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Ecotrust Forest Management

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Disclaimer This presentation does not constitute an offer to sell, nor a solicitation of an offer to purchase, any securities of the Company or any of its subsidiaries, and does not constitute any form of commitment or recommendation on the part of the Company or any of its subsidiaries. This presentation does not and will not form the basis of any agreement. Any offering with respect to any securities of the Company or any of its subsidiaries will only be made in connection with a confidential private placement memorandum, which should be reviewed carefully by each prospective investor. No representation or warranty is given as to the achievability, reasonableness or accuracy of any information contained herein, including any financial projections or assumptions. This presentation includes information that Ecotrust Forest Management (the "Company") wishes to remain confidential. You agree that the information contained herein is, and shall remain, the sole property of the Company and you further agree that the information contained in this presentation will not be duplicated, used, or disclosed, in whole or in part, for any purpose other than the evaluation of this presentation. You agree to maintain strict confidentiality concerning the information provided to you by the Company including, but not limited to, all business planning, financial information, trade secret or other proprietary information. 2

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Investment thesis

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Timber has historically out-performed other asset classes at lower levels of volatility, while at the same time providing a hedge against inflation. This trend is expected to continue over the next economic cycle. Why Invest in Timberland? Why Timber? Tax efficient: Depletion and 10- 31 Exchanges offer timberland owners tax advantages Timber is a portfolio diversifier, given its low correlation with most other asset classes Timber acts as an inflation hedge, and tends to be correlated with the CPI Timber harvests can be timed to coincide with favorable market conditions. Timber stores value on the stump unlike farming / ranching. Timber valuations are driven by biological growth (4-6%), which is uncorrelated with economic conditions. * SOURCE: :GMO 2013 4

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Why Invest in Western Forests? Funds focus region in the PNW comprises 35% of the worlds temperate rainforests, and the highest concentration of high-site natural forestland. Native species are commercially valuable higher value end markets and lower input costs required World class processing & transportation infrastructure Proximity to both domestic and growing export markets (China, Japan, Korea) provide diversification in end- markets Majority of investments are in coastal temperate region that have a lower incidence of fire and disease than most other forest types Unique ecological significance and potential for carbon storage positions forests to take advantage of emerging ecosystem service markets Timberland has fundamentally strong investment attributes and PNW forests have unique characteristics that add value to any timberland portfolio 5

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EFMs Integrated Approach EFMs integrated approach can augment a traditional timber only strategy, with sales of conservation easements, tax credits and environmental offsets that can diversify revenues and unlock additional value for Investors. For illustrative purposes only Traditional timber only managers, can generate returns either via timber income, Highest and best use (HBU) land sales for development or capital appreciation on exit. At the right strike price, EFM uses conservation easements or carbon offsets as tools to monetize non-timber value, but only where the income compensates investors for foregone timber value EFM can access concessionary sources of financing to benefit investors 6

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EFMS Board of Directors comprise the Investment Committee for the Fund and approve all investment decisions. Investments go through a two stage approval process before acquisition. Investment Committee & Board SPENCER BEEBE, Chair of Board Founder: Ecotrust, Ecotrust Canada, Conservation International, Co-founder EFM Masters: Yale School of Forestry Forestland Investor BETTINA VON HAGEN, CEO Co-founder: Ecotrust Forest Management VP: First Interstate Bank of Oregon Board Member: VCS, The Climate Trust & Forest Trends DAVID POLLOK Founder: Stormwater Management Senior Advisor: Ashoka Board Member: Oregon Business Association Forestland Investor DR. JOHN GORDON Dean & Pinchot Professor of Forestry: Yale School of Forestry Partner: Candlewood Timber Group Advisor: National Academy of Sciences JOHN J. EARHART Chairman & Founding Partner: Global Environment Fund (GEF) Masters: Yale School of Forestry Senior Fellow: WWF & The Conservation Fund 7

