SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934 (Amendment No. __)
Filed by the Registrant [ ]
Filed by a Party other than the Registrant [x]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[X] Soliciting Material Pursuant to ss. 240.14a-12
Temple-Inland Inc.
(Name of Registrant as Specified In Its Charter)
Icahn Partners LP
Icahn Onshore LP
CCI Onshore Corp,
Icahn Partners Master Fund LP
Icahn Offshore LP
CCI Offshore Corp.
High River Limited Partnership
Hopper Investments LLC
Barberry Corp.
Carl C. Icahn
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
On February 16, 2007, Icahn Partners LP, Icahn Partners Master Fund LP and
High River Limited Partnership (collectively, the "Nominating Parties") notified
Temple-Inland Inc. (the "Issuer") of their intention to propose the nomination
of a slate of directors for election at the forthcoming 2007 annual meeting of
the Issuer's stockholders by delivering a notice thereof to the Issuer. A copy
of the notification letter delivered to the Issuer is attached hereto as Exhibit
A.
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS
RELATED TO SOLICITATION OF PROXIES BY MR. ICAHN AND HIS AFFILIATES FROM THE
STOCKHOLDERS OF TEMPLE-INLAND INC. FOR USE AT ITS ANNUAL MEETING WHEN AND IF
THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION,
INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH PROXY
SOLICITATION. WHEN AND IF COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF
PROXY WHICH WILL BE MAILED TO STOCKHOLDERS OF TEMPLE-INLAND INC. AND WILL BE
AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT
HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE POTENTIAL PARTICIPANTS IN A
POTENTIAL PROXY SOLICITATION IS CONTAINED IN EXHIBIT 1 HERETO.
EXHIBIT 1
POTENTIAL PARTICIPANTS
In addition to the Nominees named in Exhibit A hereto (the contents of
which are hereby incorporated by reference into this Exhibit 1), the potential
participants in the potential solicitation of proxies (the "Participants") may
include the following: Icahn Partners LP ("Icahn Partners"), Icahn Partners
Master Fund LP ("Icahn Master"), High River Limited Partnership ("High River"),
Mr. Carl C. Icahn, Mr. Keith A. Meister and Mr. Vincent J. Intrieri.
Icahn Partners, Icahn Master and High River (collectively, the "Icahn
Parties") are entities controlled by Carl C. Icahn. Keith A. Meister and Vincent
J. Intrieri are employees of the Icahn Parties who may also participate in
soliciting proxies from the Issuer's stockholders. Messrs. Meister and Intrieri
do not own beneficially any interest in securities of the Issuer, and will not
receive any special compensation in connection with such solicitation.
Icahn Partners is a Delaware limited partnership principally engaged in the
business of investing in securities. Icahn Onshore LP ("Icahn Onshore") is a
Delaware limited partnership primarily engaged in the business of acting as the
general partner of Icahn Partners. CCI Onshore Corp. ("CCI Onshore") is a
Delaware corporation primarily engaged in the business of acting as the general
partner of Icahn Onshore. CCI Onshore is wholly owned by Mr. Icahn.
Icahn Master is a Cayman Islands exempted limited partnership principally
engaged in the business of investing in securities. Icahn Offshore LP ("Icahn
Offshore") is a Delaware limited partnership primarily engaged in the business
of acting as the general partner of Icahn Master. CCI Offshore Corp. ("CCI
Offshore") is a Delaware corporation primarily engaged in the business of acting
as the general partner of Icahn Offshore. CCI Offshore is wholly owned by Mr.
Icahn.
High River Limited Partnership is a Delaware limited partnership
principally engaged in the business of investing in securities. Hopper
Investments LLC ("Hopper") is a Delaware limited liability company primarily
engaged in the business of acting as the general partner of High River. Barberry
Corp. ("Barberry") is a Delaware corporation primarily engaged in the business
of acting as the managing member of Hopper. Barberry is wholly owned by Mr.
Icahn.
Carl C. Icahn, through his ownership of CCI Onshore, CCI Offshore and
Barberry, indirectly controls the Icahn Parties.
Keith A. Meister and Vincent J. Intrieri are employees and/or officers or
directors of the Icahn Parties and various other entities controlled by Mr.
Icahn. In connection with their employment by Mr. Icahn and his affiliated
companies, Messrs. Meister and Intrieri, among other employees, each has a
participatory interest in the profits and fees derived by Mr. Icahn and/or his
affiliated entities from Icahn Partners LP and Icahn Partners Master Fund LP
(the "Funds"). Because only a portion of such profit interests are distributed
and because of their other investments in the Funds, each of Mr. Meister and Mr.
Intrieri also has capital accounts in the Funds. In the aggregate: (i) Mr.
Meister's profit interests and capital accounts in the Funds entitle him to less
than 2% of the profits generated by the Funds; and (ii) Mr. Intrieri's profit
interests and capital accounts in the Funds entitle him to less than 2% of the
profits generated by the Funds.
Mr. Icahn, through his control of the Icahn Parties, may be deemed to be
the indirect beneficial owner of 7,201,939 shares (including shares underlying
call options) of common stock ("Common Stock") of the Issuer, which represents
approximately 6.73% of outstanding shares of Common Stock as of the date hereof.
Icahn Master is the direct beneficial owner of 3,285,356 shares (including
shares underlying call options) of the Common Stock, Icahn Partners is the
direct beneficial owner of 2,476,196 shares of the Common Stock and High River
is the direct beneficial owner of 1,440,387 shares of the Common Stock. Icahn
Offshore, as the general partner of Icahn Master and CCI Offshore, as the
general partner of Icahn Offshore may each be deemed to be the indirect
beneficial owner of the shares of Common Stock directly owned by Icahn Master.
Icahn Onshore, as the general partner of Icahn Partners, and CCI Onshore, as the
general partner of Icahn Onshore, may each be deemed to be the indirect
beneficial owner of the shares of Common Stock directly owned by Icahn Partners.
Hopper, as the general partner of High River, and Barberry, as the managing
member of Hopper, may each be deemed to be the indirect beneficial owner of the
shares of Common Stock directly owned by High River. Carl C. Icahn, as the sole
stockholder of each of CCI Offshore, CCI Onshore and Barberry, may be deemed to
be the indirect beneficial owner of the shares of Common Stock directly owned by
Icahn Master, Icahn Partners and High River.
The Icahn Parties have entered into a number of derivative agreements,
commonly known as Total Return Swaps, with counterparties, which agreements
provide that the profit to the Icahn Parties shall be based upon the increase in
value of the shares of Common Stock and the loss to the Icahn Parties shall be
based upon the decrease in the value of the shares of Common Stock, during the
period from inception of the applicable agreement to its termination. The
agreements provide that they settle in cash. In addition to the shares of Common
Stock which they beneficially own as shown above, the Icahn Parties currently
have long economic exposure to an aggregate of 3,382,600 shares of Common Stock
through such agreements. These agreements do not give the Icahn Parties direct
or indirect voting, investment or dispositive control over the shares of Common
Stock to which these agreements relate and, accordingly, the Icahn Parties
disclaim any beneficial ownership in the shares of Common Stock to which these
agreements relate.
EXHIBIT A
ICAHN PARTNERS LP
ICAHN PARTNERS MASTER FUND LP
HIGH RIVER LIMITED PARTNERSHIP
c/o Icahn Associates Corp.
767 Fifth Avenue, 47th Floor
New York, NY 10153
February 16, 2007
VIA FACSIMILE, HAND DELIVERY, U.S. MAIL AND FEDERAL EXPRESS
Temple-Inland Inc.
1300 MoPac Expressway South
Austin, Texas 78746
Attention: Kenneth M. Jastrow, II, Chief Executive Officer
Morris Davis, Esq., General Counsel
Randall D. Levy, Chief Financial Officer
Leslie K. O'Neal, Corporate Secretary
Re: Stockholders' Notice of Intent to Nominate Persons for Election as
Directors of Temple-Inland Inc. (the "Corporation")
-------------------------------------------------------------------
Ladies and Gentlemen:
Icahn Partners LP, a Delaware limited partnership ("Icahn Partners"), Icahn
Partners Master Fund LP, a Cayman Islands exempted limited partnership ("Icahn
Master"), and High River Limited Partnership, a Delaware limited partnership
("High River" and together with Icahn Partners and Icahn Master, the "Record
Holders" and each of them a "Record Holder") hereby submit this notice (this
"Notice") on the date hereof pursuant to the requirements (the "Bylaw
Requirements") set forth in Article III, Section 3 of the By-laws of the
Corporation, revised as of May 23, 2002, attached as Exhibit 3.1 to the Form
10-Q filed by the Corporation with the Securities and Exchange Commission (the
"SEC") on November 12, 2002 (the "Bylaws").
The address of Icahn Partners is 767 Fifth Avenue, 47th Floor, New York, NY
10153. The address of Icahn Master is c/o Walkers SPV Limited, P.O. Box 908GT,
87 Mary Street, George Town, Grand Cayman, Cayman Islands. The address of High
River is White Plains Plaza, 445 Hamilton Avenue - Suite 1210, White Plains, NY
10601. Each of the Record Holders is the record owner(1) of 1000 shares of
Common Stock of the Corporation ("Shares").
------------------
(1) Please note that (i) High River's stock certificate was issued in the name
of "High River LP;" and (ii) the following address is set forth on each such
stock certificate of each Record Holder as the record address on the books of
the Corporation: 767 Fifth Avenue, 47th Floor, New York, New York 10153.
