A Message from the Chairman

Mark Sutton, Chairman and Chief Executive Officer

Sutton As International Paper continues to evolve and adapt in an ever-changing global marketplace, one thing remains constant — our firm commitment to doing the right things for the right reasons.

Ethics and integrity underlie our core values — commitment, ownership, respect and excellence. These values make International Paper one of the most trustworthy names in business and are the foundation of our success. They also make IP a place where all of us can be proud to work. We operate in many countries and cultures around the world, connected by our shared mission, vision and values. It is our responsibility to champion these values throughout our business and in the regions where we operate around the globe.

Our Code of Conduct is designed to provide a clear understanding of International Paper's core values and the standards that govern our business. It also provides guidelines for navigating successfully through ethical challenges. In our competitive global environment, we sometimes encounter situations that test our judgment and integrity. When this happens, the Code helps us respond in ways that are true to the IP Way and comply with both the spirit and letter of the law. It lays the groundwork for how we treat our customers, investors, suppliers and each other. Doing the right thing can be difficult at times.

We count on all of our employees to not only follow this Code, but to report violations of it without fear of retaliation. We respond to all reports of Code of Conduct violations, and we will not tolerate retaliation against any employee who raises an ethical concern in good faith.

All of our senior leaders, including the IP board of directors, support this Code and are committed to keeping its values and principles at the core of our operations. I encourage you to be thoroughly familiar with the Code to better understand how our core values impact your day-to-day business decisions and to prepare you to respond appropriately when the need arises.

At International Paper, we believe that how we achieve our goals is just as important as the ultimate achievement of success. The ethical course of action is always the right course of action. IP's Code of Conduct is our road map to a successful future, providing guidance on the standards of ethics, personal integrity and compliance that are the foundation of International Paper's global community.

Mark S. Sutton
Chairman and CEO