Document:

exv4w409

	 	 	 

	 	 	EXHIBIT 4.409
	 	 
	 	 
	 

	 	 

CLOSURE SYSTEMS INTERNATIONAL B.V.

as Pledgor

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
	 	10	 
	 
	 	 	 	 	 
	2.

	 	Pledged Shares
	 	16	 
	 
	 	 	 	 	 
	3.

	 	Pledge
	 	16	 
	 
	 	 	 	 	 
	4.

	 	Scope of the Pledges
	 	16	 
	 
	 	 	 	 	 
	5.

	 	Purpose of the Pledges
	 	17	 
	 
	 	 	 	 	 
	6.

	 	Exercise of Membership Rights
	 	18	 
	 
	 	 	 	 	 
	7.

	 	Enforcement of the Pledges
	 	18	 
	 
	 	 	 	 	 
	8.

	 	Unlawful financial assistance
	 	19	 
	 
	 	 	 	 	 
	9.

	 	Approval and Confirmation
	 	19	 
	 
	 	 	 	 	 
	10.

	 	Undertakings of the Pledgor
	 	20	 
	 
	 	 	 	 	 
	11.

	 	Delegation
	 	21	 
	 
	 	 	 	 	 
	12.

	 	Indemnity
	 	21	 
	 
	 	 	 	 	 
	13.

	 	No Liability
	 	22	 
	 
	 	 	 	 	 
	14.

	 	Duration and Independence
	 	22	 
	 
	 	 	 	 	 
	15.

	 	Release of Pledge (Pfandfreigabe)
	 	22	 
	 
	 	 	 	 	 
	16.

	 	Partial Invalidity; Waiver
	 	23	 
	 
	 	 	 	 	 
	17.

	 	Amendments
	 	24	 
	 
	 	 	 	 	 
	18.

	 	Notices and their Language
	 	24	 
	 
	 	 	 	 	 
	19.

	 	Notification
	 	25	 
	 
	 	 	 	 	 
	20.

	 	Applicable Law, Jurisdiction
	 	26	 
	 
	 	 	 	 	 
	Schedule 1 Lists of Current Borrowers, Current Guarantors, Current Senior
Secured Notes Guarantors, Current October 2010 Secured Notes Guarantors and
Original February 2011 Secured Notes Guarantors
	 	27	 
	 
	 	 	 	 	 
	Part 1 List of Current Borrowers	 	27	 
	 
	 	 	 	 	 
	Part 2 List of Current Guarantors	 	27	 
	 
	 	 	 	 	 
	Part 3 List of Current Senior Secured Notes Guarantors	 	32	 
	 
	 	 	 	 	 
	Part 4 List of Current October 2010 Secured Notes Guarantors	 	37	 
	 
	 	 	 	 	 
	Part 5 List of Original February 2011 Secured Notes Guarantors	 	41	 
	 
	 	 	 	 	 
	Schedule 2 Copy of Shareholders List (Gesellschafterliste)	 	46	 

- 1 -

 

Deed Register No. 86 / 2011-G.

Recorded

in Frankfurt am Main on March 2, 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.	 	Tsampikos Trigenis, born 2 January 1973, whose business address is Bockenheimer Landstraße
24, 60323 Frankfurt am Main, and who identified himself by presenting his 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 February 28, 2011, a copy of which 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 Walkmiihlenstraße 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 February 28, 2011, a copy of which is attached to this deed,
	 
	 	c)	 	Closure Systems International S.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the 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

- 2 -

 

	 	 	 	presenting a power of attorney dated January 25, 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 undated, a copy of which 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 March 1, 2011, a copy of which 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 February 23, 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 February 28, 2011, a copy of which 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
	 
	 	 	 	presenting a power of attorney dated February 28, 2011, a copy of which 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

- 3 -

 

	 	 	 	Weilheimer Straße 5, 79761 Waldshut-Tiegen, 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 February 28, 2011, a copy of which 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 February 28, 2011, a copy of which 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 February 28, 2011, a copy of which is attached to this
deed,
	 
	 	l)	 	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 February 28, 2011, a copy of which 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-Tiegen, 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 February 28, 2011, a copy of which 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 Hamburg, Germany, which is
registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of
Hamburg under HRB 71774

