INTERNATIONAL PAPER (IP: $38.16 rated Overweight with $47 price target maintained) IP’S SALE OF TEMPLE INLAND BUILDING PRODUCTS SEGMENT FOR $750 MILLION EXCEEDS OUR ESTIMATE OF $477 MILLION; OTHER OFFSETTING MODEL CHANGES 12/18/2012

INTERNATIONAL PAPER (IP: $38.16 rated Overweight with $47 price target
maintained) IP’S SALE OF TEMPLE INLAND BUILDING PRODUCTS SEGMENT
FOR $750 MILLION EXCEEDS OUR ESTIMATE OF $477 MILLION; OTHER
OFFSETTING MODEL CHANGES 12/18/2012