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International Paper Announces Retirement of VP Carol Tutundgy

Press release from the issuing company

STAMFORD, Conn., June 12 -- International Paper Executive Vice President James Melican today announced that Carol Tutundgy will retire as its Vice President of Investor Relations, effective June 30, 2002. "We have been fortunate to have Carol in the Investor Relations role at International Paper for the last 15 years," said Melican. "Her leadership has contributed greatly to our corporate reputation, particularly through the last several years of restructuring. We have been tremendously proud to have her representing International Paper in the investment community over these years, and she will remain at International Paper through the end of the summer to assist in the leadership transition." The company has named Darial Sneed as Vice President of Investor Relations, replacing Carol Tutundgy. In her new position, Sneed will report to Executive Vice President Jim Melican. "Darial is an experienced professional who has been an outstanding addition to the company's IR team. She has played a significant role throughout our divestiture program," said Melican. Sneed joined International Paper in April 2001 as Director of Investor Relations. Prior to joining IP, Sneed was vice president, investor relations at market research company ACNielsen in Stamford, Conn.; was manager of investor relations with YPF-USA Inc., the US arm of the former state-owned oil company of Argentina; served as associate director of investor relations of BP America, Inc., and as manager of investor relations at Exxon Corporation. Prior to her IR role at Exxon, she also held positions in Exxon's controllers department, corporate finance and strategic planning. Earlier, Sneed held finance positions at CBS Inc. and J. P. Morgan Inc. Sneed earned her undergraduate degree in economics from Yale University and her MBA degree from Harvard University. She is a member of the National Investor Relations Institute.