<b>IP, Carter Holt Harvey Jointly Invest in Paper Company</B>

International Paper and Carter Holt Harvey have joined to invest a 50 percent share in Pacific Millennium Paper Group, a privately held company conducting business in greater China, South East Asia, and San Diego, Calif.

Pacific Millennium focuses on the fiber-based packaging industry, including distribution, packaging manufacturing, and paperboard manufacturing.

Leon Tan, the CEO of Pacific Millennium Paper Group, said, "We are very excited about this opportunity. Pacific Millennium has been expanding and positioning itself as the premier paper and packaging company in Asia and pursuing strategic alliances with major global paper companies.”