Resource Management Service LLC

Fees and Compensation
   Description
       RMS typically charges Clients investment management and property
       management fees.
       Investment management fees differ based on the nature of the investment and
       are typically based on invested capital or the fair market value of investments
       held by the Client. Investment management fees vary based on each Client’s
       investment management agreement or similar governing document with varying
       basis points.
       Property management fees are charged at the asset level and may be based on
       acres managed, amount of invested capital, or through a contractor structure.
       RMS also charges performance-based fees as described in more detail below.
       Any additional fees charged by RMS or its affiliates with respect to Clients, any
       timberlands in which Clients are invested, or any portfolio company will be
       promptly disclosed to all Clients. Any of these other fees earned by RMS shall
       reduce on a dollar-for-dollar basis the amount of fees paid to RMS.
       Applicable governing documents for the Funds or Direct Accounts provide a full
       description of the fees paid to RMS. RMS may elect to waive or reduce certain fees
       paid by Clients or investors in its sole discretion.

   Fee Billing
       Investment management fees are assessed monthly. Fees are usually deducted
       from a designated Client account to facilitate billing. The Client must consent in
       advance to direct debiting of their investment account.

   Other Expenses
       In addition to the investment management fees and carried interest distributions
       paid by the Funds, the Funds are responsible for costs and expenses related to,
       among other things: (i) organizational expenses; (ii) timber stand improvement
       costs and expenses; (iii) property infrastructure maintenance and security costs

                           Resource Management Service, LLC

and expenses; (iv) property administration costs and expenses; (v) property
disposition costs and expenses; (vi) special studies costs and expenses; (vii) any
withholding or transfer taxes imposed on the partnership as a result of its or the
partners’ earnings, investments or withdrawals; (viii) any governmental fees
imposed on the capital of the partnership or incurred in connection with
compliance with applicable regulatory requirements; (ix) any legal fees and costs
arising in connection with any litigation, arbitration or regulatory investigation
instituted by or against the partnership in connection with the affairs of the
partnership; (x) costs and expenses incurred in connection with updating the
offering memorandum, the qualification for the exemption of the offer and sale of
units from registration under federal and state securities laws or the securities
laws of foreign jurisdictions, the preparation of subscription agreements and
ongoing management of the capital queue and associated capital commitments,
and the private placement and sale of units; (xi) costs and expenses incurred in
connection with the organization and administration of any feeder vehicle and
any person that the partnership may invest in or through; (xii) the cost of the audit
of the partnership’s annual financial statements and the preparation of its tax
returns; (xiii) the fees and expenses of the partnership’s counsel in connection
with advice directly relating to the partnership’s legal affairs; (xiv) the cost of any
outside appraisers, accountants, attorneys or other experts or consultants
engaged by the partnership in connection with the operations of the partnership
as well as other expenses directly related to the partnership’s business; (xv) all
professional fees and other transaction expenses in connection with any
acquisition, disposition or other transaction respecting any investment property;
(xvi) membership expenses of relevant forestry cooperatives and industry
associations directly benefiting the partnership; (xvii) interest on and fees with
respect to partnership indebtedness; (xviii) fund manager fees and expenses of
the general partner; (xix) other ordinary operating and out-of-pocket costs and
expenses of the partnership; and (xx) insurance costs and expenses. The limited
partnership agreement for each Fund provides a full description of the expenses
paid for by the partnership.
Under certain circumstances outlined within the Fund’s governing documents,
investors in one Fund are permitted to make redemptions and as such, bear any
related legal or accounts costs or expenses that are incurred, none of which will
accrue to RMS.
It should be noted that the Direct Accounts are subject to different fee and
expense terms, as such arrangements and terms are individually negotiated as
per investment management agreements entered into by RMS and the Direct
Accounts.

                    Resource Management Service, LLC

Performance-Based Fees and Side-by-Side Management
   Description
       Performance-based fees are typically computed on a percentage of profits
       earned, generally only after a minimum return has been achieved. The
       performance-based fee varies by Client. The investment advisory agreement or
       fund management agreement for each Client provides a full description of the
       performance-based fee arrangements by Clients.
       The performance fee may create an incentive for RMS to make more speculative
       investments for Clients and to make different decisions regarding the timing and
       manner of the realization of such investments, than would be made if such
       performance fees were not allocated to the general partners. The general
       partners’ ownership interests in the Funds help to align RMS’s interests with
       those of the investors in the Funds.

Types of Clients
   Description
       RMS generally provides timberland investment management services to pooled
       funds for which it serves as manager and whose subscribers are pension funds,
       endowments, foundations, family offices and other institutional investors. RMS
       also serves a small number of institutional investors through direct accounts.

Methods of Analysis, Investment Strategy and Risk of Loss