Press Release

7/30/2007

The Campbell Group to Announces Acquisition of 430,000 Acres of U.S. Timberland

PORTLAND, OREGON - July 30, 2007 - The Campbell Group, LLC (TCG) announced today that it has acquired on behalf of Campbell Timber Fund III, approximately 430,000 acres of timberlands in eight states across the U.S. South and Northwest.

The timberlands were acquired through purchase of the holding entities from the State Teachers Retirement System of Ohio, and professionally managed by Forest Systems, Inc.

Through this transaction, The Campbell Group will acquire approximately 90,000 acres of prime timberlands in Oregon, Washington, and California together with approximately 340,000 acres across the states of Alabama, Arkansas, Florida, Mississippi and Tennessee. "On behalf of our clients, we are pleased to have the opportunity to acquire this extremely well diversified portfolio of high-quality, productive timberlands," said John Gilleland, President of The Campbell Group.

The Campbell Group has also hired the forest operations personnel of Forest Systems, Inc. "We are very fortunate and welcome the on-site professionals as employees of The Campbell Group. Their continuity and knowledge blended with our professionals will add value to our clients over the long term," added Mr. Gilleland.

The law firm of Morrison & Foerster served as legal advisor to The Campbell Group and its investment fund, and American AgCredit provided financing for a portion of the transaction.

About The Campbell Group, LLC

The Campbell Group, LLC ("TCG") is a vertically integrated, full-service timberland investment advisory firm founded in 1981 to acquire and manage timberland for institutional and high net worth investors. Headquartered in Portland, Oregon, and through its nine offices, TCG manages timberlands in Oregon, Washington, California, and the Southeastern Region of the United States on behalf of institutional and high net worth clients.

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