investor roadshow i q2 2018 · investor roadshow i q2 2018 2 certain statements in these slides and...

Investor Roadshow I Q2 2018

Investor Roadshow I Q2 2018 2

Certain statements in these slides and made during this presentation may be considered forward-looking statements. Words such as “expects”, “anticipates”, “continues to believe”, “estimates” and similar expressions identify forward-looking statements. The forward-looking statements include, but are not limited to, EBITDA growth. 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 thesestatements. 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 forour 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) our ability to achieve the benefits we expect from strategic acquisitions, divestitures and restructurings, (viii) International Paper announcing its firm intention to make an offer for Smurfit Kappa; (ix) the willingness of the Smurfit Kappa Board to recommend a transaction with International Paper, and (x) other factors that can be found in International Paper’s press releases and U.S. Securities and Exchange Commission (the “SEC”) filings. 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 the Company’s SEC filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-Looking Statements


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.

Statements Relating to Non-GAAP Measures


All financial information and statistical measures regarding our 50/50 Ilim joint venture in Russia (“Ilim”)

and our 20.5% ownership interest in a subsidiary of Graphic Packaging Holding Company, other than

historical International Paper Equity Earnings and dividends received by International Paper, have

been prepared by the management of Ilim and Graphic Packaging Holding Company, respectively.

Any projected financial information and statistical measures reflect the current views of Ilim and

Graphic Packaging Holding Company 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.”

Ilim JV and Graphic Packaging Investment Information


Investment Thesis


IP Investment Thesis

Our Vision

To be among the most successful,

sustainable and responsible

companies in the world

Our Mission

To improve people’s lives, the planet and

our company’s performance by

transforming renewable resources into

products people

depend on every day


IP Investment Thesis | About Us

We are one of the world’s leading producers of fiber-based

packaging, pulp and paper

We transform renewable resources into recyclable products

people depend on every day

We do the right things, in the right ways, for the right reasons,

all of the time.

Who

We Are

What

We Do

How

We Do It


“The IP Way Forward is how

we go beyond just doing the

right things; it’s how we create

long-term value for all IP

stakeholders.”

Mark S. Sutton,

Chairman and Chief Executive Officer

IP Investment Thesis | The IP Way Forward


Delivers strong and sustainable free cash flows

Increases intrinsic value with return spreads above our cost of capital (ROIC > WACC)

Supports policies to return capital to shareholders

Strong balance sheet

Fiber-based Packaging, Pulp and Paper

Good market growth rates

Customers and markets that value our products and innovations

Strong growing supply positions

Access to the best global customers and segments

Low cost, competitive assets

Operational excellence

Availability and access to low cost, sustainable fiber

Capability to provide both

differentiated and innovative value propositions

Opportunity for optimization and productivity gains

Strategy

Advantaged Positions Attractive Markets Shareholder Value

IP Investment Thesis | Leveraging Selective Choices

9

Renewable Natural Resources


Strong and sustainable free cash flow to:

Fund dividends (40-50% of FCF)

Maintain healthy balance sheet and credit rating

Enable opportunistic share buybacks

Reinvest in the businesses and strengthen portfolio

Strong and sustainable

Free Cash FlowImprove what we have:

Manufacturing excellence efforts

Commercial optimization

Capital Allocation Value Creation Levers

Shareholder Value

Targeted investments (IRR>WACC):

Integrate newly-acquired pulp business and deliver synergies

N.A. Industrial Packaging projects

Riverdale 15 conversion

Madrid mill acquisition / conversion

Increase value creation

Exceed shareholders’ TSR

expectations

IP Investment Thesis | Delivering Shareholder Value


Capital Allocation | IP’s Balanced Use of Cash

Cash

From

Operations

Systematically Return Cash to Shareholders

Trough-Tested Sustainable Dividend (40% − 50% of FCF)

Opportunistic Share Repurchases

Selective Reinvestment

Value-Creating, Healthy Spread

Above Cost of Capital

Improving Competitive Position

Maintain Strong Balance Sheet & Credit Rating

Appropriate Liquidity & Debt Coverage

Proactively Manage Pension Plan

Effective Capital Spending

Maintenance & Regulatory Needs

High Return, Cost Reduction Projects

11


Annualized Dividend Share Buybacks

$1.5B share buyback (September 2013)

Additional $1.5B authorization

(July 2014)

$1.05 $1.20

$1.40

$1.60

$1.76 $1.85 $1.90

4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17

Delivering on Our Commitments For Value Creation

Running our businesses well and generating strong FCF; Returns consistently above cost of capital

Robust Capital Allocation Strategy

Maintain Strong

Balance Sheet

Strategically

Reinvest in Business

Return Cash to

Stakeholders



$1.6

$1.8

$2.1

$1.8 $1.9$2.0

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$ B

illio

ns

Transformation:

$0.5 Billion (average)

5-Year Average$1.9 Billion

13

Free Cash Flow, a non U.S. GAAP measure, 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, 2016 & 2017, 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 $30MM cash received from Guaranty Bank insurance reimbursements. For 2015 onward, see slide #59 for a reconciliation of cash provided by operations to Free Cash Flow.

