First Quarter 2015 Earnings | April 29, 2015s1.q4cdn.com/597881801/files/doc_presentations/...2010 – 2014 8.9% (average ROIC) 1 ROIC = Operating Earnings before Interest / Average

First Quarter 2015 Earnings | April 29, 2015

Earnings Presentation | First Quarter 2015 Earnings Presentation | First Quarter 2015 2

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 increases 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; and (vii) 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.

Earnings Presentation | First Quarter 2015 Earnings Presentation | First Quarter 2015

Statements Relating to Non-GAAP Financial Measures

During the course of this presentation, certain non-U.S. GAAP financial information

will be presented.

A reconciliation of those numbers to U.S. GAAP financial measures is available on

the company’s website at internationalpaper.com under Investors.

3


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


$906 $1,003

$938

1Q14 4Q14 1Q15

EBITDA1

($MM)

First Quarter 2015 Results

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

5

Solid performance through

successfully managing margins

Good execution on maintenance

outages

Strong operating results at Ilim JV

and continued improvement in

operational EBITDA

Modest impact from winter weather in

Southeast U.S.

Improved YoY performance in

EBITDA margin, EBITDA and FCF


1Q15 Financial Results

1Q14 4Q14 1Q15

Sales ($B) $5.7 $5.9 $5.5

EBIT1 ($MM) $559 $657 $615

EPS2 $0.60 $0.53 $0.84

EPS impact of Ilim F/X3 – IP Share

($0.10) ($0.40) ($0.04)

EBITDA1 ($MM) $906 $1,003 $938

EBITDA Margin1 15.8% 16.9% 17.0%

Free Cash Flow4

($MM) $252 $739 $319

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 ~$1.2B at end of 1Q2015) 4 See slide #20 for a reconciliation of cash provided by operations to free cash flow

xpedx is reflected as a Discontinued Operation in all periods presented.

6

15.8%

16.9% 17.0%

1Q14 4Q14 1Q15

EBITDA Margin1 ($MM)


IP EBITDA Margins | Strong Performance Across Key Businesses

IP EBITDA margins based on operating profit before special items 1 Excludes the Recycling Business and revenue from trade volumes 2 Uncoated Papers (excludes Pulp); Excludes Joint Marketing Agreement (JMA) sales

7.6%

11.5% 11.2%

NA Papers

1Q14 4Q14 1Q15

7

1

18.3%

19.5%

18.0%

Europe and Russia Papers 1Q14 4Q14 1Q15

30.2% 27.8%

31.5%

Brazil Papers

1Q14 4Q14 1Q15

22.5% 22.7%

22.9%

NA Industrial Packaging

1Q14 4Q14 1Q15

7.3%

14.9% 13.6%

NA Consumer Packaging

1Q14 4Q14 1Q15

2


.53

.84

(.03) (.10)

(.01) (.02) .06

.41

4Q14 Price / Mix Volume Operations & Costs

Maintenance Outages

Input Costs Corporate & Other Items

Ilim JV 1Q15

8

1Q15 vs. 4Q14 EPS

Operating Earnings

FX .36

Ops .05

0


484 468

(11) (40) (18) 24 29


Maintenance Outages

Input Costs 1Q15

9

Industrial Packaging | 1Q15 vs. 4Q14 $

Mill

ion

Segment operating profit before special items


55

46

(17)

(4) (2)

2

6

6


Maintenance Outages

Input Costs Other 1Q15

10

Consumer Packaging | 1Q15 vs. 4Q14 $

Mill

ion



155

109

(13)

(30)

(13) (3) 9

4


Maintenance Outages

Input Costs FX / Other 1Q15

11

Printing Papers | 1Q15 vs. 4Q14 $

Mill

ion



Ilim Joint Venture | 1Q15 vs. 4Q14

$ Million 1Q14 4Q14 1Q15

Sales Volume (thousand tons)

781 859 805

Sales $554 $520 $462

Operational EBITDA1 $115 $143 $186

F/X (Impact of USD Net Debt2) ($114) ($432) ($47)

IP Equity Earnings(Loss)3 ($31) ($136) $39

Post-project opportunities for system optimization and cost management

Slightly unfavorable non-cash F/X impact on debt; however, ruble

devaluation has positioned JV as lowest cost NBSK producer in the world

Bratsk outage expense and higher inflation expected in 2Q

12

Ilim JV results are on an IFRS basis with the exception of IP Equity Earnings which is US GAAP 1 Before F/X impact on USD-denominated net debt 2 Mainly driven by Ilim JV USD-denominated net debt (1Q15 balance ~$1.2B); 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(Loss) for 1Q14, 4Q14 and 1Q15 include after-tax f/x losses (primarily on USD-denominated net debt) of ($45)MM, $(171)MM and $(18)MM,

respectively.

