Conservation Forestry

Timber Invest Europe 2013

Confidential: For pre-qualified purchaser use only. Not for redistribution.

These materials do not constitute an offer to sell or a solicitation of an offer to buy securities

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Disclosure

This presentation is confidential and is intended solely for the information and exclusive use of the person to
whom it has been provided. It is not to be reproduced, or transmitted, in whole or in part to third parties. This
presentation is being furnished for informational purposes, and does not constitute an offer to sell or a solicitation
of an offer to buy, any securities, including interests in Conservation Forestry Capital III, L.P. (the Fund). This
presentation is subject to a more complete description and does not contain all of the information necessary to
make an investment decision, including, but not limited to, the risks, fees and investment strategies of the Fund.
Any offering will only be made pursuant to the relevant information memorandum, a copy of the limited
partnership agreement of the Fund and a subscription application, all of which must be read in their entirety. No
offer to purchase interests will be made or accepted prior to receipt by an offeree of these documents and the
completion of all appropriate documentation. All investors must be accredited investors and/or qualified
purchasers as defined in the securities laws before they can invest in the Fund.
This presentation is not an advertisement, is not intended for public use or distribution and is intended exclusively
for the use of the person to whom it has been distributed by Conservation Forestry Partners, LLC and its affiliates.
This presentation is not to be reproduced or redistributed to any other person without the prior consent of
Conservation Forestry Partners, LLC or its affiliates.
Target returns and volatility figures included in this presentation do not, nor are they intended to, constitute a
promise of actual results. Actual returns and volatility may vary significantly from the target figures presented
herein and no one receiving this presentation should assume that any of the funds will be profitable or will be a
suitable investment. Targeted returns and forward looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual results, performance, achievements or industry
results to differ materially from the financial information, projections and estimates included in this presentation.
Likelihood of conservation outcomes and funding are subject to many factors beyond the control both the Advisor
and the conservation partner(s). Conservation outcomes are not guaranteed.

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Conservation Forestry Overview1

Conservation Forestry is an investment organization that aligns private

equity with conservation capital for the purpose of acquiring and managing
large forest landscapes. We do so in a manner that seeks to provide a
competitive risk adjusted rate of return for our investors while enhancing
the conservation values of the forests.

1Conservation Forestry refers to Conservation Forestry Partners, LLC, Conservation Forestry, LLC, Conservation Forestry II, LLC,
Conservation Forestry III, LLC, and other affiliated entities

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Conservation Forestry Statistics Investor Profile and Commitments
# Clients Commitment
Amount

Fund I1 57 129,658,103
2
Fund II 24 358,080,808
Fund III3 27 159,292,929
Single Client Account 1 79,992,275
109 727,024,115

Non-North American 7 41%

North American 102 59%

4
Institutions 26 70%
Individuals 83 30%

5
Taxable 88 67%
Tax Exempt 501c 21 33%

1
Conservat ion Forestry Capital I (CFC I) and Conservation Forest ry Parallel Fund I-A (CF IA) toget her f orm Fund I.
2
Conservat ion Forestry Capital II (CFC II) and Conservation Forest ry Parallel Fund II-B (CF II-B) t ogether form Fund II.
3
Conservat ion Forestry Capital III had an initial close on June 5, 2013 and is current ly open f or new investors
4
Foundations, Pension Plans, Unit Trust s
5
Includes entit ies eligible in varying degree for t ax treat ies and/ or subject to FIRPTA.

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Conservation Forestry Investment Portfolios

Investment Sold
September 2011

Fund I

Fund II

Fund III

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Benefits of Timber

Little correlation to other asset classes

Historic hedge against inflation

Competitive relative returns

Attractive current yield component

Attractive tax treatment for taxable

individuals

The information above is based upon third-party research and analysis. These benefits depend upon many factors, and
Conservation Forestry provides no guarantees, express or implied, in relation to Fund investments.

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Private Equity/Conservation Partnership A Flexible Strategy
Investors Integrated land Components Highest value owner

Private Investor Capital

Timber cash flow
Investors

Limited
Development HBU
Investors

Conservation Capital Conservation values

NGOs, Public

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Goodman WI Sale Property Overview

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Impacts from Conservation Forestrys Strategy

 Protected and/or sustainably managed acres

 Certification
 Endangered Species Habitat
 Water conservation
 Connectivity

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Protected and Sustainably Managed Acres

Measure Acres

Total acres involved in CF transactions

681,921
(including acres purchased by partners)

