1. TimberStar Presentation for GASAF June - 2006

2. Experienced management team Well financed with committed capital Disciplined investment philosophy Operating strategy and execution assure sustaining cash flows Value creation enhanced by REIT structure Growing Value, Growing Trees

3. Well Financed With Committed Capital iStar Financial (NYSE=SFI) Specialty finance REIT $8.5 Billion in assets Five year cumulative return to shareholders of 166% Selected strategic partners In excess of $500 Million Committed Capital

4. Experienced Management Team Operating and executive level experience in forestry, forest products, real estate and financial services sectors Small and Focused –Jerry Barag, Managing Director Mr. Barag, most recently served as President and Chief Investment Officer of Timbervest, an Atlanta, Georgia Timber Investment Management Organization with $450 million of assets under management. Mr. Barag has grown the Timbervest assets under management by $100 million and has significant experience in the areas of money management, real estate investment and forestry management. Prior to joining Timbervest in 2003, Mr. Barag served as Chief Investment Officer of Lend Lease and was responsible for that firm’s $17 billion real estate equity portfolio as Chairman of the Investment, Allocation and Portfolio Assurance Committees. –John Rasor, Managing Director Mr. Rasor, was an Executive Vice President of Georgia Pacific Corporation and was responsible for all of Georgia- Pacific’s timber and timberland and the procurement of all the wood and fiber needed to operate Georgia-Pacific mills. While serving as Executive Vice President, Forest Resources, Mr. Rasor was responsible for 6.5 million acres of timberland across the United States and Canada. The wood and fiber procurement group Mr. Rasor also managed was responsible for the purchase of $2.5 billion of logs, pulpwood and fiber to supply Georgia-Pacific Corporation mills. Additionally, Mr. Rasor played a key role in the transition of the ownership of Georgia-Pacific’s timberland assets into a letter stock company, The Timber Company which subsequently merged with Plum Creek.

5. Disciplined Investment Philosophy Committed capital Strong underwriting capability Keen understanding of timber markets Sustainable cash flows

6. Operating Strategy Efficient transaction process Purchase properties with enough stocking to generate consistent cash flows Manage sustainability –Best management practices; manage and grow timber inventory to assure adequate harvest levels and cash flow –Invest in prudent silvicultural practices –Responsible environmental stewardship Couple with supply agreements

7. Operating Strategy; Property Management Key, strategic relationships with regional forestry management companies Management agreements will be entered into with regional and local forestry companies to provide: –Forestry and land management planning –Forest and land maintenance services –Sale of forest products –Harvesting and product delivery –Property level accounting and financial management

8. Property Management Cost effective, focused, local forestry companies very familiar with regions and markets –Northeast –Southern –Great Lakes –Western Efficient property management planning Contract terms provide incentives to maximize revenues and minimize costs Low cost overhead maintained

9. Physical/Biological Investment; Even if you do nothing, your investment still grows. Competitive Returns8-12% Unleveraged Returns Expected Low Volatility –High Risk-Adjusted Returns Low Correlation with other Asset Classes –Superior Diversification Natural Hedge Against Inflation Long-Term Sustainable Harvested Forests Income vs. Growth Cash-on-Cash Returns of 6% - 8% Unleveraged Total IRR of 9% - 11% Unleveraged Tax Efficient in a REIT Structure –Most of the income taxed at capital gains rate. TIMO ViewOur View

10. Value Creation Well capitalized with financial leverage Financial capability of combined equity and debt commitments Attractive assets class Execution focused Sustainable cash flows Tax efficient REIT Structure

11. Size (Acres)234,000103,368 Purchase Price$115,000,000$38,500,000 LocationNorth Maine Woods Date Closed1/18/057/22/05 Market Overview Long-term favorable pricing based on: Net depletion of the Southern Maine resource base Reduced annual allowable harvest available in Quebec Investment Rationale Strong markets and long-term supply agreements provide a certainty of cash flow. Top of Maine JD Irving Closed Transactions

12. JD Irving Acquisition

13. Top O’ Maine Acquisition Green = Top of Maine Acquisition Red = Irving Transaction

14. International Paper Southwest Acquisition The Southwest Portfolio consists of 900,348 acres of timberlands in the states of Arkansas (26% of acreage), Louisiana (31% of acreage), and Texas (43% of acreage), and is configured in three distinct Forest Management Areas (“FMA”), each with slightly different market characteristics –The northernmost block, known as the Texarkana FMA, surrounds the city of Texarkana, Texas, which is approximately 175 miles east of Dallas, Texas –The southernmost block, known as the Nacogdoches FMA, surrounds the city of Nacogdoches, Texas, which is approximately 175 miles southeast of Dallas, Texas –The central block, known as the West Louisiana FMA, sits just southeast of Shreveport, Louisiana