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TIMBERVEST LLC - PRESENTATIONTimbervest, LLC ADDRESS 3715 NorthsideParkway, Building 200, Suite 500 •Atlanta, GA •30327 PHONE 404-848-7500 FAX 404-848-7501 WEB www.timbervest.com 12  For one-on-one client and prospective client use only  Past performance is not necessarily indicative of future results. No current or prospective client should assume that future performance of any specific investment or investment strategy employed by Timbervest will be profitable or will equal the prior performance level(s).  As with all investments, there are associat ed inherent risks, including possible loss of principal. Risks associated with timb erland investing include, but are not limited to, market conditions, general economic and business conditions, competition, environmental restrictions, regulatory initiatives and compliance with governmentregulations, adverse weather conditi ons, possible damages from biological and/or natural catastrophic events and various other events, c onditions and circumstances which are beyond Timbervest’scontrol. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client’s investment portfolio. Please see the risk factors se t forth in the applicable private placement memorandum. The performance results portrayed are compared to the ConsumerPrice Index plus five percent (5%) and the United States T-bills plus five percent (5%) for representative or comparison purposes only. There is no representation that such indexes or benchmarks are an appropriate comparison. Timbervest does not compare returns to the return information reported by the National Council of Real Estate Investment Fiduciaries Timberland Index (“NTI”). NTI returns may be higher or lower than Timbervest’sreturns. NTI returns can be found at www.ncreif.com. The fair value of a timberland investment is based on inputs or data deemed to be Level 3 inputs by FAS 157 and ASC 820. Level 3 inputs are “unobservable inputs”and reflect Timbervest’sown assumptions about the assumptions that market participants woulduse in pricing these assets as well as the markets into which these assets would or could be sold. The primary assumptions made with respect to the valuation of a timberland investment are the value of the timber and the value of the timberland. The primary r isks include regulatory, natural disaster and market force risks,among others. Please refer to Timbervest’sTimberland Valuation Policy for a fu ll description of the valuation practices employed by Timbervest.  Unless noted as “net”returns or otherwise stating that results are shown after management fees, the performance results portrayed do not reflect thededuction of management fees which the client would have paid during the period(s) shown. Such fees would have the effect of reducing overall performance figures. Timbervest’sin vestment advisory fees are described in Part II of its Form ADV, a copy of which is available upon request. By way of example, the effect of a 1.00% management fee on an account with a market value of $5,000,000 would be $54,984. Assuming a gross annual return of 10%, an account worth $5,000,000 at the beginning of any calendar year would have grown to $5,519,064 at the end of the calendar year ona gross of fee basis and $5,464,080 on a net of fee basis (assuming fees are paid at the end of each quarter).  Any model or projected results are subject to the inherent limi tations of showing composite portf olio performance based on model results. Unlike an actual perfor mance record, model results cannot accurately reflect the effect of material economic or market factors on the price of the investments, and therefore, results maybe over or under-stated due to the impact of these factors. Since model results do not represent actual transactions and may not accurately reflectthe impact of material economic and market factors, it is unknown what effect these factors might have had on Timbervest’sdecision-making.  Changes in unrealized appreciation may include “Gain on Acquisition”as contemplated by FAS 157 – Fair Value at Initial Recognition .  The results portrayed reflect the reinvestme nt of capital gains and other earnings when appropriate and permitted. Capital gains and other earnings may be invested in money market funds or other cash equivalent investments pending reinvestment.  