International Paper Investor Presentation — January 2018

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Earnings Presentation I First Quarter 2018 Earnings Presentation I First Quarter 2018 2Certain statements in these slides and made during this presentation may be considered forward -looking statements. Words such as

“expects”, “ anticipates”, “continues to believe”, “estimates” and similar expressions identify forward -looking statements. The forward -

looking statements include, but are not limited to, EBITDA growth. These statements reflect management’s current views and ar e

subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in th ese

statements. Factors which could cause actual results to differ include but are not limited to: (i) the level of our indebtedn essand

changes in interest rates; (ii) industry conditions, including but not limited to 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; (iii) global economic conditions and political changes, including but not limited to the impairment of financia l

institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount ofour

future pension funding obligation, changes in tax laws and pension and health care costs; (iv) unanticipated expenditures rel ated to

the cost of compliance with existing and new environmental and other governmental regulations and to actual or potential

litigation; (v) whether we experience a material disruption at one of our manufacturing facilities; (vi) risks inherent in co nducting

business through joint ventures; (vii ) our ability to achieve the benefits we expect from strategic acquisitions, divestitures and

restructurings, (viii ) International Paper announcing its firm intention to make an offer for Smurfit Kappa; (ix) the willingness of the

Smurfit Kappa Board to recommend a transaction with International Paper, and (x) other factors that can be found in International

Paper’s press releases and U.S. Securities and Exchange Commission (the “SEC”) filings. These and other factors that could ca useor

contribute to actual results differing materially from such forward -looking statements are discussed in greater detail in the Company’s

SEC filings. We undertake no obligation to publicly update any forward -looking statements, whether as a result of new information,

future events or otherwise.Forward -Looking StatementsEarnings Presentation I First Quarter 2018 3During the course of this presentation, certain non U.S. GAAP financial measures will be presented,