Mondi Mergers and Acquisitions Presentation Deck

PLANNED MAJOR INVESTMENTS Strong market position + Strong asset base SYKTYVKAR MILL EXPANSION Modernisation and Expansion Investment cost of €525M 3-4 yr investment period Completion expected mid-2010 Universal Business Paper Cost Curve 1,200 1,000 800 600 400 200 Syktyvkar PM14 0 1,000 2,000 3,000 4,000 Cumulative capacity (1 000 t/a) Exposed to strong growth in demand for UCWF and containerboard in the domestic Russian market Well located to exploit the low-cost wood resources CONTAINERBOARD EXPANSION New 470,000t lightweight recycled containerboard machine and corrugated box plant mondi Capacity of c.250M m²/year Investment cost c.€350M In final feasibility Start up mid-late 2009 Recycled Fluting Cost Curve 350 300 250 200 150 100 0 PM CEE Light 10,000 5,000 Cumulative capacity (1 000 t/a) Likely to be located at our Polish operations Additional volume is required to supply the high growth Emerging European markets Targeted to be clear cost leader in Europe PAGE 10

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