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Deutsche Bank Paper Conference London 14 November 2007

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Deutsche Bank Paper Conference London 14 November 2007 DEUTSCHE BANK PAPER CONFERENCE LONDON 14 NOVEMBER 2007 AGENDA Strategic Overview Growth Markets Financials PAGE 1 AGENDA Strategic Overview Growth Markets Financials PAGE 2 MONDI AT A GLANCE merchant /newsprint South Africa Sales H1 €1.7B €1.0B €0.2B €0.3B 2007 (1) Products z No. 1 Kraft Paper(2) z No. 1 Office Paper(2) z No. 1 Corrugated z No. 1 Newsprint in z No. 2 Kraftliner(2) z No. 2 UCWF(2) Packaging in SA(3) South Africa(2) Positions z No. 1 Bag Converting(3) z No. 1 Rigid Plastics in SA z Leading Positions in in Europe (5) z No. 3 Corrugated Emerging Europe Packaging(4) z No. 1 in Cartonboard in SA - . (1) Segment revenues, including inter-segment revenues, excluding associates. (2) Based on production capacity. (3) Based on sales. (4) Management estimate based on sales. Sources: RISI, Pöyry Forest Industry Consulting, Freedonia, BMI Foodpack, PAMSA, Mondi PAGE 3 MONDI STRATEGIC DRIVERS Mondi Group sales H1 2007 Mondi group net operating assets June 2007 { Leading market position 39% — Leading market positions 45% 55% — High exposure to: 61% – Attractive product segments – Attractive geographies Emerging markets Mature markets Emerging markets Mature markets { Strong asset base — Upstream production cost advantages – 100% of kraftliner and 91% of universal office paper in lowest cost quartile Indicative Position 2010 — Vertically integrated Mondi Group operating assets Mondi Group sales – Up to 51% self-sufficient low cost wood 30% { Focus on performance 40% — Comprehensive Business Excellence 60% 70% Programmes Emerging markets Mature markets Emerging markets Mature markets — Continuous cost reduction and productivity improvement { Growth — Organic and through acquisition PAGE 4 UCWF and Corrugated demand growth per region Corrugated 2005 - 2010 demand growth (in UCWF 2006 - 2011 demand growth (in %)1 %)2 9,8 8,2 6,6 1,8 1,3 WE EE CIS WE EE Demand growth in %. 1Sources: EMGE Woodfree Forecast Report; October 2007 for Eastern and Western Europe. World Paper markets 2020, Pöyry 2005 Edition for CIS. CIS market growth from 2004 – 2010. 2Source: ICCA. PAGE 5 UPSTREAM PRODUCTION COST ADVANTAGES LOW- COST POSITIONS White-top Kraftliner Unbleached Kraftliner €/t 800 €/t 500 100% of Mondi 100% of Mondi Unbleached White-top Kraftliner Kraftliner capacity capacity 0 0 0 3,000 0 1,400 Cumulative capacity (Kt/a) Cumulative capacity (Kt/a) Universal Office Paper €/t 1,500 91% of Mondi Universal Office Paper Capacity 0 0 Cumulative capacity (Kt/a) 3,500 Mondi Paper Machines Note: The graphs show delivered cost to Frankfurt, Germany European Producers Sources: Pöyry Forest Industry Consulting, Mondi MAGENTA\ROADSHOW PRESENTATION\12 Magenta Roadshow Presentation.ppt 13/11/2007 15:48 PAGE 6 SUPERIOR ACCESS TO LOW-COST WOOD Average Hardwood and Softwood Costs (€/m 25 25 Source: Pöyry Forest Industry Consulting MAGENTA\ROADSHOW PRESENTATION\12 26 30 3 , Q2 2007) Brazil 30 33 South Africa Magenta Roadshow Presentation.ppt 37 Russia 39 Chile 42 47 Australia Poland Portugal Sweden Finland France 13/11/2007 15:48 PAGE 7 BENEFITING FROM INTEGRATED VALUE CHAIN Forestry Pulp Paper Mondi’s own 5.8Mt 7.6mm3 3.5Mt availability Packaging: 3.3Mt Mondi’s own (1) 14.8mm3 3.8Mt 2.1Mt