Deed Poll of Indemnification

















Dated 6 December 2014























Reynolds Group Holdings Limited

















for the benefit and in favour of





the lndemnitees defined in this Deed Poll of Indemnification (Germany - Pactiv-Omni Germany Holdings GmbH)





























































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Contents





Clause    Page


|   |                 
|-- | ----------------
|1. | Definitions    1

|   |                 
|-- | ----------------
|2. | Indemnification2

|   |                                   
|-- | ----------------------------------
|3. | Limitationson Indemnification    2

|   |                              
|-- | -----------------------------
|4. | IndemnificationProcedure    2

|   |                              
|-- | -----------------------------
|5. | Continuationof Deed Poll    3

|   |              
|-- | -------------
|6. | Severability3

|   |                  
|-- | -----------------
|7. | Governinglaw    4

|   |            
|-- | -----------
|8. | Amendments4

Schedule


1.    Part A: German Obligor    6


|   |                                 
|-- | --------------------------------
|2. | Part B: List of Indemnitees    7






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THIS DEED POLL OF INDEMNIFICATION is made on 6 December 2014 BY:


Reynolds Group Holdings Limited, a company registered in New Zealand whose registered office is at c/o Bell Gully (GJM), Level 22, Vero Centre, 48 Shortland Street, Auckland, New Zealand ("RGHL")


IN FAVOUR AND FOR THE BENEFIT OF:


Each Indemnitee (as defined below).


BACKGROUND





|   |                                                                                                                                                                                                                                                                                                                                          
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|A. | The German Obligor (as defined below) is an indirect subsidiary of RGHL and a member of the Reynolds group of companies (the "Revnolds Group").Itis intended that the German Obligor become a guarantor and a security provider in respect of the Reynolds Group's existing financing arrangements (the "Existing Financing Arrangements.




|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|B. | In addition, the German Obligor may be required to take certain steps as may be necessary or desirable to effect other acquisitions, dispositions, financings, refinancings or corporate restructurings in connection with any future acquisition, disposition, financing, corporate restructuring or any other transaction entered into by members of the Reynolds Group, including, without limitation, by way of entry into any acquisition agreement, indenture, credit or other financing agreement, intercreditor agreement, guarantee, security document, purchase agreement, registration rights agreement or any other document, or any joinder to, or amendment or affirmation of, such document (each such transaction, a "Prospective Transaction'', and collectively, the "Prospective Transactions").




(The Existing Financing Arrangements together with the Prospective Transactions are, collectively, the " Transactions ", and the documents relating to the Transactions, are collectively, the " Transaction Documents ".)





|   |                                                                                                                                          
|-- | -----------------------------------------------------------------------------------------------------------------------------------------
|C. | RGHL has agreed to provide an indemnity to the Indemnitees (as defined below) in respect of the Transactions, as further described below.




It is the intention of RGHL that this document be executed as a deed poll (this " Deed Poll ") in favour and for the benefit of each Indemnitee.





THIS DEED POLL WITNESSES as follows:





I . Definitions


"German Obligor " means the company listed in Part A of the Schedule to this Deed Poll; and







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" Indemnitee " means each person listed in Part B of the Schedule to this Deed Poll and, after the date of this Deed Poll, any person serving as or elected to or appointed to serve as a director of the German Obligor.





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|   |                
|-- | ---------------
|2. | Indemnification

Subject to an Indemnitee complying with the procedures in clause 4 below, RGHL shall indemnify each Indemnitee against all legal expenses, losses, liabilities, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges in connection therewith) (collectively, the " Indemnified Liabilities ") incurred by an Indemnitee or on an Indemnitee' s behalf in connection with any proceeding resulting from or relating to decisions the Indemnitee made or any actions the Indemnitee took on behalf of the German Obligor in his or her capacity as a director of that company in connection with any Transactions or the approval or execution of


any Transaction Document or associated corporate authorization or resolut ions or documents in relation to the Transactions.


|   |                               
|-- | ------------------------------
|3. | Limitations on Indemnification

