Rejection of Unsolicited and Highly Opportunistic Approach

Smurfit Kappa, headquartered in Dublin, Ireland, announces that it has received an unsolicited proposal from International Paper Company (“International Paper”), headquartered in Memphis, USA, whereby International Paper would acquire Smurfit Kappa and Smurfit Kappa shareholders would receive a combination of cash and a minority holding in the combined business (the “Proposal”).

The Board of Smurfit Kappa has carefully considered the Proposal and believes it is in the best interests of the Group’s shareholders and other stakeholders to pursue its future as an independent company, operating as the European and Pan-American leader in paper-based packaging. Smurfit Kappa is a world leader in paper-based packaging with an established track record of consistently delivering strong and improving operating and financial performance.

Smurfit Kappa recently announced record EBITDA for 2017 of €1,240 million and a full year ROCE of 15% and the underlying positive trading conditions have continued into 2018. As part of its year end results, Smurfit Kappa announced an acceleration of its investment programme based on plans to improve its market position and strengthen its integrated model between 2018 and 2021.

The Proposal fails entirely to reflect the Group’s strong growth prospects and attractive industry outlook.
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