Each of the Record Holders hereby represents that it: (i) is a stockholder
of record of Shares entitled to vote in the election of directors at the 2007
annual meeting of stockholders of the Corporation (the "Annual Meeting"), (ii)
intends to deliver a proxy statement and/or form of proxy to holders of at least
the percentage of the Corporation's outstanding voting stock required to elect
the Nominees (as hereafter defined) and/or otherwise solicit proxies from
stockholders of the Corporation in support of such nomination, and (iii) intends
to appear in person or by proxy at the Annual Meeting to nominate for election
as directors of the Corporation the following persons (each, a "Nominee" and
collectively, the "Slate"):
Jose Maria Alapont
Ambassador John R. Bolton
Keith A. Meister
James J. Unger
As of the date hereof, to the knowledge of the Record Holders, based on
information contained in the Bylaws, the Corporation's Web site and the
Corporation's Proxy Statement on Schedule 14A, filed with the SEC on March 22,
2006, the current Board of Directors of the Corporation ("Board") consists of 13
directors and the Board has adopted a policy that its size should be in the
range of 10 to 12 members. Based on the current size of the Board, the Record
Holders are submitting this Notice based on the assumption that 4 directors are
to be elected at the Annual Meeting. If, for any reason, more than 4 directors
are to be elected at the Annual Meeting, the Record Holders reserve the right to
nominate additional persons to be so elected (each, an "Additional Nominee").
Additionally, if, for any reason, any Nominee or Additional Nominee is unable to
stand for election at the Annual Meeting, the Record Holders intend to nominate
a person in the place of such Nominee or Additional Nominee (a "Substitute").
Finally, if fewer than 4 directors are to be elected at the Annual Meeting, the
Record Holders will designate which of the Nominees will be placed in
nomination. In any of those events, the Record Holders at the earliest
practicable time will give notice to the Corporation of any Additional Nominee,
the Substitute or the Nominees who will be placed in nomination.
Pursuant to the Bylaw Requirements: (i) certain information relating to the
Record Holders is set forth in the body of this Notice and Annex A; (ii) certain
information relating to each Nominee is set forth in the body of this Notice and
Annex B; and (iii) the written consent of each Nominee to being named in the
proxy statement as a nominee and to serve as a director of the Corporation if
elected is attached as Annex C. Each nominee (other than Keith A. Meister) is
also party to an agreement substantially in the form attached hereto as Annex D,
pursuant to which the Record Holders have agreed to pay certain fees to the
Nominees and to indemnify the Nominees with respect to certain costs incurred by
the Nominees in connection with the proxy contest relating to the Annual Meeting
(the "Nominee Agreement").
Each Nominee has an interest in the election of directors at the Annual
Meeting: (i) indirectly through the beneficial ownership (if any) of Shares, as
described on the applicable attachment to Annex A; and (ii) pursuant to the
Nominee Agreement (if applicable to such Nominee).
With respect to each Nominee, other than as disclosed in this Notice, (i)
such Nominee is not, nor was he within the past year, a party to any contract,
arrangement or understanding with any person with respect to any securities of
the Corporation, including, but not limited to, joint ventures, loan or option
arrangements, puts or calls, guarantees against loss or guarantees of profit,
division of losses or profits, or the giving or withholding of proxies; and (ii)
neither the Nominee nor any of his associates have any arrangement or
understanding with any person with respect to (A) any future employment by the
Corporation or its affiliates or (B) any future transactions to which the
Corporation or any of its affiliates will or may be a party.
With respect to each Nominee, the Nominee would not be barred from being
considered independent under (i) the applicable standards of the New York Stock
Exchange and (ii) the independence standards applicable to the Corporation under
paragraph (a)(1) of Item 407 of Regulation S-K under the Securities Exchange Act
of 1934, as amended (the "Exchange Act").
The Annexes and all attachments thereto are hereby incorporated into and
made a part of this Notice. Accordingly, all matters disclosed in any part of
this Notice, including the Annexes and all attachments thereto should be deemed
disclosed for all purposes of this Notice. All upper case terms appearing in the
Annexes and all attachments thereto that are not defined in such Annexes and
attachments shall have the meanings given in the body of this Notice or the
Annexes, as applicable.
The Record Holders have filed a Schedule 13D under the Exchange Act, with
the SEC relating to the Corporation (the "Filing"). The Filing, all attachments
thereto and all future amendments thereto, are hereby incorporated into and made
a part of this Notice (but only to the extent that the information disclosed
therein constitutes information regarding the Record Holders that is required to
be set forth in this Notice pursuant to the Bylaw Requirements). Accordingly,
all such matters disclosed in any part of the Filing, including all attachments
thereto, should be deemed disclosed for all purposes of this Notice. The Filing,
a copy of which was previously delivered to the Corporation pursuant to Rule
13d-7 under the Exchange Act, is available at no charge at the SEC's website at
http://www.sec.gov. If the Corporation requests additional copies of the Filing,
the Record Holders will provide them.
Information is set forth herein as of the date hereof and neither the
delivery of this Notice in accordance with the Bylaw Requirements nor any
delivery by any Record Holder of additional information to the Corporation from
and after the date hereof shall be deemed to constitute an admission by any
Record Holder or any of their respective affiliates that such delivery is
required or that each and every item of information is required by the Bylaws or
as to the legality or enforceability of the Bylaws or any other matter, or a
waiver by any Record Holder or any of their respective affiliates of their right
to contest or challenge, in any way, the validity or enforceability of the
Bylaws or any other matter (including actions taken by the Board in anticipation
of or following receipt of this Notice).
[Signature page follows]
Very truly yours,
ICAHN PARTNERS LP
By: /s/ Edward E. Mattner
---------------------
Name: Edward E. Mattner
Title: Authorized Signatory
ICAHN PARTNERS MASTER FUND LP
By: /s/ Edward E. Mattner
---------------------
Name: Edward E. Mattner
Title: Authorized Signatory
HIGH RIVER LIMITED PARTNERSHIP
By: Hopper Investments LLC, its general partner
By: Barberry Corp., its sole member
By: /s/ Edward E. Mattner
--------------------------
Name: Edward E. Mattner
Title: Authorized Signatory
[Signature page to Stockholders' Notice of Intent to Nominate
Persons for Election as Directors of Temple-Inland Inc.]
ANNEX A
INFORMATION ABOUT THE RECORD HOLDERS PURSUANT TO ARTICLE III, SECTION 3 OF
THE BYLAWS
SECURITY OWNERSHIP OF RECORD HOLDERS
(1) Title of (2) Name of (3) Amount and Nature of (4) Percent of
Class (2) Beneficial of Beneficial Class (5)
Owner(3) Ownership (4)
----------------- ---------------- --------------------------- -----------------
Common Stock High River 1,440,387 1.35%
----------------- ---------------- --------------------------- -----------------
Common Stock Icahn Master 3,285,356 3.07%
----------------- ---------------- --------------------------- -----------------
Common Stock Icahn Partners 2,476,196 2.31%
BENEFICIAL OWNERSHIP
Barberry Corp., a Delaware corporation ("Barberry"), is the sole member of
Hopper Investments LLC, a Delaware limited liability company ("Hopper"), which
is the general partner of High River. CCI Offshore Corp., a Delaware corporation
("CCI Offshore"), is the General partner of Icahn Offshore LP, a Delaware
limited partnership ("Icahn Offshore"), which is the general partner of Icahn
Master. CCI Onshore Corp., a Delaware corporation ("CCI Onshore"), is the
general partner of Icahn Onshore LP, a Delaware limited partnership ("Icahn
Onshore"), which is the general partner of Icahn Partners. Each of Barberry, CCI
Offshore and CCI Onshore is 100 percent owned by Carl C. Icahn. As such, Mr.
Icahn is in a position indirectly to determine the investment and voting
decisions made by each of the Record Holders.
The Record Holders may be deemed to beneficially own, in the aggregate,
7,201,939 Shares(6), representing approximately 6.73%(7) of the Corporation's
outstanding Shares (based upon the 106,984,201 Shares stated to be outstanding
as of September 30, 2006 by the Corporation in the Corporation's Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission on
November 7, 2006 (the "Form 10-Q")).
--------------
(2) Please note that: (i) in addition to Common Stock, Icahn Master also
purchased certain call options on Shares as described on Attachment 1to this
Annex A; and (ii) the Record Holders are or have been party to certain (A) cash
settled derivative agreements relating to Shares, commonly known as Total Return
Swaps, as described on Attachment 2 to this Annex A and (B) cash settled
derivative agreements relating to certain debt securities of the Corporation,
commonly known as Credit Default Swaps, as described on Attachment 3 to this
Annex A.
(3) Please note that each Record Holder listed above is the direct beneficial
owner of Shares set forth under the heading "(3) Amount and Nature of Beneficial
Ownership" and that indirect beneficial ownership of Shares is described in the
text of this Annex A under the heading "Beneficial Ownership."
(4) Please note that amounts of Shares set forth in this column: (i) include the
respective amounts of Shares underlying call options purchased by the respective
Record Holders, as described on Attachment 1 to this Annex A; and (ii) do not
include the respective amounts of Shares referenced in the derivative agreements
described on Attachment 2 to this Annex A.
(5) Please note that percentages of ownership set forth in this column: (i) take
into account the respective amounts of Shares underlying call options purchased
by the respective Record Holders, as described on Attachment 1 to this Annex A;
(ii) do not take into account the respective amounts of Shares referenced in the
derivative agreements described on Attachment 2 to this Annex A; and (iii) were
calculated based on the amount of Shares stated to be outstanding in the Form
10-Q.
(6) Please note this amount of Shares: (i) includes the aggregate amount of
Shares underlying call options described on Attachment 1 to this Annex A; and
(ii) does not include the aggregate amount of Shares referenced in the
derivative agreements described on Attachment 2 to this Annex A.
(7) Please note this percentage of ownership: (i) takes into account the
aggregate amount of Shares underlying call options described on Attachment 1 to
this Annex A; and (ii) does not take into account the aggregate amount of Shares
referenced in the derivative agreements described on Attachment 2 to this Annex
A.
High River has sole voting power and sole dispositive power with regard to
1,440,387 Shares(8). Each of Hopper, Barberry and Carl C. Icahn has shared
voting power and shared dispositive power with regard to such Shares. Icahn
Master has sole voting power and sole dispositive power with regard to 3,285,356
Shares(9). Each of Icahn Offshore, CCI Offshore and Carl C. Icahn has shared
voting power and shared dispositive power with regard to such Shares. Icahn
Partners has sole voting power and sole dispositive power with regard to
2,476,196 Shares(10). Each of Icahn Onshore, CCI Onshore and Carl C. Icahn has
shared voting power and shared dispositive power with regard to such Shares.
Each of Hopper, Barberry and Mr. Icahn, by virtue of their relationships to High
River, may be deemed to indirectly beneficially own the Shares which High River
directly beneficially owns. Each of Icahn Offshore, CCI Offshore and Mr. Icahn,
by virtue of their relationships to Icahn Master, may be deemed to indirectly
beneficially own the Shares which Icahn Master directly beneficially owns. Each
of Icahn Onshore, CCI Onshore and Mr. Icahn, by virtue of their relationships to
Icahn Partners, may be deemed to indirectly beneficially own the Shares which
Icahn Partners directly beneficially owns.
TWO YEARS SUMMARY TABLES
The following tables indicate the date of each purchase and sale of Shares by
Mr. Icahn and his affiliates within the past two years, and the number of shares
in each such purchase or sale.(11)
-----------------
(8) Please note this amount of Shares does not include Shares referenced in the
derivative agreements described on Attachment 2 to this Annex A to which High
River is a party.
(9) Please note this amount of Shares: (i) includes Shares
underlying call options purchased by Icahn Master as described on Attachment 1to
this Annex A; and (ii) does not include Shares referenced in the derivative
agreements described on Attachment 2 to this Annex A to which Icahn Master is a
party.
(10) Please note this amount of Shares does not include Shares referenced in the
derivative agreements described on Attachment 2 to this Annex A to which Icahn
Partners is a party.
(11) Please refer to Attachment 1 to this Annex A for a description of certain
call options on Shares purchased by Icahn Master. Please refer to Attachment 2
to this Annex A for a description of certain cash settled derivative agreements
relating to Shares entered into by the respective Record Holders. Please refer
to Attachment 3 to this Annex A for a description of certain cash settled
derivative agreements relating to certain debt securities of the Corporation
entered into by the respective Record Holders.
HIGH RIVER PURCHASES
--------------------
No. of Shares
Name Date Purchased
---- ---- ---------
High River 5/10/2005 84,596
------------------- ---------------- -------------------
High River 5/11/2005 42,000
------------------- ---------------- -------------------
High River 5/12/2005 137,150
------------------- ---------------- -------------------
High River 5/13/2005 98,200
------------------- ---------------- -------------------
High River 5/16/2005 12,100
------------------- ---------------- -------------------
High River 5/17/2005 24,160
------------------- ---------------- -------------------
High River 5/19/2005 64,080
------------------- ---------------- -------------------
High River 5/20/2005 10,020
------------------- ---------------- -------------------
High River 5/24/2005 120,000
------------------- ---------------- -------------------
High River 5/25/2005 95,400
------------------- ---------------- -------------------
High River 5/26/2005 16,300
------------------- ---------------- -------------------
High River 5/27/2005 38,460
------------------- ---------------- -------------------
High River 6/1/2005 53,100
------------------- ---------------- -------------------
High River 6/2/2005 8,260
------------------- ---------------- -------------------
High River 6/3/2005 4,300
------------------- ---------------- -------------------
High River 6/6/2005 1,200
------------------- ---------------- -------------------
High River 6/9/2005 3,140
------------------- ---------------- -------------------
High River 6/23/2005 7,780
------------------- ---------------- -------------------
High River 6/24/2005 27,020
------------------- ---------------- -------------------
High River 6/27/2005 38,760
------------------- ---------------- -------------------
High River 7/5/2005 3,900
------------------- ---------------- -------------------
High River 7/6/2005 9,800
------------------- ---------------- -------------------
High River 7/7/2005 13,200
------------------- ---------------- -------------------
High River 8/23/2005 86,700
------------------- ---------------- -------------------
High River 10/12/2005 380
------------------- ---------------- -------------------
High River 10/13/2005 4,620
------------------- ---------------- -------------------
High River 10/27/2005 20,000
------------------- ---------------- -------------------
High River 10/28/2005 10,200
------------------- ---------------- -------------------
High River 10/31/2005 26,600
------------------- ---------------- -------------------
High River 11/1/2005 18,300
------------------- ---------------- -------------------
High River 11/4/2005 10,000
------------------- ---------------- -------------------
High River 11/9/2005 23,840
------------------- ---------------- -------------------
High River 11/6/2006 40,000
------------------- ---------------- -------------------
High River 11/7/2006 36,000
------------------- ---------------- -------------------
High River 11/8/2006 20,760
------------------- ---------------- -------------------
High River 11/9/2006 20,000
------------------- ---------------- -------------------
High River 11/10/2006 40,000
------------------- ---------------- -------------------
High River 11/13/2006 40,000
------------------- ---------------- -------------------
High River 11/15/2006 83,840
------------------- ---------------- -------------------
High River 11/16/2006 40,000
------------------- ---------------- -------------------
High River 11/17/2006 45,240
------------------- ---------------- -------------------
High River 11/20/2006 60,000
------------------- ---------------- -------------------
High River 11/21/2006 36,400
------------------- ---------------- -------------------
High River 11/22/2006 28,800
------------------- ---------------- -------------------
High River 11/24/2006 10,620
------------------- ---------------- -------------------
High River 11/27/2006 72,660
------------------- ---------------- -------------------
High River 11/28/2006 100,000
------------------- ---------------- -------------------
High River 11/29/2006 80,000
------------------- ---------------- -------------------
High River 11/30/2006 34,000
------------------- ---------------- -------------------
High River 12/1/2006 27,160
------------------- ---------------- -------------------
High River 12/5/2006 54,000
------------------- ---------------- -------------------
High River 12/6/2006 24,700
------------------- ---------------- -------------------
High River 12/7/2006 20,000
------------------- ---------------- -------------------
High River 12/8/2006 920
------------------- ---------------- -------------------
High River 12/11/2006 2,860
------------------- ---------------- -------------------
High River 12/12/2006 33,000
------------------- ---------------- -------------------
High River 12/13/2006 24,000
------------------- ---------------- -------------------
High River 12/14/2006 44,500
------------------- ---------------- -------------------
High River 12/18/2006 5,000
------------------- ---------------- -------------------
High River 12/19/2006 20,000
------------------- ---------------- -------------------
High River 12/21/2006 15,540
------------------- ---------------- -------------------
High River 1/12/2007 35,216
------------------- ---------------- -------------------
High River 1/16/2007 25,220
------------------- ---------------- -------------------
High River 1/17/2007 5,203
------------------- ---------------- -------------------
High River 1/18/2007 134,898
------------------- ---------------- -------------------
High River 1/19/2007 56,050
------------------- ---------------- -------------------
High River 1/22/2007 123,800
Part of the purchase price of Shares purchased by High River was obtained
through margin borrowing. Shares purchased by High River are maintained in a
margin account that includes positions in securities in addition to Shares. The
indebtedness of the margin account as of the date hereof is approximately
$306,741,430.
