Document:

exv4w471

			
	 
	 	EXHIBIT 4.471
	 

SIG COMBIBLOC GROUP AG

SIG REINAG AG

as Pledgors

and

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

JUNIOR SHARE AND PARTNERSHIP INTEREST PLEDGE

AGREEMENT

relating to the shares (Verpfändung von Aktien) and interests

(Verpfändung Komplementäranteile) in SIG EURO HOLDING AG

& CO. KGAA

 

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 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.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	7	 
	2. Pledged Shares
	 	 	17	 
	3. Pledge
	 	 	18	 
	4. Scope of the Pledges
	 	 	19	 
	5. Purpose of the Pledges
	 	 	22	 
	6. Exercise of Membership Rights
	 	 	22	 
	7. Enforcement of the Pledges
	 	 	23	 
	8. Swiss Limitations
	 	 	28	 
	9. Undertakings of the Pledgors
	 	 	30	 
	10. Delegation
	 	 	34	 
	11. Indemnity
	 	 	34	 
	12. No liability
	 	 	35	 
	13. Duration and Independence
	 	 	35	 
	14. Release (Pfandfreigabe)
	 	 	35	 
	15. Partial Invalidity; Waiver
	 	 	36	 
	16. Amendments
	 	 	37	 
	17. Notices and their Language
	 	 	37	 
	18. Applicable Law, Jurisdiction
	 	 	39	 
	19. Conclusion of this Agreement (Vertragsschluss)
	 	 	39	 
	Schedule 1
	 	 	41	 
	Part 1 List of Current Borrowers
	 	 	41	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors,
Current October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes
Guarantors
	 	 	41	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	48	 
	Schedule 2 Copy of Approval and Consent
	 	 	54	 

 

 

This
Junior Share and Partnership Interest Pledge Agreement (this “Agreement”) is made
on 8 September 2011

BETWEEN:

SIG Reinag AG, a company limited by shares (Aktiengesellschaft) incorporated under the laws of
Switzerland, having its registered office at Laufengasse 18, CH-8212 Neuhausen am Rheinfall,
Switzerland and registered in the Commercial Register of the Canton of Schaffhausen with the
federal register number CH-290.3.003.796-7 (“Pledgor 1”);

SIG Combibloc Group AG, a stock corporation (Aktiengesellschaft) organised under the laws of
Switzerland having its business address at Laufengasse 18, CH-8212 Neuhausen am Rheinfall,
Switzerland, and registered in the commercial register (Handelsregister) of the Canton of
Schaffhausen under the federal register number CH-290.3.004.149-2 (“Pledgor 2” and together
with Pledgor 1 the “Pledgors” and each a “Pledgor”); and

The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y. 10286,
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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multi-currency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “2009 Senior Secured Notes”) to certain noteholders.

	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, 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,
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

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	 	 	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”).

	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alia, 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 current February 2011 secured
notes guarantors (the “Current February 2011 Secured Notes Guarantors”).
	 
	(E)	 	Pledgor 1 has entered into the Existing Interest Pledge Agreement (as defined below) and
Pledgor 2 has entered into the Existing Share Pledge Agreement (as defined below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia, the
RGHL US Escrow II LLC 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 “New Secured Notes Indenture”),
the August 2011 Escrow Issuers have issued senior secured notes due 2019 in the aggregate
principal amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the
release from escrow of the proceeds of the New Secured Notes, RGHL US Escrow II Inc. and RGHL
US Escrow II LLC shall be 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 shall be
assumed by the August 2011 Ultimate Issuers pursuant to one or more supplemental indentures
between, among others,

5

 

	 	 	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. At such time certain
affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 3 hereto as
current new secured notes guarantors (the “Current New Secured Notes Guarantors”) will
accede to the New Secured Notes Indenture.

	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the amendment No. 6 and
incremental term loan assumption agreement dated 9 August 2011 between, inter alia, the
Current Borrowers, the Current Guarantors, Credit Suisse AG, Cayman Islands Branch as
administrative agent and others (the “Amendment No. 6 and Incremental Term Loan Assumption
Agreement”) certain lenders have agreed to grant incremental term loans in an aggregate amount
of up to USD 2,000,000,000.
	 
	(H)	 	Each Pledgor has agreed to grant an additional pledge (subject to the pledges arising under
the Existing Pledge Agreements (as defined below) to which it is a party) over its GP
Interests (as defined below) or, as the case may be, Shares (as defined below) in the Company
(as defined below) 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).
	 
	(I)	 	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 alia, the Collateral Agent, the 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 Intercreditor
Agreement”).
	 
	(J)	 	SIG Austria Holding GmbH is the owner of 9,499 (in words: nine thousand four hundred ninety
nine) shares in the Company, Nos. 1-9,499, which are represented by a global share certificate
(the “Existing Share Certificate 2”).

6

 

	(K)	 	Pledgor 2 and SIG Austria Holding GmbH as shareholders (Aktionäre) of the Company have
approved and consented to the Pledge 2 (as defined below) in a resolution of the shareholders
(Hauptversammlungsbeschluss) a copy of which is attached hereto as Schedule 2.

NOW, IT IS AGREED as follows:

Definitions and Language

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.

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

“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland
AG & Co KGaA, Citibank ZRT, Hungary, a 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

7

 

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.

“Company” means SIG Euro Holding AG & Co. KGaA, an association limited by shares
(Kommanditgesellschaft auf Aktien) organised under the laws of the Federal Republic of
Germany having its business address at Weilheimer Str. 5, 79761 Waldshut-Tiengen, Germany,
and registered in the commercial register (Handelsregister) of the local court
(Amtsgericht) of Freiburg i.Br. under HRB 621259.

“Credit Documents” shall mean the Loan Documents, the 2009 Senior Secured Notes Documents,
the October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the
New Secured Notes Documents.

“Enforcement Event” shall mean an Event of Default.

“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement
and/or the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes
Indenture and/or the February 2011 Secured Notes Indenture and/or the New Secured Notes
Indenture.

“Existing GP Interests” has the meaning given to such term in sub-Clause 2.1 hereof.

“Existing Intercreditor Agreement” means the existing 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 alia, 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.à r.l., Credit Suisse AG (formerly Credit
Suisse) as security trustee and others.

8

 

“Existing Interest Pledge Agreement” means:

the interest pledge agreement dated 29 January 2010 (as amended by a confirmation
and amendment agreement dated 4 May 2010 (the “Interest Pledge Confirmation and
Amendment Agreement”)) entered into between SIG Reinag AG as Pledgor, The Bank of New
York Mellon as collateral agent and pledgee and others as pledgees;

the Interest Pledge Confirmation and Amendment Agreement;

the junior share and partnership interest pledge agreement dated 16 November 2010
entered into between SIG Combibloc Group AG and SIG Reinag AG as pledgors and The Bank
of New York Mellon as collateral agent and pledgee (the “November 2010 Share and
Partnership Interest Pledge Agreement”); and

the junior share and partnership interest pledge agreement dated 2 March 2011
entered into between SIG Combibloc Group AG and SIG Reinag AG as pledgors and The Bank
of New York Mellon as collateral agent and pledgee (the “March 2011 Share and
Partnership Interest Pledge Agreement”).

“Existing Pledge Agreements” means the Existing Interest Pledge Agreement and the Existing
Share Pledge Agreement.

“Existing Share Certificate 1” has the meaning given to such term in sub-Clause 2.4
hereof.

“Existing Share Certificate 2” has the meaning given to such term in Preamble (J).

“Existing Share Certificates” means the Existing Share Certificate 1 and the Existing Share
Certificate 2.

“Existing Share Pledge Agreement” means:

the share pledge agreement dated 5 November 2009 (as amended by a confirmation
and amendment agreement dated 4 May 2010 (the “Share

9

 

Pledge Confirmation and Amendment Agreement”)) entered into between SIG Combibloc
Group AG as pledgor and The Bank of New York Mellon as collateral agent and
pledgee;

the Share Pledge Confirmation and Amendment Agreement;

the November 2010 Share and Partnership Interest Pledge Agreement; and

the March 2011 Share and Partnership Interest Pledge Agreement.

“Existing Shares” has the meaning given to such term in sub-Clause 2.4 hereof.

“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
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 Bank 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 any and all shares in the Company in whatever nominal value which
Pledgor 2 may hold in the future other than the Existing Shares

10

 

(arising from a split of shares, purchase of shares in the context of the mandatory public
offer or otherwise).

“Future GP Interests” means the Existing GP Interests of Pledgor 1 in existence from time
to time (including following a further contribution (Einlage) or an increase of the special
contribution (Sondereinlage) in the capital of the Company (if any)).

“GP Interests” means the Existing GP Interests and the Future GP Interests.

“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes
Guarantors, the October 2010 Secured Notes Guarantors, the February 2011 Secured Notes
Guarantors and the New 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 and the 2009 Senior Secured Notes Guarantors, the October
2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
Secured Notes Guarantors under the Credit Documents and “Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).

“Hedge Counterparty” means a 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, or by execution of an additional bank secured party acknowledgment has agreed to be
bound by the terms of, to the First Lien Intercreditor Agreement in its capacity as hedge
counterparty.

“Incremental Assumption Agreement” shall mean an incremental assumption agreement
relating to incremental facilities of up to USD 2,000,000,000 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

11

 

Incremental Revolving Credit Lenders pursuant to which one or more Incremental Term Lenders
make available Incremental Term Loan Commitments and/or one or more Incremental Revolving
Credit Lenders make available Incremental Revolving Credit Commitments respectively.

“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 make 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 term loans to one
or more Borrowers.

“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the 2009 Senior Secured Notes Indenture and any successor appointed
as indenture trustee under the 2009 Senior Secured Notes Indenture.

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

“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.

12

 

“Loan Documents” shall mean the Credit Agreement, the Amendment No. 1 and Joinder
Agreement, the Second Amended and Restated Credit Agreement and the Amendment No. 6 and
Incremental Term Loan Assumption 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 and a “Loan Party” means any of
them.

“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.à 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG,
Commerzbank Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd.,
Thailand, Bank of America, N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A.,
Citibank (China) Co., Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero
Banamex, Bank of America, N.A., 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.

“New Secured Notes Documents” shall mean the New Secured Notes Indenture,

13

 

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

“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the
August 2011 Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured
Notes and the New Secured Notes Indenture by the New Secured Notes Guarantors.

“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any
entity which may accede to the New Secured Notes Indenture as additional guarantor.

“New Secured Notes Holders” shall mean the holders from time to time of the New Secured
Notes.

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

“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 incurred 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).

“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes
Indenture, the October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the
Intercreditor Arrangements, any supplemental indenture relating to the October 2010 Secured
Notes Indenture, any security document relating to the October 2010 Secured Notes and/or
the October 2010 Secured Notes Indenture and any other document that may be entered into
pursuant to any of the foregoing.

14

 

“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
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” 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.

“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.

“Pledges” means Pledge 1 and Pledge 2, and “Pledge” means any of them.

“Pledge 1” has the meaning given to such term in sub-Clause 3.1 hereof.

“Pledges 2” means the pledges constituted under this Agreement in relation to the
Shares (or any rights arising therefrom), and “Pledge 2” means any of them.

“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured
Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture, the New 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.

15

 

“Relevant Pledgor’s Subsidiary” has the meaning given to such term in sub-Clause 7.1
hereof.

“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 undertaken by any Grantor under any Credit Document, the 2009 Senior Secured
Notes Holders, the October 2010 Secured Notes Holders, the February 2011 Secured Notes
Holders and the New Secured Notes Holders, the Indenture Trustee, the October 2010 Secured
Notes Indenture Trustee, the February 2011 Secured Notes Indenture Trustee and the New
Secured Notes Indenture Trustee, the Collateral Agent, the Local Facility Providers and the
Cash Management Banks.

“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes
Indenture, the 2009 Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the
Intercreditor Arrangements, any supplemental indenture, any security document relating to
the 2009 Senior Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other
document that may be entered into pursuant to any of the foregoing.

“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of
the Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture
by the 2009 Senior Secured Notes Guarantors.

“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes
Guarantors and any entity which may accede to the 2009 Senior Secured Notes Indenture as
additional guarantor.

“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the
2009 Senior Secured Notes.

“Share Certificates” means the Existing Share Certificate 1 and any other certificate
or securities representing any of the Future Shares or any rights in relation thereto,
including interest and dividend coupons, annuity bands, renewal coupons and all related
certificates, and “Share Certificate” means any of them.

“Shares” means the Existing Shares and the Future Shares.

16

 

Construction

In this Agreement:

	 	(a)	 	terms used in this Agreement or in any notice relating hereto but not defined
have the meanings ascribed thereto in the First Lien Intercreditor Agreement;
	 
	 	(b)	 	any reference in this Agreement to a “Clause” or 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 in this Agreement; and
	 
	 	(c)	 	to the extent the word “note” or “Note” is used in any other documents in
relation to this Agreement, it shall be construed as if it were a reference to the
word “notes” or “Notes” as defined and used in this Agreement.

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.

Pledged Shares

Pledgor 1 is the sole general partner of the Company. Pledgor 1’s general partner’s interests
(Komplementäranteile) in the Company in form and substance at the date hereof correspond to a
special contribution (Sondereinlage) in the amount of EUR 1,307,000 (in words: Euro one
million three hundred and seven thousand) (the “Existing GP Interests”).

Pledgor 1 is the owner of the Existing GP Interests.

The Company has a registered share capital (Grundkapital) of EUR 10,000,000 (in words: Euro ten
million) which is divided into 10,000 registered shares (Namensaktien) with no nominal value
(Stückaktien ohne Nennwert) which are at the date of this agreement represented by the
Existing Share Certificates.

Pledgor 2 is the owner of 501 (in words: five hundred one) shares in the Company, Nos. 9,500-10,000
(the “Existing Shares”), which are represented by a global share certificate (the “Existing
Share Certificate 1”).

17

 

Pledge

Pledgor 1 hereby pledges to the Pledgee its GP Interests together with all ancillary rights and
claims associated with the GP Interests as more particularly specified in Clause 4.1 (the
“Pledge 1”).

Pledgor 2 hereby pledges (verpfändet) to the Pledgee as security all Shares in the Company together
with all ancillary rights and claims associated with the Shares as more particularly specified
in sub-Clause 4.1 hereof by pledging each Share Certificate representing any Shares or rights
in relation thereto to the Pledgee.

Pledgor 2 shall:

duly endorse (indossieren) all Share Certificates (other than the Existing Share Certificate 1)
which are endorsed in its name with a blank endorsement (Blankoindossament). The Pledgee and
Pledgor 2 acknowledge that the Existing Share Certificate 1 which is endorsed in Pledgor 2’s
name has been duly endorsed (indossieren) by Pledgor 2 with a blank endorsement
(Blankoindossament); and

deliver (übergeben) all Share Certificates endorsed by the Pledgor 2 in accordance with Clause
3.3.1 above to an authorised representative of the Pledgee in Germany for the purpose of
depositing the Share Certificates with the Pledgee. For the avoidance of doubt, the Existing
Share Certificate 1 is already in the possession of the Pledgee. Pledgor 2 shall use all
reasonable endeavours (including offering delivery of the relevant Share Certificate to the
Pledgee in Germany within normal business hours) to deliver any other Share Certificate
endorsed by Pledgor 2 in accordance with clause 3.3.1. above to the Pledgee in Germany without
undue delay upon becoming the owner of the Shares to which it relates.

Pledgor 2 hereby further assigns to the Pledgee all present and future claims for the return of any
Share Certificate against third parties (other than the Pledgee) having or obtaining actual
possession of a Share Certificate. Such third parties shall be notified forthwith by Pledgor 2
of the relevant Pledges (as soon as Pledgor 2 becomes aware of such third party having or
obtaining actual possession of a Share Certificate).

The Pledges 2 shall extend automatically to any newly issued certificates representing, replacing
or supplementing any of the Shares which shall forthwith be duly

18

 

endorsed (indossiert) with a blank endorsement (Blankoindossament) and delivered to
(übergeben) to the Pledgee in Germany.

In addition to the pledges created in accordance with Clause 3.2 to 3.5 (inclusive) above,
Pledgor 2 hereby creates a pledge over all Shares by way of pledging its rights in the Company
(Mitgliedschaftsrechte) arising from such Shares in accordance with sections 1274, 413, 398 of
the German Civil Code (BGB) in favour of the Pledgee.

The Pledgee hereby accepts all Pledges and assignments made pursuant to this Clause 3.

The validity and effect of each of the Pledges shall be independent from the validity and the
effect of the other Pledges created hereunder.

For the avoidance of doubt, the parties agree that nothing in this Agreement shall exclude a
transfer of all or part of the Pledges created hereunder by operation of law upon the transfer
or assignment (including by way of novation or assumption (Vertragsübernahme)) of all or part
of the Obligations.

Each of the Pledges is in addition, and without prejudice, to any other security the Secured
Parties may now or hereafter hold in respect of the Obligations.

Scope of the Pledges

The Pledge 1 constituted by this Agreement include:

the present and future rights to receive:

profits payable in relation to the GP Interests (Gewinnanspruch), if any and, in particular
but not limited to, any and all rights and claims arising in connection with the
capital accounts (Kapitalkonten) and the private account (Privatkonto) of the Pledgor,
if any (including, but not limited to, interest payable on any of these accounts);

liquidation proceeds (Liquidationserlöse), consideration for redemption
(Abfindungsansprüche), repaid capital in case of a decrease of the special
contribution (Sondereinlage), any compensation in case of termination (Kündigung)
and/or withdrawal (Ausscheiden) of a partner of the

19

 

Company, any claim to a distribution-quote (Auseinandersetzungsanspruch) and all
other pecuniary claims (geldwerte Forderungen) associated with the GP Interests;
and

compensation for the management (Geschäftsführungstätigkeit) of the Company, for the
assumption of liability (Haftungsübernahme) and for the contribution
(Vermögenseinlage); and

all other rights and benefits attributable to the GP Interests.

The Pledges 2 constituted by this Agreement include:

the present and future rights:

to receive and/or withdraw dividends, to receive payments under an interest
coupon (Zinsanteilsschein), dividend coupon (Dividendenschein) or talon
(Erneuerungsschein) and any other similar cash payments and other forms of profit
distribution;

to receive all other pecuniary claims associated with the relevant Shares;

to subscribe for newly issued shares of the Company; and

all other rights and benefits attributable to the Shares capable of being pledged (verpfändbar)
(including without limitation all present and future pecuniary claims of Pledgor 2 against the
Company arising under or in connection with any domination and/or profit transfer agreement
(Beherrschungs- und/oder Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between Pledgor 2 and the Company).

Notwithstanding that the items set out in sub-Clause 4.1 and sub-Clause 4.2 above are pledged
hereunder, each Pledgor shall be entitled to receive and retain the items set out in
sub-Clause 4.1 and sub-Clause 4.2 (respectively) above in respect of, and otherwise deal (in
accordance with the provisions of this Agreement and any other Principal Finance Document)
with all items described in sub-Clause 4.1 and sub-Clause 4.2 (respectively) above in
respect of the GP Interests or, as the case may be, 

20

 

Shares at all times other than any time the Pledgee is entitled to enforce the
relevant Pledges constituted hereunder.

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 1 (or any part thereof):

all profits paid or payable and any other property received, receivable or
otherwise distributed in respect of or in exchange for the GP Interests;

all profits or other distributions or payments paid or payable in respect of the
GP Interests in connection with the partial or total liquidation or dissolution of the
Company; and

all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the GP Interests,

shall be forthwith delivered to the Pledgee and held as security for the benefit of the
Secured Parties. If such proceeds or property are received by Pledgor 1, they shall be
received as trustee for the benefit of the Pledgee and shall be segregated from other
property or funds of Pledgor 1 and shall be forthwith delivered to the Pledgee for and on
behalf of the Secured Parties as security in the form so received (with any necessary
endorsement).

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 2 (or any part thereof):

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

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

all cash paid, payable or otherwise distributed in respect of the principal of,
or in redemption of, or in exchange for the Shares,

21

 

shall be forthwith delivered to the Pledgee and held as security for the benefit of the
Secured Parties. If such proceeds or property are received by Pledgor 2, they shall be
received as trustee for the benefit of the Secured Parties and shall be segregated from
other property or funds of Pledgor 2 and shall be forthwith delivered to the Pledgee for
the benefit of the Secured Parties as security in the form so received (with any necessary
endorsement).

Purpose of the Pledges

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

Exercise of Membership Rights

The membership rights, including the management (Geschäftsführung) of the Company and the voting
rights, attached to the GP Interests remain with Pledgor 1. Pledgor 1 may exercise its
membership rights in any manner which does not adversely affect the validity or enforceability
of the Pledges 1 or the existence of all or part of the GP Interests other than through profit
payments pursuant to sub-Clause 4.3 above, or cause an Event of Default to occur. The
Pledgor undertakes, unless otherwise permitted by the Principal Finance Documents, that no
resolutions will be passed which would, if passed, constitute a breach of its obligations
under Clause 9 or any other obligation under this Agreement.

The membership rights, including the voting rights, attached to the Shares remain with Pledgor 2.
Pledgor 2 may exercise its membership rights in any manner which does not adversely affect the
validity and enforceability of the Pledges 2, the existence of all or part of the Shares or
cause an Event of Default to occur. Pledgor 2 undertakes, unless otherwise permitted by the
Principal Finance Documents, not to support any resolutions which if passed would constitute a
breach of its obligations under Clause 9 or any other obligation under this Agreement.

22

 

Enforcement of the Pledges

     Subject to paragraphs (b) and (c) of this Clause 7.1 below, if:

an Enforcement Event has occurred and is continuing; and

the requirements set forth in Sections 1273 para 2, 1204 et seq.
of the German Civil Code with regard to the enforcement of any 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 (or any of them), the Pledgee (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.

The Pledgee may only enforce the Pledges in accordance with paragraph (a) of
this Clause 7.1 above in relation to obligations of any Grantor (other than
obligations under the Credit Documents of:

          the relevant Pledgor:

incurred as Borrower under the Credit Agreement;

incurred as borrower under a Local Facility Agreement;

incurred as a party to and beneficiary under any hedging agreement entered
into with an Hedge Counterparty;

owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the relevant
Pledgor is a beneficiary of the Cash Management Services causing such
cash management obligations; or

to the extent certain proceeds of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New

23

 

Secured Notes Indenture have been made available to the relevant
Pledgor, up to such proceeds; or

a direct or indirect subsidiary of the relevant Pledgor (the
“Relevant Pledgor’s Subsidiary”):

incurred as Borrower under the Credit Agreement;

incurred as borrower under a Local Facility Agreement;

incurred as a party to and beneficiary under any hedging agreement entered
into with an Hedge Counterparty;

owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Relevant
Pledgor’s Subsidiary is a beneficiary of the Cash Management Services
causing such cash management obligations; or

to the extent certain proceeds of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New
Secured Notes Indenture have been made available to the Relevant
Pledgor’s Subsidiary, up to such proceeds),

after:

the relevant Pledgor’s auditors have:

delivered an audited interim balance sheet of the relevant Pledgor
(valuating the GP Interests or, as the case may be, Shares at their
realisation value) to the Pledgee; and

determined the existence and extent of the profits available for the
payment of a dividend by the relevant Pledgor in accordance with the
relevant provisions of the Swiss Code of Obligations (the “Auditor’s
Determination”); and

24

 

the relevant Pledgor’s shareholders have passed for such dividend
payment resolutions for the distribution of dividends (“Dividend Resolution”)
in accordance with the relevant provisions of the Swiss Federal Code of
Obligations being in force at that time.

     The relevant Pledgor shall deliver the Auditor’s Determination and the Dividend
Resolution within 30 business days after the Pledgee has given notice to the
relevant Pledgor of its intention to enforce the relevant Pledges.

The Pledgee shall only enforce the Pledges in relation to obligations of any
Grantor (other than obligations under the Credit Documents of:

the relevant Pledgor:

incurred as Borrower under the Credit Agreement;

incurred as borrower under a Local Facility Agreement;

incurred as a party to and beneficiary under any hedging agreement entered
into with an Hedge Counterparty;

owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the relevant
Pledgor is a beneficiary of the Cash Management Services causing such
cash management obligations; or

to the extent certain proceeds of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New
Secured Notes Indenture have been made available to the relevant
Pledgor, up to such proceeds; or

a
Relevant Pledgor’s Subsidiary:

incurred as Borrower under the Credit Agreement;

incurred as borrower under a Local Facility Agreement;

25

 

incurred as a party to and beneficiary under any hedging agreement entered
into with an Hedge Counterparty;

owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Relevant
Pledgor’s Subsidiary is a beneficiary of the Cash Management Services
causing such cash management obligations; or

to the extent certain proceeds of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New
Secured Notes Indenture have been made available to the Relevant
Pledgor’s Subsidiary, up to such proceeds)

`

if according to the Auditor’s Determination and the Dividend Resolution the
relevant Pledgor has validly resolved to distribute the profits available for
payment of a dividend, subject to Clause 8 (Swiss Limitations) below, provided
that if the relevant Pledges are not enforced and/or enforceable, the Pledgee may
subsequently again seek to enforce the relevant Pledges in accordance with this
paragraph (c) of this Clause 7.1 and Clause 8 (Swiss Limitations) at any time
thereafter.

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

Each Pledgor hereby expressly agrees that five business days’ prior written notice to it 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 it prior to such sale. The sale may take place at any place
in the Federal Republic of Germany designated by the Pledgee.

26

 

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

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

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 GP Interests or Shares. During the continuation of an event which allows the
Pledgee to enforce the Pledges, each Pledgor shall have the obligations and the Pledgee shall
have the rights set forth in sub-Clause 9.2.8 below regardless of which resolutions are
intended to be adopted.

The Pledgee may, in its sole discretion, determine which of several security interests, if
applicable, shall be used to satisfy the Obligations. Pledgor 1 and Pledgor 2 hereby expressly
waive their respective right pursuant to Section 1230 sentence 2 of the German Civil Code to
limit the realisation of the Pledges 1 and Pledges 2 (respectively) and pledges over
partnership interests or shares 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 1 and Pledges 2 (respectively) individually at separate proceedings or
together with pledges over partnership interests or shares in one or more other companies at
one single proceeding (Gesamtverwertung).

Each Pledgor hereby expressly waives all defenses of revocation (Einrede der Anfechtbarkeit) and
set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.

27

 

Each Pledgor hereby expressly waives its defenses based on defenses 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.

If the Pledges are enforced or if any 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 -
Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall pass
to that Pledgor by subrogation or otherwise. Further, no Pledgor shall at any time before, on
or after an enforcement of the Pledges and as a result of it entering into this Agreement, be
entitled to demand indemnification or compensation from the Company or any of the Company’s
affiliates or to assign any of these claims.

Swiss Limitations

Proceeds of an enforcement of the Pledges shall only be applied towards satisfaction of the
Obligations in relation to obligations of any Grantor (other than obligations under the Credit
Documents of:

the relevant Pledgor:

incurred as Borrower under the Credit Agreement;

incurred as borrower under a Local Facility Agreement;

incurred as a party to and beneficiary under any hedging agreement entered into with an
Hedge Counterparty;

owed as cash management obligations to a Cash Management Bank for Cash Management
Services, provided the relevant Pledgor is a beneficiary of the Cash Management
Services causing such cash management obligations; or

to the extent certain proceeds of the 2009 Senior Secured Notes Indenture, the
October 2010 Secured Notes Indenture, the February 2011 Secured Notes Indenture or the
New Secured Notes Indenture have been made available to the relevant Pledgor, up to
such proceeds; or

28

 

a
Relevant Pledgor’s Subsidiary:

incurred as Borrower under the Credit Agreement;

incurred as borrower under a Local Facility Agreement;

incurred as a party to and beneficiary under any hedging agreement entered into with an
Hedge Counterparty;

owed as cash management obligations to a Cash Management Bank for Cash Management
Services, provided the Relevant Pledgor’s Subsidiary is a beneficiary of the Cash
Management Services causing such cash management obligations; or

to the extent certain proceeds of the 2009 Senior Secured Notes Indenture, the
October 2010 Secured Notes Indenture, the February 2011 Secured Notes Indenture or the
New Secured Notes Indenture have been made available to the Relevant Pledgor’s
Subsidiary, up to such proceeds)

to the extent application of the proceeds of an enforcement of the relevant Pledges towards
such obligations does not constitute a repayment of capital (Einlagerueckgewaehr), a
violation of the legally protected reserves (gesetzlich geschuetzte Reserven) or a payment
of a (constructive) dividend prohibited by the Swiss Federal Code of Obligations by the
relevant Pledgor and in the maximum amount of the relevant Pledgor’s profits available for
the distribution of dividends at the point in time the relevant Pledges are enforced (being
the balance sheet profits and any free reserves made for this purpose, in each case in
accordance with the relevant Swiss law) (the “Available Enforcement Proceeds”). From the
proceeds of an enforcement an amount equal to the sum of (i) the excess, if any, of the
enforcement proceeds over the Available Enforcement Proceeds plus (ii) the Tax Payment
Amount (as defined below) shall be returned to the relevant Pledgor;

For such application of the Available Enforcement Proceeds towards satisfaction of the
Obligations the relevant Pledgor shall:

procure to pass a shareholders’ resolutions for the distribution of dividends in accordance with
the relevant provisions of the Swiss Federal Code of Obligations being in

29

 

force at that time (currently the profits available for the distribution of dividends as
described above must be determined based on an audited balance sheet and such shareholders’
resolution must be based on the report from the relevant Pledgor’s auditors approving the
proposed distribution of dividends); and

deduct from the Available Enforcement Proceeds Swiss Anticipatory Tax (withholding tax) at the rate
of 35% (or such other rate as in force from time to time) and subject to any applicable double
taxation treaty and/or agreements entered into with the Swiss Federal Tax administration (the
“Tax Payment Amount”):

pay the Tax Payment Amount to the Swiss Federal Tax Administration; and

give evidence to the respective beneficiary or beneficiaries (as the case may be)
of such deduction of the Tax Payment Amount in accordance with Clause 2.20 (Taxes) of
the Credit Agreement and Clause 4.15 (Withholding Taxes) of the 2009 Senior Secured
Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured
Notes Indenture or the New Secured Notes Indenture.

But if such a deduction is made, the relevant Pledgor shall not be obliged to gross-up
pursuant to Clause 2.20 (Taxes) of the Credit Agreement or Clause 4.15 (Withholding Taxes)
of the 2009 Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the
February 2011 Secured Notes Indenture or the New Secured Notes Indenture to the extent that
such gross-up would result in the aggregate of the amounts of the proceeds of an
enforcement of the relevant Pledges applied by the beneficiary or beneficiaries (as the
case may be) towards satisfaction of the Obligations and the Tax Payment Amount paid to the
Swiss Federal Tax administration exceeding the maximum amount of its profits available for
the distribution of dividends.

Undertakings of the Pledgors

Unless otherwise permitted by the Principal Finance Documents, during the term of this Agreement,
Pledgor 1 undertakes to the Pledgee:

to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the GP Interests;

30

 

to promptly notify the Pledgee in writing of any change in the partners, the special
contribution (Sondereinlage) of the Company or any encumbrance over the GP Interests (or part
of them). In the case of any attachment (Pfändung) in respect of any of the GP Interests or
any ancillary rights set out in sub-Clause 4.1, Pledgor 1 shall promptly notify the Pledgee
in writing, such notice to be accompanied by any documents the Pledgee might need to defend
itself against any claim of a third party. In particular, Pledgor 1 shall promptly forward to
the Pledgee a copy of the attachment order (Pfändungsbeschluss), any transfer order
(Überweisungsbeschluss) and all other documents necessary for a defence against the
attachment;

to promptly inform the Pledgee in writing of all matters concerning the Company of which Pledgor
1 is aware which would materially adversely affect the security interest of the Pledgee. In
particular, Pledgor 1 shall notify the Pledgee 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 any of the Pledges 1. Pledgor 1 shall allow, during the
continuance of any of the circumstances which permit the Pledgee to enforce the Pledges 1 in
accordance with Clause 7, the Pledgee or, as the case may be, their proxy or any other person
designated by the Pledgee, to participate in all such shareholders’ meetings of the Company as
attendants without power to vote. Subject to the provision contained in sub-Clause 13.1, the
Pledgee’s right to attend the shareholders’ meeting shall lapse immediately upon complete
satisfaction and discharge of the Obligations or following the discontinuance of an
Enforcement Event;

not to allow, without the prior written consent of the Pledgee (such consent not to be
unreasonably withheld), any other party to become a general partner (Komplementär) of the
Company and not to defeat, impair or circumvent in any way the rights of the Pledgee created
hereunder;

to refrain from any acts or omissions, subject to the performance of its rights and duties under
the Existing Interest Pledge Agreement, the purpose or effect of which is or would be the
dilution of the value of the GP Interests or the GP Interests ceasing to exist, unless
permitted by the Pledgee;

31

 

not to change the articles of association with a view to stipulating certain requirements for the
effective transfer of the GP Interests in addition to the general legal requirements pursuant
to German corporate law;

not to amend, or vote for any amendment of, 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 and, in particular but without limitation, not to amend, or vote of
any amendment of, the relevant provisions of the articles of association relating to the
distribution of profits and other pecuniary claims attributed to the GP Interests, the capital
accounts and private accounts (Kapitalkonten und Privatkonten) without the prior written
consent of the Pledgee (such consent not to be unreasonably withheld); and

insofar as additional declarations or actions are necessary for the creation of the Pledges 1 (or
any of them) 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 the Pledgor 1’s costs and expenses.

Unless otherwise permitted by the Principal Finance Documents, during the term of this Agreement,
Pledgor 2 undertakes to the Pledgee:

not to take, or participate in, any action which results or might result in its loss of ownership
of all or part of the Shares or any other transaction which would have the same result as a
sale, transfer or other disposal of the Shares or which would for any other reason be
inconsistent with the security interest of the Pledgee or the security purpose (as described
in Clause 5) or defeat, impair or circumvent the rights of the Pledgee except as permitted by
the Pledgee (acting reasonably);

to procure that all Share Certificates representing the Shares acquired by the Pledgor will,
promptly following the acquisition of the relevant Shares, be delivered (übergeben) to the
Pledgee;

not to encumber, permit to subsist, create or agree to create any other security interest or
third party right in or over the Shares or other rights subject to the Pledges 2 and the
Existing Share Pledge Agreement;

32

 

to inform the Pledgee promptly of any change made in the registered share capital of the
Company, or of any changes to the Company’s articles of association which would materially
adversely affect the security interest of the Pledgee;

to promptly notify the Pledgee of any attachment (Pfändung) in respect of any of the Shares or
any ancillary rights set out in sub-Clause 4.2, such notice to be accompanied by any
documents the Pledgee might need to defend itself against any claim of a third party. In
particular, Pledgor 2 shall promptly forward to the Pledgee a copy of the attachment order
(Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment;

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 itself or SIG Austria Holding GmbH to subscribe for any Future Shares, and not to defeat,
impair or circumvent in any way the rights of the Pledgee created hereunder;

to pledge in favour of the Pledgee on terms identical to the terms of this Agreement any Future
Shares which it acquires upon an increase of the capital of the Company by way of capital
contribution (Kapitalerhöhung gegen Einlage) or out of authorised capital (Kapitalerhöhung aus
genehmigtem Kapital) promptly after the registration of such increase of the capital of the
Company in the competent commercial register (Handelsregister) and the acquisition of such
Future Shares;

to promptly inform the Pledgee in writing of all matters concerning the Company of which it is
aware which would materially adversely affect the security interest of the Pledgee. In
particular, Pledgor 2 shall notify the Pledgee, forthwith of any shareholders’ meeting at
which a shareholders’ resolution is intended to be adopted which would have a materially
adverse effect upon any of the Pledges 2. Pledgor 2 shall allow, following the occurrence and
during the continuance of an Enforcement Event, the Pledgee or, as the case may be, its proxy
or any other person designated by the Pledgee, to participate in all such shareholders’
meetings of the Company as attendants without power to vote. Subject to the provision
contained in sub-Clause 13.1, the Pledgee’s right to attend the shareholders’ meeting shall
lapse immediately upon complete satisfaction and discharge of the Obligations;

33

 

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

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); and

insofar as additional declarations or actions are necessary for the creation of the Pledges (or any
of them) 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 Pledgor 2’s costs and expenses.

For the avoidance of doubt, notification and consent requirements as set out in sub-Clauses
9.1.1 through 9.1.7 and 9.2.1 through 9.2.10 of this Agreement are deemed to be
satisfied by the relevant Pledgor if and to the extent such notification or consent has
been delivered under the relevant Existing Pledge Agreement provided that such notification
to the Pledgee or consent of the Pledgee makes reference to this Agreement and the relevant
Existing Pledge Agreement.

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 terms and
conditions as it shall see fit. The Pledgee shall only remain liable for diligently
selecting and providing initial instructions to such delegate.

Indemnity

To the extent set out in the First Lien Intercreditor Credit Agreement, each Pledgor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the
Pledgee, its agents its attorneys and any delegate against any action, proceeding, claims,
losses, liabilities, damages, expenses, demands, taxes, losses and costs which it may
sustain as a consequence of any breach by that Pledgor of the provisions of this Agreement,
the exercise or purported

34

 

exercise of any of the rights and powers conferred on them by this Agreement or otherwise
relating to the relevant Pledges.

No liability

Except to the extent provided in the Principal Finance Documents, 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 Fahrlässigkeit) 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.

Duration and Independence

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.

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 Pledgors pursuant to it.

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

Waiving Section 418 of the German Civil Code, each Pledgor 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.

Release (Pfandfreigabe)

Upon complete and irrevocable satisfaction of the Obligations, the Pledgee (as instructed in
accordance with the First Lien Intercreditor Agreement) will as soon as reasonably practical
declare in writing the release of the Pledges (Pfandfreigabe)

35

 

to the Pledgors 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 (Akzessorietät), cease to exist by operation of German mandatory law.

At any time when the total value of the aggregate security granted by the Pledgors and any of
the other Grantors 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 (the “Limit”) not only temporarily, the Pledgee shall on demand of a Pledgor
release such part of the Security (Sicherheitenfreigabe) as the Pledgee may in its reasonable
discretion (as instructed in accordance with the First Lien Intercreditor Agreement) determine
so as to reduce the realisable value of the Security to the Limit.

The Pledgee (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 Pledgors in accordance with, and to the extent required by, the Intercreditor
Arrangements.

Partial Invalidity; Waiver

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 (Regelungslücke) 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.

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

36

 

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.

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.

Amendments

Changes and amendments to this Agreement including this Clause 16 shall be made in
writing.

Notices and their Language

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 Pledgor 1:	 	SIG Reinag AG
	 

	 	Address:
	 	Laufengasse 18
	 

	 	 	 	CH-8212 Neuhausen am Rheinfall
	 

	 	 	 	Switzerland
	 

	 	Telephone:
	 	+41 52 6746111
	 

	 	Fax:
	 	+41 52 674 65 74
	 

	 	Attention:
	 	Head of legal corporate
	 
	 	 	 	 
	For Pledgor 2:	 	SIG Combibloc Group AG
	 

	 	Adress:
	 	Laufengasse 18
	 

	 	 	 	CH- 8212 Neuhausen am Rheinfall
	 

	 	 	 	Switzerland
	 

	 	Telephone:
	 	+41 52 6746111
	 

	 	Fax:
	 	+41 52 6746574
	 

	 	Attention:
	 	Head of legal corporate

37

 

	 	 	 	 	 

	with a copy to:

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 

	 	Telephone:
	 	+649 3666 259
	 

	 	Fax:
	 	+649 3666 263
	 

	 	Attention:
	 	Helen Golding

	 	 	 

	For the Pledgee:

	 	     The Bank of New York Mellon
	 
	 	 
	 

	 	     Address: 101 Barclay Street, 4E 

     New York, N.Y. 10286, 

     The United States of
America
	 
	 	 
	 

	 	     Telephone: +212 298 1528
	 
	 	 
	 

	 	     Fax: +212 815 5366
	 
	 	 
	 

	 	     Attention: International Corporate Trust

Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed to in writing in accordance with
the First Lien Intercreditor Agreement, 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.

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

38

 

(properly addressed) to such party as provided in this Clause 17 or in accordance with the
latest unrevoked direction from such party given in accordance with this Clause 17.

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.

Applicable Law, Jurisdiction

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

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 any Pledgor in any other court of competent jurisdiction.
Further, the taking of proceedings against any 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.

Conclusion of this Agreement (Vertragsschluss)

The parties to this Agreement may choose to conclude this Agreement by an exchange of signed
signature page(s), transmitted by means of telecommunication (telekommunikative Übermittlung)
by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail.

If the parties to this Agreement choose to conclude this Agreement pursuant to sub-Clause 19.1
above, they will transmit the signed signature page(s) of this Agreement to attention of
Isabel van Bremen or Axel Schlieter
(isabel.vanbremen@cliffordchance.com or
axel.schlieter@cliffordchance.com, fax: +49 211 4355 5600) (the “Recipients”). The Agreement
will be considered concluded once any of the Recipients has actually received the signed
signature page(s) (Zugang der Unterschriftsseite(n)) from all parties to this Agreement and at
the time of the receipt of the last outstanding signature page(s).

39

 

For the purposes of this Clause 19 only, the parties to this Agreement appoint each Recipient as
their attorney (Empfangsvertreter) and expressly allow (gestatten) the Recipient to collect
the signed signature page(s) from all and for all parties to this Agreement. For the avoidance
of doubt, the Recipients will have no further duties connected with their position as
Recipient. In particular, the Recipients may assume the conformity to the authentic
original(s) of the signature page(s) transmitted to it by means of telecommunication, the
genuineness of all signatures on the original signature page(s) and the signing authority of
the signatories.

40

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED

NOTES GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES

GUARANTORS AND CURRENT FEBRUARY 2011 SECURED NOTES

GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

41

 

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

42

 

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

43

 

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

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

44

 

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

45

 

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

46

 

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

47

 

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

 

			
	1	 	Post closing Austrian guarantors excluded.

48

 

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

49

 

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

50

 

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

51

 

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

52

 

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

53

 

SCHEDULE 2

COPY OF APPROVAL AND CONSENT

54

 

SIGNATURE PAGE

This Agreement has been entered into on the date stated at the beginning by

	 	 	 	 	 
	 	SIG Reinag AG

as Pledgor 1

 	 
	 	By:  	/s/ Pru Wyllie
 	 
	 	 	Name:  	Pru Wyllie 	 
	 	 	Title:  	Attorney
 	 
	 	  	Date: 8 September 2011
 	 
	 

	 	 	 	 	 
	 	SIG Combibloc Group AG

as Pledgor 2

 	 
	 	By:  	/s/ Pru Wyllie
 	 
	 	 	Name:  	Pru Wyllie 	 
	 	 	Title:  	Attorney
 	 
	 	 	Date: 8  	September 2011 	 
	 

The Bank of New York Mellon

as Pledgee

	 	 	 	 	 	 	 

	By:

	 	 	 	 	 	 
	 

	 	/s/ Catherine F. Donohoe	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Name: Catherine F. Donohoe
	 	 	 	 
	 

	 	Title: Vice President
	 	 	 	 
	 

	 	Date: 8 September 2011
	 	 	 	 

55

 

Acknowledged and agreed

SIG Euro Holding AG & Co. KGaA represented by SIG Reinag AG as its general partner (Komplementär)

	 	 	 	 	 	 	 

	By:

	 	/s/ Pru Wyllie	 	 

	 	 
	 

	 	 
	 	 	 	 
	 

	 	Name: Pru Wyllie
	 	 	 	 
	 

	 	Title: Authorised Signatory
	 	 	 	 
	 

	 	Date: 8 September 2011
	 	 	 	 

56exv4w472

Exhibit 4.472

Deed Register No. 396/2011-G

Recorded

in Frankfurt am Main on September 8, 2011

Before me, the undersigning Civil Law Notary in the district of the Higher Regional Court
(Oberlandesgericht) of Frankfurt am Main

Dr. Olaf Gerber

with my official place of business in Frankfurt am Main

appeared today:

	1.	 	Dr. David Witzel, born 5 February 1975, whose business address is Taubenstraße 7-9, 60313
Frankfurt am Main, and who is personally known to the notary.
	 
	2.	 	Tereza Sipkova, born 6 January 1979, whose business address is Bockenheimer Landstraße 24,
60323 Frankfurt am Main, and who identified herself by presenting her valid passport.

