International Paper Equity Earnings and Dividends Received by International Paper, Have Been Prepared by the Management of Ilim

Investor Roadshow | February 23, 2017 Forward-Looking Statements

Certain statements in these slides and made during this presentation may be considered 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. Factors which could cause actual results to differ include but are not limited to: (i) the level of our 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 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 financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount of our future pension funding obligation, changes in tax laws and pension and health care costs; (iv) unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations and to actual or potential litigation; (v) changes in our estimates for the costs and insurance coverage associated with the recent incident at our Pensacola, Florida mill and for the time required to resume full operations at the mill; (vi) whether we experience a material disruption at one of our other manufacturing facilities; (vii) risks inherent in conducting business through joint ventures; (viii) the failure to realize the expected synergies and cost-savings from our purchase of the cellulose fibers business of Weyerhaeuser Company; and (ix) our ability to achieve the benefits we expect from all other strategic acquisitions, divestitures and restructurings. 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 our Securities and Exchange Commission filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

2 Investor Roadshow | February 23, 2017 Statements Relating to Non-GAAP Financial Measures

During the course of this presentation, certain non U.S. GAAP financial measures will be presented, such as Adjusted Operating EPS, Adjusted EBIT, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Adjusted ROIC.

A reconciliation of all presented non-GAAP measures (and their components) to U.S. GAAP financial measures is available on the company’s website at internationalpaper.com under Performance/Investors.

3 Investor Roadshow | February 23, 2017 Ilim JV Information

All financial information and statistical measures regarding our 50/50 Ilim joint venture in Russia (“Ilim”), other than historical International Paper Equity Earnings and dividends received by International Paper, have been prepared by the management of Ilim. Any projected financial information and statistical measures reflect the current views of Ilim management and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such projections. See “Forward-Looking Statements.”

4 Investor Roadshow | February 23, 2017 Investment Thesis IP Investment Thesis | Long-Term Value Creation

Vision

To be among the most successful, sustainable and responsible companies in the world

Strategy

• Fiber-based Packaging, Pulp and Paper • Advantaged positions in advantaged markets

Shareholder Value

• Strong and sustainable Free Cash Flow • Increase value creation • Exceed shareholders’ TSR expectations

6 Investor Roadshow | February 23, 2017 IP Investment Thesis | Leveraging Selective Choices

Strategy

• Fiber-based Packaging, Pulp and Paper • Advantaged positions in advantaged markets

Channels to Market Renewable Cost Positions Natural Resources • Strong market positions • Low-cost asset base Availability and access to − Mill footprint on cost curve • Sell products in markets low-cost, sustainable fiber where they are valued − Disciplined capital in key manufacturing investment regions • Winning with the right • Sustained low-cost customers and segments positions through operational excellence and optimization

7 Investor Roadshow | February 23, 2017 IP Investment Thesis | Delivering Shareholder Value

Shareholder Value

• Strong and sustainable Free Cash Flow • Increase value creation • Exceed shareholders’ TSR expectations

Capital Allocation Value Creation Levers

Strong and sustainable free cash flow to: Improve what we have:  Fund dividends (40-50% of FCF)  Manufacturing excellence efforts  Maintain healthy balance sheet and  Commercial optimization credit rating Targeted investments (IRR>WACC):  Enable opportunistic share buybacks  Reinvest in the businesses and  Integrate newly-acquired pulp business strengthen portfolio and deliver synergies  N.A. Industrial Packaging projects  Madrid mill acquisition / conversion

8 Investor Roadshow | February 23, 2017 Capital Allocation | IP’s Balanced Use of Cash

Systematically Return Cash to Shareholders Effective Capital Spending

Maintenance & Regulatory Needs Trough-Tested Sustainable Dividend (40% − 50% of FCF) High Return, Cost Reduction Projects

Opportunistic Share Repurchases Cash From Operations Selective Reinvestment Maintain Strong Balance Sheet Value-Creating, Healthy Spread & Credit Rating Above Cost of Capital Appropriate Liquidity & Debt Coverage Improving Competitive Position Proactively Manage Pension Plan

9 Investor Roadshow | February 23, 2017 Delivering on Our Commitments For Value Creation

Running our businesses well and generating strong FCF; Returns consistently above cost of capital

Robust Capital Allocation Strategy

Return Cash to Maintain Strong Strategically Shareholders Balance Sheet Reinvest in Business

Annualized Dividend Share Buybacks

$1.5B share buyback $1.85 $1.76 (September 2013) $1.60 $1.40 $1.20 $1.05 Additional $1.5B authorization (July 2014) 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16

10 Investor Roadshow | February 23, 2017 Strong, Sustainable Free Cash Flow

5-Year Average $2.5 Global Economic $1.8 Billion Recession

$2.0 $2.1 $1.8 $1.8 $1.9 $1.5 Transformation: $0.5 Billion (average) $1.6

$1.0 $ Billions $

$0.5

$0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Free Cash Flow, a non U.S. GAAP measure, reflects cash provided by continuing operations for 2005 – 2011, based on data in the 10-K for each year at the time of filing. Free Cash Flow reflects cash provided by operations for 2012 onward. Excludes net cash pension contributions impacting 2006, 2010, 2011, 2013, 2014, 2015 & 2016, cash flows under European accounts receivable securitization beginning in 2009 and ending in 2011, and cash received from Black Liquor Tax Credits in 2009 and 2010. 2012 excludes $120MM cash paid for Temple-Inland change-in-control agreements, $251MM cash received from unwinding a timber monetization, $44MM cash paid for Temple-Inland pension plan contribution, and $80MM cash paid for Guaranty Bank settlement. 2013 excludes $31MM cash paid for pension plan contribution and $30MM cash received from Guaranty Bank insurance reimbursements. For 2014 onward, see slide #69 for a reconciliation of cash provided by operations to Free Cash Flow.

11 Investor Roadshow | February 23, 2017 Expanded Spread of Adj. ROIC1 Above Cost of Capital | Increasing Shareholder Value

5-Year Average 9.6% Global Economic Recession 11.0% 9.9% 9.5% 9.3% 9.2% 8.1% 8.3% 7.5%

6.3% 6.5%

5.0% 4.5%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

WACC for 2016 1 Adjusted ROIC = Adjusted Operating Earnings before Interest / Average Invested Capital [Equity (adjusted to remove pension related amounts in OCI, net of tax) + Interest-bearing Debt]

12 Investor Roadshow | February 23, 2017 IP Focus Areas For 2017

. Deliver strong free cash flow and Adjusted ROIC ≥ 10% . Integrate newly acquired pulp business and drive synergies to bottom line; improve Global Cellulose Fibers product mix . Drive N.A. Industrial Packaging earnings improvement . Continue strong operations and cost reduction initiatives . Conversion of Madrid Mill

. Continue strong performance at Ilim JV

. Allocate capital to create value with focus on near-term debt reduction

13 Investor Roadshow | February 23, 2017 Business Overview IP Transformation Timeline/Plan

Transformation Plan Divestitures & Strategic Reinvestment

Global Recession IP Achieves Cost of Capital Returns

2005 - 2007 2008 - 2010 2011+

TIN Bldg. Products Weyco Pulp China Sale Business Russia SCA Pkg. Acquisition Ilim JV Franklin Fluff Madrid mill Pulp $11B Acquisition Conversion Asset Sales N.A. Weyco Pkg. Acquisition Turkey Sun JV Coated Papers Olmuksan Pkg. & Asia Box Sale Wood Products Brazil Brazil Grupo Orsa Pkg. Riegelwood Forestland VCP Land / Mill Swap Fluff Pulp N.A. TIN Conversion Kraft Paper Acquisition Valliant Chemicals PM3 China India APPM xpedx Beverage Pkg. Sun JV Acquisition Spin-Off

15 Investor Roadshow | February 23, 2017 International Paper | 2016 Global Portfolio in Packaging, Pulp and Paper

Positioned in attractive markets with low-cost assets that can generate strong free cash flow and returns that can exceed our cost-of-capital

EMEA & $1.9B1 Ilim JV $16.5B Russia Total Sales Net Sales $2.8B Net Sales North America India $0.2B Net Sales Brazil $1.1B Net Sales

Full-year 2016 net sales data 1 Ilim JV total sales are not consolidated (IP owns 50% of JV)

16 Investor Roadshow | February 23, 2017 Strong Domestic Market Positions

67% 5% 19% 9%

Industrial Global Consumer Revenue by GCF Uncoated Packaging Cellulose Freesheet Packaging Business1 Fibers

North America EMEA3 Russia 1st 1st* 2nd 2nd 1st 1st

Ilim GCF Pulp

India Russia 4% EMEA 6% Brazil Latin America 7% % Total 1st EBITDA2 North America 83%

* Fluff pulp & specialties grades 1 Based on 2016 sales; GCF based on 2016 combined business pro-forma sales 2 From continuing operations before special items and non-operating pension expense; does not reflect equity earnings from Ilim JV 3 Excludes Russia

17 Investor Roadshow | February 23, 2017 N.A. Exports | Leveraging Strategic Export Opportunities

% of exports volume shipped to select regions

~50% ~40%

Fluff Pulp (~90% of N.A. production) EMEA Containerboard (~10% of N.A. production) ~50% Asia

~15% ~35% ~10%

Latin America

18 Investor Roadshow | February 23, 2017 Brazil & Russia Exports | Leveraging Strategic Export Opportunities

% of exports volume shipped to select regions

Softwood Pulp (~50% of Russia production)

EMEA ~20% ~80%

Asia

Latin America ~40%

~55% Uncoated Freesheet (~50% of Brazil production) ~5%

19 Investor Roadshow | February 23, 2017 N.A. Industrial Packaging | Track Record of Success

Growth and Margin Expansion through Strategic Acquisitions and Successful Integrations

Weyco Packaging TIN Acquisition Acquisition & Integration & Integration Adj. EBITDA % 25% Global 24% 24% Recession 22% 22% 20% 19% 19% 2.7 2.7 20% 18% 2.5 2.4

15% 15% Adj. EBITDA ($B 15% Thousands

13% 2.0 Business

9% 1.6

10% 1.3 1.3 )

5% 0.8 0.5 0.3 0.4 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

IP Adjusted EBITDA margins based on North American Industrial Packaging operating profit before special items Excludes the Recycling Business and revenue from trade volumes

20 Investor Roadshow | February 23, 2017 Full-Year 2016 Financial Results

$ Billion 2014 2015 2016 FCF4 (Except as noted) ($MM) Sales $23.6 $22.4 $21.1

Adj. EBIT1 $2.7 $2.6 $2.3

Adj. Operating EPS2 $3.00 $3.65 $3.35 Operating EPS impact ($0.63) ($0.18) $0.06 of Ilim F/X3 – IP Share Adj. EBITDA1 $4.1 $3.9 $3.5 $2.1 $1.8 $1.9 Adj. EBITDA Margin 17.5% 17.6% 16.6%

FCF4 $2.1 $1.8 $1.9

Year-End Debt $9.4 $9.3 $11.3

Cash Balance $1.9 $1.0 $1.0 2014 2015 2016

1 From continuing operations before special items and non-operating pension expense 2 Adjusted operating EPS based on Adjusted Operating Earnings (defined as Net Earnings (GAAP) from continuing operations before special items and non-operating pension expense) 3 Represents F/X impact including that related to Ilim JV USD-denominated net debt (balance of ~$0.6B at year end 2016) 4 See slide # 69 for a reconciliation of cash provided by operations to Free Cash Flow

21 Investor Roadshow | February 23, 2017 4Q16 Financial Results

4Q15 3Q16 4Q16 . Solid results in N.A. Industrial Pkg driven by strong demand and Sales ($B) $5.4 $5.3 $5.4 increasing prices

. Higher input costs ($17MM) Adj. EBIT1 ($MM) $616 $613 $498 unfavorably impacted earnings

. Impact from Hurricane Matthew Adj. Operating EPS2 $0.87 $0.91 $0.73 . Continued solid operational Operating EPS impact ($0.05) $0.01 $0.01 performance across businesses of Ilim F/X3 – IP Share . Strong performance at Ilim JV 1 Adj. EBITDA ($MM) $930 $927 $826 continued with adjusted operational EBITDA of $180MM Adj. EBITDA Margin1 17.1% 17.6% 15.4% . Closed acquisition of Weyco pulp business and integrating as new 4 Free Cash Flow ($MM) $501 $575 $467 Global Cellulose Fibers business

1 From continuing operations before special items and non-operating pension expense 2 Adjusted operating EPS based on Adjusted Operating Earnings (defined as Net Earnings (GAAP) from continuing operations before special items and non-operating pension expense) 3 Represents F/X impact including that related to Ilim JV USD-denominated net debt (balance of ~$0.6B at end of 4Q16) 4 See slide #69 for a reconciliation of cash provided by operations to free cash flow

22 Investor Roadshow | February 23, 2017 Appendix Appendix - Table of Contents

Slides

Industrial Packaging……………….………………………………….…..25-37

Global Cellulose Fibers………………………………………………...... 38-45

Printing Papers..……….…………………………………………………..46-56

Consumer Packaging……….….………………………….………….…..57-63

IP Russia & Ilim Group.………….….……………………………….……64-67

Financial & Other………………….………………………………….…....68-86

Contact Information……………….………………………………….……….87

Investor Roadshow | February 23, 2017 N.A. Containerboard | Supply Positions

1995 Producer Position 2017 Producer Position Top 5 = 43% Top 5 = 75%

Stone 13% Others Smurfit 26% IP 7% 32%

Others GP 9% 50% KapStone 4% WY 7% PCA 9% IP 7% GP WRK TIN 19% 7% 10%

Source: 2017 estimated effective containerboard capacity based on RISI Capacity Reports, SEC Filings, and IP data and analysis

25 Investor Roadshow | February 23, 2017 IP N.A. Industrial Packaging | Balanced Global Strategy

IP’s channels to market provide choices for maximizing value

N.A. Mill System Capacity ~13.5 Million Tons

Containerboard Other Uses1 ~13.1 Million Tons ~0.4 Million Tons

IP Box Plants Open Market ~80% ~20%

U.S. Non-U.S. Domestic Export ~91% ~9% ~45% ~55%

EMEA Lat Am Asia ~40% ~45% ~15%

1 Includes Saturating Kraft /Gypsum Liner Source: 2017 estimates based on IP data and analysis

26 Investor Roadshow | February 23, 2017 Global Containerboard Industry | Total Containerboard Trade Flows

Estimated 2017 Global Demand = 179MM tons

Europe 5.4MM

Europe 4.9MM N America 4.9MM Africa Asia C America 1.6MM 1.1MM 2.5MM Mid East 0.9MM S America ` Oceania S America 0.4MM Africa 0.9MM 1.1MM Countries with Net Import or 0.4MM Export greater than 100M tons… Net Export, Tons Net Import, Tons Source: 2017 RISI trade estimates and IP Analysis

27 Investor Roadshow | February 23, 2017 IP N.A. Containerboard Mill System | ~13.5 Million Tons Capacity

2,000

1,800

1,600

1,400

1,200

1,000 Thousands Tons Thousands 800

600

400

200

Rome

Xalapa

Orange

Valliant

Pine Hill Pine

Newport

Prattville

Maysville

Bogalusa

Mansfield

Red River Red

Savannah

Vicksburg

Pensacola

Springfield

Henderson Cedar River Cedar

Source: 2017 estimates based on IP data and analysis; chart includes Saturating Kraft & Gypsum liner

28 Investor Roadshow | February 23, 2017 Linerboard Global Cost Curve | N.A. Capacity in 1st & 2nd Cost Quartile

$1,200

Cash Costs + Delivery to Chicago

$1,000 )

($/Ton $800

Pine Hill Savannah Cedar $600 River Vicksburg Rome Xalapa Henderson Campti Bogalusa

$400 Manufacturing Costs Costs Manufacturing

Mansfield Pensacola $200 Orange Maysville Prattville Springfield

Valliant $0 0 20,000 40,000 60,000 80,000 100,000

Cumulative Annual Production (Thousand Tons)

Source: FisherSolve™ 3Q16 data

29 Investor Roadshow | February 23, 2017 N.A. Industrial Packaging Relative Adj. EBITDA Margins

22.0% 22.0% 21.3% 2016 20.8% 20.6% 2016 21.5% 21.1% 19.7% 18.2% 17.7% 2016 17.5% 15.8%

IP PCA WestRock 4Q15 3Q16 4Q16

IP Adjusted EBITDA margins based on North American Industrial Packaging operating profit before special items Excludes the Recycling Business and revenue from trade volumes Competitor Adjusted EBITDA margin estimates obtained from public filings and IP analysis

30 Investor Roadshow | February 23, 2017 IP Well-Positioned in Attractive Customer Segments

IP Industry IP Box Shipments by Segment Market Segment Mix Mix

Food & Beverage 57% 50%

Processed Food 21% Protein

Produce

Beverage

Other Non-Durable Goods 22% 30% 57% Paper Products 22% Chemicals & Pharma Other Non-Durables

Durable Goods & Distribution 21% 20%

Building Materials

Other Durables

Shipping & Distribution

Note: IP Mix, 2015. Industry Mix, 2014. Source: IP Analysis

31 Investor Roadshow | February 23, 2017 N.A. Industrial Packaging | Building Upon a Great Business

Key levers contributing to IP’s track record of success…

. Commercial execution

. World-class, low-cost assets . Innovation & value-added capabilities . Engaged and talented workforce . Breadth of footprint

. Manufacturing/supply chain excellence

. Disciplined, targeted capital investment

32 Investor Roadshow | February 23, 2017 U.S. Containerboard | Industry Statistics

Containerboard Pricing

$/short ton Linerboard (List Price) Medium (List Price) Linerboard (OMP) Medium (OMP) $/short ton 800 800

700 700

600 600

500 500 $800

$700

400 $600 400

$500

$400

300 $300 300

$200 Jan-90 Jan-95 Jan-00 Jan-05 Jan-10 Jan-15 200 200

Source: RISI As of Jan 2015, RISI only reports OMP = Open Market Price

33 Investor Roadshow | February 23, 2017 Economic Indicators and U.S. Box Demand

140

130

120

110

100

Indexed Indexed = 100 2001 90

2006 2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 70 2001

US Box Shipments US Nondurable Industrial Production US GDP US Industrial Production

Source: Oxford Economics; RISI North America Containerboard Historical Data

34 Investor Roadshow | February 23, 2017 U.S. Corrugated Packaging Shipments

RISI Forecast

414 407 405 401 396 395 395 390 391 391 390 384 380 379 380 378 374 376 375 373 369 364 357 359 360 360

345

Shipments (BSF) Shipments

2006 2007 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Historical Data Source: Fibre Box Association 2017-2021: 2.5% CAGR (RISI – November 2016, 5-yr forecast)

35 Investor Roadshow | February 23, 2017 Wood / OCC Fiber Breakeven

OCC Cost Delivered 1 $/ton

225

200 Wood Advantaged 175

2013 150 2012 2014

125 2015

100 2016

75 OCC Advantaged

25 25 30 35 40 45 50 55 60 65 Wood Chip Cost Delivered 2 $/ton 1 RISI national average OCC price, adjusted for delivery 2 Forest2Market chip equivalent basis index price

36 Investor Roadshow | February 23, 2017 Brazil Industrial Packaging | Overview

. 2016 Sales* of US $233 Million

. Three Containerboard Mills

. Four Box Plants

. ~340 Thousand Tons of Containerboard Capacity Manaus Box Plant . Sustainable Fiber Supply

. Corrugated Domestic Supply Position ~7%

Rio Verde Box Plant

Paulinia Mill Franco da Rocha Mill Klabin Paulinia Box Plant Suzano Box Plant 17% Nova Campina Mill WRK Others 8% 47% 3.8MM tons¹ IP 7% Box plant Mill Irani 6% Trombini Penha 6% Smurfit 5% * As reported: From Dec’15 to Dec’16 (13 months) Kappa 1: 2015 Brazilian Board Association (ABPO) 4%

37 Investor Roadshow | February 23, 2017 Compelling Strategic Acquisition | Strengthening IP Global Cellulose Fibers Business

• IP has agreed to acquire the assets of Weyerhaeuser’s pulp business for $2.2B (announced May 2, 2016) • Strengthens IP’s position in the growing global fluff pulp markets • Adds significant value to IP and for its shareholders  Annual run-rate synergies of ~$175MM expected by end of 2018  Additional cash tax benefit of ~$300MM by purchasing assets  3.6X Adjusted EBITDA multiple1, net of tax benefit and with synergies

• Newly-acquired pulp business consists of best-in-class assets, outstanding customers and a highly talented workforce • Expansive portfolio of value-added, innovative pulp products in addition to fluff pulp will allow IP to offer a broader portfolio of products to customers • IP has proven track record of successful large-scale integrations

1 Based on Weyerhaeuser’s pulp business 2015 Adjusted EBITDA of $350 Million

38 Investor Roadshow | February 23, 2017 Global Cellulose Fibers | Business Overview

Current Product Mix1

~30% ~70%

Fluff Pulp & Specialties Market Pulp

Total Capacity ~3.6MM MTPY Targeted Mix

Fluff Pulp & Specialties 3.0MM 85% Market Pulp 0.6MM 15%

1 Combined businesses, with Riegelwood PM18 running SW market pulp

39 Investor Roadshow | February 23, 2017 Absorbent Hygiene Products (AHP) Outlook | Demand and Growth

AHP demand linked to GDP growth in emerging markets

10,000 9,000 8,000 7,000 6,000

(USD/capita) 5,000 4,000 3,000

2,000 Annual GDP AnnualGDP 1,000 0 1995 2000 2005 2010 2015 2020 MEA Asia-Pacific Eastern Europe Latin America

Source: Euromonitor, 3Q14

40 Investor Roadshow | February 23, 2017 Global Market Pulp Demand Outlook | Bleached Softwood

30 2016 – 2020 24.9MM MTPY CAGR = 0.9% 25.8MM MTPY CAGR

Rest of World 25 Rest of World 4.3%

20 Asia Asia 2.4%

Eastern Europe Eastern Europe 1.2% 10 Western Europe Western Europe (1.5%)

5 Latin America Latin America 0.9%

North America North America (0.6%) 0 2016 2020

Source: PPPC

41 Investor Roadshow | February 23, 2017 Global Cellulose Fibers | Advantaged Position in Advantaged Markets

Well-Positioned to Serve Growing Demand with Global, Strategic Customers

Fluff Demand by Region and End Use

5.5MM MTPY 2016 - 2020 2016 - 2020 CAGR = 3.6% CAGR CAGR Other 5.8% Airlaid 2.9% 11%

Adult Incontinence 3.5% Asia 5.1% 30%

Feminine Care 3.6% 23% EMEA 1.8%

Latin Baby 3.0% America Diapers 4.3% 36% North America 1.1% 2016 Column1 Source: Poyry World Fibre Outlook up to 2030, IP Analysis

42 Investor Roadshow | February 23, 2017 IP Global Pulp Capacity | Total of 4.1 MM MTPY1

Europe / Russia 0.3 MM Ilim JV N. America 1.6 MM 3.6 MM

L. America 0.2 MM

Pulp mill

1 Does not include llim JV

43 Investor Roadshow | February 23, 2017 Global Fluff Pulp Industry | Trade Flows – 2016

Global Demand = 5.5MM MTPY

87.0% Export 4.8 MM Import (1.2)MM

Import (2.3)MM Import (0.5)MM Import (0.8)MM

Net Import Locations Net Export Locations

Source: PPPC, IP Analysis; Units shown in short tons

44 Investor Roadshow | February 23, 2017 Pulp | Industry Statistics

USD/admt Global Pulp Prices

1,200 NBSK (dne) BEK (dne) Fluff (dne)

1,000

800

600

400

200

Source: RISI Global pulp prices delivered to Northern Europe; Units shown in metric tonnes

