#1Investor Presentation Paper and Packaging Solutions May 2019 WestRock#2Forward Looking Statements, Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the statements on the slides entitled "A Proven Model that Creates Value", "We Operate in Growing Markets with Significant Opportunities for Expansion", "Strong Cash Flow with High Value Options to Deploy Capital", "Uniquely Positioned with Broad Packaging Portfolio to Solve Customer Challenges", "Corrugated Packaging Investment Highlights", "Corrugated Packaging Serves Diverse End-Markets", "Strategic Investments", "Strategically Increasing our Efficiency and Service Capabilities", "Consumer Packaging Serves Diverse End-Markets", "Strategic Investments", "Driving Significant Growth and Strong Returns", "Multiple Sources of Value Creation", "Track Record of Effective Capital Deployment", "Strategic Capital Projects", "Successfully Integrating KapStone", "FY19 Additional Guidance Assumptions" and "Key Commodity Annual Consumption Volumes", that give guidance or estimates for future periods as well as statements regarding, among other things, that margin expansion and deployment of capital provide the opportunity to grow adjusted segment EBITDA and operating cash flow; that we are committed to reducing our leverage ratio to 2.25x to 2.50x; that we have significant opportunity to expand our business with our 15,000+ customers; that our corrugated packaging segment is well positioned with growing end markets; that our Porto Feliz box plant is expected to become one of the world's largest; that diverse end markets are driving sustainable growth throughout the economic cycle; that our strategic investments in Florence, SC, Porto Feliz, Brazil and Tres Barras, Brazil will be completed on the timetable and have the impacts as set forth on slide 21; that diverse end markets are driving sustainable growth throughout the economic cycle; that our strategic investments in Cottonton, AL and Covington, VA will be completed on the timetable and have the impacts as set forth on slide 28; that we will generate approximately $19 billion in sales in FY19; that our long-term maintenance capital and normal, high-return capital investments will be approximately $1 billion per year; that we expect to pay an annualized dividend of $1.82 per share in FY19; that our capital spending for FY19, FY20 and FY21 will be as presented on slide 33 and we expect to generate $240 million of annualized EBITDA from strategic capital projects; that the KapStone acquisition provides an opportunity for over $200 million in synergy and performance improvements by the end of FY21; that our run rate synergy progression will be as presented on slide 34; that our FY19 additional guidance assumptions and mill maintenance schedule are as presented on slide 39; and that key commodity annual consumption volumes will be as presented on slide 40. Forward-looking statements are based on our current expectations, beliefs, plans or forecasts and are typically identified by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. WestRock cautions readers that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. WestRock's businesses are subject to a number of general risks that would affect any such forward-looking statements, including, among others, decreases in demand for their products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; the occurrence of a natural disaster, such as hurricanes or other unanticipated problems, such as labor difficulties, equipment failure or unscheduled maintenance and repair, which could result in operational disruptions of varied duration; our desire or ability to continue to repurchase company stock; the impact of the Tax Cuts and Jobs Act; risks associated with integrating KapStone's operations into our operations and our ability to realize anticipated synergies and productivity improvements; and adverse changes in general market and industry conditions. Such risks and other factors that may impact management's assumptions are more particularly described in our filings with the Securities and Exchange Commission, including in Item 1A under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2018. The information contained herein speaks as of the date hereof and WestRock does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. We may from time to time be in possession of certain information regarding WestRock that applicable law would not require us to disclose to the public in the ordinary course of business, but would require us to disclose if we were engaged in the purchase or sale of our securities. This presentation shall not be considered to be part of any solicitation of an offer to buy or sell WestRock securities. This presentation also may not include all of the information regarding WestRock that you may need to make an investment decision regarding WestRock securities. Any investment decision should be made on the basis of the total mix of information regarding WestRock that is publicly available as of the date of the investment decision. We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. 