PRT is the largest producer of container grown forest seedlings in North America. While its financial performance has been impacted by the downturn in the forest industry, it maintains a strong competitive position and low-risk business model. As housing markets recover and reforestation needs increase, PRT is well positioned to capitalize on growth opportunities through its scale, reliability and diversified operations.

1. Business Update
Aug 2011
PRT Growing Services Ltd.

2. PRT – The Legal Stuff
Forward Looking Statements
This business update contains forward-looking statements that involve risks and uncertainties.
These forward-looking statements relate to, among other things, expectations for customer
orders; the outlook for the forest industry, US and Asian housing markets, and future
reforestation programs; and other statements that are not historical fact. Risks and
uncertainties include, but are not limited to, future commodity prices and exchange rates,
agricultural risks, our ability to grow and supply products in accordance with defined
specifications, customer credit risks, and other risks identified from time to time in the
Fund’s annual report, and annual information return. These risks and uncertainties may
cause actual results to differ materially from the expectations expressed herein. As such,
readers are cautioned to not to place undue reliance on forward-looking statements.
Forward-looking statements are based on current expectations and neither the Fund nor PRT
assumes any obligation to update such information to reflect later events or developments,
except as required by law.

3. PRT – Company Profile
• The largest producer of container grown forest seedlings in
North America
• 23 year operating history – over 2 billion seedlings grown
• Annually contracted production
• 181 million seedlings in 2011 – 153 core forestry;
approximately 190 million expected in 2011.
• 13 nursery sites; over 375 employees
• Market leader in key market regions

4. Competitive Advantage
• Multiple locations - reduces risks
• Most diverse range of growing climates
and species PRT Summit
PRT Red Rock
• Contract delivery reliability rating is high PRT
PRT Beaverlodge
Cold storage
PRT Coldstorage
• Extensive experience with container PRT Vernon PRT Coldst orage
PRT Dr yden
growing PRT Campbell River
PRT Kirkland
Lake
PRT
PRT Corporate
• Largest producer Office
Coldstr eam
PRT Harrop
PRT
 scale economies PRT Oregon Armstrong
 capacity to handle large customer
needs
 Attract and retain the best people

5. Contracted Revenue System
 Customers contract with PRT before sowing seedlings
 Annual take-or-pay service contracts, with progress payments
 Approximately one-third of seedling volume is from multi-year
contracts
 Diverse customer base

6. Harvested Area  Seedling Demand
Typically 600 – 700* million seedlings planted per year in Canada
Source: National Forestry Database Program & Management Estimates
* Note that national statistics are not available for 2010 which reflects further impact of the recession of
the forest industry which began at the end of 2008. In 2009 the report indicates that planting fell by
approximately 6% over 2007 in PRT’s core Canadian markets. The seedlings planted total shown
above in 2008 includes a 26% increase in planting by the province of Quebec for that year.

7. Seedling Demand – lag between harvest and
replanting
In PRT’s Canadian market region – there is typically a two year lag between
harvest and replanting – this is demonstrated below
Source: National Forestry Database Program &
Management Estimates

8. Dominant Market Position in Key Forestry
Markets
* Management Estimates

9. Geographically Diversified Markets

10. More Stable Pricing versus Forest Industry

11. Historically Increasing Volume as a Result of
PRT Annual Contracted Seedling Blocks
Growth Strategies
Volume (000’s)
US Housing
Market
PRT Annual
Collapse
Contracted Seedling
Blocks Volume (000’s)
- Excludes effect of mid period acquisitions

12. Financial Performance
Revenue and EBITDA History
Higher energy
prices and F/X US Housing
Market
Collapse
Operating Income Before Site
Consolidation Charges

13. Efficient Long-Term Assets
Low and predictable capital maintenance requirements
Maintenance and Sustaining Capital Expenditures as a Percentage of
Revenue (10 year history)

14. Financial Position – PRT Inc.
Maintaining Low Leverage in Current Cycle - Capacity for Growth as
Markets Recover
Millions of dollars
Dec. 31, 2010 June 30, 2011
Net working capital* $6.9 $8.8
Total assets $47.4 $50.3
LTD & equivalent $ 1.5 $ 1.3
Equity $40.1 $41.8
Term Debt: equity ratio 0.037:1 0.031:1
*excludes current portion of term debt.

