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Investor Roadshow I May 28, 2019
Investor Roadshow I May 28, 2019 2
Forward-Looking Statements
Certain statements in this presentation may be considered forward-looking statements. Words such as “expects”, “anticipates”, “estimates”, “believes”
and similar expressions identify 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 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, cyclicality and changes in consumer preferences,
demand and pricing for International Paper 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
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 International
Paper experiences a material disruption at one of its manufacturing facilities; (vi) risks inherent in conducting business through joint ventures; (vii)
International Paper’s ability to achieve the benefits expected from strategic acquisitions, divestitures, restructurings and capital investments; and (viii)
other factors that can be found in International Paper’s press releases and U.S. Securities and Exchange Commission (“SEC”) filings. 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
International Paper’s SEC filings. International Paper does not assume and specifically disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by law.
Statements Relating to Non-GAAP Measures
During the course of this presentation, certain non-U.S. GAAP financial measures may be presented. A reconciliation of all presented non-GAAP
measures (and their components) to U.S. GAAP financial measures is available on IP’s website at internationalpaper.com under Performance/Investors.
Ilim JV and Graphic Packaging Investment Information
All financial information and statistical measures regarding our 50/50 Ilim joint venture in Russia (“Ilim”) and our 20.5% ownership interest in a subsidiary of
Graphic Packaging Holding Company, other than historical International Paper Equity Earnings and dividends received by International Paper, have
been prepared by the management of Ilim and Graphic Packaging Holding Company, respectively. Any projected financial information and statistical
measures reflect the current views of Ilim and Graphic Packaging Holding Company 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.”
Investor Roadshow I Q2 2018 3
Investment Thesis
Investor Roadshow I May 28, 2019 4
IP Investment Thesis
Our Vision
To be among the most successful,
sustainable and responsible
companies in the world
Our Mission
To improve people’s lives, the planet and
our company’s performance by
transforming renewable resources into
products people
depend on every day
Investor Roadshow I May 28, 2019 5
IP Investment Thesis | About Us
We are one of the world’s leading producers of fiber-based
packaging, pulp and paper
We transform renewable resources into recyclable products
people depend on every day
We do the right things, in the right ways, for the right reasons,
all of the time.
Who
We Are
What
We Do
How
We Do It
Investor Roadshow I May 28, 2019 6
“The IP Way Forward is how
we go beyond just doing the
right things; it’s how we create
long-term value for all IP
stakeholders.”
Mark S. Sutton,
Chairman and Chief Executive Officer
IP Investment Thesis | The IP Way Forward
Investor Roadshow I May 28, 2019
Delivers strong and sustainable free cash flows
Increases intrinsic value with return spreads above our cost of capital (ROIC > WACC)
Supports policies to return cash to shareholders
Maintain strong balance sheet
Fiber-based Packaging, Pulp and Paper
Good market growth rates
Customers and markets that value our products and innovations
Strong growing supply positions
Access to the best global customers and segments
Low cost, competitive assets
Operational excellence
Availability and access to low cost, sustainable fiber
Capability to provide differentiated
and innovative value propositions
Opportunity for optimization and productivity gains
Strategy
Advantaged Positions Attractive Markets Shareholder Value
IP Investment Thesis | Strategic Framework
7
Renewable Natural Resources
Investor Roadshow I May 28, 2019 8
IP Investment Thesis | Capital Allocation Framework to Maximize Value Creation
• Sustainable dividend at 40 – 50% of FCF
• Systematic share repurchases
• Target Debt to EBITDA1 2.5x to 2.8x
• Pension plan sufficiently funded
Invest to
Strategic Fit | Compelling Value | Disciplined
• Cost reduction capex
• Strategic capex
• Selective M&A
Return Cash to Shareholders
Invest to Create Value
Maintain Strong Balance Sheet
1 Moody’s methodology is used to calculate Adjusted DebtTo EBITDA ratio. Moody’s adjusts debt to include balance sheet debt, operating leases/deferred tax liability and debt issuance expense, and pension gap. EBITDA is adjusted to include lease and pension adjustments
Investor Roadshow I May 28, 2019 9
Annualized Dividend Share Repurchases
$1.05 $1.20
$1.40
$1.60 $1.76
$1.85 $1.90 $2.00
4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18
Maximizing Value Creation
Running our businesses well and generating strong FCF; Returns consistently above cost of capital
Capital Allocation Framework
Investor Roadshow I May 28, 2019
Return Cash to Shareholders
Maintain Strong Balance Sheet
Invest to Create Value
$300
$200 $200 $180
2Q18 3Q18 4Q18 1Q19
~$2.1B of share repurchase authorization remaining as of 3/31/19
Investor Roadshow I May 28, 2019
Balance Sheet | Financial Strength
$9.3 $11.3 $11.2 $10.7
$3.6
$3.4$2.0
$1.8
2015 2016 2017 2018
$ B
illio
n2.8x
$0.5 Op. Lease Adj. $0.5 Op. Lease Adj.
3.3x
[3.2x]2
Balance
Sheet
Debt
3.2x
Target 2.5 – 2.8x5
$0.5 Op. Lease Adj.
4.0x
[2.9x]3 [2.5x]4
Balance
Sheet
Debt
Balance
Sheet
Debt
Pension Gap
Pension GapPension Gap
[2.4x]1
$0.5 Op. Lease Adj.
Balance
Sheet
Debt
Pension Gap
10
1 Simple Debt Coverage: Balance Sheet Debt / 2015 IP’s Adjusted EBITDA of $3.9B2 Simple Debt Coverage: Balance Sheet Debt / 2016 IP’s Adjusted EBITDA of $3.5B3 Simple Debt Coverage: Balance Sheet Debt / 2017 IP’s Adjusted EBITDA of $3.9B4 Simple Debt Coverage: Balance Sheet Debt / 2018 IP’s Adjusted EBITDA of $4.3B5 Adjusted Debt to Adjusted EBITDA on a Moody’s Basis
Investor Roadshow I May 28, 2019
$1.6
$1.8
$2.1
$1.8 $1.9$2.0
$1.7
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
$ B
illio
ns
Transformation:
$0.5 Billion (average)
11
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 & 2017, 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 $30MM cash received from Guaranty Bank insurance reimbursements. For 2016 onward, see slide #57 for a reconciliation of cash provided by operations to Free Cash Flow.
