RUSSIA (News release) -- On September 2023 Mondi plc announced the agreement to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar, together with two affiliated entities (together "Mondi Syktyvkar") to Sezar Invest LLC for a total cash consideration of RUB 80 billion ($797 million).

Mondi confirms that closing has been accelerated and the sale has now completed. Mondi has therefore concluded its exit from Russia.

Mondi has received RUB 57 billion ($568 million) into its London bank account and it is in possession of a letter of credit for the final RUB 23 billion ($229 million), which will be paid in two equal instalments in each of November and December 2023.

It is intended that the net proceeds from the sale of all Mondi's Russian assets will be distributed to Mondi shareholders in a timely manner once the final instalments of the consideration in respect of Mondi Syktyvkar have been received.

Mondi Syktyvkar is a wholly owned integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic).

Sezar Invest is a subsidiary of Moscow based real estate development company Sezar Group.