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Ecotrust forests, LLC is an open ended, perpetual duration investment fund managed by EFM. Acquired 4 properties in Oregon and Washington between 2005 and 2012* totaling ~13,000 acres Harvested ~7 MMBF on properties, using silvicultural treatments like variable retention harvesting, patch cuts and pre-commercial thinning Secured new market tax credit transactions that provided below- market financing for all of our property acquisitions, leveraging investor capital by ~$10 million without dilution. Ecotrust Forests I Launched 2004 ECOTRUST FORESTS LLC I: First Close: 2004 AUM: $30M (equity only) Fee: 1.25% Structure: Perpetual with redemption opportunities beginning in 2014 Investors: 40 current investors, mostly HNW, Families and Foundations ECOTRUST FORESTS LLC I: First Close: 2004 AUM: $30M (equity only) Fee: 1.25% Structure: Perpetual with redemption opportunities beginning in 2014 Investors: 40 current investors, mostly HNW, Families and Foundations Attracted ~$356,000 in conservation funding that enabled us to execute log placements, pre-commercial thinning and habitat creation Entered into carbon transactions valued at $500,000 3 properties purchased between 2005-06, Garibaldi: Bought in phases between 2006-2010 1 follow-on investment in 2012 (Dickey-Gap) 8

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Ecotrust Forests I Performance

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Ecotrust Forests II: Terms and Capital Structure

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EF II acts as a bridging vehicle, transitioning ownership of high priority forestland from industrial financial owners, to a long-term, local, strategic land-owners Ecotrust Forests II: Launched May 2013 Investment Strategy Industrial Owners: TIMOs, REITs Investment Funds, Forest Product Companies Strategic Owners: Tribes Community Forests Land Trusts Conservation Groups State & Fed Agencies Municipalities Ecotrust Forests II LLC (Interim Owner) 11

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Fund II: Portfolio Summary (as of 12/2013) 12 Fund II has invested 48% of its Commitments to date in two major transactions: Wasson Creek (Wasson, 5 Mile, 3 Mile) and Mt Walker (Phase 1 and 2) PROPERTYACRES % of Acreage % of Portfolio Projected IRR (Nominal, Before Fees & Expenses) WASSON Complex*248116%53%10.8% MT WALKER 110836%10%11.4% MT WALKER 23502%6%10.4% DESOLATION CREEK* 13440 76%31% 9.5% TOTAL17,607100% COMMITTED CAPITAL $ 24,375,000 NMTC NET PROCEEDS $ 6,404,765 CALLED CAPITAL* $ 17,686,37572.5% * Desolation Creek is Closing April 30 th. * Wasson Complex includes 3-Mile, 5-mile and Mineral Rights acquisitions which make up less than 3% of portfolio

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Fund II Property: Wasson Creek

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Property Characteristics: Timber Inventory: 35.7 million board feet (MMBF), or 3,082/bf per timbered acre Species: Ponderosa pine, lodgepole pine, Douglas fir, Grand fir, larch. Elevation: 3,000 to 4,800 feet. Logging method: Primarily ground-based Access: By county highway and major Forest Service road. Critical habitat: The property contains over 10 miles of critical habitat for bull trout and nearly 19 miles of critical steelhead habitat. Grazing potential: 10 stock days/acre; approximately 142 stock units. Target IRR: 9.5% Fund II Property: Desolation Creek Closing April 30 2014 14

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Summary 15 Investment in valuable timberland with unrealized conservation and social values Privileged access to proprietary deal flow via strategic conservation and tribal partners Diversification of income streams reduces reliance on timber markets and increases optionality for investors Unique access to low-cost debt financing ($10M secured at 1%) Proven ability to secure competitive New Market Tax Credit allocations from Federal and State entities (over $50M in allocation secured) Sale to motivated strategic buyers EFMs strategy results in the following sources of competitive advantage relative to other pure timberland managers

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Ecotrust Forest Management Tangible. Secure. Intergenerational. For further information: Amrita Vijay Kumar amrita@ecotrustforests.com (503) 467-0801 Bettina von Hagen bettina@ecotrustforests.com (503) 467-0756