- 4 -

 

	 	 	 	presenting a power of attorney dated February 22, 2011, a copy of which 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 dated February 22, 2011, a copy of which 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 dated February 22, 2011, a copy of which 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 dated February 22, 2011, a copy of which 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 dated February 28, 2011, a copy of which is attached to this
deed,

The person appearing to 2. declared to make the following declarations not in his 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 December 29, 2010, a copy of which is attached to this
deed;

- 5 -

 

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 forms an integral part of this deed.

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 Gesellschaft mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares/interests (in the sense that the pledgees are
protected if the shares/interests 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.

This deed with appendices 1 to 9 including their schedules 1 but excluding their table of contents
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/ Dr. Olaf Gerber
	 	/s/ Dr. David Witzel
	 	/s/ Tsampikos Trigenis

- 6 -

 

This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on March 2, 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 a multi-currency term and revolving credit agreement dated 5 November 2009 (as
amended and/or restated by the Amendment No.1 (as defined below), by the Amendment No. 2 and
Incremental Term Loan Assumption Agreement (as defined below), by the Amendment No. 3 and
Incremental Term Loan Assumption Agreement (as defined below) and by the Amendment No. 4 and
Incremental Term Loan Assumption Agreement (as defined below)) between, inter alia, the
parties listed in Part 1 of Schedule 1 hereto as current borrowers (the “Current Borrowers”),
the parties listed in Part 2 of Schedule 1 hereto as current guarantors (the “Current
Guarantors”), Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse Cayman Islands
Branch) as administrative agent and others (as further amended, varied, novated, restated,
supplemented, superseded or extended from time to time, 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 issuers (the “Issuers”), certain affiliates of the Issuers listed in Part 3 of
Schedule 1 as current senior secured notes guarantors (the “Current 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 “Senior Secured Notes Indenture”), the Issuers have issued
senior secured notes due 2016 in

- 7 -

 

	 	 	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 “Senior Secured Notes”) to certain
noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
Issuer I LLC, RGHL Issuer I Inc., and RGHL 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 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 1Part 4 have acceded to the October 2010 Secured Notes Indenture as 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 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 1Part 5 as original February 2011 secured notes
guarantors (the “Original February 2011 Secured Notes Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined below).
	 
	(F)	 	As a result of the amendment No. 4 and incremental term loan assumption agreement dated 9
February 2011 relating to the Credit Agreement between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse, Cayman
Islands Branch) as administrative agent and others (the “Amendment No. 4 and Incremental Term
Loan Assumption Agreement”) the Credit Agreement inter alia includes new incremental term
facilities.
	 
	(G)	 	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

- 8 -

 

	 	 	defined below) in the Company as security for the Pledgee’s claims against the Grantors (as
defined below) (or any of them) in respect of the Obligations (as defined below).
	 
	(H)	 	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” means the amendment agreement dated 21 January 2010 relating to the Credit
Agreement between, inter alia, the borrowers and the guarantors under the Credit Agreement
as of such date, the Administrative Agent and others.
	 
	 	 	“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.
	 
	 	 	“Amendment No. 2 and Incremental Term Loan Assumption Agreement” means the amendment and
incremental term loan assumption agreement dated 4 May 2010 relating to the Credit Agreement
between, inter alia, the borrowers and the guarantors under the Credit Agreement as of such
date, the Administrative Agent and others.
	 
	 	 	“Amendment No. 3 and Incremental Term Loan Assumption Agreement” means the amendment and
incremental term loan assumption agreement dated 30 September 2010 relating to the Credit
Agreement between, inter alia, the borrowers and the guarantors under the Credit Agreement
as of such date, the Administrative Agent and others.
	 
	 	 	“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.

- 9 -

 

	 	 	“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 Senior Secured Notes Documents, the
October 2010 Secured Notes Documents and the February 2011 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 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture
and/or the February 2011 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 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”); and
	 
	 	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.

