<PAGE>
File No. 69-308
Form U-3A-2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
Statement by Holding Company Claiming
Exemption Under Rule 2 from the
Provisions of the Public Utility Holding
Company Act of 1935
INTERNATIONAL PAPER COMPANY
(Name of Company)
<PAGE>
INTERNATIONAL PAPER COMPANY
(Name of Company)
International Paper Company ("International Paper") hereby files with the
Securities and Exchange Commission, pursuant to Rule 2, its statement claiming
exemption as a holding company from the provisions of the Public Utility Holding
Company Act of 1935 ("HCA"), and submits the following information:
1. International Paper is a New York corporation whose principal
executive offices are located at Two Manhattanville Road, Purchase, New York
10577. International Paper's principal businesses include the production
worldwide of printing and writing papers, paperboard and packaging, wood
products and the distribution of paper and office supply products in both
North America and Europe. It also produces pulp, laminated products and
specialty products, including photosensitive films and papers, nonwovens,
chemicals and minerals. For more than half a century, International Paper
has been primarily engaged in businesses other than the business of an
"electric utility company" as defined in Section 2(a)(3) of the HCA. (See
International Paper Company, 9 SEC 938 (1941)). The names, addresses and
places of organization of International Paper's subsidiaries, other than any
exempt wholesale generator ("EWG") or foreign utility company in which
International Paper directly or indirectly holds an interest, are set forth
on Attachment I. Financial information by industry segment of International
Paper and subsidiaries for 1995-1997 is set forth in Exhibit A-1.
2. (a) The only subsidiary of International Paper which is an "electric
utility company" as defined in Section 2(a)(3) of the HCA is Saratoga
Development Corporation ("Saratoga"), which is a New York corporation having
its principal executive offices at Two Manhattanville Road,
2
<PAGE>
Purchase, New York 10577. Saratoga has as its principal business its
activities as a general partner (owning a 50% partnership interest) of
Curtis/Palmer Hydroelectric Company L.P. ("Curtis/Palmer"), a New York
limited partnership. Curtis/Palmer owns and operates the existing
Curtis/Palmer Falls hydroelectric project in New York State under a license
from the Federal Energy Regulatory Commission ("FERC"). The Curtis/Palmer
project has a capacity of approximately 58.8 MW. Since it began operation in
late 1985, all the output of the Curtis/Palmer project has been sold at
wholesale to Niagara Mohawk Power Corporation, a nonaffiliated public utility
providing electric service at wholesale and retail in New York State.
2. (b) International Paper owns directly or indirectly interests in four
other FERC license hydroelectric power projects which sold electric energy in
1997, as follows: (i) the Riley/Livermore/Jay project on the Androscoggin
River in Maine which is owned directly by International Paper and has a
capacity of approximately 17 MW; (ii) the Otis project on the Androscoggin
River, 50% of which is owned by a partnership in which Chisholm Development
Corporation (a wholly owned subsidiary of International Paper, see Attachment
I) is a general partner and which has a capacity of approximately 10 MW;
(iii) the Woronoco project on the Westfield River in Massachusetts which is
owned directly by International Paper and has a capacity of approximately 3
MW; and (iv) the Turners Falls project on the Connecticut River in
Massachusetts which is owned directly by International Paper and has a
capacity of approximately .937 MW. Because these facilities are "qualifying
facilities" within the meaning of the Public Utility Regulatory Policies Act
("PURPA"), their ownership and operations does not cause International Paper
to be a public utility company within the meaning of the HCA.
3
<PAGE>
2. (c) International Paper also owns six qualified cogeneration
facilities which sold electric energy in 1997: the Camden Facility in
Camden, Arkansas, which has a capacity of approximately 32.5 MW; the Erie
Facility in Erie, Pennsylvania, which has a capacity of approximately 42 MW;
the Lock Haven Facility in Lock Haven, Pennsylvania, which has a capacity of
approximately 22 MW; the Leola Facility in Leola, Arkansas, which has a
capacity of approximately 7.5 MW; the Natchez Facility in Natchez,
Mississippi, which has a capacity of approximately 23.4 MW; and the Riverdale
Facility in Selma, Alabama, which has a capacity of approximately 40 MW.
Because these facilities are "qualifying facilities" within the meaning of
PURPA, their ownership and operation does not cause International Paper to be
a public utility company within the meaning of the HCA.
2. (d) Until September 29, 1997, International Paper owned a subsidiary
organized and operating in France, Societe des Papeteries de Lancey S.A.
(Lancey), that owns a hydroelectric generating facility with a capacity of 21
MW. The bulk of the output of that electric generating facility is utilized
by Societe des Papeteries de Lancey in its own operations. However, the
electric energy produced by that facility that cannot be utilized by Lancey
is sold as surplus energy in the community. From January 1, 1997, through
September 28, 1997, such sales amounted to 3,813 MWH and the revenues
realized therefrom were equivalent to approximately US$141,660. Societe des
Papeteries de Lancey S.A. was sold to a non-affiliated third party on
September 29, 1997, and therefore, is not reflected in the list of
subsidiaries provided as Attachment I.
