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[INTERNATIONAL PAPER LOGO]

                                                        2 MANHATTANVILLE ROAD
                                                        PURCHASE NY  10577-2196


NEWS RELEASE


IP MEDIA CONTACTS:      IP ANALYST CONTACTS:      FEDERAL PAPER BOARD CONTACT:

Carl Gagliardi           Carol Tutundgy            Quentin J. Kennedy
(914) 397-1666           (914) 397-1632            201-391-1776
Molly Sullivan           Maryanne Rupy
(914) 397-1652           (914) 397-1626
                         Brian Turcotte
                         (914) 397-1623


            INTERNATIONAL PAPER, FEDERAL PAPER BOARD ANNOUNCE MERGER

NOVEMBER 6, 1995

PURCHASE, N.Y. - International Paper and Federal Paper Board announced today
that they have agreed to merge.  Once the merger is complete, Federal Paper
Board, a diversified forest products company with $1.57 billion in 1994 net
sales, will become a wholly owned subsidiary of International Paper.  The
transaction, which is valued at $3.5 billion, including assumption of debt, is
subject to approval by Federal Paper Board's shareholders, as well as by
regulatory authorities.  It is expected to close in the first quarter of next
year.

      In the merger, Federal Paper Board's shareholders will be entitled to
receive at their election, either $55 in cash per share or $55 worth of
International Paper common stock per share, subject to the limitation that not
more than 1.612 and not less than 1.275 International Paper shares will be
issued for each Federal Paper Board share exchanged for International Paper
stock. The shareholder election to receive cash or International Paper stock
will be subject to adjustment so that, in the aggregate, approximately 49
percent of the Federal Paper Board shares will be exchanged for cash. The merger
is intended to qualify as a tax-free reorganization.

      "This is a wonderful opportunity to combine two first-class organizations
in a way that will strengthen both," said John R. Kennedy, Federal Paper Board's
president and chief executive


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officer.  "Our complementary businesses will provide an opportunity to better
serve a broader range of customers.  The combination of cash and International
Paper stock is an excellent value for our shareholders."

      "Merging with this outstanding forest products company will help us
enhance our position as one of the industry's most efficient producers," said
John A. Georges, chairman and chief executive officer of International Paper.
"With Federal Paper Board, we gain two world-class facilities in its Riegelwood,
N.C., and Augusta, Ga., mills."

      Over the last six years, Federal Paper Board has invested over $1.7
billion in upgrades and process improvements to these and other facilities.
Along with the two mills comes over a half million acres of valuable and mature
plantation timberland close to their facilities.  Federal Paper Board's Tait
facility in Scotland is an important supplier of uncoated free sheet in the
United Kingdom and will be a significant addition to International Paper's
existing product lines in Europe.

      "We are pleased to welcome Jack Kennedy to our board," said Mr. Georges,
"and we are looking forward to having the Federal Paper Board employees become
part of the International Paper family."

      International Paper, headquartered in Purchase, N.Y., is a worldwide
producer of printing papers, packaging and forest products.  The company also
operates specialty businesses and a broadly based paper distribution network.
International Paper has manufacturing operations in 28 countries and exports its
products to more than 130 nations.


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