INTERNATIONALPAPER  2014 ANNUAL REPORT 07 OUR TRANSFORMATION OVER THE PAST DECADE HAS  POSITIONED US WELL TO COMPETE SUCCESSFULLY IN  GLOBAL PACKAGING, PAPER AND PULP MARKETS. A LEGACY OF LEADERSHIP  JOHN FARACI, FORMER CHAIRMAN AND CEO Following 40 years of dedicated service at International Paper, John V. Faraci retired earlier this year. John’s career  spanned a wide range of business positions, as well as management and executive roles, in geographies around the  globe. He served as our company’s president, executive vice president and chief financial officer, and then in 2003 was elected chairman and chief executive officer. John served as the leader of International Paper through 2014.  During the past decade, John was instrumental in making International Paper a stronger, better, more competitive  company—and also one with a strong culture of integrity, leadership, results and developing talent. He and his senior  leadership team successfully transformed the company by exiting all non-strategic businesses and focusing on packaging  and paper on a global scale. Highlights of John’s leadership:  •  IP sold more than $11 billion in assets—six million  acres of forest land, its Canadian lumber business, 13 lumber mills, five wood products plants, European  distribution, coated paper division, industrial papers,  fine papers, kraft paper, our chemicals division and bev- erage packaging. •  International Paper became a world leader in container- board production and a major player in market pulp and  coated paperboard. Total shareholder return was up  approximately 150 percent over the past five years. •  International Paper was named by  Fortune ®  Magazine  as one of the America’s Most Admired Companies ® ,  making the list 12 times in 13 years, and this year was  named among the Ethisphere Institute’s World’s Most  Ethical Companies ®  for the ninth year in a row. IP also  received awards in Europe, the Middle East, Africa,  Brazil and India. Personally, John was named RISI’s  CEO of the Year in 2014, and was recognized as one of  the best CEOs by  Institutional Investor  magazine.  •  International Paper reinvested the proceeds from those  asset sales by acquiring Weyerhaeuser’s industrial pack- aging business and Temple Inland, which strengthen  IP’s existing operations and created a premier industrial  packaging business. These moves now generate  strong sustainable free cash flow and above the cost- of-capital returns. Outside the U.S., IP invested in the  Ilim joint venture in Russia, the Sun Paper joint venture  in China, and in paper and packaging businesses in  Brazil, India and Turkey. JOHNFARACI FORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER  INTERNATIONAL PAPER