Strong, Sustainable Free Cash Flow
5-Year
Average
$1.9
Investor Roadshow I May 28, 2019
4.5%
6.3%
7.5%
6.5%5.0%
8.1%
9.5%
8.3%
9.7%9.2%
11.4%
10.0% 9.9%
13.2%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
12
2018 WACC
Expanded Spread of Adj. ROIC1 |Above Cost of Capital
Increasing Shareholder Value
5-Year
Average
10.7%
Years 2013-2017 restated to reflect N.A. Consumer Packaging and xpedx as discontinued operations. Years 2005-2012 are as reported in the 10-K for each year at time of filing1 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]
Investor Roadshow I May 28, 2019 13
2019 Outlook | Strong & Resilient Free Cash Flow
$ Billion 20182019
Outlook
Adjusted EBITDA1 $4.3 $4.2 - $4.3
Capex $1.6 $1.4
Free Cash Flow $1.7 $2.0
Dividend $0.8 $0.8
Share Repurchase $0.7$1.2
Debt Reduction $0.5
1 From continuing operations before special items and non-operating pension expense
Investor Roadshow I May 28, 2019
Investor Roadshow I Q2 2018 14
Business Overview
Investor Roadshow I May 28, 2019
TransformationGlobal Economic
RecessionSustainable Returns Above Cost of Capital
N.A. Weyco Pkg.Acquisition
India APPMAcquisition
$11B Divestitures
Investments:
China Sun JV
Brazil VCP Land/Mill Swap
Russia Ilim JV (2007)
Asia Pkg. Acquisition
Brazil Pkg.Acquisition
N.A. TINAcquisition
Turkey Pkg.Acquisition
Franklin Fluff Pulp Conversion
xpedx Spin-Off
RiegelwoodFluff Pulp Conversion
Valliant PM3 ContainerboardStartup
Sun JV& Asia Pkg. Sale
Madrid MillConversion
Weyco Pulp BusinessAcquisition
Path to Value Creation
2005-2007 2011+2008-2010
15
N.A. Consumer Packaging Transfer to GPIP
N.A. Ind. Pkg. Containerboard Mill Optimization
Investor Roadshow I May 28, 2019 16
North America
Brazil
EMEA & Russia
India/Asia
$18.8BNet Sales
$1.2BNet Sales
$3.1BNet Sales
$0.2BNet Sales
Full-year 2018 net sales data; does not reflect total company sales1 Ilim JV total sales are not consolidated (IP owns 50% of JV)
$2.7B1
International Paper 2018 Global Portfolio in Packaging,
Pulp and Paper
Positioned in attractive markets with low-cost assets that generate strong free
cash flow and returns that exceed our cost-of-capital
Total Sales
Ilim JV
Investor Roadshow I May 28, 2019
Industrial
Packaging
Printing
Papers
Global
Cellulose
Fibers
Revenue by
Business1
North
AmericaBrazil
EMEA
Russia
India
% Total
Adjusted
EBITDA2
17
1st
1st
2nd
1st 1st
*Fluff pulp capacity based on Poyry1 Based on 2018 sales, excludes corporate and intercompany eliminations 2 Based on 2018 Adj. EBITDA; from continuing operations before special items and non-operating pension expense; does not
reflect equity earnings from Ilim JV
1st*
Strong Domestic Positions
North America
Latin America
EMEA
Russia
India
Ilim
Pulp
69%12%
19%
85%7%
3%4%1%
Investor Roadshow I May 28, 2019 18
% of exports volume
shipped to select regions
IP N.A. Exports | Leveraging Strategic Export Opportunities
Latin America
EMEA
Asia~45%
~15%
~10%
~45%
~45%
~40%
Fluff Pulp(~80% of N.A. production)
Containerboard(~15% of N.A. production)
Investor Roadshow I May 28, 2019 19
~55%
% of exports volume
shipped to select regions~20%
Brazil & Russia Exports | Leveraging Strategic Export Opportunities
Latin America
EMEA Asia~80%
~40% ~5%
Softwood Pulp(~50% of Russia production)
Uncoated Freesheet(~50% of Brazil production)
Ilim
Pulp
Investor Roadshow I May 28, 2019
0.30.4 0.5
0.8
1.3 1.31.6
2.0
2.52.7 2.7
2.42.6
3.0
9%
13%15% 15%
19%18%
20%19%
22%24% 24%
22% 22%23%
0%
5%
10%
15%
20%
25%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Tho
usa
nd
s
20
Bu
sine
ssA
dj. E
BITD
A ($
B)
Weyco Packaging
Acquisition & Integration
Ad
j. E
BIT
DA
%
IP Adjusted EBITDA margins based on North American Industrial Packaging operating profit before special itemsExcludes the Recycling Business and revenue from trade volumes
TIN Acquisition &
Integration
N.A. Industrial Packaging | Track Record of Success
Growth and Margin Expansion through Strategic Acquisitions and Successful Integrations
Investor Roadshow I May 28, 2019
Global Economic Recession
Investor Roadshow I May 28, 2019
$3.2
$3.7
$4.3
Adjusted EBITDA1
($B)
$ Billion (except as noted)
2016 2017 2018
Sales $19.5 $21.7 $23.3
Adjusted EBIT1 $2.1 $2.4 $3.0
Adjusted Operating EPS2 $3.09 $3.49 $5.32
Adjusted EBITDA Margin1 16.6% 17.2% 18.7%
Equity Earnings ($MM) $198 $177 $336
Free Cash Flow3 $1.9 $2.0 $1.7
2018
2017
2016
Full-Year 2018 Financials
