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 | Weyerhaeuser’s Pulp Business

Low Cost, Best-in-Class Assets, Products and Technology

• 2015 sales of $1.5 Billion

• 2015 EBITDA1 of $350 million

• 4 Fluff Pulp Mills (1.5 Million tonnes capacity)

• 1 NBSK Mill (0.4 Million tonnes capacity)

• 2 Converting Facilities

1 Operating profit plus depreciation and amortization less special items

14 Investor Roadshow | August 12, 2016 Weyco & IP Mill Locations

Gdansk, Pomorskie

Grand Prairie, Alberta

Franklin, VA

New Bern, NC

Riegelwood, NC Columbus, MS Georgetown, SC

Weyco Market Pulp Mill Port Wentworth, GA

Weyco Fluff Pulp Mill Flint River, GA IP Fluff Pulp Mill Pensacola, FL Converting facilities

15 Investor Roadshow | August 12, 2016 Compelling Strategic Acquisition | Asset Purchase Overview

Purchase Price $2.2B

Net Present Value of Asset Step Up for Tax1 $0.3B

Net Price $1.9B

EBITDA Multiple 2 5.4 (Net of Tax Benefit)

Expected Synergies at Full Run Rate $175M

2 EBITDA Multiple 3.6 (Net of Tax Benefit & with Synergies)

1 Estimate 2 Based on 2015 EBITDA of $350 million

16 Investor Roadshow | August 12, 2016 Compelling Strategic Acquisition | Acquisition Assessment

Excellent Strategic Fit R Improves Core Pulp Business R Returns Greater than Cost of Capital R Significant Synergies R Compelling Economics and Tax Step Up R Quality Assets R

17 Investor Roadshow | August 12, 2016 Other Recent Strategic Moves | Strengthening the IP Portfolio

Containerboard Optimization Madrid Mill Acquisition/Conversion Announced: 2Q2015 Announced: 1Q2016 Start-up: 2H2017(E) Timing: 2016/2017

Strategic Rationale: Reflects IP’s commitment to make our Strategic Rationale: Strengthens IP’s Industrial Packaging best business even better business in Europe and takes advantage of integration Project Intent: Improves system flexibility, enhances quality, benefits enables further cost reductions and supports future growth Project Intent: Convert mill to produce recycled potential (as needed) containerboard to enhance the value proposition of the Investment: ~$300MM EMEA corrugated packaging business Investment: ~$160MM

Exit Asia Manufacturing Riegelwood Conversion Consumer Packaging Industrial Packaging Announced: 1Q2015 Announced: 3Q2015 Announced: 4Q2015 Start-up: 2H2016 Concluded: 4Q2015 Completion: 2Q2016

Strategic Rationale: Improve IP’s earnings and returns by Strategic Rationale: Increase IP’s capability and capacity supplying the region with globally competitive products to serve customers in the growing global fluff pulp market primarily through the Ilim JV and from the U.S. Project Intent: Reposition assets by converting coated Project Intent: Exit Asia manufacturing for Coated paperboard capacity to fluff pulp Paperboard and Industrial Packaging Investment: $135MM Economics: • Sun JV: $23MM in cash, $400MM of debt removed from balance sheet • Industrial Packaging: $150MM in cash

18 Investor Roadshow | August 12, 2016 Business Overview IP Transformation Timeline/Plan

Transformation Plan Divestitures & Strategic Reinvestment

Global Recession IP Achieves Cost of Capital Returns

2005 - 2007 2008 - 2010 2011+

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

20 Investor Roadshow | August 12, 2016 International Paper | 2015 Global Portfolio in Packaging 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

North America Recognized Leader in Core Segments: Corrugated Pkg. Uncoated Papers Coated Paperboard EMEA & $1.9B1 Ilim JV $17.2B Russia Total Sales Net Sales $2.6B Net Sales Asia2 North $1.3B America Net Sales India

$0.2B Brazil Net Sales $1.1B Net Sales Emerging Markets Build Leading Positions in Fiber-based Packaging & Paper Segments in High-Growth Markets

Full-year 2015 net sales data 1 Ilim JV total sales are not consolidated (IP owns 50% of JV) 2 Sun JV sold in October 2015

21 Investor Roadshow | August 12, 2016 Strong Domestic Market Positions

65% 13% 22% Revenue by Industrial Consumer Uncoated Freesheet Packaging Packaging PULP and Pulp Business1

North America Europe Russia

1st 2nd 2nd 1st 1st

PULP PULP PULP

India Russia Europe 3% 5% Brazil Latin America 7% 1st % Total EBITDA2 North America 85%

