Investor Roadshow | November 7,...

Investor Roadshow | November 7, 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 failure to realize the expected

synergies and cost-savings from the Weyerhaeuser transaction or delay in realization thereof; and (ix) 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


Statements Relating to Non-GAAP Financial Measures

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

will be presented, such as Adjusted Operating EPS, Adjusted EBIT, Adjusted

EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Adjusted ROIC.

A reconciliation of all presented non-GAAP measures (and their components) to

U.S. GAAP financial measures is available on the company’s website at

internationalpaper.com under Performance/Investors.

3


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

Investment Thesis

Investor Roadshow | November 7, 2016 6

IP Investment Thesis | Long-Term Value Creation

To be among the most successful, sustainable and

responsible companies in the world

• Fiber-based Packaging, Pulp and Paper

• Advantaged positions in advantaged markets

• Strong and sustainable Free Cash Flow

• Increase value creation

• Exceed shareholders’ TSR expectations

Vision

Strategy

Shareholder Value


IP Investment Thesis | Leveraging Selective Choices

7

Cost Positions

• Low-cost asset base

− Mill footprint on cost curve

− Disciplined capital

investment

• Sustained low-cost

positions through

operational excellence

and optimization

• Fiber-based Packaging, Pulp and Paper

• Advantaged positions in advantaged markets

Strategy

Renewable

Natural Resources

Availability and access to

low-cost, sustainable fiber

in key manufacturing

regions

Channels to Market

• Strong market positions

• Sell products in markets

where they are valued

• Winning with the right

customers and segments


IP Investment Thesis | Delivering Shareholder Value

Capital Allocation

Strong and sustainable free cash flow to:

Fund dividends (40-50% of FCF)

Enable opportunistic share buybacks

Maintain healthy balance sheet and

credit rating

Reinvest in the businesses and

strengthen portfolio

• Strong and sustainable Free Cash Flow

• Increase value creation

• Exceed shareholders’ TSR expectations

Shareholder Value

Value Creation Levers

Improve what we have:

Manufacturing excellence efforts

Commercial optimization

Targeted investments (IRR>WACC):

Riegelwood conversion

Madrid mill acquisition / conversion

N.A. Industrial Packaging projects

Acquisition of Weyerhaeuser

pulp business


Capital Allocation | IP’s Balanced Use of Cash

Systematically Return Cash to Shareholders

Trough-Tested Sustainable Dividend

(40% − 50% of FCF)

Opportunistic Share Repurchases

Cash From

Operations Maintain Strong

Balance Sheet

& Credit Rating

Appropriate Liquidity & Debt Coverage

Proactively Manage Pension Plan

Selective Reinvestment

Value-Creating, Healthy Spread

Above Cost of Capital

Improving Competitive Position

Effective Capital Spending

Maintenance & Regulatory Needs

High Return, Cost Reduction Projects

9


Delivering on Our Commitments For Value Creation

Strategically

Reinvest in Business Return Cash to

Shareholders

Maintain Strong

Balance Sheet

Robust Capital Allocation Strategy

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

$1.05 $1.20

$1.40

$1.60 $1.76

$1.85

4Q11 4Q12 4Q13 4Q14 4Q15 4Q16


Global

Economic

Recession

11

Expanded Spread of Adj. ROIC1 Above Cost of Capital | Increasing Shareholder Value

4.5%

6.3%

7.5%

6.5%

5.0%

8.1%

9.5%

8.3%

9.3% 9.2%

11.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

5-Year Average

9.5%

WACC: 8%

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

Interest-bearing Debt]


Global Economic

Recession

$1.7 $1.6

$1.8

$2.1

$1.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

$ B

illi

on

s

12

Strong, Sustainable Free Cash Flow

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.

Transformation:

$0.5 Billion (average)

5-Year Average

$1.8 Billion


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 Adjusted 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

13

1 Based on Weyerhaeuser’s pulp business 2015 Adjusted EBITDA of $350 Million


Compelling Strategic Acquisition | Weyerhaeuser’s Pulp Business

• 2015 sales of $1.5 Billion

• 2015 Adjusted 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

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


Weyco & IP Mill Locations

15

Weyco Market Pulp Mill

Weyco Fluff Pulp Mill

IP Fluff Pulp Mill

Converting facilities

Columbus, MS

Port Wentworth, GA

New Bern, NC

Franklin, VA

Georgetown, SC

Riegelwood, NC

Flint River, GA

Pensacola, FL

Grand Prairie, Alberta

Gdansk, Pomorskie


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

Adj. EBITDA Multiple 2

(Net of Tax Benefit) 5.4

Expected Synergies at Full Run Rate $175M

Adj. EBITDA Multiple 2

(Net of Tax Benefit & with Synergies) 3.6

1 Estimate 2 Based on 2015 Adjusted EBITDA of $350 million

16


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


Other Recent Strategic Moves | Strengthening the IP Portfolio

Strategic Rationale: Reflects IP’s commitment to make our

best business even better

Project Intent: Improves system flexibility, enhances quality,

enables further cost reductions and supports future growth

potential (as needed)

