The budget document provides sales projections and financial indicators for 2016. Key points include: - Projected 2016 sales volume is 42,685 units, a 15% increase over 2015. - Sales value is projected to increase 8% to SAR 225 million. - Gross margin and net income are projected to increase to 26.6% and SAR 8 million respectively.

1. BUDGET – 2016
OFC
Budget- 22nd Nov 2015

2. INDICATORS Y-2013 Y-2014 Y-2015 Y-2016
SALES VOLUME 36,090 34,824 37,187 42,685
% OF GROWTH -3.5% 6.8% 14.8%
SALES PRICE 5,414 5,623 5,585 5,271
% OF GROWTH 3.9% -0.7% -5.6%
SALES VALUE 195,377 195,801 207,681 225,000
% OF GROWTH 0.2% 6.1% 8.3%
MAT. CONTR 39.2% 37.1% 40.7% 40.4%
GM 26.7% 21.5% 25.6% 26.6%
NI 7,190 (4,611) 4,461 8,043
NI % OF SALES 3.7% -2.4% 2.1% 3.6%
EBIDTA 27,098 15,567 25,757 29,666
EBIDTA % OF SALES 13.9% 8.0% 12.4% 13.2%

3. • SKU mix based on last three months sales ( June – Aug )
• Sales by category based on Input from Sales team
• Sales price reduction of 3.85 excluding OCP jobs and 5.7% at over all
business. (Market trend 5% reduction)
• Grey back to Others = 76 : 24
• CAPEX 11.5m SAR, Impact of 968K depreciation due to additional Capex.
• Board wastage target 5% compare to Ytd sept 2015 6.15%
• Grey back price of 579USD ( 3.5% reduction over 600$/ton).
• RM prices are based on input from SCM.
5% in board ( SBS, FBB,CUPStck,CKB)
10% ink and varnish 5%, 5% under all other components
• Over heads are based on inputs from Department managers
• Major changes in head counts are;
10 operators under production lines as replacement who left
during the year
One technical and Project Manager.
• Financial charges for committed loans.
• Shared service cost same as Y 2015 may change if anything comes from
group

4. CAT SALES MAT Mat. Cont
Beverages 2,500 1,342 46.3%
Detergent 88,000 53,911 38.7%
Direct Contact 5,000 2,271 54.6%
Dry Food 77,000 49,713 35.4%
Fast Food 4,500 2,058 54.3%
Frozen Food 4,500 2,186 51.4%
Label 1,000 439 56.1%
Personal Care 5,500 3,030 44.9%
Pharma 17,000 5,362 68.5%
Tissue 20,000 13,846 30.8%
Grand Total 225,000 134,160 40.4%

5. Waste Savings Waste % Volume
Planned Sales Qty. 42,685
Ytd Oct'2015 6.16% 45,487
Target 2016B 5.00% 44,932
Savings in Ton 555
Avg rate per ton USD 674
Total savings-USD 374,111
Total savings-SAR 1,402,916

6. Growth From Location
2015 FC ( without
OCP)
2016 Budget Growth
Existing Customer Local 193,000 200,300 4%
New Customer Local - 7,000 100%
New Customer Export - 3,000 100%
Re-gain Customer Local - 14,200 100%
Re-gain Customer Export - 500 100%
Grand Total 193,000 225,000 14%
Customer Name - NEW New Segment Region Sales Person 2016 Budget
AL-KABOUS INDUST -JORDAN Dry Food Export/Jordan Abid 3,000
AL ROMANSIAH COM Dry Food Riyadh Abid 2,000
DANYA FOOD LIMIT Dry Food Riyadh Faisal 1,500
TRANSMED COMPANY Fast Food Riyadh Faisal 1,500
Pfizer Pharma Jeddah Asif 1,000
DALMAZA FOOD IND Dry Food Riyadh Abid 500
UNICHARM GULF HYGE Tissue Riyadh Faisal 500
Total 10,000

