Greif : Planned Acquisition of Ipackchem – Supplemental Information

Greif Plans to Acquire IPACKCHEM

October 2023

Transaction Strategic Rationale

1

Planned acquisition of high-value,high-performance HDPE barrier packaging solutions business provides immediate global scale in premium specialty jerrycan market

2

Platform investment supports future growth in EMEA and APAC, with unique barrier technology, best-in-class facilities across 5 continents, and strong technical and operational management

3

Favorable exposure to secular growth markets in agriculture, specialty chemicals, flavor & fragrances, and pharmaceutical & medical diagnostics

4

Compelling value at 9.4x TTM Adj. EBITDA of $57mm and 8.4x synergized1 EBITDA of $64mm for global leader with nearly 25% EBITDA margins and 65% cash conversion

5

Fully aligned with Greif's enterprise strategy of growing into margin-accretive,resin-based

products with strong circularity characteristics serving multiple end markets

Agriculture	Specialty Chemicals

Flavor & Fragrances

Pharma & Medical

Note: all financials translated based on 1.05/1.00 EUR to USD exchange rate as of October 18, 2023
(1) Estimated synergies of $7 million represent Greif low-end estimate for synergy capture within 48 months of planned ownership based on information available as of October 31,	October 31, 2023	P.2
2023; upside potential will be refined throughout that period and updates will be communicated as synergies are realized.

Transaction Summary

Consideration

Transaction Benefits

Timeline

• Greif plans to acquire IPACKCHEM in an all-cash transaction
• $538 million total consideration, corresponding to 9.4x TTM Adjusted EBITDA of $57mm and 8.4x synergized1 EBITDA of $64mm
• Planned acquisition would be funded entirely through Greif available credit facilities
• Margin and free cash flow accretive to legacy Greif portfolio
• Sizable cost synergy and performance improvement opportunities across sourcing / supply chain, internalization and cross-selling with Greif customers
• Offers immediate scale benefits to serve global Greif customers across all major developed and emerging markets, as well as diversification benefits into non-industrial end markets
• Planned transaction, which is subject to prior completion of the information-consultation processes under French law, would be expected to close by the end of the second quarter of fiscal 2024, subject to closing conditions, including regulatory approvals
• Planned acquisition to be discussed further as part of our Q4 2023 earnings conference call and Q&A session on December 7, 2023

Note: all financials translated based on 1.05/1.00 EUR to USD exchange rate as of October 18, 2023
(1) Estimated synergies of $7 million represent Greif low-end estimate for synergy capture within 48 months of planned ownership based on information available as of October 31,	October 31, 2023	P.3
2023; upside potential will be refined throughout that period and updates will be communicated as synergies are realized.

IPACKCHEM - Business Overview

Business Description

• IPACKCHEM is a manufacturer of premium HDPE and PET-based blow- molded jerrycans, bottles and other packaging solutions and containers
• Specializes in solutions for the Agriculture, Specialty Chemicals, Flavors & Fragrances, and Pharmaceutical & Medical Diagnostics
• Utilizes unique and proprietary Advanced In-Mold Fluorination (AIMF) in addition to Coextrusion (Coex) capabilities for barrier protection products
• 13 manufacturing facilities across 8 countries, including France, United Kingdom, United States, Brazil, South Africa, Hungary, India, and China
• Founded in 1987 and headquartered in Paris, France

Key Facts1

~$235m

FY23 Sales

~65%

Free Cash Flow Conversion

~$57m

Run-Rate EBITDA before Synergies

~24%

EBITDA Margin before Synergies

Geographic Footprint

= Location

13

# of Facilities

Sales and Volume Mix Summary2

Sales by End Market

7% 5%

28%

60%

Agriculture		Spec Chemicals
Flavors & Fragrances			Pharma & Medical

Note: all financials translated based on 1.05/1.00 EUR to USD exchange rate as of October 18, 2023

1. Based on IPACKCHEM trailing twelve months ended September 30, 2023
2. Based on IPACKCHEM fiscal year ended June 30, 2023

Agriculture Key Demand Drivers

• Supports production of food and feed, in addition to biofuels, textiles and industrial inputs
• Secular growth market supported by population growth, increasing food consumption, commercial farming growth in emerging markets

Other Segment Key Demand Drivers

• Flavors & Fragrances - increasing usage of personal care products & SKU proliferation in flavorings
• Pharmaceutical & Medical Diagnostics - demand for drug innovation and improved clinical efficacy & sterile applications
• Specialty Chemicals - polymer adoption across multiple recession resilient end segments and growing water treatment applications

October 31, 2023

P.4

Positioning Greif as a Global Leader in Specialty Jerrycans

IPACKCHEM business would expand geographic scale of jerrycan business in Europe and Asia, complimenting existing portfolio and other NA-focused acquisitions

31

Small Plastic Facilities

18

Countries

Legend

Greif

Lee Container

Reliance

IPACKCHEM

October 31, 2023	P.5