Investment: ~$300MM

Containerboard Optimization Announced: 2Q2015

Timing: 2016/2017

Strategic Rationale: Strengthens IP’s Industrial Packaging

business in Europe and takes advantage of integration

benefits

Project Intent: Convert mill to produce recycled

containerboard to enhance the value proposition of the

EMEA corrugated packaging business

Investment: ~$160MM

Madrid Mill Acquisition/Conversion Announced: 1Q2016

Start-up: 2H2017(E)

Strategic Rationale: Improve IP’s earnings and returns by

supplying the region with globally competitive products

primarily through the Ilim JV and from the U.S.

Project Intent: Exit Asia manufacturing for Coated

Paperboard and Industrial Packaging

Economics: • Sun JV: $23MM in cash, $400MM of debt removed from

balance sheet

• Industrial Packaging: $150MM in cash

Exit Asia Manufacturing Consumer Packaging

Announced: 3Q2015

Concluded: 4Q2015

Industrial Packaging

Announced: 4Q2015

Completion: 2Q2016

Strategic Rationale: Increase IP’s capability and capacity

to serve customers in the growing global fluff pulp market

Project Intent: Reposition assets by converting coated

paperboard capacity to fluff pulp

Investment: $135MM

Riegelwood Conversion Announced: 1Q2015

Start-up: 2H2016

18

Business Overview


2005 - 2007 2008 - 2010 2011+

IP Transformation Timeline/Plan

Transformation Plan

Divestitures & Strategic

Reinvestment

Global Recession IP Achieves Cost of Capital Returns

NA Weyco Pkg.

Acquisition

Russia

Ilim JV

India APPM

Acquisition

China

Sun JV

Brazil

VCP Land / Mill Swap

Coated Papers

Wood Products

Forestland

Kraft Paper

Chemicals

Beverage Pkg.

$11B

Asset Sales

China

SCA Pkg.

Brazil

Grupo Orsa Pkg.

NA TIN

Acquisition

Turkey

Olmuksan Pkg.

20

Franklin Fluff

Pulp

Conversion

TIN Bldg.

Products

Sale

xpedx Spin-Off

Riegelwood

Fluff Pulp

Conversion

Valliant PM3

Sun JV

& Asia

Box Sale

Madrid mill

Acquisition


North America

Brazil

EMEA & Russia

India

Asia2

North America

Recognized Leader in Core Segments:

Corrugated Pkg. Uncoated Papers

Coated Paperboard

Emerging Markets Build Leading Positions in Fiber-based Packaging

& Paper Segments in High-Growth Markets

Positioned in attractive markets with low-cost assets that can generate strong free cash flow and returns that can exceed our cost-of-capital

$17.2B Net Sales

$1.1B Net Sales

$2.6B Net Sales

$1.3B Net

Sales

$0.2B Net Sales

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

International Paper | 2015 Global Portfolio in Packaging and Paper

$1.9B1 Ilim JV

Total Sales


Strong Domestic Market Positions

1st

1st

North America

Latin America

North America

85%

Brazil 7%

Europe 5%

Russia 3%

Europe

2nd

% Total

EBITDA2

2nd

India

Industrial

Packaging Revenue by

Business1

Consumer

Packaging

Uncoated Freesheet

and Pulp

65% 13% 22%

Russia

1st 1st

PULP

PULP PULP PULP

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


U.S. Exports | Leveraging Strategic Export Opportunities

Fluff Pulp1

(~90% of N.A. production)

Containerboard (~10% of N.A. production)

EMEA

Asia

Latin America

~40% ~45%

~20%

~40%

~40%

% of exports volume shipped to select regions

~5%

1 Excludes volume from the Riegelwood PM18 conversion


Brazil & Russia Exports | Leveraging Strategic Export Opportunities

Softwood Pulp (~50% of Russia production)

Uncoated Freesheet (~50% of Brazil production)

EMEA

Asia

Latin America ~40%

~55%

~5%

~80%

% of exports volume shipped to select regions

~20%


Global

Recession

0.3 0.4 0.5

0.8

1.3 1.3 1.6

2.0

2.5 2.7 2.7

9%

13% 15% 15%

19% 18%

20% 19%

22% 24% 24%

0%

5%

10%

15%

20%

25%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

N.A. Industrial Packaging | Track Record of Success

25

Bu

sin

ess

Ad

j. EB

ITD

A ($

B)

Weyco Packaging

Acquisition & Integration

TIN Acquisition

& Integration Adj.

EBITDA %

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

Excludes the Recycling Business and revenue from trade volumes

Growth and Margin Expansion through Strategic Acquisitions

and Successful Integrations


3Q16 Financial Results

26

3Q15 2Q16 3Q16

Sales ($B) $5.7 $5.3 $5.3

Adj. EBIT1 ($MM) $757 $635 $613

Adj. Operating EPS2 $0.97 $0.92 $0.91

Operating EPS impact of Ilim F/X3 – IP Share

($0.15) $0.01 $0.01

Adj. EBITDA1 ($MM) $1,086 $936 $927

Adj. EBITDA Margin1 19.1% 17.6% 17.6%

Free Cash Flow4 ($MM) $512 $527 $575

1 From continuing operations before special items and non-operating pension expense 2 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 Represents F/X impact primarily related to Ilim JV USD-denominated net debt (balance of ~$0.6B at end of 3Q16) 4 See slide #72 for a reconciliation of cash provided by operations to free cash flow

19.1% 17.6% 17.6%

3Q15 2Q16 3Q16

Adj. EBITDA Margin1

Appendix


Appendix - Table of Contents

Industrial Packaging……………….……………………………………..29-41

Consumer Packaging……….….………………………….……………..42-48

Printing Papers & Pulp..……….…………………………………………49-66

IP Russia & Ilim Group.………….….……………………………………67-70

Financial & Other………………….……………………………………....71-91

Contact Information……………….………………………………………….92

Slides


N.A. Containerboard | Supply Positions

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

2016 Producer Position

Top 5 = 75%

IP 33%

WRK 19%

GP 10%

PCA 9%

KapStone 4%

Others 25%

29

Stone 13%

Smurfit 7%

GP 9%

WY 7%

IP 7% TIN 7%

Others 50%

1995 Producer Position

Top 5 = 43%


IP N.A. Industrial Packaging | Balanced Global Strategy

1 Includes Saturating Kraft /Gypsum Liner

Source: 2016 estimates based on IP data and analysis

IP’s channels to market provide choices for maximizing value

IP Box Plants ~80%

Open Market ~20%

U.S. ~91%

Non-U.S. ~9%

Export ~55%

Domestic ~45%

EMEA ~40%

Lat Am ~45%

Asia ~15%

N.A. Mill System Capacity ~13.3 Million Tons

Containerboard ~12.9 Million Tons

Other Uses1 ~0.4 Million Tons


Global Containerboard Industry | Total Containerboard Trade Flows

Estimated 2015 Global Demand = 172MM tons

31

Net Export, Tons

Net Import, Tons

Countries with Net Import or

Export greater than 100M tons…

Source: 2015 RISI trade estimates and IP Analysis

`

Europe

4.2MM

Europe

4.7MM

N America

5.1MM Africa

0.6MM

S America

0.3MM S America

1.0MM

C America

2.1MM

Africa

0.2MM

Mid East

0.5MM

Asia

1.5MM

Oceania

0.6MM


IP N.A. Containerboard Mill System | ~13.3 Million Tons Capacity

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

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

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Ma

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sa

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$0

$200

$400

$600

$800

$1,000

$1,200

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

Ma

nu

fac

turi

ng

Co

sts

($

/To

n)

Cumulative Annual Production (Thousand Tons)

Cash Costs + Delivery to Chicago

Linerboard Global Cost Curve | N.A. Capacity in 1st & 2nd Cost Quartile

Source: FisherSolve™ 2Q16 data

Prattville

Orange

Henderson

Valliant

Savannah

Rome

Mansfield Springfield

Campti

Pensacola

Bogalusa

Cedar River

Pine Hill

33

Maysville

Vicksburg Xalapa


N.A. Industrial Packaging Relative Adj. EBITDA Margins

34

25.2%

22.4%

20.1%

23.2% 22.6%

18.3%

21.2% 20.8%

IP PCA WestRock

3Q15 2Q16 3Q16

21.5%

1 Trailing twelve months

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

Excludes the Recycling Business and revenue from trade volumes

Competitor Adjusted EBITDA margin estimates obtained from public filings and IP analysis

TTM1

TTM1

22.1%

WRK

reports

11/07/16


Note: IP Mix, 2015. Industry Mix, 2014.

Source: IP Analysis

IP Well-Positioned in Attractive Customer Segments

57%

22%

21%

IP Box Shipments by Segment

35

Market Segment IP

Mix

Industry

Mix

Food & Beverage 57% 50%

Processed Food

Protein

Produce

Beverage

Other Non-Durable Goods 22% 30%

Paper Products

Chemicals & Pharma

Other Non-Durables

Durable Goods & Distribution 21% 20%

Building Materials

Other Durables

Shipping & Distribution


N.A. Industrial Packaging | Building Upon a Great Business

Breadth of footprint

Key levers contributing to IP’s track record of success…

Manufacturing/supply chain excellence

Commercial execution

World-class, low-cost assets

Engaged and

talented workforce

Innovation &

value-added

capabilities

Disciplined, targeted capital investment

36


U.S. Containerboard | Industry Statistics

200

300

400

500

600

700

800

$/short ton

Containerboard Pricing

Linerboard (List Price) Medium (List Price) Linerboard (OMP) Medium (OMP)

Source: RISI

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

37

$200

$300

$400

$500

$600

$700

$800

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


Economic Indicators and U.S. Box Demand

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

70

80

90

100

110

120

130

140

20

01

20

02

20

03

2004

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Indexed 1

00 =

2001

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


373 378

390 396

405 401

380 379 380

391 391 395 390

374

345

357 359 360 360 364

369 373

378

389

399

410

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

Sh

ipm

en

ts (

BS

F)

U.S. Corrugated Packaging Shipments

39

Historical Data Source: Fibre Box Association

2016-2020: 2.4% CAGR (RISI – August 2016, 5-yr forecast)

RISI Forecast


Wood / OCC Fiber Breakeven

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

2012

2014

40

2013

1 RISI national average OCC price, adjusted for delivery 2 Forest2Market chip equivalent basis index price

2015

1Q16 2Q16

3Q16


Brazil Industrial Packaging | Overview

41

Paulinia Mill

Manaus Box Plant

Box plant

Mill

Rio Verde Box Plant

Paulinia Box Plant Suzano Box Plant Franco da Rocha Mill

Nova Campina Mill

2015 Sales of US $228 Million

Three Containerboard Mills

Four Box Plants

~340 Thousand Tons of Containerboard

Capacity

Sustainable Fiber Supply

Corrugated Domestic Supply Position ~7%

3.8MM

tons¹

1: 2014 Brazilian Board Association (ABPO)

Klabin 17%

WRK 8%

IP 7%

Trombini 6%

Irani 6% Penha

5%

Smurfit Kappa

4%

Others 47%


IP Global Coated Paperboard Footprint | Total of 1.6 Million Tons

Coated paperboard mill

North America

1.2 Million Tons

Europe/Russia

370,000 Tons

42

Reflects repurposing of Riegelwood mill to pulp


24%

38%

4%

39% 17%

9%

15% 24%

20% 12%

60%

9%

5%

21%

Folding 2.1 MM tons

Cupstock 1.0 MM tons

Liquid 1.3 MM tons

Industry Production by IP’s Key Segments1

N.A. Solid Bleached Sulphate | Supply Positions

1 Does not include Coated Bristols, Platestock, Dish, Tray and others

Folding includes tobacco; Liquid Packaging includes Aseptic

Source: 2015 RISI Capacity with IP Riegelwood excluded; AF&PA; IP Analysis

WRK 31%

IP 21%

GP 14%

Rank Group 13%

Clearwater 13%

0

Weyco 5%

Industry Capacity for All Segments

43

5.7MM

Tons

~Flat +1.8% (1%)

CAGR 2016 - 2019


N.A. Consumer Packaging at a Glance

Coated Paperboard mill Foodservice plant

Packaging includes folding carton, liner and liquid; Foodservice includes cupstock and platestock

Specialty Coffee

Theater, Convenience,

Hospitality Packaging

N.A. Consumer Packaging Business ~ $2 Billion Annual Revenue

IP Coated Paperboard ~1.2MM Tons

Quick Service

Food Service

IP Foodservice


$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

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

Ma

nu

fac

turi

ng

Co

sts

$/T

on


Cash Cost + Delivery to Chicago

Coated Paperboard Global Cost Curve | IP N.A. Capacity in 1st Cost Quartile

Source: FisherSolve™ 2Q16 data

Texarkana

Augusta

45


N.A. Coated Paperboard Historical Financials

219 200 187 211

251

358

254 203 205 203

15%

13%

11%

15% 16%

22%

17%

13% 13% 14%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Adj.

EBITDA1

$ MM

Adj.

