<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,
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 1996-1998 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
2
<PAGE>
Road, 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 Niagra 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
1998, 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 seven qualified cogeneration
facilities which sold electric energy in 1998: the Androscoggin Facility in Jay,
Maine which has a capacity of approximately 80.0 MW; 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.
3. (a) The only sales of electric energy by International Paper and its
subsidiaries during calendar year 1998 were at wholesale and were as follows:
HYDROPOWER MWH REVENUES
- - ---------- ------- --------------
Curtis/Palmer Hydroelectric Company (1) 301,508 $33,467,299.20
Otis Hydroelectric Company (2) 56,287 $ 4,559,420.00
Riley/Livermore/Jay 27,688 $ 2,266,096.00
Woronoco 2,158 $ 59,263.57
Turners Falls 74 $ 2,028.69
(1) International Paper controls 50% of Curtis/Palmer through its subsidiary
Saratoga Development Corporation.
(2) International Paper controls 50% of Otis through its subsidiary Chisholm
Development Corporation.
4
<PAGE>
<TABLE>
<CAPTION>
OTHER QUALIFYING FACILITIES
- - ---------------------------
<S> <C> <C>
Androscoggin 155 $ 3,976.00
Camden 874 $ 16,157.60
Erie 761 $ 20,990.00
Leola 3,329 $ 57,718.00
Lockhaven 4,431 $ 59,491.33
Natchez 27 $ 513.58
Riverdale 16,662 $ 316,822.46
-------- ---------------
TOTAL (INCLUDING PREVIOUS PAGE) 413,954 $ 40,820,776.43
</TABLE>
3. (b) and (c) In 1998, 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 1998, 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 or at the state line.
4. During 1998, 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>
SIGNATURE
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 25th day of February, 1999.
INTERNATIONAL PAPER COMPANY
(NAME OF CLAIMANT)
By: /s/ Andrew R. Lessin
------------------------
Vice President & Controller
Attest:
/s/ James W. Guedry
- - ----------------------------------
Secretary
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 39197
6
<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, 1998, 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, 1998, 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, 1998, of
Curtis/Palmer Hydroelectric Company L.P. have not been finalized, and when they
are ready a copy will be filed with the Securities Exchange Commission as an
amendment to this filing.
7
<PAGE>
EXHIBIT A-2
SARATOGA DEVELOPMENT CORPORATION
INCOME STATEMENT
FOR PERIODS ENDING DECEMBER 31 1998
<TABLE>
<CAPTION>
12/31/98
<S> <C>
OTHER INCOME/EXPENSE
Dividend Income Consolidated Subsidiaries
Consolidated Subsidiaries Domestic $ 4,000,000
Other Expense
Minority Interest Expense (8,144,214)
Taxes Other Than Income 95
Total Earning/(Loss) Before Income Taxes ($4,144,309)
PROVISION FOR INCOME TAXES
Current
U.S. Federal Income Taxes $ 3,208,123
State and Local Income Taxes 1,775,000
Total 4,983,123
Deferred
U.S. Federal Income Taxes (422,300)
State and Local Income Taxes (136,000)
Total (558,300)
Total Provision for Income Tax $ 4,424,823
NET INCOME/(LOSS) ($8,569,132)
</TABLE>
<PAGE>
SUBSIDIARIES (MORE THAN 50% VOTING CONTROL)
(EXCLUDING SHELF COMPANIES)
OF INTERNATIONAL PAPER COMPANY(L)(2)
(A NEW YORK CORPORATION)
TWO MANHATTANVILLE ROAD
PURCHASE, NEW YORK 10577
- - - 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.
- - - Name-holding subsidiaries are not included.