Source: RISI 1 Based on 2015 sales 2 From continuing operations before special items and non-operating pension expense. Does not reflect equity earnings from Ilim JV

22 Investor Roadshow | August 12, 2016 U.S. Exports | Leveraging Strategic Export Opportunities

% of exports volume shipped to select regions

~40% ~45%

Fluff Pulp1 (~90% of N.A. production) EMEA Containerboard (~10% of N.A. production) ~40% Asia

~20% ~40% ~5%

Latin America

1 Excludes volume from the Riegelwood PM18 conversion

23 Investor Roadshow | August 12, 2016 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%

24 Investor Roadshow | August 12, 2016 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 EBITDA % 25% Global 24% 24% Recession 22%

20% 19% 19% 2.7 2.7 20% 18% 2.5

15% 15% 15% 13% 2.0 EBITDA($B) 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

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

25 Investor Roadshow | August 12, 2016 Full-Year 2015 Financial Results

EPS $ Billion 2013 2014 2015 (Except as noted) Sales $23.5 $23.6 $22.4

EBIT1 $2.5 $2.7 $2.6

EPS2 $3.06 $3.00 $3.65 EPS impact of Ilim ($0.07) ($0.63) ($0.18) F/X3 – IP Share $3.65 EBITDA1 $4.0 $4.1 $3.9 $3.06 $3.00

EBITDA Margin 17.2% 17.5% 17.6%

FCF4 $1.8 $2.1 $1.8

Year-End Debt $9.5 $9.4 $9.3

Cash Balance $1.8 $1.9 $1.0 2013 2014 2015

1 From continuing operations before special items and non-operating pension expense 2 EPS based on Operating Earnings (defined as Net Earnings (GAAP) from continuing operations before special items and non-operating pension expense) 3 Represents F/X impact primarily related to Ilim JV USD-denominated net debt (balance of ~$700MM at year end 2015) 4 See slide #73 for a reconciliation of cash provided by operations to Free Cash Flow xpedx is reflected as a Discontinued Operation in all periods presented

26 Investor Roadshow | August 12, 2016 2Q16 Financial Results

2Q15 1Q16 2Q16

ROIC5 Sales ($B) $5.7 $5.1 $5.3

EBIT1 ($MM) $650 $522 $635

Operating EPS2 $0.97 $0.80 $0.92

Operating EPS impact $0.06 $0.03 $0.01 of Ilim F/X3 – IP Share 10.6% 10.6%

EBITDA1 ($MM) $978 $806 $936

EBITDA Margin1 17.1% 15.8% 17.6%

1H15 1H16 Free Cash Flow4 ($MM) $511 $311 $527

1 From continuing operations before special items and non-operating pension expense 2 Operating EPS based on Operating Earnings (defined as Net Earnings (GAAP) from continuing operations before special items and non-operating pension expense) 3 Represents F/X impact primarily related to Ilim JV USD-denominated net debt (balance of ~$0.6B at end of 2Q2016) 4 See slide #73 for a reconciliation of cash provided by operations to free cash flow 5 ROIC = Operating Earnings before Interest / Average Invested Capital [Equity (adjusted to remove pension related amounts in OCI, net of tax) + Interest-bearing Debt]

27 Investor Roadshow | August 12, 2016 Appendix Appendix - Table of Contents

Slides

Industrial Packaging……………….……………………………………..30-42

Consumer Packaging……….….………………………….……………..43-49

Printing Papers & Pulp..……….…………………………………………50-67

IP Russia & Ilim Group.………….….……………………………………68-71

Financial & Other………………….……………………………………....72-92

Contact Information……………….………………………………………….93

Investor Roadshow | August 12, 2016 N.A. Containerboard | Supply Positions

1995 Producer Position 2016 Producer Position Top 5 = 43% Top 5 = 75%

Stone 13% Others Smurfit 25% IP 7% 33%

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

Source: 2016 estimated effective containerboard capacity based on RISI Capacity Reports, SEC Filings, and IP data and analysis

30 Investor Roadshow | August 12, 2016 IP N.A. Industrial Packaging | Balanced Global Strategy

IP’s channels to market provide choices for maximizing value

N.A. Mill System Capacity

~13.3 Million Tons

Containerboard Other Uses1

~12.9 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: 2016 estimates based on IP data and analysis