Acres permanently protected 187,632

Acres of sustainably managed forestland 494,290

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Certification

Measure Percent of Acres

Percentage third-party certified 100%

Acres under FSC 87%

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Endangered Species Habitat

Measure

Number of Endangered Species on CF

9
protected land

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Water Conservation

Measure Value

Total number of lakes and ponds partially or completely

698
contained within CF transactions

Lakes and ponds (partial or complete) permanently protected 108

Miles of stream contained within CF transactions 2,370

Miles of stream permanently protected through CF

527
transactions

Source: Internal CF data

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Pine River, Wisconsin

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Buffering Protected Areas

Measure

Miles of boundary with existing

329
protected areas
Miles of boundary with existing
protected areas that has been
134
permanently protected by a CF
transaction
Source: Internal CF data

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Goodwood,, VA
Goodwood

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Conservation Outcomes from CF Transactions

Topic Conservation Measure All CF Funds1

Federally listed species (including candidate listings) identified as threatened or
Species
endangered on CF property or land protected by a CF transaction 9
Acres of sustainably managed forest with no conservation restrictions 494,290
Protected Acres protected by conservation easement in perpetuity 144,032
Area Acres in new conservation preserves created from CF transactions 31,296
2
Acres protected in total through CF transactions 187,632
3
Property third-party certified or in process of certification (in percent of acres) 100%
Certification Property FSC certified or in process of certification (in percent of acres) 3
87%
4 Piney Flatwoods, AR
Percent of acres with a completed HCVF assessment 89%
Lakes and ponds partially or completely in sustainably managed forest with no
permanent conservation restrictions 590
Lakes and ponds partially or completely protected from development 108
Water
Miles of rivers and streams in sustainably managed forest with no permanent
Conservation
conservation restrictions 1,843
Miles of rivers and streams permanently protected 527
Percent of rivers and streams permanently protected 22%
Miles of boundary with existing protected areas in total 329
Buffer Zone Miles of boundary with existing protected areas that has been permanently
Conservation protected 134
Goodwood Forest - Virginia
Percent of boundary with protected area where new protected land has been
added 41%

See footnotes on final slide

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Thank You

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Kent W. Gilges Managing Member

Mr. Gilges joined Conservation Forestry in 2007 as the Director of Conservation. From 1992 until 2007, he
was with The Nature Conservancy in a variety of roles, and served most recently as the Managing Director of
Finance and Acquisitions for TNCs Global Forest Partnership. In that role, he was responsible for
identifying, structuring and financing large landscape forestry transactions. Mr. Gilges has helped to negotiate
the conservation outcomes on over 800,000 acres of land since 1999, and has developed effective working
partnerships with industry, timber investors, and resource professionals across the country. Prior to the
formation of the Global Forest Partnership, Mr. Gilges was the Senior Project Manager for the Great Bear
Rainforest, where he had overall responsibility for a project which created five million acres of new parks and
secured the conservation of over twenty million acres in a mosaic of protected areas and sustainably managed
forests in coastal British Columbia. As part of that effort, Mr. Gilges was responsible for raising $120 million
dollars in public and private financing. He served on the board of the Forest Stewardship Council from 2003
to 2007. Mr. Gilges is a forester and has degrees from Cornell and Oxford Universities.

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Disclosure

The net asset values (NAVs) presented in this presentation have been determined based on the estimated
unrealized net asset value of the various assets as of December 31, 2012. The unrealized net asset value of the
Fund I and Fund II investments have been determined using estimated market values determined based upon
independent third party real estate appraisals. Actual dispositions of these investments are subject to a wide range
of market factors and significant risks and there can be no assurance that the CF Funds will be able to realize such
estimated values upon disposition.

Certain information contained in this presentation concerning economic trends and performance are based upon
or derived from information provided by independent third party sources. Conservation Forestry Partners, LLC
cannot guaranty the accuracy of such information and has not independently verified such information or the
assumptions upon which such information is based and has relied on such information being complete and
accurate in all material respects. This material is presented solely for informational purposes and is not to be
constructed as a forecast, recommendation, solicitation or offer regarding any markets, securities or investment
products. Nothing herein constitutes investment, legal, accounting or tax advice or a personal recommendation,
and no representation is being made as to whether any investment or strategy is suitable or appropriate for a
particular individual. Any views or opinions expressed are subject to change at any time without notice and may
not reflect the views of Conservation Forestry Partners, LLC as a whole.

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Footnotes

Slide 17
1
Fund I and I-A and Fund II and II-B both own a portion of WACF. Certain conservation measures may count attributes
of jointly owned properties in each fund's results. Therefore, the "All Funds" column may be less than the sum of the
two separate funds.
2
"Protected" includes fee conservation sales, conservation easements, habitat conservation plans, and acres set
aside due to HCVF or other certification restrictions
3
"in process of certification" is defined as having a scheduled audit by a third-party certifying entity
4
"HCVF" is High Conservation Value Forests, which we define as land which meets the FSC HCVF definition, the SFI
"forests of exceptional conservation value" definition, or forests for which a conservation organization holds a material
interest

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