Press Release

12/31/1998

The Campbell Group Finalized the $240 Million Purchase of Timberland in SW Washington

Portland, Oregon - Dec. 31, 1998 - The Campbell Group finalized the purchase of 117,000 acres of forest lands (on behalf of an undisclosed investor) from Willamette Industries. The property is located in Southwest Washington and includes a chipping plant and office located in Cathlamet, Washington.

The property will be held in a timberland REIT and owned by Cathlamet Timber Company. It will be managed by The Campbell Group. "The acquisition of this premier timberland is a significant step in The Campbell Group's continued leadership in Timberland Investment Management" said J. Duncan Campbell, Jr., President of The Campbell Group.

Willamette Industries acquired these assets as part of a larger timberland purchase from Cavenham Forest Industries in 1996. In September 1998, Willamette announced plans to sell the forest lands as they were not critical to the company's Northwest operations.

The Campbell Group is a timber investment and management company. In its 17-year history, the company has been involved with over $1 billion of acquisitions and has managed over 600,000 acres.