UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________

Form 6-K

____________

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

August 8, 2013

Commission File Number: 333-177693

Reynolds Group Holdings Limited

(Translation of registrant's name into English)

Reynolds Group Holdings Limited

Level Nine

148 Quay Street

Auckland 1010 New Zealand

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

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QUARTERLY REPORT

For the three and six month periods ended June 30, 2013

REYNOLDS GROUP HOLDINGS LIMITED

New Zealand

(Jurisdiction of incorporation or organization)

Reynolds Group Holdings Limited

Level Nine

148 Quay Street

Auckland 1010 New Zealand

Attention: Joseph Doyle

Tel: +1 847 482 2409

QUARTERLY REPORT

For the three and six month periods ended June 30, 2013

BEVERAGE PACKAGING HOLDINGS GROUP

Luxembourg

(Jurisdiction of incorporation or organization)

c/o Reynolds Group Holdings Limited

Level Nine

148 Quay Street

Auckland 1010 New Zealand

Attention: Joseph Doyle

Tel: +1 847 482 2409

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Reynolds Group Holdings Limited
(Registrant)
By:	/s/ ALLEN HUGLI
Allen Hugli
Chief Financial Officer
August 8, 2013

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Table of Contents

PART I--FINANCIAL INFORMATION			6
	ITEM 1. FINANCIAL STATEMENTS		6
	ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		7
		Overview	7
		Key Factors Influencing our Financial Condition and Results of Operations	8
		Results of Operations	11
		Differences Between RGHL Group and Beverage Packaging Holdings Group Results of Operations	35
		Liquidity and Capital Resources	36
		Accounting Principles	38
		Critical Accounting Policies	38
		Recently Issued Accounting Pronouncements	38
	ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		38
	ITEM 4. CONTROLS AND PROCEDURES		40
PART II--OTHER INFORMATION			40
	ITEM 1. LEGAL PROCEEDINGS		40
	ITEM 1A. RISK FACTORS		40
	ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		40
	ITEM 3. DEFAULTS UPON SENIOR SECURITIES		40
	ITEM 4. MINE SAFETY DISCLOSURE		40
	ITEM 5. OTHER INFORMATION		40
	ITEM 6. EXHIBITS		40

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Introductory Note

In this quarterly report, references to “we,” “us,” “our” or the "RGHL Group" are to Reynolds Group Holdings Limited ("RGHL") and its consolidated subsidiaries, unless otherwise indicated.

Certain financial information that is normally included in annual financial statements, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted in this quarterly report. In addition, our annual report on Form 20-F for the year ended December 31, 2012 filed with the United States Securities and Exchange Commission (the "SEC") on March 13, 2013 (the "Annual Report") also includes certain other information about our business, including risk factors and more detailed descriptions of our businesses, which are not included in this quarterly report. As such, this quarterly report should be read in conjunction with the Annual Report, including the consolidated financial statements and notes thereto included therein. A copy of the Annual Report, including the exhibits thereto, may be read and copied at the SEC's Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an internet site at http://www.sec.gov, from which interested persons can electronically access the Annual Report. The Annual Report can also be found at www.reynoldsgroupholdings.com, or a copy will be provided free of charge upon written request to Mr. Joseph Doyle, RGHL Group Legal Counsel, 1900 West Field Court, Lake Forest, Illinois, 60045.

We have prepared this quarterly report pursuant to (i) the requirements of the indentures that govern our senior secured notes (collectively, the "Reynolds Senior Secured Notes") and our senior notes (collectively, the "Reynolds Senior Notes") that are covered by an effective registration statement as described below and the 2007 Notes as defined below and (ii) the credit agreement with our lenders governing our senior secured credit facilities (the “Senior Secured Credit Facilities”). Our outstanding notes include:

• Notes covered by an effective registration statement filed with the SEC (collectively, the “Reynolds Notes”), comprised of:

• The September 2012 5.750% Senior Secured Notes due 2020

• The February 2012 9.875% Senior Notes due 2019 (the "February 2012 Senior Notes")

• The August 2011 7.875% Senior Secured Notes due 2019 and the 9.875% Senior Notes due 2019

• The February 2011 6.875% Senior Secured Notes due 2021 and the 8.250% Senior Notes due 2021

• The October 2010 7.125% Senior Secured Notes due 2019 and the 9.000% Senior Notes due 2019

• The May 2010 8.500% Senior Notes due 2018

• Notes not covered by an effective registration statement filed with the SEC, comprised of:

• The 2007 8.000% Senior Notes due 2016 and the 9.500% Senior Subordinated Notes due 2017 (collectively, the “2007 Notes”)

The indentures governing certain of our outstanding notes also require us to provide certain information for Beverage Packaging Holdings Group ("Bev Pack"), comprised of Beverage Packaging Holdings (Luxembourg) I S.A. ("BP I") and its consolidated subsidiaries and Beverage Packaging Holdings (Luxembourg) II S.A. ("BP II"), subsidiaries of RGHL. These indentures, as well as the Senior Secured Credit Facilities, are described more fully in our Annual Report. Additionally, refer to note 12 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for more information.

Non-GAAP Financial Measures

In this quarterly report, we utilize certain non-GAAP financial measures and ratios, including earnings before interest, tax, depreciation and amortization (“EBITDA”) and Adjusted EBITDA, each with the meanings and as calculated as set forth in “Part I - Financial Information — Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations.” These measures are presented because we believe that they and similar measures are widely used in the markets in which we operate as a means of evaluating a company’s operating performance and financing structure and, in certain cases, because those measures are used to determine compliance with covenants in our debt agreements.They may not be comparable to other similarly titled measures of other companies and are not measurements under International Financial Reporting Standards (“IFRS"), as issued by the International Accounting Standards Board (“IASB"), generally accepted accounting principles in the United States of America (“U.S. GAAP"), or other generally accepted accounting principles, nor should they be considered as substitutes for the information contained in our historical financial statements prepared in accordance with IFRS included in this quarterly report. For additional information regarding the non-GAAP financial measures used by management, refer to note 5 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report.

Forward-Looking Statements

This quarterly report includes forward-looking statements. Forward-looking statements include statements regarding our goals, beliefs, plans or current expectations, taking into account the information currently available to our management. Forward-looking statements are not statements of historical fact. For example, when we use words such as “believe,” “anticipate,” “expect,” “estimate,” "plan," “intend,” “should,” “would,” “could,” “may,” "might," “will” or other words that convey uncertainty of future events or outcomes, we are making forward-looking statements. We have based these forward-looking statements on our management's current view with respect to future events and financial performance and future business and economic conditions more generally. These views reflect the best judgment of our management, but involve a number of risks and uncertainties which could cause actual results to differ materially from those predicted in our forward-looking statements and from past results, performance or achievements. Although we believe that the estimates and the projections reflected in the forward-looking statements are reasonable,

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such estimates and projections may prove to be incorrect, and our actual results may differ from those described in our forward-looking statements as a result of the following risks, uncertainties and assumptions, among others:

• risks related to acquisitions, including completed and future acquisitions, such as the risks that we may be unable to complete an acquisition in the time frame anticipated, on its original terms, or at all, or that we may not be able to achieve some or all of the benefits that we expect to achieve from such acquisitions, including risks related to integration of our acquired businesses;

• risks related to the future costs of energy, raw materials and freight;

• risks related to downturns in our target markets;

• risks related to changes in consumer lifestyle, eating habits, nutritional preferences and health-related and environmental concerns that may harm our business and financial performance;

• risks related to complying with environmental, health and safety laws or as a result of satisfying any liability or obligation imposed under such laws;

• risks related to the impact of a loss of one of our key manufacturing facilities;

• risks related to our exposure to environmental liabilities and potential changes in legislation or regulation;

• risks related to our dependence on key management and other highly skilled personnel;

• risks related to the consolidation of our customer bases, competition and pricing pressure;

• risks related to exchange rate fluctuations;

• risks related to dependence on the protection of our intellectual property and the development of new products;

• risks related to our pension plans;

• risks related to our hedging activities which may result in significant losses and in period-to-period earnings volatility;

• risks related to our suppliers of raw materials and any interruption in our supply of raw materials;

• risks related to our substantial indebtedness and our ability to service our current and future indebtedness;

• risks related to increases in interest rates which would increase the cost of servicing our debt;

• risks related to restrictive covenants in certain of our outstanding notes and our other indebtedness which could adversely affect our business by limiting our operating and strategic flexibility; and

• risks related to other factors discussed or referred to in this quarterly report.

The risks described above and the risks disclosed in or referred to in "Part II - Other Information — Item 1A. Risk Factors” in this quarterly report and in "Part I — Item 3. Key Information — Risk Factors” of our Annual Report are not exhaustive. Other sections of this quarterly report describe additional factors that could adversely affect our business, financial condition or results of operations. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and included elsewhere in this quarterly report.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Refer to the attached F pages and G pages of this quarterly report for the interim unaudited condensed consolidated financial statements and notes thereto for the three and six month periods ended June 30, 2013 and June 30, 2012 for the RGHL Group and for Bev Pack, respectively.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis includes forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements with respect to our actual results. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this quarterly report. Refer to “Forward-Looking Statements” and "Part II - Other Information — Item 1A. Risk Factors” included elsewhere in this quarterly report and "Part I — Item 3. Key Information — Risk Factors" of our Annual Report.

Overview

RGHL was incorporated in New Zealand under the Companies Act 1993 on May 30, 2006. We are a leading global manufacturer and supplier of consumer food, beverage and foodservice packaging products. We are one of the largest consumer food, beverage and foodservice packaging companies in the United States, as measured by revenue, with leading market positions in many of our product lines based on management's analysis of industry data. We sell our products to customers globally, including to a diversified mix of leading multinational companies, large national and regional companies and small local businesses. We primarily serve the consumer food, beverage and foodservice market segments. We operate through six segments: SIG, Evergreen, Closures, Reynolds Consumer Products, Pactiv Foodservice and Graham Packaging.

Our Segments

SIG

SIG is a leading manufacturer of aseptic carton packaging systems for both beverage and liquid food products, including juices, milk, soups and sauces. Aseptic carton packaging, most prevalent in Europe and Asia, is designed to allow beverages or liquid food to be stored for extended periods of time without refrigeration. SIG supplies complete aseptic carton packaging systems, which include aseptic filling machines, aseptic cartons, spouts, caps and closures and related services. SIG has a large global customer base with its largest presence in Europe.

SIG owns 50% of SIG Combibloc Obeikan Company Limited, a Saudi Arabian joint venture, and 50% of SIG Combibloc Obeikan FZCO, a United Arab Emirates joint venture (collectively, “SIG Obeikan”). SIG Obeikan sells carton sleeves to Iran Dairy Industries Co. - Pegah Product Dairy Production (“IDIC”), which are used for the packaging of milk and other dairy products. IDIC is, to SIG's knowledge, majority-owned by a pension fund for certain civil servants in Iran and therefore may be indirectly controlled by the government of Iran. For the three and six month periods ended June 30, 2013, SIG Obeikan's gross sales to IDIC were approximately €1.5 million and €1.9 million, respectively, and its net profit from such sales was €0.5 million and €0.4 million, respectively. SIG Obeikan intends to continue this activity.

Evergreen

Evergreen is a vertically integrated, leading manufacturer of fresh carton packaging for beverage products, primarily serving the juice and milk end-markets. Fresh carton packaging, most predominant in North America, is designed for beverages that require a cold-chain distribution system, and therefore have a more limited shelf life than beverages in aseptic carton packaging. Evergreen supplies integrated fresh carton packaging systems, which can include fresh cartons, spouts and filling machines. Evergreen produces liquid packaging board for its internal requirements and to sell to other fresh beverage carton manufacturers. Evergreen also produces paper products, including coated groundwood primarily for catalogs, inserts, magazine and commercial printing, and uncoated freesheet primarily for envelope, specialty and offset printing paper. Evergreen has a large customer base and operates primarily in North America.

Closures

Closures is a leading manufacturer of plastic beverage caps and closures, primarily serving the carbonated soft drink, non-carbonated soft drink and bottled water segments of the global beverage market. Closures’ products also serve the liquid dairy, food, beer and liquor and automotive fluid markets. In addition to supplying plastic caps and closures, Closures also offers high speed rotary capping equipment, which secures caps on a variety of packaging, and related services. Closures has a large global customer base with its largest presence in North America.

Reynolds Consumer Products

Reynolds Consumer Products is a leading U.S. manufacturer of branded and store branded consumer products such as aluminum foil, wraps, waste bags, food storage bags and disposable tableware and cookware. These products are typically used by consumers in their homes and are sold through a variety of retailers. Reynolds Consumer Products sells many of its products under well known brands, such as Reynolds and Hefty, and also offers store branded products. Reynolds Consumer Products has a large customer base and operates primarily in North America.

Pactiv Foodservice

Pactiv Foodservice is a leading manufacturer of foodservice and food packaging products. Pactiv Foodservice offers a comprehensive range of products including tableware items, takeout service containers, clear rigid-display packaging, microwaveable containers, foam trays, dual-ovenable paperboard containers, cups and lids, molded fiber and polyethylene terephthalate ("PET") egg cartons, meat and poultry trays, absorbent tray pads, plastic film and aluminum containers. Pactiv Foodservice distributes its foodservice and food packaging products to foodservice distributors, food processors, supermarket distributors, supermarkets and restaurants. Pactiv Foodservice has a large customer base and operates primarily in North America.

Graham Packaging

Graham Packaging is a leading designer and manufacturer of value-added, custom blow molded plastic containers for branded consumer products. Graham Packaging focuses on product categories where customers and end-users value the technology and innovation that Graham Packaging's custom plastic containers offer as an alternative to traditional packaging materials such as glass, metal and paperboard. Graham Packaging has a large global customer base with its largest presence in North America.

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We acquired Graham Packaging Company Inc. on September 8, 2011. As a result of such acquisition, we expect to realize significant cost savings by optimizing procurement of certain raw materials for the RGHL Group's segments, consolidating facilities, eliminating duplicative operations and overhead, improving supply chain management and achieving other efficiencies. Once we fully integrate Graham Packaging, we expect to generate annual operational synergies and cost savings, across the RGHL Group's segments, of approximately $75 million by the end of 2013, of which we have achieved approximately $65 million, on an annualized basis, since the date of acquisition. In order to achieve these synergies and cost savings, we expect to incur cash outlays of approximately $75 million by the end of 2013, of which we have incurred $64 million from the date of acquisition through June 30, 2013. Expenses incurred under our integration program generally include severance, exit, disposal and other costs.

Key Factors Influencing our Financial Condition and Results of Operations

The following discussion should be read in conjunction with “Key Factors Influencing our Financial Condition and Results of Operations” in “Part I — Item 5. Operating and Financial Review and Prospects” of our Annual Report, which discusses further key factors influencing our financial condition and results of operations.

Acquisitions, Substantial Leverage and Other Transaction-Related Effects

The six segments in which we operate have all been acquired through a series of transactions. Our results of operations, financial position and cash flows are significantly impacted by the effects of these acquisitions, which were financed primarily through borrowings, including transaction-related debt commitment fees and recurring interest costs. In addition, from time to time, we refinance our borrowings which also can have a significant impact on our results of operations.

As of June 30, 2013, our total indebtedness of $18,106 million was comprised of the outstanding principal amounts of our borrowings and bank overdrafts. As reflected in our consolidated statement of financial position, we had total borrowings of $17,881 million, consisting of total indebtedness netted with unamortized debt issuance costs, original issue discount and embedded derivatives. For more information regarding our external borrowings, refer to note 12 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report. Our future results of operations, including our net financial expenses, will be significantly affected by our substantial indebtedness. The servicing of this indebtedness has had and will continue to have an impact on our cash flows and cash balance. For more information, refer to “— Liquidity and Capital Resources.”

Restructuring and Cost Saving Programs

We have implemented a number of restructuring and cost saving programs over the past three years in order to reduce our operating costs. During the six month period endedJune 30, 2013, we incurred business integration costs of $22 million, restructuring charges of $16 million and operational process engineering-related consultancy costs of $2 million. The business integration costs were incurred at Graham Packaging and largely related to operational efficiency initiatives. The restructuring costs were incurred across various segments and largely related to workforce reductions and consolidation of facilities.

As discussed above, we expect to incur additional restructuring costs as well as integration costs through the end of 2013 that will largely relate to the integration of Graham Packaging into the RGHL Group.

Raw Materials and Energy Prices

Our results of operations are impacted by changes in the costs of our raw materials and energy prices. The primary raw materials used to manufacture our products are resins, aluminum, fiber (principally raw wood and wood chips) and paperboard (principally cartonboard and cupstock). We also use commodity chemicals, steel and energy, including fuel oil, electricity, natural gas and coal, to manufacture our products.

Principal raw materials used by each of our segments are as follows (in order of cost significance):

• SIG — cartonboard, resin, aluminum

• Evergreen — fiber, resin

• Closures — resin

• Reynolds Consumer Products — resin, aluminum

• Pactiv Foodservice — resin, paperboard, aluminum

• Graham Packaging — resin

Historical index prices of resin, aluminum and paperboard for the past two years are shown in the charts below. These charts present index prices and do not represent the prices at which we purchased these raw materials.

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Source: Chemical Market Associates Inc.

Resin prices can fluctuate significantly with fluctuations in crude oil and natural gas prices, as well as changes in refining capacity and the demand for other petroleum-based products.

Source: Platts Metal Weekly

Aluminum prices can fluctuate significantly as aluminum is a cyclical commodity with prices subject to global market factors. These factors include speculative activities by market participants, production capacity, strength or weakness in key end-markets such as housing and transportation, political and economic conditions and production costs in major production regions.

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Source: Pulp and Paper Week

The prices of cupstock and cartonboard may fluctuate due to external conditions such as weather, product scarcity, currency and commodity market fluctuations and changes in governmental policies and regulations.

Purchases of most of our raw materials are based on negotiated rates with suppliers, which are tied to published indices. Typically, we do not enter into long-term purchase contracts that provide for fixed quantities or prices for our principal raw materials.

Changes in raw material prices impact our results of operations. Revenue is directly impacted by changes in raw material costs as a result of raw material cost pass-through mechanisms in many of the customer pricing agreements entered into by most of our segments. Generally, the contractual price adjustments do not occur simultaneously with commodity price fluctuations, but rather on a mutually agreed upon schedule. Due to differences in timing between purchases of raw materials and sales to customers, there is often a lead-lag effect, during which margins are negatively impacted in periods of rising raw material costs and positively impacted in periods of falling raw material costs. Historically, the average lag time in implementing raw material cost pass-through mechanisms (where contractually permitted) has been approximately three months.

We use price increases, where possible, to mitigate the effects of raw material cost increases for customers that are not subject to raw material cost pass-through agreements. Contracts for SIG's products and for the branded products sold by Reynolds Consumer Products generally do not contain raw material cost pass-through mechanisms.

The prices for some of our raw materials, particularly resins and aluminum, have fluctuated significantly in recent years. Prices for raw wood and wood chips have fluctuated less than the prices of resins and aluminum. Raw wood and wood chips are typically purchased from sources close to our mills and, as a result, prices are established locally based on factors such as local competitive conditions and weather conditions.

Management expects continued volatility in raw material prices as a result of the continued uncertainty in the global economic environment, and such volatility may impact our results of operations. Although we continue to take steps to minimize the impact of the volatility of raw material prices through commodity hedging, fixed supplier pricing, reducing the lag time in contractual raw material cost pass-through mechanisms and entering into additional indexed customer contracts that include raw material cost pass-through provisions, these efforts may prove to be inadequate.

Our segments are also sensitive to energy-related cost movements, particularly those that affect transportation and utility costs. In particular, our Evergreen segment is susceptible to price fluctuations in natural gas, as Evergreen incurs significant natural gas costs to convert raw wood and wood chips to paper products and liquid packaging board. Historically, we have been able to mitigate the effect of higher energy-related costs with productivity improvements and other cost reductions. Further, energy costs (excluding transportation costs) are generally included in Evergreen's indexed customer contracts.

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Results of Operations

The following discussion should be read in conjunction with our interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report. Detailed comparisons of revenue and results of operations are presented in the discussions of the operating segments, which follow the RGHL Group discussion.

Three month period endedJune 30, 2013 compared to the three month period endedJune 30, 2012

RGHL Group

	For the three month period ended June 30,
(In $ million)	2013		% of revenue		2012(1)(2)		% of revenue		Change		% change
Revenue	3,613		100	%	3,597		100	%	16		—	%
Cost of sales	(2,909	)	(81	)%	(2,911	)	(81	)%	2		—	%
Gross profit	704		19	%	686		19	%	18		3	%
Selling, marketing and distribution expenses/General and administration expenses	(321	)	(9	)%	(358	)	(10	)%	37		(10	)%
Net other expense	(36	)	(1	)%	(59	)	(2	)%	23		(39	)%
Share of profit of associates and joint ventures, net of income tax	7		—	%	7		—	%	—		—	%
Profit from operating activities	354		10	%	276		8	%	78		28	%
Financial income	32		1	%	48		1	%	(16	)	(33	)%
Financial expenses	(501	)	(14	)%	(480	)	(13	)%	(21	)	4	%
Net financial expenses	(469	)	(13	)%	(432	)	(12	)%	(37	)	9	%
Profit (loss) before income tax	(115	)	(3	)%	(156	)	(4	)%	41		(26	)%
Income tax benefit	266		7	%	115		3	%	151		131	%
Profit (loss) after income tax	151		4	%	(41	)	(1	)%	192		NM
Depreciation and amortization	256		7	%	279		8	%	(23	)	(8	)%
RGHL Group EBITDA(3)	610		17	%	555		15	%	55		10	%
RGHL Group Adjusted EBITDA(3)	659		18	%	639		18	%	20		3	%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(2) Revenue and net other expense for the three month period ended June 30, 2012 have been revised to conform to the presentation of the three month period ended June 30, 2013. Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(3) RGHL Group EBITDA is defined as profit from operating activities plus depreciation of property, plant and equipment and investment properties and amortization of intangible assets. RGHL Group Adjusted EBITDA, a measure used by our management to measure operating performance, is defined as RGHL Group EBITDA, adjusted to exclude certain items of a significant or unusual nature, including but not limited to acquisition costs, non-cash pension income or expense, restructuring costs, unrealized gains or losses on derivatives, gains or losses on the sale of non-strategic assets, asset impairments and write-downs and equity method profit not distributed in cash. EBITDA and Adjusted EBITDA are not presentations made in accordance with IFRS, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period determined in accordance with IFRS or operating cash flows determined in accordance with IFRS. Additionally, RGHL Group EBITDA and RGHL Group Adjusted EBITDA are not intended to be measures of free cash flow, as they do not take into account certain items such as interest and principal payments on our indebtedness, working capital needs, tax payments, and capital expenditures. We believe that the inclusion of EBITDA and Adjusted EBITDA in this quarterly report is appropriate to provide additional information to investors about our operating performance and to provide a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. We believe that issuers of high yield debt securities present EBITDA and Adjusted EBITDA because investors, analysts and rating agencies consider these measures useful. Because not all companies calculate EBITDA and Adjusted EBITDA identically, this presentation of EBITDA and Adjusted EBITDA may not be comparable to the similarly titled measures of other companies.

Revenue. Revenue increased by $16 million to $3,613 million for the three month period ended June 30, 2013 compared to $3,597 million for the three month period ended June 30, 2012. Revenue increased at (a) SIG primarily driven by increased sales volume, (b) Reynolds Consumer Products primarily driven by lower trade and promotional spending, and (c) Pactiv Foodservice driven primarily by incremental revenue from business acquisitions. These increases in revenue were partially offset by decreases in revenue at Evergreen, Closures and Graham Packaging primarily driven by decreased sales volume. Foreign currency exchange rates had a net favorable impact of $2 million on revenue during the three month period ended June 30, 2013 compared to the three month period ended June 30, 2012, driven primarily by favorable impacts at SIG and Graham Packaging, partially offset by an unfavorable impact at Closures.

Cost of Sales. Cost of sales decreased by $2 million to $2,909 million for the three month period ended June 30, 2013 compared to $2,911 million for the three month period ended June 30, 2012. Cost of sales decreased at Evergreen, Closures and Graham Packaging primarily driven by lower sales volume. These decreases were partially offset by increases in cost of sales at (a) SIG primarily driven by higher sales volume, (b) Reynolds Consumer Products primarily due to higher inter-segment sales volume and inventory write offs and (c) Pactiv Foodservice primarily driven by incremental costs from business acquisitions and higher raw material costs. Cost of sales as a percentage of revenue increased at SIG and Closures, remained unchanged at Evergreen and Pactiv Foodservice, and decreased at Reynolds Consumer Products and Graham Packaging.

Gross Profit. Gross profit increased by $18 million, or 3%, to $704 million for the three month period ended June 30, 2013 compared to $686 million for the three month period ended June 30, 2012. Gross profit margin remained unchanged at 19% for both the three month period

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ended June 30, 2013 and the three month period ended June 30, 2012. Compared to the prior year period, gross profit margin improved at Reynolds Consumer Products and Graham Packaging, remained unchanged at Evergreen and Pactiv Foodservice, and declined at SIG and Closures. These changes were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $37 million, or 10%, to $321 million for the three month period ended June 30, 2013 compared to $358 million for the three month period ended June 30, 2012. This decrease was primarily at SIG and attributable to lower amortization expense due to certain intangible assets becoming fully amortized and a $27 million adjustment in the prior year period. Selling, marketing and distribution expenses and general and administration expenses as a percentage of revenue decreased to 9% for the three month period ended June 30, 2013 compared to 10% for the three month period ended June 30, 2012.

Net Other. Net other changed by $23 million to net other expense of $36 million for the three month period ended June 30, 2013 compared to net other expense of $59 million for the three month period ended June 30, 2012. This change was primarily driven by a decrease of $16 million in restructuring costs at Graham Packaging, a decrease of $10 million in asset impairment charges at Pactiv Foodservice and Graham Packaging and a decrease of $4 million in net unrealized losses on open hedge positions across segments. These decreases were partially offset by an increase of $6 million from the change in foreign currency exchange losses at SIG.

Net Financial Expenses. Net financial expenses increased by $37 million, or 9%, to $469 million for the three month period ended June 30, 2013 compared to $432 million for the three month period ended June 30, 2012. The primary factor contributing to the increase was a change in the fair value of embedded derivatives to a net loss of $163 million in the current year period compared to a net gain of $42 million in the prior year period, partially offset by a decrease of $125 million from the change in foreign currency exchange gains and a decrease of $36 million in interest expense.

We are primarily exposed to foreign currency exchange risk that impacts the reported financial income and financial expenses of the RGHL Group as a result of the remeasurement at each reporting date of cash and cash equivalents and indebtedness that are denominated in currencies other than the functional currencies of the respective entities. For the three month periods ended June 30, 2013 and June 30, 2012, the RGHL Group's primary foreign currency exchange exposure resulted from dollar-denominated net intercompany borrowings payable offset by dollar-denominated cash and cash equivalents in a euro functional currency entity. In addition, we are exposed to foreign currency exchange risk on certain other intercompany borrowings between certain of our entities with different functional currencies. As a result of the changes in foreign currency exchange rates, the RGHL Group recognized a foreign currency exchange gain of $24 million during the three month period ended June 30, 2013 compared to a foreign currency exchange loss of $101 million during the three month period ended June 30, 2012. For more information regarding the RGHL Group's financial expenses and borrowings, refer to notes 8 and 12, respectively, of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report. For more information regarding the sensitivity of the foreign currency exchange rates on these borrowings, refer to “— Item 3. Quantitative and Qualitative Disclosure about Market Risk — Foreign Currency Exchange Rate Risk.”

Income Tax Expense. For the three month period ended June 30, 2013, we recognized an income tax benefit of $266 million on a loss before income tax of $115 million (an effective tax rate of 231%) compared to an income tax benefit of $115 million on a loss before income tax of $156 million (an effective tax rate of 74%) for the three month period ended June 30, 2012. The increase in the effective tax rate occurred primarily due to an increase in the U.S. tax benefit of $246 million resulting from the application of the full year U.S. annual effective tax rate to the actual pre-tax loss in the U.S. recorded for the three month period ended June 30, 2013. The difference between the New Zealand statutory rate of 28% and the projected U.S. full year annual effective tax rate of 184% is largely the result of the proportional relationship between the full year projected pre-tax income and the permanent items in the U.S. Based on management's projections of pre-tax income for the year ending December 31, 2013, it is anticipated that the income tax benefit for the three month period ended June 30, 2013 will be offset by tax expense in the remainder of 2013. In the prior year period, the income tax benefit was the result of a $96 million tax benefit for the Evergreen alternative fuel mixture credit IRS refund claim. For a reconciliation of the effective tax rate, refer to note 9 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report.

Depreciation and Amortization. Depreciation of property, plant and equipment and investment properties and amortization of intangible assets decreased by $23 million, or 8%, to $256 million for the three month period ended June 30, 2013 compared to $279 million for the three month period ended June 30, 2012. This decrease was primarily due to certain intangible assets becoming fully amortized at SIG and certain assets becoming fully depreciated at Reynolds Consumer Products and Pactiv Foodservice.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $354 million, $610 million and $659 million, respectively, compared to $276 million, $555 million and $639 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for the RGHL Group is as follows:

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	For the three month period ended June 30,
(In $ million)	2013		2012(1)
Profit from operating activities	354		276
Depreciation and amortization	256		279
EBITDA(2)	610		555
Included in the RGHL Group EBITDA:
Asset impairment charges	2		12
Business acquisition and integration costs	11		10
Equity method profit not distributed in cash	(1	)	(4	)
Fixed asset adjustment	—		10
Gain on sale of businesses and properties	(1	)	—
Hurricane Sandy plant damage, net of insurance recoveries	(8	)	—
Manufacturing plant fires, net of insurance recoveries	7		(2	)
Non-cash pension expense	15		15
Operational process engineering-related consultancy costs	1		7
Restructuring costs, net of reversals	8		18
SEC registration costs	—		2
Unrealized (gain) loss on derivatives	13		17
VAT and customs refunds on historical imports	—		(1	)
Other	2		—
RGHL Group Adjusted EBITDA(2)	659		639
Segment detail of Adjusted EBITDA:
SIG	123		120
Evergreen	57		56
Closures	47		51
Reynolds Consumer Products	145		134
Pactiv Foodservice	158		163
Graham Packaging	143		126
Corporate/Unallocated(3)	(14	)	(11	)
RGHL Group Adjusted EBITDA(2)	659		639

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(2) RGHL Group EBITDA is defined as profit from operating activities plus depreciation of property, plant and equipment and investment properties and amortization of intangible assets. RGHL Group Adjusted EBITDA, a measure used by our management to measure operating performance, is defined as RGHL Group EBITDA, adjusted to exclude certain items of a significant or unusual nature, including but not limited to acquisition costs, non-cash pension income or expense, restructuring costs, unrealized gains or losses on derivatives, gains or losses on the sale of non-strategic assets, asset impairments and write-downs and equity method profit not distributed in cash. EBITDA and Adjusted EBITDA are not presentations made in accordance with IFRS, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period determined in accordance with IFRS or operating cash flows determined in accordance with IFRS. Additionally, RGHL Group EBITDA and RGHL Group Adjusted EBITDA are not intended to be measures of free cash flow, as they do not take into account certain items such as interest and principal payments on our indebtedness, working capital needs, tax payments, and capital expenditures. We believe that the inclusion of EBITDA and Adjusted EBITDA in this quarterly report is appropriate to provide additional information to investors about our operating performance and to provide a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. We believe that issuers of high yield debt securities present EBITDA and Adjusted EBITDA because investors, analysts and rating agencies consider these measures useful. Because not all companies calculate EBITDA and Adjusted EBITDA identically, this presentation of EBITDA and Adjusted EBITDA may not be comparable to the similarly titled measures of other companies.

(3) Corporate/Unallocated includes holding companies and certain debt issuer companies which support the entire RGHL Group and which are not part of a specific segment. It also includes eliminations of transactions between segments.

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SIG Segment

	For the three month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	560		100	%	520		100	%	40		8	%
Inter-segment revenue	—		—	%	—		—	%	—		—	%
Total segment revenue	560		100	%	520		100	%	40		8	%
Cost of sales	(426	)	(76	)%	(377	)	(73	)%	(49	)	13	%
Gross profit	134		24	%	143		28	%	(9	)	(6	)%
Selling, marketing and distribution expenses/ General and administration expenses	(55	)	(10	)%	(87	)	(17	)%	32		(37	)%
Net other expense	(11	)	(2	)%	(9	)	(2	)%	(2	)	22	%
Profit from operating activities	74		13	%	53		10	%	21		40	%
SIG segment EBITDA	116		21	%	102		20	%	14		14	%
SIG segment Adjusted EBITDA	123		22	%	120		23	%	3		3	%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue increased by $40 million, or 8%, to $560 million for the three month period ended June 30, 2013 compared to $520 million for the three month period ended June 30, 2012. As discussed in more detail below, the increase in revenue was attributable to $31 million as a result of a combination of higher sales volume and product mix and a favorable foreign currency impact of $9 million.

Revenue in Europe decreased by $9 million, or 3%, to $262 million for the three month period ended June 30, 2013 compared to $271 million for the three month period ended June 30, 2012, driven by $13 million of a combination of lower sales volume and product mix, partially offset by a favorable foreign currency impact of $4 million due to the weakening of the dollar against the euro.

Revenue in the rest of the world increased by $49 million, or 20%, to $298 million for the three month period ended June 30, 2013 compared to $249 million for the three month period ended June 30, 2012. The increase was primarily attributable to $44 million from a combination of higher sales volume and product mix due to stronger demand in all regions and a favorable foreign currency impact of $5 million.