31 Investor Roadshow | August 12, 2016 Global Containerboard Industry | Total Containerboard Trade Flows

Estimated 2015 Global Demand = 172MM tons

Europe 4.2MM

Europe 4.7MM N America 5.1MM Asia Africa 1.5MM C America 0.6MM 2.1MM Mid East 0.5MM S America ` Oceania S America 0.3MM Africa 0.6MM 1.0MM Countries with Net Import or 0.2MM Export greater than 100M tons… Net Export, Tons Net Import, Tons Source: 2015 RISI trade estimates and IP Analysis

32 Investor Roadshow | August 12, 2016 IP N.A. Containerboard Mill System | ~13.3 Million Tons Capacity

2,000

1,800

1,600

1,400

1,200

1,000

800

600 Thousands Tons Thousands

400

200

Rome

Xalapa

Orange

Valliant

Pine Hill Pine

Newport

Prattville

Maysville

Bogalusa

Mansfield

Red River Red

Savannah

Vicksburg

Pensacola

Henderson Springfield Cedar River Cedar

Source: 2016 estimates based on IP data and analysis; chart includes Saturating Kraft & Gypsum liner

33 Investor Roadshow | August 12, 2016 Linerboard Global Cost Curve | 94% of IP N.A. Capacity in 1st Cost Quartile

$1,200 Cash Costs + Delivery to Chicago

$1,000

)

($/Ton $800

Orange Savannah $600 Pine Hill Rome Campti Vicksburg

$400 Manufacturing Costs Costs Manufacturing

$200 Henderson Bogalusa Springfield Maysville Mansfield Pensacola Cedar River Prattville Valliant $0 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

Cumulative Annual Production (Thousand Tons)

Source: FisherSolve™ 1Q16 data

34 Investor Roadshow | August 12, 2016 N.A. Industrial Packaging Relative EBITDA Margins

24.1% 23.2% TTM1 22.6% 21.8% 23.1% 22.2% TTM1 20.4% 21.9% 19.4% 18.3% TTM1 17.5% 18.4%

IP PCA WestRock 2Q15 1Q16 2Q16

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

35 Investor Roadshow | August 12, 2016 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

36 Investor Roadshow | August 12, 2016 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

37 Investor Roadshow | August 12, 2016 U.S. Containerboard | Industry Statistics

Containerboard Pricing

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

700

600

500 $800

$700

400 $600

$500

$400

300 $300

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

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

38 Investor Roadshow | August 12, 2016 Economic Indicators and U.S. Box Demand

140

130

120

110

100

Indexed Indexed = 100 2001 90

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

70 2001

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

Source: IHS Economics & Country Risk, US Short Term Forecast, Feb 2016; RISI North America Containerboard 5-year Forecast, December 2015

39 Investor Roadshow | August 12, 2016 U.S. Corrugated Packaging | Forecast

RISI Forecast

408 405 401 396 395 398 390 391 391 390 389 378 380 379 380 380 374 373 373 369 364 357 359 360 360

345

Shipments (BSF) Shipments

2011

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

Historical Data Source: Fibre Box Association 2016-2020: 2.3% CAGR (RISI – Mar 2016 5-yr forecast)

40 Investor Roadshow | August 12, 2016 Wood / OCC Fiber Breakeven

OCC Cost Delivered 1 $/ton

225

200 Wood Advantaged 175

2013 150 2012 2014 125 2Q16 2015 1Q16 100

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

41 Investor Roadshow | August 12, 2016 Brazil Industrial Packaging | Overview

. 2015 Sales of US $228 Million

. Three Containerboard Mills

. Four Box Plants

. ~340 Thousand Tons of Containerboard Manaus Box Plant Capacity

. Sustainable Fiber Supply

Rio Verde Box Plant . Corrugated Domestic Supply Position ~7%

Paulinia Mill Franco da Rocha Mill Paulinia Box Plant Suzano Box Plant Klabin Nova Campina Mill 17%

WRK Others 8% 3.8MM 47% IP Box plant tons¹ 7% Mill Trombini 6% Smurfit Irani KappaPenha 6% 4% 5%

1: 2014 Brazilian Board Association (ABPO)

42 Investor Roadshow | August 12, 2016 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

43 Investor Roadshow | August 12, 2016 N.A. Solid Bleached Sulphate | Supply Positions

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

9% WRK 20% 21% 31% 12% 5% 15% 24%

Weyco 5% 5.7MM IP Tons 21% 17% 39% 60% Clearwater 13%

Rank GP 38% Group 14% 24% 13% 9% 4% Folding Cupstock Liquid 2.1 MM tons 1.0 MM tons 1.3 MM tons ~Flat +1.8% (1%)

