AGM Statement

Mondi Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1967/013038/06)

JSE share code: MND ISIN: ZAE000097051

Mondi plc

(Incorporated in England and Wales)

(Registration number: 6209386)

JSE share code: MNP ISIN: GB00B1CRLC47

As part of the dual listed company structure, Mondi Limited and Mondi plc
notify both the JSE Limited and the London Stock Exchange of matters required
to be disclosed under the JSE Listing Requirements and/or the Disclosure and
Listing Rules of the United Kingdom Listing Authority.

7 May 2008

MONDI LIMITED AND MONDI plc - ANNUAL GENERAL MEETINGS

ADDRESS TO SHAREHOLDERS BY THE JOINT CHAIRMEN AND CHIEF EXECUTIVE OFFICER

Cyril Ramaphosa, Joint Chairman, speaking from Johannesburg:

Good morning, ladies and gentlemen. On behalf of the Boards of Mondi Limited
and Mondi plc, I would like to welcome you to the first annual general meeting
of the Mondi Group. We are delighted that you have been able to join us here in
Johannesburg and there in London. Thanks to the magic of technology, although
we're six thousand miles apart, Sir John Parker and I, and our fellow Board
directors, take great pleasure in being able to talk to you this morning, as
one.

As you know, Sir John and I share the chair of Mondi Group and we both would
like to say a few words this morning about Mondi's progress over the last year.
Your chief executive, David Hathorn, will then take a few minutes to review the
Group's strategy and performance. After this, we will be pleased, as a Board,
to take your questions.

One of the highlights of the year, of course, was our successful demerger from
Anglo American plc last July. For the first time in its history, Mondi is now a
flourishing independent Group with dual listings in South Africa and London.
Although the dual listed company structure means that Mondi Limited in South
Africa and Mondi plc in the UK are separate corporate entities, each with its
own board and shareholders, the important thing to remember is that Mondi
operates as a single corporate group, managed as a single economic enterprise.
The two companies have the same board members and the same management team.

The DLC structure means that shareholders in each company fully share in the
performance of the Group as a whole.

And, as I'm sure you will agree, that performance has been extremely
encouraging. The substantial increase in our underlying operating profit, up by
a third to just over 500 million euros, reflects the hard work and commitment
of our 35,000 employees around the world, helped by a general improvement in
market conditions during 2007.

This translates into a very healthy 74% increase in underlying earnings, to
46.9 euro cents per share, enabling us to propose a maiden final dividend of
15.7 euro cents per share - with the equivalent paid in South African rand -
which, if approved, will make a total for the year of 23 euro cents per share.

Sir John will talk a little more in a moment about some of the Group's
achievements over the year, but I would just like to highlight one area in
which I am particularly proud of our progress. Mondi is one of the largest
employers in most of the communities in which it operates.

We, therefore, have a duty to ensure that our corporate citizenship is of the
highest calibre - we must make a positive social and economic impact on those
communities.

I am especially pleased with our record in this area. In 2007 alone we invested
some 6.5 million euros in community projects, supporting small businesses,
funding education projects and financing sports facilities, particularly here
in South Africa. We are committed to maintaining this investment in the coming
year.

In a broader context, we are also a major supporter of the South African
government's policy of broad-based black economic empowerment, which influences
many of our employment and procurement practices.

In South Africa we face the particular challenge of HIV/AIDS. Although it has
not been a significant issue for Mondi, we believe we have a role to play in
reducing the prevalence of this terrible disease and we have provided
counselling and testing as a matter of routine among our employees for the past
five years.

It has often been suggested to me that Mondi is a complex business as it covers
so many paper and packaging product areas and manages, owns or leases forests.
But as you'll see from the excellent overview in the foldout spread at the
beginning of our first annual report (incidentally hard copies of this report
are available for you today or you can download this from our web site), in
essence what we do is very simple: we harvest wood, we convert it into pulp and
from that pulp we produce a wide range of packaging and business papers and
converted packaging products, adding value at every stage of the product chain.