2 WestRock#33 > WestRock Overview Our vision is to be the premier partner and unrivaled provider of winning solutions for our customers. WestRock#4A Proven Model that Creates Value Disciplined and Balanced Capital Allocation Our Comprehensive Paper and Packaging Portfolio WestRock A Solid Track Record of Execution Proven business model with track record of success and value creation Paper and packaging are attractive businesses where scale, differentiation and sustainability matter. WestRock is building a paper and packaging leader with a differentiated strategy and capabilities to generate attractive returns over the long term. Margin expansion and deployment of capital provide the opportunity to grow Adjusted Segment EBITDA (1) and operating cash flow 41) See Non-GAAP Financial Measures and Reconciliations in the Appendix. WestRock#5Leveraging Our Capabilities Across the Organization CORRUGATED ATED PACKAGING (66%)(¹) 5O Enterprise CONSUMER PACKAGING Solutions 1) Includes North America, Brazil and India. Note: Pie pieces not to scale; WestRock and KapStone sales for the trailing twelve months as of 3/31/2019; excludes recycling sales. WestRock's 50,000+ Person Team Helps Our Customers Win in the Marketplace Industry Leading Insights, Design and Package Innovation Full Range of Innovative Fiber-Based Substrates Comprehensive Printing & Converting Capabilities State-of-the-Art Packaging Systems Manufacturing and Supply Chain Consulting & Optimization WestRock#6༔ ཤྩ ༔ ༞ ༅ ❁ 300 Millions of Tons 0 We Operate in Growing Markets with Significant Opportunities for Expansion Global Tons Produced (1) 2000 2002 2004 2006 2008 2000 2018 CAGR 2.1% 3.4% Paperboard Rigid Plastic Containerboard 2010 2012 2014 2016 2018 2020E 2022E Global Packaging Consumption (1) Glass Metal 12% 7% Other 4% 18% $851 billion 2018 2022E CAGR 2.0% Flexible Packaging 23% 2.0% 82% agree (3) "Consumers can rely on corrugated cardboard boxes to get their merchandise shipped/delivered safely." 1) Based on Smithers Pira 2017 projections 2) RISI and WestRock estimates, including KapStone 6 3) Paper & Packaging Board 2017 Containerboard & Paperboard 36% Other 94% 68% agree (3) "Paper-based product packaging tends to feel 63% agree (3) more premium." Global Containerboard & Paperboard Market Share (2) 255 million tons WestRock 6% "Consumers think more highly of companies that use paper-based packaging." WestRock#7Strong Cash Flow with High Value Options to Deploy Capital Focus on reducing leverage ratio Committed to returning to long-term leverage ratio of 2.25x-2.50x ས་ Reinvest into business via high-return capital projects Strategic projects include Florence, Tres Barras, Porto Feliz, Covington and Mahrt 71) By the end of FY21. ༧ས་ ས་ Reinvest into business via strategic M&A KapStone will provide over $200 million of synergy and performance improvement opportunities(1) Strong Cash Flow to be Deployed Return capital to stockholders via dividends and share repurchases Annual dividend of $1.82 per share WestRock#8We Have a Portfolio Focused on Paper-Based Packaging Solutions MWV WestRock JULY RockTenn 2015 8 SPFT SP Fiber Technologies Cenveo. Packaging GRUPO GONDI STAR PIZZA BOX Multi Packaging Solutions USA CORRUGATED....... Island Container HANNAPAK SCHLUTER ACQUIRED 2015 ACQUIRED 2016 JOINT VENTURE 2016 ACQUIRED ACQUIRED 2017 2017 ACQUIRED 2017 ACQUIRED 2017 ACQUIRED 2017 ACQUIRED 2018 FUTURE 2016 SPIN OFF GROWTH 2017 SOLD 2018 2018 ACQUIRED ACQUIRED Ingevity SILGAN 10-KA PLYMOUTH PACKAGING KAPSTONE Proven M&A Track Record to Become a Leading Paper-Based Packaging Provider WestRock#9We Are an Integrated Packaging Producer... 