<SUBMISSION>
<ACCESSION-NUMBER>0001157523-09-001178
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20090212
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20090212
<DATE-OF-FILING-DATE-CHANGE>20090212
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>POTLATCH CORP
<CIK>0001338749
<ASSIGNED-SIC>6798
<IRS-NUMBER>820156045
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32729
<FILM-NUMBER>09591967
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>601 WEST FIRST AVENUE
<STREET2>SUITE 1600
<CITY>SPOKANE
<STATE>WA
<ZIP>99201
<PHONE>(509) 835-1500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>601 WEST FIRST AVENUE
<STREET2>SUITE 1600
<CITY>SPOKANE
<STATE>WA
<ZIP>99201
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Potlatch Holdings, Inc.
<DATE-CHANGED>20050914
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5894629.htm
<DESCRIPTION>POTLATCH CORPORATION 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      DC 20549</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>FORM
      8-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT PURSUANT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>TO
      SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><br><u><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report: February 12, 2009</font></u><br><font style="font-family: Times New Roman; font-size: 10pt">(Date
      of earliest event reported)</font><br><br><br><font style="font-size: 12pt"><b>POTLATCH
      CORPORATION</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>_______________________________</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Delaware</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>001-32729</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>82-0156045</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of Incorporation)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification Number)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 67%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>601 W. First Avenue, Suite 1600, Spokane WA</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>99201</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 67%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <u><b>509-835-1500</b></u><br>(<font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number,</font><br><font style="font-family: Times New Roman; font-size: 10pt">
      Including area code)</font><br>
    </p>
    <p>

    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions: </font>(<i>see </i>General Instruction A.2.
      below):
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p>

    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;On February 12, 2009, Potlatch Corporation announced its results of
      operations and financial condition for the quarter and the year ended
      December 31, 2008.&#160;&#160;The press release containing this announcement is
      furnished as Exhibit 99.1 hereto.
    </p>
    <p>

    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;The information in this Form 8-K and the Exhibit attached hereto
      shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended, nor shall it be deemed incorporated by
      reference in any filing under the Securities Act of 1933, except as
      shall be expressly set forth by specific reference in such filing.&#160;&#160;&#160;&#160;
    </p>
    <p>

    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap">

    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 3%; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 3%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(d)</i>
          </p>
        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Exhibits.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 3%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 8%">

        </td>
        <td style="width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 3%; text-align: left" valign="top">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 8%; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 86%; text-align: left" valign="top">
          Press release issued by Potlatch Corporation, dated February 12,
          2009.
        </td>
      </tr>
      <tr>
        <td style="width: 3%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 8%">

        </td>
        <td style="width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 3%; text-align: left" valign="top">

        </td>
        <td style="width: 3%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            POTLATCH REPORTS FOURTH QUARTER AND FULL YEAR 2008 RESULTS
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;&#160;&#160;&#160;&#160;&#160;-----------------------------------------------------------------------------------------------
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated: February 12, 2009
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            POTLATCH CORPORATION
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 4%; text-align: left" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Pamela A. Mull
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Pamela A. Mull
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President, General Counsel and Corporate Secretary
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 15%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 15%; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          Press release issued by Potlatch Corporation, dated February 12,
          2009.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: justify">

    </p>
  </body>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5894629ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
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  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <u><font style="font-family: Times New Roman; font-size: 12pt"><b>Potlatch
      Reports Fourth Quarter and Full Year 2008 Results</b></font></u>
    </p>
    <p>
      SPOKANE, Wash--(BUSINESS WIRE)--February 12, 2009--<b>Potlatch
      Corporation (NYSE:PCH)</b> today reported financial results for the
      fourth quarter and full year ended December 31, 2008.
    </p>
    <p>
      On December 16, 2008, Potlatch successfully completed the spin-off of
      its pulp-based manufacturing businesses and the Lewiston, Idaho lumber
      mill into a new company, Clearwater Paper Corporation. &#8220;We accomplished
      a major strategic objective in 2008 with the successful spin-off of
      Clearwater Paper in the 4<sup>th</sup> quarter. Potlatch is now clearly
      positioned as a 'pure play' timber REIT,&#8221; said Michael J. Covey,
      chairman, president and chief executive officer. The results for
      Clearwater Paper for the quarter and year through December 15, 2008, are
      shown as discontinued operations.
    </p>
    <p>
      <b>Q4 2008 Financial Summary</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The company recorded earnings from continuing operations for the
        quarter of $5.4 million, or $0.14 per diluted common share, compared
        to earnings of $7.5 million, or $0.19 per diluted common share for Q4
        2007.

