Plastic Omnium // 2021 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS 2021 Consolidated financial statements at December 31, 2021

Income tax analysis – Tax proof 4.8.2 Analysis of the income tax expense includes the following:

2021

2020

Totals

% (1)

Totals

% (1)

In thousands of euros

Consolidated loss (profit) on continuing activities before tax and share of profit (loss) of associates and joint ventures (A)

153,044

(313,154)

Tax rate applicable in France (B)

28.40%

32.02%

THEORETICAL TAX EXPENSE (INCOME) (C) = (A) X (-B)

(43,465)

100,272

Difference between the theoretical tax expense and the current and deferred tax expense excluding tax assessed on net interim profit on continuing activities (D)

(16,804)

- 11.0% (69,270)

22.1%

Tax credits

22,956

15.0%

34,015

-10.9%

Permanent differences between accounting profits and taxable profits

(8,591)

-5.6%

(7,245)

2.3%

Change in unrecognized deferred taxes

(22,387)

- 14.6% (79,174)

25.3%

Impact on deferred tax of a tax rate change

(1,706)

-1.1%

(882)

0.3%

Impact of differences in foreign tax rates

6,166

4.0% (12,149)

3.9%

Contribution to Value Added

(4,048)

- 2.6%

(5,100)

1.6%

Other impacts

(9,194)

- 6.0%

1,265

-0.4%

TOTAL CURRENT AND DEFERRED TAX EXPENSE (INCOME) ON CONTINUING ACTIVITIES (E) = (C) + (D)

(60,269)

31,002

EFFECTIVE TAX RATE (ETR) ON CONTINUING ACTIVITIES (E)/(A) 9.9% Percentage expressed in relation to the consolidated profit on continuing activities before tax and share of profit/(loss) of associates and joint ventures (C). (1) 39.4%

5

The Group’s effective tax rate was 39.4% in 2021 (9.9% for 2020). In 2021, the tax recognized was an expense of -€60 million for a theoretical tax expense of -€44 million, based on a tax rate of 28.40%. In 2020, the tax recognized was income of €31 million for theoretical tax income of €100 million, based on a tax rate of 32.02%. The difference between the tax recognized and the theoretical tax mainly reflects: €23 million in specific tax reductions or tax credits mainly in North ● America, Belgium, Asia and France (€34 million at December 31, 2020); a €6 million impact from lower taxes, mainly in Asia (China, Thailand), ● the United States and Europe (excluding France and Belgium) (-€12 million at December 31, 2020).

The difference between the tax rate in France and countries with lower tax rates has a favorable impact on profits and an unfavorable effect on losses; a -€22 million effect through the effect of losses or other assets ● generated in the year but not recognized, net of those previously not capitalized but used or recognized during the year (-€79 million at December 31, 2020) – Please refer to Note 2.1.4 “Deferred tax assets” in “Significant events of the period”; -€9 million in permanent differences between accounting profits and ● taxable income (-€7 million at December 31, 2020 essentially due to taxable dividends); and -€9 million from other impacts of which -€3 million related to uncertain ● tax positions (+€1 million at December 31, 2020).

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PLASTIC OMNIUM UNIVERSAL REGISTRATION DOCUMENT 2021