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Chenal Properties, Inc.

Deltic Timber Corporation

Deltic Timber Corporation, founded by Charles H. Murphy, Sr., is a natural resources company engaged primarily in the growing and harvesting of timber and the manufacture and marketing of lumber. The Company owns approximately 434,000 acres of timberland in Arkansas and northern Louisiana, much of which was acquired in the 1920's. Deltic is the fifth largest timberland owner in the state of Arkansas. Sawmill operations, which began in 1971, now consist of two mills, one at Ola in central Arkansas and another at Waldo in southern Arkansas. In addition to its timber and lumber operations, the company is engaged in real estate development in Little Rock.

Woodland Segment
Deltic Timber Corporation's timberlands, primarily Southern Yellow Pine, are located in Arkansas and Louisiana. The southern United States is a major timber and lumber producing region and due to regulatory and geographic factors, the region holds a strategic advantage over other U.S. timber-producing regions. Unlike other major timber-producing areas in North America, most timber acreage in the southern United States is privately held, rendering it potentially available for acquisition. Deltic's growth strategy emphasizes timberland acquisitions in the region, which will facilitate an increase in harvest levels.

Mills Segment
Two sawmills, one at Ola in central Arkansas and one at Waldo in south Arkansas, employ modern technology in order to improve efficiency, reduce labor costs, maximize utilization of the timber resource, and maintain high quality standards of production. In addition, each sawmill is strategically located near significant portions of the timberlands. The Ola Mills is equipped for maximum utilization of smaller diameter logs, while the Waldo Mill can process both smaller and larger diameter logs.

Real Estate Segment
Deltic Timber Corporation owns approximately 31,000 acres in west Pulaski County, making it the county's largest landowner. The holding consist of two major tracts: a 24,000-acre tract known as the Ferguson Ranch and a 7,000-acre tract, which contains the 4,800-acre community called Chenal Valley.