Document:

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                                                                   Exhibit 10.15

                          CROWLEY MARITIME CORPORATION

                         2004 MANAGEMENT INCENTIVE PLAN

                    (AS ADOPTED AND EFFECTIVE MARCH 10, 2004)

1.       PURPOSE

The purpose of this Plan is to motivate and reward eligible employees for good
performance by making a portion of their compensation dependent on the
achievement of certain Performance Goals related to the performance of Crowley
Maritime Corporation (the "Company") and/or its operating units, as the case may
be. This Plan is designed to ensure that the cash bonus incentives and awards
under the Company's Deferred Compensation Plan (DCP) paid hereunder to executive
officers of the Company are deductible under Section 162(m) of the Internal
Revenue Code of 1986, as amended, and the regulations and interpretations
promulgated thereunder (the "Code").

2.       PARTICIPANTS

The participants in this Plan shall be employees of the Company, as determined
by the Committee.

3.       ADMINISTRATION

The Plan shall be administered by one or more committees (each a "Committee").
With respect to awards intended to constitute "qualified performance based
compensation" under Code Section 162(m), the Committee shall consist solely of
at least two outside directors of the Company that satisfy the requirements of
Code Section 162(m). The Committee shall have the sole discretion and authority
to administer and interpret this Plan in accordance with Code Section 162(m).
Unless the Board of Directors ("Board") provides otherwise, the Compensation
Committee of the Board shall be the Committee; provided, however, that with
respect to awards intended to constitute "qualified performance based
compensation" to "covered employees" under Code Section 162(m), unless the Board
provides otherwise, the Executive Compensation Subcommittee of the Board shall
be the Committee.

4.       AMOUNT OF BONUS AND/OR DCP AWARD

A participant's bonus payment and/or DCP award, if any, is based on (i) an
individual target set by the Committee in writing with respect to the
Performance Period and (ii) the Performance Goal or Goals for the Performance
Period (increased or decreased, in each case in accordance with factors adopted
by the Committee with respect to the Performance Period that relate to unusual
items). However, no bonus and/or DCP award in excess of five times the
annualized highest rate of base compensation paid to any executive of the
Company with respect to 2003 as reported in the Company's proxy statement for
the 2004 Annual Meeting will be paid to any participant with respect to a
Performance Period. The Committee may also reduce an

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individual's maximum bonus calculated under the preceding formula in its sole
discretion. This Plan's Performance Goals may include: (i) operating income as a
percentage of revenue; (ii) earnings before interest and taxes, (iii) earnings
before interest, taxes, depreciation and amortization; (iv) net income; (v)
operating cash flow; (vi) return on assets; (vii) return on equity; (viii)
return on sales; and (ix) revenue, each with respect to the Company and/or any
operating unit(s) of the Company, as determined by the Committee in its sole
discretion. With respect to awards not intended to constitute "qualified
performance based compensation" with respect to a "covered employee" under Code
Section 162(m), the Committee may also establish additional individual
Performance Goals. A "Performance Period" shall be with respect to a
participant, any fiscal period of the Company not exceeding thirty-six (36)
months, as determined by the Committee in its sole discretion. Bonuses to be
paid to participants who are not subject to the limitations of Section 162(m)
may take into account other factors. The Committee, in its sole discretion, may
permit a participant to defer receipt of cash that would otherwise be delivered
to the participant under this Plan. Any such deferral elections shall be subject
to such rules and procedures as determined by the Committee in its sole
discretion. The selection and adjustment of applicable Performance Goals, and
the establishment of targets, shall occur in compliance with the rules of Code
Section 162(m).

5.       PAYMENT OF BONUS AND/OR DCP AWARD

Subject to the Committee's discretion, the payment of a bonus and/or DCP award
generally requires that the participant be on the Company's payroll as of the
date the bonus is to be paid. The Committee may make exceptions to this
requirement in the case of retirement, death or disability, as determined by the
Committee in its sole discretion. Bonus payments may be made in cash. DCP awards
shall be made in conformity with the Deferred Compensation Plan. No bonus or DCP
award shall be paid unless and until the Committee certifies in writing the
extent to which the Performance Goal(s) applicable to a participant have been
achieved or exceeded. The Committee may establish different Performance Periods
for different participants, and the Committee may establish concurrent or
overlapping Performance Periods.

