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

• A 30 percent premium over the present value of average analyst price targets for a standalone Temple-Inland of $23.57.

• A highly attractive multiple of 9.8x Temple-Inland’s 2011 estimated EBITDA (9.0x excluding timber tax liability) versus forward EBITDA multiples of recent precedent transactions of 6.1x for Smurfit-Stone and 6.3x for Weyerhaeuser’s corrugated packaging business, and well above Temple-Inland’s average forward EBITDA multiple of 6.1x since 2008.