1 Does not include Coated Bristols, Platestock, Dish, Tray and others CAGR 2016 - 2019 Folding includes tobacco; Liquid Packaging includes Aseptic Source: 2015 RISI Capacity with IP Riegelwood excluded; AF&PA; IP Analysis

44 Investor Roadshow | August 12, 2016 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

45 Investor Roadshow | August 12, 2016 Coated Paperboard Global Cost Curve | IP N.A. Capacity in 1st Cost Quartile

Cash Cost + Delivery to Chicago $1,400

$1,200

$1,000 $/Ton

$800 Riegelwood

Texarkana

$600 Manufacturing Costs Manufacturing $400

Augusta $200

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

Cumulative Annual Production (Thousand Tons)

Source: FisherSolve™ 1Q16 data

46 Investor Roadshow | August 12, 2016 N.A. Coated Paperboard Historical Financials

EBITDA EBITDA $ MM % 400 25% 22% 350 20% 300 17% 16% 15% 15% 250 14% 13% 13% 13% 15%

200 11% 358 10% 150 251 254 219 100 200 187 211 203 205 203 5% 50

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

Before special items

47 Investor Roadshow | August 12, 2016 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

48 Investor Roadshow | August 12, 2016 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 Market Segmentation 120 Single-Use Foodservice Cup Demand 2014-18 100 (Billions) 2010 2014E 2018F CAGR 80 49% 51% 54% Paper 52 54 58 1.6% Hot 15 18 23 6.6% 60 Cold 37 36 35 (1.1%) 17% 40 20% 23% Plastic 18 21 25 4.4% 20 34% Foam 36 31 25 (4.7%) 29% 23% 0 TOTAL 106 106 108 0.5% 2010 2014 2018 Foam Plastic Paper

Sources: Technomic Disposables Report 2014; IP Analysis; Huffington Post; Forbes

49 Investor Roadshow | August 12, 2016 IP Global Papers Footprint | Total of 4.4 Million Tons1

Europe 0.7 MM N. America ILIM 2.0 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

50 Investor Roadshow | August 12, 2016 N.A. Uncoated Freesheet Supply | Supply Positions

1998 Producer Position 2016 Producer Position Top 2 = 28% Top 2 = 57% Top 4 = 48% Top 3 = 67%

GP Other 15% Other 25% 23% Domtar 35% IP 13% Union GP Camp 10% 9% Champion 10% WY PCA 9% 10% Boise IP Willamette 10% 22% 9%

Note: 2016 producer position adjusted for Domtar Ashdown, 1998, 2016 Source: Poyry Consulting, Fisher International, IP analysis

51 Investor Roadshow | August 12, 2016 Printing Papers & Pulp Mill System | 3.6MM Tons Capacity

Pulp Non UFS 1 Uncoated Freesheet Containerboard

100%

80%

60%

% Grade Mix % / 40%

20%

0% Riverdale Ticonderoga Eastover Georgetown Franklin Riegelwood Pensacola

Paper (M Tons) 650 300 730 320 0 0 0 Pulp 0 0 110 360 320 800 190 Capacity (M Tons)

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

52 Investor Roadshow | August 12, 2016 Uncoated Freesheet Global Cost Curve | 84% of IP N.A. Capacity in 1st & 2nd Cost Quartiles

$1,800

Cash Costs + Delivery to Chicago $1,600

$1,400

$1,200 $/Ton

$1,000

Eastover $800 Georgetown

$600 Manufacturing Costs Costs Manufacturing

$400 Ticonderoga

$200 Riverdale

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

Cumulative Annual Production (Thousand Tons)

Source: FisherSolve ™ 1Q16 data

53 Investor Roadshow | August 12, 2016 N.A. Printing Papers | Margin History

EBITDA EBITDA $ MM Papers Only % 1,000 25% 22% 20% 19% 19% 800 18% 18% 20% 16%

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

314 310 200 253 261 5%

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

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

Before special items

54 Investor Roadshow | August 12, 2016 N.A. Printing Papers Relative EBITDA Margins

17.2% 16.8% TTM1 15.0% 15.8% 14.3% 14.0% 1 1 12.9% TTM 13.4% TTM 13.7% 12.0% 13.7% 10.6%

IP Domtar PCA

2Q15 1Q16 2Q16

1 Trailing twelve months Excludes N.A. Pulp IP EBITDA margins based on operating profit from continuing operations before special items Competitor EBITDA margin estimates obtained from public filings and IP analysis

