MEMPHIS, TN — International Paper (IP), a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa, on July 8 declared a regular quarterly dividend of $0.25 per share for the period from July 1, 2008, to September 30, 2008, inclusive, on its common stock, par value $1. This dividend is payable on September 15, 2008, to holders of record at the close of business on August 18, 2008.

Today the company also declared a regular quarterly dividend of $1 per share for the period from July 1, 2008, to September 30, 2008, inclusive, on the cumulative $4 preferred stock of the company. This dividend is also payable on September 15, 2008, to holders of record at the close of business on August 18, 2008.

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