Cost of Sales. Cost of sales increased by $49 million, or 13%, to $426 million for the three month period ended June 30, 2013 compared to $377 million for the three month period ended June 30, 2012. The increase in cost of sales included a $23 million increase related to higher sales volume, an increase of $5 million due to the impact of product mix, a $7 million unfavorable foreign currency impact and a $4 million increase in other manufacturing costs. These increases were partially offset by a $8 million decrease in amortization expense due to fully amortized customer relationship intangible assets and a $3 million decrease in raw material costs, primarily resin and aluminum. The net increase in cost of sales also reflects $21 million of adjustments for the three month period ended June 30, 2012 to correct for period costs inappropriately capitalized and for a misclassification of expenses between cost of sales and general and administration expenses. These adjustments resulted in a reduction of EBITDA and Adjusted EBITDA of $11 million and $1 million, respectively, for the three month period ended June 30, 2012. For both the three month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 68% of SIG's cost of sales.

Gross Profit. Gross profit decreased by $9 million, or 6%, to $134 million for the three month period ended June 30, 2013 compared to $143 million for the three month period ended June 30, 2012. Gross profit margin decreased to 24% for the three month period ended June 30, 2013 compared to 28% for the three month period ended June 30, 2012. These decreases were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $32 million, or 37%, to $55 million for the three month period ended June 30, 2013 compared to $87 million for the three month period ended June 30, 2012. The decrease was primarily due to the accounting adjustment explained above and lower amortization expense of $3 million due to fully amortized patents.

Net Other. Net other changed by $2 million to net other expense of $11 million for the three month period ended June 30, 2013 compared to net other expense of $9 million for the three month period ended June 30, 2012. This change was primarily attributable to an increase of $6 million in foreign currency exchange losses, partially offset by $3 million of prior year restructuring costs not incurred during the current period and a decrease of $2 million in net unrealized losses on open hedge positions. These items, with the exception of the foreign currency exchange losses, have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $74 million, $116 million and $123 million, respectively, compared to $53 million, $102 million and $120 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for our SIG segment is as follows:

14

	For the three month period ended June 30,
(In $ million)	2013		2012(1)
Profit from operating activities	74		53
Depreciation and amortization	42		49
EBITDA	116		102
Included in SIG segment EBITDA:
Equity method profit not distributed in cash	(1	)	(4	)
Fixed asset adjustment	—		10
Operational process engineering-related consultancy costs	1		1
Restructuring costs, net of reversals	—		3
Unrealized loss on derivatives	7		9
VAT and customs refunds on historical imports	—		(1	)
SIG segment Adjusted EBITDA	123		120

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Evergreen Segment

	For the three month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)(2)		% of segment revenue		Change		% change
External revenue	384		94	%	399		95	%	(15	)	(4	)%
Inter-segment revenue	24		6	%	22		5	%	2		9	%
Total segment revenue	408		100	%	421		100	%	(13	)	(3	)%
Cost of sales	(345	)	(85	)%	(357	)	(85	)%	12		(3	)%
Gross profit	63		15	%	64		15	%	(1	)	(2	)%
Selling, marketing and distribution expenses/ General and administration expenses	(21	)	(5	)%	(24	)	(6	)%	3		(13	)%
Net other income (expense)	(1	)	—	%	3		1	%	(4	)	NM
Profit from operating activities	42		10	%	44		10	%	(2	)	(5	)%
Evergreen segment EBITDA	56		14	%	58		14	%	(2	)	(3	)%
Evergreen segment Adjusted EBITDA	57		14	%	56		13	%	1		2	%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(2) Revenue and net other income for the three month period ended June 30, 2012 have been revised to conform to the presentation of the three month period ended June 30, 2013. Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue decreased by $13 million, or 3%, to $408 million for the three month period ended June 30, 2013 compared to $421 million for the three month period ended June 30, 2012. This decrease was attributable to a $14 million decrease in sales volume of paper products and a $10 million decrease in sales of liquid packaging board, partially offset by an $11 million increase in sales of cartons. The decrease in sales of paper products was due to lower market demand. The decrease in sales of liquid packaging board was due to $7 million in lower sales volume and an impact of $3 million in price decreases. The increase in sales of cartons was due to an increase of $9 million in sales volume, driven primarily by higher demand in both North America and Asia, and $2 million in price increases.

Cost of Sales. Cost of sales decreased by $12 million, or 3%, to $345 million for the three month period ended June 30, 2013 compared to $357 million for the three month period ended June 30, 2012. This decrease in cost of sales was largely driven by a $19 million decrease due to lower sales volume, primarily those experienced in paper products, partially offset by an increase of $7 million in total input and operating costs. For the three month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 45% and 42% of Evergreen's cost of sales, respectively. While input prices were slightly higher for the three month period ended June 30, 2013 as compared to the three month period ended June 30, 2012, the increase in total raw material costs as a percentage of cost of sales is primarily due to the change in product mix.

Gross Profit. Gross profit decreased by $1 million, or 2%, to $63 million for the three month period ended June 30, 2013 compared to $64 million for the three month period ended June 30, 2012. Gross profit margin remained unchanged at 15% for both the three month period ended June 30, 2013 and the three month period ended June 30, 2012. The decrease in gross profit was driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Evergreen's gross profit is impacted by changes in the costs of raw materials, including fiber, resin and commodity chemicals, and energy, including fuel oil, electricity, natural gas and coal. Evergreen purchases most of its raw materials and other input costs on the spot market and generally cannot immediately pass through price increases or declines to certain of its customers because the contractual price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. Due to the differences in timing between

15

Evergreen's purchases of raw materials from its suppliers and sales to certain of its customers, there is often a lead-lag impact, with margins being negatively impacted in periods of rising raw material prices and positively impacted in periods of falling raw material prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $3 million, or 13%, to $21 million for the three month period ended June 30, 2013 compared to $24 million for the three month period ended June 30, 2012. The decrease was primarily due to lower professional fees during the current year period.

Net Other. Net other changed by $4 million to net other expense of $1 million for the three month period ended June 30, 2013 compared to net other income of $3 million for the three month period ended June 30, 2012, primarily due to $1 million of unrealized losses on derivatives recognized for the three month period ended June 30, 2013 as compared to $2 million of unrealized gains on derivatives recognized for the three month period ended June 30, 2012. These items have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $42 million, $56 million and $57 million, respectively, compared to $44 million, $58 million and $56 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for our Evergreen segment is as follows:

	For the three month period ended June 30,
(In $ million)	2013	2012(1)
Profit from operating activities	42	44
Depreciation and amortization	14	14
EBITDA	56	58
Included in Evergreen segment EBITDA:
Unrealized (gain) loss on derivatives	1	(2	)
Evergreen segment Adjusted EBITDA	57	56

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Closures Segment

	For the three month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	324		99	%	344		99	%	(20	)	(6	)%
Inter-segment revenue	4		1	%	3		1	%	1		33	%
Total segment revenue	328		100	%	347		100	%	(19	)	(5	)%
Cost of sales	(271	)	(83	)%	(283	)	(82	)%	12		(4	)%
Gross profit	57		17	%	64		18	%	(7	)	(11	)%
Selling, marketing and distribution expenses/ General and administration expenses	(31	)	(9	)%	(30	)	(9	)%	(1	)	3	%
Net other expense	(2	)	(1	)%	(6	)	(2	)%	4		(67	)%
Profit from operating activities	24		7	%	28		8	%	(4	)	(14	)%
Closures segment EBITDA	43		13	%	45		13	%	(2	)	(4	)%
Closures segment Adjusted EBITDA	47		14	%	51		15	%	(4	)	(8	)%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue decreased by $19 million, or 5%, to $328 million for the three month period ended June 30, 2013 compared to $347 million for the three month period ended June 30, 2012. This decrease was primarily attributable to lower sales volume, which decreased revenue by $12 million, due to decreased customer demand in North America as a result of market conditions and increased local competition in South America. In addition, there was an unfavorable foreign currency impact of $9 million, primarily due to the strengthening of the dollar against the Japanese yen, Brazilian real and Argentine peso, partially offset by the strengthening of the Mexican peso against the dollar. These decreases were partially offset by a net increase in revenue of $2 million resulting from changes in pricing related to the pass-through of resin price changes to customers and product mix.

Revenue from North America decreased by $1 million, or 1%, to $141 million for the three month period ended June 30, 2013 compared to $142 million for the three month period ended June 30, 2012. This decrease was largely attributable to a decrease of $9 million as a result of lower sales volume, which was primarily due to decreased customer demand as a result of market conditions. This decrease was partially offset

16

by an increase in revenue of $4 million due to changes in product mix and pricing related to the pass-through of resin price changes to customers as well as a favorable foreign currency impact of $3 million due to the strengthening of the Mexican peso against the dollar.

Revenue from the rest of the world decreased by $18 million, or 9%, to $187 million for the three month period ended June 30, 2013 compared to $205 million for the three month period ended June 30, 2012. This decrease was primarily attributable to an unfavorable foreign currency impact of $12 million, primarily due to the strengthening of the dollar against the Japanese yen, Brazilian real, and Argentine peso. Revenue decreased $3 million due to changes in product mix. In addition, a decline in sales volume, which had a $2 million unfavorable impact on revenue, was primarily attributable to lower sales in the South American region resulting from increased local competition.

Cost of Sales. Cost of sales decreased by $12 million, or 4%, to $271 million for the three month period ended June 30, 2013 compared to $283 million for the three month period ended June 30, 2012. This decrease was primarily attributable to a $7 million impact of lower sales volume and a $6 million favorable impact of changes in product mix and raw material costs, primarily resin. Cost of sales also decreased as a result of a $7 million favorable foreign currency impact due to the strengthening of the dollar as noted above. These decreases were partially offset by an increase of $8 million due to increased manufacturing costs, including product quality costs, inventory write offs, restructuring expense and depreciation, during the three month period ended June 30, 2013 compared to the three month period ended June 30, 2012. For the three month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 63% and 66% of Closures' cost of sales, respectively.

Gross Profit. Gross profit decreased by $7 million, or 11%, to $57 million for the three month period ended June 30, 2013 compared to $64 million for the three month period ended June 30, 2012. Gross profit margin decreased to 17% for the three month period ended June 30, 2013 compared to 18% for the three month period ended June 30, 2012. These increases were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Closures' gross profit is impacted by the pass-through of resin price increases to customers. Contractual price adjustments with customers do not occur simultaneously with actual resin purchase price fluctuations, but rather on a monthly, quarterly, semi-annual or other basis. Therefore, due to the difference in timing between Closures' purchase of resin from its suppliers and sales to its customers, pricing related to the pass-through of resin price fluctuations to customers directly impacts gross profit.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses increased by $1 million, or 3%, to $31 million for the three month period ended June 30, 2013 compared to $30 million for the three month period ended June 30, 2012. This increase is primarily related to higher amortization expense from the continued global implementation of the Oracle12 enterprise business system.

Net Other. Net other changed by $4 million to net other expense of $2 million for the three month period ended June 30, 2013 compared to net other expense of $6 million for the three month period ended June 30, 2012. This change was primarily attributable to an increase of $6 million in unrealized gains on derivatives as the unrealized hedge position moved from a net loss position in the prior period to a net gain position in the current period, partially offset by $3 million in expense related to the relocation of the Brazilian operations. These items have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $24 million, $43 million and $47 million, respectively, compared to $28 million, $45 million and $51 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for our Closures segment is as follows:

	For the three month period ended June 30,
(In $ million)	2013		2012(1)
Profit from operating activities	24		28
Depreciation and amortization	19		17
EBITDA	43		45
Included in Closures segment EBITDA:
Restructuring costs, net of reversals	4		1
Unrealized (gain) loss on derivatives	(1	)	5
Other	1		—
Closures segment Adjusted EBITDA	47		51

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

17

Reynolds Consumer Products Segment

	For the three month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	654		95	%	646		97	%	8		1	%
Inter-segment revenue	31		5	%	23		3	%	8		35	%
Total segment revenue	685		100	%	669		100	%	16		2	%
Cost of sales	(506	)	(74	)%	(500	)	(75	)%	(6	)	1	%
Gross profit	179		26	%	169		25	%	10		6	%
Selling, marketing and distribution expenses/ General and administration expenses	(63	)	(9	)%	(67	)	(10	)%	4		(6	)%
Net other expense	(3	)	—	%	(7	)	(1	)%	4		(57	)%
Profit from operating activities	113		16	%	95		14	%	18		19	%
Reynolds Consumer Products segment EBITDA	141		21	%	127		19	%	14		11	%
Reynolds Consumer Products segment Adjusted EBITDA	145		21	%	134		20	%	11		8	%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue increased by $16 million, or 2%, to $685 million for the three month period ended June 30, 2013 compared to $669 million for the three month period ended June 30, 2012. The increase was driven by higher net sales volume of $7 million, lower trade and promotional spending of $6 million and favorable product and price mix of $3 million. The sales volume increase was driven by higher inter-segment revenue of $8 million to Pactiv Foodservice. External sales volume remained relatively unchanged compared to the prior year period. Increased sales volume within the cooking and waste and storage product groups was offset by declines in sales volume within the tableware product group. Compared to the prior year period, the favorable impact from trade and promotional spending is due to not repeating certain programs as well as the timing of events within the year.

Cost of Sales. Cost of sales increased by $6 million, or 1%, to $506 million for the three month period ended June 30, 2013 compared to $500 million for the three month period ended June 30, 2012. This increase was largely driven by higher inter-segment sales volume, inventory write offs and higher employee benefit costs, partially offset by $3 million in lower depreciation expense resulting from certain assets becoming fully depreciated and $3 million in lower raw material costs. For both the three month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 65%of Reynolds Consumer Products' cost of sales.

Gross Profit. Gross profit increased by $10 million, or 6%, to $179 million for the three month period ended June 30, 2013 compared to $169 million for the three month period ended June 30, 2012. Gross profit margin increased to 26% for the three month period ended June 30, 2013 compared to 25% for the three month period ended June 30, 2012. These increases were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Reynolds Consumer Products generally cannot immediately pass through price increases or declines to its customers because the contractual price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. For most resin based products, there is a time lag between the purchase of raw materials by Reynolds Consumer Products and the pass-through of raw material price fluctuations to customers. For branded products, contracts with customers do not contain contractual price protection for raw material cost fluctuations. Due to the differences in timing between Reynolds Consumer Products' purchases of resin from its suppliers and sales to its customers, there is often a lead-lag impact, during which margins are negatively impacted in periods of rising resin prices and positively impacted in periods of falling resin prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $4 million, or 6%, to $63 million for the three month period ended June 30, 2013 compared to $67 million for the three month period ended June 30, 2012. The decrease was largely driven by lower advertising expenses of $7 million partially offset by higher professional and consulting fees of $3 million. Compared to the prior year period, advertising expenses were lower primarily due to a new product launch in the prior year period. Selling, marketing and distribution expenses and general and administration expenses as a percentage of revenue decreased to 9% for the three month period ended June 30, 2013 compared to 10% for the three month period ended June 30, 2012.

Net Other. Net other changed by $4 million to net other expense of $3 million for the three month period ended June 30, 2013 compared to net other expense of $7 million for the three month period ended June 30, 2012. This change was primarily attributable to a decrease of $3 million in unrealized losses on derivatives. This item has been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $113 million, $141 million and $145 million, respectively, compared to $95 million, $127 million and $134 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for our Reynolds Consumer Products segment is as follows:

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	For the three month period ended June 30,
(In $ million)	2013	2012(1)
Profit from operating activities	113	95
Depreciation and amortization	28	32
EBITDA	141	127
Included in Reynolds Consumer Products segment EBITDA:
Business acquisition and integration costs	—	1
Restructuring costs, net of reversals	1	—
Unrealized loss on derivatives	3	6
Reynolds Consumer Products segment Adjusted EBITDA	145	134

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Pactiv Foodservice Segment

	For the three month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	900		88	%	872		86	%	28		3	%
Inter-segment revenue	126		12	%	142		14	%	(16	)	(11	)%
Total segment revenue	1,026		100	%	1,014		100	%	12		1	%
Cost of sales	(849	)	(83	)%	(846	)	(83	)%	(3	)	—	%
Gross profit	177		17	%	168		17	%	9		5	%
Selling, marketing and distribution expenses/ General and administration expenses	(74	)	(7	)%	(75	)	(7	)%	1		(1	)%
Net other expense	(3	)	—	%	(11	)	(1	)%	8		NM
Profit from operating activities	100		10	%	82		8	%	18		22	%
Pactiv Foodservice segment EBITDA	154		15	%	152		15	%	2		1	%
Pactiv Foodservice segment Adjusted EBITDA	158		15	%	163		16	%	(5	)	(3	)%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Pactiv Foodservice's Macon, Georgia plant sustained significant damage as a result of a fire in May 2013. The plant produced molded fiber egg cartons and, due to the damage, has not had production since May 2013. Pactiv Foodservice is currently in the process of expanding production at other facilities to provide replacement products to its customers. Clean up and restoration costs have been incurred as well as additional costs to expand production in existing facilities to provide customers with replacement products until the plant's production is restored. The Macon plant is expected to resume full production in early 2014. Additionally, asset impairment charges have been recorded for the assets destroyed in the fire. Insurance recoveries net of the policy deductible have been recorded for the costs that have been incurred that will be recovered under the policy.

Revenue. Revenue increased by $12 million, or 1%, to $1,026 million for the three month period ended June 30, 2013 compared to $1,014 million for the three month period ended June 30, 2012. This increase was primarily driven by additional revenue of $20 million from business acquisitions in March 2013 and September 2012, partially offset by a decrease of $6 million in sales volume and a decrease of $2 million in pricing related to the pass-through of resin price changes to customers. The net $6 million decrease in volume resulted from lower inter-segment revenue and the loss of volume due to the fire in the Macon, Georgia manufacturing plant. These decreases were partially offset by higher volume from external sales.

Cost of Sales. Cost of sales increased by $3 million to $849 million for the three month period ended June 30, 2013 compared to $846 million for the three month period ended June 30, 2012. This increase was primarily attributable to the business acquisitions in March 2013 and September 2012 as well as higher raw material costs. This increase was partially offset by lower depreciation and amortization expense resulting from certain assets becoming fully depreciated, lower manufacturing spending and improved operational performance driven by benefits from actual synergies realized from the acquisitions of Pactiv and Dopaco along with the continued focus on manufacturing efficiencies. Raw material costs accounted for 57% of Pactiv Foodservice's cost of sales for both the three month periods ended June 30, 2013 and June 30, 2012.

Gross Profit. Gross profit increased by $9 million, or 5%, to $177 million for the three month period ended June 30, 2013 compared to $168 million for the three month period ended June 30, 2012. Gross profit margin remained unchanged at 17% (20% as a percentage of external revenue) for the three month period ended June 30, 2013 compared to 17% (19% as a percentage of external revenue) for the three month period ended June 30, 2012. These changes were driven by the changes in revenue and cost of sales as discussed above.

Pactiv Foodservice's gross profit is impacted by changes in the costs of raw materials, including resin and aluminum. Pactiv Foodservice generally cannot immediately pass through price increases or declines to its customers because the price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. Due to the differences in timing between Pactiv Foodservice's

19

purchases of raw materials from its suppliers and sales to its customers, there is often a lead-lag impact, with margins being negatively impacted in periods of rising raw material prices and positively impacted in periods of falling raw material prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $1 million, or 1%, to $74 million for the three month period ended June 30, 2013 compared to $75 million for the three month period ended June 30, 2012. The decrease was primarily due to cost management strategies, partially offset by the incremental expenses of business acquisitions in September 2012 and March 2013.

Net Other. Net other changed by $8 million to net other expense of $3 million for the three month period ended June 30, 2013 compared to net other expense of $11 million for the three month period ended June 30, 2012. This change is primarily driven by a decrease of $5 million in asset impairment charges and a decrease of $5 million in business acquisition and integration costs. These decreases were partially offset by a change of $4 million in unrealized losses on derivatives. These items have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $100 million, $154 million and $158 million, respectively, compared to $82 million, $152 million and $163 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for our Pactiv Foodservice segment is as follows:

	For the three month period ended June 30,
(In $ million)	2013		2012(1)
Profit from operating activities	100		82
Depreciation and amortization	54		70
EBITDA	154		152
Included in Pactiv Foodservice segment EBITDA:
Asset impairment charges	—		5
Business acquisition and integration costs	—		5
Gain on sale of businesses and properties	(1	)	—
Hurricane Sandy plant damage, net of insurance recoveries	(8	)	—
Manufacturing plant fires, net of insurance recoveries	7		(2	)
Operational process engineering-related consultancy costs	—		6
Restructuring costs, net of reversals	2		(2	)
Unrealized (gain) loss on derivatives	3		(1	)
Other	1		—
Pactiv Foodservice segment Adjusted EBITDA	158		163

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Graham Packaging Segment

	For the three month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	791		100	%	816		100	%	(25	)	(3	)%
Inter-segment revenue	—		—	%	—		—	%	—		—	%
Total segment revenue	791		100	%	816		100	%	(25	)	(3	)%
Cost of sales	(698	)	(88	)%	(739	)	(91	)%	41		(6	)%
Gross profit	93		12	%	77		9	%	16		21	%
Selling, marketing and distribution expenses/General and administration expenses	(50	)	(6	)%	(47	)	(6	)%	(3	)	6	%
Net other expense	(13	)	(2	)%	(27	)	(3	)%	14		(52	)%
Profit from operating activities	30		4	%	3		—	%	27		900	%
Graham Packaging segment EBITDA	129		16	%	100		12	%	29		29	%
Graham Packaging segment Adjusted EBITDA	143		18	%	126		15	%	17		13	%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

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The discussion below includes a reference to actual synergies that have been achieved during the three month period ended June 30, 2013 as a result of integrating Graham Packaging into the RGHL Group. These actual benefits realized resulted from a combination of cost savings, including optimization of certain raw materials procurement for the segments, facilities consolidations, elimination of duplicative operations and overhead, improvement of supply chain management and achievement of other efficiencies. The benefits are measured based on clear and quantifiable measures, such as observable reductions in fixed overhead costs, the elimination of costs specific to production facilities that have been closed and the elimination of salaries and benefits related to headcount reductions.

Revenue. Revenue decreased by $25 million, or 3%, to $791 million for the three month period ended June 30, 2013 compared to $816 million for the three month period ended June 30, 2012. This decrease was primarily attributable to a decrease in sales volume of $25 million primarily due to the rationalization of certain unprofitable products and general market softness in certain product categories, such as isotonics and enhanced waters, partially offset by growth in Graham Packaging's emerging markets. Revenue was also impacted by favorable product mix, mostly offset by a decrease in resin pricing passed through to customers.

Cost of Sales. Cost of sales decreased by $41 million, or 6%, to $698 million for the three month period ended June 30, 2013 compared to $739 million for the three month period ended June 30, 2012. This decrease was primarily attributable to a decrease in sales volume of $26 million as well as operational improvements and actual synergies realized during the current year as a result of the Graham Packaging acquisition and a decrease in resin pricing. For the three month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 58% and 60% of Graham Packaging's cost of sales, respectively.

Gross Profit. Gross profit increased by $16 million, or 21%, to $93 million for the three month period ended June 30, 2013 compared to $77 million for the three month period ended June 30, 2012. Gross profit margin increased to 12% for the three month period ended June 30, 2013 compared to 9% for the three month period ended June 30, 2012. These increases were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Graham Packaging's gross profit is impacted by changes in the costs of raw materials, including resin, and energy-related costs. Graham Packaging purchases most of its raw materials and other input costs on the spot market and generally cannot immediately pass through price increases or declines to certain of its customers because the contractual price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. Due to the differences in timing between Graham Packaging's purchases of raw materials from its suppliers and sales to certain of its customers, there is often a lead-lag impact, with margins being negatively impacted in periods of rising raw material prices and positively impacted in periods of falling raw material prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses increased by $3 million, or 6%, to $50 million for the three month period ended June 30, 2013 compared to $47 million for the three month period ended June 30, 2012. This increase was primarily attributable to an increase in personnel-related costs.

Net Other. Net other changed by $14 million to net other expense of $13 million for the three month period ended June 30, 2013 compared to net other expense of $27 million for the three month period ended June 30, 2012. This decrease was primarily attributable to a decrease of $16 million in restructuring costs and a decrease of $5 million in asset impairment charges, partially offset by an increase of $8 million in business acquisition and integration costs. These items have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $30 million, $129 million and $143 million, respectively, compared to $3 million, $100 million and $126 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for our Graham Packaging segment is as follows:

	For the three month period ended June 30,
(In $ million)	2013	2012(1)
Profit from operating activities	30	3
Depreciation and amortization	99	97
EBITDA	129	100
Included in Graham Packaging segment EBITDA:
Asset impairment charges	2	7
Business acquisition and integration costs	11	3
Restructuring costs, net of reversals	1	16
Graham Packaging segment Adjusted EBITDA	143	126

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

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Corporate/Unallocated

	For the three month period ended June 30,
(In $ million)	2013		2012(1)		Change		% change
Gross profit	1		1		—		—	%
Selling, marketing and distribution expenses/General and administration expenses	(27	)	(28	)	1		(4	)%
Net other expense	(3	)	(2	)	(1	)	50	%
Loss from operating activities	(29	)	(29	)	—		—	%
Corporate/Unallocated EBITDA	(29	)	(29	)	—		—	%
Corporate/Unallocated Adjusted EBITDA	(14	)	(11	)	(3	)	27	%

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $1 million to $27 million for the three month period ended June 30, 2013 compared to $28 million for the three month period ended June 30, 2012. This decrease was primarily attributable to lower information technology and other corporate management expenses.

Net Other. Net other changed by $1 million to net other expense of $3 million for the three month period ended June 30, 2013 compared to net other expense of $2 million for the three month period ended June 30, 2012. This change was primarily attributable to higher professional fees in the current year period compared to the SEC registration costs in the prior year period. The SEC registration costs have been included in the Adjusted EBITDA calculation for Corporate/Unallocated.

Loss from Operating Activities, EBITDA and Adjusted EBITDA. Loss from operating activities, EBITDA and Adjusted EBITDA for the three month period ended June 30, 2013 were $29 million, a loss of $29 million and a loss of $14 million, respectively, compared to $29 million, a loss of $29 million and a loss of $11 million, respectively, for the three month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of loss from operating activities to EBITDA and Adjusted EBITDA for the three month periods ended June 30, 2013 and June 30, 2012 for Corporate/Unallocated is as follows:

	For the three month period ended June 30,
(In $ million)	2013		2012(1)
Loss from operating activities	(29	)	(29	)
Depreciation and amortization	—		—
EBITDA	(29	)	(29	)
Included in Corporate/Unallocated EBITDA:
Business acquisition and integration costs	—		1
Non-cash pension expense	15		15
SEC registration costs	—		2
Corporate/Unallocated Adjusted EBITDA	(14	)	(11	)

(1) The information presented for the three month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

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Results of Operations

The following discussion should be read in conjunction with our interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report. Detailed comparisons of revenue and results of operations are presented in the discussions of the operating segments, which follow the RGHL Group discussion.

Six month period endedJune 30, 2013 compared to the six month period endedJune 30, 2012

RGHL Group

	For the six month period ended June 30,
(In $ million)	2013		% of revenue		2012(1)(2)		% of revenue		Change		% change
Revenue	6,912		100	%	6,916		100	%	(4	)	—	%
Cost of sales	(5,595	)	(81	)%	(5,625	)	(81	)%	30		(1	)%
Gross profit	1,317		19	%	1,291		19	%	26		2	%
Selling, marketing and distribution expenses/General and administration expenses	(633	)	(9	)%	(681	)	(10	)%	48		(7	)%
Net other expense	(25	)	—	%	(35	)	(1	)%	10		(29	)%
Share of profit of associates and joint ventures, net of income tax	10		—	%	12		—	%	(2	)	(17	)%
Profit from operating activities	669		10	%	587		8	%	82		14	%
Financial income	17		—	%	134		2	%	(117	)	(87	)%
Financial expenses	(896	)	(13	)%	(801	)	(12	)%	(95	)	12	%
Net financial expenses	(879	)	(13	)%	(667	)	(10	)%	(212	)	32	%
Profit (loss) before income tax	(210	)	(3	)%	(80	)	(1	)%	(130	)	163	%
Income tax benefit	282		4	%	79		1	%	203		257	%
Profit (loss) after income tax	72		1	%	(1	)	—	%	73		NM
Depreciation and amortization	519		8	%	568		8	%	(49	)	(9	)%
RGHL Group EBITDA(3)	1,188		17	%	1,155		17	%	33		3	%
RGHL Group Adjusted EBITDA(3)	1,249		18	%	1,242		18	%	7		1	%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(2) Revenue and net other expense for the six month period ended June 30, 2012 have been revised to conform to the presentation of the six month period ended June 30, 2013. Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(3) RGHL Group EBITDA is defined as profit from operating activities plus depreciation of property, plant and equipment and investment properties and amortization of intangible assets. RGHL Group Adjusted EBITDA, a measure used by our management to measure operating performance, is defined as RGHL Group EBITDA, adjusted to exclude certain items of a significant or unusual nature, including but not limited to acquisition costs, non-cash pension income or expense, restructuring costs, unrealized gains or losses on derivatives, gains or losses on the sale of non-strategic assets, asset impairments and write-downs and equity method profit not distributed in cash. EBITDA and Adjusted EBITDA are not presentations made in accordance with IFRS, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period determined in accordance with IFRS or operating cash flows determined in accordance with IFRS. Additionally, RGHL Group EBITDA and RGHL Group Adjusted EBITDA are not intended to be measures of free cash flow, as they do not take into account certain items such as interest and principal payments on our indebtedness, working capital needs, tax payments, and capital expenditures. We believe that the inclusion of EBITDA and Adjusted EBITDA in this quarterly report is appropriate to provide additional information to investors about our operating performance and to provide a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. We believe that issuers of high yield debt securities present EBITDA and Adjusted EBITDA because investors, analysts and rating agencies consider these measures useful. Because not all companies calculate EBITDA and Adjusted EBITDA identically, this presentation of EBITDA and Adjusted EBITDA may not be comparable to the similarly titled measures of other companies.

Revenue. Revenue decreased by $4 million, to $6,912 million for the six month period ended June 30, 2013 compared to $6,916 million for the six month period ended June 30, 2012. Revenue decreased at (a) Evergreen driven by decreased sales in paper products and liquid packaging board, (b) Closures driven by decreased sales volume, (c) Pactiv Foodservice driven primarily by lower sales volume and pricing, partially offset by incremental revenue from business acquisitions, and (d) Graham Packaging driven primarily by decreased sales volume. These decreases in revenue were partially offset by increases in revenue at SIG and Reynolds Consumer Products driven by increased sales volume. Foreign currency exchange rates had a net unfavorable impact of $8 million on revenue during the six month period ended June 30, 2013 compared to the six month period ended June 30, 2012, driven primarily by unfavorable impacts at Closures and Graham Packaging, partially offset by a favorable impact at SIG.

Cost of Sales. Cost of sales decreased by $30 million to $5,595 million for the six month period ended June 30, 2013 compared to $5,625 million for the six month period ended June 30, 2012. Cost of sales decreased at Evergreen, Closures and Graham Packaging primarily driven by lower sales volume. These decreases were partially offset by increases in cost of sales at (a) SIG primarily driven by higher sales volume, (b) Reynolds Consumer Products primarily attributable to higher sales volume and inventory write offs and (c) Pactiv Foodservice primarily driven by incremental costs from business acquisitions and higher raw material costs. Foreign currency exchange rates had a net favorable impact of $7 million on cost of sales during the six month period ended June 30, 2013 compared to the six month period ended June 30, 2012, driven primarily by a favorable impact at Closures, partially offset by an unfavorable impact at SIG. Cost of sales as a percentage of revenue increased at SIG and Closures, remained unchanged at Pactiv Foodservice and decreased at Evergreen, Reynolds Consumer Products and Graham Packaging.

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Gross Profit. Gross profit increased by $26 million, or 2%, to $1,317 million for the six month period ended June 30, 2013 compared to $1,291 million for the six month period ended June 30, 2012. Gross profit margin remained unchanged at 19% for both the six month period ended June 30, 2013 and the six month period ended June 30, 2012. Compared to the prior year period, gross profit margin improved at Evergreen, Reynolds Consumer Products and Graham Packaging, remained unchanged at Pactiv Foodservice and declined at SIG and Closures. These changes were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $48 million, or 7%, to $633 million for the six month period ended June 30, 2013 compared to $681 million for the six month period ended June 30, 2012. This decrease was primarily at SIG and attributable to lower amortization expense as a result of certain intangible assets becoming fully amortized and a $27 million adjustment in the prior year period. Selling, marketing and distribution expenses and general and administration expenses as a percentage of revenue decreased to 9% for the six month period ended June 30, 2013 compared to 10% for the six month period ended June 30, 2012.

Net Other. Net other changed by $10 million to net other expense of $25 million for the six month period ended June 30, 2013 compared to net other expense of $35 million for the six month period ended June 30, 2012. This change was primarily driven by a decrease of $43 million in restructuring costs at SIG and Graham Packaging, a $15 million impact from insurance recoveries related to Hurricane Sandy and a fire in the current year period at a manufacturing plant, net of costs incurred, at Pactiv Foodservice, a decrease of $8 million in asset impairment charges at Graham Packaging, income of $6 million from a Brazilian Value Added Tax ("VAT") refund at SIG, and a decrease of $6 million of SEC registration costs incurred in the prior year period. These decreases were partially offset by the $76 million gain on sale of the Pactiv Foodservice laminating operations in the prior year period.

Net Financial Expenses. Net financial expenses increased by $212 million, or 32%, to $879 million for the six month period ended June 30, 2013 compared to $667 million for the six month period ended June 30, 2012. This increase was primarily attributable to a change in the fair value of embedded derivatives to a net loss of $176 million in the current year period compared to a net gain of $123 million in the prior year period, partially offset by a decrease of $65 million in interest expense.

