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International Paper Replaces Arthur Andersen with Deloitte & Touche

Press release from the issuing company

STAMFORD, Conn., April 9 -- International Paper Company today announced that its Board of Directors has appointed Deloitte & Touche LLP as the company's independent auditor for 2002. The action was taken after a thorough evaluation process. "We look forward to working with Deloitte & Touche in the firm's new role as our independent auditor," said John Dillon, International Paper's chairman and chief executive officer. Prior to the selection of Deloitte & Touche, Arthur Andersen LLP had served as the company's independent auditor. "We value greatly the professional services provided by Arthur Andersen over the years and the excellent work provided by their International Paper team," said Dillon.