#1Fixed income investor presentation March 2020 S BILLABONG mondi#2Mondi: Forward-looking statements disclaimer This document includes forward-looking statements. All statements other than statements of historical facts included herein, including, without limitation, those regarding Mondi's financial position, business strategy, market growth and developments, expectations of growth and profitability and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believe", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates”, “aims", "plans", "predicts", "continues", "assumes", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mondi, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements and other statements contained in this document regarding matters that are not historical facts involve predictions and are based on numerous assumptions regarding Mondi's present and future business strategies and the environment in which Mondi will operate in the future. These forward-looking statements speak only as of the date on which they are made. No assurance can be given that such future results will be achieved; various factors could cause actual future results, performance or events to differ materially from those described in these statements. Such factors include in particular but without any limitation: (1) operating factors, such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development plans and targets, changes in the degree of protection created by Mondi's patents and other intellectual property rights and the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for Mondi's products and raw materials and the pricing pressures thereto, financial condition of the customers, suppliers and the competitors of Mondi and potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in Mondi's principal geographical markets or fluctuations of exchange rates and interest rates. Mondi expressly disclaims a) any warranty or liability as to accuracy or completeness of the information provided herein; and b) any obligation or undertaking to review or confirm analysts' expectations or estimates or to update any forward-looking statements to reflect any change in Mondi's expectations or any events that occur or circumstances that arise after the date of making any forward-looking statements, unless required to do so by applicable law or any regulatory body applicable to Mondi, including the JSE Limited and the LSE. mondi#3AGENDA GROUP OVERVIEW AND STRATEGY CAPITAL STRUCTURE AND FINANCIAL POLICIES 2019 FINANCIAL RESULTS SUMMARY APPENDICES HIGH PERFORMANCE SPORTS DE N#4SEPT GROUP OVERVIEW AND STRATEGY ALT 公 ili lililililili LLER JAWA 150427 LONGERESSION E#5A unique platform to deliver sustainable growth LO BIO RISPEN TOMATEN 8:0 mondi FlexiBag USTABLE & DESIGN Flexibag Mondi recognised as a leader in sustainability with a unique platform to deliver customer-centric solutions Cost-advantaged operations combined with our relentless focus on driving performance • Focused investments that deliver sustainable returns Strong cash generation and a balance sheet that provide strategic flexibility and options for growth • Depth of experience across 100 production sites and a focus on inclusion as we develop the next generation of leaders Digitalisation Partner with customers for innovation INDUSTRY LEADER UNIQUELY POSITIONED: PAPER WHERE POSSIBLE. PLASTIC WHEN USEFUL RIGHT SIDE OF BIG TRENDS: SUSTAINABILITY, E-COMMERCE, BUILDING TRUST IN CUSTOMER'S BRANDS Drive performance the value chain along We drive value accretive growth, SUSTAINABLY 34+* Inspire our r people with cost advantage Invest in assets mondi#6Mondi at a glance Segment revenue ¹ Underlying EBITDA ROCE Products End Uses Corrugated Packaging €2,014m €583 million 24.9% FMCG and consumer products E-commerce and retail Automotive, heavy-duty and other specialised applications 1. Segment revenues, before elimination of inter-segment revenues. 