International Paper Company announced cash tender offer (the "Offer") for up to $400 million combined aggregate principal amount, which the Company has increased by $97.658 million to up to $497.658 million combined aggregate principal amount (the "Aggregate Maximum Amount") of its outstanding 8.700% Notes due 2038 (the "8.700% Notes"), 7.75% Notes due 2025 (the "7.75% Notes"), 7.35% Notes due 2025 (the "7.35% Notes"), 7.30% Notes due 2039 (the "7.30% Notes"), 7.20% Notes due 2026 (the "7.20% Notes"), 7.15% Notes due 2027 (the "7.15% Notes"), 6 7/8% Notes due 2023 (the "6 7/8% 2023 Notes"), 6 7/8% Notes due 2029 (the "6 7/8% 2029 Notes"), 6.65% Notes due 2037 (the "6.65% Notes"), 6.40% Notes due 2026 (the "6.40% Notes"), 6.00% Notes due 2041 (the "6.00% Notes"), 5.150% Notes due 2046 (the "5.150% Notes"), 5.000% Notes due 2035 (the "5.000% Notes"), 4.80% Notes due 2044 (the "4.80% Notes"), 4.400% Notes due 2047 (the "4.400% Notes") and 4.350% Notes due 2048 (the "4.350% Notes," and, together with the 8.700% Notes, the 7.75% Notes, the 7.35% Notes, the 7.30% Notes, the 7.20% Notes, the 7.15% Notes, the 6 7/8% 2023 Notes, the 6 7/8% 2029 Notes, the 6.65% Notes, the 6.40% Notes, the 6.00% Notes, the 5.150% Notes, the 5.000% Notes, the 4.80% Notes and the 4.400% Notes, the "Notes"). The Company announced that it has increased the Aggregate Maximum Amount of Notes to be purchased in the Offer from $400,000,000 to $497,658,000. The amounts of each series of Notes that are purchased on the Early Settlement Date will be determined in accordance with the acceptance priority levels and the proration procedures described in the Company's Offer to Purchase.

Because the aggregate principal amount of Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline exceeds the Aggregate Maximum Amount, (i) all of the Notes with Acceptance Priority Levels 1 through 10 validly tendered and not validly withdrawn will be accepted for purchase and settled on the Early Settlement Date and (ii) none of the Notes with Acceptance Priority Levels 11 through 16 validly tendered will be accepted in the Offer. In addition, because the aggregate principal amounts of Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline exceeded the Aggregate Maximum Amount, no more Notes will be accepted in the Offer, regardless of Acceptance Priority Level.