- 10 -

 

	 	 	“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 Original 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 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors and the February 2011 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 Senior
Secured Notes Guarantors under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“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.

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	 	 	“Incremental Assumption Agreement” shall mean an incremental assumption agreement relating
to incremental facilities of up to USD 750,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental 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 Senior Secured Notes Indenture and any successor appointed as indenture
trustee under the 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 Amendment No. 1, the Amendment No. 2 and Incremental Term Loan Assumption Agreement, the
Amendment No. 3 and Incremental Term Loan Assumption Agreement, the Amendment No. 4 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,

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	 	 	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.
	 
	 	 	“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 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.

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	 	 	“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” means each pledge constituted under this Agreement.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 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 Senior Secured Notes Holders, the
October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders, the Indenture
Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011 Secured Notes
Indenture Trustee, the Collateral Agent, the Local Facility Providers and the Cash
Management Banks.
	 
	 	 	“Senior Secured Notes Documents” shall mean the Senior Secured Notes Indenture, the Senior
Secured Notes Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any
supplemental indenture, any security document relating to the Senior Secured Notes and/or
the Senior Secured Notes Indenture and any other document that may be entered into pursuant
to any of the foregoing.
	 
	 	 	“Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the Senior Secured Notes and the Senior Secured Notes Indenture by the Senior
Secured Notes Guarantors.

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	 	 	“Senior Secured Notes Guarantors” means the Current Senior Secured Notes Guarantors and any
entity which may accede to the Senior Secured Notes Indenture as additional guarantor.
	 
	 	 	“Senior Secured Notes Holders” shall mean the holders from time to time of the Senior
Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	In this Agreement any reference in this Agreement to a “Clause” or a “sub-Clause” shall,
subject to any contrary indication, be construed as a reference to a Clause or sub-Clause
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 2 (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”).
	 
	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 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 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 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 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

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	 	 	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 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

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	 	 	(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, 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

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	 	 	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, 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

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	 	 	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.
	 
	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

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	 	 	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) cease to exist by operation of German mandatory law.
	 
	15.2	 	At any time when the total value of the aggregate security granted by the 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.

- 22 -

 

	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 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

- 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 district court (Landgericht) 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.

The above Agreement including the Schedules was read aloud by the Notary to the persons appearing,
approved by them and signed by the persons appearing and by the Notary in their own hand as
follows:

- 25 -

 

SCHEDULE 1

LISTS OF CURRENT BORROWERS, CURRENT GUARANTORS,
 CURRENT SENIOR SECURED NOTES GUARANTORS, CURRENT
 OCTOBER 2010 SECURED NOTES GUARANTORS AND ORIGINAL
 FEBRUARY 2011 SECURED NOTES GUARANTORS

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 (formerly Reynolds Acquisition Corporation)

PART 2

LIST OF CURRENT 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

 - 26 - 

 

CSI Latin American Holdings Corporation

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

 - 27 - 

 

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.

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.

 - 28 - 

 

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.

Bakers Choice Products, Inc.

Reynolds Consumer Products Holdings Inc.

Reynolds Consumer Products Inc.

Reynolds Foil Inc.

 - 29 - 

 

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

PCA West Inc.

 - 30 - 

 

Prairie Packaging, Inc.

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART 3

LIST OF CURRENT SENIOR 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

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

 - 31 - 

 

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

 - 32 - 

 

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.

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

 - 33 - 

 

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.

 - 34 - 

 

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

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.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

 - 35 - 

 

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART 4

LIST OF CURRENT OCTOBER 2010 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

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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

 - 36 - 

 

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 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.

 - 37 - 

 

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

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

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

SIG Combibloc (Schweiz) AG

SIG Schweizerische Industrie-Gesellschaft AG

SIG Combibloc Procurement AG

SIG Reinag AG

SIG Holding USA Inc.

 - 38 - 

 

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

Reynolds Packaging Kama Inc.

Reynolds Food Packaging LLC

Reynolds Flexible Packaging Inc.

