International Paper Investor Presentation — January 2019

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Fourth Quarter and Full -Year 2018 Earnings I January 31, 2019 Earnings Presentation I Fourth Quarter and Full -Year 2018 2Forward -Looking Statements

Certain statements in this presentation may be considered forward -looking statements. Words such as “expects”, “anticipates”, “e stimates”, “believes”

and similar expressions identify forward -looking statements . These statements reflect management’s current views and are subject to risks and

uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Facto rs which could cause actual

results to differ include but are not limited to: (i) the level of indebtedness and 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, cyclicality and changes in consumer preferences,

demand and pricing for International Paper products; (iii) global economic conditions and political changes, including but no t limited to the

impairment of financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating o rganizations, the amount of

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) whe ther International

Paper experiences a material disruption at one of its manufacturing facilities; (vi) risks inherent in conducting business th rough joint ventures; (vii)

International Paper’s ability to achieve the benefits expected from strategic acquisitions, divestitures, restructurings and capital investments; and (viii)

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 cause or contribute to actual results differing materially from such forward -looking statements are discussed in greater detail in

International Paper’s SEC filings. International Paper undertakes no obligation to publicly update any forward -looking statement s, whether as a result of

new information, future events or otherwise.

Statements Relating to Non -GAAP Measures

During the course of this presentation, certain non -U.S. GAAP financial measures may be presented. A reconciliation of all prese nted non -GAAP

measures (and their components) to U.S. GAAP financial measures is available on IP’s website at internationalpaper.com under Performance/Investors.