67%/33% Virgin Recycled Fiber Mix 31 Containerboard and Paperboard Mills >300 Operating and Business Locations Differentiated Paper and Packaging Solutions 0000- Virgin / Recycled mix provides balance and flexibility A leading U.S. recycler with stable source of high-quality recycled fiber ~16.5 million tons of containerboard and paperboard capacity Broadest substrate offering Scale of North American container network serving attractive end-markets North American and European consumer converting assets Broad portfolio of label, insert and display solutions Broadest product portfolio Ability to meet customer needs across enterprise Differentiated packaging machinery solutions Supported by hundreds of structural and graphic designers 9 ...with a strategic multinational footprint. WestRock#10Creating Customized Value-Added Solutions Using the World's Most Comprehensive Portfolio of Sustainable Paper and Packaging Products 10 SBS CNK® CRB URB Virgin Linerboard/ Medium White Top Linerboard Recycled Linerboard/ Medium Semi- Chemical Medium Kraft Paper DANGER Engineered to meet demanding end-use requirements Original CORN FLAKES gal Cer APA Cereal NEW A- XYZAL XYZA XYZAL ALLERGY 24HR XYZAL XYZAL AS EFFECTIVE 24 HOUR RELIEF WITHOUT A PRESCRIPTION XYZAL XYZAL XYZAL Health & Beauty WHOLESOM meta WD WHOLESOME Retail Ready Packaging 24 Hour Non-drowsy Long lasting Fast relief ADVAR Dosepak 250/50 Pharmaceuticals GUINNESS GUIN DRAV GUINNESS DRAUGHT OTH GU GUINNESS Gu DRAUGHT Beverage SMOOTH CREAMY OOTH 4x BOX ON DEMAND Box On Demand/E-Commerce WestRock#11Our Approach to Delivering Value to Our Customers • Packaging line Lower Total Cost improvements / automation Supply chain optimization Raw material, structure and SKU optimization LOWER YOUR TOTAL COST GROW YOUR SALES Delivering value to our customers E Grow Sales Innovative package design and structure Improved shelf appeal and in-store marketing solutions • Increased factory throughput and production Improve Sustainability • Supply chain reductions Designs that improve performance with less fiber Increased use of renewable and recycled resources 11 AARPROVE YOUR SUB ISTAINABILITY MINIMIZE YOUR Minimize Risk • • Proven designs already in the marketplace Comprehensive customer support Material and machine performance matched solutions ⚫ Geographic footprint WestRock#12Examples of Delivering Value to Customers Lower Total Costs Box on DemandⓇ Systems Grow Sales Innovative Packaging Design Compach EVD crisp, cleas finish, and a mo BUD LIGHT AB A 8 LIGHT ER BEER THIS BUD'S FOR YOU дв dw Bud BUD LIGHT BUD IGH Plastic Replacement Solutions Delivering value to our customers Packaging Solutions Improve Sustainability 12 Minimize Risk N WestRock#13Uniquely Positioned with Broad Packaging Portfolio to Solve Customer Challenges Case Study: Colgate Smile Box The Challenge: Help Colgate expand their e-commerce presence with a "ships in own container" (SIOC) compliant package that can handle a variety of oral-care products Smiles coming your way! The Solution: Colgate Colgate Colgate CPF US05588A Colgate More than 140 customers bought at least $1 million from each segment in annual sales These customers accounted for ~$6 billion of annual sales • • . Designed uniquely to meet Amazon's SIOC requirements and includes features such as the smile-shaped opening perforation Fulfilled by WestRock and is semi-automated on existing customer equipment Used for 28 oral care SKUs Teams Involved: • • Corrugated Sales Merchandising Displays - design, fulfillment, production, and engineering Significant opportunity to expand business with WestRock's 15,000+ customers 13 WestRock#14Innovative, Sustainable Paper and Packaging Solutions INNOVATIVE MATERIALS EnShieldⓇ Natural Kraft™ Bakery PACKAGE DESIGN Cluster-Pak® Beverage Packs Non-Poly Ice Cream Ice Cream EconoClip® Recyclable and Compostable Cup (NextGen Winner) Kraft Bag 14 WestRock Foodservice Containers Ecopush TM WestRock WestRock STOKE MACHINERY SOLUTIONS Combo 1250 Machine Meta® Duo WestRock meta Duo BoxSizer™M Wock BOXSIZER WestRock#15Shrink Film and Plastic Ring Replacement THE SOLUTION: WestRock introduced innovative, sustainably-sourced, 100% recyclable and fully biodegradable paperboard solutions to replace plastic and provide flexibility to adapt to changing consumer preferences. GUINNESS LOWER TOTAL COSTS Automation GROW SALES Superior branding, image and shelf IMPROVE SUSTAINABILITY MINIMIZE RISK Turnkey solution Environmentally friendly packaging Shrink-Wrap Replacement GUINNESS SIX NATIONS 12 DuoDozenⓇ 1250M beverage case packer machine 15 12 GUINNESS BEAUGHT GUIN DRA COLD GUINNESS SMOOTH DRAUGHT Plastic Ring Replacement GUIN GUINNE DRAU Cluster-Pak® Ultima HF automated multipack system GU DI GU DI GUINNESS D STOUT T MTRIGENATED STOUT SMOOTH CREAMY WestRock#16Corrugated Packaging WestRock#17Corrugated Packaging Investment Highlights 17 Full Suite of Differentiated Products and Solutions Strong Margins and Financial Performance KapStone Improves our System, Broadens Our Portfolio and Provides Synergy Opportunities Large, Diversified Mill and Converting Network CORRUGATED PACKAGING Positioned for Future Growth Well-positioned with Growing End Markets WestRock#18Corrugated Packaging Segment Overview Key Metrics & Operational Statistics FY18 Segment Sales $9.2 Billion