2. All figures for the year ended 31 December 2019 6 Flexible Packaging ALL YOU NEED IS ONE 17/ 1/1 /// €2,708m €543 million ✓✓✓ ✓✓✓1 15.7% FMCG products Food service and retail Cement and building materials Chemicals, agricultural and other industrial Engineered Materials €979m €122 million 13.8% Baby care, feminine care, adult incontinence, and wipes Tapes, labels and graphic arts Food, building and industrial applications Uncoated Fine Paper 1000 €1,758m €444 million Cherypouka 25.1% Totatrim rotatcim Paper for home and office printers Paper for professional digital and analogue printing presses mondi#7Leading market positions. Corrugated Packaging 12 YOU ARE #1 Containerboard (emerging Europe) #1 Virgin containerboard (Europe) PRINT #3 Corrugated solutions (emerging Europe) Refer to the end of this document for market position sources and definitions 7 Flexible Packaging #1 Kraft paper (global) [and] SPLASH BAG Grande HOT TECK PARE #1 HYROID PRO 74 mond GE 1 1 terra Basked fam Co mondi SARRIER CO WITH NE (mind SEAL S Paper bags (Europe) and a global leader #3 Consumer flexible packaging (Europe) Engineered Materials B #2 #1 Commerical release liner (Europe) Extrusion solutions (Europe) Uncoated Fine Paper #1 Uncoated fine paper (Europe) #1 PA Totatrim Cosine Uncoated fine paper (South Africa) rotatrim Gume mondi#8Our global footprint ∞ Key Corrugated Packaging A Mill Converting plant Group offices London Vienna Production sites Austria Belgium Bulgaria China Côte d'Ivoire Czech Republic Egypt Finland France K Germany Hungary Iraq K Italy Jordan Lebanon A Malaysia ● ●Ⓡ ●ACO ● Flexible Packaging A Mill Converting plant A Mexico Morocco Netherlands Oman Poland Engineered Materials . Converting plant Uncoated Fine Paper A Mill Russia Serbia ● Slovakia South Africa ● South Korea Spain ● Sweden ● Thailand ● Turkey Ukraine United Kingdom USA#9Strong global presence Revenue by location of customer % 10% 5% 10% 15% 22% 38% Emerging Europe All figures for the year ended 31 December 2019 Revenue by location of production % Western Europe 12% 7% 7% 2% 38% Russia 34% South Africa Net operating assets by location % 12% 13% North America 4% 4% 30% Other 37% mondi#10Consistent strategy delivering industry leading performance Underlying EBITDA and margin € million and % 10 19.4% 1,325 2015 20.5% 1,366 2016 Underlying EBITDA 20.9% 1,482 2017 23.6% 1,764 2018 22.8% 1,658 2019 Underlying EBITDA margin Basic underlying earnings per share € cents per share 133.7 2015 137.8 2016 6% CAGR 148.9 2017 189.1 2018 171.1 2019 mondi#11Strong cash generation through the cycle Cash flow generation € million 648 2007 538 2008 705 2009 516 2010 648 2011 5% CAGR (2007-2019) 549 2012 715 2013 796 Cash flow generation based on net cash generated before capital expenditure, acquisitions and disposals of businesses, investment in equity accounted investees and payment of dividends to shareholders 11 2014 1,039 2015 1,061 2016 More than €10 billion generated since listing 972 2017 1,226 2018 1,215 2019 mondi#12Strategic framework driving an industry leading performance 12 Digitalisation customers with for innovation Drive performance the value chain along the Partner We drive value accretive growth, SUSTAINABLY Inspire C our people with cost advantage Invest in assets mondi#13Our growth focus - packaging 13 Corrugated Packaging de amazon.fr O OND amazon GROW Flexible Packaging NEED IS LL YOU mondi puow GROW Engineered Materials STRENGTHEN NICHE POSITIONS Uncoated Fine Paper Color Cope COLOR COPY MAINTAIN COMPETITIVENESS mondi#14Cost advantaged operations combined with our relentless focus on driving performance Cost advantaged asset base Mondi capacity by quartile of relevant industry cost curve (%) 23% 2nd quartile 56% 1st quartile -80% OF CAPACITY in the 1st or 2nd cost quartile Refer to the end of this document for relevant industry cost curve sources and definitions 14 Focus on driving performance Ongoing processes Core organisation competence Ongoing process to set profit improvement initiatives in four key areas: Commercial - Supply chain - Procurement - Operational - o Accelerated via digital tools o Clear commitment and ownership, ongoing tracking • Benchmarking performance internally and externally . Collaboration and knowledge sharing network Culture of continuous improvement mondi#15Integrated value chain (2019) 40 Mondi managed forests Annual allowable cut 8 million m³ Internally procured wood¹ 4 million m³ Externally procured wood 14 million m³ 15 Paper for recycling 1.3 mt B Resin, films and other raw