Strong, Sustainable Free Cash Flow

Global Economic Recession



4.5%

6.3%

7.5%

6.5%5.0%

8.1%

9.5%

8.3%

9.7%9.2%

11.4%

10.0% 9.9%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

14

Years 2013-2017 restated to reflect N.A. Consumer Packaging and xpedx as discontinued operations. Years 2005-2012 are as reported in the 10-K for each year at time of filing1 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]

2017 WACC

Expanded Spread of Adj. ROIC1 |Above Cost of Capital

Increasing Shareholder Value

5-Year

Average

10.0%


Market

Fundamentals

Robust global demand across core businesses

High mill operating rates

Earnings

Runway

Packaging and pulp volume

Price flow-through from 2017 increases

Recent price increase realization (all businesses)

Product and segment mix optimization

Non-price cost reduction projects & initiatives

Near-term

Catalysts

Madrid Recycled CB Mill start-up (late 2Q18)

Commercial excellence and product innovation

Industrial Packaging mill capacity enhancements

Cellulose Fiber post-synergy optimization

Cash

Generation Strong and sustainable free cash flow

Clear line of sight to full-year 10%+ EBITDA growth

15

3.2

3.7

10%+

2016 2017 2018E

Adjusted EBITDA1

($MM)

Key Takeaways & Outlook

Earnings Presentation I First Quarter 2018

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


Business Overview


Transformation Plan

Divestitures & Strategic

Reinvestment

Global Economic

Recession

IP Achieves Cost of

Capital Returns

N.A. Weyco Pkg.Acquisition

Russia Ilim JV

India APPMAcquisition

China Sun JV

Brazil VCP Land / Mill Swap

Coated Papers

Wood Products

Forestland

Kraft Paper

Chemicals

Beverage Pkg.

$11BAsset Sales

China SCA Pkg.

BrazilGrupo Orsa Pkg.

N.A. TINAcquisition

Turkey Olmuksan Pkg.

Franklin Fluff Pulp Conversion

TIN Bldg. Products Sale

xpedx Spin-Off

RiegelwoodFluff Pulp ConversionValliant

PM3

Sun JV& Asia Box Sale

Madrid millAcquisition

Weyco Pulp BusinessAcquisition

IP Transformation Timeline/Plan

2005-2007 2011+2008-2010

17

NA Consumer Packaging Transfer


North America

Brazil

EMEA & Russia

India

$17.6BNet Sales

$1.2BNet Sales

$3.0BNet Sales

$0.2BNet Sales

Full-year 2017 net sales data1 Ilim JV total sales are not consolidated (IP owns 50% of JV)

$2.2B1

International Paper 2017 Global Portfolio in Packaging,

Pulp and Paper

Positioned in attractive markets with low-cost assets that generate strong free

cash flow and returns that exceed our cost-of-capital

Total Sales

Ilim JV


Industrial

Packaging

Printing

Papers

Global

Cellulose

Fibers

Revenue by

Business1

North

AmericaBrazil

EMEA

Russia

% Total

Adjusted

EBITDA2

19

1st

1st

2nd

1st 1st

*Fluff pulp capacity based on Poyry1 Based on 2017 sales 2 Based on 2017 Adj. EBITDA Margins; From continuing operations before special items and non-operating pension expense; does not

reflect equity earnings from Ilim JV

1st*

Strong Domestic Market Positions

North America

Latin America

EMEA

Russia

India

Ilim

Pulp

69%12%

19%

84%8%

5%

3%


% of exports volume

shipped to select regions

IP N.A. Exports | Leveraging Strategic Export Opportunities

Latin America

EMEA

Asia~45%

~15%

~10%

~45%

~45%

~40%

Fluff Pulp(~90% of N.A. production)

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


~55%

% of exports volume

shipped to select regions~20%

Brazil & Russia Exports | Leveraging Strategic Export Opportunities

Latin America

EMEA Asia~80%

~40% ~5%

Softwood Pulp(~50% of Russia production)

Uncoated Freesheet(~50% of Brazil production)


0.30.4

0.5

0.8

1.3 1.3

1.6

2.0

2.52.7 2.7

2.42.6

9%

13%15% 15%

19%18%

20%19%

22%24% 24%

22% 22%

0%

5%

10%

15%

20%

25%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Tho

usa

nd

s

22

Bu

sine

ssA

dj. E

BITD

A ($

B)

Weyco Packaging

Acquisition & Integration

Ad

j. E

BIT

DA

%

IP Adjusted EBITDA margins based on North American Industrial Packaging operating profit before special itemsExcludes the Recycling Business and revenue from trade volumes

TIN Acquisition &

Integration

N.A. Industrial Packaging | Track Record of Success

Growth and Margin Expansion through Strategic Acquisitions and Successful Integrations




2015 2016 2017

Sales ($B) $20.7 $19.5 $21.7

Adjusted EBIT1($MM) $2.5 $2.1 $2.4

Adjusted Operating EPS2 $3.44 $3.09 $3.49

Adj. Operating EPS w/ Disc. Ops3 $3.65 $3.35 $3.66

Ilim F/X4 impact to Operating EPS ($0.18) $0.06 $0.04

Adjusted EBITDA1 ($MM) $3.7 $3.2 $3.7

Adjusted EBITDA Margin1 17.7% 16.6% 17.2%

Equity Earnings ($MM) $117 $198 $177

Free Cash Flow5 ($MM) $1.8 $1.9 $2.0

Year-End Debt $9.3 $11.3 $11.2

23

1Q18

2016

1Q17

Full-Year 2017 Financials

All financials, with the exception of Free Cash Flow, have been restated to reflect N.A. Consumer Packaging as a Discontinued Operation from 2013 onward1 From continuing operations before special items and non-operating pension expense2 Adjusted operating EPS based on Adjusted Operating Earnings (defined as Net Earnings (GAAP) from continuing operations beforespecial items and non-operating pension expense3 Excluding non-operating pension expense and special items related to discontinued operations of ($0.07) and ($0.02), respectively in 2017 (2016 includes ($0.01) related to xpedx)4 Represents F/X impact including that related to Ilim JV USD-denominated net debt (balance of ~$0.9B at year end 2017)5 See slide #60 for a reconciliation of cash provided by operations to Free Cash Flow

