The document outlines two case studies of land investments by PG Land Fund. The first case describes a 1,369 acre property in Tennessee that was acquired in 2004 and refinanced in 2013 by donating a conservation easement, generating a 16x return over 8 years. The second case describes a 1,075 acre property in Tennessee acquired in 2015 that could also be refinanced through a conservation easement donation, with the goal of generating returns for investors while preserving the environmental and community benefits of the land.

1. PG Land Fund Investment Thesis | June 2017
PG Land Fund, LLC
Active Management - Contrarian Value
Investment Thesis
The Preservation Group, LLC (“PG”) believes large rural land tracts are stable and increasing in price and
will soon benefit dramatically from improved access to capital markets, less federal environmental
regulation, and increasing demand for real estate communities with benefits not available in urban markets.
Land price differentials between urban and rural markets have reached all time highs (at least 1000X Urban
to rural) for development property.
Executive Summary
Top Ten Reasons Southeastern Land is our favorite asset
• Liquidity Premiums - stable and declining
•Job access/Connectivity - with reduced federal regulation, rural markets now offer industrial
opportunities previously lost to emerging markets
• Centralized agriculture - local organic agriculture demand with drone management makes small farms
profitable
• Commodity Deflation - bulk of market decline now over
• Bank Resurrections - bank formation returning to rural markets
• Low interest rates - survivors of zero cash flow from savings still eager to liquidate, maintaining buyers
market
• Revitalized Public Education - MOOC and on-line learning systems is transforming education in rural
areas
• Aging Infrastructure - Washington administrative change lends significant support to economic growth
plans in rural markets
• Cheap Imports - international trade policy now supportive of rural prosperity
• Relative Value - pricing for urban developable land now at 1000x rural land

2. PG Land Fund Investment Thesis | June 2017
PG Land Fund, LLC
Active Management - Contrarian Value
Investment Thesis
Why Land Lost Value 2008 - 2014
• Liquidity Premiums - cash markets seized up in 2008 and investors dramatically limited their
exposure to non-securitized, physical assets such as land
•Job access/Connectivity - job formation in the USA was limited to the urban markets
•Centralized agriculture - competitive profits only available from large scale farms who could
afford satellite based management.
•Commodity Deflation - declining margins and return sources create perfect bearish storm
•Bank Destruction - thousands of small banks fail incapable of meeting rapidly increasing capital
requirements, increased regulatory lending constraints, and skyrocketing liquidity premiums driving
core asset values to record lows
• Low interest rates - cash flow from savings accounts at zero requires asset sales to fund operating
costs.
• Failed Public Education - poorly educated workforce forces employers to urban markets
• Aging Infrastructure - weak economy combined with declining roads, bridges, water systems
deprives rural markets opportunities to compete on cost
•Cheap Imports - international trade policy runs counter to rural prosperity
•Demise of Home markets - collapse of mortgage market and 40 year trend of rising prices drives
debt reduction and massive increase in multi-family utilization

3. PG Land Fund Investment Thesis | June 2017
PG Land Fund, LLC
Active Management - Contrarian Value
Investment Thesis
The PG Land Fund acquires large tracts of rural agricultural property in the path of development. Acting as the
“Developer’s developer” we acquire, assemble, and reposition property for its highest and best use by developers for
industrial parks, single family home communities, multifamily use and resorts. Successful acquisitions are driven by 1)
Deep local knowledge of seller’s market, 2) Ability to close quickly, 3) Strong business relationships with Vendors and
Developers. Our land acquisition team has over 50 years of experience serving this role for developers, driving profitable
investments for lenders, investors, developers and proprietary capital.
Investment Strategy
Investment Opportunity
The Company issues short- and medium-term participating preferred interests to fund its property portfolio. Interests are
repaid in one to three years, provide a cumulative preferred return, and participate in specific Company subsidiary profits.
Senior Bank Debt is desirable to enhance the total return on investment. The Company’s analysis of the entitlements and
location of their target properties indicates they will appraise for a multiple of their purchase price. Exits are achieved
through refinancings, sales to developers, sales to joint ventures, and/or sales to REITS.
Base case unlevered returns for PG Land Fund investments average 15%.
Capital Structure
Lien &
Pledge
Releases
EquityEquity
InvestorInvestor
EquityEquity
InvestorInvestor
PG Land Fund, LLCPG Land Fund, LLCPG Land Fund, LLCPG Land Fund, LLC
Collateral, Security and Pledge AgreementsCollateral, Security and Pledge AgreementsCollateral, Security and Pledge AgreementsCollateral, Security and Pledge Agreements
The Preservation GroupThe Preservation GroupThe Preservation GroupThe Preservation Group
5% LLC Land Entities5% LLC Land Entities5% LLC Land Entities5% LLC Land Entities 95% LLC Land Entities95% LLC Land Entities95% LLC Land Entities95% LLC Land Entities
CashCashCashCash
Operating AgreementOperating AgreementOperating AgreementOperating Agreement
Senior Bank DebtSenior Bank DebtSenior Bank DebtSenior Bank Debt

