Comments on stumpage prices, first quarter, 2005

1. With fuel increase, other related costs and insurance and taxes, it is increasingly difficult to stay in business

2. No timber lots purchased at this time.

3. No lots available/salvage lot amounts under 1mbf. Charge for removal. More people willing to clean up land if you add a bit of hardwood to the chunks/blockings.

4. Red Oak dropped a lot.

5. RO down, SM,BC,WA “steady”; purposely holding off marketing 3 sales for a couple of months!

6. Red oak lumber market is in a serious state of decline. Appears to have fallen from favor with consumers.

7. Red and black oak seems to be softening, everything else seems strong.