The person appearing to 1. declared to make the following declarations not in his own name but,
excluding any personal liability, for and on behalf of

	 	a)	 	SIG Combibloc Systems GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) 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 Düren under HRB 3935
	 
	 	 	 	presenting a power of attorney dated July 23, 2011, a copy of which, without Exhibit 1, is
attached to this deed;
	 
	 	b)	 	SIG Combibloc Zerspanungstechnik GmbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany having
its corporate seat in Aachen, Germany and its business address at Walkmühlenstraße 4-10,
53074 Aachen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Aachen under HRB 3814
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is
attached to this deed,

i

 

	 	c)	 	Closure Systems International B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands,
having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands and its registered
address at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, which is registered
under registration number 34291082 with the Chamber of Commerce
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which is attached to this deed,
	 
	 	d)	 	Closure Systems International Holdings (Germany) GmbH, a limited liability company
(Gesellschaft mit beschränkter Haftung) organised under the laws of the Federal Republic of
Germany having its corporate seat in Worms, Germany and its business address at Mainzer Straße
185, 67547 Worms, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Mainz under HRB 41388
	 
	 	 	 	presenting a power of attorney dated July 23, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	e)	 	Closure Systems International Deutschland GmbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany having its
corporate seat in Worms, Germany and its business address at Mainzer Straße 185, 67547 Worms,
Germany, which is registered in the commercial register (Handelsregister) of the local court
(Amtsgericht) of Mainz under HRB 10054
	 
	 	 	 	presenting a power of attorney dated July 25, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	f)	 	SIG Combibloc Group AG, a stock corporation (Aktiengesellschaft) organised under the laws of
Switzerland, having its business address at Laufengasse 18, CH-8212 Neuhausen am Rheinfall,
Switzerland, which is registered in the commercial register (Handelsregister) of the Canton of
Schaffhausen under the federal register number CH-290.3.004.149-2
	 
	 	 	 	presenting a power of attorney dated July 22, 2011, a copy of which is attached to this deed,
	 
	 	g)	 	SIG Combibloc Holding GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) 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 Düren under HRB 5751
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	h)	 	SIG Euro Holding AG & Co. KG aA, a limited liability company (Kommanditgesellschaft auf
Aktien) 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 Düren under HRB 5754

ii

 

	 	 	 	presenting
a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is attached to
this deed,
	 
	 	i)	 	SIG Beverages Germany GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Waldshut-Tiengen, Germany and its business address at Weilheimer Straße 5, 79761
Waldshut-Tiengen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Freiburg i. Br. under HRB 702482
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	j)	 	SIG International Services GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 3925
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	k)	 	SIG Information Technology GmbH, a limited liability
company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 4050
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	1)	 	SIG Combibloc GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung)
organised under the laws of the Federal Republic of Germany having its corporate seat in
Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 5182
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	m)	 	SIG Vietnam Beteiligungs GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Waldshut-Tiengen, Germany and its business address at Weilheimer Straße 5, 79761
Waldshut-Tiengen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Freiburg i. Br. under HRB 621587
	 
	 	 	 	presenting a power of attorney dated July 20, 2011, a copy of which, without Exhibit 1, is
attached to this deed,
	 
	 	n)	 	Pactiv Deutschland Holdinggesellschaft mbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany, having its
business address at Friedensallee 23-25, 22765

iii

 

	 	 	 	Hamburg, Germany, which is registered in the commercial register (Handelsregister) of the
local court (Amtsgericht) of Hamburg under HRB 71774
	 
	 	 	 	presenting a power of attorney undated, a copy of which, without Exhibit 1, is attached to
this deed,
	 
	 	o)	 	 Omni-Pac Ekco GmbH Verpackungsmittel, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany, having
its corporate seat in Hamburg, Germany and its business address at Friedensallee 23-25,
22765 Hamburg, Germany, which is registered in the commercial register (Handelsregister)
of the local court (Amtsgericht) of Hamburg under HRB 102663
	 
	 	 	 	presenting a power of attorney undated, a copy of which, without Exhibit 1, is attached to
this deed,
	 
	 	p)	 	Omni-Pac GmbH Verpackungsmittel, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany, having
its corporate seat in Elsfleth, Germany and its business address at Am Tidehafen 5, 26931
Elsfleth, Germany, which is registered in the commercial register (Handelsregister) of the
local court (Amtsgericht) of Oldenburg under HRB 201738
	 
	 	 	 	presenting a power of attorney undated, a copy of which, without Exhibit 1, is attached to
this deed,
	 
	 	q)	 	Pactiv Hamburg Holdings GmbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany having
its corporate
seat in Hamburg, Germany and its business address at Friedensallee 25, 22765 Hamburg,
Germany, which is registered in the commercial register (Handelsregister) of the local court
(Amtsgericht) of Hamburg under HRB 106481
	 
	 	 	 	presenting a power of attorney undated, a copy of which, without Exhibit 1, is attached to
this deed,
	 
	 	r)	 	Pactiv Corporation, 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
	 
	 	 	 	presenting a power of attorney undated, a copy of which is attached to this deed.

The person appearing to 2. declared to make the following declarations not in her own name but,
excluding any personal liability, for and on behalf of

	 	 	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, NY
10286, The United States of America,
	 
	 	 	 	presenting a power of attorney dated August 5, 2011, a copy of which is attached to this
deed.

iv

 

	 	 	 	Neither the Notary nor the proxies assume any liability as to the validity and/or the scope of the
powers of attorney presented.
	 
	 	 	 	In the case a certified copy of the power/sub-power of attorney is attached to this deed, the
original was presented to the notary and it is herewith certified that the attached copies are true
and correct copies of the original powers/sub-powers of attorney presented to me. In the case only
a simple copy is attached, originals shall be provided to the notary in due course. Certified
copies thereof shall be sealed to the present deed.
	 
	 	 	 	The Notary convinced himself that the persons appearing are in adequate command of the English
language and declared that he is in command of the English language as well.
	 
	 	 	 	The persons appearing stated that the parties represented by them requested that this instrument be
recorded in the English language.
	 
	 	 	 	On being asked whether there had been any prior involvement by the Notary in terms of Section 3
para 1 no 7 of the German Notarisation Act (Beurkundungsgesetz) the provisions of which had been
explained by the Notary, the persons appearing said that there had been no such prior involvement.
	 
	 	 	 	The deponents, acting as aforesaid, then requested the notary to notarise the

Share Pledge Agreements

	 	 	 	attached to this deed as appendices 1 to 9 with its schedules. These Share Pledge Agreements
with the exclusion of its table of contents form an integral part of this deed.
	 
	 	 	 	This deed with appendices 1 to 9 including their schedules 1 ans 2 but excluding their table of
contents ans schedule 3 of appendix 8 was read aloud by the notary to the deponents, was approved
by the deponents and was signed by the deponents and the notary in their own hands as follows:

/s/ David Witzel

/s/ Tereza Sipkova

/s/ Dr. Olaf Gerber

v

 

Appendix 1

PACTIV HAMBURG HOLDINGS GMBH

PACTIV CORPORATION

as Pledgors

PACTIV DEUTSCHLAND HOLDINGGESELLSCHAFT MBH

as Company

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

SHARE PLEDGE AGREEMENT RELATING TO

THE SHARES IN PACTIV DEUTSCHLAND

HOLDINGGESELLSCHAFT MBH

(Geschäftsanteilsverpfändung)

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 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.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1.   Definitions and Language
	 	 	5	 
	2.   Pledged Shares
	 	 	12	 
	3.   Pledge
	 	 	13	 
	4.   Scope of the Pledges
	 	 	13	 
	5.   Purpose of the Pledges
	 	 	14	 
	6.   Exercise of Membership Rights
	 	 	14	 
	7.   Enforcement of the Pledges
	 	 	14	 
	8.   Limitations on Enforcement
	 	 	16	 
	9.   Approval and Confirmation
	 	 	18	 
	10. Undertakings of each Pledgor
	 	 	19	 
	11. Delegation
	 	 	20	 
	12. Indemnity
	 	 	20	 
	13. No Liability
	 	 	21	 
	14. Duration and Independence
	 	 	21	 
	15. Release of Pledge {Pfandfreigabe)
	 	 	21	 
	16. Partial Invalidity; Waiver
	 	 	22	 
	17. Amendments
	 	 	22	 
	18. Notices and their Language
	 	 	23	 
	19. Notification
	 	 	24	 
	20. Applicable Law, Jurisdiction
	 	 	24	 

- 1 -

 

	 	 	 	 	 
	Clause	 	Page	 
	Schedule 1
	 	 	26	 
	Part 1 List of Current Borrowers
	 	 	26	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured
Notes Guarantors, Current October 2010 Secured Notes Guarantors
and Current February 2011 Secured Notes Guarantors  
	 	 	27	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	32	 
	Part 4 Copy of shareholders List (Gesellschafterliste)
	 	 	37	 

- 2 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

BETWEEN:

	(1)	 	Pactiv Hamburg Holdings GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Hamburg, Germany and its business address at Friedensallee 25, 22765 Hamburg, Germany,
which is registered in the commercial register (Handelsregister) of the local court
(Amtsgericht) of Hamburg under HRB 106481 (the “Pledgor 1”);
	 
	(2)	 	Pactiv Corporation, 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, (the “Pledgor 2” and, together with Pledgor 1, the “Pledgors”);
	 
	(3)	 	Pactiv Deutschland Holdinggesellschaft mbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany having its
corporate seat in Hamburg, Germany and its business address at Friedensstraße 23-25, 22765
Hamburg, Germany, which is registered in the commercial register (Handelsregister) of the
local court (Amtsgericht) of Hamburg under HRB 71774 (the “Company); and
	 
	(4)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, NY 10286,
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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group

- 3 -

 

	 	 	Issuer (Luxembourg) S.A as ultimate issuers (the “Issuers”), certain affiliates of the
Issuers listed in Schedule 1 Part 2 hereto as current 2009 senior secured notes guarantors
(the “Current 2009 Senior Secured Notes Guarantors”) and The Bank of New York Mellon, as
indenture trustee, principal paying agent, transfer agent and registrar, (as amended,
varied, novated, supplemented, superseded or extended from time to time, the “2009 Senior
Secured Notes Indenture”), the Issuers have issued senior secured notes due 2016 in the
aggregate principal amount of USD 1,125,000,000 (the “US Secured Notes”) and senior secured
notes due 2016 in the aggregate principal amount of EUR 450,000,000 (the “Euro Secured
Notes” and together with the US Secured Notes the “2009 Senior Secured Notes”) to certain
noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, 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,
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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter alia, 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 current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreement (as defined below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia, the
RGHL US Escrow II LLC and RGHL US Escrow II Inc. as escrow issuers (the

- 4 -

 

	 	 	“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 “New
Secured Notes Indenture”), the August 2011 Escrow Issuers have issued senior secured notes
due 2019 in the aggregate principal amount of USD 1,500,000,000 (the “New Secured Notes”).
In connection with the release from escrow of the proceeds of the New Secured Notes, RGHL
US Escrow II Inc. and RGHL US Escrow II LLC shall be 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 shall be 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. At such time certain affiliates of the August 2011
Ultimate Issuers listed in Schedule 1 Part 3 hereto as current new secured notes guarantors
(the “Current New Secured Notes Guarantors”) will accede to the New Secured Notes
Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the amendment No. 6 and
incremental term loan assumption agreement dated 9 August 2011 between, inter alia, the
Current Borrowers, the Current Guarantors, Credit Suisse AG as administrative agent and others
(the “Amendment No. 6 and Incremental Term Loan Assumption Agreement”) certain lenders have
agreed to grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgors have agreed to grant an additional pledge (subject to the pledges arising under
the Existing Share Pledge Agreement (as defined below)) over their respective 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).
	 
	(I)	 	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 alia, the Collateral Agent, the 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 Intercreditor
Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	 DEFINITIONS AND LANGUAGE
	 
	1.1	 	In this Agreement:

- 5 -

 

	 	 	“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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as
an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG & Co
KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit
Agreement and/or the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes
Indenture and/or the February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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.à r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee
and others.

- 6 -

 

	 	 	“Existing Shares 1” has the meaning given to such term 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 Agreement” means the share pledge agreement dated 2 March 2011 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
	 
	 	 	“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 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 Bank 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 1” means all additional shares in the capital of the Company (irrespective of their
nominal value) which the Pledgor 1 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.
	 
	 	 	“Future Shares 2” means all additional shares in the capital of the Company (irrespective of their
nominal value) which the Pledgor 2 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.
	 
	 	 	“Future Shares” means the Future Shares 1 and the Future Shares 2 referred to collectively and
“Future Share” means any of them.

- 7 -

 

	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
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 and
the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February
2011 Secured Notes Guarantors and the New Secured Notes Guarantors under the Credit Documents and
“Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.

- 8 -

 

	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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 and a “Loan Party” means any of them.
	 
	 	 	“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.à 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.

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	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any
security document relating to the New Secured Notes and/or the New Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing,
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 additional guarantor.

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	 	 	“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” 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.
	 
	 	 	“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 1” and “Pledges 1” have the meanings given to such terms in sub-Clause 3.1.
	 
	 	 	“Pledge 2” and “Pledges 2” have the meanings given to such terms in sub-Clause 3.1.
	 
	 	 	“Pledges” means the Pledges 1 and the Pledges 2 referred to collectively and “Pledge” means any of
them.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February
2011 Secured Notes Indenture, the New 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 undertaken by any
Grantor under any Credit Document, the 2009 Senior Secured Notes Holders, the October 2010 Secured
Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes Holders, the
Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured
Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the
Local Facility Providers and the Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the 2009
Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the 2009 Senior Secured Notes and/or the
2009 Senior Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.

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	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by
the 2009 Senior Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes
Guarantors and any entity which may accede to the 2009 Senior Secured Notes Indenture as
additional guarantor.
	 
	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares 1” means the Existing Shares 1 and the Future Shares 1.
	 
	 	 	“Shares 2” means the Existing Share 2 and the Future Shares 2.
	 
	 	 	“Shares” means the Existing Shares and Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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,
	 
	 	 	persisting of one share with a nominal amount (Nennbetrag) of EUR 5,750 (in words: Euro
five thousand seven hundred fifty) carrying 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”),
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	 	Pledgor 1 is the owner of the Existing Shares 1 and Pledgor 2 is the owner of the
Existing Share 2 and both Pledgors are registered as such 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 4 (Copy of
Shareholders List).

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	3.	 	PLEDGE
	 
	3.1	 	Pledgor 1 hereby pledges to the Pledgee the Shares 1 together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (each a “Pledge
1” and together the “Pledges 1”).
	 
	3.2	 	Pledgor 2 hereby pledges to the Pledgee the Shares 2 together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (each a “Pledge
2” and together the “Pledges 2”).
	 
	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 PLEDGES
	 
	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 (Kündigung) 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 (Nachschüsse)
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
(verpfändbar) (including without limitation all present and future pecuniary claims of
any Pledgor against the Company arising under or in connection with any domination and/or profit
transfer agreement (Beherrschungs-und/oder Gewinnabführungsvertrag) or partial profit
transfer agreement (Teilgewinnabführungsvertrag) which may be entered into between any
Pledgor and the Company).

	4.2	 	Notwithstanding that the items set out in Clause 4.1 above are pledged hereunder,
each 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.

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	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 any Pledgor, they shall be
received as trustee for the benefit of the Pledgee and shall be segregated from other
property or funds of the respective Pledgor and shall be forthwith delivered to the Pledgee
as security in the form so received (with any necessary endorsement).
	 
	5	 	PURPOSE OF THE PLEDGES
	 
	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete satisfaction of
any and all Obligations. The Pledges shall also cover any future extension of the Obligations and
each Pledgor herewith expressly agrees that the provisions of Section 1210 para 1 sentence 2 of the
German Civil Code (Bürgerliches 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
respective Pledgor. Each 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. Each 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 PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred 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 Pledgee (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.

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	7.2	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining enforceable judgment or other instrument (vollstreckbarer Titel).
The Pledgee shall be entitled to have the Pledges 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	 	Each Pledgor hereby expressly agrees that 5 (five) business days’ prior written notice to the
respective 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 respective 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	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledges under sub-Clause 7.1, each 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, each 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 10.6 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. Each 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	 	Each Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	7.9	 	Each 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.

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	7.10	 	If the Pledges are enforced or if any 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 —
Forderungsübergang auf den Verpfänder) shall not apply and no rights of the Pledgee shall pass to the
respective Pledgor by subrogation or otherwise. Further, the Pledgors shall at
no time before, on or after an enforcement of the Pledges and as a result of
the Pledgors entering into this Agreement, be entitled to demand
indemnification or compensation from the Company or the Company’s 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 1
towards satisfaction of the Obligations without limitation in respect of:

	 	(a)	 	all and any amounts which are owed under the
Credit Documents by Pledgor 1 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, Pledgor 1, 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”).
	 
	8.2	 	Besides an application of proceeds from an enforcement of the
Pledges 1 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 1 towards satisfaction of the Obligations but
shall return
to Pledgor 1 proceeds of an enforcement of the Pledges 1 if and to the
extent that:

	 	(a)	 	the Pledges 1 secure the obligations of a
Grantor which is (x) a shareholder of Pledgor 1 or (y) an affiliated
company (verbundenes Unternehmen) within the meaning of section 15 of
the German Stock Corporation Act (Aktiengesetz) of a shareholder of
Pledgor 1 (other than Pledgor 1 and its subsidiaries); and
	 
	 	(b)	 	the application of proceeds of an enforcement
of the Pledges 1 towards the Obligations would have the effect of (x)
reducing Pledgor l’s net assets (Reinvermögen) (the “Net Assets”) 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
affect the assets required for the obligatory preservation of Pledgor
l’s stated share capital (Stammkapital) according to section 30, 31
German Limited Liability Companies Act (Gesetz betreffend die
Gesellschaften mit beschränkter Haftung) provided that the 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 shall only be

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	 	 	 	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
Pledgor l’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 Pledgor l’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 Pledgor l’s business (nicht betriebsnotwendig) shall be taken into account with its
market value;
	 
	 	(b)	 	obligations under loans provided to Pledgor 1 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 Pledgor 1; and
	 
	 	(c)	 	obligations under loans or other contractual liabilities incurred by Pledgor 1
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 (Grundsätze ordnungsmäßiger Buchführung)
and be based on the same principles that were applied by Pledgor 1 in the preparation of its
most recent annual balance sheet (Jahresbilanz).
	 
	 	 	It being understood that the assets of Pledgor 1 will be assessed at liquidation values
(Liquidationswerte) if the managing directors of Pledgor 1, 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 Pledgor 1 can carry on as a going concern (positive Fortführungsprognose), in particular
when the Pledges 1 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 1
(the “Notice”), Pledgor 1 has confirmed in writing to the Collateral Agent (x) to what
extent such Pledges 1 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 1 attributable
to the enforcement of such upstream or cross-stream security cannot be applied towards
satisfaction of the Obligations but would have to be returned to Pledgor 1 as it would
otherwise cause the Net Assets of Pledgor 1 to fall below its stated share capital
(taking

- 17 -

 

	 	 	 	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 Pledgor l’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 Pledgor 1 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 Pledgor l’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 Pledgor 1 should be evaluated
at liquidation values (Liquidationswerte) in accordance with the generally accepted
accounting principles applicable from time to time in Germany (Grundsätze
ordnungsmäßiger Buchführung) and shall contain further information (in reasonable
detail) relating to items to be adjusted pursuant to Clause 8.3 above. If Pledgor 1
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 1 towards
satisfaction of the Obligations irrespective of the limitations set out in Clause
8.2 above.

	8.5	 	If the Pledgee disagrees with the Balance Sheet it shall be entitled to apply proceeds of an
enforcement of the Pledges 1 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 Pledgor 1 is liable under this Agreement, the Pledgee shall be entitled to
further pursue its claims (if any) and Pledgor 1 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
1 (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
	 
	 	 	Each Pledgor as the shareholders of the Company hereby approve 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.

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	10.	 	UNDERTAKINGS OF EACH PLEDGOR
	 
	 	 	Unless otherwise agreed between the parties, during the term of this Agreement, each
Pledgor undertakes to the Pledgee:
	 
	10.1	 	to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	10.2	 	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);
	 
	10.3	 	to promptly notify the Pledgee, by notification in writing of the registration of an
objection (Widerspruch) in relation to the Shares of the respective Pledgor in the
shareholders list (Gesellschafterliste) as filed (aufgenommen) with the commercial register
(Handelsregister).
	 
	10.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment (Pfändung) 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 respective Pledgor shall promptly forward to the Pledgee a
copy of the attachment order (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss)
and all other documents necessary for a defence against the attachment;
	 
	10.5	 	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;
	 
	10.6	 	to promptly inform the Pledgee, by notification in writing, of all matters concerning the
Company of which the respective Pledgor is aware which would materially adversely affect the
security interest of the Pledgee. In particular, the respective 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 respective 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
shareholders’ meetings 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;

- 19 -

 

	10.7	 	to refrain from any acts or omissions 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);
	 
	10.8	 	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);
	 
	10.9	 	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
	 
	10.10	 	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 satisfied if and to the extent such
notification or consent has been delivered under the Existing Share Pledge Agreement 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 terms 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 Pledgors 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 Pledgors 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
knowledge thereof; provided that any failure so to notify Reynolds Group Holdings Limited
shall not relieve the Pledgors of their indemnity obligations hereunder. The Pledgors may
defend themselves against such claim and the Pledgee shall provide reasonable cooperation in
such defense. The Pledgee may have separate

- 20 -

 

	 	 	counsel and the Pledgors shall pay the properly
incurred, reasonable and documented fees and expenses of such counsel. The Pledgors 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
Fahrlässigkeit). 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.	 	NO LIABILITY
	 
	 	 	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 Fahriässigkeit) 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 Pledgors 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 Pledgors
hereby agree 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 Pledgors 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 its accessory
nature (Akzessorietät) ceases to exist by operation of German mandatory law.

- 21 -

 

	15.2	 	At any time when the total value of the aggregate security granted by the Pledgors and any of
the other Grantors 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 (the “Limit”) not only temporarily, the Pledgee shall on demand of any of the
Pledgors 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 acknowledge that the Pledgee (as instructed in accordance with the First Lien
Intercreditor Agreement) will declare in writing the release of the Pledges (Pfandfreigabe) to
each Pledgor 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 (Regelungslücke) 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.

- 22 -

 

	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 Pledgors:	 	Pactiv Hamburg Holdings GmbH
	 
	 	 	 	 
	 

	 	Address:
	 	Friedensallee 25, 22765

Hamburg, Germany,
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 40 39199211
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 40 39199298
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors

(Geschäftsführung)
	 
	 	 	 	 
	for the Pledgors with a copy to:
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 
	 	 	 	 
	 

	 	 	 	Level 9
	 
	 	 	 	 
	 

	 	 	 	148 Quay Street 

PO Box 3515
	 
	 	 	 	 
	 

	 	 	 	Auckland 1140 

New Zealand
	 
	 	 	 	 
	 

	 	Telephone.
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Pledgee:	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 
	 	 	 	 
	 

	 	 	 	New York, NY 10286
	 
	 	 	 	 
	 

	 	 	 	The United States of
	 
	 	 	 	 
	 

	 	 	 	America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	International Corporate Trust

- 23 -

 

	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. As agreed 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
	 
	19.1	 	Each Pledgor and the Pledgee hereby give notice of this Agreement and the Pledges 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 any Pledgor in any other court of competent jurisdiction.
Further, the taking of proceedings against any 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.

- 24 -

 

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly
accessory nature (which means that it comes into
legal existence only if, to the extent that, and as
long as, the underlying secured claims do in fact
exist, and that the owners of the secured claims and
the pledgees must be identical);
	 
	•	 	that notwithstanding Section 16 para 3 German
Limited Liability Companies Act (Gesetz betreffend
die Gesellschaften mit beschränkter Haftung) there
is no bona fide creation, acquisition nor ranking of
a pledge of shares (in the sense that the pledgees
are not protected if the shares purported to be
pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement
will not be acceptable for enforcement but will have
to be translated, by a certified translator, into
German for such purposes.

- 25 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

- 26 -

 

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

- 27 -

 

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

CSI en Ensenada, S. de R.L. de C.V.

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

- 28 -

 

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

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

Técnicos de Tapas Irrnovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

- 29 -

 

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

- 30 -

 

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 31 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

 

			
	1	 	Post closing Austrian guarantors excluded.

- 32 -

 

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S,A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

- 33 -

 

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B,V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

- 34 -

 

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

- 35 -

 

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 36 -

 

PART 4

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

- 37 -

 

Amtsgericht Hamburg

HRB 71774

Amtlicher Ausdruck aus dem Registerordner

Dokument: Liste der Gesellschafter

(20355_HRB71774_GEL_S2010-01-06_3462192_#001.PDF)

Eingestellt in
den Registerordner am (letztes Freigabedatum): 08.01.2010

Abgerufen aus dem Registerordner am: 09.08.2011 14:19:45

Dieser
Ausdruck bezeugt den Inhalt eines Dokuments des Registerordners.

Dieser Ausdruck wird nicht unterschrieben und gilt als
beglaubigte Abschrift.

Hamburg, den 09.08.2011

/s/ [ILLEGIBLE] 
 Heil

Justizobersekretär

 

 

Gesellschafterliste

gem. § 40 Abs. 2 GmbHG

der

Pactiv Deutschland Holdinggesellschaft mbH

mit dem Sitz in Hamburg

eingetragen im Handelsregister des Amtsgerichts Hamburg zu HRB 71774

Stand: 1. Januar 2010

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Lfd. Nr. des
	 	 	 	 	Nennbetrag des	 	Geschäfts-
	Gesellschafter	 	Wohnort/Sitz	 	Ge-schäftsanteils	 	anteils
	 
	Pactiv Hamburg
Holdings GmbH
(derzeit noch
firmierend unter
fentus 13. GmbH)

	 	Friedensallee 25,

22765 Hamburg,
 AG
Hamburg,
 HRB 106481

	 	5.750,00 EUR
	 	 	1	 
	 
	Pactiv Hamburg
Holdings GmbH
(derzeit noch
firmierend unter
feutus 13. GmbH)

	 	Friedensallee 25,

22765 Hamburg,
 AG

Hamburg,
 HRB 106481
	 	17.750,00 EUR
	 	 	2	 
	 
	Pactiv Corporation

	 	1900 West Field

Court,
 Lake Forest,

IL 60045,

Vereinigte Staaten

von Amerika
	 	1.500,00 EUR
	 	 	3	 
	 
	Summe Geschäftsanteile

	 	 	 	25.000,00 EUR	 	 	 	 
	 

Nummer 6 der Urkundenrolle für das Jahr 2010

Hiermit bescheinige ich, der unterzeichnende Notar, dass die geänderten
Eintragungen den Veränderungen entsprechen, an denen ich mitgewirkt habe,
und die übrigen Eintragungen mit dem Inhalt der zuletzt im
Handelsregister aufgenommenen Liste übereinstimmen.

Diese Bescheinigung ist ein gebührenfreies Nebengeschäft im Sinne
des § 35 Kost0.

Frankfurt am Main, 6. Januar 2010

	 	 	 	 	 

	 

	 	/s/ Dr. Wolfgang Hauser
	 	
	 

	 	 	 
	 

	 	Dr. Wolfgang Hauser, Notar	 

 

 

Hiermit beglaubige ich die Übereinstiininung der in dieser Datei
enthaltenen Bilddaten (Absohrift) mit dem mir vorliegenden Papierdokument
(Urschrift).

Frankfurt am Main, den 06.01.2010

Dr. Wolfgang Hauser

Notar

 

 

Appendix 2

CLOSURE SYSTEMS INTERNATIONAL B.V.

as Pledgor

CLOSURE SYSTEMS INTERNATIONAL HOLDINGS (GERMANY) GMBH

as Company

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

SHARE PLEDGE AGREEMENT RELATING TO

THE SHARES IN CLOSURE SYSTEMS

INTERNATIONAL HOLDINGS (GERMANY) GMBH

(Geschäftsanteilsverpfändung)

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 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.

 

 

Contents

	 	 	 	 	 	 	 
	Clause	 	Page	 
	1.
	 	Definitions and Language	 	 	5	 
	2.
	 	Pledged Shares	 	 	12	 
	3.
	 	Pledge	 	 	12	 
	4.
	 	Scope of the Pledges	 	 	12	 
	5.
	 	Purpose of the Pledges	 	 	13	 
	6.
	 	Exercise of Membership Rights	 	 	14	 
	7.
	 	Enforcement of the Pledges	 	 	14	 
	8.
	 	Unlawful financial assistance	 	 	15	 
	9.
	 	Approval and Confirmation	 	 	15	 
	10.
	 	Undertakings of the Pledgor	 	 	16	 
	11.
	 	Delegation	 	 	17	 
	12.
	 	Indemnity	 	 	17	 
	13.
	 	No Liability	 	 	18	 
	14.
	 	Duration and Independence	 	 	18	 
	15.
	 	Release of Pledge (Pfandfreigabe)	 	 	18	 
	16.
	 	Partial Invalidity; Waiver	 	 	19	 
	17.
	 	Amendments	 	 	19	 
	18.
	 	Notices and their Language	 	 	20	 
	19.
	 	Notification	 	 	21	 
	20.
	 	Applicable Law, Jurisdiction	 	 	22	 

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	Clause	 	 	Page
	Schedule 1

	 	 	23
	Part 1 List of Current Borrowers

	 	 	23
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current October 2010 Secured Notes Guarantors and Current February 2011
Secured Notes Guarantors

	 	 	23
	Part 3 List of Current New Secured Notes Guarantors

	 	 	29
	Part 4 Copy of Shareholders List (Gesellschafterliste)

	 	 	34

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This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

BETWEEN:

	(1)	 	Closure Systems International B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands,
having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands and its registered
address at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, which is registered
under registration number 34291082 with the Chamber of Commerce (the “Pledgor”);
	 
	(2)	 	Closure Systems International Holdings (Germany) GmbH, a limited liability company
(Gesellschaft mit beschränkter Haftung) organised under the laws of the Federal Republic of
Germany having its corporate seat in Worms, Germany and its business address at Mainzer Straße
185, 67547 Worms, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Mainz under HRB 41388 (the “Company”); and
	 
	(3)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, 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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued senior secured notes due 2016 in the aggregate principal amount of USD

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	 	 	1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US
Secured Notes the “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter
alia, 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, 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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC 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 “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal

- 4 -

 

	 	 	amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the release from
escrow of the proceeds of the New Secured Notes, RGHL US Escrow II Inc. and RGHL US Escrow
II LLC shall be 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 shall be
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. At
such time certain affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 3
hereto as current new secured notes guarantors (the “Current New Secured Notes Guarantors”)
will accede to the New Secured Notes Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the
amendment No. 6 and incremental term loan assumption agreement dated 9 August
2011 between, inter alia, the Current Borrowers, the Current Guarantors, Credit
Suisse AG as administrative agent and others (the “Amendment No. 6 and
Incremental Term Loan Assumption Agreement”) certain lenders have agreed to
grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional 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).
	 
	(I)	 	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 alia, the Collateral
Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1. 	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	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.

- 5 -

 

	 	 	“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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as
an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG & Co
KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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.ä.r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee and
others.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation and amendment
agreement dated 4 May 2010) entered into

- 6 -

 

	 	 	 	between Closure Systems International B.V. as pledgor and The Bank of New York
Mellon as collateral agent and as pledgee and others as pledgees;
	 
	 	b)	 	a confirmation and amendment agreement dated 4 May 2010 entered into
between, inter alios, Closure Systems International B.V. as pledgor and The Bank
of New York Mellon as collateral agent and others (the “Confirmation and Amendment
Agreement”);
	 
	 	c)	 	the share pledge agreement dated 16 November 2010 entered into
between Closure Systems International B.V. as pledgor and The Bank of New York
Mellon as collateral agent and as pledgee; and
	 
	 	d)	 	the share pledge agreement dated 2 March 2011 entered into between
Closure Systems International B.V. as pledgor and The Bank of New York Mellon as
collateral agent and as pledgee.

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“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
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 Bank 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 2009 Senior Secured Notes Guarantors,
the October 2010 Secured Notes Guarantors, the February 2011 Secured

- 7 -

 

	 	 	Notes Guarantors and the New 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 and the 2009 Senior Secured Notes Guarantors, the October 2010
Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New Secured Notes
Guarantors under the Credit Documents and “Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.

- 8 -

 

	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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. l and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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 and a “Loan Party” means any of them.
	 
	 	 	“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.ä.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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.

- 9 -

 

	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any
security document relating to the New Secured Notes and/or the New Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 additional guarantor.

- 10 -

 

	 	 	“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” 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.
	 
	 	 	“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 Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February
2011 Secured Notes Indenture, the New 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 undertaken by any
Grantor under any Credit Document, the 2009 Senior Secured Notes Holders, the October 2010 Secured
Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes Holders, the
Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured
Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the
Local Facility Providers and the Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the 2009
Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the 2009 Senior Secured Notes and/or the
2009 Senior Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers
under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by the 2009 Senior
Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes Guarantors and
any entity which may accede to the 2009 Senior Secured Notes Indenture as additional guarantor.

- 11 -

 

	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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 consists of one share with the serial number (laufende Nummer) 1
(the “Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such 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 4 (Copy of Shareholders
List).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledge.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	4.1	 	The Pledge constituted by this Agreement includes:

	 	(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 (Kündigung) and/or withdrawal (Austritt) of a shareholder

- 12 -

 

	 	 	 	of the Company, the surplus in case of surrender (Preisgabe), any repayment
claim for any additional capital contributions (Nachschüsse) 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 (verpfändbar) (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
(Teilgewinnabführungsvertrag) 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 Pledge 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 Pledge (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 PLEDGES
	 
	 	 	The Pledge hereunder is 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 (Bürgerliches Gesetzbuch) shall not apply to this
Agreement.

- 13 -

 

	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 Pledge, 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 PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred 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 Pledge are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledge, the Pledgee (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 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 Pledge 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	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge 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 Pledge, have the

- 14 -

 

	 	 	obligations and the Pledgee shall have the
rights set forth in sub-Clause 10.6 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 Pledge 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 Pledge 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 Aufrechenbarkeit) 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	 	If the 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 -
Forderungsübergang auf den Verpfänder) 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 Pledge and as a result of the Pledgor entering into
this Agreement, be entitled to demand indemnification or compensation from the Company or the
Company’s affiliates or to assign any of these claims.
	 
	8.	 	UNLAWFUL FINANCIAL ASSISTANCE
	 
	 	 	No obligations shall be included in the definition of Obligations to the extent that, if
they were included, the security interest granted pursuant to this Agreement or any part
thereof would be void as a result of violation of the prohibition on financial assistance
contained in Article 2:98c and 2:207c Dutch Civil Code or any other applicable financial
assistance rules under any relevant jurisdiction (the “Prohibition”) and all provisions
hereof will be interpreted accordingly. For the avoidance of doubt, this Agreement will
continue to secure those obligations which, if included in the definition of Obligations,
will not constitute a violation of the Prohibition,
	 
	9.	 	APPROVAL AND CONFIRMATION
	 
	 	 	The Pledgor as the sole shareholder of the Company hereby approves the Pledge 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 Pledge is not subject to any approval of the Company.

- 15 -

 

	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 promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	10.2	 	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);
	 
	10.3	 	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 (aufgenommen) with the commercial register (Handelsregister).
	 
	10.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment
(Pfändung) 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 (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all
other documents necessary for a defence against the attachment;
	 
	10.5	 	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;
	 
	10.6	 	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 Pledge. The
Pledgor shall allow, following the occurrence and during the continuance of any of the
circumstances which permit the Pledgee to enforce the Pledge 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 shareholders’ meetings 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;

- 16 -

 

	10.7	 	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);
	 
	10.8	 	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);
	 
	10.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledge 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
	 
	10.10	 	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 satisfied if and 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 each 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 terms 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 knowledge thereof;
provided that any failure so to 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

- 17 -

 

	 	 	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 Fahrlässigkeit). 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.	 	NO LIABILITY
	 
	 	 	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 Fahrlässigkeit) 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 Pledge 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 Pledgor 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 Pledge (Pfandfreigabe) to
the Pledgor as a matter of record. For the avoidance of doubt, the parties are aware

- 18 -

 

	 	 	that upon
full and complete satisfaction of the Obligations the Pledge, due to its accessory nature
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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 acknowledge 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 Pledgor 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 (Regelungslücke) 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 Pledge 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.

- 19 -

 

	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:	 	Closure Systems International B.V.
	 
	 	 	 	 
	 

	 	Address:
	 	Teleboulevard 140,

 1043 EJ Amsterdam,

 The Netherlands
	 
	 	 	 	 
	 

	 	Telephone:
	 	+31 20 540 5800
	 
	 	 	 	 
	 

	 	Fax:
	 	+31 20 644 7011
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors
	 

	 	 	 	(Geschäftsführung)
	 
	 	 	 	 
	         for the Pledgor with a copy to:
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited

 Level 9 

148 Quay Street

 PO Box 3515

 Auckland 1140

 New Zealand
	 
	 	 	 	 
	 

	 	Telephone.
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding

- 20 -

 

	 	 	 	 	 

	         For the Pledgee:	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E

New York, N.Y. 10286

The United States of America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	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. As agreed 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
	 
	19.1	 	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.

- 21 -

 

	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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 para 3 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares (in the sense that the pledgees are not
protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for such purposes.

- 22 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure
Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI
Closure Systems Manufacturing de Centro America, S.R.L.

- 23 -

 

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

- 24 -

 

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes
Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

- 25 -

 

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

- 26 -

 

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.
BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

- 27 -

 

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv Mexico, S. de R.L. de C.V.

- 28 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

 

			
	1	 	 Post closing Austrian guarantors excluded.

- 29 -

 

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártóés Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

- 30 -

 

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

- 31 -

 

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

- 32 -

 

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 33 -

 

PART 4

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

- 34 -

 

Amtsgericht Mainz

HRB 41388

Ausdruck aus dem Registerordner

	Dokument: 	 	 55116_HRB41388_GEL_R_2008-11-18_1186728_#001.PDF 
(Liste der Gesellschafter)

Eingestellt in den Registerordner am: 03.12.2008

Abgerufen aus dem Registerordner am: 04.08.2011 11:40:03

	 	 	 

	Mainz, den 04.08.2011

	 	
	 
	 	 
	/s/ [ILLEGIBLE]	 	 
	 	 	 
	Metzler 

Justizbeschäftigte
	 	 

Dieses
Schrelben lst maschinell erstellt und auch ohne Unterschrift wirksam.

 

 

Gesellschafterliste

gernäß
§ 40 1 GmbH-Gesetz

der

Closure Systems International Holdings (Germany) GmbH

(eingetragen im Handelsregister des Amtsgerichts Mainz unter HRB 41388)

	 	 	 	 	 	 	 
	Nr. des Geschäftsanteils	 	Gesellschafter	 	Sitz	 	Ncnnbetrag des Geschäftsanteils in Euro
	1

	 	Closure Systems
International B.V.
	 	Amsterdam
	 	25.000 €
	 
	 	 	 	 	 	 
	Summe (Stammkapital)

	 	 	 	 	 	25.000 €

Auckland, den 18th November 2008

	 	 	 	 

	/s/ Helen Golding

	 	/s/ Gregory Cole	 
	 

	 	 	 
	Helen Golding

	 	Gregory Cole	 
	— Geschäftsführein —

	 	— Geschäftsführer —	 

 

 

Appendix 3

SIG COMBIBLOC GROUP AG

as Pledgor

SIG COMBIBLOC HOLDING GMBH

as Company

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

SHARE PLEDGE AGREEMENT RELATING TO

THE SHARES IN SIG COMBIBLOC HOLDING

GMBH

(Geschäftsanteilsverpfändung)

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 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.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language
	 	 	4	 
	2. Pledged Shares
	 	 	11	 
	3. Pledge
	 	 	11	 
	4. Scope of the Pledges
	 	 	11	 
	5. Purpose of the Pledges
	 	 	12	 
	6. Exercise of Membership Rights
	 	 	13	 
	7. Enforcement of the Pledges
	 	 	13	 
	8. Swiss Limitations
	 	 	16	 
	9. Undertakings of the Pledgor
	 	 	17	 
	10. Delegation
	 	 	19	 
	11. Indemnity
	 	 	19	 
	12. No Liability
	 	 	19	 
	13. Duration and Independence
	 	 	20	 
	14. Release
of Pledge (Pfandfreigabe)
	 	 	20	 
	15. Partial Invalidity; Waiver
	 	 	20	 
	16. Amendments
	 	 	21	 
	17. Notices and their Language
	 	 	21	 
	18. Notification
	 	 	23	 
	19. Applicable Law, Jurisdiction
	 	 	23	 
	Schedule 1
	 	 	25	 
	Part 1 List of Current Borrowers
	 	 	25	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current
October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes
Guarantors
	 	 	25	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	31	 
	Part 4 Copy
of Shareholders List (Gesellschafterliste)
	 	 	36	 

- 1 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

BETWEEN:

	(1)	 	SIG Combibloc Group AG, a stock corporation
(Aktiengesellschaft) organised under the laws of Switzerland, having its
business address at Laufengasse 18, CH-8212 Neuhausen am Rheinfall,
Switzerland, which is registered in the commercial register
(Handelsregister)
of the Canton of Schaffhausen under the federal register number
CH-290.3.004.149-2 (the “Pledgor”);
	 
	(2)	 	SIG Combibloc Holding GmbH, a limited liability company
(Gesellschaft mit beschränkter Haftung) organised under the laws of the
Federal Republic of Germany having its corporate seat in Waldshut-Tiengen,
Germany and its business address at Rurstraße 58, 52441 Linnich, Germany,
which is registered in the commercial register (Handelsregister) of the local
court (Amtsgericht) of Duren under HRB 5751 (the “Company”); and
	 
	(3)	 	The Bank of New York Mellon, having its business address at 1
Wall Street, New York, N.Y. 10286, 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 second amended and restated senior secured
multi-currency term and revolving credit agreement dated 9 August 2011 of
currently up to USD 4,445,000,000 and EUR 330,000,000 between, inter alia, the
parties listed in Schedule 1 Part 1 hereto as current borrowers (the “Current
Borrowers”), the parties listed in Schedule 1 Part 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 “Second Amended and Restated Credit
Agreement”), which amends and restates the multicurrency term and revolving
credit agreement dated 5 November 2009 between, inter alia, the Current
Borrowers and the Current Guarantors, Credit Suisse AG as administrative agent
and others (as amended and restated pursuant to the
Second 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 dated 5 November
2009 between, inter alia, Reynolds Group Issuer LLC, Reynolds Group Issuer
Inc., and Reynolds Group Issuer (Luxembourg) S.A as ultimate issuers (the
“Issuers”), certain affiliates of the Issuers listed in Schedule 1 Part 2
hereto as current 2009 senior secured notes guarantors (the “Current 2009
Senior Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture
trustee, principal paying agent, transfer agent and registrar, (as amended,
varied, novated, supplemented, superseded or extended from time to time, the
“2009 Senior Secured Notes Indenture”), the Issuers have issued senior secured
notes due 2016 in the aggregate principal amount of USD 1,125,000,000 (the “US
Secured Notes”) and senior secured notes due 2016 in the

- 2 -

 

	 	 	aggregate principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with
the US Secured Notes the “2009 Senior Secured Notes”) to certain noteholders.

	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter
alia, 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, 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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February 2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC 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 “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal
amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the
release from escrow of the proceeds of the New Secured Notes, RGHL US Escrow II

- 3 -

 

	 	 	Inc. and RGHL US Escrow II LLC shall be 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 shall be 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. At such time certain affiliates of the August 2011 Ultimate
Issuers listed in Schedule 1 Part 3 hereto as current new secured notes guarantors (the
“Current New Secured Notes Guarantors”) will accede to the New Secured Notes Indenture).

	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the
amendment No. 6 and incremental term loan assumption agreement dated 9August
2011 between, inter alia, the Current Borrowers, the Current Guarantors, Credit
Suisse AG, Cayman Islands Branch as administrative agent and others (the
“Amendment No. 6 and Incremental Term Loan Assumption Agreement”)
certain lenders have agreed to grant incremental term loans in an aggregate amount of
up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional 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).
	 
	(I)	 	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 alia, the Collateral
Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	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.

- 4 -

 

	 	 	“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.

	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as
an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG & Co
KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of
default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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.à r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee
and others.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	(a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation and
amendment agreement dated 4 May 2010) entered

- 5 -

 

	 	 	 	into between SIG Combibloc Group AG as pledgor and The Bank of New York Mellon as
collateral agent and as pledgee and others as pledgees;

	 	(b)	 	a confirmation and amendment agreement dated 4 May 2010 entered into between,
inter alios, SIG Combibloc Group AG as pledgor and The Bank of New York Mellon as
collateral agent and others (the “Confirmation and Amendment Agreement”);
	 
	 	(c)	 	the share pledge agreement dated 16 November 2010 entered into between SIG
Combibloc Group AG as pledgor and The Bank of New York Mellon as collateral agent and
as pledgee; and
	 
	 	(d)	 	the share pledge agreement dated 2 March 2011 entered into between SIG
Combibloc Group AG as pledgor and The Bank of New York Mellon as collateral agent and
as pledgee.

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“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 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 Bank 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.

- 6 -

 

	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
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 and
the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February
2011 Secured Notes Guarantors and the New Secured Notes Guarantors under the Credit Documents and
“Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.

- 7 -

 

	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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.l and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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 and a “Loan Party” means any of them.
	 
	 	 	“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. à 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.

- 8 -

 

	 	 	“New Secured Notes Documents” Shall mean the New
Secured Notes Indenture, the New Secured
Notes Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental
indenture, any security document relating to the New Secured Notes and/or the New Secured Notes
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 additional guarantor.

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	 	 	“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” 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.
	 
	 	 	“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 Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February 2011 Secured Notes Indenture, the New 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 undertaken by any
Grantor under any Credit Document, the 2009 Senior Secured Notes Holders, the October 2010 Secured
Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes Holders, the
Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured
Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the
Local Facility Providers and the Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the 2009
Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the 2009 Senior Secured Notes and/or the
2009 Senior Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers
under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by the 2009 Senior
Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes Guarantors and
any entity which may accede to the 2009 Senior Secured Notes Indenture as additional guarantor.

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	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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 5,200,000 (in words: Euro five
million two hundred thousand) which is divided into 2 shares.
	 
	2.2	 	The Pledgor is the owner of 1 share in the Company with a nominal amount (Nennbetrag) of EUR
260,520 (in words: Euro two hundred sixty thousand five hundred twenty) carrying the serial
number (laufende Nummer) 2 (the “Existing Shares”).
	 
	2.3	 	The Pledgor as owner of the Existing Shares is registered as such 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 4 (Copy of Shareholders
List).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledge.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	4.1	 	The Pledge constituted by this Agreement includes:

	 	(a)	 	the present and future rights to receive:

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

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	 	(ii)	 	liquidation proceeds, redemption proceeds
(Einziehungsentgelt), repaid capital in case of a capital decrease, any
compensation in case of termination (Kündigung) 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 (Nachschüsse) 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 (verpfändbar) (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
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) 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 Pledge 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 Pledge (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 PLEDGES
	 
	 	 	The Pledge hereunder is constituted in order to secure the prompt and complete satisfaction
of any and all Obligations. The Pledge shall also cover any future 

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	 	 	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 (Bürgerliches
GesetZzbuch) 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 Pledge, 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 9 or any other obligation under
this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	 

	 	(a)	 	Subject to paragraph (b) of this Clause 7.1 below, if (i) an Enforcement
Event has occurred 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 Pledge is met (Pfandreife), in particular, if any of the Obligations have become
due and payable, then in order to enforce the Pledge, 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.
	 