4. PG Land Fund Investment Thesis | June 2017
Land Value Drivers
Traditional drivers of
Rural Land Values:
 Crop prices
 Ag Productivity
 Mineral rights
REGULATIONS
Entitlements
Farm Subsidies
Conservation
Incentives
Tax Equity
LAND MARKET
Revenue Source
Soil Quality
Parcel Size
ALTERNATIVE
S
Non-Farm Use
Demographics
Infrastructure
SUSTAINABILI
TY
Non GMO
Organics
Habitat
FARMING
STRUCTURE
Size, Critical Mass
Topography
Hydrology
Land Use
Land
Values
Irrigation
PotentialYield
IncreaseFiscal Incentives
Optimizing
M
anagementLand
Rationalization
New drivers include:
 Non-farm use
 Supply
 Farm Structure
 Sustainability
 Organic food demand
The PG Land Fund is a professionally managed investment whose incentives align with its investors. Capturing land based
returns requires active experienced management that is nimble, opportunistic and disciplined. PG management has worked
together for 7 years producing high returns with near annual liquidity for its owners and investors

5. PG Land Fund Investment Thesis | June 2017
What We Do – Investing In Upstream Real Assets
Land Development Value Chain
Population
Growth
Rural
Resources
Primary Ag.
Production
Reposition
Potential &
Sustainability
Upstream Real Assets
Land, water, agriculture-inputs, crop production
Midstream Downstream
Population
Growth
Retail
Amenities,
Job Growth,
Infrastructure

6. PG Land Fund Investment Thesis | June 2017
Population
Growth
How We Invest
 Strict Investment Process
 Strong focus on due diligence and
sustainability
 Promote alignment among all stakeholders
 Direct ownership of real assets
 Within development corridors
 Current Focus on SE USA
Where We Invest

7. PG Land Fund Investment Thesis | June 2017
Preservation Group Management
preserving what matters most
Howington and Allen have worked together since late 2010 investigating dozens of land development
opportunities. In the establishment of the Preservation Group in 2012, they formalized their partnership
and have acquired and/or planned development for over 25,000 acres in the Southeast.
Summary
King Howington has specialized in the assemblage and acquisition of investment properties, commercial and
development sites since 1971. He has extensive rezoning experience and his assemblage record includes the second
largest mixed use land acquisition in Gwinnett County, Georgia. As a respected source of investment properties for
domestic and foreign clients, King’s investment strategies have produced excellent returns. During his career King
has closed over $1 billion in real estate investments and completed over 60 rezonings.
King started in the real estate industry while he was attending the University of Georgia. Together with his family, he
started Buckhead Brokers which became one of the leading residential brokerage firms in Atlanta. King’s
responsibility was for investment properties, land acquisition and brokerage. He soon developed significant domestic
and international clients desiring his acquisition and development expertise. His knowledge and access to property
owners is unsurpassed. After the market crash in 2008 King developed investment strategies harnessing fiscal
incentives for conservation. He has advised and/or completed numerous transactions since then and is a recognized
expert in the field. His negotiating experience and natural people skills uniquely enable Preservation Group’s ability
to deliver value for its investors.
King is 68, married, and has two children who each have advanced graduate degrees. He lives in Bishop, GA where
his family owns and operates an equestrian facility.
Chris Allen has over 30 years of experience in investment strategy, management, structure, and operations in both
public and private markets. Primarily working with private taxable investors and entities, he has consistently focused
on after tax investment returns. After earning his MBA at Wharton in 1989, he was instrumental in investment
management and development of two family offices with assets now in excess of $7 billion. He has deep experience
in investment policy and strategy, alternative investments, and corporate finance.
Chris has worked closely with some of the greatest entrepreneurs of the last three decades. Since college he has
worked in financial services or in private equity investment management. He was instrumental in the development of
investment strategies that covered a variety of investment disciplines. In 2004 he personally secured over $1.3 billion
in financing for acquiring wireless infrastructure. In 2009 Chris began his focus on impact investing and economically
viable strategies that can benefit the planet.
Chris is 61 and has two children. He lives in Atlanta, GA.
Founders

8. PG Land Fund Investment Thesis | June 2017
Proposed Investment Terms:
Investment: Participating Preferred Interest from Preservation Group Land Fund, LLC
Preferred
Return
8%, payable at maturity
Total Issue: $50 million
Maturity: 13 - 36 months
No prepayment penalty, operating agreement governs profit sharing
Participation:
33.3% of profits from operations, refinancing, and asset sales until Preferred Interest is retired according to the terms of the
operating agreement.
Use of Funds:
Property acquisition, search and contract expenses, appraisals, brokerage, acquisition, and placement fees, land trust recipient
and base-line study fees, tax and legal counsel.
The Company strives to achieve returns for investors by identifying and acquiring properties at a significant discount to the
true value of their development potential. These values vary in importance based on the parcel and highest and best use of
the property. Properties are initially prioritized on these factors:
•Discount to Fair Value - actual discount driven by multiple factors, led by financial capacity to close
•Location - emerging and growth markets, properties must have good road access
•Zoning/Entitlements - density, commercial, residential, and other uses
•Public Utilities - if all utilities not available, land owner must have rights to provide them
Additional Considerations:
•Existing or potential agricultural use, i.e. Timber, Row Crops
•Mineral rights potential
•Strategic Portfolio Fit
Target Acquisition Criteria:

9. PG Land Fund Investment Thesis | June 2017
Preservation Group Case Study
Tennessee Resources, LLC
The Preservation Group (“PG”) invests in land transactions with esoteric tax, development, and/or hard
asset investment characteristics. Acquisitions are funded through PG issued participating preferred
interests. Post acquisition, the investments are intensely managed and sold or refinanced with long term
investment capital. The following case study is an example of the PG investment strategy.
Executive Summary
King Howington, Co-Founder and Partner of PG, arranged and consummated the acquisition of approximately 1,369
acres in the Cumberland Plateau in 2004. The primary investment objective for the acquisition was long-term
development. At closing of the acquisition, all but $130 per acre of the purchase price of the tract was funded through
the sale of 600 acres and harvesting timber. The property has significant mineral resources which may provide
additional income to the investors in the future.
In 2013, Howington brought in additional partners to participate in the potential economic benefits of the property.
After reviewing a variety of management strategies to maximize their return on investment, the LLC members voted
to donate a conservation easement on the property. The easement prevents any future residential development on the
property but reserves the right to generate revenue from specific agriculture and subsurface mineral extraction
activities.
The conservation easement donation flows through the LLC partnership return as a charitable deduction significantly
reducing the LLC member’s income tax liability. Charitable contributions of conservation easements are limited to
50% of an individual’s income. Any excess can be carried forward for up to 15 years.
Importantly, following the conservation easement donation, the LLC members continue to own and operate the
property and Mr. Howington continues to manage the property and owns a small percentage interest in the LLC. The
original net investment of approximately $178,000 was repaid thru the issuance of a 95% interest in the LLC for $2.7
million. This investment generated 16X on their original investment for a compound return of 68% over the eight-
year holding period.
Tennessee Resources, LLC

10. PG Land Fund Investment Thesis | June 2017
Howington’s local knowledge of the Cumberland Plateau allowed him to identify potential value for the property of which
the seller was unaware. Two distinct aspects of the property acquisition which directly reduced the net acquisition costs
included:
•Sourcing a committed buyer for 600 acres of the parcel prior to purchase
•Negotiating a timber harvest contract for the property
These activities significantly reduced the net-acquisition cost enabling the LLC to hold and manage the property without the
need for immediate development, enabling the LLC to take advantage of repositioning. (PG has two properties targeted that
could follow similar operating tactics.)
Three Keys to Success for Tennessee Resources:
Acquire (Participating Preferred Financing):
Reposition (Development Value):
Equity Refinance (Conservation Easement):
Prior to Howington’s acquisition, the property was held for recreation as well as limited timber and mineral extraction. When
he initially sought to acquire the property, Howington intended to develop it as a residential tract. The property offered
substantial creek frontage, paved road access, and natural highlands, all of which were natural residential benefits. By 2013
his investment thesis was proven correct as similar properties in the area were trading at profitable development prices. At
that point, the property appraised for over $13 million as a development parcel.
In 2013, Howington sought additional capital to drive value from his investment and raised $2.7 million from investment
partners. The long term opportunity to hold the property and potentially derive sustainable revenue from mineral and timber
sales was very attractive. Developing the property as a residential area was also financially attractive, but would change the
property forever.
Preserving the land from development, while maintaining the income options from agriculture (timber) and subsurface
mineral extraction was an attractive balance between financial and environmental objectives. After reviewing the various
proposals, his investment partners agreed to a preservation plan. That year the LLC donated a conservation easement and
received a $12.7 million charitable deduction for its property development rights.
1. Acquire1. Acquire1. Acquire1. Acquire 2. Reposition2. Reposition2. Reposition2. Reposition 3. Refinance3. Refinance3. Refinance3. Refinance

11. PG Land Fund Investment Thesis | June 2017
Preservation Group Case Study
Walden Ridge Partners, LLC
The Fund invests in land transactions with esoteric tax, development, and/or hard asset investment
characteristics. Acquisitions are funded through PG issued participating preferred interests. Post
acquisition, the investments are intensely managed and sold or refinanced with long term investment
capital. The following case study is an example of the PG Land Fund investment strategy.
Executive Summary
The Preservation Group (“PG”), arranged and consummated the acquisition of approximately 1,075 acres in the
Cumberland Plateau in 2015. The primary investment objective for the acquisition was long-term development. At
closing of the acquisition the purchase price of the tract was funded through the issuance of $1,815,000 in
Participating Preferred Notes. The property has significant timber resources which may provide additional income to
the investors in the future.
In 2013, Howington identified the potential economic benefits of the property. After reviewing a variety of
management strategies to maximize return on investment, in 2014 he retained an experienced appraiser to value the
tract for a conservation easement. After determining that the property could be acquired for less than the fiscal
incentives available to conserve it, PG issued notes and acquired the property. This supporting value metric expands
the liquidity of PG properties. PG has substantial interest from investors for real estate investments that can provide
for agriculture based returns with positive community and environmental benefits. Should those investors choose to
encumber the property with a conservation easement, there could be no future residential development on the
property but there could be the the right to generate revenue from specific agriculture and subsurface mineral
extraction activities.
The conservation easement donation flows through the LLC partnership return as a charitable deduction significantly
reducing the LLC member’s income tax liability. Charitable contributions of conservation easements are limited to
50% of an individual’s income. Any excess can be carried forward for up to 15 years.
Importantly, following the conservation easement donation, the LLC members continue to own and operate the
property and PG continues to manage the property and owns a small percentage interest in the LLC. The original net
investment of approximately $1,815,000 was repaid upon the sale of PG’s 95% interest in the LLC for $3.825
million. The net return to the participating note investors was 19.8%, the new equity owners of PG’s interest
projected a greater than 60% rate of return from the resulting tax benefits and future timber operations on the
property.
Walden Ridge Partners, LLC

12. PG Land Fund Investment Thesis | June 2017
Howington’s local knowledge of the Cumberland Plateau allowed him to identify potential value for the property on which
the seller was unable to capitalize. Two distinct aspects of the property acquisition which will directly impact the return on
the property are:
•Significant timber and mineral resources
•Significant public benefit and fiscal incentives from view scape conservation
These factors allow the LLC to hold and manage the property without the need for immediate development, enabling the
LLC to take advantage of repositioning. (PG has multiple properties targeted that could follow similar operating tactics.)
Three Keys to Success for Walden Ridge Partners, LLC:
Acquire (Participating Preferred Note Financing):
Reposition (Development Value):
Equity Refinance (Conservation Easement):
Prior to PG’s acquisition, the property was held by two small banks that had been through multiple and significant
management changes. PG thoroughly evaluated potential uses, including development as a residential tract. The property has
substantial creek frontage, paved road access, and natural highlands, all of which were natural residential benefits. Since the
2014 appraisal similar properties in the area are trading at higher development prices. PG engaged in a full review of the
timber and mineral assets, as well as updating the last conservation easement appraisal. Obtaining additional zoning and
related permits to add additional value to the tract was considered but deemed unnecessary.
In 2016, PG sold its interest to Walden Ridge Acquisitions, LLC for $3.825,000 The long term opportunity to hold the
property and potentially derive sustainable revenue from mineral and timber sales was very attractive. Developing the
property as a residential area is also financially attractive, but would change the property forever.
Preserving the land from development, while maintaining the income options from agriculture (timber) and subsurface
mineral extraction is an attractive balance between financial and environmental objectives. After reviewing the various
proposals, the new controlling owners agreed to a preservation plan and the LLC donated a conservation easement and
received more than $15 million in charitable deductions for its property development rights. Preservation Group continues
its involvement with the property as the manager of Walden Ridge Acquisitions.
1. Acquire1. Acquire1. Acquire1. Acquire 2. Reposition2. Reposition2. Reposition2. Reposition 3. Refinance3. Refinance3. Refinance3. Refinance

13. PG Land Fund Investment Thesis | June 2017
For more information please contact:
King Howington, Partner
404-277-0369
king@preservationgroup.com
Chris G. Allen, Partner
404-895-7711
chris@preservationgroup.com