Execution Copy























PACTIV-OMNI GERMANY HOLDINGS GMBH


as Pledgor











PACTIV DEUTSCHLAND HOLDINGGESELLSCHAFT MBH


as the Company











THE BANK OF NEW YORK MELLON


as Collateral Agent and Pledgee


























SHARE PLEDGE AGREEMENT RELATING TO THE SHARES IN PACTIV DEUTSCHLAND HOLDINGGESELLSCHAFT MBH





( Geschaftsanteilsverpfandung)








The taking of this document or any certified copy of it or any document which constitutes substitute documentation for it, or any document which includes written confirmations or references to it, into Austria as well as printing out any e-mail communication which refers to any Credit Document (as defined in Clause 1 of this document) in Austria or sending any e-mail communication to which a pdf scan of this document is attached to an Austrian addressee or sending any e-mail communication carrying an electronic or digital signature which refers to any Credit Document to an Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original document as well as all certified copies thereof and written and signed references to it outside of Austria and avoid printing out any email communication which refers to any Credit Document in Austria or sending any e-mail commu nication to which a pdf scan of this document is attached to an Austrian addressee or sending any e-mail communication carrying an electronic or digital signature which refers to any Credit Document to an Austrian addressee.

















19245-3-4681-v0.7    70-40145101





CLIFFORD CHANCE DEUTSCH LAND LLP IS A LIMITED LIABILITY PARTNERSHIP  WITH  REGISTERED  OFFICE  AT  1 o UPPER BANK STREET, LONDON E14 5JJ, REGISTERED IN ENGLAND AND WALES UNDER OC393460. A BRANCH OFFICE OF THE PARTNERSHIP  IS REGISTERED  IN THE PARTNERSHIP  REGISTER AT FRANKFURT AM MAIN LOCAL COURT UNDER  PR 2189.





Contents





Clause    Page


|   |                              
|-- | -----------------------------
|1. | Definitions and Language    5

|   |                     
|-- | --------------------
|2. | Pledged Shares    12

|   |             
|-- | ------------
|3. | Pledge    13

|   |                          
|-- | -------------------------
|4. | Scope of the Pledge    13

|   |                            
|-- | ---------------------------
|5. | Purpose of the Pledge    14

|   |                                    
|-- | -----------------------------------
|6. | Exercise of Membership Rights    14

|   |                                
|-- | -------------------------------
|7. | Enforcement of the Pledge    14

|   |                                 
|-- | --------------------------------
|8. | Limitations on Enforcement    16

|   |                                
|-- | -------------------------------
|9. | Approval and Confirmation    18

|    |                                 
|--- | --------------------------------
|10. | Undertakingsof the Pledgor    19

|    |                 
|--- | ----------------
|11. | Delegation    20

|    |                
|--- | ---------------
|12. | Indemnity    20

|    |                   
|--- | ------------------
|13. | No Liability    21

|    |                                
|--- | -------------------------------
|14. | Duration and Independence    21

|    |                                    
|--- | -----------------------------------
|15. | Release of Pledge(Pfandfreigabe )22

|    |                                 
|--- | --------------------------------
|16. | Partial Invalidity; Waiver    22

|    |                 
|--- | ----------------
|17. | Amendments    23

|    |                                 
|--- | --------------------------------
|18. | Notices and their Language    23

|    |                   
|--- | ------------------
|19. | Notification    25

|    |                                   
|--- | ----------------------------------
|20. | Applicable Law, Jurisdiction    25

Schedule 1    26


Part 1 List of Current Borrowers    26


Part 2 List of Current Guarantors, Current October 2010 Secured Notes Guarantors, Current February 2011 Secured Notes Guarantors, Current August 2011 Secured Notes Guarantors and Cunent September 2012 Secured Notes Guarantors    27


Part 3 Copy of Shareholders List ( Gesellschaperliste ) 32





This SHARE PLEDGE AGREEMENT (the "Agreement") is made on 18 December 2014 BETWEEN:


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Pactiv-Omni Germany Holdings GmbH,a limited liability company( Gesellschaft mit beschrankter Hajiung)organised under the laws of the Federal Republic of Germany having its corporate seat in Frankfurt am Main, Germany and its business address at Friedensallee25, 22765Hamburg, Germany, which is registered in the commercial register (Handelsregister) of the local court(Amtsgericht )of Frankfurt am Main under HRB99770(the"Pledgor");




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Pactiv Deutschland Holdinggesellschaft mbH,a limited liability company(Gesellschaji mit beschrankter Haftung)organised under the laws of the Federal Republic of Germany having its corporate seat in Han1burg, Ge1many and its business address at FriedensstraBe23-25, 22765Hamburg, Germany, which is registered in the commercial register(Handelsregister )of the local court(Amtsgericht )of Hamburg under HRB71774(the"Company);and




|    |                                                                                                                                                                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | The Bank of New York Mellon,a public company incorporated under the laws of the state of New York and having its business address at1Wall Street, New York, NY10286,The United States of America in its capacity as collateral agent under the First Lien Intercreditor Agreement (as defined below) (the"Collateral Agent"or the"Pledgee").







WHEREAS:





|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(A) | Pursuant to the third amended and restated senior secured multi-currency term and revolving credit agreement dated28September2012of up to USD2,355,000,000and EUR380,000,000between,inter alios,the parties listed in Schedule1Part1hereto as current borrowers (the"Current Borrowers"),the parties listed in Schedule1Part 2 hereto as current guarantors (the"Current Guarantors"),Credit Suisse AG as administrative agent and others (as amended, varied, novated, restated, supplemented, superseded or extended from time to time, the"Third  Amended  and  Restated Credit Agreement"),which amends and restates the multi-currency term   and revolving credit agreement originally dated5November2009between,inter alios,the Current Borrowers, the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended and restated pursuant to the Third Amended and Restated Credit Agreement and as further amended, varied, novated, restated, supplemented, superseded or extended from time to time, hereinafter the"Credit Agreement"),certain lenders (together the"Original Lenders")have granted certain facilities to the Current Borrowers and certain other entities which may accede or may have acceded to the Credit Agreement as additional borrowers.




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(B) | Pursuant to a senior secured notes indenture  dated15October2010between,inter alios,RGHL US Escrow I LLC, RGHL US Escrow I Inc., and RGHL Escrow Issuer (Luxembourg) I S.A. as escrow  issuers (the"Escrow Issuers"),The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and Wilmington  Trust  (London)  Limited  as  additional  collateral  agent  (as  amended,










varied, novated, supplemented, superseded or extended from time to time, the "October 2010 Secured Notes Indenture"), the Escrow Issuers have issued secured notes due 2019 in the  aggregate principal amount of USD 1,500,000,000 in escrow (the " October 2010 Secured Notes"). In connection with the release from escrow of the proceeds of the October 2010 Secured Notes, which occurred on 16 November 2010, the Escrow Issuers were merged with and into the Issuers (as defined below), with each of the Issuers surviving the applicable mergers or other transfers and assuming by operation of law the obligations  of the applicable Escrow Issuers with respect to the October 2010 Secured Notes Indenture and the October 2010 Secured Notes. Certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto have acceded to the October 2010 Secured Notes Indenture as current October 2010 Secured Notes guarantors (the "Current October 2010 Secured Notes  Guarantors").





|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(C) | Pursuant to a senior secured notes indenture dated 1 February 2011 between,interaltos,the Issuers, The Bank  of New York Mellon as indenture trustee, The Bank of New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented, superseded or extended from time to time, the"February 2011 Secured Notes Indenture"),the Issuers have issued secured notes due 2021 in the aggregate principal amount of  USD 1,000,000,000 (the"February 2011 Secured Notes")which are guaranteed by certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto as cunent February 2011 Secured Notes guarantors (the"Current February 2011 Secured  Notes Guarantors").