Earnings Presentation | First Quarter 2015 13

Second Quarter Outlook | Changes from 1Q15

North America EMEA & Russia Brazil Asia1

Volume

Paper Stable Stable Improving Stable

Packaging Seasonal

Increase Stable Stable Stable

Pricing / Mix

Paper Improving Mix Stable Increasing Stable

Packaging Stable Stable Stable Stable

Operations & Other

Paper Improving Stable Stable Stable

Packaging Improving Stable Stable Stable

Inputs & Freight

Paper Stable Stable Stable Stable

Packaging Stable Stable Stable Stable

Mill Maintenance Outages

Paper Increase $16MM Increase $24MM Decrease $6MM N/A

Packaging Increase $26MM Increase $3MM Increase $2MM N/A

Ilim JV Equity Earnings Stable

Other Items Tax rate, in line with full-year outlook of 33%

Interest expense, ~$140MM in 2Q2015

Corporate expense, ~$15MM in 2Q2015

1 Includes India


Global

Economic

Recession

ROIC1 above our Cost of Capital | Increasing Shareholder Value

14

4.5%

6.3%

7.5%

6.5%

5.0%

8.1%

9.5%

8.3%

9.3% 9.2%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ROIC WACC

2010 – 2014

8.9% (average ROIC)

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


Delivering on Our Commitments For Value Creation

Strategically

Reinvest in Business Return Cash to

Shareholders

Maintain Strong

Balance Sheet

Robust Capital Allocation Strategy

$1.05 $1.20

$1.40

$1.60

4Q11 4Q12 4Q13 4Q14

Annualized Dividend Share Buybacks

$1.5B share buyback (September 2013)

Additional $1.5B

authorization (July 2014)

Running our businesses well and generating strong FCF;

Returns consistently above cost of capital


Strategic Reinvestment | Valliant Restart Update

Valliant #3 produced first saleable product within the last several days

Ramp up expected through end of 2015

~360k tons of capacity in recycled medium provides flexibility to optimize

system and serve our customers well

Machine is very cost competitive due to leveraging existing mill

infrastructure

A capital effective project with greater than 25% IRR


Strategic Reinvestment | Riegelwood, NC Conversion

As announced on March 31, 2015:

Conversion of Riegelwood Mill

$135MM investment with 20%+ IRR

Streamlining and repositioning Coated Paperboard business

Selling Carolina® brand of coated bristols

Reducing coated paperboard capacity by 350,000 at Riegelwood by early 2016

Focusing on growth in food service and packaging markets out of Texarkana and

Augusta mills

-

200

400

600

800

1,000

1,200

1,400

2005 2007 2010 2012 2014 Post Conversion

Th

ou

sa

nd

To

ns

Growing NA Pulp business

Additional 400,000 tons of capacity

on line by mid-year 2016

Flexibility to produce softwood

market pulp while fluff demand

ramps up

IP Fluff Pulp Sales

Fully Ramped

Fluff Pulp Conversion Startups (capacity in tons)

2002: Pensacola +330k 2012: Franklin +200k

2007: Riegelwood +190k 2016: Riegelwood +400k

Earnings Presentation | First Quarter 2015 18

1Q15 Key Takeaways

Performing Well

Strong positions in key markets

Managing margins in a tough environment

High return capital projects

Strong FCF enabling robust capital

allocation strategy


Appendix Investor Relations Contacts

Jay Royalty 901-419-1731

Michele Vargas 901-419-7287

Media Contact

Tom Ryan 901-419-4333

19



Cash Provided by Operations

$5291 $1,144 $638

Less Capital Investment

($277) ($405) ($319)

Free Cash Flow $252 $739 $319

Free Cash Flow

1 Excludes $58MM cash paid for pension plan contribution

20

Earnings Presentation | First Quarter 2015

Maintenance Outages Expenses | 2015

$ Million 1Q15A 2Q15F 3Q15F 4Q15F 2015F

Industrial Packaging $63 $94 $36 $66 $259

North America 63 92 35 66 256

Brazil 0 2 1 0 3

Printing Papers Total $33 $67 $38 $46 $184


Europe 0 24 22 0 46

Brazil 6 0 1 7 14

India 0 0 1 0 1

Consumer Packaging $15 $15 $6 $17 $53


Europe 0 3 2 0 5

Total Impact $111 $176 $80 $129 $496

21


167 99 88

46

118 123

48 93

140

30

1 70

276

60 58

69 53

Maintenance Market

13 1

24 24 20

7 18

24

41 13

18

53

19

58

16 20 1

31

13

North American Downtime

14 21 20

2 15 19

12

0

18

Containerboard Uncoated Papers2

Market Pulp

Th

ou

sa

nd

To

ns

Th

ou

sa

nd

To

ns

Th

ou

sa

nd

To

ns

Th

ou

sa

nd

To

ns

1Augusta PM#2 was permanently shutdown in March 2013 (36000 tons / quarter) 2Courtland shutdown of two machines in 4Q13; shutdown complete in February 2014

