The Victorian Environmental Assessment Council, in developing recommendations for the Victorian Government on the future management of public lands forests along he Murray River, and in East Gippsland, commissioned an analysis of environmental protections values. This paper reports the results of a choice modeling application that provides that analysis. Values for improved environmental conditions, as described by attributes relating to the forest composition, its wildlife characteristics and recreational opportunities, were estimated for sub-samples of households in Melbourne and in various regions around Victoria. The usefulness of the results as inputs to benefit cost analyses of policy alternatives is assessed.