Southern Plastics Inc.

 - 39 - 

 

Ultra Pac, Inc.

BRPP, 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.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

PART 5

LIST OF ORIGINAL FEBRUARY 2011 SECURED NOTES GUARANTORS

Whakatane Mill Australia Pty Limited

CSI Latin American Holdings Corporation

 - 40 - 

 

Closure Systems International (Canada) Limited

Evergreen Packaging Canada Limited

Reynolds Food Packaging Canada Inc.

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 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.

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.

 - 41 - 

 

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 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.

 - 42 - 

 

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

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.

 - 43 - 

 

PWP Holdings, Inc.

PWP Industries, Inc.

Newspring Industrial Corp.

798795 Ontario Limited

Pactiv Canada Inc.

Newspring Canada Inc.

The Baldwin Group Limited

J. & W. Baldwin (Holdings) Limited

Omni-Pac U.K. Limited

 - 44 - 

 

SCHEDULE 2

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

 - 45 -exv4w410

EXHIBIT 4.410

SIG COMBIBLOC GROUP AG

as Pledgor

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
	 	 	10	 
	2. Pledged Shares
	 	 	16	 
	3. Pledge
	 	 	16	 
	4. Scope of the Pledges
	 	 	17	 
	5. Purpose of the Pledges
	 	 	18	 
	6. Exercise of Membership Rights
	 	 	18	 
	7. Enforcement of the Pledges
	 	 	18	 
	8. Swiss Limitations
	 	 	21	 
	9. Undertakings of the Pledgor
	 	 	22	 
	10. Delegation
	 	 	24	 
	11. Indemnity
	 	 	24	 
	12. No Liability
	 	 	25	 
	13. Duration and Independence
	 	 	25	 
	14. Release of Pledge (Pfandfreigabe)
	 	 	25	 
	15. Partial Invalidity; Waiver
	 	 	26	 
	16. Amendments
	 	 	26	 
	17. Notices and their Language
	 	 	26	 
	18. Notification
	 	 	28	 
	19. Applicable Law, Jurisdiction
	 	 	29	 
	Schedule 1 Lists of Current Borrowers, Current Guarantors, Current Senior Secured Notes
Guarantors, Current October 2010 Secured Notes Guarantors and Original February 2011
Secured Notes Guarantors
	 	 	30	 
	Part 1 List of Current Borrowers
	 	 	30	 
	Part 2 List of Current Guarantors
	 	 	30	 
	Part 3 List of Current Senior Secured Notes Guarantors
	 	 	35	 
	Part 4 List of Current October 2010 Secured Notes Guarantors
	 	 	40	 
	Part 5 List of Original February 2011 Secured Notes Guarantors
	 	 	45	 
	Schedule 2 Copy of Shareholders List (Gesellschafterliste)
	 	 	49	 

- 1 -

 

Deed Register No. 86 / 2011-G.

Recorded

in Frankfurt am Main on March 2, 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.	 	Tsampikos Trigenis, born 2 January 1973, whose business address is Bockenheimer Landstraße
24, 60323 Frankfurt am Main, and who identified himself by presenting his 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 February 28, 2011, a copy of which 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 Walkmiihlenstraße 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 February 28, 2011, a copy of which is attached to this
deed,
	 
	 	c)	 	Closure Systems International S.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under the of The

- 2 -

 

	 	 	 	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 January 25, 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 undated, a copy of which 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 March 1, 2011, a copy of which 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 February 23, 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 February 28, 2011, a copy of which 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

- 3 -

 

	 	 	 	is registered in the commercial register (Handelsregister) of the local court (Amtsgericht)
of Düren under HRB 5754
	 
	 	 	 	presenting a power of attorney dated February 28, 2011, a copy of which 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-Tiegen, 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 February 28, 2011, a copy of which 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 February 28, 2011, a copy of which 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 February 28, 2011, a copy of which is attached to this
deed,
	 
	 	l)	 	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 February 28, 2011, a copy of which 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

- 4 -

 

	 	 	 	Weilheimer Straße 5, 79761 Waldshut-Tiegen, 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 February 28, 2011, a copy of which 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 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 dated February 22, 2011, a copy of which 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 dated February 22, 2011, a copy of which 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 dated February 22, 2011, a copy of which 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 dated February 22, 2011, a copy of which is attached to this
deed,

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	 	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 dated February 28, 2011, a copy of which is attached to this
deed,

The person appearing to 2. declared to make the following declarations not in his 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 December 29, 2010, a copy of which is attached to this
deed;

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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 forms an integral part of this deed.

	 	 	 	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 Gesellschaft mit beschränkter Haftung) there is no bona fide creation,
acquisition nor ranking of a pledge of shares/interests (in the sense that the pledgees are
protected if the shares/interests 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.

This deed with appendices 1 to 9 including their schedules 1 but excluding their table of contents
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/ Dr. Olaf Gerber

	 	/s/ Dr. David Witzel
	 	/s/ Tsampikos Trigenis

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	 	 	This SHARE PLEDGE AGREEMENT (the “Agreement”) is made on March 2, 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 Düren 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 a multi-currency term and revolving credit agreement dated 5 November 2009 (as
amended and/or restated by the Amendment No.1 (as defined below), by the Amendment No. 2 and
Incremental Term Loan Assumption Agreement (as defined below), by the Amendment No. 3 and
Incremental Term Loan Assumption Agreement (as defined below) and by the Amendment No. 4 and
Incremental Term Loan Assumption Agreement (as defined below)) between, inter alia, the
parties listed in Schedule 1Part 1 hereto as current borrowers (the “Current Borrowers”), the
parties listed in Schedule 1Part 2 hereto as current guarantors (the “Current Guarantors”),
Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse Cayman Islands Branch) as
administrative agent and others (as further amended, varied, novated, restated, supplemented,
superseded or extended from time to time, 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 issuers (the “Issuers”), certain affiliates of the Issuers listed inSchedule 1Part 3
as current senior secured notes guarantors (the “Current 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 “Senior Secured Notes

- 8 -

 

	 	 	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 “Senior Secured Notes”) to certain noteholders.
	 
	(C)	 	Pursuant to a senior secured notes indenture dated 15 October 2010 between, inter alia, RGHL
Issuer I LLC, RGHL Issuer I Inc., and RGHL 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 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 1Part 4 have acceded to the October 2010 Secured Notes Indenture as 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 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 1Part 5 as original February 2011 secured notes
guarantors (the “Original February 2011 Secured Notes Guarantors”).
	 
	(E)	 	The Pledgor has entered into the Existing Share Pledge Agreements (as defined below).
	 
	(F)	 	As a result of the amendment No. 4 and incremental term loan assumption agreement dated 9
February 2011 relating to the Credit Agreement between, inter alia, the Current Borrowers, the
Current Guarantors, Credit Suisse AG, Cayman Islands Branch (formerly Credit Suisse, Cayman
Islands Branch) as administrative agent and others (the “Amendment No. 4 and Incremental Term
Loan Assumption Agreement”) the Credit Agreement inter alia includes new incremental term
facilities.
	 
	(G)	 	The Pledgor has agreed to grant an additional pledge (subject to the pledges arising under

- 9 -

 

	 	 	the Existing Share Pledge Agreements (as defined below)) over its Shares (as defined below)
in the Company as security for the Pledgee’s claims against the Grantors (as defined below)
(or any of them) in respect of the Obligations (as defined below).

	(H)	 	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” means the amendment agreement dated 21 January 2010 relating to the Credit
Agreement between, inter alia, the borrowers and the guarantors under the Credit Agreement
as of such date, the Administrative Agent and others.
	 
	 	 	“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.
	 
	 	 	“Amendment No. 2 and Incremental Term Loan Assumption Agreement” means the amendment and
incremental term loan assumption agreement dated 4 May 2010 relating to the Credit Agreement
between, inter alia, the borrowers and the guarantors under the Credit Agreement as of such
date, the Administrative Agent and others.
	 