55 Investor Roadshow | August 12, 2016 U.S. Uncoated Freesheet Demand

Uncoated Freesheet Demand and RISI Forecast

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

9.7 9.6 9.3

RISI Forecast 8.9 8.8 8.0 7.9 7.7 7.5

7.4 7.3 7.2 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

Historical Data Source: AF&PA 2016 – 2020: -1.8% CAGR (RISI Feb 2016 5-yr Forecast)

56 Investor Roadshow | August 12, 2016 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

57 Investor Roadshow | August 12, 2016 Latin American Uncoated Freesheet Market

Top 6 Producers > 80% Supply & Demand

Other LatAm Others Venezuela Demand 18% Peru IPIP Capacity Smurfit Chile Kappa 35% 3% Ledesma Colombia 4% 3.3MM Argentina Celulosa 4% tons

Argentina Brazil

Propal 0

500 500

1,500 2,000 2,500 SuzanoSuzano 1,000 30% Thousand Short Tons

Latin America is a Net Exporter

Capacity @ Demand Net Exports 91% Op. Rate* 2.8 MM 3.0 MM 0.2 MM * Excluding Mexico Source: Ibá / AFCP / RISI / Fisher / IP Estimates

58 Investor Roadshow | August 12, 2016 IP Brazil Uncoated Freesheet | At a Glance

Mogi Guacu Luiz Antonio Três Lagoas IP Brazil

UFS Paper 4 2 1 7 Machines

UFS Capacity 463 408 259 1,130 (thousand tons)

Market Pulp 33 110 - 143 (thousand tons)

59 Investor Roadshow | August 12, 2016 IP Brazil | Historical Financials

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

200 228 15%

150 10% 100 5% 50

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

Before special items

60 Investor Roadshow | August 12, 2016 IP India Printing Papers | APPM

. IP owns 75% of Andhra Pradesh Paper Mills (APPM); Remaining 25% shares listed in India

. Two uncoated freesheet paper mills with combined capacity of ~250,000 tons

. Significant and fast growing emerging market

. Located in the heart of India’s fiber basket Hyderabad . Successful farm forestry program Rajahmundry Kadiyam . IP leaders on ground with APPM management team to assist with optimization of assets

Corporate Office . Platform for potential growth in UFS Paper Mill paper and packaging

61 Investor Roadshow | August 12, 2016

Global Market Pulp | Bleached Softwood Pulp

Global Demand = 26.8 → 27.7MM tpy 2015 – 2019 30 CAGR = 0.8% CAGR Rest of World Rest of World 1.1% 25

20 Asia Asia 2.4%

Eastern Europe Eastern Europe 2.6% Million Tons Million 10 Western Europe Western Europe (1.4%)

5 Latin America Latin America (0.2%)

North America North America (0.8%) 0 2015 2019 Source: PPPC

62 Investor Roadshow | August 12, 2016 Global Market Pulp | Fluff Pulp Demand

Global Demand = 5.8 → 6.8MM tpy 2015 – 2019 8 CAGR = 3.8% CAGR

7 Other 5.2% 6 Other 5 Asia 5.6%

Tons 4 Asia

3 Eastern Europe 1.6% Million Eastern Europe Western Europe 2.0% 2 Western Europe

Latin America Latin America 2.8% 1 North America North America 1.3% 0 2015 2019 Source: IP analysis

63 Investor Roadshow | August 12, 2016 IP Global Pulp Capacity | Total of 2.3 Million Short Tons1

Europe / Russia 0.3 MM Ilim JV N. America 1.8 MM 1.8 MM

L. America 0.2 MM

Pulp mill

1 Does not include llim JV

64 Investor Roadshow | August 12, 2016 Global Fluff Pulp Industry | Trade Flows – 2015

Global Demand = 5.8MM stpy

87.0% Export 5.1 MM Import (1.0)MM

Import (2.4)MM Import (0.5)MM Import (0.8)MM

Net Import Locations Net Export Locations

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

65 Investor Roadshow | August 12, 2016 Riegelwood & N.A. Pulp System Update

IP’s Total Fluff Pulp Capacity ~1,500 Growing Pulp business . Riegelwood Mill startup underway

. Additional 400,000 tons of capacity Tons Thousand on line by mid-year 2016 2007 2009 2013 Post Conversion . Flexibility to produce softwood Fully Ramped market pulp while fluff demand ramps up World Demand for Fluff Pulp . IP will have 1.7MM tons of pulp capacity in N.A. (~1.5MM tons of which can be fluff)

