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Pricing Supplement No. 22 For SEC Filing Purposes:
Dated: August 2, 1996 Filed Under Rule 424(b)(2)
To Prospectus dated April 13, 1994 Registration Nos. 33-48167 &
Prospectus Supplement dated May 2, 1994 33-52945
Principal Amount $50,000,000
International Paper Company
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
Date of Issue: August 7, 1996 Spread: 12 basis points
Spread Multiplier: N/A
Maturity Date: August 9, 1999 Maximum Interest Rate, if any: N/A
Minimum Interest Rate, if any: N/A
____ Zero-Coupon Note Interest Calculation Dates: N/A
____ Fixed Rate Note Calculation Agent: N/A
____ CD Rate Note Put Right Termination Date if Other Than
____ Commercial Paper Rate Note Maturity Date (N/A If Put Right Not Available): N/A
____ Federal Funds Rate Note Repurchase Price (If Other Than 100% of
X LIBOR Note Principal Amount): N/A
____ Prime Rate Note Redemption Date: N/A
____ Treasury Rate Note Redemption Premium: N/A
Currency or Currency Units: U.S. Dollars Premium Reduction Amount: N/A
Issue Price (As a Percentage of Principal Amount): 100% Original Issue Discount Security: N/A
Interest Rate/Initial Interest Rate: LIBOR ____ For Federal Income Tax Purposes
as determined on Telerate page 3750 ____ Subject to Special Provisions
Interest Payment Dates: February 7, May 7, August 7, Issue Date for Calculating OID: N/A
November 7 Original Issue Discount: N/A
Interest Reset Dates: February 7, May 7, August 7, Original Issue Discount
November 7 Applicable to Short Accrual Period: N/A
Interest Payment Period: N/A Computed under (Exact___)
Interest Rate Reset Period: N/A (Approximate___) method: N/A
Interest Determination Dates: Second London Yield to Maturity: N/A
Business Day preceding an Interest Reset Date Default Rate (only applicable if OID Security): N/A
Index Maturity: 3 Months Amortized Face Amount: N/A
Redemption Price: No redemption prior to maturity.
Other Terms: CUSIP #46014H CL1
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J.P. MORGAN & CO. MERRILL LYNCH & CO.
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