TimberLink LLC

• Fees	and	compensation
        • Accounting	procedures	and	client	reporting
        • Governance	and	conflicts	of	interest
        • Appraisal	and	valuation	policy

Risks	Specific	to	a	Timber	Investment	Portfolio
Investing	in	timberland	involves	unique	risks	that	clients	should	be	willing	and	able	to	bear.
The	following	list	describes	some	of	the	more	significant	risks	associated	with	an	investment
in	 timberland	 but	 is	 not	 intended	 to	 be	 a	 comprehensive	 list	 of	 all	 the	 risks	 of	 such	 an
investment.	 	 There	 are	 additional	 risks	 associated	 with	 private	 fund	 investments.	 	 If
TimberLink	recommends	a	client	invest	in	a	private	fund,	the	client	should	review	the	fund
offering	documents	for	a	thorough	understanding	of	all	of	the	risks	associated	with	the	fund
before	investing.

        Liquidity	 and	 Marketability	 –	 Timber	 investments	 require	 a	 long-term
        commitment.		Most	private	equity	investments	in	timber	are	not	liquid	and	may	not
        be	readily	marketable.

        Environmental	–	Fire,	insect	infestation,	severe	weather,	disease,	natural	disasters
        and	other	causes	beyond	control	may	reduce	the	volume	and	value	of	timber	that	can
        be	harvested	from	the	timberland	and	negatively	impact	return.	While	TimberLink
        attempts	 to	 mitigate	 these	 risks	 by	 recommending	 a	 portfolio	 diversified	 by
        geography,	species	and	age,	natural	disasters	and	other	similar	events	could	have	a
        significant	negative	impact	on	returns.

        Regulatory	 –	 Timberland	 properties	 are	 subject	 to	 federal	 and	 state	 regulations
        governing	 forestry	 practices,	 timber	 harvesting,	 the	 environment	 and	 health	 and
        safety.	 	 Some	 of	 these	 regulations	 could	 impose	 significant	 costs,	 penalties	 and
        liabilities.		State	laws	and	federal	trade	policies	impact	imports	and	exports	of	timber
        and	timber	products,	which	may	affect	both	the	demand	for	exports	of	U.S.	timber	and
        the	supply	of	foreign	timber	in	the	U.S.		Any	significant	increase	in	the	supply	of,	or
        decrease	 in	 the	 demand	 for,	 timber	 and	 timber	 products	 could	 negatively	 impact
        financial	results.

        Operational	–	Harvesting	and	other	silvicultural	activities	on	timberland	properties
        may	be	hindered	by	weather,	access	or	topography.

        Industry	 Sensitivity	 –	 Timber	 investments	 are	 sensitive	 to	 current	 conditions	 in
        other	 market	 industries,	 such	 as	 housing,	 building	 &	 construction,	 packaging,	 and
        paper.	 	 Any	 adverse	 economic	 conditions	 affecting	 supply	 or	 demand	 in	 these
        industries	will	negatively	affect	the	market	prices	of	timber.

Item	7	–	Types	of	Clients

In	2025,	TimberLink	provided	timberland	investment	consulting	services	to	clients	from	the
U.S.	and	4	other	countries	who	are	invested	in	North	America,	Oceania	and	Latin	America,
representing	a	total	asset	and/or	project	value	of	approximately	US	$7.7	billion.		Our	clients
have	 included	 pension	 funds,	 family	 offices,	 foundations	 and	 endowments,	 insurance
companies,	corporations	and	other	institutional	investors.

TimberLink	 does	 not	 have	 a	 stated	 minimum	 account	 size	 or	 minimum	 consulting	 fee.
TimberLink’s	decision	to	enter	into	an	engagement	with	a	prospective	client	is	based	on	the
needs	of	the	client,	the	scope	of	the	services	requested,	and	current	client	workload.