demand Potential self 51% 91% 154%(1) sufficiency (1) Refers to Mondi’s demand and self-sufficiency of packaging paper (including MP and MPSA). Paper is the end product for non-packaging businesses. Notes: 2006 figures. Forestry figures are based on annual allowable cut (excluding firewood). Source: Mondi MAGENTA\ROADSHOW PRESENTATION\12 Magenta Roadshow Presentation.ppt 13/11/2007 15:48 PAGE 8 AGENDA Strategic Overview Growth Markets Financials PAGE 9 GROWTH z At 30th June 2006 61% of asset base was deployed in emerging markets. z Estimated emerging market share of asset base will grow to 70% by close of 2010 z Major investments targeted at emerging markets: - Containerboard and box plant – Eastern Europe - Syktyvkar modernisation expansion – Russia - Tire Kutsan acquisition - Turkey PAGE 10 CONTAINERBOARD EXPANSION PROJECT z New 470,000 tons lightweight recycled containerboard machine plus a new corrugated box plant with capacity of approximately 250M m2/year corrugated board production z Clear cost leader in Europe z Investment cost of circa €350M z Order for main machinery was placed in September 2007 z Start-up expected in mid 2009 z Investigating option of investing in own recovered paper collection operation Source: Mondi PAGE 11 CONTAINERBOARD EXPANSION PROJECT – PROJECT RATIONALE z Target high-growth lightweight recycled containerboard market z Supported by growing manufacturing base in CEE region which has resulted in a recycled containerboard supply deficit (0.7M tons in 2006) z Efficient supply to state-of-the-art corrugators with 2.8m width z Lower capital expenditure due to brownfield investment Recycled Fluting Cost Curve €/t 350 300 250 200 150 PM CEE Light 100 0 2,000 4,000 6,000 8,000 10,000 Cumulative capacity (1 000 t/a) z Leverage Mondi Packaging paper sales network in Europe z Expand leading market position in strongly growing Polish corrugated packaging market by adding a state-of-the-art box plant with favourable logistic costs due to location next to the RCB mill Note: The graph shows manufacturing cost.Source: Mondi/Pöyry Forest Industry Consulting PAGE 12 SYKTYVKAR MILL - PROJECT SCOPE z New and expanded z Benefits include { Wood handling facilities { Lower operating costs { Recovery boiler and { Improved efficiencies turbine { Expanded electricity { Evaporation of Black generating capacity Liquor { 190,000 tpa increase in { Limekiln pulp production capacity { Pulp dryer { 52,000 tpa increase in UCWF production capacity z Upgraded/Rebuilt { 46,000 tpa increase in { Two chemical pulp lines containerboard { PM14 UCWF machine { Reduced environmental { PM21 containerboard footprint machine PAGE 13 SYKTYVKAR PROJECT - MARKET FORECAST z This Project will enable Mondi to benefit from the strong growth in demand for UCWF and containerboard in the domestic Russian market UCWF / Cut size Paper Demand Forecast White-top liner Demand Forecast CEE incl. Russia Russia (mt) (kt) (1) 4 CAGR CIS Cutsize (C+ Grade) 350 5,7% (mt) CAGR 300 9,1% 3 1.0 275 3.1 8,7% 250 2.6 0.8 0.8 200 0.7 2 0.6 0.7 195 0.6 150 1.7 0.4 100 115 1 0.2 0.0 50 ‘07 ‘08 ‘09 ‘10 0 0 2015 2004 2010 2015 2005 2010 (1) Based on Mondi Research Source: Pöyry (White-top Kraftliner and White-top Testliner Source: Pöyry (World Paper Markets up to 2020); Mondi Analysis cost competitiveness and Market Outlook); February 2007 PAGE 14 SYKTYVKAR OPERATIONAL ACHIVEMENTS z The Russian operation Syktyvkar has been a success story for Mondi, outperforming in the areas of safety, productivity, costs and environmental management Syktyvkar (Russia)(²) 180 ) .