The following summarizes certain biographical and other information for the executive officers of TFG :

F. Christian Zinkhan
Managing Director, Chief Executive Officer, and President
Chairman of the Forestland Investment Committee

Dr. Zinkhan oversees investments and operations of TFG, develops investment strategy, and chairs the Forestland Investment Committees of TFG.  He also serves as Chairman of the Board of Anderson-Tully Company and has held the executive position of all other fund-affiliated Forestland Interests since their inception.  Dr. Zinkhan was a founder of TFG in 1995 and has served as an officer of TFG since its organization.

 Dr. Zinkhan was the co-author of Timberland Investments: A Portfolio Perspective (Timber Press, 1992), the first book to address Forestland as a separate asset class for the portfolios of individual and institutional investors, and the investments chapter contained in the text, Forests in a Market Economy (Kluwer Academic Publishers, 2003).  An example of his pioneering research in forest finance was the application of option pricing to timberland valuation which has been cited in the 1997 Nobel lecture by one of the two laureates in economics and in NASA-funded research on strategic technology selection at the Jet Propulsion Laboratory.  He speaks regularly at regional, national, and international forestry and investments conferences and lectures on forest finance at universities.  Among other previous positions, he served as Holding Professor of Finance and Dean at Campbell University’s Lundy-Fetterman School of Business, Associate Professor of Forest Finance at the University of Georgia’s School of Forest Resources, and Senior Credit Analyst in the Corporate Banking Division of First National Bank of Maryland.  He directed the establishment of a Center of Banking and Finance at an HBCU institution in Charlotte, North Carolina and taught economics and free enterprise at an Appalachian student-work college in Pippa Passes, Kentucky.   Dr. Zinkhan holds a B.A. from Franklin and Marshall College, M.F. (in forest management) and M.B.A. degrees from Duke University, and a D.B.A. in finance from Mississippi State University.

Among other professional activities, Dr. Zinkhan has served as an expert witness on forest valuation for the U.S. Department of Justice and is on the Steering or Advisory Committees of the Southern Roundtable on Sustainable Forests; Southern Forest Economics Workers (SOFEW), the primary southern forest economics association; Mississippi State University’s Department of Forestry; and the University of Georgia’s Warnell School of Forestry and Natural Resources.

Charles H. Collins
Managing Director and Senior Vice President – Business Development

Mr. Collins oversees business development, marketing and investor relations activities of TFG.  He also participates actively in acquisition search activities and forestland negotiations.  Mr. Collins was a founder of TFG in 1995 and has served as an officer of TFG since its organization.  Mr. Collins joins Dr. Zinkhan and Mr. Jenkins on both TFG’s Management Committee as well as the firm’s Investment Committee.  As well, he serves on the Board of Directors for the fund-affiliated Forestland Interests, Anderson Tully Corporation and Yalbac Ranch & Cattle Corporation.

Mr. Collins has 30 years experience in public and private investments, land acquisition, natural resource management and organizational development.  From 1992 to 1994, Mr. Collins was a Vice President of Winslow Management Co., a Boston-based investment management firm.  From 1986-1992 he served as the first Executive Director of the National Fish and Wildlife Foundation.  Mr. Collins also served as the Vice President for Land Conservation, Finance and Administration for the Chesapeake Bay Foundation from 1982-1986.  From 1979-1982, he was the Colorado State Director of The Nature Conservancy.

Mr. Collins serves on the Board of the Great Mountain Forest Corporation, which oversees several thousand acres of forestland in Connecticut.  He also currently serves as a Director of the World Forestry Center in Portland, Oregon.  He holds a B.A. from Colorado College and a M.E.S. from the Yale School of Forestry and Environmental Studies.

Hunter R. Jenkins
Managing Director and Senior Vice President-Dispositions

Mr. Jenkins has primary responsibility for coordinating negotiations and due diligence for forestland dispositions.  Mr. Jenkins joins Dr. Zinkhan and Mr. Collins on both TFG’s Management Committee as well as the firm’s Investment Committee.  As well, he serves on the Board of Directors for the fund-affiliated Forestland Interests, Anderson Tully Corporation and Yalbac Ranch & Cattle Corporation.

Mr. Jenkins joined TFG immediately after its organization and has served in a variety of capacities.  Previously, he managed acquisition due diligence and served as Vice President and Director of Forestland Operations with responsibility for the day-to-day land management activities across all properties of the Prior Affiliated Funds.  Prior to that role, he was the Director of Investment Operations where he managed the investment analysis process.  Mr. Jenkins started his career with TFG as the Director of Financial Operations, assisting Dr. Zinkhan in developing the initial analytical, accounting and investment processes within the firm.

