2020 ESG Impact Report

ENVIRONMENTOVERVIEWSOCIALGOVERNANCEAPPENDIXTHE CIRCULAR ECONOMY: A Moral ImperativeWhat is the circulareconomy?BEING A PART OF THE CIRCULAR ECONOMYMEANS CREATING A PRODUCT WITH ALIFECYCLE THAT FORMS A CLOSED LOOP.The lifecycle of our paper begins with wood, arenewable resource, harvested from responsiblyWhy is the circulareconomy good for theenvironment?ForestIONATPULPBIODEGREarthPulp PULPFSCCertifiedMillsRecyclingFacilityLife-Cycleof RanpakProductsSTrash RecyclePACKAGING MATERI ASHIP TOConsumerRanpakEnd-usersmanaged forests. It continues through itsrelatively short useful life where it protectsgoods on the way to consumers. And afteruse, paper packaging can be recycled intonew paper, incinerated to generate energy, orreturned to the earth as it safely biodegrades ina matter of weeks.LA traditional linear economy sustains growthby consuming new resources. This ‘takemake-waste’ model, extracts value from finiteresources, produces products without regard toharmful externalities, and leaves unusable wasteas a byproduct.1 Ultimately, the linear economyleaves a growing set of problems for futuregenerations to address – the increasing scarcityof resources, global climate change, plasticpollution in our oceans and waterways, and theloss of biodiversity along with crucial habitats.THE TRADITIONAL LINEAR ECONOMICMODEL IS SIMPLY UNSUSTAINABLE.1 The Circular Economy in Detail, Ellen MacArthur Foundation. 2 Waste to Wealth, Accenture Strategy, Sept 28, 2015.Why is the circulareconomy good forbusiness?The circular economy is more than just good forthe environment. It’s also good for business. Thecircular economy is estimated to create 4.5trillion in economic growth globally by 2030.2By decoupling growth from the consumption offinite resources and creating products that canbe recycled or reused, any business anywherecan become part of the solution rather than partof the problem. And being part of the solutionmeans greater potential for investment, greateraccess to resources, and a more equitableapproach that moves away from extractiveprocesses that disproportionately impactdeveloping economies and future generations.Participating in the circular economy not onlymakes sense—it’s the right thing to do. At Ranpak,WE BELIEVE THAT ECONOMIC GROWTHAND OPPORTUNITY DO NOT NEED TO COMEAT THE EXPENSE OF OUR PLANET OR OURCHILDREN, AND THAT TOGETHER WE CANDELIVER A BETTER WORLD .2020 ESG Impact Report10

ENVIRONMENTOVERVIEWSOCIALGOVERNANCESUMMARYTHE CIRCULAR ECONOMY: Bringing SupplyChains into BalanceHow can we bring supply chains into balance?WrappingAs businesses look to improve the sustainability of their operations and supplychain, using paper to provide effective protection for products in transit allows themto make their own businessmodels a part of the circular economy.WrappingCushioningThe steadygrowth of e-commerce overVoidthe past decades – and explosive growthFillin 2020 - exemplify both the opportunity and the imperative for businesses toDEVELOP GREEN SOLUTIONS TO SUPPORT THE CHANGES IN CONSUMERBEHAVIOR THAT WILL CONTINUE TO BECOME OUR NEW NORMAL.BoxLiningCore yInsulationCostEfficiencySpeedCore VoidFillCushioningCorePropertiesSustainabilityHow can we help others with their sustainabilitygoals?Wherever businesses require secondary packaging for their fulfillment or logisticsInsulationoperations, Ranpak can provide safeAestheticsand sustainable products that help themmeet theirown ESG goals.CostEfficiencySpeedBy unlocking the protective power of paper, WE ARE DOING OUR PART TO DECOUPLEBUSINESS GROWTH FROM LINEAR RESOURCE CONSUMPTION AND ENABLE AMORE CIRCULAR, AND GREENER, GLOBAL ECONOMY.2020 ESG Impact Report11

G: Paper is a Renewable ResourceAs a biomass, paper is 100% renewable.TOTAL RAW MATERIALS SUPPLYThanks to this fact the vast majority of our raw material supply consistsof renewable resources. In 2020, we continued to identify areas of ouroperations where non-renewable resource use can be eliminated, as well aswhere we can become more efficient with our current resource use.(By dollars spent on raw materials)We track our total raw material supply by dollars spent on renewableresources vs. non-renewable resources. WE SET A BENCHMARK IN 2019WHERE 81% OF OUR RAW MATERIALS SPEND WAS ON RENEWABLERESOURCES. In 2021, we will continue to push to utilize an even greaterproportion of renewable resources compared to ableResources2020 ESG Impact Report12