1 From continuing operations before special items and non-operating pension expense2 Adjusted operating EPS based on Adjusted Operating Earnings (defined as Net Earnings (GAAP) from continuing operations beforespecial items and non-operating pension expense3 See slide #57 for a reconciliation of cash provided by operations to Free Cash Flow
21
Investor Roadshow I May 28, 2019
$0.94
$1.65
$1.11
Adjusted Operating EPS1
First Quarter 2019 Results
1Q19
4Q18
1Q18
1 Adjusted operating EPS based on Adjusted Operating Earnings (defined as Net Earnings (GAAP) from continuing operations before special items and non-operating pension expense)
Solid earnings and strong free cash flow generation
Strong operational performance across all businesses
North America Packaging optimized system in a
high downtime quarter
Higher wood costs offset by lower recovered fiber (OCC)
Strong Ilim performance
Share repurchases of $180MM
Investor Roadshow I May 28, 2019
$860
$1,268
$896
Adjusted EBITDA1
($MM)
1Q18 4Q18 1Q19
Sales ($B) $5.6 $6.0 $5.6
Adjusted EBIT1($MM) $535 $931 $582
Adjusted Operating EPS2 $0.94 $1.65 $1.11
Adjusted EBITDA Margin1 15.3% 21.3% 15.9%
Equity Earnings ($MM) $95 $79 $114
Free Cash Flow3 ($MM) $174 $535 $440
1Q19
4Q18
1Q18
First Quarter 2019 Financials
1 From continuing operations before special items and non-operating pension expense2 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 See slide #57 for a reconciliation of cash provided by operations to Free Cash Flow
Investor Roadshow I Q2 2018 24
Appendix
Investor Roadshow I May 28, 2019
Appendix | Table of Contents
Industrial Packaging……………….………………………………….…..25-35
Global Cellulose Fibers……………………………………………….......36-41
Printing Papers..……….……………………………………………………42-50
IP Russia & Ilim Group.………….….……………………………….…….51-54
Graphic Packaging Investment…………………………………….…..55
Other Financial Information…..………………………………….….......56-73
Global Citizenship………….…..………………………………….….......74
Contact Information……………….………………………………….…..75
25
Investor Roadshow I May 28, 2019
IP
31%
WRK
23%
GP
10%
PCA
10%
Pratt
4%
Others
22%
26
Source: 2019 estimated effective containerboard capacity based on RISI Capacity Reports, SEC Filings, and IP data and analysis
2019 Producer Position
Top 5 = 78%
Stone
13%
Smurfit
7%
GP
9%
WY
7%
IP
7%TIN
7%
Others
50%
1995 Producer Position
Top 5 = 43%
N.A. Containerboard | Supply Positions
Investor Roadshow I May 28, 2019
Investor Roadshow I May 28, 2019 27
Non-U.S.~10%
IP Box Plants~80%
Open Market~20%
U.S.~90%
Export~60%
Domestic~40%
EMEA~45%
Lat Am~40%
Asia~15%
N.A. Mill System Capacity~13.5 Million Tons
Containerboard~13.0 MillionTons
Other Uses1
~0.5 MillionTons
1 Includes Saturating Kraft /Gypsum LinerSource: 2019 estimates based on IP data and analysis
IP N.A. Industrial Packaging | Balanced Global Strategy
IP’s channels to market provide choices for maximizing value
Investor Roadshow I May 28, 2019 28
Estimated 2019
Global Demand
= 194MM tons
Net Export, Tons
Net Import, Tons
Countries with Net Import or Export greater than 100M tons…
Source: 2019 RISI trade estimates and IP analysis
Europe
6.4MM
Europe
3.7MM
N America
5.4MM
Africa
1.7MM
S America
0.4MM
S America
1.2MM
C America
3.1MM
Africa
0.5MM
Mid East
1.1MM
Asia
3.0MM
Oceania
0.9MM
Global Containerboard Industry | Total Containerboard Trade Flows
Investor Roadshow I May 28, 2019 29
Source: 2019 estimates based on IP data and analysis; chart includes Saturating Kraft & Gypsum liner
IP N.A. Containerboard Mill System | ~13.5MM Tons Capacity
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Ma
nsf
ield
Va
llia
nt
Pra
ttv
ille
Sa
va
nn
ah
Ce
da
r
Riv
er
Re
dR
ive
r
Pin
eH
ill
Ro
me
Bo
ga
lusa
Ora
ng
e
Sp
rin
gfie
ld
Vic
ksb
urg
Pe
nsa
co
la
Ma
ysv
ille
Ne
wp
ort
He
nd
ers
on
Xa
lap
a
Tho
usa
nd
s To
ns
Investor Roadshow I May 28, 2019 30
Linerboard Global Cost Curve | 93.4% of Capacity in 1st Quartile
Investor Roadshow I May 28, 2019
$0
$200
$400
$600
$800
$1,000
$1,200
0 20,000 40,000 60,000 80,000 100,000
Ma
nu
fac
turin
g C
ost
s ($
/To
n)
Cumulative Annual Production (Thousand Tons)
Cash Costs + Delivery to Chicago
Newport
Source: FisherSolve ™ 3Q18 data
Cedar Rapids
Henderson
Maysville
Mansfield
Bogalusa
Orange
Pine Hill
Red River
Valliant
Vicksburg
Prattville
Rome Savannah
Pensacola
Springfield
Investor Roadshow I May 28, 2019 31
Well-Positioned in Attractive Customer Segments
Customer Segment Industry IP