        <ul>
          <li style="margin-bottom: 10.0px">
            Q4 2008 results from continuing operations included higher
            operating income from the Resource segment due to increased
            harvest levels compared to Q4 2007. Offsetting this improvement
            were lower earnings from the Real Estate segment primarily due to
            fewer acres sold in Q4 2008 versus Q4 2007, and a larger loss from
            the Wood Products segment.
          </li>
        </ul>
      </li>
      <li style="margin-bottom: 10.0px">
        Including discontinued operations, we recorded a net loss of $4.3
        million, or $0.11 per diluted common share, compared to earnings of
        $11.2 million, or $0.28 per diluted common share, for Q4 2007.

        <ul>
          <li style="margin-bottom: 10.0px">
            Discontinued operations for both periods included the effects of
            the spin-off of the Clearwater Paper operations and the closure of
            our Prescott, Arkansas lumber mill. Results for Q4 2008 reflected
            a loss of $9.8 million related to discontinued operations compared
            to earnings of $3.7 million in Q4 2007.
          </li>
        </ul>
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      &#8220;The Resource segment had solid results for Q4 2008, primarily due to
      higher harvest levels in both the southern and northern regions during
      the quarter. In comparing to Q4 2007, sawlog pricing was lower in both
      regions by approximately 16 percent, while pulpwood pricing increased
      slightly in the northern region and remained relatively flat in the
      southern region.
    </p>
    <p>
      &#8220;The Real Estate segment had lower income in the fourth quarter compared
      to Q4 2007 primarily due to decreased acreage sold. Approximately 2,000
      acres were sold in Q4 2008, compared to approximately 6,900 acres in Q4
      2007.
    </p>
    <p>
      &#8220;The Wood Products segment continued to experience extremely weak market
      conditions, with a segment operating loss of $11.4 million in Q4 2008
      compared to a loss of $5.0 million in Q4 2007. Due to the continuing
      weak market conditions, most of our lumber mill operations were down
      from one to two weeks during the fourth quarter. Our Post Falls, Idaho
      particleboard facility was shut down for five weeks during the quarter.
      Most of our wood products mills continue to run at reduced production
      levels since the beginning of this year. We expect to experience
      continued weak market conditions well into 2009, and are taking steps to
      mitigate the losses,&#8221; concluded Mr. Covey.
    </p>
    <p>
      <b>2008 Full Year Financial Summary</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Earnings from continuing operations for the full year 2008 were $68.8
        million, or $1.73 per diluted common share, compared to $72.3 million,
        or $1.84 per diluted common share for the full year 2007.

        <ul>
          <li style="margin-bottom: 10.0px">
            Earnings for 2008 from continuing operations included pre-tax
            charges totaling $3.0 million ($1.8 million after-tax) related to
            settlements with the direct and indirect purchaser classes in the
            OSB antitrust lawsuit. Both settlements have been given final
            court approval.
          </li>
          <li style="margin-bottom: 10.0px">
            Earnings for 2007 from continuing operations included a $2.7
            million ($2.3 million after-tax) restructuring charge for the
            Resource segment.
          </li>
        </ul>
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net earnings for the full year 2008, including discontinued
        operations, were $52.6 million, or $1.32 per diluted common share,
        compared to $56.4 million, or $1.43 per diluted common share, for the
        full year 2007.

        <ul>
          <li style="margin-bottom: 10.0px">
            Discontinued operations for both periods included the effects of
            the spin-off of the Clearwater Paper operations and the closure of
            the Prescott, Arkansas lumber mill. For 2007, discontinued
            operations also reflected the sale of the company&#8217;s hybrid poplar
            tree farm in Boardman, Oregon. Results for full year 2008
            reflected a loss of $16.2 million related to discontinued
            operations compared to a loss of $15.9 million for 2007.
          </li>
        </ul>
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Q4 2008 Business Performance</b>
    </p>
    <p>
      <u>Resource</u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Operating income for the segment was $15.9 million, compared to $10.6
        million earned in Q4 2007.
      </li>
    </ul>
    <p>
      Southern Region
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Fee harvest levels increased 95% in Q4 2008 compared to Q4 2007, as
        harvest levels in the region were reduced in Q4 2007 to avoid a
        buildup of log inventories, coupled with favorable logging conditions
        in Q4 2008. Fee harvest levels in Q4 2008 increased 21% compared to Q3
        2008, due to reduced harvest levels in Q3 2008 resulting from
        extremely wet conditions from hurricane events.
      </li>
      <li style="margin-bottom: 10.0px">
        Sawlog pricing was lower by 16%, while pulpwood pricing remained flat
        in Q4 2008 compared to Q4 2007. Q4 2008 sawlog prices increased 4%
        when compared to Q3 2008, while pulpwood pricing remained flat.
      </li>
    </ul>
    <p>
      Northern Region
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Fee harvest levels increased 12% in Q4 2008 compared to Q4 2007 due to
        ideal fall logging conditions in Idaho. Fee harvest levels decreased
        34% compared to Q3 2008, which is seasonally the Northern region&#8217;s
        strongest production quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        Sawlog pricing was lower by 16%, while pulpwood pricing increased 3%
        in Q4 2008 compared to Q4 2007. Sawlog prices were 17% lower when
        compared to Q3 2008, primarily due to a lower percentage of cedar
        sawlogs sold in Q4 2008 coupled with lower mixed sawlog pricing.
      </li>
    </ul>
    <p>
      <u>Real Estate</u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Operating income for the segment was $0.3 million in Q4 2008, compared
        to $7.9 million in Q4 2007.

