Smurfit Kappa Group

Imperial Capital Conference, October 2011, New York

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Disclaimer

The presentation contains forward-looking statements, including statements about theCompany's intentions, beliefs and expectations. These statements are based on theCompany's current plans, estimates and projections, as well as the Company'sexpectations of external conditions and events.

Forward-looking statements involve inherent risks and uncertainties and speak only as ofthe date they are made. The Company undertakes no duty to and will not necessarilyupdate any such statements in light of new information or future events, except to theextent required by any applicable law or regulation.

Recipients of this presentation are therefore cautioned that a number of important factorscould cause actual results or outcomes to differ materially from those expressed in anyforward-looking statements.

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Eastern Europe

2%Latin America

17%

Western Europe

81%

Other7%

Resources1%

Specialties11%

Containerboard8%

Corrugated boxes73%

Sales by product type (2010) Sales by market (2010)

Source: Company data

SKG | Packaging leader in Europe and Latin America

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Focus on maximising returns

Market leader in a growth industry

Low earnings volatility

Resilient customer base with c. 60% FMCG

Geographic & product diversity

Integrated supply chain

Continuing focus on operating efficiency

Proven ability to deliver in tough market conditions

Significantly enhanced capital structure

SKG’s ROCE evolution

11.3%10.3%

6.6%

9.9%

11.9%

FY'07 FY'08 FY'09 FY'10 H1'11(LTM)

Source: company reports

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SKG recent successes (sample)

Kraft Foods Significant additional pan-European business gain

Nestle Supplier of the year award(#1 out of 118 suppliers)

Coca-Cola Enterprises

Award best Corporate Responsibility & Sustainability

Unilever Award “Winning through sustainability”

A packaging company

Corrugated | The packaging of choice

Marketing medium

Merchandising aid

Recyclable & Renewable

SKG’s “One-stop-shop”

A response to every customer need

Unique innovation & technical abilities

Continuous investments to enhance offering

Added-value increasingly recognised by our customers

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Diversified & resilient customer base

19 countries involved

>100 Smurfit Kappa plants

70% in contracts > 2 years

=> 17.5% growth from 2006 to 2010

Customers’ split

Source: SKG, 2010 3rd party corrugated shipments (million sqm)

0

1,000

2,000

3,000

4,000

Pan EuropeanSales

Multi National NationalCustomers

LocalCustomers

Volu

me

in m

sqm

18% 52%14%16%

Pan-European Customers overview

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Indexed, 35%

Fixed, 9%

Negotiated, 56%

Diversified & resilient customer base

Top 5 European box customers < 10% total

Majority of volume in resilient sectors

Source: SKG, corrugated 3rd party sales

0

20

40

60

80

100

120

140

160

180

200

Customer 1 Customer 2 Customer 3 Customer 4 Customer 5

Corrugated Volume 2010 (msqm)

2,4% 2,1% 2,1% 1,7% 1,1%

% of SKG Volume

Pricing structure

Fast Moving

Consumer Goods,

57%

Industrials, 35%

Others, 8%

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1,080

1,268

1,4011,462 1,485

2006 2007 2008 2009 2010

Attractive exposure to Latin American markets

Portfolio of countries minimising risk

Continued volume & pricing progress

Capital investments to follow growth

Represented 22% of Group’s EBITDA in H1

Strong revenue growth (US$m)

+8.3% CAGR

Superior EBITDA margin of 18.3% in H1

Source: company

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Resilient business model delivering strong performance

15.2%

19.2%

14.6%13.9%

17.7%

13.3%11.9%

18.5%

12.2%

13.9%

17.8%

13.5%14.0%

18.3%

13.8%

Packaging Europe Latin America SKG Group

FY'07 FY'08 FY'09 FY'10 H1'11

EBITDA margins evolution

Focus on debt paydown

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2011 H1 Highlights | Delivering on net debt reduction

14% revenue growth and 25% EBITDA growth

Net debt reduction of €107m in H1. €288m in LTM

Net debt/EBITDA ratio reduced to below 3.0x

Cash generation to accelerate in H2

Year-end 2011 net debt target €2.85bn

Continued net debt reduction

3,291

3,123 3,1103,061

3,003

2,850

'Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Dec-11target

Source: company, net debt in €m

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-37

77

18

-69

78

223204

154 151

2007 2008 2009 2010 2011

Free Cash Flow H1 (€m) Free Cash Flow H2

Free Cash Flow generation to accelerate in H2

Strong first half cash flow performance in 2011

Continued active working capital management

WC/Sales: Jun-09 = 9.8%

Jun-10 = 9.5%

Jun-11 = 9.3%

Disciplined capital allocation

Maximising free cash flow for debt paydown

Free cash flow | H1 vs H2

Target net debt reduction to €2.85bn by year-end 2011

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3.2

3.4

4.1

3.4

3.0

'Dec-07 Dec-08 Dec-09 Dec-10 Jun-11

Significantly enhanced capital structure

Net debt/EBITDA below 3.0x

Lowest leverage level since 2007

Strong liquidity position

78% interest fixed

Long-term debt maturity profile

Next material maturity in Dec-13

Source: Company reports

Trading & outlook

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2011 H1 | Favourable trading environment

H1’11 vs. H1’10

Recovered fibre 31%

Wood 16%

Other raw materials 31%

Distribution 3%

Energy 5%

Source: company, SKG Group

Higher input costs Healthy demand growth

Sharp increase in input costs

Cost take-out efforts support margin resilience

€39m CTO in H1, target €150m by 2012

Continued successful box price recovery

Corrugated box prices +4.5% through H1

Further box pricing required in H2

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Public market data

Jun-11 Sept-11

Global 3.4% 3.0%

US 2.5% 1.5%

Eurozone 1.9% 1.6%

Asia/Pacific 7.0% 6.8%

Latin America 4.6% 4.0%

Source: global insight, September 2011

2011 GDP forecasts evolution More challenging macro-environment

Commodity costs off peaks

OCC reduced c. €20/T

Recycled containerboard reduced c. €35/T

Kraftliner reduced c. €45/T

Some market-related downtime announced for September

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Outlook | H2 2011

In H2, SKG is maintaining its strong focus on

Delivering enhanced packaging solutions for its customers

Driving corrugated pricing recovery and cost efficiency

Maximising cash generation for debt paydown

Target net debt reduction to €2.85bn by year-end 2011

Appendix

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A clear strategy

Commercialstrategy

Packaging, not paperFocus on customer service & Innovation

Operationalstrategy

Driving cost reductionJudicious & disciplined capital expenditure

Financialstrategy

Cash flow generationProactive capital structure management

Corporatestrategy

Reduce net debt/EBITDA ratioAcquire & integrate well invested assets

Peoplestrategy

Decentralised business modelOwnership culture

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Competitive positioning from raw materials to packaging

WoodRecovered Paper

(OCC)

Fibre sourcing (commodities)

Grip on supplyProximity to sources

Containerboard Mills (Virgin/Recycled)

10 less efficient mills closed since 2005

Competitive cost position

Paper-basedPackaging

Service & innovation Proximity to customer

location

SKG competitive advantages

Adding value

Integrated supply chain reducing earnings volatility

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Europe Kraftliner 1.6 32% No 1

Recycled containerboard 3.0 16% No 1

Corrugated 4.5 20% No 1

Solid board / solid board packaging 1.0 / 0.4 - No 1

Sack paper 0.1 - No 3

Latin America Containerboard 0.7 Mex 10% - Ven 64% No 3

Corrugated 0.8 Mex 12% - Ven 70% No 1

World Containerboard 5.3 6% No 4

Corrugated 5.3 7% No 2

Region GradeCapacity

(m tonnes)% of relevant

marketEst. market

position

Source: Company estimates

80% of SKG business in containerboard and corrugated

SKG | Packaging leader in Europe & Latin America

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2011 H1 | Financial highlights

Source: Company data

€m H1 2011 H1 2010

Revenue 3,670 3,226

Pre-exceptional EBITDA 507 404

EBITDA Margin 13.8% 12.5%

Pre-exceptional EPS (€cts) 47.4 8.4

ROCE (LTM) 11.9% 7.2%

Free cash flow 78 (69)

Net debt 3,003 3,291

Net debt/EBITDA 3.0x 4.2x

14% revenue growth reflects good demand & continued pricing recovery

25% EBITDA growth despite sharply higher input costs

Pre-exceptional EPS €0.47

ROCE of 11.9% highest since 2007

9% reduction in net debt year-on-year

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2011 Q2 | Financial highlights

Source: Company data

€m Q2 2011 Q2 2010 Change Q1 2011 Change

Revenue 1,867 1,696 10% 1,803 4%

Pre-exceptional EBITDA 264 221 20% 243 9%

EBITDA Margin 14.2% 13.0% - 13.5% -

Pre-exceptional EPS (€cts) 31.4 9.0 248% 16.0 96%

Free cash flow 66 (12) - 12 450%

Net debt 3,003 3,291 (9%) 3,061 (2%)

Net debt/EBITDA 3.0x 4.2x - 3.2x -

Smurfit Kappa Investor RelationsBeech Hill, Clonskeagh,Dublin 4, +353 1 202 7000Ireland. ir@smurfitkappa.com