Document:

Exhibit

SERVICES  AGREEMENT

THIS SERVICES  AGREEMENT (this "Agreement"), effective as of January  I, 2016, by and  among  Rank  Group  Limited,   a  corporation  organized  under  the  laws  of New  Zealand ("RGL"   or the  "Service   Provider");  and  Reynolds   Group  Holdings   Limited,   a  corporation organized under the  laws  of New  Zealand   ("RGHL"   and  together  with  its  subsidiaries,  the "Reynolds  Group") (the "Service  Recipient").

WHEREAS,  RGL  is  a corporation organized under the  laws of New  Zealand,  and is directly owned by Graeme Richard Hart ("Mr. Hait");

WHEREAS,  the Service Recipient operates through various subsidiaries and is indirectly owned by Mr. Hart;

WHEREAS,   the  Service  Recipient  is  seeking  assistance,  including  for  certain  of its subsidiaries,  with respect to certain categories of management services;

WHEREAS,  the Service Provider desires to provide, either directly or through certain of its subsidiaries or affiliates  (in its sole discretion),  certain categories  of management services to the Service Recipient  (and to its subsidiaries);

WHEREAS,  the  Service Provider  has the requisite  knowledge  and expertise  to provide such management  services; and

WHEREAS,  the parties  wish to enter into  this Agreement  to specify the terms on which the Services ( defined below) will be provided.

NOW  THEREFORE,  in consideration   of the  mutual  covenants  and  other good  and valuable consideration,  the receipt and sufficiency of which are hereby acknowledged,  the patties agree as follows:

Section I.         SERVICE PROVIDER'S DUTIES AND RESPONSIBILITIES

1.1        The Service Recipient hereby hires the Service Provider to render,  and the Service Provider  hereby  agrees   to  render,  the  management  services   described   in  Exhibit   A  (the "Services").    The  Services  will  be provided  by  either the  Service  Provider's  or  any of its affiliates' personnel, or by third parties contracted by the Service Provider in a manner that most efficiently meets the needs of the Service Recipient,  which in  each case will be determined by the Service Provider in its sole discretion.

1.2       In no event will the Service Provider by liable to the Service Recipient for any financial loss to the   Service Recipient in connection with the provision of Services under this Agreement.

Section 2.       SERVICE FEE AND PAYMENT

I

2 .1        The Service Provider  will charge the Service Recipient, and the Service Recipient will pay the Service Provider,  an arm's  length service fee  for the Services provided,  which shall be equal to the amount determined  in accordance with Exhibit B.

2.2       The  costs  incurred  by the  Service Provider  in providing  the  Services under this Agreement will  be  calculated  using  a generally  accepted  cost  accounting  system  and will be based  on  actual  direct  and  indirect  costs  incurred  by  the  Service  Provider's  or  any  of its affiliates' personnel  or costs incurred by third parties contracted by the Service Provider.

2.3       All payments  made by the Service Recipient under this Agreement will be in U.S. dollars net of any deduction  or withholding  for any and all Taxes  (defined  below)  imposed  on any party by the local taxing authority,

2 .4        The  Service  Provider will  invoice  the  Service  Recipient  for  Services  provided plus reimbursement of out of pocket  expenses  annually  in arrears,   Each  such  invoice  shall be payable  upon  receipt by the applicable Service Recipient.   Interest will be charged on past due unpaid  balances  in the amount of the maximum  interest rate per month  legally permitted  under the jurisdiction of the Service Recipient.

2.5       The parties  have established  this Agreement  with the intent  to satisfy the  arm's length standard under  local  law.  The parties  intend to maintain  contemporaneous documentation to support the determination of the service fee under this Agreement.   In the event that the local taxing authority of any patty makes  an adjustment to any intercompany transaction  and the local patty has used its best efforts to resolve the matter, the parties hereby mutually agree that each is contractually   bound  to  reimburse   the  other  an  amount   equal  to  any  fmal  transfer  pricing adjustment determined  by said local taxing  authority regarding  the intercompany transactions  at issue.     This   adjustment  includes  interest,  penalty   and  any  other  additions   to  tax.     Any reimbursement under  this provision  is  to be made  regardless  of any local  tax authority  or tax treaty procedural matters relating to this Agreement.