Durable & Non-Durable Goods ~40%Well
Positioned
Paper Products
Chemicals & Pharma
Other Non-Durables
Other Durables
Food & Beverage ~45%Advantaged
Position
Processed Food
Fresh Produce
Protein (Meat & Poultry)
Beverage
eCommerce & Distribution ~15%Advantaged
Position
eCommerce
Shipping & Distribution
Fastest Growth
Investor Roadshow I May 28, 2019 32
Source: RISIAs of Jan 2015, RISI only reportsOMP = Open Market Price
U.S. Containerboard | Industry Statistics
200
300
400
500
600
700
800
200
300
400
500
600
700
800
Ja
n-0
5
Ap
r-0
5
Ju
l-05
Oc
t-0
5
Ja
n-0
6
Ap
r-0
6
Ju
l-06
Oc
t-0
6
Ja
n-0
7
Ap
r-0
7
Ju
l-07
Oc
t-0
7
Ja
n-0
8
Ap
r-0
8
Ju
l-08
Oc
t-0
8
Ja
n-0
9
Ap
r-0
9
Ju
l-09
Oc
t-0
9
Ja
n-1
0
Ap
r-1
0
Ju
l-10
Oc
t-1
0
Ja
n-1
1
Ap
r-1
1
Ju
l-11
Oc
t-1
1
Ja
n-1
2
Ap
r-1
2
Ju
l-12
Oc
t-1
2
Ja
n-1
3
Ap
r-1
3
Ju
l-13
Oc
t-1
3
Ja
n-1
4
Ap
r-1
4
Ju
l-14
Oc
t-1
4
Ja
n-1
5
Ap
r-1
5
Ju
l-15
Oc
t-1
5
Ja
n-1
6
Ap
r-1
6
Ju
l-16
Oc
t-1
6
Ja
n-1
7
Ap
r-1
7
Ju
l-17
Oc
t-1
7
Ja
n-1
8
Ap
r-1
8
Ju
l-18
Oc
t-1
8
Ja
n-1
9
Ap
r-1
9
$/short ton
Containerboard Pricing
Linerboard (List Price) Medium (List Price) Linerboard (OMP) Medium (OMP)
$200
$300
$400
$500
$600
$700
$800
Jan-90 Jan-95 Jan-00 Jan-05 Jan-10 Jan-15
$/short ton
Investor Roadshow I Q2 2018
Source: Oxford Economics; RISI North America Containerboard Historical Data
70
80
90
100
110
120
130
140
150
Ind
ex
ed
10
0 =
20
01
Economic Indicators and U.S. Box Demand
33Investor Roadshow I May 28, 2019
US Box Shipments
US GDP
US Industrial Production
US Nondurable Industrial Production
Investor Roadshow I May 28, 2019
373 378390 396
405 401
380 379 380391 391 395 390
374
345357 359 360 360 364 369
376386 392
410418 419
428443
Sh
ipm
en
ts (
BSF)
34
Historical Data Source: Fibre Box Association2019-2023: 2.0% CAGR (RISI – September 2018, 5-yr forecast)
RISI Forecast
U.S. Corrugated Packaging Shipments
Investor Roadshow I May 28, 2019
Wood / OCC Fiber Breakeven
35
25
50
75
100
125
150
175
200
225
25 30 35 40 45 50 55 60 65
OCC Cost Delivered 1
$/ton
Wood Chip Cost Delivered 2
$/ton
Wood Advantaged
OCC Advantaged
1 RISI national average OCC price, adjusted for delivery2 Forest2Market chip equivalent basis index price
2013
2015
2016
2017
2014
2012
2018
Investor Roadshow I May 28, 2019 36
~75%
~25%
Current
Product Mix1
Total Capacity ~3.6MM MTPY Targeted Mix
Fluff Pulp & Specialties 2.7MM 85%
Market Pulp 0.9MM 15%
1 North American production. Combined businesses, with Riegelwood PM18 running SW market pulp
Global Cellulose Fibers | Business Overview
Franklin, VA
New Bern, NC
Riegelwood, NC
Georgetown, SC
Port Wentworth, GA
Flint River, GA
Eastover SC
Pensacola, FL
Columbus, MS
Grand Prairie,
Alberta
Saillat, France
Kwidzyn,
PolandGdansk,
Poland
Svetogorsk, Russia
Fluff Pulp &
Specialties
Market Pulp
Market Pulp Mill
Fluff Pulp Mill
Converting facilities
Investor Roadshow I May 28, 2019
Investor Roadshow I May 28, 2019
0
2,000
4,000
6,000
8,000
10,000
12,000
2010 2014 2018 2022
GD
P/C
ap
ita
(U
SD
)
SEA MEA China Latin America
Source: IHS Global Insights 37
Absorbent Hygiene Products (AHP) Outlook | Demand & Growth
AHP demand linked to GDP growth in emerging markets
Investor Roadshow I May 28, 2019 38
North America North America
Latin America Latin America
Western Europe Western Europe
Eastern Europe Eastern Europe
AsiaAsia
Rest of World
Rest of World
0
5
10
15
20
25
30
2018 2022
Source: PPPC November 2018 Chemical Market Pulp Supply & Demand Forecast
25.3MM MTPY 27.3MM MTPYCAGR = 1.8%
Global Market Pulp Demand Outlook | Bleached Softwood
2018 – 2022
CAGR
1.6%
4.0%
2.1%
(1.4%)
0.2%
0.8%
Investor Roadshow I May 28, 2019 39
Source: 1Price Hanna 2017 Outlook For Absorbent Products, RISI, IP analysis
North America
Latin America
EMEA
Asia
2017 - 2021
CAGR
2.1%
3.1%
7.6%
3.1%Airlaid 11%
Adult Incontinence
33%
Feminine Care23%
Baby Diapers34%
Fluff Demand by Region and End Use1
2.7%
3.6%
6.3%
1.5%
2017 - 2021
CAGR
Global Cellulose Fibers | Advantaged Position in Attractive Markets
Well-positioned to serve
growing demand with
global, strategic customers2017 Demand5.9MM MTPY
Investor Roadshow I May 28, 2019 40
2.0 MM
1 Does not include llim JV
IP Global Pulp Capacity | Total of 3.9MM MTPY1
North America
Latin America
Europe/RussiaIlim JV
0.2 MM
3.4 MM
0.3 MM
Pulp mill
Investor Roadshow I May 28, 2019 41
0
200
400
600
800
1,000
1,200
1,400
1,600
Ja
n-0
6
Ap
r-0
6
Ju
l-06
Oc
