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Potlatch Selects CEO for Proposed Spin-Off

June 30, 2008 - Potlatch said that Gordon L. Jones has accepted an offer to serve as president and chief executive officer for the proposed spin-off of the company's pulp-based businesses.

On April 17, 2008, the Potlatch board of directors authorized management to evaluate a potential tax-free spin-off of the Company's pulp-based businesses. The spin-off would create two stand-alone, publicly-traded entities: a timber REIT, which is a verified forest practices leader with 1.7 million acres of forestland, and a pulp-based manufacturing company that would include the Company's consumer products facilities in Lewiston, Idaho, Las Vegas, and Elwood, Illinois, and its pulp and paperboard facilities in Lewiston, Idaho, and Cypress Bend, Arkansas.

If the Potlatch Board approves moving forward with the proposed spin-off, Jones will lead the spin-off business, which had revenues of approximately $1.2 billion in 2007.

Jones received a Bachelor of Science degree in engineering from the University of Nebraska and a Master of Science degree in business administration from Boston University. After serving in the U.S. Army, he began his career in the paper towel and tissue business at Procter and Gamble. Since then, he has accrued more than 30 years of experience in the pulp and paper industry, serving in such roles as president, chief executive officer, and director for Blue Ridge Paper Products, Inc. as well as a number of executive positions with Smurfit-Stone and predecessor companies, including vice president and executive officer of sales and marketing and senior vice president, where he was responsible for 85 container plants with $3 billion in sales annually.

During the evaluation phase of the possible spin-off, Jones will be based in Spokane, Washington.

SOURCE: Potlatch Corp.




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