2.6       The Service Provider will maintain  corporate  records that adequately  support the invoices  that  it  submitted  to  the    Service  Recipient  and  will  make  available  such  corporate records to the  Service Recipient upon reasonable request.

Section 3.         TERM OF AGREEMENT AND TERMINATION

3 .1        The initial term of this Agreement will commence as of the date set forth  above and  will  continue  until  December  31,  2016  (the  "Initial  Tetm").     This  Agreement  will automatically renew thereafter in  force  for  subsequent  one year terms ( expiring  December 31) ( each,  a "Tetm")  unless  such patty  notifies  the other patties  in  writing 30  days before  the expiration of the Initial Term or such Term.

3 .2       The patties  agree that the terms of this Agreement accurately reflect the conduct of the patties since the effective date.

parties.
 
3 .3        This  Agreement   may  be  terminated  by  mutual  agreement   in  writing  by  both

3 .4       The  Service Provider  may terminate  this Agreement  (i) immediately and without notice if the  Service Recipient is declared  insolvent or bankrupt, makes a general assignment  for the  benefit  of creditors,  or if a petition  for bankruptcy,  reorganization or liquidation  is  filed against  it  or (ii)  30  days  after notice  of a material  breach  of this  Agreement  to  the  Service Recipient  if such material breach is not cured during such 30 day period.

3 .5       The Service Recipient  may terminate this Agreement  (i) immediately and without notice if the  Service  Provider is declared  insolvent  or bankrupt,  makes  a general assignment  for the  benefit  of creditors,  or if a petition   for bankruptcy,  reorganization or liquidation  is  filed against it or (ii)  30  days  after notice  of a material  breach of this  Agreement  to the  Service Provider if such material breach is not cured during such 30 day period,

3 .6       With  respect to the  Service  Provider or Service  Recipient, this Agreement  shall terminate  immediately and without notice if there is a change in the ownership  or control of the Service  Provider or the Service Recipient such that the Service Provider or Service Recipient is no longer wholly-owned directly or indirectly by Mr. Hart,

Section 4.        TAXES

4.1       The term "Taxes"  will mean any and all present and future levies, imposts, duties, deductions,  charges,  or withholdings   and  all liabilities with  respect  thereto  imposed on either party by applicable tax authorities.

4.2       If the paying  party is required by  applicable  law to deduct any Taxes  from or in respect of any sum payable under or in respect of this Agreement  to the other party (i) the paying party shall make such deductions,  and (ii) the paying party shall pay the full amount deducted to the relevant  taxing authorities  in accordance with the requirements of applicable  law.

4.3       In addition, the paying party agrees to pay any present or future stamp, recording, documentary, excise, property  or similar tax, charge  or levy that arise from any payments  made under or in respect of this Agreement.

Section 5.        CONFIDENTIALITY

Each party  agrees  to keep confidential  all business  secrets and information provided or received by it under this Agreement.

Section 6.        INDEPENDENT CONTRACTOR

The  Service  Provider's status  will  be  that  of an independent contractor.   The  Service Provider will not  hold  itself out as an  employee,  agent,  representative or partner of, or joint venturer with, the Service Recipient  by virtue of this Agreement ( or the Services to be provided hereunder).

Section 7.        MISCELLANEOUS

7.1       Notice.   All notices, requests,  demands  and other  communications provided  for herein  will  be  deemed  to have  been  given  at the time  delivered  to  a recognized  international express courier or when sent by registered  mail, return receipt requested,  or by cablegram, telex or facsimile  duly  acknowledged,   to  such  parties  at  the  addresses  for  their  principal  office indicated  above  or to such  other address  as the party  to who notice  is to be  given  may  have furnished  to the other party in writing.

7 .2        Waiver.   Any waiver by either party of a breach of any term or condition  of this Agreement shall not be considered  as a waiver of any subsequent breach of the same or any other term or condition hereof.