6.       EFFECTIVE DATE, AMENDMENT AND TERMINATION

The Plan shall be effective upon its adoption. However, no amounts intended to
be "qualified performance based compensation" under Code Section 162(m) shall be
paid until the Company's stockholders have approved the Plan. The Board of
Directors reserves the right to amend or terminate this Plan at any time with
respect to future services of participants. Plan amendments will require
stockholder approval only to the extent required by applicable law.

7.       LEGAL CONSTRUCTION

Except where otherwise indicated by the context, any masculine term used herein
also shall include the feminine; the plural shall include the singular and the
singular shall include the plural. In the event any provision of this Plan shall
be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining parts of this Plan, and this Plan shall be construed
and enforced as if the illegal or invalid provision had not been included. The
granting of awards under this Plan shall be subject to all applicable laws,
rules and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be

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required. This Plan and all awards shall be construed in accordance with and
governed by the laws of the State of California, but without regard to its
conflict of law provisions. Captions are provided herein for convenience only,
and shall not serve as a basis for interpretation or construction of this Plan.

8.       EXECUTION

IN WITNESS WHEREOF, Crowley Maritime Corporation, by its duly authorized
officer, has executed the Plan as the date indicated below.

                            CROWLEY MARITIME CORPORATION

                            By: /S/Bruce Love
                               ------------------
                                Its Secretary

                            Dated: March 10, 2004
                                  ------------------<PAGE>
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                                                                     Exhibit 4.1

                              4.00% NOTES DUE 2010

                              5.25% NOTES DUE 2016

                             SUPPLEMENTAL INDENTURE

                                     between

                           INTERNATIONAL PAPER COMPANY

                                       and

                              THE BANK OF NEW YORK

                           Dated as of March 18, 2004

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                                TABLE OF CONTENTS

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                                        ARTICLE 1 DEFINITIONS

Section 1.01.              Definition Of Terms......................................................    4

                         ARTICLE 2 GENERAL TERMS AND CONDITIONS OF THE NOTES

Section 2.01.              Designation And Principal Amount.........................................    5

Section 2.02.              Maturity.................................................................    5

Section 2.03.              Depositary...............................................................    5

Section 2.04.              Form; Denomination.......................................................    5

Section 2.05.              Legend...................................................................    6

Section 2.06.              Special Transfer Provisions..............................................    6

Section 2.07.              Interest.................................................................    7

Section 2.08.              Place of Payment.........................................................    7

                                     ARTICLE 3 REDEMPTION OF THE NOTES

Section 3.01.              Optional Redemption By Company...........................................    8

Section 3.02.              No Sinking Fund..........................................................   10

                                          ARTICLE 4 MODIFICATION

Section 4.01.              Modification Of Indenture And Supplemental Indenture.....................   10

                                         ARTICLE 5 FORMS OF NOTES

Section 5.01.              Forms Of Notes...........................................................   10

                                    ARTICLE 6 ORIGINAL ISSUE OF NOTES

Section 6.01.              Original Issue Of Notes; Further Issuances...............................   26

                                          ARTICLE 7 MISCELLANEOUS

Section 7.01.              Ratification Of Indenture................................................   26

Section 7.02.              Trustee Not Responsible For Recitals.....................................   26

Section 7.03.              Governing Law............................................................   26

Section 7.04.              Separability.............................................................   26
</TABLE>

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<S>                                                                                                     <C>
Section 7.05.              Counterparts.............................................................    27
</TABLE>

                                       ii

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         SUPPLEMENTAL INDENTURE, dated as of March 18, 2004 (the "SUPPLEMENTAL
INDENTURE"), between International Paper Company, a New York corporation (the
"COMPANY"), and The Bank of New York, as trustee (the "TRUSTEE") under the
Indenture, dated as of April 12, 1999, between the Company and the Trustee (the
"INDENTURE").

