STAMFORD, Conn., March 16 -- International Paper today announced the election of John L. Townsend, III to its board of directors, effective March 13, 2006. "John brings experience and background in global capital markets that will add value to our board," said John Faraci, International Paper's chairman and chief executive officer. "His experience with many companies in a broad range of industries as an investment banking advisor over a 20-year career is a perspective we want serving on our board." Mr. Townsend, a native of Lumberton, N.C., was employed by Goldman, Sachs & Co. from 1987 until his retirement as an advisory director in 2002. Prior to his retirement, he served as a managing director and general partner of Goldman Sachs with responsibility for a variety of businesses within the investment banking division, including serving as co-head of the South Region, co-head of the Latin America Region and co-head of Leveraged Finance. Mr. Townsend is a private investor and member of the Riverstone Group, a private investment fund, and a director of Belk's, Inc. He also serves on a number of not-for-profit organizations, including the board of trustees of Episcopal High School in Alexandria, Va., which he chairs, the board of directors of the University of North Carolina Investment Fund, Inc., the board of directors of the U.S. Ski and Snowboard Foundation and the Grand Teton National Park Foundation.