FY18 Adj. Segment EBITDA Margin (1) 22.1% Financial Performance 19 Mills 150+ Converting Facilities 60+ Distribution Facilities 12.3M tons Mill Capacity ($ in billions) FY18 FY17 Segment Sales $9.2 $8.5 Adj. Segment Income (1) $1.3 $0.8 Adj. Segment EBITDA (1) $2.0 $1.5 Adj. Segment EBITDA Margin (1) 22.1% 17.7% North American Adj. Segment 21.8% 17.3% EBITDA Margin (1) 0 Key Differentiators Broad range of solutions to serve diverse end- markets Targeting emerging consumer trends E-commerce Shelf ready packaging Fast and fresh Brand revitalization Broad suite of automated packaging systems Well-positioned in attractive and growing packaging markets in Mexico and Brazil Broad Portfolio of Differentiated Products and Solutions Corrugated containers to protect, ship, store, and display products Foodservice containers Automated Packaging Systems "Box on Demand" systems BoxSizer™ Coated and uncoated white top linerboard Solid bleached linerboard Virgin and recycled linerboard Corrugated medium Kraft paper Pulp (fluff pulp, bleached and unbleached market pulp) 1) 18 See Non-GAAP Financial Measures and Reconciliations in the Appendix. Note: All financial performance values are aligned to include merchandising displays and exclude recycle sales consistent with fiscal 2019 presentation. WestRock FRIST CLAS#19Maric Callender's TWD Corrugated Packaging Serves Diverse End-Markets Diverse end markets driving sustainable growth throughout the economic cycle 276 Pampers Beverage & Other 4% Dairy 4% Bakery 6% Protein 8% Agricultural/ Produce 9% WestRock Shipments by End Market(1) Processed Foods 17% Distribution 15% Ranch DRUM PLEASE Brasnica Pizza 11% Retail / E-commerce 13% Industrial 13% 19 1) Represents WestRock FY18, excluding KapStone. WestRock#20Demonstrated Significant Growth in North American Adjusted Segment EBITDA Margins(1) 12.7% +910 bps Improvement •Network Optimization . Footprint Consolidation Investments to Improve Operational Efficiencies Focus on Strategic M&A 21.8% Lean 6-Sigma Programs Improved Price Realization FY12 FY18 Non-GAAP Financial Measure. See reconciliations in the Appendix. Note: Previously reported 22.6% prior to fiscal 2019 recast to include merchandising displays and modify certain allocations. FY12 not recast. WestRock 1) 20 20#21Strategic Investments Florence, SC Mill Investment Porto Feliz Corrugated Plant Tres Barras Mill Upgrade Master Reel MR125 New 330" state-of-the-art paper machine Replaces 3 old machines with 1 new machine 710k tons of capacity Expected to become a 1st quartile virgin fiber linerboard mill Total estimated project cost of $410 million Expected completion in 1H FY20 Expected to become one of the largest and most productive box plants in the Americas Enhanced capability with high- graphic technology Increased integration with Tres Barras virgin containerboard mill Total estimated net investment of $125 million Expected completion in Q3 FY19 Expected to achieve full potential of the mill Production increases to approx. 750k tons per year from approx. 520K tons per year Increases energy self-sufficiency to approx. 85% from 55% Fiber mix improves to 100% virgin fiber from approx. 80% virgin / 20% recycled Expected capital investment of $345 million Expected completion in 1H CY21 21 21 WestRock#22Strategically Increasing Our Efficiency and Service Capabilities WestRock + KAPSTONE Immediately cash flow and adjusted EPS accretive $200+ MILLION ENHANCED PORTFOLIO EXPANDED PRESENCE opportunity for synergies and performance improvements(1). of differentiated paper and packaging solutions, adding attractive paper grades and distribution capabilities. on the West Coast and enhanced ability to serve customers more efficiently. 22 22 1) By the end of FY21. WestRock#23Consumer Packaging WestRock#24Consumer Packaging Investment Highlights Broadest Portfolio of High-Quality Paperboard Grades Award-winning Product Design and Innovation Capabilities Full Portfolio of Differentiated Solutions Diversified Mill and Global Converting Network CONSUMER PACKAGING Winning Through Differentiation 24 24 MPS Provides Expanded Solutions and Market Diversification WestRock#25Consumer Packaging Segment Overview Key Metrics & Operational Statistics FY18 Segment Sales $6.6 Billion FY18 Adj. Segment EBITDA Margin (1) 14.8% Financial Performance 13 Mills 100+ Converting Facilities 2 Machinery Solutions 4.2M tons Mill Capacity Key Differentiators Broadest grade mix in the industry (SBS, CNK®, CRB and URB) Innovation in substrates, packaging design and machinery solutions Extensive converting network with global scale Broad Portfolio of Differentiated Products and Solutions Solid bleached sulfate (SBS) Coated natural