	 	(b)	 	The Collateral Agent may only enforce the Pledge in accordance with paragraph
(a) of this Clause 7.1 above in relation to obligations of any Grantor (other than
obligations under the Credit Documents of (i) the Pledgor (v) incurred as Borrower
under the Credit Agreement, (w) incurred as borrower under a Local Facility Agreement,
(x) incurred as a party to and beneficiary under any hedging agreement entered into
with a Hedge Counterparty, (y) owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Pledgor is a beneficiary of
the Cash Management Services causing such cash management obligations or (z) to the
extent certain proceeds of the 2009 Senior Secured Notes Indenture, the October 2010
Secured Notes Indenture, the February 2011 Secured Notes Indenture or the New Secured
Notes Indenture have been made available to the Pledgor, up to such proceeds and (ii)
a Pledgor’s Subsidiary (v) incurred as Borrower under the Credit Agreement, (w)
incurred as borrower under a Local Facility Agreement, (x) incurred as a party to and
beneficiary under any hedging agreement entered into with an Hedge Counterparty (y)
owed as cash management obligations to a Cash Management Bank for Cash Management
Services, provided
the Pledgor’s Subsidiary is a beneficiary of the Cash Management Services causing
such cash management obligations or (z) to the extent certain proceeds of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the
February 2011 Secured Notes

- 13 -

 

	 	 	 	Indenture or the New Secured Notes Indenture have been made available to the Pledgor’s
Subsidiary, up to such proceeds) after (i) the Pledgor’s auditors have (y) delivered an
audited interim balance sheet of the Pledgor (valuating the Shares at their realisation
value) to the Collateral Agent and (z) determined the existence and extent of the profits
available for the payment of a dividend by the Pledgor in accordance with the relevant
provisions of the Swiss Code of Obligations (the “Auditor’s Determination”) and (ii) the
Pledgor’s shareholders have passed for such dividend payment resolutions for the
distribution of dividends (“Dividend Resolution”) in accordance with the relevant provisions
of the Swiss Federal Code of Obligations being in force at that time. The Pledgor shall
deliver the Auditor’s Determination and the Dividend Resolution within 30 business days
after the Collateral Agent has given notice to the Pledgor of its intention to enforce the
Pledge. The Collateral Agent shall only enforce the Pledge in relation to obligations of any
Grantor (other than obligations under the Credit Documents of (i) the Pledgor (v) incurred
as Borrower under the Credit Agreement, (w) incurred as borrower under a Local Facility
Agreement, (x) incurred as a party to and beneficiary under any hedging agreement entered
into with an Hedge Counterparty, (y) owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Pledgor is a beneficiary of the
Cash Management Services causing such cash management obligations or (z) to the extent
certain proceeds of the 2009 Senior Secured Notes Indenture, the October 2010 Secured Notes
Indenture, the February 2011 Secured Notes Indenture or the New Secured Notes Indenture have
been made available to the Pledgor, up to such proceeds and (ii) a Pledgor’s Subsidiary (v)
incurred as Borrower under the Credit Agreement, (w) incurred as borrower under a Local
Facility Agreement, (x) incurred as a party to and beneficiary under any hedging agreement
entered into with an Hedge Counterparty (y) owed as cash management obligations to a Cash
Management Bank for Cash Management Services, provided the Pledgor’s Subsidiary is a
beneficiary of the Cash Management Services causing such cash management obligations or (z)
to the extent certain proceeds of the 2009 Senior Secured Notes Indenture, the October 2010
Secured Notes Indenture, the February 2011 Secured Notes Indenture or the New Secured Notes
Indenture have been made available to the Pledgor’s Subsidiary, up to such proceeds) if
according to the Auditor’s Determination and the Dividend Resolution the Pledgor has validly
resolved to distribute the profits available for payment of a dividend, subject to Clause 8
(Swiss Limitations) below, provided that if the Pledge is not enforced and/or enforceable,
the Collateral Agent may subsequently again seek to enforce the Pledge in accordance with
this paragraph (b) of this Clause 7.1 and Clause 8 (Swiss Limitations) at any time
thereafter.

	 	(c)	 	Notwithstanding Section 1277 of the German Civil Code, the Pledgee is entitled to exercise
its rights without obtaining enforceable judgment or other instrument (yollstreckbarer Titel).
The Pledgee shall be entitled to have the 

- 14 -

 

	 	 	 	Pledge enforced in any manner allowed under the laws of the Federal Republic of
Germany, in particular have the Pledge sold (including at public auction).

	7.2	 	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.
	 
	7.3	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge 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.
	 
	7.4	 	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.
	 
	7.5	 	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 Pledge, have the obligations and the Pledgee shall have the
rights set forth in sub-Clause 9.6 below regardless of which resolutions are intended to be
adopted.
	 
	7.6	 	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 Pledge 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 Pledge 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).
	 
	7.7	 	The Pledgor hereby expressly waives all defences of
revocation (Einrede der Anfechtbarkeif) 7
and set-off (Einrede der Aufrechenbarkeit) pursuant to Sections 770, 1211 of the German Civil
Code.
	 
	7.8	 	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.
	 
	7.9	 	If the 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 

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	 	 	claims to a pledgor
 — Forderungsübergang auf den Verpfänder) 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 Pledge and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from the Company or the
Company’s affiliates or to assign any of these claims.

	8.	 	SWISS LIMITATIONS
	 
	8.1	 	Proceeds of an enforcement of the Pledge shall only be applied towards satisfaction of the
Obligations in relation to obligations of any Grantor (other than obligations under the Credit
Documents of (i) the Pledgor (v) incurred as Borrower under the Credit Agreement, (w) incurred
as borrower under a Local Facility Agreement, (x) incurred as a party to and beneficiary under
any hedging agreement entered into with an Hedge Counterparty, (y) owed as cash management
obligations to a Cash Management Bank for Cash Management Services, provided the Pledgor is a
beneficiary of the Cash Management Services causing such cash management obligations or (z) to
the extent certain proceeds of the 2009 Senior Secured Notes Indenture, the October 2010
Secured Notes Indenture, the February 2011 Secured Notes Indenture or the New Secured Notes
Indenture have been made available to the Pledgor, up to such proceeds and (ii) a Pledgor’s
Subsidiary (v) incurred as Borrower under the Credit Agreement, (w) incurred as borrower under
a Local Facility Agreement, (x) incurred as a party to and beneficiary under any hedging
agreement entered into with an Hedge Counterparty (y) owed as cash management obligations to a
Cash Management Bank for Cash Management Services, provided the Pledgor’s Subsidiary is a
beneficiary of the Cash Management Services causing such cash management obligations or (z) to
the extent certain proceeds of the 2009 Senior Secured Notes Indenture, the October 2010
Secured Notes Indenture, the February 2011 Secured Notes Indenture or the New Secured Notes
Indenture have been made available to the Pledgor’s Subsidiary, up to such proceeds) to the
extent application of the proceeds of an enforcement of the Pledge towards such obligations
does not constitute a repayment of capital (Einlagerueckgewaehr), a violation of the legally
protected reserves (gesetzlich geschuetzte Reserven) or a payment of a (constructive) dividend
prohibited by the Swiss Federal Code of Obligations by the Pledgor and in the maximum amount
of the Pledgor’s profits available for the distribution of dividends at the
point in time the Pledge is enforced (being the balance sheet profits and any free reserves
made for this purpose, in each case in accordance with the relevant Swiss law) (the
“Available Enforcement Proceeds”). From the proceeds of an enforcement an amount equal to
the sum of (i) the excess, if any, of the enforcement proceeds over the Available
Enforcement Proceeds plus (ii) the Tax Payment Amount (as defined below) shall be returned
to the Pledgor;
	 
	8.2	 	for such application of the Available Enforcement Proceeds towards satisfaction of the
Obligations the Pledgor shall procure to pass a shareholders’ resolutions for the distribution
of dividends in accordance with the relevant provisions of the Swiss Federal Code of
Obligations being in force at that time (currently the profits available for the distribution
of dividends as described above must be determined based on an 

- 16 -

 

	 	 	audited balance sheet and such
shareholders’ resolution must be based on the report from the Pledgor’s auditors approving the
proposed distribution of dividends); and

	8.3	 	deduct from the Available Enforcement Proceeds Swiss Anticipatory Tax (withholding tax) at
the rate of 35% (or such other rate as in force from time to time) and subject to any
applicable double taxation treaty and/or agreements entered into with the Swiss Federal Tax
administration (the “Tax Payment Amount”):

	 	(a)	 	pay the Tax Payment Amount to the Swiss Federal Tax Administration; and
	 
	 	(b)	 	give evidence to the respective beneficiary or beneficiaries (as the case may
be) of such deduction of the Tax Payment Amount in accordance with Clause 2.20 (Taxes)
of the Credit Agreement and Clause 4.15 (Withholding Taxes) of the 2009 Senior Secured
Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured
Notes Indenture or the New Secured Notes Indenture.

	 	 	But if such a deduction is made, the Pledgor shall not be obliged to gross-up pursuant to
Clause 2.20 (Taxes) of the Credit Agreement or Clause 4.15 (Withholding taxes) of the 2009
Senior Secured Notes Indenture, the October 2010 Secured Notes Indenture, the February 2011
Secured Notes Indenture or the New Secured Notes Indenture to the extent that such gross-up
would result in the aggregate of the amounts of the proceeds of an enforcement of the Pledge
applied by the beneficiary or beneficiaries (as the case may be) towards satisfaction of the
Obligations and the Tax Payment Amount paid to the Swiss Federal Tax administration
exceeding the maximum amount of its profits available for the distribution of dividends.
	 
	9.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise agreed between the parties, during the term of this Agreement, the Pledgor
undertakes to the Pledgee:
	 
	9.1	 	to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	9.2	 	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);
	 
	9.3	 	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 (aufgenommen) with the commercial register (Handelsregister).

- 17 -

 

	9.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment (Pfändung)
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 (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all
other documents necessary for a defence against the attachment;
	 
	9.5	 	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;
	 
	9.6	 	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 Pledge. The
Pledgor shall allow, following the occurrence and during the continuance of any of the
circumstances which permit the Pledgee to enforce the Pledge 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 shareholders’ meetings of the Company as
attendants without power to vote. Subject to the provision contained in sub-Clause 13.1, the
Pledgee’s right to attend a shareholders’ meeting shall lapse immediately upon complete
satisfaction and discharge of the Obligations;
	 
	9.7	 	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);
	 
	9.8	 	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);
	 
	9.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledge 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
	 
	9.10	 	for the avoidance of doubt, notification and consent requirements as set out in sub-Clauses
9.1 through 9.8 of this Agreement are deemed to be satisfied if and 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 each Existing Share Pledge Agreement.

- 18 -

 

	10.	 	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 terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.
	 
	11.	 	INDEMNITY
	 
	 	 	The Pledgor shall reimburse the Pledgee (which, for purposes of this Clause 11, 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
knowledge thereof; provided that any failure so to 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
Fahrlassigkeit). 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.
	 
	12.	 	NO LIABILITY
	 
	 	 	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 willful misconduct (Vorsatz) or gross negligence
(grobe Fahrlässigkeit) 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.

- 19 -

 

	13.	 	DURATION AND INDEPENDENCE
	 
	13.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.
	 
	13.2	 	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.
	 
	13.3	 	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.
	 
	13.4	 	Waiving Section 418 of the German Civil Code, the Pledgor 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.
	 
	14.	 	RELEASE OF PLEDGE (PFANDFREIGABE)
	 
	14.1	 	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 Pledge
(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 Pledge, due to its accessory nature
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	14.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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.
	 
	14.3	 	The parties acknowledge 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 Pledgor as soon as reasonably practicable in accordance with, and to the extent required
by, the Intercreditor Arrangements.
	 
	15.	 	PARTIAL INVALIDITY; WAIVER
	 
	15.1	 	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 

- 20 -

 

	 	 	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 (Regelungslücke) 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.
	 
	15.2	 	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.
	 
	15.3	 	In particular, the Pledge 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.
	 
	16.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in writing
except where notarisation is required.
	 
	17.	 	NOTICES AND THEIR LANGUAGE
	 
	17.1	 	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:	 	SIG Combibloc Group AG
	 	 
	 	 	 	 
	 	 

	 	Address:
	 	Laufengasse 18, CH-

8212, Neuhausen am

Rheinfall, Switzerland
	 	 
	 	 	 	 
	 	 

	 	Telephone:
	 	+41 52 674 6111
	 	 
	 	 	 	 
	 	 

	 	Fax:
	 	+41 52 674 6574
	 	 
	 	 	 	 
	 	 

	 	Attention:
	 	Head of legal coporate

- 21 -

 

	 	 	 	 	 

	for the Pledgor with a copy to:
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 
	 	 	 	 
	 

	 	 	 	Level 9
	 
	 	 	 	 
	 

	 	 	 	148 Quay Street
	 
	 	 	 	 
	 

	 	 	 	PO Box 3515
	 
	 	 	 	 
	 

	 	 	 	Auckland 1140
	 
	 	 	 	 
	 

	 	 	 	New Zealand
	 
	 	 	 	 
	 

	 	Telephone.
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Pledgee:	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 
	 	 	 	 
	 

	 	 	 	New York, N.Y. 10286
	 
	 	 	 	 
	 

	 	 	 	The United States
	 
	 	 	 	 
	 

	 	 	 	of America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	International
Corporate Trust

	17.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed 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.

- 22 -

 

	17.3	 	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 17 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 17.
	 
	17.4	 	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.
	 
	18.	 	NOTIFICATION
	 
	18.1	 	The Pledgor and the Pledgee hereby give notice of this Agreement and the Pledge of the rights
pursuant to Clause3 and Clause 4 to the Company.
	 
	18.2	 	The Company hereby acknowledges the notification pursuant to Clause 18.1 above.
	 
	19.	 	APPLICABLE LAW, JURISDICTION
	 
	19.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	19.2	 	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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims
do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 para 3 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide

- 23 -

 

	 	 	creation, acquisition nor ranking of a pledge of shares (in the sense that the pledgees are
not protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for such purposes.

- 24 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

- 25 -

 

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

- 26 -

 

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI
Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage
Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen
Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds
Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

- 27 -

 

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds
Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

- 28 -

 

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

 BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv
Factoring LLC

 Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.
 

- 29 -

 

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio
Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 30 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES
GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI
Closure Systems Manufacturing de Centro America, S.R.L.

 SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG
Combibloc Zerspanungstechnik GmbH

 SIG Information Technology GmbH

SIG International Services GmbH

 

			
	1	 	Post closing Austrian guarantors excluded.
	 
	 	 	 

- 31 -

 

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv
Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI
Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage
Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen
Packaging (Luxembourg) S.à r.l.

Reynolds
Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Tecnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

- 32 -

 

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

- 33 -

 

Bakers Choice Products, Inc.

Reynolds
Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds
Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

- 34 -

 

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv
México, S. de R.L. de C.V.

- 35 -

 

PART 4

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

- 36 -

 

Liste der Gesellschafter

der

SIG Combibloc Holding GmbH

mit Sitz in Waldshut-Tiengen

(Amtsgericht Freiburg i, Br., HRB 620756)

gemäß § 40 Abs. 1 S. 1 GmbHG

(nach erfolgter Umflrmierung der Gesellschafterin SIG Holding AG in SIG Combibloc Group AG)

	 	 	 	 	 	 	 	 	 
	 	 		 	(Ubernommene	 	 	 
	 	 		 	Geschäftsanteile	 	laufende Nummarn	 
	Gesellschafter	 	 	 	(Nennbetrage)	 	der Geschäftsanteile	 
	1.	 	SIG Euro Holding AG & Co. KGaA mit Sitz in Waldshut-Tiengen (Amtsgericht Freiburg i. B., HRB 621259)
	 	EUR	 		4.939,480,00     	(1)
	 	 	 
	 		 	 	 	 
	2.	 	SIG Combibloc Group AG mit Sitz in Neuhausen am Rheinfall/Schweiz (Handelsregister Kanton Schaffhausen, Firmennummer: CH-290.3.004.149-2)
	 	EUR	 		260,520,00  	(2)
	 	 	 
	 		 	 	 
	 	 	 
	 		 	 	 	 
	Stammkapital Insgesamt	 	EUR	 		5,200,000,00	 
	 	 	 
	 		 	 	 

Walsshut- Tiengen, den

	 	 	 	 	 	 	 

	/s/ Marco Hausener

	 	 	 	/s/ André Rosnstock	 	 
	 

Marco Hausener

	 	 	 	André Rosnstock
	 	 
	- Geschäftsführer -

	 	 	 	- Geschäftsführer -	 	 

 

 

Appendix 4

SIG COMBIBLOC SYSTEMS GMBH

as Pledgor

SIG COMBIBLOC ZERSPANUNGSTECHNIK GMBH

as Company

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

SHARE PLEDGE AGREEMENT RELATING TO THE

SHARES IN SIG COMBIBLOC

ZERSPANUNGSTECHNIK GMBH

(Geschäftsanteilsverpfändung)

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 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.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page
	1. Definitions and Language
	 	 	5	 
	2. Pledged Shares
	 	 	12	 
	3. Pledge
	 	 	12	 
	4. Scope of the Pledges
	 	 	12	 
	5. Purpose of the Pledges
	 	 	13	 
	6. Exercise of Membership Rights
	 	 	14	 
	7. Enforcement of the Pledges
	 	 	14	 
	8. Limitations on Enforcement
	 	 	15	 
	9. Approval and Confirmation
	 	 	18	 
	10. Undertakings of the Pledgor
	 	 	18	 
	11. Delegation
	 	 	19	 
	12. Indemnity
	 	 	20	 
	13. No Liability
	 	 	20	 
	14. Duration and Independence
	 	 	20	 
	15. Release of Pledge (Pfandfreigabe)
	 	 	21	 
	16. Partial Invalidity; Waiver
	 	 	21	 
	17. Amendments
	 	 	22	 
	18. Notices and their Language
	 	 	22	 
	19. Notification
	 	 	24	 
	20. Applicable Law, Jurisdiction
	 	 	24	 

- 1 -

 

	 	 	 	 	 
	Clause	 	Page
	Schedule 1
	 	 	25	 
	Part 1 List of Current Borrowers
	 	 	25	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current October 2010 Secured Notes Guarantors and
Current February 2011 Secured Notes Guarantors
	 	 	25	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	31	 
	Part 4 Copy of Shareholders List (Gesellschafterliste)
	 	 	36	 

- 2 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

BETWEEN:

	(1)	 	SIG Combibloc Systems GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) 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 Duren under HRB 3935 (the
“Pledgor”);
	 
	(2)	 	SIG Combibloc Zerspanungstechnik GmbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany having its
corporate seat in Aachen, Germany and its business address at Walkmühlenstraße 4-10, 53074
Aachen, Germany, which is registered in the commercial register (Handelsregister) of the local
court (Amtsgericht) of Aachen under HRB 3814 (the “Company); and
	 
	(3)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, 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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued

- 3 -

 

	 	 	senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter
alia, 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, 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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC 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 “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal

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	 	 	amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the release from
escrow of the proceeds of the New Secured Notes, RGHL US Escrow II Inc. and RGHL US Escrow
II LLC shall be 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 shall be
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. At
such time certain affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 3
hereto as current new secured notes guarantors (the “Current New Secured Notes Guarantors”)
will accede to the New Secured Notes Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the
amendment No. 6 and incremental term loan assumption agreement dated 9 August
2011 between, inter alia, the Current Borrowers, the Current Guarantors, Credit
Suisse AG as administrative agent and others (the “Amendment No. 6 and
Incremental Term Loan Assumption Agreement”) certain lenders have agreed to
grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional 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).
	 
	(I)	 	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 alia, the Collateral
Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1. 	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	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.

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	 	 	“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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as
an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG & Co
KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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. á r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee and
others.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation and
amendment agreement dated 4 May 2010) entered into

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	 	 	 	between SIG Combibloc Systems GmbH as
pledgor and The Bank of New York Mellon as collateral agent and as pledgee and others as
pledgees;
	 
	 	b)	 	a confirmation and amendment agreement dated 4 May 2010 entered into
between, inter alios, SIG Combibloc Systems GmbH as pledgor and The Bank
of New York Mellon as collateral agent and others (the “Confirmation and
Amendment Agreement”);
	 
	 	c)	 	the share pledge agreement dated 16 November 2010 entered into between
SIG Combibloc Systems GmbH as pledgor and The Bank of New York
Mellon as collateral agent and as pledgee; and
	 
	 	d)	 	the share pledge agreement dated 2 March 2011 entered into between SIG
Combibloc Systems GmbH as pledgor and The Bank of New York Mellon as
collateral agent and as pledgee,

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“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 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 Bank 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 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured

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	 	 	Notes Guarantors and the New 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 and the 2009 Senior Secured Notes Guarantors, the October 2010 Secured
Notes Guarantors, the February 2011 Secured Notes Guarantors and the New Secured Notes Guarantors
under the Credit Documents and “Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.

- 8 -

 

	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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.l and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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 and a “Loan Party” means any of them.
	 
	 	 	“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. á 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.

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	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any
security document relating to the New Secured Notes and/or the New Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 additional guarantor.

- 10 -

 

	 	 	“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” 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.
	 
	 	 	“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 Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February
2011 Secured Notes Indenture, the New 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 undertaken by any
Grantor under any Credit Document, the 2009 Senior Secured Notes Holders, the October 2010 Secured
Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes Holders, the
Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured
Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the
Local Facility Providers and the Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the 2009
Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the 2009 Senior Secured Notes and/or the
2009 Senior Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers
under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by the 2009 Senior
Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes Guarantors and
any entity which may accede to the 2009 Senior Secured Notes Indenture as additional guarantor.

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	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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 256,000 (in words: Euro two
hundred fifty-six thousand) which consists of one share (the “Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such 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 4 (Copy of Shareholders
List).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledge.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	4.1	 	The Pledge constituted by this Agreement includes:

	 	(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

- 12 -

 

	 	 	 	of the Company, the surplus in case of surrender (Preisgabe), any repayment
claim for any additional capital contributions (Nachschüsse) 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 (verpfändbar) (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
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabfuhrungsvertrag) 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 Pledge 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 Pledge (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 PLEDGES
	 
	 	 	The Pledge hereunder is 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 (Bürgerliches Gesetzbuch) shall not apply to this
Agreement.

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	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 Pledge, 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 1010 or any other obligation
under this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seg. of the German Civil Code with regard to the
enforcement of the Pledge are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledge, the Pledgee (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 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 Pledge 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	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge 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 Pledge, have the

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	 	 	obligations and the Pledgee shall have the
rights set forth in sub-Clause 10.6 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 Pledge 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 Pledge 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 Aufrechenbarkeit) 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	 	If the 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
 — Forderungsubergang 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 Pledge and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from the Company or the
Company’s 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 Pledge
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”).
	 
	8.2	 	Besides an application of proceeds from an enforcement of the Pledge towards
satisfaction of the Obligations in respect of the Unlimited Enforcement Amount

- 15 -

 

	 	 	pursuant to Clause 8.1 above, the Pledgee shall not be entitled to apply proceeds of an
enforcement of the Pledge towards satisfaction of the Obligations but shall return to the
Pledgor proceeds of an enforcement of the Pledge if and to the extent that:

	 	(a)	 	the Pledge secures 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 Pledge towards the
Obligations would have the effect of (x) reducing the Pledgor’s net assets
(Reinvermogen) (the “Net Assets”) 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
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided
that the 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 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

- 16 -

 

	 	 	Ordnungsmäßiger Buchführung)
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 Pledge is 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 Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 8.2
above and (y) which amount of proceeds of an enforcement of the Pledge 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 otherwise cause the Net Assets of the Pledgor to fall below its stated share
capital (taking 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
ordnungsmaBiger 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 Pledge towards
satisfaction of the Obligations irrespective of the limitations set out in Clause
8.2 above.

	8.5	 	If the Pledgee disagrees with the Balance Sheet it shall be entitled to apply proceeds
of an enforcement of the Pledge in satisfaction of the Obligations up to an amount

- 17 -

 

	 	 	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 Pledge
(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 the sole shareholder of the Company hereby approves the Pledge 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 Pledge is 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 promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	10.2	 	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);
	 
	10.3	 	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 (aufgenommen) with the commercial register (Handelsregister).
	 
	10.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment (Pfändung) 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 (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all
other documents necessary for a defence against the attachment;

- 18 -

 

	10.5	 	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;
	 
	10.6	 	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 Pledge. The
Pledgor shall allow, following the occurrence and during the continuance of any of the
circumstances which permit the Pledgee to enforce the Pledge 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 shareholders’ meetings 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;
	 
	10.7	 	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);
	 
	10.8	 	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);
	 
	10.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledge 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
	 
	10.10	 	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 satisfied if and 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 each 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 terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.

- 19 -

 

	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
knowledge thereof; provided that any failure so to 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
Fahriässigkeit). 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.	 	NO LIABILITY
	 
	 	 	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 Fahriässigkeit) 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 Pledge shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.

- 20 -

 

	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 Pledgor 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 Pledge (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 Pledge, due to its accessory nature
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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 acknowledge 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 Pledgor 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 (Regelungslücke) become

- 21 -

 

	 	 	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 Pledge 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 1.2 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:	 	SIG Combibloc Systems GmbH
	 
	 

	 	Address:
	 	RurstraBe 58, 52441

Linnich, Germany,
	 
	 

	 	Telephone:
	 	+49 2462 79 0
	 
	 

	 	Fax:
	 	+49 2462 79 2519
	 
	 

	 	Attention:
	 	Managing directors

(Geschäftsführung)

- 22 -

 

	 	 	 	 	 

	for the Pledgor with a copy to:
	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 
	 	 	 	 
	 

	 	 	 	Level 9
	 
	 	 	 	 
	 

	 	 	 	148 Quay Street
	 
	 	 	 	 
	 

	 	 	 	PO Box 3515
	 
	 	 	 	 
	 

	 	 	 	Auckland 1140
	 
	 	 	 	 
	 

	 	 	 	New Zealand
	 
	 	 	 	 
	 

	 	Telephone.
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Pledgee:	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E
	 
	 	 	 	 
	 

	 	 	 	New York, N.Y. 10286
	 
	 	 	 	 
	 

	 	 	 	The United States of
	 
	 	 	 	 
	 

	 	 	 	America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	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. As agreed 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

- 23 -

 

	 	 	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
	 
	19.1	 	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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 para 3 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares (in the sense that the pledgees are not
protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for such purposes.

- 24 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

- 25 -

 

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

- 26 -

 

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó  és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.á r.l.

Evergreen Packaging (Luxembourg) S.á r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Tecnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

- 27 -

 

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

 Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC 

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

- 28 -

 

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP
Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

- 29 -

 

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 30 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

 

1       Post-closing Austrian guarantors excluded.

- 31 -

 

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyarto es Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.á r.l.

Evergreen Packaging (Luxembourg) S.á r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

- 32 -

 

Tecnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

- 33 -

 

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

- 34 -

 

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv Mexico, S. de R.L. de C.V.

- 35 -

 

PART 4

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

- 36 -

 

73 HR B 3814

	 	 	 

	Liste der Gesellschafter

	 	Amtsgericht Aachen

(: 0241/9459-2742
	fur die Firma

SIG Combibloc
Zerspanungstechnik GmbH

Walkmühlenstraße 4

	 	 

	 	 	 	 	 

	 

	 		 	Bitte Rückseite beachten!
	52074 Aachen

	 	 	 	 
	 

	 	 	 	Bitte vollstandig ausfullen
	 

	 	 	 	(s.Ruckseite Ietzter Absaiz)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Betrag der
	Zuname	 	Vorname	 	Geburtsdatum	 	Wohnanschrift	 	Stammeinlagen
	SIG Combiblcc

	 	Systems
	 	Gmbh
	 	RurstraBe 58 52441 Linnich.
	 	256.000. EURO
	 

	 	 	 	 	 	Summe(vgl. Hinweise):
	 	256.000 EURO

þ
Die Lage der Geschaftsfaume ist unverändert. 

o  Die Geschaftsraume

Ort und Datum: Aachen, 07.01.20

Eigenhandige Unterschrifteh der Geschaftsfuhrer:.

	 	 	 	 	 

	(Name in
	 	 	 	 
	Maschinenschrift)
	 	/s/ H-J. Bücker	 	 
	 

	 	(H-J. Bücker)
	 	

Es
unterzeiehnen so viele Geschaftsfuhrer, wie satzungsgemäß zur Vertretung erfordl sind

 

 

Appendix 5

SIG COMBIBLOC HOLDING GMBH

as Pledgor

PACTIV HAMBURG HOLDINGS GMBH

as Company

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

SHARE PLEDGE AGREEMENT RELATING TO THE

SHARES IN PACTIV HAMBURG HOLDINGS GMBH

(Geschäftsanteilsverpfändung)

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
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.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language 
	 	 	5	 
	2. Pledged Shares 
	 	 	12	 
	3. Pledge 
	 	 	12	 
	4. Scope of the Pledges 
	 	 	12	 
	5. Purpose of the Pledges 
	 	 	13	 
	6. Exercise of Membership Rights 
	 	 	13	 
	7. Enforcement of the Pledges 
	 	 	14	 
	8. Limitations on Enforcement 
	 	 	15	 
	9. Approval and Confirmation 
	 	 	18	 
	10. Undertakings of the Pledgor 
	 	 	18	 
	11. Delegation 
	 	 	19	 
	12. Indemnity 
	 	 	19	 
	13. No Liability 
	 	 	20	 
	14. Duration and Independence 
	 	 	20	 
	15. Release
of Pledge (Pfandfreigabe) 
	 	 	21	 
	16. Partial Invalidity; Waiver 
	 	 	21	 
	17. Amendments 
	 	 	22	 
	18. Notices and their Language 
	 	 	22	 
	19. Notification 
	 	 	23	 
	20. Applicable Law, Jurisdiction 
	 	 	24	 

- 1 -

 

	 	 	 	 	 
	Clause	 	Page	 
	Schedule 1 
	 	 	25	 
	Part 1 List of Current Borrowers 
	 	 	25	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors Current, October 2010 Secured Notes Guarantors and  February 2011 Secured Notes
Current Guarantors 
	 	 	26	 
	Part 3 List of Current New Secured Notes Guarantors 
	 	 	31	 
	Part 4 Copy
of Shareholders List (Gesellschafterliste) 
	 	 	36	 

- 2 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

 BETWEEN:

	(1)	 	SIG Combibloc Holding GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) 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 Düren under HRB 5751 (the
“Pledgor”);
	 
	(2)	 	Pectiv Hamburg Holdings GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Hamburg, Germany and its business address at Friedensallee 25, 22765 Hamburg, Germany,
which is registered in the commercial register (Handelsregister) of the local court
(Amtsgericht) of Hamburg under HRB 106481 (the “Company); and
	 
	(3)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, NY
10286, 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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued

- 3 -

 

	 	 	senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter
alia, 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, 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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreement (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC 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 “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal

- 4 -

 

	 	 	amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the release from
escrow of the proceeds of the New Secured Notes, RGHL US Escrow II Inc. and RGHL US Escrow
II LLC shall be 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 shall be
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. At
such time certain affiliates of the August 2011 Ultimate Issuers listed in Schedule 1 Part 3
hereto as current new secured notes guarantors (the “Current New Secured Notes Guarantors”)
will accede to the New Secured Notes Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the
amendment No. 6 and incremental term loan assumption agreement dated 9 August
2011 between, inter alia, the Current Borrowers, the Current Guarantors, Credit
Suisse AG as administrative agent and others (the “Amendment No. 6 and
Incremental Term Loan Assumption Agreement”) certain lenders have agreed to
grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising
under the Existing Share Pledge Agreement (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).
	 
	(I)	 	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 alia, the Collateral
Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	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

- 5 -

 

	 	 	(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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as
an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG & Co
KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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.à r.l. Credit Suisse AG (formerly Credit Suisse) as security trustee and others.
	 
	 	 	“Existing Share Pledge Agreement” means the share pledge agreement dated 2 March 2011 entered into
between SIG Combibloc Holding GmbH as pledgor and The Bank of New York Mellon as collateral agent
and as pledgee.
	 
	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.

- 6 -

 

	 	 	“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 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 Bank 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 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
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 and
the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February
2011 Secured Notes Guarantors and the New Secured Notes Guarantors under the Credit Documents and
“Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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

- 7 -

 

	 	 	interest rate liabilities and/or any exchange rate and/or commodity price risks provided it has
become a party, or by execution of an additional bank secured party acknowledgment has agreed to be
bound by the terms of, to the First Lien Intercreditor Agreement in its capacity as hedge
counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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.l and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption Agreement, any borrowing subsidiary agreement and/or guarantor joinder agreement
relating to the

- 8 -

 

	 	 	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 and a “Loan Party” means any of them.
	 
	 	 	“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.à 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any
security document relating to the New Secured Notes and/or the New Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.

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	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity
as indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture,
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 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” 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.
	 
	 	 	“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 Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February

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	 	 	2011 Secured Notes Indenture, the New 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 undertaken by any Grantor under any Credit Document, the 2009 Senior Secured
Notes Holders, the October 2010 Secured Notes Holders, the February 2011 Secured Notes
Holders and the New Secured Notes Holders, the Indenture Trustee, the October 2010 Secured
Notes Indenture Trustee, the February 2011 Secured Notes Indenture Trustee and the New
Secured Notes Indenture Trustee, the Collateral Agent, the Local Facility Providers and the
Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture,
the 2009 Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor
Arrangements, any supplemental indenture, any security document relating to the 2009 Senior
Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other document that
may be entered into pursuant to any of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by
the 2009 Senior Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes
Guarantors and any entity which may accede to the 2009 Senior Secured Notes Indenture as
additional guarantor.
	 
	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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.

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	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 two shares, persisting of one share with a nominal amount
(Nennbetrag) of EUR 1,000 (in words: Euro one thousand) carrying the serial number (laufende
Nummer) 1 and one share with the nominal amount of EUR 24,000 (in words: Euro twenty four
thousand) carrying the serial number (laufende Nummer) 2 (the “Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such 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 4 (Copy of
Shareholders List).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledge.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	4.1	 	The Pledge constituted by this Agreement includes:

	 	(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 (Kündigung) 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
 (Nachschüsse)
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 (verpfändbar) (including without limitation all present
and future pecuniary claims of the Pledgor against the Company arising
under or in connection with 

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	 	 	 	any domination and/or profit transfer agreement
(Beherrschungs-und/oder Gewinnabführungsvertrag) or partial
profit transfer agreement (Teilgewinnabführungsvertrag) 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 Pledge 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 Pledge (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 PLEDGES
	 
	 	 	The Pledge hereunder is 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 (Bürgerliches 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 Pledge, 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

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	 	 	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 PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred 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 Pledge are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledge, the Pledgee (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 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 Pledge 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	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge 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 Pledge, have the obligations and the Pledgee shall have the
rights set forth in sub-Clause 10.6 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 Pledge and pledges over the shares or partnership interests in one

- 14 -

 

	 	 	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 Pledge 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 Aufrechenbarkeit) 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	 	If the 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 -
Forderungsübergang auf den Verpfänder) 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 Pledge and as a result of the Pledgor entering into
this Agreement, be entitled to demand indemnification or compensation from the Company or the
Company’s 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 Pledge
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”).
	 
	8.2	 	Besides an application of proceeds from an enforcement of the Pledge 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 Pledge towards satisfaction of the Obligations but shall return to
the Pledgor proceeds of an enforcement of the Pledge if and to the extent that:

	 	(a)	 	the Pledge secures 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)

- 15 -

 

	 	 	 	of a shareholder of the Pledgor (other than the Pledgor and its subsidiaries); and

	 	(b)	 	the application of proceeds of an enforcement of the Pledge towards the Obligations would have
the effect of (x) reducing the Pledgor’s net assets (Reinvermögen) (the “Net Assets”) 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 affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability Companies Act
(Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided that the 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 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 (Grundsätze ordnungsmäßiger
Buchführung) 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 

- 16 -

 

	 	 	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 Fortführungsprognose), in particular
when the Pledge is 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 Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 8.2
above and (y) which amount of proceeds of an enforcement of the Pledge 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 otherwise cause the Net Assets of the Pledgor to fall below its stated share
capital (taking 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 (Grundsätze ordnungsmäßger Buchführung) 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 Pledge towards
satisfaction of the Obligations irrespective of the limitations set out in Clause 8.2 above.

	8.5	 	If the Pledgee disagrees with the Balance Sheet it shall be entitled to apply proceeds
of an enforcement of the Pledge 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).

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	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 Pledge
(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 the sole shareholder of the Company hereby approves the Pledge 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 Pledge is 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 promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	10.2	 	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);
	 
	10.3	 	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 (aufgenommen) with the commercial register (Handelsregister).
	 
	10.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment (Pfändung)
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 (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents
necessary for a defence against the attachment;
	 
	10.5	 	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;
	 
	10.6	 	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,

- 18 -

 

	 	 	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
Pledge. The Pledgor shall allow, following the occurrence and during the continuance of any
of the circumstances which permit the Pledgee to enforce the Pledge 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 shareholders’ meetings 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;
	 
	10.7	 	to refrain from any acts or omissions, subject to the performance of its rights and duties
under the Existing Share Pledge Agreement, 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);
	 
	10.8	 	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);
	 
	10.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledge 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
	 
	10.10	 	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 satisfied if and to the extent such
notification or consent has been delivered under the Existing Share Pledge Agreement 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 terms 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,

- 19 -

 

	 	 	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 knowledge thereof; provided that any
failure so to 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 Fahrlässigkeit). 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.	 	NO LIABILITY
	 
	 	 	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 Fahrlässigkeit) 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 Pledge 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.

- 20 -

 

	14.4	 	Waiving Section 418 of the German Civil Code, the Pledgor 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 Pledge (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 Pledge, due to its accessory nature
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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 acknowledge 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 Pledgor 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 (Regelungslücke) 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.

- 21 -

 

	16.3	 	In particular, the Pledge 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:	 	SIG Combibloc Holding GmbH
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	Rurstrafße 58, 52441

 Linnich, Germany,
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	+49 2462 79 0
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+49 2462 79 2519
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	Managing directors

(Geschäftsführung)

	 	 	 	 	 	 	 

	 

	 	for the Pledgor with a copy to:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	c/o Rank Group Limited 

Level 9 

148 Quay Street

 PO Box 3515

 Auckland 1140

 New Zealand
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone.
	 	+649 3666 259
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	Helen Golding

- 22 -

 

	 	 	 	 	 	 	 

	 	 	For the Pledgee:	 	The Bank of New York Mellon
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	101 Barclay Street, 4E 

New York, NY  10286

 The United States of America
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	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. As agreed 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
	 
	19.1	 	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.

- 23 -

 

	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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly
accessory nature (which means that it comes into
legal existence only if, to the extent that, and as
long as, the underlying secured claims do in fact
exist, and that the owners of the secured claims and
the pledgees must be identical);
	 
	•	 	that notwithstanding Section 16 para 3 German
Limited Liability Companies Act (Gesetz betreffend
die Gesellschaften mit beschränkter Haftung) there
is no bona fide creation, acquisition nor ranking of
a pledge of shares (in the sense that the pledgees
are not protected if the shares purported to be
pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement
will not be acceptable for enforcement but will have
to be translated, by a certified translator, into
German for such purposes.

- 24 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

- 25 -

 

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda.

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

- 26 -

 

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

CSI en Ensenada, S. de R.L. de C.V.

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

- 27 -

 

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

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

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

- 28 -

 

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

- 29 -

 

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 30 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda.

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedàçao Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

 

			
	1	 	Post-closing Austrian guarantors excluded.

- 31 -

 

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyàrtó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen
Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

- 32 -

 

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

- 33 -

 

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

- 34 -

 

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 35 -

 

PART 4

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

- 36 -

 

Amtsgericht Hamburg

HRB 106481

Amtlicher Ausdruck aus dem Registerordner

Dokument: Liste der Gesellschafter

(20355_HRB106481_GEL_S-2011-03-02_4479207_#001.PDF)

Eingestellt in den Registerordner am (letztes Freigabedatum): 09.03.2011

Abgerufen aus dem Registerordner am: 09.08.2011 14:19:42

Dieser Ausdruck bezeugt den Inhalt eines Dokuments des Registerordners.

Dieser Ausdruck wird nicht unterschrieben und gilt als beglaubigte Abschrift.

Hamburg, den 09.08.2011

/s/ [ILLEGIBLE]

Heil

Justizobersedretär

 

 

Liste der Gesellschafter

der Pactiv Hamburg Holdings gMBhmit dem sitz in Hambarg, HRB AG Hambarg 106481

	 	 	 	 	 	 	 
	Lfd. Nr. der	 	Gesellschafter (Name, Vorname und Wohnort	 	Nennbetrag eines jeden	 
	Geschäftsanteile	 	bzw. Firma und Sitz)	 	Geschäftsanteils (in Euro)	 
	1	 	SIG Combibloc Holding GmbH, mit dem Sitz in Linnich, eingetragen im
Handelsregister beim Amtsgericht Düren unter HRB 5751
	 	 	1.000,00	 
	 	 	 
	 	 	 	 
	2	 	SIG Combibloc Holding GmbH, mit dem Sitz in Linnich, eingetragen im
Handelsregister beim Amtsgericht Düren unter HRB 5751
	 	 	24.000,00	 

UR-Nr.85/2011-G

Der unterzeichnete Notar bestätigt hiermit, dass die geänderten
Eintragungen in der vorstehenden Gesellschafterliste, den
Veränderungen entsprechen, die sich aufgrund seiner Urkunde Nr.
84/2011-G vom 02.03.2011 ergeben, und die Übrigen Eintragungen mit
dem Inhalt der zuletzt im Handelsregister aufgenommenen Liste Übereinstimmen.

Frankfurt am Main, 2. März 2011

/s/ Dr. Gerber 

Dr. Gerber
Notar

 

 

Frankfurt am Main, den 03.03.2011

Hiennit beglaubige ich die Übereinatimraung, der in dieser Datei enthaltenen Bilddaten (Absohrift)
mit dem mir vorliegenden Papierdokcument (Ursohrift).

Dr. Olaf Gerber

Notar

 

 

Appendix 6

CLOSURE SYSTEMS INTERNATIONAL HOLDINGS (GERMANY) GMBH

as Pledgor

CLOSURE SYSTEMS INTERNATIONAL DEUTSCHLAND GMBH

as Company

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

SHARE PLEDGE AGREEMENT RELATING TO THE

SHARES IN CLOSURE SYSTEMS INTERNATIONAL

DEUTSCHLAND GMBH

(Geschäftsanteilsverpfändung)

 

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 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.

 

 

Contents

	 	 	 	 	 	 	 
	Clause	 	Page	 
	1.
	 	Definitions and Language	 	 	5	 
	2.
	 	Pledged Shares	 	 	12	 
	3.
	 	Pledge	 	 	12	 
	4.
	 	Scope of the Pledges	 	 	12	 
	5.
	 	Purpose of the Pledges	 	 	13	 
	6.
	 	Exercise of Membership Rights	 	 	14	 
	7.
	 	Enforcement of the Pledges	 	 	14	 
	8.
	 	Limitations on Enforcement	 	 	15	 
	9.
	 	Approval and Confirmation	 	 	18	 
	10.
	 	Undertakings of the Pledgor	 	 	18	 
	11.
	 	Delegation	 	 	19	 
	12.
	 	Indemnity	 	 	20	 
	13.
	 	No Liability	 	 	20	 
	14.
	 	Duration and Independence	 	 	20	 
	15.
	 	Release of Pledge (Pfandfreigabe)	 	 	21	 
	16.
	 	Partial Invalidity; Waiver	 	 	21	 
	17.
	 	Amendments	 	 	22	 
	18.
	 	Notice and their Language	 	 	22	 
	19.
	 	Notification	 	 	24	 
	20.
	 	Applicable Law, Jurisdiction	 	 	24	 
	Schedule 1
	 	 	25	 
	Part 1 List of Current Borrowers
	 	 	25	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current
October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes
Guarantors
	 	 	25	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	31	 
	Part 4 Copy of Shareholders List (Gesellschafterliste)
	 	 	36	 

- 1 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

BETWEEN:

	(1)	 	Closure Systems International Holdings (Germany) GmbH, a limited liability company
(Gesellschaft mit beschrankter Haftung) organised under the laws of the Federal Republic of
Germany, having its business address at Mainzer StraBe 185, 67547 Worms, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Mainz under HRB 41388 (the “Pledgor”);
	 
	(2)	 	Closure Systems International Deutschland GmbH, a limited liability company (Gesellschaft mit
beschrankter Haftung) organised under the laws of the Federal Republic of Germany having its
corporate seat in Worms, Germany and its business address at Mainzer Straße 185, 67547 Worms,
Germany, which is registered in the commercial register (Handelsregister) of the local court
(Amtsgericht) of Mainz under HRB 10054 (the “Company”); and
	 
	(3)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, 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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued senior secured notes due 2016 in the aggregate principal amount of USD

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	 	 	1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US
Secured Notes the “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter
alia, 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, 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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC 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 “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal
amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the

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	 	 	release from escrow of the proceeds of the New Secured Notes, RGHL US Escrow II Inc. and
RGHL US Escrow II LLC shall be 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
shall be 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. At such time certain affiliates of the August 2011 Ultimate Issuers listed
in Schedule 1 Part 3 hereto as current new secured notes guarantors (the “Current New
Secured Notes Guarantors”) will accede to the New Secured Notes Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the
amendment No. 6 and incremental term loan assumption agreement dated 9 August
2011 between, inter alia, the Current Borrowers, the Current Guarantors, Credit
Suisse AG as administrative agent and others (the “Amendment No. 6 and
Incremental Term Loan Assumption Agreement”) certain lenders have agreed to
grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional 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).
	 
	(I)	 	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 alia, the Collateral
Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	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.

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	 	 	“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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as
an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG &
Co KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia, 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.à r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee and
others.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation and
amendment agreement dated 4 May 2010) entered into

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	 	 	 	between Closure Systems International
Holdings (Germany) GmbH as pledgor and The Bank of New York Mellon as collateral agent and as
pledgee and others as pledgees;
	 
	 	b)	 	a confirmation and amendment agreement dated 4 May 2010 entered into between, inter alios,
Closure Systems International Holdings (Germany) GmbH as pledgor and The Bank of New York
Mellon as collateral agent and others (the “Confirmation and Amendment Agreement”);
	 
	 	c)	 	the share pledge agreement dated 16 November 2010 entered into between Closure Systems
International Holdings (Germany) GmbH as pledgor and The Bank of New York Mellon as collateral
agent and as pledgee; and
	 
	 	d)	 	the share pledge agreement dated 2 March 2011 entered into between Closure Systems
International Holdings (Germany) GmbH as pledgor and The Bank of New York Mellon as collateral
agent and as pledgee.

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“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 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 Bank 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.

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	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
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 and
the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February
2011 Secured Notes Guarantors and the New Secured Notes Guarantors under the Credit Documents and
“Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.

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	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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 and a “Loan Party” means any of them.
	 
	 	 	“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.à 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.

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	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured
Notes Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental
indenture, any security document relating to the New Secured Notes and/or the New Secured Notes
Indenture and any other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 additional guarantor.

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	 	 	“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” 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.
	 
