International Paper Consent Solicitations.

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

13 May 2026

International Paper announces Consent Solicitations in respect of certain of DS Smith Limited's outstanding Notes

International Paper Company (NYSE: IP; LSE: IPC) ("International Paper", "IP" or the "Company") announces today that DS Smith Limited ("DS Smith"), its indirect wholly-owned subsidiary, has 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.

Further details of the Consent Solicitation can be found in DS Smith's separate announcement available at https://www.internationalpaper.com/newsroom.  

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: newsroom@ipaper.com

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