Document:

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                                  EXHIBIT 4.2

                       INDEPENDENT DIRECTOR WARRANT PLAN
                                      OF
                   WELLS REAL ESTATE INVESTMENT TRUST, INC.
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                       INDEPENDENT DIRECTOR WARRANT PLAN
                                      OF
                   WELLS REAL ESTATE INVESTMENT TRUST, INC.

                                   ARTICLE I
                              PURPOSE OF THE PLAN

     The Board of Directors of Wells Real Estate Investment Trust, Inc. (the
"Company") has determined that it is in the best interests of the Company to
issue a Warrant to purchase one share of Common Stock for every 25 shares of
Common Stock purchased in the future by each of the Independent Directors of the
Company. The Company proposes to issue up to 500,000 shares of its Common Stock
upon the exercise of Warrants issued pursuant to this Plan. Therefore, the
Board, in order to provide for the above, adopted this Plan on March 31, 2000.
The Plan became effective on June 28, 2000, the date the Shareholders of the
Company approved the Plan.

                                  ARTICLE II
                               SCOPE OF THE PLAN

     2.1  Definitions.  Unless the context clearly indicates otherwise, the
          -----------
following terms have the meanings set forth below:

          a.  "Affiliate" means, as to any individual, corporation, partnership,
trust, limited liability company or other legal entity (i) any person or entity
directly or indirectly through one or more intermediaries controlling,
controlled by or under common control with another person or entity; (ii) any
person or entity directly or indirectly owning, controlling, or holding, with
power to vote, ten percent (10%) or more of the outstanding voting securities of
another person or entity; (iii) any officer, director, general partner or
trustee of such person or entity; (iv) any person ten percent (10%) or more
whose outstanding voting securities are directly or indirectly owned, controlled
or held, with power to vote, by such other person; and (v) if such other person
or entity is an officer, director, general partner or trustee of a person or
entity, the person or entity for which such person or entity acts in any such
capacity.

          b.  "Board" means the Board of Directors of the Company.

          c.  "Common Stock" means the common stock of the Company, par value
$0.01 per share, issued or authorized to be issued in the future, but excluding
any preferred stock and any warrants, options or other rights to purchase Common
Stock.

          d.  "Exercise Price" means the exercise price of a Warrant as
described in Section 2.6 of this Plan.

          e.  "Expiration Date" shall be the earlier of (i) 5:00 p.m. Eastern
Standard Time on the fifth anniversary of the date of Listing, (ii) the date of
removal "for cause" of the Independent Director to whom the Warrant was issued
as a director of the Company, or (iii) three months following the date the
Independent Director to whom the Warrant was issued ceases to be a director of
the Company for any reason, except for death or disability.  An Independent
Director is removed "for cause" upon his or her gross negligence or willful
misconduct in the execution of his or her duties, or upon his or her conviction
of, or entry of a plea of guilty or nolo contendere to, any felony or act of
fraud, embezzlement, misappropriation, or a crime involving moral turpitude.

                                       1
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          f.  "Independent Director" means a member of the Board who is not, and
within the last two years has not been, directly or indirectly, associated with
Wells Capital, Inc. ("Wells Capital") or Wells Management Company, Inc. ("Wells
Management") or any of their Affiliates by virtue of (i) ownership of an
interest in Wells Capital or Wells Management or any of their Affiliates, (ii)
employment by Wells Capital or Wells Management or any of their Affiliates,
(iii) service as an officer or director of Wells Capital or Well Management or
any of their Affiliates, (iv) performance of services, other than as a director,
for the Company, (v) service as a director or trustee of more than three real
estate investment trusts advised by Wells Capital or its Affiliates, or (vi)
maintenance of a material business or professional relationship with Wells
Capital or Wells Management or any of their Affiliates.  An indirect
relationship shall include circumstances in which a director's spouse, parents,
children, siblings, mother- or father-in-law, sons- or daughters-in-law or
brothers- or sisters-in-law is or has been associated with Wells Capitals or
Wells Management or any of their Affiliates.  A business or a professional
relationship is considered material if gross revenue derived by the director
from Wells Capital or Wells Management or Affiliates thereof exceeds five
percent (5%) of either the director's annual gross revenue during either of the
last two years or the director's net worth determined on a fair market value
basis.

          g.  "Listing" means the listing of the Shares for trading on a
nationally recognized securities exchange or quotation of the Shares on NASDAQ
or an over-the-counter bulletin board.

          h.  "Plan" means this Independent Director Warrant Plan as adopted by
the Board as set forth herein and as amended from time to time.

          i.  "Shares" means shares of Common Stock issuable under this Plan.

          j.  "Warrant" means the right to purchase one Share under the terms
and conditions set forth in this Plan.