	 	 	“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 Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February
2011 Secured Notes Indenture, the New 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 undertaken by any
Grantor under any Credit Document, the 2009 Senior Secured Notes Holders, the October 2010 Secured
Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes Holders, the
Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured
Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the
Local Facility Providers and the Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the 2009
Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the 2009 Senior Secured Notes and/or the
2009 Senior Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers
under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by the 2009 Senior
Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes Guarantors and
any entity which may accede to the 2009 Senior Secured Notes Indenture as additional guarantor.

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	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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 DM 17,000,000 (in words: Deutsche
Mark seventeen million) which consists of one share (the “Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such 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 4 (Copy of Shareholders
List).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledge.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	4.1	 	The Pledge constituted by this Agreement
includes:

	 	(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 (Kündigung) and/or withdrawal (Austritt) of a shareholder

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	 	 	 	of the Company, the surplus in case of surrender (Preisgabe), any
repayment claim for any additional capital contributions (Nachschüsse) 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 (verpfändbar) (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
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) 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 Pledge 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 Pledge (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 PLEDGES
	 
	 	 	The Pledge hereunder is 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 (Bürgerliches Gesetzbuch) shall not apply to
this Agreement.

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	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 Pledge, 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 PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred 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 Pledge are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledge, the Pledgee (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 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 Pledge 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	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge 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 Pledge, have the

- 14 -

 

	 	 	obligations and the Pledgee shall have the
rights set forth in sub-Clause 10.6 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 Pledge 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 Pledge 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 Aufrechenbarkeit) 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	 	If the 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
 — Forderungsübergang auf den Verpfänder) 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 Pledge and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from the Company or the
Company’s 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 Pledge
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”).

	 
	8.2	 	Besides an application of proceeds from an enforcement of the Pledge towards
satisfaction of the Obligations in respect of the Unlimited Enforcement Amount

- 15 -

 

	 	 	pursuant to Clause 8.1 above, the Pledgee shall not be entitled to apply proceeds of an
enforcement of the Pledge towards satisfaction of the Obligations but shall return to the
Pledgor proceeds of an enforcement of the Pledge if and to the extent that:

	 	(a)	 	the Pledge secures 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 Pledge towards the
Obligations would have the effect of (x) reducing the Pledge’s net assets
(Reinvermögen) (the “Net Assets”) 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
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided
that the 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 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 (Grundsätze

- 16 -

 

	 	 	ordnungsmäβiger Buchführung) 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 Fortführungsprognose), in
particular when the Pledge is 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 Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 8.2
above and (y) which amount of proceeds of an enforcement of the Pledge 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 otherwise cause the Net Assets of the Pledgor to fall below its stated share
capital (taking 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 (Grundsätze
ordnungsmäβiger Buchführung) 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 Pledge towards
satisfaction of the Obligations irrespective of the limitations set out in Clause 8.2
above.

	8.5	 	If the Pledgee disagrees with the Balance Sheet it shall be entitled to apply proceeds
of an enforcement of the Pledge in satisfaction of the Obligations up to an amount

- 17 -

 

	 	 	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 Pledge
(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 the sole shareholder of the Company hereby approves the Pledge 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 Pledge is 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 promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	10.2	 	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);
	 
	10.3	 	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 (aufgenommen) with the commercial register (Handelsregister).
	 
	10.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment (Pfändung) 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 (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all
other documents necessary for a defence against the attachment;

- 18 -

 

	10.5	 	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;
	 
	10.6	 	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 Pledge. The
Pledgor shall allow, following the occurrence and during the continuance of any of the
circumstances which permit the Pledgee to enforce the Pledge 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 shareholders’ meetings 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;
	 
	10.7	 	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);
	 
	10.8	 	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);
	 
	10.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledge 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
	 
	10.10	 	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 satisfied if and 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 each 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 terms and conditions
as it shall see fit. The Pledgee shall only remain liable for diligently selecting and
providing initial instructions to such delegate.

- 19 -

 

	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
knowledge thereof; provided that any failure so to 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
Fahrlässigkeit). 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.	 	NO LIABILITY
	 
	 	 	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 Fahrlässigkeit) 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 Pledge shall not cease to exist, if any Grantor under the Credit Documents
has only temporarily discharged the Obligations.

- 20 -

 

	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 Pledgor 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 Pledge (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 Pledge, due to its accessory nature
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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 acknowledge 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 Pledgor 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 (Regelungslücke) become 

- 21 -

 

	 	 	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 Pledge 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:	 	Closure Systems International Holdings

(Germany) GmbH
	 
	 	 	 	 
	 

	 	Address:
	 	Mainzer Straße 185,

67547 Worms, Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 6241 400 10
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 6241 400 187
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors

(Geschäftsführung)

- 22 -

 

	 	 	 	 	 

	         for the Pledgor with a copy to:	 	 
	 

	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	Level 9
	 

	 	 	 	148 Quay Street
	 

	 	 	 	PO Box 3515
	 

	 	 	 	Auckland 1140
	 

	 	 	 	New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	         For the Pledgee:

	 	The Bank of
New York
Mellon	 	 
	 
	 	 	 	 
	 

	 	Address:	 	101 Barclay Street, 4E
	 

	 	 	 	New York, N.Y. 10286
	 

	 	 	 	The United States of
	 

	 	 	 	America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	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. As agreed 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.

- 23 -

 

	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
	 
	19.1	 	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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 para 3 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares (in the sense that the pledgees are not
protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for
such purposes.

- 24 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited SIG

Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedacao Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

- 25 -

 

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

- 26 -

 

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l,

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

- 27 -

 

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

- 28 -

 

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

- 29 -

 

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 30 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

 

			
	1	 	Post closing Austrian guarantors excluded.

- 31 -

 

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

CSI en Ensenada, S. de R.L. de C.V.

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

- 32 -

 

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

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

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

- 33 -

 

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

- 34 -

 

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S.de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 35 -

 

PART 4

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

- 36 -

 

Amtsgericht Mainz

HRB 10054

Ausdruck aus dem Registerordner

	Dokument: 55116_HRB10054_GEL_R_2008-04-22_933851_#001.PDF
(Liste der Gesellschafter)

Eingestellt in den Registerordner am: 09.05.2008

Abgerufen aus dem Registerordner am: 04.08.2011 11:40:09

	 	 	 

	Mainz, den 04.08.2011

/s/ [ILLEGIBLE]

Metzler

Justizbeschäftigte

	 	

Dieses Schrelben 1st maschinell ersteilt und auch ohne Unterschrift wirksam.

 

 

Liste der Gesellschafter

der Alcoa Deutschland GmbH

zukünftig

Closure Systems International Deutschland GmbH

mit dem Sitz in Worms

	 	 	 	 	 
	Gesellschafter	 	Einlage in DM	 
	Closure Systems International Holdings (Germany) GmbH
Düsseldorf zukünftig Worms
	 	 	17.000.000,–	 
	 
	Stammkapital DM
	 	 	17.000.000,–	 

Worms, den 22.04.08

Die Geschäftsführung:

	 	 	 	 	 
	/s/ [ILLEGIBLE]
 	 
	(der einzelvertretungsberechtigte Geschäftsführer)	 
	 	 

 

 

Appendix 7

PACTIV DEUTSCHLAND HOLDINGGESELLSCHAFT MBH

as Pledgor

OMNI-PAC-EKCO GMBH VERPACKUNGSMITTEL

OMNI-PAC GMBH VERPACKUNGSMITTEL

as Companies

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

SHARE PLEDGE AGREEMENT RELATING TO THE

SHARES IN OMNI-PAC EKCO GMBH

VERPACKUNGSMITTEL AND OMNI-PAC GMBH

VERPACKUNGSMITTEL

(Geschäftsanteilsverpfändung)

 

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 e-mail communication which refers to any Credit 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.

 

 

Contents

	 	 	 	 	 	 	 
	Clause	 	Page	 
	1.
	 	Definitions and Language	 	 	5	 
	2.
	 	Pledged Shares	 	 	12	 
	3.
	 	Pledge	 	 	12	 
	4.
	 	Scope of the Pledges	 	 	12	 
	5.
	 	Purpose of the Pledges	 	 	13	 
	6.
	 	Exercise of Membership Rights	 	 	14	 
	7.
	 	Enforcement of the Pledges	 	 	14	 
	8.
	 	Limitations on Enforcement	 	 	15	 
	9.
	 	Approval and Confirmation	 	 	18	 
	10.
	 	Undertakings of the Pledgor	 	 	18	 
	11.
	 	Delegation	 	 	19	 
	12.
	 	Indemnity	 	 	20	 
	13.
	 	No Liability	 	 	20	 
	14.
	 	Duration and Independence	 	 	21	 
	15.
	 	Release of Pledge (Pfandfreigabe)	 	 	21	 
	16.
	 	Partial Invalidity; Waiver	 	 	21	 
	17.
	 	Amendments	 	 	22	 
	18.
	 	Notices and their Language	 	 	22	 
	19.
	 	Notification	 	 	24	 
	20.
	 	Applicable Law, Jurisdiction	 	 	24	 
	Schedule 1
	 	 	25	 
	Part 1 List of Current Borrowers
	 	 	25	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current
October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes
Guarantors
	 	 	25	 
	Part 3 List of Current New Secured Notes Guarantors
	 	 	30	 
	Part 4 Copy of Shareholders Lists (Gesellschafterlisten)
	 	 	36	 

- 1 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

BETWEEN:

	(1)	 	Pactiv Deutschland Holdinggesellschaft mbH, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany, having its
business address at Friedensallee 23-25, 22765 Hamburg, Germany, which is registered in the
commercial register (Handelsregister) of the local court (Amtsgericht) of Hamburg under HRB
71774 (the “Pledgor”);
	 
	(2)	 	Omni-Pac Ekco GmbH Verpackungsmittel, a limited liability company (Gesellschaft mit
beschränkter Haftung) organised under the laws of the Federal Republic of Germany, having its
corporate seat in Hamburg, Germany and its business address at Friedensallee 23-25, 22765
Hamburg, Germany, which is registered in the commercial register (Handelsregister) of the
local court (Amtsgericht) of Hamburg under HRB 102663 (the “Company 1”);
	 
	(3)	 	Omni-Pac GmbH Verpackungsmittel, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany, having its corporate
seat in Elsfleth, Germany and its business address at Am Tidehafen 5, 26931 Elsfleth, Germany,
which is registered in the commercial register (Handelsregister) of the local court
(Amtsgericht) of Oldenburg under HRB 201738 (the “Company 2” and together with Company 1 and
Company 2, the “Companies”); and
	 
	(4)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, NY
10286, 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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group

- 3 -

 

	 	 	Issuer (Luxembourg) S.A as ultimate issuers (the “Issuers”), certain affiliates of the
Issuers listed in Schedule 1 Part 2 hereto as current 2009 senior secured notes guarantors
(the “Current 2009 Senior Secured Notes Guarantors”) and The Bank of New York Mellon, as
indenture trustee, principal paying agent, transfer agent and registrar, (as amended,
varied, novated, supplemented, superseded or extended from time to time, the “2009 Senior
Secured Notes Indenture”), the Issuers have issued senior secured notes due 2016 in the
aggregate principal amount of USD 1,125,000,000 (the “US Secured Notes”) and senior secured
notes due 2016 in the aggregate principal amount of EUR 450,000,000 (the “Euro Secured
Notes” and together with the US Secured Notes the “2009 Senior Secured Notes”) to certain
noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter
alia, 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, 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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreement (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC and RGHL US Escrow II Inc. as escrow issuers (the

- 4 -

 

	 	 	“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 “New
Secured Notes Indenture”), the August 2011 Escrow Issuers have issued senior secured notes
due 2019 in the aggregate principal amount of USD 1,500,000,000 (the “New Secured Notes”).
In connection with the release from escrow of the proceeds of the New Secured Notes, RGHL
US Escrow II Inc. and RGHL US Escrow II LLC shall be 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 shall be 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. At such time certain affiliates of the August 2011
Ultimate Issuers listed in Schedule 1 Part 3 hereto as current new secured notes guarantors
(the “Current New Secured Notes Guarantors”) will accede to the New Secured Notes
Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the
amendment No. 6 and incremental term loan assumption agreement dated 9 August
2011 between, inter alia, the Current Borrowers, the Current Guarantors, Credit
Suisse AG as administrative agent and others (the “Amendment No. 6 and
Incremental Term Loan Assumption Agreement”) certain lenders have agreed to
grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising
under the Existing Share Pledge Agreement (as defined below)) over its Shares (as
defined below) in the Companies 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).
	 
	(I)	 	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 alia, the Collateral
Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	In this Agreement:

- 5 -

 

	 	 	“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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit Agreement as
an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG & Co
KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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.

- 6 -

 

	 	 	“Existing Share Pledge Agreement” means the share pledge agreement dated 2 March 2011 entered into
between Pactiv Deutschland Holdinggesellschaft mbH as pledgor and The Bank of New York Mellon as
collateral agent and as pledgee.
	 
	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“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 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 Bank 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 Companies (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 any of the Companies (including by
way of authorised capital (genehmigtes. Kapital)) or otherwise.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
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 and
the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February
2011 Secured Notes Guarantors and the New Secured Notes Guarantors under the Credit Documents and
“Grantor” 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.

- 7 -

 

	 	 	“Group” means Reynolds Group Holdings Limited and its direct or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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

- 8 -

 

	 	 	lender under the Credit
Agreement in the future and “Lender” means any of them.
	 
	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No.l and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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 and a “Loan Party” means any of them.
	 
	 	 	“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.à 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A.,
Citibank (China) Co., Ltd., Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero
Banamex, Bank of America, N.A., 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.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any
security document relating to the New Secured Notes and/or the New Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.

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	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 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” 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.
	 
	 	 	“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

- 10 -

 

	 	 	any of them) under the Credit Documents.
	 
	 	 	“Pledge” and “Pledges” have the meanings given to such terms in Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 Secured Notes
Indenture, the New 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
undertaken by any Grantor under any Credit Document, the 2009 Senior Secured Notes Holders,
the October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders and the New
Secured Notes Holders, the Indenture Trustee, the October 2010 Secured Notes Indenture
Trustee, the February 2011 Secured Notes Indenture Trustee and the New Secured Notes
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture,
the 2009 Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor
Arrangements, any supplemental indenture, any security document relating to the 2009 Senior
Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other document that may
be entered into pursuant to any of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by
the 2009 Senior Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes
Guarantors and any entity which may accede to the 2009 Senior Secured Notes Indenture as
additional guarantor.
	 
	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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.

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	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	 	Company 1 has a nominal share capital (Stammkapital) of EUR 25,000 (in words:
Euro twenty five thousand) which is divided into two shares which shares have a
nominal amount of EUR 24,900 (in words: Euro twenty four thousand nine hundred)
and EUR 100 (in words: Euro one hundred) (the “Existing Shares 1”).
	 
	 	 	Company 2 has a nominal share capital (Stammkapital) of EUR 25,000 (in words: Euro twenty
five thousand) which is divided into two shares, persisting of one share with a nominal
amount (Nennbetrag) of EUR 24,900 (in words: Euro twenty four thousand nine hundred)
carrying the serial number (laufende Nummer) 1 and one share with a nominal
amount (Nennbetrag) of EUR 100 (in words: Euro one hundred) carrying the serial number
(laufende Nummer) 2 (the “Existing Shares 2” and together with the Existing Shares 1, the
“Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such in the
relevant shareholders list (Gesellschafterliste) of the Companies as filed
(aufgenommen) with the commercial register (Handelsregister), a copy of which is
attached as Schedule 1 Part 4 (Copy of Shareholders Lists).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledge.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	4.1	 	The Pledge constituted by this Agreement includes:

	 	(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 (Kündigung) and/or withdrawal (Austritt) of a shareholder
of the Companies, the surplus in case of surrender (Preisgabe), any

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	 	 	 	repayment claim for any additional capital contributions (Nachschüsse) 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 (verpfändbar) (including without limitation all present and future pecuniary
claims of the Pledgor against any of the Companies arising under or in connection with
any domination and/or profit transfer agreement (Beherrschungs- und/oder
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and any of
the Companies).

	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 Pledge 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 Pledge (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
any of the
Companies or in connection with the reduction of the amount of the registered share
capital of any of the Companies; 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 PLEDGES
	 
	 	 	The Pledge hereunder is 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 (Bürgerliches Gesetzbuch) shall not
apply to this Agreement.

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	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 Pledge, 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 PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred 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 Pledge are met (Pfandreife), in particular, if any of the Obligations has
become due and payable, then in order to enforce the Pledge, the Pledgee (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 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 Pledge 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	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge 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 Pledge, have the

- 14 -

 

		 	obligations and the Pledgee shall have the
rights set forth in sub-Clause 10.6 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 Pledge 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 Pledge over the shares in the Companies 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 Aufrechenbarkeit) 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	 	If the 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
 — Forderungsübergang auf den Verpfänder) 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 Pledge and as a result of the Pledgor entering into
this Agreement, be entitled to demand indemnification or compensation from any of the
Companies or any of the Companies’ 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 Pledge 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, any of the Companies 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, any of
the Companies 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”).

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	8.2	 	Besides an application of proceeds from an enforcement of the Pledge 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 Pledge towards satisfaction of the Obligations but shall return to
the Pledgor proceeds of an enforcement of the Pledge if and to the extent that:

	 	(a)	 	the Pledge secures 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 Pledge towards the
Obligations would have the effect of (x) reducing the Pledgor’s net assets
(Reinvermögen) (the “Net Assets”) 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
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) provided
that the 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 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.

- 16 -

 

	 	 	The Net Assets shall be determined in accordance with the generally accepted accounting
principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung)
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 Fortführungsprognose), in
particular when the Pledge is 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 Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 8.2
above and (y) which amount of proceeds of an enforcement of the Pledge 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 otherwise cause the Net Assets of the Pledgor to fall below its
stated share capital (taking 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 (Grundsätze ordnungsmäßiger Buchführung) 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 Pledge towards satisfaction of the Obligations
irrespective of the limitations set out in Clause 8.2 above.

- 17 -

 

	8.5	 	If the Pledgee disagrees with the Balance Sheet it shall be entitled to apply proceeds of an
enforcement of the Pledge 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 Pledge
(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 the sole shareholder of Company 1 and of Company 2, hereby approves the
Pledge 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 each Company the Pledge is not subject to any approval of any of the
Companies.
	 
	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 promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	10.2	 	to inform the Pledgee promptly of any change made in the registered share capital of any of
the Companies, or any changes made to the articles of association of any of the Companies
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);
	 
	10.3	 	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 (aufgenommen) with the commercial register (Handelsregister).
	 
	10.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment (Pfändung) 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

- 18 -

 

	 	 	promptly forward to the Pledgee a copy of the
attachment order (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all
other documents necessary for a defence against the attachment;
	 
	10.5	 	in the event of any increase in the capital of any of the Companies, 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;
	 
	10.6	 	to promptly inform the Pledgee, by notification in writing, of all matters concerning of any
of the Companies 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
Pledge. The Pledgor shall allow, following the occurrence and during the continuance of any of
the circumstances which permit the Pledgee to enforce the Pledge 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 shareholders’ meetings of any of the
Companies 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;
	 
	10.7	 	to refrain from any acts or omissions, subject to the performance of its rights and duties
under the Existing Share Pledge Agreement, 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);
	 
	10.8	 	not to amend the articles of association of any of the Companies 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);
	 
	10.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledge 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
	 
	10.10	 	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 satisfied if and to the extent such
notification or consent has been delivered under the Existing Share Pledge Agreement 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 terms

- 19 -

 

	 	 	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
knowledge thereof; provided that any failure so to 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
Fahrlässigkeit). 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.	 	NO LIABILITY
	 
	 	 	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 Fahrlässigkeit) 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.

- 20 -

 

	14.	 	DURATION AND INDEPENDENCE
	 
	14.1	 	This Agreement shall remain in full force and effect until complete satisfaction of the
Obligations. The Pledge 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 Pledgor 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 Pledge (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 Pledge, due to its accessory nature
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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 acknowledge 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 Pledgor 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

- 21 -

 

	 	 	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 (Regelungslücke) 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 Pledge shall not be affected and shall in any event extend to any and all
shares in each of the Companies even if the number or nominal value of the Existing Shares or
the aggregate share capital of any of the Companies 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 Deutschland Holdinggesellschaft

mbH
	 
	 	 	 	 
	 

	 	Address:
	 	Friedensallee 23-25,

22765 Hamburg, Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 40 39199211
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 40 39199298
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors

(Geschäftsführung)

- 22 -

 

	 	 	 	 	 

	for the Pledgor with a copy to:
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited

Level 9

148 Quay Street

PO Box 3515

Auckland 1140

New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding
	 
	 	 	 	 
	For the Pledgee:
	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 4E 

New York, NY 10286

The United States of

America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	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. As agreed 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.

- 23 -

 

	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
	 
	19.1	 	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 Companies.
	 
	19.2	 	The Companies hereby acknowledge 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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 Para 3 German Limited Liability Companies Act (Genets
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares (in the sense that the pledgees are not
protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for
such purposes.

- 24 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

- 25 -

 

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

- 26 -

 

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Tecnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B,V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

- 27 -

 

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

- 28 -

 

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

- 29 -

 

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv Mexico, S. de R.L. de C.V.

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centra America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

 

			
	1	 	Post closing Austrian guarantors excluded.

- 30 -

 

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyarto es Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

- 31 -

 

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Tecnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

- 32 -

 

SIG Combibloc Procurement AG

SIG Reinag AG SIG

Combibloc Ltd. SIG

Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc,

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

- 33 -

 

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

- 34 -

 

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated 

Central de Bolsas, S. de R.L. de C.V.

Servicios Industrials Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

- 35 -

 

PART 4

COPY OF SHAREHOLDERS LISTS

(GESELLSCHAFTERLISTEN)

- 36 -

 

Amtsgericht Hamburg

HRB 102663

Amtlicher Ausdruck aus dem Registerordner

Dokument: Liste der Gesellschafter
(20355_HRB102663_GEL_S_2008-07-02_2208909_#00l.PDF)

 Eingestellt in den Registerordner am
(letztes Freigabedatum): 15.07.2008 

Abgerufen aus dem Registerordner am; 09.08.2011 14:19:50

 Dieser Ausdruck bezeugt den Inhalt eines Dokuments des Registerordners.

 Dieser Ausdruck wird nicht
unterschrieben und gilt als beglaubigte Abschrift.

Hamburg, den 09.08.2011

/s/ [ILLEGIBLE] 
Heil

Justizobersekretär

 

 

NOTARIAT AM ALSTERTOR

 DR HENNING VOSCHBRAU DR. ROLF-HERMANN HENNIGES

DR. WOLFGANG ENGELHARDT JOHANN JONETZKIJ

DR. ROBERT DIEKGRĂF DR ARNE HELMS, L.L.M DR. MICHAEL VON HINDEN
NOTARE 

 

Liste der Gesellschafter der Gesellschaft mit

beschränkter Haftung in Firma Omni-Pac Ekco GmbH

Verpackungsmittel mit dem Sitz in Hamburg mit der

übernommenen Stammeinlage (Liste gem. § 40 GmbHG)

 

die Gesellschaft mit beschränkter Haftung in Firma

Pactiv Deutschland Holdinggeseldschaft mbH

mit dem Site in Hamburg

	 	 	 	 	 	 	 	 	 

	(Amtsgericht Hamburg, HR B 71 774)
	 	 	 	 	 	 	 	 
	eine Stammeinlage in Hölie von
	 	EUR	 	 	24.900,00	 
	eine Stammeinlage in Hölie von
	 	EUR	 	 	100,00	 

Hamburg, den 2. Juli 2008

	 	 	 	 	 
	 	 	 
	 	/s/ Petro Kowalskyj
 	 
	 	Petro Kowalskyj 	 
	 
	 	/s/ Stefan Beese
 	 
	 	Stefan Beese 	 
	 	 	 
	 

ALSTERTOR 14-20095 HAMBURG — ECKE
FERDINANDSTRASSE 
TELEFON: (040) 300502-0. TELEFAX:
(040) 300502-92/-93/-94 
POSTANSCHRIFT: POSTFACH 10
54 09 -20037 HAMBURG 
WWW ALSTERTOR DE -
NOTARIAT@ALSTBRTOR DE

 

 

NOTARIAT AM ALSTERTOR

 DR. HENNING VOSCHERAU DR. ROLF-HERMANN HENNIGES 
DR. WOLFGANG ENGELHARDT
JOHANN JONETZKI 
DR. ROBERT DIEKGRĂF DR. ARNE HELMS, LL.M. DR.
MICHAEL VON HINDEN
NOTARE

ELEKTRONISCH BEGLAUBIGTE ABSCHRIFT

Durch die von mir erstellte qualifizierte elektronische Signatur beglaubige ich die inhaltliche
Übereinstimmung dieses elektronischen Dokuments mit dem mir bei Erstellung der qualifi-zierten
elektronischen Signatur in Urschrift vorliegenden Dokument.

Hamburg, 7. Juli 2008

Dr. Wolfgang Engelhardt, Notar

ALSTERTOR 14 — 20095 HAMBURG - ECKE FERDINANDSTRASSE 

TELEFON: (0 40) 30 05 02-0 - TELEFAX: (040) 300502-92/-93/-94

 POSTANSCHRIPT: POSTFACH10 54 09 — 20037 HAMBURG

 WWW. ALSTERTOR.DE - NOTARIAT@ALSTERTOR.DE

 

 

Beglaubigte Fotokopie

Liste der Gesellschafter

der Gesellschaft mit beschränkter Haftung in Firma

Omni-Pac GmbH Verpackungsmittel

mit dem Sitz in Elsfleth

Amtsgericht Oldenburg (i. Oldenburg), HRB 201738

mit den üibernommenen Geschäftsaateilen

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gesellschafter	 	Geschäftsanteil Nr.	 	 	Nennbe-trag in EUR	 	 	Historie	 
	Gesellschaft mit
beschränkter
Haftung in Firma
	 	 	1	 	 	 	24.900,00	 	 	 	 	 
	Pactiv Deutschland,
Holdinggesellschaft
mbH mit Sitz in
Hamburg
(Amtsgericht:
Hamburg, HRB 71774)
	 	 	2	 	 	 	100,00	 	 	von Omni-Pac Verpackungsmittel Ver-waltungs GmbH (AG Oldenburg HRB 100267) durch Verschmslzung übergegangen

	Stammkapital in EUR
	 	 	 	 	 	 	25.000,00	 	 	 	 	 

Stand:   6. Juni 2008

	Grand der Liste:	 	 Veränderungen. vor dem 1. November 2008
und Nummerierung der Geschaftsanteile

Hamburg, den 13. Oktober 2010

	 	 	 	 	 
	 	 	 
	 	/s/ Petro Kowalskyj
 	 
	 	Petro Kowalskyj 	 
	 
	 	/s/ Stefan Beese
 	 
	 	Stefan Beese 	 
	 	 	 
	 

 

 

Appendix 8

SIG COMBIBLOC HOLDING GMBH

as Pledgor

SIG COMBIBLOC SYSTEMS GMBH

SIG VIETNAM BETEILIGUNGS GMBH

SIG COMBIBLOC GMBH

as Companies

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

SHARE PLEDGE AGREEMENT RELATING TO THE

SHARES IN SIG COMBIBLOC SYSTEMS GMBH,

SIG VIETNAM BETEILIGUNGS GMBH AND SIG

COMBIBLOC GMBH

(Geschäftsanteilsverpfändung)

 

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 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.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions and Language 
	 	 	6	 
	2. Pledged Shares 
	 	 	12	 
	3. Pledge 
	 	 	13	 
	4. Scope of the Pledges 
	 	 	13	 
	5. Purpose of the Pledges
	 	 	14	 
	6. Exercise of Membership Rights 
	 	 	14	 
	7. Enforcement of the Pledges 
	 	 	14	 
	8. Limitations on Enforcement 
	 	 	16	 
	9. Approval and Confirmation 
	 	 	19	 
	10. Undertakings of 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 
	 	 	24	 
	20. Applicable Law, Jurisdiction 
	 	 	25	 
	Schedule 1 
	 	 	26	 
	Part 1 List of Current Borrowers 
	 	 	26	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current
October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes
Guarantors 
	 	 	26	 
	Part 3 List of Current New Secured Notes Guarantors 
	 	 	31	 
	Schedule 2 Copy of Shareholders Lists (Gesellschafterlisten) 
	 	 	37	 
	Schedule 3 Copy of Shareholders’ resolution in respect of Pledgor 
	 	 	38	 

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This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011

BETWEEN:

	(1)	 	SIG Combibloc Holding GmbH, a limited liability company (Gesellschaft mit beschrdnkter
Haftung) 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 Duren under HRB 5751 (the
“Pledgor”);
	 
	(2)	 	SIG Combibloc Systems GmbH, a limited liability company (Gesellschaft mit beschrdnkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 3935 (the “Company 1”);
	 
	(3)	 	SIG Vietnam Beteiligungs GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Waldshut-Tiengen, Germany and its business address at Weilheimer Straße 5, 79761
Waldshut-Tiengen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Freiburg i. Br. under HRB 621587 (the “Company 2”);
	 
	(4)	 	SIG Combibloc GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung)
organised under the laws of the Federal Republic of Germany having its corporate seat in
Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 5182 (the “Company 3” and together with Company 1, Company 2 and Company 3,
the “Companies”); and
	 
	(5)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, 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 second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second Amended and Restated Credit Agreement and as further
amended, varied, novated, restated, supplemented, superseded or extended from time to time,
hereinafter the

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	 	 	“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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, 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,
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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February
2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).

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	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC 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 “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal
amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the
release from escrow of the proceeds of the New Secured Notes, RGHL US Escrow II
Inc. and RGHL US Escrow II LLC shall be 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 shall be 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. At such time certain affiliates of the August 2011 Ultimate Issuers listed in
Schedule 1 Part 3 hereto as current new secured notes guarantors (the “Current New
Secured Notes Guarantors”) will accede to the New Secured Notes Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the
amendment No. 6 and incremental term loan assumption agreement dated 9 August
2011 between, inter alia, the Current Borrowers, the Current Guarantors, Credit
Suisse AG as administrative agent and others (the “Amendment No. 6 and
Incremental Term Loan Assumption Agreement”) certain lenders have agreed to
grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising
under the Existing Share Pledge Agreements (as defined below)) over its Shares (as
defined below) in the Companies 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).
	 
	(I)	 	SIG Euro Holding AG & Co. KGaA and SIG Combibloc Group AG as the
shareholders of the Pledgor have approved the Pledge (as defined below) over the
Shares (as defined below) and over any and all ancillary rights and claims associated
with the Shares (as defined below) (as more particularly specified in Clause 4) and
consented to their transfer upon enforcement of the Pledge (as defined below). Such
approval has been granted by a shareholders’ resolution as required in section 13
paragraph 6 of the articles of association of the Pledgor a copy of which is attached as
Schedule 3.

- 5 -

 

	(J)	 	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 alia, the Collateral Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	DEFINITIONS AND LANGUAGE
	 
	1.1	 	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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a 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 2009 Senior Secured Notes Documents,
the October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the
New Secured Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.

- 6 -

 

	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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.à r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee and
others.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation and amendment
agreement dated 4 May 2010) entered into between SIG Combibloc Holding GmbH as pledgor and The
Bank of New York Mellon as collateral agent and as pledgee and others as pledgees;
	 
	 	b)	 	a confirmation and amendment agreement dated 4 May 2010 entered into between, inter alios,
SIG Combibloc Holding GmbH as pledgor and The Bank of New York Mellon as collateral agent and
others (the “Confirmation and Amendment Agreement”);
	 
	 	c)	 	the share pledge agreement dated 16 November 2010 entered into between SIG Combibloc Holding
GmbH as pledgor and The Bank of New York Mellon as Collateral Agent and as pledgee; and
	 
	 	d)	 	the share pledge agreement dated 2 March 2011 entered into between SIG Combibloc Holding GmbH
as pledgor and The Bank of New York Mellon as collateral agent and as pledgee.

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“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.

- 7 -

 

	 	 	“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 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 Bank 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 Companies (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 any of the Companies (including by
way of authorised capital (genehmigtes Kapital)) or otherwise.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
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 and
the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February
2011 Secured Notes Guarantors and the New Secured Notes Guarantors under the Credit Documents and
“Grantor” 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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or 

- 8 -

 

	 	 	more Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.

	 	 	“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 make 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 term loans to one or more Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.
	 
	 	 	“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.l and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental Term Loan
Assumption 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.

- 9 -

 

	 	 	“Loan Parties” shall mean the Borrowers, the Current Guarantors and any entity which may accede to
the Credit Agreement as additional guarantor and a “Loan Party” means any of them.
	 
	 	 	“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.à.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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
National de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any
security document relating to the New Secured Notes and/or the New Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing.
	 
	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 

- 10 -

 

	 	 	respect to all costs, charges and expenses incurred 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),

	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 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” 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.
	 
	 	 	“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 Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February
2011 Secured Notes Indenture, the New 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 

- 11 -

 

	 	 	indemnification obligation undertaken by any
Grantor under any Credit Document, the 2009 Senior Secured Notes Holders, the October 2010 Secured
Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes Holders, the
Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured
Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the
Local Facility Providers and the Cash Management Banks.

	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture,
the 2009 Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor
Arrangements, any supplemental indenture, any security document relating to the 2009 Senior
Secured Notes and/or the 2009 Senior Secured Notes Indenture and any other document that
may be entered into pursuant to any of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by
the 2009 Senior Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes
Guarantors and any entity which may accede to the 2009 Senior Secured Notes Indenture as
additional guarantor.
	 
	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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 1 has a nominal share capital (Stammkapital) of EUR 1,000,000 (in words: Euro one
million) which consists of one share carrying the serial number (laufende Nummer) 1 (the
“Existing Shares 1”).
	 
	 	 	The Company 2 has a nominal share capital (Stammkapital) of EUR 25,000 (in words: Euro
twenty five thousand) which consists of one share (the “Existing Shares 2”).
	 
	 	 	The Company 3 has a nominal share capital (Stammkapital) of EUR 30,700,000 (in words: Euro
thirty million seven hundred thousand) which is divided into three 

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	 	 	shares. The Pledgor is
the owner of two shares in Company 3, one share with a nominal amount (Nennbetrag) of EUR
30,392,500 (in words: Euro thirty million three hundred ninety-two thousand five hundred)
and one share with a nominal amount (Nennbetrag) of EUR 500 (in words: Euro five hundred)
(the “Existing Shares 3” and together with the Existing Shares 1 and the Existing Shares 2,
the “Existing Shares”).

	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such in the relevant
shareholders list (Gesellschafterliste) of the Companies as filed (aufgenommen) with the
commercial register (Handelsregister), a copy of which is attached as Schedule 2 (Copy of
Shareholders Lists).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledge.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	4.1	 	The Pledge constituted by this Agreement includes:

	 	(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 (Kündigung) and/or withdrawal (Austritt) of a shareholder
of the Companies, the surplus in case of surrender (Preisgabe), any
repayment claim for any additional capital contributions (Nachschüsse)
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 (verpfändbar) (including without limitation all present and future pecuniary
claims of the Pledgor against any of the Companies arising under or in connection with
any domination and/or profit transfer agreement (Beherrschungs- und/oder
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and any of
the Companies).

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	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 Pledge 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 Pledge (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
any of the Companies or in connection with the reduction of the amount of the
registered share capital of any of the Companies; 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 PLEDGES
	 
	 	 	The Pledge hereunder is 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 (Bürgerliches 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 Pledge, 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 PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred and is continuing and (ii) the requirements set
forth in Sections 1273 para 2, 1204 et seq. of the German Civil Code with regard 

- 14 -

 

	 	 	to the enforcement of the Pledge are met (Pfandreife), in particular, if any of the Obligations have
become due and payable, then in order to enforce the Pledge, the Pledgee (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 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 Pledge 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	 	If the Pledgee (acting on the instructions of the Secured Parties) should seek to enforce the
Pledge 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 Pledge, have the obligations and the Pledgee shall have the
rights set forth in sub-Clause 10.6 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 Pledge 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 Pledge over the shares in the Companies individually in
separate proceedings or together with pledges over shares or partnership interests in one or
more other companies at one single proceeding (Gesamtverwertung).

- 15 -

 

	7.8	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der
Anfechtbarkeit) and set-off (Einrede der Aufrechenbarkeit) 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 Hauptsehuldners) pursuant to Section 1211 para 1
sentence 1 alternative 1 of the German Civil Code.
	 
	7.10	 	If the 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
 — Forderungsübergang auf den Verpfänder) 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 Pledge and as a result of the Pledgor entering into this
Agreement, be entitled to demand indemnification or compensation from any of the Companies or
any of the Companies’ 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 Pledge 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, any of the Companies 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, any of
the Companies 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”).
	 
	8.2	 	Besides an application of proceeds from an enforcement of the Pledge 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 Pledge towards satisfaction of the Obligations but shall return to
the Pledgor proceeds of an enforcement of the Pledge if and to the extent that:

	 	(a)	 	the Pledge secures 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 Pledge towards the
Obligations would have the effect of (x) reducing the Pledgor’s net assets

- 16 -

 

	 	 	 	(Reinvermögen) (the “Net Assets”) 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
affect the assets required for the obligatory preservation of the Pledgor’s stated
share capital (Stammkapital) according to section 30, 31 German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung)
provided that the 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
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 (Grundsätze ordnungsmäßiger Buchführung)
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 Fortführungsprognose), in
particular when the Pledge is enforced.

- 17 -

 

	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 Pledge (the
“Notice”), the Pledgor has confirmed in writing to the Collateral Agent (x) to what
extent such Pledge is up-stream or cross-stream security as described in Clause 8.2
above and (y) which amount of proceeds of an enforcement of the Pledge 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 otherwise cause the Net Assets of the Pledgor to fall below its stated share
capital (taking 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 (Grundsätze ordnungsmäßiger Buchführung) 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 Pledge towards satisfaction of the Obligations
irrespective of the limitations set out in Clause 8.2 above.

	8.5	 	If the Pledgee disagrees with the Balance Sheet it shall be entitled to apply proceeds of an
enforcement of the Pledge 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

- 18 -

 

	 	 	enforcing the Pledge (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 the sole shareholder of Company 1 and Company 2 hereby approves the Pledge
over the Shares and over any and all ancillary rights and claims associated with the Shares
(as more particularly specified in Clause 44). Pursuant to the articles of association of
each of the Companies the Pledge is not subject to any approval of the relevant 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 promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	10.2	 	to inform the Pledgee promptly of any change made in the registered share capital of any of
the Companies, or any changes made to the articles of association of any of the Companies
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);
	 
	10.3	 	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 (aufgenommen) with the commercial register (Handelsregister).
	 
	10.4	 	to promptly notify the Pledgee, by notification in writing, of any attachment (Pfändung) 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 (Pfändungsbeschluss), any transfer order (Überweisimgsbeschluss) and all
other documents necessary for a defence against the attachment;
	 
	10.5	 	in the event of any increase in the capital of any of the Companies, 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;
	 
	10.6	 	to promptly inform the Pledgee, by notification in writing, of all matters concerning of any
of the Companies of which the Pledgor is aware which would materially adversely affect the
security interest of the Pledgee. In particular, the Pledgor shall

- 19 -

 

	 	 	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
Pledge. The Pledgor shall allow, following the occurrence and during the continuance of any of
the circumstances which permit the Pledgee to enforce the Pledge 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 shareholders’ meetings of any of the
Companies 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;

	10.7	 	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);
	 
	10.8	 	not to amend the articles of association of any of the Companies 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);
	 
	10.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledge 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
	 
	10.10	 	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 satisfied if and 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 each 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 terms 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,

- 20 -

 

	 	 	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
knowledge thereof; provided that any failure so to 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 Fahrlässigkeit).  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.	 	NO LIABILITY
	 
	 	 	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 Fahrlässigkeit) 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 Pledge 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.

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	14.4	 	Waiving Section 418 of the German Civil Code, the Pledgor 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 Pledge (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 Pledge, due to its accessory nature
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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 acknowledge 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 Pledgor 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 (Regelungslücke) 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.

- 22 -

 

	16.3	 	In particular, the Pledge shall not be affected and shall in any event extend to any and all shares in each of the Companies even if the number or nominal value of the Existing Shares or
the aggregate share capital of any of the Companies 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:	 	SIG Combibloc Holding GmbH
	 

	 	Address:
	 	Rurstraße 58, 52441

Linnich, Germany
	 
	 	 	 	 
	 

	 	Telephone:
	 	+49 2462 790
	 
	 	 	 	 
	 

	 	Fax:
	 	+49 2462 792519
	 
	 	 	 	 
	 

	 	Attention:
	 	Managing directors

(Geschäftsführung)
	 
	 	 	 	 
	         for the Pledgor with a copy to:
	 	 	 	 
	 

	 	Address:
	 	c/o Rank Group Limited

Level 9

148 Quay Street

PO Box 3515

Auckland 1140

New Zealand
	 
	 	 	 	 
	 

	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 
	 

	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 
	 

	 	Attention:
	 	Helen Golding

- 23 -

 

	 	 	 	 	 

	         For the Pledgee:	 	The Bank of New York Mellon
	 
	 	 	 	 
	 

	 	Address:
	 	101 Barclay Street, 

4E New York, 

N.Y. 10286 
The United
States of America
	 
	 	 	 	 
	 

	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 
	 

	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 
	 

	 	Attention:
	 	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. As agreed 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
	 
	19.1	 	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.

- 24 -

 

	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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly accessory nature (which means that it
comes into legal existence only if, to the extent that, and as long as, the underlying secured
claims do in fact exist, and that the owners of the secured claims and the pledgees must be
identical);
	 
	•	 	that notwithstanding Section 16 para 3 German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares (in the sense that the pledgees are not
protected if the shares purported to be pledged do not exist or have been previously
encumbered for the benefit of a third party); and
	 
	•	 	that the English original version of this Agreement will not be acceptable for enforcement
but will have to be translated, by a certified translator, into German for such purposes.

- 25 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES

GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS

AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG
Austria Holding GmbH 

SIG Combibloc GmbH & Co KG

 SIG Combibloc GmbH

SIG
Beverages Brasil Ltda 

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin
American Holdings Corporation 

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

- 26 -

 

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

- 27 -

 

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

- 28 -

 

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

- 29 -

 

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

 Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama
Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv
Factoring LLC 

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany
Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

- 30 -

 

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv Mexico, S. de R.L. de C.V.

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS1

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltd

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

 

			
	1	 	 Post-closing Austrian guarantors excluded.

- 31 -

 

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH.

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

- 32 -

 

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

 - 33 - 

 

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

 - 34 - 

 

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc. 

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

 
Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

 - 35 - 

 

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv México, S. de R.L. de C.V.

 - 36 - 

 

SCHEDULE 2

COPY OF SHAREHOLDERS LISTS

(GESELLSCHAFTERLISTEN)

 - 37 - 

 

Berichtigte Liste der Gesellschafter

der

SIG Combibloc International Systems GmbH

mit dem Sitz in Linnich

(künftig unter SIG Combibloc Systems GmbH firmierend)

Nach dem Wirksamwerden der Verschmelzung der SIG Combitec Maschinenbau GmbH mit dem Sitz in Neuss
(als übertragender Gesellschaft) mit der SIG Combibloc International Systems GmbH mit dem Sitz in
Linnich (als übernehmen-der Gesellschaft) im Wege der Aufnahme sind an der Gesellschaft beteiligt:

	 	 	 	 	 

	Lfd.

	 	Firma und Sitz
	 	Nennbetrag der
	Nr.

	 	der Gesellschafter
	 	Geschäftsanteile
	 
	 	 	 	 
	1 .

	 	SIG.Combibloc Holding GmbH	 	 
	 

	 	mit dem Sitz in Waldshut-Tiengen	 	 
	 

	 	mit einem Geschäftsanteil im Nennbetrag von
	 	Euro 1.000,000,00
	 
	Stammkapital:

	 	 	 	Euro 1,000,000,00

Linnich, den, 11.04. 2000

Die sämtlichen Geschäftsführer der übernehmenden” Gesellschaft;

Dr. Otto Schraut

Karl-Ernst Beinersdorf

	 	 	 	 	 
	/s/ [ILLEGIBLE] 	 
	 	 
	/s/ [ILLEGIBLE] 	 
	 	 
	/s/ [ILLEGIBLE] 	 

 

 

Liste der Gesellschafter

der Firma

SIG Vietnam Beteilligungs GmbH

mit dem Sitz in Waldshut-Tiengen

	 	 	 

	Name und Anschrift

	 	Betrag der übernommenen
	des Gesellschafters

	 	Stammeinlaae
	 
	 	 
	SIG Combibloc Holding GmbH
	 	 
	mit Sitz in Waldshut-Tiengen

	 	EUR 25.000,00
	 
	 	 
	Stammkapital:

	 	EUR 25.000.00

Waldshut-Tiengen, den 29.11.2004

Die Geschäftsführer:

	 	 	 

	/s/ Marco Haussener

	 	/s/ Andre Rosenstock
	 

	 	 
	Marco Haussener

	 	Andre Rosenstock

 

 

Liste der Gesellschafter

der Firma

SiG Combibloc Vermögensverwaltungs-GmbH

mit dem Sitz in Linnich

Nach Wirksamwerden der formwechseinden Umwandlung der SiG Combibloc Vermögensverwaltimgs-GmbH &
Co. KGaA in eine GmbH und anschließender Rückabtretung des von der ehemaligen Komplementärin
treuhändarisch für die SIG Combibloc Holding GmbH gehaltenen Geschaäftsanteils sind an der
Gesellschaft beteiligt:

	 	 	 	 
	 	 	 	 
	Gesellschafter

	 	 	Stammeinlagen
	 
	 	 	 
	1. SIG Combibloc Holding GmbH

	 	 	EUR 30.392.500,00
	    in Waldshut-Tiengen

	 	 	EUR             500,00
	 
	 	 	 
	2.. SIG Euro Holding AG & Co. KGaA
	 	 	 
	     in Waidshut-Tiengen

	 	 	EUR      307.000,00
	 
	 	 	 
	Stammkapital:

	 	 	EUR 30,700,000,00

Linnich, den 03.08.2007

Die Geschäftsführer

	 	 	 

	/s/ W.W.Schäfers
 

W.W.Schäfers

	 	 

/s/ [ILLEGIBLE]

 

 

SCHEDULE 3

COPY OF SHAREHOLDERS’ RESOLUTION IN RESPECT OF PLEDGOR

 - 38 - 

 

MINUTES OF THE RESOLUTIONS MADE BY THE

SHAREHOLDERS OF

SIG Combibloc Holding GmbH

A.