Clients and prospective clients should understand that while the portfolio results show a generally rising trend, there is no a ssurance that such trends will continue or that such trends arenot the result of rising market trends in general. If such trends are broken, clients may experience real capital losses in their accounts.  During the period, there were no investment strategies employed to obtain the results portrayed other than those strategies disclosed in the Timbervest, LLC Form ADV or other disclosure brochure.  The “Timbervest Composite Performance”results portrayed are deri ved from all timber investment accounts. Other results denotin g specific funds or partnerships are derived only from the accounts of those funds or partnerships noted.  Data contained herein is provided without warranties of any kind and is subject to change without notice.Timbervest, LLC –Performance and Returns Disclosures Timberland Investments 13Timbervest Overview 14•Founded in 1995 in Atlanta, Georgia, Timbervest is one of the nation’s leading Timber Investment Management Organizations•Registered Investment Advisor •Currently manages approximately $1.6 Billion, as of June 30, 2010, in Timberland Investments for over 75 Institutions, Endowments, Foundations, and High Net Worth Individuals •Existing property portfolios include more than 825,000 acres across 21 states, covering the bulk of the U.S. Timber Markets •44 Professionals across Ten Regional Forestry Offices•100% Privately owned and operated by four principals•Direct Co-investment by management into all Timbervest funds •Since Inception, have completed more than 550 “Round Trip”Timberland transactions generating a Cash Based Annualized IRR Return of 14.3%*1 TIMBERVEST -OVERVIEW*Please see Timbervest’sPerformance and Returns Disclosures for Timberland Investments 15 •Maintains Ten Regional Forestry Offices to Oversee On-The-Ground Timberland Operations •Forestry Offices:•Atlanta, Georgia•Maryville, Tennessee•Jackman, Maine •Glens Falls, New York•Yulee, Florida•Monroeville, Alabama•Lumberton, Texas•Auburn, California•Savannah, Georgia•Berlin, Vermont •Regional Offices are Headed by Foresters with Average Experi encein Excess of 25 Years. They have Experience in All Facets of Timberland Investment Management:  Advanced Degrees in Forest Sciences, Forest Management, and Business  Extensive Experience with Acquisitions, Harvesting Operations, Land Management, Silviculture, Analytics, Financial Management, and Dispositions •This Regional Presence Embeds Timbervest in The Economic “Fabric”of Each Re gion and Insures a Strict Adherence to Environmental Regulations, Best Management Practices and Sustainable Forestry •Extensive Relationships with Major Industry and Private Landowners, as well as Key Federal and State Agencies 2 LOCAL PRESENCE VANC TN TX MO ALGA FL KY CA WA PA MENH NY AR MS OR LA SCWV VT OK M A MN WI MI Northeast Region Great Lakes Region Southeast Region West Gulf Region Appalachian Region West Coast RegionRegional Office 163 TIMBERVEST –CURRENT PORTFOLIO FOOTPRINT PropertyRegional Office VANC TN TX MO ALGA FL KY CA WA PA ME NH NY AR MS OR LA SCWV VT OK M A MN WI MI Appalachian Region Northeast Region West Coast Region Great Lakes Region Southeast Region West Gulf Region 17 AT&TBaylor UniversityBlueCross/BlueShield of North CarolinaChildren’s Healthcare of Atlanta Koch Industries, Inc.Miami UniversityOhio State Highway Patrol-Retirement System 4 REPRESENTATIVE CLIENTSOklahoma State UniversityPKA Pension Fund -DenmarkSan Bernardino County ERAState of Texas TreasuryUCLAUniversity of MinnesotaWashington State UniversityThe above is only a representative client list as of June 30, 2010.This list is not intended to be used as a referral list nor to be interpreted as a referral or recommendation from any of the persons or entities listed. 