Mondi Credit Presentation Deck

Sources 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

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