7. Customer Name-
Re-gain
New
Segment
Region
Sales
Person
2016
Budget
OLAYAN KIMBERLY Tissue Dammam Waleed Awad 5,500
AMRICANA CAKE Dry Food Jeddah Asif 1,500
WESTERN BAKERIES Dry Food Jeddah Asif 1,500
HERFY FOOD SERVI Fast Food Riyadh Faisal 1,200
AMRICANA CO (MEAT Frozen Food Jeddah Asif 1,000
BATOOK CHEWING G Dry Food Dammam Waleed Awad 1,000
SAUDI AIRLINES C Fast Food Riyadh Mahmoud 1,000
SAUDI PAPER CONV Tissue Dammam Waleed Awad 1,000
QATAR DETERGENT Detergent Export/Qatar Waleed Awad 500
HALWANI & TAHAN Dry Food Jeddah Asif 200
RABOU AL MASMAK Dry Food Riyadh Abid 100
SABA SWEET FACTO Dry Food Riyadh Mahmoud 100
SALEH BIN KESHAN Dry Food Riyadh Faisal 100
Total 14,700

8. Category VOLUME VALUE-SAR'000 PRICE-SAR
2015 2016 % OF CH 2015 2016 % OF CH 2015 2016 % OF CH
Beverages 395 639 62% 1,577 2,500 59% 3,995 3,915 -2%
Detergent 17,419 18,559 7% 84,279 88,000 4% 4,838 4,742 -2%
Direct Contact 410 474 16% 4,502 5,000 11% 10,979 10,539 -4%
Dry Food 11,047 14,999 36% 59,384 77,000 30% 5,376 5,134 -5%
Fast Food 101 511 407% 934 4,500 382% 9,277 8,813 -5%
Frozen Food 262 458 75% 2,714 4,500 66% 10,341 9,824 -5%
Household 151 - -100% 1,096 - -100% 7,255 -
Personal Care 718 897 25% 4,636 5,500 19% 6,457 6,134 -5%
Pharma 1,285 1,233 -4% 18,640 17,000 -9% 14,512 13,786 -5%
Services 2,040 - -100% 15,340 - -100% 7,521 - -100%
Tissue 3,261 4,854 49% 13,993 20,000 43% 4,292 4,120 -4%
Label 36 61 71% 585 1,000 71% 16,270 16,270 0%
Others 64 - -100% 330 - -100% 5,183 - -100%
TOTAL 37,187 42,685 15% 208,011 225,000 8% 5,594 5,271 -5.8%

9. Volume
Beverages
Detergent
DirectContact
Dry Food
FastFood
Frozen Food
PersonalCare
Pharma
Services
Tissue
Label
Others
TOTAL
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Y-2016
58 48 58 57 58 57 48 50 48 53 51 53 639
1,691 1,402 1,691 1,650 1,691 1,650 1,402 1,443 1,402 1,526 1,485 1,526 18,559
43 36 43 42 43 42 36 37 36 39 38 39 474
1,367 1,133 1,367 1,333 1,367 1,333 1,133 1,167 1,133 1,233 1,200 1,233 14,999
47 39 47 45 47 45 39 40 39 42 41 42 511
42 35 42 41 42 41 35 36 35 38 37 38 458
82 68 82 80 82 80 68 70 68 74 72 74 897
112 93 112 110 112 110 93 96 93 101 99 101 1,233
- - - - - - - - - - - - -
442 367 442 432 442 432 367 378 367 399 388 399 4,854
6 5 6 5 6 5 5 5 5 5 5 5 61
- - - - - - - - - - - - -
3,889 3,225 3,889 3,794 3,889 3,794 3,225 3,320 3,225 3,510 3,415 3,510 42,685