EBITDA1

%

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

46


U.S. Coated Paperboard | Industry Statistics

$450

$550

$650

$750

$850

$950

$1,050

$1,150

$1,250

$/short ton Folding Cartonboard Prices

Bleached Unbleached Recycled

Source: RISI; Series B prices introduced in January 2016 replacing the transaction price series

47


U.S. Cup Market

48

• 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

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

34% 29% 23%

17% 20% 23%

49% 51% 54%

0

20

40

60

80

100

120

2010 2014 2018

U.S. Cup Demand Market Segmentation

Foam Plastic Paper

Single-Use Foodservice Cup Demand

(Billions) 2010 2014E 2018F

2014-18

CAGR

Paper 52 54 58 1.6%

Hot 15 18 23 6.6%

Cold 37 36 35 (1.1%)

Plastic 18 21 25 4.4%

Foam 36 31 25 (4.7%)

TOTAL 106 106 108 0.5%


IP Global Papers Footprint | Total of 4.4 Million Tons1

1 Does not include llim JV

Brazil

1.1 MM

N. America

2.0 MM

Europe

0.7 MM

Russia

0.4 MM

Uncoated paper mill

India

0.2 MM

ILIM

0.3 MM


Domtar 35%

IP 22%

PCA 10%

GP 10%

Other 23%

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%

2016 Producer Position Top 2 = 57%

Top 3 = 67%

Note: 2016 producer position adjusted for Domtar Ashdown,

1998, 2016 Source: Poyry Consulting, Fisher International, IP analysis

N.A. Uncoated Freesheet Supply | Supply Positions

50


0%

20%

40%

60%

80%

100%

Riverdale Ticonderoga Eastover Georgetown Franklin Riegelwood Pensacola

% G

rad

e / M

ix

Pulp Non UFS Uncoated Freesheet Containerboard 1

Printing Papers & Pulp Mill System | 3.6MM Tons Capacity

1 Non UFS includes Kraft Bag and Uncoated Bristols

Source: IP analysis

Paper

(M Tons) 650 300 730 320 0 0 0

Pulp

(M Tons) 0 0 110 360 320 800 190 C

ap

ac

ity

51


$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

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

Man

ufa

ctu

rin

g C

osts

$/T

on


Cash Costs + Delivery to Chicago

Uncoated Freesheet Global Cost Curve | 71% of IP N.A. Capacity in 2nd Cost Quartile

Source: FisherSolve ™ 2Q16 data

Georgetown

Riverdale

Ticonderoga

52

Eastover


314

575 657 657

513 539 598

499

310 253 261

10%

16%

19% 19% 18%

20%

22%

18%

12% 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

Adj. EBITDA1

%

Adj. EBITDA1

$ MM Papers Only

N.A. Printing Papers | Margin History

53

Tons (MM)

4.0 4.1 3.9 3.5 3.0 2.8 2.7 2.7 2.6 2.0 2.0



N.A. Printing Papers Relative Adj. EBITDA Margins

54

20.4%

14.8%

12.0%

15.0%

13.4% 14.0%

21.3%

19.1%

17.3%

IP PCA Domtar

3Q15 2Q16 3Q16

1 Trailing twelve months

Excludes N.A. Pulp

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

Competitor Adjusted EBITDA margin estimates obtained from public filings and IP analysis

TTM1

16.0% TTM1

14.8%

TTM1

15.0%


U.S. Uncoated Freesheet Demand

Historical Data Source: AF&PA

2016 – 2020: -2.0% CAGR (RISI June 2016 15-yr Forecast)

11.6 12.2 12.4

13.3 13.0 13.2

13.7 13.6 14.0 13.9

12.6 12.4 12.3

12.6 12.0

12.3 11.9

10.9

9.7 9.6 9.3 8.9 8.8

8.0 8.0 8.1 7.9 7.7 7.6 7.5

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

Mil

lio

n T

on

s

55

RISI Forecast


U.S. Uncoated Freesheet | Industry Statistics

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$/short ton

Uncoated Freesheet Pricing Trends

RISI 20# Cutsize RISI 50# Offset

Source: RISI

56


Latin American Uncoated Freesheet Market

0

50

0

1,0

00

1,5

00

2,0

00

2,5

00

Brazil

Argentina

Colombia

Chile

Peru

Venezuela

Other LatAm

Thousand Short Tons

Demand

Capacity

Latin America is a Net Exporter

Demand Capacity @

91% Op. Rate* Net Exports

2.8 MM 3.0 MM 0.2 MM

Supply & Demand

57

* Excluding Mexico

Source: Ibá / AFCP / RISI / Fisher / IP Estimates

Top 6 Producers > 80%

Others

Smurfit

Kappa

Ledesma

Celulosa

Argentina

Propal

IP

Suzano

35%

30%

6%

4%

4%

3%

18% IP

Suzano

3.3MM

tons


IP Brazil Uncoated Freesheet | At a Glance

Mogi Guacu Luiz Antonio Três Lagoas IP Brazil

UFS Paper

Machines 4 2 1 7

UFS Capacity (thousand tons)