        <ul>
          <li style="margin-bottom: 10.0px">
            Land sold in Q4 2008 in Arkansas, Idaho, Minnesota and Wisconsin
            totaled approximately 2,000 acres at an overall average price of
            nearly $1,440 per acre.
          </li>
          <li style="margin-bottom: 10.0px">
            Land sold in Q4 2007 totaled approximately 6,900 acres at an
            overall average price of approximately $1,710 per acre. More
            HBU/development acres were sold in 2007 than 2008.
          </li>
        </ul>
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>Wood Products</u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The segment reported an operating loss of $11.4 million for Q4 2008,
        compared to a loss of $5.0 million for Q4 2007.

        <ul>
          <li style="margin-bottom: 10.0px">
            Lumber results were negatively impacted by the continued downturn
            in the housing market, resulting in lower net sales prices and
            shipments. Lower revenues were somewhat offset by lower production
            costs.
          </li>
          <li style="margin-bottom: 10.0px">
            Many of our mills were operating with reduced production schedules
            during Q4 2008.
          </li>
        </ul>
      </li>
    </ul>
    <p>
      <u>New Credit Agreement</u>
    </p>
    <p>
      During the fourth quarter, Potlatch replaced its existing revolver with
      a new $250 million revolving credit facility. The new revolver, which is
      secured with a portion of the company&#8217;s Idaho timberlands, has a
      five-year term. &#8220;In spite of the difficult credit environment, we were
      successful in securing a new revolver,&#8221; concluded Mr. Covey.
    </p>
    <p>
      <u>Impact of Clearwater Paper Spin-off on Balance Sheet</u>
    </p>
    <p>
      As noted above, Potlatch successfully spun off Clearwater Paper in the
      fourth quarter of 2008. Although the year-end 2008 balance sheet
      excludes Clearwater Paper assets and liabilities, the year-end 2007
      balance sheet still includes those assets and liabilities. Further, as
      part of the spin-off, Clearwater Paper retained the obligation to repay
      $100 million of credit sensitive debentures which are on Potlatch&#8217;s
      balance sheet. Since Potlatch is ultimately responsible for repayment of
      the debentures in the event Clearwater Paper fails to pay them when due,
      Potlatch will continue to represent the liability on its balance sheet
      as a current installment on long-term debt, but it is offset by a $100
      million current note receivable from Clearwater Paper. Once Clearwater
      Paper repays the credit sensitive debentures, both the liability and the
      asset will be removed from Potlatch&#8217;s balance sheet.
    </p>
    <p>
      In addition, on the Statements of Operations and Comprehensive Income
      (Loss), the significant &quot;Other comprehensive loss&quot; amounts for 2008 are
      primarily attributable to the negative performance of our defined
      benefit pension plans as a result of the steep downturn in the stock
      market in the fourth quarter of the year.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>Dividend Distribution</u>
    </p>
    <p>
      During the fourth quarter, Potlatch paid a regular quarterly cash
      distribution on the company&#8217;s common stock of $0.51 per share. The
      spin-off of Clearwater Paper resulted in a common stock distribution of
      one share of Clearwater Paper common stock for every 3.5 shares of
      Potlatch common stock.
    </p>
    <p>
      <b>Outlook</b>
    </p>
    <p>
      &#8220;Looking ahead, our Resource business in the Southern region remains
      relatively stable, but we are experiencing downward price pressure in
      the Northern region as sawmills curtail production. Fortunately, our
      geographic diversity allows us to balance harvest levels depending on
      regional strengths and weaknesses. Our Real Estate business continues to
      operate reasonably well in this challenging economic environment. In
      fact, despite the economic uncertainties, we sold approximately 24,800
      acres of principally pre-merchantable, non-strategic timberland in
      southwest Arkansas for approximately $43.3 million in early January
      2009. We expect continued weakness from our Wood Products business well
      into 2009, but we are moving aggressively to minimize the losses,&#8221;
      concluded Mr. Covey.
    </p>
    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      A live Web cast and conference call will be held today, February 12,
      2009, at 8 a.m. Pacific time (11 a.m. Eastern). Those interested may
      access the Web cast at <u>www.potlatchcorp.com</u> and conference call
      by dialing 866-393-8403 for U.S./Canada and 973-638-3465 for
      international. Participants will be asked to provide conference I.D.
      number 79903957. Supplemental materials that we will discuss during the
      call are available on our website.
    </p>
    <p>
      For those unable to participate in the call, an archived recording will
      be available through the Potlatch Corporation website at <u>www.potlatchcorp.com</u>
      for approximately one year following the conference call. A telephone
      replay of the conference call will be available until February 19, 2009,
      by calling 800-642-1687 for U.S./Canada or 706-645-9291 for
      international and entering passcode number 79903957.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>About Potlatch</b>
    </p>
    <p>
      Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.6
      million acres of timberland in Arkansas, Idaho, Minnesota and Wisconsin.
      Potlatch, a verified forest practices leader, is committed to providing
      superior returns to stockholders through long-term stewardship of its
      forest resources. The company also conducts a land sales and development
      business and operates wood products manufacturing facilities through its
      taxable REIT subsidiary.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This press release contains certain forward-looking statements within
      the meaning of the Private Litigation Reform Act of 1995 as amended,
      including without limitation statements about future company
      performance, direction of markets, facility shutdowns, log pricing,
      future harvest levels, and efforts to minimize losses in our Wood
      Products segment. These forward-looking statements are based on current
      expectations, estimates, assumptions and projections that are subject to
      change, and actual results may differ materially from the
      forward-looking statements. Factors that could cause actual results to
      differ materially include, but are not limited to, changes in timberland
      values; changes in timber harvest levels on the company&#8217;s lands; changes
      in timber prices; changes in policy regarding governmental timber sales;
      changes in the United States and international economies; changes in the
      level of construction activity; changes in tariffs, quotas and trade
      agreements involving wood products; changes in demand for Potlatch&#8217;s
      products; changes in production and production capacity in the forest
      products industry; competitive pricing pressures for the company&#8217;s
      products; unanticipated manufacturing disruptions; changes in general
      and industry-specific environmental laws and regulations; unforeseen
      environmental liabilities or expenditures; weather conditions; changes
      in raw material and other costs; the ability to satisfy complex rules in
      order to remain qualified as a REIT; changes in tax laws that could
      reduce the benefits associated with REIT status; and other risks and
      uncertainties described from time to time in the company&#8217;s public
      filings with the Securities and Exchange Commission. The company does
      not undertake to update any forward-looking statements.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="17" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Potlatch Corporation and Consolidated Subsidiaries
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Statements of Operations and Comprehensive Income (Loss)
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Unaudited (Dollars in thousands - except per-share amounts)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Quarter Ended
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Twelve Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Revenues
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          93,583
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          101,653
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          439,957
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          423,472
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,127
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          30,153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          26,516
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Materials, labor and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          78,162
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          72,176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          300,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          271,765
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7,211
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          16,008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          48,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          53,983
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Restructuring charge