Before joining TFG, Mr. Jenkins was the Director of Corporate Finance and Administration at a large southern forestry-consulting firm.  In this capacity, his primary focus was acquisitions-related advisory work, including valuation analysis and transactional negotiations.

Mr. Jenkins is a graduate of the University of Virginia and received his M.S.in Management from North Carolina State University, with a focus in forest economics.  He is a member of the Society of American Foresters.

Michael A. Hincher
Senior Vice President-Forest Operations

Mr. Hincher is Senior Vice President-Forest Operations for TFG with overall responsibility for overseeing forest management activities on all properties.  He has direct responsibility for each Regional Director of Forestland Operations in the Great Lakes, Appalachia, Northeast and the South.  As well, he serves on the Board of Directors or as an officer of some of the fund-affiliated Forestland Interests. Previously, Mr. Hincher served as Vice President-Forest Operations and Director of Forestland Operations for the Appalachian Region.

Prior to his employment with TFG in 1998, Mr. Hincher served as Forest Resource Manager for Pittston Coal Company where he managed 140,000 acres of forestland and its hardwood sawmill operations.  In addition, he served as President of Mountain Forest Resources, a subsidiary of Pittston Coal.  Prior to his employment with Pittston Coal Company, Mr. Hincher was Procurement Forester for Louisiana-Pacific Corporation where he was responsible for wood procurement in a five-state area.

Mr. Hincher has a B.S. in forestry from Virginia Polytechnic Institute and State University.  He is a Registered Forester in West Virginia and a certified forester under the Society of American Foresters.  Professionally, Mr. Hincher is actively involved in various state forestry associations and the Virginia Division of the Society of American Foresters, currently serving as immediate past chair. Mr Hincher serves on the board of the Powell River Project, a forestry and minerals research organization affiliated with Virginia Tech.

Blake H. Stansell, III
Vice President-Investments

Mr. Stansell is Vice-President-Investments with primary responsibility for timberland acquisition due diligence, valuation modeling, timber and timberland market analysis, and coordination of third-party appraisals.  He is also involved in valuation activities for forestland dispositions.  As well, he serves on the Board of Directors or as an officer of some of the fund-affiliated Forestland Interests. Prior to his current role, Mr. Stansell served as Senior Director of Investment Analysis.

Prior to his employment with TFG in 1999, Mr. Stansell was the Senior Associate Appraiser for Canal Forest Resources in Charlotte, North Carolina.  At Canal, Mr. Stansell completed a variety of timberland valuation and investment analysis projects including developing valuation analysis for specific properties, writing appraisal reports, and tracking timberland market trends.

Mr. Stansell has a B.S. from Presbyterian College and a Master of Forest Resources from the University of Georgia in Forest Business Management.  He is a Registered Forester in North Carolina.

Linwood C. Thornton, II
Vice President and Chief Financial Officer

Mr. Thornton is Vice President and CFO with primary responsibility for financial management and administration.  Prior to his current role, Mr. Thornton served as Senior Director of Fund Administration with primary responsibility for administrative activities.  In addition, Mr. Thornton oversees fund budgeting activities and engages in selected acquisitions/dispositions involving specialized financial management issues.  As well, he serves on the Board of Directors or as an officer of some of the fund-affiliated Forestland Interests.

Prior to his employment with TFG in 2001, Mr. Thornton was the Vice-President of Finance and Chief Financial Officer of Carolina Packers, Inc. and its related entities.  Based in Smithfield, North Carolina, its diverse activities include agriculture, food processing and real estate development.  In addition to his financial responsibilities, Mr. Thornton led the company’s expansion projects and real estate acquisition, development and marketing efforts.  Previously, Mr. Thornton was employed as a Senior Accountant in Taxation at Coopers & Lybrand, LLP in Raleigh, North Carolina.  In addition, Mr. Thornton served as a Captain in the United States Army Field Artillery.

Mr. Thornton has a B.B.A. in Trust Management from Campbell University and a B.S. in Accounting from Methodist College.  In addition, he earned an M.B.A. from Campbell University and a Masters of Accounting from the University of North Carolina at Chapel Hill.  He is a member of the American Institute of Certified Public Accountants and the North Carolina Association of Certified Public Accountants.