463 408 259 1,130

Market Pulp (thousand tons)

33 110 - 143

58


IP Brazil | Historical Financials

59

280

317

228

296 320

293

334 326

275

33% 33%

24%

27% 27% 26%

31% 31% 31%

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

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



IP India Printing Papers | APPM

Hyderabad

Rajahmundry

Kadiyam

Corporate Office

UFS Paper Mill

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

Successful farm forestry program

IP leaders on ground with APPM

management team to assist with

optimization of assets

Platform for potential growth in

paper and packaging


Global Market Pulp | Bleached Softwood Pulp

North America North America

Latin America Latin America

Western Europe Western Europe

Eastern Europe Eastern Europe

Asia Asia

Rest of World Rest of World

0

5

10

15

20

25

30

2015 2019

Mil

lio

n T

on

s

2015 – 2019

CAGR

1.1%

2.4%

2.6%

(1.4%)

(0.8%)

(0.2%)

Source: PPPC

Global Demand = 26.8 → 27.7MM tpy

CAGR = 0.8%

61


Global Market Pulp | Fluff Pulp Demand

North America North America

Latin America Latin America

Western Europe Western Europe

Eastern Europe Eastern Europe

Asia

Asia

Other

Other

0

1

2

3

4

5

6

7

8

2015 2019

Mil

lio

n T

on

s

2015 – 2019

CAGR

5.2%

5.6%

1.6%

2.0%

1.3%

2.8%

Source: IP analysis

Global Demand = 5.8 → 6.8MM tpy

CAGR = 3.8%

62


Pulp mill

63

IP Global Pulp Capacity | Total of 2.3 Million Short Tons1

Ilim JV

1.8 MM

Europe / Russia

0.3 MM N. America

1.8 MM

L. America

0.2 MM

1 Does not include llim JV


Global Fluff Pulp Industry | Trade Flows – 2015

Net Import Locations Net Export Locations

Global Demand = 5.8MM stpy

Import

(1.0)MM

87.0% Export

5.1 MM

Import

(0.5)MM

Import

(0.8)MM

Import

(2.4)MM

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


65

Riegelwood & N.A. Pulp System Update

Growing Pulp business

Riegelwood Mill startup underway

Additional 400,000 tons of capacity

on line by mid-year 2016

Flexibility to produce softwood

market pulp while fluff demand

ramps up

IP will have 1.7MM tons of pulp

capacity in N.A. (~1.5MM tons of

which can be fluff)

2007 2009 2013 Post Conversion

Fully Ramped

IP’s Total Fluff Pulp Capacity

~1,500

Th

ou

sa

nd

To

ns

World Demand for Fluff Pulp

50%

~

50%

Source: Poyry World Fibre Outlook up to 2030


Pulp | Industry Statistics

0

200

400

600

800

1,000

1,200

USD/admt Global Pulp Prices

NBSK (dne) BEK (dne) Fluff (dne)

Source: RISI

Global pulp prices delivered to Northern Europe; Units shown in metric tonnes

66


IP Russia & Ilim JV | Manufacturing Overview

Ilim JV Production1 2014 2015

Bratsk Mill

Total 995 1,163

• Softwood bleached pulp 525 672

• Hardwood bleached pulp 270 293

• KLB 200 198

Koryazhma Mill

Total 1,335 1,353

• PM7 paper 195 188

• PM7 CFS 20 50

• Pulp (BHKP, UKP) 320 311

• KLB and others 800 804

Ust-Ilimsk Mill

Pulp (BSKP, UKP) Total 865 857

IP Russia Production1

Svetogorsk 2015

Total 699

• Coated Paperboard 114

• Pulp (soft/hardwood) 175

• Fine Papers 410

1 Volumes shown in thousand short tons

Koryazhma

Bratsk Ust-Ilimsk

China

Kazakhstan Mongolia

Svetogorsk

Well-Positioned to Serve Target Markets

67


$0

$200

$400

$600

$800

$1,000

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

Man

ufa

ctu

rin

g C

osts

($

/To

n)

Cumulative Capacity (Thousand Tons)

Cash Cost + Delivery to Beijing

68

Ilim Joint Venture | Well-Positioned to Serve Growing Pulp Markets

China will account

for more than 60% of

world’s incremental

market pulp growth

1st quartile cost positions

with favorable access to

China NBSK market

Access to significant

Russian wood basket

2014 - 2030

China

13 MM

Rest of

World

8 MM

1 Source: Poyry World Fibre Outlook up to 2030 (Metric Tonnes) 2 Source: FisherSolve™ 4Q15 data

Ust-Ilimsk

Bratsk

2

Bratsk

(Pre-Project)