Notwithstanding any other provision of this Deed Poll, an Indemnitee shall not be entitled to indemnification under this Deed Poll:


|    |                                                                                
|--- | -------------------------------------------------------------------------------
|(a) | to the extent that such indemnification is not permitted by applicable laws; or

|    |                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------
|(b) | to the extent such Indemnified Liabilities are the result of the gross negligence, bad faith or wilful misconduct of the Indemnitee; or

|    |                                                                                                                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | to the extent that payment is actually made, or for which payment is available, to or on behalf of the relevant Indemnitee under an insurance policy, except in respect of any amount in excess of the limits of liability of such policy or any applicable deductible for such policy; or

|    |                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(d) | to the extent that payment has or will be made to the relevant Indemnitee by the German Obligor or any affiliate of RGHL otherwise than pursuant to this Deed Poll; or

|    |                                                                                                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------
|(e) | in connection with any proceeding (or part thereof) or appeal in relation to a proceeding initiated by an Indemnitee, unless:

|    |                                                              
|--- | -------------------------------------------------------------
|(i) | such indemnification is expressly required to be made by law;

|     |                                                                                                               
|---- | --------------------------------------------------------------------------------------------------------------
|(ii) | the proceeding was authorised by the shareholder(s) (or other decision making organ) of the German Obligor; or

|      |                                                                                                                                                          
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|(iii) | such indemnification is provided by the German Obligor, in its sole discretion, pursuant to the powers vested in the Gennan Obligor under applicable law.

|   |                          
|-- | -------------------------
|4. | Indemnification Procedure

|    |                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------
|4.1 | To qualify for indemnification under this Deed Poll, each Indemnitee shall give RGHL notice in writing as soon as practicable of any










proceeding in relation to that Indemnitee for which indemnification will or could be sought under this Deed Poll.


|    |                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------
|4.2 | To obtain indemnification payments or advances under this Deed Poll, an Indemnitee shall submit to RGHL a written request therefore,




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together with such invoices or other supporting information as may be reasonably requested by RGHL and reasonably available to the relevant Indemnitee.


|    |                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.3 | Subject to clauses 4.2 and 4.4, RGHL shall make such indemnification payment within 30 business days of receipt of such invoices and supporting information.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.4 | There shall be no presumption in favour of indemnification.  If there is a dispute between RGHL and an Indemnitee as to whether that Indemnitee is entitled to indemnification, then independent legal counsel shall be selected by the board of directors of RGHL to make such determination.  The selected independent legal counsel shall make such determination within 30 business days of being selected and the decision of such independent legal counsel shall be binding upon all RGHL and the relevant Indemnitee.




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|   |                          
|-- | -------------------------
|5. | Continuation of Deed Poll

|    |                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|5.1 | Subject to clauses 5.2 and 5.3, this Deed Poll shall remain in effect in favor and for the benefit of each Indemnitee with respect to any action or failure to act of such Indemnitee during the term of service of such Indemnitee as a director of the German Obligor, whether or not the term of service of such Indemnitee has concluded.

|    |                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------
|5.2 | Anindemnity provided to an Indemnitee in respect of lndemnified Liabilities will be terminated in any of the following circumstances:

|    |                                                                           
|--- | --------------------------------------------------------------------------
|(a) | on RGHL giving an Indemnitee at least one month's prior written notice; or

|    |                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------
|(b) | automatically and with immediate effect if the German Obligor ceases to be wholly-owned (whether directly or indirectly) by RGHL.

Termination will not affect the Indemnitee's right to be indemnified under clause 2 for any otherwise Indemnified Liability in respect of an act or omission before the date of termination.


|    |                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------
|5.3 | Any indemnity ceases to apply to the Indemnitee 10 years after the Indemnitee ceases to be a director of the German Obligor.

|   |             
|-- | ------------
|6. | Severability

If any provision or provisions of this Deed Poll shall be held to be invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions of this Deed Poll shall not in any way be affected











or impaired thereby and shall remain enforceable to the fullest extent permitted by law.





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|   |              
|-- | -------------
|7. | Governing law

This Deed Poll shall be governed by and its provisions construed in accordance with New Zealand law.


|   |           
|-- | ----------
|8. | Amendments

No amendment or modification of this Deed Poll shall be effective unless it is approved in writing by each Indemnitee having the benefit of this Deed Poll.














IN WITNESS of which this Deed Poll has been executed and has been delivered on the date stated at the beginning of this Deed Poll for the benefit and in favour of each Indemnitee.











Reynolds Group Holdings Limited





By: //s//  Gregory Alan Cole


Name:  Gregory Alan Cole


Title:  Director








By: //s//


Signature of Witness





Auckland


City of Residence





















































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Schedule Part A





German Obligor











|  |                                  
|- | ---------------------------------
|• | Pactiv-Omni Germany Holdings GmbH







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Part B


List of Indemnitees











|  |                
|- | ---------------
|• | Petro Kowalskji

|  |                     
|- | --------------------
|• | Wolf-Friedrich Bahre

|  |            
|- | -----------
|• | Steven Karl