materials 1 Due to commercial, logistic and sustainability considerations, the actual wood procured from our managed forests was lower than the annual allowable cut 2 In addition to the 1.5mt of uncoated fine paper, the Group also produced 0.2mt of newsprint 3 Pulp and packaging paper net exposure 71 Pulp 4.4 mt Containerboard 2.5 mt M Kraft paper 1.2 mt Uncoated fine paper² 1.5 mt Box plant Converting plants 0 0 D Pulp³ 0.2 mt Containerboard³ 1.6 mt Corrugated solutions 1.7 bn m² Kraft paper³ 0.4 mt Paper bags 5.2 bn bags Consumer flexibles 2.5 bn m² Engineered materials 5.5 bn m² Uncoated fine paper 1.5 mt mondi#16Capital investment projects delivering growth Capital expenditure € million 16 174% 595 2015 132% 465 2016 147% 611 2017 173% 709 2018 -Capex as a % of depreciation 187% 757 2019 Strong contribution: o €75 million in the past 3 years, including €30 million in 2019 o €40 million expected in 2020 • Focused capital investment project pipeline securing future organic growth • Key projects expected to increase current saleable pulp and paper production by around 8% when in full operation mondi#17Growing responsibly: SUSTAINABLE by DESIGN • Our Ecosolutions approach Paper where possible, plastic when useful ● 17 Sustainable products Actively developing innovative and sustainable solutions. renewable and recyclable paper-based packaging solutions. flexible plastic-based packaging when barrier properties are required focus on supporting the circular economy O Climate • Reduced specific CO₂e emissions by 39% since 2004 and 15.5% since 2014 ● • Set a Science Based Target for carbon emissions to 2050 • 100% certified managed forests and sustainably sourced fibre (certified or controlled wood) WWF SUSTAINING ECOSYSTEMS THROUGH RESPONSIBLE BUSINESS PRACTICES mondi People 24-hour safety mind-set Diversity and Inclusion initiatives: 30% women employed across our executive committee and its direct reports Signatory to the UN Women's Empowerment Principles Training and development programmes including the Mondi Academy mondi#18Mondi recognised as a leader in sustainability External recognition 18 WE SUPPORT COMPACT Bl HT UN GLOBAL Advanced Reporter Joined The CEO Water Mandate in 2015 SUSTAINALYTICS Low risk rating GOLD 2019 ecovadis CSR Rating GOLD recognition level Top 1% of all suppliers CDP DRIVING SUSTAINABLE ECONOMIES A-score for Climate Change and Sustainable Forestry A score for Water Security SAM Now a Part of S&P Global Sustainability Yearbook 2020, #2 in sector instules in ETHIBEL SUSTAINABILITY INDEX EXCELLENCE Global Member of the ESI Excellence Europe MSCI ESG Rating AAA EURONEXT vigeqiris INDICES UK 20 Europe 120 !!! FTSE4Good Member of the FTSE4Good Index Series FTSE/JSE Responsible Investment Index: Top 30 Making a real contribution to the UN SDGs 7 9 13 6 CLEAN WATER AND SANITATION AFFORDABLE AND CLEAN ENERGY INDUSTRY, INNOVATION CLIMATE ACTION 8 12 DECENT WORK AND ECONOMIC GROWTH RESPONSIBLE CONSUMPTION AND PRODUCTION GO 15 LIFE ON LAND mondi#19Mondi's approach to sustainable packaging solutions 19 REPLACE ...less sustainable products with solutions following our principle paper where possible, plastic when useful REDUCE ...the volume of raw material used through design, operational efficiency and raw material choices RECYCLE ...packaging by developing solutions that are designed. for recycling EcoSolutions is Mondi's customer-centric approach to support our customers to achieve their sustainability goals SUSTAINABLE by DESIGN mondi#20A unique platform to deliver High High Low 20 Paper mondi Eco Vantage RUTANLI 6 BIG RISPEN TOMATEN BO Added barriers PAPER where possible... Ô O Moisture Barrier functionality ¤ Mineral Oil mondi Renewable Recyclable PerFORMing SUSTAINABLE & DESICA Grease ₂ Q Material mondi Gas Barrier Pack Recyclable CALE DESIGN SUSTAINABLE SOLUTIONS Barrier film s -->> Thermoforming mono-material SUSTAINABLE & mondi .....PLASTIC when useful Aluminium foil Metal/alu replacement non-retort Low Low mondi SUSTAINABLE & DESIGN High mondi#21Strong cash generation and balance sheet 21 FREE CASH FLOW PRIORITIES As appropriate Maintain our strong and stable financial position and investment grade credit metrics ● ● Grow through selective capital investment