We are primarily exposed to foreign currency exchange risk that impacts the reported financial income and financial expenses of the RGHL Group as a result of the remeasurement at each reporting date of cash and cash equivalents and indebtedness that are denominated in currencies other than the functional currencies of the respective entities. For the six month periods ended June 30, 2013 and June 30, 2012, the RGHL Group's primary foreign currency exchange exposure resulted from dollar-denominated net intercompany borrowings payable offset by dollar-denominated cash and cash equivalents in a euro functional currency entity. In addition, we are exposed to foreign currency exchange risk on certain other intercompany borrowings between certain of our entities with different functional currencies. As a result of the changes in foreign currency exchange rates, the RGHL Group recognized a foreign currency exchange loss of $44 million during the six month period ended June 30, 2013 compared to a foreign currency exchange loss of $50 million during the six month period ended June 30, 2012. For more information regarding the RGHL Group's financial expenses and borrowings, refer to notes 8 and 12, respectively, of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report. For more information regarding the sensitivity of the foreign currency exchange rates on these borrowings, refer to “— Item 3. Quantitative and Qualitative Disclosure about Market Risk — Foreign Currency Exchange Rate Risk.”

Income Tax Expense. For the six month period ended June 30, 2013, we recognized an income tax benefit of $282 million on a loss before income tax of $210 million (an effective tax rate of 134%) compared to an income tax benefit of $79 million on a loss before income tax of $80 million (an effective tax rate of 99%) for the six month period ended June 30, 2012. The increase in the effective tax rate occurred primarily due to an increase in the U.S. tax benefit of $265 million resulting from the application of the estimated full year U.S. annual effective tax rate to the actual pre-tax loss in the U.S. for the six month period ended June 30, 2013. The difference between the New Zealand statutory rate of 28% and the projected U.S. full year annual effective tax rate of 184% is largely the result of the proportional relationship between the full year projected pre-tax income and the permanent items in the U.S. Based on management's projections of pre-tax income for the year ending December 31, 2013, it is anticipated that the income tax benefit for the six month period ended June 30, 2013 will be offset by tax expense in the remainder of 2013. In the prior year period, the income tax benefit was the result of a $96 million tax benefit for the Evergreen alternative fuel mixture credit IRS refund claim. For a reconciliation of the effective tax rate, refer to note 9 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report.

Depreciation and Amortization. Depreciation of property, plant and equipment and investment properties and amortization of intangible assets decreased by $49 million, or 9%, to $519 million for the six month period ended June 30, 2013 compared to $568 million for the six month period ended June 30, 2012. This decrease was primarily due to certain intangible assets becoming fully amortized at SIG and certain assets becoming fully depreciated at Reynolds Consumer Products and Pactiv Foodservice.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $669 million, $1,188 million and $1,249 million, respectively, compared to $587 million, $1,155 million and $1,242 million, respectively, for the six month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for the RGHL Group is as follows:

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	For the six month period ended June 30,
(In $ million)	2013		2012(1)
Profit from operating activities	669		587
Depreciation and amortization	519		568
EBITDA(2)	1,188		1,155
Included in the RGHL Group EBITDA:
Asset impairment charges	6		17
Business acquisition and integration costs	22		30
Equity method profit not distributed in cash	—		(7	)
Fixed asset adjustment	—		10
Gain on sale of businesses and properties	(3	)	(76	)
Hurricane Sandy plant damage, net of insurance recoveries	(9	)	—
Manufacturing plant fires, net of insurance recoveries	1		10
Non-cash changes in inventory and provisions	(3	)	9
Non-cash pension expense	29		29
Operational process engineering-related consultancy costs	2		9
Restructuring costs, net of reversals	16		45
SEC registration costs	—		6
Unrealized loss on derivatives	14		8
VAT and customs refunds on historical imports	(16	)	(1	)
Other	2		(2	)
RGHL Group Adjusted EBITDA(2)	1,249		1,242
Segment detail of Adjusted EBITDA:
SIG	249		228
Evergreen	114		111
Closures	80		93
Reynolds Consumer Products	276		270
Pactiv Foodservice	275		314
Graham Packaging	276		256
Corporate/Unallocated(3)	(21	)	(30	)
RGHL Group Adjusted EBITDA(2)	1,249		1,242

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(2) RGHL Group EBITDA is defined as profit from operating activities plus depreciation of property, plant and equipment and investment properties and amortization of intangible assets. RGHL Group Adjusted EBITDA, a measure used by our management to measure operating performance, is defined as RGHL Group EBITDA, adjusted to exclude certain items of a significant or unusual nature, including but not limited to acquisition costs, non-cash pension income or expense, restructuring costs, unrealized gains or losses on derivatives, gains or losses on the sale of non-strategic assets, asset impairments and write-downs and equity method profit not distributed in cash. EBITDA and Adjusted EBITDA are not presentations made in accordance with IFRS, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period determined in accordance with IFRS or operating cash flows determined in accordance with IFRS. Additionally, RGHL Group EBITDA and RGHL Group Adjusted EBITDA are not intended to be measures of free cash flow, as they do not take into account certain items such as interest and principal payments on our indebtedness, working capital needs, tax payments, and capital expenditures. We believe that the inclusion of EBITDA and Adjusted EBITDA in this quarterly report is appropriate to provide additional information to investors about our operating performance and to provide a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. We believe that issuers of high yield debt securities present EBITDA and Adjusted EBITDA because investors, analysts and rating agencies consider these measures useful. Because not all companies calculate EBITDA and Adjusted EBITDA identically, this presentation of EBITDA and Adjusted EBITDA may not be comparable to the similarly titled measures of other companies.

(3) Corporate/Unallocated includes holding companies and certain debt issuer companies which support the entire RGHL Group and which are not part of a specific segment. It also includes eliminations of transactions between segments.

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SIG Segment

	For the six month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	1,074		100	%	987		100	%	87		9	%
Inter-segment revenue	—		—	%	—		—	%	—		—	%
Total segment revenue	1,074		100	%	987		100	%	87		9	%
Cost of sales	(811	)	(76	)%	(739	)	(75	)%	(72	)	10	%
Gross profit	263		24	%	248		25	%	15		6	%
Selling, marketing and distribution expenses/ General and administration expenses	(106	)	(10	)%	(150	)	(15	)%	44		(29	)%
Net other income (expense)	6		1	%	(20	)	(2	)%	26		NM
Profit from operating activities	172		16	%	89		9	%	83		93	%
SIG segment EBITDA	264		25	%	200		20	%	64		32	%
SIG segment Adjusted EBITDA	249		23	%	228		23	%	21		9	%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue increased by $87 million, or 9%, to $1,074 million for the six month period ended June 30, 2013 compared to $987 million for the six month period ended June 30, 2012. As discussed in more detail below, the increase in revenue was attributable to $76 million from a combination of higher sales volume and product mix and a favorable foreign currency impact of $11 million.

Revenue in Europe remained unchanged at $513 million for both the six month period ended June 30, 2013 and the six month period ended June 30, 2012, driven by $6 million from a combination of lower sales volume and product mix, offset by a favorable foreign currency impact of $6 million due to the weakening of the dollar against the euro.

Revenue in the rest of the world increased by $87 million, or 18%, to $561 million for the six month period ended June 30, 2013 compared to $474 million for the six month period ended June 30, 2012. The increase was primarily related to $82 million from a combination of higher sales volume and product mix due to stronger demand in all regions and a favorable foreign currency impact of $5 million.

Cost of Sales. Cost of sales increased by $72 million, or 10%, to $811 million for the six month period ended June 30, 2013 compared to $739 million for the six month period ended June 30, 2012. The increase in cost of sales included a $57 million increase related to higher sales volume, a $8 million increase in other manufacturing costs, a $8 million unfavorable foreign currency impact and an increase of $2 million due to higher raw material prices, particularly resin and liquid packaging board, partially offset by a decline in aluminum prices. These increases were partially offset by $12 million of the Brazilian VAT refund discussed below, lower amortization expense of $8 million due to fully amortized customer relationship intangible assets and a decrease of $4 million due to the impact of product mix. The net increase in cost of sales also reflects $21 million of adjustments for the six month period ended June 30, 2012 to correct for period costs inappropriately capitalized and for a misclassification of expenses between cost of sales and general and administration expenses. These adjustments resulted in a reduction of EBITDA of $10 million for the six month period ended June 30, 2012. There was no impact on Adjusted EBITDA for the six month period ended June 30, 2012. For the six month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 68% and 69% of SIG's cost of sales, respectively.

During the six month period ended June 30, 2013, the segment received approval from tax authorities for a tax refund related to Brazilian VAT that had previously been paid. This refund had a $22 million total impact, including interest, for the six month period ended June 30, 2013. A portion of the Brazilian VAT previously paid had been recorded in cost of sales and a portion had been recorded in other expenses. The refund has been allocated based on how the payments were originally recorded. Of the total refund, $16 million has been included in the segment's Adjusted EBITDA calculation.

Gross Profit. Gross profit increased by $15 million, or 6%, to $263 million for the six month period ended June 30, 2013 compared to $248 million for the six month period ended June 30, 2012. Gross profit margin decreased to 24% for the six month period ended June 30, 2013 compared to 25% for the six month period ended June 30, 2012. These changes were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $44 million, or 29%, to $106 million for the six month period ended June 30, 2013 compared to $150 million for the six month period ended June 30, 2012. The decrease was primarily due to the accounting adjustment explained above and lower amortization expense of $14 million due to fully amortized patents.

Net Other. Net other changed by $26 million to net other income of $6 million for the six month period ended June 30, 2013 compared to net other expense of $20 million for the six month period ended June 30, 2012. The change was primarily attributable to $19 million of prior year restructuring costs not incurred during the current period, current period income of $6 million from the Brazilian VAT refund discussed above and a decrease of $5 million in net unrealized losses on open hedge positions. These items were partially offset by a $2 million change in foreign currency losses. These items, with the exception of the foreign currency exchange losses, have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $172 million, $264 million and $249 million, respectively, compared to $89 million, $200 million and $228 million, respectively, for the six month period ended June 30, 2012.

26

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for our SIG segment is as follows:

	For the six month period ended June 30,
(In $ million)	2013		2012(1)
Profit from operating activities	172		89
Depreciation and amortization	92		111
EBITDA	264		200
Included in SIG segment EBITDA:
Equity method profit not distributed in cash	—		(7	)
Fixed asset adjustment	—		10
Gain on sale of businesses and properties	(2	)	—
Operational process engineering-related consultancy costs	2		1
Restructuring costs, net of reversals	—		19
Unrealized loss on derivatives	1		6
VAT and customs refunds on historical imports	(16	)	(1	)
SIG segment Adjusted EBITDA	249		228

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Evergreen Segment

	For the six month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)(2)		% of segment revenue		Change		% change
External revenue	759		94	%	792		95	%	(33	)	(4	)%
Inter-segment revenue	47		6	%	39		5	%	8		21	%
Total segment revenue	806		100	%	831		100	%	(25	)	(3	)%
Cost of sales	(677	)	(84	)%	(705	)	(85	)%	28		(4	)%
Gross profit	129		16	%	126		15	%	3		2	%
Selling, marketing and distribution expenses/ General and administration expenses	(44	)	(5	)%	(45	)	(5	)%	1		(2	)%
Net other income	—		—	%	3		—	%	(3	)	NM
Profit from operating activities	86		11	%	85		10	%	1		1	%
Evergreen segment EBITDA	114		14	%	113		14	%	1		1	%
Evergreen segment Adjusted EBITDA	114		14	%	111		13	%	3		3	%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

(2) Revenue and net other income for the six month period ended June 30, 2012 have been revised to conform to the presentation of the six month period ended June 30, 2013. Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue decreased by $25 million, or 3%, to $806 million for the six month period ended June 30, 2013 compared to $831 million for the six month period ended June 30, 2012. This decrease was attributable to a $29 million decrease in sales volume of paper products and a $15 million decrease in sales of liquid packaging board, partially offset by a $19 million increase in sales of cartons. The decrease in sales of paper products was due to lower market demand. The decrease in sales of liquid packaging board was due to $10 million in lower sales volume and an impact of $5 million in price decreases. The increase in sales of cartons was due to an increase of $14 million in sales volume, driven primarily by higher demand in both North America and Asia, and $5 million in price increases.

Cost of Sales. Cost of sales decreased by $28 million, or 4%, to $677 million for the six month period ended June 30, 2013 compared to $705 million for the six month period ended June 30, 2012. This decrease in cost of sales was largely driven by a $42 million decrease due to lower sales volume, primarily those experienced in paper products, partially offset by an increase of $14 million in total input and operating costs. For the six month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 45% and 42% of Evergreen's cost of sales, respectively. While input prices were slightly lower for the six month period ended June 30, 2013 as compared to the six month period ended June 30, 2012, the increase in total raw material costs as a percentage of cost of sales is primarily due to the change in product mix.

Gross Profit. Gross profit increased by $3 million, or 2%, to $129 million for the six month period ended June 30, 2013 compared to $126 million for the six month period ended June 30, 2012. Gross profit margin increased to 16% for the six month period ended June 30, 2013 compared

27

to 15% for the six month period ended June 30, 2012. These increases were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Evergreen's gross profit is impacted by changes in the costs of raw materials, including fiber, resin and commodity chemicals, and energy, including fuel oil, electricity, natural gas and coal. Evergreen purchases most of its raw materials and other input costs on the spot market and generally cannot immediately pass through price increases or declines to certain of its customers because the contractual price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. Due to the differences in timing between Evergreen's purchases of raw materials from its suppliers and sales to certain of its customers, there is often a lead-lag impact, with margins being negatively impacted in periods of rising raw material prices and positively impacted in periods of falling raw material prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $1 million, or 2%, to $44 million for the six month period ended June 30, 2013 compared to $45 million for the six month period ended June 30, 2012.

Net Other. Net other changed by $3 million to minimal income for the six month period ended June 30, 2013 compared to net other income of $3 million for the six month period ended June 30, 2012, primarily due to a minimal amount of unrealized gains on derivatives recognized for the six month period ended June 30, 2013 as compared to $2 million of unrealized gains on derivatives recognized for the six month period ended June 30, 2012. These items have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $86 million, $114 million and $114 million, respectively, compared to $85 million, $113 million and $111 million, respectively, for the six month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for our Evergreen segment is as follows:

	For the six month period ended June 30,
(In $ million)	2013	2012(1)
Profit from operating activities	86	85
Depreciation and amortization	28	28
EBITDA	114	113
Included in Evergreen segment EBITDA:
Unrealized gain on derivatives	—	(2	)
Evergreen segment Adjusted EBITDA	114	111

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Closures Segment

	For the six month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	602		99	%	637		99	%	(35	)	(5	)%
Inter-segment revenue	7		1	%	6		1	%	1		17	%
Total segment revenue	609		100	%	643		100	%	(34	)	(5	)%
Cost of sales	(508	)	(83	)%	(526	)	(82	)%	18		(3	)%
Gross profit	101		17	%	117		18	%	(16	)	(14	)%
Selling, marketing and distribution expenses/ General and administration expenses	(62	)	(10	)%	(61	)	(9	)%	(1	)	2	%
Net other expense	(3	)	—	%	(1	)	—	%	(2	)	200	%
Profit from operating activities	36		6	%	55		9	%	(19	)	(35	)%
Closures segment EBITDA	75		12	%	91		14	%	(16	)	(18	)%
Closures segment Adjusted EBITDA	80		13	%	93		14	%	(13	)	(14	)%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue decreased by $34 million, or 5%, to $609 million for the six month period ended June 30, 2013 compared to $643 million for the six month period ended June 30, 2012. This decrease was primarily attributable to an unfavorable foreign currency impact of $18 million, largely due to the strengthening of the dollar against the Japanese yen, Brazilian real and Argentine peso, partially offset by the strengthening of the Mexican peso against the dollar. In addition, revenue decreased $12 million as a result of lower sales volume. In the North American and South American regions, the decreased customer demand resulted from market conditions and increased local competition, respectively. This was

28

partially offset by higher sales volume in the Asian and Middle East regions due to market share growth. Revenue also decreased $4 million as a result of changes in product mix primarily due to decreased equipment and spare parts sales.

Revenue from North America decreased by $10 million, or 4%, to $255 million for the six month period ended June 30, 2013 compared to $265 million for the six month period ended June 30, 2012. This decrease was largely attributable to $14 million of lower sales volume due to decreased customer demand, partially offset by a favorable foreign currency impact of $3 million, primarily due to the strengthening of the Mexican peso against the dollar and a $1 million increase resulting from changes in product mix and pricing related to the pass-through of resin price changes to customers.

Revenue from the rest of the world decreased by $24 million, or 6%, to $354 million for the six month period ended June 30, 2013 compared to $378 million for the six month period ended June 30, 2012. This decrease was primarily attributable to an unfavorable foreign currency impact of $21 million, primarily due to the strengthening of the dollar against the Japanese yen, Brazilian real, and Argentine peso. In addition, revenue decreased $8 million due to changes in product mix and pricing related to the pass-through of resin price changes to customers and decreased equipment and spare parts sales. These decreases were partially offset by an increase of $5 million due to higher sales volume, which was primarily attributable to increased sales in the Asian and Middle East regions largely due to market share growth, partially offset by lower sales in the South American region primarily due to increased local competition.

Cost of Sales. Cost of sales decreased by $18 million, or 3%, to $508 million for the six month period ended June 30, 2013 compared to $526 million for the six month period ended June 30, 2012. This decrease was primarily attributable to a $15 million favorable foreign currency impact due to the strengthening of the dollar as noted above, a $11 million impact of changes in product mix and raw material costs, primarily resin, and $6 million due to lower sales volume. These decreases were partially offset by an increase of $14 million due to increased manufacturing costs, including product quality costs, inventory write offs, restructuring expense and depreciation, during the six month period ended June 30, 2013 compared to the six month period ended June 30, 2012. For the six month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 61% and 63% of Closures' cost of sales, respectively.

Gross Profit. Gross profit decreased by $16 million, or 14%, to $101 million for the six month period ended June 30, 2013 compared to $117 million for the six month period ended June 30, 2012. Gross profit margin decreased to 17% for the six month period ended June 30, 2013 compared to 18% for the six month period ended June 30, 2012. These increases were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Closures' gross profit is impacted by the pass-through of resin price increases to customers. Contractual price adjustments with customers do not occur simultaneously with actual resin purchase price fluctuations, but rather on a monthly, quarterly, semi-annual or other basis. Therefore, due to the difference in timing between Closures' purchase of resin from its suppliers and sales to its customers, pricing related to the pass-through of resin price fluctuations to customers directly impacts gross profit.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses increased by $1 million, or 2%, to $62 million for the six month period ended June 30, 2013 compared to $61 million for the six month period ended June 30, 2012. This increase is primarily related to higher amortization expense from the continued global implementation of the Oracle12 enterprise business system.

Net Other. Net other changed by $2 million to net other expense of $3 million for the six month period ended June 30, 2013 compared to net other expense of $1 million for the six month period ended June 30, 2012. This change was primarily attributable to $3 million in expense related to the relocation of the Brazilian operations. This item has been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $36 million, $75 million and $80 million, respectively, compared to $55 million, $91 million and $93 million, respectively, for the six month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for our Closures segment is as follows:

	For the six month period ended June 30,
(In $ million)	2013	2012(1)
Profit from operating activities	36	55
Depreciation and amortization	39	36
EBITDA	75	91
Included in Closures segment EBITDA:
Restructuring costs	4	1
Unrealized loss on derivatives	—	1
Other	1	—
Closures segment Adjusted EBITDA	80	93

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

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Reynolds Consumer Products Segment

	For the six month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	1,212		95	%	1,201		97	%	11		1	%
Inter-segment revenue	64		5	%	41		3	%	23		56	%
Total segment revenue	1,276		100	%	1,242		100	%	34		3	%
Cost of sales	(936	)	(73	)%	(915	)	(74	)%	(21	)	2	%
Gross profit	340		27	%	327		26	%	13		4	%
Selling, marketing and distribution expenses/ General and administration expenses	(121	)	(9	)%	(126	)	(10	)%	5		(4	)%
Net other expense	(11	)	(1	)%	(4	)	—	%	(7	)	(57	)%
Profit from operating activities	208		16	%	197		16	%	11		6	%
Reynolds Consumer Products segment EBITDA	264		21	%	261		21	%	3		1	%
Reynolds Consumer Products segment Adjusted EBITDA	276		22	%	270		22	%	6		2	%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Revenue. Revenue increased by $34 million, or 3%, to $1,276 million for the six month period ended June 30, 2013 compared to $1,242 million for the six month period ended June 30, 2012. The increase was driven by higher sales volume of $37 million and lower trade and promotional spending of $3 million, partially offset by an unfavorable product and price mix impact of $7 million. The sales volume increase was driven by an increase in sales volume in the cooking and waste and storage product groups as well as higher inter-segment revenue of $23 million to Pactiv Foodservice, partially offset by sales volume declines in the tableware product group. Compared to the prior year period, the unfavorable impact from product and price mix was driven by unfavorable channel mix and the timing of the pass-through of raw material price fluctuations to customers.

Cost of Sales. Cost of sales increased by $21 million, or 2%, to $936 million for the six month period ended June 30, 2013 compared to $915 million for the six month period ended June 30, 2012. This increase was driven by a $20 million increase related to higher sales volume, inventory write offs and higher employee benefit costs, partially offset by $7 million in lower depreciation expense resulting from certain assets becoming fully depreciated and $8 million in lower raw material costs. For the six month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 65% and64% of Reynolds Consumer Products' cost of sales, respectively.

Gross Profit. Gross profit increased by $13 million, or 4%, to $340 million for the six month period ended June 30, 2013 compared to $327 million for the six month period ended June 30, 2012. Gross profit margin increased to 27% for the six month period ended June 30, 2013 compared to 26% for the six month period ended June 30, 2012. These changes were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Reynolds Consumer Products generally cannot immediately pass through price increases or declines to its customers because the contractual price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. For most resin based products, there is a time lag between the purchase of raw materials by Reynolds Consumer Products and the pass-through of raw material price fluctuations to customers. For branded products, contracts with customers do not contain contractual price protection for raw material cost fluctuations. Due to the differences in timing between Reynolds Consumer Products' purchases of resin from its suppliers and sales to its customers, there is often a lead-lag impact, during which margins are negatively impacted in periods of rising resin prices and positively impacted in periods of falling resin prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $5 million, or 4%, to $121 million for the six month period ended June 30, 2013 compared to $126 million for the six month period ended June 30, 2012. The decrease was largely driven by lower advertising expenses of $8 million partially offset by higher professional and consulting fees of $4 million. Compared to the prior year period, advertising expenses were lower primarily due to a new product launch in the prior year period. Selling, marketing and distribution expenses and general and administration expenses as a percentage of revenue decreased to 9% for the six month period ended June 30, 2013 compared to 10% for the six month period ended June 30, 2012.

Net Other. Net other changed by $7 million to net other expense of $11 million for the six month period ended June 30, 2013 compared to net other expense of $4 million for the six month period ended June 30, 2012. This change was primarily attributable to an increase of $7 million in unrealized losses on derivatives in the current period. This item has been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $208 million, $264 million and $276 million, respectively, compared to $197 million, $261 million and $270 million, respectively, for the six month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for our Reynolds Consumer Products segment is as follows:

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	For the six month period ended June 30,
(In $ million)	2013	2012(1)
Profit from operating activities	208	197
Depreciation and amortization	56	64
EBITDA	264	261
Included in Reynolds Consumer Products segment EBITDA:
Business acquisition and integration costs	—	2
Non-cash changes in inventory and provisions	—	3
Restructuring costs, net of reversals	1	—
Unrealized loss on derivatives	11	4
Reynolds Consumer Products segment Adjusted EBITDA	276	270

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Pactiv Foodservice Segment

	For the six month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	1,689		88	%	1,688		87	%	1		—	%
Inter-segment revenue	236		12	%	246		13	%	(10	)	(4	)%
Total segment revenue	1,925		100	%	1,934		100	%	(9	)	—	%
Cost of sales	(1,621	)	(84	)%	(1,620	)	(84	)%	(1	)	—	%
Gross profit	304		16	%	314		16	%	(10	)	(3	)%
Selling, marketing and distribution expenses/ General and administration expenses	(150	)	(8	)%	(147	)	(8	)%	(3	)	2	%
Net other income	7		—	%	42		2	%	(35	)	(83	)%
Profit from operating activities	161		8	%	209		11	%	(48	)	(23	)%
Pactiv Foodservice segment EBITDA	272		14	%	347		18	%	(75	)	(22	)%
Pactiv Foodservice segment Adjusted EBITDA	275		14	%	314		16	%	(39	)	(12	)%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

On January 27, 2012, the Pactiv Foodservice laminating operations in Louisville, Kentucky were sold for cash proceeds of $80 million, resulting in a gain on sale of $76 million.

Pactiv Foodservice's Macon, Georgia plant sustained significant damage as a result of a fire in May 2013. The plant produced molded fiber egg cartons and, due to the damage, has not had production since May 2013. Pactiv Foodservice is currently in the process of expanding production at other facilities to provide replacement products to its customers. Clean up and restoration costs have been incurred as well as additional procurement costs to expand production in existing facilities to provide customers with replacement products until the plant's production is restored. The Macon plant is expected to resume full production in early 2014. Additionally, asset impairment charges have been recorded for the assets destroyed in the fire. Insurance recoveries net of the policy deductible have been recorded for the costs that have been incurred that will be recovered under the policy.

Revenue. Revenue decreased by $9 million to $1,925 million for the six month period ended June 30, 2013 compared to $1,934 million for the six month period ended June 30, 2012. This decrease was a result of lower sales volume of $27 million and a decrease of $13 million on pricing related to the pass-through of resin price changes to customers. The net $27 million decrease in sales volume resulted from lower inter-segment revenue, lower sales volume due to the sale of the laminating operations and the loss of sales volume due to the Macon, Georgia manufacturing plant fire. The decreases from sales volume and price were partially offset by a $30 million increase from the incremental revenue of business acquisitions in September 2012 and March 2013.

Cost of Sales. Cost of sales increased by $1 million to $1,621 million for the six month period ended June 30, 2013 compared to $1,620 million for the six month period ended June 30, 2012. This increase was primarily attributable to higher raw material costs, the impact of business acquisitions in September 2012 and March 2013 and increased logistics costs, partially offset by lower depreciation and amortization expense resulting from certain assets becoming fully depreciated and lower sales volume due to the sale of the laminating operations. The increase was also partially offset by lower manufacturing spending and improved operational performance driven by benefits from actual synergies realized from the acquisitions of Pactiv and Dopaco along with continued focus on manufacturing efficiencies. Raw material costs accounted for 56% of Pactiv Foodservice's cost of sales for both the six month periods ended June 30, 2013 and June 30, 2012.

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Gross Profit. Gross profit decreased by $10 million, or 3%, to $304 million for the six month period ended June 30, 2013 compared to $314 million for the six month period ended June 30, 2012. Gross profit margin remained unchanged at 16% (18% as a percentage of external revenue) for the six month period ended June 30, 2013 compared to 16% (19% as a percentage of external revenue) for the six month period ended June 30, 2012. These changes were driven by the changes in revenue and cost of sales as discussed above.

Pactiv Foodservice's gross profit is impacted by changes in the costs of raw materials, including resin and aluminum. Pactiv Foodservice generally cannot immediately pass through price increases or declines to its customers because the price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. Due to the differences in timing between Pactiv Foodservice's purchases of raw materials from its suppliers and sales to its customers, there is often a lead-lag impact, with margins being negatively impacted in periods of rising raw material prices and positively impacted in periods of falling raw material prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses increased by $3 million, or 2%, to $150 million for the six month period ended June 30, 2013 compared to $147 million for the six month period ended June 30, 2012. The increase was primarily due to the incremental expenses of business acquisitions in September 2012 and March 2013, and higher legal and employee benefit costs, partially offset by cost management strategies.

Net Other. Net other changed by $35 million to net other income of $7 million for the six month period ended June 30, 2013 compared to net other income of $42 million for the six month period ended June 30, 2012. This decrease was primarily attributable to a $76 million gain on sale of the laminating operations in the prior year period. This was partially offset by a $15 million impact from insurance recoveries, net of costs incurred, related to Hurricane Sandy and the fire in the Macon, Georgia manufacturing plant and a decrease of $16 million in business acquisition and integration costs.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $161 million, $272 million and $275 million, respectively, compared to $209 million, $347 million and $314 million, respectively, for the six month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for our Pactiv Foodservice segment is as follows:

	For the six month period ended June 30,
(In $ million)	2013		2012(1)
Profit from operating activities	161		209
Depreciation and amortization	111		138
EBITDA	272		347
Included in Pactiv Foodservice segment EBITDA:
Asset impairment charges	2		5
Business acquisition and integration costs	—		16
Gain on sale of businesses and properties	(1	)	(76	)
Hurricane Sandy plant damage, net of insurance recoveries	(9	)	—
Manufacturing plant fires, net of insurance recoveries	1		10
Non-cash changes in inventory and provisions	—		6
Operational process engineering-related consultancy costs	—		8
Restructuring costs, net of reversals	7		1
Unrealized (gain) loss on derivatives	2		(1	)
Other	1		(2	)
Pactiv Foodservice segment Adjusted EBITDA	275		314

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

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Graham Packaging Segment

	For the six month period ended June 30,
(In $ million)	2013		% of segment revenue		2012(1)		% of segment revenue		Change		% change
External revenue	1,576		100	%	1,611		100	%	(35	)	(2	)%
Inter-segment revenue	—		—	%	—		—	%	—		—	%
Total segment revenue	1,576		100	%	1,611		100	%	(35	)	(2	)%
Cost of sales	(1,396	)	(89	)%	(1,451	)	(90	)%	55		(4	)%
Gross profit	180		11	%	160		10	%	20		13	%
Selling, marketing and distribution expenses/General and administration expenses	(101	)	(6	)%	(93	)	(6	)%	(8	)	9	%
Net other expense	(26	)	(2	)%	(47	)	(3	)%	21		(45	)%
Profit from operating activities	53		3	%	20		1	%	33		165	%
Graham Packaging segment EBITDA	246		16	%	211		13	%	35		17	%
Graham Packaging segment Adjusted EBITDA	276		18	%	256		16	%	20		8	%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

The discussion below includes a reference to actual synergies that have been achieved during the six month period ended June 30, 2013 as a result of integrating Graham Packaging into the RGHL Group. These actual benefits realized resulted from a combination of cost savings, including optimization of certain raw materials procurement for the segments, facilities consolidations, elimination of duplicative operations and overhead, improvement of supply chain management and achievement of other efficiencies. The benefits are measured based on clear and quantifiable measures, such as observable reductions in fixed overhead costs, the elimination of costs specific to production facilities that have been closed and the elimination of salaries and benefits related to headcount reductions.

Revenue. Revenue decreased by $35 million, or 2%, to $1,576 million for the six month period ended June 30, 2013 compared to $1,611 million for the six month period ended June 30, 2012. This decrease was primarily attributable to a decrease in sales volume of $44 million primarily due to the rationalization of certain unprofitable products and general market softness in certain product categories such as isotonics and enhanced waters, partially offset by growth in Graham Packaging's emerging markets. Revenue was positively impacted by favorable product mix.

Cost of Sales. Cost of sales decreased by $55 million, or 4%, to $1,396 million for the six month period ended June 30, 2013 compared to $1,451 million for the six month period ended June 30, 2012. This decrease was primarily attributable to a decrease in sales volume of $46 million as well as operational improvements and actual synergies realized during the current year as a result of the Graham Packaging acquisition. For the six month periods ended June 30, 2013 and June 30, 2012, raw material costs accounted for 58% and 59% of Graham Packaging's cost of sales, respectively.

Gross Profit. Gross profit increased by $20 million, or 13%, to $180 million for the six month period ended June 30, 2013 compared to $160 million for the six month period ended June 30, 2012. Gross profit margin increased to 11% for the six month period ended June 30, 2013 compared to 10% for the six month period ended June 30, 2012. These increases were driven by the changes in revenue and cost of sales as discussed in the preceding paragraphs.

Graham Packaging's gross profit is impacted by changes in the costs of raw materials, including resin, and energy-related costs. Graham Packaging purchases most of its raw materials and other input costs on the spot market and generally cannot immediately pass through price increases or declines to certain of its customers because the contractual price adjustments do not occur simultaneously with market price fluctuations, but rather on a mutually agreed upon schedule. Due to the differences in timing between Graham Packaging's purchases of raw materials from its suppliers and sales to certain of its customers, there is often a lead-lag impact, with margins being negatively impacted in periods of rising raw material prices and positively impacted in periods of falling raw material prices.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses increased by $8 million, or 9%, to $101 million for the six month period ended June 30, 2013 compared to $93 million for the six month period ended June 30, 2012. This increase was primarily attributable to an increase in personnel-related costs.

Net Other. Net other changed by $21 million to net other expense of $26 million for the six month period ended June 30, 2013 compared to net other expense of $47 million for the six month period ended June 30, 2012. This decrease was primarily attributable to a decrease of $24 million in restructuring costs and a decrease of $8 million in asset impairment charges, partially offset by an increase of $13 million in business acquisition and integration costs. These items have been included in the segment's Adjusted EBITDA calculation.

Profit from Operating Activities, EBITDA and Adjusted EBITDA. As a result of the above factors, profit from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $53 million, $246 million and $276 million, respectively, compared to $20 million, $211 million and $256 million, respectively, for the six month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of profit from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for our Graham Packaging segment is as follows:

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	For the six month period ended June 30,
(In $ million)	2013	2012(1)
Profit from operating activities	53	20
Depreciation and amortization	193	191
EBITDA	246	211
Included in Graham Packaging segment EBITDA:
Asset impairment charges	4	12
Business acquisition and integration costs	22	9
Restructuring costs, net of reversals	4	24
Graham Packaging segment Adjusted EBITDA	276	256

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Corporate/Unallocated

	For the six month period ended June 30,
(In $ million)	2013		2012(1)		Change	% change
Gross loss	—		(1	)	1	(100	)%
Selling, marketing and distribution expenses/General and administration expenses	(49	)	(59	)	10	(17	)%
Net other income (expense)	2		(8	)	10	NM
Loss from operating activities	(47	)	(68	)	21	(31	)%
Corporate/Unallocated EBITDA	(47	)	(68	)	21	(31	)%
Corporate/Unallocated Adjusted EBITDA	(21	)	(30	)	9	(30	)%

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Selling, Marketing and Distribution Expenses/General and Administration Expenses. Selling, marketing and distribution expenses and general and administration expenses decreased by $10 million to $49 million for the six month period ended June 30, 2013 compared to $59 million for the six month period ended June 30, 2012. This decrease was primarily attributable to lower information technology and other corporate management expenses.

