Investment Strategy

The Company’s initial strategy was: to generate superior total returns to investors by effectively managing an optimised portfolio of timberland properties and timberland-related investments diversified by location, age class and species; to manage each of the assets on an environmentally and socially sustainable basis; and to manage assets for timber production with exposure to emerging environmental markets.

Subsequent to the strategic review, completed in November 2012 and approved by shareholders, the Company’s strategy is to implement an orderly realisation of the Group’s investments in a manner which maximises value for shareholders and returns surplus cash to shareholders over time through ad hoc returns of capital. The portfolio will be monitored continually in order to assess the most appropriate realisation strategy to be pursued for each investment. Some investments may be considered appropriate for a sale in the shorter term, however others may be held for a longer period with a view to enabling their inherent value to be realised in an orderly manner. As a result, this period may be extended as necessary.