Mondi Credit Presentation Deck

Capital 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

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