We then recycle as much used material as we can to produce more pulp, all the
while replenishing our forestry stocks to ensure that the process can continue.
In 2007 alone we replanted more than 18,000 hectares of new trees, ensuring
that we put back into the environment as much as possible of what we have taken
from it. It is a record of sustainability of which we can be proud.

With that, I'd like to hand over to my co-chairman, Sir John Parker, in London.
Sir John.

Sir John Parker, Joint Chairman, speaking from London:

Thank you, Cyril. As you've heard, although Mondi is a dual listed company
domiciled on two continents, it is a single group with a unified management.

The Boards comprise the same directors, with independent non-executives in
each, and those Boards remain independent of the executive management team
(which we call the executive committee or ExCo), led by David Hathorn. The
executive committee manages the Group on a day-to-day basis.

I stress this because it is important for you to know that your Group is
adhering to the best international practice in terms of its corporate
governance. You can be assured that your Boards are committed to the highest
possible standards of financial control and administration and that the key
risks and performance criteria of the business are being assiduously monitored
and reviewed on your behalf.

As Cyril and I said in our statement in the annual report, the very first item
on our agenda at Board meetings is safety.

Mondi operates in a heavy industrial environment and we are acutely conscious
of our responsibility to our people who work, as it were, at the sharp end of
our business. Their safety is paramount.

You will be reassured to know that our record in this regard is good. We made
significant progress in reducing our frequency of lost-time injuries in 2007,
but we will not be satisfied until all injuries have been eliminated from our
business and we have achieved our vision of "zero harm".

Our focus on safety, of course, is only one part of our commitment to
sustainability across the Group, recognising that our people are our most
valuable asset. We recognise, too, that we have a broader responsibility to
achieve a realistic balance between ecological, social and economic values.

That means leading the way in sustainable forestry practices, which Cyril has
already alluded to. It also means working hard to reduce our environmental
footprint, both by reducing emissions and by cutting the quantity of waste we
produce. We are pleased with our track record in these areas, which you can
read about in our detailed sustainability report, copies of which are available
today and which you can also download from our website.

As you will have read in the annual report, one of the first tasks of your
Boards following the demerger was to thoroughly review the Group's operations
and management structure. On completion of that review towards the end of last
year, we decided to put in place a new and more streamlined organisational
structure. Accordingly, from 1 January this year, Mondi has been managed
through two geographical divisions: Europe & International; and South Africa.
These replace the Mondi Packaging and Mondi Business Paper business units with
which you will all have been familiar.

Within these two new geographical divisions we continue to be involved in the
manufacture of packaging and paper and converted packaging products: uncoated
fine paper; and speciality products and processes, including coating, release
liner and consumer flexibles.

As a result of this re-structure, I would like to welcome to the Boards Peter
Oswald, a member of Mondi's senior management team for the last 16 years, who
was appointed CEO of the Europe & International Division and a director of
Mondi Limited and Mondi plc at the beginning of this year.

This re-organisation has enabled us to simplify our management reporting lines
and eliminate duplication, further reducing costs and improving our
competitiveness. We look forward to reporting the tangible benefits of these
improvements at the end of this financial year.

This morning we announced our interim management statement and shortly your
chief executive, David Hathorn, will take you through what we have announced.

We have a clear ambition: to be the best-performing paper and packaging group
in the world. David Hathorn, will talk more in a moment about the strategy we
are pursuing to realise that ambition. But, in conclusion, I would like to
reiterate on behalf of your Boards our commitment to securing the best possible
returns for you, our shareholders, whilst operating sustainably and recognising
the needs of all our stakeholders, both inside and outside the Group.

Before I hand you over to David Hathorn, I would like to add that I am
personally delighted to be working with Cyril and the Boards of Mondi Limited
and Mondi plc. I feel that the business has achieved an enormous amount in a
relatively short space of time since our de-merger. In managing the Boards,
Cyril and I work very closely and have an excellent and productive working
relationship that enables us to manage your dual listed business to optimum
effect.

