Investor Presentaiton

CAPITAL SPENDING PROFILE Strategic investments resulting in a well-capitalized, low-cost sawmill portfolio $250 HISTORICAL CAPITAL EXPENDITURES & OUTLOOK ($MM) Capital Expenditures - Discretionary Capital Expenditures - Maintenance (Includes Woodlands Roads) Depreciation, Depletion & Amortization $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 2008 2009 2010 2011 INTERFOR 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 23

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