##### 



Exhibit 10.26
 PORTIONS
OF THIS EXHIBIT MARKED BY ***HAVE BEEN OMITTED PURSUANT TO A
REQUESTFOR CONFIDENTIAL TREATMENT FILED SEPARATELYWITH THE
SECURITIES AND EXCHANGE COMMISSION
 SAWTIMBER SUPPLY AGREEMENT
 BY AND BETWEEN
 TIN INC., as Purchaser
 AND
 CPT LOGCO, LLC, as Seller




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##### 



Table of Contents
 ARTICLE I DEFINITIONS
    
    
    1Section 1.1 Definitions
    
    
    1ARTICLE II HARVEST VOLUMES
    
    
    7Section 2.1 Obligation to Purchase and Sell
    
    
    7Section 2.2 Annual Plan and Forecast Plan
    
    
    8Section 2.3 Obligated Volume
    
    
    8Section 2.4 Uncommitted Volume and Quarterly Meetings
    
    
    8Section 2.5 Biomass
    
    
    8Section 2.6 Post-Harvest Carbon Rights
    
    
    9ARTICLE III PRODUCT SPECIFICATIONS
    
    
    9Section 3.1 Product Specifications
    
    
    9Section 3.2 Rejected Product
    
    
    9ARTICLE IV PRICE SCHEDULE
    
    
    10Section 4.1 Initial Price
    
    
    10Section 4.2 Quarterly Price
    
    
    10ARTICLE V DELIVERY, FORCE MAJEURE AND PAYMENT
    
    
    10Section 5.1 Delivery, Scaling and Weighing
    
    
    10Section 5.2 Force Majeure
    
    
    13Section 5.3 Change Event
    
    
    14Section 5.4 Payment
    
    
    14ARTICLE VI TERM
    
    
    14Section 6.1 Term
    
    
    14Section 6.2 Extension of Term
    
    
    14Section 6.3 Effect of Termination
    
    
    14ARTICLE VII REPRESENTATIONS AND WARRANTIES
    
    
    14Section 7.1 Representations and Warranties of Purchaser
    
    
    14Section 7.2 Representations and Warranties of Seller
    
    
    15ARTICLE VIII SELLERS MANAGEMENT
    
    
    16Section 8.1 Sellers Management
    
    
    16ARTICLE IX DEFAULT AND DISPUTE RESOLUTION
    
    
    17Section 9.1 Default by Purchaser
    
    
    17Section 9.2 Default by Seller
    
    
    18Section 9.3 Specific Performance
    
    
    18Section 9.4 Liquidated Damages
    
    
    19Section 9.5 Assignment of Agreement
    
    
    19Section 9.6 Dispute Resolution
    
    
    19ARTICLE X INDEMNITY AND INSURANCE
    
    
    21Section 10.1 Purchasers Indemnity
    
    
    21Section 10.2 Sellers Indemnity
    
    
    21Section 10.3 Insurance
    
    
    21Section 10.4 Notice of Claim
    
    
    22ARTICLE XI ASSIGNMENT AND TRANSFERS
    
    
    22Section 11.1 Sellers Assignment Rights
    
    
    22Section 11.2 Purchasers Assignment Rights
    
    
    23
 -ii-




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##### 



ARTICLE XII AUDIT RIGHTS
    
    
    23Section 12.1 Audit Rights
    
    
    23ARTICLE XIII NOTICES
    
    
    23Section 13.1 Notices
    
    
    23ARTICLE XIV MISCELLANEOUS
    
    
    24Section 14.1 Amendments
    
    
    24Section 14.2 Recording of Agreement
    
    
    24Section 14.3 Compliance with Laws
    
    
    25Section 14.4 Confidentiality
    
    
    25Section 14.5 Estoppel Certificates
    
    
    25Section 14.6 No Waiver; Remedies
    
    
    25Section 14.7 Accounting Terms
    
    
    25Section 14.8 Binding Effect; Governing Law
    
    
    25Section 14.9 Counterparts
    
    
    25Section 14.10 Time of the Essence
    
    
    25Section 14.11 Incorporation of Exhibits and Schedules
    
    
    25Section 14.12 Interest
    
    
    25Section 14.13 Further Assurances
    
    
    26Section 14.14 Most Favored Status
    
    