|                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(D)Pursuant to a senior secured notes indenture dated 9 August 2011 between,interalios,the RGHL US Escrow II | and RGHL US Escrow II Inc. as escrow issuers (the"August 2011 Escrow Issuers"),The Bank of New York Mellon as indenture trustee, The Bank of New York Mellon, London Branch as principal paying agent, The Bank of New York Mellon as collateral agent and Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented, superseded or extended from time to time, the"August 2011 Secured Notes Indenture11),the August 2011 Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal amount of USD 1,500,000,000 (the"August 2011 Secured Notes11).In connection with the release from escrow of the proceeds of the August 2011 Secured Notes, which occurred on 8 September 2011 RGHL US Escrow II Inc. and RGHL US Escrow II LLC were merged with and into Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC (together with Reynolds Group Issuer (Luxembourg) S.A., the"August 2011 Ultimate Issuers"),respectively, and the obligations of the August 2011 Escrow Issuers were assumed by the August 2011 Ultimate Issuers pursuant to one or more supplemental indentures between, among others, the August 2011 Escrow Issuers, the August 2011 Ultimate Issuers, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, registrar and collateral agent and Wilmington Trust (London) Limited, as additional collateral agent. The August 2011 Ultimate Issuers and certain affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 2 hereto which have acceded to the August 2011 Secured Notes Indenture as cunent August 2011 Secured Notes guarantors (the"Current August










2011 Secured Notes Guarantors") guarantee the August 2011 Secured Notes.





|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(E) | Pursuant to a senior secured notes indenture dated 28 September 2012 between,inter alios,the Issuers, The Bank of New York Mellon as indenture trustee, principal paying agent, transfer agent, collateral agent and registrar, The Bank of New York Mellon, London Branch as paying agent and Wilmington Trust (London) Limited as additional collateral agent (as amended, varied, novated, supplemented, superseded or extended from time to time, the"September 2012 Secured Notes Indenture"),the Issuers have issued secured notes due 2020 in the aggregate principal amount of USD 3,250,000,000 (the"September 2012 Secured Notes")which are guaranteed by certain affiliates of the Issuers listed in Schedule 1 Part 2 hereto as current September 2012 Secured Notes guarantors (the"Current September 2012 Secured Notes Guarantors11).




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(F) | As a result of the Credit Agreement and the amendment No. 8 and incremental term loan assumption agreement dated 27 November 2013 between,inter alios,the Current Borrowers, the Current Guarantors, Credit Suisse AG as administrative agent and others (the"Amendment No. 8 and Incremental Term Loan Assumption Agreement")certain lenders agreed to grant incremental term loans in an aggregate amount of up to USD 2,212,650,000 and EUR 297,000,000 to repay the existing borrowings under the Third Amended and Restated Credit Agreement




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(G) | As a result of the Credit Agreement and the loan modification agreement dated 27 December 2013 between,inter alios,the Current Borrowers, the Current Guarantors, Credit Suisse AG as administrative agent and others (the"Loan Modification Agreement"),the parties agreed to refinance certain indebtedness and amend certain terms of the  revolving facility provided under the Credit Agreement, including without limitation, to extend the maturity and to reduce the aggregate principal amount of the Euro tranche of the revolving facility to EUR 54,235,000.




|    |                                                                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(H) | Itis intended that the Pledgor will acquire the Existing Shares 1 (as defined below) in the Company from the Original  Shareholder1(as defined below) on or about 1 January 2015 (the"Transfer").At the date of the completion of that Transfer the Pledgor will become the owner of the Existing Shares 1 (the"Transfer Date").




|    |                                                                                                                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(I) | The Existing Shares (as defined below) have been encumbered by the Original Shareholders (as defined below) pursuant to the Existing Share Pledge Agreements (as defined below). The parties enter into this Agreement to ensure that the Pledgor grants a pledge over all its shares in the Company.




|    |                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(J) | The Pledger has agreed to grant a pledge (subject to the pledges arising under the Existing Share Pledge Agreements (as defined below)) over its Shares (as defined below) in the Company as security for the Pledgee's respective claims against the Grantors (as defined below) (or any of them) in respect of the Obligations (as defined below).




|    |                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(K) | On or about the date hereof the Pledgor has agreed to become a guarantor under the Credit Agreement,  an October  2010  Secured Notes  Guarantor, a February  2011










Secured Notes Guarantor, an August 2011 Notes Guarantor, a September 2012 Secured Notes Guarantor and to accede to the Existing Intercreditor Agreement, the 2013 Intercreditor Agreement and the First Lien Intercreditor Agreement (each as defined below).





(L) The security created by or pursuant to this Agreement is to be administered by the Collateral Agent for the Secured Parties (as defined below) pursuant to a first lien intercreditor agreement dated 5 November 2009  (as  amended  by  the  Amendment No. 1 and Joinder Agreement (as defined below)) between, inter alias, the Collateral Agent, The Bank of New York Mellon as indenture trustee, the Administrative Agent and the Grantors (each as defined below) and others (as amended, varied,  novated, supplemented, superseded or extended from time to time,  the  "First  Lien lntercreditor      Agreement").





NOW, IT IS AGREED as follows:





|   |                         
|-- | ------------------------
|1. | DEFINITIONS AND LANGUAGE




|    |            
|--- | -----------
|1.1 | Definitions




In this Agreement:





"Administrative Agent" means Credit Suisse AG, Cayman Islands Branch, having its business address at Eleven Madison Avenue, New York, NY 10010, United States of America in its capacity as administrative agent under the Credit Agreement and any successor appointed as administrative agent under the Credit Agreement.





"Amendment No. 1 and Joinder Agreement" means the joinder agreement dated 21 January 2010 relating to the First Lien  Intercreditor  Agreement  made  among (amongst others) the Collateral Agent, Wilmington Trust (London) Limited, Credit Suisse AG and Reynolds Group Holdings Limited pursuant  to  which  Wilmington Trust (London) Limited is appointed as additional collateral agent and became party to the First Lien Intercreditor Agreement.





"August 2011 Secured Notes Documents" shall mean the  August  2011  Secured Notes Indenture, the August 2011 Secured Notes Guarantees, the August 2011 Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the August 2011 Secured Notes and/or the August 2011 Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing.





"August 2011 Secured Notes Guarantees" shall mean the guarantees of the obligations of the Issuers under the August 2011 Secured Notes and the August 2011 Secured Notes Indentue by the August 2011 Secured Notes Guarantors.





"August 2011 Secured Notes Guarantors" means the Current August 2011 Secured Notes Guarantors and any entity which may accede to the August 2011 Secured Notes Indenture as an additional guarantor.











"August 2011 Secured Notes Holders" shall mean the holders from time to time of the August 2011 Secured Notes.





"August 2011 Secured Notes Indenture Trustee" shall mean The Bank of New York Mellon, in its capacity as indenture trustee under the August 2011 Secured Notes Indenture and any successor appointed as indenture trustee under the August 2011 Secured Notes Indenture.





"Borrowers" means the Current Borrowers and any entity which may accede to the Credit Agreement as an additional borrower and 11 Borrower 11 means any of them.





"Cash Management Bank" shall mean any Lender, the Administrative  Agent or any of the Lender's or the Administrative Agent's affiliates (at the time the cash management services arrangement is entered into) provided in each case it  has become a party to, or by execution of an additional bank secured party acknowledgment has agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity as cash management bank.





"Cash Management Services" shall mean any agreement or arrangement by a Cash Management Bank to provide any composite accounting or other cash pooling arrangements and netting, overdraft protection and other arrangements with any bank arising under standard business terms of such Cash Management Bank to a Grantor.





"Credit Documents" shall  mean the Loan Documents, the October 2010  Secured Notes Documents, the February 2011 Secured Notes Documents, the August 2011 Secured Notes Documents and the September 2012 Secured Notes Documents.





"Enforcement Event" shall mean the occurrence of an Event of Default.





"Event of Default" means any event of default (Kundigungsgrund) under the Credit Agreement and/or the October 2010 Secured Notes  Indenture  and/or  the February 2011 Secured Notes Indenture and/or the August 2011 Secured  Notes  Indenture and/or the September 2012 Secured Notes Indenture.





"Existing Intercreditor Agreement 11 means  the  intercreditor  agreement  dated  11 May 2007 (as amended by a letter dated 21 June 2007 and a further letter dated 29 June 2007, as amended and restated on 5 November 2009 and as further amended on 5 November  2010) between, inter alias, Beverage Packaging Holdings  (Luxembourg) I S.A., Rank Group Holdings Limited (now Reynolds Group Holdings Limited), Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings (Luxembourg) III S.a r.l., Credit Suisse AG (formerly Credit  Suisse)  as  security trustee and others.





