Graphic Packaging International Investor Presentation — June 2021

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In this quarterly report we have outlined:

§ June 2021 Quarterly Review.

§ Positioning of the L1 Capital International Fund, including our perspectives on the current investment environment.

§ Review of the inflation debate.

§ An overview of Graphic Packaging, a U.S. centric global provider of sustainable paperboard-based packaging solutions to

food, beverage, foodservice, and other consumer products companies. We believe the quality of Graphic Packaging’s business

is under-appreciated, environmental sustainability trends will drive higher revenue growth, current business initiatives will

lead to a step-change in free cashflow, and the company is trading at a compelling valuation.

Returns (Net) (%)* Fund Index** Excess

1 Month 5.5 4.6 +0.9

3 Month 11.5 9.3 +2.1

1 Year 37.4 27.5 +9.9

2 Years p.a. 19.1 15.6 +3.5

Since Inception p.a. 20.2 16.1 +4.1

Since Inception – 1 March 2019 53.6 41.7 +11.9

* Figures may not sum exactly due to rounding. Past performance should

not be taken as an indicator of future performance.

** MSCI World Net Total Return Index in AUD. Return measured from Index

close on 1 March 2019.

Top 10 Holdings (in alphabetical order) Sector

Amazon Consumer Discretionary/Internet

Eagle Materials Building Products

Graphic Packaging International Industrials

Louisiana Pacific Building Products

Marsh & McLennan Commercial Services

Market Capitalisation Exposure

Cash 2%< US$10 billion 23%$10-50 billion 9%$50-100 billion 11%$100 billion+ 55%Revenue Exposure By Region*

Cash 2%Rest of World 9%Asia Pacific 14%Western Europe 18%North America 57%

* Revenue by region is internally estimated on a look through basis based on

the underlying revenues of the individual companies held in the portfolio.

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