Press Release

2/15/2001

THE CAMPBELL GROUP TO ACQUIRE FORESTLANDS FROM INTERNATIONAL PAPER

Portland, Ore. - February 15, 2001 - The Campbell Group, a Portland, Oregon-based timber investment management firm, today announced it has signed a purchase and sale agreement with International Paper to purchase approximately 265,000 acres of forestlands in the state of Washington for more than $500 million. The purchase will be made on behalf of Rainier Timber Company LLC, a newly formed company managed by The Campbell Group.

"The size of this investment from our clients shows a strong commitment to the asset class and The Campbell Group," said president Stanley G. Renecker. The purchase brings The Campbell Group's current assets under management to $1.5 billion and nearly 800,000 acres.

"This is a high-quality timberland property that will provide steady cash flows and add value to our clients' portfolios," commented Gary L. Combs, managing director.

The Campbell Group is a vertically integrated, full-service timberland investment advisory firm founded in 1981 to acquire and manage timberlands for institutional investors. Its exclusive focus is sourcing acquisition opportunities and managing timberland properties to produce superior risk-adjusted returns.

For more information contact Stan Renecker or Gary Combs at (503) 275-9675