FORM 5		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL
x	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).		OMB Number:             3235-0362 Expires:              January 31, 2005 Estimated average burden hours per response...................1.0
o	Form 3 Holdings Reported
o	Form 4 Transactions Reported
(Print or Type Responses)

1. Name and Address of Reporting Person*   Kennedy                               John                                   R.	2. Issuer Name and Ticker or Trading Symbol     International Paper Company: IP						6. Relationship of Reporting Person(s) to Issuer     (Check all applicable)      o Director                   o 10% Owner      o Officer                     x Other (specify below)         (give title below)             Former Director
(Last)                                  (First)                             (Middle)   c/o International Paper Company   400 Atlantic Street	3. I.R.S. Identification     Number of Reporting     Person, if an entity     (Voluntary)			4. Statement for     Month/Year     12/2002
(Street)   Stamford                               CT                                 06921				5. If Amendment, Date of     Original (Month/Year)			7. Individual or Joint/Group Reporting     (Check Applicable Line)      x Form filed by One Reporting Person      o Form filed by More than One Reporting Person
(City)                                (State)                               (Zip)	Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security     (Instr. 3)	2. Trans-     action     Date     (Month/     Day/     Year)	2A. Deemed        Execution        Date, if any        (Month/        Day/        Year)	3. Trans-     action     Code     (Instr. 8)		4. Securities Acquired (A)     or Disposed of (D)     (Instr. 3, 4 and 5)			5. Amount of     Securities     Beneficially     Owned     at end of     Issuer's Fiscal     Year     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct     (D) or     Indirect     (I)     (Instr. 4)	7. Nature of     Indirect     Beneficial     Ownership     (Instr. 4)
					Amount	(A)  or (D)	Price
Common Stock								10,100	D

Reminder:	Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

FORM 5 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)

2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security

3. Trans-     action     Date     (Month/     Day/     Year)

3A. Deemed        Execution        Date, if        any        (Month/        Day/        Year)

4. Trans-     action     Code     (Instr. 8)

5. Number of Deriv-     ative Securities     Acquired (A) or     Disposed of (D)     (Instr. 3, 4 and 5

6. Date Exercisable     and Expiration     Date     (Month/Day/Year)

7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)

8. Price of     Deriv-     ative     Security     (Instr. 5)

9. Number     of Deriv-     ative     Securities     Bene-     ficially     Owned     at End of     Year     (Instr. 4)

10. Owner-       ship of       Deriva-       tive       Security:       Direct       (D) or       Indirect       (I)       (Instr. 4)

11. Nature       of       Indirect       Benefi-       cial       Owner-       ship       (Instr. 4)

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Common Stock Units

7,490(1)(2)(3)

I

(2)

Explanation of Responses:

1. Share amounts are rounded.

2. Securities reported relate to securities obtained and owned in connection with the Deferred Compensation Plan for Non-Employee Directors.

3. Includes 367 units acquired through the Dividend Reinvestment feature of the Deferred Compensation Plan for Non-Employee Directors.

/s/ John E. Walendzik	January 28, 2003
** Signature of Reporting Person	Date
By: John E. Walendzik, Attorney-in-Fact for John R. Kennedy

**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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