RockTenn to Acquire Smurfit-Stone Container

Combined RockTenn and Smurfit-Stone:
• #2 producer of North American containerboard
• #2 producer of coated recycled board
• Management team with strong record of shareholder value creation and excellent record of integrating acquisitions
• Balanced fiber input mix with 55 percent virgin fiber and 45 percent recycled fiber
• Expands Rock-Tenn’s geographic footprint to the Midwest and West Coast
• Opportunity to recognize benefits from approximately $500 million of NOLs at Smurfit-Stone
• Conservative capital structure with significant liquidity
• Opportunity to improve results through cost reduction and capital investment