This is to inform all our stakeholders that we met and wrote to the Colombo Stock Exchange (CSE) in reference to the letter submitted by Lanka Corrugated Cartons Manufacturers Association (LCCMA) dated 16^th and 17^th October 2021. We reiterated;

1. That we are reasonably of the belief that we are market leaders in the corrugated cartons industry in Sri Lanka. The computations of market leadership are based on a combination of methodologies outlined in the detailed internal research report that includes data in terms of;

• Sales tonnage of each player by interviewing staff and internal stakeholders of the largest corrugators.
• Monthly waste output of corrugators obtained from key players of the waste recycling industry in order to determine the monthly production of individual
• The volumes of paper consumed/ utilized by us vis-à-vis the estimates of competitors’ usage as extracted from available
• Analysis of the published information of a key

2. That our strong financial performance, robust dividend policy, maintaining international standards of management practices and corporate governance, have a larger bearing on the public issue and forms an integral part of the IPO of Ex-pack Corrugated Cartons Ltd. References to market leadership and approximate market share only demonstrates the stature and the extent of our presence in the market and has relatively little or no bearing on the Public Issue of our

3. That we stand by our initial estimates and the basis through which these were arrived, we acknowledge that there is now a unverified competing claim for market leadership. In the interest of time, the broader interest of the commitments we have made to our current and future public shareholders and interests of all stakeholders of the industry, we do not envisage this to be a matter of any significance and hence, are happy to be considered as ‘One’ of the largest corrugators in the market and make any other changes to the prospectus as they see

We would like to reiterate to all our stakeholders there is no change to the fundamentals of the business, no change to our past or forecasted financials, valuation, IPO price and Subscription opening date (22nd October 2021).

Yours faithfully,

Zulficar Ghouse

Managing Director

18/10/2021