Net Other. Net other changed by $10 million to net other income of $2 million for the six month period ended June 30, 2013 compared to net other expense of $8 million for the six month period ended June 30, 2012. This change was primarily attributable to $6 million of SEC registration costs in the prior year period and the current period benefit of the reversal of $3 million in provisions related to the expiration of a tax indemnification from a business disposal. These items have been included in the Adjusted EBITDA calculation for Corporate/Unallocated.

Loss from Operating Activities, EBITDA and Adjusted EBITDA. Loss from operating activities, EBITDA and Adjusted EBITDA for the six month period ended June 30, 2013 were $47 million, a loss of $47 million and a loss of $21 million, respectively, compared to $68 million, a loss of $68 million and a loss of $30 million, respectively, for the six month period ended June 30, 2012.

EBITDA/Adjusted EBITDA Reconciliation

The reconciliation of loss from operating activities to EBITDA and Adjusted EBITDA for the six month periods ended June 30, 2013 and June 30, 2012 for Corporate/Unallocated is as follows:

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	For the six month period ended June 30,
(In $ million)	2013		2012(1)
Loss from operating activities	(47	)	(68	)
Depreciation and amortization	—		—
EBITDA	(47	)	(68	)
Included in Corporate/Unallocated EBITDA:
Business acquisition and integration costs	—		3
Non-cash changes in inventory and provisions	(3	)	—
Non-cash pension expense	29		29
SEC registration costs	—		6
Corporate/Unallocated Adjusted EBITDA	(21	)	(30	)

(1) The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information.

Differences Between the RGHL Group and Beverage Packaging Holdings Group Results of Operations

There are certain differences between the RGHL Group interim unaudited condensed consolidated financial statements and the Bev Pack interim unaudited condensed combined financial statements, each included elsewhere in this quarterly report.

RGHL is a non-operating holding company. Consequently, there are no differences between the revenue and gross profit amounts presented in the RGHL Group interim unaudited condensed consolidated financial statements and the Bev Pack interim unaudited condensed combined financial statements. The differences in the reported profit (loss) before income tax between the RGHL Group interim unaudited condensed consolidated financial statements and the Bev Pack interim unaudited condensed combined financial statements are primarily due to related party interest income and expenses that are recognized by RGHL, intercompany amounts between RGHL and the members of Bev Pack that eliminate on consolidation of the RGHL Group, foreign currency exchange movements on the related party balances of RGHL and incidental RGHL corporate expenses.

Differences between the RGHL Group statement of financial position and the Bev Pack statement of financial position are primarily attributable to the related party receivables and borrowings of RGHL.

There are no differences between the RGHL Group statement of cash flows and the Bev Pack statement of cash flows for the six month periods ended June 30, 2013 and June 30, 2012.

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Liquidity and Capital Resources

Historical Cash Flows

The following table discloses our cash flows for the periods presented:

	For the six month period ended June 30, 2013
(In $ million)	2013		2012
Net cash flows from operating activities	146		274
Net cash used in investing activities	(328	)	(160	)
Net cash flows (used in) from financing activities	(20	)	524

Cash Flow from Operating Activities

Cash flows from operating activities for the six month period ended June 30, 2013 generated a net cash inflow of $146 million compared to a net cash inflow of $274 million for the six month period ended June 30, 2012. The decrease of $128 million in cash flow from operating activities was largely driven by a decrease of $111 million in cash received from customers and an increase of $92 million in cash paid to suppliers and employees. In the prior year period, there was a cash outflow of $17 million for premiums on extinguishment of loans and borrowings. Additionally, there was a decrease of $22 million in interest payments due to an overall net decrease in our interest rates. The decrease in operating cash inflows was partially offset by a decrease of $26 million in income taxes paid primarily driven by an IRS refund received in the current year period for Evergreen's alternative fuel mixture credit.

Cash Flow used in Investing Activities

Cash flows used in investing activities for the six month period ended June 30, 2013 resulted in a net cash outflow of $328 million compared to a net cash outflow of $160 million for the six month period ended June 30, 2012. The change of $168 million in net cash outflows used in investing activities was primarily due to the acquisition of a business for an aggregate purchase price of $32 million in March 2013 and the sale of the Pactiv Foodservice laminating operations in Louisville, Kentucky for cash proceeds of $80 million in the prior year period.

Capital expenditures increased by $43 million to $325 million for the six month period ended June 30, 2013 compared to $282 million for the six month period ended June 30, 2012. Refer to “— Capital Expenditures” for additional information regarding expenditures on property, plant and equipment and intangible assets.

Cash Flow (used in) from Financing Activities

Cash flows (used in) from financing activities for the six month period ended June 30, 2013 resulted in net cash outflow of $20 million compared to a net cash inflow of $524 million for the six month period ended June 30, 2012. The net cash inflow and outflow during each respective period is summarized as follows:

	For the six month period ended June 30, 2013
(In $ million)	2013		2012
Principal borrowed	80		1,277
Repayments of external borrowings	(97	)	(690	)
Payment of transaction costs	(2	)	(38	)
Other	(1	)	(25	)
Net cash (outflow) inflow	(20	)	524

Refer to note 12 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report for additional information related to each of our borrowings.

Capital Expenditures

	For the six month period ended June 30, 2013
(In $ million)	2013	2012
Property, plant and equipment	321	278
Intangibles	4	4
Total capital expenditures	325	282

Capital expenditures increased by $43 million, or 15%, to $325 million for the six month period ended June 30, 2013 compared to $282 million for the six month period ended June 30, 2012. The increase was due to higher spending primarily at SIG, Evergreen and Pactiv Foodservice.

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We expect to incur approximately $700 million in capital expenditures during 2013 (excluding acquisitions) largely to support plant expansions in South America and the United States as well as to support replacement, growth and cost reduction initiatives. We expect to fund these expenditures with cash flows from operations. Actual capital expenditures may differ.

Capital Resources

We have substantial debt and debt service obligations. As of June 30, 2013, our total indebtedness of $18,106 million was comprised of the outstanding principal amounts of our borrowings and bank overdrafts.

We have pledged assets that secure the Reynolds Senior Secured Notes and the Senior Secured Credit Facilities. The collateral consists of substantially all the assets of the issuers and the guarantors, including the capital stock of their subsidiaries, real property, bank accounts, investments, receivables, equipment, inventory, intellectual property and insurance policies, subject to certain exclusions.

As of June 30, 2013, the Senior Secured Credit Facilities included revolving credit facilities of $120 million and €80 million ($105 million). As of June 30, 2013, these revolving credit facilities were utilized in the amounts of $68 million and €15 million ($20 million), respectively, in the form of bank guarantees and letters of credit.

We have pledged certain assets to secure a receivables loan and security agreement (the "Securitization Facility") pursuant to which the RGHL Group can borrow up to $600 million. The Securitization Facility is secured by all of the assets of the borrower, Beverage Packaging Factoring (Luxembourg) S.à r.l., primarily eligible trade receivables and cash. As of June 30, 2013, $485 million was drawn under the Securitization Facility.

We may from time to time seek to issue additional indebtedness depending on market conditions, our cash position requirements and other considerations.

In addition, we may from time to time take steps to reduce our indebtedness, which may include open market repurchases and retirement of currently outstanding indebtedness. The total amount of indebtedness that will be repurchased or retired will depend on market conditions, our cash position requirements and other considerations.

Sources of Liquidity

Our sources of liquidity for the future are expected to be our existing cash resources, cash flows from operations, drawings under the revolving credit facilities of our Senior Secured Credit Facilities, borrowings under the Securitization Facility and local working capital facilities. In addition to our cash and cash equivalents, as of June 30, 2013, we had $52 million and €65 million ($85 million) available for drawing under our revolving credit facilities. Our revolving credit facilities mature in November 2014.

Our ability to borrow under our revolving credit facilities or our other local working capital facilities may be limited by the terms of such indebtedness or other indebtedness (including the Reynolds Notes and the 2007 Notes), including financial covenants.

As of June 30, 2013, our total indebtedness of $18,106 million was comprised of the outstanding principal amounts of our borrowings and bank overdrafts. Our 2013 annual cash interest obligations on our Senior Secured Credit Facilities, our outstanding notes, the Securitization Facility and our other indebtedness are expected to be approximately $1,317 million, assuming interest on our floating rate debt continues to accrue at the current interest rate. We expect to meet our debt service obligations with our existing cash resources and cash flows from operations, which we believe will be adequate to meet our obligations for the next year.

Under the indentures governing the Reynolds Notes (excluding the February 2012 Senior Notes, which no longer contain such covenants) and the 2007 Notes, we may incur additional indebtedness either by satisfying certain incurrence tests or by incurring such additional indebtedness under certain specific categories of permitted debt. Indebtedness may be incurred under the incurrence tests if the fixed charge coverage ratio is at least 2.00 to 1.00 on a pro forma basis and (i) under the indentures that govern our Reynolds Senior Secured Notes, the liens securing first lien secured indebtedness do not exceed a 3.50 to 1.00 senior secured leverage ratio and (ii) under the indentures that govern our Reynolds Senior Notes and the 2007 Notes, the liens securing any secured indebtedness do not exceed a 4.50 to 1.00 secured leverage ratio.

Under the credit agreement governing the Senior Secured Credit Facilities, we may incur additional indebtedness either by satisfying certain incurrence tests or by incurring such additional indebtedness under certain specific categories of permitted debt. Incremental senior secured indebtedness under the Senior Secured Credit Facilities and senior secured notes in lieu thereof are permitted to be incurred up to an aggregate principal amount of $750 million subject to pro forma compliance with the Senior Secured Credit Facilities' senior secured first lien leverage ratio covenant. In addition, we may incur incremental senior secured indebtedness under the credit agreement governing our Senior Secured Credit Facilities and senior secured notes in an unlimited amount so long as our senior secured first lien leverage ratio does not exceed 3.50 to 1.00 on a pro forma basis and (in the case of incremental senior secured indebtedness under the Senior Secured Credit Facilities only) we are in pro forma compliance with the senior secured first lien leverage ratio covenant included in the credit agreement governing our Senior Secured Credit Facilities. The incurrence of unsecured indebtedness, including the issuance of senior notes, and unsecured subordinated indebtedness is also permitted subject to pro forma compliance with the Senior Secured Credit Facilities' senior secured first lien leverage ratio covenant.

Under the credit agreement governing the Senior Secured Credit Facilities, we are subject to a maintenance covenant that stipulates a maximum net senior secured first lien leverage ratio. As of the last day of each fiscal quarter, our net senior secured first lien leverage ratio must be less than or equal to 4.50 to 1.00.

As of June 30, 2013, our net senior secured first lien leverage ratio was 3.22x as calculated for purposes of the maintenance covenant under the credit agreement governing the Senior Secured Credit Facilities. The credit agreement governing our Senior Secured Credit Facilities does not require us to include the indebtedness under the Securitization Facility in the calculation of the net senior secured first lien leverage ratio.

The indentures governing the Reynolds Notes (excluding the February 2012 Senior Notes, which no longer contain such covenants) and the 2007 Notes and the credit agreement governing the Senior Secured Credit Facilities also contain negative covenants. The negative covenants include limitations, subject to agreed exceptions, on the ability of RGHL and its material subsidiaries to: incur additional indebtedness (including

37

guarantees); incur liens; enter into sale and lease-back transactions; make investments, loans and advances; implement mergers, consolidations and sales of assets; make restricted payments or enter into restrictive agreements; enter into transactions with affiliates on non-arm's length terms; change the business conducted by RGHL and its subsidiaries; prepay, or make redemptions and repurchases of specified indebtedness; amend certain material agreements governing specified indebtedness; make certain amendments to the organizational documents of RGHL and its material subsidiaries; change RGHL's fiscal year; and conduct an active business in the case of RGHL and BP II.

The indentures governing the Reynolds Notes and the 2007 Notes and our Senior Secured Credit Facilities generally allow subsidiaries of RGHL to transfer funds in the form of cash dividends, loans or advances within the RGHL Group.

We believe that our cash flows from operations and our existing available cash, together with our other available external financing sources, will be adequate to meet our future liquidity needs for the next year. We are currently in compliance with the covenants under the credit agreement governing our Senior Secured Credit Facilities and our other outstanding indebtedness, including the Reynolds Notes and the 2007 Notes. We expect to remain in compliance with our covenants.

Our future operating performance and our ability to service or refinance the Senior Secured Credit Facilities, our outstanding notes and other indebtedness are subject to economic conditions and financial, business and other factors, many of which are beyond our control.

Contractual Obligations

The following table summarizes our material obligations as of June 30, 2013:

	Payments, due by period, as of June 30, 2013
(In $ million)	Total	Less than one year	One to three years	Three to five years	Greater than five years
Trade and other payables	1,873	1,873	—	—	—
Debt and interest(1)	26,395	1,857	2,647	4,986	16,905
Operating leases	423	108	145	76	94
Unconditional capital expenditure obligations(2)	175	175	—	—	—
Total contractual obligations	28,866	4,013	2,792	5,062	16,999

(1) Total repayments of financial liabilities consist of the principal amounts, fixed and floating rate interest obligations and the cash flows associated with commodity and other derivative instruments. The exchange rate on euro-denominated borrowings and the interest rate on the floating rate debt balances have been assumed to be the same as the respective rates during the month of June 2013. Both the three month LIBOR and EURIBOR rates during the month of June 2013 were below the floor rates established in accordance with the respective agreements.

(2) Unconditional capital expenditure obligations include plant expansions in our Pactiv Foodservice and SIG segments and business growth and operational enhancements in our Graham Packaging segment, primarily in North America.

Contingent Liabilities

Our contingent liabilities are primarily comprised of guarantees given to banks providing credit facilities to our joint venture company SIG Combibloc Obeikan Company Limited, in Riyadh, Kingdom of Saudi Arabia.

Off-Balance Sheet Arrangements

Other than operating leases entered into in the normal course of business, we currently have no material off-balance sheet obligations.

Accounting Principles

Our interim unaudited condensed consolidated financial statements are prepared in accordance with IFRS and IFRIC Interpretations as issued by the IASB.

Critical Accounting Policies

For a summary of our critical accounting policies, refer to “Part I — Item 5. Operating and Financial Review and Prospects — Critical Accounting Policies” of our Annual Report. Our critical accounting policies have not changed from those disclosed in our Annual Report, except for the adoption of revised IAS 19 "Employee Benefits," ("IAS 19R") as discussed in note 2.2 of the RGHL Group's interim unaudited condensed consolidated financial statements included elsewhere in this quarterly report.

Recently Issued Accounting Pronouncements

There have been no issued accounting pronouncements during the six month period endedJune 30, 2013 that significantly impact the RGHL Group.

There have been no material changes to any previously issued accounting pronouncements or to the RGHL Group's evaluation of the related impact as disclosed in our Annual Report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

In the normal course of business we are subject to risks from adverse fluctuations in interest and foreign currency exchange rates and commodity prices. We manage these risks through a combination of an appropriate mix between variable rate and fixed rate borrowings and natural

38

offsets of foreign currency receipts and payments, supplemented by forward foreign currency exchange contracts and commodity derivatives. Derivative contracts are not used for trading or speculative purposes. The extent to which we use derivative instruments is dependent upon our access to them in the financial markets and our use of other risk management methods, such as netting exposures for foreign currency exchange risk and establishing sales arrangements that permit the pass-through to customers of changes in commodity prices. Our objective in managing our exposure to market risk is to limit the impact on earnings and cash flow.

Interest Rate Risk

We had significant debt commitments outstanding as of June 30, 2013. These on-balance sheet financial instruments, to the extent they accrue interest at variable interest rates, expose us to interest rate risk. Our interest rate risk arises primarily on significant borrowings that are denominated in dollars and euro that are drawn under our Senior Secured Credit Facilities and our Securitization Facility. As of June 30, 2013, the agreement governing the Senior Secured Credit Facilities included an interest rate floor of (i) 2.0% per annum on U.S. and European revolving loans and (ii) 1.0% per annum on U.S. and European term loans. As of June 30, 2013, the Securitization Facility accrued interest at a floating rate with no floor.

The underlying three month LIBOR and EURIBOR rates as of June 30, 2013, were 0.27% and 0.22%, respectively. Based on our outstanding debt commitments as of June 30, 2013, a one-year timeframe and all other variables, in particular foreign currency exchange rates, remaining constant, a 100 basis point increase in interest rates would result in a $6 million increase and a $1 million increase in the interest expense on the U.S. and European term loans, respectively, under our Senior Secured Credit Facilities. A 100 basis point decrease in interest rates would have no impact on the interest expense on the U.S. or European term loans due to the LIBOR and EURIBOR floors under our Senior Secured Credit Facilities.

The interest rate on the Securitization Facility as of June 30, 2013 was 2.11%. Based on our outstanding debt commitments under our Securitization Facility as of June 30, 2013, a one-year timeframe and all other variables remaining constant, a 100 basis point increase in interest rates would result in a $5 million increase in interest expense while a 100 basis point decrease in interest rates would result in a $1 million decrease in interest expense, due to the low variable rate portion of the Securitization Facility interest rate.

Foreign Currency Exchange Rate Risk

As a result of our international operations, we are exposed to foreign currency exchange risk arising from sales, purchases, assets and borrowings that are denominated in currencies other than the functional currencies of the respective entities.

In accordance with our treasury policy, we take advantage of natural offsets to the extent possible. Therefore, when commercially feasible, we borrow in the same currencies in which cash flows from operations are generated. Generally we do not use forward exchange contracts to hedge residual foreign currency exchange risk arising from customary receipts and payments denominated in foreign currencies. However, when considered appropriate we may enter into forward exchange contracts to hedge foreign currency exchange risk arising from specific transactions. As of June 30, 2013, we had no significant forward foreign currency exchange contracts outstanding.

We generally do not hedge our exposure to translation gains or losses in respect of our non-dollar functional currency assets or liabilities.

For the six month period endedJune 30, 2013, our primary foreign currency exchange exposure resulted from dollar-denominated net intercompany borrowings payable offset by dollar-denominated cash and cash equivalents in a euro functional currency entity. The continuing change in the foreign currency exchange rate between the dollar and the euro will result in us recognizing either foreign currency exchange gains or losses on the translation of this indebtedness in the future. A 100 basis point increase in the rates, applied as of June 30, 2013, would have resulted in additional foreign currency loss of $25 million, while a 100 basis point decrease would have resulted in a reduction of $25 million of the reported foreign currency loss.

In addition, we are also exposed to foreign currency exchange risk on certain other intercompany borrowings between certain of our entities with different functional currencies.

Commodity Risk

We are exposed to commodity and other price risk principally from the purchase of resin, natural gas, electricity, raw cartonboard, aluminum and steel. We use various strategies to manage cost exposures on certain raw material purchases with the objective of obtaining more predictable costs for these commodities. We generally enter into commodity financial instruments or derivatives to hedge commodity prices related to resin, aluminum and natural gas.

We enter into futures and swaps to hedge our exposure to commodity price fluctuations. We believe these contracts manage our price risk by reference to the difference between the fixed contract price and the market price. The following table provides the details of our outstanding derivative contracts as of June 30, 2013.

39

Type	Unit of measure	Contracted volumes	Contracted price range	Contracted date of maturity
Resin futures	metric tonne	71,355	€1,445 - €1,585	Jul 2013 - Jan 2015
Resin swaps	kiloliter	19,800	JPY57,593	Jul 2013 - Dec 2013
Resin swaps	pound	19,500,000	$0.86 - $0.93	Jul 2013 - Dec 2013
Aluminum futures	metric tonne	14,770	$1,954 - $2,150	Jul 2013 - May 2014
Aluminum swaps	metric tonne	46,820	$1,835 - $2,356	Jul 2013 - Dec 2016*
Natural gas swaps	million BTU	3,149,798	$3.30 - $4.41	Jul 2013 - Sep 2014
Ethylene swaps	pound	6,475,360	$0.47 - $0.48	Jul 2013 - Apr 2014
Benzene swaps	U.S. liquid gallon	2,826,232	$4.55 - $4.65	Jul 2013 - Apr 2014
Diesel swaps	U.S. liquid gallon	31,853,949	$3.73 - $4.01	Jul 2013 - Jun 2014
Electricity swaps	megawatt hour	125,909	NZD$59.00 - NZD$81.76	Jul 2013 - Jun 2014
Corn	bushel	400,000	$5.86 - $5.87	Jul 2013 - May 2014

* Includes a swap that hedges the price of aluminum for a private label customer contract that expires in December 2016.

The fair values of the derivative contracts are derived from inputs based on quoted market prices or traded exchange market prices and represent the estimated amounts that we would pay or receive to terminate the contracts. As of June 30, 2013, the estimated fair values of the outstanding commodity derivative contracts were a net liability of $23 million. During the six month period endedJune 30, 2013, we recognized a $14 million unrealized loss in other expenses in the profit and loss component of the statement of comprehensive income related to the outstanding commodity derivatives.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed by us in reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the appropriate time periods. We, under the supervision of and with the participation of our management, including our principal executive officer and principal financial officer, have evaluated the effectiveness of our disclosure controls and procedures, and we and such officers have concluded that such controls and procedures were adequate and effective as of June 30, 2013.

Changes in Internal Control over Financial Reporting

There have not been any changes in our internal control over financial reporting during the six month period endedJune 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are involved in legal proceedings from time to time in the ordinary course of business. We believe that the outcome of these proceedings will not have a material effect on our financial condition, results of operations or cash flows. There have been no material changes to the legal proceedings disclosed in our Annual Report.

ITEM 1A. RISK FACTORS.

There have been no material changes in the risk factors disclosed in our Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURE.

Not applicable.

ITEM 5. OTHER INFORMATION.

Not applicable.

40

ITEM 6. EXHIBITS.

Exhibit Number	Description of Exhibit
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer pursuant to section 1350 of Title 18 of the United States Code, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Principal Financial Officer pursuant to section 1350 of Title 18 of the United States Code, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

41

31.1 Rule 13a-14(a) Certification

I, Thomas Degnan, the Chief Executive Officer of Reynolds Group Holdings Limited, certify that:

1.   I have reviewed this quarterly report of Reynolds Group Holdings Limited;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ THOMAS DEGNAN

Thomas Degnan

Chief Executive Officer

August 8, 2013

42

31.2 Rule 13a-14(a) Certification

I, Allen Hugli, the Chief Financial Officer of Reynolds Group Holdings Limited, certify that:

1.    I have reviewed this quarterly report of Reynolds Group Holdings Limited;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ ALLEN HUGLI

Allen Hugli

Chief Financial Officer

August 8, 2013

43

32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Reynolds Group Holdings Limited for the period ended June 30, 2013 as furnished with the Securities and Exchange Commission on the date hereof, I, Thomas Degnan, as Chief Executive Officer of the company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)   The quarterly report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the quarterly report fairly presents, in all material respects, the financial condition and results of operations of the company.

/s/ THOMAS DEGNAN

Thomas Degnan

Chief Executive Officer

August 8, 2013

44

32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Reynolds Group Holdings Limited for the period ended June 30, 2013 as furnished with the Securities and Exchange Commission on the date hereof, I, Allen Hugli, as Chief Financial Officer of the company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)   The quarterly report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the quarterly report fairly presents, in all material respects, the financial condition and results of operations of the company.

/s/ ALLEN HUGLI

Allen Hugli

Chief Financial Officer

August 8, 2013

45

Reynolds Group Holdings Limited

Interim unaudited condensed consolidated financial statements

for the three and six month periods ended

June 30, 2013 and June 30, 2012

Reynolds Group Holdings Limited

Contents

Index to the Financial Statements

Reynolds Group Holdings Limited interim unaudited condensed consolidated financial statements for the three and six month periods ended June 30, 2013 and 2012
Interim unaudited condensed consolidated statements of comprehensive income	F-2
Interim unaudited condensed consolidated statements of financial position	F-3
Interim unaudited condensed consolidated statements of changes in equity	F-4
Interim unaudited condensed consolidated statements of cash flows	F-5
Notes to the interim unaudited condensed consolidated financial statements	F-7
Beverage Packaging Holdings Group interim unaudited condensed combined financial statements for the three and six month periods ended June 30, 2013 and 2012
Interim unaudited condensed combined statements of comprehensive income	G-1
Interim unaudited condensed combined statements of financial position	G-2
Interim unaudited condensed combined statements of changes in equity	G-3
Interim unaudited condensed combined statements of cash flows	G-4
Notes to the interim unaudited condensed combined financial statements	G-6

F-1

Reynolds Group Holdings Limited

Interim unaudited condensed consolidated statements of comprehensive income

		For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	Note	2013		2012(1)(2)		2013		2012(1)(2)
Revenue		3,613		3,597		6,912		6,916
Cost of sales		(2,909	)	(2,911	)	(5,595	)	(5,625	)
Gross profit		704		686		1,317		1,291
Other income	6	8		9		20		96
Selling, marketing and distribution expenses		(87	)	(92	)	(167	)	(177	)
General and administration expenses		(234	)	(266	)	(466	)	(504	)
Other expenses	7	(44	)	(68	)	(45	)	(131	)
Share of profit of associates and joint ventures, net of income tax		7		7		10		12
Profit from operating activities		354		276		669		587
Financial income	8	32		48		17		134
Financial expenses	8	(501	)	(480	)	(896	)	(801	)
Net financial expenses		(469	)	(432	)	(879	)	(667	)
Profit (loss) before income tax		(115	)	(156	)	(210	)	(80	)
Income tax benefit	9	266		115		282		79
Profit (loss) for the period		151		(41	)	72		(1	)
Other comprehensive income (loss) for the period, net of income tax
Items that may be reclassified into profit (loss)
Exchange differences on translating foreign operations		(125	)	30		(41	)	49
Items that will not be reclassified into profit (loss)
Remeasurement of defined benefit plans, net of income tax		136		(189	)	348		(29	)
Total other comprehensive income (loss) for the period, net of income tax		11		(159	)	307		20
Total comprehensive income (loss) for the period		162		(200	)	379		19
Profit (loss) attributable to:
Equity holder of the Group		151		(42	)	71		(2	)
Non-controlling interests		—		1		1		1
		151		(41	)	72		(1	)
Total comprehensive income (loss) attributable to:
Equity holder of the Group		162		(201	)	378		18
Non-controlling interests		—		1		1		1
		162		(200	)	379		19

(1) The information presented for the three and six month periods ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

(2) Revenue and other income for the three and six month periods ended June 30, 2012 have been revised to conform to the presentation of the three and six month periods ended June 30, 2013. Refer to note 2.2 for additional information.

The interim unaudited condensed consolidated statements of comprehensive income should be read in conjunction with the notes to the interim unaudited condensed consolidated financial statements.

F-2

Reynolds Group Holdings Limited

Interim unaudited condensed consolidated statements of financial position

(In $ million)	Note	As of June 30, 2013		As of December 31, 2012*		As of January 1, 2012*
Assets
Cash and cash equivalents		1,357		1,556		597
Trade and other receivables		1,645		1,443		1,509
Inventories	11	1,717		1,612		1,764
Current tax assets		14		46		39
Assets held for sale		20		21		70
Derivatives		1		5		1
Other assets		94		79		65
Total current assets		4,848		4,762		4,045
Non-current receivables		347		354		326
Investments in associates and joint ventures		140		141		119
Deferred tax assets		45		42		29
Property, plant and equipment		4,275		4,363		4,546
Investment properties		28		32		29
Intangible assets		12,084		12,274		12,545
Derivatives		198		374		122
Other assets		171		139		86
Total non-current assets		17,288		17,719		17,802
Total assets		22,136		22,481		21,847
Liabilities
Bank overdrafts		3		2		3
Trade and other payables		1,873		1,808		1,760
Liabilities directly associated with assets held for sale		—		—		30
Borrowings	12	521		524		521
Current tax liabilities		128		149		165
Derivatives		22		13		16
Employee benefits		214		270		228
Provisions		79		91		98
Total current liabilities		2,840		2,857		2,821
Non-current payables		44		53		38
Borrowings	12	17,360		17,378		16,625
Deferred tax liabilities		998		1,150		1,383
Derivatives		2		—		—
Employee benefits		1,069		1,585		1,345
Provisions		108		120		134
Total non-current liabilities		19,581		20,286		19,525
Total liabilities		22,421		23,143		22,346
Net liabilities		(285	)	(662	)	(499	)
Equity
Share capital		1,695		1,695		1,695
Reserves		(1,213	)	(1,520	)	(1,466	)
Accumulated losses		(787	)	(858	)	(750	)
Equity attributable to equity holder of the Group		(305	)	(683	)	(521	)
Non-controlling interests		20		21		22
Total equity (deficit)		(285	)	(662	)	(499	)

* The information presented as of December 31, 2012 and January 1, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

The interim unaudited condensed consolidated statements of financial position should be read in conjunction with the notes to the interim unaudited condensed consolidated financial statements.

F-3

Reynolds Group Holdings Limited

Interim unaudited condensed consolidated statements of changes in equity

(In $ million)	Share capital	Translation of foreign operations		Other reserves(1)		Accumulated losses		Equity attributable to equity holder of the Group		Non-controlling interests		Total
Balance at the beginning of the period (January 1, 2012)(2)	1,695	344		(1,810	)	(750	)	(521	)	22		(499	)
Total comprehensive income (loss) for the period:
Profit (loss) after tax(2)	—	—		—		(2	)	(2	)	1		(1	)
Remeasurement of defined benefit plans, net of income tax	—	—		(29	)	—		(29	)	—		(29	)
Reclassification upon sale of business	—	—		7		(7	)	—		—		—
Foreign currency exchange translation reserve	—	49		—		—		49		—		49
Total comprehensive income (loss) for the period(2)	—	49		(22	)	(9	)	18		1		19
Purchase of non-controlling interest	—	—		—		(2	)	(2	)	(1	)	(3	)
Dividends paid to non-controlling interests	—	—		—		—		—		(1	)	(1	)
Balance as of June 30, 2012(2)	1,695	393		(1,832	)	(761	)	(505	)	21		(484	)
Balance at the beginning of the period (January 1, 2013)	1,695	356		(1,876	)	(858	)	(683	)	21		(662	)
Total comprehensive income (loss) for the period:
Profit (loss) after tax	—	—		—		71		71		1		72
Remeasurement of defined benefit plans, net of income tax	—	—		348		—		348		—		348
Foreign currency exchange translation reserve	—	(41	)	—		—		(41	)	—		(41	)
Total comprehensive income (loss) for the period	—	(41	)	348		71		378		1		379
Dividends paid to non-controlling interests	—	—		—		—		—		(2	)	(2	)
Balance as of June 30, 2013	1,695	315		(1,528	)	(787	)	(305	)	20		(285	)

(1) Balances include the cumulative reduction in equity of $1,561 million from common control transactions, with the remainder consisting of the cumulative remeasurement of the defined benefit plans.

(2) The information presented as of January 1, 2012 and as of and for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

The interim unaudited condensed consolidated statements of changes in equity should be read in conjunction with the notes to the interim unaudited condensed consolidated financial statements.

F-4

Reynolds Group Holdings Limited

Interim unaudited condensed consolidated statements of cash flows

	For the six month period ended June 30,
(In $ million)	2013		2012
Cash flows from operating activities
Cash received from customers	6,688		6,799
Cash paid to suppliers and employees	(5,813	)	(5,721	)
Interest paid	(670	)	(692	)
Income taxes paid, net of refunds received	(59	)	(85	)
Premium on extinguishment of loans and borrowings	—		(17	)
Payment to related party for use of tax losses	—		(10	)
Net cash from operating activities	146		274
Cash flows used in investing activities
Acquisition of property, plant and equipment and investment properties	(321	)	(278	)
Proceeds from sale of property, plant and equipment, investment properties and other assets	15		24
Acquisition of intangible assets	(4	)	(4	)
Acquisition of businesses, net of cash acquired*	(32	)	(2	)
Disposal of businesses, net of cash disposed	—		94
Interest received	4		2
Dividends received from joint ventures	10		4
Net cash used in investing activities	(328	)	(160	)
Cash flows from financing activities
Drawdown of loans and borrowings:
Securitization Facility	65		—
February 2012 Senior Notes	—		1,250
Other borrowings	15		27
Repayment of loans and borrowings:
Securitization Facility	(80	)	—
September 2012 Credit Agreement	(13	)	—
2011 Credit Agreement	—		(22	)
Graham Packaging Notes assumed	—		(388	)
Pactiv 2012 Notes assumed	—		(249	)
Other borrowings	(4	)	(31	)
Related party borrowings (repayments)	—		(23	)
Payment of debt transaction costs	(2	)	(38	)
Dividends paid to related parties and non-controlling interests	(1	)	(2	)
Net cash (used in) from financing activities	(20	)	524
Net increase (decrease) in cash and cash equivalents	(202	)	638
Cash and cash equivalents at the beginning of the period	1,554		594
Effect of exchange rate fluctuations on cash held	2		(12	)
Cash and cash equivalents at the end of the period	1,354		1,220
Cash and cash equivalents comprise
Cash and cash equivalents	1,357		1,222
Bank overdrafts	(3	)	(2	)
Cash and cash equivalents at the end of the period	1,354		1,220

* During March 2013, the Group acquired a business for an aggregate purchase price of $32 million, subject to working capital adjustments. The consideration was paid in cash. The purchase price has not yet been fully allocated and the unallocated portion was accounted for against other non-current assets in the Group's consolidated financial statements.

