Tranche Update on Pope Resources, A Delaware Limited Partnership's Equity Buyback Plan announced on March 4, 2019.

Pope Resources, A Delaware Limited Partnership is engaged primarily in managing timber resources on its own properties, as well as those owned by others. The Company operates through three business segments: Fee Timber, Timberland Management and Real Estate. The Fee Timber operations consisted of growing and harvesting timber from approximately 212,000 acres that the Company owned or co-owned with its timber fund investors as tree farms, as of December 31, 2016. The Timberland Management segment is engaged in organizing and managing private equity timber funds using capital invested by third parties and the Company. The Real Estate segment's operations were focused on a portfolio of approximately 2,200 acres in the west Puget Sound region of Washington. Its subsidiaries, ORM, Inc. and Olympic Resource Management LLC, facilitate the Timberland Management activities. Its Real Estate holdings are located in the Washington counties of Pierce, Kitsap and Jefferson with sales of land.