Ilim Joint Venture | Full Year Financials

69

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

Adj. 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 1 Represents F/X impact primarily related to Ilim JV USD-denominated net debt (balance of ~$0.7B at year end 2015)


Ilim Joint Venture | 3Q16 vs. 2Q16

70

$ Million 3Q15 2Q16 3Q16

Sales Volume (thousand tons)

828 866 849

Sales $477 $473 $473

EBITDA $18 $170 $170

F/X (Impact of USD Net Debt1) ($176) $18 $2

Adj. Operational EBITDA2 $194 $152 $168

IP Equity Earnings (Loss)3 ($9) $46 $46

Strong operational performance with continued good execution

4Q outlook slightly lower than prior quarter; increased volume expected to be

more than offset by seasonally higher wood cost

Ilim JV results are on an IFRS basis with the exception of IP Equity Earnings which is US GAAP 1 Represents F/X impact primarily related to Ilim JV USD-denominated net debt (balance of ~$0.6B at end of 3Q16); Ilim Group’s functional currency is the

Ruble (RUB); Non-functional-denominated currency balances are measured monthly using the month-end exchange rate

2 Before F/X impact primarily on USD-denominated net debt 3 IP Equity Earnings (Loss) for 3Q16 and 2Q16 include after-tax F/X gains (primarily on USD-denominated net debt) of $3MM and $6MM, respectively; 3Q15 includes

an after-tax f/x loss of $(65)MM


Adj. Operating EPS

71

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

.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

.97 .97

.87

.80

.92 .91

.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

2Q

3Q

2006 2007 2010 2008

Impact of Mineral

Rights Gain

2009

.83

2011

.93 Final Land Sale

2012 2013 2014 2015 2016


$ Million 3Q15 2Q16 3Q16

Cash Provided by Operations

$837 $605 $341

Cash Invested in Capital Projects

($325) ($328) ($266)

Cash Contribution to Pension Plan

- $250 $500

Free Cash Flow $512 $527 $575

Free Cash Flow

72


Balance Sheet | Financial Strength $

Bill

ion

2.9x

$9.5 Balance

Sheet

Debt

$1.1 Op. Lease Adj. $0.8 Op. Lease Adj.

$3.9 Pension Gap

[2.3x]1

2014 2013 2015

3.2x

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 Adjusted EBITDA of $4.1B 2 Simple Debt Coverage: Balance Sheet Debt / 2014 Reported Adjusted EBITDA of $4.1B 3 Simple Debt Coverage: Balance Sheet Debt / 2015 Reported Adjusted EBITDA of $3.9B

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

Pension gap decreased by $0.3B

Made $750MM voluntary pension

contribution

Significant debt restructuring mid-2015

Bond issue and tender offer

successfully reduced debt towers

Raised dividend 10% to $1.76/share

Continued share buybacks of ~$500MM

$1.0B cash balance at year end

$9.4 Balance

Sheet

Debt

[2.3x]2

$0.5 Op. Lease Adj.

$2.2 Pension Gap

3.2x

$9.3 Balance

Sheet

Debt

$3.6 Pension Gap

[2.4x]3

2015 Highlights


$0

$200

$400

$600

$800

$1,000

$1,200

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

Mil

lio

n

Debt Maturities Other Debt

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

Debt Maturity Profile | Maturities as of September 30, 2016

1

74


25%

50%

75%

100%

125%

$0

$300

$600

$900

$1,200

$1,500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Maintenance Regulatory Strategic Cost Reduction % of Depreciation

$ Million % of

Depreciation

Reflects continuing operations

Capital Spending

75

~$1,300


Pension Plan Update | As of September 30, 2016

• No contribution 1960-2005;

$2.5B contribution 2006-2013

• $1.1B contribution made in

2014-2015

• $750MM voluntary contributions

for 2016

• No contributions required before

2019

($3.2)

($2.8)

($1.5)

($2.4)

($4.1)

($2.2)

($3.9)

($3.6)

