Exhibit 10.5(m)

AMENDMENT NO. 4 TO LIQUIDITY AGREEMENT
AND
ANNEX

This AMENDMENT NO. 4, dated as of December 20, 2002 (this"Amendment"), to the Liquidity Agreement
(as hereinafter defined) and Annex (as hereinafter defined) is made by and among (i) Jefferson Smurfit Finance Corporation ("Finco"),
(ii) Société Générale as Facility Agent (the"Facility Agent"), as Collateral Agent
(the "Collateral Agent") and as the bank under the Liquidity Agreement (the "Bank") and
(iii) Jefferson Smurfit Corporation (U.S.), as Seller and as Servicer ("JSC") under the Receivables Purchase and Sale Agreement (as hereinafter
defined).

W I T N E S S E T H:

WHEREAS, Finco, the Bank, the Facility Agent (as successor facility agent to Deutsche Bank Trust Company Americas) and the Collateral Agent (as successor
collateral agent to Deutsche Bank Trust Company Americas) are party to that certain Liquidity Agreement, dated as of February 23, 1995, as amended by the First Omnibus Amendment, dated as of
March 31, 1996, the Amendment No. 2 to Liquidity Agreement and Extension Request, dated as of August 19, 1997 and the Amendment No. 3 Extension Request and Waiver, dated as
of March 9, 2001 (as so amended, the"Liquidity Agreement");

WHEREAS,
Finco, as Purchaser and JSC, as Seller and Servicer are party to that certain Receivables Purchase and Sale Agreement dated as of February 23, 1995, as amended by the
First Omnibus Amendment, dated as of March 31, 1996 and the Amendment No. 2 to Receivables Purchase and Sale Agreement, dated as of August 19, 1997 (as so amended the
"PSA Agreement");

WHEREAS,
the definitions referred to in the Liquidity Agreement and the PSA Agreement are set forth in Annex I (the "Annex");

WHEREAS,
Finco, the Bank, the Facility Agent, the Collateral Agent and JSC desire to amend the Liquidity Agreement and Annex on the terms and conditions set forth below;

WHEREAS,
the Liquidity Agreement currently provides that Finco shall direct the Collateral Agent to pay to the Facility Agent, for the benefit of the Bank, a Facility Fee for the period
from and including the Effective Date until the Termination Date, equal to .200% per annum times the Facility Amount;

WHEREAS,
Finco has requested approval and consent from the Bank to amend the Liquidity Agreement to provide that the Facility Fee will be increased to an amount equal to .400% per annum
times the Facility Amount from the Amendment Effective Date (as defined herein) until the Collection Date; and

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WHEREAS,
Finco has agreed to pay the Facility Agent an arrangement fee in an amount equal to $625,000 (the"Arrangement Fee");

NOW
THEREFORE, in consideration of the premises and the terms and covenants contained herein, the receipt and sufficiency of which consideration is hereby acknowledged, the parties
hereto agree as follows:

1.Definitions.    Capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Liquidity Agreement.

2.Amendments to Liquidity Agreement.

(a)  The
parties hereto agree to amendSection 2.06(c)of the Liquidity Agreement in its entirety as follows:



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(b)  The
parties hereto agree to amend the first sentence ofSection 4.01(a)of the Liquidity Agreement in its entirety
as follows:



(c)  The
parties hereto agree to amend the first sentence ofSection 4.01(b)of the Liquidity Agreement in its entirety
as follows:



(d)  The
parties hereto agree to amendSection 4.02of the Liquidity Agreement as follows:



(e)  The
parties hereto agree to amend the second sentence ofSection 9.03(a)of the Liquidity Agreement in its
entirety as follows:



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(f)    The
parties hereto agree to amend the first sentence of Section 9.03(f) of the Liquidity Agreement in its entirety as follows:



(g)  The
parties hereto agree to amend the first sentence ofSection 9.03(g)of the Liquidity Agreement in its entirety
as follows:



(h)  The
parties hereto agree to amendSection 9.07(g)of the Liquidity Agreement to add the following sentence as the
second sentence of such Section:



(i)    The
parties hereto agree to amend the last sentence ofSection 11.08(b)of the Liquidity Agreement in its entirety
as follows:



(j)    The
parties hereto agree to amendSection 12.03(c)(i)of the Liquidity Agreement in its entirety as follows:



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(k)  The
parties hereto agree to replaceExhibit 2.03and Exhibit 2.05to the Liquidity Agreement in their entirety withExhibit 2.03and Exhibit 2.05, which are hereto attached to this Amendment.

3.Amendments to Annex.

