3065 2008 Q1.ppt  • 5/02/2008•  8
Segment Highlights — Timberlands
l1st Quarter Highlights
lExport and domestic log prices were modestly lower in the West
lFiber log prices in the South
increased slightly
lEarnings from sales of non-strategic timberlands were lower
$116
$152
Contribution to Pre-Tax Earnings
$194
$217
Revenues
2008 Q1
2007 Q4
Timberlands ($ Millions)
3rd-Party Sales Volumes — Logs (Cubic Units)
2007
2008
Chart 5