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Team Structure

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Executive and Investment Committee Members

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L. Michael Kelly - President

Michael started with FIA in 1990 and was Executive Vice President for five years and Vice President and Director of Timberland Management for nine years prior to assuming his current position. He was previously employed by International Paper Company, where he held positions in timberland management, wood fiber procurement and fiber flow planning and cost analysis. Michael is Chairman of the Executive and Investment Committees.

Michael holds a B.S. in Forestry from Auburn University and an M.B.A. from the University of South Alabama. He is the Chairman of the Forest History Society Board of Directors, serves on the Board of Directors of the National Alliance of Forest Owners, and on the Auburn University School of Forestry and Wildlife Sciences Alumni Advisory Council and the Auburn University Research Advisory Board. Michael is a Registered Forester, a Certified Forester® and a Fellow of the Society of American Foresters. He has been a featured speaker at forestry investment conferences, association meetings and forestry schools.

Marc A. Walley - Executive Vice President, Director of Timberland Management

Marc started with FIA in 1994 and leads the Portfolio Management Team, which has responsibility for timberland management, portfolio management and client land sale and disposition activities. He was Northern Region Manager for five years prior to assuming his current position and was previously employed by Scott Paper Company in Alabama, where he held positions in timberland management and operations. Marc is a member of the Executive and Investment Committees.

Marc holds a B.S. in Forestry from Auburn University, where he serves on the Development Committee for the School of Forestry and Wildlife Sciences. He is a Registered Forester and has been a featured speaker at forestry association meetings and forestry schools and is a member of the Society of American Foresters.

V. Scott Bond - Vice President, Director of Marketing and Client Relations

Scott started with FIA in 2000 and leads FIA's business development team and is responsible for coordinating client relations. Scott has been in financial services since 1984, which has included leading the commercial business development efforts for a major bank as well as positions in corporate and mortgage banking. He is a member of the Pension Real Estate Association. Scott is a member of the Executive and Investment Committees.

Scott holds a B.S. in Business Administration from Trinity University and an M.B.A. from the University of North Carolina.

Samuel R. Grice, CFA - Vice President, Director of Client Accounting and Finance

Sam started with FIA in 1994 and has worked in the investment management business since 1991. He previously directed the investments for the equity and timberland assets of the Delta Air Lines pension plans. Prior to entering the investment management field, he held various positions in financial planning, industrial engineering and personnel benefits for two major U.S. corporations. Sam serves on the Executive and Investment Committees.

Sam holds a B.S. in Industrial Engineering from the Georgia Institute of Technology and a B.S. in Agricultural Economics from the University of Georgia. He is a Chartered Financial Analyst and a member of the Atlanta Society of Financial Analysts.

Charles L. VanOver - Vice President, Director of Real Estate Transactions

Charlie started with FIA in 1994 and manages the acquisition and sale of timberland and has extensive experience in all aspects of timberland investments, forest management, timber procurement operations and real estate transactions.

He was previously employed by The Travelers Insurance Company for ten years where he was responsible for all of Travelers' timberland investments in the Eastern United States. Charlie also worked for Georgia-Pacific Corporation in timber procurement management positions with responsibilities for timber valuation, contract negotiations, harvest planning, supervision and landowner relations. He is a member of the Executive and Investment Committees.

Charlie holds a B.S. in Forest Management from West Virginia University. He is a Registered Forester, a Certified Forester® and is a member of the Society of American Foresters, Forest Landowners Association and the Association of Consulting Foresters.

Key Investment Staff

Sean M. Bennett - Manager, Broad Arrow Timber Company

Sean started with FIA in 2003 and manages Broad Arrow Timber Company, a subsidiary company charged with the logging and delivery of timber products to various facilities in the South. Prior to his current role, Sean served four years as a Wood Flow Specialist coordinating supply agreement deliveries in Georgia and South Carolina and three years as a Regional Investment Forester responsible for timberland management on approximately 165,000 acres in Texas and Louisiana. Before joining FIA, he was employed by International Paper Company and Union Camp Corporation, where he held positions in timberland management, wood fiber procurement and fiber delivery logistics.

