<PAGE>
(EXHIBIT 12)
INTERNATIONAL PAPER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN MILLIONS)
(UNAUDITED)
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<CAPTION>
SIX MONTHS ENDED
FOR THE YEARS ENDED DECEMBER 31, JUNE 30,
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TITLE 1995 1996 1997 1998 1999 1999 2000
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<S> <C> <C> <C> <C> <C> <C> <C>
A) Earnings before income taxes,
minority interest,
extraordinary items
and accounting changes $ 2,742.0 $ 939.0 $ 143.0 $ 429.0 $ 448.0 $ 58.0 $ 915.0
B) Minority interest expense,
net of taxes (166.0) (180.0) (140.0) (87.0) (163.0) (74.0) (123.0)
C) Fixed charges
excluding
capitalized interest 740.3 802.1 826.6 866.7 820.9 415.8 430.1
D) Amortization of
previously
capitalized interest 29.6 34.2 37.0 38.8 17.0 8.4 10.1
E) Equity in
undistributed
earnings of affiliates (94.5) 6.2 (40.4) 23.7 (41.6) (10.2) (5.1)
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F) EARNINGS BEFORE INCOME
TAXES, EXTRAORDINARY ITEMS,
ACCOUNTING CHANGES AND
FIXED CHARGES $ 3,251.4 $ 1,601.5 $ 826.2 $ 1,271.2 $ 1,081.3 $ 398.0 $ 1,227.1
=========== =========== ========== =========== =========== ========= ==========
FIXED CHARGES
G) Interest and amortization of
debt expense $ 664.9 $ 699.5 $ 720.0 $ 716.9 $ 611.5 $ 314.2 $ 326.4
H) Interest factor attributable to
rentals 64.8 79.0 83.0 80.7 76.3 35.8 34.0
I) Preferred dividends of
subsidiary 10.6 23.6 23.6 69.1 133.1 65.8 69.7
J) Capitalized interest 66.9 71.2 71.6 53.4 29.3 15.9 12.6
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K) TOTAL FIXED CHARGES $ 807.2 $ 873.3 $ 898.2 $ 920.1 $ 850.2 $ 431.7 $ 442.7
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L) RATIO OF EARNINGS TO FIXED
CHARGES 4.03 1.83 1.38 1.27 2.77
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M) DEFICIENCY IN EARNINGS
NECESSARY TO COVER
FIXED CHARGES $ (72.0) $ (33.7)
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