<b>Smurfit-Stone Posts Figures</b>

Smurfit-Stone Container reported income before extraordinary item of $19 million for the first quarter of 2001, compared to income of $40 million in the first quarter of 2000. Results for the first quarter of 2001 included an after tax gain of $4 million related to an asset sale.

Net income available to common shareholders, after extraordinary item, was $12 million. Sales for the quarter were $2.2 billion compared to $2 billion in the first quarter of 2000.

Ray Curran, president and chief executive officer, said that the primary factors affecting profits were mill downtime, reduced container shipments and higher energy costs. The seven percent increase in sales was driven primarily by the acquisition of St. Laurent Paperboard Inc. last May.

Energy costs continued to trend upward, increasing by $20 million compared to the fourth quarter of 2000. In addition, a strong dollar continued to depress US manufacturing activity and domestic packaging demand.

Weak demand prompted Smurfit-Stone to take 261,000 tons of downtime in its containerboard mill system, in addition to 27,000 tons of pulp downtime. Sluggish demand resulted in slight price declines for containerboard and containers compared to levels in the fourth quarter 2000. Pulp prices experienced a more dramatic decrease from fourth quarter levels.