7 .3        Severabilitv.   In the event that any of the provisions of this Agreement  should be void or unenforceable,  the other parts  of this Agreement shall continue  in full force  and effect. The parties  shall substitute  the void or unenforceable  provision with a valid provision  with the same or substantially the same economic effects.

7.4       Governing  Law.   This Agreement  will be governed  by the laws of New Zealand and will be construed in accordance with said laws.

7 .5        Dispute  Resolution.   Any claim or dispute  arising under  this Agreement  will be amicably  settled  if possible  by mutual  consent.    hi the  event of failure  to settle  such claim or dispute, the matter will be submitted to, and settled by, the RGL Chief Financial  Officer.

7 .6        Subsequent Parties.  This Agreement  will be binding upon and inure to the benefit of the parties hereto and to their respective  successors,  assigns, parents,  subsidiaries or otherwise related or affiliated company(s).

7 .7        Assignment.    No  assignment or other  transfer  or  rights  or obligations  set forth herein  may be made  by  the  Service  Provider without  the prior written  consent  of the  Service Recipient.  No assignment  or other transfer or rights or obligations  set forth herein may be made by the Service Recipient without the prior written consent of the Service Provider.

7 .8        Headings.   The section headings  of this Agreement are for convenience  only and will not be deemed to affect in any way the meaning of the provisions to which they refer.

7 .9       Entire Agreement.   This Agreement represents  the entire agreement between the patties and all prior assertions, understandings, warranties and representations are merged herein. It is  a final integrated  agreement which includes all the terms, conditions and representations between the parties,  and the parties make no warranties, covenants or agreements, express or implied, except those expressly set forth herein.

7.10     Amendment or Modification.  This Agreement may be modified or amended only by a written document signed by each party to this Agreement.

7.11     Counteipa1ts.   This  Agreement may be executed  in  any number  of counterparts and  by  the  parties  hereto  in separate  counterparts,  each  of which  when  so  executed  will  be deemed  to be  an original  and  all  of which  taken  together will  constitute  one  and  the  same agreement.

[Signature Page Follows}

IN  WITNESS   WHEREOF,   the  parties   hereto   have  caused   this  Agreement   to  be executed by their duly authorized officers.

SERVICE PROVIDER

Rank Group Limited 

By:    /s/ Greg Cole
Name:  Greg Cole
Director
22 December 2016

SERVICE PROVIDER

Reynolds Group Holdings Limited

By:    /s/ Greg Cole
Name:  Greg Cole
Director
22 December 2016

6Exhibit

SERVICES  AGREEMENT

THIS SERVICES  AGREEMENT (this "Agreement"), effective as of March 22, 2017, by and among Rank Group Limited, a corporation  organized under the laws of New Zealand ("RGL" or   the   "Service   Provider");    and   Beverage   Packaging   Holdings   (Luxembourg)   LS.A.   ,    a Luxembourg public limited liability company  (societe anonyme)  with registered  office at 6C, rue Gabriel  Lippmann, L-5365  Munsbach, Grand  Duchy  of Luxembourg, registered  with  the RCS under number B 128.592  ("BPH I") (the "Service  Recipient").

WHEREAS,   RGL  is  a corporation   organized  under  the  laws of New  Zealand,  and  is directly owned by Graeme Richard  Hart ("Mr. Hart");

WHEREAS,  the Service Recipient  is seeking assistance, with respect to certain categories of management services;

WHEREAS,  the Service Provider desires to provide, either directly or through certain of its subsidiaries  or affiliates  (in its sole discretion),  certain categories  of management  services  to the Service Recipient;

WHEREAS,  the Service  Provider  has the requisite  knowledge  and expertise  to provide such management services;  and

WHEREAS,  the parties  wish to enter into this Agreement  to specify the terms on which the Services (defined below)  will be provided.