G: Made From Recycled Content &Recyclable After UsePaper is our most important raw supply.In 2020, Ranpak purchased 148,097 metric tons of paper for conversion intopaper packaging consumables. The substantial majority of the paper wepurchase is Kraft paper of various weights and specifications.While we seek to use recycled paper for packaging material wheneverpossible, many packaging applications require the strength and rigidity ofvirgin fiber.IN 2020, RANPAK INCREASED USAGE OF RECYCLED FIBER BY 3%.CAREFULLY MANAGING THE PROVENANCE OF OUR PAPER IS OFCRITICAL IMPORTANCE TO ENSURE THAT OUR FORESTS ANDNATURAL ENVIRONMENTS ACROSS THE GLOBE ARE PROTECTEDAND SECURE.RAW PAPER SUPPLY(Total weight by metric tons)At Ranpak, our packaging material consists of paper manufactured fromvirgin pulp, recycled pulp (both consisting of post-industrial waste, or PIW,and post-consumer waste, or PCW), and blends.20192020cycled P% Reap0er10cycled P% Reap0er1061,49078,45553%50%Recycled Content Target:We commit to sourcing an aggregate paper supplyconsisting of at least 75% recycled (PIW & PCW) pulpby 410Virgin 55%RecycledPulpp er42%All5%61,573rVirgin Pap eBlendedPaper8,0692020 ESG Impact Report13

G: Improving on 100% RecyclableWhile 100% of our paper productsare curbside recyclable and can berecirculated into the circular economyafter their useful life ends, there ismore we can do at the beginning of ourproducts’ lifecycle.By prioritizing innovations including the development of our use ofpost-consumer waste and our research efforts in alternative pulp papers,Ranpak aims to use even more renewable and recycled inputs to oursupply chain.In 2020, 18% OF OUR PAPER, OR 25,014 METRIC TONS, WASMANUFACTURED FROM POST-CONSUMER WASTE (PCW).While we are proud of these results, we aspire to do better.PCW/Alternative Pulp Target:We commit to sourcing an aggregate paper supplyconsisting of at least 25% PCW or alternative pulpby 2030.2020 ESG Impact Report14

G: Promoting ResponsibleForestry ManagementThe Forest StewardshipCouncil (FSC)All of the mills from which we purchase paperare certified by the FSC, an international nonprofit that promotes responsible managementof the world’s forests, and the majority of oursupplier mills located in North America arecertified by the Sustainable Forestry Initiative(SFI), a North American non-profit that setsstandards for responsible forestry.FSC CertificationTarget:We commit ourselves toobtaining FSC certification for100% of our paper packagingmaterial by 2030.Nevertheless, historically, Ranpak has not hadformal FSC chain of custody certification for themajority of its products. THAT, HOWEVER, ISCHANGING.In 2020, we did the legwork to expand ourFSC chain of custodycertification for ourEuropean manufacturingfacilities.FSC-CERTIFIED PRODUCTS20192%20203%As a result, we are proud to report that,from March 15, 2021, 100% of our Europeanmanufactured product is now sold withfull FSC certification. In 2021, we are alsoplanning a staged transition to FSC chainof custody certification for select productlines manufactured in North America. WHILETHIS PROGRESS IS NOT REFLECTED INOUR NUMBERS FOR 2020, FSC CHAINOF CUSTODY CERTIFICATION IS ANIMPORTANT PART OF RANPAK’S FUTURE.2020 ESG Impact Report15

OVERVIEWENVIRONMENTSOCIALGOVERNANCEAPPENDIXWASTE MANAGEMENT: Maximizing Opportunitywhile Minimizing WasteCreating a Culture of Reuse.2020 WASTE MANAGEMENTIn 2020, we continued to develop our “Ranpak Recycles” initiative, enablingour employees to lead by example and embrace a culture of reuse byrecycling as much waste as possible generated within our offices. As partof this comprehensive review of recycling activities in our US manufacturingand corporate facilities, Ranpak is working in consultation with its recycledwaste vendors to identify additional waste streams for recycling.The work we do continues to unlock more sustainable practices for ourcustomers and distributors. By embracing the philosophy of the circulareconomy in our daily lives, we connect with our responsibility to our planetand our fellow global citizens.WE BELIEVE THAT BUSINESS GROWTH AND SUSTAINABILITY ARENOT MUTUALLY EXCLUSIVE GOALS. We have been able to demonstratethe efficiency and viability of our commitment to waste reduction throughmaintaining a total waste recycling rate of 96% in 2020, the same as ourbenchmark 2019 performance.(Total weight by metric tons)20192020RecycledNot Recycled96%Total Weight ofWaste GeneratedRecycled3,693 metric tons96%Recycled4%Total Weight ofWaste GeneratedNot Recycled158 metric tonsRecycledHazardousWaste 1 metric ton4%Total Weight ofWaste GeneratedRecycled4,743 metric tonsHazardousWaste 1 metric tonTotal Weight ofWaste GeneratedNot Recycled185 metric tonsChemical and hazardous waste generation within our business continues tofall below one metric ton year-over-year from 2019 to 2020, another pointdemonstrating the COMMITMENT TO A LOW-WASTE BUSINESS MODELPRESENT SINCE OUR FOUNDING.2020 ESG Impact Report16

