Investor Presentation

Forward Looking Statements, Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the statements on the slides entitled "A Proven Model that Creates Value", "We Operate in Growing Markets with Significant Opportunities for Expansion", "Strong Cash Flow with High Value Options to Deploy Capital", "Uniquely Positioned with Broad Packaging Portfolio to Solve Customer Challenges", "Corrugated Packaging Investment Highlights", "Corrugated Packaging Serves Diverse End-Markets", "Strategic Investments", "Strategically Increasing our Efficiency and Service Capabilities", "Consumer Packaging Serves Diverse End-Markets", "Strategic Investments", "Driving Significant Growth and Strong Returns", "Multiple Sources of Value Creation", "Track Record of Effective Capital Deployment", "Strategic Capital Projects", "Successfully Integrating KapStone", "FY19 Additional Guidance Assumptions" and "Key Commodity Annual Consumption Volumes", that give guidance or estimates for future periods as well as statements regarding, among other things, that margin expansion and deployment of capital provide the opportunity to grow adjusted segment EBITDA and operating cash flow; that we are committed to reducing our leverage ratio to 2.25x to 2.50x; that we have significant opportunity to expand our business with our 15,000+ customers; that our corrugated packaging segment is well positioned with growing end markets; that our Porto Feliz box plant is expected to become one of the world's largest; that diverse end markets are driving sustainable growth throughout the economic cycle; that our strategic investments in Florence, SC, Porto Feliz, Brazil and Tres Barras, Brazil will be completed on the timetable and have the impacts as set forth on slide 21; that diverse end markets are driving sustainable growth throughout the economic cycle; that our strategic investments in Cottonton, AL and Covington, VA will be completed on the timetable and have the impacts as set forth on slide 28; that we will generate approximately $19 billion in sales in FY19; that our long-term maintenance capital and normal, high-return capital investments will be approximately $1 billion per year; that we expect to pay an annualized dividend of $1.82 per share in FY19; that our capital spending for FY19, FY20 and FY21 will be as presented on slide 33 and we expect to generate $240 million of annualized EBITDA from strategic capital projects; that the KapStone acquisition provides an opportunity for over $200 million in synergy and performance improvements by the end of FY21; that our run rate synergy progression will be as presented on slide 34; that our FY19 additional guidance assumptions and mill maintenance schedule are as presented on slide 39; and that key commodity annual consumption volumes will be as presented on slide 40. Forward-looking statements are based on our current expectations, beliefs, plans or forecasts and are typically identified by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. WestRock cautions readers that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. WestRock's businesses are subject to a number of general risks that would affect any such forward-looking statements, including, among others, decreases in demand for their products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; the occurrence of a natural disaster, such as hurricanes or other unanticipated problems, such as labor difficulties, equipment failure or unscheduled maintenance and repair, which could result in operational disruptions of varied duration; our desire or ability to continue to repurchase company stock; the impact of the Tax Cuts and Jobs Act; risks associated with integrating KapStone's operations into our operations and our ability to realize anticipated synergies and productivity improvements; and adverse changes in general market and industry conditions. Such risks and other factors that may impact management's assumptions are more particularly described in our filings with the Securities and Exchange Commission, including in Item 1A under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2018. The information contained herein speaks as of the date hereof and WestRock does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. We may from time to time be in possession of certain information regarding WestRock that applicable law would not require us to disclose to the public in the ordinary course of business, but would require us to disclose if we were engaged in the purchase or sale of our securities. This presentation shall not be considered to be part of any solicitation of an offer to buy or sell WestRock securities. This presentation also may not include all of the information regarding WestRock that you may need to make an investment decision regarding WestRock securities. Any investment decision should be made on the basis of the total mix of information regarding WestRock that is publicly available as of the date of the investment decision. We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. 2 WestRock

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