International Paper Investor Presentation — April 2020

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First Quarter 2020 Earnings I April 30, 2020 Earnings Presentation I First Quarter 2020 2Forward -Looking Statements

Certain statements in this presentation that are not historical in nature may be considered “forward -looking” statements within the meaning of the Private Securities Litigation Reform

Act of 1995. These statements are often identified by the words “will,” “may,” “should,” “continue,” “anticipate,” “believe,” “expect,” “plan,” “appear,” “project,” “estimate,”

“intend” and words of a similar nature. These statements are not guarantees of future performance and reflect management’s cu rrent views with respect to future events, which are

subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in th esestatements. Factors which could cause actual results to

differ include but are not limited to: (i) developments related to the COVID -19 pandemic, including the severity, magnitude and duration of the pandemic, negative global

economic conditions arising from the pandemic, impacts of governments’ responses to the pandemic on our operations , impacts ofthe pandemic on commercial activity, our

customers and business partners and consumer preferences and demand, supply chain disruptions, and disruptions in the credit orfinancial markets; (ii) the level of indebtedness and

changes in interest rates; (iii) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition

International Paper faces, cyclicality and changes in consumer preferences, demand and pricing for International Paper produc ts (including changes resulting from the COVID -19

pandemic); (iv) domestic and global economic conditions and political changes, changes in currency exchange rates, trade pro tectionist policies, downgrades in International

Paper’s credit ratings, and/or the credit ratings of banks issuing certain letters of credit, issued by recognized credit rat ingorganizations; (v) the amount of International Paper’s future

pension funding obligations, and pension and health care costs; (vi) unanticipated expenditures or other adverse developments related to the cost of compliance with existing and

new environmental, tax, labor and employment, privacy and other U.S. and non -U.S. governmental laws and regulations (including n ew legal requirements arising from the COVID -19

pandemic); (vii) any material disruption at any of International Paper’s manufacturing facilities (including as the result o f the COVID -19 pandemic); (viii) risks inherent in conducting

business through joint ventures; (ix) International Paper’s ability to achieve the benefits expected from, and other risks as sociated with, acquisitions, joint ventures, divestitures and