t-0
6
Ja
n-0
7
Ap
r-0
7
Ju
l-07
Oc
t-0
7
Ja
n-0
8
Ap
r-0
8
Ju
l-08
Oc
t-0
8
Ja
n-0
9
Ap
r-0
9
Ju
l-09
Oc
t-0
9
Ja
n-1
0
Ap
r-1
0
Ju
l-10
Oc
t-1
0
Ja
n-1
1
Ap
r-1
1
Ju
l-11
Oc
t-1
1
Ja
n-1
2
Ap
r-1
2
Ju
l-12
Oc
t-1
2
Ja
n-1
3
Ap
r-1
3
Ju
l-13
Oc
t-1
3
Ja
n-1
4
Ap
r-1
4
Ju
l-14
Oc
t-1
4
Ja
n-1
5
Ap
r-1
5
Ju
l-15
Oc
t-1
5
Ja
n-1
6
Ap
r-1
6
Ju
l-16
Oc
t-1
6
Ja
n-1
7
Ap
r-1
7
Ju
l-17
Oc
t-1
7
Ja
n-1
8
Ap
r-1
8
Ju
l-18
Oc
t-1
8
Ja
n-1
9
Ap
r-1
9
USD/admt Global Pulp Prices
NBSK (dne) BEK (dne) Fluff (dne)Source: RISIGlobal pulp prices delivered to Northern Europe; Units shown in metric tons
Pulp | Industry Statistics
Investor Roadshow I May 28, 2019
Europe
0.8 MM
42
1 Does not include llim JV
IP Global Papers Footprint | Total of 4.6MM Short Tons1
0.3 MM
North America
Brazil
Ilim JV
1.1 MM
2.0 MM
Russia
0.4 MM
0.3 MM
India
Uncoated paper mill
Investor Roadshow I May 28, 2019
Domtar
31%
IP
20%
PCA
10%
GP
9%
Pixelle
4%
Other
25%GP
15%
IP
13%
Champion
10%
Boise
10%Willamette
9%
WY
9%
Union Camp
9%
Other
25%
1998 Producer Position
Top 2 = 28%
Top 4 = 48%
2018 Producer Position
Top 2 = 51%
Top 3 = 61%
1998, 2018 Source: Poyry Consulting, Fisher International, IP analysis2018 Producer Position based off of 3Q 2018 Capacity
43
N.A. Uncoated Freesheet Supply | Capacity Positions
1998 Producer
Position
2018 Producer
Position
Investor Roadshow I May 28, 2019
0%
20%
40%
60%
80%
100%
Riverdale Ticonderoga Eastover Georgetown
% G
rad
e /
Mix
Uncoated Freesheet Non UFS Pulp1
44
1 Non UFS includes Kraft Bag and Uncoated BristolsSource: IP analysis
Paper (M Tons)
645 295 745 305
Pulp (M Tons)
0 0 115 350
Ca
pa
city
N.A. Papers Mill System | 2.0 MM Short Ton Capacity
Investor Roadshow I May 28, 2019
$0
$400
$800
$1,200
$1,600
$2,000
$2,400
$2,800
$3,200
$3,600
0 10,000 20,000 30,000 40,000 50,000
Ma
nu
fac
turi
ng
Co
sts
$/T
on
Cumulative Annual Production (Thousand Tons)
Cash Costs + Delivery to Chicago
45
Source: FisherSolve ™ 3Q18 data
Georgetown
Riverdale
Ticonderoga
Eastover
Uncoated Freesheet Global Cost Curve | IP N.A. Capacity in 1st Cost Quartile
Investor Roadshow I Q2 2018
314
575
657 657
513 539598
499
310253 261 316
213254
10%
16%
19% 19%18%
20%
22%
18%
12% 12%13%
17%
12%13%
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Adj.
EBITDA1
%
Adj.
EBITDA1
$ MM
46
Tons (MM)
4.0 4.1 3.9 3.5 3.0 2.8 2.7 2.7 2.6 2.0 2.0 1.9 1.9 1.9
1 From continuing operations before special items and non-operating pension expense
N.A. Printing Papers | Margin History
Investor Roadshow I May 28, 2019
Investor Roadshow I May 28, 2019 47
Historical Data Source: AF&PA2019 – 2023: (2.7%) CAGR (RISI January 2019: 5-yr Forecast)
11.612.2 12.4
13.313.0 13.2
13.7 13.614.0 13.9
12.6 12.4 12.3 12.612.0 12.3
11.9
10.9
9.7 9.6 9.38.9 8.8
8.0 8.0 7.7 7.8 7.6 7.5 7.36.9 6.7 6.7
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 22 23
Mil
lio
n T
on
s
RISI Forecast
U.S. Uncoated Freesheet Demand
Investor Roadshow I May 28, 2019 48
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
Ja
n-0
6
Ap
r-0
6
Ju
l-06
Oc
t-0
6
Ja
n-0
7
Ap
r-0
7
Ju
l-07
Oc
t-0
7
Ja
n-0
8
Ap
r-0
8
Ju
l-08
Oc
t-0
8
Ja
n-0
9
Ap
r-0
9
Ju
l-09
Oc
t-0
9
Ja
n-1
0
Ap
r-1
0
Ju
l-10
Oc
t-1
0
Ja
n-1
1
Ap
r-1
1
Ju
l-11
Oc
t-1
1
Ja
n-1
2
Ap
r-1
2
Ju
l-12
Oc
t-1
2
Ja
n-1
3
Ap
r-1
3
Ju
l-13
Oc
t-1
3
Ja
n-1
4
Ap
r-1
4
Ju
l-14
Oc
t-1
4
Ja
n-1
5
Ap
r-1
5
Ju
l-15
Oc
t-1
5
Ja
n-1
6
Ap
r-1
6
Ju
l-16
Oc
t-1
6
Ja
n-1
7
Ap
r-1
7
Ju
l-17
Oc
t-1
7
Ja
n-1
8
Ap
r-1
8
Ju
l-18
Oc
t-1
8
Ja
n-1
9
Ap
r-1
9
$/short ton
Uncoated Freesheet Pricing Trends
RISI 20# Cutsize RISI 50# Offset
Source: RISI
U.S. Uncoated Freesheet | Industry Statistics
Investor Roadshow I May 28, 2019 49
Latin American Uncoated Freesheet Market
37%
30%
7%
4%
4%
4%
14%
Latin America is a Net Exporter
DemandCapacity @
88% Op. RateNet Exports
2.6 MM 2.9 MM 0.2 MM
0 500 1,000 1,500 2,000 2,500
Brazil
Argentina
Colombia
Chile
Peru
Other LatAm
Thousand Short Tons
Demand Capacity
Supply & DemandTop 6 Producers > 80%
LatAm analysis excludes MexicoSource: Ibá / AFCP / RISI / Fisher / IP Estimates
Smurfit
Kappa
Ledesma
Celulosa
Argentina
Propal
IP
Others
Suzano
3.3MM
tons
Investor Roadshow I May 28, 2019 50
280
317
228
296 320
293
334 326
275 264297
329
33% 33%
24%
27% 27% 26%
31% 31% 31%29%
31%
34%
0%
5%
10%
15%
20%
25%
30%
35%
0
50
100
150
200
250
300
350
400
450
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Adj. EBITDA1
US $ MM
Adj.