Billio

n

Year-End Funded Status1

76

1 Reflects status as of December 31


Pension Plan Update1 | As of December 31, 2015

195

342

545

387

447

364

$0

$150

$300

$450

$600

2011 2012 2013 2014 2015 2016E

Millio

n

Annual Pension Expense2 Key Variables 2014 2015 2016E

Assumed Rate of Return

7.75% 7.75% 7.75%

Discount Rate 4.65% 4.10% 4.4%

Average Annualized Returns3

2015 1.3%

Past Five Years 7.8%

Past Ten Years 7.1%

Portfolio Asset Allocation at 12-31-15

Target Actual

Equity 43% - 54% 48%

Bonds 25% - 35% 33%

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

77


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


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


Europe 0 2 5 0 7

Total Impact $111 $170 $66 $114 $461

78


Maintenance Outages Expenses | 2016 Forecast

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

Industrial Packaging $73 $80 $44 $38 $235


Brazil 0 2 0 0 2

Printing Papers Total $66 $50 $26 $29 $171


Europe 0 8 9 14 33

Brazil 0 7 0 1 8

India 0 0 1 0 1

Consumer Packaging $19 $3 $3 $13 $38


Europe 0 3 3 1 7

Total Impact $158 $133 $73 $80 $444

79


North American Downtime

80

48 93

140 146

72 92 141 125

86

69

53

55

78

230

212

85 107

Maintenance Economic

7 18 12 15 21

0 0

41 13

4 29

31

1

31

13

29

0

30

11

25

0

12 0

18 15 12

4

29

18

131

Containerboard Uncoated Papers

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

146 150 117

0

48

Coated Paperboard

201

31

16

322

46

353

210 193


Total Cash Cost Components | 3Q16 YTD

Fiber 33%

Materials 16%

Freight 12%

Labor 13%

Energy 8%

Overhead 10%

Chemicals 8%

81

North American mills only


90

95

100

105

110

115

120

125

130

U.S. Mill Wood Delivered Cost Trend | 3Q16 Average Cost Down 3% vs. 2Q16

Cost Indexed to January 2007 values

2007 2008 2009 2010 2011 2012 2013 2014 2015

82

2016


40

60

80

100

120

140

160

180

200


U.S. OCC Delivered Cost Trend | 3Q16 Average Cost Up 16% vs. 2Q16

83

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


0

50

100

150

200

250

U.S. Natural Gas Cost Trend | 3Q16 Average Cost Up 39% vs. 2Q16

84


NYMEX Natural Gas closing prices

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


0

50

100

150

200

250

300

U.S. Fuel Oil Cost Trend | 3Q16 Average Cost Up 20% vs. 2Q16

85


WTI Crude prices

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


75

100

125

150

175

200

U.S. Chemical Composite Cost Trend | 3Q16 Average Cost Up 2% vs. 2Q16

86


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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Commodity U. S. Non – U. S.

Energy

Natural Gas (MM BTUs) 70,000,000 11,000,000

Fuel Oil (Barrels) 525,000 460,000

Coal (Tons) 200,000 600,000

Fiber Wood (Tons) 51,000,000 7,700,000

Old Corrugated Containers / DLK (Tons) 4,600,000 400,000

Chemicals

Caustic Soda (Tons) 370,000 70,000

Starch (Tons) 380,000 120,000

Sodium Chlorate (Tons) 160,000 50,000

LD Polyethylene (Tons) 40,000 -

Latex (Tons) 10,000 6,000

2016 Global Consumption | Annual Purchase Estimates for Key Inputs


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

Use all resources responsibly

Enable sustainable growth

Strengthen people and communities


Corporate Social Responsibility | Planet

89

Water

Developing a global water stewardship strategy to use water sustainably

Generating more than 70% of energy needs from renewable fuels Improved energy efficiency by 4.7% since 2010 Reduced GHG emissions by 16% since 2010

Increased third-party certified fiber by 28% since 2010 IP only accepts fiber that is legally harvested and has known origins

GHG Emissions Forest Stewardship


Corporate Social Responsibility | People

90

Safety

Reduced serious injuries by 60% since 2010

Reduced Lost Work Day Incident Rate by 8% since 2010

Named for the tenth consecutive year as one of the World’s Most Ethical Companies® by the Ethisphere Institute

Stakeholder dialogue allows us to collaborate with communities and continue to improve

Ethics & Compliance Stakeholder

Engagement

For more information visit

internationalpaper.com/sustainability


What Sets IP Apart | Sustainability Is In Our DNA

Grow. Create. Sustain.

91


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]

92


FORTUNE’S “World’s

Most Admired

Companies®” 2016

Ethisphere Institute’s

“World’s Most Ethical

Companies®” 2016

Institutional Investor’s

“Most Honored

Company” 2016

IDG’s Computerworld

“100 Best Places to

Work in IT” 2016

2015 AF&PA Better

Practices, Better Planets

2020 Sustainability Award

International Paper Brazil

Graphic Paper

Manufacture 2015

International Paper Russia

Corporate Social

Responsibility Award 2015

International Paper India

Parivartan Award 2015

International Paper Awards & Recognitions

1 From FORTUNE Magazine, March 1, 2016. © 2016 Time Inc. Used under license

1

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