Sean holds a B.S. in Forest Management from Clemson University and an M.B.A. from Mississippi College. He serves on the Board of Directors and is an Executive Committee Member of the Wood Supply Research Institute. Sean is a Registered Forester, Certified Forester® and a member of the Society of American Foresters.



Andrew L. Boutwell - Assistant Director of Real Estate Transactions

Andrew started with FIA in 2004 and is involved with all aspects of acquisitions and dispositions, with a primary focus on timberland valuation and coordination of acquisition due diligence. Previously with FIA, he was responsible for land management activities on approximately 100,000 acres and directed cash flow modeling and harvest scheduling on existing client accounts.

Andrew received a B.S. in Forest Engineering and an M.B.A. with a finance concentration, both from Auburn University. He is a member of the Society of American Foresters.

Michael P. Cerchiaro - Unit Leader, International Investment Unit

Mike joined Forest Investment Associates in 2004 and is currently the Unit Leader of the International Investment Unit ("IIU"). The IIU is charged with expanding FIA's capabilities into non-US timberland markets. Formerly, he started up and was the Manager of Broad Arrow Timber Company, a subsidiary company charged with the logging and delivery of 1.6 million tons of timber products on an annual basis to various facilities in the South. He also served as a Regional Investment Forester responsible for timber and alternative land use management on approximately 245,000 acres in Georgia and Florida. Before joining FIA, he was employed by Rayonier Inc. in Fernandina Beach, Florida as a Research Forester.

Mike holds a B.S. and M.S. in Forestry from Virginia Tech and an M.B.A. with a finance concentration from the J. Mack Robinson College of Business at Georgia State University. He is a member of the Virginia Tech Department of Forestry Advisory Board, serves on the board of the Robinson Council of Young Business Leaders and on the Operating Committee of the National Alliance of Forest Owners. He is also a member of the Society of American Foresters and various state forestry associations.

L. Richard Doelling - Marketing Specialist

Dick rejoined with FIA in 2009. With nearly 30 years of total marketing, banking and investment experience, he focuses on new business development. Dick previously worked at FIA for 13 years serving as Vice President and Director of Marketing and Client Relations and as a member of the Investment and Management Committees. He left FIA in 2003 to join a family industrial sales business. After several years away from this asset, he was eager to resume his primary career in the timberland investment industry.

Dick holds a B.S. in Industrial Management from the Georgia Institute of Technology. He has been a presenter and a panel member at various timberland investment conferences in the U.S. and abroad.

Linda A. Garland, CPA - Client Accounting Manager

Linda started with FIA in 2002 and manages the timberland accounting, reporting and audit processes for all FIA client accounts and supervises all FIA Property Accountants and Accounting Clerks. She is also Comptroller of Broad Arrow Timber Company, a client-owned subsidiary company charged with logging and delivery of timber products to various facilities. Previously with FIA, Linda was a Property Accountant with primary responsibility for FIA's first commingled investment fund and also for one of FIA's largest separate accounts. Linda held various accounting positions with several other firms prior to her employment with FIA.

Linda holds a B.S. in Business Administration from Western Carolina University and a M.B.A. with a concentration in accounting from Kennesaw State University. She is a Certified Public Accountant and a member of the Georgia Society of Certified Public Accountants.

Jeffrey D. Hall - Gulf Operations Manager

Jeff started with FIA in 1999 and is responsible for timberland management on client properties in the western half of the Southern U.S., including the management of the Jackson, Mississippi office and staff. Prior to his current role, Jeff worked as a Management Forester and Regional Investment Forester. He was previously employed by AmSouth Bank/Deposit Guaranty National Bank as a Vice President and Trust Forester with oversight responsibilities for timberland in multiple states held by various trusts, estates, foundations and pension funds. He has over 20 years of experience managing southern timberland.

