International Paper Goes Ahead with Tender Offer for Temple-Inland Shares

MEMPHIS, TN—July 11, 2011—International Paper announced that it is commencing a fully financed tender offer for all outstanding common shares of Temple-Inland Inc. for $30.60 per share in cash. The all-cash offer represents a 46 percent premium on Temple-Inland’s closing price on June 6, 2011, the last trading day prior to public disclosure of International Paper’s proposal to acquire Temple-Inland. The offer will on Aug. 9, 2011, unless extended.