3. (a) The only sales of electric energy by International Paper and its
subsidiaries during calendar year 1997 were at wholesale and consisted of
approximately 592,650 MWH (301,438
4
<PAGE>
MWH from Curtis/Palmer of which International Paper controls 50%; 28,711 MWH
from Riley/ Livermore/Jay; 59,215 MWH from Otis of which International Paper
controls 50%; 1,014 MWH from Woronoco; 1380 MWH from Turners Falls; 991 MWH
from Camden; 205 MWH from Erie; 131,258 MWH from Lock Haven; 8,490 MWH from
Leola; 29 MWH from Natchez; 56,106 MWH from Riverdale; and 3,813 MWH from
Societe des Papeteries de Lancey S.A.)
3. (b) and (c) In 1997, International Paper and its subsidiaries did not
distribute or sell, at retail or wholesale, any electric energy or natural or
manufactured gas distributed outside the state in which each such company is
organized.
3. (d) In 1997, other than for its own consumption, International Paper
and its subsidiaries did not purchase any electric energy, natural gas or
manufactured gas purchased outside the state in which each such company is
organized at the state line.
4. During 1997, International Paper had no interest, direct or indirect,
in an EWG or a foreign utility company. As a result, no Exhibit C is
included herewith.
5
<PAGE>
Exhibit A
A consolidating statement of income and surplus of the claimant and its
subsidiary companies for the last calendar year, together with a consolidating
balance sheet of claimant and its subsidiary companies as of the close of such
calendar year, as follows:
(1) The financial statements of the claimant for the year ended December
31, 1997, have not been finalized, and when they are ready a copy of
claimant's Annual Report to its shareholders containing consolidated
financial statements will be filed with the Securities and Exchange
Commission as an amendment to this filing.
(2) The Income Statement and Balance Sheet as of December 31, 1997, of
Saratoga Development Corporation, a wholly owned subsidiary of claimant and a
general partner of Curtis/Palmer Hydroelectric Company L.P., a New York
limited partnership.
(3) The Statement of Income and Balance Sheet as of December 31, 1997,
of Curtis/Palmer Hydroelectric Company L.P. have not been finalized, and when
they are ready a copy will be field with the Securities Exchange Commission
as an amendment to this filing.
6
<PAGE>
Signature
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on this 26th day of February, 1998.
INTERNATIONAL PAPER COMPANY
(Name of Claimant)
By: /S/ Andrew Lessin
------------------
Vice President and Controller
Attest:
/S/ James W. Guedry
---------------
Vice President and Secretary
[Corporate Seal]
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Michael K. Chapman, Esq.
Senior Counsel - Energy & Logistics
International Paper Company
6400 Poplar Avenue
Memphis, TN 38197
7
<PAGE>
EXHIBIT A-2
SARATOGA DEVELOPMENT CORPORATION
BALANCE SHEET
AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
<S> <C>
ASSETS
CURRENT ASSETS
AMOUNTS DUE FROM (TO) SUBSIDIARIES
INTER-COMPANY RECEIVABLE.................... $45,541,524
OTHER ASSETS AND DEFERRED CHARGES
INVESTMENTS AT EQUITY...................... 10,448,950
DEFERRED CHARGES - OTHER................... 23
TOTAL...................................... 10,448,973
TOTAL ASSETS.............................................. $55,990,497
-----------
-----------
</TABLE>
8
<PAGE>
EXHIBIT A-2 (continued)
SARATOGA DEVELOPMENT CORPORATION
BALANCE SHEET
AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
<S> <C>
LIABILITIES
CURRENT LIABILITIES
PRIOR YEAR TAXES........................... $ (48,613)
ACCRUED STATE INCOME TAXES................. 3,076,189
TOTAL...................................... 3,027,576
MINORITY INTEREST......................................... 19,068.487
DEFERRED INCOME TAXES
FEDERAL.................................... 12,464,219
STATE AND LOCAL............................ 4,100,786
TOTAL...................................... 16,565,005
TOTAL LIABILITIES......................................... $38,661,068
COMMON SHARE OWNERS EQUITY
COMMON STOCK.............................................. 100
RETAINED EARNINGS
BALANCE - BEGINNING OF PERIOD.............. 21,109,951
NET EARNINGS (YEAR-TO-DATE)................ (3,780,622)
BALANCE-END OF OPERATION.................................. 17,329,329
TOTAL COMMON SHARE OWNERS EQUITY.......................... $17,329,329
TOTAL LIABILITIES AND EQUITY.............................. $55,990,497
-----------
-----------
</TABLE>
9
<PAGE>
EXHIBIT A-2 (continued)
SARATOGA DEVELOPMENT CORPORATION
BALANCE SHEET
AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
<S> <C>
DIVIDEND INCOME......................................... $6,500,000
LESS:
MINORITY INTEREST EXPENSE................ (7,711,539)
-----------
NET PRE-TAX LOSS......................... (1,211,539)
PROVISION FOR INCOME TAXES
CURRENT
U.S. FEDERAL INCOME TAXES................ 2,578,553
STATE AND LOCAL INCOME TAXES............. 612,000
TOTAL CURRENT............................ 3,190,553
DEFERRED
U.S. FEDERAL INCOME TAXES................ (621,467)
NET PROVISION FOR INCOME TAXES........... 2,569,086
------------
NET INCOME (LOSS)........................ ($3,780,625)
</TABLE>
10
<PAGE>
SUBSIDIARIES (more than 50% voting control)
OF INTERNATIONAL PAPER COMPANY(l)(2)
(a New York corporation)
Two Manhattanville Road
Purchase, New York 10577
1. Subsidiaries at the left margin are directly owned by International
Paper. Subsidiaries at the first indention are owned by the subsidiaries
at the left margin. Subsidiaries indented further are owned by the
subsidiaries under which they are indented.
