Corporate Governance code

Mondi is committed to strong ethical values and professionalism in all its activities. As an essential part of this commitment the boards of Mondi Limited and Mondi plc (together ‘the Boards’) support the highest standards of corporate governance and best practice and are committed to the principles of transparency, integrity and accountability.

Accordingly, Mondi has complied with the principles contained in the South African King II Code of Corporate Practices and Conduct and Section 1 of the UK Combined Code on Corporate Governance issued by the Financial Reporting Council since 3 July 2007 when Mondi was listed on the JSE Limited and the London Stock Exchange, save that Cyril Ramaphosa, the joint chairman, was not considered independent upon appointment in view of his existing connection with Mondi as chairman of the Shanduka Group, which has shareholdings in Mondi Packaging South Africa (Pty) Ltd and Mondi Shanduka Newsprint (Pty) Ltd. Notwithstanding this, Mondi benefits greatly from his considerable knowledge and experience, particularly of the South African business environment, and the Boards firmly believe that this justifies his appointment.

The Boards have adopted a share dealing code for dealing in securities of Mondi Limited and Mondi plc which is based on regulatory and governance best practice. The code sets out the restrictions placed on directors, senior management and other key employees with regard to their share dealing to ensure that they do not abuse their access to information about the Group pending its public release and availability to shareholders and other interested parties.

For further details regarding Mondi’s corporate governance refer to the report contained in the Mondi Group Annual Report and Accounts 2007.

Last change: 17/03/2008