NCREIF Farmland and Timberland

The NCREIF Farmland and Timberland Indices provide quarterly and annual total returns for large pools of institutional-grade agricultural and timber forest properties. All these properties have been acquired and managed on behalf of tax-exempt institutional investors, principally pubic and private pension funds. Performance history began in 1992 for the Farmland Index and in 1987 for the Timberland Index. The Farmland and Timberland Indices are market-weighted and reported gross of fees. The computations are time-weighted as described more fully on the NCREIF web site at http://www.ncreif.org. The National Council of Real Estate Investment Fiduciaries (NCREIF) is an association of institutional real estate professionals in the United States.