PREAMBLE

I. SIG Combibloc Holding GmbH (the “Company”) with its registered seat in
Linnich, registered with the Commercial Register of the Local Court Düren under
HR B 5751, has a stated share capital of EUR 5,200,000 (five million two hundred
thousand Euros), consisting of two shares, i.e. one share in the nominal amount of
EUR 4,939,480 (four million nine hundred thousand thirty nine thousand four
hundred eighty Euros) which is held by SIG Euro Holding AG & Co.
KGaA (“SIG
Euro Holding”) with its seat in Linnich, registered with the Commercial Register of
the Local Court Düren under HR B 5754 and one share in the nominal amount of
EUR 260,520 (two hundred sixty thousand five hundred twenty Euros) which is held
by SIG Combibloc Group AG (“SIG Combibloc Group”) with its seat in Neuhausen
am Rheinfall, Switzerland, registered in the commercial register of the Canton of
Schaffhausen under the company number CH-290.3.004.149-2

II. The Company is part of the Reynolds group of companies, which includes
RGHL (as defined below) and each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	 	a)	 	providing a guarantee and security with respect to the senior secured credit
agreement (the “Senior Secured Credit Agreement”) dated as of November 5, 2009,
between, among others, Reynolds Group Holdings Limited (“RGHL”), the borrowers
listed therein and Credit Suisse AG, as amended, amended or restated, supplemented or
otherwise modified from time to time (the “Senior Secured Credit Facilities”);
	 
	 	b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due
2016 issued by members of the Reynolds Group in aggregate principal amounts of
US$1,125,000,000 and €450,000,000 pursuant to an indenture dated as of November 5, 2009
(the “2009 Notes”);
	 
	 	c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes
due 2019 issued by members of the Reynolds Group in an aggregate principal amount of
US$1,500,000,000 pursuant to an indenture dated as of October 15, 2010 (the “October
2010 Secured Notes”); and
	 
	 	d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes
due 2021 issued by members of the Reynolds Group in an aggregate principal amount of
US$1,000,000,000 pursuant to an indenture dated as of February 1, 2011 (the “February
2011 Secured Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being
together, the “Existing Secured Notes,” and together with the Senior

 

 

Secured Credit Facilities, the “Existing Secured indebtedness”),

	 	e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate principal
amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii) 9.5% senior
subordinated notes due 2017 issued in an aggregate principal amount of €420,000,000
pursuant to an indenture dated June 29, 2007 (together with (i), the “2007 Notes”), (iii)
8.5% senior notes due 2018 issued in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated May 4, 2010 (the “May 2010 Notes”), (iv) 9.0% senior notes
due 2019 issued in an aggregate principal amount of US$1,500,000,000 pursuant to an
indenture dated October 15, 2010 (the “October 2010 Senior Notes”) and (v) 8.250% senior
notes due 2021 issued in an aggregate principal amount of US$1,000,000,000 pursuant to an
indenture dated February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the
May
2010 Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being
together, the “Existing Notes”); and
	 
	 	f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements
being, together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with
the term sheets attached thereto, the “Commitment Letter”), pursuant to which certain
lenders have provided commitments for three bridge financing facilities comprised of: a senior
secured bank bridge facility, a senior secured notes bridge facility and a senior unsecured notes
bridge facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and

2

 

transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	 	a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or
accession thereto, by certain members of the Reynolds Group in respect of the issue of new
unsecured notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”),
including the issuance of the New Unsecured Notes and provision of related guarantees in
respect of the New Unsecured Notes by certain members of the Reynolds Group (including the
Company, as applicable) and, following the Acquisition, potentially by certain members of
the GPC Group (the “New Unsecured Notes Guarantees”);
	 
	 	b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or
accession thereto, by certain members of the Reynolds Group in respect of the issue of new
senior secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),
including the issuance of the New Secured Notes and the provision of related guarantees in
respect of the New Secured Notes by certain members of the Reynolds Group (including the
Company, as applicable) and, following the Acquisition, potentially by certain members of
the GPC Group (the “New Secured Notes Guarantees”);
	 
	 	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may
be used to partially fund the Acquisition and the associated costs and transactions
required (including, without limitation, the repayment of existing indebtedness of GPC
Group and contractual payments to existing shareholders of GPC Group) to effect the
Acquisition and for general corporate purposes.
	 
	 	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that
guarantee the Existing Secured Indebtedness and, following the Acquisition, potentially
from certain members of the GPC Group and (ii) substantially the same collateral provided
in respect of the Existing Secured Indebtedness and, following the Acquisition,
potentially security provided by certain members of the GPC Group.
	 
	 	 	 	The New Secured Notes and the New Unsecured Notes may be issued into

3

 

	 	 	 	escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be
consolidated with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group
Issuer LLC, a Delaware limited liability company, and Reynolds Group Issuer (Luxembourg)
S.A., a société anonyme (a public limited liability company) under the laws of Luxembourg
(the “Existing Issuers”) or any other affiliates of RGHL which may
issue the New Secured Notes and the New Unsecured Notes (together with the Existing
Issuers, the “Issuers”) on the release of the escrow, with the Issuers being the
surviving entities (the “Escrow and Merger Arrangements”).
	 
	 	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	 	c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially certain members of the GPC Group pursuant to which such entities agree to register
the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the issuance
of the Unsecured Exchange Securities and the Secured Exchange Securities (each as defined
below) (the “Unsecured Notes Registration Rights Agreement” and the “Secured Notes
Registration Rights Agreement”, respectively);
	 
	 	d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially certain members of the GPC Group (the “Unsecured Notes Purchase
Agreement” and the “Secured Notes Purchase Agreement”, respectively);
	 
	 	e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	 	f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by

4

 

	 	 	 	certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i) to
be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition,
	 
	 	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is drawn
into escrow prior to the date of the Acquisition, the Company will not be required to
confirm its guarantees and security with respect to the Additional Bank Debt until such time
as either the delayed draw term loans are funded or the escrow is released or otherwise
terminated (the “Bank Escrow Arrangements”);
	 
	 	g)	 	the incurrence of additional indebtedness pursuant to the terms described in
the Commitment Letter;
	 
	 	h)	 	the entry into the Facilities Documents (as such term is defined in the
Commitment Letter), including, without limitation, any credit agreements,
intercreditor agreements, security documents, indentures, registration rights
agreements, purchase agreements, notes, joinders or any other documents in
connection with the Bridge Financing Facilities or the conversion of any
such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	 	i)	 	the provision by certain members of the Reynolds Group (including the
Company as an existing guarantor) of certain affirmations, reaffirmations
and/or confirmations that the guarantees in place in respect of the Existing
Secured Indebtedness and Existing Notes continue in full force and effect,
notwithstanding the Transactions (as defined below), the Escrow and
Merger Arrangements, the Bank Escrow Arrangements and, in the case of
the Senior Secured Credit Facilities, extend to the Additional Bank Debt,
the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	 	j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension, confirmation
or release and retake of security, or grant of new or additional security (which may be
second, third or junior ranking) or other action in respect of collateral under the applicable
agreements, instruments or other documents creating security interests in respect of the
Existing Secured indebtedness (collectively, the “Security Documents”) in order to
provide that such Security Documents (i) secure obligations with respect to the New Secured
Notes, the Additional Bank Debt and any secured Bridge Financing Facilities, as applicable, on
a pari passu basis with the Existing Secured Indebtedness to the extent possible and (ii)
continue to secure obligations in respect of the Existing Secured Indebtedness (including
after the consummation of the Escrow and Merger Arrangements and the Bank Escrow
Arrangements);

5

 

	 	k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of
November 5, 2009, between, among others, The Bank of New York Mellon, as the collateral
agent, Credit Suisse AG, and the grantors from time to time party thereto and the
representatives from time to time party thereto as amended by Amendment No. 1 and Joinder
Agreement, dated as of January 21, 2010 (as further amended, extended, restated or
otherwise modified the “FLICA”) to the extent required in order to permit the New
Secured Notes and/or the Additional Bank Debt to be included as “Obligations”
thereunder;
	 
	 	l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”); and
	 
	 	m)	 	following the Acquisition, the possible accession by certain members of the GPC Group
to the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

     (collectively, the “Transactions”),

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”);

	 	a)	 	the documents relating to the Bridge Financing Facilities, including, without
limitation, the Facilities Documents, and any credit agreements, intercreditor
agreements, security documents, indentures, registration rights agreements, purchase
agreements, notes, joinders, offering material or any other documents in connection with
the Bridge Financing Facilities or the conversion of any such Bridge Financing Facilities
into term loans and/or exchange notes as described in the Commitment Letter;
	 
	 	b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New
Secured Notes and the New Unsecured Notes, as more particularly described in Schedule
1; and
	 
	 	c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior
Secured Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing
Secured Notes and the Existing Notes, as more particularly described in Schedule
2.

6

 

B.

SHAREHOLDER RESOLUTIONS

     In view of the foregoing, the signatories, acting on behalf of SIG Euro Holding and SIG
Combibloc Group, waiving all legal and statutory requirements as to form and time of convening and
holding a shareholder meeting, hereby unanimously pass the following resolutions:

     I. The entry into the Transactions is hereby approved.

II. The execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to the
Acquisition and the Transactions, (including any notices, certificates, requests, communications or
other documents (together with the Transaction Documents, the “Documents”), are hereby
approved or, as the case may be, ratified.

III. IT IS HEREBY APPROVED, that the managing directors (Geschäftsführer), proxy holders
(Prokuriten) and specified persons authorized by power of attorney (together the
“Representatives” and each of them individually a “Representative”) be, and each of
them hereby is, authorised to (i) negotiate, approve, make, agree and/or execute any amendments to
any Document as that Representative may (in his absolute discretion) think fit, the execution of
any Document by such Representative being conclusive evidence of the due authorisation by the
Company of the execution and delivery, on the Company’s behalf, of that Document, as so amended,
(ii) take such action and make such filings as are required under applicable law and (iii) do all
other acts and things as he or she may consider necessary or desirable, including granting powers
of attorneys, in connection with the transactions contemplated by the Documents.

IV. IT IS HEREBY APPROVED, that the Company be, and it hereby is, authorized and empowered to
prepare, with the Escrow Issuers or the Issuers, as applicable, one or more offering memoranda to
be used in connection with the offer and sale of (i) the New Unsecured Notes Guarantees and the New
Unsecured Notes, (the “New Unsecured Securities”) and (ii) the New Secured Notes Guarantees
and the New Secured Notes (the “New Secured Securities”) and security thereunder;

V. IT IS HEREBY APPROVED, that the Company be, and it hereby is, authorized and empowered to file
one or more registration statements on Form F-4 or any other form as appropriate, and/or shelf
registration statements (including the prospectuses contained therein and any required exhibits
thereto) (the “Registration Statement”) to register under the United States Securities Act
1933, as amended (the “Securities Act”) (i) the resale of the New Unsecured Securities and
the New Secured Securities, or (ii) the offer or offers to exchange (a) the New Unsecured Notes for
new unsecured notes (the “Unsecured Exchange Notes”) and new unsecured guarantees (the
“Unsecured Exchange Guarantees”) (the Unsecured Exchange Notes and Unsecured Exchange
Guarantees are together the “Unsecured Exchange Securities”) and (b) the New Secured Notes
for the new secured notes (the “Secured Exchange Notes”) and the new secured guarantees
(the “Secured Exchange Guarantees”) (the Secured Exchange Notes and the Secured Exchange
Guarantees are together the “Secured Exchange Securities”), ((a) and (b) collectively, and
in each case, with terms substantially identical in all material respects (other than with respect

7

 

to transfer restrictions and provision requiring the payment of additional interest in certain
circumstances) to the New Unsecured Securities and the New Secured Securities, as applicable,
constitute the “Exchange Offer”);

VI. IT IS HEREBY APPROVED, that any Representative be, and each of them hereby is, authorized and
empowered, in the name and on behalf of the Company to (i) prepare, execute (manually or by
facsimile signature), and file with the U.S. Securities and Exchange Commission (the
“Commission”), each such Registration Statement, and any amendment or amendments to any
such Registration Statement, and any supplement or supplements to the prospectus therein, (ii)
prepare and make use of one or more written communications that would constitute a “free writing
prospectus” as defined in Rule 405 under the Securities Act and take all actions to comply with the
requirements of Rules 164 and 433 under the Securities Act with respect to timely filing with the
Commission, legending and recordkeeping, (iii) to make any other filings related to the New
Unsecured Securities or the Unsecured Exchange Securities and the New Secured Securities or the
Secured Exchange Securities in other jurisdictions or with other agencies, regulatory authorities,
self-regulatory bodies or entities (including, without limitation, in connection with securities
laws of any U.S. state or territory) and (iv) to do and perform any and all such other acts, deeds
and things, in each case as such Representative may deem necessary or appropriate, to effect the
registration, provided, however, that in the case of each of clauses (i), (ii), (iii) and
(iv) above, no change, amendment, supplement, filing, act, deed or thing shall be inconsistent with
any determination made by this Board;

VII. IT IS HEREBY APPROVED, that any Representative be, and each of them hereby is, in the event of
an Exchange Offer authorized and empowered, in the name and on behalf of the Company, to negotiate
and agree upon the form, terms and provisions of one or more exchange agent agreements, in such
form or forms, and providing for such fees to be paid in respect of the proposed exchange of the
New Unsecured Securities for the Unsecured Exchange Securities and the New Secured Securities for
the Secured Exchange Securities (the “Exchange Agent Agreement”) as such Representative may
approve; and that the Company be, and it hereby is, authorized and empowered to enter into and
perform its obligations under each Exchange Agent Agreement; and that any Representative be, and
each of them hereby is, authorized and empowered, in the name of and on behalf of the Company, to
execute, (manually or by facsimile signature), each Exchange Agent Agreement, such Representative’s
execution thereof to be conclusive evidence of such Representative’s approval thereof and of such
Representative’s authority to do so;

VIII. IT IS HEREBY APPROVED FURTHER, that any Representative be, and each of them hereby is,
authorized and empowered, in the name and on behalf of the Company, to execute, (manually or by
facsimile signature), and deliver one or more supplemental indentures providing for the issuance of
the Unsecured Exchange Securities and the Secured Exchange Securities (the “Exchange
Securities”) and any certificates or other instruments evidencing any of the Exchange
Securities, including one or more certificates for any Exchange Securities in global form, the
execution of such supplemental indentures, certificates or other instruments by such Representative
to be conclusive evidence of the approval by such Representative of the terms thereof and of such
Representative’s authority to do so;

IX. IT IS HEREBY APPROVED, that if any Representative executes any of the

8

 

Exchange Securities, either manually or by facsimile signature, and then ceases to be an
Representative before the Exchange Securities so executed are authenticated or delivered under the
New Unsecured Notes Indenture and the New Secured Notes Indenture, as applicable or any related
supplemental indenture, or disposed of by the Company or any of its successors, as the case may be,
such Exchange Securities shall nevertheless be valid and may be authenticated and
delivered or disposed of as though the person who executed any of such Exchange Securities had not
ceased to be an Representative;

X. IT IS HEREBY APPROVED, that the offering, issuance and sale by the
Company of the Exchange Securities be, and they hereby are, approved, ratified and
confirmed in all respects; and

XI. IT IS HEREBY APPROVED, that any Representative be, and each of them hereby is, if required,
authorized and empowered, in the name and on behalf of the Company, to determine the states of the
United States in which appropriate action shall be taken to qualify or register the New Unsecured
Securities and Unsecured Exchange Securities of the Company with respect to the New Unsecured Notes
and the Unsecured Exchange Notes, and the New Secured Securities and Secured Exchange Securities of
the Company with respect to the New Secured Notes and the Secured Exchange Notes, to take or cause
to be taken any and all actions as such Representative may deem necessary or appropriate in order
to effect the registration or qualification (or exemption therefrom) of the New Unsecured
Securities and Unsecured Exchange Securities with respect to the New Unsecured Notes, and the New
Secured Securities and Secured Exchange Securities of the Company with respect to the New Secured
Notes, under the “blue sky” or securities laws of any of the states of the United States or under
the securities laws of any other nation, and in connection therewith, to verify, execute, deliver,
file, publish or cause to be verified, executed, delivered, filed or published all requisite
documents, including applications, reports, surety bonds, irrevocable consents and appointments of
attorneys for service of process and other papers and instruments which may be required under such
laws, and to take or cause to be taken any such further action as such Representative may deem
necessary or appropriate in order to maintain any such registration or qualification for as long as
such Representative may deem necessary or appropriate or as required by law; and that the execution
by any Representative of any such document or the performance by any Representative of any such
action in connection with the foregoing matters shall conclusively establish the approval,
ratification and confirmation by the Company and this Board of the documents so executed and the
actions so taken.

XII. IT IS HEREBY APPROVED, that the shares in the Company are pledged as security under or in
connection with the Transactions and that such shares are transferred in case of an enforcement of
the pledges over the shares.

XIII. In order to effect the resolutions passed above, the Representatives are
instructed to sign in the name and on behalf of the Company all necessary documents,
and to give and receive all declarations required in connection with the conclusion,
execution and performance of the Documents and any related transactions and actions
as referred to above including, without limitation, the granting of powers of attorney
in relation to the execution of any such document or the carrying out of any such
action.

9

 

XIV. For the purposes of the Transactions, the managing directors
(Geschätftsführer) are released from the restrictions of Section 181 German Civil
Code and are authorised to grant a release from the restrictions of Section 181
German Civil Code to the other Representatives.

XV. The managing directors (Geschäftsführer) and proxy holders (Prokuristen) of
the Company are instructed to pass corresponding shareholder resolutions in respect
of the Company’s direct or indirect subsidiaries, and with respect to the approval and
execution of the Documents by such subsidiary.

XVI. There are no further resolutions to pass.

XVII. The shareholder meeting of the Company is declared closed.

C.

WAIVER DECLARATION OF

SIG EURO HOLDING

The signatories, acting in the name and on behalf of SIG Euro Holding AG & Co. KGaA, declare:

As a precaution, any avoidance of the aforementioned resolutions is waived on the part of SIG Euro
Holding AG & Co. KGaA.

[signature page follows]

10

 

July 20,2011

Place, Date

	 	 	 	 	 
	 	SIG Euro Holding AG & Co. KGaA

By: SIG Reinag AG

 	 
	 	By:  	/s/ Marco Haussener
 	 
	 	 	Name:  	Marco Haussener  	 
	 	 	Title:  	Director 	 

	 	 	 	 	 
	 	By:  	/s/ Holger Dickers
 	 
	 	 	Name:  	Holger Dickers 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	Place, Date

SIG Combibloc Group AG

 	 
	 	By:  	/s/ Thomas James Degnan
 	 
	 	 	Name:  	Thomas James Degnan  	 
	 	 	Title:  	Director 	 
	 

 

 

SCHEDULE 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New Secured
Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto,
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder thereto,
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among
others, certain of the Loan Parties, each duly appointed collateral agent under the
First Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent under
the Senior Secured Credit Facilities, and The Bank of New York Mellon, as trustee
under the 2009 Indenture and in other capacities, with respect to the continuing
security and/or guarantees in respect of the New Secured Notes and/or the Additional
Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured Credit
Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of new
or additional security (which may be second ranking) or other action in respect of

12

 

	 	 	 	collateral under the applicable agreements, instruments or other documents creating
security interests, in particular:

	 	•	 	various confirmation, reaffirmation or amendment agreements under German
law (including such agreements that require notarial recording) with respect to the
continuing or amendment of the existing German security agreements (the “German
Confirmation Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new
share pledge agreements or new account pledge agreements (including such agreements
that require notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German
law or confirms, reaffirms or amends existing agreements including but not limited to
share pledge agreements or interest pledge agreements relating to any
 shares/interests in non-German subsidiaries ((including, without limitation, (i) a
Luxembourg law confirmation agreement in respect of a share pledge over Evergreen
Packaging (Luxembourg) S.à.r.l. and (ii) an English law deed of confirmation and
amendment in respect of the share pledge over SIG Combibloc Ltd) (the “Non-German
Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

13

 

SCHEDULE 2

	1.	 	Any agreements, amendments, supplements, joinders, certificates or other documents required
to be entered into in connection with the 2007 ICA.
	 
	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations, confirmations
or other documents required to be entered into in connection with the FLICA including, without
limitation, in order to permit the New Secured Notes and/or Additional Bank Debt to be
included as “Obligations” thereunder

14

 

EXHIBIT 1

COMMITMENT LETTER

15

 

Appendix 9

SIG EURO HOLDING AG & CO. KGAA

as Pledgor

SIG BEVERAGES GERMANY GMBH, SIG INTERNATIONAL SERVICES GMBH, SIG INFORMATION TECHNOLOGY GMBH, SIG COMBIBLOC GMBH AND SIG COMBIBLOC HOLDING GMBH

as Companies

THE BANK OF NEW YORK MELLON

as Collateral Agent and Pledgee

 

SHARE PLEDGE AGREEMENT RELATING TO THE

SHARES IN SIG BEVERAGES GERMANY GMBH,

SIG INTERNATIONAL SERVICES GMBH, SIG

INFORMATION TECHNOLOGY GMBH, SIG

COMBIBLOC GMBH AND SIG COMBIBLOC

HOLDING GMBH

(Geschäftsanteilsverpfändung)

 

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 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.

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1.Definitions and Language 
	 	 	5	 
	 
	 	 	 	 
	2.Pledged Shares 
	 	 	12	 
	 
	 	 	 	 
	3.Pledge 
	 	 	13	 
	 
	 	 	 	 
	4.Scope of the Pledges 
	 	 	13	 
	 
	 	 	 	 
	5.Purpose of the Pledges 
	 	 	14	 
	 
	 	 	 	 
	6.Exercise of Membership Rights 
	 	 	14	 
	 
	 	 	 	 
	7.Enforcement of the Pledges 
	 	 	14	 
	 
	 	 	 	 
	8.Approval and Confirmation 
	 	 	16	 
	 
	 	 	 	 
	9.Undertakings of the Pledgor 
	 	 	16	 
	 
	 	 	 	 
	10.Delegation 
	 	 	18	 
	 
	 	 	 	 
	11.Indemnity 
	 	 	18	 
	 
	 	 	 	 
	12.No Liability 
	 	 	18	 
	 
	 	 	 	 
	13.Duration and Independence 
	 	 	19	 
	 
	 	 	 	 
	14.Release of Pledge (Pfandfreigabe) 
	 	 	19	 
	 
	 	 	 	 
	15.Partial Invalidity; Waiver 
	 	 	20	 
	 
	 	 	 	 
	16.Amendments 
	 	 	20	 
	 
	 	 	 	 
	17.Notices and their Language 
	 	 	20	 
	 
	 	 	 	 
	18.Notification 
	 	 	22	 
	 
	 	 	 	 
	19.Applicable Law, Jurisdiction 
	 	 	23	 
	 
	 	 	 	 
	Schedule 1 
	 	 	24	 
	 
	 	 	 	 
	Part 1 List of Current Borrowers 
	 	 	24	 
	 
	 	 	 	 
	Part 2 List of Current Guarantors, Current 2009 Senior Secured Notes Guarantors, Current
October 2010 Secured Notes Guarantors and Current February 2011 Secured Notes
Guarantors 
	 	 	24	 
	 
	 	 	 	 
	Part 3 List of Current New Secured Notes Guarantors 
	 	 	30	 
	 
	 	 	 	 
	Part 4 Copies of Shareholders Lists (Gesellschafterlisten) 
	 	 	36	 

- 1 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on September 8, 2011 BETWEEN:

	(1)	 	SIG Euro Holding AG & Co. KG aA, a limited liability company (Gesellschaft mit beschrankter
Haftung) 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 Düren under HRB 5754 (the
“Pledgor”);
	 
	(2)	 	SIG Beverages Germany GmbH, a limited liability company (Gesellschaft mit beschrankter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Waldshut-Tiengen, Germany and its business address at Weilheimer Straße 5, 79761
Waldshut-Tiengen, Germany, which is registered in the commercial register (Handelsregister) of
the local court (Amtsgericht) of Freiburg i. Br. under HRB 702482 (the “Company 1”);
	 
	(3)	 	SIG International Services GmbH, a limited liability company (Gesellschaft mit beschrankter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Duren under HRB 3925 (the “Company 2”);
	 
	(4)	 	SIG Information Technology GmbH, a limited liability company (Gesellschaft mit beschrankter
Haftung) organised under the laws of the Federal Republic of Germany having its corporate seat
in Linnich, Germany and its business address at Rurstraße
58, 52441 Linnich, Germany, which is registered in the commercial register
(Handelsregister) of the local court (Amtsgericht) of Düren under HRB 4050 (the
“Company 3”);
	 
	(5)	 	SIG Combibloc Holding GmbH, a limited liability company (Gesellschaft mit
beschrankter Haftung) organised under the laws of the Federal Republic of Germany
having its corporate seat in Linnich, Germany and its business address at Rurstraße 59, 52441 Linnich, Germany, which is registered in the commercial register
(Handelsregister) of the local court (Amtsgericht) of Düren under HRB 5751 (the
“Company 4”);
	 
	(6)	 	SIG Combibloc GmbH, a limited liability company (Gesellschaft mit beschrankter Haftung)
organised under the laws of the Federal Republic of Germany having its corporate seat in
Linnich, Germany and its business address at Rurstraße 58, 52441 Linnich, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Düren under HRB 5182 (the “Company 5” and together with Company 1, Company 2, Company 3 and
Company 4 the “Companies”); and
	 
	(7)	 	The Bank of New York Mellon, having its business address at 1 Wall Street, New York, N.Y.
10286, 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”).

- 2 -

 

WHEREAS:

	(A)	 	Pursuant to the second amended and restated senior secured multi-currency term and revolving
credit agreement dated 9 August 2011 of currently up to USD 4,445,000,000 and EUR 330,000,000
between, inter alia, the parties listed in Schedule 1 Part 1 hereto as current borrowers (the
“Current Borrowers”), the parties listed in Schedule 1 Part 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 “Second
Amended and Restated Credit Agreement”), which amends and restates the multicurrency term and
revolving credit agreement dated 5 November 2009 between, inter alia, the Current Borrowers
and the Current Guarantors, Credit Suisse AG as administrative agent and others (as amended
and restated pursuant to the Second 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 dated 5 November 2009 between, inter alia,
Reynolds Group Issuer LLC, Reynolds Group Issuer Inc., and Reynolds Group Issuer (Luxembourg)
S.A as ultimate issuers (the “Issuers”), certain affiliates of the Issuers listed in Schedule
1 Part 2 hereto as current 2009 senior secured notes guarantors (the “Current 2009 Senior
Secured Notes Guarantors”) and The Bank of New York Mellon, as indenture trustee, principal
paying agent, transfer agent and registrar, (as amended, varied, novated, supplemented,
superseded or extended from time to time, the “2009 Senior Secured Notes Indenture”), the
Issuers have issued senior secured notes due 2016 in the aggregate principal amount of USD
1,125,000,000 (the “US Secured Notes”) and senior secured notes due 2016 in the aggregate
principal amount of EUR 450,000,000 (the “Euro Secured Notes” and together with the US Secured
Notes the “2009 Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, 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

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	 	 	2010, the Escrow Issuers were merged with and into the Issuers, 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”).
	 
	(D)	 	Pursuant to a senior secured notes indenture dated 1 February 2011 between, inter
alia, 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 current February 2011 secured notes guarantors (the “Current February 2011 Secured Notes
Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined
below).
	 
	(F)	 	Pursuant to a senior secured notes indenture dated 9 August 2011 between, inter alia,
the RGHL US Escrow II LLC 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 “New Secured Notes Indenture”), the August 2011
Escrow Issuers have issued senior secured notes due 2019 in the aggregate principal
amount of USD 1,500,000,000 (the “New Secured Notes”). In connection with the
release from escrow of the proceeds of the New Secured Notes, RGHL US Escrow II
Inc. and RGHL US Escrow II LLC shall be 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 shall be 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. At such time certain affiliates of the August 2011 Ultimate Issuers listed in
Schedule 1 Part 3 hereto as current new secured notes guarantors (the “Current New
Secured Notes Guarantors”) will accede to the New Secured Notes Indenture).
	 
	(G)	 	As a result of the Second Amended and Restated Credit Agreement and the

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	 	 	amendment No. 6 and incremental term loan assumption agreement dated 9 August 2011 between, inter
alia, the Current Borrowers, the Current Guarantors, Credit Suisse AG as administrative agent and
others (the “Amendment No. 6 and Incremental Term Loan Assumption Agreement”) certain lenders have
agreed to grant incremental term loans in an aggregate amount of up to USD 2,000,000,000.
	 
	(H)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising
under the Existing Share Pledge Agreements (as defined below)) over its Shares (as
defined below) in the Companies 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).
	 
	(I)	 	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 alia, the Collateral
Agent, the 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 Intercreditor Agreement”).

NOW, IT IS AGREED as follows:

	1.	 	 DEFINITIONS AND LANGUAGE
	 
	1.1	 	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.l 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.
	 
	 	 	“Borrowers” means the Current Borrowers and any entity which may accede to the Credit
Agreement as an additional borrower and “Borrower” means any of them.
	 
	 	 	“Cash Management Bank” shall mean Citibank N.A., Banco Nacional De Mexico S.A., Citibank
International PLC, UK, Citibank (China) Co., Limited, Citibank Global Markets Deutschland AG
& Co KGaA, Citibank ZRT, Hungary, a Lender, the Administrative Agent or any of the Lender’s
or the Administrative Agent’s affiliates

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	 	 	(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 2009 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents, the February 2011 Secured Notes Documents and the New Secured
Notes Documents.
	 
	 	 	“Enforcement Event” shall mean an Event of Default.
	 
	 	 	“Event of Default” means any event of default (Kündigungsgrund) under the Credit Agreement and/or
the 2009 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 Secured Notes Indenture and/or the New Secured Notes Indenture.
	 
	 	 	“Existing Intercreditor Agreement” means the existing 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 alia,
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.à r.l., Credit Suisse AG (formerly Credit Suisse) as security trustee and
others.
	 
	 	 	“Existing Share Pledge Agreements” means

	 	a)	 	the share pledge agreement dated 5 November 2009 (as amended by a confirmation and amendment
agreement dated 4 May 2010) entered into between SIG Euro Holding AG & Co. KGaA as pledgor and
The Bank of New York Mellon as collateral agent and as pledgee and others as pledgees;
	 
	 	b)	 	a confirmation and amendment agreement dated 4 May 2010 entered into between, inter alios,
SIG Euro Holding AG & Co. KG aA as pledgor and The Bank of New York Mellon as collateral agent
and others (the “Confirmation and Amendment Agreement”);
	 
	 	c)	 	the share pledge agreement dated 16 November 2010 entered into between SIG Euro Holding AG &
Co. KGaA as pledgor and The Bank of New York Mellon as collateral agent and as pledgee; and

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	 	d)	 	the share pledge agreement dated 2 March 2011 entered into between SIG Euro Holding AG & Co.
KGaA as pledgor and The Bank of New York Mellon as collateral agent and as pledgee.

	 	 	“Existing Shares” has the meaning given to such term in sub-Clause 2.1 hereof.
	 
	 	 	“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 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 Bank 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 Companies (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 any of the Companies (including by
way of authorised capital (genehmigtes Kapitat)) or otherwise.
	 
	 	 	“Grantors” means the Loan Parties, the Issuers, the 2009 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors, the February 2011 Secured Notes Guarantors and the New
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 and
the 2009 Senior Secured Notes Guarantors, the October 2010 Secured Notes Guarantors, the February
2011 Secured Notes Guarantors and the New Secured Notes Guarantors under the Credit Documents and
“Grantor” means any of them.

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	 	 	“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 or indirect subsidiaries
(Tochtergesellschaften).
	 
	 	 	“Hedge Counterparty” means a 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, or by execution of an additional
bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien
Intercreditor Agreement in its capacity as hedge counterparty.
	 
	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating to
incremental facilities of up to USD 2,000,000,000 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 Term Loan Commitments and/or one or more
Incremental Revolving Credit Lenders make available Incremental Revolving Credit Commitments
respectively.
	 
	 	 	“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 make 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 term loans to one or more Borrowers.
	 
	 	 	“Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as indenture trustee
under the 2009 Senior Secured Notes Indenture and any successor appointed as indenture trustee
under the 2009 Senior Secured Notes Indenture.
	 
	 	 	“Intercreditor Arrangements” means the First Lien Intercreditor Agreement and the Existing
Intercreditor Agreement, in each case as amended, novated, supplemented, restated, or modified from
time to time.

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	 	 	“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.l and Joinder Agreement, the
Second Amended and Restated Credit Agreement and the Amendment No. 6 and Incremental
Term Loan Assumption 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 and a “Loan Party” means any of them.
	 
	 	 	“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.à 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 HSBC Trinkaus & Burkhardt AG, Deutsche Bank AG, Commerzbank
Aktiengesellschaft and Hong Kong and Shanghai Banking Corporation Ltd., Thailand, Bank of America,
N.A., Canada Branch, FIA Card Services, N.A., Citibank N.A., Citibank (China) Co., Ltd., Banco
Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex, Bank of America, N.A., 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.
	 
	 	 	“New Secured Notes Documents” shall mean the New Secured Notes Indenture, the New Secured Notes
Guarantees, the New Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any
security document relating to the New Secured Notes and/or the New Secured Notes Indenture and any
other document that may be entered into pursuant to any of the foregoing.

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	 	 	“New Secured Notes Guarantees” shall mean the guarantees of the obligations of the August 2011
Escrow Issuers and/or of the August 2011 Ultimate Issuers under the New Secured Notes and the New
Secured Notes Indenture by the New Secured Notes Guarantors.
	 
	 	 	“New Secured Notes Guarantors” means the Current New Secured Notes Guarantors and any entity which
may accede to the New Secured Notes Indenture as additional guarantor.
	 
	 	 	“New Secured Notes Holders” shall mean the holders from time to time of the New Secured Notes.
	 
	 	 	“New Secured Notes Indenture Trustee” shall mean The Bank of New York Mellon, in its capacity as
indenture trustee under the New Secured Notes Indenture and any successor appointed as indenture
trustee under the New Secured Notes Indenture.
	 
	 	 	“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 incurred 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).
	 
	 	 	“October 2010 Secured Notes Documents” shall mean the October 2010 Secured Notes Indenture, the
October 2010 Secured Notes Guarantees, the October 2010 Secured Notes, the Intercreditor
Arrangements, any supplemental indenture relating to the October 2010 Secured Notes Indenture, any
security document relating to the October 2010 Secured Notes 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 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” shall mean The Bank of New

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	 	 	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.
	 
	 	 	“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 Clause 3.1.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the 2009 Senior Secured Notes Indenture,
the October 2010 Secured Notes Indenture, the February
2011 Secured Notes Indenture, the New 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 undertaken by any
Grantor under any Credit Document, the 2009 Senior Secured Notes Holders, the October 2010 Secured
Notes Holders, the February 2011 Secured Notes Holders and the New Secured Notes Holders, the
Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured
Notes Indenture Trustee and the New Secured Notes Indenture Trustee, the Collateral Agent, the
Local Facility Providers and the Cash Management Banks.
	 
	 	 	“2009 Senior Secured Notes Documents” shall mean the 2009 Senior Secured Notes Indenture, the 2009
Senior Secured Notes Guarantees, the 2009 Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the 2009 Senior Secured Notes and/or the
2009 Senior Secured Notes Indenture and any other document that may be entered into pursuant to any
of the foregoing.
	 
	 	 	“2009 Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the Issuers
under the 2009 Senior Secured Notes and the 2009 Senior Secured Notes Indenture by the 2009 Senior
Secured Notes Guarantors.
	 
	 	 	“2009 Senior Secured Notes Guarantors” means the Current 2009 Senior Secured Notes Guarantors and
any entity which may accede to the 2009 Senior Secured Notes Indenture as additional guarantor.

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	 	 	“2009 Senior Secured Notes Holders” shall mean the holders from time to time of the 2009
Senior Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	Construction
	 
	 	 	In this Agreement any reference to a “Clause”, 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 1 has a nominal share capital (Stammkapital) of EUR 50,000 (in words:
Euro fifty thousand) which consists of one share (the “Existing Shares 1”).
	 
	 	 	The Company 2 has a nominal share capital (Stammkapital) of EUR 1,000,000 (in words: Euro
one million) which consists of one share (the “Existing Shares 2”).
	 
	 	 	The Company 3 has a nominal share capital (Stammkapital) of EUR 5,000,000 (in words: Euro
five million) which is divided into two shares, one share in the nominal amount (Nennbetrag)
of EUR 100,000 (in words: Euro one hundred thousand) and one share in the nominal amount
(Nennbetrag) of EUR 400,000 (in words: Euro four hundred thousand) (the “Existing Shares
3”).
	 
	 	 	The Company 4 has a nominal share capital (Stammkapital) of EUR 5,200,000 (in words: Euro
five million two hundred thousand) which is divided into two shares. The Pledgor is the
owner of one share in Company 4 with a nominal amount (Nennbetrag) of EUR 4,939,480 (in
words: Euro four million nine hundred thirty-nine thousand four hundred eighty) carrying the
serial number (laufende Nummer) 1 (the “Existing Shares 4”)
	 
	 	 	The Company 5 has a nominal share capital (Stammkapital) of EUR 30,700,000 (in words: Euro
thirty million seven hundred thousand) which is divided into three shares. The Pledgor is
the owner of one share in Company 5 with a nominal amount (Nennbetrag) of EUR 307,000 (in
words: Euro three hundred seven thousand) (the “Existing Shares 5” and together with the
Existing Shares 1, the Existing Shares 2, the Existing Shares 3 and the Existing Shares 4
the “Existing Shares”).
	 
	2.2	 	The Pledgor is the owner of the Existing Shares and is registered as such in the
relevant shareholders list (Gesellschafterliste) of the Companies as filed

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	 	 	(aufgenommen) with the commercial register (Handelsregister), copies of which are attached
as Schedule 1 Part 4 (Copy of Shareholders Lists).
	 
	3.	 	PLEDGE
	 
	3.1	 	The Pledgor hereby pledges to the Pledgee the Shares together with all ancillary rights and
claims associated with the Shares as more particularly specified in Clause 4 (the “Pledge”
and/or the “Pledges”).
	 
	3.2	 	The Pledgee hereby accepts the Pledges.
	 
	3.3	 	The Pledge is 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 PLEDGES
	 
	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 (Einziehungsentgelf),
repaid
capital in case of a capital decrease, any compensation in case of
termination (Kündigung) and/or withdrawal {Austritt) of a shareholder
of the Companies, the surplus in case of surrender (Preisgabe), any
repayment claim for any additional capital contributions (Nachschüsse)
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 (verpfändbar) (including without limitation all present and future pecuniary
claims of the Pledgor against any of the Companies arising under or in connection with
any domination and/or profit transfer agreement (Beherrschungs- und/oder
Gewinnabführungsvertrag) or partial profit transfer agreement
(Teilgewinnabführungsvertrag) which may be entered into between the Pledgor and any of
the Companies).

	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.

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	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
any of the Companies or in connection with the reduction of the amount of the
registered share capital of any of the Companies; 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 PLEDGES
	 
	 	 	The Pledges hereunder are constituted in order to secure the prompt and complete
satisfaction of any and all Obligations. The Pledges 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 (Bürgerliches 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 09 or any other obligation under
this Agreement.
	 
	7.	 	ENFORCEMENT OF THE PLEDGES
	 
	7.1	 	If (i) an Enforcement Event has occurred 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 any 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 (or any of
them), the Pledgee (acting on the instructions of the Secured Parties) may at

- 14 -

 

	 	 	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 enforceable judgment or other instrument (vollstreckbarer Titet).
The Pledgee shall be entitled to have the Pledges 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	 	If the 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 9.6 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 Pledge over the shares in the Companies
individually in separate proceedings or together with pledges over shares or partnership
interests in one or more other companies at one single proceeding (Gesamtverwertung).

- 15 -

 

	7.8	 	The Pledgor hereby expressly waives all defences of revocation (Einrede der Anfechtbarkeit)
and set-off (Einrede der Aufrechenbarkeit) 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	 	If the Pledges are 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
 — Forderungsübergang auf den Verpfänder) 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 any of the Companies or
any of the Companies’ affiliates or to assign any of these claims.
	 
	8.	 	APPROVAL AND CONFIRMATION
	 
	 	 	The Pledgor as the sole shareholder of the Companies other than Company 4 and Company 5
hereby approves the Pledges over the Shares in Company 1, Company 2 and Company 3 and over
any and all ancillary rights and claims associated with the Shares (as more particularly
specified in Clause 4). Pursuant to the articles of association of each of Companies the
Pledges are not subject to any approval of the relevant Company.
	 
	9.	 	UNDERTAKINGS OF THE PLEDGOR
	 
	 	 	Unless otherwise agreed between the parties, during the term of this Agreement, the Pledgor
undertakes to the Pledgee:
	 
	9.1	 	to promptly effect any contributions in cash (Bareinlage) or kind (Sacheinlage) to be made in
respect of the Shares;
	 
	9.2	 	to inform the Pledgee promptly of any change made in the registered share capital of any of
the Companies, or any changes made to the articles of association of any of the Companies
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);
	 
	9.3	 	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 (aufgenommen) with the commercial register (Handelsregister).

- 16 -

 

	9.4	 	to promptly notify the Pledgee, by notification in writing of any attachment (Pfändung) 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 (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other
documents necessary for a defence against the attachment;
	 
	9.5	 	in the event of any increase in the capital of any of the Companies, 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;
	 
	9.6	 	to promptly inform the Pledgee, by notification in writing, of all matters concerning of any
of the Companies 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 any of
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 shareholders’ meetings of any of the
Companies as attendants without power to vote. Subject to the provision contained in
sub-Clause 13.1, the Pledgee’s right to attend a shareholders’ meeting shall lapse immediately
upon complete satisfaction and discharge of the Obligations;
	 
	9.7	 	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);
	 
	9.8	 	not to amend the articles of association of any of the Companies 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);
	 
	9.9	 	insofar as additional declarations or actions are necessary for the creation of the Pledges
(or any of them) 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
	 
	9.10	 	for the avoidance of doubt, notification and consent requirements as set out in sub-Clauses
9.1 through 9.8 of this Agreement are deemed to be satisfied if and to the extent such
notification or consent has been delivered under the Existing Share Pledge

- 17 -

 

	 	 	Agreements provided that such notification to the Pledgee or consent of the Pledgee makes
reference to this Agreement and each Existing Share Pledge Agreement.
	 
	10.	 	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 terms and
conditions as it shall see fit. The Pledgee shall only remain liable for diligently
selecting and providing initial instructions to such delegate.
	 
	11.	 	INDEMNITY
	 
	 	 	The Pledgor shall reimburse the Pledgee (which, for purposes of this Clause 11, 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
knowledge thereof; provided that any failure so to 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
Fahrlässigkeit). 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.
	 
	12.	 	NO LIABILITY
	 
	 	 	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

- 18 -

 

	 	 	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 Fahrlässigkeit) 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.
	 
	13.	 	DURATION AND INDEPENDENCE
	 
	13.1	 	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.
	 
	13.2	 	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.
	 
	13.3	 	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.
	 
	13.4	 	Waiving Section 418 of the German Civil Code, the Pledgor 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.
	 
	14.	 	RELEASE OF PLEDGE (PFANDFREIGABE)
	 
	14.1	 	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
(Akzessorietät) ceases to exist by operation of German mandatory law.
	 
	14.2	 	At any time when the total value of the aggregate security granted by the Pledgor and any of
the other Grantors 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 (the “Limit”) 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.

- 19 -

 

	14.3	 	The parties acknowledge that the Pledgee (as instructed in accordance with the First Lien
Intercreditor Agreement) will declare in writing the release of the Pledges (Pfandfreigabe) to
the Pledgor as soon as reasonably practicable in accordance with, and to the extent required
by, the Intercreditor Arrangements.
	 
	15.	 	PARTIAL INVALIDITY; WAIVER
	 
	15.1	 	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 (Regelungslücke) 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.
	 
	15.2	 	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.
	 
	15.3	 	In particular, the Pledges shall not be affected and shall in any event extend to any and all shares in each of the Companies even if the number or nominal value of the Existing Shares or
the aggregate share capital of any of the Companies as stated in Clause 2 are inaccurate or
deviate from the actual facts.
	 
	16.	 	AMENDMENTS
	 
	 	 	Changes and amendments to this Agreement including this Clause 16 shall be made in writing
except where notarisation is required.
	 
	17.	 	NOTICES AND THEIR LANGUAGE
	 
	17.1	 	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:

- 20 -

 

	 	 	 	 	 	 	 

	 	 	For the Pledgor:	 	SIG Euro Holding AG & Co. KG aA
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	Rurstraße 58, 52441 Linnich,

Germany
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	+49 2462-790
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+49 2462-792519 1
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	Managing Directors

(Geschäftsführung)
	 
	 	 	 	 	 	 
	 

	 	for the Pledgor with a copy to:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	c/o Rank Group Limited
	 

	 	 	 	 	 	Level 9
	 

	 	 	 	 	 	148 Quay Street
	 

	 	 	 	 	 	PO Box 3515
	 

	 	 	 	 	 	Auckland 1140
	 

	 	 	 	 	 	New Zealand
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	+649 3666 259
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+649 3666 263
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	Helen Golding

 

			
	1	 	To be updated due to transfer of business seat

- 21 -

 

	 	 	 	 	 	 	 

	 	 	For the Pledgee:	 	The Bank of New York Mellon
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	101 Barclay Street, 4E
	 

	 	 	 	 	 	New York, N.Y. 10286
	 

	 	 	 	 	 	The United States of
	 

	 	 	 	 	 	America
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	+212 298 1528
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	+212 815 5366
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	International
Corporate Trust

	17.2	 	Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. As agreed 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.
	 
	17.3	 	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 17 or
in accordance with the latest unrevoked direction from such party given in accordance with
this Clause 17.
	 
	17.4	 	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.
	 
	18.	 	NOTIFICATION
	 
	18.1	 	The Pledgor and the Pledgee hereby give notice of this Agreement and the Pledges of the
rights pursuant to Clause 3 and Clause 4 to the Companies.
	 
	18.2	 	The Companies hereby acknowledge the notification pursuant to Clause 18.1 above.

- 22 -

 

	19.	 	APPLICABLE LAW, JURISDICTION
	 
	19.1	 	This Agreement is governed by the laws of the Federal Republic of Germany.
	 
	19.2	 	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 taking 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.