15. Key Risks
• Forest Industry customers – financial (credit) risk
• US housing market
 Are we starting to see a rebound?
 Timing/pace of recovery is uncertain
• Asian markets – sustainability
• Expansion into new markets – timing and
profitability

16. Managing Financial (Credit) Risk
• Credit risk management includes:
 credit policy
 progress payments
 contract language protection
 possession of trees
• Layers of protection through government – unique aspects of
protection arising from public land tenures in Canada
 forest company reforestation obligation with attachment
to tenures
 Ontario trust funds
 PRT’s experience with past forest company bankruptcies
• Historical losses are extremely low (0.05% of total revenue
since 1997)

17. Key Growth Opportunities
• Market recovery from cyclical lows
• Entry into new market areas
 Exploit PRT’s reliability and technology advantages
• Backlog in reforestation exists
 Under-stocked plantations, pine beetle and fire
damage
• Industry consolidation – industry currently fragmented
• Responses to climate change
 Biofuels
 Carbon sequestration
 Green up projects

18. Increasing demand from Pacific Rim offsets
lower US Seedling Demand
PRT Seedling Order Forecast vs. Housing Starts Equiv.
(US+Cda+China Equiv.)
300 3
2.5
250
2
200
1.5
150
1
m
S
n
o
s
a
r
)
(
t
l
i
m
100 0.5
S
o
g
n
d
s
e
)
(
i
l
PRT Orders Starts

19. A US Housing Recovery Will Drive Later
Seedling Demand
Updated May 2010 APA U.S. Housing Forecast
APA Forecast 2009 2010 2011 Single Family & Multifamily Only*
Single Family 445,100 525,000 800,000
Multifamily 108,900 90,000 135,000 Forecasts (000) 2010 2011
Total 554,000 615,000 935,000
RISI (4/26/’10) 720 1,040
Million U.S. Starts FEA* (4/8/’10) 702 1,029
Freddie Mac (5/11/’10) 680 1,100
RBC* (4/17/’10) 661 884
NAR* (5/10/‘10) 659 980
Wells Fargo (4/24/’10) 650 760
NAHB (4/23/’10) 646 991
WWPA (3/8/’10) 618 719
APA (4/1/‘10) 615 935
Average 660 940
*FEA: Forest Economic Advisors.
*NAR: National Assoc. of Realtors.
*RBC: Royal Bank of Canada

20. Market Expansion Opportunities

21. Increasing Reforestation Backlog in
BC • The MPB has destroyed 692 million
cubic meters of merchantable Pine
(51%) to date.
• 56% is expected to be destroyed by
2016
1980
1985

22. Increasing Concerns over Climate Change
• Diversify markets to
take advantage of
emerging opportunities
 PRT Promotional
Products initiative
 PRT Energy Crops:
carbon
sequestration and
offset projects

24. Compelling Valuation
• Undervalued Assets - Trading at a significant discount to fair value
• Earnings are cyclically depressed
• Positive free cash flow through cycle
• Restructuring and cost reduction efforts mostly complete
• Strong financial & operational risk management strategies in place
 Diversified production locations
 Reduced US currency exposure
 Forward natural gas buying program
 Term debt reduced to extremely low levels
 Interest rates fixed on term debt

25. Summary
• Solid competitive position – industry leader
• Experienced management team
• Proven track record in business – 23years and over 2 billion trees
• Contracted cash flow with low maintenance and capital expenditures
• Managing balance sheet – very low leverage
• Results impacted by the unprecedented cyclical downturn in the forest
industry
• Poised for significant growth opportunities as markets recover