Message from our CEO

Our ability to achieve value for our shareholders is driven by our focus on performance and in particular our significant exposure to emerging markets, which enables us to deliver above average growth from a low-cost asset base.

Our low cost position is supported by our high level of vertical integration, being self sufficient in wood, our primary raw material, in two of the lowest cost timber regions in the world.

We have a clear mission: to be the best performing paper and packaging group in the world. Our strategy to achieve this is simple and has four key drivers:

Leading market positions – we are building on our leading market positions in packaging and uncoated fine paper, particularly in emerging markets which offer sustained above-average growth potential High quality, low-cost asset base – we aim to be the lowest cost producer in our industry, by selectively investing in production capacity in lower cost regions and by exploiting the benefits of upstream integration (including forestry) across our operations. As of 31 December 2007, 65% of our asset base was located in emerging markets  Focus on performance – continuous productivity improvement and cost reduction are institutionalised disciplines at Mondi, delivered through a range of business excellence programmes and rigorous asset management  Growth – we will continue to target value-enhancing growth through a combination of organic expansion and acquisitions

Our challenge now is to move ahead and continue to grow our success in every way. We believe that our leading positions in the emerging markets provide both cost and growth advantages. Furthermore, our focused strategy, obsession with driving down costs and willingness to react quickly to market conditions leave us very well placed to respond to changing economic circumstances.

David Hathorn

Chief Executive Officer, Mondi

Last change: 27.03.2008