IP, Georgia-Pacific, and Weyerhaeuser
   launch on-line marketplace

   PURCHASE, N.Y., ATLANTA, and FEDERAL WAY, Wash., March
   23, 2000 (PRNewswire) - International Paper, Georgia-Pacific
   Corp. and Weyerhaeuser Co. today jointly announced that they
   intend to develop a global business-to-business marketplace to
   enable buying and selling of paper and forest products on-line.

   The companies will take a leadership role to facilitate the utilization
   of Internet technology to enhance service to customers and
   increase efficiency with suppliers. The electronic marketplace will
   create a foundation for common industry standards to simplify and
   accelerate the adoption of electronic commerce across the
   industry.

   The marketplace will operate as an independent entity with its own
   board of directors and management team. Initially, the three
   founding companies will each have an equal equity position, but it is
   expected that more partners will join the initiative. Based on
   demonstrated success, the companies will consider taking the
   entity public.

   The paper and forest products industry in the United States ships
   more than $200 billion worth of products annually. By working
   together to establish an electronic marketplace, the three leading
   companies in the industry believe they can benefit customers by
   simplifying transaction processes, improving information flow and
   increasing speed of delivery, thereby reducing costs. Providing
   both procurement and sales functions means the on-line
   marketplace will also enable participating companies to streamline
   purchasing operations, reduce inventories, cut internal costs and
   increase capital efficiency in the industry.

   The three companies immediately will begin conducting a search
   for a chief executive officer for the new operation and are assessing
   potential technology partners to add state-of-the-art expertise to the
   enterprise. The companies plan to promptly complete a definitive
   agreement, finalize a business plan and enlist additional strategic
   partners, including forest products companies and affiliated industry
   firms.

   John T. Dillon, International Paper's chairman and chief executive
   officer, said, "This is a substantial commitment on the part of three
   industry leaders to develop a comprehensive electronic
   marketplace for the forest and paper sector. As manufacturers,
   marketers and distributors of a broad array of products, we will
   collectively bring expertise and resources to this effort."

   A.D. "Pete" Correll, Georgia-Pacific's chairman and chief executive
   officer, said, "This is a bold move for the paper and forest products
   industry. It is a defining step in our industry's positioning in the
   electronic business-to-business marketplace. Our companies
   immediately bring products and distribution capability through our
   active, joint participation." 

   Steven R. Rogel, Weyerhaeuser's chairman, president and chief
   executive, said, "Rapidly evolving technology is dramatically
   changing the global marketplace. This initiative will aggressively
   shape the electronic marketplace in the paper and forest products
   industry to ensure our industry meets the current and future needs of
   our customers. It will also promote better relationships with other
   trade partners, such as suppliers." 

   Executives representing the three companies who will serve as a
   steering committee include Marianne M. Parrs, executive vice
   president, International Paper; and John N. Balboni, vice president -
   e-business, International Paper; David J. Paterson, vice president -
   electronic commerce, Georgia-Pacific; and Robert A. Renner,
   director - electronic commerce, Georgia-Pacific; and Mack L.
   Hogans, senior vice president - corporate affairs with acting
   responsibility for electronic business, Weyerhaeuser; and Darien E.
   Roseen, vice president, strategic planning, Weyerhaeuser. Morgan
   Stanley Dean Witter has been selected to provide financial
   consulting services for this initiative.

   Until the electronic marketplace is up and running, which is subject
   to appropriate governmental and other approvals, the companies
   will continue to conduct sales and procurement activities as normal.
   International Paper's previously announced relationship with
   PaperExchange.com will remain part of the company's
   e-commerce strategy.

   International Paper is the world's largest paper and forest products
   company. Businesses include printing papers, packaging, building
   materials, chemical products and distribution. Headquartered in the
   United States at Purchase, N.Y., International Paper has operations
   in nearly 50 countries, employs nearly 100,000 people and exports
   its products to more than 130 nations.

   Georgia-Pacific, headquartered at Atlanta, is one of the world's
   leading manufacturers and distributors of pulp, paper and building
   products. It consists of two distinct operating groups -- The
   Georgia-Pacific Group, which includes the pulp, paper and building
   products businesses, and The Timber Company, which manages
   4.7 million acres of timberland in North America. The company
   employs more than 55,000 people at 500 locations in the United
   States and Canada.

   Weyerhaeuser Company, one of the world's largest integrated
   forest products companies, was incorporated in 1900. In 1999,
   sales were $12.3 billion. It has offices or operations in 13 countries,
   with customers worldwide. Weyerhaeuser is principally engaged in
   the growing and harvesting of timber; the manufacture, distribution
   and sale of forest products; and real estate construction,
   development and related activities.