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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, 

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