2004 Earnings from Continuing Operations 

Before Special Items

Q1 110 (36) (14) 60 33% 484.4 .12

Q2 248 (77) (12) 159 31% 485.6 .33

Q3 316 (90) (17) 209 29% 486.4 .43

Special Items

Q1 (14) 5 - (9) 36% 484.4 (.02) Q2 (138) 62 (21) (97) 45% 485.6 (.20)

Q3 16 (32) 15 (1) 200% 486.4 -

Earnings from Operations

Q1 96 (31) (14) 51* 32% 484.4 .10

Q2 110 (15) (33) 62* 14% 485.6 .13

Q3 332 (122) (2) 208* 37% 486.4 .43

Pre-Tax Tax MI Net ETR Avg. Shares EPS

$ MM

MM Shares

$/Share

$ MM

$ MM

$ MM

MI – Minority Interest; Net – Net Income; ETR – Effective Tax Rate; EPS – Earnings per Share

* A reconciliation to GAAP EPS is available at www.internationalpaper.com under Investor Information

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