Press Release

3/16/2001

The Campbell Group Completes Acquisition of Washington Timberlands

Portland, Ore. - March 16, 2001 - The Campbell Group, LLC (TCG) is pleased to announce that it has completed the purchase from International Paper Company of approximately 265,000 acres of commercial timberland in Washington state, on behalf of Rainier Timber Company LLC, a newly formed company managed by The Campbell Group.

"This purchase represents an investment of more than $500 million and is the largest single transaction ever completed by a timberland investment management organization (TIMO)," said Stan Renecker, president of The Campbell Group. It positions TCG as the largest private timberland manager in Washington, with a land base of more than 520,000 acres, and the second largest forestland manager in the United States, with total assets consisting of more than 790,000 acres and a value of more than $1.6 billion.

Renecker noted, "These properties represent some of the best managed, highest quality forestlands in the world, and are important parts of the local economies. Our future management will focus on continuing the production of high-quality timber for both the export and domestic markets. A majority of the employees who currently work for International Paper will be offered job opportunities with The Campbell Group."

Renecker commented further, "Acquiring these lands enables The Campbell Group to further its strong commitment to timberland as a long-term asset class, and to continuing our history of sound environmental stewardship. We look forward to managing these forests responsibly and to producing superior returns for our clients' long-term investment portfolios."

The Campbell Group (http://www.campbellgroup.com) is a full-service timberland investment management company headquartered in Portland, Oregon. The company is focused exclusively on acquiring and managing investment grade forestland on behalf of institutional investors to produce superior risk-adjusted returns.

For more information contact Stan Renecker or Jim McCauley at (503) 275-9675