INVESTOR PRESENTATION

1
MAKING PROGRESSMORE TO GO

• INVESTOR PRESENTATION
• September 2009

2
Safe Harbor Statement

• These slides and the accompanying presentation
  contain forward-looking statements.
  Forward-looking statements include information
  concerning possible or assumed future results of
  operations, capital expenditures, the outcome of
  pending legal proceedings and claims, goals and
  objectives for future operations, including
  descriptions of the Companys business strategies
  and purchase commitments from customers, among
  other things. These statements are typically
  identified by words such as believe,
  anticipate, expect, plan, intend,
  estimate and similar expressions. Management
  bases these statements on particular assumptions
  made in light of industry experience, as well as
  Managements perception of historical trends,
  current conditions, expected future developments
  and other factors that Management believes are
  appropriate under the circumstances. These
  statements are not guarantees of performance or
  results and involve risks, uncertainties and
  assumptions. Although Management believes that
  these forward-looking statements are based on
  reasonable assumptions, many factors could affect
  the Companys actual financial results or results
  of operations and could cause actual results to
  differ materially from those expressed in the
  forward-looking statements. These factors
  include, among other things, cyclical changes in
  the demand for some of the Companys products
  changes in pricing policies by the Company or its
  competitors changes in the cost of labor, energy
  and other manufacturing costs debt levels the
  size and timing of significant orders changes in
  operating expenses or the need for additional
  capital expenditures changes in corporate
  strategy and general economic conditions. In
  light of these risks and uncertainties, there can
  be no assurance that the results and events
  contemplated by the forward-looking statements
  contained in these slides and the accompanying
  presentation will in fact transpire.

3
Overview

• Buckeye Technologies is the only manufacturer in
  the world that offers cellulose based, specialty
  products made out of both cotton and wood.
• In the past few years weve made significant
  progress
• Grown sales and earnings
• Reduced debt to internal target levels
• As a result
• Our Balance Sheet is much stronger
• Paid down 53 of debt since 2002
• Well positioned to ride out the economic slowdown
• Theres still more progress to be made
• Debt reduction remains top priority
• Focused on strengthening our existing business
• Energy and other potential opportunities

4
Products
Nonwoven Materials 32

• The diversity of our product mix is a strength,
  helping us navigate through the current economic
  downturn

Specialty Fibers 68
5
Niche Markets

• Market leader in attractive niches

Source LMC International, Lockwood-Post,
Nonwovens World and Company Estimates
6
Global Pulp Market
7
Geographic Diversity

• 1444 Employees

Tennessee
North Carolina
Europe34
Florida
Canada / BC
Asia14
North America45
Beijing
South America4
Other3
Brazil

• 66 of sales outside US
• 78 of sales produced in US

Based on fiscal 2009 Sales
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Focus on Debt

• Debt Reduction
• Used free cash flow to reduce debt by 374
  million since 2002, and have a debt target of
  275 million by June 30, 2010
• Received 38.0 million in net cash proceeds from
  alternative fuel mixture credits (Feb. 12 Jun.
  30)

9
Debt Maturities

• Debt Maturities
• Retired 110 million in 2010 bonds on 07/31/09
  (14 months early)
• Replaced 8 debt with debt at LIBOR 1.25
  (interest savings)
• Nearest maturity is Bank Credit Facility due in
  2012

10
Debt Covenants Calculations
1 LT Debt / (LT Debt Stockholders Equity)
11
Net Sales

• Diversified product mix and reduced reliance on
  fluff pulp
• Grew sales 30 from 2002 to 2008 (CAGR 3.8)
• 2009 impacted by recession, but 18.9 better than
  2002

12
Earnings Growth

• Improved sales pricing, mix and volume
• Implementation of Lean Enterprise and improved
  cost structure
• 2009 excludes 54.2mm in Alternative Fuel Mixture
  Credits (AFMC)

See Appendix for reconciliation of non-GAAP
measures to related GAAP measures
13
Business Strategy

• Near term our strategy is to use free cash flow
  to pay down debt
• New internal debt target of below 275MM by June
  30, 2010
• Capital spending, including the Foley energy
  project, estimated at 50MM in 2010
• Continued focus on Lean Enterprise, reducing
  costs and working capital, and eliminating waste
• Longer term were focused on a number of
  initiatives
• Organic growth
• Extend current businesses into new and different
  value streams
• Strategic opportunities
• Lean Enterprise

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Business Strategy

• Organic Growth
• Utilize Existing Capacity
• Fill up Nonwoven and Cotton assets
• Cotton Linter Availability
• Explore means of securing additional raw material
• Develop New Products and Markets
• Nonwovens Wiping and Feminine Hygiene
• UltraFiber 500
• High-purity Cotton Cellulose for use in Liquid
  Crystal Displays

15
Business Strategy

• Extend Current Businesses into New and Different
  Value Streams and Markets
• Foley Energy Project
• 45 million investment at Perry, Florida facility
• Will increase energy self-sufficiency to
  approximately 95
• Estimated to save the equivalent of 200,000
  barrels of oil per year
• Wood Sustainability
• Reduce reliance on fossil fuels
• Possible green energy sales to the public
• Bio-Energy Opportunities

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Bio-Energy Opportunities

• We believe that our Foley wood mill is a unique
  facility and that it has a number of
  characteristics that make it suitable for a
  bio-refinery effort
• A pulp mill that will be one of the North
  American survivors that has the staying power to
  take advantage of the long term opportunities
  that renewable fuels offer due to the valued
  niche products that it produces
• An infrastructure for processing wood, including
  a modern wood yard
• An opportunity to more fully utilize the
  components of wood cellulose, hemicellulose, and
  lignin
• The conditions to potentially grow other fuel
  rich biomasses including energy cane, switch
  grass and eucalyptus
• An environment potentially conducive to growing
  algae for oil including ample sunlight, waste
  ponds for nutrients and CO2 necessary for growth
• Opportunity to utilize Floridas avoidable cost
  pricing for electricity production

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Bio-Energy Opportunities

• In addition to improving costs through energy
  self-sufficiency,
• we see the opportunity to gradually add on high
  return capabilities/revenue streams in the form
  of renewable energy, fuel, and chemical sales
• Although the technology for many of these
  processes is developing, the current regulatory
  environment promotes renewable alternatives and
  we plan to stay abreast of changes
• in legislation and incentive programs in
  addition to partnership opportunities that will
  help sustain Buckeye into the foreseeable future.

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Current Pulp Mill Business Model
FOSSIL FUEL BIOMASS ELECTRICITY
PULP
TREES
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Future Bio-Energy Business Model

• Leads to a cleaner environment and less waste

OTHER BIOMASS
PULP
TREES
ELECTRICITY CHEMICALS FUELS
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Business Strategy

• Strategic Opportunities
• Debt repayment remains our top priority
• We have also developed a framework to pursue
  improved profitability and long-term sustainable
  growth. At the right time, this framework will
  help us evaluate opportunities, like strategic
  partnerships, to help strengthen our position as
  a value added cellulose provider.

21
Business Strategy

• Lean Enterprise
• Focus on improving flow and reducing waste on the
  production floor as well as in the office
• Reduce lead times
• Change work culture to support a Lean Enterprise
• Protect and build our margins

22
Business Strategy

• Company Goals
• Reduce debt to below 275 million
• Earn returns greater than the cost of capital
• Earn gross margins greater than 20
• Grow cash flow and EBITDA through cost reduction
  and organic growth

23
Business Strategy

• Company Risks
• Continued weakness in consumer discretionary
  spending (namely TV and Auto markets)
• Weak cotton pulp demand
• Fluff Pulp price declines
• Currency movements
• Long term Cotton Raw Material Availability and
  Price (Linters)

24
Financials

• Stronger Balance Sheet
• Leverage Ratio reduced from 7.7x in 2002 to 1.8x
• Interest Coverage Ratio increased from 1.8x in
  2002 to 5.9x

25
Financials

• Reduced investment in working capital
• Lean initiatives and focus on debt reduction has
  generated good progress in this area

26
Financials

• Specialty Fibers

27
Financials

• Nonwoven Materials

CAGR 5.1
CAGR 5.1
28
Financials

• Total year sales

• Net Sales down 9 year over year
• Volume loss due to reductions in consumer
  discretionary spending and customer inventory
  adjustments
• Specialty wood cotton prices up 13 and 15
  respectively fluff pulp prices decreased 23 per
  ton (year over year)

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Financials

• Total year Adjusted EPS

• Higher selling prices year-over-year partially
  offset lower shipment production volumes
• Higher raw material, chemical, energy, and
  transportation costs in 2009 vs. 2008
• Gross margin 14.5 vs. 18.1 last year

FY2009 EPS excludes (3.30) in Goodwill
Impairment charges, and 1.02 in Alternative Fuel
Mixture Credits (0.58 - 3.30 1.02 -1.69
Reported EPS per diluted share)
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Conclusion

• Buckeye has made significant progress these past
  few years
• The ground work laid will help us battle through
  these tough economic times
• We are well within our debt covenants, and have
  no significant debt maturities until 2012
• We have sufficient liquidity within our current
  debt structure
• We plan to continue to pay down debt, using free
  cash flow, to an internal target of below 275
  million by June 30, 2010
• We have a defined contribution pension plan with
  no pension liability
• Long term we have developed a framework to help
  grow and sustain profitability.

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APPENDIX
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History

• 1900 - Established by Procter Gamble (PG) as
  Buckeye Cottonseed Oil Company to provide a
  source of vegetable oil.
• 1914 - During World War I began to manufacture
  cellulose for munitions.
• 1950 - Expanded into wood based cellulose to
  supply the chemical and specialty fiber
  industries.
• 1993 - Became an independent company as the
  result of a management buyout with Madison
  Dearborn.
• 1995 - Held an initial public stock offering.
• 1996 - Acquired Alpha and Temming, 2 cotton
  cellulose businesses.
• 1997 - Acquired Merfin, an airlaid nonwovens
  business.
• 1999 - Acquired Walkisoft, an airlaid nonwovens
  business.
• 2000 - Acquired Vicunhas cotton cellulose
  facility in Americana, Brazil.
• 2001 - Started up the worlds largest airlaid
  nonwovens facility.
• 2004 - Announced the upgrade of the Americana,
  Brazil cotton cellulose facility to produce
  specialty market pulps.

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Capacity
Nonwoven Material totals based on current
product mix. Excludes converting facility in
King, North Carolina which currently produces
900,000 cases of tissue/toweling products.
34
Product Diversity
Based on fiscal 2009 Net Sales
35
Specialty Wood Pulp Market
36
Global Fluff Pulp Market
37
Investor Information
38
Description of Notes
39
Description of Credit Facility
40
Contacts
41
Non-GAAP Reconciliations