45 Investor Roadshow | February 23, 2017 IP Global Papers Footprint | Total of 4.3 Million Short Tons1

Europe 0.7 MM N. America ILIM 1.9 MM 0.3 MM

Russia 0.4 MM

India 0.2 MM

Brazil 1.1 MM

Uncoated paper mill

1 Does not include llim JV

46 Investor Roadshow | February 23, 2017 N.A. Uncoated Freesheet Supply | Capacity Positions

1998 Producer Position 2017 Producer Position Top 2 = 28% Top 2 = 50% Top 4 = 48% Top 3 = 60%

GP 15% Other Other 25% 24% Domtar 31% IP 13%

Union Glatfelter Camp 6% 9% Champion 10% GP WY 10% 9% Boise IP 10% PCA 19% Willamette 10% 9%

1998, 2016 Source: Poyry Consulting, Fisher International, IP analysis

47 Investor Roadshow | February 23, 2017 N.A. Papers Mill System | 1.9MM Short Ton Capacity

Uncoated Freesheet Non UFS 1 Pulp

100%

80%

60%

% Mix % / Grade 40%

20%

0% Riverdale Ticonderoga Eastover Georgetown

Paper (M Tons) 615 275 700 305 Pulp 0 0 115 350 Capacity (M Tons)

1 Non UFS includes Kraft Bag and Uncoated Bristols Source: IP analysis

48 Investor Roadshow | February 23, 2017 Uncoated Freesheet Global Cost Curve | IP N.A. Capacity in 2nd & 3rd Cost Quartile

$1,800 Cash Costs + Delivery to Chicago $1,600

$1,400

$1,200

$1,000 Eastover Georgetown $800

$600

Ticonderoga Manufacturing Costs $/Ton Costs Manufacturing $400

$200 Riverdale

$0 0 10,000 20,000 30,000 40,000 50,000

Cumulative Annual Production (Thousand Tons)

Source: FisherSolve ™ 3Q16 data

49 Investor Roadshow | February 23, 2017 N.A. Printing Papers | Margin History

Adj. Adj. EBITDA1 Papers Only EBITDA1 $ MM % 1,000 25% 22% 20% 19% 19% 800 18% 18% 20% 17% 16%

600 657 657 13% 15% 575 598 12% 12% 539 10% 513 499 400 10%

314 310 200 253 261 316 5%

0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Tons 4.0 4.1 3.9 3.5 3.0 2.8 2.7 2.7 2.6 2.0 2.0 1.9 (MM)

1 From continuing operations before special items and non-operating pension expense

50 Investor Roadshow | February 23, 2017 N.A. Printing Papers Relative Adj. EBITDA Margins

21.6%

19.1% 18.4% 2016 17.3% 2016 17.1% 15.9% 16.7% 15.0% 2016 13.5% 14.8%

10.8% 9.2%

IP PCA Domtar 4Q15 3Q16 4Q16

IP Adjusted EBITDA margins based on operating profit from continuing operations before special items Competitor Adjusted EBITDA margin estimates obtained from public filings and IP analysis

51 Investor Roadshow | February 23, 2017 U.S. Uncoated Freesheet Demand

14.0 13.7 13.9 13.3 13.6 13.013.2 12.6 12.6 12.212.4 12.412.3 12.3 12.0 11.9 11.6 10.9 RISI Forecast 9.7 9.6 9.3 8.9 8.8 8.0 8.0 7.7 7.9 7.7

7.6 7.5 7.3 Million Tons

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

Historical Data Source: AF&PA 2017 – 2021: (1.7%) CAGR (RISI November 2016: 5-yr Forecast)

52 Investor Roadshow | February 23, 2017 U.S. Uncoated Freesheet | Industry Statistics

Uncoated Freesheet Pricing Trends

$/short ton RISI 20# Cutsize RISI 50# Offset $1,200 $1,200

$1,100 $1,100

$1,000 $1,000

$900 $900

$800 $800

$700 $700

$600 $600

$500 $500

Source: RISI

53 Investor Roadshow | February 23, 2017 Latin American Uncoated Freesheet Market

Top 6 Producers > 80% Supply & Demand

Other LatAm Others Peru Demand Smurfit Capacity Kappa 14% Chile IP Ledesma 4% Colombia 4% 37% Celulosa Argentina Argentina 4% 3.1MM tons Brazil 7%

Propal 0

500

1,000 1,500 2,000 2,500 Suzano Thousand Short Tons 31% Latin America is a Net Exporter

Capacity @ Demand Net Exports 91% Op. Rate 2.6 MM 2.8 MM 0.2 MM LatAm analysis excludes Mexico Source: Ibá / AFCP / RISI / Fisher / IP Estimates

54 Investor Roadshow | February 23, 2017 IP Brazil Uncoated Freesheet | At a Glance

Mogi Guacu Luiz Antonio Três Lagoas IP Brazil

UFS Paper 4 2 1 7 Machines

UFS Capacity 460 410 260 1,130 (thousand tons)

Market Pulp 35 110 - 145 (thousand tons)

55 Investor Roadshow | February 23, 2017 IP Brazil Uncoated Freesheet | Historical Financials

Adj. Adj. EBITDA1 EBITDA1 US $ MM Margin 450 33% 33% 35% 31% 31% 31% 400 29% 30% 27% 27% 26% 350 24% 334 25% 300 317 320 326 296 280 293 20% 250 275 264

200 228 15%

150 10% 100 5% 50

0 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Tons 0.9 1.0 1.2 1.2 1.3 1.3 1.3 1.3 1.2 1.2 (MM)

1 From continuing operations before special items and non-operating pension expense

56 Investor Roadshow | February 23, 2017 IP Global Coated Paperboard Footprint | Total of 1.6 Million Tons

Europe/Russia 370,000 Tons

North America 1.2 Million Tons

Coated paperboard mill Reflects repurposing of Riegelwood mill to pulp

57 Investor Roadshow | February 23, 2017 N.A. Solid Bleached Sulphate | Supply Positions

Industry Capacity for All Segments Industry Production by IP’s Key Segments1

9% WRK 19% 21% 31% 11% 5% 15% 24% IP Weyco 5% 5.6MM 22% Tons 17% 42% 60% Clearwater 13% Rank GP 39% 14% Group 22% 12% 9% 4% Folding Cupstock Liquid 2.1 MM tons 1.0 MM tons 1.3 MM tons (1-2%) +1.8% (1%)

1 Does not include Coated Bristols, Platestock, Dish, Tray and others CAGR 2017 - 2020 Folding includes tobacco; Liquid Packaging includes Aseptic Source: AF&PA; IP Analysis; Public filings