EBITDA1
Margin
Tons
(MM) 0.9 1.0 1.2 1.2 1.3 1.3 1.3 1.3 1.2 1.2 1.3 1.2
1 From continuing operations before special items and non-operating pension expense
IP Brazil Papers| Historical Financials
Investor Roadshow I May 28, 2019
Ilim JV Production tonnes1 2018
Bratsk Mill
Total 1,202
Softwood bleached pulp 722
Hardwood bleached pulp 281
KLB 199
Koryazhma Mill
Total 1,308
PM7 paper 184
PM7 CFS 56
Pulp (BHKP, UKP) 296
KLB and others 772
Ust-Ilimsk Mill
Total 796
Pulp (BSKP, UKP) Total 696
Hardwood bleached pulp 100
IP Russia Production1
Svetogorsk 2018
Total 654
Coated Paperboard 111
Pulp (soft/hardwood) 150
Fine Papers 393
1 Volumes shown in thousand metric tons
Koryazhma
BratskUst-Ilimsk
China
Kazakhstan Mongolia
Svetogorsk
Well-Positioned to Serve Target Markets
51
IP Russia & ILIM JV | Production Overview
Investor Roadshow I May 28, 2019 52
China will account for more than 60% of world’s incremental market pulp growth
1st quartile cost positions with favorable access to China NBSK customers
Access to significant Russian wood basket
1 Source: FisherSolve™ 3Q18 data
$0
$200
$400
$600
$800
$1,000
0 5,000 10,000 15,000 20,000
Ma
nu
fac
turin
g C
ost
s
($/T
on
)
Cumulative Capacity (Thousand Tons)
Cash Cost + Delivery to Beijing, China1
Ust-Ilimsk
Bratsk
ILIM Joint Venture | Well-Positioned to Serve Growing Pulp Markets
Investor Roadshow I May 28, 2019 53
2013 2014 2015 2016 2017 2018
Sales Volume (Million metric tonnes) 2.4 2.9 3.0 3.2 3.1 3.3
Sales ($B) 1.9 2.1 1.9 1.9 2.2 2.7
Debt ($B) 1.5 1.4 1.2 1.5 1.6 1.6
Adj. Operating EBITDA ($MM) 203 459 694 680 695 1,207
F/X Gain (Loss)1 ($MM) (80) (674) (188) 63 37 (204)
EBITDA ($MM) 123 (215) 506 743 732 1,003
Depreciation ($MM) 176 188 128 121 151 156
EBIT ($MM) (53) (403) 378 622 581 847
Interest Expense ($MM) 39 69 52 81 88 70
Net Income / (Loss) ($MM) (72) (359) 237 385 362 571
IP Equity Earnings / (Loss) ($MM) (46) (194) 131 199 183 290
Dividends (to IP) ($MM) 0 56 35 60 134 128
Ilim JV results are US GAAP basis 1 Represents F/X impact including that related to Ilim Group JV USD-denominated net debt (balance of ~$0.8B at year end 2018)
ILIM Joint Venture | Full Year Financials
Investor Roadshow I May 28, 201954
$ Million 1Q18 4Q18 1Q19
Sales Volume (thousand metric tonnes)
800 838 819
Sales $677 $684 $620
EBITDA $293 $263 $306
F/X (Impact of USD Net Debt)1 $(1) $(47) $52
Adj. Operating EBITDA2 $294 $310 $254
IP Equity Earnings (Loss)3 $92 $67 $101
ILIM Joint Venture | 1Q19 vs. 4Q18
1 Represents F/X impact including amounts related to Ilim Group USD-denominated net debt (balance of ~$0.5B as of March 31, 2019); IlimGroup’s functional currency is the Ruble (RUB); Non-functional-denominated currency balances are measured monthly using the month-end exchange rate2 Before F/X impact including USD-denominated net debt3 IP Equity Earnings (Loss) for 1Q18, 4Q18, and 1Q19 include after-tax F/X gains (losses) (primarily on USD-denominated net debt) of $0MM, $(19)MM, and $21MM, respectively
Strong operating performance
F/X gain (non-cash) of $0.05 EPS on
USD-denominated net debt in 1Q19
$237 million cash dividend received April 2019
Investor Roadshow I May 28, 2019 55
Overview
Transaction
Financial Considerations
Valuation
Closing
1 Graphic Packaging International Partners, LLC (GPIP)2 Based on adjusted 2017 estimated EBITDA of $210 million
Combined IP’s N.A. Consumer Packaging business with Graphic Packaging
Created leading consumer packaging company with $6 billion of revenue
IP contributed N.A. Consumer Packaging business into Graphic Packaging subsidiary1
2-year lock-up IP cannot sell any of its ownership interest
5-year standstill IP cannot increase its ownership interest
No IP involvement in operation or governance of the business
Valued at $1.8 billion at an 8.6X EBITDA multiple2
IP has 20.5% ownership in Graphic Packaging subsidiary1
valued at $1.14 billion
Earnings neutral to slightly accretive
Dividends to IP of ~$25 million annually (based on current GPK dividend policy)
Leverage neutral
No current cash taxes expected on transaction
Closed January 2, 2018
Ownership interest reflected in IP’s equity earnings
Investment in Graphic Packaging
Investor Roadshow I May 28, 2019 56
Adj. Operating EPS1
2006 as originally reported2007-2011 adjusted for elimination of the Ilim JV reporting lag2006-2010 Net Earnings from continuing operations and before special items; 2010 onward reflects Operating Earningsxpedx is reflected as a Discontinued Operation from 2010 onwardN.A. Consumer Packaging is reflected as a Discontinued Operation from 2013 onward