The interim unaudited condensed consolidated statements of cash flows should be read in conjunction with the notes to the interim unaudited condensed consolidated financial statements.

F-5

Reynolds Group Holdings Limited

Interim unaudited condensed consolidated statements of cash flows

Reconciliation of the profit (loss) for the period with the net cash from operating activities

	For the six month period ended June 30,
(In $ million)	2013		2012*
Profit (loss) for the period	72		(1	)
Adjustments for:
Depreciation of property, plant and equipment	353		383
Amortization of intangible assets	166		185
Asset impairment charges	23		25
Net foreign currency exchange (gain) loss	6		5
Change in fair value of derivatives	15		8
Gain on sale of property, plant and equipment and non-current assets	(3	)	(3	)
Gain on sale of businesses	—		(76	)
Net financial expenses	879		667
Share of profit of equity accounted investees	(10	)	(12	)
Income tax (benefit) expense	(282	)	(79	)
Interest paid	(670	)	(692	)
Income taxes paid, net of refunds received	(59	)	(85	)
Premium on extinguishment of loans and borrowings	—		(17	)
Change in trade and other receivables	(227	)	(130	)
Change in inventories	(121	)	6
Change in trade and other payables	63		76
Change in provisions and employee benefits	(49	)	27
Change in other assets and liabilities	(10	)	(13	)
Net cash from operating activities	146		274

* The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

The interim unaudited condensed consolidated statements of cash flows should be read in conjunction with the notes to the interim unaudited condensed consolidated financial statements.

F-6

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

1.Reporting entity

Reynolds Group Holdings Limited (the “Company”) is a company domiciled in New Zealand and registered under the Companies Act 1993.

The interim unaudited condensed consolidated financial statements of the Company as of June 30, 2013 and for the three and six month periods ended June 30, 2013 and June 30, 2012 comprise the Company and its subsidiaries and their interests in associates and jointly controlled entities. Collectively, these entities are referred to as the “Group."

The address of the registered office of the Company is c/o: Bell Gully, Level 22, Vero Centre, 48 Shortland Street, Auckland 1010, New Zealand.

2.    Basis of preparation

2.1    Statement of compliance

The interim unaudited condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting.” The disclosures required in these interim unaudited condensed consolidated financial statements are less extensive than the disclosure requirements for annual financial statements. The December 31, 2012 statement of financial position as presented in the interim unaudited condensed consolidated financial statements was derived from the Group's audited financial statements for the year ended December 31, 2012, but does not include the disclosures required by IFRS as issued by the IASB.

The interim unaudited condensed consolidated financial statements comprise the statements of comprehensive income, financial position, changes in equity and cash flows as well as the relevant notes to the interim unaudited condensed consolidated financial statements.

The interim unaudited condensed consolidated financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the annual financial statements of the Group for the year ended December 31, 2012.

The interim unaudited condensed consolidated financial statements were approved by the Board of Directors on August 8, 2013 in Chicago, Illinois (August 9, 2013 in Auckland, New Zealand).

2.2    Comparative information

Effective January 1, 2013, the Group adopted the revisions to IAS 19, “Employee Benefits” (“IAS 19R”) on a retrospective basis in accordance with the provisions set out in the standard. All comparative information included in this report has been presented as if IAS 19R had been applied from that date. In accordance with IAS 1, because the Group has applied the revised standard on a retrospective basis, the Group has included the January 1, 2012 statement of financial position together with the statements of financial position as of December 31, 2012 and June 30, 2013. Refer to note 13 for additional information regarding the adoption of IAS 19R.

During the three months ended June 30, 2013, the Group made an adjustment to correct for the over absorption of overhead variances into inventory. The adjustment increased cost of sales by $5 million, increased income tax benefit by $2 million and decreased net profit by $3 million for the three months ended June 30, 2013 and decreased cost of sales by $2 million, decreased income tax benefit by $1 million and increased net profit by $1 million for the six months ended June 30, 2013. This adjustment did not have a material impact on any current or previously reported interim or annual financial statements.

During the year ended December 31, 2012, the Group made an adjustment in its Evergreen segment to conform its presentation of scrap and by-product sales. The adjustment increased revenue and decreased other income by $6 million and $13 million for the three and six month periods ended June 30, 2012, respectively. The adjustment had no impact on EBITDA, Adjusted EBITDA and the statement of cash flows for the six month period ended June 30, 2012.

During the three months ended June 30, 2012, the Group made an adjustment to correct for the overstatement of a deferred tax liability. The liability should have been offset against existing unrecognized deferred tax assets within the same jurisdiction from the date certain Luxembourg entities elected to file a consolidated return in the fourth quarter of 2010. The adjustment increased income tax benefit and decreased net loss by $9 million for the three month period ended June 30, 2012, and increased income tax benefit and decreased net loss by $3 million for the six month period ended June 30, 2012. The adjustment had no impact on EBITDA and Adjusted EBITDA for the three and six month periods ended June 30, 2012 and had no impact on the statement of cash flows for the six month period ended June 30, 2012. The adjustment did not have a material impact on any current or previously reported financial statements.

During the three months ended June 30, 2012, the SIG segment made two cumulative adjustments to correct for the accounting for costs incurred during the construction of aseptic filler machines. In the period since May 2007, certain period costs were inappropriately capitalized rather than expensed as incurred. In addition, $27 million of cumulative expenses incorrectly recognized in cost of sales have been reclassified into general and administration expense. The adjustments reduced the SIG segment and Group's net income, EBITDA and Adjusted EBITDA by (i) $5 million, $11 million and $1 million, respectively, for the three months ended June 30, 2012; and (ii) $4 million, $10 million and no impact, respectively, for the six months ended June 30, 2012. The adjustments reduced non-current assets and net deferred tax liabilities by $7 million and $2 million, respectively, as of June 30, 2012 and had no impact on the statement of cash flows for the six month period ended June 30, 2012. The adjustments did not have a material impact on any current or previously reported financial statements.

F-7

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

2.3    Negative equity

The statement of financial position presents negative equity of $285 million and $662 million as of June 30, 2013 and December 31, 2012, respectively. Total equity was reduced by the Group's accounting for the common control acquisitions of the Closures segment and Reynolds consumer products business in 2009, and of the Evergreen segment and Reynolds foodservice packaging business in 2010. The Group accounts for acquisitions under common control of its ultimate shareholder, Mr. Graeme Hart, using the carry-over or book value method. The excess of the purchase price over the carrying values of the share capital acquired is recognized as a reduction in equity. As of June 30, 2013 and December 31, 2012, the common control transactions had generated a cumulative reduction in equity of $1,561 million.

2.4    Accounting policies and recently issued accounting pronouncements

Accounting policies

The accounting policies applied by the Group in the interim unaudited condensed consolidated financial statements are consistent with those applied by the Group in its annual consolidated financial statements for the year ended December 31, 2012 with the exception of the adoption of IAS 19R as discussed in note 2.2.

Recently issued accounting pronouncements

There have been no issued accounting pronouncements during the six month period endedJune 30, 2013 that significantly impact the Group.

There have been no material changes to any previously issued accounting pronouncements or to the Group's evaluation of the related impact as disclosed by the Group in the annual consolidated financial statements for the year ended December 31, 2012.

2.5    Use of estimates and judgments

In the preparation of the interim unaudited condensed financial statements, the Directors and management have made certain estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses and disclosure of contingent assets and liabilities. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both the current and future periods. The key estimates and assumptions used in the preparation of the interim unaudited condensed consolidated financial statements are consistent with those disclosed by the Group in the annual consolidated financial statements for the year ended December 31, 2012.

3.    Financial risk management

3.1     Liquidity risk

The Group’s contractual cash flows related to total borrowings as of June 30, 2013 are as follows:

(In $ million)	Total debt and interest	Less than one year	One to three years	Three to five years	Greater than five years
As of June 30, 2013*	26,395	1,857	2,647	4,986	16,905
As of December 31, 2012*	27,078	1,857	2,654	4,046	18,521

* The exchange rate on euro-denominated borrowings and the interest rates on the floating rate debt balances have been assumed to be the same as the respective rates as of June 30, 2013 and December 31, 2012.

Trade and other payables that are due for payment in less than one year were $1,873 million and $1,808 million as of June 30, 2013 and December 31, 2012, respectively.

3.2    Fair value measurements recognized in the statements of comprehensive income

The Group’s derivative financial instruments are measured subsequent to initial recognition at fair value and are grouped into levels based on the degree to which the fair value is observable.

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets

• Level 2 fair value measurements are those derived from inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs)

All of the Group's derivative financial instruments were in Level 2 as of June 30, 2013 and December 31, 2012 and are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

F-8

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

There were no transfers between any levels during the six month period ended June 30, 2013. There have been no changes in the classifications of financial instruments as a result of a change in the purpose or use of these instruments.

4.    Seasonality

Our business is impacted by seasonal fluctuations.

SIG

SIG's operations are moderately seasonal. SIG's customers are principally engaged in providing products such as beverages and liquid foods that are generally less sensitive to seasonal effects, although SIG experiences some seasonality as a result of increased consumption of juices and tea during the summer months in Europe. SIG therefore typically experiences a greater level of carton sleeve sales in the second and third quarters. Sales in the fourth quarter can increase due to additional purchases by customers prior to the end of the year to achieve annual volume rebates that SIG offers.

Evergreen

Evergreen's operations are moderately seasonal. Evergreen's customers are principally engaged in providing products that are generally less sensitive to seasonal effects, although Evergreen does experience some seasonality as a result of increased consumption of milk by school children during the North American academic year. Evergreen therefore typically experiences a greater level of carton product sales in the first and fourth quarters when North American schools are in session.

Closures

Closures' operations are moderately seasonal. Closures experiences some seasonality as a result of increased consumption of bottled beverages during the summer months. In order to avoid capacity shortfalls in the summer months, Closures' customers typically begin building inventories in advance of the summer season. Therefore, Closures typically experiences a greater level of closure sales during the second and third quarters in the Northern Hemisphere.

Reynolds Consumer Products

Reynolds Consumer Products' operations are moderately seasonal with higher levels of sales of cooking and tableware products around major U.S. holidays. Sales of cooking products are typically higher in the fourth quarter of the year, primarily due to the holiday use of Reynolds Wrap foil, Reynolds Oven Bags and Reynolds Parchment Paper. Sales of tableware products are higher in the second quarter of the year due to outdoor summer holiday use of disposable tableware plates, cups and bowls. Sales of waste and storage products are slightly higher in the second half of the year in North America, coinciding with the outdoor fall cleanup season.

Pactiv Foodservice

Pactiv Foodservice's operations are moderately seasonal, peaking during the summer and fall months in the Northern Hemisphere when the favorable weather, harvest, and the holiday season lead to increased consumption of foodservice and food packaging products. Pactiv Foodservice therefore typically experiences a greater level of sales in the second through fourth quarters.

Graham Packaging

Graham Packaging's operations are slightly seasonal with higher levels of unit volume sales in the second and third quarters. Graham Packaging experiences some seasonality of bottled beverages during the summer months, most significantly in North America. Typically Graham Packaging begins to build inventory in the first and early second quarters to prepare for the summer demand.

5.    Segment reporting

The Group's reportable business segments are as follows:

• SIG — SIG is a manufacturer of aseptic carton packaging systems for both beverage and liquid food products, ranging from juices and milk to soups and sauces. SIG supplies complete aseptic carton packaging systems, which include aseptic filling machines, aseptic cartons, spouts, caps and closures and related services.

• Evergreen — Evergreen is a vertically integrated manufacturer of fresh carton packaging for beverage products, primarily serving the juice and milk end-markets. Evergreen supplies integrated fresh carton packaging systems, which can include fresh cartons, spouts and filling machines. Evergreen produces liquid packaging board for its internal requirements and to sell to other manufacturers. Evergreen also produces paper products for commercial printing.

• Closures — Closures is a manufacturer of plastic beverage caps, closures and high speed rotary capping equipment, primarily serving the carbonated soft drink, non-carbonated soft drink and bottled water segments of the global beverage market.

• Reynolds Consumer Products — Reynolds Consumer Products is a U.S. manufacturer of branded and store branded consumer products such as aluminum foil, wraps, waste bags, food storage bags, and disposable tableware and cookware.

• Pactiv Foodservice — Pactiv Foodservice is a manufacturer of foodservice and food packaging products. Pactiv Foodservice offers a comprehensive range of products including tableware items, takeout service containers, clear rigid-display packaging,

F-9

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

microwaveable containers, foam trays, dual-ovenable paperboard containers, cups and lids, molded fiber and PET egg cartons, meat and poultry trays, absorbent tray pads, plastic film and aluminum containers.

• Graham Packaging — Graham Packaging is a manufacturer of value-added, custom blow molded plastic containers for branded consumer products.

The Chief Operating Decision Maker does not review the business activities of the Group based on geography.

The accounting policies applied by each segment are the same as the Group’s accounting policies. Results from operating activities represent the profit earned by each segment without allocation of central administrative revenues and expenses, financial income and expenses, and income tax benefit and expense.

The performance of the operating segments is assessed by the Chief Operating Decision Maker based on adjusted EBITDA. Adjusted EBITDA is defined as net profit before income tax expense, net financial expenses, depreciation and amortization, adjusted to exclude certain items of a significant or unusual nature, including but not limited to acquisition costs, non-cash pension income or expense, restructuring costs, unrealized gains or losses on derivatives, gains or losses on the sale of non-strategic assets, asset impairments and write-downs and equity method profit not distributed in cash.

Segment assets and liabilities exclude intercompany transactions, which affect balances as a result of trade and borrowings between the segments. Corporate/Unallocated includes holding companies and certain debt issuer companies which support the entire Group and which are not part of a specific segment. It also includes eliminations of transactions between segments.

Inter-segment pricing is determined with reference to prevailing market prices on an arm’s-length basis, with the exception of Pactiv Foodservice's sales of Hefty and store brand products to Reynolds Consumer Products and Reynolds Consumer Products' sales to Pactiv Foodservice, which are sold at cost.

F-10

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Business segment reporting

	For the three month period ended June 30, 2013
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / Unallocated		Total
Total external revenue	560		384		324		654		900		791		—		3,613
Total inter-segment revenue	—		24		4		31		126		—		(185	)	—
Total segment revenue	560		408		328		685		1,026		791		(185	)	3,613
Gross profit	134		63		57		179		177		93		1		704
Expenses and other income	(66	)	(22	)	(33	)	(66	)	(77	)	(63	)	(30	)	(357	)
Share of profit of associates and joint ventures	6		1		—		—		—		—		—		7
Earnings before interest and tax (“EBIT”)	74		42		24		113		100		30		(29	)	354
Financial income															32
Financial expenses															(501	)
Loss before income tax															(115	)
Income tax benefit															266
Profit after income tax															151
Earnings before interest and tax (“EBIT”)	74		42		24		113		100		30		(29	)	354
Depreciation and amortization	42		14		19		28		54		99		—		256
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	116		56		43		141		154		129		(29	)	610

F-11

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30, 2013
(In $ million)	SIG		Evergreen	Closures		Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / Unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	116		56	43		141	154		129	(29	)	610
Included in EBITDA:
Asset impairment charges	—		—	—		—	—		2	—		2
Business acquisition and integration costs	—		—	—		—	—		11	—		11
Equity method profit not distributed in cash	(1	)	—	—		—	—		—	—		(1	)
Gain on sale of businesses and properties	—		—	—		—	(1	)	—	—		(1	)
Hurricane Sandy plant damage, net of insurance recoveries	—		—	—		—	(8	)	—	—		(8	)
Manufacturing plant fires, net of insurance recoveries	—		—	—		—	7		—	—		7
Non-cash pension expense	—		—	—		—	—		—	15		15
Operational process engineering-related consultancy costs	1		—	—		—	—		—	—		1
Restructuring costs, net of reversals	—		—	4		1	2		1	—		8
Unrealized (gain) loss on derivatives	7		1	(1	)	3	3		—	—		13
Other	—		—	1		—	1		—	—		2
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	123		57	47		145	158		143	(14	)	659

F-12

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2013
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / Unallocated		Total
Total external revenue	1,074		759		602		1,212		1,689		1,576		—		6,912
Total inter-segment revenue	—		47		7		64		236		—		(354	)	—
Total segment revenue	1,074		806		609		1,276		1,925		1,576		(354	)	6,912
Gross profit	263		129		101		340		304		180		—		1,317
Expenses and other income	(100	)	(44	)	(65	)	(132	)	(143	)	(127	)	(47	)	(658	)
Share of profit of associates and joint ventures	9		1		—		—		—		—		—		10
Earnings before interest and tax (“EBIT”)	172		86		36		208		161		53		(47	)	669
Financial income															17
Financial expenses															(896	)
Loss before income tax															(210	)
Income tax benefit															282
Profit after income tax															72
Earnings before interest and tax (“EBIT”)	172		86		36		208		161		53		(47	)	669
Depreciation and amortization	92		28		39		56		111		193		—		519
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	264		114		75		264		272		246		(47	)	1,188

F-13

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2013
(In $ million)	SIG		Evergreen	Closures	Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / Unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	264		114	75	264	272		246	(47	)	1,188
Included in EBITDA:
Asset impairment charges	—		—	—	—	2		4	—		6
Business acquisition and integration costs	—		—	—	—	—		22	—		22
Gain on sale of businesses and properties	(2	)	—	—	—	(1	)	—	—		(3	)
Hurricane Sandy plant damage, net of insurance recoveries	—		—	—	—	(9	)	—	—		(9	)
Manufacturing plant fires, net of insurance recoveries	—		—	—	—	1		—	—		1
Non-cash changes in inventory and provisions	—		—	—	—	—		—	(3	)	(3	)
Non-cash pension expense	—		—	—	—	—		—	29		29
Operational process engineering-related consultancy costs	2		—	—	—	—		—	—		2
Restructuring costs, net of reversals	—		—	4	1	7		4	—		16
Unrealized loss on derivatives	1		—	—	11	2		—	—		14
VAT and customs refunds on historical imports	(16	)	—	—	—	—		—	—		(16	)
Other	—		—	1	—	1		—	—		2
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	249		114	80	276	275		276	(21	)	1,249
Segment assets as of June 30, 2013	3,092		1,093	1,666	4,193	5,448		5,501	1,143		22,136
Segment liabilities as of June 30, 2013	688		505	363	989	1,602		947	17,327		22,421

F-14

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / Unallocated		Total
Total external revenue	520		399		344		646		872		816		—		3,597
Total inter-segment revenue	—		22		3		23		142		—		(190	)	—
Total segment revenue	520		421		347		669		1,014		816		(190	)	3,597
Gross profit	143		64		64		169		168		77		1		686
Expenses and other income	(96	)	(21	)	(36	)	(74	)	(86	)	(74	)	(30	)	(417	)
Share of profit of associates and joint ventures	6		1		—		—		—		—		—		7
Earnings before interest and tax (“EBIT”)	53		44		28		95		82		3		(29	)	276
Financial income															48
Financial expenses															(480	)
Loss before income tax															(156	)
Income tax benefit															115
Loss after income tax															(41	)
Earnings before interest and tax (“EBIT”)	53		44		28		95		82		3		(29	)	276
Depreciation and amortization	49		14		17		32		70		97		—		279
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	102		58		45		127		152		100		(29	)	555

F-15

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures	Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / Unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	102		58		45	127	152		100	(29	)	555
Included in EBITDA:
Asset impairment charges	—		—		—	—	5		7	—		12
Business acquisition and integration costs	—		—		—	1	5		3	1		10
Equity method profit not distributed in cash	(4	)	—		—	—	—		—	—		(4	)
Fixed asset adjustment	10		—		—	—	—		—	—		10
Manufacturing plant fire, net of insurance recoveries	—		—		—	—	(2	)	—	—		(2	)
Non-cash pension expense	—		—		—	—	—		—	15		15
Operational process engineering-related consultancy costs	1		—		—	—	6		—	—		7
Restructuring costs, net of reversals	3		—		1	—	(2	)	16	—		18
SEC registration costs	—		—		—	—	—		—	2		2
Unrealized (gain) loss on derivatives	9		(2	)	5	6	(1	)	—	—		17
VAT and customs duties on historical imports	(1	)	—		—	—	—		—	—		(1	)
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	120		56		51	134	163		126	(11	)	639

F-16

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / Unallocated		Total
Total external revenue	987		792		637		1,201		1,688		1,611		—		6,916
Total inter-segment revenue	—		39		6		41		246		—		(332	)	—
Total segment revenue	987		831		643		1,242		1,934		1,611		(332	)	6,916
Gross profit	248		126		117		327		314		160		(1	)	1,291
Expenses and other income	(170	)	(42	)	(62	)	(130	)	(105	)	(140	)	(67	)	(716	)
Share of profit of associates and joint ventures	11		1		—		—		—		—		—		12
Earnings before interest and tax (“EBIT”)	89		85		55		197		209		20		(68	)	587
Financial income															134
Financial expenses															(801	)
Loss before income tax															(80	)
Income tax benefit															79
Loss after income tax															(1	)
Earnings before interest and tax (“EBIT”)	89		85		55		197		209		20		(68	)	587
Depreciation and amortization	111		28		36		64		138		191		—		568
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	200		113		91		261		347		211		(68	)	1,155

F-17

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures	Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / Unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	200		113		91	261	347		211	(68	)	1,155
Included in EBITDA:
Asset impairment charges	—		—		—	—	5		12	—		17
Business acquisition and integration costs	—		—		—	2	16		9	3		30
Equity method profit not distributed in cash	(7	)	—		—	—	—		—	—		(7	)
Fixed asset adjustment	10		—		—	—	—		—	—		10
Gain on sale of businesses and properties	—		—		—	—	(76	)	—	—		(76	)
Manufacturing plant fire, net of insurance recoveries	—		—		—	—	10		—	—		10
Non-cash changes in inventory and provisions	—		—		—	3	6		—	—		9
Non-cash pension expense	—		—		—	—	—		—	29		29
Operational process engineering-related consultancy costs	1		—		—	—	8		—	—		9
Restructuring costs, net of reversals	19		—		1	—	1		24	—		45
SEC registration costs	—		—		—	—	—		—	6		6
Unrealized (gain) loss on derivatives	6		(2	)	1	4	(1	)	—	—		8
VAT and customs duties on historical imports	(1	)	—		—	—	—		—	—		(1	)
Other	—		—		—	—	(2	)	—	—		(2	)
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	228		111		93	270	314		256	(30	)	1,242
Segment assets as of December 31, 2012	3,123		1,143		1,676	4,124	5,334		5,556	1,525		22,481
Segment liabilities as of December 31, 2012	727		411		350	870	1,289		985	18,511		23,143

F-18

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

6.    Other income

	For the three month period ended June 30,		For the six month period ended June 30,
(In $ million)	2013	2012	2013	2012
Gain on sale of business	—	—	—	76
Gain on sale of non-current assets	1	1	3	3
Income from facility management	—	—	1	1
Royalty income	2	1	2	2
Income from miscellaneous services	2	1	3	3
Rental income from investment properties	1	1	1	1
Non-cash change in provisions	—	—	3	—
Litigation settlement	—	—	3	—
Other	2	5	4	10
Total other income	8	9	20	96

7.    Other expenses

	For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	2013		2012		2013		2012
Asset impairment charges	(2	)	(12	)	(6	)	(17	)
Business acquisition and integration costs	(11	)	(10	)	(22	)	(30	)
Hurricane Sandy plant damage, net of insurance recoveries	8		—		13		—
Manufacturing plant fires, net of insurance recoveries	(7	)	2		1		(10	)
Net foreign currency exchange loss	(7	)	(4	)	(6	)	(5	)
Operational process engineering-related consultancy costs	(1	)	(7	)	(2	)	(9	)
Restructuring costs	(5	)	(18	)	(9	)	(45	)
SEC registration costs	—		(2	)	—		(6	)
Unrealized losses on derivatives	(13	)	(17	)	(14	)	(8	)
VAT and customs refunds on historical imports	—		—		6		—
Other	(6	)	—		(6	)	(1	)
Total other expenses	(44	)	(68	)	(45	)	(131	)

Other expenses includes costs incurred, net of insurance recoveries, related to fires in Pactiv Foodservice's Macon, Georgia and Moorhead, Minnesota manufacturing plants in May 2013 and March 2012, respectively, as well as damage sustained to Pactiv Foodservice's Kearny, New Jersey manufacturing plant as a result of Hurricane Sandy in October 2012. Costs incurred primarily include asset impairment charges and clean up and restoration costs.

F-19

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

8.    Financial income and expenses

		For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	Note	2013		2012		2013		2012
Interest income		3		2		8		3
Interest income on related party loans	14	5		4		9		8
Net gain in fair values of derivatives		—		42		—		123
Net foreign currency exchange gain		24		—		—		—
Financial income		32		48		17		134
Interest expense:
Securitization Facility		(3	)	—		(5	)	—
September 2012 Credit Agreement		(31	)	—		(63	)	—
August 2011 Credit Agreement		—		(76	)	—		(152	)
September 2012 Senior Secured Notes		(46	)	—		(93	)	—
February 2012 Senior Notes(a)		—		(31	)	—		(46	)
August 2011 Notes(a)		(85	)	(54	)	(170	)	(108	)
February 2011 Notes		(38	)	(39	)	(76	)	(78	)
October 2010 Notes		(60	)	(65	)	(121	)	(129	)
May 2010 Senior Notes		(22	)	(22	)	(43	)	(46	)
2009 Senior Secured Notes		—		(33	)	—		(66	)
2007 Notes		(25	)	(25	)	(51	)	(51	)
Pactiv 2012 Notes		—		—		—		(3	)
Pactiv 2017 Notes		(6	)	(6	)	(12	)	(12	)
Pactiv 2018 Notes		(1	)	(1	)	(1	)	(1	)
Pactiv 2025 Notes		(5	)	(5	)	(11	)	(11	)
Pactiv 2027 Notes		(4	)	(4	)	(8	)	(8	)
Graham Packaging 2014 Notes		—		—		—		(7	)
Related party borrowings		—		(1	)	—		(1	)
Amortization of:
Debt issuance costs:
Securitization Facility		(1	)	—		(1	)	—
September 2012 Credit Agreement		(1	)	—		(1	)	—
August 2011 Credit Agreement		—		(2	)	—		(4	)
September 2012 Senior Secured Notes		(2	)	—		(3	)	—
February 2012 Senior Notes		—		(1	)	—		(1	)
August 2011 Notes		(3	)	(2	)	(5	)	(3	)
February 2011 Notes		—		(1	)	(1	)	(1	)
October 2010 Notes		(2	)	(2	)	(4	)	(4	)
May 2010 Senior Notes		(1	)	(1	)	(2	)	(2	)
2009 Senior Secured Notes		—		(2	)	—		(4	)
2007 Notes		(1	)	(1	)	(2	)	(2	)
Fair value adjustment on acquired notes		—		—		1		1
Original issue discounts		(1	)	(2	)	(1	)	(4	)
Embedded derivatives		3		2		5		3
Net loss in fair values of derivatives		(163	)	—		(176	)	—
Net foreign currency exchange loss		—		(101	)	(44	)	(50	)
Loss on extinguishment of debt(b)		—		—		—		(1	)
Other		(3	)	(5	)	(8	)	(10	)
Financial expenses		(501	)	(480	)	(896	)	(801	)
Net financial expenses		(469	)	(432	)	(879	)	(667	)

(a) Following the exchange offer in August 2012, all but $9 million of the February 2012 Senior Notes were exchanged for August 2011 Senior Notes.

(b) Loss on extinguishment of debt includes early repayment penalties and the write-off of unamortized transactions costs.

F-20

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Refer to note 12 for information on the Group's borrowings.

9.    Income tax

	For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	2013		2012		2013		2012
Reconciliation of effective tax rate
Profit (loss) before income tax	(115	)	(156	)	(210	)	(80	)
Income tax benefit using the New Zealand tax rate of 28%	32		43		59		22
Effect of tax rate differences in foreign jurisdictions	14		16		27		16
Effect of tax rates in state and local jurisdictions	2		1		2		—
Non-deductible expenses and permanent differences	242		(1	)	258		(8	)
Withholding tax	(2	)	(3	)	(5	)	(7	)
Tax benefit of alternative fuel mixture credits	—		96		—		96
Tax rate modifications	(2	)	(1	)	1		(1	)
Recognition of previously unrecognized tax losses and temporary differences	(1	)	(2	)	7		—
Unrecognized tax losses and temporary differences	(13	)	(35	)	(57	)	(38	)
Tax uncertainties	(1	)	3		—		4
Tax on unremitted earnings	(5	)	(4	)	(11	)	(7	)
Over (under) provided in prior periods	—		—		1		—
Other	—		2		—		2
Total income tax benefit	266		115		282		79

An estimated annual effective tax rate is computed for each jurisdiction in which the Group operates, based on forecasted pre-tax income and permanent items of each jurisdiction.  For recording tax expense or benefit in interim periods, the estimated annual effective tax rate is applied to the pre-tax income for the interim period by jurisdiction, excluding loss companies and those items for which the tax expense or benefit is determined separately.

As of June 30, 2013, the Group has projected a full year annual effective tax rate in the U.S. of 184%, which differs from the New Zealand statutory tax rate of 28% primarily because of the proportional relationship between the full year's forecasted pre-tax income and the permanent items in the U.S.

As a result of applying the estimated full year U.S. annual effective tax rate to the actual pre-tax loss for the three and six month periods ended June 30, 2013, income tax benefits of $246 million and $265 million, respectively, have been recorded. Based on management's projections of annual pre-tax income for the year ending December 31, 2013, it is anticipated that the tax benefit recorded for the six month period ended June 30, 2013 will be offset by tax expense in the remainder of 2013.

10.    Depreciation and amortization expenses

Property, plant and equipment

Depreciation expense related to property, plant and equipment is recognized in the following components in the statements of comprehensive income:

	For the three month period ended June 30,		For the six month period ended June 30,
(In $ million)	2013	2012	2013	2012
Cost of sales	173	186	344	370
Selling, marketing and distribution expenses	—	1	1	2
General and administration expenses	4	4	8	11
Total depreciation expense	177	191	353	383

Intangible assets

Amortization expense related to intangible assets is recognized in the following components in the statements of comprehensive income:

F-21

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30,		For the six month period ended June 30,
(In $ million)	2013	2012	2013	2012
Cost of sales	19	24	47	53
General and administration expenses	60	64	119	132
Total amortization expense	79	88	166	185

Asset impairment charges

The Group has recognized impairment charges for fixed assets, inventory, intangibles, investment properties and assets held for sale.

During the three and six month periods ended June 30, 2013, impairment charges of $19 million and $23 million, respectively, were recognized, primarily related to fire damage. Impairment charges of $10 million and $25 million were recognized during the three and six month periods ended June 30, 2012, respectively, primarily related to plant closures and fire damage.

11.    Inventories

(In $ million)	As of June 30, 2013		As of December 31, 2012
Raw materials and consumables	434		414
Work in progress	244		241
Finished goods	937		866
Engineering and maintenance materials	157		149
Provision against inventories	(55	)	(58	)
Total inventories	1,717		1,612

During the three and six month periods endedJune 30, 2013, the raw materials elements of inventory recognized as a component of cost of sales totaled $1,660 million and $3,139 million, respectively (three and six month periods endedJune 30, 2012: $1,677 million and $3,177 million, respectively).

12.    Borrowings

As of June 30, 2013, the Group was in compliance with all of its covenants.