58 Investor Roadshow | February 23, 2017 N.A. Consumer Packaging at a Glance

N.A. Consumer Packaging Business ~ $2 Billion Annual Revenue

IP Coated Paperboard IP Foodservice ~1.2MM Tons

Theater, Quick Specialty Packaging Food Service Convenience, Service Coffee Hospitality

Coated Paperboard mill Foodservice plant

Packaging includes folding carton, liner and liquid; Foodservice includes cupstock and platestock

59 Investor Roadshow | February 23, 2017 Coated Paperboard Global Cost Curve | IP N.A. Capacity in 1st Cost Quartile

$1,400 Cash Cost + Delivery to Chicago $1,200

$1,000 $/Ton

$800

Texarkana $600

$400 ManufacturingCosts

Augusta $200

$0 0 5,000 10,000 15,000 20,000

Cumulative Annual Production (Thousand Tons)

Source: FisherSolve™ 3Q16 data

60 Investor Roadshow | February 23, 2017 N.A. Consumer Packaging Historical Financials

Adj. Adj. EBITDA1 EBITDA1 $ MM % 450 17% 18% 16% 400 16% 14% 14% 350 13% 13% 14% 12% 300 11% 12% 10% 10% 250 9% 10%

200 419 8%

150 319 6% 298 271 242 244 255 263 268 100 228 212 4%

50 2%

0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1 From continuing operations before special items and non-operating pension expense

61 Investor Roadshow | February 23, 2017 U.S. Coated Paperboard | Industry Statistics

$/short ton Folding Cartonboard Prices Bleached Unbleached Recycled $1,250

$1,150

$1,050

$950

$850

$750

$650

$550

$450

Source: RISI; Series B prices introduced in January 2016 replacing the transaction price series

62 Investor Roadshow | February 23, 2017 U.S. Cup Market

• Paper hot cups & food containers continue to experience growth, in part due to the foam-to-paper conversion

• Consumers making different beverage choices – Decrease in soda consumption in both fountain & bottle beverages – Growth in juice & smoothie beverages, bottled sports drinks, tea & coffee, as well as regular, flavored & carbonated waters

U.S. Cup Demand Single-Use Foodservice Cup Demand Market Segmentation (billions) 120

100 ‘13-’15 ‘16-’20 2011 2013 2015 CAGR CAGR 80 49% 51% 52% Paper 52 53 56 2.2% 2.5% 60 Hot 15 17 19 5.5% 5.7% 40 17% 19% 20% Cold 37 36 37 0.7% 0.7%

20 33% 31% 28% Plastic 18 20 22 5.5% 6.1% 0 Foam 35 32 30 (3.5%) (3.9%) 2011 2013 2015 Foam Plastic Paper TOTAL 106 106 108 1.1% 1.7%

Sources: Technomic Disposables Report 2016; IP Analysis

63 Investor Roadshow | February 23, 2017 IP Russia & Ilim JV | Manufacturing Overview

Well-Positioned to Serve Target Markets

Ilim JV Production1 2015 2016

Bratsk Mill

Koryazhma Total 1,163 1,257 • Softwood bleached pulp 672 756 Ust-Ilimsk Bratsk • Hardwood bleached pulp 293 293 Svetogorsk • KLB 198 207 Kazakhstan Mongolia Koryazhma Mill

China Total 1,353 1,372 • PM7 paper 188 200

• PM7 CFS 50 50 1 IP Russia Production • Pulp (BHKP, UKP) 311 329

Svetogorsk 2016 • KLB and others 804 793 Total 717 Ust-Ilimsk Mill

• Coated Paperboard 121 Total 857 874

• Pulp (soft/hardwood) 165 • Pulp (BSKP, UKP) Total 840 848

• Fine Papers 431 • Hardwood bleached pulp 17 26

1 Volumes shown in thousand short tons

64 Investor Roadshow | February 23, 2017 Ilim Joint Venture | Well-Positioned to Serve Growing Pulp Markets

. China will account

for more than 60% of $1,000 Cash Cost + Delivery to Chicago1 world’s incremental $800

market pulp growth $600 Ust-Ilimsk

($/Ton) $400 . 1st quartile cost positions with favorable access to Costs Manufacturing $200 Bratsk $0 China NBSK market 0 5,000 10,000 15,000 20,000 Cumulative Capacity (Thousand Tons) . Access to significant Russian wood basket

1 Source: FisherSolve™ 3Q16 data

65 Investor Roadshow | February 23, 2017 Ilim Joint Venture | Full Year Financials

2013 2014 2015 2016 Sales Volume (Million tons) 2.7 3.2 3.3 3.5 Sales ($B) 1.9 2.1 1.9 1.9 Debt ($B) 1.5 1.4 1.2 1.5 Adj. Operating EBITDA ($MM) 203 459 694 680 F/X Gain (Loss)1 ($MM) (80) (674) (188) 63 EBITDA ($MM) 123 (215) 506 743 Depreciation ($MM) 176 188 128 121 EBIT ($MM) (53) (403) 378 622 Interest Expense ($MM) 39 69 52 81 Net Income / (Loss) ($MM) (72) (359) 237 385 IP Equity Earnings / (Loss) ($MM) (46) (194) 131 199 Dividends (to IP) ($MM) 0 56 35 60

Ilim JV results are US GAAP basis 1 Represents F/X impact including that related to Ilim JV USD-denominated net debt (balance of ~$0.6B at year end 2016)

66 Investor Roadshow | February 23, 2017 Ilim Joint Venture | 4Q16 vs. 3Q16

$ Million 4Q15 3Q16 4Q16 2015 2016

Sales Volume 891 849 987 3,349 3,523 (thousand tons) Sales $492 $473 $539 $1,931 $1,927 EBITDA $129 $172 $194 $506 $743

F/X (Impact of USD Net Debt)1 ($48) $6 $14 ($188) $63

Adj. Operational EBITDA2 $177 $166 $180 $694 $680

IP Equity Earnings (Loss)3 $34 $46 $45 $131 $199

. Record production at all three mills in 4Q and full year . Higher sales volume driven by stronger demand . Expect modest export price improvement, more than offset by normal seasonality for 1Q’17

