8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 25, 2005

(Date of Report/Date of earliest event reported)

INTERNATIONAL PAPER COMPANY

(Exact name of registrant as specified in its charter)

NEW YORK	1-3157	13-0872805
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

400 Atlantic Street

Stamford, Connecticut 06921

(Address and zip code of principal executive offices)

(203) 541-8000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 25, 2005, International Paper Company issued a press release reporting earnings for the third quarter of 2005 and held a webcast and a conference call to discuss earnings and current market conditions. A copy of the press release is being furnished as Exhibit 99.1 and a copy of the slides presented at the webcast and discussed in the conference call is being furnished as Exhibit 99.2 to this Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits

Exhibit 99.1:	Press release of International Paper Company, dated October 25, 2005.
Exhibit 99.2:	Slides of International Paper Company, dated October 25, 2005.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INTERNATIONAL PAPER COMPANY
(Registrant)
By:	/s/ Andrea L. Dulberg
	Name:	Andrea L. Dulberg
	Title:	Assistant Secretary
Date:	October 25, 2005

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EXHIBIT INDEX

Exhibit 99.1:	Press Release of International Paper Company, dated October 25, 2005.
Exhibit 99.2:	Slides of International Paper Company, dated October 25, 2005.

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EX-99.1

Exhibit 99.1

[GRAPHIC]

INTERNATIONAL PAPER PLAZA

400 ATLANTIC STREET

STAMFORD, CT 06921

News Release

International Paper Reports Third-Quarter Net Earnings of $2.07 Per Share

• Net earnings for the quarter were $1.04 billion, up from the previous quarter and from third quarter 2004, principally reflecting a gain on the sale of Carter Holt Harvey shares and a completion of tax audits.

• Earnings per share from continuing operations and before special items were $0.33 per share versus $0.29 in the second quarter of 2005 and $0.40 per share in the 2004 third quarter.

• Quarterly net sales were $6 billion compared with second-quarter net sales of $5.9 billion and third-quarter 2004 net sales of $6 billion.

STAMFORD, Conn. - Oct. 25, 2005 - International Paper (NYSE: IP) today reported third-quarter 2005 net earnings of $1.04 billion ($2.07 per share), compared with $77 million ($0.16 per share) in the second quarter of 2005 and a net loss of $470 million ($0.91 per share) in the 2004 third quarter.

Third quarter 2005 earnings included $278 million from discontinued operations ($0.55 per share) relating to the sale of the company’s interest in Carter Holt Harvey Ltd. and $603 million ($1.19 per share) principally from a U.S. federal income tax audit agreement reached with the U.S. Internal Revenue Service. The 2004 third quarter results included a discontinued operations charge of $684 million ($1.34 per share) primarily from the sale of Weldwood of Canada Ltd. Amounts for all quarters also included certain other special items.

Earnings from continuing operations and before special items in the third quarter of 2005 were $162 million ($0.33 per share), compared with $143 million ($0.29 per share) in the second quarter of 2005 and $200 million ($0.40 per share) in the third quarter of 2004.

Diluted Earnings Per Share Summary

	Third Quarter 2005			Second Quarter 2005		Third Quarter 2004
Net Earnings (Loss)	$	2.07		$	0.16	$	(0.91	)
Less - Income from Discontinued Operations		0.55			0.02		(1.34	)
Earnings from Continuing Operations		1.52			0.14		0.43
Add Back – Net Special Items Expense (Income)		(1.19	)		0.15		(0.03	)
Earnings from Continuing Operations and Before Special Items	$	0.33		$	0.29	$	0.40

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Third-quarter 2005 net sales were $6.0 billion, compared with $5.9 billion in the second quarter of 2005 and $6.0 billion in the third quarter of 2004. The company experienced seasonal sales increases in most businesses, with the exception of a slight decline in the industrial packaging business.

Operating profits of $489 million for the 2005 third quarter were slightly lower compared with second-quarter 2005 operating profits of $491 million, due principally to lower price realizations and higher energy costs. However, higher earnings from land and real estate sales and continued strong productivity improvements helped offset some of these negative impacts.

“Our mills ran well and continued the aggressive improvement we’ve been seeing all year, which helped offset some of the impact of pricing pressure and energy costs,” said Chairman and Chief Executive Officer John Faraci. “This improvement at the mill level, combined with the execution of our transformation plan, is positioning International Paper for much stronger results once input costs abate.”

Commenting on the fourth quarter of 2005, Faraci said, “We estimate fourth-quarter earnings from continuing operations and before special items to be lower than third quarter predominantly because of skyrocketing raw material costs, particularly energy, and higher transportation costs.”

SEGMENT INFORMATION

Third-quarter 2005 segment operating profits and business trends compared with the second quarter of 2005 are as follows:

Third-quarter operating profits for Printing Papers were $132 million compared with second-quarter operating profits of $149 million. The decline in earnings was largely caused by a decline in uncoated freesheet price realizations, as well as higher input costs. Increases in coated paper pricing and seasonally stronger volumes, as well as solid performance by Brazilian operations helped offset some of the negative impacts. The results also include $9 million in special charges for environmental reserves and severance and other charges relating to the previously announced indefinite shutdown of three U.S. paper machines. In the second quarter 2005, the business took $17 million in special charges related to the three machine shutdowns.

Industrial Packaging operating profits for the third quarter were $33 million compared with $85 million in second quarter, largely because of lower pricing for linerboard and boxes together with higher input costs.

Consumer Packaging operating profits were down slightly at $37 million, compared with $41 million in the previous quarter, largely because of higher input costs.

The company’s distribution business reported operating profits of $23 million for the third quarter, up from $18 million in the previous quarter, on the strength of stronger sales. High energy prices are impacting transportation costs.

Third-quarter Forest Products operating profits rose to $272 million from second-quarter earnings of $191 million. Forest Resources saw strong earnings mainly due to a $58 million increase in timberland sales from second quarter and a $26 million increase in “higher and better

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use” land sales. In Wood Products, prices have come down from second-quarter highs, but both pricing and volume for lumber and plywood were strong through the end of the quarter. Hurricane-related downtime had a minor impact on the quarter.