HIGH RIVER SALES
----------------
Name Date No. of Shares Sold
---- ---- ------------------
High River 12/1/2005 28,800
------------------- ---------------- -------------------
High River 12/2/2005 28,600
------------------- ---------------- -------------------
High River 12/5/2005 12,600
------------------- ---------------- -------------------
High River 12/6/2005 40,000
------------------- ---------------- -------------------
High River 12/7/2005 26,680
------------------- ---------------- -------------------
High River 12/8/2005 42,380
------------------- ---------------- -------------------
High River 12/9/2005 12,340
------------------- ---------------- -------------------
High River 12/12/2005 17,940
------------------- ---------------- -------------------
High River 12/13/2005 28,060
------------------- ---------------- -------------------
High River 12/14/2005 11,620
------------------- ---------------- -------------------
High River 12/15/2005 37,480
------------------- ---------------- -------------------
High River 12/16/2005 12,700
------------------- ---------------- -------------------
High River 12/19/2005 20,440
------------------- ---------------- -------------------
High River 12/20/2005 15,440
------------------- ---------------- -------------------
High River 12/21/2005 27,040
------------------- ---------------- -------------------
High River 12/22/2005 18,980
------------------- ---------------- -------------------
High River 12/23/2005 11,360
------------------- ---------------- -------------------
High River 12/27/2005 6,000
------------------- ---------------- -------------------
High River 12/28/2005 20,000
------------------- ---------------- -------------------
High River 12/29/2005 19,380
------------------- ---------------- -------------------
High River 12/30/2005 11,260
------------------- ---------------- -------------------
High River 1/3/2006 26,031
------------------- ---------------- -------------------
High River 1/4/2006 36,760
------------------- ---------------- -------------------
High River 1/5/2006 8,840
------------------- ---------------- -------------------
High River 1/6/2006 5,860
------------------- ---------------- -------------------
High River 1/9/2006 10,560
------------------- ---------------- ------------------
High River 1/10/2006 26,820
------------------- ---------------- -------------------
High River 1/11/2006 24,000
------------------- ---------------- -------------------
High River 1/12/2006 16,960
------------------- ---------------- -------------------
High River 1/13/2006 9,780
------------------- ---------------- -------------------
High River 1/17/2006 11,300
------------------- ---------------- -------------------
High River 1/18/2006 10,280
------------------- ---------------- -------------------
High River 1/19/2006 23,540
------------------- ---------------- -------------------
High River 1/20/2006 4,080
------------------- ---------------- -------------------
High River 1/23/2006 52,480
------------------- ---------------- -------------------
High River 1/24/2006 28,720
------------------- ---------------- -------------------
High River 1/25/2006 22,180
------------------- ---------------- -------------------
High River 1/26/2006 19,100
------------------- ---------------- -------------------
High River 1/27/2006 4,560
------------------- ---------------- -------------------
High River 1/31/2006 14,940
------------------- ---------------- -------------------
High River 2/1/2006 30,180
------------------- ---------------- -------------------
High River 2/2/2006 7,760
------------------- ---------------- -------------------
High River 2/3/2006 60
------------------- ---------------- -------------------
High River 2/6/2006 12,300
------------------- ---------------- -------------------
High River 2/7/2006 6,060
------------------- ---------------- -------------------
High River 2/8/2006 8,100
------------------- ---------------- -------------------
High River 2/9/2006 19,860
------------------- ---------------- -------------------
High River 2/10/2006 34,540
------------------- ---------------- -------------------
High River 2/13/2006 53,900
------------------- ---------------- -------------------
High River 2/14/2006 85,920
------------------- ---------------- -------------------
High River 2/15/2006 1,300
------------------- ---------------- -------------------
High River 2/17/2006 1,400
------------------- ---------------- -------------------
High River 2/21/2006 8,140
------------------- ---------------- -------------------
High River 2/22/2006 10,000
------------------- ---------------- -------------------
High River 2/23/2006 7,360
------------------- ---------------- -------------------
High River 2/24/2006 12,080
------------------- ---------------- -------------------
High River 2/27/2006 8,715
ICAHN PARTNERS PURCHASES
------------------------
Name Date No. of Shares Purchsed
---- ---- ----------------------
Icahn Partners 2/17/2005 58,555
---------------------- ----------------- -------------------
2:1 SPLIT ON 4/1/05
---------------------- ----------------- -------------------
Icahn Partners 5/10/2005 169,193
---------------------- ----------------- -------------------
Icahn Partners 5/11/2005 84,000
---------------------- ----------------- -------------------
Icahn Partners 5/12/2005 274,300
---------------------- ----------------- -------------------
Icahn Partners 5/13/2005 196,400
---------------------- ----------------- -------------------
Icahn Partners 5/16/2005 24,200
---------------------- ----------------- -------------------
Icahn Partners 5/17/2005 48,320
---------------------- ----------------- -------------------
Icahn Partners 5/19/2005 128,160
---------------------- ----------------- -------------------
Icahn Partners 5/20/2005 20,040
---------------------- ----------------- -------------------
Icahn Partners 5/24/2005 235,200
---------------------- ----------------- -------------------
Icahn Partners 5/25/2005 186,984
---------------------- ----------------- -------------------
Icahn Partners 5/26/2005 31,948
---------------------- ----------------- -------------------
Icahn Partners 5/27/2005 75,382
---------------------- ----------------- -------------------
Icahn Partners 6/1/2005 104,076
---------------------- ----------------- -------------------
Icahn Partners 6/2/2005 16,190
---------------------- ----------------- -------------------
Icahn Partners 6/3/2005 8,428
---------------------- ----------------- -------------------
Icahn Partners 6/6/2005 2,352
---------------------- ----------------- -------------------
Icahn Partners 6/9/2005 6,154
---------------------- ----------------- -------------------
Icahn Partners 6/23/2005 15,249
---------------------- ----------------- -------------------
Icahn Partners 6/24/2005 52,959
---------------------- ----------------- -------------------
Icahn Partners 6/27/2005 75,970
---------------------- ----------------- -------------------
Icahn Partners 7/5/2005 7,644
---------------------- ----------------- -------------------
Icahn Partners 7/6/2005 18,816
---------------------- ----------------- -------------------
Icahn Partners 7/7/2005 25,344
---------------------- ----------------- -------------------
Icahn Partners 8/23/2005 166,464
---------------------- ----------------- -------------------
Icahn Partners 10/12/2005 669
---------------------- ----------------- -------------------
Icahn Partners 10/13/2005 8,131
---------------------- ----------------- -------------------
Icahn Partners 10/27/2005 35,200
---------------------- ----------------- -------------------
Icahn Partners 10/28/2005 17,952
---------------------- ----------------- -------------------
Icahn Partners 10/31/2005 46,816
---------------------- ----------------- -------------------
Icahn Partners 11/6/2006 68,648
---------------------- ----------------- -------------------
Icahn Partners 11/7/2006 61,784
---------------------- ----------------- -------------------
Icahn Partners 11/8/2006 35,629
---------------------- ----------------- -------------------
Icahn Partners 11/9/2006 34,324
---------------------- ----------------- -------------------
Icahn Partners 11/10/2006 68,648
---------------------- ----------------- -------------------
Icahn Partners 11/13/2006 68,649
---------------------- ----------------- -------------------
Icahn Partners 11/15/2006 143,887
---------------------- ----------------- -------------------
Icahn Partners 11/16/2006 68,648
---------------------- ----------------- -------------------
Icahn Partners 11/17/2006 77,642
---------------------- ----------------- -------------------
Icahn Partners 11/20/2006 102,973
---------------------- ----------------- -------------------
Icahn Partners 11/21/2006 62,470
---------------------- ----------------- -------------------
Icahn Partners 11/22/2006 49,427
---------------------- ----------------- -------------------
Icahn Partners 11/24/2006 18,226
---------------------- ----------------- -------------------
Icahn Partners 11/27/2006 124,700
---------------------- ----------------- -------------------
Icahn Partners 11/28/2006 171,621
---------------------- ----------------- -------------------
Icahn Partners 11/29/2006 137,297
---------------------- ----------------- -------------------
Icahn Partners 11/30/2006 58,351
---------------------- ----------------- -------------------
Icahn Partners 12/1/2006 44,318
---------------------- ----------------- -------------------
Icahn Partners 12/5/2006 92,524
---------------------- ----------------- -------------------
Icahn Partners 12/6/2006 42,321
---------------------- ----------------- -------------------
Icahn Partners 12/7/2006 34,268
---------------------- ----------------- -------------------
Icahn Partners 12/8/2006 1,576
---------------------- ----------------- -------------------
Icahn Partners 12/11/2006 4,900
---------------------- ----------------- -------------------
Icahn Partners 12/12/2006 56,542
---------------------- ----------------- -------------------
Icahn Partners 12/13/2006 41,122
---------------------- ----------------- -------------------
Icahn Partners 12/14/2006 75,071
---------------------- ----------------- -------------------
Icahn Partners 12/18/2006 8,561
---------------------- ----------------- -------------------
Icahn Partners 12/19/2006 34,245
---------------------- ----------------- -------------------
Icahn Partners 12/21/2006 26,609
---------------------- ----------------- -------------------
Icahn Partners 1/12/2007 60,864
---------------------- ----------------- -------------------
Icahn Partners 1/16/2007 42,880
---------------------- ----------------- -------------------
Icahn Partners 1/17/2007 8,868
---------------------- ----------------- -------------------
Icahn Partners 1/18/2007 234,830
---------------------- ----------------- -------------------
Icahn Partners 1/19/2007 97,573
---------------------- ----------------- -------------------
Icahn Partners 1/22/2007 216,200
ICAHN PARTNERS SALES
--------------------