The Group's borrowings are detailed below:

F-22

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

(In $ million)	As of June 30, 2013	As of December 31, 2012
Securitization Facility(a)(r)	477	491
September 2012 Credit Agreement(b)(s)	26	26
Non-interest bearing related party borrowings	1	1
Other borrowings(w)	17	6
Current borrowings	521	524
September 2012 Credit Agreement(b)(s)	2,567	2,583
September 2012 Senior Secured Notes(c)(t)	3,220	3,219
February 2012 Senior Notes(d)(t)	9	9
August 2011 Senior Secured Notes(e)(t)	1,473	1,471
August 2011 Senior Notes(f)(t)	2,192	2,189
February 2011 Senior Secured Notes(g)(t)	997	998
February 2011 Senior Notes(h)(t)	996	995
October 2010 Senior Secured Notes(i)(t)	1,477	1,475
October 2010 Senior Notes(j)(t)	1,471	1,470
May 2010 Senior Notes(k)(t)	984	982
2007 Senior Notes(l)(u)	616	621
2007 Senior Subordinated Notes(m)(u)	538	543
Pactiv 2017 Notes(n)(v)	311	312
Pactiv 2018 Notes(o)(v)	17	17
Pactiv 2025 Notes(p)(v)	270	270
Pactiv 2027 Notes(q)(v)	197	197
Other borrowings(w)	25	27
Non-current borrowings	17,360	17,378
Total borrowings	17,881	17,902

(In $ million)		As of June 30, 2013		As of December 31, 2012
(a)	Securitization Facility	485		500
	Debt issuance costs	(8	)	(9	)
	Carrying amount	477		491
(b)	September 2012 Credit Agreement (current and non-current)	2,607		2,625
	Debt issuance costs	(14	)	(16	)
	Carrying amount	2,593		2,609
(c)	September 2012 Senior Secured Notes	3,250		3,250
	Debt issuance costs	(50	)	(53	)
	Embedded derivative	20		22
	Carrying amount	3,220		3,219
(d)	February 2012 Senior Notes	9		9
	Carrying amount	9		9
(e)	August 2011 Senior Secured Notes	1,500		1,500
	Debt issuance costs	(28	)	(30	)
	Original issue discount	(9	)	(10	)
	Embedded derivative	10		11
	Carrying amount	1,473		1,471
(f)	August 2011 Senior Notes	2,241		2,241
	Debt issuance costs	(53	)	(57	)
	Original issue discount	(6	)	(6	)
	Embedded derivative	10		11

F-23

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

(In $ million)		As of June 30, 2013		As of December 31, 2012
	Carrying amount	2,192		2,189
(g)	February 2011 Senior Secured Notes	1,000		1,000
	Debt issuance costs	(15	)	(15	)
	Embedded derivative	12		13
	Carrying amount	997		998
(h)	February 2011 Senior Notes	1,000		1,000
	Debt issuance costs	(13	)	(15	)
	Embedded derivative	9		10
	Carrying amount	996		995
(i)	October 2010 Senior Secured Notes	1,500		1,500
	Debt issuance costs	(30	)	(32	)
	Embedded derivative	7		7
	Carrying amount	1,477		1,475
(j)	October 2010 Senior Notes	1,500		1,500
	Debt issuance costs	(36	)	(38	)
	Embedded derivative	7		8
	Carrying amount	1,471		1,470
(k)	May 2010 Senior Notes	1,000		1,000
	Debt issuance costs	(23	)	(25	)
	Embedded derivative	7		7
	Carrying amount	984		982
(l)	2007 Senior Notes	627		634
	Debt issuance costs	(11	)	(13	)
	Carrying amount	616		621
(m)	2007 Senior Subordinated Notes	549		555
	Debt issuance costs	(11	)	(12	)
	Carrying amount	538		543
(n)	Pactiv 2017 Notes	300		300
	Fair value adjustment at acquisition	11		12
	Carrying amount	311		312
(o)	Pactiv 2018 Notes	16		16
	Fair value adjustment at acquisition	1		1
	Carrying amount	17		17
(p)	Pactiv 2025 Notes	276		276
	Fair value adjustment at acquisition	(6	)	(6	)
	Carrying amount	270		270
(q)	Pactiv 2027 Notes	200		200
	Fair value adjustment at acquisition	(3	)	(3	)
	Carrying amount	197		197

(r)        Securitization Facility

Certain members of the Group are parties to a receivables loan and security agreement pursuant to which the Group can borrow up to $600 million (the "Securitization Facility"). The amount that can be borrowed is calculated by reference to a funding base determined by the amount of eligible trade receivables of certain members of the Group. The Securitization Facility matures on November 7, 2017 and accrues interest at a rate of either the cost of funds in commercial paper or LIBOR, set daily, plus, in each case, a margin of 1.90%. During the six month period ended June 30, 2013, interest was charged at 2.10% to 2.17%. The Securitization Facility is secured by all of the assets of the borrower, Beverage Packaging Factoring (Luxembourg) S.à r.l., primarily the eligible trade receivables and cash. The terms of the Securitization Facility do not result in the derecognition of the trade receivables by the Group. Amounts drawn under the Securitization Facility are presented as current borrowings, as amounts drawn are required to be repaid when the receivables are collected.

(s)         September 2012 Credit Agreement

The Company and certain members of the Group are parties to an amended and restated senior secured credit agreement dated September 28, 2012 (the “September 2012 Credit Agreement”), which amended and restated the terms of the August 2011 Credit Agreement (as defined below). The September 2012 Credit Agreement comprises the following term and revolving tranches:

F-24

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	Currency	Maturity Date	Original facility value (in million)	Value drawn or utilized as of June 30, 2013 (in million)	Applicable interest rate as of June 30, 2013
Term Tranches
U.S. Term Loan	$	September 28, 2018	2,235	2,218	3 month LIBOR floor of 1.000% + 3.750%
European Term Loan	€	September 28, 2018	300	298	3 month EURIBOR floor of 1.000% + 4.000%
Revolving Tranches(1)
Revolving Tranche	$	November 5, 2014	120	68	—
Revolving Tranche	€	November 5, 2014	80	15	—

(1) The Revolving Tranches were utilized in the form of bank guarantees and letters of credit.

The guarantee and security arrangements, prepayment premium, amortization and excess cash flow required payments and covenant restrictions for the September 2012 Credit Agreement are unchanged from December 31, 2012.

The Company and certain members of the Group were parties to an amended and restated senior secured credit agreement dated August 9, 2011 (the “August 2011 Credit Agreement”), which amended and restated the previous terms. For the six month period ended June 30, 2012, the applicable interest rates for the Tranche B U.S. Term Loan, Tranche C U.S. Term Loan and European Term Loan under the August 2011 Credit Agreement were 6.50%, 6.50% and 6.75%, respectively.

(t)        Reynolds Notes

The Group's borrowings as of June 30, 2013 issued by Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group Issuer (Luxembourg) S.A. (together, the "Reynolds Issuers") are defined and summarized below:

	Currency	Issue date	Principal amounts issued (in million)	Interest rate	Maturity date	Semi-annual interest payment dates
September 2012 Senior Secured Notes	$	September 28, 2012	3,250	5.750%	October 15, 2020	April 15 and October 15
February 2012 Senior Notes	$	February 15, 2012	9	9.875%	August 15, 2019	February 15 and August 15
August 2011 Senior Secured Notes	$	August 9, 2011	1,500	7.875%	August 15, 2019	February 15 and August 15
August 2011 Senior Notes	$	August 9, 2011 and August 10, 2012	2,241	9.875%	August 15, 2019	February 15 and August 15
February 2011 Senior Secured Notes	$	February 1, 2011	1,000	6.875%	February 15, 2021	February 15 and August 15
February 2011 Senior Notes	$	February 1, 2011	1,000	8.250%	February 15, 2021	February 15 and August 15
October 2010 Senior Secured Notes	$	October 15, 2010	1,500	7.125%	April 15, 2019	April 15 and October 15
October 2010 Senior Notes	$	October 15, 2010	1,500	9.000%	April 15, 2019	April 15 and October 15
May 2010 Senior Notes	$	May 4, 2010	1,000	8.500%	May 15, 2018	May 15 and November 15

The August 2011 Senior Secured Notes and the August 2011 Senior Notes are collectively defined as the "August 2011 Notes." The February 2011 Senior Secured Notes and the February 2011 Senior Notes are collectively defined as the "February 2011 Notes." The October 2010 Senior Secured Notes and the October 2010 Senior Notes are collectively defined as the "October 2010 Notes."

As used herein, “Reynolds Notes” refers to the September 2012 Senior Secured Notes, the February 2012 Senior Notes, the August 2011 Notes, the February 2011 Notes, the October 2010 Notes and the May 2010 Senior Notes and "Reynolds Senior Secured Notes" refers to the September 2012 Senior Secured Notes, the August 2011 Senior Secured Notes, the February 2011 Senior Secured Notes and the October 2010 Senior Secured Notes.

Assets pledged as security for loans and borrowings

The shares in Beverage Packaging Holdings (Luxembourg) I S.A. (“BP I”) (a wholly-owned subsidiary of the Company) have been pledged as collateral to support the obligations under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes. In addition, BP I and certain subsidiaries of BP I have pledged certain of their assets (including shares and equity interests) as collateral to support the obligations under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes.

F-25

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Additional information regarding the Reynolds Notes

The guarantee and security arrangements, indenture restrictions, early redemption options and change in control provisions for the Reynolds Notes are unchanged from December 31, 2012.

SEC registrations and exchange offers

The Group has registered the Reynolds Notes with the SEC and has completed exchange offers with respect to the Reynolds Notes. The registration statement with respect to the September 2012 Senior Secured Notes was declared effective by the SEC on December 27, 2012, and the exchange offer closed on January 29, 2013.

(u)    2007 Notes

On June 29, 2007, Beverage Packaging Holdings (Luxembourg) II S.A (“BP II”) (a wholly-owned subsidiary of the Company) issued €480 million principal amount of 8.000% senior notes due 2016 (the “2007 Senior Notes”) and €420 million principal amount of 9.500% senior subordinated notes due 2017 (the “2007 Senior Subordinated Notes” and, together with the 2007 Senior Notes, the “2007 Notes”). Interest on the 2007 Notes is paid semi-annually on June 15 and December 15.

The guarantee and security arrangements, indenture restrictions, and change of control provisions are unchanged from December 31, 2012.

(v)    Pactiv Notes

As of June 30, 2013, the Group had outstanding the following notes (defined below, and together the “Pactiv Notes”) issued by Pactiv LLC (formerly Pactiv Corporation):

	Currency	Date acquired by the Group	Principal amounts outstanding (in million)	Interest rate	Maturity date	Semi-annual interest payment dates
Pactiv 2017 Notes	$	November 16, 2010	300	8.125%	June 15, 2017	June 15 and December 15
Pactiv 2018 Notes	$	November 16, 2010	16	6.400%	January 15, 2018	January 15 and July 15
Pactiv 2025 Notes	$	November 16, 2010	276	7.950%	December 15, 2025	June 15 and December 15
Pactiv 2027 Notes	$	November 16, 2010	200	8.375%	April 15, 2027	April 15 and October 15

The guarantee arrangements, indenture restrictions, and redemption terms are unchanged from December 31, 2012.

(w)    Other borrowings

As of June 30, 2013, in addition to the Securitization Facility, the September 2012 Credit Agreement, the Reynolds Notes, the 2007 Notes and the Pactiv Notes, the Group had a number of unsecured working capital facilities extended to certain operating companies of the Group. These facilities bear interest at floating or fixed rates.

As of June 30, 2013, the Group also had local working capital facilities in a number of jurisdictions which are secured by the collateral under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes or by certain other assets. The local working capital facilities which are secured by the collateral under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes rank pari passu with the obligations under the September 2012 Credit Agreement and under the Reynolds Senior Secured Notes.

Other borrowings as of June 30, 2013 also included finance lease obligations of $25 million (December 31, 2012: $26 million).

13.    Employee benefits

Effective January 1, 2013 the Group adopted IAS19R on a retrospective basis in accordance with the provisions set out in the standard. The revised standard changes the recognition, measurement, presentation and disclosure of post-employment benefits. IAS 19R eliminates the “corridor method” for defined benefit pension plans and other post-employment benefit obligations under which the recognition of actuarial gains and losses had been deferred. Instead, the full defined benefit obligation net of plan assets is now recorded on the statement of financial position, with changes resulting from remeasurements recognized immediately in other comprehensive income. IAS 19R also changed the measurement of pension expense. The return on plan assets is capped at the long-term bond rate used in determining the discount rate of the plan liability. All other changes in plan assets are now recognized directly in other comprehensive income. The effect of this is to remove from the statement of comprehensive income the previous concept of recognizing an expected return on plan assets.

Upon adoption of IAS 19R the Group restated the opening balance of the employee benefit liability as of January 1, 2012, increasing it by $409 million from the previously reported balance of $936 million with a corresponding remeasurement charge to other reserves of $249 million, net of tax. The Group's employee benefit liability as of December 31, 2012 was also restated from a previously reported balance of $891 million to $1,585 million reflecting a remeasurement charge to accumulated other comprehensive income of $315 million, net of tax.

The Group has continued to present pension (income) expense under the revised standard in personnel costs which are reported in cost of sales, selling, marketing and distribution expenses and general and administration expenses. The Group's reported pension expense for the three and six month periods ended June 30, 2012 was $24 million and $48 million, respectively, as restated in accordance with IAS 19R compared

F-26

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

to the previously reported pension income of $6 million and $12 million, respectively. For the three and six month periods ended June 30, 2013, the Group's pension expense was $23 million and $47 million, respectively.

The Group estimates that its pension expense for the year ending December 31, 2013 will be approximately $94 million compared to pension expense on a restated basis of $95 million for the year ended December 31, 2012. The Group originally reported pension income of $20 million for the year ended December 31, 2012.

With the adoption of IAS 19R the Group also estimates the remeasurement adjustment of its employee benefit liability for the changes in the value of plan assets as of June 30, 2013 and 2012 and the changes in the value of plan liabilities due to discount rate changes at June 30, 2013 and 2012. The Group's employee benefit liability was reduced by $556 million at June 30, 2013 with a corresponding credit to comprehensive income of $136 million and $348 million, net of tax, for the three and six month periods ended June 30, 2013, respectively. The Group's employee benefit liability was increased by $56 million at June 30, 2012 with a corresponding change to comprehensive income of $189 million and $29 million, net of tax for the three and six month periods ended June 30, 2012, respectively, for this remeasurement estimate.

The remeasurement adjustments were recorded to comprehensive income, net of income tax. Therefore, tax expense of $88 million and $208 million for the three and six month periods ended June 30, 2013, respectively, and tax benefit of $118 million and $27 million for the three and six month periods ended June 30, 2012, respectively, was recorded directly to equity and not to income tax benefit in the statement of comprehensive income.

The adoption of IAS 19R reduced the Group's Adjusted EBITDA by $2 million and $4 million for the three and six month periods ended June 30, 2012, respectively, and $8 million for the year ended December 31, 2012.

The adoption of IAS 19R had no impact on reported cash flows.

The following table reflects certain elements of the Group's previously published statement of comprehensive income for the three and six month periods ended June 30, 2012 and statement of financial position as of December 31, 2012 and December 31, 2011 (shown as January 1, 2012) and the revised amounts as a result of the adoption of IAS 19R:

(In $ million)	Amount previously reported for the three months ended June 30, 2012		Change in reported amount for the three months ended June 30, 2012		Restated amount for the three months ended June 30, 2012
Statement of comprehensive income
Other income	9		—		9
General and administration expenses	(238	)	(28	)	(266	)
Profit from operating activities	304		(28	)	276
Income tax (expense) benefit	73		42		115
Profit (loss) for the period	(55	)	14		(41	)
Exchange differences on translating foreign operations	23		7		30
Remeasurement of defined benefit plans, net of income tax	—		(189	)	(189	)
Total other comprehensive income for the period, net of income tax	23		(182	)	(159	)
Total comprehensive income (loss) attributable to:
Equity holder of the Group	(33	)	(168	)	(201	)
Non-controlling interests	1		—		1

(In $ million)	Amount previously reported for the six months ended June 30, 2012		Change in reported amount for the six months ended June 30, 2012		Restated amount for the six months ended June 30, 2012
Statement of comprehensive income
Other income	86		10		96
General and administration expenses	(446	)	(58	)	(504	)
Profit from operating activities	635		(48	)	587
Income tax (expense) benefit	40		39		79
Profit (loss) for the period	8		(9	)	(1	)
Exchange differences on translating foreign operations	42		7		49
Remeasurement of defined benefit plans, net of income tax	—		(29	)	(29	)
Total other comprehensive income for the period, net of income tax	42		(22	)	20
Total comprehensive income (loss) attributable to:
Equity holder of the Group	49		(31	)	18
Non-controlling interests	1		—		1

F-27

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

(In $ million)	Amount previously reported as of December 31, 2012		Change in reported amount as of December 31, 2012		Restated amount as of December 31, 2012
Statement of financial position
Deferred tax assets	40		2		42
Other assets	168		(29	)	139
Total non-current assets	17,746		(27	)	17,719
Total assets	22,508		(27	)	22,481
Employee benefit liabilities	891		694		1,585
Deferred tax liabilities	1,412		(262	)	1,150
Total non-current liabilities	19,854		432		20,286
Total liabilities	22,711		432		23,143
Equity
Reserves	(1,205	)	(315	)	(1,520	)
Accumulated losses	(714	)	(144	)	(858	)
Equity attributable to equity holder of the Group	(224	)	(459	)	(683	)
Total equity (deficit)	(203	)	(459	)	(662	)

(In $ million)	Amount previously reported as of December 31, 2011		Change in reported amount as of December 31, 2011		Restated amount as of January 1, 2012
Statement of financial position
Deferred tax assets	29		—		29
Other assets	150		(64	)	86
Total non-current assets	17,866		(64	)	17,802
Total assets	21,911		(64	)	21,847
Liabilities directly associated with assets held for sale	20		10		30
Employee benefit liabilities	936		409		1,345
Deferred tax liabilities	1,548		(165	)	1,383
Total non-current liabilities	19,281		244		19,525
Total liabilities	22,092		254		22,346
Equity
Reserves	(1,217	)	(249	)	(1,466	)
Accumulated losses	(681	)	(69	)	(750	)
Equity attributable to equity holder of the Group	(203	)	(318	)	(521	)
Total equity (deficit)	(181	)	(318	)	(499	)

14.    Related parties

Parent and ultimate controlling party

The immediate parent of the Company is Packaging Finance Limited, the ultimate parent of the Company is Packaging Holdings Limited and the ultimate shareholder is Mr. Graeme Hart.

Related party transactions

The transactions and balances outstanding with joint ventures and associates are with SIG Combibloc Obeikan FZCO, SIG Combibloc Obeikan Company Limited, Ducart Evergreen Packaging Ltd, Banawi Evergreen Packaging Company Limited, and Eclipse Closures, LLC. All other related parties detailed below have a common ultimate shareholder. The entities and types of transactions with which the Group entered into related party transactions during the three and six month periods endedJune 30, 2013 and 2012 are detailed below:

F-28

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	Transaction values								Balances outstanding as of
	For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	2013		2012		2013		2012		June 30, 2013		December 31, 2012
Transactions with the immediate and ultimate parent companies
Due to ultimate parent(a)	—		—		—		—		(1	)	(1	)
Transactions with joint ventures and associates
Sale of goods and services(b)	64		38		119		84		60		46
Transactions with other related parties
Trade receivables
Carter Holt Harvey Pulp & Paper Limited									—		—
Sale of goods	1		—		1		1
FRAM Group Operations LLC									1		1
Recharges	2		1		2		1
Trade payables
Carter Holt Harvey Limited									(1	)	—
Purchase of goods	(3	)	(2	)	(6	)	(5	)
Carter Holt Harvey Pulp & Paper Limited									(3	)	(2	)
Purchase of goods	(8	)	(8	)	(16	)	(15	)
Rank Group Limited									(12	)	(18	)
Recharges(c)	(1	)	(10	)	(2	)	(19	)
Rank Group North America, Inc.									1		—
Recharges (d)	(5	)	(7	)	(10	)	(14	)
Loans receivable
Rank Group Limited(e)									299		307
Interest income	5		4		9		8
Loans payable
Reynolds Treasury (NZ) Limited(f)									—		—
Interest expense	—		(1	)	—		(1	)
Receivable related to transfer of tax losses to:
Carter Holt Harvey Limited									5		5
Payable related to transfer of tax losses to:
Burns Philp (New Zealand) Ltd									(5	)	(4	)
Transfer of tax losses	(1	)	—		(1	)	—
Evergreen Packaging New Zealand Limited									—		—
Transfer of tax losses	—		—		—		(3	)
Rank Group Investments Limited									(6	)	(3	)
Transfer of tax losses	—		—		(4	)	—
Reynolds Packaging Group (NZ) Limited									—		—
Transfer of tax losses	—		—		—		(7	)

(a) The advance due to Packaging Holdings Limited is non-interest bearing, unsecured and repayable on demand.

(b) All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated on a cost-plus basis allowing a margin ranging from 3% to 6%. All amounts are unsecured, non-interest bearing and repayable on demand.

(c) Represents certain costs paid by Rank Group Limited on behalf of the Group that were subsequently recharged to the Group. These costs are primarily related to the Group's financing and acquisition activities.

(d) Represents certain costs paid by Rank Group North America, Inc. on behalf of the Group that were subsequently recharged to the Group. These costs are primarily related to services provided.

(e) The loan receivable from Rank Group Limited accrues interest at a rate based on the average 90-day New Zealand bank bill rate, set quarterly, plus a margin of 3.25%. Interest is only charged or accrued if demanded by the lender. During the six month period ended June 30, 2013, interest was charged at 5.89% to 5.91% (six month period ended June 30, 2012: 5.89% to 5.99%). The advance is unsecured and repayable on demand. This loan is subordinated on terms such that no payments can be made until the obligations under a senior secured credit facility of Rank Group Limited are repaid in full.

(f) On August 23, 2011, the Group borrowed the Euro equivalent of $25 million from Reynolds Treasury (NZ) Limited. The loan bore interest at the greater of 2% and the 3 month EURIBOR rate, plus 4.875%. The loan was repaid in June 2012.

F-29

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

15.    Contingencies

Litigation and legal proceedings

In addition to the amounts recognized as provisions in the statements of financial position, the Group has contingent liabilities related to other litigation and legal proceedings. The Group has determined that the possibility of a material outflow related to these contingent liabilities is remote.

16.    Condensed consolidating guarantor financial information

Certain of the Group's subsidiaries have guaranteed the Group's obligations under the Reynolds Notes (as defined in note 12).

The following condensed consolidating financial information presents:

(1) The condensed consolidating statements of financial position as of June 30, 2013 and December 31, 2012 and the related statements of comprehensive income for the three and six month periods ended June 30, 2013 and June 30, 2012 and cash flows for the six month periods ended June 30, 2013 and June 30, 2012 of:

a. Reynolds Group Holdings Limited, the Parent;

b. the Reynolds Issuers;

c. the other guarantor subsidiaries;

d. the non-guarantor subsidiaries; and

e. the Group on a consolidated basis.

(2) Adjustments and elimination entries necessary to consolidate Reynolds Group Holdings Limited, the Parent, with the Reynolds Issuers, the other guarantor subsidiaries and the non-guarantor subsidiaries.

The condensed consolidating statements of comprehensive income for the three and six month periods ended June 30, 2013 and June 30, 2012, the condensed consolidating statements of cash flows for the six month periods ended June 30, 2013 and June 30, 2012 and the condensed consolidating statements of financial position as of June 30, 2013 and December 31, 2012 reflect the current guarantor structure of the Group.

Each guarantor subsidiary is 100% owned by the Parent. The Reynolds Notes are guaranteed to the extent permitted by law and are subject to certain customary guarantee release provisions set forth in the indentures governing the Reynolds Notes on a joint and several basis by each guarantor subsidiary. Provided below are condensed statements of comprehensive income, financial position and cash flows of each of the companies listed above, together with the condensed consolidating statements of comprehensive income, financial position and cash flows of guarantor and non-guarantor subsidiaries. These have been prepared under the Group's accounting policies disclosed in the annual financial statements for the year ended December 31, 2012 which comply with IFRS with the exception of investments in subsidiaries. Investments in subsidiaries are accounted for using the equity method. The guarantor subsidiaries and non-guarantor subsidiaries are each presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

F-30

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Condensed consolidating statement of comprehensive income

	For the three month period ended June 30, 2013
(In $ million)	Parent		Reynolds Issuers		Other guarantor entities		Non-guarantor entities		Adjustments and eliminations		Consolidated
Revenue	—		—		3,254		456		(97	)	3,613
Cost of sales	—		—		(2,634	)	(372	)	97		(2,909	)
Gross profit	—		—		620		84		—		704
Other income, other expenses, and share of equity method earnings, net of income tax	147		—		85		(3	)	(258	)	(29	)
Selling, marketing and distribution expenses	—		—		(76	)	(11	)	—		(87	)
General and administration expenses	—		—		(211	)	(23	)	—		(234	)
Profit (loss) from operating activities (“EBIT”)	147		—		418		47		(258	)	354
Financial income	5		256		30		46		(305	)	32
Financial expenses	1		(362	)	(354	)	(91	)	305		(501	)
Net financial income (expenses)	6		(106	)	(324	)	(45	)	—		(469	)
Profit (loss) before income tax	153		(106	)	94		2		(258	)	(115	)
Income tax benefit (expense)	(2	)	167		94		7		—		266
Profit (loss) for the period	151		61		188		9		(258	)	151
Other changes to other comprehensive income	11		4		29		(2	)	(31	)	11
Total comprehensive income (loss) for the period	162		65		217		7		(289	)	162
Profit (loss) for the period attributable to:
Equity holder of the Group	151		61		188		9		(258	)	151
Non-controlling interests	—		—		—		—		—		—
	151		61		188		9		(258	)	151
Total comprehensive income (loss) attributable to:
Equity holder of the Group	162		65		217		7		(289	)	162
Non-controlling interests	—		—		—		—		—		—
	162		65		217		7		(289	)	162

F-31

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2013
(In $ million)	Parent		Reynolds Issuers		Other guarantor entities		Non-guarantor entities		Adjustments and eliminations		Consolidated
Revenue	—		—		6,221		873		(182	)	6,912
Cost of sales	—		—		(5,057	)	(720	)	182		(5,595	)
Gross profit	—		—		1,164		153		—		1,317
Other income, other expenses, and share of equity method earnings, net of income tax	65		—		139		(9	)	(210	)	(15	)
Selling, marketing and distribution expenses	—		—		(148	)	(19	)	—		(167	)
General and administration expenses	—		—		(422	)	(44	)	—		(466	)
Profit (loss) from operating activities (“EBIT”)	65		—		733		81		(210	)	669
Financial income	9		510		10		95		(607	)	17
Financial expenses	1		(620	)	(747	)	(137	)	607		(896	)
Net financial income (expenses)	10		(110	)	(737	)	(42	)	—		(879	)
Profit (loss) before income tax	75		(110	)	(4	)	39		(210	)	(210	)
Income tax benefit (expense)	(3	)	166		118		1		—		282
Profit (loss) for the period	72		56		114		40		(210	)	72
Other changes to other comprehensive income	307		—		323		(8	)	(315	)	307
Total comprehensive income (loss) for the period	379		56		437		32		(525	)	379
Profit (loss) for the period attributable to:
Equity holder of the Group	72		56		114		39		(210	)	71
Non-controlling interests	—		—		—		1		—		1
	72		56		114		40		(210	)	72
Total comprehensive income (loss) attributable to:
Equity holder of the Group	379		56		437		31		(525	)	378
Non-controlling interests	—		—		—		1		—		1
	379		56		437		32		(525	)	379

F-32

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Condensed consolidating statement of financial position

	Balance as of June 30, 2013
(In $ million)	Parent		Reynolds Issuers		Other guarantor entities		Non-guarantor entities	Adjustments and eliminations		Consolidated
Assets
Cash and cash equivalents	—		—		1,099		258	—		1,357
Trade and other receivables	5		—		539		1,101	—		1,645
Inventories	—		—		1,529		188	—		1,717
Intra-group receivables	3		292		4		5	(304	)	—
Other assets	—		1		103		25	—		129
Total current assets	8		293		3,274		1,577	(304	)	4,848
Investments in subsidiaries, associates and joint ventures (equity method)	—		—		1,742		137	(1,739	)	140
Property, plant and equipment	—		—		3,644		631	—		4,275
Investment properties	—		—		28		—	—		28
Intangible assets	—		—		11,650		434	—		12,084
Intra-group receivables	14		12,845		591		1,227	(14,677	)	—
Other assets	298		179		213		71	—		761
Total non-current assets	312		13,024		17,868		2,500	(16,416	)	17,288
Total assets	320		13,317		21,142		4,077	(16,720	)	22,136
Liabilities
Trade and other payables	16		284		1,302		271	—		1,873
Borrowings	1		—		39		481	—		521
Intra-group payables	—		—		300		4	(304	)	—
Other liabilities	6		3		383		54	—		446
Total current liabilities	23		287		2,024		810	(304	)	2,840
Borrowings	—		12,819		3,387		1,154	—		17,360
Deficit in subsidiaries	602		—		—		—	(602	)	—
Intra-group liabilities	—		122		14,084		471	(14,677	)	—
Other liabilities	—		(154	)	2,263		112	—		2,221
Total non-current liabilities	602		12,787		19,734		1,737	(15,279	)	19,581
Total liabilities	625		13,074		21,758		2,547	(15,583	)	22,421
Net assets (liabilities)	(305	)	243		(616	)	1,530	(1,137	)	(285	)
Equity
Equity attributable to equity holder of the Group	(305	)	243		(616	)	1,510	(1,137	)	(305	)
Non-controlling interests	—		—		—		20	—		20
Total equity (deficit)	(305	)	243		(616	)	1,530	(1,137	)	(285	)

F-33

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Condensed consolidating statement of cash flows

	For the six month period ended June 30, 2013
(In $ million)	Parent	Reynolds Issuers		Other guarantor entities		Non-guarantor entities		Adjustments and eliminations		Consolidated
Net cash from operating activities	—	(514	)	55		40		565		146
Net cash from (used in) investing activities
Acquisition of property, plant and equipment and investment properties	—	—		(294	)	(27	)	—		(321	)
Proceeds from sale of property, plant and equipment, investment properties, intangible assets and other assets	—	—		15		—		—		15
Acquisition of intangible assets	—	—		(4	)	—		—		(4	)
Acquisition of businesses, net of cash acquired	—	—		(32	)	—		—		(32	)
Interest received	—	514		3		52		(565	)	4
Net related party (advances) repayments	—	—		(20	)	(12	)	32		—
Other	—	—		—		10		—		10
Net cash from (used in) investing activities	—	514		(332	)	23		(533	)	(328	)
Net cash from financing activities
Drawdown of loans and borrowings	—	—		12		68		—		80
Repayment of loans and borrowings	—	—		(16	)	(81	)	—		(97	)
Net related party borrowings (repayments)	—	—		12		20		(32	)	—
Payment of transaction costs	—	—		(2	)	—		—		(2	)
Other	—	—		—		(1	)	—		(1	)
Net cash from (used in) financing activities	—	—		6		6		(32	)	(20	)

F-34

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Condensed consolidating statement of comprehensive income

	For the three month period ended June 30, 2012
(In $ million)	Parent		Reynolds Issuers		Other guarantor entities		Non-guarantor entities		Adjustments and eliminations		Consolidated
Revenue	—		—		3,251		435		(89	)	3,597
Cost of sales	—		—		(2,637	)	(363	)	89		(2,911	)
Gross profit	—		—		614		72		—		686
Other income, other expenses, and share of equity method earnings, net of income tax	(44	)	—		25		(2	)	(31	)	(52	)
Selling, marketing and distribution expenses	—		—		(84	)	(8	)	—		(92	)
General and administration expenses	—		—		(248	)	(18	)	—		(266	)
Profit (loss) from operating activities (“EBIT”)	(44	)	—		307		44		(31	)	276
Financial income	5		297		1		27		(282	)	48
Financial expenses	(1	)	(251	)	(480	)	(30	)	282		(480	)
Net financial income (expenses)	4		46		(479	)	(3	)	—		(432	)
Profit (loss) before income tax	(40	)	46		(172	)	41		(31	)	(156	)
Income tax benefit (expense)	(1	)	(6	)	128		(6	)	—		115
Profit (loss) for the period	(41	)	40		(44	)	35		(31	)	(41	)
Other changes to other comprehensive income	(159	)	—		(154	)	(38	)	192		(159	)
Total comprehensive income (loss) for the period	(200	)	40		(198	)	(3	)	161		(200	)
Profit (loss) for the period attributable to:
Equity holder of the Group	(41	)	40		(44	)	34		(31	)	(42	)
Non-controlling interests	—		—		—		1		—		1
	(41	)	40		(44	)	35		(31	)	(41	)
Total comprehensive income (loss) attributable to:
Equity holder of the Group	(200	)	40		(198	)	(4	)	161		(201	)
Non-controlling interests	—		—		—		1		—		1
	(200	)	40		(198	)	(3	)	161		(200	)

F-35

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2012
(In $ million)	Parent		Reynolds Issuers		Other guarantor entities		Non-guarantor entities		Adjustments and eliminations		Consolidated
Revenue	—		—		6,269		822		(175	)	6,916
Cost of sales	—		—		(5,106	)	(694	)	175		(5,625	)
Gross profit	—		—		1,163		128		—		1,291
Other income, other expenses, and share of equity method earnings, net of income tax	(7	)	—		126		(6	)	(136	)	(23	)
Selling, marketing and distribution expenses	—		—		(158	)	(19	)	—		(177	)
General and administration expenses	—		—		(471	)	(33	)	—		(504	)
Profit (loss) from operating activities (“EBIT”)	(7	)	—		660		70		(136	)	587
Financial income	9		610		(7	)	54		(532	)	134
Financial expenses	(1	)	(485	)	(789	)	(58	)	532		(801	)
Net financial income (expenses)	8		125		(796	)	(4	)	—		(667	)
Profit (loss) before income tax	1		125		(136	)	66		(136	)	(80	)
Income tax benefit (expense)	(2	)	(36	)	129		(12	)	—		79
Profit (loss) for the period	(1	)	89		(7	)	54		(136	)	(1	)
Other changes to other comprehensive income	20		(1	)	10		(92	)	83		20
Total comprehensive income (loss) for the period	19		88		3		(38	)	(53	)	19
Profit (loss) for the period attributable to:
Equity holder of the Group	(1	)	89		(7	)	53		(136	)	(2	)
Non-controlling interests	—		—		—		1		—		1
	(1	)	89		(7	)	54		(136	)	(1	)
Total comprehensive income (loss) attributable to:
Equity holder of the Group	19		88		3		(39	)	(53	)	18
Non-controlling interests	—		—		—		1		—		1
	19		88		3		(38	)	(53	)	19

F-36

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Condensed consolidating statement of financial position

	Balance as of December 31, 2012
(In $ million)	Parent		Reynolds Issuers	Other guarantor entities		Non-guarantor entities	Adjustments and eliminations		Consolidated
Assets
Cash and cash equivalents	—		—	1,369		187	—		1,556
Trade and other receivables	10		—	492		941	—		1,443
Inventories	—		—	1,427		185	—		1,612
Intra-group receivables	—		293	—		7	(300	)	—
Other assets	—		1	125		25	—		151
Total current assets	10		294	3,413		1,345	(300	)	4,762
Investments in subsidiaries, associates and joint ventures (equity method)	—		—	1,670		138	(1,667	)	141
Property, plant and equipment	—		—	3,697		666	—		4,363
Investment properties	—		—	32		—	—		32
Intangible assets	—		—	11,822		452	—		12,274
Intra-group receivables	16		12,802	368		1,318	(14,504	)	—
Other assets	307		285	185		132	—		909
Total non-current assets	323		13,087	17,774		2,706	(16,171	)	17,719
Total assets	333		13,381	21,187		4,051	(16,471	)	22,481
Liabilities
Trade and other payables	17		294	1,237		260	—		1,808
Borrowings	1		—	27		496	—		524
Intra-group payables	—		—	300		—	(300	)	—
Other liabilities	9		3	460		53	—		525
Total current liabilities	27		297	2,024		809	(300	)	2,857
Borrowings	—		12,808	3,405		1,165	—		17,378
Deficit in subsidiaries	989		—	—		—	(989	)	—
Intra-group liabilities	—		77	14,044		383	(14,504	)	—
Other liabilities	—		12	2,767		129	—		2,908
Total non-current liabilities	989		12,897	20,216		1,677	(15,493	)	20,286
Total liabilities	1,016		13,194	22,240		2,486	(15,793	)	23,143
Net assets (liabilities)	(683	)	187	(1,053	)	1,565	(678	)	(662	)
Equity
Equity attributable to equity holder of the Group	(683	)	187	(1,053	)	1,544	(678	)	(683	)
Non-controlling interests	—		—	—		21	—		21
Total equity (deficit)	(683	)	187	(1,053	)	1,565	(678	)	(662	)

F-37

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

Condensed consolidating statement of cash flows

	For the six month period ended June 30, 2012
(In $ million)	Parent	Reynolds Issuers		Other guarantor entities		Non-guarantor entities		Adjustments and eliminations		Consolidated
Net cash from operating activities	—	(419	)	328		(113	)	478		274
Net cash from (used in) investing activities
Acquisition of property, plant and equipment and investment properties	—	—		(225	)	(53	)	—		(278	)
Proceeds from sale of property, plant and equipment, investment properties and other assets	—	—		24		—		—		24
Acquisition of intangible assets	—	—		(4	)	—		—		(4	)
Acquisition of businesses, net of cash acquired	—	—		(2	)	—		—		(2	)
Disposal of businesses, net of cash disposed	—	—		94		—		—		94
Interest received	—	427		2		51		(478	)	2
Dividends received from joint ventures	—	—		—		4		—		4
Net related party (advances) repayments	—	(1,220	)	(105	)	44		1,281		—
Net cash from (used in) investing activities	—	(793	)	(216	)	46		803		(160	)
Net cash from (used in) financing activities
Drawdown of loans and borrowings	—	1,250		—		27		—		1,277
Repayment of loans and borrowings	—	—		(659	)	(31	)	—		(690	)
Net related party borrowings (repayments)	—	—		1,153		105		(1,281	)	(23	)
Payment of transaction costs	—	(38	)	—		—		—		(38	)
Other	—	—		—		(2	)	—		(2	)
Net cash from (used in) financing activities	—	1,212		494		99		(1,281	)	524

F-38

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

	Balance as of January 1, 2012
(In $ million)	Parent		Reynolds Issuers	Other guarantor entities		Non-guarantor entities	Adjustments and eliminations		Consolidated
Assets
Cash and cash equivalents	—		—	461		136	—		597
Trade and other receivables	5		—	1,261		243	—		1,509
Inventories	—		—	1,568		196	—		1,764
Intra-group receivables	—		234	—		4	(238	)	—
Other assets	—		—	143		32	—		175
Total current assets	5		234	3,433		611	(238	)	4,045
Investments in subsidiaries, associates and joint ventures (equity method)	—		—	1,352		116	(1,349	)	119
Property, plant and equipment	—		—	3,893		653	—		4,546
Investment properties	—		—	29		—	—		29
Intangible assets	—		—	12,076		469	—		12,545
Intra-group receivables	16		10,042	269		1,196	(11,523	)	—
Other assets	271		116	135		41	—		563
Total non-current assets	287		10,158	17,754		2,475	(12,872	)	17,802
Total assets	292		10,392	21,187		3,086	(13,110	)	21,847
Liabilities
Trade and other payables	11		236	1,255		258	—		1,760
Borrowings	1		—	503		17	—		521
Intra-group payables	—		—	238		—	(238	)	—
Other liabilities	4		—	471		65	—		540
Total current liabilities	16		236	2,467		340	(238	)	2,821
Borrowings	—		9,993	5,491		1,141	—		16,625
Deficit in subsidiaries	797		—	—		—	(797	)	—
Intra-group liabilities	—		23	11,248		252	(11,523	)	—
Other liabilities	—		—	2,778		122	—		2,900
Total non-current liabilities	797		10,016	19,517		1,515	(12,320	)	19,525
Total liabilities	813		10,252	21,984		1,855	(12,558	)	22,346
Net assets (liabilities)	(521	)	140	(797	)	1,231	(552	)	(499	)
Equity
Equity attributable to equity holder of the Group	(521	)	140	(797	)	1,209	(552	)	(521	)
Non-controlling interests	—		—	—		22	—		22
Total equity (deficit)	(521	)	140	(797	)	1,231	(552	)	(499	)

F-39

Reynolds Group Holdings Limited

Notes to the interim unaudited condensed consolidated financial statements

For the three and six month periods ended June 30, 2013

17.    Subsequent events

There have been no events subsequent to June 30, 2013 which would require accrual or disclosure in these financial statements.