OVERVIEWENVIRONMENTSOCIALGOVERNANCEAPPENDIXCASE STUDY: The Circular Economy Appliesto More than Just PaperRanpak’s commitment to participationin the circular economy extends to theassembly and reliability of our machinesand Automation solutions.While our paper is a naturally renewable and recyclable resource, we believethat the same principles of creative reuse that we apply to paper can applyto our machine solutions as well. Ranpak assembles many of its Void-Fill,Cushioning and Wrapping machines, as well as its Automation systems, byhand from parts it purchases from outside suppliers. Ranpak retains ownershipof its machines located in its customers’ warehouses and production facilities,making it easy to swap out or add machines based on a customer’s need.This also allows Ranpak’s skilled machine assemblers to salvage parts fromreturned machines as they assemble new machines for shipment.In mid-2020, we initiated a machine parts recycling pilot program for ourAutoPad systems. Through this pilot program, we were able to reintroduce4,673 machine parts back into active use, leading to savings of 72,943, inthe last 6 months of 2020 alone.2020AutoPadSavings: 72,943Dollars Saved4,673Parts SavedDelivering reliable performance.Machine reliability also serves the circular economy. Efficient and reliablemachines mean less downtime for our end users, fewer service calls for ourtechnicians and longer useful life for individual machines, further contributingto our reduction in waste. Tracking monthly calls and complaints (excludingpreventative maintenance calls) allows us to gauge our machine reliability,and to continue to improve on an already solid track record.In 2020, this resulted in slightly fewer incidents reported across our machinepopulation in the field.WE ARE PROUD THAT OUR MACHINES CONTINUE TO BE EFFECTIVEAND RELIABLE IN THE FIELD.MACHINE RELIABILITY20190.002120200.00200.0000 0.0005 0.0010 0.0015 0.0020 0.0025Number of calls/complaints vs. number of machines in the field2020 ESG Impact Report17

ENVIRONMENTOVERVIEWSOCIALGOVERNANCEAPPENDIXENERGY & GHG: Managing Energy UsageIn 2020, 44% of the energy Ranpak consumed was electricity used tomanufacture our products and power our office spaces, 28% was naturalgas used to heat our offices and manufacturing facilities, and 28% was fuelused by our vehicle fleet (both gasoline & diesel).This energy usage resulted in the emission of 4,543 metric tons1 ofgreenhouse gas emissions (CO2e) in 2020, approximately 35% of which wasScope 1 (i.e., direct emissions from the burning of fossil fuel) and 65% wasScope 2 (i.e., indirect emissions from the purchase of electricity generatedoff-site). We report our emissions following the GHG Protocol on anoperational control basis.(In gigajoules)Gasoline(Auto)DieG asolin18,472 GJ10%18%4,701GJ8,478 GJ20%e(11,119 GJto13,728 GJN a t u r alNaAu)24%sGatu44%20,600 GJ28%ra12,851 GJlGas354Scope 2 CO2e emissions,location-based (tCO2e)2,5042,747Scope 2 CO2e emissions,market-based icecEl23%572981100015002000250030002020uto)el (AseDi12,866 GJ67373720192020)utoA(lse712Scope 1 emissions0ENERGY CONSUMPTION BY ACTIVITY2019SCOPE 1 AND 2 EMISSIONS FOR 2019 AND 2020NaturalGasAutomotive AutomotiveGasolineDieselWhile these results reflect a significant reduction in our Scope 1emissions from our 2019 results, this reduction is predominantly dueto the impact of the COVID-19 pandemic on our salesforce’s abilityto travel. At the same time, our Scope 2 emissions increased byapproximately 12% due to our increased paper production resulting fromorganic business growth.1 - 2019 scope 1 emissions have been updated to reflect the correct energy content for diesel, resulting in a slight increase (2%) in emissions compared to what was reported in Ranpak’s 2019 sustainabilityreport. Starting in 2020, Ranpak has started calculating its scope 2 emissions using the market-based and location-based methods, in accordance with the GHG Protocol Scope 2 Guidance. In Ranpak’s 2019sustainability report, scope 2 emissions were reported using the location-based method only.2020 ESG Impact Report18