kraft (CNK®) Coated recycled board (CRB) Packaging machinery ⚫ Premium folding cartons FY18 FY17 • ° Segment Sales Uncoated recycled board (URB) $6.6B $5.7B Adj. Segment Income (1) $431M $417M • Adj. Segment EBITDA(1) $977M $901M % Margin (1) 14.8% 15.8% Beverage carriers Express mail envelopes Labels and inserts Merchandising displays Solid fiber and corrugated partitions Die-cut paperboard 45 25 1) See Non-GAAP Financial Measures and Reconciliations in the Appendix. Note: All financial performance values are aligned to exclude merchandising displays consistent with fiscal 2019 presentation. WestRock#26Consumer Packaging Serves Diverse End-Markets Other 13% Liquid Packaging 3% Tobacco 5% Commercial Print 6% Food Service 8% WestRock Shipments by End Market(¹) Beauty & Cosmetics 10% 26 1) Represents WestRock FY18. Diverse end markets driving sustainable growth throughout the economic cycle Sprinkles CHOCOLATE OOO POWDERED 000 Bastor reme Retail Food 22% Beverage 18% Healthcare 15% OF SHARE Grolich RADLER Triscuit ORIGINAL 1.3 MIN XYZAL ALLERGY 24H 24150 WestRock#27Global Consumer Packaging Operations and Locations 13 MILLS 61 CONVERTING 1 MACHINERY SOLUTIONS 75 NORTH AMERICA 39 CONVERTING 1 MACHINERY SOLUTIONS 40 EUROPE 2 CONVERTING Approx. -4.2 27 2 SOUTH AMERICA million annual tons of capacity 5 5 CONVERTING ASIA- PACIFIC >43 billion square feet of converted products per year WestRock#28Strategic Investments Mahrt Curtain Coater Replacing and upgrading coating section of #1 PM Expected results include: Reduced costs from improved machine performance and lower coating costs Improved quality and consistency of our CNK produced at the Mahrt mill Approx. $60 million in total investment with unlevered after-tax returns of >20% Completed in April 2019 Covington Upgrade Upgrading headbox, press section, dryer, coater and other systems Expected results include: Improved operating efficiency and lowered costs Further enhances quality and reduces basis weight of leading SBS products for the tobacco and food packaging markets Approx. $60 million total investment with unlevered after-tax returns of >20% Completed in May 2019 28 WestRock#29Financial Overview WestRock 32 29 33#30Driving Significant Growth and Strong Returns $100 Stock Performance (2000 to Present) $35.15 TSR1: +11.5% TSR1: +5.5% $10 $6.48 $1 2000 2003 2006 2009 2012 2015 2018 WestRock S&P 500 1) Total stockholder return (includes impact of dividends and stock splits). Includes WestRock predecessor-RockTenn performance. 30 2) FY19 WestRock guidance as of Q2 FY19. 3) KapStone acquisition completed in Q1 FY19. Note: S&P 500 performance relative to WestRock starting stock price. Source: FactSet and Wall Street research. Revenue Growth (CAGR of 15%) Driven through M&A and organically ($ in billions) $19(2) CAGR: 15% $16.3 $14.9 $2.8 $2.1 $1.4 $9.2 FY00 FY06 FY09 FY12 FY17 FY18 FY19E Merger with SOUT ERN Smurfit-Stone MWV KAPSTONE™ 2018(3) CONTA 2015 Gulf States 2011 2008 2005 WestRock#31Multiple Sources of Value Creation • ③ $ Revenue 0000 Growth Growing with North American • corrugated market Stable US Consumer packaging demand, growing global demand • Increasing exposure to attractive high-growth markets and applications E.g. e-commerce, healthcare, food service, "War on Plastics" Innovating to provide differentiated solutions to our customers Leveraging broad product portfolio to increase our Enterprise sales opportunities • • Margin Improvement Investing in high return strategic projects to reduce costs Achieved $1 billion synergy and performance improvement goal met during first three years as WestRock Implemented multiple published price increases across both segments Improved North American Corrugated margins by 910 bps since purchase of Smurfit Stone(1) Over $200 million in expected synergies and performance improvements from KapStone by end of FY21 Capital Allocation Long-term maintenance capital (50%) and normal, high-return capital investments (50%) of approximately $1 billion per year(2) $500 million of strategic capital investments in FY19 Strategic capital investments expected to generate approximately $240 million in EBITDA per year once complete Committed to debt reduction to target leverage ratio of 2.25x to 2.50x Stable and growing dividend; current annual dividend is $1.82 per share High-returning acquisitions and share buy-backs as markets allow 1) Margin improvement of 910 basis points is through FY18. 72 FY19 Capital Expenditures include long-term maintenance capital (50%) and normal, high-return capital investments (50%) of approximately $0.9 billion, as well as $500 million of strategic capital. 