Ann: Pact Group Holdings Ltd removed from All Ordinaries index, page-17

This letter isdisgraceful and misleading.

“Shareholders continueto accept into the Offer and Kin now controls 86%”. Yes, but from 28 Dec to COB on 8 Feb Kin increased from 84.46% to 85.63%-- an enormous success of 1.17% in SIX WEEKS!

“Ebitda continuesto decline with PGH reporting a 2.9% decease from 1H23 to 1H 24”. Yes, but PGH alsoreported a 3.9% increase in underlying Ebit at the same time. I wonderwhy that was not mentioned.

“As of 8 FebPGH is no longer a member of any ASX index which will further impact liquidityand your ability to sell on market”. True, but only at the margin. PGH left the ASX300 on 30 March 2023. Since then it’s been only in the All Ords- and thus has been of no interest to most fund managers. The latest move won’t change anything for smaller shareholders.

RG is really desperateto say these things: what further distortions will he produce if he decides toextend beyond 12 Feb?