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Investor Presentaiton

Q1 FY17 Corrugated Packaging Results Financial Performance ($ in millions, except percentages) Segment Sales Adj. Segment Income (1) $1,964 $181 North America: • Q1 FY17 Q1 FY16 $1,944 $142 Adj. Segment EBITDA (1) $287 $325 % Margin (1) 15.3% 17.1% North America EBITDA Margin (1) 15.8% 17.7% Brazil EBITDA Margin (1) 24.4% 24.8% • • Box shipments up +2.2% yoy on a per day basis Successfully implementing containerboard price increase; realized $14 million in the quarter Strong supply and demand fundamentals; 115K tons of maintenance downtime; no economic downtime • Cost inflation impact Grupo Gondi (Unconsolidated Joint Venture) (2): Foreign exchange translation impact to Q1 FY17 sales and segment income is +$15 million and +$2 million, respectively • 5 $325 Adjusted Segment EBITDA (1) ($ in millions) (12) 42 $287 (13) (34) (17) • JV sales of $186 million; EBITDA margins of almost 20% (1) WestRock supplied 59K tons of containerboard to Gondi Brazil: . Growth in box volumes and strong execution yoy; box volumes up 7% yoy as compared to industry decline of 4% Segment EBITDA Key Bridge Variances: • • • • • Volume: N.A. shipments up 18K tons yoy (excl. Hurricane Matthew tons) Price / Mix: Price increase implementation on track, with box price increase not yet offsetting last year's pricing declines; executing on export price increases E/M/F: Increases in recycled fiber, chemicals, and natural gas; only partially offset by lower virgin fiber prices Productivity: Realizing benefits from mill footprint optimization, process improvements and purchasing initiatives Hurricane: 33K tons of lost volume Q1 FY16 Volume Price / Mix E/M/F Wage and Prod. Hurricane FX & Q1 Other FY17 Other Inflation 19 1) 2) Non-GAAP Financial Measure. See Use of Non-GAAP Financial Measures and Reconciliations in Appendix. We hold a 25% ownership interest in Grupo Gondi. WestRock
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