Presentation Material

November 4, 2009

1st QUARTER EARNINGS

BUCKEYE TECHNOLOGIES INC. 2

Safe Harbor Statement

These slides and the accompanying presentation contain forward-looking statements. All statements other than statements of historical fact included herein, including statements and information regarding the company’s financial position, business strategy, possible or assumed future results of operations, capital expenditures, the outcome of pending legal proceedings and claims and goals and objectives for future operations as well as descriptions of the Company’s business strategies and purchase commitments from customers. These statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “estimate” or other similar words or phrases. Similarly, statements that describe Management’s objectives, plans or goals are or may be forward-looking statements. Management bases these statements on particular assumptions made in light of industry experience, as well as Management’s 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 Company’s 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, dependence on a single customer; the ability to obtain additional capital, maintain adequate cash flow to service debt as well as meet operating needs; maintaining satisfactory labor relations; an inability to predict the scope of future environmental compliance costs or liabilities; pricing fluctuations and worldwide economic conditions; competition; and fluctuations in the costs and availability of raw materials.

BUCKEYE TECHNOLOGIES INC.

Adjusted 1Q EPS $0.11 vs. $0.18 in 4Q

Wood specialty pulp, fluff pulp and cotton pulp prices declined

Input costs declined

September strongest month of the Quarter

Volume up sequentially

Reduced Costs

Generated $17.6MM or $0.45 per share of free cash flow excluding AFMC and Florida grant

Reduced debt additional $32.5MM or 10%

Restarted Energy Independence Project to reduce costs and cut fossil fuel usage

Completing agreement with the University of Florida to establish a pilot bio-refinery to investigate new potential revenue streams

3

1Q Highlights

BUCKEYE TECHNOLOGIES INC. 4

Quarterly Consolidated Earnings

* The highlighted items are non-GAAP financial measures and exclude the GAAP reporting impact of Alternative Fuel Tax Credits for comparative purposes.

(In Millions except Per Share Data) Q1 Q42010 2009 Change

Excluding Alternative Fuel Mixture Credits (AFMC)

Net SalesSpecialty Fibers 122.2$ 125.1$ -2.4% Volume +4%, Price -4%, Mix -2%Nonwoven Materials 62.7$ 59.8$ 4.9% Volume +3%, Price -1%, Mix +1%, Currency +2%Corporate (7.6)$ (7.9)$ Total Net Sales 177.3$ 177.0$ 0.2% Specialty Wood Selling Prices -5%

Specialty Cotton Selling Prices -4%Operating Income/(Loss) Fluff Pulp Prices -$26 / ton

Specialty Fibers 8.5$ 11.4$ (2.9)$ Nonwoven Materials 5.2$ 4.3$ 0.9$ Corporate (1.5)$ (1.4)$ (0.1)$ Adjusted Operating Income 12.2$ 14.3$ (2.1)$

Operating MarginSpecialty Fibers 7.0% 9.1% -2.1%Nonwoven Materials 8.3% 7.2% 1.1%

Adjusted Total Operating Margin 6.9% 8.1% -1.2%

Net Interest Expense 5.3$ 6.9$ (1.7)$ Other (0.1)$ (0.1)$ 0.0$

Adjusted Earnings Before Income Taxes 6.9$ 7.5$ (0.6)$

Adjusted Income Tax Expense 2.8$ 0.6$ 2.1$ Adjusted Effective Tax Rate 40.2% 8.3% 31.9%

Adjusted Net Income 4.1$ 6.8$ (2.7)$

Adjusted Earnings Per Share 0.11$ 0.18$ (0.07)$

Impact of Alternative Fuel Mixture Credits

Operating Income From AFMC 35.8$ 54.2$ (18.4)$ Income Tax Expense on AFMC 0.7$ 14.6$ (13.9)$ Net Income from AFMC 35.1$ 39.6$ (4.5)$

Earnings per Share from AFMC 0.89$ 1.02$ (0.13)$

Total Earnings per Share 1.00$ 1.20$ (0.20)$

Weighted average shares for Diluted EPS 39.1 38.8 0.3

Comments

BUCKEYE TECHNOLOGIES INC. 5

Quarterly Earnings Per Share

$0.07 reduction in Adjusted Earnings per Share quarter-over-quarter, excluding impact of Alternative Fuel Mixture Credits

$-

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

$0.16

$0.18

$0.20

EP

S (

$)

$0.18 $0.01 $(0.08) $0.07 $(0.03) $0.03 $0.11 $(0.01) $(0.06)

BUCKEYE TECHNOLOGIES INC. 6

Quarterly Operating Income

$2.1 million reduction in Adjusted Operating Income quarter-over-quarter, excluding impact of Alternative Fuel Mixture Credits

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

Op

In

com

e ($

Mil

lio

ns)

