International Paper Investor Presentation — July 2022

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Second Quarter 2022 Earnings

Earnings Presentation ISecond Quarter 2022Forward -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. Words such as “expects,”

“anticipates,” “believes,” “estimates” and similar expressions identify forward -looking statements. These statements are not gua rantees of future performance and 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. F actors which could cause actual results to differ include but are not limited to: ( i) risks with respect

to climate change and global, regional, and local weather conditions, as well as risks related to our ability to meet targets and goals with respect to climate change and the emission of GHGs and other environmental, social

and governance matters; (ii) the impact of the conflict involving Russia and Ukraine, including in connection with related es calated sanctions imposed by the United States, the European Union, G7 and other countries and

possible actions by the Russian government, and the impact of such developments on domestic and global economic and geopoliti calconditions in general and on us and our Ilimjoint venture, which could be materially

and adversely affected by such developments, and our inability to predict the full impact of the Russian invasion of Ukraine, current or future sanctions, geopolitical instability and the possibility of broad ened military conflict

on our Ilimjoint venture and on our receipt of dividends from our Ilimjoint venture; (iii) the possible impact of these developments involving Ukraine and Russia and potential negative capital ma rkets conditions on the value

of and our ability to sell all or a portion of our equity stake in Sylvamo Corporation and the timing of any such sales; (iv) the impact of and developments related to the ongoing COVID -19 pandemic; (v) the level of our

indebtedness and changes in interest rates; (vi) the impact of global and domestic economic conditions and industry condition s, including with respect to commercial activity, inflationary pressures and changes in the cost

or availability of raw materials, energy sources and transportation sources, supply chain shortages and disruptions, the avai lability of labor, particularly in light of current labor market conditions which are exceptionally tight,

competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products, and conditions imp acting the credit, capital and financial markets; (vii) domestic and global geopolitical