1. ASTRAPAK FINANCIAL RESULTS 29 FEBRUARY 2012 April 2012

2. Financial Summary Contributors to reported results: Volume down 1.1% Rising input costs: polymer, energy and labour; SP increases not adequate to compensate; Selling, admin & distribution – well controlled; EBITDA margin reduction of 2.1%; Treasury management resulting in lower net interest cost; Approximately 40% of asset base delivering no RONA: - adopted / accelerated flexible strategy; - incurred exceptional losses/costs - fix or dispose Assessment of future competitiveness of entire asset base; Working capital management – supply issues and customers; Flexible special capex – delayed commissioning, positive trend

3. FINANCIAL PERFORMANCE SUMMARY Statement of Comprehensive Income 20122011change Revenue2,517.82,434.2>3.4% Volume decline<1.1% Selling price growth>4.5% EBITDA284.8325.4<12.5% EBITDA margin11.3%13.4% Operating profit (before exceptional items)163.2192.0<15.0% Operating margin6.5%7.9% Exceptional items*(70.5)(5.2) Net finance cost28.730.6<6.2% Interest cover (before exceptional items)5.7 times6.3 times (Loss)/profit for the year – discontinued*(41.9)4.9 HEPS (continuing operations only)55.5 cents69.7 cents<20.4% Preference dividend722.0cents768.5cents

4. FINANCIAL PERFORMANCE SUMMARY EXCEPTIONAL ITEMS & DISCONTINUED OPERATIONS Exceptional items 20122011 Impairment of assets32,628.3- Impairment of goodwill32,543.0- Retrenchment costs5,368.75,185.4 TOTAL70,540.05,185.4 Discontinued operations 20122011 Net Trading losses / (profit)31,297.4(5,730.2) Impairment of assets5,160.4- Retrenchment costs5,490.2852.2 TOTAL41,948.04,878.0

5. FINANCIAL PERFORMANCE SUMMARY Statement of Financial Position 20122011change Total equity (R’000)1 020.61 080.5<5.5% Total assets (R’000)2 198.02 148.3>2.3% Net interest bearing debt (“Net Debt”) 500.3340.3<47.0% Net Debt as % equity52%33% Net debt / EBITDA1.761.05 Net working capital days5049 Exceeds revised target of 45 days NAV per share NAV per share recognising properties at fair value (cents) 804 944 868 972 NTAV per share NTAV per share recognising properties at fair value (cents) 707 847 743 847 Closing share price 29 Feb 12 (cents) 665890<25.3%

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

7. FINANCIAL PERFORMANCE SUMMARY Cash Flow Statement 20122011change Cash generated by operations233.4337.8<30.9% Dividend distributions(47.3)(44.0)>7.5% Investment in working capital(17.3)(51.9) Capital expenditure(265.9)(223.1) Net cash and cash equivalents 29 Feb 2012(3.1)84.6

8. SEGMENTAL REVIEW

9. SEGMENTAL PERFORMANCE (continuing operations) RIGIDS Factors impacting results: Challenges: PET operations underperform; Weak demand certain segments; Customer procurement strategies. Positives: Market share; Preferred supplier status; Sound technology base. Priorities: Capacity utilisation – volume overlay; PET management changes & refurbishment program

10. SEGMENTAL PERFORMANCE (continuing operations) FLEXIBLESFactors impacting results: Challenges: Ageing equipment; Footprint / Cost base; Industrial relations. Positives: Leadership changes concluded; Special investment of R 106m commissioned latter part 2012 – benefits in 2013; Science in manufacturing. Priorities: Capacity utilisation - volume overlay; Formulations / value in use opportunities.

11. ASSET PERFORMANCE (continuing operations) Flexibles: Flexible returns dismal; Strategic initiatives well underway; Assess ability of asset base to generate required returns; Fix or dispose. SEGMENT RETURN ON NET ASSETS MANAGED (“RONA”) Maximise capacity utilisation; Strategic initiatives well underway; PET turnaround Rigids:

12. STRATEGIC PRIORITIES Regional approach supported by business segment strategies; Asset utilisation opportunities; Value-in-use / formulation benefits; PET operations turnaround; Sale of non-core assets; Footprint reduction benefits; Flexible special capex; Working capital / cash management.

13. THANK YOU