opportunities Strong track record and pipeline in progress Further options to leverage quality asset base being explored ● ● 1.3x net debt/ underlying EBITDA Solid investment grade credit ratings Support payment of dividends to our shareholders ● 11% CAGR in ordinary dividend per share since listing (2007) Evaluate growth opportunities through M&A and/or increased shareholder distributions STRATEGIC FLEXIBILITY AND OPTIONS FOR GROWTH mondi#22CAPITAL STRUCTURE AND FINANCIAL POLICIES#23Investing in our business and distributions to shareholders Cash flow generation since listing € billion Strong cash generation through the cycle (5% CAGR to 2019) 10.6 Cash flow generation Investing in our cost advantaged asset base (6.7) Capital expenditure Taking advantage of opportunities at the right value (2.5) Acquisitions Cash flow generation based on net cash generated before capital expenditure, acquisitions and disposals of businesses, investment in equity accounted investees and payment of dividends to shareholders 23 Divesting non-core and underperforming operations 0.8 Disposals Returning capital to our shareholders in line with our cash flow priorities (2.9) Payment of dividends to shareholders 0.7 Increase in net debt mondi#24Capital structure & financial policies. Conservative approach to leverage • Capital structure to maintain investment grade credit metrics Articulated as a key strategic objective Single bank facility covenant 3.5x Net Debt/underlying EBITDA Significant headroom on current ratio Net Debt/underlying EBITDA of 1.3x as at 31 December 2019 Rigorous asset management & capital deployment • ROCE key internal and public management target • Significant portion of management remuneration based on ROCE performance. Group hedging policies . Transactional FX exposures hedged Interest rate exposure hedged via fixed rate bonds Dividend policy Dividend cover (underlying EPS/DPS) of 2 to 3 times on average through the cycle 24 mondi#25Interest and net debt € million Net debt Average net debt Net interest expense Effective interest rate Committed facilities Of which undrawn Net (bank overdraft) / cash position Net debt/12-month trailing underlying EBITDA (times) Currency split of net debt (€2,207 million) % 25 3% 3% 4% 4% 16% 12% 17% 41% 2019 2,207 2,243 95 4.2% 2,476 660 (7) 1.3 Euro Polish zloty Russian rouble US dollar Turkish lira Czech koruna 2018 2,220 1,979 83 4.2% 2,487 616 8 1.3 ■SA rand ■ Other % change (1)% 13% 14% • Net debt down €13 million reflecting strong cash generating capacity despite ongoing capital expenditure programme • Cash generated from operations of €1,635 million (2018: €1,654 million), reflects the continued strong cash generating capability of the Group • Investment grade credit ratings o Moody's Investors Service rating maintained at Baa1 (stable outlook) Standard & Poor's rating maintained at BBB+ (stable outlook) STRONG, STABLE FINANCIAL POSITION PROVIDES FLEXIBILITY AND UNDERPINS STRONG CREDIT RATINGS mondi#26Committed debt facilities Maturity profile of committed facilities € million 1,000 26 750 500 250 86 500 2020 750 2021 Bond Mondi Group at 31 December 2019 In February 2020, the Group entered into a new €250 million facility maturing in 2021 2022 RCF facility 2023 Other facilities COMMITTED FACILITIES €2.476M OF WHICH €1.816M IS DRAWN 500 2024 600 > 2024 mondi#27Credit ratings 27 Moody's Issuer Rating: Outlook Baa1 …. Stable "...One of Mondi's key credit strengths is its high profitability, with a Moody's-adjusted EBITDA margin of above 20% since 2016, which positions the company strongly in its peer group. Particularly in the upstream businesses... Mondi's margins are best-in-class or among the highest in the market... We assess Mondi's liquidity as good... ... liquidity sources should be sufficient to weather any intra-year seasonality of cash flow, also taking into consideration that we expect Mondi to continue to generate positive FCF in the next 12-18 months even with elevated levels of capital spending in the pipeline..." Moody's 16 April 2019 S&P Long-Term Corporate Credit Rating: BBB+ Stable Outlook "Mondi Group (Mondi) has one of the highest EBITDA margins among rated peers. We expect Mondi to continue generating industry-leading EBITDA