2) 31 WestRock#32Track Record of Effective Capital Deployment Capital allocated since July 2015 M&A Acquisitions: ⚫ SP Fiber Cenveo Packaging • Star Pizza • MPS • • $5.9 billion Island Container Hannapak Plymouth Packaging Schlüter Print Pharma Dividends ($ per share) $1.50 U.S. Corrugated JV with Grupo Gondi Divestitures: • KapStone L&D monetization HH&B . ArborGen JV $0.9 Billion Base Capital (Maintenance & Return Generating) FY19 CAPEX Capital Investments 22 32 $1.6 billion 1C $1.82 $1.72 $1.60 21% Higher $11.9 Florence, SC Porto Feliz & Tres Barras Mahrt, AL & Covington, VA billion FY16 FY17 FY18 FY19E $328 $335 $195 11.1 $93 $89 $500 Million Strategic Capital $3.4 billion FY15 FY16 ($ in millions) FY17 FY18 FY19 YTD Repurchases $1.0 billion Note: Capital allocated since July 2015, excludes RKT-MWV merger-related share repurchases of $668 million, includes KapStone transaction and excludes acquisition-related debt. WestRock#33Strategic Capital Projects Decrease in capital spending will help in debt paydown to reach target leverage of 2.25x-2.50x $1 billion of strategic investment expected to generate $240 million in annualized EBITDA ($ in millions) Anticipated Strategic Project Completion Timing: Maintenance ■Return Generating Strategic • Mahrt • Covington • Porto Feliz 33 $1,400 $1,200 or less $1,000 $15 ($ in millions) • Florence • Tres Barras $240 $80 $150 FY19 FY20 FY21 FY19 FY20 FY21 FY22 WestRock#34Successfully Integrating KapStone KapStone Run-Rate Synergy Progression KapStone Synergy Allocations ($ in millions) $90 $70 $200+ Mill Performance Improvements 29% 1H FY 19 FY19E FY21E Administrative Efficiencies Procurement 14% 26% Converting, Network & Supply Chain Optimization 31% Expected to realize more than $200 million in run-rate synergies by the end of FY21 34 4 WestRock#35Sustainability is the Fiber of our Company A long-term strategy Recovered 8 million tons of recycled fiber in 2018 that was turned into new paper products. One of North America's largest recycling networks. One of the largest chain-of- custody certified fiber procurement organizations in the industry. Products are made with renewable and recyclable materials. WestRock Containerboard Mills WestRock Recycling 35 55 M Sustainable Forests 700 ㅁㅁ ㅁㅁㅁ WestRock 100% Recycled Mills Customers WestRock Paperboard Mills 700 700 ㅁㅁㅁ WestRock Converting Plants WestRock#36WestRock Has a Proven Business Model with a Clear Path to Value Creation 36 DISCIPLINED BROAD PORTFOLIO OF DIFFERENTIATED SOLUTIONS CAPITAL ALLOCATION WestRock OUTSTANDING EXECUTION & DELIVERY We are building a leading paper and packaging company with the strategy and capabilities to generate attractive returns ✓ Delivering our broad portfolio of differentiated solutions to customers Executing on productivity opportunities and generating strong cash flow ✓ Reinvesting our cash flow back into the business and returning capital to stockholders WestRock#37Appendix WestRock#38Non-GAAP Financial Measures Adjusted Earnings Per Diluted Share We use the non-GAAP financial measure "adjusted earnings per diluted share," also referred to as "adjusted earnings per share" or "Adjusted EPS" because we believe this measure provides our board of directors, investors, potential investors, securities analysts and others with useful information to evaluate our performance since it excludes restructuring and other costs, net, and other specific items that we believe are not indicative of our ongoing operating results. Our management and board of directors use this information to evaluate our performance relative to other periods. We believe the most directly comparable GAAP measure is Earnings per diluted share. Adjusted Operating Cash Flow We use the non-GAAP financial measure "adjusted operating cash flow" because we believe this measure provides our board of directors, investors, potential investors, securities analysts and others with useful information to evaluate our performance relative to other periods because it excludes restructuring and other costs, net of tax, that we believe are not indicative of our ongoing operating results. While this measure is similar to adjusted free cash flow, we believe it provides greater comparability across periods when capital expenditures are changing since it excludes an adjustment for capital expenditures. While this measure is similar to adjusted free cash flow, we believe it provides greater comparability across periods when capital expenditures are changing since it excludes an adjustment for capital expenditures. We believe the most directly comparable GAAP measure is net cash provided by operating activities. Adjusted Segment EBITDA and Adjusted Segment EBITDA Margins We use the non-GAAP financial measures "adjusted