Press Release

8/8/2002

CalPERS Selects Managers for $1.2 Billion Timber Portfolio

Thursday August 8, 2002

Campbell Group Complies with New Sustainable Forest Initiative

WHITE SALMON, WA - The Campbell Group LLC has been recognized for the successful completion of an independent third party audit for its management practices on forestland owned by Rainier Timber Company LLC.

PricewaterhouseCoopers LLP, an internationally recognized independent audition and accounting firm, has certified that The Campbell Group has met all standards required under new program guidelines established in January 2002 by the Sustainable Forestry Board.

"We are very proud to achieve this recognition for our commitment to responsible resource management," said John Gilleland, president of The Campbell Group.  "The SFI certification confirms our commitment to sustainable forest management and the total forest environment."

Rainier Timber Company LLC, includes three tree farms in Kapowsin, Morton and Klickitat and totals over 250,000 acres.

With the addition of Rainier Timber, the Campbell Group now manages over 500,000 acres of forests under SFI standards in Oregon and Washington.

Adopted in 1994, the SFI program established a comprehensive system of principles, objectives and performance measures that are used to evaluate sustainable forest management.

The objectives of the SFI include promoting sustainable forestry, protecting water quality, enhancing wildlife habitat, and numerous other environmental practices and values.