The Notary advised the persons appearing:

	•	 	that a pledge is a security instrument of strictly
accessory nature (which means that it comes into
legal existence only if, to the extent that, and as
long as, the underlying secured claims do in fact
exist, and that the owners of the secured claims and
the pledgees must be identical);
	 
	•	 	that notwithstanding Section 16 para 3
German Limited Liability Companies Act (Gesetz
betreffend die Gesellschaften mit beschränkter
Haftung) there is no bona fide creation, acquisition
nor ranking of a pledge of shares (in the sense that
the pledgees are not protected if the shares
purported to be pledged do not exist or have been
previously encumbered for the benefit of a third
party); and
	 
	•	 	that the English original version of this Agreement
will not be acceptable for enforcement but will have
to be translated, by a certified translator, into
German for such purposes.

- 23 -

 

SCHEDULE 1

PART 1

LIST OF CURRENT BORROWERS

SIG Euro Holding AG & Co. KGaA

Closure Systems International Holdings Inc.

Closure Systems International B.V.

SIG Austria Holding GmbH

Reynolds Consumer Products Holdings Inc.

Reynolds Group Holdings Inc.

Pactiv Corporation

PART 2

LIST OF CURRENT GUARANTORS, CURRENT 2009 SENIOR SECURED NOTES GUARANTORS, CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS AND CURRENT FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

SIG Austria Holding GmbH

SIG Combibloc GmbH & Co KG

SIG Combibloc GmbH

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedacao Ltda

CSI Latin American Holdings Corporation

- 24 -

 

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

- 25 -

 

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyarto es Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen
Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

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.

Técnicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

- 26 -

 

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products

Holdings Inc. Reynolds Consumer Products Inc.

Reynolds Foil Inc.

- 27 -

 

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC 

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

- 28 -

 

PCA West Inc.

Prairie Packaging. Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv Mexico, S. de R.L. de C.V.

- 29 -

 

PART 3

LIST OF CURRENT NEW SECURED NOTES GUARANTORS2

Whakatane Mill Australia Pty Limited

SIG Beverages Brasil Ltda

SIG Combibloc do Brasil Ltda.

Closure Systems International (Brazil) Sistemas de Vedação Ltda

CSI Latin American Holdings Corporation

Evergreen Packaging Canada Limited

CSI Closure Systems Manufacturing de Centro America, S.R.L.

SIG Holdings (UK) Limited

SIG Combibloc Limited

Closure Systems International (UK) Limited

Reynolds Consumer Products (UK) Limited

Reynolds Subco (UK) Limited

Kama Europe Limited

Ivex Holdings, Ltd.

SIG Euro Holding AG & Co. KGaA

SIG Beverages Germany GmbH

SIG Combibloc Holding GmbH

SIG Vietnam Beteiligungs GmbH

SIG Combibloc GmbH

SIG Combibloc Systems GmbH

 

			
	2	 	Post closing Austrian guarantors excluded.

- 30 -

 

SIG Combibloc Zerspanungstechnik GmbH

SIG Information Technology GmbH

SIG International Services GmbH

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Deutschland GmbH

Pactiv Hamburg Holdings GmbH

Pactiv Deutschland Holdinggesellschaft mbH

Omni-Pac Ekco GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel

SIG Asset Holdings Limited

Closure Systems International (Hong Kong) Limited

SIG Combibloc Limited

Evergreen Packaging (Hong Kong) Limited

Closure Systems International Holdings (Hungary) Kft.

CSI Hungary Gyártó és Kereskedelmi Kft. (aka CSI Hungary)

Closure Systems International Holdings (Japan) KK

Closure Systems International Japan, Limited

Beverage Packaging Holdings (Luxembourg) I S.A.

Beverage Packaging Holdings (Luxembourg) III S.à r.l.

Evergreen Packaging (Luxembourg) S.à r.l.

Reynolds Group Issuer (Luxembourg) S.A.

Bienes Industriales del Norte S.A. de C.V.

CSI en Ensenada, S. de R.L. de C.V.

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

- 31 -

 

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

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

Técriicos de Tapas Innovativas S.A. de C.V.

Evergreen Packaging Mexico, S. de R.L. de C.V.

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

Maxpack, S. de R.L. de C.V.

Closure Systems International B.V.

Reynolds Consumer Products International B.V.

Evergreen Packaging International B.V.

Reynolds Packaging International B.V.

Reynolds Group Holdings Limited

Whakatane Mill Limited

SIG Combibloc Group AG

SIG Technology AG

SIG allCap AG

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Combibloc Ltd.

SIG Holding USA Inc.

SIG Combibloc Inc.

Closure Systems International Americas, Inc.

Closure Systems International Holdings Inc.

- 32 -

 

Closure Systems International Inc.

Reynolds Packaging Machinery Inc.

Closure Systems Mexico Holdings LLC

CSI Mexico LLC

CSI Sales & Technical Services Inc.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

Reynolds Group Holdings Inc.

Reynolds Services Inc.

Blue Ridge Holding Corp.

Blue Ridge Paper Products Inc.

Evergreen Packaging International (US) Inc.

Evergreen Packaging Inc.

Evergreen Packaging USA Inc.

Reynolds Packaging, Inc.

Reynolds Packaging LLC

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

Ultra Pac, Inc.

BRPP, LLC

- 33 -

 

Reynolds Group Issuer Inc.

Reynolds Group Issuer LLC

Pactiv Corporation (formerly Reynolds Acquisition Corporation)

Pactiv Factoring LLC

Pactiv RSA LLC

Pactiv Retirement Administration LLC

Pactiv Germany Holdings, Inc.

Pactiv International Holdings Inc.

Pactiv Management Company LLC

PCA West Inc.

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

Pactiv Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

Conference Cup Ltd.

Dopaco Canada, Inc.

Dopaco, Inc.

Garven Incorporated

Central de Bolsas, S. de R.L. de C.V.

Servicios Industriales Jaguar, S. de C.V.

- 34 -

 

Servicio Terrestre Jaguar, S. de C.V.

Grupo Corporativo Jaguar, S. de C.V.

Pactiv Mexico, S. de R.L. de C.V.

- 35 -

 

PART 4

COPIES OF SHAREHOLDERS LISTS (GESELLSCHAFTERLISTEN)

- 36 -

 

BADEN-WÜRTTEMBERG

Amtsgericht Freiburg i. Br.

- Registergericht -

HRB 702482

Amttlicher Ausdruck aus dem Registerordner

Dokumentname: 79098_HRB702482_GEL_S2008-08-084497446_#001.PDF

Eingestellt in den Registerordner am (letztes Freigabedatum): 26.06.2009

Unter der Dokumentart: Liste der Gesellschafter

Abgerufen aus dem Registerordner 04.08.2011 08:11:49

Der Ausdruck bezeugt einen Inhalt des Registerordners.

Dieser Ausdruck wird nicht unterschrieben und gilt als beglaubigte Abschrift.

Freiburg i. Br., den 04.08.2011

Urkundsbeamter/in der Geschäftsstelle

Lucci

Justizangestellte

 

 

			
	
	 	SIG Beverages

SIG Bevarages Germany GmbH

Weilheimer Str.5, D-79761 Waldshut-Tiengen

Amtsgericht Freiburg

Registergericht

Bismarckallee 2

79098 Freiburg i. Br.

Waldshut-Tiengen, 3, September 2008

	 	 	 

	von

	 	Tel direkt
	Joachim Frommherz

	 	(00 49) 0 77 41/ 8 44 55
	 
	 	 
	E-mail

	 	Fax direkt
	Joachim.frommherz@Sig.blz

	 	(00 49) 0 77 41/ 20 28

Gesellschafterwechsel bei der SIG Beverages Germany GmbH, Waldshut-Tiengen, HRB
702482, Registergericht Freiburg

Sehr geehrte Damen and Herren,

beigetügt erhaiten Sie eine aktualisierte Gesellschafterliste der SIG Beverages Germany GmbH,
Weilheimer Straße 5, 79761 Waldshut-Tiengen, HRB 702482, Registergericht Freiburg. Der
Gesellschafterwechsel ergab sich aufgrund der Verechmelzung des Altgesellschafters SIG Plastics
Holding GmbH, Weilheimer Str. 5, 79761 Waldshut-Tiengen, HRB 621389, Registergericht Freiburg,
auf den Neugesetlschafter SIG Euro Holding AG & Co. KGaA, Wellheimer Str. 5,79761 Waldshut-Tiengen,
HRB 621259, Registergericht Freiburg.

Für Rückfragen stehan wlr Ihnen game jederzelit zur verfügung.

Mit freundlichen Grüßen

SIG Beverages Germany GmbH

	 	 	 

	/s/ Marco Haussener

	 	/s/ Joachim Frommherz
	 

	 	 
	Marco Haussener

	 	Joachim Frommherz

	 	 	 

	SIG Beverages Germany GmbH

	 	Geschäftsfuhrung:
	Wellheimer Sir. 5,0-79761 Waldshut-Tiengen 

	 	Macro Haussener
	HRB 7024B2 Amtsgericht Freiburg

	 	Joachlm Frommherz
	St.-Nr.: 20002/03010
	 	 
	Deutsche Bank Oilsseldorf, KINr:336002100, BLZ 30070010
	 	 

 

 

Amtsgericht Freiburg

-Registergaricht-

Bismarckallee 2

79098 Freiburg

SIG Beverages Germany GmbH,

Weilheimer Str. 5,

79761 Waldshut-Tiengen,

HRB 702482, Registergericht Freiburg

Gesellschafterliste per 8. August 2008

Das Stammkapital in Höhe von EUR 50.000,00 der Gesellschaft per 8.6.2008 wird durch folgenden
Gesellschafter gehalten:

	 	 	 	 	 	 

	 
	 	SIG Euro Holding AG & Co. KGaA, 

Weilheimer Str. 5,	 	 	 
	 
	 	79761 Waldshut-Tiengen,	 	 	 
	 
	 	HRB 821259, Registergericht Freiburg	 	EUR	50.000.00
	 
	 	 	 	 	 
	 
	 	Stammkapital gesamt	 	EUR	50.000,00

Waldshut-Tiengen, den 3.9.2008

	 	 	 

	/s/ Marco Haussener

	 	/s/ Joachlm Frommherz
	 

	 	 
	Marco Haussener 

Geschäftsführer

	 	Joachlm Frommherz

Geschäftsführer

 

 

Liste der Gesellschafter

der

SIG International Services GmbH, Linnich

Alleinige Gesellschafterin:

SIG Euro Holding AG & Co. KGaA, Waldshut-Tiengen,
eingetragen im Handelsregister des Amtsgerichts Waldshut-Tiengen, HR B 1259

Übernommene Stammeinlage: 1.000.000.00 EUR, bestehend aus:

1 Geschäftsanteil à 1.000.000,00 EUR

Linnich, den 09.12.2005

/s/ [ILLEGIBLE]

 

 

Liste der Gesellschafter

der

SIG Information Technology GmbH, Linnich

Alleinige Gesellschafterin:

SIG Euro Holding AG & Co. KGaA, Waldshut-Tiengen;
eingetragen im Handelsregister des Amtsgerichts Waldshut-Tiengen, HR B 1259

Übernommene Stammelnlage: 500.000 Euro, bestehend aus:

1 Geschaftsanteil à 100.000 Euro

l Geschäftsanteil à 400.000 Euro

Linnich, den 27.09.2001

	 	 	 

	/s/ André Rosenstock
 

André Rosenstock
Geschaftsfuhrer

	 	 

 

 

Liste der Gesellschafter

der Firma

SIG Combibloc Vermögensverwaltungs-GmbH

mit dem Sitz in Linnich

Nach Wirksamwerden der formwechselnden Umwandlung der SIG Combibloc
Vermögensverwaltungs-GrnbH & Co. KGaA in eine GmbH und anschließender
Rückabtretung des von dec ehemaligen Komplementärin treuhänderisch für die SIG
Combibloc Holding GmbH gehaltenen Geschaäftsanteils sind an der Gesetlschaft
beteiligt:

	 	 	 	 	 	 
	Gesellschafter	 	Stammeinlagen
	1.
	 	SIG Combibloc Holding GmbH in Waldshut-Tiengen	 	EUR	30.392.500,00
	 
	 	 	 	EUR	500,00
	 
	 	 	 	 	 
	2.
	 	SIG Euro Holding AG & Co. KGaA in Waldshut-Tiengen	 	EUR	307.000,00
	 
	 	 	 	 
	 
	 	 	 	 	 
	Stammkapital:
	 	EUR	30.7110,000,00
	 
	 	 	 	 

Linnich, den 03.08.2007

Die Geschäftsführer:

	 	 	 

	/s/ W.W. Schäfers
 

W.W. Schäfers

	 	/s/ [ILLEGIBLE] 

 

 

Liste der Gesellschafter 

der

SIG Combibloc Holding GmbH

mit Sitz in Waldshut-Tiengen

(Amtsgericht Freiburg i, Br., HRB 620756)

gemäß § 40 Abs. 1S, 1 GmbHG

(nach erfolgter Umflrmierung der Gesellschafterin SIG Holding AG in SIG Combibloc Group AG)

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	übernommene	 	 
	 	 	 	 	Geschäftsanteile	 	laufende Nummern
	Gesellschafter	 	(Nennbeträge)	 	der Geschäftsanteile
	 
	1.

	 	SIG Euro Holding AG & Co. KGaA mit Sitz in Waldshut-Tiengen (Amtsgericht Freiburg i. Br., HRB 621259)
	 	EUR	4.939.480,00	 	 	 	(1	)
	 
	 	 	 	 	 	 	 	 	 	 
	2.

	 	SIG Combibloc Group AG mit Sitz In Neuhausen am Rheinfall/Schwelz (Handelsregister Kanton Schaffhausen, Flrmennummer: CH-290.3.004,149-2)
	 	EUR	260.520,00	 	 	 	(2	)
	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Stammkapital insgesamt

	 	EUR	5,200,000,00	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 

Waldshut-Tiengen, den

	 	 	 

	/s/ Marco Haussener
 

Marco Haussener

- Geschäftsführer -

	 	/s/ Andre Rosenstock
 

Andre Rosenstock

- Geschäftsführer -

 

 

 

Certified
Copy 

POWER OF ATTORNEY

SIG Combibloc Systems GmbH

SIG Combibloc Systems GmbH is a limited liability company (Gesellschaft mil beschränkter
Haftung) incorporated under the laws of Germany, with its registered seat in Linnich, registered
with the Commercial Register of the Local Court Düren under HR B 3935 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below)
and each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among
others, Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”):
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”): and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1,2011 (the “February 2011 Secured
Notes”):

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes.” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”).

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29,2007 (together with (i), the
“2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in
an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated
February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together,
the “Existing Notes”): and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”,

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1. (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”):
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related guarantees in
respect of the New Secured Notes by certain members of the Reynolds Group (including the
Company, as applicable) and, following the Acquisition, potentially by certain members of
the GPC Group (the “New Secured Notes Guarantees”).

	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into the New Secured
Notes Indenture, the New Secured Notes will have the benefit of (i) guarantees from
substantially the same guarantors (including the Company) that guarantee the Existing
Secured Indebtedness and, following the Acquisition, potentially from certain members of
the GPC Group and (ii) substantially the same collateral provided in respect of the
Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group,
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition, If the New Secured Notes or the New Unsecured Notes arc issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New
Secured Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);
	 
	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing, The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”):
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured

4

 

	 	 	Bridge Financing Facilities, as applicable, on a pari passu basis with the Existing
Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);
	 
	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5,2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;
	 
	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”); and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange
notes as described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories-each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney,

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

6

 

Place, Date: July 23, 2011

SIG Combibloc Systems GmbH

	 	 	 	 	 
	 	 	 
	 	By:  	 /s/ Henrik Wagner
 	 
	 	 	Name:  	Henrik Wagner 	 
	 	 	Function: CEO / Managing Director 	 
	 
	 	 	 
	 	By:  	 /s/ Christian Alt
 	 
	 	 	Name:  	Christian Alt 	 
	 	 	Function: CEO / Managing Director 	 
	 

7

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly appointed
trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly appointed
trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and
any officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among others,
certain of the Loan Parties, each duly appointed collateral agent under the First
Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent under the
Senior Secured Credit Facilities, and The Bank of New York Mellon, as trustee
under the 2009 Indenture and in other capacities, with respect to the continuing
security and/or guarantees in respect of the New Secured Notes and/or the
Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured
Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation,
supplement, creation, extension, confirmation or release and retake of security,
or grant of new or additional security (which may be second ranking) or

8

 

	 	 	 	other action in respect of collateral under the applicable agreements, instruments or
other documents creating security interests, in particular;

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the
continuing or amendment of the existing German security agreements (the “German
Confirmation Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share
pledge agreements or new account pledge agreements (including such agreements that
require notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge
agreements relating to any shares/interests in non-German subsidiaries (the
“Non-German Pledge Agreements”),

	 	12.	 	Any other document, instrument and/or agreement for the purpose of
confirming, affirming, retaking or creating security in respect of the
Additional Bank Debt and/or the New Secured Notes,
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company,
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions,
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

SCHEDULE 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	1.	 	Philipp von Hoist
	 
	2.	 	Dr. David Witzel
	 
	3.	 	Klaudius Heda
	 
	4.	 	Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

SIG Combibloc Zerspanungstcchnik GmbH

SIG Combibloc Zerspanungstechnik GmbH is a limited liability company (Gesellschaft mit
beschärnkter Haftung) incorporated under the laws of Germany, with its registered seat in Aachen,
registered with the Commercial Register of the Local Court Aachen under HRB 3814 (the
“Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below)
and each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”). the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
E450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior seemed notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”); and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the
“2007 Notes”), (iii) 8,5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8,250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated
February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together,
the “Existing Notes”); and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”,

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc, (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”):
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related
guarantees in respect of the New Secured Notes by certain members of the Reynolds Group
(including the Company, as applicable) and, following the Acquisition, potentially by
certain members of the GPC Group (the “New Secured Notes Guarantees”).

	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the
Acquisition and for general corporate purposes,

	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from certain
members of the GPC Group and (ii) substantially the same collateral provided in respect of
the Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group.

	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New Secured
Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).

	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;

	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);

	(d)	 	the entry into of one or more purchase agreements or joinders thereto
providing for the issuance and sale of the New Unsecured Notes and the New Secured Notes and
related guarantees by certain members of the Reynolds Group (including the Company) and,
following the Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);
	 
	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;

	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantces provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.

	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition,

	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);

	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;

	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured

4

 

	 	 	Bridge Financing Facilities, as applicable, on a pari passu basis with the Existing
Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “PLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;

	(1)	 	the entry into of any amendments, supplements, accessions, designations, confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”); and

	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;

	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and

	(a)	 	the documents relating to the intercreditor arrangements in respect of Amended
Senior Secured Credit Facilities, the New Secured Notes, the New Unsecured Notes, the
Existing Secured Notes and the Existing Notes, as more particularly described in Schedule
2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3
(the “Authorized Signatories”) hereto, each of them individually, to act for and in the
name of the Company, and, in such capacity, to consider, settle, approve, execute or deliver the
following:

	2.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);

	3.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;

	4.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and

	5.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible
according to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to
grant sub-powers-of attorney to third parties of their choice and with the same scope as this
power-of-attorney and to include the release from the restrictions of Section 181 German Civil Code
(BGB). For the avoidance of doubt, this power of attorney is to be construed broadly. The
liability of each Authorized Signatory shall be limited to willful misconduct and gross negligence.
The Company shall — upon receipt of a first demand (auf
erstes Anfordern) - indemnify
(freistellen) each Authorized Signatory against expenses, losses, liabilities, judgments,
fines, penalties and amounts paid in settlement (including all interest, assessments and other
charges in connection therewith) incurred by, or on behalf of, an Authorized Signatory in
connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

6

 

Place, Date: July 20, 2011

	 	 	 	 	 
	SIG Combibloc Zerspanungstechinik GmbH

 	 
	By:  	/s/
Herman-Joseph Bücker
 	 
	 	Name: Herman-Joseph Bücker 	 
	 	Function: CEO / Managing Director 	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or
Issuers and the guarantors, or any accession, joinder or supplemental
indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the
duly appointed trustee for the New Unsecured Notes, the Escrow Issuers or
Issuers and the guarantors, or any accession, joinder or supplemental
indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or
joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and
any officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among
others, certain of the Loan Parties, each duly appointed collateral
agent under the First Lien Intercreditor Agreement, Credit Suisse AG, as
administrative agent under the Senior Secured Credit Facilities, and The
Bank of New York Mellon, as trustee under the 2009 Indenture and in
other capacities, with respect to the continuing security and/or guarantees
in respect of the New Secured Notes and/or the Additional Bank Debt
(the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior
Secured Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation,
supplement, creation, extension, confirmation or release and retake of security, or
grant of new or additional security (which may be second ranking) or

8

 

	 	 	 	other action in respect of collateral under the applicable agreements, instruments or
other documents creating security interests, in particular:

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

SCHEDULE 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

2. Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

 Authorised Signatories

1. Graeme Richard Hart

2. Bryce McCheyne Murray

3. Helen Dorothy Golding

4. Allen Philip Hugli

5. Gregory Alan Cole

6. Mark Dunkley

7. Cindi Lefari

8. Philip John Presnell West

9. Thomas James Degnan

10. Robert Bailey

11. Stephen David Pardy

12. Prudence Louise Wyllie

13. Chiara Francesca Brophy

14. Karen Michelle Mower

15. Jennie Blizard

and the
following attorneys-at-law of Debevoise & Plimpton LLP, all with its business
address at Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

16. Philipp von Holst

17. Dr. David Witzel

18. Klaudius Heda

19. Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

VOLLMACHT

I.

PRÄAMBEL

1. Die unterzeichnete Closure Systems International B.V., eine Gesellschaft des Privatrechts mit
beschrankter Haftung (besloten vennootschap met beperkte aansprakelijkheid) nach niederländischem
Recht mit Sitz in Teleportboulevard 140, Amsterdam, Niederlande, eingetragen im Handelsregister
unter Nr. 34291082, (die “Vollmaclitgebein”), ordnungsgemäß vertieten durch ihre
Handlungsbevollmächtigte Orangefield Trust
(Netherlands) B.V., eine Gesellschaft nach niederlandischem Recht mit Sitz in Amsterdam,
Niederlande, eingetragen im Handelsregister unter Nr. 33135957, ist die einzige Gesellschafterin
der Closure Systems International Holdings (Germany) GmbH, mit Sitz in Worms, eingetragen im
Handelsregister des Amtsgerichts Mainz unter HR B 41388.

II.

Die Vollmachtgeberin bevollmächtigt hiermit, und zwar unter Befreiung von den Beschränkungen
des § 181 BGB und mit § 181 BGB vergleichbaren Beschränkungen nach anwendbarem Recht, mit dem Recht
zur Erteilung von Untervollmacht im gleichen Umfang (einschließlich der Befreiung von den
Beschränkungen des § 181 BGB und mit § 181 BGB vergleichbaren Beschränkungen nach anwendbarem
Recht), jede der folgcnden Personen

Philipp
von Holst,

 David Witzel, 
Daniel Wiedmann und 

Klaudius Heda

alle geschäftsansässig in den Büros von Debevoise & Plimpton LLP, Taubenstraße 7-9, 60313 Frankfurt
am Main, Deutschland;

und zwar jeden einzeln, als bevollmähtigter

POWER OF ATTORNEY

I.

PREAMBLE

1. The undersigned Closure Systems International B,V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands with
registered office in Teleportboulevard 140, Amsterdam, Netherlands, registered with the commercial
register under no. 34291082 (the “Grantor”), duly represented by its proxy holder
Orangefield Trust (Netherlands) B.V. a corporation under the laws of the Netherlands with
registered office in Amsterdam, Netherlands, registered with the commercial register under no.
33135957, is sole shareholder of Closure Systems International Holdings (Germany) GmbH, with its
seat in Worms, registered with the Commercial Register of the Local Court Mainz under HR B 41388.

II.

The Grantor hereby authorizes, empowers and instructs with relief from the restrictions of Section
181 German Civil Code, and from any restrictions comparable with Section 181 German Civil Code
under the applicable law and with the right of delegation and substitution to the same extent
(including release from any restrictions imposed by Section 181 German Civil Code and from
restrictions comparable with Section 181 German Civil Code under the applicable law), each of the
following persons

Philipp von Holst, 

David Witzel,

 Daniel Wiedmann und
 Klaudius Heda

each with a business address at the offices of Debevoise & Plimpton LLP, Taubenstrasse 7-9, 60313
Frankfurt am Main, Germany;

each on his/her sole signature, is appointed to

 

 

Vertreter im Namen der Vollmachtgeberin (jeder ein “Bevollmächtigter”) in dieser
Eigenschaft,

1. (i) einen oder mehrere Bestätigungs-und/oder Änderungsverträge im Zusammenhang mit
bestehenden Sicherungsverträgen und (ii) neue Sicherungsverträge, insbesondere einen
Verpfändungsvertrag bezüglich der Anteile an der Closure Systems International Holdings
(Germany) GmbH zwischen der Vollmachtgeberin und The Bank of New York Mellon und anderen,
abzuschließen;

2. sämtliche Erklärungen abzugeben und
sämtliche Handlungen vorzunehmen, die zur
Durchführung der oben genannten Vereinbarungen nach dem Ermessen des Bevollmächtigten
erforderlich oder nützlich sind.

Änderungen bezüglich der Parteien im Zusammenhang mit den vorgenannten Verträgen
wirken sich nicht auf die hiermit erteilte Vollmacht aus.

Im Zweifel ist diese Vollmacht weit auszulegen.

Diese Vollmacht erlischt am 31. März 2012, 24:00 Uhr, wenn sie nicht zuvor widerrufen
wurde.

Die Haftung des Bevollmächtigten beschränkt sich auf Vorsatz und grobe Fahrlässigkeit.

Die Vollmachtgeberin wird auf erstes Anfordern jeden oben genannten Bevollmächtigten
hinsichtlich Aufwendungen, Verluste, Verpflichtungen, Gerichtsurteilen, Geldbußen, Strafen
und Beträgen, die in Vergleichen bezahlt werden (einschließlich aller Zinsen, Abgaben und
anderer Gebühren in diesem Zusammenhang) freisteilen, die bei einem Bevollmächtigten
entstehen oder auf Veranlassung eines Bevollmächtigten in Zusammenhang mit der Vollmacht
entstehen.

Die deutschsprachige Fassung dieser

act for and on behalf of the Grantor as attorney-in-fact (each an “Attorney-in-Fact”) and,
in such capacity,

1. to enter into (i) one or more confirmation and/or amendment agreements in connection with
existing security agreements and (ii) new pledge agreements, in particular a new pledge agreement
relating to shares in Closure Systems International Holdings (Germany) GmbH between the Grantor and
The Bank of New York Mellon and others;

2. to make all statements and do all acts and things deemed necessary or useful, at the
discretion of the Attorney-in-Fact, to give effect to the above mentioned agreements.

Changes relating to the parties of the above-mentioned agreements do not effect this Power of
Attorney.

For the avoidance of doubt, this Power of Attorney is to be construed broadly.

This Power of Attorney shall lapse on March 31, 2012, 24:00h, if not revoked earlier.

The Attorney-in-Fact’s liability shall be limited to willful misconduct and gross negligence.

The Grantor shall — upon receipt of a first demand (auf erstes Anfordern) — indemnify (freistellen)
each Attorney-in-Fact mentioned above against expenses, losses, liabilities, judgments, fines,
penalties and amounts paid in settlement (including all interest, assessments and other charges in
connection therewith) incurred by, or on behalf of, an Attorney-in-Fact in connection with this
Power of Attorney.

The German version of this Power of Attorney

2

 

Vollmacht ist bestimmend.

Die Vollmacht unterliegt dem Recht der Bundesrepublik Deutschland.

shall prevail.

The Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

Ort/Place, Datum/Date: July 20, 2011

	 	 	 	 	 
	Closure Systems International B.V.

By: Orangefield Trust (Netherlands) B.V.

Title: proxy holder

 	 
	BY:  	/s/ Maurice Noest
 	 
	 	Name:  	Maurice Noest 	 
	 	Function: General Proxyholder 	 
	 
	 	 
	BY:  	      /s/ Mirjam Reijners-Sieger
 	 
	 	Name:  	Mirjam Reijners-Sieger 	 
	 	Function: General Proxyholder 	 

3

 

Certified Copy

POWER OF ATTORNEY

Closure Systems International Holdings (Germany) GmbH

Closure Systems International Holdings (Germany) GmbH is a limited liability company
(Gesellschaft mit beschränkter Haftung) incorporated under the laws of Germany, with its
registered seat in Worms, registered with the Commercial Register of the Local Court Mainz under HR
B 41388 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect
of the Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit
agreement (the “Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among
others, Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and
Credit Suisse AG, as amended, amended or restated, supplemented or otherwise modified from
time to time (the “Senior Secured Credit Facilities”);

	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”);

	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”); and

	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the “2007
Notes”), (iii) 8.5% senior notes due 2018 issued in an aggregate principal amount
of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May 2010
Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal amount of
US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the “October 2010 Senior
Notes”) and (v) 8.250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated February 1,
2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being
together, the “Existing Notes”); and

	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and the
proceeds made available under certain incremental facilities and subject to certain conditions (the
“Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);

	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”), including the issuance of the New Secured Notes and the provision of related

2

 

	    	 	guarantees in respect
of the New Secured Notes by certain members of the Reynolds Group (including the Company,
as applicable) and, following the Acquisition, potentially by certain members of the GPC Group (the
“New Secured Notes Guarantees”).

	    	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may
be used to partially fund the Acquisition and the associated costs and transactions
required (including, without limitation, the repayment of existing indebtedness of GPC
Group and contractual payments to existing shareholders of GPC Group) to effect the
Acquisition and for general corporate purposes.

	    	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of
(i) guarantees from substantially the same guarantors
(including the Company) that guarantee the Existing Secured Indebtedness and, following
the Acquisition, potentially from certain members of the GPC Group and (ii) substantially
the same collateral provided in respect of the Existing Secured Indebtedness and,
following the Acquisition, potentially security provided by certain members of the GPC
Group.

	    	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New
Secured Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).

	    	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;

	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);

	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);

	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;

	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.

	    	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.

	    	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);

	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the Commitment
Letter;

	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment Letter),
including, without limitation, any credit agreements, intercreditor agreements, security
documents, indentures, registration rights agreements, purchase agreements, notes, joinders or
any other documents in connection with the Bridge Financing Facilities or the conversion of
any such Bridge Financing Facilities into term loans and/or exchange notes as described in the
Commitment Letter;

	(i)	 	the provision by certain members of the Reynolds Group (including the Company as an existing
guarantor) of certain affirmations, reaffirmations and/or confirmations that the guarantees in
place in respect of the Existing Secured Indebtedness and Existing Notes continue in full
force and effect, notwithstanding the Transactions (as defined below), the Escrow and Merger
Arrangements, the Bank Escrow Arrangements and, in the case of the Senior Secured Credit
Facilities, extend to the Additional Bank Debt, the Amended Senior Secured Credit Facilities
and the Bridge Financing Facilities, if any, as applicable;

	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured

4

 

	    	 	Bridge Financing Facilities, as applicable, on a pari passu basis with the
Existing Secured Indebtedness to the extent possible and (ii) continue to secure
obligations in respect of the Existing Secured Indebtedness (including after the
consummation of the Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;

	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i)
November 5, 2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an
amendment agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman
Islands Branch, as administrative agent and The Bank of New York Mellon as collateral
agent, senior secured notes trustee and high yield noteholders trustee (as such
intercreditor agreement may be further amended, extended, restated or otherwise modified,
the “2007 ICA”); and

	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;

	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and

	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule
3 (the “Authorized Signatories”) hereto, each of them individually, to act for
and in the name of the Company, and, in such capacity, to consider, settle, approve, execute or
deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);

	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;

	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and

	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible
according to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to
grant sub-powers-of attorney to third parties of their choice and with the same scope as this
power-of-attorney and to include the release from the restrictions of Section 181 German Civil Code
(BGB). For the avoidance of doubt, this power of attorney is to be construed broadly. The
liability of each Authorized Signatory shall be limited to willful misconduct and gross negligence.
The Company shall — upon receipt of a first demand (auf erstes Anfordern) - indemnify
(freistellen) each Authorized Signatory against expenses, losses, liabilities, judgments,
fines, penalties and amounts paid in settlement (including all interest, assessments and other
charges in connection therewith) incurred by, or on behalf of, an Authorized Signatory in
connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

6

 

	 	 	 	 	 
	 	Place, Date: July 23, 2011 

Closure Systems International Holdings (Germany) GmbH

 	 
	 	BY:  	/s/ Gregory Alan Cole
 	 
	 	 	Name:  	Gregory Alan Cole  	 
	 	 	Function: Managing Director 	 
	 
	 	BY:  	            /s/ Helen Golding
 	 
	 	 	Name:  	Helen Golding 	 
	 	 	Function: Managing Director 	 
	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly appointed
trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly appointed
trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among others,
certain of the Loan Parties, each duly appointed collateral agent under the First
Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent under the
Senior Secured Credit Facilities, and The Bank of New York Mellon, as trustee
under the 2009 Indenture and in other capacities, with respect to the continuing
security and/or guarantees in respect of the New Secured Notes and/or the
Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured
Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation,
supplement, creation, extension, confirmation or release and retake of security,
or grant of new or additional security (which may be second ranking) or

8

 

	 		 	other action in respect of collateral under the applicable agreements, instruments or
other documents creating security interests, in particular:

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge
Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

 9

 

SCHEDULE 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

 Authorised Signatories

1. Graeme Richard Hart

2. Bryce McCheyne Murray

3. Helen Dorothy Golding

4. Allen Philip Hugli

5. Gregory Alan Cole

6. Mark Dunkley

7. Cindi Lefari

8. Philip John Presnell West

9. Thomas James Degnan

10. Robert Bailey

11. Stephen David Pardy

12. Prudence Louise Wyllie

13. Chiaia Francesca Brophy

14. Karen Michelle Mower

15. Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business
address at Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

1. Philipp von Hoist

2. Dr. David Witzel

3. Klaudius Heda

4, Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

Closure Systems International Deutschland GmbH

Closure Systems International Deutschland GmbH is a limited liability company (Gesellschaft mit
beschrankter Haftung) incorporated under the laws of Germany, with its registered seat in Worms,
registered with the Commercial Register of the Local Court Mainz under HR B 10054 (the
“Company”),

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”). the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior Secured Credit Facilities”):

	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
6450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”):

	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group In an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”); and

	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
Issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes.” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”).

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the Reynolds
Group, including (i) 8% senior notes due 2016 issued in an aggregate principal amount of
€480,000,000 pursuant to an indenture dated June 29, 2007, (ii) 9.5% senior subordinated notes
due 2017 issued in an aggregate principal amount of €420,000,000 pursuant to an indenture
dated June 29, 2007 (together with (i), the “2007 Notes”), (iii) 8.5% senior
notes due 2018 issued in an aggregate principal amount of US$1,000,000,000 pursuant to an
indenture dated May 4, 2010 (the “May 2010 Notes”), (iv) 9,0% senior notes due
2019 issued in an aggregate principal amount of US$1,500,000,000 pursuant to an indenture
dated October 15, 2010 (the “October 2010 Senior Notes”) and (v) 8,250% senior notes
due 2021 issued in an aggregate principal amount of US$1,000,000,000 pursuant to an indenture
dated February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May
2010

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes
being together, the “Existing Notes”); and

	(f)	 	being party to the intercreditor arrangements in respect of the
guarantees,
indebtedness and security described above (the “Intercreditor
Arrangements”).

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor
Arrangements being, together, the “Existing Financing Arrangements”,

It is currently intended that RGHL will indirectly acquire the GPC group of
companies (the “GPC Group”) through the merger of an indirect wholly
owned subsidiary of RGHL with and into Graham Packaging Company Inc.
(“GPC”), with GPC surviving such merger and becoming an indirect wholly
owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into
the Senior Secured Credit Agreement, as amended or otherwise modified from time to
time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under
the Senior Secured Credit Facilities in order to partially fund the Acquisition, the
associated costs and transactions required to effect the Acquisition and for
general corporate purposes, and the Company is now considering entering into
amendments to, and/or an amendment and restatement of, the Senior Secured Credit
Agreement, pursuant to which additional indebtedness would be incurred and the
proceeds made available under certain incremental facilities and subject to
certain conditions (the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit
1. (together with the term sheets attached thereto, the
“Commitment Letter”), pursuant to which certain lenders have provided
commitments for three bridge financing facilities comprised of: a senior secured
bank bridge facility, a senior secured notes bridge facility and a senior
unsecured notes bridge facility, each as more particularly described in the
Commitment Letter (collectively, the “Bridge Financing Facilities”), which
may be used to partially fund the Acquisition and the associated costs and
transactions required to effect the Acquisition,

RGHL may determine, in lieu of or in combination with Issuing the New Secured
Notes (as defined below), New Unsecured Notes (as defined below) and/or incurring
the Additional Bank Debt (as defined below), that it is necessary or advisable to
draw on one or more of the Bridge Financing Facilities in order to fund all or
part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to
incur additional indebtedness as set forth below. In connection with such
incurrence of indebtedness, it is intended that the Existing Financing
Arrangements be supplemented and/or amended, by, among other things, RGHL and/or
certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured
Notes Indenture”), or accession thereto, by certain members of the
Reynolds Group in respect of the issue of new unsecured notes by indirect
subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in
respect of the New Unsecured Notes by certain members of the Reynolds Group
(including the Company, as applicable) and, following the Acquisition,
potentially by certain members of the GPC Group (the “New Unsecured Notes
Guarantees”);

	(b)	 	the entry into of a new indenture (the “New Secured
Notes Indenture”), or accession thereto, by certain members of the
Reynolds Group in respect of the issue of new senior secured notes by
indirect subsidiaries of RGHL (the “New Secured Notes”).

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related
guarantees in respect of the New Secured Notes by certain members of the Reynolds Group
(including the Company, as applicable) and, following the Acquisition, potentially by
certain members of the GPC Group (the “New Secured Notes Guarantees”),

	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may
be used to partially fund the Acquisition and the associated costs and transactions
required (including, without limitation, the repayment of existing indebtedness of GPC
Group and contractual payments to existing shareholders of GPC Group) to effect the
Acquisition and for general corporate purposes.

	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (1)
guarantees from substantially the same guarantors (including the Company) that
guarantee the Existing Secured Indebtedness and, following the Acquisition, potentially
from certain members of the GPC Group and (ii) substantially the same collateral provided
in respect of the Existing Secured Indebtedness and, following the Acquisition,
potentially security provided by certain members of the GPC Group,

	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New
Secured Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).

	 	 	It is currently Intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;

	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);

	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing For the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);

	(e)	 	the entry into the Credit Agreement Amendment and/or Joinders thereto;

	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.

	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.

	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”):

	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured

4

 

	 	 	Bridge Financing Facilities, as applicable, on a pari passu basis with the Existing
Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);
	 
	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the
“FLICA”) to the extent required in order to permit the New Secured Notes and/or the
Additional Bank Debt to be included as “Obligations” thereunder;
	 
	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”); and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”),

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and

	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächligl) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”):

	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;

	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and

	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschrifisselte folgt/signature page follows]

6

 

	 	 	 	 	 
	 	Place, Date: July 25,  2011

Closure Systems International Deutschland GmbH

 	 
	 	BY:  	/s/ Victor Lance Mitchell
 	 
	 	 	Name:  	Victor Lance Mitchell 	 
	 	 	Function: President & CEO 	 

	 	 	 	 	 
	 	BY:  	            /s/ Robert E Smith
 	 
	 	 	Name:  	Robert E Smith  	 
	 	 	Function: CEO 	 
	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly appointed
trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly appointed
trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and
any officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement,
between, among others, certain of the Loan Parties, each duly appointed
collateral agent under the First Lien Intercreditor Agreement, Credit Suisse AG,
as administrative agent under the Senior Secured Credit Facilities, and The Bank
of New York Mellon, as trustee under the 2009 Indenture and in other capacities,
with respect to the continuing security and/or guarantees in respect of the New
Secured Notes and/or the Additional Bank Debt (the “Reaffirmation
Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured
Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, .extension, confirmation or release and retake of security, or
grant of new or additional security (which may be second ranking) or other
action in respect of collateral under the applicable agreements, instruments
or other documents creating security interests, in particular:

9

 

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise
varies any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions,

10

 

SCHEDULE 2

	 	1.	 	Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.
	 
	 	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

11

 

Schedule 3

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

1. Philipp von Hoist

2. Dr. David Witzel

3. Klaudius Heda

4. Daniel Wiedmann

12

 

EXHIBIT 1

COMMITMENT LETTER

13

 

Certified Copy

POWER OF ATTORNEY

SIG Combibloc Group AG

SIG Combibloc Group AG is a company incorporated under the laws of Switzerland, with its registered
seat in Neuhausen am Rheinfall, registered with the Commercial Register of the Canton of
Schaffhausen under CH-290.3.004.149-2 (the “Principal”).

The Principal hereby authorizes (bevollmächtigt) the person or persons (the “Authorized
Signatories”) listed in Exhibit A hereto, each of them individually, for and in the name of the
Principal, to execute (i) one or more confirmation and/or amendment agreements in connection with
existing security agreements and (ii) new pledge agreements relating to the shares in SIG Euro
Holding AG & Co, KGaA (Verpfändung von Kommanditaktien) and the shares in SIG Combibloc Holding
GmbH and any related documents, and to undertake any related transactions and actions.

The Authorized Signatories — each of them individually — are hereby (i) released from the
restrictions of Section 181 German Civil Code (BGB) and from restrictions comparable with Section
181 German Civil Code under any applicable law and (ii) authorized to grant sub-powers-of attorney
to third parties of their choice and with the same scope as this Power of Attorney and to include
the release from the restrictions of Section 181 German Civil Code (BGB) in such sub-powers-of
attorney. For the avoidance of doubt, this Power of Attorney shall be construed broadly. The
liability of each Authorized Signatory is to be limited to willful misconduct and gross negligence,
The Principal shall — upon receipt of a first demand (auf erstes Anfordern) - indemnify
(freistellen) each Authorized Signatory against expenses, losses, liabilities, judgments, fines,
penalties and amounts paid in settlement (including all interest, assessments and other charges in
connection therewith) incurred by, or on behalf of, an Authorized Signatory in connection with this
Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Signature page follows]

 

 

Place/Ort, Date/Datum: Zurich, July 22, 2011

	 	 	 	 	 
	 	SIG Combibloc Group AG

 	 
	 	BY:  	/s/ Dr Jakob Höhn
 	 
	 	 	Name:  	Dr Jakob Höhn 	 
	 	 	Function: Vice President of the Board 	 
	 

2

 

Exhibit A

Authorized Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard.

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	1.	 	Philipp von Hoist;
	 
	2.	 	David Witzel;
	 
	3.	 	Klaudius Heda;
	 
	4.	 	Daniel Wiedmann;

3

 

Certified Copy

POWER OF ATTORNEY

SIG Combibloc Holding GmbH

SIG Combibloc Holding GmbH is a limited liability company (Gesellschaft mit bescbränkter Haftung)
incorporated under the laws of Germany, with its registered seat in Linnich, registered with the
Commercial Register of the Local Court Düren under HR B 5751 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”): and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount Of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the
“2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated
February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together,
the “Existing Notes”): and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”):
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related guarantees in
respect of the New Secured Notes by certain members of the Reynolds Group (including the
Company, as applicable) and, following the Acquisition, potentially by certain members of
the GPC Group (the “New Secured Notes Guarantees”)
	 
	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from certain
members of the GPC Group and (ii) substantially the same collateral provided in respect of
the Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group.
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New
Secured Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);

	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition,
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension, confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured

4

 

	 	 	Bridge Financing Facilities, as applicable, on a pari passu basis with the Existing
Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;
	 
	(l)	 	the entry into of any amendments, supplements, accessions, designations, confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”); and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II. 

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	 supplement, make alterations to and complete any blanks in any Documents
(including, but not limited to, altering or completing details of the parties), and
	 
	4.	 	a shareholder resolution to be executed by the Principal in its capacity as shareholder of
Whakatane Mill Limited approving the participation of Whakatane Mill Limited in the
Transactions as a guarantor and security provider;
	 
	5.	 	a shareholder resolution to be executed by the Principal in its capacity as shareholder of
SIG Combibloc Limited (UK) approving the participation of SIG Combibloc Limited (UK) in the
Transactions as a guarantor and security provider;
	 
	6.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue
any documents that, in the opinion of the relevant Authorized Signatory, may be
necessary, expedient or incidental to any transaction or dealing contemplated by any
of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to include the
release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance of doubt,
this power of attorney is to be construed broadly. The liability of each Authorized Signatory shall
be limited to willful misconduct and gross negligence. The Company shall — upon receipt of a first
demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized Signatory against expenses,
losses, liabilities, judgments, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges in connection therewith) incurred by, or on behalf of, an
Authorized Signatory in connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany,

[Unterschriftsseite folgt/signature page follows]

6

 

Place, Date: July 20, 2011,

	 	 	 	 	 
	SIG Combibloc Holding GmbH

 	 
	BY: 	/s/ Holger Dickers
 	 
	 	Name:  	Holger Dickers 	 
	 	Function: CEO / Managing Director 	 

	 	 	 	 	 
	BY: 	/s/ Joachim Frommherz
 	 
	 	Name:  	Joachim Frommherz  	 
	 	Function:  CEO / Managing Director 	 
	 

7

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly appointed
trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly appointed
trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, Joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and
any officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among others,
certain of the Loan Parties, each duly appointed collateral agent under the First
Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent under the
Senior Secured Credit Facilities, and The Bank of New York Mellon, as trustee
under the 2009 Indenture and in other capacities, with respect to the continuing
security and/or guarantees in respect of the New Secured Notes and/or the
Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured
Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of
new or additional security (which may be second ranking) or

8

 

	 	 	 	other action in respect of collateral under the applicable agreements, instruments or other
documents creating security interests, in particular:

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”).
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (including, without limitation, (i) a Luxembourg law confirmation
agreement in respect of a share pledge over Evergreen Packaging (Luxembourg) S.á.r.l,, and
(ii) an English law deed of confirmation and amendment in respect of the share pledge over
SIG Combibloc Ltd.) (the “Non-German Pledge Agreements”).

