NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

4 June 2026

International Paper announces results of noteholders' meetings in respect of certain of DS Smith Limited's outstanding Notes

On 13 May 2026, International Paper Company (NYSE: IP; LSE: IPC) ("International Paper", "IP" or the "Company") announced that DS Smith Limited ("DS Smith"), its indirect wholly-owned subsidiary, had launched a consent solicitation process (the "Consent Solicitation") to eligible holders of DS Smith's outstanding €850,000,000 4.375 per cent. Notes due 27 July 2027 (the "2027 Notes"), £250,000,000 2.875 per cent. Notes due 26 July 2029 (the "2029 Notes") and €650,000,000 4.500 per cent. Notes due 27 July 2030 (the "2030 Notes") (each a "Series" and the 2027 Notes, 2029 Notes and 2030 Notes, together the "Notes"), to consent to, amongst other things, certain modifications to the terms and conditions (the "Conditions") of, and the trust deed (the "Trust Deed"), the agency agreement (the "Agency Agreement") and the final terms (the "Final Terms") for, the relevant Series to provide for (i) the substitution of International Paper in place of DS Smith as issuer and principal debtor in respect of the relevant Series; (ii) the release of the guarantee from International Paper (the "Guarantee") in respect of the relevant Series; and (iii) certain modifications to the applicable Conditions, Trust Deed, Agency Agreement and Final Terms for the relevant Series to reflect, amongst other things, that International Paper is organised in the United States (the consents in respect of each relevant Series, the "Consents").

Further to the announcement on 13 May 2026, International Paper notes that separate meetings (each a "Meeting" and together the "Meetings") of the holders of each Series (the "Noteholders") were held earlier today in connection with the Consent Solicitation. International Paper announces that, at each Meeting, the Consents in connection with the relevant Series were duly approved by an extraordinary resolution of Noteholders.

Further details of the results of the Meetings and related matters can be found in DS Smith's separate announcement available at https://www.internationalpaper.com/newsroom. For the avoidance of doubt, as set out in DS Smith's separate announcement, the determination of whether to proceed with implementing the modifications in connection with the Consents in respect of each Series (including as to timing) will be at International Paper's and DS Smith's sole discretion.

The person responsible for arranging for the release of this announcement on behalf of the Company is Joseph R. Saab, Senior Vice President, General Counsel and Corporate Secretary.

About International Paper

International Paper (NYSE: IP; LSE: IPC) creates sustainable packaging solutions that enable our customers, teammates and shareowners to thrive in an ever-changing world. We are a leader in corrugated packaging, partnering with customers across industries to protect what matters most, strengthen supply chains and create lasting value. Learn more at internationalpaper.com. 

For further information please contact:

Media: [email protected]

Investors: Mandi Gilliland; +1-901-419-4595; Michele Vargas, +1-901-419-7287