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                                                   2 MANHATTANVILLE ROAD
                                                 PURCHASE, NY 10577-2196
NEWS RELEASE

MEDIA CONTACT:           James Lee, 914-397-1565

ANALYST CONTACTS:        Carol Tutundgy, 914-397-1632;
                         Rochelle Weitzner, 914-397-1623


       INTERNATIONAL PAPER LAUNCHES EXCHANGE OFFER FOR SHARES OF CHAMPION
                                  INTERNATIONAL


PURCHASE, NEW YORK (May 19, 2000) -- International Paper (NYSE: IP) today
launched an exchange offer for all outstanding shares of common stock, including
the associated rights to purchase preferred stock, of Champion International
Corporation (NYSE: CHA). The offer to exchange all outstanding shares of
Champion common stock for $75 per share expires at midnight, Eastern Daylight
Time, June 16, 2000, unless the period is extended. This exchange offer is being
made in connection with an Agreement and Plan of Merger between International
Paper and Champion dated May 12, 2000.

Champion shareholders will receive $50 in cash and $25 in International Paper
shares. The number of IP shares will be determined by dividing $25 by the
average of the volume weighted averages trading prices of IP common stock on the
NYSE for the 15 trading days randomly selected by IP and Champion from the 30
consecutive trading days ending on the third trading day prior to the expiration
date. If the average trading prices for the 15 days is less than $34, the
exchange ratio will be .7353.

International Paper will acquire the remaining Champion shares in a merger in
which each share of Champion common stock will be converted into the right to
receive $75 in cash and stock, the same consideration being paid for shares
tendered in the offer.

Payment for shares properly tendered and accepted will be made as promptly as
practicable after the expiration date.

International Paper (www.internationalpaper.com) is the world's largest paper
and forest products company. Businesses include printing papers, packaging,
building materials, chemical products and distribution. As the largest private
landowner in the U.S., the company manages its forest under the principles of
the Sustainable Forestry Initiative (SFISM) program, a system that ensures the
perpetual growing and harvesting of trees while protecting wildlife, plants,
soil, air and water quality. Headquartered in the United States at Purchase,
N.Y., International Paper has operations in nearly 50 countries, employs nearly
100,000 people and exports its products to more than 130 nations.