.83
.93
.12
.35.40
.47 .45
.52.57
.73
.45.49
.15
.07
.27
.38
.22
.05
.44
.72.76 .77 .78
.67
.58.49
.77
.66
.58.52
.91
.78
.59
.87 .87
.46
.79
.90 .91.84
.78.82
.83
.67
.56
.66
1.01
1.27
.94
1.19
1.56
1.65
1.11
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
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
Investor Roadshow I May 28, 2019
$ Million 2016 2017 1Q18 4Q18 2018 1Q19
Cash Provided by Operations $2,478 $1,757 $663 $821 $3,226 $733
Cash Invested in Capital Projects $(1,348) $(1,391) $(489) $(286) $(1,572) $(293)
Cash Contribution to Pension Plan
$750 $1,250 - - - -
Kleen Products Settlement - $354 - - - -
Free Cash Flow $1,880 $1,970 $174 $535 $1,654 $440
57
Free Cash Flow
Investor Roadshow I May 28, 2019 58
1 Simple Debt Coverage: Balance Sheet Debt / 2016 IP’s Adjusted EBITDA of $3.5B2 Simple Debt Coverage: Balance Sheet Debt / 2017 IP’s Adjusted EBITDA of $3.9B (incl. Consumer Pkg)3 Simple Debt Coverage: Balance Sheet Debt / 2018 IP’s Adjusted EBITDA of $4.3B4 Adjusted Debt to Adjusted EBITDA on a Moody’s basis
Target 2.5 – 2.8X4
Reduced balance sheet debt by $0.5B
Limited near-term maturities
Pension plan sufficiently funded
Year-end discount rate increased from
3.6% (2017) to 4.3% (2018)
Took definitive actions to further de-risk
pension plan
$0.6B cash balance at year-end
2018 Highlights
Balance Sheet | Financial Strength
Pension Gap
$11.3 $11.2 $10.7
$3.4$2.0
$1.8
$ B
illio
n
2.8x
$0.5 Op. Lease Adj. $0.5 Op. Lease Adj.
20172016 2018
3.3x
[3.2x]1
Balance
Sheet
Debt
$0.5 Op. Lease Adj.
4.0x
[2.9x]2 [2.5x]3
Balance
Sheet
Debt
Balance
Sheet
Debt
Pension Gap
Pension GapPension Gap
Investor Roadshow I May 28, 20191 Primarily foreign debt (intended to be rolled over or refinanced).
59
Debt Maturity Profile | Maturities as of December 31, 2018
$0
$200
$400
$600
$800
$1,000
$1,200
2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047
Millio
n
Debt Maturities Commercial Paper Other Debt1
Investor Roadshow I May 28, 2019 60
2016Voluntary term-vested buy out program reduced plan
size by ~10% and introduced new LDI1 policy
Contributions2014
$353MM2015
$750MM
2016
$750MM
2017
$1.25B
2017+
1 Liability Driven Investment
De-Risking the Company
Continue to assess if there
are attractive
opportunities to further
de-risk pension plan on a
structural basis
Pension Plan sufficiently funded
Changed the plan's asset allocation to emphasize more fixed income
Reallocated the plan’s fixed income investments to longer duration maturities
Expanded certain hedging strategies
Transferred ~$2.9B of pension benefit obligations to Prudential ($1.3B in 2017; $1.6B in 2018)
Took definitive actions to de-risk pension plan and further reduce
exposure to interest rate variability on a structural basis
1960-2005
$0
2006-2013
$2.5B
2019Defined Benefit Pension Plan
frozen as of 12/31/18
2004Defined Benefit Pension Plan
closed to new entrants
Investor Roadshow I May 28, 2019
342
545
387
447
364
310
209
103
$0
$150
$300
$450
$600
2012 2013 2014 2015 2016 2017 2018 2019E
Millio
n
Annual Pension Expense2
61
Key Variables 2017 2018 2019E
Assumed Rate of Return
7.50% 7.50% 7.25%
Discount Rate 3.60% 4.30% 4.30%
Average Annualized Returns3
2018 (3.0%)
Past Five Years 6.0%
Past Ten Years 9.9%
Portfolio Asset Allocation at 12-31-18
Target Actual
Equity 32% - 43% 32%
Bonds 44% - 56% 51%
Real Estate 5% - 11% 11%
Other 3% - 8% 6%
1 2013 and onward include Temple-Inland pension plan2 Non-cash expense for U.S. plans only3 Through December 2018Pension expense reflects service cost, interest cost, amortization of actuarial losses and expected return on plan assetsFor 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
Pension Plan Update1 | As of December 31, 2018
Investor Roadshow I May 28, 2019
25%
50%
75%
100%
125%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E
Maintenance Regulatory Strategic Cost Reduction % of Depreciation
$ M
illio
n
% of Depreciation
Reflects continuing operations
~$1,400
62
Capital Spending
Investor Roadshow I May 28, 2019
Investor Roadshow I May 28, 2019
2019 Capital Investment | Optimizing Advantaged Assets
63
$0
$200
$400
$600
$800
$1,000
$1,200
0 50,000 100,000
Cumulative Annual Containerboard
Global Production (Thousand Tons)
IP N.A. Containerboard Mills
Cash Cost (Delivered to Chicago)
Maintenance &
Regulatory
Maintaining world-class, low-cost, advantaged assets
Madrid Mill Conversion
$0.8B $0.2B $0.4B
