Overview of Business Strategy

Our Vision

Pact’s Vision is to Lead the Circular Economy through Reuse, Recycling and Packaging solutions

Our target

Our target is top quartile shareholder returns and 30% recycled content across the portfolio by 2025

Our Priorities

The Group will seek to deliver long-term value focussing on three core areas, with six key priorities: • Strengthen our core —Focus the portfolio and strengthen the balance sheet. —Turnaround and defend our core Australia and New

Zealand consumer packaging businesses. • Expand reuse and recycling capability —Lead plastics recycling in Australia and New

Zealand. —Scale up reuse solutions. —Differentiate industrial and infrastructure businesses.

• Leverage regional scale —Grow our Asian packaging platform. Key Enablers The Group has identified the following key enablers to help achieve our Vision: • A safe, diverse and motivated workforce. • Competitive manufacturing. • A segment skilled sales capability. • Differentiated solutions through technical expertise and innovation. • Circular economy credentials and communication. • Disciplined capital management. • Data-driven decision making. Our Values

Strong Values are the foundation of all successful organisations and at Pact we have Values that focus on providing a safe, inclusive, and inspiring workplace for everyone and a high-performance culture: • Safety — we will make safety our priority and take pride in our workplace. • Customer — we will win when our customer wins, and we will deliver when and what we say. • Integrity — we will strive for results with honesty and integrity. • Innovation — being innovative is in Pact’s DNA and will drive the Circular Economy. • Respect — we will create a better workplace through respect and collaboration. Leadership and Capability Strong leadership and capability will underpin the delivery of our strategy. • A customer-centric operating model has been implemented, and key leadership positions are in place. • Capability has been enhanced through: —supply chain excellence, driving efficiencies; —the transformation of functional teams, driving standardisation, improved data analytics and operational excellence; —leadership development programs; —external appointments to leadership positions, challenging the status quo; and —strong employee alignment, supported by incentive and share ownership programs.

Execution of Our Strategy The Group has continued to make progress in the delivery of the strategy in FY22. Turnaround and defend core Australia and New Zealand consumer packaging businesses Operations in our Australian packaging business have stabilised, and margins are targeted to improve having been impacted in FY22 by lags in recovering significantly higher input and freight cost as a result of global supply chain disruptions. Our new operating model and investment in projects to support platform capability, efficiency, light-weighting and use of recycled content are delivering improvements in operational performance, supporting our customers in achieving their sustainability targets and delivering innovative products for recycled content solutions. We have developed detailed segment strategies which are guiding our investment decisions and will drive growth in margins. We are targeting to return margins in our Australian packaging business to global industry standard by 2026. Our New Zealand business has delivered volume growth in FY22, including a first full year contribution from Flight Plastics and has announced a site rationalisation in the fresh food segment, realising operational synergies from the Flight acquisition. . Lead plastics recycling in Australia and New Zealand The Group has continued to progress the development of a national network of recycling infrastructure and is leading the industry in providing scaled, best in class facilities to provide high quality food grade recycled resins. Our new Circular Plastics Australia (PET) joint venture recycling facility in Albury NSW was commissioned during the year and two more joint venture facilities in Laverton and Altona Victoria are under construction and expected to be commissioned in 2023. In addition a further three potential sites are under evaluation in Australia and New Zealand. The completion of this pipeline would lift recycling capability in total up to a potential 120,000 tonnes per annum. Strong support has been received to date from both state and federal governments. The Group has established a Demand Team and there has been strong demand for offtake from our new facilities, with offtake from our Albury and Laverton facilities almost fully committed. Pact is now well positioned to be the partner of choice for customers seeking strategic partnerships to access local recycled content that will be necessary to deliver ambitious 2025 sustainability targets. The Group has signed a partnership with Woolworths to exclusively supply recycled packaging for products across their own brand range, including milk bottles, meat trays, fruit and vegetable punnets and beverage bottles. More than 18,000 tonnes of recycled plastic resin sourced from our recycling facilities in Australia and other local facilities will be used to manufacture this high quality recycled and recyclable packaging. Our joint recycling and manufacturing capability closes the loop and enables us to deliver change and sustainable solutions. In recycled content firsts we are producing at scale 100% recycled content PET milk bottles and 30% recycled HDPE milk bottles for customers and have developed fully recyclable meat trays in New Zealand. In FY22 Pact completed the acquisition of Synergy Packaging, a Victoria based manufacturer of nonbeverage rigid PET and recycled PET packaging supplying mainly to small health and personal care businesses. Synergy’s recycled PET capabilities align directly with Pact’s strategy, complements our existing business and will assist in meeting the increasing demand for recycled packaging. Pact also completed the acquisition of Flight Plastics NZ during FY21, and this has provided access to quality, locally processed food-grade recycled PET for use in food packaging. Supply of recycled content solutions through Flight has been a key enabler to contract wins in the fresh food segment in Australia and New Zealand. The Group is also planning an investment of $75 million over 3 years to upgrade our manufacturing capability and to:

• enable up to 50% recycled content in milk bottles; • boost production of 100% rPET beverage bottles; • upgrade mobile garbage bin manufacturing capability to meet growth from 4 bin waste collection initiatives and increase use recycled content; and • Increase capability to use recycled content in industrial packaging. A $20 million grant has been awarded from the Federal Government’s Modern Manufacturing Initiative to support this investment. Scale-up reuse solutions Pact’s crate pooling services delivered organic growth in FY22 and achieved increased penetration in the fresh produce sector and diversification into new produce categories. Pooling opportunities in other categories are also being evaluated. In addition, Woolworths is planning to scale up the use of Pact’s reusable and recyclable produce crates to replace traditional single-use cardboard and polystyrene boxes, increasing usage from 50 million to 80 million crates per year. These reusable crates are designed to be used more than 140 times before being replaced. Our hanger reuse services business was successful in winning major contract renewals in Australia and Europe. We expect momentum in the growth of reuse solutions to continue as customers increasingly seek sustainable alternatives to single-use packaging. Grow Asian packaging platform The closures business delivered organic growth in FY22 despite widespread supply chain disruption and the impact of COVID-19 and lockdowns in the region. Growth in the business has been supported by the consolidation of our regional platform and capital investment in capacity initiatives. The Group will continue to focus on accelerating growth in Asia and further leveraging capability in the region.

Case Study Proven ability to build a scaled solution for highquality food grade recycled resin

Pact Group is leading the Circular Economy by continuing with an investment program to build world class recycling facilities producing high-quality recycled plastic resin and flake.

Significant progress has been made in relation to this network of recycling facilities. Circular Plastics Australia (PET) is joint venture between Pact Group, Cleanaway, Asahi Beverages and Coca-Cola Europacific Partners. The recycling facility in Albury commenced operations during the year and has attained international food safety approval, and is supplying high-quality food grade recycled resin. A second polyethylene terephthalate (PET) recycling facility with similar capacity is under construction in Melbourne with the same joint venture partners, while a mixed plastics recycling facility is under construction in Laverton, Victoria in partnership with Cleanaway. A further three recycling facilities are in the early stages of planning. Upon completion of the current program, we will have the capacity to produce up to 120,000 tonnes of high-quality recycled content.

New South Wales (Albury) • Circular Plastics Australia (PET) joint venture recycling facility in Albury, which is operated by Pact, commenced operations during the year. • 20,000 tonne food grade recycled polyethylene terephthalate (PET) capacity. • Food grade certification in place and supplying high quality recycled resin. • 600kW on site solar installed. Since installation in

March 2022 these panels have generated 166.1 MWh. Victoria (Laverton)

• 15,000 tonne recycled high-density polyethylene (HDPE) and 5,000 tonne polypropylene (PP) capacity. • Expected to commence operations in 2023. • Construction has commenced, footings have been completed and the equipment is in transit from

Europe. Victoria (Altona)

• 20,000 tonne food grade recycled PET capacity. • Expected to commence operations in 2023. • Construction is well progressed, equipment from

Europe has arrived in Australia and installation will commence in October 2022.

Three additional facilities under consideration:

• Western Australian mixed plastics facility, in the order of 15,000 tonne capacity. • Queensland recycling plant, in the order of 6,000 tonne capacity for recycled PET. • New Zealand recycling plant in the order of 15,000 tonne capacity for recycled natural and coloured

HDPE, LDPE and PP.