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (38
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2,653
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          93,500
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          95,982
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          378,774
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          354,917
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Earnings from continuing operations before interest and taxes
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            83
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            5,671
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          61,183
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          68,555
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,295
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,189
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (20,825
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (17,711
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Interest income
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          119
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          338
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          671
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          2,279
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Earnings (loss) from continuing operations before taxes
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,093
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          820
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          41,029
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          53,123
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Income tax benefit
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          10,519
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          6,691
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          27,813
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          19,208
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Earnings from continuing operations
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          5,426
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          7,511
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          68,842
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          72,331
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Discontinued operations:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Gain (loss) from discontinued operations (including gain (losses)
            on disposal of $42, $-, $(20,362) and $(35,774))
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (13,031
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (24,558
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,501
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Income tax benefit (provision)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          3,255
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (2,371
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          8,353
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (10,398
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (9,776
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3,734
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (16,205
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (15,899
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="top">
          Net earnings (loss)
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (4,350
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          11,245
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          52,637
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          56,432
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Other comprehensive income (loss), net of tax
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (103,328
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (702
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (99,586
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          3,399
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="top">
          Comprehensive income (loss)
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (107,678
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          10,543
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (46,949
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          59,831
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Earnings per common share from continuing operations:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.74
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.85
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.73
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.84
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Earnings (loss) per common share from discontinued operations:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (0.25
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.41
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.41
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (0.25
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          0.09
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.41
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.40
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net earnings (loss) per common share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (0.11
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.29
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.44
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (0.11
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.28
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1.43
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Average shares outstanding (in thousands):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          39,598
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          39,220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          39,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          39,094
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Diluted
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          39,844
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          39,492
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          39,803
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          39,384
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: left" valign="top">
          Certain 2007 amounts have been reclassified to conform to the 2008
          presentation.
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="9" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Potlatch Corporation and Consolidated Subsidiaries
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Condensed Balance Sheets
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Unaudited (Dollars in thousands - except per-share amounts)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          2007
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Assets
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          885
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          9,047
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          22,289
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Receivables, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          38,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          114,260
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Note receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          100,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          36,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          169,396
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            11,392
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,782
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Other assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          5,031
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          4,185
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          195,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          333,959
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Land other than timberlands
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,521
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          8,549
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Plant and equipment, at cost less accumulated depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          82,613
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          510,776
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Timber, timberlands and related deposits, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          553,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          534,513
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Pension assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          108,435
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            74,653
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Other assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          27,843
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          20,972
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          938,321
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          1,517,204
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Liabilities and Stockholders' Equity
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current installments on long-term debt
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          100,410
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          209