50% ~ 50%

Source: Poyry World Fibre Outlook up to 2030

66 Investor Roadshow | August 12, 2016 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

67 Investor Roadshow | August 12, 2016 IP Russia & Ilim JV | Manufacturing Overview

Well-Positioned to Serve Target Markets

Ilim JV Production1 2014 2015

Koryazhma Bratsk Mill Total 995 1,163 Ust-Ilimsk Bratsk Svetogorsk • Softwood bleached pulp 525 672 • Hardwood bleached pulp 270 293 Kazakhstan Mongolia • KLB 200 198 China Koryazhma Mill Total 1,335 1,353 IP Russia Production1 • PM7 paper 195 188 Svetogorsk 2015 • PM7 CFS 20 50 Total 699 • Pulp (BHKP, UKP) 320 311

• Coated Paperboard 114 • KLB and others 800 804

• Pulp (soft/hardwood) 175 Ust-Ilimsk Mill

• Fine Papers 410 Pulp (BSKP, UKP) Total 865 857

1 Volumes shown in thousand short tons

68 Investor Roadshow | August 12, 2016 Ilim Joint Venture | Well-Positioned to Serve Growing Pulp Markets

Rest of . China will account World 8 MM for more than 60% of

world’s incremental China market pulp growth 13 MM

. 1st quartile cost positions 2014 - 2030 with favorable access to $1,000 Cash Cost + Delivery to Beijing2 China NBSK market $800

Bratsk

. Access to significant $600 (Pre-Project) Ust-Ilimsk Russian wood basket ($/Ton) $400

Manufacturing Costs Manufacturing $200 Bratsk

$0 0 5,000 10,000 15,000 20,000 1 Source: Poyry World Fibre Outlook up to 2030 (Metric Tonnes) Cumulative Capacity (Thousand Tons) 2 Source: FisherSolve™ 4Q15 data

69 Investor Roadshow | August 12, 2016 Ilim Joint Venture | Full Year Financials

2009 2010 2011 2012 2013 2014 2015 Sales Volume (Million short tons) 2.6 2.8 2.8 2.9 2.7 3.2 3.3 Sales ($B) 1.3 1.9 2.2 2.0 1.9 2.1 1.9 Debt ($B) 0.4 0.5 0.9 1.2 1.5 1.4 1.2 Operating EBITDA ($MM) 197 516 591 291 208 470 724 F/X Gain (loss)1 (35) 12 (60) 39 (80) (684) (218) EBITDA ($MM) 163 528 531 330 128 (214) 506 Depreciation ($MM) 120 121 124 134 177 193 240 EBIT ($MM) 43 407 406 196 (49) (408) 266 Interest Expense ($MM) 28 18 7 6 39 69 53 Net Income (loss) ($MM) (19) 266 299 132 (72) (362) 150

IP Equity Earnings (loss) ($MM) (27) 103 134 56 (46) (194) 131 Dividends (to IP) ($MM) 50 34 85 0 0 56 35

Ilim JV results are IFRS basis. IP Equity Earnings (loss) on US GAAP basis. 1Represents F/X impact primarily related to Ilim JV USD-denominated net debt (balance of ~$700MM at year end 2015)

70 Investor Roadshow | August 12, 2016 Ilim Joint Venture | 2Q16 vs. 1Q16

$ Million 2Q15 1Q16 2Q16

Sales Volume 826 821 866 (thousand tons) Sales $500 $441 $473

Operational EBITDA1 $153 $176 $152

F/X (Impact of USD Net Debt2) $65 $33 $18

IP Equity Earnings3 $67 $62 $46

. Strong operational performance continues with good execution in 2Q . IP received $58MM dividend payment . 3Q outlook in line with prior quarter excluding 2Q F/X benefit

Ilim JV results are on an IFRS basis with the exception of IP Equity Earnings which is US GAAP 1 Before F/X impact primarily on USD-denominated net debt 2 Represents F/X impact primarily related to Ilim JV USD-denominated net debt (balance of ~$600MM at end of 2Q2016); Ilim Group’s functional currency is the Ruble (RUB); Non-functional-denominated currency balances are measured monthly using the month-end exchange rate 3 IP Equity Earnings for 2Q15, 1Q16 and 2Q16 include after-tax F/X gains (primarily on USD-denominated net debt) of $27MM, $11MM and $6MM, respectively

71 Investor Roadshow | August 12, 2016 Operating Business EPS

1.01 .97 .95 .97 .93 .93 .92 Impact of Mineral Final Land Sale Rights Gain .08 .87 .83 .84 .85 .81 .80 .76 .77 .78 .77 .73 .72 .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 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 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

72 Investor Roadshow | August 12, 2016 Free Cash Flow

$ Million 2Q15 1Q16 2Q16

Cash Provided by $8651 $620 $8551 Operations

Less Capital ($354) ($309) ($328) Investment

Free Cash Flow $511 $311 $527

1 Excludes $750MM cash paid for pension plan contribution in 2Q15, and $250MM in 2Q16

73 Investor Roadshow | August 12, 2016 Balance Sheet | Financial Strength

Moody’s Target: Adjusted Debt < 3X Adjusted EBITDA 2015 Highlights

3.2x 3.2x . Pension gap decreased by $0.3B 2.9x $3.9 . Made $750MM voluntary pension $2.2 Pension Gap $3.6 contribution Pension Gap Pension Gap . Significant debt restructuring mid-2015  Bond issue and tender offer $9.4 $9.5 $9.3 successfully reduced debt towers Balance Balance Balance Sheet Sheet Sheet Debt $ Billion $ Debt Debt . Raised dividend 10% to $1.76/share

1 [2.3x] [2.3x]2 [2.4x]3 . Continued share buybacks of ~$500MM

. $1.0B cash balance at year end

$1.1 Op. Lease Adj. $0.8 Op. Lease Adj. $0.5 Op. Lease Adj. 2013 2014 2015

Adjusted Debt reflects gross balance sheet debt plus pension gap and operating leases (Moody’s Methodology) Adjusted EBITDA of $4.2B incorporates pension and lease expense adjustments (Moody’s Methodology) 1 Simple Debt Coverage: Balance Sheet Debt / 2013 Reported EBITDA of $4.1B 2 Simple Debt Coverage: Balance Sheet Debt / 2014 Reported EBITDA of $4.1B 3 Simple Debt Coverage: Balance Sheet Debt / 2015 Reported EBITDA of $3.9B

74 Investor Roadshow | August 12, 2016 Debt Maturity Profile | Maturities as of December 31, 2015

$1,000

$800

$600

$400 Million

$200

$0 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046

Debt Maturities Other Debt1

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

75 Investor Roadshow | August 12, 2016 Capital Spending

% of $ Million Depreciation $1,500 125%

~$1,300

$1,200 100%

$900

75%

$600

50% $300

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

Maintenance Regulatory Strategic Cost Reduction % of Depreciation

Reflects continuing operations

76 Investor Roadshow | August 12, 2016 Pension Plan Update | As of June 30, 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 ($2.2) contributions planned for 2016 ($2.4) ($2.8) • No contributions required ($3.2) before 2019 ($3.6) ($3.9) ($4.1)

1 Reflects status as of December 31

77 Investor Roadshow | August 12, 2016 Pension Plan Update1 | As of December 31, 2015

Annual Pension Expense2 Key Variables 2014 2015 2016E Assumed Rate $600 7.75% 7.75% 7.75% 545 of Return Discount Rate 4.65% 4.10% 4.4% 447 $450 Average Annualized Returns3 387 364 2015 1.3%

342 Past Five Years 7.8% $300

Past Ten Years 7.1% Million 195 Portfolio Asset Allocation at 12-31-15 $150 Target Actual Equity 43% - 54% 48% Bonds 25% - 35% 33% $0 2011 2012 2013 2014 2015 2016E Real Estate 7% - 13% 10% Other 8% - 17% 9% 1 2013 and onward include Temple-Inland pension plan 2 Non-cash expense for U.S. plans only 3 Through December 2015 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

78 Investor Roadshow | August 12, 2016 Maintenance Outages Expenses | 2015

$ Million 1Q15A 2Q15A 3Q15A 4Q15A 2015A

Industrial Packaging $63 $95 $27 $63 $248 North America 63 93 27 63 246 Brazil 0 2 0 0 2 Printing Papers Total $33 $63 $32 $37 $165 North America 27 41 15 36 119 Europe 0 22 14 1 37 Brazil 6 0 2 0 8 India 0 0 1 0 1 Consumer Packaging $15 $12 $7 $14 $48 North America 15 10 2 14 41 Europe 0 2 5 0 7 Total Impact $111 $170 $66 $114 $461

79 Investor Roadshow | August 12, 2016 Maintenance Outages Expenses | 2016 Forecast

$ Million 1Q16A 2Q16A 3Q16F 4Q16F 2016F

Industrial Packaging $73 $80 $45 $46 $244 North America 73 78 45 46 242 Brazil 0 2 0 0 2 Printing Papers Total $66 $50 $27 $36 $179 North America 66 35 16 17 134 Europe 0 8 10 18 36 Brazil 0 7 0 1 8 India 0 0 1 0 1 Consumer Packaging $19 $3 $2 $15 $39 North America 19 0 0 14 33 Europe 0 3 2 1 6 Total Impact $158 $133 $74 $97 $462