          2.2  Issuance of Warrants.  There are hereby authorized 500,000
               --------------------
Warrants, each of which shall be redeemable for one Share.  The Company shall
issue one Warrant for every 25 shares of Common Stock purchased by one of the
Independent Directors, commencing upon the effective date of this Plan, and
continuing until the earlier to occur of (i) the date of termination of this
Plan by action of the Board or otherwise, or (ii) 5:00 p.m. Eastern Standard
Time on the date of Listing.

          2.3  Form of Warrants.  The Company shall not issue any certificates
               ----------------
evidencing the Warrants.  Instead, the Warrants shall be issued in book-entry
form only on the books and records of the Company effective on the date the
Independent Director purchased the shares of Common Stock which create the right
to an issuance of a Warrant under this Plan.  The Company shall maintain or
cause to be maintained books for registration of ownership and transfer of
ownership of the Warrants issued hereunder. Such books shall show the names and
addresses of the respective holders of the Warrants and the number of Warrants
held.  The Company may deem and treat the registered holder of a Warrant as the
absolute owner thereof, for the purpose of any exercise of such Warrants and for
all other purposes.

          2.4  Nontransferability of Warrants.  No Warrant awarded under this
               ------------------------------
Plan shall be transferable by an Independent Director otherwise than by will or,
if the Independent Director dies intestate, by applicable laws of descent and
distribution.  All Warrants exercised during the Independent Director's lifetime
shall be exercised only by the Independent Director or his legal representative.
Any transfer contrary to this Section 2.4 will nullify and render void the
Warrant.  Notwithstanding any other provisions of this Plan, Warrants granted
under this Plan shall continue to be exercisable in the case of death or
disability of the Independent Director for a period of one year after the death
or disabling event, provided that the death or disabling event occurs while the
person is an Independent Director.

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          2.5  Legend on Shares.  Each certificate for Shares (as hereinafter
               ----------------
defined), if issued, upon exercise of a Warrant, unless at the time of exercise
such Shares are registered with the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the "Act"), shall bear the following legend:

     "NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES SHALL BE
     MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
     THAT REGISTRATION IS NOT REQUIRED."

Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution pursuant to a registration statement under the Act of
the securities represented thereby) shall also bear the above legend unless, in
the opinion of such counsel as shall be reasonably approved by the Company, the
securities represented thereby no longer need be subject to such restrictions.

          Each certificate for Shares issued shall also bear any legends
required by the Company's Articles of Incorporation and the transferability of
the certificate and the Shares represented thereby shall be subject to the
restrictions contained in the Company's Articles of Incorporation.

          2.6  Exercise, Exercise Price and Duration of Warrants.  Subject to
               -------------------------------------------------
the provisions of this Plan, the holder of a Warrant shall have the right to
purchase from the Company (and the Company shall issue and sell to that holder)
one fully paid and non-assessable Share for each Warrant at an Exercise Price of
$12.00 per share (subject to adjustment as provided in Section 2.8 hereof).  A
Share shall be issued upon the Company's receipt of a Form of Election to
Exercise provided by the Company duly completed and executed, and payment of the
Exercise Price in lawful money of the United States of America in cash or by
cashiers' or certified check payable to the Company on any business day prior to
the Expiration Date.  The Warrants shall be so exercisable either as an entirety
or from time to time in part at the election of the registered holder thereof.
In the event that fewer than all Warrants are exercised at any time prior to the
Expiration Date, the books and records of the Company shall continue to reflect
the Warrants not so exercised.

          No payments or adjustments shall be made for any cash dividends,
whether paid or declared, on Shares prior to exercise of a Warrant.

