Correcting figure in International Paper Earnings release.

--(BUSINESS WIRE)--Oct. 8, 1996--

In BW1171 (INTERNATIONAL-PAPER), International Paper Reports Third-Quarter Earnings of $111 Million or $.37 Per Share, in the Summary of Consolidated Earnings table, the Average Shares of Common Stock Outstanding figure for the Three Months Ended Sept. 30, 1995 should read 258.7 (sted 259.7)

The corrected table follows: -0-

                    International Paper Company
                  Summary of Consolidated Earnings
                     Preliminary and Unaudited
       (In millions except for net sales and per share amounts)

       (Per share amounts adjusted for two-for-one stock split)

                        Three Months Ended         Nine Months Ended
                            September 30              September 30
                         1996         1995         1996         1995

Net Sales
 (In billions)       $    5.1     $    5.1     $   15.0     $   14.7

Earnings Before
 Interest, Income
 Taxes and Minority
 Interest                 363          720        1,178(a)     1,922

 Interest expense, net    136          129          398          371

Earnings Before Income
 Taxes and Minority
 Interest                 227          591          780(a)     1,551

 Provision for income
  taxes                    86          210          329(a)       551

 Minority interest expense,
  net of taxes             30           53          143(a)       110

Net Earnings         $    111     $    328     $    308(a)  $    890

Earnings Per Common
 Share               $   0.37     $   1.27     $   1.06(a)  $   3.49

Average Shares of
 Common Stock
 Outstanding            300.0        258.7        289.4        255.1

    (a) Includes a $515 million pre-tax restructuring charge ($362
million after taxes or $1.35 per share) and a $592 million pre-tax
gain ($336 million after taxes and minority interest expense or $1.25
per share) on the sale of an interest in a west coast partnership.

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