<PAGE>
<TABLE>
<CAPTION>
Attachment I
PLACE
OF
SUBSIDIARY NAME ADDRESS INCORP
- - --------------- --------- ------
<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 (a Massachusetts Trust 75 Chestnut Ridge Road, Montvale, NJ 07645 MA
Grandland Corporation 3731 S. Braden Place, Tulsa, OK OK
Anitec Image International B.V. Nieuwenhuizenweg 10, 2314 XR Leiden, Netherland NET
Arizona Chemical AS Greakerveien 127, N-1720, Greaker, Norway NOR
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 SPA
Champlain Investments (Bermuda), Inc. Clarendon House, 2 Church St., P.O. Box HM 1022, Hamilton HM DX, Bermuda DE
Trout Creek Equipment Leasing, L.P. c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1, CH-9001 Zurich, Switerland DE
Ticonderoga Assets, Inc. c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1, CH-9001 Zurich, Switzerland DE
Chisholm Development Corporation* Two Manhattanville Road, Purchase, NY 10577 ME
Crystal Valley Corporation Two Manhattanville Road, Purchase, NY 10577 AK
Emballages Laurent S.A. Ave. Louis Jacques Thenard, 71 100, Chalon-sur-Saone, France FRA
Envases Internacional S.A. Edificio Sequros Sudamerica, Penthouse G, Avenida
Francisco de Miranda, Urb. El Rosal, Caracas, Venezuela VEN(A)
FPB Augusta, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
FPB Property Holdings Corporation Two Manhattanville Road, Purchase, NY 10577 DE
Federal Forestlands, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Fort Ticonderoga Investments, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
GCO Minerals Company 1600 Smith Street, Suite 3600, Houston, TX 77002 TX
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
</TABLE>
* Chisholm Development Corporation - owns 50% of Otis Hydroelectric Company
Partnership
(a) Envases - 51% owned by International Paper
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS
- - --------------- ---------
<S> <C>
Green Mountains Holdings A.G. Schlumpf & Partner, Treuhand AG, Lowenstrasse 1, 8001, Zurich
Hammermill Paper Company Two Manhattanville Road, Purchase, NY 10577
Ilford Anitec S.a.r.L. Thiebaud & von der Weid, Avocats, Rue de Romont 35, CH-1700 Fribourg,
Switzerland
Imperial Bondware Corp. Two Manhattanville Road, Purchase, NY 10577
Federal Paper Board (India), Inc. Two Manhattanville Road, Purchase, NY 10577
Impresora del Yaque, C. por A. Autopista Santiago Navarrete, Kilometro 2 1/2, Santiago, Dominican Republic
International Logging Corporation Two Manhattanville Road, Purchase, NY 10577
International Paper - 3, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper - 16, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper de Mexico, S.A. de C.V. Carr. 57 Queretaro-San Luis Potosi, Km. 60.2, 37980, San Jose Iturbide,
Guanajuato,Mexico
International Paper Comercial de Mexico, S.A. de C.V. Montes Urales 723 P.B. Lomas de Chapultepec, Delegacion Miquel Hidalgo,
Mexico, DF 11000 Mexico
Oficina Central de Servicios, S.A. de C.V. Independencia 800 Altos, Col Centro, 31000 Chihuahua, Chihuahua, Mexico
Papelera Kif de Mexico, S.A. de C.V. Av. Herolco Colegio Militar 3705, Col. Mombre de Dios, C.P. 31110, Mexico
xpedx, S.A. de C.V. Av. Lopez Mateos No. 2050, Interior A42, Col. Jardines de
San Jose, 32390 Cd. Juarez, Chihuahua, Mexico
International Paper - 22, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper - 26, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper - 30, Inc Two Manhattanville Road, Purchase, NY 10577
International Paper - 31, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper - 33, Inc Two Manhattanville Road, Purchase, NY 10577
International Paper - 34, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper - 35, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper (Asia) Limited 1401-1407 Shui On Centre, 6-8 Harbour Rd., Wanchai, Hong Kong
International Paper (Belgium) S.A. Blvd. de la Woluwe 100,1200 Brussels, Belgium
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(b) Green Mountain - General Partner in Trout Creek Equipment Leasing L.P.
(c) Impresora - 51% owned by International Paper
(d) International Paper - 3, Inc. - .12% owner of International Paper
Deutschland, Inc. & Co. Holdings KG
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUBSIDIARY NAME ADDRESS
- - --------------- ---------
<S> <C>
International Paper (Bermuda), Inc Clarendon House, 2 Church St., P.O. Box HM 1022, Hamilton HM DX,
Bermuda
Georgetown Equipment Leasing Associates, LP c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1, CH-9001 Zurich,
Switzerland
Georgetown Assets Inc. c/o Pestalozzi Gmuer & Patry, Lowenstrasse 1, CH-900 1 Zurich,
Switzerland
International Paper Brasil Ltda. Rua Saloado Amarillo Goncalves Quieros, Sao Paulo SP, Brazil
International Paper Canada, Inc. c/o Borden & Elliot, 40 King St., W., Suite 4400 Toronto, Ontario,
Canada M5H 3Y4
Akrosil Canada, Ltd. 7575 Kimbel St., Suite 14, Mississauga, Ontario, Canada L5S lC8
International Paper Capital Formation, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper (Belgium) Blvd. de la Woluwe 100, 1200 Brussels, Belgium
International Paper Cogeneration of Maine, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper Company (Delaware) Two Manhattanville Road, Purchase, NY 10577
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, Venezuela
Jet Cargo International P.O. Box 02001 0, Miami, FL 33102
International Paper Company (Europe) Limited Talacker 41, 8001, Zurich, Switzerland
International Paper Company Foundation (Non-profit) Two Manhattanville Road, Purchase, NY 10577
International Paper Company (Japan) Limited The Imperial Tower, 1-1, 10th Floor, 1-1Uchisaiwaicho 1-chome,
Chiyoda-ku, Tokyo
100-0011, Japan
International Paper Company Pty. Limited Levels 27-35, No. 1 O'Connell St., Sydney N.S.W. 2000 Australia
Continental Cup (joint venture/partnership) NEED ADDRESS
International Paper de Argentina S.A Avda. Federico Lacroze 2252, 7th Floor, 'B," Federal
District, Buenos Aires, Argentina
International Paper de El Salvador, S.A. de C.V. Km. 7 1/2 Boulevard, Del Ejercito Nacional,
Soyapango, El Salvador, Central America
International Paper Deutschland, Inc. Two Manhattanville Road, Purchase, NY 10577
International Paper Deutschland, Inc. & Co. Holdings KG An der Gohrsmuhle, 51465 Bergisch Gladbach, Germany
Gartensiedlungsgesellschaft Gronauer Wald mbH An der Gohrsmuhle, 51465 Bergisch Gladbach, Germany
Gartensiedlungs-Gesellschaft Gronauer Wald An der Gohrsmuhle, 51465 Bergisch Gladbach, Germany
mbH & Co. lmmobilien oHG
Strunder Spedition GmbH Senefelderstrasse 15, 51469 Bergisch Gladbach, Germany
</TABLE>
(e) International Paper (Bermuda), Inc. - Owns 80% of ltd. partnership; 20%
owned by 3rd party investors.
(f) International Paper Deutschland, Inc. - 99% owner of International Paper
Deutschland, Inc. Co. Holdings KG
<TABLE>
<CAPTION>
<PAGE>
PLACE
OF
SUBSIDIARY NAME ADDRESS INCORP
- - --------------- --------- ------
<S> <C> <C>
Zanders Feinpapiere AG An der Gohrsmuhle, 51465 Bergisch Gladbach, Germany GER
Europapier S.A. Zone lndustdelle, Route de Piscop - 95530, FRA
Saint-Brice-sous-Foret, France
International Paper Premium Papers EWIV* NEED ADDRESS GER
Zanders Benelux S.P.R.L. Ave. des Pagodes 1, 1020 Brussels, Belgium BEL
Zanders FinePapers Ltd. Chronicle House, Larkfield, Aylesford, Kent, ME20 6SE England ENG
Zanders Iberia S.L. Carrer Joan Guell 149, Etio. C., 08028 Barcelona, Spain SPA
Zanders International Finance B.V. c/o Deutsche de Bary Trust N.V. Herengracht 450-454, NET
1017CA Amsterdam, Netherland
Zanders Italia s.r.l. Via Ca Dell'Orbo n. 13-14, Villanova di Castenaso (Bo) Italy ITA
Zanders U.S.A., Inc. 100 Demarest Drive, Wayne, NJ 07470 NJ
International Paper Financial Services, Inc. 6400 Poplar Avenue, Memphis, TN 38197 DE
International Paper Foreign Sales Corporation Trident Trust Company (V.I.), Suite 208
Citibank Building, Veterans Drive, Charlotte Amalie
St. Thomas, U.S. V.I. 00801 USVI
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 FRA
Arizona Chemical S.A. 262 Avenue Jean Jaures, 79000 Niort, France FRA
International Paper Emballages Liquides S.A. B.P. 312, 25 Chemin Des Freres Lumiere 69802, St. Priest France FRA
Societe Normande de Carton Ondule 25, rue Michel Salles, 92210 Saint-Cloud, France FRA
Societe Mediterraneenne D'Emballages S.A 25, rue Michel Salles, 92210 Saint-Cloud, France FRA (H)
Societe Modeme D'Emballages S.A 25, rue Michel Salles, 92210 Saint-Cloud, France FRA
International Paper Investments (France) S.A. 1, rue du Petit Clamart, 78140 Velizy-Villacoublay, France FRA
Aussedat Rey S.A. 1, rue du Petit Clamart, 78140 Velizy-Villacoublay, France FRA
Aussedat Rey France Distribution S.N.C. 1, rue du Petit Clamart, 78140 Velizy-Villacoublay, France FRA
Aussedat Rey Nederland B.V. DeBoelelaan 575A, 1082 RM Amsterdam, The Netherland NET
</TABLE>
* Also owned by Aussedat Rey S.A. & International Paper Netherlands B.V.