"Existing Shares 1" has the meaning given to such te1m in sub-Clause 2.1 hereof. "Existing Share 2" has the meaning given to such term in sub-Clause 2.1 hereof. "Existing Shares" has the meaning given to such term in sub-Clause 2.1 hereof.











"Existing Share Pledge Agreements" means:





|    |                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | the share pledge agreement dated 2 March 2011 and entered into between Pactiv Hamburg Holdings GmbH and Pactiv Corporation as pledgors and The Bank of New York Mellon as collateral agent and as pledgee;




|    |                                                                                                                                                                                                               
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | the share pledge agreement dated 8 September 2011 and entered into between Pactiv Hamburg Holdings GmbH and Pactiv Corporation as pledgors and The Bank of New York Mellon as collateral agent and as pledgee;




|    |                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | the share pledge agreement dated 7 November 2012 and entered into between Pactiv Hamburg Holdings GmbH and Pactiv Corporation as pledgors and The Bank of New York Mellon as collateral agent and as pledgee; and




|    |                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(d) | the share pledge agreement dated 14 February 2014 and entered into between SIG Beteiligungs GmbH and Pactiv LLC as pledgors and the Bank of New York Mellon as collateral agent and as pledgee.




11 February 2011 Secured Notes Documents" shall mean the February 2011 Secured Notes Indenture, the February 2011 Secured Notes Guarantees, the February 2011 Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the February 2011 Secured Notes and/or the February 2011 Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing.





"February 2011 Secured Notes Guarantees" shall mean the guarantees of the obligations of the Issuers under the February 2011 Secured Notes and the February 2011 Secured Notes Indenture by the February 2011 Secured Notes Guarantors.





"February 2011 Secured Notes Guarantors" means the Current February 2011 Secured Notes Guarantors and any entity which may accede to the February 2011 Secured Notes Indenture as an additional guarantor.





"February 2011 Secured Notes Holders" shall mean the holders from time to time of the February 2011 Secured Notes.





"February 2011 Secured Notes Indenture Trustee" shall mean The Ban1c of New York Mellon, in its capacity as indenture trustee under the February 2011 Secured Notes Indenture and any successor appointed as indenture trustee under the February 2011 Secured Notes Indenture.





"Future Shares" means all additional shares in the capital of the Company (irrespective of their nominal value) which the Pledgor may acquire in the future in the event of a share transfer, a share split, a share combination, an increase of the capital  of  the  Company  (including  by  way  of  authorised  capital (genehmigtes











Kapital)) or otherwise.





"Grantors" means the Loan Parties, the Issuers, the August 2011 Ultimate Issuers, the October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors, the August 2011 Notes Guarantors and the September 2012 Secured Notes Guarantors and any person that has granted a security interest to the Collateral Agent and/or the Secured Parties in respect of the obligations of the Loan Parties, the Issuers, the August 2011 Ultimate Issuers, the October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors, the August 2011 Notes Guarantors and the September 2012 Secured Notes Guarantors under the Credit Documents and 11 Grantor 11 means any of them.





"Grantors' Agent" shall mean Reynolds Group Holdings Limited or any other person appointed as agent of the Grantors in accordance with the Principal Finance Documents.





"Group" means Reynolds Group Holdings Limited and its direct and indirect subsidiaries ( Tochtergesellschaften ).





"Hedge Counterparty" means any Lender, the Administrative Agent or any of the Lender's or the Administrative Agent's affiliates (at the time a hedging agreement is entered into) who has entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or any exchange rate and/or commodity price risks provided it has become a party to, or by execution of an additional bank secured party acknowledgment has agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity as hedge counterparty.





"Incremental Assumption Agreement" shall mean an incremental assumption agreement relating to incremental facilities up to an aggregate of USD 750,000,000 among, and in form and substance reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to which one or more Incremental Term Lenders make available Incremental Tenn Loan Commitments and/or one or more Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments respectively in accordance with the Credit Agreement.





"Incremental Revolving Credit Lender" shall mean a Lender with an Incremental Revolving Credit Commitment or an outstanding revolving loan under the Credit Agreement of any class as a result of an Incremental Revolving Credit Commitment.





"Incremental Revolving Credit Commitment" shall mean the commitment of any Lender, established pursuant to the Credit Agreement, to malce available certain revolving credit loans to one or more Borrowers.





"Incremental Term Lender" shall mean a Lender with an Incremental Term Loan Commitment.











"Incremental Term Loan Commitment!! shall mean the commitment of any Lender, established pursuant to the Credit Agreement, to make available certain incremental term loans to one or more Borrowers.





"2013  Intercreditor  Agreement" means   the   intercreditor   agreement   dated 15 November 2013 between, inter alias, Beverage Packaging Holdings (Luxembourg) I S.A., Reynolds Group Holdings Limited, Beverage Packaging Holdings (Luxembourg) II S.A., Beverage Packaging Holdings II Issuer Inc., Credit Suisse AG as administrative agent and The Bank of New York Mellon as noteholders trustee.





ulntercreditor Arrangements" means the First Lien Intercreditor Agreement, the Existing Intercreditor Agreement and the 2013 Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from time to time.





!!Issuers" means Reynolds Group Issuer    Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg) S.A and "Issuer" means any of them.





"Issuing Bank" means Credit Suisse AG or any other Lender or any affiliate of Credit Suisse AG or any other Lender that issues letters of credit or bank guarantees under the Credit Agreement.





"Lenders!! shall mean the Original Lenders and any entity which may become a lender under the Credit Agreement in the future and "Lender" means any of them.





"Loan Documents" shall mean the Credit Agreement, the Amendment No.1 and Joinder Agreement, the Third Amended and Restated Credit Agreement, the Amendment No. 8 and Incremental Term Loan Assumption Agreement and the Loan Modification Agreement, any borrowing subsidiary agreement and/or guarantor joinder agreement relating to the Credit Agreement, any letter of credit or bank guarantee relating to the Credit Agreement, any security documents relating to the Credit Agreement, any hedging agreement entered into by a Hedge Counterparty and a Grantor, each Incremental Assumption Agreement, the Intercreditor Arrangements, each Promissory Note, any agreement between a Grantor and a Cash Management Bank relating to Cash Management Services, each Local Facility Agreement and any other document that may be entered into pursuant to any of the foregoing in relation to the Credit Agreement.





"Loan Parties" shall mean the Borrowers, the Current Guarantors and any entity which may accede to the Credit Agreement as additional guarantor (including the Pledgor) and a "Loan Party 11 means any of them.





11 Local Facilities" means working capital facilities provided to a Grantor (other than Beverage Packaging Holdings (Luxembourg) I S.A., Beverage Packaging Holdings (Luxembourg) II S.A. Beverage Packaging Holdings (Luxembourg) III S.a r.l. and the Borrowers) by a Local Facility Provider and "Local Facility" means any of them.





"Local Facility Agreements!! shall mean any agreement under which a Local Facility is made available.











"Local Facility Provider" means any Lender, bank or financial institution that has executed and delivered to the Administrative Agent an additional bank secured party acknowledgment with respect to a working capital facility in accordance with the Credit Agreement, provided in each case it has become a party to, or by execution of an additional bank secured party acknowledgment  has agreed to be bound by the terms of, the First Lien Intercreditor Agreement in its capacity as local facility provider.





"Obligations" shall mean all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Grantor to the Pledgee under each or any of the Credit Documents (including, but not limited to, the Parallel Obligations), including with respect to all costs, charges and expenses incuned by the Pledgee in connection with the protection, preservation or enforcement of its rights under the Credit Documents or any other document evidencing or securing any such liabilities. The Obligations shall further include any obligation based on unjust enrichment ( ungerechtfertigte Bereicherung) or tort (Delikt).





uoctober 2010 Secured Notes Documents" shall mean the October 2010 Secured Notes Indenture, the October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the lntercreditor Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any security document relating to the October 2010 Secured ::\rotes and/or the October 2010 Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing.





"October 2010 Secured Notes Guarantees" shall mean the guarantees of the obligations of the Issuers under the October 2010 Secured Notes and the October 2010 Secured Notes Indenture by the October 2010 Secured Notes Guarantors.





"October 2010 Secured Notes Guarantors" means the Current October 2010 Secured Notes Guarantors and any entity which may accede to the October 2010 Secured Notes Indenture as an additional guarantor.





"October 2010 Secured Notes Holders" shall mean the holders from time to time of the October 2010 Secured Notes.





"October 2010 Secured Notes Indenture Trustee 11 shall mean The Bank of New York Mellon, in its capacity as indenture trustee under the October 2010 Secured Notes Indenture and any successor appointed as indenture trustee under the October 2010 Secured Notes Indenture.





"Original Shareholder 1" means SIG Beteiligungs GmbH, a limited liability company ( Gesellschaft  mit beschrankter Haflung) organised under the laws of the Federal Republic of Germany, having its business address at Rurstrasse 58, 52441 Linnich, Germany, which is registered in the commercial register (Handelsregister ) of the local court (Amtsgericht ) of Dtiren under HRB 6373.





"Original Shareholder 2 11 means Pactiv LLC, a company organised under the laws of











Delaware, with the corporate identity number 0624402 having its business address at 1900 West Field Court, Lake Forest, IL 60045, USA.





"Original Shareholders" means, collectively, the Original  Shareholder 1 and the Original Shareholder 2.





"Parallel Obligations" means the independent obligations of any of the Grantors arising pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal to the sums owed by such Grantor to the other Secured Parties (or any of them) under the Credit Documents.





"Pledge" and "Pledges" have the meanings given to such terms in sub-Clause 3.2





"Principal Finance Documents" means the Credit Agreement, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes Indenture, the August 2011 Secured Notes Indenture, the September 2012 Secured Notes Indenture and the First Lien Intercreditor Agreement.





"Promissory Note" shall mean any promissory note executed and delivered by a Borrower upon the request of a Lender evidencing the amount of principal owed by such Borrower to such Lender under the Credit Agreement.





"Secured Parties" shall mean the Lenders (including in their capacity as issuing bank(s), and/or Hedge Counterparties under the Credit Agreement), the Hedge Counterparties, the Administrative Agent, any Issuing Bank, the beneficiaries of each indemnification obligation undertal(en by any Grantor under any Credit Document, the October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders, the August 2011 Secured Notes Holders and the September 2012 Secured Notes Holders, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured Notes Indenture Trustee, the August 2011 Secured Notes Indenture Trustee and the September 2012 Secured Notes Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash Management Banks.





"September 2012 Secured Notes Documents" shall mean the September 2012 Secured Notes Indenture, the September 2012 Secured Notes Guarantees, the September 2012 Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the September 2012 Secured Notes and/or the September 2012 Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing.





"September 2012 Secured Notes Guarantees" shall mean the guarantees of the obligations of the Issuers under the September 2012 Secured Notes and the September 2012 Secured Notes Indenture by the September 2012 Secured Notes Guarantors.





"September 2012 Secured Notes Guarantors" means the Current September 2012 Secured Notes Guarantors and any entity which may accede to the September 2012 Secured Notes Indenture as an additional guarantor.











"September 2012 Secured Notes Holders" shall mean the holders from time to time of the September 2012 Secured Notes.





"September 2012 Secured Notes Indenture Trustee" shall mean The Bank of New York Mellon, in its capacity as indenture trustee under the September 2012 Secured Notes Indenture and any successor appointed  as  indenture  trustee  under  the September 2012 Secured Notes Indenture.





"Shares" means the Existing Shares 1 and Future Shares.





|    |             
|--- | ------------
|1.2 | Construction




In this Agreement any reference to a 11 Clause 11 , a "sub-Clause" or a "Schedule" shall, subject to any contrary indication, be construed as a reference to a Clause, a sub­ Clause or a Schedule hereof.





|    |                                                                                                                                                                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1.3 | This Agreement is made in the English language. For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this Agreement. However, where a German translation of a word or phrase appears in the text of this Agreement, the German translation of such word or phrase shall prevail.




|   |               
|-- | --------------
|2. | PLEDGED SHARES




|    |                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------
|2.1 | The Company has a nominal share capital(Stammkapital)of EUR 25,000 (in words: Euro twenty five thousand) which is divided into three shares,




consisting of one share with a nominal amount (Nennbetrag) of EUR 5,750 (in words: Euro five thousand seven hundred fifty) can-ying the serial number (laufende Nummer) 1 and one share with the nominal amount of EUR 17,750 (in words: Euro seventeen thousand seven hundred fifty)  carrying  the  serial  number (laufende Nummer ) 2 (the "Existing Shares 1 11  , and


)





one share with the nominal amount of EUR 1,500 (in words: Euro one thousand five hundred) carrying the serial number (laufende Nummer ) 3 (the "Existing Share 2"),





(the Existing Shares 1 and the Existing Share 2 are together the "Existing Shares").





|    |                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.2 | The Original Shareholder 1 is the owner of the Existing Shares 1 and the Original Shareholder 2 is the owner of the Existing Share 2 and both Original Shareholders are registered as sueh in the shareholders list(Gesellschafterliste)of the Company as filed(aufgenommen)with the commercial register(Handelsregister ),a copy of which  is attached as Schedule 1 Part 3(Copy of Shareholders List).




|    |                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------
|2.3 | Following the occurrence of the Transfer, the Pledgor will be the owner of  the Existing Shares 1 andwilltherefore become a shareholder of the Company.










|   |       
|-- | ------
|3. | PLEDGE




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1 | The Pledgor hereby acknowledges to the Pledgee that it will acquire, subject to the Existing Share Pledge Agreements, the Existing Shares 1 in the Company from the Original Shareholder 1 at the time of completion of the Transfer and hereby acknowledges the pledges created by the Original Shareholder 1 for the benefit of the Pledgee pursuant to the provisions of the Existing Share Pledge Agreements, and the Pledgee hereby accepts such acknowledgements.




|    |                                                                                                                                                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.2 | The Pledgor hereby pledges to the Pledgee the Existing Shares 1 which it will acquire on the Transfer Date and any Future Shares together with all ancillary rights  and claims associated with the Shares as more particularly specified in Clause 4 (the"Pledge"and/or the11Plcdgcs").




|    |                                        
|--- | ---------------------------------------
|3.3 | The Pledgee hereby accepts the Pledges.




|    |                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------
|3.4 | The Pledges are in addition, and without prejudice, to any other security the Secured Parties may now or hereafter hold in respect of the Obligations.




|   |                    
|-- | -------------------
|4. | SCOPE OF THE PLEDGE




|    |                                                   
|--- | --------------------------------------------------
|4.1 | The Pledges constituted by this Agreement include:




|    |                                          
|--- | -----------------------------------------
|(a) | the present and future rights to receive:




|    |                                                  
|--- | -------------------------------------------------
|(i) | dividends attributable to the Shares, if any; and




|     |                                                                                                                                                                                                                                                                                                                                                                                                             
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(ii) | liquidation proceeds, redemption proceeds(Einziehungsentgelt ),repaid capital in case of a capital decrease, any compensation in case of termination(Kundigung)and/or withdrawal(Austritt)of a shareholder of the Company, the surplus in case of surrender(Preisgabe ),any repayment claim for any additional capital contributions(Nachschusse )and all other pecuniary claims associated with the Shares;




|    |                                                    
|--- | ---------------------------------------------------
|(b) | the right to subscribe for newly issued shares; and




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | all other rights and benefits attributable to the Shares capable of being pledged(verpfiindbar)(including without limitation all present and future pecuniary claims of the Pledgor against the Company arising under or in connection with any domination and/or profit transfer agreement(Beherrschungs- und/oder Gewinnabfuhrungsvertrag)or     partial     profit     transfer      agreement( Teilgewinnafahrungsvertrag)which may be entered into between the Pledgor and the Company).