    26Section 14.15 Attorneys Fees
    
    
    26Section 14.16 Severability
    
    
    26Section 14.17 Captions and Headings
    
    
    26Section 14.18 Construction
    
    
    26Section 14.19 Relationship
    
    
    27Section 14.20 Integration
    
    
    27Section 14.21 Uniform Commercial Code
    
    
    27
 INDEX
 SCHEDULESSchedule 1
    
    SpecificationsSchedule 2
    
    2008 Annual PlanSchedule 3
    
    2008 Forecast Plan (for years 2009-2011)Schedule 4
    
    Annual Minimum Volumes and Annual Obligation FloorsSchedule 5
    
    Freight AdjustmentSchedule 6
    
    Initial PriceSchedule 7
    
    Product Volume RangeSchedule 8
    
    Distinctive SitesSchedule 9
    
    Biomass Harvest LocationsSchedule 10
    
    Obligated Volume Products and Delivery Points for 2007 and 2008Schedule 11
    
    Pricing Example
 EXHIBITSExhibit A
    
    Description of PropertyExhibit B
    
    Form of Support Agreement
 -iii-




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##### 



SAWTIMBER SUPPLY AGREEMENT
 Agreement st Effective Date Purchaser Seller
 RECITALS
 A.
    
    Purchaser and Landowner entered into that certain Purchase Agreement dated August 3,
2007, as amended by that certain Amended and Restated Purchase Agreement dated October 31,
2007 (as amended, the Purchase Agreement), pursuant to which Purchaser sold and Crown
Pine Timber 1, L.P., a Delaware limited partnership, Crown Pine Timber 2, L.P., a Delaware
limited partnership, Crown Pine Timber 3, L.P., a Delaware limited partnership, and Crown
Pine Timber 4, L.P., a Delaware limited partnership (collectively, Landowner), acquired
approximately 1,469,507 acres of real property located in Anderson, Angelina, Cherokee,
Houston, Jefferson, Liberty, Nacogdoches, Orange, Panola, Rusk, San Jacinto, Shelby,
Trinity, Newton, Sabine, San Augustine, Hardin, Jasper, Polk and Tyler Counties, Texas; and
Allen, Beauregard, Calcasieu, Jefferson Davis, Rapides, Sabine and Vernon Parishes,
Louisiana, being more particularly described in Exhibit Aattached hereto (the Property);
andB.
    
    Purchaser and Crown Pine Parent, L.P., a Delaware limited partnership, of which each
entity constituting Landowner is a wholly owned subsidiary, are simultaneously entering
into a Sawtimber Support Agreement substantially in the form attached hereto as Exhibit B
(the Support Agreement), pursuant to which Landowner is providing certain assurances and
agreements to Purchaser with respect to the availability of the cutting rights contemplated
and required by this Agreement; andC.
    
    Purchaser desires to buy and receive, and Seller desires to sell, deliver and provide
Product (as defined herein) from the Property; andD.
    
    Purchaser and Seller desire to purchase and sell Product pursuant to the terms of this
Agreement at the fair market price;
  ARTICLE I
 DEFINITIONS
 Definitions.
 AAA




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##### 



Acts of God
 Affiliate
 Agreement
 Annual Harvest Option Volume
 Annual Harvest Volume
 Annual Minimum Volume Schedule 4
 Annual Plan
 Biomass
 Biomass Offer
 Carbon Rights
 Carryover Volume
 Certificate of Insurance
 2




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##### 



Change Event
 Chip-n-Saw
 Conservation Block Exhibit A
 Delivery Plan
 Delivery Point
 Distinctive Site Schedule 8
 Effective Date
 Environmental Laws et seq et
seq et seq et seq et
seq et seq et seq.
 3




