Interim Results 2009

1. Your future packaging today Interim Results 2009 Period ended 31 August 2008

2. AGENDA Introduction Financial Analysis Divisional Analysis Plastic Packaging Market Outlook Summary Introduction

3. Introduction

4. RESULTS: KEY INFLUENCING FACTORS Raw material input prices Rand per Ton Rand per Barrel Operating margin % 1H 2009 1H 2008 11.2% 10.7% 10.5% 10.5% 9.7% 6.7% Aug 2004 Aug 2003 Aug 2005 Aug 2008 Aug 2006 Aug 2007 Source: Econometrix Introduction

5. RESULTS: KEY INFLUENCING FACTORS Market conditions 2005 2006 2007 2008 2003 2004 Source: Econometrix Introduction

6. RESULTS SUMMARY • Rampant polymer prices – squeezed margins further • Substantially higher interest bill • Reversal of deferred tax assets Introduction

7. Financial Analysis

8. ABRIDGED INCOME STATEMENT R 000's 1H 2009 1H 2008 % Change Revenue 1,573,838 1,366,879 15% % Financial Analysis

9. ABRIDGED INCOME STATEMENT R 000's 1H 2009 1H 2008 % Change Revenue 1,573,838 1,366,879 15% EBITDA 174,509 186,400 -6% Profit from operations 105,013 132,134 -20% • Further gross margin decline (21,1% vs. 23,0%) – pricing delays • Operating overheads increased by 23,6%, mainly due to; • Wage increases above inflation • High fuel and electricity costs • One-off costs incurred (± R5m) • Timing of acquisitions Financial Analysis

10. ABRIDGED INCOME STATEMENT R 000's 1H 2009 1H 2008 % Change Revenue 1,573,838 1,366,879 15% EBITDA 174,509 186,400 -6% Profit from operations 105,013 132,134 -20% Net interest paid 46,131 30,543 51% • Average interest rate up 18% (233 bps) • Higher average net debt over the period due to capex (R107m) and higher polymer prices (LDPE +42%) Financial Analysis

11. ABRIDGED INCOME STATEMENT R 000's 1H 2009 1H 2008 % Change Revenue 1,573,838 1,366,879 15% EBITDA 174,509 186,400 -6% Profit from operations 105,013 132,134 -20% Net interest paid 46,131 30,543 51% PBT 58,882 101,591 -42% Taxation 37,385 23,568 59% • Effective tax rate of 63% mainly due to: • Reversal of deferred tax assets R15m • STC of R 1.2m Financial Analysis

12. ABRIDGED INCOME STATEMENT R 000's 1H 2009 1H 2008 % Change Revenue 1,573,838 1,366,879 15% EBITDA 174,509 186,400 -6% Profit from operations 105,013 132,134 -20% Net interest paid 46,131 30,543 51% PBT 58,882 101,591 -42% Taxation 37,385 23,568 59% Profit for the period 21,497 78,023 -72% Attributable to minorities 2,066 3,559 Attributable to pref. shareholders 9,143 7,849 Attributable to ord. shareholders 10,288 66,615 -85% Headline income 10,594 65,958 -84% HEPS (cents) 9.0 56.3 -84% Fully diluted HEPS 8.7 53.1 -84% Financial Analysis

13. BALANCE SHEETNET INTEREST BEARING DEBT R 000's 1H2009 1H 2008 % Change Cash resources 105,078 27,220 Long term interest-bearing debt (325,072) (214,113) Short term interest-bearing debt (353,677) (307,360) Net interest-bearing debt (573,671) (494,253) 16% Net debt : equity ratio 70% 60% Financial Analysis

14. BALANCE SHEETNET WORKING CAPITAL R 000's 1H2009 1H 2008 % Change Inventories 363,974 376,959 - 3% Debtors (Trade & other) 551,171 489,583 13% Creditors (Trade & other) 536,643489,332 10% Net working capital 378,502 377,210 0% Despite higher polymer prices (LDPE +42%) , a huge focus on working capital management has yielded an unchanged WC investment Financial Analysis

15. BALANCE SHEETNET WORKING CAPITAL - DAYS Target 35 days Days Days Net days 34.7 34.2 34.0 53.2 56.2 50.4 52.6 43.9 Financial Analysis