146

22

197

100

158

322

178 181

117

0

48

Coated Paperboard1

31


Special Items Pre-Tax ($ Million) 1Q14 4Q14 1Q15

Industrial Packaging

Acquisition and Integration Costs ($14) ($5) -

Asia Goodwill Impairment - ($100) -

Printing Papers Courtland Mill Shutdown ($495) ($7) -

Consumer Pkg. Other ($1) ($4) -

Corporate ASG Loss on Sale & Impairment - ($47) -

Other ($1) $8 -

Total Special Items Before Tax ($511) ($155) $0

23

Special Items Before Tax | Continuing Operations



Operating Profit $ Million

D & A $ Million

Tons Thousand

EBITDA per Ton

EBITDA Margin


North America1 $471 $164 3,347 $190 23%

Brazil ($3) $5 72 $28 3%

Printing Papers

North America2 $34 $20 471 $115 11%

Europe & Russia3 $30 $11 3204 $128 18%4

Brazil $37 $25 235 $264 31%

India5 ($2) $4 64 $31 6%

North America Pulp $5 $16 329 $64 10%

Consumer Packaging

North America6 $22 $42 338 $189 14%

Europe $25 $3 99 $283 34%

Segment operating profit before special items 1 Includes Corrugated Packaging, Saturating Kraft & Bag businesses, Gypsum & Release Kraft business; excludes Recycling business and revenue from trade volumes

2 Includes Bleached Kraft business 3 Uncoated Papers (excludes Pulp)

4 Excludes Joint Marketing Agreement (JMA) sales

5 Includes adjustment for minority ownership share 6 Includes Foodservice business

1Q15 EBITDA | Integrated Mill Business Margins

24


Operating Profits by Industry Segment | Continuing Operations


Industrial Packaging $467 $484 $468

Printing Papers $85 $155 $109

Consumer Packaging $18 $55 $46

Operating Profit $570 $694 $623

Net Interest Expense ($143) ($142) ($137)

Noncontrolling Interest / Equity Earnings Adjustment $0 ($2) $1

Corporate Items ($11) ($35) ($9)

Non-Operating Pension Expense ($44) ($53) ($72)

Special Items ($511) ($155) $0

Net Earnings from continuing operations before income taxes, equity earnings & noncontrolling interest

($139) $307 $406

Equity Earnings(Loss), net of taxes – Ilim ($31) ($136) $39

25


Geographic Business Segment Operating Results

$ Million Sales Operating Profit

1Q14 4Q14 1Q15 1Q14 4Q14 1Q15


North America $3,084 $3,159 $3,063 $460 $479 $468

Europe $342 $316 $282 $9 $8 $4

Brazil $85 $79 $62 ($2) ($1) ($3)

Asia $182 $143 $146 $0 ($2) ($1)

Printing Papers

North America $515 $511 $482 $11 $37 $34

Europe $375 $352 $293 $38 $38 $35

Brazil $245 $288 $197 $45 $53 $37

Asia / India $64 $55 $47 ($2) ($3) ($2)

N.A. Pulp $207 $234 $209 ($7) $30 $5

Consumer Packaging

North America $464 $496 $470 ($6) $32 $22

Europe $91 $95 $83 $26 $27 $25

Asia (Sun JV) $274 $264 $225 ($2) ($4) ($1)

Does not reflect total company sales

26


2015 Operating Earnings

Pre-Tax $MM

Tax $MM

Non-controlling

Interest $MM

Equity Earnings

Net Income $MM

Average Shares

MM

Diluted EPS1

Operating Earnings

1Q15 $478 ($158) $2 $35 $357 424 $0.84

Non-Operating Pension Expense

1Q15 ($72) $28 $0 $0 ($44) 424 ($0.10)

Net Special Items

1Q15 $0 $0 $0 $0 $0 424 $0.00

Net Earnings from Continuing Operations

1Q15 $406 ($130) $2 $35 $313 424 $0.74

1 A reconciliation to GAAP EPS is available at www.internationalpaper.com under the Investors tab at Webcasts and Presentations


27


Operating Business EPS

2005-2006 as originally reported

2007-2011 adjusted for elimination of the Ilim JV reporting lag

2005-2010 Net Earnings from continuing operations and before special items; 2010 onward reflects Operating Earnings

xpedx is reflected as a Discontinued Operation from 2010 forward.

