INTERNATIONAL PAPER (IP $46.52 rated Neutral with $44 down from $52 price target) XPEPX SPIN OUT ON JUNE 30, 2014; MODELS UPDATED BASED ON Q1 2014 RESULTS 5/9/2014

INTERNATIONAL PAPER (IP $46.52 rated Neutral with $44 down from $52 price
target) XPEPX SPIN OUT ON JUNE 30, 2014; MODELS UPDATED BASED ON Q1
2014 RESULTS 5/9/2014