80 Investor Roadshow | August 12, 2016 North American Downtime

Containerboard 353 Uncoated Papers

322

212 201 210 181 230 55 85 58 146 150 117 53 78 31 29 30 69 146 20 25 123 140 141 125 13 93 72 92 11

48 1 0

Thousand Tons Thousand

Coated Paperboard Pulp

131

48 46

31 41 31 13 19 18 29 16 15 4 29 12 12 20 18 21 0

0 7 12 0 4

Thousand Tons Thousand

Maintenance Economic

81 Investor Roadshow | August 12, 2016 Total Cash Cost Components | 2Q16 YTD

Chemicals Fiber 8% 33%

Overhead 10%

Energy 8%

Materials Labor 16% 13% Freight 12%

North American mills only

82 Investor Roadshow | August 12, 2016 U.S. Mill Wood Delivered Cost Trend | 2Q16 Average Cost Down 3% vs. 1Q16

130

125

120

115

110

105

100

95 2007 2008 2009 2010 2011 2012 2013 2014 2015 90

Cost Indexed to January 2007 values

83 Investor Roadshow | August 12, 2016 U.S. OCC Delivered Cost Trend | 2Q16 Average Cost Up 7% vs. 1Q16

200

180

160

140

120

100

60 2007 2008 2009 2010 2011 2012 2013 2014 2015 40

Cost Indexed to January 2007 values

84 Investor Roadshow | August 12, 2016 U.S. Natural Gas Cost Trend | 2Q16 Average Cost Down 12% vs. 1Q16

250

200

150

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 0

Cost Indexed to January 2007 values NYMEX Natural Gas closing prices

85 Investor Roadshow | August 12, 2016 U.S. Fuel Oil Cost Trend | 2Q16 Average Cost Up 38% vs. 1Q16

300

250

200

150

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 0

Cost Indexed to January 2007 values WTI Crude prices

86 Investor Roadshow | August 12, 2016 U.S. Chemical Composite Cost Trend | 2Q16 Average Cost Down 3% vs. 1Q16

200

175

150

125

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 75

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

87 Investor Roadshow | August 12, 2016 2016 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) 540,000 460,000 Coal (Tons) 200,000 600,000 Wood (Tons) 52,000,000 7,700,000 Fiber Old Corrugated Containers / DLK (Tons) 4,600,000 400,000 Caustic Soda (Tons) 370,000 70,000 Starch (Tons) 380,000 120,000 Chemicals Sodium Chlorate (Tons) 150,000 50,000 LD Polyethylene (Tons) 40,000 - Latex (Tons) 10,000 6,000

88 Investor Roadshow | August 12, 2016 Corporate Social Responsibility | Mission

The IP Way: To be among the most successful, sustainable and responsible companies in the world

Our Corporate Social Responsibility Mission

Enable sustainable growth

Use all resources responsibly

Strengthen people and communities

89 Investor Roadshow | August 12, 2016 Corporate Social Responsibility | 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 6.1% IP only accepts fiber since 2010 that is legally harvested and has Reduced GHG emissions by 8.3% known origins since 2010

90 Investor Roadshow | August 12, 2016 Corporate Social Responsibility | 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 68% World’s Most communities and since 2010 Ethical Companies® continue to Reduced Lost by the Ethisphere improve Work Day Incident Institute Rate by 25% since 2010 For more information visit internationalpaper.com/sustainability 91 Investor Roadshow | August 12, 2016

What Sets IP Apart | Sustainability Is In Our DNA

Grow. Create. Sustain.

92 Investor Roadshow | August 12, 2016 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]

93 Investor Roadshow | August 12, 2016 International Paper Awards & Recognitions

FORTUNE’S “World’s Ethisphere Institute’s Institutional Investor’s IDG’s Computerworld Most Admired “World’s Most Ethical “Most Honored “100 Best Places to Companies®” 2016 Companies®” 2016 Company” 2016 Work in IT” 2016

2015 AF&PA Better International Paper Brazil International Paper Russia International Paper India Practices, Better Planets Graphic Paper Corporate Social Parivartan Award 2015 2020 Sustainability Award Manufacture 2015 Responsibility Award 2015

Investor Roadshow | August 12, 2016