$1.8

$1.9

$2.0

FCF4

($MM)

2015

2017


First Quarter 2018 Results

24

Strong global demand with solid market fundamentals

Continued domestic and export price realization from

recent initiatives across all three businesses

Good execution managing through weather disruptions

and other unusual events / ~$(50)MM cost impact

Progress on customer segment growth initiatives,

commercial excellence and innovative products

Completed heavy planned maintenance outage

quarter of 2018

ILIM JV delivered record financial performance of $92MM

in equity earnings

$0.56

$1.27

$0.94

Adjusted Operating EPS1

1Q18

4Q17

1Q17

1 Adjusted operating EPS based on Adjusted Operating Earnings (defined as Net Earnings (GAAP) from continuing operations before special items and non-operating pension expense)


1Q17 4Q17 1Q18

Sales ($B) $5.1 $5.7 $5.6

Adjusted EBIT1($MM) $404 $831 $535

Adjusted Operating EPS2 $0.56 $1.27 $0.94

Ilim F/X3 impact to Operating EPS $0.06 $0.01 $0.00

Adjusted EBITDA1 ($MM) $724 $1,170 $860

Adjusted EBITDA Margin1 14.1% 20.5% 15.3%

Equity Earnings ($MM) $48 $64 $95

Free Cash Flow4 ($MM) $259 $732 $174

25

$724

$1,170

$860

Adjusted EBITDA1

($MM)

1Q18

4Q17

1Q17

First Quarter 2018 Financials

All financials, with the exception of Free Cash Flow, have been restated to reflect N.A. Consumer Packaging as a Discontinued Operation from 2013 onward1 From continuing operations before special items and non-operating pension expense2 Adjusted operating EPS based on Adjusted Operating Earnings (defined as Net Earnings (GAAP) from continuing operations before special items and non-operating pension expense3 Represents F/X impact including that related to Ilim JV USD-denominated net debt (balance of ~$1.0B as of March 31, 2018)4 See slide #60 for a reconciliation of cash provided by operations to Free Cash Flow


Appendix


Appendix | Table of Contents

Industrial Packaging……………….………………………………….…..28-38

Global Cellulose Fibers……………………………………………….......39-44

Printing Papers..……….……………………………………………………45-53

IP Russia & Ilim Group.………….….……………………………….…….54-57

Graphic Packaging Investment…………………………………….…..58

Other Financial Information…..………………………………….….......59-78

Global Citizenship………….…..………………………………….….......79

Contact Information……………….………………………………….…..80

27


IP

32%

WRK

19%GP

10%

PCA

9%

KapStone

4%

Others

26%

28

Source: 2018 estimated effective containerboard capacity based on RISI Capacity Reports, SEC Filings, and IP data and analysis

2018 Producer Position

Top 5 = 75%

Stone

13%

Smurfit

7%

GP

9%

WY

7%

IP

7%TIN

7%

Others

50%


Top 5 = 43%

N.A. Containerboard | Supply Positions



Non-U.S.~10%

IP Box Plants~80%

Open Market~20%

U.S.~90%

Export~65%

Domestic~35%

EMEA~45%

Lat Am~40%

Asia~15%

N.A. Mill System Capacity~13.5 Million Tons

Containerboard~13.0 MillionTons

Other Uses1

~0.5 MillionTons

1 Includes Saturating Kraft /Gypsum LinerSource: 2018 estimates based on IP data and analysis

IP N.A. Industrial Packaging | Balanced Global Strategy

IP’s channels to market provide choices for maximizing value


Estimated 2018

Global Demand

= 189MM tons

Net Export, Tons

Net Import, Tons

Countries with Net Import or Export greater than 100M tons…

Source: 2018 RISI trade estimates and IP Analysis

Europe

5.1MM

Europe

4.6MM

N America

5.1MM

Africa

1.6MM

S America

0.3MM

S America

1.1MM

C America

2.6MM

Africa

0.4MM

Mid East

1.1MM

Asia

1.5MM

Oceania

0.8MM

Global Containerboard Industry | Total Containerboard Trade Flows


Source: 2018 estimates based on IP data and analysis; chart includes Saturating Kraft & Gypsum liner

IP N.A. Containerboard Mill System | ~13.5MM Tons Capacity


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Ma

nsf

ield

Va

llia

nt

Pra

ttv

ille

Sa

va

nn

ah

Ce

da

r

Riv

er

Re

dR

ive

r

Pin

eH

ill

Ro

me

Bo

ga

lusa

Ora

ng

e

Sp

rin

gfie

ld

Vic

ksb

urg

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nsa

co

la

Ma

ysv

ille

Ne

wp

ort

He

nd

ers

on

Xa

lap

a

Tho

usa

nd

s To

ns


Linerboard Global Cost Curve | 99.8% of Capacity in 1st Quartile


$0

$200

$400

$600

$800

$1,000

$1,200

0 20,000 40,000 60,000 80,000 100,000

Ma

nu

fac

turin

g C

ost

s ($

/To

n)

Cumulative Annual Production (Thousand Tons)

