INTERNATIONAL PAPER  2014 ANNUAL REPORT 05 Other recent investments continued to progress with  excellent results. In 2014, our Ilim joint venture’s upgraded  facilities in Russia continued operating at near full capacity  to help meet growing, long-term demand for high-quality  low-cost softwood pulp in north and central China. Ilim  shareowners benefitted from solid results in 2014, as the  Ilim board of directors elected to pay a dividend and  International Paper received $56 million.  In Poland, International Paper began producing our new  Alaska ® Plus brand coated board on the rebuilt paper  machine at the Kwidzyn Mill. These new lightweight prod- ucts have quickly gained popularity in the marketplace and  customers are realizing reduced costs and sustainability  benefits.  After more than 40 years of service and a decade of out- standing leadership as chairman and CEO, John V. Faraci  retired on December 31. John led the transformation of  International Paper from a diversified set of businesses into  the strategically focused, highly successful global packaging  and paper company it is today. His strategic vision, drive  for results and passion for doing the right things for the  right reasons, will have a lasting impact.  We would also like to thank John F. Turner, who retired from  International Paper’s board of directors on December 31,  following nearly a decade of distinguished service. John’s  wealth of experience as a public servant and conservationist has been a true asset to our board. We welcomed new board member Ray G. Young on October 1. Ray is executive  vice president and chief financial officer for Archer Daniels  Midland Company, one of the largest agricultural processors  in the world. His broad based financial expertise, strategic  acumen and deep knowledge of international operations  add a unique and valuable perspective to the International  Paper board.  I’m excited about 2015 and our investors, customers and  team members should be as well. My commitment to you  is this: as a market leader, International Paper, will continue  to maintain our relentless focus on execution, leadership  and delivering value across our entire enterprise.  Thank you for your continued support and ownership of  International Paper.  Sincerely, Mark S. Sutton Chairman and Chief Executive Officer International Paper