Name Date No. of Shares Sold
---- ---- ------------------
Icahn Partners 2/14/2005 55,200
---------------------- ----------------- ------------------
Icahn Partners 2/15/2005 86,160
---------------------- ----------------- ------------------
Icahn Partners 2/16/2005 14,400
---------------------- ----------------- ------------------
Icahn Partners 2/18/2005 550,820
---------------------- ----------------- ------------------
Icahn Partners 2/22/2005 52,185
---------------------- ----------------- ------------------
Icahn Partners 3/24/2005 39,500
---------------------- ----------------- ------------------
2:1 SPLIT ON 4/1/05
---------------------- ----------------- ------------------
Icahn Partners 12/1/2005 53,860
---------------------- ----------------- ------------------
Icahn Partners 12/2/2005 53,486
---------------------- ----------------- ------------------
Icahn Partners 12/5/2005 23,688
---------------------- ----------------- ------------------
Icahn Partners 12/6/2005 74,806
---------------------- ----------------- ------------------
Icahn Partners 12/7/2005 49,896
---------------------- ----------------- ------------------
Icahn Partners 12/8/2005 79,257
---------------------- ----------------- ------------------
Icahn Partners 12/9/2005 23,078
---------------------- ----------------- ------------------
Icahn Partners 12/12/2005 33,551
---------------------- ----------------- ------------------
Icahn Partners 12/13/2005 52,473
---------------------- ----------------- ------------------
Icahn Partners 12/14/2005 21,730
---------------------- ----------------- ------------------
Icahn Partners 12/15/2005 70,088
---------------------- ----------------- ------------------
Icahn Partners 12/16/2005 23,749
---------------------- ----------------- ------------------
Icahn Partners 12/19/2005 38,223
---------------------- ----------------- ------------------
Icahn Partners 12/20/2005 28,873
---------------------- ----------------- ------------------
Icahn Partners 12/21/2005 50,565
---------------------- ----------------- ------------------
Icahn Partners 12/22/2005 35,493
---------------------- ----------------- ------------------
Icahn Partners 12/23/2005 21,243
---------------------- ----------------- ------------------
Icahn Partners 12/27/2005 11,220
---------------------- ----------------- ------------------
Icahn Partners 12/28/2005 37,400
---------------------- ----------------- ------------------
Icahn Partners 12/29/2005 36,241
---------------------- ----------------- ------------------
Icahn Partners 12/30/2005 21,056
---------------------- ----------------- ------------------
Icahn Partners 1/3/2006 48,677
---------------------- ----------------- ------------------
Icahn Partners 1/4/2006 68,742
---------------------- ----------------- ------------------
Icahn Partners 1/5/2006 16,531
---------------------- ----------------- ------------------
Icahn Partners 1/6/2006 10,958
---------------------- ----------------- ------------------
Icahn Partners 1/9/2006 19,747
---------------------- ----------------- ------------------
Icahn Partners 1/10/2006 50,154
---------------------- ----------------- ------------------
Icahn Partners 1/11/2006 44,880
---------------------- ----------------- ------------------
Icahn Partners 1/12/2006 31,715
---------------------- ----------------- ------------------
Icahn Partners 1/13/2006 18,289
---------------------- ----------------- ------------------
Icahn Partners 1/17/2006 21,131
---------------------- ----------------- ------------------
Icahn Partners 1/18/2006 19,224
---------------------- ----------------- ------------------
Icahn Partners 1/19/2006 44,020
---------------------- ----------------- ------------------
Icahn Partners 1/20/2006 7,630
---------------------- ----------------- ------------------
Icahn Partners 1/23/2006 98,139
---------------------- ----------------- ------------------
Icahn Partners 1/24/2006 53,707
---------------------- ----------------- ------------------
Icahn Partners 1/25/2006 41,477
---------------------- ----------------- ------------------
Icahn Partners 1/26/2006 35,717
---------------------- ----------------- ------------------
Icahn Partners 1/27/2006 8,527
---------------------- ----------------- ------------------
Icahn Partners 1/31/2006 27,938
---------------------- ----------------- ------------------
Icahn Partners 2/1/2006 56,437
---------------------- ----------------- ------------------
Icahn Partners 2/2/2006 14,511
---------------------- ----------------- ------------------
Icahn Partners 2/3/2006 112
---------------------- ----------------- ------------------
Icahn Partners 2/6/2006 23,001
---------------------- ----------------- ------------------
Icahn Partners 2/7/2006 11,332
---------------------- ----------------- ------------------
Icahn Partners 2/8/2006 15,147
---------------------- ----------------- ------------------
Icahn Partners 2/9/2006 37,139
---------------------- ----------------- ------------------
Icahn Partners 2/10/2006 64,591
---------------------- ----------------- ------------------
Icahn Partners 2/13/2006 100,795
---------------------- ----------------- ------------------
Icahn Partners 2/14/2006 160,673
---------------------- ----------------- ------------------
Icahn Partners 2/15/2006 2,431
---------------------- ----------------- ------------------
Icahn Partners 2/17/2006 2,618
---------------------- ----------------- ------------------
Icahn Partners 2/21/2006 15,222
---------------------- ----------------- ------------------
Icahn Partners 2/22/2006 18,700
---------------------- ----------------- ------------------
Icahn Partners 2/23/2006 13,763
---------------------- ----------------- ------------------
Icahn Partners 2/24/2006 22,590
---------------------- ----------------- ------------------
Icahn Partners 2/27/2006 16,300
ICAHN MASTER PURCHASES
----------------------
No. of Shares
Name Date Purchased
---- ---- ---------
Icahn Master 2/17/2005 60,945
--------------------- ---------------- -------------------
2:1 SPLIT ON 4/1/05
--------------------- ---------------- -------------------
Icahn Master 5/10/2005 169,192
--------------------- ---------------- -------------------
Icahn Master 5/11/2005 84,000
--------------------- ---------------- -------------------
Icahn Master 5/12/2005 274,300
--------------------- ---------------- -------------------
Icahn Master 5/13/2005 196,400
--------------------- ---------------- -------------------
Icahn Master 5/16/2005 24,200
--------------------- ---------------- -------------------
Icahn Master 5/17/2005 48,320
--------------------- ---------------- -------------------
Icahn Master 5/19/2005 128,160
--------------------- ---------------- -------------------
Icahn Master 5/20/2005 20,040
--------------------- ---------------- -------------------
Icahn Master 5/24/2005 244,800
--------------------- ---------------- -------------------
Icahn Master 5/25/2005 194,616
--------------------- ---------------- -------------------
Icahn Master 5/26/2005 33,252
--------------------- ---------------- -------------------
Icahn Master 5/27/2005 78,458
--------------------- ---------------- -------------------
Icahn Master 6/1/2005 108,324
--------------------- ---------------- -------------------
Icahn Master 6/2/2005 16,850
--------------------- ---------------- -------------------
Icahn Master 6/3/2005 8,772
--------------------- ---------------- -------------------
Icahn Master 6/6/2005 2,448
--------------------- ---------------- -------------------
Icahn Master 6/9/2005 6,406
--------------------- ---------------- -------------------
Icahn Master 6/23/2005 15,871
--------------------- ---------------- -------------------
Icahn Master 6/24/2005 55,121
--------------------- ---------------- -------------------
Icahn Master 6/27/2005 79,070
--------------------- ---------------- -------------------
Icahn Master 7/5/2005 7,956
--------------------- ---------------- -------------------
Icahn Master 7/6/2005 20,384
--------------------- ---------------- -------------------
Icahn Master 7/7/2005 27,456
--------------------- ---------------- -------------------
Icahn Master 8/23/2005 180,336
--------------------- ---------------- -------------------
Icahn Master 10/12/2005 851
--------------------- ---------------- -------------------
Icahn Master 10/13/2005 10,349
--------------------- ---------------- -------------------
Icahn Master 10/27/2005 44,800
--------------------- ---------------- -------------------
Icahn Master 10/28/2005 22,848
--------------------- ---------------- -------------------
Icahn Master 10/31/2005 59,584
--------------------- ---------------- -------------------
Icahn Master 11/1/2005 73,200
--------------------- ---------------- -------------------
Icahn Master 11/4/2005 40,000
--------------------- ---------------- -------------------
Icahn Master 11/9/2005 95,360
--------------------- ---------------- -------------------
Icahn Master 11/6/2006 91,352
--------------------- ---------------- -------------------
Icahn Master 11/7/2006 82,216
--------------------- ---------------- -------------------
Icahn Master 11/8/2006 47,411
--------------------- ---------------- -------------------
Icahn Master 11/9/2006 45,676
--------------------- ---------------- -------------------
Icahn Master 11/10/2006 91,352
--------------------- ---------------- -------------------
Icahn Master 11/13/2006 91,351
--------------------- ---------------- -------------------
Icahn Master 11/15/2006 191,473
--------------------- ---------------- -------------------
Icahn Master 11/16/2006 91,352
--------------------- ---------------- -------------------
Icahn Master 11/17/2006 103,318
--------------------- ---------------- -------------------
Icahn Master 11/20/2006 137,027
--------------------- ---------------- -------------------
Icahn Master 11/21/2006 83,130
--------------------- ---------------- -------------------
Icahn Master 11/22/2006 65,773
--------------------- ---------------- -------------------
Icahn Master 11/24/2006 24,254
--------------------- ---------------- -------------------
Icahn Master 11/27/2006 165,940
--------------------- ---------------- -------------------
Icahn Master 11/28/2006 228,379
--------------------- ---------------- -------------------
Icahn Master 11/29/2006 182,703
--------------------- ---------------- -------------------
Icahn Master 11/30/2006 77,649
--------------------- ---------------- -------------------
Icahn Master 12/1/2006 64,322
--------------------- ---------------- -------------------
Icahn Master 12/5/2006 123,476
--------------------- ---------------- -------------------
Icahn Master 12/6/2006 56,479
--------------------- ---------------- -------------------
Icahn Master 12/7/2006 45,732
--------------------- ---------------- -------------------
Icahn Master 12/8/2006 2,104
--------------------- ---------------- -------------------
Icahn Master 12/11/2006 6,540
--------------------- ---------------- -------------------
Icahn Master 12/12/2006 75,458
--------------------- ---------------- -------------------
