Altius Associates December 8, 2010

Page 2 Altius Associates| December 2010 Page 2 Topics for discussion What is the current state of global timberland investments – who, where, how? Where are the major centers of timber production and what is the demand outlook for paper and wood products? What regions do we believe offer compelling investment opportunities? Q & A

Page 3 Altius Associates| December 2010 Page 3 Investment-grade Timberlands by Region

Page 4 Altius Associates| December 2010 Institutional Timberland Investments by Region 6/30/2010 Market Value

Page 5 Altius Associates| December 2010 Institutional Investments by Structure

Page 6 Altius Associates| December 2010 Investor Characteristics 6/30/2010 Market Value

Page 7 Altius Associates| December 2010 Page 7 Topics for discussion What is the current state of global timberland investments – who, where, how? Where are the major centers of timber production and what is the demand outlook for paper and wood products? What regions do we believe offer compelling investment opportunities? Q & A

Page 8 Altius Associates| December 2010 Page 8 Timber Market Overview Population = Demand

Page 9 Altius Associates| December 2010 Page 9 Timber Market Overview Timber Harvests vs Paper and Wood Products Production by Region, 2009

Page 10 Altius Associates| December 2010 Page 10 Timber Market Overview US Forest Production by Region

Page 11 Altius Associates| December 2010 Page 11 Key Global Driver Recovery in US housing markets

Page 12 Altius Associates| December 2010 Page 12 Changes in trade patterns Sources: China Customs Data and Forest Trends Analysis 2007 Note: As a benchmark, the total pine harvest in the U.S. South in 2008 was ~180 million m 3 Key Global Driver China demand growth greatly exceeds domestic timber supplies

Page 13 Altius Associates| December 2010 Page 13 Topography is challenging with high-cost cold winter logging & high logistics costs to market. Significant capital required for expansion. Key Global Driver Economic viability of Russian timber supplies

Page 14 Altius Associates| December 2010 Page 14 Key Global Driver Potential development of energy-related markets

Page 15 Altius Associates| December 2010 Page 15 Topics for discussion What is the current state of global timberland investments – who, where, how? Where are the major centers of timber production and what is the demand outlook for paper and wood products? What regions do we believe offer compelling investment opportunities? Q & A

Page 16 Altius Associates| December 2010 RMS Core Investment Regions

Page 17 Altius Associates| December 2010 Page 17 Risk-Return Profile of Target Countries EXPECTED RETURN (real, net) LOWMODERATE RISK

Page 18 Altius Associates| December 2010 Brazil Forest Plantations: Location & Species Scale has been developed in many regions, for both pine and eucalyptus Pine Belt Source: ABRAF, Sao Paulo Institute of Agricultural Economics and STCP, 2009 Eucalyptus region >76% of total plantation area <24% of total plantation area Legend Currently: Eucalyptus: 4.3 million ha. Pine: 1.9 million ha.

Page 19 Altius Associates| December 2010 Page 19 Investment Summary: Brazil Markets Softwood markets are transitioning from US export emphasis to globally diversified customer focus. Increasing growth in domestic markets in response to government sponsored infrastructure and housing initiatives. Premier global producer of bleached eucalyptus kraft pulp. Growing domestic MDF consumption, along with energy markets, are generating fiber price pressure. Investment Opportunities Wealthy family ownerships reaching generational tipping point. Many are involved in forest products manufacturing and facing financial pressures to monetize timberlands. Significant opportunities to acquire assets in $25 - $50 million USD range. Major pulp and paper companies in early stages of shift from fully integrated model through sale of “non- strategic” assets. Incremental consolidation of small ownerships creating scale can also be achieved. Political/Legal It’s Brazil…difficult, but not impossible. Highly regulated labor, environmental, tax and legal systems add process cost. Globally competitive with highly productive hardwood and softwood forests and manufacturing. Growing domestic economy providing demand support.

Page 20 Altius Associates| December 2010 New Zealand Forest Plantations: Location & Species New Zealand’s forest resource is dominated by radiata pine. Source: MAF National Exotic Forest Description, 2008 Currently: Radiata Pine: 1.57 million ha. Other: 0.18 million ha.

Page 21 Altius Associates| December 2010 Page 21 Investment Summary: New Zealand Markets Well-positioned to supply growing demand in China and India, both countries having large supply deficits. Cost increases of competing supplies will be an incremental price driver: – Russia: Increasing remote logistics costs, environmental restrictions and export taxes. – Canada: Reduced harvest from mountain pine beetle mortality. Continued demand by New Zealand and Australian domestic economies. Investment Opportunities Majority of timberland ownership held by investors, will provide ongoing acquisition opportunities. Remaining medium size companies seeking timberland sales and long-term wood supply agreements as part of strategic shift of capital and management from fully integrated model to focused manufacturing for the supply of domestic and Asia-Pacific markets. Consolidation of regional fragmented forest tracts creating scale can be achieved. Political/Legal Very favorable foreign investment climate. Highly transparent regulatory and legal system. Key supplier of sustainable softwood for rapidly growing Asia-Pacific markets.

Page 22 Altius Associates| December 2010 Australia Forest Plantations: Location & Species Forest plantations are concentrated around coastal regions, providing excellent growing conditions Source: National Forest Inventory 2008 Legend Forest Plantation Regions

Page 23 Altius Associates| December 2010 Page 23 Investment Summary: Australia Markets Strong softwood markets driven by domestic consumption for construction, outdoor and appearance products. Inadequate domestic supply supplemented by imports, mainly from New Zealand. Largest supplier of hardwood chips to rapidly growing Asia-Pacific markets. Investment Opportunities Privatization of large public forests has begun and will provide significant opportunities to acquire quality softwood assets. Liquidation of overly leveraged MIS schemes may provide opportunities to acquire eucalyptus plantation assets. Political/Legal Very favorable foreign investment climate. Highly transparent regulatory and legal system. Strong domestic softwood market and major hardwood chip exporter.

Page 24 Altius Associates| December 2010 Page 24 China Forest Plantations: Location & Species Four broad forest regions can be identified based on six major species groups. Source: Pöyry & RMS Analysis 2007 Guangxi and Guangdong provinces have been the focus for many forest plantation development projects

Page 25 Altius Associates| December 2010 Page 25 Investment Summary: China Markets China’s strong demand growth is pulling increasing imports, equivalent to US Southern pine harvest. Domestic sawlog and pulp log pricing is based on import parity. Investment Opportunities Estates accumulated by medium to large size companies to assure fiber supply are becoming available as owners shift capital and management from a fully integrated model to leading edge manufacturing. These former owners will provide market stability as a major customer. Incremental consolidation with smaller acquisitions creating scale can also be achieved. Political/Legal Forests can be privately owned with long term leases and are transferable. Sustainable commercial forests and associated rural manufacturing have strong political support. Transparency of the tax and regulatory systems has substantially improved with WTO entry. Legal protection, tax minimization and capital repatriation supported with Hong Kong structures. Strongest growing global forest products market that is sustained by domestic growth with a perennially large and increasing fiber supply deficit.

Page 26 Altius Associates| December 2010 Questions?