Press Release


The Campbell Group to Manage $458 million of CalPERS Western Timber Portfolio

PORTLAND, OR - February 8, 2000 - The Campbell Group entered into a management agreement with California Public Employees' Retirement System (CalPERS) to manage its Western Timber Portfolio. The portfolio consists of 218,000 acres of prime timber in the Northwest valued at $458 million. The property will be managed under a newly formed Limited Liability Company, Lincoln Timber LLC, with The Campbell Group co-investing alongside CalPERS.

"This transaction demonstrates the importance of providing outstanding client service and lays a foundation for The Campbell Group's continued growth as a total service timberland investment manager. We are excited about this opportunity to continue to provide excellent performance for our clients," remarked Gary Combs, Managing Director of Investor Relations for The Campbell Group.

CalPERS is the nation's largest public pension fund with assets of nearly $171 billion. CalPERS' total timber portfolio is valued at $1.2 billion and is one of the largest privately held timber portfolios in the United States.

The Campbell Group, a subsidiary of United Asset Management Corp. (NYSE: UAM - news), is a timber investment management firm headquartered in the Pacific Northwest. TCG was organized in 1981 to acquire, manage, and dispose of timberland for individuals, trusts and institutional investors. Currently, TCG manages 529,000 acres representing $1.1 billion of timberland in the U.S.

Thursday December 16, 9:19 am Eastern Time

Gary L. Combs