International Paper Investor Presentation — April 2024

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First Quarter 2024 Earnings

April 25, 20242See footnotes beginning on page 36 for footnoted material throughout the presentation Forward -Looking Statements

Certain statements in this press release that are not historical in nature may be considered “forward -looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward -looking

statements can be identified by the use of forward -looking or conditional words such as “expects,” “anticipates,” “believes,” “e stimates,” “could,” “should,” “can,” “forecast,” “intend,” “look,” “may,” “will,” “remain,”

“confident,” “commit” and “plan” or similar expressions. These statements are not guarantees of future performance and reflec t management’s current views and speak only as to the dates the statements are made and

are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied i n these statements. All statements, other than statements of historical fact, are forward -looking

statements, including, but not limited to, statements regarding anticipated financial results, economic conditions, industry trends, future prospects, and the execution and consummation of corporate transactions or

contemplated acquisitions, including our proposed business combination with DS Smith Plc. Factors which could cause actual re sults to differ include but are not limited to: (i) our ability to consummate and achieve the

benefits expected from, and other risks associated with, acquisitions, joint ventures, divestitures, spinoffs, capital invest men ts and other corporate transactions, including, but not limited to, our proposed business

combination with DS Smith Plc and our ability to integrate and implement our plans, forecasts, and other expectations with re spect to the combined company (ii) uncertainties as to whether or when the business

combination may be completed, if at all (iii) risks with respect to climate change and global, regional, and local weather co nditions, as well as risks related to our targets and goals with respect to climate change and the

emission of greenhouse gases and other environmental, social and governance matters, including our ability to meet such targe ts and goals; (iv) the level of our indebtedness, risks associated with our variable rate debt,

and changes in interest rates (including the impact of current elevated interest rate levels); (v) the impact of global and d ome stic economic conditions and industry conditions, including with respect to current negative

macroeconomic conditions, inflationary pressures and changes in the cost or availability of raw materials, energy sources and transportation sources, supply chain shortages and disruptions, competition we face,