Net corporate expenses of $142 million in the 2005 third quarter were up slightly from second quarter’s $133 million.

DISCONTINUED OPERATIONS

During the 2005 third quarter, the company completed the sale of its majority share of Carter Holt Harvey Ltd. to Rank Group Investments Ltd. Cash proceeds totaled US $1.14 billion. The pre-tax and after-tax gains on the sale were approximately $29 million and $361 million, respectively. All prior period financial information has been restated to reflect Carter Holt Harvey Ltd. as a discontinued operation.

EFFECTIVE TAX RATE

The effective tax rate excluding special items for the third quarter of 2005 was 23 percent, compared with a tax rate of 35 percent in the 2005 second quarter. The lower tax rate in the 2005 third quarter reflected the reduction of the projected 2005 full-year tax rate to 27 percent.

EFFECTS OF SPECIAL ITEMS

Special items in the third quarter included a pretax charge of $70 million ($48 million after taxes) for organizational restructuring charges and losses on debt extinguishment, a pretax credit of $188 million ($109 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation, a $5 million pretax charge ($3 million after taxes) for adjustments of losses on businesses previously sold, and a $3 million pretax credit ($2 million after taxes) for the net adjustment of previously provided reserves. In addition, a $517 million income tax benefit was recorded, principally as a result of an agreement reached with the U.S. Internal Revenue Service concerning the 1997 through 2000 U.S. federal income tax audit. Net interest expense also includes a $43 million pretax credit ($26 million after taxes) relating to this agreement. The net after-tax effect of all of these special items was a credit of $1.19 per share.

Special items in the second quarter included a pretax charge of $31 million ($19 million after taxes) for organizational restructuring charges, a pretax credit of $35 million ($21 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation, and a $19 million pretax credit ($12 million after taxes) for net adjustments of losses on businesses previously sold, including a $25 million credit from the collection of a note receivable from the 2001 sale of the Flexible Packaging business. In addition, Interest expense, net, included pretax interest income of $11 million ($7 million after taxes) collected on this note. Additionally, a $94 million increase in the income tax provision was recorded principally for deferred taxes related to earnings repatriated during the quarter under the American Jobs Creation Act of 2004. The net after-tax effect of all of these special items was an expense of $0.15 per share.

Special items in the 2004 third quarter included a charge of $26 million before taxes ($16 million after taxes) for restructuring and other costs, a pre-tax credit of $103 million ($64 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation, a charge of $38 million for estimated losses on sales and impairments of businesses held for sale and a $6

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million credit ($4 million after taxes) for the net reversal of restructuring and realignment reserves no longer required. The net after-tax effect of all of these special items was a credit of $0.03 per share.

EARNINGS WEBCAST

The company will hold a webcast to review earnings at 10 a.m. Eastern Daylight Time today. All interested parties are invited to listen to the webcast live via the company’s Internet site at http://www.internationalpaper.com by clicking on the Investors tab and going to the Presentations page. A replay of the webcast will also be available on the Web site beginning at noon today. Parties who wish to participate in the webcast via teleconference may dial (706) 679-8242 or, within the U.S. only, (877) 316-2541 and ask to be connected to the International Paper 3Q 2005 Earnings Call. The conference ID number is 1305755. Participants should call in no later than 9:45 a.m. EDT. An audio-only replay will be available for four weeks following the call. To access the replay, dial (706) 645-9291 or, within the U.S. only, (800) 642-1687, and when prompted for the conference ID, enter “1305755.”

Headquartered in the United States, International Paper (http://www.internationalpaper.com) is the world’s largest paper and forest products company. Businesses include paper, packaging, and forest products. As one of the largest private forest landowners in the world, the company manages its forests under the principles of the Sustainable Forestry Initiative ^® (SFI) program, a system that ensures the continual planting, growing and harvesting of trees while protecting wildlife, plants, soil, air and water quality.

# # #

This press release contains forward-looking statements. These statements reflect management’s current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ relate to (i) market and economic factors, including changes in the cost or availability of raw materials and energy, competition, demand and pricing for the Company’s products, the level of housing starts, changes in international economic conditions, specifically in Brazil, Russia, Poland and China, changes in currency exchange rates, changes in credit ratings issued by nationally recognized statistical rating organizations, pension and healthcare costs and natural disasters, such as hurricanes, (ii) the Company’s transformation plan, including the ability to accomplish the transformation plan, the impact of the plan on the Company’s relationship with its employees, customers and vendors and the ability to realize anticipated profit improvement from the plan, and (iii) results of legal proceedings and compliance costs, including unanticipated expenditures related to the cost of compliance with environmental and other governmental regulations and the uncertainty of the costs and other effects of pending litigation. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. These and other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company’s Securities and Exchange Commission filings.

Media Contacts:	Amy Sawyer, 203-541-8308
Investor Contacts:	Darial Sneed, 203-541-8541
	Brian Turcotte, 203-541-8632

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International Paper

Summary of Consolidated Earnings

Preliminary and Unaudited

(In millions except for net sales and per share amounts)

	Three Months Ended September 30,						Three Months Ended June 30,			Nine Months Ended September 30,
	2005			2004			2005			2005			2004
Net Sales (In billions)	$	6.0		$	6.0		$	5.9		$	18.0		$	17.3
Earnings From Continuing Operations Before Interest, Income Taxes, and Minority Interest		492	(a)		513	(e)		414	(g)		1,193	(j)		1,071	(m)
Interest expense, net		120	(b)		180			155	(h)		442	(k)		541
Earnings From Continuing Operations Before Income Taxes and Minority Interest		372	(a,b)		333	(e)		259	(g,h)		751	(j,k)		530	(m)
Income tax provision (benefit)		(396	)(c)		114			186	(i)		(193	)(l)		215	(n)
Minority interest expense, net of taxes		3			5			3			8			21
Earnings From Continuing Operations		765	(a-c)		214	(e)		70	(g-i)		936	(j-li)		294	(m,n)
Discontinued Operation, net of taxes and minority interest		278	(d)		(684	)(f)		7			261	(d)		(498	)(o)
Net Earnings	$	1,043	(a-d)	$	(470	)(e,f)	$	77	(g-i)	$	1,197	(d,j-l)	$	(204	)(f,m-o)
Diluted Earnings Per Share:
Earnings From Continuing Operations	$	1.52	(a-c)	$	0.43	(e)	$	0.14	(g-i)	$	1.88	(j-l)	$	0.60	(m,n)
Discontinued Operation, net of taxes and minority interest		0.55	(d)		(1.34	)(f)		0.02			0.52	(d)		(1.02	)(o)
Diluted Earnings Per Common Share	$	2.07	(a-d)	$	(0.91	)(e,f)		0.16	(g-i)	$	2.40	(d,j-l)	$	(0.42	)(m-o)
Average Shares of Common Stock Outstanding -Diluted		507.1			509.0			487.4			507.5			488.2

Note: All periods have been restated to reflect Carter Holt Harvey as a discontinued operation.