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current notes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          129,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          110,300
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current liability for pensions and other postretirement employee
          benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            13,258
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          21,837
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Accounts payable and accrued liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          44,377
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          152,361
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          287,145
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          284,707
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          220,927
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          321,301
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Liability for pensions and other postretirement employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          216,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          261,956
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Other long-term obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          15,089
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          18,923
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          51,981
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Stockholders' equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          198,234
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          578,336
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          938,321
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          1,517,204
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Stockholders' equity per common share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            4.99
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            14.73
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Working capital
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (91,367
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            49,252
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Current ratio
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.7:1
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1.2:1
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="19" style="padding-left: 0.0px; text-align: center" valign="top">
          Highlights
        </td>
      </tr>
      <tr>
        <td colspan="19" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Unaudited (Dollars in thousands - except per-share amounts)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Quarter Ended
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Twelve Months Ended
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: right" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: right" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="top">
          Distributions per common share
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.51
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.51
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2.04
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1.98
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="19" style="padding-left: 0.0px; text-align: center" valign="top">
          Segment Information
        </td>
      </tr>
      <tr>
        <td colspan="19" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Unaudited (Dollars in thousands)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Quarter Ended
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" valign="top">
          Twelve Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; text-align: left" valign="top">
          Revenues
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Resource
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          65,414
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          65,410
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          265,307
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          296,821
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Real Estate
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          2,879
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          11,781
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          46,077
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          24,116
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Wood Products
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Lumber
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          31,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          34,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          150,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          170,093
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Plywood
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,852
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          13,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          46,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          55,309
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Particleboard
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          4,609
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          17,020
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          19,922
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          10,965
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          9,359
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          49,360
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          40,664
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          52,002
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          61,320
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          263,132
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          285,988
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          120,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          138,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          574,516
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          606,925
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Intersegment revenues
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (26,712
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (36,858
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (134,559
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (183,453
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="top">
          Total consolidated revenues
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          93,583
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          101,653
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          439,957
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          423,472
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; text-align: left" valign="top">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Resource
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          15,906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          10,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          76,008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          81,783
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Real Estate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7,883
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          31,490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          17,274
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Wood Products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (11,414
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (4,974
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (13,675
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          4,196
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Eliminations and adjustments
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (908
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          3,328
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,017
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          1,348
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          16,788
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          92,806
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          104,601
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Corporate
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,975
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (15,968
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (51,777
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (51,478
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Earnings (loss) from continuing operations before taxes
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,093
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          820
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          41,029
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right" valign="bottom">
          53,123
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="19" style="padding-left: 0.0px; text-align: left" valign="top">
          Certain 2007 amounts have been reclassified to conform to the 2008
          presentation.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Potlatch Corporation<br>Media<br>Mark Benson, 509-835-1513<br>or<br>Investors<br>Eric
      Cremers, 509-835-1521
    </p>
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</TEXT>
</DOCUMENT>
</SUBMISSION>
