A Message from International Paper

At International Paper, we do the right things, in the right ways, for the right reasons, all of the time — this is The IP Way. The IP Way and our Core Values help us pursue our vision to be among the most successful, sustainable and responsible companies in the world. Ethics is one of those Core Values — it guides our actions and decisions and is a constant reminder of what we believe and how we operate. A culture with strong ethics means we are honest, we operate with integrity and we are transparent in our decisions and actions. Ethics help foster a safe and engaging workplace that positively influences our relationships with each other, our customers, suppliers, shareowners and the communities where we live and work. We all share responsibility for operating with ethics and integrity, embracing both the spirit and letter of the law. Our individual actions, positive or negative, determine our company culture and reputation. That’s why it is important to understand the right things to do, recognize the situations that could cause concern and Speak Up! as soon as we suspect wrongdoing. We should always feel free to voice our concerns without fear of retaliation. Our Code of Conduct serves as a compass for how we conduct ourselves every day and helps us successfully navigate ethical challenges. It promotes a culture where we are confident that when we raise a concern in good faith, it will be addressed. Ensuring International Paper is an ethical company depends on all of us — we can’t take it for granted, and we have to continually work on it. Our Code of Conduct provides guidance and direction — it’s up to us to make it part of the way we conduct ourselves every day. Mark S. Sutton Chairman and CEO