Exhibit 99.2

WY TIMBERLANDS 2006 EBITDA RECONCILIATION

5 5) $ $ 767 139 889 122 ) ( $ $ $ $ 6,393 TOTAL ( 85 353 $ South 4,158 $ 240 536 West $ 2,235 $ (GAAP)

Minus Depreciation, depletion & amortization Plus Canadian Dollar amounts in            EBITDA per acre            Forestlands Minus millions (except            Average No. of            Sector level            Contribution to EBITDA per acre) Acres (000)* Total EBITDA            expenses            Earnings

South 4,174 4,141

West 2,237 2,233

*Based on average of 2005 and 2006 year end average acres 2005 2006

Annual Analyst Conference — June 1, 2007