2. Name-holding subsidiaries are not included.
<PAGE>
REVISED 2/19/98
ABBREVIATIONS
<TABLE>
<CAPTION>
<S> <C>
ARGEN. . . . . . . . . . . . . . . . . . . . . . . . . . . ARGENTINA
AUSTRA . . . . . . . . . . . . . . . . . . . . . . . . . . AUSTRALIA
BELG . . . . . . . . . . . . . . . . . . . . . . . . . . . BELGIUM
BERM . . . . . . . . . . . . . . . . . . . . . . . . . . . BERMUDA
CZECH. . . . . . . . . . . . . . . . . . . . . . . . . . . CZECH REPUBLIC
DOM. . . . . . . . . . . . . . . . . . . . . . . . . . . . DOMINICAN REPUBLIC
DEN. . . . . . . . . . . . . . . . . . . . . . . . . . . . DENMARK
EL SAL . . . . . . . . . . . . . . . . . . . . . . . . . . EL SALVADOR
ENG. . . . . . . . . . . . . . . . . . . . . . . . . . . . ENGLAND
FIN. . . . . . . . . . . . . . . . . . . . . . . . . . . . FINLAND
GERM . . . . . . . . . . . . . . . . . . . . . . . . . . . GERMANY
H KONG . . . . . . . . . . . . . . . . . . . . . . . . . . HONG KONG
HUNG . . . . . . . . . . . . . . . . . . . . . . . . . . . REPUBLIC OF HUNGARY
IRE. . . . . . . . . . . . . . . . . . . . . . . . . . . . IRELAND
JAM. . . . . . . . . . . . . . . . . . . . . . . . . . . . JAMAICA
MALAY. . . . . . . . . . . . . . . . . . . . . . . . . . . MALAYSIA
NETH . . . . . . . . . . . . . . . . . . . . . . . . . . . NETHERLANDS
NZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . NEW ZEALAND
PRC. . . . . . . . . . . . . . . . . . . . . . . . . . . . PEOPLE'S REPUBLIC OF CHINA
SCOT . . . . . . . . . . . . . . . . . . . . . . . . . . . SCOTLAND
SLOVAK . . . . . . . . . . . . . . . . . . . . . . . . . . SLOVAK REPUBLIC
SO AF. . . . . . . . . . . . . . . . . . . . . . . . . . . SOUTH AFRICA
SWITZ. . . . . . . . . . . . . . . . . . . . . . . . . . . SWITZERLAND
USVI . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. VIRGIN ISLANDS
VENEZ. . . . . . . . . . . . . . . . . . . . . . . . . . . VENEZUELA
</TABLE>
Page 2 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
Allegheny Railroad Company Two Manhattanville Road, Purchase, NY 10577 PA
American Central Corporation 75 Chestnut Ridge Road, Montvale, NJ 07645 Ml
American Central Company 75 Chestnut Ridge Road, Montvale, NJ 07645
(a Massachusetts Trust) MA
Grandland Corporation 3731 S. Braden Place, Tulsa, OK OK
Anitec Image International B.V. Nieuwenhuizenweg 10, 2314 XR Leiden, NETH NETH
Arizona Chemical Company 1001 E. Business, Highway 98, Panama City, FL DE
Arizona Chemical Service Corp. 1001 E. Business, Highway 98, Panama City, FL FL
Arizona Holdings Company 1001 E. Business, Highway 98, Panama City, FL DE
Sylvachem Corporation 1001 E. Business, Highway 98, Panama City, FL DE
Arizona Chemical Oy (new) P.O.Box 165, Fin-90101 Oulu, FIN FIN
Bodcaw Company (inactive) Two Manhattanville Road, Purchase, NY 10577 DE
Cartonajes International, S.A General Yague 20,2B, 28020 Madrid, SPAIN SPAIN
Champlain Investments (Bermuda), Inc. Clarendon House, 2 Church St.,
P.O. Box HM 1022, Hamilton HM DX, BERM DE
Trout Creek Equipment Leasing, L.P c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1,
CH-9001 Zurich, SWITZ DE
Ticonderoga Assets, Inc c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1,
CH-9001 Zurich, SWITZ DE
Chisholm Development Corporation* Two Manhattanville Road, Purchase, NY 10577 ME
Corporacion Forestal De Venezuela, C.A. c/o Envases Intemacional S.A.M.-337.Jet Cargo
Int'l., P.O. Box 020010, Miami, FL 33102-0010
U.S.A., Apartado Postal 2046, Carmelites,
Caracas, VENEZ VENEZ
Crystal Valley Corporation Two Manhattanville Road, Purchase, NY 10577 AK
Dixon Paper Company Two Manhattanville Road, Purchase, NY 10577 CO
Emballages Laurent S.A Ave. Louis Jacques Thenard, 71 100,
Chalon-sur-Saone, FR FRANCE
</TABLE>
- ------------------------------
* Chisholm Development Corporation--owns 50% of Otis Hydroelectric Company
Partnership
Page 3 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
Envases Internacional S.A. Edificio Sequros Sudamerica, Penthouse G, VENEZ (a)
Avenida Francisco de Miranda, Urb. El Rosal,
Caracas, VENEZ
FPB Augusta, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
FPB Property Holdings Corporation Two Manhattanville Road, Purchase, NY10577 DE
Federal Forestlands, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Federal Paper Board Export, Inc. Trident Trust Company (V.I.), Suite 208
Citibank Building, Veterans Drive, Charlotte
Amalie St. Thomas, U.S. V.I. 00801 USVI
Fort Ticonderoga Investments, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
GCO Minerals Company 1600 Smith Street, Suite 3600, Houston, TX
77002 DE
IP Farms, Inc. 1600 Smith Street, Suite 3600, Houston, TX
77002 DE
Chocolate Bayou Water Company 1600 Smith Street, Suite 3600, Houston, TX
77002 DE
IPF, Inc. 1600 Smith Street, Suite 3600, Houston, TX
77002 DE
Green Mountain Holdings A.G. Schlumpf & Partner, Treuhand AG,