         WHEREAS, the Company executed and delivered the Indenture to the
Trustee to provide, among other things, for the future issuance of the Company's
unsecured Securities to be issued from time to time in one or more series as
might be determined by the Company under the Indenture, in an unlimited
aggregate principal amount which may be authenticated and delivered as provided
in the Indenture;

         WHEREAS, Section 9.1 of the Indenture provides for various matters with
respect to any series of Securities issued under the Indenture to be established
in an indenture supplemental to the Indenture;

         WHEREAS, Section 9.1(7) of the Indenture provides for the Company and
the Trustee to enter into an indenture supplemental to the Indenture to
establish the form or terms of Securities of any series as provided by Sections
2.1 and 3.1 of the Indenture;

         WHEREAS, the Board of Directors of the Company has duly adopted
resolutions authorizing the Company to execute and deliver this Supplemental
Indenture;

         WHEREAS, pursuant to the terms of the Indenture, the Company desires to
provide for the establishment of two new series of its Securities to be known as
its 4.00% Notes due 2010 (the "NOTES DUE 2010") and its 5.25% Notes due 2016
(the "NOTES DUE 2016"; and together with the Notes due 2010, the "NOTES"), the
form and substance of such Notes and the terms, provisions and conditions
thereof to be set forth as provided in the Indenture and this Supplemental
Indenture;

         WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture and all requirements necessary to make (i) this
Supplemental Indenture a valid instrument in accordance with its terms, and (ii)
the Notes, when executed by the Company and authenticated and delivered by the
Trustee, the valid obligations of the Company, have been performed, and the
execution and delivery of this Supplemental Indenture has been duly authorized
in all respects;

         NOW THEREFORE, in consideration of the purchase and acceptance of the
Notes by the Holders thereof, and for the purpose of setting forth, as provided
in the Indenture, the form and substance of the Notes and the terms, provisions
and conditions thereof, the Company covenants and agrees with the Trustee as
follows:

                                       3

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                                    ARTICLE 1
                                   DEFINITIONS

         Section 1.01. Definition Of Terms.

         Unless the context otherwise requires:

         (a) a term defined in the Indenture has the same meaning when used in
this Supplemental Indenture unless the definition of such term is amended and
supplemented pursuant to this Supplemental Indenture;

         (b) a term defined anywhere in this Supplemental Indenture has the same
meaning throughout;

         (c) the singular includes the plural and vice versa;

         (d) a reference to a Section or Article is to a Section or Article in
this Supplemental Indenture;

         (e) headings are for convenience or reference only and do not affect
interpretation;

         (f) the following terms have the meanings given to them in this Section
1.01(f):

         "BUSINESS DAY" shall have the meaning set forth in Section 3.01(b).

         "COMPARABLE TREASURY ISSUE" shall have the meaning set forth in Section
3.01(b).

         "COMPARABLE TREASURY PRICE" shall have the meaning set forth in Section
3.01(b).

         "GLOBAL NOTE" shall have the meaning set forth in Section 2.04(a).

         "INDEPENDENT INVESTMENT BANKER" shall have the meaning set forth in
Section 3.01(b).

         "NOTES" shall have the meaning set forth in the recitals above.

         "NOTES DUE 2010" shall have the meaning set forth in the recitals
above.

         "NOTES DUE 2016" shall have the meaning set forth in the recitals
above.

         "REFERENCE TREASURY DEALER" shall have the meaning set forth in Section
3.01(b).

         "REFERENCE TREASURY DEALER QUOTATIONS" shall have the meaning set forth
in Section 3.01(b).

                                       4

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         "REMAINING LIFE" shall have the meaning set forth in Section 3.01(b).

         "TREASURY RATE" shall have the meaning set forth in Section 3.01(b).

                                   ARTICLE 2
                    GENERAL TERMS AND CONDITIONS OF THE NOTES

         Section 2.01. Designation And Principal Amount.

         (a) 4.00% Notes due 2010

         There is hereby authorized a series of Securities designated the "4.00%
Notes due 2010" initially offered in the aggregate principal amount of
$600,000,000, which amount shall be as set forth in a Company Order for the
authentication and delivery of such Notes pursuant to Section 3.3 of the
Indenture.

         (b) 5.25% Notes due 2016

         There is hereby authorized a series of Securities designated the "5.25%
Notes due 2016" initially offered in the aggregate principal amount of
$400,000,000, which amount shall be as set forth in a Company Order for the
authentication and delivery of such Notes pursuant to Section 3.3 of the
Indenture.

         Section 2.02. Maturity.

         (a) The Notes due 2010 will mature on April 1, 2010, and the Notes due
2016 will mature on April 1, 2016.

         Section 2.03. Depositary. The Depository Trust Company shall be the
initial Depositary, until a successor shall have been appointed and become such
pursuant to the applicable provisions of this Indenture, and thereafter,
"Depositary" shall mean or include such successor.