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##### 



Final Quarterly Price
 Force Majeure
 Forecast Plan
 Freight Adjustment Schedule 5
 Harvest Year
 Initial Price
 Large Sawtimber
 4




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##### 



Liens
 Master Stumpage Agreement
 Medium Sawtimber
 Mill
 Obligated Volume
 Obligation Floor Schedule 4
 Option
 Option Period
 Panel
 Panel Chairman
 Person
 Pole
 Price Dispute
 5




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##### 



Primary Delivery Zone
 Product
 Product Reduction
 Product Volume Range Schedule 7
 Property
 Purchaser
 Purchaser Event of Default
 Purchaser Indemnitee
 Quarterly Delivery Variance
 Quarterly Price
 Renewal Period
 Residual Biomass
 SFI Standards
 Secondary Delivery Zone
 6




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##### 



Seller
 Seller Event of Default
 Seller Indemnitee
 Small Sawtimber
 Specifications Schedule 1
 Substitute Products
 Term
 Termination Date
  *** Adjustment Factor
 Transfer
 Uncommitted Volume
 ARTICLE II
 HARVEST VOLUMES
 Obligation to Purchase and Sell.
 7




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##### 



Annual Plan and Forecast Plan. Schedule 2 Schedule 3
 Obligated Volume. Schedule 10
 Uncommitted Volume and Quarterly Meetings.
 Biomass. Biomass Offer
 8




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##### 



Schedule 9
 Post-Harvest Carbon Rights .
 ARTICLE III
 PRODUCT SPECIFICATIONS
 Product Specifications.
 Rejected Product.
 9




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##### 



ARTICLE IV
 PRICE SCHEDULE
 Initial Price. Schedule 6 Initial Price
 Quarterly Price . Schedule 11
 ARTICLE V
 DELIVERY, FORCE MAJEURE AND PAYMENT
 Delivery, Scaling and Weighing.
 Delivery Plan
 Calendar Quarter
    
    Percentage of Obligated Volume1
    
    ***2
    
    ***3
    
    ***4
    
    ***
 10




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##### 



Quarterly Delivery Variance
 Substitute Products"
   11




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##### 



Carryover Volume
     12




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##### 



Force Majeure.
   13




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##### 



Change Event.
 Payment.
 ARTICLE VI
TERM
 Term. Term
 Extension of Term . Renewal
Period
 Effect of Termination.
 ARTICLE VII
 REPRESENTATIONS AND WARRANTIES
 Representations and Warranties of Purchaser.
 14




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##### 



Purchasers knowledge
 Representations and Warranties of Seller.
  15




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##### 



Sellers knowledge
 ARTICLE VIII
 SELLERS MANAGEMENT
 Sellers Management.
 16




---



##### 



ARTICLE IX
 DEFAULT AND DISPUTE RESOLUTION
 Default by Purchaser. Purchaser Event of Default
     17




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##### 



Default by Seller. Seller Event of Default
       Specific Performance.
 18




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##### 



Liquidated Damages .
 Assignment of Agreement.
 Dispute Resolution. Dispute Notice
  Panel Chairman
 19




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##### 



Panel.
   Price Dispute
 (i)
    
    Within fifteen (15) days after the selection of the Panel, each
party will submit in writing to the Panel its position with respect to the
price or cost in dispute and any materials such party wishes to submit
supporting the use of the proposed purchase and sale price.(ii)
    
    Within fifteen (15) days following the submission of the
position of each party, the Panel will choose one of the two submitted
positions (and no other) based upon the Panels determination of the position
that better reflects the actual market price or cost at issue. If only one
position is submitted, the Panel will choose such position.(iii)
    
    The Panel shall assess the costs of such arbitration and
reasonable attorney fees against the party whose position was not chosen or who
did not submit a position.
   20




