Timberland Investment Resources LLC

Fees and Compensation

    Description
       Timberland Investment Resources, LLC charges fees based on assets under
       management and/or invested capital, depending on which is most appropriate
       for a given investment. Rates vary and are typically determined based on the
       effort involved in managing the assets and the investment portfolio. Fees are
       negotiable and within market ranges.

    Fee Billing
        Compensation is generally paid quarterly after services have been rendered.
        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.

Types of Clients

     Description
        Timberland Investment Resources, LLC generally provides investment advice
        to institutional investors such as pension and profit -sharing plans, trusts,
        estates, other investment advisers managing assets or charitable
        organizations pursuant to separately managed accounts as well as to pooled
        investment funds organized primarily to make investments in timberland
        assets.
          Client relationships vary in scope and length of service.

     Account Minimums

     Timberland Investment Resources, LLC have account minimums that vary
     depending on the specific investment portfolio.

      Methods of Analysis, Investment Strategies and Risk of Loss