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THE VIRGINIA HIGHLANDS CARBON CANOPY Project

THE VIRGINIA HIGHLANDS CARBON CANOPY Project. Improved Forest Management Carbon Offset Project Heartwood Forestland Fund IV, LP. This report is a summary review of the Highlands Property – Carbon Canopy Improved Forest Management Project. It provides a current profile of the project.

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THE VIRGINIA HIGHLANDS CARBON CANOPY Project

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  1. THE VIRGINIA HIGHLANDS CARBON CANOPY Project Improved Forest Management Carbon Offset Project Heartwood Forestland Fund IV, LP

  2. This report is a summary review of the Highlands Property – Carbon Canopy Improved Forest Management Project. It provides a current profile of the project.

  3. GENERAL DESCRIPTION The Highlands Property is located in western Virginia, primarily between the towns of Lebanon, Wise, Pound and Haysi. The total property size is approximately 133,000 acres. It is managed as a commercial timberland property, but also includes hunting leases. Approximately 30,000 acres are open to the public hunting access through the Virginia Department of Game and Inland Fisheries. The Project Area is approximately9,000 acre part of a larger HFF IV, LP holding in the area. It was selected based on forest cover, geologic and topographical assess of the land For low likelihood of the economically recoverable coal deposits. OWNERSHIP Heartwood Forestland Fund IV purchased the property from Pyxis, Paramount and Clitchfield Coal Companies in 2003. Historic land uses in the Project Area include small-scale farming and cattle ranching, coal mining and natural gas extraction, timber and real estate speculation, and commercial timber harvesting. Railroad construction is the early 1900s brought commercial-scale development of coal mining and timber extraction TIMBER RESOURCE The forest type on the Highlands Property is Appalachian Hardwoods made up predominantly of mixed oaks, mixed maples, beech, hickory, and yellow poplar.

  4. Benefits from the Improved Forest Management Project This property is characteristic of a working forest in the Southern Appalachians, well stocked with maple, poplar, oak, and other hardwoods, as well as softwoods and used for timber production and recreational hunting. The Carbon Canopy project allows us to optimize multiple benefits across the landscape. The Highlands Carbon Project area will be managed in accordance with Forest Steward Certification principles and criteria. Timber harvesting will protect buffers, maintain habitat connectivity and create natural regeneration of hardwood stands through patch cut openings.

  5. Project Timeline

  6. CCOs scheduled to be Verified and Issued Expected Delivery Date: 4Q2014

  7. PROPSED TERM SHEET FOR THE SALE OF CARBON OFFSET CREDITS This Term Sheet provides a summary of some of the principal terms of a purchase agreement (the “Agreement”) which Heartwood Forestland Fund IV (“Seller”) may be willing to enter into with ________, Inc (“Purchaser”), whereby Seller will agree to sell to Purchaser certain carbon offset credits developed on real property owned by Seller. 1. Property. That certain real property located in Russell County, State of Virginia containing approximately 9,500 acres and being more particularly described on the map attached hereto as Exhibit A. 2. Project Development.If Seller elects to develop a carbon offset project on the Property, it will be responsible for all costs incurred in connection with such development. 3. Purchased Credits.___________ forestry-based carbon offset credits generated from the Property under the ARB Forest Compliance Offset Protocol (the “Credits”) Purchase Date(s).Purchaser will purchase all of the Credits on the date set forth in the Agreement 5. Purchase Price. The purchase price for the Credits will be $15.00 per mtCO2e, payable in cash upon the date set forth I. the Agreement 6. The Agreement.The Agreement will contain the terms set forth above and such other terms as are customary in transactions for the private sale of carbon credits. 7. No Obligation.Seller will have no obligation to develop any Credits and any such development will be at Seller’s sole election. 8. No Binding Effect. This summary of terms is intended to be merely the basis for further discussion. No legally binding obligations shall be created, implied or inferred until the Agreement is negotiated and delivered by Seller and Purchaser.

  8. Please direct additional inquiries and interest to: Kaarsten Turner Dalby The Forestland Group, LLC Vice President of Ecological Services Email: Kaarsten@forestlandgroup.com Office: 303.838.7620 Cell: 919.414.4052

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