$14.3 $3.0 $(1.7) $(4.8) $3.2 $3.3 $(1.9) $(0.8) $(0.4) $(2.0) $12.2

BUCKEYE TECHNOLOGIES INC. 7

Debt Covenants & Calculations

SNAPSHOT

Debt-to-Capital1 44%

LT Debt ($ Millions) $300

DEBT COVENANTS

Debt/Adj EBITDA < 4.50

Adj EBITDA/Interest > 2.00

BUCKEYE RATIOS

Debt/Adj EBITDA 1.57

Adj EBITDA/Interest 6.99

1 LT Debt / (LT Debt + Stockholders’ Equity); See Appendix for description of non-GAAP measures

Adjusted EBITDA Reconciliation

(In Thousands) TTM FY FY FYQ1-10 2009 2008 2007

Consolidated Net Income (Loss) (35,006)$ (65,388)$ 47,102$ 30,118$

Income taxes 11,645$ 13,678$ 20,203$ 13,720$ Early extinguishment of Debt (566)$ (401)$ 623$ 832$ Interest expense 26,081$ 28,247$ 32,469$ 37,853$ Amortization of debt costs 1,054$ 1,047$ 1,088$ 1,300$ Depreciation & depletion 46,598$ 48,047$ 50,873$ 49,212$ Other amortization 1,884$ 1,880$ 1,856$ 2,380$ Asset disposals 1,161$ 1,297$ 955$ 1,190$ Patent abandonment 274$ 256$ 15$ 261$ Asset impairment & restructuring 138,008$ 138,008$ -$ 1,249$ Non-Recurring (Gain)/Loss -$ -$ -$ (355)$

Adjusted EBITDA 191,133$ 166,671$ 155,184$ 137,760$

Revolver/Short Term Debt 95,000$ 17,021$ 78,286$ 33,622$ Bonds 200,000$ 310,000$ 315,000$ 410,000$ Capitalized Leases -$ -$ 358$ 755$ Letters of Credit 4,918$ 4,918$ 5,216$ 7,680$

Consolidated Total Debt 299,918$ 331,939$ 398,860$ 452,057$

Interest Expense 26,081$ 28,247$ 32,469$ 37,853$ Capitalized Interest 1,492$ 1,423$ 631$ 268$ Interest Income (229)$ (239)$ (571)$ (335)$

Consolidated Interest Expense 27,344$ 29,431$ 32,529$ 37,786$

BUCKEYE TECHNOLOGIES INC. 8

Debt & Maturities

Retired $110 million in 2010 bonds 07/31/09, next significant maturity due in 2012

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

TOTAL 2009 2010 2011 2012 2013

$ M

illio

ns

Unused RevolverLetters of CreditUsed Revolver2010 Bonds2013 Bonds

Due OctDue Jul

BondsBank Facility

09/30/09

$100 Available Liquidity

$295 Total Debt

$400

$200 $200

$100

$95

* Interest at LIBOR + 125bps $5

$5

$110

Retired07/31/09

BUCKEYE TECHNOLOGIES INC.

Improved wood specialty mix

Higher fluff pulp prices

Lower wood specialty price

Improved cotton volume

Lower lint cost

Seasonal volume decline in nonwovens

9

2Q Outlook

APPENDIX

BUCKEYE TECHNOLOGIES INC. 11

Quarterly Consolidated Earnings

* The highlighted items are non-GAAP financial measures and exclude the GAAP reporting impact of Alternative Fuel Tax Credits for comparative purposes.

(In Millions except Per Share Data) Q1 Q12010 2009 Change

Excluding Alternative Fuel Mixture Credits (AFMC)

Net SalesSpecialty Fibers 122.2$ 165.0$ -26.0% Volume -6%, Price -11%, Mix -9%Nonwoven Materials 62.7$ 65.9$ -4.8% Volume +3%, Price -3%, Mix -3%, Currency -2%Corporate (7.6)$ (9.5)$ Total Net Sales 177.3$ 221.3$ -19.9% Specialty Wood Selling Prices -2%

Specialty Cotton Selling Prices -13%Operating Income/(Loss) Fluff Pulp Prices - $163 / ton

Specialty Fibers 8.5$ 20.1$ (11.6)$ Nonwoven Materials 5.2$ 3.6$ 1.6$ Corporate (1.5)$ (1.1)$ (0.4)$ Adjusted Operating Income 12.2$ 22.7$ (10.4)$

Operating MarginSpecialty Fibers 7.0% 12.2% -5.2%Nonwoven Materials 8.3% 5.5% 2.8%

Adjusted Total Operating Margin 6.9% 10.2% -3.3%

Net Interest Expense 5.3$ 7.4$ (2.1)$ Other (0.1)$ 0.8$ (0.9)$

Adjusted Earnings Before Income Taxes 6.9$ 14.4$ (7.5)$

Adjusted Income Tax Expense 2.8$ 5.5$ (2.8)$ Adjusted Effective Tax Rate 40.2% 38.5% 1.7%