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##### 



ARTICLE X
 INDEMNITY AND INSURANCE
 Purchasers Indemnity. Seller Indemnitee
 Sellers Indemnity. Purchaser Indemnitee
 Insurance.
  21




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##### 



(i)
    
    Each accident  $100,000,(ii)
    
    Disease (policy)  $500,000, and(iii)
    
    Disease (each employee)  $100,000; and
     Notice of Claim.
 ARTICLE XI
 ASSIGNMENT AND TRANSFERS
 Sellers Assignment Rights.
 22




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##### 



Purchasers Assignment Rights.
 ARTICLE XII
 AUDIT RIGHTS
 Audit Rights.
 ARTICLE XIII
 NOTICES
 Notices.
 Purchaser:
    
    TIN Inc.303 South Temple DriveDiboll, Texas 75941Attention: Group Vice PresidentBuilding ProductsFacsimile: (936) 829-1248
 23




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##### 



E-mail: JackSweeny@templeinland.comCopy to:
    
    Temple-Inland Inc.1300 S. Mopac ExpresswayAustin, Texas 78746Attention: General CounselFacsimile: (512) 434-8051E-mail: GeorgeVorpahl@templeinland.comSeller:
    
    CPT LogCo, LLCc/o The Campbell Group1 SW Columbia, Suite 1700Portland, Oregon 97258Attention: Jerry BrodieFacsimile: (503) 275-9667E-mail: JBrodie@campbellgroup.comCopy to:
    
    Schwabe, Williamson & Wyatt1211 SW Fifth Avenue, Suite 1800Portland, Oregon 97204Attention: Kirk JohansenFacsimile: (503) 796-2900E-mail: kjohansen@schwabe.com
  ARTICLE XIV
 MISCELLANEOUS
 Amendments.
 Recording of Agreement.
 24




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##### 



Compliance with Laws.
 Confidentiality.
 Estoppel Certificates.
 No Waiver; Remedies.
 Accounting Terms.
 Binding Effect; Governing Law.
 Counterparts.
 Time of the Essence.
 Incorporation of Exhibits and Schedules.
 Interest. Wall Street
Journal
 25




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##### 



Further Assurances.
 Most Favored Status.
 Attorneys Fees.
 Severability.
 Captions and Headings.
 Construction.
 26




---



##### 



Relationship.
 Integration.
 Uniform Commercial Code .
 [Signature Pages Follow]
 27




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##### 



IN WITNESS WHEREOF,
 PURCHASERTIN INC., a Delaware corporationBy:Name:Title:
 [Seller Signature Page Follows]
 28




---



##### 



SELLER:CPT LOGCO, LLC, a Delaware limited liability
companyBy:Name:
    
    Stanley G. ReneckerTitle:
    
    Authorized Signatory
 29




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##### 



SCHEDULE 1
 SPECIFICATIONS
 TEMPLE-INLAND
BUNA LUMBER OPERATION
PURCHASED DELIVERED MEDIUM TREE LENGTH LOG SPECIFICATIONS (PSTM)
June 22, 2007
 1)
    
    Length: ***2)
    
    Butt Size: ***3)
    
    Top Size: ***4)
    
    Minimum Age:All stems must be ***5)
    
    Knots: ***6)
    
    Redheart: ***7)
    
    Catface/ cronartium: ***8)
    
    Crook/fork: ***9)
    
    Sweep: ***10)
    
    Butt spur/slant: ***11)
    
    Foreign material: ***12)
    
    Dead log/ bug log: ***13)
    
    Charred/ Burned logs: ***14)
    
    General Quality: ***15)
    
    Culling: ***16)
    
    Receiving: ***
 Schedule 1




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##### 



TEMPLE-INLAND
BUNA LUMBER OPERATION
PURCHASED DELIVERED SMALL TREE LENGTH LOG SPECIFICATIONS (PSTS)
June 22, 2007
 1)
    
    Composition: ***2)
    
    Length: ***3)
    
    Butt Size:***4)
    
    Top Size: ***.5)
    
