Mondi Mergers and Acquisitions Presentation Deck

MONDI GROUP KEY FINANCIALS €M 700 600 500 400 300 200 100 0 Capital Expenditure Mature Markets ☐ Emerging Markets 618 11.5% 2004 551 10.3% 2005 Major recent capex investments include: Richards Bay - RB 720 Merebank - PM 31 rebuild Ruzomberok - Pulp mill rebuild Capex/Sales 16% 14% 460 8.0% 2006 € 250M € 175M € 136M 12% 10% 8% 6% 4% 2% 0% Capex targeted at low cost resource Maintenance capex targeted at circa 60% of depreciation and amortisation 200 Wood, Pulp and Fibre 33% 100 Depreciation/ Amortisation 7% Cost Base 2.8% Cost Structure 2006 Other Operating Expenses 6% There will be increased corporate costs post demerger Gross Cost Reduction Initiatives (€M) 2004 % of cash cost Personnel Costs 17% Other Variable Costs 16% mondi 3.9% Variable Selling Expense 10% Energy 7% Maintenance 6% 2005 3.6% 2006 PAGE 18

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