September 10, 2008

Dear Friend,

We updated our FCX spreadsheets for the output loss or deferral from the 75,000 tonne pit wall slide announced this morning that delays access to certain high grade ores.

We discussed the rhetoric of Alcoa's CEO's Montreal speech, reviewed the aluminum market outlook, Alcoa's earnings outlook and balance sheet adjustments that might facilitate a faster buyback of another 125 mm common shares.

We raised our earnings estimates and price target to $23 from $19 per share for Temple-Inland owing to higher containerboard, lumber and gypsum prices and possibly lower costs.

Faithfully,

John C. Tumazos

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Last modified: 05/17/12