Cash Costs + Delivery to Chicago

Orange

Pine Hill

Valliant

Cedar

Rapids

Maysville

Prattville

Henderson

Vicksburg

Rome

Red River

Bogalusa

Pensacola

Savannah

Springfield

Newport

Mansfield

Source: FisherSolve ™ 3Q17 data


Note: IP Mix, 2017, Industry Mix 2016Source: IP analysis

59%17%

24%

33

Box

Shipments

by Segment

IP Well-Positioned in Attractive Customer Segments


Market SegmentIP

Mix

Industry

Mix

Food & Beverage 59% 49%

Processed Food

Protein

Produce

Beverage

Durable Goods & Distribution 24% 21%

Shipping & Distribution

Building Materials

Other Durables

Other Non-Durable Goods 17% 30%

Paper Products

Chemicals & Pharma

Other Non-Durables


Targeting to complete conversion mid-2019

N.A. Containerboard Mill System

Riverdale Mill Conversion | Investment Overview

Strategic Rationale: Supports growth in our strategic markets

Enhances world-class mill system and significantly improves our whitetop linerboard cost

Improves system flexibility

Improves our whitetop linerboard product offering

Investment:

$300MM to convert No. 15 paper machine from uncoated freesheet to high quality whitetop virgin containerboard; will add 450k tons of capacity

Timing:


Source: RISIAs of Jan 2015, RISI only reportsOMP = Open Market Price

U.S. Containerboard | Industry Statistics

200

300

400

500

600

700

800

200

300

400

500

600

700

800

Ja

n-0

5

Ap

r-0

5

Ju

l-05

Oc

t-0

5

Ja

n-0

6

Ap

r-0

6

Ju

l-06

Oc

t-0

6

Ja

n-0

7

Ap

r-0

7

Ju

l-07

Oc

t-0

7

Ja

n-0

8

Ap

r-0

8

Ju

l-08

Oc

t-0

8

Ja

n-0

9

Ap

r-0

9

Ju

l-09

Oc

t-0

9

Ja

n-1

0

Ap

r-1

0

Ju

l-10

Oc

t-1

0

Ja

n-1

1

Ap

r-1

1

Ju

l-11

Oc

t-1

1

Ja

n-1

2

Ap

r-1

2

Ju

l-12

Oc

t-1

2

Ja

n-1

3

Ap

r-1

3

Ju

l-13

Oc

t-1

3

Ja

n-1

4

Ap

r-1

4

Ju

l-14

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

$/short ton

Containerboard Pricing

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

$200

$300

$400

$500

$600

$700

$800

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

$/short ton


Source: Oxford Economics; RISI North America Containerboard Historical Data

70

80

90

100

110

120

130

140

Ind

ex

ed

10

0 =

20

01

US Box Shipments

US Nondurable Industrial Production

US GDP

US Industrial Production

Economic Indicators and U.S. Box Demand

36Investor Roadshow I Q2 2018


373 378390 396

405 401

380 379 380391 391 395 390

374

345357 359 360 360 364 369

376386

395405

411418

425

Sh

ipm

en

ts (

BSF)

37

Historical Data Source: Fibre Box Association2018-2022: 1.8% CAGR (RISI – February 2018, 5-yr forecast)

RISI Forecast

U.S. Corrugated Packaging Shipments


Wood / OCC Fiber Breakeven

38

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

1 RISI national average OCC price, adjusted for delivery2 Forest2Market chip equivalent basis index price

2013

2015

2016

2017

2014

2012


~75%

~25%

Current

Product Mix1

Total Capacity ~3.6MM MTPY Targeted Mix

Fluff Pulp & Specialties 2.7MM 85%

Market Pulp 0.9MM 15%

1 North American production. Combined businesses, with Riegelwood PM18 running SW market pulp, figures exclude Kwidzyn

Global Cellulose Fibers | Business Overview

Franklin, VA

New Bern, NC

Riegelwood, NC

Georgetown, SC

Port Wentworth, GA

Flint River, GA

Eastover SC

Pensacola, FL

Columbus, MS

Grand Prairie,

Alberta

Saliat, France

Kwidzyn,

PolandGdansk,

Poland

Svetogorsk, Russia

Fluff Pulp &

Specialties

Market Pulp

Market Pulp Mill

Fluff Pulp Mill

Converting facilities



0

2,000

4,000

6,000

8,000

10,000

12,000

2010 2014 2018 2022

GD

P/C

ap

ita

(U

SD

)

SEA MEA China Latin America

Source: IHS Global Insights 40

Absorbent Hygiene Products (AHP) Outlook | Demand & Growth

AHP demand linked to GDP growth in emerging markets


North America North America

Latin America Latin America

Western Europe Western Europe

Eastern Europe Eastern Europe

AsiaAsia

Rest of World

Rest of World

0

5

10

15

20

25

30

2018 2022

Source: PPPC March 2018 Forecast Research Note

26.0MM MTPY 27.6MM MTPYCAGR = 1.5%

Global Market Pulp Demand Outlook | Bleached Softwood

2018 – 2022

CAGR

1.0%

3.1%

3.3%

(1.3%)

