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INTERNATIONAL PAPER CO /NEW/ Director's Dealing 2007

May 11, 2007

9994_dirs_2007-05-11_4d93c9c0-91c5-4109-930d-3947d01e3e2e.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INTERNATIONAL PAPER CO /NEW/ (IP)
CIK: 0000051434
Period of Report: 2007-05-10

Reporting Person: SMITH MAURA A (S.V.P. and General Counsel)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2007-05-10 Common Stock S 2000 $38.53 Disposed 180312 Direct
2007-05-10 Common Stock S 4200 $38.55 Disposed 176112 Direct
2007-05-10 Common Stock S 800 $38.52 Disposed 175312 Direct
2007-05-10 Common Stock S 3000 $38.54 Disposed 172312 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 569 Indirect

Footnotes

F1: Share numbers are rounded.

F2: Represents shares of International Paper Company common stock held through the International Paper Salaried Savings Plan (SSP). This information is based on a plan statement as of April 30, 2007.