#14 mondi Corporate investor presentation August 2021 [email protected]#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 the Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation or applicable law or any regulatory body applicable to Mondi, including the JSE Limited, the FCA and the LSE. mondi#3Delivering strongly positioned for sustainable growth H1 2021 highlights STRONG PERFORMANCE - GOOD MOMENTUM • Strong sales volumes and rising prices . Effective cost control • Results up sequentially INVESTING THROUGH-THE-CYCLE Completed acquisition of Olmuksan • Good progress made on capital investment projects • Recently approved Corrugated Packaging expansions SUSTAINABILITY AT THE CENTRE OF OUR STRATEGY • Mondi Action Plan 2030 (MAP2030) launched Designing for the circular economy Innovating with our customers mondi#4Mondi at a glance (2020) Segment revenue ¹ Underlying EBITDA ROCE Products End uses Corrugated Packaging €1,879m (27%) €518 million 22.5% BECOOL! O BECOOL! KAS Consumer and retail2 Flexible Packaging Crona MailerBag C 1. Segment revenues and related percentages before elimination of inter-segment revenues 2. Includes consumer non-durables, e-commerce and other retail applications €2,667m (39%) €519 million 14.5% Fleag Sabie Valve Ba 52 R Swip SPLASH BAG O 431 Op M T A Consumer and retail² Engineered Materials €801m (12%) €80 million 7.5% Building and construction Chemicals, industrial, agriculture and other B O Consumer and retail² Uncoated Fine Paper €1,485m (22%) SA 77000 Paper for home, office and professional printing Market pulp and other €266 million Снегурочка 11.3% rotatrim rotatoim mondi#5Leading market positions CORRUGATED PACKAGING FLEXIBLE PACKAGING #1 #1 #2 virgin containerboard producer in Europe containerboard producer in emerging Europe corrugated solutions producer in emerging Europe #1 #1 #3 kraft paper producer globally paper bag producer in Europe and a global leader consumer flexible packaging producer in Europe Refer to the end of this document for market position sources and definitions 5 ENGINEERED MATERIALS COMPOSTABLE RECYCLABLE ADABLE commercial release liner producer in Europe #1 #2 extrusion coatings producer in Europe UNCOATED FINE PAPER #1 #1 Color Copy uncoated fine paper supplier in Europe (including Russia) uncoated fine paper producer in South Africa mondi#6Strong global presence Revenue by location 2020 (%) North America 6 Production 7% Revenue from customers in South America represented 2% in 2020 Customer 11% Western Europe Production 38% Customer 7% 38% Africa Production Emerging Europe Production Customer 8% 35% Customer 23% Production Production 1% Russia 12% Asia & Australia Customer 9% Customer 9% mondi#7Integrated value chain (2020) 40 Mondi managed forests Annual allowable cut 9 million m³ Internally procured wood¹ 4 million m³ Externally procured wood 14 million m³ 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 1.4 mt of uncoated fine paper, the Group also produced 0.2 mt of newsprint 3. Pulp and packaging paper net exposure 71 Pulp 4.5 mt Containerboard 2.5 mt M Kraft paper 1.1 mt Uncoated fine paper² 1.4 mt Box plants Converting plants 0 0 D Pulp³ 0.5 mt Containerboard ³ 1.6 mt Corrugated solutions 1.8 bn m² Kraft paper³ 0.3 mt Paper bags 5.4 bn bags Consumer flexibles 2.5 bn m² Engineered materials 5.1 bn m² Uncoated fine paper 1.4 mt mondi#8Investing for growth in structurally attractive packaging markets ∞ Corrugated Packaging nazon.de amazon.fr amazon GROW Engineered Materials ....... COMPOSTABLE RECYCLABLE STRENGTHEN NICHE POSITIONS Flexible Packaging ING EED IS LL YOU Uncoated Fine Paper GROW puow's Color Copy MAINTAIN COMPETITIVENESS COLOR COPY Net investment¹ 5-year history (H2 2016 - H1 2021) O €0.2bn €0.8bn Corrugated Packaging €0.9bn Flexible Packaging Underlying EBITDA² H1 2021 5% 21% Engineered Materials 37% 1 Net investment calculated as capex plus acquisitions less depreciation and disposals 2 Underlying EBITDA split excludes corporate costs 37% Uncoated Fine Paper mondi#9Consistent strategy driving strong performance Underlying EBITDA and margin € million and % 20.5% 1,366 2016 20.9% 1,482 2017 23.6% 1,764 2018 Underlying EBITDA 22.8% 1,658 2019 20.3% 1,353 2020 19.5% 709 H1 2021 Underlying EBITDA margin Cash generated from operations € million 1,401 2016 1,363 2017 1,654 2018 1,635 2019 1,485 2020 552 H1 2021 mondi#10Strategic framework 10 Digitalisation Partner with customers for innovation Drive performance along the value chain We drive value accretive