Investor Presentaiton

Q1 FY17 Consumer Packaging Results Financial Performance ($ in millions, except percentages) Segment Sales $1,542 Q1 FY17 Q1 FY16 $1,511 Adj. Segment Income (1) $88 $93 Adj. Segment EBITDA (1) $215 $219 % Margin (1) 14.2% 14.2% Foreign exchange translation impact to Q1 FY17 sales and segment income is $(1) million and $(1) million, respectively $219 Adjusted Segment EBITDA (1) ($ in millions) (11) (8) (16) (14) 49 $215 (4) Q1 FY16 Volume Price / Mix E/M/F Wage and Prod. Other Q1 FY17 Other Inflation Segment Highlights: • • • • Stable shipments of paperboard and converted products Softer demand in export tobacco, commercial print and food packaging, offset by solid demand in foodservice and liquid packaging Strong operational execution and realization of productivity benefits; scheduled maintenance outages at three virgin mills lowered pulp volume Flow through of previously announced paperboard price decreases Paperboard inventory declined by 87k tons yoy Cost inflation impact Segment EBITDA Key Bridge Variances: • • • • Volume: Lower pulp and Merchandising Display sales partially offset by a modest increase in paperboard and converted products shipments Price / Mix: PPW published price declines in SBS and CRB impacted Q1 and are expected to carry throughout FY17; stable converting price/mix E/M/F: Increases in recycled fiber, chemicals and energy, partially offset by lower virgin fiber prices Productivity: Strong synergy and productivity improvements from internalizing SBS volume, procurement savings and operations productivity Integrating 250k tons per year from merger, Carolina branded products and Cenveo integration 20 20 1) Non-GAAP Financial Measure. See Use of Non-GAAP Financial Measures and Reconciliations in Appendix. WestRock

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