(a)  The
parties agree to add the definition of "Amendment Effective Date" in the Annex as follows:



(b)  The
parties agree to replace the definition of "Commitment Termination Date" in the Annex in its entirety as follows:



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(c)  The
parties agree to replace the definition of "Facility Amount" in the Annex in its entirety as follows:



(d)  The
parties agree to replace (i) and (ii) of the definition of "Liquidation Period" in the Annex in its entirety as follows:



(e)  (i)    The
parties agree to replace the definition of "Scheduled Liquidation Commencement Date" in the Annex in its entirety with the following definition of
Scheduled Commitment Termination Date:

"Scheduled
Commitment Termination Date" shall mean the earlier of (i) December 19, 2003, as such date may be extended pursuant to Section 2.06of the Liquidity Agreement and (ii) the date the
Commitments are reduced to zero in accordance with Section 2.06(b)of the Liquidity Agreement.

(ii)    All
references in the Liquidity Agreement and the Annex to "Scheduled Liquidation Commencement Date" shall be deemed to refer to the
definition of "Scheduled Commitment Termination Date."

4.Representations and Warranties of Finco.    In order to induce the Facility Agent,
the Collateral Agent, JSC and the Bank to enter into this Amendment and to amend the Liquidity Agreement and the Annex in the manner provided herein, Finco represents and warrants to the Facility
Agent, the Collateral Agent, JSC and the Bank that (i) all of the representations and warranties contained in the Liquidity Agreement are true and correct in all respects as of the date hereof
except to the extent such representations and warranties specify that they relate only to an earlier date, in which case they are true as of such date, (ii) no Liquidation Event or Unmatured
Liquidation Event exists, (iii) Finco has all requisite corporate power and authority to enter into this Amendment and the Liquidity Agreement, including the Annex, as amended hereby and to
perform its obligations thereunder, (iv) the execution, delivery and performance of this Amendment and the Liquidity Agreement, including the Annex, as amended hereby have been duly and
effectively authorized by all necessary corporate action on the part of Finco, (v) the execution, delivery and performance of this Amendment and the Liquidity Agreement, including the Annex, as
amended hereby will not violate any charter, by-law or contract provision, or any license, franchise or permit, law, statute, regulation order or decree applicable

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to
Finco, (vi) the execution, delivery and performance of this Amendment and the Liquidity Agreement, including the Annex, as amended hereby will not conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any of the Obligations of Finco or result or require the creation of or imposition of any lien upon any of the properties or
assets of Finco (other than liens created pursuant to the Liquidity Agreement), (vii) no order, decree or judgment of or in any court of competent jurisdiction makes the execution, delivery or
performance of this Amendment or the Liquidity Agreement, including the Annex, as amended hereby illegal and no action, suit, or proceeding shall be pending or threatened or any investigation by any
governmental or regulatory authority shall have been commenced which could result in any such order, decree or judgment, and (viii) no authorization, consent, or approval of, or filing with,
any public body or authority of the United States or any State thereof which has not already been made or obtained is required for the execution, delivery or performance of this Amendment or the
Liquidity Agreement, including the Annex, as amended hereby and no authorization, consent or approval of any third party, which has not been obtained, is required with respect thereto.

5.Acknowledgement by Parties.    The parties hereto acknowledge and agree that
notwithstanding the reference to the defined terms "Term Bank", "Term Loan", "Term Loan Agreement", "Term Loan Amount", "Term Loan Commitment", "Term Loan Percentage", "Term Note",
"Term-Only Liquidation Period" and "Term-Only Liquidation Period Notice" in the Liquidity Agreement, Annex and other Facility Documents, such terms shall have no effect or
meaning. The parties hereto acknowledge that, prior to the date hereof, the Term Loan Agreement has been terminated, all Term Loans have been paid in full and there are no outstanding Term Loan
Commitments and there is no Term Bank in existence.

6.Additional Deliveries for Effectiveness.    This Amendment shall become effective
upon:

(a)  the
execution and delivery of this Amendment by Finco, the Facility Agent, the Collateral Agent, the Bank and JSC;

(b)  the
execution and delivery of Finco of the Series A Liquidity Note and the Series B Liquidity Note for the benefit of the Bank;

(c)  the
receipt by the Facility Agent of the fully executed Assignment Agreement, related to the assignment of the Series A Commitment and the Series A
Liquidity Loans, between Société Générale and Deutsche Bank Trust Company Americas;

(d)  the
receipt by the Facility Agent of the fully executed Assignment Agreement, related to the assignment of the Series B Commitment and the Series B
Liquidity Loans, among Société Générale and the financial institutions party to the Liquidity Agreement prior to the effectiveness of this
Amendment;