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.2 | Notwithstanding that the items set out in Clause 4.1 above are pledged hereunder, the Pledgor shall be entitled to receive and retain the items set out in Clause 4.1 in respect of, and otherwise deal (in accordance with the agreements between the parties) with all items described in Clause 4.1 hereof in respect of the Shares at all times other than any time the Pledgee is entitled to enforce the Pledges constituted hereunder.










|    |                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.3 | On the date and during the period in which the Pledgee is entitled, in accordance with Clause 7(Enforcement of the Pledges)hereof, to enforce the Pledges (or any part thereof):




|    |                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------
|(a) | all dividends paid or payable and any other property received, receivable or otherwise distributed in respect of or in exchange for the Shares;




|    |                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | all dividends or other distributions or payments paid or payable in respect of the Shares in connection with the partial or total liquidation or dissolution of the Company or in connection with the reduction of the amount of the registered share capital of the Company; and




|    |                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------
|(c) | all cash paid, payable or otherwise distributed in respect of the principal of, or in redemption of, or in exchange for the Shares,




shall be forthwith delivered to the Pledgee and held as security for and on behalf of the Secured Parties. If such proceeds or property are received by the Pledgor, they shall be received as trustee for the benefit of the Pledgee and shall be segregated from other property or funds of the Pledgor and shall be forthwith delivered to the Pledgee as security in the form so received (with any necessary endorsement).





|   |                      
|-- | ---------------------
|5. | PURPOSE OF THE PLEDGE




The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction of any and all Obligations. The Pledge shall also cover any future extension of the Obligations and the Pledgor herewith expressly agrees that the provisions of Section 1210 para 1 sentence 2 of the German Civil Code (Burgerliches Gesetzbuch) shall not apply to this Agreement.





|   |                              
|-- | -----------------------------
|6. | EXERCISE OF MEMBERSHIP RIGHTS




The membership rights, including the voting  rights,  attached  to  the  Shares remain with the Pledgor. The Pledgor may exercise its membership rights in any manner which does not adversely affect the validity and enforceability of the Pledges, the existence of all or part of the Shares or cause an Event of Default to occur. The Pledgor undertakes, unless otherwise agreed between the parties, that no resolutions will be passed which would, if passed, constitute a breach of its obligations under Clause 10 or any other obligation under this Agreement.





|   |                           
|-- | --------------------------
|7. | ENFORCEMENT  OF THE PLEDGE




7.1 If (i) an Enforcement  Event has occuned and is continuing and (ii) the requirements set forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard to the enforcement of the Pledges are met (Pfandreife ), in particular, if any of the Obligations have become due and payable, then in order to enforce the Pledges, the Collateral Agent (acting on the instructions of the Secured Parties) may at any time thereafter avail itself of all rights and remedies that a pledgee has against a pledgor under the laws of the Federal Republic of Germany.











|    |                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.2 | Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise its rights without obtaining an enforceable judgment or other instrument(vollstreckbarer Titel).The Pledgee shall be entitled to have the Pledge enforced in any manner allowed under the laws of the Federal Republic of Germany, in particular have the Pledges sold (including at public auction).




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.3 | The Pledgor hereby expressly agrees that 5 (five) business days' prior written notice to the Pledgor of the place and time of any such sale shall be sufficient and the Pledgee shall not be obliged to deliver any further notices (including, but not limited to the notices set out under Section 1234 of the German Civil Code) to the Pledgor prior to such sale. The sale may take place at any place in the Federal Republic of Germany designated by the Pledgee.




|    |                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.4 | Ifthe Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the Pledges under sub-Clause 7.1, the Pledgor shall, at its own expense, render forthwith all necessary assistance in order to facilitate the prompt sale of the Shares or any part thereof and/or the exercise by the Pledgee of any other right it may have as Pledgee.




|    |                                                                                                                                                                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.5 | Whilst the requirements for enforcement under  sub-Clause 7.1 are continuing, all subsequent dividend payments attributable to the Shares and all payments based on similar ancillary rights attributed to the Shares may be applied by the Pledgee in satisfaction in whole or in part of the Obligations or treated as additional collateral.




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.6 | Even if the requirements for enforcement referred to under sub-Clause 7.1 above are met, the Pledgee shall not, whether as proxy or otherwise, be entitled to exercise the voting rights attached to the Shares. However, the Pledgor shall, during the continuation of an event which allows the Pledgee to enforce the Pledges, have the obligations and the Pledgee shall have the rights set forth in sub-Clause 10.8 below regardless of which resolutions are intended to be adopted.




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.7 | The Pledgee may, in its sole discretion, determine which of several security interests, if applicable, shall be used to satisfy the Obligations. The Pledgor hereby expressly waives its right pursuant to Section 1230 sentence 2 of the German Civil Code to limit the realisation of the Pledges and pledges over the shares or partnership interests in one or more other companies to such number of pledges as are necessary to satisfy the Obligations and agrees further that the Pledgee may decide to enforce the Pledges over the shares in the Company individually in separate proceedings or together with pledges over shares or partnership interests in one or more other companies at one single proceeding( Gesamtverwertung).




|    |                                                                                                                                                                                               
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.8 | The Pledgor hereby expressly waives all defences of revocation(Einrede der Anfechtbarkeit )and set-off(Einrede der Aiifrechenbarkeit )pursuant to Sections 770, 1211 of the German Civil Code.




|    |                                                                                                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.9 | The Pledgor hereby expressly waives its defences based on defences any Grantor might have against any of the Obligations(Einreden des Hauptschuldners)pursuant to Section 1211 para 1 sentence 1 alternative 1 of the German Civil Code.










|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.10 | Ifthe Pledge is enforced or if the Pledgor has discharged any of the Obligations (or any part of them), Section 1225 of the German Civil Code (legal subrogation of claims to a pledgor -Forderungsilbergang auf den Verpfander)shall not apply and no rights of the Pledgee shall pass to the Pledgor by subrogation or otherwise. Further, the Pledgor shall at no time before, on or after an enforcement of the Pledges and as a result of the Pledgor entering into this Agreement, be entitled to demand indemnification or compensation from the Company or the Company1s affiliates or to assign any of these claims.




|   |                            
|-- | ---------------------------
|8. | LIMITATIONS  ON ENFORCEMENT




|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|8.1 | The Pledgee shall be entitled to apply proceeds of an enforcement of the Pledges towards satisfaction of the Obligations without limitation in respect of:




|    |                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------
|(a) | all and any amounts which are owed under the Credit Documents by the Pledgor itself, the Company or by any of their subsidiaries; and




|    |                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | all and any amounts which correspond to funds that have been borrowed or otherwise raised under the Credit Documents, in each case to the extent borrowed, on-lent or otherwise passed on to, or issued for the benefit of, the Pledgor, the Company or any of their subsidiaries, or for the benefit of any of their creditors and in each case not repaid and outstanding from time to time




(in aggregate, the "Unlimited Enforcement Amount 11).





|    |                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|8.2 | Besides an application of proceeds from an enforcement of the Pledges towards satisfaction of the Obligations in respect of the Unlimited Enforcement Amount pursuant to Clause 8.1 above, the Pledgee shall not be entitled to apply proceeds of an enforcement of the Pledges towards satisfaction of the Obligations but shall return to the Pledgor proceeds of an enforcement of the Pledges if and to the extent that:




|    |                                                                                                                                                                                                                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | the Pledges secure the obligations of a Grantor which is (x) a shareholder of the Pledgor or (y) an affiliated company(verbundenes Unternehmen)within the meaning of section 15 of the German Stock Corporation Act(Aktiengesetz )of a shareholder of the Pledgor (other than the Pledgor and its subsidiaries); and




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | the application of proceeds of an enforcement of the Pledges towards the Obligations would have the effect of (x) reducing the Pledgor's net assets(Reinvermogen )(the"NetAssets") to an amount of less than its stated share capital(Stammkapital)or, if the Net Assets are already an amount of less than its stated share capital, of causing such amount to be further reduced and (y) would thereby lead to a violation of the capital maintenance requirement as set out in Section 30 para 1 of the German Limited Liability Companies Act(Gesetz betreffend die Gesellschaften mit  beschrankter  Haftung)provided thatthe amount of the stated share capital to be taken into consideration shall be the amount registered in the commercial register at the date hereof, and any increase of the stated share capital registered after the date of this Agreement




19245-3-4681-v0.7 - 16 - 70-4014510 l











shall only be taken into account if such increase has been effected with the prior written consent of the Collateral Agent.





|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|8.3 | The Net Assets shall be calculated as an amount equal to the sum of the values of the Pledgor's assets (consisting of all assets which correspond to the items set forth in section 266 sub-section (2) A, B and C of the German Commercial Code(Handelsgesetzbuch )less the aggregate amount of the Pledgor's liabilities (consisting of all liabilities and liability reserves which correspond to the items set forth in section 266 sub-section (3) B, C and D of the German Commercial Code), save that:




|    |                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | any asset that is shown in the balance sheet with a book value(Buchwert)that is significantly lower than the market value of such asset  and that is not necessary for the Pledgor's business(nicht betriebsnotwendig)shall be taken into account with its market value;




|    |                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | obligations under loans provided to the Pledgor by any member of the Group or any other affiliated company shall not be taken into account as liabilities as far as such loans are subordinated by law or by contract at least to the claims of the unsubordinated creditors of the Pledgor; and




|    |                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | obligations under loans or other contractual liabilities incurred by the Pledgor in violation of the provisions of the Credit Documents shall not be taken into account as liabilities.




