Investor Presentaiton

Building a Paper and Packaging Leader 4 Comprehensive Portfolio of Paper and Packaging Solutions • • • Holds #1 or #2 positions in attractive paper and packaging markets Unmatched breadth of product offerings, capabilities and geographic reach Differentiated paper and packaging solutions that help our customers win Track Record of Solid Execution . Solid execution in synergy and productivity improvements: run-rate of $580 million through Q1 FY17; expect $800 million run-rate by end of FY17 and to achieve $1 billion goal by end of FY18 • Q1 FY17 Adjusted Free Cash Flow of $369 million (1) Purchased SP Fiber and Cenveo Packaging, formed Gondi JV, and completed Ingevity separation in FY16 Growing Shareholder Value Using Balanced Capital Allocation • Announced divestiture of Home, Health and Beauty business for $1.025 billion and anticipated net proceeds of approx. $1 billion, after taxes and transaction expenses Announced acquisition of Multi Packaging Solutions Returned $1.3 billion to stockholders since merger through dividends and share repurchases 1) Non-GAAP Financial Measure. We believe the most directly comparable GAAP measure is Operating Cash Flow. See Use of Non-GAAP Financial Measures and WestRock Reconciliation in Appendix.

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