Ilim JV results are on U.S. GAAP basis 1 Represents F/X impact including that related to Ilim JV USD-denominated net debt (balance of ~$0.6B at end of 4Q16); Ilim Group’s functional currency is the Ruble (RUB); Non-functional-denominated currency balances are measured monthly using the month-end exchange rate 2 Before F/X impact including USD-denominated net debt 3 IP Equity Earnings (Loss) for 4Q15 include after-tax f/x losses (primarily on USD-denominated net debt) of ($19)MM, 3Q16 and 4Q16 include after-tax F/X gains (primarily on USD-denominated net debt) of $3MM and $6MM, respectively; FY15 include after-tax f/x loss of ($75)MM and FY16 include after-tax f/x gain of $25MM

67 Investor Roadshow | February 23, 2017 Adj. Operating EPS

1.01 .97 .95 .97 .93 .93 .92.91 Impact of Mineral Final Land Sale Rights Gain .08 .87 .83 .84 .85 .81 .80 .76.77 .78 .77 .73 .72 .73 .67 .66 .64 .42 .61 .60 .57 .58 .52 .53 .49 .49 .47 .45 .45 .44 .40 .38 .35 .41 .27 .22 .15 .12 .07

.05

2Q 1Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 as originally reported 2007-2011 adjusted for elimination of the Ilim JV reporting lag 2006-2010 Net Earnings from continuing operations and before special items; 2010 onward reflects Operating Earnings xpedx is reflected as a Discontinued Operation from 2010 onward

68 Investor Roadshow | February 23, 2017 Free Cash Flow

$ Million 2014 4Q15 2015 1Q16 2Q16 3Q16 4Q16 2016

Cash Provided by $3,077 $990 $2,580 $620 $605 $341 $912 $2,478 Operations

Cash Invested in ($1,366) ($489) ($1,487) ($309) ($328) ($266) ($445) ($1,348) Capital Projects

Cash Contribution to $353 - $750 - $250 $500 - $750 Pension Plan

Free Cash Flow $2,064 $501 $1,843 $311 $527 $575 $467 $1,880

69 Investor Roadshow | February 23, 2017 Balance Sheet | Financial Strength

Moody’s Target: Adjusted Debt < 3X Adjusted EBITDA 3.9x 2016 Highlights 3.2x 3.2x $3.4 . Pension gap decreased by $0.2B $3.9 Pension Gap Pension Gap $3.6  Made $750MM voluntary Pension Gap pension contribution  Year-end discount rate decreased from 4.4% (2015) to 4.1% (2016) $9.4 $9.3 $11.3 Balance Balance . Balance Sheet Attractive debt financing Sheet Sheet Debt Debt $ Billion $ Debt  10 year and 30 year debt to finance Weyco pulp acquisition [2.3x]1 [2.4x]2 [3.2x]3 . $ 1.0B cash balance at year end

$0.8 Op. Lease Adj. $0.5 Op. Lease Adj. $0.5 Op. Lease Adj. 2014 2015 2016 Moody’s methodology: Adjusted Debt reflects gross balance sheet debt plus pension gap and operating leases Moody’s methodology: 2016 Adjusted EBITDA of $3.9B incorporates pension and lease expense adjustments 1 Simple Debt Coverage: Balance Sheet Debt / 2014 IP’s Adjusted EBITDA of $4.1B 2 Simple Debt Coverage: Balance Sheet Debt / 2015 IP’s Adjusted EBITDA of $3.9B 3 Simple Debt Coverage: Balance Sheet Debt / 2016 IP’s Adjusted EBITDA of $3.5B

70 Investor Roadshow | February 23, 2017 Debt Maturity Profile | Maturities as of December 31, 2016

$1,200

$1,000

$800

$600 Million $400

$200

$0 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 1 Debt Maturities Other Debt Commercial Paper

1 Primarily foreign debt (intended to be rolled over or refinanced).

71 Investor Roadshow | February 23, 2017 Capital Spending

% of $ Million Depreciation ~$1,500 $1,500 125%

$1,200 100%

$900

75%

$600

50% $300

$0 25% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E

Maintenance Regulatory Strategic Cost Reduction % of Depreciation

Reflects continuing operations

72 Investor Roadshow | February 23, 2017 Pension Plan Update | As of December 31, 2016

Year-End Funded Status1

• No contribution 1960-2005; $2.5B contribution 2006-2013

• $1.1B contribution made in 2014-2015

($1.5) Billion • $750MM voluntary contributions ($2.2) for 2016 ($2.4) ($2.8) • No contributions required before ($3.4) 2019 ($3.6) ($3.9) ($4.1)

1 Reflects status as of December 31

73 Investor Roadshow | February 23, 2017 Pension Plan Update1 | As of December 31, 2016

Annual Pension Expense2 Key Variables 2015 2016 2017E Assumed Rate $600 7.75% 7.75% 7.50% 545 of Return Discount Rate 4.40% 4.10% 4.10% 447 $450 Average Annualized Returns3 387 364 2016 7.1% 342 310 Past Five Years 8.7% $300

Past Ten Years 6.4% Million Portfolio Asset Allocation at 12-31-16 $150 Target Actual Equity 43% - 54% 51% Bonds 25% - 35% 27% $0 2012 2013 2014 2015 2016 2017E Real Estate 7% - 13% 10% Other 8% - 17% 12% 1 2013 and onward include Temple-Inland pension plan 2 Non-cash expense for U.S. plans only 3 Through December 2016 Pension expense reflects service cost, interest cost, amortization of actuarial losses and expected return on plan assets For the past 10 years, IP Pension Plan performance ranked in the top decile of the State Street Bank Corporate and Public Master Trust Universe of approx 200 observations

74 Investor Roadshow | February 23, 2017 Maintenance Outages Expenses | 2016 Actual

$ Million 1Q16A 2Q16A 3Q16A 4Q16A 2016A Industrial Packaging $73 $80 $44 $36 $233 North America 73 78 44 35 230 Brazil 0 2 0 1 3 Global Cellulose Fibers1 $50 $9 $16 $3 $78 Printing Papers Total $16 $41 $11 $28 $96 North America 16 26 0 13 55 Europe 0 8 10 15 33 Brazil 0 7 0 0 7 India 0 0 1 0 1 Consumer Packaging $19 $3 $2 $11 $35 North America 19 0 0 11 30 Europe 0 3 2 0 5 Total Impact $158 $133 $73 $78 $442

