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Smurfit-Stone Container Corporation Announces the Completion of Series E Preferred Stock Transaction with Stone Container Corporation

CHICAGO, November 15, 2000 – Smurfit-Stone Container Corporation (Nasdaq: SSCC) announced today that it successfully completed the merger transaction relating to the $1.75 Series E Cumulative Convertible Exchangeable Preferred Stock of Stone Container Corporation.

Each share of Stone Container's Series E Preferred Stock was canceled and converted into the right to receive one share of Smurfit-Stone's 7% Series A Cumulative Exchangeable Redeemable Convertible Preferred Stock, and $6.4425 in cash. The cash payment is equal to the amount of accrued and unpaid dividends payable on each share of Series E Preferred Stock as of the effective time of the merger transaction, less an amount intended to cover certain transaction related expenses of $0.12 per share.

ChaseMellon Shareholder Services, L.L.C. will forward to Stone Container Series E Preferred shareholders detailed instructions regarding how to surrender their share certificates in order to receive the Smurfit-Stone Series A Preferred Stock and the $6.4425 per share cash merger consideration. Shareholders should not submit their share certificates to ChaseMellon until they have received these instructions.

Effective today, Stone Container's Series E Preferred Stock will cease to be listed on the New York Stock Exchange and Smurfit-Stone's Series A Preferred Stock will commence trading on the Nasdaq National Market under the symbol "SSCCP."


Smurfit-Stone Container Corporation is the premier manufacturer of paper- and paperboard-based packaging. Smurfit-Stone holds industry-leading positions in the production of containerboard (including white-top linerboard and recycled medium), corrugated containers, industrial bags, and clay-coated recycled boxboard; and is the world’s largest paper recycler. In addition, Smurfit-Stone is a leading producer of folding cartons, solid bleached sulfate, paper tubes and cores, and labels. The company operates more than 300 facilities worldwide and employs approximately 40,000 people.