1. Deltic Timber Corporation Annual Meeting – April 27, 2006

3. Forward-Looking Statements This presentation contains forward-looking statements. Such statements can be identified by the use of words such as “believes”, “expects”, “may”, “will”, “should”, “plans”, “intends”, “estimates”, or “anticipates”, and other comparable terminology. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those described in the forward-looking statements. These factors are discussed in greater detail in the Company’s Form 10-K as filed with the Securities Exchange Commission.

4. Enterprise Value 900 750 600 450 300 150 - Dollar (millions) March 31, 1997 March 31, 2006 Market capitalization plus long-term debt, less cash and cash equivalents 132% increase

5. Deltic Timber Share Price (NYSE – DEL) 01/02/97 12/31/98 12/31/00 12/31/02 12/31/04 3/31/06 $65.00 $55.00 $45.00 $35.00 $25.00 $15.00

6. Shareholder Return (1/1/1997 – 3/31/2006) 350% 300% 250% 200% 150% 100% 50% 0% Dividends reinvested S&P 500 DEL S&P 500 Paper & Forest Products Russell 2000

7. Value of Land and Timber Ownership Consistent earnings and cash flows Integration with sawmills Higher and better use potential Hunting lease and oil & gas income

8. Timberland Ownership Acres (thousands) January 1, 1997December 31, 2005 450 400 350 300 250 28% increase

9. Timberland Profile December 31, 2005 437,700 Acres Pine plantations 156,200 Hardwood forest 23,500 Other 41,900 Pine Forest 216,100

10. Tons (millions) 1997199819992000200120022003 20042005 12 11 10 9 8 Pine Sawtimber Inventory

11. Potential Higher and Better Use Lands Comparable Sales Deltic SalesDeltic Timberland (Approx. 58,000 acres) Chenal Valley

12. - Dollars (thousands) 2002 2003 2004 2005 2,500 2,000 1,500 1,000 500 Hunting Lease and Oil & Gas Income 54% Increase

13. 0-5,000 5,000-10,000 10,000-15,000 15,000-20,000 >20,000 Surface Acres Owned: Deltic Timberlands Near the Fayetteville Shale Area Generalized Boundary of Fayetteville Shale Play

14. Operating Income 2004 2005 24 22 20 18 16 2004 2005 36 34 32 30 28 Net Sales Dollars (millions) Woodlands Segment Net Sales and Operating Income

15. Value of Manufacturing Operations Value added to timberland ownership Logs must be converted into lumber Hedge against lower stumpage prices Generally provides positive cash flow

16. Source: Random Lengths $ per MBF 450 425 400 375 350 325 300 275 250 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 Composite Lumber Price Composite lumber price Trend line Six-year average manufacturing cost of comparable mills

17. Dollars per ton 60 55 50 45 40 200220032004 2005 Average Log Cost 18% increase

18. Mill Modernization Projects (2003 – 2005) Ola Mill ($6.5 million) J-hook sorter system Unscrambler & trimmer Trimmer optimizer Planermill tilt hoist Automated grading system Sawmill breakdown modification Waldo Mill ($12.4 million) J-hook sorter system Curve-sawing gang Third boiler Upgrade kilns Automated grading system Step feeder

19. Board Feet per Hour 40,000 36,000 32,000 28,000 24,000 2002 2003 2004 2005 2006E Hourly Production Rate 29% Increase 44% increase

20. Million Board Feet 325 300 275 250 225 200 175 20022003 20042005 2006E Annual Lumber Production 53% Increase

21. Tons per MBF 4.35 4.30 4.25 4.20 4.15 2003200420052006E Lumber Recovery Ratio (Tons of Logs Used to Produce each MBF of Lumber)

22. Operating Income 2004 2005 2004 2005 130 115 100 85 70 Net Sales 7654376543 Dollars (millions) Mills Segment Net Sales and Operating Income

23. Prime example of higher and better use land Natural diversification for a timber company Consistently generates income Attracts a broader class of shareholders Value of Real Estate Development

24. 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- Dec- 02 02 03 03 04 04 05 05 06 06E Source: Freddie Mac and National Association of Realtors Mortgage Interest Rates 30-Year Fixed Rate Mortgage Trend line Mortgage interest rate

25. Units (millions) 2002 20032004 20052006E 2.10 2.00 1.90 1.80 1.70 1.60 1.50 Source: U.S. Bureau of the Census (Construction Reports) and National Association of Realtors U.S. Housing Starts

26. Lots 300 250 200 150 100 50 0 2002 20032004 20052006E Residential Lot Sales

27. Dollars 2002 20032004 20052006E 100,000 90,000 80,000 70,000 60,000 Residential Lot Prices (Average per lot)

28. Acres 2002 20032004 20052006E 80 60 40 20 0 Commercial Acreage Sales

29. Dollars (thousands) 1,000 800 600 400 200 - 2002 2003 2004 20052006E Commercial Acreage Prices (Average per Acre)

30. Chenal Valley Development * Approximate Residential 4,500 Lots* Commercial 750 Acres* Sold Developed/Unsold Undeveloped 272 1.914 2,314 264 16 470 (December 31, 2005)

31. Chenal Valley Little Rock, Arkansas GMAC RED Development Site Existing Commercial Village at Rahling Road Bank Site Future Commercial RED Development Area Future Commercial (125 Acres) Promenade At Chenal Village At Rahling Road Bank Site (15 Acres)

32. Real Estate Segment Net Sales and Operating Income Operating Income 2004 2005 11 10 9 8 7 Dollars (millions) 2004 2005 Net Sales 33 32 31 30 29

33. Del-Tin Fiber Financial Performance Operating Results Cash Flow Dollars (millions) 2002 2003 2004 2005 12 4 (4) (12) (20)

34. Consolidated Net Sales Dollars (millions) 175 150 125 100 2002200320042005 29% increase5.3% increase19% increase

35. Dollars (millions) 15 10 5 - (5) 2002* 20032004 2005 * Excludes write-off of Deltic’s investment in Del-Tin Fiber of $11.4 million net of income tax impact Consolidated Net Income 35% increase31% increase

36. Dollars (millions) 45 40 35 30 25 20 2002 20032004 2005 Cash Flow versus Capital Expenditures Cash Flow Capital Expenditures

37. 2006 Budget Woodlands 18% Mills 22% Real Estate 59% Corporate 1%

38. Dollars (millions) 120 100 80 60 12/31/200212/31/200312/31/200412/31/2005 3/31/2006 Long-Term Debt $29.4 million decrease $11.2 million decrease $3.5 million decrease

39. 0% 25% 50% 75% DELLPXPCHGEFTINWYLFBPCLGPIPPOP Debt to Capital Employed December 31, 2005

40. Dollars (millions) 1Q2005 1Q2006 42 41 40 39 38 Net Sales Net Income 4.0 3.0 2.0 1.0 - Dollars (millions) 1Q2005 1Q2006 First Quarter Financial Results