(each as a 1/3 ownership)
(g) Int'l Paper France - 76.98% owned by Int'l Paper Co., 12.58% owned by Int'l
Paper Investments (Poland), Inc. and 10.44% 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
<PAGE>
<TABLE>
<CAPTION>
PLACE
OF
SUBSIDIARY NAME ADDRESS INCORP
- - --------------- --------- ------
<S> <C> <C>
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 FRA
Comptoir des Bois de Brive S.N.C. 17, avenue Maillard, 19104 Brive Cedex, France FRA
Corimex S.N.C. Zone Industrielle de Ladoux Cebazat, 63118 Clermont-Ferrand, France FRA
International Paper (Deutschland) GmbH Volmerswerther Strasse 20, 40221, Dusseldorf, Germany GER
International Paper (Espana), S.L. Muntaner 200, Atico 7 E-08036, Barcelona, Spain SPA
Polyrey S.N.C. 1, rue du Petit Clamart, 78140 Velizy-Villacoublay, France FRA
Polyrey Iberica S.A. Calle Ronda 38, 08100 San Fost de Campsentelles, Barcelona, Spain SPA
International Paper Benelux S.A. Haachtsesteenweg 162,1830 Melsbroek, Belgium BEL
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 FRA
Societe de Reboisement Societe Civile 17, avenue Maillard, 19104 Brive Cedex, France FRA
Societe Immobiliere des Papeteries de France S.A. 1, rue du Petit Clamart, 78140 Velizy-Villacoublay, France FRA
S.P.S.V. S.A. 1, rue du Petit Clamart, 78140 Velizy-Villacoublay, France FRA
Arizona Chemical S.A.R.L. 11 Bis Avenue Auber, 06000 Nice, France FRA
Cellulose et Papiers de Pologne S.A. 1, rue du Petit Clamart, 78140 Velizy-Villacoublay, France FRA (I)
International Paper - Kwidzyn S.A ul Lotnicza 1, 82500 Kwidzyn, Poland POL
Bartorex SP. ZO.O. Krobia K. Torunia, 87-162 Lubicz, Poland POL
Impap - SP. ZO.O ul. 30 Stycznia 35, 83-100 Tczew, Poland POL
Tor-Pal SP. ZO.O. ul. Lotnicza 1, 82-500 Kwidzyn, Poland POL
International Paper Industrie France S.A. 25 Chemin des Freres Lumiere, Saint-Priest, Cedex, France FRA
International Paper Holding AG Schlumpf & Partner Treuhand AG, Alpenstrasse 12, Zug, Switzerland SWIT(J)
International Paper Holdings Company* Two Manhattanville Road, Purchase, NY 10577 DE
</TABLE>
* International Paper Holdings Company -- owns 153,000 shares (.99%) of
International Paper Italia,S.p.A.
(i) Cellulose et Papiers de Pologne - holds 98.98% of International Paper -
Kwidzyn S.A.
(j) International Paper Holding AG - General Partner in
Georgetown Equipment Leasing Associates, L.P.