          No fractional Shares shall be issued upon exercise of a Warrant, but,
in lieu thereof, there shall be paid to the registered holder of the Warrant or
other person designated on the Form of Election to Exercise, as soon as
practicable after date of exercise, an amount in cash equal to the fraction of
the fair market value of a Share which is equal to the fraction of a Share
otherwise issuable upon the exercise of such Warrant.

          Shares shall be deemed to have been issued, and any person so
designated by the registered holder shall be deemed to have become the holder of
record of a Share, as of the date of the exercise of the Warrant to which the
Share relates and payment of the appropriate Exercise Price; provided, however,
                                                             --------  -------
if the date of exercise of a Warrant shall occur within any period during which
the transfer books for the Common Stock are closed for any purpose, such person
shall not be deemed to have become a holder of record of a Share until the
opening of business on the day of reopening said transfer books.

          Notwithstanding any other terms or provisions of this Plan to the
contrary, no Warrant may be exercised if, in the opinion of the Company's
counsel, such exercise would jeopardize the Company's

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status as a real estate investment trust under sections 856-860 of the Internal
Revenue Code of 1986, as amended.

          2.7  Reservation of Shares.  The Company will at all times reserve and
               ---------------------
keep available, free from preemptive rights, out of the aggregate of its
authorized but unissued Common Stock, for the purpose of enabling it to satisfy
any obligation to issue Shares upon exercise of Warrants, through the close of
business on the Expiration Date, the number of Shares deliverable upon the
exercise of all outstanding Warrants.

          The Company covenants that all Shares issued upon exercise of the
Warrants will, upon issuance in accordance with the terms of this Plan, be fully
paid and non-assessable.

          2.8  Adjustment of Exercise Price and Number of Shares Purchasable.
               -------------------------------------------------------------
The Exercise Price and the number of Shares which may be purchased upon the
exercise of each Warrant are subject to adjustment from time to time after the
date hereof as hereinafter set forth.  If the outstanding Shares are (i)
increased or decreased, or (ii) changed into, or exchanged for, a different
number or kind of Shares or securities of the Company, through a reorganization
or merger in which the Company is the surviving entity, or through a
combination, recapitalization, reclassification, stock split, stock dividend,
stock consolidation or otherwise, an appropriate adjustment shall be made in the
number and kind of Shares that may be issued pursuant to a Warrant.  A
corresponding adjustment to the consideration payable with respect to all
Warrants granted prior to any such change shall also be made.  Any such
adjustment, however, shall be made without change in the total payment, if any,
applicable to the portion of the Warrant not exercised but with a corresponding
adjustment in the Exercise Price for each Share.

          Upon the dissolution or liquidation of the Company, or upon a
reorganization, merger or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving corporation,
or upon sale of all or substantially all of the Company's property, the Plan
shall terminate, and any outstanding Warrants shall terminate and be forfeited;
provided, however, that holders of Warrants may exercise any Warrants that are
--------  -------
otherwise exercisable immediately prior to the effective date of the
dissolution, liquidation, consolidation or merger.

          Notwithstanding the foregoing, the Board may provide in writing in
connection with, or in contemplation of, any such transaction for any or all of
the following alternatives (separately or in combinations): (i) for the
assumption by the successor corporation of the Warrants theretofore granted or
the substitution by such corporation for such Warrants of awards covering the
stock of the successor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices; (ii) for
the continuance of the Plan by such successor corporation in which event the
Plan and the Warrants shall continue in the manner and under the terms so
provided; or (iii) for the payment in cash or shares in lieu of and in complete
satisfaction of such Warrants.

