Mondi SCP

Investor and Analyst Presentation 28 November, 2007

PAGE 1

TABLE OF CONTENTS

Company History

Management team

Mill overview

Products & Sales

Productive capability

Summary

Site visit briefing

PAGE 2

High TatrasBratislava

SLOVAKIA

PAGE 3

SLOVAKIA

Area: 49,035 km2

Population: 5,4 mio

Main industries: Automobile, chemical, iron ore processing, pulp and paper

Forest land: 40.84%

Slovakia

CzechRepublic

Poland

Ukr.

HungaryAustria

Bratislava

Ruzomberok

Poprad Presov

KosiceRoznava

Zvolen

Banska Bystrica

Martin

Zilina

Trencin

Piest any

NitraTrnava

Nove Zarnky

Komarno

Mondi SCP

PAGE 4

0.0 2.0 4.0 6.0 8.0

10.0 12.0 14.0 16.0 18.0 20.0

2001 2002 2003 2004 2005 2006 2007 2008 20090

2,000

4,000

6,000

8,000

10,000

12,000

MACROECONOMIC INDICATORS – SLOVAKIA

11,265

1.0

2.0

9.0

6.02009

7,887

37.2

4.2

9.4

8.32006

7,059

38.6

3.7

11,4

6.02005

10,3219,2415,6074,9764,4264,025GDP/Capita (in EUR)

2.02.55.99.33.46.5CPI inflation (avg in %)42.7

17.5

4.12002

43.3

18.6

3.22001

7.58.75.44.2GDP growth (in %)

33.033.840.041.5SKK/EUR (avg)

9.09.413.115.6Unemployment rate (in %)

2008200720042003

Direct foreign investment in EUR m

939 852567

1,549

4,347

1,419

20062001 2002 2003 2004 2005

GDP/Capita in EUR GDP growth (in %)Unemployment rate in % CPI inflation (avg) in %

PAGE 5

MONDI SCP

PAGE 6

COMPANY HISTORY

1697

2007

1697Handmade production of paper in town near Ružomberok

62 63 64 65 66 67 68 691970

72 73 74 75 76 77 78 79711980

81 82 83 84 85 86 87 88 891990

91 92 93 94 95 96 97 98 992000

01 02 03 04 05 06 076158 59 6025 50 5750 501697190018001700

1880Jakub Klein & Co. started industrial paper manufacture in Ružomberok –SOLO

1906Hungarian Paper Mill was established –SUPRA

1958New company organization -Supra and Solo, new name SCP

1996National Property Fund

of Slovak Republic (FNM SR) sold SCP

Ružomberok shares to Slovak company ECO

INVEST Zvolen.

2000Acquisition of 50% of shares by Mondi –increased subsequently to 51%.

2003 – 2004IMPULS project

EUR 241 million invested in pulp, paper, energy and environmental fields.

PAGE 7

MANAGEMENT TEAM

Chairman of BOD / Eco-Invest (49% Shareholder)

Miloslav Čurilla44 years old

5 years of paper industry experience

Divisional Manager for Pulp production

Dušan Šimo52 years old

With Mondi for 28 years

Divisional Manager for Paper production

Franz Aigner48 years old

With Mondi for 33 years

Financial DirectorRichard Žigmund

34 years old

With Mondi for 5 years

Head of Quality ManagementOlga Šotolová

55 years old

With Mondi for 20 years

Head of Human Resources

Peter Jakubik55 years old

With Mondi for 30 years

MDEliaz Amar41 years old

12 years of paper experience

PAGE 8

SALES PER PRODUCTS AND SALES

37%

Office63%

Sales per products Sales per regions

70%West Europe

30%

Central &East Europe

Offset

PAGE 9

SAFETY

2007YTD

0.18

Target2007

0.25

2006

0.46

2005

0.19

2004

0.29

2001 2002

1.86

0.79

2003

0.69

Target 2009 is 0.00,

0 Tolerance Target 0

Lost time injury frequency rate – Mondi SCPin LTI / 200,000 working hrs employees + contractors

PAGE 10

PULP PRODUCTION, k tons

81.7

77.671.8

36.4

38.4

55.340.7

233.9

270.3

2003

279.9

318.3

2004

346.0

401.3

2005

380.7

421.4

2006

SW a.d.

HW a.d.

CAGR+11%

145.5

227.2

2000

180.4

257.9

2001

198.5

270.2

2002

PAGE 11

PAPER PRODUCTION, k tons

79.9105.2 112.1

105.5

125.0

123.0137.4

2002

31.6

139.7

276.7

2003

34.4

256.6

23.3

173.4

276.5

2000

27.1

177.1

309.4

2001

28.2

183.8

324.1

329.0

511.0

2006

PM 16(offset)PM 17(offset)

PM 18(copy)

CAGR+11% 416.0

2004

35.0

318.4

476.4

2005

44.6

PAGE 12

IMPULS PROJECT (2003 – 2004)REBUILD TARGETS PM 18

Capacity Increase PM18 capacity up to 290,000 tons (achieved 329,000 tons)

QualityImproved paper qualityNew cut size line

ServiceNew mother reel storageNew warehouse for finished products

Better working conditions

PAGE 13

IMPULS PROJECT (2003 – 2004)

Operational capacity: 8 000 tons Fully automatic rack warehouse for pallets8 loading places for trucks (LKW)3 loading places for wagonsLoading capacity – 250 pallets/h

Pallet warehouse

Capacity: 8 000 tonsFully automatic systemRegulation of temperature and humidity

Motherreel storage

Capacity: 126 000 tons/year10 pockets2 parallel lines for packaging of reams and boxesPossibility to pack transparent wrappers

New cutsize line

PAGE 14

IMPULS PROJECT (2003 – 2004) PROJECT TARGETS PULP MILL

Capacity Increase the pulp mill capacity up to 375,000 tons (achieved 421,000tons)

Improvement of environmental footprint

Better working conditions for our employees

PAGE 15

PRODUCTIVITY – PM18 BEING WORLD LEADER IN PRODUCTIVITY1

20-19

6920

8127 10

34

182014

1844

10

3.1792.991

2.704

2.3172.093

1.895

2.503

160190

220 219

419 484

317

0

500

1000

1500

2000

2500

3000

3500

2000 2001 2002 2003 2004 2005 2006-30

70

170

270

370

470

570

Increase due to bigger production

Increase due to headcount reduction

Headcount, average

Productivity

Headcount, averageProductivity in tons

per Headcount

ADJ: 1.840

ADJ: 526

Adjustments in 2006: 1) Headcount does not include passive employees & shared services2) Production includes non-core paper from Obaly Solo subsidiary

1 Metso Benchmark on paper machine net production measured as km²/meter deckle width

CAGR+20%

PAGE 16

COMPETITIVE ADVANTAGES Mondi SCP

Modern Integrated pulp and paper producer

Energy

Pulp market exposure

Other costs synergies

Relatively low labour cost

Wood availability and costs

Geographical proximity to major markets

Country risk profile

Quality assets base

Organisational culture

Change management

Innovations

People

Continuous cost position improvements

CAPEX allocations and project management

Productivity

Performance

SITE VISIT BRIEFING

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SITE VISITBRIEFING

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