<PAGE>
<TABLE>
<CAPTION>
PLACE
OF
SUBSIDIARY NAME ADDRESS INCORP
- - --------------- --------- ------
<S> <C> <C>
International Paper Investment Corporation Wilmington Trust Center, 1105 N. Market Street, Suite 1300,
Wilmington, DE DE
International Paper Czech Republic, s.r.o. Vrsni 54, 182 00 Prada 8, Czech Republic CZE
International Paper (Europe) S.A. Boulevard de la Woluwe, 100, 1200 Brussels, Belgium BEL
International Paper Finance (Barbados) Limited Ernest & Young Bldg., Bush Hill, Bay St., Bridgetown, Barbados BAR
International Paper Hungary Kereskedelmi Kft. Rumbach Center, Rumbach S.u.21.H-1075, Budapest.,
Hungary HUN
International Paper Slovakia, s.r.o. (NOT YET FORMED-4Q'98) (Need Address) SLO
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 POL
International Paper Liquid Packaging (Poland) Sp.zo.o. Sp.zo.o. (not yet formed) POL
International Paper Italia S.p.A. Via Ornago, 55, 20040 Bellusco, (Milan) Italy ITA
International Paper Jamaica, Ltd. Lot 5, Henderson Avenue, Naggo Head Industrial Estate JAM
Naggo Head, Saint Catherine, Jamaica, West Indies
International Paper Korea Ltd. IP House, 552-19 Shinsa-dong, Kangnam-ku, Seoul, Korea 135-120 KOR(L)
International Paper - Masonite Holding Company Ltd. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Group (UK) Limited Howley Park Estate, Morley, Leeds LS27 OQT, England ENG
Horsell, Limited Howley Park Estate, Morley, Leeds LS27 OQT, England ENG
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 FRA
International Paper (Leeds) Limited Aberdeenshire, Scotland, A851 5NR, UK (registered Office) SCOT
Yeadon Industrial Estate, Yeadon, E. Yorkshire, LS19 7WP,
UK (mail)
IP Information Services Limited Inverurie Mills, Aberdeenshire, Scotland AB51 5NR, UK SCOT
Thomas Tait & Sons Limited (dormant) Inverurie Mills, Aberdeenshire, Scotland AB51 5NR, UK SCOT
IP UK Operations Holding Limited Howley Park Estate, Morley, Leeds LS27 OQT, England ENG
Forest Lines Agencies (UK) Limited Cerdic House, The Dock, Felixtowe, Suffolk, IP11 8TX, England ENG
International Paper Company Limited Manor House, 1 The, Leatherhead, Surrey KT22 8DH England ENG
International Paper Containers (UK) Limited Road 3, Industrial Estate, Winsford, Cheshire, ENG W7 3RJ ENG
Veratec, Ltd. First Field Lane, Braunton, North Devon, EX33 1 ER, England ENG
</TABLE>
(k) International Paper Investments (Poland) Inc. - Holds 1.001% of Intl. Paper
- Kwidzyn S.A.