Adjusted Net Income 4.1$ 8.9$ (4.7)$

Adjusted Earnings per Share 0.11$ 0.23$ (0.12)$

Impact of Alternative Fuel Mixture Credits

Operating Income from AFMC 35.8$ -$ 35.8$ Income Tax Expense on AFMC 0.7$ -$ 0.7$ Net Income from AFMC 35.1$ -$ 35.1$

Earnings per Share from AFMC 0.89$ -$ 0.89$

Total Earnings per Share 1.00$ 0.23$ 0.77$

Weighted average shares for Diluted EPS 39.1 38.9 0.3

Comments

BUCKEYE TECHNOLOGIES INC. 12

Quarterly Earnings Per Share

$0.12 reduction in Adjusted Earnings Per Share year over year, excluding impact of Alternative Fuel Mixture Credits

$(0.25)

$(0.20)

$(0.15)

$(0.10)

$(0.05)

$-

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

EP

S (

$)

$0.23 $(0.01) $(0.25) $(0.16) $0.25 $0.05 $0.11

BUCKEYE TECHNOLOGIES INC. 13

Quarterly Operating Income

$10.5 million reduction in Adjusted Operating Income year over year, excluding impact of Alternative Fuel Mixture Credits

$(15.0)

$(10.0)

$(5.0)

$-

$5.0

$10.0

$15.0

$20.0

$25.0

Op

In

com

e ($

Mil

lio

ns)

$22.7 $(7.8) $(9.6) $(15.2) $9.4 $6.0 $(1.7) $4.2 $4.8 $(0.6) $12.2

BUCKEYE TECHNOLOGIES INC. 14

Non GAAP Measures

* See next slide for description of non-GAAP measures

4th Quarter Total Year(In $ Millions except per share data) 2010 2009 2009 2009

Operating Income/(Loss)Operating Income in accordance with GAAP 48.0 22.7 68.5 (22.6) Special Items:

Alternative Fuel Mixture Credits (35.8) - (54.2) (54.2) Goodwill Impairment - - - 138.0

Total Special Items (35.8) - (54.2) 83.8

Adjusted Operating Income 12.2 22.7 14.3 61.1

Net Income/(Loss)Net Income in accordance with GAAP 39.2 8.9 46.5 (65.4) Special Items, after-tax:

Alternative Fuel Mixture Credits (35.1) - (39.6) (39.6) Goodwill Impairment - - - 127.6

Total Special Items (35.1) - (39.6) 88.0

Adjusted Net Income 4.1 8.9 6.8 22.6

Earnings/(Loss) per Share (EPS):Earnings per Share in accordance with GAAP 1.00$ 0.23$ 1.20$ (1.69)$ Special Items, after-tax, per share:

Alternative Fuel Mixture Credits (0.89)$ -$ (1.02)$ (1.02)$ Goodwill Impairment -$ -$ -$ 3.30$

Total Special Items (0.89)$ -$ (1.02)$ 2.28$

Adjusted Earnings per Share 0.11$ 0.23$ 0.18$ 0.59$

1st Quarter

BUCKEYE TECHNOLOGIES INC. 15

Description of non-GAAP Measures

Adjusted EBITDA

We calculate EBITDA as earnings before cumulative effect of change in accounting plus interest expense, income taxes and depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by adding back the following items: asset impairment charges, non-cash charges and other (gains) losses. You should not consider adjusted EBITDA to be an alternative measure of our net income, as an indicator of operating performance; or our cash flow, as an indicator of liquidity. Adjusted EBITDA corresponds with the definition contained in our US revolving credit facility, established on July 25, 2007, and it provides useful information concerning our ability to comply with debt covenants. Although we believe adjusted EBITDA enhances your understanding of our financial condition, this measure, when viewed individually, is not a better indicator of any trend as compared to other measures (e.g., net sales, net earnings, net cash flows, etc.).

Adjusted Operating Income, Adjusted Earnings Before Income Taxes, Adjusted Income Tax Expense, Adjusted Net Income, and Adjusted Earnings per Share

This release includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). The non-GAAP measures used are “adjusted operating income”, “adjusted earnings before income taxes”, “adjusted income tax expense”, “adjusted net income”, and “adjusted Earnings per Share” and are equal to operating income, earnings before income taxes, income tax expense, net income and earnings per share excluding income from the alternative fuel mixture credit and goodwill impairment. The Company believes that the presentation of these non-GAAP measures provides information that is useful to investors as it allows for a more meaningful comparison of these financial measures to prior periods, but this information should not be considered a substitute for any measures derived in accordance with GAAP. The Company manages its business units by financial measures which exclude these items. Operating income and earnings per share targets for our all-employee bonus and at-risk compensation also exclude the benefit of the alternative fuel mixture credits and the goodwill impairment charge.