F-40

Beverage Packaging Holdings Group

Interim unaudited condensed combined financial statements

for the three and six month periods ended

June 30, 2013 and June 30, 2012

Beverage Packaging Holdings Group

Interim unaudited condensed combined statements of comprehensive income

		For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	Note	2013		2012(1)(2)		2013		2012
Revenue		3,613		3,597		6,912		6,916
Cost of sales		(2,909	)	(2,911	)	(5,595	)	(5,625	)
Gross profit		704		686		1,317		1,291
Other income	6	8		9		20		96
Selling, marketing and distribution expenses		(87	)	(92	)	(167	)	(177	)
General and administration expenses		(234	)	(266	)	(466	)	(504	)
Other expenses	7	(44	)	(68	)	(45	)	(131	)
Share of profit of associates and joint ventures, net of income tax		7		7		10		12
Profit from operating activities		354		276		669		587
Financial income	8	26		44		8		126
Financial expenses	8	(501	)	(480	)	(897	)	(801	)
Net financial expenses		(475	)	(436	)	(889	)	(675	)
Profit (loss) before income tax		(121	)	(160	)	(220	)	(88	)
Income tax benefit	9	268		116		285		81
Profit (loss) for the period		147		(44	)	65		(7	)
Other comprehensive income (loss) for the period, net of income tax
Items that may be reclassified into profit (loss)
Exchange differences on translating foreign operations		(104	)	40		(26	)	41
Items that will not be reclassified into profit (loss)
Remeasurement of defined benefit plans, net of income tax		136		(189	)	348		(29	)
Total other comprehensive income (loss) for the period, net of income tax		32		(149	)	322		12
Total comprehensive income (loss) for the period		179		(193	)	387		5
Profit (loss) attributable to:
Equity holder of the Group		147		(45	)	64		(8	)
Non-controlling interests		—		1		1		1
		147		(44	)	65		(7	)
Total comprehensive income (loss) attributable to:
Equity holder of the Group		179		(194	)	386		4
Non-controlling interests		—		1		1		1
		179		(193	)	387		5

(1) The information presented for the three and six month periods ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

(2) Revenue and other income for the three and six month periods ended June 30, 2012 have been revised to conform to the presentation of the three and six month periods ended June 30, 2013. Refer to note 2.2 for additional information.

The interim unaudited condensed combined statements of comprehensive income should be read in conjunction with the notes to the interim unaudited condensed combined financial statements.

G-1

Beverage Packaging Holdings Group

Interim unaudited condensed combined statements of financial position

(In $ million)	Note	As of June 30, 2013		As of December 31, 2012*		As of January 1, 2012*
Assets
Cash and cash equivalents		1,357		1,556		597
Trade and other receivables		1,640		1,433		1,504
Inventories	11	1,717		1,612		1,764
Current tax assets		14		46		39
Assets held for sale		20		21		70
Derivatives		1		5		1
Other assets		94		79		65
Total current assets		4,843		4,752		4,040
Non-current receivables		48		47		55
Investments in associates and joint ventures		140		141		119
Deferred tax assets		45		42		29
Property, plant and equipment		4,275		4,363		4,546
Investment properties		28		32		29
Intangible assets		12,084		12,274		12,545
Derivatives		198		374		122
Other assets		171		139		86
Total non-current assets		16,989		17,412		17,531
Total assets		21,832		22,164		21,571
Liabilities
Bank overdrafts		3		2		3
Trade and other payables		1,857		1,791		1,749
Liabilities directly associated with assets held for sale		—		—		30
Borrowings	12	520		523		520
Current tax liabilities		123		140		161
Derivatives		22		13		16
Employee benefits		214		270		228
Provisions		79		91		98
Total current liabilities		2,818		2,830		2,805
Non-current payables		44		53		38
Borrowings	12	17,376		17,394		16,641
Deferred tax liabilities		998		1,150		1,383
Derivatives		2		—		—
Employee benefits		1,069		1,585		1,345
Provisions		108		120		134
Total non-current liabilities		19,597		20,302		19,541
Total liabilities		22,415		23,132		22,346
Net liabilities		(583	)	(968	)	(775	)
Equity
Share capital		1,385		1,385		1,417
Reserves		(1,253	)	(1,575	)	(1,505	)
Accumulated losses		(735	)	(799	)	(709	)
Equity attributable to equity holder of the Group		(603	)	(989	)	(797	)
Non-controlling interests		20		21		22
Total equity (deficit)		(583	)	(968	)	(775	)

* The information presented as of December 31, 2012 and January 1, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

The interim unaudited condensed combined statements of financial position should be read in conjunction with the notes to the interim unaudited condensed combined financial statements.

G-2

Beverage Packaging Holdings Group

Interim unaudited condensed combined statements of changes in equity

(In $ million)	Share capital	Translation of foreign operations		Other reserves(1)		Accumulated losses		Equity attributable to equity holder of the Group		Non-controlling interests		Total
Balance at the beginning of the period (January 1, 2012)(2)	1,417	305		(1,810	)	(709	)	(797	)	22		(775	)
Total comprehensive income (loss) for the period:
Profit (loss) after tax(2)	—	—		—		(8	)	(8	)	1		(7	)
Remeasurement of defined benefit plans, net of income tax	—	—		(29	)	—		(29	)	—		(29	)
Reclassification upon sale of business	—	—		7		(7	)	—		—		—
Foreign currency exchange translation reserve(2)	—	41		—		—		41		—		41
Total comprehensive income (loss) for the period(2)	—	41		(22	)	(15	)	4		1		5
Purchase of non-controlling interest	—	—		—		(2	)	(2	)	(1	)	(3	)
Dividends paid to non-controlling interests	—	—		—		—		—		(1	)	(1	)
Balance as of June 30, 2012(2)	1,417	346		(1,832	)	(726	)	(795	)	21		(774	)
Balance at the beginning of the period (January 1, 2013)	1,385	301		(1,876	)	(799	)	(989	)	21		(968	)
Total comprehensive income (loss) for the period:
Profit (loss) after tax	—	—		—		64		64		1		65
Remeasurement of defined benefit plans, net of income tax	—	—		348		—		348		—		348
Foreign currency exchange translation reserve	—	(26	)	—		—		(26	)	—		(26	)
Total comprehensive income (loss) for the period	—	(26	)	348		64		386		1		387
Dividends paid to non-controlling interests	—	—		—		—		—		(2	)	(2	)
Balance as of June 30, 2013	1,385	275		(1,528	)	(735	)	(603	)	20		(583	)

(1) Balances include the cumulative reduction in equity of $1,561 million from common control transactions, with the remainder consisting of the cumulative remeasurement of the defined benefit plans.

(2) The information presented as of January 1, 2012 and as of and for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

The interim unaudited condensed combined statements of changes in equity should be read in conjunction with the notes to the interim unaudited condensed combined financial statements.

G-3

Beverage Packaging Holdings Group

Interim unaudited condensed combined statements of cash flows

	For the six month period ended June 30,
(In $ million)	2013		2012
Cash flows from operating activities
Cash received from customers	6,688		6,799
Cash paid to suppliers and employees	(5,813	)	(5,721	)
Interest paid	(670	)	(692	)
Income taxes paid, net of refunds received	(59	)	(85	)
Premium on extinguishment of loans and borrowings	—		(17	)
Payment to related party for use of tax losses	—		(10	)
Net cash from operating activities	146		274
Cash flows used in investing activities
Acquisition of property, plant and equipment and investment properties	(321	)	(278	)
Proceeds from sale of property, plant and equipment, investment properties and other assets	15		24
Acquisition of intangible assets	(4	)	(4	)
Acquisition of businesses, net of cash acquired*	(32	)	(2	)
Disposal of businesses, net of cash disposed	—		94
Interest received	4		2
Dividends received from joint ventures	10		4
Net cash used in investing activities	(328	)	(160	)
Cash flows from financing activities
Drawdown of loans and borrowings:
Securitization Facility	65		—
February 2012 Senior Notes	—		1,250
Other borrowings	15		27
Repayment of loans and borrowings:
Securitization Facility	(80	)	—
September 2012 Credit Agreement	(13	)	—
2011 Credit Agreement	—		(22	)
Graham Packaging Notes assumed	—		(388	)
Pactiv 2012 Notes assumed	—		(249	)
Other borrowings	(4	)	(31	)
Related party borrowings (repayments)	—		(23	)
Payment of debt transaction costs	(2	)	(38	)
Dividends paid to related parties and non-controlling interests	(1	)	(2	)
Net cash from financing activities	(20	)	524
Net increase (decrease) in cash and cash equivalents	(202	)	638
Cash and cash equivalents at the beginning of the period	1,554		594
Effect of exchange rate fluctuations on cash held	2		(12	)
Cash and cash equivalents at the end of the period	1,354		1,220
Cash and cash equivalents comprise
Cash and cash equivalents	1,357		1,222
Bank overdrafts	(3	)	(2	)
Cash and cash equivalents at the end of the period	1,354		1,220

* During March 2013, the Group acquired a business for an aggregate purchase price of $32 million, subject to working capital adjustments. The consideration was paid in cash. The purchase price has not yet been fully allocated and the unallocated portion was accounted for against other non-current assets in the Group's combined financial statements.

The interim unaudited condensed combined statements of cash flows should be read in conjunction with the notes to the interim unaudited condensed combined financial statements.

G-4

Beverage Packaging Holdings Group

Interim unaudited condensed combined statements of cash flows

Reconciliation of the profit (loss) for the period with the net cash from operating activities

	For the six month period ended June 30,
(In $ million)	2013		2012*
Profit (loss) for the period	65		(7	)
Adjustments for:
Depreciation of property, plant and equipment	353		383
Amortization of intangible assets	166		185
Asset impairment charges	23		25
Net foreign currency exchange (gain) loss	6		5
Change in fair value of derivatives	15		8
Gain on sale of property, plant and equipment and non-current assets	(3	)	(3	)
Gain on sale of businesses	—		(76	)
Net financial expenses	889		675
Share of profit of equity accounted investees	(10	)	(12	)
Income tax (benefit) expense	(285	)	(81	)
Interest paid	(670	)	(692	)
Income taxes paid, net of refunds received	(59	)	(85	)
Premium on extinguishment of loans and borrowings	—		(17	)
Change in trade and other receivables	(227	)	(130	)
Change in inventories	(121	)	6
Change in trade and other payables	63		76
Change in provisions and employee benefits	(49	)	27
Change in other assets and liabilities	(10	)	(13	)
Net cash from operating activities	146		274

* The information presented for the six month period ended June 30, 2012 has been revised to reflect the adoption of revised IAS 19 "Employee Benefits." Refer to note 2.2 for additional information.

The interim unaudited condensed combined statements of cash flows should be read in conjunction with the notes to the interim unaudited condensed combined financial statements.

G-5

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

1.Reporting entity

Beverage Packaging Holdings (Luxembourg) I S.A. ("BP I") and Beverage Packaging Holdings (Luxembourg) II S.A. ("BP II") are domiciled in Luxembourg and registered in the Luxembourg "Registre de Commerce et des Sociétés."

The interim unaudited condensed combined financial statements of Beverage Packaging Holdings Group (the "Group") as of June 30, 2013 and for the three and six month periods ended June 30, 2013 and June 30, 2012 comprise the combination of:

• BP I and its subsidiaries and their interests in associates and jointly controlled entities; and

• BP II.

The address of the registered office of BP I and BP II is 6C, rue Gabriel Lippmann, L-5365 Munsbach, Luxembourg.

2.    Basis of preparation

2.1    Statement of compliance

The interim unaudited condensed combined financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting.” The disclosures required in these interim unaudited condensed combined financial statements are less extensive than the disclosure requirements for annual financial statements. The December 31, 2012 statement of financial position as presented in the interim unaudited condensed combined financial statements was derived from the Group's audited financial statements for the year ended December 31, 2012, but does not include the disclosures required by IFRS as issued by the IASB.

The interim unaudited condensed combined financial statements comprise the statements of comprehensive income, financial position, changes in equity and cash flows as well as the relevant notes to the interim unaudited condensed combined financial statements.

The interim unaudited condensed combined financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the annual financial statements of the Group for the year ended December 31, 2012.

The interim unaudited condensed combined financial statements were approved by the Boards of BP I and BP II on August 8, 2013.

2.2    Comparative information

Effective January 1, 2013, the Group adopted the revisions to IAS 19, “Employee Benefits” (“IAS 19R”) on a retrospective basis in accordance with the provisions set out in the standard. All comparative information included in this report has been presented as if IAS 19R had been applied from that date. In accordance with IAS 1, because the Group has applied the revised standard on a retrospective basis, the Group has included the January 1, 2012 statement of financial position together with the statements of financial position as of December 31, 2012 and June 30, 2013. Refer to note 13 for additional information regarding the adoption of IAS 19R.

During the three months ended June 30, 2013, the Group made an adjustment to correct for the over absorption of overhead variances into inventory. The adjustment increased cost of sales by $5 million, increased income tax benefit by $2 million and decreased net profit by $3 million for the three months ended June 30, 2013 and decreased cost of sales by $2 million, decreased income tax benefit by $1 million and increased net profit by $1 million for the six months ended June 30, 2013. This adjustment did not have a material impact on any current or previously reported interim or annual financial statements.

During the year ended December 31, 2012, the Group made an adjustment in its Evergreen segment to conform its presentation of scrap and by-product sales. The adjustment increased revenue and decreased other income by $6 million and $13 million for the three and six month periods ended June 30, 2012, respectively. The adjustment had no impact on EBITDA, Adjusted EBITDA and the statement of cash flows for the six month period ended June 30, 2012.

During the three months ended June 30, 2012, the Group made an adjustment to correct for the overstatement of a deferred tax liability. The liability should have been offset against existing unrecognized deferred tax assets within the same jurisdiction from the date certain Luxembourg entities elected to file a consolidated return in the fourth quarter of 2010. The adjustment increased income tax benefit and decreased net loss by $9 million for the three month period ended June 30, 2012, and increased income tax benefit and decreased net loss by $3 million for the six month period ended June 30, 2012. The adjustment had no impact on EBITDA and Adjusted EBITDA for the three and six month periods ended June 30, 2012 and had no impact on the statement of cash flows for the six month period ended June 30, 2012. The adjustment did not have a material impact on any current or previously reported financial statements.

During the three months ended June 30, 2012, the SIG segment made two cumulative adjustments to correct for the accounting for costs incurred during the construction of aseptic filler machines. In the period since May 2007, certain period costs were inappropriately capitalized rather than expensed as incurred. In addition, $27 million of cumulative expenses incorrectly recognized in cost of sales have been reclassified into general and administration expense. The adjustments reduced the SIG segment and Group's net income, EBITDA and Adjusted EBITDA by (i) $5 million, $11 million and $1 million, respectively, for the three months ended June 30, 2012; and (ii) $4 million, $10 million and no impact, respectively, for the six months ended June 30, 2012. The adjustments reduced non-current assets and net deferred tax liabilities by $7 million and $2 million, respectively, as of June 30, 2012 and had no impact on the statement of cash flows for the six month period ended June 30, 2012. The adjustments did not have a material impact on any current or previously reported financial statements.

G-6

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

2.3    Negative equity

The statement of financial position presents negative equity of $583 million and $968 million as of June 30, 2013 and December 31, 2012, respectively. Total equity was reduced by the Group's accounting for the common control acquisitions of the Closures segment and Reynolds consumer products business in 2009, and of the Evergreen segment and Reynolds foodservice packaging business in 2010. The Group accounts for acquisitions under common control of its ultimate shareholder, Mr. Graeme Hart, using the carry-over or book value method. The excess of the purchase price over the carrying values of the share capital acquired is recognized as a reduction in equity. As of June 30, 2013 and December 31, 2012, the common control transactions had generated a cumulative reduction in equity of $1,561 million.

2.4    Accounting policies and recently issued accounting pronouncements

Accounting policies

The accounting policies applied by the Group in the interim unaudited condensed combined financial statements are consistent with those applied by the Group in its annual combined financial statements for the year ended December 31, 2012 with the exception of the adoption of IAS 19R as discussed in note 2.2.

Recently issued accounting pronouncements

There have been no issued accounting pronouncements during the six month period endedJune 30, 2013 that significantly impact the Group.

There have been no material changes to any previously issued accounting pronouncements or to the Group's evaluation of the related impact as disclosed by the Group in the annual combined financial statements for the year ended December 31, 2012.

2.5    Use of estimates and judgments

In the preparation of the interim unaudited condensed financial statements, the Directors and management have made certain estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses and disclosure of contingent assets and liabilities. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both the current and future periods. The key estimates and assumptions used in the preparation of the interim unaudited condensed consolidated financial statements are consistent with those disclosed by the Group in the annual consolidated financial statements for the year ended December 31, 2012.

3.    Financial risk management

3.1     Liquidity risk

The Group’s contractual cash flows related to total borrowings as of June 30, 2013 are as follows:

(In $ million)	Total debt and interest	Less than one year	One to three years	Three to five years	Greater than five years
As of June 30, 2013*	26,413	1,856	2,647	4,986	16,924
As of December 31, 2012*	27,096	1,856	2,654	4,046	18,540

* The exchange rate on euro-denominated borrowings and the interest rates on the floating rate debt balances have been assumed to be the same as the respective rates as of June 30, 2013 and December 31, 2012.

Trade and other payables that are due for payment in less than one year were $1,857 million and $1,791 million as of June 30, 2013 and December 31, 2012, respectively.

3.2    Fair value measurements recognized in the statements of comprehensive income

The Group’s derivative financial instruments are measured subsequent to initial recognition at fair value and are grouped into levels based on the degree to which the fair value is observable.

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets

• Level 2 fair value measurements are those derived from inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs)

All of the Group's derivative financial instruments were in Level 2 as of June 30, 2013 and December 31, 2012 and are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments as well as

G-7

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

There were no transfers between any levels during the six month period ended June 30, 2013. There have been no changes in the classifications of financial instruments as a result of a change in the purpose or use of these instruments.

4.    Seasonality

Our business is impacted by seasonal fluctuations.

SIG

SIG's operations are moderately seasonal. SIG's customers are principally engaged in providing products such as beverages and liquid foods that are generally less sensitive to seasonal effects, although SIG experiences some seasonality as a result of increased consumption of juices and tea during the summer months in Europe. SIG therefore typically experiences a greater level of carton sleeve sales in the second and third quarters. Sales in the fourth quarter can increase due to additional purchases by customers prior to the end of the year to achieve annual volume rebates that SIG offers.

Evergreen

Evergreen's operations are moderately seasonal. Evergreen's customers are principally engaged in providing products that are generally less sensitive to seasonal effects, although Evergreen does experience some seasonality as a result of increased consumption of milk by school children during the North American academic year. Evergreen therefore typically experiences a greater level of carton product sales in the first and fourth quarters when North American schools are in session.

Closures

Closures' operations are moderately seasonal. Closures experiences some seasonality as a result of increased consumption of bottled beverages during the summer months. In order to avoid capacity shortfalls in the summer months, Closures' customers typically begin building inventories in advance of the summer season. Therefore, Closures typically experiences a greater level of closure sales during the second and third quarters in the Northern Hemisphere.

Reynolds Consumer Products

Reynolds Consumer Products' operations are moderately seasonal with higher levels of sales of cooking and tableware products around major U.S. holidays. Sales of cooking products are typically higher in the fourth quarter of the year, primarily due to the holiday use of Reynolds Wrap foil, Reynolds Oven Bags and Reynolds Parchment Paper. Sales of tableware products are higher in the second quarter of the year due to outdoor summer holiday use of disposable tableware plates, cups and bowls. Sales of waste and storage products are slightly higher in the second half of the year in North America, coinciding with the outdoor fall cleanup season.

Pactiv Foodservice

Pactiv Foodservice's operations are moderately seasonal, peaking during the summer and fall months in the Northern Hemisphere when the favorable weather, harvest, and the holiday season lead to increased consumption of foodservice and food packaging products. Pactiv Foodservice therefore typically experiences a greater level of sales in the second through fourth quarters.

Graham Packaging

Graham Packaging's operations are slightly seasonal with higher levels of unit volume sales in the second and third quarters. Graham Packaging experiences some seasonality of bottled beverages during the summer months, most significantly in North America. Typically Graham Packaging begins to build inventory in the first and early second quarters to prepare for the summer demand.

5.    Segment reporting

The Group's reportable business segments are as follows:

• SIG — SIG is a manufacturer of aseptic carton packaging systems for both beverage and liquid food products, ranging from juices and milk to soups and sauces. SIG supplies complete aseptic carton packaging systems, which include aseptic filling machines, aseptic cartons, spouts, caps and closures and related services.

• Evergreen — Evergreen is a vertically integrated manufacturer of fresh carton packaging for beverage products, primarily serving the juice and milk end-markets. Evergreen supplies integrated fresh carton packaging systems, which can include fresh cartons, spouts and filling machines. Evergreen produces liquid packaging board for its internal requirements and to sell to other manufacturers. Evergreen also produces paper products for commercial printing.

• Closures — Closures is a manufacturer of plastic beverage caps, closures and high speed rotary capping equipment, primarily serving the carbonated soft drink, non-carbonated soft drink and bottled water segments of the global beverage market.

• Reynolds Consumer Products — Reynolds Consumer Products is a U.S. manufacturer of branded and store branded consumer products such as aluminum foil, wraps, waste bags, food storage bags, and disposable tableware and cookware.

G-8

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

• Pactiv Foodservice — Pactiv Foodservice is a manufacturer of foodservice and food packaging products. Pactiv Foodservice offers a comprehensive range of products including tableware items, takeout service containers, clear rigid-display packaging, microwaveable containers, foam trays, dual-ovenable paperboard containers, cups and lids, molded fiber and PET egg cartons, meat and poultry trays, absorbent tray pads, plastic film and aluminum containers.

• Graham Packaging — Graham Packaging is a manufacturer of value-added, custom blow molded plastic containers for branded consumer products.

The Chief Operating Decision Maker does not review the business activities of the Group based on geography.

The accounting policies applied by each segment are the same as the Group’s accounting policies. Results from operating activities represent the profit earned by each segment without allocation of central administrative revenues and expenses, financial income and expenses, and income tax benefit and expense.

The performance of the operating segments is assessed by the Chief Operating Decision Maker based on adjusted EBITDA. Adjusted EBITDA is defined as net profit before income tax expense, net financial expenses, depreciation and amortization, adjusted to exclude certain items of a significant or unusual nature, including but not limited to acquisition costs, non-cash pension income or expense, restructuring costs, unrealized gains or losses on derivatives, gains or losses on the sale of non-strategic assets, asset impairments and write-downs and equity method profit not distributed in cash.

Segment assets and liabilities exclude intercompany transactions, which affect balances as a result of trade and borrowings between the segments. Corporate/Unallocated includes holding companies and certain debt issuer companies which support the entire Group and which are not part of a specific segment. It also includes eliminations of transactions between segments.

Inter-segment pricing is determined with reference to prevailing market prices on an arm’s-length basis, with the exception of Pactiv Foodservice's sales of Hefty and store brand products to Reynolds Consumer Products and Reynolds Consumer Products' sales to Pactiv Foodservice, which are sold at cost.

G-9

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

Business segment reporting

	For the three month period ended June 30, 2013
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / Unallocated		Total
Total external revenue	560		384		324		654		900		791		—		3,613
Total inter-segment revenue	—		24		4		31		126		—		(185	)	—
Total segment revenue	560		408		328		685		1,026		791		(185	)	3,613
Gross profit	134		63		57		179		177		93		1		704
Expenses and other income	(66	)	(22	)	(33	)	(66	)	(77	)	(63	)	(30	)	(357	)
Share of profit of associates and joint ventures	6		1		—		—		—		—		—		7
Earnings before interest and tax (“EBIT”)	74		42		24		113		100		30		(29	)	354
Financial income															26
Financial expenses															(501	)
Loss before income tax															(121	)
Income tax benefit															268
Profit after income tax															147
Earnings before interest and tax (“EBIT”)	74		42		24		113		100		30		(29	)	354
Depreciation and amortization	42		14		19		28		54		99		—		256
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	116		56		43		141		154		129		(29	)	610

G-10

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30, 2013
(In $ million)	SIG		Evergreen	Closures		Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / Unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	116		56	43		141	154		129	(29	)	610
Included in EBITDA:
Asset impairment charges	—		—	—		—	—		2	—		2
Business acquisition and integration costs	—		—	—		—	—		11	—		11
Equity method profit not distributed in cash	(1	)	—	—		—	—		—	—		(1	)
Gain on sale of businesses and properties	—		—	—		—	(1	)	—	—		(1	)
Hurricane Sandy plant damage, net of insurance recoveries	—		—	—		—	(8	)	—	—		(8	)
Manufacturing plant fires, net of insurance recoveries	—		—	—		—	7		—	—		7
Non-cash pension expense	—		—	—		—	—		—	15		15
Operational process engineering-related consultancy costs	1		—	—		—	—		—	—		1
Restructuring costs, net of reversals	—		—	4		1	2		1	—		8
Unrealized (gain) loss on derivatives	7		1	(1	)	3	3		—	—		13
Other	—		—	1		—	1		—	—		2
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	123		57	47		145	158		143	(14	)	659

G-11

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2013
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / Unallocated		Total
Total external revenue	1,074		759		602		1,212		1,689		1,576		—		6,912
Total inter-segment revenue	—		47		7		64		236		—		(354	)	—
Total segment revenue	1,074		806		609		1,276		1,925		1,576		(354	)	6,912
Gross profit	263		129		101		340		304		180		—		1,317
Expenses and other income	(100	)	(44	)	(65	)	(132	)	(143	)	(127	)	(47	)	(658	)
Share of profit of associates and joint ventures	9		1		—		—		—		—		—		10
Earnings before interest and tax (“EBIT”)	172		86		36		208		161		53		(47	)	669
Financial income															8
Financial expenses															(897	)
Loss before income tax															(220	)
Income tax benefit															285
Profit after income tax															65
Earnings before interest and tax (“EBIT”)	172		86		36		208		161		53		(47	)	669
Depreciation and amortization	92		28		39		56		111		193		—		519
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	264		114		75		264		272		246		(47	)	1,188

G-12

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2013
(In $ million)	SIG		Evergreen	Closures	Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / Unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	264		114	75	264	272		246	(47	)	1,188
Included in EBITDA:
Asset impairment charges	—		—	—	—	2		4	—		6
Business acquisition and integration costs	—		—	—	—	—		22	—		22
Gain on sale of businesses and properties	(2	)	—	—	—	(1	)	—	—		(3	)
Hurricane Sandy plant damage, net of insurance recoveries	—		—	—	—	(9	)	—	—		(9	)
Manufacturing plant fires, net of insurance recoveries	—		—	—	—	1		—	—		1
Non-cash changes in inventory and provisions	—		—	—	—	—		—	(3	)	(3	)
Non-cash pension expense	—		—	—	—	—		—	29		29
Operational process engineering-related consultancy costs	2		—	—	—	—		—	—		2
Restructuring costs, net of reversals	—		—	4	1	7		4	—		16
Unrealized loss on derivatives	1		—	—	11	2		—	—		14
VAT and customs refunds on historical imports	(16	)	—	—	—	—		—	—		(16	)
Other	—		—	1	—	1		—	—		2
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	249		114	80	276	275		276	(21	)	1,249
Segment assets as of June 30, 2013	3,092		1,093	1,666	4,193	5,448		5,501	839		21,832
Segment liabilities as of June 30, 2013	688		505	363	989	1,602		947	17,321		22,415

G-13

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / unallocated		Total
Total external revenue	520		399		344		646		872		816		—		3,597
Total inter-segment revenue	—		22		3		23		142		—		(190	)	—
Total segment revenue	520		421		347		669		1,014		816		(190	)	3,597
Gross profit	143		64		64		169		168		77		1		686
Expenses and other income	(96	)	(21	)	(36	)	(74	)	(86	)	(74	)	(30	)	(417	)
Share of profit of associates and joint ventures	6		1		—		—		—		—		—		7
Earnings before interest and tax (“EBIT”)	53		44		28		95		82		3		(29	)	276
Financial income															44
Financial expenses															(480	)
Loss before income tax															(160	)
Income tax benefit															116
Loss after income tax															(44	)
Earnings before interest and tax (“EBIT”)	53		44		28		95		82		3		(29	)	276
Depreciation and amortization	49		14		17		32		70		97		—		279
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	102		58		45		127		152		100		(29	)	555

G-14

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures	Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	102		58		45	127	152		100	(29	)	555
Included in EBITDA:
Asset impairment charges	—		—		—	—	5		7	—		12
Business acquisition and integration costs	—		—		—	1	5		3	1		10
Equity method profit not distributed in cash	(4	)	—		—	—	—		—	—		(4	)
Fixed asset adjustment	10		—		—	—	—		—	—		10
Manufacturing plant fire, net of insurance recoveries	—		—		—	—	(2	)	—	—		(2	)
Non-cash pension expense	—		—		—	—	—		—	15		15
Operational process engineering-related consultancy costs	1		—		—	—	6		—	—		7
Restructuring costs, net of reversals	3		—		1	—	(2	)	16	—		18
SEC registration costs	—		—		—	—	—		—	2		2
Unrealized (gain) loss on derivatives	9		(2	)	5	6	(1	)	—	—		17
VAT and customs duties on historical imports	(1	)	—		—	—	—		—	—		(1	)
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	120		56		51	134	163		126	(11	)	639

G-15

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures		Reynolds Consumer Products		Pactiv Foodservice		Graham Packaging		Corporate / unallocated		Total
Total external revenue	987		792		637		1,201		1,688		1,611		—		6,916
Total inter-segment revenue	—		39		6		41		246		—		(332	)	—
Total segment revenue	987		831		643		1,242		1,934		1,611		(332	)	6,916
Gross profit	248		126		117		327		314		160		(1	)	1,291
Expenses and other income	(170	)	(42	)	(62	)	(130	)	(105	)	(140	)	(67	)	(716	)
Share of profit of associates and joint ventures	11		1		—		—		—		—		—		12
Earnings before interest and tax (“EBIT”)	89		85		55		197		209		20		(68	)	587
Financial income															126
Financial expenses															(801	)
Loss before income tax															(88	)
Income tax benefit															81
Loss after income tax															(7	)
Earnings before interest and tax (“EBIT”)	89		85		55		197		209		20		(68	)	587
Depreciation and amortization	111		28		36		64		138		191		—		568
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	200		113		91		261		347		211		(68	)	1,155

G-16

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the six month period ended June 30, 2012
(In $ million)	SIG		Evergreen		Closures	Reynolds Consumer Products	Pactiv Foodservice		Graham Packaging	Corporate / unallocated		Total
Earnings before interest, tax, depreciation and amortization (“EBITDA”)	200		113		91	261	347		211	(68	)	1,155
Included in EBITDA:
Asset impairment charges	—		—		—	—	5		12	—		17
Business acquisition and integration costs	—		—		—	2	16		9	3		30
Equity method profit not distributed in cash	(7	)	—		—	—	—		—	—		(7	)
Fixed asset adjustment	10		—		—	—	—		—	—		10
Gain on sale of businesses and properties	—		—		—	—	(76	)	—	—		(76	)
Manufacturing plant fire, net of insurance recoveries	—		—		—	—	10		—	—		10
Non-cash changes in inventory and provisions	—		—		—	3	6		—	—		9
Non-cash pension expense	—		—		—	—	—		—	29		29
Operational process engineering-related consultancy costs	1		—		—	—	8		—	—		9
Restructuring costs, net of reversals	19		—		1	—	1		24	—		45
SEC registration costs	—		—		—	—	—		—	6		6
Unrealized (gain) loss on derivatives	6		(2	)	1	4	(1	)	—	—		8
VAT and customs duties on historical imports	(1	)	—		—	—	—		—	—		(1	)
Other	—		—		—	—	(2	)	—	—		(2	)
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)	228		111		93	270	314		256	(30	)	1,242
Segment assets as of December 31, 2012	3,123		1,143		1,676	4,124	5,334		5,556	1,208		22,164
Segment liabilities as of December 31, 2012	727		411		350	870	1,289		985	18,500		23,132

G-17

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

6.    Other income

	For the three month period ended June 30,		For the six month period ended June 30,
(In $ million)	2013	2012	2013	2012
Gain on sale of business	—	—	—	76
Gain on sale of non-current assets	1	1	3	3
Income from facility management	—	—	1	1
Royalty income	2	1	2	2
Income from miscellaneous services	2	1	3	3
Rental income from investment properties	1	1	1	1
Non-cash change in provisions	—	—	3	—
Litigation settlement	—	—	3	—
Other	2	5	4	10
Total other income	8	9	20	96

7.    Other expenses

	For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	2013		2012		2013		2012
Asset impairment charges	(2	)	(12	)	(6	)	(17	)
Business acquisition and integration costs	(11	)	(10	)	(22	)	(30	)
Hurricane Sandy plant damage, net of insurance recoveries	8		—		13		—
Manufacturing plant fires, net of insurance recoveries	(7	)	2		1		(10	)
Net foreign currency exchange loss	(7	)	(4	)	(6	)	(5	)
Operational process engineering-related consultancy costs	(1	)	(7	)	(2	)	(9	)
Restructuring costs	(5	)	(18	)	(9	)	(45	)
SEC registration costs	—		(2	)	—		(6	)
Unrealized losses on derivatives	(13	)	(17	)	(14	)	(8	)
VAT and customs refunds on historical imports	—		—		6		—
Other	(6	)	—		(6	)	(1	)
Total other expenses	(44	)	(68	)	(45	)	(131	)

Other expenses includes costs incurred, net of insurance recoveries, related to fires in Pactiv Foodservice's Macon, Georgia and Moorhead, Minnesota manufacturing plants in May 2013 and March 2012, respectively, as well as damage sustained to Pactiv Foodservice's Kearny, New Jersey manufacturing plant as a result of Hurricane Sandy in October 2012. Costs incurred primarily include asset impairment charges and clean up and restoration costs.

