IP, Temple-Inland agree with U.S. Dept. of Justice to extend review period for pending merger until Jan. 27, had previously agreed not to complete merger prior to Dec. 31

MEMPHIS, Tennessee , December 19, 2011 (press release) – International Paper Company (NYSE: IP - News) and Temple-Inland Inc. (NYSE: TIN - News) today announced that they have agreed with the U.S. Department of Justice ("DOJ") to extend the review period for their pending merger until January 27 , 2012. Previously, the companies had agreed with the DOJ not to consummate their merger prior to December 31 , 2011. The companies also agreed to extend the outside date under their merger agreement from June 6 to June 28, 2012 .

International Paper Senior Vice President and General Counsel Sharon Ryan said , "We continue to cooperate with the Department of Justice and look forward to satisfying the closing conditions for the completion of this transaction."

About International Paper

International Paper (NYSE: IP - News) is a global paper and packaging company with manufacturing operations in North America , Europe , Latin America , Russia , Asia and North Africa . Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the Company's North American distribution company. Headquartered in Memphis, Tennessee , the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion . For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

About Temple-Inland

Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of 7 mills and 59 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial and repair and remodeling markets. Temple-Inland's address on the World Wide Web is www.templeinland.com.

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