28

.36 .31

.29

.12 .12

.35

.40

.47 .45

.52

.57

.73

.45 .49

.41

.15

.07

.27

.38

.22

.05

.44

.85

.72 .76 .77 .78

.67

.58

.49

.77

.66 .64 .61

1.01

.81

.60

.93 .95

.53

.84

.42

.08

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

2005 2006 2007 2010 2008

Impact of Mineral

Rights Gain

2009

.83

2011

.93

Final Land Sale

2012 2013 2014 2015


.60

.84

(.03) (.02)

(.06)

.01

.12 .04

.02

.16


Maintenance Outages

Input Costs Courtland Closure

Corporate & Other Items

Ilim JV 1Q15

1Q15 vs. 1Q14 EPS

Operating Earnings

29

FX .06

Ops. .10


467 468 (20) (10) (28)

(1)

6

54


Maintenance Outages

Input Costs Other 1Q15

Industrial Packaging | 1Q15 vs. 1Q14 $

Mill

ion

30



1Q15 vs. 4Q14 1Q15 vs. 1Q14

Business Volume Price /

Ton Volume

Price / Ton

N.A. Container1 (5%) ($6) 1% ($8)

European Container (3%) €7 (1%) (€10)

Average IP volume and price realization (includes the impact of mix across all segments) 1 Corrugator plant sales on FBA shipping day basis

Industrial Packaging | Volume and Pricing Trends

31


NA Industrial Packaging Relative EBITDA Margins

1 Reflects Company’s change in accounting method beginning in 2014 2 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

23.7%

22.5% 21.2%

15.2%

22.7% 21.4%

17.7%

22.9%

19.0%

IP PCA RockTenn

1Q14 4Q14 1Q15

20.8%

17.8%

2014

TTM2

TTM2

32

1

RKT

reports

4/30/15


18

46

4

4

7

5

8


Maintenance Outages

Input Costs 1Q15

Consumer Packaging | 1Q15 vs. 1Q14 $

Mill

ion

33



Average IP price realization (includes the impact of mix across all grades)

1Q15 vs. 4Q14 1Q15 vs. 1Q14

Volume Price/Ton Volume Price/Ton

NA Coated Paperboard (1%) $3 (2%) $41

Revenue Price Revenue Price

Foodservice (3%) NA 10% NA

Consumer Packaging | Volume and Pricing Trends

34


NA Consumer Packaging Relative EBITDA Margins

1 Trailing twelve months

IP EBITDA margins based on North American Consumer Packaging operating profit before special items

Competitor adjusted EBITDA margins obtained from public filings and IP analysis; reflects Food & Beverage segment

7.3%

10.5%

14.9%

12.9% 13.6%

IP MWV

1Q14 4Q14 1Q15

35

15.1%

13.3%

2014

TTM1

MWV

reports

4/29/15


85

109

(3) (8)

(14)

(3)

13

28

11


Maintenance Outages

Input Costs Courtland FX / Other 1Q15

36

Printing Papers | 1Q15 vs. 1Q14 $

Mill

ion



1Q15 vs. 4Q14 1Q15 vs. 1Q14

Business Volume Price / Ton Volume Price / Ton

NA Paper (5%) ($12) (7%) $4

NA Pulp1 (9%) ($12) 1% $4

European Paper2 (6%) (€7) (2%) (€25)

Average IP volume and price realization (includes the impact of mix across all grades) 1 Reflects Fluff and Market Pulp combined 2 Excludes Russia

Printing Papers | Volume and Pricing Trends

37


N.A. Printing Papers & Pulp Relative EBITDA Margins

6.6%

13.0%

14.4%

15.8%

10.9%

IP Domtar

1Q14 4Q14 1Q15

1 Trailing twelve months

IP EBITDA margins based on operating profit from continuing operations before special items

Competitor EBITDA margin estimates obtained from public filings and IP analysis

13.9%

TTM1 2014

14.0%

38

UFS

reports

4/30/15



Sales $245 $288 $197

Earnings $45 $53 $37

EBITDA Margin 30% 28% 31%

1Q15 vs. 4Q14 1Q15 vs. 1Q14

Business Volume Price/Ton Volume Price/Ton

Uncoated Freesheet (27%) ($11) (13%) $7

Domestic (39%) $34 (19%) $61

Export (11%) ($49) (8%) ($40)