	 	 	“Amendment No. 3 and Incremental Term Loan Assumption Agreement” means the amendment
and incremental term loan assumption agreement dated 30 September 2010 relating to the
Credit Agreement between, inter alia, the borrowers and the guarantors under the Credit
Agreement as of such date, the Administrative Agent and others.

- 10 -

 

	 	 	“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 Senior Secured Notes Documents,
the October 2010 Secured Notes Documents and the February 2011 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 Senior Secured Notes Indenture and/or the October 2010 Secured Notes
Indenture and/or the February 2011 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 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”); and

- 11 -

 

	 	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.

	 	 	“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 Original 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 Senior Secured Notes Guarantors, the
October 2010 Secured Notes Guarantors and the February 2011 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 Senior
Secured Notes Guarantors under the Credit Documents and “Grantor” means any of them.
	 
	 	 	“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)

- 12 -

 

	 	 	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 750,000,000 among, and in form and substance
reasonably satisfactory to, one or more Borrowers, the Administrative Agent, one or more
Incremental Term Lenders and/or one or more Incremental Revolving Credit Lenders pursuant to
which one or more Incremental Term Lenders make available Incremental 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 Senior Secured Notes Indenture and any successor appointed as
indenture trustee under the 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.

- 13 -

 

	 	 	“Loan Documents” shall mean the Credit Agreement, the Amendment No.1 and Joinder Agreement,
the Amendment No. 1, the Amendment No. 2 and Incremental Term Loan Assumption Agreement,
the Amendment No. 3 and Incremental Term Loan Assumption Agreement, the Amendment No. 4 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.
	 
	 	 	“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,

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	 	 	the Intercreditor Arrangements, 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” means each pledge constituted under this Agreement.
	 
	 	 	“Principal Finance Documents” means the Credit Agreement, the Senior Secured Notes
Indenture, the October 2010 Secured Notes Indenture, the February 2011 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 Senior Secured Notes
Holders, the October 2010 Secured Notes Holders, the February 2011 Secured Notes Holders,
the Indenture Trustee, the October 2010 Secured Notes Indenture Trustee, the February 2011
Secured Notes Indenture Trustee, the Collateral Agent, the Local Facility Providers and the
Cash Management Banks.
	 
	 	 	“Senior Secured Notes Documents” shall mean the Senior Secured Notes Indenture, the
Senior Secured Notes Guarantees, the Senior Secured Notes, the Intercreditor

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

	 	 	“Senior Secured Notes Guarantees” shall mean the guarantees of the obligations of the
Issuers under the Senior Secured Notes and the Senior Secured Notes Indenture by the Senior
Secured Notes Guarantors.
	 
	 	 	“Senior Secured Notes Guarantors” means the Current Senior Secured Notes Guarantors and
any entity which may accede to the Senior Secured Notes Indenture as additional guarantor.
	 
	 	 	“Senior Secured Notes Holders” shall mean the holders from time to time of the Senior
Secured Notes.
	 
	 	 	“Shares” means the Existing Shares and the Future Shares.
	 
	1.2	 	In this Agreement any reference in this Agreement to a “Clause” or a “sub-Clause” shall,
subject to any contrary indication, be construed as a reference to a Clause or sub-Clause
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 2 (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”).

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	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 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

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	 	(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 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 has become due and
payable, then in order to enforce the Pledge, the Collateral Agent may on its own
behalf and on behalf of the Secured Parties 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 an Hedge Counterparty, (y) owed as cash

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	 	 	 	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 Senior
Secured Notes Indenture and/or the October 2010 Secured Notes Indenture and/or the
February 2011 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 Senior Secured Notes Indenture and/or
the October 2010 Secured Notes Indenture and/or the February 2011 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 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture
and/or the February 2011 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 Senior Secured Notes
Indenture and/or the October 2010 Secured Notes Indenture and/or the February 2011
Secured Notes Indenture have been made available to the

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	 	 	 	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
(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).