         Section 2.04. Form; Denomination.

         (a) The Notes due 2010 and the Notes due 2016 shall each be issued
initially in the form of one or more permanent Global Notes in registered form,
without coupons, substantially in the form herein below recited (each, a "GLOBAL
NOTE" and collectively, the "GLOBAL NOTES"), deposited with the Trustee, as
custodian for the Depositary, duly executed by the Company and authenticated by
the Trustee as herein provided.

         The aggregate principal amount of each Global Note may from time to
time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depositary or its nominee, as hereinafter
provided.

         (b) The Notes shall be issuable only in registered form without coupons
in denominations of $1,000 and any integral multiples thereof. The Notes shall
be

                                       5

<PAGE>

numbered, lettered, or otherwise distinguished in such manner or in accordance
with such plans as the officers of the Company executing the same may determine
with the approval of the Trustee.

         Section 2.05. Legend. Each Global Note shall bear the following legend
on the face thereof:

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

         TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

         Section 2.06. Special Transfer Provisions.

         (a) A Global Note may be transferred, in whole but not in part, only to
another nominee of the Depositary, or to a successor Depositary selected or
approved by the Company or to a nominee of such successor Depositary.

         (b) If at any time the Depositary for a series of Notes notifies the
Company that it is unwilling or unable to continue as Depositary or if at any
time the Depositary for such series shall no longer be registered or in good
standing under the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, and a successor Depositary for such series is
not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such condition, as the case may be, the Company will
execute, and, subject to Article 3 of the Indenture, the Trustee, upon written
notice from the Company, will authenticate and make available for delivery the
Notes of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Note for such series in exchange for the Global
Note for such series. In addition, the Company may at any time determine that
the Notes of such series shall no longer be represented by a Global Note. In
such event the Company will execute, and subject to Section 3.5 of the
Indenture, the Trustee, upon receipt of an Officer's Certificate

                                       6

<PAGE>

evidencing such determination by the Company, will authenticate and deliver the
Notes of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Note for such series in exchange for the Global
Note for such series. Upon the exchange of the Global Note for the Notes of such
series in definitive registered form without coupons, in authorized
denominations, the Global Note for such series shall be cancelled by the
Trustee. Such Notes in definitive registered form issued in exchange for the
Global Note for such series shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Notes to the Depositary for delivery to the Persons
in whose names such Notes are so registered. Notes of either series represented
by Global Notes will be exchangeable for Notes in definitive registered form if
an Event of Default shall have occurred and be continuing.

         Section 2.07. Interest.

         (a) The Notes due 2010 will bear interest at the rate of 4.00% per
annum and the Notes due 2016 will bear interest at the rate of 5.25% per annum
(each, a "COUPON RATE") from the original date of issuance until the principal
thereof becomes due and payable, and on any overdue principal, payable
semi-annually in arrears on April 1 and October 1 of each year (each, an
"INTEREST PAYMENT DATE") commencing on October 1, 2004, to the Person in whose
name such Note or any predecessor Note is registered, at the close of business
on the regular record date for such interest installment, which shall be the
close of business on the March 15 or September 15 (whether or not a Business
Day), as the case may be, immediately preceding such Interest Payment Date.

         (b) The amount of interest payable for any period less than a full
interest period will be computed on the basis of a 360-day year of twelve 30-day
months and the actual days elapsed in a partial month in such period. In the
event that any date on which interest is payable on the Notes due 2010 or the
Notes due 2016 is not a Business Day, then payment of the interest payable on
such date will be made on the next succeeding day which is a Business Day (and
without any interest or other payment in respect of any such delay) with the
same force and effect as if made on the date such payment was originally
payable, except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on such date.

         Section 2.08. Place of Payment.

         The Place of Payment where Notes may be presented or surrendered for
payment, where Notes may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Company in respect of the Notes and
the Indenture may be served initially is the Corporate Trust Office of the
Trustee.

                                       7

<PAGE>

                                   ARTICLE 3
                             REDEMPTION OF THE NOTES

         Section 3.01. Optional Redemption By Company.

