SMALL-TO MEDIUM-SIZED INVESTMENTS

Management does not expect to compete with large land investors, due to its targeted average transaction size of 1,000 to 10,000 acres. In these medium-sized properties, there is often less qualified competition which generally results in better pricing. The investment strategy also incorporates the aggregation of smaller parcels in targeted markets to create geographically concentrated portfolios which will be attractive to future buyers such as Timber Investment Management Organizations (TIMOs), Real Estate Investment Trusts (REITs), Real Estate Developers and large institutions.

The Company will not invest in, debt instruments, or foreign assets and intends to avoid joint ventures and complex ownership structures. While these assets can produce quality returns at points in time, they tend to be inconsistent with Management’s goals.