Cost Reduction Strategic
Creating value through pipeline of high return
projects≥ 30% IRR
Reinvesting in core businesses with higher growth
profile
$0.2B $0.4B
Source: IP Analysis, FisherSolve™ 2Q17 data
Investor Roadshow I May 28, 2019
$ Million 1Q18A 2Q18A 3Q18A 4Q18A 2018A
Industrial Packaging $107 $116 $65 $7 $295 North America 102 111 65 7 285
Europe 1 0 0 0 1
Europe Coated Paperboard 4 4 0 0 8
Brazil 0 1 0 0 1
Global Cellulose Fibers $63 $37 $24 $27 $151 North America 60 29 24 27 140Europe 3 8 0 0 11
Printing Papers $37 $50 $6 $9 $102 North America 26 28 5 9 68
Europe 8 18 0 0 26
Brazil 3 4 0 0 7
India 0 0 1 0 1
Total Impact $207 $203 $95 $43 $548
64
Maintenance Outages Expenses| 2018 Actual
Investor Roadshow I May 28, 2019
$ Million 1Q19A 2Q19F 3Q19F 4Q19F 2019F
Industrial Packaging $93 $130 $58 $2 $283
North America 93 123 53 2 271
Europe - - 1 - 1
Europe Coated Paperboard - 7 1 - 8
Brazil - - 3 - 3
Global Cellulose Fibers $38 $70 $17 $11 $136 North America 38 67 17 4 126Europe - 3 - 7 10
Printing Papers $12 $56 $25 $17 $110North America 12 36 18 9 75
Europe - 17 - 8 25
Brazil - 3 4 - 7
India - - 3 - 3
Total Impact $143 $256 $100 $30 $529
65
Maintenance Outages Expenses| 2019 Forecast
Investor Roadshow I May 28, 2019 66
North American Downtime
Tho
usa
nd
To
ns
Tho
usa
nd
To
ns
Maintenance
Economic
Cellulose FibersContainerboard
Uncoated Papers
90
93157
8546
181 154 161
22
11035 0
00
410
Tho
usa
nd
To
ns
24 25
11
25
10 4 9 101
6
90
55
711
7943
32 2636
74
Investor Roadshow I May 28, 2019
Total Cash Components | 2018
67
Fiber
33%
Materials
17%
Freight
13%
Labor
12%
Overhead
11%
Chemicals
7%
Energy
7%
North American mills only
Investor Roadshow I May 28, 2019 68
U.S. Mill Wood Delivered Cost Trend | 1Q19 Average Down 3% vs. 4Q18
90
95
100
105
110
115
120
125
130
20172008 2009 2010 2011 2012 2013 2014 2015 2016
IP data, cost Indexed to January 2007 values
2018
Investor Roadshow I May 28, 2019 69
U.S. OCC Delivered Cost Trend | 1Q19 Average Cost Down 10% vs. 4Q18
IP data, cost Indexed to January 2007 values
40
60
80
100
120
140
160
180
200
220
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Investor Roadshow I May 28, 2019 70
U.S. Natural Gas Cost Trend | 1Q19 Average Cost Down 9% vs. 4Q18
IP data, cost Indexed to January 2007 valuesNYMEX Natural Gas closing prices
0
50
100
150
200
250
20172008 2009 2010 2011 2012 2013 2014 2015 2016 2018
Investor Roadshow I May 28, 2019 71
U.S. Fuel Oil Cost Trend | 1Q19 Average Cost Up 3% vs. 4Q18
IP data, cost Indexed to January 2007 valuesWTI Crude prices
0
50
100
150
200
250
300
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Investor Roadshow I May 28, 2019 72
U.S. Chemical Composite Cost Trend | 1Q19 Average Cost Up 3% vs. 4Q18
IP data, cost Indexed to January 2007 values Delivered cost to US facilities: includes Caustic Soda, Sodium Chlorate, Starch and Sulfuric Acid 2007 - 2008 excludes WY PKG
75
100
125
150
175
200
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Investor Roadshow I May 28, 2019 73
Commodity North America Non – North America
Energy
Natural Gas (MMBTUs) 80,000,000 11,000,000
Fuel Oil (Barrels) 500,000 550,000
Coal (Tons) 60,000 500,000
FiberWood (Tons) 55,000,000 8,000,000
Old Corrugated Containers / DLK (Tons) 4,900,000 400,000
Chemicals
Caustic Soda (Tons) 430,000 70,000
Starch (Tons) 330,000 110,000
Sodium Chlorate (Tons) 170,000 40,000
2018 Global Consumption | Annual Purchases for Key Inputs
Investor Roadshow I May 28, 2019 74
Global Citizenship
Investor Roadshow I May 28, 2019
Contact Information
Guillermo Gutierrez
Vice President, Investor Relations
+1-901-419-1731
Michele Vargas
Director, Investor Relations
+1-901-419-7287
Betty Groom
Administrative Assistant
+1-901-419-4250
75
Investor Roadshow I May 28, 2019
International Paper Brazil Graphic Paper Manufacture 2015
International Paper Russia Corporate Social Responsibility
Award 2015
Named by the EthisphereInstitute as one of the “World’s Most Ethical
Companies®” 2019
2018 Woman’s Choice Award Best Companies to Work For Millennials
International Paper India Parivartan Award 2015
IDG’s Computerworld “100 Best Places to Work in IT” 2018
1 From FORTUNE Magazine, March 1, 2017. © 2017 Time Inc. Used under license2 From Commercial Appeal (Memphis, TN)
FORTUNE’S “World’s Most Admired Companies®” 2018
1
Commercial Appeal’s“Top Workplace 2018”
2
Institutional Investor’s “Most Honored Company” 2018 in the Paper & Packaging sector
International Paper Awards & Recognitions
76