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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 | August 12, 2016 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) whether we experience a material disruption at one of our manufacturing facilities; (vi) risks inherent in conducting business through joint ventures; (vii) the receipt of regulatory approvals for our pending transaction to purchase the pulp business of Weyerhaeuser Company and the successful fulfillment or waiver of all other closing conditions without unexpected delays or conditions; (viii) the successful financing of the Weyerhaeuser transaction; (ix) the failure to realize the expected synergies and cost-savings from the Weyerhaeuser transaction or delay in realization thereof; and (x) our ability to achieve the benefits we expect from all 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 | August 12, 2016 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 Operating EPS, EBIT, EBITDA, EBITDA Margin, Free Cash Flow and ROIC. As with our non-GAAP measure “Operating Earnings,” the earnings-related components of Operating EPS, EBIT, EBITDA, EBITDA Margin and ROIC are non-GAAP earnings measures, which are adjusted to exclude special items and non-operating pension expense from our GAAP net earnings. Therefore, references to such measures should be considered “Adjusted,” as the measures themselves are non-GAAP measures that we have further adjusted. 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 | August 12, 2016 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. Ilim management has indicated that the financial information was prepared in accordance with International Financial Reporting Standards and extracted from Ilim’s financial statements, but International Paper has not verified or audited any of this information. 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 | August 12, 2016 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 | August 12, 2016 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 | August 12, 2016 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 Enable opportunistic share buybacks Commercial optimization Maintain healthy balance sheet and Targeted investments (IRR>WACC): credit rating Reinvest in the businesses and Riegelwood conversion strengthen portfolio Madrid mill acquisition / conversion N.A. Industrial Packaging projects Acquisition of Weyerhaeuser pulp business 8 Investor Roadshow | August 12, 2016 Capital Allocation | IP’s Balanced Use of Cash Systematically Return Cash to Effective Capital Spending Shareholders Maintenance & Regulatory Needs Trough-Tested Sustainable Dividend 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 | August 12, 2016 9 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 $1.76 (September 2013) $1.60 $1.40 $1.20 $1.05 Additional $1.5B authorization (July 2014) 4Q11 4Q12 4Q13 4Q14 4Q15 10 Investor Roadshow | August 12, 2016 Expanded Spread of ROIC1 Above Cost of Capital | Increasing Shareholder Value 5-Year Average 9.5% Global Economic Recession 11.0% 9.5% 9.3% 9.2% WACC: 8% 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 1 ROIC = Operating Earnings before Interest / Average Invested Capital [Equity (adjusted to remove pension related amounts in OCI, net of tax) + Interest-Bearing Debt] 11 Investor Roadshow | August 12, 2016 Strong, Sustainable Free Cash Flow 5-Year Average $2.5 Global Economic $1.8 Billion Recession $2.0 $2.1 Transformation: $1.8 $1.8 $0.5 Billion (average) $1.7 $1.5 $1.6 $1.0 $ Billions $ $0.5 $0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Free Cash Flow 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, 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. 2014 excludes $353MM cash paid for pension plan contribution. 2015 excludes $750MM cash paid for pension plan contribution. 12 Investor Roadshow | August 12, 2016 Compelling Strategic Acquisition | Strengthening IP Global Pulp 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 EBITDA multiple1, net of tax benefit and with synergies • Weyerhaeuser 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 EBITDA of $350 Million 13 Investor Roadshow | August 12, 2016 Compelling Strategic Acquisition
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