INTERNATIONAL PAPER CO /NEW/ — Director's Dealing 2007

Jul 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INTERNATIONAL PAPER CO /NEW/ (IP)
CIK: 0000051434
Period of Report: 2007-07-10

Reporting Person: LESSIN ANDREW R (Senior Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-10	Common Stock Units	$	A	96	Acquired		Common Stock (96)	Indirect

Footnotes

F1: Common stock units (units) held in the non-funded International Paper Company Deferred Compensation Savings Plan (DCSP) represent one share of International Paper common stock. The number of units will vary as the price of the issuer's common stock varies. The units will be settled in cash upon termination of employment.

F2: Share numbers are rounded.