          2.9  Amendment, Suspension and Termination of Plan.  The Board may
               ---------------------------------------------
suspend or terminate the Plan, or any portion thereof, at any time and may amend
it from time to time in such respects as the Board may deem advisable in order
that any Warrants thereunder shall conform to or otherwise reflect any change in
applicable laws or regulations, or to permit the Company or the Independent
Directors to enjoy the benefits of any change in applicable laws or regulations,
or in any other respect the Board may deem to be in the best interests of the
Company; provided, however, that no such amendment shall be effective without
         --------  -------
stockholder approval to the extent required by law, or any agreement or the
rules of any stock exchange upon which Listing was obtained which shall: (a)
except as provided in Section 2.8, materially increase the number of Shares
which may be issued under the Plan; (b) materially modify the requirements as to
eligibility for participation in the Plan; (c) materially increase the benefits
accruing to Independent Directors under the Plan; or (d) extend the termination
date of the Plan.  No such

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amendment, suspension or termination shall: (x) impair the rights of Independent
Directors affected thereby; or (y) make any change that would disqualify the
Plan, or any other plan of the Company intended to be so qualified, from the
exemption provided by Rule 16b-3 of the Exchange Act of 1934, as amended ("Rule
16b-3") .

          2.10  Tax Withholding.  The Company shall have the power to withhold,
                ---------------
or require an Independent Director to remit to the Company, an amount sufficient
to satisfy any withholding or other tax due from the Company with respect to any
amount payable and/or Shares issuable under the Plan.

          2.11  Listing, Registration and Legal Compliance.  Each Warrant shall
                ------------------------------------------
be subject to the requirement that if at any time counsel to the Company shall
determine that Listing or registration or qualification of any Shares or other
property subject thereto upon any securities exchange or under any foreign,
federal or state securities or other law or regulation, or the consent or
approval of any governmental body or the taking of any other action to comply
with or otherwise, with respect to any such law or regulation, is necessary or
desirable as a condition to or in connection with the award of such Warrant or
the issue, delivery or purchase of Shares or other property thereunder, no such
Warrant may be exercised or paid in Shares or other property unless such
Listing, registration, qualification, consent, approval or other action shall
have been effected or obtained free of any conditions not acceptable to the
Company, and the holder of the award will supply the Company with such
certificates, representations and information as the Company shall request and
shall otherwise cooperate with the Company in effecting or obtaining such
Listing, registration, qualification, consent, approval or other action.  The
Company may at any time impose any limitations upon the exercise, delivery or
payment of any Warrant which, in the opinion of the Board, are necessary or
desirable in order to cause the Plan or any other plan of the Company to comply
with Rule 16b-3.  If the Company, as part of an offering of securities or
otherwise, finds it desirable because of foreign, federal or state legal or
regulatory requirements to reduce the period during which Warrants may be
exercised, the Board may, without the holders' consent, so reduce such period on
not less than 15 days written notice to the holders thereof.

                                  ARTICLE III
                                 MISCELLANEOUS

          3.1  Notices to Warrant Holders. Upon any adjustment to the Exercise
               --------------------------
Price pursuant to Section 2.8 hereof, the Company, within 30 calendar days
thereafter, shall cause to be given to the registered holders of outstanding
Warrants at their respective addresses appearing on the Warrant register written
notice of the adjustments by first-class mail, postage prepaid.

          3.2  Supplements and Amendments. The Company may from time to time
               --------------------------
supplement or amend this Plan without the consent or concurrence of or notice to
any holders of Warrants in order to cure any ambiguity, to correct or supplement
any provision herein which may be inconsistent with any other provision herein,
to correct any defective provision, clerical omission, mistake or manifest error
herein contained, or to make any other provision with respect to matters or
questions arising under this Plan; provided, that such action shall not
materially adversely affect the interests of the holders of the Warrants.  Other
amendments to this Plan may be approved by a vote of shareholders of the Company
owning a majority of the outstanding Shares.

          3.3  Governing Law. This Plan shall be deemed to be a contract made
               -------------
under the laws of the State of Georgia and for all purposes shall be governed
by, construed and enforced in accordance with the laws of said State.

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<PAGE>

          3.4  Benefits of This Plan. Nothing in this Plan shall be construed to
               ---------------------
give to any person or corporation other than the Company and the registered
holders of the Warrants any legal or equitable right, remedy or claim under this
Plan.  This Plan shall be for the sole and exclusive benefit of the Company and
the registered holders of the Warrants.

       Adopted by the Board on the 31/st/ day of March, 2000.