Lowenstrasse 1, 8001, Zurich SWITZ (b)
Hammermill Paper Company Two Manhattanville Road, Purchase, NY 10577 DE
Ilford Anitec & Co. V.O.F./S.N.C. Blvd. de la Woluwe 100, 1200 Brussels, BELG BELG
Ilford Anitec S.a.r.L. Industriestrasse 15, CH-1705 Fribourg, SWITZ SWITZ
Imperial Bondware Corp. Two Manhattanville Road, Purchase, NY 10577 OH
Federal Paper Board (India), Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Impresora del Yaque, C. por A. Autopista Santiago Navarrete, Kilometro 2 1/2, DOM (c)
Santiago, Dominican Republic
</TABLE>
- ------------------------------
(a) Envases--51% owned by International Paper
(b) Green Mountain--General Partner in Trout Creek Equipment Leasing L.P.
(c) Impresora--51% owned by International Paper
Page 4 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
International Logging Corporation Two Manhattanville Road, Purchase, NY 10577 NY
International Paper--3, Inc. Two Manhattanville Road, Purchase, NY 10577 DE (d)
International Paper--16, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper de Mexico, S.A. de C.V. Carr. 57 Queretaro-San Luis Potosi, Km. 60.2,
37980, San Jose Iturbide, Guanajuato, MEXICO
Montes Urales 723 P.B. Lomas de Chapultepec, MEXICO
International Paper Comercial de Mexico, Delegacion Miquel Hidalgo, Mexico, DF 11000
S.A. de C.V. MEXICO Independencia 800 Altos, Col Centro,
31000 Chihuahua, MEXICO
Oficina Central de Servicios, S.A. de C.V. Chihuahua, MEXICO Av. Lopez Mateos No. 2050,
Interior A42, Col. Jardines de MEXICO
Ogi Papel de Mexico, S.A. de C.V. San Jose, 32390 Cd. Juarez, Chihuahua, MEXICO
Av. Herolco Colegio Militar 3705, Col. Mombre
de Dios, MEXICO
Papelera Kif de Mexico, S.A. de C.V. C.P. 31110, MEXICO MEXICO
Servicios Veratec, S.A. de C.V. Carr. 57 Queretaro-San Luis Potosi, Km. 60.2,
37980, San Jose lturbide, Guanajuato, MEXICO
Km. 60.2, Carretera 57, Queretaro-San Luis
Potosi, MEXICO
Veratec de Mexico, S.A. de C.V. 37980 San Jose Iturbide, Guanajuato, MEXICO MEXICO
International Paper--22, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper Sales (V.I.) Ltd. c/o Trident Trust Co. (V.I.), Citibank Bldg.,
Suite 208 Veterans Drive, Charlotte Amalie, DE
St. Thomas, USVI 00803 USVI
International Paper--26, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper--29, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper--30, Inc Two Manhattanville Road, Purchase, NY 10577 DE
International Paper--31, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper--32, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper--33, Inc Two Manhattanville Road, Purchase, NY 10577 DE
International Paper--34, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper--35, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
</TABLE>
- ------------------------------
(d) International Paper--3, Inc.--.012% owner of International Paper
Deutschland, Inc. & Co. of Holdings KG
Page 5 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
International Paper (Asia) Limited Room 2607-2618, 26/F, Shui On Centre,
6-8 Harbour Road, H KONG Wanchai, H KONG
International Paper (Bermuda), Inc. Clarendon House, 2 Church St., P.O.Box HM 1022,
Hamilton HM DX, Bermuda DE(e)
Georgetown Equipment Leasing Associates, LP c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1,
CH-9001 Zurich, SWITZ DE
Georgetown Assets Inc. c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1,
CH-9001 Zurich, SWITZ DE
International Paper Canada, Inc. c/o Borden & Elliot, 40 King St., W., Suite
4400 Toronto, Ontario, Canada M5H 3Y4 CANADA
Akrosil Canada, Ltd. 7575 Kimbel St., Suite 14, Mississauga,
Ontario, Canada L5S lC8 CANADA
International Paper Capital Formation, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Company (Delaware) Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Company de Venezuela, C.A. Edificio Seguros Sudamedca, Penthouse G, Avenue
Tamanaco Cruce Con Avenida, Francisco de
Miranda, Urb. El Rosal--Chacao Miranda,
Caracas, VENEZ Jet Cargo International
P.O. Box 02001 0, Miami, FL 33102 VENEZ
International Paper Company (Europe) Limited Talacker 41, 8001, Zurich, SWITZ SWITZ
International Paper Company Foundation Two Manhattanville Road, Purchase, NY 10577
(Non-profit) NY
International Paper Company (Japan) Limited Akasaka Twin Tower, 17-22 Akasaka 2-chome,
Minato-Ku, Tokyo 107, JAPAN DE
International Paper Company Pty. Limited Levels 27-35, No. 1 O'Connell St., Sydney
N.S.W. 2000 AUSTRA AUSTRA
International Paper de Argentina S.A Avda. Federico Lacroze 2252, 7th Floor, "B,"
Federal District, Buenos Aires, ARGEN ARG
International Paper de El Salvador, S.A. de Km. 7 1/2 Boulevard, Del Ejercito Nacional,
C.V. Soyapango, El Salvador, Central America EL SAL
</TABLE>
- ------------------------------
(e) International Paper (Bermuda), Inc.--Owns 80% of ltd. partnership; 20% owned
by 3rd party investors.
