LARGE DIVERSIFIED MEGAMINERS: UPDATE ON BHP BILLITON AND RIO TINTO MERGER; INTEGRATION OF COMBINED BIG 6 PRODUCTION REPORTS COMBINED COAL, COPPER AND OUTPUT DECLINES AS XSTRATA, ANGLO-AMERICAN AND TECK COMINCO ADDED TO THE DECLINES May 9, 2008

TEMPLE INLAND (TIN $12.12, rated OVERWEIGHT) PRICE TARGET DROPPED TO $17 FROM $19 AND EARNINGS ESTIMATES CUT DUE TO HIGH COSTS AND INCREASED LOSSES; OVERWEIGHT RATING MAINTAINED AS “SUM OF THE PARTS” OR MERGER COULD CREATE VALUE May 4, 2008