SKG Capital Markets Day 2013 Closing Remarks

Ian Curley, Group CFO

SKG | Positioned to deliver performance and growth

SKG has fundamentally improved its positioning over the last 12 months

Acquisition of Orange County Container Group (OCCG) for US$340 million in November 2012

Complete exit of private equity ownership in January 2013

Bond issues of approximately 1.1 billion at improved rates of 4.125% to 5.125%

Transfer to unsecured capital structure through re-financing of our 1.375 billion SCF*

Operations have benefitted from Capex of 1.9bn and Cost Take-out of 542m since 2007

The integrated model consistently sustains above packaging sector average margins

Strong Free Cash Flow generation will drive value through returns focused allocation of capital

* (SCF - Senior Credit Facility)

Market reaction to SKGs last 12 months

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

01-Aug-12 01-Sep-12 01-Oct-12 01-Nov-12 01-Dec-12 01-Jan-13 01-Feb-13 01-Mar-13 01-Apr-13 01-May-13 01-Jun-13 01-Jul-13 01-Aug-13 01-Sep-13

SK Feeder placing 10m

MDP placing 17.5m OCCG acquisition process

SK Feeder final placing

7.4m

Bond issue 400m

Two bond offerings 750m

Q113 results & SKOC update

Q213 results & SCF

re-financing

Exit of private equity | The changing face of SKG ownership

14%

22%

30%

34%

53%

40%

32%

24%

31%

47% 46% 46% 46%

35%

0%

IPO Dec-07 Dec-10 Feb-11 Jul-13

Top 20 public shareholders Other public shareholders Private equity

Active capital structure management | Bonds & SCF re-financing

Four bond issues totalling 1.1 billion since September

Successfully completed an up-sized 1.375 billion SCF re-financing in July 2013

Additional 5 year AR securitisation programme of 175m at a margin of 1.70%

Transitioned from leverage secured to unsecured corporate profile

Year-on-year cash interest savings of approx.

30m per annum

Debt maturity profile extended to 5.6 years

Lowering cost of capital and EPS accretive

3,536 1,226

352 377 501

1,247

2,284

284

Sources 31 December 2006

Sources 30 June 2013 (pro-forma SCF re-financing)

Senior Credit Facility (incl. undrawn) Securitisation/Other PIK Notes

Bonds Subordinated Bonds

Progress since IPO | A business re-positioned

Net debt reduced by 600m+ from peak

Leverage multiple from peak of 4.1x to 2.7x

High Yield to Corporate Credit

Net Debt to EBITDA < 3x through cycle

*2012 net debt to EBITDA of 2.6x when proforma for full year EBITDA of SKOC

Net Debt and Net Debt to EBITDA 2007 to 2012

3,404

3,185

3,052 3,110

2,752 2,792

3.2x 3.4x 4.1x 3.4x 2.7x 2.7x

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12*

Strong operational performance underlying the business

European Packaging Operations

Market leading presence and commitment to innovation driving performance

European Paper System

Integrated model and efficient system sustaining higher quality earnings

The Americas

Growing exposure to the higher growth markets of the Americas

Sustainability

An important opportunity to provide a differentiated offering to our Customers

Delivering consistently higher quality earnings

EBITDA Margin

5%

7%

9%

11%

13%

15%

17%

19%

21%

SKG SCA Packaging** Mondi Packaging DS Smith UPM Stora Packaging

Source: Smurfit Kappa Note - Mondi to Dec13 | UPM to Mar13 | DS Smith to Apr13 | SKG and Stora Enso to Jun13 **SCA Packaging was acquired by DS Smith in 2012

Return on capital employed target increased to >13%

The Group has targeted return on capital employed of >13% through the cycle by 2015

This is a function of:

The continuing strong performance of the underlying operations with;

The strategic allocation of capital minimising costs and targeting growth

Reflects SKGs commitment to balanced investment focused on generating higher returns over the longer term

11.3%

10.3%

6.6%

9.9%

12.5% 12.6%

12.0%

13.0%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

ROCE progression since 2007

Strong free cash flow to drive accelerating EPS growth

221239

289

371

477

453 454

338

275

243225

259245 235

210

0

100

200

300

400

500

600

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013f

-100

-50

0

50

100

150

200

250

300

350

400

450

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SKG Free Cash Flow generation (m) SKG FCF w/o exceptional items (m)

Decreasing net interest flowing through to EPS growth

Free Cash Flow generation to drive EPS growth

Capital allocation

100% of Capex to depreciation

Committed to progressive dividends

Balanced approach between further debt reduction and accretive M&A

The focus is on maximising returns

M&A

Capital expenditure

Dividends

Debt reduction

Capital Allocation

Capital allocation | Capital expenditure

Proven track record of balanced approach to capital expenditure

Capex to depreciation at 100%

Focus on growth investments

Minimum required returns of 15 20%

200

220

240

260

280

300

320

340

360

380

2007 2008 2009 2010 2011 2012 2013E

Depreciation Capital Expenditure

90%

100%

82%

89%

63%

98%

75%

Source: Smurfit Kappa

Capex to depreciation 07 13

m

Capital allocation | Dividend policy

Certainty of value

Progressive dividend stream

Earnings growth to drive dividend growth

Capital allocation | Debt reduction

Net debt reduced by 600m since 2007

Net debt to EBITDA of 2.7x at Jun13

Net debt to EBITDA < 3x through cycle

Ratings target of BB+

Debt Maturity Profile (pro-forma SCF re-financing)

million

Source: Smurfit Kappa

Net Debt Paydown (m)

3,404m BB-

2,921m BB- 2,817m

BB (positive outlook)

Dec-07 Dec-10 Jun-13 Dec-15

Source: Smurfit Kappa and Standard & Poors

Target of BB+

Capital allocation | M&A

Rationale Earnings growth

M&A Criteria

Focus Operational enhancement

Financial Capacity 300 million per annum

Required Return IRR of 15% - 25%

SKG | Positioned to deliver performance and growth

SKG has fundamentally improved its positioning over the last 12 months

Acquisition of SK Orange County for US$340 million in November 2012

Complete exit of private equity ownership in January 2013

Bond issues of approximately 1.1 billion at improved rates of 4.125% to 5.125%

Transfer to unsecured capital structure through re-financing of our 1.375 billion SCF*

Operations have benefitted from Capex of 1.9bn and Cost Take-out of 542m since 2007

The integrated model consistently sustains above packaging sector average margins

Strong Free Cash Flow generation will drive value through returns focused allocation of capital

* (SCF - Senior Credit Facility)