Business Update Aug 2011 PRT Growing Services Ltd.

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 • Contract delivery reliability rating is high • Extensive experience with container growing • Largest producer • scale economies • capacity to handle large customer needs • Attract and retain the best people PRT Summit PRT Red Rock PRT Cold storage PRT Beaverlodge PRT Coldstorage PRT Vernon PRT Coldstorage PRT Dryden PRT Kirkland Lake PRT Campbell River PRT Coldstream PRT Corporate Office PRT Harrop PRT Armstrong PRT Oregon

5. 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 Contracted Revenue System

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

12. US Housing Market Collapse Higher energy prices and F/X Financial Performance Revenue and EBITDA History 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 *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

19. A US Housing Recovery Will Drive Later Seedling Demand APA U.S. Housing ForecastSingle Family & Multifamily Only* Updated May 2010 APA Forecast 200920102011 Single Family 445,100 525,000 800,000 Multifamily 108,900 90,000135,000 Total 554,000 615,000 935,000 Forecasts (000) 20102011 RISI (4/26/’10) 720 1,040 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) 615935 Average 660 940 *FEA: Forest Economic Advisors. *NAR: National Assoc. of Realtors. *RBC: Royal Bank of Canada Million U.S. Starts *Add approx. 80,000 manufactured homes to get total housing production in the U.S.

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