margins, thanks to its ongoing focus on cost efficiencies and manufacturing presence in lower-cost and emerging markets... ...Mondi will likely remain focused on optimizing its operations. We expect Mondi will maintain a high strategic fit among its assets, and continue the capital investments in its asset base to further optimize its value chain..." S&P 6 December 2019 mondi#28Robust financial position Net debt and net debt to 12-month trailing underlying EBITDA € million and times 28 1.7x 1,364 2010 0.9x 831 2011 2.0x 1,875 2012 1.5x 1,619 2013 Net debt 1.4x 1,613 2014 1.1x 1,498 2015 1.0x 1.3x 1.3x 1.0x all 1,532 2,220 2017 2018 1,383 2016 Net debt to 12-month trailing underlying EBITDA (times) 2,207 2019 mondi#292019 FINANCIAL RESULTS PONT#302019 highlights Underlying EBITDA and ROCE € million and % 20.5% 30 1,325 2015 20.3% 133.7 2015 1,366 2016 Basic underlying earnings per share euro cents per share 19.3% 137.8 2016 1,482 2017 -ROCE (%) 148.9 2017 23.6% 1,764 2018 189.1 2018 19.8% 1,658 2019 171.1 2019 Robust financial performance o Strong margins, returns and cash generation o Recommended full year ordinary dividend up 9% . Strong cost control across the Group . Good contribution from capital investments and acquisitions completed in 2018 • Capital investment pipeline to deliver further growth • Simplification of corporate structure completed. Uniquely positioned - helping our customers transition to more sustainable packaging • Delivering against our 2020 Growing Responsibly. commitments and updated science-based climate commitment mondi#31Underlying EBITDA development Underlying EBITDA development € million 31 1,764 2018 (87) Sales volumes (103) Sales prices (14) Variable costs (18) Cash fixed costs 25 45 Currency Acquisitions effects & disposals 28 Forestry fair value gain Solid operational performance, strong cost control and good contribution from acquisitions and capital investment projects mitigating market pressures 18 Other 1,658 2019 mondi#32Business unit contribution Business unit underlying EBITDA development € million 1,764 2018 (124) 82 1 Breakdown excludes corporate costs 32 10 (72) (2) Corrugated Flexible Engineered Uncoated Corporate Packaging Packaging Materials Fine Paper 1,658 2019 2019 underlying EBITDA contribution by business unit¹ % 26% 7% ■ Corrugated Packaging ■ Engineered Materials 32% 35% Flexible Packaging Uncoated Fine Paper mondi#33SUMMARY#34COVID-19 impact •The rapid spread of COVID-19 first identified in December 2019 has resulted in an acute deterioration of the political, socio-economic and financial situation globally. 34 The Group continues to monitor the impact of COVID-19 on the markets in which it operates and more broadly on the global trade, supply chains and the macroeconomic outlook as governments and international agencies impose a range of measures to deal with the outbreak. The Group may experience material labour quarantine or other labour, supply chain or operational issues that may affect the Group's production and sales. The impacts of the COVID-19 outbreak are difficult to predict and quantify at this point in time. Adverse changes in global economic conditions or economic conditions in the markets in which the Group operates, including as a result of the above developments, could have a material adverse effect on the Group's business, financial condition and/or results of operations. mondi#35COVID-19 impact 35 Situation remains fluid. Impact to date is contained Healthy and safety of our people remains our top priority - various additional measures introduced across the Group Risk mitigation includes: • Diversification Customers Top 10 customers less than 15% of turnover • Suppliers - Most key inputs sourced regionally Geographic - Over 100 plants in over 30 countries Significant exposure to essential products for food, hygiene, consumer goods and e-commerce • Certain large mills provide essential services to local communities e.g. energy, heat, water treatment • Ongoing monitoring of possible impacts . Customers/markets Supply chain • Labour mondi#36Key credit highlights Strong cash generation and industry leading margins Conservative credit profile and disciplined capital allocation Among the highest rated packaging credits Baa1 Stable Moody's since Sept 2017 BBB+ Stable S&P since April 2018 Balancing leverage, capital investment, shareholder returns, and acquisitions Leading Market Positions Corrugated Packaging: #1 Containerboard (emerging Europe), #1 Virgin containerboard (Europe) Flexible Packaging: #1 Kraft paper (global) / #1 paper bags (Europe) • Engineered Materials: #1 Commercial release liner (Europe) Uncoated Fine Paper: #1 Uncoated fine paper (Europe) Growth focus on packaging Cost-advantaged operations with a global footprint Well-invested, efficient asset base, located primarily in low-cost countries in Central and Eastern Europe and South Africa Most assets are positioned in the lowest quartile in their respective cost curves Integrated value chain Industry leading returns Recognised leader in and commitment to sustainability 36 mondi#37Transaction summary Issuer Guarantor Issuer ratings Expected issue ratings Format Maturity Size Coupon Documentation Listing Use of proceeds Active joint book-running managers 37 Mondi Finance Europe GmbH Mondi plc Baa1 / BBB+, both stable (Moody's / S&P) Baa1 / BBB+ (Moody's / S&P) Senior, Unsecured, Reg S, Bearer, NGN 8-years Euro benchmark Fixed rate, paid annually. EMTN / €100+ €1k denominations / 3-month Par Call / English Law London Stock Exchange (Regulated Market) General Corporate Purposes BofA Securities, Commerzbank, Deutsche Bank, SEB mondi#38AM KOLE APPENDICES FOLK V YASKAWA#39Financial review € million Underlying EBITDA Depreciation, amortisation and impairments Underlying operating profit Underlying net finance costs. Underlying profit before tax Underlying tax charge Underlying non-controlling interests. Underlying earnings Special items (before tax) Profit for the year attributable to shareholders Basic earnings per share (euro cents) Basic underlying earnings per share (euro cents) 39 2019 1,658 (435) 1,223 (104) 1,119 (257) (33) 829 (16) 812 167.6 171.1 2018 % change 1,764 (6%) 2% (7%) (18%) (9%) 6% 21% (9%) (446) 1,318 (88) 1,231 (273) (42) 916 (126) 824 170.1 189.1 (1%) (1%) (10%) H2 2019 764 (220) 544 (59) 485 (111) (11) 363 (14) 348 71.8 74.9 H2 2018 912 (224) 688 (48) 641 (141) (16) 484 (26) 473 97.6 99.9 % change (16%) 2% (21%) (23%) (24%) 21% 31% (25%) (26%) (26%) (25%) mondi#40Cash flow (reconciling to movement in net debt) € million Underlying EBITDA Working capital movements Other operating cash flow items Cash generated from operations Income tax paid Dividends received from other investments Net cash generated from operating activities Capital expenditure Investment in forestry assets Acquisitions and disposals Interest paid Dividends paid to shareholders Dividends paid to non-controlling interests Net additions of lease liabilities Other investing and financing activities Net decrease/(increase) in net debt 1 On a debt and cash-free basis, including transaction costs 40 2019 1,658 35 (58) 1,635 (248) 1 1,388 (757) (48) 19 (96) (396) (3) (47) (47) 13 2018 1,764 (117) 7 1,654 (248) 1 1,407 (709) (53) (431) (73) (793) (18) (18) (688) % change (6%) (1%) (1%) (7%) 9% (32%) mondi#41Statement of financial position € million Property, plant and equipment Goodwill Working capital Other assets Other liabilities Net assets excluding net debt Equity Non-controlling interests in equity Net debt Capital employed 41 December 2019 4,800 948 952 620 (728) 6,592 4,015 370 2,207 6,592 December 2018 4,340 942 972 540 (749) 6,045 3,485 340 2,220 6,045 mondi#42Formable paper-based food tray solution. PerFORMing The Challenge Our sustainable solution key Benefits Aspiration 1. 2. 42 1 Conventional thermoformable trays are made of non-recyclable PET/PE A natural, brown or white, formable coated paper solution for food applications such as portion packs and trays • Collaboration across Mondi's paper, technical films and coating plants, leveraging know-how Reduces plastic use by up to 80% ¹ Reduces CO₂ emissions by 70% ¹ 2 Recyclability in certain paper streams² Further European food tray market penetration Develop technologies to separate substrates to further improve recyclability Incorporate a recyclable barrier lidding film into overall solution to create a one-stop recyclable product for our customers Compared to existing conventional