This letter is not a research report or recommendation to buy or sell the securities mentioned herein.

. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capital's entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capital's portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.


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Appendix - Orora Limited (~ORA AU or ~ORA - $1.40)

ORA, based in Australia, is an under-the-radar spinoff that we believe has 75% upside. As a subsidiary of
packaging conglomerate Amcor ('AMC), ORA embarked on a transformative restructuring which led to its
spinoff in late 2013. Although ORA is a $1.7 billion market cap company, since it is just 1/7
th
of the size of AMC,
investors sold ORA stock upon the distribution, creating a classic spinoff opportunity. Through cost-cutting and
new capacity, we believe ORA`s already strong Iree cash Ilow could meaningIully increase over the next 2 years,
leading to a gradual increase in ORA`s dividend. ORA`s management team has an excellent track record oI creating
shareholder value and since the spinoff both the Chairman and the CEO have purchased significant amounts of
stock personally. We believe that as the company executes and investors discover this hidden gem, the stock could
trade for $2.00-$2.50 per share.

Business Summary

ORA is the #1 bottler of wines in Australia and New Zealand with a 55% market share, and the #1 local producer of
aluminum cans for beer and soda. The company also manufactures liquor bottles and wine accessories such as
labels and stoppers. ORA`s comprehensive one-stop-shop offering and its long standing customer relationships
have proven to be a significant moat around its business. The company supplies both standard bottles and custom
design bottles to meet the needs of key customers such as Carlton and Coca-Cola.

ORA also operates a fiber packaging business, manufacturing high quality, engaging wine boxes and 6-pack
containers. ORA utilizes its fiber packaging capabilities in other sectors such as fresh produce and other food and
beverage grocery products. With #1 and #2 local positions in fiber packaging servicing defensive end markets such
as the food and beverage industry, ORA has a stable business and is entrenched with its key customers. The bottle,
aluminum can, and fiber packaging businesses in Australia and New Zealand represent 80 oI the company`s
consolidated EBITDA.

The other 20 oI EBITDA comes Irom ORA`s North American corrugated packaging and shipping products
distribution businesses. This Packaging Distribution division has built strong regional brand equity through the
Landsberg trade name and could potentially be more valuable to a competitor as the U.S. packaging sector
continues to consolidate.

Restructuring

Over the last few years, ORA has undergone a significant reorganization. As a subsidiary within AMC, ORA
embarked on a transformation to not only divest non-core businesses and shutter unnecessary capacity, but also to
invest in its core operations and improve efficiency. The company has divested or closed nearly 40 of its 65
facilities in an effort to exit low profit centers such as aerosol, metal cans and plastic closures. Over the next few
years, management expects further restructuring and profit opportunities, such as headcount reductions, a furnace
realignment to lower energy expense and the opening of a new recycled paper mill. Many of these initiatives are
already underway and investors can see meaningful progress. In total, these cost saving programs could add almost
$100m in profits, resulting in 40% EBIT growth over the next 2 years.



This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capital's entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capital's portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.


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Management

CEO Nigel Garrard has a history of value creation. Prior to ORA, he ran an Australian canned food company called
SPC Ardmona ('SPC) and grew the business through acquisitions and a successIul international expansion
program, beIore ultimately selling the company. Under Nigel`s management, SPC investors saw the stock triple in
just 4 years. Additionally, since the ORA spinoff in December, Nigel has purchased $1.1m worth of stock in the
open market and Chairman Christopher Roberts has bought almost $600,000 worth of stock personally in the open
market. Actions speak louder than words and ORA management is putting their money where their mouth is,
signaling that they believe the stock is significantly undervalued.

Valuation

After becoming a standalone entity, ORA initiated a $0.06 per share annual dividend, currently a 4.2% yield. As
free cash flow ramps over the next two years, the dividend could gradually rise towards $0.10 per share.
Furthermore, with each quarter of execution on its cost-cutting programs, the company`s dividend yield could
contract towards 4%. We believe the stock could reach $2.00 per share next year and potentially $2.50 per share as
we start looking into fiscal 2016. Looking from another angle, ORA could generate $0.15 per share in free cash
flow in fiscal 2016, which is worth $2.25 per share using a 15x multiple.

With a defensive business, cost-cutting programs, and a management team that is paying dividends and bought
shares personally in the open market, ORA stock offers investors a classic spinoff opportunity with significant
upside and real margin oI saIety. The downside protection is provided by the Iree cash Ilow and management`s
willingness to return it to shareholders. We also believe that if the market does not fully reward ORA shareholders
with a higher stock price as progress is made and cash flow ramps, Nigel could create value the way he did at SPC
by selling the company.


Dividend Analysis Fiscal Years Ending 6/30
2014

2015

2016
Current

Projected

Projected
FCF Payout Ratio 66.3%

67.0%

67.0%
Dividend / share $0.06

$0.08

$0.10
Dividend Yield 4.2%

4.1%

4.0%
Projected Stock Price

$1.97

$2.50
vs Current Price 38.8% 75.8%










This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capital's entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capital's portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.


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I MPORTANT DI SCLOSURES

An investment in any Corsair fund is speculative and involves a high degree of risk. Past performance is not
necessarily indicative of future results. There can be no assurances that any Corsair fund will continue to have a
similar return on invested capital because, among other reasons, there may be differences in economic and
market conditions, regulatory and political climate, portfolio size, investment opportunities, expenses and
structure.

References to benchmarks are for illustrative purposes only. Comparisons to benchmarks have limitations
because characteristics of such benchmarks, such as level of volatility and position concentration, among other
things, may differ from those of the applicable Corsair fund. The Corsair funds do not attempt to track a
benchmark.

The information in this letter is as of the date set forth on the cover page hereto and is subject to change without
notice. The delivery of this letter at any time does not imply that the information or opinions contained herein
are correct at any time subsequent to the date set forth on the cover page hereto.

Any forward-looking statements included in this letter represent the subjective views of the portfolio managers
of Corsair, including the future performance of the market generally and portfolio companies specifically, based
on assumptions that may or may not prove to be correct. There can be no assurance that these views are
accurate or will be realized, and nothing contained here is, or should be relied on as, a promise as to the future
performance or condition of any Corsair fund, any portfolio company or the market generally. Industry experts
and the portfolio companies themselves may disagree with these views and/or assumptions.

Certain information contained herein has been obtained by Corsair from third parties. While Corsair believes
that such sources are reliable, it cannot guarantee the accuracy of any such information and does not represent
that such information is accurate or complete.