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[INTERNATIONAL PAPER LOGO]

                                                       International Paper Plaza
                                                       400 Atlantic Street
                                                       Stamford, CT 06921

News Release

Media Contacts:    Jennifer Boardman, International Paper, 203-541-8407
                   Rick Ouellette, International Paper, 912-238-6399

Investor Contacts: Darial Sneed, International Paper, 203-541-8541
                   Brian Turcotte, International Paper, 203-541-8632

   International Paper Reaches Definitive Agreement to Sell its Canadian Pulp
                and Wood Business to West Fraser Timber Co., Ltd.

STAMFORD, Conn. - July 21, 2004 -- International Paper (NYSE: IP) today
announced it has reached a definitive agreement to sell the capital stock of its
Weldwood of Canada, Ltd. subsidiary to West Fraser Timber Co., Ltd. (TSE:WFT) of
Vancouver, Canada for approximately C. $1.26 billion (approximately U.S. $950
million), subject to certain adjustments at closing. The transaction is subject
to completion of due diligence and financing to be completed by the end of
September, as well as applicable regulatory approvals.

International Paper and West Fraser expect to complete the all-cash transaction
in the fall, subject to various closing conditions.

"Weldwood is a solid company with outstanding, dedicated people and a proven
track record of sustainable forest management. The sale of this business is
about making choices regarding how we compete in our core businesses going
forward," said International Paper Chairman and Chief Executive Officer John
Faraci.

"The stand-alone assets in Canada are based on a different operating model than
our businesses in the United States," said Faraci. "Our significant U.S. land
base is highly integrated with our wood products operations because they use
more than 75 percent of the saw logs we harvest from our own forestland, while
Weldwood's wood fiber comes from harvesting rights on government-owned land.
Likewise, Weldwood's two pulp mills in Canada are stand-alone facilities, while
our U.S. based pulp business is supplied by mills that also produce other
products. Weldwood's stand-alone pulp mills are a good fit with West Fraser's
pulp business in Canada."

Based on current account balances and exchange rates, International Paper
estimates that the cash proceeds at closing, after adjustments, will be
approximately (U.S.) $900 million. As a result of net operating loss
carryforwards, there should be no current cash outlay for taxes. International
Paper estimates that the transaction will result in a one-time accounting loss,





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subject to certain adjustments, of approximately $425 million before taxes ($780
million after taxes or $1.60 per share) in the third quarter of 2004. The
after-tax loss reflects a U.S. taxable gain on the transaction due to the low
historic U.S. tax basis in Weldwood. Additionally, Weldwood's operating results
will be reclassified as discontinued operations in International Paper's
consolidated financial results, beginning in the third quarter of 2004.

"The timing is right for the sale of Weldwood, given the very strong wood
products markets. This decision, along with the recent sale of Carter Holt
Harvey's tissue business and the purchase of the Box USA corrugated packaging
business, reflect choices that we believe will improve the focus of our
portfolio, build stronger businesses and improve our future profitability," said
Faraci.

Due to this recent period of strong lumber and plywood demand, Weldwood's sales
in the first quarter of 2004 were approximately U.S. $225 million, contributing
$0.04 per share to International Paper's earnings for the first quarter. In the
second quarter of 2004, Weldwood's sales were approximately U.S. $260 million,
contributing $0.08 per share to International Paper's earnings for the second
quarter. Weldwood's full-year 2003 impact on IP's earnings was $0.02 per share.

The company will provide further commentary on the transaction and answer
investor questions in a webcast, hosted by John Faraci, at 9:30 a.m. (EDT) on
Thursday, July 22. 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 Investor Information button. Persons who wish to listen to the
live webcast must pre-register at the site prior to the webcast. A replay of the
webcast will also be available on the Web site beginning at noon (EDT) tomorrow.

In addition, persons interested in listening to the call by telephone may dial
in at 888-496-6261 within the United States. International callers should dial
303-262-3302 and ask to be connected to "International Paper's Weldwood Call".
There is no password. Participants should call no later than 9:15 a.m. (EDT).
Slides that correspond with the conference call will be available on the company
Web site at http://www.internationalpaper.com under the Investor Information
button, beginning at approximately 8:45 a.m. (EDT). There will be a four-week
replay of the call. For calls placed within the United States: 800-406-7325. For
International callers: 303-590-3030. The password for the replay is 3174875.

Weldwood of Canada, Ltd., (www.weldwood.com) manufactures lumber, plywood,
laminated veneer lumber, treated wood products and northern bleached softwood
kraft pulp for global markets at eight wholly owned and four joint venture mills
in British Columbia and Alberta, Canada. Its seven lumber mills have an annual
capacity of 1.3 billion board feet. Its two plywood mills have an annual
capacity of 450 million square feet and its one laminated veneer lumber mill has
an annual capacity of 3 million cubic feet. Weldwood has a market pulp capacity
of 675 thousand short tons at its two pulp mills. Headquartered in Vancouver,
Weldwood manages nearly 8 million acres of Crown land under a variety of
long-term provincial government agreements. Weldwood employs more than 3,000
people.

International Paper (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'r' program, a system that ensures the perpetual





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planting, growing and harvesting of trees while protecting biodiversity,
wildlife, plants, soil, water and air quality. Headquartered in the United
States, International Paper has operations in over 40 countries and sells its
products in more than 120 nations.

Statements in this news release that are not historical are forward-looking.
These statements are subject to risks and uncertainties that could cause actual
results to differ materially, including but not limited to, uncertainty as to
whether the sale of Weldwood of Canada, Ltd. will be completed, the ability of
the companies to meet closing conditions, the strength of demand for the
company's products and changes in overall demand, the effects of competition
from foreign and domestic producers, the level of housing starts, changes in the
cost or availability of raw materials, unanticipated expenditures related to the
cost of compliance with environmental and other governmental regulations, the
ability of the company to continue to realize anticipated cost savings,
performance of the company's manufacturing operations, results of legal
proceedings, changes related to international economic conditions and changes in
currency exchange rates. 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.

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