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Smurfit-Stone Completes Sale of Bathurst, NB, Canada, Sawmill

CHICAGO, April 2, 2001 — Smurfit-Stone Container Canada Inc., a subsidiary of Smurfit-Stone Container Corporation (Nasdaq: SSCC), announced today that it has completed the sale of the company’s Bathurst, New Brunswick, Canada, sawmill to UPM-Kymmene Miramichi Inc. Smurfit-Stone said that proceeds from this transaction will be used for debt reduction. UPM-Kymmene Miramichi Inc. is part of the UPM-Kymmene Group, a leading forest products manufacturer.

The company said the sawmill was not a core business, and its activities were not integrated with the Bathurst mill operations. The sawmill’s by-products are softwood while the Bathurst corrugating medium mill uses hardwood chips as its raw material. The deal also includes long-term fiber supply agreements between UPM-Kymmene Miramichi and Smurfit-Stone. Smurfit-Stone will continue to operate its Bathurst, NB, containerboard mill, which manufactures about 240,000 tons of corrugating medium per year.

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.