Press Release

3/10/2005

The Campbell Group Recognized With Sustainable Forestry Initiative Standard

PORTLAND, Ore. - The Campbell Group LLC successfully completed an independent third party audit of its management practices on forestland owned by Cathlamet, Pacific West, and Rainier Timber Companies. PricewaterhouseCoopers LLP, an internationally recognized independent auditing and accounting firm, has certified that The Campbell Group met the standards required under program guidelines of the 2002-2004 Sustainable Forestry Initiative® Standard.

"We are very proud to once again achieve recognition for our commitment to responsible resource management," said John Gilleland, president of The Campbell Group. "The Sustainable Forestry Initiative certification confirms our continued commitment to sustainable forest management, our investors and the total forest environment."

The Campbell Group now manages more than 500,000 acres of forests under the SFI Standard in Oregon and Washington.

Cary Young, managing director, Timberland Company Operations, described the audit as a very detailed process to evaluate operations in the field, office and long range planning. "The success of this audit comes down to a lot of fine work conducted by excellent field staff," said Young.

The Sustainable Forestry Initiative (SFI) is one of the largest forest certification systems in North America, developed by the American Forest and Paper Association to certify that forests operated under the SFI Standard meet criteria for long-term sustainability and environmental quality. SFI (www.aboutsfi.org) is now an independent forest certification program that includes a comprehensive system of principles, objectives and performance measures used to evaluate sustainable forest management. The objectives of the SFI include promoting sustainable forestry, protecting soil and water quality, enhancing wildlife habitat and numerous other environmental protection measures. SFI was developed on the premise that responsible environmental management and sound business practices support each other. The SFI program is managed by the Sustainable Forestry Board, an independent governing body. There are currently 152 million acres of forest managed under the SFI Standard and 93 million acres have earned third-party certification.

The Campbell Group (www.campbellgroup.com) is a full-service timberland investment management organization headquartered in Portland, Oregon. It serves institutional investors, including endowments and public pension plans, managing more than 875,000 acres of forestland valued at $1.4 billion in Oregon, Washington, California and Alabama.