segment EBITDA" and "adjusted segment EBITDA margins", along with other factors, to evaluate our segment performance against our peers. We believe that investors also use these measures to evaluate our performance relative to our peers. We calculate adjusted segment EBITDA for each segment by adding that segment's adjusted segment income to its depreciation, depletion and amortization. We calculate adjusted segment EBITDA margin for each segment by dividing that segment's adjusted segment EBITDA by its adjusted segment sales. Leverage Ratio and Net Leverage Ratio We use the non-GAAP financial measures “leverage ratio" and "net leverage ratio" as measurements of our operating performance and to compare to our publicly disclosed target leverage ratio. We believe investors use each measure to evaluate our available borrowing capacity - in the case of "net leverage ratio", adjusted for cash and cash equivalents. We define leverage ratio as our Total Funded Debt divided by our Credit Agreement EBITDA, each of which term is defined in our credit agreement, dated July 1, 2015. Borrowing capacity under our credit agreement depends on, in addition to other measures, the Credit Agreement Debt/EBITDA ratio or the leverage ratio. As of March 31, 2019, our leverage ratio was 3.00 times. While the leverage ratio under our credit agreement determines the credit spread on our debt, we are not subject to a leverage ratio cap. Our credit agreement is subject to a Debt to Capitalization and Consolidated Interest Coverage Ratio, as defined therein. We define net leverage ratio as the product of our Total Funded Debt minus cash and cash equivalents divided by our Credit Agreement EBITDA. As of March 31, 2019, our net leverage ratio was 2.96 times. Forward-looking Guidance We are not providing a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, merger and acquisition-related expenses, restructuring expenses, asset impairments, litigation settlements, changes to contingent consideration and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Adjusted Tax Rate We use the non-GAAP financial measure "Adjusted Tax Rate". We believe this non-GAAP financial measure is useful because it adjusts our GAAP effective tax rate to exclude the impact of restructuring and other costs, net, and other specific items that management believes are not indicative of the ongoing operating results of the business. "Adjusted Tax Rate" is calculated as "Adjusted Tax Expense" divided by "Adjusted Pre-Tax Income". We believe that the most directly comparable GAAP measures to Adjusted Tax Expense and Adjusted Pre-Tax Income are "Income tax (expense) benefit" and "Income before income taxes", respectively. 38 WestRock#39FY19 Additional Guidance Assumptions Other Guidance Assumptions Depreciation & Amortization Interest Expense Interest Income Effective Adjusted Book Tax Rate(1) Adjusted Cash Tax Rate (1) Share Count Capital Expenditures Mill Maintenance Schedule (2) (tons in thousands) North American Corrugated Packaging Approx. $1.5 billion Approx. $490 - $500 million Approx. $50-$60 million 23.5% to 24% Approx. 20% Approx. 260 million Approx. $1.4 billion Consumer Packaging Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year FY19 Maintenance 50 99 104 34 287 FY19 Maintenance 17 42 43 1 103 FY18 Maintenance 73 35 125 0 233 FY18 Maintenance 28 11 8 0 47 39 1) 2) Non-GAAP Financial Measure. Q3 and Q4 FY19 amounts are forecasts. WestRock#40Key Commodity Annual Consumption Volumes Approx. Annual Consumption Volumes. 40 40 Commodity Category Volume Recycled Fiber (tons millions) 5.3 Wood (tons millions) 43 Natural Gas (cubic feet billions) 83 Electricity (kwh billions) 6.7 Polyethylene (lbs millions) 52 Caustic Soda (tons thousands) 238 Starch (lbs millions) 576 Sensitivity Analysis Increase in Spot Price Approx. Annual EPS Impact Category Recycled Fiber (tons millions) Natural Gas (cubic feet billions) +$10.00/ton ($0.16) +$0.25/ MMBTU ($0.06) +10% USD FX Translation Impact ($0.07) Appreciation WestRock#41FY12 Segment Sales and Adjusted Segment EBITDA As reported in our FY12 10-K FY12 ($ in millions, except percentages) Segment Sales Segment Income (1) Depreciation and Amortization Plus: Matane Mill EBITDA (2) Adjusted Segment EBITDA Adjusted Segment EBITDA Margins Corrugated Packaging Consumer Packaging Recycling Corporate / Other Consolidated $ 6,171.2 $ 2,557.5 $ 1,228.8 $ (749.9) $ 9,207.6 $ 364.8 $ 347.2 $ 7.1 $ $ 719.1 411.0 96.4 13.4 13.5 534.3 6.5 6.5 $ 782.3 $ 443.6 $ 20.5 12.7% 1) Corrugated Packaging segment excludes $0.8 million of inventory step-up expense. 41 2) For second quarter fiscal 2012 post closure losses. 