International Paper Extends Tender Offer for All Outstanding Shares of Temple-Inland

International Paper (NYSE: IP) today announced that it has determined to extend the expiration date for now of its tender offer for all outstanding common shares of Temple-Inland Inc. (NYSE: TIN) for $30.60 in cash. Accordingly, the offer and withdrawal rights are now scheduled to expire at 5 p.m., Eastern Time on September 8, 2011, unless further extended. The tender offer was previously scheduled to expire at 5 p.m., Eastern Time on Aug. 9, 2011.

Based on a preliminary count by the depositary for the tender offer, approximately 8.5 million shares of Temple-Inland common stock have been tendered and not withdrawn to date. Except for the extension of the expiration date, all other terms and conditions of the tender offer remain unchanged. If the tender offer is extended further, International Paper will issue a press release announcing the extension at or before 9 a.m., Eastern Time, on the next business day after the date the tender offer was scheduled to expire.