And now I will hand you over to David Hathorn in South Africa. David.

David Hathorn, Chief Executive Officer, speaking from Johannesburg:

Thank you, Sir John. As your chairmen have said, 2007 was an eventful and
encouraging year. Our underlying operating profits were substantially ahead, up
33% thanks to improved pricing and greater efficiency across the Group.

We generated a very healthy operating cash flow of just under a billion euros.

We made a strong step forward in one of our key performance indicators, lifting
our return on capital employed by two and a half percentage points to 10.6
percentage points.

This reflects both improved profitability and tighter management of our capital
employed. However, we will be putting considerable emphasis into securing cost
reductions and further productivity improvements this year. I will touch on our
target for return on capital employed in a few moments.

Thanks to the efforts of our first-class workforce, we achieved productivity
records at most of our paper mills and delivered cost savings of 167 million
euros. We further rationalised and restructured the business. This also
includes the closure of 140,000 tonnes of our uncoated fine paper capacity at
our Hungarian mill.

All this whilst continuing to invest in our future, including the approval of
investing 875 million euros on upgrading and expanding our operations in Poland
and Russia.

I believe we can attribute much of our success over recent years to a sharply
focused strategy which is designed to make us the best-performing paper and
packaging group in the world. That strategy has four key drivers.

Firstly, in a competitive global business, we believe it is right to
concentrate our sales efforts on those markets which offer us above-average
long-term growth potential, hence our focus on building on our market positions
in the emerging territories of Europe, Russia and South Africa.

We have built number one or two positions in packaging and uncoated fine paper
in almost all our chosen markets. For example, Mondi is the number one producer
of kraft paper in Europe and of corrugated packaging in South Africa.

We are also the number one producer of office paper in Europe and also of
uncoated fine paper and newsprint in South Africa.

In 2007, nearly half our sales came from emerging markets and you can expect to
see this proportion grow over the next few years.

The second driver of our strategy is to be the lowest-cost producer in our
industry, by investing in production capacity in lower cost regions and by
being as vertically integrated as possible across our operations.

We have, therefore, invested in production facilities and forestry in emerging
Europe, Russia and South Africa.

Two-thirds of our assets are now deployed in these markets and, once again, we
expect to increase this proportion over the coming years.

You can see the benefits of this in the significant upstream cost advantages we
enjoy in many of our product segments.

For example, the Group's entire production capacity in three of its major
products is in the industry's lowest cost quartile. We are self-sufficient in
wood, our primary raw material, in two of the world's lowest-cost
fibre-producing regions, South Africa and Russia.

We believe, particularly in these uncertain economic times, that vertical
integration is crucial to securing supply and reducing our exposure to price
volatility in our major raw materials.

In addition, we are 82% self sufficient in energy in our major mills.

Our third strategic driver is an unremitting focus on performance. I believe
this is a major differentiator for Mondi: we have a culture of continuous
productivity improvement and rigorous cost-reduction at all levels of the
business. We are fortunate to have an outstanding and highly experienced
management team with a track record in managing complex international
businesses and experience in integrating new value-adding businesses.

We have achieved marked improvements in productivity in many of our plants in
Russia and emerging Europe. This is coupled with a disciplined plant
rationalisation programme which has enabled us to trim our cost base, eliminate
excess capacity and thereby improve the supply-demand balance in many of our
grades.

This process of on-going cost reduction and mill headcount reduction continues.
Where sites do not meet our strict performance criteria they are improved,
divested or closed.

We have already announced the closure of our uncoated fine paper machine in
Hungary, removing another 140,000 tonnes of capacity from the market.

The Chairmen have also referred to the re-organisation which took effect at the
beginning of this year, which has aligned our business model across the Group
and enabled us to eliminate duplication and reduce overheads throughout the
business.

In the past three years alone we have delivered cumulative cost reductions of
around 10% of total cash costs and there is more to come.

The fourth and final strategic driver behind Mondi is growth. I have already
said that we are committed to expanding our asset and sales bases in key
emerging markets.

We will do this both organically and by selective value-enhancing acquisitions.
We have a very straightforward criterion for these investments: they must
enable us to secure a sustained low-cost position which will deliver a return
in excess of our cost of capital over the cycle.

As mentioned earlier, the Group is investing 875 million euros in its two
biggest projects in Poland and Russia.

In Poland we are investing in a new lightweight recycled containerboard machine
and new box plant at our Swiecie mill.

In Russia we are investing in modernising and expanding our low cost mill at
Syktyvkar. This mill has already proven to be a great success, earning very
good returns. The wood-handling facilities will be modernised and expanded and
the fibre lines will be upgraded.

On completion, it is estimated that the two chipping lines and debarking units
will be the largest in the world by capacity.

These investments will enable us to exploit the growing demand for converted
packaging in central and eastern Europe and for containerboard and uncoated
fine paper in Russia. Both investments will also enable us to appreciably
reduce our production costs.

Acquisition also plays an important part in our growth. We have developed a
strong track record of successfully integrating the businesses we acquire and
leveraging synergies with our existing operations. In 2007, among other
acquisitions, we acquired a major stake in Turkey's leading producer of
corrugated packaging, securing immediate market leadership in the Turkish
market.

These four drivers of our strategy are designed to secure a combination of
sustained growth and continuously improving business excellence. We are
confident that over time they will enable us to achieve our objective of a 13%
return on capital employed and the growth in shareholder value that will come
with it.

Today we released our interim management statement. I would now like to take
you through the main points of today's statement.

Mondi's underlying operating profit has come in ahead of the comparable period
in 2007, helped by a strong performance in the Europe & International Division.

Within the Europe & International Division;

  * Unit volumes in the Corrugated business held up, but as expected the
    pricing environment was impacted by the weaker US dollar with kraftliner
    prices down 2% since the year end and box prices have increased marginally.
   
  * Bags & Specialties has benefitted from strong sack kraft paper and
    converted bag prices, up around 5% since the year end. The results were
    also helped by the acquisition of Unterland in the second half of last year
    which is trading in line with expectations.
   
  * In the Uncoated Fine Paper business unit revenues were up despite the
    closure of our Hungarian mill during the period and selling prices are up
    4% on average but relatively unchanged since the year end.
   
In the South Africa division the planned maintenance shut of Richards Bay for
two weeks has impacted results and sales volumes were impacted as we realign
the sales mix to higher margin products. Overall we are confident that the
measures we are taking to improve our profitability are working and with effect
from 1 May we have implemented a 5% price increase in the domestic market.

Within Mondi Packaging South Africa demand and pricing remain positive,
however, results will be impacted on translation into euros at the much weaker
rand rate.

Within Merchant and Newsprint, Europapier and Mondi Shanduka Newsprint have had
a reasonable start to the year. However, Aylesford Newsprint, our UK joint
venture, has seen a significant deterioration in profitability as a result of
falling selling prices and rising input costs.

Whilst input cost pressures remain a concern, particularly energy, Mondi's
ongoing focus on cost reductions, restructuring and productivity improvements
will help to partially offset cost inflation. Indeed, we are now seeing the
benefits of various restructuring actions coming through including the closure
of our uncoated fine paper mill in Hungary where production ceased on 20 March
2008 and the simplification of our European uncoated fine paper divisional
structure.

With respect to our two major projects in Poland and Russia, they both remain
on track and I am pleased to say that we have commenced construction in Russia.

In conclusion, whilst there is some uncertainty over pricing and demand
developments, Mondi's product mix, emerging market focus, continued push to
drive down costs and willingness to respond quickly to changing market
conditions, gives us confidence that we will make further progress in 2008.