IP Brazil results are reported in the Printing Papers segment

Average IP Brazil price realization (includes the impact of mix across all grades)

Printing Papers | IP Brazil

39


2009 2010 2011 2012 2013 2014

Sales Volume (Million short tons) 2.6 2.8 2.8 2.9 2.7 3.2

Sales ($B) 1.3 1.9 2.2 2.0 1.9 2.1

Debt ($B) 0.4 0.5 0.9 1.2 1.5 1.4

Operating EBITDA ($MM) 197 516 591 291 208 470

F/X Gain (loss)1 (35) 12 (60) 39 (80) (684)

EBITDA ($MM) 163 528 531 330 128 (214)

Depreciation ($MM) 120 121 124 134 177 193

EBIT ($MM) 43 407 406 196 (49) (408)

Interest Expense ($MM) 28 18 7 6 39 69

Net Income (loss) ($MM) (19) 266 299 132 (72) (362)

IP Equity Earnings (loss) ($MM) (27) 103 134 56 (46) (194)

Dividends (to IP) ($MM) 50 34 85 0 0 56

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 ~$1.3B at year end 2014)

40

Ilim Joint Venture | Full Year Financials


Ilim Joint Venture | Volume and Pricing Trends

1Q15 vs. 4Q14 1Q15 vs. 1Q14

Business Volume Price/Ton Volume Price/Ton

Pulp (5%) ($13) 4% ($73)

Average Ilim JV (100%) volume and price realization (includes the impact of mix across all grades and destinations)

41


Total Cash Cost Components | 1Q15 YTD

Fiber 32%

Materials 15%

Freight 15%

Labor 12%

Energy 9%

Overhead 9%

Chemicals 8%

42

North American mills only


$1

$19

$5

$14

Fiber Energy Chemicals Freight

North America Outside North America

$29

$4 $6


Printing Papers

Consumer Packaging

Energy Wood Chemicals Freight OCC

By Business By Input Type

Input costs ($MM) for continuing businesses

43

Global Input Costs vs. 4Q14 | $39MM Favorable, or $0.06/Share

Wood

OCC

Wood


$6

$49

$11

Fiber Energy Chemicals Freight

North America Outside North America

$54

$13 $8


Printing Papers

Consumer Packaging

Energy Wood Chemicals Freight OCC

By Business By Input Type

44

Global Input Costs vs. 1Q14 | $75MM Favorable, or $0.12/Share

Wood

OCC

Wood

Input costs ($MM) for continuing businesses

$9


2007 2008 2009 2010 2011 90

95

100

105

110

115

120

125

130

2012 2013 2014

U.S. Mill Wood Delivered Cost Trend | 1% Increase vs. 4Q14 Average Cost

Cost Indexed to January 2007 values

45


2007 2008 2009 2010 2011 40

60

80

100

120

140

160

180

200

2012 2013 2014


U.S. OCC Delivered Cost Trend | 4% Decrease vs. 4Q14 Average Cost

46


2007 2008 2009 2010 2011 0

50

100

150

200

250

2012 2013 2014

NYMEX Natural Gas closing prices

Natural Gas Costs Trend | 12% Decrease vs. 4Q14 Average Cost


47


2007 2008 2009 2010 2011 40

90

140

190

240

290

340

2012 2013 2014

U.S. Fuel Oil Trend | 29% Decrease vs. 4Q14 Average Cost


WTI Crude prices

48


2007 2008 2009 2010 2011 75

100

125

150

175

200

2012 2013 2014

U.S. Chemical Composite Index Trend | 1% Decrease vs. 4Q14 Average Cost


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

49


2015 Global Consumption | Annual Purchase Estimates for Key Inputs

Commodity U. S. Non – U. S.

Energy

Natural Gas (MM BTUs) 60,000,000 11,000,000

Fuel Oil (Barrels) 650,000 380,000

Coal (Tons) 415,000 640,000

Fiber Wood (Tons) 52,000,000 8,000,000

Old Corrugated Containers / DLK (Tons) 4,600,000 630,000

Chemicals

Caustic Soda (Tons) 350,000 80,000

Starch (Tons) 390,000 100,000

Sodium Chlorate (Tons) 160,000 57,000

LD Polyethylene (Tons) 37,000 -

Latex (Tons) 22,000 11,000

Does not include Asia or volume consumed by joint ventures (Sun JV, Ilim JV) Estimates are based on normal operations and may be impacted by downtime

50

Documents

First Quarter 2015 Earnings | April 29, 2015s1.q4cdn.com/597881801/files/doc_presentations/...2010 – 2014 8.9% (average ROIC) 1 ROIC = Operating Earnings before Interest / Average