NOW  THEREFORE,  in  consideration  of the  mutual  covenants  and  other  good  and valuable  consideration, the receipt and sufficiency of which are hereby acknowledged,  the parties agree as follows:

Section  1.         SERVICE PROVIDER'S DUTIES AND RESPONSIBILITIES

1.1        The Service Recipient  hereby hires the Service Provider to render, and the Service Provider hereby agrees to render, the management services described in Exhibit A (the "Services"). The Services will be provided  by either the Service Provider's or any of its affiliates'  personnel, or by third parties contracted  by the Service Provider  in a manner that most efficiently meets the needs of the Service Recipient,  which in each case will be determined  by the Service Provider in its sole discretion.

1.2       In no event will the Service Provider be liable to the Service Recipient for any financial loss to the Service Recipient in connection with the provision of Services under this Agreement.

Section 2.      SERVICE FEE AND PAYMENT

2.1       The Service Provider will charge the Service Recipient,  and the Service Recipient will pay the Service Provider,  an arm's  length service  fee  for the Services provided,  which  shall be equal to the amount determined  in accordance with Exhibit B ..

2.2       The costs  incurred  by the  Service  Provider  in providing  the  Services  under  this Agreement  will be calculated  using a generally accepted cost accounting system and will be based on  actual  direct  and  indirect costs  incurred  by the  Service  Provider's  or  any  of its  affiliates' personnel  or costs incurred by third parties contracted  by the Service Provider.

2.3       All payments  made by the Service Recipient  under this Agreement  will be in New Zealand dollars net of any deduction or withholding for any and all Taxes ( defined below) imposed on any party by the local taxing authority.

2.4       The Service Provider will invoice the Service Recipient  for Services provided plus reimbursement of out of pocket  expenses  and GST if applicable,  monthly  in  arrears.   Each such invoice shall be payable upon receipt by the applicable  Service Recipient.  Interest will be charged on  past  due  unpaid  balances  in the  amount  of the  maximum  interest  rate  per  month  legally permitted  under the jurisdiction of the Service Recipient.

2.5       The parties  have  established  this  Agreement  with  the intent to  satisfy the  arm's length standard  under local  law.  The parties  intend to maintain  contemporaneous documentation to support  the determination of the service  fee under  this Agreement.   In the  event that the local taxing  authority  of any party makes  an adjustment to any intercompany transaction  and the local party has used its best efforts to resolve the matter, the parties hereby mutually  agree that each is contractually bound to reimburse the other an amount equal to any final transfer pricing adjustment determined  by said local taxing  authority  regarding  the intercompany transactions  at issue.  This adjustment  includes  interest,  penalty  and any other  additions  to tax.   Any reimbursement under this provision  is to be made regardless  of any local tax authority or tax treaty procedural  matters relating to this Agreement.

2.6       The Service Provider  will maintain  corporate  records that adequately  support the invoices that it submitted  to the Service Recipient  and will make available such corporate  records to the Service Recipient  upon reasonable  request.

Section 3.         TERM OF AGREEMENT AND TERMINATION

3 .1        The initial term of this Agreement will commence as of the date set forth above and will continue until March 22, 2022 (the "Term").

3 .2       The parties agree that the terms of this Agreement accurately reflect the conduct of the parties since the effective date.

3.3        This Agreement may be terminated by either party upon 30 days prior written notice to the other party.

3.4       The Service  Provider may terminate  this Agreement  (i) immediately and without notice if the Service Recipient  is declared insolvent  or bankrupt,  makes  a general assignment  for the benefit of creditors,  or if a petition for bankruptcy, reorganization or liquidation is filed against it.

3.5       The Service Recipient  may terminate  this Agreement  (i) immediately and without notice  if the Service  Provider  is  declared  insolvent or bankrupt,  makes  a general assignment  for the benefit of creditors, or if a petition for bankruptcy, reorganization or liquidation is filed against it.

3.6       With  respect  to the  Service  Provider  or Service  Recipient, this Agreement  shall terminate immediately and without  notice if there is a change in the ownership  or control  of the Service Provider or the Service Recipient  such that the Service Provider or Service Recipient  is no longer wholly-owned directly or indirectly by Mr. Hart.

