Deltic Timber Corporation (Deltic) is a natural resources company engaged primarily in the growing and harvesting of timber and the manufacture and marketing of lumber. Deltic owns approximately 445,800 acres of timberland, mainly in Arkansas and north Louisiana. The Company’s sawmill operations are located at Ola in central Arkansas (the Ola Mill) and at Waldo in south Arkansas (the Waldo Mill). In addition to its timber and lumber operations, the Company is engaged in real estate development in central Arkansas. The Company also holds a 50% interest in Del-Tin Fiber LLC (Del-Tin Fiber), a joint venture to manufacture and market medium density fiberboard (MDF). The Company is organized into four segments: Woodlands, Manufacturing, Real Estate and Corporate. The Company’s principal products are timber, timberland, softwood lumber products (primarily finished lumber), residual wood products, hunting land leases, oil and gas lease rentals and royalties, and real estate.