                              ATTEST:

                              /s/ Leo F. Wells, III
                              ---------------------
                              Leo F. Wells, III, Chairman

                                       6NOTE

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

          UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

<PAGE>

No. o                                                               CUSIP No. o
                                                                   ISIN No.US o

                           INTERNATIONAL PAPER COMPANY

                       FLOATING RATE NOTE DUE JULY 8, 2002

         INTERNATIONAL PAPER COMPANY, a New York corporation (the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of FOUR HUNDRED MILLION Dollars
($400,000,000) on July 8, 2002, and to pay interest on said principal sum from
June 14, 2000 to, but excluding, October 8, 2000 at a rate per annum equal to
7.67% (the "Initial Floating Interest Rate") and thereafter at a rate per annum
equal to LIBOR (as defined below) plus 0.8% payable quarterly on January 8,
April 8, July 8 and October 8, commencing on October 8, 2000 (each, the
"Floating Interest Payment Date"). If any Floating Interest Payment Date (other
than the Stated Maturity Date) falls on a day that is not a Business Day, the
Floating Interest Payment Date shall be the following day that is a Business
Day, except that if such Business Day is in the next succeeding calendar month,
the Floating Interest Payment Date shall be the next preceding day that is a
Business Day. If the Stated Maturity Date of the Notes falls on a day that is
not a Business Day, the payment of principal and interest shall be made on the
next succeeding Business Day, and no interest on such payment shall accrue for
the period from and after the Stated Maturity Date.

         The rate of interest on the Notes shall be reset quarterly (the
"Floating Rate Interest Reset Period," and the first day of each Floating
Interest Reset Period shall be a "Floating Interest Reset Date"). The Floating
Interest Reset Dates shall be January 8, April 8, July 8 and October 8;
provided, however, that the interest rate in effect from the date of issue to
the first Floating Interest Reset Date with respect to the Notes shall be the
Initial Floating Interest Rate. If any Floating Interest Reset Date is a day
that is not a Business Day, the Floating Interest Reset Date shall be postponed
to the next succeeding Business Day, except that if such Business Day is in the
next succeeding calendar month, that Floating Interest Reset Date shall be the
next preceding Business Day. Interest payments for the Notes shall be the amount
of interest accrued from the date of issue or from the last date to which
interest has been paid to, but excluding, the Floating Interest Payment Date or
Stated Maturity Date, as the case may be.

         Accrued interest on any Note shall be calculated by multiplying the
principal amount of the Notes by an accrued interest factor, to be computed by
adding the interest factors calculated for each date in the period for which
interest

                                        2

<PAGE>

is being paid. The interest factor for each date shall be computed by dividing
the interest rate applicable to that day by 360. All percentages used in or
resulting from any calculation of the rate of interest on a Note shall be
rounded, if necessary, to the nearest one-hundredth-thousandth of a percentage
point (.0000001), with five one-millionths of a percentage point rounded upward,
and all dollar amounts used in or resulting from such calculation shall be
rounded to the nearest cent, with one-half cent rounded upward. The interest
rate in effect on any Floating Interest Reset Date shall be the applicable rate
as reset on such date. The interest rate applicable to any day that is not a
Floating Interest Reset Date shall be the interest rate from the immediately
preceding Floating Interest Reset Date, or, if none, the Initial Floating
Interest Rate.

         The "Floating Interest Determination Date" pertaining to a Floating
Interest Reset Date shall be the second London banking day preceding that
Floating Interest Reset Date. "London banking day" means any day on which
dealings in deposits in U.S. dollars are transacted in the London interbank
market.

         "LIBOR" for each Floating Interest Reset Date shall be determined by
the Calculation Agent as follows:

         (i)      As of the Floating Interest Determination Date, the
                  Calculation Agent shall determine LIBOR as the rate for
                  deposits in U.S. dollars for a period of three months,
                  commencing on that Floating Interest Determination Date, that
                  appears on Page 3750 on Bridge Telerate Inc., or any successor
                  page, at approximately 11:00 a.m., London time, on that
                  Floating Interest Determination Date. If no rate appears,
                  LIBOR in respect of that Floating Interest Determination Date
                  shall be determined as described in (ii) below.