growth, SUSTAINABLY Inspire our people with cost advantage Invest in assets mondi#11Driving value accretive growth sustainably Sustainability targets to 2030 11 CIRCULAR DRIVEN SOLUTIONS Innovative packaging and paper solutions that keep materials in circulation and prevent waste MAP 2030 Mondi Action Plan CO₂ TAKING ACTION ON CLIMATE Climate resilience through our forests and operations for the future of the planet 000 WW CREATED BY EMPOWERED PEOPLE An empowered and inclusive team that contributes to a better world Built on Responsible Business Practices Business Ethics & Governance | Human Rights | Communities | Procurement Environmental impact mondi#12Driving value accretive growth sustainably Sustainability targets to 2030 12 CIRCULAR DRIVEN SOLUTIONS... Innovative packaging and paper solutions that keep materials in circulation and prevent waste Commitments Targets Make our packaging and paper solutions reusable, recyclable or compostable 100% of our products are reusable, recyclable or compostable by 2025 Avoid waste by keeping materials in circulation Work with others to eliminate unsustainable packaging Eliminate waste to landfill from our manufacturing processes Progress made through our partnerships and stakeholder engagement activities every year Baseline 2020 for all commitments unless otherwise stated 000 CREATED BY EMPOWERED PEOPLE.. An empowered and inclusive team that contributes to a better world Commitments Build skills that support long-term employability Provide purposeful employment for all our employees in a diverse and inclusive workplace Create an environment that enables a positive work-life experience, valuing our safety, health and mental wellbeing Targets Enable our employees to participate in upskilling programmes Achieve 90% Purpose Satisfaction score in our employee survey Achieve 90% Inclusiveness score in our employee survey Employ 30% women across Mondi Zero fatalities and life-altering injuries 15% reduction of total recordable case rate Support our employees in pursuit of a work-life experience that enhances their wellbeing Operations to drive awareness of and take measures to improve health and mental wellbeing TAKING ACTION ON CLIMATE... Climate resilience through our forests and operations for the future of the planet Commitments Targets Reduce our Scope 1 and 2 GHG emissions by 34% per tonne of saleable production by 2025 and 72% by 2050 from the 2014 base year Reduce our GHG emissions in line with science-based targets Maintain zero deforestation in our wood supply, sourcing from healthy and resilient forests Safeguard biodiversity and water resources in our operations and beyond For more details please visit: www.mondigroup.com/MAP2030 Reduce Scope 2 GHG emissions by 39% per MWh by 2025 and by 86% by 2050 from the 2014 base year Set a science-based Scope 3 reduction target by 2025 Maintain 100% FSC certification in our own forestry landholdings 100% responsibly sourced fibre with 75% FSC- or PEFC-certified fibre procured by 2025 and the remainder meeting the FSC Controlled Wood standard Implement leading forestry measures to ensure productive, healthy and resilient forests Conduct water stewardship and biodiversity assessments at our mills and forestry operations by 2025, and implement required actions to address the findings by 2030 MAP2030 Mondi Action Plan mondi#13Driving value accretive growth sustainably Building on a successful track record 2020 performance - some key examples: C 13 BHP SAFETY PERFORMANCE TRCR (per 200,000 hours worked) 23% reduction vs 2015 58% reduction vs 2005 Anondi GHG EMISSIONS tonne per tonne of saleable production 24% reduction vs 2014 45% re reduction vs 2004 RESPONSIBLE FIBRE SOURCING responsibly 100% sourced fibre 100% certified forests 2004/2005 were the baseline years of Mondi's 1st set of sustainability commitments while 2014/2015 are the baseline years for the Group's 2020 commitments SPECIFIC WASTE TO LANDFILL kg per tonne of saleable production 25% reduction vs 2015 63% reduction vs 2005 mondi#14Driving value accretive growth sustainably Mondi recognised as a leader in sustainability A few external benchmark examples: 14 CDP DISCLOSURE INSIGHT ACTION A LIST 2020 CLIMATE FORESTS WATER One of only 10 companies globally with a CDP Triple A rating 6 MSCI ESG RATINGS CLEAN WATER AND SANITATION CCC B BB BBB A AA DECENT WORK AND ECONOMIC GROWTH AAA Top quartile in the Paper & Forest Products industry Making a real contribution to the UN SDGs AFFORDABLE AND 7 