Marianne M. ParrsExecutive Vice President

2/25/2004

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Table of Contents

Marianne M. ParrsExecutive Vice President

Forward Looking Statement

Statements Relating to the Use of Non-GAAP Financial Measures

International Paper

International Paper

International Paper

Forest Products

International Paper

Goal: ROI Among Best Industrials

2003 vs. 2002 EPS before special items

Non-Price Improvement

Improvement Target

International Paper

Supply Chain Initiative

Industry Uncoated Paper Market Showing Positive Signs

Ad Page Recovery Not Sustained

Industry Containerboard Operating Rates Rising

Industry Containerboard Inventory at Lowest Level since 1994

Industry Box Shipments Starting to Grow

Author: International Paper