Interim Management Statement

Interim Management Statement

16 November 2010

Rexam PLC, the global consumer packaging company, today issues its interim management statement for the period from 1 July 2010.

Results for the Group are in line with our plans. Both Beverage Cans and Plastic Packaging are performing as expected and the execution of our cost reduction initiatives remains on track.

In Beverage Cans, volume growth in Europe was driven by specialty cans, although as expected the growth rate in the period was somewhat slower than in the first half due to stronger prior year comparators. In North America, specialty cans made good progress, while the business in South America continued to grow strongly.

Our Beverage Can North America customer contract negotiations are progressing well. We are increasingly confident that overall operating profit in Beverage Can North America in 2011 will be comparable to that in 2010 as improved pricing, new customer volumes and continued growth in specialty cans will offset the impact of lower net 12oz volumes.

In Plastic Packaging, volumes in Personal Care continue to recover, Healthcare volumes are up versus last year, but demand for Closures remains soft. The restructuring programme in Plastic Packaging is on schedule and nearing completion, and the leaner cost base will benefit results going forward.

We remain focused on cash, cost and return on capital. We will continue to invest in additional capacity to meet the strong demand for beverage cans in South America and specialty cans in North America, while keeping overall capital expenditure under tight control. We will increase our capacity in Brazil by a further 1.7bn cans by building a second can line to produce 800m cans in our Pouso Alegre plant and speeding up lines in our Jacarei and Recife plants which together will increase capacity by 900m cans. As a result of these and other previously announced projects, our total installed capacity in South America will increase from 11bn in 2009 to 14bn cans by 2012. In North America, we will increase our 24oz capacity by 400m cans, or 13% by 2012.

Our balance sheet has been further strengthened: net debt at September 2010 was £1.7 billion, and net debt/EBITDA on a reported basis was 2.2x (Q3 2009: 2.9x).

Graham Chipchase, Rexam's Chief Executive said:

"Trading for the period has been in line with our expectations and the execution of our cost reduction initiatives is on track. The contract negotiations in North America are progressing well. We are investing in carefully selected, high return projects in emerging markets and higher growth segments that will improve our overall growth prospects while keeping capital expenditure under tight control. We continue to expect our results in the second half of 2010 to be similar to those of the first and remain focused on cash, cost and return on capital to ensure our business is in good shape going into 2011."

Enquiries

Rexam

Graham Chipchase, Chief Executive +44 20 7227 4100

David Robbie, Finance Director

Sandra Moura, Head of Investor Relations

Financial Dynamics

Richard Mountain +44 20 7269 7291

Rexam will host a conference call for investors and analysts on 16 November at 08:00 (UK time).

Participants dial-in number: +44 (0) 20 3140 0724

A replay service will be available until 15 December, 2010

UK Toll Access Number: +44 (0)20 3140 0698

UK Toll Free Number: 0800 368 1890

US Toll Free Number: +1 877 846 3918

Conference Reference: 374935#

Notes to Editors

Rexam is a leading global beverage can maker, and a major global player in rigid plastic packaging. Our vision is to be the best global consumer packaging company. We are business partners to some of the world's most famous and successful consumer brands as well as young, entrepreneurial start-ups. We offer a broad range of packaging services and solutions for different industries, using different materials and technologies. Three things characterise us - leadership in our industry, our commitment to innovation and our passion to deliver exceptional value. We employ some c.22,000 people in more than 20 countries and are a member of the FTSE 100. Rexam's ordinary shares are listed with the UK Listing Authority and trade on the London Stock Exchange under the symbol REX. For further information, visit Rexam's website at www.rexam.com