International Paper Investor Presentation — July 2018

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Second Quarter 2018 Earnings I July 26, 2018 Earnings Presentation I Second Quarter 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. The forward -looking statements include, but are not limited to, inf ormation regarding the

ability of International Paper to complete the transaction, the timing of an offer by International Paper, the nature of Inte rnational Paper’s offer

including whether or not a secondary listing will be made and potential synergies and benefits for the combined company. Thes e statements reflect

management’s current views and are subject to risks and uncertainties that could cause actual results to differ materially fr om those expressed or

implied in these statements. Factors which could cause actual results to differ include but are not limited to: (i) the level ofindebtedness and changes

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

competition faced, cyclicality and changes in consumer preferences, demand and pricing for International Paper products; (iii ) global economic

conditions and political changes, including but not limited to the impairment of financial institutions, changes in currency exchange rates, credit ratings

issued by recognized credit rating organizations, the amount of future pension funding obligation, changes in tax laws and pe nsion and health care

costs; (iv) unanticipated expenditures related to the cost of compliance with existing and new environmental and other govern men tal regulations and

to actual or potential litigation; (v) whether International Paper experiences a material disruption at one of its manufactur ingfacilities; (vi) risks inherent

in conducting business through joint ventures; (vii) our ability to achieve the benefits expected from strategic acquisitions , divestitures and restructurings;

and (viii) other factors that can be found in International Paper’s press releases and U.S. Securities and Exchange Commissio n (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 statements, whether as a

result of new information, future events or otherwise.

Statements Relating to Non -GAAP Measures