    Minimum Age:All stems must be ***6)
    
    Knots: ***7)
    
    Redheart: ***8)
    
    Catface/cronartium: ***9)
    
    Crook/fork: ***10)
    
    Sweep: ***11)
    
    Butt spur/Slant: ***12)
    
    Foreign Material: ***13)
    
    Dead log/ bug log: ***14)
    
    Charred/Burned logs: ***15)
    
    General Quality: ***16)
    
    Culling: ***17)
    
    Receiving: ***




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##### 



TEMPLE-INLAND
BUNA LUMBER OPERATION
PURCHASED DELIVERED LARGE TREE LENGTH LOG SPECIFICATIONS (PSTL)
June 22, 2007
 1)
    
    Length: ***2)
    
    Butt Size: ***3)
    
    Top Size: ***4)
    
    Minimum Age:All stems must be ***5)
    
    Knots:***6)
    
    Redheart: ***7)
    
    Catface/cronartium:***8)
    
    Crook/fork:***9)
    
    Sweep: ***10)
    
    Butt spur/slant:***11)
    
    Foreign material:***12)
    
    Dead log/bug log: ***13)
    
    Charred/Burned logs:***14)
    
    General Quality: ***15)
    
    Culling: ***16)
    
    Receiving: ***




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##### 



TEMPLE-INLAND
DIBOLL LUMBER OPERATION
PURCHASED DELIVERED MEDIUM TREE LENGTH LOG SPECIFICATIONS (PSTM)
June 22, 2007
 1)
    
    Length: ***2)
    
    Butt Size: ***3)
    
    Top Size: ***4)
    
    Minimum Age:All stems must be ***5)
    
    Knots: ***6)
    
    Redheart: ***7)
    
    Catface/cronartium:***8)
    
    Crook/fork: ***9)
    
    Sweep: ***10)
    
    Butt spur/slant:***11)
    
    Foreign material:***12)
    
    Dead log/ bug log: ***13)
    
    Charred/ Burned logs:***14)
    
    General Quality: ***15)
    
    Culling: ***16)
    
    Receiving:***




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##### 



TEMPLE-INLAND
DIBOLL LUMBER OPERATION
PURCHASED DELIVERED SMALL TREE LENGTH LOG SPECIFICATIONS (PSTS)
June 22, 2007
 1)
    
    Composition:***2)
    
    Length: ***3)
    
    Butt Size: ***4)
    
    Top Size: ***5)
    
    Minimum Age:All stems must be ***6)
    
    Knots: ***7)
    
    Redheart: ***8)
    
    Catface/cronartium: ***9)
    
    Crook/fork: ***10)
    
    Sweep: ***11)
    
    Butt spur/slant: ***12)
    
    Foreign material: ***13)
    
    Dead log/ bug log: ***14)
    
    Charred/Burned logs: ***15)
    
    General Quality: ***16)
    
    Culling: ***17)
    
    Receiving:***




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##### 



TEMPLE  INLAND
PINELAND SAWMILL AND STUDMILL
PURCHASE DELIVERED CHIP-N-SAW SPECIFICATIONS (PSCS)
June 22, 2007
 1)
    
    Length:***2)
    
    Butt size:***3)
    
    Top size:***4)
    
    Minimum Age:All stems must be ***5)
    
    Knots:***.6)
    
    Redheart:***7)
    
    Catface/ cronartium:***8)
    
    Crook/fork:***9)
    
    Sweep:***10)
    
    Butt spur/ slant:***11)
    
    Foreign material: ***12)
    
    Dead log/ bug log:***13)
    
    Charred/ Burned Logs:***14)
    
    General Quality: ***15)
    
    Culling: ***16)
    
    Receiving: ***




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##### 



TEMPLE-INLAND
PINELAND LUMBER OPERATION
PURCHASED DELIVERED MEDIUM TREE LENGTH LOG SPECIFICATIONS (PSTM)
June 22, 2007
 1)
    
    Length:***2)
    