Icahn Master 12/13/2006 54,878
--------------------- ---------------- -------------------
Icahn Master 12/14/2006 102,929
--------------------- ---------------- -------------------
Icahn Master 12/18/2006 11,439
--------------------- ---------------- -------------------
Icahn Master 12/19/2006 45,755
--------------------- ---------------- -------------------
Icahn Master 12/21/2006 35,551
ICAHN MASTER SALES
------------------
No. of Shares
Name Date Sold
---- ---- ----
Icahn Master 2/14/2005 59,800
--------------------- -------------- -----------------
Icahn Master 2/15/2005 93,340
--------------------- -------------- -----------------
Icahn Master 2/16/2005 15,600
--------------------- -------------- -----------------
Icahn Master 2/18/2005 577,180
--------------------- -------------- -----------------
Icahn Master 2/22/2005 54,315
--------------------- -------------- -----------------
Icahn Master 3/24/2005 40,500
--------------------- -------------- -----------------
2:1 SPLIT ON 4/1/05
--------------------- -------------- -----------------
Icahn Master 12/1/2005 61,340
--------------------- -------------- -----------------
Icahn Master 12/2/2005 60,914
--------------------- -------------- -----------------
Icahn Master 12/5/2005 26,712
--------------------- -------------- -----------------
Icahn Master 12/6/2005 85,194
--------------------- -------------- -----------------
Icahn Master 12/7/2005 56,824
--------------------- -------------- -----------------
Icahn Master 12/8/2005 90,263
--------------------- -------------- -----------------
Icahn Master 12/9/2005 26,282
--------------------- -------------- -----------------
Icahn Master 12/12/2005 38,209
--------------------- -------------- -----------------
Icahn Master 12/13/2005 59,767
--------------------- -------------- -----------------
Icahn Master 12/14/2005 24,750
--------------------- -------------- -----------------
Icahn Master 12/15/2005 79,832
--------------------- -------------- -----------------
Icahn Master 12/16/2005 27,051
--------------------- -------------- -----------------
Icahn Master 12/19/2005 43,537
--------------------- -------------- -----------------
Icahn Master 12/20/2005 32,887
--------------------- -------------- -----------------
Icahn Master 12/21/2005 57,595
--------------------- -------------- -----------------
Icahn Master 12/22/2005 40,427
--------------------- -------------- -----------------
Icahn Master 12/23/2005 24,197
--------------------- -------------- -----------------
Icahn Master 12/27/2005 12,780
--------------------- -------------- -----------------
Icahn Master 12/28/2005 42,600
--------------------- -------------- -----------------
Icahn Master 12/29/2005 41,279
--------------------- -------------- -----------------
Icahn Master 12/30/2005 23,984
--------------------- -------------- -----------------
Icahn Master 1/3/2006 55,445
--------------------- -------------- -----------------
Icahn Master 1/4/2006 78,298
--------------------- -------------- -----------------
Icahn Master 1/5/2006 18,829
--------------------- -------------- -----------------
Icahn Master 1/6/2006 12,482
--------------------- -------------- -----------------
Icahn Master 1/9/2006 22,493
--------------------- -------------- -----------------
Icahn Master 1/10/2006 57,126
--------------------- -------------- -----------------
Icahn Master 1/11/2006 51,120
--------------------- -------------- -----------------
Icahn Master 1/12/2006 36,125
--------------------- -------------- -----------------
Icahn Master 1/13/2006 20,831
--------------------- -------------- -----------------
Icahn Master 1/17/2006 24,069
--------------------- -------------- -----------------
Icahn Master 1/18/2006 21,896
--------------------- -------------- -----------------
Icahn Master 1/19/2006 50,140
--------------------- -------------- -----------------
Icahn Master 1/20/2006 8,690
--------------------- -------------- -----------------
Icahn Master 1/23/2006 111,781
--------------------- -------------- -----------------
Icahn Master 1/24/2006 61,173
--------------------- -------------- -----------------
Icahn Master 1/25/2006 47,243
--------------------- -------------- -----------------
Icahn Master 1/26/2006 40,683
--------------------- -------------- -----------------
Icahn Master 1/27/2006 9,713
--------------------- -------------- -----------------
Icahn Master 1/31/2006 31,822
--------------------- -------------- -----------------
Icahn Master 2/1/2006 64,283
--------------------- -------------- -----------------
Icahn Master 2/2/2006 16,529
--------------------- -------------- -----------------
Icahn Master 2/3/2006 128
--------------------- -------------- -----------------
Icahn Master 2/6/2006 26,199
--------------------- -------------- -----------------
Icahn Master 2/7/2006 12,908
--------------------- -------------- -----------------
Icahn Master 2/8/2006 17,253
--------------------- -------------- -----------------
Icahn Master 2/9/2006 42,301
--------------------- -------------- -----------------
Icahn Master 2/10/2006 73,569
--------------------- -------------- -----------------
Icahn Master 2/13/2006 114,805
--------------------- -------------- -----------------
Icahn Master 2/14/2006 183,007
--------------------- -------------- -----------------
Icahn Master 2/15/2006 2,769
--------------------- -------------- -----------------
Icahn Master 2/17/2006 2,982
--------------------- -------------- -----------------
Icahn Master 2/21/2006 17,338
--------------------- -------------- -----------------
Icahn Master 2/22/2006 21,300
--------------------- -------------- -----------------
Icahn Master 2/23/2006 15,677
--------------------- -------------- -----------------
Icahn Master 2/24/2006 25,730
--------------------- -------------- -----------------
Icahn Master 2/27/2006 18,563
ATTACHMENT 1 TO ANNEX A
American call options purchased by Icahn Master, which were written by Morgan
Stanley and have a $23.00 strike price, an expiration date of 4/20/07 and
provide for a physical settlement (unless Icahn Master opts for a cash
settlement), are further described in the chart set forth below. This chart
contains information with respect to all option trades relating to the Shares by
Mr. Icahn and his affiliates within the past two years.
Number of
Shares Subject Option
Trade Date to Option Premium ($)
---------- --------- -----------
1/12/2007 80,000 1,856,928.00
---------------- ---------------- -----------------------
1/16/2007 58,000 1,358,534.00
---------------- ---------------- -----------------------
1/17/2007 11,945 280,142.50
---------------- ---------------- -----------------------
1/18/2007 304,762 7,379,171.83
---------------- ---------------- -----------------------
1/19/2007 126,630 3,063,470.95
---------------- ---------------- -----------------------
1/22/2007 279,000 6,642,432.00
ATTACHMENT 2 TO ANNEX A
The Record Holders have entered into a number of derivative agreements, commonly
known as Total Return Swaps, with Morgan Stanley, which agreements provide that
the profit to the Record Holders shall be based upon the increase in value of
the Shares and the loss to the Record Holders shall be based upon the decrease
in the value of the Shares, during the period from inception of the applicable
agreement to its termination. The agreements provide that they settle in cash.
In addition to the Shares which they beneficially own, as shown in Annex A
above, the Record Holders currently have long economic exposure to an aggregate
of 3,382,600 Shares through such agreements. These agreements do not give the
Record Holders direct or indirect voting, investment or dispositive control over
the Shares to which these agreements relate and, accordingly: (i) Shares
referenced in such agreements are not included in the tables set forth above on
Annex A; and (ii) the Record Holders disclaim any beneficial ownership in the
Shares to which these agreements relate. The following tables indicate the date
of each Total Return Swap trade (each representing the establishment of a long
economic exposure position) by Mr. Icahn and his affiliates within the past two
years, and the number of Shares referenced in each such trade.
HIGH RIVER
----------
No. of Shares
Name Date Referenced
---- ---- ----------
High River 12/22/2006 72,460
------------------- -------------- ------------------
High River 12/26/2006 960
------------------- -------------- ------------------
High River 1/3/2007 44,000
------------------- -------------- ------------------
High River 1/4/2007 103,160
------------------- -------------- ------------------
High River 1/5/2007 65,220
------------------- -------------- ------------------
High River 1/8/2007 70,000
------------------- -------------- ------------------
High River 1/9/2007 40,720
------------------- -------------- ------------------
High River 1/10/2007 100,000
------------------- -------------- ------------------
High River 1/11/2007 180,000
ICAHN PARTNERS
--------------
No. of Shares
Name Date Referenced
---- ---- ----------
Icahn Partners 12/22/2006 124,069
------------------ ----------------- ------------------
Icahn Partners 12/26/2006 1,644
------------------ ----------------- ------------------
Icahn Partners 1/3/2007 89,112
------------------ ----------------- ------------------
Icahn Partners 1/4/2007 178,235
------------------ ----------------- ------------------
Icahn Partners 1/5/2007 134,529
------------------ ----------------- ------------------
Icahn Partners 1/8/2007 121,845
------------------ ----------------- ------------------
Icahn Partners 1/9/2007 70,880
------------------ ----------------- ------------------
Icahn Partners 1/10/2007 174,065
------------------ ----------------- ------------------
Icahn Partners 1/11/2007 313,317
ICAHN MASTER
------------
No. of Shares
Name Date Referenced
---- ---- ----------
Icahn Master 12/22/2006 165,771
---------------- -------------- ------------------
Icahn Master 12/26/2006 2,196
---------------- -------------- ------------------
Icahn Master 1/3/2007 86,888
---------------- -------------- ------------------
Icahn Master 1/4/2007 234,405
---------------- -------------- ------------------
Icahn Master 1/5/2007 126,351
---------------- -------------- ------------------
Icahn Master 1/8/2007 158,155
---------------- -------------- ------------------
Icahn Master 1/9/2007 92,000
---------------- -------------- ------------------
Icahn Master 1/10/2007 225,935
---------------- -------------- ------------------
Icahn Master 1/11/2007 406,683
ATTACHMENT 3 TO ANNEX A
The Record Holders have entered into a number of derivative agreements, commonly
known as Credit Default Swaps, with Morgan Stanley and Bear Stearns, which
agreements provide that the profit or loss to the Record Holders shall be based
upon the increase or decrease in value of the referenced debt obligation of the
Corporation. All such agreements have been terminated. The following tables
indicate the date and details of each Credit Default Swap trade by Mr. Icahn and
his affiliates within the past two years.
