International Paper Investor Presentation — October 2021

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Third Quarter 2021 Earnings

Earnings Presentation IThird Quarter 2021Forward -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 Litigat ion Reform Act of 1995. Words such as

“expects,” “anticipates,” “believes,” “estimates” and similar expressions identify forward -looking statements. These statements are not guarantees 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 impli ed in these statements. Factors which could cause actual results to differ include but are

not limited to: (i) developments related to the COVID -19 pandemic, including the spread of new variants of the virus, the effect iveness, acceptance and availability of vaccines and booster shots, and associated

levels of vaccination as well as the possibility that strains of the virus may be resistant to currently available vaccines, impacts of government responses to the pandemic on our operations, including vaccine

mandates, impacts of the pandemic on global and domestic economic conditions, including with respect to commercial activity, ourcustomers and business partners, consumer preferences and demand, supply

chain shortages and disruptions, inflationary pressures, and disruptions in the credit or financial markets; (ii) the level o f our indebtedness and changes in interest rates; (iii) industry conditions, including but not

limited to changes in the cost or availability of raw materials, energy sources and transportation sources, the availability of labor and competitive labor market conditions, competition we face, cyclicality and

changes in consumer preferences, demand and pricing for our products (including any such changes resulting from the COVID -19 pan demic); (iv) domestic and global economic conditions and political changes,

changes in currency exchange rates, trade protectionist policies, downgrades in our credit ratings, and/or the credit ratings ofbanks issuing certain letters of credit, issued by recognized credit rating

organizations, (v) the amount of our future pension funding obligations, and pension and health care costs; (vi) unanticipate d expenditures or other adverse developments related to the cost of compliance with

existing and new environmental, tax, labor and employment, privacy, and other U.S. and non -U.S. governmental laws and regulation s (including new legal requirements arising from the COVID -19 pandemic);

(vii) any material disruption at any of our manufacturing facilities or other adverse impact on our operations due to severe weather, natural disasters, climate change or other causes; (viii) risks inherent in