(l) International Paper Korea - 80% owned by International Pape
<PAGE>
<TABLE>
<CAPTION>
PLACE
OF
SUBSIDIARY NAME ADDRESS INCORP
- - --------------- --------- ------
<S> <C> <C>
International Paper - Masonite (Bermuda) Unlimited c/o Codan Services Limited, Clarendon House, Church Street, BER
P.O. Box HM 1022, Hamilton HM DX, Bermuda
International Paper Holdings Ireland Carrick-on-Shannon, County Leitrim, Ireland IRE
Masonite Ireland Carrick-on-Shannon, County Leitrim, Ireland IRE
Masonite Europe Segrave House, 19/20 Earlsfort Terrace, Dublin 2, Ireland IRE
Masonite Ireland Research Carrick-on-Shannon, County Leitrim, Ireland IRE
Shanghai International Paper Trading Company Limited NEED ADDRESS PRC
Masonite (Hangzhou) Fiberboard Corporation Limited Hangzhou Economic and Technological Development Zone,
Hangzhou, Zhejiang Province, PRC PRC
Masonite Korea Yuhan Hoesa 1240 Chungwang-Dong, Korea KOR
International Paper (Papeteries Etienne) Holdings, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Papeteries Etienne S.A. 29 avenue de Camargue, 13632 Arles, France FRA
International Paper Portfolio Investments, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Professional Services Corporation Two Manhattanville Road, Purchase, NY 10577 DE
International Paper Realty Corporation 75 Chestnut Ridge Road, Montvale, NJ DE
Bear Mountain Development Corporation 75 Chestnut Ridge Road, Montvale, NJ DE
Haig Point, Inc. 75 Chestnut Ridge Road, Montvale, NJ 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 SC
Company, Inc. P.O. Box 7319, Hilton Head Island, SC 29938 SC
Haig Point Utility Company, Inc. P.O. Box 7319, Hilton Head Island, SC 29938 SC
International Paper (Russia) Holding Company Two Manhattanville Road, Purchase, NY 10577 DE
Svetogorsk Beteiligungs GmBH NEED ADDRESS RUS
International Paper Sverige Box 55066 Odegardet, 48, S-40053 Goteborg, Sweden SWE
Arizona Chemical AB Box 66, S-820 22, Sandarne, Sweden SWE
Arizona Chemical B.V. "De Molenberg", Hellingstraat 22H, N-1271,
Va Huizen, Netherland NETH
Arizona Chemical GmBH Bahrenfelder Strasse 244, D-22765 Hamburg, Germany GER
</TABLE>
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<CAPTION>
SUBSIDIARY NAME ADDRESS
- - --------------- ---------
<S> <C>
Arizona Chemical Limited Manor House, 1 The Crescent, Leatherhead, Surrey, KT22 8DH England
International Paper Taiwan Ltd. 7th Floor, Walsin Financial Bldg., 117, Sect. 3, Min Sheng
East Road, Taipei 10446 Taiwan, Republic of China
International Paper Trademark Company 919 Market Street (Suite 610), Wilmington, DE
International Paper (Turkey) Holding Company Two Manhattanville Road, Purchase, NY 10577
International Pulp Sales Company Two Manhattanville Road, Purchase, NY 10577
International Records Corporation Two Manhattanville Road, Purchase, NY 10577
IPI Corporation Juzen Bldg., 9-6 Nagata-cho 2-chrome, Chlyoda-ku, Tokyo 100 Japan
IPI S.r.L. Via Piermarini 19, 06132, San Sisto (Perugia) Italy
IP Investment Holdings Two Manhattanville Road, Purchase, NY 10577
IP Pacific Forest Corporation Two Manhattanville Road, Purchase, NY 10577
IP Petroleum Company, Inc. 1600 Smith Street, Suite 3600, Houston, TX
IP Southern Timberlands, Inc. Two Manhattanville Road, Purchase, NY 10577
Longview, Portland & Northern Railway Company Box 22, Gardiner, OR
Masonite Corporation One South Wacker Drive, Chicago, IL 60606
Masonite (Africa) Limited 14th Floor Nedbank Centre, Durban Club Place, Durban 4001, Republic of So. Africa
Ezebilt Products (PTY) Ltd. 322 Mark Street, Waltoo, Silverton, Pretoria 0127, Republic of So. Africa
Masonite CP Ltd. Jason House, Kerry Hill, Horsforth, Leeds, LS 18 4JR, England
Masonite Corporation Foreign Holdings Ltd. One South Wacker Drive, Chicago, IL
International Paper (Netherlands) B.V. P.O. Box 54128, 3008 JC Rotterdam, The Netherland
Akrosil Europe B.V. lmstenraderweg 15, 6422 PM Heerlen, The Netherland
Forest Lines Agencies B.V. Kantoorschip "Hendrik,' PO Box 54128, 3008 JC Rotterdam, Netherland
Kleefsman B.V. Patrmoniumlaan 46-48, 3904 AE Veenendael, The Netherland
Recom B.V. Nieuweweg 283A, 6603 BN Wijchen, Netherland
Scaldia Papier B.V. Fabrieksweg 23-27, 6541 BP Nijmegen, The Netherland
Myrtle Investments, Inc.* Two Manhattanville Road, Purchase, NY
</TABLE>
* Myrtle Investments, Inc. - holds 14.3% of International Paper France Inc.
