Meeting Scheduled for May 20, 2019

NEW YORK–(BUSINESS WIRE)–One Madison Corporation (NYSE:OMAD, OMAD.U, OMAD.WS) (“One Madison”)
announced today that it will hold its extraordinary general meeting in
lieu of annual general meeting of shareholders (the “Extraordinary
General Meeting”) on Monday, May 20, 2019 at 10:00 a.m. Eastern time to
approve, among other things, the previously announced business
combination with Rack Holdings Inc. and Ranpak Corp. (collectively,
“Ranpak”). The Extraordinary General Meeting will be held at the offices
of Davis Polk & Wardwell LLP, at 450 Lexington Avenue, New York, New
York 10017.

Shareholders of record as of May 6, 2019 will be entitled to receive
notice of and to vote at the Extraordinary General Meeting. In
connection with the Extraordinary General Meeting, One Madison
shareholders who wish to exercise their redemption rights must do so no
later than 5:00 p.m. Eastern time on May 16, 2019 by following the
procedures specified in the definitive proxy statement/prospectus for
the Extraordinary General Meeting.

Upon the consummation of the business combination with Ranpak, One
Madison intends to change its name to “Ranpak Holdings Corp.,” and apply
for the continued listing on the NYSE of its Class A common stock and
warrants under the symbols “PACK” and “PACK.WS,” respectively.

About One Madison

One Madison is a special purpose acquisition company launched in 2018
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses. One Madison began trading on
NYSE in January 2018 and its Class A ordinary shares, units and warrants
trade under the ticker symbols OMAD, OMAD.U, and OMAD.WS, respectively.
One Madison is sponsored by One Madison Group LLC, an investment firm
founded by Omar Asali, formerly President and Chief Executive Officer of
HRG Group. One Madison’s investors and strategic partners include JS
Capital and Soros Capital (the family offices of Jonathan Soros and
Robert Soros, respectively), as well as entities managed by Blackstone
Alternative Solutions L.L.C. On December 12, 2018, One Madison entered
into a definitive agreement with affiliates of Rhône Capital, pursuant
to which One Madison will combine with Ranpak.

About Ranpak Corp.

Founded in 1972, Ranpak’s goal was to create the first environmentally
responsible system to effectively protect products during shipment. The
development and improvement of materials, systems and total solution
concepts have earned Ranpak a reputation as an innovative leader in
e-commerce and industrial supply chain solutions. Ranpak is
headquartered in Concord Township, Ohio and has approximately 550
employees.

Caution About Forward-Looking Statements

The information in this press release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our
forward-looking statements include, but are not limited to, statements
regarding our or our management team’s expectations, hopes, beliefs,
intentions or strategies regarding the future. Statements that are not
historical facts, including statements about the pending transaction
among One Madison Corporation (the “Company”), Rack Holdings L.P. and
Rack Holdings Inc. (“Ranpak”) and the transactions contemplated thereby,
and the parties, perspectives and expectations, are forward-looking
statements. In addition, any statements that refer to estimates,
projections, forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are forward-looking
statements. The words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would” and
similar expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements in this press release may
include, for example, statements about: our ability to complete our
initial business combination; our expectations around the performance of
the prospective target business or business; our success in retaining or
recruiting, or changes required in, our officers, key employees or
directors following our initial business combination; our officers and
directors allocating their time to other businesses and potentially
having conflicts of interest with our business or in approving our
initial business combination; the proceeds of the forward purchase
shares being available to us; our potential ability to obtain additional
financing to complete our initial business combination; our public
securities’ potential liquidity and trading; the lack of a market for
our securities; the use of proceeds not held in the trust account or
available to us from interest income on the trust account balance; the
trust account not being subject to claims of third parties; or our
financial performance following this offering.

