International Paper Investor Presentation — April 2021

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First Quarter 2021 Earnings

Earnings Presentation IFirst Quarter 2021Forward -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 current 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 these statements. Factors which could cause actual results to differ include but are not limite d to: (i) developments related to the COVID -19 pandemic, including the spread of new

variants of the virus, the effectiveness and distribution of vaccines, continuing negative global economic conditions arising from the pandemic, impacts of governments’ responses to the pandemic on our

operations, impacts of the pandemic on commercial activity, our customers and business partners and consumer preferences and demand, supply chain disruptions, and disruptions in the credit or financial

markets; (ii) the level of indebtedness and changes in interest rates; (iii) industry conditions, including but not limited t o changes in the cost or availability of raw materials, energy and transportation costs,

competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products (including changes resulting from the COVID -19 pandemic); (iv) domestic and global economic

conditions and political changes, changes in currency exchange rates, trade protectionist policies, downgrades in our credit ratings, and/or the credit ratings of banks issuing certain letters of credit, issued by

recognized credit rating organizations; (v) the amount of our 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. governmen tal laws and regulations (including new legal requirements arising from the

COVID -19 pandemic); (vii) any material disruption at any of our manufacturing facilities due to severe weather, natural disaste rs or other causes (including as the result of the COVID -19 pandemic); (viii) risks

inherent in conducting business through joint ventures; (ix) our ability to achieve the benefits expected from, and other ris ks associated with, acquisitions, joint ventures, divestitures and other corporate