10. Volume
Beverages
Detergent
DirectContact
Dry Food
FastFood
Frozen Food
PersonalCare
Pharma
Services
Tissue
Label
Others
TOTAL
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Total
266,787 221,238 266,787 260,280 266,787 260,280 221,238 227,745 221,238 240,759 234,252 240,759 2,928,146
7,663,839 6,355,378 7,663,839 7,476,916 7,663,839 7,476,916 6,355,378 6,542,301 6,355,378 6,916,147 6,729,224 6,916,147 84,115,303
- - - - - - - - - - - - -
7,678,546 6,367,575 7,678,546 7,491,264 7,678,546 7,491,264 6,367,575 6,554,856 6,367,575 6,929,420 6,742,138 6,929,420 84,276,724
290,799 241,150 290,799 283,706 290,799 283,706 241,150 248,243 241,150 262,428 255,335 262,428 3,191,693
243,681 202,077 243,681 237,738 243,681 237,738 202,077 208,020 202,077 219,907 213,964 219,907 2,674,547
477,122 395,662 477,122 465,485 477,122 465,485 395,662 407,299 395,662 430,574 418,937 430,574 5,236,707
972,981 806,863 972,981 949,250 972,981 949,250 806,863 830,594 806,863 878,056 854,325 878,056 10,679,065
- - - - - - - - - - - - -
2,179,600 1,807,474 2,179,600 2,126,440 2,179,600 2,126,440 1,807,474 1,860,635 1,807,474 1,966,957 1,913,796 1,966,957 23,922,444
116,934 96,970 116,934 114,082 116,934 114,082 96,970 99,822 96,970 105,526 102,674 105,526 1,283,424
- - - - - - - - - - - - -
19,890,289 16,494,386 19,890,289 19,405,160 19,890,289 19,405,160 16,494,386 16,979,515 16,494,386 17,949,773 17,464,644 17,949,773 218,308,053

11. Month 2012 2013 2014 2015
JAN 14,627,679 18,152,631 17,341,726 15,945,831
FEB 14,980,552 15,543,369 14,486,419 15,448,841
MAR 18,754,268 20,314,391 17,354,527 16,341,036
APR 21,030,756 19,319,742 15,488,798 17,161,505
MAY 19,733,803 16,972,800 16,294,382 17,915,167
JUNE 15,998,309 16,435,900 18,048,349 15,502,675
JULY 20,267,187 15,320,020 12,859,030 16,558,972
AUG 13,374,516 13,907,435 15,131,733 13,780,199
SEP 15,297,999 16,996,440 15,338,447 16,746,226
OCT 15,010,377 16,685,267 17,019,451
NOV 17,380,492 14,114,097 16,234,680
DEC 19,074,863 17,650,819 18,262,974
Total 205,530,803 201,412,913 193,860,515 145,400,451

12. SALES VALUE
Beverages
Detergent
DirectContact
DryFood
FastFood
FrozenFood
Personal Care
Pharma
Services
Tissue
Label
Others
TOTAL
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Y-2016
227,778 188,889 227,778 222,222 227,778 222,222 188,889 194,444 188,889 205,556 200,000 205,556 2,500,000
8,017,778 6,648,889 8,017,778 7,822,222 8,017,778 7,822,222 6,648,889 6,844,444 6,648,889 7,235,556 7,040,000 7,235,556 88,000,000
455,556 377,778 455,556 444,444 455,556 444,444 377,778 388,889 377,778 411,111 400,000 411,111 5,000,000
7,015,556 5,817,778 7,015,556 6,844,444 7,015,556 6,844,444 5,817,778 5,988,889 5,817,778 6,331,111 6,160,000 6,331,111 77,000,000
410,000 340,000 410,000 400,000 410,000 400,000 340,000 350,000 340,000 370,000 360,000 370,000 4,500,000
410,000 340,000 410,000 400,000 410,000 400,000 340,000 350,000 340,000 370,000 360,000 370,000 4,500,000
501,111 415,556 501,111 488,889 501,111 488,889 415,556 427,778 415,556 452,222 440,000 452,222 5,500,000
1,548,889 1,284,444 1,548,889 1,511,111 1,548,889 1,511,111 1,284,444 1,322,222 1,284,444 1,397,778 1,360,000 1,397,778 17,000,000
- - - - - - - - - - - - -
1,822,222 1,511,111 1,822,222 1,777,778 1,822,222 1,777,778 1,511,111 1,555,556 1,511,111 1,644,444 1,600,000 1,644,444 20,000,000
91,111 75,556 91,111 88,889 91,111 88,889 75,556 77,778 75,556 82,222 80,000 82,222 1,000,000
- - - - - - - - - - - - -
20,500,000 17,000,000 20,500,000 20,000,000 20,500,000 20,000,000 17,000,000 17,500,000 17,000,000 18,500,000 18,000,000 18,500,000 225,000,000

13. In T Sar
2015 FC 2016 BD VAR
SALES 207,681 225,000 17,319
Less: Freight out 4,061 4,440 (380)
NET SALES 203,620 220,560 16,940
Contribution Margin 84,518 90,840 6,322
- in % of Net Sales 41.5% 41.2% -0.3%
MOH 31,391 31,054 337
OPEX (S&D, G&A) 23,309 25,680 (2,371)
EBITDA 25,757 29,666 3,908
- in % of Sales 12.4% 13.2% 0.8%
NET PROFIT (after ZAKAT) 4,461 8,043 3,582
- in % of Sales 2.1% 3.6% 1.4%

14. Board type
Volume/Ye
ar in Ton
2015 Av. Price
Last Order
Price
Currenc
y
Suppliers 2016 Projected Price
FL & TL 546 FL 510 TL 535
FL 500 TL
530
USD MEPCO FL 470 TL 500
FL & TL 430 FL 510 TL 540
FL 500 TL
530
USD WARAQ FL 470 TL 500
FL & TL 821 377 377 USD ROXCEL 320
FBB 911 730 680 USD APP 640
FBB 24 680 680 USD METSA 640
FBB – Performa Alto 24 910 910 USD Stora 864.5
SBS - Ensocoat 528 910 910 USD Stora 864.5
SBS - IP 48 840 840 USD Roxcel 790
Barrier Liner 160GSM 418 975 975 EUR Vimpex 926.25
Barrier Board 340GSM 639 814 814 EUR MM Packaging Price Controlled by P&G
Barrier Board 410GSM 108 790 790 EUR MM Packaging Price Controlled by P&G
Cupstock 1SPE 500 1240 1130 USD Lamican 1070
Cupstock 2SPE 150 1288 1288 USD Lamican 1120
Greaseproof 116 1295 1295 USD Roxcel 1230.25
Bleached Kraft 127 965 910 USD Roxcel 864.5
CKB – Kraft Coated 128 995 995 USD Storenso 945.25

15. Curr:SAR
RaisedBy ProjectDescription AssetCategory BudgetType BudgetOwner
Expectedmonthof
commisioning
Bug.Amount ApprovalStatus
ALLAN 2SPLICINGUNITFORASITRADEMACHINE Machine Capacity Production January-16 1,370,000 1,000,000
FOUAD RestorationofIbericaMachines Machine Capacity Mechanical January-16 1,200,000 1,200,000
FOUAD NewUVmodulesforallUVmachine(newdevice) Machine Savings Electrical April-16 900,000 900,000
Karim Newdie-CuttingMachine Machine - - March-16 4,900,000 4,900,000
Karim NewWindowpatchingMachine Machine - - - - -
OTHERS 13,043,292 3,532,292
TOTAL 21,413,292 11,532,292

16. S # Department Groupings Dec-14 Sep-15 Bud 16 Change
1 Die Cutting MOH 52 41 45 (4)
2 Folding & Gluing MOH 99 84 84 -
3 Lamination / Microflute MOH 13 12 12 -
4 Window Patching MOH 6 6 6 -
5 Moulding MOH 31 30 30 -
6 Folding Carton - Prepress MOH 9 10 10 -
7 Printing MOH 52 49 53 (4)
8 Maintenance MOH 19 23 25 (2)
9 Planning MOH 10 11 11 -
10 Sheeting MOH 5 4 4 -
11 PMO MOH - 2 2 -
12 Quality MOH 17 11 12 (1)
13 Sales S&D 14 15 15 -
14 Shipping S&D 11 12 12 -
15 Purchase G&A 6 6 5 1
16 Stores G&A 8 8 6 2
17 Lean Management G&A 5 - - -
18 Finance G&A 14 9 6 3
19 Production Management G&A 5 5 7 (2)
Direct employees HC 376 338 345 (7)
20 Temporary ( Free Visa ) MOH 51 35 35 -
TOTAL HEAD COUNT 427 373 380 (7)

