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Smurfit-Stone Elects Ten To Board
At Annual Shareholders Meeting

CHICAGO, May 17, 2001 — Smurfit-Stone Container Corporation (Nasdaq: SSCC) announced today that all ten of its nominees to serve on the Board of Directors of the company were elected by its shareholders for one-year terms at its annual meeting held in Chicago. Shareholders also approved the adoption of the amendment of the company’s 1998 long-term incentive plan to authorize up to 8,000,000 additional shares of common stock to be subject to awards granted thereunder, and ratified the selection of Ernst & Young as the company’s independent auditors.
The votes in favor of the election of each of the directors and approval of each of these proposals were in excess of 98 percent of the shares represented at the meeting.

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.