    Butt Size:***3)
    
    Top Size:***4)
    
    Minimum Age:All stems must be ***5)
    
    Knots:***6)
    
    Redheart: ***7)
    
    Catface/ cronartium: ***8)
    
    Crook/fork: ***9)
    
    Sweep: ***10)
    
    Butt spur/slant: ***11)
    
    Foreign material: ***12)
    
    Dead log/ bug log: ***13)
    
    Charred/ Burned logs: ***14)
    
    General Quality: ***15)
    
    Culling: ***16)
    
    Receiving:***




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##### 



TEMPLE-INLAND
PINELAND SAWMILL
PURCHASED DELIVERED SMALL TREE LENGTH LOG SPECIFICATIONS (PSTS)
June 22, 2007
 1)
    
    Composition:***2)
    
    Length: ***3)
    
    Butt Size: ***4)
    
    Top Size: ***5)
    
    Minimum Age:All stems must be ***6)
    
    Knots: ***7)
    
    Redheart: ***8)
    
    Catface/cronartium: ***9)
    
    Crook/fork: ***10)
    
    Sweep: ***11)
    
    Butt spur/slant: ***12)
    
    Foreign Material: ***13)
    
    Dead log/ bug log: ***14)
    
    Charred/Burned logs: ***15)
    
    General Quality: ***16)
    
    Culling: ***17)
    
    Receiving: ***




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##### 



TEMPLE-INLAND
SWLA LUMBER OPERATION
PURCHASED DELIVERED LARGE TREE LENGTH LOG SPECIFICATIONS (PSTL)
June 22, 2007
 1)
    
    Length: ***2)
    
    Butt Size: ***3)
    
    Top Size: ***4)
    
    Minimum Age:All stems must be ***5)
    
    Knots: ***6)
    
    Redheart: ***7)
    
    Catface/cronartium:***8)
    
    Crook/fork:***9)
    
    Sweep: ***10)
    
    Butt spur/slant: ***11)
    
    Foreign material: ***12)
    
    Dead log/bug log: ***13)
    
    Charred/Burned logs: ***14)
    
    General Quality: ***15)
    
    Culling: ***16)
    
    Receiving: ***




---



##### 



TEMPLE-INLAND
SWLA LUMBER OPERATION
PURCHASED DELIVERED MEDIUM TREE LENGTH LOG SPECIFICATIONS (PSTM)
June 22, 2007
 1)
    
    Length: ***2)
    
    Butt Size: ***3)
    
    Top Size:***4)
    
    Minimum Age:All stems must be ***5)
    
    Knots:***6)
    
    Redheart: ***7)
    
    Catface/ cronartium:***8)
    
    Crook/fork: ***9)
    
    Sweep: ***10)
    
    Butt spur/slant: ***11)
    
    Foreign material: ***12)
    
    Dead log/ bug log: ***13)
    
    Charred/ Burned logs: ***14)
    
    General Quality: ***15)
    
    Culling: ***16)
    
    Receiving:***




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##### 



TEMPLE-INLAND
SWLA LUMBER OPERATION
PURCHASED DELIVERED SMALL TREE LENGTH LOG SPECIFICATIONS (PSTS)
June 22, 2007
 1)
    
    Composition:***2)
    
    Length: ***3)
    
    Butt Size: ***4)
    
    Top Size: ***5)
    
    Minimum Age:All stems must be ***6)
    
    Knots: ***7)
    
    Redheart: ***8)
    
    Catface/cronartium: ***9)
    
    Crook/fork: ***10)
    
    Sweep: ***11)
    
    Butt spur/slant: ***12)
    
    Foreign material: ***13)
    
    Dead log/ bug log: ***14)
    
    Charred/Burned logs: ***15)
    
    General Quality: ***16)
    
    Culling: ***17)
    
