Company Phaunos Timber Fund Ltd.

Phaunos Timber Fund Limited is a Guernsey-based closed-ended investment company. The Company's investment objective is to provide shareholders with long term total returns, predominantly expected to be in the form of capital appreciation but with some income, through a diversified portfolio of timberland and timber-related investments. The Company has a diversified portfolio of investment strategies and vehicles, including investment in a range of tree species, tree age classes and a diversified range of geographic timberland markets. The Company has a concentrated portfolio, including investments in New Zealand, North America, South America, Africa and Asia. The Company is managed by Stafford Capital Partners Limited.