dlands Fund II, L.P. Y. November 29, 2012 Dear Limited Partners: We are pleased to provide you with the quarterly property performance update for Sustainable Woodlands Fund II, L.P. (the "Fund"). Our quarterly report will include an executive summary, property and market overview, and performance commentary. Exec

7,127 3,462673 3.524,192 walensohn Cap Pus 719897 465,559 3,945,304 1.005.520 1,005,520 1,354,439 1,907,918 2.032711 1,716,855 1,225205 Sustainable Woodlands 20.000.000 19904,878 19.604.878 20,680,284 29312388 18,172.329 18.105,203 18.059.165 Kip &feet Capital 15,769016 17,192,986 17,165,628 1

tspace show difficul=y showing a csh profit, ie needing extended funding commitment, query if w= go past 2017. Re 2. Understood Re 3. Tax basis of Sustainable Woodlands is $18,828,441 a/o 12/31/2013 Thought: It would be helpful to have direct dialogue with Judith Regan re =inances rather than interpretive version t

tspace show difficulty showing a csh profit, ie needing extended fundi=g commitment, query if we go past 2017. Re 2. Understood Re 3. Tax basis of Sustainable Woodlands is $18,828,441 a/o 12/31/2013 Thought: It would be helpful to have direct dialogue with Judith Rega= re finances rather than interpretive version t

tspace show difficul=y showing a csh profit, ie needing extended funding commitment, query if w= go past 2017. Re 2. Understood Re 3. Tax basis of Sustainable Woodlands is $18,828,441 a/o 12/31/2013 Thought: It would be helpful to have direct dialogue with Judith Regan re =inances rather than interpretive version t

tspace show difficul=y showing a csh profit, ie needing extended funding commitment, query if w= go past 2017. Re 2. Understood Re 3. Tax basis of Sustainable Woodlands is $18,828,441 a/o 12/31/2013 Thought: It would be helpful to have direct dialogue with Judith Regan re =inances rather than interpretive version t

tspace show difficul=y showing a csh profit, ie needing extended funding commitment, query if w= go past 2017. Re 2. Understood Re 3. Tax basis of Sustainable Woodlands is $18,828,441 a/o 12/31/2013 Thought: It would be helpful to have direct dialogue with Judith Regan re =inances rather than interpretive version t