	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

SCHEDULE 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

2. Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	 Mark Dunkley
	 
	7.	 	 Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	 Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	16.	 	Philipp von Holst
	 
	17.	 	Dr. David Witzel
	 
	18.	 	Klaudius Heda
	 
	19.	 	Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

 Certified Copy

POWER OF ATTORNEY

SIG Euro Holding AG & Co. KGaA

SIG Euro Holding AG & Co. KGaA is a company limited by shares
(Kommanditgesellschaft auf Aktien) incorporated under the laws of Germany, with its registered seat
in Linnich, registered with the Commercial Register of the Local Court Düren under HR B
5754 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit Suisse AG,
as amended, amended or restated, supplemented or otherwise modified from time to time (the
“Senior Secured Credit Facilities”);

	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”);

	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”); and

	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

[Signature Page to SIG Euro Holding AG & Co. KgaA Power of Attorney]

 

 

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the Reynolds
Group, including (i) 8% senior notes due 2016 issued in an aggregate principal amount of
€480,000,000 pursuant to an indenture dated June 29, 2007, (ii) 9.5% senior subordinated
notes due 2017 issued in an aggregate principal amount of €420,000,000 pursuant to an
indenture dated June 29, 2007 (together with (i), the “2007 Notes”), (iii) 8.5%
senior notes due 2018 issued in an aggregate principal amount of US$1,000,000,000 pursuant
to an indenture dated May 4, 2010 (the “May 2010 Notes”), (iv) 9.0% senior notes
due 2019 issued in an aggregate principal amount of US$1,500,000,000 pursuant to an
indenture dated October 15, 2010 (the “October 2010 Senior Notes”) and (v)
8.250% senior notes due 2021 issued in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated February 1, 2011 (the “February 2011 Senior Notes”)
(the 2007 Notes, the May 2010 Notes, the October 2010 Senior Notes and the February 2011
Senior Notes being together, the “Existing Notes”); and

	(f)	 	being party to the intercreditor arrangements in respect of the guarantees, indebtedness and
security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and
restatement of, the Senior Secured Credit Agreement, pursuant to which additional indebtedness
would be incurred and the proceeds made available under certain incremental facilities and subject
to certain conditions (the “Credit Agreement Amendment”),

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the term
sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders have
provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition,

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
Indebtedness as set forth below. In connection with such incurrence of Indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

2

 

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or
accession thereto, by certain members of the Reynolds Group in respect of the issue of new
unsecured notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”),
including the issuance of the New Unsecured Notes and provision of related guarantees in
respect of the New Unsecured Notes by certain members of the Reynolds Group (including the
Company, as applicable) and, following the Acquisition, potentially by certain members of the
GPC Group (the “New Unsecured Notes Guarantees”);

	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”), including
the issuance of the
New Secured Notes and the provision of related guarantees in respect of the New Secured
Notes by certain members of the Reynolds Group (including the Company, as applicable) and,
following the Acquisition, potentially by certain members of the GPC Group (the “New
Secured Notes Guarantees”).
	 
	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from certain
members of the GPC Group and (ii) substantially the same collateral provided in respect of
the Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group.
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released, It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the “Existing
Issuers”) or any other affiliates of RGHL which may issue the New Secured Notes and the
New Unsecured Notes (together with the Existing Issuers, the “Issuers”) on the
release of the escrow, with the Issuers being the surviving entities (the “Escrow
and Merger Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by
certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC Group pursuant to which

3

 

	 	 	such entities agree to register the re-sale of the New Unsecured Notes and the
New Secured Notes and/or register the issuance of the Unsecured Exchange
Securities and the Secured Exchange Securities (each as defined below) (the “Unsecured
Notes Registration Rights Agreement” and the “Secured Notes Registration
Rights Agreement”, respectively);

	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain member of the GPC Group (the “Unsecured Notes Purchase
Agreement” and the “Secured Notes Purchase Agreement”, respectively);

	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;

	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under
the Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured. Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of
the Senior Secured Credit Facilities and it is expected that the security and guarantees
provided in respect of the Senior Secured Credit Facilities and/or the Intercreditor
Arrangements will be amended, restated, extended, affirmed, re-affirmed, confirmed, released
and/or retaken, as necessary, in order to effectuate the foregoing. The Additional Bank Debt
may also have the benefit of guarantees and security provided, following the Acquisition,
potentially by certain members of the GPC Group, as a
result of such GPC Group entities granting guarantees and security in respect
of the Amended Senior Secured Credit Facilities.

	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds
either (i) to be made available as delayed draw term loans that would be funded
on the date of the Acquisition or (ii) to be drawn down into
escrow prior to the date of the Acquisition,

	 	 	If the Additional Bank Debt is either made available as delayed draw term loans
or is drawn into escrow prior to the date of the Acquisition, the Company will
not be required to confirm its guarantees and security with respect to
the Additional Bank Debt until such time as either the delayed draw term loans are
funded or the escrow is released or otherwise terminated (the “Bank Escrow
Arrangements”);

	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in
the Commitment Letter;

	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities Into term
loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or
confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and
Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the
Additional Bank

4

 

	 	 	Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing Facilities,
if any, as applicable;

	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or giant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security
interests in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure
obligations with respect to the New Secured Notes, the Additional Sank Debt and any
secured Bridge Financing Facilities, as applicable, on a pari passu basis with the
Existing Secured Indebtedness to the extent possible and (ii) continue to secure
obligations in respect of the Existing Secured Indebtedness (including after the
consummation of the Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;

	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral
agent, senior secured notes trustee and high yield noteholders trustee (as such
intercreditor agreement may be further amended, extended, restated or otherwise modified,
the “2007 ICA”); and

	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group
to the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve,
as relevant, the following documents, (collectively, the “Transaction Documents”):

5

 

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation,
the Facilities Documents, and any credit agreements, intercreditor agreements, security
documents, indentures, registration rights agreements, purchase agreements, notes, joinders,
offering material or any other documents in connection with the Bridge Financing Facilities or
the conversion of any such Bridge Financing Facilities into term loans and/or exchange notes
as described in the Commitment Letter;

	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and

	(c)	 	(c) the documents relating to the intercreditor arrangements in respect of Amended Senior
Secured Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing
Secured Notes and the Existing Notes, as more particularly described in Schedule 2.

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigi) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other
documents related thereto or required to be executed, delivered and performed in
order to give effect to the Acquisition and the Transactions, (including any notices,
certificates, requests, communications or other documents (together with the Transaction Documents, the “Documents”);

	2.	 	any subsequent amendments (including by way of an amending agreement) to any
Documents;

	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and

	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney.

6

 

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

7

 

Place, Date: July 20, 2011

SIG Euro Holding AG & Co. KGaA

	 	 	 	 	 
	 	BY:  	SIG Reinag AG as general partner (Komplementär)
 	 
	 	 	 	 
	 	 	 
	 	BY:  	/s/ Marco Haussener
 	 
	 	 	Name:  	Marco Haussener 	 
	 	 	Function: Director 	 
	 	 	 
	 	BY:  	/s/ Holger Dickers
 	 
	 	 	Name:  	Holger Dickers 	 
	 	 	Function: Director 	 
	 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly appointed
trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.

	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto,

	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession or
joinder thereto.

	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly appointed
trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.

	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto,

	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.

	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among others,
certain of the Loan Parties, each duly appointed collateral agent under the First
Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent under the
Senior Secured Credit Facilities, and The Bank of New York Mellon, as trustee
under the 2009 Indenture and in other capacities, with respect to the continuing
security and/or guarantees in respect of the New Secured Notes and/or the
Additional Bank Debt (the “Reaffirmation Agreement”).

	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured Credit
Agreement.

	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of
new or additional security (which may be second ranking) or other action in
respect of collateral under the applicable agreements, instruments or other
documents creating security interests, in particular:

9

 

	 	•	 	various Confirmation, reaffirmation or amendment agreements
under German law (including such agreements that require notarial recording)
with respect to the continuing or amendment of the existing German security
agreements (the “German Confirmation Agreements”):

	 	•	 	Any agreements under which the Company grants new security
such as new share pledge agreements or new account pledge agreements
(including such agreements that require notarial recording) (the “German
New Pledge Agreements”);

	 	•	 	Any agreements under which the Company grants new security
under non-German law or confirms, reaffirms or amends existing agreements
including but not limited to share pledge agreements or interest pledge
agreements relating to any shares/interests in non-Gerinan subsidiaries
(including, without limitation, a Brazilian law amendment to a quota pledge
agreement over quotas in SIG Beverages Brasil Ltda.) (the “Non-German
Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of
confirming, affirming, retaking or creating security in respect of the Additional
Bank Debt and/or the New Secured Notes.

	 	13.	 	Any document, instrument and/or agreement for the purposes of
implementing, or required as a result of the implementation of, the Escrow end
Merger Arrangements and/or the Bank Escrow Arrangements, including any document,
instrument or agreement which amends or otherwise varies any security interest
and/or guarantee granted by the Company.

	 	14.	 	Any letters, notices or agreements of appointment in favour of
certain related or unrelated persons to act as process agent on behalf of the
Company in respect of the Transactions.

	 	15.	 	Any notices, certificates, requests, waivers, authorisations,
amendments, letter agreements, restatements, communications or other documents to
be made, executed or entered into in connection with the above and/or the
Transactions.

10

 

SCHEDULE 2

1. Any agreement, amendments, supplements, joinders, certiflcates or other documents
required to be entered into in connection with the 2007 ICA.

	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmation or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

11

 

Schedule 3

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the Following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	16.	 	Philipp von Hoist
	 
	17.	 	Dr. David Witzel
	 
	18.	 	Klaudius Heda
	 
	19.	 	Daniel Wiedmann

12

 

EXHIBIT 1

COMMITMENT LETTER

13

 

Certified Copy

POWER OF ATTORNEY

SIG Beverages Germany GmbH

SIG Beverages Germany GmbH is a limited liability company (Gesellschaft mit beschränkter Haftung)

incorporated under the laws of Germany, with its registered seat in Waldshut-Tiengen, registered
with the Commercial Register of the Local Court Freiburg i. Br. under HR B 702482 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior,Secured Credit Facilities”);

	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009
Notes”);

	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”); and

	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February I, 2011 (the “February 2011 Secured
Notes”):

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	(c)	 	incurring and providing a guarantee of certain notes issued by members of the Reynolds
Group, including (i) 8% senior notes due 2016 issued in an aggregate principal amount
of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii) 9.5% senior subordinated
notes due 2017 issued in an aggregate principal amount of €420,000,000 pursuant to an
indenture dated June 29, 2007 (together with (i), the “2007 Notes”), (iii) 8.5% senior
notes due 2018 issued in an aggregate principal amount of US$1,000,000,000 pursuant to an
indenture dated May 4, 2010 (the “May 2010 Notes”), (iv) 9.0% senior notes due 2019
issued in an aggregate principal amount of US$1,500,000,000 pursuant to an indenture dated
October 15, 2010 (the “October 2010 Senior Notes”) and (v) 8.250% senior notes due
2021 issued in an aggregate principal amount of US$1,000,000,000 pursuant to an indenture
dated February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May
2010

 

 

	 	 	 Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together,
the “Existing. Notes”); and

	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect wholly
owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together
with the term sheets attached thereto, the “Commitment Letter”), pursuant to which certain
lenders have provided commitments for three bridge financing facilities comprised of: a senior
secured bank bridge facility, a senior secured notes bridge facility and a senior unsecured notes
bridge facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);

	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”), including
the issuance of the New Secured Notes and the provision of related

2

 

	 	 	guarantees in respect of the “New Secured Notes by certain members of the Reynolds Group
(including the Company, as applicable) and, following the Acquisition, potentially by
certain members of the GPC Group (the “New Secured Notes Guarantees”).

	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.

	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from certain
members of the GPC Group and (ii) substantially the same collateral provided in respect of
the Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group.

	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the “Existing
Issuers”) or any other affiliates of RGHL which may issue the New Secured Notes and
the New Unsecured Notes (together with the Existing Issuers, the “Issuers”) on the
release of the escrow, with the Issuers being the surviving entities (the “Escrow
and Merger Arrangements”).

	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;

	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);

	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC Group (the “Unsecured Notes
Purchase Agreement” and the “Secured Notes Purchase Agreement”, respectively);

3

 

	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;

	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and ft is expected that the security and guarantees
provided in respect of the Senior Secured Credit Facilities and/or the Intercreditor
Arrangements will be amended, restated, extended, affirmed, re-affirmed, confirmed, released
and/or retaken, as necessary, in order to effectuate the foregoing. The Additional Bank Debt
may also have the benefit of guarantees and security provided, following the Acquisition,
potentially by certain members of the GPC Group, as a result of such GPC Group entities
granting guarantees and security in respect of the Amended Senior Secured Credit Facilities,

	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of
the Acquisition.

	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released
or otherwise terminated (the “Bank Escrow Arrangements”):

	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured Bridge
Financing Facilities, as applicable, on a pari passu basis with the Existing Secured
Indebtedness to the extent possible and (ii) continue to secure obligations in

4

 

	 	 	respect of the Existing Secured indebtedness
(including after the consummation of the Escrow
and Merger Arrangements and the Bank Escrow
Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;

	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”); and

	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”);

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;

	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and

	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the
name of the Company, and, in such capacity, to consider, settle, approve, execute or deliver the
following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”):

	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;

	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and

	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attomey and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) — indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

6

 

Place, Date: July 20, 2011

	 	 	 	 	 
	SIG Beverages Germany GmbH

 	 
	 	By:  	/s/ Holger Dickers
 	 
	 	 	Name; Holger Dickers 	 
	 	 	Function: CEO/Managing Director 	 
	 
	 	 	 
	 	By:  	        /s/ Joachim Frommherz
 	 
	 	 	Name:  	Joachim Frommherz 	 
	 	 	Function: CEO/Managing Director 	 
	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers
and the guarantors, or any accession, joinder or supplemental indenture
thereto,
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder thereto,
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s
certificates in respect of any opinion given in respect of the New Secured
Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or Issuers
and the guarantors, or any accession, joinder or supplemental indenture
thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder
thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s
certificates in respect of any opinion given in respect of the New Unsecured
Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among
others, certain of the Loan Parties, each duly appointed collateral agent under
the First Lien Intercreditor Agreement, Credit Suisse AG, as administrative
agent under the Senior Secured Credit Facilities, and The Bank of New York
Melton, as trustee under the 2009 Indenture and in other capacities, with
respect to the continuing security and/or guarantees in respect of the New
Secured Notes and/or the Additional Bank Debt (the “Reaffirmation
Agreement”),
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior
Secured Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of
new or additional security (which may be second ranking) or other action in
respect of collateral under the applicable agreements, instruments or other
documents creating security interests, in particular:

8

 

	 	•	 	various confirmation, reaffirmation or amendment agreements
under German law (including such agreements that require notarial recording)
with respect to the continuing or amendment of the existing German security
agreements (the “German Confirmation Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security
such as new share pledge agreements or new account pledge agreements
(including such agreements that require notarial recording) (the “German
New Pledge Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new
security under non-German law or confirms, reaffirms or amends existing
agreements including but not limited to share pledge agreements or interest
pledge agreements relating to any shares/interests in non-German subsidiaries
(including, without limitation, a Brazilian law amendment to a quota pledge
agreement over quotas in SIG Beverages Brasil Ltda.) (the “Non-German
Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of
confirming, affirming, retaking or Creating security in respect of the Additional
Bank Debt and/or the New Secured Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of
implementing, or required as a result of the implementation of, the Escrow and
Merger Arrangements and/or the Bank Escrow Arrangements, including any document,
instrument or agreement which amends or otherwise varies any security interest
and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of
certain related or unrelated persons to act as process agent on behalf of the
Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations,
amendments, letter agreements, restatements, communications or other documents to
be made, executed or entered into in connection with the above and/or the
Transactions.

9

 

SCHEDULE 2

	1.	 	Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3 

 Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	1.	 	Philipp von Holst
	 
	2.	 	Dr. David Witzel
	 
	3.	 	Klaudius Heda
	 
	4.	 	Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

SIG International Services GmbH

SIG International Services GmbH is a limited liability company (Gesellschaft mit beschränkter Haftung)
incorporated under the laws of Germany, with its registered seat in Linnich, registered with the
Commercial Register of the Local Court Düren under HR B 3925 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL
(as defined below) and each of its subsidiaries (the “Reynolds Group”),

As part of the Reynolds Group, the Company is a guarantor and security provider in
respect of the Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement
(the “Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”). the borrowers listed therein and Credit Suisse AG,
as amended, amended or restated, supplemented or otherwise modified from time to time
(the “Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000
and €450,000,000 pursuant to an indenture dated as of November 5,2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured Notes”); and
	 
	(d)	 	providing a guarantee and security with respect to the 6,875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000 pursuant
to an indenture dated as of February 1, 2011 (the “February 2011 Secured Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together, the
“Existing, Secured Notes.” and together with the Senior Secured Credit Facilities, the “Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
Є420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the
“2007 Notes”), (iii) 8,5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated
February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010

[Signature Page to SIG International Services GmbH Power of Attorney]

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together,
the “Existing Notes”); and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”,

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”). with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit l, (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring (the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”).

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related guarantees
in respect of the New Secured Notes by certain members of the Reynolds Group (including
the Company, as applicable) and, following the Acquisition, potentially by certain
members of the GPC Group (the “New Secured Notes Guarantees”).
	 
	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may
be used to partially fund the Acquisition and the associated costs and transactions
required (including, without limitation, the repayment of existing indebtedness of GPC
Group and contractual payments to existing shareholders of GPC Group) to effect the
Acquisition and for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from
certain members of the GPC Group and (ii) substantially the same collateral provided in
respect of the Existing Secured Indebtedness and, following the Acquisition, potentially
security provided by certain members of the GPC Group.
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security
with respect to the New Secured Notes or the New Unsecured Notes (as relevant) until
such time as the escrow is released. It is currently intended that if the New Secured
Notes or the New Unsecured Notes are issued into escrow the relevant escrow issuers,
which shall be affiliates of RGHL (the “Escrow Issuers”), will merge or
otherwise be consolidated with Reynolds Group Issuer Inc., a Delaware corporation,
Reynolds Group Issuer LLC, a Delaware limited liability company, and Reynolds Group
Issuer (Luxembourg) S.A., a société anonyme (a public limited liability company) under
the laws of Luxembourg (the “Existing Issuers”) or any other affiliates of RGHL
which may issue the New Secured Notes and the New Unsecured Notes (together with the
Existing Issuers, (the “Issuers”) on the release of the escrow, with the Issuers
being the surviving entities (the “Escrow and Merger Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by
the Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of me Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase- Agreement” and the “Secured
Notes Purchase Agreement”, respectively);

	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under
the Senior Secured Credit Facilities as amended by the Credit Agreement Amendment {the
“Amended Senior Secured Credit Facilities”) which will have the
benefit of substantially the same guarantees and security as already provided in respect of
the Senior Secured Credit Facilities and it is expected that the security and guarantees
provided in respect of the Senior Secured Credit Facilities and/or the Intercreditor
Arrangements will be amended, restated, extended, affirmed, re-affirmed, confirmed, released
and/or retaken, as necessary, in order to effectuate the foregoing. The Additional Bank Debt
may also have the benefit of guarantees and security provided, following the Acquisition,
potentially by certain members of the GPC Group, as a result of such GPC Group entities
granting guarantees and security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of
the Acquisition, however the Credit Agreement Amendment will allow for such funds either
(i) to be made available as delayed draw term loans that would be funded on the date of
the Acquisition or (ii) to be drawn down into escrow prior to the date of the
Acquisition,
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until
such time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”):
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in
respect of collateral under the applicable agreements, instruments or other documents
creating security interests in respect of the Existing Secured Indebtedness
(collectively, the “Security Documents”) in order to provide that such Security
Documents (i) secure obligations with respect to the New Secured Notes, the Additional
Bank Debt and any secured

4

 

	 	 	Bridge Financing Facilities, as applicable, on a pari passu basis with the Existing
Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;
	 
	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated
May 11, 2007, as amended and/or restated, including, without limitation, as of (i)
November 5, 2009 by an amendment and restatement agreement and (ii) November 5, 2010 by
an amendment agreement, both between, among others, RGHL as parent, Credit Suisse AG,
Cayman Islands Branch, as administrative agent and The Bank of New York Mellon as
collateral agent, senior secured notes trustee and high yield noteholders trustee (as
such intercreditor agreement may be further amended, extended, restated or otherwise
modified, the “2007 ICA”): and
	 
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without (imitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”):
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents,

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney,

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany,

[Unterschriftsseite folgt/signature page follows]

6

 

Place, Date: July 20, 2011

SIG International Services GmbH

	 	 	 	 	 
	 	 
	BY:  	/s/ Marco Haussener
 	 
	 	Name:  	Marco Haussener 	 
	 	Function:   Managing Director 	 
	 
	BY:  	/s/ Holger Dickers
 	 
	 	Name:  	Holger Dickers 	 
	 	Function:        Managing Director 	 
	 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
 Secured Notes,

New secured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto,
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and
any officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between,
among others, certain of the Loan Parties, each duly appointed collateral agent
under the First Lien Intercreditor Agreement, Credit Suisse AG, as
administrative agent under the Senior Secured Credit Facilities, and The
Bank of New York Mellon, as trustee under the 2009 Indenture and in
other capacities, with respect to the continuing security and/or guarantees
in respect of the New Secured Notes and/or the Additional Bank Debt
(the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured
Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation,
supplement, creation, extension, confirmation or release and retake of security,
or grant of new or additional security (which may be second ranking) or

8

 

	 		 	Other action in respect of collateral under the applicable agreements, instruments or
other documents creating security interests, in particular;
	 
	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 
	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

SCHEDULE 2

	1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 JCA,

	 
	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without Limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3 

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnetll West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business
address at Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	1.	 	Philipp von Holst
	 
	2.	 	Dr. David Witzel
	 
	3.	 	Klaudius Heda
	 
	4.	 	Daniel Wiedmann

11

 

EXHIBIT I

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

SIG Information Technology GmbH

SIG Information Technology GmbH is a limited liability company (Gesellschaft mit beschränker
Haftung) incorporated under the laws of Germany, with its registered seat in Linnich, registered
with the Commercial Register of the Local Court Düren under HR B 4050 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit Suisse AG,
as amended, amended or restated, supplemented or otherwise modified from time to time (the
“Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”).
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”) and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”).

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes.” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”).

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the
“2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”) (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated
February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the
May 2010

[Signature Page to SIG Information Technology GmbH Power of Attorney]

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being
together, the “Existing Notes”); and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),
	 
	the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit I. (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition,

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its director indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related guarantees in respect
of the New Secured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group (the
“New Secured Notes Guarantees”).
	 
	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from certain
members of the GPC Group and (ii) substantially the same collateral provided in respect of
the Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group.
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a
société anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New
Secured Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving entities
(the “Escrow and Meger Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes Purchase
Agreement”, respectively);
	 
	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension, confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured

4

 

	 	 	Bridge Financing Facilities, as applicable, on a pari passu  basis with the Existing
Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to the
extent required in order to permit the New Secured Notes and/or the Additional Bank Debt to be
included as “Obligations” thereunder;
	 
	(1)	 	the entry into of any amendments, supplements, accessions, designations, confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November
5,2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”); and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described In the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”‘);
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly, The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany,

[Unterschriftsseite folgt/signature page follows]

6

 

Place, Date: July 20, 2011

	 	 	 	 	 
	SIG Information Technology GmbH

 	 
	 	By:  	/s/ Timo Snellman
 	 
	 	 	Name:  	Timo Snellman 	 
	 	 	Function: CBO / Managing Director 	 
	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among
others, the duly appointed trustee for the New Secured Notes, the Escrow
Issuers or Issuers and the guarantors, or any accession, joinder or
supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or
joinder thereto,
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any
accession or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes
and any officer’s certificates in respect of any opinion given in respect of
the New Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the
duly appointed trustee for the New Unsecured Notes, the Escrow Issuers or
Issuers and the guarantors, or any accession, joinder or supplemental
indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or
joinder thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any
accession or joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes
and any officer’s certificates in respect of any opinion given in respect of
the New Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement,
between, among others, certain of the Loan Parties, each duly appointed collateral agent
under the First Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent under the Senior Secured Credit Facilities, and The
Bank of New York Mellon, as trustee under the 2009 Indenture and in other capacities, with respect to the continuing security and/or guarantees
in respect of the New Secured Notes and/or the Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or
related documents necessary to give effect to such amendments to the Senior Secured Credit Agreement,
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation,
supplement, creation, extension, confirmation or release and retake of
security, or grant of new or additional security (which may be second ranking)
or

8

 

	 	 	 	other action in respect of collateral under the applicable agreements,
instruments or other documents creating security interests, in
particular:
	 
	 	•	 	various confirmation, reaffirmation or amendment
agreements under German taw (including such agreements that require
notarial recording) with respect to the continuing or amendment of the
existing German security agreements (the “German Confirmation
Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new
security such as new share pledge agreements or new account pledge
agreements (including such agreements that require notarial recording)
(the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new
security under non-German law or confirms, reaffirms or amends existing
agreements including but not limited to share pledge agreements or
interest pledge agreements relating to any shares/interests in non-German
subsidiaries (the “Non-German Pledee Agreements”),

	 	12.	 	Any other document, instrument and/or agreement for the
purpose of confirming, affirming, retaking or creating security in respect of
the Additional Bank Debt and/or the New Secured Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of
implementing, or required as a result of the implementation of, the Escrow and
Merger Arrangements and/or the Bank Escrow Arrangements, including any
document, instrument or agreement which amends or otherwise varies any
security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour
of certain related or unrelated persons to act as process agent on behalf of
the Company in respect of the Transactions,
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations,
amendments, letter agreements, restatements, communications or other documents
to be made, executed or entered into in connection with the above and/or the
Transactions.

9

 

SCHEDULE 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents required to
be entered into in connection with the 2007 ICA,

	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations, confirmations
or other documents required to be entered into in connection with the FLICA including, without
limitation, in order to permit the New Secured Notes and/or Additional Bank Debt to be
included as “Obligations” thereunder.

10

 

Schedule 3 

Authorised Signatories

1. Graeme Richard Hail

2. Bryce McCheyne Murray

3. Helen Dorothy Golding

4. Allen Philip Hugli

5. Gregory Alan Cole

6. Mark Dunkley

7. Cindi Lefarf

8. Philip John Presnell West

9. Thomas James Degnan

10. Robert Bailey

11. Stephen David Pardy

12. Prudence Louise Wyliie

13. Chiara Francescs Brophy

14. Karen Michelle Mower

15. Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business
address at Taubenstr. 7-9,60313 Frankfurt am Main, Germany:

16. Philipp von Hoist

17. Dr. David Witzel

18. Klaudius Heda

19. Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

 

Certified Copy

POWER OF ATTORNEY

SIG Combibloc GmbH

SIG Combibloc GmbH is a limited liability company (Gesellschaft mit beschrtinkter Haftung)
incorporated under the laws of Germany, with its registered seat in Linnich, registered with the
Commercial Register of the Local Court Diiren under HR B 5182 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by;

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others, Reynolds Group Holdings Limited (“RGHL”). the borrowers listed therein and Credit Suisse AG,
as amended, amended or restated, supplemented or otherwise modified from time to time (the
“Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”):
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”): and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes.” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”)

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9,5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the
“2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May 2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated
February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together,
the “Existing Notes”): and

	(f)	 	being party to the intercreditor arrangements in respect of
the guarantees, indebtedness and security described above (the
“Intercreditor Arrangements”),  

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group” through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1. (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related guarantees
in respect of the New Secured Notes by certain members of the Reynolds Group (including
the Company, as applicable) and, following the Acquisition, potentially by certain
members of the GPC Group (the “New Secured Notes Guarantees”).

	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may
be used to partially fund the Acquisition and the associated costs and transactions
required (including, without limitation, the repayment of existing indebtedness of GPC
Group and contractual payments to existing shareholders of GPC Group) to effect the
Acquisition and for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from certain
members of the GPC Group and (ii) substantially the same collateral provided in respect of
the Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group,
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released, It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S. A., a
société anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New
Secured Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”),
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);

	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under
the Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing, The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities,
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until
such time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security
interests in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured

4

 

	 	 	Bridge Financing Facilities, as applicable, on a pari passu basis with the Existing
Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;
	 
	(1)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent,
senior secured notes trustee and high yield noteholders trustee (as such intercreditor
agreement may be further amended, extended, restated or otherwise modified, the “2007
ICA”): and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers,

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”);

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(a)	 	the documents relating to the intercreditor arrangements in respect of Amended
Senior Secured Credit Facilities, the New Secured Notes, the New Unsecured Notes, the
Existing Secured Notes and the Existing Notes, as more particularly described in Schedule
2.

5

 

II

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	2.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”):
	 
	3.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	4.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	5.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows;

The Authorized Signatories. each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistelkn) each Authorized Signatory
against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges in connection therewith) incurred by, or on
behalf of, an Authorized Signatory in connection with this Power of Attorney,

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

lUnterschriftsseite folgt/signature page follows]

6

 

Place,
Date: July 20, 2011

SIG Combibloc GmbH

	 	 	 	 	 
	 	 	 
	 	By:  	

/s/ Dr. Thomas Kloubert
 	 
	 	 	Name:  	Dr. Thomas Kloubert 	 
	 	 	Function: Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	              /s/ Oliver Betzer
 	 
	 	 	Name:  	Oliver Betzer 	 
	 	 	Function: Managing Director 	 
	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession or
joinder thereto,
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto,
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between,
among others, certain of the Loan Parties, each duly appointed collateral agent
under the First Lien Intercreditor Agreement, Credit Suisse AG, as administrative
agent under the Senior Secured Credit Facilities, and The Bank of New York Mellon,
as trustee under the 2009 Indenture and in other capacities, with respect to the
continuing security and/or guarantees in respect of the New Secured Notes and/or
the Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured Credit
Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of
new or additional security (which may be second ranking) or

8

 

	 		 	Other action in respect of collateral under the applicable agreements, instruments or
other documents creating security interests, in particular:

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company,
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

SCHEDULE 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA,

2.   Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank, Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	16.	 	Philipp von Holst
	 
	17.	 	Dr. David Witzel
	 
	18.	 	Klaudius Heda
	 
	19.	 	  Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

SIG Vietnam Beteiligungs-GmbH

SIG Vietnam Beteiligungs-GmbH is a limited liability company (Gesellschaft mit beschränkter
Haftung) incorporated under the laws of Germany, with its registered seat in Waldshut-Tiengen,
registered with the Commercial Register of the Local Court Freiburg i. Br, under HR B 621587 (the
“Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15,2010 (the “October 2010 Secured
Notes”); and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1,2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the
“2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated
February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010

 

 

	 	 	Notes, the October 2010 Senior Notes and the February 2010 Senior Notes being
together, the “Existing Notes”); and

	 	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor
Arrangements”).

	 	 	the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”,
	 
	 	 	It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect wholly
owned subsidiary of RGHL (the “Acquisition”),
	 
	 	 	The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;
	 
	 	 	RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and the
proceeds made available under certain incremental facilities and subject to certain conditions (the
“Credit Agreement Amendment”).
	 
	 	 	RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the term
sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders have
provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.
	 
	 	 	RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.
	 
	 	 	In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	 	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);
	 
	 	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”), including
the issuance of the New Secured Notes and the provision of related

 

 

	 	 	 	guarantees in respect of the New Secured Notes by certain members of the Reynolds
Group (including the Company, as applicable) and, following the Acquisition, potentially
by certain members of the GPC Group (the “New Secured Notes Guarantees”).
	 
	 	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC
Group and contractual payments to existing shareholders of GPC Group) to effect the
Acquisition and for general corporate purposes.
	 
	 	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry into
the New Secured Notes Indenture, the New Secured Notes will have the benefit of (i)
guarantees from substantially the same guarantors (including the Company) that guarantee
the Existing Secured Indebtedness and, following the Acquisition, potentially from certain
members of the GPC Group and (ii) substantially the same collateral provided in respect of
the Existing Secured Indebtedness and, following the Acquisition, potentially security
provided by certain members of the GPC Group.
	 
	 	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition, If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated with
Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a Delaware
limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société anonyme
(a public limited liability company) under the laws of Luxembourg (the “Existing
Issuers”) or any other affiliates of RGHL which may issue the New Secured Notes and
the New Unsecured Notes (together with the Existing Issuers, the “Issuers”) on the
release of the escrow, with the Issuers being the surviving entities (the “Escrow and
Merger Arrangements”).
	 
	 	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;

 

 

	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
Issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC Group (the “Unsecured Notes
Purchase Agreement” and the “Secured Notes Purchase Agreement”, respectively);
	 
	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i)
to be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be required
to confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined

 

 

	 	 	below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and, in the
case of the Senior Secured Credit Facilities, extend to the Additional Bank Debt, the
Amended Senior Secured Credit Facilities and the Bridge Financing Facilities, if any, as
applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security (which
may be second, third or junior ranking) or other action in respect of collateral under the
applicable agreements, instruments or other documents creating security interests in respect
of the Existing Secured Indebtedness (collectively, the “Security Documents”) in
order to provide that such Security Documents (i) secure obligations with respect to the New
Secured Notes, the Additional Bank Debt and any secured Bridge Financing Facilities, as
applicable, on a pari passu basis with the Existing Secured Indebtedness to the extent
possible and (ii) continue to secure obligations in respect of the Existing Secured
Indebtedness (including after the consummation of the Escrow and Merger Arrangements and the
Bank Escrow Arrangements);
	 
	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of
November 5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent,
Credit Suisse AG, and the grantors from time to time party thereto and the representatives
from time to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as
of January 21, 2010 (as further amended, extended, restated or otherwise modified the
“FLICA”) to the extent required in order to permit the New Secured Notes and/or the
Additional Bank Debt to be included as “Obligations” thereunder;
	 
	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May 11,
2007, as amended and/or restated, including, without limitation, as of (I) November 5, 2009
by an amendment and restatement agreement and (ii) November 5, 2010  by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent, senior
secured notes trustee and high yield noteholders trustee (as such intercreditor agreement may
be further amended, extended, restated or otherwise modified, the “2007 ICA”): and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

 

 

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2,

II,

POWER OF ATTORNEY

The Company authorizes (bevollmächligt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, In the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney.

 

 

This Power of Attorney shall be governed by the laws of the Federal Republic of
Germany.

[Unterschriftsseite folgt/signature page follows)

 

 

Place, Date: July 20, 2011

SIG Vietnam Beteiligungs-GmbH

	 	 	 	 	 
	 	 	 
	 	BY:  	/s/ Holger Dickers
 	 
	 	 	Name:  	Holger Dickers 	 
	 	 	Function: CEO / Managing Director 	 
	 
	 	 	 
	 	BY:  	/s/ Joachim Frommherz
 	 
	 	 	Name:  	Joachim Frommherz 	 
	 	 	Function: CEO / Managing Director 	 
	 

 

 

Execution Copy

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly appointed
trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly appointed
trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and
any officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among others,
certain of the Loan Parties, each duly appointed collateral agent under the First
Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent under the
Senior Secured Credit Facilities, and The Bank of New York Mellon, as trustee
under the 2009 Indenture and in other capacities, with respect to the continuing
security and/or guarantees in respect of the New Secured Notes and/or the
Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured
Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation,
supplement, creation, extension, confirmation or release and retake of security,
or grant of new or additional security (which may be second ranking) or

9

 

	 		 	other action in respect of collateral under the applicable agreements, instruments or
other documents creating security interests, in particular:
	 
	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share
pledge agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).
	 
	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

 

 

SCHEDULE 2

	1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 1CA.
	 
	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

 

 

Schedule 3

 Authorised Signatories

1. Graeme Richard Hart

2. Bryce McCheyne Murray

3. Helen Dorothy Golding

4. Allen Philip Hugli

5. Gregory Alan Cole

6. Mark Dunkley

7. Cindi Lefari

5. Philip John Presnell West

9. Thomas James Degnan

10. Robert Bailey

11. Stephen David Pardy

12. Prudence Louise Wyllie

13. Chiara Francesca Brophy

14. Karen Michelle Mower

15. Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

1. Philipp von Holst

2. Dr. David Witzel

3. Klaudius Heda

4. Daniel Wiedmann

 

 

EXHIBIT 1

COMMITMENT LETTER

 

 

Certified Copy

POWER OF ATTORNEY

Pactiv Deutschland Holdinggesellschaft mbH

Pactiv Deutschland Holdinggesellschaft mbH is a limited liability company (Gesetlschaft
mit beschränkter Haftung) incorporated under the laws of Germany, with its registered
seat in Hamburg, registered with the Commercial Register of the Local Court Hamburg
under HR B 71774 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined
below) and each of its subsidiaries (the “Reynolds
Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in
respect of the Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured
credit agreement (the “Senior Secured Credit Agreement”) dated as of November 5,
2009, between, among others, Reynolds Group Holdings Limited (“RGHL”). the
borrowers listed therein and Credit Suisse AG, as amended, amended or restated,
supplemented or otherwise modified from time to time (the “Senior Secured
Credit Facilities”):
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior
secured notes due 2016 issued by members of the Reynolds Group in aggregate
principal amounts of US$1,125,000,000 and €450,000,000 pursuant to an indenture
dated as of November 5, 2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior
secured notes due 2019 issued by members of the Reynolds Group in an aggregate
principal amount of US$1,500,000,000 pursuant to an indenture dated as of October
15, 2010 (the “October 2010 Secured Notes”); and
	 
	(d)	 	providing a guarantee and security with respect to the 6,875% senior secured
notes due 2021 issued by members of the Reynolds Group in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated as of February 1, 2011
(the “February 2011 Secured Notes”):

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes
being together, the “Existing Secured Notes,” and together with the Senior
Secured Credit Facilities, the “Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by
members of the Reynolds Group, including (i) 8% senior notes due 2016 issued in an
aggregate principal amount of €480,000,000 pursuant to an indenture dated June 29,
2007, (ii) 9.5% senior subordinated notes due 2017 issued in an aggregate principal
amount of €420,000,000 pursuant to an indenture dated June 29, 2007 (together with
(i), the “2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated May
4, 2010 (the “May 2010 Notes”), (iv) 9.0% senior notes due 2019 issued in
an aggregate principal amount of US$1,500,000,000 pursuant to an indenture dated
October 15, 2010 (the “October 2010 Senior Notes”) and (v) 8.250% senior
notes due 2021 issued in an aggregate principal amount of US$1,000,000,000 pursuant
to an indenture dated

 

 

	 	 	February 1, 2011 (the “February 2011 Senior Notes”) (the 2007
Notes, the May 2010 Notes, the October 2010 Senior Notes and the February 2011 Senior
Notes being together, the “Existing Notes”); and

	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”).

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group") through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition").

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(g)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or
accession thereto, by certain members of the Reynolds Group in respect of the issue
of new unsecured notes by indirect subsidiaries of RGHL (the “New Unsecured
Notes”), including the issuance of the New Unsecured Notes and provision of
related
guarantees in respect of the New Unsecured Notes by certain members of the
Reynolds Group (including the Company, as applicable) and, following the
Acquisition, potentially by certain members of the GPC Group (the “New
Unsecured Notes Guarantees”):
	 
	(h)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new
senior secured notes by indirect subsidiaries of RGHL (the “New Secured
Notes”).

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related
guarantees in respect of the New Secured Notes by certain members of the Reynolds
Group (including the Company, as applicable) and, following the Acquisition,
potentially by certain members of the GPC Group (the “New Secured Notes
Guarantees”).
	 
	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes
may be used to partially fund the Acquisition and the associated costs and
transactions required (including, without limitation, the repayment of existing
indebtedness of GPC Group and contractual payments to existing shareholders of GPC
Group) to effect the Acquisition and for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor
Arrangements will be amended, restated, extended, confirmed, affirmed, re-affirmed,
released and/or retaken, as necessary, in order to ensure that following the entry
into the New Secured Notes Indenture, the New Secured Notes will have the benefit of
(i) guarantees from substantially the same guarantors (including the Company) that
guarantee the Existing Secured Indebtedness and, following the Acquisition,
potentially from certain members of the GPC Group and (ii) substantially the same
collateral provided in respect of the Existing Secured Indebtedness and, following the
Acquisition, potentially security provided by certain members of the GPC Group.
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to
the date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are
issued into escrow, the Company will not be required to provide its guarantees and
security with respect to the New Secured Notes or the New Unsecured Notes (as
relevant) until such time as the escrow is released. It is currently intended that if
the New Secured Notes or the New Unsecured Notes are issued into escrow the relevant
escrow issuers, which shall be affiliates of RGHL (the “Escrow Issuers”), will
merge or otherwise be consolidated with Reynolds Group Issuer Inc., a Delaware
corporation, Reynolds Group Issuer LLC, a Delaware limited liability company, and
Reynolds Group Issuer (Luxembourg) S.A., a soeiété anonyme (a public limited liability
company) under the laws of Luxembourg (the “Existing Issuers”) or any other
affiliates of RGHL which may issue the New Secured Notes and the New Unsecured Notes
(together with the Existing Issuers, the “Issuers”) on the release of the
escrow, with the Issuers being the surviving entities (the “Escrow and Merger
Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are
not issued into escrow, the New Secured Notes and the New Unsecured Notes may be
issued by the Issuers;
	 
	(i)	 	the entry into of one or more registration rights agreements or joinders thereto by
certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC Group pursuant to which such
entities agree to register the re-sale of the New Unsecured Notes and the New Secured
Notes and/or register the issuance of the Unsecured Exchange Securities and the Secured
Exchange Securities (each as defined below) (the “Unsecured Notes Registration
Rights Agreement” and the “Secured Notes Registration Rights Agreement”,
respectively);
	 
	(j)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes Purchase
Agreement”, respectively);
	 
	(k)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(I)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of
the Acquisition, however the Credit Agreement Amendment will allow for such funds
either (i) to be made available as delayed draw term loans that would be funded on the
date of the Acquisition or (ii) to be drawn down into escrow prior to the date of the
Acquisition.
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is
drawn into escrow prior to the date of the Acquisition, the Company will not be
required to confirm its guarantees and security with respect to the Additional Bank
Debt until such time as either the delayed draw term loans are funded or the escrow is
released or otherwise terminated (the “Bank Escrow Arrangements”);
	 
	(m)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(n)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements, notes,
joinders or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	(o)	 	the provision by certain members of the Reynolds Group (including the Company as an
existing guarantor) of certain affirmations, reaffirmations and/or confirmations that the
guarantees in place in respect of the Existing Secured Indebtedness and Existing Notes
continue in full force and effect, notwithstanding the Transactions (as defined below), the
Escrow and Merger Arrangements, the Bank Escrow Arrangements and, in the case of the Senior
Secured Credit Facilities, extend to the Additional Bank Debt, the Amended Senior Secured
Credit Facilities and the Bridge Financing Facilities, if any, as applicable;
	 
	(p)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security
interests in respect of the Existing Secured Indebtedness (collectively, the
“Security Documents”) in order to provide that such Security Documents (i)
secure obligations with respect to the New Secured Notes, the Additional Bank Debt and
any secured Bridge Financing Facilities, as applicable, on a pari passu basis
with the Existing

4

 

	 	 	Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);
	 
	(q)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;
	 
	(r)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated
May 11, 2007, as amended and/or restated, including, without limitation, as of (i)
November 5, 2009 by an amendment and restatement agreement and (ii) November 5, 2010
by an amendment agreement, both between, among others, RGHL as parent, Credit Suisse
AG, Cayman Islands Branch, as administrative agent and The Bank of New York Mellon as
collateral agent, senior secured notes trustee and high yield noteholders trustee (as
such intercreditor agreement may be further amended, extended, restated or otherwise
modified, the “2007ICA”); and
	 
	(s)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve,
as relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without
limitation, the Facilities Documents, and any credit agreements, intercreditor
agreements, security documents, indentures, registration rights agreements, purchase
agreements, notes, joinders, offering material or any other documents in connection
with the Bridge Financing Facilities or the conversion of any such Bridge Financing
Facilities into term loans and/or exchange notes as described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New
Secured Notes and the New Unsecured Notes, as more particularly described in Schedule
1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended
Senior Secured Credit Facilities, the New Secured Notes, the New Unsecured Notes, the
Existing Secured Notes and the Existing Notes, as more particularly described in
Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in
Schedule 3 (the “Authorized Signatories”) hereto, each of them individually,
to act for and in the name of the Company, and, in such capacity, to consider, settle,
approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions
of Section 181 second alternative German Civil Code (BGB) and to the extent
legally possible according to Section 181 first alternative German Civil Code (BGB)
and (ii) authorized to grant sub-powers-of attorney to third parties of their choice
and with the same scope as this power-of-attorney and to include the release from the
restrictions of Section 181 German Civil Code (BGB). For the avoidance of
doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall -
upon receipt of a first demand (auf erstes Anfordern) - indemnify
(freistelln) each Authorized Signatory against expenses, losses,
liabilities, judgments, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges in connection therewith) incurred by, or on behalf of,
an Authorized Signatory in connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany,

[Unterschriftsseite folgt/signature page follows]

6

 

	 	 	 	 	 
	 	Pactiv Deutschland Holdinggesellschalft mbH

Place, Date:                                                                       

 
	 	By:  	/s/ Petro Kowalskyj
 	 
	 	 	Name:  	Petro Kowalskyj  	 
	 	 	Title:  	Director 	 
	 

7

 

Execution Copy

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers. and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among
others, certain of the Loan Parties, each duly appointed collateral agent under
the First Lien Intercreditor Agreement, Credit Suisse AG, as administrative
agent under the Senior Secured Credit Facilities, and The Bank of New York
Mellon, as trustee under the 2009 Indenture and in other capacities, with
respect to the continuing security and/or guarantees in respect of the New
Secured Notes and/or the Additional Bank Debt (the “Reaffirmation
Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured
Credit Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation,
supplement, creation, extension, confirmation or release and retake of security,
or grant of new or additional security (which may be second ranking) or other
action in respect of collateral under the applicable agreements, instruments or
other documents creating security interests, in particular:

8

 

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements mat require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German Confirmation
Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share
pledge agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company,
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

SCHEDULE 2

	1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.
	 