Page 6 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
International Paper Deutschland, Inc. Two Manhattanville Road, Purchase, NY 10577 DE(f)
International Paper Deutschland, Inc. & Co An der Gohrsmuhle, 51465 Bergisch Gladbach,
Holdings KG GERM GERM
Freundorfer GmbH Gesellschaft fur Steinerstrasse 11, D-8.1369, Munich, GERM GERM
Reprotechnik
Gartensiedlungsgesellschaft Gronauer Wald An der Gohrsmuhle, 51465 Bergisch, Gladbach,
mbH GERM GERM
Gartensiedlungs-Gesellschaft Gronauer An der Gohrsmuhle, 51465 Bergisch, Gladbach,
Wald mbH & Co. lmmobilien oHG GERM GERM
Strunder Spedition GmbH Senefelderstrasse 15, 51469 Bergisch Gladbach,
GERM GERM
Zanders Feinpapiere AG An der Gohrsmuhle, 51465 Bergisch Gladbach,
GERM GERM
Europapier S.A. Zone lndustdelle, Route de Piscop--95530,
Saint-Brice-sous-Foret, FRANCE FRANCE
Zanders Benelux S.P.R.L. Ave. des Pagodes 1, 1020 Brussels, BELG BELG
Zanders FinePapers Ltd. Chronicle House, Larkfield, Aylesford, Kent,
ME20 6SE ENG ENG
Zanders Iberia S.L. Carrer Joan Guell 149, Etio. C., 08028
Barcelona, SPAIN SPAIN
Zanders International Finance B.V. c/o Deutsche de Bary Trust N.V. Herengracht
450-454, 1017CA Amsterdam, NETH NETH
Zanders Italia s.r.l. Via Ca Dell'Orbo n. 13-14, Villanova di
Castenaso (Bo) ITALY ITALY
Zanders U.S.A., Inc. 100 Demarest Drive, Wayne, NJ 07470 NJ
International Paper (Europe) S.A. Boulevard de la Woluwe, 100,1200 Brussels, BELG BELG
International Paper Financial Services, Inc. 6400 Poplar Avenue, Memphis, TN 38197 DE
</TABLE>
- ------------------------------
(f) International Paper Deutschland, Inc.--99% owner of International Paper
Deutschland, Inc. Co. Holdings KG
Page 7 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
International Paper France Inc. Two Manhattanville Road, Purchase, NY 10577 DE(g)
International Paper Packaging SA BP 312, 25 Chemin des Freres Lumiere, 69802,
St. Priest FRANCE FRANCE
Societe Mediterraneenne D'Emballages S.A 25, rue Michel Salles, 92210 Saint-Cloud,
FRANCE FRANCE(h)
Societe Modeme D'Emballages S.A. 25, rue Michel Salles, 92210 Saint-Cloud,
FRANCE FRANCE
Arizona Chemical S.A. 262 Avenue Jean Jaures, 79000 Niort,
FRANCE FRANCE
International Paper Emballages Liquides S.A. B.P. 312, 25 Chemin Des Freres Lumiere
69802,St. Priest FRANCE FRANCE
Societe Normande de Carton Ondule 25 rue Michel Salles, Saint-Cloud, FRANCE FRANCE
International Paper Investments (France) S.A. 1, rue du Petit Clamart, 78140 Velizy-
Villacoublay, FRANCE FRANCE
Aussedat Rey S.A. 1, rue du Petit Clamart, 78140, Velizy-
Villacoublay, FRANCE FRANCE
Aussedat Rey France Distribution S.N.C. 1, rue du Petit Clamart, 78140 Velizy-
Villacoublay, FRANCE FRANCE
Aussedat Rey Nederland B.V. De Boelelaan 575A, 1082 RM Amsterdam, The NETH NETH
Aussedat Rey (UK) Limited McDonald Road, Highgate Hill, LONDON N19 5NA UK ENG
Celimo Cellulose du Limousin S.N.C. 1, rue du Petit Clamart, 78140 Velizy-
Villacoublay, FRANCE FRANCE
Comptoir des Bois de Brive S.N.C. 17, avenue Maillard, 19104 Brive Cedex, FRANCE FRANCE
Promafor S.A. 17, avenue Maillard, 19104 Brive Cedex, FRANCE FRANCE
Corimex S.N.C. Zone Industrielle de Ladoux Cebazat, 63118
Clermont-Ferrand, FRANCE FRANCE
International Paper Benelux S.A. Haachtsesteenweg 162,1830 Melsbroek, BELG BELG
International Paper (Deutschland) GmbH Volmerswerther Strasse 20, 40221, Dusseldorf,
GERM GERM
International Paper (Espana), S.L. Muntaner 200, Atico 7 E-08036, Barcelona, SPAIN SPAIN
Polyrey S.N.C. 1, rue du Petit Clamart, 78140 Vellzy-
Villacoublay, FRANCE FRANCE
Durion S.A. Calle Ronda 38, 08100 San Fost de
Campsentelles, Barcelona, SPAIN SPAIN
Polyrey (U.K.) Limited 128-136 High Street, Edgware, Middlesex, HA8
7EL, UK ENG
S.D.P. S.A.R.L. 1, rue du Petit Clamart, 78140 Velizy-
Villacoublay, FRANCE FRANCE
Societe de Reboisement Societe Civile 17, avenue Maillard, 19104 Brive, FRANCE FRANCE
Societe Immobiliere des Papeteries de France 1, rue du Petit Clamart, 78140 Velizy-
S.A. Villacoublay, FRANCE FRANCE
S.P.S.V. S.A. 1, rue du Petit Clamart, 78140 Velizy-
Villacoublay, FRANCE FRANCE
Arizona Chemical S.A.R.L. 11 Bis Avenue Auber, 06000 Nice, FRANCE FRANCE
Cellulose et Papiers de Pologne S.A. 1, rue du Petit Clamart, 78140 Velizy-
Villacoublay, FRANCE FRANCE(i)
International Paper--Kwidzyn S.A ul Lotnicza 1, 82500 Kwidzyn, POLAND POLAND
Bartorex SP. ZO.O. Krobia K. Torunia, 87-162 Lubicz, POLAND POLAND
Impap--SP. ZO.O ul. 30 Stycznia 35, 83-100 Tczew, POLAND POLAND
Tor-Pal SP. ZO.O. ul. Lotnicza 1, 82-500 Kwidzyn, POLAND POLAND
International Paper Industrie France S.A. 25 Chemin des Freres Lumiere, Saint-Priest,
Cedex, FRANCE FRANCE
</TABLE>
- ------------------------------
(g) Int'l Paper France--68.37% owned by Int'l Paper Co., 17.28% owned by Int'l
Paper Investments (Poland), Inc. and 14.34% owned by Myrtle Investments,
Inc.
(h) Societe Mediterraneenne d'Emballages--84.62% owned by International Paper
France Inc. and 15.38% by Soc. Normande de Carton Ondule
(i) Cellulose et Papiers de Pologne--holds 98.98% of International
Paper--Kwidzyn S.A.
Page 8 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
International Paper Holding AG Schlumpf & Partner Treuhand AG, Alpenstrasse
12, Zug, SWITZ SWITZ(j)
International Paper Holdings Company* Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Investment Corporation Wilmington Trust Center, 11 05 N. Market
Street, Suite 1300, Wilmington, DE DE
International Paper Czech Republic, s.r.o.** Vrsni 54, 182 00 Prada 8, CZECH REPUBLIC CZECH
International Paper Hungary Kereskedelmi Kft. Rumbach Center, Rumbach S.u.21.H-1075,
Budapest.,HUNGARY HUNG
International Paper Slovakia, s.r.o.** (Need Address) SLOVAK
International Paper Investments (CIS) Inc. (US) Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Investments (Poland), Inc. Two Manhattanville Road, Purchase, NY 10577 DE (k)
International Paper--Klucze S.A ul. Zawiercianska 1, 32-310 Klucze, POLAND POLAND
International Paper Italia S.p.A. Via Ornago, 55, 20040 Bellusco, (Milan) ITALY ITALY
Horsell Italia S.r.L. Corso, Italia, 13, 21047 Saronno (VA) ITALY
International Paper Jamaica, Ltd. Lot 5, Henderson Avenue, Naggo Head Industrial
Estate Naggo Head, Saint Catherine, Jamaica,
WEST INDIES JAM
International Paper Korea Ltd. IP House, 552-1 Shinsa-dong, Kangnam-ku, Seoul,
KOREA KOREA (l)
</TABLE>
- ------------------------------
* International Paper Holdings Company--owns 153,000 shares (.99%) of
International Paper Italia,S.p.A.
** Not yet established
(j) International Paper Holding AG--General Partner in Georgetown Equipment
Leasing Associates, L.P.
(k) International Paper Investments (Poland) Inc.--Holds 1.001% of Intl.
Paper--Kwidzyn S.A.