0.2%

1.3%


Source: 1Price Hanna 2017 Outlook For Absorbent Products, RISI, IP analysis

North America

Latin America

EMEA

Asia

2017 - 2021

CAGR

2.1%

3.1%

7.6%

3.1%Airlaid 11%

Adult Incontinence

33%

Feminine Care23%

Baby Diapers34%

Fluff Demand by Region and End Use1

2.7%

3.6%

6.3%

1.5%

2017 - 2021

CAGR

Global Cellulose Fibers | Advantaged Position in Attractive Markets

Well-Positioned to Serve

Growing Demand with

Global, Strategic Customers

2017 Demand5.9MM MTPY


2.0 MM

1 Does not include llim JV

IP Global Pulp Capacity | Total of 3.9MM MTPY1

North America

Latin America

Europe/Russia

Ilim JV

0.2 MM

3.4 MM

0.3 MM

Pulp mill


0

200

400

600

800

1,000

1,200

1,400

Ja

n-0

6

Ap

r-0

6

Ju

l-06

Oc

t-0

6

Ja

n-0

7

Ap

r-0

7

Ju

l-07

Oc

t-0

7

Ja

n-0

8

Ap

r-0

8

Ju

l-08

Oc

t-0

8

Ja

n-0

9

Ap

r-0

9

Ju

l-09

Oc

t-0

9

Ja

n-1

0

Ap

r-1

0

Ju

l-10

Oc

t-1

0

Ja

n-1

1

Ap

r-1

1

Ju

l-11

Oc

t-1

1

Ja

n-1

2

Ap

r-1

2

Ju

l-12

Oc

t-1

2

Ja

n-1

3

Ap

r-1

3

Ju

l-13

Oc

t-1

3

Ja

n-1

4

Ap

r-1

4

Ju

l-14

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

USD/admt Global Pulp Prices

NBSK (dne) BEK (dne) Fluff (dne)Source: RISIGlobal pulp prices delivered to Northern Europe; Units shown in metric tons

Pulp | Industry Statistics


Europe

0.8 MM

45

1 Does not include llim JV

IP Global Papers Footprint | Total of 4.5MM Short Tons1

0.3 MM

North America

Brazil

Ilim JV

1.1 MM

2.0 MM

Russia

0.4 MM

0.2 MM

India

Uncoated paper mill


GP

15%

IP

13%

Champion

10%

Boise

10%Willamette

9%

WY

9%

Union Camp

9%

Other

25%


Top 2 = 28%

Top 4 = 48%


Top 2 = 53%

Top 3 = 64%

1998, 2018 Source: Poyry Consulting, Fisher International, IP analysis

46

Domtar

32%

IP

21%

PCA

10%

GP

10%

Glatfelter

7%

Other

19%

N.A. Uncoated Freesheet Supply | Capacity Positions

1998 Producer

Position

2018 Producer

Position


0%

20%

40%

60%

80%

100%

Riverdale Ticonderoga Eastover Georgetown

% G

rad

e /

Mix

Uncoated Freesheet Non UFS Pulp1

47

1 Non UFS includes Kraft Bag and Uncoated BristolsSource: IP analysis

Paper (M Tons)

645 295 745 305

Pulp (M Tons)

0 0 115 350

Ca

pa

city

N.A. Papers Mill System | 1.9MM Short Ton Capacity


$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

Ma

nu

fac

turi

ng

Co

sts

$/T

on

Cumulative Annual Production (Thousand Tons)

Cash Costs + Delivery to Chicago

48

Source: FisherSolve ™ 3Q17 data

Georgetown

Riverdale

Ticonderoga

Eastover

Uncoated Freesheet Global Cost Curve | IP N.A. Capacity in 1st & 2nd Cost Quartile


314

575

657 657

513 539598

499

310253 261 316

213

10%

16%

19% 19%18%

20%

22%

18%

12% 12%13%

17%

12%

0%

5%

10%

15%

20%

25%

0

200

400

600

800

1,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Adj.

EBITDA1

%

Adj.

EBITDA1

$ MM

Papers Only

49

Tons (MM)

4.0 4.1 3.9 3.5 3.0 2.8 2.7 2.7 2.6 2.0 2.0 1.9 1.9


N.A. Printing Papers | Margin History



Historical Data Source: AF&PA2018 – 2022: (3.4%) CAGR (RISI January 2018: 5-yr Forecast)