	7.2	 	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 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

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	 	 	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 Anfechtbarkeit)
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 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 Senior Secured Notes Indenture and/or the October 2010
Secured Notes Indenture and/or the February 2011 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 Senior Secured Notes Indenture and/or the October 2010 Secured Notes Indenture
and/or the February 2011 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

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	 	 	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 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 same may
be) of such deduction of the Tax Payment Amount.

	 	 	But if such a deduction is made, the Pledgor shall not be obliged to make any gross-up
payments 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 same 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);

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	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).
	 
	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, to make such declarations and
undertake such actions at its own costs and expenses; and

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	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.
	 
	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.

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	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 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 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) cease 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.

- 25 -

 

	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 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:

- 26 -

 

	 	 	 	 	 

	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
	 
	 	 	 	 
	     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

- 27 -

 

	 	 	 	 	 

	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

	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 Pledge of the rights
pursuant to Clause 3 and Clause 4 to the Company.

- 28 -

 

	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 district court (Landgericht) 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.

     The above Agreement including the Schedules was read aloud by the Notary to the persons
appearing, approved by them and signed by the persons appearing and by the Notary in their own hand
as follows:

- 29 -

 

SCHEDULE 1

LISTS OF CURRENT BORROWERS, CURRENT GUARANTORS, CURRENT SENIOR SECURED NOTES GUARANTORS,
CURRENT OCTOBER 2010 SECURED NOTES GUARANTORS AND ORIGINAL FEBRUARY 2011 SECURED NOTES
GUARANTORS

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 (formerly Reynolds Acquisition Corporation)

PART 2

LIST OF CURRENT 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

- 30 -

 

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

     Reynolds Food Packaging Canada Inc.

     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

- 31 -

 

     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.

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

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

- 32 -

 

     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.

     Bakers Choice Products, Inc.

- 33 -

 

     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.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

PART 3

LIST OF CURRENT SENIOR 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

- 35 -

 

     Closure Systems International (Brazil) Sistemas de Vedação Ltda

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

     Reynolds Food Packaging Canada Inc.

     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

- 36 -

 

     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.

     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.

- 37 -

 

     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.

     Bakers Choice Products, Inc.

- 38 -

 

     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

     Pactiv Corporation (formerly Reynolds Acquisition Corporation)

     Pactiv Factoring LLC

     Pactiv RSA LLC

     Pactiv Retirement Administration LLC

     Pactiv Germany Holdings, Inc.

     Pactiv International Holdings Inc.

- 39 -

 

     Pactiv Management Company LLC

     PCA West Inc.

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

PART 4

LIST OF CURRENT OCTOBER 2010 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

- 40 -

 

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

     Reynolds Food Packaging Canada Inc.

     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

- 41 -

 

     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.

     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.

- 42 -

 

     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 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.

- 43 -

 

     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

     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.

- 44 -

 

     Prairie Packaging, Inc.

     PWP Holdings, Inc.

     PWP Industries, Inc.

     Newspring Industrial Corp.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

PART 5

LIST OF ORIGINAL FEBRUARY 2011 SECURED NOTES GUARANTORS

     Whakatane Mill Australia Pty Limited

     CSI Latin American Holdings Corporation

     Closure Systems International (Canada) Limited

     Evergreen Packaging Canada Limited

     Reynolds Food Packaging Canada Inc.

     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

- 45 -

 

     Kama Europe Limited

     Ivex Holdings, Ltd.

     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.

     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.

- 46 -

 

     Evergreen Packaging International B.V.

     Reynolds Packaging International B.V.

     Reynolds Group Holdings Limited

     Whakatane Mill Limited

     SIG Combibloc Group AG

     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.

- 47 -

 

     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

     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.

     798795 Ontario Limited

     Pactiv Canada Inc.

     Newspring Canada Inc.

     The Baldwin Group Limited

     J. & W. Baldwin (Holdings) Limited

     Omni-Pac U.K. Limited

- 48 -

 

SCHEDULE 2

COPY OF SHAREHOLDERS LIST (GESELLSCHAFTERLISTE)

- 49 -

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