(l) International Paper Korea--80% owned by International Paper
Page 9 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
International Paper--Masonite Holding Company Two Manhattanville Road, Purchase, NY 10577
Ltd. DE
International Paper Group (UK) Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
Horsell, Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
Horsell Engineering Limited Nepshaw Lane South, Gildersome Morley, Leeds
LS27 7JQ ENG ENG
Horsell Graphic Industries Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
Anitec Image (Great Britain) Limited 3 & 4 Suffolk Way, Drayton Road, Abingdon-Oxon,
ENG ENG
Anitec Printing Pty Limited Corner Forster & Ferntree Valley Roads, Mount
Waverley, Victoria 3149 AUSTRALIA AUSTRA
HGI Sales Co. Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
Horsell International Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
Horsell Systems Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
Ilford Anitec Iberica, S.A. Calle Monturiol, 13, 08918 Badalona, Barcelona,
SPAIN SPAIN
Ilford Anitec Oy Hakamaenkuja 8, 01510, Vantaa, FIN FIN
Ilford Anitec A/S Gadelandet 18, 2700 Bronshoj, DEN DEN
Ilford Anitec (Canada) Limited 2751 John Street, Markham, Ontario L3R 2Y8,
CANADA CANADA
IP UK Operations Holding Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
Forest Lines Agencies (UK) Limited Howley Park Estate, Morley, Leeds LS27 OQT, ENG ENG
International Paper Company Limited Manor House, 1 The Crescent, Leatherhead,
Surrey KT22 8DH ENG ENG
International Paper Containers (UK) Road 3, Industrial Estate, Winsford, Cheshire,
Limited ENG W7 3RJ ENG
Veratec, Ltd. First Field Lane, Braunton, North Devon, EX33 1
ER, ENG ENG
International Paper--Masonite (Bermuda) c/o Codan Services Limited, Clarendon House,
Unlimited Church Street, P.O. Box HM 1022, Hamilton HM
DX, BERM BERM
International Paper Holdings Ireland Carrick-on-Shannon, County Leitrim, IRE IRE
Masonite Ireland Carrick-on-Shannon, County Leitrim, IRE IRE
Masonite Europe Segrave House, 19/20 Earlsfort Terrace, Dublin
2, REPUBLIC of IRELAND IRE
Masonite Ireland Research Carrick-on-Shannon, County Leitrim, IRE IRE
International Paper (Shanghai) Trading (Need Address)
Company Limited* PRC
Masonite (Hangzhou) Fiberboard Corporation Hangzhou Economic and Technological Development
Limited Zone, Hangzhou, Zhejiang Province, PRC PRC
International Paper Norge AS Greakerveien 127, N-1 720, Greaker, NORWAY NORWAY
International Paper (Papeteries Etienne) Two Manhattanville Road, Purchase, NY 10577
Holdings, Inc. DE
Papeteries Etienne S.A. 29 avenue de Camargue, 13632 Arles, FRANCE FRANCE
International Paper Portfolio Investments, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Professional Services Two Manhattanville Road, Purchase, NY 10577
Corporation DE
</TABLE>
- ------------------------------
* Not yet established
Page 10 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
International Paper Realty Corporation 75 Chestnut Ridge Road, Montvale, NJ DE
Bear Mountain Development Corporation 75 Chestnut Ridge Road, Montvale, NJ DE
International Paper Realty Corporation of 75 Chestnut Ridge Road, Montvale, NJ
South Carolina DE
Haig Point Club, Inc. P.O. Box 7319, Hilton Head Island, SC 29938 SC
Haig Point Community Association, Inc. P.O. Box 7319, Hilton Head Island, SC 29938 SC
Haig Point Ferry Company, Inc. P.O. Box 7319, Hilton Head Island, SC 29938 SC
Haig Point/Melrose Wastewater Treatment P.O. Box 7319, Hilton Head Island, SC 29938
Company, Inc. SC (m)
Haig Point Utility Company, Inc. P.O. Box 7319, Hilton Head Island, SC 29938 SC
International Paper Sverige Box 55066 Odegardet, 48, S-40053 Goteborg,
SWEDEN SWEDEN
Arizona Chemical AB Box 66, S-820 22, Sandarne, SWEDEN SWEDEN
Arizona Chemical B.V. 'De Molenberg", Hellingstraat 22H, N-1271, Va
Huizen, NETH NETH
Arizona Chemical GmBH Bahrenfelder Strasse 244, D-22765 Hamburg, GERM GERM
Arizona Chemical Limited Manor House, 1 The Crescent, Leatherhead,
Surrey, KT22 8DH ENG ENG
International Paper Taiwan Ltd. 7th Floor, Walsin Financial Bldg., 117, Sect.
3, Min Sheng East Road, Taipei 10446 Taiwan,
Republic of China TAIWAN
International Paper/Toga Brasil Ltda. Rua Saloado Amarillo Goncalves Quieros, Sao
Paulo SP, BRAZIL BRAZIL (n)
International Paper Trademark Company 919 Market Street (Suite 610), Wilmington, DE DE
International Paper (Turkey) Holding Company Two Manhattanville Road, Purchase, NY 10577 DE
International Paper (UK) Limited Inverurie Mills, Aberdeenshire, Scotland, AB51
5NR, UK SCOT
Federal International Limited (dormant) Unit 6, Yeadon Airport Industrial Estate, Leeds
LS19 7WP, UK ENG
Federal Tait Paper France S.A.R.L. 36, boulevard Emile Augler, 75116 Paris, FRANCE FRANCE
International Paper (Leeds) Limited Aberdeenshire, Scotland, A851 5NR, UK
(registered Office) Yeadon Industrial Estate,
Yeadon, E. Yorkshire, LS19 7WP, UK (mail) SCOT
IP Information Services Limited Inverurie Mills, Aberdeenshire, Scotland AB51
5NR, UK SCOT
Thomas Tait & Sons Limited (dormant) lnverurie Mills, Aberdeenshire, Scotland AB51
5NR, UK SCOT
International Pulp Sales Company Two Manhattanville Road, Purchase, NY 10577 DE
International Records Corporation Two Manhattanville Road, Purchase, NY 10577 DE
IP Forest Resources Corporation Two Manhattanville Road, Purchase, NY 10577 DE
IPI Corporation Juzen Bldg., 9-6 Nagata-cho 2-chrome,
Chlyoda-ku, Tokyo 100 JAPAN JAPAN (o)
</TABLE>
- ------------------------------
(m) Haig Point/Melrose Wastewater--60% owned by IP Realty Corp. of South
Carolina
(n) International Paper Toga/Brasil--20% owned by Industria de Papels de Arte
Jose Tscherkassky S.A.
