Sale of Business

• Administrators announce successful sale of Pro-Pac Packaging's Australian and New Zealand businesses to Knoxcorp
• Sale on a going concern basis, with transfer of employment for current employees except Perfection Packaging
• Proceeds from transactions will not be sufficient to provide a return to shareholders

Pro-Pac Packaging Limited, under administration, has announced the successful sale of its continuing Australian and New Zealand businesses to Knoxcorp, a privately owned Australian investment company led by Jim Knox. The Administrators have entered into a Business Sale Agreement for the sale of PPG's Australian business and assets, excluding the Perfection Packaging business, to Consolidated Packaging Australia Pty Ltd, a subsidiary of Knoxcorp. The sale completion is expected by early March 2026. Separately, a Business Sale Agreement has also been executed for PPG's New Zealand business and assets with Consolidated Packaging Limited, a New Zealand subsidiary of Knoxcorp, with sale completion expected by 30 January 2026. Both acquisitions are on a going concern basis and provide for the transfer of employment for all current employees, except for those within Perfection Packaging. The Perfection Packaging business in Dandenong, Victoria, is separately being wound down and will close in February 2026. The proceeds from the transactions will not be sufficient to provide a return to shareholders. Following completion of the transactions, the Administrators will prepare to convene the second meeting of creditors of PPG, details of which will be announced separately.