         (a) Subject to Article XI of the Indenture, the Company shall have the
right to redeem the Notes due 2010 or the Notes due 2016, in whole or in part,
at any time or from time to time, at a redemption price (the "OPTIONAL
REDEMPTION PRICE") equal to the greater of:

                  (i) 100% of the principal amount plus accrued and unpaid
         interest to the Redemption Date of the series to be redeemed; or

                  (ii) the sum of the present values of the remaining scheduled
         payments of principal and interest (exclusive of interest accrued to
         the Redemption Date of the series to be redeemed) discounted to the
         Redemption Date of the series to be redeemed on a semi-annual basis
         (assuming a 360-day year consisting of twelve 30-day months) at (A) the
         Treasury Rate plus 20 basis points for the Notes due 2010 or (B) the
         Treasury Rate plus 25 basis points for the Notes due 2016, plus, in
         each case, accrued interest on the principal amount being redeemed to
         the Redemption Date of the series to be redeemed.

         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
of the series to be redeemed to each Holder of the Notes of the series to be
redeemed, at the Optional Redemption Price. If Notes are only partially redeemed
pursuant to this Section 3.01(a), the Notes of the series to be redeemed will be
redeemed by the Trustee in accordance with Section 11.3 of the Indenture;
provided, that if at the time of redemption the Notes of the series to be
redeemed are registered as a Global Note, the Depositary shall determine, in
accordance with its procedures, the principal amount of the Notes of the series
to be redeemed held by each Holder of such Notes to be redeemed. The Optional
Redemption Price shall be paid prior to 12:00 noon, New York time, on the date
of such redemption or at such earlier time as the Company determines provided
that the Company shall deposit with the Trustee an amount sufficient to pay the
Optional Redemption Price by 10:00 a.m., New York time, on the date such
Optional Redemption Price is to be paid.

         (b) The following terms have the meanings given to them in this Section
3.01(b).

         "BUSINESS DAY" means any calendar day that is not a Saturday, Sunday or
legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

         "COMPARABLE TREASURY ISSUE" means the United States Treasury, security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("REMAINING LIFE") of the applicable series of Notes to be
redeemed that

                                       8

<PAGE>

would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Notes.

         "COMPARABLE TREASURY PRICE" means, with respect to any Redemption Date,
(A) the average of four Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (B) if the Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such Quotations.

         "INDEPENDENT INVESTMENT BANKER" means an independent investment banking
institution of national standing appointed by the Company.

         "REFERENCE TREASURY DEALER" means (i) each of Citigroup Global Markets
Inc., Morgan Stanley & Co. Incorporated and UBS Securities LLC and their
respective successors, provided, however, that if any of the foregoing shall
cease to be a primary U.S. Government securities dealer in the United States (a
"Primary Treasury Dealer"), we will substitute therefor another Primary Treasury
Dealer and (ii) any other Primary Treasury Dealer selected by the Company.

         "REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to the
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker by the
Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such
Redemption Date.

         "TREASURY RATE" means, with respect to any Redemption Date, (i) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (ii) if such
release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal
to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. The Treasury Rate shall be calculated on the third
Business Day preceding such Redemption Date.

                                       9

<PAGE>

         Section 3.02. No Sinking Fund.

         The Notes are not entitled to the benefit of any sinking fund.

                                   ARTICLE 4
                                  MODIFICATION

         Section 4.01. Modification Of Indenture And Supplemental Indenture.

         Section 9.2 of the Indenture, as it relates to both the Notes due 2010
and the Notes due 2016, is hereby modified so that the reference to "not less
than 66-2/3%" shall read "not less than a majority", except that in the case of
increasing (or reopening) the principal amount, no consent of Holders will be
required.

                                   ARTICLE 5
                                 FORMS OF NOTES

         Section 5.01. Forms Of Notes.

         (a) The Notes due 2010 and the Trustee's Certificate of Authentication
to be endorsed thereon are to be substantially in the following forms:

                             (FORM OF FACE OF NOTE)