11.612.2 12.4

13.313.0 13.2

13.7 13.614.0 13.9

12.6 12.4 12.3 12.612.0 12.3

11.9

10.9

9.7 9.6 9.38.9 8.8

8.0 8.0 7.7 7.8 7.6 7.4 7.3 7.0 6.6

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 21 22

Mil

lio

n T

on

s

RISI Forecast

U.S. Uncoated Freesheet Demand


$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

Ja

n-0

6M

ar-0

6M

ay-0

6Ju

l-06

Se

p-0

6N

ov-0

6Ja

n-0

7M

ar-0

7M

ay-0

7Ju

l-07

Se

p-0

7N

ov-0

7Ja

n-0

8M

ar-0

8M

ay-0

8Ju

l-08

Se

p-0

8N

ov-0

8Ja

n-0

9M

ar-0

9M

ay-0

9Ju

l-09

Se

p-0

9N

ov-0

9Ja

n-1

0M

ar-1

0M

ay-1

0Ju

l-10

Se

p-1

0N

ov-1

0Ja

n-1

1M

ar-1

1M

ay-1

1Ju

l-11

Se

p-1

1N

ov-1

1Ja

n-1

2M

ar-1

2M

ay-1

2Ju

l-12

Se

p-1

2N

ov-1

2Ja

n-1

3M

ar-1

3M

ay-1

3Ju

l-13

Se

p-1

3N

ov-1

3Ja

n-1

4M

ar-1

4M

ay-1

4Ju

l-14

Se

p-1

4N

ov-1

4Ja

n-1

5M

ar-1

5M

ay-1

5Ju

l-15

Se

p-1

5N

ov-1

5Ja

n-1

6M

ar-1

6M

ay-1

6Ju

l-16

Se

p-1

6N

ov-1

6Ja

n-1

7M

ar-1

7M

ay-1

7Ju

l-17

Se

p-1

7N

ov-1

7Ja

n-1

8M

ar-1

8

$/short ton

Uncoated Freesheet Pricing Trends

RISI 20# Cutsize RISI 50# Offset

Source: RISI

U.S. Uncoated Freesheet | Industry Statistics


Latin American Uncoated Freesheet Market

37%

31%

7%

4%

4%

4%

14%

Latin America is a Net Exporter

DemandCapacity @

91% Op. RateNet Exports

2.6 MM 2.8 MM 0.2 MM

0 500 1,000 1,500 2,000 2,500

Brazil

Argentina

Colombia

Chile

Peru

Other LatAm

Thousand Short Tons

Demand Capacity

Supply & DemandTop 6 Producers > 80%

LatAm analysis excludes MexicoSource: Ibá / AFCP / RISI / Fisher / IP Estimates

Smurfit

Kappa

Ledesma

Celulosa

Argentina

Propal

IP

Others

Suzano


280

317

228

296 320

293

334 326

275 264297

33% 33%

24%

27% 27% 26%

31% 31% 31%29%

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 2016 2017

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 1.2 1.3


IP Brazil Uncoated Freesheet | Historical Financials


Ilim JV Production tonnes1 2016 2017

Bratsk Mill

Total 1,140 1,162

Softwood bleached pulp 686 653

Hardwood bleached pulp 266 316

KLB 188 193

Koryazhma Mill

Total 1,244 1,270

PM7 paper 181 188

PM7 CFS 45 48

Pulp (BHKP, UKP) 299 286

KLB and others 719 748

Ust-Ilimsk Mill

Total 793 797

Pulp (BSKP, UKP) Total 763 720

Hardwood bleached pulp 24 77

IP Russia Production1

Svetogorsk 2017

Total 719

Coated Paperboard 118

Pulp (soft/hardwood) 166

Fine Papers 435

1 Volumes shown in thousand metric tons

Koryazhma

BratskUst-Ilimsk

China

Kazakhstan Mongolia

Svetogorsk

Well-Positioned to Serve Target Markets

54

IP Russia & Ilim JV | Manufacturing Overview


China will account for more than 60% of world’s incremental market pulp growth

1st and 2nd quartile cost positions with favorable access to China NBSK market

Access to significant Russian wood basket

1 Source: FisherSolve™ 3Q17 data

$0

$200

$400

$600

$800

$1,000

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

Ma

nu

fac

turin

g C

ost

s

($/T

on

)

Cumulative Capacity (Thousand Tons)

Cash Cost + Delivery to Beijing, China1

Ust-Ilimsk

Bratsk

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


2013 2014 2015 2016 2017

Sales Volume (Million metric tonnes) 2.4 2.9 3.0 3.2 3.1

Sales ($B) 1.9 2.1 1.9 1.9 2.2

Debt ($B) 1.5 1.4 1.2 1.5 1.6

Adj. Operating EBITDA ($MM) 203 459 694 680 695

F/X Gain (Loss)1 ($MM) (80) (674) (188) 63 37

EBITDA ($MM) 123 (215) 506 743 732

Depreciation ($MM) 176 188 128 121 151

EBIT ($MM) (53) (403) 378 622 581

Interest Expense ($MM) 39 69 52 81 $88

Net Income / (Loss) ($MM) (72) (359) 237 385 362

IP Equity Earnings / (Loss) ($MM) (46) (194) 131 199 183

Dividends (to IP) ($MM) 0 56 35 60 134

Ilim JV results are US GAAP basis 1 Represents F/X impact including that related to Ilim JV USD-denominated net debt (balance of ~$0.9B at year end 2017)

Ilim Joint Venture | Full Year Financials

Earnings Presentation I First Quarter 2018 57

$ Million 1Q17 4Q17 1Q18

Sales Volume (thousand metric tonnes)

679 843 800

Sales $449 $632 $677

EBITDA $191 $236 $293

F/X (Impact of USD Net Debt)1 $58 $7 $(1)

Adj. Operational EBITDA2 $133 $229 $294

IP Equity Earnings (Loss)3 $50 $64 $92

ILIM Joint Venture | 1Q18 vs. 4Q17

Earnings Presentation I First Quarter 2018

Record operational EBITDA

Normal seasonal demand

Higher pricing across all

product lines

F/X impact negligible

IP received $116MM in cash

dividends in quarter

Ilim JV results are on U.S. GAAP basis 1 Represents F/X impact including amounts related to Ilim JV USD-denominated net debt (balance of ~$1.0B as of March 31, 2018); IlimGroup’s functional currency is the Ruble (RUB); Non-functional-denominated currency balances are measured monthly using the month-end exchange rate2 Before F/X impact including USD-denominated net debt3 IP Equity Earnings (Loss) for 1Q17, 4Q17 and 1Q18 include after-tax F/X gains (losses) (primarily on USD-denominated net debt) of $23MM, $3MM and $0MM, respectively


Overview

Transaction

Financial Considerations

Valuation

Closing

1 Based on adjusted 2017 estimated EBITDA of $210 million 2 Subsidiary of Graphic Packaging Holding that will hold combined assets of the business

Combined IP’s N.A. Consumer Packaging business with Graphic Packaging

Created leading consumer packaging company with $6 billion of revenue

IP contributed N.A. Consumer Packaging business into Graphic Packaging subsidiary

2-year lock-up IP cannot sell any of its ownership interest

5-year standstill IP cannot increase its ownership interest

No IP involvement in operation or governance of the business

Valued at $1.8 billion at an 8.6X EBITDA multiple1

IP has 20.5% ownership in GPK subsidiary2

valued at $1.14 billion

Earnings neutral to slightly accretive

Dividends to IP of ~$25 million annually (based on current GPK dividend per share)

Leverage neutral

No current cash taxes expected on transaction

Closed January 2, 2018

Ownership interest to be reflected in IP’s equity earnings

Investment in Graphic Packaging


Impact of Mineral

Rights Gain.83

Final Land Sale.93

59

2006 as originally reported2007-2011 adjusted for elimination of the Ilim JV reporting lag2006-2010 Net Earnings from continuing operations and before special items; 2010 onward reflects Operating Earningsxpedx is reflected as a Discontinued Operation from 2010 onwardN.A. Consumer Packaging is reflected as a Discontinued Operation from 2013 onward

2006 2007 20102008 2009 2011 2012 2013 2014 2015 2016 2017

Adj. Operating EPS

.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

.58

.52

.91

.78

.59

.87 .87

.46

.79

.90 .91

.84

.78.82 .83

.67

.56

.66

1.01

1.27

.94

.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

4Q

1Q

2Q

3Q

4Q

1Q


$ Million 2015 2016 1Q17 4Q17 2017 1Q18

Cash Provided by Operations $2,580 $2,478 $633 $1,188 $1,757 $663

Cash Invested in Capital Projects ($1,487) ($1,348) ($374) ($456) ($1,391) ($489)

Cash Contribution to Pension Plan $750 $750 - - $1,250 -

Kleen Products Settlement - - - - $354 -

Free Cash Flow $1,843 $1,880 $259 $732 $1,970 $174

60

Free Cash Flow


Moody’s methodology adjusted to exclude N.A. Consumer Packaging in 20171 Simple Debt Coverage: Balance Sheet Debt / 2015 IP’s Adjusted EBITDA of $3.9B2 Simple Debt Coverage: Balance Sheet Debt / 2016 IP’s Adjusted EBITDA of $3.5B3 Simple Debt Coverage: Balance Sheet Debt / 2017 IP’s Adjusted EBITDA of $3.7B

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

Pension gap decreased by $1.4B

Made $1.25B voluntary pension contribution

Took meaningful measures to further de-risk our

pension plan

Year-end discount rate decreased from 4.1%

(2016) to 3.6% (2017)

Attractive $1.0B debt issuance partly funded

pension contribution

$ 1.0B cash balance at year end

2017 Highlights

Balance Sheet | Financial Strength

$3.4Pension Gap

$9.3 $11.3 $11.2

$3.6

$3.4$2.0

$ B

illio

n

3.2x

$0.5 Op. Lease Adj. $0.5 Op. Lease Adj.

20162015 2017

3.3x

[2.4x]1

Balance

Sheet

Debt

$0.5 Op. Lease Adj.

4.0x

[3.2x]2 [3.0x]3

Balance

Sheet

Debt

Balance

Sheet

Debt

Pension Gap

Pension GapPension Gap

Investor Roadshow I Q2 2018 1 Primarily foreign debt (intended to be rolled over or refinanced).

62

Debt Maturity Profile | Maturities as of December 31, 2017

$0

$200

$400

$600

$800

$1,000

$1,200

2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048

Mill

ion

Debt Maturities Commercial Paper Other Debt1


2004Pension plan

closed to new entrants

2014Decision made to freeze

defined benefit pension plan for active salary participants

effective 12/31/18

2016Voluntary term-vested buy out program reduced plan

size by ~10% and introduced new LDI1 policy

Contributions2014

$353MM

2015

$750MM

2016

$750MM

2017

$1.25B

De-Risking

2017+

1 Liability Driven Investment

De-Risking the Company

Taking additional

measures to reduce

risk in our pension

plan

Making changes to the plan's asset allocation to emphasize more fixed income

Reallocating the plan’s fixed income investments to longer duration maturities

Expanding certain hedging strategies

Transferred ~$1.3B of pension benefit obligations to Prudential (2H 2017)

IP is taking meaningful and deliberate steps to de-risk our pension plan


No contribution 1960-2005; $2.5B

contribution 2006-2013

$1.1B contribution made in 2014-2015

$750MM voluntary contributions for

2016

$1.25B voluntary contribution for 2017

No contribution required in 2018

($2.8)

($1.5)

($2.4)

($4.1)

($2.2)

($3.9)($3.6)

($3.4)

($2.0)Billio

n

Year-End Funded Status1

1 Reflects status as of December 31

Pension Plan Update | As of December 31, 2017


342

545

387

447

364

310

167

$0

$150

$300

$450

$600

2012 2013 2014 2015 2016 2017 2018E

Millio

n

Annual Pension Expense2

65

Key Variables 2016 2017 2018E

Assumed Rate of Return

7.75% 7.50% 7.50%

Discount Rate 4.40% 4.10% 3.60%

Average Annualized Returns3

2017 19.3%

Past Five Years 9.4%

Past Ten Years 7.2%

Portfolio Asset Allocation at 12-31-17

Target Actual

Equity 42% - 53% 49%

Bonds 32% - 44% 36%

Real Estate 7% - 13% 10%

Other 3% - 8% 5%

1 2013 and onward include Temple-Inland pension plan2 Non-cash expense for U.S. plans only3 Through December 2017Pension expense reflects service cost, interest cost, amortization of actuarial losses and expected return on plan assetsFor 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

Pension Plan Update1 | As of December 31, 2017


25%

50%

75%

100%

125%

$0

$300

$600

$900

$1,200

$1,500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E

Maintenance Regulatory Strategic Cost Reduction % of Depreciation

$ M

illio

n

% of Depreciation

Reflects continuing operations

~$1,500

66

Capital Spending



2018 Capital Investment | Optimizing Advantaged Assets

67

$0

$200

$400

$600

$800

$1,000

$1,200

0 50,000 100,000

Cumulative Annual Containerboard

Global Production (Thousand Tons)

IP N.A. Containerboard Mills

Cash Cost (Delivered to Chicago)

Maintenance &

Regulatory

Maintaining world-class, low-cost, advantaged assets

Madrid Mill Conversion

$0.9B $0.2B $0.4B

Cost Reduction Strategic

Creating value through pipeline of high return

projects≥ 30% IRR

Reinvesting in core businesses with higher growth

profile

$0.1B $0.5B

Source: IP Analysis, FisherSolve™ 2Q17 data


$ Million 1Q17A 2Q17A 3Q17A 4Q17A 2017A

Industrial Packaging $71 $102 $38 $28 $239

North America 69 100 38 28 235

Europe 0 0 0 0 0

Europe Coated Paperboard 0 2 0 0 2

Brazil 2 0 0 0 2

Global Cellulose Fibers $50 $44 $7 $9 $110

North America 50 43 7 9 109Europe 0 1 0 0 1

Printing Papers $23 $43 $1 $10 $77

North America 23 34 0 10 67

Europe `0 6 0 0 6

Brazil 0 3 0 0 3

India 0 0 1 0 1

Total Impact $144 $189 $46 $47 $426

68

Maintenance Outages Expenses | 2017


$ Million 1Q18A 2Q18F 3Q18F 4Q18F 2018F

Industrial Packaging $107 $118 $61 $10 $296 North America 102 112 61 10 285

Europe 1 0 0 0 1

Europe Coated Paperboard 4 3 0 0 7

Brazil 0 3 0 0 3

Global Cellulose Fibers $63 $37 $40 $18 $158 North America 60 28 40 18 146Europe 3 9 0 0 12

Printing Papers $37 $48 $7 $9 $101 North America 26 28 5 9 68

Europe 8 17 0 0 25

Brazil 3 3 0 0 6

India 0 0 2 0 2

Total Impact $207 $203 $108 $37 $555

69

Maintenance Outages Expenses | 2018 Forecast


North American Downtime

Maintenance

Economic

11

25

010

24 25

111

2536

Tho

usa

nd

To

ns

Tho

usa

nd

To

ns

29

18 0

55

711

13190

Global Cellulose FibersContainerboard

Printing Papers

90

Tho

usa

nd

To

ns

141 12586

117 93157

8546

181

212

85107 41

35

0


Total Cash Components | 2017

71

Fiber

35%

Materials

15%

Freight

12%

Labor

12%

Energy

8%

Overhead

10%

Chemicals

8%

North American mills only (Excludes Newly Acquired Pulp Business)


U.S. Mill Wood Delivered Cost Trend | 1Q18 Average Cost Up 2% vs. 4Q17

90

95

100

105

110

115

120

125

130

20172008 2009 2010 2011 2012 2013 2014 2015 2016

IP data, cost Indexed to January 2007 values


U.S. OCC Delivered Cost Trend | 1Q18 Average Cost Down 10% vs. 4Q17

IP data, cost Indexed to January 2007 values

40

60

80

100

120

140

160

180

200

220

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


U.S. Natural Gas Cost Trend | 1Q18 Average Cost Up 12% vs. 4Q17

IP data, cost Indexed to January 2007 valuesNYMEX Natural Gas closing prices

0

50

100

150

200

250

20172008 2009 2010 2011 2012 2013 2014 2015 2016


U.S. Fuel Oil Cost Trend | 1Q18 Average Cost Up 7% vs. 4Q17

IP data, cost Indexed to January 2007 valuesWTI Crude prices

0

50

100

150

200

250

300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


U.S. Chemical Composite Cost Trend | 1Q18 Average Cost Up 5% vs. 4Q17

IP data, cost Indexed to January 2007 values Delivered cost to US facilities: includes Caustic Soda, Sodium Chlorate, Starch and Sulfuric Acid 2007 - 2008 excludes WY PKG

75

100

125

150

175

200

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Commodity North America Non – North America

Energy

Natural Gas (MMBTUs) 80,000,000 11,000,000

Fuel Oil (Barrels) 450,000 400,000

Coal (Tons) 85,000 550,000

FiberWood (Tons) 55,000,000 8,000,000

Old Corrugated Containers / DLK (Tons) 4,900,000 250,000

Chemicals

Caustic Soda (Tons) 420,000 70,000

Starch (Tons) 340,000 110,000

Sodium Chlorate (Tons) 170,000 50,000

LD Polyethylene (Tons) - -

Latex (Tons) - 10,000

2017 Global Consumption | Annual Purchase Estimates for Key Inputs


Global Citizenship


Contact Information

Guillermo Gutierrez

Vice President, Investor Relations

+1-901-419-1731

[email protected]

Michele Vargas

Director, Investor Relations

+1-901-419-7287

[email protected]

Betty Groom

Financial & Administrative Assistant

+1-901-419-4250

[email protected]

79


International Paper Brazil Graphic Paper Manufacture 2015

International Paper Russia Corporate Social Responsibility

Award 2015

Named by the EthisphereInstitute as one of the “World’s Most Ethical

Companies®” 2018

2018 Woman’s Choice Award Best Companies to Work For Millennials

International Paper India Parivartan Award 2015

IDG’s Computerworld “100 Best Places to Work in IT” 2017

1 From FORTUNE Magazine, March 1, 2017. © 2017 Time Inc. Used under license2 From Commercial Appeal (Memphis, TN)

FORTUNE’S “World’s Most Admired Companies®” 2017

1

Commercial Appeal’s“Top Workplace 2017”

2

Institutional Investor’s “Most Honored Company” 2017 in the Paper & Packaging sector

International Paper Awards & Recognitions

80

investor roadshow i q2 2018 · investor roadshow i q2 2018 2 certain statements in these slides and...

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