Section 4.        TAXES

4.1        The term "Taxes"  will mean any and all present  and future levies, imposts, duties, deductions,  charges, or withholdings and all liabilities with respect thereto imposed on either party by applicable  tax authorities.

4.2       If the paying  party  is required  by applicable  law to deduct  any Taxes  from or in respect of any sum payable  under or in respect  of this Agreement  to the other party (i) the paying party shall make such deductions,  and (ii) the paying party shall pay the full amount deducted  to the relevant taxing authorities  in accordance with the requirements  of applicable  law.

4.3        In addition,  the paying party agrees to pay any present or future stamp, recording, documentary,  excise, property  or similar tax, charge  or levy that arise from  any payments  made under or in respect of this Agreement.

Section 5.          CONFIDENTIALITY

Each party  agrees  to keep  confidential  all business  secrets  and information provided  or received by it under this Agreement.

Section 6.        INDEPENDENT CONTRACTOR

The  Service  Provider's  status  will  be  that  of an  independent contractor.   The  Service Provider  will  not  hold  itself out  as  an employee,  agent,  representative   or partner  of,  or joint venturer  with, the Service  Recipient  by virtue of this Agreement  (or the Services to be provided hereunder).

Section 7.        MISCELLANEOUS

7.1       Notice.  All  notices,  requests,  demands  and other  communications provided  for herein will be deemed to have been given at the time delivered to a recognized international express courier  or  when  sent  by  registered   mail,  return  receipt  requested,  or  by  cablegram,  telex  or

facsimile duly acknowledged, to such parties at the addresses  for their principal  office indicated above or to such other address as the party to who notice is to be given may have furnished to the other party  in writing.

7.2       Waiver.   Any waiver by either party of a breach of any term or condition  of this Agreement shall not be considered  as a waiver of any subsequent  breach of the same or any other term or condition  hereof.

7 .3        Severability.   In the event that any of the provisions  of this Agreement  should be void or unenforceable,  the other parts  of this Agreement  shall continue  in  full force  and effect. The parties  shall substitute  the void or unenforceable  provision  with  a valid  provision  with the same or substantially the same economic  effects.

7.4       Governing  Law.   This Agreement  will be governed  by the laws  of New  Zealand and will be construed  in accordance  with said laws.

7.6       Subsequent  Parties.   This Agreement  will be binding upon and inure to the benefit of the parties  hereto and to their respective  successors,  assigns, parents,  subsidiaries  or otherwise related or affiliated company(s).

7. 7       Assignment.    No  assignment  or other  transfer  or rights  or obligations  set  forth herein  may  be made  by  the  Service  Provider  without the prior  written  consent  of the  Service Recipient.   No assignment  or other transfer or rights or obligations  set forth herein may be made by the Service Recipient  without the prior written consent of the Service Provider.

7 .8        Headings.   The section headings  of this Agreement  are for convenience  only and will not be deemed to affect in any way the meaning  of the provisions  to which they refer.

7.9       Entire Agreement.   This Agreement  represents  the entire agreement  between  the parties and all prior assertions,  understandings, warranties  and representations are merged herein. It  is  a final  integrated agreement  which  includes  all the  terms,  conditions  and representations between  the parties,  and  the  parties make  no warranties,  covenants  or agreements,  express  or implied,  except those expressly  set forth herein.

7 .10      Amendment or Modification.   This Agreement  may be modified  or amended only by a written document signed by each party to this Agreement.

7 .11      Counterparts.  This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed will be deemed to be an original and all of which taken together will constitute one and the same agreement.

[Signature Page Follows]

IN WITNESS  WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers.

SERVICE  PROVIDER

Rank  Group Limited

By:        /s/ Greg Cole
Director             

SERVICE  RECIPIENT

Beverage Packaging Holdings (Luxembourg) 
I.S.A.

By:        /s/ Hermann Schommarz
Director – Board of Management

By:        /s/ Eric Liu
Director – Board of Management

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