The Net Assets shall be determined in accordance with the generally accepted accounting principles applicable from time to time in Germany ( Grundsatze ordnungsmaj3iger Buchfuhrung ) and be based on the same principles that were applied by the Pledgor in the preparation of its most recent annual balance sheet (Jahresbilanz ).





It being understood that the assets of the Pledgor will be assessed at liquidation values (Liquidationswerte ) if the managing directors of the Pledgor, at the time they prepare the Management Determination (as defined below) are, due to factual or legal circumstances at that time, in their opinion not able to make a positive prognosis as to whether the business of the Pledgor can carry on as a  going concern (positive Fortfuhrungsprognose ), in particular when the Pledges are enforced.





|    |                                                                                        
|--- | ---------------------------------------------------------------------------------------
|8.4 | The limitations set out in Clause 8.2 above shall only apply if and to the extent that:




|    |                                                                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | without undue delay, but not later than within 5 business days, after receipt of a notification by the Collateral Agent of its intention to enforce the Pledges (the"Notice"),the Pledgor has confirmed in writing to the Collateral Agent

(x) to what extent such Pledges are up-stream or cross-stream security as described in Clause 8.2 above and (y) which amount of proceeds of an enforcement of the Pledges attributable to the enforcement of such up-stream or cross-stream security cannot be applied towards satisfaction of the Obligations but would have to be returned to the Pledgor as it would othe1wise cause the Net Assets of the Pledgor to fall below its stated share capital (taldng





19245-3-4681-vO.7 - 17 - 70-40145101








0





into account the adjustments set out in Clause 8.3  above)  and  such confirmation is supported by evidence reasonably satisfactory to the Collateral Agent (the "Management Determination") and the Collateral Agent has not contested this and argued that no or a lesser amount would be necessary to maintain the Pledgor's stated share capital; or





(b) within 20 business days from the date the Collateral Agent has contested the Management Determination, the Collateral Agent receives from the Pledgor an up to date balance sheet prepared by a firm of auditors of international standard and reputation (the "Determining Auditors") which shows the value of the Pledgor's Net Assets (the ''Balance Sheet"). The Balance Sheet shall be prepared in accordance with the principles set out in Clause 8.3 above, provided that the final sentence of Clause 8.3 above shall not apply unless the Determining Auditors have in an independent assessment determined that the assets of the Pledgor should be evaluated at liquidation values (Liquidationswerte ) in accordance with the generally accepted accounting principles applicable from time to time in Germany (Grundsatze ordnungsmaj3iger Buchfuhrung) and shall contain further information (in reasonable detail) relating to items to be adjusted pursuant to  Clause  8.3 above. If the Pledgor fails to deliver a Balance Sheet within the aforementioned time period, the Pledgee shall be entitled to apply the proceeds of an enforcement of the Pledges towards satisfaction of the Obligations irrespective of the limitations set out in Clause 8.2 above.





|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|8.5 | Ifthe Pledgee disagrees with the Balance Sheet it shall be entitled to apply proceeds of an enforcement of the Pledges in satisfaction of the Obligations up to an amount which, according to the Balance Sheet, can be applied in satisfaction of the Obligations in compliance with the limitations set out in Clause 8.2 above. In relation to any additional amounts for which the Pledgor is liable under this Agreement, the Pledgee shall be entitled to further pursue its claims (if any) and the Pledgor shall be entitled to prove that this amount is necessary for maintaining its stated share capital (calculated as of the date the Pledgee has given notice that it intends to enforce the security created under this Agreement).




|    |                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|8.6 | No reduction of the amount enforceable or applicable towards satisfaction of the Obligations under  this Clause 8 will prejudice the right of the Pledgee to continue enforcing the Pledges (subject always to the operation of the limitations set out above at the time of such enforcement) until full satisfaction to the claims secured.




9. APPROVAL AND CONFIRMATION





The Pledgor as a future shareholder of the Company hereby approves  the  Pledges over the Shares and over any and all ancillary rights and claims associated with the Shares (as more particularly specified in Clause 4) and pursuant to the articles of association of the Company the Pledges are not subject to any approval of the Company.











|    |                            
|--- | ---------------------------
|10. | UNDERTAKINGS OF THE PLEDGOR




Unless otherwise agreed between the parties, during the term of this Agreement, the Pledgor undertakes to the Pledgee:





|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.1 | to use its best efforts to ensure that a shareholders list(Gesellschafterliste )is delivered without undue delay(unverziiglich)in accordance with section 40 of the German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschrankter Haftung),but in any event within 5 (five) business days from the date of the completion of the Transfer, for filing(Aufnahme)to the commercial register(Handelsregister )in whichitis registered(eingetragen)as owner of the Existing Shares 1;




|     |                                                                                                                                                                                                                                                                                                                                              
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.2 | to provide the Pledgee as soon as practicable, but at the latest by 31 January 2015, with a copy of the  updated shareholders list(Gesellschafterliste )as filed(aufgenommen)with the commercial register(Handelsregister )which correctly reflects the shareholdings of the Pledgor in the Company following the completion of the Transfer;




|     |                                                                                                                 
|---- | ----------------------------------------------------------------------------------------------------------------
|10.3 | to promptly effect any contributions in cash(Bareinlage)or kind(Sacheinlage)to be made in respect of the Shares;




|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.4 | to inform the Pledgee promptly of any change made in the registered share capital of the Company, or any changes made to the articles of association of the Company which would materially adversely affect the security interest of the Pledgee and in each such case to promptly deliver to the Pledgee a copy of the updated shareholders list(Gesellschafterliste)and a copy of the amended articles of association(Satzung)both as filed(aufgenommen)with the commercial register( Handelsregister );




|     |                                                                                                                                                                                                                                                                          
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.5 | to promptly notify the Pledgee, by notification in writing of the registration of an objection( Widerspruch)in relation to the Shares of the Pledgor in the shareholders list (Gesellschafterliste )as filed(aiifgenommen)with the commercial register(Handelsregister ).




|     |                                                                                       
|---- | --------------------------------------------------------------------------------------
|10.6 | to  promptly  notify  the  Pledgee,  by  notification  in  wntmg,  of  any  attachment

(Pfandung) in respect of any of the Shares or any ancillary rights set out in sub-Clause


4.1 such notice to be accompanied by any documents the Pledgee might need to defend itself against any claim of a third  party. In particular, the Pledgor shall promptly forward to the Pledgee a copy of the attachment order (Pfandungs­ beschluss), any transfer order (Uberweisungsbeschluss ) and all other documents necessary for a defence against the attachment;





|     |                                                                                                                                                                                                                                                                                                                                            
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.7 | in the event of any increase in the capital of the Company, not to allow, without the prior written consent of the Pledgee (such consent not to be unreasonably withheld), any party other than himself to subscribe for any Future Shares, and not to defeat, impair or circumvent in any way the rights of the Pledgee created hereunder;










|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.8 | to promptly inform the Pledgee, by notification in writing, of all matters concerning the Company of which the Pledgor is aware which would materially adversely affect the security interest of the Pledgee. In particular, the Pledgor shall notify the Pledgee, by notification in writing, forthwith of any shareholders' meeting at which a shareholders' resolution is intended to be adopted which would have a materially adverse effect upon the Pledges. The Pledgor shall allow, following the occurrence and during the continuance of any of the circumstances which permit the Pledgee to enforce the Pledges constituted hereunder in accordance with Clause 7, the Pledgee or, as the case may be, its proxy or any other person designated by the Pledgee, to participate in all such shareholders1meetings of the Company as attendants without power to vote. Subject to the provision contained in sub-Clause 14.1, the Pledgee's right to attend a shareholders' meeting shall lapse immediately upon complete satisfaction and discharge of the Obligations;