G-18

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

8.    Financial income and expenses

		For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	Note	2013		2012		2013			2012
Interest income		3		2		8			3
Net gain in fair values of derivatives		—		42		—			123
Net foreign currency exchange gain		23		—		—			—
Financial income		26		44		8			126
Interest expense:
Securitization Facility		(3	)	—		(5	)		—
September 2012 Credit Agreement		(31	)	—		(63	)		—
August 2011 Credit Agreement		—		(76	)	—			(152	)
September 2012 Senior Secured Notes		(46	)	—		(93	)		—
February 2012 Senior Notes(a)		—		(31	)	—			(46	)
August 2011 Notes(a)		(85	)	(54	)	(170	)		(108	)
February 2011 Notes		(38	)	(39	)	(76	)		(78	)
October 2010 Notes		(60	)	(65	)	(121	)		(129	)
May 2010 Senior Notes		(22	)	(22	)	(43	)		(46	)
2009 Senior Secured Notes		—		(33	)	—			(66	)
2007 Notes		(25	)	(25	)	(51	)		(51	)
Pactiv 2012 Notes		—		—		—			(3	)
Pactiv 2017 Notes		(6	)	(6	)	(12	)		(12	)
Pactiv 2018 Notes		(1	)	(1	)	(1	)		(1	)
Pactiv 2025 Notes		(5	)	(5	)	(11	)		(11	)
Pactiv 2027 Notes		(4	)	(4	)	(8	)		(8	)
Graham Packaging 2014 Notes		—		—		—			(7	)
Related party borrowings		—		(1	)	—			(1	)
Amortization of:
Debt issuance costs:
Securitization Facility		(1	)	—		(1	)		—
September 2012 Credit Agreement		(1	)	—		(1	)		—
August 2011 Credit Agreement		—		(2	)	—			(4	)
September 2012 Senior Secured Notes		(2	)	—		(3	)		—
February 2012 Senior Notes		—		(1	)	—			(1	)
August 2011 Notes		(3	)	(2	)	(5	)		(3	)
February 2011 Notes		—		(1	)	(1	)		(1	)
October 2010 Notes		(2	)	(2	)	(4	)		(4	)
May 2010 Senior Notes		(1	)	(1	)	(2	)		(2	)
2009 Senior Secured Notes		—		(2	)	—			(4	)
2007 Notes		(1	)	(1	)	(2	)		(2	)
Fair value adjustment on acquired notes		—		1		1			1
Original issue discounts		(1	)	(2	)	(1	)		(4	)
Embedded derivatives		3		1		5			3
Net loss in fair values of derivatives		(163	)	—		(176	)		—
Net foreign currency exchange loss		—		(101	)	(45	)		(50	)
Loss on extinguishment of debt(b)		—		—		—			(1	)
Other		(3	)	(5	)	(8	)	—	(10	)
Financial expenses		(501	)	(480	)	(897	)	—	(801	)
Net financial expenses		(475	)	(436	)	(889	)		(675	)

(a) Following the exchange offer in August 2012, all but $9 million of the February 2012 Senior Notes were exchanged for August 2011 Senior Notes.

(b) Loss on extinguishment of debt includes early repayment penalties and the write-off of unamortized transactions costs.

G-19

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

Refer to note 12 for information on the Group's borrowings.

9.    Income tax

	For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	2013		2012		2013			2012
Reconciliation of effective tax rate
Profit (loss) before income tax	(121	)	(160	)	(220	)		(88	)
Income tax benefit using the New Zealand tax rate of 28%	34		44		62			24
Effect of tax rate differences in foreign jurisdictions	14		16		27			16
Effect of tax rates in state and local jurisdictions	2		1		2			—
Non-deductible expenses and permanent differences	242		(1	)	258			(8	)
Withholding tax	(2	)	(3	)	(5	)		(7	)
Tax benefit of alternative fuel mixture credits	—		96		—			96
Tax rate modifications	(2	)	(1	)	1			(1	)
Recognition of previously unrecognized tax losses and temporary differences	(1	)	(2	)	7			—
Unrecognized tax losses and temporary differences	(13	)	(35	)	(57	)		(38	)
Tax uncertainties	(1	)	3		—			4
Tax on unremitted earnings	(5	)	(4	)	(11	)		(7	)
Over (under) provided in prior periods	—		—		1		—	—
Other	—		2		—			2
Total income tax benefit	268		116		285			81

An estimated annual effective tax rate is computed for each jurisdiction in which the Group operates, based on forecasted pre-tax income and permanent items of each jurisdiction.  For recording tax expense or benefit in interim periods, the estimated annual effective tax rate is applied to the pre-tax income for the interim period by jurisdiction, excluding loss companies and those items for which the tax expense or benefit is determined separately.

As of June 30, 2013, the Group has projected a full year annual effective tax rate in the U.S. of 184%, which differs from the New Zealand statutory tax rate of 28% primarily because of the proportional relationship between the full year's forecasted pre-tax income and the permanent items in the U.S.

As a result of applying the estimated full year U.S. annual effective tax rate to the actual pre-tax loss for the three and six month periods ended June 30, 2013, income tax benefits of $246 million and $265 million, respectively, have been recorded. Based on management's projections of annual pre-tax income for the year ending December 31, 2013, it is anticipated that the tax benefit recorded for the six month period ended June 30, 2013 will be offset by tax expense in the remainder of 2013.

10.    Depreciation and amortization expenses

Property, plant and equipment

Depreciation expense related to property, plant and equipment is recognized in the following components in the statements of comprehensive income:

	For the three month period ended June 30,		For the six month period ended June 30,
(In $ million)	2013	2012	2013	2012
Cost of sales	173	186	344	370
Selling, marketing and distribution expenses	—	1	1	2
General and administration expenses	4	4	8	11
Total depreciation expense	177	191	353	383

Intangible assets

Amortization expense related to intangible assets is recognized in the following components in the statements of comprehensive income:

G-20

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	For the three month period ended June 30,		For the six month period ended June 30,
(In $ million)	2013	2012	2013	2012
Cost of sales	19	24	47	53
General and administration expenses	60	64	119	132
Total amortization expense	79	88	166	185

Asset impairment charges

The Group has recognized impairment charges for fixed assets, inventory, intangibles, investment properties and assets held for sale.

During the three and six month periods ended June 30, 2013, impairment charges of $19 million and $23 million, respectively, were recognized, primarily related to fire damage. Impairment charges of $10 million and $25 million were recognized during the three and six month periods ended June 30, 2012, respectively, primarily related to plant closures and fire damage.

11.    Inventories

(In $ million)	As of June 30, 2013		As of December 31, 2012
Raw materials and consumables	434		414
Work in progress	244		241
Finished goods	937		866
Engineering and maintenance materials	157		149
Provision against inventories	(55	)	(58	)
Total inventories	1,717		1,612

During the three and six month periods endedJune 30, 2013, the raw materials elements of inventory recognized as a component of cost of sales totaled $1,660 million and $3,139 million, respectively (three and six month periods endedJune 30, 2012: $1,677 million and $3,177 million, respectively).

12.    Borrowings

As of June 30, 2013, Reynolds Group Holdings Limited ("RGHL"), the immediate parent of the Group, and the Group were in compliance with all of their covenants. The Group's borrowings are detailed below:

G-21

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

(In $ million)	Note	As of June 30, 2013	As of December 31, 2012
Securitization Facility(a)(r)		477	491
September 2012 Credit Agreement(b)(s)		26	26
Other borrowings(w)		17	6
Current borrowings		520	523
September 2012 Credit Agreement(b)(s)		2,567	2,583
September 2012 Senior Secured Notes(c)(t)		3,220	3,219
February 2012 Senior Notes(d)(t)		9	9
August 2011 Senior Secured Notes(e)(t)		1,473	1,471
August 2011 Senior Notes(f)(t)		2,192	2,189
February 2011 Senior Secured Notes(g)(t)		997	998
February 2011 Senior Notes(h)(t)		996	995
October 2010 Senior Secured Notes(i)(t)		1,477	1,475
October 2010 Senior Notes(j)(t)		1,471	1,470
May 2010 Senior Notes(k)(t)		984	982
2007 Senior Notes(l)(u)		616	621
2007 Senior Subordinated Notes(m)(u)		538	543
Pactiv 2017 Notes(n)(v)		311	312
Pactiv 2018 Notes(o)(v)		17	17
Pactiv 2025 Notes(p)(v)		270	270
Pactiv 2027 Notes(q)(v)		197	197
Related party borrowings	14	16	16
Other borrowings(w)		25	27
Non-current borrowings		17,376	17,394
Total borrowings		17,896	17,917

(In $ million)		As of June 30, 2013		As of December 31, 2012
(a)	Securitization Facility	485		500
	Debt issuance costs	(8	)	(9	)
	Carrying amount	477		491
(b)	September 2012 Credit Agreement (current and non-current)	2,607		2,625
	Debt issuance costs	(14	)	(16	)
	Carrying amount	2,593		2,609
(c)	September 2012 Senior Secured Notes	3,250		3,250
	Debt issuance costs	(50	)	(53	)
	Embedded derivative	20		22
	Carrying amount	3,220		3,219
(d)	February 2012 Senior Notes	9		9
	Carrying amount	9		9
(e)	August 2011 Senior Secured Notes	1,500		1,500
	Debt issuance costs	(28	)	(30	)
	Original issue discount	(9	)	(10	)
	Embedded derivative	10		11
	Carrying amount	1,473		1,471
(f)	August 2011 Senior Notes	2,241		2,241
	Debt issuance costs	(53	)	(57	)
	Original issue discount	(6	)	(6	)
	Embedded derivative	10		11

G-22

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

(In $ million)		As of June 30, 2013		As of December 31, 2012
	Carrying amount	2,192		2,189
(g)	February 2011 Senior Secured Notes	1,000		1,000
	Debt issuance costs	(15	)	(15	)
	Embedded derivative	12		13
	Carrying amount	997		998
(h)	February 2011 Senior Notes	1,000		1,000
	Debt issuance costs	(13	)	(15	)
	Embedded derivative	9		10
	Carrying amount	996		995
(i)	October 2010 Senior Secured Notes	1,500		1,500
	Debt issuance costs	(30	)	(32	)
	Embedded derivative	7		7
	Carrying amount	1,477		1,475
(j)	October 2010 Senior Notes	1,500		1,500
	Debt issuance costs	(36	)	(38	)
	Embedded derivative	7		8
	Carrying amount	1,471		1,470
(k)	May 2010 Senior Notes	1,000		1,000
	Debt issuance costs	(23	)	(25	)
	Embedded derivative	7		7
	Carrying amount	984		982
(l)	2007 Senior Notes	627		634
	Debt issuance costs	(11	)	(13	)
	Carrying amount	616		621
(m)	2007 Senior Subordinated Notes	549		555
	Debt issuance costs	(11	)	(12	)
	Carrying amount	538		543
(n)	Pactiv 2017 Notes	300		300
	Fair value adjustment at acquisition	11		12
	Carrying amount	311		312
(o)	Pactiv 2018 Notes	16		16
	Fair value adjustment at acquisition	1		1
	Carrying amount	17		17
(p)	Pactiv 2025 Notes	276		276
	Fair value adjustment at acquisition	(6	)	(6	)
	Carrying amount	270		270
(q)	Pactiv 2027 Notes	200		200
	Fair value adjustment at acquisition	(3	)	(3	)
	Carrying amount	197		197

(r)        Securitization Facility

Certain members of the Group are parties to a receivables loan and security agreement pursuant to which the Group can borrow up to $600 million (the "Securitization Facility"). The amount that can be borrowed is calculated by reference to a funding base determined by the amount of eligible trade receivables of certain members of the Group. The Securitization Facility matures on November 7, 2017 and accrues interest at a rate of either the cost of funds in commercial paper or LIBOR, set daily, plus, in each case, a margin of 1.90%. During the six month period ended June 30, 2013, interest was charged at 2.10% to 2.17%. The Securitization Facility is secured by all of the assets of the borrower, Beverage Packaging Factoring (Luxembourg) S.à r.l., primarily the eligible trade receivables and cash. The terms of the Securitization Facility do not result in the derecognition of the trade receivables by the Group. Amounts drawn under the Securitization Facility are presented as current borrowings, as amounts drawn are required to be repaid when the receivables are collected.

(s)         September 2012 Credit Agreement

RGHL and certain members of the Group are parties to an amended and restated senior secured credit agreement dated September 28, 2012 (the “September 2012 Credit Agreement”), which amended and restated the terms of the August 2011 Credit Agreement (as defined below). The September 2012 Credit Agreement comprises the following term and revolving tranches:

G-23

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

	Currency	Maturity Date	Original facility value (in million)	Value drawn or utilized as of June 30, 2013 (in million)	Applicable interest rate as of June 30, 2013
Term Tranches
U.S. Term Loan	$	September 28, 2018	2,235	2,218	3 month LIBOR floor of 1.000% + 3.750%
European Term Loan	€	September 28, 2018	300	298	3 month EURIBOR floor of 1.000% + 4.000%
Revolving Tranches(1)
Revolving Tranche	$	November 5, 2014	120	68	—
Revolving Tranche	€	November 5, 2014	80	15	—

(1) The Revolving Tranches were utilized in the form of bank guarantees and letters of credit.

The guarantee and security arrangements, prepayment premium, amortization and excess cash flow required payments and covenant restrictions for the September 2012 Credit Agreement are unchanged from December 31, 2012.

RGHL and certain members of the Group were parties to an amended and restated senior secured credit agreement dated August 9, 2011 (the “August 2011 Credit Agreement”), which amended and restated the previous terms. For the six month period ended June 30, 2012, the applicable interest rates for the Tranche B U.S. Term Loan, Tranche C U.S. Term Loan and European Term Loan under the August 2011 Credit Agreement were 6.50%, 6.50% and 6.75%, respectively.

(t)        Reynolds Notes

The Group's borrowings as of June 30, 2013 issued by Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group Issuer (Luxembourg) S.A. (together, the "Reynolds Issuers") are defined and summarized below:

	Currency	Issue date	Principal amounts issued (in million)	Interest rate	Maturity date	Semi-annual interest payment dates
September 2012 Senior Secured Notes	$	September 28, 2012	3,250	5.750%	October 15, 2020	April 15 and October 15
February 2012 Senior Notes	$	February 15, 2012	9	9.875%	August 15, 2019	February 15 and August 15
August 2011 Senior Secured Notes	$	August 9, 2011	1,500	7.875%	August 15, 2019	February 15 and August 15
August 2011 Senior Notes	$	August 9, 2011 and August 10, 2012	2,241	9.875%	August 15, 2019	February 15 and August 15
February 2011 Senior Secured Notes	$	February 1, 2011	1,000	6.875%	February 15, 2021	February 15 and August 15
February 2011 Senior Notes	$	February 1, 2011	1,000	8.250%	February 15, 2021	February 15 and August 15
October 2010 Senior Secured Notes	$	October 15, 2010	1,500	7.125%	April 15, 2019	April 15 and October 15
October 2010 Senior Notes	$	October 15, 2010	1,500	9.000%	April 15, 2019	April 15 and October 15
May 2010 Senior Notes	$	May 4, 2010	1,000	8.500%	May 15, 2018	May 15 and November 15

The August 2011 Senior Secured Notes and the August 2011 Senior Notes are collectively defined as the "August 2011 Notes." The February 2011 Senior Secured Notes and the February 2011 Senior Notes are collectively defined as the "February 2011 Notes." The October 2010 Senior Secured Notes and the October 2010 Senior Notes are collectively defined as the "October 2010 Notes."

As used herein, “Reynolds Notes” refers to the September 2012 Senior Secured Notes, the February 2012 Senior Notes, the August 2011 Notes, the February 2011 Notes, the October 2010 Notes and the May 2010 Senior Notes and "Reynolds Senior Secured Notes" refers to the September 2012 Senior Secured Notes, the August 2011 Senior Secured Notes, the February 2011 Senior Secured Notes and the October 2010 Senior Secured Notes.

Assets pledged as security for loans and borrowings

The shares in BP I have been pledged as collateral to support the obligations under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes. In addition, BP I and certain subsidiaries of BP I have pledged certain of their assets (including shares and equity interests) as collateral to support the obligations under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes.

G-24

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

Additional information regarding the Reynolds Notes

The guarantee and security arrangements, indenture restrictions, early redemption options and change in control provisions for the Reynolds Notes are unchanged from December 31, 2012.

SEC registrations and exchange offers

RGHL and certain members of the Group have registered the Reynolds Notes with the SEC and have completed exchange offers with respect to the Reynolds Notes. The registration statement with respect to the September 2012 Senior Secured Notes was declared effective by the SEC on December 27, 2012, and the exchange offer closed on January 29, 2013.

(u)    2007 Notes

On June 29, 2007, BP II issued €480 million principal amount of 8.000% senior notes due 2016 (the “2007 Senior Notes”) and €420 million principal amount of 9.500% senior subordinated notes due 2017 (the “2007 Senior Subordinated Notes” and, together with the 2007 Senior Notes, the “2007 Notes”). Interest on the 2007 Notes is paid semi-annually on June 15 and December 15.

The guarantee and security arrangements, indenture restrictions, and change of control provisions are unchanged from December 31, 2012.

(v)    Pactiv Notes

As of June 30, 2013, the Group had outstanding the following notes (defined below, and together the “Pactiv Notes”) issued by Pactiv LLC (formerly Pactiv Corporation):

	Currency	Date acquired by the Group	Principal amounts outstanding (in million)	Interest rate	Maturity date	Semi-annual interest payment dates
Pactiv 2017 Notes	$	November 16, 2010	300	8.125%	June 15, 2017	June 15 and December 15
Pactiv 2018 Notes	$	November 16, 2010	16	6.400%	January 15, 2018	January 15 and July 15
Pactiv 2025 Notes	$	November 16, 2010	276	7.950%	December 15, 2025	June 15 and December 15
Pactiv 2027 Notes	$	November 16, 2010	200	8.375%	April 15, 2027	April 15 and October 15

The guarantee arrangements, indenture restrictions, and redemption terms are unchanged from December 31, 2012.

(w)    Other borrowings

As of June 30, 2013, in addition to the Securitization Facility, the September 2012 Credit Agreement, the Reynolds Notes, the 2007 Notes and the Pactiv Notes, the Group had a number of unsecured working capital facilities extended to certain operating companies of the Group. These facilities bear interest at floating or fixed rates.

As of June 30, 2013, the Group also had local working capital facilities in a number of jurisdictions which are secured by the collateral under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes or by certain other assets. The local working capital facilities which are secured by the collateral under the September 2012 Credit Agreement and the Reynolds Senior Secured Notes rank pari passu with the obligations under the September 2012 Credit Agreement and under the Reynolds Senior Secured Notes.

Other borrowings as of June 30, 2013 also included finance lease obligations of $25 million (December 31, 2012: $26 million).

13.    Employee benefits

Effective January 1, 2013 the Group adopted IAS19R on a retrospective basis in accordance with the provisions set out in the standard. The revised standard changes the recognition, measurement, presentation and disclosure of post-employment benefits. IAS 19R eliminates the “corridor method” for defined benefit pension plans and other post-employment benefit obligations under which the recognition of actuarial gains and losses had been deferred. Instead, the full defined benefit obligation net of plan assets is now recorded on the statement of financial position, with changes resulting from remeasurements recognized immediately in other comprehensive income. IAS 19R also changed the measurement of pension expense. The return on plan assets is capped at the long-term bond rate used in determining the discount rate of the plan liability. All other changes in plan assets are now recognized directly in other comprehensive income. The effect of this is to remove from the statement of comprehensive income the previous concept of recognizing an expected return on plan assets.

Upon adoption of IAS 19R the Group restated the opening balance of the employee benefit liability as of January 1, 2012, increasing it by $409 million from the previously reported balance of $936 million with a corresponding remeasurement charge to other reserves of $249 million, net of tax. The Group's employee benefit liability as of December 31, 2012 was also restated from a previously reported balance of $891 million to $1,585 million reflecting a remeasurement charge to accumulated other comprehensive income of $315 million, net of tax.

The Group has continued to present pension (income) expense under the revised standard in personnel costs which are reported in cost of sales, selling, marketing and distribution expenses and general and administration expenses. The Group's reported pension expense for the three and six month periods ended June 30, 2012 was $24 million and $48 million, respectively, as restated in accordance with IAS 19R compared

G-25

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

to the previously reported pension income of $6 million and $12 million, respectively. For the three and six month periods ended June 30, 2013, the Group's pension expense was $23 million and $47 million, respectively.

The Group estimates that its pension expense for the year ending December 31, 2013 will be approximately $94 million compared to pension expense on a restated basis of $95 million for the year ended December 31, 2012. The Group originally reported pension income of $20 million for the year ended December 31, 2012.

With the adoption of IAS 19R the Group also estimates the remeasurement adjustment of its employee benefit liability for the changes in the value of plan assets as of June 30, 2013 and 2012 and the changes in the value of plan liabilities due to discount rate changes at June 30, 2013 and 2012. The Group's employee benefit liability was reduced by $556 million at June 30, 2013 with a corresponding credit to comprehensive income of $136 million and $348 million, net of tax, for the three and six month periods ended June 30, 2013, respectively. The Group's employee benefit liability was increased by $56 million at June 30, 2012 with a corresponding change to comprehensive income of $189 million and $29 million, net of tax for the three and six month periods ended June 30, 2012, respectively, for this remeasurement estimate.

The remeasurement adjustments were recorded to comprehensive income, net of income tax. Therefore, tax expense of $88 million and $208 million for the three and six month periods ended June 30, 2013, respectively, and tax benefit of $118 million and $27 million for the three and six month periods ended June 30, 2012, respectively, was recorded directly to equity and not to income tax benefit in the statement of comprehensive income.

The adoption of IAS 19R reduced the Group's Adjusted EBITDA by $2 million and $4 million for the three and six month periods ended June 30, 2012, respectively, and $8 million for the year ended December 31, 2012.

The adoption of IAS 19R had no impact on reported cash flows.

The following table reflects certain elements of the Group's previously published statement of comprehensive income for the three and six month periods ended June 30, 2012 and statement of financial position as of December 31, 2012 and December 31, 2011 (shown as January 1, 2012) and the revised amounts as a result of the adoption of IAS 19R:

(In $ million)	Amount previously reported for the three months ended June 30, 2012		Change in reported amount for the three months ended June 30, 2012		Restated amount for the three months ended June 30, 2012
Statement of comprehensive income
Other income	9		—		9
General and administration expenses	(238	)	(28	)	(266	)
Profit from operating activities	304		(28	)	276
Income tax (expense) benefit	74		42		116
Profit (loss) for the period	(58	)	14		(44	)
Exchange differences on translating foreign operations	33		7		40
Remeasurement of defined benefit plans, net of income tax	—		(189	)	(189	)
Total other comprehensive income for the period, net of income tax	33		(182	)	(149	)
Total comprehensive income (loss) attributable to:
Equity holder of the Group	(26	)	(168	)	(194	)
Non-controlling interests	1		—		1

(In $ million)	Amount previously reported for the six months ended June 30, 2012		Change in reported amount for the six months ended June 30, 2012		Restated amount for the six months ended June 30, 2012
Statement of comprehensive income
Other income	86		10		96
General and administration expenses	(446	)	(58	)	(504	)
Profit from operating activities	635		(48	)	587
Income tax (expense) benefit	42		39		81
Profit (loss) for the period	2		(9	)	(7	)
Exchange differences on translating foreign operations	34		7		41
Remeasurement of defined benefit plans, net of income tax	—		(29	)	(29	)
Total other comprehensive income for the period, net of income tax	34		(22	)	12
Total comprehensive income (loss) attributable to:
Equity holder of the Group	35		(31	)	4
Non-controlling interests	1		—		1

G-26

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

(In $ million)	Amount previously reported as of December 31, 2012		Change in reported amount as of December 31, 2012		Restated amount as of December 31, 2012
Statement of financial position
Deferred tax assets	40		2		42
Other assets	168		(29	)	139
Total non-current assets	17,439		(27	)	17,412
Total assets	22,191		(27	)	22,164
Employee benefit liabilities	891		694		1,585
Deferred tax liabilities	1,412		(262	)	1,150
Total non-current liabilities	19,870		432		20,302
Total liabilities	22,700		432		23,132
Equity
Reserves	(1,260	)	(315	)	(1,575	)
Accumulated losses	(655	)	(144	)	(799	)
Equity attributable to equity holder of the Group	(530	)	(459	)	(989	)
Total equity (deficit)	(509	)	(459	)	(968	)

(In $ million)	Amount previously reported as of December 31, 2011		Change in reported amount as of December 31, 2011		Restated amount as of January 1, 2012
Statement of financial position
Deferred tax assets	29		—		29
Other assets	150		(64	)	86
Total non-current assets	17,595		(64	)	17,531
Total assets	21,635		(64	)	21,571
Liabilities directly associated with assets held for sale	20		10		30
Employee benefit liabilities	936		409		1,345
Deferred tax liabilities	1,548		(165	)	1,383
Total non-current liabilities	19,297		244		19,541
Total liabilities	22,092		254		22,346
Equity
Reserves	(1,256	)	(249	)	(1,505	)
Accumulated losses	(640	)	(69	)	(709	)
Equity attributable to equity holder of the Group	(479	)	(318	)	(797	)
Total equity (deficit)	(457	)	(318	)	(775	)

G-27

Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

14.    Related parties

Parent and ultimate controlling party

The immediate parent of the Group is RGHL, the ultimate parent of the Group is Packaging Holdings Limited and the ultimate shareholder is Mr. Graeme Hart.

Related party transactions

The transactions and balances outstanding with joint ventures and associates are with SIG Combibloc Obeikan FZCO, SIG Combibloc Obeikan Company Limited, Ducart Evergreen Packaging Ltd, Banawi Evergreen Packaging Company Limited, and Eclipse Closures, LLC. All other related parties detailed below have a common ultimate shareholder. The entities and types of transactions with which the Group entered into related party transactions during the three and six month periods endedJune 30, 2013 and 2012 are detailed below:

	Transaction values								Balances outstanding as of
	For the three month period ended June 30,				For the six month period ended June 30,
(In $ million)	2013		2012		2013		2012		June 30, 2013		December 31, 2012
Transactions with the immediate and ultimate parent companies
Due to immediate parent(a)	—		—		—		—		(16	)	(16	)
Transactions with joint ventures and associates
Sale of goods and services(b)	64		38		119		84		60		46
Transactions with other related parties
Trade receivables
Carter Holt Harvey Pulp & Paper Limited									—		—
Sale of goods	1		—		1		1
FRAM Group Operations LLC									1		1
Recharges	2		1		2		1
Trade payables
Carter Holt Harvey Limited									(1	)	—
Purchase of goods	(3	)	(2	)	(6	)	(5	)
Carter Holt Harvey Pulp & Paper Limited									(3	)	(2	)
Purchase of goods	(8	)	(8	)	(16	)	(15	)
Rank Group Limited									(6	)	(7	)
Recharges(c)	(1	)	(10	)	(2	)	(19	)
Rank Group North America, Inc.									1		—
Recharges(d)	(5	)	(7	)	(10	)	(14	)
Loans payable
Reynolds Treasury (NZ) Limited(e)									—		—
Interest expense	—		(1	)	—		(1	)
Payable related to transfer of tax losses to:
Evergreen Packaging New Zealand Limited									—		—
Transfer of tax losses	—		—		—		(3	)
Reynolds Packaging Group (NZ) Limited									—		—
Transfer of tax losses	—		—		—		(7	)

(a) The advance due to RGHL accrued interest at a rate based on EURIBOR plus a margin of 2.375%. During the six month period endedJune 30, 2013, interest accrued at a rate of 2.56% to 2.59% (2012: 3.15% to 3.72%). The loan is subordinated to the obligations under the September 2012 Credit Agreement, the Reynolds Senior Secured Notes, and is subject to certain other payment restrictions, including in favor of the 2007 Notes under the terms of the inter-creditor arrangements.

(b) All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated on a cost-plus basis allowing a margin ranging from 3% to 6%. All amounts are unsecured, non-interest bearing and repayable on demand.

(c) Represents certain costs paid by Rank Group Limited on behalf of the Group that were subsequently recharged to the Group. These costs are primarily related to the Group's financing and acquisition activities.

(d) Represents certain costs paid by Rank Group North America, Inc. on behalf of the Group that were subsequently recharged to the Group. These costs are primarily related to services provided.

(e) On August 23, 2011, the Group borrowed the Euro equivalent of $25 million from Reynolds Treasury (NZ) Limited. The loan bore interest at the greater of 2% and the 3 month EURIBOR rate, plus 4.875%. The loan was repaid in June 2012.

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Beverage Packaging Holdings Group

Notes to the interim unaudited condensed combined financial statements

For the three and six month periods ended June 30, 2013

15.    Contingencies

Litigation and legal proceedings

In addition to the amounts recognized as provisions in the statements of financial position, the Group has contingent liabilities related to other litigation and legal proceedings. The Group has determined that the possibility of a material outflow related to these contingent liabilities is remote.

16.    Subsequent events

There have been no events subsequent to June 30, 2013 which would require accrual or disclosure in these financial statements.

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