Frigoglass I C : Investor Call Presentation

Frigo DebtCo Plc

Special Purpose Financial

Information

First-quarter 2023

2019

6 June 2023

Forward Looking statements

This presentation has been prepared by Frigo DebtCo plc (the "Company") for informational purposes only. Neither the Company, its affiliates nor their respective directors, officers, employees or agents (the "Company Group") gives any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects, returns, business data or property described in this presentation, if any. This presentation does not constitute an offer to sell or a solicitation of an offer to buy or exchange or acquire securities in the United States or any other jurisdiction and no offer, tender offer, sale, exchange or acquisition of securities is proposed in a jurisdiction where such offer, tender offer, sale, exchange or acquisition would be illegal. The securities referenced in this presentation may not be offered, sold, exchanged or delivered in the United States absent registration or an applicable exemption from the registration requirement under the U.S. Securities Act of 1933, as amended. The securities mentioned in this presentation are not, and will not be, registered in the United States. This presentation may contain certain statements, targets and projections provided by the Company with respect to the anticipated future performance of the Company and the Group (together the "forward-looking statements" which are based on current expectations and assumptions about future events. All statements other than statements of historical fact included in this presentation may be forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes", "could", "estimates", "anticipates", "aims", "expects", "intends", "may", "will", "plans", "continue", "ongoing", "potential", "predict", "project", "target," "seek", "should" or "would" or, in each case, their negative or other variations or comparable terminology or by discussions of strategies, plans, objectives, targets, goals, future events or intentions. These forward- looking statements are subject, among other things, to business, economic and competitive uncertainties and contingencies, including actions of third parties, which relate to factors that are beyond the Company's ability to control or estimate precisely and that could cause actual results to differ materially from those expressed therein. In particular, these factors include, but are not limited to, macroeconomic uncertainty and the sanctions regime stemming from the Russia- Ukraine conflict, relationships with third parties (including, customers, suppliers and local banks), the commencement of operations at the Romanian production facility and exchange rates. In view of the above, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Any forward-looking statements are only made as of the date of this presentation, and we do not intend, and do not assume any obligation, to update forward-looking statements set forth in this presentation. Any forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside the control of the Company Group. This presentation contains certain tables and other statistical analyses which have been prepared in reliance upon historical information, as well as market data and trend information (the "Statistical Information"). Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. As such, no assurance can be given as to the Statistical Information's truth, accuracy, appropriateness, or completeness in any particular context. Any data on past performance, modelling or back-testing contained herein is no indication as to future performance. The future performance of the Company Group will depend on numerous factors which are subject to uncertainty. The Statistical Information should not be construed as either projections or as legal, tax, financial or accounting advice. The Company Group does not make any representation as to the reasonableness of the assumptions made within or the truth, accuracy or completeness of any modelling or back-testing. The assumptions involve known and unknown risks, uncertainties, and other factors outside the control of the Company Group. Any views or opinions (including statements or forecasts) constitute the Company Group's judgment as of the date indicated and are subject to change without notice. The value of any investment may fluctuate as a result of market changes. The information in this presentation is not intended to predict actual results and no assurances are given with respect thereto. Nothing in this report is, or should be relied upon as, a promise or representation as to the future. This report does not form the basis of any contract. In view of the above, you are cautioned not to place undue reliance on these forward-looking statements. The Company Group does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. The information in this report does not purport to be all-inclusive or contain all the information that a participant may desire or need and does not constitute advice of any sort. The Company reserves the right to change such information without warning. No representation or warranty of any kind (whether expressed or implied) is made and no liability or responsibility will be accepted by the Company or any member of the Group with respect to the accuracy, sufficiency or completeness of the information contained in this report or any errors or omissions therein, including with respect to any financial projections, other forward-looking statements, any assumptions underlying them or any opinions in connection with the Company Group's future operations or the amount of any future income or loss.

Special Purpose Financial Information for the Quarter Ended 31 March 2023

2

A pivotal turning point for Frigoglass Group

Key highlights

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Successful recapitalisation leading to enhanced liquidity, deleverage and debt maturity extension

Supportive shareholders who have put in place an experienced and engaged Board to support management in delivering sustainable long-term profitable growth in a new era for the group

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Double-digit sales growth for both ICM and Glass despite headwinds in Europe and the devaluation of Naira due to our strong presence in key growth markets

Over 30% growth in EBITDA and halving of free cash flow burn due to profitability growth and management of working capital

• Completion of state-of-the-art plant in Romania with significantly lower labour requirement and cost base

Special Purpose Financial Information for the Quarter Ended 31 March 2023

3

Recapitalisation and restructuring of the Group

Successful completion of the transaction in April

The transaction was supported by the 2025 Noteholders and Frigoglass SAIC shareholders

Key benefits for Frigoglass Group:

• Deleveraging of the Balance Sheet: The outstanding gross indebtedness reduced
• Improved Liquidity: €75 million of additional liquidity received to fund business needs, as well as restructuring-related expenses and the refinancing of the €55 million Bridge Notes
• Reduced Cash Interest Cost: Debt servicing costs aligned with future cash generation, with a reduction in the cash interest expense

		Pro Forma Gross Debt - March 2023
		409
	Accrued Interest	17	€104m gross debt reduction
Local Facilities ICM	34
Local Facilities Glass	43
			305
			3	Accrued Interest
	Bridge Notes	55	34	Local Facilities ICM
			43	Local Facilities Glass
			75	New Super Senior Notes
	2025 Notes	260

150	Reinstated Notes1

• Extension of Maturity Profile: 3-yearmaturity for the New Super Senior Notes and 5-yearmaturity for the Reinstated Notes

Pre-TransactionPost-Transaction

Net Debt2

€350m

€239m

Notes:

1. Reinstated Notes excludes the 0.5% consent fee (payable in additional Notes)
2. Including lease liabilities and adjusted for the cash interest of Bridge Notes, as well as the payment of OID, Backstop fee and advisory fees. Accrued interest in 2025 Notes and Bridge Notes not included.

Special Purpose Financial Information for the Quarter Ended 31 March 2023

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