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INDUSTRY PERFORMANCE

The National Council of Real Estate Investment Fiduciaries ("NCREIF") is an association of institutional real estate professionals who share a common interest in their industry. The NCREIF Timberland Index is the benchmark for evaluating timberland investment performance. Below are NCREIF Total Timberland Returns as of mid-year 2007.

Annual Returns:

NCREIF TOTAL TIMBERLAND INDEX ANNUAL RETURNS
1 Year 18.44%
3 Year 17.13%
5 Year 13.99%
7 Year 9.25%
10 Year 9.85%
Inception1 15.83%

1 The "inception" year is 1987 which corresponds to the first year that the NCREIF Timberland Index was first published.
NOTE: Used with permission from NCREIF.

Click here to view NCREIF Regional Timberland Returns

Click here to view The Campbell Group's performance

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