OVERVIEWENVIRONMENTSOCIALGOVERNANCEAPPENDIXENERGY & GHG: Our Commitment to ReducingHarmful EmissionsAs we continue to scale our operations,we are committed to identifyinggreen sources of energy and followingenvironmental best-practices whilereducing our emissions.WE BELIEVE THAT BY SETTING AN AMBITIOUS TARGET FOREMISSIONS REDUCTION, WE ARE ACCOUNTABLE TO OUR MISSIONAND VALUES. This goal is also based on careful deliberation relativeto what practices we can put into place to lead by example and make apositive difference.GHG Target:We commit to reducing absolute scope 1 and scope 2greenhouse gas emissions by 46% by 2030, which is inline with the global reductions necessary to keep globalwarming to 1.5 C, as explained in the scientific report of the IPCC‘Global Warming of 1.5 C Special Report’.We are excited to pursue this target over the coming years and areconsidering taking a number of actions to meet this target, including avehicle fleet conversion, a full renovation of our corporate headquarters inOhio, and the purchase or on-site generation of renewable energy.Moreover, we have already begun the process of planning a new facility toserve as our European headquarters in Heerlen, The Netherlands, that willmeet rigorous sustainability standards.RANPAK IS COMMITTED TO BOTH GREEN ENERGY PROCUREMENTAND THE DEVELOPMENT OF GREEN INFRASTRUCTURE, allowing ourcorporate offices and manufacturing facilities to be integrated into oursustainable business model.2020 ESG Impact Report19

OVERVIEWENVIRONMENTSOCIALGOVERNANCEAPPENDIXWATER: Water ManagementUnlike many of our paper andpackaging peer companies,Ranpak’s manufacturingprocesses consume no water.Ranpak is proud to report ZERO INCIDENTS OF NONCOMPLIANCE associated with water quality permits,standards, and regulations, as well as low rates ofwater consumption by cubic meter across all of ouroperational locations.As a result, nearly all of the water we consume consists of thewater used in our restrooms and pantry or food facilities.Nevertheless, WE REMAIN COMMITTED TO IDENTIFYINGNEW WAYS TO REDUCE OUR WATER USAGE as part of ourholistic approach to sustainable energy and resource use.In 2020, our total waterconsumption was 15,701 m3.We assessed our locations to analyze the levels of waterstress by using the World Resources Institutes (WRI) WaterRisk Atlas tool, Aqueduct.None of our locations are in Extremely High water stressareas. We will continue to monitor water consumption at all ofour locations.2020 ESG Impact Report20

LDERS: Serving a Range of YEESAt Ranpak,MAINTAINING POSITIVE ANDCONSTRUCTIVE DIALOGUE with allof our stakeholders is central to ourcorporate mission.END-USERSServing our Distributorsthrough mutual partnershipand support.In 2020, we continued the process of improving on our distributor trainingand customer education strategies, initiating an overhaul of our digitaldistributor training and resource portal planned for release in 2021.LOCALCOMMUNITIESCONSUMERSOur Community of StakeholdersOur community of stakeholders includes our shareholders and ouremployees, as well as our suppliers, distributors, and end-users.Ultimately, we also include consumers and our local communities withinour stakeholder group, as our operations have an impact on them as well.We regularly communicate with all of our stakeholders across severalcommunication channels, with frequency varying by stakeholder group.Responsibilities are assigned by specific steering committee members.As part of our stakeholder engagement strategy, we assign high valueto two-way communication. Our annual Distributor Council meetingis a sales-led event focused on trainings and education, as well ascollecting feedback from our distributor community that we activelywork on to improve our internal processes. In 2020, this meeting wastemporarily convened digitally, part of a rapid digital transformationinitiative that has allowed Ranpak to maintain our relationshipswith our distributors and continue to provide high-quality producteducation and trainings. Our digital support initiatives have includedhundreds of webinar training and information sessions delivered over2020 alone.Despite major disruptions to traditional meetings, Ranpak has viewed2020 as an opportunity to proactively reach out to and collaboratewith our distributor community.2020 ESG Impact Report21

: Forging an Ownership CultureAt Ranpak, we believe in the power ofownership to bring out the best in ouremployees.We encourage our employees to share the same sense of purpose in theirroles at Ranpak that we bring to our participation in the circular economy,where every positive action has the potential to make a difference. And, forus, forging an ownership culture is more than just a slogan.In June 2019, when we became a public company, every single oneof our employees received an equity award. WE ARE PROUD TO BEA COMMUNITY OF EMPLOYEE-OWNERS, EACH OF WHOM CANPERSONALLY SHARE IN THE REWARD O

desertification, halt and reverse land degradation, halt biodiversity loss. Revitalize the global partnership for sustainable development. In recognition of the importance of ESG issues to our core values, Ranpak's Nominating and Governance Committee is now our NOMINATING, ENVIRONMENTAL, SOCIAL, AND GOVERNANCE COMMITTEE. OVERVIEW