(a) Includes a pre-tax charge of $70 million ($48 million after taxes) for organizational restructuring programs and losses on debt extinguishment; a $188 million credit before taxes ($109 million after taxes) for insurance recoveries related to the hardboard siding litigation; a $3 million credit before taxes ($2 million after taxes) for the net adjustment of reserves previously provided; and a $5 million pre-tax charge ($3 million after taxes) for net adjustments of losses on businesses previously sold.

(b) Includes interest income of $43 million before taxes ($26 million after taxes) related to a tax audit agreement.

(c) Includes a $517 million reduction in the income tax provision, principally as a result of an agreement reached with the U.S. Internal Revenue Service concerning the 1997 through 2000 U.S. federal income tax audit.

(d) Includes a $29 million pre-tax gain ($361 million after taxes) from the sale of IP’s interest in Carter Holt Harvey Ltd., plus the CHH portion of the income tax audit agreement.

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(e) Includes a $26 million charge before taxes ($16 million after taxes) for organizational restructuring programs and losses on early debt extinguishment; a credit of $103 million ($64 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation; a $38 million before and after tax charge for estimated losses on sales of businesses; and a credit of $6 million before taxes ($4 million after taxes) for the reversal of restructuring and realignment reserves no longer required.

(f) Includes a $716 million after-tax charge to write down the net assets of Weldwood of Canada, Ltd. to their estimated net realizable value, and the net earnings of Weldwood and Carter Holt Harvey for the quarter.

(g) Includes a pretax charge of $31 million ($19 million after taxes) for organizational restructuring programs; a $35 million credit before taxes ($21 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation; and a $19 million pre-tax credit ($12 million after taxes) for net adjustments of losses on businesses previously sold, including $25 million ($15 million after taxes) from the collection of a note receivable from the 2001 sale of the Flexible Packaging business.

(h) Includes interest income of $11 million before taxes ($7 million after taxes) from the collection of a note receivable from the 2001 sale of the Flexible Packaging business.

(i) Includes a $94 million increase in the income tax provision, principally for deferred taxes related to earnings repatriated during the quarter under the American Jobs Creation Act of 2004.

(j) Includes a pre-tax charge of $65 million ($43 million after taxes) for estimated losses on businesses previously sold; a $125 million charge before taxes ($82 million after taxes) for organizational restructuring programs and losses on early debt extinguishment; a $223 million pre-tax credit ($130 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation; and a $3 million before tax credit ($2 million after taxes) for the net adjustment of reserves previously provided.

(k) Includes interest income of $43 million before taxes ($26 million after taxes) related to a tax audit agreement, and interest income of $11 million before taxes ($7 million after taxes) from the collection of a note receivable from the 2001 sale of the Flexible Packaging business.

(l) Includes a $517 million reduction in the income tax provision, principally as a result of an agreement reached with the U.S. Internal Revenue Service concerning the 1997 through 2000 U.S. federal income tax audit; a $94 million charge principally for deferred taxes related to earnings repatriation during the second quarter under the American Jobs Creation Act of 2004, and a $19 million reduction in the income tax provision reflecting the settlement of a tax matter.

(m) Includes a $153 million charge before taxes and minority interest ($95 million after taxes and minority interest) for organizational restructuring programs and losses on early debt extinguishment; a pretax credit of $103 million ($64 million after taxes) for insurance recoveries related to the hardboard siding and roofing litigation; a charge of $60 million before taxes and minority interest ($61 million after taxes and minority interest) for estimated gains/losses of businesses sold or held for sale; and a credit of $19 million before taxes and minority interest ($11 million after taxes and minority interest) for the net reversal of restructuring and realignment reserves no longer required.

(n) Includes a $32 million net increase in the income tax provision reflecting an adjustment of deferred tax balances.

(o) Includes the net income of Weldwood of Canada, Ltd. and Carter Holt Harvey prior to their sales in the fourth quarter of 2004 and the third quarter of 2005, respectively, a $716 million after-tax charge to write down the net assets of Weldwood of Canada, Ltd. to their estimated net realizable value in the third quarter of 2004; and a gain on the sale of the Carter Holt Harvey tissue business of $267 million ($90 million after taxes and minority interest) in the second quarter of 2004.

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International Paper

Reconciliation of Earnings Before

Special Items to Net Earnings (Loss)

Preliminary and Unaudited

(In millions except for per share amounts)

	Three Months Ended September 30,						Three Months Ended June 30,			Nine Months Ended September 30,
	2005			2004			2005			2005			2004
Earnings Before Special Items	$	162		$	200		$	143		$	473		$	407
Restructuring and other charges		(48	)		(16	)		(19	)		(82	)		(95	)
Insurance recoveries		109			64			21			130			64
Reversals of reserves no longer required		2			4			—			2			11
Net gains (losses) on sales and impairments of businesses held for sale		(3	)		(38	)		12			(43	)		(61	)
Interest income		26			—			7			33			—
Income tax adjustment		517			—			(94	)		423			(32	)
Earnings from Continuing Operations		765			214			70			936			294
Discontinued Operations		278			(684	)		7			261			(498	)
Net Earnings (Loss) as Reported	$	1,043		$	(470	)	$	77		$	1,197		$	(204	)

Diluted Earnings per Common Share:

	Three Months Ended September 30,						Three Months Ended June 30,			Nine Months Ended Sept 30,
	2005			2004			2005			2005			2004
Earnings Per Share Before Special Items	$	0.33		$	0.40		$	0.29		$	0.97		$	0.83
Restructuring and other charges		(0.09	)		(0.03	)		(0.04	)		(0.16	)		(0.19	)
Insurance recoveries		0.21			0.13			0.04			0.26			0.13
Reversal of reserves no longer required		—			0.01			—			—			0.03
Net gains (losses) on sales and impairments of businesses held for sale		—			(0.08	)		0.03			(0.08	)		(0.13	)
Interest income		0.05			—			0.01			0.06			—
Income tax adjustment		1.02			—			(0.19	)		0.83			(0.07	)
Earnings Per Common Share from Continuing Operations		1.52			0.43			0.14			1.88			0.60
Discontinued Operations		0.55			(1.34	)		0.02			0.52			(1.02	)
Diluted Earnings (Loss) per Common Share	$	2.07		$	(0.91	)	$	0.16		$	2.40		$	(0.42	)

Notes:

(1) All periods have been restated to reflect Carter Holt Harvey as a discontinued operation.

(2) The company calculates Earnings Before Special Items by excluding the after-tax effect of the adoption of new accounting standards and items considered by management to be unusual from the net earnings (loss) reported under U.S. generally accepted accounting principles (“GAAP”). Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present operating results. International Paper believes that using this information along with net earnings (loss) provides for a more complete analysis of the results of operations by quarter. Net earnings (loss) is the most directly comparable GAAP measure.

(3) Diluted earnings per common share reflects the inclusion of contingently convertible securities in the computation.

(4) Since the basic and diluted earnings per share are computed independently for each period, nine-month per share amounts may not equal the sum of the respective quarters.

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International Paper

Sales and Operating Profit by Industry Segment

Preliminary and Unaudited

(In Millions)

Sales by Industry Segment

	Three Months Ended Sept 30,						Three Months Ended June 30,			Nine Months Ended Sept 30,
	2005			2004 (1)			2005			2005			2004 (1)
Printing Papers	$	1,970		$	1,930		$	1,895		$	5,850		$	5,685
Industrial Packaging (2)		1,115			1,330			1,240			3,650			3,535
Consumer Packaging (2)		685			665			650			1,965			1,920
Distribution		1,645			1,565			1,570			4,745			4,515
Forest Products		700			600			605			1,915			1,825
Other Businesses (3)		220			275			230			725			860
Less: Intersegment Sales		(299	)		(349	)		(274	)		(887	)		(998	)
	$	6,036		$	6,016		$	5,916		$	17,963		$	17,342

Operating Profit by Industry Segment

	Three Months Ended Sept 30,						Three Months Ended June 30,			Nine Months Ended Sept 30,
	2005			2004 (1)			2005			2005			2004 (1)
Printing Papers	$	132	(4)	$	160		$	149	(7)	$	464	(4,7)	$	385
Industrial Packaging (2)		33	(4)		133			85			223	(4)		249
Consumer Packaging (2)		37	(4)		50			41			101	(4)		122	(9)
Distribution		23			27			18			59			65
Forest Products		272	(4)		191			191	(7)		670	(4,7)		617
Other Businesses (3)		(8	)(4)		7			7			9	(4)		31
Operating Profit		489			568			491			1,526			1,469
Interest expense, net		(120	)(5)		(180	)		(155	)(8)		(442	)(5,8)		(541	)
Minority interest (6)		—			1			2			1			2
Corporate items, net		(142	)		(101	)		(133	)		(430	)		(313	)
Restructuring and other charges		(41	)		(26	)					(65	)		(153	)
Insurance Recoveries		188			103			35			223			103
Net gains (losses) on sales and impairments of businesses held for sale		(5	)		(38	)		19			(65	)		(56	)
Reversal of reserves no longer required		3			6			—			3			19
Earnings from continuing operations before income taxes and minority interest	$	372		$	333		$	259		$	751		$	530

Note: All periods have been restated to reflect Carter Holt Harvey as a discontinued operation.

(1) Prior-year industry information has been restated to conform to 2005 management structure.

(2) Beginning with the 2005 first quarter, Industrial Packaging and Consumer Packaging are reported as separate industry segments. Prior-period segment information has been restated to reflect this presentation.

(3) Includes Arizona Chemical, European Distribution and certain smaller businesses.

(4) Includes 2005 third quarter special charges of $6 million before taxes in the Printing Papers segment for severance charges related to the indefinite shutdown of three U.S. paper machines, $3 million before taxes in the Printing Papers segment and $1 million before taxes in the Consumer Packaging segment for environmental reserves, $4 million before taxes in the Industrial Packaging segment related to adjust reserves previously provided, $2 million before taxes in the Forest Products segment for costs associated with relocating the headquarters to Memphis, TN from Savannah, GA, and $13 million before taxes in the Other Businesses segment related to a plant shutdown.

(5) Includes interest income of $43 million before taxes related to completion of a tax audit.

(6) Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly owned. The pre-tax minority interest for these subsidiaries is added here to present consolidated earnings before income taxes and minority interest.

(7) Includes 2005 second quarter special charges of $17 million before taxes in the Printing Papers segment for severance and other charges related to the indefinite shutdown of three U.S. paper machines, and $14 million before taxes in the Forest Resources segment for 2005 second quarter costs associated with relocating the Forest Products headquarters to Memphis, TN from Savannah, GA.

(8) Includes interest income of $11 million before taxes from the collection of a note receivable from the 2001 sale of the Flexible Packaging business.

(9) Includes a 2004 second quarter estimated loss on the sale of Food Pack S.A. of $4 million before taxes in the Consumer Packaging segment.

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International Paper

Supplemental Financial Data

Preliminary and Unaudited

Financial Data (In millions)

	Three Months Ended Sept 30,				Three Months Ended June 30,		Nine Months Ended Sept 30,
	2005		2004		2005		2005		2004
Depreciation, amortization and cost of timber harvested	$	350	$	346	$	333	$	1,023	$	1,003

Note: All periods have been restated to reflect Carter Holt Harvey as a discontinued operation.

