Related Party Transactions and Outside Related Director Information

International Paper Company (IP)

4/6/2005 and 3/29/2006 Proxy Information

No related party transactions or special relationships reported for this company. Director relationships marked "Outside Related" at this firm will most often be former executives of the company. Additional information regarding these relationships will be added during our regular updates.

4/9/2004 Proxy Information

In October 2000, Jerome N. Carter, senior vice president-human resources, in connection with his relocation to the CompanyÕs headquarters, borrowed $200,000 interest-free from the Company. The loan was made prior to the prohibition of loans to insiders pursuant to the Sarbanes-Oxley Act of 2002. During 2003, the largest outstanding amount of this loan was $120,000. On December 31, 2003, the outstanding balance of the loan was $80,000. As of March 17, 2004, a balance of $40,000 is due to the Company, which is payable in accordance with the loanÕs terms on or before the last business day of February 2005.

3/28/2003 Proxy Information

In December 2002, The Conservation Fund (the 'Fund'), a nonprofit organization dedicated to conserving America's land and water resources, acquired 1,470 acres in Horry County, South Carolina from the Company. The purchase price was $1,194,229, its fair market value. In June 2002, the Fund acquired approximately 74,900 acres, excluding timber rights, in Campbell County, Tennessee from the Company. The purchase price was $9,575,000, its fair market value. Mr. Noonan, a director of the Company, is Chairman of the Board of the Fund.