17. Note : Above cost is only for the people getting increment
Dept
Production Management
Finance
Planning
PMO
Printing
Sheeting
Folding & Gluing
Die Cutting
Window Patching
Folding Carton - Prepress
Lamination / Microflute
Moulding
Maintenance
Purchase
Quality
Stores
Shipping
Sales
TOTAL
Basic-Curr Basic-2016 Impact %
172 196 24 14%
201 227 26 13%
323 346 23 7%
81 89 8 10%
666 706 39 6%
57 61 4 6%
985 1,054 68 7%
798 827 29 4%
31 32 2 5%
99 107 8 8%
75 79 5 6%
432 451 19 4%
406 446 41 10%
158 174 16 10%
536 598 63 12%
89 97 9 10%
219 237 18 8%
479 527 48 10%
5,807 6,255 448 8%

18. ABSOLUTE
Description
Sold QTY in ton
Sales Value
Freight cost
Net Sales
Materials cost
Materials contribution
% Net sales
Labor
MOH
Gross Profit
% Net sales
S&D without freight expense
Shared Service Cost
G&A without SS
Total delivered cost
Net income
% Gross sales
EBITDA
% Gross sales
ABSOLUTE
Y-2012 Y-2013 Y-2014 Y-2015 (F) Y-2015 (Ytd) Y-2016 (B)
36,620 36,090 34,824 37,182 30,109 42,685
206,467 195,377 195,801 207,681 168,844 225,000
3,207 3,573 4,103 4,061 3,300 4,440
203,260 191,803 191,698 203,620 165,544 220,560
129,296 118,885 123,098 123,163 100,173 134,160
73,964 72,918 68,600 80,457 65,371 86,400
36% 38% 36% 40% 39% 39%
13,923 17,798 20,673 22,138 18,298 22,245
7,995 6,607 9,887 9,253 7,457 8,809
41,185 36,206 25,088 35,228 28,068 40,779
20% 19% 13% 17% 17% 18%
2,614 3,210 3,541 3,631 2,972 4,191
5,866 11,289 12,026 13,646 11,361 13,801
5,241 6,916 6,907 6,032 4,901 7,688
183,944 184,807 197,218 199,562 163,131 213,057
19,611 7,190 -4,611 4,461 2,622 8,043
9% 4% -2% 2% 2% 3.6%
38,326 27,099 15,567 25,757 20,381 29,665
19% 14% 8% 12% 12% 13%
ABS %
vs 15 FC VAR vs 15 FC
5,502 15%
17,319 8%
(380) -9%
16,940 8%
0%
(10,997) -9%
5,942 7%
0%
(108) 0%
444 5%
5,551 16%
1%
(560) -15%
(156) -1%
(1,656) -27%
(13,494) -7%
3,582
80%
1%
3,908 15%
1%

19. ABSOLUTE
Description
Sold QTY inton
Sales Value
Freight cost
Net Sales
Materials cost
Materials contribution
% Net sales
Labor
MOH
Gross Profit
% Net sales
S&D without freight expense
Shared Service Cost
G&A without SS
Total deliveredcost
Net income
% Gross sales
EBITDA
% Gross sales
PER TON ABS
Y-2012 Y-2013 Y-2014 Y-2015 (F) Y-2015 (Ytd) Y-2016 (B)
36,620 36,090 34,824 37,182 30,109 42,685
5,638 5,414 5,623 5,585 5,608 5,271
88 99 118 109 110 104
5,551 5,315 5,505 5,476 5,498 5,167
3,531 3,294 3,535 3,312 3,327 3,143
2,020 2,020 1,970 2,164 2,171 2,024
36% 38% 36% 40% 39% 39%
380 493 594 595 608 521
218 183 284 249 248 206
1,125 1,003 720 947 932 955
20% 19% 13% 17% 17% 18%
71 89 102 98 99 98
160 313 345 367 377 323
143 192 198 162 163 180
5,023 5,121 5,663 5,367 5,418 4,991
536 199 -132 120 87 188
9% 4% -2% 2% 2% 4%
1,047 751 447 693 677 695
19% 14% 8% 12% 12% 13%
ABS %
VAR vs 15 FC VAR vs 15 YTD VAR vs 15 FC VAR vs 15 YTD
5,502 12,576 15%
(314) (337) -6% -6%
5 6 5% 5%
(309) (331) -6% -6%
169 184 5% 6%
(140) (147) -6% -7%
0% 0% 0% 0%
74 87 12% 14%
42 41 17% 17%
8 23 1% 2%
1% 2% 1% 2%
(1) 1 -1% 1%
44 54 12% 14%
(18) (17) -11% -11%
376 427 7% 8%
68 101 57% 116%
1% 2% 1% 2%
2 18 0% 3%
1% 1% 1% 1%