8 CLEAN ENERGY 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE AAA 12 RESPONSIBLE AND PRODUCTION со 13 CLIMATE ACTION 15 LIFE ON LAND PLATINUM Top 1% 2020 ecovadis Sustainability Rating Top 1% in our sector for 5 consecutive years. mondi#15Drive performance along the value chain; Invest in assets with cost advantage Cost advantaged operations combined with our relentless focus on driving performance Cost advantaged asset base Mondi capacity by quartile of relevant industry cost curve (%) 20% 2nd quartile 59% 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 15 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#16Invest in assets with cost advantage Leveraging cost-advantaged pulp and paper production footprint 16 NA 8% increased capacity when in full operation Enhanced efficiencies Current projects - more than €750 million Lower production costs Improved environmental footprint mondi#17Invest in assets with cost advantage Further detail on current projects totalling more than €750 million 17 CLAS Ramping up new containerboard machine at Ružomberok (300ktpa) IFTI LET TRAN MWAS Ramping up speciality kraft paper production in Štětí (45ktpa) ond Debottlenecking of Syktyvkar Modernisation of Richards Bay Kuopio debottlenecking approved (55ktpa) mondi#18Invest in assets with cost advantage Investing in converting to support growth in structurally attractive markets Mondi's sales volume CAGR LTM to June 2021 vs LTM June 2016 18 5-year CAGR +2% Consumer flexibles +3% Paper bags +7% Corrugated solutions • Enhancing our product and service offering o eCommerce o Sustainability Enhancing customer brand value Expanding geographically Improving efficiency and reducing conversion costs mondi#19Invest in assets with cost advantage UFP: Strongly positioned 19 Leading player • Leading market positions o Europe CIS Southern Africa • Gaining share in all key markets Leveraging integrated asset base to grow in packaging Cost-advantaged asset base 2/3rds of portfolio in lowest industry cost quartiles P 1/3 - 2/3 Z • Integrated and cost-advantaged . Broad product portfolio with Neusiedler focused on premium grades Strong cash generation through-the-cycle Underlying EBITDA / capital expenditure 3.8x 2017 3.2x 2018 2.0x 2019 1 1.8x 2.2x 2020 H1 2021 Underlying EBITDA > capex by more than €1.1 billion since 2017 mondi#20Partner with customers for innovation Mondi's customer-centric approach to sustainable packaging Ecosolutions 20 REPLACE mondi REDUCE mondi StripPouch PAPER where possible.... SUSTAINABLE DESIGN RECYCLE mondi Wallet Pack SUSTAINABLE & DESIGN .....PLASTIC when useful mondi#21Partner with customers for innovation A unique platform to deliver High High Low 21 Paper mondi Eco Vantage RUTANLI 6 C BIO RISPEN TOMATEN 80 Added barriers PAPER where possible... Ô O Moisture Barrier functionality + Mineral Oil mondi Renewable Recyclable PerFORMing SUSTAINABLE & DESICA Grease ₂ C Material Gas mondi 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#22Partner with customers for innovation Alternative to plastic pallet wrapping Advantage Stretch Wrap • Innovative paper-based pallet wrapping o Responsibly sourced renewable fibres. o Recyclable Developed in cooperation with machinery supplier (ACMI) and customers • Potential to replace more than 10,000 tonnes of plastic for every 1% of EU pallets 22 mondi Reduce eplace R Recyc ecycle Ecosolutions Advantage Stretch Wrap by Mondi mondi#23Partner with customers for innovation eCommerce paper-based solution MailerBAG • Innovative paper-based eCommerce mailer 23 Complementing corrugated packaging portfolio Fully recyclable Easy to open and convenient return features Investing to upscale production to 350 million bags per annum to meet growing demand SUSTAINABLE ECOMMERCE PACKAGING DRIVING GROWTH Reduce eplace R Recyc ecycle Ecosolutions by Mondi mondi#24Partner with customers for innovation Eliminating polystyrene, optimising transport MonoCorr Box . 