NCREIF Timber Fund & Sep Acct 4.1

The NCREIF Timberland Fund and Separate Account Indices provide quarterly and annual total returns for timber properties invested in two forms: Commingled Funds and client Separate Accounts. At least 90% of a fund's net asset value must be comprised of timber, timberland, timber deeds, leases, cutting rights (non-fee ownership), and cash equivalents, without regard to geographic ownership. Funds must be invested at least 95% in the United States.

The Indices are market-weighted and reported gross of fees. The computations are time-weighted as described more fully on the NCREIF web site http://www.ncreif.org.

The National Council of Real Estate Investment Fiduciaries (NCREIF) is an association of institutional real estate professionals in the US.