|     |                                                                                                                                                                                                                                                                                                                  
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.9 | to refrain from any acts or omissions, subject to the performance of its rights and duties under the Existing Share Pledge Agreements, the purpose or effect of which is or would be the dilution of the value of the Shares or the Shares ceasing to exist, unless permitted by the Pledgee (acting reasonably);




|      |                                                                                                                                                                                                                                                                                      
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.10 | not to amend the articles  of association of the  Company to the extent that such amendment would materially adversely affect the security interest of the Pledgee created hereunder without the prior written consent of the Pledgee (such consent not to be unreasonably withheld);




|      |                                                                                                                                                                                                                                                                                                                      
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.11 | insofar as additional declarations or actions are necessary  for the creation of the Pledges in favour of the Pledgee and at the Pledgee's reasonable request (acting on the reasonable instructions of the Secured Parties), to make such declarations and undertake such actions at its own costs and expenses; and




|      |                                                                                                                                                                                                                                                                                                                                                                                                                              
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.12 | for the avoidance of doubt, notification and consent requirements as set out in sub­ Clauses 10.1 through 10.8 of this Agreement are deemed to be satisfiedifand to the extent such notification or consent has been delivered under the Existing Share Pledge Agreements provided that such notification to the Pledgee or consent of the Pledgee makes reference to this Agreement and the Existing Share Pledge Agreement.




|    |           
|--- | ----------
|11. | DELEGATION




The Pledgee shall have full power to delegate (either generally or specifically) the powers, authorities and discretions conferred on it by this Agreement on such tenns and conditions as it shall see fit. The Pledgee shall only remain liable for diligently selecting and providing initial instructions to such delegate.





|    |          
|--- | ---------
|12. | INDEMNITY




The Pledgor shall reimburse the Pledgee (which, for purposes of this Clause 12, shall


include its officers, directors, employees, agents and counsel) upon request for all properly incurred, reasonable and documented out-of-pocket expenses incurred or made by it in connection with the Credit Documents. Such expenses shall include the











properly incurred, reasonable and documented compensation and expenses, disbursements and advances of  the  Pledgee's  agents,  counsel,  accountants  and experts. The Pledgor shall indemnify the Pledgee against any and all loss, liability, claim, taxes, costs, damage or expense (including properly incurred, reasonable and documented attorneys' fees and expenses) incurred by or in connection with the acceptance or administration of the Pledgee' s performance of its duties under this Agreement and under German law, including the costs and expenses of enforcing this Agreement and defending itself against or investigating any claim. The obligation to pay such amounts shall survive the payment in full or defeasance of the Obligations or the removal or resignation of the Pledgee. The Pledgee shall notify Reynolds Group Holdings Limited of any claim for which it may seek indemnity promptly upon obtaining actual lmowledge thereof; provided that any failure to so notify Reynolds Group Holdings Limited shall not relieve the Pledgor of its indemnity obligations hereunder. The Pledgor may defend itself against such claim  and the Pledgee  shall provide reasonable cooperation in such defense. The Pledgee may have separate counsel and the Pledgor shall pay the properly incurred, reasonable and documented fees and expenses of such counsel. The Pledgor need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Pledgee through the Pledgee's own wilful misconduct ( Vorsatz) or gross negligence (grobe Fahrltissigkeit). No provision of this Agreement  shall require the Pledgee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk or liability is not assured to its satisfaction.





|    |            
|--- | -----------
|13. | NOLIABILITY




Except as otherwise agreed between the parties to this Agreement, none of the Pledgee, its nominee(s) or agent(s) or delegate(s) shall be liable by  reason  of  (a) taking any action permitted by this Agreement or (b) any neglect or default in connection with the assets and rights subject to the security interest created hereunder, save in respect of any loss or damage which is suffered as a result of wilful misconduct ( Vorsatz) or gross negligence (grobe Fahrltissigkeit ) by the Pledgee, its nominee(s) or agent(s) or delegate(s), or (c) the  enforcement or realisation  of all or any part of the security interest created hereunder.





|    |                          
|--- | -------------------------
|14. | DURATION AND INDEPENDENCE




|     |                                                                                                                                                                                                                                      
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|14.1 | This Agreement shall remain in full force and effect until complete satisfaction of the Obligations. The Pledges shall not cease to exist, if any Grantor under the Credit Documents has only temporarily discharged the Obligations.




|     |                                                                                                                                                                                                                                                                                                                                 
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|14.2 | This Agreement shall create a continuing security and no change, amendment, or supplement whatsoever in the Credit Documents or in any document or agreement related to any of the Credit Documents shall affect the validity or the scope of this Agreement nor the obligations which are imposed on the Pledgor pursuant to it










|     |                                                                                                                                                                                                                                                            
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|14.3 | This Agreement is independent from any other security or guarantee which may have been or will be given to the Collateral Agent. None of such other security shall prejudice, or shall be prejudiced by, or shall be merged in any way with this Agreement.




|     |                                                                                                                                                                                                               
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|14.4 | Waiving Section 418 of the German Civil Code, the Pledger hereby agrees that the security created hereunder shall not be affected by any transfer or assumption of the Obligations to, or by, any third party.




|    |                                  
|--- | ---------------------------------
|15. | RELEASE  OF PLEDGE(PFANDFREIGABE)




|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|15.1 | Upon complete and irrevocable satisfaction of the Obligations, the Collateral Agent (as instructed in accordance with the First Lien Intercreditor Agreement) will as soon as reasonably practicable declare in writing the release of the Pledges(Pfandfreigabe )to the Pledgor as a matter of record. For the avoidance of doubt, the parties are aware that upon full and complete satisfaction of the Obligations the Pledges, due to their accessory nature(Akzessorietat ),cease to exist by operation of German mandatory law.




|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|15.2 | At any time when the total value of the aggregate security granted by the Pledger and any of the other Granters to secure the Obligations (the"Security"),which can be expected to be realised in the event of an enforcement of the Security(realisierbarer Wert),exceeds 110% of the Obligations (the11Limit11)not only  temporarily, the Pledgee shall on demand of the Pledgor release such part of the Security(Sicherheitenfreigabe )as the Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) may in its reasonable discretion determine so as to reduce the realisable value of the Security to the Limit.




|     |                                                                                                                                                                                                                                                                                                                        
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|15.3 | The parties aclmowledge that the Pledgee (as instructed in accordance with the First Lien Intercreditor Agreement) will declare in writing the release of the Pledge(Pfandfreigabe )to the Pledger as soon as reasonably practicable in accordance with, and to the extent required by, the Intercreditor Arrangements.




16. PARTIAL INVALIDITY;  WAIVER





16.1 If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction, such provision shall as to such jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof or of such provisions in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to  be replaced with such valid, legal or enforceable provision which comes as close as possible to the original intent of the parties and the invalid, illegal or unenforceable provision. Should a gap ( Regelungslucke ) become evident in this Agreement, such gap shall, without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof, be deemed to be filled in with such provision which comes as close as possible to the original intent of the parties.














|     |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|16.2 | No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies provided hereunder are cumulative and not exclusive of any rights or remedies provided by law.




|     |                                                                                                                                                                                                                                                                                                     
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|16.3 | In particular, the Pledges shall not be affected and shall in any event extend to any and all shares in the Company even if the number  or nominal value of the Existing Shares or the aggregate share capital of the Company as stated in Clause 2 are inaccurate or deviate from the actual facts.




|    |           
|--- | ----------
|17. | AMENDMENTS




Changes and amendments to this Agreement including this Clause 17 shall be made in writing except where notarisation is required.





|    |                           
|--- | --------------------------
|18. | NOTICES AND THEIR LANGUAGE




|     |                                                                                                                                                                                                             
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|18.1 | All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows:













For the Pledgor: Pactiv-Omni  Germany Holdings GmbH








Address:
 
 
 
 Fax: Attention:
 Friedensallee 25,
 22765 Hamburg, Germany
 
 +49 40 39199 298
 
 Managing Directors ( Geschaftsfuhrung)











for the Pledgor with a copy to:








Address:
 
 
 
 
 
 Telephone: Fax: Attention:
 c/o Rank Group Limited Level 9 148 Quay Street
 PO Box 3515
 Auckland  1140 New Zealand
 
 +649 3666 259
 
 +649 3666 263
 
 Helen Golding








For the Pledgee:
 The Bank of New York Mellon








Address:
 
