Investor Presentation

Multiple 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

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