(e)  the
execution and delivery of the Assignment and Appointment of Agency Agreement among Finco, the Facility Agent, the Collateral Agent and Deutsche Bank Trust Company
Americas;

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(f)    certified
copies of the certificates or articles of incorporation, bylaws, or other organizational documents of Finco and JSC, together with good standing certificates
or their equivalents from the respective states of organization and from the respective states in which the respective chief executive offices are located;

(g)  a
copy of the resolutions duly adopted by the Board of Directors of Finco and JSC, certified by the Secretary or Assistant Secretary of Finco and JSC, respectively,
authorizing the matters contemplated hereby and execution of this Amendment;

(h)  incumbency
certificates of the officers of Finco and JSC executing this Amendment;

(i)    copies
of UCC lien search reports with respect to Finco and JSC, dated a date reasonably close to the date hereof;

(j)    amendments
and in lieu of UCC Financing Statements filed with the Secretary of State of Delaware to assign the security interest from Deutsche Bank Trust Company
Americas to Société Générale, as Collateral Agent;

(k)  the
execution and delivery of the Collection Account Agreement between Deutsche Bank Trust Company Americas and Société
Générale related to the Collection Account;

(l)    notice
from Société Générale and Deutsche Bank Trust Company Americas and an executed acknowledgement from
Bank of America, as Lock-Box Bank related to the change in Collateral Agent;

(m)  opinions
of counsel reasonably requested by the Facility Agent;

(n)  the
receipt by the Facility Agent of the Arrangement Fee from Finco;

(o)  written
confirmation from each Rating Agency that the Amendment will not result in a lowering or withdrawal of the rating of the Series A Commercial Paper, the
Series B Commercial Paper or the Liquidity Loans; and

(p)  such
other documents, in each case in form and substance reasonably satisfactory to the Facility Agent, as the Facility Agent may reasonably request.

JSC
further agrees that it will use its best efforts to deliver to the Facility Agent on or before January 31, 2003, an amended Lock-Box Agreement.

7.Effect of Amendment.    Execution of this Amendment by the Facility Agent, the
Collateral Agent, the Bank and JSC shall not operate as a waiver of (i) any other right, power or remedy of the Facility Agent, the Collateral Agent, the Bank or JSC under the Liquidity
Agreement, or (ii) any Liquidation Event under the Liquidity Agreement, or (iii) any default of Finco under the Liquidity Agreement.

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8.Fees, Costs and Expenses.    The provisions of Section 12.07 of the
Liquidity Agreement are hereby incorporated by reference as if fully set forth herein and made applicable to this Amendment.

9.Execution in Counterparts.    This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the
same agreement.

10.Headings.    Headings used in this Amendment are for convenience of reference only
and shall not affect the construction of this Amendment.

11.Reaffirmation of Liquidity Agreement.    The parties hereto agree and acknowledge
that nothing contained in this Amendment in any manner or respect limits or terminates any of the provisions of the Liquidity Agreement other than as expressly set forth herein and further agree and
acknowledge that the Liquidity Agreement remains and continues in full force and effect and is hereby ratified and reaffirmed in all respects. No delay on the part of the
Facility Agent, the Collateral Agent, the Bank or JSC in exercising any of their respective rights, remedies, powers and privileges under the Liquidity Agreement or partial or single exercise thereof,
shall constitute a waiver thereof. None of the terms and conditions of this Amendment may be changed, waived, modified or varied in any manner, whatsoever, except in accordance with the Liquidity
Agreement.

12.Governing Law.    THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS OF
THE STATE OF NEW YORK).

[Balance of page intentionally left blank. Signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written by their duly authorized representatives.

| | JEFFERSON SMURFIT FINANCE CORPORATION                                                            
| | -------------------------------------------------------------------------------------------------
| | By:                                                                                              
| | Name:                                                                                            
| | Title:                                                                                           
| | JEFFERSON SMURFIT CORPORATION (U.S.),
as the Seller and as the Servicer                          
| | By:                                                                                              
| | Name:                                                                                            
| | Title:                                                                                           
| | SOCIETE GENERALE, individually,
as the Series A Bank, the Series B Bank
and as the Facility Agent
| | By:                                                                                              
| | Name:                                                                                            
| | Title:                                                                                           
| | By:                                                                                              
| | Name:                                                                                            
| | Title:                                                                                           
| | SOCIETE GENERALE,
as the Collateral Agent                                                        
| | By:                                                                                              
| | Name:                                                                                            
| | Title:                                                                                           
| | By:                                                                                              
| | Name:                                                                                            
| | Title:                                                                                           

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Exhibit 2.03

FORM OF
NOTICE OF BORROWING1

Société
Générale,
    as Facility Agent
181 West Madison Street
Chicago, Illinois 60602

|Attention: |  |  |  |  |       
|---------- |  |  |  |  | ------
|Telecopy:  |  |  |  |  |       
|           |  |  |  |  | , 20__

Dear Sir or Madam:

Reference
is made to that certain Liquidity Agreement, dated as of February 23, 1995, as amended by the First Omnibus Amendment, dated as of March 31, 1996, the Amendment
No. 2 to Liquidity Agreement and Extension Request, dated as of August 19, 1997, the Amendment No. 3 Extension Request and Waiver, dated as of March 9, 2001 and the
Amendment No. 4 to Liquidity Agreement and Annex, dated as of December 20, 2002 (as further amended, supplemented or otherwise modified from time to time, the "Liquidity Agreement"), by
and among Jefferson Smurfit Finance Corporation (hereinafter "Finco"), the undersigned financial institutions, including Société Générale,
in their capacity as banks (collectively, the "Banks" and each individually, a "Bank"), Société Générale, as the Collateral Agent and
Société Générale, as Facility Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such
terms in the Liquidity Agreement. The undersigned hereby gives notice pursuant toSection 2.03of the Liquidity Agreement of its request for the
Series [A] [B] Bank(s) to make a Liquidity Loan as follows:

|1. |  | Amount to be Borrowed2 |  | $ |  | 
|-- |  | ---------------------- |  | - |  | 
|2. |  | Borrowing Date3        |  |   |  | 
|3. |  | Type of Borrowing4     |  |   |  | 

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|   |  | a.                   |  | If Borrowing is to be Eurodollar Borrowing indicate Interest Period5 |  |  |  | 
|-- |  | -------------------- |  | -------------------------------------------------------------------- |  |  |  | 
|4. |  | Series of Borrowing6 |  |                                                                      |  | 
|5. |  | Type of Loan7        |  |                                                                      |  | 

The undersigned represents and warrants that the Borrowing requested hereby complies with the requirements of Section 2.03,Section 5.02and Section 5.03of the Liquidity Agreement.

| | JEFFERSON SMURFIT FINANCE CORPORATION
| | -------------------------------------
| | By                                   

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Exhibit 2.05(b)

NOTICE OF CONVERSION OR CONTINUATION1

Société
Générale,
    as Facility Agent
181 West Madison Street
Chicago, Illinois 60602

|Attention: |  |  |  |  |       
|---------- |  |  |  |  | ------
|Telecopy:  |  |  |  |  |       
|           |  |  |  |  | , 20__

Dear Sir or Madam:

Reference
is made to that certain Liquidity Agreement, dated as of February 23, 1995 as amended by the First Omnibus Amendment, dated as of March 31, 1996, the Amendment
No. 2 to Liquidity Agreement and Extension Request, dated as of August 19, 1997, the Amendment No. 3 Extension Request and Waiver, dated as of March 9, 2001 and the
Amendment No. 4 to Liquidity Agreement and Annex, dated as of December 20, 2002 (as further amended, supplemented or otherwise modified from time to time, the "Liquidity Agreement"), by
and among Jefferson Smurfit Finance Corporation (hereinafter "Finco"), the undersigned financial institutions, including Société Générale,
in their capacity as banks (collectively, the "Banks" and each individually, a "Bank"), Société Générale, as the Collateral Agent and
Société Générale, as the Facility Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
such terms in the Liquidity Agreement. The undersigned hereby gives notice pursuant toSection 2.05(b)of the Liquidity Agreement of its request
for Conversion or continuation as follows:

|1. |  | Identity of the Borrowing to be converted or continued2 |  |   |  | 
|-- |  | ------------------------------------------------------- |  | - |  | 
|2. |  | Amount of the Borrowing to be converted or continued3   |  | $ |  | 

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|3. |  | Nature of the Conversion of Continuation4              |  |                                                                                             |  | 
|-- |  | ------------------------------------------------------ |  | ------------------------------------------------------------------------------------------- |  | 
|   |  | a.                                                     |  | If Borrowing is converted or continued as a Eurodollar Borrowing indicate Interest Period5: |  | 
|4. |  | Conversion/Continuation Date (which is a Business Day) |  |                                                                                             |  | 
|5. |  | Series of Borrowings6                                  |  |                                                                                             |  | 
|6. |  | Type of Loan7                                          |  |                                                                                             |  | 

The undersigned represents and warrants that the Conversion/Continuation requested hereby complies with the requirements of Section 2.05of the Liquidity Agreement.

| | JEFFERSON SMURFIT FINANCE CORPORATION
| | -------------------------------------
| | By                                   

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