Timothy McKenna (investors): 312-580-4637 / 314-746-1254
George Csolak (media): 314-746-1321

Florida Coast Files Reorganization Plan
in Pending Bankruptcy Cases

CHICAGO, October 20, 1999 -- Stone Container Corporation, a wholly-owned subsidiary of Smurfit-Stone Container Corporation (Nasdaq: SSCC), announced today that Florida Coast Paper Company, LLC, and certain affiliated companies, together with the Ad Hoc Committee of Florida Coast Noteholders, have filed a Joint Plan of Reorganization in the pending Florida Coast bankruptcy cases in Delaware. Florida Coast is a joint venture owned 50% by each of Stone and Four M Corporation.

The plan of reorganization, if confirmed, will settle all claims in the bankruptcy proceedings by means of a cash payment. The settlement includes the transfer to Stone Container of all the assets of Florida Coast, which primarily consists of its linerboard mill in Port St. Joe, Florida (which has been idle since August, 1998), and a release of the pending adverse proceeding and all other claims against Florida Coast, Stone Container, Four M, and their respective affiliates, officers and directors. Although the amount of the payments is subject to final determination, it is expected that the net cost to Stone Container will be in the range of $95-100 million. The payment will not have an impact on Stone Container financial results. The reorganization plan is subject to confirmation by the bankruptcy court, which, if obtained, is anticipated by the end of the year.

Smurfit-Stone Container Corporation was formed on November 18, 1998 as a result of the merger of Jefferson Smurfit Corporation and Stone Container Corporation. The company is the industry’s leading manufacturer of paper and paperboard-based packaging, including containerboard, corrugated containers, industrial bags, and claycoated recycled boxboard; and is the world’s largest paper recycler. In addition, Smurfit-Stone is a leading producer of folding cartons, paper tubes and cores, and labels. The company operates about 300 facilities worldwide and employs more than 30,000.

This document contains certain forward-looking statements within the meaning of Section 21 E of the Securities Exchange Act of 1934, as amended, about Smurfit-Stone Container Corporation. Although the company believes that, in making any such statements, its expectations are based on reasonable assumptions, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. When used in this document, the words "anticipates," "believes," "expects," "intends," and similar expressions as they relate to Smurfit-Stone Container Corporation or Stone Container Corporation are intended to identify such forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including the rights of creditors in the Florida Coast bankruptcy proceedings. The actual outcome of the Florida Coast bankruptcy proceedings could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations and financial condition of Smurfit-Stone Container Corporation or Stone Container Corporation

© 1999 Smurfit-Stone Container Corporation

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