 
 
 
 Telephone: Fax: Attention:
 101 Barclay Street, 4E New York,
 NY 10286
 The United States of America
 
 +212 298 1528
 
 +212 815 5366
 
 International  Corporate Trust





|     |                                                                                                                                                                                                                                                                                                                                                                                             
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|18.2 | Any party hereto may change its address or fax number for notices and other communications hereunder by notice to the other parties hereto.Asagreed  to  in writing by the parties, notices and other communications hereunder may also be delivered by e-mail to the e-mail address of a representative of the applicable party to this Agreement provided from time to time by such party.













|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|18.3 | All notices and other communications given to any party in connection with this Agreement in accordance with the provisions of this Agreement shall be deemed(widerlegbare Vermutung)received on the date sent (if a business day) and on the next business day thereafter (in all other cases) if  delivered by hand or  overnight courier service or sent by fax or on the date five business days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Clause 18 or in accordance with the latest unrevoked direction from such party given in accordance with this Clause 18.




|     |                                                                                                                                                                                                                                                                                                                 
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|18.4 | Any notice or other communication under or in connection with this Agreement shall be in the English language or, if in any other language, accompanied by a translation into English. In the event of any conflict between the English text and the text in any other language, the English text shall prevail.




|    |             
|--- | ------------
|19. | NOTIFICATION




19.l  The Pledgor and the Pledgee hereby give notice of this Agreement and the Pledge of the rights pursuant to Clause 3 and Clause 4 to the Company.





19.2    The Company hereby acknowledges the notification pursuant to Clause 19.1 above.





|    |                               
|--- | ------------------------------
|20. | APPLICABLE  LAW,  JURISDICTION




|     |                                                                           
|---- | --------------------------------------------------------------------------
|20.1 | This Agreement is governed by the laws of the Federal Republic of Germany.




|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|20.2 | The place of jurisdiction for any and all disputes arising under or in connection with this Agreement shall be the courts in Frankfurt am Main. The Pledgee however, shall also be entitled to take action against the Pledgor in any other court of competent jurisdiction. Further, the taldng of proceedings against the Pledgor in any one or more jurisdictions shall not preclude the taking of proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law.













Schedule 1








PART l


LIST OF CURRENT BORROWERS











SIG Euro Holding AG & Co. KGaA





Closure Systems International Holdings LLC Closure Systems International B.V.


Reynolds Consumer Products Holdings LLC Reynolds Group Holdings Inc.


Pactiv LLC





Beverage Packaging Holdings (Luxembourg)  III S.a r.l. Evergreen Packaging Inc.


Reynolds Consumer Products Inc.














PART 2


LIST OF CURRENT GUARANTORS,  CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS, CURRENT FEBRUARY  2011 SECURED NOTES GUARANTORS,  CURRENT AUGUST 2011 SECURED NOTES GUARANTORS AND CURRENT SEPTEMBER 2012 SECURED NOTES GUARANTORS











SIG Austria Holding GmbH SIG Combibloc GmbH


SIG Combibloc GmbH & Co. KG





Closure Systems International (Brazil) Sistemas de Veda9ao Ltda. SIG Beverages Brasil Ltda


SIG Combibloc do Brasil Ltda Evergreen Packaging Canada Limited Pactiv Canada Inc.


Omni-Pac Ekco GmbH Verpackungsmittel Omni-Pac GmbH Verpackungsmittel


Pactiv Deutschland Holdinggesellschaft  mbH Reynolds Consumer Products Canada Inc.


SIG Combibloc GmbH





SIG Combibloc Holding GmbH SIG Combibloc Systems GmbH


SIG Combibloc Zerspanungstechnik  GmbH SIG Euro Holding AG & Co. KGaA


SIG Information Technology GmbH SIG International Services GmbH SIG Beteiligungs GmbH


Closure Systems International Machinery (Germany) GmbH











Beverage Packaging Holdings (Luxembourg) I S.A. Beverage Packaging Holdings (Luxembourg) II S.A. Beverage Packaging Holdings (Luxembourg) III S.a r.l. Evergreen Packaging (Luxembourg) S.a r.1.


Reynolds Group Issuer (Luxembourg) S.A.





Beverage Packaging Holdings (Luxembourg) IV S.a r.l. Beverage Packaging Holdings (Luxembourg) V S.A. Beverage Packaging Holdings (Luxembourg) VI S.a r.L CSI en Ensenada, S. de R.L. de C.V.


CSI en Saltillo, S. de R.L. de C.V. CSI Tecniservicio, S. de R.L. de C.V.


Grupo CSI de Mexico, S. de R.L. de C.V.





Reynolds Metals Company de Mexico, S. de R.L. de CV Pactiv Foodservice Mexico, S. de R.L. de C.V.


Grupo Corporativo Jaguar S.A. de C.V. Servicios Industriales Jaguar, S.A. de C.V. Servicio Terrestre Jaguar, S.A. de C.V. Pactiv Mexico S. de R.L. de C.V.


Closure Systems International B.V. Evergreen Packaging International B.V. Reynolds Packaging International B.V. Reynolds Group Holdings Limited Whakatane Mill Limited


SIG allCap AG





SIG Combibloc Group AG











SIG Combibloc Procurement AG SIG Combibloc (Schweiz) AG


SIG Schweizerische Industrie-Gesellschaft  AG SIG Technology AG


SIG Combibloc Ltd.





Graham Packaging PX Company Graham Packaging PX, LLC Trans Western Polymers, Inc.


Bakers Choice Products, Inc. BCP/ Graham Holdings L.L.C.


Beverage Packaging Holdings II Issuer Inc. Blue Ridge Holding Corp.


Blue Ridge Paper Products Inc.





Closure Systems International Americas, Inc. Closure Systems International Holdings LLC Closure Systems International Inc.


Closure Systems International Packaging Machinery Inc. Closure Systems Mexico Holdings LLC


CSI Mexico LLC





CSI Sales & Technical Services Inc. Evergreen Packaging Inc.


GPACSUB LLC





GPC Capital Corp. I GPC Capital Corp. II GPC Holdings LLC














GPC OPCO GP LLC GPC SUB GP LLC


Graham Packaging Acquisition Corp. Graham Packaging Company, Inc.


Graham Packaging Company, L.P. Graham Packaging LC, L.P.


Graham Packaging LP Acquisition LLC Graham Packaging PET Technologies Inc. Graham Packaging Plastic Products Inc.


Graham Packaging PX Holding Corporation Graham Packaging Regioplast STS Inc.


Graham Packaging GP Acquisition LLC Pactiv LLC


Pactiv International Holdings Inc. Pactiv Management Company LLC PCA West Inc.


Pactiv Packaging Inc. RenPac Holdings Inc.


Reynolds Consumer Products Holdings LLC Reynolds Presto Products Inc.


Reynolds Consumer Products LLC Reynolds Group Holdings Inc.


Reynolds Group Issuer Inc. Reynolds Group Issuer LLC Reynolds Manufacturing,  Inc.














Reynolds Services Inc. SIG Combibloc Inc.


SIG Holding USA, LLC





Spirit Foodservice Products LLC Spirit Foodservice LLC


Master Containers LLC Southern Plastics, Inc. BRPP, LLC


Graham Packaging Minster LLC Graham Packaging Holdings Company Graham Recycling Company, L.P. Graham Packaging West Jordan, LLC














PART 3


COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)








Geseltschaf terliste





der


Pactiv Deutschla nd Holdinggesellschaft  mbH


mit dem Sitz in Hamburg


eingetragen Im Handelsregister des Amtsgerichts Hamburg zu HRB 71774














GesellschafterWohnort/SitzNennbetrag deslfd. Nr. desGeschtiftsantei/sGeschi:iftsanteils





SIG Beteiligungs    Linnich,    EUR 5.750,00    1


GmbH    AG Duren


HRB 6373


SIG Beteiligungs    Linnich,    EUR 17.750,00    2


GmbH    AG DOren


HRB 6373





Pactiv LLC1900 West Field Court,EUR 1.500,003Lake Forest, IL 60045, Vereinlgte Staaten von Amerika





Summe  Geschaftsanteile:    EUR 25.000,00




















Hamburg,den 6. Juni 2013














Petro Kowalskyj


( Geschi:iftsfilhrer )