Temple-Inland Rebuffs International Paper’s Acquisition Proposal

If a person or group acquires 10 percent or more of Temple-Inland’s outstanding common stock, each right will entitle its holder (other than such person or members of such group) to purchase, at the Right's then-current exercise price, a number of Temple-Inland’s common shares having a market value of twice such price. In addition, if Temple-Inland is acquired in a merger or other business combination transaction after a person has acquired 10 percent or more of the company’s outstanding common stock, each Right will entitle its holder to purchase, at the Right's then-current exercise price, a number of the acquiring company’s common shares having a market value of twice such price. The acquiring person will not be entitled to exercise these Rights.