18Presentation Use Only 191.All Domestic Timberland Investment Portfolio2.Diversification of the Asset Base•By Geography•By Species•By Age Class 3.Target Smaller, Non-contiguous Purchase Units Designed to Produce Growth AND Income•In the “Wood Basket”of Developed Mill Markets•Portfolio is Focused on Fast Growing Timberland Properties that can also Provide Sustainable Cash Flow 4.Detailed Acquisition Proce ss –Proven and Time Tested•Rigorous due diligence process•Defined exit strategy at time of acquisition5.Management Regime: Active, Opportunistic, and Sustainable•State-of-the-Art Silviculture = Growth •Maximize “In-Growth”= Increased Returns•Active Sourcing Of Harvesting Deals = Income and “Alpha” •Environmentally Sound Sustainable Forestry Strategy Protects = Higher Residual Value 6.Defined Exit Strategy at Time of Acquisition•Property Specific Land Management and Timber Harvest Plans to Enhance the Disposition Process A TIMBERVEST’S SIX POINTINVESTMENT STRATEGY 110 50 mile radius100 mile radius DEVELOPED MILL MARKETSThere are 212 mills locatedwithin 100 miles of the property B 111 Timbervest, LLCFluvanna Purchase UnitFluvanna County, VA7,885 Acres22 ParcelsFLUVANNA UNIT –CENTRAL VIRGINIALeseurTractC 112 TIMBER STAND PROFILETimbervest, LLCFluvanna Purchase UnitLeseurTractFluvanna County, VA829 AcresNumbers = Year PlantedTIMBER STAND MAP D 113 • Structure Limited Partnership  10 Year Investment Life  No Leverage • Style Growth and Income with an Emphasis on Geographic, Species, and Age Diversification • Target Size $350 Million • Final Closing 2010 • Investment Period 24 to 36 months TIMBERVEST PARTNERS III, L.P. FUND OFFERINGE 114 DIVERSIFICATION TARGETSF 115 Presentation Use Only II 116 A = TVP II= Duck River Appalachian Total Acrea g e Total Acrea g e 93,740 McKenna 382WA Green River Forest 4,125TN Mid-Valle y 230WA Ro y 's Rock 100TN Mineral Lake 1,029WA Prime TN 33,356TN Foresthills/Ly on Peak 40,041CA Skinner Mtn 14,738TN Scott Valle y 50,904CA Su g ar Creek 4,550TN SV Can y on 3,684CA Duck River 14,583TN Strai g ht Fork 1,687VA West Gul f Bishop 20,601VA/W V Total Acrea g e 155,184 Southeast Central Ozarks 9,845AR/MO Total Acrea g e 245,945 Passmore 2,240AR Foster 14,442TX Amelia 1,245VA Baptist 6,952TX Baucom 2,525VA Hone y Island 16,782TX Blue Knob 2,304VA Henderson 451TX Country side 3,941VA Livin g ston 7,532TX Dendron 2,889VA Lower y 1,305TX Drakes Branch 1,947VA Lusk 11,894TX Fluvanna 7,011VA Moss Hill 3,899TX McTeer 1,083VA Salem 24,388TX Pine y Woods 14,498VA Palmer 2,465TX Prince Edward 1,804VA Saratog a 12,370TX Randolph 1,154VA Mississippi Coast 12,221MS Suffolk 7,111VA Red Creek 9,973MS Butler** 10,260VA/NC Wild Horse 18,425OK Bertie 10,062NC RTG 610NC Northeast Coastal Carolina 3,323SC/NC Total Acrea g e 234,928 Fairfield 3,730SC Kershaw 5,954SC Deemer/Alle y & Elms 9,334PA Brasin g ton 7,359GA State Colle g e 1,349PA Carlton 986GA PA Timberlands 5,565PA/NY Fort Bennin g 15,656GA ADK Mountains 22,595NY I-20 East 3,034GA Cranberry Lake 8,204NY Little River 756GA Newton Falls 15,998NY Mountain Sprin g s 2,362GA NY Timberlands 5,463NY Ocmulg ee 3,137GA Raquette River 13,090NY S y lvania 3,391GA S y lvan Falls 8,050NY Stewart Lands 18,399GA Sunapee/Goshen 6,859NH NC Properties 4,685GA/FL Kimball Hill 2,730NH Dinkins 774FL Androsco gg in 3,568ME Freeport 1,588FL Denn y sville 3,000ME Hosford 8,332FL Greenwood 5,068ME Libert y 2,464FL Wildbrook 3,047ME Te l o gi a C ree k NF/CV 17,443FL St. Aurelie 61,603ME Lafa y ette Forest 6,711FL Bi g Six 22,859ME Wetappo 7,375FL Spectacle Lakes 21,894ME Escambia 11,246AL Cobb Brook 890VT Coker 9,049AL Crossett Hill 1,164VT Enterprise 13,535AL Green Mountains 7,224VT Ma g nolia South 11,436AL Jay Peak 1,748VT Gilliam Forest 12,913AL Mettowee 3,627VT Tenneco 1,864AL Complete Acreage Total 826,071 West Coast 96,270 VANC TN TX MO ALGA FL KY CA WA PA ME NH NY AR MS OR LA SCWV VT OK M A MN WI MI Appalachian Region Northeast Region West Coast Region Great Lakes Region Southeast Region West Gulf Region Property Locations and Acreage T I M B E R V ES T Updated 08/02/10** = timber only = West Coast= West Gulf = Appalachian= SoutheastREGIONS= Northeast OWNERSHIP= New Forestry= Core Value = Timbervest Partners = Lake StatesProperty Regional Office VANC TN TX MO ALGA FL KY CA WA PA ME NH NY AR MS OR LA SCWV VT OK M A MN WI MI Appalachian Region Northeast Region West Coast Region Great Lakes Region Southeast Region West Gulf Region 117 DIVERSIFICATION TARGETSB 118 TIMBERLAND INVESTMENT RETURN COMPONENTSC *Please see Timbervest’sPerformance and Returns Disclosures for Timberland Investments