declared (R’000)35,675 - Ordinary dividend per ordinary share (in cents) Preference dividend paid and accrued (R’000) 11,526 13, % Preference dividend per preference share (cents) %

FINANCIAL REVIEW Statement of Financial Position R’000 Reviewed 28 February 2011 Audited 28 February 2010 % change Non-current assets 1,262,666 1,177,0947% Property, plant and equipment 1,053, ,331 Deferred taxation 17,144 12,465 Goodwill and trademarks 149, ,712 Loans and investments 42,492 40,586 Current assets 885, ,8826% Inventories 290, ,971 Trade and other receivables 511, ,108 Cash and cash equivalents 84, ,422 Assets classified as held for sale - 11,381 Total assets 2,148,321 2,015,9767% Total equity 1,080, ,3359% Equity attributable to ordinary shareholders of the parent 898, ,797 Preference share capital and share premium 142,590 Non-controlling interest 39,871 32,948 Non-current liabilities 417, ,073-4% Long-term interest-bearing debt 257, ,972 Long-term Financial liabilities 1,671 20,044 Deferred taxation 157, ,057 Current liabilities 650, ,56810% Trade and other payables 474, ,612 Shareholders for preference dividends 8,994 9,668 Short term interest-bearing debt 167, ,212 Liabilities relating to assets held for sale - 8,076 Total equity and liabilities 2,148,321 2,015,9767%

FINANCIAL REVIEW Statement of Cash flows R'000 Reviewed 28 February 2011 Audited 28 February 2010% change Cash generated from operations 338, ,267-18% Increase in working capital (51,938) (37,932) Non-cash transactions 98 (14,689) Net financing costs and taxation paid (73,924) (121,497) Net cash inflow before distributions to shareholders 212, ,149 Dividend distribution to shareholders (44,055) (15,705) Net cash inflow from operating activities 168, ,444-24% Capital expenditure (223,144) (227,502) Net movements of investments, subsidiaries and non-controlling interests (3,411) 2,149 Proceeds on the disposal of assets held for sale - 144,645 Proceeds on the disposal of property, plant and equipment 3,559 8,040 Net cash outflow from investing activities (222,996) (72,668) Net cash outflow from financing activities (1,423) (119,416) Net (decrease)/increase in cash and cash equivalents (55,777) 30,359 Net cash and cash equivalents at the beginning of the year 140, ,063 Net cash and cash equivalents at the end of the year 84, ,422-40%

SEGMENTAL REVIEW

SEGMENTAL PERFORMANCE RIGIDS Factors impacting results: Challenges: Major customers under pressure resulting delays in capital projects and decline in anticipated volumes; Customer procurement strategies; Technology change at Weener- Plastop; PET operations underperformed. Positives: Continued growth in market share; Major projects awarded for 2012; Preferred supplier status.

SEGMENTAL PERFORMANCE FLEXIBLESFactors impacting results: Challenges: Historical re-investment rate; Poor strategic leadership; Culture change; Industrial relations. Positives: Leadership changes; Special investment of R 106m approved; Science in manufacturing.

OUTLOOK M Baglione

OUTLOOK Trading environment Challenges Oil / polymer prices; Energy cost increases : 25%+ per annum; Labour costs and nationwide industrial action; Change in interest rate cycle anticipated. Polymer pricing ($)

OUTLOOK A Strong platform for earnings growth Market leading position in chosen industries; Strong customer relationships with preferred supplier status; Broad geographic footprint; Strong technology platform; Defensive business.

OUTLOOK MANAGEMENT FOCUS FOR 2012: Execute on 10 point plan; Maximise returns from Flexible special investment; Delivery on delayed and newly awarded projects – Rigids; Optimise cash: destocking & collections; Restoration of gross margins; Rationalise cost base – structural and other cost savings; Improve return on equity.

QUESTIONS

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