Carl Icahn Commends Temple-Inland's Management and Board of Directors for Delivering Value to All Shareholders

NEW YORK, Feb. 26  /PRNewswire/ -- Carl Icahn today stated: "As one of the largest shareholders of Temple-Inland, we are extremely pleased with today's announcement by Temple-Inland to separate into three focused, stand-alone public companies (manufacturing operations, financial services and real estate) and sell its strategic timberland. Temple-Inland's management and board of directors should be commended for listening to the concerns that we and other shareholders have expressed and for announcing plans to take the actions we suggested. We look forward to continuing our dialogue with management and to working to assist, as appropriate, in the separation of Temple-Inland's component businesses. This is a great example of the "win-win" outcomes that can be achieved when managements work together with shareholders to create value for all. In light of the foregoing, in a letter sent today to Kenneth Jastrow, II, Chairman and CEO of Temple-Inland, we notified him that we no longer intend to appear at the 2007 annual meeting of Temple-Inland's stockholders to nominate persons for election to the board."

By encouraging undervalued companies to take actions to maximize shareholder value, we believe our actions have led to improved shareholder performance at numerous companies. 

DATASOURCE: Icahn Associates Corp.



CONTACT:  Susan Gordon, Icahn Associates Corp., [phone]

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