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Potlatch to convert to real estate investment trust

September 20, 2005 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

Potlatch Corp., a timber and paper products company that is one of the largest publicly traded corporations based in Spokane, said Monday it will convert into a real estate investment trust.

The board of directors approved the change, effective next Jan. 1, the company said in a press release.

The change will allow Potlatch, which employs about 2,000 at a large plant in Lewiston, Idaho, to increase its annual dividend from about 60 cents per share to $2.60 per share, because of savings from corporate income taxes, spokesman Mike Sullivan said. The company predicted its annual dividend after the conversion will be approximately $76 million, compared to $18 million now.

Full Story: http://www.magicvalley.com/articles/2005/09/20/news_business/business.3.txt

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