Credit Default Swap Transactions
(Reference Obligation: 7.875% Senior Notes due 2012)
HIGH RIVER
----------
Name Date Trade Calculation Amount
---- ---- ----- ------------------
High River 8/5/2005 Buy protection $2,000,000
------------------- --------------- -------------------- ----------------------
High River 8/8/2005 Buy protection 2,000,000
------------------- --------------- -------------------- ----------------------
High River 8/10/2005 Buy protection 2,000,000
------------------- --------------- -------------------- ----------------------
High River 12/1/2005 Close *(4,000,000)
------------------- --------------- -------------------- ----------------------
High River 2/15/2006 Close **(2,000,000)
ICAHN PARTNERS
--------------
Name Date Trade Calculation Amount
---- ---- ----- ------------------
Icahn Partners 8/5/2005 Buy protection $3,840,000
----------------- --------------- --------------------- --------------------
Icahn Partners 8/8/2005 Buy protection 3,840,000
----------------- --------------- --------------------- --------------------
Icahn Partners 8/10/2005 Buy protection 3,840,000
----------------- --------------- --------------------- --------------------
Icahn Partners 12/1/2005 Close *(7,680,000)
----------------- --------------- --------------------- --------------------
Icahn Partners 2/15/2006 Close **(3,840,000)
ICAHN MASTER
------------
Name Date Trade Calculation Amount
---- ---- ----- ------------------
Icahn Master 8/5/2005 Buy protection $4,160,000
---------------- ------------ ------------------ ----------------------
Icahn Master 8/8/2005 Buy protection 4,160,000
---------------- ------------ ------------------ ----------------------
Icahn Master 8/10/2005 Buy protection 4,160,000
---------------- ------------ ------------------ ----------------------
Icahn Master 12/1/2005 Close *(8,320,000)
---------------- ------------ ------------------ ----------------------
Icahn Master 2/15/2006 Close **(4,160,000)
* Termination of 8/5/05 and 8/8/05 transactions
** Termination of 8/10/05 transaction
ANNEX B
Certain information about each Nominee is set forth in the attachments to this
Annex B.
ANNEX B
ATTACHMENT 1
INFORMATION ABOUT NOMINEE PURSUANT TO ARTICLE III, SECTION 13 OF THE BYLAWS
Name: Jose Maria Alapont
Age: 56
Business Address: 26555 Northwestern Highway
Southfield, MI 48033
Residence Address: 1772 Heron Ridge Drive, Bloomfield Hills, MI 48302
Mr. Alapont has, since June of 2005, served as chairman of the board of
directors of Federal-Mogul Corporation ("FMO"), a global supplier of products to
the automotive, light commercial, heavy-duty truck, off-highway, agricultural,
marine, rail and industrial markets, as well as president and chief executive
officer and a member of the board of FMO since March of 2005. FMO is currently
restructuring its business under chapter 11 of the United States Bankruptcy
Code. Entities controlled by Carl C. Icahn own a majority of FMO's unsecured
bonds and, pursuant to FMO's proposed plan of reorganization (the "Plan"), will
have an option to purchase shares of FMO from the FMO asbestos trust to be
established pursuant to Section 524(g) of the Bankruptcy Code following the
effective date of the Plan. If such option is exercised, the shares held by
Icahn entities (including shares proposed to be distributed in respect of FMO's
unsecured bonds) would constitute a majority of the equity of reorganized FMO.
Prior to joining FMO, Mr. Alapont was chief executive officer and a member of
the board of directors of IVECO, the commercial vehicle company of the Fiat
Group. From 1997 to 2003, Mr. Alapont served in various key executive positions
at Delphi Automotive Systems. From 1990 to 1997, Mr. Alapont served in several
executive roles at Valeo, a global automotive supplier. Mr. Alapont began his
automotive career in 1974 with Ford Motor Company and over the course of 15
years worked in different management positions - from engineer at Ford Spain to
powertrain manager at Ford Europe. Mr. Alapont earned degrees in industrial
engineering from the Technical School of Valencia and in philology from the
University of Valencia, in Spain.
ANNEX B
ATTACHMENT 2
INFORMATION ABOUT NOMINEE PURSUANT TO ARTICLE III, SECTION 13 OF THE BYLAWS
Name: Ambassador John R. Bolton
Age: 58
Business Address: 1150 Seventeenth Street, NW
Washington, DC 20036
Residence Address: 9107 Fernwood Road, Bethesda, MD 20817
Since January 30, 2007, Ambassador Bolton has been a director of Diamond
Offshore Drilling, Inc., a NYSE-listed provider of contract drilling services to
the energy industry. Ambassador Bolton also currently serves as a Senior Fellow
at the American Enterprise Institute (AEI). His portfolio includes Foreign
Policy and International Organizations. Ambassador Bolton served as the United
States Permanent Representative to the United Nations from August 1, 2005 to
December 9, 2006. From May 2001 to May 2005, Ambassador Bolton served as Under
Secretary of State for Arms Control and International Security, also in the Bush
Administration. Prior to this, Ambassador Bolton was Senior Vice President of
the AEI. He supervised the AEI research program, financial oversight,
dissemination of the AEI research and publications, public affairs and general
management. Ambassador Bolton has spent many years of his career in public
service. Previous positions he has held are Assistant Secretary for
International Organization Affairs at the Department of State, 1989-1993;
Assistant Attorney General, Department of Justice, 1985-1989; Assistant
Administrator for Program and Policy Coordination, U.S. Agency for International
Development, 1982-1983; General Counsel, U.S. Agency for International
Development, 1981-1982. Ambassador Bolton is also an attorney. He was an
associate at the Washington office of Covington & Burling, and then a member of
the firm from 1983-1985, after public service at the U.S. Agency for
International Development. Bolton graduated Phi Beta Kappa, summa cum laude from
Yale College (1970), and received his J.D. from Yale Law School (1974), where he
was editor of the Yale Law Journal.
ANNEX B
ATTACHMENT 3
INFORMATION ABOUT NOMINEE PURSUANT TO ARTICLE III, SECTION 13 OF THE BYLAWS
Name: Keith A. Meister
Age: 33
Business Address: 767 Fifth Avenue, 47th Floor
New York, New York 10153
Residence Address: 525 W. 22nd Street, Apt. # 2A, New York, NY 10011
Since March 2006, Mr. Meister has served as Principal Executive Officer and Vice
Chairman of the Board of American Property Investors, Inc. ("API"), the general
partner of American Real Estate Partners, L.P. ("AREP"). Mr. Meister served as
President of API from August 2003 until July 2005 and as Chief Executive Officer
of API from August 2003 until March 2006. AREP is a NYSE-listed diversified
holding company engaged in a variety of businesses that is majority-owned by
various entities controlled by Carl C. Icahn. Mr. Meister also serves as a
director and/or officer of various direct and indirect subsidiaries of AREP. Mr.
Meister is also a Managing Director of Icahn Partners LP, Icahn Partners Master
Fund LP and Icahn Partners Master Fund II LP, which are private investment funds
controlled by Mr. Icahn. From March 2000 through 2001, Mr. Meister served as
co-president of J Net Ventures, a venture capital fund that he co-founded,
focused on investments in information technology and enterprise software
businesses. From 1997 through 1999, Mr. Meister served as an investment
professional at Northstar Capital Partners, an opportunistic real estate
investment partnership. Prior to Northstar, Mr. Meister served as an investment
analyst in the investment banking group at Lazard Freres. He also serves on the
Boards of Directors of the following companies: XO Holdings, Inc., a
telecommunications company that is majority-owned by various entities controlled
by Mr. Icahn; American Railcar Industries, Inc., a company primarily engaged in
the business of manufacturing covered hopper and tank railcars that is
majority-owned by various entities controlled by Mr. Icahn; and BKF Capital
Group, Inc., an investment management firm in which Mr. Icahn's entities are
stockholders. Mr. Meister received an A.B. in government, cum laude, from
Harvard College in 1995.
In connection with his employment by Mr. Icahn and his affiliated companies, Mr.
Meister, among other employees, has a participatory interest in the profits and
fees derived by Mr. Icahn and/or his affiliated entities from Icahn Partners LP
and Icahn Partners Master Fund LP (the "Funds"). Because only a portion of such
profit interests are distributed and because of his other investments in the
Funds, Mr. Meister also has capital accounts in the Funds. In the aggregate, Mr.
Meister's profit interests and capital accounts in the Funds entitle him to less
than 2% of the profits generated by the Funds.
ANNEX B
ATTACHMENT 4
INFORMATION ABOUT NOMINEE PURSUANT TO ARTICLE III, SECTION 13 OF THE BYLAWS
Name: James J. Unger
Age: 58
Business Address: 100 Clark Street
St. Charles, Missouri 63301
Residence Address: 26 Baxter Lane, Chesterfield, MO 63017
Mr. Unger has served as President, Chief Executive Officer and director of
American Railcar Industries, Inc. ("ARI") since March 1995. ARI is a NYSE-listed
company of which Carl C. Icahn is a principal beneficial stockholder that is
primarily engaged in the business of manufacturing covered hopper and tank
railcars. Prior to joining ARI, he served as president of ACF Industries, Inc.,
a manufacturer of railcar components controlled by Mr. Icahn, from 1988 to 1995,
as its senior vice president and chief financial officer from 1984 to 1988 and
on its board of directors from August 1993 to March 2005. After he joined ARI in
1995, Mr. Unger simultaneously continued to serve as the vice chairman of ACF
until March 2005. Mr. Unger has served as president of Ohio Castings, a joint
venture in which ARI has a one-third interest, since June 2003. Mr. Unger has
been on the board of directors of Aspen Resources Group, an oil and gas
exploration company since May 2002. Mr. Unger participates in several industry
organizations, including as an executive committee member for the Railway Supply
Institute, Inc., or "RSI". He also is a board member of the American Railway Car
Institute, a member of the project review committee for the RSI-AAR Railroad
Tank Car Safety Research Test Project, a steering committee member of the RSI
Committee on Tank Railcars, and a member of the National Freight and
Transportation Association. Mr. Unger served as a member of the board of
directors of Ranken Technical College from 1990 to 2002. Mr. Unger received a
B.S. in accounting from the University of Missouri, Columbia and is a certified
public accountant.