20. Currency SR 000's Cumulative
Dept : OFC - Factory FY'14 FC'15 BUD'16 VAR'14 VAR'15 Comments
Manufacturing 37,756 38,810 38,722 (966) 88
-489k-Increase in head count by 10 as operators,581k from
increments
-155k under other employee cost
-968k hit in depreciation due to addional CAPEX
+386k expected decrease in visa cost compare to FC'15
+568k savings build under Maintanence cost.
+410k savigs build under Freevisa compare to FC'2015
-212 Utilities & others hit
Planning 1,372 1,174 1,056 316 118
+109k surplus under ESB compare to 2015 due revision in salary
of dept manager in 2015
Maintenance 2,858 3,081 3,901 (1,042) (820)
-436k salary cost incr due to new techinicains joined in Oct'2015
-55k hit due to salary revision
-329k under other employee cost
Quality 1,526 1,328 1,577 (50) (249)
-145k incrase due to increase in head count by1
-266k due to out of 11 staff 10getting incr in salary due to contract
renewal
PMO 785 365 (365) 420 Reduction due to Deprtment manager moved to P&B division
Shipping 781 900 963 (183) (63)
Customer Service and Sales 6,863 6,676 7,668 (805) (992)
-711k hit due to adding two sales managers
-400k increase in freight due to increased volume
+22K reduction under other employee cost
-36k increase under symposium expenses
Finance 1,473 1,469 1,110 364 359 Drop due to cetralisation of AP and AR functions, and head count optim
Production Management 3,513 2,482 4,474 (961) (1,992)
-845k Increase due to head count incraese in Management
-1000k Increase due to SLOB Provision
Stores 1,326 1,373 1,459 (133) (86)
-86k benefit from reduction of HC by 2
-54k from free visa cost compare to FC'2015
-9K savings under visa cost
Purchases 697 795 703 (5) 93 Reduction due to moving people to Central purchasing team
Shared service cost 11,923 13,588 13,743 (1,820) (156) -156 AR/Treasury centralised employee cost
TOTAL DEPT. COST 70,089 72,462 75,741 (5,652) (3,279)

21. Currency SR 000's Cumulative
Dept : OFC - Factory FY'14 FC'15 BUD'16 VAR'14 VAR'15
Employee Costs 22,986 22,538 24,068 (1,082) (1,530)
Over Time 4,052 3,964 4,126 (74) (163)
Contract Labour 1,758 2,473 2,206 (447) 268
Contract Labour OT 60 194 60 194
Shared service cost 11,194 12,720 12,876 (1,682) (156)
Repair & Maintenance 5,496 6,046 5,399 96 646
Water 78 37 40 38 (2)
Electricity 1,669 1,745 1,897 (228) (152)
Utilities 1,153 1,207 1,263 (110) (56)
Insurance 452 470 493 (41) (23)
Depreciation 12,952 13,859 14,566 (1,614) (707)
Rent & Rates 921 827 1,100 (179) (272)
Freight 4,103 4,075 4,455 (352) (380)
Business Promotion 389 278 376 13 (98)
Other Costs 2,828 2,027 2,875 (47) (849)
TOTAL 70,089 72,462 75,741 (5,652) (3,279)
TOTAL COST 70,089 72,462 75,741
PRODUCTION IN TONS 34,824 37,182 42,685
COST PER TON 2,013 1,949 1,774

23. COMMENTS : Savings in Material cost due to usage 1.4m and 4.6m due to Material price reductions.
25.76
29.67
13.67 -
-
6.03
- 0.44
-
-
7.73
5.66
- 0.10 - 2.75
Forecast
Volume
Price
Mix
Material
Cost
Labor
MOH
SGA
Budget
Forecast Volume Price Mix
Material
Cost
Labor MOH SGA Budget
25.76 13.67 (7.73) (5.66) 6.03 (0.10) 0.44 (2.75) 29.67
13.67 6.03 0.44
7.73 5.66 0.10 2.75