International Paper to sell 50% stake in Ilim JV for $484M; subject to Russian approvals

On December 15, 2022, the Company, acting through International Paper Switzerland GmbH (the “ IP Shareholder ”), delivered an offer letter (the “ Offer Letter ”) to Pulp Holding Luxembourg S.A.R.L and ILIM Holding Luxembourg S.A.R.L (the “ ILIM Shareholders ”), pursuant to the ILIM Shareholders’ right of first refusal (the “ ROFR ”) under the shareholders’ agreement in respect of ILIM SA (“ ILIM ”) entered into among the Company, the IP Shareholder, the ILIM Shareholders, ILIM, Mr. Zakhar Smushkin, Mr. Mikhail Zingarevich, Mr. Boris Zingarevich and Mr. Leonid Eruhimovich on October 4, 2007 (as subsequently amended and restated) (the “ Shareholders Agreement ”), whereby the IP Shareholder offered its 50% shareholding in ILIM to the ILIM Shareholders. On January 19, 2023 and January 23, 2023, the ILIM Shareholders delivered an initial acceptance notice and an additional acceptance notice (the “ Acceptance Notice ”), respectively, whereby the ILIM Shareholders exercised the ROFR pursuant