         (ii)     With respect to a Floating Interest Determination Date on
                  which no rate appears, the Calculation Agent shall request the
                  principal London offices of each of four major reference banks
                  in the London interbank market, as selected by the Calculation
                  Agent after consultation with us, to provide the Calculation
                  Agent with its offered quotation for deposits in U.S. dollars
                  for the period of three months, commencing on the second
                  London banking day immediately following the Floating Interest
                  Determination Date, to prime banks in the London interbank
                  market at approximately 11:00 a.m. London time, on that
                  Floating Interest Determination Date and in a principal amount
                  that is representative of a single transaction in U.S. dollars
                  in that market at that time. If at least two quotations are
                  provided, LIBOR for the Floating Interest Determination Date
                  shall be the arithmetic mean of those

                                        3

<PAGE>

                  quotations. If fewer than two quotations are provided, LIBOR
                  will be determined for the applicable Floating Interest Reset
                  Date as the arithmetic mean of the rates quoted at
                  approximately 11:00 a.m., New York time, on that Floating
                  Interest Reset Date, by three major banks in New York City, as
                  selected by the Calculation Agent after consultation with the
                  Company, for loans in U.S. dollars to leading European banks,
                  for a period of three months, commencing on that Floating
                  Interest Reset Date, and in a principal amount that is
                  representative of a single transaction in U.S. dollars in that
                  market at that time. If the banks so selected by the
                  Calculation Agent are not quoting as mentioned above, LIBOR in
                  effect for the applicable period shall be the same as LIBOR
                  for the immediately preceding Floating Interest Reset Period,
                  or, if there was no Floating Interest Reset Period, the rate
                  of interest payable shall be the Initial Floating Interest
                  Rate.

         Upon the request of the Holder, The Bank of New York, as calculation
agent (the "Calculation Agent") shall provide the interest rate effective at
such time and, if determined, the interest rate that shall become effective on
the next Floating Interest Reset Date with respect to this Note.

         This Note shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

         The provisions of this Note are continued on the reverse side hereof
and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place.

                                        4

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed on this o day of o, 2000.

                                            INTERNATIONAL PAPER COMPANY

                                            By:________________________________
                                                 Name:
                                                 Title:
Attest:

By:_________________________
     Name:
     Title:

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.

Dated_____________________

The Bank of New York,
as Trustee

By:________________________
     Authorized Signatory

                                        5

<PAGE>

                                         REVERSE OF NOTE

         This Note is one of a duly authorized series of Notes of the Company
(herein sometimes referred to as the "Notes"), specified in the Indenture, all
issued or to be issued in one or more series under and pursuant to an Indenture
dated as of April 12, 1999, duly executed and delivered between the Company and
The Bank of New York as Trustee (the "Trustee"), as supplemented by the Floating
Rate Notes Supplemental Indenture dated as of June 14, 2000, between the Company
and the Trustee (the Indenture, as so supplemented, the "Indenture"), to which
Indenture and all Indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Notes.
By the terms of the Indenture, the Notes are issuable in series that may vary as
to amount, date of maturity, rate of interest and in other respects as provided
in the Indenture. This series of Notes is initially offered in aggregate
principal amount as specified in said Supplemental Indenture.

         The Company shall have the right to redeem this Note at the option of
the Company, without premium or penalty, in whole or in part (an "Optional
Redemption"), beginning on or after July 8, 2001, and the eighth day of each
month thereafter, at a redemption price equal to the accrued and unpaid interest
on the Notes so redeemed to the date fixed for redemption, plus 100% of the
principal amount thereof (the "Optional Redemption Price").

         Any redemption pursuant to the preceding paragraph will be made upon
not less than 30 nor more than 60 days' prior notice before the Redemption Date
to the Holders, at the Optional Redemption Price. If the Notes are only
partially redeemed pursuant to an Optional Redemption, the Notes will be
redeemed pro rata or by lot or by any other method utilized by the Trustee;
provided, that if at the time of redemption the Notes are registered as Global
Notes, the Depositary shall determine, in accordance with its procedures, the
principal amount of such Notes held by each Holder of Notes to be redeemed.

         In the event of redemption of this Note in part only, a new Note or
Notes of this series for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof.