1 4Q’16 and FY’16 includes Dec’16 maintenance outages expenses from newly-acquired pulp business

75 Investor Roadshow | February 23, 2017 Maintenance Outages Expenses | 2017 Forecast

$ Million 1Q17F 2Q17F 3Q17F 4Q17F 2017F Industrial Packaging $94 $95 $47 $48 $284 North America 92 95 47 48 282 Brazil 2 0 0 0 2 Global Cellulose Fibers $50 $49 $27 $10 $136 Printing Papers Total $36 $42 $9 $12 $99 North America 36 33 1 11 81 Europe 0 9 0 1 10 Brazil 0 0 7 0 7 India 0 0 1 0 1 Consumer Packaging $0 $31 $0 $11 $42 North America 0 28 0 11 39 Europe 0 3 0 0 3 Total Impact $180 $217 $83 $81 $561

76 Investor Roadshow | February 23, 2017 North American Downtime

Containerboard Uncoated Papers 353 322

212 210 201 230 193 146 55 150 85 158 107 41 53 78 31 29 30 13 25 3 140 146 141 125 117

93 72 92 86 13 11 10 Thousand Short Tons Short Thousand Thousand Short Tons Short Thousand 0 0

Coated Paperboard Global Cellulose Fibers 119 48 46

31 41 31 13 16 27 4 29 10 17 13 18 21 11 16

12 15 0 0 Thousand Metric Tons Metric Thousand Thousand Short Tons Short Thousand 7 0 4 0

Maintenance Economic

77 Investor Roadshow | February 23, 2017 Total Cash Cost Components | FY 2016

Chemicals Fiber 8% 35%

Overhead 10%

Energy 8%

Materials Labor 15% 12% Freight 12% North American mills only

78 Investor Roadshow | February 23, 2017 U.S. Mill Wood Delivered Cost Trend | 4Q16 Average Cost Down 1% vs. 3Q16

130

125

120

115

110

105

100

95 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 90

IP cost Indexed to January 2007 values

79 Investor Roadshow | February 23, 2017 U.S. OCC Delivered Cost Trend | 4Q16 Average Cost Up 4% vs. 3Q16

200

180

160

140

120

100

60 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 40

IP cost Indexed to January 2007 values

80 Investor Roadshow | February 23, 2017 U.S. Natural Gas Cost Trend | 4Q16 Average Cost Up 6% vs. 3Q16

250

200

150

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0

IP cost Indexed to January 2007 values NYMEX Natural Gas closing prices

81 Investor Roadshow | February 23, 2017 U.S. Fuel Oil Cost Trend | 4Q16 Average Cost Up 3% vs. 3Q16

300

250

200

150

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0

IP cost Indexed to January 2007 values WTI Crude prices

82 Investor Roadshow | February 23, 2017 U.S. Chemical Composite Cost Trend | 4Q16 Average Cost Up 3% vs. 3Q16

200

175

150

125

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 75

IP cost Indexed to January 2007 values Delivered cost to U.S. facilities: includes Caustic Soda, Sodium Chlorate, Starch and Sulfuric Acid 2007 - 2008 excludes WY PKG

83 Investor Roadshow | February 23, 2017 2017 Global Consumption | Annual Purchase Estimates for Key Inputs

Commodity U. S. Non – U. S.

Natural Gas (MM BTUs) 75,000,000 11,000,000 Energy Fuel Oil (Barrels) 350,000 400,000 Coal (Tons) 130,000 600,000 Wood (Tons) 52,000,000 8,000,000 Fiber Old Corrugated Containers / DLK (Tons) 4,800,000 400,000 Caustic Soda (Tons) 320,000 70,000 Starch (Tons) 370,000 120,000 Chemicals Sodium Chlorate (Tons) 160,000 50,000 LD Polyethylene (Tons) 40,000 - Latex (Tons) 10,000 6,000

Data does not include newly-acquired pulp business

84 Investor Roadshow | February 23, 2017 Global Citizenship | Planet

Water GHG Emissions Forest Stewardship

Generating more than 70% of energy Developing a global Increased third- needs from party certified fiber water stewardship renewable fuels strategy to use by 28% since 2010 water sustainably Improved energy efficiency by 4.7% IP only accepts fiber since 2010 that is legally harvested and has Reduced GHG emissions by 16% known origins since 2010

85 Investor Roadshow | February 23, 2017 Global Citizenship | People

Stakeholder Safety Ethics & Compliance Engagement

Named for the tenth Stakeholder consecutive year dialogue allows us Reduced serious as one of the to collaborate with injuries by 60% World’s Most communities and since 2010 Ethical Companies® continue to Reduced Lost by the Ethisphere improve Work Day Incident Institute Rate by 8% since 2010 For more information visit internationalpaper.com/sustainability

86 Investor Roadshow | February 23, 2017 Investor Relations | Contact Information

Jay Royalty • Vice President, Investor Relations 901-419-1731 [email protected]

Michele Vargas • Director, Investor Relations 901-419-7287 [email protected]

Betty Groom • Financial & Administrative Analyst 901-419-4250 [email protected]

87 Investor Roadshow | February 23, 2017 International Paper Awards & Recognitions

1 2

Commercial Appeal’s “Top Workplace 2016” FORTUNE’S “World’s Ethisphere Institute’s Most Admired “World’s Most Ethical ® Companies®” 2016 Companies ” 2016

Institutional Investor’s “Most Honored Company” 2016

IDG’s Computerworld 2015 AF&PA Better “100 Best Places to Practices, Better Planets Work in IT” 2016 2020 Sustainability Award

International Paper India Parivartan Award 2015 International Paper Russia International Paper Brazil Corporate Social Graphic Paper Responsibility Award 2015 Manufacture 2015 1 From FORTUNE Magazine, March 1, 2016. © 2016 Time Inc. Used under license 2 From Commercial Appeal (Memphis, TN)

Investor Roadshow | February 23, 2017