1. Annual Results 2010 Financial year ended 28 February 2010

2. AGENDA Highlights Financial Summary Prospects

3. HIGHLIGHTS

4. SALIENT FEAUTURES Concluded Disposal of underperforming and non-core assets: Flexible Operations -R 153.5m gross proceeds (R 118.5m net) - Sale of Mauritian JV and Properties completed R 30m -Vendor loan of R 35m Disposed of equity interest in Izakhamzi Plastics and International Tube Technology and International Edgeboard Technology Acquired within core chosen competencies: Nampak Flexpak Assets Consol Plastics Assets Improved margins – greater manufacturing efficiencies: Operating profit increased by 13% WCM now embarked upon by all companies in the group; SYSPRO base implementation to be concluded and phase 2 now in progress; Plans underway to address scrap levels, automation and cost base

5. SALIENT FEAUTURES (continued) Least cost philosophy: Increase in cost base limited to 5.8% increase year-on-year Not satisfied with cost extraction to date 5 Point cost reduction plan implemented within operations Working capital levels: Net working capital investment as a result of increased exposure to exports and extension of terms by major debtors Net working capital days increased to 37 days (35 days target) –focused plan to pull back to target Reduced levels of gearing: Gearing at 30% Improved cash position – R 140m positive as at 28 Feb 2010 Significantly lower finance cost – down 51% on comparative period Capacity created to expand and invest – numerous projects Areas of focus: Cost extraction Performance of Flexible operations in tough market segments

6. FINANCIAL SUMMARY

7. R millionFeb 10Feb 09% Change Continuing Operations Turnover2 6132 750 (5%) EBITDA396379 5% Profit from Operations268237 13% Operating margin10.6%9.1% Headline Income12985 52% HEPS (cents)116.962.3 88% FINANCIAL SUMMARY Discontinued Operations Loss from discontinued operations 214 491%

8. R millionFeb 10Feb 09% Change Total equity991869 14% Cash and cash equivalents 140110 27% Net debt288442 (35%) Gearing30%53% Net working capital263220 20% Working capital days3729 FINANCIAL SUMMARY Discontinued Operations Assets classified as held for sale 11318 Liabilities relating to assets held for sale 8153

9. KEY INFLUENCING FACTOR Market conditions: Non-durable real household consumption expenditure Source: Econometrix

10. ABRIDGED INCOME STATEMENT Continuing operations Revenue 2 613 2 750 (5%) EBITDA 397 379 5% Profit from operations 268 237 13% Net interest paid 42 86 (51%) Profit before tax 226 151 49% Taxation 76 83 (8%) Profit after tax from continuing Operations 150 69 119% Discontinued operations Loss on discontinued Operations 21 4 491% Profit for the period 129 65 97% R m'sFeb 10Feb 09 % Change

11. ABRIDGED INCOME STATEMENT No of shares in issue (‘000)135,131135,131 Weighted Average no of shares 118,618 118,037 Weighted Average no of shares (fully diluted) 121 590 121 669 Feb 10 Feb 09 % Change (cents) EPS - Continuing 109.1 38.6 183% EPS - Discontinued (19.0) (3.1) (513%) EPS – Total 90.1 35.5 154% (cents) HEPS - Continuing 116.9 62.3 88% HEPS - Discontinued (8.0) 9.8 (182%) HEPS – Total 108.9 72.1 51%

12. DIVISIONAL PERFORMANCE

13. ABRIDGED BALANCE SHEET Non-current assets 1,177 1,033 14% Current assets 828 728 Assets classified held for sale 11 318 Total assets 2,016 2,079 (3%) Shareholders funds 816 697 17% Preference share capital 143 143 Minorities’ interest 33 29 Non-current liabilities 434 499 Current liabilities 582 556 Liabilities relating assets 8 153 classified as held for sale Total equity and liabilities 2,016 2,079(3%) R m’s Feb 10 Feb 09 % Change

14. Cash resources 140 110 Long term interest-bearing debt (279) (341) Short term interest-bearing debt (149) (211) Net interest-bearing debt (288) (442) -35% Net debt : equity ratio 30% 53% BALANCE SHEET NET INTEREST BEARING DEBT R msFeb 10 Feb 09 % Change

15. BALANCE SHEET NET DEBT MOVEMENT

16. GEARING HISTORY

17. Inventories 253 230 10% Debtors (Trade & other) 434 389 12% Creditors (Trade & other) 424 399 6% Net working capital 263 220 20% BALANCE SHEET NET WORKING CAPITAL R m's Feb 10 Feb 09 % Change

18. ABRIDGED CASH FLOW Cash generated by operations 412 468 Decrease/(increase) working capital (38) 81 Non-cash transactions (15) (42) Net financing costs and tax (121) (141) Dividends (16) (35) Cash inflow operating activities 222 331 Capital expenditure (228) (189) Acquisition of minorities’ interests 2 (29) Proceeds on disposals 153 9 Cash outflow investing activities (73) (209) Cash inflow from financing activities (119) 30 Net increase/(decrease) cash and cash equivalents 30 152 R m’s Feb 10 Feb 09

19. Prospects

20. Astrapak Plan of Action  Review of current operations / group strategy  Implement turnaround plan in under-performing operations  Increase market share and volumes  Improve margins  Obsessed with a least cost philosophy  Reduce working capital  Improved capital allocation  Enhanced Financial Disciplines  International alignment

21. INPUT COSTS Raw materials:  New polymer capacity still on hold due to current economic climate  R/$ exchange rate – import price parity  Supply and demand will continue to determine price Other inputs:  Electricity and distribution costs  Labour costs

22. RESULTS: KEY INFLUENCING FACTORS Market conditions: Non-durable real household consumption expenditure Source: Econometrix

23. Negative factors  State of economy worldwide still of concern  Consumer spending to remain under pressure for most of the 2011 financial year  Electricity and labour costs  Economic recovery not yet sustainable Positive factors:  Continued stability in polymer prices –Improved demand/supply balance in world polymer market  Significant project growth opportunities –Preferred supplier to blue chip customers –Number of projects coming on stream  Remain focused on core competencies  Professionalised business – world class systems, operations and people  Capacity created to expand and invest  Extract value from recent asset investments  International Alignment  Competitive advantages –Continued product substitution and successful product innovation FY 2010 onwards