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

         TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

                                       10

<PAGE>

No.                                                        CUSIP No. 460146 BY 8

                           INTERNATIONAL PAPER COMPANY

                               4.00% NOTE DUE 2010

         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 [X] or registered
assigns, the principal sum of [X] ($[X]) on April 1, 2010, and to pay interest
on said principal sum from the date of original issuance, or from the most
recent interest payment date to which interest has been paid or duly provided
for, semi-annually in arrears on April 1 and October 1 of each year (each such
date, an "INTEREST PAYMENT DATE") commencing October 1, 2004, at the rate of
4.00% per annum until the principal hereof shall have become due and payable,
and on any overdue principal. The amount of interest payable for any period less
than a full interest period will be computed on the basis of a 360-day year of
twelve 30-day months and the actual days elapsed in a partial month in such
period. In the event that any date on which interest is payable on the Notes is
not a Business Day, then payment of the interest payable on such date will be
made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay) with the same force and
effect as if made on the date such payment was originally payable, except that,
if such Business Day is in the next succeeding calendar year, such payment shall
be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on such date. The interest installment so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the person in whose name this Note (or one
or more Predecessor Securities, as defined in said Indenture) is registered at
the close of business on the regular record date for such interest installment,
which shall be the close of business on the March 15 or September 15 (whether or
not a Business Day), as the case may be, immediately preceding such Interest
Payment Date. Any such interest installment not punctually paid or duly provided
for shall forthwith cease to be payable to the registered Holders on such
regular record date and may be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such defaulted
interest, notice whereof shall be given to the registered Holders of this series
of Notes not less than 10 days prior to such special record date, or may be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the
Indenture. The principal of (and premium, if any) and the interest on this Note
shall be payable at the office or agency of the Trustee maintained for that
purpose in any coin or currency of the United States of America that at the time
of payment is legal tender for payment of public and private debts.

                                       11

<PAGE>

         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.

                                       12

<PAGE>

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

                                        INTERNATIONAL PAPER COMPANY

                                        By:_____________________________________
                                           Name:
                                           Title:

Attest:

By:________________________________
   Name:
   Title:

                     (FORM OF CERTIFICATE OF AUTHENTICATION)

                          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

                                       13

<PAGE>

                            (FORM OF 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 4.00%
Notes due 2010 and 5.25% Notes due 2016 Supplemental Indenture dated as of March
18, 2004 (the "SUPPLEMENTAL INDENTURE"), 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.

         This Note shall be subject to redemption as provided in Section 3.01 of
the Supplemental Indenture and Article XI of 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
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, subject to Section 9.2 of the
Indenture. The Indenture also contains provisions permitting the Holder of not
less than a majority in principal amount of the Notes of any series at the time
outstanding, on behalf of all of the Holders of the Notes of such series, to
waive any past default under the Indenture or Supplemental Indenture and its
consequences, subject to Section 5.13 and Article IX of the Indenture. 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
interest on this Note at the time and place and at the rate and in the money
herein prescribed.

                                       14

<PAGE>

         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.

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

         THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS.

                                       15

<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:________________________

                                       16

<PAGE>

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

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

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

                                       17

<PAGE>

         (b) The Notes due 2016 and the Trustee's Certificate of Authentication
to be endorsed thereon are to be substantially in the following forms:

                             (FORM OF FACE OF NOTE)

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

         TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

                                       18

<PAGE>

No.                                                        CUSIP No. 460146 BZ 5

                           INTERNATIONAL PAPER COMPANY

                               5.25% NOTE DUE 2016

         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 [X] or registered
assigns, the principal sum of [X] ($[X]) on April 1, 2016, and to pay interest
on said principal sum from the date of original issuance, or from the most
recent interest payment date to which interest has been paid or duly provided
for, semi-annually in arrears on April and October 1 of each year (each such
date, an "INTEREST PAYMENT DATE") commencing October 1, 2004, at the rate of
5.25% per annum until the principal hereof shall have become due and payable,
and on any overdue principal. The amount of interest payable for any period less
than a full interest period will be computed on the basis of a 360-day year of
twelve 30-day months and the actual days elapsed in a partial month in such
period. In the event that any date on which interest is payable on the Notes is
not a Business Day, then payment of the interest payable on such date will be
made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay) with the same force and
effect as if made on the date such payment was originally payable, except that,
if such Business Day is in the next succeeding calendar year, such payment shall
be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on such date. The interest installment so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the person in whose name this Note (or one
or more Predecessor Securities, as defined in said Indenture) is registered at
the close of business on the regular record date for such interest installment,
which shall be the close of business on the March 15 or September 15 (whether or
not a Business Day), as the case may be, immediately preceding such Interest
Payment Date. Any such interest installment not punctually paid or duly provided
for shall forthwith cease to be payable to the registered Holders on such
regular record date and may be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such defaulted
interest, notice whereof shall be given to the registered Holders of this series
of Notes not less than 10 days prior to such special record date, or may be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the
Indenture. The principal of (and premium, if any) and the interest on this Note
shall be payable at the office or agency of the Trustee maintained for that
purpose in any coin or currency of the United States of America that at the time
of payment is legal tender for payment of public and private debts.

