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RMK GLOBAL TIMBERLAND RESOURCES FUND EXECUTIVE SUMMARY AND CASH FLOW ANALYSISRMK Global Timberland Resources Fund Goal Provide the investor with a geographically diversified investment of internationally certified commercial timberland operations grown for sale to traditional and non-traditional wood-using industries. Philosophy RMK Timberland Group believes in diversification. It is why we are organized around a Portfolio Management structure, building portfolios to meet our clients' needs. It is also why we expanded our initial operations from southern U.S. pines to include Appalachian hardwoods, softwoods and hardwoods in the U.S. Lake States region, and eucalyptus and various pine species in Uruguay and BraziL It is why we also look at micro-regions within larger areas to manage risk through diversification. Lastly, it is why we diversify portfolios with different age trees (emerging, established and mature), as different age trees are used to make different products sold into different markets. We recognized the fundamental benefit of diversification outside the U.S. and, after extensive due diligence, began investing in South America in 2005. Our professionals have traveled throughout the world, analyzing markets on four continents. It is because of this background that RMK Timberland Group's next commingled portfolio, the RMK Global Timberland Resources Fund (the "Global Fund"), will be a truly global portfolio. As noted in the attached pages, the Global Fund will be invested in three to four continents. One component of the Global Fund (the "U.S. Fund") will be invested only in U.S. timberland. The other component (the "International Fund") will be invested in Latin America, Central and Eastern Europe and Southern Africa. Expected real returns are estimated at 9-11%, before investment management fees. Flexibility We have designed the Global Fund to accommodate investors wishing to manage their level of exposure to the U.S. timberland investment market. Accordingly, investors can select the U.S. / non-U.S. allocation that best fits their needs. An investor's commitment to the Global Fund will identify the portion of their investment, if any, to be committed to the U.S. Fund and which portion, if any, to be designated for the International Fund; anywhere from 0-100% can be targeted for U.S. timberland properties and 0-100% for properties located outside the U.S. Global Timberland Resources Fund A summa�y of the material terms of the Global Fund appears below. The terms described below are equally applicable to both the U.S. Fund and International Fund. Term of Investment Twelve years. Liquidation may be completed by the end of the 12tn year; however, the term may be extended for up to three additional one-year periods. Acquisition Size The Fund may acquire properties ranging from a minimum of $1 million to 30% of the Fund's capitalization. The wide range is due to the smaller size of some potential international purchases. Both fee and lease ownership will be considered. Investment Structure Leverage 100 percent equity ownership. None planned, but allowed if needed to fund earnest money deposits. Certification All fee-owned plantations will apply for certification for sound management and sustainability, using an internationally recognized certification system. Markets Carbon Trading Cash Calls Distributions Investment Structure Diversification Minimum Investment Management Fee Markets will include traditional pulp and solid-wood using industries, and other developing markets such as chips and wood pellets for energy. It will be the intention to add incremental return, where possible, by qualifying newly established plantations for carbon-trading. Cash calls with 10-day notice will be made as necessary to fund purchases during the Fund's acquisition stage. Cash may be reinvested or distributed during the term of the investment at the Trustee's discretion. U.S. Fund Specifications A Delaware Limited Liability Company. Base currency is the dollar. Invested 100% in U.S. timberland. Primary participation in Emerging & Established Growth age classes. Investments in at least two U.S. geographic timber markets. $5 million. Annual management fee of 1.0% of the fair market value of the Fund's assets, charged quarterly in arrears. Performance Fee 20% of the Fund's earnings, net of expenses, in excess of an annualized 6% real rate of return. The calculation of the incentive fee will be made every three years based on realized gains. International Fund Specifications Investment Structure A Luxembourg Mutual Investment Fund — Specialised Investment Fund (Fonds Commun de Placement-Fonds d'Investissement Specialise). Base currency is the Euro. Diversification Invested 100% in non-U.S. timberland. We anticipate that approximately 55-65% of the Fund will be invested in Latin America, 15-20% in Central and Eastern Europe, and 15-20% in Southern Africa. Specific countries under consideration include: Minimum Investment Management Fee Performance Fee Latin America: Including but not limited to Brazil, Chile, Mexico, Uruguay, Paraguay and Argentina Southern Africa: Including but not limited to South Africa, Mozambique and Swaziland Central and Eastern Europe: Including but not limited to Bulgaria, Poland, Romania, Germany, Czech Republic and Hungary Up to 10% of the portfolio can be invested in other opportunistic markets. €5 million. Annual management fee of 1.25% of the fair market value of the Fund's assets, charged quarterly in arrears. 20% of the Fund's earnings, net of expenses, in excess of an annualized 10% real rate of return. The calculation of the incentive fee wi11 be made every three years based on realized gains. This Executive Summa�y is not an offer to sell securities. Any sale of securities in the Global Fund will be made pursuant to the Confidential Offering Memorandum for the U.S. Fund and Information Memorandum for the International Fund. These documents, along with ancilla�y documentation for either portion of the Global Fund, will be provided to you. In particular, the Limited Liability Company Agreement of the U.S. Fund and the o�ganizational document for the International Fund will control the operation of the Global Fund, and you should therefore review each document carefully before investing. 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