	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

Authorised Signatories

1. Graeme Richard Hart

2. Bryce McCheyne Murray

3. Helen Dorothy Golding

4. Allen Philip Hugli

5. Gregory Alan Cole

6. Mark Dunkley

7. Cindi Lefari

8. Philip John Presnell West

9. Thomas James Degnan

10. Robert Bailey

11. Stephen David Pardy

12. Prudence Louise Wyllie

13. Chiara Francesca Brophy

14. Karen Michelle Mower

15. Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

16. Philipp von Hoist

17. Dr. David Witzel

18. Klaudius Heda

19. Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

Omni-Fac Ekco GmbH Verpackungsmittel

Omni-Pac Ekco GmbH Verpackungsmittel is a limited liability company (Gesellschaft
mit beschränkter Haftung) incorporated under the laws of Germany, with its registered
seat in Hamburg, registered with the Commercial Register of the Local Court Hamburg under HR B
102663 (the “Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”). the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5, 2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”); and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the Reynolds
Group, including (i) 8% senior notes due 2016 issued in an aggregate principal amount of
€480,000,000 pursuant to an indenture dated June 29, 2007, (ii) 9.5% senior subordinated notes
due 2017 issued in an aggregate principal amount of €420,000,000 pursuant to an indenture
dated June 29, 2007 (together with (i), the “2007 Notes”), (iii) 8.5% senior notes due
2018 issued in an aggregate principal amount of US$1,000,000,000 pursuant to an indenture
dated May 4, 2010 (the “May 2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an
aggregate principal amount of US $1,500,000,000 pursuant to an indenture dated October 15,
2010 (the “October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in
an aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated

 

	 	 	February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May
2010 Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being
together, the “Existing Notes”); and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
Indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1, (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or
accession thereto, by certain members of the Reynolds Group in respect of the issue
of new unsecured notes by indirect subsidiaries of RGHL (the “New Unsecured
Notes”), including the issuance of the New Unsecured Notes and provision of related
guarantees in respect of the New Unsecured Notes by certain members of the
Reynolds Group (including the Company, as applicable) and, following the
Acquisition, potentially by certain members of the GPC Group (the “New Unsecured  Notes Guarantees”);
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new
senior secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related guarantees in
respect of the New Secured Notes by certain members of the Reynolds Group (including the Company,
as applicable) and, following the Acquisition, potentially by certain members of the GPC Group (the
“New Secured Notes Guarantees”).
	 
	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor Arrangements
will be amended, restated, extended, confirmed, affirmed, re-affirmed, released and/or
retaken, as necessary, in order to ensure that following the entry into the New Secured
Notes Indenture, the New Secured Notes will have the benefit of (i) guarantees from
substantially the same guarantors (including the Company) that guarantee the Existing
Secured Indebtedness and, following the Acquisition, potentially from certain members of
the GPC Group and (ii) substantially the same collateral provided in respect of the
Existing Secured Indebtedness and, following the Acquisition, potentially security provided
by certain members of the GPC Group.
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New Secured
Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes Purchase
Agreement”, respectively);
	 
	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under the
Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i) to
be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is drawn
into escrow prior to the date of the Acquisition, the Company will not be required to
confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness
(collectively, the “Security Documents”) in order to provide that such Security
Documents (i) secure obligations with respect to the New Secured Notes, the Additional Bank
Debt and any secured Bridge Financing Facilities, as applicable, on a pari passu basis with
the Existing

4

 

	 	 	Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);
	 
	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time parry thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to the
extent required in order to permit the New Secured Notes and/or the Additional Bank Debt to be
included as “Obligations” thereunder;
	 
	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent, senior
secured notes trustee and high yield noteholders trustee (as such intercreditor agreement
may be further amended, extended, restated or otherwise modified, the “2007 ICA”):
and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities’ Documents, and any credit agreements, intercreditor agreements, security
documents, indentures, registration rights agreements, purchase agreements, notes, joinders,
offering material or any other documents in connection with the Bridge Financing Facilities or
the conversion of any such Bridge Financing Facilities into term loans and/or exchange notes
as described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) - indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

6

 

Omni-Pac Ekco GmbH Verpackungsmittel

	 	 	 	 	 
	Place, Date: 	 July 20, 2011	 	 

	 	 
	By:  	/s/ Stefan Beese  	 
	 	Name:  	Stefan Beese 	 
	 	Title:  	Director 	 
	 
	By:  	     /s/ Petro Kowalskyj
 	 
	 	Name:  	Petro Kowalskyj 	 
	 	Title:  	Director 	 
	 

 

 

SCHEDULE 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers and the
guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or Issuers and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between,
among others, certain of the Loan Parties, each duly appointed collateral agent
under the First Lien Intercreditor Agreement, Credit Suisse AG, as administrative
agent under the Senior Secured Credit Facilities, and The Bank of New York Mellon,
as trustee under the 2009 Indenture and in other capacities, with respect to the
continuing security and/or guarantees in respect of the New Secured Notes and/or
the Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured Credit
Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of
new or additional security (which may be second ranking) or other action in
respect of collateral under the applicable agreements, instruments or other
documents creating security interests, in particular:

8

 

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect
to the continuing or amendment of the existing German security agreements (the
“German Confirmation Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments,
letter agreements, restatements, communications or other documents to be
made, executed or entered into in connection with the above and/or the
Transactions.

9

 

SCHEDULE 2

	1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkley
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr, 7-9, 60313 Frankfurt am Main, Germany:

	16.	 	Philipp von Holst
	 
	17.	 	Dr. David Witzel
	 
	18.	 	Klaudius Heda
	 
	19.	 	Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

Omni-Pac GmbH Verpackungsmittel

Omni-Pac GmbH Verpackungsmittel is a limited liability company (Gesetlschaft mit beschränkter
Haftung) incorporated under the laws of Germany, with its registered seat in Elsfleth, registered
with the Commercial Register of the Local Court Oldenburg under HR B 201738 (the “Company”)

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated, supplemented or otherwise modified from time to
time (the “Senior Secured Credit Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
€450,000,000 pursuant to an indenture dated as of November 5,2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010 Secured
Notes”); and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1,2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit Facilities, the
“Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii) 9.5%
senior subordinated notes due 2017 issued in an aggregate principal amount of €420,000,000
pursuant to an indenture dated June 29, 2007 (together with (i), the “2007 Notes”),
(iii) 8.5% senior notes due 2018 issued in an aggregate principal amount of
US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May 2010 Notes”),
(iv) 9.0% senior notes due 2019 issued in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated October 15, 2010 (the “October 2010 Senior Notes”)
and (v) 8.250% senior notes due 2021 issued in an aggregate principal amount of
US$1,000,000,000 pursuant to an indenture dated

 

 

	 	 	February 1,2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010
Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together, the
“Existing Notes”); and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”,

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect wholly
owned subsidiary of RGHL (the “Acquisition”),

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit .1, (together with
the term sheets attached thereto, the “Commitment Letter”), pursuant to which certain
lenders have provided commitments for three bridge financing facilities comprised of; a senior
secured bank bridge facility, a senior secured notes bridge facility and a senior unsecured notes
bridge facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to partially fund the Acquisition and the
associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below, In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially, by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related guarantees in
respect of the New Secured Notes by certain members of the Reynolds Group (including the
Company, as applicable) and, following the Acquisition, potentially by certain members of
the GPC Group (the “New Secured Notes Guarantees”).
	 
	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.
	 
	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor Arrangements
will be amended, restated, extended, confirmed, affirmed, re-affirmed, released and/or
retaken, as necessary, in order to ensure that following the entry into the New Secured
Notes Indenture, the New Secured Notes will have the benefit of (i) guarantees from
substantially the same guarantors (including the Company) that guarantee the Existing
Secured Indebtedness and, following the Acquisition, potentially from certain members of
the GPC Group and (ii) substantially the same collateral provided in respect of the
Existing
Secured Indebtedness and, following the Acquisition, potentially security provided by
certain members of the GPC Group.
	 
	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a société
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New Secured
Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).
	 
	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;
	 
	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);
	 
	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);
	 
	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;
	 
	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under
the Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order to effectuate the foregoing. The Additional Bank Debt may also have the
benefit of guarantees and security provided, following the Acquisition, potentially by certain
members of the GPC Group, as a result of such GPC Group entities granting guarantees and
security in respect of the Amended Senior Secured Credit Facilities.
	 
	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i) to
be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.
	 
	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is drawn
into escrow prior to the date of the Acquisition, the Company will not be required to
confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);
	 
	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the
Commitment Letter;
	 
	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured Bridge
Financing Facilities, as applicable, on a pari passu basis with the Existing

4

 

	 	 	Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);
	 
	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;
	 
	(l)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent, senior
secured notes trustee and high yield noteholders trustee (as such intercreditor agreement
may be further amended, extended, restated or otherwise modified, the “2007 ICA”);
and
	 
	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;
	 
	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and
	 
	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevoltmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and.performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);
	 
	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;
	 
	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and
	 
	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of a first demand (auf erstes Anfordern) — indemnify (freistellen) each Authorized
Signatory against expenses, losses, liabilities, judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments and other charges in connection therewith) incurred
by, or on behalf of, an Authorized Signatory in connection with this Power of Attorney.

	This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

6

 

	 	 	 	 	 
	Omni-Pac GmbH Verpackungsmittel

Place, Date:                                                                       

 	 
	By:  	/s/ Stefan Beese 	 
	 	Name:  	Stefan Beese 	 
	 	Title:  	Director 	 

	 	 
	By:  	/s/ Petro Kowalskyj 	 
	 	Name:  	Petro Kowalskyj 	 
	 	Title:  	Director 	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or
Issuers and the guarantors, or any accession, joinder or supplemental
indenture thereto.
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes.

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between,
among others, certain of the Loan Parties, each duly appointed collateral agent
under the First Lien Intercreditor Agreement, Credit Suisse AG, as administrative
agent under the Senior Secured Credit Facilities, and The Bank of New York Mellon,
as trustee under the 2009 Indenture and in other capacities, with respect to the
continuing security and/or guarantees
in respect of the New Secured Notes and/or the Additional Bank Debt (the
“Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured Credit
Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of
new or additional security (which may be second ranking) or other action in
respect of collateral under the applicable agreements, instruments or other
documents creating security interests, in particular:

8

 

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law
(including such agreements that require notarial recording) with respect to the continuing
or amendment of the existing German security agreements (the “German
Confirmation Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	 	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	 	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	 	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	 	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, commumcations or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

SCHEDULE 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

	2.	 	Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3 

 Authorised Signatories

1. Graeme Richard Hart

2. Bryce McCheyne Murray

3. Helen Dorothy Golding

4. Allen Philip Hugli

5. Gregory Alan Cole

6. Mark
Dunkley

7. Cindi Lefari

8. Philip John Presnell West

9. Thomas James Degnan

10. Robert Bailey

11. Stephen David Pardy

12. Prudence Louise Wyllie

13. Chiara Francesca Brophy

14. Karen Michelle Mower

15. Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

16.
Philipp von Holst

17. Dr. David Witzel

18. Klaudius Heda

19. Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

POWER OF ATTORNEY

Pactiv Hamburg Holdings GmbH

Pactiv
Hamburg Holdings GmbH is a limited liability company
(Gesellschaft mit beschränkter Haftung)
incorporated under the laws of Germany, with its registered seat in
Hamburg, registered with the
Commercial Register of the Local Court Hamburg under HR B 106481 (the
“Company”).

I.

PREAMBLE

The Company is part of the Reynolds group of companies, which includes RGHL (as defined below) and
each of its subsidiaries (the “Reynolds Group”).

As part of the Reynolds Group, the Company is a guarantor and security provider in respect of the
Reynolds Group’s existing financing arrangements, including by:

	(a)	 	providing a guarantee and security with respect to the senior secured credit agreement (the
“Senior Secured Credit Agreement”) dated as of November 5, 2009, between, among others,
Reynolds Group Holdings Limited (“RGHL”), the borrowers listed therein and Credit
Suisse AG, as amended, amended or restated,
supplemented or otherwise modified from time to time (the “Senior Secured Credit
Facilities”);
	 
	(b)	 	providing a guarantee and security with respect to the 7.75% senior secured notes due 2016
issued by members of the Reynolds Group in aggregate principal amounts of US$1,125,000,000 and
450,000,000 pursuant to an indenture dated as of November 5,
2009 (the “2009 Notes”);
	 
	(c)	 	providing a guarantee and security with respect to the 7.125% senior secured notes due 2019
issued by members of the Reynolds Group in an aggregate principal amount of US$1,500,000,000
pursuant to an indenture dated as of October 15, 2010 (the “October 2010
Secured Notes”); and
	 
	(d)	 	providing a guarantee and security with respect to the 6.875% senior secured notes due 2021
issued by members of the Reynolds Group in an aggregate principal amount of US$1,000,000,000
pursuant to an indenture dated as of February 1, 2011 (the “February 2011 Secured
Notes”);

(the 2009 Notes, the October 2010 Secured Notes and the February 2011 Secured Notes being together,
the “Existing Secured Notes,” and together with the Senior Secured Credit
Facilities, the “Existing Secured Indebtedness”),

	(e)	 	incurring and providing a guarantee of certain notes issued by members of the
Reynolds Group, including (i) 8% senior notes due 2016 issued in an aggregate
principal amount of €480,000,000 pursuant to an indenture dated June 29, 2007, (ii)
9.5% senior subordinated notes due 2017 issued in an aggregate principal amount of
€420,000,000 pursuant to an indenture dated June 29, 2007 (together with (i), the
“2007 Notes”), (iii) 8.5% senior notes due 2018 issued in an aggregate principal
amount of US$1,000,000,000 pursuant to an indenture dated May 4, 2010 (the “May
2010 Notes”), (iv) 9.0% senior notes due 2019 issued in an aggregate principal
amount of US$1,500,000,000 pursuant to an indenture dated October 15, 2010 (the
“October 2010 Senior Notes”) and (v) 8.250% senior notes due 2021 issued in an
aggregate principal amount of US$1,000,000,000 pursuant to an indenture dated

 

 

	 	 	February 1, 2011 (the “February 2011 Senior Notes”) (the 2007 Notes, the May 2010
Notes, the October 2010 Senior Notes and the February 2011 Senior Notes being together, the
“Existing Notes”); and
	 
	(f)	 	being party to the intercreditor arrangements in respect of the guarantees,
indebtedness and security described above (the “Intercreditor Arrangements”),

	the Existing Secured Indebtedness, the Existing Notes and the Intercreditor Arrangements being,
together, the “Existing Financing Arrangements”.

It is currently intended that RGHL will indirectly acquire the GPC group of companies (the “GPC
Group”) through the merger of an indirect wholly owned subsidiary of RGHL with and into Graham
Packaging Company Inc. (“GPC”), with GPC surviving such merger and becoming an indirect
wholly owned subsidiary of RGHL (the “Acquisition”).

The Company has previously considered and approved the entry by the Company into the Senior Secured
Credit Agreement, as amended or otherwise modified from time to time;

RGHL has determined it may be necessary or advisable to incur additional indebtedness under the
Senior Secured Credit Facilities in order to partially fund the Acquisition, the associated costs
and transactions required to effect the Acquisition and for general corporate purposes, and the
Company is now considering entering into amendments to, and/or an amendment and restatement of, the
Senior Secured Credit Agreement, pursuant to which additional indebtedness would be incurred and
the proceeds made available under certain incremental facilities and subject to certain conditions
(the “Credit Agreement Amendment”).

RGHL has entered into a commitment letter, attached hereto as Exhibit 1 (together with the
term sheets attached thereto, the “Commitment Letter”), pursuant to which certain lenders
have provided commitments for three bridge financing facilities comprised of: a senior secured bank
bridge facility, a senior secured notes bridge facility and a senior unsecured notes bridge
facility, each as more particularly described in the Commitment Letter (collectively, the
“Bridge Financing Facilities”), which may be used to
partially fund the Acquisition and the associated costs and transactions required to effect the Acquisition.

RGHL may determine, in lieu of or in combination with issuing the New Secured Notes (as defined
below), New Unsecured Notes (as defined below) and/or incurring the Additional Bank Debt (as
defined below), that it is necessary or advisable to draw on one or more of the Bridge Financing
Facilities in order to fund all or part of the Acquisition.

In addition, RGHL and/or certain direct or indirect subsidiaries of RGHL intend to incur additional
indebtedness as set forth below. In connection with such incurrence of indebtedness, it is intended
that the Existing Financing Arrangements be supplemented and/or amended, by, among other things,
RGHL and/or certain of its direct or indirect subsidiaries doing one or more of the following:

	(a)	 	the entry into of a new indenture (the “New Unsecured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new unsecured
notes by indirect subsidiaries of RGHL (the “New Unsecured Notes”), including the
issuance of the New Unsecured Notes and provision of related guarantees in respect of the New
Unsecured Notes by certain members of the Reynolds Group (including the Company, as
applicable) and, following the Acquisition, potentially by certain members of the GPC Group
(the “New Unsecured Notes Guarantees”);
	 
	(b)	 	the entry into of a new indenture (the “New Secured Notes Indenture”), or accession
thereto, by certain members of the Reynolds Group in respect of the issue of new senior
secured notes by indirect subsidiaries of RGHL (the “New
Secured Notes”),

2

 

	 	 	including the issuance of the New Secured Notes and the provision of related
guarantees in respect of the New Secured Notes by certain members of the Reynolds Group
(including the Company, as applicable) and, following the Acquisition, potentially by
certain members of the GPC Group (the “New Secured Notes Guarantees”).

	 	 	The proceeds from the issuance of the New Unsecured Notes and the New Secured Notes may be
used to partially fund the Acquisition and the associated costs and transactions required
(including, without limitation, the repayment of existing indebtedness of GPC Group and
contractual payments to existing shareholders of GPC Group) to effect the Acquisition and
for general corporate purposes.

	 	 	It is expected that the Existing Secured Indebtedness and/or the Intercreditor Arrangements
will be amended, restated, extended, confirmed, affirmed, re-affirmed, released and/or
retaken, as necessary, in order to ensure that following the entry into the New Secured
Notes Indenture, the New Secured Notes will have the benefit of (i) guarantees from
substantially the same guarantors (including the Company) that guarantee the Existing
Secured Indebtedness and, following the Acquisition, potentially from certain members of
the GPC Group and (ii) substantially the same collateral provided in respect of the
Existing Secured Indebtedness and, following the Acquisition, potentially security provided
by certain members of the GPC Group.

	 	 	The New Secured Notes and the New Unsecured Notes may be issued into escrow prior to the
date of the Acquisition. If the New Secured Notes or the New Unsecured Notes are issued
into escrow, the Company will not be required to provide its guarantees and security with
respect to the New Secured Notes or the New Unsecured Notes (as relevant) until such time
as the escrow is released. It is currently intended that if the New Secured Notes or the
New Unsecured Notes are issued into escrow the relevant escrow issuers, which shall be
affiliates of RGHL (the “Escrow Issuers”), will merge or otherwise be consolidated
with Reynolds Group Issuer Inc., a Delaware corporation, Reynolds Group Issuer LLC, a
Delaware limited liability company, and Reynolds Group Issuer (Luxembourg) S.A., a societe”
anonyme (a public limited liability company) under the laws of Luxembourg (the
“Existing Issuers”) or any other affiliates of RGHL which may issue the New Secured
Notes and the New Unsecured Notes (together with the Existing Issuers, the
“Issuers”) on the release of the escrow, with the Issuers being the surviving
entities (the “Escrow and Merger Arrangements”).

	 	 	It is currently intended that if the New Secured Notes or the New Unsecured Notes are not
issued into escrow, the New Secured Notes and the New Unsecured Notes may be issued by the
Issuers;

	(c)	 	the entry into of one or more registration rights agreements or joinders thereto by certain
members of the Reynolds Group (including the Company) and, following the Acquisition,
potentially by certain members of the GPC Group pursuant to which such entities agree to
register the re-sale of the New Unsecured Notes and the New Secured Notes and/or register the
issuance of the Unsecured Exchange Securities and the Secured Exchange Securities (each as
defined below) (the “Unsecured Notes Registration Rights Agreement” and the
“Secured Notes Registration Rights Agreement”, respectively);

	(d)	 	the entry into of one or more purchase agreements or joinders thereto providing for the
issuance and sale of the New Unsecured Notes and the New Secured Notes and related guarantees
by certain members of the Reynolds Group (including the Company) and, following the
Acquisition, potentially by certain members of the GPC

3

 

	 	 	Group (the “Unsecured Notes Purchase Agreement” and the “Secured Notes
Purchase Agreement”, respectively);

	(e)	 	the entry into the Credit Agreement Amendment and/or joinders thereto;

	(f)	 	the incurrence of additional indebtedness (the “Additional Bank Debt”) under
the Senior Secured Credit Facilities as amended by the Credit Agreement Amendment (the
“Amended Senior Secured Credit Facilities”) which will have the benefit of
substantially the same guarantees and security as already provided in respect of the Senior
Secured Credit Facilities and it is expected that the security and guarantees provided in
respect of the Senior Secured Credit Facilities and/or the Intercreditor Arrangements will be
amended, restated, extended, affirmed, re-affirmed, confirmed, released and/or retaken, as
necessary, in order
to effectuate the foregoing. The Additional Bank Debt may also have the benefit of
guarantees and security provided, following the Acquisition, potentially by certain members
of the GPC Group, as a result of such GPC Group entities granting guarantees and security
in respect of the Amended Senior Secured Credit Facilities.

	 	 	It is intended that the Additional Bank Debt will not be drawn down until the date of the
Acquisition, however the Credit Agreement Amendment will allow for such funds either (i) to
be made available as delayed draw term loans that would be funded on the date of the
Acquisition or (ii) to be drawn down into escrow prior to the date of the Acquisition.

	 	 	If the Additional Bank Debt is either made available as delayed draw term loans or is drawn
into escrow prior to the date of the Acquisition, the Company will not be required to
confirm its guarantees and security with respect to the Additional Bank Debt until such
time as either the delayed draw term loans are funded or the escrow is released or
otherwise terminated (the “Bank Escrow Arrangements”);

	(g)	 	the incurrence of additional indebtedness pursuant to the terms described in the Commitment Letter;

	(h)	 	the entry into the Facilities Documents (as such term is defined in the Commitment
Letter), including, without limitation, any credit agreements, intercreditor agreements,
security documents, indentures, registration rights agreements, purchase agreements,
notes, joinders or any other documents in connection with the Bridge Financing
Facilities or the conversion of any such Bridge Financing Facilities into term loans
and/or exchange notes as described in the Commitment Letter;
	 
	(i)	 	the provision by certain members of the Reynolds Group (including the Company as
an existing guarantor) of certain affirmations, reaffirmations and/or confirmations that
the guarantees in place in respect of the Existing Secured Indebtedness and Existing
Notes continue in full force and effect, notwithstanding the Transactions (as defined
below), the Escrow and Merger Arrangements, the Bank Escrow Arrangements and,
in the case of the Senior Secured Credit Facilities, extend to the Additional Bank
Debt, the Amended Senior Secured Credit Facilities and the Bridge Financing
Facilities, if any, as applicable;
	 
	(j)	 	the amendment, restatement, affirmation, re-affirmation, supplement, extension,
confirmation or release and retake of security, or grant of new or additional security
(which may be second, third or junior ranking) or other action in respect of collateral
under the applicable agreements, instruments or other documents creating security interests
in respect of the Existing Secured Indebtedness (collectively, the “Security
Documents”) in order to provide that such Security Documents (i) secure obligations
with respect to the New Secured Notes, the Additional Bank Debt and any secured Bridge
Financing Facilities, as applicable, on a pari passu basis with the Existing

4

 

	 	 	Secured Indebtedness to the extent possible and (ii) continue to secure obligations in
respect of the Existing Secured Indebtedness (including after the consummation of the
Escrow and Merger Arrangements and the Bank Escrow Arrangements);

	(k)	 	the entry into any amendments, supplements, joinders, designations, confirmations or
other documents in connection with the first lien intercreditor agreement dated as of November
5, 2009, between, among others, The Bank of New York Mellon, as the collateral agent, Credit
Suisse AG, and the grantors from time to time party thereto and the representatives from time
to time party thereto as amended by Amendment No. 1 and Joinder Agreement, dated as of January
21, 2010 (as further amended, extended, restated or otherwise modified the “FLICA”) to
the extent required in order to permit the New Secured Notes and/or the Additional Bank Debt
to be included as “Obligations” thereunder;

	(1)	 	the entry into of any amendments, supplements, accessions, designations,
confirmations or other documents in connection with the intercreditor agreement dated May
11, 2007, as amended and/or restated, including, without limitation, as of (i) November 5,
2009 by an amendment and restatement agreement and (ii) November 5, 2010 by an amendment
agreement, both between, among others, RGHL as parent, Credit Suisse AG, Cayman Islands
Branch, as administrative agent and The Bank of New York Mellon as collateral agent, senior
secured notes trustee and high yield noteholders trustee (as such intercreditor agreement
may be further amended, extended, restated or otherwise modified, the “2007 ICA”);
and

	(m)	 	following the Acquisition, the possible accession by certain members of the GPC Group to
the Existing Financing Arrangements and the Transaction Documents (as defined below) as
guarantors and/or security providers.

(collectively, the “Transactions”).

In order to effect the Transactions, it is intended that the Company enter into and/or approve, as
relevant, the following documents, (collectively, the “Transaction Documents”):

	(a)	 	the documents relating to the Bridge Financing Facilities, including, without limitation, the
Facilities Documents, and any credit agreements, intercreditor agreements, security documents,
indentures, registration rights agreements, purchase agreements, notes, joinders, offering
material or any other documents in connection with the Bridge Financing Facilities or the
conversion of any such Bridge Financing Facilities into term loans and/or exchange notes as
described in the Commitment Letter;

	(b)	 	the documents relating to the Amended Senior Secured Credit Facilities, the New Secured Notes
and the New Unsecured Notes, as more particularly described in Schedule 1; and

	(c)	 	the documents relating to the intercreditor arrangements in respect of Amended Senior Secured
Credit Facilities, the New Secured Notes, the New Unsecured Notes, the Existing Secured Notes
and the Existing Notes, as more particularly described in Schedule 2.

5

 

II.

POWER OF ATTORNEY

The Company authorizes (bevollmächtigt) the person or persons listed in Schedule 3 (the
“Authorized Signatories”) hereto, each of them individually, to act for and in the name of
the Company, and, in such capacity, to consider, settle, approve, execute or deliver the following:

	1.	 	execution, delivery and.performance of the Transaction Documents and any other documents
related thereto or required to be executed, delivered and performed in order to give effect to
the Acquisition and the Transactions, (including any notices, certificates, requests,
communications or other documents (together with the Transaction Documents, the
“Documents”);

	2.	 	any subsequent amendments (including by way of an amending agreement) to any Documents;

	3.	 	supplement, make alterations to and complete any blanks in any Documents (including, but not
limited to, altering or completing details of the parties), and

	4.	 	to do anything and consider, settle, approve, sign, agree, execute, deliver and/or issue any
documents that, in the opinion of the relevant Authorized Signatory, may be necessary,
expedient or incidental to any transaction or dealing contemplated by any of the Documents.

In connection with the transactions, the Company hereby declares as follows:

The Authorized Signatories — each of them individually — are (i) released from the restrictions of
Section 181 second alternative German Civil Code (BGB) and to the extent legally possible according
to Section 181 first alternative German Civil Code (BGB) and (ii) authorized to grant sub-powers-of
attorney to third parties of their choice and with the same scope as this power-of-attorney and to
include the release from the restrictions of Section 181 German Civil Code (BGB). For the avoidance
of doubt, this power of attorney is to be construed broadly. The liability of each Authorized
Signatory shall be limited to willful misconduct and gross negligence. The Company shall — upon
receipt of
a first demand (auf erstes Anfordern) — indemnify (freistellen) each Authorized Signatory against
expenses, losses, liabilities, judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges in connection therewith) incurred by, or on
behalf of, an Authorized Signatory in connection with this Power of Attorney.

This Power of Attorney shall be governed by the laws of the Federal Republic of Germany.

[Unterschriftsseite folgt/signature page follows]

6

 

Place,
Date: July 20, 2011

	 	 	 	 	 
	Pactiv Hamburg Holdings GmbH

 	 
	BY:  	/s/ Petro Kowalskyj
 	 
	 	Name:  	Petro Kowalskyj 	 
	 	Function: Director 	 
	 

 

 

Schedule 1

New Secured Notes

	 	1.	 	The New Secured Notes Indenture, between, among others, the duly
appointed trustee for the New Secured Notes, the Escrow Issuers or Issuers and
the guarantors, or any accession, joinder or supplemental indenture thereto.
	 
	 	2.	 	The Secured Notes Purchase Agreement, or any accession or joinder thereto.
	 
	 	3.	 	The Secured Notes Registration Rights Agreement, or any accession
or joinder thereto.
	 
	 	4.	 	Officer’s certificates in respect of the New Secured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Secured Notes.

New Unsecured Notes

	 	5.	 	The New Unsecured Notes Indenture, between, among others, the duly
appointed trustee for the New Unsecured Notes, the Escrow Issuers or
Issuers and the guarantors, or any accession, joinder or supplemental
indenture thereto,
	 
	 	6.	 	The Unsecured Notes Purchase Agreement, or any accession or joinder
thereto.
	 
	 	7.	 	Unsecured Notes Registration Rights Agreement, or any accession or
joinder thereto.
	 
	 	8.	 	Officer’s certificates in respect of the New Unsecured Notes and any
officer’s certificates in respect of any opinion given in respect of the New
Unsecured Notes..

Other Documents relating to the New Secured Notes, the New Unsecured Notes, and/or the Amended
Senior Secured Credit Facilities

	 	9.	 	A confirmation, affirmation or re-affirmation agreement, between, among
others, certain of the Loan Parties, each duly appointed collateral agent under
the First Lien Intercreditor Agreement, Credit Suisse AG, as administrative agent
under the Senior Secured Credit Facilities, and The Bank of New York Mellon, as
trustee under the 2009 Indenture and in other capacities, with respect to the
continuing security and/or guarantees in respect of the New Secured Notes and/or
the Additional Bank Debt (the “Reaffirmation Agreement”).
	 
	 	10.	 	The Credit Agreement Amendment, and any ancillary and/or related
documents necessary to give effect to such amendments to the Senior Secured Credit
Agreement.
	 
	 	11.	 	the amendment, restatement, affirmation, re-affirmation, supplement,
creation, extension, confirmation or release and retake of security, or grant of
new or additional security (which may be second ranking) or other action in
respect of collateral under the applicable agreements, instruments or other
documents creating security interests, in particular:

8

 

	 	•	 	various confirmation, reaffirmation or amendment agreements under German law (including
such agreements that require notarial recording) with respect to the continuing or
amendment of the existing German security agreements (the “German Confirmation
Agreements”);
	 
	 	•	 	Any agreements under which the Company grants new security such as new share pledge
agreements or new account pledge agreements (including such agreements that require
notarial recording) (the “German New Pledge Agreements”):
	 
	 	•	 	Any agreements under which the Company grants new security under non-German law or
confirms, reaffirms or amends existing agreements including but not limited to share
pledge agreements or Interest pledge agreements relating to any shares/interests in
non-German subsidiaries (the “Non-German Pledge Agreements”).

	12.	 	Any other document, instrument and/or agreement for the purpose of confirming, affirming,
retaking or creating security in respect of the Additional Bank Debt and/or the New Secured
Notes.
	 
	13.	 	Any document, instrument and/or agreement for the purposes of implementing, or required as a
result of the implementation of, the Escrow and Merger Arrangements and/or the Bank Escrow
Arrangements, including any document, instrument or agreement which amends or otherwise varies
any security interest and/or guarantee granted by the Company.
	 
	14.	 	Any letters, notices or agreements of appointment in favour of certain related or unrelated
persons to act as process agent on behalf of the Company in respect of the Transactions.
	 
	15.	 	Any notices, certificates, requests, waivers, authorisations, amendments, letter agreements,
restatements, communications or other documents to be made, executed or entered into in
connection with the above and/or the Transactions.

9

 

Schedule 2

1. Any agreements, amendments, supplements, joinders, certificates or other documents
required to be entered into in connection with the 2007 ICA.

2. Any agreements, amendments, supplements, joinders, certificates, designations,
confirmations or other documents required to be entered into in connection with the
FLICA including, without limitation, in order to permit the New Secured Notes
and/or Additional Bank Debt to be included as “Obligations” thereunder.

10

 

Schedule 3

Authorised Signatories

	1.	 	Graeme Richard Hart
	 
	2.	 	Bryce McCheyne Murray
	 
	3.	 	Helen Dorothy Golding
	 
	4.	 	Allen Philip Hugli
	 
	5.	 	Gregory Alan Cole
	 
	6.	 	Mark Dunkiey
	 
	7.	 	Cindi Lefari
	 
	8.	 	Philip John Presnell West
	 
	9.	 	Thomas James Degnan
	 
	10.	 	Robert Bailey
	 
	11.	 	Stephen David Pardy
	 
	12.	 	Prudence Louise Wyllie
	 
	13.	 	Chiara Francesca Brophy
	 
	14.	 	Karen Michelle Mower
	 
	15.	 	Jennie Blizard

and the following attorneys-at-law of Debevoise & Plimpton LLP, all with its business address at
Taubenstr. 7-9, 60313 Frankfurt am Main, Germany:

	16.	 	Philipp von Hoist
	 
	17.	 	Dr. David Witzel
	 
	18.	 	Klaudius Heda
	 
	19.	 	Daniel Wiedmann

11

 

EXHIBIT 1

COMMITMENT LETTER

12

 

Certified Copy

	 	 	 
	VOLLMACHT
	 	POWER OF ATTORNEY

Pactiv Corporation

	 	 	 

	eine nach dera Recht des Staates Delaware
gegründete Gesellschaft mit Sitz in 1900 West
Field Court, Lake Forest, IL 60045, USA (die
“Vollmachtgeberin”)

	 	a company incorporated under the laws of
Delaware, USA, having its seat in 1900 West
Field Court, Lake Forest, IL 60045, USA (the
“Principal”)
	 
	 	 
	bevollmächtigt und beauftragt hiennit, und Z war
unter Befreiung von den Beschränkungen des §
181 BGB und mit dem Recht zur Erteilung von
Untervollmacht im gleichen Umfang, jede der
folgenden Personen

	 	hereby authorizes, empowers and instructs with
relief from the restrictions of Section 181
German Civil Code and with the right of
delegation and substitution to the same extent,
each of the following persons

Philipp von Hoist,

Dr. David Witzel, 

Daniel Wiedmann 

Klaudius Heda

	 	 	 

	alle geschäftsansässig in den
Büros von
Debevoise & Plimpton LLP, Taubenstraße 7-9,
60313 Frankfurt am Main, Deutschland,  

und zwar jeden einzehi, als bevollmachtigter
Vertreter im Namen der Vollmachtgeberin
folgende Rechtsgeschäfte und
Rechtshandlungen vorzunchmen:

	 	each with a business
address at the offices of
Debevoise & Plimpton LLP, Taubenstrasse 7-
9, 60313 Frankfurt am Main, Germany, 

each on his/her sole signature, to act for and on
behalf of the Principal as attorney-in-fact and,
in such capacity, to perform the following legal
acts and transactions:
	 
	 	 
	1. Den Abschluss eines Verpfandungsvertrags
mit der The Bank of New York Mellon und
anderen zur Verpfandung ihrer
Gesellschaftsanteile an Pactiv Deutschland
Holdinggesellschaft mbH eingetragen im
Handelsregister des Amtsgerichts Hamburg
unter HRB 71774 und mit Sitz in der
Friedensallee 23-25, 22765 Hamburg (“Pactiv
Deutschland”) mit Sitz in Bonn.

	 	1. Conclusion of a share pledge agreement
with The Bank of New York Mellon and others
regarding Sie pledge of its shares in Pactiv
Deutschland Holdinggesellschaft mbH,
registered with the commercial register of the
local court in Hamburg under registration no.
HRB 71774 and having its business seat at
Friedensallee 23-25,22765 Hamburg (“Pactiv
Deutschland”).
	 
	 	 
	2. Sämtliche Erklärungen abzugeben und
sämtliche Handlungen vorzunehmen, die nach
dem Ermessen des Bevollmächtigten
erforderlich oder nützlich
sind (einschließlich etwaiger Anmeldungen zum Handelsregister).

	 	2. To make all statements and do all acts and
things deemed necessary or useful, at the
discretion of the attorney-in-fact (including
applications with the
commercial register).
	 
	 	 
	Im Zweifel ist diese Vollmacht weit
auszulegen.

	 	For the avoidance of doubt, this power of
attorney is to be construed broadly.
	 
	 	 
	Diese Vollmacht erlischt am 31. März 2012,
24:00 Uhr, wenn sie nicht zuvor widerrufen

	 	This power of attorney shall lapse on March

 

 

	 	 	 

	wurde.

	 	31,2012,24:00h, if not revoked earlier.
	 
	 	 
	Die Haftung des Bevollmachtigten beschränkt
sichäuf Vorsatz.

	 	The attorney-in-fact’s liability shall be limited
to willful misconduct.
	 
	 	 
	Die Vollmachtgeberin wird auf erstes
Anfordern jeden oben genarmten
Bevollmächtigten hinsichtlich Aufwendungen,
Verluste, Verpflichtungen, Gerichtsurteilen,
Geldbußen, Strafen und Beträgen, die in
Vergleichen bezahlt werden (einschließlich
aller Zinsen, Abgaben und anderer Gebuhren in
diesem Zusarrunenhang) freistellen, die bei
einem Bevollmächtigten entstehen oder auf
Veranlassung eines Bevollmächtigten in
Zusammenhang mit der Vollmacht entstehen.

	 	The Principal shall — upon receipt of a first
demand (auf erstes Anfordern)  — indemnify
(freistellen) each Attorney-in-Fact mentioned
above against expenses, losses, liabilities,
judgments, fines, penalties and amounts paid in
settlement (including all interest, assessments
and other charges in connection therewith)
incurred by, or on behalf of, an Attorney-in-
Fact in connection with this Power of Attorney.
	 
	 	 
	Die deutschsprachige Fassung dieser
Vollmacht ist bestimmend. 

Die Vollmacht unterliegt dem Recht der
Bundesrepublik Deutschland.

	 	The German version of this power of attorney
shall prevail. 

The Power of Attorney shall be governed by
the laws of the Federal Republic of Germany.

[Signature Page follows]

2

 

Ort/Place, Datum/Date:                                                             

	 	 	 	 	 
	 	Pactiv Corporation

 	 
	 	By:  	
/s/ Helen Golding
 	 
	 	 	Name:  	Helen Golding 	 
	 	 	Function: Vice President 	 
	 

3

 

Certified Copy

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS:

The Bank of New York Mellon, a banking corporation company duly incorporated and existing
under the laws of the State of New York, and having its registered office at One Wall Street,
New York, NY 10286, U.S.A. (the “Company”) hereby undertakes as follows:

WHEREAS:

	(A)	 	the Company has been appointed as collateral agent (the “Collateral Agent”) under a
first lien intercreditor agreement dated 5 November 2009 (as subsequently amended pursuant
to Amendment No. 1 and Joinder Agreement dated as of January 21, 2011) between,
among others, The Bank of New York Mellon as collateral agent and representative under
certain indentures, Credit Suisse AG as representative under a certain credit agreement,
Wilmington Trust (London) Limited as an additional collateral agent and each grantor
(including, without limitation, Reynolds Consumer Products Holdings Inc., Reynolds
Group Holdings Inc., Closure Systems Mernational Holdings Inc., Reynolds Group Issuer
LLC, Reynolds Group Issuer Inc.) that are parties thereto (the “Grantors”) (the “First
Lien Intercreditor Agreement”); and
	 
	(B)	 	pursuant to the First Lien Intercreditor Agreement, the Collateral Agent may hold
certain
security interests for itself and other secured parties in connection with the
obligations of
the Grantors under the certain credit agreement and certain indentures referred to
above.

The Company acting herein by its duly authorized officers,

HEREBY APPOINTS Rudolf Schiifer, Volkmar Fenkl, Tereza Sipkova, Christopher Strakosch and
Tsampikos Trigenis as its true and lawful attorneys-in-fact, each with full power and
authority to act severally as herein described, in the name and on behalf of the Company:

To act on behalf of the Company in its capacity as Collateral Agent and on behalf of other
secured parties who have vested rights in the company as their Collateral Agent in any and all
matters in respect to the conclusion, implementation, amendment, approval, cancellation,
termination of security agreements and the establishment of other security as well as other
financing agreements and ancillary agreements granted to the Collateral Agent in accordance
with to the terms of the Collateral Agreement on such terms and conditions which the acting
attorney-in-fact considers appropriate in its absolute and unfettered discretion. The security
agreements include, in particular, pledges of shares and, without limitation, preparing and
executing documents, notices and reports, communicating with governmental bodies and obtaining
necessary approvals; and

 

 

To engage in any and all acts, things, and activities which are related to, incidental or
conducive directly or indirectly, to the attainment of the foregoing objectives, including, but
not limited to obtaining the notarization of any documents.

Giving and granting unto its said attorneys-in-fact full power and authority to do and perform each
and every act and thing whatsoever requisite, necessary and proper to be done in the performance of
the above to all intents and purposes as it might or could do if it were acting for itself with
full power of substitution and revocation, hereby ratifying and continuing all that its said
attorneys or their respective appointed substitute shall lawfully do or cause to be done by virtue
of this document unless revoked by the undersigned Company by written instrument

THIS POWER OF ATTORNEY shall become effective immediately and unless previously revoked, shall
expire upon August 31, 2012.

THIS POWER OF ATTORNEY shall be governed by and constructed in accordance with the laws of the
State of New York.

IN WITNESS WHEREOF, the Company has caused it name to be subscribed hereto by its duly
authorized representative this 5th day of August 2011.

	 	 	 	 	 

	THE BANK OF NEW YORK MELLON
	 	THE BANK OF NEW YORK MELLON
	 
	 	 	 	 
	By: 
	/s/ Sonia Chaliha
	 	By: 
	/s/ Catherine F. Donohue
	 

	 
	 	 	 
	 

	Name: Sonia Chaliha
	 	 	Name: Catherine F. Donohue
	 

	Title: Managing Director
	 	 	Title: Vice President

	 	 	 	 	 

	STATE OF NEW YORK	 	 	)	 
	 
	 	 	) ss:	 
	COUNTY OF NEW YORK
	 	 	)	 

     On the 5th day of August in the year 2011 before me, the undersigned, a Notary Public in and
for said State, personally appeared Sonia Ghaliha, Managing Director, and Catherine F.
Donohue, Vice President, personally known to me or proved to me on the basis of satisfactory
evidence to be the individuals whose names are subscribed to the within instrument and acknowledged
to me that they executed the same in their capacities, and that by their signatures on the
instrument, the individuals, or the person upon behalf of which the individual acted, executed the
instrument.

	 	 	 	 	 
	WITNESS MY HAND AND OFFICIAL SEAL.

 	 
	/s/ Danny Lee
 	 
	NOTARY PUBLIC  	 

(Seal)

DANNY LEE, NOTARY PUBLIC

State of New York, NO. 01LE6161129

Qualified in New York County 

Commission Expires February 20, 2015

 

 

BNY MELLON

Patricia A. Bicket

Vice President and Secretary, The Bank of New York Mellon

CERTIFICATE

     I, the undersigned, Patricia A. Bicket, Secretary of The Bank of New York Mellon, a New York
banking corporation with its principal office at One Wall Street, New York, New York 10286, DO
HEREBY CERTIFY that the following individuals are duly appointed and qualified officers of The Bank
of New York Mellon:

	 	 	 
	Name	 	Title
	Sonia Chaliha

	 	Managing Director
	 	 	 
	Catherine F. Donohue
	 	Vice President

     I FURTHER CERTIFY that they have been authorized to execute Powers of Attorney on behalf of
the Bank in discharging or performing their duties within the Corporate Trust Division in
accordance with Section 6.4 of the By-Laws of The Bank of New York Mellon as amended through
October 12, 2010, a true copy of which is attached hereto.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of The Bank of New York
Mellon this 5th day of August, 2011.

	 	 	 	 	 
	 	 	 
	 	/s/ Patricia A. Bicket
 	 
	 	Secretary 	 
	 	 	 
	 

One Wall Street, 9th Floor, New York, NY 10286 

T 212 635 1787 F 212 635 1269 patricia.bicket@bnymellon.com

 

 

\

SIGNING AUTHORITIES

Extracts from By-Laws of

THE BANK OF NEW YORK MELLON 

ARTICLE VI

As Amended through October 12, 2010

     SECTION 6.1 [Intentionally Omitted]

     SECTION 6.2 Senior Signing Powers. The Chief Executive Officer, the President, . any Vice
Chairman, any Senior Executive Vice President and any Executive Vice President is authorized to
accept, endorse, execute or sign any document, instrument or paper in the name of, or on behalf of,
the Bank in all transactions arising out of, or in connection with, the normal
course of the Bank’s business or in any fiduciary, representative or agency capacity and, when
required, to affix the seal of the Bank thereto. In such instances as in the judgment of the Chief
Executive Officer, the President, any Vice Chairman, any Senior Executive Vice President or any
Executive Vice President may be proper and desirable, any one of said officers may authorize in
writing, including email and other forms of electronic communication or approval, from time-to-time
any other officer to have the powers set forth in this section applicable only to the performance
or discharge of the duties of such officer within his or her particular division or function. Any
officer of the Bank authorized in or pursuant to Section 6.3 to have any of the powers set forth
therein, other than the officer signing pursuant to this Section 6.2, is authorized to attest to
the seal of the Bank on any documents requiring such seal.

     SECTION 6.3. Limited Signing Powers. In such instances as in the judgment of the Chief
Executive Officer, the President, any Vice Chairman, any Senior Executive Vice President, or any
Executive Vice President may be proper and desirable, any one of said officers may authorize in
writing, including email and other forms of electronic communication or approval, from time to time
any other officer, employee or individual to have the limited signing powers or limited power to
affix the seal of the Bank to specified classes of documents set forth in a resolution of the Board
applicable only to the performance or discharge of the duties of such officer, employee or
individual within his or her division or function.

     SECTION 6.4 Powers of Attorney. All powers of attorney on behalf of the Bank shall be executed
by any officer of the Bank jointly with the Chief Executive Officer, the President, any Vice
Chairman, any Senior Executive Vice President, any Executive Vice President, any Senior Vice
President or any Managing Director, provided that the execution by such Senior Vice President or
Managing Director of said Power of Attorney shall be applicable only to the performance or
discharge of the duties of such officer within his or her particular division or function. Any such
power of attorney may, however, be executed by any officer or officers or person or persons who may
be specifically authorized to execute the same by the Board of Directors and, at foreign branches
only, by any two officers provided one of such officers is the Branch Manager.

     SECTION 6.5. Auditor. The Chief Auditor or any officer designated by the Chief Auditor is
authorized to certify in the name of, or on behalf of the Bank, in its own right or in a fiduciary
or representative capacity, as to the accuracy and completeness of any account, schedule of assets,
or other document, instrument or paper requiring such certification.

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