16. ABRIDGED BALANCE SHEET R 000’s 1H 2009 1H 2008 % Change Non-current assets 1,192,605 1,079,849 10% Current assets 1,020,223 893,762 14% Total assets 2,212,828 1,973,611 12% Shareholders funds 680,844 680,415 Preference share capital 142,590 142,490 Minorities’ interest 30,358 29,966 1% Non-current liabilities 460,913 317,332 45% Current liabilities 898,123 803,308 12% Total equity and liabilities 2,212,828 1,973,611 12% Financial Analysis

17. BALANCE SHEETNET DEBT MOVEMENT Financial Analysis

18. CASH FLOWNET WORKING CAPITAL VS CASH GENERATED Financial Analysis

19. Divisional Analysis

20. FLEXIBLES: HISTORIC PERFORMANCE Rm % Divisional Analysis

21. FLEXIBLES: 1H 2009 PERFORMANCE Revenue Op Margin (%) Operating Profit • Turnover growth: 8,8% organic • Very tough market conditions: • Raw material prices • Competitive markets • Operating margins remain under pressure • Smaller companies Saflite &Tamperpak performed well • Larger businesses still under severe pressure • Under performing entity: Alex White & Co (Jhb) • Astraflex turnaround strategy well underway Divisional Analysis

22. FILMS: HISTORIC PERFORMANCE Rm % Divisional Analysis

23. FILMS: 1H 2009 PERFORMANCE Revenue Op Margin (%) Operating Profit • Turnover growth: 16,3% organic & 2,9% acquisitive • Mixed performance • Margins still under pressure: • Input price increases vs. selling price resistance • Competitive market • Improved performance at ERP • Sasol project has commenced at lower volumes • - some compensation received Divisional Analysis

24. RIGIDS: HISTORIC PERFORMANCE Rm % Divisional Analysis

25. RIGIDS: 1H 2009 PERFORMANCE Revenue Op Margin (%) Operating Profit • Turnover growth: 10,6% organic • Resistance to selling price increases • Margins under pressure • High end packaging under pressure • Milk shortage impacted Marcom & Plastform • Improved performances from Denver , Plastop KZN • & Bronkhorstspruit operations Divisional Analysis

26. INDUSTRIAL: HISTORIC PERFORMANCE Rm % Divisional Analysis

27. INDUSTRIAL: 1H 2009 PERFORMANCE Revenue Op Margin (%) Operating Profit • Turnover growth: 54,4% organic & 83,4% acquisitive • Acquisition of Geotex / Plusnet (1 Sep 07) • - significant capital investment subsequent to acquisition (R15m) • Volumes under pressure at ITT (SANS) Divisional Analysis

28. Plastic Packaging Market Outlook Raw material input costs

29. RESULTS: KEY INFLUENCING FACTORS Raw material input prices Rand per Ton Rand per Barrel . Aug 2004 Aug 2003 Aug 2005 Aug 2008 Aug 2006 Aug 2007 Source: Econometrix Plastic Packaging Market Outlook

30. INPUT COSTS Raw materials: • New polymer capacity will improve supply balance and will contribute to lower $ prices in 1 to 2 years • R/$ exchange rate could negate benefits • In short-term supply and demand will continue to determine price Other inputs: • Electricity and distribution costs • Labour Plastic Packaging Market Outlook

31. Plastic Packaging Market Outlook Raw material input costs Consumer Demand

32. MARKETS SUPPLIED BY ASTRAPAK Industry 1H 2009 1H 2008 304 244 195 131 103 102 93 93 84 82 82 18 10 273 206 175 117 86 86 60 99 66 75 66 18 15 Rm Plastic Packaging Market Outlook

33. RESULTS: KEY INFLUENCING FACTORS Market conditions 2005 2006 2007 2008 2003 2004 2009 Source: Econometrix Plastic Packaging Market Outlook

34. Summary

35. Review of current operations / group strategy Dispose of underperforming assets Get margins up Continue to drive selling price increases Improve manufacturing efficiencies (WCM & SYSPRO) by reducing: Scrap Output & cycle times Labour & overheads Further reduce working capital Stock & debtors Increase market share and volumes Product substitution Investment in new projects Innovation International alignment Astrapak plan to deal with operating environment Summary

36. Positive factors Traditionally stronger 2nd half Highly focused Astrapak Change in senior personnel Cultural change Possible raw material price reductions (currency dependant) 2H 2009 Negative factors • Oil price & exchange rate volatility • High interest rate environment is likely to constrain consumer spending Summary

37. Your future packaging today