EXHIBIT 12

INTERNATIONAL PAPER COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Dollar Amounts in Millions)

(Unaudited)

		For the Years Ended December 31,
TITLE		2000			2001			2002			2003			2004
A)	Earnings (loss) before income taxes, minority interest, extraordinary items and accounting changes	$	652.0		$	(1,330.0	)	$	306.0		$	292.0		$	746.0
B)	Minority interest expense, net of taxes		(228.0	)		(139.6	)		(118.0	)		(111.0	)		(62.0	)
C)	Fixed charges excluding capitalized interest		1,150.6			1,254.6			1,093.9			1,028.6			941.9
D)	Amortization of previously capitalized interest		23.5			31.8			43.3			41.4			42.2
E)	Equity in undistributed earnings of affiliates		10.0			18.1			26.9			5.0			(15.3	)
F)	Earnings (loss) before income taxes, extraordinary items, accounting changes and fixed charges	$	1,608.1		$	(165.1	)	$	1,352.1		$	1,256.0		$	1,652.8
	Fixed Charges
G)	Interest and amortization of debt expense	$	937.8		$	1,049.8		$	891.1		$	874.9		$	840.0
H)	Interest factor attributable to rentals		72.2			75.8			87.8			86.6			86.3
I)	Preferred dividends of subsidiaries		140.6			129.0			115.0			67.1			15.6
J)	Capitalized interest		24.4			13.2			12.3			8.6			10.9
K)	Total fixed charges	$	1,175.0		$	1,267.8		$	1,106.2		$	1,037.2		$	952.8
L)	Ratio of earnings to fixed charges		1.37						1.22			1.21			1.73
M)	Deficiency in earnings necessary to cover fixed charges				$	(1,432.9	)

Note: Dividends on International Paper’s preferred stock are insignificant. As a result, for all periods presented, the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges.