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Deltic Timber Corporation



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Deltic's real estate segment consists of three development projects - Chenal Valley, Chenal Downs, and Red Oak Ridge. Chenal Valley, located in west Little Rock, Arkansas, is the Company's primary real estate development. It is a 4,800-acre upscale planned community, centered around two Robert Trent Jones, Jr. designed golf courses. Chenal Downs, located just outside of Chenal Valley, is

a 400-acre equestrian development. Red Oak Ridge is an 800-acre upscale development located in Hot Springs, Arkansas. Also, the Company disclosed in 2004 plans for The Ridges at Nowlin Creek, an upscale, 1,170-acre, low-impact residential development located just west of Chenal Valley, that will feature state-of-the-art best-management practices to protect water quality in response to its site adjacent to Lake Maumelle.