(o) I.P.I. Corp.--51% owned by International Paper
Page 11 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
IPI S.r.L. Via Piermarini 19, 06132, San Sisto (Perugia)
ITALY ITALY
IP Investment Holdings Two Manhattanville Road, Purchase, NY 10577 DE
IP Pacific Forest Corporation Two Manhattanville Road, Purchase, NY 10577 DE
IP Petroleum Company, Inc. 1600 Smith Street, Suite 3600, Houston, TX DE
IP Southern Timberlands, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Longview, Portland & Northern Railway Company Box 22, Gardiner, OR WA
Masonite Corporation One South Wacker Drive, Chicago, IL 60606 DE
Masonite (Africa) Limited 14th Floor Nedbank Centre, Durban Club Place,
Durban 4001, REPUBLIC OF SO. AFRICA SO AF(p)
Ezebilt Products (PTY) Ltd. 322 Mark Street, Waltoo, Silverton, Pretoria
0127, REPUBLIC OF SO. AFRICA SO AF
Masonite CP Ltd. Jason House, Kerry Hill, Horsforth, Leeds, LS
18 4JR, ENG ENG
Masonite Corporation Foreign Holdings Ltd. One South Wacker Drive, Chicago, IL ENG
International Paper (Netherlands) B.V. P.O. Box 54128, 3008 JC Rotterdam, The NETH NETH
Akrosil Europe B.V. lmstenraderweg 15, 6422 PM Heerlen, The NETH NETH
Forest Lines Agencies B.V. Kantoorschip "Hendrik,' PO Box 54128, 3008 JC
Rotterdam, NETH NETH
Ilford Anitec B.V. Nieuwenhulzenweg 10, 2314 XR Leiden, NETH NETH
Kleefsman B.V. Patrmoniumlaan 46-48, 3904 AE Veenendael, The
NETH NETH
Recom B.V. Nieuweweg 283A, 6603 BN Wijchen, NETH NETH
Scaldia Papier B.V. Fabrieksweg 23-27, 6541 BP Nijmegen, The NETH NETH
Myrtle Investments, Inc.* Two Manhattanville Road, Purchase, NY 10577 DE
Ngahere Aotearoa, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Carter Holt Harvey Limited 640 Great South Road, Manukau City, Auckland,
NZ NZ (q)
NSC Timberlands, Incorporated Two Manhattanville Road, Purchase, NY SC
PAPCO INC. 3101 International Drive East, Mobile, AL DE
Papetedes d'Espaly S.A. Espaly, 43000 Le Puy-en-Velay, FRANCE FRANCE
Pintu Acquisition Company, Inc. One S. Wacker Drive, Chicago, IL DE
Merbok Formtec SDN BHD c/o David Chong & Co., 6 Tmasek Blvd., 09-04
Suntec Tower 4, Singapore 038986 MALAY
</TABLE>
- ------------------------------
* Myrtle Investments, Inc.--holds 14.3% of International Paper France Inc.
** Saratoga Development Corporation--holds 50% of Curtis /Palmer Hydroelectric
Company L.P.
(p) Masonite (Africa) Limited--66.73% owned by Masonite Corporation.
(q) Carter Holt Harvey Limited--50.16% held by Ngahere Aotearoa
Page 12 of 13
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS PLACE OF INC.
- ----------------------------------------------- ----------------------------------------------- ---------------
<S> <C> <C>
Saratoga Development Corporation** Two Manhattanville Road, Purchase, NY 10577 NY
Shanghai International Paper CNPC Ltd. Jinqiao Export Processing Zone, Pudong New
Area, Shanghai, PEOPLE'S REPUB. OF CHINA PRC (r)
Societe Guadeloupeenne de Carton Ondule Boite Postale No. 2, 97101 Besse Terre,
Guadeloupe, FWI FRANCE
Sustainable Forest Technologies, Inc. 6600 LBJ Freeway, 2nd Floor, Dallas, TX DE
Taussig's Graphic Supply Inc. Two Manhattanville Road, Purchase, NY 10577 OH
The Long-Bell Petroleum Company, Inc. 1600 Smith Street, Suite 3600, Houston, TX LA
Timberlands #2 L.L.C. Two Manhattanville Road, Purchase, NY 10577 DE
Veratec Japan, Ltd. Matsunaga Building, 1-17 Hamamatsucho 2-chome
Minato-ku, JAPAN JAPAN
Veratec Nonwoven (Asia) Limited Room 2607-2618, 26F, Shui on Centre, 6-8
Harbour Road Wanchai, HONG KONG H KONG
Veratec S.A. Blvd. de la Woluwe 100,1200 Brussels, BELG BELG
Wolverine Acquisition Company Two Manhattanville Road, Purchase, NY 10577 OH
751178 Ontario Limited c/o Borden & Elliot, Scotia Plaza, 40 King
Street West Toronto, Ontario CAN M5H 3Y4 CANADA
</TABLE>
- ------------------------------
(r) Shanghai Int'l. Paper CNPC--45% owned by China Nat'l Pkg. Corp.
Page 13 of 13
