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

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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
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