THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

23 May 2025

INTERNATIONAL PAPER COMPANY

Update to stated post-offer intention statements with regard to DS Smith plc

International Paper Company ("International Paper") announces, further to the completion of its recommended all-share combination with DS Smith plc ("DS Smith"), which was effected by way of  a scheme of arrangement under Part 26 of the Companies Act 2006 on 31 January 2025 (the "Combination"), an update to its statements of intent made pursuant to Rules 2.7(c)(viii) and 24.2(a) of the Code, which were set out in its announcement of 16 April 2024 (the "2.7 Announcement") and the scheme document published in connection with the Combination on 11 September 2024 (the "Scheme Document" and, together with the 2.7 Announcement, the "Offer Documentation").

Unless otherwise defined, capitalised terms in this announcement have the meanings given in the Scheme Document.

To improve efficiencies and to respond to the evolving needs of our customers in what are tough trading conditions for the industry, International Paper can confirm a proposal to close five of its Packaging sites in the United Kingdom. Additional proposals also include the relocation of one site, the move from 24-7 to 24-5 operations at one site and a small headcount reduction at two further Packaging sites in the United Kingdom. International Paper expects the proposals would be implemented by the end of this calendar year and that approximately 300 roles may be affected. Although the proposals result from a strategic review by the UK business, as part of International Paper's transformational journey to become a stronger sustainable packaging solutions company, they constitute an update to the intentions with respect to DS Smith set out in the Offer Documentation. A consultation process with employees and unions is ongoing and until such time as it has progressed we cannot comment further on its scope or the potential impact on employees.

About International Paper 
International Paper (NYSE: IP; LSE: IPC) is the global leader in sustainable packaging solutions. With company headquarters in Memphis, Tennessee, USA, and EMEA (Europe, Middle East and Africa) headquarters in London, UK, we employ more than 65,000 team members and serve customers around the world with operations in more than 30 countries. Together with our customers, we make the world safer and more productive, one sustainable packaging solution at a time. Net sales for 2024 were $18.6 billion. In 2025, International Paper acquired DS Smith creating an industry leader focused on the attractive and growing North American and EMEA regions. Additional information can be found at www.internationalpaper.com.

For further information please contact:

Investor Inquiries
Michele Vargas
Director, Investor Relations
+1 901 419 7287

Media Inquiries
Amy Simpson 
+1 901 419 4964
newsroom@ipaper.com