Jeff holds a B.S. in Forest Management from Mississippi State University. He is a Registered Forester and serves on the Board of Directors of the Mississippi Forestry Association, including two past terms on the Executive Committee. He is a member of the Society of American Foresters.

Michael F. Hart - Portfolio Manager and Northwestern Operations Manager

Michael started with FIA in 1996 and is responsible for strategic management of several client timberland portfolios and for management of timberland in the Pacific Northwest. Prior to assuming his current position in 2004, Michael worked as a Management Forester and Region Manager. He also previously worked for Champion International Corporation for thirteen years where he held a number of positions in forest operations. His experience with Champion included direct responsibility for over 50,000 acres of spruce-fir forests in Maine, 130,000 acres of pine timberland in Georgia and South Carolina and over 80,000 acres of Appalachian hardwoods in Tennessee.

Michael holds a B.S. in Forestry from the University of Florida. He is a Registered Forester and a member of the Society of American Foresters.

Jeffrey S. Kochel - Northern Operations Manager

Jeff started with FIA in 1997 and is responsible for timberland management on all properties in the Northern U.S., including the management of the Smethport, Pennsylvania office and staff.   Prior to his current position, Jeff worked as a Management Forester and Portfolio Manager for FIA. Jeff was previously employed at International Paper Company (Allegheny Timberlands) in Pennsylvania where he held the position of Unit Forester responsible for timberland management operations in North Central Pennsylvania. Jeff has held several positions in land management, pulpwood procurement and the landowner assistant program for International Paper Company in Pennsylvania and Wisconsin and has over 35 years of experience in managing Northern Hardwood Lands.

Jeff holds a B.S. in Forestry from Penn State University. He is a member of the Society of American Foresters.

Christina D. Purcell, CPA - Manager of Accounting & Finance; Chief Compliance Officer

Christina started with FIA in 2005. She manages internal FIA accounting and reporting, including monthly reporting, budgeting, oversight of the annual audits and tax returns, employee benefits and all other FIA accounting and finance needs. She is also FIA's Chief Compliance Officer, overseeing and managing FIA's SEC compliance with regulatory requirements and internal policies and procedures.

Christina holds a B.S. in Accounting from Carson-Newman College and a Masters of Accountancy with a Concentration in Tax from the University of Tennessee. She is a Certified Public Accountant.

Thomas N. Trembath - Southern Operations Manager

Tom started with FIA in 1993 and is responsible for timberland management on client properties in the eastern half of the Southern U.S. and coordination and oversight of FIA's forest certification and cooperative forestry research activities. Prior to assuming his current position in 2004, Tom worked as a Management Forester and Region Manager.

He was previously employed for six years by Stone Container Corporation where he held positions in woodlands management and the Landowner Assistance Program. Tom also was employed at Clemson University where he worked on the University's 17,500-acre experimental forest, and he was a Supervisory Technician with the U.S.D.A. Forest Service in Idaho.

Tom holds a B.S. in Forestry from Michigan State University and an M.S. in Forestry from Clemson University. He serves on the Boards of Directors and Executive Committees of the Forest Resources Association and the Wood Supply Research Institute and on the Board of Directors of the Georgia Forestry Association. Tom is a Registered Forester, a Certified Forester® and a member of the Society of American Foresters.

Matthew A. Whitley - Portfolio Manager

Matt started with FIA in 1999 and is responsible for strategic management of several client timberland portfolios. Prior to assuming his current position in 2004, Matt worked as a Forester, Forest and Market Analyst and Manager of Alternative Markets. He has also been instrumental in the design, development and implementation of several of FIA's custom computer applications.

Matt holds a B.S. in Forestry from Auburn University (Summa Cum Laude), with a minor in Business, and an M.B.A. from Georgia State University. He is a Registered Forester and a member of the Society of American Foresters and the Forest Landowners Association.



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