731939--2/27/2008--TEMPLE_INLAND

related topics

{tax, income, asset}

{condition, economic, financial}

{cost, regulation, environmental}

The profitability of our business is affected by changes in raw material and other costs. The corrugated packaging and building products industries are cyclical in nature and experience periods of overcapacity. Our manufacturing activities are subject to environmental regulations and liabilities that could have a negative effect on our operating results. Downward changes in demand for housing in the market regions where we operate could decrease profitability in our building products segment. If certain internal restructuring transactions and the distributions of Forestar and Guaranty are determined to be taxable for U.S. federal income tax purposes, we and our stockholders that are subject to U.S. federal income tax could incur significant U.S. federal income tax liabilities. If the sale of our strategic timberland did not qualify for installment method reporting for U.S. federal income tax purposes, we could incur significant U.S. federal income tax liabilities the payment of which we believe to be deferred. We have interest rate risk in connection with our financial assets and nonrecourse financial liabilities of special purpose entities.

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731939--2/27/2008--TEMPLE_INLAND_INC