100% corrugated, 100% recyclable Solution for global shipping of Warmhaus boilers. • Eliminates polystyrene inserts • Optimises transport o Corrugated inserts use 90% less space when sent to customer o 14% reduced box height increases pallet capacity for distribution by 20% . Further opportunities for multiple applications 24 mond LESS MATERIALS ZERO POLYSTYRENE Reduce Replace mondi Recycle Ecosolutions by Mondi mondi#25Partner with customers for innovation Paper-based packets for Unilever's Colman's Meal Makers 25 PLEASE RE NEW PAPER Col RECYCLE ME PLEASE R CYCLE ME FULL SA Things to buy... 450g sausages 2 onions 115g mushrooms 1 red pepper (optional) Things to buy 450g sausages 2 onions 115g mushrooms 1 red pepper (optional) . PLEASE RECYCLE ME C Things to buy... 450g sausages 2 onions NEW PAPER RECYCLER • 34 37 FULL O SA 21 115g mushrooms 1 red pepper (optional) Col Energy per 100g as sold 85 LEAte EASE RE PLEASE ergy per 100g as sold. 14841/351kcal SE RECYCLE ME" Serving suggestion Par portion of the prepared recipe) NEW PAPER PACKAGING SE RECYCLE Colman's 4 6379 FULL OF FLAVOUR SAUSAGE CASSEROLE Close collaboration with blue chip customer Reduce Replace R New recyclable solution replacing prior complex structure Recyc ecycle Ecosolutions Eliminates aluminium and reduces plastic content by Mondi Functional paper solution: 85% paper with ultra thin functional plastic layer mondi#26Partner with customers for innovation Fit-for-purpose recyclable flexible plastic packaging HIGH MATERIAL EFFICIENCY Primary packaging weight Based on packaging 400 grams of pasta sauce ¹ Pouch Metal can Glass jar 10 grams 98988 JJJJJJJE 9999 1993006 1 Source: Flexible Packaging Europe 26 54 grams 216 grams MERA The Perfood Family essential soft brocken BarrierPack XXI XXIX MAASLANDER MAASLANDER MAASLANDER WITHOUT COMPROMISING FUNCTIONALITY JONG BELEGE RAW M ● Protect and preserve products • Extend shelf-life JONG Envelope Form BELEGEN • Prevent food waste • Mono-materials - design for recycling. Reduce Replace R Recyc ecycle Ecosolutions by Mondi mondi#27Our cash flow priorities remain unchanged 27 Free cash flow priorities Maintain our strong and stable financial position and investment grade credit metrics Grow through selective capital investment opportunities Support payment of dividends to our shareholders Evaluate growth opportunities through M&A and/or increased shareholder distributions STRATEGIC FLEXIBILITY AND OPTIONS FOR GROWTH mondi#28Strong cash generation through the cycle Cash flow generation € million 648 2007 538 2008 705 2009 516 2010 648 2011 549 2012 5% CAGR (2007-2020) 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 28 2014 1,039 2015 1,061 2016 More than €11 billion generated since listing 972 2017 1,226 1,215 2019 2018 1,244 2020 mondi#29Investing in our business and distributions to shareholders Cash flow generation since listing € billion Strong cash generation through the cycle (5% CAGR to 2020) 11.9 Cash flow generation Investing in our cost advantaged asset base (7.3) 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 29 Divesting non-core and underperforming operations 0.8 Disposals Returning capital to our shareholders in line with our cash flow priorities (3.1) Payment of dividends to shareholders 0.2 Increase in net debt mondi#30Strong financial position Net debt € million (net debt) and ratio (net debt to underlying EBITDA) 30 1.3x 2,220 2018 1.3x 2,207 2019 1.3x 1,791 2020 | T T 1.4x 2,039 H1 2020 -Net debt to underlying EBITDA 1.5x 2,004 H1 2021 Signed €750 million revolving credit facility Aligning financing with MAP2030 o Extending debt maturity profile • Strong liquidity of around €1 billion • Investment grade credit ratings (BBB+ / Baa1) mondi#31Dividends in line with our policy Dividends declared euro cents per share 57 31 2.4x 2016 1. Excludes the 2017 special dividend of 100 euro cents per share 62 2.4x 2017¹ 76 2.5x 2018 Interim dividend Final dividend 57 3.0x 2019 Dividend cover 60 2.2x 19.00 2020 Dividend policy unchanged Targeted cover range of 2-3x on average over the cycle 20.00 2021 mondi#32Sources 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) (including kraft top liner) based on capacity - Fastmarkets RISI and Mondi estimates Containerboard (emerging Europe) based on capacity - Fastmarkets RISI and Mondi estimates Kraft paper (Global) based on capacity - Fastmarkets RISI and Mondi estimates Corrugated solutions (emerging Europe) based on production - Henry Poole Consulting and Mondi estimates Paper bags (Global & Europe) based on sales volume - Eurosac, Freedonia and Mondi estimates Consumer flexible packaging (Europe) based on sales - PCI Wood Mackenzie Commercial release liner (Europe) based on sales volumes - Alexander Watson Associates and Mondi estimates Extrusion coatings (Europe) based on Mondi estimates Uncoated fine paper (Europe) based on sales volumes (Ilim JV considered separate from IP) - EURO-GRAPH, EMGE, Fastmarkets RISI, Pulp and Paper Products Council, 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 2020 32 mondi#33ਇਸ