plastic solution Confirmed by PTS certificate REPLACE IN DEVELOPMENT > PROTOTYPE > COMMERCIALLY AVAILABLE mondi PerFORMing SUSTAINABLE & DESIGN "We are now delighted to have found a solution, together with Mondi, which significantly reduces the product's carbon footprint, curbs the use of plastic, and is capable of substantially enhancing recyclability." Martina Hörmer, MD Ja! Natürlich (REWE) mondi#43Increasing recycled plastic in packaging Film with recycled content The Challenge Our sustainable solution key Benefits Aspiration 43 2 Developing packaging solutions with increased recycled plastic content to help meet our and our customers' sustainability pledges Consistent quality, product safety and legal compliance compared to existing solution A film with recycled content from selected and qualified recycling sources that replaces a high share of virgin polyolefin • Supports the circular economy by encouraging the use of recycled content Replaces high share of virgin polyolefin with recycled alternatives Suitable for conversion on existing packaging lines Optical impact of recycled content minimised due to sourcing selected raw materials Up-scaling with various existing customers - labels and consumer packaging Expand product offering into other Form Fill Seal (FFS) solutions IN DEVELOPMENT > PROTOTYPE > COMMERCIALLY AVAILABLE REDUCE m mondi FFS with recycled content SUSTAINABLE DESIGN mondi#44A premium reclosable and 100% recyclable solution FlexiBag The Challenge Our Sustainable solution key Benefits Aspiration 44 1 Develop a more sustainable flexible plastic packaging bag without sacrificing convenience and shelf-attractiveness A premium reclosable and 100% recyclable side gusset plastic bag with a linear and curve tear with or without perforation Printable on all sides including the bottom, with optional handle Top and bottom filling options Suitable for mechanical recycling 100% airtight Fat, oxygen, aroma and moisture barrier Shelf stability and convenience Up-scaling with various customers, expected to be on the shelves in H2 2020 IN DEVELOPMENT > PROTOTYPE COMMERCIALLY AVAILABLE RECYCLE mo mondi FlexiBag SUSTAINABLE by DESIGN. FlexiBag mondi#45Sources and definitions Mondi region definitions Europe - Europe including Russia and Turkey Emerging Europe - Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Malta, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia, Turkey, Ukraine Sources for market position estimates Virgin containerboard (Europe) and Containerboard (emerging Europe) based on capacity (including kraft top liner) - Source: Fastmarkets RISI European Paper Packaging Capacity Report and Mondi estimates Kraft paper (Global) based on capacity - Source: Fastmarkets RISI European Paper Packaging Capacity Report, Fastmarkets RISI Mill Asset Database, Pöyry Smart Terminal Service and Mondi estimates Corrugated solutions (emerging Europe) based on production - Source: Henry Poole Consulting and Mondi estimates Paper bags (Global & Europe) based on sales volume - Source: Eurosac, Freedonia World Industrial Bags 2016 study and Mondi estimates Consumer flexible packaging (Europe) based on sales - Source: PCI Wood Mackenzie Commercial release liner (Europe) based on sales volumes - Source: AWA European Release Liner Market Study and Mondi estimates Uncoated fine paper (Europe) based on sales volumes (Ilim JV considered separate from IP) - Source: EURO-GRAPH delivery statistics, EMGE Woodfree Forecast, EMGE World Graphic Papers report, Fastmarkets RISI Mill Asset Database, PPPC customs data, Bumprom/SBO and Mondi estimates Uncoated fine paper (South Africa) based on Mondi estimates Sources for relevant industry cost curves Includes unbleached kraftliner, white top kraftliner, nordic and semi-chemical fluting, recycled containerboard, bleached & unbleached sack kraft paper, UFP (including value added grades) and BHKP Based on delivered cost to Frankfurt except BHKP (delivered to Rotterdam) and UFP - Merebank (delivered to South Africa) Global capacity for all grades except European capacity for unbleached kraftliner, recycled containerboard and UFP, and South African capacity for UFP - Merebank Source: Fastmarkets RISI and Mondi estimates, Q3 2019 45 mondi#46ਇਸ