         In the event that a Registration Default (as defined in the
Registration Rights Agreement) occurs, then the Company shall pay additional
interest (in addition to the interest otherwise due hereon) ("Additional
Interest") to the Holder during the period immediately following the occurrence
of any such Registration Default in an amount equal to 0.25% per annum
(regardless of the number of Registration Defaults) from and including the date
on which any such

                                        6

<PAGE>

Registration Default shall occur (subject to the terms of the Registration
Rights Agreement) to but excluding the date on which all such Registration
Defaults have been cured. The Company shall pay amounts due in respect of
Additional Interest on each Interest Payment Date (or, if the Company shall
default in the payment of interest on any Interest Payment Date, on the date
such interest is otherwise paid as provided in the Indenture).

         In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Notes may be declared,
and upon such declaration shall become, due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes of each series affected at the time
outstanding, as defined in the Indenture, to execute supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Notes; provided,
however, that no such supplemental indenture shall (i) extend the fixed maturity
of any Notes of any series, or reduce the principal amount thereof, or reduce
the rate or extend the time of payment of interest thereon, or reduce any
premium payable upon the redemption thereof, without the consent of the Holder
of each Note so affected, or (ii) reduce the aforesaid percentage of Notes, the
Holders of which are required to consent to any such supplemental indenture,
without the consent of the Holders of each Note then outstanding and affected
thereby. The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Notes of any series at the time
outstanding affected thereby, on behalf of all of the Holders of the Notes of
such series, to waive any past default in the performance of any of the
covenants contained in the Indenture, or established pursuant to the Indenture
with respect to such series, and its consequences, except a default in the
payment of the principal of or premium, if any, or interest on any of the Notes
of such series. Any such consent or waiver by the registered Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and of any
Note issued in exchange therefor or in place hereof (whether by registration of
transfer or otherwise), irrespective of whether or not any notation of such
consent or waiver is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and premium, if any, and

                                        7

<PAGE>

interest on this Note at the time and place and at the rate and in the money
herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, this Note is transferable by the registered Holder hereof on the
Security Register of the Company, upon surrender of this Note for registration
of transfer at the office or agency of the Trustee in the City and State of New
York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No
service charge will be made for any such transfer, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto.

         Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any paying agent and the Security Registrar may deem and
treat the registered Holder hereof as the absolute owner hereof (whether or not
this Note shall be overdue and notwithstanding any notice of ownership or
writing hereon made by anyone other than the Security Registrar) for the purpose
of receiving payment of or on account of the principal hereof and premium, if
any, and interest due hereon and for all other purposes, and neither the Company
nor the Trustee nor any paying agent nor any Security Registrar shall be
affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of, premium,
if any, or the interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against
any incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

         The Notes of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. This
Global Note is exchangeable for Notes in definitive form only under certain
limited circumstances set forth in the Indenture. As provided in the Indenture
and subject to certain limitations herein and therein set forth, Notes of this
series so issued are exchangeable for a like aggregate principal amount of Notes
of this series of a different authorized denomination, as requested by the
Holder surrendering the same.

                                        8

<PAGE>

         All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

         THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE
AND THE NOTES WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

                                        9

<PAGE>

                             FORM OF TRANSFER NOTICE

         FOR VALUE RECEIVED the undersigned registered holder hereby sell(s),
assign(s) and transfer(s) unto

Insert Taxpayer Identification No.

--------------------------------------------------------------------------------

Please print or typewrite name and address including zip code of assignee

--------------------------------------------------------------------------------
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing ____________________ attorney to transfer said Note on the books of
the Company with full power of substitution in the premises.

By:     _________________________

Date:  _________________________

                                       10

<PAGE>

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

The following increases or decreases in this Global Note have been made:

<TABLE>
                                                                                            Signature of
          Amount of decrease in   Amount of Increase in     Principal Amount of this   authorized signatory of
Date of    Principal Amount of     Principal Amount of     Global Note following such   Trustee or Securities
Exchange     this Global Note        this Global Note         decrease or increase            Custodian
--------  ----------------------   --------------------    --------------------------  -----------------------
<S>       <C>                      <C>                      <C>                           <C>

</TABLE>

                                       11

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