    Receiving:***




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##### 



SCHEDULE 2
 2008 ANNUAL PLAN
 Compstand
    
    Est. Year
    
    County
    
    Technique
    
    Harvest Acres
    
    Total PP***
    
    ***
    
    ***
    
    ***
    
    ***
    
    ***
 Schedule 2




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##### 



SCHEDULE 3
 2008 FORECAST PLAN
 2009 Pine Sawtimber Forecast
 Product
    
    TonsBUNA AREA
    
    Sum of PSCS ***
    
    
    *
    **Sum of PSCS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSMP
    
    
    *
    ***
    **DIBOLL AREA
    
    Sum of PSCS ***
    
    
    *
    **Sum of PSCS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSMP
    
    
    *
    ***
    **PINELAND AREA
    
    Sum of PSCS ***
    
    
    *
    **Sum of PSCS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSMP
    
    
    *
    ***
    **DEQUINCY AREA
    
    Sum of PSCS ***
    
    
    *
    **Sum of PSCS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSMP
    
    
    *
    ***
    **
 Schedule 3




---



##### 



Product
    
    TonsSum of PSCS ***
    
    
    *
    **Sum of PSCS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTS ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTM ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSTL ***
    
    
    *
    **Sum of PSMP
    
    
    *
    **Total
    
    
    *
    **2010 Pine Sawtimber ForecastSum of PSCS
    
    
    *
    **Sum of PSTS
    
    
    *
    **Sum of PSTM
    
    
    *
    **Sum of PSTL
    
    
    *
    **Sum of PSMP
    
    
    *
    **Total
    
    
    *
    *****




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##### 



SCHEDULE 4
 ANNUAL MINIMUM VOLUMES AND ANNUAL OBLIGATION FLOORS
 Annual Minimum Volumes
    
    
    
    Annual Obligation FloorsMinimum Annual PSTHarvest Plan (000 Tons)
    
    
    
    
    
    
    
    (000 Tons)Year
    
    NTX
    
    
    STX
    
    
    LA
    
    
    CONS
    
    
    TOTAL
    
    
    
    NTX
    
    
    STX
    
    
    LA
    
    
    CONS
    
    
    TOTAL2008
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2009
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2010
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2011
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2012
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2013
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2014
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2015
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2016
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2017
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2018
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***2019
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
    
    
    
    ***
 Schedule 4




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##### 



SCHEDULE 5
 FREIGHT ADJUSTMENT
 DEFINITIONS
 
 A
    
    Base Haul Rate$*** per loaded ton-mi as the base $  per loaded ton-mile trucking CostB
    
    Benchmark Fuel Price$*** per gallon as the base $  per gallon retail on-highway diesel priceC
    
    Current Fuel PriceBased on ***D
    
    ***E
    
    ***F
    
    Rate Adjustment Factor***G
    
    Current Haul Rate***
 HAUL RATE FUEL ADJUSTMENT
 CalculationA
    
    Base Haul Rate
    
    $***B
    
    Benchmark Fuel Price
    
    $***C
    
    Current Fuel Price
    
    $***D
    
    ***
    
    ***
    
    ***E
    
    ***
    
    ***F
    
    Rate Adjustment Factor
    
    ***
    
    ***G
    
    Current Haul Rate
    
    $***
    
    ***
 Schedule 5




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##### 



SCHEDULE 6
 INITIAL PRICE
 PSCS
    
    PSTS
    
    PSTM
    
    PSTLNorthern Chipmill & Wdyd
    
    
    
    
    
    $
    *
    **
    
    $
    *
    **Buna
    
    
    
    
    
    $
    *
    **
    
    $
    *
    **
    
    $
    *
    **Diboll
    
    
    
    
    
    $
    *
    **
    
    $
    *
    **DeQuincy
    
    
    
    
    
    $
    *
    **
    
    $
    *
    **
    
    $
    *
    **Pineland Lumber
    
    
    
    
    
    $
    *
    **
    
    $
    *
    **Pineland Studmill
    
    $
    *
    **Silsbee Wdyd
    
    
    
    
    
