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Segment EBITDDA

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Timberlands Segment EBITDDA

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1 | Non-GAAP measure; definition and reconciliations to GAAP can be found in this section of this presentation.

2 | Deltic included for 10 months in 2018; extraordinary wet weather reduced 2019 harvest, Ola Arkansas sawmill fire reduced 2021 harvest.

Wood Products Segment EBITDDA

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1 | Non-GAAP measure; definition and reconciliations to GAAP can be found in this section of this presentation.

2 | Deltic included for 10 months in 2018.

Real Estate Segment EBITDDA

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1 | Non-GAAP measure; definition and reconciliations to GAAP can be found in this section of this presentation.

2 | Deltic included for 10 months in 2018.

3 | Completed sale of ~72,000 acres in Minnesota for ~$48MM in Q4 2020.

4 | Excludes the acres sold in the 2016 Central Idaho liquidation transaction.

Adjusted EBITDDA Reconciliation

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1 | Excludes the 2016 central Idaho timberland sale

2 | Special items include Deltic merger costs of $3 million, environmental charge of $5 million in 2017, Deltic merger costs of $22 million, inventory purchase price adjustment of $2 million in 2018.

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   Photography by Jay Brittain I Studio J Photography    |    Designed by Studio | Peteet Design

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