Sales Volumes by Product (1) (2)

Preliminary and Unaudited

International Paper Consolidated

	Three Months Ended Sept 30,		Three Months Ended June 30,	Nine Months Ended Sept 30,
	2005	2004	2005	2005	2004
Printing Papers (In thousands of short tons)
Brazil Uncoated Papers	111	117	107	330	345
Europe & Russia Uncoated Papers and Bristols	342	336	358	1,059	1,036
U.S. Uncoated Papers and Bristols	1,041	1,143	1,022	3,197	3,488
Uncoated Papers and Bristols	1,494	1,596	1,487	4,586	4,869
Coated Papers	572	574	504	1,582	1,641
Market Pulp (3)	402	309	382	1,149	1,048
Packaging (In thousands of short tons)
Container of the Americas	752	795	777	2,294	2,053
European Container (Boxes)	262	256	273	794	767
Other Industrial and Consumer Packaging	264	278	268	788	796
Industrial and Consumer Packaging	1,278	1,329	1,318	3,876	3,616
Containerboard	467	556	438	1,375	1,629
Bleached Packaging Board	341	378	351	1,063	1,128
Kraft	155	170	151	456	468
Forest Products (In millions)
Panels (sq. ft. 3/8” – basis)	444	411	367	1,212	1,201
Lumber (board feet)	675	644	663	1,951	1,850

(1) Sales volumes include third party and inter-segment sales.

(2) Sales volumes for divested businesses are included through the date of sale, except for discontinued operations.

(3) Includes internal sales to mills.

- 9 -

International Paper

Consolidated Balance Sheet

Preliminary and Unaudited

(In Millions)

	September 30, 2005		June 30, 2005		December 31, 2004
Assets
Current Assets
Cash and temporary investments	$	1,092	$	1,137	$	2,180
Accounts and notes receivable, net		3,076		2,853		2,743
Inventories		2,427		2,449		2,371
Assets of businesses held for sale		57		4,315		4,729
Deferred income tax assets		389		394		410
Other current assets		180		167		153
Total Current Assets		7,221		11,315		12,586
Plants, Properties and Equipment, net		11,850		11,848		12,216
Forestlands		2,207		2,198		2,157
Investments		597		624		655
Goodwill		5,043		5,012		4,994
Deferred Charges and Other Assets		1,533		1,549		1,609
Total Assets	$	28,451	$	32,546	$	34,217
Liabilities and Common Shareholders’ Equity
Current Liabilities
Notes payable and current maturities of long-term debt	$	796	$	388	$	222
Liabilities of businesses held for sale		51		2,940		3,165
Accounts payable and accrued liabilities		3,516		3,612		3,947
Total Current Liabilities		4,363		6,940		7,334
Long-Term Debt		10,772		12,354		13,632
Deferred Income Taxes		977		1,227		1,118
Other Liabilities		3,249		3,743		3,691
Minority Interest		203		186		188
Common Shareholders’ Equity
Invested capital		5,496		5,626		5,692
Retained earnings		3,391		2,470		2,562
Total Common Shareholders’ Equity		8,887		8,096		8,254
Total Liabilities and Common Shareholders’ Equity	$	28,451	$	32,546	$	34,217

Note: All periods have been restated to reflect Carter Holt Harvey as a discontinued operation.

- 10 -

EX-99.2

Exhibit 99.2

Third Quarter 2005 Review October 25, 2005

John V. Faraci Chairman & CEO

Marianne M. Parrs EVP & CFO

2

Forward-Looking Statements

These slides contain forward-looking statements. These statements reflect

management's current views and are subject to risks and uncertainties that could

cause actual results to differ materially from those expressed or implied in these

statements.  Factors which could cause actual results to differ relate to (i) market

and economic factors, including changes in the cost or availability of raw materials

and energy, competition, demand and pricing for the Company's products, the level

of housing starts, changes in

international

economic

conditions,

specifically

in

Brazil, Russia, Poland and China, changes in currency exchange rates, changes in

credit ratings issued by nationally recognized statistical rating organizations,

pension and healthcare costs

and

natural

disasters,

such

as

hurricanes, (ii) the

Company's transformation plan, including the ability to accomplish the

transformation plan, the impact of the plan on the Company's relationship with its

employees, customers and vendors and the ability to realize anticipated profit

improvement from the plan, and (iii) results of legal proceedings and compliance

costs, including unanticipated expenditures related to the cost of compliance with

environmental and

other

governmental

regulations

and

the uncertainty of the costs

and other effects of pending litigation.  We undertake no obligation to publicly

update

any

forward-looking

statements,

whether as a result of new information,

future events or otherwise. These and other factors that could cause or contribute

to actual results differing materially from

such

forward

looking

statements

are

discussed in greater detail in the company's Securities and Exchange Commission

filings.

3

During the course of this presentation, certain non-

U.S. GAAP financial information will be presented.

A reconciliation of those numbers to U.S. GAAP

financial measures is available on the company’s

website at www.internationalpaper.com

under

Investors.

Statements Relating to

Non-GAAP Financial Measures

4

Agenda

Third Quarter Review

Hurricane Impact

Fourth Quarter Outlook

Transformation Plan Update

Third Quarter Review

Hurricane Impact

Fourth Quarter Outlook

Transformation Plan Update

5

Third Quarter 2005 Summary

Volumes mixed

Pricing pressures on containerboard,

corrugated boxes, uncoated papers and pulp

Mill operations continued to improve

Energy costs increased due to Hurricanes

Katrina and Rita

Favorable impact from higher land sales and

lower tax rate

Volumes mixed

Pricing pressures on containerboard,

corrugated boxes, uncoated papers and pulp

Mill operations continued to improve

Energy costs increased due to Hurricanes

Katrina and Rita

Favorable impact from higher land sales and

lower tax rate

6

Diluted EPS from Continuing Operations

and Before Special Items*

*

A

reconciliation

to

GAAP

EPS

is

available

at

www.internationalpaper.com

under

Investors

.03

.11

.12

.16

.12

.32

.31

.28

.13

.20

.21

.18

.11

.40

.31

.42

.35

2001

2002

2003

2004

2005

1Q

1Q

3Q

1Q

3Q

2Q

4Q

2Q

4Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

.29

.33

3Q

7

3Q’05 vs. 2Q’05

$0.00

$0.10

$0.20

$0.30

$0.40

2Q'05

Price

Volume /

Downtime

Cost/Mix

Raw

Material

Land

Sales

Real

Estate

Tax

Other

3Q'05

$.01

EPS $ / Share

$.29

($.05)

Wood Costs     $.01     

Energy            ($.06)  

Packaging      ($.06)           

Uncoated       ($.02) 

Wood Prod.    ($.01) 

Coated            $.02

EPS from cont. ops before special items

($.07)

$.33

$.02

$.09

2Q05 Tax rate 35%  

3Q05 Tax rate 23%

$.06

($.06)

$.04

Cost –

US Mills   $.04     

Cost –

Other      ($.01)

Mix                     ($.02) 

8

9M’05 vs. 9M’04

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

9M'04

Price

Volume

Cost/Mix

Raw

Material

Land

Sales

Real

Estate

CorporateInterest

Tax

Other

9M'05

$.02

EPS $ / Share

$.83

($.30)

($.58)

EPS from cont. ops before special items

$.71

$.97

$.05

$.27

($.17)

($.05)

$.06

$.13

Wood Costs      ($.22)

Energy               ($.20)  

Caustic Soda    ($.11)

Other                 ($.05)

Paper             $.50                   

Packaging      $.25 

Other            ($.04)

2004 Tax rate 31%  

2005 Tax rate 27%

Downtime ($.29)                   

Volume     ($.01)

Pension         ($.14)                  

Supply Chain ($.07)      

Other              $.04

9

2006 Pension Assumptions

Pension Expense

•

Will depend upon plan earnings and discount rate at

December 31, 2005

-

Currently expected to increase

in

2006

by

$85

million

due to

the change

in mortality table

Pension Expense

•

Will depend upon plan earnings and discount rate at

December 31, 2005

-

Currently expected to increase

in

2006

by

$85

million

due to

the change

in mortality table

10

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

Containerboard

Uncoated Papers

Pulp

Coated Papers

Bleached Board

European Papers

* Downtime is in thousand short tons after rationalization actions, excludes maintenance

215

65

50

270

Lack of Order Downtime

70

90

240

185

5

10

5

35

95

M  Short Tons

2002

2003

2004

2005

275

270

2Q05

3Q05

European Papers

15

15

Bleached Board

0

20

Uncoated Papers

120

185

Containerboard     140

50

11

Printing Papers

3

U.S. operations only. Uncoated excludes Fine Paper   

$  1,970

132

1

Sales

Earnings

3Q’05

2Q’05

$ Millions

$ Millions

Uncoated

3

Coated

3

Pulp

3

Europe

4

(uncoated)

($20)

$25     

($10)

5

Volume

Realizations/ton

$  1,895

149

2

3Q’05 Change vs 2Q’05:

3Q’05 Change vs 2Q’05:

2%

15%

5%

(4%)

2

Includes special charge of $17 million for severance and other

charges related to the indefinite shutdowns of 3 U.S. paper machines

1

Includes special charge of $6 million for severance and other charges

related to the indefinite shutdowns of 3 U.S. paper machines, and     

$3 million for Riegelwood environmental reserves

4

Europe is average commodity cut-size price, excluding Russia   

Average IP realization (includes the impact of mix across all grades)

12

Industrial Packaging

Average IP realization (includes the impact of mix across all grades)

$  1,115

33

1

Sales

Earnings

3Q’05

2Q’05

$ Millions

$ Millions

Containerboard

U.S. Container

($45)

($25)

Volume

Realizations/ton

$  1,240

85

3Q’05 Change vs 2Q’05:

3Q’05 Change vs 2Q’05:

6%

(3%)

1

Includes special charge of $4 million to adjust reserves previously provided

13

Consumer Packaging

Average IP realization (includes the impact of mix across all grades)

$  685

37

3

Sales

Earnings

3Q’05

2Q’05

$ Millions

$ Millions

Bleached Board

1

$5

Volume

Realizations/ton

$  650

41

3Q’05 Change vs 2Q’05:

3Q’05 Change vs 2Q’05:

(2%)

Converting Businesses

2

Sales Revenue

Flat

1

U.S. operations only

2

Excludes IPPM

3

Includes special charge of $1 million for environmental reserve

14

Forest Products

Average IP realization (includes the impact of mix across all grades)

$700 

272

1

Sales

Earnings

3Q’05

2Q’05

$ Millions

Lumber (mbf)

Plywood (msf)

($15)

($5)

Volume

Realizations/unit

$  605

191

1

3Q’05 Change vs 2Q’05:

3Q’05 Change vs 2Q’05:

2%

21%

1

Includes special charge of $2 million in the third quarter and $14 million in the second

quarter for costs associated with relocations of

Forest

Products

headquarters to Memphis

15

Special Items

•

Divestitures

(3)

•

Restructuring & Other                   (46)

•

Insurance Recoveries

109 

•

Tax Audit Finalization

-

Settlements                    517

-

Interest                             26

543

Special Items Total

603

$1.19

Special Items

•

Divestitures

(3)

•

Restructuring & Other                   (46)

•

Insurance Recoveries

109 

•

Tax Audit Finalization

-

Settlements                    517

-

Interest                             26

543

Special Items Total

603

$1.19

$MM

Diluted EPS

Special Items 3Q’05

16

Carter Holt Harvey

•

Tax Reserve Adjustment

for Audit Settlement                       (83)        (0.16)

•

Pre-Tax Gain on Sale                     29

0.06

•

Tax Benefit on Sale

332           0.65

Total

278

$0.55

Carter Holt Harvey

•

Tax Reserve Adjustment

for Audit Settlement                       (83)        (0.16)

•

Pre-Tax Gain on Sale                     29

0.06

•

Tax Benefit on Sale

332           0.65

Total

278

$0.55

$MM

Diluted EPS

Discontinued Operations 3Q’05

17

Earnings from Continuing Operations

and Before Special Items

$0.33

Special Items

1.19

Earnings from Continuing Operations

1.52

Discontinued Operations

0.55

Net Earnings

$2.07

Earnings from Continuing Operations

and Before Special Items

$0.33

Special Items

1.19

Earnings from Continuing Operations

1.52

Discontinued Operations

0.55

Net Earnings

$2.07

Reconciliation to 3Q’05

Diluted

Earnings Per Share

Diluted EPS

18

Hurricane Impact

People

•

No injuries

Facilities

•

No direct damage

•

Temporary outages at some facilities

Forestlands

•

No material damage to our forestlands

•

Logging / transportation costs significantly higher

People

•

No injuries

Facilities

•

No direct damage

•

Temporary outages at some facilities

Forestlands

•

No material damage to our forestlands

•

Logging / transportation costs significantly higher

19

Hurricane Impact

Energy

•

Slow recovery causing skyrocketing prices for

natural gas and fuel oil, squeezing margins

Chemicals

•

Shortages of optical brighteners, sulfuric acid,

caustic soda, wax

Transportation

•

Truck and rail availability an issue

•

Facing fuel adjustment surcharges

Energy

•

Slow recovery causing skyrocketing prices for

natural gas and fuel oil, squeezing margins

Chemicals

•

Shortages of optical brighteners, sulfuric acid,

caustic soda, wax

Transportation

•

Truck and rail availability an issue

•

Facing fuel adjustment surcharges

20

Fourth Quarter 2005 Outlook

Much higher raw material costs

•

$0.15 -

$0.20 per share higher than 3Q’05

Lower land / real estate sales

Volume flat -

seasonal weakness around

holidays

Average price realizations flat to down

•

Implementing IP’s announced increases in bleached

board, containerboard, boxes, coated paper and

market pulp

Continued progress in improving operations

Much higher raw material costs

•

$0.15 -

$0.20 per share higher than 3Q’05

Lower land / real estate sales

Volume flat -

seasonal weakness around

holidays

Average price realizations flat to down

•

Implementing IP’s announced increases in bleached

board, containerboard, boxes, coated paper and

market pulp

Continued progress in improving operations

21

Transformation Plan Update

Completed sale of Carter Holt Harvey equity

stake to Rank Group on September 21

•

US$1.14 billion in cash proceeds

•

After-tax gain of US$361 million

Targeting cash proceeds from initial asset sales    

for debt reduction

Maintaining focus on improving N. American

operations

Reinvestment plan under review -

taking a

cautious approach

Completed sale of Carter Holt Harvey equity

stake to Rank Group on September 21

•

US$1.14 billion in cash proceeds

•

After-tax gain of US$361 million

Targeting cash proceeds from initial asset sales    

for debt reduction

Maintaining focus on improving N. American

operations

Reinvestment plan under review -

taking a

cautious approach

22

Q & A

Q & A

23

Appendix

Appendix

24

Earnings by Industry Segment

Earnings by Industry Segment

Printing Papers

$141

$166

$160

$490

$385

Industrial Packaging

37

85

133

227

249

Consumer Packaging

38

41

50

102

126

Distribution

23

18

27

59

65

Forest Products

274

205

191

686

617

Other Businesses

5

7

7

22

31

Operating Profit

518

522

568

1,586

1,473

Interest Expense

(163)

(166)

(180)

(496)

(541)

Minority Interest

0

2

1

1

2

Corporate Items, net

(142)

(133)

(101)

(430)

(313)

Earnings from continuing operations

before income taxes, minority

interest & special items

$213

$225

$288

$661

$621

Earnings by Industry Segment

Printing Papers

$141

$166

$160

$490

$385

Industrial Packaging

37

85

133

227

249

Consumer Packaging

38

41

50

102

126

Distribution

23

18

27

59

65

Forest Products

274

205

191

686

617

Other Businesses

5

7

7

22

31

Operating Profit

518

522

568

1,586

1,473

Interest Expense

(163)

(166)

(180)

(496)

(541)

Minority Interest

0

2

1

1

2

Corporate Items, net

(142)

(133)

(101)

(430)

(313)

Earnings from continuing operations

before income taxes, minority

interest & special items

$213

$225

$288

$661

$621

$ Millions

2Q’05

2Q’05

3Q’04

3Q’04

3Q’05

3Q’05

9M’05

9M’05

9M’04

9M’04

Before special items

25

Forest Resources

Earnings Sources –

Gross Margin

•

Sales of Forestlands

$125

$67

$77

•

Harvest & Recreational Income

63

62

69

Forestland Expenses

(43)

(39)

(43)

Land Utilization (real estate),

Net of Expenses

65

39

22

Total EBIT

$210

$129

$125

Earnings Sources –

Gross Margin

•

Sales of Forestlands

$125

$67

$77

•

Harvest & Recreational Income

63

62

69

Forestland Expenses

(43)

(39)

(43)

Land Utilization (real estate),

Net of Expenses

65

39

22

Total EBIT

$210

$129

$125

$ Millions

2Q’05

2Q’05

3Q’04

3Q’04

3Q’05

3Q’05

26

* U.S. only. Uncoated excludes Fine Papers

Average IP realization (includes the impact of mix across all grades)

Average Sales Realizations

Forest

Products

$/ton

Packaging

$/ton

Printing

Papers*

Segments

300

406

687

450

495

836

831

2Q’05

Average Sales Realizations

303

368

676

445

481

749

780

3Q’04

323

394

651

385

479

860

825

Sep 05

Plywood, $/MSF

Lumber, $/MBF

Corrugated boxes*

Containerboard

Pulp

Coated

Uncoated

Grades

297

391

663

405

482

860

811

3Q’05

325

364

687

458

477

752

790

Sep 04

27

Before Special Items

Q1

223

(53)

(2)

168

24%

488.9

0.35

Q2

225

(79)

(3)

143

35%

487.4

0.29

Q3

213

(48)

(3)

162

23%

507.1

0.33

Special Items

Q1

(103)

36

-

(67)

35%

488.9

(0.14)

Q2

34

(107)

-

(73)

-

487.4

(0.15)

Q3

159

444

-

603

-

507.1

1.19

Earnings from Continuing Operations

Q1

120

(17)

(2)

101

14%

488.9

0.21

Q2

259

(186)

(3)

70

72%

487.4

0.14

Q3

372

396

(3)

765

-

507.1

1.52

2005 Earnings from Continuing

Operations

Pre-Tax 

Tax

MI

Net

ETR         Average

Diluted

Shares²

EPS¹

$ MM

MM Shares

$/Share

$ MM

$ MM

$ MM

MI

–

Minority

Interest;

Net

–

Net

Income;

ETR

–

Effective

Tax

Rate;

EPS

–

Earnings

per

Share

1

A

reconciliation

to

GAAP

EPS

is

available

at

www.internationalpaper.com

under

Investor

Information

2

Assuming

dilution

28

0

4

8

12

16

20

0

4

8

12

16

20

2000

June

2001

Dec

2002

Dec

2003

Dec

2004

Dec

2005

Sep

17.9

15.2

14.8

15.5

14.6

11.6

$ Billions

Reduced total debt by over 

$6 billion since June 2000

Committed to Reducing Debt

Includes

Carter

Holt

Harvey

debt

on

IP’s

balance

sheet

for

all

periods

excluding

September

2005

29

Impact of Higher Raw Material Costs

EBIT impact 3Q’05 vs. 2Q’05

Total of $30 million or $0.05 per share

negative impact in 3Q’05 versus 2Q’05

(50)

(40)

(30)

(20)

(10)

0

10

(50)

(40)

(30)

(20)

(10)

0

10

Energy

Wood -

Paper      

Mills

Wood -

Wood Prods.           

Plants

Other

EBIT ($)

4

(38)

4

30

Impact of Higher Raw Material Costs

EBIT impact 3Q’05 vs. 3Q’04

Total of $156 million or $0.25 per share

negative impact in 3Q’05 versus 3Q’04

(80)

(60)

(40)

(20)

0

(80)

(60)

(40)

(20)

0

Energy

Wood -

Paper       Wood Prods.            

Mills

Wood -

Plants

Caustic

EBIT ($)

(69)

(38)

(14)

(20)

(15)

Other

Soda

31

Impact of Higher Raw Material Costs

EBIT impact 9M’05 vs. 9M’04

(150)

(125)

(100)

(75)

(50)

(25)

0

(150)

(125)

(100)

(75)

(50)

(25)

0

Caustic

Soda

Energy

Other

EBIT ($)

(46)

(130)

(100)

(40)

(71)

Wood -

Paper        Wood Prods.

Mills

Wood -

Plants

Total of $387 million or $0.58 per share

negative impact in 9M’05 versus 9M’04

32

0

50

100

150

200

250

Jan

Mar

May

July

Sep

Nov

Jan

Mar

May

July

Sep

Nov

Jan

Mar

May

July

Sep

Index: Jan 2003 Natural Gas Costs = 100

2003

2004

Hurricanes drove natural gas  

costs higher in September

Natural Gas Costs

2005

Trended significantly higher in 3Q’05

33

U.S. Mills Wood Costs

90

100

110

120

Jan

Mar

May

July

Sep

Nov

Jan

Mar

May

July

Sep

Nov

Jan

Mar

May

July

Sep

Index: Jan 2003 Wood Costs = 100

2003

2004

* Delivered cost to  U.S. pulp & paper mills

Trended lower in 3Q’05

2005

Wood costs began rising

again in September

34

0

100

200

300

Jan

Mar

May

July

Sep

Nov

Jan

Mar

May

July

Sep

Nov

Jan

Mar

May

July

Sep

Index: Jan 2003 Caustic Soda Costs = 100

2003

2004

Caustic soda costs are

up 127% versus 1Q’03

Caustic Soda Costs

2005

Trended lower in 3Q’05

35

Energy

54

30

45

40

$9.50

$3.45

$5.80

$6.47

0

20

40

60

80

2002

2003

2004

2005 Forecast

0

2

4

6

8

10

Trillion BTUs

$/MMBTU

Natural Gas Consumed

Natural Gas Cost per unit

U.S. mills natural gas consumption

Natural gas consumption at

current U.S. pulp & paper mills

has decreased 45% since 2002

Total US Mill Energy Purchases before Natural Gas Hedges  -

$MM

$580                  $740                  $780                

$920

36

8

9

9

10

31

24

21

18

10

10

13

11

16

18

24

25

22

23

13

16

19

20

16

14

0%

100%

2002

2003

2004

2005

Energy

Natural gas as a % of total U.S. mills

MMBTU purchases is decreasing

% of Total

Natural Gas

Coal

Wood Waste

Fuel Oil

Other*

Electricity

$7.53

$2.89

$1.80

$6.15

$13.78

$4.92

2005 Sept. YTD Avg

Cost per mmbtu

Substitute lower cost energy

*Other includes shredded tires, recycled oil, purchased steam and any other fossil fuels

Sept. YTD

37

0

2

4

6

8

10

12

14

2000

2005 Sept YTD

Gas

Coal

Oil

Electricity

Steam

Other*

Reducing U.S. mill consumption per ton

MM BTU/Ton

Energy  

Natural gas consumed per ton of paper

produced in 2005 fell 55% and total energy

consumed per ton fell about 13% since 2000

* Other fuel category includes purchased bark, shredded tires & recycled motor oil

4.4

2.0

55%

13%

Natural Gas

Coal

Fuel Oil

Electricity

Steam

Other

38

Domestic Facilities

Key input indicative purchase levels

Natural Gas

MMbtus

38,000,000

# 6 Fuel Oil

BBLs

5,200,000

Coal

Tons

1,500,000

Wood

Tons

65,000,000

OCC

1

Tons

600,000

Caustic Soda

Tons

400,000

Sodium Chlorate

Tons

300,000

LD Polyethylene

Tons

100,000

Latex

Tons

45,000

Energy

Energy

Fiber

Fiber

Chemicals

Chemicals

Units

Units

Annual Purchases

Annual Purchases

1

Old corrugated containers

* 2005

Run Rate

*

*

*

39