    $
    *
    **
    
    $
    *
    **
    
    $
    *
    **
  PSTL Pricing Calculation
 3rdQuarter
    
    
    
    
    
    
    3rdPD
    
    
    
    
    
    
    QuarterMill
    
    Volume
    
    
    Volume %
    
    
    PD PriceDeQuincy
    
    
    *
    **
    
    
    *
    **%
    
    $
    *
    **Buna
    
    
    *
    **
    
    
    *
    **%
    
    $
    *
    **3-Year*** Adjustment Factor
    
    
    *
    **Quarterly Price
    
    $
    *
    **
 Schedule 6




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##### 



SCHEDULE 7
 PRODUCT VOLUME RANGE
 Minimum/Maximum Percentage of Delivery VolumeBy Product and LocationMediumSawtimber/LargeChip-n-Saw
    
    
    Small Sawtimber
    
    
    SawtimberLocation
    
    Minimum
    
    Maximum
    
    Minimum
    
    Maximum
    
    Minimum
    
    MaximumBuna Lumber &
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%Silsbee WoodyardDeQuincy Lumber
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%Medium SawtimberDiboll Lumber &
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%Northern WoodyardPineland Lumber
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%Pineland Studmill
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
    
    
    *
    **%
 Schedule 7




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##### 



SCHEDULE 8
 DISTINCTIVE SITES
 SITE
    
    ACRES
    
    DESCRIPTION
    
    LOCATION***
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ******
    
    ***
    
    ***
    
    ***
 Schedule 8




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##### 



SCHEDULE 9
 BIOMASS HARVEST LOCATIONS
  Schedule 9




---



##### 



SCHEDULE 10
 OBLIGATED VOLUME PRODUCTS AND DELIVERY POINTS FOR 2007 AND 2008
 PST
 Obligated Volume 2007
 Sawtimber
    
    PSCS
    
    PSTS
    
    PSTM/PSTL
    
    TotalBuna
    
    ***
    
    ***
    
    ***
    
    ***Dequincy
    
    ***
    
    ***
    
    ***
    
    ***Diboll
    
    ***
    
    ***
    
    ***
    
    ***Pineland Lumber
    
    ***
    
    ***
    
    ***
    
    ***Pineland Studmill
    
    ***
    
    ***
    
    ***
    
    ***Total
    
    ***See Note (1)
 Obligated Volume 2008
 Sawtimber
    
    PSCS
    
    PSTS
    
    PSTM/PSTL
    
    TotalBuna
    
    ***
    
    ***
    
    ***
    
    ***Silsbee Woodyard
    
    ***
    
    ***
    
    ***
    
    ***Dequincy
    
    ***
    
    ***
    
    ***
    
    ***Diboll
    
    ***
    
    ***
    
    ***
    
    ***Northern Woodyard
    
    ***
    
    ***
    
    ***
    
    ***Pineland Lumber
    
    ***
    
    ***
    
    ***
    
    ***Pineland Studmill
    
    ***
    
    ***
    
    ***
    
    ***Total
    
    ***See Note (2&3)
 Note (1)
 Note (2)
 Note (3)
 Schedule 10




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##### 



Additional Volume 2007
 Sawtimber
    
    PSCS
    
    PSTS
    
    PSTM/PSTL
    
    TotalBuna
    
    ***
    
    ***
    
    ***
    
    ***Dequincy
    
    ***
    
    ***
    
    ***
    
    ***Diboll
    
    ***
    
    ***
    
    ***
    
    ***Pineland Lumber
    
    ***
    
    ***
    
    ***
    
    ***Pineland Studmill
    
    ***
    
    ***
    
    ***
    
    ***Total
    
    ***See Note (4)
 Note (4)
 Schedule 10




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##### 



SCHEDULE 11
 PRICING EXAMPLE
 PINE SAWTIMBER DELIVERED PRICING TIMETABLE AND PRICE CALCULATION
 
    
    Pricing process timetable is outlined below: ***
    
    Example pricing calculation: ***
 Schedule
11




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