We work with several state agencies, universities and conservation groups through formal research agreements and memoranda of understanding (MOUs) in all major timberland investment regions where we operate. This helps us to provide investors with additional tangible and intangible benefits, including:

• Advanced silvicultural research focused on enhancing returns
• Innovative forestry management techniques
• Genetically superior seedlings
• Cooperative business environment focused on reducing risk

Currently, we participate in several university-sponsored forest research cooperatives to continuously study and apply new land management techniques on our properties. These memberships give us access to long-term studies on tree nutrition, fertilization and forest management. We use this information to grow a larger volume of higher quality trees. Increases in forest productivity also give us the flexibility to modify our management plans as conditions require.