Investor Presentaiton

Corrugated Packaging EBITDA Margins 24 24 Q1 FY17 ($ in millions, except percentages) North America Brazil Other Corrugated Packaging Segment Net Sales $ 1,717.0 $ 101.7 $ 124.9 $ 1,943.6 Less: Trade Sales (74.0) (74.0) Adjusted Segment Sales $ 1,643.0 $ 101.7 $ 124.9 $ 1,869.6 Segment Income (Loss) $ 131.7 $ 9.9 $ (0.1) $ 141.5 Depreciation and Amortization 127.8 14.9 2.7 145.4 Segment EBITDA 259.5 24.8 2.6 286.9 Plus: Inventory Step-up Adjusted Segment EBITDA $ 259.5 $ 24.8 $ 2.6 $ 286.9 Segment EBITDA Margins Adjusted Segment EBITDA Margins 15.1% 24.4% 15.8% 24.4% 14.8% 15.3% Q1 FY16 ($ in millions, except percentages) North America Brazil Other Corrugated Packaging Segment Net Sales $ 1,762.3 $ 86.7 $ 115.3 $ 1,964.3 Less: Trade Sales (65.1) (65.1) Adjusted Segment Sales $ 1,697.2 $ 86.7 $ 115.3 $ 1,899.2 Segment Income $ 169.6 $ 10.0 $ 0.5 $ 180.1 Depreciation and Amortization 130.0 11.4 2.7 144.1 Segment EBITDA 299.6 21.4 3.2 324.2 Plus: Inventory Step-up 0.5 0.1 0.6 Adjusted Segment EBITDA $ 300.1 $ 21.5 $ 3.2 $ 324.8 Segment EBITDA Margins Adjusted Segment EBITDA Margins 17.0% 24.7% 17.7% 24.8% 16.5% 17.1% WestRock

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