The forward-looking statements contained in this press release are based
on our current expectations and beliefs concerning future developments
and their potential effects on us taking into account information
currently available to us. There can be no assurance that future
developments affecting us will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) or other assumptions that may
cause actual results or performance to be materially different from
those expressed or implied by these forward-looking statements. These
risks include, but are not limited to: (1) the occurrence of any event,
change or other circumstances that could result in the failure to
consummate the initial business combination; (2) the possibility that
the terms and conditions set forth in any definitive agreements with
respect to the initial business combination may differ materially from
the terms and conditions set forth herein; (3) the outcome of any legal
proceedings that may be instituted against the Company, Ranpak or others
following the announcement of the initial business combination and any
definitive agreements with respect thereto; (4) the inability to
complete the initial business combination due to the failure to obtain
approval of the stockholders of the Company, to obtain financing to
complete the initial business combination or to satisfy other conditions
to closing in the definitive agreements with respect to the initial
business combination; (5) changes to the proposed structure of the
initial business combination that may be required or appropriate as a
result of applicable laws or regulations or as a condition to obtaining
regulatory approval of the initial business combination; (6) the ability
to meet and maintain NYSE’s listing standards following the consummation
of the initial business combination; (7) the risk that the initial
business combination disrupts current plans and operations of Ranpak as
a result of the announcement and consummation of the initial business
combination; (8) costs related to the initial business combination; (9)
changes in applicable laws or regulations; (10) the possibility that
Ranpak or the Company may be adversely affected by other economic,
business, and/or competitive factors; and (11) other risks and
uncertainties indicated from time to time in filings made with the SEC.
Should one or more of these risks or uncertainties materialize, they
could cause our actual results to differ materially from the
forward-looking statements. We are not undertaking any obligation to
update or revise any forward looking statements whether as a result of
new information, future events or otherwise. You should not take any
statement regarding past trends or activities as a representation that
the trends or activities will continue in the future. Accordingly, you
should not put undue reliance on these statements.

No Offer or Solicitation

This press release is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities pursuant to the proposed business combination or otherwise,
nor shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act.

Additional Information

In connection with the proposed acquisition, One Madison filed a
registration statement on Form S-4 (File No. 333-230030) (the
“Registration Statement”) with the Securities and Exchange Commission
(the “SEC”), which includes a preliminary proxy statement/prospectus,
that is both the proxy statement to be distributed to holders of the
Company’s ordinary shares in connection with the Company’s solicitation
of proxies for the vote by the Company’s shareholders with respect to
the business combination and other matters as described in the
Registration Statement, as well as the prospectus relating to the offer
of the securities to be issued to the Company’s equityholders in
connection with the Company’s proposed domestication as a Delaware
corporation in connection with the completion of the business
combination. The Registration Statement has not yet been declared
effective. After the Registration Statement is declared effective, the
Company will mail a definitive proxy statement/prospectus and other
relevant documents to its shareholders. STOCKHOLDERS ARE ADVISED TO READ
THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of
the proxy statement/prospectus (when available) and any other relevant
documents filed with the SEC from the SEC’s website at http://www.sec.gov.
In addition, stockholders will be able to obtain, without charge, a copy
of the proxy statement/prospectus and other relevant documents (when
available) at One Madison’s website at http://www.onemadisoncorp.com/corporate-governance–investor-relations.html
or by contacting One Madison’s investor relations department via e-mail
at [email protected].

Participants in the Solicitation

One Madison and its directors, executive officers and other members of
its management and employees may be deemed to be participants in the
solicitation of proxies from One Madison’s stockholders with respect to
the proposed acquisition. Information about One Madison’s directors and
executive officers and their ownership of One Madison’s common stock is
set forth in One Madison’s filings with the SEC, including (i) the
Annual Report on Form 10-K for the fiscal year ended December 31, 2018,
which was filed on February 28, 2019 and (ii) the Registration Statement
on Form S-4 initially filed on March 1, 2019, as amended on April 8,
2019 and April 23, 2019. Stockholders may obtain additional information
regarding the direct and indirect interests of the participants in the
solicitation of proxies in connection with the proposed acquisition,
including the interests of One Madison’s directors and executive
officers in the proposed acquisition, which may be different than those
of One Madison’s stockholders generally, by reading the proxy
statement/prospectus and other relevant documents regarding the proposed
acquisition, which will be filed with the SEC.

Contacts

Media:
Sard Verbinnen & Co.
David Millar/Julie
Casale
212-687-8080