*NCREIF Timberland Index returned 14% from 1987-2002. Actual return on investment is not guaranteed as returns may be higher or lower.

This message, including any follow up materials, may include non-public, proprietary, confidential or legally privileged information.  The message does not constitute a research report or recommendation and does not take into account specific investment objectives, financial situations or particular needs of an investor. This message is not an offer to sell or the solicitation of an offer to buy any security or interest in any fund, which only can be made through a private placement memorandum that contains important information about the risks, fees and expenses. *NCREIF Timberland Index returned 14% from 1987 to 2002. Actual return on investment is not guaranteed as returns could be higher or lower.