         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.

                                       19

<PAGE>

         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.

                                       20

<PAGE>

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

                                          INTERNATIONAL PAPER COMPANY

                                          By:___________________________________
                                             Name:
                                             Title:

Attest:
By:________________________________
   Name:
   Title:

                     (FORM OF CERTIFICATE OF AUTHENTICATION)

                          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

                                       21

<PAGE>

                            (FORM OF 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 4.00%
Notes due 2010 and 5.25% Notes due 2016 Supplemental Indenture dated as of March
18, 2004 (the "SUPPLEMENTAL INDENTURE"), 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.

         This Note shall be subject to redemption as provided in Section 3.01 of
the Supplemental Indenture and Article IX of 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
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, subject to Section 9.2 of the
Indenture. The Indenture also contains provisions permitting the Holders of not
less than a majority in principal amount of the Notes of any series at the time
outstanding, on behalf of all of the Holders of the Notes of such series, to
waive any past default under the Indenture or Supplemental Indenture and its
consequences, subject to Section 5.13 of the Indenture and Article IX of the
Indenture. 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
interest on this Note at the time and place and at the rate and in the money
herein prescribed.

                                       22

<PAGE>

         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.

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

         THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS.

                                       23

<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:______________________

                                       24

<PAGE>

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

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

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

                                       25

<PAGE>

                                   ARTICLE 6
                             Original Issue Of Notes

         Section 6.01. Original Issue Of Notes; Further Issuances.

         (a) Notes due 2010 having an aggregate principal amount of $600,000,000
and Notes due 2016 having an aggregate principal amount of $400,000,000 may,
upon execution of this Supplemental Indenture, be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver said Notes to or upon a Company Order, signed by its
Chairman, its Vice Chairman, its President, or any Vice President and by its
Treasurer, an Assistant Treasurer, its Secretary or any Assistant Secretary,
without any further action by the Company.

         (b) The Company may, without notice to or the consent of the Holders of
the Notes, issue additional notes of the same tenor as the Notes due 2010 or the
Notes due 2016, so that such additional notes and the Notes due 2010 or the
Notes due 2016, as applicable, shall form a single series. Any such Notes
referred to in this Section 6.01(b) will be issued under a further supplemental
indenture.

                                    ARTICLE 7
                                  MISCELLANEOUS

         Section 7.01. Ratification Of Indenture.

         The Indenture, as supplemented by this Supplemental Indenture, is in
all respects ratified and confirmed, and this Supplemental Indenture shall be
deemed part of the Indenture in the manner and to the extent herein and therein
provided.

         Section 7.02. Trustee Not Responsible For Recitals.

         The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture.

         Section 7.03. Governing Law.

         This Supplemental Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York without regard to
conflicts of laws.

         Section 7.04. Separability.

         In case any one or more of the provisions contained in this
Supplemental Indenture or in the Notes shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Supplemental
Indenture or of the Notes, but this

                                       26

<PAGE>

Supplemental Indenture and the Notes shall be construed as if such invalid or
illegal or unenforceable provision had never been contained herein or therein.

         Section 7.05. Counterparts.

         This Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument.

                                       27

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested on the date or dates indicated in the
acknowledgments and as of the day and year first above written.

                                           INTERNATIONAL PAPER COMPANY

                                           By: /s/ Rosemarie Loffredo
                                              ----------------------------------
                                              Name:  Rosmarie Loffredo
                                              Title: Vice President

Attest:

By: /s/ Paula Bauer
   ----------------------

                                           THE BANK OF NEW YORK
                                           as Trustee

                                           By:__________________________________
                                              Name:
                                              Title:

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested on the date or dates indicated in the
acknowledgments and as of the day and year first above written.

                                          INTERNATIONAL PAPER COMPANY

                                          By:___________________________________
                                             Name:
                                             Title:

Attest:

By:______________________

                                          THE BANK OF NEW YORK
                                          as Trustee

                                          By: /s/ Julie Salovich-Miller
                                             -----------------------------------
                                             Name:  Julie Salovich-Miller
                                             Title: Vice President

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