( ¹ 160 p.a 13% z Management % 140 control acquired in Volume per 2002 120 capita 100 z Integrated 2002 2003 2004 2005 2006 operations z In the process Mondi has developed highly valued relationships with the local government and stakeholders, which in conjunction with the above, positions Mondi uniquely to fully optimise this attractive value creating opportunity (1) CAGR. (2) Forestry workers included. Note: Tons per capita based on employees year average Source: Mondi PAGE 15 SYKTYVKAR - MILESTONES z Milestones of the Project: ¾ Main equipment vendors chosen July/August 2007 ¾ Start construction April 2008 ¾ Project completion mid-2010 PAGE 16 ACQUISITION TIRE KUTSAN, TURKEY z On September 3, 2007 Mondi Packaging acquired 54% of Tire Kutsan, the leading Turkish corrugated packaging company z The company has one paper mill producing 120,000 tons of recycled containerboard plus 5 corrugated box plants in Turkey with a board production capacity of approximately 450M m2/year z The company was acquired from the Ülker Group, a leading Turkish family owned group with sales of USD 7B mainly in the food business. The Ülker Group will keep 10% in Tire Kustan for 3 years and Mondi Packaging and the Ülker Group have signed a business cooperation agreement z The acquisition price for 54% was USD 106M equivalent to a cash and debt free enterprise value for 100% of c. €190M z The remaining shares are traded on Istanbul Stock Exchange and Mondi Packaging is currently in the process of making a mandatory tender offer Source: Mondi PAGE 17 ACQUISITION TIRE KUTSAN PROJECT RATIONALE z Turkey is forecasted to have the highest growth rates in corrugated packaging in Europe with 12% per annum or additional 1.6 M m2 between 2005 and 2010 Production in M m2 Growth 00-05 Growth 05-10Pop Prod. / capita 2000 2005 2010 CAGR M m2 CAGR M m2 05 2005 2010E Poland 1.129 2.054 2.986 12,7% 925 7,8% 932 39 53 77 Russia 1.124 2.351 3.464 15,9% 1.227 8,1% 1.113 143 16 25 Turkey 1.400 2.111 3.701 8,6% 711 11,9% 1.590 73 29 47 Other EE 2.048 3.168 4.198 9,1% 1.120 5,8% 1.030 110 29 36 Total EE 5.701 9.684 14.349 11,2% 3.983 8,2% 4.665 375 26 38 Total WE 33.790 35.574 38.962 1,0% 1.784 1,8% 3.388 394 90 97 EUROPE 39.491 45.258 53.311 2,8% 5.767 3,3% 8.053 769 59 69 Source: ICCA z Acquisition makes Mondi Packaging the market leader in Turkey and Emerging Europe in corrugated z Reinforces Mondi’s strategy of high emerging market exposure z Strengthens Mondi Packaging’s position in the European corrugated market by expanding its European footprint Source: Mondi PAGE 18 AGENDA Strategic Overview Growth Markets Financials PAGE 19 INDUSTRY FUNDAMENTALS: EUROPEAN UNCOATED FINE PAPER { Circa 12 million tonne market, growing at 1200 3% 1 pa 1100 — Western Europe 2% 2 2 — Eastern Europe 7% 1000 { European capacity closures in 2006/2007 900 of 720,000 tpa €/tonne { Following these closures, capacity 800 utilisation anticipated to be attractive { Favourable demand supply balance 700 forecast for foreseeable future 600 { Only confirmed major expansion in 2001 2004 2007 Europe is a new 500Ktpa machine at Portucel’s Setubal mill, planned for (1) Volume growth based on 2000 to 2006 demand estimates by Pöyry Forest Industry Consulting.
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