ANNEX C
The written consent of each Nominee to being named in the proxy statement as a
nominee for election as a director of the Corporation and to serve as a director
if elected is attached to this Annex C. If the Corporation requests original
signed statements of consents, the Record Holders will provide them.
CONSENT OF NOMINEE
The undersigned hereby consents to being named as a nominee for election as
a director of Temple-Inland Inc. (the "Company"), in the proxy statement to be
filed with the Securities and Exchange Commission and distributed to
stockholders of the Company by Icahn Partners LP ("Icahn Partners"), Icahn
Partners Master Fund LP ("Icahn Master") and High River Limited Partnership
("High River" and together with Icahn Partners and Icahn Master, the "Record
Holders") and in other materials in connection with the solicitation of proxies
by the Record Holders from stockholders of the Company to be voted at the 2007
annual meeting of stockholders of the Company and any adjournment thereof, and
further consents to serve as a director of the Company, if elected.
Dated: February 14, 2007
/s/ Jose Maria Alapont
----------------------
Name: Jose Maria Alapont
CONSENT OF NOMINEE
The undersigned hereby consents to being named as a nominee for election as
a director of Temple-Inland Inc. (the "Company"), in the proxy statement to be
filed with the Securities and Exchange Commission and distributed to
stockholders of the Company by Icahn Partners LP ("Icahn Partners"), Icahn
Partners Master Fund LP ("Icahn Master") and High River Limited Partnership
("High River" and together with Icahn Partners and Icahn Master, the "Record
Holders") and in other materials in connection with the solicitation of proxies
by the Record Holders from stockholders of the Company to be voted at the 2007
annual meeting of stockholders of the Company and any adjournment thereof, and
further consents to serve as a director of the Company, if elected.
Dated: February 14, 2007
/s/ John R. Bolton
------------------
Name: John R. Bolton
CONSENT OF NOMINEE
The undersigned hereby consents to being named as a nominee for election as
a director of Temple-Inland Inc. (the "Company"), in the proxy statement to be
filed with the Securities and Exchange Commission and distributed to
stockholders of the Company by Icahn Partners LP ("Icahn Partners"), Icahn
Partners Master Fund LP ("Icahn Master") and High River Limited Partnership
("High River" and together with Icahn Partners and Icahn Master, the "Record
Holders") and in other materials in connection with the solicitation of proxies
by the Record Holders from stockholders of the Company to be voted at the 2007
annual meeting of stockholders of the Company and any adjournment thereof, and
further consents to serve as a director of the Company, if elected.
Dated: February 14, 2007
/s/ Keith A. Meister
--------------------
Name: Keith A. Meister
CONSENT OF NOMINEE
The undersigned hereby consents to being named as a nominee for election as
a director of Temple-Inland Inc. (the "Company"), in the proxy statement to be
filed with the Securities and Exchange Commission and distributed to
stockholders of the Company by Icahn Partners LP ("Icahn Partners"), Icahn
Partners Master Fund LP ("Icahn Master") and High River Limited Partnership
("High River" and together with Icahn Partners and Icahn Master, the "Record
Holders") and in other materials in connection with the solicitation of proxies
by the Record Holders from stockholders of the Company to be voted at the 2007
annual meeting of stockholders of the Company and any adjournment thereof, and
further consents to serve as a director of the Company, if elected.
Dated: February 14, 2007
/s/ James J. Unger
------------------
Name: James J. Unger
ANNEX D
Attached to this Annex D is the form of agreement pursuant to which the Record
Holders have agreed to pay certain fees to certain of the Nominees and to
indemnify such Nominees with respect to certain costs incurred by such Nominees
in connection with the proxy contest relating to the Annual Meeting.
ICAHN PARTNERS LP
ICAHN MASTER FUND LP
HIGH RIVER LIMITED PARTNERSHIP
February 14, 2007
[NOMINEE]
Dear Mr. [___________]:
This will confirm our understanding as follows:
You agree that you are willing, should we so elect, to become a member of a
slate of nominees (the "Slate") to stand for election as directors of
Temple-Inland Inc. ("Temple-Inland") in connection with a proxy contest with
management of Temple-Inland in respect of the election of directors of
Temple-Inland at the 2007 Annual Meeting of Stockholders of Temple-Inland (the
"Annual Meeting"), expected to be held in May 2007, or a special meeting of
stockholders of Temple-Inland called for a similar purpose (the "Proxy
Contest").
The undersigned agree to pay the costs of the Proxy Contest. In addition,
upon our filing of a preliminary proxy statement with the SEC, which indicates
that the undersigned intend to nominate you for election at the Annual Meeting,
you will be paid $25,000 by the undersigned.
You understand that, pursuant to the By-Laws of Temple-Inland, it may be
difficult, if not impossible, to replace nominees who, such as yourself, have
agreed to serve on the Slate and later change their minds and determine not to
seek election. Accordingly, the Slate is relying upon your agreement to seek
election. In that connection, you are being supplied with a questionnaire in
which you will provide the undersigned with information necessary for the
undersigned to make appropriate disclosure both to Temple-Inland and for use in
creating the proxy material to be sent to stockholders of Temple-Inland and to
be filed with the Securities and Exchange Commission. You have agreed that (i)
you will immediately complete and sign the questionnaire and return it to Jesse
Lynn, Counsel, Icahn Associates Corp., 767 Fifth Avenue, Suite 4700, New York,
NY 10153, Tel: (212) 702-4331, Fax: (212) 688-1158, Email: jlynn@sfire.com, and
(ii) your responses to the questions contained therein will be true and correct
in all respects. In addition, you have agreed that, concurrently with your
execution of this letter, you will execute the attached instrument directed to
Temple-Inland informing Temple-Inland that you consent to being nominated by the
undersigned for election as a director of Temple-Inland and, if elected, consent
to serving as a director of Temple-Inland. Upon being notified that we have
chosen you, we may forward that consent and your completed questionnaire (or
summaries thereof) to Temple-Inland.
The undersigned hereby agree that, so long as you actually serve on the
Slate, the undersigned will defend, indemnify and hold you harmless from and
against any and all losses, claims, damages, penalties, judgments, awards,
liabilities, costs, expenses and disbursements (including, without limitation,
reasonable attorneys' fees, costs, expenses and disbursements) incurred by you
in the event that you become a party, or are threatened to be made a party, to
any civil, criminal, administrative or arbitrative action, suit or proceeding,
and any appeal thereof relating solely to your role as a nominee for director of
Temple-Inland on the Slate. Your right of indemnification hereunder shall
continue after the election has taken place but only for events which occur
prior to such election and subsequent to the date hereof. Anything to the
contrary herein notwithstanding, the undersigned is not indemnifying you for any
action taken by you or on your behalf which occurs prior to the date hereof or
subsequent to the Annual Meeting or such earlier time as you are no longer a
nominee of the Slate for election to Temple-Inland's Board of Directors or for
any actions taken by you as a director of Temple-Inland, if you are elected.
Nothing herein shall be construed to provide you an indemnity: (i) in the event
you are found to have engaged in a violation of any provision of state or
federal law in connection with the Proxy Contest unless you demonstrate that
your action was taken in good faith and in a manner you reasonably believed to
be in or not opposed to the best interests of electing the Slate; or (ii) if you
acted in a manner which constitutes gross negligence or willful misconduct. In
the event that you shall make any claim for indemnification hereunder, you shall
promptly notify the undersigned in the event of any third-party claims actually
made against you or known by you to be threatened. In addition, with respect to
any such claim, the undersigned shall be entitled to control your defense with
counsel chosen by the undersigned. The undersigned shall not be responsible for
any settlement of any claim against you covered by this indemnity without its
prior written consent. However, the undersigned may not enter into any
settlement of any such claim without your consent unless such settlement
includes a release of you from any and all liability in respect of such claim.
Each of us recognizes that should you be elected to the Board of Directors
of Temple-Inland all of your activities and decisions as a director will be
governed by applicable law and subject to your fiduciary duty to the
stockholders of Temple-Inland and, as a result, that there is, and can be, no
agreement between you and the undersigned which governs the decisions which you
will make as a director of Temple-Inland.
Should the foregoing agree with your understanding, please so indicate in
the space provided below, whereupon this letter will become a binding agreement
between us.
Very truly yours,
ICAHN PARTNERS LP
By: _________________________
Name: Edward E. Mattner
Its: Authorized Signatory
ICAHN PARTNERS MASTER FUND LP
By: _________________________
Name: Edward E. Mattner
Its: Authorized Signatory
HIGH RIVER LIMITED PARTNERSHIP
By: Hopper Investments LLC,
its general partner
By: Barberry Corp., its sole
member
By: _________________________
Name: Edward E. Mattner
Its: Authorized Signatory
Agreed to and Accepted as of the date first above written:
--------------------------
Name:
CONSENT OF NOMINEE
The undersigned hereby consents to being named as a nominee for election as
a director of Temple-Inland Inc. (the "Company"), in the proxy statement to be
filed with the Securities and Exchange Commission and distributed to
stockholders of the Company by Icahn Partners LP ("Icahn Partners"), Icahn
Partners Master Fund LP ("Icahn Master") and High River Limited Partnership
("High River" and together with Icahn Partners and Icahn Master, the "Record
Holders") and in other materials in connection with the solicitation of proxies
by the Record Holders from stockholders of the Company to be voted at the 2007
annual meeting of stockholders of the Company and any adjournment thereof, and
further consents to serve as a director of the Company, if elected.
Dated: February 14, 2007
------------------------
Name: