Page 1 MAYR-MELNHOF KARTON AG FINANCIAL RESULTS 2002 April 23, 2003

Page 2 Group Key figuresKartonPackagingGraphia HIGHLIGHTS 2002  Previous year‘s record result outperformed once again Net income for the year increased 7% to EUR 83 million  Increase of dividend from 1.80 to 2.00 EUR / share  Successful expansion  Share price increased by 33 %

Page 3 Group Key figuresKartonPackagingGraphia MM SHARES MM MSCI ATX Relative Performance of MM Shares 2002 / 2003 Dec. 28, 2001 =100

Page 4 Group Key figuresKartonPackagingGraphia MARKET POSITION - SEGMENTS  the worldwide leading producer of recycled fiber based cartonboard (1.6 million tons)  Europe’s largest manufacturer of folding cartons (330,000 t)  a leading European packaging producer for cigarettes and confectionary (85,000 t)

Page 5 SITES MM-Karton 9 Mills in 6 countries MM-Packaging 15 Facilities in 7 countries MM-Graphia 5 Facilities in 2 countries Basis: 2003 Group Key figuresKartonPackagingGraphia

Page 6  Concentration on core competences (Cartonboard production and processing)  Market AND Cost Leadership  Long-term profit orientation Expansion - Karton, Packaging und Graphia - Focus: Southern- &. Eastern Europe, Asia (China)  Increase of customer utility  Increase of the Company‘s value STRATEGIC POSITION Group Key figuresKartonPackagingGraphia

Page FINANCIAL RESULTS Group Key figuresKartonPackagingGraphia

Page 8 Consolidated in EUR millions, US GAAP /- Sales1,265.71, % Operating profit % Operating margin10.7% Income before taxes % Net income % % of sales6.6% Earnings per share (in EUR) 7.57 Cash earnings % % of sales13.8% CONSOLIDATED RESULTS % % % KartonPackagingGraphia Group Key figures

Page 9 In EUR millions% of sales SALES AND MARGINS KartonPackagingGraphia Group Key figures

Page 10 GROUP - QUARTERS KartonPackagingGraphia Group Key figures

Page 11 (2002) Sales 56% Operating profit 17% PACKAGING KARTON 70% SALES AND OPERATING PROFIT BY DIVISION GRAPHIA 13% PACKAGING KARTON GRAPHIA 32% 54% 14% KartonPackagingGraphia Group Key figures

Page 12 56% 70% DIVISIONAL SALES BY REGION 54% KartonPackagingGraphia MM-KARTON MM-GRAPHIAMM-PACKAGING Group Key figures

Page 13 Consolidated in EUR millions, US GAAP Current assets Non-current assets Total assets Current liabilities Non-current liabilities Minority interests Stockholders‘ equity 518,2 657, ,2 354,7 240,2 8, ,2 572,0 Total liabilities and stockholders‘ equity GROUP BALANCE SHEETS Cash and cash equivalents + available-for-sale securities 225,5247, ,6 577, ,9 315,2 233,5 3, ,9 523,5 KartonPackagingGraphia Group Key figures

Page 14 CONSOLIDATED STATEMENTS OF CASH FLOWS KartonPackagingGraphia in Mio. EUR, US GAAP Net cash provided by operating activities Net cash used in investing activities (119.1) (68.1) (71.1) (112.8) Net cash used in financing activities (0.5) 0.5 Exchange rate changes (17.5)(0.7)Net increase in cash and cash equivalents Total resources available to the Group Cash and cash equivalents at year-end , „Available-for-sale securities“ Group Key figures

Page 15 DEVELOPMENT - ROE KartonPackagingGraphia Group Key figures Defined: Net income / average stockholders‘ equity

Page 16 DEVELOPMENT - ROCE KartonPackagingGraphia Group Key figures Defined: Net income before minority interests, income taxes and net interest expense / average stockholders‘ equity, minority interests and net debt (only if the interest bearing liabilities are greater than cash and cash equivalents)

Page 17 MAYR-MELNHOF KARTON Group Key figuresKartonPackagingGraphia

Page 18 Strong demand in 1 st half-year followed by weaker dynamics in the second half-year Successful increase of cartonboard prices after drastic surge of waste paper prices Capacity utilization clearly exceeded the previous year‘s level despite selective production curtailments during 2 nd HY - 93% in 2002 after 89% in Significant increase in the non-European business MM-KARTON - Overview 2002 KartonPackagingGraphia Group Key figures

Page 19 CARTONBOARD SOLD Tons 70%75% 77% 83% 87% 83% 85% 81% 30% 25% 23% 17% 13% 17% 15% 19% 78% 22% KartonPackagingGraphia Group Key figures

Page 20 In EUR millions, US GAAP /- Sales % Operating profit % Operating margin12.1% 1, % Employees2,952 Capex46.9 MM-KARTON: Results % 1,275 2, Tonnage produced in 000‘s of tons KartonPackagingGraphia Group Key figures

Page 21 COMPETENCE LEADER Taylor-made cartonboard solutions Co-operation with customers on the basis of state of the art communications tools High flexibility in production planning Continuous exploitation of cost reduction potential Expansion of the own sales organization „Best in Business“ KartonPackagingGraphia Group Key figures

Page 22 MAYR-MELNHOF PACKAGING KartonPackagingGraphia Group Key figures

Page facilities in 7 countries Tonnage processed 324,000 tons > 55 % multinational customers Positive development of sales MM-PACKAGING: Overview 2002 KartonPackagingGraphia Group Key figures

Page 24 In EUR millions, US GAAP 2002 Sales421.3 Operating profit23.7 Operating margin5.6% Tonnage converted in 000‘s of tons 324 Employees2,652 Capex12.7 MM-PACKAGING: Results 2002 Karton Packaging Graphia Group Key figures

Page 25 Speed (“Time to Market“) Individualization Change of customer structure Buying decision increasingly made at “Point of Sale“ (POS) DECESIVE FACTORS IN PACKAGING KartonPackagingGraphia Group Key figures

Page 26 MMP – Solutions / Focus European innovation-network Creativity center Integrated processes (supplier – customer) Site optimization KartonPackagingGraphia Group Key figures

Page 27 MMP - Specialization Food Pharma Detergents Display / POS Display / P.O.S. Microflute Pet Food Multipack KartonPackagingGraphia Group Key figures

Page 28 MAYR-MELNHOF GRAPHIA KartonPackagingGraphia Group Key figures

Page 29 CIGARETTE-PACKAGING KartonPackagingGraphia Group Key figures

Page 30 CONFECTIONARY-PACKAGING KartonPackagingGraphia Group Key figures

Page 31 Solid development of business Integration according to schedule Strong technological position - Three technologies (Rotogravure, Offset, Flexo), - Wide Know-how in high-grade finishing technologies International customer base Consequent further expansion - Priority Eastern Europe MM-GRAPHIA - Overview 2002 KartonPackagingGraphia Group Key figures

Page 32 In EUR millions, US GAAP 2002 Sales177.1 Operating profit17.6 Operating margin9.9% Tonnage converted in 000‘s of tons 59 Employees1,182 Capex8.3 MM-GRAPHIA: Results 2002 KartonPackagingGraphia Group Key figures

Page 33 1 st QUARTER 2003 High utilization of capacities MM-Karton continued to pursue best possible price stability Healthy development of business at MM-Packaging and MM-Graphia  Positive development of earnings Results will be released by May 12, 2003 KartonPackagingGraphia Group Key figures

Page 34 OUTLOOK Cartonboard business remains short-term Pressures on cartonboard prices is increasing - As in the past, MM-Karton will take selective downtime Increasing raw material costs KartonPackagingGraphia Group Key figures

Page 35 MM-KARTON: Order Backlog KartonPackagingGraphia 45,000 Group Key figures

Page 36 OUTLOOK Consequent continuation of cost-cutting programs Sustained positive development at MM-Packaging and MM-Graphia Unbroken investment activity KartonPackagingGraphia Group Key figures