We recognize that many of the lands we manage have been used historically by the public for recreational activities such as hunting, fishing, camping, birdwatching and hiking. Therefore, we seek to work with recreational and conservation groups to provide reasonable access to our investors' lands for recreational use, as long as these activities are carried out in a responsible, legal and ethical manner. Our relationships with these recreational groups provide investors with direct and indirect benefits:

• Income from recreational and commercial leases generates significant annual revenue.
• Recreational groups are an important point of contact with our land base--lessees help us to monitor on-the-ground activities, alerting us to potential hazards that can adversely affect investment performance.