(m) I.P.I. Corp. - 51% owned by International Paper
(n) Masonite (Africa) Limited - 66.73% owned by Masonite Corporation
<PAGE>
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<CAPTION>
PLACE
OF
SUBSIDIARY NAME ADDRESS INCORP
- - --------------- --------- ------
<S> <C> <C>
Ngahere Aotearoa, Inc. Two Manhattanville Road, Purchase, NY DE
Carter Holt Harvey Limited 640 Great South Road, Manukau City, Auckland, New Zealand NZ(O)
NSC Timberlands, Incorporated Two Manhattanville Road, Purchase, NY SC
PAPCO INC. 3101 International Drive East, Mobile, AL DE
Papeteries d'Espaly S.A. Espaly, 43000 Le Puy-en-Velay, France FRA
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, MAL
Singapore 038986
Saratoga Development Corporation** Two Manhattanville Road, Purchase, NY 10577 DE
Shanghai International Paper CNPC Ltd. 9H, Tseng Chow Commercial Building, 1590 Yan An West
Road, Shanghai 200052, PRC(p)
People's Republic of China
Societe Guadeloupeenne de Carton Ondule Boite Postale No. 2, 97101 Besse Terre, Guadeloupe, FWI FRA
Sustainable Forest L.L.C. Two Manhattanville Road, Purchase, NY 10577 DE
Sustainable Forest Technologies, Inc. 6600 LBJ Freeway, 2nd Floor, Dallas, TX LA
Taussig's Graphic Supply Inc. 1600 Smith Street, Suite 3600, Houston, TX DE
The Long-Bell Petroleum Company, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Timberlands #2 L.L.C. Two Manhattanville Road, Purchase, NY 10577 DE
Timberland Capital Corp. Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Timberland Capital Corp. II, Inc. Two Manhattanville Road, Purchase, NY 10577 DE
Weston Paper and Manufacturing Co. Box Co. Two Manhattanville Road, Purchase, NY 10577 OH
Wabash Fibre Two Manhattanville Road, Purchase, NY 10577 AR
Zellerbach Paper Company Two Manhattanville Road, Purchase, NY 10577 CA
751178 Ontario Limited c/o Borden & Elliot, Scotia Plaza, 40 King
Street West, Toronto, Ontario CAN M5H 3Y4 CAN
</TABLE>
** Saratoga Development Corporation - holds 50% of Curtis /Palmer
Hydroelectric Company L.P
(o) Carter Holt Harvey Limited - 50.16% held by Ngahere Aotearoa
(p) Shanghai Int'l. Paper CNPC - 45% owned by China Nat'l Pkg. Corp.
<PAGE>
<TABLE>
<CAPTION>
ABBREVIATIONS
<S> <C>
ARGENTINA.................................................ARG
AUSTRALIA.................................................AUS
BARBADOS..................................................BAR
BELGIUM...................................................BEL
BERMUDA...................................................BER
BRAZIL....................................................BRA
CANADA....................................................CAN
CZECH REPUBLIC............................................CZE
DOMINICAN REPUBLIC........................................DOM
EL SALVADOR...............................................ELSA
ENGLAND...................................................ENG
FINLAND...................................................FIN
FRANCE....................................................FRA
GERMANY...................................................GER
HONG KONG.................................................HK
REPUBLIC OF HUNGARY.......................................HUN
IRELAND...................................................IRE
ITALY.....................................................ITA
JAMAICA...................................................JAM
JAPAN.....................................................JAP
KOREA.....................................................KOR
MALAYSIA..................................................MAL
MEXICO....................................................MEX
NETHERLANDS...............................................NET
NEW ZEALAND...............................................NZ
NORWAY....................................................NOR
PEOPLE'S REPUBLIC OF CHINA................................PRC
POLAND....................................................POL
RUSSIA....................................................RUS
SCOTLAND..................................................SCOT
SLOVAK REPUBLIC...........................................SLO
SOUTH AFRICA..............................................SOAF
SPAIN.....................................................SPA
SWEDEN....................................................SWE
SWITZERLAND...............................................SWIT
TAIWAN....................................................TAI
U.S. VIRGIN ISLANDS.......................................USVI
VENEZUELA.................................................VEN
</TABLE>
