Potlatch and Deltic Timber Complete Merger

Potlatch and Deltic Timber Complete Merger
SPOKANE, Wash. and EL DORADO, Ark., Feb. 20, 2018 (GLOBENEWSWIRE) --
PotlatchDeltic Corporation (NASDAQ:PCH) (“PotlatchDeltic”) today announced the successful
completion of the previously announced merger of Potlatch Corporation with Deltic Timber
Corporation in an all-stock transaction, creating a leading domestic timberland owner and top-tier
wood products manufacturer. All closing conditions for the deal have been met.
The combined company has changed its name to PotlatchDeltic Corporation and its shares will
trade on the Nasdaq Stock Market under the ticker PCH.
“Today marks the beginning of a stronger PotlatchDeltic, positioned for growth,” said Chairman
and Chief Executive Officer Mike Covey. “We are thrilled to be celebrating this milestone and
eager to begin integrating our business and capturing significant merger benefits. Our businesses
have solid plans in place to deliver on our synergy commitments and provide a seamless transition
for our customers and other stakeholders.”
The combination brings together two leading timberland owners and wood products
manufacturers, while also combining two highly complementary and successful real estate
businesses.

Together, the combined company has a highly productive and diverse timberland portfolio of
nearly 2 million acres, with approximately 1.1 million acres in the U.S. South, 600,000 acres in
Idaho, and 150,000 acres in Minnesota. The company operates eight wood products manufacturing
facilities, including six lumber manufacturing facilities, one medium density fiberboard (“MDF”)
facility and one industrial plywood mill. In total, PotlatchDeltic has lumber capacity of 1.2 billion
board feet, making it one of the leading producers in the U.S.
In accordance with the terms of the merger agreement, each outstanding share of Deltic Timber
common stock immediately prior to the merger converted to the right to receive 1.80 shares of
PotlatchDeltic common stock. In total, approximately 22 million common shares of PotlatchDeltic
will be issued to Deltic Timber shareholders, representing approximately 35 percent of total shares
of outstanding.
About PotlatchDeltic
PotlatchDeltic Corporation (NASDAQ: PCH) is a leading Real Estate Investment Trust (REIT)
that owns nearly 2 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana,
Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six
sawmills, an industrial-grade plywood mill, a medium density fiberboard plant, a residential and
commercial real estate development business and a rural timberland land sales program. In
February 2018, Potlatch Corporation merged with Deltic Timber Corporation. PotlatchDeltic, a
leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable
management of its timber resources. More information can be found at www.PotlatchDeltic.com.
FORWARD-LOOKING STATEMENTS
This communication contains certain forward-looking information about PotlatchDeltic that is
intended to be covered by the safe harbor for “forward-looking statements” provided by the Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical fact
are forward-looking statements. In some cases, you can identify forward-looking statements by
words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,”
“estimate,” “predict,” “potential,” “continue,” “could,” “future” or the negative of those terms or
other words of similar meaning. These forward-looking statements include, without limitation,
statements relating to the proposed impact of the merger on PotlatchDeltic’s financial results, the
estimated distribution of Deltic’s accumulated earnings and profits, and the integration of Deltic’s
operations. You should carefully read forward-looking statements, including statements that
contain these words, because they discuss the future expectations or state other “forward-looking”
information about PotlatchDeltic. A number of important factors could cause actual results or
events to differ materially from those indicated by such forward-looking statements, many of
which are beyond the parties’ control, including the possibility that any of the anticipated benefits
of the merger will not be realized or will not be realized within the expected time period; the risk
that integration of Deltic’s operations with those of Potlatch will be materially delayed or will be
more costly or difficult than expected; dilution caused by PotlatchDeltic’s issuance of additional
shares of its common stock in connection with the merger; the possibility that integration may be
more expensive to complete than anticipated, including as a result of unexpected factors or events;
the diversion of management time on integration related issues; the estimation of Deltic’s
accumulated earnings and profits is preliminary and may change with further due diligence;
general competitive, economic, political and market conditions and fluctuations, including
changes in interest rates, credit availability, adverse weather, cost and availability of materials used
to manufacture products, natural gas pricing and volumes produced; changes in the regulatory
environment; the cyclical nature of the industry in which the parties operate; and the other factors
described in Potlatch’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017
and in its most recent Quarterly Reports on Form 10-Q filed with the SEC. PotlatchDeltic assumes
no obligation to update the information in this communication, except as otherwise required by
law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of
which speak only as of the date hereof.
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