17.3% 1.7% WestRock#42Adjusted Segment Sales, Adjusted Segment EBITDA and Adjusted Segment Income Full Year FY18 ($ in millions, except percentages) Segment / Net Sales Less: Recycling Sales Corrugated Packaging Consumer Packaging Land and Development Corporate / Eliminations Consolidated $ 9,693.0 $ 6,617.5 $ 142.4 $ (461.6) 9,231.4 6,617.5 142.4 (167.8) 23.9 (143.9) $ 16,285.1 (437.7) 15,847.4 Less: Trade Sales (385.8) (385.8) Adjusted Segment Sales $ 8,845.6 $ 6,617.5 $ 142.4 $ (143.9) $ 15,461.6 Segment Income Non-allocated Expenses Depreciation and Amortization Segment EBITDA Adjustments Adjusted Segment EBITDA $ 1,240.0 $ 445.1 $ 22.5 $ $ 1,707.6 (70.1) (70.1) 700.5 546.5 0.7 4.5 1,252.2 1,940.5 991.6 23.2 (65.6) 2,889.7 16.6 (14.5) (23.2) 3.6 (17.5) $ 1,957.1 $ 977.1 $ $ (62.0) $ 2,872.2 Segment EBITDA Margins Adjusted Segment EBITDA Margins 20.0% 22.1% 15.0% 14.8% 17.7% 18.1% Segment Income $ 1,240.0 $ 445.1 $ 22.5 $ $ 1,707.6 Non-allocated Expenses (70.1) (70.1) Adjustments, including D&A Adjustments 43.9 (14.0) (22.5) 3.6 11.0 Adjusted Segment Income $ 1,283.9 $ 431.1 $ $ (66.5) $ 1,648.5 42 WestRock#43Adjusted Segment Sales, Adjusted Segment EBITDA and Adjusted Segment Income Full Year FY17 ($ in millions, except percentages) Segment / Net Sales Less: Recycling Sales Corrugated Packaging Consumer Packaging Land and Development Corporate / Eliminations Consolidated $ 9,084.8 $ 5,698.3 $ 243.8 $ (167.2) $ (546.2) 11.3 14,859.7 (534.9) 8,538.6 5,698.3 243.8 (155.9) 14,324.8 Less: Trade Sales (318.2) (318.2) Adjusted Segment Sales $ 8,220.4 $ 5,698.3 $ 243.8 $ (155.9) $ 14,006.6 Segment Income Non-allocated Expenses Depreciation and Amortization Segment EBITDA Adjustments Adjusted Segment EBITDA $ 818.0 $ 385.7 $ 13.8 $ $ 1,217.5 (67.5) (67.5) 622.1 484.9 0.7 4.4 1,112.1 1,440.1 870.6 14.5 (63.1) 2,262.1 12.7 30.7 (14.5) 8.1 37.0 $ 1,452.8 $ 901.3 $ $ (55.0) $ 2,299.1 Segment EBITDA Margins Adjusted Segment EBITDA Margins 15.9% 17.7% 15.3% 15.8% 15.2% 16.0% Segment Income $ 818.0 $ 385.7 $ 13.8 $ $ 1,217.5 Non-allocated Expenses (67.5) (67.5) Adjustments, including D&A Adjustments 13.4 31.3 (13.8) 8.1 39.0 Adjusted Segment Income $ 831.4 $ 417.0 $ $ (59.4) $ 1,189.0 43 WestRock#44Corrugated Packaging Adjusted Segment EBITDA ($ in millions, except percentages) Full Year FY18 North American Corrugated Brazil Corrugated Other (1) Corrugated Packaging Segment Sales Less: Recycling Sales $ 8,714.9 439.5 538.6 (461.6) 9,693.0 (461.6) 8,714.9 439.5 77.0 9,231.4 Less: Trade Sales (385.8) (385.8) Adjusted Segment Sales $ 8,329.1 $ 439.5 $ 77.0 $ 8,845.6 Segment Income $ 1,179.5 $ 54.2 $ 6.3 $ 1,240.0 Depreciation and Amortization 625.6 63.5 11.4 700.5 Segment EBITDA 1,805.1 117.7 17.7 1,940.5 Adjustments 14.0 2.7 (0.1) 16.6 Adjusted Segment EBITDA 1,819.1 $ 120.4 $ 17.6 1,957.1 Segment EBITDA Margins 20.7% 26.8% Adj. Segment EBITDA Margins 21.8% 27.4% 44 1) The "Other" column includes our Recycling and India corrugated operations. 20.0% 22.1% WestRock#45Corrugated Packaging Adjusted Segment EBITDA ($ in millions, except percentages) Segment Sales Less: Recycling Sales Full Year FY17 North American Corrugated Brazil Corrugated $ 8,037.9 Other (1) Corrugated Packaging 433.9 613.0 (546.2) $ 9,084.8 (546.2) 433.9 66.8 8,538.6 8,037.9 Less: Trade Sales (318.2) (318.2) Adjusted Segment Sales $ 7,719.7 $ 433.9 $ 66.8 $ 8,220.4 Segment Income $ 768.1 $ 34.3 $ 15.6 818.0 Depreciation and Amortization 551.4 60.1 10.6 622.1 Segment EBITDA 1,319.5 94.4 26.2 1,440.1 Adjustments 12.8 (0.1) 12.7 Adjusted Segment EBITDA $ 1,332.3 $ 94.4 $ 26.1 $ 1,452.8 Segment EBITDA Margins Adj. Segment EBITDA Margins 45 1) The "Other" column includes our Recycling and India corrugated operations. 16.4% 21.8% 17.3% 21.8% 15.9% 17.7% WestRock#46LTM Credit Agreement EBITDA ($ in millions) Net Income Attributable to Common Stockholders Interest Expense, Net Income Tax Expense Depreciation and Amortization Additional Permitted Charges and Acquisition EBITDA (1) Credit Agreement EBITDA LTM 3/31/2019 SA $ 847.3 352.7 289.8 1,372.5 639.8 $ 3,502.1 Total Debt, Funded Debt and Leverage Ratio ($ in millions, except ratios) Current Portion of Debt Long-Term Debt Due After One Year Total Debt Less: FV Step Up and Deferred Financing Fees Other Adjustments to Funded Debt Total Funded Debt LTM Credit Agreement EBITDA Leverage Ratio Q2 FY19 $ 1,422.4 9,373.1 10,795.5 (208.0) (82.8) $ 10,504.7 $ 3,502.1 3.00x 46 Total Funded Debt Less: Cash and Cash Equivalents Adjusted Total Funded Debt $ 10,504.7 (154.2) $ 10,350.5 2.96x Net Leverage Ratio 1) Additional Permitted Charges includes among other items, $364 million of EBITDA of acquired companies and $147 million of restructuring and other costs. WestRock#47WestRock